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Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Banking, Finance, Insurance & Real Estate LERETA Investment Type Senior Secured Initial Term Loan Index S+ Spread 5.25% Interest Rate 8.90% Acquisition Date 7/27/2021 Maturity Date 7/30/20282025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Construction & Building RailPros Investment Type Unitranche Initial Term Loan Index S+ Spread 4.25% Interest Rate 7.93% Acquisition Date 4/23/2025 Maturity Date 5/24/20322026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS High Tech Industries Barracuda Investment Type Senior Secured Initial Term Loan (First Lien) Index S+ Spread 4.50% Interest Rate 8.15% Acquisition Date 5/17/2022 Maturity Date 8/15/20292025-01-012025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Beverage, Food & Tobacco Hissho Sushi Investment Type Unitranche Term Loan Index S+ Spread 4.75% Interest Rate 8.43% Acquisition Date 4/7/2022 Maturity Date 5/18/20292026-01-012026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Beverage, Food & Tobacco Hissho Sushi Investment Type Unitranche Amendment No.2 Incremental Term Loan Index S+ Spread 4.75% Interest Rate 8.40% Acquisition Date 10/20/2025 Maturity Date 5/18/20292025-01-012025-12-310001633858Investment Tronair Investment Type Senior Secured Revolving Loan Index S+ Spread 3.75% Interest Rate 7.43% Maturity 12/22/20322026-01-012026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Wholesale RelaDyne Investment Type Senior Secured Term B Loan (First Lien) Index S+ Spread 3.50% Interest Rate 7.15% Acquisition Date 6/30/2025 Maturity Date 12/23/20302025-12-310001633858ck0001633858:UnitrancheDebtOneMemberck0001633858:MeasurementInputModifiedMarketYieldMembersrt:MaximumMemberck0001633858:AnalysisOfTrendInLeverageMember2025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Healthcare & Pharmaceuticals UDG Investment Type Senior Secured Initial Dollar Term Loan (First Lien) Index S+ Spread 4.25% Interest Rate 7.93% Acquisition Date 8/06/2021 Maturity Date 8/19/20282026-01-012026-03-310001633858ck0001633858:HealthcarePharmaceuticalsSectorMember2025-12-310001633858Portfolio Investments EQUITY AND PREFERRED SHARES: NON-CONTROL/NON-AFFILIATE INVESTMENTS Healthcare & Pharmaceuticals Avalon Investment Type Class A-1 Units Acquisition Date 12/30/20252025-01-012025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Wholesale Carlisle Foodservice Investment Type Senior Secured Revolving Loan Index S+ Spread 5.00% Interest Rate 8.65% Acquisition Date 9/29/2023 Maturity Date 10/2/20292025-12-310001633858us-gaap:WestRegionMember2026-03-310001633858Portfolio Investments EQUITY AND PREFERRED SHARES: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Consumer Super-Sod Investment Type Class A Units Acquisition Date 2/27/20262026-01-012026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Business Amplix Investment Type Unitranche First Amendment Term Loan Index S+ Spread 4.50% Interest Rate 8.18% Acquisition Date 10/19/2023 Maturity Date 10/18/20292026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Healthcare & Pharmaceuticals Western Dental Investment Type Senior Secured Second-Out Term Loan (Tranche B) Index S+ Spread 1.00%, 6.25% PIK Interest Rate 10.90% Acquisition Date 6/14/2024 Maturity Date 8/18/20282025-01-012025-12-310001633858Investment Aprio Investment Type Senior Secured Revolving Loan Index S+ Spread 4.75% Interest Rate 8.43% Maturity 8/1/20312026-03-310001633858Portfolio Investments EQUITY AND PREFERRED SHARES: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Business Industrial Services Group Investment Type Class A-1 Units Acquisition Date 3/10/20252025-01-012025-12-310001633858Investment Burke Porter Group Investment Type Senior Secured Revolving Credit Loan Index S+ Spread 6.00% Interest Rate 9.68% Maturity 7/29/20282025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Telecommunications Eastern Communications Investment Type Senior Secured First Amendment Term A Loan Index S+ Spread 5.00% Interest Rate 8.68% Acquisition Date 9/29/2025 Maturity Date /2026-01-012026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Chemicals, Plastics & Rubber Polytek Investment Type Senior Secured Term Loan Index S+ Spread 8.25% PIK Interest Rate 11.93% Acquisition Date 12/23/2020 Maturity Date 8/15/20262026-01-012026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Transportation: Cargo FLS Transportation Investment Type Senior Secured Revolving Credit Loan Index S+ Spread 5.25% Interest Rate 8.90% Acquisition Date 4/14/2022 Maturity Date 12/17/20272025-01-012025-12-310001633858Investment Electric Power Engineers Investment Type Senior Secured Revolving Loan Index S+ Spread 4.50% Interest Rate 8.18% Maturity 12/31/20312026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Capital Equipment Tank Holding Investment Type Senior Secured Revolving Credit Loan Index S+ Spread 5.75% Interest Rate 9.40% Acquisition Date 3/25/2022 Maturity Date 3/31/20282025-01-012025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Transportation: Cargo FLS Transportation Investment Type Senior Secured Revolving Credit Loan Index S+ Spread 5.25% Interest Rate 8.93% Acquisition Date 4/14/2022 Maturity Date 12/17/20272026-03-310001633858Investment Inhabit Investment Type Senior Secured Revolving Credit Loan Index S+ Spread 4.50% Interest Rate 8.18% Maturity 1/12/20322025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Business Vensure Investment Type Senior Secured Initial Term Loan Index S+ Spread 5.00% Interest Rate 8.65% Acquisition Date 9/23/2024 Maturity Date 9/27/20312025-01-012025-12-310001633858us-gaap:WestRegionMember2026-01-012026-03-310001633858ck0001633858:WholesaleSectorMember2025-12-310001633858Portfolio Investments EQUITY AND PREFERRED SHARES: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Business Heartland Investment Type Co-Invest Units Acquisition Date 12/12/20232025-01-012025-12-3100016338582019-03-222019-03-220001633858Investment Burke Porter Group Investment Type Senior Secured Revolving Credit Loan Index S+ Spread 6.00% Interest Rate 9.68% Maturity 7/29/20282026-03-310001633858ck0001633858:HotelsGamingLeisureSectorMember2026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Aerospace & Defense HDT Global Investment Type Senior Secured Initial Term Loan Index S+ Spread 1.00%, 5.50% PIK Interest Rate 10.15% Acquisition Date 6/30/2021 Maturity Date 1/7/20282025-01-012025-12-310001633858Portfolio Investments EQUITY AND PREFERRED SHARES: NON-CONTROL/NON-AFFILIATE INVESTMENTS Banking, Finance, Insurance & Real Estate Prime Pensions Investment Type LP Interest Acquisition Date 2/20/20242026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS High Tech Industries PayByPhone Investment Type Senior Secured Revolving Credit Index S+ Spread 4.75% Interest Rate 8.43% Acquisition Date 3/30/2026 Maturity Date 3/31/20332026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Capital Equipment Circor Investment Type Senior Secured 2025 Term Loan Index S+ Spread 3.00% Interest Rate 6.65% Acquisition Date 10/9/2024 Maturity Date 10/17/20312025-12-310001633858Investment AI Fire & Safety Investment Type Senior Secured Revolving Credit Loan Index S+ Spread 4.50% Interest Rate 8.18% Maturity 2/2/20322026-03-310001633858us-gaap:ValuationTechniqueMatrixPricingMemberck0001633858:FirstLienMember2025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Healthcare & Pharmaceuticals Cirtec Medical Investment Type Senior Secured U.S. Dollar Term Loan Index S+ Spread 5.00% Interest Rate 8.68% Acquisition Date 1/30/2023 Maturity Date 1/30/20292026-01-012026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Environmental Industries Crystal Clean Investment Type Senior Secured Initial Term Loan Index S+ Spread 3.75% Interest Rate 7.40% Acquisition Date 10/5/2023 Maturity Date 10/17/20302025-12-310001633858Investment Embark Investment Type Senior Secured Revolving Credit Loan Index S+ Spread 4.50% Interest Rate 8.18% Maturity 9/2/20322025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Consumer Apex Service Partners Investment Type Senior Secured 2024 Revolving Credit Loan Index S+ Spread 5.00% Interest Rate 8.65% Acquisition Date 10/16/2023 Maturity Date 10/24/20292025-12-310001633858Investment Cerity Partners Investment Type Senior Secured Initial Revolving Loan Index S+ Spread 4.50% Interest Rate 8.18% Maturity 7/28/20282026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Construction & Building Leaf Home Investment Type Senior Secured Initial Term Loan Index S+ Spread 5.25% Interest Rate 8.90% Acquisition Date 9/4/2025 Maturity Date 9/4/20312025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Banking, Finance, Insurance & Real Estate Alera Investment Type Senior Secured Term Loan (First Lien) Index S+ Spread 3.25% Interest Rate 6.90% Acquisition Date 5/21/2025 Maturity Date 5/30/20322025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Business Levata Investment Type Senior Secured Sixteenth Amendment Incremental Effective Date Term Loan Index S+ Spread 5.00% Interest Rate 8.65% Acquisition Date 8/19/2025 Maturity Date 12/21/20272025-01-012025-12-310001633858ck0001633858:ObservableInputsMember2025-12-310001633858Portfolio Investments EQUITY AND PREFERRED SHARES: NON-CONTROL/NON-AFFILIATE INVESTMENTS Healthcare & Pharmaceuticals RevHealth Investment Type Class A-1 Units Acquisition Date 7/22/20222026-03-310001633858Investment Apex Service Partners Investment Type Senior Secured Second Amendment Incremental DDTL Loan Index S+ Spread 5.00% Interest Rate 8.68% Maturity 10/24/20302025-12-310001633858Investment Associated Springs Investment Type Senior Secured Amendment No. 1 Delayed Draw Term Loan Index S+ Spread 4.75% Interest Rate 8.43% Maturity 4/4/20302026-01-012026-03-310001633858us-gaap:ValuationTechniqueMatrixPricingMemberck0001633858:SecondLienMemberck0001633858:MeasurementInputLiquidityCoverageMember2025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Business Golden Source Investment Type Senior Secured Revolving Loan Index S+ Spread 5.00% Interest Rate 8.68% Acquisition Date 3/25/2022 Maturity Date 5/12/20282026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Business Gallo Mechanical Investment Type Senior Secured Initial Revolving Loan Index S+ Spread 4.75% Interest Rate 8.40% Acquisition Date 6/19/2025 Maturity Date 8/2/20322025-12-3100016338582024-10-012024-10-010001633858Investment Amplix Investment Type Senior Secured Revolving Credit Loan Index S+ Spread 4.50% Interest Rate 8.18% Maturity 10/18/20292026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS High Tech Industries LightBox Investment Type Senior Secured Revolving Loan Index S+ Spread 5.00% Interest Rate 8.68% Acquisition Date 1/10/2025 Maturity Date 1/13/20302026-03-310001633858ck0001633858:BankLoansMemberus-gaap:ConstructionSectorMember2026-03-310001633858Investment EyeSouth Partners Investment Type Senior Secured Amendment No.2 Delayed Draw Term Loan (First Lien) Index S+ Spread 5.50% Interest Rate 9.18% Maturity 10/5/20292026-03-310001633858ck0001633858:HealthcarePharmaceuticalsSectorMember2025-01-012025-12-310001633858ck0001633858:EnergySectorOilAndGasMember2025-01-012025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Capital Equipment Trystar Investment Type Senior Secured Initial Term Loan Index S+ Spread 4.25% Interest Rate 7.90% Acquisition Date 7/31/2024 Maturity Date 8/6/20312025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Hotels, Gaming & Leisure Auto Europe Investment Type Senior Secured Initial Dollar Term Loan Index S+ Spread 7.50% Interest Rate 11.15% Acquisition Date 10/19/2016 Maturity Date 1/23/20262025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Business Aprio Investment Type Senior Secured Initial Term Loan Index S+ Spread 4.75% Interest Rate 8.40% Acquisition Date 8/1/2024 Maturity Date 8/1/20312025-01-012025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Healthcare & Pharmaceuticals Midwest Eye Services Investment Type Senior Secured Initial Term Loan Index S+ Spread 4.50% Interest Rate 8.15% Acquisition Date 12/31/2024 Maturity Date 8/20/20272025-01-012025-12-310001633858us-gaap:RetainedEarningsMember2026-03-310001633858Investment MB2 Dental Investment Type Senior Secured Tranche 1 Delayed Draw Term Loan Index S+ Spread 5.50% Interest Rate 9.18% Maturity 2/13/20312026-01-012026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS High Tech Industries Intermedia Investment Type Unitranche 2024 Refinancing Term Loan (First Lien) Index S+ Spread 5.25% Interest Rate 8.93% Acquisition Date 4/4/2024 Maturity Date 4/4/20292026-01-012026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Aerospace & Defense API Technologies Investment Type Senior Secured Term B-2 Loan (First Lien) Index S+ Spread 1.00%, 6.00% PIK Interest Rate 10.68% Acquisition Date 1/15/2020 Maturity Date 5/9/20272026-03-310001633858us-gaap:ConstructionSectorMemberck0001633858:EquityAndPreferredSharesMember2026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Containers, Packaging & Glass Golden West Packaging Investment Type Senior Secured Term B-1 Loan Index S+ Spread 5.25% Interest Rate 8.90% Acquisition Date 11/29/2021 Maturity Date 6/27/20312025-01-012025-12-310001633858ck0001633858:BankingFinanceInsuranceRealEstateSectorMember2025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Business Kept Companies Investment Type Senior Secured Revolving Loan Index S+ Spread 5.25% Interest Rate 8.93% Acquisition Date 4/30/2024 Maturity Date 4/30/20292026-03-310001633858us-gaap:MidwestRegionMember2025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Business Barton Associates Investment Type Unitranche Initial Term Loan Index S+ Spread 6.50% Interest Rate 10.15% Acquisition Date 11/18/2024 Maturity Date 7/26/20282025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Business Heartland Investment Type Senior Secured Initial Term Loan Index S+ Spread 4.75% Interest Rate 8.40% Acquisition Date 12/1/2023 Maturity Date 12/12/20292025-01-012025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Healthcare & Pharmaceuticals TEAM Services Investment Type Senior Secured Incremental Term Loan (First Lien) Index S+ Spread 5.25% Interest Rate 8.93% Acquisition Date 1/30/2026 Maturity Date 1/28/20232026-01-012026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Healthcare & Pharmaceuticals NSM Investment Type Senior Secured Amendment No. 9 Incremental Term Loan Index S+ Spread 4.25% Interest Rate 7.90% Acquisition Date 8/05/2024 Maturity Date 5/14/20292025-01-012025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Capital Equipment Radwell Investment Type Senior Secured Revolving Loan Index S+ Spread 5.50% Interest Rate 9.15% Acquisition Date 3/11/2022 Maturity Date 4/1/20292025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Capital Equipment Ohio Transmission Investment Type Unitranche Initial Term Loan Index S+ Spread 5.75% Interest Rate 9.43% Acquisition Date 12/12/2023 Maturity Date 12/19/20302026-03-310001633858Investment AGS Health Investment Type Senior Secured Tranche A Revolving Credit Loan Index S+ Spread 4.50% Interest Rate 8.18% Maturity 8/02/20322025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Capital Equipment Infinite Electronics Investment Type Senior Secured Initial Term Loan (First Lien) Index S+ Spread 3.75% Interest Rate 7.40% Acquisition Date 2/24/2021 Maturity Date 3/2/20282025-01-012025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Consumer Crash Champions Investment Type Senior Secured Initial Term Loan Index S+ Spread 4.75% Interest Rate 8.43% Acquisition Date 2/7/2024 Maturity Date 2/23/20292026-03-310001633858Investment Vortex Companies Investment Type Senior Secured Revolving Loan Index S+ Spread 5.00% Interest Rate 8.68% Maturity 9/4/20292025-12-310001633858ck0001633858:OtherUsRegionMember2026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Healthcare & Pharmaceuticals nThrive Investment Type Senior Secured Tranche D Term Loan Index S+ Spread 6.75% Interest Rate 10.43% Acquisition Date 11/18/2024 Maturity Date 12/17/20292026-01-012026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Business Aprio Investment Type Senior Secured 2025 Incremental Term Loan Index S+ Spread 4.75% Interest Rate 8.40% Acquisition Date 4/18/2025 Maturity Date 8/1/20312025-12-310001633858us-gaap:ValuationTechniqueMatrixPricingMembersrt:MinimumMemberck0001633858:MeasurementInputSeniorLeverageMemberck0001633858:FirstLienMember2025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Containers, Packaging & Glass Balcan Investment Type Senior Secured Initial Term B Loan (First Lien) Index S+ Spread 4.75% Interest Rate 8.40% Acquisition Date 10/10/2024 Maturity Date 10/20/20312025-01-012025-12-310001633858ck0001633858:BankLoansMemberus-gaap:ConstructionSectorMember2025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Chemicals, Plastics & Rubber Vertellus Investment Type Senior Secured Revolving Credit Loan Index S+ Spread 5.75% Interest Rate 9.40% Acquisition Date 12/18/2020 Maturity Date 1/2/20292025-01-012025-12-310001633858us-gaap:HealthcareSectorMemberck0001633858:EquityAndPreferredShareMember2025-12-310001633858Portfolio Investments EQUITY AND PREFERRED SHARES: NON-CONTROL/NON-AFFILIATE INVESTMENTS Healthcare & Pharmaceuticals Visor Buyer, Inc. Investment Type Class A Units Acquisition Date 12/15/20252026-03-310001633858Investment Voeller Investment Type Senior Secured Initial Delayed Draw Term Loan Index S+ Spread 4.75% Interest Rate 8.43% Maturity 11/25/20322025-12-310001633858Investment SupplyHouse Investment Type Senior Secured Revolving Credit Loan Index S+ Spread 4.00% Interest Rate 7.68% Maturity 7/1/20322025-12-310001633858srt:WeightedAverageMemberck0001633858:MatrixPricingMarketAnalysisMemberck0001633858:MeasurementInputInterestCoverageMemberck0001633858:FirstLienMember2025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS High Tech Industries Qlik Investment Type Senior Secured Second Amendment Refinancing Term Loan (First Lien) Index S+ Spread 3.25% Interest Rate 6.90% Acquisition Date 12/31/2024 Maturity Date 10/26/20302025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Transportation: Cargo Worldwide Express Investment Type Senior Secured Amendment No. 2 Incremental Term Loan Index S+ Spread 4.00% Interest Rate 7.65% Acquisition Date 11/8/2024 Maturity Date 7/26/20282025-01-012025-12-310001633858ck0001633858:WholesaleSectorMember2026-03-310001633858ck0001633858:BankLoansMemberck0001633858:EnergyOilGasMember2026-03-310001633858us-gaap:ChemicalsSectorMember2026-01-012026-03-310001633858ck0001633858:ConsumerGoodsDurableSectorMemberck0001633858:EquityAndPreferredSharesMember2025-12-310001633858ck0001633858:OtherUsRegionMember2025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Construction & Building Voeller Investment Type Senior Secured Revolving Loan Index S+ Spread 4.75% Interest Rate 8.43% Acquisition Date 11/25/2025 Maturity Date 11/25/20322026-01-012026-03-310001633858Investment Carlisle Foodservice Investment Type Senior Secured Revolving Loan Index S+ Spread 5.00% Interest Rate 8.68% Maturity 10/2/20292026-01-012026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Business Ascend Investment Type Senior Secured Initial Term Loan Index S+ Spread 4.50% Interest Rate 8.18% Acquisition Date 10/22/2024 Maturity Date 8/11/20312026-01-012026-03-310001633858Investment Dane Street Investment Type Senior Secured Delayed Draw Term Loan Index S+ Spread 4.50% Interest Rate 8.18% Maturity 3/24/20332025-12-310001633858us-gaap:ContainerAndPackagingSectorMember2025-12-310001633858Investment Ascend Investment Type Senior Secured Revolving Credit Loan Index S+ Spread 4.50% Interest Rate 8.18% Maturity 8/11/20312025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Aerospace & Defense Electro Methods Investment Type Senior Secured Initial Term Loans Index S+ Spread 4.75% Interest Rate 8.43% Acquisition Date 2/6/2025 Maturity Date 2/23/20322026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Capital Equipment Plaskolite Investment Type Unitranche Initial Term Loan Index S+ Spread 4.00%, 4.00% PIK Interest Rate 11.65% Acquisition Date 5/5/2025 Maturity Date 5/9/20302025-01-012025-12-310001633858Investment VC3 Investment Type Senior Secured RC Index S+ Spread 5.00% Interest Rate 8.68% Maturity 3/12/20292026-01-012026-03-310001633858Investment InnovateMR Investment Type Senior Secured Revolving Loan Index S+ Spread 6.00% Interest Rate 9.68% Maturity 1/20/20282026-01-012026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Business Ascend Investment Type Senior Secured Initial Term Loan Index S+ Spread 4.50% Interest Rate 8.15% Acquisition Date 10/22/2024 Maturity Date 8/11/20312025-01-012025-12-310001633858Investment Discovery Education Investment Type Senior Secured Revolving Credit Loan (First Lien) Index S+ Spread 5.75% Interest Rate 9.43% Maturity 4/9/20292026-03-310001633858Portfolio Investments EQUITY AND PREFERRED SHARES: NON-CONTROL/NON-AFFILIATE INVESTMENTS Media: Advertising, Printing & Publishing MediaRadar Investment Type Class A-1 Units Acquisition Date 9/16/20222026-03-310001633858Investment Voeller Investment Type Senior Secured Revolving Loan Index S+ Spread 4.75% Interest Rate 8.43% Maturity 11/25/20322025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Capital Equipment Radwell Investment Type Unitranche Initial Term Loan Index S+ Spread 5.50% Interest Rate 9.18% Acquisition Date 3/11/2022 Maturity Date 4/1/20292026-03-310001633858Investment Midwest Eye Services Investment Type Senior Secured Delayed Draw Term Loan Index S+ Spread 4.75% Interest Rate 8.43% Maturity 2/23/20302026-01-012026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Wholesale Carlisle Foodservice Investment Type Senior Secured Initial Term Loan Index S+ Spread 5.00% Interest Rate 8.68% Acquisition Date 9/29/2023 Maturity Date 10/2/20302026-01-012026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Media: Diversified & Production Cast & Crew Investment Type Senior Secured Incremental Facility No. 2 Incremental Term Loan (First Lien) Index S+ Spread 3.75% Interest Rate 7.40% Acquisition Date 4/30/2024 Maturity Date 12/29/20282025-01-012025-12-310001633858ck0001633858:UnitrancheDebtOneMemberck0001633858:MeasurementInputDebtServiceCoverageMemberus-gaap:ValuationTechniqueMatrixPricingMembersrt:MinimumMember2026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Business Aprio Investment Type Senior Secured Revolving Loan Index S+ Spread 4.75% Interest Rate 8.40% Acquisition Date 8/01/2024 Maturity Date 8/1/20312025-01-012025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Business Discovery Education Investment Type Unitranche Initial Term Loan (First Lien) Index S+ Spread 2.88%, 5.72% PIK Interest Rate 12.27% Acquisition Date 3/25/2022 Maturity Date 4/9/20292026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Healthcare & Pharmaceuticals Clearway Investment Type Senior Secured Fourth Amendment Incremental Term Loan Index S+ Spread 5.50% Interest Rate 9.18% Acquisition Date 9/17/2025 Maturity Date 8/30/20302026-03-310001633858Portfolio Investments EQUITY AND PREFERRED SHARES: NON-CONTROL/NON-AFFILIATE INVESTMENTS High Tech Industries PracticeTek Investment Type Class A Units Acquisition Date 11/22/20212026-01-012026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Consumer Goods: Non-durable Augusta Sportswear Investment Type Senior Secured Initial Term Loan Index S+ Spread 7.00% Interest Rate 10.68% Acquisition Date 11/21/2023 Maturity Date 11/21/20292026-01-012026-03-310001633858Portfolio Investments EQUITY AND PREFERRED SHARES: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Business Amplix Investment Type Class A-2 Units Acquisition Date 10/19/20232026-01-012026-03-310001633858ck0001633858:UnitrancheDebtOneMemberck0001633858:MeasurementInputDebtServiceCoverageMembersrt:WeightedAverageMemberus-gaap:ValuationTechniqueMatrixPricingMember2025-12-310001633858us-gaap:SubsequentEventMember2026-04-012026-05-120001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Business Barton Associates Investment Type Unitranche Initial Term Loan Index S+ Spread 6.50% Interest Rate 10.18% Acquisition Date 11/18/2024 Maturity Date 7/26/20282026-01-012026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Capital Equipment 80/20 Investment Type Unitranche Initial Term Loan Index S+ Spread 4.50% Interest Rate 8.18% Acquisition Date 12/11/2025 Maturity Date 12/12/20322026-01-012026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Business AIA Contract Investment Type Senior Secured Revolving Loan Index S+ Spread 4.75% Interest Rate 8.40% Acquisition Date 6/30/2025 Maturity Date 7/2/20312025-12-310001633858ck0001633858:EquityAndPreferredSharesMemberus-gaap:TechnologySectorMember2025-12-310001633858ck0001633858:ConsumerGoodsDurableSectorMemberck0001633858:EquityAndPreferredSharesMember2026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Beverage, Food & Tobacco MBC Companies Investment Type Senior Secured Third Amendment Term B Loan Index S+ Spread 4.75% Interest Rate 8.43% Acquisition Date 10/8/2025 Maturity Date 4/10/20312026-01-012026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Containers, Packaging & Glass Golden West Packaging Investment Type Senior Secured Term B-1 Loan Index S+ Spread 5.25% Interest Rate 8.93% Acquisition Date 11/29/2021 Maturity Date 6/27/20312026-03-310001633858ck0001633858:BankLoansMemberck0001633858:ServicesBusinessSectorMember2025-12-310001633858Investment Alliance Environmental Group Investment Type Senior Secured Priority Revolving Loan Index S+ Spread 0.00% Interest Rate 3.68% Maturity 12/30/20282025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Consumer Apex Service Partners Investment Type Unitranche 2024 Term Loan Index S+ Spread 5.00% Interest Rate 8.68% Acquisition Date 10/16/2023 Maturity Date 10/24/20302026-01-012026-03-310001633858us-gaap:MidwestRegionMember2026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Healthcare & Pharmaceuticals Minds + Assembly Investment Type Unitranche Initial Term Loan (First Lien) Index S+ Spread 5.00% Interest Rate 8.68% Acquisition Date 5/03/2023 Maturity Date 5/3/20292026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Consumer Rover Investment Type Senior Secured Revolving Loan Index S+ Spread 4.75% Interest Rate 8.40% Acquisition Date 2/16/2024 Maturity Date 2/27/20312025-01-012025-12-310001633858Portfolio Investments EQUITY AND PREFERRED SHARES: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Business CCG Investment Type Class A Units Acquisition Date 12/30/20252025-01-012025-12-310001633858srt:WeightedAverageMemberus-gaap:MarketApproachValuationTechniqueMemberck0001633858:FirstLienMemberck0001633858:MeasurementInputLiquidityCoverageMember2025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Business Embark Investment Type Senior Secured Revolving Credit Loan Index S+ Spread 4.50% Interest Rate 8.18% Acquisition Date 8/27/2025 Maturity Date 9/2/20322026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Banking, Finance, Insurance & Real Estate Cherry Bekaert Investment Type Unitranche Term B Loan Index S+ Spread 4.50% Interest Rate 8.15% Acquisition Date 6/13/2022 Maturity Date 6/28/20302025-12-310001633858srt:WeightedAverageMemberus-gaap:ValuationTechniqueMatrixPricingMemberck0001633858:SecondLienMemberck0001633858:MeasurementInputTotalLeverageMember2025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Chemicals, Plastics & Rubber Americhem Investment Type Senior Secured Revolving Loan Index S+ Spread 4.50% Interest Rate 8.15% Acquisition Date 2/5/2025 Maturity Date 3/1/20322025-12-310001633858us-gaap:FairValueInputsLevel3Member2026-03-310001633858ck0001633858:ServicesConsumerSectorMember2026-01-012026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Consumer Legacy Service Partners Investment Type Senior Secured Tenth Amendment Term Loan Index S+ Spread 4.50% Interest Rate 8.18% Acquisition Date 2/17/2026 Maturity Date 11/10/20312026-01-012026-03-310001633858Investment VC3 Investment Type Senior Secured RC Index S+ Spread 5.00% Interest Rate 8.68% Maturity 3/12/20292025-12-310001633858us-gaap:AerospaceSectorMember2026-01-012026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Healthcare & Pharmaceuticals Paradigm Oral Health Investment Type Senior Secured Initial Term Loan Index S+ Spread 4.75% Interest Rate 8.40% Acquisition Date 9/30/2024 Maturity Date 11/16/20282025-01-012025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Capital Equipment Burke Porter Group Investment Type Senior Secured Revolving Credit Loan Index S+ Spread 6.00% Interest Rate 9.68% Acquisition Date 8/11/2022 Maturity Date 7/29/20282026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS High Tech Industries ORBCOMM Investment Type Senior Secured Closing Date Term Loan (First Lien) Index S+ Spread 4.25% Interest Rate 7.90% Acquisition Date 6/17/2021 Maturity Date 9/1/20282025-01-012025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Banking, Finance, Insurance & Real Estate SIAA Investment Type Unitranche Seventh Amendment Refinancing Term Loan Index S+ Spread 4.75% Interest Rate 8.40% Acquisition Date 4/21/2021 Maturity Date 4/30/20302025-01-012025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Business Discovery Education Investment Type Senior Secured Revolving Credit Loan (First Lien) Index S+ Spread 2.88%, 5.70% PIK Interest Rate 12.23% Acquisition Date 3/25/2022 Maturity Date 4/9/20292025-12-310001633858ck0001633858:MatrixPricingMarketAnalysisMemberck0001633858:MeasurementInputTotalEnterpriseValueCoverageMemberck0001633858:FirstLienMember2025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Healthcare & Pharmaceuticals nThrive Investment Type Senior Secured Tranche C Term Loan Index S+ Spread 4.00% Interest Rate 7.65% Acquisition Date 11/18/2024 Maturity Date 12/15/20282025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Banking, Finance, Insurance & Real Estate SIAA Investment Type Unitranche Seventh Amendment Refinancing Term Loan Index S+ Spread 4.75% Interest Rate 8.43% Acquisition Date 4/21/2021 Maturity Date 4/30/20302026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Chemicals, Plastics & Rubber Chase Investment Type Senior Secured Initial Term Loan Index S+ Spread 4.00% Interest Rate 7.68% Acquisition Date 4/2/2025 Maturity Date 4/9/20322026-03-310001633858Portfolio Investments EQUITY AND PREFERRED SHARES: NON-CONTROL/NON-AFFILIATE INVESTMENTS Healthcare & Pharmaceuticals APT Healthcare Investment Type Class A-5 Common Units Acquisition Date 9/15/20252025-01-012025-12-310001633858Investment Aprio Investment Type Senior Secured 2025-2 Incremental Delayed Draw Term Loan Index S+ Spread 4.75% Interest Rate 8.43% Maturity 8/1/20312026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Healthcare & Pharmaceuticals Minds + Assembly Investment Type Senior Secured Revolving Loan (First Lien) Index S+ Spread 5.00% Interest Rate 8.68% Acquisition Date 5/3/2023 Maturity Date 5/3/20292026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Consumer R. F. Fager Investment Type Senior Secured First Amendment Term Loan Index S+ Spread 5.00% Interest Rate 8.68% Acquisition Date 5/16/2025 Maturity Date 3/4/20302026-01-012026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Healthcare & Pharmaceuticals Gastro Health Investment Type Senior Secured Initial Term Loan (First Lien) Index S+ Spread 4.50% Interest Rate 8.18% Acquisition Date 7/02/2021 Maturity Date 7/3/20282026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Chemicals, Plastics & Rubber Vertellus Investment Type Senior Secured Initial Term Loan Index S+ Spread 5.75% Interest Rate 9.40% Acquisition Date 12/18/2020 Maturity Date 1/2/20292025-01-012025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Healthcare & Pharmaceuticals Nvision Investment Type Senior Secured Revolving Loan Index S+ Spread 5.50% Interest Rate 9.18% Acquisition Date 10/31/2024 Maturity Date 12/31/20282026-01-012026-03-310001633858Investment Embark Investment Type Senior Secured Delayed Draw Term Loan Index S+ Spread 4.50% Interest Rate 8.18% Maturity 9/2/20322026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Business CoolSys Investment Type Senior Secured Closing Date Initial Term Loan Index S+ Spread 4.75% Interest Rate 8.40% Acquisition Date 8/4/2021 Maturity Date 8/11/20282025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS High Tech Industries HelpSystems Investment Type Senior Secured Initial Term Loan (First Lien) Index S+ Spread 6.00% Interest Rate 9.68% Acquisition Date 12/19/2019 Maturity Date 5/21/20292026-01-012026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Automotive Engine & Transmission Exchange Investment Type Senior Secured Amendment No. 2 Incremental Term Loan Index S+ Spread 5.00% Interest Rate 8.65% Acquisition Date 3/21/2025 Maturity Date 5/29/20292025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Healthcare & Pharmaceuticals Upstream Rehabilitation Investment Type Senior Secured December 2025 Extended/Modified Term Loan (First Lien) Index S+ Spread 4.25% Interest Rate 7.93% Acquisition Date 10/24/2019 Maturity Date 11/20/20292026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Beverage, Food & Tobacco Monogram Foods Investment Type Senior Secured Initial Term Loan Index S+ Spread 4.00% Interest Rate 7.65% Acquisition Date 8/13/2021 Maturity Date 8/28/20282025-01-012025-12-310001633858ck0001633858:EquityAndPreferredShareMember2026-03-3100016338582026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Construction & Building A1 Garage Door Investment Type Senior Secured Revolving Loan Index S+ Spread 4.50% Interest Rate 8.18% Acquisition Date 12/22/2022 Maturity Date 12/22/20282026-01-012026-03-310001633858ck0001633858:UnitrancheDebtOneMemberck0001633858:EnterpriseValueMembersrt:MinimumMemberck0001633858:MeasurementInputEVEBITDAMultipleMember2025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Containers, Packaging & Glass Transcendia Investment Type Unitranche Term Loan Index S+ Spread 6.50% Interest Rate 10.18% Acquisition Date 5/23/2024 Maturity Date 11/23/20292026-01-012026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Consumer Taxwell Investment Type Senior Secured Initial Term Loan Index S+ Spread 4.25% Interest Rate 7.90% Acquisition Date 6/17/2024 Maturity Date 6/26/20312025-12-310001633858Investment Ned Stevens 2022-2 Investment Type Senior Secured Revolving Loan Index S+ Spread 5.00% Interest Rate 8.68% Maturity 11/1/20282026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Healthcare & Pharmaceuticals nThrive Investment Type Senior Secured Tranche A Term Loan Index S+ Spread 5.25% Interest Rate 8.90% Acquisition Date 11/20/2024 Maturity Date 12/15/20282025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Banking, Finance, Insurance & Real Estate Cherry Bekaert Investment Type Unitranche Amendment No. 1 Term Loan Index S+ Spread 4.50% Interest Rate 8.18% Acquisition Date 10/11/2023 Maturity Date 6/30/20302026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS High Tech Industries Digital Room Investment Type Senior Secured Closing Date Term Loan (First Lien) Index S+ Spread 5.25% Interest Rate 8.90% Acquisition Date 12/16/2021 Maturity Date 12/21/20282025-01-012025-12-310001633858ck0001633858:MatrixPricingMarketAnalysisMemberck0001633858:MeasurementInputInterestCoverageMembersrt:MinimumMemberck0001633858:FirstLienMember2026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Business Trace3 Investment Type Unitranche Closing Date Term B Loan Index S+ Spread 4.00% Interest Rate 7.68% Acquisition Date 10/8/2025 Maturity Date 10/29/20322026-01-012026-03-310001633858ck0001633858:ConsumerGoodsDurableSectorMember2025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Environmental Industries Keter Environmental Services Investment Type Senior Secured Revolving Loan Index S+ Spread 5.25% Interest Rate 8.93% Acquisition Date 11/5/2021 Maturity Date 10/29/20272026-01-012026-03-310001633858Investment Rover Investment Type Senior Secured Revolving Loan Index S+ Spread 4.75% Interest Rate 8.43% Maturity 2/27/20312026-03-310001633858Investment Cirtec Medical Investment Type Senior Secured Revolving Credit (First Lien) Index S+ Spread 5.00% Interest Rate 8.68% Maturity 10/31/20282026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Business InnovateMR Investment Type Senior Secured Initial Term Loan Index S+ Spread 6.00% Interest Rate 9.68% Acquisition Date 12/16/2021 Maturity Date 1/20/20282026-03-310001633858Investment Aurora Energy Research Investment Type Senior Secured Original Revolving Facility Notes Index S+ Spread 5.00% Interest Rate 8.68% Maturity 9/8/20322026-01-012026-03-310001633858Portfolio Investments EQUITY AND PREFERRED SHARES: NON-CONTROL/NON-AFFILIATE INVESTMENTS Healthcare & Pharmaceuticals RevHealth Investment Type Class A-1 Units Acquisition Date 7/22/20222026-01-012026-03-310001633858ck0001633858:UnitrancheDebtOneMembersrt:WeightedAverageMemberus-gaap:ValuationTechniqueMatrixPricingMemberck0001633858:MeasurementInputTotalEnterpriseValueCoverageMember2026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Automotive BBB Industries Investment Type Senior Secured Initial Term Loan (First Lien) Index S+ Spread 5.25% Interest Rate 8.90% Acquisition Date 6/30/2022 Maturity Date 7/25/20292025-01-012025-12-310001633858Investment Heartland Investment Type Senior Secured 2025 Incremental Delayed Draw Term Loan Index S+ Spread 4.75% Interest Rate 8.43% Maturity 12/12/20292026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Healthcare & Pharmaceuticals Western Dental Investment Type Senior Secured Second-Out Term Loan (Tranche B) Index S+ Spread 1.00%,6.25% PIK Interest Rate 10.93% Acquisition Date 6/14/2024 Maturity Date 8/18/20282026-01-012026-03-310001633858Portfolio Investments EQUITY AND PREFERRED SHARES: NON-CONTROL/NON-AFFILIATE INVESTMENTS Environmental Industries O6 Environmental Investment Type Common Units Acquisition Date 8/4/20252026-01-012026-03-310001633858Investment Denali Water Solutions Investment Type Senior Secured Revolving Loan Index S+ Spread 5.50% Interest Rate 9.18% Maturity 1/29/20262026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Automotive BBB Industries Investment Type Senior Secured Initial Term Loan (First Lien) Index S+ Spread 5.25% Interest Rate 8.90% Acquisition Date 6/30/2022 Maturity Date 7/25/20292025-12-310001633858ck0001633858:DebtInvestmentsMember2026-01-012026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Construction & Building RailPros Investment Type Senior Secured Revolving Loan Index S+ Spread 4.25% Interest Rate 7.93% Acquisition Date 4/23/2025 Maturity Date 5/24/20322026-03-310001633858Investment Aptive Environmental Investment Type Senior Secured Initial Revolving Loan Index S+ Spread 4.75% Interest Rate 8.43% Maturity 10/15/20322026-01-012026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Healthcare & Pharmaceuticals Midwest Eye Services Investment Type Senior Secured Initial Term Loan Index S+ Spread 4.50% Interest Rate 8.18% Acquisition Date 12/31/2024 Maturity Date 8/20/20272026-03-310001633858Investment Frazier & Deeter Investment Type Senior Secured 2026 Incremental Delayed Draw Term Loan Index S+ Spread 4.50% Interest Rate 8.18% Maturity 5/3/20322026-03-310001633858Investment Sequel Ortho (fka OrthoNebraska) Investment Type Senior Secured Revolving Loan Index S+ Spread 5.00% Interest Rate 8.68% Maturity 7/31/20282026-03-310001633858Investment FLS Transportation Investment Type Senior Secured Revolving Credit Loan Index S+ Spread 5.25% Interest Rate 8.93% Maturity 12/17/20272026-01-012026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Consumer FMG Suite Investment Type Unitranche Initial Term Loan Index S+ Spread 4.75% Interest Rate 8.40% Acquisition Date 8/11/2025 Maturity Date 9/9/20322025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Construction & Building DynaGrid Investment Type Senior Secured Initial Term Loan Index S+ Spread 4.75% Interest Rate 8.40% Acquisition Date 1/7/2025 Maturity Date 2/13/20322025-01-012025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Healthcare & Pharmaceuticals Confluent Health Investment Type Senior Secured Amendment No. 1 Term Loan Index S+ Spread 7.50% Interest Rate 11.18% Acquisition Date 4/11/2023 Maturity Date 11/30/20282026-01-012026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Business Kept Companies Investment Type Senior Secured Term Loan Index S+ Spread 5.25% Interest Rate 8.93% Acquisition Date 4/30/2024 Maturity Date 4/30/20292026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Containers, Packaging & Glass SupplyOne Investment Type Senior Secured Term B Loan Index S+ Spread 3.50% Interest Rate 7.18% Acquisition Date 3/27/2024 Maturity Date 4/21/20312026-01-012026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Healthcare & Pharmaceuticals Midwest Eye Services Investment Type Senior Secured Initial Term Loan Index S+ Spread 4.50% Interest Rate 8.18% Acquisition Date 12/31/2024 Maturity Date 8/20/20272026-01-012026-03-310001633858us-gaap:ValuationTechniqueMatrixPricingMembersrt:MinimumMemberck0001633858:SecondLienMemberck0001633858:MeasurementInputLiquidityCoverageMember2026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Banking, Finance, Insurance & Real Estate Orion Investment Type Senior Secured 2026 Refinancing Term Loan (First Lien) Index S+ Spread 2.75% Interest Rate 6.43% Acquisition Date 8/4/2020 Maturity Date 9/24/20302026-01-012026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Telecommunications Eastern Communications Investment Type Senior Secured First Amendment Term A Loan Index S+ Spread 5.00% Interest Rate 8.65% Acquisition Date 9/29/2025 Maturity Date 12/30/20302025-01-012025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Business Liberty Group Investment Type Senior Secured Revolving Loan Index S+ Spread 5.75% Interest Rate 9.40% Acquisition Date 6/06/2022 Maturity Date 12/15/20282025-12-310001633858Investment Steward Partners Investment Type Senior Secured Delayed Draw Term C Loan Index S+ Spread 4.75% Interest Rate 8.43% Maturity 10/14/20282026-03-310001633858Significant Contractual Payment Obligations2025-12-310001633858Investment PayByPhone Investment Type Senior Secured Delayed Draw Term Loan Index S+ Spread 4.75% Interest Rate 8.43% Maturity 3/31/20332025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Healthcare & Pharmaceuticals Gastro Health Investment Type Senior Secured Initial Term Loan (First Lien) Index S+ Spread 4.50% Interest Rate 8.18% Acquisition Date 7/02/2021 Maturity Date 7/3/20282026-01-012026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Banking, Finance, Insurance & Real Estate Steward Partners Investment Type Senior Secured Revolving Loan Index S+ Spread 4.75% Interest Rate 8.40% Acquisition Date 12/20/2023 Maturity Date 10/14/20282025-12-310001633858Investment Cirtec Medical Investment Type Senior Secured Revolving Credit (First Lien) Index S+ Spread 5.00% Interest Rate 8.68% Maturity 10/31/20282026-01-012026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS High Tech Industries LightBox Investment Type Senior Secured Revolving Loan Index S+ Spread 5.25% Interest Rate 8.90% Acquisition Date 1/10/2025 Maturity Date 1/13/20302025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Healthcare & Pharmaceuticals Clearway Investment Type Senior Secured Second Amendment Incremental Term Loan Index S+ Spread 5.50% Interest Rate 9.18% Acquisition Date 9/17/2025 Maturity Date 8/30/20302026-03-310001633858Investment Apex Service Partners Investment Type Senior Secured Second Amendment Incremental DDTL Loan Index S+ Spread 5.00% Interest Rate 8.68% Maturity 10/24/20302026-01-012026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Business Discovery Education Investment Type Senior Secured Revolving Credit Loan (First Lien) Index S+ Spread 5.75%, 1.84% PIK Interest Rate 11.27% Acquisition Date 3/25/2022 Maturity Date 4/9/20292026-01-012026-03-310001633858us-gaap:FairValueInputsLevel2Memberck0001633858:SecondLienMember2026-03-310001633858srt:WeightedAverageMemberck0001633858:MatrixPricingMarketAnalysisMemberck0001633858:FirstLienMemberck0001633858:MeasurementInputLiquidityCoverageMember2025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Aerospace & Defense Electro Methods Investment Type Senior Secured Revolving Credit Facility Index S+ Spread 4.75% Interest Rate 8.43% Acquisition Date 2/6/2025 Maturity Date 2/23/20322026-03-310001633858Investment Clearway Investment Type Senior Secured Tenth Amendment Delayed Draw Loan Index S+ Spread 5.50% Interest Rate 9.18% Maturity 8/30/20302026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Business Industrial Services Group Investment Type Unitranche Initial Term Loan Index S+ Spread 5.75% Interest Rate 9.40% Acquisition Date 12/7/2022 Maturity Date 12/7/20282025-01-012025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Healthcare & Pharmaceuticals VaxCare Investment Type Senior Secured Revolving Credit Loan Index S+ Spread 4.50% Interest Rate 8.18% Acquisition Date 6/10/2025 Maturity Date 6/17/20322026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Banking, Finance, Insurance & Real Estate Beta+ Investment Type Senior Secured Initial Term Loan Index S+ Spread 5.75% Interest Rate 9.40% Acquisition Date 6/24/2022 Maturity Date 7/2/20292025-01-012025-12-310001633858Portfolio Investments EQUITY AND PREFERRED SHARES: NON-CONTROL/NON-AFFILIATE INVESTMENTS Wholesale GME Supply Investment Type Class A Units Acquisition Date 6/30/20232026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Business Insight Global Investment Type Unitranche 2024 Refinancing Term Loan Index S+ Spread 5.00% Interest Rate 8.65% Acquisition Date 9/22/2021 Maturity Date 9/22/20282025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Media: Advertising, Printing & Publishing MediaRadar Investment Type Unitranche Closing Date Term A Loan Index S+ Spread 5.00% Interest Rate 8.68% Acquisition Date 5/23/2022 Maturity Date 9/16/20292026-01-012026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Healthcare & Pharmaceuticals ImageFirst Investment Type Senior Secured Initial Term Loan Index S+ Spread 3.00% Interest Rate 6.68% Acquisition Date 3/12/2025 Maturity Date 3/12/20322026-03-310001633858ck0001633858:BankLoansMemberus-gaap:HealthcareSectorMember2026-03-310001633858ck0001633858:EquityAndPreferredMemberck0001633858:EnterpriseValueMemberck0001633858:MeasurementInputEVEBITDAMultipleMembersrt:MaximumMember2025-12-310001633858ck0001633858:MeasurementInputDebtServiceCoverageMembersrt:WeightedAverageMemberck0001633858:MatrixPricingMarketAnalysisMemberck0001633858:SecondLienMember2025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Business Liberty Group Investment Type Unitranche Initial Term Loan Index S+ Spread 5.75% Interest Rate 9.43% Acquisition Date 6/6/2022 Maturity Date 6/15/20282026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Business S&P Engineering Solutions Investment Type Senior Secured 2024 Converted Term Loan Index S+ Spread 5.00% Interest Rate 8.65% Acquisition Date 3/31/2023 Maturity Date 5/2/20302025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Banking, Finance, Insurance & Real Estate Cerity Partners Investment Type Unitranche 2025 Term Loan Index S+ Spread 4.50% Interest Rate 8.15% Acquisition Date 7/28/2022 Maturity Date 7/28/20312025-01-012025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Healthcare & Pharmaceuticals Press Ganey Investment Type Senior Secured Existing Term Loan (First Lien) Index S+ Spread 3.00% Interest Rate 6.65% Acquisition Date 4/24/2024 Maturity Date 4/30/20312025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Containers, Packaging & Glass Tekni-Plex Investment Type Senior Secured Tranche B-7 Initial Term Loan Index S+ Spread 3.75% Interest Rate 7.43% Acquisition Date 3/27/2024 Maturity Date 9/15/20282026-01-012026-03-310001633858us-gaap:ContainerAndPackagingSectorMember2026-03-310001633858Investment Encore Investment Type Senior Secured Revolving Loan Index S+ Spread 5.00% Interest Rate 8.68% Maturity 12/5/20292026-03-310001633858Lindsay Precast Senior Secured Revolving Loan S+ 4.75% 8.43% 12/16/2032 Investment Lindsay Precast Investment Type Senior Secured Revolving Loan Index S+ Spread 4.75% Interest Rate 8.43% Maturity 12/16/20322026-01-012026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Business Eagle Fire Investment Type Senior Secured Initial Term Loan Index S+ Spread 4.50% Interest Rate 8.18% Acquisition Date 6/4/2025 Maturity Date 7/15/20322026-01-012026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Containers, Packaging & Glass Brook & Whittle Investment Type Senior Secured Tranche A Term Loan Index S+ Spread 6.50% Interest Rate 10.15% Acquisition Date 8/11/2025 Maturity Date 12/14/20302025-01-012025-12-310001633858srt:WeightedAverageMemberck0001633858:MatrixPricingMarketAnalysisMemberus-gaap:MeasurementInputCreditSpreadMemberck0001633858:SecondLienMember2026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Healthcare & Pharmaceuticals Minds + Assembly Investment Type Senior Secured Revolving Loan (First Lien) Index S+ Spread 5.00% Interest Rate 8.65% Acquisition Date 5/3/2023 Maturity Date 5/3/20292025-12-310001633858Portfolio Investments EQUITY AND PREFERRED SHARES: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Business AI Fire & Safety Investment Type Class A Units Acquisition Date 12/20/20242026-01-012026-03-310001633858ck0001633858:MatrixPricingMarketAnalysisMemberck0001633858:MeasurementInputInterestCoverageMembersrt:MinimumMemberck0001633858:SecondLienMember2026-03-310001633858ck0001633858:BankLoansMemberck0001633858:EnvironmentalIndustriesSectorMember2026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Environmental Industries Alliance Environmental Group Investment Type Senior Secured Initial Term Loan Index S+ Spread 0.00% Interest Rate 3.68% Acquisition Date 12/30/2021 Maturity Date 12/30/20282026-01-012026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Healthcare & Pharmaceuticals Sequel Ortho (fka OrthoNebraska) Investment Type Unitranche Initial Term Loan Index S+ Spread 5.00% Interest Rate 8.65% Acquisition Date 7/31/2023 Maturity Date 7/31/20282025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Beverage, Food & Tobacco Hissho Sushi Investment Type Unitranche Term Loan Index S+ Spread 4.75% Interest Rate 8.40% Acquisition Date 4/7/2022 Maturity Date 5/18/20292025-01-012025-12-310001633858Portfolio Investments EQUITY AND PREFERRED SHARES: NON-CONTROL/NON-AFFILIATE INVESTMENTS High Tech Industries PracticeTek Investment Type Class A Units Acquisition Date 11/22/20212025-12-310001633858Investment Hissho Sushi Investment Type Senior Secured Revolving Credit Loan Index S+ Spread 4.75% Interest Rate 8.43% Maturity 5/18/20292026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Chemicals, Plastics & Rubber Americhem Investment Type Senior Secured Initial Term Loan Index S+ Spread 4.50% Interest Rate 8.18% Acquisition Date 2/5/2025 Maturity Date 3/1/20322026-03-310001633858Portfolio Investments EQUITY AND PREFERRED SHARES: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Business VC3 Investment Type Class A Units Acquisition Date 9/16/20222026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Containers, Packaging & Glass Precision Concepts Investment Type Unitranche Initial Term Loan (US) Index S+ Spread 4.75% Interest Rate 8.43% Acquisition Date 7/28/2025 Maturity Date 8/2/20322026-01-012026-03-310001633858Investment Rover Investment Type Senior Secured Amendment No. 1 Incremental Delayed Draw Term Loan Index S+ Spread 4.75% Interest Rate 8.43% Maturity 2/27/20312026-01-012026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Construction & Building Playcore Investment Type Senior Secured Initial Term Loan (First Lien) Index S+ Spread 3.75% Interest Rate 7.40% Acquisition Date 2/14/2024 Maturity Date 2/20/20302025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Business Mitratech Investment Type Unitranche Closing Date Initial Term Loan Index S+ Spread 4.75% Interest Rate 8.40% Acquisition Date 12/1/2025 Maturity Date 12/2/20312025-01-012025-12-310001633858Investment Super-Sod Investment Type Senior Secured Revolving Loan Index S+ Spread 4.75% Interest Rate 8.43% Maturity 3/10/20322025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Banking, Finance, Insurance & Real Estate Beta+ Investment Type Senior Secured Initial Term Loan Index S+ Spread 5.75% Interest Rate 9.40% Acquisition Date 6/24/2022 Maturity Date 7/2/20292025-12-310001633858Investment AI Fire & Safety Investment Type Senior Secured Revolving Credit Loan Index S+ Spread 4.50% Interest Rate 8.18% Maturity 2/2/20322026-01-012026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Healthcare & Pharmaceuticals AGS Health Investment Type Senior Secured Tranche A Revolving Credit Loan Index S+ Spread 4.50% Interest Rate 8.15% Acquisition Date 7/24/2025 Maturity Date 8/2/2032 One2025-01-012025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Retail StubHub Investment Type Senior Secured Extended USD Term B Loan Index S+ Spread 4.75% Interest Rate 8.43% Acquisition Date 1/31/2020 Maturity Date 3/15/20302026-03-310001633858ck0001633858:CapitalEquipmentSectorMember2025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Healthcare & Pharmaceuticals Specialized Dental Investment Type Senior Secured Fifth Amendment Revolver Index S+ Spread 4.75% Interest Rate 8.40% Acquisition Date 10/30/2025 Maturity Date 11/1/20272025-12-310001633858Investment Super-Sod Investment Type Senior Secured Delayed Draw Term Loan Index S+ Spread 4.75% Interest Rate 8.43% Maturity 3/10/20322025-12-310001633858us-gaap:EastRegionMember2025-01-012025-12-310001633858Portfolio Investments EQUITY AND PREFERRED SHARES: NON-CONTROL/NON-AFFILIATE INVESTMENTS Hotels, Gaming & Leisure Auto Europe Investment Type Class A-1 Units Acquisition Date 1/20/20262026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Banking, Finance, Insurance & Real Estate Alera Investment Type Senior Secured Term Loan (First Lien) Index S+ Spread 3.25% Interest Rate 6.90% Acquisition Date 5/21/2025 Maturity Date 5/30/20322025-01-012025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Banking, Finance, Insurance & Real Estate EPIC Insurance Investment Type Unitranche Refinancing Tranche B Term Loan Index S+ Spread 4.50% Interest Rate 8.15% Acquisition Date 8/27/2021 Maturity Date 9/29/20282025-01-012025-12-310001633858us-gaap:NortheastRegionMember2026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Consumer Rover Investment Type Senior Secured Initial Term Loan Index S+ Spread 4.75% Interest Rate 8.40% Acquisition Date 2/16/2024 Maturity Date 2/27/20312025-12-310001633858ck0001633858:AdministratorMember2026-01-012026-03-310001633858ck0001633858:BankLoansMemberus-gaap:TechnologySectorMember2025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Capital Equipment SupplyHouse Investment Type Senior Secured Revolving Credit Loan Index S+ Spread 4.00% Interest Rate 7.65% Acquisition Date 6/19/2025 Maturity Date 7/1/20322025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Business Dun & Bradstreet Investment Type Senior Secured Revolving Credit Loan Index S+ Spread 5.50% Interest Rate 9.15% Acquisition Date 6/30/2025 Maturity Date 8/26/20322025-01-012025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS High Tech Industries Inhabit Investment Type Unitranche Initial Term Loan Index S+ Spread 4.50% Interest Rate 8.18% Acquisition Date 12/10/2024 Maturity Date 1/12/20322026-03-310001633858Portfolio Investments EQUITY AND PREFERRED SHARES: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Business CCG Investment Type Class A Units Acquisition Date 12/30/20252026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Capital Equipment Plaskolite Investment Type Unitranche Initial Term Loan Index S+ Spread 4.00%, 4.00% PIK Interest Rate 11.68% Acquisition Date 5/5/2025 Maturity Date 5/9/20302026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Environmental Industries O6 Environmental Investment Type Senior Secured Revolving Loan Index S+ Spread 4.75% Interest Rate 8.40% Acquisition Date 8/4/2025 Maturity Date 8/5/20322025-01-012025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS High Tech Industries insightsoftware Investment Type Unitranche Initial Term Loan Index S+ Spread 5.25% Interest Rate 8.90% Acquisition Date 7/16/2024 Maturity Date 5/25/20282025-12-310001633858Investment Encore Investment Type Senior Secured Revolving Loan Index S+ Spread 5.00% Interest Rate 8.68% Maturity 12/5/20292025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Healthcare & Pharmaceuticals Sequel Ortho (fka OrthoNebraska) Investment Type Senior Secured Revolving Loan Index S+ Spread 5.00% Interest Rate 8.68% Acquisition Date 7/31/2023 Maturity Date 7/31/20282026-01-012026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Environmental Industries O6 Environmental Investment Type Senior Secured Revolving Loan Index S+ Spread 4.75% Interest Rate 8.43% Acquisition Date 8/4/2025 Maturity Date 8/5/20322026-01-012026-03-310001633858Investment Avalon Investment Type Senior Secured Revolving Credit Loan Index S+ Spread 4.50% Interest Rate 8.18% Maturity 12/31/20312025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Business Insight Global Investment Type Unitranche 2024 Refinancing Term Loan Index S+ Spread 5.00% Interest Rate 8.68% Acquisition Date 9/22/2021 Maturity Date 9/22/20282026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Business Industrial Services Group Investment Type Senior Secured Revolving Loan Index S+ Spread 5.75% Interest Rate 9.43% Acquisition Date 12/07/2022 Maturity Date 12/7/20282026-01-012026-03-310001633858Investment APT Healthcare Investment Type Senior Secured Initial Revolving Credit Loan Index S+ Spread 4.50% Interest Rate 8.18% Maturity 9/30/20312026-01-012026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS High Tech Industries Digital Room Investment Type Senior Secured Closing Date Term Loan (First Lien) Index S+ Spread 5.25% Interest Rate 8.93% Acquisition Date 12/16/2021 Maturity Date 12/21/20282026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Banking, Finance, Insurance & Real Estate Frazier & Deeter Investment Type Senior Secured Initial Term Loan Index S+ Spread 4.50% Interest Rate 8.18% Acquisition Date 4/30/2025 Maturity Date 5/3/20322026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Banking, Finance, Insurance & Real Estate Confluence Investment Type Senior Secured Term Loan (Priority) Index S+ Spread 5.00% Interest Rate 8.65% Acquisition Date 2/14/2025 Maturity Date 7/30/20282025-12-310001633858ck0001633858:AdvisorMemberck0001633858:InvestmentAdvisoryAgreementMember2026-01-012026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Construction & Building Cumming Group Investment Type Unitranche 2025-B Incremental Term Loan Index S+ Spread 4.75% Interest Rate 8.43% Acquisition Date 10/1/2025 Maturity Date 11/16/20302026-01-012026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Environmental Industries Alliance Environmental Group Investment Type Senior Secured Priority Revolving Loan Index S+ Spread 7.00% PIK Interest Rate 10.65% Acquisition Date 12/30/2021 Maturity Date 12/30/20282025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Environmental Industries Alliance Environmental Group Investment Type Unitranche Initial Term Loan Index S+ Spread 7.00% PIK Interest Rate 10.65% Acquisition Date 12/30/2021 Maturity Date 12/30/20282025-01-012025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Healthcare & Pharmaceuticals U.S. Foot and Ankle Specialists Investment Type Senior Secured Term Loan Index S+ Spread 5.75% Interest Rate 9.40% Acquisition Date 4/17/2024 Maturity Date 9/15/20262025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Aerospace & Defense SMX Investment Type Senior Secured Term Loan Index S+ Spread 4.50% Interest Rate 8.15% Acquisition Date 2/6/2025 Maturity Date 2/6/20322025-01-012025-12-310001633858ck0001633858:FirstLienMember2024-12-310001633858Investment Ascend Investment Type Senior Secured Revolving Credit Loan Index S+ Spread 4.50% Interest Rate 8.18% Maturity 8/11/20312026-01-012026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS High Tech Industries Precisely Investment Type Senior Secured Third Amendment Term Loan (First Lien) Index S+ Spread 4.00% Interest Rate 7.65% Acquisition Date 3/19/2021 Maturity Date 4/24/20282025-01-012025-12-310001633858Investment S&P Engineering Solutions Investment Type Senior Secured 2024 Converted Revolving Credit Loan Index S+ Spread 5.00% Interest Rate 8.68% Maturity 5/2/20292026-01-012026-03-310001633858Portfolio Investments EQUITY AND PREFERRED SHARES: NON-CONTROL/NON-AFFILIATE INVESTMENTS Construction & Building DynaGrid Investment Type Class A-2 Units Acquisition Date 1/7/20252026-01-012026-03-310001633858Portfolio Investments EQUITY AND PREFERRED SHARES: NON-CONTROL/NON-AFFILIATE INVESTMENTS Construction & Building DynaGrid Investment Type Class A-2 Units Acquisition Date 1/7/20252025-12-310001633858Portfolio Investments EQUITY AND PREFERRED SHARES: NON-CONTROL/NON-AFFILIATE INVESTMENTS Banking, Finance, Insurance & Real Estate Beta+ Investment Type Class A-2 Common Stock Acquisition Date 9/15/20232025-01-012025-12-310001633858ck0001633858:UnitrancheDebtOneMemberus-gaap:ValuationTechniqueMatrixPricingMemberck0001633858:MeasurementInputInterestCoverageMembersrt:MinimumMember2025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Banking, Finance, Insurance & Real Estate EPIC Insurance Investment Type Senior Secured Refinancing Revolving Loan Index S+ Spread 4.50% Interest Rate 8.15% Acquisition Date 8/27/2021 Maturity Date 9/29/20282025-01-012025-12-310001633858Investment Trystar Investment Type Senior Secured Revolving Credit Loan Index S+ Spread 4.50% Interest Rate 8.48% Maturity 8/6/20312026-01-012026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Environmental Industries O6 Environmental Investment Type Senior Secured Initial Term Loan Index S+ Spread 4.75% Interest Rate 8.40% Acquisition Date 8/4/2025 Maturity Date 8/5/20322025-01-012025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Business Colibri Investment Type Senior Secured First Amendment Incremental Term Loan Index S+ Spread 5.00% Interest Rate 8.65% Acquisition Date 11/9/2023 Maturity Date 3/12/20292025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Construction & Building Terra Millennium Investment Type Senior Secured Initial Term Loan Index S+ Spread 4.75% Interest Rate 8.40% Acquisition Date 10/25/2024 Maturity Date 11/1/20302025-01-012025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Construction & Building Tangent Investment Type Senior Secured Closing Date Term Loan (First Lien) Index S+ Spread 4.75% Interest Rate 8.43% Acquisition Date 10/2/2019 Maturity Date 11/30/20272026-03-310001633858ck0001633858:MatrixPricingMarketAnalysisMemberck0001633858:SecondLienMembersrt:MaximumMemberck0001633858:MeasurementInputTotalLeverageMember2025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Utilities: Water Vessco Investment Type Senior Secured Revolving Loan Index S+ Spread 4.50% Interest Rate 8.15% Acquisition Date 10/30/2025 Maturity Date 11/3/20322025-01-012025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Healthcare & Pharmaceuticals nThrive Investment Type Senior Secured Tranche D Term Loan Index S+ Spread 6.75% Interest Rate 10.40% Acquisition Date 11/18/2024 Maturity Date 12/17/20292025-12-310001633858Investment EPIC Insurance Investment Type Senior Secured Fifth Amendment Refinancing Revolving Loan Index S+ Spread 4.50% Interest Rate 8.18% Maturity 9/29/20282026-01-012026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Environmental Industries Keter Environmental Services Investment Type Unitranche Closing Date Term Loan Index S+ Spread 5.25% Interest Rate 8.90% Acquisition Date 11/5/2021 Maturity Date 10/29/20272025-01-012025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Healthcare & Pharmaceuticals MB2 Dental Investment Type Senior Secured Revolving Loan Index S+ Spread 5.50% Interest Rate 9.18% Acquisition Date 2/5/2024 Maturity Date 2/13/20312026-01-012026-03-310001633858srt:WeightedAverageMemberck0001633858:MeasurementInputModifiedMarketYieldMemberck0001633858:FirstLienMemberck0001633858:AnalysisOfTrendInLeverageMember2025-12-310001633858Portfolio Investments EQUITY AND PREFERRED SHARES: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Business VC3 Investment Type Class A Units Acquisition Date 9/16/20222025-12-310001633858Portfolio Investments EQUITY AND PREFERRED SHARES: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Business Eagle Fire Investment Type Class A Units Acquisition Date 6/4/20252026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Business HireRight Investment Type Senior Secured 2025 Replacement Term Loan (First Lien) Index S+ Spread 4.75% Interest Rate 8.43% Acquisition Date 6/30/2025 Maturity Date 7/2/20312026-01-012026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Healthcare & Pharmaceuticals Cirtec Medical Investment Type Senior Secured Amendment No. 1 Incremental Term Loan Index S+ Spread 5.00% Interest Rate 8.68% Acquisition Date 1/02/2024 Maturity Date 1/30/20292026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Banking, Finance, Insurance & Real Estate LERETA Investment Type Senior Secured Initial Term Loan Index S+ Spread 5.25% Interest Rate 8.93% Acquisition Date 7/27/2021 Maturity Date 7/30/20282026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Construction & Building Dodge Construction Network Investment Type Senior Secured Tranche A New Money Term Loan (First Lien) Index S+ Spread 6.25% Interest Rate 9.93% Acquisition Date 11/14/2024 Maturity Date 1/31/20292026-01-012026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Banking, Finance, Insurance & Real Estate Cerity Partners Investment Type Unitranche 2025 Term Loan Index S+ Spread 4.50% Interest Rate 8.15% Acquisition Date 7/28/2022 Maturity Date 7/28/20312025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS High Tech Industries Ivanti Software Investment Type Senior Secured Initial Term Loan (First Lien) Index S+ Spread 5.75% Interest Rate 9.43% Acquisition Date 5/6/2025 Maturity Date 6/1/20292026-01-012026-03-310001633858Portfolio Investments EQUITY AND PREFERRED SHARES: NON-CONTROL/NON-AFFILIATE INVESTMENTS Healthcare & Pharmaceuticals Minds + Assembly Investment Type Class A Units Acquisition Date 5/3/20232026-01-012026-03-310001633858Investment Vensure Investment Type Senior Secured Initial Delayed Draw Term Loan Index S+ Spread 5.00% Interest Rate 8.68% Maturity 9/27/20312025-12-310001633858us-gaap:FairValueInputsLevel2Memberck0001633858:EquityAndPreferredSharesMember2025-12-310001633858us-gaap:FairValueInputsLevel2Memberck0001633858:SecondLienMember2025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Consumer Smart Start Investment Type Senior Secured 2025 Refinancing Term B Loan (First Lien) Index S+ Spread 4.25% Interest Rate 7.90% Acquisition Date 12/10/2021 Maturity Date 12/16/20282025-01-012025-12-310001633858Investment Inhabit Investment Type Senior Secured Revolving Credit Loan Index S+ Spread 4.50% Interest Rate 8.18% Maturity 1/12/20322026-01-012026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Healthcare & Pharmaceuticals Forefront Investment Type Senior Secured Term B-1 Loan Index S+ Spread 5.50% Interest Rate 9.15% Acquisition Date 12/14/2023 Maturity Date 3/30/20292025-01-012025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Construction & Building Dodge Construction Network Investment Type Senior Secured Tranche B Term Loan (First Lien) Index S+ Spread 4.75% Interest Rate 8.40% Acquisition Date 11/14/2024 Maturity Date 2/28/20292025-01-012025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Automotive Highline Investment Type Senior Secured 2025-1 Term Loan (First Lien) Index S+ Spread 3.50% Interest Rate 7.18% Acquisition Date 2/13/2025 Maturity Date 2/19/20302026-01-012026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Consumer Ned Stevens 2022-2 Investment Type Unitranche Initial Term Loan Index S+ Spread 5.00% Interest Rate 8.65% Acquisition Date 11/1/2022 Maturity Date 11/1/20292025-12-310001633858ck0001633858:ObservableInputsMember2026-03-310001633858us-gaap:ValuationTechniqueMatrixPricingMembersrt:MinimumMemberck0001633858:FirstLienMemberck0001633858:MeasurementInputLiquidityCoverageMember2026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Healthcare & Pharmaceuticals Avalon Investment Type Senior Secured Revolving Credit Loan Index S+ Spread 4.50% Interest Rate 8.18% Acquisition Date 12/30/2025 Maturity Date 12/31/20312026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Consumer Apex Service Partners Investment Type Senior Secured 2024 Revolving Credit Loan Index S+ Spread 5.00% Interest Rate 8.68% Acquisition Date 10/16/2023 Maturity Date 10/24/20292026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Capital Equipment Burke Porter Group Investment Type Senior Secured Revolving Credit Loan Index S+ Spread 6.00% Interest Rate 9.68% Acquisition Date 8/11/2022 Maturity Date 7/29/20282026-01-012026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Consumer Spring Education Investment Type Senior Secured Initial Term Loan Index S+ Spread 3.25% Interest Rate 6.93% Acquisition Date 10/5/2023 Maturity Date 10/4/20302026-03-310001633858Portfolio Investments EQUITY AND PREFERRED SHARES: NON-CONTROL/NON-AFFILIATE INVESTMENTS Healthcare & Pharmaceuticals Dane Street Investment Type Class A Units Acquisition Date 3/25/20262026-01-012026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Environmental Industries Denali Water Solutions Investment Type Senior Secured Revolving Loan Index S+ Spread 4.75% Interest Rate 8.43% Acquisition Date 11/13/2025 Maturity Date 11/19/20322026-01-012026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Healthcare & Pharmaceuticals U.S. Foot and Ankle Specialists Investment Type Senior Secured Term Loan Index S+ Spread 5.75% Interest Rate 9.43% Acquisition Date 4/17/2024 Maturity Date 9/15/20262026-03-310001633858ck0001633858:BankLoansMemberck0001633858:ServicesBusinessSectorMember2026-03-310001633858Investment Aptive Environmental Investment Type Senior Secured Delayed Draw Term Loan Index S+ Spread 4.75% Interest Rate 8.43% Maturity 10/15/20322025-12-310001633858ck0001633858:BankingFinanceInsuranceRealEstateSectorMember2026-01-012026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Chemicals, Plastics & Rubber Ascensus Specialties Investment Type Senior Secured Initial Term Loan Index S+ Spread 4.25% Interest Rate 7.93% Acquisition Date 12/3/2021 Maturity Date 6/30/20282026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Containers, Packaging & Glass Balcan Investment Type Senior Secured Initial Term B Loan (First Lien) Index S+ Spread 4.75% Interest Rate 8.40% Acquisition Date 10/10/2024 Maturity Date 10/20/20312025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Healthcare & Pharmaceuticals Cirtec Medical Investment Type Senior Secured Revolving Credit (First Lien) Index S+ Spread 5.00% Interest Rate 8.65% Acquisition Date 1/30/2023 Maturity Date 10/31/20282025-01-012025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Consumer Goods: Non-durable Augusta Sportswear Investment Type Senior Secured Initial Term Loan Index S+ Spread 7.00% Interest Rate 10.65% Acquisition Date 11/21/2023 Maturity Date 11/21/20292025-01-012025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS High Tech Industries Ivanti Software Investment Type Senior Secured Initial Term Loan (First Lien) Index S+ Spread 5.75% Interest Rate 9.40% Acquisition Date 5/6/2025 Maturity Date 6/1/20292025-01-012025-12-310001633858Investment Embark Investment Type Senior Secured Revolving Credit Loan Index S+ Spread 4.50% Interest Rate 8.18% Maturity 9/2/20322026-01-012026-03-310001633858Portfolio Investments EQUITY AND PREFERRED SHARES: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Business Industrial Services Group Investment Type Investment Type Class A Units Acquisition Date 10/19/20232025-12-310001633858Investment Midwest Eye Services Investment Type Senior Secured Delayed Draw Term Loan Index S+ Spread 4.75% Interest Rate 8.43% Maturity 2/23/20302025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Healthcare & Pharmaceuticals Clearway Investment Type Senior Secured Fourth Amendment Incremental Term Loan Index S+ Spread 5.50% Interest Rate 9.15% Acquisition Date 9/17/2025 Maturity Date 8/30/20302025-01-012025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Business Health Management Associates Investment Type Senior Secured Revolving Loan Index S+ Spread 6.25% Interest Rate 9.90% Acquisition Date 3/31/2023 Maturity Date 3/30/20292025-01-012025-12-310001633858Investment Secretariat Investment Type Senior Secured Delayed Draw Term Loan Index S+ Spread 4.00% Interest Rate 7.68% Maturity 2/28/20322025-12-310001633858Investment FMG Suite Investment Type Senior Secured Revolving Loan Index S+ Spread 4.75% Interest Rate 8.43% Maturity 9/9/20322026-01-012026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Business Amplix Investment Type Senior Secured Revolving Credit Loan Index S+ Spread 5.25% Interest Rate 8.90% Acquisition Date 10/19/2023 Maturity Date 10/18/20292025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Containers, Packaging & Glass ProAmpac Investment Type Senior Secured 2024-1 Refinancing Term Loan Index S+ Spread 4.00% Interest Rate 7.65% Acquisition Date 8/7/2025 Maturity Date 9/15/20282025-12-310001633858Investment AIA Contract Investment Type Senior Secured Revolving Loan Index S+ Spread 4.75% Interest Rate 8.43% Maturity 7/2/20312025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Business OSG Billing Services Investment Type Senior Secured First-Out Term Loan Index S+ Spread 8.00% Interest Rate 11.6% Acquisition Date 11/30/2023 Maturity Date 5/30/20282026-01-012026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Capital Equipment Barnes Investment Type Senior Secured Term Loan Index S+ Spread 4.75% Interest Rate 8.40% Acquisition Date 10/17/2025 Maturity Date 10/22/20322025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Capital Equipment Radwell Investment Type Unitranche Initial Term Loan Index S+ Spread 5.50% Interest Rate 9.15% Acquisition Date 3/11/2022 Maturity Date 4/1/20292025-12-310001633858Investment AGS Health1Investment Type Senior Secured Delayed Draw Term Loan Index S+ Spread 4.50% Interest Rate 8.18% Maturity 8/2/20322026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Containers, Packaging & Glass Brook & Whittle Investment Type Senior Secured Tranche B Term Loan Index S+ Spread 4.50% Interest Rate 8.15% Acquisition Date 8/11/2025 Maturity Date 12/14/20302025-01-012025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Business LegalShield Investment Type Senior Secured Initial Term Loan (First Lien) Index S+ Spread 3.25% Interest Rate 6.90% Acquisition Date 12/7/2021 Maturity Date 12/15/20282025-01-012025-12-310001633858Investment Americhem Investment Type Senior Secured Revolving Loan Index S+ Spread 4.50% Interest Rate 8.18% Maturity 3/1/20322026-03-310001633858ck0001633858:TelecommunicationsMember2026-01-012026-03-310001633858Investment Sequel Ortho (fka OrthoNebraska) Investment Type Senior Secured Revolving Loan Index S+ Spread 5.00% Interest Rate 8.68% Maturity 7/31/20282025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Business Ascend Investment Type Senior Secured Initial Term Loan Index S+ Spread 4.50% Interest Rate 8.18% Acquisition Date 10/22/2024 Maturity Date 8/11/20312026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Healthcare & Pharmaceuticals nThrive Investment Type Senior Secured Tranche A Term Loan Index S+ Spread 5.25% Interest Rate 8.93% Acquisition Date 11/20/2024 Maturity Date 12/15/20282026-03-310001633858Investment Specialized Dental Investment Type Senior Secured Revolving Loan Index S+ Spread 4.75% Interest Rate 8.43% Maturity 11/1/20282026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Business Aprio Investment Type Senior Secured 2025 Incremental Term Loan Index S+ Spread 4.75% Interest Rate 8.40% Acquisition Date 4/18/2025 Maturity Date 8/1/20312025-01-012025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Containers, Packaging & Glass Precision Concepts Investment Type Unitranche Initial Term Loan (CA) Index S+ Spread 4.75% Interest Rate 8.40% Acquisition Date 7/28/2025 Maturity Date 8/2/20322025-01-012025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Business S&P Engineering Solutions Investment Type Senior Secured 2024 Converted Revolving Credit Loan Index S+ Spread 5.00% Interest Rate 8.68% Acquisition Date 3/31/2023 Maturity Date 5/2/20292026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Business CoolSys Investment Type Senior Secured Closing Date Initial Term Loan Index S+ Spread 6.00% Interest Rate 9.68% Acquisition Date 8/4/2021 Maturity Date 2/11/20302026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Healthcare & Pharmaceuticals Patterson Companies Investment Type Senior Secured Initial Term Loan Index S+ Spread 4.50% Interest Rate 8.18% Acquisition Date 7/24/2025 Maturity Date 4/16/20322026-03-3100016338582026-01-012026-03-310001633858ck0001633858:BankLoansMemberck0001633858:TelecommunicationsMember2025-12-310001633858ck0001633858:EquityAndPreferredMemberck0001633858:EnterpriseValueMemberck0001633858:MeasurementInputEVEBITDAMultipleMembersrt:MaximumMember2026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Healthcare & Pharmaceuticals Cirtec Medical Investment Type Senior Secured U.S. Dollar Term Loan Index S+ Spread 5.00% Interest Rate 8.68% Acquisition Date 1/30/2023 Maturity Date 1/30/20292026-03-310001633858Investment Gallo Mechanical Investment Type Senior Secured Initial Revolving Loan Index S+ Spread 4.75% Interest Rate 8.43% Maturity 8/2/20322026-03-310001633858Investment Embark Investment Type Senior Secured Delayed Draw Term Loan Index S+ Spread 4.50% Interest Rate 8.18% Maturity 9/2/20322025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Healthcare & Pharmaceuticals Healthcare Linen Service Group Investment Type Senior Secured Revolving Credit Loan Index S+ Spread 4.75% Interest Rate 8.43% Acquisition Date 1/29/2026 Maturity Date 2/2/20332026-03-310001633858Investment Frazier & Deeter Investment Type Senior Secured 2026 Incremental Delayed Draw Term Loan Index S+ Spread 4.50% Interest Rate 8.18% Maturity 5/3/20322025-12-310001633858Investment Kept Companies Investment Type Senior Secured DDTAL Loan Index S+ Spread 5.25% Interest Rate 8.93% Maturity 4/30/20292025-12-310001633858Portfolio Investments EQUITY AND PREFERRED SHARES: NON-CONTROL/NON-AFFILIATE INVESTMENTS Chemicals, Plastics & Rubber Vertellus Investment Type Series A Units Acquisition Date 12/22/20202026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Capital Equipment Barnes Investment Type Senior Secured Term Loan Index S+ Spread 4.75% Interest Rate 8.40% Acquisition Date 10/17/2025 Maturity Date 10/22/20322025-01-012025-12-310001633858ck0001633858:UnitrancheDebtOneMemberck0001633858:MeasurementInputModifiedMarketYieldMembersrt:MinimumMemberck0001633858:AnalysisOfTrendInLeverageMember2025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Healthcare & Pharmaceuticals Nvision Investment Type Senior Secured 2024 Initial Term Loan Index S+ Spread 4.50% Interest Rate 8.18% Acquisition Date 12/30/2025 Maturity Date 12/31/20312026-01-012026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Banking, Finance, Insurance & Real Estate Confluence Investment Type Senior Secured Term Loan (Priority) Index S+ Spread 5.00% Interest Rate 8.65% Acquisition Date 2/14/2025 Maturity Date 7/30/20282025-01-012025-12-310001633858us-gaap:RetailSectorMember2025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Beverage, Food & Tobacco Hissho Sushi Investment Type Unitranche Amendment No. 1 Incremental Term Loan Index S+ Spread 4.75% Interest Rate 8.40% Acquisition Date 8/7/2024 Maturity Date 5/18/20292025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Healthcare & Pharmaceuticals Sequel Ortho (fka OrthoNebraska) Investment Type Senior Secured Revolving Loan Index S+ Spread 5.00% Interest Rate 8.65% Acquisition Date 7/31/2023 Maturity Date 7/31/20282025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Media: Advertising, Printing & Publishing MediaRadar Investment Type Senior Secured Revolving Loan Index S+ Spread 5.00% Interest Rate 8.65% Acquisition Date 9/16/2022 Maturity Date 9/17/20292025-01-012025-12-310001633858Portfolio Investments EQUITY AND PREFERRED SHARES: NON-CONTROL/NON-AFFILIATE INVESTMENTS Environmental Industries Alliance Environmental Group Investment Type A-1 Preferred Units Acquisition Date 9/30/20192025-01-012025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Healthcare & Pharmaceuticals Confluent Health Investment Type Senior Secured Amendment No. 1 Term Loan Index S+ Spread 7.50% Interest Rate 11.18% Acquisition Date 4/11/2023 Maturity Date 11/30/20282026-03-310001633858Portfolio Investments EQUITY AND PREFERRED SHARES: NON-CONTROL/NON-AFFILIATE INVESTMENTS Healthcare & Pharmaceuticals APT Healthcare Investment Type Class A-5 Common Units Acquisition Date 9/15/20252026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Business Gallo Mechanical Investment Type Senior Secured Initial Revolving Loan Index S+ Spread 4.75% Interest Rate 8.43% Acquisition Date 6/19/2025 Maturity Date 8/2/20322026-03-310001633858Investment Apex Service Partners Investment Type Senior Secured 2024 Revolving Credit Loan Index S+ Spread 5.00% Interest Rate 8.68% Maturity 10/24/20292026-01-012026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Capital Equipment nVent Investment Type Senior Secured Initial Term Loan Index S+ Spread 3.00% Interest Rate 6.68% Acquisition Date 9/30/2024 Maturity Date 1/30/20322026-03-310001633858ck0001633858:MatrixPricingMarketAnalysisMembersrt:MinimumMemberck0001633858:FirstLienMemberck0001633858:MeasurementInputLiquidityCoverageMember2026-03-310001633858Portfolio Investments EQUITY AND PREFERRED SHARES: NON-CONTROL/NON-AFFILIATE INVESTMENTS Construction & Building DynaGrid Investment Type Class A-2 Units Acquisition Date 1/7/20252026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Banking, Finance, Insurance & Real Estate Frazier & Deeter Investment Type Senior Secured Revolving Loan Index S+ Spread 4.50% Interest Rate 8.18% Acquisition Date 4/30/2025 Maturity Date 5/2/20312026-03-310001633858Investment AGS Health Investment Type Senior Secured Delayed Draw Term Loan Index S+ Spread 4.50% Interest Rate 8.18% Maturity 8/2/20322026-01-012026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Beverage, Food & Tobacco MBC Companies Investment Type Senior Secured Second Amendment Term B Loan Index S+ Spread 4.75% Interest Rate 8.40% Acquisition Date 1/6/2025 Maturity Date 7/7/20292025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Healthcare & Pharmaceuticals Visor Buyer, Inc. Investment Type Index S+ Spread 6.50% Interest Rate 10.15% Acquisition Date 12/15/2025 Maturity Date 12/15/20312025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Business S&P Engineering Solutions Investment Type Senior Secured 2024 Converted Term Loan Index S+ Spread 5.00% Interest Rate 8.68% Acquisition Date 3/31/2023 Maturity Date 5/2/20302026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Capital Equipment Ohio Transmission Investment Type Unitranche Initial Term Loan Index S+ Spread 5.75% Interest Rate 9.40% Acquisition Date 12/12/2023 Maturity Date 12/19/20302025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Chemicals, Plastics & Rubber Vertellus Investment Type Senior Secured Initial Term Loan Index S+ Spread 5.75% Interest Rate 9.43% Acquisition Date 12/18/2020 Maturity Date 1/2/20292026-03-310001633858Investment Keter Environmental Services Investment Type Senior Secured Revolving Loan Index S+ Spread 5.25% Interest Rate 8.93% Maturity 10/29/20272026-03-310001633858Portfolio Investments EQUITY AND PREFERRED SHARES: NON-CONTROL/NON-AFFILIATE INVESTMENTS Beverage, Food & Tobacco Hissho Sushi Investment Type Class A Units Acquisition Date 4/7/20222025-01-012025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Business Industrial Services Group Investment Type Unitranche Initial Term Loan Index S+ Spread 5.75% Interest Rate 9.40% Acquisition Date 12/7/2022 Maturity Date 12/7/20282025-12-310001633858Investment Ohio Transmission Investment Type Senior Secured Delayed Draw Term Loan Index S+ Spread 5.75% Interest Rate 9.43% Maturity 12/19/20302026-03-310001633858Investment Specialized Dental Investment Type Senior Secured Sixth Amendment DDTL Index S+ Spread 4.75% Interest Rate 8.43% Maturity 11/1/20282026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Banking, Finance, Insurance & Real Estate Cherry Bekaert Investment Type Unitranche Term B Loan Index S+ Spread 4.50% Interest Rate 8.18% Acquisition Date 6/13/2022 Maturity Date 6/30/20302026-01-012026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Healthcare & Pharmaceuticals Minds + Assembly Investment Type Senior Secured Revolving Loan (First Lien) Index S+ Spread 5.00% Interest Rate 8.68% Acquisition Date 5/3/2023 Maturity Date 5/3/20292026-01-012026-03-310001633858Investment Encore Investment Type Senior Secured Revolving Loan Index S+ Spread 5.00% Interest Rate 8.68% Maturity 12/5/20292026-01-012026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Business CCG Investment Type Senior Secured Revolving Facility Index S+ Spread 4.50% Interest Rate 8.18% Acquisition Date 12/30/2025 Maturity Date 12/30/20322026-01-012026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Healthcare & Pharmaceuticals MedRisk Investment Type Senior Secured 2025 Term Loan (First Lien) Index S+ Spread 3.00% Interest Rate 6.68% Acquisition Date 4/01/2021 Maturity Date 5/10/20282026-01-012026-03-310001633858ck0001633858:FirstLienMember2025-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Healthcare & Pharmaceuticals Clearway Investment Type Senior Secured Ninth Amendment Incremental Term Loan Index S+ Spread 5.50% Interest Rate 9.15% Acquisition Date 9/17/2025 Maturity Date 8/30/20302025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Healthcare & Pharmaceuticals Cirtec Medical Investment Type Senior Secured U.S. Dollar Term Loan Index S+ Spread 5.00% Interest Rate 8.65% Acquisition Date 1/30/2023 Maturity Date 1/30/20292025-01-012025-12-310001633858Investment Embark Investment Type Senior Secured Delayed Draw Term Loan Index S+ Spread 4.50% Interest Rate 8.18% Maturity 9/2/20322026-01-012026-03-310001633858ck0001633858:UnitrancheDebtOneMembersrt:WeightedAverageMemberck0001633858:EnterpriseValueMemberck0001633858:MeasurementInputEVEBITDAMultipleMember2025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Aerospace & Defense Electro Methods Investment Type Senior Secured Initial Term Loans Index S+ Spread 4.75% Interest Rate 8.40% Acquisition Date 2/6/2025 Maturity Date 2/23/20322025-01-012025-12-310001633858Investment APT Healthcare Investment Type Senior Secured Initial Revolving Credit Loan Index S+ Spread 4.50% Interest Rate 8.18% Maturity 9/30/20312026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Healthcare & Pharmaceuticals UDG Investment Type Senior Secured Initial Dollar Term Loan (First Lien) Index S+ Spread 4.25% Interest Rate 7.90% Acquisition Date 8/06/2021 Maturity Date 8/19/20282025-01-012025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Capital Equipment Antylia Scientific Investment Type Senior Secured Initial Term Loan Index S+ Spread 4.00% Interest Rate 7.68% Acquisition Date 5/16/2025 Maturity Date 5/27/20322026-03-310001633858ck0001633858:ConsumerGoodsNonDurableSectorMember2026-01-012026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Consumer FMG Suite Investment Type Senior Secured Revolving Loan Index S+ Spread 4.75% Interest Rate 8.40% Acquisition Date 8/11/2025 Maturity Date 9/9/20322025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Beverage, Food & Tobacco Purfoods Investment Type Senior Secured 2024 Term Loan Index S+ Spread 5.00% Interest Rate 8.65% Acquisition Date 6/24/2024 Maturity Date 8/12/20272025-12-310001633858Investment Voeller Investment Type Senior Secured Revolving Loan Index S+ Spread 4.75% Interest Rate 8.43% Maturity 11/25/20322026-01-012026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Healthcare & Pharmaceuticals Therapy Brands Investment Type Senior Secured Initial Term Loan (First Lien) Index S+ Spread 4.00% Interest Rate 7.65% Acquisition Date 5/12/2021 Maturity Date 5/18/20282025-12-310001633858ck0001633858:BankLoansMemberus-gaap:ChemicalsSectorMember2025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Capital Equipment AGCO G&P Investment Type Senior Secured Initial Term Loan Index S+ Spread 5.00% Interest Rate 8.68% Acquisition Date 10/8/2024 Maturity Date 10/31/20312026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Construction & Building Dodge Construction Network Investment Type Senior Secured Tranche B Term Loan (First Lien) Index S+ Spread 4.75% Interest Rate 8.43% Acquisition Date 11/14/2024 Maturity Date 2/28/20292026-03-310001633858Investment Miller Environmental Investment Type Senior Secured Delayed Draw Term Loan (General) Index S+ Spread 5.00% Interest Rate 8.68% Maturity 9/10/20312025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Healthcare & Pharmaceuticals Specialized Dental Investment Type Senior Secured Sixth Amendment Incremental Term Loan Index S+ Spread 4.75% Interest Rate 8.43% Acquisition Date 10/30/2025 Maturity Date 11/1/20282026-01-012026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS High Tech Industries LightBox Investment Type Senior Secured Initial Term Loan Index S+ Spread 5.25% Interest Rate 8.90% Acquisition Date 1/10/2025 Maturity Date 1/13/20302025-12-310001633858ck0001633858:MatrixPricingMarketAnalysisMembersrt:MinimumMemberck0001633858:FirstLienMemberck0001633858:MeasurementInputLiquidityCoverageMember2025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Chemicals, Plastics & Rubber Shrieve Investment Type Senior Secured Revolving Credit Loan Index S+ Spread 6.00% Interest Rate 9.68% Acquisition Date 9/23/2024 Maturity Date 10/30/20302026-01-012026-03-310001633858us-gaap:SouthwestRegionMember2025-01-012025-12-310001633858Investment Argano Investment Type Senior Secured Revolving Credit Loan Index S+ Spread 5.50% Interest Rate 9.18% Maturity 9/13/20292026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Construction & Building Lindsay Precast Investment Type Senior Secured Revolving Loan Index S+ Spread 4.75% Interest Rate 8.43% Acquisition Date 12/15/2025 Maturity Date 12/16/20322026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Banking, Finance, Insurance & Real Estate Osaic Investment Type Senior Secured Initial Term Loan Index S+ Spread 3.00% Interest Rate 6.65% Acquisition Date 8/1/2025 Maturity Date 7/30/20322025-12-310001633858Investment Lindsay Precast Investment Type Senior Secured Delayed Draw Term Loan Index S+ Spread 4.75% Interest Rate 8.43% Maturity 12/16/20322025-12-310001633858Portfolio Investments EQUITY AND PREFERRED SHARES: NON-CONTROL/NON-AFFILIATE INVESTMENTS Construction & Building A1 Garage Door Investment Type Class A Common Units Acquisition Date 12/22/20222025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Business Eliassen Investment Type Unitranche Initial Term Loan Index S+ Spread 5.75% Interest Rate 9.43% Acquisition Date 3/31/2022 Maturity Date 4/14/20282026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Capital Equipment Air Control Concepts Investment Type Senior Secured Closing Date Term Loan Index S+ Spread 2.75% Interest Rate 6.43% Acquisition Date 7/16/2024 Maturity Date 7/23/20312026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Transportation: Cargo AIT Worldwide Logistics Investment Type Senior Secured Initial Term Loan (First Lien) Index S+ Spread 4.00% Interest Rate 7.65% Acquisition Date 11/7/2024 Maturity Date 4/8/20302025-01-012025-12-310001633858Investment Argano Investment Type Senior Secured Revolving Credit Loan Index S+ Spread 5.50% Interest Rate 9.18% Maturity 9/13/20292025-12-310001633858Portfolio Investments EQUITY AND PREFERRED SHARES: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Business Embark Investment Type Class A Units Acquisition Date 9/2/20252025-12-310001633858Investment Ascend Investment Type Senior Secured Closing Date Delayed Draw Term Loan Index S+ Spread 4.50% Interest Rate 8.18% Maturity 8/11/20312025-12-310001633858Investment AGS Health Investment Type Senior Secured Delayed Draw Term Loan Index S+ Spread 4.50% Interest Rate 8.18% Maturity 8/2/20322026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Construction & Building Brown & Root Investment Type Senior Secured Revolving Loan Index S+ Spread 5.00% Interest Rate 8.68% Acquisition Date 9/29/2025 Maturity Date 10/3/20302026-01-012026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Healthcare & Pharmaceuticals Clearway Investment Type Senior Secured Term Loan A Index S+ Spread 5.50% Interest Rate 9.15% Acquisition Date 9/17/2025 Maturity Date 8/30/20302025-01-012025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Consumer Super-Sod Investment Type Senior Secured Revolving Loan Index S+ Spread 4.75% Interest Rate 8.43% Acquisition Date 2/27/2026 Maturity Date 3/10/20322026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Capital Equipment Associated Springs Investment Type Senior Secured Amendment No. 1 Incremental Term Loan Index S+ Spread 4.75% Interest Rate 8.40% Acquisition Date 11/25/2024 Maturity Date 4/4/20302025-01-012025-12-310001633858Investment Brown & Root Investment Type Senior Secured Revolving Loan Index S+ Spread 5.00% Interest Rate 8.68% Maturity 10/3/20302025-12-310001633858Investment Kept Companies Investment Type Senior Secured DDTAL Loan Index S+ Spread 5.25% Interest Rate 8.93% Maturity 4/30/20292026-01-012026-03-310001633858srt:WeightedAverageMemberck0001633858:MatrixPricingMarketAnalysisMemberck0001633858:FirstLienMemberck0001633858:MeasurementInputLiquidityCoverageMember2026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS High Tech Industries PayByPhone Investment Type Senior Secured Revolving Credit Index S+ Spread 4.75% Interest Rate 8.43% Acquisition Date 3/30/2026 Maturity Date 3/31/20332026-01-012026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Consumer Smart Start Investment Type Senior Secured 2025 Refinancing Term B Loan (First Lien) Index S+ Spread 4.25% Interest Rate 7.93% Acquisition Date 12/10/2021 Maturity Date 12/16/20282026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Consumer Ned Stevens 2022-2 Investment Type Senior Secured Revolving Loan Index S+ Spread 5.00% Interest Rate 8.68% Acquisition Date 11/1/2022 Maturity Date 11/1/20282026-01-012026-03-310001633858Investment Onyx Fire Investment Type Senior Secured Second Amendment Incremental DDTL Index S+ Spread 4.50% Interest Rate 8.18% Maturity 7/31/20312025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Beverage, Food & Tobacco Hometown Food Investment Type Senior Secured Closing Date Term B Loan Index S+ Spread 4.50% Interest Rate 8.18% Acquisition Date 4/22/2025 Maturity Date 12/3/20302026-03-310001633858Investment Nvision Investment Type Senior Secured Fourth Amendment Delayed Draw Term Loan Index S+ Spread 5.50% Interest Rate 9.18% Maturity 12/31/20282026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Business Eagle Fire Investment Type Senior Secured Initial Term Loan Index S+ Spread 4.50% Interest Rate 8.15% Acquisition Date 6/4/2025 Maturity Date 7/15/20322025-01-012025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Business CoAdvantage Investment Type Senior Secured 2023 1L Refinancing Term Loan (First Lien) Index S+ Spread 5.50% Interest Rate 9.18% Acquisition Date 8/2/2023 Maturity Date 8/2/20292026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Healthcare & Pharmaceuticals Western Dental Investment Type Senior Secured Loan Index S+ Spread 2.50% Interest Rate 6.15% Acquisition Date 12/24/2025 Maturity Date 6/3/20262025-01-012025-12-310001633858Investment insightsoftware Investment Type Senior Secured Seventh Supplemental DDTL Index S+ Spread 5.25% Interest Rate 8.93% Maturity 5/25/20282025-12-310001633858Investment Summit Spine 2025 Investment Type Senior Secured Delayed Draw Term Loan Index S+ Spread 4.75% Interest Rate 8.43% Maturity 3/25/20312025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Business Health Management Associates Investment Type Senior Secured Revolving Loan Index S+ Spread 6.25% Interest Rate 9.93% Acquisition Date 3/31/2023 Maturity Date 3/30/20292026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Capital Equipment Shaw Investment Type Senior Secured Closing Date Term Loan (First Lien) Index S+ Spread 6.00% Interest Rate 9.65% Acquisition Date 9/30/2023 Maturity Date 10/30/20292025-12-310001633858Investment Engine & Transmission Exchange Investment Type Senior Secured Revolving Loan Index S+ Spread 5.00% Interest Rate 8.68% Maturity 5/26/20292026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Containers, Packaging & Glass Tekni-Plex Investment Type Senior Secured Tranche B-7 Initial Term Loan Index S+ Spread 3.75% Interest Rate 7.43% Acquisition Date 3/27/2024 Maturity Date 9/15/20282026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Beverage, Food & Tobacco Bettcher Industries Investment Type Senior Secured Initial Term Loan (First Lien) Index S+ Spread 4.00% Interest Rate 7.65% Acquisition Date 12/13/2021 Maturity Date 12/14/20282025-12-310001633858Investment Pegasus Investment Type Senior Secured Amendment No. 1 Delayed Draw Term Loan Index S+ Spread 4.75% Interest Rate 8.43% Maturity 1/19/20312026-03-310001633858srt:WeightedAverageMemberus-gaap:ValuationTechniqueMatrixPricingMemberck0001633858:SecondLienMemberck0001633858:MeasurementInputSeniorLeverageMember2026-03-310001633858Investment Summit Spine 2025 Investment Type Senior Secured Delayed Draw Term Loan Index S+ Spread 4.75% Interest Rate 8.43% Maturity 3/25/20312026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Healthcare & Pharmaceuticals Visor Buyer, Inc. Investment Type Index S+ Spread 6.50% Interest Rate 10.18% Acquisition Date 12/15/2025 Maturity Date 12/15/20312026-01-012026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Consumer R. F. Fager Investment Type Senior Secured Revolving Loan Index S+ Spread 5.00% Interest Rate 8.68% Acquisition Date 5/16/2025 Maturity Date 3/4/20302026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Banking, Finance, Insurance & Real Estate Cherry Bekaert Investment Type Senior Secured Revolving Credit Loan Index S+ Spread 4.50% Interest Rate 8.18% Acquisition Date 6/13/2022 Maturity Date 6/30/20302026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS High Tech Industries Aptean Investment Type Unitranche Initial Term Loan Index S+ Spread 4.75% Interest Rate 8.43% Acquisition Date 1/1/2024 Maturity Date 1/30/20312026-01-012026-03-310001633858Investment Kenco Investment Type Senior Secured Revolving Credit Loan Index S+ Spread 4.25% Interest Rate 7.93% Maturity 11/15/20292026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Business OSG Billing Services Investment Type Senior Secured Last-Out Term Loan Index S+ Spread 6.25% Interest Rate 9.90% Acquisition Date 11/30/2023 Maturity Date 11/30/20282025-12-310001633858us-gaap:NorthwestRegionMember2025-01-012025-12-310001633858us-gaap:SouthwestRegionMember2026-01-012026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Healthcare & Pharmaceuticals ImageFirst Investment Type Senior Secured Initial Term Loan Index S+ Spread 3.00% Interest Rate 6.65% Acquisition Date 3/12/2025 Maturity Date 3/12/20322025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Healthcare & Pharmaceuticals Midwest Eye Services Investment Type Senior Secured Fourth Amendment Incremental Revolving Loan Index S+ Spread 4.50% Interest Rate 8.15% Acquisition Date 12/31/2024 Maturity Date 8/20/20272025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Beverage, Food & Tobacco Golden State Foods Investment Type Senior Secured Initial Term Loan Index S+ Spread 4.00% Interest Rate 7.65% Acquisition Date 10/7/2024 Maturity Date 12/4/20312025-01-012025-12-310001633858Investment Dun & Bradstreet Investment Type Senior Secured Revolving Credit Loan Index S+ Spread 5.50% Interest Rate 9.18% Maturity 8/26/20322026-01-012026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Healthcare & Pharmaceuticals Paradigm Oral Health Investment Type Senior Secured Initial Term Loan Index S+ Spread 4.75% Interest Rate 8.43% Acquisition Date 9/30/2024 Maturity Date 11/16/20282026-01-012026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Transportation: Cargo Kenco Investment Type Senior Secured Initial Term Loan Index S+ Spread 4.25% Interest Rate 7.90% Acquisition Date 6/5/2024 Maturity Date 11/15/20292025-12-310001633858Investment Insight Global Investment Type Senior Secured 2024 Refinancing Revolving Loan Index S+ Spread 5.00% Interest Rate 8.68% Maturity 9/22/20282025-12-310001633858Investment MediaRadar Investment Type Senior Secured Revolving Loan Index S+ Spread 5.00% Interest Rate 8.68% Maturity 9/16/20292026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Business Industrial Services Group Investment Type Unitranche Initial Term Loan Index S+ Spread 5.75% Interest Rate 9.43% Acquisition Date 12/7/2022 Maturity Date 12/7/20282026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Healthcare & Pharmaceuticals Clearway Investment Type Senior Secured Revolving Loan Index S+ Spread 5.50% Interest Rate 9.18% Acquisition Date 9/17/2025 Maturity Date 8/30/20302026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Healthcare & Pharmaceuticals AGS Health Investment Type Unitranche Initial Term Loan Index S+ Spread 4.50% Interest Rate 8.18% Acquisition Date 7/24/2025 Maturity Date 8/2/2032 One2026-01-012026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Capital Equipment Associated Springs Investment Type Senior Secured Amendment No. 1 Incremental Term Loan Index S+ Spread 4.75% Interest Rate 8.40% Acquisition Date 11/25/2024 Maturity Date 4/4/20302025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Healthcare & Pharmaceuticals Forefront Investment Type Senior Secured Term B-1 Loan Index S+ Spread 4.50% Interest Rate 8.18% Acquisition Date 3/25/2026 Maturity Date 3/24/20332026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Retail StubHub Investment Type Senior Secured Extended USD Term B Loan Index S+ Spread 4.75% Interest Rate 8.43% Acquisition Date 1/31/2020 Maturity Date 3/15/20302026-01-012026-03-310001633858us-gaap:TransportationSectorMember2025-01-012025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Business Paradigm Outcomes Investment Type Senior Secured 2025 Replacement Term Loan Index S+ Spread 3.00% Interest Rate 6.68% Acquisition Date 4/2/2024 Maturity Date 5/6/20312026-01-012026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Beverage, Food & Tobacco Hometown Food Investment Type Senior Secured Closing Date Term B Loan Index S+ Spread 4.50% Interest Rate 8.15% Acquisition Date 4/22/2025 Maturity Date 12/3/20302025-01-012025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Business Discovery Education Investment Type Senior Secured Revolving Credit Loan (First Lien) Index S+ Spread 2.88%, 5.70% PIK Interest Rate 12.23% Acquisition Date 3/25/2022 Maturity Date 4/9/20292025-01-012025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Capital Equipment 80/20 Investment Type Unitranche Initial Term Loan Index S+ Spread 4.50% Interest Rate 8.15% Acquisition Date 12/11/2025 Maturity Date 12/13/20322025-01-012025-12-310001633858us-gaap:AerospaceSectorMember2025-12-310001633858ck0001633858:HealthcarePharmaceuticalsSectorMember2026-03-310001633858us-gaap:FairValueInputsLevel3Memberck0001633858:FirstLienMember2025-12-310001633858ck0001633858:UnitrancheDebtOneMemberus-gaap:ValuationTechniqueMatrixPricingMembersrt:MinimumMemberck0001633858:MeasurementInputTotalLeverageMember2025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Banking, Finance, Insurance & Real Estate SIAA Investment Type Unitranche Seventh Amendment Refinancing Term Loan Index S+ Spread 4.75% Interest Rate 8.40% Acquisition Date 4/21/2021 Maturity Date 4/30/20302025-12-310001633858Investment Electro Methods Investment Type Senior Secured Revolving Credit Facility Index S+ Spread 4.75% Interest Rate 8.43% Maturity 2/23/20322026-01-012026-03-310001633858Portfolio Investments EQUITY AND PREFERRED SHARES: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Business Industrial Services Group Investment Type Class A Units Acquisition Date 12/7/20222026-01-012026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Containers, Packaging & Glass ProAmpac Investment Type Senior Secured Initial USD Term Loan (First Lien) Index S+ Spread 4.00% Interest Rate 7.68% Acquisition Date 8/7/2025 Maturity Date 3/7/20332026-01-012026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Capital Equipment Tank Holding Investment Type Unitranche Initial Term Loan Index S+ Spread 5.75% Interest Rate 9.40% Acquisition Date 3/25/2022 Maturity Date 3/31/20282025-01-012025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Beverage, Food & Tobacco Hissho Sushi Investment Type Unitranche Amendment No. 1 Incremental Term Loan Index S+ Spread 4.75% Interest Rate 8.43% Acquisition Date 8/7/2024 Maturity Date 5/18/20292026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Business Amplix Investment Type Senior Secured Revolving Credit Loan Index S+ Spread 5.25% Interest Rate 8.90% Acquisition Date 10/19/2023 Maturity Date 10/18/20292025-01-012025-12-310001633858Investment Beta+ Investment Type Senior Secured Revolving Credit Loan Index S+ Spread 4.25% Interest Rate 7.93% Maturity 7/1/20272026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Containers, Packaging & Glass Industrial Physics Investment Type Senior Secured Revolving Credit Loan Index S+ Spread 6.25% Interest Rate 9.90% Acquisition Date 7/18/2023 Maturity Date 7/19/20282025-01-012025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Business Lexitas Investment Type Senior Secured Revolving Credit Loan Index S+ Spread 5.00% Interest Rate 8.65% Acquisition Date 4/15/2025 Maturity Date 4/15/20312025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS High Tech Industries HelpSystems Investment Type Senior Secured Initial Term Loan (First Lien) Index S+ Spread 6.00% Interest Rate 9.65% Acquisition Date 12/19/2019 Maturity Date 5/21/20292025-01-012025-12-310001633858ck0001633858:FirstLienMember2025-01-012025-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Retail StubHub Investment Type Senior Secured Extended USD Term B Loan Index S+ Spread 4.75% Interest Rate 8.40% Acquisition Date 1/31/2020 Maturity Date 3/15/20302025-01-012025-12-310001633858Investment CCG Investment Type Senior Secured Revolving Facility Index S+ Spread 4.50% Interest Rate 8.18% Maturity 12/30/20322026-03-310001633858us-gaap:ValuationTechniqueMatrixPricingMemberus-gaap:MeasurementInputCreditSpreadMemberck0001633858:FirstLienMembersrt:MaximumMember2025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Aerospace & Defense Electro Methods Investment Type Senior Secured Initial Term Loans Index S+ Spread 4.75% Interest Rate 8.40% Acquisition Date 2/6/2025 Maturity Date 2/23/20322025-12-310001633858Investment LightBox Investment Type Senior Secured Revolving Loan Index S+ Spread 5.00% Interest Rate 8.68% Maturity 1/13/20302026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Beverage, Food & Tobacco Hissho Sushi Investment Type Unitranche Amendment No. 1 Incremental Term Loan Index S+ Spread 4.75% Interest Rate 8.40% Acquisition Date 8/7/2024 Maturity Date 5/18/20292025-01-012025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Healthcare & Pharmaceuticals U.S. Foot and Ankle Specialists Investment Type Senior Secured Term Loan Index S+ Spread 5.75% Interest Rate 9.40% Acquisition Date 4/17/2024 Maturity Date 9/15/20262025-01-012025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Capital Equipment Radwell Investment Type Senior Secured Revolving Loan Index S+ Spread 5.50% Interest Rate 9.18% Acquisition Date 3/11/2022 Maturity Date 4/1/20292026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Containers, Packaging & Glass Resource Label Group Investment Type Senior Secured Closing Date Initial Term Loan (First Lien) Index S+ Spread 4.25% Interest Rate 7.90% Acquisition Date 7/2/2021 Maturity Date 7/7/20282025-01-012025-12-310001633858us-gaap:RetainedEarningsMember2025-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Healthcare & Pharmaceuticals Upstream Rehabilitation Investment Type Senior Secured December 2025 Extended/Modified Term Loan (First Lien) Index S+ Spread 4.25% Interest Rate 7.93% Acquisition Date 10/24/2019 Maturity Date 11/20/20292026-01-012026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Capital Equipment Therm-O-Disc Investment Type Senior Secured Initial Term Loan (First Lien) Index S+ Spread 6.00% Interest Rate 9.65% Acquisition Date 5/26/2022 Maturity Date 5/31/20292025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Hotels, Gaming & Leisure Auto Europe Investment Type Senior Secured Third-Out Term Loan Index S+ Spread 5.00% Interest Rate 8.68% Acquisition Date 1/20/2026 Maturity Date 1/20/20302026-01-012026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Business CCG Investment Type Senior Secured Revolving Facility Index S+ Spread 4.50% Interest Rate 8.15% Acquisition Date 12/30/2025 Maturity Date 12/30/20322025-01-012025-12-310001633858Investment insightsoftware Investment Type Senior Secured Revolving Loan Index S+ Spread 5.25% Interest Rate 8.93% Maturity 5/25/20282025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Healthcare & Pharmaceuticals Clearway Investment Type Senior Secured Fourth Amendment Incremental Term Loan Index S+ Spread 5.50% Interest Rate 9.15% Acquisition Date 9/17/2025 Maturity Date 8/30/20302025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Automotive Truck Hero Investment Type Senior Secured Initial Term Loan Index S+ Spread 3.75% Interest Rate 7.40% Acquisition Date 1/20/2021 Maturity Date 1/31/20282025-01-012025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Business Trace3 Investment Type Unitranche Closing Date Term B Loan Index S+ Spread 4.00% Interest Rate 7.65% Acquisition Date 10/8/2025 Maturity Date 10/29/20322025-12-310001633858ck0001633858:TransportationCargoMemberck0001633858:BankLoansMember2026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Containers, Packaging & Glass Brook & Whittle Investment Type Senior Secured Tranche B Term Loan Index S+ Spread 4.50% Interest Rate 8.18% Acquisition Date 8/11/2025 Maturity Date 12/14/20302026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Healthcare & Pharmaceuticals RevHealth Investment Type Senior Secured Revolving Loan Index S+ Spread 2.50%, 3.25% PIK Interest Rate 9.40% Acquisition Date 7/22/2022 Maturity Date 7/21/20282025-01-012025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Consumer Teaching Strategies Investment Type Senior Secured Initial Term Loan (First Lien) Index S+ Spread 3.75% Interest Rate 7.40% Acquisition Date 8/19/2021 Maturity Date 8/31/20282025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Healthcare & Pharmaceuticals EyeSouth Partners Investment Type Unitranche Amendment No.2 Term Loan (First Lien) Index S+ Spread 5.50% Interest Rate 9.15% Acquisition Date 11/15/2024 Maturity Date 10/5/20292025-12-310001633858Investment Capital Consultants Management Investment Type Senior Secured Delayed Draw Term Loan Index S+ Spread 4.75% Interest Rate 8.43% Maturity 11/1/20312026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Consumer Goods: Non-durable Augusta Sportswear Investment Type Senior Secured Initial Term Loan Index S+ Spread 7.00% Interest Rate 10.65% Acquisition Date 11/21/2023 Maturity Date 11/21/20292025-12-310001633858Investment Carlisle Foodservice Investment Type Senior Secured Revolving Loan Index S+ Spread 5.00% Interest Rate 8.68% Maturity 10/2/20292025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Business CCG Investment Type Unitranche Initial Term Loan Index S+ Spread 4.50% Interest Rate 8.18% Acquisition Date 12/30/2025 Maturity Date 12/30/20322026-01-012026-03-310001633858srt:WeightedAverageMemberck0001633858:MatrixPricingMarketAnalysisMemberck0001633858:FirstLienMemberck0001633858:MeasurementInputTotalLeverageMember2026-03-310001633858srt:WeightedAverageMemberck0001633858:MatrixPricingMarketAnalysisMemberck0001633858:MeasurementInputTotalEnterpriseValueCoverageMemberck0001633858:SecondLienMember2026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Business Levata Investment Type Senior Secured Sixteenth Amendment Incremental Effective Date Term Loan Index S+ Spread 5.00% Interest Rate 8.65% Acquisition Date 8/19/2025 Maturity Date 12/21/20272025-12-310001633858Portfolio Investments EQUITY AND PREFERRED SHARES: NON-CONTROL/NON-AFFILIATE INVESTMENTS Chemicals, Plastics & Rubber Vertellus Investment Type Series A Units Acquisition Date 12/22/20202025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Automotive Rough Country Investment Type Senior Secured Initial Term Loan (First Lien) Index S+ Spread 3.50% Interest Rate 7.15% Acquisition Date 7/26/2021 Maturity Date 7/28/20282025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Business Amplix Investment Type Unitranche First Amendment Term Loan Index S+ Spread 4.50% Interest Rate 8.18% Acquisition Date 10/19/2023 Maturity Date 10/18/20292026-01-012026-03-310001633858Portfolio Investments EQUITY AND PREFERRED SHARES: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Business Heartland Investment Type Co-Invest Units Acquisition Date 12/12/20232026-01-012026-03-310001633858Investment RailPros Investment Type Senior Secured Revolving Loan Index S+ Spread 4.25% Interest Rate 7.93% Maturity 5/24/20322026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Beverage, Food & Tobacco Mary Ruth's Investment Type Senior Secured Closing Date Term A Loan Index S+ Spread 4.00% Interest Rate 7.68% Acquisition Date 9/26/2025 Maturity Date 9/30/20302026-01-012026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Business Quantum Health Investment Type Senior Secured Amendment No. 1 Refinancing Term Loan (First Lien) Index S+ Spread 4.25% Interest Rate 7.93% Acquisition Date 12/18/2020 Maturity Date 12/22/20272026-01-012026-03-310001633858us-gaap:ConstructionSectorMember2025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Chemicals, Plastics & Rubber Mold-Rite Investment Type Senior Secured New Money Tranche A-1 Term Loan Index S+ Spread 5.25% Interest Rate 8.90% Acquisition Date 6/11/2024 Maturity Date 10/4/20282025-01-012025-12-310001633858Investment USALCO Investment Type Senior Secured 2025 Delayed Draw Term Loan Index S+ Spread 3.50% Interest Rate 