May 14, 2025 - 10-Q: Quarterly report [Sections 13 or 15(d)]

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, 2025


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

Commission File Number 814-01700

_______________________________________________________________________

ANTARES PRIVATE CREDIT FUND

(Exact name of Registrant as specified in its Charter)

_______________________________________________________________________


Delaware		93-3416650
(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification No.)

320 South Canal Street, Suite 4200 Chicago, IL		60606
(Address of principal executive offices)		(Zip Code)

312-638-4117

Registrant’s telephone number, including area code

_______________________________________________________________________

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


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
None	None	None

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

Class I Shares, par value $0.01 per share

Class S Shares, par value $0.01 per share

Class D Shares, par value $0.01 per share

(Title of class)

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

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

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


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

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

Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Act). YES ☐ NO ☒

The Registrant’s Common Shares of Beneficial Interest, $0.01 par value per share, outstanding as of May 14, 2025 was 25,720,721 of Class I Shares. No Class S or Class D Shares have been issued as of May 14, 2025. Common shares outstanding exclude May 1, 2025 subscriptions, as the issuance price is not yet finalized at this time.

Table of Contents


		Page
PART I	FINANCIAL INFORMATION
Item 1.	Consolidated Financial Statements
	Consolidated Statements of Assets and Liabilities as of March 31, 2025 (Unaudited) and December 31, 2024	4
	Consolidated Statements of Operations for the three months ended March 31, 2025 and 2024 (Unaudited)	5
	Consolidated Statement of Changes in Net Assets for the three months ended March 31, 2025 (Unaudited)	6
	Consolidated Statement of Cash Flows for the three months ended March 31, 2025 (Unaudited)	7
	Consolidated Schedules of Investments as of March 31, 2025 (Unaudited) and December 31, 2024	8
	Notes to Consolidated Financial Statements (Unaudited)	70
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	91
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	103
Item 4.	Controls and Procedures	104

PART II	OTHER INFORMATION
Item 1.	Legal Proceedings	105
Item 1A.	Risk Factors	105
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	106
Item 3.	Defaults Upon Senior Securities	106
Item 4.	Mine Safety Disclosures	106
Item 5.	Other Information	106
Item 6.	Exhibits	107
	Signatures	108

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS

The information contained in this section should be read in conjunction with our consolidated financial statements and notes thereto appearing elsewhere in this Quarterly Report. In addition, some of the statements in this Quarterly Report (including in the following discussion) constitute forward-looking statements, which relate to future events or the future performance or financial condition of Antares Private Credit Fund (the “Company,” “we,” “us,” or “our”). The Company is externally managed by Antares Capital Credit Advisers LLC (the “Adviser”). The forward-looking statements contained in this report involve a number of risks and uncertainties, including statements concerning:

•

we have a limited operating history;

•

our, or our portfolio companies’, future business, operations, operating results or prospects;

•

the return or impact of current and future investments;

•

changes in the general economy, including those caused by tariffs and trade disputes with other countries, changes in inflation and risk of recession;

•

the impact of changes in laws or regulations (including the interpretation thereof), including tax laws, governing our operations or the operations of our portfolio companies or the operations of our competitors;

•

the valuation of our investments in portfolio companies, particularly those having no liquid trading market;

•

market conditions and our ability to access different debt markets and additional debt and equity capital and our ability to manage our capital resources effectively;

•

our contractual arrangements and relationships with third parties;

•

the state of the general economy;

•

the impact of supply chain constraints on our portfolio companies and the global economy;

•

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

•

the financial condition of our current and prospective portfolio companies and their ability to achieve their objectives;

•

the impact of information technology system failures, data security breaches, data privacy compliance, network disruptions, and cybersecurity attacks;

•

our ability to raise capital in the private and public debt and equity markets;

•

our ability to anticipate and identify evolving market expectations with respect to environmental, social and governance matters, including the environmental impacts of our portfolio companies’ supply chain and operations;

•

the outcome and impact of any litigation or regulatory proceeding;

•

the adequacy of our cash resources and working capital;

•

the timing, form and amount of any dividend distributions;

•

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

•

the ability of our adviser to locate suitable investments for us and to monitor and administer our investments.

We use words such as “anticipates,” “believes,” “expects,” “intends,” “project,” “estimates,” “will,” “should,” “could,” “would,” “may” and similar expressions to identify forward-looking statements, although not all forward-looking statements include these words. Our actual results and condition could differ materially from those implied or expressed in the forward-looking statements for any reason, including the factors set forth in “Risk Factors” on the Company’s registration statement on Form N-2, Annual Report on Form 10-K and this Quarterly Report.

We have based the forward-looking statements included in this Quarterly Report on information available to us on the filing date of this Quarterly Report, and we assume no obligation to update any such forward-looking statements. Although we undertake no obligation to revise or update any forward-looking statements, whether as a result of new information, future events or otherwise, you are advised to consult any additional disclosures that we may make directly to you or through reports that we have filed or in the future may file with the Securities and Exchange Commission (the “SEC”), including annual reports on Form 10-K, registration statement on Form N-2, quarterly reports on Form 10-Q and current reports on Form 8-K.

PART I - FINANCIAL INFORMATION

Item 1. Consolidated Financial Statements

ANTARES PRIVATE CREDIT FUND

CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES

(in thousands, except share and per share amounts)


	March 31, 2025			December 31, 2024
	(Unaudited)
ASSETS
Non-controlled/non-affiliated investments, at fair value (amortized cost — $1,107,219 and $849,742 as of March 31, 2025 and December 31, 2024, respectively)	$	1,103,954		$	848,360
Cash and cash equivalents		58,166			42,146
Foreign currencies (cost — $11,113 and $20,235 as of March 31, 2025 and December 31, 2024, respectively)		11,317			20,194
Interest receivable from non-controlled/non-affiliated investments		5,334			3,824
Deferred offering costs		1,146			943
Receivable from adviser (Note 3)		1,178			2,839
Receivable for investments sold / repaid		611			82
Prepaid expenses and other assets		316			446
Total assets	$	1,182,022		$	918,834

LIABILITIES
Debt outstanding	$	456,149		$	110,194
Less: Deferred financing costs		(5,702	)		(3,087	)
Total debt, net of deferred financing costs		450,447			107,107
Payable for investments purchased		80,516			160,489
Interest payable		1,358			361
Distributions payable		5,426			8,290
Administrative service fee payable		249			93
Accrued expenses and other liabilities		2,724			986
Due to affiliates		2,614			4,049
Total liabilities		543,334			281,375
Commitments and contingencies (Note 7)
NET ASSETS
Common shares, par value $0.01 (25,436,857 and 25,405,674 shares issued and outstanding as of March 31, 2025 and December 31, 2024, respectively)		254			254
Paid-in capital in excess of par value		636,278			635,495
Accumulated net distributable earnings (losses)		2,156			1,710
Total net assets		638,688			637,459
Total liabilities and net assets	$	1,182,022		$	918,834
Net asset value per share	$	25.11		$	25.09

See accompanying notes to the consolidated financial statements.

ANTARES PRIVATE CREDIT FUND

CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)

(in thousands, except share and per share amounts)


	Three Months Ended March 31, 2025			Three Months Ended March 31, 2024
Investment income:
From non-controlled/non-affiliated investments:
Interest income	$	22,126		$	—
Payment-in-kind interest income		110			—
Other income		1,139			—
Total investment income		23,375			—
Expenses:
Interest and debt expenses		4,258			—
Management fees (Note 3)		1,965			—
Income based incentive fee (Note 3)		2,269			—
Administrative service fee		156			—
Board of Trustees’ fee		40			—
Other general and administrative expenses		682			—
Organization and offering costs		500			11
Total expenses		9,870			11
Management fees waiver (Note 3)		(1,965	)		—
Incentive fees waiver (Note 3)		(2,269	)		—
Reimbursable expenses paid by adviser (Note 3)		(500	)		(11	)
Net expenses, net of fee waivers		5,136			—
Net investment income (loss)		18,239			—

Net realized and change in unrealized gain (loss):
Net realized gains (losses):
Non-controlled/non-affiliated investments		1			—
Foreign currency transactions		548			—
Net realized gain (loss)		549			—
Net change in unrealized appreciation (depreciation):
Non-controlled/non-affiliated investments		(1,882	)		—
Translation of assets and liabilities in foreign currencies		(877	)		—
Net change in unrealized appreciation (depreciation)		(2,759	)		—
Total net realized and change in unrealized gain (loss)		(2,210	)		—
Net increase (decrease) in net assets resulting from operations	$	16,029		$	—

Per share information
Net investment income (loss) per share (basic and diluted)	$	0.72		$	—
Earnings per share (basic and diluted)	$	0.63		$	—
Distributions declared per share	$	0.61		$	—
Weighted average shares outstanding (basic and diluted)		25,416,297			1,000

See accompanying notes to the consolidated financial statements.

ANTARES PRIVATE CREDIT FUND

CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS (Unaudited)

(in thousands, except shares)

Three Months Ended March 31, 2025


							Accumulated Net
	Common Shares				Paid-in-Capital in		Distributable Earnings			Total
	Shares		Par Value		Excess of Par Value		(Losses)			Net Assets
Net assets at beginning of period		25,405,674	$	254	$	635,495	$	1,710		$	637,459
Operations:
Net investment income		—		—		—		18,239			18,239
Net realized gain (loss)		—		—		—		549			549
Net change in unrealized appreciation (depreciation)		—		—		—		(2,759	)		(2,759	)
Net increase (decrease) in net assets resulting from operations		—		—		—		16,029			16,029
Capital Transactions:
Issuance of shares		31,183		—		783		—			783
Distributions to shareholders		—		—		—		(15,583	)		(15,583	)
Net increase (decrease) in net assets resulting from capital transactions		31,183		—		783		(15,583	)		(14,800	)
Total net increase (decrease)		31,183		—		783		446			1,229
Net assets at end of period		25,436,857	$	254	$	636,278	$	2,156		$	638,688

Three Months Ended March 31, 2024


							Accumulated Net
	Common Shares				Paid-in-Capital in		Distributable Earnings		Total
	Shares		Par Value		Excess of Par Value		(Losses)		Net Assets
Net assets at beginning of period		1,000	$	—	$	25	$	—	$	25
Operations:
Net investment income		—		—		—		—		—
Net realized gain (loss)		—		—		—		—		—
Net change in unrealized appreciation (depreciation)		—		—		—		—		—
Net increase (decrease) in net assets resulting from operations		—		—		—		—		—
Shareholder distributions:
Net increase (decrease) in net assets resulting from shareholder distributions		—		—		—		—		—
Capital Transactions:
Issuance of shares		—		—		—		—		—
Distributions to shareholders		—		—		—		—		—
Net increase (decrease) in net assets resulting from capital transactions		—		—		—		—		—
Total net increase (decrease)		—		—		—		—		—
Net assets at end of period		1,000	$	—	$	25	$	—	$	25

See accompanying notes to the consolidated financial statements.

ANTARES PRIVATE CREDIT FUND

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)

(in thousands)


	Three Months Ended March 31, 2025
Cash flow from operating activities
Net increase (decrease) in net assets resulting from operations	$	16,029
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash used in operating activities:
Accrued interest received in-kind		(110	)
Net accretion of discount and amortization of premium		(267	)
Proceeds from sale of investments and principal repayments		28,305
Purchases of investments		(285,404	)
Net realized (gains) losses on investments		(1	)
Net change in unrealized (appreciation) depreciation on investments		1,882
Amortization of deferred financing costs		201
Amortization of deferred offering costs		476
(Increase) decrease in operating assets:
Interest receivable from non-controlled/non-affiliated investments		(1,510	)
Receivable from adviser		1,661
Receivable for investments sold / repaid		(529	)
Prepaid expenses and other assets		130
Increase (decrease) in operating liabilities:
Due to affiliates		(1,435	)
Payable for investments purchased		(79,973	)
Interest payable		997
Administrative service fee		156
Accrued expenses and other liabilities		1,738
Net cash provided by (used in) operating activities		(317,654	)
Cash flow from financing activities
Proceeds from issuance of shares		783
Debt borrowings		345,955
Distributions paid		(18,447	)
Deferred offering costs paid		(679	)
Deferred financing costs paid		(2,815	)
Net cash provided by (used in) financing activities		324,797
Net increase (decrease) in cash and cash equivalents		7,143
Cash, cash equivalents and foreign currencies at the beginning of period		62,340
Cash, cash equivalents and foreign currencies at the end of period	$	69,483
Supplemental disclosure of cash flow information
Cash paid for interest	$	3,060
Distributions payable	$	5,426

See accompanying notes to the consolidated financial statements.

ANTARES PRIVATE CREDIT FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2025

(in thousands)


Investments (1)	Footnotes	Asset Type	Reference Rate and Spread (2)	Interest Rate	Maturity Date	Par Amount / Shares (3)		Amortized Cost (4)			Fair Value			Percentage of Net Assets
Investments - non-controlled/non-affiliated
Secured Debt
Aerospace and Defense
Bleriot US Bidco Inc.	(5)(8)(15)	First Lien Term Loan	S + 2.75%	7.04%	10/31/2030	$	4,664	$	4,675		$	4,635			0.73	%
GSP Holdings, LLC	(8)(12)	First Lien Term Loan	S + 5.75%	10.19%	11/6/2026		99		99			92			0.01
TransDigm Inc.	(5)(6)(8)(15)	First Lien Term Loan	S + 2.75%	7.04%	3/22/2030		3,697		3,713			3,695			0.58
									8,487			8,422			1.32
Air Freight and Logistics
Kenco PPC Buyer LLC	(8)(12)	First Lien Term Loan	S + 4.75%	8.94%	11/15/2029		5,383		5,357			5,357			0.84
Kenco PPC Buyer LLC	(7)(12)	First Lien Revolver	S + 4.75%	9.04%	11/15/2029		359		52			52			0.01
Lightbeam Bidco Inc	(8)(13)	First Lien Term Loan	S + 5.00%	9.29%	5/4/2030		4,938		4,938			4,939			0.77
Lightbeam Bidco Inc	(7)(15)	First Lien Delayed Draw Term Loan	S + 5.00%	9.29%	5/6/2030		1,556		650			650			0.10
Lightbeam Bidco Inc	(7)(15)	First Lien Revolver	S + 5.00%	9.29%	5/4/2029		491		131			131			0.02
									11,128			11,129			1.74
Automobile Components
Collision Sp Subco, LLC	(8)(12)	First Lien Term Loan	S + 5.50%	9.79%	1/29/2030		1,944		1,944			1,963			0.31
Collision Sp Subco, LLC	(7)(12)	First Lien Delayed Draw Term Loan	S + 5.50%	9.79%	1/29/2030		1,133		878			890			0.14
Collision Sp Subco, LLC	(7)(12)	First Lien Revolver	S + 5.50%	9.79%	1/29/2030		318		47			50			0.01
Enthusiast Auto Holdings, LLC	(8)(12)	First Lien Term Loan	S + 4.75%	9.07%	12/19/2026		5,906		5,906			5,906			0.92
Enthusiast Auto Holdings, LLC	(7)(12)	First Lien Revolver	S + 4.75%	9.07%	12/19/2026		64		—			—			—
JHCC Holdings LLC	(8)(12)	First Lien Term Loan	S + 5.25%	9.54%	9/9/2027		1,464		1,460			1,458			0.23
JHCC Holdings LLC	(8)(12)	First Lien Delayed Draw Term Loan	S + 5.25%	9.54%	9/9/2027		424		423			422			0.07
JHCC Holdings LLC	(7)(12)	First Lien Revolver	P + 4.25%	11.75%	9/9/2027		168		67			66			0.01
Majco LLC	(8)(12)	First Lien Term Loan	S + 4.50%	8.94%	12/4/2028		199		199			195			0.03
OAC Holdings I Corp	(8)(12)	First Lien Term Loan	S + 5.00%	9.44%	3/30/2029		187		187			187			0.03
Power Stop, LLC	(8)(14)	First Lien Term Loan	S + 4.75%	9.17%	1/26/2029		199		199			185			0.03
Quality Automotive Services, LLC	(8)(12)	First Lien Term Loan	S + 5.00%	9.29%	7/16/2027		4,682		4,662			4,660			0.73
Quality Automotive Services, LLC	(12)	First Lien Delayed Draw Term Loan	S + 5.00%	9.29%	7/16/2027		2,045		2,037			2,035			0.32
Quality Automotive Services, LLC	(7)(15)	First Lien Delayed Draw Term Loan	S + 5.00%	9.29%	1/29/2027		1,335		11			8			—
Quality Automotive Services, LLC	(7)(12)	First Lien Revolver	S + 6.00%	10.29%	7/16/2027		257		(1	)		(1	)		—
Truck-Lite Co., LLC	(8)(13)	First Lien Term Loan	S + 5.75%	10.04%	2/13/2031		1,608		1,608			1,608			0.25
Truck-Lite Co., LLC	(7)(13)	First Lien Delayed Draw Term Loan	S + 5.75%	10.04%	2/13/2031		175		112			112			0.02
Truck-Lite Co., LLC	(7)(13)	First Lien Revolver	S + 5.75%	10.04%	2/13/2030		176		12			12			—
									19,751			19,756			3.10

ANTARES PRIVATE CREDIT FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)(Continued)

March 31, 2025

(in thousands)


Investments (1)	Footnotes	Asset Type	Reference Rate and Spread (2)	Interest Rate	Maturity Date	Par Amount / Shares (3)		Amortized Cost (4)			Fair Value			Percentage of Net Assets
Building Products
80/20, LLC	(8)(12)	First Lien Term Loan	S + 5.00%	9.29%	3/1/2027	$	199	$	199		$	198			0.03	%
MDC Interior Acquisition Inc	(8)(12)	First Lien Term Loan	S + 5.00%	9.29%	4/26/2030		291		290			290			0.04
MDC Interior Acquisition Inc	(7)(12)	First Lien Revolver	S + 5.25%	9.54%	4/26/2030		42		—			—			—
Surewerx Purchaser III Inc	(6)(8)(13)	First Lien Term Loan	S + 5.25%	9.54%	12/28/2029		199		199			199			0.03
Walter Surface Technologies Inc.	(6)(8)(12)	First Lien Term Loan	S + 5.25%	9.64%	3/31/2027		1,721		1,721			1,721			0.27
Walter Surface Technologies Inc.	(6)(7)(12)	First Lien Delayed Draw Term Loan	S + 5.25%	9.64%	3/31/2027		587		214			214			0.03
									2,623			2,622			0.40
Capital Markets
Allworth Financial Group, L.P.	(8)(12)	First Lien Term Loan	S + 4.75%	9.07%	12/23/2027		199		199			198			0.03
Arax MidCo, LLC	(6)(8)(12)	First Lien Term Loan	S + 5.00%	9.29%	4/11/2029		3,971		3,939			3,927			0.61
Arax MidCo, LLC	(6)(7)(12)	First Lien Delayed Draw Term Loan	S + 5.75%	10.07%	4/11/2029		549		(6	)		(6	)		—
Arax MidCo, LLC	(6)(7)(12)	First Lien Revolver	S + 5.75%	10.07%	4/11/2029		431		(5	)		(5	)		—
Cub Financing Intermediate, LLC	(8)(14)	First Lien Term Loan	S + 4.75%	9.04%	6/28/2030		3,771		3,755			3,754			0.59
Cub Financing Intermediate, LLC	(7)(13)	First Lien Delayed Draw Term Loan	S + 4.75%	9.04%	6/28/2030		1,741		(8	)		(8	)		—
Edgeco Buyer, Inc.	(8)(12)	First Lien Term Loan	S + 4.50%	8.79%	6/1/2028		6,189		6,187			6,158			0.96
Edgeco Buyer, Inc.	(8)(12)	First Lien Term Loan	S + 4.50%	8.79%	6/1/2028		1,143		1,143			1,137			0.18
Edgeco Buyer, Inc.	(8)(12)	First Lien Term Loan	S + 4.50%	8.79%	6/1/2028		118		118			118			0.02
Edgeco Buyer, Inc.	(7)(12)	First Lien Delayed Draw Term Loan	S + 4.50%	8.79%	6/1/2028		2,771		295			287			0.04
Edgeco Buyer, Inc.	(8)(12)	First Lien Delayed Draw Term Loan	S + 4.50%	8.79%	6/1/2028		101		101			100			0.02
Edgeco Buyer, Inc.	(8)(12)	First Lien Delayed Draw Term Loan	S + 4.50%	8.79%	6/1/2028		543		543			540			0.08
Edgeco Buyer, Inc.	(8)(12)	First Lien Delayed Draw Term Loan	S + 4.50%	8.79%	6/1/2028		239		239			238			0.04
Edgeco Buyer, Inc.	(12)	First Lien Delayed Draw Term Loan	S + 4.50%	8.79%	6/1/2028		483		483			481			0.07
Edgeco Buyer, Inc.	(7)(12)	First Lien Revolver	S + 4.50%	8.79%	6/1/2028		304		(1	)		(2	)		—
HighTower Holding, LLC	(7)(15)	First Lien Revolver	S + 2.00%	6.29%	4/3/2030		110		31			31			—
Lido Advisors, LLC	(8)(12)	First Lien Delayed Draw Term Loan	S + 5.00%	9.29%	6/15/2029		199		197			199			0.03
The Ultimus Group Midco, LLC	(8)(13)	First Lien Term Loan	S + 5.25%	9.64%	3/7/2031		8,643		8,643			8,643			1.35
The Ultimus Group Midco, LLC	(7)(13)	First Lien Delayed Draw Term Loan	S + 5.25%	9.64%	3/7/2031		1,302		—			—			—
The Ultimus Group Midco, LLC	(7)(13)	First Lien Revolver	S + 5.25%	9.64%	3/7/2030		868		—			—			—
									25,853			25,790			4.02

ANTARES PRIVATE CREDIT FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)(Continued)

March 31, 2025

(in thousands)


Investments (1)	Footnotes	Asset Type	Reference Rate and Spread (2)	Interest Rate	Maturity Date	Par Amount / Shares (3)		Amortized Cost (4)			Fair Value			Percentage of Net Assets
Chemicals
Americhem, Inc.	(8)(13)	First Lien Term Loan	S + 4.75%	9.04%	3/1/2032	$	10,500	$	10,448		$	10,449			1.64	%
Americhem, Inc.	(7)(13)	First Lien Delayed Draw Term Loan	S + 4.75%	9.04%	3/1/2032		2,690		(7	)		(13	)		—
Americhem, Inc.	(7)(13)	First Lien Revolver	S + 4.75%	9.04%	3/1/2032		1,906		(10	)		(9	)		—
Aurora Plastics, LLC	(8)(13)	First Lien Term Loan	S + 4.75%	9.17%	8/12/2030		7,664		7,658			7,628			1.19
Aurora Plastics, LLC	(8)(13)	First Lien Delayed Draw Term Loan	S + 4.75%	9.17%	8/10/2030		1,416		1,416			1,409			0.22
Aurorium Global Holdings LLC	(8)(13)	First Lien Term Loan	S + 5.75%	10.19%	12/22/2027		99		98			96			0.02
Boulder Scientific Company, LLC	(8)(12)	First Lien Term Loan	S + 4.75%	9.19%	12/31/2027		100		99			97			0.02
Charkit Chemical Company, LLC	(8)(12)	First Lien Term Loan	S + 4.88%	9.30%	12/29/2026		100		99			99			0.02
DCG Acquisition Corp.	(8)(13)	First Lien Term Loan	S + 4.50%	8.82%	6/13/2031		6,991		6,991			6,991			1.09
DCG Acquisition Corp.	(7)(13)	First Lien Delayed Draw Term Loan	S + 4.75%	9.07%	6/13/2031		1,169		—			—			—
Formulations Parent Corporation	(7)(13)	First Lien Revolver	S + 5.75%	10.07%	11/15/2029		100		—			1			—
Hasa Acquisition, LLC	(8)(12)	First Lien Term Loan	S + 4.50%	8.79%	1/10/2029		199		199			199			0.03
Highline Aftermarket Acquisition, LLC	(7)(15)	First Lien Revolver	S + 3.75%	8.07%	8/10/2027		100		—			—			—
LTI Holdings, Inc.	(5)(8)(15)	First Lien Term Loan	S + 4.25%	8.57%	7/29/2029		1,990		2,000			1,987			0.31
Lubricant Engineers	(8)(12)	First Lien Term Loan	S + 5.25%	9.54%	9/1/2029		199		199			198			0.03
Lubricant Engineers	(8)(15)	First Lien Term Loan	S + 5.25%	9.54%	9/1/2029		5,575		5,548			5,547			0.87
Lubricant Engineers	(7)(15)	First Lien Delayed Draw Term Loan	S + 5.00%	9.29%	9/1/2029		3,540		—			(18	)		—
Lubricant Engineers	(7)(15)	First Lien Revolver	S + 5.25%	9.54%	9/3/2029		885		(4	)		(4	)		—
Potters Industries LLC	(7)(15)	First Lien Revolver	S + 3.75%	8.04%	9/14/2027		100		17			17			—
Rocket Bidco, Inc.	(6)(8)(13)	First Lien Term Loan	S + 5.75%	10.36%	11/1/2030		199		144			138			0.02
									34,895			34,812			5.46
Commercial Services and Supplies
Anticimex Global AB	(5)(6)(8)(14)	First Lien Term Loan	S + 3.40%	7.69%	11/16/2028		1,612		1,612			1,611			0.25
Ares Holdings, LLC	(8)(12)	First Lien Term Loan	S + 5.00%	9.32%	11/18/2027		3,166		3,152			3,151			0.49
AWP Group Holdings, Inc.	(8)(12)	First Lien Term Loan	S + 4.75%	9.07%	12/23/2030		14,323		14,261			14,323			2.24
AWP Group Holdings, Inc.	(7)(12)	First Lien Revolver	S + 4.75%	9.07%	12/23/2030		320		62			64			0.01
BCPE Empire Holdings, Inc.	(5)(8)(14)	First Lien Term Loan	S + 3.25%	7.57%	12/11/2030		2,217		2,214			2,189			0.34
CoolSys, Inc.	(8)(13)	First Lien Term Loan	S + 4.75%	9.30%	8/11/2028		199		196			181			0.03
Denali Buyerco LLC	(8)(13)	First Lien Term Loan	S + 5.25%	9.54%	9/15/2028		4,812		4,812			4,771			0.75
Denali Buyerco LLC	(13)	First Lien Delayed Draw Term Loan	S + 5.25%	9.54%	9/15/2028		7,553		7,546			7,489			1.17
Discovery Purchaser Corporation	(5)(8)(14)	First Lien Term Loan	S + 3.75%	8.04%	10/4/2029		3,492		3,498			3,464			0.54
Ext Acquisitions, Inc.	(8)(12)	First Lien Term Loan	S + 5.00%	9.44%	6/26/2026		199		199			199			0.03
FL Hawk Intermediate Holdings, Inc.	(8)(12)	First Lien Term Loan	S + 4.50%	8.79%	2/22/2030		500		498			500			0.08
FL Hawk Intermediate Holdings, Inc.	(8)(12)	First Lien Term Loan	S + 4.50%	8.79%	2/22/2030		465		463			465			0.07
Fresh Holdco, Inc.	(8)(12)	First Lien Term Loan	S + 5.25%	9.79%	1/24/2026		199		199			199			0.03
HeartLand PPC Buyer, LLC	(8)(13)	First Lien Term Loan	S + 5.25%	9.54%	12/12/2029		5,808		5,746			5,808			0.91

ANTARES PRIVATE CREDIT FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)(Continued)

March 31, 2025

(in thousands)


Investments (1)	Footnotes	Asset Type	Reference Rate and Spread (2)	Interest Rate	Maturity Date	Par Amount / Shares (3)		Amortized Cost (4)			Fair Value			Percentage of Net Assets
Commercial Services and Supplies (continued)
HeartLand PPC Buyer, LLC	(7)(13)	First Lien Delayed Draw Term Loan	S + 5.25%	9.54%	12/12/2029	$	864	$	526		$	535			0.08	%
HeartLand PPC Buyer, LLC	(7)(13)	First Lien Revolver	S + 5.25%	9.54%	12/12/2029		297		54			57			0.01
Hercules Borrower LLC	(8)(12)	First Lien Term Loan	S + 5.50%	9.79%	12/14/2026		3,208		3,183			3,208			0.50
Hercules Borrower LLC	(8)(12)	First Lien Term Loan	S + 5.50%	9.89%	12/14/2026		46		45			46			0.01
Hercules Borrower LLC	(8)(12)	First Lien Delayed Draw Term Loan	S + 5.50%	9.89%	12/14/2026		252		250			252			0.04
Hercules Borrower LLC	(7)(12)	First Lien Revolver	S + 6.25%	10.54%	12/14/2026		459		(3	)		—			—
High Bar Brands Operating, LLC	(6)(8)(12)	First Lien Term Loan	S + 5.25%	9.54%	12/19/2029		199		197			199			0.03
HP RSS Buyer, Inc.	(8)(13)	First Lien Term Loan	S + 5.00%	9.29%	12/11/2029		1,600		1,586			1,596			0.25
HP RSS Buyer, Inc.	(3)(8)(13)	First Lien Delayed Draw Term Loan	S + 5.00%	9.29%	12/11/2029		—		—			—			—
HP RSS Buyer, Inc.	(15)	First Lien Delayed Draw Term Loan	S + 5.00%	9.29%	12/11/2029		849		840			846			0.13
HP RSS Buyer, Inc.	(7)(13)	First Lien Delayed Draw Term Loan	S + 4.75%	9.04%	12/11/2029		3,494		1,008			1,032			0.16
Liquid Environmental Solutions Corporation	(8)(12)	First Lien Term Loan	S + 4.75%	9.14%	5/31/2026		100		99			99			0.02
Monarch Landscape Holdings, LLC	(8)(13)	First Lien Term Loan	S + 5.00%	9.29%	10/2/2028		199		198			199			0.03
Onyx-Fire Protection Services Inc.	(6)(8)(15)	First Lien Term Loan	C + 4.50%	7.25%	7/31/2031		CAD 8,805		6,329			6,074			0.95
Onyx-Fire Protection Services Inc.	(6)(7)(13)	First Lien Delayed Draw Term Loan	C + 4.50%	7.25%	7/31/2031		CAD 1,180		(4	)		(6	)		—
Onyx-Fire Protection Services Inc.	(6)(7)(13)	First Lien Revolver	C + 4.50%	7.25%	7/31/2031		CAD 2,149		(7	)		(11	)		—
Palmetto Acquisitionco Inc	(8)(12)	First Lien Term Loan	S + 5.75%	10.04%	9/18/2029		199		199			196			0.03
Pavion Corp.	(8)(13)	First Lien Term Loan	S + 6.00%	10.29%	10/30/2030		192		192			190			0.03
Service Logic Acquisition, Inc.	(7)(15)	First Lien Revolver	S + 4.00%	8.32%	10/30/2025		100		—			—			—
The Hiller Companies, LLC	(8)(13)	First Lien Term Loan	S + 5.00%	9.29%	6/20/2030		7,432		7,400			7,395			1.16
The Hiller Companies, LLC	(7)(15)	First Lien Delayed Draw Term Loan	S + 5.00%	9.32%	6/20/2030		2,054		506			506			0.08
The Hiller Companies, LLC	(7)(13)	First Lien Revolver	S + 5.00%	9.29%	6/20/2030		1,299		(6	)		(6	)		—
Thermostat Purchaser III, Inc.	(8)(13)	First Lien Term Loan	S + 4.25%	8.54%	8/31/2028		199		199			199			0.03
Valet Waste Holdings, Inc.	(8)(12)	First Lien Term Loan	S + 5.75%	10.07%	5/1/2029		5,210		5,164			5,210			0.82
Valet Waste Holdings, Inc.	(7)(12)	First Lien Delayed Draw Term Loan	S + 5.75%	10.07%	5/1/2029		7,213		(66	)		—			—
WRE Holding Corp.	(8)(13)	First Lien Term Loan	S + 5.00%	9.19%	7/2/2031		2,304		2,295			2,287			0.36
WRE Holding Corp.	(7)(13)	First Lien Delayed Draw Term Loan	S + 5.00%	9.19%	7/2/2031		592		194			192			0.03
WRE Holding Corp.	(7)(13)	First Lien Revolver	S + 5.00%	9.19%	7/2/2030		316		(1	)		(2	)		—
YLG Holdings, Inc.	(8)(13)	First Lien Term Loan	S + 4.75%	9.04%	12/23/2030		9,407		9,382			9,360			1.46
YLG Holdings, Inc.	(7)(13)	First Lien Delayed Draw Term Loan	S + 4.75%	9.04%	11/26/2030		1,379		673			669			0.10
YLG Holdings, Inc.	(7)(13)	First Lien Revolver	S + 5.00%	9.32%	12/23/2030		1,214		(2	)		(6	)		—
Zinc Buyer Corporation	(13)	First Lien Term Loan	S + 4.75%	9.04%	7/24/2031		6,381		6,344			6,333			0.99
Zinc Buyer Corporation	(7)(13)	First Lien Delayed Draw Term Loan	S + 4.75%	9.04%	7/24/2031		1,613		(11	)		(12	)		—
Zinc Buyer Corporation	(7)(13)	First Lien Revolver	S + 4.75%	9.04%	7/24/2031		790		(5	)		(6	)		—
Zone Climate Services, Inc.	(7)(12)	First Lien Delayed Draw Term Loan	S + 6.00%	10.32%	3/9/2028		3,182		(36	)		(24	)		—
Zone Climate Services, Inc.	(7)(12)	First Lien Revolver	S + 5.75%	10.19%	3/9/2028		636		355			358			0.06
									91,535			91,379			14.30

ANTARES PRIVATE CREDIT FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)(Continued)

March 31, 2025

(in thousands)


Investments (1)	Footnotes	Asset Type	Reference Rate and Spread (2)	Interest Rate	Maturity Date	Par Amount / Shares (3)		Amortized Cost (4)			Fair Value			Percentage of Net Assets
Construction & Engineering
CLS Management Services, LLC	(8)(12)	First Lien Term Loan	S + 5.00%	9.29%	3/27/2030	$	199	$	197		$	199			0.03		%
FR Vision Holdings Inc	(8)(13)	First Lien Term Loan	S + 5.00%	9.29%	1/20/2031		3,041		3,041			3,041			0.48
FR Vision Holdings Inc	(7)(15)	First Lien Delayed Draw Term Loan	S + 4.00%	8.29%	1/20/2031		987		415			415			0.06
FR Vision Holdings Inc	(7)(15)	First Lien Revolver	S + 5.00%	9.32%	1/20/2030		248		—			—			—
Hydraulic Technologies USA LLC	(8)(12)	First Lien Term Loan	S + 5.50%	9.79%	6/3/2031		834		821			826			0.13
Hydraulic Technologies USA LLC	(7)(12)	First Lien Revolver	S + 5.50%	9.79%	6/3/2030		114		14			15			—
Kleinfelder Intermediate LLC	(8)(13)	First Lien Term Loan	S + 5.00%	9.29%	9/18/2030		199		199			199			0.03
Mei Buyer LLC	(8)(12)	First Lien Term Loan	S + 5.00%	9.32%	6/29/2029		199		199			199			0.03
Trilon Group, LLC	(8)(12)	First Lien Term Loan	S + 5.50%	9.79%	5/29/2029		1,230		1,222			1,217			0.19
Trilon Group, LLC	(8)(12)	First Lien Term Loan	S + 5.50%	9.79%	5/25/2029		675		668			668			0.10
Trilon Group, LLC	(8)(12)	First Lien Term Loan	S + 5.00%	9.32%	5/27/2029		1,995		1,985			1,975			0.31
Trilon Group, LLC	(8)(12)	First Lien Delayed Draw Term Loan	S + 5.00%	9.29%	5/29/2029		51		51			51			0.01
Trilon Group, LLC	(7)(15)	First Lien Delayed Draw Term Loan	S + 5.00%	9.32%	5/27/2029		1,995		(5	)		(20	)		—
Trilon Group, LLC	(8)(12)	First Lien Delayed Draw Term Loan	S + 5.50%	9.79%	5/25/2029		4,138		4,082			4,097			0.64
Trilon Group, LLC	(7)(12)	First Lien Revolver	S + 5.50%	9.79%	5/25/2029		1,212		(8	)		(12	)		—
									12,881			12,870			2.01
Construction Materials
Arrow Tru-Line Holding, LLC	(8)(12)	First Lien Term Loan	S + 5.63%	10.03%	9/20/2027		200		199			199			0.03
Pearlman Enterprises Inc.	(8)(12)	First Lien Term Loan	S + 4.50%	8.92%	5/5/2027		199		196			198			0.03
Red Fox CD Acquisition Corporation	(7)(15)	First Lien Delayed Draw Term Loan	S + 6.00%	10.29%	3/4/2030		10,718		9,808			9,828			1.54
									10,203			10,225			1.60
Containers and Packaging
Anchor Packaging, LLC	(7)(15)	First Lien Revolver	S + 3.75%	8.07%	4/17/2029		100		—			—			—
Berlin Packaging L.L.C.	(5)(8)(15)	First Lien Term Loan	S + 3.50%	7.79%	6/7/2031		1,995		1,997			1,990			0.31
CFs Brands, LLC	(8)(12)	First Lien Term Loan	S + 5.00%	9.32%	10/2/2030		3,490		3,490			3,490			0.55
CFs Brands, LLC	(7)(12)	First Lien Revolver	S + 5.75%	10.07%	10/2/2029		493		—			—			—
Clydesdale Acquisition Holdings, Inc.	(5)(8)(15)	First Lien Term Loan	S + 3.25%	7.54%	3/26/2032		1,966		1,951			1,957			0.31
Clydesdale Acquisition Holdings, Inc.	(5)(7)(8)(15)	First Lien Delayed Draw Term Loan	S + 3.25%	7.54%	3/26/2032		34		—			—			—
Cold Chain Technologies, LLC	(3)(8)(12)	First Lien Term Loan	S + 5.75%	10.07%	7/2/2026		—		—			—			—
Cold Chain Technologies, LLC	(8)(12)	First Lien Term Loan	S + 5.75%	10.04%	7/2/2026		2,301		2,301			2,301			0.36
Cold Chain Technologies, LLC	(8)(12)	First Lien Term Loan	S + 5.75%	10.04%	7/2/2026		4,144		4,144			4,144			0.65
Cold Chain Technologies, LLC	(8)(12)	First Lien Term Loan	S + 5.75%	10.04%	7/2/2026		4,321		4,313			4,321			0.68
Cold Chain Technologies, LLC	(7)(12)	First Lien Revolver	S + 5.00%	9.29%	7/2/2026		522		—			—			—
Nelipak Holding Company	(8)(12)	First Lien Term Loan	S + 5.50%	9.79%	3/26/2031		6,392		6,392			6,296			0.99
Nelipak Holding Company	(7)(12)	First Lien Delayed Draw Term Loan	S + 5.50%	9.79%	3/26/2031		2,486		—			(37	)		(0.01	)
Nelipak Holding Company	(7)(15)	First Lien Revolver	S + 5.50%	9.82%	3/26/2031		1,855		928			900			0.14

ANTARES PRIVATE CREDIT FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)(Continued)

March 31, 2025

(in thousands)


Investments (1)	Footnotes	Asset Type	Reference Rate and Spread (2)	Interest Rate	Maturity Date	Par Amount / Shares (3)		Amortized Cost (4)			Fair Value			Percentage of Net Assets
Containers and Packaging (continued)
Packaging Coordinators Midco, Inc.	(8)(13)	First Lien Term Loan	S + 4.75%	9.04%	1/21/2032	$	9,192	$	9,183		$	9,126			1.43		%
Packaging Coordinators Midco, Inc.	(7)(15)	First Lien Delayed Draw Term Loan	S + 4.75%	9.04%	1/22/2032		4,882		—			(35	)		(0.01	)
Packaging Coordinators Midco, Inc.	(7)(13)	First Lien Revolver	S + 4.75%	9.04%	1/22/2032		926		(1	)		(7	)		—
PG Buyer, LLC	(8)(12)	First Lien Term Loan	S + 4.25%	8.54%	3/2/2026		199		199			199			0.03
PLZ Corp.	(8)(13)	First Lien Term Loan	S + 3.75%	8.18%	8/3/2026		99		94			96			0.02
Proampac PG Borrower LLC	(7)(15)	First Lien Revolver	S + 3.75%	8.07%	6/16/2028		100		16			16			—
Rohrer Corporation	(8)(12)	First Lien Term Loan	S + 5.00%	9.44%	3/15/2027		199		199			199			0.03
St Athena Global LLC	(6)(8)(13)	First Lien Term Loan	S + 5.25%	9.54%	6/26/2030		3,880		3,843			3,832			0.60
St Athena Global LLC	(6)(8)(13)	First Lien Term Loan	SON + 5.25%	9.71%	6/26/2030		GBP 2,286		2,953			2,916			0.46
St Athena Global LLC	(6)(7)(15)	First Lien Delayed Draw Term Loan	S + 5.25%	9.54%	6/26/2030		213		(2	)		(3	)		—
St Athena Global LLC	(6)(7)(13)	First Lien Revolver	S + 5.25%	9.54%	6/26/2029		590		191			189			0.03
Tank Holding Corp.	(8)(13)	First Lien Term Loan	S + 5.75%	10.17%	3/31/2028		199		196			189			0.03
TricorBraun Holdings, Inc.	(8)(14)	First Lien Term Loan	S + 3.25%	7.68%	3/3/2028		5,087		5,072			5,048			0.79
Trident TPI Holdings, Inc.	(5)(8)(14)	First Lien Term Loan	S + 3.75%	7.94%	9/15/2028		2,494		2,500			2,414			0.38
Verde Purchaser, LLC	(5)(8)(15)	First Lien Term Loan	S + 4.00%	8.29%	11/30/2030		4,000		4,012			3,984			0.62
									53,971			53,525			8.39
Distributors
Aurora Parts & Accessories LLC	(8)(12)	First Lien Term Loan	S + 5.50%	9.94%	1/13/2029		99		99			99			0.02
BC Group Holdings, Inc.	(8)(13)	First Lien Term Loan	S + 5.00%	9.29%	12/21/2026		2,166		2,149			2,149			0.34
BC Group Holdings, Inc.	(7)(13)	First Lien Delayed Draw Term Loan	S + 5.00%	9.29%	12/21/2026		6,743		1,268			1,272			0.20
Blackbird Purchaser, Inc.	(7)(13)	First Lien Delayed Draw Term Loan	S + 5.50%	9.79%	12/19/2030		185		103			103			0.02
Blackbird Purchaser, Inc.	(7)(13)	First Lien Revolver	S + 5.50%	9.79%	12/19/2029		124		43			43			0.01
Blackhawk Industrial Distribution, Inc.	(8)(12)	First Lien Term Loan	S + 5.25%	9.69%	9/17/2026		1,488		1,483			1,477			0.23
Blackhawk Industrial Distribution, Inc.	(7)(12)	First Lien Delayed Draw Term Loan	S + 5.50%	9.94%	9/17/2026		4,457		3,951			3,934			0.62
Blackhawk Industrial Distribution, Inc.	(7)(12)	First Lien Revolver	S + 5.25%	9.69%	9/17/2026		1,028		430			430			0.07
BradyPlus Holdings, LLC	(8)(12)	First Lien Term Loan	S + 5.00%	9.29%	10/31/2029		6,266		6,266			6,266			0.98
BradyPlus Holdings, LLC	(7)(12)	First Lien Delayed Draw Term Loan	S + 6.00%	10.29%	10/31/2029		702		149			151			0.02
Component Hardware Group, Inc.	(8)(12)	First Lien Term Loan	S + 5.00%	9.44%	7/1/2026		97		97			97			0.02
DFS Holding Company, Inc.	(8)(12)	First Lien Term Loan	S + 7.00%	11.29%	1/31/2029		199		196			190			0.03
Vessco Midco Holdings, LLC	(8)(13)	First Lien Term Loan	S + 4.75%	9.07%	7/24/2031		4,970		4,949			4,945			0.77
Vessco Midco Holdings, LLC	(7)(13)	First Lien Delayed Draw Term Loan	S + 5.25%	9.57%	7/24/2031		1,657		428			428			0.07
Vessco Midco Holdings, LLC	(7)(13)	First Lien Revolver	S + 4.25%	8.57%	7/24/2031		552		(2	)		(3	)		—
									21,609			21,581			3.40

ANTARES PRIVATE CREDIT FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)(Continued)

March 31, 2025

(in thousands)


