10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

(Mark One)


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

For the quarterly period ended June 30, 2026


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

For the transition period from _________ to _________

Commission File Number: 814-01861

Audax Private Credit Fund, LLC

(Exact Name of Registrant as Specified in its Charter)


Delaware	99-4488204
( State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)
320 Park Avenue New York, NY	10022
(Address of principal executive offices)	(Zip Code)

(212) 703-2700

(Registrant’s telephone number, including area code)

Not Applicable

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

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

None

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

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

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


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 ☒

As of August 14, 2026, the registrant had 24,649,000 shares of limited liability company interests, $0.001 par value per share (the “Shares”), outstanding.

Table of Contents


		Page

PART I.	FINANCIAL INFORMATION

Item 1.	Financial Statements
	Consolidated Statements of Assets and Liabilities as of June 30, 2026 (unaudited) and December 31, 2025	1
	Consolidated Statements of Operations for the three and six months ended June 30, 2026 (unaudited) and 2025 (unaudited)	2
	Consolidated Statements of Changes in Net Assets for the six months ended June 30, 2026 (unaudited) and 2025 (unaudited)	3
	Consolidated Statements of Cash Flows for the six months ended June 30, 2026 (unaudited) and 2025 (unaudited)	4
	Consolidated Schedules of Investments as of June 30, 2026 (unaudited) and December 31, 2025	5
	Notes to Consolidated Financial Statements (unaudited)	52
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	75
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	89
Item 4.	Controls and Procedures	90

PART II.	OTHER INFORMATION	91

Item 1.	Legal Proceedings	91
Item 1A.	Risk Factors	91
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	91
Item 3.	Defaults Upon Senior Securities	91
Item 4.	Mine Safety Disclosures	91
Item 5.	Other Information	91
Item 6.	Exhibits	92
Signatures		93

Audax Private Credit Fund, LLC

Consolidated Statements of Assets and Liabilities

June 30, 2026 (unaudited) and December 31, 2025

(Expressed in U.S. Dollars)


	June 30, 2026
	(unaudited)			December 31, 2025
Assets
Investments at fair value:
Non-controlled/non-affiliated investments (cost of $1,107,066,424 and $918,592,383, respectively)	$	1,109,101,919		$	929,102,607
Affiliated investments (cost of $31,124,571 and $31,064,337, respectively)		18,403,737			20,721,834
Cash and cash equivalents		36,759,770			35,353,403
Receivable for loan repayment		6,204,423			317,888
Interest receivable		4,674,947			3,618,466
Prepaid investments		4,102,764			—
Receivable from affiliates		296,499			290,499
Receivable from investments sold		—			357,771
Total assets	$	1,179,544,059		$	989,762,468

Liabilities
Borrowings under leverage facility (net of deferred financing costs of $6,280,800 and $4,562,245, respectively) (Note 8)	$	546,865,537		$	489,741,436
Borrowings under credit facility (net of deferred financing costs of $3,310,440 and $0, respectively) (Note 8)		15,167,201			—
Payable for investments purchased		30,829,513			19,382,036
Distributions due to shareholders		9,630,831			7,373,591
Interest payable		8,109,766			6,846,722
Payable to Adviser (Note 4)		2,482,774			1,507,733
Incentive fee payable (Note 4)		1,380,030			1,205,739
Deferred tax liability		1,131,332			1,017,037
Accounts payable and accrued expenses		850,515			720,227
Total liabilities		616,447,499			527,794,521
Commitments and Contingencies (Note 8)
Net Assets
Shares, $0.001 par value per share, unlimited shares authorized, 22,930,549 and 18,433,976 shares issued and outstanding, respectively		22,931			18,434
Capital in excess of par value		572,913,259			460,917,756
Total distributable earnings		(9,839,630	)		1,031,757
Total Net Assets	$	563,096,560		$	461,967,947
Net Asset Value per Share at End of Period	$	24.56		$	25.06

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

Audax Private Credit Fund, LLC

Consolidated Statements of Operations

For the three and six months ended June 30, 2026 and 2025

(Expressed in U.S. Dollars)

(unaudited)


	Three Months Ended June 30, 2026			Three Months Ended June 30, 2025			Six Months Ended June 30, 2026			Six Months Ended June 30, 2025
Investment income
Non-controlled/non-affiliated investments:
Interest income	$	22,057,492		$	14,469,659		$	41,970,610		$	29,907,435
Dividend income		—			—			—			307,856
Total investment income from non-controlled/non-affiliated investments		22,057,492			14,469,659			41,970,610			30,215,291
Affiliated investments:
Interest income		153,829			—			247,031			—
Total investment income from affiliated investments		153,829			—			247,031			—
Total investment income		22,211,321			14,469,659			42,217,641			30,215,291
Expenses
Interest expense and credit facility fees		8,150,783			5,489,469			15,199,061			11,238,507
Organizational expenses		—			2,429,382			—			2,429,382
Management fee (Note 4)		1,773,945			1,064,102			3,385,733			2,133,068
Incentive fee (Note 4)		1,380,031			817,305			2,633,793			817,305
Amortization of deferred financing costs		540,796			125,000			897,172			250,000
Professional fees		107,000			116,248			267,051			243,159
Directors' fees		90,095			72,500			180,410			72,500
Administration fees (Note 4)		—			16,555			—			185,996
Investment expenses		—			107			—			13,645
Other expenses		315,336			175,052			624,749			343,729
Total operating expenses		12,357,986			10,305,720			23,187,969			17,727,291

Expense support reimbursement		193,121			—			593,121			—
Expense support		—			(2,429,382	)		—			(2,429,382	)
Management fee waiver (Note 4)		—			(59,390	)		—			(973,233	)
Net expenses		12,551,107			7,816,948			23,781,090			14,324,676

Net investment income		9,660,214			6,652,711			18,436,551			15,890,615

Realized and unrealized gains (losses) on investments
Net realized gains (losses):
Non-controlled/non-affiliated investments		(5,243	)		30,712			70,720			887,207
Net realized gain (loss)		(5,243	)		30,712			70,720			887,207
Net change in unrealized appreciation (depreciation):
Non-controlled/non-affiliated investments		(834,332	)		(4,374,259	)		(8,474,729	)		(8,119,950	)
Affiliated investments		(2,090,251	)		—			(2,378,331	)		—
Net change in deferred taxes		(98,911	)		(818,338	)		(114,295	)		(818,338	)
Total net change in unrealized depreciation on investments		(3,023,494	)		(5,192,597	)		(10,967,355	)		(8,938,288	)
Net realized and unrealized losses on investments		(3,028,737	)		(5,161,885	)		(10,896,635	)		(8,051,081	)
Realized and unrealized gains (losses) on foreign currency:
Net realized loss on foreign currency		—			(909	)		—			(4,034	)
Net change in unrealized gain (loss) on foreign currency		(138	)		1,510			(292	)		1,518
Net realized and unrealized gains (losses) on foreign currency		(138	)		601			(292	)		(2,516	)
Net increase in net assets resulting from operations	$	6,631,339		$	1,491,427		$	7,539,624		$	7,837,018

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

Audax Private Credit Fund, LLC

Consolidated Statements of Changes in Net Assets

For the six months ended June 30, 2026 and 2025

(Expressed in U.S. Dollars)

(unaudited)


	Six Months Ended June 30, 2026			Six Months Ended June 30, 2025
Net assets at beginning of period	$	461,967,947		$	340,294,184
Operations:
Net investment income		18,436,551			15,890,615
Net realized gain on investments and foreign currency		70,720			883,173
Net change in unrealized depreciation on investments and foreign currency		(10,853,352	)		(8,118,432	)
Net change in deferred taxes		(114,295	)		(818,338	)
Net increase in net assets from operations		7,539,624			7,837,018
Distributions to Shareholders:
Distributions from distributable earnings		(18,411,011	)		(7,536,845	)
Net decrease resulting from shareholder distributions		(18,411,011	)		(7,536,845	)
Capital share transactions:
Capital contributions		112,000,000			35,000,000
Net increase in net assets from capital transactions		112,000,000			35,000,000
Net increase in net assets for the period		101,128,613			35,300,173
Net assets at end of period	$	563,096,560		$	375,594,357

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

Audax Private Credit Fund, LLC

Consolidated Statements of Cash Flows

For the six months ended June 30, 2026 and 2025

(Expressed in U.S. Dollars)

(unaudited)


	Six Months Ended June 30, 2026			Six Months Ended June 30, 2025
Cash flows from operating activities:
Net increase in net assets resulting from operations	$	7,539,624		$	7,837,018
Adjustments to reconcile net increase in net assets resulting
from operations used in operating activities:
Net realized gain on investments and foreign currency		(70,720	)		(887,207	)
Net change in unrealized depreciation on investments		10,853,060			8,119,950
Non-cash interest income, including payment in-kind and original issue discount accretion		(1,189,198	)		(1,351,045	)
Amortization of financing costs		897,172			250,000
(Increase) in receivable for loan repayment		(5,886,535	)		(742,165	)
(Increase) in interest receivable		(1,056,481	)		(1,939,040	)
(Increase) in prepaid investments		(4,102,764	)		(3,731,250	)
(Increase) decrease in receivable from affiliates		(6,000	)		306,938
Decrease in receivable from investments sold		357,771			—
(Increase) in escrow receivable		—			(48,338	)
Decrease in due from Administrator (Note 4)		—			182
Increase (decrease) in payable for investments purchased		11,447,477			(186,020	)
Increase in interest payable		1,263,044			1,971,678
Increase in payable to Adviser (Note 4)		975,041			958,143
Increase in incentive fee payable (Note 4)		174,291			817,305
Increase in deferred tax liability		114,295			818,338
Increase in accounts payable and accrued expenses		130,288			247,818
Decrease in payable to Administrator (Note 4)		—			(1,024,078	)
Investment activity:
Purchase of investments		(257,215,923	)		(123,311,750	)
Proceeds from disposition and repayments of investments		69,941,566			95,026,543
Net investment activity		(187,274,357	)		(28,285,207	)
Net cash used in operating activities		(165,833,992	)		(16,866,980	)
Cash flows from financing activities:
Proceeds from capital contributions		112,000,000			139,391,083
Return of capital called		—			(104,391,083	)
Distributions paid		(16,153,771	)		(7,536,845	)
Payments of financing costs - leverage facility		(2,459,738	)		—
Borrowings under leverage facility		153,602,169			27,652,708
Repayments for leverage facility		(94,759,513	)		(35,112,000	)
Payments of financing costs - credit facility		(3,466,429	)		—
Borrowings under credit facility		18,477,641			—
Short-term borrowings		—			8,955,802
Short-term repayments		—			(8,955,802	)
Net cash provided by financing activities		167,240,359			20,003,863
Net change in cash and cash equivalents		1,406,367			3,136,883
Cash and cash equivalents:
Cash and cash equivalents, beginning of period		35,353,403			31,592,264
Cash and cash equivalents, end of period	$	36,759,770		$	34,729,147
Supplemental and non-cash information:
Initial conversion to unitized LLC	$	—		$	340,034,511
Payment-in-kind ("PIK") interest income	$	91,536		$	1,015,825
Interest paid pursuant to the leverage facility	$	13,917,162		$	8,723,317
Interest paid pursuant to the credit facility	$	18,856		$	—
Interest paid on short-term borrowings	$	—		$	166,372

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

Audax Private Credit Fund, LLC

Consolidated Schedule of Investments

June 30, 2026

(Expressed in U.S. Dollars)

(unaudited)


Portfolio investments (a) (b) (c) (d) (e)	Footnote Reference	Investment Type	Index (^)	Spread	Interest Rate	Acquisition Date	Maturity Date	Par / Shares		Cost of Investment		Fair Value of Investment
APCF SPV I, LLC (f)
BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS (m)
Aerospace & Defense
API Technologies 2026	(g)(k)	1st Lien Term Loan	S+	5.50%	9.23%	6/4/2026	6/3/2033		2,195,600	$	2,173,985	$	2,173,644
GRVTY	(g)	1st Lien Term Loan	S+	4.75%	8.48%	5/18/2026	5/28/2033		1,155,172		1,143,665		1,146,508
Tronair 2025	(g)	1st Lien Term Loan	S+	3.75%	7.48%	12/18/2025	12/22/2032		3,582,000		3,539,890		3,546,180
Vantor	(g)(k)	1st Lien Term Loan	S+	4.50%	8.23%	2/27/2026	3/3/2033		2,000,000		1,971,218		2,007,500
										$	8,828,758	$	8,873,832
Air Freight & Logistics
Magnate	(g)	1st Lien Term Loan	S+	5.50%	9.23%	2/19/2025	12/29/2028		4,925,000		4,855,357		4,814,187
										$	4,855,357	$	4,814,187
Automobile Components
BBB Industries	(g)(k)	1st Lien DDTL	S+	6.00%	9.73%	1/20/2026	7/25/2029		1,000,000		972,784		923,035
										$	972,784	$	923,035
Building Products
Leaf Home	(g)	1st Lien Term Loan	S+	5.25%	8.98%	9/4/2025	9/4/2031		9,145,938		9,025,573		9,031,613
										$	9,025,573	$	9,031,613
Capital Markets
Beta+	(g)	1st Lien Term Loan	S+	5.75%	9.48%	3/9/2026	7/2/2029		5,968,992		5,805,457		5,939,147
Cerity Partners		Unitranche Term Loan	S+	4.50%	8.23%	10/10/2024	7/28/2031		24,769,992		24,769,992		24,769,992
Modern Wealth	(g)(k)	1st Lien Term Loan	S+	5.25%	8.98%	5/22/2026	8/27/2032		1,616,667		1,592,662		1,592,417
										$	32,168,111	$	32,301,556
Chemicals
Shrieve	(g)	Unitranche Term Loan	S+	6.00%	9.73%	6/18/2025	10/30/2030		2,970,000		2,933,296		2,940,300
										$	2,933,296	$	2,940,300
Commercial Services & Supplies
Apex Companies		1st Lien DDTL	S+	5.00%	8.73%	11/21/2025	1/31/2030		—		925		—
Aqualis	(g)	1st Lien Term Loan	S+	4.75%	8.48%	4/13/2026	4/19/2032		617,021		611,051		612,394
Beacon Communications	(g)(k)	1st Lien Term Loan	S+	4.75%	8.48%	3/31/2026	4/2/2032		3,083,333		3,053,705		3,052,500

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

Audax Private Credit Fund, LLC

Consolidated Schedule of Investments (continued)

June 30, 2026

(Expressed in U.S. Dollars)

(unaudited)


Portfolio investments (a) (b) (c) (d) (e)	Footnote Reference	Investment Type	Index (^)	Spread	Interest Rate	Acquisition Date	Maturity Date	Par / Shares		Cost of Investment			Fair Value of Investment
APCF SPV I, LLC (f) (continued)
BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS (m) (continued)
Commercial Services & Supplies (continued)
Brown & Root	(g)(k)	1st Lien Term Loan	S+	5.00%	8.73%	10/3/2025	10/3/2030		7,429,426		7,337,062			7,317,985
Capital Consultants Management Corporation	(g)	Unitranche DDTL	S+	5.00%	8.73%	7/8/2025	11/3/2031		4,712,932		4,675,445			4,712,932
Certified Collision Group	(g)	Unitranche Term Loan	S+	4.50%	8.23%	12/30/2025	12/30/2032		8,624,594		8,545,710			8,603,032
Denali Water Solutions 2025	(g)	1st Lien Term Loan	S+	4.75%	8.48%	11/19/2025	11/19/2032		6,346,154		6,289,151			6,298,558
Eagle Fire	(g)	1st Lien Term Loan	S+	4.25%	7.98%	7/15/2025	7/15/2032		3,482,500		3,451,557			3,456,381
Healthcare Linen Services Group	(g)	Unitranche Term Loan	S+	4.75%	8.48%	2/2/2026	2/2/2033		6,163,657		6,107,422			6,114,651
HeartLand	(g)	1st Lien Term Loan	S+	4.75%	8.48%	7/8/2025	12/12/2029		1,915,818		1,899,088			1,891,871
Industrial Service Group		Unitranche Term Loan	S+	5.75%	9.48%	10/10/2024	12/7/2028		6,959,388		6,959,388			6,959,388
Industrial Service Group		Unitranche DDTL	S+	5.75%	9.48%	10/10/2024	12/7/2028		3,623,905		3,623,905			3,623,905
Ned Stevens	(g)	Unitranche Term Loan	S+	5.00%	8.73%	10/10/2024	11/1/2029		15,125,525		15,123,963			15,125,525
O6 Environmental	(g)	1st Lien Term Loan	S+	4.75%	8.48%	8/5/2025	8/5/2032		6,074,325		6,020,486			6,074,325
Russell Landscape Group	(g)	1st Lien Term Loan	S+	5.50%	9.23%	10/10/2024	4/11/2030		4,235,161		4,155,983			4,235,161
Russell Landscape Group	(g)	1st Lien DDTL	S+	5.50%	9.23%	10/10/2024	4/11/2030		2,108,959		2,091,022			2,108,959
Russell Landscape Group	(g)(h)(k)	1st Lien DDTL	S+	5.50%	9.23%	5/29/2026	4/11/2030		—		(9,350	)		—
Russell Landscape Group	(g)(k)	1st Lien Term Loan	S+	5.50%	9.23%	5/29/2026	4/11/2030		1,811,881		1,785,346			1,789,233
SavATree	(g)	Unitranche Term Loan	S+	5.00%	8.73%	10/10/2024	6/6/2031		12,241,569		12,145,951			12,149,757
SavATree		Unitranche Term Loan	S+	5.00%	8.73%	5/14/2026	6/6/2031		94,800		94,800			94,089
Vortex Companies	(g)	Unitranche Term Loan	S+	5.00%	8.73%	3/4/2026	9/4/2029		1,995,000		1,967,033			1,995,000
Vortex Companies	(g)	1st Lien Term Loan	S+	5.00%	8.73%	4/1/2026	9/4/2029		2,489,024		2,453,891			2,489,024
										$	98,383,534		$	98,704,670
Communications Equipment
Eastern Communications	(g)	1st Lien Term Loan	S+	5.00%	8.73%	11/4/2025	12/30/2030		4,855,956		4,814,992			4,831,676
										$	4,814,992		$	4,831,676
Construction & Engineering
A1 Garage Door Service		Unitranche Term Loan	S+	4.50%	8.23%	10/10/2024	12/22/2028		3,115,620		3,115,620			3,115,620
A1 Garage Door Service		Unitranche DDTL	S+	4.50%	8.23%	10/10/2024	12/22/2028		1,635,676		1,635,676			1,635,676

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

Audax Private Credit Fund, LLC

Consolidated Schedule of Investments (continued)

June 30, 2026

(Expressed in U.S. Dollars)

(unaudited)


Portfolio investments (a) (b) (c) (d) (e)	Footnote Reference	Investment Type	Index (^)	Spread	Interest Rate	Acquisition Date	Maturity Date	Par / Shares		Cost of Investment		Fair Value of Investment
APCF SPV I, LLC (f) (continued)
BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS (m) (continued)
Construction & Engineering (continued)
Cumming Group	(k)	1st Lien Term Loan	S+	4.75%	8.48%	6/16/2026	6/16/2033		15,097,874		15,097,874		15,097,874
Gallo Mechanical	(g)	1st Lien Term Loan	S+	4.75%	8.48%	7/31/2025	8/2/2032		8,162,995		8,055,230		8,142,588
HR Green	(g)	1st Lien Term Loan	S+	5.50%	9.23%	10/10/2024	1/28/2030		5,490,734		5,410,159		5,490,734
Legacy Service Partners	(g)	1st Lien Term Loan	S+	4.50%	8.23%	5/22/2025	11/10/2031		498,750		493,926		495,009
Legacy Service Partners	(g)	1st Lien Term Loan	S+	4.50%	8.23%	10/10/2024	2/17/2033		1,995,000		1,976,156		1,980,038
Lindsay Precast	(g)	1st Lien Term Loan	S+	4.75%	8.48%	12/16/2025	12/16/2032		4,213,578		4,174,684		4,213,578
National Trench Safety	(g)	Unitranche Term Loan	S+	5.50%	9.23%	10/10/2024	12/4/2028		18,580,188		18,460,456		18,580,188
Pond	(g)	Unitranche Term Loan	S+	5.00%	8.73%	4/24/2026	12/12/2032		5,118,750		5,070,785		5,080,359
Prime Electric	(g)	Unitranche Term Loan	S+	5.00%	8.73%	4/2/2026	12/31/2031		1,496,250		1,467,172		1,485,028
RailPros	(g)	Unitranche Term Loan	S+	4.25%	7.98%	5/22/2025	5/24/2032		4,074,474		4,038,513		4,074,474
										$	68,996,251	$	69,391,166
Consumer Staples Distribution & Retail
Avita Pharmacy	(g)	Unitranche Term Loan	S+	5.00%	8.73%	11/4/2025	8/6/2030		14,024,788		13,875,865		14,024,788
										$	13,875,865	$	14,024,788
Containers & Packaging
Novvia Group	(g)	Unitranche Term Loan	S+	5.25%	8.98%	6/13/2025	1/31/2032		11,594,140		11,519,452		11,594,140
Novvia Group	(g)	Unitranche DDTL	S+	5.25%	8.98%	6/13/2025	1/31/2032		1,325,943		1,318,033		1,325,943
Precision Concepts	(g)	Unitranche Term Loan	S+	4.75%	8.48%	7/31/2025	8/2/2032		2,934,927		2,909,716		2,934,927
Precision Concepts	(g)	Unitranche DDTL	S+	4.75%	8.48%	7/31/2025	8/2/2032		1,012,044		1,003,383		1,012,044
Precision Concepts	(g)	Unitranche Term Loan	S+	4.75%	8.48%	7/31/2025	8/2/2032		395,925		392,411		395,925
										$	17,142,995	$	17,262,979
Diversified Consumer Services
Aptive Environmental	(g)	1st Lien Term Loan	S+	4.75%	8.48%	10/15/2025	10/15/2032		9,696,628		9,610,018		9,648,145
Heritage Partners	(g)(j)(l)	Unitranche Term Loan	S+	0.00%	3.54% PIK	10/10/2024	12/22/2026		13,125,161		12,783,688		6,647,642
Heritage Partners	(g)(j)(l)	Unitranche DDTL	S+	0.00%	3.54% PIK	10/10/2024	12/22/2026		6,181,543		6,020,720		3,130,833
Kalkomey	(g)	Unitranche Term Loan	S+	5.00%	8.73%	10/10/2024	6/18/2031		16,878,119		16,627,066		16,878,119

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

Audax Private Credit Fund, LLC

Consolidated Schedule of Investments (continued)

June 30, 2026

(Expressed in U.S. Dollars)

(unaudited)


Portfolio investments (a) (b) (c) (d) (e)	Footnote Reference	Investment Type	Index (^)	Spread	Interest Rate	Acquisition Date	Maturity Date	Par / Shares		Cost of Investment			Fair Value of Investment
APCF SPV I, LLC (f) (continued)
BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS (m) (continued)
Diversified Consumer Services (continued)
RotoCo	(g)(j)	1st Lien Term Loan	S+	5.50%	9.23%	10/10/2024	6/30/2028		12,881,408		12,863,741			8,525,025
RotoCo	(g)(j)	1st Lien DDTL	S+	5.50%	9.23%	10/10/2024	6/30/2028		41,057		40,991			27,172
Southeast Lineman Training Center	(g)	1st Lien Term Loan	S+	5.00%	8.73%	8/18/2025	1/3/2030		5,955,000		5,882,504			5,955,000
Super-Sod	(g)(h)	1st Lien DDTL	S+	4.75%	8.48%	2/27/2026	3/10/2032		—		(8,637	)		—
Super-Sod	(g)	1st Lien Term Loan	S+	4.75%	8.48%	2/27/2026	3/10/2032		8,727,273		8,641,907			8,661,962
										$	72,461,998		$	59,473,898
Electrical Equipment
Industrial Electric Manufacturing		1st Lien DDTL	S+	4.75%	8.48%	12/3/2025	12/3/2031		—		268			—
Industrial Electric Manufacturing	(g)	1st Lien Term Loan	S+	4.75%	8.48%	12/3/2025	12/3/2031		5,832,745		5,808,265			5,759,835
TryStar		1st Lien DDTL	S+	4.25%	7.98%	1/5/2026	8/6/2031		—		1,602			—
TryStar	(g)	1st Lien Term Loan	S+	4.25%	7.98%	1/6/2026	8/6/2031		1,333,333		1,326,667			1,333,333
										$	7,136,802		$	7,093,168
Electronic Equipment, Instruments & Components
TRG Solutions	(g)	Unitranche Term Loan	S+	4.50%	8.23%	1/5/2026	1/5/2032		8,100,000		8,024,711			8,041,519
										$	8,024,711		$	8,041,519
Energy Equipment & Services
Allied Power Group	(g)	Unitranche Term Loan	S+	5.00%	8.73%	10/10/2024	5/16/2030		7,060,965		6,932,382			7,060,965
Allied Power Group	(g)	Unitranche DDTL	S+	5.00%	8.73%	10/10/2024	5/16/2030		1,486,045		1,474,101			1,486,045
										$	8,406,483		$	8,547,010
Financial Services
AmpliFi	(g)	1st Lien Term Loan	S+	5.00%	8.73%	10/10/2024	4/23/2030		8,225,184		8,075,971			8,225,184
Aprio	(g)	1st Lien Term Loan	S+	4.75%	8.48%	4/25/2025	8/1/2031		2,696,292		2,673,230			2,669,329
Aprio	(g)	1st Lien DDTL	S+	4.75%	8.48%	4/25/2025	8/1/2031		1,991,030		1,974,851			1,971,119
Crowe	(g)(k)	1st Lien Revolver	S+	5.50%	9.23%	5/13/2026	5/31/2033		464,286		459,643			459,643
Crowe	(g)(k)	1st Lien Term Loan	S+	5.50%	9.23%	5/13/2026	5/31/2033		3,142,857		3,111,429			3,111,428
Embark	(g)	1st Lien Term Loan	S+	4.50%	8.23%	9/2/2025	9/2/2032		4,466,250		4,427,275			4,443,919

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

Audax Private Credit Fund, LLC

Consolidated Schedule of Investments (continued)

June 30, 2026

(Expressed in U.S. Dollars)

(unaudited)


Portfolio investments (a) (b) (c) (d) (e)	Footnote Reference	Investment Type	Index (^)	Spread	Interest Rate	Acquisition Date	Maturity Date	Par / Shares		Cost of Investment		Fair Value of Investment
APCF SPV I, LLC (f) (continued)
BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS (m) (continued)
Financial Services (continued)
Frazier & Deeter		1st Lien DDTL	S+	4.50%	8.23%	2/19/2026	5/3/2032		—		514		—
Merchant Industry & Valor PayTech	(g)	1st Lien Term Loan	S+	4.75%	8.48%	9/19/2025	9/19/2031		2,583,951		2,560,593		2,583,951
										$	23,283,506	$	23,464,573
Food Products
Golden State Foods	(g)(k)	1st Lien Term Loan	S+	4.00%	7.73%	10/10/2024	12/4/2031		1,984,949		1,980,786		1,990,636
Hometown Food Company	(g)	1st Lien Term Loan	S+	4.50%	8.23%	6/9/2025	12/3/2030		2,812,232		2,793,287		2,812,232
MBC Companies	(g)(k)	1st Lien Term Loan	S+	3.75%	7.48%	10/23/2025	9/10/2030		57,731		57,519		57,586
MBC Companies	(g)(k)	1st Lien Term Loan	S+	4.75%	8.48%	10/20/2025	9/10/2030		934,107		926,506		931,772
MBC Companies	(g)(k)	1st Lien Term Loan	S+	3.75%	7.48%	5/8/2026	7/7/2028		1,502,751		1,499,068		1,498,994
MBC Companies	(g)(h)(k)	1st Lien DDTL	S+	3.75%	7.48%	5/8/2026	7/7/2028		95,355		94,651		95,116
Peterson Farms	(g)	1st Lien Term Loan	S+	4.00%	7.73%	11/14/2025	12/1/2032		2,985,000		2,958,297		2,970,075
										$	10,310,114	$	10,356,411
Health Care Equipment & Supplies
Alcresta	(g)	Unitranche Term Loan	S+	5.25%	8.98%	12/4/2025	3/12/2031		4,073,162		4,039,263		4,073,162
Alcresta		1st Lien DDTL	S+	5.25%	8.98%	12/4/2025	3/12/2031		—		4,890		—
Antylia Scientific	(g)(k)	1st Lien Term Loan	S+	4.00%	7.73%	7/21/2025	5/27/2032		3,980,000		3,892,376		3,944,359
Dragonfly Health	(g)(k)	1st Lien Term Loan	S+	4.75%	8.48%	6/30/2026	6/30/2033		4,076,923		4,036,154		4,036,154
USMed-Equip	(g)	Unitranche Term Loan	S+	5.75%	9.48%	10/10/2024	5/24/2029		19,518,884		19,464,062		19,518,884
										$	31,436,745	$	31,572,559
Health Care Providers & Services
Accurate Neuromonitoring	(g)	Unitranche Term Loan	S+	5.50%	9.23%	3/13/2026	3/13/2031		4,234,280		4,161,981		4,223,695
AIS Healthcare	(g)(k)	1st Lien Term Loan	S+	5.00%	8.73%	6/2/2026	6/4/2032		3,689,320		3,634,814		3,633,981
APT Healthcare	(g)	Unitranche Term Loan	S+	4.50%	8.23%	9/30/2025	9/30/2031		7,719,444		7,633,911		7,719,444
Clearway Pain Solutions	(g)	1st Lien Term Loan	S+	5.50%	9.23%	9/22/2025	8/30/2030		4,274,116		4,216,487		4,226,032
CuraLinc Healthcare	(g)	1st Lien Term Loan	S+	4.50%	8.23%	3/31/2026	8/1/2030		5,985,000		5,900,371		5,985,000
Cornerstone Caregiving	(g)	1st Lien Term Loan	S+	4.75%	8.48%	3/25/2026	4/1/2032		4,884,615		4,837,631		4,847,981
Dane Street	(g)	1st Lien Term Loan	S+	4.50%	8.23%	3/24/2026	3/28/2033		3,445,000		3,410,960		3,421,093

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

Audax Private Credit Fund, LLC

Consolidated Schedule of Investments (continued)

June 30, 2026

(Expressed in U.S. Dollars)

(unaudited)


Portfolio investments (a) (b) (c) (d) (e)	Footnote Reference	Investment Type	Index (^)	Spread	Interest Rate	Acquisition Date	Maturity Date	Par / Shares		Cost of Investment		Fair Value of Investment
APCF SPV I, LLC (f) (continued)
BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS (m) (continued)
Health Care Providers & Services (continued)
MDpanel		Unitranche Term Loan	S+	6.50%	10.23%	10/10/2024	8/2/2029		5,822,472		5,822,472		5,822,472
MDpanel	(g)	Unitranche DDTL	S+	6.50%	10.23%	10/10/2024	8/2/2029		1,042,053		1,040,233		1,042,053
National Seating & Mobility		1st Lien Term Loan	S+	4.25%	7.98%	7/17/2025	5/14/2029		1,975,075		1,975,075		1,975,075
OB Hospitalist Group 2026	(g)(k)	1st Lien Term Loan	S+	5.50%	9.23%	6/2/2026	1/31/2031		4,039,476		3,999,579		3,999,081
Patterson Companies	(g)(k)	1st Lien Term Loan	S+	4.50%	8.23%	8/13/2025	4/16/2032		9,925,000		9,033,368		8,547,956
Riccobene Associates Family Dentistry	(g)	1st Lien Term Loan	S+	4.75%	8.48%	6/6/2025	10/31/2030		8,212,421		8,127,858		8,212,421
RxBenefits	(g)	1st Lien Term Loan	S+	5.00%	8.73%	6/6/2025	12/19/2030		4,471,875		4,389,532		4,460,695
Sequel Ortho (fka OrthoNebraska)		Unitranche Term Loan	S+	5.00%	8.73%	10/10/2024	7/31/2028		4,748,500		4,748,500		4,748,500
Sequel Ortho (fka OrthoNebraska)	(g)	Unitranche Term Loan	S+	5.00%	8.73%	10/31/2025	7/31/2028		5,685,714		5,632,614		5,685,714
Specialized Dental	(g)	1st Lien Term Loan	S+	4.50%	8.23%	10/30/2025	11/1/2028		8,703,925		8,672,077		8,660,406
Specialized Dental		1st Lien DDTL	S+	4.50%	8.23%	10/30/2025	11/1/2028		—		4,110		—
Summit Spine & Joint Centers	(g)	Unitranche Term Loan	S+	4.75%	8.48%	6/13/2025	3/25/2031		12,431,667		12,271,633		12,431,667
TEAM Services 2026	(g)(k)	1st Lien Term Loan	S+	5.25%	8.98%	1/30/2026	3/31/2033		6,500,000		6,422,559		6,378,125
										$	105,935,765	$	106,021,391
Health Care Technology
AGS Health	(g)	Unitranche Term Loan	S+	4.25%	7.98%	7/31/2025	8/2/2032		5,113,500		5,103,819		5,113,500
Avalon	(g)	1st Lien Term Loan	S+	4.50%	8.23%	12/31/2025	12/31/2031		7,481,250		7,414,014		7,425,141
VaxCare	(g)	Unitranche Term Loan	S+	4.25%	7.98%	6/16/2025	6/17/2032		3,308,333		3,277,928		3,308,333
										$	15,795,761	$	15,846,974
Hotels, Restaurants & Leisure
Hissho Sushi	(g)	Unitranche Term Loan	S+	4.75%	8.48%	10/20/2025	5/18/2029		9,902,619		9,821,858		9,902,619
Taymax Group		1st Lien Term Loan	S+	5.18%	8.92%	10/10/2024	7/30/2027		14,337,366		14,337,366		14,337,366
Taymax Group		1st Lien DDTL	S+	5.18%	8.92%	10/10/2024	7/30/2027		7,977,388		7,977,388		7,977,388
										$	32,136,612	$	32,217,373
Insurance
SIAA (Alliance Holdings)		Unitranche Term Loan	S+	4.75%	8.48%	10/10/2024	4/30/2030		24,885,012		24,885,012		24,885,012
										$	24,885,012	$	24,885,012

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

Audax Private Credit Fund, LLC

Consolidated Schedule of Investments (continued)

June 30, 2026

(Expressed in U.S. Dollars)

(unaudited)


Portfolio investments (a) (b) (c) (d) (e)	Footnote Reference	Investment Type	Index (^)	Spread	Interest Rate	Acquisition Date	Maturity Date	Par / Shares		Cost of Investment			Fair Value of Investment
APCF SPV I, LLC (f) (continued)
BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS (m) (continued)
Interactive Media & Services
Integral Ad Science	(g)	1st Lien Term Loan	S+	5.00%	8.73%	12/22/2025	12/23/2031		9,381,250		9,071,319			9,357,797
										$	9,071,319		$	9,357,797
Internet Software & Services
Dun & Bradstreet	(g)	Unitranche Term Loan	S+	5.50%	9.23%	8/26/2025	8/26/2032		4,975,000		4,931,457			4,962,563
Power Digital	(g)	Unitranche Term Loan	S+	4.75%	8.48%	10/10/2024	3/11/2030		11,096,584		11,077,061			11,096,584
Power Digital	(g)	Unitranche DDTL	S+	4.75%	8.48%	10/10/2024	3/11/2030		637,290		636,169			637,290
										$	16,644,687		$	16,696,437
IT Services
Accion Labs	(g)(k)	1st Lien Term Loan	S+	4.75%	8.48%	6/29/2026	5/23/2029		2,000,000		1,980,000			1,980,000
Centre Technologies	(g)(k)	1st Lien Term Loan	S+	4.75%	8.48%	6/18/2026	6/22/2033		1,187,500		1,175,636			1,175,625
GoldenSource		Unitranche Term Loan	S+	5.00%	8.73%	10/10/2024	5/12/2028		8,070,442		8,070,442			8,070,442
Med Tech Solutions	(g)	Unitranche Term Loan	S+	5.25%	8.98%	6/3/2025	6/3/2032		5,795,049		5,706,993			5,795,049
Trace3 2025	(g)(k)	Unitranche Term Loan	S+	4.00%	7.73%	10/8/2025	10/29/2032		3,610,000		3,577,987			3,553,594
										$	20,511,058		$	20,574,710
Leisure Products
PlayPower 2025	(g)	Unitranche Term Loan	S+	5.50%	9.23%	7/25/2025	10/29/2031		14,067,310		13,815,046			13,909,053
										$	13,815,046		$	13,909,053
Life Sciences Tools & Services
TCP Analytical	(g)	Unitranche Term Loan	S+	5.00%	8.73%	6/17/2025	3/12/2031		8,910,000		8,813,466			8,910,000
TechData	(g)(h)(k)	1st Lien Term Loan	S+	5.00%	8.73%	6/22/2026	7/1/2032		—		(30,517	)		—
										$	8,782,949		$	8,910,000
Machinery
80/20	(g)	Unitranche Term Loan	S+	4.50%	8.23%	12/12/2025	12/13/2032		6,127,500		6,070,899			6,083,317
Barnes Group 2025	(g)(k)	1st Lien Term Loan	S+	4.75%	8.48%	10/17/2025	10/22/2032		5,486,250		5,387,125			5,451,961
Tank Holdings	(g)	Unitranche Term Loan	S+	6.00%	9.73%	2/6/2025	3/31/2028		6,320,048		6,261,304			6,272,648
Tank Holdings	(g)	Unitranche DDTL	S+	6.00%	9.73%	2/6/2025	3/31/2028		605,607		597,635			601,065
Voeller Mixers	(g)	1st Lien Term Loan	S+	4.75%	8.48%	11/25/2025	11/25/2032		4,069,767		4,031,860			3,978,198
Voeller Mixers		1st Lien DDTL	S+	4.75%	8.48%	11/25/2025	11/25/2032		—		690			—
										$	22,349,513		$	22,387,189
Media
Encore	(g)	1st Lien Term Loan	S+	5.00%	8.73%	3/17/2026	12/5/2031		3,838,278		3,651,006			3,828,683
Klick Health	(g)(i)(k)	Unitranche Term Loan	S+	5.00%	8.73%	6/17/2026	11/5/2032		2,420,000		2,407,995			2,407,900
										$	6,059,001		$	6,236,583

