v3.26.1
Consolidated Schedule of Investments / Net Asset Value By Industry - USD ($)
Jun. 30, 2026
Dec. 31, 2025
Schedule of Investments [Line Items]    
Investment Owned, Fair Value $ 1,127,505,656 [1],[2],[3],[4],[5] $ 949,824,441 [6],[7],[8],[9],[10]
% of NAV 100.00% 100.00%
Common and Preferred Equity    
Schedule of Investments [Line Items]    
Investment Owned, Fair Value $ 60,691,864 $ 60,514,937
% of NAV 10.60% 13.10%
BANK LOANS    
Schedule of Investments [Line Items]    
Investment Owned, Fair Value $ 1,066,813,792 $ 889,309,504
% of NAV 189.60% 192.70%
Aerospace & Defence    
Schedule of Investments [Line Items]    
Investment Owned, Fair Value $ 20,946,025 $ 17,635,393
% of NAV 1.90% 1.90%
Aerospace & Defence | Common and Preferred Equity    
Schedule of Investments [Line Items]    
Investment Owned, Fair Value $ 6,100,943 $ 3,482,097
% of NAV 1.10% 0.80%
Aerospace & Defence | BANK LOANS    
Schedule of Investments [Line Items]    
Investment Owned, Fair Value $ 14,845,082 $ 14,153,296
% of NAV 2.60% 3.10%
Air Freight & Logistics    
Schedule of Investments [Line Items]    
Investment Owned, Fair Value $ 4,814,187 $ 4,875,750
% of NAV 0.40% 0.50%
Air Freight & Logistics | Common and Preferred Equity    
Schedule of Investments [Line Items]    
Investment Owned, Fair Value $ 0 $ 0
% of NAV 0.00% 0.00%
Air Freight & Logistics | BANK LOANS    
Schedule of Investments [Line Items]    
Investment Owned, Fair Value $ 4,814,187 $ 4,875,750
% of NAV 0.90% 1.10%
Automobile Components    
Schedule of Investments [Line Items]    
Investment Owned, Fair Value $ 923,035 $ 3,338,646
% of NAV 0.10% 0.40%
Automobile Components | Common and Preferred Equity    
Schedule of Investments [Line Items]    
Investment Owned, Fair Value $ 0 $ 0
% of NAV 0.00% 0.00%
Automobile Components | BANK LOANS    
Schedule of Investments [Line Items]    
Investment Owned, Fair Value $ 923,035 $ 3,338,646
% of NAV 0.20% 0.70%
Building Products    
Schedule of Investments [Line Items]    
Investment Owned, Fair Value $ 9,224,175 $ 9,235,523
% of NAV 0.80% 1.00%
Building Products | Common and Preferred Equity    
Schedule of Investments [Line Items]    
Investment Owned, Fair Value $ 0 $ 0
% of NAV 0.00% 0.00%
Building Products | BANK LOANS    
Schedule of Investments [Line Items]    
Investment Owned, Fair Value $ 9,224,175 $ 9,235,523
% of NAV 1.60% 2.00%
Capital Markets    
Schedule of Investments [Line Items]    
Investment Owned, Fair Value $ 48,289,545 $ 32,324,134
% of NAV 4.30% 3.40%
Capital Markets | Common and Preferred Equity    
Schedule of Investments [Line Items]    
Investment Owned, Fair Value $ 0 $ 0
% of NAV 0.00% 0.00%
Capital Markets | BANK LOANS    
Schedule of Investments [Line Items]    
Investment Owned, Fair Value $ 48,289,545 $ 32,324,134
% of NAV 8.60% 7.00%
Chemicals    
Schedule of Investments [Line Items]    
Investment Owned, Fair Value $ 3,927,806 $ 2,962,613
% of NAV 0.40% 0.30%
Chemicals | Common and Preferred Equity    
Schedule of Investments [Line Items]    
Investment Owned, Fair Value $ 0 $ 0
% of NAV 0.00% 0.00%
Chemicals | BANK LOANS    
Schedule of Investments [Line Items]    
Investment Owned, Fair Value $ 3,927,806 $ 2,962,613
% of NAV 0.70% 0.60%
Commercial Services & Supplies    
Schedule of Investments [Line Items]    
Investment Owned, Fair Value $ 123,005,224 $ 76,970,074
% of NAV 10.90% 8.10%
Commercial Services & Supplies | Common and Preferred Equity    
Schedule of Investments [Line Items]    
Investment Owned, Fair Value $ 6,327,155 $ 3,548,974
% of NAV 1.10% 0.80%
