Audax Credit BDC 10-Q 2024 Q1 Quarterly report

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Senior Secured Initial Term Loan, Due 12/22/20272024-03-310001633858Vistage, Senior Secured Initial Term Loan, Due 7/13/20292023-01-012023-12-310001633858us-gaap:RetailSectorMember2024-01-012024-03-31

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

(Mark One)

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

For the quarterly period ended March 31, 2024

OR

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

For the transition period from         to       

Commission file number: 814-01154

AUDAX CREDIT BDC INC.

(Exact name of registrant as specified in its charter)

DELAWARE	47-3039124
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)

101 HUNTINGTON AVENUE
BOSTON, MASSACHUSETTS	02199
(Address of principal executive office)	(Zip Code)

(617) 859-1500

(Registrant’s telephone number, including area code)

Not Applicable

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

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

None.

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

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

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

Large accelerated filer	☐	Accelerated filer	☐
Non-accelerated filer	☒	Smaller reporting company	☐
Emerging growth company	☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

The registrant had 45,266,054 shares of common stock, par value $0.001 per share, outstanding as of May 14, 2024.

AUDAX CREDIT BDC INC.

TABLE OF CONTENTS

PART I.	FINANCIAL INFORMATION:
Item 1.	Financial Statements
	Statements of Assets and Liabilities as of March 31, 2024 (unaudited) and December 31, 2023	2
	Statements of Operations for the three months ended March 31, 2024 (unaudited) and 2023 (unaudited)	3
	Statements of Changes in Net Assets for the three months ended March 31, 2024 (unaudited) and 2023 (unaudited)	4
	Statements of Cash Flows for the three months ended March 31, 2024 (unaudited) and 2023 (unaudited)	5
	Schedules of Investments as of March 31, 2024 (unaudited) and December 31, 2023	6
	Notes to Financial Statements (unaudited)	29
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	52
	Overview	53
	Results of Operations	54
	Financial Condition, Liquidity and Capital Resources	56
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	63
Item 4.	Controls and Procedures	63
PART II.	OTHER INFORMATION:
Item 1.	Legal Proceedings	64
Item 1A.	Risk Factors	64
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	64
Item 3.	Defaults Upon Senior Securities	64
Item 4.	Mine Safety Disclosures	64
Item 5.	Other Information	64
Item 6.	Exhibits	65
SIGNATURES		66

Audax Credit BDC Inc.

Statements of Assets and Liabilities

March 31, 2024 and December 31, 2023

(Expressed in U.S. Dollars)

	March 31, 2024		December 31, 2023
	(unaudited)
Assets
Investments, at fair value
Non-Control/Non-Affiliate investments (Cost of $380,127,182 and $390,471,358, respectively)	$	376,257,907	$	387,194,568
Cash and cash equivalents		45,997,315		20,940,279
Interest receivable		2,444,824		2,502,835
Receivable from investments sold		381,615		2,801,365
Receivable from bank loan repayment		91,168		25,710
Other assets		180,000		—
Total Assets	$	425,352,829	$	413,464,757
Liabilities
Payable for investments purchased	$	4,951,113	$	2,455,000
Fees due to investment advisor, net of waivers(b)		2,509,747		1,283,932
Fee due to administrator(b)		132,500		66,250
Accrued expenses and other liabilities		509,157		575,297
Total Liabilities	$	8,102,517	$	4,380,479
Commitments and contingencies(c)
Net Assets
Common stock, $0.001 par value per share, 100,000,000 shares authorized, 44,518,989 and 44,518,989 shares issued and outstanding, respectively	$	44,519	$	44,519
Capital in excess of par value		420,442,206		420,442,206
Total distributable loss		(3,236,413)		(11,402,447)
Total Net Assets	$	417,250,312	$	409,084,278
Net Asset Value per Share of Common Stock at End of Period	$	9.37	$	9.19
Shares Outstanding		44,518,989		44,518,989

^(a) Refer to Note 8-Borrowings for additional information.

^(b) Refer to Note 4-Related Party Transactions for additional information.

^(c) Refer to Note 9-Commitments and Contingencies for additional information.

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

2

Audax Credit BDC Inc.

Statements of Operations

(Expressed in U.S. Dollars)

(unaudited)

	Three Months Ended		Three Months Ended
	March 31, 2024		March 31, 2023
Investment Income
Interest income
Non-Control/Non-Affiliate	$	10,584,397	$	10,011,292
Other		85,860		64,550
Total interest income		10,670,257		10,075,842
Other income
Non-Control/Non-Affiliate		9,145		62,635
Total income		10,679,402		10,138,477
Expenses
Base management fee(a)	$	1,033,988	$	1,108,854
Incentive fee(a)		1,444,313		1,333,105
Interest expense(b)		—		227,652
Professional fees		139,284		98,636
Directors' fees		69,000		63,750
Administrative fee(a)		66,250		66,250
Other expenses		104,687		74,766
Expenses before waivers from investment adviser and administrator		2,857,522		2,973,013
Base management fee waivers(a)		(361,896)		(388,099)
Incentive fee waivers(a)		(890,590)		(889,296)
Total expenses, net of waivers		1,605,036		1,695,618
Net Investment Income		9,074,366		8,442,859
Realized and Unrealized (Loss) Gain on Investments
Net realized loss on investments		(315,847)		(43,997)
Net change in unrealized depreciation on investments		(592,485)		(556,727)
Net realized and unrealized loss on investments		(908,332)		(600,724)
Net Increase in Net Assets Resulting from Operations	$	8,166,034	$	7,842,135
Basic and Diluted per Share of Common Stock:
Net investment income	$	0.20	$	0.19
Net increase in net assets resulting from operations	$	0.18	$	0.17
Weighted average shares of common stock outstanding basic and diluted		44,518,989		45,420,472

^(a) Refer to Note 4-Related Party Transactions for additional information

^(b) Refer to Note 8-Borrowings for additional information.

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

3

Audax Credit BDC Inc.

Statements of Changes in Net Assets

(Expressed in U.S. Dollars)

(unaudited)

	Three Months Ended		Three Months Ended
	March 31, 2024		March 31, 2023
Operations
Net investment income	$	9,074,366	$	8,442,859
Net realized loss on investments		(315,847)		(43,997)
Net change in unrealized depreciation on investments		(592,485)		(556,727)
Net increase in net assets resulting from operations		8,166,034		7,842,135
Capital Share Transactions:
Repurchases of common stock (a)		—		(15,000,000)
Net decrease in net assets from capital share transactions		—		(15,000,000)
Net Increase (Decrease) in Net Assets		8,166,034		(7,157,865)
Net Assets, Beginning of Period		409,084,278		428,477,678
Net Assets, End of Period	$	417,250,312	$	421,319,813

(a) Refer to Note 6-Income Tax for additional information

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

4

Audax Credit BDC Inc.

Statements of Cash Flows

(Expressed in U.S. Dollars)

(unaudited)

	Three Months Ended		Three Months Ended
	March 31, 2024		March 31, 2023
Cash flows from operating activities:
Net increase in net assets resulting from operations	$	8,166,034	$	7,842,135
Adjustments to reconcile net increase in net assets from operations to net cash provided by operating activities:
Net realized loss on investments		315,847		43,997
Net change in unrealized depreciation on investments		592,485		556,727
Accretion of original issue discount interest and payment-in-kind interest		(232,264)		(253,136)
Decrease in receivable from investments sold		2,419,750		4,415,431
Decrease (increase) in interest receivable		58,011		(19,382)
Increase in receivable from bank loan repayment		(65,458)		(65,555)
Increase in other assets		(180,000)		(168,750)
(Decrease) increase in accrued expenses and other liabilities		(66,140)		122,456
Increase in fee due to administrator(a)		66,250		—
Increase in fees due to investment advisor(a)		1,225,815		27,255
Increase in payable for investments purchased		2,496,113		1,677,500
Investment activity:
Investments purchased		(23,445,335)		(8,376,737)
Proceeds from investments sold		12,284,058		9,262,833
Repayment of bank loans		21,421,870		20,751,034
Total investment activity		10,260,593		21,637,130
Net cash provided by operating activities		25,057,036		35,815,808
Cash flows from financing activities:
Repurchases of shares of common stock		—		(15,000,000)
Short-term borrowings(b)		—		(4,454,549)
Net cash used in financing activities		—		(19,454,549)
Net increase in cash and cash equivalents		25,057,036		16,361,259
Cash and cash equivalents:
Cash and cash equivalents, beginning of period		20,940,279		15,923,163
Cash and cash equivalents, end of period	$	45,997,315	$	32,284,422
Supplemental cash flow information
Interest paid on short-term financing	$	—	$	119,524
Supplemental non-cash information
Issuance of common shares in connection with dividend reinvestment plan	$	—	$	—
Payment-in-kind (“PIK”) interest income	$	23,066	$	87,506

^(a) Refer to Note 4-Related Party Transactions for additional information

^(b) Refer to Note 8-Borrowings for additional information.

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

5

Audax Credit BDC Inc.

Schedule of Investments

As of March 31, 2024

(Expressed in U.S. Dollars)

(unaudited)

Portfolio Investments (a) (b) (c) (d) (e) (f)	Footnote Reference	Investment Type	Index (˄)	Spread			Interest Rate		Acquisition Date	Maturity Date	Par/Shares		Amortized Cost		Market Value
BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS - (88.7%) (g) (h) (i):
Services: Business
LegalShield	(k)	Senior Secured Initial Term Loan (First Lien)	S+		3.75	%	9.05	%	12/7/2021	12/15/2028	$	4,410,345	$	4,378,729	$	4,394,970
Industrial Services Group	(j)	Unitranche Initial Term Loan	S+		6.25	%	11.55	%	12/7/2022	12/7/2028		4,147,371		4,052,086		4,147,371
InnovateMR	(j)	Unitranche Initial Term Loan	S+		6.00	%	11.30	%	12/16/2021	1/20/2028		4,151,737		4,101,880		4,050,364
Vortex	(j)	Unitranche Initial Term Loan	S+		6.00	%	11.30	%	9/1/2023	9/4/2029		4,032,551		3,959,291		4,032,551
CoAdvantage	(k)	Senior Secured 2023 1L Refinancing Term Loan (First Lien)	S+		5.50	%	10.80	%	8/2/2023	7/31/2029		3,830,750		3,830,750		3,850,383
Discovery Education		Unitranche Initial Term Loan (First Lien)	S+		5.75	%	11.05	%	3/25/2022	4/9/2029		3,758,613		3,706,532		3,702,234
Eliassen		Unitranche Initial Term Loan	S+		5.50	%	10.80	%	3/31/2022	4/14/2028		3,441,426		3,397,088		3,402,710
CoolSys	(k)	Senior Secured Closing Date Initial Term Loan	S+		4.75	%	10.05	%	8/4/2021	8/11/2028		2,993,732		2,972,375		2,942,284
The Facilities Group		Unitranche Initial Term Loan	S+		5.75	%	11.05	%	12/10/2021	11/30/2027		2,956,645		2,933,742		2,927,079
Fleetwash		Senior Secured Incremental Term Loan	S+		4.75	%	10.05	%	9/25/2018	10/1/2024		2,836,069		2,833,188		2,814,798
Duff & Phelps	(k)	Senior Secured Initial Dollar Term Loan (First Lien)	S+		3.75	%	9.05	%	3/6/2020	4/9/2027		2,406,250		2,395,919		2,397,395
TRC Companies		Senior Secured Initial Term Loan (Second Lien)	S+		6.75	%	12.05	%	11/19/2021	12/7/2029		2,000,000		1,981,977		1,985,000
Mediaocean	(k)	Senior Secured Initial Term Loan	S+		3.50	%	8.80	%	12/9/2021	12/15/2028		1,960,000		1,946,007		1,942,850
Liberty Group	(j)	Unitranche Initial Term Loan	S+		5.75	%	11.05	%	6/6/2022	6/15/2028		1,920,682		1,889,783		1,920,682
Veregy		Senior Secured Initial Term Loan	S+		6.00	%	11.30	%	11/2/2020	11/3/2027		1,932,614		1,899,189		1,903,625
InnovateMR	(j)	Unitranche First Amendment Term Loan	S+		6.50	%	11.80	%	12/23/2022	1/20/2028		1,832,782		1,785,246		1,815,413
VC3	(j)	Senior Secured Delayed Draw Term Loan D	S+		5.25	%	10.58	%	9/16/2022	3/12/2027		1,698,350		1,654,984		1,698,350
Vistage		Senior Secured Initial Term Loan	S+		4.75	%	10.05	%	7/18/2022	7/13/2029		1,483,734		1,459,433		1,476,316
Addison Group	(k)	Senior Secured Initial Term Loan	S+		4.00	%	9.30	%	1/19/2022	12/29/2028		1,470,000		1,467,314		1,458,975
Insight Global		Unitranche Closing Date Term Loan	S+		6.00	%	11.30	%	9/22/2021	9/22/2028		1,462,500		1,440,932		1,451,531
Health Management Associates		Senior Secured Term Loan A	S+		6.25	%	11.55	%	3/31/2023	3/30/2029		1,031,292		1,000,759		1,028,714
Heartland		Senior Secured Initial Term Loan	S+		5.75	%	11.05	%	12/1/2023	12/12/2029		1,030,149		1,007,662		1,022,423
Colibri	(k)	Senior Secured First Amendment Incremental Term Loan	S+		5.00	%	10.30	%	11/9/2023	3/12/2029		1,000,000		976,064		1,004,585
TRC Companies	(k)	Senior Secured Initial Term Loan (First Lien)	S+		3.75	%	9.05	%	11/19/2021	12/8/2028		980,002		976,527		979,655
eResearch	(k)	Senior Secured Initial Term Loan (First Lien)	S+		4.50	%	9.80	%	12/1/2020	2/4/2027		967,343		967,343		971,357
WIRB-Copernicus Group	(k)	Senior Secured Initial Term Loan (First Lien)	S+		4.00	%	9.30	%	12/13/2019	1/8/2027		962,500		958,295		963,953
Secretariat International		Senior Secured Initial Term Loan (First Lien)	S+		4.75	%	10.05	%	12/16/2021	12/29/2028		963,408		959,779		956,182
trustaff	(k)	Senior Secured Initial Term Loan (First Lien)	S+		3.75	%	9.05	%	12/9/2021	3/6/2028		974,874		973,206		883,070
Divisions Maintenance Group		Senior Secured Term B Loan	S+		4.75	%	10.05	%	5/21/2021	5/27/2028		900,788		894,869		882,772
Allied Benefit Systems		Senior Secured Initial Term Loan	S+		5.25	%	10.55	%	10/20/2023	10/31/2030		845,000		831,596		840,775
Diversified		Senior Secured Initial Term Loan	S+		6.50	%	11.80	%	4/19/2019	3/20/2026		854,937		845,587		839,976
Ahead	(k)	Senior Secured 2024 Incremental Term Loan (First Lien)	S+		4.25	%	9.55	%	2/1/2024	2/1/2031		500,000		498,750		502,305
S&P Engineering Solutions		Senior Secured Initial Term Loan	S+		6.75	%	12.05	%	3/31/2023	5/2/2030		497,500		484,300		497,500
HireRight	(k)	Senior Secured 2023 Incremental Term Loan (First Lien)	S+		4.00	%	9.30	%	3/25/2024	9/27/2030		500,000		495,000		497,250
Service Logic		Senior Secured Closing Date Initial Term Loan (First Lien)	S+		4.00	%	9.30	%	2/8/2024	10/29/2027		498,715		498,768		493,727
System One		Senior Secured Initial Term Loan	S+		4.00	%	9.30	%	1/28/2021	3/2/2028		486,250		484,801		480,780
OSG Billing Services		Senior Secured Last-Out Term Loan	S+		6.25	%	11.55	%	11/30/2023	11/30/2028		312,562		312,562		310,217
Discovery Education		Senior Secured Revolving Credit Loan (First Lien)	S+		5.75	%	11.05	%	3/25/2022	4/9/2029		230,769		226,731		227,308
OSG Billing Services		Senior Secured First-Out Term Loan	S+		8.00	%	13.30	%	11/30/2023	5/30/2028		219,341		209,666		217,696
Industrial Services Group	(j)	Senior Secured Revolving Loan	S+		6.25	%	11.55	%	12/7/2022	12/7/2028		211,429		194,286		211,429
Vensure Employer Services		Senior Secured 2023 Delayed Draw Term B Loan	S+		5.25	%	10.58	%	12/7/2023	4/1/2027		143,709		143,709		142,990
Vortex	(j)	Senior Secured Revolving Loan	S+		6.00	%	11.30	%	9/1/2023	9/4/2029		72,783		38,267		72,783
Liberty Group	(j)	Senior Secured Revolving Loan	S+		5.75	%	11.05	%	6/6/2022	12/15/2028		45,455		40,909		45,455
Heartland		Senior Secured Revolving Credit Loan	S+		5.75	%	11.05	%	12/1/2023	12/12/2029		6,897		2,759		6,845
S&P Engineering Solutions		Senior Secured Revolving Credit Loan	S+		6.75	%	12.05	%	3/31/2023	5/2/2029		—		(1,471)		—
Health Management Associates		Senior Secured Revolving Loan	S+		6.25	%	11.55	%	3/31/2023	3/30/2029		—		(2,131)		—
VC3	(j)	Senior Secured Revolving Credit	S+		5.00	%	10.30	%	7/21/2022	3/12/2027		—		(2,692)		—
														68,102,346		68,394,628

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

6

Audax Credit BDC Inc.

Schedule of Investments (Continued)

As of March 31, 2024

(Expressed in U.S. Dollars)

(unaudited)

Portfolio Investments (a) (b) (c) (d) (e) (f)	Footnote Reference	Investment Type	Index (˄)	Spread			Interest Rate		Acquisition Date	Maturity Date	Par/Shares		Amortized Cost		Market Value
BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS - (88.7%) (g) (h) (i) (Continued):
Healthcare & Pharmaceuticals (Continued)
American Vision Partners	(j)	Unitranche Initial Term Loan	S+		6.00	%	11.30	%	9/22/2021	9/30/2027	$	4,885,901	$	4,829,175	$	4,832,197
Minds + Assembly	(j)	Unitranche Initial Term Loan	S+		6.50	%	11.80	%	5/3/2023	5/3/2029		4,068,634		3,970,714		4,068,634
RevHealth	(j)	Unitranche Initial Term Loan	S+		5.75	%	11.05	%	7/22/2022	7/21/2028		4,216,610		4,150,352		3,924,018
Radiology Partners	(k)	Senior Secured Term B Loan	S+		3.50	%	8.80	%	6/28/2018	1/31/2029		3,751,597		3,844,682		3,633,178
OrthoNebraska	(j)	Unitranche Term Loan	S+		6.50	%	11.80	%	7/31/2023	7/31/2028		3,368,710		3,260,387		3,368,710
PharMedQuest	(j)	Unitranche Term A Loan	S+		5.50	%	10.80	%	11/6/2019	11/6/2025		3,268,398		3,271,161		3,268,398
InterMed	(j)	Unitranche Initial Term Loan	S+		6.50	%	11.80	%	12/22/2022	12/24/2029		3,001,080		2,926,115		2,997,331
Advancing Eyecare		Senior Secured Initial Term Loan	S+		5.75	%	11.05	%	5/27/2022	6/13/2029		2,499,930		2,444,735		2,443,682
InHealth Medical Alliance		Unitranche Initial Term Loan	S+		7.00	% PIK	5.30	%	6/25/2021	6/28/2028		3,594,124		3,570,571		2,300,240
Press Ganey	(k)	Senior Secured Initial Term Loan (First Lien)	S+		3.50	%	8.80	%	7/23/2019	7/24/2026		1,910,000		1,912,298		1,902,436
Gastro Health		Senior Secured Initial Term Loan (First Lien)	S+		4.50	%	9.80	%	7/2/2021	7/3/2028		1,954,807		1,946,919		1,901,050
Advanced Diabetes Supply		Senior Secured First Incremental Term Loan	S+		5.00	%	10.30	%	7/13/2021	12/30/2027		1,830,291		1,817,908		1,825,716
Upstream Rehabilitation	(k)	Senior Secured August 2021 Incremental Term Loan (First Lien)	S+		4.25	%	9.55	%	10/24/2019	11/20/2026		1,926,766		1,924,952		1,818,086
Therapy Brands		Senior Secured Initial Term Loan (First Lien)	S+		4.00	%	9.30	%	5/12/2021	5/18/2028		1,839,676		1,833,380		1,802,882
Blue Cloud		Senior Secured Closing Date Term Loan	S+		5.25	%	10.55	%	12/13/2021	1/21/2028		1,679,425		1,661,752		1,654,234
Mission Vet Partners	(k)	Senior Secured Initial Term Loan (First Lien)	S+		4.00	%	9.30	%	12/15/2021	4/27/2028		1,462,500		1,452,409		1,463,875
Quantum Health		Senior Secured Amendment No. 1 Refinancing Term Loan (First Lien)	S+		4.50	%	9.80	%	12/18/2020	12/22/2027		1,458,750		1,445,730		1,455,103
Symplr	(k)	Senior Secured Initial Term Loan (First Lien)	S+		4.50	%	9.80	%	11/23/2020	12/22/2027		1,455,000		1,441,964		1,373,156
Ivy Rehab		Senior Secured Initial Term Loan (First Lien)	S+		5.00	%	10.30	%	3/11/2022	4/23/2029		1,308,329		1,288,160		1,291,975
nThrive	(k)	Senior Secured Initial Loan (Second Lien)	S+		6.75	%	12.05	%	11/19/2021	12/17/2029		2,000,000		1,979,710		1,273,440
Micro Merchant Systems		Unitranche Initial Term Loan	S+		5.25	%	10.55	%	3/2/2022	12/14/2027		1,210,903		1,200,637		1,201,821
Solis Mammography		Senior Secured Initial Term Loan (First Lien)	S+		4.50	%	9.80	%	4/1/2021	4/17/2028		1,056,397		1,050,002		1,053,756
PharMedQuest		Unitranche Fifth Amendment Incremental Term Loan	S+		5.50	%	10.80	%	10/27/2023	11/6/2025		997,500		984,364		997,500
Solis Mammography		Senior Secured Initial Term Loan (Second Lien)	S+		8.00	%	13.30	%	4/1/2021	4/16/2029		1,000,000		989,729		995,000
Cirtec Medical		Senior Secured (USD) Initial Term Loan	S+		6.25	%	11.55	%	1/30/2023	1/30/2029		990,000		962,680		985,050
Epic Staffing Group		Senior Secured Initial Term Loan	S+		6.00	%	11.30	%	6/27/2022	6/28/2029		984,945		935,665		982,482
Wedgewood		Senior Secured Initial Term Loan	S+		4.25	%	9.55	%	2/24/2021	3/31/2028		975,000		968,366		965,250
Forefront	(k)	Senior Secured Closing Date Term Loan	S+		4.25	%	9.55	%	3/23/2022	3/30/2029		982,799		969,553		961,914
MB2 Dental		Unitranche Initial Term Loan	S+		6.00	%	11.30	%	2/5/2024	2/13/2031		965,241		954,920		958,001
nThrive	(k)	Senior Secured Initial Term Loan (First Lien)	S+		4.00	%	9.30	%	11/19/2021	12/18/2028		980,000		976,947		828,713
ImageFirst		Senior Secured 2024 Refinancing Term Loan	S+		4.25	%	9.55	%	4/26/2021	4/27/2028		597,140		595,200		592,661
MyEyeDr	(k)	Senior Secured Initial Term Loan (First Lien)	S+		4.25	%	9.55	%	8/2/2019	8/31/2026		514,577		512,954		514,541
TEAM Services		Senior Secured Term Loan (First Lien)	S+		5.00	%	10.30	%	1/25/2024	12/20/2027		498,715		496,215		494,974
Forefront	(k)	Senior Secured 2023 Incremental Term Loan	S+		5.50	%	10.80	%	12/14/2023	3/30/2029		500,000		488,024		489,375
MedRisk	(k)	Senior Secured Initial Term Loan (First Lien)	S+		3.75	%	9.05	%	4/1/2021	5/10/2028		487,500		484,206		487,364
Press Ganey	(k)	Senior Secured 2022 Incremental Term Loan (First Lien)	S+		3.75	%	9.05	%	10/1/2020	7/24/2026		485,034		482,585		483,114
Confluent Health		Senior Secured Amendment No. 1 Term Loan	S+		7.50	%	12.80	%	4/11/2023	11/30/2028		495,000		465,508		478,913
InterMed	(j)	Senior Secured Revolving Loan	S+		6.50	%	11.80	%	12/22/2022	12/22/2028		464,363		442,765		463,783
AccentCare		Senior Secured Tranche B Term Loan	S+		4.00	%	9.30	%	6/15/2021	9/20/2028		486,281		486,281		454,673
RMP & MedA/Rx		Senior Secured Term Loan	S+		4.75	%	10.05	%	3/22/2021	2/6/2025		434,375		432,768		427,859
Western Dental		Senior Secured 2022 Incremental Term Loan	S+		5.25	%	10.55	%	6/21/2022	8/18/2028		491,250		483,799		388,496
RMP & MedA/Rx		Senior Secured Term Loan (First Lien)	S+		4.50	%	9.80	%	2/27/2017	2/6/2025		369,879		369,883		364,331
RevHealth	(j)	Senior Secured Revolving Loan	S+		5.75	%	11.05	%	1/24/2023	7/21/2028		359,589		359,589		334,637
UDG	(l)	Senior Secured Initial Dollar Term Loan (First Lien)	S+		4.25	%	9.55	%	8/6/2021	8/19/2028		315,938		314,011		311,988
Solis Mammography	(k)	Senior Secured 2024 Incremental Term Loan	S+		4.75	%	10.05	%	3/23/2024	4/17/2028		200,000		197,000		199,000
AccentCare		Senior Secured Tranche A Term Loan	S+		5.50	%	10.80	%	2/5/2024	6/20/2028		119,820		116,006		113,829
Ivy Rehab		Senior Secured Revolving Credit Loan (First Lien)	S+		4.75	%	10.05	%	3/11/2022	4/21/2028		64,310		60,943		63,506
Blue Cloud		Senior Secured Revolving Loan	S+		5.25	%	10.55	%	12/14/2022	1/21/2028		44,773		44,773		44,101
OrthoNebraska	(j)	Senior Secured Revolving Loan	S+		6.50	%	11.80	%	7/31/2023	7/31/2028		—		(13,724)		—
Minds + Assembly	(j)	Senior Secured Revolving Loan	S+		6.50	%	11.80	%	5/3/2023	5/3/2029		—		(18,789)		—
														67,765,934		65,234,973

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

7

Audax Credit BDC Inc.