Investments (1)	Footnotes	Asset Type	Reference Rate and Spread (2)	Interest Rate	Maturity Date	Par Amount / Shares (3)		Amortized Cost (4)			Fair Value			Percentage of Net Assets
Diversified Consumer Services
AAH Topco., LLC	(7)(15)	First Lien Delayed Draw Term Loan	S + 5.00%	9.32%	3/31/2031	$	2,970	$	(7	)	$	(15	)		—	%
American Residential Services LLC	(7)(15)	First Lien Revolver	S + 3.25%	7.54%	1/31/2030		870		273			271			0.04
Apex Service Partners, LLC	(12)	First Lien Term Loan	S + 5.00%	9.29%	10/24/2030		4,838		4,816			4,815			0.75
Apex Service Partners, LLC	(12)	First Lien Delayed Draw Term Loan	S + 5.00%	9.29%	10/24/2030		778		775			775			0.12
Apex Service Partners, LLC	(7)(12)	First Lien Revolver	S + 5.00%	9.32%	10/24/2029		660		555			556			0.09
Ave Holdings III, Corp	(13)	First Lien Term Loan	S + 5.25%	9.69%	2/25/2028		6,285		6,172			6,175			0.97
Ave Holdings III, Corp	(13)	First Lien Delayed Draw Term Loan	S + 5.25%	9.69%	2/25/2028		168		165			165			0.03
Ave Holdings III, Corp	(7)(13)	First Lien Revolver	S + 5.50%	9.69%	2/25/2028		514		(9	)		(9	)		—
AVG Intermediate Holdings LLC	(8)(12)	First Lien Delayed Draw Term Loan	S + 6.00%	10.39%	3/16/2027		199		195			195			0.03
Cop Hometown Acquisitions, Inc. (fka Cop Airco Acquisitions, Inc.)	(8)(15)	First Lien Term Loan	S + 5.25%	9.54%	7/16/2027		917		913			913			0.14
Cop Hometown Acquisitions, Inc. (fka Cop Airco Acquisitions, Inc.)	(8)(12)	First Lien Delayed Draw Term Loan	S + 5.25%	9.69%	7/16/2027		280		278			279			0.04
Cop Hometown Acquisitions, Inc. (fka Cop Airco Acquisitions, Inc.)	(8)(12)	First Lien Delayed Draw Term Loan	S + 5.25%	9.69%	7/16/2027		2,524		2,507			2,511			0.39
Cop Hometown Acquisitions, Inc. (fka Cop Airco Acquisitions, Inc.)	(8)(12)	First Lien Delayed Draw Term Loan	S + 5.25%	9.69%	7/16/2027		529		525			526			0.08
Cop Hometown Acquisitions, Inc. (fka Cop Airco Acquisitions, Inc.)	(8)(12)	First Lien Delayed Draw Term Loan	S + 5.25%	9.54%	7/16/2027		657		656			654			0.10
CVP Holdco, Inc.	(8)(13)	First Lien Term Loan	S + 4.75%	9.07%	6/30/2031		6,459		6,447			6,445			1.01
CVP Holdco, Inc.	(7)(13)	First Lien Delayed Draw Term Loan	S + 4.75%	9.07%	6/28/2031		1,715		40			40			0.01
CVP Holdco, Inc.	(7)(13)	First Lien Revolver	S + 5.00%	9.32%	6/28/2030		686		(2	)		(2	)		—
Eos Fitness Opco Holdings, LLC	(8)(13)	First Lien Term Loan	S + 5.25%	9.54%	1/5/2028		4,335		4,305			4,324			0.68
Eos Fitness Opco Holdings, LLC	(15)	First Lien Delayed Draw Term Loan	S + 5.25%	9.54%	1/5/2028		2,255		2,239			2,249			0.35
Eos Fitness Opco Holdings, LLC	(7)(13)	First Lien Delayed Draw Term Loan	S + 5.25%	9.54%	1/5/2028		437		53			55			0.01
Eos Fitness Opco Holdings, LLC	(15)	First Lien Delayed Draw Term Loan	S + 5.25%	9.51%	1/5/2028		491		491			490			0.08
Eos Fitness Opco Holdings, LLC	(7)(13)	First Lien Revolver	S + 4.75%	9.04%	1/5/2028		569		181			183			0.03
Essential Services Holding Corporation	(8)(13)	First Lien Term Loan	S + 5.00%	9.29%	6/17/2031		2,014		2,010			2,009			0.31
Essential Services Holding Corporation	(7)(13)	First Lien Delayed Draw Term Loan	S + 5.00%	9.29%	6/17/2031		395		(1	)		(1	)		—
Essential Services Holding Corporation	(7)(13)	First Lien Revolver	S + 5.00%	9.29%	6/17/2030		247		39			39			0.01
Flint Opco, LLC	(7)(12)	First Lien Delayed Draw Term Loan	S + 4.75%	9.04%	8/15/2030		3,046		1,224			1,238			0.19
FSHS I, LLC	(8)(13)	First Lien Term Loan	S + 5.50%	9.82%	11/18/2028		199		197			197			0.03
GS Seer Group Borrower LLC	(8)(12)	First Lien Term Loan	S + 6.75%	11.04%	4/29/2030		99		98			97			0.02
GSV Holding, LLC	(8)(12)	First Lien Term Loan	S + 2.63%	10.03% (Incl. 3.13% PIK)	10/18/2030		4,884		4,862			4,859			0.76
GSV Holding, LLC	(7)(12)	First Lien Revolver	S + 4.25%	8.57%	10/18/2030		217		(1	)		(1	)		—
Health Buyer LLC	(7)(13)	First Lien Delayed Draw Term Loan	S + 5.50%	9.79%	4/27/2029		3,302		645			645			0.10
Home Service Topco IV, Inc.	(8)(12)	First Lien Term Loan	S + 4.50%	8.89%	12/31/2027		199		199			198			0.03
Innovetive Petcare, Inc.	(8)(12)	First Lien Term Loan	S + 5.00%	9.44%	6/30/2028		5,447		5,447			5,379			0.84
Innovetive Petcare, Inc.	(12)	First Lien Delayed Draw Term Loan	S + 5.00%	9.44%	6/30/2028		1,516		1,516			1,498			0.23
Innovetive Petcare, Inc.	(7)(12)	First Lien Delayed Draw Term Loan	S + 5.00%	9.44%	6/30/2028		6,268		4,379			4,313			0.67

ANTARES PRIVATE CREDIT FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)(Continued)

March 31, 2025

(in thousands)


Investments (1)	Footnotes	Asset Type	Reference Rate and Spread (2)	Interest Rate	Maturity Date	Par Amount / Shares (3)		Amortized Cost (4)			Fair Value			Percentage of Net Assets
Diversified Consumer Services (continued)
Intel 471 INC.	(12)	First Lien Term Loan	S + 5.25%	9.54%	9/27/2028	$	200	$	200		$	200			0.03	%
Learning Care Group (US) No. 2 Inc.	(5)(8)(14)	First Lien Term Loan	S + 4.00%	8.29%	8/11/2028		997		996			992			0.16
Quick Quack Car Wash Holdings, LLC	(8)(13)	First Lien Term Loan	S + 4.75%	9.07%	6/10/2031		199		199			199			0.03
Seahawk Bidco, LLC	(8)(15)	First Lien Term Loan	S + 4.75%	9.04%	12/19/2031		5,818		5,799			5,804			0.91
Seahawk Bidco, LLC	(7)(15)	First Lien Delayed Draw Term Loan	S + 4.75%	9.04%	12/19/2031		1,818		314			314			0.05
Seahawk Bidco, LLC	(7)(15)	First Lien Revolver	S + 4.75%	9.04%	12/19/2030		545		(2	)		(1	)		—
Taymax Group Acquisition, LLC	(8)(12)	First Lien Term Loan	S + 6.00%	10.42%	7/31/2026		199		199			199			0.03
Trackforce Acquireco, Inc.	(13)	First Lien Term Loan	S + 5.75%	10.04%	6/23/2028		200		200			200			0.03
US Fitness Holdings, LLC	(8)(13)	First Lien Term Loan	S + 5.50%	9.79%	9/4/2031		8,800		8,760			8,756			1.37
US Fitness Holdings, LLC	(7)(13)	First Lien Delayed Draw Term Loan	S + 5.50%	9.79%	9/4/2031		2,206		(10	)		(11	)		—
US Fitness Holdings, LLC	(7)(13)	First Lien Revolver	S + 5.50%	9.79%	9/4/2030		172		(1	)		(1	)		—
Vertex Service Partners, LLC	(8)(13)	First Lien Term Loan	S + 6.00%	10.29%	11/8/2030		199		199			199			0.03
Vertex Service Partners, LLC	(7)(13)	First Lien Delayed Draw Term Loan	S + 5.25%	9.54%	11/8/2030		250		48			48			0.01
VPP Intermediate Holdings, LLC	(8)(12)	First Lien Term Loan	S + 5.75%	10.17%	12/1/2027		1,861		1,853			1,856			0.29
VPP Intermediate Holdings, LLC	(7)(12)	First Lien Delayed Draw Term Loan	S + 5.25%	9.67%	12/1/2027		3,212		400			394			0.06
VPP Intermediate Holdings, LLC	(8)(12)	First Lien Delayed Draw Term Loan	S + 5.75%	10.17%	12/1/2027		558		556			557			0.09
VPP Intermediate Holdings, LLC	(8)(12)	First Lien Delayed Draw Term Loan	S + 5.75%	10.17%	12/1/2027		1,685		1,677			1,681			0.26
VPP Intermediate Holdings, LLC	(15)	First Lien Delayed Draw Term Loan	S + 5.75%	10.17%	12/1/2027		2,636		2,625			2,630			0.41
VPP Intermediate Holdings, LLC	(7)(12)	First Lien Revolver	S + 5.25%	9.57%	12/1/2027		229		(1	)		(1	)		—
									76,193			76,080			11.90
Diversified Telecommunication Services
Guardian US Holdco LLC	(5)(8)(14)	First Lien Term Loan	S + 3.50%	7.79%	1/31/2030		2,239		2,247			2,209			0.35
Virgin Media Bristol LLC	(5)(6)(8)(15)	First Lien Term Loan	S + 3.18%	7.47%	3/31/2031		2,000		1,988			1,928			0.30
									4,235			4,137			0.65
Electrical Equipment
Infinite Bidco LLC	(8)(12)	First Lien Term Loan	S + 6.25%	10.54%	3/2/2028		99		99			99			0.02
Power Grid Holdings, Inc.	(8)(13)	First Lien Term Loan	S + 4.75%	9.04%	12/2/2030		8,957		8,957			8,957			1.40
Power Grid Holdings, Inc.	(7)(13)	First Lien Revolver	S + 4.75%	9.04%	12/2/2030		890		—			—			—
TPC Engineering Holdings, Inc.	(8)(15)	First Lien Term Loan	S + 5.50%	9.92%	2/16/2027		555		551			550			0.09
TPC Engineering Holdings, Inc.	(8)(15)	First Lien Term Loan	S + 5.50%	9.92%	2/16/2027		4,026		3,992			3,986			0.62
TPC Engineering Holdings, Inc.	(8)(15)	First Lien Term Loan	S + 5.50%	9.92%	2/16/2027		1,945		1,929			1,926			0.30
TPC Engineering Holdings, Inc.	(7)(15)	First Lien Revolver	S + 5.50%	9.92%	2/16/2027		441		346			346			0.05
									15,874			15,864			2.48

ANTARES PRIVATE CREDIT FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)(Continued)

March 31, 2025

(in thousands)


Investments (1)	Footnotes	Asset Type	Reference Rate and Spread (2)	Interest Rate	Maturity Date	Par Amount / Shares (3)		Amortized Cost (4)			Fair Value			Percentage of Net Assets
Electronic Equipment, Instruments and Components
Dwyer Instruments, LLC	(8)(13)	First Lien Term Loan	S + 4.75%	9.04%	7/23/2029	$	3,879	$	3,844		$	3,860			0.60	%
Dwyer Instruments, LLC	(7)(13)	First Lien Delayed Draw Term Loan	S + 4.75%	9.04%	7/23/2029		505		(2	)		(3	)		—
Dwyer Instruments, LLC	(7)(13)	First Lien Revolver	S + 4.75%	9.04%	7/23/2029		706		34			37			0.01
Excelitas Technologies Corp.	(7)(13)	First Lien Delayed Draw Term Loan	S + 5.25%	9.57%	8/12/2029		2,522		(12	)		—			—
Phoenix 1 Buyer Corporation	(8)(13)	First Lien Term Loan	S + 4.75%	9.04%	11/20/2030		5,828		5,828			5,828			0.91
Phoenix 1 Buyer Corporation	(7)(13)	First Lien Revolver	S + 4.75%	9.04%	11/20/2029		1,142		—			—			—
Wildcat Topco, Inc.	(8)(13)	First Lien Term Loan	S + 5.00%	9.29%	11/17/2031		1,510		1,503			1,506			0.24
Wildcat Topco, Inc.	(7)(13)	First Lien Delayed Draw Term Loan	S + 5.00%	9.29%	11/17/2031		270		(1	)		(1	)		—
Wildcat Topco, Inc.	(7)(13)	First Lien Revolver	S + 4.00%	8.29%	11/17/2031		270		(1	)		(1	)		—
									11,193			11,226			1.76
Energy Equipment and Services
CRCI Longhorn Holdings, Inc.	(8)(13)	First Lien Term Loan	S + 5.00%	9.32%	8/27/2031		6,103		6,077			6,072			0.95
CRCI Longhorn Holdings, Inc.	(7)(13)	First Lien Delayed Draw Term Loan	S + 5.00%	9.32%	8/27/2031		1,530		(7	)		(8	)		—
CRCI Longhorn Holdings, Inc.	(7)(13)	First Lien Revolver	S + 5.00%	9.32%	8/27/2031		1,020		526			525			0.08
DMC Holdco, LLC	(8)(12)	First Lien Term Loan	S + 4.75%	9.07%	7/13/2029		199		197			196			0.03
Integrated Power Services Holdings, Inc.	(8)(13)	First Lien Term Loan	S + 4.50%	8.93%	11/22/2028		5,469		5,464			5,458			0.85
Integrated Power Services Holdings, Inc.	(7)(13)	First Lien Delayed Draw Term Loan	S + 4.50%	8.82%	11/22/2028		7,018		(16	)		(15	)		—
Phillips & Temro Industries Inc.	(8)(12)	First Lien Term Loan	S + 5.00%	9.44%	3/12/2027		197		197			197			0.03
									12,438			12,425			1.94
Financial Services
1364720 B.C. LTD.	(6)(8)(13)	First Lien Term Loan	S + 4.50%	8.79%	9/9/2028		199		144			138			0.02
Ascensus Group Holdings, Inc.	(5)(8)(14)	First Lien Term Loan	S + 3.00%	7.32%	8/2/2028		626		626			623			0.10
Cerity Partners Equity Holding LLC	(7)(15)	First Lien Delayed Draw Term Loan	S + 5.25%	9.57%	7/28/2029		5,000		(24	)		—			—
Cerity Partners Equity Holding LLC	(13)	First Lien Delayed Draw Term Loan	S + 5.25%	9.57%	7/28/2029		1,313		1,311			1,313			0.21
Cerity Partners Equity Holding LLC	(7)(13)	First Lien Delayed Draw Term Loan	S + 5.25%	9.57%	7/28/2029		10,128		7,202			7,224			1.13
Cerity Partners Equity Holding LLC	(7)(13)	First Lien Revolver	S + 5.25%	9.54%	7/28/2028		543		312			314			0.05
CFGI Holdings, LLC	(8)(13)	First Lien Term Loan	S + 4.50%	8.82%	11/2/2027		6,693		6,646			6,646			1.04
CFGI Holdings, LLC	(7)(13)	First Lien Revolver	S + 4.50%	8.82%	11/2/2027		270		(2	)		(2	)		—
Cherry Bekaert Advisory LLC	(8)(13)	First Lien Term Loan	S + 5.25%	9.57%	6/30/2028		199		199			199			0.03
Citrin Cooperman Advisors, LLC	(8)(13)	First Lien Term Loan	S + 5.25%	9.54%	10/1/2027		577		577			577			0.09
Contractual Buyer, LLC	(8)(13)	First Lien Term Loan	S + 6.00%	10.29%	10/10/2030		199		199			199			0.03
Focus Financial Partners, LLC	(5)(8)(15)	First Lien Term Loan	S + 2.75%	7.07%	9/15/2031		5,081		5,068			5,038			0.79
Foreside Financial Group, LLC	(12)	First Lien Term Loan	S + 5.25%	9.69%	9/30/2027		567		567			567			0.09
Foreside Financial Group, LLC	(7)(12)	First Lien Delayed Draw Term Loan	S + 5.50%	9.82%	9/30/2027		11,650		—			—			—
Heights Buyer, LLC	(8)(12)	First Lien Term Loan	S + 5.75%	10.14%	8/25/2028		5,335		5,335			5,335			0.84
Heights Buyer, LLC	(7)(12)	First Lien Delayed Draw Term Loan	S + 5.75%	10.14%	8/25/2028		874		—			—			—

ANTARES PRIVATE CREDIT FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)(Continued)

March 31, 2025

(in thousands)


Investments (1)	Footnotes	Asset Type	Reference Rate and Spread (2)	Interest Rate	Maturity Date	Par Amount / Shares (3)		Amortized Cost (4)			Fair Value			Percentage of Net Assets
Financial Services (continued)
Heights Buyer, LLC	(7)(15)	First Lien Revolver	S + 5.75%	10.14%	8/25/2028	$	764	$	142		$	142			0.02	%
Kriv Acquisition Inc.	(8)(12)	First Lien Term Loan	S + 5.75%	10.04%	7/6/2029		199		198			199			0.03
Kriv Acquisition Inc.	(7)(12)	First Lien Delayed Draw Term Loan	S + 6.50%	10.82%	7/6/2029		1,338		(6	)		—			—
Minotaur Acquisition, Inc.	(8)(12)	First Lien Term Loan	S + 5.00%	9.32%	6/3/2030		8,684		8,604			8,605			1.35
Minotaur Acquisition, Inc.	(7)(12)	First Lien Delayed Draw Term Loan	S + 5.00%	9.32%	6/3/2030		1,455		(14	)		(13	)		—
Minotaur Acquisition, Inc.	(8)(12)	First Lien Delayed Draw Term Loan	S + 5.00%	9.32%	6/3/2030		1,440		1,427			1,427			0.22
Minotaur Acquisition, Inc.	(7)(12)	First Lien Revolver	S + 5.00%	9.32%	6/3/2030		873		(8	)		(8	)		—
Neon Maple Purchaser Inc.	(5)(6)(8)(15)	First Lien Term Loan	S + 3.00%	7.32%	11/15/2031		5,000		5,021			4,974			0.78
Pathstone Family Office LLC	(8)(12)	First Lien Term Loan	S + 5.00%	9.42%	5/15/2029		152		151			151			0.02
Pathstone Family Office LLC	(8)(12)	First Lien Term Loan	S + 5.00%	9.42%	5/15/2029		3,639		3,623			3,611			0.56
Pathstone Family Office LLC	(7)(15)	First Lien Delayed Draw Term Loan	S + 5.00%	9.42%	5/15/2029		1,454		(10	)		(11	)		—
Pathstone Family Office LLC	(7)(15)	First Lien Revolver	S + 5.00%	9.42%	5/15/2028		374		(2	)		(3	)		—
Petrus Buyer, Inc.	(8)(13)	First Lien Term Loan	S + 4.75%	9.37%	10/17/2029		199		199			199			0.03
Project Accelerate Parent LLC	(7)(13)	First Lien Revolver	S + 5.25%	9.57%	2/22/2031		100		—			—			—
Ryan, LLC	(7)(15)	First Lien Revolver	S + 4.50%	8.82%	11/14/2028		100		(1	)		—			—
The Chartis Group, LLC	(8)(13)	First Lien Term Loan	S + 4.50%	8.79%	9/17/2031		1,263		1,257			1,256			0.20
The Chartis Group, LLC	(7)(13)	First Lien Delayed Draw Term Loan	S + 4.50%	8.79%	9/17/2031		388		(2	)		(2	)		—
The Chartis Group, LLC	(7)(13)	First Lien Revolver	S + 4.50%	8.79%	9/17/2031		194		(1	)		(1	)		—
Wealth Enhancement Group, LLC	(8)(12)	First Lien Delayed Draw Term Loan	S + 5.00%	9.29%	10/2/2028		199		198			199			0.03
Wealth Enhancement Group, LLC	(7)(12)	First Lien Delayed Draw Term Loan	S + 5.00%	9.32%	10/2/2028		9,677		(12	)		—			—
Wealth Enhancement Group, LLC	(7)(15)	First Lien Revolver	S + 5.00%	9.32%	10/2/2028		323		—			—			—
									48,924			48,896			7.66
Food Products
BCPE North Star US Holdco 2, Inc.	(7)(15)	First Lien Revolver	S + 3.75%	8.07%	6/10/2026		100		11			13			—
Chg Ppc Parent LLC	(7)(15)	First Lien Revolver	S + 2.75%	7.07%	12/8/2026		100		(2	)		(1	)		—
Fiesta Purchaser, Inc.	(5)(8)(15)	First Lien Term Loan	S + 3.25%	7.57%	2/12/2031		3,236		3,247			3,217			0.50
Primary Products Finance LLC	(5)(8)(14)	First Lien Term Loan	S + 3.25%	7.54%	4/1/2029		4,032		4,050			4,012			0.63
RB Holdings Interco, LLC	(8)(12)	First Lien Term Loan	S + 5.00%	9.44%	5/4/2028		199		195			199			0.03
Sigma Holdco B.V.	(5)(6)(8)(15)	First Lien Term Loan	S + 3.75%	8.17%	1/3/2028		4,097		4,107			4,082			0.64
Sugar Ppc Buyer LLC	(7)(15)	First Lien Delayed Draw Term Loan	S + 5.25%	9.57%	10/2/2030		6,800		(30	)		—			—
WPP Bullet Buyer, LLC	(8)(12)	First Lien Term Loan	S + 5.25%	9.54%	12/7/2030		5,156		5,144			5,117			0.80
WPP Bullet Buyer, LLC	(7)(12)	First Lien Revolver	S + 5.25%	9.54%	12/7/2029		83		(1	)		(1	)		—
									16,721			16,638			2.60
Ground Transportation
AMS Parent, LLC	(8)(13)	First Lien Term Loan	S + 5.00%	9.43%	10/25/2028		199		196			193			0.03
									196			193			0.03

ANTARES PRIVATE CREDIT FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)(Continued)

March 31, 2025

(in thousands)


Investments (1)	Footnotes	Asset Type	Reference Rate and Spread (2)	Interest Rate	Maturity Date	Par Amount / Shares (3)		Amortized Cost (4)			Fair Value			Percentage of Net Assets
Health Care Technology
Acentra Holdings, LLC	(8)(14)	First Lien Term Loan	S + 5.50%	9.79%	12/17/2029	$	76	$	76		$	76			0.01	%
Acentra Holdings, LLC	(7)(14)	First Lien Delayed Draw Term Loan	S + 5.50%	9.79%	12/17/2029		220		—			—			—
Athenahealth Group Inc.	(7)(15)	First Lien Revolver	S + 3.50%	7.82%	2/15/2027		100		—			—			—
Bracket Intermediate Holding Corp.	(7)(15)	First Lien Revolver	S + 5.00%	9.32%	2/7/2028		100		—			—			—
Caerus US 1 Inc.	(6)(8)(13)	First Lien Term Loan	S + 5.00%	9.29%	5/25/2029		199		196			199			0.03
Continental Buyer, Inc.	(8)(13)	First Lien Term Loan	S + 4.50%	8.82%	4/2/2031		6,754		6,754			6,738			1.05
Continental Buyer, Inc.	(7)(15)	First Lien Delayed Draw Term Loan	S + 4.50%	8.82%	4/2/2031		1,818		(2	)		(4	)		—
Continental Buyer, Inc.	(7)(13)	First Lien Revolver	S + 5.25%	9.57%	4/2/2031		1,398		(2	)		(3	)		—
Cotiviti, Inc.	(5)(8)(15)	First Lien Term Loan	S + 2.75%	7.07%	3/28/2032		4,936		4,887			4,831			0.76
DeLorean Purchaser, Inc.	(8)(13)	First Lien Term Loan	S + 4.75%	9.04%	12/16/2031		4,356		4,326			4,324			0.68
DeLorean Purchaser, Inc.	(7)(13)	First Lien Revolver	S + 4.75%	9.04%	12/16/2031		653		(5	)		(5	)		—
Empower Payments Investor, LLC	(8)(13)	First Lien Term Loan	S + 4.50%	8.82%	3/12/2031		2,139		2,139			2,139			0.33
Empower Payments Investor, LLC	(7)(13)	First Lien Delayed Draw Term Loan	S + 5.25%	9.57%	3/12/2031		306		—			—			—
Empower Payments Investor, LLC	(7)(13)	First Lien Revolver	S + 5.25%	9.57%	3/12/2030		163		—			—			—
Ensemble RCM, LLC	(7)(15)	First Lien Revolver	S + 3.00%	7.32%	6/27/2028		100		—			—			—
F&M Buyer LLC	(8)(15)	First Lien Term Loan	S + 4.75%	9.04%	3/18/2032		3,582		3,564			3,564			0.56
F&M Buyer LLC	(7)(15)	First Lien Delayed Draw Term Loan	S + 4.75%	9.04%	3/18/2032		1,194		(3	)		(6	)		—
F&M Buyer LLC	(7)(15)	First Lien Revolver	S + 4.75%	9.04%	3/18/2032		522		(3	)		(3	)		—
Goldeneye Parent, LLC	(8)(13)	First Lien Term Loan	S + 5.00%	9.29%	3/31/2032		12,049		12,019			12,018			1.88
Goldeneye Parent, LLC	(7)(15)	First Lien Revolver	S + 5.00%	9.29%	3/31/2032		1,744		(4	)		(4	)		—
HT Intermediary III, Inc.	(8)(13)	First Lien Term Loan	S + 4.75%	9.07%	11/12/2030		6,284		6,258			6,221			0.97
HT Intermediary III, Inc.	(7)(13)	First Lien Delayed Draw Term Loan	S + 4.75%	9.07%	11/12/2030		1,527		(4	)		(15	)		—
HT Intermediary III, Inc.	(7)(13)	First Lien Revolver	S + 4.75%	9.07%	11/12/2030		573		55			52			0.01
IMO Investor Holdings, Inc.	(8)(13)	First Lien Term Loan	S + 5.00%	9.19%	5/11/2029		3,227		3,227			3,227			0.51
IMO Investor Holdings, Inc.	(13)	First Lien Delayed Draw Term Loan	S + 5.00%	9.19%	5/11/2029		387		387			387			0.06
IMO Investor Holdings, Inc.	(7)(13)	First Lien Revolver	S + 5.00%	9.19%	5/11/2028		370		—			—			—
Invictus Buyer, LLC	(8)(13)	First Lien Term Loan	S + 4.75%	9.04%	6/3/2031		7,799		7,799			7,799			1.22
Invictus Buyer, LLC	(7)(13)	First Lien Delayed Draw Term Loan	S + 5.00%	9.32%	6/3/2031		3,266		—			—			—
Invictus Buyer, LLC	(7)(13)	First Lien Revolver	S + 5.00%	9.32%	6/3/2031		1,210		—			—			—
Net Health Acquisition Corp.	(8)(13)	First Lien Term Loan	S + 4.75%	9.07%	7/5/2031		7,569		7,537			7,569			1.19
Net Health Acquisition Corp.	(7)(13)	First Lien Revolver	S + 4.75%	9.07%	7/3/2031		973		93			97			0.02
SDS Buyer, Inc.	(8)(12)	First Lien Term Loan	S + 4.50%	8.89%	9/30/2027		199		199			199			0.03
Unlimited Technology Holdings, LLC	(8)(13)	First Lien Term Loan	S + 4.75%	9.04%	3/12/2032		5,600		5,586			5,586			0.87
Unlimited Technology Holdings, LLC	(7)(13)	First Lien Revolver	S + 4.75%	9.04%	3/12/2032		747		(2	)		(2	)		—
Zelis Cost Management Buyer, Inc.	(7)(15)	First Lien Revolver	S + 2.75%	7.07%	1/17/2029		100		—			—			—
									65,077			64,984			10.18

ANTARES PRIVATE CREDIT FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)(Continued)

March 31, 2025

(in thousands)


Investments (1)	Footnotes	Asset Type	Reference Rate and Spread (2)	Interest Rate	Maturity Date	Par Amount / Shares (3)		Amortized Cost (4)			Fair Value			Percentage of Net Assets
Healthcare Equipment and Supplies
Alcor Scientific LLC	(8)(12)	First Lien Term Loan	S + 4.50%	8.92%	1/31/2028	$	200	$	200		$	200			0.03	%
Aspen Medical Products, LLC	(8)(12)	First Lien Term Loan	S + 4.75%	9.07%	6/10/2028		1,418		1,417			1,414			0.22
Aspen Medical Products, LLC	(8)(12)	First Lien Term Loan	S + 4.75%	9.07%	6/10/2028		425		425			424			0.07
Belmont Instrument, LLC	(8)(12)	First Lien Term Loan	S + 5.25%	9.54%	8/19/2028		199		199			197			0.03
Blades Buyer, Inc.	(8)(12)	First Lien Term Loan	S + 5.00%	9.39%	3/28/2028		199		199			199			0.03
Cadence, Inc.	(8)(12)	First Lien Term Loan	S + 5.00%	9.44%	5/21/2026		199		199			196			0.03
CDL Parent, Inc.	(8)(12)	First Lien Term Loan	S + 5.00%	9.44%	12/7/2027		199		199			198			0.03
CPC/Cirtec Holdings, Inc	(8)(13)	First Lien Term Loan	S + 4.75%	9.07%	1/30/2029		1,661		1,654			1,661			0.26
CPC/Cirtec Holdings, Inc	(7)(13)	First Lien Revolver	S + 4.75%	9.07%	10/31/2028		558		(2	)		—			—
Resonetics, LLC	(7)(15)	First Lien Revolver	S + 3.75%	8.07%	6/18/2029		100		(1	)		—			—
TIDI Legacy Products, Inc.	(8)(12)	First Lien Term Loan	S + 5.25%	9.57%	12/19/2029		199		199			199			0.03
									4,688			4,688			0.73
Healthcare Providers and Services
123Dentist Inc.	(6)(7)(13)	First Lien Delayed Draw Term Loan	S + 5.75%	10.07%	8/10/2029		10,121		3,035			2,992			0.47
AB Centers Acquisition Corporation	(8)(13)	First Lien Term Loan	S + 5.00%	9.32%	7/2/2031		2,484		2,469			2,467			0.39
AB Centers Acquisition Corporation	(7)(13)	First Lien Delayed Draw Term Loan	S + 5.00%	9.32%	7/2/2031		452		134			135			0.02
AB Centers Acquisition Corporation	(7)(13)	First Lien Revolver	S + 5.25%	9.57%	7/2/2031		226		(2	)		(2	)		—
ACI Group Holdings, Inc.	(8)(13)	First Lien Term Loan	S + 2.75%	10.42% (Incl. 3.25% PIK)	8/2/2028		202		201			196			0.03
Arrow Management Acquisition, LLC	(12)	First Lien Delayed Draw Term Loan	S + 4.75%	9.04%	10/14/2027		6,965		6,890			6,890			1.08
Cardiology Management Holdings, LLC	(8)(12)	First Lien Term Loan	S + 6.25%	10.54%	1/31/2029		199		199			198			0.03
Community Medical Acquisition Corp.	(8)(12)	First Lien Term Loan	S + 4.75%	9.09%	12/15/2028		99		97			99			0.02
Crown Laundry, LLC	(8)(12)	First Lien Term Loan	S + 5.25%	9.68%	3/8/2027		2,859		2,859			2,833			0.44
Crown Laundry, LLC	(8)(12)	First Lien Term Loan	S + 5.25%	9.68%	3/8/2027		520		520			515			0.08
Crown Laundry, LLC	(8)(12)	First Lien Delayed Draw Term Loan	S + 5.25%	9.68%	3/8/2027		601		601			595			0.09
CVR Management, LLC	(7)(8)(12)	First Lien Delayed Draw Term Loan	S + 4.75%	9.17%	1/4/2027		199		199			199			0.03
DCA Investment Holding LLC	(8)(13)	First Lien Term Loan	S + 6.41%	10.69%	4/3/2028		199		196			195			0.03
Docs, MSO, LLC	(8)(13)	First Lien Term Loan	S + 5.75%	10.17%	6/1/2028		99		99			99			0.02
ENT MSO, LLC	(8)(12)	First Lien Term Loan	S + 6.50%	10.89%	12/31/2025		199		199			199			0.03
Eyesouth Eye Care Holdco, LLC	(8)(12)	First Lien Term Loan	S + 5.50%	9.92%	10/5/2029		2,128		2,128			2,107			0.33
Eyesouth Eye Care Holdco, LLC	(7)(12)	First Lien Delayed Draw Term Loan	S + 5.50%	9.92%	10/5/2029		4,300		44			1			—
Golden State Buyer, Inc.	(8)(13)	First Lien Term Loan	S + 4.75%	9.17%	6/22/2026		199		199			199			0.03
ImageFirst Holdings, LLC	(7)(15)	First Lien Revolver	S + 3.25%	7.57%	3/12/2030		2,800		—			4			—
IvyRehab Intermediate II, LLC	(8)(13)	First Lien Term Loan	S + 5.00%	9.39%	4/23/2029		199		199			199			0.03
JKC Parent, Inc.	(8)(13)	First Lien Term Loan	S + 5.00%	9.29%	2/13/2032		378		376			376			0.06
JKC Parent, Inc.	(7)(13)	First Lien Delayed Draw Term Loan	S + 5.00%	9.29%	2/13/2032		131		—			(1	)		—
JKC Parent, Inc.	(7)(13)	First Lien Revolver	S + 5.00%	9.29%	2/13/2032		87		—			—			—

ANTARES PRIVATE CREDIT FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)(Continued)

March 31, 2025

(in thousands)


Investments (1)	Footnotes	Asset Type	Reference Rate and Spread (2)	Interest Rate	Maturity Date	Par Amount / Shares (3)		Amortized Cost (4)			Fair Value			Percentage of Net Assets
Healthcare Providers and Services (continued)
NJEYE LLC	(8)(12)	First Lien Term Loan	S + 4.75%	9.19%	6/13/2025	$	177	$	177		$	177			0.03	%
OB Hospitalist Group, Inc.	(8)(13)	First Lien Term Loan	S + 5.25%	9.67%	9/27/2027		199		199			199			0.03
OIS Management Services, LLC	(8)(13)	First Lien Term Loan	S + 4.75%	9.04%	11/16/2028		3,822		3,753			3,755			0.59
OIS Management Services, LLC	(13)	First Lien Delayed Draw Term Loan	S + 4.75%	9.04%	11/16/2028		3,143		3,086			3,088			0.48
ONS MSO, LLC	(7)(12)	First Lien Delayed Draw Term Loan	S + 5.75%	10.04%	7/8/2026		221		106			107			0.02
ONS MSO, LLC	(7)(15)	First Lien Revolver	P + 5.25%	12.75%	7/8/2026		24		17			17			—
Onsite Holdings, LLC	(8)(12)	First Lien Term Loan	S + 6.25%	10.64%	12/28/2027		338		337			338			0.05
Onsite Holdings, LLC	(7)(12)	First Lien Revolver	S + 6.25%	10.64%	12/28/2025		93		47			47			0.01
Orsini Pharmaceutical Services, LLC	(8)(13)	First Lien Term Loan	S + 5.25%	9.67%	5/2/2029		199		199			199			0.03
Phantom Purchaser, Inc.	(8)(13)	First Lien Term Loan	S + 5.00%	9.29%	9/19/2031		2,981		2,976			2,981			0.47
Phantom Purchaser, Inc.	(7)(13)	First Lien Revolver	S + 5.00%	9.29%	9/19/2031		382		(1	)		—			—
Phynet Dermatology LLC	(8)(12)	First Lien Term Loan	S + 6.50%	10.79%	10/20/2029		199		199			198			0.03
Premise Health Holding Corp.	(8)(13)	First Lien Term Loan	S + 5.50%	9.79%	3/3/2031		6,072		6,072			6,072			0.95
Premise Health Holding Corp.	(7)(15)	First Lien Revolver	S + 5.50%	9.79%	3/1/2030		712		—			—			—
Raven Acquisition Holdings, LLC	(5)(8)(15)	First Lien Term Loan	S + 3.25%	7.57%	11/19/2031		4,667		4,668			4,616			0.72
Raven Acquisition Holdings, LLC	(5)(7)(8)(15)	First Lien Delayed Draw Term Loan	S + 3.25%	7.57%	11/19/2031		333		—			(4	)		—
RxSense Holdings LLC	(8)(12)	First Lien Term Loan	S + 5.00%	9.39%	3/13/2026		199		199			199			0.03
SM Wellness Holdings, Inc.	(8)(13)	First Lien Term Loan	S + 4.50%	9.05%	4/17/2028		199		199			199			0.03
Smile Doctors LLC	(8)(13)	First Lien Term Loan	S + 5.90%	10.29%	12/23/2028		99		99			99			0.02
Soleo Holdings, Inc.	(8)(13)	First Lien Term Loan	S + 4.75%	9.04%	2/2/2032		4,961		4,950			4,949			0.77
Soleo Holdings, Inc.	(7)(13)	First Lien Delayed Draw Term Loan	S + 4.75%	9.04%	2/2/2032		704		(1	)		(3	)		—
Soleo Holdings, Inc.	(7)(13)	First Lien Revolver	S + 4.75%	9.04%	2/2/2032		704		(2	)		(2	)		—
Specialized Dental Holdings II, LLC	(8)(12)	First Lien Term Loan	S + 4.75%	9.07%	11/1/2027		199		199			199			0.03
SpecialtyCare, Inc.	(8)(12)	First Lien Term Loan	S + 5.75%	10.04%	6/18/2028		100		95			99			0.02
STCH Acquisition Inc.	(8)(12)	First Lien Term Loan	S + 5.25%	9.64%	10/30/2026		2,293		2,284			2,287			0.36
STCH Acquisition Inc.	(7)(12)	First Lien Revolver	S + 6.25%	10.54%	10/30/2026		196		(1	)		—			—
TurningPoint Healthcare Solutions, LLC	(8)(12)	First Lien Term Loan	S + 4.75%	9.17%	7/14/2027		199		198			199			0.03
United Digestive MSO Parent, LLC	(8)(12)	First Lien Term Loan	S + 5.75%	10.04%	3/30/2029		199		199			199			0.03
Urology Management Holdings, Inc.	(8)(12)	First Lien Term Loan	S + 5.50%	9.94%	6/15/2027		199		197			198			0.03
USHV Management, LLC	(8)(12)	First Lien Term Loan	S + 6.38%	10.76%	12/23/2027		99		98			98			0.02
Vital Care Buyer, LLC	(8)(13)	First Lien Term Loan	S + 4.50%	8.79%	7/30/2031		5,289		5,267			5,265			0.82
Vital Care Buyer, LLC	(7)(13)	First Lien Revolver	S + 4.75%	9.07%	7/30/2031		696		(3	)		(3	)		—
WCG Intermediate Corp.	(5)(8)(12)	First Lien Term Loan	S + 3.00%	7.32%	2/25/2032		2,044		2,034			2,028			0.32
									58,488			58,295			9.13

ANTARES PRIVATE CREDIT FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)(Continued)

March 31, 2025

(in thousands)


Investments (1)	Footnotes	Asset Type	Reference Rate and Spread (2)	Interest Rate	Maturity Date	Par Amount / Shares (3)		Amortized Cost (4)			Fair Value			Percentage of Net Assets
Hotels, Restaurants and Leisure
BJH Holdings III Corp.	(8)(12)	First Lien Term Loan	S + 5.00%	9.44%	8/19/2027	$	199	$	198		$	199			0.03	%
Movati Athletic (Group) Inc.	(6)(8)(12)	First Lien Term Loan	C + 4.75%	7.82%	5/29/2030		CAD 7,514		5,381			5,183			0.81
Movati Athletic (Group) Inc.	(6)(7)(12)	First Lien Delayed Draw Term Loan	C + 5.25%	8.00%	5/29/2030		CAD 918		(7	)		(5	)		—
Southpaw Ap Buyer, LLC	(8)(12)	First Lien Term Loan	S + 5.25%	9.69%	3/2/2028		2,791		2,780			2,791			0.44
Southpaw Ap Buyer, LLC	(7)(12)	First Lien Delayed Draw Term Loan	S + 5.25%	9.69%	3/2/2028		628		482			485			0.08
Southpaw Ap Buyer, LLC	(7)(12)	First Lien Revolver	S + 5.25%	9.54%	3/2/2028		252		(1	)		—			—
Ungerboeck Systems International, LLC	(12)	First Lien Term Loan	S + 5.75%	10.07%	4/30/2027		199		199			199			0.03
									9,032			8,852			1.39
Household Durables
Stanton Carpet Intermediate Holdings II, Inc.	(8)(12)	First Lien Term Loan	S + 5.00%	9.44%	10/1/2027		200		200			197			0.03
									200			197			0.03
Household Products
TPC US Parent, LLC	(8)(12)	First Lien Term Loan	S + 5.75%	10.19%	11/22/2025		199		199			199			0.03
Wu Holdco, Inc.	(8)(12)	First Lien Term Loan	S + 5.00%	9.29%	3/26/2027		922		920			920			0.14
Wu Holdco, Inc.	(12)	First Lien Delayed Draw Term Loan	S + 5.00%	9.29%	3/26/2027		3,514		3,501			3,505			0.55
Wu Holdco, Inc.	(7)(15)	First Lien Revolver	S + 5.00%	9.29%	3/26/2027		362		221			221			0.03
									4,841			4,845			0.75
Industrial Conglomerates
FCG Acquisitions, Inc.	(5)(8)(14)	First Lien Term Loan	S + 3.25%	7.54%	3/31/2028		2,992		3,001			2,974			0.46
Harvey Tool Company, LLC	(8)(13)	First Lien Term Loan	S + 5.25%	9.57%	10/26/2027		8,161		8,147			8,144			1.28
Harvey Tool Company, LLC	(7)(13)	First Lien Delayed Draw Term Loan	S + 5.50%	9.82%	10/26/2027		3,213		(7	)		(7	)		—
Harvey Tool Company, LLC	(7)(13)	First Lien Revolver	S + 5.50%	9.82%	10/26/2027		964		(2	)		(2	)		—
Indicor, LLC	(5)(8)(14)	First Lien Term Loan	S + 2.75%	7.04%	11/22/2029		3,990		4,004			3,975			0.62
									15,143			15,084			2.36
Insurance
Accession Risk Management, Inc	(13)	First Lien Term Loan	S + 4.75%	9.37%	11/1/2029		461		461			461			0.07
Accession Risk Management, Inc	(7)(13)	First Lien Delayed Draw Term Loan	S + 4.75%	9.04%	11/1/2029		1,327		52			58			0.01
Accession Risk Management, Inc	(7)(13)	First Lien Revolver	S + 5.50%	9.79%	11/1/2029		231		(1	)		—			—
Alera Group, Inc.	(8)(13)	First Lien Delayed Draw Term Loan	S + 5.25%	9.57%	10/2/2028		199		197			199			0.03
Allied Benefit Systems Intermediate LLC	(8)(13)	First Lien Term Loan	S + 5.25%	9.54%	10/31/2030		3,363		3,363			3,363			0.53
Allied Benefit Systems Intermediate LLC	(13)	First Lien Delayed Draw Term Loan	S + 5.25%	9.54%	10/31/2030		632		632			632			0.10
AMBA Buyer, Inc.	(8)(13)	First Lien Term Loan	S + 5.25%	9.64%	7/30/2027		2,895		2,877			2,877			0.45
AMBA Buyer, Inc.	(8)(13)	First Lien Delayed Draw Term Loan	S + 5.25%	9.64%	7/30/2027		862		857			857			0.13
AMBA Buyer, Inc.	(7)(13)	First Lien Revolver	S + 5.50%	9.79%	7/30/2027		223		(1	)		(1	)		—
Amerilife Holdings LLC	(8)(15)	First Lien Term Loan	S + 5.00%	9.19%	8/31/2029		3,325		3,317			3,317			0.52
Amerilife Holdings LLC	(7)(13)	First Lien Delayed Draw Term Loan	S + 5.00%	9.19%	8/31/2029		13,372		5,912			5,906			0.92
Amerilife Holdings LLC	(7)(13)	First Lien Revolver	S + 5.75%	10.07%	8/31/2028		556		(1	)		(1	)		—