Commercial Services & Supplies | BANK LOANS    
Schedule of Investments [Line Items]    
Investment Owned, Fair Value $ 116,678,069 $ 73,421,100
% of NAV 20.70% 15.90%
Construction & Engineering    
Schedule of Investments [Line Items]    
Investment Owned, Fair Value $ 80,348,322 $ 79,315,809
% of NAV 7.10% 8.40%
Construction & Engineering | Common and Preferred Equity    
Schedule of Investments [Line Items]    
Investment Owned, Fair Value $ 4,470,698 $ 4,222,245
% of NAV 0.80% 0.90%
Construction & Engineering | BANK LOANS    
Schedule of Investments [Line Items]    
Investment Owned, Fair Value $ 75,877,624 $ 75,093,564
% of NAV 13.50% 16.30%
Consumer Staples Distribution & Retail    
Schedule of Investments [Line Items]    
Investment Owned, Fair Value $ 19,405,441 $ 18,752,965
% of NAV 1.70% 2.00%
Consumer Staples Distribution & Retail | Common and Preferred Equity    
Schedule of Investments [Line Items]    
Investment Owned, Fair Value $ 5,380,653 $ 4,835,953
% of NAV 1.00% 1.00%
Consumer Staples Distribution & Retail | BANK LOANS    
Schedule of Investments [Line Items]    
Investment Owned, Fair Value $ 14,024,788 $ 13,917,012
% of NAV 2.50% 3.00%
Containers & Packaging    
Schedule of Investments [Line Items]    
Investment Owned, Fair Value $ 18,141,348 $ 17,522,094
% of NAV 1.60% 1.80%
Containers & Packaging | Common and Preferred Equity    
Schedule of Investments [Line Items]    
Investment Owned, Fair Value $ 513,399 $ 493,355
% of NAV 0.10% 0.10%
Containers & Packaging | BANK LOANS    
Schedule of Investments [Line Items]    
Investment Owned, Fair Value $ 17,627,949 $ 17,028,739
% of NAV 3.10% 3.70%
Diversified Consumer Services    
Schedule of Investments [Line Items]    
Investment Owned, Fair Value $ 65,340,228 $ 79,061,805
% of NAV 5.80% 8.30%
Diversified Consumer Services | Common and Preferred Equity    
Schedule of Investments [Line Items]    
Investment Owned, Fair Value $ 1,348,493 $ 3,306,382
% of NAV 0.20% 0.70%
Diversified Consumer Services | BANK LOANS    
Schedule of Investments [Line Items]    
Investment Owned, Fair Value $ 63,991,735 $ 75,755,423
% of NAV 11.40% 16.40%
Electrical Equipment    
Schedule of Investments [Line Items]    
Investment Owned, Fair Value $ 7,093,168 $ 5,833,525
% of NAV 0.60% 0.60%
Electrical Equipment | Common and Preferred Equity    
Schedule of Investments [Line Items]    
Investment Owned, Fair Value $ 0 $ 0
% of NAV 0.00% 0.00%
Electrical Equipment | BANK LOANS    
Schedule of Investments [Line Items]    
Investment Owned, Fair Value $ 7,093,168 $ 5,833,525
% of NAV 1.30% 1.30%
Electronic Equipment, Instruments & Components    
Schedule of Investments [Line Items]    
Investment Owned, Fair Value $ 8,614,226  
% of NAV 0.80%  
Electronic Equipment, Instruments & Components | Common and Preferred Equity    
Schedule of Investments [Line Items]    
Investment Owned, Fair Value $ 120,000  
% of NAV 0.00%  
Electronic Equipment, Instruments & Components | BANK LOANS    
Schedule of Investments [Line Items]    
Investment Owned, Fair Value $ 8,494,226  
% of NAV 1.50%  
Energy Equipment & Services    
Schedule of Investments [Line Items]    
Investment Owned, Fair Value $ 11,278,913 $ 9,891,772
% of NAV 1.00% 1.00%
Energy Equipment & Services | Common and Preferred Equity    
Schedule of Investments [Line Items]    
Investment Owned, Fair Value $ 1,286,214 $ 1,301,231
% of NAV 0.20% 0.30%
Energy Equipment & Services | BANK LOANS    
Schedule of Investments [Line Items]    
Investment Owned, Fair Value $ 9,992,699 $ 8,590,541
% of NAV 1.80% 1.90%