Schedule of Investments (Continued)

As of March 31, 2024

(Expressed in U.S. Dollars)

(unaudited)

Portfolio Investments (a) (b) (c) (d) (e) (f)	Footnote Reference	Investment Type	Index (˄)	Spread			Interest Rate		Acquisition Date	Maturity Date	Par/Shares		Amortized Cost		Market Value
BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS (h) (i) (Continued):
Banking, Finance, Insurance & Real Estate
Cerity Partners		Unitranche Initial Term Loan	S+		6.50	%	11.80	%	7/28/2022	7/30/2029	$	4,589,606	$	4,528,454	$	4,589,606
Cherry Bekaert	(j)	Unitranche Term B Loan	S+		5.25	%	10.55	%	6/13/2022	6/30/2028		4,190,543		4,104,540		4,190,543
Alera		Unitranche 2022 Incremental Term Loan	S+		6.50	%	11.80	%	8/31/2022	10/2/2028		3,947,833		3,880,292		3,937,964
Confluence		Senior Secured Initial Term Loan (First Lien)	S+		3.75	%	9.05	%	7/22/2021	7/31/2028		3,910,000		3,894,495		3,870,900
Ascensus	(k)	Senior Secured Initial Term Loan (First Lien)	S+		3.50	%	8.80	%	11/17/2021	8/2/2028		2,858,804		2,849,759		2,852,014
Prime Pensions	(j)	Unitranche Initial Term Loan	S+		5.50	%	10.80	%	2/20/2024	2/26/2030		2,476,190		2,407,619		2,426,667
EPIC Insurance		Unitranche Closing Date Term Loan	S+		5.25	%	10.55	%	8/27/2021	9/29/2028		2,363,606		2,334,183		2,345,879
Kestra Financial	(k)	Senior Secured Term Loan	S+		4.00	%	9.30	%	3/19/2024	3/22/2031		2,000,000		1,995,000		1,995,000
Beta+		Senior Secured Initial Term Loan	S+		5.75	%	11.05	%	6/24/2022	7/2/2029		1,970,000		1,866,877		1,950,300
Orion	(k)	Senior Secured 2021 Refinancing Term Loan (First Lien)	S+		3.75	%	9.05	%	8/4/2020	9/24/2027		1,451,362		1,442,563		1,444,243
SIAA	(j)	Unitranche Initial Term Loan	S+		6.25	%	11.55	%	4/21/2021	4/28/2028		1,146,069		1,131,694		1,146,069
Osaic	(j)(k)	Senior Secured Term Loan	S+		4.00	%	9.30	%	8/16/2023	8/17/2028		1,011,142		1,001,963		1,016,259
Community Brands		Unitranche Initial Term Loan	S+		5.50	%	10.80	%	2/23/2022	2/24/2028		980,000		963,841		972,650
EdgeCo		Senior Secured Third Amendment Term Loan (First Lien)	S+		4.75	%	10.05	%	3/29/2022	6/1/2026		975,609		959,166		968,292
LERETA		Senior Secured Initial Term Loan	S+		5.25	%	10.55	%	7/27/2021	7/30/2028		975,000		968,067		943,313
Steward Partners		Senior Secured Closing Date Term B Loan	S+		5.25	%	10.55	%	12/8/2023	10/14/2028		847,333		824,451		840,978
Cherry Bekaert		Unitranche Amendment No. 1 Term Loan	S+		5.75	%	11.05	%	10/11/2023	6/30/2028		724,567		710,702		724,567
Integro	(m)	Senior Secured 2022 Refinancing Term Loan (First Lien)	S+		12.25	% PIK	5.30	%	10/9/2015	10/30/2024		232,125		233,767		232,125
Cherry Bekaert		Senior Secured Revolving Credit Loan	S+		5.25	%	10.55	%	6/13/2022	6/30/2028		184,942		184,942		184,942
Beta+		Senior Secured Revolving Credit Loan	S+		4.25	%	9.55	%	6/24/2022	7/1/2027		110,515		104,299		109,410
EPIC Insurance		Senior Secured Revolving Loan	S+		5.25	%	10.55	%	8/27/2021	9/29/2028		35,194		34,925		34,930
Prime Pensions	(j)	Senior Secured Revolving Credit	S+		5.50	%	10.80	%	2/20/2024	2/26/2030		—		(7,619)		—
Steward Partners		Senior Secured Revolving Loan	S+		5.25	%	10.55	%	12/20/2023	10/14/2028		—		(5,389)		—
														36,408,591		36,776,651
High Tech Industries
Amplix		Unitranche First Amendment Term Loan	S+		6.25	%	11.55	%	10/19/2023	10/19/2029		3,492,802		3,396,338		3,424,313
Golden Source	(j)	Senior Secured Delayed Draw Term Loan	S+		5.50	%	10.83	%	3/25/2022	5/12/2028		3,404,962		3,335,916		3,404,962
Ivanti Software	(k)	Senior Secured 2021 Specified Refinancing Term Loan (First Lien)	S+		4.25	%	9.55	%	11/20/2020	12/1/2027		2,925,300		2,896,826		2,744,663
Planview	(k)	Senior Secured Closing Date Term Loan (First Lien)	S+		4.00	%	9.30	%	12/11/2020	12/17/2027		2,572,465		2,555,159		2,569,687
Idera	(k)	Senior Secured Term B-1 Loan (First Lien)	S+		3.75	%	9.05	%	6/27/2017	3/2/2028		2,540,390		2,540,567		2,534,713
Precisely	(k)	Senior Secured Third Amendment Term Loan (First Lien)	S+		4.00	%	9.30	%	3/19/2021	4/24/2028		2,437,500		2,428,856		2,442,936
Barracuda		Senior Secured Initial Term Loan (Second Lien)	S+		7.00	%	12.30	%	5/17/2022	8/15/2030		2,000,000		1,945,157		1,935,000
Intermedia	(k)	Senior Secured New Term Loan (First Lien) Retired 04/04/2024	S+		6.00	%	11.30	%	7/13/2018	7/21/2025		1,895,000		1,892,035		1,895,000
HelpSystems	(k)	Senior Secured Term Loan	S+		4.00	%	9.30	%	12/19/2019	11/19/2026		1,944,409		1,940,393		1,885,872
OEConnection	(k)	Senior Secured Initial Term Loan	S+		4.00	%	9.30	%	9/24/2019	9/25/2026		1,571,862		1,569,251		1,572,845
Digital Room		Senior Secured Closing Date Term Loan (First Lien)	S+		5.25	%	10.55	%	12/16/2021	12/21/2028		1,470,000		1,459,331		1,455,300
SmartBear	(k)	Senior Secured Initial Term Loan (First Lien)	S+		4.25	%	9.55	%	11/20/2020	3/3/2028		972,500		966,290		974,323
ORBCOMM		Senior Secured Closing Date Term Loan (First Lien)	S+		4.25	%	9.55	%	6/17/2021	9/1/2028		975,000		971,525		936,000
Aptean		Unitranche Initial Term Loan	S+		5.25	%	10.55	%	1/1/2024	1/30/2031		504,398		498,946		500,615
Barracuda	(k)	Senior Secured Initial Term Loan (First Lien)	S+		4.50	%	9.80	%	5/17/2022	8/15/2029		493,750		481,723		491,837
Cloudera		Senior Secured Initial Term Loan (First Lien)	S+		3.75	%	9.05	%	8/10/2021	10/8/2028		490,000		486,593		487,550
insightsoftware	(k)	Senior Secured Revolving Loan	S+		5.00	%	10.30	%	3/26/2024	5/25/2028		—		(655)		—
insightsoftware	(k)	Senior Secured Seventh Suplemental DDTL	S+		5.00	%	10.30	%	3/26/2024	5/25/2028		—		(1,250)		—
Amplix		Unitranche Revolving Credit Loan	S+		6.25	%	11.55	%	10/19/2023	10/19/2029		—		(8,242)		—
Golden Source	(j)	Senior Secured Revolving Loan	S+		5.50	%	10.83	%	8/22/2022	5/12/2028		—		(9,390)		—
														29,345,369		29,255,616

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

8

Audax Credit BDC Inc.

Schedule of Investments (Continued)

As of March 31, 2024

(Expressed in U.S. Dollars)

(unaudited)

Portfolio Investments (a) (b) (c) (d) (e) (f)	Footnote Reference	Investment Type	Index (˄)	Spread			Interest Rate		Acquisition Date	Maturity Date	Par/Shares		Amortized Cost		Market Value
BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS (h) (i) (Continued):
Containers, Packaging & Glass
InMark	(j)	Unitranche Incremental Term Loan	S+		6.00	%	11.30	%	12/10/2021	12/23/2026	$	6,336,519	$	6,246,484	$	6,336,519
Brook & Whittle	(k)	Senior Secured Initial Term Loan (First Lien)	S+		4.00	%	9.30	%	12/9/2021	12/14/2028		3,091,765		3,072,574		2,902,395
Transcendia		Senior Secured 2017 Refinancing Term Loan (First Lien)	S+		3.50	%	8.80	%	5/11/2017	5/30/2024		3,274,374		3,273,885		2,652,243
Anchor Packaging	(k)	Senior Secured Initial Term Loan (First Lien)	S+		3.50	%	8.80	%	7/17/2019	7/18/2026		2,458,481		2,453,235		2,461,935
Paragon Films		Senior Secured Closing Date Term Loan (First Lien)	S+		5.00	%	10.30	%	12/15/2021	12/16/2028		2,025,672		2,009,933		2,015,543
Resource Label Group	(k)	Senior Secured Closing Date Initial Term Loan (First Lien)	S+		4.25	%	9.55	%	7/2/2021	7/7/2028		1,837,453		1,831,146		1,821,761
TricorBraun	(k)	Senior Secured Closing Date Initial Term Loan (First Lien)	S+		3.25	%	8.55	%	1/29/2021	3/3/2028		1,787,408		1,781,494		1,769,614
Intertape Polymer	(k) (n)	Senior Secured Initial Term Loan (First Lien)	S+		4.75	%	10.05	%	6/15/2022	6/28/2028		1,571,013		1,517,192		1,506,208
Technimark		Senior Secured Initial Term Loan (First Lien)	S+		3.75	%	9.05	%	6/30/2021	7/7/2028		1,458,750		1,453,918		1,447,809
Tekni-Plex	(k)	Senior Secured Tranche B-3 Initial Term Loan	S+		4.00	%	9.30	%	7/29/2021	9/15/2028		1,114,081		1,112,254		1,115,858
Novolex	(k)	Senior Secured Term B Loan (First Lien)	S+		3.68	%	8.97	%	3/30/2022	4/13/2029		982,500		961,981		984,956
Lacerta		Senior Secured Term Loan	S+		5.50	%	10.80	%	2/8/2021	12/30/2026		967,500		961,499		945,731
Applied Adhesives		Senior Secured Term A Loan	S+		4.75	%	10.05	%	3/12/2021	3/12/2027		613,681		610,094		609,078
Tekni-Plex	(k)	Senior Secured Tranche B-6 Initial Term Loan	S+		4.00	%	9.30	%	3/27/2024	9/15/2028		500,000		500,000		500,000
SupplyOne	(k)	Senior Secured Seven-Year Term Loan B	S+		4.25	%	9.55	%	3/27/2024	4/19/2031		500,000		495,000		495,000
Industrial Physics		Senior Secured Initial Term Loan	S+		6.25	%	11.55	%	7/18/2023	7/19/2029		498,750		482,840		491,269
Five Star Packaging	(k)	Senior Secured Initial Term Loan (First Lien)	S+		4.25	%	9.55	%	4/27/2022	5/5/2029		492,500		486,852		489,114
Golden West Packaging		Senior Secured Initial Term Loan	S+		5.25	%	10.55	%	11/29/2021	12/1/2027		462,500		459,168		450,938
Applied Adhesives		Senior Secured Revolving Loan	S+		4.75	%	10.05	%	3/12/2021	3/12/2027		—		(616)		—
Industrial Physics		Senior Secured Revolving Credit Loan	S+		6.25	%	11.55	%	7/18/2023	7/19/2028		—		(3,233)		—
														29,705,700		28,995,971
Capital Equipment
Tank Holding		Unitranche Initial Term Loan	S+		5.75	%	11.05	%	3/25/2022	3/31/2028		3,930,000		3,872,229		3,900,525
Plaskolite	(k)	Senior Secured 2021-1 Refinancing Term Loan (First Lien)	S+		4.00	%	9.30	%	12/12/2018	12/15/2025		3,792,700		3,772,178		3,731,069
Excelitas		Unitranche Closing Date Euro Term Loan	S+		5.75	%	11.05	%	6/15/2022	8/12/2029		2,932,446		2,973,182		2,903,121
Burke Porter Group		Senior Secured Closing Date Term Loan	S+		6.00	%	11.30	%	9/30/2022	7/29/2029		2,304,167		2,251,842		2,263,844
Shaw		Senior Secured Initial Senior Term Facility	S+		6.00	%	11.30	%	9/30/2023	10/30/2029		1,787,234		1,751,640		1,773,830
Flow Control Group	(k)	Senior Secured Initial Term Loan (First Lien)	S+		3.75	%	9.05	%	3/17/2021	3/31/2028		1,645,060		1,643,229		1,646,598
Radwell		Unitranche Initial Term Loan	S+		6.53	%	11.82	%	3/11/2022	4/1/2029		1,485,690		1,466,545		1,478,262
Therm-O-Disc		Senior Secured Initial Term Loan (First Lien)	S+		6.00	%	11.30	%	5/26/2022	5/31/2029		985,000		923,564		945,600
MW Industries		Senior Secured Initial Term Loan	S+		7.00	%	12.30	%	3/31/2023	3/31/2030		945,910		920,846		938,816
Cleaver Brooks		Senior Secured Initial Term Loan	S+		5.50	%	10.80	%	7/18/2022	7/18/2028		919,712		905,229		919,712
Hobbs & Associates	(k)	Senior Secured Third Amendment Incremental Term Loan	S+		5.00	%	10.30	%	3/15/2024	4/11/2029		800,000		781,000		781,000
TriMark		Senior Secured Initial Tranche B Loan	S+		4.25	%	9.55	%	1/16/2024	6/30/2029		618,177		618,177		613,541
Ohio Transmission		Unitranche Term Loan	S+		5.50	%	10.80	%	12/12/2023	12/19/2030		518,438		506,160		514,549
CIRCOR		Senior Secured Initial Term Loan	S+		6.00	%	11.30	%	9/30/2023	10/18/2030		500,000		490,501		496,250
Bad Boy Mowers		Senior Secured Initial Term Loan	S+		6.00	%	11.30	%	11/29/2023	11/9/2029		498,750		486,704		495,009
Chromalloy	(k)	Senior Secured Term Loan	S+		3.75	%	9.05	%	3/22/2024	3/30/2031		500,000		495,000		495,000
Infinite Electronics	(k)	Senior Secured Initial Term Loan (First Lien)	S+		3.75	%	9.05	%	2/24/2021	3/2/2028		486,344		485,626		480,469
Duravant	(k)	Senior Secured Incremental Amendment No. 5 Term Loan (First Lien)	S+		3.75	%	9.05	%	3/5/2020	5/19/2028		481,345		481,345		480,291
Associated Springs	(k)	Senior Secured Term Loan Facility	S+		6.00	%	11.30	%	3/7/2024	3/31/2030		480,727		471,113		471,113
SPX Flow	(k)	Senior Secured Term Loan	S+		4.50	%	9.80	%	3/18/2022	4/5/2029		435,707		421,029		438,044
Pegasus		Senior Secured Initial Term Loan	S+		5.25	%	10.55	%	1/24/2024	1/19/2031		387,218		380,564		384,314
Burke Porter Group		Senior Secured Revolving Credit Loan	S+		6.00	%	11.30	%	8/11/2022	7/29/2028		47,991		37,586		47,151
Tank Holding		Senior Secured Revolving Credit Loan	S+		5.75	%	11.05	%	3/25/2022	3/31/2028		36,923		33,969		36,646
Radwell		Senior Secured Revolving Loan	S+		6.75	%	12.05	%	3/11/2022	4/1/2028		16,000		14,800		15,920
Ohio Transmission		Senior Secured Revolving Facility	S+		5.50	%	10.80	%	12/19/2023	12/19/2029		8,320		7,627		8,258
CIRCOR		Senior Secured Revolving Credit Loan	S+		6.00	%	11.30	%	10/20/2023	10/18/2029		—		(1,151)		—
Cleaver Brooks		Senior Secured Revolving Loan	S+		5.50	%	10.80	%	7/21/2022	7/18/2028		—		(2,462)		—
														26,188,072		26,258,932

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

9

Audax Credit BDC Inc.

Schedule of Investments (Continued)

As of March 31, 2024

(Expressed in U.S. Dollars)

(unaudited)

Portfolio Investments (a) (b) (c) (d) (e) (f)	Footnote Reference	Investment Type	Index (˄)	Spread			Interest Rate		Acquisition Date	Maturity Date	Par/Shares		Amortized Cost		Market Value
BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS (h) (i) (Continued):
Services: Consumer
Ned Stevens 2022-2	(j)	Unitranche Initial Term Loan	S+		6.50	%	11.80	%	11/1/2022	11/1/2029	$	4,455,711	$	4,345,444	$	4,455,711
A Place For Mom		Senior Secured Term Loan	S+		4.50	%	9.80	%	7/28/2017	2/10/2026		2,174,254		2,174,325		2,152,512
Apex Service Partners		Unitranche Term Loan	S+		7.00	%	12.30	%	10/16/2023	10/24/2030		1,991,146		1,971,342		1,981,190
Smart Start		Senior Secured Term B Loan (Second Lien)	S+		7.75	%	13.05	%	12/10/2021	12/16/2029		2,000,000		1,973,262		1,970,000
Smart Start		Senior Secured Term B Loan (First Lien)	S+		4.50	%	9.80	%	12/10/2021	12/16/2028		1,955,000		1,947,427		1,925,675
FullBloom		Senior Secured Initial Term Loan (First Lien)	S+		4.00	%	9.30	%	12/10/2021	12/15/2028		1,473,750		1,463,095		1,466,381
Crash Champions	(k)	Senior Secured Initial Term Loan	S+		4.75	%	10.05	%	2/7/2024	2/23/2029		1,000,000		997,500		993,945
Teaching Strategies		Senior Secured Initial Term Loan (First Lien)	S+		3.75	%	9.05	%	8/19/2021	8/31/2028		977,500		969,753		966,503
Spring Education	(k)	Senior Secured Initial Term Loan	S+		4.50	%	9.80	%	10/5/2023	10/4/2030		947,625		947,625		952,718
Aegis Sciences		Senior Secured Initial Term Loan (2018) (First Lien)	S+		5.50	%	10.80	%	5/4/2018	5/9/2025		574,516		573,341		561,589
Legacy Service Partners		Unitranche Closing Date Term Loan	S+		6.50	%	11.80	%	10/25/2023	1/9/2029		511,200		500,009		507,366
Rover		Senior Secured Initial Term Loan	S+		4.75	%	10.05	%	2/16/2024	2/27/2031		500,000		492,500		496,250
Apex Service Partners		Senior Secured Revolving Credit Loan	S+		7.00	%	12.30	%	10/16/2023	10/24/2029		55,529		54,068		55,251
Ned Stevens 2022-2		Unitranche 2023 Incremental Delayed Draw Term Loan	S+		6.50	%	11.80	%	1/18/2024	11/1/2029		35,539		35,539		35,539
Rover		Senior Secured Revolving Loan	S+		4.75	%	10.05	%	2/16/2024	2/27/2031		—		(2,250)		—
Ned Stevens 2022-2	(j)	Senior Secured Revolving Loan	S+		6.50	%	11.80	%	11/1/2022	11/1/2028		—		(10,154)		—
														18,432,826		18,520,630
Chemicals, Plastics & Rubber
DuBois Chemicals		Senior Secured Term Loan (Second Lien) - 2019	S+		8.50	%	13.80	%	10/8/2019	9/30/2027		3,000,000		2,987,506		2,977,500
Vertellus		Senior Secured Initial Term Loan	S+		5.75	%	11.05	%	12/18/2020	12/22/2027		2,925,394		2,878,348		2,808,378
USALCO		Unitranche Term Loan A	S+		6.00	%	11.30	%	10/26/2021	10/19/2027		1,955,000		1,941,770		1,945,225
Boyd Corp	(k)	Senior Secured Initial Loan (Second Lien)	S+		6.75	%	12.05	%	8/16/2018	9/6/2026		2,000,000		2,000,946		1,880,010
DuBois Chemicals	(k)	Senior Secured Term Loan B (First Lien)	S+		4.50	%	9.80	%	10/8/2019	9/30/2026		1,736,959		1,719,877		1,740,763
Boyd Corp	(k)	Senior Secured Initial Term Loan (First Lien)	S+		3.50	%	8.80	%	11/7/2018	9/6/2025		480,916		472,387		477,348
Ascensus Specialties		Senior Secured Initial Term Loan	S+		4.25	%	9.55	%	12/3/2021	6/30/2028		487,444		481,418		474,039
Polytek		Senior Secured Term Loan	S+		6.75	%	12.05	%	12/23/2020	9/20/2024		483,915		482,283		464,559
Vertellus		Senior Secured Revolving Credit Loan	S+		5.75	%	11.05	%	12/18/2020	12/22/2025		299,421		289,291		287,444
USALCO		Senior Secured Revolving Loan	S+		6.00	%	11.30	%	10/26/2021	10/19/2026		189,516		186,290		188,569
														13,440,116		13,243,835
Automotive
Engine & Transmission Exchange	(j)	Senior Secured Term Loan A	S+		6.50	%	11.80	%	5/26/2023	5/29/2029		4,243,587		4,129,273		4,243,587
Highline		Senior Secured Initial Term Loan (First Lien)	S+		4.50	%	9.80	%	10/29/2020	11/9/2027		2,777,727		2,736,749		2,736,061
BBB Industries	(k)	Senior Secured Initial Term Loan (First Lien)	S+		5.25	%	10.55	%	6/30/2022	7/25/2029		2,094,657		1,928,430		2,008,032
Rough Country	(k)	Senior Secured Initial Term Loan (First Lien)	S+		3.50	%	8.80	%	7/26/2021	7/28/2028		1,940,529		1,937,136		1,935,076
Truck Hero	(k)	Senior Secured Initial Term Loan	S+		3.50	%	8.80	%	1/20/2021	1/31/2028		1,455,000		1,455,000		1,445,906
Innovative XCessories	(k)	Senior Secured Initial Term Loan	S+		4.25	%	9.55	%	2/27/2020	3/5/2027		775,757		775,270		740,608
Engine & Transmission Exchange	(j)	Senior Secured Revolving Loan	S+		6.50	%	11.80	%	5/26/2023	5/29/2029		—		(15,392)		—
														12,946,466		13,109,270

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

10

Audax Credit BDC Inc.