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

Audax Private Credit Fund, LLC

Consolidated Schedule of Investments (continued)

June 30, 2026

(Expressed in U.S. Dollars)

(unaudited)


Portfolio investments (a) (b) (c) (d) (e)	Footnote Reference	Investment Type	Index (^)	Spread	Interest Rate	Acquisition Date	Maturity Date	Par / Shares		Cost of Investment		Fair Value of Investment
APCF SPV I, LLC (f) (continued)
BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS (m) (continued)
Metals & Mining
Associated Springs	(g)(k)	1st Lien Term Loan	S+	5.50%	9.23%	6/29/2026	4/4/2030		4,500,000		4,455,005		4,455,000
Forged Solutions	(g)(i)(k)	1st Lien Term Loan	S+	4.75%	8.48%	2/27/2026	2/25/2033		4,166,667		4,125,908		4,125,000
										$	8,580,913	$	8,580,000
Oil, Gas & Consumable Fuels
Palmdale Oil	(g)	Unitranche Term Loan	S+	4.75%	8.48%	12/5/2025	12/12/2031		844,076		841,018		837,745
										$	841,018	$	837,745
Personal Care Products
Mary Ruth's	(g)	1st Lien Term Loan	S+	3.25%	6.98%	10/8/2025	9/30/2030		1,226,563		1,221,792		1,226,562
Mary Ruth's	(g)	1st Lien Term Loan	S+	4.75%	8.48%	10/8/2025	9/30/2031		3,721,875		3,690,338		3,721,875
										$	4,912,130	$	4,948,437
Pharmaceuticals
Minds & Assembly	(g)	Unitranche Term Loan	S+	5.00%	8.73%	10/10/2025	5/3/2029		7,960,000		7,862,972		7,960,000
										$	7,862,972	$	7,960,000
Professional Services
Cherry Bekaert	(g)	Unitranche Term Loan	S+	4.75%	8.48%	10/10/2024	6/28/2030		12,366,773		12,345,122		12,366,773
Cherry Bekaert	(g)	Unitranche DDTL	S+	4.75%	8.48%	10/10/2024	6/28/2030		6,342,542		6,327,618		6,342,542
Corestream	(g)(k)	1st Lien Term Loan	S+	5.00%	8.73%	6/30/2026	6/27/2033		4,008,016		3,967,936		3,967,936
Epiq	(g)(k)	1st Lien Term Loan	S+	4.00%	7.73%	10/8/2025	4/26/2029		905,235		793,364		827,385
Foundation Source	(g)	1st Lien DDTL	S+	5.00%	8.73%	10/10/2024	9/6/2030		4,219,616		4,198,616		4,219,616
Foundation Source		1st Lien Term Loan	S+	5.00%	8.73%	10/10/2024	9/6/2030		13,399,423		13,399,423		13,399,423
Lighthouse	(g)	Unitranche Term Loan	S+	4.75%	8.48%	6/2/2025	12/31/2029		647,242		644,804		647,242
Lighthouse	(g)	Unitranche Term Loan	S+	4.75%	8.48%	6/2/2025	12/31/2029		20,673,583		20,595,727		20,673,583
Magna Legal Services		1st Lien Term Loan	S+	4.50%	8.23%	10/10/2024	11/21/2029		13,667,695		13,667,695		13,667,695
Magna Legal Services		1st Lien DDTL	S+	4.50%	8.23%	10/10/2024	11/22/2029		3,826,428		3,826,428		3,826,428
Prime Pensions	(g)	Unitranche Term Loan	S+	4.75%	8.48%	10/10/2024	2/26/2030		6,652,920		6,590,227		6,652,920
Proceed	(g)	Unitranche Term Loan	S+	4.50%	8.23%	3/31/2026	3/31/2032		3,699,063		3,663,551		3,680,567
Repario	(g)(k)	1st Lien Term Loan	S+	5.25%	8.98%	6/2/2026	6/4/2032		1,450,000		1,421,190		1,421,000
										$	91,441,701	$	91,693,110

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

Audax Private Credit Fund, LLC

Consolidated Schedule of Investments (continued)

June 30, 2026

(Expressed in U.S. Dollars)

(unaudited)


Portfolio investments (a) (b) (c) (d) (e)	Footnote Reference	Investment Type	Index (^)	Spread	Interest Rate	Acquisition Date	Maturity Date	Par / Shares		Cost of Investment		Fair Value of Investment
APCF SPV I, LLC (f) (continued)
BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS (m) (continued)
Software
AIA Contract Documents	(g)	1st Lien Term Loan	S+	4.75%	8.48%	7/2/2025	7/2/2031		5,052,727		4,987,863		5,052,727
Allyant	(g)(i)	Unitranche Term Loan	S+	6.00%	9.73%	10/10/2024	1/31/2028		22,930,945		22,906,030		22,930,945
FMG Suite	(g)	Unitranche Term Loan	S+	4.50%	8.23%	9/9/2025	9/9/2032		6,251,604		6,198,300		6,251,604
FMG Suite		Unitranche DDTL	S+	4.50%	8.23%	9/9/2025	9/9/2032		—		972		—
PKWARE	(g)	Unitranche Term Loan	S+	4.50%	8.23%	6/2/2025	6/3/2030		11,385,542		11,271,215		11,385,542
Inmar	(g)	1st Lien Term Loan	S+	4.50%	8.23%	9/12/2025	10/30/2031		1,979,950		1,975,000		1,965,100
InvestCloud	(g)	1st Lien Term Loan	S+	4.00%	7.73%	1/16/2026	1/27/2033		3,000,000		2,971,576		2,992,500
Mitratech	(g)	Unitranche Term Loan	S+	4.75%	8.48%	12/2/2025	12/2/2031		9,174,312		9,132,912		9,128,440
PayByPhone	(g)(i)	Unitranche Term Loan	S+	4.75%	8.48%	3/31/2026	3/31/2033		5,652,500		5,597,893		5,611,591
Tribute Technology		Unitranche Term Loan	S+	5.50%	9.23%	10/10/2024	10/30/2028		14,934,451		14,934,451		14,934,451
Tribute Technology		Unitranche DDTL	S+	5.75%	9.48%	10/10/2024	10/30/2028		3,348,044		3,348,044		3,348,044
Unison Global		Unitranche Term Loan	S+	5.00%	8.73%	10/10/2024	9/19/2028		14,697,372		14,697,372		14,623,885
Unison Global	(h)	Unitranche DDTL	S+	5.00%	8.73%	10/10/2024	9/19/2028		—		915		—
										$	98,022,543	$	98,224,829
Trading Companies & Distributors
Apex Service Partners	(g)	Unitranche Term Loan	S+	5.00%	8.73%	4/29/2025	10/24/2030		1,889,642		1,874,344		1,884,918
Apex Service Partners	(g)	Unitranche DDTL	S+	5.00%	8.73%	4/29/2025	10/24/2030		5,563,149		5,519,052		5,549,241
Levata	(g)	1st Lien Term Loan	S+	5.00%	8.73%	8/20/2025	12/21/2027		4,846,595		4,813,681		4,834,479
R.F. Fager	(g)	1st Lien Term Loan	S+	5.00%	8.73%	5/22/2025	3/4/2030		1,733,867		1,707,859		1,720,862
SupplyHouse	(g)	1st Lien Term Loan	S+	4.00%	7.73%	7/1/2025	7/1/2032		3,721,875		3,705,659		3,721,875
										$	17,620,595	$	17,711,375

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

Audax Private Credit Fund, LLC

Consolidated Schedule of Investments (continued)

June 30, 2026

(Expressed in U.S. Dollars)

(unaudited)


Portfolio investments (a) (b) (c) (d) (e)	Footnote Reference	Investment Type	Index (^)	Spread	Interest Rate	Acquisition Date	Maturity Date	Par / Shares		Cost of Investment			Fair Value of Investment
APCF SPV I, LLC (f) (continued)
BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS (m) (continued)
Water Utilities
Scruggs Company	(g)(k)	1st Lien Term Loan	S+	5.00%	8.73%	4/23/2026	4/23/2032		2,140,449		2,119,045			2,119,045
USG Water Solutions	(g)(k)	1st Lien Term Loan	S+	4.75%	8.48%	5/29/2026	5/29/2033		1,982,759		1,963,200			1,962,931
Vessco Water	(g)	Unitranche Term Loan	S+	4.50%	8.23%	11/3/2025	7/24/2031		3,248,971		3,235,772			3,240,848
										$	7,318,017		$	7,322,824
				Total APCF SPV I, LLC						$	935,644,487		$	925,969,779
Audax Private Credit Subsidiary, LLC
BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS (m)
Capital Markets
Allworth Financial	(g)(h)(k)	Unitranche DDTL	S+	5.00%	8.73%	6/30/2026	6/30/2033	$	—	$	(10,766	)	$	—
Cerity Partners	(g)(h)	Unitranche Revolver	S+	4.50%	8.23%	10/10/2024	7/28/2031		706,951		702,046			706,951
										$	691,280		$	706,951
Commercial Services & Supplies
Industrial Service Group	(h)	Unitranche Revolver	S+	5.75%	9.48%	10/10/2024	12/7/2028		974,837		974,837			974,837
Ned Stevens	(g)	Unitranche Term Loan	S+	5.00%	8.73%	10/10/2024	11/1/2029		2,847,847		2,846,185			2,847,847
Ned Stevens	(h)	Unitranche Revolver	S+	5.00%	8.73%	10/10/2024	11/1/2029		256,427		256,427			256,427
Russell Landscape Group	(g)(h)	1st Lien Revolver	S+	5.50%	9.23%	10/10/2024	4/11/2030		252,450		248,114			252,450
SavATree	(g)(h)	Unitranche Revolver	S+	5.00%	8.73%	10/10/2024	6/6/2031		143,493		142,482			142,417
SavATree	(g)	Unitranche Term Loan	S+	5.00%	8.73%	10/10/2024	6/6/2031		3,244,975		3,244,688			3,220,638
										$	7,712,733		$	7,694,616
Construction & Engineering
National Trench Safety	(g)(h)	Unitranche Revolver	S+	5.50%	9.23%	10/10/2024	12/4/2028		1,780,601		1,770,401			1,780,601
RailPros	(g)(h)	Unitranche Revolver	S+	4.25%	7.98%	5/22/2025	5/24/2032		—		(5,578	)		—
										$	1,764,823		$	1,780,601
Diversified Consumer Services
Heritage Partners	(g)(j)(l)	Unitranche Revolver	S+	0.00%	3.54% PIK	10/10/2024	9/29/2028		2,525,827		2,497,668			1,279,283
RotoCo	(g)(h)(j)	1st Lien Revolver	S+	5.50%	9.23%	10/10/2024	6/30/2028		1,610,404		1,608,736			1,065,779
										$	4,106,404		$	2,345,062
Energy Equipment & Services
Allied Power Group	(h)	Unitranche Revolver	S+	5.00%	8.73%	10/10/2024	5/16/2030		624,439		624,439			624,439
										$	624,439		$	624,439
Health Care Equipment & Supplies
USMed-Equip	(g)(h)	Unitranche Revolver	S+	5.75%	9.48%	10/10/2024	5/24/2029		186,842		181,792			186,842
										$	181,792		$	186,842

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

Audax Private Credit Fund, LLC

Consolidated Schedule of Investments (continued)

June 30, 2026

(Expressed in U.S. Dollars)

(unaudited)


Portfolio investments (a) (b) (c) (d) (e)	Footnote Reference	Investment Type	Index (^)	Spread	Interest Rate	Acquisition Date	Maturity Date	Par / Shares		Cost of Investment			Fair Value of Investment
Audax Private Credit Subsidiary, LLC (continued)
BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS (m) (continued)
Health Care Providers & Services
Hilco Vision	(j)	1st Lien Term Loan	S+	6.00% PIK	9.73%	10/10/2024	4/21/2030		5,832,447		5,832,447			3,015,300
Hilco Vision	(h)	1st Lien Revolver	S+	6.00% PIK	9.73%	10/10/2024	4/21/2030		1,318,950		1,318,950			1,318,950
Sequel Ortho (fka OrthoNebraska)	(g)(h)	Unitranche Revolver	S+	5.00%	8.73%	10/10/2024	7/31/2028		65,933		64,708			65,933
										$	7,216,105		$	4,400,183
Internet Software & Services
Power Digital	(g)(h)	Unitranche Revolver	S+	4.75%	8.48%	10/10/2024	3/11/2030		245,801		241,346			245,801
										$	241,346		$	245,801
IT Services
GoldenSource	(h)	Unitranche Revolver	S+	5.00%	8.73%	10/10/2024	5/12/2028		707,280		707,281			707,281
										$	707,281		$	707,281
Professional Services
Cherry Bekaert	(g)(h)	Unitranche Revolver	S+	4.75%	8.48%	10/10/2024	6/28/2030		—		(4,668	)		—
Dwellworks	(g)(j)	1st Lien Term Loan	S+	8.50% PIK	12.23%	10/10/2024	3/31/2027		10,438,717		7,380,215			1,273,850
Dwellworks (Tranche B-1)	(g)(j)	1st Lien Term Loan	Fixed	18.00% PIK	20.00%	10/10/2024	3/31/2027		5,568,956		3,973,959			—
Foundation Source	(h)	1st Lien Revolver	S+	5.00%	8.73%	10/10/2024	9/6/2029		171,787		171,787			171,787
Lighthouse	(g)(h)	Unitranche Revolver	S+	4.75%	8.48%	10/10/2024	12/31/2029		—		(15,105	)		—
										$	11,506,188		$	1,445,637
Software
Allyant	(g)(h)(i)	Unitranche Revolver	S+	6.00%	9.73%	10/10/2024	10/30/2026		—		(1,949	)		—
Tribute Technology	(h)	Unitranche Revolver	S+	6.50%	10.23%	10/10/2024	10/30/2028		1,225,559		1,225,559			1,225,559
										$	1,223,610		$	1,225,559
Trading Companies & Distributors
R.F. Fager	(g)(h)	1st Lien Revolver	S+	5.00%	8.73%	5/22/2025	3/4/2030		322,670		317,756			320,250
										$	317,756		$	320,250
COMMON EQUITY AND PREFERRED SHARES: NON-CONTROL/NON-AFFILIATE INVESTMENTS
Aerospace & Defense
Blue Raven Solutions	(j)	Class A Units				10/10/2024			1,374,300		—			6,100,943
										$	—		$	6,100,943
Commercial Services & Supplies
ScentAir	(j)	Class A Units				10/10/2024			858,937		806,166			561,938
										$	806,166		$	561,938

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

Audax Private Credit Fund, LLC

Consolidated Schedule of Investments (continued)

June 30, 2026

(Expressed in U.S. Dollars)

(unaudited)


Portfolio investments (a) (b) (c) (d) (e)	Footnote Reference	Investment Type	Index (^)	Spread	Interest Rate	Acquisition Date	Maturity Date	Par / Shares		Cost of Investment		Fair Value of Investment
Audax Private Credit Subsidiary, LLC (continued)
COMMON EQUITY AND PREFERRED SHARES: NON-CONTROL/NON-AFFILIATE INVESTMENTS (continued)
Construction & Engineering
A1 Garage Door Service	(j)	Class A Common Units				10/10/2024			781		1,368,519		2,616,529
National Trench Safety	(j)	Preferred Units				4/3/2025			3,266		357,207		419,128
National Trench Safety	(j)	Common Units				10/10/2024			7,161		642,983		527,896
										$	2,368,709	$	3,563,553
Consumer Staples Distribution & Retail
Avita Pharmacy	(j)	Class A Common Units				10/10/2024			1,273,295		471,761		4,718,277
Avita Pharmacy	(j)	Preferred Units				10/10/2024			1,187,627		864,846		630,588
Avita Pharmacy	(j)	Junior Preferred Units				10/10/2024			22,654		27,131		31,788
										$	1,363,738	$	5,380,653
Diversified Consumer Services
Ned Stevens	(j)	Class A Capital Units				10/10/2024			1,737		1,902,090		2,261,153
										$	1,902,090	$	2,261,153
Energy Equipment & Services
Allied Power Group	(j)	Class A Units				10/10/2024			400,281		400,281		1,286,214
										$	400,281	$	1,286,214
Food Products
Florida Food Products	(j)	Common Units				10/10/2024			1,536,658		1,530,282		221,771
										$	1,530,282	$	221,771
Health Care Equipment & Supplies
USMed-Equip	(j)	Common Units				10/10/2024			13,738		1,010,898		911,421
										$	1,010,898	$	911,421
Health Care Providers & Services
Hilco Vision	(j)	Class A Common Stock				10/10/2024			4,496		1,988,337		—
MDpanel	(j)	Class A Units				10/10/2024			764,074		735,554		638,068
Shearwater Health	(j)	Class A Common Stock				10/10/2024			687		1,839,961		2,013,101
										$	4,563,852	$	2,651,169
Insurance
SIAA (Alliance Holdings)	(j)	Common Units				10/10/2024			7,635		1,162,945		1,859,086
										$	1,162,945	$	1,859,086
Internet Software & Services
Power Digital	(j)	Class L Common Units				10/10/2024			81,934		852,220		1,200,434
										$	852,220	$	1,200,434
IT Services
GoldenSource	(j)	Class A Membership Interests				10/10/2024			327,445		441,589		882,955
Voyatek	(j)	Class C LP Units				10/10/2024			1,337		404,003		—
										$	845,592	$	882,955

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

Audax Private Credit Fund, LLC

Consolidated Schedule of Investments (continued)

June 30, 2026

(Expressed in U.S. Dollars)

(unaudited)


Portfolio investments (a) (b) (c) (d) (e)	Footnote Reference	Investment Type	Index (^)	Spread	Interest Rate	Acquisition Date	Maturity Date	Par / Shares		Cost of Investment			Fair Value of Investment
Audax Private Credit Subsidiary, LLC (continued)
COMMON EQUITY AND PREFERRED SHARES: NON-CONTROL/NON-AFFILIATE INVESTMENTS (continued)
Professional Services
Dwellworks	(j)	Preferred Units				10/10/2024			984,915		—			—
Foundation Source	(j)	Class A LP Interests				10/10/2024			1,824		2,003			2,773
Foundation Source	(j)	Class B LP Interests				10/10/2024			1,822,812		2,002,691			2,770,526
Lighthouse	(j)	LP Interest				10/10/2024			3,519		6,701,864			7,367,297
										$	8,706,558		$	10,140,596
Software
Allyant	(i)(j)	Common Shares				10/10/2024			5		1,533,996			596,818
PracticeTek	(j)	LP Interests				10/10/2024			1,441,373		1,803,345			1,506,090
Tribute Technology	(j)	Class A-1 Units				10/10/2024			1,570		1,241,560			1,000,375
										$	4,578,901		$	3,103,283
				Total Audax Private Credit Subsidiary, LLC						$	66,385,989		$	61,808,391
Audax Private Credit Fund, LLC (n)
BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS (m)
Aerospace & Defense
API Technologies 2026	(g)(h)(k)	1st Lien DDTL	S+	5.50%	9.23%	6/4/2026	6/3/2033		—	$	(3,230	)	$	—
API Technologies 2026	(g)(h)(k)	1st Lien Revolver	S+	5.50%	9.23%	6/4/2026	6/3/2033		—		(6,460	)		—
API Technologies 2026		1st Lien Term Loan	S+	5.50%	9.23%	6/4/2026	6/3/2033		2,500,000		2,475,389			2,475,000
GRVTY	(g)	1st Lien Term Loan	S+	4.75%	8.48%	5/18/2026	5/28/2033		1,500,000		1,485,057			1,488,750
GRVTY	(g)(h)	1st Lien DDTL	S+	4.75%	8.48%	5/18/2026	5/28/2033		—		(9,366	)		—
GRVTY	(g)(h)	1st Lien Revolver	S+	4.75%	8.48%	5/18/2026	5/28/2033		—		(9,378	)		—
Tronair 2025	(g)(h)	1st Lien Revolver	S+	3.75%	7.48%	12/18/2025	12/22/2032		—		(10,452	)		—
Vantor	(g)(k)	1st Lien Term Loan	S+	4.50%	8.23%	2/27/2026	3/3/2033		2,000,000		1,971,180			2,007,500
										$	5,892,740		$	5,971,250
Automobile Components
BBB Industries	(g)(h)(k)	1st Lien DDTL	S+	6.00%	9.73%	1/20/2026	7/25/2029		—		(14,235	)		—
										$	(14,235	)	$	—
Building Products
Leaf Home	(g)(h)	1st Lien Revolver	S+	5.25%	8.98%	9/4/2025	9/4/2031		195,000		185,302			192,562
										$	185,302		$	192,562
Capital Markets
Allworth Financial	(g)(h)(k)	Unitranche Revolver	S+	5.00%	8.73%	6/30/2026	6/30/2033		—		(7,177	)		—
Allworth Financial	(g)(k)	Unitranche Term Loan	S+	5.00%	8.73%	6/30/2026	6/30/2033		3,086,124		3,039,833			3,039,833

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

Audax Private Credit Fund, LLC

Consolidated Schedule of Investments (continued)

June 30, 2026

(Expressed in U.S. Dollars)

(unaudited)


Portfolio investments (a) (b) (c) (d) (e)	Footnote Reference	Investment Type	Index (^)	Spread	Interest Rate	Acquisition Date	Maturity Date	Par / Shares		Cost of Investment			Fair Value of Investment
Audax Private Credit Fund, LLC (n) (continued)
BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS (m)
Capital Markets (continued)
Modern Wealth	(g)(k)	1st Lien Term Loan	S+	5.25%	8.98%	5/22/2026	8/27/2032		1,500,000		1,477,728			1,477,500
Modern Wealth	(g)(h)(k)	1st Lien DDTL	S+	5.25%	8.98%	5/22/2026	8/27/2032		55,000		38,730			54,175
Modern Wealth	(g)(h)(k)	1st Lien DDTL	S+	5.25%	8.98%	5/22/2026	8/27/2032		—		(9,483	)		—
Steward Partners	(g)(h)	1st Lien DDTL	S+	5.00%	8.73%	6/13/2025	10/14/2028		10,790,458		10,722,650			10,709,530
Steward Partners	(g)(h)	1st Lien Revolver	S+	4.75%	8.48%	6/13/2025	10/14/2028		—		(9,551	)		—
										$	15,252,730		$	15,281,038
Chemicals
Shrieve	(g)	Unitranche Term Loan	S+	6.00%	9.73%	6/18/2025	10/30/2030		997,481		978,310			987,506
										$	978,310		$	987,506
Commercial Services & Supplies
Apex Companies	(g)(h)	1st Lien DDTL	S+	5.00%	8.73%	11/21/2025	1/31/2030		273,315		267,642			270,582
Aqualis	(g)	1st Lien Term Loan	S+	4.75%	8.48%	4/13/2026	4/19/2032		500,000		495,162			496,250
Aqualis	(g)(h)	1st Lien DDTL	S+	4.75%	8.48%	4/13/2026	4/19/2032		—		(5,140	)		—
Aqualis	(g)(h)	1st Lien Revolver	S+	4.75%	8.48%	4/13/2026	4/19/2032		—		(3,084	)		—
Beacon Communications	(g)(h)(k)	1st Lien DDTL	S+	4.75%	8.48%	3/31/2026	4/2/2032		—		(9,984	)		—
Beacon Communications	(g)(h)(k)	1st Lien Revolver	S+	4.75%	8.48%	3/31/2026	4/2/2032		—		(7,988	)		—
Beacon Communications	(g)(k)	1st Lien Term Loan	S+	4.75%	8.48%	3/31/2026	4/2/2032		1,500,000		1,485,586			1,485,000
Brown & Root	(g)(h)(k)	1st Lien Revolver	S+	5.00%	8.73%	10/3/2025	10/3/2030		541,381		520,931			533,260
Capital Consultants Management Corporation	(g)(h)	Unitranche DDTL	S+	5.00%	8.73%	7/8/2025	11/3/2031		2,084,234		2,074,200			2,084,234
Certified Collision Group	(g)(h)	Unitranche Revolver	S+	4.50%	8.23%	12/30/2025	12/30/2032		157,942		145,363			157,547
Denali Water Solutions 2025	(g)(h)	1st Lien Revolver	S+	4.75%	8.48%	11/13/2025	11/19/2032		471,154		460,696			467,620
Eagle Fire	(g)(h)	1st Lien DDTL	S+	4.25%	7.98%	7/15/2025	7/15/2032		780,638		768,955			774,784
Eagle Fire	(g)(h)	1st Lien Revolver	S+	4.25%	7.98%	7/15/2025	7/15/2032		—		(8,122	)		—
Healthcare Linen Services Group	(g)(h)	Unitranche DDTL	S+	4.75%	8.48%	2/2/2026	2/2/2033		1,867,856		1,849,227			1,853,005
Healthcare Linen Services Group	(g)(h)	Unitranche Revolver	S+	4.75%	8.48%	2/2/2026	2/2/2033		—		(7,581	)		—
HeartLand	(g)(h)	1st Lien Revolver	S+	4.75%	8.48%	11/5/2025	12/12/2029		326,742		319,300			322,658
HeartLand	(g)(h)	1st Lien DDTL	S+	4.75%	8.48%	11/5/2025	12/12/2029		106,386		77,898			105,056
Kept	(g)(h)	1st Lien DDTL	S+	5.00%	8.73%	5/27/2026	4/30/2029		42,095		(15,921	)		41,780

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

Audax Private Credit Fund, LLC

Consolidated Schedule of Investments (continued)

June 30, 2026

(Expressed in U.S. Dollars)

(unaudited)


Portfolio investments (a) (b) (c) (d) (e)	Footnote Reference	Investment Type	Index (^)	Spread	Interest Rate	Acquisition Date	Maturity Date	Par / Shares		Cost of Investment			Fair Value of Investment
Audax Private Credit Fund, LLC (n) (continued)
BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS (m) (continued)
Commercial Services & Supplies (continued)
Kept	(g)(h)	1st Lien Revolver	S+	5.25%	8.98%	5/27/2026	4/30/2029		95,455		89,671			94,739
O6 Environmental	(g)(h)	1st Lien DDTL	S+	4.50%	8.23%	8/5/2025	8/5/2032		—		(8,237	)		—
O6 Environmental	(g)(h)	1st Lien Revolver	S+	4.50%	8.23%	8/5/2025	8/5/2032		—		(14,308	)		—
SavATree	(h)	Unitranche DDTL	S+	5.00%	8.73%	10/10/2024	6/6/2031		99,600		99,600			98,853
Vortex Companies	(g)	1st Lien Term Loan	S+	5.00%	8.73%	4/1/2026	9/4/2029		1,493,415		1,472,334			1,493,415
										$	10,046,200		$	10,278,783
Construction & Engineering
Gallo Mechanical	(g)(h)	1st Lien DDTL	S+	4.75%	8.48%	7/31/2025	8/2/2032		—		(7,783	)		—
Gallo Mechanical	(g)(h)	1st Lien Revolver	S+	4.75%	8.48%	7/31/2025	8/2/2032		761,801		738,712			759,897
HR Green	(g)(h)	1st Lien DDTL	S+	5.25%	8.98%	4/1/2026	1/28/2030		—		(27,660	)		—
Legacy Service Partners	(g)(h)	1st Lien Revolver	S+	4.50%	8.23%	11/7/2025	11/10/2031		—		(731	)		—
Legacy Service Partners	(g)(h)	1st Lien DDTL	S+	4.50%	8.23%	11/10/2025	11/10/2031		26,369		23,282			26,171
Lindsay Precast	(g)(h)	1st Lien DDTL	S+	4.75%	8.48%	5/22/2025	12/16/2032		—		(6,762	)		—
Lindsay Precast	(g)(h)	1st Lien Revolver	S+	4.75%	8.48%	12/15/2025	12/16/2032		—		(12,304	)		—
Pond	(g)(h)	Unitranche Revolver	S+	4.50%	8.23%	4/24/2026	12/12/2032		55,263		51,681			54,849
Pond	(g)	Unitranche Term Loan	S+	5.00%	8.73%	4/24/2026	12/12/2032		2,493,750		2,470,382			2,475,047
Prime Electric	(g)(h)	Unitranche Revolver	S+	4.00%	7.73%	4/30/2026	12/31/2031		22,039		21,384			21,874
Prime Electric	(g)	Unitranche Term Loan	S+	5.00%	8.73%	4/2/2026	12/31/2031		997,500		978,114			990,019
RailPros	(g)(h)	Unitranche DDTL	S+	4.25%	7.98%	5/22/2025	5/24/2032		378,000		370,761			378,000
										$	4,599,076		$	4,705,857
Consumer Staples Distribution & Retail
Avita Pharmacy	(g)(h)	Unitranche Revolver	S+	5.00%	8.73%	11/4/2025	8/6/2030		—		(13,647	)		—
										$	(13,647	)	$	—

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

Audax Private Credit Fund, LLC

Consolidated Schedule of Investments (continued)

June 30, 2026

(Expressed in U.S. Dollars)

(unaudited)


Portfolio investments (a) (b) (c) (d) (e)	Footnote Reference	Investment Type	Index (^)	Spread	Interest Rate	Acquisition Date	Maturity Date	Par / Shares		Cost of Investment			Fair Value of Investment
Audax Private Credit Fund, LLC (n) (continued)
BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS (m) (continued)
Containers & Packaging
Novvia Group	(g)(h)	Unitranche Revolver	S+	5.25%	8.98%	6/13/2025	1/31/2031		249,682		244,269			249,682
Precision Concepts	(g)(h)	Unitranche Revolver	S+	4.75%	8.48%	7/31/2025	8/2/2032		115,288		109,863			115,288
										$	354,132		$	364,970
Diversified Consumer Services
Aptive Environmental	(g)(h)	1st Lien DDTL	S+	4.75%	8.48%	10/15/2025	10/15/2032		—		(1,980	)		—
Aptive Environmental	(g)(h)	1st Lien Revolver	S+	4.75%	8.48%	10/15/2025	10/15/2032		136,434		128,770			135,752
Heritage Partners	(l)	1st Lien Term Loan	S+	0.00%	3.54% PIK	7/9/2025	9/29/2028		2,037,023		2,037,023			2,037,023
Southeast Lineman Training Center	(g)(h)	1st Lien DDTL	S+	5.00%	8.73%	12/22/2025	1/3/2030		—		(59,681	)		—
Super-Sod	(g)(h)	1st Lien Revolver	S+	4.75%	8.48%	2/27/2026	3/10/2032		—		(13,879	)		—
										$	2,090,253		$	2,172,775
Electrical Equipment
Industrial Electric Manufacturing	(h)	1st Lien DDTL	S+	4.75%	8.48%	12/3/2025	12/3/2031		—		(2,690	)		—
TryStar	(h)	1st Lien Revolver	S+	4.25%	7.98%	1/6/2026	8/6/2031		—		(6,046	)		—
TryStar	(h)	1st Lien DDTL	S+	4.25%	7.98%	1/5/2026	8/6/2031		—		(11,985	)		—
										$	(20,721	)	$	—
Electronic Equipment, Instruments & Components
TRG Solutions	(h)	Unitranche Revolver	S+	4.50%	8.23%	1/5/2026	1/5/2032		120,000		106,234			119,133
TRG Solutions	(h)	Unitranche DDTL	S+	4.50%	8.23%	1/5/2026	1/5/2032		336,000		323,169			333,574
										$	429,403		$	452,707
Energy Equipment & Services
Allied Power Group	(g)(h)	Unitranche DDTL	S+	5.00%	8.73%	4/3/2026	5/16/2030		—		(3,212	)		—
Allied Power Group	(g)	Unitranche Term Loan	S+	5.00%	8.73%	4/3/2026	5/16/2030		821,250		813,347			821,250
										$	810,135		$	821,250
Financial Services
Aprio	(g)(h)	1st Lien DDTL	S+	4.75%	8.48%	12/23/2025	8/1/2031		168,290		156,237			166,607
Ascend Partner Services	(g)(h)	1st Lien DDTL	S+	4.50%	8.23%	8/7/2025	8/11/2031		5,418,966		5,366,560			5,351,229

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

Audax Private Credit Fund, LLC

Consolidated Schedule of Investments (continued)

June 30, 2026

(Expressed in U.S. Dollars)

(unaudited)


Portfolio investments (a) (b) (c) (d) (e)	Footnote Reference	Investment Type	Index (^)	Spread	Interest Rate	Acquisition Date	Maturity Date	Par / Shares		Cost of Investment			Fair Value of Investment
Audax Private Credit Fund, LLC (n) (continued)
BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS (m) (continued)
Financial Services (continued)
Crowe	(g)(k)	1st Lien Term Loan	S+	5.50%	9.23%	5/13/2026	5/31/2033		1,500,000		1,485,000			1,485,000
Embark	(g)(h)	1st Lien Revolver	S+	4.50%	8.23%	9/2/2025	9/2/2032		—		(7,982	)		—
Embark	(g)(h)	1st Lien DDTL	S+	4.50%	8.23%	9/2/2025	9/2/2032		2,513,700		2,485,198			2,501,132
Frazier & Deeter	(g)(h)	1st Lien DDTL	S+	4.50%	8.23%	2/19/2026	5/3/2032		1,295,000		1,286,407			1,291,763
Merchant Industry & Valor PayTech	(g)(h)	1st Lien Revolver	S+	4.75%	8.48%	9/19/2025	9/19/2031		—		(4,397	)		—
Merchant Industry & Valor PayTech	(g)(h)	1st Lien DDTL	S+	4.75%	8.48%	9/19/2025	9/19/2031		638,195		627,458			638,195
										$	11,394,481		$	11,433,926
Food Products
MBC Companies	(g)(h)(k)	1st Lien Revolver	S+	3.50%	7.23%	5/8/2026	7/7/2028		—		(463	)		—
										$	(463	)	$	—
Health Care Equipment & Supplies
Alcresta	(g)(h)	Unitranche Revolver	S+	5.25%	8.98%	12/4/2025	3/12/2031		104,794		100,752			104,794
Alcresta	(g)(h)	1st Lien DDTL	S+	5.25%	8.98%	12/4/2025	3/12/2031		1,703,651		1,661,869			1,703,651
Dragonfly Health	(g)(h)(k)	1st Lien Revolver	S+	4.75%	8.48%	6/30/2026	6/30/2033		—		(9,615	)		—
Dragonfly Health	(g)(k)	1st Lien Term Loan	S+	4.75%	8.48%	6/30/2026	6/30/2033		4,000,000		3,960,000			3,960,000
Dragonfly Health	(g)(h)(k)	1st Lien DDTL	S+	4.75%	8.48%	6/30/2026	6/30/2033		—		(9,615	)		—
Visor Buyer, Inc.	(l)	1st Lien Term Loan	S+	6.50%	10.23%	12/15/2025	12/15/2031		3,262,654		3,262,654			3,262,654
										$	8,966,045		$	9,031,099
Health Care Providers & Services
Accurate Neuromonitoring	(g)(h)	Unitranche DDTL	S+	5.50%	9.23%	3/13/2026	3/13/2031		—		(6,050	)		—
Accurate Neuromonitoring	(g)(h)	Unitranche Revolver	S+	5.50%	9.23%	3/13/2026	3/13/2031		72,727		64,691			72,545
Accurate Neuromonitoring	(g)	Unitranche Term Loan	S+	5.50%	9.23%	3/13/2026	3/13/2031		2,468,750		2,426,597			2,462,578
AIS Healthcare	(g)(h)(k)	1st Lien Revolver	S+	5.00%	8.73%	6/2/2026	6/4/2032		79,223		67,140			78,035
AIS Healthcare	(g)(k)	1st Lien Term Loan	S+	5.00%	8.73%	6/2/2026	6/4/2032		4,000,000		3,940,903			3,940,000
AIS Healthcare	(g)(h)(k)	1st Lien DDTL	S+	5.00%	8.73%	6/2/2026	6/4/2032		—		(25,899	)		—
APT Healthcare	(g)(h)	Unitranche DDTL	S+	4.50%	8.23%	9/30/2025	9/30/2031		—		(6,298	)		—
APT Healthcare	(g)(h)	Unitranche Revolver	S+	4.50%	8.23%	9/30/2025	9/30/2031		—		(12,281	)		—

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

Audax Private Credit Fund, LLC

Consolidated Schedule of Investments (continued)

June 30, 2026

(Expressed in U.S. Dollars)

(unaudited)