7.18% Maturity 9/30/20312025-12-310001633858Investment PayByPhone Investment Type Senior Secured Delayed Draw Term Loan Index S+ Spread 4.75% Interest Rate 8.43% Maturity 3/31/20332026-01-012026-03-310001633858Investment Engine & Transmission Exchange Investment Type Senior Secured Revolving Loan Index S+ Spread 5.00% Interest Rate 8.68% Maturity 5/26/20292025-12-310001633858Investment Capital Consultants Management Investment Type Senior Secured Delayed Draw Term Loan Index S+ Spread 4.75% Interest Rate 8.43% Maturity 11/1/20312026-01-012026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Capital Equipment Associated Springs Investment Type Senior Secured Initial Term Loan Index S+ Spread 4.75% Interest Rate 8.40% Acquisition Date 3/7/2024 Maturity Date 4/4/20302025-01-012025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Retail Varsity Brands Investment Type Senior Secured 2025-2 Replacement Term Loan Index S+ Spread 3.00% Interest Rate 6.65% Acquisition Date 7/26/2024 Maturity Date 8/26/20312025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Construction & Building DynaGrid Investment Type Senior Secured Initial Term Loan Index S+ Spread 4.75% Interest Rate 8.40% Acquisition Date 1/7/2025 Maturity Date 2/13/20322025-12-310001633858ck0001633858:UnitrancheDebtOneMemberck0001633858:MeasurementInputModifiedMarketYieldMembersrt:MaximumMemberck0001633858:AnalysisOfTrendInLeverageMember2026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Capital Equipment Burke Porter Group Investment Type Senior Secured Revolving Credit Loan Index S+ Spread 6.00% Interest Rate 9.65% Acquisition Date 8/11/2022 Maturity Date 7/29/20282025-01-012025-12-310001633858Investment RailPros Investment Type Senior Secured Revolving Loan Index S+ Spread 4.25% Interest Rate 7.93% Maturity 5/24/20322026-01-012026-03-310001633858ck0001633858:BankingFinanceInsuranceRealEstateSectorMember2026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Banking, Finance, Insurance & Real Estate Osaic Investment Type Senior Secured Initial Term Loan Index S+ Spread 3.00% Interest Rate 6.65% Acquisition Date 8/1/2025 Maturity Date 7/30/20322025-01-012025-12-310001633858us-gaap:SoutheastRegionMember2025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Business Forefront Investment Type Senior Secured Term B-1 Loan Refinancing Term Loan (First Lien) Index S+ Spread 5.50% Interest Rate 9.18% Acquisition Date 12/14/2023 Maturity Date 3/30/20292026-01-012026-03-310001633858ck0001633858:MatrixPricingMarketAnalysisMemberck0001633858:FirstLienMemberck0001633858:MeasurementInputLiquidityCoverageMembersrt:MaximumMember2026-03-310001633858ck0001633858:BankLoansMember2025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS High Tech Industries HelpSystems Investment Type Senior Secured Initial Term Loan (First Lien) Index S+ Spread 6.00% Interest Rate 9.65% Acquisition Date 12/19/2019 Maturity Date 5/21/20292025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Consumer FMG Suite Investment Type Unitranche Initial Term Loan Index S+ Spread 4.75% Interest Rate 8.43% Acquisition Date 8/11/2025 Maturity Date 9/9/20322026-01-012026-03-310001633858ck0001633858:UtilitiesElectricSectorMember2026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Beverage, Food & Tobacco Golden State Foods Investment Type Senior Secured Initial Term Loan Index S+ Spread 4.00% Interest Rate 7.68% Acquisition Date 10/7/2024 Maturity Date 12/4/20312026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Containers, Packaging & Glass Transcendia Investment Type Unitranche Term Loan Index S+ Spread 6.50% Interest Rate 10.15% Acquisition Date 5/23/2024 Maturity Date 11/23/20292025-12-310001633858ck0001633858:BankLoansMemberck0001633858:HotelsGamingLeisureSectorMember2026-03-310001633858ck0001633858:ServicesConsumerSectorMember2025-01-012025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Construction & Building DynaGrid Investment Type Senior Secured Revolving Credit Facility Index S+ Spread 4.75% Interest Rate 8.40% Acquisition Date 1/7/2025 Maturity Date 1/7/20312025-01-012025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Media: Advertising, Printing & Publishing Integral Ad Science Investment Type Senior Secured Initial Term Loan Index S+ Spread 5.00% Interest Rate 8.68% Acquisition Date 12/22/2025 Maturity Date 12/25/20302026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Capital Equipment Chromalloy Investment Type Senior Secured Term Loan Index S+ Spread 3.25% Interest Rate 6.90% Acquisition Date 3/22/2024 Maturity Date 3/27/20312025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Consumer Ned Stevens 2022-2 Investment Type Senior Secured Revolving Loan Index S+ Spread 5.00% Interest Rate 8.68% Acquisition Date 11/1/2022 Maturity Date 11/1/20282026-03-310001633858ck0001633858:ServicesConsumerSectorMember2025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Healthcare & Pharmaceuticals Summit Spine 2025 Investment Type Senior Secured Revolving Loan Index S+ Spread 4.75% Interest Rate 8.40% Acquisition Date 3/21/2025 Maturity Date 3/25/20312025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Telecommunications Vessco Investment Type Unitranche 2025 Incremental Term Loan Index S+ Spread 4.50% Interest Rate 8.18% Acquisition Date 10/30/2025 Maturity Date 11/3/20322026-01-012026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Business CoolSys Investment Type Senior Secured Closing Date Initial Term Loan Index S+ Spread 6.00% Interest Rate 9.68% Acquisition Date 8/4/2021 Maturity Date 2/11/20302026-01-012026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Consumer Super-Sod Investment Type Senior Secured Revolving Loan Index S+ Spread 4.75% Interest Rate 8.43% Acquisition Date 2/27/2026 Maturity Date 3/10/20322026-01-012026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Healthcare & Pharmaceuticals RMP & MedA/Rx Investment Type Senior Secured Term Loan (First Lien) Index S+ Spread 4.75% Interest Rate 8.40% Acquisition Date 2/27/2017 Maturity Date 2/6/20262025-12-310001633858Investment VC3 Investment Type Senior Secured RC Index S+ Spread 5.00% Interest Rate 8.68% Maturity 3/12/20292026-03-310001633858Investment Lindsay Precast Investment Type Senior Secured Delayed Draw Term Loan Index S+ Spread 4.75% Interest Rate 8.43% Maturity 12/16/20322026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Healthcare & Pharmaceuticals Epic Staffing Group Investment Type Senior Secured Initial Term Loan Index S+ Spread 6.00% Interest Rate 9.68% Acquisition Date 6/27/2022 Maturity Date 6/28/20292026-01-012026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Business Dun & Bradstreet Investment Type Unitranche Initial Term Loan Index S+ Spread 5.50% Interest Rate 9.15% Acquisition Date 6/30/2025 Maturity Date 8/26/20322025-01-012025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Consumer FullBloom Investment Type Senior Secured Initial Term Loan (First Lien) Index S+ Spread 4.25% Interest Rate 7.93% Acquisition Date 12/10/2021 Maturity Date 12/15/20282026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Banking, Finance, Insurance & Real Estate Orion Investment Type Senior Secured 2025 Refinancing Term Loan (First Lien) Index S+ Spread 3.25% Interest Rate 6.90% Acquisition Date 8/4/2020 Maturity Date 9/24/20302025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Business Geosyntec Investment Type Senior Secured 2025 Incremental Term Loan Index S+ Spread 3.00% Interest Rate 6.65% Acquisition Date 7/24/2024 Maturity Date 7/31/20312026-03-310001633858Portfolio Investments EQUITY AND PREFERRED SHARES: NON-CONTROL/NON-AFFILIATE INVESTMENTS Capital Equipment TRG Investment Type Class A Membership Interests Acquisition Date 1/5/20262026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Business Vensure Investment Type Senior Secured Initial Term Loan Index S+ Spread 5.00% Interest Rate 8.68% Acquisition Date 9/23/2024 Maturity Date 9/27/20312026-01-012026-03-310001633858Investment EPIC Insurance Investment Type Senior Secured Refinancing Third Amendment Delayed Draw Term Loan Index S+ Spread 4.50% Interest Rate 8.18% Maturity 9/29/20282026-01-012026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Business Liberty Group Investment Type Unitranche Initial Term Loan Index S+ Spread 5.75% Interest Rate 9.40% Acquisition Date 6/6/2022 Maturity Date 6/15/20282025-01-012025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS High Tech Industries Cloudera Investment Type Senior Secured Initial Term Loan (First Lien) Index S+ Spread 3.75% Interest Rate 7.43% Acquisition Date 8/10/2021 Maturity Date 10/8/20282026-03-310001633858us-gaap:EastRegionMember2026-01-012026-03-310001633858Investment Super-Sod Investment Type Senior Secured Delayed Draw Term Loan Index S+ Spread 4.75% Interest Rate 8.43% Maturity 3/10/20322026-01-012026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Business Geosyntec Investment Type Senior Secured 2025 Incremental Term Loan Index S+ Spread 3.00% Interest Rate 6.65% Acquisition Date 7/24/2024 Maturity Date 7/31/20312025-01-012025-12-310001633858Investment Summit Spine 2025 Investment Type Senior Secured Revolving Loan Index S+ Spread 4.75% Interest Rate 8.43% Maturity 3/25/20312025-12-310001633858us-gaap:AutomotiveSectorMember2025-12-310001633858Investment Health Management Associates Investment Type Senior Secured Revolving Loan Index S+ Spread 6.25% Interest Rate 9.93% Maturity 3/30/20292026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Aerospace & Defense Electro Methods Investment Type Senior Secured Revolving Credit Facility Index S+ Spread 4.75% Interest Rate 8.40% Acquisition Date 2/6/2025 Maturity Date 2/23/20322025-01-012025-12-310001633858ck0001633858:DebtSecuritieMember2025-12-310001633858Investment Electric Power Engineers Investment Type Senior Secured Delayed Draw Term Loan Index S+ Spread 4.50% Interest Rate 8.18% Maturity 12/31/20312026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Chemicals, Plastics & Rubber Americhem Investment Type Senior Secured Revolving Loan Index S+ Spread 4.50% Interest Rate 8.18% Acquisition Date 2/5/2025 Maturity Date 3/1/20322026-01-012026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS High Tech Industries Inhabit Investment Type Unitranche Initial Term Loan Index S+ Spread 4.50% Interest Rate 8.15% Acquisition Date 12/10/2024 Maturity Date 1/12/20322025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Containers, Packaging & Glass Precision Concepts Investment Type Senior Secured Revolving Credit Loan Index S+ Spread 4.75% Interest Rate 8.40% Acquisition Date 7/28/2025 Maturity Date 8/2/20322025-12-310001633858ck0001633858:EquityAndPreferredMemberck0001633858:EnterpriseValueMembersrt:MinimumMemberck0001633858:MeasurementInputEVEBITDAMultipleMember2025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Containers, Packaging & Glass Balcan Investment Type Senior Secured Initial Term B Loan (First Lien) Index S+ Spread 4.75% Interest Rate 8.43% Acquisition Date 10/10/2024 Maturity Date 10/20/20312026-03-310001633858us-gaap:AdditionalPaidInCapitalMember2024-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Banking, Finance, Insurance & Real Estate Cerity Partners Investment Type Senior Secured Initial Revolving Loan Index S+ Spread 4.50% Interest Rate 8.15% Acquisition Date 7/28/2022 Maturity Date 7/28/20282025-12-310001633858Investment Denali Water Solutions Investment Type Senior Secured Revolving Loan Index S+ Spread 5.50% Interest Rate 9.18% Maturity 1/29/20262026-01-012026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Healthcare & Pharmaceuticals VaxCare Investment Type Unitranche Initial Term Loan Index S+ Spread 4.25% Interest Rate 7.93% Acquisition Date 6/10/2025 Maturity Date 6/17/20322026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Chemicals, Plastics & Rubber Polytek Investment Type Senior Secured Term Loan Index S+ Spread 8.25% PIK Interest Rate 11.90% Acquisition Date 12/23/2020 Maturity Date 8/15/20262025-12-310001633858Investment Trystar Investment Type Senior Secured Revolving Credit Loan Index S+ Spread 4.50% Interest Rate 8.48% Maturity 8/6/20312025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Media: Advertising, Printing & Publishing Integral Ad Science Investment Type Senior Secured Initial Term Loan Index S+ Spread 5.00% Interest Rate 8.65% Acquisition Date 12/22/2025 Maturity Date 12/25/20302025-01-012025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Consumer R. F. Fager Investment Type Senior Secured Revolving Loan Index S+ Spread 5.00% Interest Rate 8.65% Acquisition Date 5/16/2025 Maturity Date 3/4/20302025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Chemicals, Plastics & Rubber Vertellus Investment Type Senior Secured Revolving Credit Loan Index S+ Spread 5.75% Interest Rate 9.43% Acquisition Date 12/18/2020 Maturity Date 1/2/20292026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Containers, Packaging & Glass Lacerta Investment Type Senior Secured Term Loan Index S+ Spread 5.50% Interest Rate 9.15% Acquisition Date 2/8/2021 Maturity Date 12/30/20262025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Consumer FullBloom Investment Type Senior Secured Initial Term Loan (First Lien) Index S+ Spread 4.25% Interest Rate 7.90% Acquisition Date 12/10/2021 Maturity Date 12/15/20282025-01-012025-12-310001633858Investment Beta+ Investment Type Senior Secured Revolving Credit Loan Index S+ Spread 4.25% Interest Rate 7.93% Maturity 7/1/20272026-01-012026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Capital Equipment 80/20 Investment Type Senior Secured Revolving Loan Index S+ Spread 4.50% Interest Rate 8.15% Acquisition Date 12/11/2025 Maturity Date 12/13/20322025-01-012025-12-310001633858Investment O6 Environmental Investment Type Senior Secured Revolving Loan Index S+ Spread 4.75% Interest Rate 8.43% Maturity 8/5/20322026-01-012026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Transportation: Cargo AIT Worldwide Logistics Investment Type Senior Secured Initial Term Loan (First Lien) Index S+ Spread 4.00% Interest Rate 7.68% Acquisition Date 11/7/2024 Maturity Date 4/8/20302026-01-012026-03-310001633858Investment Prime Pensions Investment Type Senior Secured Revolving Credit Index S+ Spread 4.75% Interest Rate 8.43% Maturity 2/26/20302026-03-310001633858ck0001633858:EnvironmentalIndustriesSectorMember2026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Business Inmar Investment Type Senior Secured Amendment No. 4 Refinancing Term Loan (First Lien) Index S+ Spread 4.50% Interest Rate 8.15% Acquisition Date 10/25/2024 Maturity Date 10/30/20312025-01-012025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Consumer United Comfort Group (fka United Air Temp) Investment Type Senior Secured Initial Term Loan Index S+ Spread 5.50% Interest Rate 9.18% Acquisition Date 2/14/2024 Maturity Date 3/28/20302026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Banking, Finance, Insurance & Real Estate Cherry Bekaert Investment Type Unitranche Term B Loan Index S+ Spread 4.50% Interest Rate 8.18% Acquisition Date 6/13/2022 Maturity Date 6/30/20302026-03-310001633858Investment Associated Springs Investment Type Senior Secured Revolving Loan Index S+ Spread 4.75% Interest Rate 8.43% Maturity 4/4/20302026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Business Discovery Education Investment Type Unitranche Initial Term Loan (First Lien) Index S+ Spread 2.88%, 5.70% PIK Interest Rate 12.23% Acquisition Date 3/25/2022 Maturity Date 4/9/20292025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Business Vortex Companies Investment Type Unitranche Initial Term Loan Index S+ Spread 5.00% Interest Rate 8.65% Acquisition Date 9/1/2023 Maturity Date 9/4/20292025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Construction & Building Leaf Home Investment Type Senior Secured Initial Term Loan Index S+ Spread 5.25% Interest Rate 8.93% Acquisition Date 9/4/2025 Maturity Date 9/4/20312026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Healthcare & Pharmaceuticals VaxCare Investment Type Senior Secured Revolving Credit Loan Index S+ Spread 4.50% Interest Rate 8.15% Acquisition Date 6/10/2025 Maturity Date 6/17/20322025-12-310001633858Investment AGS Health Investment Type Senior Secured Tranche A Revolving Credit Loan Index S+ Spread 4.50% Interest Rate 8.18% Maturity 8/2/20322025-12-310001633858ck0001633858:UnitrancheDebtOneMemberus-gaap:ValuationTechniqueMatrixPricingMembersrt:MinimumMemberck0001633858:MeasurementInputSeniorLeverageMember2026-03-310001633858ck0001633858:UnitrancheDebtOneMemberus-gaap:ValuationTechniqueMatrixPricingMemberck0001633858:MeasurementInputSeniorLeverageMembersrt:MaximumMember2026-03-310001633858Investment Inhabit Investment Type Senior Secured Delayed Draw Term Loan Index S+ Spread 4.50% Interest Rate 8.18% Maturity 1/12/20322026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Business AIA Contract Investment Type Senior Secured Term Loan Index S+ Spread 4.75% Interest Rate 8.40% Acquisition Date 6/30/2025 Maturity Date 7/2/20312025-01-012025-12-310001633858us-gaap:MarketApproachValuationTechniqueMemberck0001633858:FirstLienMembersrt:MaximumMemberck0001633858:MeasurementInputLiquidityCoverageMember2025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Business Discovery Education Investment Type Senior Secured Revolving Credit Loan (First Lien) Index S+ Spread 5.75%, 1.84% PIK Interest Rate 11.27% Acquisition Date 3/25/2022 Maturity Date 4/9/20292026-03-310001633858Portfolio Investments EQUITY AND PREFERRED SHARES: NON-CONTROL/NON-AFFILIATE INVESTMENTS Banking, Finance, Insurance & Real Estate Cherry Bekaert Investment Type Class A Units Acquisition Date 6/30/20222025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Healthcare & Pharmaceuticals RevHealth Investment Type Unitranche Initial Term Loan Index S+ Spread 2.50%, 3.25% PIK Interest Rate 9.40% Acquisition Date 7/22/2022 Maturity Date 7/21/20282025-12-310001633858Portfolio Investments EQUITY AND PREFERRED SHARES: NON-CONTROL/NON-AFFILIATE INVESTMENTS Banking, Finance, Insurance & Real Estate American Beacon Advisors Investment Type Common Units Acquisition Date 12/29/20232025-01-012025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Healthcare & Pharmaceuticals Paradigm Oral Health Investment Type Senior Secured Initial Term Loan Index S+ Spread 4.75% Interest Rate 8.43% Acquisition Date 9/30/2024 Maturity Date 11/16/20282026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Business Mediaocean Investment Type Senior Secured Initial Term Loan (First Lien) Index S+ Spread 3.50% Interest Rate 7.18% Acquisition Date 12/9/2021 Maturity Date 12/15/20282026-03-310001633858ck0001633858:MeasurementInputDebtServiceCoverageMemberus-gaap:ValuationTechniqueMatrixPricingMemberck0001633858:FirstLienMembersrt:MaximumMember2026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Beverage, Food & Tobacco Mary Ruth's Investment Type Senior Secured Closing Date Term B Loan Index S+ Spread 4.75% Interest Rate 8.40% Acquisition Date 9/26/2025 Maturity Date 9/30/20312025-01-012025-12-310001633858srt:WeightedAverageMemberus-gaap:ValuationTechniqueMatrixPricingMemberck0001633858:FirstLienMemberck0001633858:MeasurementInputLiquidityCoverageMember2025-12-310001633858srt:WeightedAverageMemberus-gaap:ValuationTechniqueMatrixPricingMemberck0001633858:SecondLienMemberck0001633858:MeasurementInputSeniorLeverageMember2025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Capital Equipment Industrial Electric Manufacturing Investment Type Senior Secured 2025 Incremental Term Loan Index S+ Spread 4.50% Interest Rate 8.18% Acquisition Date 12/3/2025 Maturity Date 12/3/20312026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Healthcare & Pharmaceuticals RevHealth Investment Type Unitranche Initial Term Loan Index S+ Spread 2.50%, 3.25% PIK Interest Rate 9.43% Acquisition Date 7/22/2022 Maturity Date 7/21/20282026-01-012026-03-310001633858Investment Rover Investment Type Senior Secured Amendment No. 1 Incremental Delayed Draw Term Loan Index S+ Spread 4.75% Interest Rate 8.43% Maturity 2/27/20312026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Aerospace & Defense Tronair Investment Type Senior Secured Revolving Loan Index S+ Spread 3.75% Interest Rate 7.43% Acquisition Date 12/18/2025 Maturity Date 12/22/20322026-01-012026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Beverage, Food & Tobacco St. George Logistics Investment Type Senior Secured Third-Out Closing Date Purchased Term Loan Index S+ Spread 1.00%, 6.00% PIK Interest Rate 10.68% Acquisition Date 10/3/2024 Maturity Date 10/3/20292026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Banking, Finance, Insurance & Real Estate SIAA Investment Type Unitranche Seventh Amendment Incremental Term Loan Index S+ Spread 4.75% Interest Rate 8.40% Acquisition Date 3/24/2025 Maturity Date 4/30/20302025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Construction & Building RailPros Investment Type Senior Secured Revolving Loan Index S+ Spread 4.25% Interest Rate 7.90% Acquisition Date 4/23/2025 Maturity Date 5/24/20322025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Beverage, Food & Tobacco St. George Logistics Investment Type Senior Secured Interim Initial New Money Term Loan Index S+ Spread 0.00% Interest Rate 3.68% Acquisition Date 1/29/2026 Maturity Date 7/31/20262026-01-012026-03-310001633858ck0001633858:MeasurementInputDebtServiceCoverageMemberck0001633858:MatrixPricingMarketAnalysisMembersrt:MinimumMemberck0001633858:SecondLienMember2026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Construction & Building Electric Power Engineers Investment Type Senior Secured Revolving Loan Index S+ Spread 4.50% Interest Rate 8.18% Acquisition Date 11/27/2024 Maturity Date 12/31/20312026-01-012026-03-310001633858Investment Healthcare Linen Service Group Investment Type Senior Secured Revolving Credit Loan Index S+ Spread 4.75% Interest Rate 8.43% Maturity 2/2/20332026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS High Tech Industries Intermedia Investment Type Unitranche 2024 Refinancing Term Loan (First Lien) Index S+ Spread 5.25% Interest Rate 8.90% Acquisition Date 4/4/2024 Maturity Date 4/4/20292025-12-310001633858Investment AI Fire & Safety Investment Type Senior Secured Revolving Credit Loan Index S+ Spread 4.50% Interest Rate 8.18% Maturity 2/2/20322025-12-310001633858Investment Steward Partners Investment Type Senior Secured Revolving Loan Index S+ Spread 4.75% Interest Rate 8.43% Maturity 10/14/20282025-12-310001633858Portfolio Investments EQUITY AND PREFERRED SHARES: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Business CCG Investment Type Class A Units Acquisition Date 12/30/20252025-12-310001633858Investment Vensure Investment Type Senior Secured Initial Delayed Draw Term Loan Index S+ Spread 5.00% Interest Rate 8.68% Maturity 9/27/20312026-01-012026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Business Aurora Energy Research Investment Type Unitranche Facility B Note Index S+ Spread 5.00% Interest Rate 8.65% Acquisition Date 9/04/2025 Maturity Date 9/8/20322025-01-012025-12-310001633858Portfolio Investments EQUITY AND PREFERRED SHARES: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Business Liberty Group Investment Type Series A-Preferred Units Acquisition Date 6/6/20222026-03-310001633858ck0001633858:UnitrancheDebtOneMemberus-gaap:ValuationTechniqueMatrixPricingMembersrt:MinimumMemberck0001633858:MeasurementInputTotalEnterpriseValueCoverageMember2025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Consumer Spring Education Investment Type Senior Secured Initial Term Loan Index S+ Spread 3.25% Interest Rate 6.93% Acquisition Date 10/5/2023 Maturity Date 10/4/20302026-01-012026-03-310001633858ck0001633858:ServicesBusinessSectorMember2026-01-012026-03-310001633858Portfolio Investments EQUITY AND PREFERRED SHARES: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Business Heartland Investment Type Co-Invest Units Acquisition Date 12/12/20232025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Banking, Finance, Insurance & Real Estate Frazier & Deeter Investment Type Senior Secured Revolving Loan Index S+ Spread 4.50% Interest Rate 8.15% Acquisition Date 4/30/2025 Maturity Date 5/2/20312025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Construction & Building DynaGrid Investment Type Senior Secured Initial Term Loan Index S+ Spread 4.75% Interest Rate 8.43% Acquisition Date 1/7/2025 Maturity Date 2/13/20322026-03-310001633858us-gaap:ValuationTechniqueMatrixPricingMemberck0001633858:SecondLienMember2025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Banking, Finance, Insurance & Real Estate Steward Partners Investment Type Senior Secured Closing Date Term B Loan Index S+ Spread 4.75% Interest Rate 8.43% Acquisition Date 12/8/2023 Maturity Date 10/14/20282026-01-012026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Healthcare & Pharmaceuticals Sequel Ortho (fka OrthoNebraska) Investment Type Senior Secured Revolving Loan Index S+ Spread 5.00% Interest Rate 8.65% Acquisition Date 7/31/2023 Maturity Date 7/31/20282025-01-012025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Consumer Ned Stevens 2022-2 Investment Type Senior Secured Revolving Loan Index S+ Spread 5.00% Interest Rate 8.65% Acquisition Date 11/1/2022 Maturity Date 11/1/20282025-01-012025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Business Health Management Associates Investment Type Senior Secured Term Loan A Index S+ Spread 6.25% Interest Rate 9.90% Acquisition Date 3/31/2023 Maturity Date 3/30/20292025-01-012025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Transportation: Cargo Evans Network Investment Type Senior Secured Initial Term Loan (First Lien) Index S+ Spread 4.25% Interest Rate 7.93% Acquisition Date 8/6/2021 Maturity Date 8/19/20282026-03-310001633858Investment Frazier & Deeter Investment Type Senior Secured Revolving Loan Index S+ Spread 4.50% Interest Rate 8.18% Maturity 5/2/20312026-03-310001633858Investment Ascend Investment Type Senior Secured Closing Date Delayed Draw Term Loan Index S+ Spread 4.50% Interest Rate 8.18% Maturity 8/11/20312026-01-012026-03-310001633858Investment Industrial Physics Investment Type Senior Secured Revolving Credit Loan Index S+ Spread 6.25% Interest Rate 9.93% Maturity 7/19/20282026-01-012026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Healthcare & Pharmaceuticals Therapy Brands Investment Type Senior Secured Initial Term Loan (First Lien) Index S+ Spread 4.00% Interest Rate 7.68% Acquisition Date 5/12/2021 Maturity Date 5/18/20282026-01-012026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Consumer Rover Investment Type Senior Secured Initial Term Loan Index S+ Spread 4.75% Interest Rate 8.40% Acquisition Date 2/16/2024 Maturity Date 2/27/20312025-01-012025-12-310001633858us-gaap:ChemicalsSectorMemberck0001633858:EquityAndPreferredSharesMember2026-03-310001633858Investment Levata Investment Type Senior Secured Sixteenth Amendment Incremental Delayed Draw Term Loan Index S+ Spread 5.00% Interest Rate 8.68% Maturity 12/21/20272025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS High Tech Industries Xplor Technologies Investment Type Senior Secured Second Amendment Term Loan Index S+ Spread 3.50% Interest Rate 7.15% Acquisition Date 6/14/2024 Maturity Date 12/1/20322025-01-012025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Consumer All My Sons Investment Type Senior Secured Closing Date Term Loan (First Lien) Index S+ Spread 4.75% Interest Rate 8.43% Acquisition Date 6/4/2024 Maturity Date 10/25/20282026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Containers, Packaging & Glass Five Star Packaging Investment Type Senior Secured Initial Term Loan (First Lien) Index S+ Spread 4.25% Interest Rate 7.93% Acquisition Date 4/27/2022 Maturity Date 5/5/20292026-03-310001633858Investment EyeSouth Partners Investment Type Senior Secured Amendment No.2 Delayed Draw Term Loan (First Lien) Index S+ Spread 5.50% Interest Rate 9.18% Maturity 10/5/20292026-01-012026-03-310001633858srt:WeightedAverageMemberck0001633858:MatrixPricingMarketAnalysisMemberck0001633858:MeasurementInputSeniorLeverageMemberck0001633858:FirstLienMember2026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Consumer Smart Start Investment Type Senior Secured 2025 Refinancing Term B Loan (First Lien) Index S+ Spread 4.25% Interest Rate 7.90% Acquisition Date 12/10/2021 Maturity Date 12/16/20282025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Consumer A Place For Mom Investment Type Senior Secured Sixth Amendment Replacement Term Loan Index S+ Spread 5.50% Interest Rate 9.18% Acquisition Date 7/28/2017 Maturity Date 2/10/20282026-01-012026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Construction & Building Leaf Home Investment Type Senior Secured Revolving Credit Loan Index S+ Spread 5.25% Interest Rate 8.90% Acquisition Date 9/4/2025 Maturity Date 9/4/20312025-12-310001633858Investment Vortex Companies Investment Type Senior Secured Revolving Loan Index S+ Spread 5.00% Interest Rate 8.68% Maturity 9/4/20292026-01-012026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Banking, Finance, Insurance & Real Estate Beta+ Investment Type Senior Secured Initial Term Loan Index S+ Spread 5.75% Interest Rate 9.43% Acquisition Date 6/24/2022 Maturity Date 7/2/20292026-01-012026-03-310001633858Portfolio Investments EQUITY AND PREFERRED SHARES: NON-CONTROL/NON-AFFILIATE INVESTMENTS Healthcare & Pharmaceuticals Minds + Assembly Investment Type Class A Units Acquisition Date 5/3/20232026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Environmental Industries Denali Water Solutions Investment Type Senior Secured Revolving Loan Index S+ Spread 4.75% Interest Rate 8.40% Acquisition Date 11/13/2025 Maturity Date 11/19/20322025-01-012025-12-310001633858us-gaap:ChemicalsSectorMember2026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Business Mitratech Investment Type Senior Secured Revolving Loan Index S+ Spread 4.75% Interest Rate 8.43% Acquisition Date 12/01/2025 Maturity Date 12/2/20312026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Business Eagle Fire Investment Type Senior Secured Initial Term Loan Index S+ Spread 4.50% Interest Rate 8.15% Acquisition Date 6/4/2025 Maturity Date 7/15/20322025-12-310001633858Investment Kenco Investment Type Senior Secured DDTL Index S+ Spread 4.25% Interest Rate 7.93% Maturity 11/15/20292026-01-012026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Banking, Finance, Insurance & Real Estate Steward Partners Investment Type Senior Secured Revolving Loan Index S+ Spread 4.75% Interest Rate 8.40% Acquisition Date 12/20/2023 Maturity Date 10/14/20282025-01-012025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Consumer Super-Sod Investment Type Senior Secured Initial Term Loan Index S+ Spread 4.75% Interest Rate 8.43% Acquisition Date 2/27/2026 Maturity Date 3/10/20322026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Construction & Building Electric Power Engineers Investment Type Senior Secured Revolving Loan Index S+ Spread 4.50% Interest Rate 8.18% Acquisition Date 11/27/2024 Maturity Date 12/31/20312026-03-310001633858us-gaap:MidwestRegionMember2026-01-012026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Banking, Finance, Insurance & Real Estate Steward Partners Investment Type Senior Secured Revolving Loan Index S+ Spread 4.75% Interest Rate 8.43% Acquisition Date 12/20/2023 Maturity Date 10/14/20282026-01-012026-03-310001633858Portfolio Investments EQUITY AND PREFERRED SHARES: NON-CONTROL/NON-AFFILIATE INVESTMENTS Healthcare & Pharmaceuticals Summit Spine 2025 Investment Type Class A Units Acquisition Date 3/21/20252026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Business Embark Investment Type Senior Secured Term B Loan Index S+ Spread 4.50% Interest Rate 8.15% Acquisition Date 8/27/2025 Maturity Date 9/2/20322025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Business AI Fire & Safety Investment Type Unitranche Initial Term Loan Index S+ Spread 2.25%, 2.75% PIK Interest Rate 8.68% Acquisition Date 12/20/2024 Maturity Date 2/2/20322026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Aerospace & Defense HDT Global Investment Type Senior Secured Initial Term Loan Index S+ Spread 1.00%, 5.50% PIK Interest Rate 10.15% Acquisition Date 6/30/2021 Maturity Date 1/7/20282025-12-310001633858ck0001633858:BankLoansMemberck0001633858:UtilitiesWaterSectorMember2025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Transportation: Cargo St. George Logistics Investment Type Senior Secured Second-Out Closing Date Purchased Term Loan Index S+ Spread 1.00%, 6.50% PIK Interest Rate 11.15% Acquisition Date 10/3/2024 Maturity Date 10/3/20292025-01-012025-12-310001633858us-gaap:NortheastRegionMember2026-01-012026-03-310001633858us-gaap:SouthRegionMember2025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Containers, Packaging & Glass Precision Concepts Investment Type Senior Secured Revolving Credit Loan Index S+ Spread 4.75% Interest Rate 8.43% Acquisition Date 7/28/2025 Maturity Date 8/2/20322026-01-012026-03-310001633858ck0001633858:MeasurementInputModifiedMarketYieldMembersrt:MinimumMemberck0001633858:FirstLienMemberck0001633858:AnalysisOfTrendInLeverageMember2026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Business Amplix Investment Type Unitranche First Amendment Term Loan Index S+ Spread 5.25% Interest Rate 8.90% Acquisition Date 10/19/2023 Maturity Date 10/18/20292025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Business Gallo Mechanical Investment Type Senior Secured Initial Term Loan Index S+ Spread 4.75% Interest Rate 8.43% Acquisition Date 6/19/2025 Maturity Date 8/2/20322026-03-310001633858ck0001633858:EnvironmentalIndustriesSectorMember2026-01-012026-03-310001633858Portfolio Investments EQUITY AND PREFERRED SHARES: NON-CONTROL/NON-AFFILIATE INVESTMENTS Chemicals, Plastics & Rubber Vertellus Investment Type Series A Units Acquisition Date 12/22/20202025-01-012025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Business Health Management Associates Investment Type Senior Secured Term Loan A Index S+ Spread 6.25% Interest Rate 9.93% Acquisition Date 3/31/2023 Maturity Date 3/30/20292026-01-012026-03-310001633858Investment Industrial Physics Investment Type Senior Secured Revolving Credit Loan Index S+ Spread 6.25% Interest Rate 9.93% Maturity 7/19/20282026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Automotive Highline Investment Type Senior Secured 2025-1 Term Loan (First Lien) Index S+ Spread 3.50% Interest Rate 7.15% Acquisition Date 2/13/2025 Maturity Date 2/19/20302025-01-012025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS High Tech Industries NCR Voyix Investment Type Senior Secured Term Loan Index S+ Spread 2.75% Interest Rate 6.40% Acquisition Date 9/24/2024 Maturity Date 9/30/20312025-12-310001633858ck0001633858:EnergySectorOilAndGasMember2025-12-310001633858Investment RailPros Investment Type Senior Secured Revolving Loan Index S+ Spread 4.25% Interest Rate 7.93% Maturity 5/24/20322025-12-310001633858Portfolio Investments EQUITY AND PREFERRED SHARES: NON-CONTROL/NON-AFFILIATE INVESTMENTS Automotive Engine & Transmission Exchange Investment Type Class A-1 Units Acquisition Date 5/26/20232026-01-012026-03-310001633858Portfolio Investments EQUITY AND PREFERRED SHARES: NON-CONTROL/NON-AFFILIATE INVESTMENTS Media: Advertising, Printing & Publishing MediaRadar Investment Type Class A-1 Units Acquisition Date 9/16/20222025-12-310001633858ck0001633858:MediaAdvertisingPrintingPublishingSectorMember2025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Healthcare & Pharmaceuticals Viant Investment Type Senior Secured Closing Date Initial Term Loan (First Lien) Index S+ Spread 4.00% Interest Rate 7.68% Acquisition Date 10/16/2024 Maturity Date 10/29/20312026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Construction & Building PlayPower Investment Type Unitranche Initial Term Loan Index S+ Spread 5.25% Interest Rate 8.93% Acquisition Date 10/29/2025 Maturity Date 10/29/20312026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Consumer Goods: Non-durable Augusta Sportswear Investment Type Senior Secured Revolving Credit Loan Index S+ Spread 7.00% Interest Rate 10.65% Acquisition Date 11/21/2023 Maturity Date 11/21/20282025-01-012025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Business Inmar Investment Type Senior Secured Amendment No. 4 Refinancing Term Loan (First Lien) Index S+ Spread 4.50% Interest Rate 8.18% Acquisition Date 10/25/2024 Maturity Date 10/30/20312026-03-310001633858ck0001633858:MatrixPricingMarketAnalysisMemberus-gaap:MeasurementInputCreditSpreadMemberck0001633858:SecondLienMembersrt:MaximumMember2025-12-310001633858Investment S&P Engineering Solutions Investment Type Senior Secured 2024 Converted Revolving Credit Loan Index S+ Spread 5.00% Interest Rate 8.68% Maturity 5/2/20292025-12-310001633858Investment Americhem Investment Type Senior Secured Delayed Draw Term Loan Index S+ Spread 4.50% Interest Rate 8.18% Maturity 3/1/20322026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Healthcare & Pharmaceuticals Nvision Investment Type Senior Secured Fourth Amendment Incremental Term Loan Index S+ Spread 5.50% Interest Rate 9.15% Acquisition Date 10/30/2024 Maturity Date 12/31/20282025-01-012025-12-310001633858Portfolio Investments EQUITY AND PREFERRED SHARES: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Consumer Ned Stevens 2022-2 Investment Type Class B Common Units Acquisition Date 11/1/20222025-01-012025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Healthcare & Pharmaceuticals Press Ganey Investment Type Senior Secured Existing Term Loan (First Lien) Index S+ Spread 3.00% Interest Rate 6.65% Acquisition Date 4/24/2024 Maturity Date 4/30/20312025-01-012025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Capital Equipment Industrial Electric Manufacturing Investment Type Senior Secured 2025 Incremental Term Loan Index S+ Spread 4.50% Interest Rate 8.18% Acquisition Date 12/3/2025 Maturity Date 12/3/20312026-01-012026-03-310001633858ck0001633858:UnitrancheDebtOneMembersrt:WeightedAverageMemberus-gaap:ValuationTechniqueMatrixPricingMemberck0001633858:MeasurementInputTotalEnterpriseValueCoverageMember2025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Hotels, Gaming & Leisure Auto Europe Investment Type Senior Secured First Out Secured Term Loan Index S+ Spread 5.00% Interest Rate 8.68% Acquisition Date 1/20/2026 Maturity Date 1/20/20302026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS High Tech Industries Idera Investment Type Senior Secured Incremental Term Loan (First Lien) Index S+ Spread 3.50% Interest Rate 7.18% Acquisition Date 6/27/2017 Maturity Date 3/2/20282026-01-012026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Banking, Finance, Insurance & Real Estate LERETA Investment Type Senior Secured Initial Term Loan Index S+ Spread 5.25% Interest Rate 8.93% Acquisition Date 7/27/2021 Maturity Date 7/30/20282026-01-012026-03-310001633858Portfolio Investments EQUITY AND PREFERRED SHARES: NON-CONTROL/NON-AFFILIATE INVESTMENTS Healthcare & Pharmaceuticals Ivy Rehab Investment Type Class A Units Acquisition Date 3/11/20222026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Transportation: Cargo Kenco Investment Type Senior Secured Revolving Credit Loan Index S+ Spread 4.25% Interest Rate 7.93% Acquisition Date 6/5/2024 Maturity Date 11/15/20292026-01-012026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Chemicals, Plastics & Rubber Shrieve Investment Type Senior Secured Revolving Credit Loan Index S+ Spread 6.00% Interest Rate 9.68% Acquisition Date 9/23/2024 Maturity Date 10/30/20302026-03-310001633858Investment O6 Environmental Investment Type Senior Secured Delayed Draw Term Loan Index S+ Spread 4.75% Interest Rate 8.43% Maturity 8/5/20322025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Healthcare & Pharmaceuticals Symplr Investment Type Senior Secured Initial Term Loan (First Lien) Index S+ Spread 4.50% Interest Rate 8.15% Acquisition Date 11/23/2020 Maturity Date 12/22/20272025-01-012025-12-310001633858us-gaap:ValuationTechniqueMatrixPricingMemberck0001633858:MeasurementInputInterestCoverageMemberck0001633858:SecondLienMembersrt:MaximumMember2026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Business Nvision Dental Investment Type Senior Secured 2024 Initial Term Loan Term Loan Index S+ Spread 5.50% Interest Rate 9.18% Acquisition Date 10/31/2024 Maturity Date 12/31/20282026-03-310001633858Investment TRG Investment Type Senior Secured Revolving Credit Loan Index S+ Spread 4.50% Interest Rate 8.18% Maturity 1/5/20322025-12-310001633858Portfolio Investments EQUITY AND PREFERRED SHARES: NON-CONTROL/NON-AFFILIATE INVESTMENTS Media: Advertising, Printing & Publishing MediaRadar Investment Type Class A-1 Units Acquisition Date 9/16/20222025-01-012025-12-310001633858Investment EPIC Insurance Investment Type Senior Secured Refinancing Third Amendment Delayed Draw Term Loan Index S+ Spread 4.50% Interest Rate 8.18% Maturity 9/29/20282025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Banking, Finance, Insurance & Real Estate Cerity Partners Investment Type Unitranche 2025 Term Loan Index S+ Spread 4.50% Interest Rate 8.18% Acquisition Date 7/28/2022 Maturity Date 7/28/20312026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Healthcare & Pharmaceuticals Ivy Rehab Investment Type Senior Secured Revolving Credit Loan (First Lien) Index S+ Spread 4.75% Interest Rate 8.40% Acquisition Date 3/11/2022 Maturity Date 4/21/20282025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS High Tech Industries insightsoftware Investment Type Unitranche Initial Term Loan Index S+ Spread 5.25% Interest Rate 8.93% Acquisition Date 7/16/2024 Maturity Date 5/25/20282026-03-310001633858us-gaap:AdditionalPaidInCapitalMember2026-01-012026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Consumer Aptive Environmental Investment Type Senior Secured Initial Term Loan Index S+ Spread 4.75% Interest Rate 8.43% Acquisition Date 10/10/2025 Maturity Date 10/15/20322026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Capital Equipment Chromalloy Investment Type Senior Secured Term Loan Index S+ Spread 3.25% Interest Rate 6.93% Acquisition Date 3/22/2024 Maturity Date 3/27/20312026-01-012026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS High Tech Industries Options IT Investment Type Senior Secured Initial Term Loan Index S+ Spread 4.50% Interest Rate 8.15% Acquisition Date 9/20/2024 Maturity Date 9/30/20312025-01-012025-12-310001633858Investment insightsoftware Investment Type Senior Secured Seventh Supplemental DDTL Index S+ Spread 5.25% Interest Rate 8.93% Maturity 5/25/20282026-01-012026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Healthcare & Pharmaceuticals Clearway Investment Type Senior Secured Tenth Amendment Incremental Term Loan Index S+ Spread 5.50% Interest Rate 9.18% Acquisition Date 9/17/2025 Maturity Date 8/30/20302026-03-310001633858ck0001633858:WholesaleSectorMemberck0001633858:EquityAndPreferredSharesMember2026-03-310001633858ck0001633858:TelecommunicationsMember2026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Business Kept Companies Investment Type Senior Secured Term Loan Index S+ Spread 5.25% Interest Rate 8.93% Acquisition Date 4/30/2024 Maturity Date 4/30/20292026-01-012026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Beverage, Food & Tobacco Hissho Sushi Investment Type Unitranche Amendment No.2 Incremental Term Loan Index S+ Spread 4.75% Interest Rate 8.40% Acquisition Date 10/20/2025 Maturity Date 5/18/20292025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Business The Facilities Group Investment Type Unitranche Initial Term Loan Index S+ Spread 5.75% Interest Rate 9.40% Acquisition Date 12/10/2021 Maturity Date 11/30/20272025-12-310001633858Investment Discovery Education Investment Type Senior Secured Revolving Credit Loan (First Lien) Index S+ Spread 5.75% Interest Rate 9.43% Maturity 4/9/20292026-01-012026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS High Tech Industries Planview Investment Type Senior Secured 2024-B Incremental Term Loan (First Lien) Index S+ Spread 3.50% Interest Rate 7.18% Acquisition Date 12/11/2020 Maturity Date 12/17/20272026-01-012026-03-310001633858ck0001633858:TotalInvestmentsMember2025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Healthcare & Pharmaceuticals Healthcare Linen Service Group Investment Type Senior Secured Revolving Credit Loan Index S+ Spread 4.75% Interest Rate 8.43% Acquisition Date 1/29/2026 Maturity Date 2/2/20332026-01-012026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Business HireRight Investment Type Senior Secured 2025 Replacement Term Loan (First Lien) Index S+ Spread 3.25% Interest Rate 6.90% Acquisition Date 3/25/2024 Maturity Date 9/27/20302025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Business AI Fire & Safety Investment Type Unitranche Initial Term Loan Index S+ Spread 2.25%, 2.75% PIK Interest Rate 8.65% Acquisition Date 12/20/2024 Maturity Date 2/2/20322025-01-012025-12-310001633858Investment MB2 Dental Investment Type Senior Secured Revolving Loan Index S+ Spread 5.50% Interest Rate 9.18% Maturity 2/13/20312026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Beverage, Food & Tobacco Trilliant 2024 Investment Type Senior Secured 2024 Refinancing Term Loan Index S+ Spread 6.50% Interest Rate 10.18% Acquisition Date 11/20/2024 Maturity Date 11/30/20292026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Business Vortex Companies Investment Type Senior Secured Revolving Loan Index S+ Spread 5.00% Interest Rate 8.65% Acquisition Date 9/01/2023 Maturity Date 9/4/20292025-01-012025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Transportation: Cargo Worldwide Express Investment Type Senior Secured Amendment No. 2 Incremental Term Loan Index S+ Spread 4.00% Interest Rate 7.65% Acquisition Date 11/8/2024 Maturity Date 7/26/20282025-12-310001633858Portfolio Investments EQUITY AND PREFERRED SHARES: NON-CONTROL/NON-AFFILIATE INVESTMENTS Capital Equipment 80/20 Investment Type LP Interest Acquisition Date 12/11/20252026-01-012026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Automotive Engine & Transmission Exchange Investment Type Senior Secured Term Loan A Index S+ Spread 5.00% Interest Rate 8.68% Acquisition Date 5/26/2023 Maturity Date 5/26/20292026-01-012026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Consumer Taxwell Investment Type Senior Secured Initial Term Loan Index S+ Spread 4.25% Interest Rate 7.93% Acquisition Date 6/17/2024 Maturity Date 6/26/20312026-01-012026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Healthcare & Pharmaceuticals Sequel Ortho (fka OrthoNebraska) Investment Type Unitranche Initial Term Loan Index S+ Spread 5.00% Interest Rate 8.65% Acquisition Date 7/31/2023 Maturity Date 7/31/20282025-01-012025-12-310001633858Investment Mitratech Investment Type Senior Secured Delayed Draw Term Loan Index S+ Spread 4.75% Interest Rate 8.43% Maturity 12/2/20312025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Consumer Ned Stevens 2022-2 Investment Type Unitranche Initial Term Loan Index S+ Spread 5.00% Interest Rate 8.68% Acquisition Date 11/1/2022 Maturity Date 11/1/20292026-01-012026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Transportation: Cargo FLS Transportation Investment Type Senior Secured Revolving Credit Loan Index S+ Spread 5.25% Interest Rate 8.93% Acquisition Date 4/14/2022 Maturity Date 12/17/20272026-01-012026-03-310001633858Investment Ned Stevens 2022-2 Investment Type Senior Secured 2025 Incremental Delayed Draw Term Loan Index S+ Spread 5.00% Interest Rate 8.68% Maturity 11/1/20292026-01-012026-03-310001633858Portfolio Investments EQUITY AND PREFERRED SHARES: NON-CONTROL/NON-AFFILIATE INVESTMENTS Automotive Engine & Transmission Exchange Investment Type Class A-1 Units Acquisition Date 5/26/20232026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Healthcare & Pharmaceuticals Blue Cloud Investment Type Senior Secured Blue Cloud R/C 2022 Index S+ Spread 5.00% Interest Rate 8.68% Acquisition Date 8/12/2025 Maturity Date 1/21/20312026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Capital Equipment Flow Control Group Investment Type Senior Secured Amendment No. 11 Term Loan (First Lien) Index S+ Spread 3.25% Interest Rate 6.90% Acquisition Date 3/17/2021 Maturity Date 3/31/20282025-01-012025-12-310001633858Portfolio Investments EQUITY AND PREFERRED SHARES: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Consumer United Comfort Group (fka United Air Temp) Investment Type Class A Units Acquisition Date 2/14/20242026-01-012026-03-310001633858us-gaap:EastRegionMember2025-12-310001633858ck0001633858:BankLoansMemberck0001633858:TelecommunicationsMember2026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Containers, Packaging & Glass Precision Concepts Investment Type Unitranche Initial Term Loan (CA) Index S+ Spread 4.75% Interest Rate 8.43% Acquisition Date 7/28/2025 Maturity Date 8/2/20322026-03-310001633858us-gaap:ValuationTechniqueMatrixPricingMembersrt:MinimumMemberck0001633858:FirstLienMemberck0001633858:MeasurementInputLiquidityCoverageMember2025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Business AI Fire & Safety Investment Type Senior Secured Term Loan Index S+ Spread 4.75% Interest Rate 8.43% Acquisition Date 3/31/2026 Maturity Date 4/2/20322026-03-310001633858us-gaap:FairValueInputsLevel2Member2025-12-310001633858Investment InnovateMR Investment Type Senior Secured Revolving Loan Index S+ Spread 6.00% Interest Rate 9.68% Maturity 1/20/20282025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Transportation: Cargo Magnate Investment Type Senior Secured Initial Term Loan (First Lien) Index S+ Spread 5.50% Interest Rate 9.18% Acquisition Date 3/11/2022 Maturity Date 12/29/20282026-03-310001633858Portfolio Investments EQUITY AND PREFERRED SHARES: NON-CONTROL/NON-AFFILIATE INVESTMENTS Environmental Industries O6 Environmental Investment Type Common Units Acquisition Date 8/4/20252026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Capital Equipment Antylia Scientific Investment Type Senior Secured Initial Term Loan Index S+ Spread 4.00% Interest Rate 7.68% Acquisition Date 5/16/2025 Maturity Date 5/27/20322026-01-012026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Healthcare & Pharmaceuticals AGS Health Investment Type Senior Secured Tranche A Revolving Credit Loan Index S+ Spread 4.50%Interest Rate 8.18% Acquisition Date 7/24/2025 Maturity Date 8/2/2032 One2026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Beverage, Food & Tobacco Trilliant 2024 Investment Type Senior Secured 2024 Refinancing Term Loan Index S+ Spread 6.50% Interest Rate 10.18% Acquisition Date 11/20/2024 Maturity Date 11/30/20292026-01-012026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Energy: Oil & Gas AmSpec Investment Type Senior Secured Amendment No. 1 Other Term Loan Index S+ Spread 3.50% Interest Rate 7.18% Acquisition Date 12/12/2024 Maturity Date 12/22/20312026-01-012026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Chemicals, Plastics & Rubber Mold-Rite Investment Type Senior Secured New Money Tranche A-1 Term Loan Index S+ Spread 5.25% Interest Rate 8.93% Acquisition Date 6/11/2024 Maturity Date 10/4/20282026-01-012026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Consumer R. F. Fager Investment Type Senior Secured Revolving Loan Index S+ Spread 5.00% Interest Rate 8.65% Acquisition Date 5/16/2025 Maturity Date 3/4/20302025-01-012025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Healthcare & Pharmaceuticals RMP & MedA/Rx Investment Type Senior Secured Term Loan Index S+ Spread 4.75% Interest Rate 8.43% Acquisition Date 3/22/2021 Maturity Date 2/4/20282026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Healthcare & Pharmaceuticals nThrive Investment Type Senior Secured Tranche A Term Loan Index S+ Spread 5.25% Interest Rate 8.93% Acquisition Date 11/20/2024 Maturity Date 12/15/20282026-01-012026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Business Heartland Investment Type Senior Secured Initial Term Loan Index S+ Spread 4.75% Interest Rate 8.43% Acquisition Date 12/1/2023 Maturity Date 12/12/20292026-01-012026-03-310001633858Investment Minds + Assembly Investment Type Senior Secured Revolving Loan (First Lien) Index S+ Spread 5.00% Interest Rate 8.68% Maturity 5/3/20292026-01-012026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Healthcare & Pharmaceuticals Clearway Investment Type Senior Secured Second Amendment Incremental Term Loan Index S+ Spread 5.50% Interest Rate 9.18% Acquisition Date 9/17/2025 Maturity Date 8/30/20302026-01-012026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS High Tech Industries Cloudera Investment Type Senior Secured Initial Term Loan (First Lien) Index S+ Spread 3.75% Interest Rate 7.40% Acquisition Date 8/10/2021 Maturity Date 10/8/20282025-12-310001633858Investment LightBox Investment Type Senior Secured Revolving Loan Index S+ Spread 5.00% Interest Rate 8.68% Maturity 1/13/20302026-01-012026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Media: Advertising, Printing & Publishing MediaRadar Investment Type Senior Secured Revolving Loan Index S+ Spread 5.00% Interest Rate 8.65% Acquisition Date 9/16/2022 Maturity Date 9/17/20292025-12-310001633858Investment Trystar Investment Type Senior Secured Amendment No. 2 Incremental Revolver Index S+ Spread 4.25% Interest Rate 7.93% Maturity 8/6/20312026-01-012026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Healthcare & Pharmaceuticals Summit Spine 2025 Investment Type Unitranche Initial Term Loan Index S+ Spread 4.75% Interest Rate 8.43% Acquisition Date 3/21/2025 Maturity Date 3/25/20312026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Chemicals, Plastics & Rubber Shrieve Investment Type Senior Secured Revolving Credit Loan Index S+ Spread 6.00% Interest Rate 9.65% Acquisition Date 9/23/2024 Maturity Date 10/30/20302025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Telecommunications Vessco Investment Type Unitranche 2025 Incremental Term Loan Index S+ Spread 4.50% Interest Rate 8.18% Acquisition Date 10/30/2025 Maturity Date 11/3/20322026-03-310001633858Investment Insight Global Investment Type Senior Secured 2024 Refinancing Revolving Loan Index S+ Spread 5.00% Interest Rate 8.68% Maturity 9/22/20282026-01-012026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Construction & Building Leaf Home Investment Type Senior Secured Initial Term Loan Index S+ Spread 5.25% Interest Rate 8.90% Acquisition Date 9/4/2025 Maturity Date 9/4/20312026-01-012026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Construction & Building RailPros Investment Type Unitranche Initial Term Loan Index S+ Spread 4.25% Interest Rate 7.90% Acquisition Date 4/23/2025 Maturity Date 5/24/20322025-01-012025-12-310001633858ck0001633858:UtilitiesElectricSectorMember2026-01-012026-03-310001633858ck0001633858:ConsumerGoodsDurableSectorMember2025-01-012025-12-310001633858Investment Midwest Eye Services Investment Type Senior Secured Fourth Amendment Incremental Revolving Loan Index S+ Spread 4.50% Interest Rate 8.18% Maturity 8/20/20272026-01-012026-03-310001633858Portfolio Investments EQUITY AND PREFERRED SHARES: NON-CONTROL/NON-AFFILIATE INVESTMENTS Healthcare & Pharmaceuticals Minds + Assembly Investment Type Class A Units Acquisition Date 5/3/20232025-01-012025-12-310001633858Investment Eagle Fire Investment Type Senior Secured Initial Revolving Loan Index S+ Spread 4.50% Interest Rate 8.18% Maturity 7/15/20322026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Consumer Apex Service Partners Investment Type Unitranche 2024 Term Loan Index S+ Spread 5.00% Interest Rate 8.68% Acquisition Date 10/16/2023 Maturity Date 10/24/20302026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Consumer Smart Start Investment Type Senior Secured Term B Loan (Second Lien) Index S+ Spread 7.75% Interest Rate 11.43% Acquisition Date 12/10/2021 Maturity Date 12/16/20292026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Beverage, Food & Tobacco Rise Baking Investment Type Senior Secured Initial Term Loan Index S+ Spread 5.00% Interest Rate 8.68% Acquisition Date 10/24/2024 Maturity Date 11/4/20312026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Capital Equipment SupplyHouse Investment Type Senior Secured Initial Term Loan Index S+ Spread 4.00% Interest Rate 7.65% Acquisition Date 6/19/2025 Maturity Date 7/1/20322025-01-012025-12-310001633858Portfolio Investments EQUITY AND PREFERRED SHARES: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Business Eagle Fire Investment Type Class A Units Acquisition Date 6/4/20252025-01-012025-12-310001633858Investment FLS Transportation Investment Type Senior Secured Revolving Credit Loan Index S+ Spread 5.25% Interest Rate 8.93% Maturity 12/17/20272026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Capital Equipment Trystar Investment Type Senior Secured Amendment No. 1 Incremental Term Loan Index S+ Spread 4.25% Interest Rate 7.90% Acquisition Date 9/5/2024 Maturity Date 8/6/20312025-01-012025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Business VC3 Investment Type Senior Secured Delayed TL Index S+ Spread 5.10% Interest Rate 8.75% Acquisition Date 9/16/2022 Maturity Date 3/12/20292025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Containers, Packaging & Glass Intertape Polymer Investment Type Senior Secured Initial Term Loan (First Lien) Index S+ Spread 4.75% Interest Rate 8.40% Acquisition Date 6/15/2022 Maturity Date 6/28/20282025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Construction & Building RailPros Investment Type Unitranche Initial Term Loan Index S+ Spread 4.25% Interest Rate 7.93% Acquisition Date 4/23/2025 Maturity Date 5/24/20322026-01-012026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Business Health Management Associates Investment Type Senior Secured Revolving Loan Index S+ Spread 6.25% Interest Rate 9.93% Acquisition Date 3/31/2023 Maturity Date 3/30/20292026-01-012026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Consumer Aptive Environmental Investment Type Senior Secured Initial Term Loan Index S+ Spread 4.75% Interest Rate 8.43% Acquisition Date 10/10/2025 Maturity Date 10/15/20322026-01-012026-03-310001633858Investment Gallo Mechanical Investment Type Senior Secured Initial Revolving Loan Index S+ Spread 4.75% Interest Rate 8.43% Maturity 8/2/20322025-12-310001633858Portfolio Investments EQUITY AND PREFERRED SHARES: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Business Amplix Investment Type Class A-2 Units Acquisition Date 10/19/20232025-12-310001633858ck0001633858:BankLoansMemberus-gaap:TransportationSectorMember2025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Healthcare & Pharmaceuticals Western Dental Investment Type Senior Secured First-Out Term Loan (Tranche A-1) Index S+ Spread 6.50% Interest Rate 10.15% Acquisition Date 6/18/2024 Maturity Date 5/18/20282025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Healthcare & Pharmaceuticals Minds + Assembly Investment Type Senior Secured Revolving Loan (First Lien) Index S+ Spread 5.00% Interest Rate 8.65% Acquisition Date 5/3/2023 Maturity Date 5/3/20292025-01-012025-12-310001633858Investment PayByPhone Investment Type Senior Secured Revolving Credit Index S+ Spread 4.75% Interest Rate 8.43% Maturity 3/31/20332026-01-012026-03-310001633858ck0001633858:WholesaleSectorMemberck0001633858:EquityAndPreferredSharesMember2025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Beverage, Food & Tobacco St. George Logistics Investment Type Senior Secured Third-Out Closing Date Purchased Term Loan Index S+ Spread 1.00%, 6.00% PIK Interest Rate 10.68% Acquisition Date 10/3/2024 Maturity Date 10/3/20292026-01-012026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Healthcare & Pharmaceuticals Clearway Investment Type Senior Secured Revolving Loan Index S+ Spread 5.50% Interest Rate 9.18% Acquisition Date 9/17/2025 Maturity Date 8/30/20302026-01-012026-03-310001633858us-gaap:AutomotiveSectorMember2026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Hotels, Gaming & Leisure Auto Europe Investment Type Senior Secured Second Out Term Loan Index S+ Spread 5.00% Interest Rate 8.68% Acquisition Date 1/20/2026 Maturity Date 1/20/20302026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Healthcare & Pharmaceuticals Confluent Health Investment Type Senior Secured Amendment No. 1 Term Loan Index S+ Spread 7.50% Interest Rate 11.15% Acquisition Date 4/11/2023 Maturity Date 11/30/20282025-12-310001633858ck0001633858:UnitrancheDebtOneMemberck0001633858:EnterpriseValueMemberck0001633858:MeasurementInputEVEBITDAMultipleMember2026-03-310001633858Investment Alliance Environmental Group Investment Type Senior Secured Priority Revolving Loan Index S+ Spread 0.00% Interest Rate 3.68% Maturity 12/30/20282026-03-310001633858ck0001633858:EquityAndPreferredSharesMember2025-01-012025-03-310001633858srt:WeightedAverageMemberus-gaap:ValuationTechniqueMatrixPricingMemberck0001633858:MeasurementInputTotalEnterpriseValueCoverageMemberck0001633858:SecondLienMember2026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Banking, Finance, Insurance & Real Estate Cherry Bekaert Investment Type Unitranche Amendment No. 1 Term Loan Index S+ Spread 4.50% Interest Rate 8.18% Acquisition Date 10/11/2023 Maturity Date 6/30/20302026-01-012026-03-310001633858Portfolio Investments EQUITY AND PREFERRED SHARES: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Consumer United Comfort Group (fka United Air Temp) Investment Type Class A Units Acquisition Date 2/14/20242025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Aerospace & Defense Whitcraft Investment Type Senior Secured Revolving Loan Index S+ Spread 5.00% Interest Rate 8.65% Acquisition Date 3/31/2023 Maturity Date 9/30/20312025-01-012025-12-310001633858ck0001633858:EnvironmentalIndustriesSectorMember2025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Banking, Finance, Insurance & Real Estate EdgeCo Investment Type Senior Secured Third Amendment Term Loan (First Lien) Index S+ Spread 4.50% Interest Rate 8.15% Acquisition Date 3/29/2022 Maturity Date 6/1/20282025-01-012025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Banking, Finance, Insurance & Real Estate Cerity Partners Investment Type Senior Secured Initial Revolving Loan Index S+ Spread 4.50% Interest Rate 8.18% Acquisition Date 7/28/2022 Maturity Date 7/28/20282026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Construction & Building Lindsay Precast Investment Type Senior Secured Incremental Revolving Loan Index S+ Spread 4.75% Interest Rate 8.40% Acquisition Date 12/15/2025 Maturity Date 12/16/20322025-12-310001633858Portfolio Investments EQUITY AND PREFERRED SHARES: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Business AI Fire & Safety Investment Type Class A Units Acquisition Date 12/20/20242026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Banking, Finance, Insurance & Real Estate SIAA Investment Type Unitranche Seventh Amendment Incremental Term Loan Index S+ Spread 4.75% Interest Rate 8.40% Acquisition Date 3/24/2025 Maturity Date 4/30/20302025-01-012025-12-310001633858Investment Americhem Investment Type Senior Secured Revolving Loan Index S+ Spread 4.50% Interest Rate 8.18% Maturity 3/1/20322026-01-012026-03-310001633858ck0001633858:BankLoansMemberck0001633858:ConsumerGoodsNonDurableSectorMember2025-12-310001633858ck0001633858:EquityInvestmentsMember2026-01-012026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Beverage, Food & Tobacco Trilliant 2024 Investment Type Senior Secured 2024 Refinancing Term Loan Index S+ Spread 6.50% Interest Rate 10.15% Acquisition Date 11/20/2024 Maturity Date 11/30/20292025-01-012025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Healthcare & Pharmaceuticals NSM Investment Type Senior Secured Amendment No. 9 Incremental Term Loan Index S+ Spread 4.25% Interest Rate 7.93% Acquisition Date 8/05/2024 Maturity Date 5/14/20292026-01-012026-03-310001633858Investment Onyx Fire Investment Type Senior Secured Second Amendment Incremental DDTL Index S+ Spread 4.50% Interest Rate 8.18% Maturity 7/31/20312026-01-012026-03-310001633858Portfolio Investments EQUITY AND PREFERRED SHARES: NON-CONTROL/NON-AFFILIATE INVESTMENTS Banking, Finance, Insurance & Real Estate Prime Pensions Investment Type LP Interest Acquisition Date 2/20/20242025-01-012025-12-310001633858Portfolio Investments EQUITY AND PREFERRED SHARES: NON-CONTROL/NON-AFFILIATE INVESTMENTS Healthcare & Pharmaceuticals Visor Buyer, Inc. Investment Type Class A Units Acquisition Date 12/15/20252025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Healthcare & Pharmaceuticals Clearway Investment Type Senior Secured Term Loan A Index S+ Spread 5.50% Interest Rate 9.15% Acquisition Date 9/17/2025 Maturity Date 8/30/20302025-12-310001633858Investment AGS Health1Investment Type Senior Secured Delayed Draw Term Loan Index S+ Spread 4.50% Interest Rate 8.18% Maturity 8/2/20322025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Consumer R. F. Fager Investment Type Senior Secured First Amendment Term Loan Index S+ Spread 5.00% Interest Rate 8.65% Acquisition Date 5/16/2025 Maturity Date 3/4/20302025-12-310001633858ck0001633858:BankLoansMemberck0001633858:HotelsGamingLeisureSectorMember2025-12-310001633858Investment Health Management Associates Investment Type Senior Secured Revolving Loan Index S+ Spread 6.25% Interest Rate 9.93% Maturity 3/30/20292026-01-012026-03-310001633858ck0001633858:AdvisorMemberck0001633858:PreIncentiveFeeNetInvestmentIncomeDoesNotExceedHurdleOf1.04.0AnnualizedMember2026-01-012026-03-310001633858ck0001633858:MeasurementInputDebtServiceCoverageMembersrt:WeightedAverageMemberus-gaap:ValuationTechniqueMatrixPricingMemberck0001633858:SecondLienMember2025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Banking, Finance, Insurance & Real Estate Prime Pensions Investment Type Unitranche Initial Term Loan Index S+ Spread 4.75% Interest Rate 8.40% Acquisition Date 2/20/2024 Maturity Date 2/26/20302025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Healthcare & Pharmaceuticals Midwest Eye Services Investment Type Senior Secured Fourth Amendment Incremental Revolving Loan Index S+ Spread 4.50% Interest Rate 8.15% Acquisition Date 12/31/2024 Maturity Date 8/20/20272025-01-012025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Consumer Goods: Non-durable Augusta Sportswear Investment Type Senior Secured Revolving Credit Loan Index S+ Spread 7.00% Interest Rate 10.65% Acquisition Date 11/21/2023 Maturity Date 11/21/20282025-12-310001633858Investment Kept Companies Investment Type Senior Secured Revolving Loan Index S+ Spread 5.25% Interest Rate 8.93% Maturity 4/30/20292026-01-012026-03-310001633858Investment Electric Power Engineers Investment Type Senior Secured Revolving Loan Index S+ Spread 4.50% Interest Rate 8.18% Maturity 12/31/20312025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Banking, Finance, Insurance & Real Estate Steward Partners Investment Type Senior Secured Closing Date Term B Loan Index S+ Spread 4.75% Interest Rate 8.40% Acquisition Date 12/8/2023 Maturity Date 10/14/20282025-01-012025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Automotive Engine & Transmission Exchange Investment Type Senior Secured Amendment No. 2 Incremental Term Loan Index S+ Spread 5.00% Interest Rate 8.68% Acquisition Date 3/21/2025 Maturity Date 5/26/20292026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Business Discovery Education Investment Type Unitranche Initial Term Loan (First Lien) Index S+ Spread 2.88%, 5.70% PIK Interest Rate 12.23% Acquisition Date 3/25/2022 Maturity Date 4/9/20292025-01-012025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Construction & Building Lindsay Precast Investment Type Senior Secured Initial Term Loan Index S+ Spread 4.75% Interest Rate 8.43% Acquisition Date 12/15/2025 Maturity Date 12/16/20322026-01-012026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Aerospace & Defense Novaria Group Investment Type Senior Secured Initial Term Loan Index S+ Spread 3.25% Interest Rate 6.90% Acquisition Date 6/4/2024 Maturity Date 6/6/20312025-12-310001633858ck0001633858:ServicesBusinessSectorMember2026-03-310001633858Portfolio Investments EQUITY AND PREFERRED SHARES: NON-CONTROL/NON-AFFILIATE INVESTMENTS Environmental Industries Alliance Environmental Group Investment Type A-1 Preferred Units Acquisition Date 9/30/20192026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Capital Equipment 80/20 Investment Type Senior Secured Revolving Loan Index S+ Spread 4.50% Interest Rate 8.18% Acquisition Date 12/11/2025 Maturity Date 12/12/20322026-01-012026-03-310001633858Investment Dane Street Investment Type Senior Secured Revolving Loan Index S+ Spread 4.50% Interest Rate 8.18% Maturity 3/24/20332026-01-012026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Consumer Apex Service Partners Investment Type Unitranche 2024 Term Loan Index S+ Spread 5.00% Interest Rate 8.65% Acquisition Date 10/16/2023 Maturity Date 10/24/20302025-01-012025-12-310001633858ck0001633858:MatrixPricingMarketAnalysisMembersrt:MinimumMemberck0001633858:MeasurementInputSeniorLeverageMemberck0001633858:FirstLienMember2025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Healthcare & Pharmaceuticals Performance Health Investment Type Senior Secured Initial Term Loan Index S+ Spread 3.75% Interest Rate 7.40% Acquisition Date 2/28/2025 Maturity Date 3/19/20322025-01-012025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Capital Equipment Tank Holding Investment Type Senior Secured Revolving Credit Loan Index S+ Spread 5.75% Interest Rate 9.43% Acquisition Date 3/25/2022 Maturity Date 3/31/20282026-01-012026-03-310001633858ck0001633858:UnitrancheDebtOneMemberus-gaap:ValuationTechniqueMatrixPricingMembersrt:MinimumMemberus-gaap:MeasurementInputCreditSpreadMember2025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Business Vensure Investment Type Senior Secured Initial Term Loan Index S+ Spread 5.00% Interest Rate 8.68% Acquisition Date 9/23/2024 Maturity Date 9/27/20312026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Banking, Finance, Insurance & Real Estate EPIC Insurance Investment Type Unitranche Refinancing Tranche B Term Loan Index S+ Spread 4.50% Interest Rate 8.15% Acquisition Date 8/27/2021 Maturity Date 9/29/20282025-12-310001633858srt:WeightedAverageMemberck0001633858:MatrixPricingMarketAnalysisMemberck0001633858:SecondLienMemberck0001633858:MeasurementInputTotalLeverageMember2025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Business Lexitas Investment Type Senior Secured Revolving Credit Loan Index S+ Spread 5.00% Interest Rate 8.68% Acquisition Date 4/15/2025 Maturity Date 4/15/20312026-03-310001633858Investment Trystar Investment Type Senior Secured Delayed Draw Term Loan Index S+ Spread 4.25% Interest Rate 7.93% Maturity 8/6/20312026-01-012026-03-310001633858ck0001633858:MetalsMiningSectorMember2025-01-012025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Business VC3 Investment Type Senior Secured RC Index S+ Spread 5.00% Interest Rate 8.68% Acquisition Date 7/21/2022 Maturity Date 3/12/20272026-01-012026-03-310001633858ck0001633858:EnterpriseValueMembersrt:MinimumMemberck0001633858:FirstLienMemberck0001633858:MeasurementInputEVEBITDAMultipleMember2026-03-310001633858Portfolio Investments EQUITY AND PREFERRED SHARES: NON-CONTROL/NON-AFFILIATE INVESTMENTS Beverage, Food & Tobacco Hissho Sushi Investment Type Class A Units Acquisition Date 4/7/20222025-12-310001633858ck0001633858:BankLoansMemberck0001633858:WholesaleSectorMember2026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Healthcare & Pharmaceuticals MB2 Dental Investment Type Unitranche Initial Term Loan Index S+ Spread 5.50% Interest Rate 9.15% Acquisition Date 2/05/2024 Maturity Date 2/13/20312025-01-012025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Healthcare & Pharmaceuticals Avalon Investment Type Senior Secured Term Loan Index S+ Spread 4.50% Interest Rate 8.15% Acquisition Date 12/30/2025 Maturity Date 12/31/20312025-01-012025-12-310001633858ck0001633858:EnterpriseValueMembersrt:WeightedAverageMemberck0001633858:FirstLienMemberck0001633858:MeasurementInputEVEBITDAMultipleMember2026-03-310001633858us-gaap:CommonStockMember2026-03-310001633858Investment Whitcraft Investment Type Senior Secured Revolving Loan Index S+ Spread 5.00% Interest Rate 8.68% Maturity 9/30/20312026-01-012026-03-310001633858us-gaap:ValuationTechniqueMatrixPricingMembersrt:MinimumMemberck0001633858:SecondLienMemberck0001633858:MeasurementInputSeniorLeverageMember2026-03-310001633858ck0001633858:BankLoansMemberus-gaap:AutomotiveSectorMember2026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Healthcare & Pharmaceuticals Specialized Dental Investment Type Senior Secured Sixth Amendment Incremental Term Loan Index S+ Spread 4.75% Interest Rate 8.43% Acquisition Date 10/30/2025 Maturity Date 11/1/20282026-03-310001633858Investment Miller Environmental Investment Type Senior Secured Revolving Loan Index S+ Spread 5.00% Interest Rate 8.68% Maturity 9/10/20312026-01-012026-03-310001633858ck0001633858:FirstLienMember2026-01-012026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Consumer Apex Service Partners Investment Type Unitranche 2024 Term Loan Index S+ Spread 5.00% Interest Rate 8.65% Acquisition Date 10/16/2023 Maturity Date 10/24/20302025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Business Argano Investment Type Senior Secured Initial Term Loan Index S+ Spread 5.50% Interest Rate 9.18% Acquisition Date 9/13/2024 Maturity Date 9/13/20292026-01-012026-03-310001633858Investment RailPros Investment Type Senior Secured Delayed Draw Term Loan Index S+ Spread 4.25% Interest Rate 7.93% Maturity 5/24/20322026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Environmental Industries O6 Environmental Investment Type Senior Secured Initial Term Loan Index S+ Spread 4.75% Interest Rate 8.40% Acquisition Date 8/4/2025 Maturity Date 8/5/20322025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Business System One Investment Type Senior Secured 2025 Refinancing Term Loan Index S+ Spread 3.50% Interest Rate 7.18% Acquisition Date 1/28/2021 Maturity Date 3/2/20282026-03-310001633858Investment Nvision Investment Type Senior Secured Revolving Loan Index S+ Spread 5.50% Interest Rate 9.18% Maturity 12/31/20282025-12-310001633858Investment Trace3 Investment Type Senior Secured Delayed Draw Term B Loan Index S+ Spread 4.00% Interest Rate 7.68% Maturity 10/29/20322026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Banking, Finance, Insurance & Real Estate Cerity Partners Investment Type Unitranche 2025 Term Loan Index S+ Spread 4.50% Interest Rate 8.18% Acquisition Date 7/28/2022 Maturity Date 7/28/20312026-01-012026-03-310001633858ck0001633858:UtilitiesElectricSectorMember2025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Beverage, Food & Tobacco Dessert Holdings Investment Type Senior Secured Initial Term Loan (First Lien) Index S+ Spread 4.00% Interest Rate 7.68% Acquisition Date 6/7/2021 Maturity Date 6/9/20282026-03-310001633858us-gaap:ContainerAndPackagingSectorMember2025-01-012025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Business S&P Engineering Solutions Investment Type Senior Secured 2024 Converted Term Loan Index S+ Spread 5.00% Interest Rate 8.68% Acquisition Date 3/31/2023 Maturity Date 5/2/20302026-01-012026-03-310001633858Investment A1 Garage Door Investment Type Senior Secured Revolving Loan Index S+ Spread 4.50% Interest Rate 8.48% Maturity 12/22/20282026-01-012026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Healthcare & Pharmaceuticals Summit Spine 2025 Investment Type Senior Secured Revolving Loan Index S+ Spread 4.75% Interest Rate 8.43% Acquisition Date 3/21/2025 Maturity Date 3/25/20312026-01-012026-03-310001633858us-gaap:FoodAndBeverageSectorMemberck0001633858:EquityAndPreferredSharesMember2026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Containers, Packaging & Glass Precision Concepts Investment Type Senior Secured Revolving Credit Loan Index S+ Spread 4.75% Interest Rate 8.43% Acquisition Date 7/28/2025 Maturity Date 8/2/20322026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Banking, Finance, Insurance & Real Estate Beta+ Investment Type Senior Secured Revolving Credit Loan Index S+ Spread 4.25% Interest Rate 7.90% Acquisition Date 6/24/2022 Maturity Date 7/1/20272025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Telecommunications Eastern Communications Investment Type Senior Secured First Amendment Term A Loan Index S+ Spread 5.00% Interest Rate 8.68% Acquisition Date 9/29/2025 Maturity Date /2026-03-310001633858Investment Precision Concepts Investment Type Senior Secured Revolving Credit Loan Index S+ Spread 4.75% Interest Rate 8.43% Maturity 8/2/20322026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Healthcare & Pharmaceuticals Western Dental Investment Type Senior Secured First-Out Term Loan (Tranche A-1) Index S+ Spread 6.50% Interest Rate 10.18% Acquisition Date 6/18/2024 Maturity Date 5/18/20282026-01-012026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Healthcare & Pharmaceuticals Cirtec Medical Investment Type Senior Secured Revolving Credit (First Lien) Index S+ Spread 5.00% Interest Rate 8.68% Acquisition Date 1/30/2023 Maturity Date 10/31/20282026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Capital Equipment Pegasus Investment Type Senior Secured Initial Term Loan Index S+ Spread 4.75% Interest Rate 8.43% Acquisition Date 1/24/2024 Maturity Date 1/19/20312026-03-310001633858Portfolio Investments EQUITY AND PREFERRED SHARES: NON-CONTROL/NON-AFFILIATE INVESTMENTS Healthcare & Pharmaceuticals Sequel Ortho (fka OrthoNebraska) Investment Type Class A Units Acquisition Date 7/31/20232026-01-012026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Healthcare & Pharmaceuticals Clearway Investment Type Senior Secured Fourth Amendment Incremental Term Loan Index S+ Spread 5.50% Interest Rate 9.18% Acquisition Date 9/17/2025 Maturity Date 8/30/20302026-01-012026-03-310001633858Investment RevHealth Investment Type Senior Secured Revolving Loan Index S+ Spread 2.50% Interest Rate 6.18% Maturity 7/21/20282026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Aerospace & Defense API Technologies Investment Type Senior Secured Term B-1 Loan (First Lien) Index S+ Spread 1.00%, 6.00% PIK Interest Rate 10.65% Acquisition Date 11/3/2023 Maturity Date 3/25/20272025-01-012025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Business Aprio Investment Type Senior Secured Revolving Loan Index S+ Spread 4.75% Interest Rate 8.43% Acquisition Date 8/01/2024 Maturity Date 8/1/20312026-01-012026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Business Addison Group Investment Type Senior Secured Initial Term Loan Index S+ Spread 4.25% Interest Rate 7.90% Acquisition Date 1/19/2022 Maturity Date 12/29/20282025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Metals & Mining Dynatect (A&A) Investment Type Senior Secured Term B Loan Index S+ Spread 4.50% Interest Rate 8.18% Acquisition Date 8/16/2019 Maturity Date 9/29/20282026-01-012026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Capital Equipment Radwell Investment Type Senior Secured Revolving Loan Index S+ Spread 5.50% Interest Rate 9.18% Acquisition Date 3/11/2022 Maturity Date 4/1/20292026-01-012026-03-310001633858Investment Kept Companies Investment Type Senior Secured Revolving Loan Index S+ Spread 5.25% Interest Rate 8.93% Maturity 4/30/20292026-03-310001633858Portfolio Investments EQUITY AND PREFERRED SHARES: NON-CONTROL/NON-AFFILIATE INVESTMENTS Banking, Finance, Insurance & Real Estate Cherry Bekaert Investment Type Class A Units Acquisition Date 6/30/20222025-01-012025-12-310001633858Investment Ned Stevens 2022-2 Investment Type Senior Secured Revolving Loan Index S+ Spread 5.00% Interest Rate 8.68% Maturity 11/1/20282026-01-012026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Environmental Industries Denali Water Solutions Investment Type Senior Secured Closing Date Term Loan Index S+ Spread 4.75% Interest Rate 8.40% Acquisition Date 11/13/2025 Maturity Date 11/19/20322025-01-012025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Business VC3 Investment Type Senior Secured RC Index S+ Spread 5.00% Interest Rate 8.68% Acquisition Date 7/21/2022 Maturity Date 3/12/20272026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Aerospace & Defense Whitcraft Investment Type Senior Secured Initial Term Loan Index S+ Spread 5.00% Interest Rate 8.65% Acquisition Date 3/31/2023 Maturity Date 9/30/20312025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Construction & Building Voeller Investment Type Senior Secured Closing Date Initial Term Loan Index S+ Spread 4.75% Interest Rate 8.43% Acquisition Date 11/25/2025 Maturity Date 11/25/20322026-01-012026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Business Gallo Mechanical Investment Type Senior Secured Initial Revolving Loan Index S+ Spread 4.75% Interest Rate 8.43% Acquisition Date 6/19/2025 Maturity Date 8/2/20322026-01-012026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Healthcare & Pharmaceuticals Patterson Companies Investment Type Senior Secured Initial Term Loan Index S+ Spread 4.50% Interest Rate 8.15% Acquisition Date 7/24/2025 Maturity Date 4/16/20322025-01-012025-12-310001633858Investment Mitratech Investment Type Senior Secured Delayed Draw Term Loan Index S+ Spread 4.75% Interest Rate 8.43% Maturity 12/2/20312026-01-012026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Business CoAdvantage Investment Type Senior Secured 2023 1L Refinancing Term Loan (First Lien) Index S+ Spread 5.50% Interest Rate 9.18% Acquisition Date 8/2/2023 Maturity Date 8/2/20292026-01-012026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Capital Equipment Plaskolite Investment Type Senior Secured Revolving Credit Loan Index S+ Spread 7.00% Interest Rate 10.65% Acquisition Date 5/5/2025 Maturity Date 2/7/20302025-01-012025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Capital Equipment Flow Control Group Investment Type Senior Secured Initial Term Loan (First Lien) Index S+ Spread 3.25% Interest Rate 6.93% Acquisition Date 3/17/2021 Maturity Date 3/04/20332026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Business Golden Source Investment Type Unitranche Initial Term Loan Index S+ Spread 5.00% Interest Rate 8.68% Acquisition Date 3/25/2022 Maturity Date 5/12/20282026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Containers, Packaging & Glass Transcendia Investment Type Unitranche Term Loan Index S+ Spread 6.50% Interest Rate 10.15% Acquisition Date 5/23/2024 Maturity Date 11/23/20292025-01-012025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Environmental Industries Miller Environmental Investment Type Senior Secured Term Loan Index S+ Spread 5.00% Interest Rate 8.68% Acquisition Date 9/4/2024 Maturity Date 9/10/20312026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Capital Equipment AGCO G&P Investment Type Senior Secured Initial Term Loan Index S+ Spread 5.00% Interest Rate 8.65% Acquisition Date 10/8/2024 Maturity Date 10/31/20312025-01-012025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Chemicals, Plastics & Rubber Boyd Group Investment Type Senior Secured 2024 Term Loan (First Lien) Index S+ Spread 3.75% Interest Rate 7.40% Acquisition Date 7/19/2024 Maturity Date 7/29/20292025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Healthcare & Pharmaceuticals Nvision Investment Type Senior Secured Fourth Amendment Incremental Term Loan Index S+ Spread 5.50% Interest Rate 9.15% Acquisition Date 10/30/2024 Maturity Date 12/31/20282025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Aerospace & Defense Tronair Investment Type Senior Secured Initial Term Loan Index S+ Spread 3.75% Interest Rate 7.40% Acquisition Date 12/18/2025 Maturity Date 12/22/20322025-01-012025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Healthcare & Pharmaceuticals Confluent Health Investment Type Senior Secured Amendment No. 1 Term Loan Index S+ Spread 7.50% Interest Rate 11.15% Acquisition Date 4/11/2023 Maturity Date 11/30/20282025-01-012025-12-310001633858Investment Alliance Environmental Group Investment Type Senior Secured Priority Revolving Loan Index S+ Spread 0.00% Interest Rate 3.68% Maturity 12/30/20282026-01-012026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Transportation: Cargo Worldwide Express Investment Type Senior Secured Amendment No. 2 Incremental Term Loan Index S+ Spread 4.00% Interest Rate 7.68% Acquisition Date 11/8/2024 Maturity Date 7/26/20282026-01-012026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Consumer Taxwell Investment Type Senior Secured Initial Term Loan Index S+ Spread 4.25% Interest Rate 7.90% Acquisition Date 6/17/2024 Maturity Date 6/26/20312025-01-012025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Healthcare & Pharmaceuticals Forefront Investment Type Senior Secured Term B-1 Loan Index S+ Spread 5.50% Interest Rate 9.15% Acquisition Date 12/14/2023 Maturity Date 3/30/20292025-12-310001633858Investment Micro Merchant Systems Investment Type Senior Secured Revolving Loan Index S+ Spread 4.50% Interest Rate 8.18% Maturity 12/14/20272026-01-012026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Business Perficient Investment Type Senior Secured Closing Date Term Loan Index S+ Spread 3.50% Interest Rate 7.15% Acquisition Date 8/2/2024 Maturity Date 10/2/20312025-01-012025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Consumer Super-Sod Investment Type Senior Secured Initial Term Loan Index S+ Spread 4.75% Interest Rate 8.43% Acquisition Date 2/27/2026 Maturity Date 3/10/20322026-01-012026-03-310001633858Portfolio Investments EQUITY AND PREFERRED SHARES: NON-CONTROL/NON-AFFILIATE INVESTMENTS Healthcare & Pharmaceuticals Avalon Investment Type Class A-1 Units Acquisition Date 12/30/20252025-12-310001633858Investment AI Fire & Safety Investment Type Senior Secured Delayed Draw Term Loan Index S+ Spread 4.50% Interest Rate 8.18% Maturity 2/2/20322026-01-012026-03-310001633858Investment Engine & Transmission Exchange Investment Type Senior Secured Revolving Loan Index S+ Spread 5.00% Interest Rate 8.68% Maturity 5/26/20292026-01-012026-03-310001633858Investment Heartland Investment Type Senior Secured Revolving Credit Loan Index S+ Spread 4.75% Interest Rate 8.43% Maturity 12/12/20292025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS High Tech Industries Xplor Technologies Investment Type Senior Secured Second Amendment Term Loan Index S+ Spread 3.50% Interest Rate 7.18% Acquisition Date 6/14/2024 Maturity Date 12/1/20322026-01-012026-03-310001633858Investment Embark Investment Type Senior Secured Revolving Credit Loan Index S+ Spread 4.50% Interest Rate 8.18% Maturity 9/2/20322026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Consumer Legacy Service Partners Investment Type Unitranche Closing Date Term Loan Index S+ Spread 4.50% Interest Rate 8.15% Acquisition Date 10/25/2023 Maturity Date 11/10/20312025-01-012025-12-310001633858Investment Specialized Dental Investment Type Senior Secured Revolving Loan Index S+ Spread 4.75% Interest Rate 8.43% Maturity 11/1/20282025-12-310001633858ck0001633858:MatrixPricingMarketAnalysisMembersrt:MinimumMemberck0001633858:FirstLienMemberck0001633858:MeasurementInputTotalLeverageMember2025-12-310001633858us-gaap:AutomotiveSectorMember2026-01-012026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Capital Equipment Ohio Transmission Investment Type Unitranche Initial Term Loan Index S+ Spread 5.75% Interest Rate 9.40% Acquisition Date 12/12/2023 Maturity Date 12/19/20302025-01-012025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Environmental Industries Miller Environmental Investment Type Senior Secured Revolving Loan Index S+ Spread 5.00% Interest Rate 8.68% Acquisition Date 9/4/2024 Maturity Date 9/10/20312026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Capital Equipment Excelitas Investment Type Unitranche Closing Date Euro Term Loan Index S+ Spread 5.25% Interest Rate 8.90% Acquisition Date 6/15/2022 Maturity Date 8/13/20292025-01-012025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Construction & Building Leaf Home Investment Type Senior Secured Initial Term Loan Index S+ Spread 5.25% Interest Rate 8.90% Acquisition Date 9/4/2025 Maturity Date 9/4/20312025-01-012025-12-310001633858ck0001633858:BankLoansMemberck0001633858:ConsumerGoodsNonDurableSectorMember2026-03-310001633858ck0001633858:UnitrancheMember2026-01-012026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Capital Equipment MW Industries Investment Type Senior Secured Initial Term Loan Index S+ Spread 7.00% Interest Rate 10.65% Acquisition Date 3/31/2023 Maturity Date 3/31/20302025-01-012025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Chemicals, Plastics & Rubber USALCO Investment Type Senior Secured 2025 Initial Term Loan Index S+ Spread 3.50% Interest Rate 7.15% Acquisition Date 9/17/2024 Maturity Date 9/30/20312025-12-310001633858Investment Denali Water Solutions Investment Type Senior Secured Revolving Loan Index S+ Spread 4.75% Interest Rate 8.43% Maturity 11/19/20322025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Banking, Finance, Insurance & Real Estate Alera Investment Type Senior Secured 2026-1 New Term Loan (First Lien) Index S+ Spread 2.75% Interest Rate 6.43% Acquisition Date 5/21/2025 Maturity Date 5/30/20322026-01-012026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Business LegalShield Investment Type Senior Secured Initial Term Loan (First Lien) Index S+ Spread 3.25% Interest Rate 6.90% Acquisition Date 12/7/2021 Maturity Date 12/15/20282025-12-310001633858Investment Kenco Investment Type Senior Secured Revolving Credit Loan Index S+ Spread 4.25% Interest Rate 7.93% Maturity 11/15/20292025-12-310001633858Investment S&P Engineering Solutions Investment Type Senior Secured 2024 Converted Revolving Credit Loan Index S+ Spread 5.00% Interest Rate 8.68% Maturity 5/2/20292026-03-310001633858Investment AGS Health Investment Type Senior Secured Tranche A Revolving Credit Loan Index S+ Spread 4.50% Interest Rate 8.18% Maturity 8/02/20322026-01-012026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Healthcare & Pharmaceuticals RMP & MedA/Rx Investment Type Senior Secured Term Loan (First Lien) Index S+ Spread 5.00% Interest Rate 8.68% Acquisition Date 2/27/2017 Maturity Date 2/4/20282026-01-012026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Capital Equipment Excelitas Investment Type Unitranche Closing Date Euro Term Loan Index S+ Spread 5.25% Interest Rate 8.93% Acquisition Date 6/15/2022 Maturity Date 8/13/20292026-03-310001633858srt:WeightedAverageMemberus-gaap:ValuationTechniqueMatrixPricingMemberus-gaap:MeasurementInputCreditSpreadMemberck0001633858:FirstLienMember2026-03-310001633858ck0001633858:EquityAndPreferredSharesMember2025-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Business Liberty Group Investment Type Senior Secured Revolving Loan Index S+ Spread 5.75% Interest Rate 9.43% Acquisition Date 6/06/2022 Maturity Date 12/15/20282026-01-012026-03-310001633858ck0001633858:EnvironmentalIndustriesSectorMemberck0001633858:EquityAndPreferredSharesMember2025-12-310001633858Investment O6 Environmental Investment Type Senior Secured Revolving Loan Index S+ Spread 4.75% Interest Rate 8.43% Maturity 8/5/20322026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS High Tech Industries insightsoftware Investment Type Senior Secured Revolving Loan Index S+ Spread 5.25% Interest Rate 8.93% Acquisition Date 3/26/2024 Maturity Date 5/25/20282026-03-310001633858ck0001633858:CapitalEquipmentMemberck0001633858:EquityAndPreferredShareMember2026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Healthcare & Pharmaceuticals AGS Health Investment Type Senior Secured Tranche A Revolving Credit Loan Index S+ Spread 4.50%Interest Rate 8.18% Acquisition Date 7/24/2025 Maturity Date 8/2/2032 One2026-01-012026-03-310001633858ck0001633858:EquityAndPreferredSharesMember2026-01-012026-03-310001633858Portfolio Investments EQUITY AND PREFERRED SHARES: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Business Industrial Services Group Investment Type Class A Units Acquisition Date 12/7/20222026-03-3100016338582026-05-120001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Healthcare & Pharmaceuticals Avalon Investment Type Senior Secured Revolving Credit Loan Index S+ Spread 4.50% Interest Rate 8.18% Acquisition Date 12/30/2025 Maturity Date 12/31/20312026-01-012026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Business Aprio Investment Type Senior Secured Initial Term Loan Index S+ Spread 4.75% Interest Rate 8.40% Acquisition Date 8/1/2024 Maturity Date 8/1/20312025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Healthcare & Pharmaceuticals Cirtec Medical Investment Type Senior Secured U.S. Dollar Term Loan Index S+ Spread 5.00% Interest Rate 8.65% Acquisition Date 1/30/2023 Maturity Date 1/30/20292025-12-310001633858Investment Terra Millennium Investment Type Senior Secured Delayed Draw Term Loan Index S+ Spread 4.75% Interest Rate 8.73% Maturity 11/1/20302026-01-012026-03-310001633858ck0001633858:HighTechIndustriesSectorMember2025-12-310001633858Investment Cherry Bekaert Investment Type Senior Secured Revolving Credit Loan Index S+ Spread 4.50% Interest Rate 8.18% Maturity 6/30/20302025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Construction & Building Leaf Home Investment Type Senior Secured Revolving Credit Loan Index S+ Spread 5.25% Interest Rate 8.90% Acquisition Date 9/4/2025 Maturity Date 9/4/20312025-01-012025-12-310001633858Investment Healthcare Linen Service Group Investment Type Senior Secured Delayed Draw Term Loan Index S+ Spread 4.75% Interest Rate 8.43% Maturity 2/2/20332026-01-012026-03-310001633858Investment A1 Garage Door Investment Type Senior Secured Revolving Loan Index S+ Spread 4.50% Interest Rate 8.48% Maturity 12/22/20282026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Aerospace & Defense Tronair Investment Type Senior Secured Initial Term Loan Index S+ Spread 3.75% Interest Rate 7.43% Acquisition Date 12/18/2025 Maturity Date 12/22/20322026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Telecommunications Vessco Investment Type Senior Secured Revolving Loan Index S+ Spread 4.50% Interest Rate 8.18% Acquisition Date 10/30/2025 Maturity Date 11/3/20322026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Transportation: Cargo Capstone Logistics Investment Type Senior Secured 2024 Term Loan (First Lien) Index S+ Spread 4.50% Interest Rate 8.18% Acquisition Date 11/12/2020 Maturity Date 11/13/20292026-03-310001633858Significant Contractual Payment Obligations2026-03-310001633858ck0001633858:EnterpriseValueMemberck0001633858:FirstLienMembersrt:MaximumMemberck0001633858:MeasurementInputEVEBITDAMultipleMember2026-03-310001633858ck0001633858:MeasurementInputDebtServiceCoverageMemberus-gaap:ValuationTechniqueMatrixPricingMembersrt:MinimumMemberck0001633858:FirstLienMember2026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Chemicals, Plastics & Rubber Ascensus Specialties Investment Type Senior Secured Initial Term Loan Index S+ Spread 4.35% Interest Rate 8.00% Acquisition Date 12/3/2021 Maturity Date 6/30/20282025-01-012025-12-310001633858us-gaap:FairValueInputsLevel2Member2026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Capital Equipment 80/20 Investment Type Unitranche Initial Term Loan Index S+ Spread 4.50% Interest Rate 8.15% Acquisition Date 12/11/2025 Maturity Date 12/13/20322025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Construction & Building Voeller Investment Type Senior Secured Closing Date Initial Term Loan Index S+ Spread 4.75% Interest Rate 8.43% Acquisition Date 11/25/2025 Maturity Date 11/25/20322026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Capital Equipment Infinite Electronics Investment Type Senior Secured Initial Term Loan (First Lien) Index S+ Spread 3.75% Interest Rate 7.43% Acquisition Date 2/24/2021 Maturity Date 3/2/20282026-01-012026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Aerospace & Defense HDT Global Investment Type Senior Secured Initial Term Loan Index S+ Spread 1.00%, 5.50% PIK Interest Rate 10.18% Acquisition Date 6/30/2021 Maturity Date 1/7/20282026-01-012026-03-310001633858Portfolio Investments EQUITY AND PREFERRED SHARES: NON-CONTROL/NON-AFFILIATE INVESTMENTS Capital Equipment 80/20 Investment Type LP Interest Acquisition Date 12/22/20202025-01-012025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Business Addison Group Investment Type Senior Secured Initial Term Loan Index S+ Spread 4.25% Interest Rate 7.93% Acquisition Date 1/19/2022 Maturity Date 12/29/20282026-01-012026-03-310001633858Investment MB2 Dental Investment Type Senior Secured Revolving Loan Index S+ Spread 5.50% Interest Rate 9.18% Maturity 2/13/20312026-01-012026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Utilities: Water Vessco Investment Type Unitranche 2025 Incremental Term Loan Index S+ Spread 4.50% Interest Rate 8.15% Acquisition Date 10/30/2025 Maturity Date 11/3/20322025-12-310001633858Portfolio Investments EQUITY AND PREFERRED SHARES: NON-CONTROL/NON-AFFILIATE INVESTMENTS Consumer Goods: Durable Careismatic Investment Type Class A Units Acquisition Date 6/13/20242026-03-310001633858Portfolio Investments EQUITY AND PREFERRED SHARES: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Business Golden Source Investment Type Class A Units Acquisition Date 3/25/20222025-12-310001633858ck0001633858:DebtSecuritieMember2025-09-300001633858Investment R. F. Fager Investment Type Senior Secured Revolving Loan Index S+ Spread 5.00% Interest Rate 8.68% Maturity 3/4/20302026-01-012026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Healthcare & Pharmaceuticals Visor Buyer, Inc. Investment Type Index S+ Spread 6.50% Interest Rate 10.18% Acquisition Date 12/15/2025 Maturity Date 12/15/20312026-03-310001633858srt:WeightedAverageMemberus-gaap:ValuationTechniqueMatrixPricingMemberck0001633858:MeasurementInputInterestCoverageMemberck0001633858:SecondLienMember2026-03-310001633858ck0001633858:UtilitiesElectricSectorMember2025-01-012025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS High Tech Industries insightsoftware Investment Type Senior Secured Revolving Loan Index S+ Spread 5.25% Interest Rate 8.93% Acquisition Date 3/26/2024 Maturity Date 5/25/20282026-01-012026-03-310001633858us-gaap:ValuationTechniqueMatrixPricingMembersrt:MinimumMemberck0001633858:MeasurementInputTotalEnterpriseValueCoverageMemberck0001633858:SecondLienMember2026-03-310001633858Investment Miller Environmental Investment Type Senior Secured Revolving Loan Index S+ Spread 5.00% Interest Rate 8.68% Maturity 9/10/20312025-12-3100016338582017-12-072017-12-070001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Business trustaff Investment Type Senior Secured Initial Term Loan (First Lien) Index S+ Spread 4.25% Interest Rate 7.90% Acquisition Date 12/9/2021 Maturity Date 3/6/20282025-01-012025-12-310001633858Investment Trystar Investment Type Senior Secured Delayed Draw Term Loan Index S+ Spread 4.25% Interest Rate 7.93% Maturity 8/6/20312025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Construction & Building Voeller Investment Type Senior Secured Revolving Loan Index S+ Spread 4.75% Interest Rate 8.40% Acquisition Date 11/25/2025 Maturity Date 11/25/20322025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Healthcare & Pharmaceuticals Sequel Ortho (fka OrthoNebraska) Investment Type Unitranche First Amendment Term Loan Index S+ Spread 5.00% Interest Rate 8.65% Acquisition Date 10/31/2025 Maturity Date 7/31/20282025-01-012025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Business MB2 Dental Investment Type Unitranche Initial Term Loan Index S+ Spread 5.50% Interest Rate 9.18% Acquisition Date 2/5/2024 Maturity Date 2/13/20312026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Consumer Teaching Strategies Investment Type Senior Secured Initial Term Loan (First Lien) Index S+ Spread 3.75% Interest Rate 7.43% Acquisition Date 8/19/2021 Maturity Date 8/31/20282026-03-310001633858Investment GoldenSource Investment Type Senior Secured Revolving Loan Index S+ Spread 5.00% Interest Rate 8.68% Maturity 5/12/20282026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Healthcare & Pharmaceuticals American Vision Partners Investment Type Unitranche Initial Term Loan Index S+ Spread 5.75% Interest Rate 9.43% Acquisition Date 9/22/2021 Maturity Date 9/30/20272026-03-310001633858Portfolio Investments EQUITY AND PREFERRED SHARES: NON-CONTROL/NON-AFFILIATE INVESTMENTS Healthcare & Pharmaceuticals Sequel Ortho (fka OrthoNebraska) Investment Type Class A Units Acquisition Date 7/31/20232025-01-012025-12-310001633858ck0001633858:CapitalEquipmentSectorMember2025-01-012025-12-310001633858Investment RailPros Investment Type Senior Secured Delayed Draw Term Loan Index S+ Spread 4.25% Interest Rate 7.93% Maturity 5/24/20322026-01-012026-03-310001633858Portfolio Investments EQUITY AND PREFERRED SHARES: NON-CONTROL/NON-AFFILIATE INVESTMENTS Banking, Finance, Insurance & Real Estate Cherry Bekaert Investment Type Class A Units Acquisition Date 6/30/20222026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Healthcare & Pharmaceuticals RMP & MedA/Rx Investment Type Senior Secured Term Loan (First Lien) Index S+ Spread 5.00% Interest Rate 8.68% Acquisition Date 2/27/2017 Maturity Date 2/4/20282026-03-310001633858ck0001633858:AdvisorMemberck0001633858:WaiverAgreementMember2026-01-012026-03-310001633858ck0001633858:UnitrancheDebtOneMemberck0001633858:MeasurementInputDebtServiceCoverageMemberus-gaap:ValuationTechniqueMatrixPricingMembersrt:MaximumMember2025-12-310001633858us-gaap:MidwestRegionMember2025-01-012025-12-310001633858Investment Clearway Investment Type Senior Secured Revolving Loan Index S+ Spread 5.50% Interest Rate 9.18% Maturity 8/30/20302025-12-310001633858Investment Eagle Fire Investment Type Senior Secured Delayed Draw Term Loan Index S+ Spread 4.25% Interest Rate 7.93% Maturity 7/15/20322026-03-310001633858Portfolio Investments EQUITY AND PREFERRED SHARES: NON-CONTROL/NON-AFFILIATE INVESTMENTS Capital Equipment TRG Investment Type Class A Membership Interests Acquisition Date 1/5/20262026-01-012026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Aerospace & Defense API Technologies Investment Type Senior Secured Term B-1 Loan (First Lien) Index S+ Spread 1.00%, 6.00% PIK Interest Rate 10.68% Acquisition Date 11/3/2023 Maturity Date 3/25/20272026-01-012026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Banking, Finance, Insurance & Real Estate Cherry Bekaert Investment Type Senior Secured Revolving Credit Loan Index S+ Spread 4.50% Interest Rate 8.18% Acquisition Date 6/13/2022 Maturity Date 6/30/20302026-01-012026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Consumer Crash Champions Investment Type Senior Secured Initial Term Loan Index S+ Spread 4.75% Interest Rate 8.40% Acquisition Date 2/7/2024 Maturity Date 2/23/20292025-12-310001633858us-gaap:HealthcareSectorMemberck0001633858:EquityAndPreferredShareMember2026-03-310001633858srt:WeightedAverageMemberus-gaap:ValuationTechniqueMatrixPricingMemberck0001633858:MeasurementInputInterestCoverageMemberck0001633858:FirstLienMember2025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Capital Equipment Tank Holding Investment Type Senior Secured Revolving Credit Loan Index S+ Spread 5.75% Interest Rate 9.40% Acquisition Date 3/25/2022 Maturity Date 3/31/20282025-12-310001633858Investment Associated Springs Investment Type Senior Secured Amendment No. 1 Delayed Draw Term Loan Index S+ Spread 4.75% Interest Rate 8.43% Maturity 4/4/20302026-03-310001633858Investment Industrial Electric Manufacturing Investment Type Senior Secured 2025 Incremental DDTL Index S+ Spread 4.50% Interest Rate 8.18% Maturity 12/3/20312026-01-012026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Aerospace & Defense Electro Methods Investment Type Senior Secured Initial Term Loans Index S+ Spread 4.75% Interest Rate 8.43% Acquisition Date 2/6/2025 Maturity Date 2/23/20322026-01-012026-03-310001633858Investment Sequel Ortho (fka OrthoNebraska) Investment Type Senior Secured Revolving Loan Index S+ Spread 5.00% Interest Rate 8.68% Maturity 7/31/20282026-01-012026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Beverage, Food & Tobacco Mary Ruth's Investment Type Senior Secured Closing Date Term A Loan Index S+ Spread 4.00% Interest Rate 7.68% Acquisition Date 9/26/2025 Maturity Date 9/30/20302026-03-310001633858Investment Nvision Investment Type Senior Secured First Amendment Delayed Draw Term Loan Index S+ Spread 5.50% Interest Rate 9.18% Maturity 12/31/20282026-01-012026-03-310001633858srt:WeightedAverageMemberck0001633858:MatrixPricingMarketAnalysisMemberck0001633858:MeasurementInputInterestCoverageMemberck0001633858:SecondLienMember2026-03-310001633858us-gaap:AutomotiveSectorMemberck0001633858:EquityAndPreferredSharesMember2025-12-310001633858Investment Dane Street Investment Type Senior Secured Revolving Loan Index S+ Spread 4.50% Interest Rate 8.18% Maturity 3/24/20332025-12-310001633858ck0001633858:MatrixPricingMarketAnalysisMembersrt:MinimumMemberck0001633858:SecondLienMemberck0001633858:MeasurementInputSeniorLeverageMember2025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Healthcare & Pharmaceuticals Cirtec Medical Investment Type Senior Secured Revolving Credit (First Lien) Index S+ Spread 5.00% Interest Rate 8.65% Acquisition Date 1/30/2023 Maturity Date 10/31/20282025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Construction & Building A1 Garage Door Investment Type Senior Secured Revolving Loan Index S+ Spread 4.50% Interest Rate 8.15% Acquisition Date 12/22/2022 Maturity Date 12/22/20282025-01-012025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Media: Diversified & Production Cast & Crew Investment Type Senior Secured Incremental Facility No. 2 Incremental Term Loan (First Lien) Index S+ Spread 3.75% Interest Rate 7.43% Acquisition Date 4/30/2024 Maturity Date 12/29/20282026-03-310001633858Investment Heartland Investment Type Senior Secured 2025 Incremental Delayed Draw Term Loan Index S+ Spread 4.75% Interest Rate 8.43% Maturity 12/12/20292026-01-012026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Healthcare & Pharmaceuticals VaxCare Investment Type Unitranche Initial Term Loan Index S+ Spread 4.50% Interest Rate 8.15% Acquisition Date 6/10/2025 Maturity Date 6/17/20322025-12-310001633858Investment Clearway Investment Type Senior Secured Tenth Amendment Delayed Draw Loan Index S+ Spread 5.50% Interest Rate 9.18% Maturity 8/30/20302025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Business Lexitas Investment Type Unitranche Initial Term Loan Index S+ Spread 5.00% Interest Rate 8.65% Acquisition Date 4/15/2025 Maturity Date 4/15/20312025-12-310001633858ck0001633858:CapitalEquipmentMemberck0001633858:EquityAndPreferredSharesMember2025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Business Addison Group Investment Type Senior Secured Initial Term Loan Index S+ Spread 4.25% Interest Rate 7.93% Acquisition Date 1/19/2022 Maturity Date 12/29/20282026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Banking, Finance, Insurance & Real Estate Orion Investment Type Senior Secured 2025 Refinancing Term Loan (First Lien) Index S+ Spread 3.25% Interest Rate 6.90% Acquisition Date 8/4/2020 Maturity Date 9/24/20302025-01-012025-12-310001633858Investment Kenco Investment Type Senior Secured Revolving Credit Loan Index S+ Spread 4.25% Interest Rate 7.93% Maturity 11/15/20292026-01-012026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Healthcare & Pharmaceuticals RxBenefits Investment Type Senior Secured Term Loan Index S+ Spread 5.00% Interest Rate 8.65% Acquisition Date 12/31/2025 Maturity Date 12/23/20302025-12-310001633858Investment Cerity Partners Investment Type Senior Secured Initial Revolving Loan Index S+ Spread 4.50% Interest Rate 8.18% Maturity 7/28/20282025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Capital Equipment MW Industries Investment Type Senior Secured Initial Term Loan Index S+ Spread 7.00% Interest Rate 10.68% Acquisition Date 3/31/2023 Maturity Date 3/31/20302026-01-012026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Capital Equipment Tank Holding Investment Type Unitranche Initial Term Loan Index S+ Spread 5.75% Interest Rate 9.43% Acquisition Date 3/25/2022 Maturity Date 3/31/20282026-01-012026-03-310001633858srt:WeightedAverageMemberus-gaap:ValuationTechniqueMatrixPricingMemberck0001633858:MeasurementInputInterestCoverageMemberck0001633858:SecondLienMember2025-12-310001633858us-gaap:EastRegionMember2026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Healthcare & Pharmaceuticals Summit Spine 2025 Investment Type Senior Secured Revolving Loan Index S+ Spread 4.75% Interest Rate 8.43% Acquisition Date 3/21/2025 Maturity Date 3/25/20312026-03-310001633858Investment CCG Investment Type Senior Secured Revolving Facility Index S+ Spread 4.50% Interest Rate 8.18% Maturity 12/30/20322025-12-310001633858us-gaap:FoodAndBeverageSectorMemberck0001633858:EquityAndPreferredSharesMember2025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Healthcare & Pharmaceuticals VaxCare Investment Type Senior Secured Revolving Credit Loan Index S+ Spread 4.50% Interest Rate 8.15% Acquisition Date 6/10/2025 Maturity Date 6/17/20322025-01-012025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Business Epiq Investment Type Senior Secured 2025 Refinancing Term Loan (First Lien) Index S+ Spread 4.00% Interest Rate 7.65% Acquisition Date 7/17/2024 Maturity Date 4/26/20292025-12-310001633858ck0001633858:EquityAndPreferredMemberck0001633858:EnterpriseValueMembersrt:MinimumMemberck0001633858:MeasurementInputEVEBITDAMultipleMember2026-03-310001633858Investment United Comfort Group (fka United Air Temp) Investment Type Senior Secured Revolving Loan Index S+ Spread 5.50% Interest Rate 9.18% Maturity 3/28/20302026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS High Tech Industries Qlik Investment Type Senior Secured Second Amendment Refinancing Term Loan (First Lien) Index S+ Spread 3.25% Interest Rate 6.93% Acquisition Date 12/31/2024 Maturity Date 10/26/20302026-01-012026-03-310001633858Investment Industrial Physics Investment Type Senior Secured Revolving Credit Loan Index S+ Spread 6.25% Interest Rate 9.93% Maturity 7/19/20282025-12-310001633858Investment Trystar Investment Type Senior Secured Delayed Draw Term Loan Index S+ Spread 4.25% Interest Rate 7.93% Maturity 8/6/20312026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS High Tech Industries Inhabit Investment Type Senior Secured Revolving Credit Loan Index S+ Spread 4.50% Interest Rate 8.18% Acquisition Date 12/10/2024 Maturity Date 1/12/20322026-01-012026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Environmental Industries O6 Environmental Investment Type Senior Secured Initial Term Loan Index S+ Spread 4.75% Interest Rate 8.43% Acquisition Date 8/4/2025 Maturity Date 8/5/20322026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Beverage, Food & Tobacco Purfoods Investment Type Senior Secured 2026 Term Loan Index S+ Spread 4.50% Interest Rate 8.18% Acquisition Date 6/24/2024 Maturity Date 8/10/20292026-01-012026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Capital Equipment Plaskolite Investment Type Senior Secured Revolving Credit Loan Index S+ Spread 7.00% Interest Rate 10.68% Acquisition Date 5/5/2025 Maturity Date 2/7/20302026-01-012026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Healthcare & Pharmaceuticals Therapy Brands Investment Type Senior Secured Initial Term Loan (First Lien) Index S+ Spread 4.00% Interest Rate 7.65% Acquisition Date 5/12/2021 Maturity Date 5/18/20282025-01-012025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Capital Equipment MW Industries Investment Type Senior Secured Initial Term Loan Index S+ Spread 7.00% Interest Rate 10.68% Acquisition Date 3/31/2023 Maturity Date 3/31/20302026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Healthcare & Pharmaceuticals AccentCare Investment Type Senior Secured Tranche B Term Loan Index S+ Spread 4.00% Interest Rate 7.68% Acquisition Date 6/15/2021 Maturity Date 9/20/20282026-03-310001633858Investment EPIC Insurance Investment Type Senior Secured Fifth Amendment Refinancing Revolving Loan Index S+ Spread 4.50% Interest Rate 8.18% Maturity 9/29/20282026-03-310001633858ck0001633858:MatrixPricingMarketAnalysisMemberck0001633858:SecondLienMemberck0001633858:MeasurementInputSeniorLeverageMembersrt:MaximumMember2025-12-310001633858Investment Ivy Rehab Investment Type Senior Secured Amendment No. 3 Delayed Draw Term Loan Index S+ Spread 5.00% Interest Rate 8.68% Maturity 4/23/20292026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Banking, Finance, Insurance & Real Estate Prime Pensions Investment Type Unitranche Initial Term Loan Index S+ Spread 4.75% Interest Rate 8.43% Acquisition Date 2/20/2024 Maturity Date 2/26/20302026-01-012026-03-310001633858Investment Aprio Investment Type Senior Secured 2025 Incremental Delayed Draw Term Loan Index S+ Spread 4.75% Interest Rate 8.43% Maturity 8/1/20312026-01-012026-03-310001633858Investment Kenco Investment Type Senior Secured DDTL Index S+ Spread 4.25% Interest Rate 7.93% Maturity 11/15/20292025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Healthcare & Pharmaceuticals nThrive Investment Type Senior Secured Tranche B Term Loan Index S+ Spread 4.00% Interest Rate 7.68% Acquisition Date 11/18/2024 Maturity Date 12/15/20282026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS High Tech Industries LightBox Investment Type Senior Secured Revolving Loan Index S+ Spread 5.25% Interest Rate 8.90% Acquisition Date 1/10/2025 Maturity Date 1/13/20302025-01-012025-12-310001633858srt:WeightedAverageMemberus-gaap:ValuationTechniqueMatrixPricingMemberck0001633858:MeasurementInputInterestCoverageMemberck0001633858:FirstLienMember2026-03-310001633858Investment FMG Suite Investment Type Senior Secured Delayed Draw Term Loan Index S+ Spread 4.75% Interest Rate 8.43% Maturity 9/9/20322026-03-310001633858us-gaap:ContainerAndPackagingSectorMember2026-01-012026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Construction & Building Leaf Home Investment Type Senior Secured Initial Term Loan Index S+ Spread 5.25% Interest Rate 8.93% Acquisition Date 9/4/2025 Maturity Date 9/4/20312026-01-012026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Consumer Ned Stevens 2022-2 Investment Type Unitranche Initial Term Loan Index S+ Spread 5.00% Interest Rate 8.65% Acquisition Date 11/1/2022 Maturity Date 11/1/20292025-01-012025-12-310001633858Portfolio Investments EQUITY AND PREFERRED SHARES: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Business