Schedule of Investments (Continued)

As of March 31, 2024

(Expressed in U.S. Dollars)

(unaudited)

Portfolio Investments (a) (b) (c) (d) (e) (f)	Footnote Reference	Investment Type	Index (˄)	Spread				Interest Rate		Acquisition Date	Maturity Date	Par/Shares		Amortized Cost		Market Value
BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS (h) (i) (Continued):
Transportation: Cargo
Evans Network		Senior Secured Initial Term Loan (First Lien)	S+			4.25	%	9.55	%	8/6/2021	8/19/2028	$	3,581,633	$	3,553,669	$	3,492,092
Capstone Logistics		Senior Secured Closing Date Term Loan (First Lien)	S+			4.75	%	10.05	%	11/12/2020	11/12/2027		2,068,924		2,056,429		2,063,752
AIT Worldwide Logistics	(k)	Senior Secured Initial Term Loan (First Lien)	S+			4.75	%	10.05	%	12/9/2021	4/6/2028		1,950,000		1,946,577		1,956,094
Worldwide Express	(k)	Senior Secured Initial Term Loan (First Lien)	S+			4.00	%	9.30	%	7/23/2021	7/26/2028		1,466,250		1,458,469		1,461,081
St. George Logistics		Senior Secured Initial Term Loan	S+			6.00	%	11.30	%	4/28/2022	3/24/2028		1,473,750		1,459,406		1,425,853
FLS Transportation		Senior Secured Term B Loan	S+			5.25	%	10.55	%	4/14/2022	12/15/2028		1,202,174		1,193,235		1,163,103
Magnate		Senior Secured Initial Term Loan (First Lien)	S+			5.50	%	10.80	%	3/11/2022	12/29/2028		951,342		936,603		925,180
Omni Logistics	(k)	Senior Secured Revolving Credit Loan (First Lien) Retired 01/25/2024	L+			5.00	%	10.30	%	11/24/2021	12/30/2025		—		(1,119)		—
FLS Transportation		Senior Secured Revolving Credit Loan	S+			5.25	%	10.55	%	4/14/2022	12/17/2027		—		(889)		—
															12,602,380		12,487,155
Aerospace & Defense
CPI International		Unitranche Initial Term Loan	S+			5.50	%	10.80	%	5/18/2022	10/8/2029		2,970,000		2,913,994		2,873,475
HDT Global		Senior Secured Initial Term Loan	S+			5.75	%	11.05	%	6/30/2021	7/8/2027		3,084,375		3,014,488		2,220,750
Whitcraft		Senior Secured Initial Term Loan	S+			7.00	%	12.30	%	3/31/2023	2/15/2029		1,980,000		1,911,180		1,970,100
Novaria Group		Senior Secured Initial Term Loan	S+			5.50	%	10.80	%	1/24/2020	1/27/2027		1,477,403		1,470,399		1,458,935
API Technologies		Senior Secured Initial Term Loan (First Lien) Retired 11/03/2023	S+	1.00	%	6.00	% PIK	6.30	%	1/15/2020	5/9/2027		964,824		952,569		723,618
BlueHalo		Unitranche Initial Term Loan	S+			4.75	%	10.05	%	11/17/2021	10/31/2025		487,867		483,699		481,769
Whitcraft		Senior Secured Revolving Loan	S+			7.00	%	12.30	%	3/31/2023	2/15/2029		128,571		117,857		127,929
API Technologies		Senior Secured Priming Facillity	S+	1.00	%	6.00	% PIK	6.30	%	11/3/2023	3/25/2027		51,154		49,734		38,366
BlueHalo		Senior Secured Revolving Loan	S+			4.75	%	10.05	%	11/17/2021	10/31/2025		—		(1,489)		—
															10,912,431		9,894,942
Construction & Building
A1 Garage Door Service	(j)	Unitranche Term Loan A	S+			6.25	%	11.55	%	12/22/2022	12/22/2028		2,229,999		2,169,720		2,229,999
Tangent		Senior Secured Closing Date Term Loan (First Lien)	S+			4.75	%	10.05	%	10/2/2019	11/30/2027		1,758,696		1,753,862		1,701,538
PlayPower		Senior Secured Initial Term Loan	S+			5.50	%	10.80	%	5/10/2019	5/8/2026		1,713,167		1,713,167		1,666,055
United Air Temp	(j) (k)	Unitranche Initial Term Loan	S+			5.50	%	10.80	%	2/14/2024	3/28/2030		1,124,260		1,087,019		1,101,775
Specialty Products & Insulation		Senior Secured Tranche B-1 Term Loan	S+			5.00	%	10.30	%	3/16/2022	12/21/2027		981,523		974,231		974,161
Dodge Construction Network		Senior Secured Initial Term Loan (First Lien)	S+			4.75	%	10.05	%	2/10/2022	2/23/2029		982,500		971,653		962,850
Playcore		Senior Secured Amendment No. 3 Term Loan (First Lien)	S+			4.50	%	9.80	%	2/14/2024	2/20/2030		500,000		492,500		496,250
A1 Garage Door Service	(j)	Senior Secured Revolving Loan	S+			6.25	%	11.55	%	12/22/2022	12/22/2028		—		(8,264)		—
															9,153,888		9,132,628

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

11

Audax Credit BDC Inc.

Schedule of Investments (Continued)

As of March 31, 2024

(Expressed in U.S. Dollars)

(unaudited)

Portfolio Investments (a) (b) (c) (d) (e) (f)	Footnote Reference	Investment Type	Index (˄)	Spread			Interest Rate		Acquisition Date	Maturity Date	Par/Shares		Amortized Cost		Market Value
BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS (h) (i) (Continued):
Beverage, Food & Tobacco
Bettcher Industries		Senior Secured Initial Term Loan (Second Lien)	S+		7.25	%	12.55	%	12/13/2021	12/14/2029	$	2,500,000	$	2,481,086	$	2,475,000
Bettcher Industries		Senior Secured Initial Term Loan (First Lien)	S+		4.00	%	9.30	%	12/13/2021	12/14/2028		1,960,000		1,944,105		1,937,950
Hissho Sushi	(j)	Unitranche Term Loan	S+		5.50	%	10.80	%	4/7/2022	5/18/2028		1,824,643		1,795,311		1,824,643
Dessert Holdings	(k)	Senior Secured Initial Term Loan (First Lien)	S+		4.00	%	9.30	%	6/7/2021	6/9/2028		1,739,504		1,730,146		1,629,707
Monogram Foods		Senior Secured Initial Term Loan	S+		4.00	%	9.30	%	8/13/2021	8/28/2028		977,500		970,585		965,281
Hissho Sushi	(j)	Senior Secured Revolving Credit Loan	S+		5.50	%	10.80	%	4/7/2022	5/18/2028		—		(667)		—
														8,920,566		8,832,581
Environmental Industries
Alliance Environmental Group	(j)	Unitranche Initial Term Loan	S+		6.00	% PIK	5.30	%	12/30/2021	12/30/2027		4,330,287		4,271,462		3,937,308
Denali Water Solutions		Senior Secured Closing Date Term Loan	S+		4.25	%	9.55	%	3/18/2021	3/27/2028		1,945,000		1,931,216		1,901,238
Crystal Clean	(k)	Senior Secured Initial Term Loan	S+		5.00	%	10.30	%	10/5/2023	10/17/2030		1,497,500		1,473,284		1,503,348
Keter Environmental Services		Unitranche Closing Date Term Loan	S+		6.50	%	11.80	%	11/5/2021	10/29/2027		488,750		485,445		485,084
Denali Water Solutions		Senior Secured Amendment No. 3 Term Loan	S+		4.63	%	9.92	%	5/5/2022	3/27/2028		464,223		452,149		453,778
Alliance Environmental Group	(j)	Senior Secured Revolving Loan	S+		0.00	%	5.30	%	12/30/2021	12/30/2027		306,291		299,669		278,495
Keter Environmental Services		Senior Secured Revolving Loan	S+		6.50	%	11.80	%	11/5/2021	10/29/2027		7,752		6,977		7,694
														8,920,202		8,566,945
Wholesale
GME Supply		Unitranche Initial Term Loan	S+		6.25	%	11.55	%	7/5/2023	7/6/2029		3,785,777		3,693,245		3,733,394
Carlisle Foodservice		Senior Secured Initial Term Loan	S+		6.00	%	11.30	%	9/29/2023	10/2/2030		997,500		976,480		990,019
Carlisle Foodservice		Senior Secured Revolving Loan	S+		6.00	%	11.30	%	9/29/2023	10/2/2029		—		(3,223)		—
GME Supply		Senior Secured Revolving Loan	S+		6.25	%	11.55	%	7/5/2023	7/6/2029		—		(13,831)		—
														4,652,671		4,723,413
Consumer Goods: Non-durable
Augusta Sportswear		Senior Secured Initial Term Loan	S+		6.50	%	11.80	%	11/21/2023	11/21/2029		4,500,000		4,413,234		4,466,250
Augusta Sportswear		Senior Secured Revolving Credit Loan	S+		6.50	%	11.80	%	11/21/2023	11/21/2028		—		(5,565)		—
														4,407,669		4,466,250
Media: Advertising, Printing & Publishing
MediaRadar	(j)	Unitranche Closing Date Term A Loan	S+		6.25	%	11.55	%	5/23/2022	9/17/2029		1,809,482		1,773,834		1,809,482
MediaRadar		Unitranche 2023 Incremental Term Loan	S+		6.25	%	11.55	%	10/31/2023	9/17/2029		954,757		931,706		954,757
MediaRadar	(j)	Senior Secured Revolving Loan	S+		6.25	%	11.55	%	9/16/2022	9/17/2029		—		(10,168)		—
														2,695,372		2,764,239

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

12

Audax Credit BDC Inc.

Schedule of Investments (Continued)

As of March 31, 2024

(Expressed in U.S. Dollars)

(unaudited)

Portfolio Investments (a) (b) (c) (d) (e) (f)	Footnote Reference	Investment Type	Index (˄)	Spread			Interest Rate		Acquisition Date	Maturity Date	Par/Shares		Amortized Cost		Market Value
BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS (h) (i) (Continued):
Forest Products & Paper
Loparex		Senior Secured Tranche B USD Term Loan	S+		4.50	%	9.80	%	3/1/2024	2/1/2027	$	984,026	$	945,880	$	984,026
Loparex		Senior Secured Tranche A USD Term Loan	S+		6.00	%	11.30	%	3/1/2024	2/1/2027		625,398		549,158		625,398
Loparex		Senior Secured Initial Tranche C USD Term Loan	S+		4.50	%	9.80	%	3/1/2024	2/1/2027		420,305		420,305		113,482
														1,915,343		1,722,906
Metals & Mining
Dynatect (A&A)		Senior Secured Term B Loan	S+		4.50	%	9.80	%	8/16/2019	9/30/2026		1,669,175		1,665,417		1,665,002
														1,665,417		1,665,002
Retail
Varsity Brands	(k)	Senior Secured Third Amendment Extended Term Loan (First Lien)	S+		5.00	%	10.30	%	10/17/2018	12/15/2026		945,256		947,171		950,573
StubHub	(k)	Senior Secured Extended USD Term B Loan	S+		4.75	%	10.05	%	1/31/2020	3/12/2030		480,000		474,179		481,298
														1,421,350		1,431,871
Energy: Oil & Gas
AmSpec		Senior Secured Closing Date Term Loan	S+		5.75	%	11.05	%	10/11/2023	12/5/2030		1,000,000		986,514		992,500
AmSpec		Senior Secured Revolving Loan	S+		5.75	%	11.05	%	12/4/2023	12/5/2029		—		(3,634)		—
														982,880		992,500
Utilities: Water
Aegion	(k)	Senior Secured 2024 Replacement Term Loan	S+		4.25	%	9.55	%	4/1/2021	5/17/2028		975,636		972,469		980,515
														972,469		980,515
Energy: Electricity
Franklin Energy	(k)	Senior Secured Term B Loan (First Lien)	S+		4.00	%	9.30	%	8/14/2019	8/14/2026		955,000		953,968		947,838
														953,968		947,838
Hotels, Gaming & Leisure
Auto Europe		Senior Secured Initial Dollar Term Loan	S+		7.50	%	12.80	%	10/19/2016	4/21/2025		925,396		925,396		902,261
														925,396		902,261
Media: Diversified & Production
Spectrum Science		Senior Secured Closing Date Term Loan	S+		7.00	%	12.30	%	1/17/2024	2/1/2029		500,000		485,000		492,500
														485,000		492,500
Consumer Goods: Durable
Careismatic		Senior Secured Initial Term Loan (First Lien)	S+		3.25	%	8.55	%	1/22/2021	1/6/2028		487,500		486,714		219,375
Careismatic		Senior Secured Secured Super-Priority Debtor-In-Possession Term Loan	S+		6.00	%	11.30	%	1/23/2024	10/24/2024		182,132		182,132		182,132
														668,846		401,507
Total Bank Loans													$	374,591,268	$	370,195,559

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

13

Audax Credit BDC Inc.

Schedule of Investments (Continued)

As of March 31, 2024

(Expressed in U.S. Dollars)

(unaudited)

Portfolio Investments (a) (b) (c) (d) (e) (f)	Footnote Reference	Investment Type	Index (˄)	Spread	Interest Rate	Acquisition Date	Maturity Date	Par/Shares		Amortized Cost		Market Value
EQUITY AND PREFERRED SHARES: NON-CONTROL/NON-AFFILIATE INVESTMENTS- (1.5%) (g) (h):
Services: Business
InnovateMR	(j) (o) (p)	Class A Units				12/16/2021		$	387	$	387,311	$	380,293
Industrial Services Group	(j) (o) (q)	Class A Units				12/7/2022			238		238,095		330,193
Vortex	(j) (o) (r)	LP Common Units				9/1/2023			190		189,759		295,096
Liberty Group	(j) (o) (s)	Series A-Preferred Units				6/6/2022			113,636		113,636		130,931
Heartland	(o) (t)	Co-Invest Units				12/12/2023			889		88,889		88,889
VC3	(j) (o) (u)	Class A Units				9/16/2022			16,554		68,720		83,598
OSG Billing Services	(o) (v)	Class A Units				11/30/2023			27,208		—		—
											1,086,410		1,309,000
High Tech Industries
PracticeTek	(j) (o) (w)	Class A Units				11/22/2021			615,631		648,053		701,922
Amplix	(j) (o) (x)	Class A-2 Units				10/19/2023			23,810		238,095		252,062
Golden Source	(j) (o) (y)	Class A Units				3/25/2022			117,371		117,371		178,796
											1,003,519		1,132,780
Healthcare & Pharmaceuticals
Minds + Assembly	(j) (o) (z)	Class A Units				5/3/2023			217		217,391		297,134
OrthoNebraska	(j) (o) (aa)	Class A Units				7/31/2023			24,245		242,452		291,861
InterMed	(j) (o) (ab)	Class A Units				12/22/2022			2,484		248,380		153,961
Ivy Rehab	(o) (ac)	Class A Units				3/11/2022			100		100,000		102,137
RevHealth	(j) (o) (ad)	Class A-1 Units				7/22/2022			20,548		205,479		—
											1,013,702		845,093
Banking, Finance, Insurance & Real Estate
Cherry Bekaert	(j) (o) (ae)	Class A Units				6/30/2022			129,870		129,870		262,723
Prime Pensions	(j) (o) (af)	LP Interest				2/20/2024			238,095		238,095		238,095
American Beacon Advisors	(o) (ag)	Common Units				12/29/2023			16,071		—		224,994
Beta+	(o) (ah)	Class A-2 Common Stock				9/15/2023			2,470		24,700		24,700
											392,665		750,512
Construction & Building
A1 Garage Door Service	(j) (o) (ai)	Class A Common Units				12/22/2022			273		272,727		413,761
United Air Temp	(j) (o) (aj)	Class A Units				2/14/2024			110,947		110,947		110,947
											383,674		524,708

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

14

Audax Credit BDC Inc.

Schedule of Investments (Continued)

As of March 31, 2024

(Expressed in U.S. Dollars)

(unaudited)

Portfolio Investments (a) (b) (c) (d) (e) (f)	Footnote Reference	Investment Type	Index (˄)	Spread	Interest Rate	Acquisition Date	Maturity Date	Par/Shares		Amortized Cost		Market Value
EQUITY AND PREFERRED SHARES: NON-CONTROL/NON-AFFILIATE INVESTMENTS- (1.5%) (g) (h) (Continued):
Beverage, Food & Tobacco
Hissho Sushi	(j) (o) (ak)	Class A Units				4/7/2022		$	25,000	$	250,000	$	458,972
											250,000		458,972
Automotive
Engine & Transmission Exchange	(j) (o) (al)	Class A-1 Units				5/26/2023			211,268		211,268		253,834
											211,268		253,834
Services: Consumer
Ned Stevens 2022-2	(j) (o) (am)	Class B Common Units				11/1/2022			279		278,990		245,789
											278,990		245,789
Media: Advertising, Printing & Publishing
MediaRadar	(j) (o) (aon)	Class A-1 Units				9/16/2022			147,000		147,000		182,909
											147,000		182,909
Wholesale
GME Supply	(j) (o) (ao)	Class A Units				6/30/2023			272		272,422		180,181
											272,422		180,181
Chemicals, Plastics & Rubber
Vertellus	(o) (ap)	Series A Units				12/22/2020			1,651		165,138		178,570
											165,138		178,570
Environmental Industries
Alliance Environmental Group	(j) (o) (aq)	A-1 Preferred Units				9/30/2019			331		331,126		—
											331,126		—
Total Equity and Preferred Shares										$	5,535,914	$	6,062,348
Total Portfolio Investments (ar)										$	380,127,182	$	376,257,907

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

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

(b) Interest rate percentages represent actual interest rates as of March 31, 2024, which are indexed to the noted reference rate. The referenced rates are subject to interest floors which can vary based on contractual agreements with the borrower.

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

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

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

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

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

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

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

15

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

(k) Investment was valued using Level 2 inputs within the ASC 820 fair value hierarchy. Refer to Note 3 – Investments in the accompanying Notes to Financial Statements for additional information.

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

(m) The Company headquarters for Integro is located in United Kingdom.

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

(o) Investment is non-income producing.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

(ar) At March 31, 2024, the cost of investments for income tax purposes was $380,122,931, the gross unrealized depreciation for federal tax purposes was $8,096,801, the gross unrealized appreciation for federal income tax purposes was $4,223,275, and the net unrealized depreciation was $3,873,526.

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

16

Audax Credit BDC Inc.

Schedule of Investments

As of December 31, 2023

(Expressed in U.S. Dollars)

Portfolio Investments (a) (b) (c) (d) (e) (f)	Footnote Reference	Investment Type	Index (˄)	Spread				Interest Rate		Acquisition Date	Maturity Date		Par/Shares	Amortized Cost		Market Value
BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS - (92.1%) (g) (h) (i):
Healthcare & Pharmaceuticals
American Vision Partners	(j)	Unitranche Initial Term Loan	S+			6.00	%	11.33	%	9/22/2021	9/30/2027	$	4,898,401	$	4,837,985	$	4,862,289
Minds + Assembly	(j)	Unitranche Initial Term Loan	S+			6.50	%	11.83	%	5/3/2023	5/3/2029		4,078,882		3,976,855		4,078,882
RevHealth	(j)	Unitranche Initial Term Loan	S+			5.75	%	11.08	%	7/22/2022	7/21/2028		4,227,312		4,157,627		3,960,662
Radiology Partners		Senior Secured Term B Loan (First Lien)	S+			4.25	%	9.58	%	6/28/2018	7/9/2025		4,195,599		4,306,509		3,768,833
OrthoNebraska	(j)	Unitranche Term Loan	S+			6.50	%	11.83	%	7/31/2023	7/31/2028		3,376,944		3,261,660		3,292,067
PharMedQuest	(j)	Unitranche Term A Loan	S+			5.50	%	10.83	%	11/6/2019	11/6/2025		3,270,898		3,274,815		3,270,898
InHealth Medical Alliance		Unitranche Initial Term Loan	S+	1.00	%	3.50	%  PIK	8.83	%	6/25/2021	6/28/2028		3,594,124		3,569,335		3,234,712
InterMed	(j)	Unitranche Initial Term Loan	S+			6.50	%	11.83	%	12/22/2022	12/24/2029		3,008,639		2,930,928		2,967,725
Advancing Eyecare		Senior Secured Initial Term Loan	S+			5.75	%	11.08	%	5/27/2022	6/13/2029		2,506,275		2,448,791		2,449,884
Premise Health		Senior Secured Initial Term Loan (First Lien)	S+			3.75	%	9.08	%	8/15/2018	7/10/2025		2,235,415		2,237,770		2,229,827
nThrive		Senior Secured Initial Loan (Second Lien)	S+			6.75	%	12.08	%	11/19/2021	12/17/2029		2,000,000		1,978,962		1,970,000
CPS	(j)	Unitranche Closing Date Term Loan	S+			5.25	%	10.58	%	5/18/2022	6/1/2028		1,933,962		1,930,065		1,933,962
Gastro Health		Senior Secured Initial Term Loan (First Lien)	S+			4.50	%	9.83	%	7/2/2021	7/3/2028		1,958,557		1,950,240		1,904,697
Press Ganey	(k)	Senior Secured Initial Term Loan (First Lien)	S+			3.50	%	8.83	%	7/23/2019	7/24/2026		1,915,000		1,917,537		1,901,116
Avalign Technologies		Senior Secured Initial Term Loan (First Lien)	S+			4.50	%	9.83	%	12/19/2018	12/22/2025		1,900,000		1,900,713		1,895,250
Advanced Diabetes Supply		Senior Secured First Incremental Term Loan	S+			5.25	%	10.58	%	7/13/2021	12/30/2027		1,834,960		1,821,805		1,830,373
Upstream Rehabilitation	(k)	Senior Secured August 2021 Incremental Term Loan (First Lien)	S+			4.25	%	9.58	%	10/24/2019	11/20/2026		1,931,719		1,929,742		1,829,705
Therapy Brands		Senior Secured Initial Term Loan (First Lien)	S+			4.00	%	9.33	%	5/12/2021	5/18/2028		1,844,393		1,837,740		1,802,894
Blue Cloud		Senior Secured Closing Date Term Loan	S+			5.25	%	10.58	%	12/13/2021	1/21/2028		1,599,490		1,580,532		1,575,498
Quantum Health		Senior Secured Amendment No. 1 Refinancing Term Loan (First Lien)	S+			4.50	%	9.83	%	12/18/2020	12/22/2027		1,462,500		1,448,667		1,458,844
Mission Vet Partners	(k)	Senior Secured Initial Term Loan (First Lien)	S+			4.00	%	9.33	%	12/15/2021	4/27/2028		1,466,434		1,455,764		1,457,503
Symplr	(k)	Senior Secured Initial Term Loan (First Lien)	S+			4.50	%	9.83	%	11/23/2020	12/22/2027		1,458,750		1,444,901		1,311,657
Ivy Rehab		Senior Secured Initial Term Loan (First Lien)	S+			5.00	%	10.33	%	3/11/2022	4/23/2029		1,311,646		1,290,579		1,295,251
Solis Mammography		Senior Secured Initial Term Loan (First Lien)	S+			4.75	%	10.08	%	4/1/2021	4/17/2028		1,059,106		1,052,346		1,056,458
PharMedQuest		Unitranche Term Loan	S+			5.75	%	11.08	%	10/27/2023	11/6/2025		1,000,000		985,000		1,000,000
Solis Mammography		Senior Secured Initial Term Loan (Second Lien)	S+			8.00	%	13.33	%	4/1/2021	4/16/2029		1,000,000		989,307		995,000

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

17

Audax Credit BDC Inc.