Portfolio investments (a) (b) (c) (d) (e)	Footnote Reference	Investment Type	Index (^)	Spread	Interest Rate	Acquisition Date	Maturity Date	Par / Shares		Cost of Investment			Fair Value of Investment
Audax Private Credit Fund, LLC (n) (continued)
BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS (m) (continued)
Health Care Providers & Services (continued)
Clearway Pain Solutions	(g)(h)	1st Lien Revolver	S+	5.50%	9.23%	9/22/2025	8/30/2030		342,602		319,733			338,748
Clearway Pain Solutions	(g)(h)	1st Lien DDTL	S+	5.50%	9.23%	9/22/2025	8/30/2030		978,272		953,603			967,267
Cornerstone Caregiving	(g)(h)	1st Lien Revolver	S+	4.75%	8.48%	3/25/2026	4/1/2032		—		(5,903	)		—
Cornerstone Caregiving	(g)	1st Lien Term Loan	S+	4.75%	8.48%	3/25/2026	4/1/2032		2,500,000		2,475,953			2,481,250
CuraLinc Healthcare	(g)	1st Lien Term Loan	S+	4.50%	8.23%	3/31/2026	8/1/2030		2,992,500		2,950,186			2,992,500
Dane Street	(g)(h)	1st Lien DDTL	S+	4.50%	8.23%	3/24/2026	3/28/2033		—		(11,708	)		—
Dane Street	(g)(h)	1st Lien Revolver	S+	4.50%	8.23%	3/24/2026	3/28/2033		—		(10,888	)		—
Dane Street	(g)	1st Lien Term Loan	S+	4.50%	8.23%	3/24/2026	3/28/2033		2,000,000		1,980,238			1,986,121
EyeSouth Partners	(g)	Unitranche DDTL	S+	5.75%	9.48%	4/29/2026	10/5/2029		3,989,762		3,909,967			3,949,864
MB2 Dental Solutions	(g)(h)	Unitranche DDTL	S+	5.50%	9.23%	3/4/2026	2/13/2031		987,096		965,723			984,628
OB Hospitalist Group 2026	(g)(h)(k)	1st Lien Revolver	S+	5.50%	9.23%	6/2/2026	1/31/2031		123,552		114,190			122,316
OB Hospitalist Group 2026	(g)(k)	1st Lien Term Loan	S+	5.50%	9.23%	6/2/2026	1/31/2031		3,990,000		3,950,591			3,950,100
Riccobene Associates Family Dentistry	(g)(h)	1st Lien Revolver	S+	4.75%	8.48%	6/6/2025	10/31/2030		—		(8,580	)		—
Riccobene Associates Family Dentistry	(g)(h)	1st Lien DDTL	S+	4.75%	8.48%	6/6/2025	10/31/2030		1,943,495		1,894,289			1,943,495
Sequel Ortho (fka OrthoNebraska)	(g)(h)	Unitranche Revolver	S+	5.00%	8.73%	10/10/2024	7/31/2028		28,571		26,414			28,571
Specialized Dental	(g)(h)	1st Lien Revolver	S+	4.50%	8.23%	10/30/2025	11/1/2028		—		(4,721	)		—
Specialized Dental	(g)(h)	1st Lien DDTL	S+	4.50%	8.23%	10/30/2025	11/1/2028		—		(15,565	)		—
Summit Spine & Joint Centers	(g)(h)	Unitranche DDTL	S+	4.75%	8.48%	6/13/2025	3/25/2031		1,287,687		1,256,359			1,287,687
Summit Spine & Joint Centers	(g)(h)	Unitranche Revolver	S+	4.75%	8.48%	6/13/2025	3/25/2031		265,112		241,608			265,112
										$	27,430,292		$	27,850,817
Health Care Technology
AGS Health	(g)(h)	Unitranche Revolver	S+	4.50%	8.23%	7/31/2025	8/2/2032		—		(1,362	)		—
AGS Health	(g)(h)	Unitranche DDTL	S+	4.50%	8.23%	4/1/2026	8/2/2032		—		(1,270	)		—
AGS Health	(g)(h)	Unitranche DDTL	S+	4.50%	8.23%	7/31/2025	8/2/2032		—		(698	)		—

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

Audax Private Credit Fund, LLC

Consolidated Schedule of Investments (continued)

June 30, 2026

(Expressed in U.S. Dollars)

(unaudited)


Portfolio investments (a) (b) (c) (d) (e)	Footnote Reference	Investment Type	Index (^)	Spread	Interest Rate	Acquisition Date	Maturity Date	Par / Shares		Cost of Investment			Fair Value of Investment
Audax Private Credit Fund, LLC (n) (continued)
BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS (m) (continued)
Health Care Technology (continued)
Avalon	(g)(h)	1st Lien Revolver	S+	4.50%	8.23%	12/31/2025	12/31/2031		—		(13,740	)		—
VaxCare	(g)(h)	Unitranche Revolver	S+	4.50%	8.23%	6/16/2025	6/17/2032		126,667		120,930			126,666
										$	103,860		$	126,666
Insurance
EPIC Insurance 2021	(g)(h)	Unitranche DDTL	S+	4.50%	8.23%	2/18/2026	9/29/2028		—		(8,802	)		—
										$	(8,802	)	$	—
Internet Software & Services
Argano	(g)(h)	1st Lien DDTL	S+	5.50%	9.23%	12/3/2025	9/13/2029		1,972,673		1,932,558			1,957,878
Dun & Bradstreet	(g)(h)	Unitranche Revolver	S+	5.50%	9.23%	8/26/2025	8/26/2032		90,000		85,599			89,775
Network Connex	(g)(k)	1st Lien Term Loan	S+	4.25%	7.98%	6/12/2026	7/1/2033		4,000,000		3,960,000			3,960,000
										$	5,978,157		$	6,007,653
IT Services
Accion Labs	(g)(k)	1st Lien Term Loan	S+	4.75%	8.48%	6/29/2026	5/23/2029		2,000,000		1,980,000			1,980,000
Centre Technologies	(g)(h)(k)	1st Lien Revolver	S+	4.75%	8.48%	6/18/2026	6/22/2033		—		(4,683	)		—
Centre Technologies	(g)(k)	1st Lien Term Loan	S+	4.75%	8.48%	6/18/2026	6/22/2033		1,500,000		1,485,014			1,485,000
Centre Technologies	(g)(h)(k)	1st Lien DDTL	S+	4.75%	8.48%	6/18/2026	6/22/2033		—		(4,605	)		—
Med Tech Solutions	(g)(h)	Unitranche DDTL	S+	5.25%	8.98%	6/3/2025	6/3/2032		—		(23,287	)		—
Med Tech Solutions	(g)(h)	Unitranche Revolver	S+	5.25%	8.98%	6/3/2025	6/3/2032		—		(13,741	)		—
VC3	(g)(h)	Unitranche DDTL	S+	5.00%	8.73%	12/22/2025	3/12/2029		—		(103,127	)		—
										$	3,315,571		$	3,465,000
Leisure Products
PlayPower 2025	(g)(h)	Unitranche Revolver	S+	5.50%	9.23%	7/25/2025	10/29/2030		198,923		183,860			196,685
										$	183,860		$	196,685
Life Sciences Tools & Services
TechData	(g)(h)(k)	1st Lien DDTL	S+	5.00%	8.73%	6/22/2026	6/23/2032		—		(11,638	)		—
TechData	(g)(h)(k)	1st Lien Revolver	S+	5.00%	8.73%	6/22/2026	7/1/2032		—		(6,207	)		—
TechData	(g)(h)(k)	1st Lien Term Loan	S+	5.00%	8.73%	6/22/2026	7/1/2032		—		(30,000	)		—
										$	(47,845	)	$	—

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

Audax Private Credit Fund, LLC

Consolidated Schedule of Investments (continued)

June 30, 2026

(Expressed in U.S. Dollars)

(unaudited)


Portfolio investments (a) (b) (c) (d) (e)	Footnote Reference	Investment Type	Index (^)	Spread	Interest Rate	Acquisition Date	Maturity Date	Par / Shares		Cost of Investment			Fair Value of Investment
Audax Private Credit Fund, LLC (n) (continued)
BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS (m) (continued)
Machinery
80/20	(g)(h)	Unitranche Revolver	S+	4.50%	8.23%	12/12/2025	12/13/2032		—		(10,594	)		—
80/20	(g)(h)	Unitranche DDTL	S+	4.50%	8.23%	12/12/2025	12/13/2032		—		(8,571	)		—
Voeller Mixers	(g)(h)	1st Lien Revolver	S+	4.75%	8.48%	11/25/2025	11/25/2032		271,318		259,537			265,213
Voeller Mixers	(g)(h)	1st Lien DDTL	S+	4.75%	8.48%	11/25/2025	11/25/2032		—		(7,737	)		—
										$	232,635		$	265,213
Media
Encore	(g)(h)	1st Lien Revolver	S+	5.00%	8.73%	3/17/2026	12/5/2029		75,905		45,508			75,716
Encore	(g)	1st Lien Term Loan	S+	5.00%	8.73%	3/17/2026	12/5/2031		1,984,912		1,888,067			1,979,950
Klick Health	(g)(h)(i)(k)	Unitranche DDTL	S+	5.00%	8.73%	6/17/2026	11/5/2032		—		(10,164	)		—
Klick Health	(g)(i)(k)	Unitranche Term Loan	S+	5.00%	8.73%	6/17/2026	11/5/2032		2,000,000		1,990,079			1,990,000
										$	3,913,490		$	4,045,666
Metals & Mining
Forged Solutions	(g)(i)(k)	1st Lien Term Loan	S+	4.75%	8.48%	2/27/2026	2/25/2033		1,500,000		1,485,327			1,485,000
Forged Solutions	(g)(h)(i)(k)	1st Lien Revolver	S+	4.75%	8.48%	2/27/2026	2/25/2033		—		(7,943	)		—
										$	1,477,384		$	1,485,000
Professional Services
Corestream	(g)(h)(k)	1st Lien Revolver	S+	5.00%	8.73%	6/30/2026	6/27/2033		—		(7,515	)		—
Prime Pensions	(g)(h)	Unitranche DDTL	S+	4.75%	8.48%	10/10/2024	2/26/2030		1,770,595		1,727,596			1,770,595
Proceed	(g)(h)	Unitranche DDTL	S+	4.50%	8.23%	3/31/2026	3/31/2032		125,000		114,255			124,375
Proceed	(g)(h)	Unitranche Revolver	S+	4.50%	8.23%	3/31/2026	3/31/2032		—		(2,005	)		—
Proceed	(g)	Unitranche Term Loan	S+	4.50%	8.23%	3/31/2026	3/31/2032		1,496,250		1,481,886			1,488,769
Repario	(g)(k)	1st Lien Term Loan	S+	5.25%	8.98%	6/2/2026	6/4/2032		1,000,000		980,131			980,000
										$	4,294,348		$	4,363,739
Software
AIA Contract Documents	(g)(h)	1st Lien Revolver	S+	4.75%	8.48%	7/2/2025	7/2/2031		—		(11,416	)		—
FMG Suite	(g)(h)	Unitranche DDTL	S+	4.50%	8.23%	9/9/2025	9/9/2032		—		(7,818	)		—
FMG Suite	(g)(h)	Unitranche Revolver	S+	4.50%	8.23%	9/9/2025	9/9/2032		—		(9,053	)		—
Mitratech	(g)(h)	Unitranche DDTL	S+	4.75%	8.48%	12/2/2025	12/2/2031		—		(1,119	)		—
Mitratech	(g)(h)	Unitranche Revolver	S+	4.75%	8.48%	12/2/2025	12/2/2031		—		(1,664	)		—

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

Audax Private Credit Fund, LLC

Consolidated Schedule of Investments (continued)

June 30, 2026

(Expressed in U.S. Dollars)

(unaudited)


Portfolio investments (a) (b) (c) (d) (e)	Footnote Reference	Investment Type	Index (^)	Spread	Interest Rate	Acquisition Date	Maturity Date	Par / Shares		Cost of Investment			Fair Value of Investment
Audax Private Credit Fund, LLC (n) (continued)
BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS (m) (continued)
Software (continued)
PayByPhone	(g)(i)	Unitranche Term Loan	S+	4.75%	8.48%	3/31/2026	3/31/2033		2,992,500		2,963,590			2,970,842
PayByPhone	(g)(h)(i)	Unitranche DDTL	S+	4.75%	8.48%	6/2/2025	3/31/2033		—		(12,853	)		—
PayByPhone	(g)(h)(i)	Unitranche Revolver	S+	4.75%	8.48%	9/9/2025	3/31/2033		—		(16,077	)		—
PKWARE	(g)(h)	Unitranche Revolver	S+	4.50%	8.23%	6/2/2025	6/3/2030		—		(17,854	)		—
Unison Global	(g)(h)	Unitranche DDTL	S+	5.00%	8.73%	10/10/2024	9/19/2028		604,646		603,071			601,623
										$	3,488,807		$	3,572,465
Trading Companies & Distributors
Apex Service Partners	(g)(h)	1st Lien DDTL	S+	4.75%	8.40%	11/21/2025	10/24/2030		1,159,091		1,140,558			1,156,193
EIS	(g)(h)(k)	1st Lien DDTL	S+	4.50%	8.23%	5/18/2026	11/5/2031		—		(17,141	)		—
Levata	(g)(h)	1st Lien DDTL	S+	5.00%	8.73%	8/20/2025	12/21/2027		—		(3,811	)		—
R.F. Fager	(g)(h)	1st Lien DDTL	S+	5.00%	8.73%	5/22/2025	3/4/2030		712,834		703,628			707,487
Radwell	(g)(h)	Unitranche DDTL	S+	4.75%	8.48%	3/9/2026	4/1/2030		171,000		143,138			170,145
SupplyHouse	(g)(h)	1st Lien Revolver	S+	4.00%	7.73%	7/1/2025	7/1/2032		—		(5,366	)		—
										$	1,961,006		$	2,033,825
Water Utilities
Scruggs Company	(g)(k)	1st Lien Term Loan	S+	5.00%	8.73%	4/23/2026	4/23/2032		1,500,000		1,485,000			1,485,000
Scruggs Company	(g)(h)(k)	1st Lien DDTL	S+	5.00%	8.73%	4/23/2026	4/23/2032		—		(8,161	)		—
Scruggs Company	(g)(h)(k)	1st Lien Revolver	S+	5.00%	8.73%	4/23/2026	4/23/2032		—		(6,533	)		—
USG Water Solutions	(g)(h)(k)	1st Lien Revolver	S+	4.75%	8.48%	5/29/2026	5/20/2032		95,292		86,447			94,339
USG Water Solutions	(g)(h)(k)	1st Lien DDTL	S+	4.75%	8.48%	5/29/2026	5/20/2032		—		(5,549	)		—
USG Water Solutions	(g)(k)	1st Lien Term Loan	S+	4.75%	8.48%	5/29/2026	5/29/2033		2,500,000		2,475,339			2,475,000
Vessco Water	(g)(h)	Unitranche Revolver	S+	4.50%	8.23%	11/3/2025	7/24/2031		—		(2,588	)		—
Vessco Water	(g)(h)	Unitranche DDTL	S+	4.50%	8.23%	11/3/2025	7/24/2031		—		(7,174	)		—
										$	4,016,781		$	4,054,339

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

Audax Private Credit Fund, LLC

Consolidated Schedule of Investments (continued)

June 30, 2026

(Expressed in U.S. Dollars)

(unaudited)


Portfolio investments (a) (b) (c) (d) (e)	Footnote Reference	Investment Type	Index (^)	Spread	Interest Rate	Acquisition Date	Maturity Date	Par / Shares		Cost of Investment		Fair Value of Investment
Audax Private Credit Fund, LLC (n) (continued)
BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS (m) (continued)
Commercial Services & Supplies
Certified Collision Group	(j)	Class A Units				12/30/2025			774		774,031		408,235
Eagle Fire	(j)	Units				7/14/2025			833,333		833,333		618,862
										$	1,607,364	$	1,027,097
COMMON EQUITY AND PREFERRED SHARES: NON-CONTROL/NON-AFFILIATE INVESTMENTS
Diversified Consumer Services
Super-Sod	(j)	Class A Units				2/23/2026			120,000		120,000		120,000
										$	120,000	$	120,000
Electronic Equipment, Instruments & Components
TRG Solutions	(j)	Class A Units				1/5/2026			120,000		120,000		120,000
										$	120,000	$	120,000
Financial Services
Embark	(j)	Common Units				9/2/2025			100,931		100,931		104,166
										$	100,931	$	104,166
Health Care Equipment & Supplies
Visor Buyer, Inc.	(j)(l)	Class A-1 Common Stock				12/15/2025			4,522,621		4,522,622		2,046,302
										$	4,522,622	$	2,046,302
IT Services
Med Tech Solutions	(j)	Class A Units				6/3/2025			183,293		183,293		170,181
										$	183,293	$	170,181
Life Sciences Tools & Services
TechData	(j)	Class A Common Stock				6/30/2026			90,000		90,000		90,000
										$	90,000	$	90,000
Machinery
80/20	(j)	Class A Units				12/11/2025			90,000		90,000		90,000
										$	90,000	$	90,000
Software
PayByPhone	(i)(j)	LP Interests				4/28/2026			130,000		130,944		130,000
										$	130,944	$	130,000
				Total Audax Private Credit Fund, LLC						$	124,254,439	$	123,058,537

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

Audax Private Credit Fund, LLC

Consolidated Schedule of Investments (continued)

June 30, 2026

(Expressed in U.S. Dollars)

(unaudited)


Portfolio investments (a) (b) (c) (d) (e)	Footnote Reference	Investment Type	Index (^)	Spread	Interest Rate	Acquisition Date	Maturity Date	Par / Shares		Cost of Investment		Fair Value of Investment
APCF Equity, LLC
COMMON EQUITY AND PREFERRED SHARES: NON-CONTROL/NON-AFFILIATE INVESTMENTS
Commercial Services & Supplies
Beacon Communications	(j)	Common Units				4/1/2026			37,500	$	37,500	$	37,500
Industrial Service Group	(j)	Class A Units				10/10/2024			622		1,058,917		1,021,232
Industrial Service Group	(j)	Class A-1 Units				3/10/2025			39		56,373		51,126
O6 Environmental	(j)	Common Units				8/5/2025			448		448,009		617,121
Russell Landscape Group	(j)	Class A Units				10/10/2024			5,528		552,762		749,988
										$	2,153,561	$	2,476,967
Construction & Engineering
Gallo Mechanical	(j)	Units				7/31/2025			840,000		830,186		907,145
										$	830,186	$	907,145
Containers & Packaging
Novvia Group	(j)	Common Units				10/10/2024			28,290		650,105		513,399
										$	650,105	$	513,399
Diversified Consumer Services
Heritage Partners	(j)(l)	Merger Units				7/9/2025			196		196		—
Kalkomey	(j)	Class A Units				10/10/2024			116,815		1,168,155		1,228,493
										$	1,168,351	$	1,228,493
Financial Services
Merchant Industry & Valor PayTech	(j)	Class A Units				9/19/2025			1,500		150,000		141,383
										$	150,000	$	141,383
Health Care Providers & Services
Accurate Neuromonitoring	(j)	Common Units				5/1/2026			400,000		400,000		813,746
APT Healthcare	(j)	Class A-5 Common Units				9/30/2025			74,211		100,000		184,209
Dane Street	(j)	Class A Units				3/24/2026			90		90,000		90,000
Sequel Ortho (fka OrthoNebraska)	(j)	LP Interests				10/10/2024			34,285		328,148		506,450
										$	918,148	$	1,594,405
Health Care Technology
Avalon	(j)	Class A-1 Units				12/31/2025			90,000		90,000		87,709
										$	90,000	$	87,709
Hotels, Restaurants & Leisure
Taymax Group	(j)	Class A Units				10/10/2024			12,729		2,543,229		2,793,829
										$	2,543,229	$	2,793,829

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

Audax Private Credit Fund, LLC

Consolidated Schedule of Investments (continued)

June 30, 2026

(Expressed in U.S. Dollars)

(unaudited)


Portfolio investments (a) (b) (c) (d) (e)	Footnote Reference	Investment Type	Index (^)	Spread	Interest Rate	Acquisition Date	Maturity Date	Par / Shares		Cost of Investment		Fair Value of Investment
APCF Equity, LLC (continued)
COMMON EQUITY AND PREFERRED SHARES: NON-CONTROL/NON-AFFILIATE INVESTMENTS (continued)
Professional Services
Cast & Crew (fka Backstage)	(j)	Class A-3 Units				10/10/2024			5,801		406,596		2,193,338
Cherry Bekaert	(j)	Class A Units				10/10/2024			618,019		777,055		1,656,902
Prime Pensions		LP Interests				10/10/2024			668,564		611,258		606,313
Magna Legal Services	(j)	Class A Units				10/10/2024			14,607		1,577,591		2,439,066
										$	3,372,500	$	6,895,619
Water Utilities
Scruggs Company	(j)	Class A-1 Units				4/23/2026			30,000		30,000		30,000
										$	30,000	$	30,000
				Total APCF Equity, LLC							11,906,080		16,668,949
				Total Portfolio Investments						$	1,138,190,995	$	1,127,505,656

(^) Unless otherwise noted, the majority of investments contain a variable interest rate structure that may be determined by reference to Secured Overnight Financing Rate (“SOFR” or “S”) or Applicable Federal Rate (“AFR”).

(a)

All securities represent investments in companies based in the United States of America, unless otherwise noted. All of these investments are subject to restrictions as to their resale or transfer.

(b)

Unless otherwise indicated, all investments are non-controlled, non-affiliated investments. Non-controlled, non-affiliated investments are defined as investments in which the Audax Private Credit Fund, LLC (the “Fund”) owns less than 5% of the portfolio company’s outstanding voting securities and does not have the power to exercise control over the management or policies of such portfolio company.

(c)

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

(d)

Unless indicated otherwise, all investments are valued using Level 3 inputs within the Financial Accounting Standards Board (“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.

(e)

At June 30, 2026, the cost of investments for income tax purposes was $1,138,190,995, the gross unrealized depreciation for federal tax purposes was $38,233,116, the gross unrealized appreciation for federal income tax purposes was $27,547,777, and the net unrealized depreciation was $10,685,339.

(f)

Investments within APCF SPV I, LLC are pledged as collateral to the Leverage Facility. Refer to Note 8 — Commitments and Contingencies in the accompanying Notes to Consolidated Financial Statements for additional information.

(g)

Includes a portion of original issue discount and payment-in-kind, where applicable. The interest rate shown was the current rate as of June 30, 2026 and changes periodically.

(h)

Position or portion thereof is an unfunded loan commitment. The unfunded loan commitment may be subject to a commitment termination date that may expire prior to the maturity date stated. The negative cost, if applicable, is the result of the capitalized discount being greater than the principal amount outstanding on the loan. Refer to Note 8 — Commitments and Contingencies in the accompanying Notes to Consolidated Financial Statements for additional information.

(i)

The company headquarters for Allyant, Klick Health and PayByPhone are located in Canada and the company headquarters for Forged Solutions is located in the United Kingdom.

(j)

Investments are non-income producing.

(k)

Investment was valued at 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 provisions of the Investment Company Act of 1940, as amended (the “Investment Company Act”) classify investments further based on the level of ownership that the Fund maintains in a particular portfolio company. As defined in the Investment Company Act, a company is generally deemed as “non-affiliated” when the Fund owns less than 5% of a portfolio company’s outstanding voting securities and “affiliated” when the Fund owns 5% or more of a portfolio company’s outstanding voting securities. The Fund classifies this investment as “affiliated”.

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

Audax Private Credit Fund, LLC

Consolidated Schedule of Investments (continued)

June 30, 2026

(Expressed in U.S. Dollars)

(unaudited)

The following table presents the Consolidated Schedule of Investments of the affiliates as of June 30, 2026:


Portfolio Company(1)	Investment Type	Amount of dividends and interest included in income		Beginning Fair Value at December 31, 2025		Gross additions (2)		Gross reductions (3)			Change in Unrealized Gain			Fair Value at June 30, 2026
Heritage Partners	Bank Loans	$	2,456	$	7,436,139	$	—	$	—		$	(788,497	)	$	6,647,642
Heritage Partners	Bank Loans		—		3,502,190		—		—			(371,357	)		3,130,833
Heritage Partners	Bank Loans		1,798		1,431,022		1,798		—			(153,537	)		1,279,283
Heritage Partners	Bank Loans		72,081		1,964,942		72,081		—			—			2,037,023
Visor Buyer, Inc.	Bank Loans		170,696		3,276,299		—		(13,645	)		—			3,262,654
Heritage Partners	Common Equity and Preferred Shares		—		—		—		—			—			—
Visor Buyer, Inc.	Common Equity and Preferred Shares		—		3,111,242		—		—			(1,064,940	)		2,046,302
Total Affiliated investments		$	247,031	$	20,721,834	$	73,879	$	(13,645	)	$	(2,378,331	)	$	18,403,737

(1)

The principal/share amount and ownership detail are shown in the Consolidated Schedule of Investments.

(2)

Gross additions include increases in the cost basis of investments resulting from new portfolio investments, PIK interest or dividends, the amortization of unearned income, the exchange of one or more existing securities for one or more new securities, and the movement of an existing portfolio company into this category from a different category.

(3)

Gross reductions include decreases in the cost basis of investments resulting from principal collections related to investment repayments or sales, the exchange of one or more existing securities for one or more new securities, and the movement of an existing portfolio company out of this category into a different category.

(m)

All investments are income producing, unless otherwise noted.

(n)

Investments within the Fund are pledged as collateral to the Credit Facility. Refer to Note 8 — Commitments and Contingencies in the accompanying Notes to Consolidated Financial Statements for additional information.

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

Audax Private Credit Fund, LLC

Consolidated Schedule of Investments (continued)

June 30, 2026

(Expressed in U.S. Dollars)

(unaudited)

The following shows the composition of the Fund’s portfolio at fair value by investment type and industry as of June 30, 2026:


Industry	Bank Loans Fair Value		% of NAV			Common and Preferred Equity Fair Value		% of NAV			Total Fair Value		% of Total Investments at Fair Value
Aerospace & Defense	$	14,845,082		2.6	%	$	6,100,943		1.1	%	$	20,946,025		1.9	%
Air Freight & Logistics		4,814,187		0.9	%		—		0.0	%		4,814,187		0.4	%
Automobile Components		923,035		0.2	%		—		0.0	%		923,035		0.1	%
Building Products		9,224,175		1.6	%		—		0.0	%		9,224,175		0.8	%
Capital Markets		48,289,545		8.6	%		—		0.0	%		48,289,545		4.3	%
Chemicals		3,927,806		0.7	%		—		0.0	%		3,927,806		0.4	%
Commercial Services & Supplies		116,678,069		20.7	%		6,327,155		1.1	%		123,005,224		10.9	%
Communications Equipment		4,831,676		0.9	%		—		0.0	%		4,831,676		0.4	%
Construction & Engineering		75,877,624		13.5	%		4,470,698		0.8	%		80,348,322		7.1	%
Consumer Staples Distribution & Retail		14,024,788		2.5	%		5,380,653		1.0	%		19,405,441		1.7	%
Containers & Packaging		17,627,949		3.1	%		513,399		0.1	%		18,141,348		1.6	%
Diversified Consumer Services		63,991,735		11.4	%		1,348,493		0.2	%		65,340,228		5.8	%
Electrical Equipment		7,093,168		1.3	%		—		0.0	%		7,093,168		0.6	%
Electronic Equipment, Instruments & Components		8,494,226		1.5	%		120,000		0.0	%		8,614,226		0.8	%
Energy Equipment & Services		9,992,699		1.8	%		1,286,214		0.2	%		11,278,913		1.0	%
Financial Services		34,898,499		6.2	%		245,549		0.0	%		35,144,048		3.1	%
Food Products		10,356,411		1.8	%		221,771		0.0	%		10,578,182		0.9	%
Health Care Equipment & Supplies		40,790,500		7.2	%		2,957,723		0.5	%		43,748,223		3.9	%
Health Care Providers & Services		138,272,391		24.6	%		4,245,574		0.8	%		142,517,965		12.6	%
Health Care Technology		15,973,640		2.8	%		87,709		0.0	%		16,061,349		1.4	%
Hotels, Restaurants & Leisure		32,217,373		5.7	%		2,793,829		0.5	%		35,011,202		3.1	%
Insurance		24,885,012		4.4	%		1,859,086		0.3	%		26,744,098		2.4	%
Interactive Media & Services		9,357,797		1.7	%		—		0.0	%		9,357,797		0.8	%
Internet Software & Services		22,949,891		4.1	%		1,200,434		0.2	%		24,150,325		2.2	%
IT Services		24,746,991		4.4	%		1,053,136		0.2	%		25,800,127		2.3	%
Leisure Products		14,105,738		2.5	%		—		0.0	%		14,105,738		1.3	%
Life Sciences Tools & Services		8,910,000		1.6	%		90,000		0.0	%		9,000,000		0.8	%
Machinery		22,652,402		4.0	%		90,000		0.0	%		22,742,402		2.0	%
Media		10,282,249		1.8	%		—		0.0	%		10,282,249		0.9	%
Metals & Mining		10,065,000		1.8	%		—		0.0	%		10,065,000		0.9	%
Oil, Gas & Consumable Fuels		837,745		0.1	%		—		0.0	%		837,745		0.1	%
Personal Care Products		4,948,437		0.9	%		—		0.0	%		4,948,437		0.4	%
Pharmaceuticals		7,960,000		1.5	%		—		0.0	%		7,960,000		0.7	%
Professional Services		97,502,486		17.3	%		17,036,215		3.0	%		114,538,701		10.2	%
Software		103,022,853		18.3	%		3,233,283		0.6	%		106,256,136		9.4	%
Trading Companies & Distributors		20,065,450		3.6	%		—		0.0	%		20,065,450		1.8	%
Water Utilities		11,377,163		2.0	%		30,000		0.0	%		11,407,163		1.0	%
Total	$	1,066,813,792		189.6	%	$	60,691,864		10.6	%	$	1,127,505,656		100.0	%

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

Audax Private Credit Fund, LLC

Consolidated Schedule of Investments

December 31, 2025

(Expressed in U.S. Dollars)


Portfolio investments (a) (b) (c) (d) (e)	Footnote Reference	Investment Type	Index (^)	Spread	Interest Rate	Acquisition Date	Maturity Date	Par / Shares		Cost of Investment			Fair Value of Investment
APCF SPV I, LLC (f)
BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS (m)
Aerospace & Defense
Blue Raven Solutions	(g)	1st Lien Term Loan	S+	8.00%	11.65%	10/10/2024	12/21/2026	$	10,598,296	$	10,598,015		$	10,598,296
Tronair 2025	(g)(k)	1st Lien Term Loan	S+	3.75%	7.40%	12/18/2025	12/22/2032		3,600,000		3,555,015			3,555,000
										$	14,153,030		$	14,153,296
Air Freight & Logistics
Magnate	(g)	1st Lien Term Loan	S+	5.50%	9.15%	2/19/2025	12/29/2028		4,950,000		4,869,281			4,875,750
										$	4,869,281		$	4,875,750
Automobile Components
Innovative XCessories & Services	(g)(h)(k)	1st Lien Term Loan	S+	5.50%	9.15%	9/17/2025	9/5/2029		3,337,945		3,277,020			3,338,646
										$	3,277,020		$	3,338,646
Building Products
Leaf Home	(g)	1st Lien Term Loan	S+	5.25%	8.90%	9/4/2025	9/4/2031		9,215,313		9,081,788			9,146,198
										$	9,081,788		$	9,146,198
Capital Markets
Beta+	(g)(k)	1st Lien Term Loan	S+	5.75%	9.40%	11/25/2025	7/2/2029		5,984,536		5,805,000			5,805,000
Cerity Partners		Unitranche Term Loan	S+	4.50%	8.15%	10/10/2024	7/28/2031		24,894,465		24,894,465			24,894,465
Steward Partners	(g)(h)	1st Lien DDTL	S+	4.75%	8.40%	6/13/2025	10/14/2028		1,392,500		1,339,685			1,389,019
										$	32,039,150		$	32,088,484
Chemicals
Shrieve	(g)	Unitranche Term Loan	S+	6.00%	9.65%	6/18/2025	10/30/2030		2,985,000		2,943,449			2,962,613
										$	2,943,449		$	2,962,613
Commercial Services & Supplies
Apex Companies	(g)(h)	1st Lien DDTL	S+	4.75%	8.40%	11/21/2025	1/31/2030		—		(4,839	)		—
Brown & Root	(g)(k)	1st Lien Term Loan	S+	5.00%	8.65%	10/3/2025	10/3/2030		6,107,143		6,022,989			6,015,536
Capital Consultants Management Corporation	(g)(h)	Unitranche DDTL	S+	4.75%	8.40%	7/8/2025	11/3/2031		4,768,281		4,712,691			4,768,281
Certified Collision Group	(g)(k)	Unitranche Term Loan	S+	4.50%	8.15%	12/30/2025	12/30/2032		8,646,209		8,559,775			8,559,747
Denali Water Solutions 2025	(g)	1st Lien Term Loan	S+	4.75%	8.40%	11/19/2025	11/19/2032		6,346,154		6,283,002			6,298,558
Eagle Fire	(g)	1st Lien Term Loan	S+	4.50%	8.15%	7/15/2025	7/15/2032		3,500,000		3,466,967			3,473,750

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

Audax Private Credit Fund, LLC

Consolidated Schedule of Investments (continued)

December 31, 2025

(Expressed in U.S. Dollars)


Portfolio investments (a) (b) (c) (d) (e)	Footnote Reference	Investment Type	Index (^)	Spread	Interest Rate	Acquisition Date	Maturity Date	Par / Shares		Cost of Investment			Fair Value of Investment
APCF SPV I, LLC (f) (continued)
BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS (m) (continued)
Commercial Services & Supplies (continued)
Eagle Fire	(g)(h)	1st Lien DDTL	S+	4.50%	8.15%	7/15/2025	7/15/2032		487,663		475,277			484,006
HeartLand	(g)	1st Lien Term Loan	S+	4.75%	8.40%	11/5/2025	12/12/2029		1,920,559		1,902,340			1,901,353
HeartLand	(g)(h)	1st Lien DDTL	S+	4.75%	8.40%	11/5/2025	12/12/2029		106,921		76,564			105,851
O6 Environmental	(g)	1st Lien Term Loan	S+	4.75%	8.40%	8/5/2025	8/5/2032		6,074,325		6,016,519			6,030,527
O6 Environmental	(g)(h)	1st Lien DDTL	S+	4.75%	8.40%	8/5/2025	8/5/2032		—		(8,745	)		—
Russell Landscape Group	(g)	1st Lien Term Loan	S+	5.50%	9.15%	10/10/2024	4/11/2030		4,256,769		4,166,920			4,256,769
Russell Landscape Group	(g)	1st Lien DDTL	S+	5.50%	9.15%	10/10/2024	4/11/2030		2,119,656		2,098,805			2,119,656
SavATree	(g)	Unitranche Term Loan	S+	5.00%	8.65%	10/10/2024	6/6/2031		11,049,644		10,948,865			10,994,396
SavATree	(g)(h)	Unitranche DDTL	S+	5.00%	8.65%	10/10/2024	6/6/2031		701,251		673,176			697,745
ScentAir	(g)	Unitranche Term Loan	S+	5.25%	8.90%	10/10/2024	1/26/2026		11,696,872		11,696,151			11,696,872
										$	67,086,457		$	67,403,047
Communications Equipment
Eastern Communications	(g)	1st Lien Term Loan	S+	5.00%	8.65%	11/4/2025	12/30/2030		4,987,406		4,940,034			4,974,937
										$	4,940,034		$	4,974,937
Construction & Engineering
A1 Garage Door Service		Unitranche Term Loan	S+	4.50%	8.15%	10/10/2024	12/22/2028		4,705,226		4,705,226			4,705,226
A1 Garage Door Service		Unitranche DDTL	S+	4.50%	8.15%	10/10/2024	12/22/2028		1,644,131		1,644,131			1,644,131
Cumming Group		Unitranche Term Loan	S+	4.75%	8.40%	10/10/2024	11/16/2027		23,027,651		23,027,651			23,027,651
Cumming Group	(g)(h)	Unitranche DDTL	S+	4.75%	8.40%	10/10/2024	11/16/2027		3,774,285		3,765,389			3,774,285
Gallo Mechanical	(g)	1st Lien Term Loan	S+	4.75%	8.40%	7/31/2025	8/2/2032		8,204,015		8,086,001			8,142,485

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

Audax Private Credit Fund, LLC

Consolidated Schedule of Investments (continued)

December 31, 2025

(Expressed in U.S. Dollars)


Portfolio investments (a) (b) (c) (d) (e)	Footnote Reference	Investment Type	Index (^)	Spread	Interest Rate	Acquisition Date	Maturity Date	Par / Shares		Cost of Investment			Fair Value of Investment
APCF SPV I, LLC (f) (continued)
BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS (m) (continued)
Construction & Engineering (continued)
Gallo Mechanical	(g)(h)	1st Lien DDTL	S+	4.75%	8.40%	7/31/2025	8/2/2032		—		(8,273	)		—
HR Green	(g)	1st Lien Term Loan	S+	5.50%	9.15%	10/10/2024	1/28/2030		5,490,734		5,397,716			5,490,734
Legacy Service Partners	(g)(h)	1st Lien DDTL	S+	4.50%	8.15%	11/10/2025	11/10/2031		—		(3,222	)		—
Lindsay Precast	(g)(k)	1st Lien Term Loan	S+	4.75%	8.40%	12/15/2025	12/16/2032		4,224,138		4,182,093			4,181,897
Lindsay Precast	(g)(h)(k)	1st Lien DDTL	S+	4.75%	8.40%	12/15/2025	12/16/2032		—		(7,218	)		—
National Trench Safety	(g)	Unitranche Term Loan	S+	5.50%	9.15%	10/10/2024	12/3/2028		18,676,960		18,539,447			18,676,960
RailPros	(g)	Unitranche Term Loan	S+	4.25%	7.90%	5/22/2025	5/24/2032		4,095,000		4,055,733			4,095,000
RailPros	(g)(h)	Unitranche DDTL	S+	4.25%	7.90%	5/22/2025	5/24/2032		—		(5,774	)		—
										$	73,378,900		$	73,738,369
Consumer Staples Distribution & Retail
Avita Pharmacy	(g)	Unitranche Term Loan	S+	5.25%	8.90%	11/4/2025	8/6/2030		14,095,442		13,925,690			13,917,012
										$	13,925,690		$	13,917,012
Containers & Packaging
Novvia Group	(g)	Unitranche Term Loan	S+	5.25%	8.90%	6/13/2025	1/31/2032		11,652,994		11,568,064			11,652,994
Novvia Group	(g)(h)	Unitranche DDTL	S+	5.25%	8.90%	6/13/2025	1/31/2032		823,080		816,420			823,080
Precision Concepts	(g)	Unitranche Term Loan	S+	4.75%	8.40%	10/31/2025	8/2/2032		397,915		393,977			394,931
Precision Concepts	(g)	Unitranche Term Loan	S+	4.75%	8.40%	7/31/2025	8/2/2032		2,949,713		2,921,817			2,927,589
Precision Concepts	(g)	Unitranche DDTL	S+	4.75%	8.40%	7/31/2025	8/2/2032		1,017,142		1,007,320			1,009,514
										$	16,707,598		$	16,808,108
Diversified Consumer Services
Aptive Environmental	(g)	1st Lien Term Loan	S+	4.75%	8.40%	10/15/2025	10/15/2032		9,720,930		9,625,419			9,648,023
Aptive Environmental	(g)(h)	1st Lien DDTL	S+	4.75%	8.40%	10/15/2025	10/15/2032		—		(2,066	)		—
Heritage Partners	(g)(j)(l)	Unitranche Term Loan	S+	0.00%	3.65% PIK	10/10/2024	9/29/2028		13,125,161		12,783,688			7,436,139
Heritage Partners	(g)(j)(l)	Unitranche DDTL	S+	0.00%	3.65% PIK	10/10/2024	9/29/2028		6,181,543		6,020,720			3,502,190