ANTARES PRIVATE CREDIT FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)(Continued)

March 31, 2025

(in thousands)


Investments (1)	Footnotes	Asset Type	Reference Rate and Spread (2)	Interest Rate	Maturity Date	Par Amount / Shares (3)		Amortized Cost (4)			Fair Value			Percentage of Net Assets
Insurance (continued)
AQ Sunshine, Inc.	(8)(13)	First Lien Term Loan	S + 5.25%	9.54%	7/24/2031	$	199	$	198		$	199			0.03	%
Ardonagh Midco 3 Limited	(5)(8)(15)	First Lien Term Loan	S + 2.75%	7.04%	2/17/2031		5,000		5,000			4,944			0.77
Asurion, LLC	(5)(8)(15)	First Lien Term Loan	S + 3.25%	7.68%	12/23/2026		3,821		3,824			3,818			0.60
Beyond Risk Parent Holdings, Inc.	(7)(13)	First Lien Delayed Draw Term Loan	S + 4.50%	8.89%	10/8/2027		6,371		514			528			0.08
Foundation Risk Partners, Corp.	(7)(13)	First Lien Delayed Draw Term Loan	S + 4.00%	8.32%	10/29/2030		4,294		(11	)		(21	)		—
Galway Borrower LLC	(8)(13)	First Lien Term Loan	S + 4.50%	8.79%	9/29/2028		199		197			197			0.03
Imagine 360 LLC	(8)(13)	First Lien Term Loan	S + 4.75%	9.04%	9/30/2028		1,396		1,390			1,389			0.22
Imagine 360 LLC	(7)(13)	First Lien Delayed Draw Term Loan	S + 4.75%	9.07%	9/30/2028		767		(3	)		(4	)		—
Imagine 360 LLC	(7)(13)	First Lien Revolver	S + 4.75%	9.07%	9/30/2028		327		(3	)		(2	)		—
Integrity Marketing Acquisition, LLC	(8)(13)	First Lien Term Loan	S + 5.00%	9.29%	8/25/2028		7,641		7,613			7,565			1.18
Mclarens Midco Inc.	(7)(13)	First Lien Delayed Draw Term Loan	S + 5.75%	10.19%	12/19/2025		663		71			71			0.01
Oakbridge Insurance Agency LLC	(8)(13)	First Lien Term Loan	S + 5.75%	10.07%	11/1/2029		199		199			199			0.03
Pareto Health Intermediate Holdings, Inc.	(8)(12)	First Lien Term Loan	S + 5.00%	9.19%	5/31/2030		2,745		2,734			2,732			0.43
Pareto Health Intermediate Holdings, Inc.	(7)(12)	First Lien Delayed Draw Term Loan	S + 4.00%	8.19%	6/1/2030		653		(2	)		(3	)		—
Patriot Growth Insurance Services, LLC	(8)(13)	First Lien Term Loan	S + 5.00%	9.44%	10/16/2028		5,028		5,006			5,028			0.79
Patriot Growth Insurance Services, LLC	(8)(13)	First Lien Delayed Draw Term Loan	S + 5.00%	9.44%	10/16/2028		1,405		1,399			1,405			0.22
Patriot Growth Insurance Services, LLC	(7)(13)	First Lien Revolver	S + 5.50%	9.94%	10/16/2028		534		265			267			0.04
Riser Interco LLC	(7)(15)	First Lien Delayed Draw Term Loan	S + 5.00%	9.29%	10/31/2029		11,553		9,701			9,818			1.54
Simplicity Financial Marketing Group Holdings, Inc.	(8)(13)	First Lien Term Loan	S + 5.00%	9.19%	12/31/2031		6,769		6,736			6,737			1.05
Simplicity Financial Marketing Group Holdings, Inc.	(7)(13)	First Lien Delayed Draw Term Loan	S + 5.00%	9.19%	12/31/2031		1,805		284			280			0.04
Simplicity Financial Marketing Group Holdings, Inc.	(7)(13)	First Lien Revolver	S + 5.00%	9.19%	12/31/2031		903		(5	)		(4	)		—
THG Acquisition, LLC	(8)(13)	First Lien Term Loan	S + 4.75%	9.07%	10/31/2031		2,961		2,961			2,946			0.46
THG Acquisition, LLC	(7)(13)	First Lien Delayed Draw Term Loan	S + 4.75%	9.07%	10/31/2031		660		12			8			—
THG Acquisition, LLC	(7)(13)	First Lien Revolver	S + 4.75%	9.07%	10/31/2031		330		15			13			—
World Insurance Associates, LLC	(8)(12)	First Lien Term Loan	S + 5.00%	9.29%	4/3/2030		4,083		4,082			4,073			0.64
World Insurance Associates, LLC	(7)(12)	First Lien Delayed Draw Term Loan	S + 5.00%	9.29%	4/3/2030		2,859		(3	)		(7	)		—
World Insurance Associates, LLC	(7)(12)	First Lien Revolver	S + 5.00%	9.29%	4/3/2030		209		(1	)		(1	)		—
									69,838			69,843			10.92
IT Services
BigTime Software, Inc.	(15)	First Lien Term Loan	S + 6.50%	10.79%	6/30/2028		200		200			200			0.03
Cardinal Parent, Inc.	(8)(13)	First Lien Term Loan	S + 4.50%	8.94%	11/12/2027		199		186			194			0.03
DCert Buyer, Inc.	(7)(15)	First Lien Revolver	S + 3.75%	8.07%	10/16/2026		100		—			(1	)		—
DT1 Midco Corp	(8)(13)	First Lien Term Loan	S + 5.00%	9.32%	12/30/2031		5,735		5,709			5,706			0.89
DT1 Midco Corp	(7)(13)	First Lien Delayed Draw Term Loan	S + 5.00%	9.32%	12/30/2031		2,005		(5	)		(10	)		—
DT1 Midco Corp	(7)(13)	First Lien Revolver	S + 5.00%	9.32%	12/30/2030		802		(4	)		(4	)		—
Govdelivery Holdings, LLC	(8)(13)	First Lien Term Loan	S + 3.50%	10.03% (Incl. 2.25% PIK)	1/17/2031		200		199			200			0.03
Marco Technologies, LLC	(8)(12)	First Lien Term Loan	S + 5.25%	9.57%	11/24/2026		200		200			200			0.03

ANTARES PRIVATE CREDIT FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)(Continued)

March 31, 2025

(in thousands)


Investments (1)	Footnotes	Asset Type	Reference Rate and Spread (2)	Interest Rate	Maturity Date	Par Amount / Shares (3)		Amortized Cost (4)			Fair Value			Percentage of Net Assets
IT Services (continued)
Medallia, Inc.	(8)(13)	First Lien Term Loan	S + 2.50%	10.78% (Incl. 4.00% PIK)	10/29/2028	$	102	$	99		$	100			0.02	%
Noble Midco 3 Limited	(8)(13)	First Lien Term Loan	S + 5.00%	9.29%	6/10/2031		5,056		5,056			5,035			0.79
Noble Midco 3 Limited	(7)(13)	First Lien Delayed Draw Term Loan	S + 5.00%	9.29%	6/11/2031		824		—			(3	)		—
Noble Midco 3 Limited	(7)(13)	First Lien Revolver	S + 5.25%	9.54%	6/10/2030		1,120		84			80			0.01
Oeconnection LLC	(8)(13)	First Lien Term Loan	S + 5.00%	9.32%	4/22/2031		4,407		4,407			4,396			0.69
Oeconnection LLC	(3)(13)	First Lien Delayed Draw Term Loan	S + 5.00%	9.32%	4/22/2031		—		—			—			—
Oeconnection LLC	(7)(13)	First Lien Delayed Draw Term Loan	S + 5.00%	9.32%	4/22/2031		2,907		760			762			0.12
Oeconnection LLC	(7)(13)	First Lien Revolver	S + 4.00%	8.32%	4/22/2031		482		—			(1	)		—
Passageways, Inc.	(12)	First Lien Term Loan	S + 5.00%	9.44%	7/21/2027		200		200			200			0.03
PDI TA Holdings, Inc.	(8)(13)	First Lien Term Loan	S + 5.50%	9.82%	2/3/2031		207		207			207			0.03
Ridge Trail US Bidco, Inc.	(8)(13)	First Lien Term Loan	S + 4.50%	8.79%	9/30/2031		8,664		8,609			8,599			1.35
Ridge Trail US Bidco, Inc.	(7)(13)	First Lien Delayed Draw Term Loan	S + 4.75%	9.04%	9/30/2031		2,995		(22	)		(22	)		—
Ridge Trail US Bidco, Inc.	(7)(15)	First Lien Revolver	S + 4.50%	8.79%	3/31/2031		998		264			262			0.04
Safety Borrower Holdings LLC	(8)(12)	First Lien Term Loan	S + 5.25%	9.68%	9/1/2027		3,483		3,483			3,466			0.54
Safety Borrower Holdings LLC	(7)(15)	First Lien Revolver	S + 5.75%	10.30%	9/1/2027		499		125			122			0.02
Saturn Borrower Inc	(8)(12)	First Lien Term Loan	S + 6.00%	10.29%	11/10/2028		3,910		3,884			3,883			0.61
Saturn Borrower Inc	(7)(12)	First Lien Delayed Draw Term Loan	S + 6.00%	10.29%	11/10/2028		1,422		(5	)		(10	)		—
Saturn Borrower Inc	(7)(12)	First Lien Revolver	S + 6.00%	10.29%	11/10/2028		640		(5	)		(5	)		—
Spirit RR Holdings, Inc.	(8)(13)	First Lien Term Loan	S + 4.75%	9.14%	9/13/2028		3,244		3,238			3,219			0.50
Spirit RR Holdings, Inc.	(7)(13)	First Lien Delayed Draw Term Loan	S + 4.75%	9.14%	9/13/2028		466		231			228			0.04
Spirit RR Holdings, Inc.	(7)(13)	First Lien Revolver	S + 4.75%	9.04%	9/13/2028		272		(1	)		(2	)		—
Storable, Inc.	(7)(15)	First Lien Revolver	S + 2.75%	7.07%	4/16/2029		100		—			(1	)		—
Trunk Acquisition, Inc.	(8)(12)	First Lien Term Loan	S + 6.00%	10.44%	2/19/2030		199		199			199			0.03
Trunk Acquisition, Inc.	(8)(12)	First Lien Term Loan	S + 6.00%	10.47%	2/19/2030		1,809		1,804			1,809			0.28
Trunk Acquisition, Inc.	(7)(12)	First Lien Delayed Draw Term Loan	S + 6.00%	10.44%	2/19/2030		1,844		516			523			0.08
VS Buyer, LLC	(7)(15)	First Lien Revolver	S + 3.25%	7.57%	4/12/2029		100		—			—			—
Welocalize, Inc.	(8)(12)	First Lien Term Loan	S + 5.00%	9.29%	6/23/2026		199		199			199			0.03
									39,817			39,730			6.22
Life Sciences Tools & Services
Kwol Acquisition, Inc.	(8)(13)	First Lien Term Loan	S + 4.75%	8.94%	12/12/2029		6,128		6,128			6,113			0.96
Kwol Acquisition, Inc.	(7)(13)	First Lien Revolver	S + 6.25%	10.44%	12/12/2029		841		—			(2	)		—
LSCS Holdings, Inc.	(5)(8)(15)	First Lien Term Loan	S + 4.50%	8.79%	3/4/2032		1,500		1,492			1,499			0.23
Sotera Health Holdings, LLC	(5)(6)(8)(15)	First Lien Term Loan	S + 3.25%	7.57%	5/30/2031		1,890		1,900			1,889			0.30
									9,520			9,499			1.49

ANTARES PRIVATE CREDIT FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)(Continued)

March 31, 2025

(in thousands)


Investments (1)	Footnotes	Asset Type	Reference Rate and Spread (2)	Interest Rate	Maturity Date	Par Amount / Shares (3)		Amortized Cost (4)			Fair Value			Percentage of Net Assets
Machinery
CD&R Hydra Buyer, Inc.	(5)(8)(15)	First Lien Term Loan	S + 4.00%	8.42%	3/25/2031	$	1,990	$	2,002		$	1,915			0.30	%
Clyde Industries Us Holdco, Inc.	(8)(12)	First Lien Term Loan	S + 5.00%	9.44%	12/18/2026		180		180			180			0.03
Dynatect Group Holdings, Inc.	(8)(12)	First Lien Term Loan	P + 3.50%	11.00%	9/30/2026		199		199			199			0.03
Flow Control Solutions, Inc.	(7)(13)	First Lien Delayed Draw Term Loan	S + 5.00%	9.29%	3/30/2029		5,241		77			112			0.02
Flow Control Solutions, Inc.	(7)(13)	First Lien Revolver	S + 5.00%	9.29%	3/31/2029		936		101			107			0.02
Madison IAQ LLC	(5)(8)(15)	First Lien Term Loan	S + 3.25%	7.57%	3/29/2032		825		817			819			0.13
Merlin Buyer, Inc.	(8)(14)	First Lien Term Loan	S + 4.75%	9.04%	12/14/2028		5,522		5,522			5,522			0.86
Merlin Buyer, Inc.	(7)(15)	First Lien Revolver	S + 4.75%	9.04%	12/14/2026		1,450		(14	)		(11	)		—
Process Equipment, Inc.	(8)(12)	First Lien Term Loan	S + 5.25%	9.69%	9/6/2026		199		199			199			0.03
Process Insights Acquisition, Inc.	(8)(12)	First Lien Term Loan	S + 6.25%	10.54%	7/18/2029		199		199			190			0.03
Victory Buyer LLC	(7)(15)	First Lien Revolver	S + 3.75%	8.18%	11/19/2026		100		50			52			0.01
									9,332			9,284			1.46
Media
Fitness International LLC	(8)(15)	First Lien Term Loan	S + 5.25%	9.57%	2/12/2029		10,853		10,851			11,007			1.72
Klick Inc.	(6)(8)(12)	First Lien Term Loan	S + 4.50%	8.82%	3/31/2028		730		724			730			0.11
Learfield Communications, LLC	(3)(15)	First Lien Revolver	S + 3.00%	7.32%	12/31/2027		—		—			—			—
MH Sub I, LLC	(5)(8)(14)	First Lien Term Loan	S + 4.25%	8.57%	12/31/2031		2,494		2,470			2,298			0.36
Planet US Buyer LLC	(5)(8)(15)	First Lien Term Loan	S + 3.00%	7.29%	2/7/2031		2,394		2,400			2,391			0.37
Real Chemistry Intermediate 111, Inc.	(8)(12)	First Lien Term Loan	S + 4.75%	8.94%	6/12/2028		6,702		6,688			6,702			1.05
Red Ventures, LLC (New Imagitas, Inc.)	(5)(8)(15)	First Lien Term Loan	S + 2.75%	7.07%	3/3/2030		1,995		1,993			1,962			0.31
Renaissance Holding Corp	(5)(8)(14)	First Lien Term Loan	S + 4.00%	8.32%	4/5/2030		1,990		1,991			1,956			0.31
W2O Holdings, Inc.	(8)(12)	First Lien Term Loan	S + 4.75%	8.94%	6/12/2028		1,600		1,594			1,600			0.25
W2O Holdings, Inc.	(12)	First Lien Delayed Draw Term Loan	S + 4.75%	8.94%	6/12/2028		687		681			687			0.11
W2O Holdings, Inc.	(7)(12)	First Lien Revolver	S + 4.75%	8.94%	6/12/2028		132		39			40			0.01
									29,431			29,373			4.60
Oil, Gas and Consumable Fuels
Edpo, LLC	(8)(13)	First Lien Term Loan	S + 4.50%	8.82%	12/8/2027		6,883		6,883			6,883			1.08
Edpo, LLC	(7)(13)	First Lien Revolver	S + 4.50%	8.82%	12/8/2026		81		22			22			—
Valicor PPC Intermediate II LLC	(8)(12)	First Lien Term Loan	S + 5.00%	9.32%	7/24/2028		2,649		2,644			2,643			0.41
Valicor PPC Intermediate II LLC	(8)(12)	First Lien Term Loan	S + 5.00%	9.32%	7/24/2028		928		926			926			0.14
Valicor PPC Intermediate II LLC	(8)(12)	First Lien Delayed Draw Term Loan	S + 5.00%	9.32%	7/24/2028		440		440			439			0.07
Valicor PPC Intermediate II LLC	(7)(12)	First Lien Revolver	S + 4.00%	8.32%	1/24/2028		710		423			423			0.07
									11,338			11,336			1.77
Personal Care Products
Apothecary Products, LLC	(8)(12)	First Lien Term Loan	S + 5.00%	9.19%	7/27/2026		193		193			191			0.03
Swanson Health Products, Incorporated	(8)(12)	First Lien Term Loan	S + 6.25%	10.80%	6/30/2025		199		199			199			0.03
									392			390			0.06

ANTARES PRIVATE CREDIT FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)(Continued)

March 31, 2025

(in thousands)


Investments (1)	Footnotes	Asset Type	Reference Rate and Spread (2)	Interest Rate	Maturity Date	Par Amount / Shares (3)		Amortized Cost (4)			Fair Value			Percentage of Net Assets
Pharmaceuticals
Bamboo US BidCo LLC	(8)(12)	First Lien Term Loan	S + 5.25%	9.54%	9/30/2030	$	3,023	$	3,023		$	3,008			0.47	%
Bamboo US BidCo LLC	(8)(12)	First Lien Term Loan	E + 5.25%	7.59%	9/30/2030		EUR 2,714		2,966			2,921			0.46
Bamboo US BidCo LLC	(7)(12)	First Lien Delayed Draw Term Loan	S + 5.25%	9.57%	9/30/2030		1,890		460			454			0.07
Bamboo US BidCo LLC	(7)(12)	First Lien Revolver	S + 6.75%	11.07%	9/30/2030		826		—			(4	)		—
Bridges Consumer Healthcare Intermediate LLC	(8)(12)	First Lien Term Loan	S + 5.25%	9.54%	12/20/2031		4,696		4,675			4,673			0.73
Bridges Consumer Healthcare Intermediate LLC	(7)(12)	First Lien Delayed Draw Term Loan	S + 5.25%	9.54%	12/20/2031		2,235		1,783			1,777			0.28
Bridges Consumer Healthcare Intermediate LLC	(7)(15)	First Lien Delayed Draw Term Loan	S + 5.25%	9.54%	12/20/2031		2,000		(5	)		(10	)		—
Bridges Consumer Healthcare Intermediate LLC	(7)(12)	First Lien Revolver	S + 5.25%	9.54%	12/20/2031		894		(4	)		(4	)		—
Exactcare Parent Inc	(8)(12)	First Lien Term Loan	S + 5.50%	9.79%	11/5/2029		199		199			199			0.03
Puma Buyer, LLC	(8)(15)	First Lien Term Loan	S + 4.50%	8.79%	3/29/2032		8,139		8,109			8,109			1.27
Puma Buyer, LLC	(7)(15)	First Lien Revolver	S + 4.50%	8.79%	3/29/2032		1,313		(5	)		(5	)		—
Tersera Therapeutics, LLC	(8)(12)	First Lien Term Loan	S + 5.25%	9.54%	4/4/2029		2,499		2,488			2,487			0.39
Tersera Therapeutics, LLC	(8)(12)	First Lien Term Loan	S + 5.75%	10.07%	4/4/2029		3,864		3,864			3,864			0.60
Tersera Therapeutics, LLC	(7)(12)	First Lien Revolver	S + 6.75%	11.07%	4/4/2029		116		—			—			—
TWL Holdings Corp	(8)(12)	First Lien Term Loan	S + 5.00%	9.44%	11/6/2026		200		200			200			0.03
									27,753			27,669			4.33
Professional Services
Analytic Partners, LP	(8)(13)	First Lien Term Loan	S + 4.75%	9.04%	4/4/2030		199		199			198			0.03
Analytic Partners, LP	(8)(13)	First Lien Term Loan	S + 4.75%	9.04%	4/4/2030		3,704		3,697			3,694			0.58
Analytic Partners, LP	(7)(15)	First Lien Revolver	S + 5.00%	9.29%	4/4/2030		502		(2	)		(1	)		—
Applied Technical Services, LLC	(8)(12)	First Lien Term Loan	S + 5.75%	10.19%	12/29/2026		199		196			197			0.03
Aprio Advisory Group, LLC	(8)(13)	First Lien Term Loan	S + 4.75%	9.04%	8/1/2031		7,517		7,501			7,500			1.17
Aprio Advisory Group, LLC	(7)(13)	First Lien Delayed Draw Term Loan	S + 4.75%	9.04%	8/1/2031		3,273		2,974			2,973			0.47
Aprio Advisory Group, LLC	(7)(13)	First Lien Revolver	S + 4.75%	9.04%	8/1/2031		1,638		1,012			1,012			0.16
AQ Carver Buyer, Inc.	(7)(15)	First Lien Revolver	S + 5.25%	9.57%	8/2/2028		100		—			—			—
Carr, Riggs & Ingram Capital, L.L.C.	(8)(14)	First Lien Term Loan	S + 4.75%	9.04%	11/18/2031		2,875		2,862			2,846			0.45
Carr, Riggs & Ingram Capital, L.L.C.	(7)(14)	First Lien Delayed Draw Term Loan	S + 4.75%	9.04%	11/18/2031		1,458		234			223			0.03
Carr, Riggs & Ingram Capital, L.L.C.	(7)(14)	First Lien Revolver	S + 4.75%	9.04%	11/18/2031		667		164			160			0.03
Clinical Education Alliance, LLC	(8)(12)	First Lien Term Loan	S + 5.00%	9.44%	12/21/2026		100		99			99			0.02
Crisis Prevention Institute, Inc.	(7)(14)	First Lien Revolver	S + 4.75%	9.07%	4/9/2029		100		—			—			—
Disa Holdings Corp.	(8)(13)	First Lien Term Loan	S + 5.00%	9.29%	9/9/2028		2,846		2,846			2,812			0.44
Disa Holdings Corp.	(8)(13)	First Lien Delayed Draw Term Loan	S + 5.00%	9.29%	9/9/2028		554		554			548			0.09
Disa Holdings Corp.	(7)(13)	First Lien Delayed Draw Term Loan	S + 5.00%	9.29%	9/11/2028		591		574			567			0.09
Foreigner Bidco Inc.	(8)(12)	First Lien Term Loan	S + 5.50%	9.92%	4/19/2028		200		200			200			0.03
Grant Thornton Advisors LLC	(5)(6)(8)(15)	First Lien Term Loan	S + 2.75%	7.07%	6/2/2031		3,154		3,157			3,142			0.49
Grant Thornton Advisors LLC	(5)(6)(7)(8)(15)	First Lien Delayed Draw Term Loan	S + 2.75%	7.07%	6/2/2031		189		—			(1	)		—

ANTARES PRIVATE CREDIT FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)(Continued)

March 31, 2025

(in thousands)


Investments (1)	Footnotes	Asset Type	Reference Rate and Spread (2)	Interest Rate	Maturity Date	Par Amount / Shares (3)		Amortized Cost (4)			Fair Value			Percentage of Net Assets
Professional Services (continued)
HSI Halo Acquisition Inc.	(8)(13)	First Lien Term Loan	S + 5.00%	9.29%	6/30/2031	$	7,806	$	7,789		$	7,786			1.22	%
HSI Halo Acquisition Inc.	(7)(13)	First Lien Delayed Draw Term Loan	S + 5.00%	9.29%	6/28/2031		1,397		238			238			0.04
HSI Halo Acquisition Inc.	(7)(13)	First Lien Revolver	S + 5.00%	9.29%	6/28/2030		932		(2	)		(2	)		—
IG Investments Holdings, LLC	(13)	First Lien Term Loan	S + 5.00%	9.29%	9/22/2028		2,602		2,602			2,589			0.41
IG Investments Holdings, LLC	(7)(13)	First Lien Revolver	S + 4.00%	8.29%	9/22/2028		293		—			(1	)		—
Iris Buyer LLC	(8)(12)	First Lien Term Loan	S + 5.25%	9.54%	10/2/2030		199		196			198			0.03
KENE Acquisition, Inc.	(8)(12)	First Lien Term Loan	S + 5.25%	9.54%	2/8/2031		199		199			199			0.03
Keng Acquisition, Inc.	(8)(12)	First Lien Term Loan	S + 5.00%	9.32%	8/1/2029		199		196			199			0.03
Marina Acquisition, Inc.	(8)(12)	First Lien Term Loan	S + 5.00%	9.29%	7/1/2030		2,141		2,122			2,120			0.33
Marina Acquisition, Inc.	(7)(12)	First Lien Revolver	S + 4.00%	8.29%	7/1/2030		307		40			40			0.01
MHE Intermediate Holdings, LLC	(8)(12)	First Lien Term Loan	S + 6.00%	10.44%	7/21/2027		200		200			200			0.03
OMNIA Partners, LLC	(5)(8)(15)	First Lien Term Loan	S + 2.75%	7.04%	7/25/2030		4,156		4,170			4,133			0.65
Propio LS, LLC	(8)(13)	First Lien Term Loan	S + 4.50%	8.69%	7/17/2030		7,046		7,015			7,011			1.10
Propio LS, LLC	(7)(13)	First Lien Delayed Draw Term Loan	S + 4.50%	8.69%	7/17/2030		3,409		(16	)		(17	)		—
Propio LS, LLC	(7)(13)	First Lien Revolver	S + 6.00%	10.19%	7/17/2029		1,704		(8	)		(9	)		—
Rimkus Consulting Group, Inc.	(8)(13)	First Lien Term Loan	S + 5.25%	9.54%	4/1/2031		8,939		8,939			8,939			1.40
Rimkus Consulting Group, Inc.	(7)(13)	First Lien Delayed Draw Term Loan	S + 5.25%	9.54%	4/1/2031		2,250		358			359			0.06
Rimkus Consulting Group, Inc.	(7)(13)	First Lien Revolver	S + 5.25%	9.54%	4/1/2030		1,201		—			—			—
Ruppert Landscape, LLC	(7)(13)	First Lien Delayed Draw Term Loan	S + 5.00%	9.29%	12/1/2028		4,802		749			730			0.11
Ruppert Landscape, LLC	(7)(13)	First Lien Revolver	S + 5.75%	10.04%	12/1/2028		320		(3	)		(4	)		—
Sedgwick Claims Management Services, Inc. (Lightning Cayman Merger Sub, Ltd.)	(5)(8)(15)	First Lien Term Loan	S + 3.00%	7.29%	7/31/2031		2,992		3,000			2,986			0.47
Skopima Consilio Parent LLC	(5)(8)(14)	First Lien Term Loan	S + 3.75%	8.07%	5/12/2028		4,162		4,167			4,137			0.65
Tempo Buyer Corp.	(8)(13)	First Lien Term Loan	S + 4.75%	9.04%	8/26/2028		199		199			199			0.03
TRC Companies LLC	(5)(8)(15)	First Lien Term Loan	S + 3.00%	7.32%	12/8/2028		1,995		1,995			1,979			0.31
USRP Holdings, Inc.	(8)(13)	First Lien Term Loan	S + 5.00%	9.32%	12/31/2029		8,655		8,618			8,655			1.36
USRP Holdings, Inc.	(7)(13)	First Lien Delayed Draw Term Loan	S + 5.00%	9.32%	12/31/2029		2,773		39			51			0.01
USRP Holdings, Inc.	(7)(13)	First Lien Revolver	S + 5.50%	9.82%	12/31/2029		900		(4	)		—			—
Vaco Holdings, LLC	(7)(15)	First Lien Revolver	S + 5.00%	9.32%	1/21/2027		100		—			—			—
Vensure Employer Services, Inc.	(8)(14)	First Lien Term Loan	S + 5.00%	9.29%	9/27/2031		1,942		1,933			1,933			0.30
Vensure Employer Services, Inc.	(7)(15)	First Lien Delayed Draw Term Loan	S + 5.00%	9.29%	9/27/2031		440		8			9			—
YA Intermediate Holdings II, LLC	(8)(13)	First Lien Term Loan	S + 5.00%	9.29%	10/1/2031		5,405		5,381			5,392			0.84
YA Intermediate Holdings II, LLC	(7)(13)	First Lien Delayed Draw Term Loan	S + 5.00%	9.29%	10/1/2031		2,257		234			234			0.04
YA Intermediate Holdings II, LLC	(7)(13)	First Lien Revolver	S + 7.50%	11.82%	10/1/2031		1,084		49			51			0.01
									86,670			86,503			13.58
Real Estate Management and Development
Sako and Partners Lower Holdings LLC.	(8)(12)	First Lien Term Loan	S + 4.50%	8.79%	9/15/2028		6,549		6,537			6,533			1.02
Sako and Partners Lower Holdings LLC.	(7)(12)	First Lien Revolver	S + 6.00%	10.29%	9/15/2028		418		(1	)		(1	)		—
									6,536			6,532			1.02

ANTARES PRIVATE CREDIT FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)(Continued)

March 31, 2025

(in thousands)


Investments (1)	Footnotes	Asset Type	Reference Rate and Spread (2)	Interest Rate	Maturity Date	Par Amount / Shares (3)		Amortized Cost (4)			Fair Value			Percentage of Net Assets
Software
365 Retail Markets, LLC	(8)(12)	First Lien Term Loan	S + 4.50%	8.79%	12/22/2028	$	3,866	$	3,866		$	3,866			0.61	%
365 Retail Markets, LLC	(8)(12)	First Lien Delayed Draw Term Loan	S + 4.50%	8.79%	12/22/2028		1,748		1,748			1,748			0.27
365 Retail Markets, LLC	(7)(12)	First Lien Delayed Draw Term Loan	S + 4.50%	8.79%	12/22/2028		1,368		911			911			0.14
Adelaide Borrower, LLC	(13)	First Lien Term Loan	S + 6.25%	10.54%	5/8/2030		200		198			198			0.03
Alta Buyer, LLC	(8)(12)	First Lien Term Loan	S + 5.00%	9.29%	12/21/2027		199		198			199			0.03
Artifact Bidco, Inc.	(8)(14)	First Lien Term Loan	S + 4.50%	8.79%	7/25/2031		3,354		3,332			3,329			0.52
Artifact Bidco, Inc.	(7)(14)	First Lien Delayed Draw Term Loan	S + 4.50%	8.79%	7/25/2031		821		(6	)		(6	)		—
Artifact Bidco, Inc.	(7)(14)	First Lien Revolver	S + 4.50%	8.79%	7/26/2030		399		(3	)		(3	)		—
Artifact Bidco, Inc.	(7)(14)	First Lien Revolver	S + 4.50%	8.79%	7/26/2030		188		(1	)		(1	)		—
Banker's Toolbox, Inc.	(8)(13)	First Lien Term Loan	S + 4.50%	8.79%	7/27/2027		199		198			199			0.03
Bluecat Networks (USA) Inc.	(6)(8)(13)	First Lien Term Loan	S + 5.00%	10.28% (Incl. 1.00% PIK)	8/8/2028		1,473		1,463			1,466			0.23
Boxer Parent Company Inc.	(5)(8)(15)	First Lien Term Loan	S + 3.00%	7.29%	7/30/2031		5,000		5,005			4,920			0.77
Camelot U.S. Acquisition LLC	(5)(6)(8)(15)	First Lien Term Loan	S + 2.75%	7.07%	1/31/2031		4,260		4,271			4,208			0.66
Catalis Intermediate, Inc.	(8)(15)	First Lien Term Loan	S + 5.50%	9.94%	8/4/2027		99		98			98			0.02
Central Parent LLC	(5)(8)(15)	First Lien Term Loan	S + 3.25%	7.54%	7/6/2029		3,471		3,450			2,989			0.47
Cloud Software Group, Inc.	(7)(15)	First Lien Revolver	S + 3.75%	8.07%	12/15/2028		100		—			—			—
Concord Global Acquisition, LLC,	(8)(15)	First Lien Term Loan	S + 4.75%	9.04%	12/29/2031		3,946		3,928			3,926			0.61
Concord Global Acquisition, LLC,	(7)(12)	First Lien Delayed Draw Term Loan	S + 4.75%	9.04%	12/29/2031		1,715		(4	)		(9	)		—
Concord Global Acquisition, LLC,	(7)(13)	First Lien Revolver	S + 4.75%	9.04%	12/29/2031		686		(3	)		(3	)		—
Digital.AI Software Holdings, Inc.	(8)(12)	First Lien Term Loan	S + 6.00%	10.29%	8/10/2028		99		99			99			0.02
DS Admiral Bidco, LLC	(7)(15)	First Lien Revolver	S + 4.00%	8.32%	6/26/2029		100		—			(4	)		—
DT Intermediate Holdco, Inc.	(8)(13)	First Lien Term Loan	10.28% (Incl. 3.25% PIK)	10.28% (Incl. 3.25% PIK)	2/24/2028		3,299		3,285			3,282			0.51
DT Intermediate Holdco, Inc.	(7)(13)	First Lien Delayed Draw Term Loan	S + 5.50%	9.82%	2/24/2028		1,658		(7	)		(8	)		—
e-Discovery AcquireCo, LLC	(8)(12)	First Lien Term Loan	S + 5.75%	10.04%	8/29/2029		200		200			200			0.03
Eclipse Buyer, Inc.	(8)(14)	First Lien Term Loan	S + 4.75%	9.07%	9/8/2031		7,862		7,828			7,823			1.22
Eclipse Buyer, Inc.	(7)(14)	First Lien Delayed Draw Term Loan	S + 4.75%	9.07%	9/5/2031		1,333		(6	)		(7	)		—
Eclipse Buyer, Inc.	(7)(14)	First Lien Revolver	S + 4.75%	9.07%	9/5/2031		676		(3	)		(3	)		—
Empyrean Solutions, LLC	(8)(13)	First Lien Term Loan	S + 4.75%	9.04%	11/26/2031		1,382		1,376			1,376			0.22
Empyrean Solutions, LLC	(7)(13)	First Lien Delayed Draw Term Loan	S + 4.75%	9.04%	11/26/2031		553		(1	)		(3	)		—
Empyrean Solutions, LLC	(7)(13)	First Lien Revolver	S + 4.75%	9.04%	11/26/2031		207		(1	)		(1	)		—
Enverus Holdings, Inc.	(8)(13)	First Lien Term Loan	S + 5.50%	9.82%	12/24/2029		2,063		2,063			2,063			0.32
Enverus Holdings, Inc.	(7)(13)	First Lien Delayed Draw Term Loan	S + 5.50%	9.82%	12/22/2029		54		—			—			—
Enverus Holdings, Inc.	(7)(13)	First Lien Revolver	S + 5.50%	9.82%	12/22/2029		214		—			—			—
ESG Investments, Inc.	(8)(12)	First Lien Term Loan	S + 4.50%	8.94%	3/11/2028		199		199			199			0.03
Fourth Enterprises, LLC	(8)(15)	First Lien Term Loan	S + 4.50%	8.82%	3/21/2031		10,773		10,719			10,719			1.68
Fourth Enterprises, LLC	(7)(15)	First Lien Delayed Draw Term Loan	S + 4.50%	8.82%	3/21/2031		2,079		(10	)		(10	)		—
Fourth Enterprises, LLC	(7)(15)	First Lien Revolver	S + 4.50%	8.82%	3/21/2031		959		(5	)		(5	)		—

ANTARES PRIVATE CREDIT FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)(Continued)

March 31, 2025

(in thousands)


Investments (1)	Footnotes	Asset Type	Reference Rate and Spread (2)	Interest Rate	Maturity Date	Par Amount / Shares (3)		Amortized Cost (4)			Fair Value			Percentage of Net Assets
Software (continued)
Genesys Cloud Services Holdings I, LLC	(5)(8)(15)	First Lien Term Loan	S + 2.50%	6.82%	1/30/2032	$	1,638	$	1,635		$	1,623			0.25	%
Governmentjobs.Com, Inc.	(8)(13)	First Lien Term Loan	S + 5.00%	9.29%	12/2/2028		199		198			199			0.03
GS Acquisitionco, Inc.	(7)(13)	First Lien Delayed Draw Term Loan	S + 5.00%	9.29%	5/25/2028		200		44			44			0.01
Higher Logic, LLC	(3)(8)(13)	First Lien Term Loan	S + 5.25%	9.57%	1/10/2029		—		—			—			—
Higher Logic, LLC	(7)(13)	First Lien Revolver	S + 5.25%	9.57%	1/10/2029		4,936		4,534			4,533			0.71
Hyphen Solutions, LLC	(8)(12)	First Lien Term Loan	S + 5.50%	9.92%	10/27/2026		199		199			199			0.03
Inhabitiq Inc.	(8)(13)	First Lien Term Loan	S + 4.50%	8.82%	1/12/2032		2,511		2,506			2,505			0.39
Inhabitiq Inc.	(7)(15)	First Lien Delayed Draw Term Loan	S + 4.50%	8.82%	1/9/2032		697		(1	)		(2	)		—
Inhabitiq Inc.	(7)(15)	First Lien Revolver	S + 4.50%	8.82%	1/9/2032		436		(1	)		(1	)		—
Kaseya Inc.	(8)(15)	First Lien Term Loan	S + 3.25%	7.54%	3/20/2032		1,471		1,463			1,463			0.23
Kaseya Inc.	(7)(15)	First Lien Revolver	S + 3.25%	7.57%	3/20/2030		761		(4	)		(4	)		—
Kipu Buyer, LLC	(8)(12)	First Lien Term Loan	S + 4.25%	8.54%	1/27/2027		199		199			199			0.03
KPA Parent Holdings, Inc.	(8)(13)	First Lien Term Loan	S + 4.75%	9.07%	3/12/2032		7,112		7,077			7,077			1.11
KPA Parent Holdings, Inc.	(7)(15)	First Lien Delayed Draw Term Loan	S + 4.75%	9.07%	3/12/2032		1,016		(3	)		(5	)		—
KPA Parent Holdings, Inc.	(7)(15)	First Lien Revolver	S + 4.75%	9.07%	3/12/2032		711		(4	)		(4	)		—
Litera Bidco LLC	(8)(12)	First Lien Term Loan	S + 5.00%	9.32%	5/1/2028		199		199			198			0.03
Mastery Acquisition Corp.	(8)(12)	First Lien Term Loan	S + 5.25%	9.64%	9/7/2029		199		199			199			0.03
McAfee Corp.	(5)(8)(14)	First Lien Term Loan	S + 3.00%	7.32%	3/1/2029		3,741		3,747			3,580			0.56
Monotype Imaging Holdings Inc.	(8)(13)	First Lien Term Loan	S + 5.50%	9.82%	2/28/2031		1,226		1,230			1,226			0.19
Monotype Imaging Holdings Inc.	(7)(15)	First Lien Delayed Draw Term Loan	S + 5.50%	9.82%	2/28/2031		103		24			24			—
Monotype Imaging Holdings Inc.	(7)(13)	First Lien Revolver	S + 5.50%	9.82%	2/28/2030		154		—			—			—
Montana Buyer Inc.	(8)(13)	First Lien Term Loan	S + 5.00%	9.32%	7/22/2029		2,657		2,652			2,657			0.42
Montana Buyer Inc.	(7)(15)	First Lien Revolver	P + 4.00%	11.50%	7/21/2028		307		52			53			0.01
MRI Software LLC	(8)(12)	First Lien Term Loan	S + 4.75%	9.04%	2/10/2027		6,966		6,939			6,913			1.08
MRI Software LLC	(7)(12)	First Lien Delayed Draw Term Loan	S + 4.75%	9.04%	2/10/2027		1,293		392			388			0.06
MRI Software LLC	(7)(12)	First Lien Revolver	S + 5.50%	9.79%	2/10/2026		265		14			13			—
Nasuni Corporation	(8)(13)	First Lien Term Loan	S + 5.75%	10.04%	9/10/2030		6,250		6,207			6,206			0.97
Nasuni Corporation	(7)(13)	First Lien Revolver	S + 5.75%	10.04%	9/10/2030		1,302		(9	)		(9	)		—
Navex Topco, Inc.	(8)(13)	First Lien Term Loan	S + 5.50%	9.82%	11/8/2030		5,177		5,177			5,177			0.81
Navex Topco, Inc.	(7)(13)	First Lien Revolver	S + 5.75%	10.07%	11/7/2028		1,797		—			—			—
North Star Acquisitionco, LLC	(8)(12)	First Lien Term Loan	S + 4.75%	9.04%	5/3/2029		4,374		4,365			4,374			0.68
North Star Acquisitionco, LLC	(8)(15)	First Lien Term Loan	S + 4.75%	9.04%	5/3/2029		1,544		1,115			1,073			0.17
North Star Acquisitionco, LLC	(7)(12)	First Lien Delayed Draw Term Loan	S + 5.00%	9.29%	5/3/2029		275		263			264			0.04
North Star Acquisitionco, LLC	(7)(12)	First Lien Revolver	S + 4.75%	9.04%	5/3/2029		780		233			235			0.04
Onit, Inc.	(8)(13)	First Lien Term Loan	S + 4.75%	9.07%	1/27/2032		6,316		6,287			6,285			0.98
Onit, Inc.	(7)(13)	First Lien Delayed Draw Term Loan	S + 3.75%	8.07%	1/27/2032		2,786		(7	)		(13	)		—
Onit, Inc.	(7)(13)	First Lien Revolver	S + 3.75%	8.07%	1/27/2032		929		(5	)		(4	)		—

ANTARES PRIVATE CREDIT FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)(Continued)

March 31, 2025

(in thousands)


Investments (1)	Footnotes	Asset Type	Reference Rate and Spread (2)	Interest Rate	Maturity Date	Par Amount / Shares (3)		Amortized Cost (4)			Fair Value			Percentage of Net Assets
Software (continued)
Pegasus Transtech Holding, LLC	(8)(12)	First Lien Term Loan	S + 6.00%	10.32%	11/17/2026	$	199	$	199		$	199			0.03	%
Perforce Software, Inc.	(8)(14)	First Lien Term Loan	S + 4.75%	9.07%	3/21/2031		2,030		2,033			1,924			0.30
Prism Parent Co. Inc.	(8)(13)	First Lien Term Loan	S + 5.00%	9.32%	9/19/2028		5,552		5,452			5,482			0.86
Prism Parent Co. Inc.	(7)(13)	First Lien Delayed Draw Term Loan	S + 5.00%	9.32%	9/19/2028		1,419		544			552			0.09
Proofpoint, Inc.	(6)(8)(14)	First Lien Term Loan	S + 3.00%	7.32%	8/31/2028		997		997			995			0.16
Routeware, Inc.	(12)	First Lien Term Loan	S + 5.25%	9.54%	9/18/2031		3,182		3,168			3,174			0.50
Routeware, Inc.	(7)(12)	First Lien Delayed Draw Term Loan	S + 5.25%	9.54%	9/18/2031		1,477		84			87			0.01
Routeware, Inc.	(7)(12)	First Lien Revolver	S + 8.00%	12.29%	9/18/2031		341		(2	)		(1	)		—
Spartan Bidco PTY LTD	(6)(8)(13)	First Lien Term Loan	S + 6.50%	10.94%	1/24/2028		4,640		4,616			4,612			0.72
Spartan Bidco PTY LTD	(6)(7)(13)	First Lien Revolver	S + 6.50%	10.79%	1/24/2028		588		199			200			0.03
Thunder Purchaser, Inc.	(8)(12)	First Lien Term Loan	S + 5.25%	9.69%	6/30/2028		199		199			199			0.03
Trimech Acquisition Corp.	(8)(12)	First Lien Term Loan	S + 4.75%	9.04%	3/10/2028		4,086		4,063			4,066			0.64
Trimech Acquisition Corp.	(12)	First Lien Delayed Draw Term Loan	S + 4.75%	9.04%	3/10/2028		2,480		2,453			2,468			0.39
Trimech Acquisition Corp.	(7)(15)	First Lien Revolver	S + 4.75%	9.04%	3/10/2028		1,550		234			240			0.04
Validity, Inc.	(8)(12)	First Lien Term Loan	S + 5.25%	9.54%	5/30/2026		200		200			200			0.03
Vamos Bidco, Inc	(8)(14)	First Lien Term Loan	S + 4.75%	9.04%	1/30/2032		2,653		2,640			2,640			0.41
Vamos Bidco, Inc	(7)(14)	First Lien Delayed Draw Term Loan	S + 4.75%	9.04%	1/30/2032		1,105		(3	)		(5	)		—
Vamos Bidco, Inc	(7)(14)	First Lien Revolver	S + 4.75%	9.04%	1/30/2032		332		(2	)		(2	)		—
WatchGuard Technologies, Inc.	(8)(13)	First Lien Term Loan	S + 5.25%	9.57%	7/2/2029		199		197			198			0.03
									138,572			137,648			21.55
Specialty Retail
SCW Holdings III Corp.	(8)(13)	First Lien Term Loan	S + 5.00%	9.29%	3/17/2032		4,448		4,431			4,431			0.69
SCW Holdings III Corp.	(7)(13)	First Lien Delayed Draw Term Loan	S + 5.00%	9.29%	3/17/2032		1,744		(3	)		(6	)		—
SCW Holdings III Corp.	(7)(13)	First Lien Revolver	S + 5.00%	9.29%	3/17/2031		872		(3	)		(3	)		—
Shock Doctor Intermediate, LLC	(8)(12)	First Lien Term Loan	S + 5.50%	9.79%	11/20/2029		199		199			199			0.03
									4,624			4,621			0.72
Technology Hardware, Storage and Peripherals
TA TT Buyer, LLC	(8)(14)	First Lien Term Loan	S + 4.75%	9.04%	4/2/2029		199		199			195			0.03
Ubeo, LLC	(8)(12)	First Lien Term Loan	S + 5.25%	9.69%	7/3/2028		199		199			199			0.03
Victors Purchaser, LLC	(8)(14)	First Lien Term Loan	S + 4.75%	9.04%	8/15/2031		9,194		9,175			9,171			1.44
Victors Purchaser, LLC	(7)(14)	First Lien Delayed Draw Term Loan	S + 4.75%	9.04%	8/15/2031		2,193		468			470			0.07
Victors Purchaser, LLC	(7)(14)	First Lien Revolver	S + 4.75%	9.04%	8/15/2031		1,254		(3	)		(3	)		—
									10,038			10,032			1.57
Textiles, Apparel and Luxury Goods
Gloves Buyer, Inc.	(5)(8)(14)	First Lien Term Loan	S + 4.00%	8.29%	1/17/2032		4,000		3,980			3,857			0.60
Team Acquisition Corporation	(7)(12)	First Lien Revolver	S + 5.50%	9.82%	11/21/2028		100		—			(1	)		—
Varsity Brands, Inc.	(5)(8)(15)	First Lien Term Loan	S + 3.50%	7.79%	8/26/2031		4,000		4,015			3,929			0.62
									7,995			7,785			1.22