Schedule of Investments (Continued)

As of December 31, 2023

(Expressed in U.S. Dollars)

Portfolio Investments (a) (b) (c) (d) (e) (f)	Footnote Reference	Investment Type	Index (˄)	Spread			Interest Rate		Acquisition Date	Maturity Date	Par/Shares		Amortized Cost		Market Value
BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS - (92.1%) (g) (h) (i) (Continued):
Healthcare & Pharmaceuticals (continued)
Cirtec Medical		Senior Secured (USD) Initial Term Loan	S+		6.25	%	11.58	%	1/30/2023	1/30/2029	$	992,500	$	963,954	$	987,538
Epic Staffing Group		Senior Secured Initial Term Loan	S+		6.00	%	11.33	%	6/27/2022	6/28/2029		987,445		936,339		984,976
Micro Merchant Systems		Unitranche Initial Term Loan	S+		5.50	%	10.83	%	3/2/2022	12/14/2027		982,500		974,061		975,131
Wedgewood		Senior Secured Initial Term Loan	S+		4.25	%	9.58	%	2/24/2021	3/31/2028		977,500		970,482		966,503
Forefront	(k)	Senior Secured Closing Date Term Loan	S+		4.25	%	9.58	%	3/23/2022	3/30/2029		985,694		971,844		956,123
nThrive	(k)	Senior Secured Initial Term Loan (First Lien)	S+		4.00	%	9.33	%	11/19/2021	12/17/2028		982,500		979,296		785,509
UDG	(k) (l)	Senior Secured Initial Dollar Term Loan (First Lien)	S+		4.25	%	9.58	%	8/6/2021	8/19/2028		631,875		628,021		631,347
ImageFirst		Senior Secured Initial Term Loan	S+		4.75	%	10.08	%	4/26/2021	4/27/2028		598,636		596,587		595,643
MyEyeDr	(k)	Senior Secured Initial Term Loan (First Lien)	S+		4.25	%	9.58	%	8/2/2019	8/31/2026		515,924		514,141		512,281
MedRisk	(k)	Senior Secured Initial Term Loan (First Lien)	S+		3.75	%	9.08	%	4/1/2021	5/10/2028		488,750		485,268		486,482
Forefront	(k)	Senior Secured 2023 Incremental Term Loan	S+		5.50	%	10.83	%	12/14/2023	3/30/2029		500,000		487,500		485,000
Press Ganey	(k)	Senior Secured 2022 Incremental Term Loan (First Lien)	S+		3.75	%	9.08	%	10/1/2020	7/24/2026		486,281		483,578		482,756
Confluent Health		Senior Secured Amendment No. 1 Term Loan	S+		7.50	%	12.83	%	4/11/2023	11/30/2028		496,250		465,452		480,122
AccentCare		Senior Secured 2021 Term Loan (First Lien)	S+		4.00	%	9.33	%	6/15/2021	6/22/2026		487,500		487,500		455,813
RMP & MedA/Rx		Senior Secured Term Loan	S+		4.50	%	9.83	%	3/22/2021	2/6/2025		440,625		438,555		432,914
Western Dental		Senior Secured 2022 Incremental Term Loan	S+		5.25	%	10.58	%	6/21/2022	8/18/2028		492,500		484,666		392,064
RMP & MedA/Rx		Senior Secured Term Loan (First Lien)	S+		4.25	%	9.58	%	2/27/2017	2/6/2025		375,400		375,405		368,830
RevHealth	(j)	Senior Secured Revolving Loan	S+		5.75	%	11.08	%	1/24/2023	7/21/2028		359,589		359,589		336,907
InterMed	(j)	Senior Secured Revolving Loan	S+		6.50	%	11.83	%	12/22/2022	12/22/2028		215,983		194,384		213,046
Blue Cloud		Senior Secured Revolving Loan	S+		5.25	%	10.58	%	12/14/2022	1/21/2028		83,409		83,409		82,158
CPS	(j)	Senior Secured Revolving Credit Loan	S+		5.25	%	10.58	%	5/18/2022	6/1/2028		8,570		7,856		8,570
Ivy Rehab		Senior Secured Revolving Credit Loan (First Lien)	S+		4.75	%	10.08	%	3/11/2022	4/21/2028		—		(3,367)		—
OrthoNebraska	(j)	Senior Secured Revolving Loan	S+		6.50	%	11.83	%	7/31/2023	7/31/2027		—		(13,724)		—
Minds + Assembly	(j)	Senior Secured Revolving Loan	S+		6.50	%	11.83	%	5/3/2023	5/3/2029		—		(18,789)		—
Services: Business
LegalShield	(k)	Senior Secured Initial Term Loan (First Lien)	S+		3.75	%	9.08	%	12/7/2021	12/15/2028		4,421,250		4,388,068		4,397,773
Industrial Services Group	(j)	Unitranche Initial Term Loan	S+		6.25	%	11.58	%	12/7/2022	12/7/2028		4,157,848		4,058,184		4,157,848
InnovateMR	(j)	Unitranche Initial Term Loan	S+		6.00	%	11.33	%	12/16/2021	1/20/2028		4,172,974		4,120,139		4,085,662
CoAdvantage	(k)	Senior Secured 2023 1L Refinancing Term Loan (First Lien)	S+		5.50	%	10.83	%	8/2/2023	8/2/2029		3,840,375		3,840,375		3,866,778
RevSpring		Senior Secured Initial Term Loan (First Lien)	S+		4.00	%	9.33	%	10/5/2018	10/11/2025		3,800,000		3,798,515		3,790,500
Discovery Education		Unitranche Initial Term Loan (First Lien)	S+		5.75	%	11.08	%	3/25/2022	4/9/2029		3,768,153		3,713,836		3,711,630
Eliassen		Unitranche Initial Term Loan	S+		5.50	%	10.83	%	3/31/2022	4/14/2028		3,450,157		3,403,335		3,411,343
CoolSys		Senior Secured Closing Date Initial Term Loan	S+		4.75	%	10.08	%	8/4/2021	8/11/2028		3,001,388		2,978,911		2,948,864
The Facilities Group		Unitranche Initial Term Loan	S+		5.75	%	11.08	%	12/10/2021	11/30/2027		2,964,189		2,939,874		2,941,957

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

18

Audax Credit BDC Inc.

Schedule of Investments (Continued)

As of December 31, 2023

(Expressed in U.S. Dollars)

Portfolio Investments (a) (b) (c) (d) (e) (f)	Footnote Reference	Investment Type	Index (˄)	Spread			Interest Rate		Acquisition Date	Maturity Date	Par/Shares		Amortized Cost		Market Value
BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS - (92.1%) (g) (h) (i) (Continued):
Services: Business (continued)
Fleetwash		Senior Secured Incremental Term Loan	S+		4.75	%	10.08	%	9/25/2018	10/1/2024	$	2,843,513	$	2,839,221	$	2,822,186
Duff & Phelps	(k)	Senior Secured Initial Dollar Term Loan (First Lien)	S+		3.75	%	9.08	%	3/6/2020	4/9/2027		2,412,500		2,401,353		2,394,406
TRC Companies		Senior Secured Initial Term Loan (Second Lien)	S+		6.75	%	12.08	%	11/19/2021	12/7/2029		2,000,000		1,981,308		1,985,000
ECi Software	(k)	Senior Secured Initial Term Loan (First Lien)	S+		3.75	%	9.08	%	9/17/2020	11/9/2027		1,940,000		1,934,757		1,943,182
Mediaocean	(k)	Senior Secured Initial Term Loan	S+		3.50	%	8.83	%	12/9/2021	12/15/2028		1,965,000		1,950,313		1,925,700
Liberty Group	(j)	Unitranche Initial Term Loan	S+		5.75	%	11.08	%	6/6/2022	6/15/2028		1,925,568		1,893,021		1,925,568
Veregy		Senior Secured Initial Term Loan	S+		6.00	%	11.33	%	11/2/2020	11/3/2027		1,937,017		1,901,495		1,907,962
InnovateMR	(j)	Unitranche First Amendment Term Loan	S+		6.50	%	11.83	%	12/23/2022	1/20/2028		1,822,163		1,771,827		1,812,922
VC3	(j)	Senior Secured Delayed Draw Term Loan D	S+		5.25	%	10.58	%	9/16/2022	3/12/2027		1,543,293		1,496,631		1,543,293
Addison Group	(k)	Senior Secured Initial Term Loan	S+		4.00	%	9.33	%	1/19/2022	12/29/2028		1,473,750		1,470,933		1,465,468
Insight Global		Unitranche Closing Date Term Loan	S+		6.00	%	11.33	%	9/22/2021	9/22/2028		1,466,250		1,443,616		1,455,253
Health Management Associates		Senior Secured Term Loan A	S+		6.25	%	11.58	%	3/31/2023	3/30/2029		1,033,934		1,002,089		1,028,765
Colibri		Senior Secured First Amendment Incremental Term Loan	S+		5.00	%	10.33	%	11/9/2023	3/12/2029		1,000,000		975,000		992,500
Vistage		Senior Secured Initial Term Loan	S+		5.25	%	10.58	%	7/18/2022	7/13/2029		987,500		964,790		982,563
TRC Companies	(k)	Senior Secured Initial Term Loan (First Lien)	S+		3.75	%	9.08	%	11/19/2021	12/8/2028		982,502		978,854		982,502
Heartland	(k)	Senior Secured Senior Secured Term Loan	S+		5.75	%	11.08	%	12/1/2023	10/2/2029		999,941		976,608		979,942
eResearch	(k)	Senior Secured Initial Term Loan (First Lien)	S+		4.50	%	9.83	%	12/1/2020	2/4/2027		969,855		969,855		970,083
WIRB-Copernicus Group	(k)	Senior Secured Initial Term Loan (First Lien)	S+		4.00	%	9.33	%	12/13/2019	1/8/2027		965,000		960,432		968,320
Divisions Maintenance Group		Senior Secured Term B Loan	S+		4.75	%	10.08	%	5/21/2021	5/27/2028		977,500		970,721		965,281
trustaff		Senior Secured Initial Term Loan (First Lien)	S+		3.75	%	9.08	%	12/9/2021	3/6/2028		977,387		975,620		962,726
Secretariat International		Senior Secured Initial Term Loan (First Lien)	S+		5.01	%	10.34	%	12/16/2021	12/29/2028		966,204		962,401		958,957
Allied Benefit Systems		Senior Secured Initial Term Loan	S+		5.25	%	10.58	%	10/20/2023	10/31/2030		845,000		831,166		840,775
Diversified		Senior Secured Initial Term Loan	S+		6.50	%	11.83	%	4/19/2019	9/23/2024		854,937		850,492		839,976
Accolite	(k)	Senior Secured Initial Term Loan	S+		5.75	%	11.08	%	3/31/2023	3/13/2029		746,250		722,950		746,250
S&P Engineering Solutions		Senior Secured Initial Term Loan	S+		7.00	%	12.33	%	3/31/2023	5/2/2030		498,750		485,107		495,009
System One		Senior Secured Initial Term Loan	S+		4.00	%	9.33	%	1/28/2021	3/2/2028		487,500		485,964		482,016
OSG Billing Services	(k)	Senior Secured Last-Out Term Loan	S+		6.25	%	11.58	%	11/30/2023	11/30/2028		312,562		312,562		312,562
OSG Billing Services	(k)	Senior Secured First-Out Term Loan	S+		8.00	%	13.33	%	11/30/2023	5/30/2028		219,341		209,666		219,341
Industrial Services Group	(j)	Senior Secured Revolving Loan	S+		6.25	%	11.58	%	12/7/2022	12/7/2028		192,381		175,238		192,381
Vensure Employer Services	(k)	Senior Secured 2023 Delayed Draw Term B Loan	S+		5.25	%	10.58	%	12/7/2023	4/1/2027		60,958		60,958		60,501
Liberty Group	(j)	Senior Secured Revolving Loan	S+		5.75	%	11.08	%	6/6/2022	12/15/2028		45,455		40,909		45,455
S&P Engineering Solutions		Senior Secured Revolving Credit Loan	S+		7.00	%	12.33	%	3/31/2023	5/2/2029		—		(1,471)		—
Health Management Associates		Senior Secured Revolving Loan	S+		6.25	%	11.58	%	3/31/2023	3/30/2029		—		(2,131)		—
VC3	(j)	Senior Secured Revolving Credit	S+		5.25	%	10.58	%	7/21/2022	3/12/2027		—		(2,692)		—
Discovery Education		Senior Secured Revolving Credit Loan (First Lien)	S+		5.75	%	11.08	%	3/25/2022	4/7/2028		—		(4,038)		—
Heartland	(k)	Senior Secured Senior Secured Revolving Credit Facility	S+		5.75	%	11.08	%	12/1/2023	12/15/2029		—		(4,138)		—

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

19

Audax Credit BDC Inc.

Schedule of Investments (Continued)

As of December 31, 2023

(Expressed in U.S. Dollars)

Portfolio Investments (a) (b) (c) (d) (e) (f)	Footnote Reference	Investment Type	Index (˄)	Spread			Interest Rate		Acquisition Date	Maturity Date	Par/Shares		Amortized Cost		Market Value
BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS (h) (i) (Continued):
Banking, Finance, Insurance & Real Estate
Cerity Partners		Unitranche Initial Term Loan	S+		6.50	%	11.83	%	7/28/2022	7/30/2029	$	4,601,254	$	4,537,601	$	4,601,254
Cherry Bekaert	(j)	Unitranche Term B Loan	S+		5.25	%	10.58	%	6/13/2022	6/30/2028		4,201,177		4,110,703		4,201,177
Confluence		Senior Secured Initial Term Loan (First Lien)	S+		3.75	%	9.08	%	7/22/2021	7/31/2028		3,920,000		3,903,654		3,880,800
Alera		Unitranche 2022 Incremental Term Loan	S+		6.50	%	11.83	%	8/31/2022	10/2/2028		3,617,833		3,547,025		3,599,744
Ascensus	(k)	Senior Secured Initial Term Loan (First Lien)	S+		3.50	%	8.83	%	11/17/2021	8/2/2028		2,866,304		2,856,766		2,864,154
EPIC Insurance		Unitranche Closing Date Term Loan	S+		5.25	%	10.58	%	8/27/2021	9/29/2028		2,369,660		2,341,682		2,345,963
Beta+		Senior Secured Initial Term Loan	S+		5.75	%	11.08	%	6/24/2022	7/2/2029		1,975,000		1,867,637		1,955,250
Kestra Financial	(k)	Senior Secured Initial Term Loan	S+		4.25	%	9.58	%	4/29/2019	6/3/2026		1,915,000		1,907,517		1,919,788
Orion	(k)	Senior Secured 2021 Refinancing Term Loan (First Lien)	S+		3.75	%	9.08	%	8/4/2020	9/24/2027		1,455,103		1,445,707		1,439,657
SIAA	(j)	Unitranche Initial Term Loan	S+		6.25	%	11.58	%	4/21/2021	4/28/2028		1,149,008		1,133,848		1,149,008
Osaic	(j)(k)	Senior Secured Term B-2 Loan	S+		4.50	%	9.83	%	8/16/2023	8/17/2028		1,013,677		1,004,016		1,018,193
Community Brands		Unitranche Initial Term Loan	S+		5.50	%	10.83	%	2/23/2022	2/24/2028		982,500		965,408		975,131
LERETA		Senior Secured Initial Term Loan	S+		5.25	%	10.58	%	7/27/2021	7/30/2028		977,500		970,204		945,731
Steward Partners	(k)	Senior Secured Term Loan B	S+		5.50	%	10.83	%	12/8/2023	10/14/2028		800,000		776,000		784,000
Cherry Bekaert	(k)	Unitranche Amendment No.1 Term Loan	S+		5.75	%	11.08	%	10/11/2023	6/30/2028		726,387		711,823		711,859
EdgeCo		Senior Secured Third Amendment Term Loan (First Lien)	S+		4.75	%	10.08	%	3/29/2022	6/1/2026		554,010		535,786		547,777
Integro	(m)	Senior Secured 2022 Refinancing Term Loan (First Lien)	FIXED		12.25	%PIK	12.25	%	10/9/2015	10/30/2024		232,125		234,301		232,125
Beta+		Senior Secured Revolving Credit Loan	S+		4.25	%	9.58	%	6/24/2022	7/1/2027		27,629		21,413		27,353
EPIC Insurance		Senior Secured Revolving Loan	S+		5.25	%	10.58	%	8/27/2021	9/30/2027		—		(269)		—
Steward Partners		Senior Secured Revolving Credit	S+		5.50	%	10.83	%	12/20/2023	10/14/2028		—		(5,389)		—
High Tech Industries
Amplix	(k)	Unitranche First Amendment Term Loan	S+		6.40	%	11.58	%	10/19/2023	10/18/2029		3,501,593		3,402,234		3,414,054
Golden Source	(j)	Senior Secured Delayed Draw Term Loan	S+		5.50	%	10.83	%	3/25/2022	5/12/2028		3,414,850		3,345,804		3,412,858
Ivanti Software	(k)	Senior Secured 2021 Specified Refinancing Term Loan (First Lien)	S+		4.25	%	9.58	%	11/20/2020	12/1/2027		2,932,763		2,902,499		2,791,873
Planview	(k)	Senior Secured Closing Date Term Loan (First Lien)	S+		4.00	%	9.33	%	12/11/2020	12/17/2027		2,579,112		2,560,716		2,562,825
Idera	(k)	Senior Secured Term B-1 Loan (First Lien)	S+		3.75	%	9.08	%	6/27/2017	3/2/2028		2,546,938		2,547,125		2,538,979
Precisely	(k)	Senior Secured Third Amendment Term Loan (First Lien)	S+		4.00	%	9.33	%	3/19/2021	4/23/2028		2,443,750		2,434,611		2,429,088
Barracuda		Senior Secured Initial Term Loan (Second Lien)	S+		7.00	%	12.33	%	5/17/2022	8/15/2030		2,000,000		1,943,410		1,955,000

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

20

Audax Credit BDC Inc.

Schedule of Investments (Continued)

As of December 31, 2023

(Expressed in U.S. Dollars)

Portfolio Investments (a) (b) (c) (d) (e) (f)	Footnote Reference	Investment Type	Index (˄)	Spread			Interest Rate		Acquisition Date	Maturity Date	Par/Shares		Amortized Cost		Market Value
BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS (h) (i) (Continued):
High Tech Industries (Continued)
QuickBase		Senior Secured Term Loan (First Lien)	S+		3.75	%	9.33	%	3/29/2019	4/2/2026	$	1,910,000	$	1,906,929	$	1,900,450
Intermedia		Senior Secured New Term Loan (First Lien)	S+		6.00	%	11.33	%	7/13/2018	7/21/2025		1,900,000		1,896,491		1,885,750
HelpSystems	(k)	Senior Secured Term Loan	S+		4.00	%	9.33	%	12/19/2019	11/19/2026		1,949,472		1,945,096		1,852,701
OEConnection	(k)	Senior Secured Initial Term Loan	S+		4.00	%	9.33	%	9/24/2019	9/25/2026		1,575,942		1,573,078		1,575,374
Digital Room		Senior Secured Closing Date Term Loan (First Lien)	S+		5.25	%	10.58	%	12/16/2021	12/21/2028		1,473,750		1,462,575		1,459,013
WellSky	(k)	Senior Secured Incremental Term B-1 Loan (First Lien)	S+		5.75	%	11.08	%	8/16/2022	3/10/2028		987,500		963,276		988,557
Infoblox	(k)	Senior Secured Initial Term Loan (First Lien)	S+		3.75	%	9.08	%	10/7/2020	12/1/2027		975,000		972,231		975,731
SmartBear	(k)	Senior Secured Initial Term Loan (First Lien)	S+		4.25	%	9.58	%	11/20/2020	3/3/2028		975,000		968,420		975,487
ORBCOMM		Senior Secured Closing Date Term Loan (First Lien)	S+		4.25	%	9.58	%	6/17/2021	9/1/2028		977,500		973,842		934,734
Aptean	(k)	Senior Secured Initial Term Loan (First Lien)	S+		4.25	%	9.58	%	12/31/2023	4/23/2026		500,000		495,000		500,103
Cloudera	(k)	Senior Secured Initial Term Loan (First Lien)	S+		3.75	%	9.08	%	8/10/2021	10/8/2028		491,250		487,666		487,873
Barracuda	(k)	Senior Secured Initial Term Loan (First Lien)	S+		4.50	%	9.83	%	5/17/2022	8/15/2029		495,000		482,471		484,637
Amplix		Unitranche Revolving Credit Loan	S+		6.40	%	11.58	%	10/19/2023	10/18/2029		—		(8,242)		—
Golden Source	(j)	Senior Secured Revolving Loan	S+		5.50	%	10.83	%	8/22/2022	5/12/2028		—		(9,390)		—
Containers, Packaging & Glass
InMark	(j)	Unitranche Incremental Term Loan	S+		6.00	%	11.33	%	12/10/2021	12/23/2026		6,354,184		6,256,539		6,354,184
Brook & Whittle		Senior Secured Initial Term Loan (First Lien)	S+		4.00	%	9.33	%	12/9/2021	12/14/2028		3,099,665		3,079,527		3,068,669
Transcendia		Senior Secured 2017 Refinancing Term Loan (First Lien)	S+		3.50	%	8.83	%	5/11/2017	5/30/2024		3,283,118		3,281,901		2,659,326
Anchor Packaging	(k)	Senior Secured Initial Term Loan (First Lien)	S+		3.50	%	8.83	%	7/17/2019	7/18/2026		2,464,933		2,459,138		2,455,690
PCI	(k)	Senior Secured Term B Loan (First Lien)	S+		3.50	%	8.83	%	9/25/2020	11/30/2027		2,419,063		2,413,275		2,423,599
Paragon Films		Senior Secured Closing Date Term Loan (First Lien)	S+		5.00	%	10.33	%	12/15/2021	12/16/2028		2,031,007		2,014,514		2,020,852
Intertape Polymer	(k) (n)	Senior Secured Initial Term Loan (First Lien)	S+		4.75	%	10.08	%	6/15/2022	6/28/2028		1,975,000		1,912,753		1,829,966
TricorBraun	(k)	Senior Secured Closing Date Initial Term Loan (First Lien)	S+		3.25	%	8.58	%	1/29/2021	3/3/2028		1,792,002		1,785,730		1,784,252
Resource Label Group	(k)	Senior Secured Closing Date Initial Term Loan (First Lien)	S+		4.25	%	9.58	%	7/2/2021	7/7/2028		1,842,152		1,835,502		1,737,149
Technimark		Senior Secured Initial Term Loan (First Lien)	S+		3.75	%	9.08	%	6/30/2021	7/7/2028		1,462,500		1,457,402		1,451,531
Tekni-Plex	(k)	Senior Secured Tranche B-3 Initial Term Loan	S+		4.00	%	9.33	%	7/29/2021	9/15/2028		1,116,901		1,114,979		1,115,276
Novolex	(k)	Senior Secured Term B Loan (First Lien)	S+		4.18	%	9.51	%	3/30/2022	4/13/2029		985,000		966,127		990,541
Lacerta		Senior Secured Term Loan	S+		5.50	%	10.83	%	2/8/2021	12/30/2026		970,000		963,490		948,175
Applied Adhesives		Senior Secured Term A Loan	S+		4.75	%	10.08	%	3/12/2021	3/12/2027		615,240		611,369		610,625
Industrial Physics		Senior Secured Initial Term Loan	S+		6.25	%	11.58	%	7/18/2023	7/19/2029		500,000		483,469		495,000
Pregis	(k)	Senior Secured Third Amendment Refinancing Term Loan (First Lien)	S+		3.75	%	9.08	%	12/9/2020	7/31/2026		488,750		487,441		490,470
Five Star Packaging		Senior Secured Initial Term Loan (First Lien)	S+		4.25	%	9.58	%	4/27/2022	5/5/2029		493,750		487,849		488,195
Golden West Packaging		Senior Secured Initial Term Loan	S+		5.25	%	10.58	%	11/29/2021	12/1/2027		468,750		465,210		457,031
Applied Adhesives		Senior Secured Revolving Loan	S+		4.75	%	10.08	%	3/12/2021	3/12/2027		—		(616)		—
Industrial Physics		Senior Secured Revolving Credit Loan	S+		6.25	%	11.58	%	7/18/2023	7/31/2028		—		(3,233)		—

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

21

Audax Credit BDC Inc.