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

Audax Private Credit Fund, LLC

Consolidated Schedule of Investments (continued)

December 31, 2025

(Expressed in U.S. Dollars)


Portfolio investments (a) (b) (c) (d) (e)	Footnote Reference	Investment Type	Index (^)	Spread	Interest Rate	Acquisition Date	Maturity Date	Par / Shares		Cost of Investment			Fair Value of Investment
APCF SPV I, LLC (f) (continued)
BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS (m) (continued)
Diversified Consumer Services (continued)
Kalkomey	(g)	Unitranche Term Loan	S+	5.00%	8.65%	10/10/2024	6/18/2031		16,964,012		16,693,979			16,964,012
Ned Stevens	(g)	Unitranche Term Loan	S+	5.00%	8.65%	10/10/2024	11/1/2029		15,199,767		15,197,985			15,199,767
RotoCo	(g)	Unitranche Term Loan	S+	5.50%	9.15%	10/10/2024	6/30/2028		12,917,534		12,891,406			9,315,091
RotoCo	(g)	Unitranche DDTL	S+	5.50%	9.15%	10/10/2024	6/30/2028		41,171		41,082			29,689
Southeast Lineman Training Center	(g)	1st Lien Term Loan	S+	5.25%	8.90%	8/18/2025	1/3/2030		5,985,000		5,900,927			5,985,000
										$	79,153,140		$	68,079,911
Electrical Equipment
Industrial Electric Manufacturing	(g)(h)(k)	1st Lien DDTL	S+	4.50%	8.15%	12/3/2025	12/3/2031		—		(2,807	)		—
Industrial Electric Manufacturing	(g)(k)	1st Lien Term Loan	S+	4.50%	8.15%	12/3/2025	12/3/2031		5,862,840		5,834,618			5,833,525
										$	5,831,811		$	5,833,525
Energy Equipment & Services
Allied Power Group	(g)	Unitranche Term Loan	S+	5.00%	8.65%	10/10/2024	5/16/2030		7,096,991		6,951,671			7,096,991
Allied Power Group	(g)	Unitranche DDTL	S+	5.00%	8.65%	10/10/2024	5/16/2030		1,493,550		1,479,798			1,493,550
										$	8,431,469		$	8,590,541
Financial Services
AmpliFi	(g)	1st Lien Term Loan	S+	5.00%	8.65%	10/10/2024	4/23/2030		8,273,284		8,104,305			8,273,284
Aprio	(g)	1st Lien Term Loan	S+	4.75%	8.40%	4/25/2025	8/1/2031		2,709,875		2,683,927			2,682,776
Aprio	(g)(h)	1st Lien DDTL	S+	4.75%	8.40%	4/25/2025	8/1/2031		1,311,118		1,295,912			1,298,006
Ascend Partner Services	(g)(h)	1st Lien DDTL	S+	4.50%	8.15%	8/7/2025	8/11/2031		3,225,143		3,171,952			3,192,891
Cherry Bekaert	(g)	Unitranche Term Loan	S+	4.50%	8.15%	10/10/2024	6/28/2030		12,431,090		12,401,526			12,431,090
Cherry Bekaert	(g)	Unitranche DDTL	S+	4.50%	8.15%	10/10/2024	6/28/2030		6,375,112		6,355,845			6,375,112
Embark	(g)	1st Lien Term Loan	S+	4.50%	8.15%	9/2/2025	9/2/2032		4,488,750		4,445,568			4,455,084
Embark	(g)(h)	1st Lien DDTL	S+	4.50%	8.15%	9/2/2025	9/2/2032		—		(17,108	)		—

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

Audax Private Credit Fund, LLC

Consolidated Schedule of Investments (continued)

December 31, 2025

(Expressed in U.S. Dollars)


Portfolio investments (a) (b) (c) (d) (e)	Footnote Reference	Investment Type	Index (^)	Spread	Interest Rate	Acquisition Date	Maturity Date	Par / Shares		Cost of Investment			Fair Value of Investment
APCF SPV I, LLC (f) (continued)
BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS (m) (continued)
Financial Services (continued)
Foundation Source		1st Lien Term Loan	S+	5.00%	8.65%	10/10/2024	9/6/2030		13,468,138		13,468,138			13,468,138
Foundation Source	(g)	1st Lien DDTL	S+	5.00%	8.65%	10/10/2024	9/6/2030		4,241,089		4,218,479			4,241,089
Merchant Industry & Valor PayTech	(g)	1st Lien Term Loan	S+	4.75%	8.40%	9/19/2025	9/19/2031		2,596,936		2,571,968			2,575,381
Merchant Industry & Valor PayTech	(g)(h)	1st Lien DDTL	S+	4.75%	8.40%	9/19/2025	9/19/2031		386,143		376,087			382,938
Prime Pensions	(g)	Unitranche Term Loan	S+	4.75%	8.40%	10/10/2024	2/26/2030		6,686,950		6,615,035			6,686,950
Prime Pensions	(g)(h)	Unitranche DDTL	S+	4.75%	8.40%	10/10/2024	2/26/2030		1,779,548		1,762,583			1,779,548
										$	67,454,217		$	67,842,287
Food Products
Golden State Foods	(g)(k)	1st Lien Term Loan	S+	4.00%	7.65%	9/16/2025	12/4/2031		1,989,925		1,985,608			2,004,849
Hometown Food Company	(g)	1st Lien Term Loan	S+	4.50%	8.15%	6/9/2025	12/3/2030		2,847,066		2,825,255			2,839,948
MBC Companies	(g)	1st Lien Term Loan	S+	4.00%	7.65%	10/23/2025	9/10/2030		58,466		58,194			58,028
MBC Companies	(g)	1st Lien Term Loan	S+	4.75%	8.40%	10/20/2025	9/10/2030		938,813		929,869			931,772
Peterson Farms	(g)(k)	1st Lien Term Loan	S+	4.00%	7.65%	11/14/2025	12/1/2032		3,000,000		2,970,114			2,970,000
										$	8,769,040		$	8,804,597
Health Care Equipment & Supplies
Alcresta	(g)	Unitranche Term Loan	S+	5.50%	9.15%	12/4/2025	3/12/2031		4,093,644		4,053,522			4,011,636
Alcresta	(g)(h)	Unitranche DDTL	S+	5.50%	9.15%	12/4/2025	3/12/2031		—		(43,846	)		—
Antylia Scientific	(g)	1st Lien Term Loan	S+	4.00%	7.65%	7/21/2025	5/27/2032		4,000,000		3,904,963			3,980,000
USMed-Equip	(g)	Unitranche Term Loan	S+	5.75%	9.40%	10/10/2024	5/24/2029		19,648,304		19,572,428			19,648,304
										$	27,487,067		$	27,639,940
Health Care Providers & Services
APT Healthcare	(g)	Unitranche Term Loan	S+	5.00%	8.65%	9/30/2025	9/30/2031		7,758,333		7,663,032			7,661,354
APT Healthcare	(g)(h)	Unitranche DDTL	S+	5.00%	8.65%	9/30/2025	9/30/2031		—		(6,788	)		—
Clearway Pain Solutions	(g)	1st Lien Term Loan	S+	5.50%	9.15%	9/22/2025	8/30/2030		4,297,058		4,232,002			4,275,574

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

Audax Private Credit Fund, LLC

Consolidated Schedule of Investments (continued)

December 31, 2025

(Expressed in U.S. Dollars)


Portfolio investments (a) (b) (c) (d) (e)	Footnote Reference	Investment Type	Index (^)	Spread	Interest Rate	Acquisition Date	Maturity Date	Par / Shares		Cost of Investment			Fair Value of Investment
APCF SPV I, LLC (f) (continued)
BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS (m) (continued)
Health Care Providers & Services (continued)
Clearway Pain Solutions	(g)(h)	1st Lien DDTL	S+	5.50%	9.15%	9/22/2025	8/31/2030		838,464		812,109			834,272
MDpanel		Unitranche Term Loan	S+	6.50%	10.15%	10/10/2024	8/2/2029		5,852,407		5,852,407			5,852,407
MDpanel	(g)	Unitranche DDTL	S+	6.50%	10.15%	10/10/2024	8/2/2029		1,047,360		1,045,407			1,047,360
National Seating & Mobility		1st Lien Term Loan	S+	4.25%	7.90%	7/17/2025	5/14/2029		1,985,025		1,985,025			1,980,062
Patterson Companies	(g)(k)	1st Lien Term Loan	S+	4.50%	8.15%	8/13/2025	4/16/2032		9,975,000		9,019,948			8,810,768
Riccobene Associates Family Dentistry	(g)	1st Lien Term Loan	S+	4.75%	8.40%	6/6/2025	10/31/2030		8,254,108		8,158,231			8,254,108
Riccobene Associates Family Dentistry	(g)(h)	1st Lien DDTL	S+	4.75%	8.40%	6/6/2025	10/31/2030		1,424,277		1,398,871			1,424,277
RxBenefits	(g)(k)	1st Lien Term Loan	S+	5.00%	8.65%	6/6/2025	12/19/2030		4,500,000		4,410,000			4,410,000
Sequel Ortho (fka OrthoNebraska)		Unitranche Term Loan	S+	5.00%	8.65%	10/10/2024	7/31/2028		4,772,235		4,772,235			4,772,235
Sequel Ortho (fka OrthoNebraska)	(g)	Unitranche Term Loan	S+	5.00%	8.65%	10/31/2025	7/31/2028		5,714,286		5,648,449			5,714,286
Specialized Dental	(g)	1st Lien Term Loan	S+	4.75%	8.40%	10/30/2025	11/1/2028		8,725,794		8,682,165			8,660,351
Specialized Dental	(g)(h)	1st Lien DDTL	S+	4.75%	8.40%	10/30/2025	11/1/2028		—		(17,193	)		—
Summit Spine & Joint Centers	(g)	Unitranche Term Loan	S+	4.75%	8.40%	6/13/2025	3/25/2031		12,494,612		12,316,434			12,494,612
Summit Spine & Joint Centers	(g)(h)	Unitranche DDTL	S+	4.75%	8.40%	6/13/2025	3/25/2031		—		(21,583	)		—
										$	75,950,751		$	76,191,666
Health Care Technology
AGS Health	(g)	Unitranche Term Loan	S+	4.50%	8.15%	7/31/2025	8/2/2032		5,113,500		5,102,014			5,075,149
AGS Health	(g)(h)	Unitranche DDTL	S+	4.50%	8.15%	7/31/2025	8/2/2032		—		(2,070	)		—
Avalon	(g)	1st Lien Term Loan	S+	4.50%	8.15%	12/31/2025	12/31/2031		7,500,000		7,425,000			7,410,000
Med Tech Solutions	(g)	Unitranche Term Loan	S+	5.25%	8.90%	6/3/2025	6/3/2032		5,824,244		5,728,207			5,824,244
Med Tech Solutions	(g)(h)	Unitranche DDTL	S+	5.25%	8.90%	6/3/2025	6/3/2032		—		(24,724	)		—
VaxCare	(g)	Unitranche Term Loan	S+	4.50%	8.15%	6/16/2025	6/17/2032		3,325,000		3,292,995			3,300,063
										$	21,521,422		$	21,609,456

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

Audax Private Credit Fund, LLC

Consolidated Schedule of Investments (continued)

December 31, 2025

(Expressed in U.S. Dollars)


Portfolio investments (a) (b) (c) (d) (e)	Footnote Reference	Investment Type	Index (^)	Spread	Interest Rate	Acquisition Date	Maturity Date	Par / Shares		Cost of Investment			Fair Value of Investment
APCF SPV I, LLC (f) (continued)
BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS (m) (continued)
Hotels, Restaurants & Leisure
Hissho Sushi	(g)	Unitranche Term Loan	S+	4.75%	8.40%	10/20/2025	5/18/2029		9,952,381		9,855,688			9,952,381
Taymax Group		1st Lien Term Loan	S+	5.13%	8.78%	10/10/2024	7/31/2026		14,411,890		14,411,890			14,411,890
Taymax Group		1st Lien DDTL	S+	5.13%	8.78%	10/10/2024	8/2/2027		8,018,664		8,018,664			8,018,664
										$	32,286,242		$	32,382,935
Insurance
SIAA (Alliance Holdings)		Unitranche Term Loan	S+	4.75%	8.40%	10/10/2024	4/30/2030		25,011,013		25,011,013			25,011,013
										$	25,011,013		$	25,011,013
Interactive Media & Services
Integral Ad Science	(g)(k)	1st Lien Term Loan	S+	5.00%	8.65%	12/22/2025	12/23/2031		9,500,000		9,167,500			9,167,500
										$	9,167,500		$	9,167,500
Internet Software & Services
Argano	(g)(h)	1st Lien DDTL	S+	5.50%	9.15%	12/3/2025	9/13/2029		—		(36,709	)		—
Dun & Bradstreet	(g)	Unitranche Term Loan	S+	5.50%	9.15%	8/26/2025	8/26/2032		5,000,000		4,950,955			4,962,500
Power Digital	(g)	Unitranche Term Loan	S+	5.00%	8.65%	10/10/2024	3/11/2030		11,154,379		11,127,659			11,154,379
Power Digital	(g)	Unitranche DDTL	S+	5.00%	8.65%	10/10/2024	3/11/2030		640,558		639,024			640,558
										$	16,680,929		$	16,757,437
IT Services
GoldenSource		Unitranche Term Loan	S+	4.75%	8.40%	10/10/2024	5/12/2028		8,118,573		8,118,573			8,118,573
Trace3 2025	(g)(k)	Unitranche Term Loan	S+	4.00%	7.65%	10/8/2025	10/29/2032		3,619,048		3,583,750			3,632,619
										$	11,702,323		$	11,751,192
Leisure Products
PlayPower 2025	(g)	Unitranche Term Loan	S+	5.25%	8.90%	7/25/2025	10/29/2031		14,138,000		13,862,366			14,031,965
										$	13,862,366		$	14,031,965
Life Sciences Tools & Services
TCP Analytical	(g)	Unitranche Term Loan	S+	5.00%	8.65%	6/17/2025	3/12/2031		8,955,000		8,851,013			8,955,000
										$	8,851,013		$	8,955,000

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

Audax Private Credit Fund, LLC

Consolidated Schedule of Investments (continued)

December 31, 2025

(Expressed in U.S. Dollars)


Portfolio investments (a) (b) (c) (d) (e)	Footnote Reference	Investment Type	Index (^)	Spread	Interest Rate	Acquisition Date	Maturity Date	Par / Shares		Cost of Investment			Fair Value of Investment
APCF SPV I, LLC (f) (continued)
BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS (m) (continued)
Machinery
80/20	(g)	Unitranche Term Loan	S+	4.50%	8.15%	12/12/2025	12/13/2032		6,142,857		6,082,160			6,081,429
80/20	(g)(h)	Unitranche DDTL	S+	4.50%	8.15%	12/12/2025	12/13/2032		—		(8,571	)		—
Barnes Group 2025	(g)	1st Lien Term Loan	S+	4.75%	8.40%	10/17/2025	10/22/2032		5,500,000		5,391,181			5,458,750
Bettcher Industries	(g)(k)	1st Lien Term Loan	S+	4.00%	7.65%	12/11/2025	12/14/2028		3,490,933		3,482,700			3,482,205
Tank Holdings	(g)	Unitranche Term Loan	S+	6.00%	9.65%	2/6/2025	3/31/2028		6,352,909		6,275,967			6,305,262
Tank Holdings	(g)	Unitranche DDTL	S+	6.00%	9.65%	2/6/2025	3/31/2028		608,701		598,380			604,136
Voeller Mixers	(g)	1st Lien Term Loan	S+	4.75%	8.40%	11/25/2025	11/25/2032		4,069,767		4,029,221			4,039,244
Voeller Mixers	(g)(h)	1st Lien DDTL	S+	4.75%	8.40%	11/25/2025	11/25/2032		—		(8,024	)		—
										$	25,843,014		$	25,971,026
Media
Allyant	(g)(i)	Unitranche Term Loan	S+	6.00%	9.65%	10/10/2024	10/30/2026		22,948,124		22,884,828			22,948,124
										$	22,884,828		$	22,948,124
Oil, Gas & Consumable Fuels
Palmdale Oil	(g)	Unitranche Term Loan	S+	4.75%	8.40%	12/5/2025	12/12/2031		652,174		648,964			647,283
										$	648,964		$	647,283
Personal Care Products
Mary Ruth's	(g)	1st Lien Term Loan	S+	4.00%	7.65%	10/8/2025	9/30/2030		1,242,188		1,236,445			1,235,977
Mary Ruth's	(g)	1st Lien Term Loan	S+	4.75%	8.40%	10/8/2025	9/30/2031		3,740,625		3,705,157			3,721,922
										$	4,941,602		$	4,957,899
Pharmaceuticals
Minds & Assembly	(g)	Unitranche Term Loan	S+	5.00%	8.65%	10/10/2025	5/3/2029		8,000,000		7,885,366			8,000,000
										$	7,885,366		$	8,000,000
Professional Services
Epiq	(g)(k)	1st Lien Term Loan	S+	4.00%	7.65%	10/8/2025	4/26/2029		907,681		779,289			849,980
Magna Legal Services		1st Lien Term Loan	S+	5.00%	8.65%	10/10/2024	11/22/2029		13,738,512		13,738,512			13,738,512

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

Audax Private Credit Fund, LLC

Consolidated Schedule of Investments (continued)

December 31, 2025

(Expressed in U.S. Dollars)


Portfolio investments (a) (b) (c) (d) (e)	Footnote Reference	Investment Type	Index (^)	Spread	Interest Rate	Acquisition Date	Maturity Date	Par / Shares		Cost of Investment			Fair Value of Investment
APCF SPV I, LLC (f) (continued)
BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS (m) (continued)
Professional Services (continued)
Magna Legal Services		1st Lien DDTL	S+	5.00%	8.65%	10/10/2024	11/22/2029		3,846,191		3,846,191			3,846,191
										$	18,363,992		$	18,434,683
Software
AIA Contract Documents	(g)	1st Lien Term Loan	S+	4.75%	8.40%	7/2/2025	7/2/2031		5,078,181		5,006,026			5,065,486
FMG Suite	(g)	Unitranche Term Loan	S+	4.75%	8.40%	9/9/2025	9/9/2032		6,283,019		6,223,419			6,237,507
FMG Suite	(g)(h)	Unitranche DDTL	S+	4.75%	8.40%	9/9/2025	9/9/2032		—		(8,114	)		—
PKWARE	(g)	Unitranche Term Loan	S+	4.50%	8.15%	6/2/2025	6/3/2030		12,289,157		12,156,209			12,289,157
Inmar	(g)	1st Lien Term Loan	S+	4.50%	8.15%	9/12/2025	10/30/2031		1,989,975		1,985,000			1,970,075
Lighthouse	(g)	Unitranche Term Loan	S+	5.00%	8.65%	6/2/2025	12/31/2029		647,242		644,166			647,242
Lighthouse	(g)	Unitranche Term Loan	S+	5.00%	8.65%	6/2/2025	12/31/2029		20,673,583		20,575,326			20,673,583
Mitratech	(g)(k)	Unitranche Term Loan	S+	4.75%	8.40%	12/2/2025	12/2/2031		9,174,312		9,129,566			9,128,440
Mitratech	(g)(h)(k)	Unitranche DDTL	S+	4.75%	8.40%	12/2/2025	12/2/2031		—		(1,132	)		—
Tribute Technology		Unitranche Term Loan	S+	5.50%	9.15%	10/10/2024	10/30/2028		15,013,397		15,013,397			15,013,397
Tribute Technology		Unitranche DDTL	S+	5.75%	9.40%	10/10/2024	10/30/2028		3,365,573		3,365,573			3,365,573
Unison Global		Unitranche Term Loan	S+	5.00%	8.65%	10/10/2024	9/19/2028		14,773,722		14,773,722			14,699,854
Unison Global	(g)(h)	Unitranche DDTL	S+	5.00%	8.65%	10/10/2024	9/19/2028		607,715		605,689			604,677
										$	89,468,847		$	89,694,991
Trading Companies & Distributors
Apex Service Partners	(g)	Unitranche Term Loan	S+	4.75%	8.40%	4/29/2025	10/24/2030		1,899,210		1,881,504			1,889,714
Apex Service Partners	(g)(h)	Unitranche DDTL	S+	5.00%	8.65%	4/29/2025	10/24/2030		3,834,780		3,792,809			3,815,606
Industrial Service Group		Unitranche Term Loan	S+	5.75%	9.40%	10/10/2024	12/7/2028		6,995,447		6,995,447			6,995,447
Industrial Service Group		Unitranche DDTL	S+	5.75%	9.40%	10/10/2024	12/7/2028		3,642,557		3,642,557			3,642,557

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

Audax Private Credit Fund, LLC

Consolidated Schedule of Investments (continued)

December 31, 2025

(Expressed in U.S. Dollars)


Portfolio investments (a) (b) (c) (d) (e)	Footnote Reference	Investment Type	Index (^)	Spread	Interest Rate	Acquisition Date	Maturity Date	Par / Shares		Cost of Investment			Fair Value of Investment
APCF SPV I, LLC (f) (continued)
BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS (m) (continued)
Trading Companies & Distributors (continued)
Levata	(g)	1st Lien Term Loan	S+	5.00%	8.65%	8/20/2025	12/21/2027		4,871,073		4,829,705			4,846,717
Levata	(g)(h)	1st Lien DDTL	S+	5.00%	8.65%	8/20/2025	12/21/2027		—		(4,610	)		—
Power Grid Components	(g)(k)	1st Lien Term Loan	S+	4.75%	8.40%	11/20/2025	12/2/2030		3,980,885		3,961,496			3,960,980
Power Grid Components	(g)	1st Lien Term Loan	S+	4.75%	8.40%	11/20/2025	11/29/2030		548,780		546,106			546,037
R.F. Fager	(g)	1st Lien Term Loan	S+	5.00%	8.65%	5/22/2025	3/4/2030		1,733,867		1,707,859			1,720,863
R.F. Fager	(g)(h)	1st Lien DDTL	S+	5.00%	8.65%	5/22/2025	3/4/2030		256,846		250,178			254,919
SupplyHouse	(g)	1st Lien Term Loan	S+	4.00%	7.65%	7/1/2025	7/1/2032		3,740,625		3,722,078			3,712,570
										$	31,325,129		$	31,385,410
Water Utilities
Vessco Water	(g)(h)	Unitranche DDTL	S+	4.50%	8.15%	11/3/2025	7/24/2031		—		(7,649	)		—
Vessco Water	(g)	Unitranche Term Loan	S+	4.50%	8.15%	11/3/2025	7/24/2031		3,248,971		3,233,341			3,224,603
										$	3,225,692		$	3,224,603
				Total APCF SPV I, LLC						$	859,150,134		$	851,319,444
Audax Private Credit Subsidiary, LLC
BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS (m)
Capital Markets
Cerity Partners	(g)(h)	Unitranche Revolver	S+	4.50%	8.15%	10/10/2024	7/28/2031	$	235,650	$	230,150		$	235,650
										$	230,150		$	235,650
Commercial Services & Supplies
Russell Landscape Group	(g)(h)	1st Lien Revolver	S+	5.50%	9.15%	10/10/2024	4/11/2030		359,420		355,069			359,420
SavATree	(g)(h)	Unitranche Revolver	S+	5.00%	8.65%	10/10/2024	6/6/2031		—		(1,084	)		—
SavATree	(g)	Unitranche Term Loan	S+	5.00%	8.65%	10/10/2024	6/6/2031		3,260,696		3,260,366			3,244,392
ScentAir		1st Lien Revolver	S+	5.25%	8.90%	10/10/2024	1/26/2026		1,565,413		1,565,413			1,565,413
										$	5,179,764		$	5,169,225

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

Audax Private Credit Fund, LLC

Consolidated Schedule of Investments (continued)

December 31, 2025

(Expressed in U.S. Dollars)


Portfolio investments (a) (b) (c) (d) (e)	Footnote Reference	Investment Type	Index (^)	Spread	Interest Rate	Acquisition Date	Maturity Date	Par / Shares		Cost of Investment			Fair Value of Investment
Audax Private Credit Subsidiary, LLC (continued)
BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS (m) (continued)
Construction & Engineering
National Trench Safety	(g)(h)	Unitranche Revolver	S+	5.50%	9.15%	10/10/2024	12/3/2028		1,122,553		1,110,792			1,122,553
RailPros	(g)(h)	Unitranche Revolver	S+	4.25%	7.90%	5/22/2025	5/24/2032		—		(6,049	)		—
										$	1,104,743		$	1,122,553
Diversified Consumer Services
Heritage Partners	(g)(j)(l)	Unitranche Revolver	S+	0.00%	3.65% PIK	10/10/2024	9/29/2028		2,525,827		2,495,870			1,431,022
Ned Stevens	(g)	Unitranche Term Loan	S+	5.00%	8.65%	10/10/2024	11/1/2029		2,861,826		2,859,982			2,861,826
Ned Stevens	(h)	Unitranche Revolver	S+	5.00%	8.65%	10/10/2024	11/1/2028		256,427		256,427			256,427
RotoCo	(g)(h)	Unitranche Revolver	S+	5.50%	9.15%	10/10/2024	6/30/2028		1,610,404		1,607,766			1,161,295
										$	7,220,045		$	5,710,570
Financial Services
Cherry Bekaert	(g)(h)	Unitranche Revolver	S+	4.50%	8.15%	10/10/2024	6/28/2030		—		(5,559	)		—
Foundation Source	(h)	1st Lien Revolver	S+	5.00%	8.65%	10/10/2024	9/6/2029		257,681		257,681			257,681
										$	252,122		$	257,681
Health Care Equipment & Supplies
USMed-Equip	(g)(h)	Unitranche Revolver	S+	5.75%	9.40%	10/10/2024	5/24/2029		—		(5,860	)		—
										$	(5,860	)	$	—
Health Care Providers & Services
Hilco Vision	(j)	2nd Lien Term Loan	S+	6.00% PIK	9.67%	10/10/2024	4/21/2030		5,832,447		5,832,447			4,295,865
Hilco Vision	(h)(j)	2nd Lien Revolver	S+	6.00% PIK	9.67%	10/10/2024	4/21/2030		1,148,506		1,148,506			845,928
Sequel Ortho (fka OrthoNebraska)	(g)(h)	Unitranche Revolver	S+	5.00%	8.65%	10/10/2024	7/31/2028		—		(1,542	)		—
										$	6,979,411		$	5,141,793
Hotels, Restaurants & Leisure
Taymax Group	(h)	1st Lien Revolver	S+	5.13%	8.78%	10/10/2024	7/31/2026		294,039		294,039			294,039
										$	294,039		$	294,039

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

Audax Private Credit Fund, LLC

Consolidated Schedule of Investments (continued)

December 31, 2025

(Expressed in U.S. Dollars)


Portfolio investments (a) (b) (c) (d) (e)	Footnote Reference	Investment Type	Index (^)	Spread	Interest Rate	Acquisition Date	Maturity Date	Par / Shares		Cost of Investment			Fair Value of Investment
Audax Private Credit Subsidiary, LLC (continued)
BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS (m) (continued)
Internet Software & Services
Power Digital	(g)(h)	Unitranche Revolver	S+	5.00%	8.65%	10/10/2024	3/11/2030		450,635		445,633			450,635
										$	445,633		$	450,635
IT Services
GoldenSource	(h)	Unitranche Revolver	S+	4.75%	8.40%	10/10/2024	5/12/2028		707,280		707,280			707,280
										$	707,280		$	707,280
Media
Allyant	(g)(h)(i)	Unitranche Revolver	S+	6.00%	9.65%	10/10/2024	10/30/2026		—		(4,935	)		—
										$	(4,935	)	$	—
Professional Services
Dwellworks	(g)(j)	1st Lien Term Loan	S+	10.32% PIK	12.32%	10/10/2024	3/31/2027		10,438,717		7,380,215			9,388,364
Dwellworks (Tranche B-1)	(g)(j)	1st Lien Term Loan	Fixed	18.00% PIK	20.00%	10/10/2024	3/31/2027		5,568,956		3,973,959			—
										$	11,354,174		$	9,388,364
Software
Lighthouse	(g)(h)	Unitranche Revolver	S+	5.00%	8.65%	10/10/2024	12/31/2029		—		(16,513	)		—
Tribute Technology	(g)(h)	Unitranche Revolver	S+	6.50%	10.15%	10/10/2024	10/30/2028		1,131,285		1,131,276			1,131,285
										$	1,114,763		$	1,131,285
Trading Companies & Distributors
Industrial Service Group	(h)	Unitranche Revolver	S+	5.75%	9.40%	10/10/2024	12/7/2028		895,258		895,258			895,258
R.F. Fager	(g)(h)	1st Lien Revolver	S+	5.00%	8.65%	5/22/2025	3/4/2030		123,374		117,893			122,449
										$	1,013,151		$	1,017,707
COMMON EQUITY AND PREFERRED SHARES: NON-CONTROL/NON-AFFILIATE INVESTMENTS
Aerospace & Defense
Blue Raven Solutions	(j)	Class A Units				10/10/2024			1,374,300		—			3,482,097
										$	—		$	3,482,097
Commercial Services & Supplies
ScentAir	(j)	Class A Units				10/10/2024			858,937		806,166			765,502
										$	806,166		$	765,502

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

Audax Private Credit Fund, LLC

Consolidated Schedule of Investments (continued)

December 31, 2025

(Expressed in U.S. Dollars)


Portfolio investments (a) (b) (c) (d) (e)	Footnote Reference	Investment Type	Index (^)	Spread	Interest Rate	Acquisition Date	Maturity Date	Par / Shares		Cost of Investment		Fair Value of Investment
Audax Private Credit Subsidiary, LLC (continued)
COMMON EQUITY AND PREFERRED SHARES: NON-CONTROL/NON-AFFILIATE INVESTMENTS (continued)
Construction & Engineering
A1 Garage Door Service	(j)	Class A Common Units				10/10/2024			781		1,368,519		2,171,798
National Trench Safety	(j)	Preferred Units				4/3/2025			3,266		357,207		399,844
National Trench Safety	(j)	Common Units				10/10/2024			7,161		642,983		701,764
										$	2,368,709	$	3,273,406
Consumer Staples Distribution & Retail
Avita Pharmacy	(j)	Class A Common Units				10/10/2024			1,273,295		471,761		4,204,266
Avita Pharmacy	(j)	Preferred Units				10/10/2024			1,187,627		864,846		601,123
Avita Pharmacy	(j)	Junior Preferred Units				10/10/2024			22,654		27,131		30,564
										$	1,363,738	$	4,835,953
Diversified Consumer Services
Ned Stevens	(j)	Class A Capital Units				10/10/2024			1,737		1,902,090		2,156,711
										$	1,902,090	$	2,156,711
Energy Equipment & Services
Allied Power Group	(j)	Class A Units				10/10/2024			400,281		400,281		1,301,231
										$	400,281	$	1,301,231
Financial Services
Foundation Source	(j)	Class A LP Interests				10/10/2024			1,824		2,003		2,880
Foundation Source	(j)	Class B LP Interests				10/10/2024			1,822,812		2,002,691		2,877,201
										$	2,004,694	$	2,880,081
Food Products
Florida Food Products	(j)	Common Units				10/10/2024			1,536,658		1,530,282		637,396
										$	1,530,282	$	637,396
Health Care Equipment & Supplies
USMed-Equip	(j)	Common Units				10/10/2024			13,738		1,010,898		936,115
										$	1,010,898	$	936,115
Health Care Providers & Services
Hilco Vision	(j)	Class A Common Stock				10/10/2024			4,496		1,988,337		—
MDpanel	(j)	Class A Units				10/10/2024			764,074		735,555		505,282
Shearwater Health		Class A Common Stock				10/10/2024			687		1,839,962		2,123,797
										$	4,563,854	$	2,629,079
Insurance
SIAA (Alliance Holdings)	(j)	Common Units				10/10/2024			7,635		1,162,946		1,658,837
										$	1,162,946	$	1,658,837
Internet Software & Services
Power Digital	(j)	Class L Common Units				10/10/2024			81,934		852,221		1,114,118
										$	852,221	$	1,114,118

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

Audax Private Credit Fund, LLC

Consolidated Schedule of Investments (continued)

December 31, 2025

(Expressed in U.S. Dollars)


Portfolio investments (a) (b) (c) (d) (e)	Footnote Reference	Investment Type	Index (^)	Spread	Interest Rate	Acquisition Date	Maturity Date	Par / Shares		Cost of Investment			Fair Value of Investment
Audax Private Credit Subsidiary, LLC (continued)
COMMON EQUITY AND PREFERRED SHARES: NON-CONTROL/NON-AFFILIATE INVESTMENTS (continued)
IT Services
GoldenSource	(j)	Class A Membership Interests				10/10/2024			327,445		441,590			681,478
Voyatek	(j)	Class C LP Units				10/10/2024			1,337		404,004			446,288
										$	845,594		$	1,127,766
Media
Allyant	(i)(j)	Common Shares				10/10/2024			5		1,533,996			850,757
										$	1,533,996		$	850,757
Professional Services
Dwellworks	(j)	Preferred Units				10/10/2024			984,915		—			—
										$	—		$	—
Software
Lighthouse	(j)	LP Interests				10/10/2024			3,519		6,701,864			9,805,470
PracticeTek	(j)	LP Interests				10/10/2024			1,441,373		1,799,832			1,561,594
Tribute Technology	(j)	Class A-1 Units				10/10/2024			1,570		1,241,560			1,096,956
										$	9,743,256		$	12,464,020
				Total Audax Private Credit Subsidiary, LLC						$	65,973,205		$	70,739,851
Audax Private Credit Fund, LLC
BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS (m)
Aerospace & Defense
Tronair 2025	(g)(h)(k)	1st Lien Revolver	S+	3.75%	7.40%	12/18/2025	12/22/2032		—	$	(11,209	)	$	—
										$	(11,209	)	$	—
Building Products
Leaf Home	(g)(h)	1st Lien Revolver	S+	5.25%	8.90%	9/4/2025	9/4/2031		90,000		79,368			89,325
										$	79,368		$	89,325
Capital Markets
Steward Partners	(g)(h)	1st Lien Revolver	S+	4.75%	8.40%	6/13/2025	10/14/2028		—		(11,640	)		—
										$	(11,640	)	$	—
Commercial Services & Supplies
Brown & Root	(g)(h)(k)	1st Lien Revolver	S+	5.00%	8.65%	10/3/2025	10/3/2030		428,571		408,477			422,143
Certified Collision Group	(g)(h)(k)	Unitranche Revolver	S+	4.50%	8.15%	12/30/2025	12/30/2032		—		(13,533	)		—
Denali Water Solutions 2025	(g)(h)	1st Lien Revolver	S+	4.75%	8.40%	11/13/2025	11/19/2032		418,269		406,878			415,132
Eagle Fire	(g)(h)	1st Lien Revolver	S+	4.50%	8.15%	7/15/2025	7/15/2032		—		(8,811	)		—

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

Audax Private Credit Fund, LLC

Consolidated Schedule of Investments (continued)

December 31, 2025

(Expressed in U.S. Dollars)