ANTARES PRIVATE CREDIT FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)(Continued)

March 31, 2025

(in thousands)


Investments (1)	Footnotes	Asset Type	Reference Rate and Spread (2)	Interest Rate	Maturity Date	Par Amount / Shares (3)		Amortized Cost (4)			Fair Value			Percentage of Net Assets
Trading Companies and Distributors
Graffiti Buyer, Inc.	(8)(12)	First Lien Term Loan	S + 5.50%	9.89%	8/10/2027	$	199	$	197		$	191			0.03		%
Kele Holdco, Inc.	(8)(12)	First Lien Term Loan	S + 4.50%	8.82%	2/21/2028		199		199			198			0.03
Surfaceprep Buyer, LLC	(8)(13)	First Lien Term Loan	S + 5.00%	9.32%	2/4/2030		1,906		1,906			1,882			0.29
SurfacePrep Buyer, LLC	(7)(15)	First Lien Delayed Draw Term Loan	S + 5.00%	9.32%	2/2/2030		3,039		(7	)		(38	)		(0.01	)
Surfaceprep Buyer, LLC	(7)(13)	First Lien Delayed Draw Term Loan	S + 5.00%	9.32%	2/4/2030		362		288			284			0.04
Surfaceprep Buyer, LLC	(7)(13)	First Lien Revolver	S + 5.00%	9.32%	2/4/2030		362		45			41			0.01
									2,628			2,558			0.39
Transportation Infrastructure
Psc Parent, Inc.	(8)(13)	First Lien Term Loan	S + 5.25%	9.57%	4/3/2031		1,625		1,626			1,626			0.25
Psc Parent, Inc.	(7)(8)(13)	First Lien Delayed Draw Term Loan	S + 5.25%	9.57%	4/3/2031		660		421			422			0.07
Psc Parent, Inc.	(7)(15)	First Lien Revolver	S + 5.25%	9.57%	4/3/2030		292		218			218			0.03
									2,265			2,266			0.35
Wireless Telecommunication Services
Alert Media, Inc.	(12)	First Lien Term Loan	S + 5.75%	11.04% (Incl. 6.75% PIK)	4/12/2027		431		431			429			0.07
Alert Media, Inc.	(7)(12)	First Lien Revolver	S + 5.00%	9.29%	4/12/2027		109		—			(2	)		—
CCI Buyer, Inc.	(5)(8)(13)	First Lien Term Loan	S + 4.00%	8.29%	12/17/2027		2,233		2,245			2,237			0.35
									2,676			2,664			0.42
Total Secured Debt Investments									1,095,604			1,092,248			171.00

Unsecured Debt Investments

Diversified Consumer Services
Apex Service Partners Intermediate 2, LLC	(15)	Subordinated Unsecured Delayed Draw Term Loan	N/A	14.25%	4/23/2031		747		739			728			0.11
									739			728			0.11
Total Unsecured Debt Investments									739			728			0.11

Equity Investments
Chemicals
Americhem, Inc.	(9)(15)	Common					2		245			244			0.04
									245			244			0.04
Containers and Packaging
TricorBraun Holdings, Inc.	(9)(15)	Preferred					5		4,850			4,850			0.76
									4,850			4,850			0.76

ANTARES PRIVATE CREDIT FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)(Continued)

March 31, 2025

(in thousands)


Investments (1)	Footnotes	Asset Type	Reference Rate and Spread (2)	Interest Rate	Maturity Date	Par Amount / Shares (3)		Amortized Cost (4)		Fair Value		Percentage of Net Assets
Diversified Consumer Services
Seahawk Bidco, LLC	(9)(15)	LP Units				$	1	$	1,301	$	1,301		0.20	%
									1,301		1,301		0.20
Electronic Equipment, Instruments and Components
Wildcat Topco, Inc.	(9)(15)	LP Units					52		52		59		0.01
									52		59		0.01
Health Care Technology
DeLorean Purchaser, Inc.	(9)(15)	Common					435		435		435		0.07
F&M Buyer LLC	(9)(15)	Common					365		365		365		0.06
Goldeneye Parent, LLC	(3)(9)(15)	Preferred					—		417		417		0.06
Unlimited Technology Holdings, LLC	(9)(15)	Common					552		552		552		0.09
									1,769		1,769		0.28
IT Services
DT1 Midco Corp	(9)(15)	Common					1,159		1,159		1,255		0.20
									1,159		1,255		0.20
Software
Concord Global Acquisition, LLC,	(9)(15)	LP Units					1		1,000		1,000		0.16
									1,000		1,000		0.16
Specialty Retail
SCW Holdings III Corp.	(9)(15)	LLC Units					1		500		500		0.08
									500		500		0.08
Total Equity Investments									10,876		10,978		1.73
Total Investments - non-controlled/non-affiliated									1,107,219		1,103,954		172.84	%

Cash Equivalents
BlackRock Liquidity T-Fund - Institutional Shares	(11)								52,677		52,677		8.25
Total Cash Equivalents									52,677		52,677		8.25
Total Portfolio Investments and Cash Equivalents									1,159,896		1,156,631		181.09	%

Unless otherwise indicated, issuers of debt and equity investments held by the Company (which such term “Company” shall include the Company’s consolidated subsidiaries for purposes of this Consolidated Schedule of Investments) are denominated in dollars. All debt investments are income producing unless otherwise indicated. All equity investments are non-income producing unless otherwise noted. Certain portfolio company investments are subject to contractual restrictions on sales. The total par amount is presented for debt investments and the number of shares or units owned is presented for equity investments.

The majority of the investments bear interest at a rate that may be determined by reference to the Secured Overnight Financing Rate ("SOFR" or "S"), Prime Rate (“Prime” or “P”), Canadian Dollar Offered Rate ("CDOR" or "C"), Sterling Overnight Index Average ("SONIA" or "SON"), Euro Interbank Offered Rate ("EURIBOR" or "E") or other relevant benchmark, which reset daily, monthly, quarterly, semiannually or annually. For each such investment, the Company has provided the spread over reference rates and the current contractual interest rate in effect on March 31, 2025. Certain investments are subject to an interest rate floor, or rate cap. Certain investments contain a Payment-in-Kind (“PIK”) provision. SOFR based contracts may include a credit spread adjustment, which is included within the stated all-in interest rate, if applicable, that is charged in addition to the base rate and the stated spread.

Investments with par value / shares less than 500 shown as zero.

The cost represents the original cost adjusted for the amortization of discounts and premiums, as applicable, on debt investments using the effective interest method in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP").

These investments were not valued using unobservable inputs and are not considered Level 3 investments. Fair value was determined in good faith by the Adviser as the Company’s valuation designee, subject to the oversight of the Board of Trustees (the “Board”) (see Note 2 and Note 5), pursuant to the Company’s valuation policy.

The investment is not a qualifying asset, in whole or in part, under Section 55(a) of the 1940 Act. The Company may not acquire any non-qualifying asset unless, at the time of acquisition, qualifying assets represent at least 70% of the Company’s total assets. As of March 31, 2025, non-qualifying assets represented 5.21% of total assets as calculated in accordance with regulatory requirements.

ANTARES PRIVATE CREDIT FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)(Continued)

March 31, 2025

(in thousands)

Position or portion thereof is an unfunded loan commitment, and no interest is being earned on the unfunded portion, although the investment may be subject to unused commitment fees. Negative cost and fair value results from unamortized fees, which are capitalized to the investment cost. The unfunded loan commitment may be subject to a commitment termination date that may expire prior to the maturity date stated. Such commitments are subject to the satisfaction of certain conditions set forth in the documents governing these loans and letters of credit and there can be no assurance that such conditions will be satisfied. See the following page for more information on the Company’s unfunded commitments.

Position or portion thereof is pledged as collateral under the Morgan Stanley Facility.

Security exempt from registration under the Securities Act of 1933 (the “Securities Act”), and may be deemed to be “restricted securities” under the Securities Act. As of March 31, 2025, the aggregate fair value of these securities is $10,978 or 1.72% of the Company’s net assets. The acquisition date of DeLorean Purchaser, Inc. was December 16, 2024. The acquisition date of Seahawk Bidco, LLC was December 19, 2024. The acquisition date of Wildcat Topco, Inc. was December 23, 2024. The acquisition date of Concord Global Acquisition, LLC was December 27, 2024. The acquisition date of DT1 Midco Corp was December 30, 2024. The acquisition date of Tricorbraun Holdings, Inc. was January 31, 2025. The acquisition date of Americhem, Inc. was February 28, 2025. The acquisition date of Unlimited Technology Holdings, LLC was March 12, 2025. The acquisition date of SCW Holdings III Corp. was March 17, 2025. The acquisition date of F&M Buyer LLC was March 18, 2025. The acquisition date of Goldeneye Parent, LLC was March 31, 2025.

10.

These are co-investments made with the Company’s affiliates in accordance with the terms of the exemptive order the Company received from the Securities and Exchange Commission (the “SEC”) permitting us to do so (see Note 3 to the consolidated financial statements for discussion of the exemptive order from the SEC.

11.

Cash equivalents amounting to $52,677 are invested in money market funds (BlackRock Liquidity T-Fund - Institutional Shares) and would be categorized as Level 1 under the ASC 820 fair value level hierarchy as of March 31, 2025.

12.

Loan includes interest floor of 1.00%.

13.

Loan includes interest floor of 0.75%.

14.

Loan includes interest floor of 0.50%.

15.

Loan includes interest floor of 0.00%.

See accompanying notes to the consolidated financial statements

ANTARES PRIVATE CREDIT FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)(Continued)

March 31, 2025

(in thousands)


Investments—non-controlled/non-affiliated	Commitment Type	Commitment Expiration Date	Unfunded Commitment (1)		Fair Value (1)
123Dentist Inc.	Delayed Draw Term Loan	8/10/2026	$	4,011	$	(18	)
365 Retail Markets, LLC	Delayed Draw Term Loan	6/15/2025		458		—
AAH Topco., LLC	Delayed Draw Term Loan	4/1/2027		2,970		(15	)
AB Centers Acquisition Corporation	Revolver	7/2/2031		226		(2	)
AB Centers Acquisition Corporation	Delayed Draw Term Loan	7/2/2026		315		(2	)
Accession Risk Management, Inc	Revolver	11/1/2029		231		—
Accession Risk Management, Inc	Delayed Draw Term Loan	8/16/2026		1,269		—
Acentra Holdings, LLC	Delayed Draw Term Loan	3/20/2026		220		—
Alert Media, Inc.	Revolver	4/12/2027		109		(2	)
AMBA Buyer, Inc.	Revolver	7/30/2027		223		(1	)
American Residential Services LLC	Revolver	1/31/2030		597		(1	)
Americhem, Inc.	Delayed Draw Term Loan	2/28/2027		2,690		(13	)
Americhem, Inc.	Revolver	3/1/2032		1,906		(9	)
Amerilife Holdings LLC	Revolver	8/31/2028		556		(1	)
Amerilife Holdings LLC	Delayed Draw Term Loan	6/18/2026		7,434		(18	)
Analytic Partners, LP	Revolver	4/4/2030		502		(1	)
Anchor Packaging, LLC	Revolver	4/17/2029		100		—
Apex Service Partners, LLC	Revolver	10/24/2029		101		—
Aprio Advisory Group, LLC	Delayed Draw Term Loan	8/2/2026		292		(1	)
Aprio Advisory Group, LLC	Revolver	8/1/2031		623		(1	)
AQ Carver Buyer, Inc.	Revolver	8/2/2028		100		—
Arax MidCo, LLC	Delayed Draw Term Loan	10/14/2025		549		(6	)
Arax MidCo, LLC	Revolver	4/11/2029		431		(5	)
Artifact Bidco, Inc.	Revolver	7/26/2030		399		(3	)
Artifact Bidco, Inc.	Delayed Draw Term Loan	7/27/2027		821		(6	)
Artifact Bidco, Inc.	Revolver	7/26/2030		188		(1	)
Athenahealth Group Inc.	Revolver	2/16/2027		100		—
Ave Holdings III, Corp	Revolver	2/25/2028		514		(9	)
AWP Group Holdings, Inc.	Revolver	12/23/2030		256		—
Bamboo US BidCo LLC	Revolver	10/1/2029		826		(4	)
Bamboo US BidCo LLC	Delayed Draw Term Loan	11/20/2026		1,427		(7	)
BC Group Holdings, Inc.	Delayed Draw Term Loan	12/21/2026		5,420		(41	)
BCPE North Star US Holdco 2, Inc.	Revolver	3/10/2028		85		(2	)
Beyond Risk Parent Holdings, Inc.	Delayed Draw Term Loan	4/9/2026		5,843		—
Blackbird Purchaser, Inc.	Delayed Draw Term Loan	12/19/2025		82		—
Blackbird Purchaser, Inc.	Revolver	12/19/2029		80		—
Blackhawk Industrial Distribution, Inc.	Revolver	9/17/2026		591		(4	)
Blackhawk Industrial Distribution, Inc.	Delayed Draw Term Loan	5/13/2025		492		(3	)

ANTARES PRIVATE CREDIT FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)(Continued)

March 31, 2025

(in thousands)


Investments—non-controlled/non-affiliated	Commitment Type	Commitment Expiration Date	Unfunded Commitment (1)		Fair Value (1)
Bracket Intermediate Holding Corp.	Revolver	2/7/2028	$	100	$	—
BradyPlus Holdings, LLC	Delayed Draw Term Loan	11/1/2025		551		—
Bridges Consumer Healthcare Intermediate LLC	Delayed Draw Term Loan	3/31/2027		2,000		(10	)
Bridges Consumer Healthcare Intermediate LLC	Delayed Draw Term Loan	12/21/2026		447		(2	)
Bridges Consumer Healthcare Intermediate LLC	Revolver	12/22/2031		894		(4	)
Carr, Riggs & Ingram Capital, L.L.C.	Revolver	11/18/2031		500		(5	)
Carr, Riggs & Ingram Capital, L.L.C.	Delayed Draw Term Loan	11/18/2026		1,221		(12	)
Cerity Partners Equity Holding LLC	Delayed Draw Term Loan	1/21/2027		5,000		—
Cerity Partners Equity Holding LLC	Revolver	7/28/2028		229		—
Cerity Partners Equity Holding LLC	Delayed Draw Term Loan	6/7/2026		2,904		—
CFGI Holdings, LLC	Revolver	11/2/2027		270		(2	)
CFs Brands, LLC	Revolver	10/2/2029		493		—
Chg Ppc Parent LLC	Revolver	12/8/2026		100		(1	)
Cloud Software Group, Inc.	Revolver	12/15/2028		100		—
Clydesdale Acquisition Holdings, Inc.	Delayed Draw Term Loan	3/27/2032		34		—
Cold Chain Technologies, LLC	Revolver	7/2/2026		522		—
Collision Sp Subco, LLC	Delayed Draw Term Loan	1/30/2026		254		3
Collision Sp Subco, LLC	Revolver	1/29/2030		271		3
Concord Global Acquisition, LLC,	Delayed Draw Term Loan	12/28/2026		1,715		(9	)
Concord Global Acquisition, LLC,	Revolver	12/26/2031		686		(3	)
Continental Buyer, Inc.	Delayed Draw Term Loan	8/15/2027		1,818		(4	)
Continental Buyer, Inc.	Revolver	4/2/2031		1,398		(3	)
CPC/Cirtec Holdings, Inc	Revolver	10/31/2028		558		—
CRCI Longhorn Holdings, Inc.	Delayed Draw Term Loan	8/28/2026		1,530		(8	)
CRCI Longhorn Holdings, Inc.	Revolver	8/27/2031		489		(2	)
Crisis Prevention Institute, Inc.	Revolver	4/9/2029		100		—
Cub Financing Intermediate, LLC	Delayed Draw Term Loan	6/28/2026		1,741		(8	)
CVP Holdco, Inc.	Delayed Draw Term Loan	6/29/2026		1,671		(4	)
CVP Holdco, Inc.	Revolver	6/28/2030		686		(2	)
CVR Management, LLC	Delayed Draw Term Loan	4/27/2026		5		—
DCert Buyer, Inc.	Revolver	10/16/2026		100		(1	)
DCG Acquisition Corp.	Delayed Draw Term Loan	6/13/2026		1,169		—
DeLorean Purchaser, Inc.	Revolver	12/16/2031		653		(5	)
Disa Holdings Corp.	Delayed Draw Term Loan	3/1/2026		17		—
DS Admiral Bidco, LLC	Revolver	6/26/2029		100		(4	)
DT Intermediate Holdco, Inc.	Delayed Draw Term Loan	9/14/2026		1,658		(8	)
DT1 Midco Corp	Delayed Draw Term Loan	12/30/2026		2,005		(10	)
DT1 Midco Corp	Revolver	12/30/2030		802		(4	)

ANTARES PRIVATE CREDIT FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)(Continued)

March 31, 2025

(in thousands)


Investments—non-controlled/non-affiliated	Commitment Type	Commitment Expiration Date	Unfunded Commitment (1)		Fair Value (1)
Dwyer Instruments, LLC	Revolver	7/20/2029	$	665	$	(3	)
Dwyer Instruments, LLC	Delayed Draw Term Loan	11/21/2026		505		(3	)
Eclipse Buyer, Inc.	Revolver	9/6/2031		676		(3	)
Eclipse Buyer, Inc.	Delayed Draw Term Loan	9/7/2026		1,333		(7	)
Edgeco Buyer, Inc.	Delayed Draw Term Loan	12/20/2026		2,470		(12	)
Edgeco Buyer, Inc.	Revolver	6/1/2028		304		(2	)
Edpo, LLC	Revolver	12/8/2026		59		—
Empower Payments Investor, LLC	Revolver	3/12/2030		163		—
Empower Payments Investor, LLC	Delayed Draw Term Loan	3/12/2026		306		—
Empyrean Solutions, LLC	Revolver	11/26/2031		207		(1	)
Empyrean Solutions, LLC	Delayed Draw Term Loan	11/25/2026		553		(3	)
Ensemble RCM, LLC	Revolver	6/27/2028		100		—
Enthusiast Auto Holdings, LLC	Revolver	12/19/2026		64		—
Enverus Holdings, Inc.	Delayed Draw Term Loan	12/22/2025		54		—
Enverus Holdings, Inc.	Revolver	12/24/2029		214		—
Eos Fitness Opco Holdings, LLC	Revolver	1/5/2028		384		(1	)
Eos Fitness Opco Holdings, LLC	Delayed Draw Term Loan	9/25/2026		381		(1	)
Essential Services Holding Corporation	Revolver	6/17/2030		207		—
Essential Services Holding Corporation	Delayed Draw Term Loan	6/17/2026		395		(1	)
Excelitas Technologies Corp.	Delayed Draw Term Loan	5/1/2026		2,522		—
Eyesouth Eye Care Holdco, LLC	Delayed Draw Term Loan	4/1/2026		4,256		(43	)
F&M Buyer LLC	Delayed Draw Term Loan	3/19/2027		1,194		(6	)
F&M Buyer LLC	Revolver	3/18/2032		522		(3	)
Flint Opco, LLC	Delayed Draw Term Loan	6/1/2026		1,808		—
Flow Control Solutions, Inc.	Revolver	3/31/2029		829		—
Flow Control Solutions, Inc.	Delayed Draw Term Loan	6/28/2026		5,129		—
Foreside Financial Group, LLC	Delayed Draw Term Loan	3/13/2026		11,650		—
Formulations Parent Corporation	Revolver	11/15/2029		100		1
Foundation Risk Partners, Corp.	Delayed Draw Term Loan	2/26/2027		4,294		(21	)
Fourth Enterprises, LLC	Revolver	3/21/2031		959		(5	)
Fourth Enterprises, LLC	Delayed Draw Term Loan	3/21/2027		2,079		(10	)
FR Vision Holdings Inc	Revolver	1/22/2030		248		—
FR Vision Holdings Inc	Delayed Draw Term Loan	1/20/2026		572		—
Goldeneye Parent, LLC	Revolver	3/31/2032		1,744		(4	)
Grant Thornton Advisors LLC	Delayed Draw Term Loan	6/2/2031		189		(1	)
GS Acquisitionco, Inc.	Delayed Draw Term Loan	3/26/2026		156		—
GSV Holding, LLC	Revolver	10/18/2030		217		(1	)
Harvey Tool Company, LLC	Revolver	10/26/2027		964		(2	)
Harvey Tool Company, LLC	Delayed Draw Term Loan	6/28/2026		3,213		(7	)

ANTARES PRIVATE CREDIT FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)(Continued)

March 31, 2025

(in thousands)


Investments—non-controlled/non-affiliated	Commitment Type	Commitment Expiration Date	Unfunded Commitment (1)		Fair Value (1)
Health Buyer LLC	Delayed Draw Term Loan	5/15/2026	$	2,643	$	(12	)
HeartLand PPC Buyer, LLC	Delayed Draw Term Loan	12/13/2025		328		—
HeartLand PPC Buyer, LLC	Revolver	12/12/2029		240		—
Heights Buyer, LLC	Delayed Draw Term Loan	8/26/2025		874		—
Heights Buyer, LLC	Revolver	8/25/2028		622		—
Hercules Borrower LLC	Revolver	12/15/2026		459		—
Higher Logic, LLC	Revolver	1/10/2029		380		(2	)
Highline Aftermarket Acquisition, LLC	Revolver	11/10/2028		100		—
HighTower Holding, LLC	Revolver	2/1/2030		79		—
HP RSS Buyer, Inc.	Delayed Draw Term Loan	3/12/2026		2,419		(30	)
HSI Halo Acquisition Inc.	Delayed Draw Term Loan	6/28/2026		1,155		(3	)
HSI Halo Acquisition Inc.	Revolver	6/28/2030		932		(2	)
HT Intermediary III, Inc.	Revolver	11/12/2030		515		(5	)
HT Intermediary III, Inc.	Delayed Draw Term Loan	11/13/2026		1,527		(15	)
Hydraulic Technologies USA LLC	Revolver	6/3/2030		98		(1	)
IG Investments Holdings, LLC	Revolver	9/22/2028		293		(1	)
ImageFirst Holdings, LLC	Revolver	3/12/2030		2,800		4
Imagine 360 LLC	Revolver	9/30/2028		327		(2	)
Imagine 360 LLC	Delayed Draw Term Loan	9/20/2026		767		(4	)
IMO Investor Holdings, Inc.	Revolver	5/11/2028		370		—
Inhabitiq Inc.	Delayed Draw Term Loan	1/11/2027		697		(2	)
Inhabitiq Inc.	Revolver	1/12/2032		436		(1	)
Innovetive Petcare, Inc.	Delayed Draw Term Loan	11/19/2026		1,877		(23	)
Integrated Power Services Holdings, Inc.	Delayed Draw Term Loan	5/7/2026		7,018		(15	)
Invictus Buyer, LLC	Delayed Draw Term Loan	6/4/2026		3,266		—
Invictus Buyer, LLC	Revolver	6/3/2031		1,210		—
JHCC Holdings LLC	Revolver	9/9/2027		101		—
JKC Parent, Inc.	Delayed Draw Term Loan	2/16/2027		131		(1	)
JKC Parent, Inc.	Revolver	2/13/2032		87		—
Kaseya Inc.	Revolver	3/20/2030		761		(4	)
Kenco PPC Buyer LLC	Revolver	11/15/2029		305		(1	)
KPA Parent Holdings, Inc.	Delayed Draw Term Loan	3/15/2027		1,016		(5	)
KPA Parent Holdings, Inc.	Revolver	3/12/2032		711		(4	)
Kriv Acquisition Inc.	Delayed Draw Term Loan	9/26/2026		1,338		—
Kwol Acquisition, Inc.	Revolver	12/12/2029		841		(2	)
Lightbeam Bidco Inc	Revolver	5/4/2029		360		—
Lightbeam Bidco Inc	Delayed Draw Term Loan	5/7/2025		907		—
Lubricant Engineers	Delayed Draw Term Loan	3/31/2027		3,540		(18	)
Lubricant Engineers	Revolver	9/1/2029		885		(4	)

ANTARES PRIVATE CREDIT FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)(Continued)

March 31, 2025

(in thousands)


Investments—non-controlled/non-affiliated	Commitment Type	Commitment Expiration Date	Unfunded Commitment (1)		Fair Value (1)
Marina Acquisition, Inc.	Revolver	7/1/2030	$	264	$	(3	)
Mclarens Midco Inc.	Delayed Draw Term Loan	12/19/2025		592		—
MDC Interior Acquisition Inc	Revolver	4/26/2030		42		—
Merlin Buyer, Inc.	Revolver	12/14/2026		1,450		(11	)
Minotaur Acquisition, Inc.	Delayed Draw Term Loan	6/4/2026		1,455		(13	)
Minotaur Acquisition, Inc.	Revolver	6/3/2030		873		(8	)
Monotype Imaging Holdings Inc.	Revolver	2/28/2030		154		—
Monotype Imaging Holdings Inc.	Delayed Draw Term Loan	2/28/2026		79		—
Montana Buyer Inc.	Revolver	7/22/2028		254		—
Movati Athletic (Group) Inc.	Delayed Draw Term Loan	5/30/2026		638		(5	)
MRI Software LLC	Revolver	2/10/2027		251		(2	)
MRI Software LLC	Delayed Draw Term Loan	8/27/2026		895		(7	)
Nasuni Corporation	Revolver	9/10/2030		1,302		(9	)
Navex Topco, Inc.	Revolver	11/9/2028		1,797		—
Nelipak Holding Company	Revolver	3/26/2031		928		(14	)
Nelipak Holding Company	Delayed Draw Term Loan	3/29/2027		2,486		(37	)
Net Health Acquisition Corp.	Revolver	7/3/2031		875		—
Noble Midco 3 Limited	Delayed Draw Term Loan	6/12/2027		824		(3	)
Noble Midco 3 Limited	Revolver	12/11/2030		1,036		(4	)
North Star Acquisitionco, LLC	Revolver	5/3/2029		545		—
North Star Acquisitionco, LLC	Delayed Draw Term Loan	5/1/2026		11		—
Oeconnection LLC	Delayed Draw Term Loan	4/22/2026		2,138		(5	)
Oeconnection LLC	Revolver	4/22/2031		482		(1	)
Onit, Inc.	Delayed Draw Term Loan	1/28/2027		2,786		(13	)
Onit, Inc.	Revolver	1/27/2032		929		(4	)
ONS MSO, LLC	Revolver	7/8/2026		6		—
ONS MSO, LLC	Delayed Draw Term Loan	12/13/2025		113		—
Onsite Holdings, LLC	Revolver	12/28/2025		47		—
Onyx-Fire Protection Services Inc.	Revolver	7/31/2031		1,494		(11	)
Onyx-Fire Protection Services Inc.	Delayed Draw Term Loan	7/31/2026		820		(6	)
Packaging Coordinators Midco, Inc.	Delayed Draw Term Loan	4/23/2026		4,882		(35	)
Packaging Coordinators Midco, Inc.	Revolver	1/22/2032		926		(7	)
Pareto Health Intermediate Holdings, Inc.	Delayed Draw Term Loan	6/20/2026		653		(3	)
Pathstone Family Office LLC	Revolver	5/15/2028		374		(3	)
Pathstone Family Office LLC	Delayed Draw Term Loan	6/22/2026		1,454		(11	)
Patriot Growth Insurance Services, LLC	Revolver	10/16/2028		267		—
Phantom Purchaser, Inc.	Revolver	9/19/2031		382		—
Phoenix 1 Buyer Corporation	Revolver	11/20/2029		1,142		—
Potters Industries LLC	Revolver	9/14/2027		83		—

ANTARES PRIVATE CREDIT FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)(Continued)

March 31, 2025

(in thousands)


Investments—non-controlled/non-affiliated	Commitment Type	Commitment Expiration Date	Unfunded Commitment (1)		Fair Value (1)
Power Grid Holdings, Inc.	Revolver	12/2/2030	$	890	$	—
Premise Health Holding Corp.	Revolver	3/1/2030		712		—
Prism Parent Co. Inc.	Delayed Draw Term Loan	9/19/2025		849		(11	)
Proampac PG Borrower LLC	Revolver	6/16/2028		84		—
Project Accelerate Parent LLC	Revolver	2/24/2031		100		—
Propio LS, LLC	Revolver	7/17/2029		1,704		(9	)
Propio LS, LLC	Delayed Draw Term Loan	7/25/2026		3,409		(17	)
Psc Parent, Inc.	Revolver	4/3/2030		74		—
Psc Parent, Inc.	Delayed Draw Term Loan	4/3/2025		238		—
Puma Buyer, LLC	Revolver	3/28/2032		1,313		(5	)
Quality Automotive Services, LLC	Delayed Draw Term Loan	1/30/2027		1,320		(6	)
Quality Automotive Services, LLC	Revolver	7/16/2027		257		(1	)
Raven Acquisition Holdings, LLC	Delayed Draw Term Loan	11/19/2031		333		(4	)
Red Fox CD Acquisition Corporation	Delayed Draw Term Loan	12/1/2025		783		(8	)
Resonetics, LLC	Revolver	6/18/2029		100		—
Ridge Trail US Bidco, Inc.	Delayed Draw Term Loan	3/31/2027		2,995		(22	)
Ridge Trail US Bidco, Inc.	Revolver	3/31/2031		729		(5	)
Rimkus Consulting Group, Inc.	Revolver	4/1/2030		1,201		—
Rimkus Consulting Group, Inc.	Delayed Draw Term Loan	4/1/2026		1,891		—
Riser Interco LLC	Delayed Draw Term Loan	6/5/2026		1,747		—
Routeware, Inc.	Delayed Draw Term Loan	9/19/2026		1,386		(3	)
Routeware, Inc.	Revolver	9/18/2031		341		(1	)
Ruppert Landscape, LLC	Revolver	12/1/2028		320		(4	)
Ruppert Landscape, LLC	Delayed Draw Term Loan	4/30/2026		4,009		(52	)
Ryan, LLC	Revolver	11/14/2028		100		—
Safety Borrower Holdings LLC	Revolver	9/1/2027		374		(2	)
Sako and Partners Lower Holdings LLC.	Revolver	9/15/2028		418		(1	)
Saturn Borrower Inc	Revolver	11/10/2028		640		(5	)
Saturn Borrower Inc	Delayed Draw Term Loan	1/24/2027		1,422		(10	)
SCW Holdings III Corp.	Delayed Draw Term Loan	3/18/2027		1,744		(6	)
SCW Holdings III Corp.	Revolver	3/17/2031		872		(3	)
Seahawk Bidco, LLC	Delayed Draw Term Loan	12/19/2026		1,500		(4	)
Seahawk Bidco, LLC	Revolver	12/19/2030		545		(1	)
Service Logic Acquisition, Inc.	Revolver	4/30/2027		100		—
Simplicity Financial Marketing Group Holdings, Inc.	Delayed Draw Term Loan	12/31/2026		1,516		(7	)
Simplicity Financial Marketing Group Holdings, Inc.	Revolver	12/31/2031		903		(4	)
Soleo Holdings, Inc.	Delayed Draw Term Loan	2/2/2027		704		(3	)
Soleo Holdings, Inc.	Revolver	2/2/2032		704		(2	)

ANTARES PRIVATE CREDIT FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)(Continued)

March 31, 2025

(in thousands)


Investments—non-controlled/non-affiliated	Commitment Type	Commitment Expiration Date	Unfunded Commitment (1)		Fair Value (1)
Southpaw Ap Buyer, LLC	Revolver	3/2/2028	$	252	$	—
Southpaw Ap Buyer, LLC	Delayed Draw Term Loan	5/1/2026		144		—
Spartan Bidco PTY LTD	Revolver	1/24/2028		385		(2	)
Spirit RR Holdings, Inc.	Revolver	9/13/2028		272		(2	)
Spirit RR Holdings, Inc.	Delayed Draw Term Loan	12/19/2025		235		(2	)
St Athena Global LLC	Revolver	6/26/2029		394		(5	)
St Athena Global LLC	Delayed Draw Term Loan	6/26/2026		213		(3	)
STCH Acquisition Inc.	Revolver	10/30/2026		196		—
Storable, Inc.	Revolver	4/16/2029		100		(1	)
Sugar Ppc Buyer LLC	Delayed Draw Term Loan	7/10/2026		6,800		—
SurfacePrep Buyer, LLC	Delayed Draw Term Loan	1/15/2027		3,039		(38	)
Surfaceprep Buyer, LLC	Delayed Draw Term Loan	2/2/2026		73		(1	)
Surfaceprep Buyer, LLC	Revolver	2/4/2030		317		(4	)
Team Acquisition Corporation	Revolver	11/21/2028		100		(1	)
Tersera Therapeutics, LLC	Revolver	4/4/2029		116		—
The Chartis Group, LLC	Delayed Draw Term Loan	9/17/2026		388		(2	)
The Chartis Group, LLC	Revolver	9/17/2031		194		(1	)
The Hiller Companies, LLC	Revolver	6/20/2030		1,299		(6	)
The Hiller Companies, LLC	Delayed Draw Term Loan	6/22/2026		1,538		(8	)
The Ultimus Group Midco, LLC	Delayed Draw Term Loan	3/8/2026		1,302		—
The Ultimus Group Midco, LLC	Revolver	3/7/2030		868		—
THG Acquisition, LLC	Revolver	10/31/2031		315		(2	)
THG Acquisition, LLC	Delayed Draw Term Loan	10/30/2026		648		(3	)
TPC Engineering Holdings, Inc.	Revolver	2/16/2027		90		(1	)
Trilon Group, LLC	Delayed Draw Term Loan	3/13/2027		1,995		(20	)
Trilon Group, LLC	Revolver	5/25/2029		1,212		(12	)
Trimech Acquisition Corp.	Revolver	3/10/2028		1,302		(7	)
Truck-Lite Co., LLC	Delayed Draw Term Loan	2/13/2026		63		—
Truck-Lite Co., LLC	Revolver	2/13/2030		164		—
Trunk Acquisition, Inc.	Delayed Draw Term Loan	12/20/2026		1,321		—
Unlimited Technology Holdings, LLC	Revolver	3/12/2032		747		(2	)
US Fitness Holdings, LLC	Delayed Draw Term Loan	9/4/2026		2,206		(11	)
US Fitness Holdings, LLC	Revolver	9/4/2030		172		(1	)
USRP Holdings, Inc.	Revolver	12/31/2029		900		—
USRP Holdings, Inc.	Delayed Draw Term Loan	8/28/2026		2,721		—
Vaco Holdings, LLC	Revolver	1/21/2027		100		—
Valet Waste Holdings, Inc.	Delayed Draw Term Loan	9/8/2025		7,213		—

ANTARES PRIVATE CREDIT FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)(Continued)

March 31, 2025

(in thousands)


Investments—non-controlled/non-affiliated	Commitment Type	Commitment Expiration Date	Unfunded Commitment (1)		Fair Value (1)
Valicor PPC Intermediate II LLC	Revolver	1/24/2028	$	285	$	(1	)
Vamos Bidco, Inc	Delayed Draw Term Loan	1/30/2027		1,105		(5	)
Vamos Bidco, Inc	Revolver	1/30/2032		332		(2	)
Vensure Employer Services, Inc.	Delayed Draw Term Loan	9/27/2026		430		(2	)
Vertex Service Partners, LLC	Delayed Draw Term Loan	10/2/2026		201		(1	)
Vessco Midco Holdings, LLC	Delayed Draw Term Loan	7/24/2026		1,220		(6	)
Vessco Midco Holdings, LLC	Revolver	7/24/2031		552		(3	)
Victors Purchaser, LLC	Delayed Draw Term Loan	8/15/2026		1,718		(4	)
Victors Purchaser, LLC	Revolver	8/15/2031		1,254		(3	)
Victory Buyer LLC	Revolver	11/19/2028		48		—
Vital Care Buyer, LLC	Revolver	7/30/2031		696		(3	)
VPP Intermediate Holdings, LLC	Delayed Draw Term Loan	1/19/2027		2,802		(14	)
VPP Intermediate Holdings, LLC	Revolver	12/1/2027		229		(1	)
VS Buyer, LLC	Revolver	4/12/2029		100		—
W2O Holdings, Inc.	Revolver	6/12/2028		92		—
Walter Surface Technologies Inc.	Delayed Draw Term Loan	12/30/2025		373		—
Wealth Enhancement Group, LLC	Revolver	10/2/2028		323		—
Wealth Enhancement Group, LLC	Delayed Draw Term Loan	12/30/2026		9,677		—
Wildcat Topco, Inc.	Revolver	11/17/2031		270		(1	)
Wildcat Topco, Inc.	Delayed Draw Term Loan	11/16/2026		270		(1	)
World Insurance Associates, LLC	Delayed Draw Term Loan	8/14/2026		2,859		(7	)
World Insurance Associates, LLC	Revolver	4/3/2030		209		(1	)
WPP Bullet Buyer, LLC	Revolver	12/7/2029		83		(1	)
WRE Holding Corp.	Delayed Draw Term Loan	7/2/2026		395		(3	)
WRE Holding Corp.	Revolver	7/2/2030		316		(2	)
Wu Holdco, Inc.	Revolver	3/26/2027		140		—
YA Intermediate Holdings II, LLC	Revolver	10/1/2031		1,030		(3	)
YA Intermediate Holdings II, LLC	Delayed Draw Term Loan	10/2/2026		2,018		(5	)
YLG Holdings, Inc.	Revolver	12/23/2030		1,214		(6	)
YLG Holdings, Inc.	Delayed Draw Term Loan	11/26/2026		703		(4	)
Zelis Cost Management Buyer, Inc.	Revolver	1/17/2029		100		—
Zinc Buyer Corporation	Delayed Draw Term Loan	7/24/2026		1,613		(12	)
Zinc Buyer Corporation	Revolver	7/24/2031		790		(6	)
Zone Climate Services, Inc.	Revolver	3/9/2028		270		(3	)
Zone Climate Services, Inc.	Delayed Draw Term Loan	11/22/2025		3,182		(24	)
Total Unfunded Commitments			$	322,277	$	(1,243	)

(1)

Foreign domiciled investments have been converted to U.S. Dollars based on prevailing rates at period-end.