Schedule of Investments (Continued)

As of December 31, 2023

(Expressed in U.S. Dollars)

Portfolio Investments (a) (b) (c) (d) (e) (f)	Footnote Reference	Investment Type	Index (˄)	Spread			Interest Rate		Acquisition Date	Maturity Date	Par/Shares		Amortized Cost		Market Value
BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS (h) (i) (Continued):
Capital Equipment
Tank Holding		Unitranche Initial Term Loan	S+		5.75	%	11.08	%	3/25/2022	3/31/2028	$	3,940,000	$	3,879,002	$	3,900,600
Plaskolite	(k)	Senior Secured 2021-1 Refinancing Term Loan (First Lien)	S+		4.00	%	9.33	%	12/12/2018	12/15/2025		3,802,475		3,779,055		3,645,623
Excelitas		Unitranche Closing Date Euro Term Loan	S+		5.75	%	11.08	%	6/15/2022	8/12/2029		2,939,870		2,982,279		2,910,471
Burke Porter Group		Senior Secured Closing Date Term Loan	S+		6.00	%	11.33	%	9/30/2022	7/29/2029		2,310,000		2,255,557		2,269,575
Shaw		Senior Secured Initial Senior Term Facility	S+		6.00	%	11.33	%	9/30/2023	10/30/2029		1,787,234		1,750,224		1,773,830
Flow Control Group	(k)	Senior Secured Initial Term Loan (First Lien)	S+		3.75	%	9.08	%	3/17/2021	3/31/2028		1,649,289		1,647,350		1,652,587
Radwell		Unitranche Initial Term Loan	S+		6.53	%	11.86	%	3/11/2022	4/1/2029		1,489,500		1,469,513		1,482,053
Therm-O-Disc		Senior Secured Initial Term Loan (First Lien)	S+		6.00	%	11.33	%	5/26/2022	5/31/2029		987,500		923,554		948,000
MW Industries		Senior Secured Initial Term Loan	S+		7.00	%	12.33	%	3/31/2023	3/31/2030		945,910		919,986		938,816
Cleaver Brooks		Senior Secured Initial Term Loan	S+		5.75	%	11.08	%	7/18/2022	7/18/2028		919,712		904,482		919,712
TriMark		Senior Secured Second Amendment Tranche B Loan (Super Senior priority)	S+		3.50	%	8.83	%	1/31/2022	8/28/2024		953,731		953,731		572,239
Culligan	(k)	Senior Secured 2022 Refinancing Term B Loan	S+		3.75	%	9.08	%	6/17/2021	7/31/2028		554,063		551,569		555,176
Bad Boy Mowers		Senior Secured Initial Term Loan	S+		6.00	%	11.33	%	11/29/2023	11/2/2029		500,000		487,500		496,250
CIRCOR		Unitranche Initial Term Loan	S+		6.00	%	11.33	%	9/30/2023	10/18/2030		500,000		490,196		496,250
Ohio Transmission	(k)	Unitranche Term Loan	S+		5.75	%	11.08	%	12/12/2023	4/28/2026		500,000		487,333		495,000
Duravant	(k)	Senior Secured Incremental Amendment No. 5 Term Loan (First Lien)	S+		3.50	%	8.83	%	3/5/2020	5/19/2028		482,576		482,576		480,539
Infinite Electronics		Senior Secured Initial Term Loan (First Lien)	S+		3.75	%	9.08	%	2/24/2021	3/2/2028		487,575		486,814		479,042
SPX Flow	(k)	Senior Secured Term Loan	S+		4.50	%	9.83	%	3/18/2022	4/5/2029		435,707		420,372		437,704
Burke Porter Group		Senior Secured Revolving Credit Loan	S+		6.00	%	11.33	%	8/11/2022	7/29/2028		57,991		47,586		56,976
Tank Holding		Senior Secured Revolving Credit Loan	S+		5.75	%	11.08	%	3/25/2022	3/31/2028		39,385		36,431		38,991
Radwell		Senior Secured Revolving Loan	S+		6.75	%	12.08	%	3/11/2022	4/1/2028		16,000		14,800		15,920
Ohio Transmission		Senior Secured Revolving Facility	S+		5.50	%	10.83	%	12/19/2023	12/19/2029		—		(693)		—
CIRCOR		Senior Secured Revolving Credit Loan	S+		6.00	%	11.33	%	10/20/2023	10/18/2029		—		(1,151)		—
Cleaver Brooks		Senior Secured Revolving Loan	S+		5.75	%	11.08	%	7/21/2022	7/31/2028		—		(2,462)		—
Services: Consumer
Ned Stevens 2022-2	(j)	Unitranche Initial Term Loan	S+		6.50	%	11.83	%	11/1/2022	11/1/2029		4,361,461		4,246,352		4,361,461
A Place For Mom		Senior Secured Term Loan	S+		4.50	%	9.83	%	7/28/2017	2/10/2026		2,181,019		2,181,099		2,159,209
Smart Start		Senior Secured Term B Loan (Second Lien)	S+		7.75	%	13.08	%	12/10/2021	12/16/2029		2,000,000		1,972,307		1,955,000
Smart Start		Senior Secured Term B Loan (First Lien)	S+		4.50	%	9.83	%	12/10/2021	12/16/2028		1,960,000		1,952,058		1,915,900
Apex Service Partners		Unitranche Term Loan	S+		5.00	%	10.33	%	10/16/2023	10/24/2030		1,843,015		1,824,352		1,829,192
FullBloom		Senior Secured Initial Term Loan (First Lien)	S+		4.00	%	9.33	%	12/10/2021	12/15/2028		1,477,500		1,466,323		1,470,113
Teaching Strategies		Senior Secured Initial Term Loan (First Lien)	S+		4.25	%	9.58	%	8/19/2021	8/31/2028		980,000		971,846		968,975
Spring Education	(k)	Senior Secured Initial Term Loan	S+		4.50	%	9.83	%	10/5/2023	10/4/2030		950,000		950,000		953,919
Aegis Sciences		Senior Secured Initial Term Loan (2018) (First Lien)	S+		5.50	%	10.83	%	5/4/2018	5/9/2025		577,093		575,661		564,108
Apex Service Partners		Senior Secured Revolving Credit Loan	S+		6.50	%	11.83	%	10/16/2023	10/24/2029		11,690		10,229		11,603
Legacy Service Partners		Unitranche Closing Date Term Loan	S+		6.50	%	11.83	%	10/25/2023	1/9/2029		—		(5,000)		—
Ned Stevens 2022-2	(j)	Senior Secured Revolving Loan	S+		6.75	%	12.08	%	11/1/2022	11/1/2029		—		(10,154)		—

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

22

Audax Credit BDC Inc.

Schedule of Investments (Continued)

As of December 31, 2023

(Expressed in U.S. Dollars)

Portfolio Investments (a) (b) (c) (d) (e) (f)	Footnote Reference	Investment Type	Index (˄)	Spread			Interest Rate		Acquisition Date	Maturity Date	Par/Shares		Amortized Cost		Market Value
BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS (h) (i) (Continued):
Chemicals, Plastics & Rubber
DuBois Chemicals		Senior Secured Term Loan (Second Lien) - 2019	S+		8.50	%	13.83	%	10/8/2019	9/30/2027	$	3,000,000	$	2,986,732	$	2,977,500
Vertellus		Senior Secured Initial Term Loan	S+		5.75	%	11.08	%	12/18/2020	12/22/2027		2,932,838		2,882,954		2,815,524
Unifrax	(k)	Senior Secured USD Term Loan (First Lien)	S+		3.75	%	9.08	%	11/5/2018	12/12/2025		2,376,190		2,361,477		2,222,795
USALCO	(k)	Unitranche Term Loan A	S+		6.00	%	11.33	%	10/26/2021	10/19/2027		1,960,000		1,945,924		1,920,800
Boyd Corp	(k)	Senior Secured Initial Loan (Second Lien)	S+		6.75	%	12.08	%	8/16/2018	9/6/2026		2,000,000		2,001,035		1,800,840
DuBois Chemicals	(k)	Senior Secured Term Loan B (First Lien)	S+		4.50	%	9.83	%	10/8/2019	9/30/2026		1,741,436		1,722,733		1,733,817
Ascensus Specialties		Senior Secured Initial Term Loan	S+		4.25	%	9.71	%	12/3/2021	6/30/2028		488,700		482,346		472,817
Boyd Corp	(k)	Senior Secured Initial Term Loan (First Lien)	S+		3.50	%	8.83	%	11/7/2018	9/6/2025		482,188		472,206		466,618
Polytek		Senior Secured Term Loan	S+		6.75	%	12.08	%	12/23/2020	9/20/2024		485,156		482,673		465,750
Vertellus		Senior Secured Revolving Credit Loan	S+		5.75	%	11.08	%	12/18/2020	12/22/2025		199,614		189,484		191,629
USALCO	(k)	Senior Secured Revolving Loan	S+		6.00	%	11.33	%	10/26/2021	10/19/2026		133,065		129,839		130,403
Transportation: Cargo
Evans Network		Senior Secured Initial Term Loan (First Lien)	S+		4.25	%	9.58	%	8/6/2021	8/19/2028		3,590,816		3,561,375		3,545,931
Capstone Logistics		Senior Secured Closing Date Term Loan (First Lien)	S+		4.75	%	10.08	%	11/12/2020	11/12/2027		2,074,268		2,060,969		2,069,082
AIT Worldwide Logistics	(k)	Senior Secured Initial Term Loan (First Lien)	S+		4.75	%	10.08	%	12/9/2021	4/6/2028		1,955,000		1,951,381		1,944,003
Worldwide Express	(k)	Senior Secured Initial Term Loan (First Lien)	S+		4.00	%	9.33	%	7/23/2021	7/26/2028		1,470,000		1,461,801		1,444,775
St. George Logistics		Senior Secured Initial Term Loan	S+		6.00	%	11.33	%	4/28/2022	3/24/2028		1,477,500		1,461,453		1,444,256
FLS Transportation		Senior Secured Term B Loan	S+		5.25	%	10.58	%	4/14/2022	12/15/2028		1,205,217		1,195,851		1,178,100
Omni Logistics		Senior Secured Initial Term Loan (First Lien)	S+		5.00	%	10.33	%	11/24/2021	12/30/2026		1,204,643		1,196,096		1,165,492
Magnate		Senior Secured Initial Term Loan (First Lien)	S+		5.50	%	10.83	%	3/11/2022	12/29/2028		951,342		935,912		929,936
Omni Logistics		Senior Secured Revolving Credit Loan (First Lien)	L+		5.00	%	10.33	%	11/24/2021	12/30/2025		88,933		87,814		86,043
FLS Transportation		Senior Secured Revolving Credit Loan	S+		5.25	%	10.58	%	4/14/2022	12/17/2027		—		(889)		—
Automotive
Engine & Transmission Exchange	(j)	Senior Secured Term Loan A	S+		6.50	%	11.83	%	5/26/2023	5/29/2029		4,254,276		4,135,237		4,254,276
Highline		Senior Secured Initial Term Loan (First Lien)	S+		4.50	%	9.83	%	10/29/2020	11/9/2027		2,784,886		2,741,266		2,743,113
BBB Industries	(k)	Senior Secured Initial Term Loan (First Lien)	S+		5.25	%	10.58	%	6/30/2022	7/25/2029		2,099,960		1,927,014		1,996,054
Rough Country		Senior Secured Initial Term Loan (First Lien)	S+		3.25	%	8.58	%	7/26/2021	7/28/2028		1,955,000		1,951,421		1,945,225
Truck Hero	(k)	Senior Secured Initial Term Loan	S+		3.50	%	8.83	%	1/20/2021	1/31/2028		1,458,750		1,458,750		1,442,944
Innovative XCessories		Senior Secured Initial Term Loan	S+		4.25	%	9.58	%	2/27/2020	3/5/2027		777,830		777,305		668,934
Safe Fleet		Senior Secured Initial Term Loan (Second Lien)	S+		6.75	%	12.08	%	2/23/2022	2/2/2026		500,000		500,000		496,250
Engine & Transmission Exchange	(j)	Senior Secured Revolving Loan	S+		6.50	%	11.83	%	5/26/2023	5/25/2029		—		(15,392)		—

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

23

Audax Credit BDC Inc.

Schedule of Investments (Continued)

As of December 31, 2023

(Expressed in U.S. Dollars)

Portfolio Investments (a) (b) (c) (d) (e) (f)	Footnote Reference	Investment Type	Index (˄)	Spread				Interest Rate		Acquisition Date	Maturity Date	Par/Shares		Amortized Cost		Market Value
BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS (h) (i) (Continued):
Environmental Industries
Alliance Environmental Group	(j)	Unitranche Initial Term Loan	S+	3.00	%	3.00	%PIK	11.33	%	12/30/2021	12/30/2027	$	4,341,338	$	4,278,997	$	4,207,260
Vortex	(j)	Unitranche Initial Term Loan	S+			6.00	%	11.33	%	9/1/2023	9/4/2029		4,042,671		3,966,124		3,964,267
Denali Water Solutions		Senior Secured Closing Date Term Loan	S+			4.25	%	9.58	%	3/18/2021	3/27/2028		1,950,000		1,935,411		1,906,125
Crystal Clean	(k)	Senior Secured Initial Term Loan	S+			5.00	%	10.33	%	10/5/2023	10/17/2030		1,000,000		975,000		1,003,750
Keter Environmental Services		Unitranche Closing Date Term Loan	S+			6.50	%	11.83	%	11/5/2021	10/29/2027		490,000		486,488		486,325
Denali Water Solutions		Senior Secured Amendment No. 3 Term Loan	S+			4.63	%	9.96	%	5/5/2022	3/27/2028		465,473		452,705		455,000
Alliance Environmental Group	(j)	Senior Secured Revolving Loan	S+			6.00	%	11.33	%	12/30/2021	12/30/2027		306,291		299,669		296,832
Vortex	(j)	Senior Secured Revolving Loan	S+			6.00	%	11.33	%	9/1/2023	9/4/2029		51,699		17,183		50,696
Keter Environmental Services		Senior Secured Revolving Loan	S+			6.50	%	11.83	%	11/5/2021	10/29/2027		—		(775)		—
Aerospace & Defense
CPI International		Unitranche Initial Term Loan	S+			5.50	%	10.83	%	5/18/2022	10/8/2029		2,977,500		2,919,277		2,910,506
HDT Global		Senior Secured Initial Term Loan	S+			5.75	%	11.08	%	6/30/2021	7/8/2027		3,106,250		3,031,502		2,485,000
Whitcraft		Senior Secured Initial Term Loan	S+			7.00	%	12.33	%	3/31/2023	2/15/2029		1,985,000		1,913,205		1,975,075
Amentum	(k)	Senior Secured Tranche 3 Term Loan (First Lien)	S+			4.00	%	9.33	%	2/10/2022	2/15/2029		1,970,000		1,961,871		1,974,433
Peraton	(k)	Senior Secured Term B Loan (First Lien)	S+			3.75	%	9.08	%	2/23/2021	2/1/2028		951,845		948,813		955,414
API Technologies		Senior Secured Initial Term Loan (First Lien)	S+	1.00	%	6.00	% PIK	6.33	%	1/15/2020	5/9/2026		964,824		951,177		752,563
BlueHalo		Unitranche Initial Term Loan	S+			6.50	%	11.83	%	11/17/2021	10/31/2025		489,015		484,221		481,680
Novaria Group		Senior Secured Initial Term Loan	S+			5.50	%	10.83	%	1/24/2020	1/27/2027		481,250		478,973		475,234
BlueHalo		Senior Secured Revolving Loan	S+			6.50	%	11.83	%	11/17/2021	10/31/2025		58,084		56,595		57,212
API Technologies		Senior Secured Priming Facillity	S+	1.00	%	6.00	% PIK	6.33	%	11/3/2023	3/25/2027		51,154		49,620		39,900
Whitcraft		Senior Secured Revolving Loan	S+			7.00	%	12.33	%	3/31/2023	2/15/2029		17,857		7,143		17,768
Beverage, Food & Tobacco
Bettcher Industries		Senior Secured Initial Term Loan (Second Lien)	S+			7.25	%	12.58	%	12/13/2021	12/14/2029		2,500,000		2,480,426		2,475,000
Bettcher Industries		Senior Secured Initial Term Loan (First Lien)	S+			4.00	%	9.33	%	12/13/2021	12/14/2028		1,965,000		1,948,322		1,942,894
Hissho Sushi	(j)	Unitranche Term Loan	S+			5.50	%	10.83	%	4/7/2022	5/18/2028		1,829,286		1,798,374		1,829,286
Dessert Holdings		Senior Secured Initial Term Loan (First Lien)	S+			4.00	%	9.33	%	6/7/2021	6/9/2028		1,743,962		1,734,080		1,700,363
Monogram Foods		Senior Secured Initial Term Loan	S+			4.00	%	9.33	%	8/13/2021	8/28/2028		980,000		972,720		967,750
Hissho Sushi	(j)	Senior Secured Revolving Credit Loan	S+			6.00	%	11.33	%	4/7/2022	5/18/2028		—		(667)		—
Construction & Building
A1 Garage Door Service	(j)	Unitranche Term Loan A	S+			6.50	%	11.83	%	12/22/2022	12/22/2028		2,236,020		2,172,995		2,236,020
Tangent		Senior Secured Closing Date Term Loan (First Lien)	S+			4.75	%	10.08	%	10/2/2019	11/30/2027		1,763,235		1,758,095		1,714,746
PlayPower		Senior Secured Initial Term Loan	S+			5.50	%	10.83	%	5/10/2019	5/8/2026		1,718,028		1,718,028		1,670,782
Specialty Products & Insulation	(k)	Senior Secured Tranche B-1 Term Loan	S+			5.00	%	10.33	%	3/16/2022	12/21/2027		984,023		976,282		984,023
Dodge Construction Network		Senior Secured Initial Term Loan (First Lien)	S+			4.75	%	10.08	%	2/10/2022	2/23/2029		985,000		973,652		871,109
A1 Garage Door Service	(j)	Senior Secured Revolving Loan	S+			6.50	%	11.83	%	12/22/2022	12/23/2028		—		(8,264)		—

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

24

Audax Credit BDC Inc.

Schedule of Investments (Continued)

As of December 31, 2023

(Expressed in U.S. Dollars)

Portfolio Investments (a) (b) (c) (d) (e) (f)	Footnote Reference	Investment Type	Index (˄)	Spread			Interest Rate		Acquisition Date	Maturity Date	Par/Shares		Amortized Cost		Market Value
BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS (h) (i) (Continued):
Wholesale
GME Supply		Unitranche Initial Term Loan	S+		6.25	%	11.58	%	7/5/2023	7/6/2029	$	3,794,452	$	3,695,591	$	3,708,404
Carlisle Foodservice		Unitranche Term Loan	S+		6.00	%	11.33	%	9/29/2023	9/11/2030		1,000,000		978,980		992,500
Carlisle Foodservice		Senior Secured Revolving Loan	S+		6.00	%	11.33	%	9/29/2023	10/2/2029		—		(3,223)		—
GME Supply		Senior Secured Revolving Loan	S+		6.25	%	11.58	%	7/5/2023	7/5/2027		—		(13,831)		—
Consumer Goods: Non-durable
Augusta Sportswear	(k)	Senior Secured Initial Term Loan	S+		6.50	%	11.83	%	11/21/2023	11/21/2029		4,500,000		4,410,000		4,410,000
Media: Advertising, Printing & Publishing
MediaRadar	(j)	Unitranche Closing Date Term A Loan	S+		5.75	%	11.08	%	5/23/2022	6/1/2029		1,814,074		1,776,598		1,791,988
MediaRadar		Unitranche 2023 Incremental Term Loan	S+		6.25	%	11.58	%	10/31/2023	9/17/2029		957,150		933,221		945,497
MediaRadar	(j)	Senior Secured Revolving Loan	S+		6.00	%	11.33	%	9/16/2022	7/22/2028		—		(10,168)		—
Metals & Mining
Dynatect (A&A)		Senior Secured Term B Loan	S+		4.50	%	9.83	%	8/16/2019	9/30/2024		1,674,858		1,669,246		1,662,296
Retail
Varsity Brands	(k)	Senior Secured Third Amendment Extended Term Loan (First Lien)	S+		5.00	%	10.33	%	10/17/2018	12/15/2026		947,649		949,734		943,901
StubHub	(k)	Senior Secured USD Term B Loan	S+		3.50	%	8.83	%	1/31/2020	2/12/2027		480,000		478,894		473,498
Forest Products & Paper
Loparex		Senior Secured Initial Term Loan (First Lien)	S+		4.50	%	9.83	%	7/29/2019	7/31/2026		1,436,250		1,430,208		1,364,438
Utilities: Water
Aegion	(k)	Senior Secured Initial Term Loan	S+		4.75	%	10.08	%	4/1/2021	5/17/2028		978,082		974,737		978,082
Energy: Oil & gas
AmSpec	(k)	Senior Secured Closing Date Term Loan	S+		5.75	%	11.08	%	10/11/2023	12/5/2030		1,000,000		986,093		975,000
AmSpec		Senior Secured Revolving Loan	S+		5.75	%	11.08	%	12/4/2023	12/14/2029		—		(3,634)		—
Energy: Electricity
Franklin Energy		Senior Secured Term B Loan (First Lien)	S+		4.00	%	9.33	%	8/14/2019	8/14/2026		957,500		956,363		938,350
Hotels, Gaming & Leisure
Auto Europe		Senior Secured Initial Dollar Term Loan	S+		7.50	%	12.83	%	10/19/2016	4/21/2025		938,318		938,318		919,552
Consumer Goods: Durable
Careismatic		Senior Secured Initial Term Loan (First Lien)	S+		3.25	%	8.58	%	1/22/2021	1/6/2028		487,500		486,664		287,625
Total Bank Loans													$	385,290,924	$	381,763,367

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

25

Audax Credit BDC Inc.

Schedule of Investments (Continued)

As of December 31, 2023

(Expressed in U.S. Dollars)

Portfolio Investments (a) (b) (c) (d) (e) (f)	Footnote Reference	Investment Type	Index (˄)	Spread	Interest Rate	Acquisition Date	Maturity Date	Par/Shares		Amortized Cost		Market Value
EQUITY AND PREFERRED SHARES: NON-CONTROL/NON-AFFILIATE INVESTMENTS- (1.2%) (g) (h):
High Tech Industries
PracticeTek	(j) (o) (p)	Class A Units				11/22/2021		$	615,631	$	648,053	$	673,164
Amplix	(j) (o) (q)	Class A-2 Units				10/19/2023			23,810		238,095		238,095
Golden Source	(j) (o) (r)	Class A Units				3/25/2022			117,371		117,371		187,455
Services: Business
InnovateMR	(j) (o) (s)	Class A Units				12/16/2021			387		387,311		447,268
Industrial Services Group	(j) (o) (t)	Class A Units				12/7/2022			238		238,095		270,179
Liberty Group	(j) (o) (u)	Series A-Preferred Units				6/6/2022			113,636		113,636		140,225
Heartland	(o) (v)	Co-Invest Units				12/12/2023			889		88,889		88,889
VC3	(j) (o) (w)	Class A Units				9/16/2022			15,279		62,282		65,700
OSG Billing Services	(o) (x)	Class A Units				11/30/2023			27,208		—		—
Healthcare & Pharmaceuticals
OrthoNebraska	(j) (o) (y)	Class A Units				7/31/2023			24,245		242,452		258,253
Minds + Assembly	(j) (o) (z)	Class A Units				5/3/2023			217		217,391		257,347
InterMed	(j) (o) (aa)	Class A Units				12/22/2022			2,484		248,380		144,227
Ivy Rehab	(o) (ab)	Class A Units				3/11/2022			100		100,000		102,137
RevHealth	(j) (o) (ac)	Class A-1 Units				7/22/2022			20,548		205,479		87,436
Beverage, Food & Tobacco
Hissho Sushi	(j) (o) (ad)	Class A Units				4/7/2022			25,000		250,000		442,054
Construction & Building
A1 Garage Door Service	(j) (o) (ae)	Class A Common Units				12/22/2022			273		272,727		376,917
Environmental Industries
Vortex	(j) (o) (af)	LP Common Units				9/1/2023			190		189,759		224,025
Alliance Environmental Group	(j) (o) (ag)	A-1 Preferred Units				9/30/2019			331		331,126		107,177
Services: Consumer
Ned Stevens 2022-2	(j) (o) (ah)	Class B Common Units				11/1/2022			279		278,990		278,990
Banking, Finance, Insurance & Real Estate
Cherry Bekaert	(j) (o) (ai)	Class A Units				6/30/2022			129,870		129,870		216,572
Beta+	(o) (aj)	Class A-2 Common Stock				9/15/2023			2,470		24,700		24,700
American Beacon Advisors	(o) (ak)	Common Units				12/29/2023			16,071		—		—
Automotive
Engine & Transmission Exchange	(j) (o) (al)	Class A-1 Units				5/26/2023			211,268		211,268		239,133
Wholesale
GME Supply	(j) (o) (am)	Class A Units				6/30/2023			272,422		272,422		235,688
Chemicals, Plastics & Rubber
Vertellus	(o) (an)	Series A Units				12/22/2020			1,651		165,138		178,570
Media: Advertising, Printing & Publishing
MediaRadar	(j) (o) (ao)	Class A-1 Units				9/16/2022			147,000		147,000		147,000
Total Equity and Preferred Shares										$	5,180,434	$	5,431,201
Total Portfolio Investments (ap)										$	390,471,358	$	387,194,568

26

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

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

(b) Interest rate percentages represent actual interest rates as of December, 2023, which are indexed to the noted reference rate. The referenced rates are subject to interest floors which can vary based on contractual agreements with the borrower.