Portfolio investments (a) (b) (c) (d) (e)	Footnote Reference	Investment Type	Index (^)	Spread	Interest Rate	Acquisition Date	Maturity Date	Par / Shares		Cost of Investment			Fair Value of Investment
Audax Private Credit Fund, LLC (continued)
BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS (m) (continued)
Commercial Services & Supplies (continued)
HeartLand	(g)(h)	1st Lien Revolver	S+	4.75%	8.40%	11/5/2025	12/12/2029		11,669		3,124			11,553
O6 Environmental	(g)(h)	1st Lien Revolver	S+	4.75%	8.40%	8/5/2025	8/5/2032		—		(15,492	)		—
										$	780,643		$	848,828
Construction & Engineering
Gallo Mechanical	(g)(h)	1st Lien Revolver	S+	4.75%	8.40%	7/31/2025	8/2/2032		234,400		209,468			232,642
Legacy Service Partners	(g)(h)	1st Lien Revolver	S+	4.50%	8.15%	11/7/2025	11/10/2031		—		(867	)		—
Lindsay Precast	(g)(h)(k)	1st Lien Revolver	S+	4.75%	8.40%	12/15/2025	12/16/2032		—		(13,204	)		—
										$	195,397		$	232,642
Consumer Staples Distribution & Retail
Avita Pharmacy	(g)(h)	Unitranche Revolver	S+	4.25%	7.90%	11/4/2025	8/6/2030		—		(15,386	)		—
										$	(15,386	)	$	—
Containers & Packaging
Novvia Group	(g)(h)	Unitranche Revolver	S+	5.25%	8.90%	6/13/2025	1/31/2032		160,510		154,361			160,510
Precision Concepts	(g)(h)	Unitranche Revolver	S+	4.75%	8.40%	7/31/2025	8/2/2032		60,575		54,659			60,121
										$	209,020		$	220,631
Diversified Consumer Services
Aptive Environmental	(g)(h)	1st Lien Revolver	S+	4.75%	8.40%	10/15/2025	10/15/2032		—		(8,272	)		—
Heritage Partners	(j)(l)	1st Lien Term Loan	S+	0.00%	3.65% PIK	7/9/2025	9/29/2028		1,964,942		1,964,942			1,964,942
Southeast Lineman Training Center	(g)(h)	1st Lien DDTL	S+	5.25%	8.90%	12/22/2025	1/3/2030		—		(68,499	)		—
										$	1,888,171		$	1,964,942
Financial Services
Aprio	(g)(h)	1st Lien DDTL	S+	4.75%	8.40%	12/23/2025	8/1/2031		—		(12,442	)		—
Embark	(g)(h)	1st Lien Revolver	S+	4.50%	8.15%	9/2/2025	9/2/2032		36,000		27,425			35,730

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

Audax Private Credit Fund, LLC

Consolidated Schedule of Investments (continued)

December 31, 2025

(Expressed in U.S. Dollars)


Portfolio investments (a) (b) (c) (d) (e)	Footnote Reference	Investment Type	Index (^)	Spread	Interest Rate	Acquisition Date	Maturity Date	Par / Shares		Cost of Investment			Fair Value of Investment
Audax Private Credit Fund, LLC (continued)
BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS (m) (continued)
Financial Services (continued)
Merchant Industry & Valor PayTech	(g)(h)	1st Lien Revolver	S+	4.75%	8.40%	9/19/2025	9/19/2031		146,438		141,677			145,222
										$	156,660		$	180,952
Health Care Equipment & Supplies
Alcresta	(g)(h)	Unitranche Revolver	S+	5.50%	9.15%	12/4/2025	3/12/2031		29,941		25,518			29,341
Visor Buyer, Inc.	(l)	Unitranche Term Loan	S+	6.50%	10.15%	12/15/2025	12/15/2031		3,276,299		3,276,299			3,276,299
										$	3,301,817		$	3,305,640
Health Care Providers & Services
APT Healthcare	(g)(h)	Unitranche Revolver	S+	5.00%	8.65%	9/30/2025	9/30/2031		—		(13,424	)		—
Clearway Pain Solutions	(g)(h)	1st Lien Revolver	S+	5.50%	9.15%	9/22/2025	8/31/2030		342,602		317,128			340,889
Riccobene Associates Family Dentistry	(g)(h)	1st Lien Revolver	S+	4.75%	8.40%	6/6/2025	10/31/2030		—		(9,571	)		—
Sequel Ortho (fka OrthoNebraska)	(g)(h)	Unitranche Revolver	S+	5.00%	8.65%	10/10/2024	7/31/2028		—		(2,681	)		—
Specialized Dental	(g)(h)	1st Lien Revolver	S+	4.75%	8.40%	10/30/2025	11/1/2028		—		(5,733	)		—
Summit Spine & Joint Centers	(g)(h)	Unitranche Revolver	S+	4.75%	8.40%	6/13/2025	3/25/2031		113,619		87,780			113,619
										$	373,499		$	454,508
Health Care Technology
AGS Health	(g)(h)	Unitranche Revolver	S+	4.50%	8.15%	7/31/2025	8/2/2032		—		(1,486	)		—
Avalon	(g)(h)	1st Lien Revolver	S+	4.50%	8.15%	12/31/2025	12/31/2031		—		(15,000	)		—
Med Tech Solutions	(g)(h)	Unitranche Revolver	S+	5.25%	8.90%	6/3/2025	6/3/2032		—		(14,835	)		—
VaxCare	(g)(h)	Unitranche Revolver	S+	4.50%	8.15%	6/16/2025	6/17/2032		—		(6,166	)		—
										$	(37,487	)	$	—
Internet Software & Services
Dun & Bradstreet	(g)(h)	Unitranche Revolver	S+	5.50%	9.15%	8/26/2025	8/26/2032		—		(4,773	)		—
										$	(4,773	)	$	—

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

Audax Private Credit Fund, LLC

Consolidated Schedule of Investments (continued)

December 31, 2025

(Expressed in U.S. Dollars)


Portfolio investments (a) (b) (c) (d) (e)	Footnote Reference	Investment Type	Index (^)	Spread	Interest Rate	Acquisition Date	Maturity Date	Par / Shares		Cost of Investment			Fair Value of Investment
Audax Private Credit Fund, LLC (continued)
BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS (m) (continued)
IT Services
VC3	(g)(h)	Unitranche DDTL	S+	5.10%	8.75%	12/22/2025	3/12/2029		—		(120,175	)		—
										$	(120,175	)	$	—
Leisure Products
PlayPower 2025	(g)(h)	Unitranche Revolver	S+	5.25%	8.90%	7/25/2025	10/29/2030		66,308		49,586			65,810
										$	49,586		$	65,810
Machinery
80/20	(g)(h)	Unitranche Revolver	S+	4.50%	8.15%	12/12/2025	12/13/2032		—		(11,340	)		—
Voeller Mixers	(g)(h)	1st Lien Revolver	S+	4.75%	8.40%	11/25/2025	11/25/2032		—		(12,850	)		—
										$	(24,190	)	$	—
Software
AIA Contract Documents	(g)(h)	1st Lien Revolver	S+	4.75%	8.40%	7/2/2025	7/2/2031		—		(12,552	)		—
FMG Suite	(g)(h)	Unitranche Revolver	S+	4.75%	8.40%	9/9/2025	9/9/2032		—		(9,737	)		—
Mitratech	(g)(h)(k)	Unitranche Revolver	S+	4.75%	8.40%	12/2/2025	12/2/2031		—		(1,811	)		—
PKWARE	(g)(h)	Unitranche Revolver	S+	4.50%	8.15%	6/2/2025	6/3/2030		—		(20,012	)		—
										$	(44,112	)	$	—
Trading Companies & Distributors
Apex Service Partners	(g)(h)	1st Lien DDTL	S+	4.75%	8.40%	11/21/2025	10/24/2030		—		(14,707	)		—
SupplyHouse	(g)(h)	1st Lien Revolver	S+	4.00%	7.65%	7/1/2025	7/1/2032		—		(5,822	)		—
										$	(20,529	)	$	—
Water Utilities
Vessco Water	(g)(h)	Unitranche Revolver	S+	4.50%	8.15%	11/3/2025	7/24/2031		—		(2,873	)		—
										$	(2,873	)	$	—
COMMON EQUITY AND PREFERRED SHARES: NON-CONTROL/NON-AFFILIATE INVESTMENTS
Commercial Services & Supplies
Certified Collision Group	(j)	Class A Units				12/30/2025			774,031	$	774,031		$	774,031
Eagle Fire	(j)	Units				7/15/2025			833,333		833,333			618,860
										$	1,607,364		$	1,392,891

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

Audax Private Credit Fund, LLC

Consolidated Schedule of Investments (continued)

December 31, 2025

(Expressed in U.S. Dollars)


Portfolio investments (a) (b) (c) (d) (e)	Footnote Reference	Investment Type	Index (^)	Spread	Interest Rate	Acquisition Date	Maturity Date	Par / Shares		Cost of Investment		Fair Value of Investment
Audax Private Credit Fund, LLC (continued)
COMMON EQUITY AND PREFERRED SHARES: NON-CONTROL/NON-AFFILIATE INVESTMENTS
Financial Services
Embark	(j)	Common Units				9/2/2025			90,000		90,000		68,577
										$	90,000	$	68,577
Health Care Equipment & Supplies
Visor Buyer, Inc.	(j)(l)	Class A-1 Common Stock				12/15/2025			4,522,621		4,522,622		3,111,242
										$	4,522,622	$	3,111,242
Health Care Technology
Avalon	(j)	Class A-1 Units				12/31/2025			90,000		90,000		90,000
Med Tech Solutions	(j)	Class A Units				6/3/2025			166,163		166,164		160,849
										$	256,164	$	250,849
Machinery
80/20	(j)	Class A Units				12/11/2025			90,000		90,000		90,000
										$	90,000	$	90,000
				Total Audax Private Credit Fund, LLC						$	13,307,937	$	12,276,837
APCF Equity, LLC
COMMON EQUITY AND PREFERRED SHARES: NON-CONTROL/NON-AFFILIATE INVESTMENTS
Commercial Services & Supplies
O6 Environmental	(j)	Common Units				8/5/2025			448	$	448,009	$	578,751
Russell Landscape Group	(j)	Class A Units				10/10/2024			5,528		552,762		811,830
										$	1,000,771	$	1,390,581
Construction & Engineering
Gallo Mechanical	(j)	Units				7/31/2025			840,000		830,186		948,839
										$	830,186	$	948,839
Containers & Packaging
Novvia Group	(j)	Common Units				10/10/2024			28,290		650,105		493,355
										$	650,105	$	493,355
Diversified Consumer Services
Heritage Partners	(j)(l)	Merger Units				7/9/2025			196		196		—
Kalkomey	(j)	Class A Units				10/10/2024			116,815		1,168,155		1,149,671
										$	1,168,351	$	1,149,671
Financial Services
Cherry Bekaert	(j)	Class A Units				10/10/2024			618,019		780,092		1,615,394
Merchant Industry & Valor PayTech	(j)	Class A Units				9/19/2025			1,500		150,000		150,000
Prime Pensions		LP Interests				10/10/2024			668,564		605,496		635,937
										$	1,535,588	$	2,401,331
Health Care Providers & Services
APT Healthcare	(j)	Class A-5 Common Units				9/30/2025			74,211		100,000		100,000
Sequel Ortho (fka OrthoNebraska)	(j)	LP Interests				10/10/2024			34,285		328,148		496,370
										$	428,148	$	596,370

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

Audax Private Credit Fund, LLC

Consolidated Schedule of Investments (continued)

December 31, 2025

(Expressed in U.S. Dollars)


Portfolio investments (a) (b) (c) (d) (e)	Footnote Reference	Investment Type	Index (^)	Spread	Interest Rate	Acquisition Date	Maturity Date	Par / Shares		Cost of Investment		Fair Value of Investment
APCF Equity, LLC
COMMON EQUITY AND PREFERRED SHARES: NON-CONTROL/NON-AFFILIATE INVESTMENTS (continued)
Hotels, Restaurants & Leisure
Taymax Group	(j)	Class A Units				10/10/2024			12,729		2,543,230		2,734,418
										$	2,543,230	$	2,734,418
Professional Services
Magna Legal Services	(j)	Class A Units				10/10/2024			14,607		1,577,591		2,448,502
										$	1,577,591	$	2,448,502
Software
Cast & Crew (fka Backstage)	(j)	Class A-3 Units				10/10/2024			5,801		406,596		2,193,340
										$	406,596	$	2,193,340
Trading Companies & Distributors
Industrial Service Group	(j)	Class A Units				10/10/2024			622		1,058,917		1,098,439
Industrial Service Group	(j)	Class A-1 Units				3/10/2025			19		25,961		33,463
										$	1,084,878	$	1,131,902
				Total APCF Equity, LLC						$	11,225,444	$	15,488,309
				Total Portfolio Investments						$	949,656,720	$	949,824,441

(a)

All securities represent investments in companies based in the United States of America, unless otherwise noted. All of these investments are subject to restrictions as to their resale or transfer.

(b)

Unless otherwise indicated, all investments are non-controlled, non-affiliated investments. Non-controlled, non-affiliated investments are defined as investments in which the Fund owns less than 5% of the portfolio company’s outstanding voting securities and does not have the power to exercise control over the management or policies of such portfolio company.

(c)

All investments are exempt from registration under the Securities Act and may be deemed to be “restricted securities” under the Securities Act.

(d)

Unless indicated otherwise, all investments are valued using Level 3 inputs within the ASC 820 fair value hierarchy. Refer to Note 3 — Investments in the accompanying Notes to Consolidated Financial Statements for additional information.

(e)

At December 31, 2025, the cost of investments for income tax purposes was $949,656,720, the gross unrealized depreciation for federal tax purposes was $25,633,371, the gross unrealized appreciation for federal income tax purposes was $25,801,092, and the net unrealized appreciation was $167,721.

(f)

(g)

Includes a portion of original issue discount and payment-in-kind, where applicable. The interest rate shown was the current rate as of December 31, 2025 and changes periodically.

(h)

(i)

The company headquarters for Allyant is located in Canada.

(j)

Investments are non-income producing.

(k)

(l)

The provisions of the Investment Company Act classify investments further based on the level of ownership that the Fund maintains in a particular portfolio company. As defined in the Investment Company Act, a company is generally deemed as “non-affiliated” when the Fund owns less than 5% of a portfolio company’s outstanding voting securities and “affiliated” when the Fund owns 5% or more of a portfolio company’s outstanding voting securities. The Fund classifies this investment as “affiliated”.

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

Audax Private Credit Fund, LLC

Consolidated Schedule of Investments (continued)

December 31, 2025

(Expressed in U.S. Dollars)

The following table presents the Consolidated Schedule of Investments of the affiliates for the year ended December 31, 2025:


Portfolio Company(1)	Investment Type	Beginning Fair Value at December 31, 2024		Gross additions (2)		Change in Unrealized Gain			Fair Value at December 31, 2025
Heritage Partners	Bank Loans	$	—	$	12,783,688	$	(5,347,549	)	$	7,436,139
Heritage Partners	Bank Loans		—		6,020,720		(2,518,530	)		3,502,190
Heritage Partners	Bank Loans		—		2,495,870		(1,064,848	)		1,431,022
Heritage Partners	Bank Loans		—		1,964,942		—			1,964,942
Visor Buyer, Inc.	Bank Loans		—		3,276,299		—			3,276,299
Heritage Partners	Common Equity and Preferred Shares		—		196		(196	)		—
Visor Buyer, Inc.	Common Equity and Preferred Shares		—		4,522,622		(1,411,380	)		3,111,242
Total Affiliated investments		$	—	$	31,064,337	$	(10,342,503	)	$	20,721,834

(1)

The principal/share amount and ownership detail are shown in the Consolidated Schedule of Investments.

(2)

(m)

All investments are income producing, unless otherwise noted.

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

Audax Private Credit Fund, LLC

Consolidated Schedule of Investments (continued)

December 31, 2025

(Expressed in U.S. Dollars)

The following shows the composition of the Fund’s portfolio at fair value by investment type and industry as of December 31, 2025:


Industry	Bank Loans Fair Value		% of NAV			Common and Preferred Equity Fair Value		% of NAV			Total Fair Value		% of Total Investments at Fair Value
Aerospace & Defense	$	14,153,296		3.1	%	$	3,482,097		0.8	%	$	17,635,393		1.9	%
Air Freight & Logistics		4,875,750		1.1	%		—		0.0	%		4,875,750		0.5	%
Automobile Components		3,338,646		0.7	%		—		0.0	%		3,338,646		0.4	%
Building Products		9,235,523		2.0	%		—		0.0	%		9,235,523		1.0	%
Capital Markets		32,324,134		7.0	%		—		0.0	%		32,324,134		3.4	%
Chemicals		2,962,613		0.6	%		—		0.0	%		2,962,613		0.3	%
Commercial Services & Supplies		73,421,100		15.9	%		3,548,974		0.8	%		76,970,074		8.1	%
Communications Equipment		4,974,937		1.1	%		—		0.0	%		4,974,937		0.5	%
Construction & Engineering		75,093,564		16.3	%		4,222,245		0.9	%		79,315,809		8.4	%
Consumer Staples Distribution & Retail		13,917,012		3.0	%		4,835,953		1.0	%		18,752,965		2.0	%
Containers & Packaging		17,028,739		3.7	%		493,355		0.1	%		17,522,094		1.8	%
Diversified Consumer Services		75,755,423		16.4	%		3,306,382		0.7	%		79,061,805		8.3	%
Electrical Equipment		5,833,525		1.3	%		—		0.0	%		5,833,525		0.6	%
Energy Equipment & Services		8,590,541		1.9	%		1,301,231		0.3	%		9,891,772		1.0	%
Financial Services		68,280,920		14.8	%		5,349,989		1.2	%		73,630,909		7.8	%
Food Products		8,804,597		1.9	%		637,396		0.1	%		9,441,993		1.0	%
Health Care Equipment & Supplies		30,945,580		6.7	%		4,047,357		0.9	%		34,992,937		3.7	%
Health Care Providers & Services		81,787,967		17.7	%		3,225,449		0.7	%		85,013,416		9.0	%
Health Care Technology		21,609,456		4.7	%		250,849		0.1	%		21,860,305		2.3	%
Hotels, Restaurants & Leisure		32,676,974		7.1	%		2,734,418		0.6	%		35,411,392		3.7	%
Insurance		25,011,013		5.4	%		1,658,837		0.4	%		26,669,850		2.8	%
Interactive Media & Services		9,167,500		2.0	%		—		0.0	%		9,167,500		1.0	%
Internet Software & Services		17,208,072		3.7	%		1,114,118		0.2	%		18,322,190		1.9	%
IT Services		12,458,472		2.7	%		1,127,766		0.2	%		13,586,238		1.4	%
Leisure Products		14,097,775		3.1	%		—		0.0	%		14,097,775		1.5	%
Life Sciences Tools & Services		8,955,000		1.9	%		—		0.0	%		8,955,000		0.9	%
Machinery		25,971,026		5.6	%		90,000		0.0	%		26,061,026		2.7	%
Media		22,948,124		5.0	%		850,757		0.2	%		23,798,881		2.5	%
Oil, Gas & Consumable Fuels		647,283		0.1	%		—		0.0	%		647,283		0.1	%
Personal Care Products		4,957,899		1.1	%		—		0.0	%		4,957,899		0.5	%
Pharmaceuticals		8,000,000		1.7	%		—		0.0	%		8,000,000		0.9	%
Professional Services		27,823,047		6.0	%		2,448,502		0.5	%		30,271,549		3.2	%
Software		90,826,276		19.7	%		14,657,360		3.2	%		105,483,636		11.1	%
Trading Companies & Distributors		32,403,117		7.0	%		1,131,902		0.2	%		33,535,019		3.5	%
Water Utilities		3,224,603		0.7	%		—		0.0	%		3,224,603		0.3	%
Total	$	889,309,504		192.7	%	$	60,514,937		13.1	%	$	949,824,441		100.0	%

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

Audax Private Credit Fund, LLC

Notes to Consolidated Financial Statements

June 30, 2026

(unaudited)

Note 1. Organization

Audax Private Credit Fund, LLC (formerly Audax Private Credit Fund, LP) (the “Fund”) is a non-diversified, closed-end management investment company that has elected to be regulated as a business development company (“BDC”) under the Investment Company Act. The Fund intends to elect to be treated as a regulated investment company (“RIC”) as defined under Subchapter M of the U.S. Internal Revenue Code of 1986, as amended (the "Code") and expects to qualify as a RIC annually thereafter.

The Fund’s investment objective is to generate current income and, to a lesser extent, capital appreciation. The Fund intends to invest primarily in senior secured first lien loans, with minority exposure to second lien loans, subordinated or mezzanine loans, and equity and equity-like investments, such as equity and/or warrant kickers, in privately owned U.S. middle market companies.

Audax PDB Management Company, LLC (the “Adviser”) is the investment adviser of the Fund. 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. Prior to the Conversion on April 10, 2025, Audax Management Company (NY), LLC was the investment adviser of the Partnership.

Note 2. Significant Accounting Policies

Basis of Presentation

As an investment company, the accompanying consolidated financial statements of the Fund 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 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 financial statements prepared in accordance with GAAP are omitted. In the opinion of management of the Fund, the unaudited financial results included herein contain all adjustments, consisting solely of normal accruals, considered necessary for the fair presentation of 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 Fund 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 Fund’s financial position or the result of the operations as previously reported.

Consolidation

As provided under Regulation S-X and ASC Topic 946, the Fund will not consolidate its investment in a company other than an investment company subsidiary or a controlled operating company whose business consists of providing services to the Fund. Accordingly, the Fund consolidated the results of the Fund’s wholly-owned subsidiaries.

As of June 30, 2026 and December 31, 2025, APCF SPV I, LLC (the “SPV”), Audax Private Credit Subsidiary, LLC, and APCF Equity, LLC, Delaware limited liability companies (collectively with the SPV, the “Subsidiaries”), are wholly owned subsidiaries of the Fund that are consolidated. All intercompany balances and transactions have been eliminated in consolidation. The SPV is the borrower under the Fund’s Leverage Facility as discussed in Note 8 — Commitments and Contingencies.

Audax Private Credit Fund, LLC

Notes to Consolidated Financial Statements (continued)

June 30, 2026

(unaudited)

Use of Estimates

The preparation of financial statements in conformity with GAAP requires management of the Fund to make estimates and assumptions that affect reported amounts and disclosure 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 is stated at cost and cash equivalents are stated at fair value. The Fund 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 at June 30, 2026 and December 31, 2025. The cash was not subject to any restrictions on withdrawal.

Expenses

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

Investment Valuation Policy

The Fund’s assets and liabilities will be valued in accordance with the valuation policies and procedures of the Fund and the Adviser, as may be amended from time to time. Such valuations will be made in accordance with Rule 2a-5 under the Investment Company Act, the SEC rule governing the valuation of a BDC’s portfolio investments, and GAAP. The Board of Directors (the “Board”) has designated the Adviser as its “valuation designee” pursuant to Rule 2a-5 under the Investment Company Act, and in that role the Adviser is responsible for performing fair value determinations relating to all of the Fund’s investments, including periodically assessing and managing any material valuation risks and establishing and applying fair value methodologies, in accordance with valuation policies and procedures that have been approved by the Fund’s Board. Even though the Board designated the Adviser as its “valuation designee,” the Board’s audit committee continues to be responsible for overseeing the processes for determining fair valuation.

When market prices are readily available, the Adviser shall value the Fund’s investments at the current market price. Where it is possible to obtain independent third party market quotes for securities, the Adviser will use these quotes to obtain a value for those securities.

The Fund’s investments are expected to include loans and other instruments that do not have readily ascertainable market prices. Assets that are not publicly traded or whose market prices are not readily available are valued at fair value as determined in good faith by the Adviser. The Adviser will determine fair value for those investments through a valuation process that will be conducted at the end of each fiscal quarter by the valuation committees of our Adviser with the assistance of the Adviser’s investment and management personnel, finance and compliance teams, third-party valuation agents, and guidance from outside counsel, and reviewed by the audit committee of our Board.

The Adviser will utilize the following multi-step process each quarter in determining fair value for the Fund’s investments for which market quotations are not readily available:

•

First, 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;

•

Second, 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;

•

Third, the preliminary valuation conclusions will be presented to the Adviser’s valuation committees as relevant, for consideration;

•

Fourth, the Adviser’s valuation committees will discuss the recommended valuations and determine, in good faith, the fair value of each investment;

Audax Private Credit Fund, LLC

Notes to Consolidated Financial Statements (continued)

June 30, 2026

(unaudited)

•

Fifth, the valuation determinations of the Adviser’s valuation committees will be presented to the Adviser and then shared with the Fund’s chief executive officer and chief financial officer; and

•

Sixth, the Adviser will provide certain quarterly and annual reports to the Board.

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, a loan is placed on non-accrual status when management has reasonable doubt that the borrower will pay principal or interest in full. Management may make an exception when the loan has sufficient collateral value or is in the process of collection. Generally, non-accrual loans are returned to accrual status when all past-due principal and interest have been paid in cash and, in management’s judgment, the borrower is likely to make principal and interest payments in the future. As of June 30, 2026, the Fund had 9 investments across 4 issuers on non-accrual, which represented 4.66% and 2.21% of the Fund's cost and fair market value, respectively. As of December 31, 2025, the Fund had 8 investments across 3 issuers on non-accrual, which represented 4.38% and 3.04% of the Fund's cost and fair market value, respectively.

The Fund may hold loans in the portfolio that contain OID and payment-in-kind (“PIK”) provisions. The Fund recognizes OID for loans originally issued at a discount as income over the life of the obligation based on an effective yield method. 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.

As of June 30, 2026, the Fund held 3 investments that had a PIK interest component. As of December 31, 2025, the Fund held 3 investments that had a PIK interest component. For the three and six months ended June 30, 2026, the Fund accrued PIK income in the amount of $79,282 and $91,536. For the three and six months ended June 30, 2025, the Fund accrued PIK income in the amount of $451,457 and $1,015,825.

As of June 30, 2026 and December 31, 2025, the Fund held $36,759,770 and $35,353,403 cash and cash equivalents. For the three and six months ended June 30, 2026 and 2025, the Fund did not earn interest income related to cash.

Realized gain (loss) and net change in unrealized appreciation (depreciation)

Investment transactions are accounted for on the trade date. Gain or loss on the sale of investments is calculated using the specific identification method. The Fund measures realized gain or loss 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. Net change in unrealized appreciation or depreciation will reflect the change in portfolio investment values during the reporting period, including any reversal of previously recorded unrealized appreciation or depreciation, when a gain or loss is realized.

Foreign Currency

The accounting records of the Fund are maintained in U.S. dollars. Investment securities and other assets and liabilities denominated in a foreign currency are translated into U.S. dollars at the prevailing rates of exchange at year end. Purchases and sales of securities, income receipts and expense payments are translated into U.S. dollars at the prevailing exchange rate on the respective dates of the transactions. The portion of both realized and unrealized gains and losses on investments that results from the fluctuations in foreign currency exchange rates are separately disclosed in the accompanying Consolidated Statements of Operations, when applicable.

Deferred Financing Costs

Deferred financing costs represent fees and other direct incremental costs incurred in connection with borrowings. These amounts are amortized over the contractual term of the Leverage Facility and the Credit Facility as discussed in Note 8 — Commitments and Contingencies.

Audax Private Credit Fund, LLC

Notes to Consolidated Financial Statements (continued)

June 30, 2026

(unaudited)

Note 3. Investments

Fair Value

The Fund follows guidance in ASC 820, Fair Value Measurement (“ASC 820”), where fair value is defined 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 measurements are determined within a framework that establishes a three-tier hierarchy which maximizes the use of observable market data and minimizes the use of unobservable inputs to establish a classification of fair value measurements for disclosure purposes. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk, such as the risk inherent in a particular valuation technique used to measure fair value using a pricing model and/or the risk inherent in the inputs for the valuation technique. Inputs may be observable or unobservable. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Fund. Unobservable inputs reflect the Fund’s own assumptions about the assumptions market participants would use in pricing the asset or liability based on the information available. The inputs or methodology used for valuing assets or liabilities may not be an indication of the risks associated with investing in those assets or liabilities.

In accordance with ASC 820, these inputs are summarized into the following hierarchy:

•

Level 1: Quoted prices in available active markets for identical financial instruments that the Adviser has the ability to access at the measurement date.

•

Level 2: Quoted prices in markets that are not active or for which all significant inputs are observable, either directly or indirectly.

•

Level 3: Inputs that are unobservable and significant to the overall fair value measurement for the asset or liability.

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. The Adviser’s 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.

This includes investment securities that are valued using “bid” and “ask” prices obtained from independent third party pricing services or directly from brokers (described in further detail below). Classifying securities as Level 3 is based on reviewing ASC 820-10-35 (formerly FSP No. 157-3, issued on October 10, 2008). As quotes received from independent third party pricing services or directly from brokers are generally indicative and not binding, and may also not be based on actual transactions, these inputs typically do not qualify as Level 2 inputs and therefore, in most cases, will be considered Level 3 inputs.

Under ASC 820, the fair value measurement also assumes that the transaction to sell an asset occurs in the principal market for the asset or, in the absence of a principal market, the most advantageous market for the asset, which may be a hypothetical market, and excludes transaction costs. The principal market for any asset is the market with the greatest volume and level of activity for such asset in which the reporting entity would or could sell or transfer the asset. In determining the principal market for an asset or liability under ASC 820, it is assumed that the reporting entity has access to such market as of the measurement date. Market participants are defined as buyers and sellers in the principal or most advantageous market that are independent, knowledgeable and willing and able to transact.

The Adviser determines fair value to be the price that would be received for an investment in a current sale, which assumes an orderly market is available for the market participants at the measurement date. When available, the Adviser bases the fair value of a large portion of the Fund’s investments on directly observable market prices or on market data derived from comparable assets. The Adviser’s valuation policy considers the fact that no ready market exists for many of the securities in which the Fund invests and that fair value for the Fund’s investments must be determined using unobservable inputs. The Adviser’s valuation policy is intended to provide a consistent basis for determining the fair value of the Fund’s portfolio.

Inputs used to measure the fair value of an investment reflect management’s best estimate of assumptions that would be used by market participants in pricing such investment in a hypothetical transaction. 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 Fund’s investments may differ from the values that would have been used had a ready market existed for such investments and may differ materially from the values that the Fund may ultimately realize upon the sale or liquidation of such investments.

Audax Private Credit Fund, LLC

Notes to Consolidated Financial Statements (continued)

June 30, 2026

(unaudited)

As of June 30, 2026, $980,877,202 of the Fund’s investments were valued using unobservable inputs, and $146,628,454 were valued using observable inputs. During the six months ended June 30, 2026, $67,209,816 and $28,131,418 transferred into and out of Level 3, respectively.

As of December 31, 2025, $863,695,606 of the Fund’s investments were valued using unobservable inputs, and $86,128,835 of the Fund's investments were valued using observable inputs.

The following tables present the Fund’s investments carried at fair value as of June 30, 2026 and December 31, 2025, by caption on the Fund’s accompanying Consolidated Statements of Assets and Liabilities and by security type.


	Fair Value of Assets as of June 30, 2026
Assets	Level 1		Level 2		Level 3		Total
Unitranche Debt	$	—	$	10,991,327	$	570,156,724	$	581,148,051
First Lien Debt		—		135,637,127		350,028,614		485,665,741
Equity and Preferred Shares		—		—		60,691,864		60,691,864
Total	$	—	$	146,628,454	$	980,877,202	$	1,127,505,656


	Fair Value of Assets as of December 31, 2025
Assets	Level 1		Level 2		Level 3		Total
Unitranche Debt	$	—	$	21,320,806	$	567,732,131	$	589,052,937
First Lien Debt		—		64,808,029		230,306,745		295,114,774
Second Lien Debt		—		—		5,141,793		5,141,793
Equity and Preferred Shares		—		—		60,514,937		60,514,937
Total	$	—	$	86,128,835	$	863,695,606	$	949,824,441

In accordance with ASC 820, the following table provides quantitative information about the Level 3 fair value measurements of the Fund’s investments as of June 30, 2026.

         June 30, 2026

          
         Fair Value

         Valuation Approach

         Unobservable Inputs (1)

         Range

         Weighted
Average(3)

Unitranche Debt

392,483,136

Analysis of trend in leverage

Maturity Modified Market Yield(2)

4.82% - 8.40%

7.20%

Unitranche Debt

11,057,757

Total Enterprise Value

EBITDA Multiple

9.00x

9.00x

Unitranche Debt

142,460,568

Matrix Pricing

Senior Leverage

2.71x - 7.75x

5.58x

          
         Total Leverage

         2.71x - 8.24x

         5.68x

          
         Interest Coverage

         1.39x - 4.14x

         1.89x

          
         Debt Service Coverage

         1.14x - 2.32x

         1.50x

          
         TEV Coverage

         1.54x - 4.27x

         2.27x

          
         Liquidity

         81.66% - 201.58%

         130.00%

          
         Spread Comparison

         425bps - 600bps

         505bps

First Lien Debt

118,653,118

Analysis of trend in leverage

Maturity Modified Market Yield(2)

5.16% - 9.66%

6.85%

First Lien Debt

17,263,099

Total Enterprise Value

EBITDA Multiple

1.45x - 9.50x

8.43

First Lien Debt

199,154,167

Matrix Pricing

Senior Leverage

0.92x - 6.52x

4.29x

          
         Total Leverage

         1.00x - 9.68x

         4.67x

          
         Interest Coverage

         1.34x - 4.93x

         2.33x

          
         Debt Service Coverage

         1.06x - 3.83x

         1.83x

          
         TEV Coverage

         1.63x - 11.99x

         3.11x

          
         Liquidity

         23.43% - 639.06%

         146.80%

          
         Spread Comparison

         325bps - 575bps

         478bps

Equity and Preferred Shares

59,984,365

Total Enterprise Value

EBITDA Multiple

1.45x - 19.00x

13.67x

941,056,210

Audax Private Credit Fund, LLC

Notes to Consolidated Financial Statements (continued)

June 30, 2026

(unaudited)

(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)

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.

(3)

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

The table does not include $39,820,992 of other investments, which are 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 Fund’s investments as of December 31, 2025.

         December 31, 2025

        

          
         Fair Value

         Valuation Approach

         Unobservable Inputs (1)

         Range

         Weighted
Average(3)

Unitranche Debt

433,333,738

Analysis of trend in leverage

Maturity Modified Market Yield(2)

5.15% - 8.65%

7.12%

Unitranche Debt

26,151,725

Total Enterprise Value

EBITDA Multiple

8.75x - 10.50x

9.09x

Unitranche Debt

70,308,389

Matrix Pricing

Senior Leverage

3.87x - 6.58x

5.63x

          
         Total Leverage

         3.87x - 6.63x

         5.69x

          
         Interest Coverage

         1.39x - 2.27x

         1.72x

          
         Debt Service Coverage

         1.01x - 1.69x

         1.37x

          
         TEV Coverage

         1.60x - 2.46x

         1.90x

          
         Liquidity

         100.00% - 175.83%

         116.29%

          
         Spread Comparison

         400bps - 600bps

         504bps

First Lien Debt

82,960,396

Analysis of trend in leverage

Maturity Modified Market Yield(2)

5.97% - 8.55%

7.10%

First Lien Debt

11,353,306

Total Enterprise Value

EBITDA Multiple

6.00x - 9.00x

6.52x

First Lien Debt

119,448,975

Matrix Pricing

Senior Leverage

2.43x - 6.50x

4.36x

          
         Total Leverage

         2.43x - 6.50x

         4.44x

          
         Interest Coverage

         1.17x - 4.68x

         2.30x

          
         Debt Service Coverage

         1.06x - 3.42x

         1.76x

          
         TEV Coverage

         2.00x - 5.75x

         2.93x

          
         Liquidity

         1.13% - 227.00%

         110.67%

          
         Spread Comparison

         375bps - 550bps

         478bps

Second Lien Debt

5,141,793

Total Enterprise Value

EBITDA Multiple

10.5x

10.5x

Equity and Preferred Shares

59,650,906

Total Enterprise Value

EBITDA Multiple

6.00x - 19.50x

14.19x

808,349,228

(1)

(2)

(3)

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

The table does not include $55,346,378 of other investments, which are 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 rates, leverage, or EBITDA multiples, each in isolation, may change the fair value of certain of the Fund’s investments. Generally, an increase or decrease in market yields, discount rates or leverage or a decrease in EBITDA or EBITDA multiples may result in a corresponding decrease or increase, respectively, in the fair value of certain of the Fund’s investments.

Audax Private Credit Fund, LLC

Notes to Consolidated Financial Statements (continued)

June 30, 2026

(unaudited)

The following tables provide the changes in fair value, broken out by security type, during the three and six months ended June 30, 2026 and 2025 for all investments for which the Fund determines fair value using unobservable (Level 3) factors.


Three Months Ended June 30, 2026	Unitranche Debt			First Lien Debt			Equity and Preferred Shares			Total
Fair Value as of March 31, 2026	$	563,475,956		$	283,064,225		$	59,293,078		$	905,833,259
Transfers into Level 3		38,511,059			28,698,757			—			67,209,816
Transfers out of Level 3		(15,097,875	)		(13,033,543	)		—			(28,131,418	)
Reclassification of investment types(d)		(24,659,310	)		24,659,310			—			—
Net realized gain (loss)(a)		5,656			(10,991	)		2,291			(3,044	)
Net unrealized (depreciation) appreciation(b)		(1,106,801	)		(2,961,865	)		652,220			(3,416,446	)
New investments, repayments and settlements:(c)
Purchase of investments		26,748,850			36,071,871			746,566			63,567,287
Proceeds from disposition and repayments of investments		(17,951,842	)		(6,764,460	)		(2,291	)		(24,718,593	)
Net amortization of premiums, PIK, discounts and fees		231,031			305,310			—			536,341
Fair Value as of June 30, 2026	$	570,156,724		$	350,028,614		$	60,691,864		$	980,877,202

(a)

Included in net realized gain on the accompanying Consolidated Statements of Operations for the three months ended June 30, 2026.

(b)

Included in net change in unrealized depreciation on the accompanying Consolidated Statements of Operations for the three months ended June 30, 2026.

(c)

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

(d)

As part of an enhancement to the Adviser's investment classification policy, certain portfolio company investments were reclassified during the year based on refined criteria used to evaluate investment type.