ANTARES PRIVATE CREDIT FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS

December 31, 2024

(in thousands)


Investments (1)	Footnotes	Asset Type	Reference Rate and Spread (2)	Interest Rate Floor	Interest Rate (2)	Maturity Date	Par Amount / Shares		Amortized Cost (4)			Fair Value			Percentage of Net Assets
Investments - non-controlled/non-affiliated
Secured Debt
Aerospace and Defense
Bleriot US Bidco Inc.	(5)(8)	First Lien Term Loan	S + 2.75%	0.00%	7.06%	10/31/2030	$	1,675	$	1,675		$	1,686			0.26	%
GSP Holdings, LLC	(6)(8)	First Lien Term Loan	S + 5.50%	1.00%	9.96%	11/6/2026		100		100			99			0.02
TransDigm Inc.	(5)(6)(8)	First Lien Term Loan	S + 2.75%	0.00%	7.06%	3/22/2030		1,895		1,905			1,903			0.30
										3,680			3,688			0.58
Air Freight and Logistics
Lightbeam Bidco Inc	(8)	First Lien Term Loan	S + 5.00%	0.75%	9.31%	5/4/2030		4,951		4,951			4,951			0.78
Lightbeam Bidco Inc	(7)	First Lien Delayed Draw Term Loan	S + 5.50%	0.00%	9.81%	5/6/2030		1,558		652			652			0.10
Lightbeam Bidco Inc	(7)	First Lien Revolver	S + 5.25%	0.00%	9.56%	5/4/2029		491		—			—			—
										5,603			5,603			0.88
Automobile Components
Collision Sp Subco, LLC	(8)	First Lien Term Loan	S + 5.50%	1.00%	9.81%	1/29/2030		1,949		1,949			1,949			0.31
Collision Sp Subco, LLC	(7)	First Lien Delayed Draw Term Loan	S + 5.50%	0.00%	9.81%	1/29/2030		1,135		571			571			0.09
Collision Sp Subco, LLC	(7)	First Lien Revolver	S + 5.50%	0.00%	9.81%	1/29/2030		318		47			47			0.01
Enthusiast Auto Holdings, LLC	(8)	First Lien Term Loan	S + 4.75%	1.00%	9.08%	12/19/2026		5,921		5,921			5,921			0.93
Enthusiast Auto Holdings, LLC	(7)	First Lien Revolver	S + 4.75%	1.00%	9.08%	12/19/2025		64		—			—			—
JHCC Holdings LLC	(8)	First Lien Term Loan	S + 5.25%	1.00%	9.56%	9/9/2027		1,468		1,463			1,462			0.23
JHCC Holdings LLC	(8)	First Lien Delayed Draw Term Loan	S + 5.25%	1.00%	9.56%	9/9/2027		425		423			423			0.07
JHCC Holdings LLC	(7)	First Lien Revolver	P + 5.50%	0.00%	13.00%	9/9/2027		168		83			83			0.01
Majco LLC	(8)	First Lien Term Loan	S + 4.50%	1.00%	8.96%	12/4/2028		199		200			199			0.03
OAC Holdings I Corp	(8)	First Lien Term Loan	S + 5.00%	1.00%	9.43%	3/30/2029		199		199			199			0.03
Power Stop, LLC	(8)	First Lien Term Loan	S + 4.75%	0.50%	9.06%	1/26/2029		199		199			190			0.03
Quality Automotive Services, LLC	(8)	First Lien Term Loan	S + 5.25%	1.00%	9.56%	7/16/2027		4,694		4,671			4,670			0.73
Quality Automotive Services, LLC	(7)	First Lien Delayed Draw Term Loan	S + 5.25%	1.00%	9.56%	7/16/2027		2,049		1,828			1,827			0.29
Quality Automotive Services, LLC	(7)	First Lien Revolver	S + 6.00%	1.00%	10.31%	7/16/2027		257		(1	)		(1	)		—
Truck-Lite Co., LLC	(8)	First Lien Term Loan	S + 5.75%	0.75%	10.06%	2/13/2031		1,612		1,612			1,612			0.25
Truck-Lite Co., LLC	(7)	First Lien Delayed Draw Term Loan	S + 5.75%	0.75%	10.06%	2/13/2031		176		—			—			—
Truck-Lite Co., LLC	(7)	First Lien Revolver	S + 5.75%	0.75%	10.06%	2/13/2030		176		—			—			—
										19,165			19,152			3.01
Building Products
80/20, LLC	(8)	First Lien Term Loan	S + 5.25%	1.00%	9.56%	3/1/2027		200		199			200			0.03
MDC Interior Acquisition Inc	(8)	First Lien Term Loan	S + 5.00%	1.00%	9.31%	4/26/2030		291		290			290			0.05
MDC Interior Acquisition Inc	(7)	First Lien Revolver	S + 5.25%	0.00%	9.56%	4/26/2030		42		—			—			—
Surewerx Purchaser III Inc	(6)(8)	First Lien Term Loan	S + 5.25%	0.75%	9.56%	12/28/2029		199		199			199			0.03
Walter Surface Technologies Inc.	(6)(8)	First Lien Term Loan	S + 5.25%	1.00%	9.66%	3/31/2027		1,725		1,725			1,725			0.27
Walter Surface Technologies Inc.	(6)(7)	First Lien Delayed Draw Term Loan	S + 5.25%	1.00%	9.56%	3/31/2027		588		214			214			0.03
										2,627			2,628			0.41

ANTARES PRIVATE CREDIT FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)

December 31, 2024

(in thousands)


Investments (1)	Footnotes	Asset Type	Reference Rate and Spread (2)	Interest Rate Floor	Interest Rate (2)	Maturity Date	Par Amount / Shares		Amortized Cost (4)			Fair Value			Percentage of Net Assets
Capital Markets
Allworth Financial Group, L.P.	(8)	First Lien Term Loan	S + 5.00%	1.00%	9.33%	12/23/2027	$	199	$	199		$	199			0.03	%
Arax MidCo, LLC	(6)(8)	First Lien Term Loan	S + 5.00%	1.00%	9.31%	4/11/2029		3,834		3,800			3,789			0.59
Arax MidCo, LLC	(6)(7)	First Lien Delayed Draw Term Loan	S + 5.75%	1.00%	10.08%	4/11/2029		710		(8	)		(8	)		—
Arax MidCo, LLC	(6)(7)	First Lien Revolver	S + 5.75%	1.00%	10.06%	4/11/2029		431		(5	)		(5	)		—
Cub Financing Intermediate, LLC	(8)	First Lien Term Loan	S + 4.75%	0.50%	9.06%	6/28/2030		3,780		3,762			3,763			0.59
Cub Financing Intermediate, LLC	(7)	First Lien Delayed Draw Term Loan	S + 4.75%	0.75%	9.06%	6/28/2030		1,741		(8	)		(8	)		—
Edgeco Buyer, Inc.	(8)	First Lien Term Loan	S + 4.50%	1.00%	8.81%	6/1/2028		6,205		6,201			6,174			0.97
Edgeco Buyer, Inc.	(8)	First Lien Term Loan	S + 4.50%	0.00%	8.81%	6/1/2028		1,149		1,143			1,143			0.18
Edgeco Buyer, Inc.	(8)	First Lien Term Loan	S + 4.50%	1.00%	8.81%	6/1/2028		119		119			118			0.02
Edgeco Buyer, Inc.	(7)	First Lien Delayed Draw Term Loan	S + 4.50%	0.00%	8.81%	6/1/2028		2,771		(7	)		(14	)		—
Edgeco Buyer, Inc.	(8)	First Lien Delayed Draw Term Loan	S + 4.50%	1.00%	8.81%	6/1/2028		101		101			101			0.02
Edgeco Buyer, Inc.	(8)	First Lien Delayed Draw Term Loan	S + 4.50%	1.00%	8.81%	6/1/2028		544		544			541			0.08
Edgeco Buyer, Inc.	(8)	First Lien Delayed Draw Term Loan	S + 4.50%	1.00%	8.81%	6/1/2028		240		240			238			0.04
Edgeco Buyer, Inc.		First Lien Delayed Draw Term Loan	S + 4.50%	0.00%	8.81%	6/1/2026		484		484			482			0.08
Edgeco Buyer, Inc.	(7)	First Lien Revolver	S + 4.50%	0.00%	8.81%	6/1/2028		304		(1	)		(2	)		—
HighTower Holding, LLC	(7)	First Lien Revolver	S + 3.75%	0.00%	8.08%	10/21/2027		100		—			—			—
Lido Advisors, LLC	(8)	First Lien Delayed Draw Term Loan	S + 5.00%	1.00%	9.31%	6/15/2029		199		198			198			0.03
The Ultimus Group Midco, LLC	(8)	First Lien Term Loan	S + 5.25%	0.75%	9.66%	3/7/2031		8,665		8,665			8,665			1.36
The Ultimus Group Midco, LLC	(7)	First Lien Delayed Draw Term Loan	S + 5.25%	0.75%	9.66%	3/7/2031		1,302		—			—			—
The Ultimus Group Midco, LLC	(7)	First Lien Revolver	S + 5.25%	0.75%	9.66%	3/7/2030		868		—			—			—
										25,427			25,374			3.99
Chemicals
Aurora Plastics, LLC	(8)	First Lien Term Loan	S + 4.75%	0.75%	9.18%	8/10/2028		7,684		7,674			7,647			1.20
Aurora Plastics, LLC	(8)	First Lien Delayed Draw Term Loan	S + 4.75%	0.75%	9.18%	8/10/2028		1,420		1,420			1,413			0.22
Aurorium Global Holdings LLC	(8)	First Lien Term Loan	S + 5.75%	0.75%	10.21%	12/22/2027		100		99			98			0.01
Boulder Scientific Company, LLC	(8)	First Lien Term Loan	S + 4.75%	1.00%	9.21%	12/31/2027		100		99			100			0.02
Charkit Chemical Company, LLC	(8)	First Lien Term Loan	S + 4.88%	1.00%	9.31%	12/29/2026		100		99			99			0.02
DCG Acquisition Corp.	(8)	First Lien Term Loan	S + 4.50%	0.75%	8.83%	6/13/2031		6,991		6,991			6,991			1.10
DCG Acquisition Corp.	(7)	First Lien Delayed Draw Term Loan	S + 4.75%	0.75%	9.08%	6/13/2031		1,169		—			—			—
Formulations Parent Corporation	(7)	First Lien Revolver	S + 5.75%	0.00%	10.08%	11/15/2029		100		—			—			—
Hasa Acquisition, LLC	(8)	First Lien Term Loan	S + 4.50%	1.00%	8.81%	1/10/2029		200		200			199			0.03
Highline Aftermarket Acquisition, LLC	(7)	First Lien Revolver	S + 3.75%	0.00%	8.08%	8/10/2027		100		—			—			—
LTI Holdings, Inc.	(5)(8)	First Lien Term Loan	S + 4.75%	0.00%	9.08%	7/29/2029		1,995		2,005			2,001			0.31
Lubricant Engineers	(8)	First Lien Term Loan	S + 5.75%	1.00%	10.08%	9/1/2029		199		200			197			0.03
Potters Industries LLC	(7)	First Lien Revolver	S + 3.75%	0.00%	8.08%	9/14/2027		100		6			6			—
Rocket Bidco, Inc.	(8)	First Lien Term Loan	S + 5.75%	0.00%	10.08%	11/1/2030		199		144			139			0.02
										18,937			18,890			2.96

ANTARES PRIVATE CREDIT FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)

December 31, 2024

(in thousands)


Investments (1)	Footnotes	Asset Type	Reference Rate and Spread (2)	Interest Rate Floor	Interest Rate (2)	Maturity Date	Par Amount / Shares		Amortized Cost (4)			Fair Value			Percentage of Net Assets
Commercial Services and Supplies
Ares Holdings, LLC	(8)	First Lien Term Loan	S + 5.00%	0.00%	9.31%	11/18/2027	$	3,174	$	3,158		$	3,160			0.50	%
AWP Group Holdings, Inc.	(8)	First Lien Term Loan	S + 4.75%	0.00%	9.08%	12/23/2030		14,359		14,288			14,323			2.25
AWP Group Holdings, Inc.	(7)	First Lien Revolver	S + 4.75%	1.00%	9.08%	12/23/2030		320		14			15			—
CoolSys, Inc.	(8)	First Lien Term Loan	S + 4.75%	0.75%	9.32%	8/11/2028		199		197			195			0.03
Denali Buyerco LLC	(8)	First Lien Term Loan	S + 5.25%	0.75%	9.71%	9/15/2028		4,824		4,824			4,804			0.75
Denali Buyerco LLC	(7)	First Lien Delayed Draw Term Loan	S + 5.25%	0.00%	9.71%	9/15/2028		7,572		6,442			6,409			1.01
Ext Acquisitions, Inc.	(8)	First Lien Term Loan	S + 5.00%	1.00%	9.46%	6/26/2026		199		199			199			0.03
FL Hawk Intermediate Holdings, Inc.	(8)	First Lien Term Loan	S + 4.50%	1.00%	8.81%	2/22/2030		502		499			499			0.08
FL Hawk Intermediate Holdings, Inc.	(8)	First Lien Term Loan	S + 4.50%	1.00%	8.81%	2/22/2030		466		464			464			0.07
Fresh Holdco, Inc.	(8)	First Lien Term Loan	S + 5.25%	1.00%	9.75%	1/24/2026		199		199			199			0.03
HeartLand PPC Buyer, LLC	(8)	First Lien Term Loan	S + 5.25%	0.75%	9.56%	12/12/2029		5,822		5,756			5,808			0.91
HeartLand PPC Buyer, LLC	(7)	First Lien Delayed Draw Term Loan	S + 5.25%	0.75%	9.56%	12/12/2029		865		527			534			0.08
HeartLand PPC Buyer, LLC	(7)	First Lien Revolver	S + 5.25%	0.75%	9.56%	12/12/2029		297		29			32			0.01
Hercules Borrower LLC	(8)	First Lien Term Loan	S + 5.50%	1.00%	9.91%	12/14/2026		3,216		3,188			3,216			0.50
Hercules Borrower LLC	(8)	First Lien Term Loan	S + 5.50%	1.00%	9.91%	12/14/2026		46		45			46			0.01
Hercules Borrower LLC	(8)	First Lien Delayed Draw Term Loan	S + 5.50%	1.00%	9.91%	12/14/2026		270		268			270			0.04
Hercules Borrower LLC	(7)	First Lien Revolver	S + 6.25%	1.00%	10.66%	12/14/2026		459		(4	)		—			—
High Bar Brands Operating, LLC	(6)(8)	First Lien Term Loan	S + 5.25%	1.00%	9.56%	12/19/2029		199		198			199			0.03
HP RSS Buyer, Inc.	(8)	First Lien Term Loan	S + 5.00%	0.75%	9.31%	12/11/2029		1,604		1,589			1,592			0.25
HP RSS Buyer, Inc.		First Lien Delayed Draw Term Loan	S + 5.00%	0.00%	9.31%	12/11/2029		851		842			844			0.13
HP RSS Buyer, Inc.	(7)	First Lien Delayed Draw Term Loan	S + 4.75%	0.00%	9.06%	12/11/2029		3,496		893			902			0.14
Liquid Environmental Solutions Corporation	(8)	First Lien Term Loan	S + 5.00%	1.00%	9.41%	5/31/2026		100		99			99			0.02
Monarch Landscape Holdings, LLC	(8)	First Lien Term Loan	S + 5.00%	0.75%	9.31%	10/2/2028		200		198			198			0.03
Onyx-Fire Protection Services Inc.	(6)(8)	First Lien Term Loan	C + 4.50%	0.00%	7.75%	7/31/2031		CAD 8,646		6,218			5,981			0.94
Onyx-Fire Protection Services Inc.	(6)(7)	First Lien Delayed Draw Term Loan	C + 4.50%	0.00%	7.75%	7/31/2031		CAD 1,361		(5	)		(5	)		—
Onyx-Fire Protection Services Inc.	(6)(7)	First Lien Revolver	C + 4.50%	0.75%	7.75%	7/31/2031		CAD 2,149		(7	)		(7	)		—
Palmetto Acquisitionco Inc	(8)	First Lien Term Loan	S + 5.75%	1.00%	10.06%	9/18/2029		199		199			199			0.03
Pavion Corp.	(8)	First Lien Term Loan	S + 5.75%	0.75%	10.06%	10/30/2030		199		199			199			0.03
Service Logic Acquisition, Inc.	(7)	First Lien Revolver	S + 4.00%	0.00%	8.33%	10/30/2025		100		—			—			—
The Hiller Companies, LLC	(8)	First Lien Term Loan	S + 5.00%	0.75%	9.33%	6/20/2030		7,450		7,414			7,432			1.17
The Hiller Companies, LLC	(7)	First Lien Delayed Draw Term Loan	S + 5.00%	0.00%	9.33%	6/20/2030		2,055		507			512			0.08
The Hiller Companies, LLC	(7)	First Lien Revolver	S + 5.00%	0.75%	9.33%	6/20/2030		1,299		(6	)		(3	)		—

ANTARES PRIVATE CREDIT FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)

December 31, 2024

(in thousands)


Investments (1)	Footnotes	Asset Type	Reference Rate and Spread (2)	Interest Rate Floor	Interest Rate (2)	Maturity Date	Par Amount / Shares		Amortized Cost (4)			Fair Value			Percentage of Net Assets
Commercial Services and Supplies (continued)
Thermostat Purchaser III, Inc.	(8)	First Lien Term Loan	S + 4.25%	0.75%	8.56%	8/31/2028	$	199	$	199		$	199			0.03		%
Valet Waste Holdings, Inc.	(8)	First Lien Term Loan	S + 5.75%	1.00%	10.08%	5/1/2029		5,224		5,172			5,224			0.82
Valet Waste Holdings, Inc.	(7)	First Lien Delayed Draw Term Loan	S + 5.75%	1.00%	10.08%	5/1/2029		7,213		(70	)		—			—
WRE Holding Corp.	(8)	First Lien Term Loan	S + 5.00%	0.75%	9.25%	7/2/2031		2,310		2,299			2,298			0.36
WRE Holding Corp.	(7)	First Lien Delayed Draw Term Loan	S + 5.00%	0.00%	9.25%	7/2/2031		592		175			175			0.03
WRE Holding Corp.	(7)	First Lien Revolver	S + 5.00%	0.00%	9.25%	7/2/2030		316		(1	)		(2	)		—
YLG Holdings, Inc.	(8)	First Lien Term Loan	S + 4.75%	0.00%	9.06%	12/23/2030		9,407		9,377			9,362			1.47
YLG Holdings, Inc.	(7)	First Lien Delayed Draw Term Loan	S + 4.75%	0.00%	9.06%	10/30/2026		1,379		603			600			0.09
YLG Holdings, Inc.	(7)	First Lien Revolver	S + 5.00%	0.75%	9.33%	10/30/2026		1,214		(2	)		(6	)		—
Zinc Buyer Corporation		First Lien Term Loan	S + 4.75%	0.75%	9.06%	7/24/2031		6,397		6,358			6,349			1.00
Zinc Buyer Corporation	(7)	First Lien Delayed Draw Term Loan	S + 4.75%	0.75%	9.06%	7/24/2031		1,613		(11	)		(12	)		—
Zinc Buyer Corporation	(7)	First Lien Revolver	S + 4.75%	0.75%	9.06%	7/24/2031		790		(6	)		(6	)		—
Zone Climate Services, Inc.	(7)	First Lien Delayed Draw Term Loan	S + 6.00%	1.00%	10.33%	3/9/2028		3,182		(39	)		(38	)		(0.01	)
Zone Climate Services, Inc.	(7)	First Lien Revolver	S + 5.75%	1.00%	10.21%	3/9/2028		636		306			306			0.05
										82,791			82,764			12.99
Construction & Engineering
CLS Management Services, LLC	(8)	First Lien Term Loan	S + 5.00%	1.00%	9.31%	3/27/2030		199		198			199			0.03
FR Vision Holdings Inc	(8)	First Lien Term Loan	S + 5.50%	0.75%	9.81%	1/20/2031		3,048		3,048			3,048			0.48
FR Vision Holdings Inc	(7)	First Lien Delayed Draw Term Loan	S + 5.50%	0.00%	9.81%	1/20/2031		988		416			416			0.07
FR Vision Holdings Inc	(7)	First Lien Revolver	S + 5.50%	0.00%	9.81%	1/20/2030		248		—			—			—
Hydraulic Technologies USA LLC	(8)	First Lien Term Loan	S + 5.50%	1.00%	9.81%	6/3/2031		836		822			826			0.13
Hydraulic Technologies USA LLC	(7)	First Lien Revolver	S + 5.50%	1.00%	9.81%	6/3/2030		114		14			15			—
Kleinfelder Intermediate LLC	(8)	First Lien Term Loan	S + 5.00%	0.75%	9.33%	9/18/2030		199		200			200			0.03
Mei Buyer LLC	(8)	First Lien Term Loan	S + 5.00%	1.00%	9.33%	6/29/2029		199		200			199			0.03
Trilon Group, LLC	(8)	First Lien Term Loan	S + 5.50%	1.00%	9.96%	5/29/2029		1,203		1,195			1,196			0.19
Trilon Group, LLC	(7)	First Lien Delayed Draw Term Loan	S + 5.50%	1.00%	9.96%	5/25/2029		4,041		847			848			0.13
Trilon Group, LLC	(7)	First Lien Revolver	S + 5.50%	0.00%	9.96%	5/25/2029		1,212		143			144			0.02
										7,083			7,091			1.11
Construction Materials
Arrow Tru-Line Holding, LLC	(8)	First Lien Term Loan	S + 5.63%	1.00%	10.08%	9/20/2027		200		199			199			0.03
Pearlman Enterprises Inc.	(8)	First Lien Term Loan	S + 4.50%	1.00%	8.93%	5/5/2027		200		196			198			0.03
Red Fox CD Acquisition Corporation	(7)	First Lien Delayed Draw Term Loan	S + 6.00%	0.00%	10.31%	3/4/2030		10,735		6,639			6,692			1.05
										7,034			7,089			1.11
Containers and Packaging
Anchor Packaging, LLC	(7)	First Lien Revolver	S + 3.75%	0.00%	8.08%	4/17/2029		100		—			—			—
CFs Brands, LLC	(8)	First Lien Term Loan	S + 5.00%	1.00%	9.33%	10/2/2030		3,330		3,330			3,296			0.52
CFs Brands, LLC	(7)	First Lien Delayed Draw Term Loan	S + 6.00%	1.00%	10.33%	10/2/2030		169		—			(2	)		—

ANTARES PRIVATE CREDIT FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS

December 31, 2024

(in thousands)


Investments (1)	Footnotes	Asset Type	Reference Rate and Spread (2)	Interest Rate Floor	Interest Rate (2)	Maturity Date	Par Amount / Shares		Amortized Cost (4)			Fair Value			Percentage of Net Assets
Containers and Packaging (continued)
CFs Brands, LLC	(7)	First Lien Revolver	S + 5.75%	1.00%	10.08%	10/2/2029	$	493	$	—		$	(5	)		—		%
Cold Chain Technologies, LLC	(8)	First Lien Term Loan	S + 5.75%	1.00%	10.06%	7/2/2026		2,307		2,307			2,302			0.36
Cold Chain Technologies, LLC	(8)	First Lien Term Loan	S + 5.75%	0.00%	10.06%	7/2/2026		4,155		4,155			4,145			0.65
Cold Chain Technologies, LLC	(8)	First Lien Term Loan	S + 5.75%	1.00%	10.06%	7/2/2026		2,500		2,494			2,495			0.39
Cold Chain Technologies, LLC	(7)	First Lien Revolver	S + 5.00%	1.00%	9.31%	7/2/2026		522		(1	)		(1	)		—
Nelipak Holding Company	(8)	First Lien Term Loan	S + 5.50%	1.00%	9.83%	3/26/2031		6,408		6,408			6,312			0.99
Nelipak Holding Company	(7)	First Lien Delayed Draw Term Loan	S + 5.50%	1.00%	9.83%	3/26/2031		2,486		—			(37	)		(0.01	)
Nelipak Holding Company	(7)	First Lien Revolver	S + 5.50%	0.00%	9.83%	3/26/2031		1,855		779			751			0.12
Packaging Coordinators Midco, Inc.	(7)	First Lien Revolver	S + 3.75%	0.00%	8.08%	8/31/2027		100		—			—			—
PG Buyer, LLC	(8)	First Lien Term Loan	S + 4.25%	1.00%	8.50%	3/2/2026		199		199			199			0.03
PLZ Corp.	(8)	First Lien Term Loan	S + 3.75%	0.75%	8.20%	8/3/2026		100		94			91			0.01
Proampac PG Borrower LLC	(7)	First Lien Revolver	S + 2.75%	0.00%	7.08%	6/16/2028		100		12			11			—
Rohrer Corporation	(8)	First Lien Term Loan	S + 5.00%	1.00%	9.50%	3/15/2027		200		200			200			0.03
St Athena Global LLC	(6)(8)	First Lien Term Loan	S + 5.25%	0.75%	9.56%	6/26/2030		3,938		3,900			3,889			0.61
St Athena Global LLC	(6)(8)	First Lien Term Loan	SON + 5.25%	0.00%	9.95%	6/26/2030		GBP 2,291		2,958			2,832			0.44
St Athena Global LLC	(6)(7)	First Lien Delayed Draw Term Loan	S + 5.25%	0.00%	9.56%	6/26/2030		164		(2	)		(2	)		—
St Athena Global LLC	(6)(7)	First Lien Revolver	S + 5.25%	0.00%	9.56%	6/26/2029		590		137			135			0.02
Tank Holding Corp.	(8)	First Lien Term Loan	S + 5.75%	0.75%	10.25%	3/31/2028		199		197			196			0.03
Tricorbraun Holdings, Inc.	(8)	First Lien Term Loan	S + 3.25%	0.50%	7.70%	3/3/2028		100		98			100			0.02
										27,265			26,907			4.21
Distributors
Aurora Parts & Accessories LLC	(8)	First Lien Term Loan	S + 5.50%	1.00%	9.96%	1/13/2029		100		99			99			0.02
BC Group Holdings, Inc.	(8)	First Lien Term Loan	S + 5.00%	0.75%	9.31%	12/21/2026		2,171		2,151			2,155			0.34
BC Group Holdings, Inc.	(7)	First Lien Delayed Draw Term Loan	S + 5.25%	0.75%	9.56%	12/21/2026		6,746		790			802			0.13
Blackbird Purchaser, Inc.	(7)	First Lien Delayed Draw Term Loan	S + 5.50%	0.75%	9.81%	12/19/2030		185		66			66			0.01
Blackbird Purchaser, Inc.	(7)	First Lien Revolver	S + 5.50%	0.75%	9.81%	12/19/2029		124		31			31			—
Blackhawk Industrial Distribution, Inc.	(8)	First Lien Term Loan	S + 5.25%	1.00%	9.71%	9/17/2026		5,352		5,330			5,330			0.84
Blackhawk Industrial Distribution, Inc.	(7)	First Lien Delayed Draw Term Loan	S + 5.25%	1.00%	9.71%	9/17/2026		607		112			112			0.02
Blackhawk Industrial Distribution, Inc.	(7)	First Lien Revolver	S + 5.25%	1.00%	9.71%	9/17/2026		1,028		171			176			0.03
BradyPlus Holdings, LLC	(8)	First Lien Term Loan	S + 5.00%	1.00%	9.31%	10/31/2029		6,298		6,298			6,238			0.98
BradyPlus Holdings, LLC	(7)	First Lien Delayed Draw Term Loan	S + 6.00%	1.00%	10.31%	10/31/2029		702		149			144			0.02
Component Hardware Group, Inc.	(8)	First Lien Term Loan	S + 5.00%	1.00%	9.46%	7/1/2026		97		97			97			0.01
DFS Holding Company, Inc.	(8)	First Lien Term Loan	S + 6.25%	1.00%	10.50%	1/31/2029		199		197			199			0.03
Vessco Midco Holdings, LLC	(8)	First Lien Term Loan	S + 4.75%	0.75%	9.08%	7/24/2031		4,970		4,946			4,945			0.78
Vessco Midco Holdings, LLC	(7)	First Lien Delayed Draw Term Loan	S + 4.75%	0.75%	9.08%	7/24/2031		1,657		428			428			0.07
Vessco Midco Holdings, LLC	(7)	First Lien Revolver	S + 4.25%	0.75%	8.58%	7/24/2031		552		(3	)		(3	)		—
										20,862			20,819			3.28

ANTARES PRIVATE CREDIT FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)

December 31, 2024

(in thousands)


Investments (1)	Footnotes	Asset Type	Reference Rate and Spread (2)	Interest Rate Floor	Interest Rate (2)	Maturity Date	Par Amount / Shares		Amortized Cost (4)			Fair Value			Percentage of Net Assets
Diversified Consumer Services
Apex Service Partners, LLC		First Lien Term Loan	11.59% (Incl. 2.00% PIK)	1.00%	11.59% (Incl. 2.00% PIK)	10/24/2030	$	4,850	$	4,826		$	4,827			0.76	%
Apex Service Partners, LLC		First Lien Delayed Draw Term Loan	S + 5.00%	1.00%	9.31%	10/24/2030		780		776			776			0.12
Apex Service Partners, LLC	(7)	First Lien Revolver	S + 5.00%	1.00%	9.33%	10/24/2029		660		445			446			0.07
Ave Holdings III, Corp		First Lien Term Loan	S + 5.25%	0.75%	9.81%	2/25/2028		6,302		6,178			6,223			0.98
Ave Holdings III, Corp		First Lien Delayed Draw Term Loan	S + 5.25%	0.00%	9.81%	2/25/2028		168		165			166			0.03
Ave Holdings III, Corp	(7)	First Lien Revolver	S + 5.50%	0.75%	9.81%	2/25/2028		514		(10	)		(6	)		—
AVG Intermediate Holdings LLC	(8)	First Lien Delayed Draw Term Loan	S + 6.00%	1.00%	10.41%	3/16/2027		199		195			194			0.03
Cop Hometown Acquisitions, Inc. (fka Cop Airco Acquisitions, Inc.)	(8)	First Lien Delayed Draw Term Loan	S + 5.25%	1.00%	9.71%	7/16/2027		281		279			279			0.04
Cop Hometown Acquisitions, Inc. (fka Cop Airco Acquisitions, Inc.)	(8)	First Lien Delayed Draw Term Loan	S + 5.25%	1.00%	9.71%	7/16/2027		2,530		2,511			2,514			0.39
Cop Hometown Acquisitions, Inc. (fka Cop Airco Acquisitions, Inc.)	(8)	First Lien Delayed Draw Term Loan	S + 5.25%	1.00%	9.71%	7/16/2027		530		526			526			0.08
Cop Hometown Acquisitions, Inc. (fka Cop Airco Acquisitions, Inc.)	(8)	First Lien Delayed Draw Term Loan	S + 5.50%	1.00%	9.96%	7/16/2027		659		658			658			0.10
CVP Holdco, Inc.	(8)	First Lien Term Loan	S + 4.75%	0.75%	9.08%	6/30/2031		6,459		6,443			6,444			1.01
CVP Holdco, Inc.	(7)	First Lien Delayed Draw Term Loan	S + 5.00%	0.75%	9.33%	6/28/2031		1,715		(4	)		(4	)		—
CVP Holdco, Inc.	(7)	First Lien Revolver	S + 5.00%	0.75%	9.33%	6/28/2030		686		(2	)		(2	)		—
Eos Fitness Opco Holdings, LLC	(8)	First Lien Term Loan	S + 5.25%	0.00%	9.56%	1/5/2028		4,531		4,497			4,520			0.71
Eos Fitness Opco Holdings, LLC		First Lien Delayed Draw Term Loan	S + 5.25%	0.00%	9.56%	1/5/2028		2,255		2,238			2,249			0.35
Eos Fitness Opco Holdings, LLC	(7)	First Lien Delayed Draw Term Loan	S + 5.25%	0.00%	9.56%	1/5/2028		929		281			286			0.04
Eos Fitness Opco Holdings, LLC	(7)	First Lien Revolver	S + 4.75%	1.00%	9.06%	1/5/2028		384		(3	)		(1	)		—
Essential Services Holding Corporation	(8)	First Lien Term Loan	S + 5.00%	0.75%	9.31%	6/17/2031		2,014		2,009			2,009			0.32
Essential Services Holding Corporation	(7)	First Lien Delayed Draw Term Loan	S + 5.00%	0.75%	9.31%	6/17/2031		395		(1	)		(1	)		—
Essential Services Holding Corporation	(7)	First Lien Revolver	S + 5.00%	0.00%	9.31%	6/17/2030		247		(1	)		(1	)		—
Flint Opco, LLC	(7)	First Lien Delayed Draw Term Loan	S + 4.75%	1.00%	9.08%	8/15/2030		3,047		940			955			0.15
FSHS I, LLC	(8)	First Lien Term Loan	S + 5.75%	0.75%	10.08%	11/18/2028		199		197			196			0.03
GS Seer Group Borrower LLC	(8)	First Lien Term Loan	S + 6.75%	1.00%	11.06%	4/29/2030		100		98			98			0.02
GSV Holding, LLC	(8)	First Lien Term Loan	S + 2.63%	1.00%	10.06% (Incl. 3.13% PIK)	10/18/2030		4,856		4,832			4,833			0.76
GSV Holding, LLC	(7)	First Lien Revolver	S + 4.25%	1.00%	8.56%	10/18/2030		217		(1	)		(1	)		—
Health Buyer LLC	(7)	First Lien Delayed Draw Term Loan	S + 5.50%	0.75%	9.81%	4/27/2029		3,304		645			646			0.10
Home Service Topco IV, Inc.	(8)	First Lien Term Loan	S + 6.00%	1.00%	10.41%	12/31/2027		199		199			199			0.03
Innovetive Petcare, Inc.	(8)	First Lien Term Loan	S + 5.00%	1.00%	9.46%	6/30/2028		5,462		5,462			5,393			0.85
Innovetive Petcare, Inc.		First Lien Delayed Draw Term Loan	S + 5.00%	1.00%	9.46%	6/30/2028		1,520		1,521			1,501			0.24
Innovetive Petcare, Inc.	(7)	First Lien Delayed Draw Term Loan	S + 5.00%	1.00%	9.46%	6/30/2028		6,279		4,387			4,324			0.68
Intel 471 INC.		First Lien Term Loan	S + 5.25%	1.00%	9.56%	9/27/2028		200		200			200			0.03
Quick Quack Car Wash Holdings, LLC	(8)	First Lien Term Loan	S + 4.75%	0.75%	9.08%	6/10/2031		200		200			200			0.03
Seahawk Bidco, LLC	(8)	First Lien Term Loan	S + 4.75%	0.00%	9.06%	12/19/2031		5,818		5,797			5,797			0.91
Seahawk Bidco, LLC	(7)	First Lien Delayed Draw Term Loan	S + 4.75%	0.00%	9.06%	12/19/2031		1,818		(3	)		(7	)		—
Seahawk Bidco, LLC	(7)	First Lien Revolver	S + 4.75%	0.00%	9.06%	12/19/2030		545		(2	)		(2	)		—

ANTARES PRIVATE CREDIT FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)

December 31, 2024

(in thousands)


Investments (1)	Footnotes	Asset Type	Reference Rate and Spread (2)	Interest Rate Floor	Interest Rate (2)	Maturity Date	Par Amount / Shares		Amortized Cost (4)			Fair Value			Percentage of Net Assets
Diversified Consumer Services (continued)
Taymax Group Acquisition, LLC	(8)	First Lien Term Loan	S + 6.00%	1.00%	10.43%	7/31/2026	$	199	$	199		$	199			0.03	%
Trackforce Acquireco, Inc.		First Lien Term Loan	S + 5.75%	0.75%	10.06%	6/23/2028		200		200			200			0.03
US Fitness Holdings, LLC	(8)	First Lien Term Loan	S + 5.50%	0.75%	9.81%	9/4/2031		8,822		8,780			8,781			1.38
US Fitness Holdings, LLC	(7)	First Lien Delayed Draw Term Loan	S + 5.50%	0.75%	9.81%	9/4/2031		2,206		(11	)		(10	)		—
US Fitness Holdings, LLC	(7)	First Lien Revolver	S + 5.50%	0.75%	9.81%	9/4/2030		172		34			34			0.01
Vertex Service Partners, LLC	(8)	First Lien Term Loan	S + 5.75%	0.75%	10.08%	11/8/2030		199		199			199			0.03
Vertex Service Partners, LLC	(7)	First Lien Delayed Draw Term Loan	S + 5.50%	0.00%	9.81%	11/8/2030		250		5			5			—
VPP Intermediate Holdings, LLC	(8)	First Lien Term Loan	S + 5.75%	1.00%	10.18%	12/1/2027		1,866		1,856			1,861			0.29
VPP Intermediate Holdings, LLC	(8)	First Lien Delayed Draw Term Loan	S + 5.75%	1.00%	10.18%	12/1/2027		560		557			558			0.09
VPP Intermediate Holdings, LLC	(8)	First Lien Delayed Draw Term Loan	S + 5.75%	1.00%	10.18%	12/1/2027		1,689		1,681			1,685			0.26
VPP Intermediate Holdings, LLC	(7)	First Lien Delayed Draw Term Loan	S + 5.75%	0.00%	10.18%	12/1/2027		2,643		2,514			2,515			0.39
VPP Intermediate Holdings, LLC	(7)	First Lien Revolver	S + 5.25%	0.00%	9.68%	12/1/2027		229		(1	)		(1	)		—
										72,491			72,460			11.37
Diversified Telecommunication Services
Guardian US Holdco LLC	(5)(8)	First Lien Term Loan	S + 3.50%	0.50%	7.81%	1/31/2030		2,244		2,253			2,252			0.35
Virgin Media Bristol LLC	(5)(6)(8)	First Lien Term Loan	S + 3.18%	0.00%	7.53%	3/31/2031		2,000		1,988			1,984			0.31
										4,241			4,236			0.66
Electrical Equipment
Infinite Bidco LLC	(8)	First Lien Term Loan	S + 6.25%	1.00%	10.56%	3/2/2028		100		100			100			0.02
Power Grid Holdings, Inc.	(8)	First Lien Term Loan	S + 4.75%	0.75%	9.06%	12/2/2030		6,095		6,095			6,095			0.96
Power Grid Holdings, Inc.	(7)	First Lien Revolver	S + 4.75%	0.75%	9.06%	12/2/2030		890		—			—			—
TPC Engineering Holdings, Inc.	(8)	First Lien Term Loan	S + 5.50%	0.00%	9.93%	2/16/2027		556		551			551			0.09
TPC Engineering Holdings, Inc.	(8)	First Lien Term Loan	S + 5.50%	0.00%	9.83%	2/16/2028		4,036		3,996			3,996			0.63
TPC Engineering Holdings, Inc.	(8)	First Lien Term Loan	S + 5.50%	0.00%	9.93%	2/16/2027		1,950		1,931			1,931			0.30
TPC Engineering Holdings, Inc.	(7)	First Lien Revolver	S + 5.25%	0.00%	9.58%	2/16/2027		441		289			288			0.05
										12,962			12,961			2.05
Electronic Equipment, Instruments and Components
Dwyer Instruments, LLC	(8)	First Lien Term Loan	S + 4.75%	0.75%	9.06%	7/23/2029		3,889		3,851			3,851			0.60
Dwyer Instruments, LLC	(7)	First Lien Delayed Draw Term Loan	S + 4.75%	0.75%	9.06%	7/23/2029		505		(2	)		(5	)		—
Dwyer Instruments, LLC	(7)	First Lien Revolver	S + 7.75%	0.00%	12.06%	7/23/2029		706		(7	)		(7	)		—
Excelitas Technologies Corp.	(7)	First Lien Delayed Draw Term Loan	S + 5.25%	0.75%	9.58%	8/12/2029		2,522		(12	)		(6	)		—
Phoenix 1 Buyer Corporation	(8)	First Lien Term Loan	S + 4.75%	0.75%	9.08%	11/20/2030		5,858		5,858			5,858			0.92
Phoenix 1 Buyer Corporation	(7)	First Lien Revolver	S + 5.50%	0.75%	9.83%	11/20/2029		1,142		—			—			—
Wildcat Topco, Inc.	(8)	First Lien Term Loan	S + 5.00%	0.75%	9.33%	11/17/2031		1,513		1,506			1,506			0.24
Wildcat Topco, Inc.	(7)	First Lien Delayed Draw Term Loan	S + 5.00%	0.75%	9.33%	11/17/2031		270		(1	)		(1	)		—
Wildcat Topco, Inc.	(7)	First Lien Revolver	S + 5.00%	0.75%	9.33%	11/17/2031		270		(1	)		(1	)		—
										11,192			11,195			1.76

ANTARES PRIVATE CREDIT FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)

December 31, 2024

(in thousands)


Investments (1)	Footnotes	Asset Type	Reference Rate and Spread (2)	Interest Rate Floor	Interest Rate (2)	Maturity Date	Par Amount / Shares		Amortized Cost (4)			Fair Value			Percentage of Net Assets
Energy Equipment and Services
CRCI Longhorn Holdings, Inc.	(8)	First Lien Term Loan	S + 5.00%	0.75%	9.33%	8/27/2031	$	6,118	$	6,089		$	6,111			0.96	%
CRCI Longhorn Holdings, Inc.	(7)	First Lien Delayed Draw Term Loan	S + 5.00%	0.75%	9.33%	8/27/2031		1,530		(7	)		(2	)		—
CRCI Longhorn Holdings, Inc.	(7)	First Lien Revolver	S + 5.00%	0.75%	9.33%	8/27/2031		1,020		454			458			0.07
DMC Holdco, LLC	(8)	First Lien Term Loan	S + 4.75%	1.00%	9.08%	7/13/2029		199		198			199			0.03
Integrated Power Services Holdings, Inc.	(8)	First Lien Term Loan	S + 4.50%	0.75%	8.95%	11/22/2028		4,523		4,516			4,514			0.71
Integrated Power Services Holdings, Inc.	(7)	First Lien Delayed Draw Term Loan	S + 4.50%	0.75%	8.83%	11/22/2028		7,978		(19	)		(16	)		—
Phillips & Temro Industries Inc.	(8)	First Lien Term Loan	S + 5.00%	1.00%	9.46%	9/8/2025		200		200			200			0.03
										11,431			11,464			1.80
Financial Services
1364720 B.C. LTD.	(8)	First Lien Term Loan	S + 4.50%	0.00%	8.81%	9/9/2028		199		199			199			0.03
Cerity Partners Equity Holding LLC		First Lien Delayed Draw Term Loan	S + 5.25%	0.75%	9.56%	7/28/2029		1,317		1,314			1,317			0.21
Cerity Partners Equity Holding LLC	(7)	First Lien Delayed Draw Term Loan	S + 5.25%	0.75%	9.56%	7/28/2029		10,139		4,503			4,527			0.71
Cerity Partners Equity Holding LLC	(7)	First Lien Revolver	S + 5.75%	0.75%	10.06%	7/28/2028		543		(1	)		—			—
CFGI Holdings, LLC	(8)	First Lien Term Loan	S + 4.50%	0.75%	8.83%	11/2/2027		6,711		6,659			6,661			1.04
CFGI Holdings, LLC	(7)	First Lien Revolver	S + 4.50%	0.75%	8.83%	11/2/2027		270		(2	)		(2	)		—
Cherry Bekaert Advisory LLC	(8)	First Lien Term Loan	S + 5.25%	0.00%	9.58%	6/30/2028		199		199			199			0.03
Citrin Cooperman Advisors, LLC	(8)	First Lien Term Loan	S + 5.25%	0.00%	9.60%	10/1/2027		579		579			579			0.09
Contractual Buyer, LLC	(8)	First Lien Term Loan	S + 6.00%	0.75%	10.33%	10/10/2030		199		199			199			0.03
Foreside Financial Group, LLC		First Lien Term Loan	S + 5.25%	1.00%	9.68%	9/30/2027		569		569			569			0.09
Foreside Financial Group, LLC	(7)	First Lien Delayed Draw Term Loan	S + 5.50%	1.00%	9.83%	9/30/2027		11,650		—			—			—
Heights Buyer, LLC	(8)	First Lien Term Loan	S + 5.75%	1.00%	10.16%	8/25/2028		5,348		5,348			5,348			0.84
Heights Buyer, LLC	(7)	First Lien Delayed Draw Term Loan	S + 5.75%	1.00%	10.16%	8/25/2028		874		—			—			—
Heights Buyer, LLC	(7)	First Lien Revolver	S + 5.75%	0.00%	10.16%	8/25/2028		764		—			—			—
Kriv Acquisition Inc.	(8)	First Lien Term Loan	S + 5.75%	1.00%	10.08%	7/6/2029		199		199			198			0.03
Kriv Acquisition Inc.	(7)	First Lien Delayed Draw Term Loan	S + 6.50%	1.00%	10.83%	7/6/2029		1,338		(6	)		(7	)		—
Minotaur Acquisition, Inc.	(8)	First Lien Term Loan	S + 5.00%	1.00%	9.33%	6/3/2030		8,706		8,620			8,645			1.36
Minotaur Acquisition, Inc.	(7)	First Lien Delayed Draw Term Loan	S + 5.00%	1.00%	9.33%	6/3/2030		1,455		(14	)		(10	)		—
Minotaur Acquisition, Inc.	(8)	First Lien Delayed Draw Term Loan	S + 5.00%	1.00%	9.33%	6/3/2030		1,455		1,440			1,445			0.23
Minotaur Acquisition, Inc.	(7)	First Lien Revolver	S + 5.00%	1.00%	9.33%	6/3/2030		873		(9	)		(6	)		—
Neon Maple Purchaser Inc.	(5)(6)(8)	First Lien Term Loan	S + 3.00%	0.00%	7.33%	11/15/2031		2,000		2,008			2,007			0.31
Pathstone Family Office LLC	(8)	First Lien Term Loan	S + 5.00%	1.00%	9.43%	5/15/2029		152		151			152			0.02
Pathstone Family Office LLC	(8)	First Lien Term Loan	S + 5.00%	1.00%	9.43%	5/15/2029		3,648		3,611			3,629			0.57
Pathstone Family Office LLC	(7)	First Lien Delayed Draw Term Loan	S + 5.00%	0.00%	9.43%	5/15/2029		1,454		(11	)		(7	)		—
Pathstone Family Office LLC	(7)	First Lien Revolver	S + 5.00%	0.00%	9.33%	5/15/2028		374		(2	)		(2	)		—

ANTARES PRIVATE CREDIT FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)

December 31, 2024

(in thousands)