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

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

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

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

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

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

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

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

(k) Investment was valued using Level 2 inputs within the ASC 820 fair value hierarchy. Refer to Note 3 – Investments in the accompanying Notes to Financial Statements for additional information.

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

(m) The Company headquarters for Integro is located in United Kingdom.

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

(o) Investment is non-income producing.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

27

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

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

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

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

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

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

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

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

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

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

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

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

(ap)At December 31, 2023, the cost of investments for income tax purposes was $390,467,107, the gross unrealized depreciation for federal tax purposes was $6,492,193, the gross unrealized appreciation for federal income tax purposes was $3,219,654, and the net unrealized depreciation was $3,272,539.

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

28

Audax Credit BDC Inc.

Notes to Financial Statements

March 31, 2024

(unaudited)

Note 1. Organization

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

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

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

Note 2. Significant Accounting Policies

Basis of Presentation

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

Certain financial information that is normally included in annual 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 Company, 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 Company are maintained in U.S. dollars.

Use of Estimates

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

Cash and Cash Equivalents

Cash and cash equivalents are stated at fair value. The Company considers all highly liquid investments purchased with maturities of three months or less and money market mutual funds to be cash equivalents. No cash equivalent balances were held as of March 31, 2024 and December 31, 2023. At such dates, cash was not subject to any restrictions on withdrawal.

29

Expenses

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

Investment Valuation Policy

The Company conducts the valuation of the Company’s investments, pursuant to which the Company’s net asset value is determined, at all times consistent with GAAP and the 1940 Act. The Company’s Board of Directors (the “Board of Directors”), with the assistance of the Company’s Audit Committee (the “Audit Committee”), determines the fair value of the Company’s investments, for investments with a public market and for investments with no readily available public market, on at least a quarterly basis, in accordance with the terms of ASC Topic 820, “Fair Value Measurement,” (“ASC 820”). The Company’s valuation procedures are set forth in more detail below.

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

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

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

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

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

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

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

30

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

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

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

(i)  Each portfolio company or investment is initially valued by the investment professionals of the Adviser responsible for the portfolio investment using a standardized template designed to approximate fair market value based on observable market inputs and updated credit statistics and unobservable inputs. Additionally, as a part of the Company’s valuation process, the Adviser may employ the services of one or more independent valuation firms engaged by the Company;

(ii)  Preliminary valuation conclusions are documented and discussed with the Company’s senior management and members of the Adviser’s valuation team;

(iii)  The Audit Committee reviews the assessments of the Adviser or independent valuation firm (to the extent applicable) and provides the Board of Directors with recommendations with respect to the fair value of the investments in the Company’s portfolio; and

(iv)  The Board of Directors discusses the valuation recommendations of the Audit Committee and determines the fair value of the investments in the Company’s portfolio in good faith based on the input of the Adviser, the independent valuation firm (to the extent applicable) and in accordance with the Company’s valuation policy.

The Audit Committee’s recommendation of fair value is generally based on its assessment of the following factors, as relevant:

● the nature and realizable value of any collateral;

● call features, put features and other relevant terms of debt;

● the portfolio company’s ability to make payments;

● the portfolio company’s actual and expected earnings and discounted cash flow;

● prevailing interest rates for like securities and expected volatility in future interest rates;

● the markets in which the portfolio company does business and recent economic and/or market events; and

● comparisons to publicly traded securities.

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

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

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

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

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

● securities whose prices are stale; and

● securities affected by significant events.

The Board of Directors is responsible for the determination, in good faith, of the fair value of the Company’s portfolio investments.

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

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

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

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

Interest Income Recognition

Interest income, adjusted for amortization of premium, acquisition costs, and amendment fees and the accretion of original issue discount (“OID”), are recorded on an accrual basis to the extent that such amounts are expected to be collected. Generally, when a loan becomes 120 days or more past due, or if the Company’s qualitative assessment indicates that the debtor is unable to service its debt or other obligations, the Company will place the loan on non-accrual status and cease recognizing interest income on that loan for financial reporting purposes until the borrower has demonstrated the ability and intent to pay contractual amounts due. However, the Company will remain contractually entitled to this interest. Interest payments received on non-accrual loans are restored to accrual status when past due principal and interest are paid and, in management’s judgment, are likely to remain current or, due to a restructuring, the interest income is deemed to be collectible. As of March 31, 2024, the Company held one investment on non-accrual, which represented 0.13% and 0.06% of the Company’s total portfolio at cost and fair market value, respectively. As of December 31, 2023, the Company had no investments on non-accrual.

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

As of March 31, 2024 and December 31, 2023, the Company held 211 and 245 investments in loans with OID , respectively. The unamortized balance of OID investments as of March 31, 2024 and December 31, 2023 totaled $4,974,821 and $4,930,002, respectively. For the three months ended March 31, 2024 and 2023, the Company accrued OID income in the amount of $209,198 and $165,630, respectively.

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As of March 31, 2024, the Company held 7 investments that had a PIK interest component. As of December 31, 2023, the Company held 7 investments that had a PIK interest component. During the three months ended March 31, 2024 and 2023, the Company accrued PIK income in the amount of $23,066, and $87,506 respectively.

As of March 31, 2024 and December 31, 2023, the Company held $45,997,315 and $20,940,279 cash and cash equivalents, respectively. For the three months ended March 31, 2024 and 2023, the Company earned $85,860 and $64,550, respectively, of interest income related to cash, which is included in other interest income within the accompanying statement of operations.

Other Income Recognition

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

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

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

For the three months ended March 31, 2024 and 2023, the Company accrued $9,145 and $62,635 of other income, respectively, related to amendment fees.

New Accounting Pronouncements

In November 2023, the FASB issued ASU 2023 - 07 "Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures" ("ASU 2023 - 07"). ASU 2023 - 07 intends to improve reportable segment disclosure requirements, enhance interim disclosure requirements and provide new segment disclosure requirements for entities with a single reportable segment. ASU 2023 - 07 is effective for fiscal years beginning after December 15, 2023, and for interim periods with fiscal years beginning after December 15, 2024. ASU 2023 - 07 is to be adopted retrospectively to all prior periods presented. We are currently assessing the impact this guidance will have on our financial statements.

In December 2023, the FASB issued ASU 2023 - 09 "Improvements to Income Tax Disclosures" ("ASU 2023 - 09"). ASU 2023 - 09 intends to improve the transparency of income tax disclosures. ASU 2023 - 09 is effective for fiscal years beginning after December 15, 2024 and is to be adopted on a prospective basis with the option to apply retrospectively. We are currently assessing the impact of this guidance, however, we do not expect a material impact to our financial statements.

Note 3. Investments

Fair Value

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

As of March 31, 2024, $267,864,230 of the Company’s investments were valued using unobservable inputs, and $108,393,677 were valued using observable inputs. During the three months ended March 31, 2024, $16,516,705 transferred into Level 3 due to a decrease in observable prices in the market and $23,803,944 transferred out of Level 3 due to the liquidity in the market and transparency of inputs.

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As of December 31, 2023, $275,958,708 of the Company’s investments were valued using unobservable inputs, and $111,235,860 were valued using observable inputs. During the three months ended March 31, 2023, $9,724,149 transferred into Level 3 due to a decrease in observable prices in the market and $37,787,878 transferred out of Level 3 due to the liquidity in the market and transparency of inputs.

The following table presents the Company’s investments carried at fair value as of March 31, 2024 and December 31, 2023, by caption on the Company’s accompanying statements of assets and liabilities and by security type.

	Assets at Fair Value as of March 31, 2024
	Level 1		Level 2		Level 3		Total
First Lien Debt	$	—	$	104,138,452	$	126,320,467	$	230,458,919
Unitranche Debt		—		1,101,775		123,143,915		124,245,690
Second Lien Debt		—		3,153,450		12,337,500		15,490,950
Equity and Preferred Shares		—		—		6,062,348		6,062,348
Total	$	—	$	108,393,677	$	267,864,230	$	376,257,907

	Assets at Fair Value as of December 31, 2023
	Level 1		Level 2		Level 3		Total
First Lien Debt	$	—	$	102,893,307	$	132,718,165	$	235,611,472
Unitranche Debt		—		6,541,713		123,000,592		129,542,305
Second Lien Debt		—		1,800,840		14,808,750		16,609,590
Equity and Preferred Shares		—		—		5,431,201		5,431,201
Total	$	—	$	111,235,860	$	275,958,708	$	387,194,568

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In accordance with ASC 820, the following table provides quantitative information about the Level 3 fair value measurements of the Company’s investments as of March 31, 2024. The weighted average calculations in the table below are based on the fair value balances for all debt related calculations for the particular input.

					As of March 31, 2024
	Fair		Valuation	Unobservable						Weighted
	Value		Technique	Inputs (1)	Range (2)					Average (3)
First Lien Debt	$	105,507,765	Matrix Pricing	Senior Leverage	1.19	x	-	9.00	x	5.07	x
				Total Leverage	2.68	x	-	9.47	x	5.69	x
				Interest Coverage	0.69	x	-	5.12	x	1.53	x
				Debt Service Coverage	0.59	x	-	4.46	x	1.29	x
				TEV Coverage	1.10	x	-	4.95	x	2.37	x
				Liquidity	12.38	%	-	364.74	%	121.85	%
				Spread Comparison	375	bps	-	800	bps	511	bps
First Lien Debt		8,380,011	Market Analysis	Senior Leverage	0.83	x	-	28.25	x	8.89	x
				Total Leverage	3.79	x	-	28.25	x	11.31	x
				Interest Coverage	0.00	x	-	1.37	x	0.84	x
				Debt Service Coverage	0.00	x	-	1.21	x	0.66	x
				TEV Coverage	0.31	x	-	15.49	x	1.34	x
				Liquidity	0.00	%	-	434.25	%	55.34	%
				Spread Comparison	0	bps	-	600	bps	418	bps
First Lien Debt		12,432,691	Analysis of Trend in Leverage	Maturity Modified Market Yield (4)	10.41	%	-	11.94	%	11.09	%
Unitranche Debt		80,270,822	Analysis of Trend in Leverage	Maturity Modified Market Yield (4)	9.30	%	-	13.22	%	10.60	%
Unitranche Debt		40,572,853	Matrix Pricing	Senior Leverage	4.03	x	-	9.00	x	6.33	x
				Total Leverage	1.03	x	-	9.00	x	6.44	x
				Interest Coverage	0.71	x	-	2.22	x	1.36	x
				Debt Service Coverage	0.59	x	-	2.00	x	1.17	x
				TEV Coverage	1.18	x	-	2.71	x	1.88	x
				Liquidity	27.69	%	-	294.20	%	112.80	%
				Spread Comparison	475	bps	-	700	bps	589	bps
Unitranche Debt		2,300,240	Market Analysis	Senior Leverage				11.34	x	11.34	x
				Total Leverage				11.34	x	11.34	x
				Interest Coverage				0.91	x	0.91	x
				Debt Service Coverage				0.82	x	0.82	x
				TEV Coverage				1.05	x	1.05	x
				Liquidity				83.16	%	83.16	%
				Spread Comparison				0	bps	0	bps
Second Lien Debt		12,337,500	Matrix Pricing	Senior Leverage	6.06	x	-	10.35	x	6.82	x
				Total Leverage	6.09	x	-	10.35	x	6.83	x
				Interest Coverage	0.90	x	-	2.00	x	1.52	x
				Debt Service Coverage	0.72	x	-	1.59	x	1.25	x
				TEV Coverage	1.26	x	-	2.14	x	1.70	x
				Liquidity	78.66	%	-	275.58	%	136.23	%
				Spread Comparison	675	bps	-	850	bps	757	bps
Total	$	261,801,882

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

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

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

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

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The table above does not include $6,062,348 of debt, equity and preferred shares which management values using other unobservable inputs, such as earnings before interest, taxes, depreciation and amortization (“EBITDA”) and EBITDA multiples, as well as other qualitative information, including company specific information.

In accordance with ASC 820, the following table provides quantitative information about the Level 3 fair value measurements of the Company’s investments as of December 31, 2023. The weighted average calculations in the table below are based on the fair value balances for all debt related calculations for the particular input.

					As of December 31, 2023
	Fair		Valuation	Unobservable						Weighted
	Value		Technique	Inputs (1)	Range (2)					Average (3)
First Lien Debt	$	113,434,999	Matrix Pricing	Senior Leverage	3.22	x	-	10.06	x	5.03	x
				Total Leverage	3.22	x	-	10.06	x	5.82	x
				Interest Coverage	0.69	x	-	2.56	x	1.52	x
				Debt Service Coverage	0.59	x	-	2.23	x	1.27	x
				TEV Coverage	0.80	x	-	4.82	x	2.34	x
				Liquidity	20.28	%	-	847.31	%	130.76	%
				Spread Comparison	350	bps	-	750	bps	486	bps
First Lien Debt		15,028,890	Market Analysis	Senior Leverage	0.83	x	-	10.99	x	6.84	x
				Total Leverage	3.79	x	-	13.24	x	7.93	x
				Interest Coverage	0.00	x	-	1.70	x	1.21	x
				Debt Service Coverage	0.00	x	-	1.48	x	1.01	x
				TEV Coverage	0.79	x	-	15.49	x	1.58	x
				Liquidity	(29.10)	%	-	434.25	%	47.79	%
				Spread Comparison	0	bps	-	575	bps	414	bps
First Lien Debt		4,254,276	Analysis of Trend in Leverage	Maturity Modified Market Yield (4)				10.75	%	10.75	%
Unitranche Debt		82,798,327	Analysis of Trend in Leverage	Maturity Modified Market Yield (4)	8.78	%	-	12.97	%	11.00	%
Unitranche Debt		36,967,553	Matrix Pricing	Senior Leverage	4.71	x	-	9.00	x	6.43	x
				Total Leverage	4.71	x	-	9.00	x	6.55	x
				Interest Coverage	0.75	x	-	2.18	x	1.33	x
				Debt Service Coverage	0.59	x	-	1.96	x	1.14	x
				TEV Coverage	1.32	x	-	2.71	x	1.83	x
				Liquidity	27.69	%	-	294.20	%	115.83	%
				Spread Comparison	525	bps	-	700	bps	593	bps
Unitranche Debt		3,234,712	Market Analysis	Senior Leverage				9.40	x	9.40	x
				Total Leverage				9.40	x	9.40	x
				Interest Coverage				1.10	x	1.10	x
				Debt Service Coverage				0.99	x	0.99	x
				TEV Coverage				1.16	x	1.16	x
				Liquidity				92.90	%	92.90	%
				Spread Comparison				350	bps	350	bps
Second Lien Debt		14,808,750	Matrix Pricing	Senior Leverage	5.32	x	-	9.68	x	6.87	x
				Total Leverage	5.32	x	-	9.68	x	6.88	x
				Interest Coverage	0.89	x	-	2.07	x	1.44	x
				Debt Service Coverage	0.79	x	-	1.73	x	1.19	x
				TEV Coverage	1.25	x	-	2.14	x	1.66	x
				Liquidity	77.67	%	-	275.58	%	139.32	%
				Spread Comparison	675	bps	-	850	bps	743	bps
Total	$	270,527,507

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

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

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

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

The table above does not include $5,431,201 of debt, equity and preferred shares which management values using other unobservable inputs, such as EBITDA and EBITDA multiples, as well as other qualitative information, including company specific information.

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

The following tables provide the changes in fair value, broken out by security type, during the three months ended March 31, 2024 and 2023 for all investments for which the Company determines fair value using unobservable (Level 3) factors.

							Equity and
	First Lien		Unitranche		Second Lien		Preferred
Three Months Ended March 31, 2024	Debt		Debt		Debt		Shares		Total
Fair Value as of December 31, 2023	$	132,718,165	$	123,000,592	$	14,808,750	$	5,431,201	$	275,958,708
Transfers into Level 3		9,974,992		6,541,713		—		—		16,516,705
Transfers out of Level 3		(13,764,079)		(8,069,865)		(1,970,000)		—		(23,803,944)
Total gains:
Net realized (loss) gain(a)		(333,883)		4,611		—		—		(329,272)
Net unrealized appreciation (depreciation) (b)		41,297		(1,049,818)		(6,477)		275,666		(739,332)
New investments, repayments and settlements:(c)
Purchases		10,105,557		4,951,951		—		355,481		15,412,989
Settlements/repayments		(12,204,052)		(2,342,513)		(500,000)		—		(15,046,565)
Net amortization of premiums, PIK, discounts and fees		98,408		107,244		5,227		—		210,879
Sales		(315,938)		—		—		—		(315,938)
Fair Value as of March 31, 2024	$	126,320,467	$	123,143,915	$	12,337,500	$	6,062,348	$	267,864,230

(a) Included in net realized (loss) gain on the accompanying Statement of Operations for the year ended March 31, 2024.

(b) Included in net change in unrealized appreciation (depreciation) on the accompanying Statement of Operations for the year ended March 31, 2024.

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

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							Equity and
	First Lien		Unitranche		Second Lien		Preferred
Three Months Ended March 31, 2023	Debt		Debt		Debt		Shares		Total
Fair Value as of December 31, 2022	$	220,893,916	$	91,865,688	$	23,562,691	$	3,653,999	$	339,976,294
Transfers into Level 3		4,004,332		4,719,817		1,000,000		—		9,724,149
Transfers out of Level 3		(35,792,878)		—		(1,995,000)		—		(37,787,878)
Total gains:
Net realized gain(a)		1,488		5,819		—		—		7,307
Net unrealized (depreciation) appreciation(b)		(1,057,298)		65,039		4,196		175,274		(812,789)
New investments, repayments and settlements:(c)
Purchases		2,076,838		2,686,144		—		—		4,762,982
Settlements/repayments		(4,996,566)		(2,146,723)		(1,250,000)		—		(8,393,289)
Net amortization of premiums, PIK, discounts and fees		105,093		105,331		6,282		—		216,706
Sales		—		—		—		—		—
Fair Value as of March 31, 2023	$	185,234,925	$	97,301,115	$	21,328,169	$	3,829,273	$	307,693,482

(a)Included in net realized (loss) gain on the accompanying Statement of Operations for the three months ended March 31, 2023.

(b)Included in net change in unrealized depreciation on the accompanying Statement of Operations for the three months ended March 31, 2023.

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

The change in unrealized value attributable to investments still held at March 31, 2024 and 2023 was ($1,059,453) and ($505,752), respectively.

Investment Activities

The Company held a total of 250 investments with an aggregate fair value of $376,257,907 as of March 31, 2024. During the three months ended March 31, 2024, the Company invested in 29 new investments for a combined $16,981,064 and in existing investments for a combined $6,464,271. The Company also received $21,421,870 in repayments from investments and $12,284,058 from investments sold during the three months ended March 31, 2024.

The Company held a total of 244 investments with an aggregate fair value of $398,843,940 as of March 31, 2023. During the three months ended March 31, 2023, the Company invested in 7 new investments for a combined $6,486,826 and in existing investments for a combined $1,889,911. The Company also received $20,751,034 in repayments from investments and $9,262,833 from investments sold during the three months ended March 31, 2023.

Investment Concentrations

As of March 31, 2024, the Company’s investment portfolio consisted of investments in 209 companies located in 35 states across 26 different industries, with an aggregate fair value of $376,257,907. The five largest investments at fair value as of March 31, 2024 totaled $24,680,282,or 6.56% of the Company’s total investment portfolio as of such date. As of March 31, 2024, the Company’s average investment was $1,520,509 at cost.

As of March 31, 2023, the Company’s investment portfolio consisted of investments in 216 companies located in 35 states across 25 different industries, with an aggregate fair value of $398,843,940. The five largest investments at fair value as of March 31, 2023 totaled $25,056,022, or 6.28% of the Company’s total investment portfolio as of such date. As of March 31, 2023, the Company’s average investment was $1,665,053 at cost.

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The following table outlines the Company’s investments by security type as of March 31, 2024 and December 31, 2023:

	March 31, 2024
			Percentage				Percentage
			of				of
			Total				Total
	Cost		Investments		Fair Value		Investments
First Lien Debt	$	233,441,640	61.41	%	$	230,458,919	61.25	%
Unitranche Debt		124,810,255	32.83	%		124,245,690	33.02	%
Second Lien Debt		16,339,373	4.30	%		15,490,950	4.12	%
Total Debt Investments		374,591,268	98.54	%		370,195,559	98.39	%
Equity and Preferred Shares		5,535,914	1.46	%		6,062,348	1.61	%
Total Equity Investments		5,535,914	1.46	%		6,062,348	1.61	%
Total Investments	$	380,127,182	100.00	%	$	376,257,907	100.00	%

	December 31, 2023
			Percentage				Percentage
			of				of
			Total				Total
	Cost		Investments		Fair Value		Investments
First Lien Debt	$	239,486,292	61.33	%	$	235,611,472	60.85	%
Unitranche Debt		128,971,146	33.03	%		129,542,305	33.46	%
Second Lien Debt		16,833,486	4.31	%		16,609,590	4.29	%
Total Debt Investments		385,290,924	98.67	%		381,763,367	98.60	%
Equity and Preferred Shares		5,180,434	1.33	%		5,431,201	1.40	%
Total Equity Investments		5,180,434	1.33	%		5,431,201	1.40	%
Total Investments	$	390,471,358	100.00	%	$	387,194,568	100.00	%

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Investments at fair value consisted of the following industry classifications as of March 31, 2024 and December 31, 2023:

	March 31, 2024				December 31, 2023
			Percentage of				Percentage of
			Total				Total
Industry	Fair Value		Investments		Fair Value		Investments
Services: Business	$	69,703,628	18.52	%	$	69,531,461	17.96	%
Healthcare & Pharmaceuticals		66,080,066	17.56			71,803,100	18.56
Banking, Finance, Insurance & Real Estate		37,527,163	9.97			33,440,236	8.64
High Tech Industries		30,388,396	8.08			34,223,801	8.84
Containers, Packaging & Glass		28,995,971	7.71			31,380,531	8.10
Capital Equipment		26,258,932	6.98			24,565,354	6.34
Services: Consumer		18,766,419	4.99			16,468,470	4.25
Chemicals, Plastics & Rubber		13,422,405	3.57			15,377,063	3.97
Automotive		13,363,104	3.55			13,785,929	3.56
Transportation: Cargo		12,487,155	3.32			13,807,618	3.57
Aerospace & Defense		9,894,942	2.63			12,124,785	3.13
Construction & Building		9,657,336	2.57			7,853,597	2.03
Beverage, Food & Tobacco		9,291,553	2.47			9,357,347	2.42
Environmental Industries		8,566,945	2.28			12,701,457	3.28
Wholesale		4,903,594	1.30			4,936,592	1.27
Consumer Goods: Non-Durable		4,466,250	1.19			4,410,000	1.14
Media: Advertising, Printing & Publishing		2,947,148	0.78			2,884,485	0.74
Forest Products & Paper		1,722,906	0.46			1,364,438	0.35
Metals & Mining		1,665,002	0.44			1,662,296	0.43
Retail		1,431,871	0.38			1,417,399	0.37
Energy: Oil & Gas		992,500	0.26			975,000	0.25
Utilities: Water		980,515	0.26			978,082	0.25
Energy: Electricity		947,838	0.25			938,350	0.24
Hotels, Gaming & Leisure		902,261	0.24			919,552	0.24
Media: Diversified & Production		492,500	0.13			—	—
Consumer Goods: Durable		401,507	0.11			287,625	0.07
Utilities: Electric		—	—			—	—
	$	376,257,907	100.00	%	$	387,194,568	100.00	%

Investments at fair value were included in the following geographic regions of the United States as of March 31, 2024 and December 31, 2023:

	March 31, 2024				December 31, 2023
			Percentage of				Percentage of
			Total				Total
Geographic Region	Fair Value		Investments		Fair Value		Investments
Northeast	$	97,948,272	26.03	%	$	99,995,015	25.82	%
Midwest		89,241,359	23.72			90,743,226	23.44
Southeast		52,992,807	14.08			55,632,000	14.37
West		47,204,225	12.55			47,785,572	12.34
Southwest		46,568,495	12.38			47,644,956	12.31
East		28,858,060	7.67			31,805,670	8.21
South		7,346,387	1.95			7,332,729	1.89
Northwest		4,047,981	1.08			3,561,962	0.92
Other(a)		2,050,321	0.54			2,693,438	0.70
Total Investments	$	376,257,907	100.00	%	$	387,194,568	100.00	%

(a)The Company headquarters for Sophos is located in the United Kingdom. The Company headquarters for UDG is located in Ireland. The Company headquarters for Intertape Polymer is located in Canada. The Company headquarters for

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

Investment Principal Repayments

The following table summarizes the contractual principal repayments and maturity of the Company’s investment portfolio by fiscal year, assuming no voluntary prepayments, as of March 31, 2024:

For the Fiscal Years Ending December 31:	Amount
2024	$	9,802,796
2025		17,014,838
2026		34,057,788
2027		61,051,178
2028		141,809,566
Thereafter		115,829,923
Total contractual repayments		379,566,089
Adjustments to cost basis on debt investments(a)		(4,974,821)
Total Cost Basis of Debt Investments Held at March 31, 2024:	$	374,591,268

(a) Adjustment to cost basis related to unamortized balance of OID investments.