Six Months Ended June 30, 2026	Unitranche Debt			First Lien Debt			Second Lien Debt			Equity and Preferred Shares			Total
Fair Value as of December 31, 2025	$	567,732,131		$	230,306,745		$	5,141,793		$	60,514,937		$	863,695,606
Transfers into Level 3		17,688,188			43,222,548			—			—			60,910,736
Transfers out of Level 3		(15,097,875	)		(10,428,550	)		—			—			(25,526,425	)
Reclassification of investment types(d)		(35,873,259	)		41,015,052			(5,141,793	)		—			—
Net realized gain(a)		9,772			48,313			—			2,291			60,376
Net unrealized (depreciation) appreciation(b)		(798,367	)		(9,010,149	)		—			(906,230	)		(10,714,746	)
New investments, repayments and settlements:(c)
Purchase of investments		70,412,844			86,009,387			—			1,083,157			157,505,388
Proceeds from disposition and repayments of investments		(34,431,241	)		(31,669,292	)		—			(2,291	)		(66,102,824	)
Net amortization of premiums, PIK, discounts and fees		514,531			534,560			—			—			1,049,091
Fair Value as of June 30, 2026	$	570,156,724		$	350,028,614		$	—		$	60,691,864		$	980,877,202

(a)

Included in net realized gain on the accompanying Consolidated Statements of Operations for the six months ended June 30, 2026.

(b)

Included in net change in unrealized depreciation on the accompanying Consolidated Statements of Operations for the six months ended June 30, 2026.

(c)

(d)

Audax Private Credit Fund, LLC

Notes to Consolidated Financial Statements (continued)

June 30, 2026

(unaudited)


Three Months Ended June 30, 2025	Unitranche Debt			First Lien Debt			Second Lien Debt			Equity and Preferred Shares		Total
Fair Value as of March 31, 2025	$	463,137,492		$	86,472,312		$	—		$	48,608,568	$	598,218,372
Reclassification of investment types(d)		—			(7,706,568	)		5,718,231			1,988,337		—
Net realized gain(a)		30,837			(125	)		—			—		30,712
Net unrealized (depreciation) appreciation(b)		(5,560,648	)		1,003,934			(607,539	)		784,035		(4,380,218	)
New investments, repayments and settlements:(c)
Purchase of investments		52,966,481			18,199,381			754,994			40,600		71,961,456
Proceeds from disposition and repayments of investments		(15,318,987	)		(2,940,700	)		(285,983	)		—		(18,545,670	)
Net amortization of premiums, PIK, discounts and fees		115,253			343,731			141,671			—		600,655
Fair Value as of June 30, 2025	$	495,370,428		$	95,371,965		$	5,721,374		$	51,421,540	$	647,885,307

(a)

Included in net realized gain on the accompanying Consolidated Statements of Operations for the three months ended June 30, 2025.

(b)

Included in net change in unrealized depreciation on the accompanying Consolidated Statements of Operations for the three months ended June 30, 2025.

(c)

(d)


Six Months Ended June 30, 2025	Unitranche Debt			First Lien Debt			Second Lien Debt			Equity and Preferred Shares			Total
Fair Value as of December 31, 2024	$	487,531,141		$	112,846,004		$	—		$	50,597,621		$	650,974,766
Reclassification of investment types(d)		—			(7,706,568	)		5,718,231			1,988,337			—
Net realized gain (loss)(a)		24,142			1,284			—			861,781			887,207
Net unrealized (depreciation) appreciation(b)		(9,320,355	)		(357,373	)		(607,539	)		2,159,358			(8,125,909	)
New investments, repayments and settlements:(c)
Purchase of investments		73,232,427			23,693,122			754,994			140,482			97,821,025
Proceeds from disposition and repayments of investments		(56,368,885	)		(34,038,136	)		(285,983	)		(4,326,039	)		(95,019,043	)
Net amortization of premiums, PIK, discounts and fees		271,958			933,632			141,671			—			1,347,261
Fair Value as of June 30, 2025	$	495,370,428		$	95,371,965		$	5,721,374		$	51,421,540		$	647,885,307

(a)

Included in net realized gain on the accompanying Consolidated Statements of Operations for the six months ended June 30, 2025.

(b)

Included in net change in unrealized depreciation on the accompanying Consolidated Statements of Operations for the six months ended June 30, 2025.

(c)

(a)

During the three months ended June 30, 2026, $67,209,816 and $28,131,418 transferred into and out of Level 3, respectively, due to a decrease or increase in observable price inputs in the market for these securities and a corresponding need to utilize unobservable inputs. During the six months ended June 30, 2026, $60,910,736 and $25,526,425 transferred into and out of Level 3, respectively, due to a decrease or increase in observable price inputs in the market for these securities and a corresponding need to utilize unobservable inputs. Transfers between levels, if any, are recognized at the beginning of the quarter in which the transfers occur. 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.

There were no Level 3 transfers during the three and six months ended June 30, 2025.

Audax Private Credit Fund, LLC

Notes to Consolidated Financial Statements (continued)

June 30, 2026

(unaudited)

The change in unrealized value attributable to investments still held at June 30, 2026 and 2025 was $(10,853,060) and $(6,931,954), respectively.

The following tables outline the Fund’s investments by security type as of June 30, 2026 and December 31, 2025.


	June 30, 2026
	Cost		Percentage of Total Investments			Fair Value		Percentage of Total Investments
Unitranche Debt	$	588,282,284		51.69	%	$	581,148,051		51.55	%
First Lien Debt		500,945,245		44.01	%		485,665,741		43.07	%
Equity and Preferred Shares		48,963,466		4.30	%		60,691,864		5.38	%
Total Investments	$	1,138,190,995		100.00	%	$	1,127,505,656		100.00	%


	December 31, 2025
	Cost		Percentage of Total Investments			Fair Value		Percentage of Total Investments
Unitranche Debt	$	599,376,770		63.11	%	$	589,052,937		62.02	%
First Lien Debt		295,418,678		31.11	%		295,114,774		31.07	%
Second Lien Debt		6,980,953		0.74	%		5,141,793		0.54	%
Equity and Preferred Shares		47,880,319		5.04	%		60,514,937		6.37	%
Total Investments	$	949,656,720		100.00	%	$	949,824,441		100.00	%

Investments at fair value were included in the following geographic regions of the United States as of June 30, 2026 and December 31, 2025.


	June 30, 2026					December 31, 2025
Geographic Region	Fair Value		Percentage of Total Investments			Fair Value		Percentage of Total Investments
Northeast	$	277,166,097		24.6	%	$	250,549,018		26.4	%
Midwest		191,282,545		17.0	%		158,701,692		16.7	%
Southwest		170,031,870		15.1	%		101,377,719		10.7	%
Southeast		166,178,875		14.7	%		113,616,930		11.9	%
East		120,810,491		10.7	%		113,622,924		12.0	%
West		93,977,669		8.3	%		121,931,251		12.8	%
Canada(1)		36,638,096		3.2	%		23,798,881		2.5	%
Northwest		35,999,230		3.2	%		36,002,045		3.8	%
South		29,810,783		2.7	%		30,223,981		3.2	%
United Kingdom(2)		5,610,000		0.5	%		—		0.0	%
Total Investments	$	1,127,505,656		100.0	%	$	949,824,441		100.0	%

(1)

The company headquarters for Allyant, Klick Health and PayByPhone are located in Canada.

(2)

The company headquarters for Forged Solutions is located in the United Kingdom.

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

Audax Private Credit Fund, LLC

Notes to Consolidated Financial Statements (continued)

June 30, 2026

(unaudited)

Investment Principal Repayments

The following table summarizes the contractual principal repayments and maturity of the Fund’s investment portfolio by fiscal year, assuming no voluntary prepayments, as of June 30, 2026:


For the Fiscal Years Ending December 31	Amount
2027	$	79,050,494
2028		149,181,769
2029		126,000,982
2030		215,300,001
2031		216,678,536
Thereafter		319,042,227
Total contractual repayments	$	1,105,254,009
Adjustment to cost basis on debt investments (a)		(16,026,480	)
Total Cost Basis of Debt Investments Held at June 30, 2026:	$	1,089,227,529

(a)

Adjustments to cost basis related to unamortized balance of market discount on investments.

The following table summarizes the contractual principal repayments and maturity of the Fund’s investment portfolio by fiscal year, assuming no voluntary prepayments, as of December 31, 2025:


For the Fiscal Years Ending December 31	Amount
2026	$	70,597,320
2027		89,770,017
2028		146,443,086
2029		94,658,765
2030		190,129,108
Thereafter		323,882,256
Total contractual repayments	$	915,480,552
Adjustment to cost basis on debt investments (a)		(13,704,151	)
Total Cost Basis of Debt Investments Held at December 31, 2025:	$	901,776,401

(a)

Adjustments to cost basis related to unamortized balance of market discount on investments.

Note 4. Related Party Transactions

Investment Advisory Agreement

Effective April 10, 2025, the Fund has entered into an investment advisory agreement (the “Investment Advisory Agreement”) with the Adviser. In accordance with the Investment Advisory Agreement, commencing on April 23, 2025 (the date on which the Fund elected to be regulated as a BDC), the Fund pays the Adviser certain fees as compensation for its services, such fees consisting of a base management fee (the “Management Fee”) and an incentive fee (the “Incentive Fee”). The services the Adviser provides to the Fund, subject to the overall supervision of the Board, include managing the day-to-day operations of, and providing investment services to, the Fund.

Management Fee

The Management Fee is calculated at an annual rate of 1.25% of net assets as of the beginning of the first business day of the month, payable monthly in arrears. For the first calendar month in which the Fund has operations, net assets will be measured as the beginning net assets as of the date of Conversion.

For the three and six months ended June 30, 2026, the Fund recorded Management Fees of $1,773,945 and $3,385,733, respectively, and waivers to the Management Fees of $0 and $0, respectively, as set forth within the accompanying Consolidated Statements of Operations. For the three and six months ended June 30, 2025, the Fund recorded Management Fees of $1,064,102 and $2,133,068, respectively, and waivers to the Management Fees of $59,390 and $973,233, respectively, as set forth within the

Audax Private Credit Fund, LLC

Notes to Consolidated Financial Statements (continued)

June 30, 2026

(unaudited)

accompanying Consolidated Statements of Operations. As of June 30, 2026 and December 31, 2025, Management Fees payable was $1,773,945 and $1,392,622, respectively, and is included in Payable to Adviser on the Consolidated Statements of Assets and Liabilities.

Incentive Fee

The Incentive Fee has two components that are independent of each other, with the result that one component may be payable even if the other is not. A portion of the Incentive Fee is based on a percentage of the Fund’s income and a portion is based on a percentage of the Fund’s capital gains, each as described below.

(i) Incentive Fee on Pre-Incentive Fee Net Investment Income. The portion based on the Fund’s income is based on Pre-Incentive Fee Net Investment Income Returns. “Pre-Incentive Fee Net Investment Income Returns” means, as the context requires, either the dollar value of, or percentage rate of return on the value of the Fund’s net assets at the end of the immediate preceding quarter from 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 Fund receives from portfolio companies) accrued during the calendar quarter, minus the Fund’s operating expenses accrued for the quarter (including the Management Fee, expenses payable under the Administration Agreement, and any interest expense or fees on any credit facilities or outstanding debt and distributions paid on any issued and outstanding preferred shares, but excluding the Incentive Fee and any distribution or shareholder servicing fees).

Pre-Incentive Fee Net Investment Income Returns include, in the case of investments with a deferred interest feature (such as original issue discount, debt instruments with pay-in-kind interest and zero coupon securities), accrued income that the Fund has not yet received in cash. Pre-Incentive Fee Net Investment Income Returns do not include any realized capital gains, realized capital losses or unrealized capital appreciation or depreciation.

Pre-Incentive Fee Net Investment Income Returns, expressed as a rate of return on the value of the Fund’s net assets at the end of the immediate preceding quarter, is compared to a hurdle of 1.5% per quarter (6.0% annualized) (the “Hurdle Rate”).

The Fund will pay the Adviser an incentive fee quarterly in arrears with respect to the Fund’s Pre-Incentive Fee Net Investment Income Returns in each calendar quarter as follows:

•

no incentive fee based on Pre-Incentive Fee Net Investment Income Returns in any calendar quarter in which the Fund’s Pre-Incentive Fee Net Investment Income Returns do not exceed the Hurdle Rate of 1.5%;

•

100% of the dollar amount of the Fund’s Pre-Incentive Fee Net Investment Income Returns with respect to that portion of such Pre-Incentive Fee Net Investment Income Returns, if any, that exceeds the Hurdle Rate but is less than a rate of return of 1.7143% (6.8571% annualized). This is referred to as Pre-Incentive Fee Net Investment Income Returns (which exceed the Hurdle Rate but are less than 1.7143%) that constitute the “catch-up”; and

•

12.5% of the dollar amount of the Fund’s Pre-Incentive Fee Net Investment Income Returns, if any, that exceed a rate of return of 1.7143% (6.8571% annualized).

(ii) Incentive Fee on Capital Gains. The second component of the Incentive Fee (the “capital gains incentive fee”) is payable at the end of each calendar year in arrears.

The amount payable equals:

•

12.5% of cumulative realized capital gains from inception through the end of such 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 incentive fee on capital gains as calculated in accordance with GAAP.

Each year, the fee paid for the capital gains incentive fee is net of the aggregate amount of any previously paid capital gains incentive fee for all prior periods. The Fund will accrue, but will not pay, a capital gains incentive fee with respect to unrealized appreciation because a capital gains incentive fee would be owed to the Adviser if the Fund were to sell the relevant investment and realize a capital gain. In no event will the capital gains incentive fee payable pursuant to the Investment Advisory Agreement be in excess of the amount permitted by the Investment Advisers Act, as amended, including Section 205 thereof.

Audax Private Credit Fund, LLC

Notes to Consolidated Financial Statements (continued)

June 30, 2026

(unaudited)

The fees that are payable under the Investment Advisory Agreement for any partial period will be appropriately prorated.

For the three and six months ended June 30, 2026, the Fund recorded incentive fees related to net investment income of $1,380,031 and $2,633,793, respectively. For the three and six months ended June 30, 2025, the Fund recorded incentive fees related to net investment income of $817,305 and $817,305, respectively. No incentive fees related to capital gains were incurred during the three and six months ended June 30, 2026 and 2025. As of June 30, 2026 and December 31, 2025, Incentive Fees payable was $1,380,030 and $1,205,739, respectively, and is included in Incentive fee payable on the Consolidated Statements of Assets and Liabilities.

Administration Agreement and Administrative Fee

Effective April 10, 2025, the Fund has also entered into an administration agreement (the “Administration Agreement”) with Audax Management Company (NY), LLC (the “Administrator”) pursuant to which the Administrator provides administrative services to the Fund. Under the Administration Agreement, the Administrator performs, or oversees the performance of administrative services necessary for the operation of the Fund, which include being responsible for the financial records which the Fund is required to maintain and prepare reports filed with the SEC. In addition, the Administrator assists in determining and publishing the Fund’s net asset value, oversees the preparation and filing of the Fund’s tax returns and the printing and dissemination of reports to the Fund’s shareholders, and generally oversees the payment of the Fund’s expenses and the performance of administrative and professional services rendered to the Fund by others. The Fund 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 Fund’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 Fund. Such costs are reflected as an administrative fee in the accompanying Consolidated Statements of Operations.

The Fund 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 Fund.

For the three and six months ended June 30, 2026 and 2025, the Adviser elected to not charge administration fees of up to 0.20% of the net asset value of the Fund.

Prior to conversion to a BDC, the limited partners of the Partnership (the “Limited Partners”) were subject to a quarterly administration fee of 0.025% of the average aggregate asset value of the Partnership for administration services. The calculation for any period other than a full calendar year was adjusted on a pro-rata basis according to the actual number of days in such period. In accordance with the agreement of the Partnership, the Fund accrued administrative fees of $0 and $0, respectively, for the three and six months ended June 30, 2026, as set forth within the accompanying Consolidated Statements of Operations. In accordance with the agreement of the Partnership, the Fund accrued administrative fees of $16,555 and $185,996, respectively, for the three and six months ended June 30, 2025, as set forth within the accompanying Consolidated Statements of Operations.

Expense Support and Conditional Reimbursement Agreement

The Fund has entered into an Expense Support and Conditional Reimbursement Agreement (the “Reimbursement Agreement”) with the Adviser, effective December 17, 2024. The Fund and the Adviser have determined that it is appropriate and in the best interest of the Fund that the Adviser may elect to pay a portion of the Fund’s expenses from time to time, which the Fund will be obligated to reimburse to the Adviser at a later date if certain conditions are met.

At such times as the Adviser determines, the Adviser may elect to pay certain expenses of the Fund on the Fund’s behalf (each such payment, an “Expense Payment”). In making an Expense Payment, the Adviser will designate, as it deems necessary or advisable, what type of expense it is paying (including, whether it is paying organizational or offering expenses); provided that no portion of an Expense Payment will be used to pay any interest expense or distribution and/or servicing fees of the Fund.

Following any calendar month or quarter, as applicable, in which Available Operating Funds (as defined below) exceed the cumulative distributions accrued to the Fund’s shareholders based on distributions declared with respect to record dates occurring in such calendar month or quarter, as applicable (the amount of such excess being hereinafter referred to as “Excess Operating Funds”),

Audax Private Credit Fund, LLC

Notes to Consolidated Financial Statements (continued)

June 30, 2026

(unaudited)

the Fund shall pay such Excess Operating Funds, or a portion thereof, as applicable, to the Adviser until such time as all Expense Payments made by the Adviser to the Fund within three years prior to the last business day of such calendar month or quarter, as applicable, have been reimbursed. Any payments required to be made by the Fund pursuant to the Reimbursement Agreement shall be referred to as a Reimbursement Payment. Available Operating Funds means the sum of (i) the Fund’s net investment company taxable income (including net short-term capital gains reduced by net long-term capital losses), (ii) the Fund’s net capital gains (including the excess of net long-term capital gains over net short-term capital losses) and (iii) dividends and other distributions paid to the Fund on account of investments in portfolio companies (to the extent such amounts listed in clause (iii) are not included under clauses (i) and (ii) above).

The amount of the Reimbursement Payment for any calendar month or quarter, as applicable, shall equal the lesser of (i) the Excess Operating Funds in such calendar month or quarter, as applicable, and (ii) the aggregate amount of all Expense Payments made by the Adviser to the Fund within three years prior to the last business day of such calendar month or quarter, as applicable, that have not been previously reimbursed by the Fund to the Adviser; provided that the Adviser may waive its right to receive all or a portion of any Reimbursement Payment in any particular calendar month or quarter, as applicable, in which case such waived amount will remain unreimbursed Expense Payments reimbursable in future months pursuant to the terms of the Reimbursement Agreement.

Notwithstanding anything to the contrary in the Reimbursement Agreement, no Reimbursement Payment for any calendar month or quarter, as applicable, shall be made if: (1) the Effective Rate of Distributions Per Share declared by the Fund at the time of such proposed Reimbursement Payment is less than the Effective Rate of Distributions Per Share at the time the Expense Payment was made to which such Reimbursement Payment relates, or (2) the Fund’s Operating Expense Ratio (as defined below) at the time of such proposed Reimbursement Payment is greater than the Operating Expense Ratio at the time the Expense Payment was made to which such Reimbursement Payment relates. For purposes of the Reimbursement Agreement, “Effective Rate of Distributions Per Share” means the annualized rate (based on a 365 day year) of regular cash distributions per share exclusive of returns of capital, distribution rate reductions due to distribution and shareholder fees, and declared special dividends or special distributions, if any. The “Operating Expense Ratio” is calculated by dividing operating expenses, less organizational and offering expenses, base management and incentive fees owed to the Adviser, and interest expense, by the Fund’s average net assets over the applicable period.

The Fund’s obligation to make a Reimbursement Payment shall automatically become a liability of the Fund on the last business day of the applicable calendar month or quarter, as applicable, except to the extent the Adviser has waived its right to receive such payment for the applicable month or quarter, as applicable. The Reimbursement Payment for any calendar month or quarter, as applicable, shall be paid by the Fund to the Adviser in any combination of cash or other immediately available funds as promptly as possible following such calendar month or quarter, as applicable, and in no event later than forty-five (45) days after the end of such calendar month or quarter, as applicable.

All Reimbursement Payments hereunder shall be deemed to relate to the earliest unreimbursed Expense Payments made by the Adviser to the Fund within three years prior to the last business day of the calendar month or quarter, as applicable, in which such Reimbursement Payment obligation is accrued. Refer to Note 8 — Commitments and Contingencies for the cumulative amount of expense support subject to potential reimbursement to the Adviser by the Fund.

Audax Private Credit Fund, LLC

Notes to Consolidated Financial Statements (continued)

June 30, 2026

(unaudited)

Note 5. Net Increase in Net Assets Resulting from Operations Per Share

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 Fund’s limited liability company interests, par value $0.001 per share (the “Shares”), for the three and six months ended June 30, 2026 and for the period April 10, 2025 (date of Conversion) through June 30, 2025:


	Six Months Ended June 30, 2026		For the period April 10, 2025 through June 30, 2025 (a)
Numerator for basic and diluted net increase in net assets resulting from operations per Share	$	7,539,624	$	559,847
Denominator for basic and diluted weighted average Shares		21,845,343		9,177,822
Basic and diluted net increase in net assets resulting from operations per Share	$	0.34	$	0.06

(a) Prior to April 10, 2025 (date of Conversion), the Partnership sold non-unitized limited partnership interests and neither the Fund, a Delaware limited liability company, nor the Shares were in existence. As a result, there is no comparable data for the three and sixth months ended June 30, 2025.

(

Note 6. Income Tax

Income Taxes

The Fund was formerly classified as a partnership for Federal income tax purposes. While the Fund was classified as a partnership no provisions for income taxes were recorded in the consolidated financial statements since the Fund was not subject to income tax. Tax obligations relating to the Fund’s activities were the responsibility of the Limited Partners.

Effective April 23, 2025, the Fund elected to be classified as a corporation for federal income tax purposes and the Fund intends to elect to be treated as a RIC under the Code as soon as reasonably practicable. So long as the Fund maintains its status as a RIC, it generally will not pay corporate-level U.S. federal income taxes on any ordinary income or capital gains that it distributes at least annually to its shareholders as dividends. Rather, any tax liability related to income earned and distributed by the Fund would represent obligations of the Fund’s investors and would not be reflected in the consolidated financial statements of the Fund.

The Fund evaluates tax positions taken or expected to be taken in the course of preparing its consolidated financial statements to determine whether the tax positions are “more-likely-than-not” to be sustained by the applicable tax authority. Tax positions not deemed to meet the “more-likely-than-not” threshold are reserved and recorded as a tax benefit or expense in the current year. As of June 30, 2026 and December 31, 2025, the Fund did not have any unrecognized tax benefits in the consolidated financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. All penalties and interest associated with income taxes 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, on-going analyses of tax laws, regulations and interpretations thereof.

The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund’s federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction.

To qualify for and maintain qualification as a RIC, the Fund must, among other things, meet certain source-of-income and asset diversification requirements. In addition, to qualify for RIC tax treatment, the Fund must distribute to its shareholders, for each taxable year, at least 90% of its “investment company taxable income” for that year, which is generally its ordinary income plus the excess, if any, of its realized net short-term capital gains over its realized net long-term capital losses.

In addition, based on the excise tax distribution requirements, the Fund will be subject to a 4% nondeductible federal excise tax on undistributed income unless the Fund distributes in a timely manner in each taxable year an amount at least equal to the sum of (i) 98% of its ordinary income for the calendar year, (ii) 98.2% of capital gain net income (both long-term and short-term) for the one-year period ending October 31 in that calendar year and (iii) any income realized, but not distributed, in prior years. For this purpose, however, any ordinary income or capital gain net income retained by the Fund that is subject to corporate income tax is considered to have been distributed.

Audax Private Credit Fund, LLC

Notes to Consolidated Financial Statements (continued)

June 30, 2026

(unaudited)

As of June 30, 2026, the Fund’s consolidated subsidiary, APCF Equity, LLC has a deferred tax liability of $1,131,332 due to net unrealized gains as presented on the Consolidated Statements of Assets and Liabilities. As of December 31, 2025, the Fund’s consolidated subsidiary, APCF Equity, LLC has a deferred tax liability of $1,017,037 due to net unrealized gains as presented on the Consolidated Statements of Assets and Liabilities. The deferred tax asset valuation allowance, if applicable, has been determined pursuant to the provisions of ASC Topic 740, including the Fund’s estimation of future taxable income, if necessary, and is adequate to reduce the total deferred tax asset to an amount that will more-likely-than-not be realized. During the three and six months ended June 30, 2026, no tax expenses and no interest and penalties were incurred.

Note 7. Equity

Since April 10, 2025, the Fund had the authority to issue an unlimited number of Shares. A shareholder shall have no liability in excess of its obligation to pay the purchase price for its Shares. For the period from April 10, 2025 (date of Conversion) through June 30, 2026, Share transaction activity is as follows:


	For the period from April 10, 2025 (date of Conversion) through June 30, 2026
Shares Issuance Date	Number of Shares		Aggregate Offering Proceeds
April 10, 2025 - initial conversion to unitized LLC		13,601,380	$	340,034,511
June 12, 2025 - contributions during the period		1,385,809		35,000,000
August 1, 2025 - contributions during the period		893,212		22,500,000
September 1, 2025 - contributions during the period		768,927		19,500,000
November 3, 2025 - contributions during the period		1,265,416		31,500,000
December 1, 2025 - contributions during the period		519,232		13,000,000
January 2, 2026 - contributions during the period		2,015,084		50,500,000
February 1, 2026 - contributions during the period		456,132		11,500,000
April 1, 2026 - contributions during the period		2,025,357		50,000,000
Net increases		22,930,549	$	573,534,511

The number of Shares issued and outstanding as of June 30, 2026 and December 31, 2025, were 22,930,549 and 18,433,976, respectively.

Investor Commitments

The following table summarizes the total capital commitments and unfunded capital commitments of Shares as of June 30, 2026 and December 31, 2025:


As of June 30, 2026				As of December 31, 2025
Capital Commitments		Unfunded Capital Commitments (1)		Capital Commitments		Unfunded Capital Commitments
$	644,176,768	$	84,391,869	$	632,176,768	$	184,391,869

(1)

Limited Partners that had uncalled capital prior to the Conversion may have their unfunded capital commitments called, alongside monthly subscriptions or intra-month, during the 18-months following the Conversion. As of June 30, 2026, the unfunded capital commitments that may be called from these partners totaled $84,391,869.

Audax Private Credit Fund, LLC

Notes to Consolidated Financial Statements (continued)

June 30, 2026

(unaudited)

The following tables detail the activity of Shareholders’ Equity for the three and six months ended June 30, 2026 and 2025:


Three Months Ended June 30, 2026	Partners' Capital		Shares at Par Value		Capital in Excess of Par Value		Total Distributable (Loss) Earnings			Total Shareholders' Equity
Balance as of March 31, 2026	$	—	$	20,905	$	522,915,285	$	(6,840,138	)	$	516,096,052
Net investment income		—		—		—		9,660,214			9,660,214
Net realized loss from investment transactions		—		—		—		(5,243	)		(5,243	)
Net change in unrealized depreciation on investments		—		—		—		(2,924,721	)		(2,924,721	)
Net change in deferred income tax		—		—		—		(98,911	)		(98,911	)
Issuance of Shares		—		2,026		49,997,974		—			50,000,000
Distribution to Shareholders		—		—		—		(9,630,831	)		(9,630,831	)
Balance as of June 30, 2026	$	—	$	22,931	$	572,913,259	$	(9,839,630	)	$	563,096,560


Six Months Ended June 30, 2026	Partners' Capital		Shares at Par Value		Capital in Excess of Par Value		Total Distributable (Loss) Earnings			Total Shareholders' Equity
Balance as of December 31, 2025	$	—	$	18,434	$	460,917,756	$	1,031,757		$	461,967,947
Net investment income		—		—		—		18,436,551			18,436,551
Net realized gain from investment transactions		—		—		—		70,720			70,720
Net change in unrealized depreciation on investments		—		—		—		(10,853,352	)		(10,853,352	)
Net change in deferred income tax		—		—		—		(114,295	)		(114,295	)
Issuance of Shares		—		4,497		111,995,503		—			112,000,000
Distribution to Shareholders		—		—		—		(18,411,011	)		(18,411,011	)
Balance as of June 30, 2026	$	—	$	22,931	$	572,913,259	$	(9,839,630	)	$	563,096,560


Three Months Ended June 30, 2025	Partners' Capital			Shares at Par Value		Capital in Excess of Par Value		Total Distributable (Loss) Earnings			Total Shareholders' Equity
Balance as of March 31, 2025	$	339,102,930		$	—	$	—	$	—		$	339,102,930
Conversion to unitized LLC		(340,034,511	)		13,601		340,020,910		—			—
Net investment income		931,581			—		—		5,721,130			6,652,711
Net realized gain from investment transactions		—			—		—		29,803			29,803
Net change in unrealized depreciation on investments		—			—		—		(4,372,749	)		(4,372,749	)
Net change in deferred income tax		—			—		—		(818,338	)		(818,338	)
Issuance of Shares		—			1,386		34,998,614		—			35,000,000
Balance as of June 30, 2025	$	—		$	14,987	$	375,019,524	$	559,846		$	375,594,357

Audax Private Credit Fund, LLC

Notes to Consolidated Financial Statements (continued)

June 30, 2026

(unaudited)


Six Months Ended June 30, 2025	Partners' Capital			Shares at Par Value		Capital in Excess of Par Value		Total Distributable (Loss) Earnings			Total Shareholders' Equity
Balance as of December 31, 2024	$	340,294,184		$	—	$	—	$	—		$	340,294,184
Conversion to unitized LLC		(340,034,511	)		13,601		340,020,910		—			—
Net investment income		(259,673	)		—		—		16,150,288			15,890,615
Net realized gain from investment transactions		—			—		—		883,173			883,173
Net change in unrealized depreciation on investments		—			—		—		(8,118,432	)		(8,118,432	)
Net change in deferred income tax		—			—		—		(818,338	)		(818,338	)
Issuance of Shares		—			1,386		34,998,614		—			35,000,000
Distribution to Shareholders		—			—		—		(7,536,845	)		(7,536,845	)
Balance as of June 30, 2025	$	—		$	14,987	$	375,019,524	$	559,846		$	375,594,357

Note 8. Commitments and Contingencies

Expense Support and Conditional Reimbursement

The Fund and the Adviser have entered into a Reimbursement Agreement. The Fund may be obligated to make a Reimbursement Payment to the Adviser for such expenses. As of June 30, 2026, the Fund did not have an obligation to repay expense support to the Adviser and did not record a liability on the Consolidated Statements of Assets and Liabilities. Refer to Note 4 — Related Party Transactions for more information on the Reimbursement Agreement.

The following table presents a summary of Expense Payments and the related Reimbursement Payments since the Fund’s Inception:


For the Period Ended	Expense Payments by the Adviser		Reimbursement Payments to the Adviser			Cumulative Unreimbursed Expenses
December 31, 2024	$	2,439,409	$	(406,568	)	$	2,032,841
March 31, 2025		—		—			2,032,841
June 30, 2025		2,429,382		—			4,462,223
September 30, 2025		378,636		(537,873	)		4,302,986
December 31, 2025		131,290		—			4,434,276
March 31, 2026		—		(400,000	)		4,034,276
June 30, 2026		—		(193,121	)		3,841,155
Total	$	5,378,717	$	(1,537,562	)	$	3,841,155

During the three and six months ended June 30, 2026, the Fund did not incur expenses related to the Reimbursement Agreement. During the three and six months ended June 30, 2025, the Fund incurred expenses of $2,429,382 related to the Reimbursement Agreement, all of which was paid by the Adviser and which may be reimbursed by the Fund at a later date and is in the accompany Consolidated Statements of Operations.

Borrowings Under Leverage Facility

Audax Private Credit Fund, LLC

Notes to Consolidated Financial Statements (continued)

June 30, 2026

(unaudited)

2025 was 5.55% and 6.37%, respectively, and weighted average outstanding balance for the periods was $510,259,197 and $355,056,744, respectively. As of June 30, 2026 and December 31, 2025, the Fund had $546,865,537 and $489,741,436 outstanding on its Leverage Facility, net of deferred financing costs, which totaled $6,280,800 and $4,562,245, respectively. The Fund incurred interest expense and unused commitment fees of $7,872,161 and $14,920,439 during the three and six months ended June 30, 2026, respectively. The Fund incurred interest expense and unused commitment fees of $5,474,702 and $11,072,135 during the three and six months ended June 30, 2025, respectively.

Borrowings Under Credit Facility

On April 10, 2026, the Fund entered into a senior secured credit facility (the “Credit Facility”) pursuant to a Senior Secured Credit Agreement (the “Credit Facility Agreement”), with JPMorgan Chase Bank, N.A. The initial principal amount of the Credit Facility is $275,000,000, subject to availability under the borrowing base, which is based on the Fund’s portfolio investments and other outstanding indebtedness, with the ability to increase the total facility amount up to $412,500,000. The Credit Facility includes a $50,000,000 limit for swingline loans. Advances under the Credit Facility drawn in U.S. dollars will initially bear interest at a per annum rate equal to 1.75% or 1.875% plus the Adjusted Term SOFR Rate in the case of any loan other than an Alternate Base Rate (“ABR”) Loan, and 0.75% or 0.875% plus an ABR in the case of any ABR Loan, in each case, depending on the Fund’s rate option election and borrowing base (as of the most recently delivered borrowing base certificate delivered under the Credit Facility Agreement). Advances under the Credit Facility drawn in currencies other than U.S. dollars will initially bear interest at a per annum rate equal to 1.75% or 1.875%, in each case depending on the Fund’s borrowing base (as of the most recently delivered borrowing base certificate delivered under the Credit Facility Agreement), plus any applicable credit spread adjustment, plus certain local rates consistent with market standards, each as specified in the Credit Facility Agreement. The Fund will also pay a fee of 0.375% per annum on daily undrawn amounts under the Credit Facility. The availability period of the revolving commitments under the Credit Facility will terminate on April 10, 2030 (the “Commitment Termination Date”) and the Credit Facility will mature on April 10, 2031 (the “Maturity Date”). During the period from the Commitment Termination Date to the Maturity Date, the Fund will be obligated to make mandatory prepayments under the Credit Facility out of the proceeds of certain asset sales, other recovery events and equity and debt issuances. The average rate for the outstanding loans as of June 30, 2026 was 6.46% and weighted average outstanding balance for the period was $10,394,874. As of June 30, 2026, the Fund had $18,477,641 outstanding on its Credit Facility, net of deferred financing costs, which totaled $3,310,440. The Fund incurred interest expense and unused commitment fees of $278,622 and $278,622 during the three and six months ended June 30, 2026, respectively.

At June 30, 2026 and December 31, 2025, the carrying amount of the Fund’s secured borrowings approximated their fair value. The fair values of the Fund’s debt obligations are determined in accordance with ASC 820, which defines fair value in terms of the price that would be paid to transfer a liability in an orderly transaction between market participants at the measurement date under current market conditions. The fair value of the Fund’s borrowings is estimated based upon market interest rates for the Fund’s own borrowings or entities with similar credit risk, adjusted for nonperformance risk, if any. As of June 30, 2026 Fund’s borrowings would be deemed to be Level 3, as defined in Note 3 — Investments.

Short-Term Borrowings

From time to time, the Fund finances the purchase of certain investments through repurchase agreements. In the repurchase agreements, the Fund 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 Statements of Assets and Liabilities. The Fund uses repurchase agreements as a short-term financing alternative. As of June 30, 2026 and December 31, 2025, the Fund had no short-term borrowings outstanding. For the three and six months ended June 30, 2026, there was no interest expense in connection with short-term borrowing. The Fund incurred interest expense and unused commitment fees of $14,767 and $166,372 during the three and six months ended June 30, 2025, respectively.

The Fund may enter into certain credit agreements that include loan commitments where all or a portion of which may be unfunded. The Fund is generally obligated to fund these unfunded loan commitments at the borrowers’ discretion. Funded portions of credit agreements are presented in the accompanying Consolidated Schedules of Investments. Unfunded loan commitments and funded portions of credit agreements are fair valued and unrealized appreciation or depreciation, if any, is included in the accompanying Consolidated Statements of Assets and Liabilities and accompanying Consolidated Statements of Operations.