Investments (1)	Footnotes	Asset Type	Reference Rate and Spread (2)	Interest Rate Floor	Interest Rate (2)	Maturity Date	Par Amount / Shares		Amortized Cost (4)			Fair Value			Percentage of Net Assets
Financial Services (continued)
Petrus Buyer, Inc.	(8)	First Lien Term Loan	S + 5.25%	0.75%	9.89%	10/17/2029	$	199	$	199		$	199			0.03		%
Project Accelerate Parent LLC	(7)	First Lien Revolver	S + 5.25%	0.75%	9.58%	2/22/2031		100		—			—			—
Ryan, LLC	(7)	First Lien Revolver	S + 4.50%	0.00%	8.83%	11/14/2028		100		6			6			—
The Chartis Group, LLC	(8)	First Lien Term Loan	S + 4.50%	0.75%	8.81%	9/17/2031		1,266		1,260			1,260			0.20
The Chartis Group, LLC	(7)	First Lien Delayed Draw Term Loan	S + 4.50%	0.75%	8.81%	9/17/2031		388		(2	)		(2	)		—
The Chartis Group, LLC	(7)	First Lien Revolver	S + 4.50%	0.75%	8.81%	9/17/2031		194		(1	)		(1	)		—
Wealth Enhancement Group, LLC	(8)	First Lien Delayed Draw Term Loan	S + 5.00%	1.00%	9.31%	10/2/2028		200		199			199			0.03
Wealth Enhancement Group, LLC	(7)	First Lien Delayed Draw Term Loan	S + 5.00%	1.00%	9.33%	10/2/2028		9,677		(13	)		(69	)		(0.01	)
Wealth Enhancement Group, LLC	(7)	First Lien Revolver	S + 5.25%	0.00%	9.58%	10/2/2028		323		—			(2	)		—
										37,201			37,230			5.84
Food Products
BCPE North Star US Holdco 2, Inc.	(7)	First Lien Revolver	S + 3.75%	0.00%	8.08%	6/10/2026		100		81			82			0.01
Chg Ppc Parent LLC	(7)	First Lien Revolver	S + 2.75%	0.00%	7.08%	12/8/2026		100		—			—			—
Fiesta Purchaser, Inc.	(5)(8)	First Lien Term Loan	S + 3.25%	0.00%	7.58%	2/12/2031		2,250		2,257			2,255			0.35
Primary Products Finance LLC	(5)(8)	First Lien Term Loan	S + 3.25%	0.00%	7.58%	4/1/2029		2,244		2,257			2,253			0.35
RB Holdings Interco, LLC	(8)	First Lien Term Loan	S + 5.00%	1.00%	9.43%	5/4/2028		199		196			199			0.03
Sigma Holdco B.V.	(5)(6)(8)	First Lien Term Loan	S + 4.25%	0.00%	8.74%	1/3/2028		1,995		2,006			2,005			0.31
Sugar Ppc Buyer LLC	(7)	First Lien Delayed Draw Term Loan	S + 5.25%	0.00%	9.58%	10/2/2030		6,800		(31	)		(34	)		(0.01	)
WPP Bullet Buyer, LLC	(8)	First Lien Term Loan	S + 5.25%	1.00%	9.56%	12/7/2030		888		875			877			0.14
WPP Bullet Buyer, LLC	(7)	First Lien Revolver	S + 5.25%	1.00%	9.56%	12/7/2029		83		64			64			0.01
										7,705			7,701			1.19
Ground Transportation
AMS Parent, LLC	(8)	First Lien Term Loan	S + 5.00%	0.75%	9.45%	10/25/2028		199		197			197			0.03
										197			197			0.03
Health Care Technology
Acentra Holdings, LLC	(8)	First Lien Term Loan	S + 5.50%	0.50%	9.81%	12/17/2029		76		76			76			0.01
Acentra Holdings, LLC	(7)	First Lien Delayed Draw Term Loan	S + 5.50%	0.50%	9.81%	12/17/2029		220		—			(1	)		—
Athenahealth Group Inc.	(7)	First Lien Revolver	S + 3.50%	0.00%	7.83%	2/15/2027		100		—			—			—
Bracket Intermediate Holding Corp.	(7)	First Lien Revolver	S + 5.00%	0.00%	9.33%	2/7/2028		100		—			(2	)		—
Caerus US 1 Inc.	(6)(8)	First Lien Term Loan	S + 5.00%	0.75%	9.31%	5/25/2029		199		197			199			0.03
Continental Buyer, Inc.	(8)	First Lien Term Loan	S + 5.25%	0.75%	9.50%	4/2/2031		4,860		4,860			4,792			0.75
Continental Buyer, Inc.	(7)	First Lien Delayed Draw Term Loan	S + 5.25%	0.75%	9.50%	4/2/2031		1,911		—			(27	)		—
Continental Buyer, Inc.	(7)	First Lien Revolver	S + 5.25%	0.75%	9.50%	4/2/2031		717		—			(10	)		—
DeLorean Purchaser, Inc.	(8)	First Lien Term Loan	S + 4.75%	0.75%	9.06%	12/16/2031		4,356		4,324			4,324			0.68
DeLorean Purchaser, Inc.	(7)	First Lien Revolver	S + 4.75%	0.75%	9.06%	12/16/2031		653		(5	)		(5	)		—

ANTARES PRIVATE CREDIT FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)

December 31, 2024

(in thousands)


Investments (1)	Footnotes	Asset Type	Reference Rate and Spread (2)	Interest Rate Floor	Interest Rate (2)	Maturity Date	Par Amount / Shares		Amortized Cost (4)			Fair Value			Percentage of Net Assets
Health Care Technology (continued)
Empower Payments Investor, LLC	(8)	First Lien Term Loan	S + 4.50%	0.75%	8.83%	3/12/2031	$	2,145	$	2,145		$	2,145			0.34	%
Empower Payments Investor, LLC	(7)	First Lien Delayed Draw Term Loan	S + 5.25%	0.75%	9.58%	3/12/2031		306		—			—			—
Empower Payments Investor, LLC	(7)	First Lien Revolver	S + 5.25%	0.75%	9.58%	3/12/2030		163		—			—			—
Ensemble RCM, LLC	(7)	First Lien Revolver	S + 3.00%	0.00%	7.33%	6/27/2028		100		—			—			—
HT Intermediary III, Inc.	(8)	First Lien Term Loan	S + 4.75%	0.75%	9.08%	11/12/2030		6,300		6,270			6,270			0.98
HT Intermediary III, Inc.	(7)	First Lien Delayed Draw Term Loan	S + 4.75%	1.00%	9.08%	11/12/2030		1,527		(4	)		(7	)		—
HT Intermediary III, Inc.	(7)	First Lien Revolver	S + 4.75%	1.00%	9.08%	11/12/2030		573		74			74			0.01
IMO Investor Holdings, Inc.	(8)	First Lien Term Loan	S + 5.00%	0.75%	9.31%	5/11/2029		3,235		3,235			3,235			0.51
IMO Investor Holdings, Inc.		First Lien Delayed Draw Term Loan	S + 5.00%	0.75%	9.31%	5/11/2029		388		388			388			0.06
IMO Investor Holdings, Inc.	(7)	First Lien Revolver	S + 5.00%	0.00%	9.31%	5/11/2028		370		11			11			—
Invictus Buyer, LLC	(8)	First Lien Term Loan	S + 4.75%	0.75%	9.06%	6/3/2031		7,819		7,819			7,819			1.23
Invictus Buyer, LLC	(7)	First Lien Delayed Draw Term Loan	S + 5.00%	0.75%	9.33%	6/3/2031		3,266		—			—			—
Invictus Buyer, LLC	(7)	First Lien Revolver	S + 5.00%	0.75%	9.33%	6/3/2031		1,210		—			—			—
Net Health Acquisition Corp.	(8)	First Lien Term Loan	S + 4.75%	0.75%	9.08%	7/5/2031		7,588		7,552			7,588			1.19
Net Health Acquisition Corp.	(7)	First Lien Revolver	S + 4.75%	0.75%	9.08%	7/3/2031		973		151			156			0.02
SDS Buyer, Inc.	(8)	First Lien Term Loan	S + 4.50%	1.00%	8.91%	9/30/2027		199		199			199			0.03
Zelis Cost Management Buyer, Inc.	(7)	First Lien Revolver	S + 2.75%	0.00%	7.08%	1/17/2029		100		—			—			—
										37,292			37,224			5.84
Healthcare Equipment and Supplies
Alcor Scientific LLC	(8)	First Lien Term Loan	S + 4.50%	1.00%	8.93%	1/31/2028		200		200			200			0.03
Aspen Medical Products, LLC	(8)	First Lien Term Loan	S + 4.75%	1.00%	9.08%	6/10/2028		1,421		1,421			1,418			0.22
Aspen Medical Products, LLC	(8)	First Lien Term Loan	S + 4.75%	1.00%	9.08%	6/10/2028		426		426			425			0.07
Belmont Instrument, LLC	(8)	First Lien Term Loan	S + 6.25%	1.00%	10.56%	8/19/2028		199		199			199			0.03
Blades Buyer, Inc.	(8)	First Lien Term Loan	S + 5.00%	1.00%	9.41%	3/28/2028		200		199			199			0.03
BVI Medical, Inc.	(7)	First Lien Revolver	S + 3.75%	0.00%	8.08%	8/28/2025		100		94			90			0.01
Cadence, Inc.	(8)	First Lien Term Loan	S + 5.00%	1.00%	9.46%	5/21/2026		199		199			199			0.03
CDL Parent, Inc.	(8)	First Lien Term Loan	S + 5.00%	1.00%	9.46%	12/7/2027		200		200			199			0.03
CPC/Cirtec Holdings, Inc	(8)	First Lien Term Loan	S + 4.75%	0.75%	9.08%	1/30/2029		1,665		1,657			1,661			0.26
CPC/Cirtec Holdings, Inc	(7)	First Lien Revolver	S + 5.00%	0.75%	9.33%	10/31/2028		558		(3	)		(1	)		—
Resonetics, LLC	(7)	First Lien Revolver	S + 3.75%	0.00%	8.08%	6/18/2029		100		(1	)		—			—
TIDI Legacy Products, Inc.	(8)	First Lien Term Loan	S + 5.25%	1.00%	9.58%	12/19/2029		199		199			199			0.03
										4,790			4,788			0.74

ANTARES PRIVATE CREDIT FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)

December 31, 2024

(in thousands)


Investments (1)	Footnotes	Asset Type	Reference Rate and Spread (2)	Interest Rate Floor	Interest Rate (2)	Maturity Date	Par Amount / Shares		Amortized Cost (4)			Fair Value			Percentage of Net Assets
Healthcare Providers and Services
123Dentist Inc.	(7)	First Lien Delayed Draw Term Loan	S + 5.75%	0.75%	10.08%	8/10/2029	$	10,132	$	1,789		$	1,750			0.27	%
AB Centers Acquisition Corporation	(8)	First Lien Term Loan	S + 5.25%	0.75%	9.56%	7/2/2031		2,491		2,473			2,473			0.39
AB Centers Acquisition Corporation	(7)	First Lien Delayed Draw Term Loan	S + 5.25%	0.75%	9.56%	7/2/2031		453		28			28			—
AB Centers Acquisition Corporation	(7)	First Lien Revolver	S + 5.25%	0.75%	9.56%	7/2/2031		226		(2	)		(2	)		—
ACI Group Holdings, Inc.	(8)	First Lien Term Loan	S + 2.75%	0.75%	10.43% (Incl. 3.25% PIK)	8/2/2028		200		199			195			0.03
Arrow Management Acquisition, LLC		First Lien Delayed Draw Term Loan	S + 4.75%	1.00%	9.06%	10/14/2027		6,982		6,899			6,902			1.08
Cardiology Management Holdings, LLC	(8)	First Lien Term Loan	S + 6.25%	1.00%	10.56%	1/31/2029		199		199			199			0.03
Community Medical Acquisition Corp.	(8)	First Lien Term Loan	S + 4.75%	1.00%	9.25%	12/15/2028		100		98			98			0.02
Crown Laundry, LLC	(8)	First Lien Term Loan	S + 5.25%	1.00%	9.70%	3/8/2027		2,867		2,867			2,838			0.45
Crown Laundry, LLC	(8)	First Lien Term Loan	S + 5.25%	1.00%	9.58%	3/8/2027		521		521			516			0.08
Crown Laundry, LLC	(8)	First Lien Delayed Draw Term Loan	S + 5.25%	1.00%	9.58%	3/8/2027		602		602			596			0.09
CVR Management, LLC	(8)	First Lien Delayed Draw Term Loan	S + 4.75%	0.00%	9.18%	1/4/2027		200		200			200			0.03
DCA Investment Holding LLC	(8)	First Lien Term Loan	S + 6.41%	0.75%	10.71%	4/3/2028		199		196			193			0.03
Docs, MSO, LLC	(8)	First Lien Term Loan	S + 5.75%	0.75%	10.18%	6/1/2028		100		99			99			0.02
ENT MSO, LLC	(8)	First Lien Term Loan	S + 6.50%	1.00%	10.81%	12/31/2025		199		199			199			0.03
Eyesouth Eye Care Holdco, LLC	(8)	First Lien Term Loan	S + 5.50%	1.00%	9.93%	10/5/2029		2,134		2,134			2,112			0.33
Eyesouth Eye Care Holdco, LLC	(7)	First Lien Delayed Draw Term Loan	S + 5.50%	1.00%	9.83%	10/5/2029		4,300		44			1			—
Golden State Buyer, Inc.	(8)	First Lien Term Loan	S + 4.75%	0.75%	9.18%	6/22/2026		199		200			200			0.03
ImageFirst Holdings, LLC	(7)	First Lien Revolver	S + 4.00%	0.75%	8.31%	4/27/2028		100		20			20			—
IvyRehab Intermediate II, LLC	(8)	First Lien Term Loan	S + 5.00%	0.75%	9.41%	4/23/2029		199		199			199			0.03
NJEYE LLC	(8)	First Lien Term Loan	S + 4.75%	1.00%	9.31%	3/14/2025		200		200			200			0.03
OB Hospitalist Group, Inc.	(8)	First Lien Term Loan	S + 5.25%	0.75%	9.68%	9/27/2027		199		199			198			0.03
OIS Management Services, LLC	(8)	First Lien Term Loan	S + 4.75%	0.75%	9.06%	11/16/2028		3,831		3,757			3,793			0.60
OIS Management Services, LLC		First Lien Delayed Draw Term Loan	S + 4.75%	0.00%	9.06%	10/24/2031		3,151		3,090			3,119			0.49
ONS MSO, LLC	(7)	First Lien Delayed Draw Term Loan	S + 5.75%	1.00%	10.06%	7/8/2026		221		106			107			0.02
ONS MSO, LLC	(7)	First Lien Revolver	P + 5.25%	0.00%	12.75%	7/8/2026		24		13			13			—
Onsite Holdings, LLC	(8)	First Lien Term Loan	S + 6.25%	1.00%	10.66%	12/28/2027		339		338			337			0.05
Onsite Holdings, LLC	(7)	First Lien Revolver	S + 6.25%	1.00%	10.68%	12/28/2025		93		19			18			—
Orsini Pharmaceutical Services, LLC	(8)	First Lien Term Loan	S + 5.25%	0.75%	9.68%	5/2/2029		199		199			199			0.03
Phantom Purchaser, Inc.	(8)	First Lien Term Loan	S + 5.00%	0.75%	9.31%	9/19/2031		2,989		2,982			2,982			0.47
Phantom Purchaser, Inc.	(7)	First Lien Revolver	S + 5.00%	0.75%	9.31%	9/19/2031		382		(1	)		(1	)		—
Phynet Dermatology LLC	(8)	First Lien Term Loan	S + 6.50%	1.00%	10.81%	10/20/2029		199		199			198			0.03
Premise Health Holding Corp.	(8)	First Lien Term Loan	S + 5.50%	0.75%	9.81%	3/3/2031		6,088		6,088			6,088			0.96
Premise Health Holding Corp.	(7)	First Lien Revolver	S + 5.50%	0.00%	9.81%	3/1/2030		712		—			—			—
RxSense Holdings LLC	(8)	First Lien Term Loan	S + 5.00%	1.00%	9.41%	3/13/2026		199		199			199			0.03

ANTARES PRIVATE CREDIT FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)

December 31, 2024

(in thousands)


Investments (1)	Footnotes	Asset Type	Reference Rate and Spread (2)	Interest Rate Floor	Interest Rate (2)	Maturity Date	Par Amount / Shares		Amortized Cost (4)			Fair Value			Percentage of Net Assets
Healthcare Providers and Services (continued)
SM Wellness Holdings, Inc.	(8)	First Lien Term Loan	S + 4.50%	0.75%	9.07%	4/17/2028	$	199	$	199		$	199			0.03	%
Smile Doctors LLC	(8)	First Lien Term Loan	S + 5.90%	0.75%	10.31%	12/23/2028		100		99			99			0.02
Specialized Dental Holdings II, LLC	(8)	First Lien Term Loan	S + 4.75%	1.00%	9.08%	11/1/2027		199		199			200			0.03
SpecialtyCare, Inc.	(8)	First Lien Term Loan	S + 5.75%	1.00%	10.32%	6/18/2028		100		95			96			0.02
STCH Acquisition Inc.	(8)	First Lien Term Loan	S + 5.25%	1.00%	9.66%	10/30/2026		2,298		2,288			2,287			0.36
STCH Acquisition Inc.	(7)	First Lien Revolver	S + 6.25%	1.00%	10.66%	10/30/2026		196		(1	)		(1	)		—
The GI Alliance Management, LLC	(7)	First Lien Delayed Draw Term Loan	S + 5.50%	0.00%	10.00%	9/15/2028		8,455		1,813			1,919			0.30
TurningPoint Healthcare Solutions, LLC	(8)	First Lien Term Loan	S + 4.75%	1.00%	9.18%	7/14/2027		199		198			198			0.03
United Digestive MSO Parent, LLC	(8)	First Lien Term Loan	S + 5.75%	1.00%	10.06%	3/30/2029		199		199			199			0.03
Urology Management Holdings, Inc.	(8)	First Lien Term Loan	S + 5.50%	1.00%	9.81%	6/15/2027		199		198			198			0.03
USHV Management, LLC	(8)	First Lien Term Loan	S + 6.38%	1.00%	10.78%	12/23/2027		100		98			98			0.02
Vital Care Buyer, LLC	(8)	First Lien Term Loan	S + 4.50%	0.75%	8.81%	7/30/2031		5,289		5,265			5,264			0.83
Vital Care Buyer, LLC	(7)	First Lien Revolver	S + 4.75%	0.75%	9.08%	7/30/2031		696		(3	)		(3	)		—
										46,999			47,019			7.38
Hotels, Restaurants and Leisure
BJH Holdings III Corp.	(8)	First Lien Term Loan	S + 5.00%	1.00%	9.31%	8/19/2027		199		198			198			0.03
Movati Athletic (Group) Inc.	(6)(8)	First Lien Term Loan	C + 4.75%	0.00%	8.32%	5/29/2030		CAD 7,533		5,394			5,197			0.82
Movati Athletic (Group) Inc.	(6)(7)	First Lien Delayed Draw Term Loan	C + 5.25%	1.00%	8.82%	5/29/2030		CAD 918		(7	)		(5	)		—
Southpaw Ap Buyer, LLC	(8)	First Lien Term Loan	S + 5.25%	1.00%	9.71%	3/2/2028		2,798		2,785			2,798			0.44
Southpaw Ap Buyer, LLC	(7)	First Lien Delayed Draw Term Loan	S + 5.25%	1.00%	9.71%	3/2/2028		630		438			441			0.07
Southpaw Ap Buyer, LLC	(7)	First Lien Revolver	S + 4.50%	0.00%	8.81%	3/2/2028		252		(1	)		—			—
Ungerboeck Systems International, LLC		First Lien Term Loan	S + 5.75%	1.00%	10.06%	4/30/2027		199		199			200			0.03
										9,006			8,829			1.39
Household Durables
Stanton Carpet Intermediate Holdings II, Inc.	(8)	First Lien Term Loan	S + 5.00%	1.00%	9.46%	10/1/2027		200		200			200			0.03
										200			200			0.03
Household Products
TPC US Parent, LLC	(8)	First Lien Term Loan	S + 5.75%	1.00%	10.21%	11/22/2025		200		199			199			0.03
Wu Holdco, Inc.	(7)	First Lien Delayed Draw Term Loan	S + 5.00%	1.00%	9.31%	3/26/2027		3,520		2,456			2,453			0.38
Wu Holdco, Inc.	(7)	First Lien Revolver	S + 5.50%	0.00%	9.81%	3/26/2027		362		123			122			0.02
										2,778			2,774			0.43
Industrial Conglomerates
Harvey Tool Company, LLC	(8)	First Lien Term Loan	S + 5.25%	0.75%	9.58%	10/26/2027		8,161		8,142			8,143			1.28
Harvey Tool Company, LLC	(7)	First Lien Delayed Draw Term Loan	S + 5.50%	0.75%	9.83%	10/26/2027		3,213		(8	)		(7	)		—
Harvey Tool Company, LLC	(7)	First Lien Revolver	S + 5.50%	0.75%	9.83%	10/26/2027		964		(2	)		(2	)		—
										8,132			8,134			1.28

ANTARES PRIVATE CREDIT FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)

December 31, 2024

(in thousands)


Investments (1)	Footnotes	Asset Type	Reference Rate and Spread (2)	Interest Rate Floor	Interest Rate (2)	Maturity Date	Par Amount / Shares		Amortized Cost (4)			Fair Value			Percentage of Net Assets
Insurance
Accession Risk Management, Inc		First Lien Term Loan	S + 4.75%	0.00%	9.29%	11/1/2029	$	22	$	22		$	23			—	%
Accession Risk Management, Inc	(7)	First Lien Delayed Draw Term Loan	S + 4.75%	0.00%	9.06%	11/1/2029		1,767		(8	)		2			—
Accession Risk Management, Inc	(7)	First Lien Revolver	S + 5.50%	0.75%	9.81%	11/1/2029		231		(1	)		—			—
Alera Group, Inc.	(8)	First Lien Delayed Draw Term Loan	S + 5.25%	0.75%	9.58%	10/2/2028		199		197			198			0.03
Allied Benefit Systems Intermediate LLC	(8)	First Lien Term Loan	S + 5.25%	0.75%	9.58%	10/31/2030		3,372		3,372			3,372			0.53
Allied Benefit Systems Intermediate LLC		First Lien Delayed Draw Term Loan	S + 5.25%	0.00%	9.58%	10/31/2030		618		618			618			0.10
AMBA Buyer, Inc.	(8)	First Lien Term Loan	S + 5.25%	0.75%	9.66%	7/30/2027		2,903		2,882			2,883			0.45
AMBA Buyer, Inc.	(8)	First Lien Delayed Draw Term Loan	S + 5.25%	0.75%	9.66%	7/30/2027		865		858			859			0.13
AMBA Buyer, Inc.	(7)	First Lien Revolver	S + 5.50%	0.75%	9.91%	7/30/2027		223		(2	)		(2	)		—
Amerilife Holdings LLC	(7)	First Lien Delayed Draw Term Loan	S + 5.00%	0.00%	9.25%	8/31/2029		12,276		5,925			5,953			0.93
AQ Sunshine, Inc.	(8)	First Lien Term Loan	S + 5.25%	0.75%	9.56%	7/24/2031		199		199			199			0.03
Ardonagh Midco 3 PLC	(6)(8)	First Lien Term Loan	SON + 4.75%	0.00%	9.45%	2/15/2031		GBP 1,984		2,168			2,054			0.32
Ardonagh Midco 3 PLC	(6)(8)	First Lien Term Loan	S + 4.75%	0.50%	9.00%	2/17/2031		5,016		5,016			5,016			0.79
Asurion, LLC	(5)(8)	First Lien Term Loan	S + 3.25%	0.00%	7.70%	12/23/2026		2,000		2,003			2,001			0.31
Beyond Risk Parent Holdings, Inc.	(7)	First Lien Delayed Draw Term Loan	S + 4.50%	0.00%	8.93%	10/8/2027		6,373		514			482			0.08
Galway Borrower LLC	(8)	First Lien Term Loan	S + 4.50%	0.75%	8.81%	9/29/2028		199		198			198			0.03
Imagine 360 LLC	(8)	First Lien Term Loan	S + 4.75%	0.75%	9.06%	9/30/2028		1,400		1,393			1,393			0.22
Imagine 360 LLC	(7)	First Lien Delayed Draw Term Loan	S + 5.00%	0.75%	9.33%	9/30/2028		767		(4	)		(4	)		—
Imagine 360 LLC	(7)	First Lien Revolver	S + 5.00%	0.75%	9.33%	9/30/2028		327		(3	)		(2	)		—
Integrity Marketing Acquisition, LLC	(8)	First Lien Term Loan	S + 5.00%	0.75%	9.31%	8/25/2028		7,660		7,629			7,584			1.19
Mclarens Midco Inc.	(7)	First Lien Delayed Draw Term Loan	S + 4.50%	0.75%	8.81%	12/19/2025		663		71			71			0.01
Oakbridge Insurance Agency LLC	(8)	First Lien Term Loan	S + 5.75%	0.75%	10.08%	11/1/2029		199		199			199			0.03
Pareto Health Intermediate Holdings, Inc.	(8)	First Lien Term Loan	S + 5.00%	0.00%	9.25%	5/31/2030		2,752		2,740			2,739			0.43
Pareto Health Intermediate Holdings, Inc.	(7)	First Lien Delayed Draw Term Loan	S + 5.00%	0.00%	9.25%	6/1/2030		653		(2	)		(3	)		—
Patriot Growth Insurance Services, LLC	(8)	First Lien Term Loan	S + 5.00%	0.75%	9.46%	10/16/2028		5,041		5,016			5,041			0.79
Patriot Growth Insurance Services, LLC	(8)	First Lien Delayed Draw Term Loan	S + 5.00%	0.75%	9.46%	10/16/2028		1,409		1,402			1,409			0.22
Patriot Growth Insurance Services, LLC	(7)	First Lien Revolver	S + 5.00%	0.75%	9.46%	10/16/2028		534		264			267			0.04
Riser Interco LLC	(7)	First Lien Delayed Draw Term Loan	S + 5.00%	0.00%	9.31%	10/31/2029		11,576		9,715			9,644			1.51
Simplicity Financial Marketing Group Holdings, Inc.	(8)	First Lien Term Loan	S + 5.00%	0.75%	9.25%	12/31/2031		6,769		6,735			6,735			1.06
Simplicity Financial Marketing Group Holdings, Inc.	(7)	First Lien Delayed Draw Term Loan	S + 5.00%	0.00%	9.25%	12/31/2031		1,805		(5	)		(9	)		—
Simplicity Financial Marketing Group Holdings, Inc.	(7)	First Lien Revolver	S + 5.00%	0.00%	9.25%	12/31/2031		903		(5	)		(5	)		—
THG Acquisition, LLC	(8)	First Lien Term Loan	S + 4.75%	0.75%	9.08%	10/31/2031		2,961		2,961			2,947			0.46
THG Acquisition, LLC	(7)	First Lien Delayed Draw Term Loan	S + 4.75%	0.75%	9.08%	10/31/2031		660		(2	)		(3	)		—
THG Acquisition, LLC	(7)	First Lien Revolver	S + 4.75%	0.75%	9.08%	10/31/2031		330		23			23			—
World Insurance Associates, LLC	(8)	First Lien Term Loan	S + 6.00%	1.00%	10.31%	4/3/2028		199		198			198			0.03
										62,286			62,080			9.72

ANTARES PRIVATE CREDIT FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)

December 31, 2024

(in thousands)


Investments (1)	Footnotes	Asset Type	Reference Rate and Spread (2)	Interest Rate Floor	Interest Rate (2)	Maturity Date	Par Amount / Shares		Amortized Cost (4)			Fair Value			Percentage of Net Assets
IT Services
BigTime Software, Inc.		First Lien Term Loan	S + 6.25%	0.00%	10.58%	6/30/2028	$	200	$	200		$	200			0.03	%
Cardinal Parent, Inc.	(8)	First Lien Term Loan	S + 4.50%	0.75%	8.96%	11/12/2027		199		187			191			0.03
DCert Buyer, Inc.	(7)	First Lien Revolver	S + 3.75%	0.00%	8.08%	10/16/2026		100		—			—			—
DT1 Midco Corp	(8)	First Lien Term Loan	S + 5.00%	0.00%	9.31%	12/30/2031		5,749		5,720			5,720			0.90
DT1 Midco Corp	(7)	First Lien Delayed Draw Term Loan	S + 5.00%	0.00%	9.31%	12/30/2031		2,005		(5	)		(10	)		—
DT1 Midco Corp	(7)	First Lien Revolver	S + 5.00%	0.00%	9.31%	12/30/2030		802		(4	)		(4	)		—
Govdelivery Holdings, LLC	(8)	First Lien Term Loan	S + 3.50%	0.75%	10.86% (Incl. 2.25% PIK)	1/17/2031		200		199			200			0.03
Marco Technologies, LLC	(8)	First Lien Term Loan	S + 5.25%	1.00%	9.56%	11/24/2026		200		200			200			0.03
Medallia, Inc.	(8)	First Lien Term Loan	S + 2.50%	0.75%	6.91%	10/29/2028		99		96			97			0.02
Noble Midco 3 Limited	(8)	First Lien Term Loan	S + 5.00%	0.75%	9.31%	6/24/2031		5,056		5,056			5,043			0.79
Noble Midco 3 Limited	(7)	First Lien Delayed Draw Term Loan	S + 5.00%	0.75%	9.31%	6/11/2031		824		—			(2	)		—
Noble Midco 3 Limited	(7)	First Lien Revolver	S + 5.25%	0.75%	9.56%	12/11/2030		1,120		—			(3	)		—
Oeconnection LLC	(8)	First Lien Term Loan	S + 5.00%	0.75%	9.33%	4/22/2031		4,418		4,418			4,410			0.69
Oeconnection LLC	(7)	First Lien Delayed Draw Term Loan	S + 5.25%	0.00%	9.58%	4/22/2031		2,138		—			(4	)		—
Oeconnection LLC	(7)	First Lien Delayed Draw Term Loan	S + 4.00%	0.00%	8.33%	4/22/2031		771		(9	)		(1	)		—
Oeconnection LLC	(7)	First Lien Revolver	S + 4.00%	0.75%	8.33%	4/22/2031		482		(2	)		(1	)		—
Passageways, Inc.		First Lien Term Loan	S + 5.00%	1.00%	9.46%	7/21/2027		200		200			200			0.03
PDI TA Holdings, Inc.	(8)	First Lien Term Loan	S + 5.50%	0.75%	9.81%	1/29/2031		199		199			199			0.03
Ridge Trail US Bidco, Inc.	(8)	First Lien Term Loan	S + 4.50%	0.75%	8.81%	9/30/2031		8,686		8,626			8,621			1.35
Ridge Trail US Bidco, Inc.	(7)	First Lien Delayed Draw Term Loan	S + 4.75%	0.75%	9.06%	9/30/2031		2,995		(21	)		(22	)		—
Ridge Trail US Bidco, Inc.	(7)	First Lien Revolver	S + 4.50%	0.00%	8.81%	3/31/2031		998		263			262			0.04
Safety Borrower Holdings LLC	(8)	First Lien Term Loan	S + 5.25%	1.00%	9.70%	9/1/2027		3,492		3,492			3,473			0.54
Safety Borrower Holdings LLC	(7)	First Lien Revolver	P + 4.25%	0.00%	11.75%	9/1/2027		499		125			122			0.02
Sailpoint Technologies Holdings, Inc.	(6)(8)	First Lien Term Loan	S + 6.00%	0.75%	10.31%	8/16/2029		131		131			131			0.02
Spirit RR Holdings, Inc.	(8)	First Lien Term Loan	S + 4.75%	0.75%	9.16%	9/13/2028		3,252		3,245			3,228			0.51
Spirit RR Holdings, Inc.	(7)	First Lien Delayed Draw Term Loan	S + 4.75%	0.75%	9.16%	9/13/2028		467		231			229			0.04
Spirit RR Holdings, Inc.	(7)	First Lien Revolver	S + 4.00%	0.75%	8.31%	9/13/2028		272		(1	)		(2	)		—
Storable, Inc.	(7)	First Lien Revolver	S + 2.75%	0.00%	7.08%	4/16/2026		100		25			25			—
Trunk Acquisition, Inc.	(8)	First Lien Term Loan	S + 6.00%	1.00%	10.46%	2/19/2030		199		199			198			0.03
Trunk Acquisition, Inc.	(8)	First Lien Term Loan	S + 6.00%	0.00%	10.46%	2/19/2030		1,814		1,807			1,805			0.28
Trunk Acquisition, Inc.	(7)	First Lien Delayed Draw Term Loan	S + 6.00%	0.00%	10.46%	2/19/2030		1,845		(5	)		(9	)		—
VS Buyer, LLC	(7)	First Lien Revolver	S + 3.25%	0.00%	7.58%	4/12/2029		100		—			—			—
Welocalize, Inc.	(8)	First Lien Term Loan	S + 5.25%	1.00%	9.56%	6/23/2026		200		199			200			0.03
										34,771			34,696			5.44

ANTARES PRIVATE CREDIT FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)

December 31, 2024

(in thousands)


Investments (1)	Footnotes	Asset Type	Reference Rate and Spread (2)	Interest Rate Floor	Interest Rate (2)	Maturity Date	Par Amount / Shares		Amortized Cost (4)			Fair Value			Percentage of Net Assets
Life Sciences Tools & Services
Kwol Acquisition, Inc.	(8)	First Lien Term Loan	S + 4.75%	0.75%	9.00%	12/12/2029	$	6,144	$	6,144		$	6,052			0.95	%
Kwol Acquisition, Inc.	(7)	First Lien Revolver	S + 6.25%	0.75%	10.50%	12/12/2029		841		—			(13	)		—
Sotera Health Holdings, LLC	(5)(6)(8)	First Lien Term Loan	S + 3.25%	0.00%	7.56%	5/30/2031		1,895		1,905			1,902			0.30
										8,049			7,941			1.25
Machinery
CD&R Hydra Buyer, Inc.	(5)(8)	First Lien Term Loan	S + 4.00%	0.00%	8.43%	3/25/2031		1,995		2,007			2,004			0.31
Clyde Industries Us Holdco, Inc.	(8)	First Lien Term Loan	S + 5.00%	1.00%	9.46%	12/18/2025		197		197			197			0.03
Dynatect Group Holdings, Inc.	(8)	First Lien Term Loan	S + 4.50%	1.00%	8.91%	9/30/2026		200		200			200			0.03
Flow Control Solutions, Inc.	(7)	First Lien Delayed Draw Term Loan	S + 5.00%	0.75%	9.31%	3/30/2029		5,241		75			76			0.01
Flow Control Solutions, Inc.	(7)	First Lien Revolver	S + 6.00%	0.75%	10.31%	3/31/2029		936		(7	)		(7	)		—
Merlin Buyer, Inc.	(8)	First Lien Term Loan	S + 4.75%	0.50%	9.06%	12/14/2028		5,536		5,536			5,536			0.87
Merlin Buyer, Inc.	(7)	First Lien Revolver	S + 0.50%	0.00%	4.81%	12/14/2026		1,450		(14	)		(14	)		—
Process Equipment, Inc.	(8)	First Lien Term Loan	S + 5.25%	0.00%	9.75%	9/6/2026		199		199			199			0.03
Process Insights Acquisition, Inc.	(8)	First Lien Term Loan	S + 6.25%	1.00%	10.56%	7/18/2029		199		199			198			0.03
Victory Buyer LLC	(7)	First Lien Revolver	S + 3.75%	0.00%	8.08%	11/19/2026		100		44			45			0.01
										8,436			8,434			1.32
Media
Fitness International LLC	(8)	First Lien Term Loan	S + 5.25%	0.00%	9.58%	2/12/2029		10,853		10,844			10,938			1.72
Getty Images, Inc.	(5)(6)(8)	First Lien Term Loan	S + 4.50%	0.00%	8.85%	2/19/2026		1,991		1,994			1,989			0.31
Klick Inc.	(6)(8)	First Lien Term Loan	S + 4.50%	1.00%	8.81%	3/31/2028		732		725			725			0.11
Learfield Communications, LLC	(7)	First Lien Revolver	S + 3.25%	0.00%	7.58%	12/31/2027		100		—			—			—
MH Sub I, LLC	(5)(8)	First Lien Term Loan	S + 4.25%	0.00%	8.58%	12/11/2031		2,500		2,475			2,482			0.39
W2O Holdings, Inc.	(8)	First Lien Term Loan	S + 4.75%	1.00%	9.00%	6/12/2028		1,604		1,597			1,600			0.25
W2O Holdings, Inc.		First Lien Delayed Draw Term Loan	S + 4.75%	1.00%	9.06%	6/12/2028		688		682			687			0.11
W2O Holdings, Inc.	(7)	First Lien Revolver	S + 4.75%	1.00%	9.00%	6/12/2028		132		39			39			0.01
										18,356			18,460			2.90
Oil, Gas and Consumable Fuels
Edpo, LLC	(8)	First Lien Term Loan	S + 4.50%	0.75%	8.83%	12/8/2027		6,901		6,901			6,884			1.08
Edpo, LLC	(7)	First Lien Revolver	S + 4.50%	0.75%	8.83%	12/8/2026		81		28			28			—
Valicor PPC Intermediate II LLC	(8)	First Lien Term Loan	S + 5.00%	1.00%	9.33%	7/24/2028		2,656		2,650			2,650			0.42
Valicor PPC Intermediate II LLC	(8)	First Lien Term Loan	S + 5.00%	1.00%	9.33%	7/24/2028		930		928			928			0.15
Valicor PPC Intermediate II LLC	(8)	First Lien Delayed Draw Term Loan	S + 5.00%	1.00%	9.33%	7/24/2028		442		441			441			0.07
Valicor PPC Intermediate II LLC	(7)	First Lien Revolver	S + 4.00%	1.00%	8.33%	1/24/2028		710		75			75			0.01
										11,023			11,006			1.73
Personal Care Products
Apothecary Products, LLC	(6)(8)	First Lien Term Loan	S + 5.75%	1.00%	10.10%	7/27/2025		194		194			194			0.03
Swanson Health Products, Incorporated	(8)	First Lien Term Loan	S + 6.25%	1.00%	10.82%	6/30/2025		199		199			200			0.03
										393			394			0.06

ANTARES PRIVATE CREDIT FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)

December 31, 2024

(in thousands)


Investments (1)	Footnotes	Asset Type	Reference Rate and Spread (2)	Interest Rate Floor	Interest Rate (2)	Maturity Date	Par Amount / Shares		Amortized Cost (4)			Fair Value			Percentage of Net Assets
Pharmaceuticals
Bamboo US BidCo LLC	(8)	First Lien Term Loan	S + 5.25%	1.00%	12.93% (Incl. 3.38% PIK)	9/30/2030	$	3,023	$	3,023		$	3,008			0.47	%
Bamboo US BidCo LLC	(8)	First Lien Term Loan	E + 5.25%	1.00%	12.93% (Incl. 3.38% PIK)	9/30/2030		EUR 2,697		2,948			2,779			0.44
Bamboo US BidCo LLC	(7)	First Lien Delayed Draw Term Loan	S + 5.25%	0.00%	9.58%	9/30/2030		1,892		270			264			0.04
Bamboo US BidCo LLC	(7)	First Lien Revolver	S + 6.00%	0.00%	10.31%	10/1/2029		826		—			(4	)		—
Bridges Consumer Healthcare Intermediate LLC	(8)	First Lien Term Loan	S + 5.25%	1.00%	9.56%	12/20/2031		4,708		4,685			4,684			0.73
Bridges Consumer Healthcare Intermediate LLC	(7)	First Lien Delayed Draw Term Loan	S + 5.25%	1.00%	9.56%	12/20/2031		2,235		—			(11	)		—
Bridges Consumer Healthcare Intermediate LLC	(7)	First Lien Revolver	S + 5.25%	0.00%	9.56%	12/20/2031		894		—			(4	)		—
Exactcare Parent Inc	(8)	First Lien Term Loan	S + 5.50%	1.00%	9.81%	11/5/2029		199		199			199			0.03
Tersera Therapeutics, LLC	(8)	First Lien Term Loan	S + 5.75%	1.00%	10.06%	4/4/2029		3,874		3,874			3,874			0.61
Tersera Therapeutics, LLC	(7)	First Lien Revolver	S + 6.75%	1.00%	11.06%	4/4/2029		116		—			—			—
TWL Holdings Corp	(8)	First Lien Term Loan	S + 5.25%	1.00%	9.71%	11/6/2026		200		200			200			0.03
										15,199			14,989			2.35
Professional Services
Analytic Partners, LP	(8)	First Lien Term Loan	S + 4.75%	0.75%	9.08%	4/4/2030		199		199			199			0.03
Analytic Partners, LP	(8)	First Lien Term Loan	S + 4.75%	0.75%	9.08%	4/4/2030		3,713		3,702			3,699			0.58
Analytic Partners, LP	(7)	First Lien Revolver	S + 4.75%	0.00%	9.08%	4/4/2030		502		(2	)		(2	)		—
Applied Technical Services, LLC	(8)	First Lien Term Loan	S + 5.75%	1.00%	10.21%	12/29/2026		199		196			196			0.03
Aprio Advisory Group, LLC	(8)	First Lien Term Loan	S + 4.75%	0.75%	9.06%	8/1/2031		7,536		7,518			7,518			1.18
Aprio Advisory Group, LLC	(7)	First Lien Delayed Draw Term Loan	S + 4.75%	0.75%	9.06%	8/1/2031		3,277		1,505			1,504			0.24
Aprio Advisory Group, LLC	(7)	First Lien Revolver	S + 4.75%	0.75%	9.06%	8/1/2031		1,638		520			520			0.08
AQ Carver Buyer, Inc.	(7)	First Lien Revolver	S + 5.25%	0.00%	9.58%	8/2/2028		100		—			—			—
Carr, Riggs & Ingram Capital, L.L.C.	(8)	First Lien Term Loan	S + 4.75%	0.50%	9.06%	11/18/2031		2,875		2,861			2,861			0.45
Carr, Riggs & Ingram Capital, L.L.C.	(7)	First Lien Delayed Draw Term Loan	S + 4.75%	0.50%	9.06%	11/18/2031		1,458		(4	)		(7	)		—
Carr, Riggs & Ingram Capital, L.L.C.	(7)	First Lien Revolver	S + 3.75%	0.50%	8.06%	11/18/2031		667		80			80			0.01
Clinical Education Alliance, LLC	(8)	First Lien Term Loan	S + 5.00%	1.00%	9.46%	12/21/2026		100		99			98			0.02
Crisis Prevention Institute, Inc.	(7)	First Lien Revolver	S + 4.75%	0.50%	9.08%	4/9/2029		100		—			—			—
Disa Holdings Corp.	(8)	First Lien Term Loan	S + 5.00%	0.75%	9.31%	9/9/2028		2,854		2,854			2,817			0.44
Disa Holdings Corp.	(8)	First Lien Delayed Draw Term Loan	S + 5.00%	0.75%	9.31%	9/9/2028		556		556			549			0.09
Disa Holdings Corp.	(7)	First Lien Delayed Draw Term Loan	S + 5.00%	0.75%	9.31%	9/11/2028		591		68			60			0.01
DTI Holdco, Inc.	(8)	First Lien Term Loan	S + 4.75%	0.75%	9.08%	4/26/2029		199		201			201			0.03
Foreigner Bidco Inc.	(8)	First Lien Term Loan	S + 5.50%	1.00%	9.93%	4/19/2028		200		200			199			0.03
Grant Thornton Advisors LLC	(5)(6)(8)	First Lien Term Loan	S + 2.75%	0.00%	7.06%	6/2/2031		1,202		1,202			1,204			0.19
Grant Thornton Advisors LLC	(5)(6)(7)(8)	First Lien Delayed Draw Term Loan	S + 2.75%	0.00%	7.06%	6/2/2031		147		—			—			—

ANTARES PRIVATE CREDIT FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)

December 31, 2024

(in thousands)