VC3 Investment Type Class A Units Acquisition Date 9/16/20222025-01-012025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Healthcare & Pharmaceuticals Western Dental Investment Type Senior Secured Loan Index S+ Spread 2.50% Interest Rate 6.15% Acquisition Date 12/24/2025 Maturity Date 6/3/20262025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Containers, Packaging & Glass Industrial Physics Investment Type Senior Secured Initial Term Loan Index S+ Spread 6.25% Interest Rate 9.93% Acquisition Date 7/18/2023 Maturity Date 7/19/20292026-01-012026-03-310001633858Investment LightBox Investment Type Senior Secured Revolving Loan Index S+ Spread 5.00% Interest Rate 8.68% Maturity 1/13/20302025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Capital Equipment Flow Control Group Investment Type Senior Secured Amendment No. 11 Term Loan (First Lien) Index S+ Spread 3.25% Interest Rate 6.90% Acquisition Date 3/17/2021 Maturity Date 3/31/20282025-12-310001633858Investment Associated Springs Investment Type Senior Secured Revolving Loan Index S+ Spread 4.75% Interest Rate 8.43% Maturity 4/4/20302025-12-310001633858us-gaap:NorthwestRegionMember2025-12-310001633858Investment Hissho Sushi Investment Type Senior Secured Revolving Credit Loan Index S+ Spread 4.75% Interest Rate 8.43% Maturity 5/18/20292026-01-012026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Business InnovateMR Investment Type Unitranche Initial Term Loan Index S+ Spread 6.00% Interest Rate 9.65% Acquisition Date 12/16/2021 Maturity Date 1/20/20282025-01-012025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Construction & Building Terra Millennium Investment Type Senior Secured Initial Term Loan Index S+ Spread 4.75% Interest Rate 8.43% Acquisition Date 10/25/2024 Maturity Date 11/1/20302026-01-012026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Beverage, Food & Tobacco Golden State Foods Investment Type Senior Secured Initial Term Loan Index S+ Spread 4.00% Interest Rate 7.68% Acquisition Date 10/7/2024 Maturity Date 12/4/20312026-01-012026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Chemicals, Plastics & Rubber Chase Investment Type Senior Secured Initial Term Loan Index S+ Spread 4.00% Interest Rate 7.68% Acquisition Date 4/2/2025 Maturity Date 4/9/20322026-01-012026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Healthcare & Pharmaceuticals Nvision Investment Type Senior Secured 2024 Initial Term Loan Index S+ Spread 5.50% Interest Rate 9.15% Acquisition Date 10/31/2024 Maturity Date 12/31/20282025-01-012025-12-310001633858Investment R. F. Fager Investment Type Senior Secured Delayed Draw Term Loan Index S+ Spread 5.00% Interest Rate 8.68% Maturity 3/4/20302025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Construction & Building Playcore Investment Type Senior Secured Initial Term Loan (First Lien) Index S+ Spread 3.75% Interest Rate 7.43% Acquisition Date 2/14/2024 Maturity Date 2/20/20302026-03-310001633858us-gaap:CommonStockMember2025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Beverage, Food & Tobacco St. George Logistics Investment Type Senior Secured Interim Initial New Money Term Loan Index S+ Spread 0.00% Interest Rate 3.68% Acquisition Date 1/29/2026 Maturity Date 7/31/20262026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Containers, Packaging & Glass Brook & Whittle Investment Type Senior Secured Tranche A Term Loan Index S+ Spread 6.50% Interest Rate 10.18% Acquisition Date 8/11/2025 Maturity Date 12/14/20302026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Containers, Packaging & Glass Precision Concepts Investment Type Unitranche Initial Term Loan (US) Index S+ Spread 4.75% Interest Rate 8.43% Acquisition Date 7/28/2025 Maturity Date 8/2/20322026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Capital Equipment TriMark Investment Type Senior Secured Initial Tranche B Loan Index S+ Spread 2.00%, 3.25% PIK Interest Rate 8.93% Acquisition Date 1/16/2024 Maturity Date 7/2/20292026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Healthcare & Pharmaceuticals Press Ganey Investment Type Senior Secured Existing Term Loan (First Lien) Index S+ Spread 3.00% Interest Rate 6.68% Acquisition Date 4/24/2024 Maturity Date 4/30/20312026-01-012026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Chemicals, Plastics & Rubber Americhem Investment Type Senior Secured Revolving Loan Index S+ Spread 4.50% Interest Rate 8.15% Acquisition Date 2/5/2025 Maturity Date 3/1/20322025-01-012025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Media: Advertising, Printing & Publishing MediaRadar Investment Type Senior Secured Revolving Loan Index S+ Spread 5.00% Interest Rate 8.68% Acquisition Date 9/16/2022 Maturity Date 9/16/20292026-01-012026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Business CCG Investment Type Unitranche Initial Term Loan Index S+ Spread 4.50% Interest Rate 8.15% Acquisition Date 12/30/2025 Maturity Date 12/30/20322025-12-310001633858Investment PayByPhone Investment Type Senior Secured Revolving Credit Index S+ Spread 4.75% Interest Rate 8.43% Maturity 3/31/20332025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Aerospace & Defense Whitcraft Investment Type Senior Secured Revolving Loan Index S+ Spread 5.00% Interest Rate 8.68% Acquisition Date 3/31/2023 Maturity Date 9/30/20312026-03-310001633858ck0001633858:UnitrancheDebtOneMembersrt:WeightedAverageMemberus-gaap:ValuationTechniqueMatrixPricingMemberck0001633858:MeasurementInputTotalLeverageMember2026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Construction & Building PlayPower Investment Type Senior Secured Revolving Loan Index S+ Spread 5.25% Interest Rate 8.93% Acquisition Date 10/29/2025 Maturity Date 10/29/20302026-01-012026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Healthcare & Pharmaceuticals AccentCare Investment Type Senior Secured Tranche A Term Loan Index S+ Spread 5.50% Interest Rate 9.18% Acquisition Date 2/05/2024 Maturity Date 6/20/20282026-03-310001633858ck0001633858:EquityAndPreferredSharesMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Media: Diversified & Production Spectrum Science Investment Type Senior Secured 2024 Incremental Term Loan Index S+ Spread 7.00% Interest Rate 10.65% Acquisition Date 1/17/2024 Maturity Date 2/1/20292025-12-310001633858Portfolio Investments EQUITY AND PREFERRED SHARES: NON-CONTROL/NON-AFFILIATE INVESTMENTS Hotels, Gaming & Leisure Auto Europe Investment Type Class A Units Acquisition Date 1/20/20262026-01-012026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Construction & Building Leaf Home Investment Type Senior Secured Initial Term Loan Index S+ Spread 5.25% Interest Rate 8.90% Acquisition Date 9/4/2025 Maturity Date 9/4/20312026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Hotels, Gaming & Leisure Encore Investment Type Senior Secured Initial Term Loan Index S+ Spread 5.00% Interest Rate 8.65% Acquisition Date 11/18/2024 Maturity Date 12/5/20312025-01-012025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Healthcare & Pharmaceuticals Dane Street Investment Type Senior Secured Revolving Loan Index S+ Spread 4.50% Interest Rate 8.18% Acquisition Date 3/25/2026 Maturity Date 3/24/20332026-03-310001633858Portfolio Investments EQUITY AND PREFERRED SHARES: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Consumer Super-Sod Investment Type Class A Units Acquisition Date 2/27/20262026-03-310001633858us-gaap:FoodAndBeverageSectorMember2025-01-012025-12-310001633858Investment Specialized Dental Investment Type Senior Secured Sixth Amendment DDTL Index S+ Spread 4.75% Interest Rate 8.43% Maturity 11/1/20282025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Consumer Apex Service Partners Investment Type Unitranche Second Amendment Incremental Term Loan Index S+ Spread 5.00% Interest Rate 8.68% Acquisition Date 4/24/2025 Maturity Date 10/24/20302026-01-012026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Healthcare & Pharmaceuticals Symplr Investment Type Senior Secured Initial Term Loan (First Lien) Index S+ Spread 4.50% Interest Rate 8.18% Acquisition Date 11/23/2020 Maturity Date 12/22/20272026-03-310001633858us-gaap:AdditionalPaidInCapitalMember2026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Banking, Finance, Insurance & Real Estate Confluence Investment Type Senior Secured Initial Term Loan (First Lien) Index S+ Spread 3.75% Interest Rate 7.40% Acquisition Date 7/22/2021 Maturity Date 7/31/20282025-01-012025-12-310001633858ck0001633858:MatrixPricingMarketAnalysisMemberck0001633858:SecondLienMemberck0001633858:MeasurementInputSeniorLeverageMember2025-12-310001633858ck0001633858:AdvisorMember2026-01-012026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Business AI Fire & Safety Investment Type Unitranche Initial Term Loan Index S+ Spread 2.25%, 2.75% PIK Interest Rate 8.68% Acquisition Date 12/20/2024 Maturity Date 2/2/20322026-01-012026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Business Eagle Fire Investment Type Senior Secured Initial Revolving Loan Index S+ Spread 4.50% Interest Rate 8.18% Acquisition Date 6/04/2025 Maturity Date 7/15/20322026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Consumer Aptive Environmental Investment Type Senior Secured Initial Term Loan Index S+ Spread 4.75% Interest Rate 8.40% Acquisition Date 10/10/2025 Maturity Date 10/15/20322025-01-012025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Capital Equipment TriMark Investment Type Senior Secured Initial Tranche B Loan Index S+ Spread 2.00%, 3.25% PIK Interest Rate 8.90% Acquisition Date 1/16/2024 Maturity Date 7/2/20292025-01-012025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Beverage, Food & Tobacco Rise Baking Investment Type Senior Secured Initial Term Loan Index S+ Spread 5.00% Interest Rate 8.65% Acquisition Date 10/24/2024 Maturity Date 11/4/20312025-01-012025-12-310001633858ck0001633858:MediaAdvertisingPrintingPublishingSectorMemberck0001633858:EquityAndPreferredSharesMember2025-12-310001633858Investment Trystar Investment Type Senior Secured Amendment No. 2 Incremental Revolver Index S+ Spread 4.25% Interest Rate 7.93% Maturity 8/6/20312026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Healthcare & Pharmaceuticals Micro Merchant Systems Investment Type Unitranche Initial Term Loan Index S+ Spread 4.75% Interest Rate 8.43% Acquisition Date 1/29/2026 Maturity Date 2/2/20262026-01-012026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS High Tech Industries Planview Investment Type Senior Secured 2024-B Incremental Term Loan (First Lien) Index S+ Spread 3.50% Interest Rate 7.15% Acquisition Date 12/11/2020 Maturity Date 12/17/20272025-01-012025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Business Capital Consultants Management Corporation Investment Type Unitranche Closing Date Term Loan Index S+ Spread 4.75% Interest Rate 8.43% Acquisition Date 7/29/2025 Maturity Date 11/1/20312026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Healthcare & Pharmaceuticals Summit Spine 2025 Investment Type Unitranche Initial Term Loan Index S+ Spread 4.75% Interest Rate 8.43% Acquisition Date 3/21/2025 Maturity Date 3/25/20312026-01-012026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Environmental Industries Denali Water Solutions Investment Type Senior Secured Revolving Loan Index S+ Spread 4.75% Interest Rate 8.40% Acquisition Date 11/13/2025 Maturity Date 11/19/20322025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Beverage, Food & Tobacco Monogram Foods Investment Type Senior Secured Initial Term Loan Index S+ Spread 4.00% Interest Rate 7.68% Acquisition Date 8/13/2021 Maturity Date 8/28/20282026-01-012026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Capital Equipment Pegasus Investment Type Senior Secured Initial Term Loan Index S+ Spread 4.75% Interest Rate 8.40% Acquisition Date 1/24/2024 Maturity Date 1/19/20312025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Wholesale RelaDyne Investment Type Senior Secured Term B Loan (First Lien) Index S+ Spread 3.50% Interest Rate 7.18% Acquisition Date 6/30/2025 Maturity Date 12/23/20302026-03-310001633858Investment Options IT Investment Type Senior Secured Revolving Loan Index S+ Spread 4.50% Interest Rate 8.18% Maturity 3/31/20312026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Media: Advertising, Printing & Publishing MediaRadar Investment Type Unitranche 2023 Incremental Term Loan Index S+ Spread 5.00% Interest Rate 8.68% Acquisition Date 10/31/2023 Maturity Date 9/16/20292026-03-310001633858Investment Hissho Sushi Investment Type Senior Secured Revolving Credit Loan Index S+ Spread 4.75% Interest Rate 8.43% Maturity 5/18/20292025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Business Eagle Fire Investment Type Senior Secured Initial Revolving Loan Index S+ Spread 4.50% Interest Rate 8.15% Acquisition Date 6/04/2025 Maturity Date 7/15/20322025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Healthcare & Pharmaceuticals AGS Health Investment Type Senior Secured Tranche A Revolving Credit Loan Index S+ Spread 4.50% Interest Rate 8.15% Acquisition Date 7/24/2025 Maturity Date 8/2/20322025-01-012025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Aerospace & Defense Novaria Group Investment Type Senior Secured Initial Term Loan Index S+ Spread 3.25% Interest Rate 6.90% Acquisition Date 6/4/2024 Maturity Date 6/6/20312025-01-012025-12-310001633858ck0001633858:MediaDiversifiedProductionSectorMember2026-03-310001633858Investment Ned Stevens 2022-2 Investment Type Senior Secured 2025 Incremental Delayed Draw Term Loan Index S+ Spread 5.00% Interest Rate 8.68% Maturity 11/1/20292025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS High Tech Industries PayByPhone Investment Type Unitranche Initial Term Loan Index S+ Spread 4.75% Interest Rate 8.43% Acquisition Date 3/30/2026 Maturity Date 3/31/20332026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Capital Equipment Excelitas Investment Type Unitranche Closing Date Euro Term Loan Index S+ Spread 5.25% Interest Rate 8.90% Acquisition Date 6/15/2022 Maturity Date 8/13/20292025-12-310001633858ck0001633858:UtilitiesWaterSectorMember2025-12-310001633858ck0001633858:UnitrancheDebtOneMember2025-03-310001633858Portfolio Investments EQUITY AND PREFERRED SHARES: NON-CONTROL/NON-AFFILIATE INVESTMENTS Chemicals, Plastics & Rubber Vertellus Investment Type Series A Units Acquisition Date 12/22/20202026-01-012026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Healthcare & Pharmaceuticals Nvision Investment Type Senior Secured Revolving Loan Index S+ Spread 5.50% Interest Rate 9.18% Acquisition Date 10/31/2024 Maturity Date 12/31/20282026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Capital Equipment SupplyHouse Investment Type Senior Secured Initial Term Loan Index S+ Spread 4.00% Interest Rate 7.68% Acquisition Date 6/19/2025 Maturity Date 7/1/20322026-01-012026-03-310001633858Investment O6 Environmental Investment Type Senior Secured Delayed Draw Term Loan Index S+ Spread 4.75% Interest Rate 8.43% Maturity 8/5/20322026-01-012026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Environmental Industries Crystal Clean Investment Type Senior Secured Initial Term Loan Index S+ Spread 3.75% Interest Rate 7.43% Acquisition Date 10/5/2023 Maturity Date 10/17/20302026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Healthcare & Pharmaceuticals NSM Investment Type Senior Secured Amendment No. 9 Incremental Term Loan Index S+ Spread 4.25% Interest Rate 7.93% Acquisition Date 8/05/2024 Maturity Date 5/14/20292026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Healthcare & Pharmaceuticals Radiology Partners Investment Type Senior Secured Term B Loan Index S+ Spread 4.50% Interest Rate 8.18% Acquisition Date 6/26/2025 Maturity Date 6/30/20322026-01-012026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Automotive Engine & Transmission Exchange Investment Type Senior Secured Revolving Loan Index S+ Spread 5.00% Interest Rate 8.65% Acquisition Date 5/26/2023 Maturity Date 5/29/20292025-12-310001633858ck0001633858:EquityAndPreferredSharesMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Business VC3 Investment Type Senior Secured Delayed TL Index S+ Spread 5.10% Interest Rate 8.75% Acquisition Date 9/16/2022 Maturity Date 3/12/20292025-01-012025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Containers, Packaging & Glass ProAmpac Investment Type Senior Secured Initial USD Term Loan (First Lien) Index S+ Spread 4.00% Interest Rate 7.68% Acquisition Date 8/7/2025 Maturity Date 3/7/20332026-03-310001633858us-gaap:ValuationTechniqueMatrixPricingMemberck0001633858:MeasurementInputTotalEnterpriseValueCoverageMemberck0001633858:FirstLienMembersrt:MaximumMember2025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Business Lexitas Investment Type Senior Secured Revolving Credit Loan Index S+ Spread 5.00% Interest Rate 8.68% Acquisition Date 4/15/2025 Maturity Date 4/15/20312026-01-012026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Business Lexitas Investment Type Senior Secured Revolving Credit Loan Index S+ Spread 5.00% Interest Rate 8.65% Acquisition Date 4/15/2025 Maturity Date 4/15/20312025-01-012025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Capital Equipment Shaw Investment Type Senior Secured Closing Date Term Loan (First Lien) Index S+ Spread 6.00% Interest Rate 9.68% Acquisition Date 9/30/2023 Maturity Date 10/30/20292026-03-310001633858us-gaap:ConstructionSectorMember2026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Consumer Apex Service Partners Investment Type Unitranche Second Amendment Incremental Term Loan Index S+ Spread 5.00% Interest Rate 8.65% Acquisition Date 4/24/2025 Maturity Date 10/24/20302025-12-310001633858Investment Aprio Investment Type Senior Secured 2025-2 Incremental Delayed Draw Term Loan Index S+ Spread 4.75% Interest Rate 8.43% Maturity 8/1/20312025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Healthcare & Pharmaceuticals Summit Spine 2025 Investment Type Unitranche Initial Term Loan Index S+ Spread 4.75% Interest Rate 8.40% Acquisition Date 3/21/2025 Maturity Date 3/25/20312025-01-012025-12-310001633858Investment APT Healthcare Investment Type Senior Secured Delayed Draw Term Loan Index S+ Spread 4.50% Interest Rate 8.18% Maturity 9/30/20312026-01-012026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Business Colibri Investment Type Senior Secured First Amendment Incremental Term Loan Index S+ Spread 5.00% Interest Rate 8.65% Acquisition Date 11/9/2023 Maturity Date 3/12/20292025-01-012025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Healthcare & Pharmaceuticals Clearway Investment Type Senior Secured Revolving Loan Index S+ Spread 5.50% Interest Rate 9.15% Acquisition Date 9/17/2025 Maturity Date 8/30/20302025-01-012025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Healthcare & Pharmaceuticals Symplr Investment Type Senior Secured Initial Term Loan (First Lien) Index S+ Spread 4.50% Interest Rate 8.18% Acquisition Date 11/23/2020 Maturity Date 12/22/20272026-01-012026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Chemicals, Plastics & Rubber Shrieve Investment Type Unitranche Initial Term Loan Index S+ Spread 6.00% Interest Rate 9.65% Acquisition Date 9/23/2024 Maturity Date 10/30/20302025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Business Dun & Bradstreet Investment Type Unitranche Initial Term Loan Index S+ Spread 5.50% Interest Rate 9.18% Acquisition Date 6/30/2025 Maturity Date 8/26/20322026-01-012026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS High Tech Industries Ivanti Software Investment Type Senior Secured Initial Term Loan (First Lien) Index S+ Spread 5.75% Interest Rate 9.40% Acquisition Date 5/6/2025 Maturity Date 6/1/20292025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Transportation: Cargo AIT Worldwide Logistics Investment Type Senior Secured Initial Term Loan (First Lien) Index S+ Spread 4.00% Interest Rate 7.68% Acquisition Date 11/7/2024 Maturity Date 4/8/20302026-03-310001633858srt:WeightedAverageMemberck0001633858:MeasurementInputModifiedMarketYieldMemberck0001633858:FirstLienMemberck0001633858:AnalysisOfTrendInLeverageMember2026-03-310001633858Investment VaxCare Investment Type Senior Secured Revolving Credit Loan Index S+ Spread 4.50% Interest Rate 8.18% Maturity 6/17/20322026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Healthcare & Pharmaceuticals Clearway Investment Type Senior Secured Ninth Amendment Incremental Term Loan Index S+ Spread 5.50% Interest Rate 9.18% Acquisition Date 9/17/2025 Maturity Date 8/30/20302026-03-310001633858Investment O6 Environmental Investment Type Senior Secured Delayed Draw Term Loan Index S+ Spread 4.75% Interest Rate 8.43% Maturity 8/5/20322026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Healthcare & Pharmaceuticals Cirtec Medical Investment Type Senior Secured Amendment No. 1 Incremental Term Loan Index S+ Spread 5.00% Interest Rate 8.65% Acquisition Date 7/02/2024 Maturity Date 1/30/20292025-01-012025-12-310001633858us-gaap:ValuationTechniqueMatrixPricingMemberck0001633858:SecondLienMemberck0001633858:MeasurementInputSeniorLeverageMember2026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Transportation: Cargo Magnate Investment Type Senior Secured Initial Term Loan (First Lien) Index S+ Spread 5.50% Interest Rate 9.15% Acquisition Date 3/11/2022 Maturity Date 12/29/20282025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Wholesale RelaDyne Investment Type Senior Secured Term B Loan (First Lien) Index S+ Spread 3.50% Interest Rate 7.15% Acquisition Date 6/30/2025 Maturity Date 12/23/20302025-01-012025-12-3100016338582023-06-132023-06-130001633858Investment Argano Investment Type Senior Secured Revolving Credit Loan Index S+ Spread 5.50% Interest Rate 9.18% Maturity 9/13/20292026-01-012026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Business Vortex Companies Investment Type Senior Secured Revolving Loan Index S+ Spread 5.00% Interest Rate 8.65% Acquisition Date 9/01/2023 Maturity Date 9/4/20292025-12-310001633858us-gaap:SoutheastRegionMember2025-01-012025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Business HireRight Investment Type Senior Secured 2025 Replacement Term Loan (First Lien) Index S+ Spread 3.25% Interest Rate 6.90% Acquisition Date 3/25/2024 Maturity Date 9/27/20302025-01-012025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Healthcare & Pharmaceuticals Patterson Companies Investment Type Senior Secured Initial Term Loan Index S+ Spread 4.50% Interest Rate 8.18% Acquisition Date 7/24/2025 Maturity Date 4/16/20322026-01-012026-03-310001633858Investment Ohio Transmission Investment Type Senior Secured Initial Revolving Loan Index S+ Spread 5.75% Interest Rate 9.43% Maturity 12/19/20292025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Construction & Building Electric Power Engineers Investment Type Senior Secured Revolving Loan Index S+ Spread 4.50% Interest Rate 8.15% Acquisition Date 11/27/2024 Maturity Date 12/15/20312025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS High Tech Industries Barracuda Investment Type Senior Secured Initial Term Loan (Second Lien) Index S+ Spread 7.00% Interest Rate 10.68% Acquisition Date 5/17/2022 Maturity Date 8/15/20302026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Banking, Finance, Insurance & Real Estate Confluence Investment Type Senior Secured Term Loan (Priority) Index S+ Spread 5.00% Interest Rate 8.68% Acquisition Date 2/14/2025 Maturity Date 7/30/20282026-03-310001633858Investment PlayPower Investment Type Senior Secured Revolving Loan Index S+ Spread 5.25% Interest Rate 8.93% Maturity 10/29/20302025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Business AI Fire & Safety Investment Type Senior Secured Term Loan Index S+ Spread 4.75% Interest Rate 8.43% Acquisition Date 3/31/2026 Maturity Date 4/2/20322026-01-012026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Healthcare & Pharmaceuticals Blue Cloud 2025 Investment Type Senior Secured Closing Date Term Loan Index S+ Spread 5.00% Interest Rate 8.68% Acquisition Date 8/12/2025 Maturity Date 1/21/20312026-01-012026-03-310001633858Investment Voeller Investment Type Senior Secured Initial Delayed Draw Term Loan Index S+ Spread 4.75% Interest Rate 8.43% Maturity 11/25/20322026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Healthcare & Pharmaceuticals Clearway Investment Type Senior Secured Second Amendment Incremental Term Loan Index S+ Spread 5.50% Interest Rate 9.15% Acquisition Date 9/17/2025 Maturity Date 8/30/20302025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Business Mitratech Investment Type Senior Secured Revolving Loan Index S+ Spread 4.75% Interest Rate 8.43% Acquisition Date 12/01/2025 Maturity Date 12/2/20312026-01-012026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Business S&P Engineering Solutions Investment Type Senior Secured 2024 Converted Revolving Credit Loan Index S+ Spread 5.00% Interest Rate 8.65% Acquisition Date 3/31/2023 Maturity Date 5/2/20292025-12-310001633858ck0001633858:BankLoansMemberck0001633858:MediaDiversifiedProductionSectorMember2025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Healthcare & Pharmaceuticals Western Dental Investment Type Senior Secured Second-Out Term Loan (Tranche B) Index S+ Spread 1.00%, 6.25% PIK Interest Rate 10.90% Acquisition Date 6/14/2024 Maturity Date 8/18/20282025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Containers, Packaging & Glass Tekni-Plex Investment Type Senior Secured Tranche B-7 Initial Term Loan Index S+ Spread 3.75% Interest Rate 7.40% Acquisition Date 3/27/2024 Maturity Date 9/15/20282025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Banking, Finance, Insurance & Real Estate Cherry Bekaert Investment Type Unitranche Term B Loan Index S+ Spread 4.50% Interest Rate 8.15% Acquisition Date 6/13/2022 Maturity Date 6/28/20302025-01-012025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Aerospace & Defense API Technologies Investment Type Senior Secured Term B-2 Loan (First Lien) Index S+ Spread 1.00%, 6.00% PIK Interest Rate 10.68% Acquisition Date 1/15/2020 Maturity Date 5/9/20272026-01-012026-03-310001633858ck0001633858:MeasurementInputDebtServiceCoverageMemberck0001633858:MatrixPricingMarketAnalysisMemberck0001633858:FirstLienMembersrt:MaximumMember2026-03-310001633858Investment Plaskolite Investment Type Senior Secured Revolving Credit Loan Index S+ Spread 7.00% Interest Rate 10.68% Maturity 2/7/20302025-12-310001633858us-gaap:AerospaceSectorMember2026-03-310001633858ck0001633858:UnitrancheDebtOneMemberus-gaap:ValuationTechniqueMatrixPricingMemberck0001633858:MeasurementInputInterestCoverageMembersrt:MaximumMember2025-12-310001633858ck0001633858:OtherUsRegionMember2026-01-012026-03-310001633858Investment Liberty Group Investment Type Senior Secured Revolving Loan Index S+ Spread 5.75% Interest Rate 9.43% Maturity 12/15/20282026-01-012026-03-310001633858Investment Precision Concepts Investment Type Senior Secured Revolving Credit Loan Index S+ Spread 4.75% Interest Rate 8.43% Maturity 8/2/20322025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Capital Equipment TRG Investment Type Unitranche Initial Term Loan Index S+ Spread 4.50% Interest Rate 8.18% Acquisition Date 1/5/2026 Maturity Date 1/5/20322026-01-012026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Healthcare & Pharmaceuticals American Vision Partners Investment Type Unitranche Initial Term Loan Index S+ Spread 5.75% Interest Rate 9.40% Acquisition Date 9/22/2021 Maturity Date 9/30/20272025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Business Epiq Investment Type Senior Secured 2025 Refinancing Term Loan (First Lien) Index S+ Spread 4.00% Interest Rate 7.68% Acquisition Date 7/17/2024 Maturity Date 4/26/20292026-03-310001633858srt:WeightedAverageMemberck0001633858:MatrixPricingMarketAnalysisMemberus-gaap:MeasurementInputCreditSpreadMemberck0001633858:FirstLienMember2026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Chemicals, Plastics & Rubber Shrieve Investment Type Unitranche Initial Term Loan Index S+ Spread 6.00% Interest Rate 9.68% Acquisition Date 9/23/2024 Maturity Date 10/30/20302026-03-310001633858Investment Ivy Rehab Investment Type Senior Secured Amendment No. 3 Delayed Draw Term Loan Index S+ Spread 5.00% Interest Rate 8.68% Maturity 4/23/20292026-01-012026-03-310001633858Investment Trystar Investment Type Senior Secured Amendment No. 2 Incremental Delayed Draw Term Loan Index S+ Spread 4.25% Interest Rate 7.93% Maturity 8/6/20312025-12-310001633858Portfolio Investments EQUITY AND PREFERRED SHARES: NON-CONTROL/NON-AFFILIATE INVESTMENTS Banking, Finance, Insurance & Real Estate Prime Pensions Investment Type LP Interest Acquisition Date 2/20/20242026-01-012026-03-310001633858Investment R. F. Fager Investment Type Senior Secured Revolving Loan Index S+ Spread 5.00% Interest Rate 8.68% Maturity 3/4/20302025-12-310001633858ck0001633858:UtilitiesWaterSectorMember2026-01-012026-03-310001633858Investment Denali Water Solutions Investment Type Senior Secured Revolving Loan Index S+ Spread 4.75% Interest Rate 8.43% Maturity 11/19/20322026-01-012026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Business Liberty Group Investment Type Senior Secured Revolving Loan Index S+ Spread 5.75% Interest Rate 9.43% Acquisition Date 6/06/2022 Maturity Date 12/15/20282026-03-310001633858ck0001633858:MeasurementInputDebtServiceCoverageMembersrt:WeightedAverageMemberck0001633858:MatrixPricingMarketAnalysisMemberck0001633858:FirstLienMember2025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Consumer FMG Suite Investment Type Senior Secured Revolving Loan Index S+ Spread 4.75% Interest Rate 8.43% Acquisition Date 8/11/2025 Maturity Date 9/9/20322026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS High Tech Industries Cloudera Investment Type Senior Secured Initial Term Loan (First Lien) Index S+ Spread 3.75% Interest Rate 7.40% Acquisition Date 8/10/2021 Maturity Date 10/8/20282025-01-012025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Business Aprio Investment Type Senior Secured 2025 Incremental Term Loan Index S+ Spread 4.75% Interest Rate 8.43% Acquisition Date 4/18/2025 Maturity Date 8/1/20312026-01-012026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Capital Equipment Radwell Investment Type Senior Secured Revolving Loan Index S+ Spread 5.50% Interest Rate 9.15% Acquisition Date 3/11/2022 Maturity Date 4/1/20292025-01-012025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Business Liberty Group Investment Type Senior Secured Revolving Loan Index S+ Spread 5.75% Interest Rate 9.40% Acquisition Date 6/06/2022 Maturity Date 12/15/20282025-01-012025-12-310001633858Investment RailPros Investment Type Senior Secured Delayed Draw Term Loan Index S+ Spread 4.25% Interest Rate 7.93% Maturity 5/24/20322025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Business Mitratech Investment Type Unitranche Closing Date Initial Term Loan Index S+ Spread 4.75% Interest Rate 8.43% Acquisition Date 12/1/2025 Maturity Date 12/2/20312026-01-012026-03-310001633858ck0001633858:BankLoansMemberck0001633858:EnergyOilGasMember2025-12-310001633858ck0001633858:BankLoansMemberus-gaap:FoodAndBeverageSectorMember2025-12-3100016338582020-03-202020-03-200001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Banking, Finance, Insurance & Real Estate OneDigital Investment Type Senior Secured 2025 Refinancing Term Loan (First Lien) Index S+ Spread 3.00% Interest Rate 6.65% Acquisition Date 6/13/2024 Maturity Date 7/2/20312025-01-012025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Construction & Building Tangent Investment Type Senior Secured Closing Date Term Loan (First Lien) Index S+ Spread 4.75% Interest Rate 8.40% Acquisition Date 10/2/2019 Maturity Date 11/30/20272025-12-310001633858ck0001633858:MatrixPricingMarketAnalysisMembersrt:MinimumMemberus-gaap:MeasurementInputCreditSpreadMemberck0001633858:SecondLienMember2026-03-310001633858Investment EPIC Insurance Investment Type Senior Secured Refinancing Third Amendment Delayed Draw Term Loan Index S+ Spread 4.50% Interest Rate 8.18% Maturity 9/29/20282026-03-3100016338582019-09-232019-09-230001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Consumer Teaching Strategies Investment Type Senior Secured Initial Term Loan (First Lien) Index S+ Spread 3.75% Interest Rate 7.40% Acquisition Date 8/19/2021 Maturity Date 8/31/20282025-01-012025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Consumer Rover Investment Type Senior Secured Initial Term Loan Index S+ Spread 4.75% Interest Rate 8.43% Acquisition Date 2/16/2024 Maturity Date 2/27/20312026-01-012026-03-310001633858us-gaap:SouthRegionMember2025-01-012025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Business Paradigm Outcomes Investment Type Senior Secured 2025 Replacement Term Loan Index S+ Spread 3.00% Interest Rate 6.68% Acquisition Date 4/2/2024 Maturity Date 5/6/20312026-03-310001633858ck0001633858:BankLoansMemberus-gaap:InsuranceSectorMember2026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Capital Equipment AGCO G&P Investment Type Senior Secured Initial Term Loan Index S+ Spread 5.00% Interest Rate 8.65% Acquisition Date 10/8/2024 Maturity Date 10/31/20312025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS High Tech Industries Options IT Investment Type Senior Secured Revolving Loan Index S+ Spread 4.50% Interest Rate 8.15% Acquisition Date 9/20/2024 Maturity Date 3/31/20312025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Business Epiq Investment Type Senior Secured 2025 Refinancing Term Loan (First Lien) Index S+ Spread 4.00% Interest Rate 7.65% Acquisition Date 7/17/2024 Maturity Date 4/26/20292025-01-012025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Hotels, Gaming & Leisure Encore Investment Type Senior Secured Initial Term Loan Index S+ Spread 5.00% Interest Rate 8.65% Acquisition Date 11/18/2024 Maturity Date 12/5/20312025-12-310001633858Investment Denali Water Solutions Investment Type Senior Secured Revolving Loan Index S+ Spread 4.75% Interest Rate 8.43% Maturity 11/19/20322026-03-310001633858Investment RevHealth Investment Type Senior Secured Revolving Loan Index S+ Spread 2.50% Interest Rate 6.18% Maturity 7/21/20282026-01-012026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Hotels, Gaming & Leisure Encore Investment Type Senior Secured Revolving Loan Index S+ Spread 5.00% Interest Rate 8.65% Acquisition Date 11/18/2024 Maturity Date 12/5/20292025-12-310001633858ck0001633858:MatrixPricingMarketAnalysisMemberck0001633858:FirstLienMemberck0001633858:MeasurementInputSeniorLeverageMembersrt:MaximumMember2025-12-310001633858Investment FMG Suite Investment Type Senior Secured Revolving Loan Index S+ Spread 4.75% Interest Rate 8.43% Maturity 9/9/20322025-12-310001633858Portfolio Investments EQUITY AND PREFERRED SHARES: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Business OSG Billing Services Investment Type Class A Units Acquisition Date 11/30/20232025-12-310001633858Investment Vertellus Investment Type Senior Secured Revolving Credit Loan Index S+ Spread 5.75% Interest Rate 9.43% Maturity 1/2/20292026-01-012026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Capital Equipment Trystar Investment Type Senior Secured Initial Term Loan Index S+ Spread 4.25% Interest Rate 7.93% Acquisition Date 7/31/2024 Maturity Date 8/6/20312026-01-012026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Healthcare & Pharmaceuticals Clearway Investment Type Senior Secured Term Loan A Index S+ Spread 5.50% Interest Rate 9.18% Acquisition Date 9/17/2025 Maturity Date 8/30/20302026-01-012026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Beverage, Food & Tobacco MBC Companies Investment Type Senior Secured Third Amendment Term A Loan Index S+ Spread 4.00% Interest Rate 7.65% Acquisition Date 10/8/2025 Maturity Date 10/10/20302025-01-012025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Banking, Finance, Insurance & Real Estate Cherry Bekaert Investment Type Unitranche Amendment No. 1 Term Loan Index S+ Spread 4.50% Interest Rate 8.15% Acquisition Date 10/11/2023 Maturity Date 6/28/20302025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Business Vortex Companies Investment Type Senior Secured Revolving Loan Index S+ Spread 5.00% Interest Rate 8.68% Acquisition Date 9/01/2023 Maturity Date 9/4/20292026-03-310001633858Investment Dun & Bradstreet Investment Type Senior Secured Revolving Credit Loan Index S+ Spread 5.50% Interest Rate 9.18% Maturity 8/26/20322026-03-310001633858ck0001633858:BankLoansMemberck0001633858:ChemicalsPlasticsRubberSectorMember2026-03-310001633858ck0001633858:MeasurementInputDebtServiceCoverageMemberck0001633858:MatrixPricingMarketAnalysisMemberck0001633858:SecondLienMember2025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Construction & Building DynaGrid Investment Type Senior Secured Revolving Credit Facility Index S+ Spread 4.75% Interest Rate 8.43% Acquisition Date 1/7/2025 Maturity Date 1/7/20312026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Beverage, Food & Tobacco MBC Companies Investment Type Senior Secured Third Amendment Term A Loan Index S+ Spread 3.50% Interest Rate 7.18% Acquisition Date 10/8/2025 Maturity Date 10/10/20302026-01-012026-03-310001633858us-gaap:FairValueInputsLevel3Memberck0001633858:EquityAndPreferredSharesMember2025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS High Tech Industries ORBCOMM Investment Type Senior Secured Closing Date Term Loan (First Lien) Index S+ Spread 4.25% Interest Rate 7.93% Acquisition Date 6/17/2021 Maturity Date 9/1/20282026-01-012026-03-310001633858Investment Keter Environmental Services Investment Type Senior Secured Revolving Loan Index S+ Spread 5.25% Interest Rate 8.93% Maturity 10/29/20272025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS High Tech Industries LightBox Investment Type Senior Secured Initial Term Loan Index S+ Spread 5.00% Interest Rate 8.68% Acquisition Date 1/10/2025 Maturity Date 1/13/20302026-03-310001633858ck0001633858:UnitrancheDebtOneMemberck0001633858:MeasurementInputDebtServiceCoverageMembersrt:WeightedAverageMemberus-gaap:ValuationTechniqueMatrixPricingMember2026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Healthcare & Pharmaceuticals RMP & MedA/Rx Investment Type Senior Secured Term Loan Index S+ Spread 4.75% Interest Rate 8.40% Acquisition Date 3/22/2021 Maturity Date 2/6/20262025-12-310001633858Portfolio Investments EQUITY AND PREFERRED SHARES: NON-CONTROL/NON-AFFILIATE INVESTMENTS Hotels, Gaming & Leisure Auto Europe Investment Type Class A-1 Units Acquisition Date 1/20/20262026-01-012026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS High Tech Industries Aptean Investment Type Unitranche Initial Term Loan Index S+ Spread 4.75% Interest Rate 8.40% Acquisition Date 1/1/2024 Maturity Date 1/30/20312025-01-012025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Media: Advertising, Printing & Publishing Encore Investment Type Senior Secured Revolving Loan Index S+ Spread 5.00% Interest Rate 8.68% Acquisition Date 11/18/2024 Maturity Date 12/5/20292026-01-012026-03-310001633858Investment Trace3 Investment Type Senior Secured Delayed Draw Term B Loan Index S+ Spread 4.00% Interest Rate 7.68% Maturity 10/29/20322026-01-012026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Consumer United Comfort Group (fka United Air Temp) Investment Type Senior Secured Revolving Loan Index S+ Spread 5.50% Interest Rate 9.15% Acquisition Date 2/14/2024 Maturity Date 3/28/20302025-01-012025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Aerospace & Defense Electro Methods Investment Type Senior Secured Revolving Credit Facility Index S+ Spread 4.75% Interest Rate 8.43% Acquisition Date 2/6/2025 Maturity Date 2/23/20322026-01-012026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Business CCG Investment Type Senior Secured Revolving Facility Index S+ Spread 4.50% Interest Rate 8.15% Acquisition Date 12/30/2025 Maturity Date 12/30/20322025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Capital Equipment Trystar Investment Type Senior Secured Amendment No. 1 Incremental Term Loan Index S+ Spread 4.25% Interest Rate 7.90% Acquisition Date 9/5/2024 Maturity Date 8/6/20312025-12-310001633858Portfolio Investments EQUITY AND PREFERRED SHARES: NON-CONTROL/NON-AFFILIATE INVESTMENTS Banking, Finance, Insurance & Real Estate Beta+ Investment Type Class A-2 Common Stock Acquisition Date 9/15/20232026-01-012026-03-3100016338582024-01-012024-12-310001633858Investment Midwest Eye Services Investment Type Senior Secured Fourth Amendment Delayed Draw Term Loan Index S+ Spread 4.50% Interest Rate 8.18% Maturity 8/20/20272026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Healthcare & Pharmaceuticals Forefront Investment Type Senior Secured Closing Date Term Loan Index S+ Spread 4.25% Interest Rate 7.93% Acquisition Date 3/23/2022 Maturity Date 3/30/20292026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Healthcare & Pharmaceuticals Dane Street Investment Type Senior Secured Revolving Loan Index S+ Spread 4.50% Interest Rate 8.18% Acquisition Date 3/25/2026 Maturity Date 3/24/20332026-01-012026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Healthcare & Pharmaceuticals AGS Health Investment Type Unitranche Initial Term Loan Index S+ Spread 4.50% Interest Rate 8.15% Acquisition Date 7/24/2025 Maturity Date 8/2/20322025-01-012025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Business Kept Companies Investment Type Senior Secured Revolving Loan Index S+ Spread 5.25% Interest Rate 8.90% Acquisition Date 4/30/2024 Maturity Date 4/30/20292025-01-012025-12-310001633858ck0001633858:ServicesConsumerSectorMember2026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Chemicals, Plastics & Rubber Chase Investment Type Senior Secured Initial Term Loan Index S+ Spread 4.00% Interest Rate 7.65% Acquisition Date 4/2/2025 Maturity Date 4/9/20322025-01-012025-12-310001633858Investment Voeller Investment Type Senior Secured Initial Delayed Draw Term Loan Index S+ Spread 4.75% Interest Rate 8.43% Maturity 11/25/20322026-01-012026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Consumer Aptive Environmental Investment Type Senior Secured Initial Revolving Loan Index S+ Spread 4.75% Interest Rate 8.40% Acquisition Date 10/10/2025 Maturity Date 10/15/20322025-12-310001633858Investment R. F. Fager Investment Type Senior Secured Revolving Loan Index S+ Spread 5.00% Interest Rate 8.68% Maturity 3/4/20302026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Business S&P Engineering Solutions Investment Type Senior Secured 2024 Converted Revolving Credit Loan Index S+ Spread 5.00% Interest Rate 8.68% Acquisition Date 3/31/2023 Maturity Date 5/2/20292026-01-012026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Business Argano Investment Type Senior Secured Initial Term Loan Index S+ Spread 5.50% Interest Rate 9.15% Acquisition Date 9/13/2024 Maturity Date 9/13/20292025-12-310001633858ck0001633858:MeasurementInputDebtServiceCoverageMemberck0001633858:MatrixPricingMarketAnalysisMemberck0001633858:FirstLienMembersrt:MaximumMember2025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Business Dun & Bradstreet Investment Type Senior Secured Revolving Credit Loan Index S+ Spread 5.50% Interest Rate 9.18% Acquisition Date 6/30/2025 Maturity Date 8/26/20322026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Environmental Industries Keter Environmental Services Investment Type Unitranche Closing Date Term Loan Index S+ Spread 5.25% Interest Rate 8.93% Acquisition Date 11/5/2021 Maturity Date 10/29/20272026-01-012026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Healthcare & Pharmaceuticals Sequel Ortho (fka OrthoNebraska) Investment Type Unitranche First Amendment Term Loan Index S+ Spread 5.00% Interest Rate 8.65% Acquisition Date 10/31/2025 Maturity Date 7/31/20282025-12-310001633858us-gaap:TransportationSectorMember2026-01-012026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Healthcare & Pharmaceuticals Radiology Partners Investment Type Senior Secured Term B Loan Index S+ Spread 4.50% Interest Rate 8.15% Acquisition Date 6/26/2025 Maturity Date 6/30/20322025-01-012025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Consumer FMG Suite Investment Type Unitranche Initial Term Loan Index S+ Spread 4.75% Interest Rate 8.43% Acquisition Date 8/11/2025 Maturity Date 9/9/20322026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Wholesale Carlisle Foodservice Investment Type Senior Secured Revolving Loan Index S+ Spread 5.00% Interest Rate 8.68% Acquisition Date 9/29/2023 Maturity Date 10/2/20292026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Beverage, Food & Tobacco Mary Ruth's Investment Type Senior Secured Closing Date Term A Loan Index S+ Spread 4.00% Interest Rate 7.65% Acquisition Date 9/26/2025 Maturity Date 9/30/20302025-01-012025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Healthcare & Pharmaceuticals Ivy Rehab Investment Type Senior Secured Initial Term Loan (First Lien) Index S+ Spread 5.00% Interest Rate 8.65% Acquisition Date 3/11/2022 Maturity Date 4/23/20292025-12-310001633858Investment Steward Partners Investment Type Senior Secured Delayed Draw Term C Loan Index S+ Spread 4.75% Interest Rate 8.43% Maturity 10/14/20282025-12-310001633858Investment Secretariat Investment Type Senior Secured Delayed Draw Term Loan Index S+ Spread 4.00% Interest Rate 7.68% Maturity 2/28/20322026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Beverage, Food & Tobacco MBC Companies Investment Type Senior Secured Second Amendment Term B Loan Index S+ Spread 4.75% Interest Rate 8.40% Acquisition Date 1/6/2025 Maturity Date 7/7/20292025-01-012025-12-310001633858srt:WeightedAverageMemberus-gaap:ValuationTechniqueMatrixPricingMemberck0001633858:FirstLienMemberck0001633858:MeasurementInputTotalLeverageMember2026-03-310001633858Investment Voeller Investment Type Senior Secured Revolving Loan Index S+ Spread 4.75% Interest Rate 8.43% Maturity 11/25/20322026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS High Tech Industries Inhabit Investment Type Senior Secured Revolving Credit Loan Index S+ Spread 4.50% Interest Rate 8.18% Acquisition Date 12/10/2024 Maturity Date 1/12/20322026-03-310001633858srt:WeightedAverageMemberck0001633858:MatrixPricingMarketAnalysisMemberus-gaap:MeasurementInputCreditSpreadMemberck0001633858:SecondLienMember2025-12-310001633858Portfolio Investments EQUITY AND PREFERRED SHARES: NON-CONTROL/NON-AFFILIATE INVESTMENTS Healthcare & Pharmaceuticals Dane Street Investment Type Class A Units Acquisition Date 3/25/20262026-03-310001633858Investment Aurora Energy Research Investment Type Senior Secured Original Revolving Facility Notes Index S+ Spread 5.00% Interest Rate 8.68% Maturity 9/8/20322026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Banking, Finance, Insurance & Real Estate Orion Investment Type Senior Secured 2026 Refinancing Term Loan (First Lien) Index S+ Spread 2.75% Interest Rate 6.43% Acquisition Date 8/4/2020 Maturity Date 9/24/20302026-03-310001633858Investment Blue Cloud Investment Type Senior Secured Revolving Loan Index S+ Spread 5.00% Interest Rate 8.68% Maturity 1/21/20312026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Healthcare & Pharmaceuticals nThrive Investment Type Senior Secured Tranche B Term Loan Index S+ Spread 4.00% Interest Rate 7.68% Acquisition Date 11/18/2024 Maturity Date 12/15/20282026-01-012026-03-310001633858Investment Rover Investment Type Senior Secured Revolving Loan Index S+ Spread 4.75% Interest Rate 8.43% Maturity 2/27/20312025-12-310001633858Investment Apex Service Partners Investment Type Senior Secured 2024 Revolving Credit Loan Index S+ Spread 5.00% Interest Rate 8.68% Maturity 10/24/20292025-12-310001633858ck0001633858:DebtInvestmentsMember2025-01-012025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Business CCG Investment Type Unitranche Initial Term Loan Index S+ Spread 4.50% Interest Rate 8.18% Acquisition Date 12/30/2025 Maturity Date 12/30/20322026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Energy: Oil & Gas AmSpec Investment Type Senior Secured Amendment No. 1 Other Term Loan Index S+ Spread 3.50% Interest Rate 7.15% Acquisition Date 12/12/2024 Maturity Date 12/22/20312025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Healthcare & Pharmaceuticals nThrive Investment Type Senior Secured Tranche C Term Loan Index S+ Spread 4.00% Interest Rate 7.65% Acquisition Date 11/18/2024 Maturity Date 12/15/20282025-01-012025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Consumer FMG Suite Investment Type Senior Secured Revolving Loan Index S+ Spread 4.75% Interest Rate 8.40% Acquisition Date 8/11/2025 Maturity Date 9/9/20322025-01-012025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Containers, Packaging & Glass Five Star Packaging Investment Type Senior Secured Initial Term Loan (First Lien) Index S+ Spread 4.25% Interest Rate 7.90% Acquisition Date 4/27/2022 Maturity Date 5/5/20292025-12-310001633858ck0001633858:ConsumerGoodsNonDurableSectorMember2026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Transportation: Cargo Magnate Investment Type Senior Secured Initial Term Loan (First Lien) Index S+ Spread 5.50% Interest Rate 9.15% Acquisition Date 3/11/2022 Maturity Date 12/29/20282025-01-012025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Healthcare & Pharmaceuticals Advancing Eyecare Investment Type Senior Secured Initial Term Loan Index S+ Spread 5.75% Interest Rate 9.40% Acquisition Date 5/27/2022 Maturity Date 6/13/20292025-01-012025-12-310001633858us-gaap:SouthRegionMember2026-01-012026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS High Tech Industries Options IT Investment Type Senior Secured Initial Term Loan Index S+ Spread 4.50% Interest Rate 8.18% Acquisition Date 9/20/2024 Maturity Date 9/30/20312026-01-012026-03-310001633858ck0001633858:UnitrancheDebtOneMember2026-01-012026-03-310001633858Portfolio Investments EQUITY AND PREFERRED SHARES: NON-CONTROL/NON-AFFILIATE INVESTMENTS High Tech Industries PracticeTek Investment Type Class A Units Acquisition Date 11/22/20212026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Business LegalShield Investment Type Senior Secured Initial Term Loan (First Lien) Index S+ Spread 3.25% Interest Rate 6.93% Acquisition Date 12/7/2021 Maturity Date 12/15/20282026-03-310001633858us-gaap:ValuationTechniqueMatrixPricingMembersrt:MinimumMemberck0001633858:FirstLienMemberck0001633858:MeasurementInputTotalLeverageMember2026-03-310001633858Portfolio Investments EQUITY AND PREFERRED SHARES: NON-CONTROL/NON-AFFILIATE INVESTMENTS Banking, Finance, Insurance & Real Estate Beta+ Investment Type Class A-2 Common Stock Acquisition Date 9/15/20232026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Containers, Packaging & Glass Resource Label Group Investment Type Senior Secured Closing Date Initial Term Loan (First Lien) Index S+ Spread 4.25% Interest Rate 7.90% Acquisition Date 7/2/2021 Maturity Date 7/7/20282025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Utilities: Electric Power Grid Components Investment Type Senior Secured Initial Term Loan Index S+ Spread 4.75% Interest Rate 8.40% Acquisition Date 7/24/2024 Maturity Date 12/2/20302025-01-012025-12-310001633858ck0001633858:HotelsGamingLeisureSectorMember2025-01-012025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Construction & Building Dodge Construction Network Investment Type Senior Secured Tranche B Term Loan (First Lien) Index S+ Spread 4.75% Interest Rate 8.40% Acquisition Date 11/14/2024 Maturity Date 2/28/20292025-12-310001633858ck0001633858:EquityAndPreferredSharesMemberus-gaap:InsuranceSectorMember2025-12-310001633858us-gaap:AerospaceSectorMemberck0001633858:BankLoansMember2025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Consumer Aptive Environmental Investment Type Senior Secured Initial Revolving Loan Index S+ Spread 4.75% Interest Rate 8.40% Acquisition Date 10/10/2025 Maturity Date 10/15/20322025-01-012025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Healthcare & Pharmaceuticals Blue Cloud 2025 Investment Type Senior Secured Closing Date Term Loan Index S+ Spread 5.00% Interest Rate 8.68% Acquisition Date 8/12/2025 Maturity Date 1/21/20312026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Environmental Industries Alliance Environmental Group Investment Type Senior Secured Priority Revolving Loan Index S+ Spread 7.00% PIK Interest Rate 10.65% Acquisition Date 12/30/2021 Maturity Date 12/30/20282025-01-012025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Construction & Building Lindsay Precast Investment Type Senior Secured Initial Term Loans Index S+ Spread 4.75% Interest Rate 8.40% Acquisition Date 12/15/2025 Maturity Date 12/16/20322025-01-012025-12-310001633858Investment Aurora Energy Research Investment Type Senior Secured Original Revolving Facility Notes Index S+ Spread 5.00% Interest Rate 8.68% Maturity 9/8/20322025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Beverage, Food & Tobacco Monogram Foods Investment Type Senior Secured Initial Term Loan Index S+ Spread 4.00% Interest Rate 7.65% Acquisition Date 8/13/2021 Maturity Date 8/28/20282025-12-310001633858Portfolio Investments EQUITY AND PREFERRED SHARES: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Business AI Fire & Safety Investment Type Class A Units Acquisition Date 12/20/20242025-01-012025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Banking, Finance, Insurance & Real Estate EPIC Insurance Investment Type Senior Secured Fifth Amendment Refinancing Revolving Loan Index S+ Spread 4.50% Interest Rate 8.18% Acquisition Date 8/27/2021 Maturity Date 9/29/20282026-03-310001633858ck0001633858:UnitrancheDebtOneMembersrt:WeightedAverageMemberus-gaap:ValuationTechniqueMatrixPricingMemberck0001633858:MeasurementInputLiquidityCoverageMember2026-03-310001633858Investment Shrieve Investment Type Senior Secured Revolving Credit Loan Index S+ Spread 6.00% Interest Rate 9.68% Maturity 10/30/20302025-12-310001633858Portfolio Investments EQUITY AND PREFERRED SHARES: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Business Liberty Group Investment Type Series A-Preferred Units Acquisition Date 6/6/20222025-01-012025-12-310001633858Investment VaxCare Investment Type Senior Secured Revolving Credit Loan Index S+ Spread 4.50% Interest Rate 8.18% Maturity 6/17/20322025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Business InnovateMR Investment Type Senior Secured Initial Term Loan Index S+ Spread 6.00% Interest Rate 9.68% Acquisition Date 12/16/2021 Maturity Date 1/20/20282026-01-012026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Healthcare & Pharmaceuticals APT Healthcare Investment Type Unitranche Initial Term Loan Index S+ Spread 4.50% Interest Rate 8.18% Acquisition Date 9/15/2025 Maturity Date 9/30/20312026-01-012026-03-310001633858us-gaap:ValuationTechniqueMatrixPricingMembersrt:MinimumMemberck0001633858:FirstLienMemberck0001633858:MeasurementInputSeniorLeverageMember2026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS High Tech Industries Barracuda Investment Type Senior Secured Initial Term Loan (First Lien) Index S+ Spread 4.50% Interest Rate 8.18% Acquisition Date 5/17/2022 Maturity Date 8/15/20292026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Beverage, Food & Tobacco Hissho Sushi Investment Type Unitranche Amendment No.2 Incremental Term Loan Index S+ Spread 4.75% Interest Rate 8.43% Acquisition Date 10/20/2025 Maturity Date 5/18/20292026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Healthcare & Pharmaceuticals Epic Staffing Group Investment Type Senior Secured Initial Term Loan Index S+ Spread 6.00% Interest Rate 9.65% Acquisition Date 6/27/2022 Maturity Date 6/28/20292025-12-310001633858us-gaap:ValuationTechniqueMatrixPricingMemberck0001633858:MeasurementInputSeniorLeverageMemberck0001633858:FirstLienMember2026-03-310001633858Portfolio Investments EQUITY AND PREFERRED SHARES: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Business Vortex Companies Investment Type LP Common Units Acquisition Date 9/1/20232026-01-012026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Business Inmar Investment Type Senior Secured Amendment No. 4 Refinancing Term Loan (First Lien) Index S+ Spread 4.50% Interest Rate 8.18% Acquisition Date 10/25/2024 Maturity Date 10/30/20312026-01-012026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Business Heartland Investment Type Senior Secured Initial Term Loan Index S+ Spread 4.75% Interest Rate 8.43% Acquisition Date 12/1/2023 Maturity Date 12/12/20292026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Business Aprio Investment Type Senior Secured Revolving Loan Index S+ Spread 4.75% Interest Rate 8.43% Acquisition Date 8/01/2024 Maturity Date 8/1/20312026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Banking, Finance, Insurance & Real Estate Prime Pensions Investment Type Senior Secured Revolving Credit Index S+ Spread 4.75% Interest Rate 8.43% Acquisition Date 2/20/2024 Maturity Date 2/26/20302026-01-012026-03-310001633858ck0001633858:EquityAndPreferredSharesMember2025-01-012025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Healthcare & Pharmaceuticals RevHealth Investment Type Senior Secured Revolving Loan Index S+ Spread 2.50%, 3.25% PIK Interest Rate 9.40% Acquisition Date 7/22/2022 Maturity Date 7/21/20282025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Hotels, Gaming & Leisure Encore Investment Type Senior Secured Revolving Loan Index S+ Spread 5.00% Interest Rate 8.65% Acquisition Date 11/18/2024 Maturity Date 12/5/20292025-01-012025-12-310001633858us-gaap:HealthcareSectorMemberck0001633858:TotalInvestmentsMember2026-03-310001633858ck0001633858:ConsumerGoodsNonDurableSectorMember2025-01-012025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Transportation: Cargo Kenco Investment Type Senior Secured Revolving Credit Loan Index S+ Spread 4.25% Interest Rate 7.90% Acquisition Date 6/5/2024 Maturity Date 11/15/20292025-12-310001633858Investment Heartland Investment Type Senior Secured Revolving Credit Loan Index S+ Spread 4.75% Interest Rate 8.43% Maturity 12/12/20292026-01-012026-03-310001633858Investment MB2 Dental Investment Type Senior Secured Revolving Loan Index S+ Spread 5.50% Interest Rate 9.18% Maturity 2/13/20312025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Capital Equipment Trystar Investment Type Senior Secured Amendment No.2 Incremental Term Loan Index S+ Spread 4.25% Interest Rate 7.93% Acquisition Date 1/5/2026 Maturity Date 8/6/20312026-01-012026-03-310001633858Investment Industrial Electric Manufacturing Investment Type Senior Secured 2025 Incremental DDTL Index S+ Spread 4.50% Interest Rate 8.18% Maturity 12/3/20312026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Business Heartland Investment Type Senior Secured Revolving Credit Loan Index S+ Spread 4.75% Interest Rate 8.43% Acquisition Date 12/01/2023 Maturity Date 12/12/20292026-01-012026-03-310001633858Portfolio Investments EQUITY AND PREFERRED SHARES: NON-CONTROL/NON-AFFILIATE INVESTMENTS Healthcare & Pharmaceuticals Ivy Rehab Investment Type Class A Units Acquisition Date 3/11/20222026-01-012026-03-310001633858ck0001633858:ServicesBusinessSectorMemberck0001633858:EquityAndPreferredSharesMember2025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Construction & Building Electric Power Engineers Investment Type Senior Secured Term Loan Index S+ Spread 4.50% Interest Rate 8.18% Acquisition Date 11/27/2024 Maturity Date 12/31/20312026-01-012026-03-310001633858ck0001633858:UnitrancheDebtOneMemberus-gaap:ValuationTechniqueMatrixPricingMemberck0001633858:MeasurementInputLiquidityCoverageMembersrt:MaximumMember2025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Beverage, Food & Tobacco MBC Companies Investment Type Senior Secured Third Amendment Term B Loan Index S+ Spread 4.75% Interest Rate 8.40% Acquisition Date 10/8/2025 Maturity Date 4/10/20312025-12-310001633858Investment Levata Investment Type Senior Secured Sixteenth Amendment Incremental Delayed Draw Term Loan Index S+ Spread 5.00% Interest Rate 8.68% Maturity 12/21/20272026-01-012026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Business AI Fire & Safety Investment Type Senior Secured Revolving Credit Loan Index S+ Spread 4.50% Interest Rate 8.15% Acquisition Date 12/20/2024 Maturity Date 2/2/20322025-12-310001633858Portfolio Investments EQUITY AND PREFERRED SHARES: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Business Gallo Mechanical Investment Type LP Interest Acquisition Date 6/19/20252025-01-012025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Aerospace & Defense Tronair Investment Type Senior Secured Initial Term Loan Index S+ Spread 3.75% Interest Rate 7.40% Acquisition Date 12/18/2025 Maturity Date 12/22/20322025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Capital Equipment Ohio Transmission Investment Type Senior Secured Initial Revolving Loan Index S+ Spread 5.75% Interest Rate 9.43% Acquisition Date 12/19/2023 Maturity Date 12/19/20292026-01-012026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Media: Advertising, Printing & Publishing MediaRadar Investment Type Senior Secured Revolving Loan Index S+ Spread 5.00% Interest Rate 8.68% Acquisition Date 9/16/2022 Maturity Date 9/16/20292026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Banking, Finance, Insurance & Real Estate LERETA Investment Type Senior Secured Initial Term Loan Index S+ Spread 5.25% Interest Rate 8.90% Acquisition Date 7/27/2021 Maturity Date 7/30/20282025-01-012025-12-310001633858us-gaap:CommonStockMember2024-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Media: Advertising, Printing & Publishing Encore Investment Type Senior Secured Revolving Loan Index S+ Spread 5.00% Interest Rate 8.68% Acquisition Date 11/18/2024 Maturity Date 12/5/20292026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Beverage, Food & Tobacco Bettcher Industries Investment Type Senior Secured Initial Term Loan (First Lien) Index S+ Spread 4.00% Interest Rate 7.68% Acquisition Date 12/13/2021 Maturity Date 12/14/20282026-01-012026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Hotels, Gaming & Leisure Encore Investment Type Senior Secured Initial Term Loan Index S+ Spread 5.00% Interest Rate 8.68% Acquisition Date 11/18/2024 Maturity Date 12/5/20312026-03-310001633858Investment Lindsay Precast Investment Type Senior Secured Delayed Draw Term Loan Index S+ Spread 4.75% Interest Rate 8.43% Maturity 12/16/20322026-01-012026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Transportation: Cargo FLS Transportation Investment Type Senior Secured Term B Loan Index S+ Spread 5.25% Interest Rate 8.93% Acquisition Date 4/14/2022 Maturity Date 12/15/20282026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS High Tech Industries Idera Investment Type Senior Secured Incremental Term Loan (First Lien) Index S+ Spread 3.50% Interest Rate 7.18% Acquisition Date 6/27/2017 Maturity Date 3/2/20282026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Business Dun & Bradstreet Investment Type Senior Secured Revolving Credit Loan Index S+ Spread 5.50% Interest Rate 9.18% Acquisition Date 6/30/2025 Maturity Date 8/26/20322026-01-012026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Environmental Industries Alliance Environmental Group Investment Type Unitranche Initial Term Loan Index S+ Spread 7.00% PIK Interest Rate 10.65% Acquisition Date 12/30/2021 Maturity Date 12/30/20282025-12-310001633858Investment Clearway Investment Type Senior Secured Revolving Loan Index S+ Spread 5.50% Interest Rate 9.18% Maturity 8/30/20302026-01-012026-03-310001633858ck0001633858:MatrixPricingMarketAnalysisMemberus-gaap:MeasurementInputCreditSpreadMemberck0001633858:FirstLienMembersrt:MaximumMember2025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Business trustaff Investment Type Senior Secured Initial Term Loan (First Lien) Index S+ Spread 4.25% Interest Rate 7.93% Acquisition Date 12/9/2021 Maturity Date 3/6/20282026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Healthcare & Pharmaceuticals Specialized Dental Investment Type Senior Secured Sixth Amendment Incremental Term Loan Index S+ Spread 4.75% Interest Rate 8.40% Acquisition Date 10/30/2025 Maturity Date 11/1/20282025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Capital Equipment Infinite Electronics Investment Type Senior Secured Initial Term Loan (First Lien) Index S+ Spread 3.75% Interest Rate 7.40% Acquisition Date 2/24/2021 Maturity Date 3/2/20282025-12-310001633858ck0001633858:MediaAdvertisingPrintingPublishingSectorMemberck0001633858:EquityAndPreferredSharesMember2026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Business The Facilities Group Investment Type Unitranche Initial Term Loan Index S+ Spread 5.75% Interest Rate 9.43% Acquisition Date 12/10/2021 Maturity Date 11/30/20282026-01-012026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Environmental Industries Crystal Clean Investment Type Senior Secured Initial Term Loan Index S+ Spread 3.75% Interest Rate 7.43% Acquisition Date 10/5/2023 Maturity Date 10/17/20302026-01-012026-03-310001633858Investment Miller Environmental Investment Type Senior Secured Delayed Draw Term Loan (General) Index S+ Spread 5.00% Interest Rate 8.68% Maturity 9/10/20312026-01-012026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Banking, Finance, Insurance & Real Estate Frazier & Deeter Investment Type Senior Secured Initial Term Loan Index S+ Spread 4.50% Interest Rate 8.15% Acquisition Date 4/30/2025 Maturity Date 5/3/20322025-01-012025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Healthcare & Pharmaceuticals NSM Investment Type Senior Secured Amendment No. 9 Incremental Term Loan Index S+ Spread 4.25% Interest Rate 7.90% Acquisition Date 8/05/2024 Maturity Date 5/14/20292025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Consumer Ned Stevens 2022-2 Investment Type Senior Secured Revolving Loan Index S+ Spread 5.00% Interest Rate 8.65% Acquisition Date 11/1/2022 Maturity Date 11/1/20282025-12-310001633858Portfolio Investments EQUITY AND PREFERRED SHARES: NON-CONTROL/NON-AFFILIATE INVESTMENTS Wholesale GME Supply Investment Type Class A Units Acquisition Date 6/30/20232025-01-012025-12-310001633858ck0001633858:MeasurementInputModifiedMarketYieldMemberck0001633858:FirstLienMemberck0001633858:AnalysisOfTrendInLeverageMember2025-12-310001633858ck0001633858:UnitrancheDebtOneMemberus-gaap:ValuationTechniqueMatrixPricingMemberck0001633858:MeasurementInputSeniorLeverageMember2026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Construction & Building Lindsay Precast Investment Type Senior Secured Initial Term Loans Index S+ Spread 4.75% Interest Rate 8.40% Acquisition Date 12/15/2025 Maturity Date 12/16/20322025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Healthcare & Pharmaceuticals Cirtec Medical Investment Type Senior Secured Amendment No. 1 Incremental Term Loan Index S+ Spread 5.00% Interest Rate 8.68% Acquisition Date 1/02/2024 Maturity Date 1/30/20292026-01-012026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Healthcare & Pharmaceuticals Symplr Investment Type Senior Secured Initial Term Loan (First Lien) Index S+ Spread 4.50% Interest Rate 8.15% Acquisition Date 11/23/2020 Maturity Date 12/22/20272025-12-310001633858us-gaap:InvestmentUnaffiliatedIssuerMember2025-01-012025-03-310001633858Investment insightsoftware Investment Type Senior Secured Revolving Loan Index S+ Spread 5.25% Interest Rate 8.93% Maturity 5/25/20282026-01-012026-03-310001633858Investment MediaRadar Investment Type Senior Secured Revolving Loan Index S+ Spread 5.00% Interest Rate 8.68% Maturity 9/16/20292026-01-012026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Containers, Packaging & Glass Technimark Investment Type Senior Secured 2024-1 Refinancing Term Loan (First Lien) Index S+ Spread 3.25% Interest Rate 6.93% Acquisition Date 6/30/2021 Maturity Date 4/14/20312026-01-012026-03-310001633858us-gaap:FairValueInputsLevel3Memberck0001633858:SecondLienMember2025-12-310001633858us-gaap:ValuationTechniqueMatrixPricingMemberck0001633858:MeasurementInputInterestCoverageMembersrt:MinimumMemberck0001633858:FirstLienMember2025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Business AIA Contract Investment Type Senior Secured Revolving Loan Index S+ Spread 4.75% Interest Rate 8.43% Acquisition Date 6/30/2025 Maturity Date 7/2/20312026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Business Colibri Investment Type Senior Secured First Amendment Incremental Term Loan Index S+ Spread 5.00% Interest Rate 8.68% Acquisition Date 11/9/2023 Maturity Date 3/12/20292026-01-012026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Banking, Finance, Insurance & Real Estate Frazier & Deeter Investment Type Senior Secured Revolving Loan Index S+ Spread 4.50% Interest Rate 8.18% Acquisition Date 4/30/2025 Maturity Date 5/2/20312026-01-012026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Consumer Smart Start Investment Type Senior Secured Term B Loan (Second Lien) Index S+ Spread 7.75% Interest Rate 11.43% Acquisition Date 12/10/2021 Maturity Date 12/16/20292026-01-012026-03-310001633858ck0001633858:UnitrancheDebtOneMemberus-gaap:ValuationTechniqueMatrixPricingMemberck0001633858:MeasurementInputTotalEnterpriseValueCoverageMembersrt:MaximumMember2025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Healthcare & Pharmaceuticals Sequel Ortho (fka OrthoNebraska) Investment Type Senior Secured Revolving Loan Index S+ Spread 5.00% Interest Rate 8.68% Acquisition Date 7/31/2023 Maturity Date 7/31/20282026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Capital Equipment SupplyHouse Investment Type Senior Secured Initial Term Loan Index S+ Spread 4.00% Interest Rate 7.65% Acquisition Date 6/19/2025 Maturity Date 7/1/20322025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Consumer Smart Start Investment Type Senior Secured Term B Loan (Second Lien) Index S+ Spread 7.75% Interest Rate 11.40% Acquisition Date 12/10/2021 Maturity Date 12/16/20292025-01-012025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Transportation: Cargo St. George Logistics Investment Type Senior Secured Second-Out Closing Date Purchased Term Loan Index S+ Spread 1.00%, 6.50% PIK Interest Rate 11.18% Acquisition Date 10/3/2024 Maturity Date 10/3/20292026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS High Tech Industries LightBox Investment Type Senior Secured Revolving Loan Index S+ Spread 5.00% Interest Rate 8.68% Acquisition Date 1/10/2025 Maturity Date 1/13/20302026-01-012026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Healthcare & Pharmaceuticals Micro Merchant Systems Investment Type Unitranche Initial Term Loan Index S+ Spread 4.50% Interest Rate 8.15% Acquisition Date 3/02/2022 Maturity Date 12/14/20272025-12-310001633858us-gaap:WestRegionMember2025-01-012025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Beverage, Food & Tobacco Monogram Foods Investment Type Senior Secured Initial Term Loan Index S+ Spread 4.00% Interest Rate 7.68% Acquisition Date 8/13/2021 Maturity Date 8/28/20282026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Business VC3 Investment Type Senior Secured Delayed TL Index S+ Spread 5.00% Interest Rate 8.68% Acquisition Date 9/16/2022 Maturity Date 3/12/20272026-01-012026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Healthcare & Pharmaceuticals APT Healthcare Investment Type Unitranche Initial Term Loan Index S+ Spread 5.00% Interest Rate 8.65% Acquisition Date 9/15/2025 Maturity Date 9/30/20312025-01-012025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Consumer Apex Service Partners Investment Type Senior Secured 2024 Revolving Credit Loan Index S+ Spread 5.00% Interest Rate 8.68% Acquisition Date 10/16/2023 Maturity Date 10/24/20292026-01-012026-03-310001633858Portfolio Investments EQUITY AND PREFERRED SHARES: NON-CONTROL/NON-AFFILIATE INVESTMENTS Healthcare & Pharmaceuticals APT Healthcare Investment Type Class A-5 Common Units Acquisition Date 9/15/20252026-01-012026-03-310001633858Investment Electro Methods Investment Type Senior Secured Revolving Credit Facility Index S+ Spread 4.75% Interest Rate 8.43% Maturity 2/23/20322025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Beverage, Food & Tobacco Hissho Sushi Investment Type Senior Secured Revolving Credit Loan Index S+ Spread 4.75% Interest Rate 8.43% Acquisition Date 4/7/2022 Maturity Date 5/18/20292026-01-012026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Healthcare & Pharmaceuticals Blue Cloud Investment Type Senior Secured Blue Cloud R/C 2022 Index S+ Spread 5.00% Interest Rate 8.65% Acquisition Date 12/13/2021 Maturity Date 1/21/20312025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Metals & Mining Dynatect (A&A) Investment Type Senior Secured Term B Loan Index S+ Spread 4.50% Interest Rate 8.18% Acquisition Date 8/16/2019 Maturity Date 9/29/20282026-03-310001633858Investment Capital Consultants Management Investment Type Senior Secured Delayed Draw Term Loan Index S+ Spread 4.75% Interest Rate 8.43% Maturity 11/1/20312025-12-310001633858ck0001633858:HotelsGamingLeisureSectorMember2025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Wholesale Carlisle Foodservice Investment Type Senior Secured Revolving Loan Index S+ Spread 5.00% Interest Rate 8.65% Acquisition Date 9/29/2023 Maturity Date 10/2/20292025-01-012025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Capital Equipment Infinite Electronics Investment Type Senior Secured Initial Term Loan (First Lien) Index S+ Spread 3.75% Interest Rate 7.43% Acquisition Date 2/24/2021 Maturity Date 3/2/20282026-03-310001633858Portfolio Investments EQUITY AND PREFERRED SHARES: NON-CONTROL/NON-AFFILIATE INVESTMENTS Healthcare & Pharmaceuticals RevHealth Investment Type Class A-1 Units Common Units Acquisition Date 7/22/20222025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Healthcare & Pharmaceuticals VaxCare Investment Type Unitranche Initial Term Loan Index S+ Spread 4.25% Interest Rate 7.93% Acquisition Date 6/10/2025 Maturity Date 6/17/20322026-01-012026-03-310001633858Investment Micro Merchant Systems Investment Type Senior Secured Revolving Loan Index S+ Spread 4.50% Interest Rate 8.18% Maturity 12/14/20272025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Automotive BBB Industries Investment Type Senior Secured Initial Term Loan (First Lien) Index S+ Spread 5.25% Interest Rate 8.93% Acquisition Date 6/30/2022 Maturity Date 7/25/20292026-03-310001633858Investment Tank Holding Investment Type Senior Secured Revolving Credit Loan Index S+ Spread 5.75% Interest Rate 9.43% Maturity 3/31/20282026-01-012026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Containers, Packaging & Glass Industrial Physics Investment Type Senior Secured Initial Term Loan Index S+ Spread 6.25% Interest Rate 9.93% Acquisition Date 7/18/2023 Maturity Date 7/19/20292026-03-310001633858Investment Tank Holding Investment Type Senior Secured Revolving Credit Loan Index S+ Spread 5.75% Interest Rate 9.43% Maturity 3/31/20282026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Business Mitratech Investment Type Senior Secured Revolving Loan Index S+ Spread 4.75% Interest Rate 8.40% Acquisition Date 12/01/2025 Maturity Date 12/2/20312025-01-012025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Healthcare & Pharmaceuticals Nvision Investment Type Senior Secured 2024 Initial Term Loan Index S+ Spread 5.50% Interest Rate 9.15% Acquisition Date 10/31/2024 Maturity Date 12/31/20282025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Utilities: Water Vessco Investment Type Unitranche 2025 Incremental Term Loan Index S+ Spread 4.50% Interest Rate 8.15% Acquisition Date 10/30/2025 Maturity Date 11/3/20322025-01-012025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Capital Equipment Pegasus Investment Type Senior Secured Initial Term Loan Index S+ Spread 4.75% Interest Rate 8.43% Acquisition Date 1/24/2024 Maturity Date 1/19/20312026-01-012026-03-310001633858ck0001633858:UnitrancheDebtOneMembersrt:WeightedAverageMemberck0001633858:MeasurementInputModifiedMarketYieldMemberck0001633858:AnalysisOfTrendInLeverageMember2026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Healthcare & Pharmaceuticals Cirtec Medical Investment Type Senior Secured Revolving Credit (First Lien) Index S+ Spread 5.00% Interest Rate 8.68% Acquisition Date 1/30/2023 Maturity Date 10/31/20282026-01-012026-03-310001633858Investment Ivy Rehab Investment Type Senior Secured Revolving Credit Loan (First Lien) Index S+ Spread 4.75% Interest Rate 8.43% Maturity 4/21/20282026-01-012026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Banking, Finance, Insurance & Real Estate EPIC Insurance Investment Type Senior Secured Refinancing Revolving Loan Index S+ Spread 4.50% Interest Rate 8.15% Acquisition Date 8/27/2021 Maturity Date 9/29/20282025-12-310001633858Investment Industrial Services Group Investment Type Senior Secured Revolving Loan Index S+ Spread 5.75% Interest Rate 9.43% Maturity 12/7/20282025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Beverage, Food & Tobacco Rise Baking Investment Type Senior Secured Initial Term Loan Index S+ Spread 5.00% Interest Rate 8.65% Acquisition Date 10/24/2024 Maturity Date 11/4/20312025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Capital Equipment Associated Springs Investment Type Senior Secured Revolving Loan Index S+ Spread 4.75% Interest Rate 8.43% Acquisition Date 3/7/2024 Maturity Date 4/4/20302026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Environmental Industries Alliance Environmental Group Investment Type Senior Secured Revolving Loan Index S+ Spread 7.00% PIK Interest Rate 10.65% Acquisition Date 12/30/2021 Maturity Date 12/30/20282025-12-310001633858us-gaap:HealthcareSectorMemberck0001633858:BankLoansMember2025-12-310001633858Investment Ned Stevens 2022-2 Investment Type Senior Secured 2025 Incremental Delayed Draw Term Loan Index S+ Spread 5.00% Interest Rate 8.68% Maturity 11/1/20292026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS High Tech Industries NCR Voyix Investment Type Senior Secured Term Loan Index S+ Spread 2.75% Interest Rate 6.43% Acquisition Date 9/24/2024 Maturity Date 9/30/20312026-01-012026-03-310001633858Investment Whitcraft Investment Type Senior Secured Revolving Loan Index S+ Spread 5.00% Interest Rate 8.68% Maturity 9/30/20312025-12-310001633858Portfolio Investments EQUITY AND PREFERRED SHARES: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Consumer Ned Stevens 2022-2 Investment Type Class B Common Units Acquisition Date 11/1/20222026-03-310001633858ck0001633858:UnitrancheDebtOneMemberus-gaap:ValuationTechniqueMatrixPricingMembersrt:MinimumMemberck0001633858:MeasurementInputSeniorLeverageMember2025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Healthcare & Pharmaceuticals Advancing Eyecare Investment Type Senior Secured Initial Term Loan Index S+ Spread 5.75% Interest Rate 9.43% Acquisition Date 5/27/2022 Maturity Date 6/13/20292026-01-012026-03-310001633858Investment AIA Contract Investment Type Senior Secured Revolving Loan Index S+ Spread 4.75% Interest Rate 8.43% Maturity 7/2/20312026-01-012026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Capital Equipment nVent Investment Type Senior Secured Initial Term Loan Index S+ Spread 3.00% Interest Rate 6.65% Acquisition Date 9/30/2024 Maturity Date 1/30/20322025-01-012025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Consumer Taxwell Investment Type Senior Secured Initial Term Loan Index S+ Spread 4.25% Interest Rate 7.93% Acquisition Date 6/17/2024 Maturity Date 6/26/20312026-03-310001633858Investment Avalon Investment Type Senior Secured Revolving Credit Loan Index S+ Spread 4.50% Interest Rate 8.18% Maturity 12/31/20312026-01-012026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Consumer United Comfort Group (fka United Air Temp) Investment Type Unitranche Initial Term Loan Index S+ Spread 5.50% Interest Rate 9.15% Acquisition Date 2/14/2024 Maturity Date 3/28/20302025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Healthcare & Pharmaceuticals Clearway Investment Type Senior Secured Ninth Amendment Incremental Term Loan Index S+ Spread 5.50% Interest Rate 9.18% Acquisition Date 9/17/2025 Maturity Date 8/30/20302026-01-012026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS High Tech Industries insightsoftware Investment Type Unitranche Initial Term Loan Index S+ Spread 5.25% Interest Rate 8.90% Acquisition Date 7/16/2024 Maturity Date 5/25/20282025-01-012025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Beverage, Food & Tobacco Hissho Sushi Investment Type Unitranche Term Loan Index S+ Spread 4.75% Interest Rate 8.40% Acquisition Date 4/7/2022 Maturity Date 5/18/20292025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Transportation: Cargo Capstone Logistics Investment Type Senior Secured 2024 Term Loan (First Lien) Index S+ Spread 4.50% Interest Rate 8.15% Acquisition Date 11/12/2020 Maturity Date 11/13/20292025-01-012025-12-310001633858ck0001633858:EnterpriseValueMemberck0001633858:FirstLienMemberck0001633858:MeasurementInputEVEBITDAMultipleMembersrt:MaximumMember2025-12-310001633858ck0001633858:MatrixPricingMarketAnalysisMemberck0001633858:SecondLienMemberck0001633858:MeasurementInputTotalLeverageMember2025-12-310001633858Portfolio Investments EQUITY AND PREFERRED SHARES: NON-CONTROL/NON-AFFILIATE INVESTMENTS Automotive Engine & Transmission Exchange Investment Type Class A-1 Units Acquisition Date 5/26/20232025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Media: Advertising, Printing & Publishing MediaRadar Investment Type Unitranche Closing Date Term A Loan Index S+ Spread 5.00% Interest Rate 8.68% Acquisition Date 5/23/2022 Maturity Date 9/16/20292026-03-310001633858Portfolio Investments EQUITY AND PREFERRED SHARES: NON-CONTROL/NON-AFFILIATE INVESTMENTS Healthcare & Pharmaceuticals Ivy Rehab Investment Type Class A Units Acquisition Date 3/11/20222025-01-012025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS High Tech Industries Options IT Investment Type Senior Secured Initial Term Loan Index S+ Spread 4.50% Interest Rate 8.18% Acquisition Date 9/20/2024 Maturity Date 9/30/20312026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Automotive Rough Country Investment Type Senior Secured Initial Term Loan (First Lien) Index S+ Spread 3.50% Interest Rate 7.18% Acquisition Date 7/26/2021 Maturity Date 7/28/20282026-03-310001633858ck0001633858:UnitrancheDebtOneMemberus-gaap:ValuationTechniqueMatrixPricingMembersrt:MinimumMemberck0001633858:MeasurementInputLiquidityCoverageMember2025-12-310001633858Investment Midwest Eye Services Investment Type Senior Secured Delayed Draw Term Loan Index S+ Spread 4.75% Interest Rate 8.43% Maturity 2/23/20302026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Capital Equipment TriMark Investment Type Senior Secured Initial Tranche B Loan Index S+ Spread 2.00%, 3.25% PIK Interest Rate 8.90% Acquisition Date 1/16/2024 Maturity Date 7/2/20292025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Capital Equipment Shaw Investment Type Senior Secured Closing Date Term Loan (First Lien) Index S+ Spread 6.00% Interest Rate 9.65% Acquisition Date 9/30/2023 Maturity Date 10/30/20292025-01-012025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Construction & Building Lindsay Precast Investment Type Senior Secured Initial Term Loan Index S+ Spread 4.75% Interest Rate 8.43% Acquisition Date 12/15/2025 Maturity Date 12/16/20322026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Healthcare & Pharmaceuticals Clearway Investment Type Senior Secured Second Amendment Incremental Term Loan Index S+ Spread 5.50% Interest Rate 9.15% Acquisition Date 9/17/2025 Maturity Date 8/30/20302025-01-012025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Chemicals, Plastics & Rubber Americhem Investment Type Senior Secured Initial Term Loan Index S+ Spread 4.50% Interest Rate 8.15% Acquisition Date 2/5/2025 Maturity Date 3/1/20322025-12-310001633858Investment Mitratech Investment Type Senior Secured Revolving Loan Index S+ Spread 4.75% Interest Rate 8.43% Maturity 12/2/20312025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Healthcare & Pharmaceuticals AGS Health Investment Type Senior Secured Tranche A Revolving Credit Loan Index S+ Spread 4.50% Interest Rate 8.15% Acquisition Date 7/24/2025 Maturity Date 8/2/20322025-12-310001633858Investment 80/20 Investment Type Senior Secured Delayed Draw Term Loan Index S+ Spread 4.50% Interest Rate 8.18% Maturity 12/12/20322025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Beverage, Food & Tobacco Mary Ruth's Investment Type Senior Secured Closing Date Term A Loan Index S+ Spread 4.00% Interest Rate 7.65% Acquisition Date 9/26/2025 Maturity Date 9/30/20302025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Aerospace & Defense Whitcraft Investment Type Senior Secured Revolving Loan Index S+ Spread 5.00% Interest Rate 8.65% Acquisition Date 3/31/2023 Maturity Date 9/30/20312025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Consumer All My Sons Investment Type Senior Secured Closing Date Term Loan (First Lien) Index S+ Spread 4.75% Interest Rate 8.40% Acquisition Date 6/4/2024 Maturity Date 10/25/20282025-01-012025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Containers, Packaging & Glass Balcan Investment Type Senior Secured Initial Term B Loan (First Lien) Index S+ Spread 4.75% Interest Rate 8.43% Acquisition Date 10/10/2024 Maturity Date 10/20/20312026-01-012026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Wholesale Carlisle Foodservice Investment Type Senior Secured Revolving Loan Index S+ Spread 5.00% Interest Rate 8.68% Acquisition Date 9/29/2023 Maturity Date 10/2/20292026-01-012026-03-310001633858Investment Gallo Mechanical Investment Type Senior Secured Delayed Draw Term Loan Index S+ Spread 4.75% Interest Rate 8.43% Maturity 8/2/20322025-12-310001633858Investment Vessco Investment Type Senior Secured 2025 Incremental DDTL Index S+ Spread 4.50% Interest Rate 8.18% Maturity 11/3/20322026-01-012026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Automotive Truck Hero Investment Type Senior Secured Initial Term Loan Index S+ Spread 3.75% Interest Rate 7.43% Acquisition Date 1/20/2021 Maturity Date 1/31/20282026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Containers, Packaging & Glass SupplyOne Investment Type Senior Secured Term B Loan Index S+ Spread 3.50% Interest Rate 7.18% Acquisition Date 3/27/2024 Maturity Date 4/21/20312026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Business Vensure Investment Type Senior Secured Initial Term Loan Index S+ Spread 5.00% Interest Rate 8.65% Acquisition Date 9/23/2024 Maturity Date 9/27/20312025-12-310001633858Investment Brown & Root Investment Type Senior Secured Revolving Loan Index S+ Spread 5.00% Interest Rate 8.68% Maturity 10/3/20302026-01-012026-03-310001633858Investment Midwest Eye Services Investment Type Senior Secured Fourth Amendment Incremental Revolving Loan Index S+ Spread 4.50% Interest Rate 8.18% Maturity 8/20/20272026-03-310001633858Investment Beta+ Investment Type Senior Secured Revolving Credit Loan Index S+ Spread 4.25% Interest Rate 7.93% Maturity 7/1/20272025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Consumer Crash Champions Investment Type Senior Secured Initial Term Loan Index S+ Spread 4.75% Interest Rate 8.43% Acquisition Date 2/7/2024 Maturity Date 2/23/20292026-01-012026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Containers, Packaging & Glass Brook & Whittle Investment Type Senior Secured Tranche B Term Loan Index S+ Spread 4.50% Interest Rate 8.18% Acquisition Date 8/11/2025 Maturity Date 12/14/20302026-01-012026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Banking, Finance, Insurance & Real Estate Prime Pensions Investment Type Senior Secured Revolving Credit Index S+ Spread 4.75% Interest Rate 8.40% Acquisition Date 2/20/2024 Maturity Date 2/26/20302025-01-012025-12-310001633858Investment Keter Environmental Services Investment Type Senior Secured Revolving Loan Index S+ Spread 5.25% Interest Rate 8.93% Maturity 10/29/20272026-01-012026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS High Tech Industries Idera Investment Type Senior Secured Incremental Term Loan (First Lien) Index S+ Spread 3.50% Interest Rate 7.15% Acquisition Date 6/27/2017 Maturity Date 3/2/20282025-01-012025-12-310001633858ck0001633858:UnitrancheDebtOneMembersrt:WeightedAverageMemberus-gaap:ValuationTechniqueMatrixPricingMemberus-gaap:MeasurementInputCreditSpreadMember2025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Wholesale Carlisle Foodservice Investment Type Senior Secured Initial Term Loan Index S+ Spread 5.00% Interest Rate 8.65% Acquisition Date 9/29/2023 Maturity Date 10/2/20302025-01-012025-12-310001633858ck0001633858:HighTechIndustriesSectorMember2025-01-012025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Healthcare & Pharmaceuticals TEAM Services Investment Type Senior Secured Term Loan (First Lien) Index S+ Spread 5.00% Interest Rate 8.65% Acquisition Date 1/25/2024 Maturity Date 12/20/20272025-01-012025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Consumer Smart Start Investment Type Senior Secured Term B Loan (Second Lien) Index S+ Spread 7.75% Interest Rate 11.40% Acquisition Date 12/10/2021 Maturity Date 12/16/20292025-12-310001633858Portfolio Investments EQUITY AND PREFERRED SHARES: NON-CONTROL/NON-AFFILIATE INVESTMENTS Hotels, Gaming & Leisure Auto Europe Investment Type Class A Units Acquisition Date 1/20/20262026-03-310001633858Investment Options IT Investment Type Senior Secured Revolving Loan Index S+ Spread 4.50% Interest Rate 8.18% Maturity 3/31/20312026-01-012026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Chemicals, Plastics & Rubber Chase Investment Type Senior Secured Initial Term Loan Index S+ Spread 4.00% Interest Rate 7.65% Acquisition Date 4/2/2025 Maturity Date 4/9/20322025-12-310001633858us-gaap:ConsumerSectorMemberck0001633858:EquityAndPreferredSharesMember2025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Healthcare & Pharmaceuticals AGS Health Investment Type Senior Secured Tranche A Revolving Credit Loan Index S+ Spread 4.50% Interest Rate 8.15% Acquisition Date 7/24/2025 Maturity Date 8/2/2032 One2025-12-3100016338582023-01-012023-12-310001633858Portfolio Investments EQUITY AND PREFERRED SHARES: NON-CONTROL/NON-AFFILIATE INVESTMENTS Environmental Industries Alliance Environmental Group Investment Type A-1 Preferred Units Acquisition Date 9/30/20192025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Business trustaff Investment Type Senior Secured Initial Term Loan (First Lien) Index S+ Spread 4.25% Interest Rate 7.93% Acquisition Date 12/9/2021 Maturity Date 3/6/20282026-01-012026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Consumer FMG Suite Investment Type Unitranche Initial Term Loan Index S+ Spread 4.75% Interest Rate 8.40% Acquisition Date 8/11/2025 Maturity Date 9/9/20322025-01-012025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Construction & Building A1 Garage Door Investment Type Unitranche Term Loan A Index S+ Spread 4.50% Interest Rate 8.18% Acquisition Date 12/22/2022 Maturity Date 12/22/20282026-01-012026-03-310001633858ck0001633858:ServicesBusinessSectorMember2025-01-012025-12-310001633858ck0001633858:SecondLienMember2025-01-012025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Business InnovateMR Investment Type Unitranche First Amendment Term Loan Index S+ Spread 6.50% Interest Rate 10.15% Acquisition Date 12/23/2022 Maturity Date 1/20/20282025-01-012025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Healthcare & Pharmaceuticals Epic Staffing Group Investment Type Senior Secured Initial Term Loan Index S+ Spread 6.00% Interest Rate 9.65% Acquisition Date 6/27/2022 Maturity Date 6/28/20292025-01-012025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Healthcare & Pharmaceuticals APT Healthcare Investment Type Unitranche Initial Term Loan Index S+ Spread 5.00% Interest Rate 8.65% Acquisition Date 9/15/2025 Maturity Date 9/30/20312025-12-310001633858Investment AGS Health Investment Type Senior Secured Tranche A Revolving Credit Loan Index S+ Spread 4.50% Interest Rate 8.18% Maturity 8/2/20322026-03-310001633858ck0001633858:MetalsMiningSectorMember2026-01-012026-03-310001633858us-gaap:FoodAndBeverageSectorMember2026-01-012026-03-310001633858Portfolio Investments EQUITY AND PREFERRED SHARES: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Business CCG Investment Type Class A Units Acquisition Date 12/30/20252026-01-012026-03-310001633858ck0001633858:BankingFinanceInsuranceRealEstateSectorMember2025-01-012025-12-310001633858Investment Miller Environmental Investment Type Senior Secured Delayed Draw Term Loan (General) Index S+ Spread 5.00% Interest Rate 8.68% Maturity 9/10/20312026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Healthcare & Pharmaceuticals Forefront Investment Type Senior Secured Closing Date Term Loan Index S+ Spread 4.25% Interest Rate 7.93% Acquisition Date 3/23/2022 Maturity Date 3/30/20292026-01-012026-03-3100016338582016-12-022016-12-020001633858us-gaap:FoodAndBeverageSectorMember2025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Capital Equipment Trystar Investment Type Senior Secured Initial Term Loan Index S+ Spread 4.25% Interest Rate 7.90% Acquisition Date 7/31/2024 Maturity Date 8/6/20312025-01-012025-12-310001633858Investment Vessco Investment Type Senior Secured Revolving Loan Index S+ Spread 4.50% Interest Rate 8.18% Maturity 11/3/20322026-01-012026-03-310001633858ck0001633858:UnitrancheDebtOneMembersrt:WeightedAverageMemberck0001633858:MeasurementInputModifiedMarketYieldMemberck0001633858:AnalysisOfTrendInLeverageMember2025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Capital Equipment SupplyHouse Investment Type Senior Secured Revolving Credit Loan Index S+ Spread 4.00% Interest Rate 7.68% Acquisition Date 6/19/2025 Maturity Date 7/1/20322026-01-012026-03-310001633858Investment Burke Porter Group Investment Type Senior Secured Revolving Credit Loan Index S+ Spread 6.00% Interest Rate 9.68% Maturity 7/29/20282026-01-012026-03-310001633858us-gaap:ValuationTechniqueMatrixPricingMemberck0001633858:MeasurementInputInterestCoverageMemberck0001633858:FirstLienMembersrt:MaximumMember2026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Healthcare & Pharmaceuticals AccentCare Investment Type Senior Secured Tranche B Term Loan Index S+ Spread 4.00% Interest Rate 7.65% Acquisition Date 6/15/2021 Maturity Date 9/20/20282025-01-012025-12-310001633858Investment Mitratech Investment Type Senior Secured Delayed Draw Term Loan Index S+ Spread 4.75% Interest Rate 8.43% Maturity 12/2/20312026-03-310001633858Investment Rover Investment Type Senior Secured Revolving Loan Index S+ Spread 4.75% Interest Rate 8.43% Maturity 2/27/20312026-01-012026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Business Eagle Fire Investment Type Senior Secured Initial Revolving Loan Index S+ Spread 4.50% Interest Rate 8.15% Acquisition Date 6/04/2025 Maturity Date 7/15/20322025-01-012025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Environmental Industries Alliance Environmental Group Investment Type Senior Secured Initial Term Loan Index S+ Spread 0.00% Interest Rate 3.68% Acquisition Date 12/30/2021 Maturity Date 12/30/20282026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Business Heartland Investment Type Senior Secured Initial Term Loan Index S+ Spread 4.75% Interest Rate 8.40% Acquisition Date 12/1/2023 Maturity Date 12/12/20292025-12-310001633858us-gaap:NorthwestRegionMember2026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Business Ascend Investment Type Senior Secured Revolving Credit Loan Index S+ Spread 4.50% Interest Rate 8.15% Acquisition Date 10/22/2024 Maturity Date 8/11/20312025-01-012025-12-310001633858ck0001633858:SecondLienMember2025-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Healthcare & Pharmaceuticals Nvision Investment Type Senior Secured Revolving Loan Index S+ Spread 5.50% Interest Rate 9.15% Acquisition Date 10/31/2024 Maturity Date 12/31/20282025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Beverage, Food & Tobacco Hissho Sushi Investment Type Senior Secured Revolving Credit Loan Index S+ Spread 4.75% Interest Rate 8.40% Acquisition Date 4/7/2022 Maturity Date 5/18/20292025-01-012025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Environmental Industries Alliance Environmental Group Investment Type Senior Secured Priority Revolving Loan Index S+ Spread 0.00% Interest Rate 3.68% Acquisition Date 6/23/2025 Maturity Date 12/30/20282026-01-012026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS High Tech Industries insightsoftware Investment Type Unitranche Initial Term Loan Index S+ Spread 5.25% Interest Rate 8.93% Acquisition Date 7/16/2024 Maturity Date 5/25/20282026-01-012026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS High Tech Industries Intermedia Investment Type Unitranche 2024 Refinancing Term Loan (First Lien) Index S+ Spread 5.25% Interest Rate 8.93% Acquisition Date 4/4/2024 Maturity Date 4/4/20292026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Capital Equipment Trystar Investment Type Senior Secured Amendment No.2 Incremental Term Loan Index S+ Spread 4.25% Interest Rate 7.93% Acquisition Date 1/5/2026 Maturity Date 8/6/20312026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Beverage, Food & Tobacco Hissho Sushi Investment Type Senior Secured Revolving Credit Loan Index S+ Spread 4.75% Interest Rate 8.43% Acquisition Date 4/7/2022 Maturity Date 5/18/20292026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Consumer Aptive Environmental Investment Type Senior Secured Initial Term Loan Index S+ Spread 4.75% Interest Rate 8.40% Acquisition Date 10/10/2025 Maturity Date 10/15/20322025-12-310001633858ck0001633858:MatrixPricingMarketAnalysisMemberck0001633858:FirstLienMembersrt:MaximumMemberck0001633858:MeasurementInputLiquidityCoverageMember2025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Construction & Building Brown & Root Investment Type Senior Secured Revolving Loan Index S+ Spread 5.00% Interest Rate 8.65% Acquisition Date 9/29/2025 Maturity Date 10/3/20302025-12-310001633858Investment insightsoftware Investment Type Senior Secured Revolving Loan Index S+ Spread 5.25% Interest Rate 8.93% Maturity 5/25/20282026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Capital Equipment Air Control Concepts Investment Type Senior Secured Closing Date Term Loan Index S+ Spread 2.75% Interest Rate 6.40% Acquisition Date 7/16/2024 Maturity Date 7/23/20312025-01-012025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Capital Equipment Ohio Transmission Investment Type Senior Secured Initial Revolving Loan Index S+ Spread 5.75% Interest Rate 9.43% Acquisition Date 12/19/2023 Maturity Date 12/19/20292026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Construction & Building PlayPower Investment Type Senior Secured Revolving Loan Index S+ Spread 5.25% Interest Rate 8.90% Acquisition Date 10/29/2025 Maturity Date 10/29/20302025-01-012025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Consumer Goods: Non-durable Augusta Sportswear Investment Type Senior Secured Initial Term Loan Index S+ Spread 7.00% Interest Rate 10.68% Acquisition Date 11/21/2023 Maturity Date 11/21/20292026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Construction & Building Voeller Investment Type Senior Secured Closing Date Initial Term Loan Index S+ Spread 4.75% Interest Rate 8.40% Acquisition Date 11/25/2025 Maturity Date 11/25/20322025-01-012025-12-310001633858srt:WeightedAverageMemberck0001633858:MatrixPricingMarketAnalysisMemberck0001633858:MeasurementInputTotalEnterpriseValueCoverageMemberck0001633858:SecondLienMember2025-12-310001633858ck0001633858:MatrixPricingMarketAnalysisMembersrt:MinimumMemberus-gaap:MeasurementInputCreditSpreadMemberck0001633858:FirstLienMember2025-12-310001633858Investment Alliance Environmental Group Investment Type Senior Secured Revolving Loan Index S+ Spread 0.00% Interest Rate 3.68% Maturity 12/30/20282025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Business AI Fire & Safety Investment Type Senior Secured Revolving Credit Loan Index S+ Spread 4.50% Interest Rate 8.15% Acquisition Date 12/20/2024 Maturity Date 2/2/20322025-01-012025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS High Tech Industries LightBox Investment Type Senior Secured Initial Term Loan Index S+ Spread 5.25% Interest Rate 8.90% Acquisition Date 1/10/2025 Maturity Date 1/13/20302025-01-012025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Containers, Packaging & Glass Paragon Films Investment Type Senior Secured Closing Date Term Loan (First Lien) Index S+ Spread 3.75% Interest Rate 7.43% Acquisition Date 12/15/2021 Maturity Date 12/16/20282026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Business The Facilities Group Investment Type Unitranche Initial Term Loan Index S+ Spread 5.75% Interest Rate 9.43% Acquisition Date 12/10/2021 Maturity Date 11/30/20282026-03-310001633858Investment RevHealth Investment Type Senior Secured Revolving Loan Index S+ Spread 2.50% Interest Rate 6.18% Maturity 7/21/20282025-12-310001633858ck0001633858:TelecommunicationsMember2025-12-310001633858us-gaap:RetailSectorMember2026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS High Tech Industries Options IT Investment Type Senior Secured Revolving Loan Index S+ Spread 4.50% Interest Rate 8.18% Acquisition Date 9/20/2024 Maturity Date 3/31/20312026-03-310001633858Investment Steward Partners Investment Type Senior Secured Revolving Loan Index S+ Spread 4.75% Interest Rate 8.43% Maturity 10/14/20282026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Construction & Building PlayPower Investment Type Senior Secured Revolving Loan Index S+ Spread 5.25% Interest Rate 8.93% Acquisition Date 10/29/2025 Maturity Date 10/29/20302026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Banking, Finance, Insurance & Real Estate EdgeCo Investment Type Senior Secured Third Amendment Term Loan (First Lien) Index S+ Spread 4.50% Interest Rate 8.18% Acquisition Date 3/29/2022 Maturity Date 6/1/20282026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Construction & Building Cumming Group Investment Type Unitranche 2025-B Incremental Term Loan Index S+ Spread 4.75% Interest Rate 8.43% Acquisition Date 10/1/2025 Maturity Date 11/16/20302026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Hotels, Gaming & Leisure Auto Europe Investment Type Senior Secured First Out Secured Term Loan Index S+ Spread 5.00% Interest Rate 8.68% Acquisition Date 1/20/2026 Maturity Date 1/20/20302026-01-012026-03-310001633858ck0001633858:UnitrancheDebtOneMemberck0001633858:MeasurementInputModifiedMarketYieldMemberck0001633858:AnalysisOfTrendInLeverageMember2025-12-310001633858Investment Ascend Investment Type Senior Secured Closing Date Delayed Draw Term Loan Index S+ Spread 4.50% Interest Rate 8.18% Maturity 8/11/20312026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Chemicals, Plastics & Rubber Americhem Investment Type Senior Secured Initial Term Loan Index S+ Spread 4.50% Interest Rate 8.18% Acquisition Date 2/5/2025 Maturity Date 3/1/20322026-01-012026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Construction & Building Voeller Investment Type Senior Secured Revolving Loan Index S+ Spread 4.75% Interest Rate 8.40% Acquisition Date 11/25/2025 Maturity Date 11/25/20322025-01-012025-12-310001633858Investment Carlisle Foodservice Investment Type Senior Secured Revolving Loan Index S+ Spread 5.00% Interest Rate 8.68% Maturity 10/2/20292026-03-310001633858ck0001633858:MediaDiversifiedProductionSectorMember2026-01-012026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Construction & Building DynaGrid Investment Type Senior Secured Initial Term Loan Index S+ Spread 4.75% Interest Rate 8.43% Acquisition Date 1/7/2025 Maturity Date 2/13/20322026-01-012026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Capital Equipment 80/20 Investment Type Senior Secured Revolving Loan Index S+ Spread 4.50% Interest Rate 8.15% Acquisition Date 12/11/2025 Maturity Date 12/13/20322025-12-310001633858Investment Minds + Assembly Investment Type Senior Secured Revolving Loan (First Lien) Index S+ Spread 5.00% Interest Rate 8.68% Maturity 5/3/20292025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Business Inmar Investment Type Senior Secured Amendment No. 4 Refinancing Term Loan (First Lien) Index S+ Spread 4.50% Interest Rate 8.15% Acquisition Date 10/25/2024 Maturity Date 10/30/20312025-12-310001633858Investment SupplyHouse Investment Type Senior Secured Revolving Credit Loan Index S+ Spread 4.00% Interest Rate 7.68% Maturity 7/1/20322026-01-012026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Containers, Packaging & Glass Industrial Physics Investment Type Senior Secured Revolving Credit Loan Index S+ Spread 6.25% Interest Rate 9.90% Acquisition Date 7/18/2023 Maturity Date 7/19/20282025-12-310001633858Investment GoldenSource Investment Type Senior Secured Revolving Loan Index S+ Spread 5.00% Interest Rate 8.68% Maturity 5/12/20282025-12-310001633858us-gaap:ConsumerSectorMemberck0001633858:EquityAndPreferredSharesMember2026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Beverage, Food & Tobacco MBC Companies Investment Type Senior Secured Third Amendment Term B Loan Index S+ Spread 4.75% Interest Rate 8.43% Acquisition Date 10/8/2025 Maturity Date 4/10/20312026-03-310001633858ck0001633858:UnitrancheDebtOneMembersrt:WeightedAverageMemberus-gaap:ValuationTechniqueMatrixPricingMemberus-gaap:MeasurementInputCreditSpreadMember2026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Construction & Building Lindsay Precast Investment Type Senior Secured Incremental Revolving Loan Index S+ Spread 4.75% Interest Rate 8.40% Acquisition Date 12/15/2025 Maturity Date 12/16/20322025-01-012025-12-310001633858us-gaap:TransportationSectorMember2026-03-310001633858Investment Summit Spine 2025 Investment Type Senior Secured Delayed Draw Term Loan Index S+ Spread 4.75% Interest Rate 8.43% Maturity 3/25/20312026-01-012026-03-310001633858Investment Aptive Environmental Investment Type Senior Secured Initial Revolving Loan Index S+ Spread 4.75% Interest Rate 8.43% Maturity 10/15/20322026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Healthcare & Pharmaceuticals Clearway Investment Type Senior Secured Tenth Amendment Incremental Term Loan Index S+ Spread 5.50% Interest Rate 9.15% Acquisition Date 9/17/2025 Maturity Date 8/30/20302025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Construction & Building Dodge Construction Network Investment Type Senior Secured Tranche B Term Loan (First Lien) Index S+ Spread 4.75% Interest Rate 8.43% Acquisition Date 11/14/2024 Maturity Date 2/28/20292026-01-012026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Capital Equipment Ohio Transmission Investment Type Senior Secured Initial Revolving Loan Index S+ Spread 5.75% Interest Rate 9.40% Acquisition Date 12/19/2023 Maturity Date 12/19/20292025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Consumer FullBloom Investment Type Senior Secured Initial Term Loan (First Lien) Index S+ Spread 4.25% Interest Rate 7.90% Acquisition Date 12/10/2021 Maturity Date 12/15/20282025-12-310001633858Investment Kept Companies Investment Type Senior Secured Revolving Loan Index S+ Spread 5.25% Interest Rate 8.93% Maturity 4/30/20292025-12-310001633858ck0001633858:MediaAdvertisingPrintingPublishingSectorMember2026-01-012026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Environmental Industries Keter Environmental Services Investment Type Unitranche Closing Date Term Loan Index S+ Spread 5.25% Interest Rate 8.90% Acquisition Date 11/5/2021 Maturity Date 10/29/20272025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Environmental Industries Denali Water Solutions Investment Type Senior Secured Closing Date Term Loan Index S+ Spread 4.75% Interest Rate 8.43% Acquisition Date 11/13/2025 Maturity Date 11/19/20322026-01-012026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Healthcare & Pharmaceuticals Therapy Brands Investment Type Senior Secured Initial Term Loan (First Lien) Index S+ Spread 4.00% Interest Rate 7.68% Acquisition Date 5/12/2021 Maturity Date 5/18/20282026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Business The Facilities Group Investment Type Unitranche Initial Term Loan Index S+ Spread 5.75% Interest Rate 9.40% Acquisition Date 12/10/2021 Maturity Date 11/30/20272025-01-012025-12-310001633858Investment Ivy Rehab Investment Type Senior Secured Revolving Credit Loan (First Lien) Index S+ Spread 4.75% Interest Rate 8.43% Maturity 4/21/20282025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Healthcare & Pharmaceuticals Ivy Rehab Investment Type Senior Secured Revolving Credit Loan (First Lien) Index S+ Spread 4.75% Interest Rate 8.43% Acquisition Date 3/11/2022 Maturity Date 4/21/20282026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Automotive Engine & Transmission Exchange Investment Type Senior Secured Term Loan A Index S+ Spread 5.00% Interest Rate 8.65% Acquisition Date 5/26/2023 Maturity Date 5/29/20292025-01-012025-12-310001633858us-gaap:ValuationTechniqueMatrixPricingMemberck0001633858:MeasurementInputInterestCoverageMemberck0001633858:FirstLienMembersrt:MaximumMember2025-12-310001633858ck0001633858:MatrixPricingMarketAnalysisMemberck0001633858:SecondLienMember2025-12-310001633858ck0001633858:MeasurementInputDebtServiceCoverageMemberck0001633858:MatrixPricingMarketAnalysisMembersrt:MinimumMemberck0001633858:FirstLienMember2025-12-310001633858us-gaap:ValuationTechniqueMatrixPricingMemberck0001633858:FirstLienMembersrt:MaximumMemberck0001633858:MeasurementInputLiquidityCoverageMember2026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Healthcare & Pharmaceuticals Quantum Health Investment Type Senior Secured Amendment No. 1 Refinancing Term Loan (First Lien) Index S+ Spread 4.25% Interest Rate 7.90% Acquisition Date 12/18/2020 Maturity Date 12/22/20272025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS High Tech Industries Barracuda Investment Type Senior Secured Initial Term Loan (Second Lien) Index S+ Spread 7.00% Interest Rate 10.65% Acquisition Date 5/17/2022 Maturity Date 8/15/20302025-01-012025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Beverage, Food & Tobacco Mary Ruth's Investment Type Senior Secured Closing Date Term B Loan Index S+ Spread 4.75% Interest Rate 8.43% Acquisition Date 9/26/2025 Maturity Date 9/30/20312026-01-012026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Healthcare & Pharmaceuticals Blue Cloud 2025 Investment Type Senior Secured Closing Date Term Loan Index S+ Spread 5.00% Interest Rate 8.65% Acquisition Date 8/12/2025 Maturity Date 1/21/20312025-01-012025-12-310001633858Investment CCG Investment Type Senior Secured Revolving Facility Index S+ Spread 4.50% Interest Rate 8.18% Maturity 12/30/20322026-01-012026-03-310001633858Investment Aurora Energy Research Investment Type Senior Secured Delayed Draw Term Facility Notes Index S+ Spread 5.00% Interest Rate 8.68% Maturity 9/8/20322026-01-012026-03-310001633858Investment Vertellus Investment Type Senior Secured Revolving Credit Loan Index S+ Spread 5.75% Interest Rate 9.43% Maturity 1/2/20292025-12-310001633858ck0001633858:SecondLienMember2024-12-310001633858Investment Rover Investment Type Senior Secured Amendment No. 1 Incremental Delayed Draw Term Loan Index S+ Spread 4.75% Interest Rate 8.43% Maturity 2/27/20312025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Capital Equipment Circor Investment Type Senior Secured 2025 Term Loan Index S+ Spread 3.00% Interest Rate 6.68% Acquisition Date 10/9/2024 Maturity Date 10/17/20312026-03-310001633858ck0001633858:MediaAdvertisingPrintingPublishingSectorMember2025-01-012025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Business Industrial Services Group Investment Type Senior Secured Revolving Loan Index S+ Spread 5.75% Interest Rate 9.43% Acquisition Date 12/07/2022 Maturity Date 12/7/20282026-03-310001633858srt:WeightedAverageMemberck0001633858:MatrixPricingMarketAnalysisMemberck0001633858:SecondLienMemberck0001633858:MeasurementInputSeniorLeverageMember2025-12-310001633858Portfolio Investments EQUITY AND PREFERRED SHARES: NON-CONTROL/NON-AFFILIATE INVESTMENTS Beverage, Food & Tobacco Hissho Sushi Investment Type Class A Units Acquisition Date 4/7/20222026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Containers, Packaging & Glass Technimark Investment Type Senior Secured 2024-1 Refinancing Term Loan (First Lien) Index S+ Spread 3.25% Interest Rate 6.90% Acquisition Date 6/30/2021 Maturity Date 4/14/20312025-12-310001633858Investment Miller Environmental Investment Type Senior Secured Revolving Loan Index S+ Spread 5.00% Interest Rate 8.68% Maturity 9/10/20312026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Aerospace & Defense Electro Methods Investment Type Senior Secured Revolving Credit Facility Index S+ Spread 4.75% Interest Rate 8.40% Acquisition Date 2/6/2025 Maturity Date 2/23/20322025-12-310001633858Investment Electric Power Engineers Investment Type Senior Secured Revolving Loan Index S+ Spread 4.50% Interest Rate 8.18% Maturity 12/31/20312026-01-012026-03-310001633858Portfolio Investments EQUITY AND PREFERRED SHARES: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Business AI Fire & Safety Investment Type Class A Units Acquisition Date 12/20/20242025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Healthcare & Pharmaceuticals RevHealth Investment Type Senior Secured Revolving Loan Index S+ Spread 2.50%, 3.25% PIK Interest Rate 9.43% Acquisition Date 7/22/2022 Maturity Date 7/21/20282026-03-310001633858Investment Prime Pensions Investment Type Senior Secured Revolving Credit Index S+ Spread 4.75% Interest Rate 8.43% Maturity 2/26/20302026-01-012026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Aerospace & Defense API Technologies Investment Type Senior Secured Term B-1 Loan (First Lien) Index S+ Spread 1.00%, 6.00% PIK Interest Rate 10.65% Acquisition Date 11/3/2023 Maturity Date 3/25/20272025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Media: Advertising, Printing & Publishing MediaRadar Investment Type Unitranche 2023 Incremental Term Loan Index S+ Spread 5.00% Interest Rate 8.65% Acquisition Date 10/31/2023 Maturity Date 9/17/20292025-12-310001633858ck0001633858:EquityAndPreferredSharesMember2024-12-310001633858us-gaap:AdditionalPaidInCapitalMember2025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Banking, Finance, Insurance & Real Estate Beta+ Investment Type Senior Secured Revolving Credit Loan Index S+ Spread 4.25% Interest Rate 7.93% Acquisition Date 6/24/2022 Maturity Date 7/1/20272026-01-012026-03-310001633858ck0001633858:SecondLienMember2025-12-310001633858ck0001633858:MeasurementInputDebtServiceCoverageMembersrt:WeightedAverageMemberus-gaap:ValuationTechniqueMatrixPricingMemberck0001633858:FirstLienMember2026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Transportation: Cargo Evans Network Investment Type Senior Secured Initial Term Loan (First Lien) Index S+ Spread 4.25% Interest Rate 7.93% Acquisition Date 8/6/2021 Maturity Date 8/19/20282026-01-012026-03-310001633858Investment Midwest Eye Services Investment Type Senior Secured Fourth Amendment Delayed Draw Term Loan Index S+ Spread 4.50% Interest Rate 8.18% Maturity 8/20/20272026-01-012026-03-310001633858Portfolio Investments EQUITY AND PREFERRED SHARES: NON-CONTROL/NON-AFFILIATE INVESTMENTS Banking, Finance, Insurance & Real Estate American Beacon Advisors Investment Type Common Units Acquisition Date 12/29/20232026-01-012026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Aerospace & Defense HDT Global Investment Type Senior Secured Initial Term Loan Index S+ Spread 1.00%, 5.50% PIK Interest Rate 10.18% Acquisition Date 6/30/2021 Maturity Date 1/7/20282026-03-310001633858Portfolio Investments EQUITY AND PREFERRED SHARES: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Business InnovateMR Investment Type Class A Units Acquisition Date 12/16/20212026-03-310001633858ck0001633858:MeasurementInputModifiedMarketYieldMemberck0001633858:FirstLienMemberck0001633858:AnalysisOfTrendInLeverageMember2026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Consumer R. F. Fager Investment Type Senior Secured First Amendment Term Loan Index S+ Spread 5.00% Interest Rate 8.65% Acquisition Date 5/16/2025 Maturity Date 3/4/20302025-01-012025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS High Tech Industries Barracuda Investment Type Senior Secured Initial Term Loan (First Lien) Index S+ Spread 4.50% Interest Rate 8.18% Acquisition Date 5/17/2022 Maturity Date 8/15/20292026-01-012026-03-310001633858Portfolio Investments EQUITY AND PREFERRED SHARES: NON-CONTROL/NON-AFFILIATE INVESTMENTS Healthcare & Pharmaceuticals Visor Buyer, Inc. Investment Type Class A Units Acquisition Date 12/15/20252025-01-012025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Business Mediaocean Investment Type Senior Secured Initial Term Loan (First Lien) Index S+ Spread 3.50% Interest Rate 7.15% Acquisition Date 12/9/2021 Maturity Date 12/15/20282025-01-012025-12-310001633858Investment Gallo Mechanical Investment Type Senior Secured Delayed Draw Term Loan Index S+ Spread 4.75% Interest Rate 8.43% Maturity 8/2/20322026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Containers, Packaging & Glass Industrial Physics Investment Type Senior Secured Initial Term Loan Index S+ Spread 6.25% Interest Rate 9.90% Acquisition Date 7/18/2023 Maturity Date 7/19/20292025-01-012025-12-310001633858Investment Insight Global Investment Type Senior Secured 2024 Refinancing Revolving Loan Index S+ Spread 5.00% Interest Rate 8.68% Maturity 9/22/20282026-03-310001633858Lindsay Precast Senior Secured Revolving Loan S+ 4.75% 8.43% 12/16/2032 Investment Lindsay Precast Investment Type Senior Secured Revolving Loan Index S+ Spread 4.75% Interest Rate 8.43% Maturity 12/16/20322026-03-310001633858Investment Vessco Investment Type Senior Secured 2025 Incremental DDTL Index S+ Spread 4.50% Interest Rate 8.18% Maturity 11/3/20322026-03-310001633858Investment Cirtec Medical Investment Type Senior Secured Revolving Credit (First Lien) Index S+ Spread 5.00% Interest Rate 8.68% Maturity 10/31/20282025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS High Tech Industries Planview Investment Type Senior Secured 2024-B Incremental Term Loan (First Lien) Index S+ Spread 3.50% Interest Rate 7.18% Acquisition Date 12/11/2020 Maturity Date 12/17/20272026-03-310001633858Investment Steward Partners Investment Type Senior Secured Delayed Draw Term C Loan Index S+ Spread 4.75% Interest Rate 8.43% Maturity 10/14/20282026-01-012026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Environmental Industries Alliance Environmental Group Investment Type Senior Secured Revolving Loan Index S+ Spread 7.00% PIK Interest Rate 10.65% Acquisition Date 12/30/2021 Maturity Date 12/30/20282025-01-012025-12-310001633858Investment Minds + Assembly Investment Type Senior Secured Revolving Loan (First Lien) Index S+ Spread 5.00% Interest Rate 8.68% Maturity 5/3/20292026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS High Tech Industries SmartBear Investment Type Senior Secured 2024 Term Loan Index S+ Spread 4.00% Interest Rate 7.65% Acquisition Date 11/20/2020 Maturity Date 3/3/20282025-01-012025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Healthcare & Pharmaceuticals RxBenefits Investment Type Senior Secured Term Loan Index S+ Spread 5.00% Interest Rate 8.65% Acquisition Date 12/31/2025 Maturity Date 12/23/20302025-01-012025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Business Vortex Companies Investment Type Unitranche Initial Term Loan Index S+ Spread 5.00% Interest Rate 8.65% Acquisition Date 9/1/2023 Maturity Date 9/4/20292025-01-012025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Business Trace3 Investment Type Unitranche Closing Date Term B Loan Index S+ Spread 4.00% Interest Rate 7.68% Acquisition Date 10/8/2025 Maturity Date 10/29/20322026-03-310001633858Investment PlayPower Investment Type Senior Secured Revolving Loan Index S+ Spread 5.25% Interest Rate 8.93% Maturity 10/29/20302026-01-012026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Business OSG Billing Services Investment Type Senior Secured First-Out Term Loan Index S+ Spread 8.00% Interest Rate 11.65% Acquisition Date 11/30/2023 Maturity Date 5/30/20282025-01-012025-12-310001633858Investment Plaskolite Investment Type Senior Secured Revolving Credit Loan Index S+ Spread 7.00% Interest Rate 10.68% Maturity 2/7/20302026-01-012026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS High Tech Industries Aptean Investment Type Unitranche Initial Term Loan Index S+ Spread 4.75% Interest Rate 8.40% Acquisition Date 1/1/2024 Maturity Date 1/30/20312025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Environmental Industries O6 Environmental Investment Type Senior Secured Revolving Loan Index S+ Spread 4.75% Interest Rate 8.40% Acquisition Date 8/4/2025 Maturity Date 8/5/20322025-12-310001633858Investment Aurora Energy Research Investment Type Senior Secured Delayed Draw Term Facility Notes Index S+ Spread 5.00% Interest Rate 8.68% Maturity 9/8/20322026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Transportation: Cargo Kenco Investment Type Senior Secured Initial Term Loan Index S+ Spread 4.25% Interest Rate 7.90% Acquisition Date 6/5/2024 Maturity Date 11/15/20292025-01-012025-12-310001633858Portfolio Investments EQUITY AND PREFERRED SHARES: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Consumer United Comfort Group (fka United Air Temp) Investment Type Class A Units Acquisition Date 2/14/20242025-01-012025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Business AI Fire & Safety Investment Type Unitranche Initial Term Loan Index S+ Spread 2.25%, 2.75% PIK Interest Rate 8.65% Acquisition Date 12/20/2024 Maturity Date 2/2/20322025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Hotels, Gaming & Leisure Auto Europe Investment Type Senior Secured Initial Dollar Term Loan Index S+ Spread 7.50% Interest Rate 11.15% Acquisition Date 10/19/2016 Maturity Date 1/23/20262025-01-012025-12-310001633858Portfolio Investments EQUITY AND PREFERRED SHARES: NON-CONTROL/NON-AFFILIATE INVESTMENTS Healthcare & Pharmaceuticals Sequel Ortho (fka OrthoNebraska) Investment Type Class A Units Acquisition Date 7/31/20232025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Construction & Building A1 Garage Door Investment Type Unitranche Term Loan A Index S+ Spread 4.50% Interest Rate 8.18% Acquisition Date 12/22/2022 Maturity Date 12/22/20282026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS High Tech Industries ORBCOMM Investment Type Senior Secured Closing Date Term Loan (First Lien) Index S+ Spread 4.25% Interest Rate 7.93% Acquisition Date 6/17/2021 Maturity Date 9/1/20282026-03-310001633858Investment Augusta Sportswear Investment Type Senior Secured Revolving Credit Loan Index S+ Spread 7.00% Interest Rate 10.68% Maturity 11/21/20282025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Healthcare & Pharmaceuticals Micro Merchant Systems Investment Type Unitranche Initial Term Loan Index S+ Spread 4.50% Interest Rate 8.15% Acquisition Date 3/02/2022 Maturity Date 12/14/20272025-01-012025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Capital Equipment SupplyHouse Investment Type Senior Secured Revolving Credit Loan Index S+ Spread 4.00% Interest Rate 7.68% Acquisition Date 6/19/2025 Maturity Date 7/1/20322026-03-310001633858us-gaap:RetainedEarningsMember2026-01-012026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS High Tech Industries Ivanti Software Investment Type Senior Secured 2025-1 Term Loan (First Lien) Index S+ Spread 4.75% Interest Rate 8.43% Acquisition Date 11/20/2020 Maturity Date 6/1/20292026-01-012026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Healthcare & Pharmaceuticals Paradigm Oral Health Investment Type Senior Secured Initial Term Loan Index S+ Spread 4.75% Interest Rate 8.40% Acquisition Date 9/30/2024 Maturity Date 11/16/20282025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Business Embark Investment Type Senior Secured Revolving Credit Loan Index S+ Spread 4.50% Interest Rate 8.15% Acquisition Date 8/27/2025 Maturity Date 9/2/20322025-12-310001633858Investment Secretariat Investment Type Senior Secured Delayed Draw Term Loan Index S+ Spread 4.00% Interest Rate 7.68% Maturity 2/28/20322026-01-012026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Capital Equipment Associated Springs Investment Type Senior Secured Amendment No. 1 Incremental Term Loan Index S+ Spread 4.75% Interest Rate 8.43% Acquisition Date 11/25/2024 Maturity Date 4/4/20302026-01-012026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Consumer Teaching Strategies Investment Type Senior Secured Initial Term Loan (First Lien) Index S+ Spread 3.75% Interest Rate 7.43% Acquisition Date 8/19/2021 Maturity Date 8/31/20282026-01-012026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Healthcare & Pharmaceuticals UDG Investment Type Senior Secured Initial Dollar Term Loan (First Lien) Index S+ Spread 4.25% Interest Rate 7.90% Acquisition Date 8/06/2021 Maturity Date 8/19/20282025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Business Trace3 Investment Type Unitranche Closing Date Term B Loan Index S+ Spread 4.00% Interest Rate 7.65% Acquisition Date 10/8/2025 Maturity Date 10/29/20322025-01-012025-12-310001633858Investment Ohio Transmission Investment Type Senior Secured Initial Revolving Loan Index S+ Spread 5.75% Interest Rate 9.43% Maturity 12/19/20292026-01-012026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Business Embark Investment Type Senior Secured Term B Loan Index S+ Spread 4.50% Interest Rate 8.18% Acquisition Date 8/27/2025 Maturity Date 9/2/20322026-01-012026-03-310001633858Portfolio Investments EQUITY AND PREFERRED SHARES: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Business Embark Investment Type Class A Units Acquisition Date 9/2/20252025-01-012025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Consumer United Comfort Group (fka United Air Temp) Investment Type Senior Secured Revolving Loan Index S+ Spread 5.50% Interest Rate 9.18% Acquisition Date 2/14/2024 Maturity Date 3/28/20302026-01-012026-03-310001633858Investment Blue Cloud Investment Type Senior Secured Revolving Loan Index S+ Spread 5.00% Interest Rate 8.68% Maturity 1/21/20312026-01-012026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Environmental Industries Miller Environmental Investment Type Senior Secured Revolving Loan Index S+ Spread 5.00% Interest Rate 8.65% Acquisition Date 9/4/2024 Maturity Date 9/10/20312025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Business Levata Investment Type Senior Secured Sixteenth Amendment Incremental Effective Date Term Loan Index S+ Spread 5.00% Interest Rate 8.68% Acquisition Date 8/19/2025 Maturity Date 12/21/20272026-01-012026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Business Eliassen Investment Type Unitranche Initial Term Loan Index S+ Spread 5.75% Interest Rate 9.43% Acquisition Date 3/31/2022 Maturity Date 4/14/20282026-01-012026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Capital Equipment Burke Porter Group Investment Type Senior Secured Closing Date Term Loan Index S+ Spread 2.00%, 5.00% PIK Interest Rate 10.68% Acquisition Date 9/30/2022 Maturity Date 7/29/20292026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Business Eliassen Investment Type Unitranche Initial Term Loan Index S+ Spread 5.75% Interest Rate 9.40% Acquisition Date 3/31/2022 Maturity Date 4/14/20282025-01-012025-12-310001633858Investment Terra Millennium Investment Type Senior Secured Delayed Draw Term Loan Index S+ Spread 4.75% Interest Rate 8.73% Maturity 11/1/20302026-03-310001633858us-gaap:FairValueInputsLevel3Memberck0001633858:EquityAndPreferredSharesMember2026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Capital Equipment Therm-O-Disc Investment Type Senior Secured Initial Term Loan (First Lien) Index S+ Spread 6.00% Interest Rate 9.65% Acquisition Date 5/26/2022 Maturity Date 5/31/20292025-01-012025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Construction & Building Brown & Root Investment Type Senior Secured Initial Term Loan Index S+ Spread 5.00% Interest Rate 8.68% Acquisition Date 9/29/2025 Maturity Date 10/3/20302026-01-012026-03-310001633858ck0001633858:SecondLienMember2026-01-012026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Healthcare & Pharmaceuticals Specialized Dental Investment Type Senior Secured Sixth Amendment Incremental Term Loan Index S+ Spread 4.75% Interest Rate 8.40% Acquisition Date 10/30/2025 Maturity Date 11/1/20282025-01-012025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Banking, Finance, Insurance & Real Estate Prime Pensions Investment Type Unitranche Initial Term Loan Index S+ Spread 4.75% Interest Rate 8.43% Acquisition Date 2/20/2024 Maturity Date 2/26/20302026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS High Tech Industries Options IT Investment Type Senior Secured Revolving Loan Index S+ Spread 4.50% Interest Rate 8.15% Acquisition Date 9/20/2024 Maturity Date 3/31/20312025-01-012025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Beverage, Food & Tobacco MBC Companies Investment Type Senior Secured Third Amendment Term A Loan Index S+ Spread 4.00% Interest Rate 7.65% Acquisition Date 10/8/2025 Maturity Date 10/10/20302025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Containers, Packaging & Glass Precision Concepts Investment Type Senior Secured Revolving Credit Loan Index S+ Spread 4.75% Interest Rate 8.40% Acquisition Date 7/28/2025 Maturity Date 8/2/20322025-01-012025-12-310001633858srt:WeightedAverageMemberus-gaap:ValuationTechniqueMatrixPricingMemberck0001633858:FirstLienMemberck0001633858:MeasurementInputSeniorLeverageMember2025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Banking, Finance, Insurance & Real Estate Confluence Investment Type Senior Secured Term Loan (Priority) Index S+ Spread 5.00% Interest Rate 8.68% Acquisition Date 2/14/2025 Maturity Date 7/30/20282026-01-012026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Environmental Industries Miller Environmental Investment Type Senior Secured Term Loan Index S+ Spread 5.00% Interest Rate 8.68% Acquisition Date 9/4/2024 Maturity Date 9/10/20312026-01-012026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Capital Equipment Associated Springs Investment Type Senior Secured Revolving Loan Index S+ Spread 4.75% Interest Rate 8.43% Acquisition Date 3/7/2024 Maturity Date 4/4/20302026-01-012026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Automotive Highline Investment Type Senior Secured 2025-1 Term Loan (First Lien) Index S+ Spread 3.50% Interest Rate 7.18% Acquisition Date 2/13/2025 Maturity Date 2/19/20302026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Business Golden Source Investment Type Unitranche Initial Term Loan Index S+ Spread 4.75% Interest Rate 8.40% Acquisition Date 3/25/2022 Maturity Date 5/12/20282025-01-012025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Healthcare & Pharmaceuticals AccentCare Investment Type Senior Secured Tranche A Term Loan Index S+ Spread 5.50% Interest Rate 9.18% Acquisition Date 2/05/2024 Maturity Date 6/20/20282026-01-012026-03-310001633858Investment Trystar Investment Type Senior Secured Amendment No. 2 Incremental Delayed Draw Term Loan Index S+ Spread 4.25% Interest Rate 7.93% Maturity 8/6/20312026-01-012026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Automotive Innovative XCessories Investment Type Senior Secured 2025 Refinancing Term Loan Index S+ Spread 5.50% Interest Rate 9.15% Acquisition Date 8/15/2025 Maturity Date 9/5/20292025-12-310001633858Investment Clearway Investment Type Senior Secured Tenth Amendment Delayed Draw Loan Index S+ Spread 5.50% Interest Rate 9.18% Maturity 8/30/20302026-01-012026-03-310001633858ck0001633858:MatrixPricingMarketAnalysisMemberus-gaap:MeasurementInputCreditSpreadMemberck0001633858:FirstLienMembersrt:MaximumMember2026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Business OSG Billing Services Investment Type Senior Secured Last-Out Term Loan Index S+ Spread 6.25% Interest Rate 9.90% Acquisition Date 11/30/2023 Maturity Date 11/30/20282025-01-012025-12-310001633858ck0001633858:UnitrancheDebtOneMemberck0001633858:MeasurementInputDebtServiceCoverageMemberus-gaap:ValuationTechniqueMatrixPricingMembersrt:MinimumMember2025-12-310001633858Portfolio Investments EQUITY AND PREFERRED SHARES: NON-CONTROL/NON-AFFILIATE INVESTMENTS Healthcare & Pharmaceuticals Summit Spine 2025 Investment Type Class A Units Acquisition Date 3/21/20252025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Healthcare & Pharmaceuticals AccentCare Investment Type Senior Secured Tranche A Term Loan Index S+ Spread 5.50% Interest Rate 9.15% Acquisition Date 2/05/2024 Maturity Date 6/20/20282025-01-012025-12-310001633858Portfolio Investments EQUITY AND PREFERRED SHARES: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Business Vortex Companies Investment Type LP Common Units Acquisition Date 9/1/20232025-01-012025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Banking, Finance, Insurance & Real Estate Steward Partners Investment Type Senior Secured Closing Date Term B Loan Index S+ Spread 4.75% Interest Rate 8.43% Acquisition Date 12/8/2023 Maturity Date 10/14/20282026-03-310001633858Portfolio Investments EQUITY AND PREFERRED SHARES: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Business Industrial Services Group Investment Type Class A-1 Units Acquisition Date 3/10/20252026-01-012026-03-310001633858Portfolio Investments EQUITY AND PREFERRED SHARES: NON-CONTROL/NON-AFFILIATE INVESTMENTS Construction & Building A1 Garage Door Investment Type Class A Common Units Acquisition Date 12/22/20222025-01-012025-12-310001633858ck0001633858:BankLoansMemberck0001633858:MetalsAndMiningMember2026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Healthcare & Pharmaceuticals Avalon Investment Type Senior Secured Term Loan Index S+ Spread 4.50% Interest Rate 8.15% Acquisition Date 12/30/2025 Maturity Date 12/31/20312025-12-310001633858Investment Ivy Rehab Investment Type Senior Secured Amendment No. 3 Delayed Draw Term Loan Index S+ Spread 5.00% Interest Rate 8.68% Maturity 4/23/20292025-12-310001633858Portfolio Investments EQUITY AND PREFERRED SHARES: NON-CONTROL/NON-AFFILIATE INVESTMENTS Construction & Building A1 Garage Door Investment Type Class A Common Units Acquisition Date 12/22/20222026-01-012026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Transportation: Cargo FLS Transportation Investment Type Senior Secured Term B Loan Index S+ Spread 5.25% Interest Rate 8.90% Acquisition Date 4/14/2022 Maturity Date 12/15/20282025-01-012025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Healthcare & Pharmaceuticals Ivy Rehab Investment Type Senior Secured Initial Term Loan (First Lien) Index S+ Spread 5.00% Interest Rate 8.65% Acquisition Date 3/11/2022 Maturity Date 4/23/20292025-01-012025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Business HireRight Investment Type Senior Secured 2025 Replacement Term Loan (First Lien) Index S+ Spread 4.75% Interest Rate 8.43% Acquisition Date 6/30/2025 Maturity Date 7/2/20312026-03-310001633858Investment Trace3 Investment Type Senior Secured Delayed Draw Term B Loan Index S+ Spread 4.00% Interest Rate 7.68% Maturity 10/29/20322025-12-310001633858Investment 80/20 Investment Type Senior Secured Revolving Loan Index S+ Spread 4.50% Interest Rate 8.18% Maturity 12/12/20322025-12-310001633858ck0001633858:MatrixPricingMarketAnalysisMembersrt:MinimumMemberck0001633858:MeasurementInputInterestCoverageMemberck0001633858:FirstLienMember2025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Banking, Finance, Insurance & Real Estate Prime Pensions Investment Type Senior Secured Revolving Credit Index S+ Spread 4.75% Interest Rate 8.43% Acquisition Date 2/20/2024 Maturity Date 2/26/20302026-03-310001633858Investment Healthcare Linen Service Group Investment Type Senior Secured Revolving Credit Loan Index S+ Spread 4.75% Interest Rate 8.43% Maturity 2/2/20332025-12-310001633858ck0001633858:EquityInvestmentsMember2025-01-012025-12-310001633858Portfolio Investments EQUITY AND PREFERRED SHARES: NON-CONTROL/NON-AFFILIATE INVESTMENTS Banking, Finance, Insurance & Real Estate Prime Pensions Investment Type LP Interest Acquisition Date 2/20/20242025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Banking, Finance, Insurance & Real Estate Prime Pensions Investment Type Unitranche Initial Term Loan Index S+ Spread 4.75% Interest Rate 8.40% Acquisition Date 2/20/2024 Maturity Date 2/26/20302025-01-012025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Capital Equipment SupplyHouse Investment Type Senior Secured Revolving Credit Loan Index S+ Spread 4.00% Interest Rate 7.65% Acquisition Date 6/19/2025 Maturity Date 7/1/20322025-01-012025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Hotels, Gaming & Leisure Encore Investment Type Senior Secured Initial Term Loan Index S+ Spread 5.00% Interest Rate 8.68% Acquisition Date 11/18/2024 Maturity Date 12/5/20312026-01-012026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Healthcare & Pharmaceuticals TEAM Services Investment Type Senior Secured Term Loan (Second Lien) Index S+ Spread 9.00% Interest Rate 12.65% Acquisition Date 1/05/2024 Maturity Date 12/18/20282025-12-310001633858ck0001633858:ConsumerGoodsDurableSectorMember2026-01-012026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Capital Equipment Associated Springs Investment Type Senior Secured Revolving Loan Index S+ Spread 4.75% Interest Rate 8.40% Acquisition Date 3/7/2024 Maturity Date 4/4/20302025-12-310001633858ck0001633858:UtilitiesWaterSectorMember2026-03-310001633858ck0001633858:BankLoansMemberck0001633858:EnvironmentalIndustriesSectorMember2025-12-310001633858Portfolio Investments EQUITY AND PREFERRED SHARES: NON-CONTROL/NON-AFFILIATE INVESTMENTS Banking, Finance, Insurance & Real Estate Beta+ Investment Type Class A-2 Common Stock Acquisition Date 9/15/20232025-12-310001633858us-gaap:FairValueInputsLevel3Memberck0001633858:UnitrancheMember2026-03-310001633858us-gaap:FairValueInputsLevel2Memberck0001633858:FirstLienMember2025-12-310001633858Investment Aptive Environmental Investment Type Senior Secured Initial Revolving Loan Index S+ Spread 4.75% Interest Rate 8.43% Maturity 10/15/20322025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Consumer A Place For Mom Investment Type Senior Secured Sixth Amendment Replacement Term Loan Index S+ Spread 5.50% Interest Rate 9.15% Acquisition Date 7/28/2017 Maturity Date 2/10/20282025-01-012025-12-310001633858ck0001633858:UnitrancheDebtOneMember2025-01-012025-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Containers, Packaging & Glass Industrial Physics Investment Type Senior Secured Revolving Credit Loan Index S+ Spread 6.25% Interest Rate 9.93% Acquisition Date 7/18/2023 Maturity Date 7/19/20282026-01-012026-03-310001633858ck0001633858:EnvironmentalIndustriesSectorMemberck0001633858:EquityAndPreferredSharesMember2026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Chemicals, Plastics & Rubber Vertellus Investment Type Senior Secured Initial Term Loan Index S+ Spread 5.75% Interest Rate 9.43% Acquisition Date 12/18/2020 Maturity Date 1/2/20292026-01-012026-03-310001633858us-gaap:InvestmentsMember2026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Business Eliassen Investment Type Unitranche Initial Term Loan Index S+ Spread 5.75% Interest Rate 9.40% Acquisition Date 3/31/2022 Maturity Date 4/14/20282025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Business Amplix Investment Type Senior Secured Revolving Credit Loan Index S+ Spread 4.50% Interest Rate 8.18% Acquisition Date 10/19/2023 Maturity Date 10/18/20292026-01-012026-03-310001633858ck0001633858:MeasurementInputDebtServiceCoverageMemberck0001633858:MatrixPricingMarketAnalysisMembersrt:MinimumMemberck0001633858:SecondLienMember2025-12-310001633858Portfolio Investments EQUITY AND PREFERRED SHARES: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Business Amplix Investment Type Class A-2 Units Acquisition Date 10/19/20232026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Beverage, Food & Tobacco Mary Ruth's Investment Type Senior Secured Closing Date Term B Loan Index S+ Spread 4.75% Interest Rate 8.40% Acquisition Date 9/26/2025 Maturity Date 9/30/20312025-12-310001633858ck0001633858:BankLoansMemberus-gaap:ContainerAndPackagingSectorMember2026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Transportation: Cargo Capstone Logistics Investment Type Senior Secured 2024 Term Loan (First Lien) Index S+ Spread 4.50% Interest Rate 8.15% Acquisition Date 11/12/2020 Maturity Date 11/13/20292025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Healthcare & Pharmaceuticals AccentCare Investment Type Senior Secured Tranche B Term Loan Index S+ Spread 4.00% Interest Rate 7.68% Acquisition Date 6/15/2021 Maturity Date 9/20/20282026-01-012026-03-310001633858ck0001633858:UnitrancheDebtOneMemberck0001633858:EnterpriseValueMemberck0001633858:MeasurementInputEVEBITDAMultipleMember2025-12-310001633858ck0001633858:UnitrancheDebtOneMemberus-gaap:ValuationTechniqueMatrixPricingMembersrt:MinimumMemberck0001633858:MeasurementInputLiquidityCoverageMember2026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Healthcare & Pharmaceuticals MedRisk Investment Type Senior Secured 2025 Term Loan (First Lien) Index S+ Spread 3.00% Interest Rate 6.65% Acquisition Date 4/01/2021 Maturity Date 5/10/20282025-01-012025-12-310001633858ck0001633858:MeasurementInputDebtServiceCoverageMembersrt:WeightedAverageMemberck0001633858:MatrixPricingMarketAnalysisMemberck0001633858:SecondLienMember2026-03-310001633858Investment Vessco Investment Type Senior Secured Revolving Loan Index S+ Spread 4.50% Interest Rate 8.18% Maturity 11/3/20322025-12-310001633858ck0001633858:MatrixPricingMarketAnalysisMembersrt:MinimumMemberck0001633858:MeasurementInputTotalEnterpriseValueCoverageMemberck0001633858:SecondLienMember2026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Construction & Building A1 Garage Door Investment Type Senior Secured Revolving Loan Index S+ Spread 4.50% Interest Rate 8.18% Acquisition Date 12/22/2022 Maturity Date 12/22/20282026-03-310001633858ck0001633858:MatrixPricingMarketAnalysisMemberck0001633858:MeasurementInputInterestCoverageMemberck0001633858:FirstLienMembersrt:MaximumMember2025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS High Tech Industries HelpSystems Investment Type Senior Secured Initial Term Loan (First Lien) Index S+ Spread 6.00% Interest Rate 9.68% Acquisition Date 12/19/2019 Maturity Date 5/21/20292026-03-310001633858Investment Precision Concepts Investment Type Senior Secured Revolving Credit Loan Index S+ Spread 4.75% Interest Rate 8.43% Maturity 8/2/20322026-01-012026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Consumer Aptive Environmental Investment Type Senior Secured Initial Revolving Loan Index S+ Spread 4.75% Interest Rate 8.43% Acquisition Date 10/10/2025 Maturity Date 10/15/20322026-01-012026-03-310001633858ck0001633858:UnitrancheDebtOneMembersrt:WeightedAverageMemberck0001633858:EnterpriseValueMemberck0001633858:MeasurementInputEVEBITDAMultipleMember2026-03-310001633858Investment Prime Pensions Investment Type Senior Secured Revolving Credit Index S+ Spread 4.75% Interest Rate 8.43% Maturity 2/26/20302025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Business Golden Source Investment Type Senior Secured Revolving Loan Index S+ Spread 4.75% Interest Rate 8.40% Acquisition Date 3/25/2022 Maturity Date 5/12/20282025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Capital Equipment Associated Springs Investment Type Senior Secured Initial Term Loan Index S+ Spread 4.75% Interest Rate 8.40% Acquisition Date 3/7/2024 Maturity Date 4/4/20302025-12-310001633858Investment Aprio Investment Type Senior Secured 2025-2 Incremental Delayed Draw Term Loan Index S+ Spread 4.75% Interest Rate 8.43% Maturity 8/1/20312026-01-012026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Healthcare & Pharmaceuticals AGS Health Investment Type Senior Secured Tranche A Revolving Credit Loan Index S+ Spread 4.50%Interest Rate 8.18% Acquisition Date 7/24/2025 Maturity Date 8/2/20322026-01-012026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Capital Equipment Trystar Investment Type Senior Secured Amendment No. 1 Incremental Term Loan Index S+ Spread 4.25% Interest Rate 7.93% Acquisition Date 9/5/2024 Maturity Date 8/6/20312026-03-310001633858ck0001633858:WaiverAgreementMember2026-01-012026-03-310001633858Portfolio Investments EQUITY AND PREFERRED SHARES: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Business VC3 Investment Type Class A Units Acquisition Date 9/16/20222026-01-012026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Healthcare & Pharmaceuticals Upstream Rehabilitation Investment Type Senior Secured December 2025 Extended/Modified Term Loan (First Lien) Index S+ Spread 4.25% Interest Rate 7.90% Acquisition Date 10/24/2019 Maturity Date 11/20/20292025-01-012025-12-310001633858Investment Vessco Investment Type Senior Secured Revolving Loan Index S+ Spread 4.50% Interest Rate 8.18% Maturity 11/3/20322026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Healthcare & Pharmaceuticals RevHealth Investment Type Unitranche Initial Term Loan Index S+ Spread 2.50%, 3.25% PIK Interest Rate 9.40% Acquisition Date 7/22/2022 Maturity Date 7/21/20282025-01-012025-12-310001633858ck0001633858:BankLoansMemberus-gaap:FoodAndBeverageSectorMember2026-03-310001633858Portfolio Investments EQUITY AND PREFERRED SHARES: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Business Embark Investment Type Class A Units Acquisition Date 9/2/20252026-01-012026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS High Tech Industries Idera Investment Type Senior Secured Incremental Term Loan (First Lien) Index S+ Spread 3.50% Interest Rate 7.15% Acquisition Date 6/27/2017 Maturity Date 3/2/20282025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Business Mitratech Investment Type Unitranche Closing Date Initial Term Loan Index S+ Spread 4.75% Interest Rate 8.43% Acquisition Date 12/1/2025 Maturity Date 12/2/20312026-03-310001633858Investment Onyx Fire Investment Type Senior Secured Second Amendment Incremental DDTL Index S+ Spread 4.50% Interest Rate 8.18% Maturity 7/31/20312026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Business System One Investment Type Senior Secured 2025 Refinancing Term Loan Index S+ Spread 3.50% Interest Rate 7.15% Acquisition Date 1/28/2021 Maturity Date 3/2/20282025-12-310001633858Investment AIA Contract Investment Type Senior Secured Revolving Loan Index S+ Spread 4.75% Interest Rate 8.43% Maturity 7/2/20312026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Healthcare & Pharmaceuticals Micro Merchant Systems Investment Type Unitranche Initial Term Loan Index S+ Spread 4.75% Interest Rate 8.43% Acquisition Date 1/29/2026 Maturity Date 2/2/20262026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Containers, Packaging & Glass Lacerta Investment Type Senior Secured Term Loan Index S+ Spread 5.50% Interest Rate 9.18% Acquisition Date 2/8/2021 Maturity Date 12/30/20262026-03-310001633858Investment Blue Cloud Investment Type Senior Secured Revolving Loan Index S+ Spread 5.00% Interest Rate 8.68% Maturity 1/21/20312025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Beverage, Food & Tobacco Trilliant 2024 Investment Type Senior Secured 2024 Refinancing Term Loan Index S+ Spread 6.50% Interest Rate 10.15% Acquisition Date 11/20/2024 Maturity Date 11/30/20292025-12-310001633858Investment Pegasus Investment Type Senior Secured Amendment No. 1 Delayed Draw Term Loan Index S+ Spread 4.75% Interest Rate 8.43% Maturity 1/19/20312026-01-012026-03-310001633858ck0001633858:EquityAndPreferredSharesMemberus-gaap:TechnologySectorMember2026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Capital Equipment Trystar Investment Type Senior Secured Initial Term Loan Index S+ Spread 4.25% Interest Rate 7.93% Acquisition Date 7/31/2024 Maturity Date 8/6/20312026-03-310001633858Portfolio Investments EQUITY AND PREFERRED SHARES: NON-CONTROL/NON-AFFILIATE INVESTMENTS Healthcare & Pharmaceuticals Sequel Ortho (fka OrthoNebraska) Investment Type Class A Units Acquisition Date 7/31/20232026-03-310001633858Portfolio Investments EQUITY AND PREFERRED SHARES: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Business Liberty Group Investment Type Series A-Preferred Units Acquisition Date 6/6/20222026-01-012026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Wholesale Carlisle Foodservice Investment Type Senior Secured Initial Term Loan Index S+ Spread 5.00% Interest Rate 8.68% Acquisition Date 9/29/2023 Maturity Date 10/2/20302026-03-310001633858ck0001633858:BankLoansMemberck0001633858:WholesaleSectorMember2025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Transportation: Cargo Evans Network Investment Type Senior Secured Initial Term Loan (First Lien) Index S+ Spread 4.25% Interest Rate 7.90% Acquisition Date 8/6/2021 Maturity Date 8/19/20282025-01-012025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Containers, Packaging & Glass Paragon Films Investment Type Senior Secured Closing Date Term Loan (First Lien) Index S+ Spread 3.75% Interest Rate 7.40% Acquisition Date 12/15/2021 Maturity Date 12/16/20282025-01-012025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Banking, Finance, Insurance & Real Estate Cerity Partners Investment Type Senior Secured Initial Revolving Loan Index S+ Spread 4.50% Interest Rate 8.18% Acquisition Date 7/28/2022 Maturity Date 7/28/20282026-01-012026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Consumer Legacy Service Partners Investment Type Unitranche Closing Date Term Loan Index S+ Spread 4.50% Interest Rate 8.15% Acquisition Date 10/25/2023 Maturity Date 11/10/20312025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Business Mediaocean Investment Type Senior Secured Initial Term Loan (First Lien) Index S+ Spread 3.50% Interest Rate 7.15% Acquisition Date 12/9/2021 Maturity Date 12/15/20282025-12-310001633858us-gaap:ValuationTechniqueMatrixPricingMemberus-gaap:MeasurementInputCreditSpreadMemberck0001633858:FirstLienMembersrt:MaximumMember2026-03-310001633858us-gaap:SouthwestRegionMember2025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Business Perficient Investment Type Senior Secured Closing Date Term Loan Index S+ Spread 3.50% Interest Rate 7.18% Acquisition Date 8/2/2024 Maturity Date 10/2/20312026-01-012026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Business Health Management Associates Investment Type Senior Secured Term Loan A Index S+ Spread 6.25% Interest Rate 9.93% Acquisition Date 3/31/2023 Maturity Date 3/30/20292026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Energy: Oil & Gas AmSpec Investment Type Senior Secured Amendment No. 1 Other Term Loan Index S+ Spread 3.50% Interest Rate 7.18% Acquisition Date 12/12/2024 Maturity Date 12/22/20312026-03-310001633858ck0001633858:TelecommunicationsMember2025-01-012025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Healthcare & Pharmaceuticals AGS Health Investment Type Unitranche Initial Term Loan Index S+ Spread 4.50% Interest Rate 8.18% Acquisition Date 7/24/2025 Maturity Date 8/2/2032 One2026-03-310001633858ck0001633858:UnitrancheMember2025-12-310001633858ck0001633858:MatrixPricingMarketAnalysisMemberck0001633858:MeasurementInputInterestCoverageMembersrt:MinimumMemberck0001633858:SecondLienMember2025-12-310001633858srt:WeightedAverageMemberck0001633858:MatrixPricingMarketAnalysisMemberck0001633858:FirstLienMemberck0001633858:MeasurementInputSeniorLeverageMember2025-12-310001633858Investment Lexitas Investment Type Senior Secured Revolving Credit Loan Index S+ Spread 5.00% Interest Rate 8.68% Maturity 4/15/20312026-01-012026-03-310001633858Investment VaxCare Investment Type Senior Secured Revolving Credit Loan Index S+ Spread 4.50% Interest Rate 8.18% Maturity 6/17/20322026-01-012026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Construction & Building Leaf Home Investment Type Senior Secured Revolving Credit Loan Index S+ Spread 5.25% Interest Rate 8.93% Acquisition Date 9/4/2025 Maturity Date 9/4/20312026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Containers, Packaging & Glass Five Star Packaging Investment Type Senior Secured Initial Term Loan (First Lien) Index S+ Spread 4.25% Interest Rate 7.93% Acquisition Date 4/27/2022 Maturity Date 5/5/20292026-01-012026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Consumer Legacy Service Partners Investment Type Senior Secured Tenth Amendment Term Loan Index S+ Spread 4.50% Interest Rate 8.18% Acquisition Date 2/17/2026 Maturity Date 11/10/20312026-03-310001633858ck0001633858:HotelsGamingLeisureSectorMemberck0001633858:EquityAndPreferredSharesMember2026-03-310001633858ck0001633858:BankLoansMemberus-gaap:AutomotiveSectorMember2025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Beverage, Food & Tobacco Mary Ruth's Investment Type Senior Secured Closing Date Term B Loan Index S+ Spread 4.75% Interest Rate 8.43% Acquisition Date 9/26/2025 Maturity Date 9/30/20312026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Containers, Packaging & Glass Technimark Investment Type Senior Secured 2024-1 Refinancing Term Loan (First Lien) Index S+ Spread 3.25% Interest Rate 6.93% Acquisition Date 6/30/2021 Maturity Date 4/14/20312026-03-310001633858Investment Tronair Investment Type Senior Secured Revolving Loan Index S+ Spread 3.75% Interest Rate 7.43% Maturity 12/22/20322025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Chemicals, Plastics & Rubber Mold-Rite Investment Type Senior Secured New Money Tranche A-1 Term Loan Index S+ Spread 5.25% Interest Rate 8.90% Acquisition Date 6/11/2024 Maturity Date 10/4/20282025-12-310001633858us-gaap:ValuationTechniqueMatrixPricingMemberck0001633858:MeasurementInputTotalEnterpriseValueCoverageMemberck0001633858:SecondLienMembersrt:MaximumMember2026-03-310001633858ck0001633858:MetalsMiningSectorMember2026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Construction & Building Brown & Root Investment Type Senior Secured Revolving Loan Index S+ Spread 5.00% Interest Rate 8.65% Acquisition Date 9/29/2025 Maturity Date 10/3/20302025-01-012025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Capital Equipment Tank Holding Investment Type Unitranche Initial Term Loan Index S+ Spread 5.75% Interest Rate 9.43% Acquisition Date 3/25/2022 Maturity Date 3/31/20282026-03-310001633858ck0001633858:MatrixPricingMarketAnalysisMemberck0001633858:FirstLienMembersrt:MaximumMemberck0001633858:MeasurementInputTotalLeverageMember2026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Construction & Building A1 Garage Door Investment Type Unitranche Term Loan A Index S+ Spread 4.50% Interest Rate 8.15% Acquisition Date 12/22/2022 Maturity Date 12/22/20282025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Business MB2 Dental Investment Type Unitranche Initial Term Loan Index S+ Spread 5.50% Interest Rate 9.18% Acquisition Date 2/5/2024 Maturity Date 2/13/20312026-01-012026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Banking, Finance, Insurance & Real Estate EPIC Insurance Investment Type Unitranche Refinancing Tranche B Term Loan Index S+ Spread 4.50% Interest Rate 8.18% Acquisition Date 8/27/2021 Maturity Date 9/29/20282026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Construction & Building PlayPower Investment Type Unitranche Initial Term Loan Index S+ Spread 5.25% Interest Rate 8.93% Acquisition Date 10/29/2025 Maturity Date 10/29/20312026-01-012026-03-310001633858Investment Specialized Dental Investment Type Senior Secured Sixth Amendment DDTL Index S+ Spread 4.75% Interest Rate 8.43% Maturity 11/1/20282026-01-012026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Aerospace & Defense SMX Investment Type Senior Secured Term Loan Index S+ Spread 4.50% Interest Rate 8.18% Acquisition Date 2/6/2025 Maturity Date 2/6/20322026-01-012026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Consumer Aptive Environmental Investment Type Senior Secured Initial Revolving Loan Index S+ Spread 4.75% Interest Rate 8.43% Acquisition Date 10/10/2025 Maturity Date 10/15/20322026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Business Colibri Investment Type Senior Secured First Amendment Incremental Term Loan Index S+ Spread 5.00% Interest Rate 8.68% Acquisition Date 11/9/2023 Maturity Date 3/12/20292026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Containers, Packaging & Glass Brook & Whittle Investment Type Senior Secured Tranche B Term Loan Index S+ Spread 4.50% Interest Rate 8.15% Acquisition Date 8/11/2025 Maturity Date 12/14/20302025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Construction & Building DynaGrid Investment Type Senior Secured Revolving Credit Facility Index S+ Spread 4.75% Interest Rate 8.40% Acquisition Date 1/7/2025 Maturity Date 1/7/20312025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Healthcare & Pharmaceuticals Ivy Rehab Investment Type Senior Secured Initial Term Loan (First Lien) Index S+ Spread 5.00% Interest Rate 8.68% Acquisition Date 3/11/2022 Maturity Date 4/23/20292026-01-012026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Construction & Building Dodge Construction Network Investment Type Senior Secured Tranche A New Money Term Loan (First Lien) Index S+ Spread 6.25% Interest Rate 9.90% Acquisition Date 11/14/2024 Maturity Date 1/31/20292025-12-310001633858Investment Levata Investment Type Senior Secured Sixteenth Amendment Incremental Delayed Draw Term Loan Index S+ Spread 5.00% Interest Rate 8.68% Maturity 12/21/20272026-03-310001633858Investment TRG Investment Type Senior Secured Revolving Credit Loan Index S+ Spread 4.50% Interest Rate 8.18% Maturity 1/5/20322026-01-012026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Construction & Building PlayPower Investment Type Unitranche Initial Term Loan Index S+ Spread 5.25% Interest Rate 8.90% Acquisition Date 10/29/2025 Maturity Date 10/29/20312025-12-310001633858ck0001633858:UnitrancheDebtOneMemberus-gaap:ValuationTechniqueMatrixPricingMemberus-gaap:MeasurementInputCreditSpreadMembersrt:MaximumMember2026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Retail Varsity Brands Investment Type Senior Secured 2025-2 Replacement Term Loan Index S+ Spread 3.00% Interest Rate 6.65% Acquisition Date 7/26/2024 Maturity Date 8/26/20312025-01-012025-12-310001633858Investment Health Management Associates Investment Type Senior Secured Revolving Loan Index S+ Spread 6.25% Interest Rate 9.93% Maturity 3/30/20292025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Wholesale Carlisle Foodservice Investment Type Senior Secured Initial Term Loan Index S+ Spread 5.00% Interest Rate 8.65% Acquisition Date 9/29/2023 Maturity Date 10/2/20302025-12-310001633858Portfolio Investments EQUITY AND PREFERRED SHARES: NON-CONTROL/NON-AFFILIATE INVESTMENTS Environmental Industries O6 Environmental Investment Type Common Units2025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Telecommunications Vessco Investment Type Senior Secured Revolving Loan Index S+ Spread 4.50% Interest Rate 8.18% Acquisition Date 10/30/2025 Maturity Date 11/3/20322026-01-012026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Consumer All My Sons Investment Type Senior Secured Closing Date Term Loan (First Lien) Index S+ Spread 4.75% Interest Rate 8.43% Acquisition Date 6/4/2024 Maturity Date 10/25/20282026-01-012026-03-3100016338582024-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Business CoolSys Investment Type Senior Secured Closing Date Initial Term Loan Index S+ Spread 4.75% Interest Rate 8.40% Acquisition Date 8/4/2021 Maturity Date 8/11/20282025-01-012025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Capital Equipment Circor Investment Type Senior Secured 2025 Term Loan Index S+ Spread 3.00% Interest Rate 6.65% Acquisition Date 10/9/2024 Maturity Date 10/17/20312025-01-012025-12-310001633858Investment AGS Health Investment Type Senior Secured Delayed Draw Term Loan Index S+ Spread 4.50% Interest Rate 8.18% Maturity 8/2/20322025-12-310001633858ck0001633858:EquityInvestmentsMember2025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Healthcare & Pharmaceuticals Forefront Investment Type Senior Secured Closing Date Term Loan Index S+ Spread 4.25% Interest Rate 7.90% Acquisition Date 3/23/2022 Maturity Date 3/30/20292025-01-012025-12-310001633858Investment Aprio Investment Type Senior Secured Revolving Loan Index S+ Spread 4.75% Interest Rate 8.43% Maturity 8/1/20312026-01-012026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Business Health Management Associates Investment Type Senior Secured Revolving Loan Index S+ Spread 6.25% Interest Rate 9.90% Acquisition Date 3/31/2023 Maturity Date 3/30/20292025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Construction & Building Dodge Construction Network Investment Type Senior Secured Tranche A New Money Term Loan (First Lien) Index S+ Spread 6.25% Interest Rate 9.93% Acquisition Date 11/14/2024 Maturity Date 1/31/20292026-03-310001633858Portfolio Investments EQUITY AND PREFERRED SHARES: NON-CONTROL/NON-AFFILIATE INVESTMENTS Healthcare & Pharmaceuticals APT Healthcare Investment Type Class A-5 Common Units Acquisition Date 9/15/20252025-12-310001633858ck0001633858:TotalInvestmentsMember2026-03-310001633858us-gaap:ValuationTechniqueMatrixPricingMemberck0001633858:FirstLienMemberck0001633858:MeasurementInputSeniorLeverageMembersrt:MaximumMember2025-12-310001633858Investment Lexitas Investment Type Senior Secured Revolving Credit Loan Index S+ Spread 5.00% Interest Rate 8.68% Maturity 4/15/20312026-03-310001633858ck0001633858:EquityAndPreferredShareMember2025-12-310001633858ck0001633858:UtilitiesWaterSectorMember2025-01-012025-12-310001633858ck0001633858:BankLoansMemberck0001633858:UtilitiesElectricMember2025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Healthcare & Pharmaceuticals Ivy Rehab Investment Type Senior Secured Revolving Credit Loan (First Lien) Index S+ Spread 4.75% Interest Rate 8.40% Acquisition Date 3/11/2022 Maturity Date 4/21/20282025-01-012025-12-310001633858ck0001633858:UnitrancheDebtOneMemberck0001633858:MeasurementInputModifiedMarketYieldMembersrt:MinimumMemberck0001633858:AnalysisOfTrendInLeverageMember2026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Construction & Building Dodge Construction Network Investment Type Senior Secured Tranche A New Money Term Loan (First Lien) Index S+ Spread 6.25% Interest Rate 9.90% Acquisition Date 11/14/2024 Maturity Date 1/31/20292025-01-012025-12-310001633858Investment Inhabit Investment Type Senior Secured Delayed Draw Term Loan Index S+ Spread 4.50% Interest Rate 8.18% Maturity 1/12/20322026-01-012026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Construction & Building Electric Power Engineers Investment Type Senior Secured Term Loan Index S+ Spread 4.50% Interest Rate 8.15% Acquisition Date 11/27/2024 Maturity Date 12/15/20312025-01-012025-12-310001633858Investment Options IT Investment Type Senior Secured Effective Date Delayed Draw Term Loan Index S+ Spread 4.50% Interest Rate 8.18% Maturity 9/30/20312026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Business AI Fire & Safety Investment Type Senior Secured Revolving Credit Loan Index S+ Spread 4.50% Interest Rate 8.18% Acquisition Date 12/20/2024 Maturity Date 2/2/20322026-01-012026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Consumer A Place For Mom Investment Type Senior Secured Sixth Amendment Replacement Term Loan Index S+ Spread 5.50% Interest Rate 9.18% Acquisition Date 7/28/2017 Maturity Date 2/10/20282026-03-310001633858ck0001633858:UnitrancheDebtOneMemberck0001633858:MeasurementInputDebtServiceCoverageMemberus-gaap:ValuationTechniqueMatrixPricingMembersrt:MaximumMember2026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Consumer Goods: Non-durable Augusta Sportswear Investment Type Senior Secured Revolving Credit Loan Index S+ Spread 7.00% Interest Rate 10.68% Acquisition Date 11/21/2023 Maturity Date 11/21/20282026-01-012026-03-310001633858us-gaap:WestRegionMember2025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS High Tech Industries NCR Voyix Investment Type Senior Secured Term Loan Index S+ Spread 2.75% Interest Rate 6.40% Acquisition Date 9/24/2024 Maturity Date 9/30/20312025-01-012025-12-310001633858ck0001633858:MatrixPricingMarketAnalysisMemberck0001633858:MeasurementInputTotalEnterpriseValueCoverageMemberck0001633858:SecondLienMember2025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Capital Equipment Shaw Investment Type Senior Secured Closing Date Term Loan (First Lien) Index S+ Spread 6.00% Interest Rate 9.68% Acquisition Date 9/30/2023 Maturity Date 10/30/20292026-01-012026-03-310001633858Investment Gallo Mechanical Investment Type Senior Secured Delayed Draw Term Loan Index S+ Spread 4.75% Interest Rate 8.43% Maturity 8/2/20322026-01-012026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Healthcare & Pharmaceuticals MB2 Dental Investment Type Senior Secured Revolving Loan Index S+ Spread 5.50% Interest Rate 9.15% Acquisition Date 2/5/2024 Maturity Date 2/13/20312025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Healthcare & Pharmaceuticals TEAM Services Investment Type Senior Secured Term Loan (First Lien) Index S+ Spread 5.00% Interest Rate 8.65% Acquisition Date 1/25/2024 Maturity Date 12/20/20272025-12-310001633858Investment Frazier & Deeter Investment Type Senior Secured Delayed Draw Term Loan Index S+ Spread 4.50% Interest Rate 8.18% Maturity 5/3/20322026-03-310001633858srt:WeightedAverageMemberck0001633858:EnterpriseValueMemberck0001633858:FirstLienMemberck0001633858:MeasurementInputEVEBITDAMultipleMember2025-12-310001633858Investment Nvision Investment Type Senior Secured First Amendment Delayed Draw Term Loan Index S+ Spread 5.50% Interest Rate 9.18% Maturity 12/31/20282025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Business System One Investment Type Senior Secured 2025 Refinancing Term Loan Index S+ Spread 3.50% Interest Rate 7.15% Acquisition Date 1/28/2021 Maturity Date 3/2/20282025-01-012025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Business Vortex Companies Investment Type Unitranche Initial Term Loan Index S+ Spread 5.00% Interest Rate 8.68% Acquisition Date 9/1/2023 Maturity Date 9/4/20292026-01-012026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS High Tech Industries Xplor Technologies Investment Type Senior Secured Second Amendment Term Loan Index S+ Spread 3.50% Interest Rate 7.18% Acquisition Date 6/14/2024 Maturity Date 12/1/20322026-03-310001633858Investment APT Healthcare Investment Type Senior Secured Initial Revolving Credit Loan Index S+ Spread 4.50% Interest Rate 8.18% Maturity 9/30/20312025-12-310001633858Investment Lexitas Investment Type Senior Secured Revolving Credit Loan Index S+ Spread 5.00% Interest Rate 8.68% Maturity 4/15/20312025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Containers, Packaging & Glass Paragon Films Investment Type Senior Secured Closing Date Term Loan (First Lien) Index S+ Spread 3.75% Interest Rate 7.43% Acquisition Date 12/15/2021 Maturity Date 12/16/20282026-01-012026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Business Vortex Companies Investment Type Senior Secured Revolving Loan Index S+ Spread 5.00% Interest Rate 8.68% Acquisition Date 9/01/2023 Maturity Date 9/4/20292026-01-012026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Construction & Building Cook & Boardman Investment Type Senior Secured Amendment No. 2 Incremental DDTL Index S+ Spread 6.00% Interest Rate 9.68% Acquisition Date 5/29/2024 Maturity Date 3/4/20302026-03-310001633858ck0001633858:MatrixPricingMarketAnalysisMemberck0001633858:MeasurementInputTotalEnterpriseValueCoverageMemberck0001633858:SecondLienMembersrt:MaximumMember2025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Banking, Finance, Insurance & Real Estate OneDigital Investment Type Senior Secured 2025 Refinancing Term Loan (First Lien) Index S+ Spread 3.00% Interest Rate 6.68% Acquisition Date 6/13/2024 Maturity Date 7/2/20312026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Automotive Engine & Transmission Exchange Investment Type Senior Secured Amendment No. 2 Incremental Term Loan Index S+ Spread 5.00% Interest Rate 8.68% Acquisition Date 3/21/2025 Maturity Date 5/26/20292026-01-012026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Banking, Finance, Insurance & Real Estate Confluence Investment Type Senior Secured Initial Term Loan (First Lien) Index S+ Spread 3.75% Interest Rate 7.43% Acquisition Date 7/22/2021 Maturity Date 7/31/20282026-01-012026-03-310001633858ck0001633858:MatrixPricingMarketAnalysisMemberck0001633858:MeasurementInputInterestCoverageMemberck0001633858:SecondLienMembersrt:MaximumMember2025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Business Dun & Bradstreet Investment Type Unitranche Initial Term Loan Index S+ Spread 5.50% Interest Rate 9.15% Acquisition Date 6/30/2025 Maturity Date 8/26/20322025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Beverage, Food & Tobacco Hometown Food Investment Type Senior Secured Closing Date Term B Loan Index S+ Spread 4.50% Interest Rate 8.15% Acquisition Date 4/22/2025 Maturity Date 12/3/20302025-12-310001633858Investment Kenco Investment Type Senior Secured DDTL Index S+ Spread 4.25% Interest Rate 7.93% Maturity 11/15/20292026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Construction & Building Cook & Boardman Investment Type Senior Secured Amendment No. 2 Incremental DDTL Index S+ Spread 6.00% Interest Rate 9.68% Acquisition Date 5/29/2024 Maturity Date 3/4/20302026-01-012026-03-310001633858Investment Frazier & Deeter Investment Type Senior Secured Revolving Loan Index S+ Spread 4.50% Interest Rate 8.18% Maturity 5/2/20312025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Healthcare & Pharmaceuticals Midwest Eye Services Investment Type Senior Secured Fourth Amendment Incremental Revolving Loan Index S+ Spread 4.50% Interest Rate 8.18% Acquisition Date 12/31/2024 Maturity Date 8/20/20272026-03-310001633858us-gaap:AerospaceSectorMember2025-01-012025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Beverage, Food & Tobacco Bettcher Industries Investment Type Senior Secured Initial Term Loan (First Lien) Index S+ Spread 4.00% Interest Rate 7.65% Acquisition Date 12/13/2021 Maturity Date 12/14/20282025-01-012025-12-310001633858ck0001633858:MeasurementInputDebtServiceCoverageMemberus-gaap:ValuationTechniqueMatrixPricingMemberck0001633858:SecondLienMembersrt:MaximumMember2025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Capital Equipment Barnes Investment Type Senior Secured Term Loan Index S+ Spread 4.75% Interest Rate 8.43% Acquisition Date 10/17/2025 Maturity Date 10/22/20322026-03-310001633858us-gaap:ValuationTechniqueMatrixPricingMembersrt:MinimumMemberck0001633858:MeasurementInputTotalEnterpriseValueCoverageMemberck0001633858:FirstLienMember2025-12-310001633858Investment Denali Water Solutions Investment Type Senior Secured Revolving Loan Index S+ Spread 5.50% Interest Rate 9.18% Maturity 1/29/20262025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Containers, Packaging & Glass Brook & Whittle Investment Type Senior Secured Tranche A Term Loan Index S+ Spread 6.50% Interest Rate 10.18% Acquisition Date 8/11/2025 Maturity Date 12/14/20302026-01-012026-03-310001633858Portfolio Investments EQUITY AND PREFERRED SHARES: NON-CONTROL/NON-AFFILIATE INVESTMENTS Healthcare & Pharmaceuticals Summit Spine 2025 Investment Type Class A Units Acquisition Date 3/21/20252025-01-012025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Beverage, Food & Tobacco MBC Companies Investment Type Senior Secured Second Amendment Term B Loan Index S+ Spread 4.75% Interest Rate 8.43% Acquisition Date 1/6/2025 Maturity Date 7/7/20292026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Healthcare & Pharmaceuticals Nvision Investment Type Senior Secured Fourth Amendment Incremental Term Loan Index S+ Spread 5.50% Interest Rate 9.18% Acquisition Date 10/30/2024 Maturity Date 12/31/20282026-03-310001633858Portfolio Investments EQUITY AND PREFERRED SHARES: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Business Industrial Services Group Investment Type Investment Type Class A Units Acquisition Date 10/19/20232025-01-012025-12-310001633858Investment Gallo Mechanical Investment Type Senior Secured Initial Revolving Loan Index S+ Spread 4.75% Interest Rate 8.43% Maturity 8/2/20322026-01-012026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Capital Equipment Trystar Investment Type Senior Secured Revolving Credit Loan Index S+ Spread 4.25% Interest Rate 7.90% Acquisition Date 7/31/2024 Maturity Date 8/6/20312025-12-310001633858Investment United Comfort Group (fka United Air Temp) Investment Type Senior Secured Revolving Loan Index S+ Spread 5.50% Interest Rate 9.18% Maturity 3/28/20302025-12-310001633858us-gaap:FairValueInputsLevel2Memberck0001633858:FirstLienMember2026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Banking, Finance, Insurance & Real Estate Beta+ Investment Type Senior Secured Revolving Credit Loan Index S+ Spread 4.25% Interest Rate 7.93% Acquisition Date 6/24/2022 Maturity Date 7/1/20272026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Consumer Legacy Service Partners Investment Type Senior Secured Eleventh Amendment Term Loan Index S+ Spread 4.50% Interest Rate 8.18% Acquisition Date 2/17/2026 Maturity Date 11/10/20312026-01-012026-03-310001633858us-gaap:FairValueInputsLevel2Memberck0001633858:EquityAndPreferredSharesMember2026-03-310001633858ck0001633858:MatrixPricingMarketAnalysisMemberck0001633858:MeasurementInputInterestCoverageMemberck0001633858:FirstLienMembersrt:MaximumMember2026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Banking, Finance, Insurance & Real Estate Alera Investment Type Senior Secured 2026-1 New Term Loan (First Lien) Index S+ Spread 2.75% Interest Rate 6.43% Acquisition Date 5/21/2025 Maturity Date 5/30/20322026-03-310001633858Investment Augusta Sportswear Investment Type Senior Secured Revolving Credit Loan Index S+ Spread 7.00% Interest Rate 10.68% Maturity 11/21/20282026-03-310001633858Investment Cherry Bekaert Investment Type Senior Secured Revolving Credit Loan Index S+ Spread 4.50% Interest Rate 8.18% Maturity 6/30/20302026-01-012026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Business InnovateMR Investment Type Unitranche First Amendment Term Loan Index S+ Spread 6.50% Interest Rate 10.18% Acquisition Date 12/23/2022 Maturity Date 1/20/20282026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Business Eagle Fire Investment Type Senior Secured Initial Revolving Loan Index S+ Spread 4.50% Interest Rate 8.18% Acquisition Date 6/04/2025 Maturity Date 7/15/20322026-01-012026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Healthcare & Pharmaceuticals Clearway Investment Type Senior Secured Ninth Amendment Incremental Term Loan Index S+ Spread 5.50% Interest Rate 9.15% Acquisition Date 9/17/2025 Maturity Date 8/30/20302025-01-012025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Business Embark Investment Type Senior Secured Revolving Credit Loan Index S+ Spread 4.50% Interest Rate 8.18% Acquisition Date 8/27/2025 Maturity Date 9/2/20322026-01-012026-03-310001633858Portfolio Investments EQUITY AND PREFERRED SHARES: NON-CONTROL/NON-AFFILIATE INVESTMENTS Healthcare & Pharmaceuticals Summit Spine 2025 Investment Type Class A Units Acquisition Date 3/21/20252026-01-012026-03-310001633858ck0001633858:HealthcarePharmaceuticalsSectorMember2026-01-012026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS High Tech Industries Planview Investment Type Senior Secured 2024-B Incremental Term Loan (First Lien) Index S+ Spread 3.50% Interest Rate 7.15% Acquisition Date 12/11/2020 Maturity Date 12/17/20272025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS High Tech Industries insightsoftware Investment Type Senior Secured Revolving Loan Index S+ Spread 5.25% Interest Rate 8.90% Acquisition Date 3/26/2024 Maturity Date 5/25/20282025-01-012025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Business Embark Investment Type Senior Secured Term B Loan Index S+ Spread 4.50% Interest Rate 8.18% Acquisition Date 8/27/2025 Maturity Date 9/2/20322026-03-310001633858Investment Lexitas Investment Type Senior Secured Delayed Draw Term Loan Index S+ Spread 5.00% Interest Rate 8.68% Maturity 4/15/20312025-12-310001633858Investment APT Healthcare Investment Type Senior Secured Delayed Draw Term Loan Index S+ Spread 4.50% Interest Rate 8.18% Maturity 9/30/20312025-12-310001633858ck0001633858:MatrixPricingMarketAnalysisMemberck0001633858:SecondLienMemberck0001633858:MeasurementInputLiquidityCoverageMember2025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Capital Equipment Trystar Investment Type Senior Secured Revolving Credit Loan Index S+ Spread 4.25% Interest Rate 7.93% Acquisition Date 7/31/2024 Maturity Date 8/6/20312026-03-310001633858Investment Lexitas Investment Type Senior Secured Delayed Draw Term Loan Index S+ Spread 5.00% Interest Rate 8.68% Maturity 4/15/20312026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Consumer Spring Education Investment Type Senior Secured Initial Term Loan Index S+ Spread 3.25% Interest Rate 6.90% Acquisition Date 10/5/2023 Maturity Date 10/4/20302025-01-012025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Healthcare & Pharmaceuticals American Vision Partners Investment Type Unitranche Initial Term Loan Index S+ Spread 5.75% Interest Rate 9.40% Acquisition Date 9/22/2021 Maturity Date 9/30/20272025-01-012025-12-310001633858Investment Frazier & Deeter Investment Type Senior Secured Delayed Draw Term Loan Index S+ Spread 4.50% Interest Rate 8.18% Maturity 5/3/20322026-01-012026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Business Perficient Investment Type Senior Secured Closing Date Term Loan Index S+ Spread 3.50% Interest Rate 7.15% Acquisition Date 8/2/2024 Maturity Date 10/2/20312025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Capital Equipment 80/20 Investment Type Unitranche Initial Term Loan Index S+ Spread 4.50% Interest Rate 8.18% Acquisition Date 12/11/2025 Maturity Date 12/12/20322026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Healthcare & Pharmaceuticals EyeSouth Partners Investment Type Unitranche Amendment No.2 Term Loan (First Lien) Index S+ Spread 5.50% Interest Rate 9.18% Acquisition Date 11/15/2024 Maturity Date 10/5/20292026-01-012026-03-310001633858us-gaap:AdditionalPaidInCapitalMember2025-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Capital Equipment Plaskolite Investment Type Unitranche Initial Term Loan Index S+ Spread 4.00%, 4.00% PIK Interest Rate 11.68% Acquisition Date 5/5/2025 Maturity Date 5/9/20302026-01-012026-03-3100016338582021-12-152021-12-150001633858Investment Ascend Investment Type Senior Secured Revolving Credit Loan Index S+ Spread 4.50% Interest Rate 8.18% Maturity 8/11/20312026-03-310001633858Investment Inhabit Investment Type Senior Secured Delayed Draw Term Loan Index S+ Spread 4.50% Interest Rate 8.18% Maturity 1/12/20322025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Capital Equipment Pegasus Investment Type Senior Secured Initial Term Loan Index S+ Spread 4.75% Interest Rate 8.40% Acquisition Date 1/24/2024 Maturity Date 1/19/20312025-01-012025-12-3100016338582021-05-282021-05-280001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Capital Equipment Therm-O-Disc Investment Type Senior Secured Initial Term Loan (First Lien) Index S+ Spread 6.00% Interest Rate 9.68% Acquisition Date 5/26/2022 Maturity Date 5/31/20292026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Banking, Finance, Insurance & Real Estate Steward Partners Investment Type Senior Secured Closing Date Term B Loan Index S+ Spread 4.75% Interest Rate 8.40% Acquisition Date 12/8/2023 Maturity Date 10/14/20282025-12-310001633858ck0001633858:MatrixPricingMarketAnalysisMembersrt:MinimumMemberus-gaap:MeasurementInputCreditSpreadMemberck0001633858:FirstLienMember2026-03-310001633858ck0001633858:UnitrancheDebtOneMemberck0001633858:EnterpriseValueMembersrt:MaximumMemberck0001633858:MeasurementInputEVEBITDAMultipleMember2026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Business Liberty Group Investment Type Unitranche Initial Term Loan Index S+ Spread 5.75% Interest Rate 9.40% Acquisition Date 6/6/2022 Maturity Date 6/15/20282025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Aerospace & Defense SMX Investment Type Senior Secured Term Loan Index S+ Spread 4.50% Interest Rate 8.15% Acquisition Date 2/6/2025 Maturity Date 2/6/20322025-12-310001633858Portfolio Investments EQUITY AND PREFERRED SHARES: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Business InnovateMR Investment Type Class A Units Acquisition Date 12/16/20212025-01-012025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Business AIA Contract Investment Type Senior Secured Term Loan Index S+ Spread 4.75% Interest Rate 8.40% Acquisition Date 6/30/2025 Maturity Date 7/2/20312025-12-310001633858us-gaap:InvestmentUnaffiliatedIssuerMember2026-01-012026-03-310001633858ck0001633858:AdministratorMember2025-01-012025-03-310001633858Portfolio Investments EQUITY AND PREFERRED SHARES: NON-CONTROL/NON-AFFILIATE INVESTMENTS Capital Equipment 80/20 Investment Type LP Interest Acquisition Date 12/22/20202025-12-310001633858Investment Amplix Investment Type Senior Secured Revolving Credit Loan Index S+ Spread 4.50% Interest Rate 8.18% Maturity 10/18/20292026-01-012026-03-310001633858Investment PlayPower Investment Type Senior Secured Revolving Loan Index S+ Spread 5.25% Interest Rate 8.93% Maturity 10/29/20302026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Chemicals, Plastics & Rubber Polytek Investment Type Senior Secured Term Loan Index S+ Spread 8.25% PIK Interest Rate 11.93% Acquisition Date 12/23/2020 Maturity Date 8/15/20262026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Media: Advertising, Printing & Publishing MediaRadar Investment Type Unitranche Closing Date Term A Loan Index S+ Spread 5.00% Interest Rate 8.65% Acquisition Date 5/23/2022 Maturity Date 9/17/20292025-01-012025-12-310001633858Investment Ohio Transmission Investment Type Senior Secured Initial Revolving Loan Index S+ Spread 5.75% Interest Rate 9.43% Maturity 12/19/20292026-03-310001633858us-gaap:SouthwestRegionMember2026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Construction & Building Playcore Investment Type Senior Secured Initial Term Loan (First Lien) Index S+ Spread 3.75% Interest Rate 7.43% Acquisition Date 2/14/2024 Maturity Date 2/20/20302026-01-012026-03-310001633858Investment 80/20 Investment Type Senior Secured Revolving Loan Index S+ Spread 4.50% Interest Rate 8.18% Maturity 12/12/20322026-01-012026-03-310001633858Investment 80/20 Investment Type Senior Secured Delayed Draw Term Loan Index S+ Spread 4.50% Interest Rate 8.18% Maturity 12/12/20322026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Business Ascend Investment Type Senior Secured Revolving Credit Loan Index S+ Spread 4.50% Interest Rate 8.15% Acquisition Date 10/22/2024 Maturity Date 8/11/20312025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Capital Equipment Radwell Investment Type Unitranche Initial Term Loan Index S+ Spread 5.50% Interest Rate 9.18% Acquisition Date 3/11/2022 Maturity Date 4/1/20292026-01-012026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Business Barton Associates Investment Type Unitranche Initial Term Loan Index S+ Spread 6.50% Interest Rate 10.18% Acquisition Date 11/18/2024 Maturity Date 7/26/20282026-03-310001633858Investment FMG Suite Investment Type Senior Secured Delayed Draw Term Loan Index S+ Spread 4.75% Interest Rate 8.43% Maturity 9/9/20322025-12-310001633858Investment Nvision Investment Type Senior Secured Fourth Amendment Delayed Draw Term Loan Index S+ Spread 5.50% Interest Rate 9.18% Maturity 12/31/20282026-01-012026-03-310001633858Portfolio Investments EQUITY AND PREFERRED SHARES: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Business Vortex Companies Investment Type LP Common Units Acquisition Date 9/1/20232026-03-310001633858Investment Vortex Companies Investment Type Senior Secured Revolving Loan Index S+ Spread 5.00% Interest Rate 8.68% Maturity 9/4/20292026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Beverage, Food & Tobacco MBC Companies Investment Type Senior Secured Third Amendment Term A Loan Index S+ Spread 3.50% Interest Rate 7.18% Acquisition Date 10/8/2025 Maturity Date 10/10/20302026-03-310001633858Investment EPIC Insurance Investment Type Senior Secured Fifth Amendment Refinancing Revolving Loan Index S+ Spread 4.50% Interest Rate 8.18% Maturity 9/29/20282025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Capital Equipment Trystar Investment Type Senior Secured Revolving Credit Loan Index S+ Spread 4.25% Interest Rate 7.90% Acquisition Date 7/31/2024 Maturity Date 8/6/20312025-01-012025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Business trustaff Investment Type Senior Secured Initial Term Loan (First Lien) Index S+ Spread 4.25% Interest Rate 7.90% Acquisition Date 12/9/2021 Maturity Date 3/6/20282025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Healthcare & Pharmaceuticals AGS Health Investment Type Unitranche Initial Term Loan Index S+ Spread 4.50% Interest Rate 8.18% Acquisition Date 7/24/2025 Maturity Date 8/2/20322026-01-012026-03-310001633858ck0001633858:AdvisorMemberck0001633858:PreIncentiveFeeNetInvestmentIncomeExceedHurdleOf1.765InAnyQuarter4.706AnnualizedMember2026-01-012026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Construction & Building PlayPower Investment Type Senior Secured Revolving Loan Index S+ Spread 5.25% Interest Rate 8.90% Acquisition Date 10/29/2025 Maturity Date 10/29/20302025-12-310001633858ck0001633858:MeasurementInputDebtServiceCoverageMemberus-gaap:ValuationTechniqueMatrixPricingMembersrt:MinimumMemberck0001633858:FirstLienMember2025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS High Tech Industries LightBox Investment Type Senior Secured Initial Term Loan Index S+ Spread 5.00% Interest Rate 8.68% Acquisition Date 1/10/2025 Maturity Date 1/13/20302026-01-012026-03-310001633858Investment Heartland Investment Type Senior Secured Revolving Credit Loan Index S+ Spread 4.75% Interest Rate 8.43% Maturity 12/12/20292026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Media: Diversified & Production Spectrum Science Investment Type Senior Secured 2024 Incremental Term Loan Index S+ Spread 7.00% Interest Rate 10.68% Acquisition Date 1/17/2024 Maturity Date 2/1/20292026-03-310001633858Portfolio Investments EQUITY AND PREFERRED SHARES: NON-CONTROL/NON-AFFILIATE INVESTMENTS Wholesale GME Supply Investment Type Class A Units Acquisition Date 6/30/20232025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Business Amplix Investment Type Unitranche First Amendment Term Loan Index S+ Spread 5.25% Interest Rate 8.90% Acquisition Date 10/19/2023 Maturity Date 10/18/20292025-01-012025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Business Golden Source Investment Type Senior Secured Revolving Loan Index S+ Spread 5.00% Interest Rate 8.68% Acquisition Date 3/25/2022 Maturity Date 5/12/20282026-01-012026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Business Ascend Investment Type Senior Secured Initial Term Loan Index S+ Spread 4.50% Interest Rate 8.15% Acquisition Date 10/22/2024 Maturity Date 8/11/20312025-12-310001633858ck0001633858:EnergySectorOilAndGasMember2026-01-012026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Business OSG Billing Services Investment Type Senior Secured First-Out Term Loan Index S+ Spread 8.00% Interest Rate 11.65% Acquisition Date 11/30/2023 Maturity Date 5/30/20282025-12-310001633858srt:WeightedAverageMemberck0001633858:MatrixPricingMarketAnalysisMemberck0001633858:MeasurementInputTotalEnterpriseValueCoverageMemberck0001633858:FirstLienMember2025-12-310001633858Investment Radwell Investment Type Senior Secured Revolving Loan Index S+ Spread 5.50% Interest Rate 9.18% Maturity 4/1/20292026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Business Secretariat Investment Type Senior Secured Initial Term Loan Index S+ Spread 4.00% Interest Rate 7.65% Acquisition Date 2/24/2025 Maturity Date 2/28/20322025-01-012025-12-310001633858Investment Kept Companies Investment Type Senior Secured DDTAL Loan Index S+ Spread 5.25% Interest Rate 8.93% Maturity 4/30/20292026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Business Insight Global Investment Type Unitranche 2024 Refinancing Term Loan Index S+ Spread 5.00% Interest Rate 8.65% Acquisition Date 9/22/2021 Maturity Date 9/22/20282025-01-012025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS High Tech Industries PayByPhone Investment Type Unitranche Initial Term Loan Index S+ Spread 4.75% Interest Rate 8.43% Acquisition Date 3/30/2026 Maturity Date 3/31/20332026-01-012026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Business AIA Contract Investment Type Senior Secured Revolving Loan Index S+ Spread 4.75% Interest Rate 8.40% Acquisition Date 6/30/2025 Maturity Date 7/2/20312025-01-012025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Business Forefront Investment Type Senior Secured Term B-1 Loan Refinancing Term Loan (First Lien) Index S+ Spread 5.50% Interest Rate 9.18% Acquisition Date 12/14/2023 Maturity Date 3/30/20292026-03-310001633858Investment Ned Stevens 2022-2 Investment Type Senior Secured Revolving Loan Index S+ Spread 5.00% Interest Rate 8.68% Maturity 11/1/20282025-12-310001633858ck0001633858:UnitrancheMember2025-01-012025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Healthcare & Pharmaceuticals Western Dental Investment Type Senior Secured Loan Index S+ Spread 2.50% Interest Rate 6.18% Acquisition Date 12/24/2025 Maturity Date 6/3/20262026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Chemicals, Plastics & Rubber Vertellus Investment Type Senior Secured Initial Term Loan Index S+ Spread 5.75% Interest Rate 9.40% Acquisition Date 12/18/2020 Maturity Date 1/2/20292025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Metals & Mining Dynatect (A&A) Investment Type Senior Secured Term B Loan Index S+ Spread 4.50% Interest Rate 8.15% Acquisition Date 8/16/2019 Maturity Date 9/29/20282025-01-012025-12-310001633858Investment Aprio Investment Type Senior Secured 2025 Incremental Delayed Draw Term Loan Index S+ Spread 4.75% Interest Rate 8.43% Maturity 8/1/20312026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Environmental Industries Keter Environmental Services Investment Type Senior Secured Revolving Loan Index S+ Spread 4.25% Interest Rate 7.90% Acquisition Date 11/5/2021 Maturity Date 10/29/20272025-01-012025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Healthcare & Pharmaceuticals nThrive Investment Type Senior Secured Tranche B Term Loan Index S+ Spread 4.00% Interest Rate 7.65% Acquisition Date 11/18/2024 Maturity Date 12/15/20282025-01-012025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Consumer Apex Service Partners Investment Type Senior Secured 2024 Revolving Credit Loan Index S+ Spread 5.00% Interest Rate 8.65% Acquisition Date 10/16/2023 Maturity Date 10/24/20292025-01-012025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Environmental Industries Miller Environmental Investment Type Senior Secured Revolving Loan Index S+ Spread 5.00% Interest Rate 8.65% Acquisition Date 9/4/2024 Maturity Date 9/10/20312025-01-012025-12-310001633858us-gaap:FoodAndBeverageSectorMember2026-03-310001633858Investment PayByPhone Investment Type Senior Secured Delayed Draw Term Loan Index S+ Spread 4.75% Interest Rate 8.43% Maturity 3/31/20332026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Media: Diversified & Production Cast & Crew Investment Type Senior Secured Incremental Facility No. 2 Incremental Term Loan (First Lien) Index S+ Spread 3.75% Interest Rate 7.43% Acquisition Date 4/30/2024 Maturity Date 12/29/20282026-01-012026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Business Ascend Investment Type Senior Secured Revolving Credit Loan Index S+ Spread 4.50% Interest Rate 8.18% Acquisition Date 10/22/2024 Maturity Date 8/11/20312026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Business AIA Contract Investment Type Senior Secured Revolving Loan Index S+ Spread 4.75% Interest Rate 8.43% Acquisition Date 6/30/2025 Maturity Date 7/2/20312026-01-012026-03-310001633858Investment Aprio Investment Type Senior Secured Revolving Loan Index S+ Spread 4.75% Interest Rate 8.43% Maturity 8/1/20312025-12-310001633858Investment Electric Power Engineers Investment Type Senior Secured Delayed Draw Term Loan Index S+ Spread 4.50% Interest Rate 8.18% Maturity 12/31/20312025-12-310001633858us-gaap:FairValueInputsLevel3Memberck0001633858:FirstLienMember2026-03-310001633858srt:WeightedAverageMemberus-gaap:ValuationTechniqueMatrixPricingMemberck0001633858:FirstLienMemberck0001633858:MeasurementInputLiquidityCoverageMember2026-03-310001633858srt:WeightedAverageMemberck0001633858:MatrixPricingMarketAnalysisMemberck0001633858:MeasurementInputInterestCoverageMemberck0001633858:FirstLienMember2026-03-310001633858srt:WeightedAverageMemberus-gaap:ValuationTechniqueMatrixPricingMemberck0001633858:SecondLienMemberck0001633858:MeasurementInputLiquidityCoverageMember2025-12-310001633858Investment Eagle Fire Investment Type Senior Secured Initial Revolving Loan Index S+ Spread 4.50% Interest Rate 8.18% Maturity 7/15/20322025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Automotive Engine & Transmission Exchange Investment Type Senior Secured Revolving Loan Index S+ Spread 5.00% Interest Rate 8.68% Acquisition Date 5/26/2023 Maturity Date 5/26/20292026-01-012026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Healthcare & Pharmaceuticals MedRisk Investment Type Senior Secured 2025 Term Loan (First Lien) Index S+ Spread 3.00% Interest Rate 6.68% Acquisition Date 4/01/2021 Maturity Date 5/10/20282026-03-310001633858ck0001633858:UnitrancheDebtOneMemberus-gaap:ValuationTechniqueMatrixPricingMembersrt:MinimumMemberck0001633858:MeasurementInputTotalLeverageMember2026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Construction & Building Cook & Boardman Investment Type Senior Secured Amendment No. 2 Incremental DDTL Index S+ Spread 6.00% Interest Rate 9.65% Acquisition Date 5/29/2024 Maturity Date 3/4/20302025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Capital Equipment TRG Investment Type Senior Secured Revolving Credit Loan Index S+ Spread 4.50% Interest Rate 8.18% Acquisition Date 1/5/2026 Maturity Date 1/5/20322026-03-310001633858Investment EyeSouth Partners Investment Type Senior Secured Amendment No.2 Delayed Draw Term Loan (First Lien) Index S+ Spread 5.50% Interest Rate 9.18% Maturity 10/5/20292025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Capital Equipment Antylia Scientific Investment Type Senior Secured Initial Term Loan Index S+ Spread 4.00% Interest Rate 7.65% Acquisition Date 5/16/2025 Maturity Date 5/27/20322025-12-310001633858ck0001633858:UnitrancheDebtOneMembersrt:WeightedAverageMemberus-gaap:ValuationTechniqueMatrixPricingMemberck0001633858:MeasurementInputInterestCoverageMember2025-12-310001633858us-gaap:ValuationTechniqueMatrixPricingMembersrt:MinimumMemberus-gaap:MeasurementInputCreditSpreadMemberck0001633858:FirstLienMember2026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Business System One Investment Type Senior Secured 2025 Refinancing Term Loan Index S+ Spread 3.50% Interest Rate 7.18% Acquisition Date 1/28/2021 Maturity Date 3/2/20282026-01-012026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Containers, Packaging & Glass Precision Concepts Investment Type Unitranche Initial Term Loan (CA) Index S+ Spread 4.75% Interest Rate 8.40% Acquisition Date 7/28/2025 Maturity Date 8/2/20322025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS High Tech Industries Options IT Investment Type Senior Secured Initial Term Loan Index S+ Spread 4.50% Interest Rate 8.15% Acquisition Date 9/20/2024 Maturity Date 9/30/20312025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Environmental Industries Miller Environmental Investment Type Senior Secured Initial Term Loan Index S+ Spread 5.00% Interest Rate 8.65% Acquisition Date 9/4/2024 Maturity Date 9/10/20312025-01-012025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Construction & Building DynaGrid Investment Type Senior Secured Revolving Credit Facility Index S+ Spread 4.75% Interest Rate 8.43% Acquisition Date 1/7/2025 Maturity Date 1/7/20312026-01-012026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Business Secretariat Investment Type Senior Secured Initial Term Loan Index S+ Spread 4.00% Interest Rate 7.65% Acquisition Date 2/24/2025 Maturity Date 2/28/20322026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Transportation: Cargo Evans Network Investment Type Senior Secured Initial Term Loan (First Lien) Index S+ Spread 4.25% Interest Rate 7.90% Acquisition Date 8/6/2021 Maturity Date 8/19/20282025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Containers, Packaging & Glass Golden West Packaging Investment Type Senior Secured Term B-1 Loan Index S+ Spread 5.25% Interest Rate 8.90% Acquisition Date 11/29/2021 Maturity Date 6/27/20312025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Healthcare & Pharmaceuticals Ivy Rehab Investment Type Senior Secured Revolving Credit Loan (First Lien) Index S+ Spread 4.75% Interest Rate 8.43% Acquisition Date 3/11/2022 Maturity Date 4/21/20282026-01-012026-03-310001633858ck0001633858:UnitrancheDebtOneMembersrt:WeightedAverageMemberus-gaap:ValuationTechniqueMatrixPricingMemberck0001633858:MeasurementInputLiquidityCoverageMember2025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Containers, Packaging & Glass SupplyOne Investment Type Senior Secured Term B Loan Index S+ Spread 3.50% Interest Rate 7.15% Acquisition Date 3/27/2024 Maturity Date 4/21/20312025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Healthcare & Pharmaceuticals TEAM Services Investment Type Senior Secured Term Loan (Second Lien) Index S+ Spread 9.00% Interest Rate 12.65% Acquisition Date 1/05/2024 Maturity Date 12/18/20282025-01-012025-12-310001633858Investment Midwest Eye Services Investment Type Senior Secured Fourth Amendment Delayed Draw Term Loan Index S+ Spread 4.50% Interest Rate 8.18% Maturity 8/20/20272025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Business CCG Investment Type Senior Secured Revolving Facility Index S+ Spread 4.50% Interest Rate 8.18% Acquisition Date 12/30/2025 Maturity Date 12/30/20322026-03-3100016338582015-06-232015-06-230001633858ck0001633858:EnergySectorOilAndGasMember2026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Healthcare & Pharmaceuticals nThrive Investment Type Senior Secured Tranche D Term Loan Index S+ Spread 6.75% Interest Rate 10.40% Acquisition Date 11/18/2024 Maturity Date 12/17/20292025-01-012025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Consumer Crash Champions Investment Type Senior Secured Initial Term Loan Index S+ Spread 4.75% Interest Rate 8.40% Acquisition Date 2/7/2024 Maturity Date 2/23/20292025-01-012025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Capital Equipment Industrial Electric Manufacturing Investment Type Senior Secured Amendment No. 1 Incremental Term Facility Index S+ Spread 4.50% Interest Rate 8.15% Acquisition Date 12/3/2025 Maturity Date 12/3/20312025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Media: Advertising, Printing & Publishing MediaRadar Investment Type Unitranche 2023 Incremental Term Loan Index S+ Spread 5.00% Interest Rate 8.65% Acquisition Date 10/31/2023 Maturity Date 9/17/20292025-01-012025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS High Tech Industries Ivanti Software Investment Type Senior Secured 2025-1 Term Loan (First Lien) Index S+ Spread 4.75% Interest Rate 8.40% Acquisition Date 11/20/2020 Maturity Date 6/1/20292025-01-012025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Capital Equipment Air Control Concepts Investment Type Senior Secured Closing Date Term Loan Index S+ Spread 2.75% Interest Rate 6.43% Acquisition Date 7/16/2024 Maturity Date 7/23/20312026-01-012026-03-310001633858Investment Terra Millennium Investment Type Senior Secured Delayed Draw Term Loan Index S+ Spread 4.75% Interest Rate 8.73% Maturity 11/1/20302025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Beverage, Food & Tobacco Hissho Sushi Investment Type Unitranche Amendment No.2 Incremental Term Loan Index S+ Spread 4.75% Interest Rate 8.43% Acquisition Date 10/20/2025 Maturity Date 5/18/20292026-01-012026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Healthcare & Pharmaceuticals AGS Health Investment Type Unitranche Initial Term Loan Index S+ Spread 4.50% Interest Rate 8.15% Acquisition Date 7/24/2025 Maturity Date 8/2/20322025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Banking, Finance, Insurance & Real Estate Beta+ Investment Type Senior Secured Revolving Credit Loan Index S+ Spread 4.25% Interest Rate 7.90% Acquisition Date 6/24/2022 Maturity Date 7/1/20272025-01-012025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Capital Equipment Ohio Transmission Investment Type Senior Secured Initial Revolving Loan Index S+ Spread 5.75% Interest Rate 9.40% Acquisition Date 12/19/2023 Maturity Date 12/19/20292025-01-012025-12-310001633858us-gaap:ValuationTechniqueMatrixPricingMemberck0001633858:FirstLienMembersrt:MaximumMemberck0001633858:MeasurementInputTotalLeverageMember2026-03-310001633858Investment Midwest Eye Services Investment Type Senior Secured Fourth Amendment Incremental Revolving Loan Index S+ Spread 4.50% Interest Rate 8.18% Maturity 8/20/20272025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Business Paradigm Outcomes Investment Type Senior Secured 2025 Replacement Term Loan Index S+ Spread 3.00% Interest Rate 6.65% Acquisition Date 4/2/2024 Maturity Date 5/6/20312025-01-012025-12-310001633858Investment Dane Street Investment Type Senior Secured Delayed Draw Term Loan Index S+ Spread 4.50% Interest Rate 8.18% Maturity 3/24/20332026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Banking, Finance, Insurance & Real Estate EPIC Insurance Investment Type Unitranche Refinancing Tranche B Term Loan Index S+ Spread 4.50% Interest Rate 8.18% Acquisition Date 8/27/2021 Maturity Date 9/29/20282026-01-012026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Construction & Building Electric Power Engineers Investment Type Senior Secured Term Loan Index S+ Spread 4.50% Interest Rate 8.18% Acquisition Date 11/27/2024 Maturity Date 12/31/20312026-03-310001633858Investment insightsoftware Investment Type Senior Secured Seventh Supplemental DDTL Index S+ Spread 5.25% Interest Rate 8.93% Maturity 5/25/20282026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Business OSG Billing Services Investment Type Senior Secured First-Out Term Loan Index S+ Spread 8.00% Interest Rate 11.6% Acquisition Date 11/30/2023 Maturity Date 5/30/20282026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Hotels, Gaming & Leisure Auto Europe Investment Type Senior Secured Second Out Term Loan Index S+ Spread 5.00% Interest Rate 8.68% Acquisition Date 1/20/2026 Maturity Date 1/20/20302026-01-012026-03-310001633858Investment Lexitas Investment Type Senior Secured Delayed Draw Term Loan Index S+ Spread 5.00% Interest Rate 8.68% Maturity 4/15/20312026-01-012026-03-310001633858us-gaap:ValuationTechniqueMatrixPricingMemberck0001633858:MeasurementInputInterestCoverageMembersrt:MinimumMemberck0001633858:SecondLienMember2026-03-310001633858ck0001633858:MatrixPricingMarketAnalysisMemberck0001633858:FirstLienMembersrt:MaximumMemberck0001633858:MeasurementInputTotalLeverageMember2025-12-310001633858ck0001633858:WaiverAgreementMember2025-01-012025-03-310001633858ck0001633858:BankLoansMemberck0001633858:MetalsAndMiningMember2025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Containers, Packaging & Glass Industrial Physics Investment Type Senior Secured Revolving Credit Loan Index S+ Spread 6.25% Interest Rate 9.93% Acquisition Date 7/18/2023 Maturity Date 7/19/20282026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Construction & Building Brown & Root Investment Type Senior Secured Initial Term Loan Index S+ Spread 5.00% Interest Rate 8.65% Acquisition Date 9/29/2025 Maturity Date 10/3/20302025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Healthcare & Pharmaceuticals VaxCare Investment Type Unitranche Initial Term Loan Index S+ Spread 4.50% Interest Rate 8.15% Acquisition Date 6/10/2025 Maturity Date 6/17/20322025-01-012025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Business OSG Billing Services Investment Type Senior Secured Last-Out Term Loan Index S+ Spread 6.25% Interest Rate 9.93% Acquisition Date 11/30/2023 Maturity Date 11/30/20282026-01-012026-03-310001633858Portfolio Investments EQUITY AND PREFERRED SHARES: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Business InnovateMR Investment Type Class A Units Acquisition Date 12/16/20212026-01-012026-03-310001633858ck0001633858:WholesaleSectorMember2025-01-012025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Construction & Building RailPros Investment Type Senior Secured Revolving Loan Index S+ Spread 4.25% Interest Rate 7.93% Acquisition Date 4/23/2025 Maturity Date 5/24/20322026-01-012026-03-310001633858Portfolio Investments EQUITY AND PREFERRED SHARES: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Business Amplix Investment Type Class A-2 Units Acquisition Date 10/19/20232025-01-012025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Banking, Finance, Insurance & Real Estate Confluence Investment Type Senior Secured Initial Term Loan (First Lien) Index S+ Spread 3.75% Interest Rate 7.43% Acquisition Date 7/22/2021 Maturity Date 7/31/20282026-03-310001633858Investment Augusta Sportswear Investment Type Senior Secured Revolving Credit Loan Index S+ Spread 7.00% Interest Rate 10.68% Maturity 11/21/20282026-01-012026-03-310001633858Investment Frazier & Deeter Investment Type Senior Secured Delayed Draw Term Loan Index S+ Spread 4.50% Interest Rate 8.18% Maturity 5/3/20322025-12-310001633858Investment TRG Investment Type Senior Secured Delayed Draw Term Loan Index S+ Spread 4.50% Interest Rate 8.18% Maturity 1/5/20322025-12-310001633858Portfolio Investments EQUITY AND PREFERRED SHARES: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Business InnovateMR Investment Type Class A Units Acquisition Date 12/16/20212025-12-310001633858Investment Radwell Investment Type Senior Secured Revolving Loan Index S+ Spread 5.50% Interest Rate 9.18% Maturity 4/1/20292025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Healthcare & Pharmaceuticals American Vision Partners Investment Type Unitranche Initial Term Loan Index S+ Spread 5.75% Interest Rate 9.43% Acquisition Date 9/22/2021 Maturity Date 9/30/20272026-01-012026-03-310001633858Portfolio Investments EQUITY AND PREFERRED SHARES: NON-CONTROL/NON-AFFILIATE INVESTMENTS High Tech Industries PracticeTek Investment Type Class A Units Acquisition Date 11/22/20212025-01-012025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Consumer Ned Stevens 2022-2 Investment Type Unitranche Initial Term Loan Index S+ Spread 5.00% Interest Rate 8.68% Acquisition Date 11/1/2022 Maturity Date 11/1/20292026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Capital Equipment Radwell Investment Type Unitranche Initial Term Loan Index S+ Spread 5.50% Interest Rate 9.15% Acquisition Date 3/11/2022 Maturity Date 4/1/20292025-01-012025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Business Embark Investment Type Senior Secured Term B Loan Index S+ Spread 4.50% Interest Rate 8.15% Acquisition Date 8/27/2025 Maturity Date 9/2/20322025-01-012025-12-310001633858ck0001633858:MediaDiversifiedProductionSectorMember2025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Environmental Industries Keter Environmental Services Investment Type Senior Secured Revolving Loan Index S+ Spread 4.25% Interest Rate 7.90% Acquisition Date 11/5/2021 Maturity Date 10/29/20272025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Healthcare & Pharmaceuticals AGS Health Investment Type Unitranche Initial Term Loan Index S+ Spread 4.50% Interest Rate 8.15% Acquisition Date 7/24/2025 Maturity Date 8/2/2032 One2025-01-012025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Beverage, Food & Tobacco Rise Baking Investment Type Senior Secured Initial Term Loan Index S+ Spread 5.00% Interest Rate 8.68% Acquisition Date 10/24/2024 Maturity Date 11/4/20312026-01-012026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Business Argano Investment Type Senior Secured Initial Term Loan Index S+ Spread 5.50% Interest Rate 9.15% Acquisition Date 9/13/2024 Maturity Date 9/13/20292025-01-012025-12-310001633858Portfolio Investments EQUITY AND PREFERRED SHARES: NON-CONTROL/NON-AFFILIATE INVESTMENTS Beverage, Food & Tobacco Hissho Sushi Investment Type Class A Units Acquisition Date 4/7/20222026-01-012026-03-310001633858Investment Aptive Environmental Investment Type Senior Secured Delayed Draw Term Loan Index S+ Spread 4.75% Interest Rate 8.43% Maturity 10/15/20322026-01-012026-03-310001633858Portfolio Investments EQUITY AND PREFERRED SHARES: NON-CONTROL/NON-AFFILIATE INVESTMENTS Consumer Goods: Durable Careismatic Investment Type Class A Units Acquisition Date 6/13/20242026-01-012026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Healthcare & Pharmaceuticals Upstream Rehabilitation Investment Type Senior Secured December 2025 Extended/Modified Term Loan (First Lien) Index S+ Spread 4.25% Interest Rate 7.90% Acquisition Date 10/24/2019 Maturity Date 11/20/20292025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Banking, Finance, Insurance & Real Estate SIAA Investment Type Unitranche Seventh Amendment Incremental Term Loan Index S+ Spread 4.75% Interest Rate 8.43% Acquisition Date 3/24/2025 Maturity Date 4/30/20302026-01-012026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Business Dun & Bradstreet Investment Type Unitranche Initial Term Loan Index S+ Spread 5.50% Interest Rate 9.18% Acquisition Date 6/30/2025 Maturity Date 8/26/20322026-03-3100016338582025-01-012025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Business InvestCloud APL Investment Type Senior Secured Initial Term Loan Index S+ Spread 4.00% Interest Rate 7.68% Acquisition Date 1/16/2026 Maturity Date 1/14/20332026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Business Mediaocean Investment Type Senior Secured Initial Term Loan (First Lien) Index S+ Spread 3.50% Interest Rate 7.18% Acquisition Date 12/9/2021 Maturity Date 12/15/20282026-01-012026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Healthcare & Pharmaceuticals Sequel Ortho (fka OrthoNebraska) Investment Type Unitranche Initial Term Loan Index S+ Spread 5.00% Interest Rate 8.68% Acquisition Date 7/31/2023 Maturity Date 7/31/20282026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Automotive Engine & Transmission Exchange Investment Type Senior Secured Amendment No. 2 Incremental Term Loan Index S+ Spread 5.00% Interest Rate 8.65% Acquisition Date 3/21/2025 Maturity Date 5/29/20292025-01-012025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Healthcare & Pharmaceuticals EyeSouth Partners Investment Type Unitranche Amendment No.2 Term Loan (First Lien) Index S+ Spread 5.50% Interest Rate 9.15% Acquisition Date 11/15/2024 Maturity Date 10/5/20292025-01-012025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Capital Equipment Antylia Scientific Investment Type Senior Secured Initial Term Loan Index S+ Spread 4.00% Interest Rate 7.65% Acquisition Date 5/16/2025 Maturity Date 5/27/20322025-01-012025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Capital Equipment Plaskolite Investment Type Senior Secured Revolving Credit Loan Index S+ Spread 7.00% Interest Rate 10.65% Acquisition Date 5/5/2025 Maturity Date 2/7/20302025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Chemicals, Plastics & Rubber Polytek Investment Type Senior Secured Term Loan Index S+ Spread 8.25% PIK Interest Rate 11.90% Acquisition Date 12/23/2020 Maturity Date 8/15/20262025-01-012025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Beverage, Food & Tobacco Hometown Food Investment Type Senior Secured Closing Date Term B Loan Index S+ Spread 4.50% Interest Rate 8.18% Acquisition Date 4/22/2025 Maturity Date 12/3/20302026-01-012026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Telecommunications Eastern Communications Investment Type Senior Secured First Amendment Term A Loan Index S+ Spread 5.00% Interest Rate 8.65% Acquisition Date 9/29/2025 Maturity Date 12/30/20302025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Banking, Finance, Insurance & Real Estate SIAA Investment Type Unitranche Seventh Amendment Refinancing Term Loan Index S+ Spread 4.75% Interest Rate 8.43% Acquisition Date 4/21/2021 Maturity Date 4/30/20302026-01-012026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Banking, Finance, Insurance & Real Estate Frazier & Deeter Investment Type Senior Secured Initial Term Loan Index S+ Spread 4.50% Interest Rate 8.18% Acquisition Date 4/30/2025 Maturity Date 5/3/20322026-01-012026-03-310001633858us-gaap:RetainedEarningsMember2024-12-310001633858ck0001633858:EnterpriseValueMembersrt:MinimumMemberck0001633858:FirstLienMemberck0001633858:MeasurementInputEVEBITDAMultipleMember2025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS High Tech Industries Options IT Investment Type Senior Secured Revolving Loan Index S+ Spread 4.50% Interest Rate 8.18% Acquisition Date 9/20/2024 Maturity Date 3/31/20312026-01-012026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Utilities: Electric Power Grid Components Investment Type Senior Secured Initial Term Loan Index S+ Spread 4.75% Interest Rate 8.40% Acquisition Date 7/24/2024 Maturity Date 12/2/20302025-12-310001633858Portfolio Investments EQUITY AND PREFERRED SHARES: NON-CONTROL/NON-AFFILIATE INVESTMENTS Environmental Industries Alliance Environmental Group Investment Type A-1 Preferred Units Acquisition Date 9/30/20192026-01-012026-03-310001633858ck0001633858:MatrixPricingMarketAnalysisMembersrt:MinimumMemberus-gaap:MeasurementInputCreditSpreadMemberck0001633858:SecondLienMember2025-12-310001633858ck0001633858:UnitrancheDebtOneMembersrt:WeightedAverageMemberck0001633858:MatrixPricingMarketAnalysisMemberck0001633858:MeasurementInputTotalEnterpriseValueCoverageMember2025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Media: Advertising, Printing & Publishing Integral Ad Science Investment Type Senior Secured Initial Term Loan Index S+ Spread 5.00% Interest Rate 8.68% Acquisition Date 12/22/2025 Maturity Date 12/25/20302026-01-012026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Healthcare & Pharmaceuticals EyeSouth Partners Investment Type Unitranche Amendment No.2 Term Loan (First Lien) Index S+ Spread 5.50% Interest Rate 9.18% Acquisition Date 11/15/2024 Maturity Date 10/5/20292026-03-310001633858Portfolio Investments EQUITY AND PREFERRED SHARES: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Business Eagle Fire Investment Type Class A Units Acquisition Date 6/4/20252026-01-012026-03-310001633858Portfolio Investments EQUITY AND PREFERRED SHARES: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Consumer Ned Stevens 2022-2 Investment Type Class B Common Units Acquisition Date 11/1/20222025-12-310001633858ck0001633858:EquityAndPreferredSharesMemberus-gaap:InsuranceSectorMember2026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Business Secretariat Investment Type Senior Secured Initial Term Loan Index S+ Spread 4.00% Interest Rate 7.65% Acquisition Date 2/24/2025 Maturity Date 2/28/20322026-01-012026-03-310001633858ck0001633858:UnitrancheDebtOneMemberus-gaap:ValuationTechniqueMatrixPricingMembersrt:MaximumMemberck0001633858:MeasurementInputTotalLeverageMember2025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Business InnovateMR Investment Type Unitranche Initial Term Loan Index S+ Spread 6.00% Interest Rate 9.65% Acquisition Date 12/16/2021 Maturity Date 1/20/20282025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Consumer United Comfort Group (fka United Air Temp) Investment Type Senior Secured Initial Term Loan Index S+ Spread 5.50% Interest Rate 9.18% Acquisition Date 2/14/2024 Maturity Date 3/28/20302026-01-012026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Transportation: Cargo FLS Transportation Investment Type Senior Secured Revolving Credit Loan Index S+ Spread 5.25% Interest Rate 8.90% Acquisition Date 4/14/2022 Maturity Date 12/17/20272025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Containers, Packaging & Glass Technimark Investment Type Senior Secured 2024-1 Refinancing Term Loan (First Lien) Index S+ Spread 3.25% Interest Rate 6.90% Acquisition Date 6/30/2021 Maturity Date 4/14/20312025-01-012025-12-310001633858ck0001633858:EnvironmentalIndustriesSectorMember2025-01-012025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Banking, Finance, Insurance & Real Estate Frazier & Deeter Investment Type Senior Secured Initial Term Loan Index S+ Spread 4.50% Interest Rate 8.15% Acquisition Date 4/30/2025 Maturity Date 5/3/20322025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Utilities: Water Vessco Investment Type Senior Secured Revolving Loan Index S+ Spread 4.50% Interest Rate 8.15% Acquisition Date 10/30/2025 Maturity Date 11/3/20322025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Business Addison Group Investment Type Senior Secured Initial Term Loan Index S+ Spread 4.25% Interest Rate 7.90% Acquisition Date 1/19/2022 Maturity Date 12/29/20282025-01-012025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Business Quantum Health Investment Type Senior Secured Amendment No. 1 Refinancing Term Loan (First Lien) Index S+ Spread 4.25% Interest Rate 7.93% Acquisition Date 12/18/2020 Maturity Date 12/22/20272026-03-310001633858ck0001633858:BankLoansMember2026-03-310001633858Investment AI Fire & Safety Investment Type Senior Secured Delayed Draw Term Loan Index S+ Spread 4.50% Interest Rate 8.18% Maturity 2/2/20322026-03-310001633858Portfolio Investments EQUITY AND PREFERRED SHARES: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Business Industrial Services Group Investment Type Class A-1 Units Acquisition Date 3/10/20252026-03-310001633858Investment Ohio Transmission Investment Type Senior Secured Delayed Draw Term Loan Index S+ Spread 5.75% Interest Rate 9.43% Maturity 12/19/20302026-01-012026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Business Barton Associates Investment Type Unitranche Initial Term Loan Index S+ Spread 6.50% Interest Rate 10.15% Acquisition Date 11/18/2024 Maturity Date 7/26/20282025-01-012025-12-310001633858ck0001633858:EquityAndPreferredMemberck0001633858:EnterpriseValueMemberck0001633858:MeasurementInputEVEBITDAMultipleMember2026-03-310001633858srt:WeightedAverageMemberus-gaap:ValuationTechniqueMatrixPricingMemberck0001633858:FirstLienMemberck0001633858:MeasurementInputTotalLeverageMember2025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Capital Equipment Ohio Transmission Investment Type Unitranche Initial Term Loan Index S+ Spread 5.75% Interest Rate 9.43% Acquisition Date 12/12/2023 Maturity Date 12/19/20302026-01-012026-03-310001633858ck0001633858:MediaDiversifiedProductionSectorMember2025-01-012025-12-310001633858Portfolio Investments EQUITY AND PREFERRED SHARES: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Business OSG Billing Services Investment Type Class A Units Acquisition Date 11/30/20232025-01-012025-12-310001633858Investment Aprio Investment Type Senior Secured 2025 Incremental Delayed Draw Term Loan Index S+ Spread 4.75% Interest Rate 8.43% Maturity 8/1/20312025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Healthcare & Pharmaceuticals Minds + Assembly Investment Type Unitranche Initial Term Loan (First Lien) Index S+ Spread 5.00% Interest Rate 8.65% Acquisition Date 5/03/2023 Maturity Date 5/3/20292025-12-310001633858Investment O6 Environmental Investment Type Senior Secured Revolving Loan Index S+ Spread 4.75% Interest Rate 8.43% Maturity 8/5/20322025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Business Capital Consultants Management Corporation Investment Type Unitranche Closing Date Term Loan Index S+ Spread 4.75% Interest Rate 8.43% Acquisition Date 7/29/2025 Maturity Date 11/1/20312026-01-012026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Automotive Rough Country Investment Type Senior Secured Initial Term Loan (First Lien) Index S+ Spread 3.50% Interest Rate 7.18% Acquisition Date 7/26/2021 Maturity Date 7/28/20282026-01-012026-03-310001633858Investment Dane Street Investment Type Senior Secured Revolving Loan Index S+ Spread 4.50% Interest Rate 8.18% Maturity 3/24/20332026-03-310001633858Portfolio Investments EQUITY AND PREFERRED SHARES: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Business Golden Source Investment Type Class A Units Acquisition Date 3/25/20222026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Aerospace & Defense Tronair Investment Type Senior Secured Initial Term Loan Index S+ Spread 3.75% Interest Rate 7.43% Acquisition Date 12/18/2025 Maturity Date 12/22/20322026-01-012026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Healthcare & Pharmaceuticals Minds + Assembly Investment Type Unitranche Initial Term Loan (First Lien) Index S+ Spread 5.00% Interest Rate 8.68% Acquisition Date 5/03/2023 Maturity Date 5/3/20292026-01-012026-03-310001633858Investment Mitratech Investment Type Senior Secured Revolving Loan Index S+ Spread 4.75% Interest Rate 8.43% Maturity 12/2/20312026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Capital Equipment TRG Investment Type Senior Secured Revolving Credit Loan Index S+ Spread 4.50% Interest Rate 8.18% Acquisition Date 1/5/2026 Maturity Date 1/5/20322026-01-012026-03-310001633858Investment FMG Suite Investment Type Senior Secured Revolving Loan Index S+ Spread 4.75% Interest Rate 8.43% Maturity 9/9/20322026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Business Secretariat Investment Type Senior Secured Initial Term Loan Index S+ Spread 4.00% Interest Rate 7.65% Acquisition Date 2/24/2025 Maturity Date 2/28/20322025-12-310001633858us-gaap:TransportationSectorMember2025-12-310001633858Investment Clearway Investment Type Senior Secured Revolving Loan Index S+ Spread 5.50% Interest Rate 9.18% Maturity 8/30/20302026-03-310001633858ck0001633858:MatrixPricingMarketAnalysisMemberck0001633858:MeasurementInputInterestCoverageMemberck0001633858:SecondLienMember2025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Business Golden Source Investment Type Unitranche Initial Term Loan Index S+ Spread 4.75% Interest Rate 8.40% Acquisition Date 3/25/2022 Maturity Date 5/12/20282025-12-310001633858Portfolio Investments EQUITY AND PREFERRED SHARES: NON-CONTROL/NON-AFFILIATE INVESTMENTS Healthcare & Pharmaceuticals Minds + Assembly Investment Type Class A Units Acquisition Date 5/3/20232025-12-310001633858ck0001633858:CapitalEquipmentSectorMember2026-03-310001633858ck0001633858:HighTechIndustriesSectorMember2026-03-310001633858Investment Inhabit Investment Type Senior Secured Revolving Credit Loan Index S+ Spread 4.50% Interest Rate 8.18% Maturity 1/12/20322026-03-310001633858Investment MB2 Dental Investment Type Senior Secured Tranche 1 Delayed Draw Term Loan Index S+ Spread 5.50% Interest Rate 9.18% Maturity 2/13/20312026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Environmental Industries Alliance Environmental Group Investment Type Senior Secured Revolving Loan Index S+ Spread 0.00% Interest Rate 3.68% Acquisition Date 12/30/2021 Maturity Date 12/30/20282026-01-012026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Healthcare & Pharmaceuticals Western Dental Investment Type Senior Secured First-Out Term Loan (Tranche A-1) Index S+ Spread 6.50% Interest Rate 10.15% Acquisition Date 6/18/2024 Maturity Date 5/18/20282025-01-012025-12-310001633858Investment Nvision Investment Type Senior Secured Revolving Loan Index S+ Spread 5.50% Interest Rate 9.18% Maturity 12/31/20282026-01-012026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Business Industrial Services Group Investment Type Senior Secured Revolving Loan Index S+ Spread 5.75% Interest Rate 9.40% Acquisition Date 12/07/2022 Maturity Date 12/7/20282025-01-012025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Media: Diversified & Production Spectrum Science Investment Type Senior Secured 2024 Incremental Term Loan Index S+ Spread 7.00% Interest Rate 10.65% Acquisition Date 1/17/2024 Maturity Date 2/1/20292025-01-012025-12-310001633858Portfolio Investments EQUITY AND PREFERRED SHARES: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Business Gallo Mechanical Investment Type LP Interest Acquisition Date 6/19/20252026-01-012026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Business Lexitas Investment Type Unitranche Initial Term Loan Index S+ Spread 5.00% Interest Rate 8.68% Acquisition Date 4/15/2025 Maturity Date 4/15/20312026-03-310001633858Investment United Comfort Group (fka United Air Temp) Investment Type Senior Secured Revolving Loan Index S+ Spread 5.50% Interest Rate 9.18% Maturity 3/28/20302026-01-012026-03-310001633858Investment Associated Springs Investment Type Senior Secured Revolving Loan Index S+ Spread 4.75% Interest Rate 8.43% Maturity 4/4/20302026-01-012026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Healthcare & Pharmaceuticals Quantum Health Investment Type Senior Secured Amendment No. 1 Refinancing Term Loan (First Lien) Index S+ Spread 4.25% Interest Rate 7.90% Acquisition Date 12/18/2020 Maturity Date 12/22/20272025-01-012025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Chemicals, Plastics & Rubber USALCO Investment Type Senior Secured 2025 Initial Term Loan Index S+ Spread 3.50% Interest Rate 7.15% Acquisition Date 9/17/2024 Maturity Date 9/30/20312025-01-012025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Business InvestCloud APL Investment Type Senior Secured Initial Term Loan Index S+ Spread 4.00% Interest Rate 7.68% Acquisition Date 1/16/2026 Maturity Date 1/14/20332026-01-012026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Business Eagle Fire Investment Type Senior Secured Initial Term Loan Index S+ Spread 4.50% Interest Rate 8.18% Acquisition Date 6/4/2025 Maturity Date 7/15/20322026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Capital Equipment Trystar Investment Type Senior Secured Revolving Credit Loan Index S+ Spread 4.25% Interest Rate 7.93% Acquisition Date 7/31/2024 Maturity Date 8/6/20312026-01-012026-03-310001633858Investment Eagle Fire Investment Type Senior Secured Initial Revolving Loan Index S+ Spread 4.50% Interest Rate 8.18% Maturity 7/15/20322026-01-012026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Aerospace & Defense Whitcraft Investment Type Senior Secured Initial Term Loan Index S+ Spread 5.00% Interest Rate 8.68% Acquisition Date 3/31/2023 Maturity Date 9/30/20312026-01-012026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Automotive Engine & Transmission Exchange Investment Type Senior Secured Term Loan A Index S+ Spread 5.00% Interest Rate 8.65% Acquisition Date 5/26/2023 Maturity Date 5/29/20292025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Business Capital Consultants Management Corporation Investment Type Unitranche Closing Date Term Loan Index S+ Spread 4.75% Interest Rate 8.40% Acquisition Date 7/29/2025 Maturity Date 11/3/20312025-01-012025-12-310001633858ck0001633858:MatrixPricingMarketAnalysisMemberck0001633858:FirstLienMember2025-12-310001633858Investment Cherry Bekaert Investment Type Senior Secured Revolving Credit Loan Index S+ Spread 4.50% Interest Rate 8.18% Maturity 6/30/20302026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Construction & Building A1 Garage Door Investment Type Unitranche Term Loan A Index S+ Spread 4.50% Interest Rate 8.15% Acquisition Date 12/22/2022 Maturity Date 12/22/20282025-01-012025-12-310001633858Investment USALCO Investment Type Senior Secured 2025 Delayed Draw Term Loan Index S+ Spread 3.50% Interest Rate 7.18% Maturity 9/30/20312026-01-012026-03-310001633858ck0001633858:FirstLienMember2025-01-012025-12-310001633858us-gaap:ValuationTechniqueMatrixPricingMembersrt:MinimumMemberus-gaap:MeasurementInputCreditSpreadMemberck0001633858:FirstLienMember2025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Capital Equipment Burke Porter Group Investment Type Senior Secured Closing Date Term Loan Index S+ Spread 2.00%, 5.00% PIK Interest Rate 10.68% Acquisition Date 9/30/2022 Maturity Date 7/29/20292026-01-012026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Healthcare & Pharmaceuticals Clearway Investment Type Senior Secured Term Loan A Index S+ Spread 5.50% Interest Rate 9.18% Acquisition Date 9/17/2025 Maturity Date 8/30/20302026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Chemicals, Plastics & Rubber Americhem Investment Type Senior Secured Revolving Loan Index S+ Spread 4.50% Interest Rate 8.18% Acquisition Date 2/5/2025 Maturity Date 3/1/20322026-03-310001633858srt:WeightedAverageMemberck0001633858:MatrixPricingMarketAnalysisMemberck0001633858:SecondLienMemberck0001633858:MeasurementInputLiquidityCoverageMember2025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS High Tech Industries Precisely Investment Type Senior Secured Third Amendment Term Loan (First Lien) Index S+ Spread 