Audax Private Credit Fund, LLC

Notes to Consolidated Financial Statements (continued)

June 30, 2026

(unaudited)

Investment Commitments

The following table summarizes the Fund's significant contractual payment obligations as of June 30, 2026 and December 31, 2025:


Investment	Investment Type	Index	Spread	Interest Rate	Maturity	Industry	June 30, 2026		December 31, 2025
VC3	Unitranche DDTL	S+	5.00%	8.73%	3/12/2029	IT Services	$	15,000,000	$	15,000,000
Southeast Lineman Training Center	1st Lien DDTL	S+	5.00%	8.73%	1/3/2030	Diversified Consumer Services		10,000,000		10,000,000
HeartLand	1st Lien DDTL	S+	4.75%	8.48%	12/12/2029	Commercial Services & Supplies		6,092,432		6,092,431
TechData	1st Lien Term Loan	S+	5.00%	8.73%	7/1/2032	Life Sciences Tools & Services		6,051,725		—
Radwell	Unitranche DDTL	S+	4.75%	8.48%	4/1/2030	Trading Companies & Distributors		5,828,571		—
HR Green	1st Lien DDTL	S+	5.25%	8.98%	1/28/2030	Construction & Engineering		5,577,515		2,788,758
Proceed	Unitranche Revolver	S+	4.50%	8.18%	12/31/2049	Professional Services		5,000,000		—
Kept	1st Lien DDTL	S+	5.00%	8.73%	4/30/2029	Commercial Services & Supplies		4,730,632		—
Klick Health	Unitranche DDTL	S+	5.00%	8.73%	11/5/2032	Media		4,080,000		—
EPIC Insurance 2021	Unitranche DDTL	S+	4.50%	8.23%	9/29/2028	Insurance		4,000,000		—
Specialized Dental	1st Lien DDTL	S+	4.50%	8.23%	11/1/2028	Health Care Providers & Services		3,644,860		3,644,860
EIS	1st Lien DDTL	S+	4.50%	8.23%	11/5/2031	Trading Companies & Distributors		3,500,000		—
AIS Healthcare	1st Lien DDTL	S+	5.00%	8.73%	6/4/2032	Health Care Providers & Services		3,495,146		—
Prime Pensions	Unitranche DDTL	S+	4.75%	8.48%	2/26/2030	Professional Services		3,444,911		3,444,911
Lighthouse	Unitranche Revolver	S+	4.75%	8.48%	12/31/2029	Professional Services		3,440,538		3,440,538
Vessco Water	Unitranche DDTL	S+	4.50%	8.23%	7/24/2031	Water Utilities		3,158,722		3,158,722
Med Tech Solutions	Unitranche DDTL	S+	5.25%	8.98%	6/3/2032	IT Services		3,073,074		3,073,074
Argano	1st Lien DDTL	S+	5.50%	9.23%	9/13/2029	Internet Software & Services		3,027,327		5,000,000
SavATree	Unitranche DDTL	S+	5.00%	8.73%	6/6/2031	Commercial Services & Supplies		2,805,600		3,000,000
Allworth Financial	Unitranche DDTL	S+	5.00%	8.73%	6/30/2033	Capital Markets		2,768,740		—
Alcresta	1st Lien DDTL	S+	5.25%	8.98%	3/12/2031	Health Care Equipment & Supplies		2,753,588		4,457,239
Kalkomey	Unitranche Revolver	S+	5.00%	8.73%	6/18/2031	Diversified Consumer Services		2,748,599		2,748,599
PayByPhone	Unitranche DDTL	S+	4.75%	8.48%	3/31/2033	Software		2,666,667		—
Allyant	Unitranche Revolver	S+	6.00%	9.73%	10/30/2026	Software		2,576,812		2,576,812
Ascend Partner Services	1st Lien DDTL	S+	4.50%	8.23%	8/11/2031	Financial Services		2,569,143		4,774,857
MB2 Dental Solutions	Unitranche DDTL	S+	5.50%	9.23%	2/13/2031	Health Care Providers & Services		2,512,904		—
Summit Spine & Joint Centers	Unitranche DDTL	S+	4.75%	8.48%	3/25/2031	Health Care Providers & Services		2,499,627		3,787,313
Dane Street	1st Lien DDTL	S+	4.50%	8.23%	3/28/2033	Health Care Providers & Services		2,430,000		—
Foundation Source	1st Lien Revolver	S+	5.00%	8.73%	9/6/2029	Professional Services		2,405,025		2,319,131
Aprio	1st Lien DDTL	S+	4.75%	8.48%	8/1/2031	Financial Services		2,331,710		2,500,000
Cherry Bekaert	Unitranche Revolver	S+	4.75%	8.48%	6/28/2030	Professional Services		2,331,260		2,331,260
TechData	1st Lien DDTL	S+	5.00%	8.73%	6/23/2032	Life Sciences Tools & Services		2,327,586		—
Frazier & Deeter	1st Lien DDTL	S+	4.50%	8.23%	5/3/2032	Financial Services		2,205,000		—
USMed-Equip	Unitranche Revolver	S+	5.75%	9.48%	5/24/2029	Health Care Equipment & Supplies		2,148,687		2,335,530
Beacon Communications	1st Lien DDTL	S+	4.75%	8.48%	4/2/2032	Commercial Services & Supplies		2,083,333		—
TRG Solutions	Unitranche DDTL	S+	4.50%	8.23%	1/5/2032	Electronic Equipment, Instruments & Components		2,064,000		—
Proceed	Unitranche DDTL	S+	4.50%	8.23%	3/31/2032	Professional Services		1,958,333		—
Taymax Group	1st Lien Revolver	S+	5.18%	8.92%	7/30/2027	Hotels, Restaurants & Leisure		1,958,044		1,664,338
SIAA (Alliance Holdings)	Unitranche Revolver	S+	4.75%	8.48%	4/30/2030	Insurance		1,908,750		1,908,750
Eagle Fire	1st Lien DDTL	S+	4.25%	7.98%	7/15/2032	Commercial Services & Supplies		1,908,491		2,204,644
Clearway Pain Solutions	1st Lien DDTL	S+	5.50%	9.23%	8/30/2030	Health Care Providers & Services		1,897,536		2,041,536
GRVTY	1st Lien DDTL	S+	4.75%	8.48%	5/28/2033	Aerospace & Defense		1,896,552		—
Magna Legal Services	1st Lien Revolver	S+	4.50%	8.23%	11/22/2028	Professional Services		1,859,558		—
O6 Environmental	1st Lien DDTL	S+	4.50%	8.23%	8/5/2032	Commercial Services & Supplies		1,854,756		1,854,756
Centre Technologies	1st Lien DDTL	S+	4.75%	8.48%	6/22/2033	IT Services		1,843,750		—
Apex Service Partners	1st Lien DDTL	S+	4.75%	8.48%	10/24/2030	Trading Companies & Distributors		1,840,909		3,000,000
Super-Sod	1st Lien DDTL	S+	4.75%	8.48%	3/10/2032	Diversified Consumer Services		1,818,182		—
PKWARE	Unitranche Revolver	S+	4.50%	8.23%	6/3/2030	Software		1,807,229		1,807,229
Power Digital	Unitranche Revolver	S+	4.75%	8.48%	3/11/2030	Internet Software & Services		1,802,539		1,597,705
80/20	Unitranche DDTL	S+	4.50%	8.23%	12/13/2032	Machinery		1,714,286		1,714,286
FMG Suite	Unitranche DDTL	S+	4.50%	8.23%	9/9/2032	Software		1,698,113		1,698,113
Scruggs Company	1st Lien DDTL	S+	5.00%	8.73%	4/23/2032	Water Utilities		1,685,393		—
PayByPhone	Unitranche Revolver	S+	4.75%	8.48%	3/31/2033	Software		1,666,667		—
Summit Spine & Joint Centers	Unitranche Revolver	S+	4.75%	8.48%	3/25/2031	Health Care Providers & Services		1,628,545		1,780,037
Voeller Mixers	1st Lien DDTL	S+	4.75%	8.48%	11/25/2032	Machinery		1,627,907		1,627,907
O6 Environmental	1st Lien Revolver	S+	4.50%	8.23%	8/5/2032	Commercial Services & Supplies		1,622,911		1,622,911

Audax Private Credit Fund, LLC

Notes to Consolidated Financial Statements (continued)

June 30, 2026

(unaudited)


Investment	Investment Type	Index	Spread	Interest Rate	Maturity	Industry	June 30, 2026		December 31, 2025
Ned Stevens	Unitranche Revolver	S+	5.00%	8.73%	11/1/2029	Commercial Services & Supplies	$	1,538,560	$	1,538,560
Avalon	1st Lien Revolver	S+	4.50%	8.23%	12/31/2031	Health Care Technology		1,500,000		1,500,000
Clearway Pain Solutions	1st Lien Revolver	S+	5.50%	9.23%	8/30/2030	Health Care Providers & Services		1,457,398		1,457,398
Super-Sod	1st Lien Revolver	S+	4.75%	8.48%	3/10/2032	Diversified Consumer Services		1,454,545		—
Riccobene Associates Family Dentistry	1st Lien DDTL	S+	4.75%	8.48%	10/31/2030	Health Care Providers & Services		1,449,256		1,977,808
Lindsay Precast	1st Lien DDTL	S+	4.75%	8.48%	12/16/2032	Construction & Engineering		1,448,276		—
Steward Partners	1st Lien Revolver	S+	4.75%	8.48%	10/14/2028	Capital Markets		1,388,889		1,388,889
TRG Solutions	Unitranche Revolver	S+	4.50%	8.23%	1/5/2032	Electronic Equipment, Instruments & Components		1,380,000		—
TryStar	1st Lien Revolver	S+	4.25%	7.98%	8/6/2031	Electrical Equipment		1,333,333		—
Lindsay Precast	1st Lien Revolver	S+	4.75%	8.48%	12/16/2032	Construction & Engineering		1,327,586		—
SavATree	Unitranche Revolver	S+	5.00%	8.73%	6/6/2031	Commercial Services & Supplies		1,291,436		1,434,928
Modern Wealth	1st Lien DDTL	S+	5.25%	8.98%	8/27/2032	Capital Markets		1,283,333		—
Avita Pharmacy	Unitranche Revolver	S+	5.00%	8.73%	8/6/2030	Consumer Staples Distribution & Retail		1,269,231		1,269,231
SupplyHouse	1st Lien Revolver	S+	4.00%	7.73%	7/1/2032	Trading Companies & Distributors		1,250,000		1,250,000
AmpliFi	1st Lien Revolver	S+	5.00%	8.73%	4/23/2030	Financial Services		1,202,512		1,202,512
Certified Collision Group	Unitranche Revolver	S+	4.50%	8.23%	12/30/2032	Commercial Services & Supplies		1,195,848		—
Russell Landscape Group	1st Lien DDTL	S+	5.50%	9.23%	4/11/2030	Commercial Services & Supplies		1,188,119		—
Gallo Mechanical	1st Lien DDTL	S+	4.75%	8.48%	8/2/2032	Construction & Engineering		1,172,002		1,172,002
80/20	Unitranche Revolver	S+	4.50%	8.23%	12/13/2032	Machinery		1,142,857		1,142,857
Industrial Electric Manufacturing	1st Lien DDTL	S+	4.75%	8.48%	12/3/2031	Electrical Equipment		1,137,160		1,137,160
AGS Health	Unitranche DDTL	S+	4.50%	8.23%	8/2/2032	Health Care Technology		1,136,400		1,136,400
Dane Street	1st Lien Revolver	S+	4.50%	8.23%	3/28/2033	Health Care Providers & Services		1,125,000		—
USG Water Solutions	1st Lien DDTL	S+	4.75%	8.48%	5/20/2032	Water Utilities		1,120,690		—
APT Healthcare	Unitranche DDTL	S+	4.50%	8.23%	9/30/2031	Health Care Providers & Services		1,111,111		1,111,111
APT Healthcare	Unitranche Revolver	S+	4.50%	8.23%	9/30/2031	Health Care Providers & Services		1,111,111		1,111,111
Levata	1st Lien DDTL	S+	5.00%	8.73%	12/21/2027	Trading Companies & Distributors		1,104,449		1,104,449
Embark	1st Lien DDTL	S+	4.50%	8.23%	9/2/2032	Financial Services		1,080,000		3,600,000
Aqualis	1st Lien DDTL	S+	4.75%	8.48%	4/19/2032	Commercial Services & Supplies		1,063,830		—
Repario	1st Lien DDTL	S+	5.25%	8.98%	6/4/2032	Professional Services		1,050,000		—
Prime Pensions	Unitranche Revolver	S+	4.75%	8.48%	2/26/2030	Professional Services		1,047,086		1,047,086
Modern Wealth	1st Lien DDTL	S+	5.25%	8.98%	8/27/2032	Capital Markets		1,045,000		—
Voeller Mixers	1st Lien Revolver	S+	4.75%	8.48%	11/25/2032	Machinery		1,031,008		1,302,326
Brown & Root	1st Lien Revolver	S+	5.00%	8.73%	10/3/2030	Commercial Services & Supplies		1,029,193		964,286
FMG Suite	Unitranche Revolver	S+	4.50%	8.23%	9/9/2032	Software		1,018,868		1,018,868
BBB Industries	1st Lien DDTL	S+	6.00%	9.73%	7/25/2029	Automobile Components		1,000,000		—
Gallo Mechanical	1st Lien Revolver	S+	4.75%	8.48%	8/2/2032	Construction & Engineering		996,202		1,523,603
Merchant Industry & Valor PayTech	1st Lien DDTL	S+	4.75%	8.48%	9/19/2031	Financial Services		970,654		1,223,671
Dragonfly Health	1st Lien DDTL	S+	4.75%	8.48%	6/30/2033	Health Care Equipment & Supplies		961,538		—
Dragonfly Health	1st Lien Revolver	S+	4.75%	8.48%	6/30/2033	Health Care Equipment & Supplies		961,538		—
GRVTY	1st Lien Revolver	S+	4.75%	8.48%	5/28/2033	Aerospace & Defense		948,276		—
Eagle Fire	1st Lien Revolver	S+	4.25%	7.98%	7/15/2032	Commercial Services & Supplies		942,308		942,308
Allworth Financial	Unitranche Revolver	S+	5.00%	8.73%	6/30/2033	Capital Markets		922,913		—
Med Tech Solutions	Unitranche Revolver	S+	5.25%	8.98%	6/3/2032	IT Services		921,922		921,922
Unison Global	Unitranche DDTL	S+	5.00%	8.73%	9/19/2028	Software		913,146		913,146
AIA Contract Documents	1st Lien Revolver	S+	4.75%	8.48%	7/2/2031	Software		909,092		909,092
Tronair 2025	1st Lien Revolver	S+	3.75%	7.48%	12/22/2032	Aerospace & Defense		900,000		900,000
Embark	1st Lien Revolver	S+	4.50%	8.23%	9/2/2032	Financial Services		900,000		864,000
RailPros	Unitranche DDTL	S+	4.25%	7.98%	5/24/2032	Construction & Engineering		884,211		1,263,158
Riccobene Associates Family Dentistry	1st Lien Revolver	S+	4.75%	8.48%	10/31/2030	Health Care Providers & Services		852,503		852,503
Sequel Ortho (fka OrthoNebraska)	Unitranche Revolver	S+	5.00%	8.73%	7/31/2028	Health Care Providers & Services		850,540		945,045
Forged Solutions	1st Lien Revolver	S+	4.75%	8.48%	2/25/2033	Metals & Mining		833,333		—
Beacon Communications	1st Lien Revolver	S+	4.75%	8.48%	4/2/2032	Commercial Services & Supplies		833,333		—
OB Hospitalist Group 2026	1st Lien Revolver	S+	5.50%	9.23%	1/31/2031	Health Care Providers & Services		826,848		—
Healthcare Linen Services Group	Unitranche Revolver	S+	4.75%	8.48%	2/2/2033	Commercial Services & Supplies		805,970		—
USG Water Solutions	1st Lien Revolver	S+	4.75%	8.48%	5/20/2032	Water Utilities		801,259		—
A1 Garage Door Service	Unitranche Revolver	S+	4.50%	8.23%	12/22/2028	Construction & Engineering		788,740		788,740
Cerity Partners	Unitranche Revolver	S+	4.50%	8.23%	7/28/2031	Capital Markets		765,864		1,237,164
Corestream	1st Lien Revolver	S+	5.00%	8.73%	6/27/2033	Professional Services		751,503		—
AIS Healthcare	1st Lien Revolver	S+	5.00%	8.73%	6/4/2032	Health Care Providers & Services		736,311		—
Accurate Neuromonitoring	Unitranche DDTL	S+	5.50%	9.23%	3/13/2031	Health Care Providers & Services		727,273		—
Apex Companies	1st Lien DDTL	S+	5.00%	8.73%	1/31/2030	Commercial Services & Supplies		726,000		1,000,000
Aptive Environmental	1st Lien Revolver	S+	4.75%	8.48%	10/15/2032	Diversified Consumer Services		716,279		852,713
Denali Water Solutions 2025	1st Lien Revolver	S+	4.75%	8.48%	11/19/2032	Commercial Services & Supplies		682,692		735,577
MDpanel	Unitranche Revolver	S+	6.50%	10.23%	8/2/2029	Health Care Providers & Services		680,354		680,354

Audax Private Credit Fund, LLC

Notes to Consolidated Financial Statements (continued)

June 30, 2026

(unaudited)


Investment	Investment Type	Index	Spread	Interest Rate	Maturity	Industry	June 30, 2026		December 31, 2025
Allied Power Group	Unitranche DDTL	S+	5.00%	8.73%	5/16/2030	Energy Equipment & Services	$	676,692	$	—
Scruggs Company	1st Lien Revolver	S+	5.00%	8.73%	4/23/2032	Water Utilities		674,157		—
PlayPower 2025	Unitranche Revolver	S+	5.50%	9.23%	10/29/2030	Leisure Products		663,077		795,692
RailPros	Unitranche Revolver	S+	4.25%	7.98%	5/24/2032	Construction & Engineering		662,309		662,309
API Technologies 2026	1st Lien DDTL	S+	5.50%	9.23%	6/3/2033	Aerospace & Defense		652,200		—
API Technologies 2026	1st Lien Revolver	S+	5.50%	9.23%	6/3/2033	Aerospace & Defense		652,200		—
Palmdale Oil	Unitranche DDTL	S+	4.75%	8.48%	12/12/2031	Oil, Gas & Consumable Fuels		652,174		652,174
Novvia Group	Unitranche Revolver	S+	5.25%	8.98%	1/31/2031	Containers & Packaging		642,038		731,210
Legacy Service Partners	1st Lien DDTL	S+	4.50%	8.23%	6/17/2032	Construction & Engineering		632,848		659,217
AGS Health	Unitranche DDTL	S+	4.50%	8.23%	8/2/2032	Health Care Technology		625,050		625,050
TechData	1st Lien Revolver	S+	5.00%	8.73%	7/1/2032	Life Sciences Tools & Services		620,690		—
Cornerstone Caregiving	1st Lien Revolver	S+	4.75%	8.48%	4/1/2032	Health Care Providers & Services		615,385		—
Specialized Dental	1st Lien Revolver	S+	4.50%	8.23%	11/1/2028	Health Care Providers & Services		607,477		607,477
GoldenSource	Unitranche Revolver	S+	5.00%	8.73%	5/12/2028	IT Services		602,498		602,498
Vessco Water	Unitranche Revolver	S+	4.50%	8.23%	7/24/2031	Water Utilities		592,308		592,308
Allied Power Group	Unitranche Revolver	S+	5.00%	8.73%	5/16/2030	Energy Equipment & Services		576,405		1,200,844
Encore	1st Lien Revolver	S+	5.00%	8.73%	12/5/2029	Media		556,640		—
Leaf Home	1st Lien Revolver	S+	5.25%	8.98%	9/4/2031	Building Products		555,000		660,000
HeartLand	1st Lien Revolver	S+	4.75%	8.48%	12/12/2029	Commercial Services & Supplies		548,460		863,533
VaxCare	Unitranche Revolver	S+	4.50%	8.23%	6/17/2032	Health Care Technology		540,000		666,667
Industrial Service Group	Unitranche Revolver	S+	5.75%	9.48%	12/7/2028	Commercial Services & Supplies		517,260		596,839
Precision Concepts	Unitranche Revolver	S+	4.75%	8.48%	8/2/2032	Containers & Packaging		510,001		564,714
Centre Technologies	1st Lien Revolver	S+	4.75%	8.48%	6/22/2033	IT Services		468,750		—
Mitratech	Unitranche DDTL	S+	4.75%	8.48%	12/2/2031	Software		458,716		458,716
RotoCo	1st Lien Revolver	S+	5.50%	9.23%	6/30/2028	Diversified Consumer Services		451,045		451,045
Aptive Environmental	1st Lien DDTL	S+	4.75%	8.48%	10/15/2032	Diversified Consumer Services		426,357		426,357
Tribute Technology	Unitranche Revolver	S+	6.50%	10.23%	10/30/2028	Software		424,232		518,506
Accurate Neuromonitoring	Unitranche Revolver	S+	5.50%	9.23%	3/13/2031	Health Care Providers & Services		412,121		—
Dun & Bradstreet	Unitranche Revolver	S+	5.50%	9.23%	8/26/2032	Internet Software & Services		410,000		500,000
Merchant Industry & Valor PayTech	1st Lien Revolver	S+	4.75%	8.48%	9/19/2031	Financial Services		399,375		252,938
AGS Health	Unitranche Revolver	S+	4.50%	8.23%	8/2/2032	Health Care Technology		397,800		397,800
Russell Landscape Group	1st Lien Revolver	S+	5.50%	9.23%	4/11/2030	Commercial Services & Supplies		389,371		282,401
Kept	1st Lien Revolver	S+	5.25%	8.98%	4/30/2029	Commercial Services & Supplies		381,818		—
Trace3 2025	Unitranche DDTL	S+	4.00%	7.73%	10/29/2032	IT Services		380,952		380,952
Mitratech	Unitranche Revolver	S+	4.75%	8.48%	12/2/2031	Software		366,972		366,972
Alcresta	Unitranche Revolver	S+	5.25%	8.98%	3/12/2031	Health Care Equipment & Supplies		344,323		419,176
Aqualis	1st Lien Revolver	S+	4.75%	8.48%	4/19/2032	Commercial Services & Supplies		319,149		—
Pond	Unitranche Revolver	S+	4.50%	8.23%	12/12/2032	Construction & Engineering		313,158		—
Steward Partners	1st Lien DDTL	S+	5.00%	8.73%	10/14/2028	Capital Markets		300,000		9,716,667
AGS Health	Unitranche Revolver	S+	4.50%	8.23%	8/2/2032	Health Care Technology		227,250		227,250
Proceed	Unitranche Revolver	S+	4.50%	8.23%	3/31/2032	Professional Services		208,333		—
MBC Companies	1st Lien DDTL	S+	3.75%	7.48%	7/7/2028	Food Products		196,822		—
MBC Companies	1st Lien Revolver	S+	3.50%	7.23%	7/7/2028	Food Products		195,599		—
National Trench Safety	Unitranche Revolver	S+	5.50%	9.23%	12/4/2028	Construction & Engineering		154,835		812,883
Capital Consultants Management Corporation	Unitranche DDTL	S+	5.00%	8.73%	11/3/2031	Commercial Services & Supplies		150,451		2,208,451
Healthcare Linen Services Group	Unitranche DDTL	S+	4.75%	8.48%	2/2/2033	Commercial Services & Supplies		142,388		—
R.F. Fager	1st Lien Revolver	S+	5.00%	8.73%	3/4/2030	Trading Companies & Distributors		94,903		294,199
Hilco Vision	1st Lien Revolver	S+	6.00%	9.73%	4/21/2030	Health Care Providers & Services		93,474		251,665
Legacy Service Partners	1st Lien Revolver	S+	4.50%	8.23%	1/9/2029	Construction & Engineering		90,783		90,783
Cumming Group	1st Lien Revolver	S+	4.75%	8.48%	6/16/2033	Construction & Engineering		87,806		—
Prime Electric	Unitranche Revolver	S+	4.00%	7.73%	12/31/2031	Construction & Engineering		45,732		—
R.F. Fager	1st Lien DDTL	S+	5.00%	8.73%	3/4/2030	Trading Companies & Distributors		42,834		501,088
Kalkomey	Unitranche DDTL	S+	5.10%	8.75%	6/18/2031	Diversified Consumer Services		—		3,435,749
Magna Legal Services	Unitranche Revolver	S+	4.50%	8.18%	11/22/2028	Professional Services		—		1,859,558
Apex Service Partners	Unitranche DDTL	S+	5.00%	8.73%	10/24/2030	Trading Companies & Distributors		—		1,745,891
Lindsay Precast	1st Lien DDTL	S+	4.75%	8.40%	12/16/2032	Construction & Engineering		—		1,448,276
Certified Collision Group	Unitranche Revolver	S+	4.50%	8.15%	12/30/2032	Commercial Services & Supplies		—		1,353,791
Lindsay Precast	1st Lien Revolver	S+	4.75%	8.40%	12/16/2032	Construction & Engineering		—		1,327,586
Cumming Group	Unitranche Revolver	S+	4.75%	8.43%	11/16/2027	Construction & Engineering		—		1,312,265
Aprio	1st Lien DDTL	S+	4.75%	8.48%	8/1/2031	Financial Services		—		687,753
SavATree	Unitranche DDTL	S+	5.00%	8.68%	6/6/2031	Commercial Services & Supplies		—		549,313
Novvia Group	Unitranche DDTL	S+	5.25%	8.98%	1/31/2032	Containers & Packaging		—		508,280
Innovative XCessories & Services	1st Lien Revolver	S+	5.50%	9.15%	9/5/2029	Automobile Components		—		284,998
Palmdale Oil	Unitranche DDTL	S+	4.75%	8.40%	12/12/2031	Oil, Gas & Consumable Fuels		—		195,653
						Total Unfunded Commitments	$	262,117,092	$	200,163,719

Audax Private Credit Fund, LLC

Notes to Consolidated Financial Statements (continued)

June 30, 2026

(unaudited)

Note 9. Financial Highlights

The following is a schedule of financial highlights for the six months ended June 30, 2026 and the period from April 10, 2025 (date of Conversion) through June 30, 2025.


	Six Months Ended June 30, 2026			Period from April 10, 2025 (date of Conversion) through June 30, 2025 (a)
Per Share Data:
Net asset value, beginning of period	$	25.06		$	25.00
Net investment income(b)		0.84			0.42
Net realized gain on investments and change in unrealized depreciation on investments(b)(c)		(0.50	)		(0.36	)
Net increase in net assets resulting from operations		0.34			0.06
Distributions declared from net investment income		(0.84	)		—
Net asset value at end of period	$	24.56		$	25.06
Total return(d)(h)		1.36	%		0.24	%

The following is a schedule of financial highlights for the six months ended June 30, 2026 and 2025.


	Six Months Ended June 30, 2026			Six Months Ended June 30, 2025
Shares outstanding at end of period		22,930,549			14,987,190
Statement of Assets and Liabilities Data:
Net assets at end of period	$	563,096,560		$	375,594,357
Average net assets(e)	$	544,333,759		$	346,417,404
Ratio/Supplemental Data:
Ratio of net investment income to average net assets - annualized		6.94	%		8.25	%
Ratio of gross expenses before incentive fees to average net assets - annualized(f)(g)		7.61	%		9.84	%
Ratio of gross expenses after incentive fees to average net assets - annualized(f)(g)		8.59	%		10.32	%
Ratio of net expenses to average net assets - annualized(g)		8.70	%		9.34	%
Portfolio turnover(h)		6.79	%		15.05	%
Average debt outstanding	$	520,439,786		$	326,795,811
Asset coverage ratio		198.51	%		212.66	%

(a)

Prior to April 10, 2025, the Fund was not unitized. Refer to Note 5 — Net Increase in Net Assets Resulting from Operations Per Share in the accompanying Notes to Consolidated Financial Statements for additional information.

(b)

Based on weighted average basic per Share data.

(c)

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.

(d)

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 Fund’s distribution reinvestment plan.

(e)

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

(f)

Ratio of gross expenses to average net assets is computed using total expenses excluding expense support and waivers from the Adviser and Administrator which represents an impact of 0.11% and 0.00%, respectively, on average net assets for the six months ended June 30, 2026 and (0.70)% and (0.28)% respectively, on average net assets for the six months ended June 30, 2025.

(g)

Ratio of net expenses to average net assets is computed using total expenses including expense support and waivers from the Adviser and Administrator which represents an impact of 0.11% and 0.00%, respectively, on average net assets for the six months ended June 30, 2026 and (0.70)% and (0.28)% respectively, on average net assets for the six months ended June 30, 2025.

(h)

Not annualized.

Audax Private Credit Fund, LLC

Notes to Consolidated Financial Statements (continued)

June 30, 2026

(unaudited)

Note 10. Operating Segments

The Fund 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 acts as the Fund’s CODM.

The Fund operates through a single operating segment with a primary investment objective to generate current income and, to a lesser extent, capital appreciation. The Fund intends to invest primarily in senior secured first lien loans, with minority exposure to second lien loans, subordinated or mezzanine loans, and equity and equity-like investments, such as equity and/or warrant kickers, in privately owned U.S. middle market companies. The CODM monitors the performance of the Fund to make decisions about resources to be allocated using key factors such as the Fund’s portfolio composition, as shown on the Consolidated Schedules of Investments, the changes in net assets resulting from operations, as reported on the Consolidated Statements of Operations, and returns and expense ratios, as reported in Note 9 — Financial Highlights of the accompanying Notes to the Consolidated Financial Statements.

Note 11. Indemnifications

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

Note 12. Subsequent Events

The Fund has considered the effects, if any, of events occurring after the date of the Fund’s accompanying Consolidated Statements of Assets and Liabilities through August 14, 2026, the date the consolidated financial statements were issued.

Other than the item discussed below, the Fund has concluded there are no other material items that warrant disclosure.

Subsequent to June 30, 2026 and through August 14, 2026, on July 1, 2026, the Fund called $42,200,000 of unfunded capital commitments.

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.

In this quarterly report on Form 10-Q (the “Report"), except where the context suggests otherwise, the terms “we,” “us,” “our” and the “Fund” refer to Audax Private Credit Fund, LLC. The information contained in this section should be read in conjunction with the consolidated financial statements and Notes to the Consolidated Financial Statements appearing elsewhere in this Report. This discussion contains forward-looking statements and involves numerous risks, uncertainties, and other factors outside of the Fund’s control, including, but not limited to, those set forth in “Risk Factors” in Part I, Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2025, as updated from time to time by the Fund’s periodic filings with the SEC.

FORWARD-LOOKING STATEMENTS

The Report contains forward-looking statements that involve substantial known and unknown risks, uncertainties and other factors. Undue reliance should not be placed on such statements. These forward-looking statements are not historical facts, but rather are based on current expectations, estimates and projections about the Fund, 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,” “outlooks,” “potential,” “predicts,” 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 without limitation:

•

our future operating results;

•

our business prospects and the prospects of the companies in which we may invest;

•

the impact of the investments that we expect to make;

•

our ability to raise sufficient capital to execute our investment strategy;

•

the ability of our portfolio companies to achieve their objectives;

•

general economic and political trends and other external factors;

•

our current and expected financing arrangements and investments;

•

changes in the general interest rate environment;

•

the adequacy of our cash resources, financing sources and working capital;

•

the timing and amount of cash flows, distributions and dividends, if any, from our portfolio companies;

•

our contractual arrangements and relationships with third parties;

•

actual and potential conflicts of interest with Audax Management Company (NY), LLC, Audax Management Company, LLC, and their affiliated entities (“Audax Group”), the Adviser and its affiliates, and its senior investment team;

•

the elevated levels of inflation, and its impact on our portfolio companies and on the industries in which we invest;

•

the dependence of our future success on the general economy and its effect on the industries in which we may invest;

•

our use of financial leverage;

•

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

•

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

•

our ability to qualify and maintain our qualification as a BDC and as a regulated investment company (“RIC”) under the Internal Revenue Code of 1986, as amended (the “Code”);

•

the impact on our business of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Dodd-Frank Act”) and the rules and regulations issued thereunder;

•

the effect of changes to tax legislation and our tax position; and

•

the tax status of the enterprises in which we may invest.

•

changes in laws and regulations, changes in political, economic or industry conditions, changes in the interest rate environment or other conditions affecting the financial and capital markets and changes in the tariff policies of the U.S. and other nations;

•

an economic downturn and the time period required for robust economic recovery therefrom, which will likely have a material impact on our portfolio companies’ results of operations and financial condition for its duration, which could lead to the loss of some or all of our investments in such portfolio companies and have a material adverse effect on our results of operations and financial condition;

•

upon entry into an agreement with a lender, a contraction of available credit and/or an inability to access capital markets or additional sources of liquidity could have a material adverse effect on our results of operations and financial condition and impair our lending and investment activities;

•

interest rate volatility could adversely affect our results, particularly given that we use leverage as part of our investment strategy;

•

currency fluctuations could adversely affect the results of our investments in foreign companies, particularly to the extent that we receive payments denominated in foreign currency rather than U.S. dollars;

•

risks associated with possible disruption in our or our portfolio companies’ operations due to wars and other forms of conflict, terrorist acts, security operations and catastrophic events such as fires, floods, earthquakes, tornadoes, hurricanes and global health epidemics; and

•

the risks, uncertainties and other factors we identify in “Item 1A. Risk Factors” in the Fund’s Annual Report on Form 10-K for the fiscal year ended December 31, 2025 (the “Annual Report”), and in our other filings with the SEC that we make from time to time.

Although we believe that the assumptions on which these forward-looking statements are based are reasonable, any of the 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 the 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 the section entitled “Item 1A. Risk Factors” in the Annual Report, as updated from time to time by the Fund’s periodic filings with the SEC. You should not place undue reliance on these forward-looking statements, which apply only as of the date of the Report. Moreover, we assume no duty and do not undertake to update the forward-looking statements and projections contained in the Report, which are excluded from the safe harbor protection provided by Section 27A of the Securities Act and Section 21E of the Exchange Act.

OVERVIEW

We are organized as a Delaware limited liability company named Audax Private Credit Fund, LLC. We are a recently organized, non-diversified, closed-end management investment company that has elected to be regulated as a BDC under the Investment Company Act. In addition, we intend to elect to be treated and qualify as a RIC under Subchapter M of the Code. As a BDC and a RIC, we must comply with certain regulatory requirements.

Prior to converting to a Delaware limited liability company on April 10, 2025 (the “Conversion”) and electing to be regulated as a BDC on April 23, 2025 (the “Conversion Effective Date”), we operated as Audax Private Credit Fund, LP, a Delaware limited partnership originally organized on July 23, 2024 (the “Partnership”), as a private fund in reliance on an exception from the definition of “investment company” under Section 3(c)(7) of the Investment Company Act. On April 7, 2025, pursuant to a plan of conversion (the “Plan of Conversion”), a majority of the limited partners and the general partner of the private fund approved, among other things, the Fund’s Limited Liability Company Agreement (the “LLC Agreement”), the Fund’s election to be regulated as a BDC under the Investment Company Act, an investment advisory agreement, dated April 10, 2025 (the “Investment Advisory Agreement”), the persons elected to the Board and an asset coverage ratio of 150%. Pursuant to subscription agreements with the private fund, investors in the private fund made commitments to purchase limited partner interests (“Capital Commitments”) and were required to fund capital contributions to purchase limited partner interests. In addition, such subscription agreements required that, to the extent such investor had any unfunded Capital Commitments immediately prior to the Conversion (such investors, the “Anchor Investors”), such Anchor Investors would enter into a subscription agreement with the Fund that had a similar drawdown structure. Accordingly, Anchor Investors that had uncalled capital prior to the Conversion had a portion of their unfunded Capital Commitments called, alongside monthly subscriptions or intra-month, during the 12-months following the Conversion Effective Date (the “Interim Period”). Thereafter, the Fund and Anchor Investors agreed to extend the Interim Period to October 23, 2026. As a result, as of the date of this Report, the Fund we may drawdown the remaining $84,391,869 in aggregated unfunded capital commitments from those Anchor Investors until October 23, 2026.

Our investment objective is to generate current income and, to a lesser extent, capital appreciation. The Fund intends to invest primarily in senior secured first lien loans, with minority exposure to second lien loans, subordinated or mezzanine loans, and equity and equity-like investments, such as equity and/or warrant kickers, in privately owned U.S. middle market companies. We use the term “middle market companies” to generally refer to companies with $15 million to $100 million of annual earnings before interest, taxes, depreciation and amortization (“EBITDA”), though we may invest in smaller or larger companies if attractive opportunities are available that are otherwise consistent with the strategy of the Fund. We expect that a majority of our investments will be in directly originated loans. While we may invest in second lien, subordinated or mezzanine loans, we do not expect these investments to comprise a material portion of our portfolio. Our investment strategy will also include a smaller allocation to more liquid credit investments such as broadly syndicated loans and corporate bonds which may be used for the purposes of maintaining liquidity for our share repurchase program and cash management. Most of our investments will be in private U.S. companies, however (subject to compliance with BDC requirements to invest at least 70% of assets in “eligible portfolio companies,” which are generally privately offered securities issued by U.S. private or thinly-traded companies) we may also invest to some extent in non-U.S. companies. We may also invest in publicly traded loans or securities of larger corporate issuers on an opportunistic basis when market conditions create compelling potential return opportunities.

Under normal circumstances, we will invest at least 80% of our total assets (which includes net assets plus borrowings for investment purposes) directly or indirectly in “private credit” instruments (which we define as loans, notes, bonds, preferred stock, other credit instruments issued in private offerings or by private companies and other instruments that provide exposure to such credit-related instruments), including any directly originated leveraged loans (collectively, “Private Credit Instruments”). Derivative instruments will be counted towards our 80% policy to the extent they have economic characteristics similar to Private Credit Instruments. To the extent the Fund determines to invest indirectly in Private Credit Instruments, it may invest through certain synthetic instruments, which will be valued at market value or, if no market value is ascertainable, at fair value for the purpose of complying with the above mentioned policy. “Synthetic instruments,” as used herein, refer to derivatives and other synthetic investments, which may include rights, warrants, futures and options, designed to replicate the economic characteristics of an investment in Private Credit Instruments. The Fund will notify its shareholders at least 60 days prior to any change to the 80% investment policy described above.

To seek to enhance returns, the Fund intends to employ leverage as market conditions permit and at the discretion of the Adviser, but in no event will leverage employed exceed the limitations set forth in the Investment Company Act, which currently allows the Fund to borrow up to a 2:1 debt to equity ratio. In determining the amount of leverage we employ at any particular time, we expect to analyze the maturity, covenants and interest rate structure of the proposed borrowings, the risks of such borrowings within the context of our investment outlook, the underlying performance of our portfolio companies, and the impact of leverage on the Fund. Any such leverage, if incurred, would be expected to increase the total capital available for investment by the Fund. The amount of any leverage that we will employ as a BDC will be subject to oversight by our Board.

We generally intend to distribute, out of assets legally available for distribution, substantially all of our available earnings, on a quarterly basis, as determined by our Board, in its discretion.

We expect to conduct private offerings of our Shares to investors in reliance on exemptions from the registration requirements of the Securities Act.