Financial Services    
Schedule of Investments [Line Items]    
Investment Owned, Fair Value $ 35,144,048 $ 73,630,909
% of NAV 3.10% 7.80%
Financial Services | Common and Preferred Equity    
Schedule of Investments [Line Items]    
Investment Owned, Fair Value $ 245,549 $ 5,349,989
% of NAV 0.00% 1.20%
Financial Services | BANK LOANS    
Schedule of Investments [Line Items]    
Investment Owned, Fair Value $ 34,898,499 $ 68,280,920
% of NAV 6.20% 14.80%
Food Products    
Schedule of Investments [Line Items]    
Investment Owned, Fair Value $ 10,578,182 $ 9,441,993
% of NAV 0.90% 1.00%
Food Products | Common and Preferred Equity    
Schedule of Investments [Line Items]    
Investment Owned, Fair Value $ 221,771 $ 637,396
% of NAV 0.00% 0.10%
Food Products | BANK LOANS    
Schedule of Investments [Line Items]    
Investment Owned, Fair Value $ 10,356,411 $ 8,804,597
% of NAV 1.80% 1.90%
Health Care Equipment & Supplies    
Schedule of Investments [Line Items]    
Investment Owned, Fair Value $ 43,748,223 $ 34,992,937
% of NAV 3.90% 3.70%
Health Care Equipment & Supplies | Common and Preferred Equity    
Schedule of Investments [Line Items]    
Investment Owned, Fair Value $ 2,957,723 $ 4,047,357
% of NAV 0.50% 0.90%
Health Care Equipment & Supplies | BANK LOANS    
Schedule of Investments [Line Items]    
Investment Owned, Fair Value $ 40,790,500 $ 30,945,580
% of NAV 7.20% 6.70%
Health Care Providers & Services    
Schedule of Investments [Line Items]    
Investment Owned, Fair Value $ 142,517,965 $ 85,013,416
% of NAV 12.60% 9.00%
Health Care Providers & Services | Common and Preferred Equity    
Schedule of Investments [Line Items]    
Investment Owned, Fair Value $ 4,245,574 $ 3,225,449
% of NAV 0.80% 0.70%
Health Care Providers & Services | BANK LOANS    
Schedule of Investments [Line Items]    
Investment Owned, Fair Value $ 138,272,391 $ 81,787,967
% of NAV 24.60% 17.70%
Health Care Technology [Member]    
Schedule of Investments [Line Items]    
Investment Owned, Fair Value $ 16,061,349 $ 21,860,305
% of NAV 1.40% 2.30%
Health Care Technology [Member] | Common and Preferred Equity    
Schedule of Investments [Line Items]    
Investment Owned, Fair Value $ 87,709 $ 250,849
% of NAV 0.00% 0.10%
Health Care Technology [Member] | BANK LOANS    
Schedule of Investments [Line Items]    
Investment Owned, Fair Value $ 15,973,640 $ 21,609,456
% of NAV 2.80% 4.70%
Hotels, Restaurants & Leisure [Member]    
Schedule of Investments [Line Items]    
Investment Owned, Fair Value $ 35,011,202 $ 35,411,392
% of NAV 3.10% 3.70%
Hotels, Restaurants & Leisure [Member] | Common and Preferred Equity    
Schedule of Investments [Line Items]    
Investment Owned, Fair Value $ 2,793,829 $ 2,734,418
% of NAV 0.50% 0.60%
Hotels, Restaurants & Leisure [Member] | BANK LOANS    
Schedule of Investments [Line Items]    
Investment Owned, Fair Value $ 32,217,373 $ 32,676,974
% of NAV 5.70% 7.10%
Insurance [Member]    
Schedule of Investments [Line Items]    
Investment Owned, Fair Value $ 26,744,098 $ 26,669,850
% of NAV 2.40% 2.80%
Insurance [Member] | Common and Preferred Equity    
Schedule of Investments [Line Items]    
Investment Owned, Fair Value $ 1,859,086 $ 1,658,837
% of NAV 0.30% 0.40%
Insurance [Member] | BANK LOANS    
Schedule of Investments [Line Items]    
Investment Owned, Fair Value $ 24,885,012 $ 25,011,013
% of NAV 4.40% 5.40%
Interactive Media & Services    
Schedule of Investments [Line Items]    
Investment Owned, Fair Value $ 9,357,797 $ 9,167,500
% of NAV 0.80% 1.00%
Interactive Media & Services | Common and Preferred Equity    