4.00% Interest Rate 7.68% Acquisition Date 3/19/2021 Maturity Date 4/24/20282026-03-310001633858Portfolio Investments EQUITY AND PREFERRED SHARES: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Business Golden Source Investment Type Class A Units Acquisition Date 3/25/20222025-01-012025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Containers, Packaging & Glass Resource Label Group Investment Type Senior Secured Closing Date Initial Term Loan (First Lien) Index S+ Spread 4.25% Interest Rate 7.93% Acquisition Date 7/2/2021 Maturity Date 7/7/20282026-03-310001633858Investment Amplix Investment Type Senior Secured Revolving Credit Loan Index S+ Spread 4.50% Interest Rate 8.18% Maturity 10/18/20292025-12-310001633858Investment Radwell Investment Type Senior Secured Revolving Loan Index S+ Spread 5.50% Interest Rate 9.18% Maturity 4/1/20292026-01-012026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS High Tech Industries Inhabit Investment Type Unitranche Initial Term Loan Index S+ Spread 4.50% Interest Rate 8.18% Acquisition Date 12/10/2024 Maturity Date 1/12/20322026-01-012026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Capital Equipment Excelitas Investment Type Unitranche Closing Date Euro Term Loan Index S+ Spread 5.25% Interest Rate 8.93% Acquisition Date 6/15/2022 Maturity Date 8/13/20292026-01-012026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Healthcare & Pharmaceuticals Specialized Dental Investment Type Senior Secured Revolving Loan Index S+ Spread 4.75% Interest Rate 8.43% Acquisition Date 10/30/2025 Maturity Date 11/1/20272026-01-012026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS High Tech Industries insightsoftware Investment Type Senior Secured Revolving Loan Index S+ Spread 5.25% Interest Rate 8.90% Acquisition Date 3/26/2024 Maturity Date 5/25/20282025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Aerospace & Defense Tronair Investment Type Senior Secured Revolving Loan Index S+ Spread 3.75% Interest Rate 7.40% Acquisition Date 12/18/2025 Maturity Date 12/22/20322025-01-012025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Retail Varsity Brands Investment Type Senior Secured 2025-2 Replacement Term Loan Index S+ Spread 3.00% Interest Rate 6.68% Acquisition Date 7/26/2024 Maturity Date 8/26/20312026-03-310001633858Investment PayByPhone Investment Type Senior Secured Revolving Credit Index S+ Spread 4.75% Interest Rate 8.43% Maturity 3/31/20332026-03-310001633858ck0001633858:DebtInvestmentsMember2025-12-310001633858us-gaap:AutomotiveSectorMember2025-01-012025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Consumer FMG Suite Investment Type Senior Secured Revolving Loan Index S+ Spread 4.75% Interest Rate 8.43% Acquisition Date 8/11/2025 Maturity Date 9/9/20322026-01-012026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Healthcare & Pharmaceuticals Gastro Health Investment Type Senior Secured Initial Term Loan (First Lien) Index S+ Spread 4.50% Interest Rate 8.15% Acquisition Date 7/02/2021 Maturity Date 7/3/20282025-12-310001633858Portfolio Investments EQUITY AND PREFERRED SHARES: NON-CONTROL/NON-AFFILIATE INVESTMENTS Automotive Engine & Transmission Exchange Investment Type Class A-1 Units Acquisition Date 5/26/20232025-01-012025-12-310001633858Investment Alliance Environmental Group Investment Type Senior Secured Revolving Loan Index S+ Spread 0.00% Interest Rate 3.68% Maturity 12/30/20282026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Business Gallo Mechanical Investment Type Senior Secured Initial Term Loan Index S+ Spread 4.75% Interest Rate 8.43% Acquisition Date 6/19/2025 Maturity Date 8/2/20322026-01-012026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Consumer Spring Education Investment Type Senior Secured Initial Term Loan Index S+ Spread 3.25% Interest Rate 6.90% Acquisition Date 10/5/2023 Maturity Date 10/4/20302025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Capital Equipment Burke Porter Group Investment Type Senior Secured Closing Date Term Loan Index S+ Spread 2.00%, 5.00% PIK Interest Rate 10.65% Acquisition Date 9/30/2022 Maturity Date 7/29/20292025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Chemicals, Plastics & Rubber Mold-Rite Investment Type Senior Secured New Money Tranche A-1 Term Loan Index S+ Spread 5.25% Interest Rate 8.93% Acquisition Date 6/11/2024 Maturity Date 10/4/20282026-03-310001633858us-gaap:AutomotiveSectorMemberck0001633858:EquityAndPreferredSharesMember2026-03-310001633858ck0001633858:BankLoansMemberck0001633858:CapitalEquipmentMember2025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Capital Equipment Chromalloy Investment Type Senior Secured Term Loan Index S+ Spread 3.25% Interest Rate 6.93% Acquisition Date 3/22/2024 Maturity Date 3/27/20312026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Construction & Building A1 Garage Door Investment Type Senior Secured Revolving Loan Index S+ Spread 4.50% Interest Rate 8.15% Acquisition Date 12/22/2022 Maturity Date 12/22/20282025-12-310001633858Investment Tronair Investment Type Senior Secured Revolving Loan Index S+ Spread 3.75% Interest Rate 7.43% Maturity 12/22/20322026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Consumer R. F. Fager Investment Type Senior Secured First Amendment Term Loan Index S+ Spread 5.00% Interest Rate 8.68% Acquisition Date 5/16/2025 Maturity Date 3/4/20302026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS High Tech Industries Ivanti Software Investment Type Senior Secured 2025-1 Term Loan (First Lien) Index S+ Spread 4.75% Interest Rate 8.43% Acquisition Date 11/20/2020 Maturity Date 6/1/20292026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Consumer Rover Investment Type Senior Secured Revolving Loan Index S+ Spread 4.75% Interest Rate 8.43% Acquisition Date 2/16/2024 Maturity Date 2/27/20312026-01-012026-03-310001633858us-gaap:FairValueInputsLevel2Memberck0001633858:UnitrancheMember2025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Automotive Highline Investment Type Senior Secured 2025-1 Term Loan (First Lien) Index S+ Spread 3.50% Interest Rate 7.15% Acquisition Date 2/13/2025 Maturity Date 2/19/20302025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Transportation: Cargo Capstone Logistics Investment Type Senior Secured 2024 Term Loan (First Lien) Index S+ Spread 4.50% Interest Rate 8.18% Acquisition Date 11/12/2020 Maturity Date 11/13/20292026-01-012026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Chemicals, Plastics & Rubber Ascensus Specialties Investment Type Senior Secured Initial Term Loan Index S+ Spread 4.35% Interest Rate 8.00% Acquisition Date 12/3/2021 Maturity Date 6/30/20282025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Banking, Finance, Insurance & Real Estate Beta+ Investment Type Senior Secured Initial Term Loan Index S+ Spread 5.75% Interest Rate 9.43% Acquisition Date 6/24/2022 Maturity Date 7/2/20292026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Beverage, Food & Tobacco Hissho Sushi Investment Type Unitranche Term Loan Index S+ Spread 4.75% Interest Rate 8.43% Acquisition Date 4/7/2022 Maturity Date 5/18/20292026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Automotive Truck Hero Investment Type Senior Secured Initial Term Loan Index S+ Spread 3.75% Interest Rate 7.40% Acquisition Date 1/20/2021 Maturity Date 1/31/20282025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Beverage, Food & Tobacco MBC Companies Investment Type Senior Secured Third Amendment Term B Loan Index S+ Spread 4.75% Interest Rate 8.40% Acquisition Date 10/8/2025 Maturity Date 4/10/20312025-01-012025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Environmental Industries Miller Environmental Investment Type Senior Secured Initial Term Loan Index S+ Spread 5.00% Interest Rate 8.65% Acquisition Date 9/4/2024 Maturity Date 9/10/20312025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Capital Equipment TRG Investment Type Unitranche Initial Term Loan Index S+ Spread 4.50% Interest Rate 8.18% Acquisition Date 1/5/2026 Maturity Date 1/5/20322026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Capital Equipment Circor Investment Type Senior Secured 2025 Term Loan Index S+ Spread 3.00% Interest Rate 6.68% Acquisition Date 10/9/2024 Maturity Date 10/17/20312026-01-012026-03-310001633858Portfolio Investments EQUITY AND PREFERRED SHARES: NON-CONTROL/NON-AFFILIATE INVESTMENTS Healthcare & Pharmaceuticals Ivy Rehab Investment Type Class A Units Acquisition Date 3/11/20222025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS High Tech Industries Barracuda Investment Type Senior Secured Initial Term Loan (Second Lien) Index S+ Spread 7.00% Interest Rate 10.68% Acquisition Date 5/17/2022 Maturity Date 8/15/20302026-01-012026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Media: Advertising, Printing & Publishing MediaRadar Investment Type Unitranche Closing Date Term A Loan Index S+ Spread 5.00% Interest Rate 8.65% Acquisition Date 5/23/2022 Maturity Date 9/17/20292025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Healthcare & Pharmaceuticals nThrive Investment Type Senior Secured Tranche C Term Loan Index S+ Spread 4.00% Interest Rate 7.68% Acquisition Date 11/18/2024 Maturity Date 12/15/20282026-01-012026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Automotive Truck Hero Investment Type Senior Secured Initial Term Loan Index S+ Spread 3.75% Interest Rate 7.43% Acquisition Date 1/20/2021 Maturity Date 1/31/20282026-01-012026-03-310001633858Portfolio Investments EQUITY AND PREFERRED SHARES: NON-CONTROL/NON-AFFILIATE INVESTMENTS Consumer Goods: Durable Careismatic Investment Type Class A Units Acquisition Date 6/13/20242025-01-012025-12-310001633858Investment Associated Springs Investment Type Senior Secured Amendment No. 1 Delayed Draw Term Loan Index S+ Spread 4.75% Interest Rate 8.43% Maturity 4/4/20302025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Construction & Building Voeller Investment Type Senior Secured Revolving Loan Index S+ Spread 4.75% Interest Rate 8.43% Acquisition Date 11/25/2025 Maturity Date 11/25/20322026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Containers, Packaging & Glass SupplyOne Investment Type Senior Secured Term B Loan Index S+ Spread 3.50% Interest Rate 7.15% Acquisition Date 3/27/2024 Maturity Date 4/21/20312025-01-012025-12-310001633858ck0001633858:UnitrancheDebtOneMember2025-12-310001633858ck0001633858:AdvisorMemberck0001633858:PreIncentiveFeeNetInvestmentIncomeDoesNotExceedHurdleOf1.765InAnyQuarter4.706AnnualizedMember2026-01-012026-03-310001633858us-gaap:AdditionalPaidInCapitalMember2025-01-012025-03-310001633858us-gaap:NorthwestRegionMember2026-01-012026-03-310001633858Investment Americhem Investment Type Senior Secured Revolving Loan Index S+ Spread 4.50% Interest Rate 8.18% Maturity 3/1/20322025-12-310001633858Investment Super-Sod Investment Type Senior Secured Revolving Loan Index S+ Spread 4.75% Interest Rate 8.43% Maturity 3/10/20322026-01-012026-03-310001633858us-gaap:RetainedEarningsMember2025-01-012025-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Capital Equipment Therm-O-Disc Investment Type Senior Secured Initial Term Loan (First Lien) Index S+ Spread 6.00% Interest Rate 9.68% Acquisition Date 5/26/2022 Maturity Date 5/31/20292026-01-012026-03-310001633858Investment Pegasus Investment Type Senior Secured Amendment No. 1 Delayed Draw Term Loan Index S+ Spread 4.75% Interest Rate 8.43% Maturity 1/19/20312025-12-310001633858ck0001633858:SecondLienMember2026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Business S&P Engineering Solutions Investment Type Senior Secured 2024 Converted Revolving Credit Loan Index S+ Spread 5.00% Interest Rate 8.65% Acquisition Date 3/31/2023 Maturity Date 5/2/20292025-01-012025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Healthcare & Pharmaceuticals Performance Health Investment Type Senior Secured Initial Term Loan Index S+ Spread 3.75% Interest Rate 7.43% Acquisition Date 2/28/2025 Maturity Date 3/19/20322026-01-012026-03-310001633858ck0001633858:HotelsGamingLeisureSectorMember2026-01-012026-03-310001633858Investment Summit Spine 2025 Investment Type Senior Secured Revolving Loan Index S+ Spread 4.75% Interest Rate 8.43% Maturity 3/25/20312026-03-310001633858us-gaap:ConstructionSectorMember2026-01-012026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Healthcare & Pharmaceuticals nThrive Investment Type Senior Secured Tranche D Term Loan Index S+ Spread 6.75% Interest Rate 10.43% Acquisition Date 11/18/2024 Maturity Date 12/17/20292026-03-310001633858ck0001633858:MatrixPricingMarketAnalysisMembersrt:MinimumMemberck0001633858:SecondLienMemberck0001633858:MeasurementInputTotalLeverageMember2025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Beverage, Food & Tobacco MBC Companies Investment Type Senior Secured Second Amendment Term B Loan Index S+ Spread 4.75% Interest Rate 8.43% Acquisition Date 1/6/2025 Maturity Date 7/7/20292026-01-012026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Healthcare & Pharmaceuticals Western Dental Investment Type Senior Secured Loan Index S+ Spread 2.50% Interest Rate 6.18% Acquisition Date 12/24/2025 Maturity Date 6/3/20262026-01-012026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Healthcare & Pharmaceuticals Avalon Investment Type Senior Secured Revolving Credit Index S+ Spread 4.50% Interest Rate 8.15% Acquisition Date 12/30/2025 Maturity Date 12/31/20312025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Wholesale RelaDyne Investment Type Senior Secured Term B Loan (First Lien) Index S+ Spread 3.50% Interest Rate 7.18% Acquisition Date 6/30/2025 Maturity Date 12/23/20302026-01-012026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Chemicals, Plastics & Rubber Shrieve Investment Type Unitranche Initial Term Loan Index S+ Spread 6.00% Interest Rate 9.65% Acquisition Date 9/23/2024 Maturity Date 10/30/20302025-01-012025-12-310001633858us-gaap:HealthcareSectorMemberck0001633858:EquityAndPreferredSharesMember2026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Beverage, Food & Tobacco Hissho Sushi Investment Type Unitranche Amendment No. 1 Incremental Term Loan Index S+ Spread 4.75% Interest Rate 8.43% Acquisition Date 8/7/2024 Maturity Date 5/18/20292026-01-012026-03-310001633858ck0001633858:BankLoansMemberck0001633858:TelecommunicationsOneMember2026-03-310001633858ck0001633858:UnitrancheDebtOneMemberck0001633858:MeasurementInputModifiedMarketYieldMemberck0001633858:AnalysisOfTrendInLeverageMember2026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Automotive Rough Country Investment Type Senior Secured Initial Term Loan (First Lien) Index S+ Spread 3.50% Interest Rate 7.15% Acquisition Date 7/26/2021 Maturity Date 7/28/20282025-01-012025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Containers, Packaging & Glass ProAmpac Investment Type Senior Secured 2024-1 Refinancing Term Loan Index S+ Spread 4.00% Interest Rate 7.65% Acquisition Date 8/7/2025 Maturity Date 9/15/20282025-01-012025-12-310001633858Investment Liberty Group Investment Type Senior Secured Revolving Loan Index S+ Spread 5.75% Interest Rate 9.43% Maturity 12/15/20282026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Automotive Engine & Transmission Exchange Investment Type Senior Secured Revolving Loan Index S+ Spread 5.00% Interest Rate 8.68% Acquisition Date 5/26/2023 Maturity Date 5/26/20292026-03-310001633858Portfolio Investments EQUITY AND PREFERRED SHARES: NON-CONTROL/NON-AFFILIATE INVESTMENTS Healthcare & Pharmaceuticals Avalon Investment Type Class A-1 Units Acquisition Date 12/30/20252026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Aerospace & Defense Whitcraft Investment Type Senior Secured Revolving Loan Index S+ Spread 5.00% Interest Rate 8.68% Acquisition Date 3/31/2023 Maturity Date 9/30/20312026-01-012026-03-310001633858ck0001633858:EquityAndPreferredSharesMember2026-03-310001633858Investment Avalon Investment Type Senior Secured Revolving Credit Loan Index S+ Spread 4.50% Interest Rate 8.18% Maturity 12/31/20312026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Consumer Legacy Service Partners Investment Type Senior Secured Eleventh Amendment Term Loan Index S+ Spread 4.50% Interest Rate 8.18% Acquisition Date 2/17/2026 Maturity Date 11/10/20312026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Transportation: Cargo Kenco Investment Type Senior Secured Revolving Credit Loan Index S+ Spread 4.25% Interest Rate 7.90% Acquisition Date 6/5/2024 Maturity Date 11/15/20292025-01-012025-12-3100016338582025-01-012025-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Consumer A Place For Mom Investment Type Senior Secured Sixth Amendment Replacement Term Loan Index S+ Spread 5.50% Interest Rate 9.15% Acquisition Date 7/28/2017 Maturity Date 2/10/20282025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Business Amplix Investment Type Senior Secured Revolving Credit Loan Index S+ Spread 4.50% Interest Rate 8.18% Acquisition Date 10/19/2023 Maturity Date 10/18/20292026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Business Aurora Energy Research Investment Type Unitranche Facility B Note Index S+ Spread 5.00% Interest Rate 8.68% Acquisition Date 9/04/2025 Maturity Date 9/8/20322026-01-012026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Business Perficient Investment Type Senior Secured Closing Date Term Loan Index S+ Spread 3.50% Interest Rate 7.18% Acquisition Date 8/2/2024 Maturity Date 10/2/20312026-03-310001633858Investment Trystar Investment Type Senior Secured Revolving Credit Loan Index S+ Spread 4.50% Interest Rate 8.48% Maturity 8/6/20312026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Containers, Packaging & Glass Precision Concepts Investment Type Unitranche Initial Term Loan (US) Index S+ Spread 4.75% Interest Rate 8.40% Acquisition Date 7/28/2025 Maturity Date 8/2/20322025-01-012025-12-310001633858Investment Options IT Investment Type Senior Secured Revolving Loan Index S+ Spread 4.50% Interest Rate 8.18% Maturity 3/31/20312025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Business Aprio Investment Type Senior Secured 2025 Incremental Term Loan Index S+ Spread 4.75% Interest Rate 8.43% Acquisition Date 4/18/2025 Maturity Date 8/1/20312026-03-310001633858ck0001633858:BankLoansMemberck0001633858:MediaAdvertisingPrintingPublishingSectorMember2026-03-310001633858ck0001633858:UnitrancheDebtOneMemberus-gaap:ValuationTechniqueMatrixPricingMemberck0001633858:MeasurementInputLiquidityCoverageMembersrt:MaximumMember2026-03-310001633858Investment Eagle Fire Investment Type Senior Secured Delayed Draw Term Loan Index S+ Spread 4.25% Interest Rate 7.93% Maturity 7/15/20322025-12-310001633858Investment Options IT Investment Type Senior Secured Effective Date Delayed Draw Term Loan Index S+ Spread 4.50% Interest Rate 8.18% Maturity 9/30/20312025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Business Mitratech Investment Type Senior Secured Revolving Loan Index S+ Spread 4.75% Interest Rate 8.40% Acquisition Date 12/01/2025 Maturity Date 12/2/20312025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Capital Equipment Tank Holding Investment Type Senior Secured Revolving Credit Loan Index S+ Spread 5.75% Interest Rate 9.43% Acquisition Date 3/25/2022 Maturity Date 3/31/20282026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Transportation: Cargo St. George Logistics Investment Type Senior Secured Second-Out Closing Date Purchased Term Loan Index S+ Spread 1.00%, 6.50% PIK Interest Rate 11.15% Acquisition Date 10/3/2024 Maturity Date 10/3/20292025-12-310001633858Investment Trystar Investment Type Senior Secured Amendment No. 2 Incremental Revolver Index S+ Spread 4.25% Interest Rate 7.93% Maturity 8/6/20312025-12-310001633858Investment Alliance Environmental Group Investment Type Senior Secured Revolving Loan Index S+ Spread 0.00% Interest Rate 3.68% Maturity 12/30/20282026-01-012026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Healthcare & Pharmaceuticals Forefront Investment Type Senior Secured Term B-1 Loan Index S+ Spread 4.50% Interest Rate 8.18% Acquisition Date 3/25/2026 Maturity Date 3/24/20332026-01-012026-03-310001633858Investment Super-Sod Investment Type Senior Secured Delayed Draw Term Loan Index S+ Spread 4.75% Interest Rate 8.43% Maturity 3/10/20322026-03-310001633858Investment Eagle Fire Investment Type Senior Secured Delayed Draw Term Loan Index S+ Spread 4.25% Interest Rate 7.93% Maturity 7/15/20322026-01-012026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Containers, Packaging & Glass Golden West Packaging Investment Type Senior Secured Term B-1 Loan Index S+ Spread 5.25% Interest Rate 8.93% Acquisition Date 11/29/2021 Maturity Date 6/27/20312026-01-012026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Transportation: Cargo FLS Transportation Investment Type Senior Secured Term B Loan Index S+ Spread 5.25% Interest Rate 8.93% Acquisition Date 4/14/2022 Maturity Date 12/15/20282026-01-012026-03-310001633858us-gaap:RetainedEarningsMember2025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Capital Equipment Associated Springs Investment Type Senior Secured Initial Term Loan Index S+ Spread 4.75% Interest Rate 8.43% Acquisition Date 3/7/2024 Maturity Date 4/4/20302026-01-012026-03-310001633858us-gaap:ValuationTechniqueMatrixPricingMembersrt:MinimumMemberck0001633858:MeasurementInputInterestCoverageMemberck0001633858:FirstLienMember2026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Healthcare & Pharmaceuticals VaxCare Investment Type Senior Secured Revolving Credit Loan Index S+ Spread 4.50% Interest Rate 8.18% Acquisition Date 6/10/2025 Maturity Date 6/17/20322026-01-012026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Healthcare & Pharmaceuticals RMP & MedA/Rx Investment Type Senior Secured Term Loan Index S+ Spread 4.75% Interest Rate 8.40% Acquisition Date 3/22/2021 Maturity Date 2/6/20262025-01-012025-12-310001633858ck0001633858:BankLoansMemberus-gaap:ConsumerSectorMember2026-03-310001633858Investment Steward Partners Investment Type Senior Secured Revolving Loan Index S+ Spread 4.75% Interest Rate 8.43% Maturity 10/14/20282026-01-012026-03-310001633858ck0001633858:BankLoansMemberck0001633858:MediaAdvertisingPrintingPublishingSectorMember2025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Business Kept Companies Investment Type Senior Secured Revolving Loan Index S+ Spread 5.25% Interest Rate 8.93% Acquisition Date 4/30/2024 Maturity Date 4/30/20292026-01-012026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Construction & Building Electric Power Engineers Investment Type Senior Secured Revolving Loan Index S+ Spread 4.50% Interest Rate 8.15% Acquisition Date 11/27/2024 Maturity Date 12/15/20312025-01-012025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Business Aprio Investment Type Senior Secured Revolving Loan Index S+ Spread 4.75% Interest Rate 8.40% Acquisition Date 8/01/2024 Maturity Date 8/1/20312025-12-310001633858Investment Healthcare Linen Service Group Investment Type Senior Secured Delayed Draw Term Loan Index S+ Spread 4.75% Interest Rate 8.43% Maturity 2/2/20332025-12-310001633858ck0001633858:EquityAndPreferredMemberck0001633858:EnterpriseValueMembersrt:WeightedAverageMemberck0001633858:MeasurementInputEVEBITDAMultipleMember2025-12-310001633858ck0001633858:UnitrancheDebtOneMemberck0001633858:EnterpriseValueMemberck0001633858:MeasurementInputEVEBITDAMultipleMembersrt:MaximumMember2025-12-310001633858Investment AI Fire & Safety Investment Type Senior Secured Delayed Draw Term Loan Index S+ Spread 4.50% Interest Rate 8.18% Maturity 2/2/20322025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Business Aprio Investment Type Senior Secured Initial Term Loan Index S+ Spread 4.75% Interest Rate 8.43% Acquisition Date 8/1/2024 Maturity Date 8/1/20312026-03-310001633858ck0001633858:MatrixPricingMarketAnalysisMemberck0001633858:MeasurementInputTotalEnterpriseValueCoverageMemberck0001633858:FirstLienMembersrt:MaximumMember2025-12-3100016338582025-12-162025-12-160001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Capital Equipment Air Control Concepts Investment Type Senior Secured Closing Date Term Loan Index S+ Spread 2.75% Interest Rate 6.40% Acquisition Date 7/16/2024 Maturity Date 7/23/20312025-12-310001633858ck0001633858:UnitrancheDebtOneMemberus-gaap:ValuationTechniqueMatrixPricingMembersrt:MinimumMemberck0001633858:MeasurementInputTotalEnterpriseValueCoverageMember2026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Banking, Finance, Insurance & Real Estate EdgeCo Investment Type Senior Secured Third Amendment Term Loan (First Lien) Index S+ Spread 4.50% Interest Rate 8.18% Acquisition Date 3/29/2022 Maturity Date 6/1/20282026-01-012026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Business Aurora Energy Research Investment Type Unitranche Facility B Note Index S+ Spread 5.00% Interest Rate 8.68% Acquisition Date 9/04/2025 Maturity Date 9/8/20322026-03-310001633858us-gaap:SoutheastRegionMember2026-01-012026-03-310001633858us-gaap:SouthRegionMember2026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Healthcare & Pharmaceuticals Visor Buyer, Inc. Investment Type Index S+ Spread 6.50% Interest Rate 10.15% Acquisition Date 12/15/2025 Maturity Date 12/15/20312025-01-012025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Construction & Building Cumming Group Investment Type Unitranche 2025-B Incremental Term Loan Index S+ Spread 4.75% Interest Rate 8.40% Acquisition Date 10/1/2025 Maturity Date 11/16/20292025-12-310001633858us-gaap:ValuationTechniqueMatrixPricingMemberck0001633858:FirstLienMembersrt:MaximumMemberck0001633858:MeasurementInputLiquidityCoverageMember2025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Automotive Engine & Transmission Exchange Investment Type Senior Secured Revolving Loan Index S+ Spread 5.00% Interest Rate 8.65% Acquisition Date 5/26/2023 Maturity Date 5/29/20292025-01-012025-12-310001633858Investment Ohio Transmission Investment Type Senior Secured Delayed Draw Term Loan Index S+ Spread 5.75% Interest Rate 9.43% Maturity 12/19/20302025-12-310001633858ck0001633858:UnitrancheDebtOneMembersrt:WeightedAverageMemberus-gaap:ValuationTechniqueMatrixPricingMemberck0001633858:MeasurementInputSeniorLeverageMember2025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Consumer Goods: Non-durable Augusta Sportswear Investment Type Senior Secured Revolving Credit Loan Index S+ Spread 7.00% Interest Rate 10.68% Acquisition Date 11/21/2023 Maturity Date 11/21/20282026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Healthcare & Pharmaceuticals RMP & MedA/Rx Investment Type Senior Secured Term Loan (First Lien) Index S+ Spread 4.75% Interest Rate 8.40% Acquisition Date 2/27/2017 Maturity Date 2/6/20262025-01-012025-12-310001633858us-gaap:MarketApproachValuationTechniqueMembersrt:MinimumMemberck0001633858:FirstLienMemberck0001633858:MeasurementInputLiquidityCoverageMember2025-12-310001633858Portfolio Investments EQUITY AND PREFERRED SHARES: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Business Heartland Investment Type Co-Invest Units Acquisition Date 12/12/20232026-03-310001633858Investment Options IT Investment Type Senior Secured Effective Date Delayed Draw Term Loan Index S+ Spread 4.50% Interest Rate 8.18% Maturity 9/30/20312026-01-012026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Chemicals, Plastics & Rubber Shrieve Investment Type Unitranche Initial Term Loan Index S+ Spread 6.00% Interest Rate 9.68% Acquisition Date 9/23/2024 Maturity Date 10/30/20302026-01-012026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Business CoAdvantage Investment Type Senior Secured 2023 1L Refinancing Term Loan (First Lien) Index S+ Spread 5.50% Interest Rate 9.15% Acquisition Date 8/2/2023 Maturity Date 8/2/20292025-12-310001633858ck0001633858:ServicesBusinessMemberck0001633858:EquityAndPreferredSharesMember2026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Consumer United Comfort Group (fka United Air Temp) Investment Type Senior Secured Revolving Loan Index S+ Spread 5.50% Interest Rate 9.18% Acquisition Date 2/14/2024 Maturity Date 3/28/20302026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Business Kept Companies Investment Type Senior Secured Revolving Loan Index S+ Spread 5.25% Interest Rate 8.90% Acquisition Date 4/30/2024 Maturity Date 4/30/20292025-12-310001633858srt:WeightedAverageMemberck0001633858:MatrixPricingMarketAnalysisMemberck0001633858:MeasurementInputTotalEnterpriseValueCoverageMemberck0001633858:FirstLienMember2026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Business Lexitas Investment Type Unitranche Initial Term Loan Index S+ Spread 5.00% Interest Rate 8.68% Acquisition Date 4/15/2025 Maturity Date 4/15/20312026-01-012026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS High Tech Industries Xplor Technologies Investment Type Senior Secured Second Amendment Term Loan Index S+ Spread 3.50% Interest Rate 7.15% Acquisition Date 6/14/2024 Maturity Date 12/1/20322025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Capital Equipment nVent Investment Type Senior Secured Initial Term Loan Index S+ Spread 3.00% Interest Rate 6.68% Acquisition Date 9/30/2024 Maturity Date 1/30/20322026-01-012026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Business Heartland Investment Type Senior Secured Revolving Credit Loan Index S+ Spread 4.75% Interest Rate 8.40% Acquisition Date 12/01/2023 Maturity Date 12/12/20292025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Transportation: Cargo St. George Logistics Investment Type Senior Secured Third-Out Closing Date Purchased Term Loan Index S+ Spread 1.00%, 6.00% PIK Interest Rate 10.65% Acquisition Date 10/3/2024 Maturity Date 10/3/20292025-01-012025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS High Tech Industries Digital Room Investment Type Senior Secured Closing Date Term Loan (First Lien) Index S+ Spread 5.25% Interest Rate 8.93% Acquisition Date 12/16/2021 Maturity Date 12/21/20282026-01-012026-03-310001633858Investment APT Healthcare Investment Type Senior Secured Delayed Draw Term Loan Index S+ Spread 4.50% Interest Rate 8.18% Maturity 9/30/20312026-03-310001633858ck0001633858:EnterpriseValueMemberck0001633858:FirstLienMemberck0001633858:MeasurementInputEVEBITDAMultipleMember2026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Containers, Packaging & Glass Resource Label Group Investment Type Senior Secured Closing Date Initial Term Loan (First Lien) Index S+ Spread 4.25% Interest Rate 7.93% Acquisition Date 7/2/2021 Maturity Date 7/7/20282026-01-012026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Banking, Finance, Insurance & Real Estate OneDigital Investment Type Senior Secured 2025 Refinancing Term Loan (First Lien) Index S+ Spread 3.00% Interest Rate 6.65% Acquisition Date 6/13/2024 Maturity Date 7/2/20312025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Construction & Building Terra Millennium Investment Type Senior Secured Initial Term Loan Index S+ Spread 4.75% Interest Rate 8.40% Acquisition Date 10/25/2024 Maturity Date 11/1/20302025-12-310001633858ck0001633858:MeasurementInputDebtServiceCoverageMemberus-gaap:ValuationTechniqueMatrixPricingMemberck0001633858:FirstLienMembersrt:MaximumMember2025-12-310001633858Investment AGS Health Investment Type Senior Secured Tranche A Revolving Credit Loan Index S+ Spread 4.50% Interest Rate 8.18% Maturity 8/02/20322026-03-310001633858Investment Healthcare Linen Service Group Investment Type Senior Secured Revolving Credit Loan Index S+ Spread 4.75% Interest Rate 8.43% Maturity 2/2/20332026-01-012026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Chemicals, Plastics & Rubber USALCO Investment Type Senior Secured 2025 Initial Term Loan Index S+ Spread 3.50% Interest Rate 7.18% Acquisition Date 9/17/2024 Maturity Date 9/30/20312026-03-310001633858Investment Discovery Education Investment Type Senior Secured Revolving Credit Loan (First Lien) Index S+ Spread 5.75% Interest Rate 9.43% Maturity 4/9/20292025-12-310001633858ck0001633858:BankLoansMemberck0001633858:CapitalEquipmentMember2026-03-310001633858ck0001633858:MatrixPricingMarketAnalysisMemberck0001633858:FirstLienMemberck0001633858:MeasurementInputSeniorLeverageMember2026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Consumer R. F. Fager Investment Type Senior Secured Revolving Loan Index S+ Spread 5.00% Interest Rate 8.68% Acquisition Date 5/16/2025 Maturity Date 3/4/20302026-01-012026-03-310001633858Investment Industrial Services Group Investment Type Senior Secured Revolving Loan Index S+ Spread 5.75% Interest Rate 9.43% Maturity 12/7/20282026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS High Tech Industries Cloudera Investment Type Senior Secured Initial Term Loan (First Lien) Index S+ Spread 3.75% Interest Rate 7.43% Acquisition Date 8/10/2021 Maturity Date 10/8/20282026-01-012026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS High Tech Industries Inhabit Investment Type Senior Secured Revolving Credit Loan Index S+ Spread 4.50% Interest Rate 8.15% Acquisition Date 12/10/2024 Maturity Date 1/12/20322025-12-310001633858ck0001633858:UnitrancheDebtOneMemberus-gaap:ValuationTechniqueMatrixPricingMemberck0001633858:MeasurementInputTotalEnterpriseValueCoverageMembersrt:MaximumMember2026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Containers, Packaging & Glass Tekni-Plex Investment Type Senior Secured Tranche B-7 Initial Term Loan Index S+ Spread 3.75% Interest Rate 7.40% Acquisition Date 3/27/2024 Maturity Date 9/15/20282025-01-012025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Consumer Apex Service Partners Investment Type Unitranche Second Amendment Incremental Term Loan Index S+ Spread 5.00% Interest Rate 8.65% Acquisition Date 4/24/2025 Maturity Date 10/24/20302025-01-012025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Retail Varsity Brands Investment Type Senior Secured 2025-2 Replacement Term Loan Index S+ Spread 3.00% Interest Rate 6.68% Acquisition Date 7/26/2024 Maturity Date 8/26/20312026-01-012026-03-310001633858us-gaap:RetailSectorMember2025-01-012025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Business Golden Source Investment Type Senior Secured Revolving Loan Index S+ Spread 4.75% Interest Rate 8.40% Acquisition Date 3/25/2022 Maturity Date 5/12/20282025-01-012025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Construction & Building Cumming Group Investment Type Unitranche 2025-B Incremental Term Loan Index S+ Spread 4.75% Interest Rate 8.40% Acquisition Date 10/1/2025 Maturity Date 11/16/20292025-01-012025-12-310001633858ck0001633858:BankLoansMemberus-gaap:ConsumerSectorMember2025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Healthcare & Pharmaceuticals Performance Health Investment Type Senior Secured Initial Term Loan Index S+ Spread 3.75% Interest Rate 7.40% Acquisition Date 2/28/2025 Maturity Date 3/19/20322025-12-310001633858Investment TRG Investment Type Senior Secured Revolving Credit Loan Index S+ Spread 4.50% Interest Rate 8.18% Maturity 1/5/20322026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS High Tech Industries Inhabit Investment Type Unitranche Initial Term Loan Index S+ Spread 4.50% Interest Rate 8.15% Acquisition Date 12/10/2024 Maturity Date 1/12/20322025-01-012025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Capital Equipment Plaskolite Investment Type Unitranche Initial Term Loan Index S+ Spread 4.00%, 4.00% PIK Interest Rate 11.65% Acquisition Date 5/5/2025 Maturity Date 5/9/20302025-12-310001633858Portfolio Investments EQUITY AND PREFERRED SHARES: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Business Eagle Fire Investment Type Class A Units Acquisition Date 6/4/20252025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Media: Advertising, Printing & Publishing Integral Ad Science Investment Type Senior Secured Initial Term Loan Index S+ Spread 5.00% Interest Rate 8.65% Acquisition Date 12/22/2025 Maturity Date 12/25/20302025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Business Industrial Services Group Investment Type Unitranche Initial Term Loan Index S+ Spread 5.75% Interest Rate 9.43% Acquisition Date 12/7/2022 Maturity Date 12/7/20282026-01-012026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Transportation: Cargo Worldwide Express Investment Type Senior Secured Amendment No. 2 Incremental Term Loan Index S+ Spread 4.00% Interest Rate 7.68% Acquisition Date 11/8/2024 Maturity Date 7/26/20282026-03-310001633858Investment Vensure Investment Type Senior Secured Initial Delayed Draw Term Loan Index S+ Spread 5.00% Interest Rate 8.68% Maturity 9/27/20312026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Capital Equipment MW Industries Investment Type Senior Secured Initial Term Loan Index S+ Spread 7.00% Interest Rate 10.65% Acquisition Date 3/31/2023 Maturity Date 3/31/20302025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Consumer Rover Investment Type Senior Secured Revolving Loan Index S+ Spread 4.75% Interest Rate 8.43% Acquisition Date 2/16/2024 Maturity Date 2/27/20312026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Business OSG Billing Services Investment Type Senior Secured Last-Out Term Loan Index S+ Spread 6.25% Interest Rate 9.93% Acquisition Date 11/30/2023 Maturity Date 11/30/20282026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Healthcare & Pharmaceuticals nThrive Investment Type Senior Secured Tranche B Term Loan Index S+ Spread 4.00% Interest Rate 7.65% Acquisition Date 11/18/2024 Maturity Date 12/15/20282025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Chemicals, Plastics & Rubber USALCO Investment Type Senior Secured 2025 Initial Term Loan Index S+ Spread 3.50% Interest Rate 7.18% Acquisition Date 9/17/2024 Maturity Date 9/30/20312026-01-012026-03-310001633858Portfolio Investments EQUITY AND PREFERRED SHARES: NON-CONTROL/NON-AFFILIATE INVESTMENTS Healthcare & Pharmaceuticals RevHealth Investment Type Class A-1 Units Common Units Acquisition Date 7/22/20222025-01-012025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Capital Equipment Tank Holding Investment Type Unitranche Initial Term Loan Index S+ Spread 5.75% Interest Rate 9.40% Acquisition Date 3/25/2022 Maturity Date 3/31/20282025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Chemicals, Plastics & Rubber Americhem Investment Type Senior Secured Initial Term Loan Index S+ Spread 4.50% Interest Rate 8.15% Acquisition Date 2/5/2025 Maturity Date 3/1/20322025-01-012025-12-310001633858ck0001633858:FirstLienMember2025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Healthcare & Pharmaceuticals AGS Health Investment Type Unitranche Initial Term Loan Index S+ Spread 4.50% Interest Rate 8.18% Acquisition Date 7/24/2025 Maturity Date 8/2/20322026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Transportation: Cargo Kenco Investment Type Senior Secured Revolving Credit Loan Index S+ Spread 4.25% Interest Rate 7.93% Acquisition Date 6/5/2024 Maturity Date 11/15/20292026-03-310001633858ck0001633858:MeasurementInputModifiedMarketYieldMemberck0001633858:FirstLienMembersrt:MaximumMemberck0001633858:AnalysisOfTrendInLeverageMember2026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS High Tech Industries ORBCOMM Investment Type Senior Secured Closing Date Term Loan (First Lien) Index S+ Spread 4.25% Interest Rate 7.90% Acquisition Date 6/17/2021 Maturity Date 9/1/20282025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Business InnovateMR Investment Type Unitranche First Amendment Term Loan Index S+ Spread 6.50% Interest Rate 10.15% Acquisition Date 12/23/2022 Maturity Date 1/20/20282025-12-310001633858ck0001633858:MeasurementInputDebtServiceCoverageMembersrt:WeightedAverageMemberck0001633858:MatrixPricingMarketAnalysisMemberck0001633858:FirstLienMember2026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Chemicals, Plastics & Rubber Vertellus Investment Type Senior Secured Revolving Credit Loan Index S+ Spread 5.75% Interest Rate 9.43% Acquisition Date 12/18/2020 Maturity Date 1/2/20292026-01-012026-03-310001633858srt:WeightedAverageMemberus-gaap:ValuationTechniqueMatrixPricingMemberus-gaap:MeasurementInputCreditSpreadMemberck0001633858:FirstLienMember2025-12-310001633858Portfolio Investments EQUITY AND PREFERRED SHARES: NON-CONTROL/NON-AFFILIATE INVESTMENTS Consumer Goods: Durable Careismatic Investment Type Class A Units Acquisition Date 6/13/20242025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Healthcare & Pharmaceuticals Midwest Eye Services Investment Type Senior Secured Initial Term Loan Index S+ Spread 4.50% Interest Rate 8.15% Acquisition Date 12/31/2024 Maturity Date 8/20/20272025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Aerospace & Defense Whitcraft Investment Type Senior Secured Initial Term Loan Index S+ Spread 5.00% Interest Rate 8.68% Acquisition Date 3/31/2023 Maturity Date 9/30/20312026-03-310001633858us-gaap:NortheastRegionMember2025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Healthcare & Pharmaceuticals nThrive Investment Type Senior Secured Tranche A Term Loan Index S+ Spread 5.25% Interest Rate 8.90% Acquisition Date 11/20/2024 Maturity Date 12/15/20282025-01-012025-12-310001633858Portfolio Investments EQUITY AND PREFERRED SHARES: NON-CONTROL/NON-AFFILIATE INVESTMENTS Wholesale GME Supply Investment Type Class A Units Acquisition Date 6/30/20232026-01-012026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Business InnovateMR Investment Type Unitranche First Amendment Term Loan Index S+ Spread 6.50% Interest Rate 10.18% Acquisition Date 12/23/2022 Maturity Date 1/20/20282026-01-012026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Capital Equipment AGCO G&P Investment Type Senior Secured Initial Term Loan Index S+ Spread 5.00% Interest Rate 8.68% Acquisition Date 10/8/2024 Maturity Date 10/31/20312026-01-012026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Environmental Industries Miller Environmental Investment Type Senior Secured Revolving Loan Index S+ Spread 5.00% Interest Rate 8.68% Acquisition Date 9/4/2024 Maturity Date 9/10/20312026-01-012026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Construction & Building Brown & Root Investment Type Senior Secured Initial Term Loan Index S+ Spread 5.00% Interest Rate 8.68% Acquisition Date 9/29/2025 Maturity Date 10/3/20302026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Environmental Industries Denali Water Solutions Investment Type Senior Secured Closing Date Term Loan Index S+ Spread 4.75% Interest Rate 8.43% Acquisition Date 11/13/2025 Maturity Date 11/19/20322026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Containers, Packaging & Glass Paragon Films Investment Type Senior Secured Closing Date Term Loan (First Lien) Index S+ Spread 3.75% Interest Rate 7.40% Acquisition Date 12/15/2021 Maturity Date 12/16/20282025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Environmental Industries Alliance Environmental Group Investment Type Senior Secured Priority Revolving Loan Index S+ Spread 0.00% Interest Rate 3.68% Acquisition Date 6/23/2025 Maturity Date 12/30/20282026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Business S&P Engineering Solutions Investment Type Senior Secured 2024 Converted Term Loan Index S+ Spread 5.00% Interest Rate 8.65% Acquisition Date 3/31/2023 Maturity Date 5/2/20302025-01-012025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Banking, Finance, Insurance & Real Estate Cerity Partners Investment Type Senior Secured Initial Revolving Loan Index S+ Spread 4.50% Interest Rate 8.15% Acquisition Date 7/28/2022 Maturity Date 7/28/20282025-01-012025-12-310001633858Investment R. F. Fager Investment Type Senior Secured Delayed Draw Term Loan Index S+ Spread 5.00% Interest Rate 8.68% Maturity 3/4/20302026-03-310001633858Investment Trystar Investment Type Senior Secured Amendment No. 2 Incremental Delayed Draw Term Loan Index S+ Spread 4.25% Interest Rate 7.93% Maturity 8/6/20312026-03-310001633858us-gaap:ChemicalsSectorMember2025-01-012025-12-310001633858ck0001633858:BankLoansMemberus-gaap:InsuranceSectorMember2025-12-310001633858ck0001633858:BankLoansMemberus-gaap:ContainerAndPackagingSectorMember2025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Healthcare & Pharmaceuticals Blue Cloud 2025 Investment Type Senior Secured Closing Date Term Loan Index S+ Spread 5.00% Interest Rate 8.65% Acquisition Date 8/12/2025 Maturity Date 1/21/20312025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Healthcare & Pharmaceuticals Specialized Dental Investment Type Senior Secured Revolving Loan Index S+ Spread 4.75% Interest Rate 8.43% Acquisition Date 10/30/2025 Maturity Date 11/1/20272026-03-310001633858ck0001633858:MeasurementInputDebtServiceCoverageMemberck0001633858:MatrixPricingMarketAnalysisMembersrt:MinimumMemberck0001633858:FirstLienMember2026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Business Aurora Energy Research Investment Type Unitranche Facility B Note Index S+ Spread 5.00% Interest Rate 8.65% Acquisition Date 9/04/2025 Maturity Date 9/8/20322025-12-310001633858us-gaap:ConstructionSectorMember2025-01-012025-12-310001633858ck0001633858:OtherUsRegionMember2025-01-012025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Aerospace & Defense Whitcraft Investment Type Senior Secured Initial Term Loan Index S+ Spread 5.00% Interest Rate 8.65% Acquisition Date 3/31/2023 Maturity Date 9/30/20312025-01-012025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS High Tech Industries Barracuda Investment Type Senior Secured Initial Term Loan (First Lien) Index S+ Spread 4.50% Interest Rate 8.15% Acquisition Date 5/17/2022 Maturity Date 8/15/20292025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Construction & Building Electric Power Engineers Investment Type Senior Secured Term Loan Index S+ Spread 4.50% Interest Rate 8.15% Acquisition Date 11/27/2024 Maturity Date 12/15/20312025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Banking, Finance, Insurance & Real Estate Confluence Investment Type Senior Secured Initial Term Loan (First Lien) Index S+ Spread 3.75% Interest Rate 7.40% Acquisition Date 7/22/2021 Maturity Date 7/31/20282025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Capital Equipment Associated Springs Investment Type Senior Secured Revolving Loan Index S+ Spread 4.75% Interest Rate 8.40% Acquisition Date 3/7/2024 Maturity Date 4/4/20302025-01-012025-12-310001633858ck0001633858:ConsumerGoodsNonDurableSectorMember2025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS High Tech Industries SmartBear Investment Type Senior Secured 2024 Term Loan Index S+ Spread 4.00% Interest Rate 7.68% Acquisition Date 11/20/2020 Maturity Date 3/3/20282026-03-310001633858us-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Healthcare & Pharmaceuticals Avalon Investment Type Senior Secured Revolving Credit Index S+ Spread 4.50% Interest Rate 8.15% Acquisition Date 12/30/2025 Maturity Date 12/31/20312025-01-012025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Transportation: Cargo FLS Transportation Investment Type Senior Secured Term B Loan Index S+ Spread 5.25% Interest Rate 8.90% Acquisition Date 4/14/2022 Maturity Date 12/15/20282025-12-310001633858Investment GoldenSource Investment Type Senior Secured Revolving Loan Index S+ Spread 5.00% Interest Rate 8.68% Maturity 5/12/20282026-01-012026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Environmental Industries Denali Water Solutions Investment Type Senior Secured Revolving Loan Index S+ Spread 4.75% Interest Rate 8.43% Acquisition Date 11/13/2025 Maturity Date 11/19/20322026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Banking, Finance, Insurance & Real Estate EPIC Insurance Investment Type Senior Secured Fifth Amendment Refinancing Revolving Loan Index S+ Spread 4.50% Interest Rate 8.18% Acquisition Date 8/27/2021 Maturity Date 9/29/20282026-01-012026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Healthcare & Pharmaceuticals ImageFirst Investment Type Senior Secured Initial Term Loan Index S+ Spread 3.00% Interest Rate 6.68% Acquisition Date 3/12/2025 Maturity Date 3/12/20322026-01-012026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS High Tech Industries Barracuda Investment Type Senior Secured Initial Term Loan (Second Lien) Index S+ Spread 7.00% Interest Rate 10.65% Acquisition Date 5/17/2022 Maturity Date 8/15/20302025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Business Golden Source Investment Type Unitranche Initial Term Loan Index S+ Spread 5.00% Interest Rate 8.68% Acquisition Date 3/25/2022 Maturity Date 5/12/20282026-01-012026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Healthcare & Pharmaceuticals RxBenefits Investment Type Senior Secured Term Loan Index S+ Spread 5.00% Interest Rate 8.68% Acquisition Date 12/31/2025 Maturity Date 12/23/20302026-01-012026-03-310001633858us-gaap:ValuationTechniqueMatrixPricingMembersrt:MinimumMemberck0001633858:SecondLienMemberck0001633858:MeasurementInputTotalLeverageMember2026-03-310001633858us-gaap:ChemicalsSectorMemberck0001633858:EquityAndPreferredSharesMember2025-12-310001633858ck0001633858:MatrixPricingMarketAnalysisMembersrt:MinimumMemberck0001633858:MeasurementInputTotalEnterpriseValueCoverageMemberck0001633858:SecondLienMember2025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Business Discovery Education Investment Type Unitranche Initial Term Loan (First Lien) Index S+ Spread 2.88%, 5.72% PIK Interest Rate 12.27% Acquisition Date 3/25/2022 Maturity Date 4/9/20292026-01-012026-03-310001633858ck0001633858:SecondLienMember2025-01-012025-03-310001633858srt:WeightedAverageMemberus-gaap:ValuationTechniqueMatrixPricingMemberck0001633858:SecondLienMemberck0001633858:MeasurementInputLiquidityCoverageMember2026-03-310001633858Investment Tank Holding Investment Type Senior Secured Revolving Credit Loan Index S+ Spread 5.75% Interest Rate 9.43% Maturity 3/31/20282025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Healthcare & Pharmaceuticals Sequel Ortho (fka OrthoNebraska) Investment Type Unitranche First Amendment Term Loan Index S+ Spread 5.00% Interest Rate 8.68% Acquisition Date 10/31/2025 Maturity Date 7/31/20282026-01-012026-03-310001633858Investment Shrieve Investment Type Senior Secured Revolving Credit Loan Index S+ Spread 6.00% Interest Rate 9.68% Maturity 10/30/20302026-01-012026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS High Tech Industries Ivanti Software Investment Type Senior Secured 2025-1 Term Loan (First Lien) Index S+ Spread 4.75% Interest Rate 8.40% Acquisition Date 11/20/2020 Maturity Date 6/1/20292025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Healthcare & Pharmaceuticals Radiology Partners Investment Type Senior Secured Term B Loan Index S+ Spread 4.50% Interest Rate 8.18% Acquisition Date 6/26/2025 Maturity Date 6/30/20322026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Automotive BBB Industries Investment Type Senior Secured Initial Term Loan (First Lien) Index S+ Spread 5.25% Interest Rate 8.93% Acquisition Date 6/30/2022 Maturity Date 7/25/20292026-01-012026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Healthcare & Pharmaceuticals MB2 Dental Investment Type Senior Secured Revolving Loan Index S+ Spread 5.50% Interest Rate 9.15% Acquisition Date 2/5/2024 Maturity Date 2/13/20312025-01-012025-12-310001633858Investment Frazier & Deeter Investment Type Senior Secured Revolving Loan Index S+ Spread 4.50% Interest Rate 8.18% Maturity 5/2/20312026-01-012026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Healthcare & Pharmaceuticals TEAM Services Investment Type Senior Secured Incremental Term Loan (First Lien) Index S+ Spread 5.25% Interest Rate 8.90% Acquisition Date 6/28/2024 Maturity Date 12/20/20272025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Healthcare & Pharmaceuticals Sequel Ortho (fka OrthoNebraska) Investment Type Unitranche First Amendment Term Loan Index S+ Spread 5.00% Interest Rate 8.68% Acquisition Date 10/31/2025 Maturity Date 7/31/20282026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Media: Diversified & Production Spectrum Science Investment Type Senior Secured 2024 Incremental Term Loan Index S+ Spread 7.00% Interest Rate 10.68% Acquisition Date 1/17/2024 Maturity Date 2/1/20292026-01-012026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Media: Advertising, Printing & Publishing MediaRadar Investment Type Unitranche 2023 Incremental Term Loan Index S+ Spread 5.00% Interest Rate 8.68% Acquisition Date 10/31/2023 Maturity Date 9/16/20292026-01-012026-03-310001633858ck0001633858:BankLoansMemberus-gaap:RetailSectorMember2025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Banking, Finance, Insurance & Real Estate SIAA Investment Type Unitranche Seventh Amendment Incremental Term Loan Index S+ Spread 4.75% Interest Rate 8.43% Acquisition Date 3/24/2025 Maturity Date 4/30/20302026-03-310001633858Portfolio Investments EQUITY AND PREFERRED SHARES: NON-CONTROL/NON-AFFILIATE INVESTMENTS Construction & Building A1 Garage Door Investment Type Class A Common Units Acquisition Date 12/22/20222026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Business Nvision Dental Investment Type Senior Secured 2024 Initial Term Loan Term Loan Index S+ Spread 5.50% Interest Rate 9.18% Acquisition Date 10/31/2024 Maturity Date 12/31/20282026-01-012026-03-310001633858Investment Nvision Investment Type Senior Secured Revolving Loan Index S+ Spread 5.50% Interest Rate 9.18% Maturity 12/31/20282026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Business Capital Consultants Management Corporation Investment Type Unitranche Closing Date Term Loan Index S+ Spread 4.75% Interest Rate 8.40% Acquisition Date 7/29/2025 Maturity Date 11/3/20312025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Transportation: Cargo Magnate Investment Type Senior Secured Initial Term Loan (First Lien) Index S+ Spread 5.50% Interest Rate 9.18% Acquisition Date 3/11/2022 Maturity Date 12/29/20282026-01-012026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Business Industrial Services Group Investment Type Senior Secured Revolving Loan Index S+ Spread 5.75% Interest Rate 9.40% Acquisition Date 12/07/2022 Maturity Date 12/7/20282025-12-310001633858Investment Plaskolite Investment Type Senior Secured Revolving Credit Loan Index S+ Spread 7.00% Interest Rate 10.68% Maturity 2/7/20302026-03-310001633858Investment Frazier & Deeter Investment Type Senior Secured 2026 Incremental Delayed Draw Term Loan Index S+ Spread 4.50% Interest Rate 8.18% Maturity 5/3/20322026-01-012026-03-310001633858Portfolio Investments EQUITY AND PREFERRED SHARES: NON-CONTROL/NON-AFFILIATE INVESTMENTS Healthcare & Pharmaceuticals Visor Buyer, Inc. Investment Type Class A Units Acquisition Date 12/15/20252026-01-012026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Healthcare & Pharmaceuticals ImageFirst Investment Type Senior Secured Initial Term Loan Index S+ Spread 3.00% Interest Rate 6.65% Acquisition Date 3/12/2025 Maturity Date 3/12/20322025-01-012025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Automotive Engine & Transmission Exchange Investment Type Senior Secured Term Loan A Index S+ Spread 5.00% Interest Rate 8.68% Acquisition Date 5/26/2023 Maturity Date 5/26/20292026-03-310001633858Investment Micro Merchant Systems Investment Type Senior Secured Revolving Loan Index S+ Spread 4.50% Interest Rate 8.18% Maturity 12/14/20272026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Healthcare & Pharmaceuticals Ivy Rehab Investment Type Senior Secured Initial Term Loan (First Lien) Index S+ Spread 5.00% Interest Rate 8.68% Acquisition Date 3/11/2022 Maturity Date 4/23/20292026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Healthcare & Pharmaceuticals Minds + Assembly Investment Type Unitranche Initial Term Loan (First Lien) Index S+ Spread 5.00% Interest Rate 8.65% Acquisition Date 5/03/2023 Maturity Date 5/3/20292025-01-012025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Chemicals, Plastics & Rubber Shrieve Investment Type Senior Secured Revolving Credit Loan Index S+ Spread 6.00% Interest Rate 9.65% Acquisition Date 9/23/2024 Maturity Date 10/30/20302025-01-012025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Healthcare & Pharmaceuticals Western Dental Investment Type Senior Secured Second-Out Term Loan (Tranche B) Index S+ Spread 1.00%,6.25% PIK Interest Rate 10.93% Acquisition Date 6/14/2024 Maturity Date 8/18/20282026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Construction & Building Leaf Home Investment Type Senior Secured Revolving Credit Loan Index S+ Spread 5.25% Interest Rate 8.93% Acquisition Date 9/4/2025 Maturity Date 9/4/20312026-01-012026-03-310001633858us-gaap:SoutheastRegionMember2026-03-310001633858Portfolio Investments EQUITY AND PREFERRED SHARES: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Business Industrial Services Group Investment Type Class A-1 Units Acquisition Date 3/10/20252025-12-310001633858Investment SupplyHouse Investment Type Senior Secured Revolving Credit Loan Index S+ Spread 4.00% Interest Rate 7.68% Maturity 7/1/20322026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Aerospace & Defense Tronair Investment Type Senior Secured Revolving Loan Index S+ Spread 3.75% Interest Rate 7.40% Acquisition Date 12/18/2025 Maturity Date 12/22/20322025-12-310001633858Portfolio Investments EQUITY AND PREFERRED SHARES: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Business OSG Billing Services Investment Type Class A Units Acquisition Date 11/30/20232026-01-012026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Beverage, Food & Tobacco Purfoods Investment Type Senior Secured 2024 Term Loan Index S+ Spread 5.00% Interest Rate 8.65% Acquisition Date 6/24/2024 Maturity Date 8/12/20272025-01-012025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Transportation: Cargo AIT Worldwide Logistics Investment Type Senior Secured Initial Term Loan (First Lien) Index S+ Spread 4.00% Interest Rate 7.65% Acquisition Date 11/7/2024 Maturity Date 4/8/20302025-12-310001633858Investment Nvision Investment Type Senior Secured Fourth Amendment Delayed Draw Term Loan Index S+ Spread 5.50% Interest Rate 9.18% Maturity 12/31/20282025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Healthcare & Pharmaceuticals AccentCare Investment Type Senior Secured Tranche A Term Loan Index S+ Spread 5.50% Interest Rate 9.15% Acquisition Date 2/05/2024 Maturity Date 6/20/20282025-12-310001633858srt:WeightedAverageMemberus-gaap:ValuationTechniqueMatrixPricingMemberck0001633858:SecondLienMemberck0001633858:MeasurementInputTotalLeverageMember2026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Capital Equipment Burke Porter Group Investment Type Senior Secured Closing Date Term Loan Index S+ Spread 2.00%, 5.00% PIK Interest Rate 10.65% Acquisition Date 9/30/2022 Maturity Date 7/29/20292025-01-012025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Business HireRight Investment Type Senior Secured 2025 Replacement Term Loan (First Lien) Index S+ Spread 4.75% Interest Rate 8.93% Acquisition Date 3/25/2024 Maturity Date 9/27/20302026-01-012026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Consumer United Comfort Group (fka United Air Temp) Investment Type Senior Secured Revolving Loan Index S+ Spread 5.50% Interest Rate 9.15% Acquisition Date 2/14/2024 Maturity Date 3/28/20302025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Business Aprio Investment Type Senior Secured Initial Term Loan Index S+ Spread 4.75% Interest Rate 8.43% Acquisition Date 8/1/2024 Maturity Date 8/1/20312026-01-012026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Banking, Finance, Insurance & Real Estate Cherry Bekaert Investment Type Unitranche Amendment No. 1 Term Loan Index S+ Spread 4.50% Interest Rate 8.15% Acquisition Date 10/11/2023 Maturity Date 6/28/20302025-01-012025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Containers, Packaging & Glass Five Star Packaging Investment Type Senior Secured Initial Term Loan (First Lien) Index S+ Spread 4.25% Interest Rate 7.90% Acquisition Date 4/27/2022 Maturity Date 5/5/20292025-01-012025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Capital Equipment Plaskolite Investment Type Senior Secured Revolving Credit Loan Index S+ Spread 7.00% Interest Rate 10.68% Acquisition Date 5/5/2025 Maturity Date 2/7/20302026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Healthcare & Pharmaceuticals Press Ganey Investment Type Senior Secured Existing Term Loan (First Lien) Index S+ Spread 3.00% Interest Rate 6.68% Acquisition Date 4/24/2024 Maturity Date 4/30/20312026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Capital Equipment Burke Porter Group Investment Type Senior Secured Revolving Credit Loan Index S+ Spread 6.00% Interest Rate 9.65% Acquisition Date 8/11/2022 Maturity Date 7/29/20282025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Construction & Building Brown & Root Investment Type Senior Secured Initial Term Loan Index S+ Spread 5.00% Interest Rate 8.65% Acquisition Date 9/29/2025 Maturity Date 10/3/20302025-01-012025-12-310001633858ck0001633858:HighTechIndustriesSectorMember2026-01-012026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Capital Equipment Barnes Investment Type Senior Secured Term Loan Index S+ Spread 4.75% Interest Rate 8.43% Acquisition Date 10/17/2025 Maturity Date 10/22/20322026-01-012026-03-310001633858us-gaap:FairValueInputsLevel3Memberck0001633858:UnitrancheMember2025-12-310001633858Investment TRG Investment Type Senior Secured Delayed Draw Term Loan Index S+ Spread 4.50% Interest Rate 8.18% Maturity 1/5/20322026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Healthcare & Pharmaceuticals Radiology Partners Investment Type Senior Secured Term B Loan Index S+ Spread 4.50% Interest Rate 8.15% Acquisition Date 6/26/2025 Maturity Date 6/30/20322025-12-310001633858us-gaap:FairValueInputsLevel3Memberck0001633858:SecondLienMember2026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Chemicals, Plastics & Rubber Boyd Group Investment Type Senior Secured 2024 Term Loan (First Lien) Index S+ Spread 3.75% Interest Rate 7.40% Acquisition Date 7/19/2024 Maturity Date 7/29/20292025-01-012025-12-310001633858ck0001633858:DebtInvestmentsMember2026-03-310001633858Investment Cerity Partners Investment Type Senior Secured Initial Revolving Loan Index S+ Spread 4.50% Interest Rate 8.18% Maturity 7/28/20282026-01-012026-03-310001633858Portfolio Investments EQUITY AND PREFERRED SHARES: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Business Vortex Companies Investment Type LP Common Units Acquisition Date 9/1/20232025-12-310001633858ck0001633858:MatrixPricingMarketAnalysisMemberck0001633858:MeasurementInputSeniorLeverageMemberck0001633858:FirstLienMembersrt:MaximumMember2026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Business Vortex Companies Investment Type Unitranche Initial Term Loan Index S+ Spread 5.00% Interest Rate 8.68% Acquisition Date 9/1/2023 Maturity Date 9/4/20292026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Consumer Rover Investment Type Senior Secured Revolving Loan Index S+ Spread 4.75% Interest Rate 8.40% Acquisition Date 2/16/2024 Maturity Date 2/27/20312025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Capital Equipment Chromalloy Investment Type Senior Secured Term Loan Index S+ Spread 3.25% Interest Rate 6.90% Acquisition Date 3/22/2024 Maturity Date 3/27/20312025-01-012025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Chemicals, Plastics & Rubber Ascensus Specialties Investment Type Senior Secured Initial Term Loan Index S+ Spread 4.25% Interest Rate 7.93% Acquisition Date 12/3/2021 Maturity Date 6/30/20282026-01-012026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Business Heartland Investment Type Senior Secured Revolving Credit Loan Index S+ Spread 4.75% Interest Rate 8.40% Acquisition Date 12/01/2023 Maturity Date 12/12/20292025-01-012025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Healthcare & Pharmaceuticals Viant Investment Type Senior Secured Closing Date Initial Term Loan (First Lien) Index S+ Spread 4.00% Interest Rate 7.68% Acquisition Date 10/16/2024 Maturity Date 10/29/20312026-01-012026-03-310001633858Investment FMG Suite Investment Type Senior Secured Delayed Draw Term Loan Index S+ Spread 4.75% Interest Rate 8.43% Maturity 9/9/20322026-01-012026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Banking, Finance, Insurance & Real Estate Frazier & Deeter Investment Type Senior Secured Revolving Loan Index S+ Spread 4.50% Interest Rate 8.15% Acquisition Date 4/30/2025 Maturity Date 5/2/20312025-01-012025-12-310001633858Portfolio Investments EQUITY AND PREFERRED SHARES: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Business Liberty Group Investment Type Series A-Preferred Units Acquisition Date 6/6/20222025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Beverage, Food & Tobacco Dessert Holdings Investment Type Senior Secured Initial Term Loan (First Lien) Index S+ Spread 4.00% Interest Rate 7.65% Acquisition Date 6/7/2021 Maturity Date 6/9/20282025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Healthcare & Pharmaceuticals Clearway Investment Type Senior Secured Tenth Amendment Incremental Term Loan Index S+ Spread 5.50% Interest Rate 9.18% Acquisition Date 9/17/2025 Maturity Date 8/30/20302026-01-012026-03-310001633858ck0001633858:UnitrancheDebtOneMemberus-gaap:ValuationTechniqueMatrixPricingMembersrt:MinimumMemberus-gaap:MeasurementInputCreditSpreadMember2026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Containers, Packaging & Glass Lacerta Investment Type Senior Secured Term Loan Index S+ Spread 5.50% Interest Rate 9.18% Acquisition Date 2/8/2021 Maturity Date 12/30/20262026-01-012026-03-310001633858Investment Heartland Investment Type Senior Secured 2025 Incremental Delayed Draw Term Loan Index S+ Spread 4.75% Interest Rate 8.43% Maturity 12/12/20292025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Construction & Building Voeller Investment Type Senior Secured Closing Date Initial Term Loan Index S+ Spread 4.75% Interest Rate 8.40% Acquisition Date 11/25/2025 Maturity Date 11/25/20322025-12-310001633858ck0001633858:UnitrancheDebtOneMemberus-gaap:ValuationTechniqueMatrixPricingMember2025-12-310001633858Portfolio Investments EQUITY AND PREFERRED SHARES: NON-CONTROL/NON-AFFILIATE INVESTMENTS Construction & Building DynaGrid Investment Type Class A-2 Units Acquisition Date 1/7/20252025-01-012025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Construction & Building Lindsay Precast Investment Type Senior Secured Revolving Loan Index S+ Spread 4.75% Interest Rate 8.43% Acquisition Date 12/15/2025 Maturity Date 12/16/20322026-01-012026-03-310001633858us-gaap:ConstructionSectorMemberck0001633858:EquityAndPreferredSharesMember2025-12-310001633858Investment Super-Sod Investment Type Senior Secured Revolving Loan Index S+ Spread 4.75% Interest Rate 8.43% Maturity 3/10/20322026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Construction & Building Cook & Boardman Investment Type Senior Secured Amendment No. 2 Incremental DDTL Index S+ Spread 6.00% Interest Rate 9.65% Acquisition Date 5/29/2024 Maturity Date 3/4/20302025-01-012025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Construction & Building PlayPower Investment Type Unitranche Initial Term Loan Index S+ Spread 5.25% Interest Rate 8.90% Acquisition Date 10/29/2025 Maturity Date 10/29/20312025-01-012025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Environmental Industries O6 Environmental Investment Type Senior Secured Initial Term Loan Index S+ Spread 4.75% Interest Rate 8.43% Acquisition Date 8/4/2025 Maturity Date 8/5/20322026-01-012026-03-3100016338582025-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Healthcare & Pharmaceuticals AGS Health Investment Type Unitranche Initial Term Loan Index S+ Spread 4.50% Interest Rate 8.15% Acquisition Date 7/24/2025 Maturity Date 8/2/2032 One2025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Construction & Building RailPros Investment Type Senior Secured Revolving Loan Index S+ Spread 4.25% Interest Rate 7.90% Acquisition Date 4/23/2025 Maturity Date 5/24/20322025-01-012025-12-310001633858us-gaap:ChemicalsSectorMember2025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Business LegalShield Investment Type Senior Secured Initial Term Loan (First Lien) Index S+ Spread 3.25% Interest Rate 6.93% Acquisition Date 12/7/2021 Maturity Date 12/15/20282026-01-012026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Consumer Apex Service Partners Investment Type Unitranche Second Amendment Incremental Term Loan Index S+ Spread 5.00% Interest Rate 8.68% Acquisition Date 4/24/2025 Maturity Date 10/24/20302026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Environmental Industries Keter Environmental Services Investment Type Unitranche Closing Date Term Loan Index S+ Spread 5.25% Interest Rate 8.93% Acquisition Date 11/5/2021 Maturity Date 10/29/20272026-03-310001633858ck0001633858:EquityAndPreferredSharesMember2025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Healthcare & Pharmaceuticals Nvision Investment Type Senior Secured Fourth Amendment Incremental Term Loan Index S+ Spread 5.50% Interest Rate 9.18% Acquisition Date 10/30/2024 Maturity Date 12/31/20282026-01-012026-03-310001633858us-gaap:InvestmentUnaffiliatedIssuerMember2026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Banking, Finance, Insurance & Real Estate EdgeCo Investment Type Senior Secured Third Amendment Term Loan (First Lien) Index S+ Spread 4.50% Interest Rate 8.15% Acquisition Date 3/29/2022 Maturity Date 6/1/20282025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS High Tech Industries Ivanti Software Investment Type Senior Secured Initial Term Loan (First Lien) Index S+ Spread 5.75% Interest Rate 9.43% Acquisition Date 5/6/2025 Maturity Date 6/1/20292026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Healthcare & Pharmaceuticals UDG Investment Type Senior Secured Initial Dollar Term Loan (First Lien) Index S+ Spread 4.25% Interest Rate 7.93% Acquisition Date 8/06/2021 Maturity Date 8/19/20282026-03-310001633858ck0001633858:EquityAndPreferredMemberck0001633858:EnterpriseValueMembersrt:WeightedAverageMemberck0001633858:MeasurementInputEVEBITDAMultipleMember2026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Business Gallo Mechanical Investment Type Senior Secured Initial Revolving Loan Index S+ Spread 4.75% Interest Rate 8.40% Acquisition Date 6/19/2025 Maturity Date 8/2/20322025-01-012025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Healthcare & Pharmaceuticals RMP & MedA/Rx Investment Type Senior Secured Term Loan Index S+ Spread 4.75% Interest Rate 8.43% Acquisition Date 3/22/2021 Maturity Date 2/4/20282026-01-012026-03-310001633858Portfolio Investments EQUITY AND PREFERRED SHARES: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Business Golden Source Investment Type Class A Units Acquisition Date 3/25/20222026-01-012026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Healthcare & Pharmaceuticals Specialized Dental Investment Type Senior Secured Fifth Amendment Revolver Index S+ Spread 4.75% Interest Rate 8.40% Acquisition Date 10/30/2025 Maturity Date 11/1/20272025-01-012025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Healthcare & Pharmaceuticals Blue Cloud Investment Type Senior Secured Blue Cloud R/C 2022 Index S+ Spread 5.00% Interest Rate 8.68% Acquisition Date 8/12/2025 Maturity Date 1/21/20312026-01-012026-03-310001633858Investment Electro Methods Investment Type Senior Secured Revolving Credit Facility Index S+ Spread 4.75% Interest Rate 8.43% Maturity 2/23/20322026-03-310001633858ck0001633858:MediaAdvertisingPrintingPublishingSectorMember2026-03-310001633858us-gaap:ValuationTechniqueMatrixPricingMemberck0001633858:FirstLienMembersrt:MaximumMemberck0001633858:MeasurementInputTotalLeverageMember2025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Environmental Industries O6 Environmental Investment Type Senior Secured Revolving Loan Index S+ Spread 4.75% Interest Rate 8.43% Acquisition Date 8/4/2025 Maturity Date 8/5/20322026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Containers, Packaging & Glass Industrial Physics Investment Type Senior Secured Initial Term Loan Index S+ Spread 6.25% Interest Rate 9.90% Acquisition Date 7/18/2023 Maturity Date 7/19/20292025-12-310001633858Investment MediaRadar Investment Type Senior Secured Revolving Loan Index S+ Spread 5.00% Interest Rate 8.68% Maturity 9/16/20292025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Healthcare & Pharmaceuticals Summit Spine 2025 Investment Type Senior Secured Revolving Loan Index S+ Spread 4.75% Interest Rate 8.40% Acquisition Date 3/21/2025 Maturity Date 3/25/20312025-01-012025-12-310001633858us-gaap:AerospaceSectorMemberck0001633858:BankLoansMember2026-03-310001633858Portfolio Investments EQUITY AND PREFERRED SHARES: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Consumer United Comfort Group (fka United Air Temp) Investment Type Class A Units Acquisition Date 2/14/20242026-03-310001633858Investment MB2 Dental Investment Type Senior Secured Tranche 1 Delayed Draw Term Loan Index S+ Spread 5.50% Interest Rate 9.18% Maturity 2/13/20312025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS High Tech Industries Qlik Investment Type Senior Secured Second Amendment Refinancing Term Loan (First Lien) Index S+ Spread 3.25% Interest Rate 6.90% Acquisition Date 12/31/2024 Maturity Date 10/26/20302025-01-012025-12-310001633858ck0001633858:UnitrancheDebtOneMemberck0001633858:EnterpriseValueMembersrt:MinimumMemberck0001633858:MeasurementInputEVEBITDAMultipleMember2026-03-310001633858us-gaap:FairValueInputsLevel2Memberck0001633858:UnitrancheMember2026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Business Kept Companies Investment Type Senior Secured Term Loan Index S+ Spread 5.25% Interest Rate 8.90% Acquisition Date 4/30/2024 Maturity Date 4/30/20292025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Healthcare & Pharmaceuticals Viant Investment Type Senior Secured Closing Date Initial Term Loan (First Lien) Index S+ Spread 4.00% Interest Rate 7.65% Acquisition Date 10/16/2024 Maturity Date 10/29/20312025-01-012025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Business Insight Global Investment Type Unitranche 2024 Refinancing Term Loan Index S+ Spread 5.00% Interest Rate 8.68% Acquisition Date 9/22/2021 Maturity Date 9/22/20282026-01-012026-03-310001633858ck0001633858:AdvisorMemberck0001633858:PreIncentiveFeeNetInvestmentIncomeDoesNotExceedHurdleOf1.04.0AnnualizedMember2026-03-310001633858Investment Summit Spine 2025 Investment Type Senior Secured Revolving Loan Index S+ Spread 4.75% Interest Rate 8.43% Maturity 3/25/20312026-01-012026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Business Health Management Associates Investment Type Senior Secured Term Loan A Index S+ Spread 6.25% Interest Rate 9.90% Acquisition Date 3/31/2023 Maturity Date 3/30/20292025-12-310001633858Investment Healthcare Linen Service Group Investment Type Senior Secured Delayed Draw Term Loan Index S+ Spread 4.75% Interest Rate 8.43% Maturity 2/2/20332026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Containers, Packaging & Glass Lacerta Investment Type Senior Secured Term Loan Index S+ Spread 5.50% Interest Rate 9.15% Acquisition Date 2/8/2021 Maturity Date 12/30/20262025-01-012025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Healthcare & Pharmaceuticals Performance Health Investment Type Senior Secured Initial Term Loan Index S+ Spread 3.75% Interest Rate 7.43% Acquisition Date 2/28/2025 Maturity Date 3/19/20322026-03-310001633858us-gaap:RetailSectorMember2026-01-012026-03-310001633858Investment Mitratech Investment Type Senior Secured Revolving Loan Index S+ Spread 4.75% Interest Rate 8.43% Maturity 12/2/20312026-01-012026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Healthcare & Pharmaceuticals Clearway Investment Type Senior Secured Revolving Loan Index S+ Spread 5.50% Interest Rate 9.15% Acquisition Date 9/17/2025 Maturity Date 8/30/20302025-12-310001633858ck0001633858:EquityAndPreferredMemberck0001633858:EnterpriseValueMemberck0001633858:MeasurementInputEVEBITDAMultipleMember2025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS High Tech Industries Precisely Investment Type Senior Secured Third Amendment Term Loan (First Lien) Index S+ Spread 4.00% Interest Rate 7.68% Acquisition Date 3/19/2021 Maturity Date 4/24/20282026-01-012026-03-310001633858us-gaap:CommonStockMember2025-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Energy: Oil & Gas AmSpec Investment Type Senior Secured Amendment No. 1 Other Term Loan Index S+ Spread 3.50% Interest Rate 7.15% Acquisition Date 12/12/2024 Maturity Date 12/22/20312025-01-012025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Beverage, Food & Tobacco Dessert Holdings Investment Type Senior Secured Initial Term Loan (First Lien) Index S+ Spread 4.00% Interest Rate 7.65% Acquisition Date 6/7/2021 Maturity Date 6/9/20282025-01-012025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Beverage, Food & Tobacco Dessert Holdings Investment Type Senior Secured Initial Term Loan (First Lien) Index S+ Spread 4.00% Interest Rate 7.68% Acquisition Date 6/7/2021 Maturity Date 6/9/20282026-01-012026-03-310001633858Investment A1 Garage Door Investment Type Senior Secured Revolving Loan Index S+ Spread 4.50% Interest Rate 8.48% Maturity 12/22/20282025-12-310001633858ck0001633858:MeasurementInputDebtServiceCoverageMembersrt:WeightedAverageMemberus-gaap:ValuationTechniqueMatrixPricingMemberck0001633858:FirstLienMember2025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Automotive Innovative XCessories Investment Type Senior Secured 2025 Refinancing Term Loan Index S+ Spread 5.50% Interest Rate 9.15% Acquisition Date 8/15/2025 Maturity Date 9/5/20292025-01-012025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Business Kept Companies Investment Type Senior Secured Term Loan Index S+ Spread 5.25% Interest Rate 8.90% Acquisition Date 4/30/2024 Maturity Date 4/30/20292025-01-012025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS High Tech Industries SmartBear Investment Type Senior Secured 2024 Term Loan Index S+ Spread 4.00% Interest Rate 7.68% Acquisition Date 11/20/2020 Maturity Date 3/3/20282026-01-012026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Healthcare & Pharmaceuticals AGS Health Investment Type Senior Secured Tranche A Revolving Credit Loan Index S+ Spread 4.50%Interest Rate 8.18% Acquisition Date 7/24/2025 Maturity Date 8/2/20322026-03-310001633858Portfolio Investments EQUITY AND PREFERRED SHARES: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Business OSG Billing Services Investment Type Class A Units Acquisition Date 11/30/20232026-03-310001633858Investment Aptive Environmental Investment Type Senior Secured Delayed Draw Term Loan Index S+ Spread 4.75% Interest Rate 8.43% Maturity 10/15/20322026-03-310001633858srt:WeightedAverageMemberck0001633858:MatrixPricingMarketAnalysisMemberck0001633858:FirstLienMemberck0001633858:MeasurementInputTotalLeverageMember2025-12-310001633858Portfolio Investments EQUITY AND PREFERRED SHARES: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Business Gallo Mechanical Investment Type LP Interest Acquisition Date 6/19/20252026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Consumer Rover Investment Type Senior Secured Initial Term Loan Index S+ Spread 4.75% Interest Rate 8.43% Acquisition Date 2/16/2024 Maturity Date 2/27/20312026-03-310001633858Investment Nvision Investment Type Senior Secured First Amendment Delayed Draw Term Loan Index S+ Spread 5.50% Interest Rate 9.18% Maturity 12/31/20282026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Beverage, Food & Tobacco Golden State Foods Investment Type Senior Secured Initial Term Loan Index S+ Spread 4.00% Interest Rate 7.65% Acquisition Date 10/7/2024 Maturity Date 12/4/20312025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Containers, Packaging & Glass Transcendia Investment Type Unitranche Term Loan Index S+ Spread 6.50% Interest Rate 10.18% Acquisition Date 5/23/2024 Maturity Date 11/23/20292026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Capital Equipment 80/20 Investment Type Senior Secured Revolving Loan Index S+ Spread 4.50% Interest Rate 8.18% Acquisition Date 12/11/2025 Maturity Date 12/12/20322026-03-310001633858Portfolio Investments EQUITY AND PREFERRED SHARES: NON-CONTROL/NON-AFFILIATE INVESTMENTS Capital Equipment 80/20 Investment Type LP Interest Acquisition Date 12/11/20252026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Healthcare & Pharmaceuticals MB2 Dental Investment Type Senior Secured Revolving Loan Index S+ Spread 5.50% Interest Rate 9.18% Acquisition Date 2/5/2024 Maturity Date 2/13/20312026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Retail StubHub Investment Type Senior Secured Extended USD Term B Loan Index S+ Spread 4.75% Interest Rate 8.40% Acquisition Date 1/31/2020 Maturity Date 3/15/20302025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Consumer All My Sons Investment Type Senior Secured Closing Date Term Loan (First Lien) Index S+ Spread 4.75% Interest Rate 8.40% Acquisition Date 6/4/2024 Maturity Date 10/25/20282025-12-310001633858Portfolio Investments EQUITY AND PREFERRED SHARES: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Consumer Ned Stevens 2022-2 Investment Type Class B Common Units Acquisition Date 11/1/20222026-01-012026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Healthcare & Pharmaceuticals Summit Spine 2025 Investment Type Unitranche Initial Term Loan Index S+ Spread 4.75% Interest Rate 8.40% Acquisition Date 3/21/2025 Maturity Date 3/25/20312025-12-310001633858Investment Whitcraft Investment Type Senior Secured Revolving Loan Index S+ Spread 5.00% Interest Rate 8.68% Maturity 9/30/20312026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Business Heartland Investment Type Senior Secured Revolving Credit Loan Index S+ Spread 4.75% Interest Rate 8.43% Acquisition Date 12/01/2023 Maturity Date 12/12/20292026-03-310001633858ck0001633858:ServicesBusinessSectorMember2025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Healthcare & Pharmaceuticals Western Dental Investment Type Senior Secured First-Out Term Loan (Tranche A-1) Index S+ Spread 6.50% Interest Rate 10.18% Acquisition Date 6/18/2024 Maturity Date 5/18/20282026-03-310001633858Investment Specialized Dental Investment Type Senior Secured Revolving Loan Index S+ Spread 4.75% Interest Rate 8.43% Maturity 11/1/20282026-01-012026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Healthcare & Pharmaceuticals Gastro Health Investment Type Senior Secured Initial Term Loan (First Lien) Index S+ Spread 4.50% Interest Rate 8.15% Acquisition Date 7/02/2021 Maturity Date 7/3/20282025-01-012025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Construction & Building Brown & Root Investment Type Senior Secured Revolving Loan Index S+ Spread 5.00% Interest Rate 8.68% Acquisition Date 9/29/2025 Maturity Date 10/3/20302026-03-310001633858srt:WeightedAverageMemberus-gaap:ValuationTechniqueMatrixPricingMemberck0001633858:MeasurementInputSeniorLeverageMemberck0001633858:FirstLienMember2026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Healthcare & Pharmaceuticals TEAM Services Investment Type Senior Secured Incremental Term Loan (First Lien) Index S+ Spread 5.25% Interest Rate 8.90% Acquisition Date 6/28/2024 Maturity Date 12/20/20272025-01-012025-12-310001633858ck0001633858:MatrixPricingMarketAnalysisMembersrt:MinimumMemberck0001633858:FirstLienMemberck0001633858:MeasurementInputSeniorLeverageMember2026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Business Ascend Investment Type Senior Secured Revolving Credit Loan Index S+ Spread 4.50% Interest Rate 8.18% Acquisition Date 10/22/2024 Maturity Date 8/11/20312026-01-012026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Capital Equipment TriMark Investment Type Senior Secured Initial Tranche B Loan Index S+ Spread 2.00%, 3.25% PIK Interest Rate 8.93% Acquisition Date 1/16/2024 Maturity Date 7/2/20292026-01-012026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Aerospace & Defense API Technologies Investment Type Senior Secured Term B-2 Loan (First Lien) Index S+ Spread 1.00%, 6.00% PIK Interest Rate 10.65% Acquisition Date 1/15/2020 Maturity Date 5/9/20272025-01-012025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Business Geosyntec Investment Type Senior Secured 2025 Incremental Term Loan Index S+ Spread 3.00% Interest Rate 6.65% Acquisition Date 7/24/2024 Maturity Date 7/31/20312026-01-012026-03-310001633858Investment Apex Service Partners Investment Type Senior Secured 2024 Revolving Credit Loan Index S+ Spread 5.00% Interest Rate 8.68% Maturity 10/24/20292026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Business CoAdvantage Investment Type Senior Secured 2023 1L Refinancing Term Loan (First Lien) Index S+ Spread 5.50% Interest Rate 9.15% Acquisition Date 8/2/2023 Maturity Date 8/2/20292025-01-012025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Media: Diversified & Production Cast & Crew Investment Type Senior Secured Incremental Facility No. 2 Incremental Term Loan (First Lien) Index S+ Spread 3.75% Interest Rate 7.40% Acquisition Date 4/30/2024 Maturity Date 12/29/20282025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Healthcare & Pharmaceuticals RevHealth Investment Type Unitranche Initial Term Loan Index S+ Spread 2.50%, 3.25% PIK Interest Rate 9.43% Acquisition Date 7/22/2022 Maturity Date 7/21/20282026-03-310001633858Investment Electric Power Engineers Investment Type Senior Secured Delayed Draw Term Loan Index S+ Spread 4.50% Interest Rate 8.18% Maturity 12/31/20312026-01-012026-03-310001633858ck0001633858:UnitrancheMember2026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Containers, Packaging & Glass Precision Concepts Investment Type Unitranche Initial Term Loan (US) Index S+ Spread 4.75% Interest Rate 8.40% Acquisition Date 7/28/2025 Maturity Date 8/2/20322025-12-310001633858ck0001633858:BankLoansMemberus-gaap:RetailSectorMember2026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Construction & Building Tangent Investment Type Senior Secured Closing Date Term Loan (First Lien) Index S+ Spread 4.75% Interest Rate 8.43% Acquisition Date 10/2/2019 Maturity Date 11/30/20272026-01-012026-03-310001633858Portfolio Investments EQUITY AND PREFERRED SHARES: NON-CONTROL/NON-AFFILIATE INVESTMENTS Media: Advertising, Printing & Publishing MediaRadar Investment Type Class A-1 Units Acquisition Date 9/16/20222026-01-012026-03-310001633858ck0001633858:UnitrancheDebtOneMemberus-gaap:ValuationTechniqueMatrixPricingMembersrt:MaximumMemberck0001633858:MeasurementInputTotalLeverageMember2026-03-310001633858us-gaap:ValuationTechniqueMatrixPricingMembersrt:MinimumMemberck0001633858:MeasurementInputTotalEnterpriseValueCoverageMemberck0001633858:FirstLienMember2026-03-310001633858Investment R. F. Fager Investment Type Senior Secured Delayed Draw Term Loan Index S+ Spread 5.00% Interest Rate 8.68% Maturity 3/4/20302026-01-012026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Healthcare & Pharmaceuticals Blue Cloud Investment Type Senior Secured Blue Cloud R/C 2022 Index S+ Spread 5.00% Interest Rate 8.65% Acquisition Date 12/13/2021 Maturity Date 1/21/20312025-01-012025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Business Argano Investment Type Senior Secured Initial Term Loan Index S+ Spread 5.50% Interest Rate 9.18% Acquisition Date 9/13/2024 Maturity Date 9/13/20292026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Environmental Industries Alliance Environmental Group Investment Type Senior Secured Revolving Loan Index S+ Spread 0.00% Interest Rate 3.68% Acquisition Date 12/30/2021 Maturity Date 12/30/20282026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Aerospace & Defense SMX Investment Type Senior Secured Term Loan Index S+ Spread 4.50% Interest Rate 8.18% Acquisition Date 2/6/2025 Maturity Date 2/6/20322026-03-310001633858Portfolio Investments EQUITY AND PREFERRED SHARES: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Business Embark Investment Type Class A Units Acquisition Date 9/2/20252026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Hotels, Gaming & Leisure Auto Europe Investment Type Senior Secured Third-Out Term Loan Index S+ Spread 5.00% Interest Rate 8.68% Acquisition Date 1/20/2026 Maturity Date 1/20/20302026-03-310001633858ck0001633858:UnitrancheDebtOneMember2026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Business Dun & Bradstreet Investment Type Senior Secured Revolving Credit Loan Index S+ Spread 5.50% Interest Rate 9.15% Acquisition Date 6/30/2025 Maturity Date 8/26/20322025-12-310001633858ck0001633858:UnitrancheDebtOneMemberus-gaap:ValuationTechniqueMatrixPricingMemberus-gaap:MeasurementInputCreditSpreadMembersrt:MaximumMember2025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Capital Equipment nVent Investment Type Senior Secured Initial Term Loan Index S+ Spread 3.00% Interest Rate 6.65% Acquisition Date 9/30/2024 Maturity Date 1/30/20322025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Healthcare & Pharmaceuticals U.S. Foot and Ankle Specialists Investment Type Senior Secured Term Loan Index S+ Spread 5.75% Interest Rate 9.43% Acquisition Date 4/17/2024 Maturity Date 9/15/20262026-01-012026-03-310001633858Investment Dane Street Investment Type Senior Secured Delayed Draw Term Loan Index S+ Spread 4.50% Interest Rate 8.18% Maturity 3/24/20332026-01-012026-03-310001633858ck0001633858:InvestmentAdvisoryAgreementMember2026-01-012026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Business Embark Investment Type Senior Secured Revolving Credit Loan Index S+ Spread 4.50% Interest Rate 8.15% Acquisition Date 8/27/2025 Maturity Date 9/2/20322025-01-012025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Healthcare & Pharmaceuticals Midwest Eye Services Investment Type Senior Secured Fourth Amendment Incremental Revolving Loan Index S+ Spread 4.50% Interest Rate 8.18% Acquisition Date 12/31/2024 Maturity Date 8/20/20272026-01-012026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Capital Equipment Associated Springs Investment Type Senior Secured Initial Term Loan Index S+ Spread 4.75% Interest Rate 8.43% Acquisition Date 3/7/2024 Maturity Date 4/4/20302026-03-310001633858Investment Americhem Investment Type Senior Secured Delayed Draw Term Loan Index S+ Spread 4.50% Interest Rate 8.18% Maturity 3/1/20322026-01-012026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS High Tech Industries Digital Room Investment Type Senior Secured Closing Date Term Loan (First Lien) Index S+ Spread 5.25% Interest Rate 8.90% Acquisition Date 12/16/2021 Maturity Date 12/21/20282025-12-310001633858Investment Apex Service Partners Investment Type Senior Secured Second Amendment Incremental DDTL Loan Index S+ Spread 5.00% Interest Rate 8.68% Maturity 10/24/20302026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS High Tech Industries Intermedia Investment Type Unitranche 2024 Refinancing Term Loan (First Lien) Index S+ Spread 5.25% Interest Rate 8.90% Acquisition Date 4/4/2024 Maturity Date 4/4/20292025-01-012025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Business VC3 Investment Type Senior Secured Delayed TL Index S+ Spread 5.00% Interest Rate 8.68% Acquisition Date 9/16/2022 Maturity Date 3/12/20272026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Healthcare & Pharmaceuticals RxBenefits Investment Type Senior Secured Term Loan Index S+ Spread 5.00% Interest Rate 8.68% Acquisition Date 12/31/2025 Maturity Date 12/23/20302026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Business AI Fire & Safety Investment Type Senior Secured Revolving Credit Loan Index S+ Spread 4.50% Interest Rate 8.18% Acquisition Date 12/20/2024 Maturity Date 2/2/20322026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Healthcare & Pharmaceuticals nThrive Investment Type Senior Secured Tranche C Term Loan Index S+ Spread 4.00% Interest Rate 7.68% Acquisition Date 11/18/2024 Maturity Date 12/15/20282026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Healthcare & Pharmaceuticals Sequel Ortho (fka OrthoNebraska) Investment Type Unitranche Initial Term Loan Index S+ Spread 5.00% Interest Rate 8.68% Acquisition Date 7/31/2023 Maturity Date 7/31/20282026-01-012026-03-310001633858ck0001633858:EnterpriseValueMemberck0001633858:FirstLienMemberck0001633858:MeasurementInputEVEBITDAMultipleMember2025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Healthcare & Pharmaceuticals Viant Investment Type Senior Secured Closing Date Initial Term Loan (First Lien) Index S+ Spread 4.00% Interest Rate 7.65% Acquisition Date 10/16/2024 Maturity Date 10/29/20312025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Healthcare & Pharmaceuticals Advancing Eyecare Investment Type Senior Secured Initial Term Loan Index S+ Spread 5.75% Interest Rate 9.43% Acquisition Date 5/27/2022 Maturity Date 6/13/20292026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Capital Equipment SupplyHouse Investment Type Senior Secured Initial Term Loan Index S+ Spread 4.00% Interest Rate 7.68% Acquisition Date 6/19/2025 Maturity Date 7/1/20322026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Business Liberty Group Investment Type Unitranche Initial Term Loan Index S+ Spread 5.75% Interest Rate 9.43% Acquisition Date 6/6/2022 Maturity Date 6/15/20282026-01-012026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Construction & Building Playcore Investment Type Senior Secured Initial Term Loan (First Lien) Index S+ Spread 3.75% Interest Rate 7.40% Acquisition Date 2/14/2024 Maturity Date 2/20/20302025-01-012025-12-310001633858srt:WeightedAverageMemberck0001633858:MatrixPricingMarketAnalysisMemberck0001633858:MeasurementInputInterestCoverageMemberck0001633858:SecondLienMember2025-12-310001633858us-gaap:ValuationTechniqueMatrixPricingMembersrt:MinimumMemberck0001633858:FirstLienMemberck0001633858:MeasurementInputTotalLeverageMember2025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS High Tech Industries SmartBear Investment Type Senior Secured 2024 Term Loan Index S+ Spread 4.00% Interest Rate 7.65% Acquisition Date 11/20/2020 Maturity Date 3/3/20282025-12-310001633858Investment Shrieve Investment Type Senior Secured Revolving Credit Loan Index S+ Spread 6.00% Interest Rate 9.68% Maturity 10/30/20302026-03-3100016338582024-03-252024-03-250001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Healthcare & Pharmaceuticals MB2 Dental Investment Type Unitranche Initial Term Loan Index S+ Spread 5.50% Interest Rate 9.15% Acquisition Date 2/05/2024 Maturity Date 2/13/20312025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Beverage, Food & Tobacco Bettcher Industries Investment Type Senior Secured Initial Term Loan (First Lien) Index S+ Spread 4.00% Interest Rate 7.68% Acquisition Date 12/13/2021 Maturity Date 12/14/20282026-03-310001633858Portfolio Investments EQUITY AND PREFERRED SHARES: NON-CONTROL/NON-AFFILIATE INVESTMENTS Healthcare & Pharmaceuticals Avalon Investment Type Class A-1 Units Acquisition Date 12/30/20252026-01-012026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Business VC3 Investment Type Senior Secured RC Index S+ Spread 5.10% Interest Rate 8.75% Acquisition Date 7/21/2022 Maturity Date 3/12/20292025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Transportation: Cargo St. George Logistics Investment Type Senior Secured Second-Out Closing Date Purchased Term Loan Index S+ Spread 1.00%, 6.50% PIK Interest Rate 11.18% Acquisition Date 10/3/2024 Maturity Date 10/3/20292026-01-012026-03-310001633858us-gaap:HealthcareSectorMemberck0001633858:EquityAndPreferredSharesMember2025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Business Lexitas Investment Type Unitranche Initial Term Loan Index S+ Spread 5.00% Interest Rate 8.65% Acquisition Date 4/15/2025 Maturity Date 4/15/20312025-01-012025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Consumer Smart Start Investment Type Senior Secured 2025 Refinancing Term B Loan (First Lien) Index S+ Spread 4.25% Interest Rate 7.93% Acquisition Date 12/10/2021 Maturity Date 12/16/20282026-01-012026-03-310001633858ck0001633858:MatrixPricingMarketAnalysisMemberck0001633858:MeasurementInputTotalEnterpriseValueCoverageMemberck0001633858:FirstLienMembersrt:MaximumMember2026-03-310001633858Investment Ivy Rehab Investment Type Senior Secured Revolving Credit Loan (First Lien) Index S+ Spread 4.75% Interest Rate 8.43% Maturity 4/21/20282026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Aerospace & Defense API Technologies Investment Type Senior Secured Term B-1 Loan (First Lien) Index S+ Spread 1.00%, 6.00% PIK Interest Rate 10.68% Acquisition Date 11/3/2023 Maturity Date 3/25/20272026-03-310001633858Investment USALCO Investment Type Senior Secured 2025 Delayed Draw Term Loan Index S+ Spread 3.50% Interest Rate 7.18% Maturity 9/30/20312026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Capital Equipment Flow Control Group Investment Type Senior Secured Initial Term Loan (First Lien) Index S+ Spread 3.25% Interest Rate 6.93% Acquisition Date 3/17/2021 Maturity Date 3/04/20332026-01-012026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Construction & Building Terra Millennium Investment Type Senior Secured Initial Term Loan Index S+ Spread 4.75% Interest Rate 8.43% Acquisition Date 10/25/2024 Maturity Date 11/1/20302026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Healthcare & Pharmaceuticals Nvision Investment Type Senior Secured 2024 Initial Term Loan Index S+ Spread 4.50% Interest Rate 8.18% Acquisition Date 12/30/2025 Maturity Date 12/31/20312026-03-310001633858Investment Vessco Investment Type Senior Secured 2025 Incremental DDTL Index S+ Spread 4.50% Interest Rate 8.18% Maturity 11/3/20322025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS High Tech Industries NCR Voyix Investment Type Senior Secured Term Loan Index S+ Spread 2.75% Interest Rate 6.43% Acquisition Date 9/24/2024 Maturity Date 9/30/20312026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS High Tech Industries Qlik Investment Type Senior Secured Second Amendment Refinancing Term Loan (First Lien) Index S+ Spread 3.25% Interest Rate 6.93% Acquisition Date 12/31/2024 Maturity Date 10/26/20302026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Metals & Mining Dynatect (A&A) Investment Type Senior Secured Term B Loan Index S+ Spread 4.50% Interest Rate 8.15% Acquisition Date 8/16/2019 Maturity Date 9/29/20282025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Capital Equipment Trystar Investment Type Senior Secured Amendment No. 1 Incremental Term Loan Index S+ Spread 4.25% Interest Rate 7.93% Acquisition Date 9/5/2024 Maturity Date 8/6/20312026-01-012026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Chemicals, Plastics & Rubber Vertellus Investment Type Senior Secured Revolving Credit Loan Index S+ Spread 5.75% Interest Rate 9.40% Acquisition Date 12/18/2020 Maturity Date 1/2/20292025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Healthcare & Pharmaceuticals Epic Staffing Group Investment Type Senior Secured Initial Term Loan Index S+ Spread 6.00% Interest Rate 9.68% Acquisition Date 6/27/2022 Maturity Date 6/28/20292026-03-310001633858ck0001633858:MatrixPricingMarketAnalysisMembersrt:MinimumMemberck0001633858:FirstLienMemberck0001633858:MeasurementInputTotalLeverageMember2026-03-310001633858Investment Americhem Investment Type Senior Secured Delayed Draw Term Loan Index S+ Spread 4.50% Interest Rate 8.18% Maturity 3/1/20322025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Healthcare & Pharmaceuticals APT Healthcare Investment Type Unitranche Initial Term Loan Index S+ Spread 4.50% Interest Rate 8.18% Acquisition Date 9/15/2025 Maturity Date 9/30/20312026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Business CCG Investment Type Unitranche Initial Term Loan Index S+ Spread 4.50% Interest Rate 8.15% Acquisition Date 12/30/2025 Maturity Date 12/30/20322025-01-012025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Banking, Finance, Insurance & Real Estate OneDigital Investment Type Senior Secured 2025 Refinancing Term Loan (First Lien) Index S+ Spread 3.00% Interest Rate 6.68% Acquisition Date 6/13/2024 Maturity Date 7/2/20312026-01-012026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Healthcare & Pharmaceuticals MedRisk Investment Type Senior Secured 2025 Term Loan (First Lien) Index S+ Spread 3.00% Interest Rate 6.65% Acquisition Date 4/01/2021 Maturity Date 5/10/20282025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Business Gallo Mechanical Investment Type Senior Secured Initial Term Loan Index S+ Spread 4.75% Interest Rate 8.40% Acquisition Date 6/19/2025 Maturity Date 8/2/20322025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Business Geosyntec Investment Type Senior Secured 2025 Incremental Term Loan Index S+ Spread 3.00% Interest Rate 6.65% Acquisition Date 7/24/2024 Maturity Date 7/31/20312025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Construction & Building RailPros Investment Type Unitranche Initial Term Loan Index S+ Spread 4.25% Interest Rate 7.90% Acquisition Date 4/23/2025 Maturity Date 5/24/20322025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Healthcare & Pharmaceuticals Clearway Investment Type Senior Secured Tenth Amendment Incremental Term Loan Index S+ Spread 5.50% Interest Rate 9.15% Acquisition Date 9/17/2025 Maturity Date 8/30/20302025-01-012025-12-310001633858ck0001633858:MetalsMiningSectorMember2025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Capital Equipment Industrial Electric Manufacturing Investment Type Senior Secured Amendment No. 1 Incremental Term Facility Index S+ Spread 4.50% Interest Rate 8.15% Acquisition Date 12/3/2025 Maturity Date 12/3/20312025-01-012025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Healthcare & Pharmaceuticals Advancing Eyecare Investment Type Senior Secured Initial Term Loan Index S+ Spread 5.75% Interest Rate 9.40% Acquisition Date 5/27/2022 Maturity Date 6/13/20292025-12-3100016338582025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Healthcare & Pharmaceuticals Patterson Companies Investment Type Senior Secured Initial Term Loan Index S+ Spread 4.50% Interest Rate 8.15% Acquisition Date 7/24/2025 Maturity Date 4/16/20322025-12-310001633858Investment TRG Investment Type Senior Secured Delayed Draw Term Loan Index S+ Spread 4.50% Interest Rate 8.18% Maturity 1/5/20322026-01-012026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS High Tech Industries Aptean Investment Type Unitranche Initial Term Loan Index S+ Spread 4.75% Interest Rate 8.43% Acquisition Date 1/1/2024 Maturity Date 1/30/20312026-03-310001633858Investment Liberty Group Investment Type Senior Secured Revolving Loan Index S+ Spread 5.75% Interest Rate 9.43% Maturity 12/15/20282025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS High Tech Industries Precisely Investment Type Senior Secured Third Amendment Term Loan (First Lien) Index S+ Spread 4.00% Interest Rate 7.65% Acquisition Date 3/19/2021 Maturity Date 4/24/20282025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Business Levata Investment Type Senior Secured Sixteenth Amendment Incremental Effective Date Term Loan Index S+ Spread 5.00% Interest Rate 8.68% Acquisition Date 8/19/2025 Maturity Date 12/21/20272026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Environmental Industries Keter Environmental Services Investment Type Senior Secured Revolving Loan Index S+ Spread 5.25% Interest Rate 8.93% Acquisition Date 11/5/2021 Maturity Date 10/29/20272026-03-310001633858Investment 80/20 Investment Type Senior Secured Delayed Draw Term Loan Index S+ Spread 4.50% Interest Rate 8.18% Maturity 12/12/20322026-01-012026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Business Epiq Investment Type Senior Secured 2025 Refinancing Term Loan (First Lien) Index S+ Spread 4.00% Interest Rate 7.68% Acquisition Date 7/17/2024 Maturity Date 4/26/20292026-01-012026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Healthcare & Pharmaceuticals RevHealth Investment Type Senior Secured Revolving Loan Index S+ Spread 2.50%, 3.25% PIK Interest Rate 9.43% Acquisition Date 7/22/2022 Maturity Date 7/21/20282026-01-012026-03-310001633858us-gaap:ValuationTechniqueMatrixPricingMemberck0001633858:MeasurementInputSeniorLeverageMemberck0001633858:FirstLienMembersrt:MaximumMember2026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Business VC3 Investment Type Senior Secured RC Index S+ Spread 5.10% Interest Rate 8.75% Acquisition Date 7/21/2022 Maturity Date 3/12/20292025-01-012025-12-310001633858ck0001633858:EquityInvestmentsMember2026-03-310001633858ck0001633858:WholesaleSectorMember2026-01-012026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Containers, Packaging & Glass Precision Concepts Investment Type Unitranche Initial Term Loan (CA) Index S+ Spread 4.75% Interest Rate 8.43% Acquisition Date 7/28/2025 Maturity Date 8/2/20322026-01-012026-03-310001633858ck0001633858:UnitrancheDebtOneMembersrt:WeightedAverageMemberus-gaap:ValuationTechniqueMatrixPricingMemberck0001633858:MeasurementInputTotalLeverageMember2025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Containers, Packaging & Glass Intertape Polymer Investment Type Senior Secured Initial Term Loan (First Lien) Index S+ Spread 4.75% Interest Rate 8.40% Acquisition Date 6/15/2022 Maturity Date 6/28/20282025-01-012025-12-310001633858ck0001633858:CapitalEquipmentSectorMember2026-01-012026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Capital Equipment Associated Springs Investment Type Senior Secured Amendment No. 1 Incremental Term Loan Index S+ Spread 4.75% Interest Rate 8.43% Acquisition Date 11/25/2024 Maturity Date 4/4/20302026-03-310001633858Portfolio Investments EQUITY AND PREFERRED SHARES: NON-CONTROL/NON-AFFILIATE INVESTMENTS Banking, Finance, Insurance & Real Estate American Beacon Advisors Investment Type Common Units Acquisition Date 12/29/20232025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Environmental Industries Crystal Clean Investment Type Senior Secured Initial Term Loan Index S+ Spread 3.75% Interest Rate 7.40% Acquisition Date 10/5/2023 Maturity Date 10/17/20302025-01-012025-12-310001633858srt:WeightedAverageMemberus-gaap:ValuationTechniqueMatrixPricingMemberck0001633858:MeasurementInputTotalEnterpriseValueCoverageMemberck0001633858:FirstLienMember2025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Transportation: Cargo St. George Logistics Investment Type Senior Secured Third-Out Closing Date Purchased Term Loan Index S+ Spread 1.00%, 6.00% PIK Interest Rate 10.65% Acquisition Date 10/3/2024 Maturity Date 10/3/20292025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Aerospace & Defense API Technologies Investment Type Senior Secured Term B-2 Loan (First Lien) Index S+ Spread 1.00%, 6.00% PIK Interest Rate 10.65% Acquisition Date 1/15/2020 Maturity Date 5/9/20272025-12-310001633858Investment Aurora Energy Research Investment Type Senior Secured Delayed Draw Term Facility Notes Index S+ Spread 5.00% Interest Rate 8.68% Maturity 9/8/20322025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Healthcare & Pharmaceuticals Forefront Investment Type Senior Secured Closing Date Term Loan Index S+ Spread 4.25% Interest Rate 7.90% Acquisition Date 3/23/2022 Maturity Date 3/30/20292025-12-310001633858ck0001633858:UnitrancheDebtOneMembersrt:WeightedAverageMemberus-gaap:ValuationTechniqueMatrixPricingMemberck0001633858:MeasurementInputSeniorLeverageMember2026-03-310001633858Investment FLS Transportation Investment Type Senior Secured Revolving Credit Loan Index S+ Spread 5.25% Interest Rate 8.93% Maturity 12/17/20272025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Consumer United Comfort Group (fka United Air Temp) Investment Type Unitranche Initial Term Loan Index S+ Spread 5.50% Interest Rate 9.15% Acquisition Date 2/14/2024 Maturity Date 3/28/20302025-01-012025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Business Paradigm Outcomes Investment Type Senior Secured 2025 Replacement Term Loan Index S+ Spread 3.00% Interest Rate 6.65% Acquisition Date 4/2/2024 Maturity Date 5/6/20312025-12-310001633858Investment 80/20 Investment Type Senior Secured Revolving Loan Index S+ Spread 4.50% Interest Rate 8.18% Maturity 12/12/20322026-03-310001633858srt:WeightedAverageMemberck0001633858:MatrixPricingMarketAnalysisMemberus-gaap:MeasurementInputCreditSpreadMemberck0001633858:FirstLienMember2025-12-310001633858Investment Vertellus Investment Type Senior Secured Revolving Credit Loan Index S+ Spread 5.75% Interest Rate 9.43% Maturity 1/2/20292026-03-310001633858Portfolio Investments EQUITY AND PREFERRED SHARES: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Business Gallo Mechanical Investment Type LP Interest Acquisition Date 6/19/20252025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Aerospace & Defense Tronair Investment Type Senior Secured Revolving Loan Index S+ Spread 3.75% Interest Rate 7.43% Acquisition Date 12/18/2025 Maturity Date 12/22/20322026-03-310001633858us-gaap:FairValueInputsLevel3Member2025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Business Mitratech Investment Type Unitranche Closing Date Initial Term Loan Index S+ Spread 4.75% Interest Rate 8.40% Acquisition Date 12/1/2025 Maturity Date 12/2/20312025-12-310001633858us-gaap:NortheastRegionMember2025-01-012025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Banking, Finance, Insurance & Real Estate Prime Pensions Investment Type Senior Secured Revolving Credit Index S+ Spread 4.75% Interest Rate 8.40% Acquisition Date 2/20/2024 Maturity Date 2/26/20302025-12-310001633858ck0001633858:ConsumerGoodsDurableSectorMember2026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Containers, Packaging & Glass Brook & Whittle Investment Type Senior Secured Tranche A Term Loan Index S+ Spread 6.50% Interest Rate 10.15% Acquisition Date 8/11/2025 Maturity Date 12/14/20302025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Beverage, Food & Tobacco Hissho Sushi Investment Type Senior Secured Revolving Credit Loan Index S+ Spread 4.75% Interest Rate 8.40% Acquisition Date 4/7/2022 Maturity Date 5/18/20292025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Consumer FullBloom Investment Type Senior Secured Initial Term Loan (First Lien) Index S+ Spread 4.25% Interest Rate 7.93% Acquisition Date 12/10/2021 Maturity Date 12/15/20282026-01-012026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Business Gallo Mechanical Investment Type Senior Secured Initial Term Loan Index S+ Spread 4.75% Interest Rate 8.40% Acquisition Date 6/19/2025 Maturity Date 8/2/20322025-01-012025-12-310001633858Portfolio Investments EQUITY AND PREFERRED SHARES: NON-CONTROL/NON-AFFILIATE INVESTMENTS Banking, Finance, Insurance & Real Estate Cherry Bekaert Investment Type Class A Units Acquisition Date 6/30/20222026-01-012026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Healthcare & Pharmaceuticals AccentCare Investment Type Senior Secured Tranche B Term Loan Index S+ Spread 4.00% Interest Rate 7.65% Acquisition Date 6/15/2021 Maturity Date 9/20/20282025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Beverage, Food & Tobacco Purfoods Investment Type Senior Secured 2026 Term Loan Index S+ Spread 4.50% Interest Rate 8.18% Acquisition Date 6/24/2024 Maturity Date 8/10/20292026-03-310001633858Investment Industrial Services Group Investment Type Senior Secured Revolving Loan Index S+ Spread 5.75% Interest Rate 9.43% Maturity 12/7/20282026-01-012026-03-310001633858Investment Dun & Bradstreet Investment Type Senior Secured Revolving Credit Loan Index S+ Spread 5.50% Interest Rate 9.18% Maturity 8/26/20322025-12-310001633858ck0001633858:UnitrancheDebtOneMemberus-gaap:ValuationTechniqueMatrixPricingMemberck0001633858:MeasurementInputSeniorLeverageMembersrt:MaximumMember2025-12-310001633858Portfolio Investments EQUITY AND PREFERRED SHARES: NON-CONTROL/NON-AFFILIATE INVESTMENTS Banking, Finance, Insurance & Real Estate American Beacon Advisors Investment Type Common Units Acquisition Date 12/29/20232026-03-310001633858Investment AGS Health Investment Type Senior Secured Tranche A Revolving Credit Loan Index S+ Spread 4.50% Interest Rate 8.18% Maturity 8/2/20322026-01-012026-03-310001633858Investment InnovateMR Investment Type Senior Secured Revolving Loan Index S+ Spread 6.00% Interest Rate 9.68% Maturity 1/20/20282026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Healthcare & Pharmaceuticals Nvision Investment Type Senior Secured Revolving Loan Index S+ Spread 5.50% Interest Rate 9.15% Acquisition Date 10/31/2024 Maturity Date 12/31/20282025-01-012025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS High Tech Industries Inhabit Investment Type Senior Secured Revolving Credit Loan Index S+ Spread 4.50% Interest Rate 8.15% Acquisition Date 12/10/2024 Maturity Date 1/12/20322025-01-012025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Environmental Industries Denali Water Solutions Investment Type Senior Secured Closing Date Term Loan Index S+ Spread 4.75% Interest Rate 8.40% Acquisition Date 11/13/2025 Maturity Date 11/19/20322025-12-310001633858ck0001633858:UnitrancheDebtOneMember2024-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Services: Business HireRight Investment Type Senior Secured 2025 Replacement Term Loan (First Lien) Index S+ Spread 4.75% Interest Rate 8.93% Acquisition Date 3/25/2024 Maturity Date 9/27/20302026-03-310001633858Investment Brown & Root Investment Type Senior Secured Revolving Loan Index S+ Spread 5.00% Interest Rate 8.68% Maturity 10/3/20302026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Healthcare & Pharmaceuticals Cirtec Medical Investment Type Senior Secured Amendment No. 1 Incremental Term Loan Index S+ Spread 5.00% Interest Rate 8.65% Acquisition Date 7/02/2024 Maturity Date 1/30/20292025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Construction & Building Tangent Investment Type Senior Secured Closing Date Term Loan (First Lien) Index S+ Spread 4.75% Interest Rate 8.40% Acquisition Date 10/2/2019 Maturity Date 11/30/20272025-01-012025-12-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Banking, Finance, Insurance & Real Estate Steward Partners Investment Type Senior Secured Revolving Loan Index S+ Spread 4.75% Interest Rate 8.43% Acquisition Date 12/20/2023 Maturity Date 10/14/20282026-03-310001633858Portfolio Investments Audax Credit BDC, Inc. BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Healthcare & Pharmaceuticals TEAM Services Investment Type Senior Secured Incremental Term Loan (First Lien) Index S+ Spread 5.25% Interest Rate 8.93% Acquisition Date 1/30/2026 Maturity Date 1/28/20232026-03-310001633858ck0001633858:BankLoansMemberck0001633858:MediaDiversifiedProductionSectorMember2026-03-310001633858ck0001633858:FirstLienMember2026-03-31ck0001633858:Itemiso4217:USDxbrli:sharesxbrli:purexbrli:sharesiso4217:USD