Revenues

We generate revenue primarily in the form of interest on the debt investments that we hold. In addition, we may generate income from dividends on equity investments and capital gains on the sale of investments.

Expenses

The costs associated with the investment team and staff of the Adviser, when and to the extent engaged in providing investment advisory services and management services to us, will be paid for by the Adviser. We bear all other fees, costs and expenses of our activities, operations, administration and transactions, including, but not limited to: (a) investment advisory fees, including management fees and incentive fees, to the Adviser, pursuant to the Investment Advisory Agreement; (b) our allocable portion of compensation, overhead (including rent, office equipment and utilities) and other expenses incurred by the Administrator in performing its administrative obligations under the Administration Agreement, including but not limited to: (i) our Chief Compliance Officer, Chief Financial Officer and their respective staffs; (ii) investor relations, legal, operations and other non-investment professionals at the Administrator that performs duties for us; and (iii) any internal audit group personnel of Audax Private Debt or any of its affiliates; and (c) all other expenses of our operations, administrations and transactions.

With respect to costs incurred in connection with our organization and initial private offering, the Adviser has agreed to advance all such costs on our behalf. Unless the Adviser elects to cover such expenses pursuant to the Reimbursement Agreement we entered into with the Adviser, we will be obligated to reimburse the Adviser for such advanced expenses in accordance with the terms of the Reimbursement Agreement. See “Item 1. Financial Statements.”

From time to time, the Adviser, the Administrator or their affiliates may pay third-party providers of goods or services. We will reimburse the Adviser, the Administrator or such affiliates thereof for any such amounts paid on our behalf. From time to time, the Adviser or the Administrator may defer or waive fees and/or rights to be reimbursed for expenses. All of the foregoing expenses will ultimately be borne by our shareholders.

All costs incurred by the Fund in connection with its initial Private Offering and organization have been advanced by the Adviser or its affiliates subject to recoupment. The Adviser or its affiliates may in some circumstances be reimbursed for past payments of organization and offering costs made on the Fund’s behalf.

Hedging

The Fund may, but is not required to, enter into interest rate, foreign exchange or other derivative agreements to hedge interest rate, currency, credit or other risks, but the Fund does not generally intend to enter into any such derivative agreements for speculative purposes. Any derivative agreements entered into for speculative purposes are not expected to be material to the Fund’s business or results of operations. These hedging activities, which will be in compliance with applicable legal and regulatory requirements, may include the use of futures, options and forward contracts. The Fund will bear the costs incurred in connection with entering into, administering and settling any such derivative contracts. There can be no assurance that any hedging strategy employed by the Fund will be successful.

Leverage

While as a BDC the amount of leverage that we are permitted to use is limited in significant respects, we use leverage to increase our ability to make investments. The amount of leverage we use in any period depends on a variety of factors,including cash available for investing, the cost of financing and general economic and market conditions, however, under the Investment Company Act, our total borrowings are limited so that our asset coverage ratio cannot fall below 150% immediately after any borrowing, as defined in the Investment Company Act. In any period, our interest expense will depend largely on the extent of our borrowing and we expect interest expense will increase as we increase leverage over time within the limits of the Investment Company Act. In addition, we may dedicate assets as collateral to financing facilities from time to time.

PORTFOLIO COMPOSITION AND INVESTMENT ACTIVITY

Portfolio Composition

The fair value of our investments, comprised of senior secured loans and equity as of June 30, 2026, was approximately $1,127,505,656 and held in 158 portfolio investments as of June 30, 2026. The fair value of our investments, comprised of senior secured loans and equity as of December 31, 2025, was approximately $949,824,441 and held in 116 portfolio companies as of December 31, 2025.

During the six months ended June 30, 2026, we invested in new and existing investments for a combined cost of $257,215,923. We also received $63,106,034 in repayments from investments and $6,835,532 from investments sold during the six months ended June 30, 2026. For the year ended December 31, 2025, we invested in new and existing investments for a combined cost of $474,113,052. We also received $166,539,107 in repayments from investments and $9,610,493 from investments sold during the year ended December 31, 2025.

In addition, for the six months ended June 30, 2026 and 2025, we had a change in unrealized depreciation of approximately $10,853,060 and $8,119,950, respectively, and realized gains of $70,720 and $887,207, respectively.

Our investment activity for the six months ended June 30, 2026 and 2025 is presented below:


	Six Months Ended June 30, 2026			Six Months Ended June 30, 2025
Beginning investment portfolio, at fair value	$	949,824,441		$	650,974,766
Investments in portfolio investments		257,215,923			123,311,750
Principal repayments		(69,941,566	)		(90,700,504	)
Proceeds from investments sold		—			(4,326,039	)
Change in premiums, discounts and amortization		1,189,198			1,351,045
Net change in unrealized (depreciation) appreciation on investments		(10,853,060	)		(8,119,950	)
Realized gain (loss) on investments		70,720			887,207
Ending portfolio investment activity, at fair value	$	1,127,505,656		$	673,378,275
Number of portfolio investments		158			58
Average investment amount, at cost	$	7,203,740		$	11,664,743
Percentage of investments at floating rates		99.50	%		99.05	%

Our portfolio composition and weighted average yields as of June 30, 2026 and December 31, 2025 were as follows:


	June 30, 2026			December 31, 2025
Portfolio composition, at fair value:
Unitranche Debt	$	581,148,051		$	589,052,937
First Lien Debt		485,665,741			295,114,774
Second Lien Debt		—			5,141,793
Weighted average yields, at amortized cost:
Unitranche Debt		4.64	%		5.59	%
First Lien Debt		3.70	%		2.69	%
Second Lien Debt		—			0.00	%
Total portfolio		8.34	%		8.28	%
Interest rate type, at fair value:
Fixed rate amount	$	—		$	—
Floating rate amount	$	1,066,813,792		$	889,309,504
Fixed rate, as percentage of total		0.00	%		0.00	%
Floating rate, as percentage of total		100.00	%		100.00	%
Interest rate type, at amortized cost:
Fixed rate amount	$	3,973,959		$	3,973,959
Floating rate amount	$	1,085,253,570		$	897,802,442
Fixed rate, as percentage of total		0.36	%		0.44	%
Floating rate, as percentage of total		99.64	%		99.56	%
Hedging		—			—

RESULTS OF OPERATIONS

Net increase (decrease) in net assets resulting from operations can vary from period to period as a result of various factors, including acquisitions, the level of new investment commitments, the recognition of realized gains and losses and changes in unrealized appreciation and depreciation on the investment portfolio. As a result, comparisons may not be meaningful.

Operating results for the three and six months ended June 30, 2026 and 2025, were as follows:

Investment Income

Total investment income for the three and six months ended June 30, 2026 and 2025 is presented in the table below:


	Three Months Ended June 30, 2026		Three Months Ended June 30, 2025		Six Months Ended June 30, 2026		Six Months Ended June 30, 2025
Total interest income from non-controlled/non-affiliated investments	$	22,057,492	$	14,469,659	$	41,970,610	$	29,907,435
Total dividend income from non-controlled/non-affiliated investments		—		—		—		307,856
Total interest income from affiliated investments		153,829		—		247,031		—
Total investment income	$	22,211,321	$	14,469,659	$	42,217,641	$	30,215,291

Expenses

Total expenses, net of waivers for the three and six months ended June 30, 2026 and 2025 were as follows:


	Three Months Ended June 30, 2026		Three Months Ended June 30, 2025			Six Months Ended June 30, 2026		Six Months Ended June 30, 2025
Interest expense and credit facility fees	$	8,150,783	$	5,489,469		$	15,199,061	$	11,238,507
Organizational expenses		—		2,429,382			—		2,429,382
Management fee(a)		1,773,945		1,064,102			3,385,733		2,133,068
Incentive fee(a)		1,380,031		817,305			2,633,793		817,305
Amortization of deferred financing costs		540,796		125,000			897,172		250,000
Professional fees		107,000		116,248			267,051		243,159
Directors' fees		90,095		72,500			180,410		72,500
Administration fees(a)		—		16,555			—		185,996
Investment expenses		—		107			—		13,645
Other expenses		315,336		175,052			624,749		343,729
Total expenses	$	12,357,986	$	10,305,720		$	23,187,969	$	17,727,291
Expense support reimbursement		193,121		(2,429,382	)		593,121		(2,429,382	)
Management fee waiver(a)		—		(59,390	)		—		(973,233	)
Total expenses, net of waivers	$	12,551,107	$	7,816,948		$	23,781,090	$	14,324,676

(a)

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

Interest

Interest expense, including other debt financing costs, increased from $5,489,469 for the three months ended June 30, 2025, to $8,150,783 for the three months ended June 30, 2026. This increase was primarily due to an increase in average debt outstanding from $320,914,495 for the three months ended June 30, 2025 to $549,398,901 for the three months ended June 30, 2026. The average interest rate on our debt outstanding decreased from 6.47% for the three months ended June 30, 2025, to 5.54% for the three months ended June 30, 2026 due to a change in the mix of our debt financing sources and a change in SOFR rates.

Interest expense, including other debt financing costs, increased from $11,238,507 for the six months ended June 30, 2025, to $15,199,061 for the six months ended June 30, 2026. This increase was primarily due to an increase in average debt outstanding from $326,795,811 for the six months ended June 30, 2025 to $520,439,786 for the six months ended June 30, 2026. The average interest rate on our debt outstanding decreased from 6.48% for the six months ended June 30, 2025, to 5.57% for the six months ended June 30, 2026 due to a change in the mix of our debt financing sources and a change in SOFR rates.

Management Fees

Management Fees (gross of waivers) increased from $1,064,102 for three months ended June 30, 2025, to $1,773,945 for the three months ended June 30, 2026, due to an increase in average net assets for the three months ended June 30, 2026, compared to the three months ended June 30, 2025. Management Fees (net of waivers) increased from $1,004,712 for the three months ended June 30, 2025, to $1,773,945 for the three months ended June 30, 2026. For the three months ended June 30, 2026 and 2025, the Adviser waived Management Fees of $0 and $59,390, respectively.

Management Fees (gross of waivers) increased from $2,133,068 for six months ended June 30, 2025, to $3,385,733 for the six months ended June 30, 2026, due to an increase in average net assets for the six months ended June 30, 2026, compared to the six months ended June 30, 2025. Management Fees (net of waivers) increased from $1,159,835 for the six months ended June 30, 2025, to $3,385,733 for the six months ended June 30, 2026. For the six months ended June 30, 2026 and 2025, the Adviser waived Management Fees of $0 and $973,233, respectively.

Incentive Fees

For the three months ended June 30, 2026 and 2025, Incentive Fees related to pre-incentive net investment income were $1,380,031 and $817,305, respectively. For the three months ended June 30, 2026 and 2025, there was no accrual related to the capital gains incentive fee.

For the six months ended June 30, 2026 and 2025, Incentive Fees related to pre-incentive net investment income were $2,633,793 and $817,305, respectively. For the six months ended June 30, 2026 and 2025, there was no accrual related to the capital gains incentive fee.

Organizational and Offering Expense

Organizational and offering expenses decreased from $2,429,382 for the three months ended June 30, 2025, to $0 for the three months ended June 30, 2026.

Organizational and offering expenses decreased from $2,429,382 for the six months ended June 30, 2025, to $0 for the six months ended June 30, 2026.

Professional Fees and Other General and Administrative Expenses

Professional fees decreased from $116,248 for the three months ended June 30, 2025, to $107,000 for the three months ended June 30, 2026. Director Fees increased from $72,500 for the three months ended June 30, 2025, to $90,095 for the three months ended June 30, 2026. Other general and administrative expenses increased from $191,607 for the three months ended June 30, 2025, to $315,336 for the three months ended June 30, 2026.

Professional fees increased from $243,159 for the six months ended June 30, 2025, to $267,051 for the six months ended June 30, 2026. Director Fees increased from $72,500 for the six months ended June 30, 2025, to $180,410 for the six months ended June 30, 2026. Other general and administrative expenses increased from $529,725 for the six months ended June 30, 2025, to $624,749 for the six months ended June 30, 2026.

Income Taxes, Including Excise Taxes

We intend to elect to be treated as a RIC under Subchapter M of the Code and operate in a manner so as to continue to qualify for the tax treatment applicable to RICs. To qualify as a RIC, we must, among other things, distribute to our shareholders in each taxable year generally at least 90% of our investment company taxable income, as defined by the Code, and net tax-exempt income for that taxable year. To maintain our RIC status, we, among other things, have made and intend to continue to make the requisite distributions to our shareholders, which generally relieve us from corporate-level U.S. federal income taxes.

Depending on the level of taxable income earned in a tax year, we can be expected to carry forward taxable income (including net capital gains, if any) in excess of current year dividend distributions from the current tax year into the next tax year and pay a nondeductible 4% U.S. federal excise tax on such taxable income, as required. To the extent that we determine that our estimated current year annual taxable income will be in excess of estimated current year dividend distributions from such income, we accrue excise tax on estimated excess taxable income.

For the three and six months ended June 30, 2026 and 2025, we recorded a net expense of $0 and $0, respectively, for U.S. federal excise tax and other taxes.

Net Realized Gain (Loss)

Net realized gain (loss) was comprised of the following:


	Three Months Ended June 30, 2026			Three Months Ended June 30, 2025			Six Months Ended June 30, 2026		Six Months Ended June 30, 2025
Net realized gains (losses):
Non-controlled/non-affiliated investments	$	(5,243	)	$	30,712		$	70,720	$	887,207
Foreign currency transactions		—			(909	)		—		(4,034	)
Net realized gains (losses)	$	(5,243	)	$	29,803		$	70,720	$	883,173

Net Unrealized Gain (Loss)

Net unrealized gain (loss) was comprised of the following:


	Three Months Ended June 30, 2026			Three Months Ended June 30, 2025			Six Months Ended June 30, 2026			Six Months Ended June 30, 2025
Net change in unrealized appreciation (depreciation):
Non-controlled/non-affiliated investments	$	(834,332	)	$	(4,374,259	)	$	(8,474,729	)	$	(8,119,950	)
Affiliated investments		(2,090,251	)		—			(2,378,331	)		—
Deferred tax liability		(98,911	)		(818,338	)		(114,295	)		(818,338	)
Foreign currency transactions		(138	)		1,510			(292	)		1,518
Net unrealized gains (losses)	$	(3,023,632	)	$	(5,191,087	)	$	(10,967,647	)	$	(8,936,770	)

FINANCIAL CONDITION, LIQUIDITY AND CAPITAL RESOURCES

We expect to generate cash primarily from (i) the net proceeds of our private offerings of our Shares, (ii) cash flows from our operations, (iii) the Leverage Facility and Credit Facility (as discussed in Note 8 – Commitments and Contingencies), (iv) any financing arrangements we may enter into in the future and (v) any future offerings of our equity or debt securities. Our primary uses of cash will be for (i) investments in portfolio companies and other investments, (ii) the cost of operations (including paying the Adviser and the Administrator), (iii) cost of any borrowings or other financing arrangements and (iv) cash distributions to the holders of our Shares. As of June 30, 2026 and December 31, 2025, we had cash and cash equivalents of $36,759,770 and $35,353,403, respectively. We believe that our liquidity and sources of capital are adequate to satisfy our anticipated cash requirements for the next twelve months and foreseeable future. We cannot, however, be certain that these sources of funds will be available at a time and upon terms acceptable to us in sufficient amounts in the future.

Operating Activities

Net cash used in operating activities for the six months ended June 30, 2026 was $165,833,992. The primary operating activities during this period were investments in portfolio companies. The Fund invested $257,215,923 in new and existing portfolio investments during the six months ended June 30, 2026. This was offset by repayments of loans and sales of investments of $63,106,034 for the six months ended June 30, 2026. Net cash used in operating activities for the six months ended June 30, 2025 was $16,866,980. The primary operating activities during this period were investments in portfolio companies. The Fund invested $123,311,750 in new and existing portfolio investments during the six months ended June 30, 2025. This was offset by repayments of loans and sales of investments of $90,700,504, respectively, for the six months ended June 30, 2025.

As of June 30, 2026, we had 172 investments with unfunded commitments of $262,117,092. As of June 30, 2025, we had 43 investments with unfunded commitments of $98,328,643. We believe that, as of both June 30, 2026 and June 30, 2025, we had sufficient assets to adequately cover any obligations under our unfunded commitments.

The following table summarizes our total portfolio activity during the six months ended June 30, 2026 and 2025:


	Six Months Ended June 30, 2026			Six Months Ended June 30, 2025
Beginning investment portfolio	$	949,824,441		$	650,974,766
Investments in portfolio investments		257,215,923			123,311,750
Principal repayments		(69,941,566	)		(90,700,504	)
Proceeds from sales of investments		—			(4,326,039	)
Net change in unrealized depreciation (appreciation) on investments		(10,853,060	)		(8,119,950	)
Net realized gain (loss) on investments		70,720			887,207
Net change in premiums, discounts and amortization		1,189,198			1,351,045
Investment Portfolio, at Fair Value	$	1,127,505,656		$	673,378,275

Financing Activities

Net cash provided by our financing activities for the six months ended June 30, 2026 was $167,240,359, which consisted of $112,000,000 of net capital contributions from shareholders, $16,153,771 of distributions paid to our common shareholders during the

period, and net borrowings on the Leverage Facility and Credit Facility of $58,842,656 and $18,477,641, respectively. Net cash provided by our financing activities for the six months ended June 30, 2025 was $20,003,863, which consisted of $35,000,000 of net capital contributions from shareholders, $7,536,845 of distributions paid to our common shareholders during the period, and net repayments on the Leverage Facility of $7,459,292.

Equity

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


Amount		Date
$	273,737,374	October 1, 2024
$	100,000,000	October 3, 2024
$	193,939,394	February 24, 2025
$	8,000,000	June 12, 2025
$	22,500,000	August 1, 2025
$	19,500,000	September 1, 2025
$	1,500,000	November 3, 2025
$	13,000,000	December 1, 2025
$	500,000	January 2, 2026
$	11,500,000	February 1, 2026

As of June 30, 2026, the Fund had unfunded capital commitments of $84,391,869.

The number of shares of our Shares issued and outstanding as of June 30, 2026 was 22,930,549.

Debt

Leverage Facility

On October 10, 2024, the SPV entered into a Loan and Servicing Agreement (“LSA”) with Wells Fargo Bank, National Association (the “Leverage Facility”). The LSA allows for an advance of up to $500,000,000 for loans acquired by the SPV. On September 30, 2025, the SPV executed an amendment to allow for an advance of up to $600,000,000. The Leverage Facility had a maturity date of October 10, 2029 and accrued interest at SOFR plus 2.15% through September 30, 2025. On September 30, 2025, the maturity date was extended to September 30, 2030 and the margin was decreased to SOFR plus 2.00%. On January 22, 2026 the Fund amended the Leverage Facility LSA, which extended the maturity date to January 22, 2031, decreased the margin to SOFR plus 1.90%and allows for an advance of up to $800,000,000. The average rate for the outstanding loans as of June 30, 2026 and December 31, 2025 was 5.55% and 6.37%, respectively, and weighted average outstanding balance for the periods was $510,259,197 and $355,056,744, respectively. As of June 30, 2026 and December 31, 2025, the Fund had $546,865,537 and $489,741,436 outstanding on its Leverage Facility, net of deferred financing costs, which totaled $6,280,800 and $4,562,245, respectively. The Fund incurred interest expense and unused commitment fees of $7,872,161 and $14,920,439 during the three and six months ended June 30, 2026, respectively. The Fund incurred interest expense and unused commitment fees of $5,474,702 and $11,072,135 during the three and six months ended June 30, 2025, respectively.

Credit Facility

“Commitment Termination Date”) and the Credit Facility will mature on April 10, 2031 (the “Maturity Date”). During the period from the Commitment Termination Date to the Maturity Date, the Fund will be obligated to make mandatory prepayments under the Credit Facility out of the proceeds of certain asset sales, other recovery events and equity and debt issuances. The average rate for the outstanding loans as of June 30, 2026 was 6.46% and weighted average outstanding balance for the period was $10,394,874. As of June 30, 2026, the Fund had $18,477,641 outstanding on its Credit Facility, net of deferred financing costs, which totaled $3,310,440. The Fund incurred interest expense and unused commitment fees of $278,622 and $278,622 during the three and six months ended June 30, 2026, respectively.

At June 30, 2026 and December 31, 2025, the carrying amount of the Fund’s secured borrowings approximated their fair value. The fair values of the Fund’s debt obligations are determined in accordance with ASC 820, which defines fair value in terms of the price that would be paid to transfer a liability in an orderly transaction between market participants at the measurement date under current market conditions. The fair value of the Fund’s borrowings is estimated based upon market interest rates for the Fund’s own borrowings or entities with similar credit risk, adjusted for nonperformance risk, if any. As of June 30, 2026, the Fund’s borrowings would be deemed to be Level 3, as defined in Note 3 — Investments.

Debt obligations consisted of the following as of June 30, 2026 and December 31, 2025:


		June 30, 2026
		Aggregate Principal			Outstanding			Amount			Carrying
		Amount Committed			Principal			Available (1)			Value (2)
Leverage Facility	$		800,000,000	$		553,146,337	$		246,853,663	$		546,865,537
Credit Facility			275,000,000			18,477,641			256,522,359			15,167,201
Total Debt	$		1,075,000,000	$		571,623,978	$		503,376,022	$		562,032,738

(1)

The amount available may be subject to limitations related to the borrowing base under the Leverage Facility, Credit Facility and asset coverage requirements.

(2)

The carrying values of the Leverage Facility and the Credit Facility are presented net deferred financing costs and original issue discounts totaling $6,280,800 and $3,310,440, respectively.


		December 31, 2025
		Aggregate Principal			Outstanding			Amount			Carrying
		Amount Committed			Principal			Available (1)			Value (2)
Leverage Facility	$		600,000,000	$		494,303,680	$		105,696,320	$		489,741,436
Total Debt	$		600,000,000	$		494,303,680	$		105,696,320	$		489,741,436

(1)

The amount available may be subject to limitations related to the borrowing base under the Leverage Facility and asset coverage requirements.

(2)

The carrying values of the Leverage Facility are presented net deferred financing costs and original issue discounts totaling $4,562,245.

As of June 30, 2026, we were in compliance with the terms of our debt arrangements. We intend to continue to utilize our credit facility to fund investments and for other general corporate purposes.

Distributions to Shareholders – Share Distributions

We intend to elect to be treated and to qualify 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 shareholders. 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 shareholders, we are required to distribute dividends to our shareholders 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 shareholders 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 shareholders 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 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 shareholders may be the original capital invested by the shareholder 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 Investment Company Act.

The determination of the tax attributes of the Fund’s distributions, including distributions in connection with tender offers, are made annually at the end of the Fund’s taxable year, based upon the Fund’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 shareholders will be reported to the Fund’s shareholders subject to information reporting after the close of the calendar year.

Tender Offers

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

Other 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.

The Fund intends to utilize leverage (including through the establishment of wholly-owned financing subsidiaries), to finance its investments and operations. The amount of leverage that the Fund employs will be subject to the restrictions of the Investment Company Act and the supervision of the Board. As of June 30, 2026, the Fund had $546,865,537 and $18,477,641 outstanding on the Leverage Facility and Credit Facility, respectively.

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 these commitments. As of June 30, 2026 we had 172 investments with unfunded commitments of $262,117,092. We believe that, as of June 30, 2026, we had sufficient assets to adequately cover any obligations under our unfunded commitments.

Contractual Obligations

A summary of our contractual payment obligations as of June 30, 2026 is as follows:


		Payments Due by Period
		Total			Less than			1 year			1-3 years			3-5 years			After 5 years
Leverage Facility	$		—	$		—	$		—	$		—	$		553,146,337	$		—
Credit Facility			—			—			—			—			18,477,641			—
Total Contractual Obligations	$		—	$		—	$		—	$		—	$		571,623,978	$		—

A summary of our contractual payment obligations as of December 31, 2025 is as follows:


		Payments Due by Period
		Total			Less than			1 year			1-3 years			3-5 years			After 5 years
Leverage Facility	$		—	$		—	$		—	$		—	$		494,303,680	$		—
Total Contractual Obligations	$		—	$		—	$		—	$		—	$		494,303,680	$		—

Distributions

We intend to elect and to be treated and qualify for U.S. federal income tax purposes as a RIC under subchapter M of the Code. To maintain RIC status, we must distribute (or be treated as distributing) in each taxable year dividends for tax purposes equal to at least 90 percent of the sum of our:

•

investment company taxable income (which is generally our ordinary income plus the excess of realized net short-term capital gains over realized net long-term capital losses), determined without regard to the deduction for dividends paid, for such taxable year; and

•

net tax-exempt interest income (which is the excess of our gross tax-exempt interest income over certain disallowed deductions) for such taxable year.

As a RIC, we (but not our shareholders) generally will not be subject to U.S. federal income tax on investment company taxable income and net capital gains that we distribute to our shareholders.

We intend to distribute annually all or substantially all of such income. To the extent that we retain our net capital gains or any investment company taxable income, we generally will be subject to corporate-level U.S. federal income tax. We may choose to retain our net capital gains or any investment company taxable income, and pay the U.S. federal excise tax described below.

Amounts not distributed on a timely basis in accordance with a calendar year distribution requirement are subject to a nondeductible 4% U.S. federal excise tax payable by us. To avoid this tax, we must distribute (or be treated as distributing) during each calendar year an amount at least equal to the sum of:

•

98% of our net ordinary income excluding certain ordinary gains or losses for that calendar year;

•

98.2% of our capital gain net income, adjusted for certain ordinary gains and losses, recognized for the twelve-month period ending on October 31 of that calendar year; and

•

100% of any income or gains recognized, but not distributed, in preceding years.

While we intend to distribute any income and capital gains in the manner necessary to minimize imposition of the 4% U.S. federal excise tax, sufficient amounts of our taxable income and capital gains may not be distributed to avoid entirely the imposition of this tax. In that event, we will be liable for this tax only on the amount by which we do not meet the foregoing distribution requirement.

We intend to pay quarterly dividends to our shareholders out of assets legally available for distribution. All dividends will be paid at the discretion of our Board and will depend on our earnings, financial condition, maintenance of RIC status, compliance with applicable BDC regulations and such other factors as our Board may deem relevant from time to time.

To the extent our current taxable earnings for a year fall below the total amount of our distributions for that year, a portion of those distributions may be deemed a return of capital to our shareholders for U.S. federal income tax purposes. Thus, the source of a distribution to our shareholders may be the original capital invested by the shareholder rather than our income or gains. Shareholders should read any written disclosure carefully and should not assume that the source of any distribution is our ordinary income or gains.

We have adopted an “opt out” distribution reinvestment plan for our Common Shareholders. As a result, if we declare a cash dividend or other distribution, each shareholder that has not “opted out” of our distribution reinvestment plan will have their dividends or distributions automatically reinvested in additional shares of our Common Shares rather than receiving cash dividends. Shareholders who receive distributions in the form of Common Shares will be subject to the same U.S. federal, state and local tax consequences as if they received cash distributions.

Related-Party Transactions

We have entered into a number of business relationships with affiliated or related parties, including the following:

•

the Investment Advisory Agreement; and

•

the Administration Agreement.

RECENT DEVELOPMENTS

Subsequent to June 30, 2026 through August 14, 2026, the Fund invested $37,947,866 at cost in 16 different portfolio companies.

CRITICAL ACCOUNTING POLICIES

The preparation of our consolidated financial statements requires us 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. Our critical accounting policies, including those relating to the valuation of our investment portfolio, are described below. The critical accounting policies should be read in connection with our risk factors as disclosed in “Item 1A. Risk Factors” of our Annual Report.

Investments at Fair Value

In accordance with ASC 820, these inputs are summarized into the following hierarchy:

•

Level 1: Quoted prices in available active markets for identical financial instruments that the Adviser has the ability to access at the measurement date.

•

Level 2: Quoted prices in markets that are not active or for which all significant inputs are observable, either directly or indirectly.

•

Level 3: Inputs that are unobservable and significant to the overall fair value measurement for the asset or liability.

ASC 820, it is assumed that the reporting entity has access to such market as of the measurement date. Market participants are defined as buyers and sellers in the principal or most advantageous market that are independent, knowledgeable and willing and able to transact.

Investment Valuation Process

The Fund’s assets and liabilities will be valued in accordance with the valuation policies and procedures of the Fund and the Adviser, as may be amended from time to time. Such valuations will be made in accordance with Rule 2a-5 under the Investment Company Act, the SEC rule governing the valuation of a BDC’s portfolio investments, and GAAP. The Board has designated the Adviser as its “valuation designee” pursuant to Rule 2a-5 under the Investment Company Act, and in that role the Adviser is responsible for performing fair value determinations relating to all of the Fund’s investments, including periodically assessing and managing any material valuation risks and establishing and applying fair value methodologies, in accordance with valuation policies and procedures that have been approved by the Fund’s Board. Even though the Board designated the Adviser as its “valuation designee,” the Board’s audit committee continues to be responsible for overseeing the processes for determining fair valuation.

The Adviser will utilize the following multi-step process each quarter in determining fair value for the Fund’s investments for which market quotations are not readily available:

•

Third, the preliminary valuation conclusions will be presented to the Adviser’s valuation committees as relevant, for consideration;

•

Fourth, the Adviser’s valuation committees will discuss the recommended valuations and determine, in good faith, the fair value of each investment;

•

Fifth, the valuation determinations of the Adviser’s valuation committees will be presented to the Adviser and then shared with the Fund’s chief executive officer and chief financial officer; and

•

Sixth, the Adviser will provide certain quarterly and annual reports to the Board.

Interest and Dividend Income Recognition

Interest Income. Interest income is recorded on an accrual basis and includes the accretion of discounts and amortizations of premiums. Discounts from and premiums to par value on debt investments purchased are accreted/amortized into interest income over the life of the respective security using the effective interest method. The amortized cost of debt investments represents the original cost, including loan origination fees and upfront fees received that are deemed to be an adjustment to yield, adjusted for the accretion of discounts and amortization of premiums, if any. Upon prepayment of a loan or debt security, any prepayment premiums, unamortized upfront loan origination fees and unamortized discounts are recorded as interest income in the current period.

PIK Income. The Fund may have loans in its portfolio that contain PIK provisions. PIK represents interest that is accrued and recorded as interest income at the contractual rates, increases the loan principal on the respective capitalization dates, and is generally due at maturity. Such income is included in interest income in the Fund’s Consolidated Statements of Operations. If at any point the Fund believes PIK is not expected to be realized, the investment generating PIK will be placed on non-accrual status. When a PIK investment is placed on non-accrual status, the accrued, uncapitalized interest is generally reversed through interest income. To maintain the Fund’s status as a RIC, this non-cash source of income must be paid out to shareholders in the form of dividends, even though the Fund has not yet collected cash.

Dividend Income. Dividend income on preferred equity securities is recorded on the accrual basis to the extent that such amounts are payable by the portfolio company and are expected to be collected. Dividend income on common equity securities is recorded on the record date for private portfolio companies or on the ex-dividend date for publicly-traded portfolio companies.

Fee Income. The Fund may receive various fees in the ordinary course of business such as structuring, consent, waiver, amendment, syndication fees as well as fees for managerial assistance rendered by the Fund to the portfolio companies. Such fees are recognized as income when earned or the services are rendered.

Non-Accrual Income. Generally, a loan is placed on non-accrual status when management has reasonable doubt that the borrower will pay principal or interest in full. Management may make an exception when the loan has sufficient collateral value or is in the process of collection. Generally, non-accrual loans are returned to accrual status when all past-due principal and interest have been paid in cash and, in management’s judgment, the borrower is likely to make principal and interest payments in the future.

U.S. Federal Income Taxes

We have elected to be treated as a BDC under the Investment Company Act. We also intend to elect to be treated as a RIC under the Code. So long as we maintain our status as a RIC, we will generally not pay corporate-level U.S. federal income or excise taxes on any ordinary income or capital gains that we distribute at least annually to our shareholders as dividends. As a result, any tax liability related to income earned and distributed by us represents obligations of our shareholders and will not be reflected in our consolidated financial statements. We evaluate tax positions taken or expected to be taken in the course of preparing our consolidated financial statements to determine whether the tax positions are “more-likely-than-not” to 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 expense in the current year. All penalties and interest associated with income taxes 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, on-going analyses of tax laws, regulations and interpretations thereof. As of December 31, 2025, the Fund did not have any uncertain tax positions that met the recognition or measurement criteria, nor did the Fund have any unrecognized tax benefits. Our accounting policy on income taxes is critical because if we are unable to maintain our status as a RIC, we would be required to record a provision for corporate-level U.S. federal income taxes which may be significant to our financial results.

Item 3. Quantitative and Qualitative Disclosures About Market Risk.

We are subject to financial market risks, including valuation risk, interest rate risk and currency risk.

Valuation Risk. Because there is not a readily available market value for most of the investments in our portfolio, we value most of our portfolio investments at fair value as determined in good faith by the Adviser under the oversight of our Board based on, among other things, the input of our management and Audit Committee. Because fair valuations, and particularly fair valuations of private securities and private companies, are inherently uncertain, may fluctuate over short periods of time and are often based to a large extent on estimates, comparisons and qualitative evaluations of private information, our determinations of fair value may differ materially from the values that would have been determined if a ready market for these securities existed. Further, such investments are generally subject to legal and other restrictions on resale or otherwise are less liquid than publicly traded securities. If we were required to liquidate a portfolio investment in a forced or liquidation sale, we could realize significantly less than the value at which we have recorded it. 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 than the unrealized gains or losses reflected in the valuations currently assigned.

Interest Rate Risk. Interest rate sensitivity refers to the change in our earnings that may result from changes in the level of interest rates. Because we fund a portion of our investments with borrowings, our net investment income is affected by the difference between the rate at which we invest and the rate at which we borrow. 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.

We regularly measure our exposure to interest rate risk. We assess interest rate risk and manage our interest rate exposure on an ongoing basis by comparing our interest rate sensitive assets to our interest rate sensitive liabilities. Based on that review, we determine whether or not any hedging transactions are necessary to mitigate exposure to changes in interest rates.

The impact of SOFR fluctuations on interest income and interest expense for the three months ended June 30, 2026 is presented in the table below:


	Increase			Increase			Increase
($ in thousands)	(Decrease)			(Decrease)			(Decrease)
	in Interest			in Interest			in Net Investment
Change in interest rates (bps)	Income			Expense			Income
Up 300 basis points	$	29,695		$	(17,963	)	$	11,732
Up 200 basis points		19,797			(11,975	)		7,821
Up 100 basis points		9,898			(5,988	)		3,911
Down 100 basis points		(9,898	)		5,988			(3,911	)
Down 200 basis points		(19,797	)		11,975			(7,821	)
Down 300 basis points		(29,695	)		17,963			(11,732	)

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 fluctuations from time-to-time by using standard hedging instruments such as futures, options and forward contracts subject to the requirements of the Investment Company Act and applicable commodities laws. While hedging activities may insulate us against adverse changes in interest rates, they may also limit our ability to participate in the benefits of lower interest rates with respect to our portfolio of investments.

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.

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.

For information regarding factors that could affect our business, financial condition and/or operating results, see the risk factors discussed in “Item 1A. Risk Factors” in the Annual Report. There have been no material changes from the risk factors discussed in the Annual Report.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.

There were no unregistered sales of our equity securities during the quarter ended June 30, 2026, except as previously disclosed in certain Current Reports on Form 8-K filed with the SEC.

Item 3. Defaults Upon Senior Securities.

Not Applicable.

Item 4. Mine Safety Disclosures.

Not Applicable.

Item 5. Other Information.

During the three months ended June 30, 2026, no director or officer (as defined in Rule 16a-1(f) of the Securities Exchange Act of 1934) of the Fund adopted, terminated or modified 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 of the Securities Act.

Item 6. Exhibits.


Exhibit Number		Description
3.1		Certificate of Conversion (incorporated by reference to Exhibit 3.1 to the Fund’s Registration Statement on Form 10, filed on April 23, 2025).
3.2		Certificate of Formation (incorporated by reference to Exhibit 3.2 to the Fund’s Registration Statement on Form 10, filed on April 23, 2025).
3.3		Limited Liability Company Agreement (incorporated by reference to Exhibit 3.3 to the Fund’s Registration Statement on Form 10, filed on April 23, 2025).
10.1		Senior Secured Credit Facility, dated as of April 10, 2026, by and among Audax Private Credit Fund, LLC, as borrower, JPMorgan Chase Bank, N.A., as administrative agent and as collateral agent, the lenders party thereto and JPMorgan Chase Bank, N.A., PNC Bank, National Association and Pinnacle Bank, a Tennessee bank, d/b/a Synovus Bank, as lead arrangers and bookrunners (incorporated by reference to Exhibit 10.1 to the Fund's Form 8-K, filed on April 16, 2026).
31.1*		Certification of Principal Executive Officer Pursuant to Rules 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
31.2*		Certification of Principal Financial Officer Pursuant to Rules 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
32.1*		Certification of Principal Executive Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
32.2*		Certification of Principal Financial Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
101.INS*		Inline XBRL Instance Document – the instance document does not appear in the Interactive Data File because XBRL tags are embedded within the Inline XBRL document.
101.SCH*		Inline XBRL Taxonomy Extension Schema With Embedded Linkbase Documents.
104*		Cover Page Interactive Data File (embedded within the Inline XBRL document and included in Exhibit 101).

* Filed herewith.

SIGNATURES

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


	Audax Private Credit Fund, LLC

Date: August 14, 2026	By:	/s/ Kevin Magid
		Kevin Magid
		Director, Chairperson and Chief Executive Officer (Principal Executive Officer)


Date: August 14, 2026	By:	/s/ Alexander Gardiner
		Alexander Gardiner
		Interim Chief Financial Officer (Principal Financial Officer)