Note 4. Related Party Transactions

Investment Advisory Agreement

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

Management Fee

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

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

For the three  months ended March 31, 2024, the Company recorded base management fees of $1,033,988 and waivers to the base management fees of $361,896, as set forth within the accompanying statements of operations. For the three  months ended March 31, 2023, the Company recorded base management fees of $1,108,854 and waivers to the base management fees of $388,099, as set forth within the accompanying statements of operations.

Incentive Fee

The Incentive Fee has two parts, as follows: the first part of the Incentive Fee is calculated and payable quarterly in arrears based on the Company’s pre-incentive fee net investment income for the immediately preceding calendar quarter. For this purpose, pre-incentive fee net investment income means interest income, dividend income and any other income (including

41

any other fees (other than fees for providing managerial assistance), such as commitment, origination, structuring, diligence and consulting fees or other fees that the Company receives from portfolio companies) accrued during the calendar quarter, minus the Company’s operating expenses accrued for the quarter (including the base management fee, expenses payable under the Administration Agreement (as defined below) and any interest expense on any credit facilities or outstanding debt and dividends paid on any issued and outstanding preferred stock, but excluding the Incentive Fee).

The Company determines pre-incentive fee net investment income in accordance with GAAP, including, in the case of investments with a deferred interest feature, such as debt instruments with PIK interest, OID securities and accrued income that the Company has not yet received in cash. Pre-incentive fee net investment income does not include any realized capital gains, computed net of all realized capital losses or unrealized capital appreciation or depreciation. Pre-incentive fee net investment income, expressed as a rate of return on the value of the Company’s net assets at the end of the immediately preceding calendar quarter, is compared to a hurdle of 1.0% per quarter (4.0% annualized). The Company determines its average gross assets during each fiscal quarter and calculates the base management fee payable with respect to such amount at the end of each fiscal quarter. As a result, a portion of the Company’s net investment income is included in its gross assets for the period between the date on which such income is earned and the date on which such income is distributed. Therefore, the Company’s net investment income used to calculate part of the Incentive Fee is also included in the amount of the Company’s gross assets used to calculate the 1.0% annual base management fee. The Company pays its Adviser an Incentive Fee with respect to its pre-incentive fee net investment income in each calendar quarter as follows:

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

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

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

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

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

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

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

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

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

For the three  months ended March 31, 2024, the Company recorded incentive fees related to net investment income of $1,444,313. Offsetting the incentive fees were waivers of the incentive fees of $890,590 for the three  months ended March 31, 2024, as set forth within the accompanying statements of operations. For the three  months ended March 31, 2023, the Company recorded incentive fees related to net investment income of $1,333,105. Offsetting the incentive fees were waivers of the incentive fees of $889,296 for the three  months ended March 31, 2023, as set forth within the accompanying statements of operations.

Administration Agreement and Administrative Fee

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

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

The Company accrued administrative fees of $66,250, for both the three months ended March 31, 2024 and 2023, as set forth within the accompanying statements of operations.

Related Party Fees

Fees due to related parties as of March 31, 2024 and December 31, 2023 on the Company’s accompanying statements of assets and liabilities were as follows:

	March 31, 2024		December 31, 2023
Net base management fee due to Adviser	$	1,359,267	$	687,175
Net incentive fee due to Adviser		1,150,480		596,757
Total fees due to Adviser, net of waivers		2,509,747		1,283,932
Fee due to Administrator, net of waivers		132,500		66,250
Total Related Party Fees Due	$	2,642,247	$	1,350,182

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

The following table sets forth the computation of basic and diluted net increase in net assets resulting from operations per weighted average share of the Company’s common stock, par value $0.001 per share (the “Common Stock”), for the three  months ended March 31, 2024 and 2023:

	Three Months Ended		Three Months Ended
	March 31, 2024		March 31, 2023
Numerator for basic and diluted net increase in net assets resulting from operations per common share	$	8,166,034	$	7,842,135
Denominator for basic and diluted weighted average common shares		44,518,989		45,420,472
Basic and diluted net increase in net assets resulting from operations per common share	$	0.18	$	0.17

Note 6. Income Tax

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

During the year ended December 31, 2023, the Company executed a total of $47,515,735 in Tender Offers that resulted in differing GAAP vs. tax treatment of proceeds distributed. For GAAP purposes the transaction is treated as a redemption of shares whereas tax regulations dictate dividend distribution treatment to the extent of fund level earnings and profits.

During the year ended December 31, 2022, the Company executed a total of $50,000,000 in Tender Offers that resulted in differing GAAP vs. tax treatment of proceeds distributed. For GAAP purposes the transaction is treated as a redemption of shares whereas tax regulations dictate dividend distribution treatment to the extent of fund level earnings and profits. Given that the fund did not have sufficient earnings and profits to support the distribution, the entire value of the Tender Offer is treated as a return of capital for tax purposes.

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The Company had aggregate distributions declared and paid to its stockholders for the year ended December 31, 2023 of $36,170,582, or $0.82 per share. The Company had aggregate distributions declared and paid to its stockholders for the year ended December 31, 2022 of $24,507,347, or $0.54 per share. The tax character of the distributions declared and paid represented $23,797,493, or $0.53 per share, from ordinary income and $709,854, or $0.01 per share, from tax return of capital.

During the year ended December 31, 2023, given that the Company did not have sufficient earnings and profits, $47,480,752 of the distributions and Tender Offers is treated as a return of capital for tax purposes. This information will be reported in the Form 1042-S or Form 1099-DIV.

GAAP require adjustments to certain components of net assets to reflect permanent differences between financial and tax reporting. These adjustments have no effect on net asset value per share. For the year ended December 31, 2023 and 2022, the Company recorded the following adjustments for permanent book to tax differences to reflect their tax characteristics. The adjustments only change the classification in net assets in the statements of assets and liabilities. During the year ended December 31, 2023 and 2022, the Company reclassified for book purposes amounts arising from permanent book/tax differences primarily related to distribution redesignations and return of capital distributions.

	Year Ended		Year Ended
	December 31, 2023		December 31, 2022
Capital in excess of par value	$	(30,906)	$	—
Accumulated net investment income		34,983		(430)
Accumulated net realized gain (loss)		(4,077)		430

At December 31, 2023 and 2022, the components of distributable taxable earnings as detailed below differ from the amounts reflected in the Company’s statements of assets and liabilities by temporary book/tax differences primarily arising from amortization of organizational expenditures.

	As of December 31,		As of December 31,
	2023		2022
Other temporary book/tax differences	$	(101,140)	$	(152,362)
Net tax basis unrealized depreciation		(3,272,539)		(6,872,198)
Accumulated net realized loss		(8,028,768)		(2,500,103)
Components of tax distributable (loss) earnings at period end	$	(11,402,447)	$	(9,524,663)

Certain losses incurred by the Company after October 31 of a taxable year are deemed to arise on the first business day of the Company’s next taxable year. The Company did not incur such losses after October 31 of the Company’s taxable year ended December 31, 2023.

Capital losses are generally eligible to be carried forward indefinitely, and retain their status as short-term or long-term in the manner originally incurred by the Company. As of December 31, 2023, the Company has long-term capital loss carryforward of $8,028,768. The Company has evaluated tax positions it has taken, expects to take, or that are otherwise relevant to the Company for purposes of determining whether any relevant tax positions would “more-likely-than-not” be sustained by the applicable tax authority in accordance with ASC Topic 740, “Income Taxes,” as modified by ASC Topic 946. The Company has analyzed such tax positions and has concluded that no unrecognized tax benefits should be recorded for uncertain tax positions for taxable years that may be open. The Company is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months. The Company’s U.S. federal tax returns for fiscal years 2023, 2022, and 2021 remain subject to examination by the Internal Revenue Service. The Company records tax positions that are not deemed to meet a more-likely-than-not threshold as tax expenses as well as any applicable penalties or interest associated with such positions. During each of the years ended December 31, 2023, 2022, and 2021, no tax expense or any related interest or penalties were incurred.

45

Note 7. Equity

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

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

As of March 31, 2024, there were $37,000,000 remaining unfunded capital commitments by the Company’s investors.

The number of shares of Common Stock issued and outstanding as of March 31, 2024 and December 31, 2023, were 44,518,989 and 44,518,989, respectively.

The following table details the activity of Stockholders’ Equity for the three months ended March 31, 2024 and 2023:

					Total		Total
			Capital in Excess		Distributable		Stockholders'
Three Months Ended March 31, 2024	Common Stock		of Par Value		(Loss) Earnings		Equity
Balance as of December 31, 2023	$	44,519	$	420,442,206	$	(11,402,447)	$	409,084,278
Net investment income		—		—		9,074,366		9,074,366
Net realized loss from investment transactions		—		—		(315,847)		(315,847)
Net change in unrealized depreciation on investments		—		—		(592,485)		(592,485)
Balance as of March 31, 2024	$	44,519	$	420,442,206	$	(3,236,413)	$	417,250,312

					Total		Total
			Capital in Excess		Distributable		Stockholders'
Three Months Ended March 31, 2023	Common Stock		of Par Value		(Loss) Earnings		Equity
Balance as of December 31, 2022	$	46,376	$	437,955,965	$	(9,524,663)	$	428,477,678
Net investment income		—		—		8,442,859		8,442,859
Net realized loss from investment transactions		—		—		(43,997)		(43,997)
Net change in unrealized depreciation on investments		—		—		(556,727)		(556,727)
Repurchase of shares		(1,623)		(14,998,377)		—		(15,000,000)
Balance as of March 31, 2023	$	44,753	$	422,957,588	$	(1,682,528)	$	421,319,813

46

Note 8. Borrowings

Short-Term Borrowings

From time to time, the Company finances the purchase of certain investments through repurchase agreements. In the repurchase agreements, the Company enters into a trade to sell an investment and contemporaneously enters into a trade to buy the same investment back on a specified date in the future with the same counterparty. Investments sold under repurchase agreements are accounted for as collateralized borrowings as the sale of the investment does not qualify for sale accounting under ASC Topic 860—Transfers and Servicing and remains as an investment on the Statement of Assets and Liabilities. The Company uses repurchase agreements as a short-term financing alternative. As of March 31, 2024, the Company had no short-term borrowings. For the three months ended March 31, 2024, the Company recorded no interest expense in connection with short-term borrowings. As of December 31, 2023, the Company had no short-term borrowings. For the three months ended March 31, 2023, the Company recorded interest expense in connection with short-term borrowings of $227,652.

47

Note 9. Commitments and Contingencies

The Company may enter into certain credit agreements that include loan commitments where all or a portion of such commitment may be unfunded. The Company is generally obligated to fund the unfunded loan commitments at the borrowers’ discretion. Funded portions of credit agreements are presented on the accompanying schedule of investments. Unfunded loan commitments and funded portions of credit agreements are fair valued and unrealized appreciation or depreciation, if any, have been included in the accompanying statements of assets and liabilities and statements of operations.

The following table summarizes the Company’s significant contractual payment obligations as of March 31, 2024 and December 31, 2023:

Investment	Investment Type	Index (˄)	Spread		Interest Rate		Maturity	Industry	March 31, 2024		December 31, 2023
Prime Pensions	Senior Secured Delayed Draw Term Loan	S+	5.50	%	10.80	%	2/26/2030	Banking, Finance, Insurance & Real Estate	$	1,904,762	$	—
Legacy Service Partners	Senior Secured Delayed Draw Term Loan B	S+	5.75	%	11.05	%	1/9/2029	Services: Consumer		1,488,800		2,000,000
Steward Partners	Senior Secured Delayed Draw Term B Loan (First Lien)	S+	5.25	%	10.55	%	10/14/2028	Banking, Finance, Insurance & Real Estate		1,150,667		1,200,000
Vortex	Unitranche Incremental DDTL Loan	S+	6.00	%	11.30	%	9/4/2029	Services: Business		1,054,217		—
United Air Temp	Senior Secured Delayed Draw Term Loan	S+	5.50	%	10.80	%	3/28/2030	Construction & Building		1,053,994		—
Golden Source	Senior Secured Delayed Draw Term Loan	S+	5.50	%	10.80	%	5/12/2028	Services: Business		938,967		938,967
Cherry Bekaert	Senior Secured Amendment No. 1 Delayed Draw Term Loan	S+	5.75	%	11.05	%	6/30/2028	Banking, Finance, Insurance & Real Estate		936,267		936,267
Amplix	Unitranche DDTL 3	S+	6.25	%	11.55	%	10/19/2029	High Tech Industries		915,751		915,751
OrthoNebraska	Senior Secured Delayed Draw Term Loan	S+	6.50	%	11.80	%	7/31/2028	Healthcare & Pharmaceuticals		914,913		914,913
InterMed	Senior Secured Delayed Draw Term Loan	S+	6.50	%	11.80	%	12/24/2029	Healthcare & Pharmaceuticals		863,931		863,931
CPI International	Senior Secured Delayed Draw Term Loan	S+	5.50	%	10.80	%	10/8/2029	Aerospace & Defense		718,563		718,563
Ned Stevens 2022-2	Unitranche 2023 Incremental Delayed Draw Term Loan	S+	5.75	%	11.05	%	11/1/2029	Services: Consumer		705,030		—
Minds + Assembly	Senior Secured Revolving Loan	S+	6.50	%	11.80	%	5/3/2029	Healthcare & Pharmaceuticals		683,230		683,230
EdgeCo	Senior Secured Delayed Draw Term D Loan (First Lien)	S+	4.75	%	10.05	%	6/1/2026	Banking, Finance, Insurance & Real Estate		516,600		939,600
Engine & Transmission Exchange	Senior Secured Revolving Loan	S+	6.50	%	11.80	%	5/29/2029	Automotive		513,078		513,078
Ned Stevens 2022-2	Senior Secured Revolving Loan	S+	6.50	%	11.80	%	11/1/2028	Services: Consumer		507,703		507,703
Eliassen	Senior Secured Initial Delayed Draw Term Loan	S+	5.50	%	10.80	%	4/14/2028	Services: Business		507,407		507,407
GME Supply	Senior Secured Revolving Loan	S+	6.25	%	11.55	%	7/6/2029	Wholesale		502,934		502,934
insightsoftware	Senior Secured Seventh Suplemental DDTL	S+	5.00	%	10.30	%	5/25/2028	High Tech Industries		500,000		—
Golden Source	Senior Secured Revolving Loan	S+	5.50	%	10.80	%	5/12/2028	Services: Business		469,484		469,484
OrthoNebraska	Senior Secured Revolving Loan	S+	6.50	%	11.80	%	7/31/2028	Healthcare & Pharmaceuticals		457,457		457,457
EPIC Insurance	Senior Secured Third Amendment Delayed Draw Loan	S+	5.00	%	10.30	%	9/29/2028	Banking, Finance, Insurance & Real Estate		444,050		—
Cherry Bekaert	Senior Secured Revolving Credit Loan	S+	5.25	%	10.55	%	6/30/2028	Banking, Finance, Insurance & Real Estate		431,530		616,472
GME Supply	Senior Secured Delayed Draw Term Loan	S+	6.25	%	11.55	%	7/6/2029	Wholesale		420,682		420,682
Industrial Services Group	Senior Secured Revolving Loan	S+	6.25	%	11.55	%	12/7/2028	Services: Business		417,143		379,048
MediaRadar	Senior Secured Revolving Loan	S+	6.25	%	11.55	%	9/17/2029	Media: Advertising, Printing & Publishing		406,737		406,737
InterMed	Senior Secured Revolving Loan	S+	6.50	%	11.80	%	12/22/2028	Healthcare & Pharmaceuticals		399,568		647,948
Prime Pensions	Senior Secured Revolving Credit	S+	5.50	%	10.80	%	2/26/2030	Banking, Finance, Insurance & Real Estate		380,952		—
PracticeTek	Senior Secured Delayed Draw Term Loan Retired 08/30/2023	S+	5.50	%	10.80	%	11/23/2027	High Tech Industries		372,137		372,137
InnovateMR	Senior Secured Revolving Loan	S+	6.00	%	11.30	%	1/20/2028	Services: Business		365,388		365,388
Vensure Employer Services	Senior Secured 2023 Delayed Draw Term B Loan	S+	5.25	%	10.55	%	3/29/2027	Services: Business		355,778		438,889
Vortex	Senior Secured Revolving Loan	S+	6.00	%	11.30	%	9/4/2029	Services: Business		348,904		369,988
Heartland	Senior Secured Delayed Draw Term Loan	S+	5.75	%	11.05	%	12/12/2029	Services: Business		333,333		333,333
Amplix	Unitranche Revolving Credit Loan	S+	6.25	%	11.55	%	10/19/2029	High Tech Industries		329,670		329,670
Cerity Partners	Senior Secured Initial Revolving Loan	S+	6.50	%	11.80	%	7/28/2028	Banking, Finance, Insurance & Real Estate		286,738		286,738
Augusta Sportswear	Senior Secured Revolving Credit Loan	S+	6.50	%	11.80	%	11/21/2028	Consumer Goods: Non-Durable		278,270		—
A1 Garage Door Service	Senior Secured Revolving Loan	S+	6.25	%	11.55	%	12/22/2028	Construction & Building		275,482		275,482
Shaw	Senior Secured Delayed Draw Term Facility	S+	6.00	%	11.30	%	8/28/2029	Capital Equipment		212,766		212,766
United Air Temp	Senior Secured Revolving Credit Facility	S+	5.50	%	10.80	%	3/28/2030	Construction & Building		210,799		—
VC3	Senior Secured Delayed Draw Term Loan D	S+	5.00	%	10.30	%	3/12/2027	Services: Business		205,067		366,029
Liberty Group	Senior Secured Delayed Draw Term Loan	S+	5.75	%	11.05	%	6/15/2028	Services: Business		204,545		204,545
Heartland	Senior Secured Revolving Credit Loan	S+	5.75	%	11.05	%	12/12/2029	Services: Business		200,000		206,897
Burke Porter Group	Senior Secured Revolving Credit Loan	S+	6.00	%	11.30	%	7/29/2028	Capital Equipment		198,769		198,769
A1 Garage Door Service	Senior Secured Closing Date Delayed Draw Term Loan	S+	6.25	%	11.55	%	12/22/2028	Construction & Building		194,518		194,518

48

Investment	Investment Type	Index (˄)	Spread		Interest Rate		Maturity	Industry	March 31, 2024		December 31, 2023
Apex Service Partners	Senior Secured DDTL Loan	S+	7.00	%	12.30	%	10/24/2030	Services: Consumer	$	189,163	$	325,552
Vertellus	Senior Secured Revolving Credit Loan	S+	5.75	%	11.05	%	12/22/2025	Chemicals, Plastics & Rubber		186,818		286,625
Blue Cloud	Senior Secured Revolving Loan	S+	5.25	%	10.55	%	1/21/2028	Healthcare & Pharmaceuticals		182,500		162,045
Liberty Group	Senior Secured Revolving Loan	S+	5.75	%	11.05	%	12/15/2028	Services: Business		181,818		181,818
Alliance Environmental Group	Senior Secured Delayed Draw Term Loan	S+	0.00	%	5.30	%	12/30/2027	Environmental Industries		178,529		—
EPIC Insurance	Senior Secured Revolving Loan	S+	5.25	%	10.55	%	9/29/2028	Banking, Finance, Insurance & Real Estate		170,935		161,841
Beta+	Senior Secured Revolving Credit Loan	S+	4.25	%	9.55	%	7/1/2027	Banking, Finance, Insurance & Real Estate		165,773		248,660
Carlisle Foodservice	Senior Secured Revolving Loan	S+	6.00	%	11.30	%	10/2/2029	Wholesale		161,152		161,152
Integro	Senior Secured Tenth Amendment Delayed Draw Loan	S+	12.00	%	17.30	%	5/8/2023	Banking, Finance, Insurance & Real Estate		161,041		161,041
Allied Benefit Systems	Senior Secured Initial Delayed Draw Term Loan	S+	5.25	%	10.55	%	10/31/2030	Services: Business		154,573		154,573
RevHealth	Senior Secured Revolving Loan	S+	5.75	%	11.05	%	7/21/2028	Healthcare & Pharmaceuticals		154,110		154,110
Rover	Senior Secured Revolving Loan	S+	4.75	%	10.05	%	2/27/2031	Services: Consumer		150,000		—
AmSpec	Senior Secured Revolving Loan	S+	5.75	%	11.05	%	12/5/2029	Energy: Oil & Gas		145,363		145,363
AmSpec	Senior Secured Delayed Draw Term Loan	S+	5.75	%	11.05	%	12/5/2030	Energy: Oil & Gas		144,144		144,144
Hissho Sushi	Senior Secured Revolving Credit Loan	S+	5.50	%	10.80	%	5/18/2028	Beverage, Food & Tobacco		142,857		142,857
Industrial Physics	Senior Secured Delayed Draw Term Loan	S+	6.25	%	11.55	%	7/19/2029	Containers, Packaging & Glass		142,857		142,857
Whitcraft	Senior Secured Revolving Loan	S+	7.00	%	12.30	%	2/15/2029	Aerospace & Defense		139,286		250,000
Micro Merchant Systems	Senior Secured Delayed Draw Term Loan	S+	5.25	%	10.55	%	12/14/2027	Healthcare & Pharmaceuticals		138,889		370,370
Insight Global	Senior Secured Revolving Loan	S+	6.00	%	11.30	%	9/22/2027	Services: Business		134,178		134,178
USALCO	Senior Secured Revolving Loan	S+	6.00	%	11.30	%	10/19/2026	Chemicals, Plastics & Rubber		133,065		189,516
insightsoftware	Senior Secured Revolving Loan	S+	5.00	%	10.30	%	5/25/2028	High Tech Industries		130,952		—
Cleaver Brooks	Senior Secured Revolving Loan	S+	5.50	%	10.80	%	7/18/2028	Capital Equipment		123,077		123,077
Radwell	Senior Secured Delayed Draw Term Loan	S+	6.53	%	11.82	%	4/1/2029	Capital Equipment		121,334		188,001
Health Management Associates	Senior Secured Delay Draw Term Loan	S+	6.25	%	11.55	%	3/30/2029	Services: Business		120,782		120,782
Pegasus	Senior Secured Delayed Draw Term Loan	S+	5.25	%	10.55	%	1/19/2031	Capital Equipment		112,782		—
Micro Merchant Systems	Senior Secured Revolving Loan	S+	5.25	%	10.55	%	12/14/2027	Healthcare & Pharmaceuticals		111,111		111,111
Tank Holding	Senior Secured Revolving Credit Loan	S+	5.75	%	11.05	%	3/31/2028	Capital Equipment		110,769		108,308
Industrial Physics	Senior Secured Revolving Credit Loan	S+	6.25	%	11.55	%	7/19/2028	Containers, Packaging & Glass		107,759		107,759
Ivy Rehab	Senior Secured Revolving Credit Loan (First Lien)	S+	4.75	%	10.05	%	4/21/2028	Healthcare & Pharmaceuticals		104,040		168,350
Carlisle Foodservice	Senior Secured Delayed Draw Tem Loan	S+	6.00	%	11.30	%	10/2/2030	Wholesale		102,041		102,041
BlueHalo	Senior Secured Revolving Loan	S+	4.75	%	10.05	%	10/31/2025	Aerospace & Defense		99,272		36,322
Apex Service Partners	Senior Secured Revolving Credit Loan	S+	7.00	%	12.30	%	10/24/2029	Services: Consumer		90,600		134,439
FLS Transportation	Senior Secured Revolving Credit Loan	S+	5.25	%	10.55	%	12/17/2027	Transportation: Cargo		88,889		88,889
Aptean	Senior Secured Delayed Draw Term Loan	S+	5.25	%	10.55	%	1/30/2031	High Tech Industries		85,963		—
Ohio Transmission	Senior Secured Delayed Draw Term Loan	S+	5.50	%	10.80	%	12/19/2030	Capital Equipment		78,947		98,684
Keter Environmental Services	Senior Secured Revolving Loan	S+	6.50	%	11.80	%	10/29/2027	Environmental Industries		77,520		77,520
VC3	Senior Secured Revolving Credit	S+	5.00	%	10.30	%	3/12/2027	Services: Business		76,923		76,923
Applied Adhesives	Senior Secured Revolving Loan	S+	4.75	%	10.05	%	3/12/2027	Containers, Packaging & Glass		71,111		71,111
Steward Partners	Senior Secured Revolving Loan	S+	5.25	%	10.55	%	10/14/2028	Banking, Finance, Insurance & Real Estate		69,444		69,444
Radwell	Senior Secured Revolving Loan	S+	6.75	%	12.05	%	4/1/2028	Capital Equipment		63,999		63,999
Ohio Transmission	Senior Secured Revolving Facility	S+	5.50	%	10.80	%	12/19/2029	Capital Equipment		61,013		69,333
Discovery Education	Senior Secured Revolving Credit Loan (First Lien)	S+	5.75	%	11.05	%	4/9/2029	Services: Business		59,829		230,769
Community Brands	Senior Secured Revolving Loan	S+	5.50	%	10.80	%	2/24/2028	Banking, Finance, Insurance & Real Estate		58,824		58,824
CIRCOR	Senior Secured Revolving Credit Loan	S+	6.00	%	11.30	%	10/18/2029	Capital Equipment		57,545		57,545
Health Management Associates	Senior Secured Revolving Loan	S+	6.25	%	11.55	%	3/30/2029	Services: Business		56,838		56,838
S&P Engineering Solutions	Senior Secured Revolving Credit Loan	S+	6.75	%	12.05	%	5/2/2029	Services: Business		49,020		49,020
Blue Cloud	Senior Secured Delayed Draw Term Loan	S+	5.25	%	10.55	%	1/21/2028	Healthcare & Pharmaceuticals		30,000		114,000
Alliance Environmental Group	Senior Secured Revolving Loan	S+	0.00	%	5.30	%	12/30/2027	Environmental Industries		24,834		24,834
Ned Stevens 2022-2	Unitranche 2023 Incremental Delayed Draw Term Loan	S+	6.50	%	11.80	%	11/1/2029	Services: Consumer		—		846,172
Alera	Senior Secured 2022 Delayed Draw Term Loan	S+	6.50	%	11.80	%	10/2/2028	Banking, Finance, Insurance & Real Estate		—		340,000
Accolite	Senior Secured Initial DDTL Loan	S+	5.75	%	11.05	%	4/10/2029	Services: Business		—		250,000
Community Brands	Senior Secured Delayed Draw Term Loan Retired 02/23/2024	S+	5.50	%	10.80	%	2/24/2028	Banking, Finance, Insurance & Real Estate		—		117,647
CPS	Senior Secured Revolving Credit Loan	S+	5.25	%	10.55	%	6/1/2028	Healthcare & Pharmaceuticals		—		59,988
Omni Logistics	Senior Secured Revolving Credit Loan (First Lien) Retired 01/25/2024	S+	5.00	%	10.30	%	12/30/2025	Transportation: Cargo		—		24,901
									$	30,078,850	$	27,258,654