 

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 March 31, 2026

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 47,020,471 shares of common stock, par value $0.001 per share, outstanding as of May 12, 2026.

 

1

 

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AUDAX CREDIT BDC INC.

TABLE OF CONTENTS

 

PART I.	FINANCIAL INFORMATION:
Item 1.	Consolidated Financial Statements
		Consolidated Statements of Assets and Liabilities as of March 31, 2026 (unaudited) and December 31, 2025	2
		Consolidated Statements of Operations for the three months ended March 31, 2026 (unaudited) and 2025 (unaudited)	3
		Consolidated Statements of Changes in Net Assets for the three months ended March 31, 2026 (unaudited) and 2025 (unaudited)	4
		Consolidated Statements of Cash Flows for the three months ended March 31, 2026 (unaudited) and 2025 (unaudited)	5
		Consolidated Schedules of Investments as of March 31, 2026 (unaudited) and December 31, 2025	6
		Notes to Consolidated Financial Statements (unaudited)	31
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations
		Overview	53
		Results of Operations	55
		Financial Condition, Liquidity and Capital Resources	57
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

 

1

 

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Audax Credit BDC Inc.

Consolidated Statements of Assets and Liabilities

March 31, 2026 and December 31, 2025

(Expressed in U.S. Dollars)

 

		March 31, 2026				December 31, 2025
		(unaudited)
Assets
Investments, at fair value
Non-Control/Non-Affiliate investments (Cost of $421,382,402 and $420,392,905, respectively)		$	402,522,665			$	407,509,401
Cash and cash equivalents			11,727,871				12,817,052
Interest receivable			2,404,816				2,414,958
Receivable from investments sold			—				80,570
Receivable from bank loan repayment			55,606				49,640
Total Assets		$	416,710,958			$	422,871,621
Liabilities
Payable for investments purchased		$	2,086,250			$	2,600,667
Fees due to investment advisor, net of waivers(a)			1,079,609				987,597
Fee due to administrator(a)			66,250				66,250
Accrued expenses and other liabilities			678,756				661,759
Total Liabilities		$	3,910,865			$	4,316,273
Commitments and contingencies(b)
Net Assets
Common stock, $0.001 par value per share, 100,000,000 shares authorized, 47,020,471 and 47,020,468 shares issued and outstanding, respectively		$	47,020			$	47,020
Capital in excess of par value			442,003,537				442,003,508
Total distributable loss			(29,250,464	)			(23,495,180	)
Total Net Assets		$	412,800,093			$	418,555,348
Net Asset Value per Share of Common Stock at End of Period		$	8.78			$	8.90
Shares Outstanding			47,020,471				47,020,468

 

(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 consolidated financial statements.

 

2

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Audax Credit BDC Inc.

Consolidated Statements of Operations

(Expressed in U.S. Dollars)

(unaudited)

 

		Three Months Ended				Three Months Ended
		March 31, 2026				March 31, 2025
Investment Income
Non-Control/Non-Affiliate
Interest income		$	9,212,748			$	9,916,756
Interest on cash			7,056				59,392
Total interest income			9,219,804				9,976,148
Non-Control/Non-Affiliate
Fee income			20,143				25,990
Total income			9,239,947				10,002,138
Expenses
Base management fee(a)		$	1,057,008			$	1,082,732
Incentive fee(a)			1,226,520				1,337,809
Professional fees			178,416				136,886
Directors' fees			46,436				72,750
Administrative fee(a)			66,250				66,250
Other expenses			85,700				104,461
Expenses before waivers from investment adviser and administrator			2,660,330				2,800,888
Base management fee waivers(a)			(369,953	)			(378,956	)
Incentive fee waivers(a)			(833,966	)			(872,650	)
Total expenses, net of waivers			1,456,411				1,549,282
Net Investment Income			7,783,536				8,452,856
Realized and Unrealized Gain (Loss) on Non-Control/Non-Affiliate Investments
Net realized (loss) gain on investments			(39,312	)			133,380
Net change in unrealized depreciation on investments			(5,976,233	)			(2,652,187	)
Net realized and unrealized loss on investments			(6,015,545	)			(2,518,807	)
Net Increase in Net Assets Resulting from Operations		$	1,767,991			$	5,934,049
Basic and Diluted per Share of Common Stock:
Net investment income		$	0.16			$	0.18
Net increase in net assets resulting from operations		$	0.04			$	0.13
Weighted average shares of common stock outstanding basic and diluted			47,750,805				47,020,454

 

(a)

Refer to Note 4-Related Party Transactions for additional information

 

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

 

3

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Audax Credit BDC Inc.

Consolidated Statements of Changes in Net Assets

(Expressed in U.S. Dollars)

(unaudited)

 

		Three Months Ended				Three Months Ended
		March 31, 2026				March 31, 2025
Operations
Net investment income		$	7,783,536			$	8,452,856
Net realized (loss) gain on investments			(39,312	)			133,380
Net change in unrealized depreciation on investments			(5,976,233	)			(2,652,187	)
Net increase in net assets resulting from operations			1,767,991				5,934,049
Distributions:
Distributions of ordinary income to common stockholders (a)			(7,523,275	)			(8,452,856	)
Return of capital to common stockholders (a)			-				(10,826	)
Total distributions			(7,523,275	)			(8,463,682	)
Capital Share Transactions:
Issuance of common stock			15,000,000				—
Repurchases of common stock (a)			(15,000,000	)			—
Reinvestment of common stock			29				30
Net increase in net assets from capital share transactions			29				30
Net (Decrease) Increase in Net Assets			(5,755,255	)			(2,529,603	)
Net Assets, Beginning of Period			418,555,348				426,642,405
Net Assets, End of Period		$	412,800,093			$	424,112,802

 

(a)

Refer to Note 6-Income Tax for additional information

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

 

4

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Audax Credit BDC Inc.

Consolidated Statements of Cash Flows

(Expressed in U.S. Dollars)

(unaudited)

 

		Three Months Ended				Three Months Ended
		March 31, 2026				March 31, 2025
Cash flows from operating activities:
Net increase in net assets resulting from operations		$	1,767,991			$	5,934,049
Adjustments to reconcile net increase in net assets from
operations to net cash provided by operating activities:
Net realized loss (gain) on investments			39,312				(133,380	)
Net change in unrealized depreciation on investments			5,976,233				2,652,187
Accretion of original issue discount interest and payment-in-kind interest			(530,290	)			(541,463	)
Decrease in interest receivable			10,142				18,910
Increase in other assets			—				(238,554	)
Increase (decrease) in accrued expenses and other liabilities			16,997				(48,927	)
Increase (decrease) in fees due to investment advisor(a)			92,012				(27,513	)
Investments purchased			(14,972,349	)			(26,913,160	)
Proceeds from investments sold			2,435,939				2,775,026
Repayment of bank loans			11,598,078				20,623,789
Net cash provided by operating activities			6,434,065				4,100,964
Cash flows from financing activities:
Distributions paid to common stockholders			(7,523,246	)			(8,463,652	)
Net cash used in financing activities			(7,523,246	)			(8,463,652	)
Net decrease in cash and cash equivalents			(1,089,181	)			(4,362,688	)
Cash and cash equivalents:
Cash and cash equivalents, beginning of period			12,817,052				19,737,091
Cash and cash equivalents, end of period		$	11,727,871			$	15,374,403
Supplemental non-cash information
Issuance of shares of common stock			15,000,000				—
Repurchases of shares of common stock			(15,000,000	)			—
Issuance of common shares in connection with dividend reinvestment plan			29				30
Payment-in-kind ("PIK") interest income		$	272,466			$	310,135

 

(a)

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

 

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

 

5

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Audax Credit BDC Inc.

Consolidated Schedules of Investments

As of March 31, 2026

(Expressed in U.S. Dollars)

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
Audax Credit BDC, Inc.
BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS (h) (i):
Services: Business
Vortex Companies		(j)		Unitranche Initial Term Loan		S+		5.00%		8.68%		9/1/2023		9/4/2029		$	4,989,406			$	4,935,088			$	4,989,398
Amplix		(j)		Unitranche First Amendment Term Loan		S+		4.50%		8.18%		10/19/2023		10/18/2029			4,326,032				4,244,133				4,326,032
InnovateMR		(j)		Senior Secured Initial Term Loan		S+		6.00%		9.68%		12/16/2021		1/20/2028			4,066,791				4,042,029				4,066,791
Industrial Services Group		(j)		Unitranche Initial Term Loan		S+		5.75%		9.43%		12/7/2022		12/7/2028			4,063,562				4,005,629				4,063,562
LegalShield		(k)		Senior Secured Initial Term Loan (First Lien)		S+		3.25%		6.93%		12/7/2021		12/15/2028			4,321,451				4,302,762				3,762,752
CoAdvantage				Senior Secured 2023 1L Refinancing Term Loan (First Lien)		S+		5.50%		9.18%		8/2/2023		8/2/2029			3,753,759				3,753,759				3,725,605
Kept Companies				Senior Secured Term Loan		S+		5.25%		8.93%		4/30/2024		4/30/2029			3,427,138				3,391,169				3,401,435
GoldenSource		(j)		Unitranche Initial Term Loan		S+		5.00%		8.68%		3/25/2022		5/12/2028			3,325,858				3,277,610				3,325,858
Eliassen				Unitranche Initial Term Loan		S+		5.75%		9.43%		3/31/2022		4/14/2028			3,371,574				3,348,206				3,295,714
Discovery Education				Unitranche Initial Term Loan (First Lien)		S+		2.88%, 5.72% PIK		12.27%		3/25/2022		4/9/2029			3,978,448				3,945,233				2,983,836
CoolSys				Senior Secured Closing Date Initial Term Loan		S+		6.00%		9.68%		8/4/2021		2/11/2030			2,984,837				2,972,831				2,887,830
The Facilities Group				Unitranche Initial Term Loan		S+		5.75%		9.43%		12/10/2021		11/30/2028			2,896,298				2,883,847				2,867,335
Argano				Senior Secured Initial Term Loan		S+		5.50%		9.18%		9/13/2024		9/13/2029			2,798,132				2,753,275				2,766,653
Paradigm Outcomes		(k)		Senior Secured 2025 Replacement Term Loan		S+		3.00%		6.68%		4/2/2024		5/6/2031			1,968,894				1,961,657				1,971,670
Vensure				Senior Secured Initial Term Loan		S+		5.00%		8.68%		9/23/2024		9/27/2031			1,976,680				1,956,680				1,961,855
Epiq		(k)		Senior Secured 2025 Refinancing Term Loan (First Lien)		S+		4.00%		7.68%		7/17/2024		4/26/2029			2,250,934				2,185,350				1,948,937
Liberty Group		(j)		Unitranche Initial Term Loan		S+		5.75%		9.43%		6/6/2022		6/15/2028			1,881,591				1,864,629				1,875,848
VC3		(j)		Senior Secured Delayed TL		S+		5.00%		8.68%		9/16/2022		3/12/2027			1,866,949				1,850,659				1,866,949
InnovateMR		(j)		Senior Secured First Amendment Term Loan		S+		6.50%		10.18%		12/23/2022		1/20/2028			1,824,833				1,801,078				1,824,833
Mediaocean		(k)		Senior Secured Initial Term Loan (First Lien)		S+		3.50%		7.18%		12/9/2021		12/15/2028			1,920,000				1,911,731				1,813,200
CCG				Unitranche Initial Term Loan		S+		4.50%		8.18%		12/30/2025		12/30/2032			1,729,242				1,712,326				1,716,273
Dun & Bradstreet				Unitranche Initial Term Loan		S+		5.50%		9.18%		6/30/2025		8/26/2032			1,496,250				1,482,695				1,488,769
Secretariat				Senior Secured Initial Term Loan		S+		4.00%		7.68%		2/24/2025		2/28/2032			1,485,000				1,478,243				1,470,150
Insight Global				Unitranche 2024 Refinancing Term Loan		S+		5.00%		8.68%		9/22/2021		9/22/2028			1,436,810				1,424,269				1,433,218
Heartland				Senior Secured Initial Term Loan		S+		4.75%		8.43%		12/1/2023		12/12/2029			1,422,275				1,402,016				1,408,052
Aprio				Senior Secured Initial Term Loan		S+		4.75%		8.43%		8/1/2024		8/1/2031			1,417,530				1,402,740				1,403,355
Gallo Mechanical				Senior Secured Initial Term Loan		S+		4.75%		8.43%		6/19/2025		8/2/2032			1,363,918				1,343,332				1,360,508
Ascend				Senior Secured Initial Term Loan		S+		4.50%		8.18%		10/22/2024		8/11/2031			1,349,085				1,343,110				1,335,594
Addison Group		(k)		Senior Secured Initial Term Loan		S+		4.25%		7.93%		1/19/2022		12/29/2028			1,315,714				1,314,238				1,194,655
Health Management Associates				Senior Secured Term Loan A		S+		6.25%		9.93%		3/31/2023		3/30/2029			1,098,193				1,078,843				1,085,838
Embark		(j)		Senior Secured Term B Loan		S+		4.50%		8.18%		8/27/2025		9/2/2032			995,000				981,895				987,538
Barton Associates				Unitranche Initial Term Loan		S+		6.50%		10.18%		11/18/2024		7/26/2028			984,694				977,780				973,616
Colibri				Senior Secured First Amendment Incremental Term Loan		S+		5.00%		8.68%		11/9/2023		3/12/2029			977,500				962,498				972,613
Aprio				Senior Secured 2025 Incremental Term Loan		S+		4.75%		8.43%		4/18/2025		8/1/2031			909,911				901,463				900,812
Levata				Senior Secured Sixteenth Amendment Incremental Effective Date Term Loan		S+		5.00%		8.68%		8/19/2025		12/21/2027			809,806				802,593				805,757
AI Fire & Safety				Unitranche Initial Term Loan		S+		2.25%, 2.75% PIK		8.68%		12/20/2024		2/2/2032			673,799				670,647				670,430
Beacon Communications		(k)		Senior Secured Term Loan		S+		4.75%		8.43%		3/31/2026		4/2/2032			611,111				605,000				605,000
Eagle Fire				Senior Secured Initial Term Loan		S+		4.50%		8.18%		6/4/2025		7/15/2032			568,242				561,785				563,980
Lexitas				Unitranche Initial Term Loan		S+		5.00%		8.68%		4/15/2025		4/15/2031			517,599				512,361				512,423
InvestCloud APL				Senior Secured Initial Term Loan		S+		4.00%		7.68%		1/16/2026		1/14/2033			500,000				495,000				496,250
Geosyntec		(k)		Senior Secured 2025 Incremental Term Loan		S+		3.00%		6.68%		7/24/2024		7/31/2031			495,013				493,016				494,706
Inmar				Senior Secured Amendment No. 4 Refinancing Term Loan (First Lien)		S+		4.50%		8.18%		10/25/2024		10/30/2031			492,525				490,268				487,600
S&P Engineering Solutions				Senior Secured 2024 Converted Term Loan		S+		5.00%		8.68%		3/31/2023		5/2/2030			487,500				478,099				487,500
System One				Senior Secured 2025 Refinancing Term Loan		S+		3.50%		7.18%		1/28/2021		3/2/2028			476,400				475,665				471,636
Mitratech				Unitranche Closing Date Initial Term Loan		S+		4.75%		8.43%		12/1/2025		12/2/2031			458,716				456,451				456,422
Perficient				Senior Secured Closing Date Term Loan		S+		3.50%		7.18%		8/2/2024		10/2/2031			450,890				448,962				442,999
Trace3		(k)		Unitranche Closing Date Term B Loan		S+		4.00%		7.68%		10/8/2025		10/29/2032			452,381				448,004				441,863
trustaff				Senior Secured Initial Term Loan (First Lien)		S+		4.25%		7.93%		12/9/2021		3/6/2028			954,774				953,928				429,648
HireRight		(k)		Senior Secured 2025 Replacement Term Loan (First Lien)		S+		3.25%		6.93%		3/25/2024		9/27/2030			491,263				486,736				424,082
AIA Contract		(j)		Senior Secured Term Loan		S+		4.75%		8.43%		6/30/2025		7/2/2031			422,121				416,475				422,121

 

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

 

6

---

 

Audax Credit BDC Inc.

Consolidated Schedules of Investments (continued)

As of March 31, 2026

(Expressed in U.S. Dollars)

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
Audax Credit BDC, Inc. (Continued)
BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS (h) (i) (Continued):
Industrial Services Group		(j)		Senior Secured Revolving Loan		S+		5.75%		9.43%		12/7/2022		12/7/2028		$	380,952			$	363,810			$	380,952
Aurora Energy Research		(l)		Unitranche Facility B Notes		S+		5.00%		8.68%		9/4/2025		9/8/2032			379,916				375,196				377,066
Capital Consultants Management		(j)		Unitranche Closing Date Term Loan		S+		4.75%		8.43%		7/29/2025		11/1/2031			339,736				335,797				339,736
OSG Billing Services				Senior Secured Last-Out Term Loan		S+		6.25%		9.93%		11/30/2023		11/30/2028			312,562				312,562				309,436
GoldenSource		(j)		Senior Secured Revolving Loan		S+		5.00%		8.68%		3/25/2022		5/12/2028			253,521				244,131				253,521
OSG Billing Services				Senior Secured First-Out Term Loan		S+		8.00%		11.68%		11/30/2023		5/30/2028			219,341				209,666				217,696
Vortex Companies		(j)		Senior Secured Revolving Loan		S+		5.00%		8.68%		9/1/2023		9/4/2029			186,169				151,653				186,169
Aprio				Senior Secured Revolving Loan		S+		4.75%		8.43%		8/1/2024		8/1/2031			83,227				82,728				82,395
Liberty Group		(j)		Senior Secured Revolving Loan		S+		5.75%		9.43%		6/6/2022		12/15/2028			79,545				75,000				79,303
Discovery Education				Senior Secured Revolving Credit Loan (First Lien)		S+		5.75%, 1.84% PIK		11.27%		3/25/2022		4/9/2029			102,564				98,526				76,923
Ascend				Senior Secured Revolving Credit Loan		S+		4.50%		8.18%		10/22/2024		8/11/2031			68,729				67,869				68,041
VC3		(j)		Senior Secured RC		S+		5.00%		8.68%		7/21/2022		3/12/2027			46,154				43,462				46,154
Gallo Mechanical				Senior Secured Initial Revolving Loan		S+		4.75%		8.43%		6/19/2025		8/2/2032			39,067				34,672				38,969
Heartland				Senior Secured Revolving Credit Loan		S+		4.75%		8.43%		12/1/2023		12/12/2029			17,035				12,410				16,864
Embark				Senior Secured Revolving Credit Loan		S+		4.50%		8.18%		8/27/2025		9/2/2032			16,000				14,000				15,880
Mitratech				Senior Secured Revolving Loan		S+		4.75%		8.43%		12/1/2025		12/2/2031			—				(92	)			—
AI Fire & Safety				Senior Secured Revolving Credit Loan		S+		4.50%		8.18%		12/20/2024		2/2/2032			—				(449	)			—
Lexitas				Senior Secured Revolving Credit Loan		S+		5.00%		8.68%		4/15/2025		4/15/2031			—				(573	)			—
AIA Contract		(j)		Senior Secured Revolving Loan		S+		4.75%		8.43%		6/30/2025		7/2/2031			—				(1,136	)			—
Eagle Fire				Senior Secured Initial Revolving Loan		S+		4.50%		8.18%		6/4/2025		7/15/2032			—				(1,346	)			—
S&P Engineering Solutions				Senior Secured 2024 Converted Revolving Credit Loan		S+		5.00%		8.68%		3/31/2023		5/2/2029			—				(1,471	)			—
Dun & Bradstreet				Senior Secured Revolving Credit Loan		S+		5.50%		9.18%		6/30/2025		8/26/2032			—				(1,500	)			—
Health Management Associates				Senior Secured Revolving Loan		S+		6.25%		9.93%		3/31/2023		3/30/2029			—				(2,131	)			—
CCG				Senior Secured Revolving Facility		S+		4.50%		8.18%		12/30/2025		12/30/2032			—				(2,708	)			—
Kept Companies				Senior Secured Revolving Loan		S+		5.25%		8.93%		4/30/2024		4/30/2029			—				(7,131	)			—
Amplix		(j)		Senior Secured Revolving Credit Loan		S+		4.50%		8.18%		10/19/2023		10/18/2029			—				(8,242	)			—
																					90,382,496				88,158,606
Healthcare & Pharmaceuticals
American Vision Partners		(j)		Unitranche Initial Term Loan		S+		5.75%		9.43%		9/22/2021		9/30/2027			4,785,901				4,760,380				4,785,901
Minds + Assembly		(j)		Unitranche Initial Term Loan (First Lien)		S+		5.00%		8.68%		5/3/2023		5/3/2029			3,986,646				3,923,778				3,986,646
Paradigm Oral Health				Senior Secured Initial Term Loan		S+		4.75%		8.43%		9/30/2024		11/16/2028			3,960,619				3,929,246				3,960,619
Sequel Ortho (fka OrthoNebraska)		(j)		Unitranche Initial Term Loan		S+		5.00%		8.68%		7/31/2023		7/31/2028			3,302,836				3,254,216				3,302,836
Summit Spine 2025		(j)		Unitranche Initial Term Loan		S+		4.75%		8.43%		3/21/2025		3/25/2031			3,247,888				3,189,288				3,247,888
U.S. Foot and Ankle Specialists				Senior Secured Term Loan		S+		5.75%		9.43%		4/17/2024		9/15/2026			2,959,143				2,948,419				2,929,551
RevHealth		(j)		Unitranche Initial Term Loan		S+		2.50%, 3.25% PIK		9.43%		7/22/2022		7/21/2028			4,233,350				4,196,073				2,756,187
EyeSouth Partners				Unitranche Amendment No.2 Term Loan (First Lien)		S+		5.50%		9.18%		11/15/2024		10/5/2029			2,484,497				2,461,199				2,459,652
Ivy Rehab				Senior Secured Initial Term Loan (First Lien)		S+		5.00%		8.68%		3/11/2022		4/23/2029			2,012,418				1,991,968				1,992,294
Gastro Health				Senior Secured Initial Term Loan (First Lien)		S+		4.50%		8.18%		7/2/2021		7/3/2028			1,911,028				1,906,701				1,877,585
Upstream Rehabilitation		(k)		Senior Secured December 2025 Extended/Modified Term Loan (First Lien)		S+		4.25%		7.93%		10/24/2019		11/20/2029			1,899,655				1,899,201				1,763,773
Therapy Brands				Senior Secured Initial Term Loan (First Lien)		S+		4.00%		7.68%		5/12/2021		5/18/2028			1,801,939				1,798,594				1,743,376
Blue Cloud				Senior Secured Closing Date Term Loan		S+		5.00%		8.68%		8/12/2025		1/21/2031			1,649,989				1,649,989				1,641,739
Advancing Eyecare				Senior Secured Initial Term Loan		S+		5.75%		9.43%		5/27/2022		6/13/2029			2,449,170				2,413,334				1,640,944
Visor Buyer, Inc.		(j)		Unitranche Initial Term Loan		S+		6.50%		10.18%		12/15/2025		12/15/2031			1,595,609				1,596,661				1,595,609
TEAM Services		(k)		Senior Secured Initial Term Loan		S+		5.25%		8.93%		1/30/2026		1/28/2033			1,500,000				1,481,250				1,481,250
ImageFirst				Senior Secured Initial Term Loan		S+		3.00%		6.68%		3/12/2025		3/12/2032			1,488,750				1,485,000				1,477,584
MedRisk		(k)		Senior Secured 2025 Term Loan (First Lien)		S+		3.00%		6.68%		4/1/2021		5/10/2028			1,460,126				1,456,649				1,459,097
Quantum Health		(k)		Senior Secured Amendment No. 1 Refinancing Term Loan (First Lien)		S+		4.25%		7.93%		12/18/2020		12/22/2027			1,428,750				1,422,500				1,428,750
Forefront		(k)		Senior Secured Term B-1 Loan		S+		5.50%		9.18%		12/14/2023		3/30/2029			1,470,000				1,448,722				1,391,906
MB2 Dental				Unitranche Initial Term Loan		S+		5.50%		9.18%		2/5/2024		2/13/2031			1,278,191				1,267,557				1,274,995
Nvision				Senior Secured 2024 Initial Term Loan		S+		5.50%		9.18%		10/31/2024		12/31/2028			1,244,934				1,220,565				1,223,147

 

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

 

7

---

 

Audax Credit BDC Inc.

Consolidated Schedules of Investments (continued)

As of March 31, 2026

(Expressed in U.S. Dollars)

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
Audax Credit BDC, Inc. (Continued)
BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS (h) (i) (Continued):
Symplr		(k)		Senior Secured Initial Term Loan (First Lien)		S+		4.50%		8.18%		11/23/2020		12/22/2027		$	1,425,000			$	1,418,740			$	1,011,750
RxBenefits				Senior Secured Initial Term Loan		S+		5.00%		8.68%		12/31/2025		12/23/2030			1,000,000				980,551				992,500
Press Ganey		(k)		Senior Secured Existing Term Loan (First Lien)		S+		3.00%		6.68%		4/24/2024		4/30/2031			985,056				977,558				984,687
Radiology Partners		(k)		Senior Secured Term B Loan		S+		4.50%		8.18%		6/26/2025		6/30/2032			995,000				985,866				982,030
Cirtec Medical				Senior Secured U.S. Dollar Term Loan		S+		5.00%		8.68%		1/30/2023		1/30/2029			970,000				953,127				967,575
NSM				Senior Secured Amendment No. 9 Incremental Term Loan		S+		4.25%		7.93%		8/5/2024		5/14/2029			940,747				939,433				938,395
Epic Staffing Group				Senior Secured Initial Term Loan		S+		6.00%		9.68%		6/27/2022		6/28/2029			964,593				930,438				933,243
Forefront		(k)		Senior Secured Closing Date Term Loan		S+		4.25%		7.93%		3/23/2022		3/30/2029			962,793				954,571				911,644
VaxCare				Unitranche Initial Term Loan		S+		4.25%		7.93%		6/10/2025		6/17/2032			829,167				821,583				829,167
Patterson Companies		(k)		Senior Secured Initial Term Loan		S+		4.50%		8.18%		7/24/2025		4/16/2032			995,000				895,000				825,850
APT Healthcare				Unitranche Initial Term Loan		S+		4.50%		8.18%		9/15/2025		9/30/2031			773,889				762,819				766,664
nThrive		(k)		Senior Secured Tranche C Term Loan		S+		4.00%		7.68%		11/18/2024		12/15/2028			1,613,125				1,613,125				702,718
Specialized Dental				Senior Secured Sixth Amendment Term Loan		S+		4.75%		8.43%		10/30/2025		11/1/2028			671,215				666,826				668,710
Dane Street		(k)		Senior Secured Initial Term Loan		S+		4.50%		8.18%		3/25/2026		3/24/2033			605,000				597,600				598,950
Midwest Eye Services				Senior Secured Initial Term Loan		S+		4.50%		8.18%		12/31/2024		8/20/2027			566,193				552,034				563,362
Viant		(k)		Senior Secured Closing Date Initial Term Loan (First Lien)		S+		4.00%		7.68%		10/16/2024		10/29/2031			548,208				545,889				548,257
Cirtec Medical				Senior Secured Amendment No. 1 Incremental Term Loan		S+		5.00%		8.68%		7/2/2024		1/30/2029			491,250				486,851				490,022
Performance Health		(k)		Senior Secured Initial Term Loan		S+		3.75%		7.43%		2/28/2025		3/19/2032			496,250				491,752				485,705
Sequel Ortho (fka OrthoNebraska)				Unitranche First Amendment Term Loan		S+		5.00%		8.68%		10/31/2025		7/31/2028			475,000				470,651				475,000
Confluent Health				Senior Secured Amendment No. 1 Term Loan		S+		7.50%		11.18%		4/11/2023		11/30/2028			485,000				466,887				472,875
AGS Health				Unitranche Initial Term Loan		S+		4.50%		8.18%		7/24/2025		8/2/2032			446,960				445,737				443,608
AccentCare		(k)		Senior Secured Tranche B Term Loan		S+		4.00%		7.68%		6/15/2021		9/20/2028			476,531				476,531				418,156
Avalon				Senior Secured Initial Term Loan		S+		4.50%		8.18%		12/30/2025		12/31/2031			416,667				412,500				413,266
Clearway				Senior Secured Tenth Amendment Incremental Term Loan		S+		5.50%		9.18%		9/17/2025		8/30/2030			406,049				400,417				403,004
RMP & MedA/Rx				Senior Secured Term Loan		S+		4.75%		8.43%		3/22/2021		2/4/2028			359,378				359,471				349,495
Healthcare Linen Service Group		(k)		Unitranche Initial Term Loan		S+		4.75%		8.43%		1/29/2026		2/2/2033			343,284				339,291				339,851
nThrive		(k)		Senior Secured Tranche B Term Loan		S+		4.00%		7.68%		11/18/2024		12/15/2028			409,195				409,195				328,038
UDG		(m)		Senior Secured Initial Dollar Term Loan (First Lien)		S+		4.25%		7.93%		8/6/2021		8/19/2028			315,938				314,959				311,988
RMP & MedA/Rx				Senior Secured Term Loan (First Lien)		S+		5.00%		8.68%		2/27/2017		2/4/2028			306,018				306,018				297,603
Nvision				Senior Secured Fourth Amendment Incremental Term Loan		S+		5.50%		9.18%		10/30/2024		12/31/2028			240,267				237,643				236,062
AGS Health				Unitranche Initial Term Loan		S+		4.50%		8.18%		7/24/2025		8/2/2032			234,840				234,193				233,079
nThrive		(k)		Senior Secured Tranche D Term Loan		S+		6.75%		10.43%		11/18/2024		12/17/2029			490,000				490,000				213,456
RevHealth		(j)		Senior Secured Revolving Loan		S+		2.50%, 3.25% PIK		9.43%		7/22/2022		7/21/2028			231,164				231,164				150,503
Clearway				Senior Secured Term Loan A		S+		5.50%		9.18%		9/17/2025		8/30/2030			132,009				128,591				131,019
AccentCare				Senior Secured Tranche A Term Loan		S+		5.50%		9.18%		2/5/2024		6/20/2028			119,820				116,006				115,027
nThrive		(k)		Senior Secured Tranche A Term Loan		S+		5.25%		8.93%		11/20/2024		12/15/2028			116,214				115,037				96,167
Nvision				Senior Secured Revolving Loan		S+		5.50%		9.18%		10/31/2024		12/31/2028			79,204				79,204				77,818
Western Dental				Senior Secured First-Out Term Loan (Tranche A-1)		S+		6.50%		10.18%		6/18/2024		5/18/2028			92,798				89,313				77,022
Ivy Rehab				Senior Secured Revolving Credit Loan (First Lien)		S+		4.75%		8.43%		3/11/2022		4/21/2028			67,003				63,636				66,333
Clearway				Senior Secured Revolving Loan		S+		5.50%		9.18%		9/17/2025		8/30/2030			38,067				35,067				37,781
Cirtec Medical				Senior Secured Revolving Credit (First Lien)		S+		5.00%		8.68%		1/30/2023		10/31/2028			36,111				36,111				36,021
Summit Spine 2025		(j)		Senior Secured Revolving Loan		S+		4.75%		8.43%		3/21/2025		3/25/2031			29,609				20,973				29,609
Blue Cloud				Senior Secured Revolving Loan		S+		5.00%		8.68%		8/12/2025		1/21/2031			17,045				17,045				16,960
Clearway				Senior Secured Second Amendment Incremental Term Loan		S+		5.50%		9.18%		9/17/2025		8/30/2030			16,766				16,533				16,641
Western Dental		(k)		Senior Secured Loan		S+		2.50%		6.18%		12/24/2025		6/3/2026			15,809				15,809				15,809
Clearway				Senior Secured Fourth Amendment Incremental Term Loan		S+		5.50%		9.18%		9/17/2025		8/30/2030			11,289				11,132				11,205
Clearway				Senior Secured Ninth Amendment Incremental Term Loan		S+		5.50%		9.18%		9/17/2025		8/30/2030			4,202				4,144				4,171
MB2 Dental				Senior Secured Revolving Loan		S+		5.50%		9.18%		2/5/2024		2/13/2031			2,674				2,674				2,667
Western Dental		(o)		Senior Secured Second-Out Term Loan (Tranche B)		S+		1.00%, 6.25% PIK		10.93%		6/14/2024		8/18/2028			541,114				438,360				—
AGS Health				Senior Secured Tranche A Revolving Credit Loan		S+		4.50%		8.18%		7/24/2025		8/2/2032			—				(76	)			—
AGS Health				Senior Secured Tranche A Revolving Credit Loan		S+		4.50%		8.18%		7/24/2025		8/2/2032			—				(133	)			—
Healthcare Linen Service Group		(k)		Senior Secured Revolving Credit Loan		S+		4.75%		8.43%		1/29/2026		2/2/2033			—				(448	)			—

 

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

 

8

---

 

Audax Credit BDC Inc.

Consolidated Schedules of Investments (continued)

As of March 31, 2026

(Expressed in U.S. Dollars)

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
Audax Credit BDC, Inc. (Continued)
BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS (h) (i) (Continued):
Specialized Dental				Senior Secured Revolving Loan		S+		4.75%		8.43%		10/30/2025		11/1/2027		$	—			$	(467	)		$	—
Avalon				Senior Secured Revolving Credit Loan		S+		4.50%		8.18%		12/30/2025		12/31/2031			—				(833	)			—
Dane Street		(k)		Senior Secured Revolving Loan		S+		4.50%		8.18%		3/25/2026		3/24/2033			—				(1,250	)			—
VaxCare				Senior Secured Revolving Credit Loan		S+		4.50%		8.18%		6/10/2025		6/17/2032			—				(1,667	)			—
Midwest Eye Services				Senior Secured Fourth Amendment Incremental Revolving Loan		S+		4.50%		8.18%		12/31/2024		8/20/2027			—				(3,220	)			—
Sequel Ortho (fka OrthoNebraska)		(j)		Senior Secured Revolving Loan		S+		5.00%		8.68%		7/31/2023		7/31/2028			—				(13,962	)			—
Minds + Assembly		(j)		Senior Secured Revolving Loan (First Lien)		S+		5.00%		8.68%		5/3/2023		5/3/2029			—				(18,789	)			—
																					74,018,500				69,442,792
Capital Equipment
Tank Holding				Unitranche Initial Term Loan		S+		5.75%		9.43%		3/25/2022		3/31/2028			3,850,000				3,819,597				3,821,125
Flow Control Group		(k)		Senior Secured Initial Term Loan (First Lien)		S+		3.25%		6.93%		3/17/2021		3/4/2033			3,579,476				3,566,159				3,583,951
Plaskolite				Unitranche Initial Term Loan		S+		4.00%, 4.00% PIK		11.68%		5/5/2025		5/9/2030			3,072,645				3,016,982				3,049,600
Excelitas				Unitranche Closing Date Euro Term Loan		S+		5.25%		8.93%		6/15/2022		8/13/2029			2,873,054				2,899,731				2,844,324
Burke Porter Group				Senior Secured Closing Date Term Loan		S+		2.00%, 5.00% PIK		10.68%		9/30/2022		7/29/2029			2,345,504				2,311,130				1,876,404
Shaw				Senior Secured Closing Date Term Loan (First Lien)		S+		6.00%		9.68%		9/30/2023		10/30/2029			1,751,489				1,727,893				1,731,785
Radwell				Unitranche Initial Term Loan		S+		5.50%		9.18%		3/11/2022		4/1/2029			1,607,308				1,595,267				1,595,253
Antylia Scientific		(k)		Senior Secured Initial Term Loan		S+		4.00%		7.68%		5/16/2025		5/27/2032			1,496,250				1,462,362				1,491,267
Trystar				Senior Secured Initial Term Loan		S+		4.25%		7.93%		7/31/2024		8/6/2031			1,459,775				1,448,299				1,459,775
Barnes		(k)		Senior Secured Term Loan		S+		4.75%		8.43%		10/17/2025		10/22/2032			1,000,000				980,632				995,000
Air Control Concepts		(k)		Senior Secured Closing Date Term Loan		S+		2.75%		6.43%		7/16/2024		7/23/2031			992,274				990,469				986,489
MW Industries				Senior Secured Initial Term Loan		S+		7.00%		10.68%		3/31/2023		3/31/2030			945,910				928,210				934,086
Therm-O-Disc				Senior Secured Initial Term Loan (First Lien)		S+		6.00%		9.68%		5/26/2022		5/31/2029			965,000				925,064				820,250
Associated Springs				Senior Secured Initial Term Loan		S+		4.75%		8.43%		3/7/2024		4/4/2030			694,038				681,636				694,038
80/20				Unitranche Initial Term Loan		S+		4.50%		8.18%		12/11/2025		12/12/2032			682,540				674,978				677,618
TRG		(k)		Unitranche Initial Term Loan		S+		4.50%		8.18%		1/5/2026		1/5/2032			675,000				667,250				668,250
Associated Springs				Senior Secured Amendment No. 1 Incremental Term Loan		S+		4.75%		8.43%		11/25/2024		4/4/2030			581,866				571,373				581,866
Ohio Transmission		(j)		Unitranche Initial Term Loan		S+		5.75%		9.43%		12/12/2023		12/19/2030			546,140				537,146				536,582
TriMark				Senior Secured Initial Tranche B Loan		S+		2.00%, 3.25% PIK		8.93%		1/16/2024		7/2/2029			689,703				689,703				505,207
nVent		(k)		Senior Secured Initial Term Loan		S+		3.00%		6.68%		9/30/2024		1/30/2032			497,500				495,000				497,811
Circor		(k)		Senior Secured 2025 Term Loan		S+		3.00%		6.68%		10/9/2024		10/17/2031			495,013				493,971				495,837
Trystar				Senior Secured Amendment No. 1 Incremental Term Loan		S+		4.25%		7.93%		9/5/2024		8/6/2031			493,750				488,976				493,750
Chromalloy		(k)		Senior Secured Term Loan		S+		3.25%		6.93%		3/22/2024		3/27/2031			491,250				487,491				492,210
AGCO G&P				Senior Secured Initial Term Loan		S+		5.00%		8.68%		10/8/2024		10/31/2031			495,000				490,799				490,050
Infinite Electronics				Senior Secured Initial Term Loan (First Lien)		S+		3.75%		7.43%		2/24/2021		3/2/2028			476,494				476,133				468,155
Industrial Electric Manufacturing				Senior Secured 2025 Incremental Term Loan		S+		4.50%		8.18%		12/3/2025		12/3/2031			416,652				414,438				413,528
Pegasus				Senior Secured Initial Term Loan		S+		4.75%		8.43%		1/24/2024		1/19/2031			393,081				386,360				392,098
SupplyHouse				Senior Secured Initial Term Loan		S+		4.00%		7.68%		6/19/2025		7/1/2032			373,125				371,433				370,327
Burke Porter Group				Senior Secured Revolving Credit Loan		S+		6.00%		9.68%		8/11/2022		7/29/2028			251,524				241,120				201,219
Trystar				Senior Secured Amendment No.2 Incremental Term Loan		S+		4.25%		7.93%		1/5/2026		8/6/2031			104,167				102,448				104,167
Plaskolite				Senior Secured Revolving Credit Loan		S+		7.00%		10.68%		5/5/2025		2/7/2030			64,134				63,556				63,653
Ohio Transmission		(j)		Senior Secured Initial Revolving Loan		S+		5.75%		9.43%		12/19/2023		12/19/2029			41,600				40,907				40,872
Radwell				Senior Secured Revolving Loan		S+		5.50%		9.18%		3/11/2022		4/1/2029			18,666				17,466				18,526
SupplyHouse				Senior Secured Revolving Credit Loan		S+		4.00%		7.68%		6/19/2025		7/1/2032			—				(625	)			—
TRG		(k)		Senior Secured Revolving Credit Loan		S+		4.50%		8.18%		1/5/2026		1/5/2032			—				(1,250	)			—
80/20				Senior Secured Revolving Loan		S+		4.50%		8.18%		12/11/2025		12/12/2032			—				(1,270	)			—
Associated Springs				Senior Secured Revolving Loan		S+		4.75%		8.43%		3/7/2024		4/4/2030			—				(1,888	)			—
Trystar				Senior Secured Revolving Credit Loan		S+		4.25%		7.93%		7/31/2024		8/6/2031			—				(2,727	)			—
Tank Holding				Senior Secured Revolving Credit Loan		S+		5.75%		9.43%		3/25/2022		3/31/2028			—				(2,954	)			—
																					34,053,265				33,395,073
Banking, Finance, Insurance & Real Estate
Cherry Bekaert		(j)		Unitranche Term B Loan		S+		4.50%		8.18%		6/13/2022		6/30/2030			5,029,972				4,974,663				5,029,972
Cerity Partners		(j)		Unitranche 2025 Term Loan		S+		4.50%		8.18%		7/28/2022		7/28/2031			4,508,414				4,468,386				4,508,414
Confluence				Senior Secured Initial Term Loan (First Lien)		S+		3.75%		7.43%		7/22/2021		7/31/2028			3,830,000				3,821,425				3,724,675
Prime Pensions		(j)		Unitranche Initial Term Loan		S+		4.75%		8.43%		2/20/2024		2/26/2030			3,072,476				3,004,777				3,072,476

 

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

 

9

---

 

Audax Credit BDC Inc.

Consolidated Schedules of Investments (continued)

As of March 31, 2026

(Expressed in U.S. Dollars)

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
Audax Credit BDC, Inc. (Continued)
BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS (h) (i) (Continued):
Steward Partners				Senior Secured Closing Date Term B Loan		S+		4.75%		8.43%		12/8/2023		10/14/2028		$	2,212,888			$	2,187,203			$	2,207,356
EPIC Insurance				Unitranche Refinancing Tranche B Term Loan		S+		4.50%		8.18%		8/27/2021		9/29/2028			2,191,875				2,176,202				2,169,956
Beta+				Senior Secured Initial Term Loan		S+		5.75%		9.43%		6/24/2022		7/2/2029			1,930,000				1,862,826				1,910,700
EdgeCo				Senior Secured Third Amendment Term Loan (First Lien)		S+		4.50%		8.18%		3/29/2022		6/1/2028			1,465,433				1,464,082				1,465,433
OneDigital		(k)		Senior Secured 2025 Refinancing Term Loan (First Lien)		S+		3.00%		6.68%		6/13/2024		7/2/2031			1,475,597				1,469,481				1,430,407
Orion		(k)		Senior Secured 2026 Refinancing Term Loan (First Lien)		S+		2.75%		6.43%		8/4/2020		9/24/2030			1,289,104				1,285,030				1,268,697
SIAA		(j)		Unitranche Seventh Amendment Refinancing Term Loan		S+		4.75%		8.43%		4/21/2021		4/30/2030			1,125,881				1,118,164				1,125,881
Alera		(k)		Senior Secured 2026-1 New Term Loan (First Lien)		S+		2.75%		6.43%		5/21/2025		5/30/2032			995,006				990,006				967,131
LERETA		(k)		Senior Secured Initial Term Loan		S+		5.25%		8.93%		7/27/2021		7/30/2028			955,000				951,109				883,108
Frazier & Deeter				Senior Secured Initial Term Loan		S+		4.50%		8.18%		4/30/2025		5/3/2032			762,346				753,738				758,534
Cherry Bekaert		(j)		Unitranche Amendment No. 1 Term Loan		S+		4.50%		8.18%		10/11/2023		6/30/2030			710,003				702,074				710,003
Confluence				Senior Secured Term Loan (Priority)		S+		5.00%		8.68%		2/14/2025		7/30/2028			377,264				377,264				367,832
SIAA		(j)		Unitranche Seventh Amendment Incremental Term Loan		S+		4.75%		8.43%		3/24/2025		4/30/2030			138,644				134,981				138,644
Cerity Partners		(j)		Senior Secured Initial Revolving Loan		S+		4.50%		8.18%		7/28/2022		7/28/2028			114,695				114,695				114,695
Cherry Bekaert				Senior Secured Revolving Credit Loan		S+		4.50%		8.18%		6/13/2022		6/30/2030			85,073				85,073				85,073
EPIC Insurance				Senior Secured Fifth Amendment Refinancing Revolving Loan		S+		4.50%		8.18%		8/27/2021		9/29/2028			82,810				82,541				81,982
Frazier & Deeter				Senior Secured Revolving Loan		S+		4.50%		8.18%		4/30/2025		5/2/2031			58,824				57,941				58,529
Steward Partners				Senior Secured Revolving Loan		S+		4.75%		8.43%		12/20/2023		10/14/2028			—				(5,944	)			—
Beta+				Senior Secured Revolving Credit Loan		S+		4.25%		7.93%		6/24/2022		7/1/2027			—				(6,216	)			—
Prime Pensions		(j)		Senior Secured Revolving Credit		S+		4.75%		8.43%		2/20/2024		2/26/2030			—				(7,619	)			—
																					32,061,882				32,079,498
Services: Consumer
Ned Stevens 2022-2		(j)		Unitranche Initial Term Loan		S+		5.00%		8.68%		11/1/2022		11/1/2029			5,429,042				5,357,590				5,429,042
Smart Start				Senior Secured 2025 Refinancing Term B Loan (First Lien)		S+		4.25%		7.93%		12/10/2021		12/16/2028			2,910,600				2,905,065				2,888,771
Apex Service Partners				Unitranche 2024 Term Loan		S+		5.00%		8.68%		10/16/2023		10/24/2030			2,658,981				2,638,052				2,645,686
Rover				Senior Secured Initial Term Loan		S+		4.75%		8.43%		2/16/2024		2/27/2031			2,486,894				2,468,350				2,458,916
A Place For Mom				Senior Secured Sixth Amendment Replacement Term Loan		S+		5.50%		9.18%		7/28/2017		2/10/2028			2,279,535				2,278,264				2,239,643
Smart Start				Senior Secured Term B Loan (Second Lien)		S+		7.75%		11.43%		12/10/2021		12/16/2029			2,000,000				1,981,486				1,985,000
Taxwell		(k)		Senior Secured Initial Term Loan		S+		4.25%		7.93%		6/17/2024		6/26/2031			1,901,656				1,886,019				1,791,132
Aptive Environmental				Senior Secured Initial Term Loan		S+		4.75%		8.43%		10/10/2025		10/15/2032			1,767,442				1,749,951				1,754,186
Super-Sod		(k)		Senior Secured Initial Term Loan		S+		4.75%		8.43%		2/27/2026		3/10/2032			1,454,545				1,438,485				1,440,000
FullBloom				Senior Secured Initial Term Loan (First Lien)		S+		4.25%		7.93%		12/10/2021		12/15/2028			1,443,750				1,437,422				1,436,531
Legacy Service Partners				Senior Secured Tenth Amendment Term Loan		S+		4.50%		8.18%		2/17/2026		11/10/2031			1,031,287				1,006,479				1,023,553
Teaching Strategies				Senior Secured Initial Term Loan (First Lien)		S+		3.75%		7.43%		8/19/2021		8/31/2028			957,500				953,125				947,925
Spring Education		(k)		Senior Secured Initial Term Loan		S+		3.25%		6.93%		10/5/2023		10/4/2030			928,625				928,625				922,649
Crash Champions		(k)		Senior Secured Initial Term Loan		S+		4.75%		8.43%		2/7/2024		2/23/2029			982,500				980,932				857,231
United Comfort Group (fka United Air Temp)		(j)		Senior Secured Initial Term Loan		S+		5.50%		9.18%		2/14/2024		3/28/2030			1,104,586				1,078,609				548,356
Legacy Service Partners				Senior Secured Eleventh Amendment Term Loan		S+		4.50%		8.18%		2/17/2026		11/10/2031			500,000				495,000				496,250
Apex Service Partners				Unitranche Second Amendment Incremental Term Loan		S+		5.00%		8.68%		4/24/2025		10/24/2030			497,812				493,332				495,323
All My Sons				Senior Secured Closing Date Term Loan (First Lien)		S+		4.75%		8.43%		6/4/2024		10/25/2028			489,117				484,005				485,449
R. F. Fager				Senior Secured First Amendment Term Loan		S+		5.00%		8.68%		5/16/2025		3/4/2030			396,686				391,334				394,703
FMG Suite		(j)		Unitranche Initial Term Loan		S+		4.75%		8.43%		8/11/2025		9/9/2032			348,184				344,472				348,184
United Comfort Group (fka United Air Temp)		(j)		Senior Secured Revolving Loan		S+		5.50%		9.18%		2/14/2024		3/28/2030			210,799				210,799				104,648
Ned Stevens 2022-2		(j)		Senior Secured Revolving Loan		S+		5.00%		8.68%		11/1/2022		11/1/2028			84,617				74,463				84,617
Apex Service Partners				Senior Secured 2024 Revolving Credit Loan		S+		5.00%		8.68%		10/16/2023		10/24/2029			67,076				65,614				66,740
R. F. Fager				Senior Secured Revolving Loan		S+		5.00%		8.68%		5/16/2025		3/4/2030			12,654				11,610				12,590
FMG Suite		(j)		Senior Secured Revolving Loan		S+		4.75%		8.43%		8/11/2025		9/9/2032			—				(566	)			—
Aptive Environmental				Senior Secured Initial Revolving Loan		S+		4.75%		8.43%		10/10/2025		10/15/2032			—				(1,550	)			—
Rover				Senior Secured Revolving Loan		S+		4.75%		8.43%		2/16/2024		2/27/2031			—				(2,250	)			—
Super-Sod		(k)		Senior Secured Revolving Loan		S+		4.75%		8.43%		2/27/2026		3/10/2032			—				(2,424	)			—

 

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

 

10

---

 

Audax Credit BDC Inc.

Consolidated Schedules of Investments (continued)

As of March 31, 2026

(Expressed in U.S. Dollars)

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
Audax Credit BDC, Inc. (Continued)
BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS (h) (i) (Continued):
High Tech Industries
Planview				Senior Secured 2024-B Incremental Term Loan (First Lien)		S+		3.50%		7.18%		12/11/2020		12/17/2027		$	3,021,277			$	3,012,124			$	2,625,686
Ivanti Software				Senior Secured 2025-1 Term Loan (First Lien)		S+		4.75%		8.43%		11/20/2020		6/1/2029			2,945,324				2,931,834				2,424,259
Precisely				Senior Secured Third Amendment Term Loan (First Lien)		S+		4.00%		7.68%		3/19/2021		4/24/2028			2,387,500				2,382,963				2,098,016
Idera		(k)		Senior Secured Incremental Term Loan (First Lien)		S+		3.50%		7.18%		6/27/2017		3/2/2028			2,495,775				2,495,865				1,989,756
Intermedia				Unitranche 2024 Refinancing Term Loan (First Lien)		S+		5.25%		8.93%		4/4/2024		4/4/2029			1,847,625				1,847,625				1,843,006
Xplor Technologies				Senior Secured Second Amendment Term Loan		S+		3.50%		7.18%		6/14/2024		12/1/2032			1,477,575				1,468,132				1,477,575
Digital Room				Senior Secured Closing Date Term Loan (First Lien)		S+		5.25%		8.93%		12/16/2021		12/21/2028			1,440,000				1,433,582				1,423,800
ORBCOMM				Senior Secured Closing Date Term Loan (First Lien)		S+		4.25%		7.93%		6/17/2021		9/1/2028			1,447,268				1,412,057				1,400,232
HelpSystems				Senior Secured Initial Term Loan (First Lien)		S+		6.00%		9.68%		12/19/2019		5/21/2029			1,366,915				1,366,275				1,356,663
Options IT				Senior Secured Initial Term Loan		S+		4.50%		8.18%		9/20/2024		9/30/2031			743,013				732,392				741,155
SmartBear		(k)		Senior Secured 2024 Term Loan		S+		4.00%		7.68%		11/20/2020		3/3/2028			957,825				954,682				713,580
Barracuda		(k)		Senior Secured Initial Term Loan (Second Lien)		S+		7.00%		10.68%		5/17/2022		8/15/2030			2,000,000				1,960,110				689,850
PayByPhone		(n)		Unitranche Initial Term Loan		S+		4.75%		8.43%		3/30/2026		3/31/2033			666,667				658,333				660,000
Aptean		(k)		Unitranche Initial Term Loan		S+		4.75%		8.43%		1/1/2024		1/30/2031			581,465				577,192				581,465
Inhabit				Unitranche Initial Term Loan		S+		4.50%		8.18%		12/10/2024		1/12/2032			496,250				493,819				496,250
LightBox				Senior Secured Initial Term Loan		S+		5.00%		8.68%		1/10/2025		1/13/2030			495,000				488,872				495,000
NCR Voyix		(k)		Senior Secured Term Loan		S+		2.75%		6.43%		9/24/2024		9/30/2031			493,750				491,736				471,534
Barracuda				Senior Secured Initial Term Loan (First Lien)		S+		4.50%		8.18%		5/17/2022		8/15/2029			553,570				532,783				450,813
Cloudera		(k)		Senior Secured Initial Term Loan (First Lien)		S+		3.75%		7.43%		8/10/2021		10/8/2028			480,000				478,047				429,900
Ivanti Software				Senior Secured Initial Term Loan (First Lien)		S+		5.75%		9.43%		5/6/2025		6/1/2029			387,198				370,759				387,198
insightsoftware				Unitranche Initial Term Loan		S+		5.25%		8.93%		7/16/2024		5/25/2028			389,772				388,426				383,925
Qlik		(k)		Senior Secured Second Amendment Refinancing Term Loan (First Lien)		S+		3.25%		6.93%		12/31/2024		10/26/2030			494,975				493,851				377,307
insightsoftware				Senior Secured Revolving Loan		S+		5.25%		8.93%		3/26/2024		5/25/2028			68,679				68,025				67,649
Options IT				Senior Secured Revolving Loan		S+		4.50%		8.18%		9/20/2024		3/31/2031			24,124				22,784				24,064
Inhabit				Senior Secured Revolving Credit Loan		S+		4.50%		8.18%		12/10/2024		1/12/2032			—				(439	)			—
LightBox				Senior Secured Revolving Loan		S+		5.00%		8.68%		1/10/2025		1/13/2030			—				(494	)			—
PayByPhone		(n)		Senior Secured Revolving Credit		S+		4.75%		8.43%		3/30/2026		3/31/2033			—				(641	)			—
																					27,060,694				23,608,683
Construction & Building
A1 Garage Door		(j)		Unitranche Term Loan A		S+		4.50%		8.18%		12/22/2022		12/22/2028			2,211,920				2,174,791				2,211,920
Brown & Root				Senior Secured Initial Term Loan		S+		5.00%		8.68%		9/29/2025		10/3/2030			2,102,951				2,073,070				2,087,179
Cook & Boardman				Senior Secured Amendment No. 2 Incremental DDTL		S+		6.00%		9.68%		5/29/2024		3/4/2030			1,975,193				1,961,169				1,965,317
PlayPower				Unitranche Initial Term Loan		S+		5.25%		8.93%		10/29/2025		10/29/2031			1,880,354				1,844,020				1,861,550
Tangent				Senior Secured Closing Date Term Loan (First Lien)		S+		4.75%		8.43%		10/2/2019		11/30/2027			1,717,936				1,715,657				1,649,219
Leaf Home				Senior Secured Initial Term Loan		S+		5.25%		8.93%		9/4/2025		9/4/2031			1,377,094				1,357,782				1,366,766
Lindsay Precast				Senior Secured Initial Term Loan		S+		4.75%		8.43%		12/15/2025		12/16/2032			905,172				894,846				898,384
Electric Power Engineers				Senior Secured Term Loan		S+		4.50%		8.18%		11/27/2024		12/31/2031			614,286				608,530				614,286
Dodge Construction Network				Senior Secured Tranche B Term Loan (First Lien)		S+		4.75%		8.43%		11/14/2024		2/28/2029			601,928				601,928				598,919
Voeller				Senior Secured Closing Date Initial Term Loan		S+		4.75%		8.43%		11/25/2025		11/25/2032			581,395				574,639				577,035
RailPros				Unitranche Initial Term Loan		S+		4.25%		7.93%		4/23/2025		5/24/2032			543,654				537,654				543,654
Cumming Group				Unitranche 2025-B Incremental Term Loan		S+		4.75%		8.43%		10/1/2025		11/16/2030			498,750				496,392				498,750
Terra Millennium		(k)		Senior Secured Initial Term Loan		S+		4.75%		8.43%		10/25/2024		11/1/2030			495,370				490,954				497,351
DynaGrid				Senior Secured Initial Term Loan		S+		4.75%		8.43%		1/7/2025		2/13/2032			496,250				486,250				496,250
Playcore		(k)		Senior Secured Initial Term Loan (First Lien)		S+		3.75%		7.43%		2/14/2024		2/20/2030			490,047				484,856				491,468
Dodge Construction Network				Senior Secured Tranche A New Money Term Loan (First Lien)		S+		6.25%		9.93%		11/14/2024		1/31/2029			434,067				430,866				431,896
Brown & Root				Senior Secured Revolving Loan		S+		5.00%		8.68%		9/29/2025		10/3/2030			126,087				119,977				125,142
Electric Power Engineers				Senior Secured Revolving Loan		S+		4.50%		8.18%		11/27/2024		12/31/2031			38,710				37,742				38,710
Voeller				Senior Secured Revolving Loan		S+		4.75%		8.43%		11/25/2025		11/25/2032			38,760				36,899				38,469
Leaf Home				Senior Secured Revolving Credit Loan		S+		5.25%		8.93%		9/4/2025		9/4/2031			29,250				27,563				29,031

 

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

 

11

---

 

Audax Credit BDC Inc.

Consolidated Schedules of Investments (continued)

As of March 31, 2026

(Expressed in U.S. Dollars)

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
Audax Credit BDC, Inc. (Continued)
BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS (h) (i) (Continued):
PlayPower				Senior Secured Revolving Loan		S+		5.25%		8.93%		10/29/2025		10/29/2030		$	26,523			$	24,224			$	26,258
DynaGrid				Senior Secured Revolving Credit Facility		S+		4.75%		8.43%		1/7/2025		1/7/2031			—				(539	)			—
RailPros				Senior Secured Revolving Loan		S+		4.25%		7.93%		4/23/2025		5/24/2032			—				(807	)			—
Lindsay Precast				Senior Secured Revolving Loan		S+		4.75%		8.43%		12/15/2025		12/16/2032			—				(2,845	)			—
A1 Garage Door		(j)		Senior Secured Revolving Loan		S+		4.50%		8.18%		12/22/2022		12/22/2028			—				(8,264	)			—
																					16,967,354				17,047,554
Containers, Packaging & Glass
Brook & Whittle				Senior Secured Tranche B Term Loan		S+		4.50%		8.18%		8/11/2025		12/14/2030			3,052,265				3,052,265				2,275,029
Paragon Films				Senior Secured Closing Date Term Loan (First Lien)		S+		3.75%		7.43%		12/15/2021		12/16/2028			1,985,274				1,975,845				1,980,311
Tekni-Plex		(k)		Senior Secured Tranche B-7 Initial Term Loan		S+		3.75%		7.43%		3/27/2024		9/15/2028			1,589,920				1,588,190				1,509,677
Technimark				Senior Secured 2024-1 Refinancing Term Loan (First Lien)		S+		3.25%		6.93%		6/30/2021		4/14/2031			1,433,277				1,430,638				1,401,028
Resource Label Group				Senior Secured Closing Date Initial Term Loan (First Lien)		S+		4.25%		7.93%		7/2/2021		7/7/2028			1,799,858				1,796,400				1,224,866
Transcendia				Unitranche Term Loan		S+		6.50%		10.18%		5/23/2024		11/23/2029			985,000				971,108				977,613
Five Star Packaging		(k)		Senior Secured Initial Term Loan (First Lien)		S+		4.25%		7.93%		4/27/2022		5/5/2029			976,106				967,356				960,859
Lacerta				Senior Secured Term Loan		S+		5.50%		9.18%		2/8/2021		12/30/2026			947,500				945,787				900,125
Balcan		(p)		Senior Secured Initial Term B Loan (First Lien)		S+		4.75%		8.43%		10/10/2024		10/20/2031			990,000				973,224				891,000
Brook & Whittle				Senior Secured Tranche A Term Loan		S+		6.50%		10.18%		8/11/2025		12/14/2030			764,541				684,753				764,541
Precision Concepts				Unitranche Initial Term Loan (US)		S+		4.75%		8.43%		7/28/2025		8/2/2032			680,634				674,193				675,529
SupplyOne		(k)		Senior Secured Term B Loan		S+		3.50%		7.18%		3/27/2024		4/21/2031			490,050				486,360				492,042
ProAmpac		(k)		Senior Secured Initial USD Term Loan (First Lien)		S+		4.00%		7.68%		8/7/2025		3/7/2033			497,468				488,883				481,674
Industrial Physics				Senior Secured Initial Term Loan		S+		6.25%		9.93%		7/18/2023		7/19/2029			489,300				478,670				469,728
Golden West Packaging				Senior Secured Term B-1 Loan		S+		5.25%		8.93%		11/29/2021		6/27/2031			450,625				449,044				351,488
Precision Concepts				Unitranche Initial Term Loan (CA)		S+		4.75%		8.43%		7/28/2025		8/2/2032			198,680				196,810				197,190
Precision Concepts				Senior Secured Revolving Credit Loan		S+		4.75%		8.43%		7/28/2025		8/2/2032			25,797				24,634				25,603
Industrial Physics				Senior Secured Revolving Credit Loan		S+		6.25%		9.93%		7/18/2023		7/19/2028			—				(3,233	)			—
																					17,180,927				15,578,303
Beverage, Food & Tobacco
Bettcher Industries		(k)		Senior Secured Initial Term Loan (First Lien)		S+		4.00%		7.68%		12/13/2021		12/14/2028			2,914,819				2,903,020				2,921,494
Dessert Holdings		(k)		Senior Secured Initial Term Loan (First Lien)		S+		4.00%		7.68%		6/7/2021		6/9/2028			2,885,983				2,859,268				2,881,293
Purfoods				Senior Secured 2026 Term Loan		S+		4.50%		8.18%		6/24/2024		8/10/2029			1,942,857				1,933,725				1,942,857
Hissho Sushi		(j)		Unitranche Term Loan		S+		4.75%		8.43%		4/7/2022		5/18/2029			1,787,500				1,771,568				1,787,500
Monogram Foods				Senior Secured Initial Term Loan		S+		4.00%		7.68%		8/13/2021		8/28/2028			957,500				953,607				947,925
Mary Ruth's				Senior Secured Closing Date Term B Loan		S+		4.75%		8.43%		9/26/2025		9/30/2031			746,250				739,313				746,250
Hissho Sushi				Unitranche Amendment No.2 Incremental Term Loan		S+		4.75%		8.43%		10/20/2025		5/18/2029			522,500				517,606				522,500
Hissho Sushi		(j)		Unitranche Amendment No. 1 Incremental Term Loan		S+		4.75%		8.43%		8/7/2024		5/18/2029			515,952				511,536				515,952
Golden State Foods		(k)		Senior Secured Initial Term Loan		S+		4.00%		7.68%		10/7/2024		12/4/2031			493,762				490,474				495,036
Rise Baking				Senior Secured Initial Term Loan		S+		5.00%		8.68%		10/24/2024		11/4/2031			493,750				487,443				490,047
MBC Companies				Senior Secured Second Amendment Term B Loan		S+		4.75%		8.43%		1/6/2025		7/7/2029			493,750				489,801				490,047
Trilliant 2024				Senior Secured 2024 Refinancing Term Loan		S+		6.50%		10.18%		11/20/2024		11/30/2029			484,375				476,584				478,926
Hometown Food				Senior Secured Closing Date Term B Loan		S+		4.50%		8.18%		4/22/2025		12/3/2030			471,608				467,460				470,429
MBC Companies				Senior Secured Third Amendment Term B Loan		S+		4.75%		8.43%		10/8/2025		4/10/2031			468,230				463,720				464,718
Mary Ruth's				Senior Secured Closing Date Term A Loan		S+		4.00%		7.68%		9/26/2025		9/30/2030			246,875				245,742				246,875
MBC Companies				Senior Secured Third Amendment Term A Loan		S+		3.50%		7.18%		10/8/2025		10/10/2030			29,049				28,909				28,831
Hissho Sushi		(j)		Senior Secured Revolving Credit Loan		S+		4.75%		8.43%		4/7/2022		5/18/2029			—				(667	)			—
																					15,339,109				15,430,680
Transportation: Cargo
Evans Network				Senior Secured Initial Term Loan (First Lien)		S+		4.25%		7.93%		8/6/2021		8/19/2028			3,388,767				3,374,010				3,346,408
Kenco				Senior Secured Initial Term Loan		S+		4.25%		7.93%		6/5/2024		11/15/2029			2,863,650				2,855,807				2,849,332
Capstone Logistics				Senior Secured 2024 Term Loan (First Lien)		S+		4.50%		8.18%		11/12/2020		11/13/2029			2,032,627				2,026,831				2,022,464
AIT Worldwide Logistics		(k)		Senior Secured Initial Term Loan (First Lien)		S+		4.00%		7.68%		11/7/2024		4/8/2030			1,915,750				1,913,569				1,921,737
Worldwide Express		(k)		Senior Secured Amendment No. 2 Incremental Term Loan		S+		4.00%		7.68%		11/8/2024		7/26/2028			1,436,250				1,436,250				1,439,166

 

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

 

12

---

 

Audax Credit BDC Inc.

Consolidated Schedules of Investments (continued)

As of March 31, 2026

(Expressed in U.S. Dollars)

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
Audax Credit BDC, Inc. (Continued)
BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS (h) (i) (Continued):
FLS Transportation				Senior Secured Term B Loan		S+		5.25%		8.93%		4/14/2022		12/15/2028		$	1,180,870			$	1,175,511			$	1,121,826
Magnate				Senior Secured Initial Term Loan (First Lien)		S+		5.50%		9.18%		3/11/2022		12/29/2028			951,342				942,419				937,071
Kenco				Senior Secured Revolving Credit Loan		S+		4.25%		7.93%		6/5/2024		11/15/2029			246,556				244,273				245,323
St. George Logistics		(o)		Senior Secured Second-Out Closing Date Purchased Term Loan		S+		1.00%, 6.50% PIK		11.18%		10/3/2024		10/3/2029			937,950				937,950				187,590
FLS Transportation				Senior Secured Revolving Credit Loan		S+		5.25%		8.93%		4/14/2022		12/17/2027			87,778				86,889				83,389
St. George Logistics				Senior Secured Interim Initial New Money Term Loan		S+		0.00%		3.68%		1/29/2026		7/31/2026			18,973				18,081				18,973
St. George Logistics		(o)		Senior Secured Third-Out Closing Date Purchased Term Loan		S+		1.00%, 6.00% PIK		10.68%		10/3/2024		10/3/2029			466,584				466,584				—
																					15,478,174				14,173,279
Automotive
Engine & Transmission Exchange		(j)		Senior Secured Term Loan A		S+		5.00%		8.68%		5/26/2023		5/26/2029			4,158,073				4,084,094				4,158,073
Highline				Senior Secured 2025-1 Term Loan (First Lien)		S+		3.50%		7.18%		2/13/2025		2/19/2030			1,975,000				1,970,722				1,970,063
BBB Industries		(k)		Senior Secured Initial Term Loan (First Lien)		S+		5.25%		8.93%		6/30/2022		7/25/2029			2,052,233				1,943,320				1,795,335
Truck Hero		(k)		Senior Secured Initial Term Loan		S+		3.75%		7.43%		1/20/2021		1/31/2028			1,425,000				1,425,000				972,121
Rough Country		(k)		Senior Secured Initial Term Loan (First Lien)		S+		3.50%		7.18%		7/26/2021		7/28/2028			968,345				966,587				962,292
Engine & Transmission Exchange		(j)		Senior Secured Amendment No. 2 Incremental Term Loan		S+		5.00%		8.68%		3/21/2025		5/26/2029			338,632				334,594				338,632
Engine & Transmission Exchange		(j)		Senior Secured Revolving Loan		S+		5.00%		8.68%		5/26/2023		5/26/2029			34,205				18,813				34,205
																					10,743,130				10,230,721
Aerospace & Defense
Electro Methods				Senior Secured Initial Term Loans		S+		4.75%		8.43%		2/6/2025		2/23/2032			2,977,500				2,938,206				2,970,056
HDT Global				Senior Secured Initial Term Loan		S+		1.00%, 5.50% PIK		10.18%		6/30/2021		1/7/2028			3,516,131				3,487,513				2,390,969
Whitcraft				Senior Secured Initial Term Loan		S+		5.00%		8.68%		3/31/2023		9/30/2031			1,940,000				1,896,780				1,925,450
API Technologies				Senior Secured Term B-2 Loan (First Lien)		S+		1.00%, 6.00% PIK		10.68%		1/15/2020		5/9/2027			1,142,523				1,141,872				1,105,391
SMX		(k)		Senior Secured Term Loan		S+		4.50%		8.18%		2/6/2025		2/6/2032			990,000				981,289				989,450
Tronair				Senior Secured Initial Term Loan		S+		3.75%		7.43%		12/18/2025		12/22/2032			399,000				394,130				396,008
API Technologies				Senior Secured Term B-1 Loan (First Lien)		S+		1.00%, 6.00% PIK		10.68%		11/3/2023		3/25/2027			100,679				100,181				98,162
Whitcraft				Senior Secured Revolving Loan		S+		5.00%		8.68%		3/31/2023		9/30/2031			51,786				41,071				51,397
Tronair				Senior Secured Revolving Loan		S+		3.75%		7.43%		12/18/2025		12/22/2032			—				(1,250	)			—
Electro Methods				Senior Secured Revolving Credit Facility		S+		4.75%		8.43%		2/6/2025		2/23/2032			—				(12,191	)			—
																					10,967,601				9,926,883
Chemicals, Plastics & Rubber
Vertellus				Senior Secured Initial Term Loan		S+		5.75%		9.43%		12/18/2020		1/2/2029			2,899,651				2,876,692				2,754,669
Shrieve		(k)		Unitranche Initial Term Loan		S+		6.00%		9.68%		9/23/2024		10/30/2030			2,468,750				2,425,184				2,419,375
USALCO		(k)		Senior Secured 2025 Initial Term Loan		S+		3.50%		7.18%		9/17/2024		9/30/2031			1,090,568				1,086,582				1,089,755
Chase				Senior Secured Initial Term Loan		S+		4.00%		7.68%		4/2/2025		4/9/2032			497,500				492,994				495,013
Americhem				Senior Secured Initial Term Loan		S+		4.50%		8.18%		2/5/2025		3/1/2032			496,250				491,324				495,009
Ascensus Specialties				Senior Secured Initial Term Loan		S+		4.25%		7.93%		12/3/2021		6/30/2028			477,400				474,100				453,530
Vertellus				Senior Secured Revolving Credit Loan		S+		5.75%		9.43%		12/18/2020		1/2/2029			178,236				168,106				169,324
Polytek		(o)		Senior Secured Term Loan		S+		8.25% PIK		11.93%		12/23/2020		8/15/2026			468,054				468,054				140,416
Mold-Rite				Senior Secured New Money Tranche A-1 Term Loan		S+		5.25%		8.93%		6/11/2024		10/4/2028			136,841				131,568				136,841
Shrieve		(k)		Senior Secured Revolving Credit Loan		S+		6.00%		9.68%		9/23/2024		10/30/2030			104,556				104,556				102,465
Americhem				Senior Secured Revolving Loan		S+		4.50%		8.18%		2/5/2025		3/1/2032			—				(909	)			—
																					8,718,251				8,256,397
Environmental Industries
Alliance Environmental Group		(j) (o)		Senior Secured Initial Term Loan		S+		0.00%		3.68%		12/30/2021		12/30/2028			4,558,402				4,521,707				1,700,710
Denali Water Solutions				Senior Secured Closing Date Term Loan		S+		4.75%		8.43%		11/13/2025		11/19/2032			1,692,308				1,675,918				1,679,615
Miller Environmental				Senior Secured Term Loan		S+		5.00%		8.68%		9/4/2024		9/10/2031			1,687,184				1,660,656				1,657,659
Crystal Clean				Senior Secured Initial Term Loan		S+		3.75%		7.43%		10/5/2023		10/17/2030			1,467,475				1,449,828				1,463,806
O6 Environmental		(j)		Senior Secured Initial Term Loan		S+		4.75%		8.43%		8/4/2025		8/5/2032			607,432				600,875				607,432
Keter Environmental Services				Unitranche Closing Date Term Loan		S+		5.25%		8.93%		11/5/2021		10/29/2027			478,750				477,211				463,191
Denali Water Solutions				Senior Secured Revolving Loan		S+		4.75%		8.43%		11/13/2025		11/19/2032			143,590				140,513				142,513
Alliance Environmental Group		(j) (o)		Senior Secured Revolving Loan		S+		0.00%		3.68%		12/30/2021		12/30/2028			286,424				279,801				106,863
Keter Environmental Services				Senior Secured Revolving Loan		S+		5.25%		8.93%		11/5/2021		10/29/2027			54,910				54,135				53,126
Alliance Environmental Group		(j)		Senior Secured Priority Revolving Loan		S+		0.00%		3.68%		6/23/2025		12/30/2028			515				515				192
O6 Environmental		(j)		Senior Secured Revolving Loan		S+		4.75%		8.43%		8/4/2025		8/5/2032			—				(1,623	)			—
Miller Environmental				Senior Secured Revolving Loan		S+		5.00%		8.68%		9/4/2024		9/10/2031			—				(6,014	)			—
																					10,853,522				7,875,107

 

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

 

13

---

 

Audax Credit BDC Inc.

Consolidated Schedules of Investments (continued)

As of March 31, 2026

(Expressed in U.S. Dollars)

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
Audax Credit BDC, Inc. (Continued)
BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS (h) (i) (Continued):
Consumer Goods: Non-durable
Augusta Sportswear				Senior Secured Initial Term Loan		S+		7.00%		10.68%		11/21/2023		11/21/2029		$	4,410,000			$	4,350,894			$	3,969,000
Augusta Sportswear				Senior Secured Revolving Credit Loan		S+		7.00%		10.68%		11/21/2023		11/21/2028			258,605				253,040				232,745
																					4,603,934				4,201,745
Media: Advertising, Printing & Publishing
MediaRadar		(j)		Unitranche Closing Date Term A Loan		S+		5.00%		8.68%		5/23/2022		9/16/2029			1,772,741				1,752,619				1,772,741
Integral Ad Science				Senior Secured Initial Term Loan		S+		5.00%		8.68%		12/22/2025		12/25/2030			993,750				959,655				986,297
MediaRadar		(j)		Unitranche 2023 Incremental Term Loan		S+		5.00%		8.68%		10/31/2023		9/16/2029			935,614				920,026				935,614
MediaRadar		(j)		Senior Secured Revolving Loan		S+		5.00%		8.68%		9/16/2022		9/16/2029			—				(10,168	)			—
																					3,622,132				3,694,652
Wholesale
Carlisle Foodservice				Senior Secured Initial Term Loan		S+		5.00%		8.68%		9/29/2023		10/2/2030			1,078,018				1,056,503				1,075,323
RelaDyne		(k)		Senior Secured Term B Loan (First Lien)		S+		3.50%		7.18%		6/30/2025		12/23/2030			495,003				493,915				495,535
Carlisle Foodservice				Senior Secured Revolving Loan		S+		5.00%		8.68%		9/29/2023		10/2/2029			99,914				96,691				99,664
																					1,647,109				1,670,522
Hotels, Gaming & Leisure
Auto Europe				Senior Secured First Out Secured Term Loan		S+		5.00%		8.68%		1/20/2026		1/20/2030			638,437				638,437				633,649
Encore		(k)		Senior Secured Initial Term Loan		S+		5.00%		8.68%		11/18/2024		12/5/2031			495,000				486,568				470,250
Auto Europe				Senior Secured Third-Out Term Loan		S+		5.00%		8.68%		1/20/2026		1/20/2030			403,735				403,735				400,707
Auto Europe				Senior Secured Second Out Term Loan		S+		5.00%		8.68%		1/20/2026		1/20/2030			63,847				63,847				63,369
Encore		(k)		Senior Secured Revolving Loan		S+		5.00%		8.68%		11/18/2024		12/5/2029			9,848				8,753				9,355
																					1,601,340				1,577,330
Metals & Mining
Dynatect (A&A)				Senior Secured Term B Loan		S+		4.50%		8.18%		8/16/2019		9/29/2028			1,563,470				1,563,470				1,559,561
																					1,563,470				1,559,561
Retail
Varsity Brands		(k)		Senior Secured 2025-2 Replacement Term Loan		S+		3.00%		6.68%		7/26/2024		8/26/2031			992,513				988,508				989,570
StubHub		(k)		Senior Secured Extended USD Term B Loan		S+		4.75%		8.43%		1/31/2020		3/15/2030			246,853				245,714				243,691
																					1,234,222				1,233,261
Media: Diversified & Production
Cast & Crew				Senior Secured Incremental Facility No. 2 Incremental Term Loan (First Lien)		S+		3.75%		7.43%		4/30/2024		12/29/2028			979,535				974,535				676,736
Spectrum Science				Senior Secured 2024 Incremental Term Loan		S+		7.00%		10.68%		1/17/2024		2/1/2029			506,354				492,545				489,898
																					1,467,080				1,166,634
Energy: Oil & Gas
AmSpec		(k)		Senior Secured Amendment No. 1 Other Term Loan		S+		3.50%		7.18%		12/12/2024		12/22/2031			572,712				570,504				572,591
																					570,504				572,591
Telecommunications
Eastern Communications				Senior Secured First Amendment Term A Loan		S+		5.00%		8.68%		9/29/2025		12/30/2030			497,481				492,704				496,237
																					492,704				496,237
Telecommunications
Vessco				Unitranche 2025 Incremental Term Loan		S+		4.50%		8.18%		10/30/2025		11/3/2032			232,069				230,414				230,329
Vessco				Senior Secured Revolving Loan		S+		4.50%		8.18%		10/30/2025		11/3/2032			—				(212	)			—
																					230,202				230,329
		Total Bank Loans																		$	412,509,895			$	392,463,563

 

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

 

14

---

 

Audax Credit BDC Inc.

Consolidated Schedules of Investments (continued)

As of March 31, 2026

(Expressed in U.S. Dollars)

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
Audax Credit BDC, Inc. (Continued)
EQUITY AND PREFERRED SHARES: NON-CONTROL/NON-AFFILIATE INVESTMENTS (h):
Services: Business
Vortex Companies		(j) (o) (q)		LP Common Units								9/1/2023					190			$	189,759			$	641,946
Industrial Services Group		(j) (o) (r)		Class A Units								12/7/2022					238				238,095				457,086
InnovateMR		(j) (o) (s)		Class A Units								12/16/2021					387				387,311				407,762
Amplix		(j) (o) (t)		Class A-2 Units								10/19/2023					23,810				238,095				309,271
Golden Source		(j) (o) (u)		Class A Units								3/25/2022					117,371				117,371				263,002
Gallo Mechanical		(o) (v)		LP Interest								6/19/2025					140,000				137,384				159,012
CCG		(j) (o) (w)		Class A Units								12/30/2025					154,806				154,806				154,806
AI Fire & Safety		(o) (x)		Class A Units								12/20/2024					233,607				233,607				139,484
VC3		(j) (o) (y)		Class A Units								9/16/2022					16,958				70,778				105,602
Heartland		(o) (z)		Co-Invest Units								12/12/2023					889				88,889				92,081
Eagle Fire		(o) (aa)		Class A Units								6/4/2025					119,048				119,048				88,409
Liberty Group		(j) (o) (ab)		Series A-Preferred Units								6/6/2022					113,636				113,636				41,202
Embark		(j) (o) (ac)		Class A Units								9/2/2025					20,000				20,000				17,410
Industrial Services Group		(j) (o) (r)		Class A-1 Units								3/10/2025					25				32,022				10,896
OSG Billing Services		(o) (ad)		Class A Units								11/30/2023					27,208				—				—
																					2,140,801				2,887,969
Healthcare & Pharmaceuticals
Visor Buyer, Inc.		(j) (o) (ae)		Class A Units								12/15/2025					2,206,263				2,206,263				1,299,238
Minds + Assembly		(j) (o) (af)		Class A Units								5/3/2023					217				217,391				425,120
Sequel Ortho (fka OrthoNebraska)		(j) (o) (ag)		Class A Units								7/31/2023					24,245				166,992				342,657
Summit Spine 2025		(j) (o) (ah)		Class A Units								3/21/2025					2,388				238,847				291,682
Ivy Rehab		(o) (ai)		Class A Units								3/11/2022					100				100,000				144,571
APT Healthcare		(o) (aj)		Class A-5 Common Units								9/15/2025					7,421				10,000				15,868
RevHealth		(j) (o) (ak)		Class A-1 Units								7/22/2022					20,548				205,479				—
																					3,144,972				2,519,136
Construction & Building
A1 Garage Door		(j) (o) (al)		Class A Common Units								12/22/2022					273				272,727				858,620
DynaGrid		(o) (am)		Class A-2 Units								1/7/2025					59,524				59,524				101,389
																					332,251				960,009
Banking, Finance, Insurance & Real Estate
Cherry Bekaert		(j) (o) (an)		Class A Units								6/30/2022					129,870				61,388				341,704
American Beacon Advisors		(o) (ao)		Common Units								12/29/2023					16,071				—				273,207
Prime Pensions		(j) (o) (ap)		LP Interest								2/20/2024					238,095				214,404				224,950
Beta+		(o) (aq)		Class A-2 Common Stock								9/15/2023					2,470				24,700				25,646
																					300,492				865,507
High Tech Industries
PracticeTek		(j) (o) (ar)		Class A Units								11/22/2021					616,814				649,236				659,460
																					649,236				659,460
Beverage, Food & Tobacco
Hissho Sushi		(j) (o) (as)		Class A Units								4/7/2022					25,000				157,353				548,332
																					157,353				548,332
Services: Consumer
Ned Stevens 2022-2		(j) (o) (at)		Class B Common Units								11/1/2022					279				278,990				346,384
Super-Sod		(j) (o) (au)		Class A Units								2/27/2026					20,000				20,000				16,580
United Comfort Group (fka United Air Temp)		(j) (o) (av)		Class A Units								2/14/2024					110,947				110,947				—
																					409,937				362,964
Hotels, Gaming & Leisure
Auto Europe		(o) (aw)		Class A Units								1/20/2026					169,949				211,990				198,416
Auto Europe		(j) (o) (aw)		Class A-1 Units								1/20/2026					100,799				100,799				100,799
																					312,789				299,215
Wholesale
GME Supply		(j) (o) (ax)		Class A Units								6/30/2023					281				280,718				269,033
																					280,718				269,033

 

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

 

15

---

 

Audax Credit BDC Inc.