Investments (1)	Footnotes	Asset Type	Reference Rate and Spread (2)	Interest Rate Floor	Interest Rate (2)	Maturity Date	Par Amount / Shares		Amortized Cost (4)			Fair Value			Percentage of Net Assets
Professional Services (continued)
Ground Penetrating Radar Systems, LLC	(8)	First Lien Term Loan	S + 5.25%	1.00%	9.58%	4/2/2031	$	9,041	$	9,041		$	9,041			1.42	%
Ground Penetrating Radar Systems, LLC	(7)	First Lien Delayed Draw Term Loan	S + 5.75%	1.00%	10.08%	4/2/2031		2,158		—			—			—
Ground Penetrating Radar Systems, LLC	(7)	First Lien Revolver	P + 4.25%	1.00%	11.75%	4/2/2031		1,151		144			144			0.02
HSI Halo Acquisition Inc.	(8)	First Lien Term Loan	S + 5.00%	0.75%	9.31%	6/30/2031		7,825		7,806			7,806			1.22
HSI Halo Acquisition Inc.	(7)	First Lien Delayed Draw Term Loan	S + 5.00%	0.75%	9.31%	6/28/2031		1,397		239			239			0.04
HSI Halo Acquisition Inc.	(7)	First Lien Revolver	S + 5.00%	0.00%	9.31%	6/28/2030		932		(2	)		(2	)		—
IG Investments Holdings, LLC		First Lien Term Loan	S + 5.00%	0.75%	9.31%	9/22/2028		2,608		2,596			2,596			0.41
IG Investments Holdings, LLC	(7)	First Lien Revolver	S + 4.00%	0.75%	8.31%	9/22/2028		293		(1	)		(1	)		—
Iris Buyer LLC	(8)	First Lien Term Loan	S + 6.25%	1.00%	10.56%	10/2/2030		199		197			199			0.03
KENE Acquisition, Inc.	(8)	First Lien Term Loan	S + 5.25%	1.00%	9.58%	2/8/2031		199		200			200			0.03
Keng Acquisition, Inc.	(8)	First Lien Term Loan	S + 5.00%	1.00%	9.33%	8/1/2029		199		197			199			0.03
Marina Acquisition, Inc.	(8)	First Lien Term Loan	S + 5.00%	1.00%	9.31%	7/1/2030		2,146		2,125			2,125			0.33
Marina Acquisition, Inc.	(7)	First Lien Revolver	S + 4.00%	0.00%	8.31%	7/1/2030		307		(3	)		(3	)		—
MHE Intermediate Holdings, LLC	(8)	First Lien Term Loan	S + 6.00%	1.00%	10.46%	7/21/2027		200		200			200			0.03
Propio LS, LLC	(8)	First Lien Term Loan	S + 4.50%	0.75%	8.75%	7/17/2030		7,064		7,030			7,046			1.11
Propio LS, LLC	(7)	First Lien Delayed Draw Term Loan	S + 4.50%	0.00%	8.75%	7/17/2030		3,409		(17	)		(9	)		—
Propio LS, LLC	(7)	First Lien Revolver	S + 6.00%	0.75%	10.25%	7/17/2029		1,704		(8	)		(4	)		—
Rimkus Consulting Group, Inc.	(8)	First Lien Term Loan	S + 5.25%	0.75%	9.50%	4/1/2031		8,962		8,962			8,917			1.40
Rimkus Consulting Group, Inc.	(7)	First Lien Delayed Draw Term Loan	S + 5.25%	0.75%	9.50%	4/1/2031		2,251		239			228			0.04
Rimkus Consulting Group, Inc.	(7)	First Lien Revolver	S + 5.25%	0.75%	9.50%	4/1/2030		1,201		—			(6	)		—
Ruppert Landscape, LLC	(7)	First Lien Delayed Draw Term Loan	S + 5.75%	0.75%	10.06%	12/1/2028		4,804		748			728			0.11
Ruppert Landscape, LLC	(7)	First Lien Revolver	S + 5.75%	0.75%	10.06%	12/1/2028		320		(3	)		(4	)		—
Skopima Consilio Parent LLC	(5)(8)	First Lien Term Loan	S + 3.75%	0.50%	8.08%	5/12/2028		2,172		2,178			2,183			0.34
Tempo Buyer Corp.	(8)	First Lien Term Loan	S + 4.75%	0.75%	9.06%	8/26/2028		199		199			199			0.03
USRP Holdings, Inc.	(8)	First Lien Term Loan	S + 5.00%	0.75%	9.33%	12/31/2029		8,677		8,635			8,677			1.36
USRP Holdings, Inc.	(7)	First Lien Delayed Draw Term Loan	S + 5.00%	0.75%	9.33%	12/31/2029		2,773		(12	)		—			—
USRP Holdings, Inc.	(7)	First Lien Revolver	S + 5.50%	0.75%	9.83%	12/31/2029		900		(4	)		—			—
Vaco Holdings, LLC	(7)	First Lien Revolver	S + 5.00%	0.00%	9.33%	1/21/2027		100		—			—			—
Vensure Employer Services, Inc.	(8)	First Lien Term Loan	S + 5.00%	0.50%	9.31%	9/27/2031		1,947		1,937			1,938			0.30
Vensure Employer Services, Inc.	(7)	First Lien Delayed Draw Term Loan	S + 5.00%	0.00%	9.31%	9/27/2031		476		(2	)		(2	)		—
YA Intermediate Holdings II, LLC	(8)	First Lien Term Loan	S + 5.00%	0.75%	9.31%	10/1/2031		5,419		5,392			5,392			0.85
YA Intermediate Holdings II, LLC	(7)	First Lien Delayed Draw Term Loan	S + 5.00%	0.75%	9.31%	10/1/2031		2,258		(6	)		(11	)		—
YA Intermediate Holdings II, LLC	(7)	First Lien Revolver	S + 4.00%	0.75%	8.31%	10/1/2031		1,084		49			49			0.01
										79,811			79,760			12.52
Real Estate Management and Development
Sako and Partners Lower Holdings LLC.	(8)	First Lien Term Loan	S + 4.50%	1.00%	8.81%	9/15/2028		6,566		6,551			6,549			1.03
Sako and Partners Lower Holdings LLC.	(7)	First Lien Revolver	S + 6.00%	1.00%	10.31%	9/15/2028		418		(1	)		(1	)		—
										6,550			6,548			1.03

ANTARES PRIVATE CREDIT FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)

December 31, 2024

(in thousands)


Investments (1)	Footnotes	Asset Type	Reference Rate and Spread (2)	Interest Rate Floor	Interest Rate (2)	Maturity Date	Par Amount / Shares		Amortized Cost (4)			Fair Value			Percentage of Net Assets
Software
365 Retail Markets, LLC	(8)	First Lien Term Loan	S + 4.50%	1.00%	8.81%	12/22/2028	$	3,876	$	3,876		$	3,852			0.60	%
365 Retail Markets, LLC	(8)	First Lien Delayed Draw Term Loan	S + 4.50%	1.00%	8.81%	12/22/2028		1,753		1,753			1,742			0.27
365 Retail Markets, LLC	(7)	First Lien Delayed Draw Term Loan	S + 4.50%	1.00%	8.81%	12/22/2028		1,371		914			906			0.14
Adelaide Borrower, LLC		First Lien Term Loan	S + 6.25%	0.75%	10.56%	5/8/2030		200		198			198			0.03
Alta Buyer, LLC	(8)	First Lien Term Loan	S + 5.00%	1.00%	9.31%	12/21/2027		199		199			199			0.03
AQA Acquisition Holding, Inc.	(7)	First Lien Revolver	S + 3.50%	0.00%	7.83%	3/3/2028		100		—			—			—
Artifact Bidco, Inc.	(8)	First Lien Term Loan	S + 4.50%	0.50%	8.81%	7/28/2031		3,354		3,331			3,329			0.52
Artifact Bidco, Inc.	(7)	First Lien Delayed Draw Term Loan	S + 4.50%	0.50%	8.81%	7/25/2031		821		(6	)		(6	)		—
Artifact Bidco, Inc.	(7)	First Lien Revolver	S + 4.50%	0.50%	8.81%	7/26/2030		399		(3	)		(3	)		—
Artifact Bidco, Inc.	(7)	First Lien Revolver	S + 4.50%	0.50%	8.81%	7/26/2030		188		(1	)		(1	)		—
Banker's Toolbox, Inc.	(8)	First Lien Term Loan	S + 4.50%	0.75%	8.81%	7/27/2027		199		199			199			0.03
Bluecat Networks (USA) Inc.	(6)(8)	First Lien Term Loan	S + 5.00%	0.00%	9.31%	8/8/2028		1,473		1,462			1,462			0.23
Camelot U.S. Acquisition LLC	(5)(6)(8)	First Lien Term Loan	S + 2.75%	0.00%	7.08%	1/31/2031		3,067		3,075			3,068			0.48
Catalis Intermediate, Inc.	(8)	First Lien Term Loan	S + 5.50%	0.00%	9.96%	8/4/2027		100		99			98			0.02
Central Parent LLC	(5)(8)	First Lien Term Loan	S + 3.25%	0.00%	7.58%	7/6/2029		1,746		1,737			1,725			0.27
Cloud Software Group, Inc.	(7)	First Lien Revolver	S + 3.75%	0.00%	8.08%	9/30/2027		100		—			—			—
Concord Global Acquisition, LLC,	(8)	First Lien Term Loan	S + 4.75%	0.00%	9.06%	12/29/2031		3,946		3,926			3,926			0.62
Concord Global Acquisition, LLC,	(7)	First Lien Delayed Draw Term Loan	S + 4.75%	0.00%	9.06%	12/29/2031		1,715		(4	)		(9	)		—
Concord Global Acquisition, LLC,	(7)	First Lien Revolver	S + 4.75%	0.00%	9.06%	12/29/2031		686		(3	)		(3	)		—
Digital.AI Software Holdings, Inc.	(8)	First Lien Term Loan	S + 6.00%	1.00%	10.31%	8/10/2028		100		100			100			0.02
DS Admiral Bidco, LLC	(7)	First Lien Revolver	S + 4.00%	0.00%	8.33%	6/26/2029		100		23			23			—
DT Intermediate Holdco, Inc.	(8)	First Lien Term Loan	10.59% (Incl. 3.25% PIK)	0.75%	10.59% (Incl. 3.25% PIK)	2/24/2028		3,299		3,283			3,274			0.51
DT Intermediate Holdco, Inc.	(7)	First Lien Delayed Draw Term Loan	S + 5.50%	0.75%	9.81%	2/24/2028		1,658		(8	)		(12	)		—
e-Discovery AcquireCo, LLC	(8)	First Lien Term Loan	S + 6.25%	1.00%	10.56%	8/29/2029		200		200			199			0.03
Eclipse Buyer, Inc.	(8)	First Lien Term Loan	S + 4.75%	0.50%	9.08%	9/8/2031		7,862		7,823			7,823			1.23
Eclipse Buyer, Inc.	(7)	First Lien Delayed Draw Term Loan	S + 4.75%	0.50%	9.08%	9/5/2031		1,333		(7	)		(7	)		—
Eclipse Buyer, Inc.	(7)	First Lien Revolver	S + 4.75%	0.50%	9.08%	9/5/2031		676		(3	)		(3	)		—
Empyrean Solutions, LLC	(8)	First Lien Term Loan	S + 4.75%	0.00%	9.06%	11/26/2031		1,382		1,376			1,376			0.22
Empyrean Solutions, LLC	(7)	First Lien Delayed Draw Term Loan	S + 4.75%	0.00%	9.06%	11/26/2031		553		(1	)		(3	)		—
Empyrean Solutions, LLC	(7)	First Lien Revolver	S + 4.75%	0.00%	9.06%	11/26/2031		207		(1	)		(1	)		—
Enverus Holdings, Inc.	(8)	First Lien Term Loan	S + 5.50%	0.75%	9.83%	12/24/2029		1,979		1,979			1,979			0.31
Enverus Holdings, Inc.	(7)	First Lien Delayed Draw Term Loan	S + 5.50%	0.75%	9.83%	12/22/2029		142		—			—			—
Enverus Holdings, Inc.	(7)	First Lien Revolver	S + 5.50%	0.00%	9.83%	12/22/2029		214		6			6			—
ESG Investments, Inc.	(8)	First Lien Term Loan	S + 4.50%	1.00%	8.96%	3/11/2028		199		199			199			0.03
Governmentjobs.Com, Inc.	(8)	First Lien Term Loan	S + 5.00%	0.00%	9.33%	12/1/2028		200		199			200			0.03
GS Acquisitionco, Inc.	(7)	First Lien Delayed Draw Term Loan	S + 5.00%	0.75%	9.31%	5/25/2028		200		44			44			0.01
Hyphen Solutions, LLC	(8)	First Lien Term Loan	S + 5.50%	1.00%	9.93%	10/27/2026		199		199			199			0.03
Kipu Buyer, LLC	(8)	First Lien Term Loan	S + 4.25%	1.00%	8.56%	1/27/2027		199		199			199			0.03

ANTARES PRIVATE CREDIT FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)

December 31, 2024

(in thousands)


Investments (1)	Footnotes	Asset Type	Reference Rate and Spread (2)	Interest Rate Floor	Interest Rate (2)	Maturity Date	Par Amount / Shares		Amortized Cost (4)			Fair Value			Percentage of Net Assets
Software (continued)
KPA Parent Holdings, Inc.	(8)	First Lien Term Loan	S + 5.75%	1.00%	10.18%	7/19/2026	$	5,289	$	5,289		$	5,289			0.83	%
KPA Parent Holdings, Inc.	(8)	First Lien Delayed Draw Term Loan	S + 5.75%	1.00%	10.18%	7/19/2026		1,018		1,018			1,018			0.16
KPA Parent Holdings, Inc.	(7)	First Lien Revolver	S + 5.50%	1.00%	9.93%	7/17/2026		677		—			—			—
Litera Bidco LLC	(8)	First Lien Term Loan	S + 5.00%	1.00%	9.33%	5/1/2028		199		199			199			0.03
LogicMonitor, Inc.	(8)	First Lien Term Loan	S + 5.50%	0.75%	9.83%	11/19/2031		200		200			199			0.03
Mastery Acquisition Corp.	(8)	First Lien Term Loan	S + 5.25%	1.00%	9.50%	9/7/2029		199		199			200			0.03
McAfee Corp.	(5)(8)	First Lien Term Loan	S + 3.00%	0.50%	7.33%	3/1/2029		2,500		2,506			2,505			0.39
Monotype Imaging Holdings Inc.	(8)	First Lien Term Loan	S + 5.50%	0.75%	9.81%	2/28/2031		1,229		1,233			1,229			0.19
Monotype Imaging Holdings Inc.	(7)	First Lien Delayed Draw Term Loan	S + 5.50%	0.00%	9.81%	2/28/2031		103		24			24			—
Monotype Imaging Holdings Inc.	(7)	First Lien Revolver	S + 5.50%	0.75%	9.81%	2/28/2030		154		—			—			—
Montana Buyer Inc.	(8)	First Lien Term Loan	S + 5.00%	0.75%	9.33%	7/22/2029		2,664		2,657			2,664			0.42
Montana Buyer Inc.	(7)	First Lien Revolver	P + 5.75%	0.00%	13.25%	7/21/2028		307		52			53			0.01
MRI Software LLC	(8)	First Lien Term Loan	S + 4.75%	1.00%	9.06%	2/10/2027		6,984		6,951			7,001			1.10
MRI Software LLC	(7)	First Lien Delayed Draw Term Loan	S + 4.75%	1.00%	9.06%	2/10/2027		1,293		117			127			0.02
MRI Software LLC	(7)	First Lien Revolver	S + 4.75%	1.00%	9.16%	2/10/2026		265		13			15			—
Nasuni Corporation	(8)	First Lien Term Loan	S + 5.75%	0.75%	10.06%	9/10/2030		6,250		6,204			6,206			0.97
Nasuni Corporation	(7)	First Lien Revolver	S + 5.75%	0.75%	10.06%	9/10/2030		1,302		(10	)		(9	)		—
Navex Topco, Inc.	(8)	First Lien Term Loan	S + 5.50%	0.75%	9.83%	11/8/2030		5,190		5,190			5,190			0.81
Navex Topco, Inc.	(7)	First Lien Revolver	S + 5.75%	0.75%	10.08%	11/7/2028		1,797		—			—			—
North Star Acquisitionco, LLC	(6)(8)	First Lien Term Loan	S + 4.75%	1.00%	9.06%	5/3/2029		4,385		4,374			4,385			0.69
North Star Acquisitionco, LLC	(6)(8)	First Lien Term Loan	C + 4.75%	0.00%	8.00%	5/3/2029		CAD 1,545		1,115			1,074			0.17
North Star Acquisitionco, LLC	(6)(7)	First Lien Delayed Draw Term Loan	S + 5.00%	1.00%	9.31%	5/3/2029		276		264			264			0.04
North Star Acquisitionco, LLC	(6)(7)	First Lien Revolver	S + 6.00%	1.00%	10.31%	5/3/2029		780		(2	)		—			—
Pegasus Transtech Holding, LLC	(8)	First Lien Term Loan	S + 6.00%	1.00%	10.33%	11/17/2026		199		199			199			0.03
Perforce Software, Inc.	(8)	First Lien Term Loan	S + 4.75%	0.50%	9.08%	3/21/2031		2,036		2,038			2,013			0.32
Prism Parent Co. Inc.	(8)	First Lien Term Loan	S + 5.00%	0.75%	9.33%	9/19/2028		5,566		5,458			5,454			0.86
Prism Parent Co. Inc.	(7)	First Lien Delayed Draw Term Loan	S + 5.00%	0.75%	9.33%	9/19/2028		1,420		544			542			0.09
Renaissance Holding Corp	(5)(8)	First Lien Term Loan	S + 4.00%	0.50%	8.33%	4/5/2030		1,995		1,996			1,993			0.31
Routeware, Inc.		First Lien Term Loan	S + 5.25%	1.00%	9.56%	9/18/2031		3,182		3,167			3,174			0.50
Routeware, Inc.	(7)	First Lien Delayed Draw Term Loan	S + 8.00%	1.00%	12.31%	9/18/2031		1,477		(7	)		(4	)		—
Routeware, Inc.	(7)	First Lien Revolver	S + 8.00%	1.00%	12.31%	9/18/2031		341		(2	)		(1	)		—
Spartan Bidco PTY LTD	(6)(8)	First Lien Term Loan	S + 0.75%	0.00%	11.21% (Incl. 6.00% PIK)	1/24/2028		4,815		4,778			4,771			0.75
Spartan Bidco PTY LTD	(6)(7)	First Lien Revolver	S + 6.75%	0.00%	11.06%	1/24/2028		385		(4	)		(4	)		—
Thunder Purchaser, Inc.	(8)	First Lien Term Loan	S + 5.50%	0.00%	9.96%	6/30/2028		200		200			200			0.03
Trimech Acquisition Corp.	(8)	First Lien Term Loan	S + 4.75%	1.00%	9.06%	3/10/2028		925		917			916			0.14
Trimech Acquisition Corp.	(7)	First Lien Delayed Draw Term Loan	S + 4.75%	1.00%	9.06%	3/10/2028		2,480		(24	)		(25	)		—
Trimech Acquisition Corp.	(7)	First Lien Revolver	S + 4.75%	0.00%	9.06%	3/10/2028		1,550		78			78			0.01
Validity, Inc.	(6)(8)	First Lien Term Loan	S + 5.25%	1.00%	9.68%	5/30/2026		200		200			200			0.03
WatchGuard Technologies, Inc.	(8)	First Lien Term Loan	S + 5.25%	0.75%	9.58%	7/2/2029		199		198			198			0.03
										93,691			93,614			14.68

ANTARES PRIVATE CREDIT FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)

December 31, 2024

(in thousands)


Investments (1)	Footnotes	Asset Type	Reference Rate and Spread (2)	Interest Rate Floor	Interest Rate (2)	Maturity Date	Par Amount / Shares		Amortized Cost (4)			Fair Value			Percentage of Net Assets
Specialty Retail
Shock Doctor Intermediate, LLC	(8)	First Lien Term Loan	S + 5.75%	1.00%	10.06%	11/20/2029	$	199	$	199		$	199			0.03	%
										199			199			0.03
Technology Hardware, Storage and Peripherals
TA TT Buyer, LLC	(8)	First Lien Term Loan	S + 4.75%	0.50%	9.06%	4/2/2029		199		199			200			0.03
Ubeo, LLC	(8)	First Lien Term Loan	S + 5.25%	1.00%	9.71%	4/3/2026		199		199			199			0.03
Victors Purchaser, LLC	(8)	First Lien Term Loan	S + 4.75%	0.50%	9.06%	8/15/2031		9,217		9,195			9,194			1.44
Victors Purchaser, LLC	(7)	First Lien Delayed Draw Term Loan	S + 4.75%	0.50%	9.06%	8/15/2031		2,194		(5	)		(5	)		—
Victors Purchaser, LLC	(7)	First Lien Revolver	S + 4.75%	0.00%	9.06%	8/15/2031		1,254		184			180			0.03
										9,772			9,768			1.53
Textiles, Apparel and Luxury Goods
MTI Group Acquisition Company	(6)(8)	First Lien Term Loan	S + 6.00%	1.00%	14.93% (Incl. 4.50% PIK)	3/31/2025		100		100			100			0.02
Team Acquisition Corporation	(7)	First Lien Revolver	S + 5.50%	1.00%	9.83%	11/21/2028		100		—			(4	)		—
Varsity Brands, Inc.	(5)(8)	First Lien Term Loan	S + 3.75%	0.00%	8.06%	8/26/2031		2,000		2,010			2,005			0.31
										2,110			2,101			0.33
Trading Companies and Distributors
Graffiti Buyer, Inc.	(8)	First Lien Term Loan	S + 5.50%	1.00%	9.91%	8/10/2027		199		197			194			0.03
Kele Holdco, Inc.	(8)	First Lien Term Loan	S + 4.50%	1.00%	8.83%	2/21/2028		200		200			200			0.03
Surfaceprep Buyer, LLC	(8)	First Lien Term Loan	S + 5.00%	0.75%	9.33%	2/4/2030		1,911		1,911			1,887			0.30
Surfaceprep Buyer, LLC	(7)	First Lien Delayed Draw Term Loan	S + 5.00%	0.75%	9.33%	2/4/2030		362		212			207			0.03
Surfaceprep Buyer, LLC	(7)	First Lien Revolver	S + 5.00%	0.75%	9.33%	2/4/2030		362		45			41			0.01
										2,565			2,529			0.40
Transportation Infrastructure
Psc Parent, Inc.	(8)	First Lien Term Loan	S + 5.25%	0.75%	9.58%	4/3/2031		1,630		1,630			1,630			0.26
Psc Parent, Inc.	(7)(8)	First Lien Delayed Draw Term Loan	S + 5.25%	0.75%	9.58%	4/3/2031		661		272			272			0.04
Psc Parent, Inc.	(7)	First Lien Revolver	S + 4.25%	0.00%	8.58%	4/3/2030		292		208			208			0.03
										2,110			2,110			0.33
Wireless Telecommunication Services
Alert Media, Inc.		First Lien Term Loan	S + 6.50%	1.00%	11.06% (Incl. 10.06% PIK)	4/12/2027		420		419			420			0.07
Alert Media, Inc.	(7)	First Lien Revolver	S + 5.00%	1.00%	9.31%	4/12/2027		109		—			—			—
CCI Buyer, Inc.	(5)(8)	First Lien Term Loan	S + 4.00%	0.75%	8.33%	12/17/2027		2,239		2,251			2,244			0.35
										2,670			2,664			0.42
Total Secured Debt Investments										845,082			843,710			132.36

ANTARES PRIVATE CREDIT FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)

December 31, 2024

(in thousands)


Investments (1)	Footnotes	Asset Type	Reference Rate and Spread (2)	Interest Rate Floor	Interest Rate (2)	Maturity Date	Par Amount / Shares		Amortized Cost (4)		Fair Value		Percentage of Net Assets
Unsecured Debt Investments

Diversified Consumer Services
Apex Service Partners Intermediate 2, LLC		Subordinated Unsecured Delayed Draw Term Loan	N/A	0.00%	14.25%	4/23/2031	$	721	$	713	$	703		0.11	%
										713		703		0.11
Total Unsecured Debt Investments										713		703		0.11

Equity Investments
Diversified Consumer Services
Seahawk Bidco, LLC	(9)	LP Units						1		1,301		1,301		0.20
										1,301		1,301		0.20
Electronic Equipment, Instruments and Components
Wildcat Topco, Inc.	(9)	LP Units						52		52		52		0.01
										52		52		0.01
Health Care Technology
DeLorean Purchaser, Inc.	(9)	Common						435		435		435		0.07
										435		435		0.07
IT Services
DT1 Midco Corp	(9)	Common						1,159		1,159		1,159		0.18
										1,159		1,159		0.18
Software
Concord Global Acquisition, LLC,	(9)	LP Units						1		1,000		1,000		0.16
										1,000		1,000		0.16
Total Equity Investments										3,947		3,947		0.62
Total Investments - non-controlled/non-affiliated										849,742		848,360		133.09	%

Cash Equivalents
BlackRock Liquidity T-Fund - Institutional Shares	(11)									39,527		39,527		6.20
Total Cash Equivalents										39,527		39,527		6.20
Total Portfolio Investments and Cash Equivalents										889,269		887,887		139.29	%

ANTARES PRIVATE CREDIT FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)

December 31, 2024

(in thousands)

The majority of the investments bear interest at a rate that may be determined by reference to the Secured Overnight Financing Rate ("SOFR" or "S"), Prime Rate (“Prime” or “P”), Canadian Dollar Offered Rate ("CDOR" or "C"), Sterling Overnight Index Average ("SONIA" or "SON"), Euro Interbank Offered Rate ("EURIBOR" or "E") or other relevant benchmark, which reset daily, monthly, quarterly, semiannually or annually. For each such investment, the Company has provided the spread over reference rates and the current contractual interest rate in effect on December 31, 2024. Certain investments are subject to an interest rate floor, or rate cap. Certain investments contain a Payment-in-Kind (“PIK”) provision. SOFR based contracts may include a credit spread adjustment, which is included within the stated all-in interest rate, if applicable, that is charged in addition to the base rate and the stated spread.

Investments with par value / shares less than 500 shown as zero.

The investment is not a qualifying asset, in whole or in part, under Section 55(a) of the 1940 Act. The Company may not acquire any non-qualifying asset unless, at the time of acquisition, qualifying assets represent at least 70% of the Company’s total assets. As of December 31, 2024, non-qualifying assets represented 6.65% of total assets as calculated in accordance with regulatory requirements.

Position or portion thereof is pledged as collateral under the Morgan Stanley Facility.

Security exempt from registration under the Securities Act of 1933 (the “Securities Act”), and may be deemed to be “restricted securities” under the Securities Act. As of December 31, 2024, the aggregate fair value of these securities is $3,947 or 0.62% of the Company’s net assets. The acquisition date of DeLorean Purchaser, Inc. was December 16, 2024. The acquisition date of Seahawk Bidco, LLC was December 19, 2024. The acquisition date of Wildcat Topco, Inc. was December 23, 2024. The acquisition date of Concord Global Acquisition, LLC was December 27, 2024. The acquisition date of DT1 Midco Corp was December 30, 2024.

10.

11.

Cash equivalents amounting to $39,527 are invested in money market funds (BlackRock Liquidity T-Fund - Institutional Shares) and would be categorized as Level 1 under the ASC 820 fair value level hierarchy as of December 31, 2024.

See accompanying notes to the consolidated financial statements

ANTARES PRIVATE CREDIT FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)

December 31, 2024

(in thousands)


Investments—non-controlled/non-affiliated	Commitment Type	Commitment Expiration Date	Unfunded Commitment (1)		Fair Value (1)
123Dentist Inc.	Delayed Draw Term Loan	8/10/2026	$	5,260	$	(25	)
365 Retail Markets, LLC	Delayed Draw Term Loan	6/15/2025		457		(3	)
AB Centers Acquisition Corporation	Revolver	7/2/2031		226		(2	)
AB Centers Acquisition Corporation	Delayed Draw Term Loan	7/2/2026		422		(3	)
Accession Risk Management, Inc	Revolver	11/1/2029		231		—
Accession Risk Management, Inc	Delayed Draw Term Loan	8/16/2026		1,766		2
Acentra Holdings, LLC	Delayed Draw Term Loan	3/20/2026		220		(1	)
Alert Media, Inc.	Revolver	4/12/2027		109		—
AMBA Buyer, Inc.	Revolver	7/30/2027		223		(2	)
Amerilife Holdings LLC	Delayed Draw Term Loan	6/18/2026		6,322		—
Analytic Partners, LP	Revolver	4/4/2030		502		(2	)
Anchor Packaging, LLC	Revolver	4/17/2029		100		—
Apex Service Partners, LLC	Revolver	10/24/2029		211		(1	)
Aprio Advisory Group, LLC	Delayed Draw Term Loan	8/2/2026		1,764		(4	)
Aprio Advisory Group, LLC	Revolver	8/1/2031		1,114		(3	)
AQ Carver Buyer, Inc.	Revolver	8/2/2028		100		—
AQA Acquisition Holding, Inc.	Revolver	3/3/2028		100		—
Arax MidCo, LLC	Delayed Draw Term Loan	10/14/2025		710		(8	)
Arax MidCo, LLC	Revolver	4/11/2029		431		(5	)
Artifact Bidco, Inc.	Revolver	7/26/2030		399		(3	)
Artifact Bidco, Inc.	Delayed Draw Term Loan	7/27/2027		821		(6	)
Artifact Bidco, Inc.	Revolver	7/26/2030		188		(1	)
Athenahealth Group Inc.	Revolver	2/16/2027		100		—
Ave Holdings III, Corp	Revolver	2/25/2028		514		(6	)
AWP Group Holdings, Inc.	Revolver	12/23/2030		303		(1	)
Bamboo US BidCo LLC	Revolver	10/1/2029		826		(4	)
Bamboo US BidCo LLC	Delayed Draw Term Loan	3/29/2025		1,619		(8	)
BC Group Holdings, Inc.	Delayed Draw Term Loan	12/21/2026		5,893		(44	)
BCPE North Star US Holdco 2, Inc.	Revolver	6/10/2026		14		(1	)
Beyond Risk Parent Holdings, Inc.	Delayed Draw Term Loan	4/9/2026		5,843		(44	)
Blackbird Purchaser, Inc.	Delayed Draw Term Loan	12/19/2025		119		—
Blackbird Purchaser, Inc.	Revolver	12/19/2029		93		—
Blackhawk Industrial Distribution, Inc.	Revolver	9/17/2026		848		(3	)
Blackhawk Industrial Distribution, Inc.	Delayed Draw Term Loan	5/13/2025		492		(2	)
Bracket Intermediate Holding Corp.	Revolver	2/7/2028		100		(2	)
BradyPlus Holdings, LLC	Delayed Draw Term Loan	11/1/2025		551		(5	)
Bridges Consumer Healthcare Intermediate LLC	Delayed Draw Term Loan	12/21/2026		2,235		(11	)
Bridges Consumer Healthcare Intermediate LLC	Revolver	12/22/2031		894		(4	)

ANTARES PRIVATE CREDIT FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)

December 31, 2024

(in thousands)


Investments—non-controlled/non-affiliated	Commitment Type	Commitment Expiration Date	Unfunded Commitment (1)		Fair Value (1)
BVI Medical, Inc.	Revolver	8/28/2025	$	14	$	—
Carr, Riggs & Ingram Capital, L.L.C.	Revolver	11/18/2031		583		(3	)
Carr, Riggs & Ingram Capital, L.L.C.	Delayed Draw Term Loan	11/18/2026		1,458		(7	)
Cerity Partners Equity Holding LLC	Revolver	7/28/2028		542		—
Cerity Partners Equity Holding LLC	Delayed Draw Term Loan	6/7/2026		5,612		—
CFGI Holdings, LLC	Revolver	11/2/2027		270		(2	)
CFs Brands, LLC	Delayed Draw Term Loan	4/2/2025		169		(2	)
CFs Brands, LLC	Revolver	10/2/2029		493		(5	)
Chg Ppc Parent LLC	Revolver	12/8/2026		98		(1	)
Cloud Software Group, Inc.	Revolver	12/15/2028		100		—
Cold Chain Technologies, LLC	Revolver	7/2/2026		522		(1	)
Collision Sp Subco, LLC	Delayed Draw Term Loan	1/30/2026		564		—
Collision Sp Subco, LLC	Revolver	1/29/2030		271		—
Concord Global Acquisition, LLC,	Delayed Draw Term Loan	12/28/2026		1,715		(9	)
Concord Global Acquisition, LLC,	Revolver	12/26/2031		686		(3	)
Continental Buyer, Inc.	Delayed Draw Term Loan	4/3/2026		1,911		(27	)
Continental Buyer, Inc.	Revolver	4/2/2031		717		(10	)
CPC/Cirtec Holdings, Inc	Revolver	10/31/2028		558		(1	)
CRCI Longhorn Holdings, Inc.	Delayed Draw Term Loan	8/28/2026		1,530		(2	)
CRCI Longhorn Holdings, Inc.	Revolver	8/27/2031		561		(1	)
Crisis Prevention Institute, Inc.	Revolver	4/9/2029		100		—
Cub Financing Intermediate, LLC	Delayed Draw Term Loan	6/28/2026		1,741		(8	)
CVP Holdco, Inc.	Delayed Draw Term Loan	6/29/2026		1,715		(4	)
CVP Holdco, Inc.	Revolver	6/28/2030		686		(2	)
DCert Buyer, Inc.	Revolver	10/16/2026		100		—
DCG Acquisition Corp.	Delayed Draw Term Loan	6/13/2026		1,169		—
DeLorean Purchaser, Inc.	Revolver	12/16/2031		653		(5	)
Denali Buyerco LLC	Delayed Draw Term Loan	3/6/2026		1,130		(5	)
Disa Holdings Corp.	Delayed Draw Term Loan	3/1/2026		523		(7	)
DS Admiral Bidco, LLC	Revolver	6/26/2029		77		—
DT Intermediate Holdco, Inc.	Delayed Draw Term Loan	9/14/2026		1,658		(12	)
DT1 Midco Corp	Delayed Draw Term Loan	12/30/2026		2,005		(10	)
DT1 Midco Corp	Revolver	12/30/2030		802		(4	)
Dwyer Instruments, LLC	Revolver	7/20/2029		706		(7	)
Dwyer Instruments, LLC	Delayed Draw Term Loan	11/21/2026		505		(5	)
Eclipse Buyer, Inc.	Revolver	9/6/2031		676		(3	)
Eclipse Buyer, Inc.	Delayed Draw Term Loan	9/7/2026		1,333		(7	)
Edgeco Buyer, Inc.	Delayed Draw Term Loan	12/20/2026		2,771		(14	)
Edgeco Buyer, Inc.	Revolver	6/1/2028		304		(2	)

ANTARES PRIVATE CREDIT FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)

December 31, 2024

(in thousands)


Investments—non-controlled/non-affiliated	Commitment Type	Commitment Expiration Date	Unfunded Commitment (1)		Fair Value (1)
Edpo, LLC	Revolver	12/8/2026	$	53	$	—
Empower Payments Investor, LLC	Revolver	3/12/2030		163		—
Empower Payments Investor, LLC	Delayed Draw Term Loan	3/12/2026		306		—
Empyrean Solutions, LLC	Revolver	11/26/2031		207		(1	)
Empyrean Solutions, LLC	Delayed Draw Term Loan	11/25/2026		553		(3	)
Ensemble RCM, LLC	Revolver	6/27/2028		100		—
Enthusiast Auto Holdings, LLC	Revolver	12/19/2026		64		—
Enverus Holdings, Inc.	Delayed Draw Term Loan	12/22/2025		142		—
Enverus Holdings, Inc.	Revolver	12/24/2029		207		—
Eos Fitness Opco Holdings, LLC	Revolver	1/5/2028		384		(1	)
Eos Fitness Opco Holdings, LLC	Delayed Draw Term Loan	9/25/2026		641		(2	)
Essential Services Holding Corporation	Revolver	6/17/2030		247		(1	)
Essential Services Holding Corporation	Delayed Draw Term Loan	6/17/2026		395		(1	)
Excelitas Technologies Corp.	Delayed Draw Term Loan	5/1/2026		2,522		(6	)
Eyesouth Eye Care Holdco, LLC	Delayed Draw Term Loan	4/1/2026		4,256		(43	)
Flint Opco, LLC	Delayed Draw Term Loan	6/1/2026		2,093		—
Flow Control Solutions, Inc.	Revolver	3/31/2029		936		(7	)
Flow Control Solutions, Inc.	Delayed Draw Term Loan	6/28/2026		5,129		(35	)
Foreside Financial Group, LLC	Delayed Draw Term Loan	3/13/2026		11,650		—
Formulations Parent Corporation	Revolver	11/15/2029		100		—
FR Vision Holdings Inc	Revolver	1/22/2030		248		—
FR Vision Holdings Inc	Delayed Draw Term Loan	1/20/2026		572		—
Grant Thornton Advisors LLC	Delayed Draw Term Loan	6/2/2031		147		—
Ground Penetrating Radar Systems, LLC	Delayed Draw Term Loan	4/3/2027		2,158		—
Ground Penetrating Radar Systems, LLC	Revolver	4/2/2031		1,007		—
GS Acquisitionco, Inc.	Delayed Draw Term Loan	3/26/2026		156		—
GSV Holding, LLC	Revolver	10/18/2030		217		(1	)
Harvey Tool Company, LLC	Revolver	10/26/2027		964		(2	)
Harvey Tool Company, LLC	Delayed Draw Term Loan	6/28/2026		3,213		(7	)
Health Buyer LLC	Delayed Draw Term Loan	5/15/2026		2,643		(12	)
HeartLand PPC Buyer, LLC	Delayed Draw Term Loan	12/13/2025		328		(1	)
HeartLand PPC Buyer, LLC	Revolver	12/12/2029		265		(1	)
Heights Buyer, LLC	Delayed Draw Term Loan	8/26/2025		874		—
Heights Buyer, LLC	Revolver	8/25/2028		764		—
Hercules Borrower LLC	Revolver	12/15/2026		459		—
Highline Aftermarket Acquisition, LLC	Revolver	8/10/2027		100		—
HighTower Holding, LLC	Revolver	10/21/2027		100		—
HP RSS Buyer, Inc.	Delayed Draw Term Loan	3/12/2026		2,534		(44	)
HSI Halo Acquisition Inc.	Delayed Draw Term Loan	6/28/2026		1,155		(3	)

ANTARES PRIVATE CREDIT FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)

December 31, 2024

(in thousands)


Investments—non-controlled/non-affiliated	Commitment Type	Commitment Expiration Date	Unfunded Commitment (1)		Fair Value (1)
HSI Halo Acquisition Inc.	Revolver	6/28/2030	$	932	$	(2	)
HT Intermediary III, Inc.	Revolver	11/12/2030		496		(2	)
HT Intermediary III, Inc.	Delayed Draw Term Loan	11/13/2026		1,527		(7	)
Hydraulic Technologies USA LLC	Revolver	6/3/2030		98		(1	)
IG Investments Holdings, LLC	Revolver	9/22/2028		293		(1	)
ImageFirst Holdings, LLC	Revolver	4/27/2028		80		—
Imagine 360 LLC	Revolver	9/30/2028		327		(2	)
Imagine 360 LLC	Delayed Draw Term Loan	9/20/2026		767		(4	)
IMO Investor Holdings, Inc.	Revolver	5/11/2028		359		—
Innovetive Petcare, Inc.	Delayed Draw Term Loan	11/19/2026		1,877		(23	)
Integrated Power Services Holdings, Inc.	Delayed Draw Term Loan	5/7/2026		7,978		(16	)
Invictus Buyer, LLC	Delayed Draw Term Loan	6/4/2026		3,266		—
Invictus Buyer, LLC	Revolver	6/3/2031		1,210		—
JHCC Holdings LLC	Revolver	9/9/2027		84		—
KPA Parent Holdings, Inc.	Revolver	7/17/2026		677		—
Kriv Acquisition Inc.	Delayed Draw Term Loan	9/26/2026		1,338		(7	)
Kwol Acquisition, Inc.	Revolver	12/12/2029		841		(13	)
Learfield Communications, LLC	Revolver	12/31/2027		100		—
Lightbeam Bidco Inc	Revolver	5/4/2029		491		—
Lightbeam Bidco Inc	Delayed Draw Term Loan	5/7/2025		907		—
Marina Acquisition, Inc.	Revolver	7/1/2030		307		(3	)
Mclarens Midco Inc.	Delayed Draw Term Loan	12/19/2025		592		—
MDC Interior Acquisition Inc	Revolver	4/26/2030		42		—
Merlin Buyer, Inc.	Revolver	12/14/2026		1,450		(15	)
Minotaur Acquisition, Inc.	Delayed Draw Term Loan	6/4/2026		1,455		(10	)
Minotaur Acquisition, Inc.	Revolver	6/3/2030		873		(6	)
Monotype Imaging Holdings Inc.	Revolver	2/28/2030		154		—
Monotype Imaging Holdings Inc.	Delayed Draw Term Loan	2/28/2026		79		—
Montana Buyer Inc.	Revolver	7/22/2028		254		—
Movati Athletic (Group) Inc.	Delayed Draw Term Loan	5/30/2026		638		(5	)
MRI Software LLC	Revolver	2/10/2027		251		1
MRI Software LLC	Delayed Draw Term Loan	8/27/2026		1,170		3
Nasuni Corporation	Revolver	9/10/2030		1,302		(9	)
Navex Topco, Inc.	Revolver	11/9/2028		1,797		—
Nelipak Holding Company	Revolver	3/26/2031		1,076		(16	)
Nelipak Holding Company	Delayed Draw Term Loan	3/29/2027		2,486		(37	)
Net Health Acquisition Corp.	Revolver	7/3/2031		817		—
Noble Midco 3 Limited	Delayed Draw Term Loan	6/12/2027		824		(2	)
Noble Midco 3 Limited	Revolver	12/11/2030		1,120		(3	)

ANTARES PRIVATE CREDIT FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)

December 31, 2024

(in thousands)


Investments—non-controlled/non-affiliated	Commitment Type	Commitment Expiration Date	Unfunded Commitment (1)		Fair Value (1)
North Star Acquisitionco, LLC	Revolver	5/3/2029	$	780	$	—
North Star Acquisitionco, LLC	Delayed Draw Term Loan	5/1/2026		11		—
Oeconnection LLC	Delayed Draw Term Loan	12/30/2026		2,138		(4	)
Oeconnection LLC	Delayed Draw Term Loan	4/22/2026		771		(1	)
Oeconnection LLC	Revolver	4/22/2031		482		(1	)
ONS MSO, LLC	Revolver	7/8/2026		11		—
ONS MSO, LLC	Delayed Draw Term Loan	12/13/2025		113		—
Onsite Holdings, LLC	Revolver	12/28/2025		75		—
Onyx-Fire Protection Services Inc.	Revolver	7/31/2031		1,494		(7	)
Onyx-Fire Protection Services Inc.	Delayed Draw Term Loan	7/31/2026		946		(5	)
Packaging Coordinators Midco, Inc.	Revolver	8/31/2027		100		—
Pareto Health Intermediate Holdings, Inc.	Delayed Draw Term Loan	6/20/2026		653		(3	)
Pathstone Family Office LLC	Revolver	5/15/2028		374		(2	)
Pathstone Family Office LLC	Delayed Draw Term Loan	6/22/2026		1,454		(7	)
Patriot Growth Insurance Services, LLC	Revolver	10/16/2028		267		—
Phantom Purchaser, Inc.	Revolver	9/19/2031		382		(1	)
Phoenix 1 Buyer Corporation	Revolver	11/20/2029		1,142		—
Potters Industries LLC	Revolver	9/14/2027		94		—
Power Grid Holdings, Inc.	Revolver	12/2/2030		890		—
Premise Health Holding Corp.	Revolver	3/1/2030		712		—
Prism Parent Co. Inc.	Delayed Draw Term Loan	9/19/2025		849		(17	)
Proampac PG Borrower LLC	Revolver	6/16/2028		89		—
Project Accelerate Parent LLC	Revolver	2/24/2031		100		—
Propio LS, LLC	Revolver	7/17/2029		1,704		(4	)
Propio LS, LLC	Delayed Draw Term Loan	7/25/2026		3,409		(9	)
Psc Parent, Inc.	Revolver	4/3/2030		84		—
Psc Parent, Inc.	Delayed Draw Term Loan	4/3/2025		389		—
Quality Automotive Services, LLC	Revolver	7/16/2027		257		(1	)
Quality Automotive Services, LLC	Delayed Draw Term Loan	1/19/2026		212		(1	)
Red Fox CD Acquisition Corporation	Delayed Draw Term Loan	12/1/2025		3,963		(30	)
Resonetics, LLC	Revolver	6/18/2029		100		—
Ridge Trail US Bidco, Inc.	Delayed Draw Term Loan	3/31/2027		2,995		(22	)
Ridge Trail US Bidco, Inc.	Revolver	3/31/2031		729		(5	)
Rimkus Consulting Group, Inc.	Revolver	4/1/2030		1,201		(6	)
Rimkus Consulting Group, Inc.	Delayed Draw Term Loan	4/1/2026		2,011		(10	)
Riser Interco LLC	Delayed Draw Term Loan	6/5/2026		1,752		(18	)
Routeware, Inc.	Delayed Draw Term Loan	9/19/2026		1,477		(4	)
Routeware, Inc.	Revolver	9/18/2031		341		(1	)
Ruppert Landscape, LLC	Revolver	12/1/2028		320		(4	)

ANTARES PRIVATE CREDIT FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)

December 31, 2024

(in thousands)


Investments—non-controlled/non-affiliated	Commitment Type	Commitment Expiration Date	Unfunded Commitment (1)		Fair Value (1)
Ruppert Landscape, LLC	Delayed Draw Term Loan	4/30/2026	$	4,009	$	(55	)
Ryan, LLC	Revolver	11/14/2028		94		—
Safety Borrower Holdings LLC	Revolver	9/1/2027		374		(2	)
Sako and Partners Lower Holdings LLC.	Revolver	9/15/2028		418		(1	)
Seahawk Bidco, LLC	Delayed Draw Term Loan	12/19/2026		1,818		(7	)
Seahawk Bidco, LLC	Revolver	12/19/2030		545		(2	)
Service Logic Acquisition, Inc.	Revolver	4/30/2027		100		—
Simplicity Financial Marketing Group Holdings, Inc.	Delayed Draw Term Loan	12/31/2026		1,805		(9	)
Simplicity Financial Marketing Group Holdings, Inc.	Revolver	12/31/2031		903		(5	)
Southpaw Ap Buyer, LLC	Revolver	3/2/2028		252		—
Southpaw Ap Buyer, LLC	Delayed Draw Term Loan	5/1/2026		189		—
Spartan Bidco PTY LTD	Revolver	1/24/2028		385		(4	)
Spirit RR Holdings, Inc.	Revolver	9/13/2028		272		(2	)
Spirit RR Holdings, Inc.	Delayed Draw Term Loan	12/19/2025		235		(2	)
St Athena Global LLC	Revolver	6/26/2029		448		(6	)
St Athena Global LLC	Delayed Draw Term Loan	6/26/2026		164		(2	)
STCH Acquisition Inc.	Revolver	10/30/2026		196		(1	)
Storable, Inc.	Revolver	4/16/2026		75		—
Sugar Ppc Buyer LLC	Delayed Draw Term Loan	7/10/2026		6,800		(34	)
Surfaceprep Buyer, LLC	Delayed Draw Term Loan	2/2/2026		150		(2	)
Surfaceprep Buyer, LLC	Revolver	2/4/2030		317		(4	)
Team Acquisition Corporation	Revolver	11/21/2028		100		(4	)
Tersera Therapeutics, LLC	Revolver	4/4/2029		116		—
The Chartis Group, LLC	Delayed Draw Term Loan	9/17/2026		388		(2	)
The Chartis Group, LLC	Revolver	9/17/2031		194		(1	)
The GI Alliance Management, LLC	Delayed Draw Term Loan	3/7/2026		6,536		—
The Hiller Companies, LLC	Revolver	6/20/2030		1,299		(3	)
The Hiller Companies, LLC	Delayed Draw Term Loan	6/22/2026		1,538		(4	)
The Ultimus Group Midco, LLC	Delayed Draw Term Loan	3/8/2026		1,302		—
The Ultimus Group Midco, LLC	Revolver	3/7/2030		868		—
THG Acquisition, LLC	Revolver	10/31/2031		306		(1	)
THG Acquisition, LLC	Delayed Draw Term Loan	10/30/2026		660		(3	)
TPC Engineering Holdings, Inc.	Revolver	2/16/2027		148		(2	)
Trilon Group, LLC	Delayed Draw Term Loan	10/16/2025		3,168		(20	)
Trilon Group, LLC	Revolver	5/25/2029		1,061		(7	)
Trimech Acquisition Corp.	Revolver	3/10/2028		1,457		(15	)
Trimech Acquisition Corp.	Delayed Draw Term Loan	8/15/2026		2,480		(25	)
Truck-Lite Co., LLC	Delayed Draw Term Loan	2/13/2026		176		—
Truck-Lite Co., LLC	Revolver	2/13/2030		176		—

ANTARES PRIVATE CREDIT FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)

December 31, 2024

(in thousands)


Investments—non-controlled/non-affiliated	Commitment Type	Commitment Expiration Date	Unfunded Commitment (1)		Fair Value (1)
Trunk Acquisition, Inc.	Delayed Draw Term Loan	12/20/2026	$	1,845	$	(9	)
US Fitness Holdings, LLC	Delayed Draw Term Loan	9/4/2026		2,205		(10	)
US Fitness Holdings, LLC	Revolver	9/4/2030		138		(1	)
USRP Holdings, Inc.	Revolver	12/31/2029		900		—
USRP Holdings, Inc.	Delayed Draw Term Loan	8/28/2026		2,773		—
Vaco Holdings, LLC	Revolver	1/21/2027		100		—
Valet Waste Holdings, Inc.	Delayed Draw Term Loan	9/8/2025		7,213		—
Valicor PPC Intermediate II LLC	Revolver	1/24/2028		633		(1	)
Vensure Employer Services, Inc.	Delayed Draw Term Loan	9/27/2026		476		(2	)
Vertex Service Partners, LLC	Delayed Draw Term Loan	10/2/2026		245		(1	)
Vessco Midco Holdings, LLC	Delayed Draw Term Loan	7/24/2026		1,220		(6	)
Vessco Midco Holdings, LLC	Revolver	7/24/2031		552		(3	)
Victors Purchaser, LLC	Delayed Draw Term Loan	8/15/2026		2,194		(5	)
Victors Purchaser, LLC	Revolver	8/15/2031		1,065		(3	)
Victory Buyer LLC	Revolver	11/19/2026		54		(1	)
Vital Care Buyer, LLC	Revolver	7/30/2031		696		(3	)
VPP Intermediate Holdings, LLC	Revolver	12/1/2027		228		(1	)
VPP Intermediate Holdings, LLC	Delayed Draw Term Loan	2/7/2025		115		—
VS Buyer, LLC	Revolver	4/12/2029		100		—
W2O Holdings, Inc.	Revolver	6/12/2028		92		—
Walter Surface Technologies Inc.	Delayed Draw Term Loan	12/30/2025		373		—
Wealth Enhancement Group, LLC	Revolver	10/2/2028		323		(2	)
Wealth Enhancement Group, LLC	Delayed Draw Term Loan	12/30/2026		9,677		(69	)
Wildcat Topco, Inc.	Revolver	11/17/2031		270		(1	)
Wildcat Topco, Inc.	Delayed Draw Term Loan	11/16/2026		270		(1	)
WPP Bullet Buyer, LLC	Revolver	12/7/2029		18		—
WRE Holding Corp.	Delayed Draw Term Loan	7/2/2026		415		(2	)
WRE Holding Corp.	Revolver	7/2/2030		316		(2	)
Wu Holdco, Inc.	Revolver	3/26/2027		238		(1	)
Wu Holdco, Inc.	Delayed Draw Term Loan	7/12/2026		1,049		(5	)
YA Intermediate Holdings II, LLC	Revolver	10/1/2031		1,030		(5	)
YA Intermediate Holdings II, LLC	Delayed Draw Term Loan	10/2/2026		2,258		(11	)
YLG Holdings, Inc.	Revolver	12/23/2030		1,214		(6	)
YLG Holdings, Inc.	Delayed Draw Term Loan	12/23/2030		772		(4	)
Zelis Cost Management Buyer, Inc.	Revolver	1/17/2029		100		—
Zinc Buyer Corporation	Delayed Draw Term Loan	7/24/2026		1,613		(12	)
Zinc Buyer Corporation	Revolver	7/24/2031		790		(6	)
Zone Climate Services, Inc.	Revolver	3/9/2028		318		(6	)
Zone Climate Services, Inc.	Delayed Draw Term Loan	11/22/2025		3,182		(38	)
Total Unfunded Commitments			$	290,998	$	(1,327	)

(1)

Foreign domiciled investments have been converted to U.S. Dollars based on prevailing rates at period-end.