Unfunded commitments represent all amounts unfunded as of March 31, 2024 and December 31, 2023. These amounts may or may not be funded to the borrowing party now or in the future.

49

Note 10. Financial Highlights

	Three Months Ended			Three Months Ended
	March 31, 2024			March 31, 2023
Per Share Data:
Net asset value, beginning of period	$	9.19		$	9.24
Net investment income(a)		0.20			0.19
Net realized gain (loss) on investments and change in unrealized appreciation (depreciation) on investments(a)(b)		(0.02)			(0.02)
Net increase in net assets resulting from operations	$	0.18		$	0.17
Net asset value at end of period	$	9.37		$	9.41
Total return(c)		1.96	%		1.84	%
Shares of common stock outstanding at end of period		44,518,989			44,753,084
Statement of Assets and Liabilities Data:
Net assets at end of period	$	417,250,312		$	421,319,813
Average net assets(d)		412,355,887			424,072,674
Ratio/Supplemental Data:
Ratio of gross expenses to average net assets - annualized(e)		2.79	%		2.84	%
Ratio of net expenses to average net assets - annualized(f)		1.57	%		1.62	%
Ratio of net investment income to average net assets - annualized		8.85	%		8.07	%
Portfolio turnover(g)		3.11	%		2.09	%

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

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

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

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

(e) Ratio of gross expenses to average net assets is computed using expenses before waivers from the Adviser and Administrator.

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

(g) Not annualized.

50

Note 11. Indemnification

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

Note 12. Subsequent Events

Subsequent to March 31, 2024 through May 14, 2024, the Company invested $6,849,104 at cost in 27 different portfolio companies. On April 15, 2024, the Company issued a Tender Offer to repurchase $30.0 million worth of Common Stock from the Stockholder. The Offer was accepted on May 10, 2024.

51

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

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

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

● our future operating results;

● our business prospects and the prospects of our portfolio companies;

● changes in political, economic or industry conditions, rising interest rates and conditions affecting the financial and capital markets, which could result in changes to the value of our assets;

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

● the risk of recession;

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

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

● general price and volume fluctuations in the stock markets;

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

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

● the ability of our portfolio companies to achieve their objectives;

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

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

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

● the effect of investments that we expect to make;

● our contractual arrangements and relationships with third parties;

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

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

● the adequacy of our financing sources and working capital;

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

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

● the risks, uncertainties and other factors we identify under “Item 1A. Risk Factors” and elsewhere in our Annual Report on Form 10-K filed on March 27, 2024 (file no. 814-01154) (the “Annual Report”).

Although we believe that the assumptions on which these forward-looking statements are based are reasonable, any of those assumptions could prove to be inaccurate, and as a result, the forward-looking statements based on those assumptions also could be inaccurate. In light of these and other uncertainties, the inclusion of a projection or forward-looking statement in this quarterly report should not be regarded as a representation by us that our plans and objectives will be achieved. These risks and uncertainties include those described or identified in the section entitled “Item 1A. Risk Factors” of this quarterly report and our Annual Report as well as risk factors described or identified in other filings we may make with the SEC from time to time. You should not place undue reliance on these forward-looking statements, which apply only as of the date of this quarterly report. Moreover, we assume no duty and do not undertake to update the forward-looking statements. The forward-looking statements and projections contained in this quarterly report are excluded from the safe harbor protection provided by Section 27A of the Securities Act and provided by Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”).

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OVERVIEW

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

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

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

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

PORTFOLIO COMPOSITION AND INVESTMENT ACTIVITY

Portfolio Composition

The fair value of our investments, comprised of syndicated loans and equity, as of March 31, 2024, was approximately $376,257,907 and held in 209 portfolio companies as of March 31, 2024. The fair value of our investments, comprised of syndicated loans and equity, as of December 31, 2023, was approximately $387,194,568, and we held investments in 211 portfolio companies as of December 31, 2023.

During the three months ended March 31, 2024, we invested in 29 new syndicated investments for a combined $16,981,064 and in existing investments for a combined $6,464,271. We also received $21,421,870 in repayments from investments and $12,284,058 from investments sold during the three months ended March 31, 2024. During the three months ended March 31, 2023, we invested in 7 new syndicated investments for a combined $6,486,826 and in existing investments for a combined $1,889,911. We also received $20,751,034 in repayments from investments and $9,262,833 from investments sold during the three months ended March 31, 2023.

In addition, for the three months ended March 31, 2024, we had a change in unrealized depreciation of approximately $592,485 and realized losses of $315,847. For the three months ended March 31, 2023, we had a change in unrealized depreciation of approximately $556,727 and realized losses of $43,997.

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Our investment activity for the three months ended March 31, 2024 and 2023, is presented below:

	Three Months Ended			Three Months Ended
	March 31, 2024			March 31, 2023
Beginning investment portfolio, at fair value	$	387,194,568		$	420,828,658
Investments in new portfolio investments		16,981,064			6,486,826
Investments in existing portfolio investments		6,464,271			1,889,911
Principal repayments		(21,421,870)			(20,751,034)
Proceeds from investments sold		(12,284,058)			(9,262,833)
Change in premiums, discounts and amortization		232,264			253,136
Net change in unrealized depreciation on investments		(592,485)			(556,727)
Realized loss on investments		(315,847)			(43,997)
Ending portfolio investment activity, at fair value	$	376,257,907		$	398,843,940
Number of portfolio investments		250			244
Average investment amount, at cost	$	1,520,509		$	1,665,053
Percentage of investments at floating rates		100.00	%		99.18	%

As of March 31, 2024 and December 31, 2023, our entire portfolio consisted of non-controlled/non-affiliated investments.

RECENT DEVELOPMENTS

Subsequent to March 31, 2024 through May 14, 2024, the Company invested $6,849,104 at cost in 27 different portfolio companies. On April 15, 2024, the Company issued a Tender Offer to repurchase $30.0 million worth of Common Stock from the Stockholder. The Offer was accepted on May 10, 2024.

RESULTS OF OPERATIONS

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

Revenue

Total investment income for the three months ended March 31, 2024 and 2023 is presented in the table below.

	Three Months Ended		Three Months Ended
	March 31, 2024		March 31, 2023
Total interest income from non-controlled/non-affiliated investments	$	10,584,397	$	10,011,292
Total other interest income		85,860		64,550
Total other income		9,145		62,635
Total investment income	$	10,679,402	$	10,138,477

Total investment income for the three months ended March 31, 2024 increased to $10,679,402 from $10,138,477 for the three months ended March 31, 2023, and was primarily driven by an increase in interest rate spreads over the period. As of March 31, 2024 and 2023, the size of our debt portfolio was $374,591,268 and $402,971,119 at amortized cost, respectively, with total debt principal amount outstanding of $379,566,089 and $407,505,625, respectively.

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Expenses

Total expenses net of waivers for the three months ended March 31, 2024 and 2023, were as follows:

	Three Months Ended		Three Months Ended
	March 31, 2024		March 31, 2023
Base management fee(a)	$	1,033,988	$	1,108,854
Incentive fee(a)		1,444,313		1,333,105
Interest expense(b)		—		227,652
Professional fees		139,284		98,636
Directors' fees		69,000		63,750
Administrative fee(a)		66,250		66,250
Other expenses		104,687		74,766
Total expenses		2,857,522		2,973,013
Base management fee waivers(a)		(361,896)		(388,099)
Incentive fee waivers(a)		(890,590)		(889,296)
Total expenses, net of waivers	$	1,605,036	$	1,695,618

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

^(b)Refer to Note 8-Borrowing within the financial statements for a description of the relevant expenses.

The increase in base management fees before waivers for the three months ended March 31, 2024 in comparison to the three months ended March 31, 2023 was driven by our decreasing average gross assets balance. For the three months ended March 31, 2024 and 2023, we accrued gross base management fees before waivers of $1,033,988 and $1,108,854, respectively. Offsetting those fees, we recognized base management fee waivers of $361,896 and $388,099 for three months ended March 31, 2024 and 2023, respectively. For the three months ended March 31, 2024 and 2023, we accrued incentive fees related to net investment income before waivers of $1,444,313 and $1,333,105, respectively. Offsetting those fees, we recognized incentive fee waivers of $890,590 and $889,296, respectively. Additionally, we accrued $66,250 of administrative fees for each of the three months ended March 31, 2024 and 2023. Refer to Note 4 — Related Party Transactions in the notes accompanying our financial statements for more information related to base management fees, incentive fees and waivers.

During the three months ended March 31, 2024 and 2023, we incurred professional fees of $139,284 and $98,636, respectively, related to audit fees, tax fees, and legal fees. During the three months ended March 31, 2024 and 2023, we incurred expenses related to fees paid to our independent directors of $69,000 and $63,750 for the three months ended March 31, 2024 and 2023, respectively.

During the three months ended March 31, 2024 and 2023, we incurred interest expense of $0 and $227,652, respectively, in connection with our short-term borrowings. Refer to Note 8 — Borrowings in the notes accompanying our financial statements for more information related to interest expense.

Realized and Unrealized Gains and Losses

For the three months ended March 31, 2024, we recognized $315,847 in net realized losses. For the three months ended March 31, 2023, we recognized $43,997 in net realized losses.

Net change in unrealized depreciation on investments for the three months ended March 31, 2024 and 2023 was as follows:

	Three Months Ended		Three Months Ended
Type	March 31, 2024		March 31, 2023
First Lien Debt	$	770,105	$	(589,260)
Unitranche Debt		(1,013,730)		72,983
Second Lien Debt		(624,526)		(215,724)
Equity and Preferred Shares		275,666		175,274
Net change in unrealized depreciation on investments	$	(592,485)	$	(556,727)

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Net change in unrealized depreciation on investments during the three months ended March 31, 2024 was primarily due to the change in the results and financial position of the portfolio companies. Net change in unrealized depreciation on investments during the three months ended March 31, 2023 was primarily due to the change in the results and financial position of the portfolio companies.

FINANCIAL CONDITION, LIQUIDITY AND CAPITAL RESOURCES

We generate cash primarily from the net proceeds of any offering of shares of our Common Stock, from cash flows from interest and fees earned from our investments, and from principal repayments and proceeds from sales of our investments. Our primary use of cash is investments in portfolio companies, payments of our expenses and cash distributions to our stockholders. As of March 31, 2024 and December 31, 2023, we had cash of $45,997,315 and $20,940,279, respectively.

Operating Activities

Net cash provided by operating activities for the three months ended March 31, 2024 was $25,057,036. The primary operating activities during this period were investments in portfolio companies. The Company invested $16,981,064 in new portfolio investments and $6,486,826 in existing portfolio investments during the three months ended March 31, 2024. This was offset by repayments of bank loans and sales of investments of $21,421,870 and $12,284,058, respectively. Net cash provided by operating activities for the three months ended March 31, 2023 was $35,815,808. The primary operating activities during this period were investments in portfolio companies. The Company invested $6,486,826 in new portfolio investments and $1,889,911 in existing portfolio investments during the three months ended March 31, 2023. This was offset by repayments of bank loans and sales of investments of $20,751,034 and $9,262,833, respectively.

As of March 31, 2024, we had 92 investments with unfunded commitments of $30,078,850. As of December 31, 2023, we had 84 investments with unfunded commitments of $27,258,654. We believe that, as of both March 31, 2024 and December 31, 2023, we had sufficient assets to adequately cover any obligations under our unfunded commitments.

The following table summarizes our total portfolio activity during the three months ended March 31, 2024 and 2023:

	Three Months Ended		Three Months Ended
	March 31, 2024		March 31, 2023
Beginning investment portfolio	$	387,194,568	$	420,828,658
Investments in new portfolio investments		16,981,064		6,486,826
Investments in existing portfolio investments		6,464,271		1,889,911
Principal repayments		(21,421,870)		(20,751,034)
Proceeds from sales of investments		(12,284,058)		(9,262,833)
Net change in unrealized depreciation on investments		(592,485)		(556,727)
Net realized loss on investments		(315,847)		(43,997)
Net change in premiums, discounts and amortization		232,264		253,136
Investment Portfolio, at Fair Value	$	376,257,907	$	398,843,940

Financing Activities

Net cash used in our financing activities for the three months ended March 31, 2024 was $0. Net cash used in our financing activities for the three months ended March 31, 2023 was $19,454,549, which consisted of $15,000,000 in repurchases of 1,623,377 shares to our stockholders in connection with the Tender Offer during the period and $4,454,549 in connection with repayments of our short-term borrowings during the period.

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Equity Activity

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

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

As of March 31, 2024, there were $37,000,000 remaining unfunded capital commitments by the Company’s investors.

The number of shares of our Common Stock issued and outstanding as of March 31, 2024 and December 31, 2023, were 44,518,989 and 44,518,989, respectively.

Distributions to Stockholders – Common Stock Distributions

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

We may fund our cash distributions from any sources of funds available, including offering proceeds, borrowings, net investment income from operations, capital gains proceeds from the sale of assets, non-capital gains proceeds from the sale of assets, dividends or other distributions paid to us on account of preferred and common equity investments in portfolio companies and fee waivers from our Adviser. Our distributions may exceed our earnings, especially during the period before we have substantially invested the proceeds from an offering. As a result, a portion of the distributions may represent a return of capital for U.S. federal income tax purposes. Thus, the source of a distribution to our stockholders may be the original capital invested by the stockholder rather than our income or gains. In addition, we may be limited in our ability to make distributions due to the asset coverage test for borrowings applicable to us as a BDC under the 1940 Act. We did not declare or pay distributions for the three months ended March 31, 2024 and 2023.

The determination of the tax attributes of our distributions is made annually at the end of our taxable year, based upon our taxable income for the full taxable year and distributions paid for the full taxable year. Therefore, estimates made on an interim basis may not be representative of the actual tax attributes of distributions for a full year. The actual tax characteristics of distributions to stockholders will be reported to stockholders subject to information reporting after the close of each calendar year on Form 1099-DIV.

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Related Party Fees

For the three months ended March 31, 2024 and 2023, we recorded base management fees of $1,033,988 and $1,108,854, respectively. Offsetting these fees were waivers to the base management fees of $361,896 and $388,099, respectively, as set forth within the accompanying statements of operations.

For the three months ended March 31, 2024 and 2023, we recorded incentive fees of $1,444,313 and $1,333,105, respectively. Offsetting these waivers to the incentive fees of $890,590 and $889,296, respectively, as set forth within the accompanying statements of operations.

For both of the three months ended March 31, 2024 and 2023, we recorded administrative fees of $66,250, respectively, as set forth within the accompanying statements of operations.

Fees due to related parties as of March 31, 2024 and December 31, 2023 on our accompanying statements of assets and liabilities were as follows:

	March 31, 2024		December 31, 2023
Net base management fee due to Adviser	$	1,359,267	$	687,175
Net incentive fee due to Adviser		1,150,480		596,757
Total fees due to Adviser, net of waivers		2,509,747		1,283,932
Fee due to Administrator, net of waivers		132,500		66,250
Total Related Party Fees Due	$	2,642,247	$	1,350,182

Tender Offers

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

CRITICAL ACCOUNTING POLICIES

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

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

Valuation of Investments

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

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

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

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

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

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

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

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

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

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

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

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

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

ASC 820 establishes a hierarchal disclosure framework which ranks the observability of inputs used in measuring financial instruments at fair value. The observability of inputs is impacted by a number of factors, including the type of financial instruments and their specific characteristics. Financial instruments with readily available quoted prices, or for which fair value can be measured

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from quoted prices in active markets, generally will have a higher degree of market price observability and a lesser degree of judgment applied in determining fair value.

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

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

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

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

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

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

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

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

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

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

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

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

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

● securities whose prices are stale; and

● securities affected by significant events.

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

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

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

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

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

Revenue Recognition

We record interest income on an accrual basis to the extent that we expect to collect such amounts. For loans and debt securities with contractual PIK interest, which represents contractual interest accrued and added to the principal balance, we generally will not accrue PIK interest for accounting purposes if the portfolio company valuation indicates that such PIK interest is not collectible. We do not accrue as a receivable interest on loans and debt securities for accounting purposes if we have reason to doubt our ability to collect such interest. OID, market discounts or premiums are accreted or amortized using the effective interest method as interest income. We record prepayment premiums on loans and debt securities as interest income.

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

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

PIK Interest

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

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U.S. Income Taxes

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

Depending on the level of taxable income earned in a taxable year, we may choose to retain taxable income in excess of current year distributions into the next taxable year. We would then incur a 4% excise tax on such taxable income, as required. To the extent that we determine that our estimated current year annual taxable income may exceed estimated current year distributions, we will accrue an excise tax, if any, on estimated excess taxable income as taxable income is earned. We did not accrue any excise tax for the fiscal years ended December 31, 2023, 2022, and 2021.

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

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

COMMITMENTS AND CONTINGENCIES

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

Unfunded commitments to provide funds to portfolio companies are not reflected in our accompanying 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 March 31, 2024, we had 92 investments with unfunded commitments of $30,078,850. As of December 31, 2023, we had 84 investments with unfunded commitments of $27,258,654. We believe that, as of March 31, 2024 and December 31, 2023, we had sufficient assets to adequately cover any obligations under our unfunded commitments.

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ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

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

	Increase (decrease) in
Change in interest rates	investment income
Up 300 basis points	11,386,982
Up 200 basis points	7,591,322
Up 100 basis points	3,795,661
Down 100 basis points	(3,795,661)
Down 200 basis points	(7,591,322)
Down 300 basis points	(11,386,982)

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 Statements of Assets and Liabilities and other business developments that could affect our net increase in net assets resulting from operations or net investment income. Accordingly, no assurances can be given that actual results would not differ materially from those shown above.

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

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

ITEM 4. CONTROLS AND PROCEDURES

Disclosure Controls and Procedures

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

Changes in Internal Control Over Financial Reporting

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

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PART II–OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS

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

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

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

ITEM 1A. RISK FACTORS

In addition to the risks discussed below, important risk factors that could cause results or events to differ from current expectations are described in Part I, Item 1A “Risk Factors” of our Annual Report on Form 10-K for the year ended December 31, 2023 filed with the SEC on March 27, 2024.

Legislation passed in 2018 allows us to incur additional leverage and would require us to offer liquidity to our stockholders.

Under the 1940 Act, a BDC generally is required to maintain asset coverage of 200% for senior securities representing indebtedness (such as borrowings from banks or other financial institutions) or stock (such as preferred stock). The SBCAA, which was signed into law on March 23, 2018, provides that a BDC’s required asset coverage under the 1940 Act may be reduced from 200% (i.e., $1 of debt outstanding for each $1 of equity) to 150% (i.e., $2 of debt outstanding for each $1 of equity). This reduction in asset coverage permits a BDC to double the amount of leverage it may utilize, subject to certain approval, timing and reporting requirements, including either stockholder approval or approval of a majority of the directors who are not “interested persons” (as defined in the 1940 Act) of the BDC and who have no financial interest in the arrangement. As a result, if we receive the relevant approval and we comply with the applicable disclosure requirements, we would be able to incur additional leverage, which may increase the risk of investing in us. In addition, since our base management fee is payable based upon our average adjusted gross assets, which includes any borrowings for investment purposes, our base management fee expenses may increase if we incur additional leverage.

As a non-traded BDC, if we receive the relevant approval to increase our authorized leverage, we will be required to offer our stockholders the opportunity to sell their Shares over the next year following the calendar quarter in which the approval was obtained.

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

Not applicable.

ITEM 3. DEFAULTS UPON SENIOR SECURITIES

Not applicable.

ITEM 4. MINE SAFETY DISCLOSURES

Not applicable.

ITEM 5. OTHER INFORMATION

Not applicable.

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ITEM 6. EXHIBITS

3.1	Amended and Restated Certificate of Incorporation (Incorporated by reference to Exhibit 3.1 to the Registration Statement on Form 10 (File no. 000-55426), filed on April 17, 2015).
3.2	Form of Bylaws (Incorporated by reference to Exhibit 3.2 to the Registration Statement on Form 10 (File no. 000-55426), filed on April 17, 2015).
31.1*	Certification of Chief Executive Officer pursuant to Rule 13a-14(a) under the Securities Exchange Act of 1934, as amended.
31.2*	Certification of Chief Financial Officer pursuant to Rule 13a-14(a) under the Securities Exchange Act of 1934, as amended.
32.1*	Certification of Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, as amended (18 U.S.C. 1350).
32.2*	Certification of Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, as amended (18 U.S.C. 1350).
99.1	Code of Ethics (Incorporated by reference to Exhibit 99.1 to Pre-Effective Amendment No. 1 to the Registration Statement on Form 10, File No. 000-55426, filed on June 5, 2015).
101	XBRL Document
104	Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101)

* Filed herewith

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SIGNATURES

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

	Audax Credit BDC Inc.
Date: May 14, 2024	By:	/s/ Michael P. McGonigle
		Michael P. McGonigle
		Chief Executive Officer

Date: May 14, 2024	By:	/s/ Richard T. Joseph
		Richard T. Joseph
		Chief Financial Officer

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