Consolidated Schedules of Investments (continued)

As of March 31, 2026

(Expressed in U.S. Dollars)

 

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
Audax Credit BDC, Inc. (Continued)
EQUITY AND PREFERRED SHARES: NON-CONTROL/NON-AFFILIATE INVESTMENTS (h) (Continued):
Automotive
Engine & Transmission Exchange		(j) (o) (ay)		Class A-1 Units								5/26/2023					211			$	211,268			$	251,194
																					211,268				251,194
Media: Advertising, Printing & Publishing
MediaRadar		(j) (o) (az)		Class A-1 Units								9/16/2022					147,000				147,000				186,838
																					147,000				186,838
Consumer Goods: Durable
Careismatic		(o) (ba)		Class A Units								6/13/2024					3,522				209,625				125,188
																					209,625				125,188
Chemicals, Plastics & Rubber
Vertellus		(o) (bb)		Series A Units								12/22/2020					1,651				165,138				30,206
																					165,138				30,206
Environmental Industries
O6 Environmental		(j) (o) (bc)		Common Units								8/4/2025					45				44,801				59,620
Alliance Environmental Group		(j) (o) (bd)		A-1 Preferred Units								9/30/2019					331				331,126				—
																					375,927				59,620
Capital Equipment
TRG		(j) (o) (be)		Class A Membership Interests								1/5/2026					10,000				10,000				10,000
80/20		(j) (o) (bf)		LP Interest								12/11/2025					10,000				10,000				9,431
																					20,000				19,431
		Total Equity and Preferred Shares																		$	8,857,507			$	10,044,102
Total Investments																				$	421,367,402			$	402,507,665
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
Audax Credit BDC Equity, LLC
EQUITY AND PREFERRED SHARES: NON-CONTROL/NON-AFFILIATE INVESTMENTS (h):
Healthcare & Pharmaceuticals
Dane Street		(o) (bg)		Class A Units								3/25/2026					10			$	10,000			$	10,000
Avalon		(o) (bh)		Class A-1 Units								12/30/2025					5,000				5,000				5,000
																					15,000				15,000
		Total Equity and Preferred Shares																		$	15,000			$	15,000
Total Investments																				$	15,000			$	15,000
Total Bank Loans - (95.1%)		(g)																		$	412,509,895			$	392,463,563
Total Equity and Preferred Shares - (2.4%)		(g)																		$	8,872,507			$	10,059,102
Total Portfolio Investments		(bi)																		$	421,382,402			$	402,522,665

(^) The majority of the investments bear interest at a rate that may be determined by reference to Secured Overnight Financing Rate (“SOFR” or “S”).

(a) All companies are located in the United States of America, unless otherwise noted.

(b) Interest rate percentages represent actual interest rates as of March 31, 2026, which are indexed to the noted reference rate. The referenced rates are subject to interest floors which can vary based on contractual agreements with the borrower.

(c) All loans are income-producing, unless otherwise noted.

(d) All investments are qualifying assets under Section 55(a) of the Investment Company Act of 1940, as amended (the "1940 Act") unless otherwise noted.

(e) All investments acquired in transactions are exempt from registration under the Securities Act of 1933 (the “Securities Act”), and may be deemed to be “restricted securities” under the Securities Act.

(f) Unless indicated otherwise, all of our investments are valued using Level 3 inputs within the FASB Accounting Standard Codification (“ASC”) Topic 820, “Fair Value Measurements and Disclosures” (“ASC 820”) fair value hierarchy. Refer to Note 3 – Investments in the accompanying Notes to Consolidated Financial Statements for additional information.

(g) Percentages are calculated using fair value of investments over net assets.

(h) As defined in 1940 Act, the Company is not deemed to be an “Affiliated Person” of or “Control” this portfolio company because it neither owns 5% or more of the portfolio company’s outstanding voting securities nor has the power to exercise control over the management or policies of such portfolio company (including through a management agreement).

(i) The negative cost, if applicable, is the result of the capitalized discount being greater than the principal amount outstanding on the unfunded loan commitment.

(j) Three affiliated funds, Audax Direct Lending Solutions Fund - A, L.P., Audax Direct Lending Solutions Fund - C, L.P., and Audax Direct Lending Solutions Fund - D, L.P., co-invested with the Company in this portfolio company pursuant to an exemptive order granted by the U.S. Securities and Exchange Commission.

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

 

16

---

 

(k) Investment was valued as Level 2, using significant observable inputs in accordance with ASC 820. Refer to Note 3 – Investments in the accompanying Notes to Consolidated Financial Statements for additional information.

(l) The Company headquarters for Aurora is located in the United Kingdom.

(m) The Company headquarters for UDG is located in Ireland.

(n) The Company headquarters for PayByPhone is located in Canada.

(o) Investment is non-income producing.

(p) The Company headquarters for Balcan is located in Canada.

(q) Represents an investment in APD VTX Equity Blocker, L.P., a holding company, made through an affiliated equity aggregator vehicle.

(r) Represents an investment in APD ISG Equity Blocker, L.P., a holding company, made through an affiliated equity aggregator vehicle.

(s) Represents an investment in APD INN Equity, L.P., a holding company, made through an affiliated equity aggregator vehicle.

(t) Represents an investment in APD AMP Equity Blocker, L.P., a holding company, made through an affiliated equity aggregator vehicle.

(u) Represents an investment in APD Gol Equity, L.P., a holding company, made through an affiliated equity aggregator vehicle.

(v) Represents an investment in Citation Glow Co-Invest LP, a holding company for the investment in Gallo Mechanical.

(w) Represents an investment in CCG Group Holding Company, LLC, a holding company for the investment in Certified Collisions Group.

(x) Represents an investment in Firebird Co-Invest L.P., a holding company for the investment in AI Fire & Safety.

(y) Represents an investment in APD VC3 Equity, L.P., a holding company, made through an affiliated equity aggregator vehicle.

(z) Represents an investment in Heartland PPC Investor LLC, a holding company for the investment in Heartland.

(aa) Represents an investment in Talon Holdings SCSP, A Luxembourg Special Limited Partnership, a holding company for the investment in Eagle Fire.

(ab) Represents an investment in APD TLG Equity, L.P., a holding company, made through an affiliated equity aggregator vehicle.

(ac) Represents an investment in Embark HoldCo, LP, a holding company for the investment in Embark.

(ad) Represents an investment in OSG Topco Holdings LLC, a holding company for the investment in OSG Billing Services.

(ae) Represents an investment in APD IMD Equity, L.P., a holding company, made through an affiliated equity aggregator vehicle.

(af) Represents an investment in APD MA Equity Blocker, L.P., a holding company, made through an affiliated equity aggregator vehicle.

(ag) Represents an investment in APD OrthoNebraska Equity Blocker, L.P., a holding company, made through an affiliated equity aggregator vehicle.

(ah) Represents an investment in Summit Parent Holdings, LLC, a holding company for the investment in Summit Spine.

(ai) Represents an investment in APD IVY Equity Blocker, L.P., a holding company, made through an affiliated equity aggregator vehicle.

(aj) Represents an investment in APT Holdings, LLC, a holding company for the investment in APT Healthcare.

(ak) Represents an investment in APD RH Equity Blocker, L.P., a holding company, made through an affiliated equity aggregator vehicle.

(al) Represents an investment in APD GAR Equity, L.P., a holding company, made through an affiliated equity aggregator vehicle.

(am) Represents an investment in DynaGrid Holdings LLC, a holding company for the investment in DynaGrid.

(an) Represents an investment in APD CBA Equity Blocker, L.P., a holding company, made through an affiliated equity aggregator vehicle.

(ao) Represents an investment in Resolute Topco, Inc., a holding company for the investment in American Beacon Advisors.

(ap) Represents an investment in Prime Co-Invest, L.P., a holding company, made through an affiliated equity aggregator vehicle.

(aq) Represents an investment in Buckhorn Parent, Inc., a holding company for the investment in Beta+.

(ar) Represents an investment in APD Ptek Equity, L.P., a holding company, made through an affiliated equity aggregator vehicle.

(as) Represents an investment in APD Sush Equity Blocker, L.P., a holding company, made through an affiliated equity aggregator vehicle.

(at) Represents an investment in APD NS Equity, L.P., a holding company, made through an affiliated equity aggregator vehicle.

(au) Represents an investment in KCP Sod Holdings LP, a holding company for the investment in Super-Sod.

(av) Represents an investment in LJ Flex, LP, a holding company, made through an affiliated equity aggregator vehicle.

(aw) Represents an investment in AEG TopCco LLC, a holding company for the investment in Auto Europe.

(ax) Represents an investment in ADP GMES Parent Holding Blocker, L.P., a holding company, made through an affiliated equity aggregator vehicle.

(ay) Represents an investment in APD ETE Equity Aggregator, L.P., a holding company, made through an affiliated equity aggregator vehicle.

(az) Represents an investment in APD MDR Equity, L.P., a holding company, made through an affiliated equity aggregator vehicle.

(ba) Represents an investment in Reorganized Careismatic Brands Parent, LLC., a holding company for the investment in Reorganized Careismatic Brands.

(bb) Represents an investment in ADP VERT Equity, L.P., a holding company, made through an affiliated equity aggregator vehicle.

(bc) Represents an investment in O6 Environmental Holdings, LLC, a holding company for the investment in O6 Environmental.

(bd) Represents an investment in APD AEG Equity Blocker, L.P., a holding company, made through an affiliated equity aggregator vehicle.

(be) Represents an investment in G-3 Mobility Parent LLC, a holding company for the investment in TRG.

(bf) Represents an investment owned by APD 80/20 Equity, L.P., a holding company for the investment in 80/20.

(bg) Represents an investment in Dane Street Co-Investor Aggregator, LLC, a holding company for the investment in Dane Street.

(bh) Represents an investment in Excalibur Topco Holdings, L.P., a holding company for the investment in Avalon.

(bi) At March 31, 2026, the cost of investments for income tax purposes was $420,647,751, the gross unrealized depreciation for federal tax purposes was $24,367,059, the gross unrealized appreciation for federal income tax purposes was $6,241,973, and the net unrealized depreciation was $18,125,086.

 

 

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

 

17

---

 

Audax Credit BDC Inc.

Consolidated Schedules of Investments

As of December 31, 2025

(Expressed in U.S. Dollars)

 

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
Audax Credit BDC, Inc.
BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS (h) (i):
Services: Business
Vortex Companies		(j)		Unitranche Initial Term Loan		S+		5.00%		8.65%		9/1/2023		9/4/2029		$	5,002,162			$	4,943,639			$	5,002,149
Amplix		(j)		Unitranche First Amendment Term Loan		S+		5.25%		8.90%		10/19/2023		10/18/2029			4,337,131				4,251,650				4,337,131
LegalShield		(k)		Senior Secured Initial Term Loan (First Lien)		S+		3.25%		6.90%		12/7/2021		12/15/2028			4,332,488				4,312,144				4,198,462
InnovateMR		(j)		Unitranche Initial Term Loan		S+		6.00%		9.65%		12/16/2021		1/20/2028			4,077,410				4,049,381				4,077,410
Industrial Services Group		(j)		Unitranche Initial Term Loan		S+		5.75%		9.40%		12/7/2022		12/7/2028			4,074,038				4,011,199				4,074,038
CoAdvantage				Senior Secured 2023 1L Refinancing Term Loan (First Lien)		S+		5.50%		9.15%		8/2/2023		8/2/2029			3,763,381				3,763,381				3,735,155
Golden Source		(j)		Unitranche Initial Term Loan		S+		4.75%		8.40%		3/25/2022		5/12/2028			3,335,746				3,283,928				3,335,746
Eliassen				Unitranche Initial Term Loan		S+		5.75%		9.40%		3/31/2022		4/14/2028			3,380,305				3,354,205				3,304,249
Kept Companies				Senior Secured Term Loan		S+		5.25%		8.90%		4/30/2024		4/30/2029			3,290,112				3,251,554				3,257,211
Discovery Education				Unitranche Initial Term Loan (First Lien)		S+		2.88%, 5.70% PIK		12.23%		3/25/2022		4/9/2029			3,929,102				3,893,429				2,946,826
The Facilities Group				Unitranche Initial Term Loan		S+		5.75%		9.40%		12/10/2021		11/30/2027			2,903,842				2,891,302				2,874,803
CoolSys				Senior Secured Closing Date Initial Term Loan		S+		4.75%		8.40%		8/4/2021		8/11/2028			2,940,135				2,926,922				2,844,581
Argano				Senior Secured Initial Term Loan		S+		5.50%		9.15%		9/13/2024		9/13/2029			2,804,403				2,756,883				2,776,359
Epiq		(k)		Senior Secured 2025 Refinancing Term Loan (First Lien)		S+		4.00%		7.65%		7/17/2024		4/26/2029			2,250,934				2,181,718				2,107,842
Paradigm Outcomes		(k)		Senior Secured 2025 Replacement Term Loan		S+		3.00%		6.65%		4/2/2024		5/6/2031			1,973,853				1,966,282				1,988,795
Vensure				Senior Secured Initial Term Loan		S+		5.00%		8.65%		9/23/2024		9/27/2031			1,950,428				1,930,584				1,930,924
Mediaocean		(k)		Senior Secured Initial Term Loan (First Lien)		S+		3.50%		7.15%		12/9/2021		12/15/2028			1,925,000				1,915,998				1,901,332
Liberty Group		(j)		Unitranche Initial Term Loan		S+		5.75%		9.40%		6/6/2022		6/15/2028			1,886,477				1,867,697				1,880,187
VC3		(j)		Senior Secured Delayed TL		S+		5.10%		8.75%		9/16/2022		3/12/2029			1,871,757				1,851,598				1,871,757
InnovateMR		(j)		Unitranche First Amendment Term Loan		S+		6.50%		10.15%		12/23/2022		1/20/2028			1,829,561				1,802,693				1,829,561
CCG		(k)		Unitranche Initial Term Loan		S+		4.50%		8.15%		12/30/2025		12/30/2032			1,729,242				1,711,949				1,711,949
Dun & Bradstreet				Unitranche Initial Term Loan		S+		5.50%		9.15%		6/30/2025		8/26/2032			1,500,000				1,485,958				1,488,750
Secretariat				Senior Secured Initial Term Loan		S+		4.00%		7.65%		2/24/2025		2/28/2032			1,488,750				1,481,744				1,473,863
Insight Global				Unitranche 2024 Refinancing Term Loan		S+		5.00%		8.65%		9/22/2021		9/22/2028			1,440,448				1,426,728				1,436,847
Heartland				Senior Secured Initial Term Loan		S+		4.75%		8.40%		12/1/2023		12/12/2029			1,425,891				1,404,479				1,411,632
Aprio				Senior Secured Initial Term Loan		S+		4.75%		8.40%		8/1/2024		8/1/2031			1,421,117				1,405,741				1,406,906
Gallo Mechanical				Senior Secured Initial Term Loan		S+		4.75%		8.40%		6/19/2025		8/2/2032			1,367,336				1,346,053				1,357,081
Ascend				Senior Secured Initial Term Loan		S+		4.50%		8.15%		10/22/2024		8/11/2031			1,324,638				1,318,563				1,311,392
Addison Group		(k)		Senior Secured Initial Term Loan		S+		4.25%		7.90%		1/19/2022		12/29/2028			1,319,464				1,317,856				1,195,890
Health Management Associates				Senior Secured Term Loan A		S+		6.25%		9.90%		3/31/2023		3/30/2029			1,099,103				1,078,286				1,090,860
Embark		(j)		Senior Secured Term B Loan		S+		4.50%		8.15%		8/27/2025		9/2/2032			997,500				983,946				990,019
Barton Associates				Unitranche Initial Term Loan		S+		6.50%		10.15%		11/18/2024		7/26/2028			987,245				979,665				977,372
Colibri				Senior Secured First Amendment Incremental Term Loan		S+		5.00%		8.65%		11/9/2023		3/12/2029			980,000				963,839				975,100
Levata				Senior Secured Sixteenth Amendment Incremental Effective Date Term Loan		S+		5.00%		8.65%		8/19/2025		12/21/2027			811,845				803,694				807,786
Aprio				Senior Secured 2025 Incremental Term Loan		S+		4.75%		8.40%		4/18/2025		8/1/2031			655,559				648,104				649,003
AI Fire & Safety				Unitranche Initial Term Loan		S+		2.25%, 2.75% PIK		8.65%		12/20/2024		2/2/2032			627,069				623,912				625,502
Eagle Fire				Senior Secured Initial Term Loan		S+		4.50%		8.15%		6/4/2025		7/15/2032			569,666				562,991				565,394
Lexitas				Unitranche Initial Term Loan		S+		5.00%		8.65%		4/15/2025		4/15/2031			510,447				505,030				505,343
Geosyntec				Senior Secured 2025 Incremental Term Loan		S+		3.00%		6.65%		7/24/2024		7/31/2031			496,256				494,174				495,016
Inmar				Senior Secured Amendment No. 4 Refinancing Term Loan (First Lien)		S+		4.50%		8.15%		10/25/2024		10/30/2031			493,769				491,430				488,831
S&P Engineering Solutions				Senior Secured 2024 Converted Term Loan		S+		5.00%		8.65%		3/31/2023		5/2/2030			488,750				478,848				488,750
trustaff				Senior Secured Initial Term Loan (First Lien)		S+		4.25%		7.90%		12/9/2021		3/6/2028			957,286				956,335				478,643
System One				Senior Secured 2025 Refinancing Term Loan		S+		3.50%		7.15%		1/28/2021		3/2/2028			477,600				476,773				472,824
Mitratech		(k)		Unitranche Closing Date Initial Term Loan		S+		4.75%		8.40%		12/1/2025		12/2/2031			458,716				456,365				456,422
Trace3		(k)		Unitranche Closing Date Term B Loan		S+		4.00%		7.65%		10/8/2025		10/29/2032			452,381				447,857				454,077
Perficient				Senior Secured Closing Date Term Loan		S+		3.50%		7.15%		8/2/2024		10/2/2031			452,028				450,020				444,118

 

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

 

18

---

 

Audax Credit BDC Inc.

Consolidated Schedules of Investments (continued)

As of December 31, 2025

(Expressed in U.S. Dollars)

 

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
Audax Credit BDC, Inc. (Continued)
BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS (h) (i) (Continued):
AIA Contract		(j)		Senior Secured Term Loan		S+		4.75%		8.40%		6/30/2025		7/2/2031		$	423,182			$	417,294			$	422,124
HireRight		(k)		Senior Secured 2025 Replacement Term Loan (First Lien)		S+		3.25%		6.90%		3/25/2024		9/27/2030			492,506				487,767				419,642
Aurora Energy Research				Unitranche Facility B Note		S+		5.00%		8.65%		9/4/2025		9/8/2032			379,916				375,034				377,066
Industrial Services Group		(j)		Senior Secured Revolving Loan		S+		5.75%		9.40%		12/7/2022		12/7/2028			342,857				325,714				342,857
Capital Consultants Management Corporation		(j)		Unitranche Closing Date Term Loan		S+		4.75%		8.40%		7/29/2025		11/3/2031			340,592				336,510				340,592
OSG Billing Services				Senior Secured Last-Out Term Loan		S+		6.25%		9.90%		11/30/2023		11/30/2028			312,562				312,562				309,436
Golden Source		(j)		Senior Secured Revolving Loan		S+		4.75%		8.40%		3/25/2022		5/12/2028			253,521				244,131				253,521
OSG Billing Services				Senior Secured First-Out Term Loan		S+		8.00%		11.65%		11/30/2023		5/30/2028			219,341				209,666				217,148
Vortex Companies		(j)		Senior Secured Revolving Loan		S+		5.00%		8.65%		9/1/2023		9/4/2029			186,169				151,653				186,169
Discovery Education				Senior Secured Revolving Credit Loan (First Lien)		S+		2.88%, 5.70% PIK		12.23%		3/25/2022		4/9/2029			153,846				149,808				115,385
Liberty Group		(j)		Senior Secured Revolving Loan		S+		5.75%		9.40%		6/6/2022		12/15/2028			79,545				75,000				79,280
VC3		(j)		Senior Secured RC		S+		5.10%		8.75%		7/21/2022		3/12/2029			46,154				43,462				46,154
Gallo Mechanical				Senior Secured Initial Revolving Loan		S+		4.75%		8.40%		6/19/2025		8/2/2032			39,067				34,672				38,774
Embark				Senior Secured Revolving Credit Loan		S+		4.50%		8.15%		8/27/2025		9/2/2032			8,000				6,000				7,940
Heartland				Senior Secured Revolving Credit Loan		S+		4.75%		8.40%		12/1/2023		12/12/2029			3,407				(1,217	)			3,373
Mitratech		(k)		Senior Secured Revolving Loan		S+		4.75%		8.40%		12/1/2025		12/2/2031			-				(92	)			-
AI Fire & Safety				Senior Secured Revolving Credit Loan		S+		4.50%		8.15%		12/20/2024		2/2/2032			-				(449	)			-
Aprio				Senior Secured Revolving Loan		S+		4.75%		8.40%		8/1/2024		8/1/2031			-				(499	)			-
Lexitas				Senior Secured Revolving Credit Loan		S+		5.00%		8.65%		4/15/2025		4/15/2031			-				(573	)			-
Ascend				Senior Secured Revolving Credit Loan		S+		4.50%		8.15%		10/22/2024		8/11/2031			-				(859	)			-
AIA Contract		(j)		Senior Secured Revolving Loan		S+		4.75%		8.40%		6/30/2025		7/2/2031			-				(1,136	)			-
Eagle Fire				Senior Secured Initial Revolving Loan		S+		4.50%		8.15%		6/4/2025		7/15/2032			-				(1,346	)			-
S&P Engineering Solutions				Senior Secured 2024 Converted Revolving Credit Loan		S+		5.00%		8.65%		3/31/2023		5/2/2029			-				(1,471	)			-
Dun & Bradstreet				Senior Secured Revolving Credit Loan		S+		5.50%		9.15%		6/30/2025		8/26/2032			-				(1,500	)			-
Health Management Associates				Senior Secured Revolving Loan		S+		6.25%		9.90%		3/31/2023		3/30/2029			-				(2,131	)			-
CCG		(k)		Senior Secured Revolving Facility		S+		4.50%		8.15%		12/30/2025		12/30/2032			-				(2,708	)			-
Kept Companies				Senior Secured Revolving Loan		S+		5.25%		8.90%		4/30/2024		4/30/2029			-				(7,131	)			-
Amplix		(j)		Senior Secured Revolving Credit Loan		S+		5.25%		8.90%		10/19/2023		10/18/2029			-				(8,242	)			-
																					88,646,446				87,193,349
Healthcare & Pharmaceuticals
American Vision Partners		(j)		Unitranche Initial Term Loan		S+		5.75%		9.40%		9/22/2021		9/30/2027			4,798,401				4,768,809				4,798,401
Minds + Assembly		(j)		Unitranche Initial Term Loan (First Lien)		S+		5.00%		8.65%		5/3/2023		5/3/2029			3,996,894				3,929,422				3,996,894
Paradigm Oral Health				Senior Secured Initial Term Loan		S+		4.75%		8.40%		9/30/2024		11/16/2028			3,970,619				3,937,401				3,960,693
Sequel Ortho (fka OrthoNebraska)		(j)		Unitranche Initial Term Loan		S+		5.00%		8.65%		7/31/2023		7/31/2028			3,311,070				3,254,578				3,311,070
Summit Spine 2025		(j)		Unitranche Initial Term Loan		S+		4.75%		8.40%		3/21/2025		3/25/2031			3,256,090				3,194,982				3,256,090
U.S. Foot and Ankle Specialists				Senior Secured Term Loan		S+		5.75%		9.40%		4/17/2024		9/15/2026			2,966,687				2,953,101				2,937,020
RevHealth		(j)		Unitranche Initial Term Loan		S+		2.50%, 3.25% PIK		9.40%		7/22/2022		7/21/2028			4,210,394				4,169,336				2,704,019
EyeSouth Partners				Unitranche Amendment No.2 Term Loan (First Lien)		S+		5.50%		9.15%		11/15/2024		10/5/2029			2,282,181				2,259,977				2,259,359
TEAM Services		(k)		Senior Secured Incremental Term Loan (First Lien)		S+		5.25%		8.90%		6/28/2024		12/20/2027			1,980,000				1,955,549				1,978,456
Ivy Rehab				Senior Secured Initial Term Loan (First Lien)		S+		5.00%		8.65%		3/11/2022		4/23/2029			1,927,696				1,906,586				1,908,419
Gastro Health				Senior Secured Initial Term Loan (First Lien)		S+		4.50%		8.15%		7/2/2021		7/3/2028			1,916,031				1,911,245				1,882,500
Therapy Brands				Senior Secured Initial Term Loan (First Lien)		S+		4.00%		7.65%		5/12/2021		5/18/2028			1,806,656				1,802,933				1,747,940
Advancing Eyecare				Senior Secured Initial Term Loan		S+		5.75%		9.40%		5/27/2022		6/13/2029			2,455,515				2,417,154				1,718,861
Upstream Rehabilitation				Senior Secured December 2025 Extended/Modified Term Loan (First Lien)		S+		4.25%		7.90%		10/24/2019		11/20/2029			1,897,047				1,896,418				1,684,339
Blue Cloud 2025				Senior Secured Closing Date Term Loan		S+		5.00%		8.65%		8/12/2025		1/21/2031			1,654,166				1,654,166				1,641,760
Visor Buyer, Inc.		(j)		Unitranche Initial Term Loan		S+		6.50%		10.15%		12/15/2025		12/15/2031			1,598,272				1,598,272				1,598,272
ImageFirst				Senior Secured Initial Term Loan		S+		3.00%		6.65%		3/12/2025		3/12/2032			1,492,500				1,488,750				1,481,306
MedRisk		(k)		Senior Secured 2025 Term Loan (First Lien)		S+		3.00%		6.65%		4/1/2021		5/10/2028			1,463,823				1,460,017				1,471,039

 

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

 

19

---

 

Audax Credit BDC Inc.

Consolidated Schedules of Investments (continued)

As of December 31, 2025

(Expressed in U.S. Dollars)

 

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
Audax Credit BDC, Inc. (Continued)
BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS (h) (i) (Continued):
Forefront				Senior Secured Term B-1 Loan		S+		5.50%		9.15%		12/14/2023		3/30/2029		$	1,473,750			$	1,450,967			$	1,457,170
Quantum Health				Senior Secured Amendment No. 1 Refinancing Term Loan (First Lien)		S+		4.25%		7.90%		12/18/2020		12/22/2027			1,432,500				1,425,377				1,432,500
MB2 Dental				Unitranche Initial Term Loan		S+		5.50%		9.15%		2/5/2024		2/13/2031			1,258,604				1,247,756				1,246,018
Nvision				Senior Secured 2024 Initial Term Loan		S+		5.50%		9.15%		10/31/2024		12/31/2028			1,248,086				1,221,769				1,226,244
Symplr		(k)		Senior Secured Initial Term Loan (First Lien)		S+		4.50%		8.15%		11/23/2020		12/22/2027			1,428,750				1,421,616				1,217,245
nThrive		(k)		Senior Secured Tranche C Term Loan		S+		4.00%		7.65%		11/18/2024		12/15/2028			1,613,125				1,613,125				1,114,879
Micro Merchant Systems				Unitranche Initial Term Loan		S+		4.50%		8.15%		3/2/2022		12/14/2027			1,059,722				1,053,918				1,059,722
Radiology Partners		(k)		Senior Secured Term B Loan		S+		4.50%		8.15%		6/26/2025		6/30/2032			997,500				988,044				996,956
Press Ganey		(k)		Senior Secured Existing Term Loan (First Lien)		S+		3.00%		6.65%		4/24/2024		4/30/2031			987,538				979,682				990,624
RxBenefits		(k)		Senior Secured Term Loan		S+		5.00%		8.65%		12/31/2025		12/23/2030			1,000,000				980,000				980,000
Cirtec Medical				Senior Secured U.S. Dollar Term Loan		S+		5.00%		8.65%		1/30/2023		1/30/2029			972,500				954,256				970,069
Forefront				Senior Secured Closing Date Term Loan		S+		4.25%		7.90%		3/23/2022		3/30/2029			965,293				956,425				954,434
NSM				Senior Secured Amendment No. 9 Incremental Term Loan		S+		4.25%		7.90%		8/5/2024		5/14/2029			943,110				941,613				940,753
Epic Staffing Group				Senior Secured Initial Term Loan		S+		6.00%		9.65%		6/27/2022		6/28/2029			967,093				931,378				935,662
Patterson Companies		(k)		Senior Secured Initial Term Loan		S+		4.50%		8.15%		7/24/2025		4/16/2032			997,500				897,500				881,077
VaxCare				Unitranche Initial Term Loan		S+		4.50%		8.15%		6/10/2025		6/17/2032			831,250				823,397				825,016
APT Healthcare				Unitranche Initial Term Loan		S+		5.00%		8.65%		9/15/2025		9/30/2031			775,833				764,324				766,135
Specialized Dental				Senior Secured Sixth Amendment Incremental Term Loan		S+		4.75%		8.40%		10/30/2025		11/1/2028			672,897				668,131				667,850
Viant		(k)		Senior Secured Closing Date Initial Term Loan (First Lien)		S+		4.00%		7.65%		10/16/2024		10/29/2031			549,596				547,184				544,993
Performance Health				Senior Secured Initial Term Loan		S+		3.75%		7.40%		2/28/2025		3/19/2032			497,500				492,834				493,769
Cirtec Medical				Senior Secured Amendment No. 1 Incremental Term Loan		S+		5.00%		8.65%		7/2/2024		1/30/2029			492,500				487,761				491,269
TEAM Services		(k)		Senior Secured Term Loan (First Lien)		S+		5.00%		8.65%		1/25/2024		12/20/2027			489,717				488,289				489,455
Sequel Ortho (fka OrthoNebraska)				Unitranche First Amendment Term Loan		S+		5.00%		8.65%		10/31/2025		7/31/2028			476,190				471,429				476,190
Confluent Health				Senior Secured Amendment No. 1 Term Loan		S+		7.50%		11.15%		4/11/2023		11/30/2028			486,250				466,619				474,094
AGS Health				Unitranche Initial Term Loan		S+		4.50%		8.15%		7/24/2025		8/2/2032			446,960				445,695				443,608
AccentCare				Senior Secured Tranche B Term Loan		S+		4.00%		7.65%		6/15/2021		9/20/2028			477,750				477,750				429,557
Midwest Eye Services				Senior Secured Initial Term Loan		S+		4.50%		8.15%		12/31/2024		8/20/2027			421,920				407,731				420,865
Avalon		(k)		Senior Secured Term Loan		S+		4.50%		8.15%		12/30/2025		12/31/2031			416,667				412,500				412,500
TEAM Services				Senior Secured Term Loan (Second Lien)		S+		9.00%		12.65%		1/5/2024		12/18/2028			410,000				407,950				410,000
Clearway				Senior Secured Tenth Amendment Incremental Term Loan		S+		5.50%		9.15%		9/17/2025		8/30/2030			407,070				401,157				405,034
nThrive		(k)		Senior Secured Tranche B Term Loan		S+		4.00%		7.65%		11/18/2024		12/15/2028			410,231				410,231				371,356
RMP & MedA/Rx				Senior Secured Term Loan		S+		4.75%		8.40%		3/22/2021		2/6/2026			359,378				359,471				349,495
nThrive		(k)		Senior Secured Tranche D Term Loan		S+		6.75%		10.40%		11/18/2024		12/17/2029			490,000				490,000				338,654
UDG		(l)		Senior Secured Initial Dollar Term Loan (First Lien)		S+		4.25%		7.90%		8/6/2021		8/19/2028			315,938				314,837				310,409
RMP & MedA/Rx				Senior Secured Term Loan (First Lien)		S+		4.75%		8.40%		2/27/2017		2/6/2026			306,018				306,018				297,603
Nvision				Senior Secured Fourth Amendment Incremental Term Loan		S+		5.50%		9.15%		10/30/2024		12/31/2028			240,875				238,041				236,660
AGS Health				Unitranche Initial Term Loan		S+		4.50%		8.15%		7/24/2025		8/2/2032			234,840				234,171				233,079
Blue Cloud				Senior Secured Blue Cloud R/C 2022		S+		5.00%		8.65%		12/13/2021		1/21/2031			159,091				157,955				157,898
Clearway				Senior Secured Term Loan A		S+		5.50%		9.15%		9/17/2025		8/30/2030			132,347				128,759				131,685
RevHealth		(j)		Senior Secured Revolving Loan		S+		2.50%, 3.25% PIK		9.40%		7/22/2022		7/21/2028			179,795				179,795				115,468
nThrive				Senior Secured Tranche A Term Loan		S+		5.25%		8.90%		11/20/2024		12/15/2028			116,508				115,332				115,343
AccentCare				Senior Secured Tranche A Term Loan		S+		5.50%		9.15%		2/5/2024		6/20/2028			119,820				116,006				115,027
Western Dental		(o)		Senior Secured First-Out Term Loan (Tranche A-1)		S+		6.50%		10.15%		6/18/2024		5/18/2028			92,798				88,866				92,798
Nvision				Senior Secured Revolving Loan		S+		5.50%		9.15%		10/31/2024		12/31/2028			61,603				61,603				60,525
Clearway				Senior Secured Revolving Loan		S+		5.50%		9.15%		9/17/2025		8/30/2030			38,067				35,067				37,877
Ivy Rehab				Senior Secured Revolving Credit Loan (First Lien)		S+		4.75%		8.40%		3/11/2022		4/21/2028			36,700				33,333				36,333
Summit Spine 2025		(j)		Senior Secured Revolving Loan		S+		4.75%		8.40%		3/21/2025		3/25/2031			29,609				20,973				29,609
Cirtec Medical				Senior Secured Revolving Credit (First Lien)		S+		5.00%		8.65%		1/30/2023		10/31/2028			22,222				22,222				22,167
Clearway				Senior Secured Second Amendment Incremental Term Loan		S+		5.50%		9.15%		9/17/2025		8/30/2030			16,810				16,565				16,726

 

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

 

20

---

 

Audax Credit BDC Inc.

Consolidated Schedules of Investments (continued)

As of December 31, 2025

(Expressed in U.S. Dollars)

 

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
Audax Credit BDC, Inc. (Continued)
BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS (h) (i) (Continued):
Western Dental		(k)		Senior Secured Loan		S+		2.50%		6.15%		12/24/2025		6/3/2026		$	15,630			$	15,630			$	15,630
MB2 Dental				Senior Secured Revolving Loan		S+		5.50%		9.15%		2/5/2024		2/13/2031			12,032				12,032				11,912
Clearway				Senior Secured Fourth Amendment Incremental Term Loan		S+		5.50%		9.15%		9/17/2025		8/30/2030			11,321				11,156				11,265
Clearway				Senior Secured Ninth Amendment Incremental Term Loan		S+		5.50%		9.15%		9/17/2025		8/30/2030			4,213				4,151				4,192
Western Dental		(o)		Senior Secured Second-Out Term Loan (Tranche B)		S+		1.00%, 6.25% PIK		10.90%		6/14/2024		8/18/2028			541,114				438,360				-
AGS Health				Senior Secured Tranche A Revolving Credit Loan		S+		4.50%		8.15%		7/24/2025		8/2/2032			-				(76	)			-
AGS Health				Senior Secured Tranche A Revolving Credit Loan		S+		4.50%		8.15%		7/24/2025		8/2/2032			-				(133	)			-
Specialized Dental				Senior Secured Fifth Amendment Revolver		S+		4.75%		8.40%		10/30/2025		11/1/2027			-				(467	)			-
Avalon		(k)		Senior Secured Revolving Credit		S+		4.50%		8.15%		12/30/2025		12/31/2031			-				(833	)			-
VaxCare				Senior Secured Revolving Credit Loan		S+		4.50%		8.15%		6/10/2025		6/17/2032			-				(1,667	)			-
Midwest Eye Services				Senior Secured Fourth Amendment Incremental Revolving Loan		S+		4.50%		8.15%		12/31/2024		8/20/2027			-				(3,220	)			-
Sequel Ortho (fka OrthoNebraska)		(j)		Senior Secured Revolving Loan		S+		5.00%		8.65%		7/31/2023		7/31/2028			-				(13,962	)			-
Minds + Assembly		(j)		Senior Secured Revolving Loan (First Lien)		S+		5.00%		8.65%		5/3/2023		5/3/2029			-				(18,789	)			-
																					75,156,300				71,601,837
Banking, Finance, Insurance & Real Estate
Cherry Bekaert		(j)		Unitranche Term B Loan		S+		4.50%		8.15%		6/13/2022		6/28/2030			5,042,946				4,982,248				5,042,946
Cerity Partners		(j)		Unitranche 2025 Term Loan		S+		4.50%		8.15%		7/28/2022		7/28/2031			4,519,713				4,476,932				4,519,713
Confluence				Senior Secured Initial Term Loan (First Lien)		S+		3.75%		7.40%		7/22/2021		7/31/2028			3,840,000				3,830,538				3,478,800
Prime Pensions		(j)		Unitranche Initial Term Loan		S+		4.75%		8.40%		2/20/2024		2/26/2030			3,080,295				3,008,841				3,080,295
EPIC Insurance				Unitranche Refinancing Tranche B Term Loan		S+		4.50%		8.15%		8/27/2021		9/29/2028			2,176,942				2,159,894				2,155,172
Steward Partners				Senior Secured Closing Date Term B Loan		S+		4.75%		8.40%		12/8/2023		10/14/2028			2,030,250				2,003,549				2,025,174
Beta+				Senior Secured Initial Term Loan		S+		5.75%		9.40%		6/24/2022		7/2/2029			1,935,000				1,863,126				1,915,650
OneDigital		(k)		Senior Secured 2025 Refinancing Term Loan (First Lien)		S+		3.00%		6.65%		6/13/2024		7/2/2031			1,479,352				1,472,981				1,484,929
EdgeCo				Senior Secured Third Amendment Term Loan (First Lien)		S+		4.50%		8.15%		3/29/2022		6/1/2028			1,469,183				1,465,860				1,469,183
Orion		(k)		Senior Secured 2025 Refinancing Term Loan (First Lien)		S+		3.25%		6.90%		8/4/2020		9/24/2030			1,425,886				1,421,391				1,437,022
SIAA		(j)		Unitranche Seventh Amendment Refinancing Term Loan		S+		4.75%		8.40%		4/21/2021		4/30/2030			1,128,724				1,120,135				1,128,724
Alera		(k)		Senior Secured Term Loan (First Lien)		S+		3.25%		6.90%		5/21/2025		5/30/2032			997,500				992,500				1,003,430
Osaic		(k)		Senior Secured Initial Term Loan		S+		3.00%		6.65%		8/1/2025		7/30/2032			997,135				994,642				1,002,460
LERETA				Senior Secured Initial Term Loan		S+		5.25%		8.90%		7/27/2021		7/30/2028			957,500				953,215				926,381
Frazier & Deeter				Senior Secured Initial Term Loan		S+		4.50%		8.15%		4/30/2025		5/3/2032			764,261				756,648				760,440
Cherry Bekaert		(j)		Unitranche Amendment No. 1 Term Loan		S+		4.50%		8.15%		10/11/2023		6/28/2030			711,823				703,118				711,823
Confluence				Senior Secured Term Loan (Priority)		S+		5.00%		8.65%		2/14/2025		7/30/2028			377,264				377,264				367,832
SIAA		(j)		Unitranche Seventh Amendment Incremental Term Loan		S+		4.75%		8.40%		3/24/2025		4/30/2030			138,994				135,136				138,994
Beta+				Senior Secured Revolving Credit Loan		S+		4.25%		7.90%		6/24/2022		7/1/2027			82,887				76,671				82,058
Cerity Partners		(j)		Senior Secured Initial Revolving Loan		S+		4.50%		8.15%		7/28/2022		7/28/2028			45,878				45,878				45,878
EPIC Insurance				Senior Secured Refinancing Revolving Loan		S+		4.50%		8.15%		8/27/2021		9/29/2028			38,093				37,823				37,712
Frazier & Deeter				Senior Secured Revolving Loan		S+		4.50%		8.15%		4/30/2025		5/2/2031			-				(882	)			-
Steward Partners				Senior Secured Revolving Loan		S+		4.75%		8.40%		12/20/2023		10/14/2028			-				(5,944	)			-
Prime Pensions		(j)		Senior Secured Revolving Credit		S+		4.75%		8.40%		2/20/2024		2/26/2030			-				(7,619	)			-
																					32,863,945				32,814,616
Capital Equipment
Tank Holding				Unitranche Initial Term Loan		S+		5.75%		9.40%		3/25/2022		3/31/2028			3,860,000				3,826,018				3,831,050
Flow Control Group		(k)		Senior Secured Amendment No. 11 Term Loan (First Lien)		S+		3.25%		6.90%		3/17/2021		3/31/2028			3,579,476				3,574,730				3,598,072
Plaskolite				Unitranche Initial Term Loan		S+		4.00%, 4.00% PIK		11.65%		5/5/2025		5/9/2030			3,048,936				2,990,212				3,018,446
Excelitas				Unitranche Closing Date Euro Term Loan		S+		5.25%		8.90%		6/15/2022		8/13/2029			2,880,478				2,908,980				2,851,673
Burke Porter Group				Senior Secured Closing Date Term Loan		S+		2.00%, 5.00% PIK		10.65%		9/30/2022		7/29/2029			2,351,338				2,314,617				1,951,610

 

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

 

21

---

 

Audax Credit BDC Inc.

Consolidated Schedules of Investments (continued)

As of December 31, 2025

(Expressed in U.S. Dollars)

 

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
Audax Credit BDC, Inc. (Continued)
BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS (h) (i) (Continued):
Shaw				Senior Secured Closing Date Term Loan (First Lien)		S+		6.00%		9.65%		9/30/2023		10/30/2029		$	1,755,957			$	1,730,794			$	1,736,203
Radwell				Unitranche Initial Term Loan		S+		5.50%		9.15%		3/11/2022		4/1/2029			1,611,474				1,598,508				1,599,388
Antylia Scientific				Senior Secured Initial Term Loan		S+		4.00%		7.65%		5/16/2025		5/27/2032			1,500,000				1,464,898				1,492,500
Trystar				Senior Secured Initial Term Loan		S+		4.25%		7.90%		7/31/2024		8/6/2031			1,114,762				1,104,332				1,111,975
Air Control Concepts		(k)		Senior Secured Closing Date Term Loan		S+		2.75%		6.40%		7/16/2024		7/23/2031			994,774				992,890				995,863
Barnes				Senior Secured Term Loan		S+		4.75%		8.40%		10/17/2025		10/22/2032			1,000,000				980,000				992,500
MW Industries				Senior Secured Initial Term Loan		S+		7.00%		10.65%		3/31/2023		3/31/2030			945,910				927,240				934,086
Therm-O-Disc				Senior Secured Initial Term Loan (First Lien)		S+		6.00%		9.65%		5/26/2022		5/31/2029			967,500				924,732				851,400
Associated Springs				Senior Secured Initial Term Loan		S+		4.75%		8.40%		3/7/2024		4/4/2030			698,678				685,623				698,678
80/20		(k)		Unitranche Initial Term Loan		S+		4.50%		8.15%		12/11/2025		12/13/2032			682,540				674,762				675,714
Associated Springs				Senior Secured Amendment No. 1 Incremental Term Loan		S+		4.75%		8.40%		11/25/2024		4/4/2030			539,867				529,602				539,867
Ohio Transmission		(j)		Unitranche Initial Term Loan		S+		5.75%		9.40%		12/12/2023		12/19/2030			547,536				538,116				537,954
nVent		(k)		Senior Secured Initial Term Loan		S+		3.00%		6.65%		9/30/2024		1/30/2032			498,750				496,250				502,648
Circor				Senior Secured 2025 Term Loan		S+		3.00%		6.65%		10/9/2024		10/17/2031			496,256				495,173				496,256
Chromalloy		(k)		Senior Secured Term Loan		S+		3.25%		6.90%		3/22/2024		3/27/2031			492,500				488,569				496,002
Trystar				Senior Secured Amendment No. 1 Incremental Term Loan		S+		4.25%		7.90%		9/5/2024		8/6/2031			495,000				490,027				493,763
TriMark				Senior Secured Initial Tranche B Loan		S+		2.00%, 3.25% PIK		8.90%		1/16/2024		7/2/2029			691,220				691,220				492,494
AGCO G&P				Senior Secured Initial Term Loan		S+		5.00%		8.65%		10/8/2024		10/31/2031			496,250				491,886				491,288
Infinite Electronics				Senior Secured Initial Term Loan (First Lien)		S+		3.75%		7.40%		2/24/2021		3/2/2028			477,725				477,319				469,365
Industrial Electric Manufacturing		(k)		Senior Secured Amendment No. 1 Incremental Term Facility		S+		4.50%		8.15%		12/3/2025		12/3/2031			418,774				416,477				416,680
Pegasus				Senior Secured Initial Term Loan		S+		4.75%		8.40%		1/24/2024		1/19/2031			384,246				377,592				383,286
SupplyHouse				Senior Secured Initial Term Loan		S+		4.00%		7.65%		6/19/2025		7/1/2032			374,063				372,309				371,257
Burke Porter Group				Senior Secured Revolving Credit Loan		S+		6.00%		9.65%		8/11/2022		7/29/2028			234,524				224,120				194,655
Ohio Transmission		(j)		Senior Secured Initial Revolving Loan		S+		5.75%		9.40%		12/19/2023		12/19/2029			48,533				47,840				47,684
Plaskolite				Senior Secured Revolving Credit Loan		S+		7.00%		10.65%		5/5/2025		2/7/2030			28,907				28,329				28,618
Radwell				Senior Secured Revolving Loan		S+		5.50%		9.15%		3/11/2022		4/1/2029			13,333				12,133				13,233
SupplyHouse				Senior Secured Revolving Credit Loan		S+		4.00%		7.65%		6/19/2025		7/1/2032			-				(625	)			-
80/20		(k)		Senior Secured Revolving Loan		S+		4.50%		8.15%		12/11/2025		12/13/2032			-				(1,270	)			-
Associated Springs				Senior Secured Revolving Loan		S+		4.75%		8.40%		3/7/2024		4/4/2030			-				(1,888	)			-
Trystar				Senior Secured Revolving Credit Loan		S+		4.25%		7.90%		7/31/2024		8/6/2031			-				(2,727	)			-
Tank Holding				Senior Secured Revolving Credit Loan		S+		5.75%		9.40%		3/25/2022		3/31/2028			-				(2,954	)			-
																					32,865,834				32,314,208
Services: Consumer
Ned Stevens 2022-2		(j)		Unitranche Initial Term Loan		S+		5.00%		8.65%		11/1/2022		11/1/2029			5,245,465				5,168,453				5,245,465
Smart Start				Senior Secured 2025 Refinancing Term B Loan (First Lien)		S+		4.25%		7.90%		12/10/2021		12/16/2028			2,917,950				2,911,964				2,903,360
Apex Service Partners				Unitranche 2024 Term Loan		S+		5.00%		8.65%		10/16/2023		10/24/2030			2,665,722				2,643,856				2,652,394
Rover				Senior Secured Initial Term Loan		S+		4.75%		8.40%		2/16/2024		2/27/2031			2,346,212				2,322,320				2,319,818
A Place For Mom				Senior Secured Sixth Amendment Replacement Term Loan		S+		5.50%		9.15%		7/28/2017		2/10/2028			2,287,190				2,285,857				2,241,446
Smart Start				Senior Secured Term B Loan (Second Lien)		S+		7.75%		11.40%		12/10/2021		12/16/2029			2,000,000				1,980,398				1,990,000
Taxwell				Senior Secured Initial Term Loan		S+		4.25%		7.90%		6/17/2024		6/26/2031			1,907,074				1,890,768				1,907,074
Aptive Environmental				Senior Secured Initial Term Loan		S+		4.75%		8.40%		10/10/2025		10/15/2032			1,767,442				1,749,380				1,754,186
FullBloom				Senior Secured Initial Term Loan (First Lien)		S+		4.25%		7.90%		12/10/2021		12/15/2028			1,447,500				1,440,616				1,440,263
Legacy Service Partners				Unitranche Closing Date Term Loan		S+		4.50%		8.15%		10/25/2023		11/10/2031			1,033,872				1,009,064				1,023,533
Teaching Strategies				Senior Secured Initial Term Loan (First Lien)		S+		3.75%		7.40%		8/19/2021		8/31/2028			960,000				955,191				949,200
Spring Education		(k)		Senior Secured Initial Term Loan		S+		3.25%		6.90%		10/5/2023		10/4/2030			931,000				931,000				937,475
Crash Champions		(k)		Senior Secured Initial Term Loan		S+		4.75%		8.40%		2/7/2024		2/23/2029			985,000				983,309				937,390
United Comfort Group (fka United Air Temp)		(j)		Unitranche Initial Term Loan		S+		5.50%		9.15%		2/14/2024		3/28/2030			1,107,396				1,079,952				928,672
All My Sons				Senior Secured Closing Date Term Loan (First Lien)		S+		4.75%		8.40%		6/4/2024		10/25/2028			490,478				485,014				486,799
Apex Service Partners				Unitranche Second Amendment Incremental Term Loan		S+		5.00%		8.65%		4/24/2025		10/24/2030			382,266				378,183				380,355
FMG Suite		(j)		Unitranche Initial Term Loan		S+		4.75%		8.40%		8/11/2025		9/9/2032			349,057				345,219				346,528
R. F. Fager				Senior Secured First Amendment Term Loan		S+		5.00%		8.65%		5/16/2025		3/4/2030			331,785				326,646				329,297

 

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

 

22

---

 

Audax Credit BDC Inc.

Consolidated Schedules of Investments (continued)

As of December 31, 2025

(Expressed in U.S. Dollars)

 

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
Audax Credit BDC, Inc. (Continued)
BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS (h) (i) (Continued):
United Comfort Group (fka United Air Temp)		(j)		Senior Secured Revolving Loan		S+		5.50%		9.15%		2/14/2024		3/28/2030		$	196,043			$	196,043			$	164,403
Ned Stevens 2022-2		(j)		Senior Secured Revolving Loan		S+		5.00%		8.65%		11/1/2022		11/1/2028			84,617				74,463				84,617
Apex Service Partners				Senior Secured 2024 Revolving Credit Loan		S+		5.00%		8.65%		10/16/2023		10/24/2029			38,329				36,868				38,137
R. F. Fager				Senior Secured Revolving Loan		S+		5.00%		8.65%		5/16/2025		3/4/2030			20,562				19,518				20,408
FMG Suite		(j)		Senior Secured Revolving Loan		S+		4.75%		8.40%		8/11/2025		9/9/2032			-				(566	)			-
Aptive Environmental				Senior Secured Initial Revolving Loan		S+		4.75%		8.40%		10/10/2025		10/15/2032			-				(1,550	)			-
Rover				Senior Secured Revolving Loan		S+		4.75%		8.40%		2/16/2024		2/27/2031			-				(2,250	)			-
																					29,209,716				29,080,820
High Tech Industries
Planview		(k)		Senior Secured 2024-B Incremental Term Loan (First Lien)		S+		3.50%		7.15%		12/11/2020		12/17/2027			3,028,946				3,018,556				2,914,891
Ivanti Software				Senior Secured 2025-1 Term Loan (First Lien)		S+		4.75%		8.40%		11/20/2020		6/1/2029			2,952,762				2,937,331				2,662,564
Idera		(k)		Senior Secured Incremental Term Loan (First Lien)		S+		3.50%		7.15%		6/27/2017		3/2/2028			2,502,165				2,502,266				2,341,264
Precisely		(k)		Senior Secured Third Amendment Term Loan (First Lien)		S+		4.00%		7.65%		3/19/2021		4/24/2028			2,393,750				2,388,685				2,233,967
Intermedia				Unitranche 2024 Refinancing Term Loan (First Lien)		S+		5.25%		8.90%		4/4/2024		4/4/2029			1,859,469				1,859,469				1,854,820
Barracuda				Senior Secured Initial Term Loan (Second Lien)		S+		7.00%		10.65%		5/17/2022		8/15/2030			2,000,000				1,958,140				1,516,340
Xplor Technologies				Senior Secured Second Amendment Term Loan		S+		3.50%		7.15%		6/14/2024		12/1/2032			1,481,288				1,471,467				1,481,288
Digital Room				Senior Secured Closing Date Term Loan (First Lien)		S+		5.25%		8.90%		12/16/2021		12/21/2028			1,443,750				1,436,781				1,427,508
ORBCOMM				Senior Secured Closing Date Term Loan (First Lien)		S+		4.25%		7.90%		6/17/2021		9/1/2028			1,451,057				1,413,541				1,403,897
HelpSystems				Senior Secured Initial Term Loan (First Lien)		S+		6.00%		9.65%		12/19/2019		5/21/2029			1,370,444				1,369,445				1,302,566
SmartBear				Senior Secured 2024 Term Loan		S+		4.00%		7.65%		11/20/2020		3/3/2028			960,244				956,707				950,641
Options IT				Senior Secured Initial Term Loan		S+		4.50%		8.15%		9/20/2024		9/30/2031			736,154				725,168				734,313
Aptean				Unitranche Initial Term Loan		S+		4.75%		8.40%		1/1/2024		1/30/2031			582,923				578,458				578,551
Inhabit				Unitranche Initial Term Loan		S+		4.50%		8.15%		12/10/2024		1/12/2032			497,500				494,975				496,256
LightBox				Senior Secured Initial Term Loan		S+		5.25%		8.90%		1/10/2025		1/13/2030			496,250				489,773				496,250
Qlik		(k)		Senior Secured Second Amendment Refinancing Term Loan (First Lien)		S+		3.25%		6.90%		12/31/2024		10/26/2030			496,231				495,065				496,018
NCR Voyix		(k)		Senior Secured Term Loan		S+		2.75%		6.40%		9/24/2024		9/30/2031			495,000				492,899				495,973
Cloudera				Senior Secured Initial Term Loan (First Lien)		S+		3.75%		7.40%		8/10/2021		10/8/2028			481,250				479,111				477,641
Barracuda		(k)		Senior Secured Initial Term Loan (First Lien)		S+		4.50%		8.15%		5/17/2022		8/15/2029			485,000				476,622				397,019
Ivanti Software				Senior Secured Initial Term Loan (First Lien)		S+		5.75%		9.40%		5/6/2025		6/1/2029			388,174				370,601				388,174
insightsoftware				Unitranche Initial Term Loan		S+		5.25%		8.90%		7/16/2024		5/25/2028			390,801				389,455				384,939
insightsoftware				Senior Secured Revolving Loan		S+		5.25%		8.90%		3/26/2024		5/25/2028			48,501				47,846				47,773
Options IT				Senior Secured Revolving Loan		S+		4.50%		8.15%		9/20/2024		3/31/2031			24,124				22,784				24,064
Inhabit				Senior Secured Revolving Credit Loan		S+		4.50%		8.15%		12/10/2024		1/12/2032			-				(439	)			-
LightBox				Senior Secured Revolving Loan		S+		5.25%		8.90%		1/10/2025		1/13/2030			-				(494	)			-
																					26,374,212				25,106,717
Containers, Packaging & Glass
Brook & Whittle		(k)		Senior Secured Tranche B Term Loan		S+		4.50%		8.15%		8/11/2025		12/14/2030			3,052,265				3,052,265				2,009,154
Paragon Films				Senior Secured Closing Date Term Loan (First Lien)		S+		3.75%		7.40%		12/15/2021		12/16/2028			1,990,300				1,980,055				1,985,324
Tekni-Plex		(k)		Senior Secured Tranche B-7 Initial Term Loan		S+		3.75%		7.40%		3/27/2024		9/15/2028			1,593,945				1,592,215				1,534,985
Resource Label Group				Senior Secured Closing Date Initial Term Loan (First Lien)		S+		4.25%		7.90%		7/2/2021		7/7/2028			1,804,557				1,800,734				1,437,104
Technimark				Senior Secured 2024-1 Refinancing Term Loan (First Lien)		S+		3.25%		6.90%		6/30/2021		4/14/2031			1,436,914				1,433,995				1,408,176
Intertape Polymer		(k)(m)		Senior Secured Initial Term Loan (First Lien)		S+		4.75%		8.40%		6/15/2022		6/28/2028			1,361,043				1,330,765				1,323,621
Transcendia				Unitranche Term Loan		S+		6.50%		10.15%		5/23/2024		11/23/2029			987,500				972,721				980,094
Five Star Packaging				Senior Secured Initial Term Loan (First Lien)		S+		4.25%		7.90%		4/27/2022		5/5/2029			978,635				969,350				971,295
Balcan		(n)		Senior Secured Initial Term B Loan (First Lien)		S+		4.75%		8.40%		10/10/2024		10/20/2031			992,500				975,067				952,800
Lacerta				Senior Secured Term Loan		S+		5.50%		9.15%		2/8/2021		12/30/2026			950,000				947,729				902,500
Brook & Whittle				Senior Secured Tranche A Term Loan		S+		6.50%		10.15%		8/11/2025		12/14/2030			764,541				681,336				764,541
Precision Concepts				Unitranche Initial Term Loan (US)		S+		4.75%		8.40%		7/28/2025		8/2/2032			682,344				675,684				677,227

 

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

 

23

---

 

Audax Credit BDC Inc.

Consolidated Schedules of Investments (continued)

As of December 31, 2025

(Expressed in U.S. Dollars)

 

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
Audax Credit BDC, Inc. (Continued)
BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS (h) (i) (Continued):
ProAmpac		(k)		Senior Secured 2024-1 Refinancing Term Loan		S+		4.00%		7.65%		8/7/2025		9/15/2028		$	497,468			$	496,282			$	499,122
SupplyOne		(k)		Senior Secured Term B Loan		S+		3.50%		7.15%		3/27/2024		4/21/2031			491,288				487,418				492,909
Industrial Physics				Senior Secured Initial Term Loan		S+		6.25%		9.90%		7/18/2023		7/19/2029			490,000				478,677				478,975
Golden West Packaging				Senior Secured Term B-1 Loan		S+		5.25%		8.90%		11/29/2021		6/27/2031			450,625				448,817				351,488
Precision Concepts				Unitranche Initial Term Loan (CA)		S+		4.75%		8.40%		7/28/2025		8/2/2032			199,179				197,246				197,685
Industrial Physics				Senior Secured Revolving Credit Loan		S+		6.25%		9.90%		7/18/2023		7/19/2028			60,345				57,112				58,987
Precision Concepts				Senior Secured Revolving Credit Loan		S+		4.75%		8.40%		7/28/2025		8/2/2032			11,263				10,101				11,179
																					18,587,569				17,037,166
Construction & Building
A1 Garage Door		(j)		Unitranche Term Loan A		S+		4.50%		8.15%		12/22/2022		12/22/2028			2,217,632				2,177,401				2,217,632
Cook & Boardman				Senior Secured Amendment No. 2 Incremental DDTL		S+		6.00%		9.65%		5/29/2024		3/4/2030			1,979,489				1,964,611				1,969,592
PlayPower				Unitranche Initial Term Loan		S+		5.25%		8.90%		10/29/2025		10/29/2031			1,885,067				1,847,365				1,870,929
Tangent				Senior Secured Closing Date Term Loan (First Lien)		S+		4.75%		8.40%		10/2/2019		11/30/2027			1,722,472				1,719,863				1,666,492
Leaf Home				Senior Secured Initial Term Loan		S+		5.25%		8.90%		9/4/2025		9/4/2031			1,382,297				1,362,212				1,371,930
Brown & Root		(k)		Senior Secured Initial Term Loan		S+		5.00%		8.65%		9/29/2025		10/3/2030			1,221,429				1,203,935				1,203,107
Lindsay Precast		(k)		Senior Secured Initial Term Loans		S+		4.75%		8.40%		12/15/2025		12/16/2032			905,172				894,569				896,121
Dodge Construction Network				Senior Secured Tranche B Term Loan (First Lien)		S+		4.75%		8.40%		11/14/2024		2/28/2029			603,456				603,456				600,439
Voeller				Senior Secured Closing Date Initial Term Loan		S+		4.75%		8.40%		11/25/2025		11/25/2032			581,395				574,419				577,035
Electric Power Engineers				Senior Secured Term Loan		S+		4.50%		8.15%		11/27/2024		12/15/2031			500,000				494,611				500,000
Cumming Group				Unitranche 2025-B Incremental Term Loan		S+		4.75%		8.40%		10/1/2025		11/16/2029			500,000				497,500				500,000
Terra Millennium		(k)		Senior Secured Initial Term Loan		S+		4.75%		8.40%		10/25/2024		11/1/2030			496,496				491,869				499,369
RailPros				Unitranche Initial Term Loan		S+		4.25%		7.90%		4/23/2025		5/24/2032			498,750				492,981				498,750
DynaGrid				Senior Secured Initial Term Loan		S+		4.75%		8.40%		1/7/2025		2/13/2032			497,500				487,500				497,500
Playcore		(k)		Senior Secured Initial Term Loan (First Lien)		S+		3.75%		7.40%		2/14/2024		2/20/2030			491,287				485,799				495,048
Dodge Construction Network				Senior Secured Tranche A New Money Term Loan (First Lien)		S+		6.25%		9.90%		11/14/2024		1/31/2029			435,165				431,714				432,990
Brown & Root		(k)		Senior Secured Revolving Loan		S+		5.00%		8.65%		9/29/2025		10/3/2030			85,714				81,381				84,429
Leaf Home				Senior Secured Revolving Credit Loan		S+		5.25%		8.90%		9/4/2025		9/4/2031			13,500				11,813				13,399
PlayPower				Senior Secured Revolving Loan		S+		5.25%		8.90%		10/29/2025		10/29/2030			8,841				6,542				8,775
DynaGrid				Senior Secured Revolving Credit Facility		S+		4.75%		8.40%		1/7/2025		1/7/2031			-				(539	)			-
RailPros				Senior Secured Revolving Loan		S+		4.25%		7.90%		4/23/2025		5/24/2032			-				(807	)			-
Electric Power Engineers				Senior Secured Revolving Loan		S+		4.50%		8.15%		11/27/2024		12/15/2031			-				(968	)			-
Voeller				Senior Secured Revolving Loan		S+		4.75%		8.40%		11/25/2025		11/25/2032			-				(1,860	)			-
Lindsay Precast		(k)		Senior Secured Incremental Revolving Loan		S+		4.75%		8.40%		12/15/2025		12/16/2032			-				(2,845	)			-
A1 Garage Door		(j)		Senior Secured Revolving Loan		S+		4.50%		8.15%		12/22/2022		12/22/2028			-				(8,264	)			-
																					15,814,258				15,903,537
Beverage, Food & Tobacco
Bettcher Industries		(k)		Senior Secured Initial Term Loan (First Lien)		S+		4.00%		7.65%		12/13/2021		12/14/2028			2,922,409				2,909,665				2,915,103
Dessert Holdings		(k)		Senior Secured Initial Term Loan (First Lien)		S+		4.00%		7.65%		6/7/2021		6/9/2028			2,893,533				2,864,576				2,886,603
Purfoods				Senior Secured 2024 Term Loan		S+		5.00%		8.65%		6/24/2024		8/12/2027			2,000,000				1,989,263				1,995,000
Hissho Sushi		(j)		Unitranche Term Loan		S+		4.75%		8.40%		4/7/2022		5/18/2029			1,792,143				1,774,459				1,792,143
Monogram Foods				Senior Secured Initial Term Loan		S+		4.00%		7.65%		8/13/2021		8/28/2028			960,000				955,719				950,400
Mary Ruth's				Senior Secured Closing Date Term B Loan		S+		4.75%		8.40%		9/26/2025		9/30/2031			748,125				740,905				744,384
Hissho Sushi				Unitranche Amendment No.2 Incremental Term Loan		S+		4.75%		8.40%		10/20/2025		5/18/2029			523,810				518,571				523,810
Hissho Sushi		(j)		Unitranche Amendment No. 1 Incremental Term Loan		S+		4.75%		8.40%		8/7/2024		5/18/2029			517,262				512,543				517,262
Golden State Foods		(k)		Senior Secured Initial Term Loan		S+		4.00%		7.65%		10/7/2024		12/4/2031			493,762				490,474				497,466
Rise Baking				Senior Secured Initial Term Loan		S+		5.00%		8.65%		10/24/2024		11/4/2031			495,000				488,450				491,288
MBC Companies				Senior Secured Second Amendment Term B Loan		S+		4.75%		8.40%		1/6/2025		7/7/2029			495,000				490,785				491,288
Trilliant 2024				Senior Secured 2024 Refinancing Term Loan		S+		6.50%		10.15%		11/20/2024		11/30/2029			487,500				479,254				487,500
Hometown Food				Senior Secured Closing Date Term B Loan		S+		4.50%		8.15%		4/22/2025		12/3/2030			474,511				470,363				473,325
MBC Companies				Senior Secured Third Amendment Term B Loan		S+		4.75%		8.40%		10/8/2025		4/10/2031			469,407				464,701				465,886
Mary Ruth's				Senior Secured Closing Date Term A Loan		S+		4.00%		7.65%		9/26/2025		9/30/2030			248,438				247,246				247,195
MBC Companies				Senior Secured Third Amendment Term A Loan		S+		4.00%		7.65%		10/8/2025		10/10/2030			29,233				29,086				29,014

 

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

 

24

---

 

Audax Credit BDC Inc.

Consolidated Schedules of Investments (continued)

As of December 31, 2025

(Expressed in U.S. Dollars)

 

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
Audax Credit BDC, Inc. (Continued)
BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS (h) (i) (Continued):
Hissho Sushi		(j)		Senior Secured Revolving Credit Loan		S+		4.75%		8.40%		4/7/2022		5/18/2029		$	-			$	(667	)		$	-
																					15,425,393				15,507,667
Transportation: Cargo
Evans Network				Senior Secured Initial Term Loan (First Lien)		S+		4.25%		7.90%		8/6/2021		8/19/2028			3,388,767				3,372,504				3,346,408
Kenco				Senior Secured Initial Term Loan		S+		4.25%		7.90%		6/5/2024		11/15/2029			2,871,025				2,862,781				2,856,670
Capstone Logistics				Senior Secured 2024 Term Loan (First Lien)		S+		4.50%		8.15%		11/12/2020		11/13/2029			2,037,786				2,031,125				2,027,597
AIT Worldwide Logistics		(k)		Senior Secured Initial Term Loan (First Lien)		S+		4.00%		7.65%		11/7/2024		4/8/2030			1,920,600				1,918,221				1,935,005
Worldwide Express		(k)		Senior Secured Amendment No. 2 Incremental Term Loan		S+		4.00%		7.65%		11/8/2024		7/26/2028			1,440,000				1,440,000				1,448,359
FLS Transportation				Senior Secured Term B Loan		S+		5.25%		8.90%		4/14/2022		12/15/2028			1,180,870				1,175,047				1,121,826
Magnate				Senior Secured Initial Term Loan (First Lien)		S+		5.50%		9.15%		3/11/2022		12/29/2028			951,342				941,662				937,071
St. George Logistics		(o)		Senior Secured Second-Out Closing Date Purchased Term Loan		S+		1.00%, 6.50% PIK		11.15%		10/3/2024		10/3/2029			937,950				937,950				281,385
FLS Transportation				Senior Secured Revolving Credit Loan		S+		5.25%		8.90%		4/14/2022		12/17/2027			87,778				86,889				83,389
St. George Logistics		(o)		Senior Secured Third-Out Closing Date Purchased Term Loan		S+		1.00%, 6.00% PIK		10.65%		10/3/2024		10/3/2029			466,584				466,584				—
Kenco				Senior Secured Revolving Credit Loan		S+		4.25%		7.90%		6/5/2024		11/15/2029			-				(2,283	)			-
																					15,230,480				14,037,710
Engine & Transmission Exchange		(j)		Senior Secured Term Loan A		S+		5.00%		8.65%		5/26/2023		5/29/2029			4,168,763				4,089,483				4,168,763
Highline				Senior Secured 2025-1 Term Loan (First Lien)		S+		3.50%		7.15%		2/13/2025		2/19/2030			1,980,000				1,975,480				1,975,050
BBB Industries		(k)		Senior Secured Initial Term Loan (First Lien)		S+		5.25%		8.90%		6/30/2022		7/25/2029			2,057,536				1,941,096				1,757,733
Rough Country		(k)		Senior Secured Initial Term Loan (First Lien)		S+		3.50%		7.15%		7/26/2021		7/28/2028			1,455,202				1,452,460				1,451,564
Truck Hero		(k)		Senior Secured Initial Term Loan		S+		3.75%		7.40%		1/20/2021		1/31/2028			1,428,750				1,428,750				1,107,281
Innovative XCessories		(k)		Senior Secured 2025 Refinancing Term Loan		S+		5.50%		9.15%		8/15/2025		9/5/2029			416,929				407,927				417,016
Engine & Transmission Exchange		(j)		Senior Secured Amendment No. 2 Incremental Term Loan		S+		5.00%		8.65%		3/21/2025		5/29/2029			339,487				335,449				339,487
Engine & Transmission Exchange		(j)		Senior Secured Revolving Loan		S+		5.00%		8.65%		5/26/2023		5/29/2029			—				(15,392	)			—
																					11,615,253				11,216,894
Aerospace & Defense
Electro Methods				Senior Secured Initial Term Loans		S+		4.75%		8.40%		2/6/2025		2/23/2032			2,985,000				2,944,260				2,977,538
HDT Global				Senior Secured Initial Term Loan		S+		1.00%, 5.50% PIK		10.15%		6/30/2021		1/7/2028			3,468,439				3,434,422				2,358,539
Whitcraft				Senior Secured Initial Term Loan		S+		5.00%		8.65%		3/31/2023		9/30/2031			1,945,000				1,898,396				1,930,413
API Technologies				Senior Secured Term B-2 Loan (First Lien)		S+		1.00%, 6.00% PIK		10.65%		1/15/2020		5/9/2027			1,125,639				1,123,491				1,089,055
Novaria Group				Senior Secured Initial Term Loan		S+		3.25%		6.90%		6/4/2024		6/6/2031			987,550				983,538				985,081
SMX				Senior Secured Term Loan		S+		4.50%		8.15%		2/6/2025		2/6/2032			992,500				983,463				985,056
Tronair		(k)		Senior Secured Initial Term Loan		S+		3.75%		7.40%		12/18/2025		12/22/2032			400,000				395,000				395,000
API Technologies				Senior Secured Term B-1 Loan (First Lien)		S+		1.00%, 6.00% PIK		10.65%		11/3/2023		3/25/2027			99,191				98,576				97,207
Tronair		(k)		Senior Secured Revolving Loan		S+		3.75%		7.40%		12/18/2025		12/22/2032			-				(1,250	)			-
Whitcraft				Senior Secured Revolving Loan		S+		5.00%		8.65%		3/31/2023		9/30/2031			-				(10,714	)			-
Electro Methods				Senior Secured Revolving Credit Facility		S+		4.75%		8.40%		2/6/2025		2/23/2032			-				(12,191	)			-
																					11,836,991				10,817,889
Chemicals, Plastics & Rubber
Vertellus				Senior Secured Initial Term Loan		S+		5.75%		9.40%		12/18/2020		1/2/2029			2,876,887				2,850,776				2,733,043
Shrieve				Unitranche Initial Term Loan		S+		6.00%		9.65%		9/23/2024		10/30/2030			2,475,000				2,429,343				2,456,438
USALCO		(k)		Senior Secured 2025 Initial Term Loan		S+		3.50%		7.15%		9/17/2024		9/30/2031			990,025				985,867				995,287
Boyd Group		(k)		Senior Secured 2024 Term Loan (First Lien)		S+		3.75%		7.40%		7/19/2024		7/29/2029			987,500				975,994				994,817
Americhem				Senior Secured Initial Term Loan		S+		4.50%		8.15%		2/5/2025		3/1/2032			497,500				492,392				496,256
Chase				Senior Secured Initial Term Loan		S+		4.00%		7.65%		4/2/2025		4/9/2032			498,750				494,078				496,256
Ascensus Specialties				Senior Secured Initial Term Loan		S+		4.35%		8.00%		12/3/2021		6/30/2028			478,655				475,004				454,722
Vertellus				Senior Secured Revolving Credit Loan		S+		5.75%		9.40%		12/18/2020		1/2/2029			202,211				192,081				192,100
Polytek		(o)		Senior Secured Term Loan		S+		8.25% PIK		11.90%		12/23/2020		8/15/2026			471,236				471,236				164,933
Mold-Rite				Senior Secured New Money Tranche A-1 Term Loan		S+		5.25%		8.90%		6/11/2024		10/4/2028			136,841				131,086				136,841
Shrieve				Senior Secured Revolving Credit Loan		S+		6.00%		9.65%		9/23/2024		10/30/2030			71,654				71,654				71,116
Americhem				Senior Secured Revolving Loan		S+		4.50%		8.15%		2/5/2025		3/1/2032			-				(909	)			-
																					9,568,602				9,191,809

 

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

 

25

---

 

Audax Credit BDC Inc.

Consolidated Schedules of Investments (continued)

As of December 31, 2025

(Expressed in U.S. Dollars)

 

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
Audax Credit BDC, Inc. (Continued)
BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS (h) (i) (Continued):
Environmental Industries
Alliance Environmental Group		(j) (o)		Unitranche Initial Term Loan		S+		7.00% PIK		10.65%		12/30/2021		12/30/2028		$	4,569,454			$	4,532,758			$	2,150,495
Denali Water Solutions				Senior Secured Closing Date Term Loan		S+		4.75%		8.40%		11/13/2025		11/19/2032			1,692,308				1,675,385				1,679,615
Crystal Clean				Senior Secured Initial Term Loan		S+		3.75%		7.40%		10/5/2023		10/17/2030			1,471,228				1,452,730				1,467,550
Miller Environmental				Senior Secured Initial Term Loan		S+		5.00%		8.65%		9/4/2024		9/10/2031			1,469,842				1,443,967				1,444,120
O6 Environmental		(j)		Senior Secured Initial Term Loan		S+		4.75%		8.40%		8/4/2025		8/5/2032			607,432				600,652				603,053
Keter Environmental Services				Unitranche Closing Date Term Loan		S+		5.25%		8.90%		11/5/2021		10/29/2027			480,000				478,229				464,400
Denali Water Solutions				Senior Secured Revolving Loan		S+		4.75%		8.40%		11/13/2025		11/19/2032			111,538				108,462				110,702
Alliance Environmental Group		(j) (o)		Senior Secured Revolving Loan		S+		7.00% PIK		10.65%		12/30/2021		12/30/2028			228,477				221,854				107,527
Keter Environmental Services				Senior Secured Revolving Loan		S+		4.25%		7.90%		11/5/2021		10/29/2027			28,424				27,649				27,500
Alliance Environmental Group		(j)		Senior Secured Priority Revolving Loan		S+		7.00% PIK		10.65%		6/23/2025		12/30/2028			515				515				242
O6 Environmental		(j)		Senior Secured Revolving Loan		S+		4.75%		8.40%		8/4/2025		8/5/2032			-				(1,623	)			-
Miller Environmental				Senior Secured Revolving Loan		S+		5.00%		8.65%		9/4/2024		9/10/2031			-				(6,014	)			-
																					10,534,564				8,055,204
Consumer Goods: Non-durable
Augusta Sportswear				Senior Secured Initial Term Loan		S+		7.00%		10.65%		11/21/2023		11/21/2029			4,421,250				4,358,517				4,244,400
Augusta Sportswear				Senior Secured Revolving Credit Loan		S+		7.00%		10.65%		11/21/2023		11/21/2028			174,382				168,817				167,407
																					4,527,334				4,411,807
Media: Advertising, Printing & Publishing
MediaRadar		(j)		Unitranche Closing Date Term A Loan		S+		5.00%		8.65%		5/23/2022		9/17/2029			1,777,333				1,755,180				1,777,333
Integral Ad Science		(k)		Senior Secured Initial Term Loan		S+		5.00%		8.65%		12/22/2025		12/25/2030			1,000,000				965,000				965,000
MediaRadar		(j)		Unitranche 2023 Incremental Term Loan		S+		5.00%		8.65%		10/31/2023		9/17/2029			938,007				921,441				938,007
MediaRadar		(j)		Senior Secured Revolving Loan		S+		5.00%		8.65%		9/16/2022		9/17/2029			69,726				59,558				69,726
																					3,701,179				3,750,066
Hotels, Gaming & Leisure
Auto Europe				Senior Secured Initial Dollar Term Loan		S+		7.50%		11.15%		10/19/2016		1/23/2026			1,616,965				1,518,986				1,293,572
Encore				Senior Secured Initial Term Loan		S+		5.00%		8.65%		11/18/2024		12/5/2031			496,250				487,495				495,009
Encore				Senior Secured Revolving Loan		S+		5.00%		8.65%		11/18/2024		12/5/2029			—				(1,094	)			—
																					2,005,387				1,788,581
Wholesale
Carlisle Foodservice				Senior Secured Initial Term Loan		S+		5.00%		8.65%		9/29/2023		10/2/2030			1,080,773				1,059,258				1,078,071
RelaDyne		(k)		Senior Secured Term B Loan (First Lien)		S+		3.50%		7.15%		6/30/2025		12/23/2030			496,250				495,108				497,146
Carlisle Foodservice				Senior Secured Revolving Loan		S+		5.00%		8.65%		9/29/2023		10/2/2029			85,948				82,725				85,733
																					1,637,091				1,660,950
Metals & Mining
Dynatect (A&A)				Senior Secured Term B Loan		S+		4.50%		8.15%		8/16/2019		9/29/2028			1,574,836				1,574,836				1,574,836
																					1,574,836				1,574,836

 

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

 

26

---

 

Audax Credit BDC Inc.

Consolidated Schedules of Investments (continued)

As of December 31, 2025

(Expressed in U.S. Dollars)

 

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
Audax Credit BDC, Inc. (Continued)
Media: Diversified & Production
Cast & Crew				Senior Secured Incremental Facility No. 2 Incremental Term Loan (First Lien)		S+		3.75%		7.40%		4/30/2024		12/29/2028		$	982,093			$	977,093			$	776,561
Spectrum Science				Senior Secured 2024 Incremental Term Loan		S+		7.00%		10.65%		1/17/2024		2/1/2029			507,604				493,795				491,107
																					1,470,888				1,267,668
Retail
Varsity Brands		(k)		Senior Secured 2025-2 Replacement Term Loan		S+		3.00%		6.65%		7/26/2024		8/26/2031			995,000				990,826				999,821
StubHub		(k)		Senior Secured Extended USD Term B Loan		S+		4.75%		8.40%		1/31/2020		3/15/2030			246,853				245,393				245,156
																					1,236,219				1,244,977
Utilities: Electric
Power Grid Components		(k)		Senior Secured Initial Term Loan		S+		4.75%		8.40%		7/24/2024		12/2/2030			694,955				694,955				691,480
																					694,955				691,480
Energy: Oil & Gas
AmSpec				Senior Secured Amendment No. 1 Other Term Loan		S+		3.50%		7.15%		12/12/2024		12/22/2031			574,154				571,861				569,848
																					571,861				569,848
Telecommunications
Eastern Communications				Senior Secured First Amendment Term A Loan		S+		5.00%		8.65%		9/29/2025		12/30/2030			498,741				493,741				497,494
																					493,741				497,494
Utilities: Water
Vessco				Unitranche 2025 Incremental Term Loan		S+		4.50%		8.15%		10/30/2025		11/3/2032			232,069				230,345				230,329
Vessco				Senior Secured Revolving Loan		S+		4.50%		8.15%		10/30/2025		11/3/2032			—				(212	)			—
																					230,133				230,329
		Total Bank Loans																		$	411,873,187			$	397,567,459
EQUITY AND PREFERRED SHARES: NON-CONTROL/NON-AFFILIATE INVESTMENTS (h):
Services: Business
Vortex Companies		(j) (o) (p)		LP Common Units								9/1/2023					190			$	189,759			$	644,450
InnovateMR		(j) (o) (q)		Class A Units								12/16/2021					387				387,311				527,662
Industrial Services Group		(j) (o) (r)		Class A Units								12/7/2022					238				238,095				420,663
Amplix		(j) (o) (s)		Class A-2 Units								10/19/2023					23,810				238,095				333,293
Golden Source		(j) (o) (t)		Class A Units								3/25/2022					117,371				117,371				244,273
Gallo Mechanical		(o) (u)		LP Interest								6/19/2025					140,000				137,384				158,140
CCG		(j) (o) (v)		Class A Units								12/30/2025					154,806				154,806				154,806
AI Fire & Safety		(o) (w)		Class A Units								12/20/2024					233,607				233,607				139,531
VC3		(j) (o) (x)		Class A Units								9/16/2022					16,958				70,778				103,999
Heartland		(o) (y)		Co-Invest Units								12/12/2023					889				88,889				92,081
Eagle Fire		(o) (z)		Class A Units								6/4/2025					119,048				119,048				88,409
Industrial Services Group		(j) (o) (r)		Class A-1 Units								3/10/2025					25				32,022				44,369
Liberty Group		(j) (o) (aa)		Series A-Preferred Units								6/6/2022					113,636				113,636				41,113
Embark		(j) (o) (ab)		Class A Units								9/2/2025					20,000				20,000				15,239
OSG Billing Services		(o) (ac)		Class A Units								11/30/2023					27,208				-				-
																					2,140,801				3,008,028
Healthcare & Pharmaceuticals
Visor Buyer, Inc.		(j) (o) (ad)		Class A Units								12/15/2025					2,206,263				2,206,263				1,517,753
Minds + Assembly		(j) (o) (ae)		Class A Units								5/3/2023					217				217,391				425,120
Sequel Ortho (fka OrthoNebraska)		(j) (o) (af)		Class A Units								7/31/2023					24,245				166,992				351,014
Summit Spine 2025		(j) (o) (ag)		Class A Units								3/21/2025					2,388				238,847				273,084
Ivy Rehab		(o) (ah)		Class A Units								3/11/2022					100				100,000				144,571
APT Healthcare		(o) (ai)		Class A-5 Common Units								9/15/2025					7,421				10,000				10,000
RevHealth		(j) (o) (aj)		Class A-1 Units								7/22/2022					20,548				205,479				—
																					3,144,972				2,721,542

 

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

 

27

---

 

Audax Credit BDC Inc.

Consolidated Schedules of Investments (continued)

As of December 31, 2025

(Expressed in U.S. Dollars)

 

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
Audax Credit BDC, Inc. (Continued)
EQUITY AND PREFERRED SHARES: NON-CONTROL/NON-AFFILIATE INVESTMENTS (h) (Continued):
Banking, Finance, Insurance & Real Estate
Cherry Bekaert		(j) (o) (ak)		Class A Units								6/30/2022							129,870			$	61,388			$	339,458
American Beacon Advisors		(o) (al)		Common Units								12/29/2023							16,071				-				273,207
Prime Pensions		(j) (o) (am)		LP Interest								2/20/2024							238,095				214,404				226,476
Beta+		(o) (an)		Class A-2 Common Stock								9/15/2023							2,470				24,700				25,646
																							300,492				864,787
Construction & Building
A1 Garage Door		(j) (o) (ao)		Class A Common Units								12/22/2022							273				272,727				758,534
DynaGrid		(o) (ap)		Class A-2 Units								1/7/2025							59,524				59,524				101,389
																							332,251				859,923
High Tech Industries
PracticeTek		(j) (o) (aq)		Class A Units								11/22/2021							616,814				649,236				668,261
																							649,236				668,261
Beverage, Food & Tobacco
Hissho Sushi		(j) (o) (ar)		Class A Units								4/7/2022							25,000				157,353				537,534
																							157,353				537,534
Services: Consumer
Ned Stevens 2022-2		(j) (o) (as)		Class B Common Units								11/1/2022							279				278,990				346,334
United Comfort Group (fka United Air Temp)		(j) (o) (at)		Class A Units								2/14/2024							110,947				110,947				-
																							389,937				346,334
Wholesale
GME Supply		(j) (o) (au)		Class A Units								6/30/2023							281				280,718				265,023
																							280,718				265,023
Automotive
Engine & Transmission Exchange		(j) (o) (av)		Class A-1 Units								5/26/2023							211				211,268				226,858
																							211,268				226,858
Media: Advertising, Printing & Publishing
MediaRadar		(j) (o) (aw)		Class A-1 Units								9/16/2022							147,000				147,000				192,136
																							147,000				192,136
Consumer Goods: Durable
Careismatic		(o) (ax)		Class A Units								6/13/2024							3,522				209,625				137,759
																							209,625				137,759
Environmental Industries
O6 Environmental		(j) (o) (ay)		Common Units									45,873.00						45				44,801				57,875
Alliance Environmental Group		(j) (o) (az)		A-1 Preferred Units								9/30/2019							331				331,126				-
																							375,927				57,875
Chemicals, Plastics & Rubber
Vertellus		(o) (ba)		Series A Units								12/22/2020							1,651				165,138				40,882
																							165,138				40,882
Capital Equipment
80/20		(j) (o) (bb)		LP Interest								12/11/2025							10,000				10,000				10,000
																							10,000				10,000
		Total Equity and Preferred Shares																				$	8,514,718			$	9,936,942
Total Investments																						$	420,387,905			$	407,504,401
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
Audax Credit BDC Equity, LLC
EQUITY AND PREFERRED SHARES: NON-CONTROL/NON-AFFILIATE INVESTMENTS (h):
Healthcare & Pharmaceuticals
Avalon		(o) (bc)		Class A-1 Units								12/30/2025							5,000			$	5,000			$	5,000
																							5,000				5,000
		Total Equity and Preferred Shares																				$	5,000			$	5,000
Total Investments																						$	5,000			$	5,000
Total Bank Loans - (95.0%)		(g)																				$	411,873,187			$	397,567,459
Total Equity and Preferred Shares - (2.4%)		(g)																				$	8,519,718			$	9,941,942
Total Portfolio Investments		(bd)																				$	420,392,905			$	407,509,401

 

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

 

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(^) The majority of the investments bear interest at a rate that may be determined by reference to Secured Overnight Financing Rate (“SOFR” or “S”).

(a) All companies are located in the United States of America, unless otherwise noted.

(b) Interest rate percentages represent actual interest rates as of December 31, 2025, which are indexed to the noted reference rate. The referenced rates are subject to interest floors which can vary based on contractual agreements with the borrower.

(c) All loans are income-producing, unless otherwise noted.

(d) All investments are qualifying assets under Section 55(a) of the Investment Company Act of 1940, as amended (the "1940 Act") unless otherwise noted.

(e) All investments acquired in transactions are exempt from registration under the Securities Act of 1933 (the “Securities Act”), and may be deemed to be “restricted securities” under the Securities Act.

(f) Unless indicated otherwise, all of our investments are valued using Level 3 inputs within the FASB Accounting Standard Codification (“ASC”) Topic 820, “Fair Value Measurements and Disclosures” (“ASC 820”) fair value hierarchy. Refer to Note 3 – Investments in the accompanying Notes to Consolidated Financial Statements for additional information.

(g) Percentages are calculated using fair value of investments over net assets.

(h) As defined in 1940 Act, the Company is not deemed to be an “Affiliated Person” of or “Control” this portfolio company because it neither owns 5% or more of the portfolio company’s outstanding voting securities nor has the power to exercise control over the management or policies of such portfolio company (including through a management agreement).

(i) The negative cost, if applicable, is the result of the capitalized discount being greater than the principal amount outstanding on the unfunded loan commitment.

(j) Three affiliated funds, Audax Direct Lending Solutions Fund - A, L.P., Audax Direct Lending Solutions Fund - C, L.P., and Audax Direct Lending Solutions Fund - D, L.P., co-invested with the Company in this portfolio company pursuant to an exemptive order granted by the U.S. Securities and Exchange Commission.

(k) Investment was valued as Level 2, using significant observable inputs in accordance with ASC 820. Refer to Note 3 – Investments in the accompanying Notes to Consolidated Financial Statements for additional information.

(l) The Company headquarters for UDG is located in Ireland.

(m) The Company headquarters for Intertape Polymer is located in Canada.

(n) The Company headquarters for Balcan is located in Canada.

(o) Investment is non-income producing.

(p) Represents an investment in APD VTX Equity Blocker, L.P., a holding company, made through an affiliated equity aggregator vehicle.

(q) Represents an investment in APD INN Equity, L.P., a holding company, made through an affiliated equity aggregator vehicle.

(r) Represents an investment in APD ISG Equity Blocker, L.P., a holding company, made through an affiliated equity aggregator vehicle.

(s) Represents an investment in APD AMP Equity Blocker, L.P., a holding company, made through an affiliated equity aggregator vehicle.

(t) Represents an investment in APD Gol Equity, L.P., a holding company, made through an affiliated equity aggregator vehicle.

(u) Represents an investment in Citation Glow Co-Invest LP, a holding company for the investment in Gallo Mechanical.

(v) Represents an investment in CCG Group Holding Company, LLC, a holding company for the investment in Certified Collisions Group.

(w) Represents an investment in Firebird Co-Invest L.P., a holding company for the investment in AI Fire & Safety.

(x) Represents an investment in APD VC3 Equity, L.P., a holding company, made through an affiliated equity aggregator vehicle.

(y) Represents an investment in Heartland PPC Investor LLC, a holding company for the investment in Heartland.

(z) Represents an investment in Talon Holdings SCSP, A Luxembourg Special Limited Partnership, a holding company for the investment in Eagle Fire.

(aa) Represents an investment in APD TLG Equity, L.P., a holding company, made through an affiliated equity aggregator vehicle.

(ab) Represents an investment in Embark HoldCo, LP, a holding company for the investment in Embark.

(ac) Represents an investment in OSG Topco Holdings LLC, a holding company for the investment in OSG Billing Services.

(ad) Represents an investment in APD IMD Equity, L.P., a holding company, made through an affiliated equity aggregator vehicle.

(ae) Represents an investment in APD MA Equity Blocker, L.P., a holding company, made through an affiliated equity aggregator vehicle.

(af) Represents an investment in APD OrthoNebraska Equity Blocker, L.P., a holding company, made through an affiliated equity aggregator vehicle.

(ag) Represents an investment in Summit Parent Holdings, LLC, a holding company for the investment in Summit Spine.

(ah) Represents an investment in APD IVY Equity Blocker, L.P., a holding company, made through an affiliated equity aggregator vehicle.

(ai) Represents an investment in APT Holdings, LLC, a holding company for the investment in APT Healthcare.

(aj) Represents an investment in APD RH Equity Blocker, L.P., a holding company, made through an affiliated equity aggregator vehicle.

(ak) Represents an investment in APD CBA Equity Blocker, L.P., a holding company, made through an affiliated equity aggregator vehicle.

(al) Represents an investment in Resolute Topco, Inc., a holding company for the investment in American Beacon Advisors.

(am) Represents an investment in Prime Co-Invest, L.P., a holding company, made through an affiliated equity aggregator vehicle.

(an) Represents an investment in Buckhorn Parent, Inc., a holding company for the investment in Beta+.

(ao) Represents an investment in APD GAR Equity, L.P., a holding company, made through an affiliated equity aggregator vehicle.

(ap) Represents an investment in DynaGrid Holdings LLC, a holding company for the investment in DynaGrid.

(aq) Represents an investment in APD Ptek Equity, L.P., a holding company, made through an affiliated equity aggregator vehicle.

(ar) Represents an investment in APD Sush Equity Blocker, L.P., a holding company, made through an affiliated equity aggregator vehicle.

(as) Represents an investment in APD NS Equity, L.P., a holding company, made through an affiliated equity aggregator vehicle.

(at) Represents an investment in LJ Flex, LP, a holding company, made through an affiliated equity aggregator vehicle.

(au) Represents an investment in ADP GMES Parent Holding Blocker, L.P., a holding company, made through an affiliated equity aggregator vehicle.

(av) Represents an investment in APD ETE Equity Aggregator, L.P., a holding company, made through an affiliated equity aggregator vehicle.

(aw) Represents an investment in APD MDR Equity, L.P., a holding company, made through an affiliated equity aggregator vehicle.

(ax) Represents an investment in Reorganized Careismatic Brands Parent, LLC., a holding company for the investment in Reorganized Careismatic Brands.

(ay) Represents an investment in O6 Environmental Holdings, LLC, a holding company for the investment in O6 Environmental.

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

 

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(az) Represents an investment in APD AEG Equity Blocker, L.P., a holding company, made through an affiliated equity aggregator vehicle.

(ba) Represents an investment in ADP VERT Equity, L.P., a holding company, made through an affiliated equity aggregator vehicle.

(bb) Represents an investment owned by APD 80/20 Equity, L.P., a holding company for the investment in 80/20.

(bc) Represents an investment in Excalibur Topco Holdings, L.P., a holding company for the investment in Avalon.

(bd) At December 31, 2025, the cost of investments for income tax purposes was $420,039,897, the gross unrealized depreciation for federal tax purposes was $18,605,180, the gross unrealized appreciation for federal income tax purposes was $6,074,684, and the net unrealized depreciation was $12,530,496.

 

 

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

 

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Audax Credit BDC Inc.

Notes to Consolidated Financial Statements

March 31, 2026

(unaudited)

Note 1. Organization

Audax Credit BDC Inc. (the “Company”) is a Delaware corporation that was formed on January 29, 2015. The Company is an externally managed, closed-end, non-diversified management investment company that has elected to be treated as a business development company (“BDC”) under the Investment Company Act of 1940, as amended (the “1940 Act”). In addition, effective with the Company’s taxable year ended December 31, 2015, the Company has elected to be treated for federal income tax purposes and intends to comply with the requirements to qualify annually, as a regulated investment company (“RIC”) under Subchapter M of the U.S. Internal Revenue Code of 1986, as amended (the “Code”).

The Company commenced business operations on July 8, 2015, the date on which the Company made its first investment. The Company was formed for the purpose of investing primarily in the debt of leveraged, non-investment grade middle market companies, with the principal objective of generating income and capital appreciation. The Company’s investment strategy is to invest primarily in first lien senior secured loans and selectively in unitranche and second lien loans to middle market companies.

Audax Management Company (NY), LLC (the “Adviser”) is the investment adviser of the Company. The Adviser is registered as an investment adviser with the U.S. Securities and Exchange Commission (the “SEC”) under the Investment Advisers Act of 1940, as amended.

Note 2. Significant Accounting Policies

Basis of Presentation

As an investment company, the accompanying consolidated financial statements of the Company are prepared in accordance with the investment company accounting and reporting guidance of ASC Topic 946, “Financial Services – Investment Companies,” as amended (“ASC Topic 946”), which incorporates the requirements for reporting on Form 10-Q and Articles 6 and 10 of Regulation S-X, as well as generally accepted accounting principles in the United States of America (“GAAP”).

Certain financial information that is normally included in annual consolidated financial statements, including certain financial statement footnotes, prepared in accordance with GAAP, is not required for interim reporting purposes and has been condensed or omitted herein. Accordingly, certain disclosures accompanying annual consolidated financial statements prepared in accordance with GAAP are omitted. In the opinion of management of the Company, the unaudited financial results included herein contain all adjustments, consisting solely of normal accruals, considered necessary for the fair presentation of consolidated financial statements for the interim period included herein. The current period’s results of operations are not necessarily indicative of the operating results to be expected for future periods. The accounting records of the Company are maintained in U.S. dollars.

Certain prior period information has been reclassified to conform to the current period presentation. The reclassification has no effect on the Company's financial position or the result of operations as previously reported.

Consolidation

As of December 31, 2025, Audax Credit BDC Equity, LLC, a Delaware limited liability company (the "Subsidiary"), is a wholly owned subsidiary of the Company that is consolidated. The Subsidiary commenced operations on October 10, 2025, and all intercompany balances and transactions have been eliminated in consolidation.

Use of Estimates

The preparation of consolidated financial statements in conformity with GAAP requires management of the Company to make estimates and assumptions that may affect the reported amounts and disclosures in the consolidated financial statements. Changes in the economic environment, financial markets and any other parameters used in determining these estimates could cause actual results to differ, and these differences could be material.

Cash and Cash Equivalents

Cash and cash equivalents are stated at fair value. The Company considers all highly liquid investments purchased with maturities of three months or less and money market mutual funds to be cash equivalents. No cash equivalent balances were held as of March 31, 2026 or December 31, 2025. At such dates, cash was not subject to any restrictions on withdrawal.

 

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Expenses

The Company is responsible for investment expenses, legal expenses, auditing fees and other expenses related to the Company’s operations. Such fees and expenses, including expenses initially incurred by the Adviser, may be reimbursed by the Company.

Investment Valuation Policy

On December 3, 2020, the SEC announced that it adopted Rule 2a-5 under the 1940 Act (the “Valuation Rule”), which established an updated regulatory framework for determining fair value in good faith for purposes of the 1940 Act. Pursuant to the Valuation Rule, which became effective on September 8, 2022, the Company’s Board of Directors (the “Board of Directors”) designated the Adviser as the Company’s valuation designee (the “Valuation Designee”) to perform fair value determinations relating to the value of the Company’s assets for which market quotations are not readily available in good faith. Such valuation by the Valuation Designee must be made in good faith and may be based on, among other things, the input of independent third-party valuation firms, where applicable. The Valuation Designee’s valuation process is subject to the Board of Directors’ oversight.

In accordance with the 1940 Act, the Board of Directors has the ultimate responsibility for reviewing the good faith fair value determination of the Company’s investments for which market quotations are not readily available based on the Company’s investment valuation policy (the “Policy”) and for overseeing the Valuation Designee. Such review and oversight include receiving written fair value determinations and supporting materials provided by the Valuation Designee and any independent third-party valuation firms as may be used by the Valuation Designee or the Board of Directors from time to time.

As part of the valuation process, the Valuation Designee may take into account the following types of factors, if relevant, in determining the fair value of the Company’s investments: applicable market yields and multiples; security covenants; call protection provisions; information rights; comparisons of financial ratios of the portfolio companies that issued such private equity securities to peer companies that are public; comparable merger and acquisition transactions; the nature and realizable value of any collateral; the portfolio company’s ability to make payments and its earnings and discounted cash flow; available current market data, including relevant and applicable markets in which the portfolio company does business; and other relevant factors. When an external event such as a purchase transaction, public offering or subsequent equity sale occurs, the Valuation Designee will consider the pricing indicated by the external event in its valuation of the portfolio investment.

The Valuation Designee utilizes the following multi-step process in determining fair value for the Company's investments for which market quotations are not “readily available”:

•

The Adviser’s investment professionals responsible for the portfolio investment and other senior members of the Adviser’s investment and management team, with oversight from the Adviser’s finance team, will make initial valuations of each investment;

•

The Adviser’s investment professionals and management team, with oversight by the Adviser’s finance and compliance team, will document the preliminary valuation conclusions and oversee sample testing of valuations with third-party valuation agents;

•

The preliminary valuation conclusions will be presented to the valuation committees for consideration;

•

The valuation committees will discuss the recommended valuations and determine, in good faith, the fair value of each investment;

•

The valuation determinations of the valuation committees will be presented to the risk committee and then shared with the Company’s CEO and CFO; and

•

The Adviser will provide certain quarterly and annual reports to the Board of Directors.

Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of the investments may differ significantly from the values that would have been used had a readily available market value existed for such investments, and the differences could be material. In addition, changes in the market environment and other events that may occur over the life of the investments may cause the gains or losses ultimately realized on these investments to be different from the valuations currently assigned.

The Valuation Designee determines fair value in good faith for all our investments without readily available market quotations by using methodologies consistent with the principles of the valuation approaches set forth in ASC 820, Section 2(a)(41) of the 1940 Act and Rule 2a-5 thereunder.

ASC 820 defines fair value as “the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.” Fair value is a market-based measurement, not an entity-specific measurement. For some assets and liabilities, observable market transactions or market information might be available. For other

 

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assets and liabilities, observable market transactions and market information might not be available. However, the objective of a fair value measurement in both cases is the same – to estimate the price when an orderly transaction to sell the asset or transfer the liability would take place between market participants at the measurement date under current market conditions (that is, an exit price at the measurement date from the perspective of a market participant that holds the asset or owes the liability).

ASC 820 establishes a hierarchal disclosure framework which ranks the observability of inputs used in measuring financial instruments at fair value. The observability of inputs is impacted by a number of factors, including the type of financial instruments and their specific characteristics. Financial instruments with readily available quoted prices, or for which fair value can be measured from quoted prices in active markets, generally will have a higher degree of market price observability and a lesser degree of judgment applied in determining fair value.

The three-level hierarchy for fair value measurement is defined as follows:

Level 1 — Inputs to the valuation methodology are quoted prices available in active markets for identical financial instruments as of the measurement date. The types of financial instruments in this category include unrestricted securities, including equities and derivatives, listed in active markets. The Company does not adjust the quoted price for these instruments, even in situations where the Company holds a large position, and a sale could reasonably be expected to impact the quoted price.

Level 2 — Inputs to the valuation methodology are quoted prices in markets that are not active or for which all significant inputs are either directly or indirectly observable as of the measurement date. The types of financial instruments in this category include less liquid and restricted securities listed in active markets, securities traded in markets that are not active, government and agency securities, and certain over-the-counter derivatives where the fair value is based on observable inputs.

Level 3 — Inputs to the valuation methodology are unobservable and significant to the overall fair value measurement, and include situations where there is little, if any, market activity for the investment. The inputs into the determination of fair value require significant management judgment or estimation. The types of financial instruments in this category include investments in privately held entities, non-investment grade residual interests in securitizations, collateralized loan obligations, and certain over-the-counter derivatives where the fair value is based on unobservable inputs.

In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, the determination of which category within the fair value hierarchy is appropriate for any given financial instrument is based on the lowest level of input that is significant to the fair value measurement. Assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the financial instrument.

Pursuant to the framework set forth above, the Valuation Designee values securities traded in active markets on the measurement date by multiplying the exchange closing price of such traded securities/instruments by the quantity of shares or amount of the instrument held. The Valuation Designee may also obtain quotes with respect to certain of the Company’s investments from pricing services, brokers or dealers’ quotes, or counterparty marks in order to value liquid assets that are not traded in active markets.

Pricing services aggregate, evaluate and report pricing from a variety of sources including observed trades of identical or similar securities, broker or dealer quotes, model-based valuations and internal fundamental analysis and research. When doing so, the Valuation Designee determines whether the quote obtained is sufficient in accordance with GAAP to determine the fair value of the security. If determined adequate, the Valuation Designee uses the quote obtained.

Securities that are illiquid or for which the pricing source does not provide a valuation or methodology or provides a valuation or methodology that, in the judgment of the Valuation Designee, does not represent fair value, are each valued as of the measurement date using all techniques appropriate under the circumstances and for which sufficient data are available. These valuation techniques vary by investment but include comparable public market valuations, comparable precedent transaction valuations and discounted cash flow analyses. Inputs for these valuation techniques include relative credit information, observed market movement, industry sector information, and other market data, which may include benchmarking of comparable securities, issuer spreads, reported trades, and reference data, such as market research publications, when available.

Investment performance data utilized are the most recently available as of the measurement date, which in many cases may reflect up to a one quarter lag in information.

Securities for which market quotations are not readily available or for which a pricing source is not sufficient may include the following:

 

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•

private placements and restricted securities that do not have an active trading market;

•

securities whose trading has been suspended or for which market quotes are no longer available;

•

debt securities that have recently gone into default and for which there is no current market;

•

securities whose prices are stale; and

•

securities affected by significant events.

Subject to the oversight of the Board of Directors, the Valuation Designee has the overall responsibility for the implementation and monitoring of the Company’s pricing policies to ensure fair, accurate and current valuations.

Determination of fair value involves subjective judgments and estimates. Accordingly, these notes to the Company’s consolidated financial statements express the uncertainty with respect to the possible effect of such valuations, and any change in such valuations, on the Company’s consolidated financial statements.

Security transactions are recorded on the trade date (the date the order to buy or sell is executed or, in the case of privately issued securities, the closing date, which is when all terms of the transactions have been defined).

Realized gains and losses on investments are determined based on the identified cost method.

Refer to Note 3 — Investments for additional information regarding fair value measurements and the Company’s application of ASC 820.

Interest Income Recognition

Interest income, adjusted for amortization of premium, acquisition costs, and amendment fees and the accretion of original issue discount (“OID”), are recorded on an accrual basis to the extent that such amounts are expected to be collected. Generally, when a loan becomes 120 days or more past due, or if the Company’s qualitative assessment indicates that the debtor is unable to service its debt or other obligations, the Company will place the loan on non-accrual status and cease recognizing interest income on that loan for financial reporting purposes until the borrower has demonstrated the ability and intent to pay contractual amounts due. However, the Company will remain contractually entitled to this interest. Interest payments received on non-accrual loans are restored to accrual status when past due principal and interest are paid and, in management’s judgment, are likely to remain current or, due to a restructuring, the interest income is deemed to be collectible. As of March 31, 2026, the Company had 6 investments across 4 issuers on non-accrual, which represented 1.69% and 0.53% of its total portfolio at cost and fair market value, respectively. As of December 31, 2025, the Company had 7 investments across 4 issuers on non-accrual, which represented 1.70% and 0.69% of its total portfolio at cost and fair market value, respectively.

The Company currently holds loans in the portfolio that contain OID and that contain payment-in-kind (“PIK”) provisions. The Company recognizes OID for loans originally issued at a discount and recognizes the income over the life of the obligation based on an effective yield calculation. PIK interest, computed at the contractual rate specified in a loan agreement, is added to the principal balance of a loan and recorded as income over the life of the obligation. Therefore, the actual collection of PIK income may be deferred until the time of debt principal repayment. To maintain the ability to be taxed as a RIC, the Company may need to pay out of both OID and PIK non-cash income amounts in the form of distributions, even though the Company has not yet collected the cash on either.

As of March 31, 2026 and December 31, 2025, the Company held 372 and 367 investments in loans with OID, respectively. The unamortized balance of OID investments as of March 31, 2026 and December 31, 2025 totaled $4,460,921 and $4,767,559, respectively. For the three months ended March 31, 2026, the Company accrued OID income in the amount of $257,824. For the three months ended March 31, 2025, the Company accrued OID income in the amount of $231,328.

As of March 31, 2026, the Company held 15 investments that had a PIK interest component. As of December 31, 2025, the Company held 16 investments that had a PIK interest component. During the three months ended March 31, 2026, the Company accrued PIK income in the amount of $272,466. During the three months ended March 31, 2025, the Company accrued PIK income in the amount of $310,135.

As of March 31, 2026 and December 31, 2025, the Company held $11,727,871 and $12,817,052 cash and cash equivalents, respectively. For the three months ended March 31, 2026, the Company earned $7,056 of interest income related to cash, which is included in interest on cash within the accompanying consolidated statement of operations. For the three months ended March 31, 2025, the Company earned $59,392 of interest income related to cash, which is included in interest on cash within the accompanying consolidated statement of operations.

 

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Other Income Recognition

The Company generally records prepayment fees and amendment fees upon receipt of cash or as soon as the Company becomes aware of the prepayment or amendment.

Dividend income on equity investments is accrued to the extent that such amounts are expected to be collected and if the Company has the option to collect such amounts in cash.

Prepayment fees, amendment fees and dividend income are accrued in other income in the accompanying consolidated statements of operations.

For the three months ended March 31, 2026, the Company accrued $20,143 of other income, related to amendment fees. For the three months ended March 31, 2025, the Company accrued $25,990 of other income, related to amendment fees.

New Accounting Pronouncements

In December 2023, the FASB issued ASU 2023-09 "Improvements to Income Tax Disclosures" ("ASU 2023-09"). ASU 2023-09 intends to improve the transparency of income tax disclosures. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024 and is to be adopted on a prospective basis with the option to apply retrospectively. The Company adopted ASU 2023-09 effective December 31, 2025 and concluded that the application of this guidance did not have any material impact on its consolidated financial statements.

 

Operating Segments

 

The Company reports segments in accordance with FASB Accounting Standards Update 2023-07, “Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures” (“ASU 2023-07”). Under Topic 280, an operating segment is defined as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity’s chief operating decision maker (the “CODM”) to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The Chief Executive Officer of the Company acts as the Company’s CODM.

The Company operates through a single operating segment with a primary investment objective to seek to make loans to private middle market companies based primarily in the United States, including first lien loans, second lien loans, unitranche loans, and select investments in equity. The CODM monitors the performance of the Company to make decisions about resources to be allocated using key factors such as the Company’s portfolio composition, as shown on the Consolidated Schedule of Investments, the changes in net assets resulting from operations, as reported on the Consolidated Statement of Operations, and returns and expense ratios, as reported in Note–10 – Financial Highlights.

 

Note 3. Investments

Fair Value

In accordance with ASC 820, the fair value of the Company’s investments is determined to be the price that would be received for an investment in a current sale, assuming an orderly transaction between willing market participants on the measurement date. This fair value definition focuses on exit price in the principal, or most advantageous, market and prioritizes, within a measurement of fair value, the use of market-based inputs over entity-specific inputs. ASC 820 also establishes the three-level hierarchy for fair value measurements based upon the transparency of inputs to the valuation of a financial instrument as of the measurement date as described in Note–2 – Significant Accounting Policies.

 

It is the Company’s policy to recognize transfers between Levels based upon the fair value at the beginning of the year. Transfers into Level 3 represent situations when the Valuation Designee believes there is not sufficient market activity to support using a market quote to support fair value. Transfers out of Level 3 represent situations when the Valuation Designee believes there is sufficient market activity to support using a market quote to support fair value.

As of March 31, 2026, $324,005,621 of the Company’s investments were valued using unobservable inputs, and $78,517,044 were valued using observable inputs. During the three months ended March 31, 2026, $18,235,494 transferred into Level 3 due to a decrease in observable price inputs in the market for these securities and a corresponding need to utilize unobservable inputs, and $21,948,775 transferred out of Level 3 due to additional liquidity in the market for these securities, which provided more observable inputs.

 

35

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As of December 31, 2025, $329,667,609 of the Company’s investments were valued using unobservable inputs, and $77,841,792 were valued using observable inputs. During the three months ended March 31, 2025, $20,751,144 transferred into Level 3 due to a decrease in observable price inputs in the market for these securities and a corresponding need to utilize unobservable inputs, and $9,623,013 transferred out of Level 3 due to additional liquidity in the market for these securities, which provided more observable inputs.

The following table presents the Company’s investments carried at fair value as of March 31, 2026 and December 31, 2025, by caption on the Company’s accompanying consolidated statements of assets and liabilities and by security type.