Schedule of Investments [Line Items]    
Investment Owned, Fair Value $ 0 $ 0
% of NAV 0.00% 0.00%
Interactive Media & Services | BANK LOANS    
Schedule of Investments [Line Items]    
Investment Owned, Fair Value $ 9,357,797 $ 9,167,500
% of NAV 1.70% 2.00%
Internet Software & Services    
Schedule of Investments [Line Items]    
Investment Owned, Fair Value $ 24,150,325 $ 18,322,190
% of NAV 2.20% 1.90%
Internet Software & Services | Common and Preferred Equity    
Schedule of Investments [Line Items]    
Investment Owned, Fair Value $ 1,200,434 $ 1,114,118
% of NAV 0.20% 0.20%
Internet Software & Services | BANK LOANS    
Schedule of Investments [Line Items]    
Investment Owned, Fair Value $ 22,949,891 $ 17,208,072
% of NAV 4.10% 3.70%
IT Services    
Schedule of Investments [Line Items]    
Investment Owned, Fair Value $ 25,800,127 $ 13,586,238
% of NAV 2.30% 1.40%
IT Services | Common and Preferred Equity    
Schedule of Investments [Line Items]    
Investment Owned, Fair Value $ 1,053,136 $ 1,127,766
% of NAV 0.20% 0.20%
IT Services | BANK LOANS    
Schedule of Investments [Line Items]    
Investment Owned, Fair Value $ 24,746,991 $ 12,458,472
% of NAV 4.40% 2.70%
Leisure Products    
Schedule of Investments [Line Items]    
Investment Owned, Fair Value $ 14,105,738 $ 14,097,775
% of NAV 1.30% 1.50%
Leisure Products | Common and Preferred Equity    
Schedule of Investments [Line Items]    
Investment Owned, Fair Value $ 0 $ 0
% of NAV 0.00% 0.00%
Leisure Products | BANK LOANS    
Schedule of Investments [Line Items]    
Investment Owned, Fair Value $ 14,105,738 $ 14,097,775
% of NAV 2.50% 3.10%
Life Sciences Tools & Services    
Schedule of Investments [Line Items]    
Investment Owned, Fair Value $ 9,000,000 $ 8,955,000
% of NAV 0.80% 0.90%
Life Sciences Tools & Services | Common and Preferred Equity    
Schedule of Investments [Line Items]    
Investment Owned, Fair Value $ 90,000 $ 0
% of NAV 0.00% 0.00%
Life Sciences Tools & Services | BANK LOANS    
Schedule of Investments [Line Items]    
Investment Owned, Fair Value $ 8,910,000 $ 8,955,000
% of NAV 1.60% 1.90%
Machinery    
Schedule of Investments [Line Items]    
Investment Owned, Fair Value $ 22,742,402 $ 26,061,026
% of NAV 2.00% 2.70%
Machinery | Common and Preferred Equity    
Schedule of Investments [Line Items]    
Investment Owned, Fair Value $ 90,000 $ 90,000
% of NAV 0.00% 0.00%
Machinery | BANK LOANS    
Schedule of Investments [Line Items]    
Investment Owned, Fair Value $ 22,652,402 $ 25,971,026
% of NAV 4.00% 5.60%
Media    
Schedule of Investments [Line Items]    
Investment Owned, Fair Value $ 10,282,249 $ 23,798,881
% of NAV 0.90% 2.50%
Media | Common and Preferred Equity    
Schedule of Investments [Line Items]    
Investment Owned, Fair Value $ 0 $ 850,757
% of NAV 0.00% 0.20%
Media | BANK LOANS    
Schedule of Investments [Line Items]    
Investment Owned, Fair Value $ 10,282,249 $ 22,948,124
% of NAV 1.80% 5.00%
Metals & Mining    
Schedule of Investments [Line Items]    
Investment Owned, Fair Value $ 10,065,000  
% of NAV 0.90%  
Metals & Mining | Common and Preferred Equity    
Schedule of Investments [Line Items]    
Investment Owned, Fair Value $ 0  
% of NAV 0.00%  
Metals & Mining | BANK LOANS    
Schedule of Investments [Line Items]    
Investment Owned, Fair Value $ 10,065,000  
% of NAV 1.80%  
Oil, Gas & Consumable Fuels    
Schedule of Investments [Line Items]    
Investment Owned, Fair Value $ 837,745 $ 647,283
% of NAV 0.10% 0.10%
Oil, Gas & Consumable Fuels | Common and Preferred Equity    
