[1]

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.

[2]

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.

[3]

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.

[4]

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.

[5]

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.

[6]

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

[7]

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.

[8]

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.

[9]

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.

[10]

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.

[11]

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

[12]

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