 

		Assets at Fair Value as of March 31, 2026
		Level 1				Level 2				Level 3				Total
First Lien Debt		$	—			$	71,697,752			$	187,324,124			$	259,021,876
Unitranche Debt			—				5,213,268				124,637,395				129,850,663
Second Lien Debt			—				1,606,024				1,985,000				3,591,024
Equity and Preferred Shares			—				—				10,059,102				10,059,102
Total		$	—			$	78,517,044			$	324,005,621			$	402,522,665

 

 

		Assets at Fair Value as of December 31, 2025
		Level 1				Level 2				Level 3				Total
First Lien Debt		$	—			$	73,090,096			$	188,700,935			$	261,791,031
Unitranche Debt			—				3,298,163				127,108,392				130,406,555
Second Lien Debt			—				1,453,533				3,916,340				5,369,873
Equity and Preferred Shares			—				—				9,941,942				9,941,942
Total		$	—			$	77,841,792			$	329,667,609			$	407,509,401

 

 

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In accordance with ASC 820, the following table provides quantitative information about the Level 3 fair value measurements of the Company’s investments as of March 31, 2026. The weighted average calculations in the table below are based on the fair value balances for all debt related calculations for the particular input.

 

As of March 31, 2026

Fair Value

Valuation Technique

Unobservable Inputs (1)

Range (2)

Weighted Average (3)

First Lien Debt

$

155,373,112

Matrix Pricing

Senior Leverage

0.48x - 14.07x

5.03x

Total Leverage

0.85x - 14.24x

5.43x

Interest Coverage

0.55x - 4.68x

1.88x

Debt Service Coverage

0.51x - 3.42x

1.53x

TEV Coverage

0.96x - 12.66x

2.55x

Liquidity

0.00% - 756.13%

140.90%

Spread Comparison

300bps - 950bps

491bps

First Lien Debt

5,138,343

Analysis of Trend in Leverage

Maturity Modified Market Yield (4)

7.00% - 7.45%

7.40%

First Lien Debt

12,280,613

Matrix Pricing/Market Analysis (5)

Senior Leverage

6.07x - 8.70x

7.01x

Total Leverage

7.62x - 11.12x

8.80x

Interest Coverage

1.04x - 1.51x

1.27x

Debt Service Coverage

0.96x - 1.25x

1.10x

TEV Coverage

1.10x - 2.36x

1.75x

Liquidity

29.31% - 258.80%

143.80%

Spread Comparison

350bps - 525bps

421bps

First Lien Debt

14,532,057

Enterprise Value

EV/EBITDA Multiple

6.70x - 11.70x

8.20x

Unitranche Debt

73,789,253

Analysis of Trend in Leverage

Maturity Modified Market Yield (4)

4.91% - 9.57%

7.23%

Unitranche Debt

40,824,313

Matrix Pricing

Senior Leverage

3.62x - 8.39x

6.45x

Total Leverage

3.62x - 8.39x

6.61x

Interest Coverage

0.76x - 2.34x

1.48x

Debt Service Coverage

0.45x - 2.05x

1.23x

TEV Coverage

1.24x - 2.47x

1.83x

Liquidity

42.55% - 429.12%

142.88%

Spread Comparison

425bps - 800bps

553bps

Unitranche Debt

10,023,828

Enterprise Value

EV/EBITDA Multiple

10.00x - 12.47x

11.19x

Second Lien Debt

1,985,000

Matrix Pricing

Senior Leverage

5.44x

5.44x

Total Leverage

5.44x

5.44x

Interest Coverage

1.75x

1.75x

Debt Service Coverage

1.58x

1.58x

TEV Coverage

1.63x

1.63x

Liquidity

112.83%

112.83%

Spread Comparison

775bps

775bps

Equity and Preferred

10,034,102

Enterprise Value

EV/EBITDA Multiple

5.75x - 19.00x

12.85x

Total

$

323,980,621

 

(1)

For any portfolio company, the unobservable input "Liquidity" is a fraction, expressed as a percentage, the numerator of which is the sum of the company's undrawn revolving credit facility capacity plus cash, and the denominator of which is the total amount that may be borrowed under the company's revolving credit facility. The unobservable input "Spread Comparison" is a comparison of the spread over the referenced rate for each investment to the spread over the referenced rate for general leveraged loan transactions.

(2)

Each range represents the variance of outputs from calculating each statistic for each portfolio company within a specific credit seniority. The range may be a single data point when there is only one company represented in a specific credit seniority.

(3)

Inputs are weighted based on the fair value of the investments included in the range.

 

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(4)

Maturity Modified Market Yield is calculated based on the Market yield of the security relative to its actual coupon and maturity date. The Market Yield is modified 75 basis points for every 1x delta in actual leverage versus market leverage of that issuer.

(5)

The valuation technique incorporates a weighting of broker quotes and matrix pricing.

The table does not include $25,000 of other investments, which the Company valued at the purchase price.

In accordance with ASC 820, the following table provides quantitative information about the Level 3 fair value measurements of the Company’s investments as of December 31, 2025. The weighted average calculations in the table below are based on the fair value balances for all debt related calculations for the particular input.

 

As of December 31, 2025

Fair Value

Valuation Technique

Unobservable Inputs(1)

Range(2)

Weighted Average(3)

First Lien Debt

$

160,298,208

Matrix Pricing

Senior Leverage

0.48x - 11.35x

5.12x

Total Leverage

2.43x - 11.35x

5.45x

Interest Coverage

0.64x - 4.68x

1.83x

Debt Service Coverage

0.58x - 3.42x

1.51x

TEV Coverage

0.00x - 5.75x

2.47x

Liquidity

11.96% - 737.18%

144.41%

Spread Comparison

300bps - 800bps

485bps

First Lien Debt

4,508,250

Analysis of Trend in Leverage

Maturity Modified Market Yield (4)

7.75%

7.75%

First Lien Debt

12,263,985

Matrix Pricing/Market Analysis (5)

Senior Leverage

5.38x - 8.70x

7.05x

Total Leverage

7.16x - 11.26x

8.77x

Interest Coverage

1.00x - 1.44x

1.18x

Debt Service Coverage

0.93x - 1.21x

1.03x

TEV Coverage

1.10x - 2.60x

1.88x

Liquidity

29.31% - 377.13%

130.15%

Spread Comparison

375bps - 600bps

440bps

First Lien Debt

11,027,439

Enterprise Value

EV/EBITDA Multiple

6.10x - 10.40x

8.56x

Unitranche Debt

72,952,262

Analysis of Trend in Leverage

Maturity Modified Market Yield (4)

5.15% - 14.45%

7.50%

Unitranche Debt

43,305,232

Matrix Pricing

Senior Leverage

3.62x - 8.39x

6.31x

Total Leverage

3.62x - 9.62x

6.46x

Interest Coverage

0.76x - 2.71x

1.52x

Debt Service Coverage

0.45x - 2.00x

1.25x

TEV Coverage

1.24x - 2.68x

1.86x

Liquidity

39.61% - 429.12%

143.10%

Spread Comparison

400bps - 800bps

554bps

Unitranche Debt

9,738,234

Enterprise Value

EV/EBITDA Multiple

10.00x - 12.70x

11.25x

Second Lien Debt

2,400,000

Matrix Pricing

Senior Leverage

4.11x - 5.64x

5.38x

Total Leverage

4.11x - 5.65x

5.38x

Interest Coverage

2.07x - 2.38x

2.12x

Debt Service Coverage

1.83x - 2.12x

1.88x

TEV Coverage

1.57x - 2.87x

1.79x

Liquidity

122.08% - 445.07%

177.26%

Spread Comparison

775bps - 900bps

796bps

Second Lien Debt

1,516,340

Matrix Pricing/Market Analysis (5)

Senior Leverage

10.46x

10.46x

Total Leverage

10.46x

10.46x

Interest Coverage

0.96x

0.96x

Debt Service Coverage

0.82x

0.82x

TEV Coverage

1.23x

1.23x

Liquidity

126.71%

126.71%

Spread Comparison

700bps

700bps

Equity and Preferred

9,704,260

Enterprise Value

EV/EBITDA Multiple

7.10x - 19.00x

13.99x

Total

$

327,714,210

 

(1)

For any portfolio company, the unobservable input "Liquidity" is a fraction, expressed as a percentage, the numerator of which is the sum of the company's undrawn revolving credit facility capacity plus cash, and the denominator of which is the total amount that may be borrowed under the company's revolving credit facility. The unobservable input "Spread Comparison" is a comparison of the spread over the referenced rate for each investment to the spread over the referenced rate for general leveraged loan transactions.

 

38

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(2)

Each range represents the variance of outputs from calculating each statistic for each portfolio company within a specific credit seniority. The range may be a single data point when there is only one company represented in a specific credit seniority.

(3)

Inputs are weighted based on the fair value of the investments included in the range.

(4)

Maturity Modified Market Yield is calculated based on the Market yield of the security relative to its actual coupon and maturity date. The Market Yield is modified 75 basis points for every 1x delta in actual leverage versus market leverage of that issuer.

(5)

The valuation technique incorporates a weighting of broker quotes and matrix pricing.

The table does not include $1,953,399 of other investments, which the Company valued at the purchase price.

Fair value measurements can be sensitive to changes in one or more of the valuation inputs. Changes in market yields, discounts rate, leverage, EBITDA or EBITDA multiples (or revenue or revenue multiples), each in isolation, may change the fair value of certain of the Company’s investments. Generally, an increase or decrease in market yields, discount rates or leverage or an increase/decrease in EBITDA or EBITDA multiples (or revenue or revenue multiples) may result in a corresponding decrease or increase, respectively, in the fair value of certain of the Company’s investments.

The following tables provide the changes in fair value, broken out by security type, during the three months ended March 31, 2026 and 2025 for all investments for which the Company determines fair value using unobservable (Level 3) factors.

 

Three Months Ended March 31, 2026		First Lien Debt				Unitranche Debt				Second Lien Debt				Equity and Preferred Shares				Total
Fair Value as of December 31, 2025		$	188,700,935			$	127,108,392			$	3,916,340			$	9,941,942			$	329,667,609
Transfers into Level 3			15,391,408				2,844,086				—				—				18,235,494
Transfers out of Level 3			(17,326,330	)			(3,106,105	)			(1,516,340	)			—				(21,948,775	)
Total gains:
Net realized gain (loss) (a)			(60,626	)			5,804				2,050				—				(52,772	)
Net unrealized depreciation (b)			(895,394	)			(1,038,579	)			(8,138	)			(235,629	)			(2,177,740	)
New investments, repayments and settlements:(c)
Purchases			7,681,813				477,762				—				352,789				8,512,364
Settlements/repayments			(6,429,314	)			(1,883,227	)			(410,000	)			—				(8,722,541	)
Net amortization of premiums, PIK, discounts and fees			261,632				229,262				1,088				—				491,982
Fair Value as of March 31, 2026		$	187,324,124			$	124,637,395			$	1,985,000			$	10,059,102			$	324,005,621

 

(a)

Included in net realized gain (loss) on the accompanying Consolidated Statement of Operations for the three months ended March 31, 2026.

(b)

Included in net change in unrealized depreciation on the accompanying Consolidated Statement of Operations for the three months ended March 31, 2026.

(c)

Includes increases in the cost basis of investments resulting from portfolio investments, the amortization of discounts, and PIK, as well as decreases in the costs basis of investments resulting from principal repayments or sales, the amortization of premiums and acquisition costs and other cost-basis adjustments.

 

 

 

Three Months Ended March 31, 2025		First Lien Debt				Unitranche Debt				Second Lien Debt				Equity and Preferred Shares				Total
Fair Value as of December 31, 2024		$	149,557,665			$	121,815,787			$	7,392,500			$	6,428,769			$	285,194,721
Transfers into Level 3			18,655,278				1,687,916				407,950				—				20,751,144
Transfers out of Level 3			(9,623,013	)			—				—				—				(9,623,013	)
Total gains:
Net realized gain (a)			47,553				66,591				—				—				114,144
Net unrealized (depreciation) appreciation (b)			(82,822	)			(1,019,330	)			(16,985	)			207,633				(911,504	)
New investments, repayments and settlements:(c)
Purchases			9,888,941				1,530,582				—				554,213				11,973,736
Settlements/repayments			(9,124,625	)			(7,313,848	)			—				—				(16,438,473	)
Net amortization of premiums, PIK, discounts and fees			242,459				257,190				4,035				—				503,684
Sales			(365,449	)			—				—				—				(365,449	)
Fair Value as of March 31, 2025		$	159,195,987			$	117,024,888			$	7,787,500			$	7,190,615			$	291,198,990

 

 

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(a)

Included in net realized gain (loss) on the accompanying Consolidated Statement of Operations for the three months ended March 31, 2025.

(b)

Included in net change in unrealized depreciation on the accompanying Consolidated Statement of Operations for the three months ended March 31, 2025.

(c)

Includes increases in the cost basis of investments resulting from portfolio investments, the amortization of discounts, and PIK, as well as decreases in the costs basis of investments resulting from principal repayments or sales, the amortization of premiums and acquisition costs and other cost-basis adjustments.

 

The change in unrealized value attributable to investments held at March 31, 2026 and 2025 was ($2,357,457) and ($844,667), respectively.

Investment Activities

The Company held a total of 338 syndicated investments with an aggregate fair value of $402,522,665 as of March 31, 2026. During the three months ended March 31, 2026, the Company invested in 27 new syndicated investments for a combined cost of $9,422,440 and in existing investments for a combined cost of $5,035,492. The Company also received $11,604,044 in repayments from investments and $2,355,369 from investments sold during the three months ended March 31, 2026.

The Company held a total of 330 syndicated investments with an aggregate fair value of $407,509,401 as of December 31, 2025. During the year ended December 31, 2025, the Company invested in 131 new syndicated investments for a combined cost of $69,991,371 and in existing investments for a combined cost of $29,815,992. The Company also received $93,080,214 in repayments from investments and $3,442,917 from investments sold during the period.

Investment Concentrations

As of March 31, 2026, the Company’s investment portfolio consisted of investments in 268 companies located in 41 states across 25 different industries, with an aggregate fair value of $402,522,665. The five largest investments at fair value as of March 31, 2026 totaled $24,742,734, or 6.15% of the Company’s total investment portfolio as of such date. As of March 31, 2026, the Company’s average investment was $1,246,649 at cost.

As of December 31, 2025, the Company’s investment portfolio consisted of investments in 268 companies located in 41 states across 26 different industries, with an aggregate fair value of $407,509,401. The five largest investments at fair value as of December 31, 2025 totaled $24,608,687, or 6.04% of the Company’s total investment portfolio as of such date. As of December 31, 2025, the Company’s average investment was $1,273,903 at cost.

The following table outlines the Company’s investments by security type as of March 31, 2026 and December 31, 2025:

 

		March 31, 2026
		Cost				Percentage of Total Investments				Fair Value				Percentage of Total Investments
First Lien Debt		$	271,464,878				64.42	%		$	259,021,876				64.35	%
Unitranche Debt			135,000,297				32.04	%			129,850,663				32.26	%
Second Lien Debt			6,044,720				1.43	%			3,591,024				0.89	%
Total Debt Investments			412,509,895				97.89	%			392,463,563				97.50	%
Equity and Preferred Shares			8,872,507				2.11	%			10,059,102				2.50	%
Total Equity Investments			8,872,507				2.11	%			10,059,102				2.50	%
Total Investment		$	421,382,402				100.00	%		$	402,522,665				100.00	%

 

		December 31, 2025
		Cost				Percentage of Total Investments				Fair Value				Percentage of Total Investments
First Lien Debt		$	270,943,037				64.45	%		$	261,791,031				64.24	%
Unitranche Debt			134,480,537				31.99	%			130,406,555				32.00	%
Second Lien Debt			6,449,613				1.53	%			5,369,873				1.32	%
Total Debt Investments			411,873,187				97.97	%			397,567,459				97.56	%
Equity and Preferred Shares			8,519,718				2.03	%			9,941,942				2.44	%
Total Equity Investments			8,519,718				2.03	%			9,941,942				2.44	%
Total Investments		$	420,392,905				100.00	%		$	407,509,401				100.00	%

 

 

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Investments at fair value consisted of the following industry classifications as of March 31, 2026 and December 31, 2025:

 

		March 31, 2026								December 31, 2025
Industry		Fair Value				Percentage of Total Investments				Fair Value				Percentage of Total Investments
Services: Business		$	91,046,575				22.63	%		$	90,201,377				22.14	%
Healthcare & Pharmaceuticals			71,976,928				17.88				74,328,379				18.24
Banking, Finance, Insurance & Real Estate			32,945,005				8.18				33,679,403				8.26
Capital Equipment			33,414,504				8.30				32,324,208				7.93
Services: Consumer			31,220,089				7.76				29,427,154				7.22
High Tech Industries			24,268,143				6.03				25,774,978				6.33
Containers, Packaging & Glass			15,578,303				3.87				17,037,166				4.18
Construction & Building			18,007,563				4.47				16,763,460				4.11
Beverage, Food & Tobacco			15,979,012				3.97				16,045,201				3.94
Transportation: Cargo			14,173,279				3.52				14,037,710				3.44
Automotive			10,481,915				2.60				11,443,752				2.81
Aerospace & Defense			9,926,883				2.47				10,817,889				2.65
Chemicals, Plastics & Rubber			8,286,603				2.06				9,232,691				2.27
Environmental Industries			7,934,727				1.97				8,113,079				1.99
Consumer Goods: Non-Durable			4,201,745				1.04				4,411,807				1.08
Media: Advertising, Printing & Publishing			3,881,490				0.96				3,942,202				0.97
Wholesale			1,939,555				0.48				1,925,973				0.47
Hotels, Gaming & Leisure			1,876,545				0.47				1,788,581				0.44
Metals & Mining			1,559,561				0.39				1,574,836				0.39
Media: Diversified & Production			1,166,634				0.29				1,267,668				0.31
Retail			1,233,261				0.31				1,244,977				0.31
Energy: Oil & Gas			572,591				0.14				569,848				0.14
Telecommunications			496,237				0.12				497,494				0.12
Utilities: Water			230,329				0.06				230,329.00				0.06
Consumer Goods: Durable			125,188				0.03				137,759				0.03
Utilities: Electric			-				-				691,480				0.17
		$	402,522,665				100.00	%		$	407,509,401				100.00	%

 

Investments at fair value were included in the following geographic regions of the United States as of March 31, 2026 and December 31, 2025:

 

		March 31, 2026								December 31, 2025
Geographic Region		Fair Value				Percentage of Total Investments				Fair Value				Percentage of Total Investments
Northeast		$	102,467,588				25.45	%		$	102,949,533				25.26	%
Midwest			86,402,029				21.47				86,202,891				21.15
Southeast			61,308,664				15.23				59,623,518				14.63
Southwest			50,920,278				12.65				53,942,491				13.24
West			41,286,315				10.26				44,371,505				10.89
East			39,920,656				9.92				40,283,635				9.89
South			11,887,921				2.95				11,218,875				2.75
Northwest			6,089,160				1.51				5,953,057				1.46
Other(a)			2,240,054				0.56				2,963,896				0.73
Total Investments		$	402,522,665				100.00	%		$	407,509,401				100.00	%

 

(a)

The company headquarters for UDG is located in Ireland. The company headquarters for Intertape Polymer is located in Canada. The company headquarters for Balcan is located in Canada. The company headquarters for Aurora is located in the United Kingdom. The company headquarters for PayByPhone is located in Canada.

 

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The geographic region indicates the location of the headquarters of the Company’s portfolio companies. A portfolio company may have a number of other business locations in other geographic regions.

Investment Principal Repayments

The following table summarizes the contractual principal repayments and maturity of the Company’s investment portfolio by fiscal year, assuming no voluntary prepayments, as of March 31, 2026:

 

For the Fiscal Years Ending December 31:		Amount
2026		$	7,503,688
2027			21,351,399
2028			128,186,471
2029			107,996,407
2030			53,352,518
Thereafter			98,580,333
Total contractual repayments			416,970,816
Adjustments to cost basis on debt investments(a)			(4,460,921	)
Total Cost Basis of Debt Investments Held at March 31, 2026:		$	412,509,895

 

(a)

Adjustment to cost basis related to unamortized balance of OID investments.

Note 4. Related Party Transactions

Investment Advisory Agreement

The Company has entered into an investment advisory agreement (the “Investment Advisory Agreement”) with the Adviser. In accordance with the Investment Advisory Agreement, the Company pays the Adviser certain fees as compensation for its services, such fees consisting of a base management fee and an incentive fee (the “Incentive Fee”). The services the Adviser provides to the Company, subject to the overall supervision of the Board of Directors, include managing the day-to-day operations of, and providing investment services to, the Company. The Company also entered into a management fee waiver agreement with the Adviser (the “Waiver Agreement”), which the Company or the Adviser may terminate upon 60 days’ prior written notice.

Management Fee

The base management fee is calculated at an annual rate of 1.0% of the Company’s average gross assets including cash and any temporary investments in cash-equivalents, including U.S. government securities and other high-quality investment grade debt investments that mature in 12 months or less from the date of investment, payable quarterly in arrears on a calendar quarter basis.

Pursuant to the Waiver Agreement, the Adviser has agreed to waive the right to receive the base management fee to the extent necessary so that the base management fee payable under the Investment Advisory Agreement equals, and is calculated in the same manner as if, the base management fee otherwise payable by the Company were calculated at an annual rate equal to 0.65% (instead of an annual rate of 1.00%).

For the three months ended March 31, 2026, the Company recorded base management fees of $1,057,008 and waivers to the base management fees of $369,953, as set forth within the accompanying consolidated statements of operations. For the three months ended March 31, 2025, the Company recorded base management fees of $1,082,732 and waivers to the base management fees of $378,956, as set forth within the accompanying consolidated statements of operations.

Incentive Fee

The Incentive Fee has two parts, as follows: the first part of the Incentive Fee is calculated and payable quarterly in arrears based on the Company’s pre-incentive fee net investment income for the immediately preceding calendar quarter. For this purpose, pre-incentive fee net investment income means interest income, dividend income and any other income (including any other fees (other than fees for providing managerial assistance), such as commitment, origination, structuring, diligence and consulting fees or other fees that the Company receives from portfolio companies) accrued during the calendar quarter, minus the Company’s operating expenses accrued for the quarter (including the base management fee, expenses payable under the Administration Agreement (as defined below) and any interest expense on any credit facilities or outstanding debt and dividends paid on any issued and outstanding preferred stock, but excluding the Incentive Fee).

The Company determines pre-incentive fee net investment income in accordance with GAAP, including, in the case of investments with a deferred interest feature, such as debt instruments with PIK interest, OID securities and accrued income that the Company has not yet received in cash. Pre-incentive fee net investment income does not include any realized capital gains, computed

 

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net of all realized capital losses or unrealized capital appreciation or depreciation. Pre-incentive fee net investment income, expressed as a rate of return on the value of the Company’s net assets at the end of the immediately preceding calendar quarter, is compared to a hurdle of 1.0% per quarter (4.0% annualized). The Company determines its average gross assets during each fiscal quarter and calculates the base management fee payable with respect to such amount at the end of each fiscal quarter. As a result, a portion of the Company’s net investment income is included in its gross assets for the period between the date on which such income is earned and the date on which such income is distributed. Therefore, the Company’s net investment income used to calculate part of the Incentive Fee is also included in the amount of the Company’s gross assets used to calculate the 1.0% annual base management fee. The Company pays its Adviser an Incentive Fee with respect to its pre-incentive fee net investment income in each calendar quarter as follows:

•

no amount is paid on the income-portion of the Incentive Fee in any calendar quarter in which the Company’s pre-incentive fee net investment income does not exceed the hurdle of 1.0% (4.0% annualized);

•

100% of the Company’s pre-incentive fee net investment income with respect to that portion of such pre-incentive fee net investment income, if any, that exceeds the hurdle rate but is less than 1.1765 % in any calendar quarter (4.706% annualized). The Company refers to this portion of its pre-incentive fee net investment income (which exceeds the hurdle rate but is less than 1.1765%) as the “catch-up” provision. The catch-up is meant to provide the Adviser with 15.0% of the pre-incentive fee net investment income as if a hurdle rate did not apply if net investment income exceeds 1.1765% in any calendar quarter (4.706% annualized); and

•

15.0% of the amount of the Company’s pre-incentive fee net investment income, if any, that exceeds 1.1765% in any calendar quarter (4.706% annualized) is payable to the Adviser.

Pursuant to the Waiver Agreement, the Adviser has agreed to waive its right to receive the Incentive Fee on pre-incentive fee net investment income to the extent necessary so that such Incentive Fee equals, and is calculated in the same manner as, the corresponding Incentive Fee on pre-incentive fee net investment income, if such Incentive Fee (i) were calculated based upon the Adviser receiving 10.0% (instead of 15.0%) of the applicable pre-incentive fee net investment income and (ii) did not include any “catch-up” feature in favor of the Adviser.

The second part of the Incentive Fee is determined and payable in arrears as of the end of each calendar year (or upon termination of the Investment Advisory Agreement, as of the termination date), and equals 15.0% of the Company’s realized capital gains, if any, on a cumulative basis from June 16, 2015, the effective date of the Company’s registration statement on Form 10 (file no. 000-55426), through the end of each calendar year, computed net of all realized capital losses and unrealized capital depreciation on a cumulative basis, less the aggregate amount of any previously paid capital gain Incentive Fees with respect to each of the investments in the Company’s portfolio.

Pursuant to the Waiver Agreement, the Adviser has agreed to waive the right to receive the Incentive Fee on capital gains to the extent necessary so that such portion of the Incentive Fee equals, and is calculated in the same manner as, the corresponding Incentive Fee on capital gains, if such portion of the Incentive Fee were calculated based upon the Adviser receiving 10.0% (instead of 15.0%).

In addition, pursuant to the Waiver Agreement, the Adviser has agreed to waive the right to receive both components of the Incentive Fee to the extent necessary so that it does not receive Incentive Fees which are attributable to income and gains of the Company that exceed an annualized rate of 12.0% in any calendar quarter.

The waivers from the Adviser will remain effective until terminated earlier by either party upon 60 days’ prior written notice.

Under the Investment Advisory Agreement, we do not pay any Capital Gains Incentive Fee in respect of unrealized capital appreciation in our portfolio. However, under U.S. generally accepted accounting principles, or GAAP, we are required to accrue for the Capital Gain Incentive Fee on a quarterly basis as if such unrealized capital appreciation were realized in full at the end of each period. If the Capital Gain Incentive Fee Base, adjusted as required by GAAP to include unrealized appreciation, is positive at the end of a period, then GAAP and the terms of the Investment Advisory Agreement require us to accrue a capital gain incentive fee equal to 20% of such amount, less the aggregate amount of actual capital gain incentive fees paid or capital gain incentive fees accrued under GAAP in all prior periods. If such amount is negative, then there is no accrual for such period. The resulting accrual under GAAP for a capital gain incentive fee payable in any period will result in additional expense if such cumulative amount is greater than in the prior period, or in a reversal of previously recorded expense if such cumulative amount is less than in the prior period. We can offer no assurance that any unrealized capital appreciation will be realized in the future.

Pursuant to a First Amendment to the Fee Waiver Agreement between the Company and the Adviser, entered into as of January 1, 2025, between the Company and the Adviser, the Adviser has agreed to waive the right to Incentive Fees to the extent necessary so as not to receive any Incentive Fee that would result in the payment of expenses by the Company pursuant to the Investment Advisory Agreement exceeding 1.4% per annum of the Company's assets as of the last day of the most recently ended fiscal year (the "Partial Expense Cap"); provided, however, if the Adviser is not entitled to Incentive Fees during such fiscal year or such Incentive Fees are fully waived during such fiscal year, the Company shall remain liable for expenses payable by the Company pursuant to Section 2 of the Investment Advisory Agreement, notwithstanding the Partial Expense Cap. The following expenses of the

 

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Company are not subject to the Partial Expense Cap: (i) litigation costs payable by the Company, including indemnification expenses payable pursuant to Section 8 of the Investment Advisory Agreement; (ii) other extraordinary expenses incurred by the Company; and (iii) costs payable by the Company in connection with its incurrence of leverage.

For the three months ended March 31, 2026, the Company recorded Incentive Fees related to net investment income of $1,226,520. Offsetting the Incentive Fees for the three months ended March 31, 2026, were waivers of the Incentive Fees of $833,966, as set forth within the accompanying consolidated statements of operations. For the three months ended March 31, 2025, the Company recorded Incentive Fees related to net investment income of $1,337,809. Offsetting the Incentive Fees for the three months ended March 31, 2025, were waivers of the Incentive Fees of $872,650, as set forth within the accompanying consolidated statements of operations.

Administration Agreement and Administrative Fee

The Company has also entered into an administration agreement (the “Administration Agreement”) with Audax Management Company, LLC (the “Administrator”) pursuant to which the Administrator provides administrative services to the Company. Under the Administration Agreement, the Administrator performs, or oversees the performance of administrative services necessary for the operation of the Company, which include being responsible for the financial records which the Company is required to maintain and prepare reports filed with the SEC. In addition, the Administrator assists in determining and publishing the Company’s net asset value, oversees the preparation and filing of the Company’s tax returns and the printing and dissemination of reports to the Company’s stockholders, and generally oversees the payment of the Company’s expenses and the performance of administrative and professional services rendered to the Company by others. The Company reimburses the Administrator for its allocable portion of the costs and expenses incurred by the Administrator for overhead in performance by the Administrator of its duties under the Administration Agreement, including the cost of facilities, office equipment and the Company’s allocable portion of cost of compensation and related expenses of its Chief Financial Officer and Chief Compliance Officer and their respective staffs, as well as any costs and expenses incurred by the Administrator relating to any administrative or operating services provided by the Administrator to the Company. Such costs are reflected as an administrative fee in the accompanying consolidated statements of operations.

The Company has also entered into a fee waiver agreement with the Administrator, pursuant to which the Administrator may waive, in whole or in part, its entitlement to receive reimbursements from the Company.

The Company accrued administrative fees of $66,250 for the three months ended March 31, 2026 and 2025, respectively, as set forth within the accompanying consolidated statements of operations.

Related Party Fees

Fees due to related parties as of March 31, 2026 and December 31, 2025 on the Company’s accompanying consolidated statements of assets and liabilities were as follows:

 

		March 31, 2026				December 31, 2025
Net base management fee due to Adviser		$	687,055			$	690,247
Net incentive fee due to Adviser			392,554				297,350
Total fees due to Adviser, net of waivers			1,079,609				987,597
Fee due to Administrator			66,250				66,250
Total Related Party Fees Due		$	1,145,859			$	1,053,847

 

Note 5. Net Increase in Net Assets Resulting from Operations Per Share of Common Stock:

The following table sets forth the computation of basic and diluted net increase in net assets resulting from operations per weighted average share of the Company’s common stock, par value $0.001 per share (the “Common Stock”), for the three months ended March 31, 2026 and 2025:

 

		Three Months Ended March 31, 2026				Three Months Ended March 31, 2025
Numerator for basic and diluted net increase in net assets resulting from operations per common share		$	1,767,991			$	5,934,049
Denominator for basic and diluted weighted average common shares			47,750,805				47,020,454
Basic and diluted net increase in net assets resulting from operations per common share		$	0.04			$	0.13

 

 

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Note 6. Income Tax

The Company has elected to be regulated as a BDC under the 1940 Act, as well as elected to be treated, and intends to comply with the requirements to qualify annually, as a RIC under Subchapter M of the Code. As a RIC, the Company generally is not subject to corporate-level U.S. federal income taxes on any ordinary income or capital gains that it timely distributes as dividends for U.S. federal income tax purposes to its stockholders. To qualify to be treated as a RIC, the Company is required to meet certain source of income and asset diversification requirements, and to timely distribute dividends out of assets legally available for distributions to its stockholders of an amount generally equal to at least 90% of the sum of its net ordinary income and net short-term capital gains in excess of net long-term capital losses, if any (i.e., “investment company taxable income,” determined without regard to any deduction for dividends paid), for each taxable year. The amount to be paid out as distributions to the Company’s stockholders is determined by the Board of Directors and is based on management’s estimate of the fiscal year earnings. Based on that estimate, the Company intends to make the requisite distributions to its stockholders, which will generally relieve the Company from corporate-level U.S. federal income taxes. Although the Company currently intends to distribute its net capital gains (i.e., net long-term capital gains in excess of net short-term capital losses), if any, recognized in respect of each taxable year as dividends out of the Company’s assets legally available for distribution, the Company in the future may decide to retain for investment and be subject to entity-level income tax on such net capital gains. Additionally, depending on the level of taxable income earned in a taxable year, the Company may choose to carry forward taxable income in excess of current year distributions into the next taxable year and incur a 4% excise tax on such income, as required. To the extent that the Company determines that its estimated current year annual taxable income will be in excess of estimated current year distributions, the Company will accrue an excise tax, if any, on estimated excess taxable income as such excess taxable income is earned.

During the three months ended March 31, 2026, the Company executed a total of $15,000,000 in Tender Offers that resulted in differing GAAP vs. tax treatment of proceeds distributed. For GAAP purposes the transaction is treated as a redemption of shares whereas tax regulations dictate dividend distribution treatment to the extent of the Company's earnings and profits. Given that the Company did not have sufficient earnings and profits to support the distribution, the entire value of the Tender Offer is treated as a return of capital for tax purposes.

During the year ended December 31, 2025, the Company executed no Tender Offers.

During the three months ended March 31, 2026, the Company declared distributions of $7,523,275, or $0.16 per share. The tax character of the distributions declared and paid represented $7,523,275, or $0.16 per share, from ordinary income and $0, or $0.00 per share, from tax return of capital. During the three months ended March 31, 2025, the Company declared distributions of $8,463,682, or $0.18 per share. The tax character of the distributions declared and paid represented $8,452,856, or $0.18 per share, from ordinary income and $10,826, or $0.00 per share, from tax return capital.

The Company had aggregate distributions declared and paid to its stockholders for the year ended December 31, 2025 of $33,854,731, or $0.72 per share. The tax character of the distributions declared and paid represented $33,654,803, or $0.72 per share, from ordinary income and $199,928, or $0.00 per share, from tax return of capital. The Company had aggregate distributions declared and paid to its stockholders for the year ended December 31, 2024 of $37,051,473, or $0.80 per share. The tax character of the distributions declared and paid represented $36,162,651, or $0.78 per share, from ordinary income and $888,822, or $0.02 per share, from tax return of capital.

During the year ended December 31, 2025, given that the Company did not have sufficient earnings and profits, $199,928 of the distributions and Tender Offers is treated as a return of capital for tax purposes. This information will be reported in a Form 1042-S or Form 1099-DIV. During the year ended December 31, 2024, given that the Company did not have sufficient earnings and profits, $80,888,822 of the distributions and Tender Offers is treated as a return of capital for tax purposes. This information will be reported in a Form 1042-S or Form 1099-DIV.

GAAP require adjustments to certain components of net assets to reflect permanent differences between financial and tax reporting. These adjustments have no effect on net asset value per share. For the years ended December 31, 2025 and 2024, the Company recorded the following adjustments for permanent book to tax differences to reflect their tax characteristics. The adjustments only change the classification in net assets in the consolidated statements of assets and liabilities. During the years ended December 31, 2025 and 2024, the Company reclassified for book purposes amounts arising from permanent book/tax differences primarily related to distribution redesignations and return of capital distributions.

 

		Year Ended December 31, 2025				Year Ended December 31, 2024
Capital in excess of par value		$	192,265			$	155,433
Accumulated net investment income			—				34,982
Accumulated net realized gain (loss)			(192,265	)			(190,415	)

 

At December 31, 2025 and 2024, the components of distributable taxable earnings as detailed below differ from the amounts reflected in the Company’s consolidated statements of assets and liabilities by temporary book/tax differences primarily arising from amortization of organizational expenditures.

 

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		As of December 31, 2025				As of December 31, 2024
Other temporary book/tax differences		$	(91,417	)		$	(111,731	)
Net tax basis unrealized depreciation			(12,530,496	)			(6,751,851	)
Accumulated net realized loss			(10,873,267	)			(8,936,610	)
Components of tax distributable (deficit) earnings at period end		$	(23,495,180	)		$	(15,800,192	)

 

Certain losses incurred by the Company after October 31 of a taxable year are deemed to arise on the first business day of the Company’s next taxable year. The Company did not incur such losses after October 31 of the Company’s taxable year ended December 31, 2025.

Capital losses are generally eligible to be carried forward indefinitely, and retain their status as short-term or long-term in the manner originally incurred by the Company. As of December 31, 2025, the Company had long-term capital loss carryforward of $8,936,610. The Company has evaluated tax positions it has taken, expects to take, or that are otherwise relevant to the Company for purposes of determining whether any relevant tax positions would “more-likely-than-not” be sustained by the applicable tax authority in accordance with ASC Topic 740, “Income Taxes,” as modified by ASC Topic 946. The Company has analyzed such tax positions and has concluded that no unrecognized tax benefits should be recorded for uncertain tax positions for taxable years that may be open. The Company is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months. The Company’s U.S. federal tax returns for fiscal years 2025, 2024, and 2023 remain subject to examination by the Internal Revenue Service. The Company records tax positions that are not deemed to meet a more-likely-than-not threshold as tax expenses as well as any applicable penalties or interest associated with such positions. During each of the years ended December 31, 2025, 2024, and 2023, no tax expense or any related interest or penalties were incurred.

Note 7. Equity

An investor made capital commitments to the Company in the amounts set forth below as of the date opposite each capital commitment:

 

Amount						Date
	$	140,000,000				June 23, 2015
	$	50,000,000				December 2, 2016
	$	100,000,000				On December 7, 2017
	$	40,000,000				March 22, 2019
	$	30,000,000				September 23, 2019
	$	11,200,000				March 20, 2020
	$	8,900,000				May 28, 2021
	$	110,000,000				December 15, 2021
	$	30,000,000				June 13, 2023
	$	37,000,000				March 25, 2024
	$	66,000,000				October 1, 2024
	$	15,000,000				December 16, 2025

 

As of March 31, 2026, there were no unfunded capital commitments by the Company’s investors.

The number of shares of Common Stock issued and outstanding as of March 31, 2026 and December 31, 2025, were 47,020,471 and 47,020,468, respectively.

During the three months ended March 31, 2026, the Fund issued $15,000,000 worth of shares of common stock effective January 2, 2026, and repurchased $15,000,000 worth of shares of common stock via Tender Offer that expired on February 10, 2026. Both of these transactions were non-cash settlements.

 

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The following table details the activity of Stockholders’ Equity for the three months ended March 31, 2026 and 2025:

 

Three Months Ended March 31, 2026		Common Stock				Capital in Excess of Par Value				Total Distributable (Loss) Earnings				Total Stockholders' Equity
Balance as of December 31, 2025		$	47,020			$	442,003,508			$	(23,495,180	)		$	418,555,348
Net investment income			—				—				7,783,536				7,783,536
Net realized loss from investment transactions			—				—				(39,312	)			(39,312	)
Net change in unrealized depreciation on investments			—				—				(5,976,233	)			(5,976,233	)
Issuance of shares			—				15,000,000				—				15,000,000
Repurchase of shares			—				(15,000,000	)			—				(15,000,000	)
Distributions to Stockholders			—				—				(7,523,275	)			(7,523,275	)
Reinvested Dividends			—				29				—				29
Balance as of March 31, 2026		$	47,020			$	442,003,537			$	(29,250,464	)		$	412,800,093

 

Three Months Ended March 31, 2025		Common Stock				Capital in Excess of Par Value				Total Distributable (Loss) Earnings				Total Stockholders' Equity
Balance as of December 31, 2024		$	47,020			$	442,395,577			$	(15,800,192	)		$	426,642,405
Net investment income			—				—				8,452,856				8,452,856
Net realized gain from investment transactions			—				—				133,380				133,380
Net change in unrealized depreciation on investments			—				—				(2,652,187	)			(2,652,187	)
Distributions to Stockholders			—				(10,826	)			(8,452,856	)			(8,463,682	)
Reinvested Dividends			—				30				—				30
Balance as of March 31, 2025		$	47,020			$	442,384,781			$	(18,318,999	)		$	424,112,802

 

 

Note 8. Borrowings

Short-Term Borrowings

From time to time, the Company finances the purchase of certain investments through repurchase agreements. In the repurchase agreements, the Company enters into a trade to sell an investment and contemporaneously enters into a trade to buy the same investment back on a specified date in the future with the same counterparty. Investments sold under repurchase agreements are accounted for as collateralized borrowings as the sale of the investment does not qualify for sale accounting under ASC Topic 860—Transfers and Servicing and remains as an investment on the Consolidated Statement of Assets and Liabilities. The Company uses repurchase agreements as a short-term financing alternative. As of March 31, 2026 and December 31, 2025, the Company had no short-term borrowings. For the three months ended March 31, 2026 and 2025, the Company recorded no interest expense in connection with short-term borrowings.

 

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Note 9. Commitments and Contingencies

The Company may enter into certain credit agreements that include loan commitments where all or a portion of such commitment may be unfunded. The Company is generally obligated to fund the unfunded loan commitments at the borrowers’ discretion. Funded portions of credit agreements are presented on the accompanying consolidated schedule of investments.

The following table summarizes the Company’s significant contractual payment obligations as of March 31, 2026 and December 31, 2025:

														Unfunded Commitment Balances
Investment		Investment Type		Index (^)		Spread		Interest Rate		Maturity		Industry		March 31, 2026				December 31, 2025
Midwest Eye Services		Senior Secured Fourth Amendment Delayed Draw Term Loan		S+		4.50%		8.18%		8/20/2027		Healthcare & Pharmaceuticals		$	1,430,667			$	1,576,000
Prime Pensions		Senior Secured Delayed Draw Term Loan		S+		4.75%		8.43%		2/26/2030		Banking, Finance, Insurance & Real Estate			1,253,333				1,253,333
Onyx Fire		Senior Secured Second Amendment Incremental DDTL		S+		4.50%		8.18%		7/31/2031		Services: Business			1,000,000				—
Summit Spine 2025		Senior Secured Delayed Draw Term Loan		S+		4.75%		8.43%		3/25/2031		Healthcare & Pharmaceuticals			986,972				986,972
Electro Methods		Senior Secured Revolving Credit Facility		S+		4.75%		8.43%		2/23/2032		Aerospace & Defense			812,714				812,714
Embark		Senior Secured Delayed Draw Term Loan		S+		4.50%		8.18%		9/2/2032		Services: Business			800,000				800,000
Minds + Assembly		Senior Secured Revolving Loan (First Lien)		S+		5.00%		8.68%		5/3/2029		Healthcare & Pharmaceuticals			683,230				683,230
Kenco		Senior Secured Revolving Credit Loan		S+		4.25%		7.93%		11/15/2029		Transportation: Cargo			666,614				913,170
Cherry Bekaert		Senior Secured Revolving Credit Loan		S+		4.50%		8.18%		6/30/2030		Banking, Finance, Insurance & Real Estate			531,399				616,472
Ned Stevens 2022-2		Senior Secured 2025 Incremental Delayed Draw Term Loan		S+		5.00%		8.68%		11/1/2029		Services: Consumer			511,968				708,787
Ned Stevens 2022-2		Senior Secured Revolving Loan		S+		5.00%		8.68%		11/1/2028		Services: Consumer			507,703				507,703
Miller Environmental		Senior Secured Delayed Draw Term Loan (General)		S+		5.00%		8.68%		9/10/2031		Environmental Industries			505,263				726,316
Aprio		Senior Secured 2025-2 Incremental Delayed Draw Term Loan		S+		4.75%		8.43%		8/1/2031		Services: Business			500,000				500,000
Frazier & Deeter		Senior Secured 2026 Incremental Delayed Draw Term Loan		S+		4.50%		8.18%		5/3/2032		Banking, Finance, Insurance & Real Estate			500,000				—
Sequel Ortho (fka OrthoNebraska)		Senior Secured Revolving Loan		S+		5.00%		8.68%		7/31/2028		Healthcare & Pharmaceuticals			481,266				481,266
Engine & Transmission Exchange		Senior Secured Revolving Loan		S+		5.00%		8.68%		5/26/2029		Automotive			478,873				513,078
Kept Companies		Senior Secured Revolving Loan		S+		5.25%		8.93%		4/30/2029		Services: Business			475,425				475,425
Summit Spine 2025		Senior Secured Revolving Loan		S+		4.75%		8.43%		3/25/2031		Healthcare & Pharmaceuticals			463,877				463,877
MediaRadar		Senior Secured Revolving Loan		S+		5.00%		8.68%		9/16/2029		Media: Advertising, Printing & Publishing			406,737				337,010
Miller Environmental		Senior Secured Revolving Loan		S+		5.00%		8.68%		9/10/2031		Environmental Industries			400,916				400,916
Prime Pensions		Senior Secured Revolving Credit		S+		4.75%		8.43%		2/26/2030		Banking, Finance, Insurance & Real Estate			380,952				380,952
InnovateMR		Senior Secured Revolving Loan		S+		6.00%		9.68%		1/20/2028		Services: Business			365,388				365,388
Heartland		Senior Secured 2025 Incremental Delayed Draw Term Loan		S+		4.75%		8.43%		12/12/2029		Services: Business			338,468				338,468
Amplix		Senior Secured Revolving Credit Loan		S+		4.50%		8.18%		10/18/2029		Services: Business			329,670				329,670
Midwest Eye Services		Senior Secured Fourth Amendment Incremental Revolving Loan		S+		4.50%		8.18%		8/20/2027		Healthcare & Pharmaceuticals			322,034				322,034
Kenco		Senior Secured DDTL		S+		4.25%		7.93%		11/15/2029		Transportation: Cargo			319,523				319,523
Eagle Fire		Senior Secured Delayed Draw Term Loan		S+		4.25%		7.93%		7/15/2032		Services: Business			314,949				314,949
Trystar		Senior Secured Amendment No. 2 Incremental Delayed Draw Term Loan		S+		4.25%		7.93%		8/6/2031		Capital Equipment			312,500				—
Lindsay Precast		Senior Secured Delayed Draw Term Loan		S+		4.75%		8.43%		12/16/2032		Construction & Building			310,345				310,345
Vertellus		Senior Secured Revolving Credit Loan		S+		5.75%		9.43%		1/2/2029		Chemicals, Plastics & Rubber			308,611				284,028
Super-Sod		Senior Secured Delayed Draw Term Loan		S+		4.75%		8.43%		3/10/2032		Services: Consumer			303,030				—
Lindsay Precast		Senior Secured Revolving Loan		S+		4.75%		8.43%		12/16/2032		Construction & Building			284,483				284,483
RevHealth		Senior Secured Revolving Loan		S+		2.50%		6.18%		7/21/2028		Healthcare & Pharmaceuticals			282,534				333,904
Specialized Dental		Senior Secured Sixth Amendment DDTL		S+		4.75%		8.43%		11/1/2028		Healthcare & Pharmaceuticals			280,374				280,374
Associated Springs		Senior Secured Amendment No. 1 Delayed Draw Term Loan		S+		4.75%		8.43%		4/4/2030		Capital Equipment			280,303				325,758
Beta+		Senior Secured Revolving Credit Loan		S+		4.25%		7.93%		7/1/2027		Banking, Finance, Insurance & Real Estate			276,289				193,402
A1 Garage Door		Senior Secured Revolving Loan		S+		4.50%		8.18%		12/22/2028		Construction & Building			275,482				275,482
Trystar		Senior Secured Revolving Credit Loan		S+		4.25%		7.93%		8/6/2031		Capital Equipment			272,724				272,724
Brown & Root		Senior Secured Revolving Loan		S+		5.00%		8.68%		10/3/2030		Construction & Building			270,962				192,857
CCG		Senior Secured Revolving Facility		S+		4.50%		8.18%		12/30/2032		Services: Business			270,758				270,758
Dane Street		Senior Secured Delayed Draw Term Loan		S+		4.50%		8.18%		3/24/2033		Healthcare & Pharmaceuticals			270,000				—
Ivy Rehab		Senior Secured Amendment No. 3 Delayed Draw Term Loan		S+		5.00%		8.68%		4/23/2029		Healthcare & Pharmaceuticals			259,333				349,000
Gallo Mechanical		Senior Secured Initial Revolving Loan		S+		4.75%		8.43%		8/2/2032		Services: Business			253,934				253,934
Options IT		Senior Secured Effective Date Delayed Draw Term Loan		S+		4.50%		8.18%		9/30/2031		High Tech Industries			247,692				256,410
Super-Sod		Senior Secured Revolving Loan		S+		4.75%		8.43%		3/10/2032		Services: Consumer			242,424				—
Heartland		Senior Secured Revolving Credit Loan		S+		4.75%		8.43%		12/12/2029		Services: Business			238,484				252,112
Hissho Sushi		Senior Secured Revolving Credit Loan		S+		4.75%		8.43%		5/18/2029		Beverage, Food & Tobacco			238,095				238,095

 

 

48

---

 

 

Investment		Investment Type		Index (^)		Spread		Interest Rate		Maturity		Industry		March 31, 2026				December 31, 2025
Vortex Companies		Senior Secured Revolving Loan		S+		5.00%		8.68%		9/4/2029		Services: Business		$	235,518			$	235,518
Voeller		Senior Secured Initial Delayed Draw Term Loan		S+		4.75%		8.43%		11/25/2032		Construction & Building			232,558				232,558
Rover		Senior Secured Amendment No. 1 Incremental Delayed Draw Term Loan		S+		4.75%		8.43%		2/27/2031		Services: Consumer			229,500				376,500
Clearway		Senior Secured Tenth Amendment Delayed Draw Loan		S+		5.50%		9.18%		8/30/2030		Healthcare & Pharmaceuticals			226,837				226,837
Vessco		Senior Secured 2025 Incremental DDTL		S+		4.50%		8.18%		11/3/2032		Utilities: Water			225,623				225,623
Whitcraft		Senior Secured Revolving Loan		S+		5.00%		8.68%		9/30/2031		Aerospace & Defense			216,071				267,857
GoldenSource		Senior Secured Revolving Loan		S+		5.00%		8.68%		5/12/2028		Services: Business			215,962				215,962
Blue Cloud		Senior Secured Revolving Loan		S+		5.00%		8.68%		1/21/2031		Healthcare & Pharmaceuticals			210,227				68,182
PayByPhone		Senior Secured Delayed Draw Term Loan		S+		4.75%		8.43%		3/31/2033		High Tech Industries			205,128				—
Steward Partners		Senior Secured Delayed Draw Term C Loan		S+		4.75%		8.43%		10/14/2028		Banking, Finance, Insurance & Real Estate			200,889				388,667
Plaskolite		Senior Secured Revolving Credit Loan		S+		7.00%		10.68%		2/7/2030		Capital Equipment			200,067				235,294
TRG		Senior Secured Delayed Draw Term Loan		S+		4.50%		8.18%		1/5/2032		Capital Equipment			200,000				—
Gallo Mechanical		Senior Secured Delayed Draw Term Loan		S+		4.75%		8.43%		8/2/2032		Services: Business			195,334				195,334
Industrial Services Group		Senior Secured Revolving Loan		S+		5.75%		9.43%		12/7/2028		Services: Business			190,476				228,571
80/20		Senior Secured Delayed Draw Term Loan		S+		4.50%		8.18%		12/12/2032		Capital Equipment			190,476				190,476
O6 Environmental		Senior Secured Delayed Draw Term Loan		S+		4.75%		8.43%		8/5/2032		Environmental Industries			185,476				185,476
Levata		Senior Secured Sixteenth Amendment Incremental Delayed Draw Term Loan		S+		5.00%		8.68%		12/21/2027		Services: Business			184,075				184,075
Embark		Senior Secured Revolving Credit Loan		S+		4.50%		8.18%		9/2/2032		Services: Business			184,000				192,000
Secretariat		Senior Secured Delayed Draw Term Loan		S+		4.00%		7.68%		2/28/2032		Services: Business			180,723				180,723
Cerity Partners		Senior Secured Initial Revolving Loan		S+		4.50%		8.18%		7/28/2028		Banking, Finance, Insurance & Real Estate			172,043				240,860
Aurora Energy Research		Senior Secured Delayed Draw Term Facility Notes		S+		5.00%		8.68%		9/8/2032		Services: Business			166,667				166,667
VaxCare		Senior Secured Revolving Credit Loan		S+		4.50%		8.18%		6/17/2032		Healthcare & Pharmaceuticals			166,667				166,667
Aprio		Senior Secured Revolving Loan		S+		4.75%		8.43%		8/1/2031		Services: Business			166,455				249,682
Denali Water Solutions		Senior Secured Revolving Loan		S+		4.75%		8.43%		11/19/2032		Environmental Industries			164,103				—
O6 Environmental		Senior Secured Revolving Loan		S+		4.75%		8.43%		8/5/2032		Environmental Industries			162,291				162,291
Clearway		Senior Secured Revolving Loan		S+		5.50%		9.18%		8/30/2030		Healthcare & Pharmaceuticals			161,933				161,933
Capital Consultants Management		Senior Secured Delayed Draw Term Loan		S+		4.75%		8.43%		11/1/2031		Services: Business			157,746				157,746
Aptive Environmental		Senior Secured Initial Revolving Loan		S+		4.75%		8.43%		10/15/2032		Services: Consumer			155,039				155,039
AGS Health		Senior Secured Delayed Draw Term Loan		S+		4.50%		8.18%		8/2/2032		Healthcare & Pharmaceuticals			151,520				83,340
Rover		Senior Secured Revolving Loan		S+		4.75%		8.43%		2/27/2031		Services: Consumer			150,000				150,000
Dun & Bradstreet		Senior Secured Revolving Credit Loan		S+		5.50%		9.18%		8/26/2032		Services: Business			150,000				150,000
Liberty Group		Senior Secured Revolving Loan		S+		5.75%		9.43%		12/15/2028		Services: Business			147,727				147,727
Tank Holding		Senior Secured Revolving Credit Loan		S+		5.75%		9.43%		3/31/2028		Capital Equipment			147,692				147,692
Voeller		Senior Secured Revolving Loan		S+		4.75%		8.43%		11/25/2032		Construction & Building			147,287				186,047
Inhabit		Senior Secured Delayed Draw Term Loan		S+		4.50%		8.18%		1/12/2032		High Tech Industries			138,889				138,889
Lexitas		Senior Secured Delayed Draw Term Loan		S+		5.00%		8.68%		4/15/2031		Services: Business			136,546				144,947
EPIC Insurance		Senior Secured Fifth Amendment Refinancing Revolving Loan		S+		4.50%		8.18%		9/29/2028		Banking, Finance, Insurance & Real Estate			134,981				179,699
Eagle Fire		Senior Secured Initial Revolving Loan		S+		4.50%		8.18%		7/15/2032		Services: Business			134,615				134,615
Insight Global		Senior Secured 2024 Refinancing Revolving Loan		S+		5.00%		8.68%		9/22/2028		Services: Business			134,178				134,178
AI Fire & Safety		Senior Secured Delayed Draw Term Loan		S+		4.50%		8.18%		2/2/2032		Services: Business			129,779				174,632
Americhem		Senior Secured Delayed Draw Term Loan		S+		4.50%		8.18%		3/1/2032		Chemicals, Plastics & Rubber			128,571				128,571
PayByPhone		Senior Secured Revolving Credit		S+		4.75%		8.43%		3/31/2033		High Tech Industries			128,205				—
Discovery Education		Senior Secured Revolving Credit Loan (First Lien)		S+		5.75%		9.43%		4/9/2029		Services: Business			128,205				76,923
80/20		Senior Secured Revolving Loan		S+		4.50%		8.18%		12/12/2032		Capital Equipment			126,984				126,984
Dane Street		Senior Secured Revolving Loan		S+		4.50%		8.18%		3/24/2033		Healthcare & Pharmaceuticals			125,000				—
TRG		Senior Secured Revolving Credit Loan		S+		4.50%		8.18%		1/5/2032		Capital Equipment			125,000				—
Steward Partners		Senior Secured Revolving Loan		S+		4.75%		8.43%		10/14/2028		Banking, Finance, Insurance & Real Estate			125,000				125,000
SupplyHouse		Senior Secured Revolving Credit Loan		S+		4.00%		7.68%		7/1/2032		Capital Equipment			125,000				125,000
Electric Power Engineers		Senior Secured Delayed Draw Term Loan		S+		4.50%		8.18%		12/31/2031		Construction & Building			123,810				238,095
Shrieve		Senior Secured Revolving Credit Loan		S+		6.00%		9.68%		10/30/2030		Chemicals, Plastics & Rubber			114,792				147,694
Healthcare Linen Service Group		Senior Secured Delayed Draw Term Loan		S+		4.75%		8.43%		2/2/2033		Healthcare & Pharmaceuticals			111,940				—
APT Healthcare		Senior Secured Delayed Draw Term Loan		S+		4.50%		8.18%		9/30/2031		Healthcare & Pharmaceuticals			111,111				111,111
APT Healthcare		Senior Secured Initial Revolving Credit Loan		S+		4.50%		8.18%		9/30/2031		Healthcare & Pharmaceuticals			111,111				111,111
Industrial Physics		Senior Secured Revolving Credit Loan		S+		6.25%		9.93%		7/19/2028		Containers, Packaging & Glass			107,759				47,414
RailPros		Senior Secured Delayed Draw Term Loan		S+		4.25%		7.93%		5/24/2032		Construction & Building			107,692				153,846
VC3		Senior Secured RC		S+		5.00%		8.68%		3/12/2029		Services: Business			107,692				107,692
PlayPower		Senior Secured Revolving Loan		S+		5.25%		8.93%		10/29/2030		Construction & Building			106,092				106,092

 

 

49

---

 

 

Investment		Investment Type		Index (^)		Spread		Interest Rate		Maturity		Industry		March 31, 2026				December 31, 2025
Ascend		Senior Secured Revolving Credit Loan		S+		4.50%		8.18%		8/11/2031		Services: Business		$	103,093			$	171,821
Cirtec Medical		Senior Secured Revolving Credit (First Lien)		S+		5.00%		8.68%		10/31/2028		Healthcare & Pharmaceuticals			102,778				116,667
Ivy Rehab		Senior Secured Revolving Credit Loan (First Lien)		S+		4.75%		8.43%		4/21/2028		Healthcare & Pharmaceuticals			101,347				131,650
Tronair		Senior Secured Revolving Loan		S+		3.75%		7.43%		12/22/2032		Aerospace & Defense			100,000				100,000
Associated Springs		Senior Secured Revolving Loan		S+		4.75%		8.43%		4/4/2030		Capital Equipment			94,406				94,406
FMG Suite		Senior Secured Delayed Draw Term Loan		S+		4.75%		8.43%		9/9/2032		Services: Consumer			94,340				94,340
Americhem		Senior Secured Revolving Loan		S+		4.50%		8.18%		3/1/2032		Chemicals, Plastics & Rubber			90,909				90,909
Precision Concepts		Senior Secured Revolving Credit Loan		S+		4.75%		8.43%		8/2/2032		Containers, Packaging & Glass			90,471				105,004
AI Fire & Safety		Senior Secured Revolving Credit Loan		S+		4.50%		8.18%		2/2/2032		Services: Business			89,820				89,820
Burke Porter Group		Senior Secured Revolving Credit Loan		S+		6.00%		9.68%		7/29/2028		Capital Equipment			88,872				98,809
Aprio		Senior Secured 2025 Incremental Delayed Draw Term Loan		S+		4.75%		8.43%		8/1/2031		Services: Business			87,884				343,877
Inhabit		Senior Secured Revolving Credit Loan		S+		4.50%		8.18%		1/12/2032		High Tech Industries			87,715				87,715
Frazier & Deeter		Senior Secured Delayed Draw Term Loan		S+		4.50%		8.18%		5/3/2032		Banking, Finance, Insurance & Real Estate			86,765				86,765
Kept Companies		Senior Secured DDTAL Loan		S+		5.25%		8.93%		4/30/2029		Services: Business			84,531				229,903
AGS Health		Senior Secured Delayed Draw Term Loan		S+		4.50%		8.18%		8/2/2032		Healthcare & Pharmaceuticals			83,340				151,520
Avalon		Senior Secured Revolving Credit Loan		S+		4.50%		8.18%		12/31/2031		Healthcare & Pharmaceuticals			83,333				83,333
Trystar		Senior Secured Amendment No. 2 Incremental Revolver		S+		4.25%		7.93%		8/6/2031		Capital Equipment			83,333				—
Leaf Home		Senior Secured Revolving Credit Loan		S+		5.25%		8.93%		9/4/2031		Construction & Building			83,250				99,000
Industrial Electric Manufacturing		Senior Secured 2025 Incremental DDTL		S+		4.50%		8.18%		12/3/2031		Capital Equipment			81,226				81,226
RailPros		Senior Secured Revolving Loan		S+		4.25%		7.93%		5/24/2032		Construction & Building			80,666				80,666
Apex Service Partners		Senior Secured 2024 Revolving Credit Loan		S+		5.00%		8.68%		10/24/2029		Services: Consumer			79,053				107,800
Aptive Environmental		Senior Secured Delayed Draw Term Loan		S+		4.75%		8.43%		10/15/2032		Services: Consumer			77,519				77,519
Pegasus		Senior Secured Amendment No. 1 Delayed Draw Term Loan		S+		4.75%		8.43%		1/19/2031		Capital Equipment			76,955				85,789
AIA Contract		Senior Secured Revolving Loan		S+		4.75%		8.43%		7/2/2031		Services: Business			75,758				75,758
Health Management Associates		Senior Secured Revolving Loan		S+		6.25%		9.93%		3/30/2029		Services: Business			71,048				71,048
Nvision		Senior Secured Revolving Loan		S+		5.50%		9.18%		12/31/2028		Healthcare & Pharmaceuticals			67,470				85,071
Alliance Environmental Group		Senior Secured Priority Revolving Loan		S+		0.00%		3.68%		12/30/2028		Environmental Industries			66,225				66,225
Options IT		Senior Secured Revolving Loan		S+		4.50%		8.18%		3/31/2031		High Tech Industries			65,225				65,225
MB2 Dental		Senior Secured Revolving Loan		S+		5.50%		9.18%		2/13/2031		Healthcare & Pharmaceuticals			64,171				54,813
insightsoftware		Senior Secured Revolving Loan		S+		5.25%		8.93%		5/25/2028		High Tech Industries			62,273				82,451
Radwell		Senior Secured Revolving Loan		S+		5.50%		9.18%		4/1/2029		Capital Equipment			61,332				66,665
Carlisle Foodservice		Senior Secured Revolving Loan		S+		5.00%		8.68%		10/2/2029		Wholesale			61,238				75,204
Electric Power Engineers		Senior Secured Revolving Loan		S+		4.50%		8.18%		12/31/2031		Construction & Building			58,065				96,774
Lexitas		Senior Secured Revolving Credit Loan		S+		5.00%		8.68%		4/15/2031		Services: Business			57,274				57,274
R. F. Fager		Senior Secured Revolving Loan		S+		5.00%		8.68%		3/4/2030		Services: Consumer			56,942				49,033
FMG Suite		Senior Secured Revolving Loan		S+		4.75%		8.43%		9/9/2032		Services: Consumer			56,604				56,604
Argano		Senior Secured Revolving Credit Loan		S+		5.50%		9.18%		9/13/2029		Services: Business			55,647				55,647
Aurora Energy Research		Senior Secured Original Revolving Facility Notes		S+		5.00%		8.68%		9/8/2032		Services: Business			55,556				55,556
AGS Health		Senior Secured Tranche A Revolving Credit Loan		S+		4.50%		8.18%		8/2/2032		Healthcare & Pharmaceuticals			53,040				30,300
S&P Engineering Solutions		Senior Secured 2024 Converted Revolving Credit Loan		S+		5.00%		8.68%		5/2/2029		Services: Business			49,020				49,020
Trace3		Senior Secured Delayed Draw Term B Loan		S+		4.00%		7.68%		10/29/2032		Services: Business			47,619				47,619
Specialized Dental		Senior Secured Revolving Loan		S+		4.75%		8.43%		11/1/2028		Healthcare & Pharmaceuticals			46,729				46,729
Encore		Senior Secured Revolving Loan		S+		5.00%		8.68%		12/5/2029		Hotels, Gaming & Leisure			44,861				54,709
Healthcare Linen Service Group		Senior Secured Revolving Credit Loan		S+		4.75%		8.43%		2/2/2033		Healthcare & Pharmaceuticals			44,776				—
Alliance Environmental Group		Senior Secured Revolving Loan		S+		0.00%		3.68%		12/30/2028		Environmental Industries			44,702				102,649
Vessco		Senior Secured Revolving Loan		S+		4.50%		8.18%		11/3/2032		Utilities: Water			42,308				42,308
Ohio Transmission		Senior Secured Delayed Draw Term Loan		S+		5.75%		9.43%		12/19/2030		Capital Equipment			40,329				40,329
Nvision		Senior Secured First Amendment Delayed Draw Term Loan		S+		5.50%		9.18%		12/31/2028		Healthcare & Pharmaceuticals			34,665				34,665

 

 

50

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Investment		Investment Type		Index (^)		Spread		Interest Rate		Maturity		Industry		March 31, 2026				December 31, 2025
LightBox		Senior Secured Revolving Loan		S+		5.00%		8.68%		1/13/2030		High Tech Industries			32,960				32,960
AGS Health		Senior Secured Tranche A Revolving Credit Loan		S+		4.50%		8.18%		8/2/2032		Healthcare & Pharmaceuticals			30,300				53,040
Frazier & Deeter		Senior Secured Revolving Loan		S+		4.50%		8.18%		5/2/2031		Banking, Finance, Insurance & Real Estate			29,412				88,235
Ohio Transmission		Senior Secured Initial Revolving Loan		S+		5.75%		9.43%		12/19/2029		Capital Equipment			27,733				20,800
Mitratech		Senior Secured Delayed Draw Term Loan		S+		4.75%		8.43%		12/2/2031		Services: Business			22,936				22,936
Keter Environmental Services		Senior Secured Revolving Loan		S+		5.25%		8.93%		10/29/2027		Environmental Industries			22,610				49,096
Augusta Sportswear		Senior Secured Revolving Credit Loan		S+		7.00%		10.68%		11/21/2028		Consumer Goods: Non-Durable			19,664				103,887
R. F. Fager		Senior Secured Delayed Draw Term Loan		S+		5.00%		8.68%		3/4/2030		Services: Consumer			18,506				83,515
Mitratech		Senior Secured Revolving Loan		S+		4.75%		8.43%		12/2/2031		Services: Business			18,349				18,349
FLS Transportation		Senior Secured Revolving Credit Loan		S+		5.25%		8.93%		12/17/2027		Transportation: Cargo			1,111				1,111
Nvision		Senior Secured Fourth Amendment Delayed Draw Term Loan		S+		5.50%		9.18%		12/31/2028		Healthcare & Pharmaceuticals			—				817,121
Trystar		Senior Secured Delayed Draw Term Loan		S+		4.25%		7.93%		8/6/2031		Capital Equipment			—				411,993
EPIC Insurance		Senior Secured Refinancing Third Amendment Delayed Draw Term Loan		S+		4.50%		8.18%		9/29/2028		Banking, Finance, Insurance & Real Estate			—				353,029
EyeSouth Partners		Senior Secured Amendment No.2 Delayed Draw Term Loan (First Lien)		S+		5.50%		9.18%		10/5/2029		Healthcare & Pharmaceuticals			—				208,323
Denali Water Solutions		Senior Secured Revolving Loan		S+		5.50%		9.18%		1/29/2026		Environmental Industries			—				196,154
MB2 Dental		Senior Secured Tranche 1 Delayed Draw Term Loan		S+		5.50%		9.18%		2/13/2031		Healthcare & Pharmaceuticals			—				160,428
Apex Service Partners		Senior Secured Second Amendment Incremental DDTL Loan		S+		5.00%		8.68%		10/24/2030		Services: Consumer			—				116,393
Micro Merchant Systems		Senior Secured Revolving Loan		S+		4.50%		8.18%		12/14/2027		Healthcare & Pharmaceuticals			—				111,111
insightsoftware		Senior Secured Seventh Supplemental DDTL		S+		5.25%		8.93%		5/25/2028		High Tech Industries			—				103,333
USALCO		Senior Secured 2025 Delayed Draw Term Loan		S+		3.50%		7.18%		9/30/2031		Chemicals, Plastics & Rubber			—				103,030
Vensure		Senior Secured Initial Delayed Draw Term Loan		S+		5.00%		8.68%		9/27/2031		Services: Business			—				31,253
Ascend		Senior Secured Closing Date Delayed Draw Term Loan		S+		4.50%		8.18%		8/11/2031		Services: Business			—				25,773
United Comfort Group (fka United Air Temp)		Senior Secured Revolving Loan		S+		5.50%		9.18%		3/28/2030		Services: Consumer			—				14,756
														$	33,983,424			$	35,365,597

 

Unfunded commitments represent all amounts unfunded as of March 31, 2026 and December 31, 2025. These amounts may or may not be funded to the borrowing party now or in the future.

 

Note 10. Financial Highlights

 

		Three Months Ended March 31, 2026				Three Months Ended March 31, 2025
Per Share Data:
Net asset value, beginning of period		$	8.90			$	9.07
Net investment income(a)			0.16				0.18
Net realized gain (loss) on investments and change in unrealized depreciation on investments(a)(b)			(0.12	)			(0.05	)
Net increase in net assets resulting from operations		$	0.04			$	0.13
Effect of equity capital activity
Distributions to stockholders from net investment income(a)			(0.16	)			(0.18	)
Distributions to stockholders from return of capital(a)			—				(0.00	)
Net asset value at end of period		$	8.78			$	9.02
Total return(c) (g)			0.43	%			1.42	%
Shares of common stock outstanding at end of period			47,020,471				47,020,457
Consolidated Statement of Assets and Liabilities Data:
Net assets at end of period		$	412,800,093			$	424,112,802
Average net assets(d)			416,530,321				425,799,204
Ratio/Supplemental Data:
Ratio of gross expenses before incentive fees to average net assets - annualized(e)			1.40	%			1.39	%
Ratio of gross expenses after incentive fees to average net assets - annualized(e)			2.59	%			2.67	%
Ratio of net expenses to average net assets - annualized(f)			1.42	%			1.48	%
Ratio of net investment income to average net assets - annualized			7.58	%			8.05	%
Portfolio turnover(g)			3.46	%			0.58	%

 

(a)

Based on weighted average basic per share of Common Stock data.

(b)

The per share amount varies from the net realized and unrealized gain (loss) for the period because of the timing of sales of fund shares and the per share amount of realized and unrealized gains and losses at such time.

(c)

Total return is based on the change in net asset value during the respective periods. Total return also takes into account dividends and distributions, if any, reinvested in accordance with the Company's dividend reinvestment plan.

(d)

Average net assets are computed using the average balance of net assets at the end of each month of the reporting period.

 

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(e)

Ratio of gross expenses before and after incentive fees to average net assets is computed using expenses before waivers from the Adviser and Administrator.

(f)

Ratio of net expenses to average net assets is computed using total expenses net of waivers from the Adviser and Administrator.

(g)

Not annualized.

Note 11. Indemnification

In the normal course of business, the Company may enter into certain contracts that provide a variety of indemnities. The Company’s maximum exposure under these indemnities is unknown. The Company does not consider it necessary to record a liability in this regard.

Note 12. Subsequent Events

The Company has evaluated subsequent events through May 12, 2026, the date of which the consolidated financial statements were issued. Other than the items discussed below, the Company has concluded there are no material items that warrant disclosure. Subsequent to March 31, 2026 and through May 12, 2026, the Company invested $4,628,629 at cost in 51 different portfolio companies.

 

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ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

In this quarterly report on Form 10-Q, except where the context suggests otherwise, the terms “we,” us,” our” and the “Company” refer to Audax Credit BDC Inc. The information contained in this section should be read in the conjunction with the consolidated financial statements and notes to the consolidated financial statements appearing elsewhere in this quarterly report.

This quarterly report and other statements contain forward-looking statements that involve substantial risks and uncertainties. Such statements involve known and unknown risks, uncertainties and other factors and undue reliance should not be placed thereon. These forward-looking statements are not historical facts, but rather are based on current expectations, estimates and projections about our company, our current and prospective portfolio investments, our industry, our beliefs and our assumptions. Words such as “anticipates,” “expects,” “intends,” “plans,” “will,” “may,” “continue,” “believes,” “seeks,” “estimates,” “would,” “could,” “should,” “targets,” “projects,” and variations of these words and similar expressions are intended to identify forward-looking statements. These statements are not guarantees of future performance and are subject to risks, uncertainties and other factors, some of which are beyond our control and difficult to predict and could cause actual results to differ materially from those expressed or forecasted in the forward-looking statements, including:

•

our future operating results;

•

our business prospects and the prospects of our portfolio companies;

•

changes in political, economic or industry conditions, changes in interest rates and conditions affecting the financial and capital markets, and the effect of tariffs (or threats thereof), which could change the value of our assets;

•

the general level of inflation and its impact on us, on our portfolio companies and on the industries in which we invest;

•

the state of and changes in the general economy, including a possible slowdown in the economy and the risk of recession;

•

the impact of fluctuations in foreign exchange rates on our business and our portfolio companies;

•

general price and volume fluctuations in the debt and stock markets;

•

uncertainty surrounding global financial stability, including the liquidity of certain banks;

•

uncertainty surrounding financial and political stability of the United States, the United Kingdom, the European Union, the Middle East and China, the war between Russia and Ukraine and the ongoing conflicts in the Middle East;

•

the ability of our portfolio companies to achieve their objectives;

•

the timing of cash flows, if any, from the operations of our portfolio companies;

•

the ability of our Adviser to locate suitable investments for us and to monitor and administer our investments;

•

risk associated with possible disruptions in our operations or the economy generally;

•

the effect of investments that we expect to make;

•

our contractual arrangements and relationships with third parties;

•

actual and potential conflicts of interest with Adviser and its affiliates;

•

the adequacy of our financing sources and working capital;

•

the ability of our Adviser and its affiliates to attract and retain highly talented professionals;

•

our ability to qualify and maintain our qualification as a BDC and as a RIC; and

•

the risks, uncertainties and other factors we identify in Part I, Item 1A “Risk Factors” of our Annual Report on Form 10‑K for the year ended December 31, 2025 filed with the SEC on March 20, 2026 (the “Annual Report”).

Although we believe that the assumptions on which these forward-looking statements are based are reasonable, any of those assumptions could prove to be inaccurate, and as a result, the forward-looking statements based on those assumptions also could be inaccurate. In light of these and other uncertainties, the inclusion of a projection or forward-looking statement in this quarterly report should not be regarded as a representation by us that our plans and objectives will be achieved. These risks and uncertainties include those described or identified in our Annual Report as well as risk factors described or identified in other filings we may make with the SEC from time to time. You should not place undue reliance on these forward-looking statements, which apply only as of the date of this quarterly report. Moreover, we assume no duty and do not undertake to update the forward-looking statements. The forward-looking statements and projections contained in this quarterly report are excluded from the safe harbor protection provided by Section 27A of the Securities Act and provided by Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”).

OVERVIEW

Audax Credit BDC Inc. is a Delaware corporation that was formed on January 29, 2015. We are an externally managed, closed-end, non-diversified management investment company that has elected to be treated as a BDC under the 1940 Act. In addition, we have elected to be treated for U.S. federal income tax purposes, and intend to qualify annually, as a RIC under Subchapter M of the Code.

 

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Our investment objective is to generate current income and, to a lesser extent, long-term capital appreciation. We intend to meet our investment objective by investing primarily in senior secured debt of privately owned U.S. middle market companies. We intend to invest at least 80% of our net assets plus the amount of any borrowings in “credit instruments,” which we define as any fixed income instruments.

Although we have no present intention of doing so, we may decide to incur leverage. If we do incur leverage, we anticipate that it will be used in limited circumstances and on a short-term basis for purposes such as funding distributions. As a BDC, we are limited in our use of leverage under the 1940 Act. Under the 1940 Act, a BDC generally is required to maintain asset coverage of 200% for senior securities representing indebtedness (such as borrowings from banks or other financial institutions) or stock (such as preferred stock). The Small Business Credit Availability Act (the “SBCAA”), which was signed into law on March 23, 2018, provides that a BDC's required asset coverage under the 1940 Act may be reduced from 200% (i.e., $1 of debt outstanding for each $1 of equity) to 150% (i.e., $2 of debt outstanding for each $1 of equity). This reduction in asset coverage permits a BDC to double the amount of leverage it may utilize, subject to certain approval, timing and reporting requirements, including either stockholder approval or approval of a majority of the directors who are not “interested persons” (as defined in the 1940 Act) of the BDC and who have no financial interest in the arrangement. In addition, as a non-traded BDC, if we receive the relevant approval to increase our authorized leverage, we will be required to offer our stockholders the opportunity to sell their shares of Common Stock over the next year following the calendar quarter in which the approval was obtained. In determining whether to use leverage, we would analyze the maturity, covenants and interest rate structure of the proposed borrowings, as well as the risks of such borrowings within the context of our investment outlook and the impact of leverage on our investment portfolio. The amount of any leverage that we will employ as a BDC will be subject to oversight by our Board of Directors.

We generate revenue in the form of interest on the debt securities that we hold in our portfolio companies. The senior debt we invest in generally has stated terms of three to ten years. Our senior debt investments generally bear interest at a floating rate. Interest on debt securities is generally payable quarterly or semiannually. In some cases, some of our investments may provide for deferred interest payments or PIK interest. The principal amount of the debt securities and any accrued but unpaid interest generally will become due at the maturity date. In addition, we may generate revenue in the form of commitment and other fees in connection with transactions, although we do not expect to do so. OID as well as market discount and premium are accreted and amortized in determining our interest income. We record any prepayment premiums on loans and debt securities as income.

PORTFOLIO COMPOSITION AND INVESTMENT ACTIVITY

Portfolio Composition

The fair value of our investments, comprised of syndicated loans and equity, as of March 31, 2026, was approximately $402,522,665 and held in 268 portfolio companies as of March 31, 2026. The fair value of our investments, comprised of syndicated loans and equity, as of December 31, 2025, was approximately $407,509,401, and we held investments in 268 portfolio companies as of December 31, 2025.

During the three months ended March 31, 2026, we invested in 27 new syndicated investments for a combined $9,422,440 and in existing investments for a combined $5,035,492. We also received $11,604,044 in repayments from investments and $2,355,369 from investments sold during the three months ended March 31, 2026. During the three months ended March 31, 2025, we invested in 25 new syndicated investments for a combined $16,052,763 and in existing investments for a combined $7,123,466. We also received $20,634,208 in repayments from investments and $2,362,943 from investments sold during the three months ended March 31, 2025.

In addition, for the three months ended March 31, 2026, we had a change in unrealized depreciation of approximately $5,976,233, and realized gains (losses) of $(39,312). For the three months ended March 31, 2025, we had a change in unrealized depreciation of approximately $2,652,187, and realized gains (losses) of $133,380.

 

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Our investment activity for the three months ended March 31, 2026 and 2025, is presented below:

 

		Three Months Ended March 31, 2026				Three Months Ended March 31, 2025
Beginning investment portfolio, at fair value		$	407,509,401			$	410,031,275
Investments in new portfolio investments			9,422,440				16,052,763
Investments in existing portfolio investments			5,035,492				7,123,466
Principal repayments			(11,604,044	)			(20,634,208	)
Proceeds from investments sold			(2,355,369	)			(2,362,943	)
Change in premiums, discounts and amortization			530,290				541,463
Net change in unrealized depreciation on investments			(5,976,233	)			(2,652,187	)
Realized (loss) gain loss on investments			(39,312	)			133,380
Ending portfolio investment activity, at fair value		$	402,522,665			$	408,233,009
Number of portfolio investments			338				291
Average investment amount, at cost		$	1,246,649			$	1,435,834
Percentage of investments at floating rates			100.00	%			100.00	%

 

As of March 31, 2026 and December 31, 2025, our entire portfolio consisted of non-controlled/non-affiliated investments.

RECENT DEVELOPMENTS

Subsequent to March 31, 2026 through May 12, 2026, the Company invested $4,628,629 at cost in 51 different portfolio companies.

RESULTS OF OPERATIONS

The net increase or decrease in net assets from operations may vary substantially from period to period as a result of various factors, including the recognition of realized gains and/or losses and net change in unrealized appreciation and depreciation.

Revenue

Total investment income for the three months ended March 31, 2026 and 2025 is presented in the table below.

 

		Three Months Ended March 31, 2026				Three Months Ended March 31, 2025
Total interest income from non-controlled/non-affiliated investments		$	9,212,748			$	9,916,756
Total interest on cash			7,056				59,392
Total fee income			20,143				25,990
Total investment income		$	9,239,947			$	10,002,138

 

Total investment income for the three months ended March 31, 2026 decreased to $9,239,947 from $10,002,138 for the three months ended March 31, 2025, and was primarily driven by a decrease in interest rate spreads over the period. As of March 31, 2026 and 2025, the size of our debt portfolio was $412,509,895 and $411,574,595 at amortized cost, respectively, with total debt principal amount outstanding of $416,970,816 and $416,385,124, respectively.

 

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Expenses

Total expenses net of waivers for the three months ended March 31, 2026 and 2025, were as follows:

 

		Three Months Ended March 31, 2026				Three Months Ended March 31, 2025
Base management fee(a)		$	1,057,008			$	1,082,732
Incentive fee(a)			1,226,520				1,337,809
Professional fees			178,416				136,886
Directors' fees			46,436				72,750
Administrative fee(a)			66,250				66,250
Other expenses			85,700				104,461
Total expenses			2,660,330				2,800,888
Base management fee waivers(a)			(369,953	)			(378,956	)
Incentive fee waivers(a)			(833,966	)			(872,650	)
Total expenses, net of waivers		$	1,456,411			$	1,549,282

 

(a)

Refer to Note 4-Related Party Transactions within the consolidated financial statements for a description of the relevant fees.

 

The decrease in base management fees before waivers for the three months ended March 31, 2026 in comparison to the three months ended March 31, 2025 was driven by our decreasing average gross assets balance. For the three months ended March 31, 2026 and 2025, we accrued gross base management fees before waivers of $1,057,008 and $1,082,732, respectively. Offsetting those fees, we recognized base management fee waivers of $369,953 and $378,956 for three months ended March 31, 2026 and 2025, respectively.

The decrease in incentive fees before waivers for the three months ended March 31, 2026 in comparison to the three months ended March 31, 2025 was driven by our decrease in net investment income. For the three months ended March 31, 2026 and 2025, we accrued incentive fees related to net investment income before waivers of $1,226,520 and $1,337,809, respectively. Offsetting those fees for the three months ended March 31, 2026 and 2025, we recognized incentive fee waivers of $833,966 and $872,650, respectively.

Additionally, we accrued $66,250 of administrative fees for each of the three months ended March 31, 2026 and 2025, respectively. Refer to Note 4 — Related Party Transactions in the notes accompanying our consolidated financial statements for more information related to base management fees, incentive fees and waivers.

During the three months ended March 31, 2026, we incurred professional fees of $178,416, related to audit fees, tax fees, and legal fees. During the three months ended March 31, 2025, we incurred professional fees of $136,886, related to audit fees, tax fees, and legal fees.

During the three months ended March 31, 2026, we incurred expenses related to fees paid to our independent directors of $46,436. During the three months ended March 31, 2025, we incurred expenses related to fees paid to our independent directors of $72,750.

During the three months ended March 31, 2026, we incurred no interest expense in connection with our short-term borrowings. During the three months ended March 31, 2025, we incurred no interest expense in connection with our short-term borrowings. Refer to Note 8 — Borrowings in the notes accompanying our consolidated financial statements for more information related to interest expense.

Realized and Unrealized Gains and Losses

We recognized $(39,312) and $133,380 in net realized gains (losses) for the three months ended March 31, 2026 and 2025, respectively.

Net change in unrealized appreciation (depreciation) on investments for the three months ended March 31, 2026 and 2025 was as follows:

 

 

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Type		Three Months Ended March 31, 2026				Three Months Ended March 31, 2025
First Lien Debt		$	(3,430,410	)		$	(1,917,992	)
Unitranche Debt			(936,238	)			(944,560	)
Second Lien Debt			(1,373,956	)			2,732
Equity and Preferred Shares			(235,629	)			207,633
Net change in unrealized depreciation on investments		$	(5,976,233	)		$	(2,652,187	)

 

Net change in unrealized depreciation on investments during the three months ended March 31, 2026 was primarily due to the change in the results and financial position of the portfolio companies. Net change in unrealized appreciation on investments during the three months ended March 31, 2025 was primarily due to the change in the results and financial position of the portfolio companies.

FINANCIAL CONDITION, LIQUIDITY AND CAPITAL RESOURCES

We generate cash primarily from the net proceeds of any offering of shares of our Common Stock, from cash flows from interest and fees earned from our investments, and from principal repayments and proceeds from sales of our investments. Our primary use of cash is investments in portfolio companies, payments of our expenses, cash distributions to our stockholders, and repurchases of common stock from our stockholders. As of March 31, 2026 and December 31, 2025, we had cash of $11,727,871 and $12,817,052, respectively.

Operating Activities

Net cash provided by operating activities for the three months ended March 31, 2026 was $6,434,065. The primary operating activities during this period were investments in portfolio companies. The Company invested $9,422,440 in new portfolio investments and $5,035,492 in existing portfolio investments during the three months ended March 31, 2026. This was offset by repayments of bank loans and sales of investments of $11,604,044 and $2,355,369, respectively. Net cash provided by operating activities for the three months ended March 31, 2025 was $4,100,964. The primary operating activities during this period were investments in portfolio companies. The Company invested $16,052,763 in new portfolio investments and $7,123,466 in existing portfolio investments during the three months ended March 31, 2025. This was offset by repayments of bank loans and sales of investments of $20,634,208 and $2,362,943, respectively.

As of March 31, 2026, we had 162 investments with unfunded commitments of $33,983,424. As of December 31, 2025, we had 160 investments with unfunded commitments of $35,365,597. We believe that, as of both March 31, 2026 and December 31, 2025, we had sufficient assets to adequately cover any obligations under our unfunded commitments.

The following table summarizes our total portfolio activity during the three months ended March 31, 2026 and 2025:

 

		Three Months Ended March 31, 2026				Three Months Ended March 31, 2025
Beginning investment portfolio		$	407,509,401			$	410,031,275
Investments in new portfolio investments			9,422,440				16,052,763
Investments in existing portfolio investments			5,035,492				7,123,466
Principal repayments			(11,604,044	)			(20,634,208	)
Proceeds from sales of investments			(2,355,369	)			(2,362,943	)
Net change in unrealized depreciation on investments			(5,976,233	)			(2,652,187	)
Net realized (loss) gain on investments			(39,312	)			133,380
Net change in premiums, discounts and amortization			530,290				541,463
Investment Portfolio, at Fair Value		$	402,522,665			$	408,233,009

 

Financing Activities

Net cash used in our financing activities for the three months ended March 31, 2026 was $7,523,246, which consisted of $15,000,000 from issuances of 1,685,393 shares to our stockholders in connections with our capital calls during the period, $15,000,000 in repurchases of 1,685,393 shares to our stockholders in connection with the Tender Offer during the period, and $7,523,246 of distributions paid to our common stockholders during the period. Net cash used in our financing activities for the three months ended March 31, 2025 was $8,463,652, which consisted of $8,463,652 of distributions paid to our common stockholders during the period.

 

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Equity Activity

An investor made capital commitments to us in the amounts set forth below as of the date opposite each capital commitment:

 

Amount		Date
$140,000,000		June 23, 2015
$50,000,000		December 2, 2016
$100,000,000		On December 7, 2017
$40,000,000		March 22, 2019
$30,000,000		September 23, 2019
$11,200,000		March 20, 2020
$8,900,000		May 28, 2021
$110,000,000		December 15, 2021
$30,000,000		June 13, 2023
$37,000,000		March 25, 2024
$66,000,000		October 1, 2024
$15,000,000		December 15, 2025

 

As of March 31, 2026, there were no unfunded capital commitments by the Company’s investors.

The number of shares of our Common Stock issued and outstanding as of March 31, 2026 and December 31, 2025, were 47,020,471 and 47,020,468, respectively.

Distributions to Stockholders – Common Stock Distributions

We have elected to be treated, and intend to qualify annually, as a RIC for U.S. federal income tax purposes. As a RIC, we generally are not subject to corporate-level U.S. federal income taxes on ordinary income or capital gains that we timely distribute as dividends for U.S. federal income tax purposes to our stockholders. To qualify to be taxed as a RIC and thus avoid corporate-level income tax on the income that we distribute as dividends to our stockholders, we are required to distribute dividends to our stockholders each taxable year generally of an amount at least equal to 90% of our investment company taxable income, determined without regard to the deduction for any dividends paid. To avoid a 4% excise tax on undistributed earnings, we are required to distribute dividends to our stockholders in respect of each calendar year of an amount at least equal to the sum of (i) 98% of our ordinary income (taking into account certain deferrals and elections) for such calendar year, (ii) 98.2% of our capital gain net income, adjusted for certain ordinary losses, for the one-year period ending October 31 of that calendar year and (iii) any income or capital gains recognized, but not distributed, in preceding calendar years and on which we incurred no federal income tax. We intend to make distributions to stockholders on an annual basis of substantially all of our net investment income. Although we intend to make distributions of net realized capital gains, if any, at least annually, out of assets legally available for such distributions, we may in the future decide to retain such capital gains for investment. In addition, the extent and timing of special dividends, if any, will be determined by our Board of Directors and will largely be driven by portfolio specific events and tax considerations.

We may fund our cash distributions from any sources of funds available, including offering proceeds, borrowings, net investment income from operations, capital gains proceeds from the sale of assets, non-capital gains proceeds from the sale of assets, dividends or other distributions paid to us on account of preferred and common equity investments in portfolio companies and fee waivers from our Adviser. Our distributions may exceed our earnings, especially during the period before we have substantially invested the proceeds from an offering. As a result, a portion of the distributions may represent a return of capital for U.S. federal income tax purposes. Thus, the source of a distribution to our stockholders may be the original capital invested by the stockholder rather than our income or gains. In addition, we may be limited in our ability to make distributions due to the asset coverage test for borrowings applicable to us as a BDC under the 1940 Act. We declared distributions of $7,523,275, or $0.16 per share during the three months ended March 31, 2026. We declared distributions of $8,463,682, or $0.18 per share during the three months ended March 31, 2025.

The determination of the tax attributes of the Company’s distributions, including distributions in connection with tender offers, are made annually at the end of the Company’s taxable year, based upon the Company’s taxable income for the full taxable year and distributions paid for the full taxable year. Therefore, a determination made on an interim basis may not be representative of the actual tax attributes of distributions for a full taxable year. The actual tax characteristics of distributions to stockholders will be reported to the Company’s stockholders subject to information reporting after the close of the calendar year.

 

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Related Party Fees

For the three months ended March 31, 2026 and 2025, we recorded base management fees of $1,057,008 and $1,082,732, respectively. Offsetting these fees were waivers to the base management fees of $369,953 and $378,956, respectively, as set forth within the accompanying consolidated statements of operations.

For the three months ended March 31, 2026 and 2025, we recorded incentive fees of $1,226,520 and $1,337,809, respectively. Offsetting these waivers to the incentive fees of $833,966 and $872,650, respectively, as set forth within the accompanying consolidated statements of operations.

For both the three months ended March 31, 2026 and 2025, we recorded administrative fees of $66,250, as set forth within the accompanying consolidated statements of operations.

Fees due to related parties as of March 31, 2026 and December 31, 2025 on our accompanying consolidated statements of assets and liabilities were as follows:

 

	March 31, 2026				December 31, 2025
Net base management fee due to Adviser	$	687,055			$	690,247
Net incentive fee due to Adviser		392,554				297,350
Total fees due to Adviser, net of waivers		1,079,609				987,597
Fee due to Administrator		66,250				66,250
Total Related Party Fees Due	$	1,145,859			$	1,053,847

 

Tender Offers

To provide our stockholders with limited liquidity, we may, in the absolute discretion of our Board of Directors, conduct tender offers. Our tenders for shares of Common Stock, if any, are conducted on such terms as may be determined by our Board of Directors and in accordance with the requirements of applicable law, including Section 23(c) of the 1940 Act and Regulation M under the Exchange Act.

On January 13, 2026, we issued a Tender Offer to repurchase $15,000,000 worth of Common Stock. The Offer was accepted on February 10, 2026.

CRITICAL ACCOUNTING POLICIES

This discussion of our operations is based upon our consolidated financial statements, which are prepared in accordance with GAAP. The preparation of these consolidated financial statements requires our management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses.

Changes in the economic environment, financial markets and any other parameters used in determining such estimates could cause actual results to differ. In addition to the discussion below, we describe our critical accounting policies in the notes to our consolidated financial statements.

Valuation of Investments

On December 3, 2020, the SEC announced that it adopted the Valuation Rule, which established an updated regulatory framework for determining fair value in good faith for purposes of the 1940 Act. Pursuant to the Valuation Rule, which became effective on September 8, 2022, our Board of Directors designated the Adviser as our Valuation Designee to perform fair value determinations relating to the value of our assets for which market quotations are not readily available in good faith. Such valuation by the Valuation Designee must be made in good faith and may be based on, among other things, the input of independent third-party valuation firms, where applicable. The Valuation Designee’s valuation process is subject to our Board of Directors’ oversight.

In accordance with the 1940 Act, our Board of Directors has the ultimate responsibility for reviewing the good faith fair value determination of our investments for which market quotations are not readily available based on our Policy and for overseeing the Valuation Designee. Such review and oversight include receiving written fair value determinations and supporting materials provided by the Valuation Designee and any independent third-party valuation firms as may be used by the Valuation Designee or our Board of Directors from time to time.

 

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As part of the valuation process, the Valuation Designee may take into account the following types of factors, if relevant, in determining the fair value of our investments: applicable market yields and multiples; security covenants; call protection provisions; information rights; comparisons of financial ratios of the portfolio companies that issued such private equity securities to peer companies that are public; comparable merger and acquisition transactions; the nature and realizable value of any collateral; the portfolio company’s ability to make payments and its earnings and discounted cash flow; available current market data, including relevant and applicable markets in which the portfolio company does business; and other relevant factors. When an external event such as a purchase transaction, public offering or subsequent equity sale occurs, the Valuation Designee will consider the pricing indicated by the external event in its valuation of the portfolio investment.

The Valuation Designee utilizes the following multi-step process in determining fair value for our investments for which market quotations are not “readily available”:

•

The Adviser’s investment professionals responsible for the portfolio investment and other senior members of the Adviser’s investment and management team, with oversight from the Adviser’s finance team, will make initial valuations of each investment;

•

The Adviser’s investment professionals and management team, with oversight by the Adviser’s finance and compliance team, will document the preliminary valuation conclusions and oversee sample testing of valuations with third-party valuation agents;

•

The preliminary valuation conclusions will be presented to the valuation committees for consideration;

•

The valuation committees will discuss the recommended valuations and determine, in good faith, the fair value of each investment;

•

The valuation determinations of the valuation committees will be presented to the risk committee and then shared with our CEO and CFO; and

•

The Adviser will provide certain quarterly and annual reports to our Board of Directors.

Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of the investments may differ significantly from the values that would have been used had a readily available market value existed for such investments, and the differences could be material. In addition, changes in the market environment and other events that may occur over the life of the investments may cause the gains or losses ultimately realized on these investments to be different from the valuations currently assigned.

The Valuation Designee determines fair value in good faith for all our investments without readily available market quotations by using methodologies consistent with the principles of the valuation approaches set forth in ASC 820, Section 2(a)(41) of the 1940 Act and Rule 2a-5 thereunder.

ASC 820 defines fair value as “the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.” Fair value is a market-based measurement, not an entity-specific measurement. For some assets and liabilities, observable market transactions or market information might be available. For other assets and liabilities, observable market transactions and market information might not be available. However, the objective of a fair value measurement in both cases is the same – to estimate the price when an orderly transaction to sell the asset or transfer the liability would take place between market participants at the measurement date under current market conditions (that is, an exit price at the measurement date from the perspective of a market participant that holds the asset or owes the liability).

ASC 820 establishes a hierarchal disclosure framework which ranks the observability of inputs used in measuring financial instruments at fair value. The observability of inputs is impacted by a number of factors, including the type of financial instruments and their specific characteristics. Financial instruments with readily available quoted prices, or for which fair value can be measured from quoted prices in active markets, generally will have a higher degree of market price observability and a lesser degree of judgment applied in determining fair value.

The three-level hierarchy for fair value measurement is defined as follows:

Level 1 — Inputs to the valuation methodology are quoted prices available in active markets for identical financial instruments as of the measurement date. The types of financial instruments in this category include unrestricted securities, including equities and derivatives, listed in active markets. We do not adjust the quoted price for these instruments, even in situations where we hold a large position, and a sale could reasonably be expected to impact the quoted price.

Level 2 — Inputs to the valuation methodology are quoted prices in markets that are not active or for which all significant inputs are either directly or indirectly observable as of the measurement date. The types of financial instruments in this category include less liquid and restricted securities listed in active markets, securities traded in markets that are not active, government and agency securities, and certain over-the-counter derivatives where the fair value is based on observable inputs.

 

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Level 3 — Inputs to the valuation methodology are unobservable and significant to the overall fair value measurement, and include situations where there is little, if any, market activity for the investment. The inputs into the determination of fair value require significant management judgment or estimation. The types of financial instruments in this category include investments in privately held entities, non-investment grade residual interests in securitizations, collateralized loan obligations, and certain over-the-counter derivatives where the fair value is based on unobservable inputs.

In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, the determination of which category within the fair value hierarchy is appropriate for any given financial instrument is based on the lowest level of input that is significant to the fair value measurement. Assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the financial instrument.

Pursuant to the framework set forth above, the Valuation Designee values securities traded in active markets on the measurement date by multiplying the exchange closing price of such traded securities/instruments by the quantity of shares or amount of the instrument held. The Valuation Designee may also obtain quotes with respect to certain of our investments from pricing services, brokers or dealers’ quotes, or counterparty marks in order to value liquid assets that are not traded in active markets.

Pricing services aggregate, evaluate and report pricing from a variety of sources including observed trades of identical or similar securities, broker or dealer quotes, model-based valuations and internal fundamental analysis and research. When doing so, the Valuation Designee determines whether the quote obtained is sufficient in accordance with GAAP to determine the fair value of the security. If determined adequate, the Valuation Designee uses the quote obtained.

Securities that are illiquid or for which the pricing source does not provide a valuation or methodology or provides a valuation or methodology that, in the judgment of the Valuation Designee, does not represent fair value, are each valued as of the measurement date using all techniques appropriate under the circumstances and for which sufficient data are available. These valuation techniques vary by investment but include comparable public market valuations, comparable precedent transaction valuations and discounted cash flow analyses. Inputs for these valuation techniques include relative credit information, observed market movement, industry sector information, and other market data, which may include benchmarking of comparable securities, issuer spreads, reported trades, and reference data, such as market research publications, when available.

Investment performance data utilized are the most recently available as of the measurement date, which in many cases may reflect up to a one quarter lag in information.

Securities for which market quotations are not readily available or for which a pricing source is not sufficient may include the following:

•

private placements and restricted securities that do not have an active trading market;

•

securities whose trading has been suspended or for which market quotes are no longer available;

•

debt securities that have recently gone into default and for which there is no current market;

•

securities whose prices are stale; and

•

securities affected by significant events.

Subject to the oversight of our Board of Directors, the Valuation Designee has the overall responsibility for the implementation and monitoring of our pricing policies to ensure fair, accurate and current valuations.

Determination of fair value involves subjective judgments and estimates. Accordingly, the notes to our consolidated financial statements express the uncertainty with respect to the possible effect of such valuations, and any change in such valuations, on our consolidated financial statements.

Security transactions are recorded on the trade date (the date the order to buy or sell is executed or, in the case of privately issued securities, the closing date, which is when all terms of the transactions have been defined). Realized gains and losses on investments are determined based on the identified cost method.

Realized gains and losses on investments are determined based on the identified cost method.

Refer to Note 3 — Investments in the notes to our accompanying consolidated financial statements included elsewhere in this annual report for additional information regarding fair value measurements and our application of ASC 820.

Revenue Recognition

We record interest income on an accrual basis to the extent that we expect to collect such amounts. For loans and debt securities with contractual PIK interest, which represents contractual interest accrued and added to the principal balance, we generally

 

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will not accrue PIK interest for accounting purposes if the portfolio company valuation indicates that such PIK interest is not collectible. We do not accrue as a receivable interest on loans and debt securities for accounting purposes if we have reason to doubt our ability to collect such interest. OID, market discounts or premiums are accreted or amortized using the effective interest method as interest income. We record prepayment premiums on loans and debt securities as interest income.

Net Realized Gains or Losses and Net Change in Unrealized Appreciation or Depreciation

We measure net realized gains or losses by the difference between the net proceeds from the repayment or sale and the amortized cost basis of the investment, without regard to unrealized appreciation or depreciation previously recognized, but considering unamortized upfront fees and prepayment penalties. Net change in unrealized appreciation or depreciation reflects the change in portfolio investment values during the reporting period, including any reversal of previously recorded unrealized appreciation or depreciation, when gains or losses are realized.

PIK Interest

We may have investments in our portfolio that contain a PIK interest provision. Any PIK interest will be added to the principal balance of such investments and is recorded as income if the portfolio company valuation indicates that such PIK interest is collectible. In order to maintain our status as a RIC, substantially all of this income must be included in the amounts paid out by us to stockholders in the form of distributions, even if we have not collected any cash.

U.S. Income Taxes

We have elected to be subject to tax as a RIC under Subchapter M of the Code. As a RIC, we generally will not have to incur any corporate-level U.S. federal income taxes on any ordinary income or capital gains that we distribute as dividends to our stockholders. To qualify and maintain our qualification as a RIC, we must meet certain source-of-income and asset diversification requirements as well as distribute dividends to our stockholders each taxable year of an amount generally at least equal to 90% of our investment company taxable income, determined without regard to any distributions paid.

Depending on the level of taxable income earned in a taxable year, we may choose to retain taxable income in excess of current year distributions into the next taxable year. We would then incur a 4% excise tax on such taxable income, as required. To the extent that we determine that our estimated current year annual taxable income may exceed estimated current year distributions, we will accrue an excise tax, if any, on estimated excess taxable income as taxable income is earned. We did not accrue any excise tax for the fiscal years ended December 31, 2025, 2024, and 2023.

Because U.S. federal income tax regulations differ from GAAP, distributions in accordance with tax regulations may differ from net investment income and realized gains recognized for financial reporting purposes. Differences may be permanent or temporary. Permanent differences are reclassified within capital accounts in the consolidated financial statements to reflect their tax character. Permanent differences may also result from differences in classification in certain items, such as the treatment of short-term gains as ordinary income for tax purposes. Temporary differences arise when certain items of income, expense, gain or loss are recognized at some time in the future.

We evaluate tax positions taken or expected to be taken in the course of preparing our consolidated financial statements to determine whether any relevant tax positions would “more-likely-than-not” be sustained by the applicable tax authority. Tax positions not deemed to meet the “more-likely-than-not” threshold are reversed and recorded as a tax benefit or expensed in the current fiscal year. All penalties and interest associated with any income taxes accrued are included in income tax expense. Conclusions regarding tax positions are subject to review and may be adjusted at a later date based on factors including, but not limited to, ongoing analyses of tax law, regulations and interpretations thereof. Our accounting policy on income taxes is critical because if we are unable to qualify, or once qualified, maintain our tax status as a RIC, we would be required to record a provision for corporate-level U.S. federal income taxes, as well as any related state or local taxes which may be significant to our financial results.

COMMITMENTS AND CONTINGENCIES

From time to time, we, or the Adviser, may become party to legal proceedings in the ordinary course of business, including proceedings related to the enforcement of our rights under contracts with our portfolio companies. Neither we nor the Adviser is currently subject to any material legal proceedings.

Unfunded commitments to provide funds to portfolio companies are not reflected in our accompanying consolidated statements of assets and liabilities. Our unfunded commitments may be significant from time to time. These commitments are subject to the same underwriting and ongoing portfolio maintenance as are the on-balance sheet financial instruments that we hold. Since these commitments may expire without being drawn, the total commitment amount does not necessarily represent future cash requirements. We use cash flow from normal and early principal repayments and proceeds from borrowings and offerings to fund

 

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these commitments. As of March 31, 2026, we had 162 investments with unfunded commitments of $33,983,424. As of December 31, 2025, we had 160 investments with unfunded commitments of $35,365,597. We believe that, as of March 31, 2026 and December 31, 2025, we had sufficient assets to adequately cover any obligations under our unfunded commitments.

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

We are subject to financial market risks, including changes in interest rates. During the period covered by our consolidated financial statements, many of the loans in our portfolio had floating interest rates, and we expect that many of our loans to portfolio companies in the future will also have floating interest rates based on the Secured Overnight Financing Rate (SOFR) or an equivalent risk-free index rate. Interest rate fluctuations may have a substantial negative impact on our investments, the value of our Common Stock and our rate of return on invested capital. As a result, there can be no assurance that a significant change in market interest rates will not have a material adverse effect on our net investment income.

 

Change in interest rates		Increase (decrease) in investment income
Up 300 basis points			12,509,124
Up 200 basis points			8,339,416
Up 100 basis points			4,169,708
Down 100 basis points			(4,169,708	)
Down 200 basis points			(8,339,416	)
Down 300 basis points			(12,509,124	)

 

Although we believe that this measure is indicative of our sensitivity to interest rate changes, it does not reflect potential changes in the credit market, credit quality, size and composition of the assets on the consolidated Statements of Assets and Liabilities and other business developments that could affect our net increase in net assets resulting from operations or net investment income. Accordingly, no assurances can be given that actual results would not differ materially from those shown above.

In addition, any investments we make that are denominated in a foreign currency will be subject to risks associated with changes in currency exchange rates. These risks include the possibility of significant fluctuations in the foreign currency markets, the imposition or modification of foreign exchange controls and potential illiquidity in the secondary market. These risks will vary depending upon the currency or currencies involved.

We may hedge against interest rate and currency exchange rate fluctuations by using standard hedging instruments such as futures, options and forward contracts subject to the requirements of the 1940 Act. While hedging activities may insulate us against adverse changes in interest rates, they may also limit our ability to participate in benefits of lower interest rates with respect to our portfolio of investments with fixed interest rates.

ITEM 4. CONTROLS AND PROCEDURES

Disclosure Controls and Procedures

As of the period covered by this report, our management, including our Chief Executive Officer and Chief Financial Officer, evaluated the effectiveness and design and operation of our disclosure controls and procedures. Based on that evaluation, our management, including the Chief Executive Officer and Chief Financial Officer, concluded that our disclosure controls and procedures were effective at a reasonable assurance level in timely alerting management, including the Chief Executive Officer and Chief Financial Officer, of material information about us required to be included in periodic SEC filings. However, in evaluation of the disclosure controls and procedures, management recognized that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives, and management necessarily was required to apply its judgment in evaluating the cost-benefit relationship of possible controls and procedures.

Changes in Internal Control Over Financial Reporting

There have been no changes in our internal control over financial reporting, as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act, that occurred during our most recently completed fiscal quarter that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

 

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PART II–OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS

We are not currently subject to any material legal proceeding, nor, to our knowledge, is any material legal proceeding threatened against us.

From time to time, we, our Adviser or Administrator may be a party to certain legal proceedings in the ordinary course of business, including proceedings relating to the enforcement of our rights under contracts with our portfolio companies. While the outcome of these legal proceedings cannot be predicted with certainty, we do not expect that these proceedings will have a material effect upon our financial condition or results of operations.

From time to time, we are involved in various legal proceedings, lawsuits and claims incidental to the conduct of our business. Our businesses are also subject to extensive regulation, which may result in regulatory proceedings against us.

ITEM 1A. RISK FACTORS

You should carefully consider the risk factors in Part I, Item 1A “Risk Factors” of our Annual Report.

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS.

Not applicable.

ITEM 3. DEFAULTS UPON SENIOR SECURITIES

Not applicable.

ITEM 4. MINE SAFETY DISCLOSURES

Not applicable.

ITEM 5. OTHER INFORMATION

During the three months ended March 31, 2026, no director or officer of the Company adopted or terminated a “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement,” as each term is defined in Item 408(a) of Regulation S-K.

 

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ITEM 6. EXHIBITS

 

3.1		Amended and Restated Certificate of Incorporation (Incorporated by reference to Exhibit 3.1 to the Registration Statement on Form 10 (File no. 000-55426), filed on April 17, 2015).
3.2		Form of Bylaws (Incorporated by reference to Exhibit 3.2 to the Registration Statement on Form 10 (File no. 000-55426), filed on April 17, 2015).
10.1		Amendment to the Management Fee Waiver Agreement, dated as of January 1, 2025, by and between the Company and the Adviser (Incorporated by reference to Exhibit 10.13 to the Company's Annual Report on Form 10-K (File no. 814-01154), filed on March 24, 2025)
31.1*		Certification of Chief Executive Officer pursuant to Rule 13a-14(a) under the Securities Exchange Act of 1934, as amended.
31.2*		Certification of Chief Financial Officer pursuant to Rule 13a-14(a) under the Securities Exchange Act of 1934, as amended.
32.1*		Certification of Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, as amended (18 U.S.C. 1350).
32.2*		Certification of Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, as amended (18 U.S.C. 1350).
99.1		Code of Ethics (Incorporated by reference to Exhibit 99.1 to Pre-Effective Amendment No. 1 to the Registration Statement on Form 10, File No. 000-55426, filed on June 5, 2015).
101.INS*		Inline XBRL Instance Document–the instance document does not appear in the Interactive Data File as its XBRL tags are embedded within the Inline XBRL document
101.SCH*		Inline XBRL Taxonomy Extension Schema With Embedded Linkbase Documents
104*		Cover page formatted as Inline XBRL and contained in Exhibit 101

 

* Filed herewith

 

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

 

		Audax Credit BDC Inc.
Date: May 12, 2026		By:		/s/ Michael P. McGonigle
				Michael P. McGonigle
				Chief Executive Officer
Date: May 12, 2026		By:		/s/ Richard T. Joseph
				Richard T. Joseph
				Chief Financial Officer

 

 

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