Schedule of Investments [Line Items]    
Investment Owned, Fair Value $ 0 $ 0
% of NAV 0.00% 0.00%
Oil, Gas & Consumable Fuels | BANK LOANS    
Schedule of Investments [Line Items]    
Investment Owned, Fair Value $ 837,745 $ 647,283
% of NAV 0.10% 0.10%
Personal Care Products    
Schedule of Investments [Line Items]    
Investment Owned, Fair Value $ 4,948,437 $ 4,957,899
% of NAV 0.40% 0.50%
Personal Care Products | Common and Preferred Equity    
Schedule of Investments [Line Items]    
Investment Owned, Fair Value $ 0 $ 0
% of NAV 0.00% 0.00%
Personal Care Products | BANK LOANS    
Schedule of Investments [Line Items]    
Investment Owned, Fair Value $ 4,948,437 $ 4,957,899
% of NAV 0.90% 1.10%
Pharmaceuticals    
Schedule of Investments [Line Items]    
Investment Owned, Fair Value $ 7,960,000 $ 8,000,000
% of NAV 0.70% 0.90%
Pharmaceuticals | Common and Preferred Equity    
Schedule of Investments [Line Items]    
Investment Owned, Fair Value $ 0 $ 0
% of NAV 0.00% 0.00%
Pharmaceuticals | BANK LOANS    
Schedule of Investments [Line Items]    
Investment Owned, Fair Value $ 7,960,000 $ 8,000,000
% of NAV 1.50% 1.70%
Software    
Schedule of Investments [Line Items]    
Investment Owned, Fair Value $ 106,256,136 $ 105,483,636
% of NAV 9.40% 11.10%
Software | Common and Preferred Equity    
Schedule of Investments [Line Items]    
Investment Owned, Fair Value $ 3,233,283 $ 14,657,360
% of NAV 0.60% 3.20%
Software | BANK LOANS    
Schedule of Investments [Line Items]    
Investment Owned, Fair Value $ 103,022,853 $ 90,826,276
% of NAV 18.30% 19.70%
Water Utilities    
Schedule of Investments [Line Items]    
Investment Owned, Fair Value $ 11,407,163 $ 3,224,603
% of NAV 1.00% 0.30%
Water Utilities | Common and Preferred Equity    
Schedule of Investments [Line Items]    
Investment Owned, Fair Value $ 30,000 $ 0
% of NAV 0.00% 0.00%
Water Utilities | BANK LOANS    
Schedule of Investments [Line Items]    
Investment Owned, Fair Value $ 11,377,163 $ 3,224,603
% of NAV 2.00% 0.70%
Communications Equipment    
Schedule of Investments [Line Items]    
Investment Owned, Fair Value $ 4,831,676 $ 4,974,937
% of NAV 0.40% 0.50%
Communications Equipment | Common and Preferred Equity    
Schedule of Investments [Line Items]    
Investment Owned, Fair Value $ 0 $ 0
% of NAV 0.00% 0.00%
Communications Equipment | BANK LOANS    
Schedule of Investments [Line Items]    
Investment Owned, Fair Value $ 4,831,676 $ 4,974,937
% of NAV 0.90% 1.10%
Professional Services [Member]    
Schedule of Investments [Line Items]    
Investment Owned, Fair Value $ 114,538,701 $ 30,271,549
% of NAV 10.20% 3.20%
Professional Services [Member] | Common and Preferred Equity    
Schedule of Investments [Line Items]    
Investment Owned, Fair Value $ 17,036,215 $ 2,448,502
% of NAV 3.00% 0.50%
Professional Services [Member] | BANK LOANS    
Schedule of Investments [Line Items]    
Investment Owned, Fair Value $ 97,502,486 $ 27,823,047
% of NAV 17.30% 6.00%
Trading Companies & Distributors [Member]    
Schedule of Investments [Line Items]    
Investment Owned, Fair Value $ 20,065,450 $ 33,535,019
% of NAV 1.80% 3.50%
Trading Companies & Distributors [Member] | Common and Preferred Equity    
Schedule of Investments [Line Items]    
Investment Owned, Fair Value $ 0 $ 1,131,902
% of NAV 0.00% 0.20%
Trading Companies & Distributors [Member] | BANK LOANS    
Schedule of Investments [Line Items]    
Investment Owned, Fair Value $ 20,065,450 $ 32,403,117
% of NAV 3.60% 7.00%
[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.