ANTARES PRIVATE CREDIT FUND

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

(in thousands, except share/per share data, percentages and as otherwise noted)

Note 1. Business and Organization

Antares Private Credit Fund (the “Company”) is a Delaware statutory trust formed on May 1, 2023 which commenced investment operations on November 5, 2024. The Company was organized to provide risk-adjusted returns and current income to shareholders by investing primarily in loans to borrowers in the United States and Canada. The Company’s investment strategy focuses primarily on private credit investments structured as portfolio loans to U.S. borrowers. A “portfolio loan” is a senior secured loan, which may be first lien, second lien or unitranche loans, consisting of term loans, related delayed draw term loans and/or revolving loans. Each tranche of a senior secured loan acquired by the Company is referred to as a portfolio loan. The Company is a non-diversified, closed-end management investment company that has elected to be regulated as a business development company (“BDC”) under the Investment Company Act of 1940, as amended (the “1940 Act”). In addition, the Company intends to elect to be treated and intends to comply with the requirements to qualify annually, as a regulated investment company (“RIC”) under the Internal Revenue Code of 1986, as amended (the “Code”). The Company is externally managed by Antares Capital Credit Advisers LLC (the “Adviser”). The Adviser is a registered investment adviser with the U.S. Securities and Exchange Commission (the “SEC”).

The Company is a non-exchange traded, perpetual-life BDC, whose common shares are not listed for trading on a stock exchange or other securities market and is an investment vehicle with indefinite duration.

While the Company’s investment strategy primarily focuses on companies in the U.S., the Company intends to also invest in companies in Canada, Europe and other locations outside the U.S, subject to compliance with BDC requirements to invest at least 70% of assets in “eligible portfolio companies". The Company may also invest in preferred equity or debt investments that may be accompanied by equity-related securities (such as options or warrants) and/or select common equity investments.

The Company’s investment strategy also includes a smaller allocation to more liquid credit investments such as broadly syndicated loans and corporate bonds, which may be used primarily to maintain liquidity for the Company’s share repurchase program and manage cash before investing subscription proceeds into originated loans, while also seeking attractive investment returns. The Company may also invest in publicly traded securities of larger corporate issuers on an opportunistic basis when market conditions create compelling potential return opportunities subject to compliance with BDC requirements.

The Company is currently offering on a continuous basis up to $2.0 billion of Common Shares of beneficial interest pursuant to an offering registered with the Securities and Exchange Commission (the “Offering”). We expect to offer to sell any combination of three classes of Common Shares, Class I shares, Class D shares, and Class S shares, with a dollar value up to the maximum offering amount. The share classes have different ongoing shareholder servicing and/or distribution fees. The initial purchase price for the Common Shares of beneficial interest was $25.00 per share for Class I shares; no Class S or Class D shares have been issued as of March 31, 2025. Thereafter, the purchase price per share for each class of Common Shares will equal the net asset value (“NAV”) per share, as of the effective date of the monthly share purchase date. We may also engage in private offerings of its Common Shares.

The Company may enter into interest rate, foreign exchange, and/or other derivative arrangements to hedge against interest rate, currency, and/or other credit related risks through the use of futures, swaps, options and forward contracts. These hedging activities will be subject to the applicable legal and regulatory compliance requirements; however, there can be no assurance any hedging strategy employed will be successful. The Company may also seek to borrow capital in local currency as a means of hedging non-U.S. dollar denominated investments.

Engaging in commodity interest transactions such as swap transactions or futures contracts for the Company may cause the Adviser to fall within the definition of “commodity pool operator” under the Commodity Exchange Act (the “CEA”) and related Commodity Futures Trading Commission (the “CFTC”) regulations. The Adviser has claimed an exclusion from the definition of the term “commodity pool operator” under the CEA and the CFTC regulations in connection with its management of the Company and, therefore, is not subject to CFTC registration or regulation under the CEA as a commodity pool operator with respect to its management of the Company.

The Company has formed wholly owned subsidiaries for the purpose of holding certain investments in portfolio companies. As of March 31, 2025, the Company’s wholly owned subsidiaries were formed as Delaware limited liability companies and included: APCF Funding SPV LLC, APCF Masterfund LLC and APCF Equity Holdings LLC (collectively, the “Subsidiaries”). The Company consolidates its wholly owned subsidiaries in these consolidated financial statements from the date of the commencement of operations of the Company.

Note 2. Significant Accounting Policies

Basis of Presentation

Interim consolidated financial statements and related financial information have been prepared in accordance with U.S. GAAP and pursuant to the requirements for reporting on Form 10-Q and Articles 6 through 10 of Regulation S-X. The Company is considered an Investment Company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies in the Financial Accounting Standards Board Accounting Standards Codification ("ASC") Topic 946, Financial Services – Investment Companies (“ASC 946”), and pursuant to Regulation S-X. The current period’s results of operations will not necessarily be indicative of results that ultimately be achieved for the year ended December 31, 2025. In the opinion of management, all adjustments, which are of a normal recurring nature, considered necessary for the fair statement of the consolidated financial statements for the periods presented, have been included.

Consolidation

As provided under ASC 946, the Company will not consolidate its investment in a company other than an investment company subsidiary or a controlled operating company whose business consists of providing services to the Company. Accordingly, the Company consolidated the accounts of the wholly owned subsidiaries in the consolidated financial statements. All intercompany balances have been eliminated.

Segment Reporting

In accordance with ASC Topic 280, Segment Reporting (“ASC 280”), the Company has determined that it has a single operating and reporting segment. As a result, the Company’s segment accounting policies are the same as described herein and the Company does not have any intra-segment sales and transfers of assets.

Use of Estimates

The preparation of the consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions about future economic and market conditions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements. Although the Company’s estimates contemplate current conditions and how they expect them to change in the future, it is reasonably possible that actual results could differ from those estimates and such difference could be material.

Cash and Cash Equivalents

Cash and cash equivalents consist of demand deposits and highly liquid investments, such as money market funds, with original maturities of three months or less. Cash and cash equivalents are carried at cost, which approximates fair value. The Company deposits its cash and cash equivalents with financial institutions and, at times, may exceed the Federal Deposit Insurance Corporation insured limit.

Organization and Offering Expenses

Organization costs include costs relating to the formation and organization of the Company. Such costs are expensed as incurred. For the three months ended March 31, 2025 and March 31, 2024, the Company incurred $24 and $142 in organization costs, respectively. This amount is included in due to affiliates on the Consolidated Statements of Assets and Liabilities as of March 31, 2025 and December 31, 2024.

Costs associated with the Offering are capitalized and included as deferred offering costs on the Consolidated Statements of Assets and Liabilities and are amortized over a twelve-month period beginning on the commencement of operations date. For the three months ended March 31, 2025, the Company incurred $679 of offering costs and amortized $476 during the period.

As of March 31, 2025 and December 31, 2024, $1,146 and $943, respectively, in deferred offering costs were included on the Consolidated Statements of Assets and Liabilities.

Investments

Investment transactions are recorded on the trade date. Realized gains or losses are measured by the difference between the net proceeds received (excluding prepayment fees, if any) and the amortized cost basis of the investment using the specific identification method without regard to unrealized gains or losses previously recognized, and include investments charged off during the period, net of recoveries. The net change in unrealized gains or losses primarily reflects the change in investment values, including the reversal of previously recorded unrealized gains or losses with respect to investments realized during the period.

Valuation of Investments

The Company is required to report its investments for which current market values are not readily available at fair value. The Company values its investments in accordance with ASC Topic 820, Fair Value Measurement (“ASC 820”), which defines fair value as the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the applicable measurement date. ASC 820 prioritizes the use of observable market prices derived from such prices over entity-specific inputs. Due to the inherent uncertainties of valuation, certain estimated fair values may differ significantly from the values that would have been realized had a ready market for these investments existed, and these differences could be material.

Investments for which market quotations are readily available are typically valued using mid-market pricing (i.e., mid-point of average bid and ask prices). The Adviser obtains these market quotations from independent pricing services, if available; otherwise from at least two principal market makers or primary market dealers. To assess the continuing appropriateness of pricing sources and methodologies, the Adviser performs, from time to time, price verification procedures and issues challenges as necessary to independent pricing services or brokers, and any differences are reviewed in accordance with the valuation procedures. The Adviser does not adjust the prices unless it has a reason to believe market quotations are not reflective of the fair value of an investment.

Where prices or inputs are not available, or, in the judgment of the Adviser, not reliable, valuation approaches based on the facts and circumstances of the particular investment are utilized. Securities that are not publicly traded or for which market prices are not readily available, as the case for a substantial portion of the Company’s investments, are valued at fair value as determined in good faith by the Adviser as the Company’s valuation designee under Rule 2a-5 under the 1940 Act, pursuant to the Company’s valuation policy, and under the oversight of the Board of Trustees (the "Board"), based on, among other things, the input of the Company’s management and the audit committee. In addition, the Adviser has retained independent valuation firms to review valuations on a rotational basis. These valuation approaches involve some level of management estimation and judgment, the degree of which is dependent on the price transparency for the investments or market and the investments’ complexity.

With respect to investments for which market quotations are not readily available, the Adviser undertakes a multi-step valuation process each quarter, among other procedures, as described below:

•

The valuation process begins with each investment being preliminarily reviewed by the Adviser’s valuation team in consultation with the Adviser’s investment professionals responsible for each portfolio investment;

•

At least once annually the valuation for each investment (subject to a de minimis threshold), is reviewed by an independent valuation firm. The independent valuation firms provide a final range of values on such investments to the Adviser. The independent valuation firms also provide analyses to support their valuation methodology and calculations;

•

The Adviser’s valuation committee with respect to the Company (the "Valuation Committee") reviews each valuation recommendation to confirm they have been calculated in accordance with the valuation policy and compares such valuations to the independent valuation firms’ valuation ranges to ensure the Adviser’s valuations are reasonable;

•

The Adviser’s Valuation Committee then determines fair value marks for each of the Company’s portfolio investments; and

•

The Board and audit committee of the Company periodically review the valuation process and provide oversight in accordance with the requirements of Rule 2a-5 under the 1940 Act.

As part of the valuation process, the Company takes into account relevant factors in determining the fair value of the Company’s investments for which reliable market quotations are not readily available, many of which are loans, including and in combination, as relevant, any of: (i) the estimated enterprise value of a Portfolio Company, generally based on an analysis of discounted cash flows, publicly traded comparable companies and comparable transactions, (ii) the nature and realizable value of any collateral, (iii) the Portfolio Company’s ability to make payments based on its earnings and cash flow, (iv) the markets in which the Portfolio Company does business, and (v) overall changes in the interest rate environment and the credit markets that may affect the price at which similar investments may be made in the future. When an external event such as a purchase transaction, public offering or subsequent equity or debt sale occurs, the Adviser considers whether the pricing indicated by the external event corroborates its valuation.

The Company’s accounting policy on the fair value of the investments is critical because the determination of fair value involves subjective judgments and estimates. Accordingly, the Company’s consolidated financial statements express the uncertainty with respect to the possible effect of these valuations, and any change in these valuations, on the consolidated financial statements.

Revenue Recognition

The Company generates revenue in the form of interest and fee income on debt investments, capital gains, and dividend income from the equity investments in portfolio companies. The senior and subordinated debt investments bear interest at a fixed or floating rate. Interest on debt investments is generally payable quarterly or semiannually. In some cases, some of the investments provide for deferred interest payments or PIK interest. In addition, the Company generates revenue from various fees in the ordinary course of business such as in the form of structuring, consent, waiver, amendment, syndication and other miscellaneous fees. Original issue discounts and market discounts or premiums are capitalized, and the Company accretes or amortizes such amounts as interest income.

Interest Income

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

Dividend Income

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

PIK Income

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

Fee Income

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

Non-Accrual Income

Loans are generally placed on non-accrual status when there is reasonable doubt that principal or interest will be collected in full. Accrued interest is generally reversed when a loan is placed on non-accrual status. Additionally, any original issue discount and market discount are no longer accreted to interest income as of the date the loan is placed on non-accrual status. Interest payments received on non-accrual loans may be recognized as income or applied to principal depending upon management’s judgment regarding collectability. Non-accrual loans are restored to accrual status when past due principal and interest is paid current and, in management’s judgment, are likely to remain current. Management may make exceptions to this treatment and determine to not place a loan on non-accrual status if the loan has sufficient collateral value and is in the process of collection.

Deferred Financing Costs

Deferred financing costs represent fees and other direct incremental costs incurred in connection with the Company’s borrowings. These expenses are deferred and amortized into interest expense over the life of the related debt instrument using the straight-line method. Deferred financing costs related to the Company’s borrowings are presented as an offset against the debt outstanding on the Consolidated Statements of Assets and Liabilities.

Income Taxes

The Company intends to elect to be treated, and intends to qualify each taxable year thereafter, as a RIC under the Code. So long as the Company maintains its status as a RIC, it generally will not pay corporate-level U.S. federal income taxes on any ordinary income or capital gains that it distributes at least annually to its shareholders as dividends. Rather, any tax liability related to income earned and distributed by the Company would represent obligations of the Company’s shareholders and would not be reflected in the consolidated financial statements of the Company.

The Company evaluates tax positions taken or expected to be taken in the course of preparing its consolidated financial statements to determine whether the tax positions are “more-likely-than-not” to be sustained by the applicable tax authority. Tax positions not deemed to meet the “more- likely-than-not” threshold are reserved and recorded as a tax benefit or expense in the current year. All penalties and interest associated with income taxes are included in income tax expense. Conclusions regarding tax positions are subject to review and may be adjusted at a later date based on factors including, but not limited to, on-going analyses of tax laws, regulations and interpretations thereof.

To qualify for and maintain qualification as a RIC, the Company must, among other things, meet certain source-of-income and asset diversification requirements. In addition, to qualify for RIC tax treatment, the Company must distribute to its shareholders, for each taxable year, at least 90% of the sum of (i) its “investment company taxable income” for that year (without regard to the deduction for dividends paid), which is generally its ordinary income plus the excess, if any, of its realized net short-term capital gains over its realized net long-term capital losses and (ii) its net tax-exempt income.

In addition, pursuant to the excise tax distribution requirements, the Company will be subject to a 4% non-deductible federal excise tax on undistributed income unless the Company distributes in a timely manner in each taxable year an amount at least equal to the sum of (1) 98% of its ordinary income for the calendar year, (2) 98.2% of capital gain net income (both long-term and short-term) for the one-year period ending October 31 in that calendar year and (3) any income realized, but not distributed, in prior years. For this purpose, however, any ordinary income or capital gain net income retained by the Company that is subject to corporate income tax is considered to have been distributed.

Distributions

To the extent that the Company has taxable income available, the Company intends to make monthly distributions to its shareholders. Distributions to shareholders are recorded on the record date. All distributions will be paid at the discretion of the Board and will depend on the Company’s earnings, financial condition, maintenance of the Company’s tax treatment as a RIC, compliance with applicable BDC regulations and such other factors as the Board may deem relevant from time to time.

Distributions to shareholders by the Company of ordinary income (including “market discount” realized by the Company on the sale of debt securities), and of net short-term capital gains, if any, realized by the Company are generally taxable to U.S. shareholders as ordinary income to the extent such distributions are paid out of the Company’s current or accumulated earnings and profits. Distributions, if any, of net capital gains properly reported as “capital gain dividends” will be taxable as long-term capital gains, regardless of the length of time the shareholder has owned the Company’s shares. A distribution of an amount in excess of the Company’s current and accumulated earnings and profits (as determined for U.S. federal income tax purposes) will be treated by a shareholder as a return of capital which will be applied against and reduce the shareholder’s basis in his or her shares. To the extent that the amount of any such distribution exceeds the shareholder’s basis in his or her shares, the excess will be treated by the shareholder as gain from a sale or exchange of the shares. Distributions paid by the Company generally will not be eligible for the dividends received deduction allowed to corporations or for the reduced rates applicable to certain qualified dividend income received by non-corporate shareholders.

Distributions will be treated in the manner described above regardless of whether such distributions are paid in cash or invested in additional shares pursuant to the distribution reinvestment plan. Shareholders receiving distributions in the form of additional shares will generally be treated as receiving a distribution in the amount of the fair market value of the distributed shares. The additional shares received by a shareholder pursuant to the distribution reinvestment plan will have a new holding period commencing on the day following the day on which the shares were credited to the shareholder’s account.

The Company may elect to retain its net capital gain or a portion thereof for investment and be taxed at corporate rates on the amount retained. In such case, it may designate the retained amount as undistributed capital gains in a notice to its shareholders, who will be treated as if each received a distribution of its pro rata share of such gain, with the result that each shareholder will (i) be required to report its pro rata share of such gain on its tax return as long-term capital gain, (ii) receive a refundable tax credit for its pro rata share of tax paid by the Company on the gain and (iii) increase the tax basis for its shares by an amount equal to the deemed distribution less the tax credit.

Recent Accounting Pronouncements

The Company considers the applicability and impact of all accounting standard updates (“ASU”) issued by the Financial Accounting Standards Board (the “FASB”).

In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (“ASU 2023-07”), which enhances disclosure requirements about significant segment expenses that are regularly provided to the chief operating decision maker (the “CODM”). ASU 2023-07, among other things, (i) requires a single segment public entity to provide all of the disclosures as required by ASC 280, (ii) requires a public entity to disclose the title and position of the CODM and an explanation of how the CODM uses the reported measure(s) of segment profit or loss in assessing segment performance and deciding how to allocate resources and (iii) provides the ability for a public entity to elect more than one performance measure. ASU 2023-07 is effective for the fiscal years beginning after December 15, 2023, and interim periods beginning with the first quarter ended March 31, 2025. Early adoption is permitted and retrospective adoption is required for all prior periods presented. The Company has adopted ASU 2023-07 effective December 31, 2024 and concluded that the application of this guidance did not have any material impact on its consolidated financial statements. See Note 11 for more information on the effects of the adoption of ASU 2023-07.

In November 2024, the FASB issued ASU 2024-03, “Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 2200-40),” which requires disaggregated disclosure of certain costs and expenses, including purchases of inventory, employee compensation, depreciation, amortization and depletion, in each relevant expense caption. ASU 2024-03 is effective for fiscal years beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. Early adoption and retrospective application is permitted. The Company is currently assessing the impact of this guidance, however, the Company does not expect a material impact on its consolidated financial statements.

Other than the aforementioned guidance, the Company’s management does not believe that any recently issued, but not yet effective, accounting standards, if currently adopted, would have a material effect on the accompanying consolidated financial statements.

Note 3. Agreements and Related Party Transactions

Investment Advisory Agreement

On October 16, 2023, the Board approved an investment advisory agreement with the Adviser (“Investment Advisory Agreement”), pursuant to which the Adviser manages the Company on a day-to-day basis. Under the terms of the Investment Advisory Agreement, the Adviser is responsible for determining the composition of the Company’s portfolio, identifying investment opportunities and making investment decisions, monitoring investments, performing due diligence on prospective portfolio companies, and negotiating, obtaining and managing financing facilities and other forms of leverage.

The Company pays the Adviser fees for its services under the Investment Advisory Agreement. The fees consist of two components: a management fee and an incentive fee. The cost of both the management fee and the incentive fee are ultimately borne by the Company’s shareholders.

The Adviser has agreed to waive its management and incentive fees through the first six months following the effective date of the Company’s registration statement on Form N-2, which was declared effective on February 12, 2025.

Management fee

The base management fee is payable monthly in arrears at an annual rate of 1.25% of the average of the Company’s net asset value as of the first business day of the applicable month. For the three months ended March 31, 2025, the Company incurred management fees of $1,965, and the Adviser elected to waive these fees resulting in zero management fees for the period. For the three months ended March 31, 2024, the Company had not commenced operations and did not accrue any management fees.

Incentive fee

The incentive fee consists of two components that are independent of each other, with the result that one component may be payable even if the other is not. A portion of the incentive fee is based on a percentage of income and a portion is based on a percentage of capital gains, each described below.

Investment income incentive fee

The investment income based incentive fee is based on “Pre-Incentive Fee Net Investment Income Returns” meaning dividends, cash interest or other distributions or other cash income and any third-party fees received from portfolio companies (such as upfront fees, commitment fees, origination fees, amendment fees, ticking fees and break-up fees, as well as prepayments premiums, but excluding fees for providing managerial assistance and fees earned by the Adviser or an affiliate in its capacity as an administrative agent, syndication agent, collateral agent, loan servicer or other similar capacity) accrued during the month, minus operating expenses for the month (including the Management Fee, taxes, any expenses payable under the Investment Advisory Agreement and Administration Agreement (as defined below), any expense of securitizations, and interest expense or other financing fees and any dividends paid on preferred shares, but excluding the Incentive Fee and shareholder servicing and /or distribution fees). Pre-Incentive Fee Net Investment Income Returns includes, in the case of investments with a deferred interest feature (such as original issue discount, debt instruments with PIK interest and zero-coupon securities), accrued income that has not yet been received in cash. Pre-Incentive Fee Net Investment Income Returns do not include any realized capital gains, realized capital losses or unrealized capital appreciation or depreciation. The impact of expense support payments and recoupments are also excluded from Pre-Incentive Fee Net Investment Income Returns.

Pre-Incentive Fee Net Investment Income Returns, expressed as a rate of return on the value of net assets at the end of the preceding quarter, is compared to a “hurdle rate” of return of 1.50% per quarter (6.0% annualized). The Company pays an incentive fee quarterly as follows:

•

No Investment Income Incentive Fee based on Pre-Incentive Fee Net Investment Income Returns in any calendar quarter in which the Pre-Incentive Fee Net Investment Income Returns does not exceed the hurdle rate of 1.50% per quarter (6.0% annualized).

•

100% of the dollar amount of the Pre-Incentive Fee Net Investment Income Returns with respect to that portion of such Pre-Incentive Fee Net Investment Income Returns, if any, that exceeds the hurdle rate but is less than a rate of return of 1.71% (6.86% annualized).

•

12.5% of the dollar amount of the Pre-Incentive Fee Net Investment Income Returns, if any, that exceed a rate of return of 1.71% (6.86% annualized).

Capital gains incentive fee

The second component of the incentive fee, the capital gains incentive fee, is payable at the end of each calendar year in arrears. The amount payable is equal to 12.5% of cumulative realized capital gains from inception through the end of such calendar year, computed net of all realized capital losses and unrealized capital depreciation on a cumulative basis, less the aggregate amount of any previously paid capital gains incentive fee as calculated in accordance with U.S. GAAP. U.S. GAAP requires that the capital gains incentive fee accrual consider the cumulative aggregate unrealized capital appreciation in the calculation, as a capital gains incentive fee would be payable if such unrealized capital appreciation were realized, even though such unrealized capital appreciation is not permitted to be considered in calculating the fee actually payable under the investment advisory agreement. Such accrual is calculated using the aggregate cumulative realized capital gains and losses and aggregate cumulative unrealized capital depreciation included in the calculation of the capital gains incentive fee plus the aggregate cumulative unrealized capital appreciation, net of any expense associated with cumulative unrealized capital depreciation or appreciation. If such amount is positive at the end of a period, then U.S. GAAP requires the Company to record a capital gains incentive fee equal to 12.5% of such cumulative amount, less the aggregate amount of actual capital gains incentive fees paid or capital gains incentive fees accrued under U.S. GAAP in all prior periods.

For purposes of computing the Company’s investment income incentive fee and capital gains incentive fee, the calculation methodology looks through derivative financial instruments or swaps as if the Company owned the reference assets directly. The fees that are payable under the Investment Advisory Agreement for any partial period are appropriately prorated.

For the three months ended March 31, 2025, the Company incurred income based incentive fees of $2,269, and did not incur capital gains incentive fees during the period. Gross capital gains incentive fee is net of reversal on accrued capital gains incentive fees. For the three months ended March 31, 2025, the Adviser agreed to waive $2,269 in total incentive fees, resulting in zero incentive fees payable. For the three months ended March 31, 2024, the Company had not commenced operations and did not accrue any incentive fees.

Licensing Agreement

As part of the Investment Advisory Agreement, the Adviser, on behalf of Antares Holdings LLC, agreed to grant the Company a fully paid- up, royalty-free, non-exclusive, non-transferable license to use “Antares” for specified purposes in the Company’s business, during the term of the Investment Advisory Agreement. Other than with respect to this limited license, the Company will have no legal right to the “Antares” name.

Administration Agreement

On October 16, 2023, the Board approved the administration agreement (the “Administration Agreement”) with Antares Capital Credit Advisers LLC (in such role, the “Administrator”). Under the terms of the Administration Agreement, the Administrator provides, or oversees the performance of, administrative and compliance services, including, but not limited to, maintaining financial records, overseeing the calculation of net asset value, compliance monitoring (including diligence and oversight of the Company’s other service providers), preparing reports to shareholders and reports filed with the SEC, preparing materials and coordinating meetings of the Company’s Board, managing the payment of expenses and the performance of administrative and professional services rendered by others and providing office space, equipment and office services.

The Company reimburses the Administrator for its costs, expenses and allocable portion of overhead (including compensation of personnel performing administrative duties) in connection with the services performed for the Company pursuant to the terms of the Administration Agreement. For the three months ended March 31, 2025, the Company incurred administrative fees of $156. For the three months ended March 31, 2024, the Company had not commenced operations and did not accrue any administrative fees.

Sub-administration Agreement

In addition, pursuant to the terms of the Administration Agreement, the Administrator may delegate its obligations under the Administration Agreement to an affiliate or to a third party and the Company reimburses the Administrator for any services performed for the Company by such affiliate or third party.

The Administrator hired U.S. Bancorp Fund Services, LLC to assist with sub-administration and fund accounting services.

Acquisition of Seed Portfolio

On November 5, 2024, the Company acquired 100% of the equity interests in APCF Masterfund LLC and APCF Funding SPV LLC (the “Subsidiaries”) from certain affiliates of the Adviser.

For the three months ended March 31, 2025, the Company paid the Adviser $2,409 in connection with the acquisition price of APCF Masterfund LLC. As of March 31, 2025, there are no outstanding balances in connection with the acquisition of APCF Masterfund LLC.

For the three months ended March 31, 2025 the Adviser paid the Company $2,195 in connection with the acquisition price of APCF Funding SPV LLC. As of March 31, 2025, there are no outstanding balances in connection with the acquisition of APCF Funding SPV LLC.

Distribution and Servicing Plan

The Board approved a distribution and servicing plan (the “Distribution and Servicing Plan”). The following table shows the shareholder servicing and/or distribution fees the Company pays the Managing Dealer with respect to the Class I, Class S and Class D on an annualized basis as a percentage of NAV for such class. The Managing Dealer is a broker-dealer registered with the SEC and is a member of the Financial Industry Regulatory Authority ("FINRA").


	Shareholder Servicing and/or Distribution Fee as a % of NAV
Class I shares	—
Class S shares	0.85	%
Class D shares	0.25	%

The shareholder servicing and/or distribution fees are paid monthly in arrears, calculated using the NAV of the applicable class as of the beginning of the first calendar day of the month and subject to FINRA and other limitations on underwriting compensation. As of March 31, 2025, no Class S shares or Class D shares have been issued.

Expense Support Agreement

On October 16, 2023. the Company has entered into an Expense Support and Conditional Reimbursement Agreement (the “Expense Support Agreement”) with the Adviser. Pursuant to the Expense Support Agreement, the Adviser is obligated to advance all of the Company’s Other Operating Expenses (defined below) (each, a “Required Expense Payment”) to the extent that such expenses do not exceed 1.00% (on an annualized basis) of the Company’s NAV. Any Required Expense Payment must be paid by the Adviser to the Company in any combination of cash or other immediately available funds and/or offset against amounts due from us to the Adviser or its affiliates. The Adviser may elect to pay certain additional expenses on the Company’s behalf (each, a “Voluntary Expense Payment” and together with a Required Expense Payment, the “Expense Payments”), provided that no portion of the payment will be used to pay any interest expense of the Company. Any Voluntary Expense Payment that the Adviser has committed to pay must be paid by the Adviser to the Company in any combination of cash or other immediately available funds no later than forty-five (45) days after such commitment was made in writing, and/or offset against amounts due from the Company to the Adviser or its affiliates. “Other Operating Expenses” means the Company’s total organization and offering expenses, professional fees, trustee fees, administration fees, and other general and administrative expenses (including the Company’s allocable portion of compensation (including salaries, bonuses and benefits), overhead (including rent, office equipment and utilities) and other expenses incurred by the Administrator in performing its administrative obligations under the Administration Agreement), excluding the Management Fee and Incentive Fee owed to the Adviser, financing fees and costs, brokerage commissions, placement agent fees, costs and expenses of distributing and placing the Common Shares, extraordinary expenses and any interest expenses owed by the Company, all as determined in accordance with GAAP.

Following any calendar month in which Available Operating Funds (as defined below) exceed the cumulative distributions accrued to the Company’s shareholders based on distributions declared with respect to record dates occurring in such calendar month (the amount of such excess being hereinafter referred to as “Excess Operating Funds”), the Company shall pay such Excess Operating Funds, or a portion thereof, to the Adviser until such time as all Expense Payments made by the Adviser to the Company within three years prior to the last business day of such calendar month have been reimbursed. Any payments required to be made by the Company shall be referred to herein as a “Reimbursement Payment.” “Available Operating Funds” means the sum of (i) the Company's net investment company taxable income (including net short-term capital gains reduced by net long-term capital losses), (ii) the Company's net capital gains (including the excess of net long-term capital gains over net short-term capital losses) and (iii) dividends and other distributions paid to us on account of investments in Portfolio Companies (to the extent such amounts listed in clause (iii) are not included under clauses (i) and (ii) above).

No Reimbursement Payment for any month shall be made if: (1) the Effective Rate of Distributions Per Share declared by the Company at the time of such Reimbursement Payment is less than the Effective Rate of Distributions Per Share at the time the Expense Payment was made to which such Reimbursement Payment relates, (2) the Company’s Operating Expense Ratio at the time of such Reimbursement Payment is greater than the Operating Expense Ratio at the time the Expense Payment was made to which such Reimbursement Payment relate, or (3) the Company’s Other Operating Expenses at the time of such Reimbursement Payment exceeds 1.00% of the Company’s net asset value. “Effective Rate of Distributions Per Share” means the annualized rate (based on a 365 day year) of regular cash distributions per share exclusive of returns of capital, distribution rate reductions due to distribution and shareholder servicing fees, and declared special dividends or special distributions, if any. The “Operating Expense Ratio” is calculated by dividing Operating Expenses, less organizational and offering expenses, base management and incentive fees owed to the Adviser, shareholder servicing and/or distribution fees, and interest expense, by the Company’s net assets. “Operating Expenses” means all of the Company’s operating costs and expenses incurred, as determined in accordance with generally accepted accounting principles for investment companies.

The Company’s obligation to make a Reimbursement Payment shall automatically become a liability of the Company on the last business day of the applicable calendar month, except to the extent the Adviser has waived its right to receive such payment for the applicable month. In addition, effective October 31, 2024, the Company and the Adviser entered into a waiver letter agreement (the “Waiver Letter Agreement”), pursuant to which the Adviser agreed to waive any reimbursement by the Company for any of the Company’s organization expenses, operating expenses and offering expenses the Adviser incurs or has incurred on the Company’s behalf in an aggregate amount not to exceed $2 million. The Waiver Letter Agreement includes reimbursement provisions substantially similar to the reimbursement provisions included in the Expense Support Agreement.

For the three months ended March 31, 2025 and March 31, 2024, the Company incurred organization and offering costs of $500 and $11, and the Adviser waived $500 and $11 in expenses pursuant to the Expense Support Agreement, resulting in $0 and $0 organization and offering costs on a net basis, respectively. For the three months ended March 31, 2025 and March 31, 2024, no Reimbursement Payments were made by the Company to the Adviser.

Co-Investment Activity

The Company, the Adviser and certain of its affiliates received an exemptive order from the SEC on April 2, 2024 (the “Order”) that permits, among other things, the Company to co-invest with certain other persons, including certain affiliates of the Adviser and certain funds managed and controlled by the Adviser and its affiliates, subject to certain terms and conditions. Certain types of negotiated co-investments may be made only in accordance with the Order from the SEC permitting us to do so. Under the terms of the Order, a “required majority” (as defined in Section 57(o) of the 1940 Act) of the Company’s independent trustees must be able to reach certain conclusions in connection with a co-investment transaction, including that (1) the terms of the proposed transaction are reasonable and fair to the Company and its shareholders and do not involve overreaching of the Company or its shareholders on the part of any person concerned, and (2) the transaction is consistent with the interests of the Company’s shareholders and is consistent with the Company’s Board of Trustees’ approved criteria. In certain situations where co-investment with one or more funds managed by the Adviser or its affiliates is not covered by the Order, the personnel of the Adviser or its affiliates will need to decide which fund will proceed with the investment. Such personnel will make these determinations based on allocation policies and procedures, which are designed to reasonably ensure that investment opportunities are allocated fairly and equitably among affiliated funds over time and in a manner that is consistent with applicable laws, rules and regulations. The Order is subject to certain terms and conditions so there can be no assurance that we will be permitted to co-invest with certain of the Company’s affiliates other than in the circumstances currently permitted by regulatory guidance and the Order.

Note 4. Investments

The composition of the Company’s investment portfolio at amortized cost and fair value was as follows:


	March 31, 2025							December 31, 2024
	Amortized Cost		Fair Value		% of Total Investments at Fair Value			Amortized Cost		Fair Value		% of Total Investments at Fair Value
Secured Debt	$	1,095,604	$	1,092,248		98.94	%	$	845,082	$	843,710		99.45	%
Unsecured Debt		739		728		0.07			713		703		0.08
Equity Investments		10,876		10,978		0.99			3,947		3,947		0.47
Total Investments	$	1,107,219	$	1,103,954		100.00	%	$	849,742	$	848,360		100.00	%

As of March 31, 2025 and December 31, 2024 there were no portfolio companies with loans on non-accrual status.

The industry composition of investments at fair value was as follows:


	March 31, 2025			December 31, 2024
Aerospace and Defense		0.76	%		0.43	%
Air Freight and Logistics		1.01			0.66
Automobile Components		1.79			2.26
Building Products		0.24			0.31
Capital Markets		2.34			2.99
Chemicals		3.18			2.23
Commercial Services and Supplies		8.28			9.76
Construction & Engineering		1.17			0.84
Construction Materials		0.93			0.84
Containers and Packaging		5.29			3.17
Distributors		1.95			2.44
Diversified Consumer Services		7.07			8.78
Diversified Telecommunication Services		0.37			0.50
Electrical Equipment		1.44			1.53
Electronic Equipment, Instruments and Components		1.02			1.33
Energy Equipment and Services		1.13			1.35
Financial Services		4.43			4.39
Food Products		1.51			0.91
Ground Transportation		0.02			0.02
Health Care Technology		6.05			4.44
Healthcare Equipment and Supplies		0.42			0.56
Healthcare Providers and Services		5.28			5.54
Hotels, Restaurants and Leisure		0.80			1.04
Household Durables		0.02			0.02
Household Products		0.44			0.33
Industrial Conglomerates		1.37			0.96
Insurance		6.33			7.32
IT Services		3.70			4.23
Life Sciences Tools & Services		0.86			0.94
Machinery		0.84			0.99
Media		2.66			2.18
Oil, Gas and Consumable Fuels		1.03			1.30
Personal Care Products		0.03			0.05
Pharmaceuticals		2.51			1.77
Professional Services		7.84			9.40
Real Estate Management and Development		0.59			0.77
Software		12.56			11.14
Specialty Retail		0.46			0.02
Technology Hardware, Storage and Peripherals		0.91			1.15
Textiles, Apparel and Luxury Goods		0.70			0.25
Trading Companies and Distributors		0.23			0.30
Transportation Infrastructure		0.20			0.25
Wireless Telecommunication Services		0.24			0.31
		100.00	%		100.00	%

The geographic composition of investments at amortized cost and fair value was as follows:


	March 31, 2025
	Amortized Cost		Fair Value		% of Total Investments at Fair Value			Fair Value as % of Net Assets
United States	$	1,088,082	$	1,085,320		98.31	%		169.93	%
Canada		19,137		18,634		1.69			2.92
Total	$	1,107,219	$	1,103,954		100.00	%		172.85	%


	December 31, 2024
	Amortized Cost		Fair Value		% of Total Investments at Fair Value			Fair Value as % of Net Assets
United States	$	824,707	$	823,915		97.12	%		129.25	%
Canada		17,851		17,375		2.05			2.73
United Kingdom		7,184		7,070		0.83			1.11
Total	$	849,742	$	848,360		100.00	%		133.09	%

Note 5. Fair Value Measurements

The fair value of a financial instrument is the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the applicable measurement date.

In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, an investment’s level within the fair value hierarchy is based on the lowest level of input that is significant to the overall fair value measurement. The Adviser’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the investment.

In addition to using the above inputs in investment valuations, the Adviser applies the valuation policy approved by its Board that is consistent with ASC 820. Consistent with the valuation policy, the Company evaluates the source of the inputs, including any markets in which its investments are trading (or any markets in which securities with similar attributes are trading), in determining fair value.

Investments whose values are based on the listed closing price quoted on the securities’ principal exchange are classified within Level 1 and include active listed equities. The Adviser does not adjust the quoted price for such instruments, even in situations where the Company holds a large position and a sale could reasonably impact the quoted price.

ASC 820 specifies a fair value hierarchy that prioritizes and ranks the level of observability of inputs used in determination of fair value. In accordance with ASC 820, these levels are summarized below:

Level 1 – quoted prices (unadjusted) in active markets for identical assets or liabilities that the Adviser has the ability to access at the measurement date.

Level 2 – inputs other than quoted prices included in Level 1 that are observable for the assets or liabilities, either directly or indirectly. Level 2 inputs include: quoted market prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.

Level 3 – unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities.

The following tables present the fair value hierarchy of financial instruments according to the fair value hierarchy as described in Note 2. Significant Accounting Policies of these consolidated financial statements:


	March 31, 2025
	Level 1		Level 2		Level 3		Total
Secured Debt	$	—	$	140,631	$	951,617	$	1,092,248
Unsecured Debt		—		—		728		728
Equity Investments		—		—		10,978		10,978
Total Investments before Cash Equivalents		—		140,631		963,323		1,103,954
Money Market Fund		52,677		—		—		52,677
Total Investments including Cash Equivalents	$	52,677	$	140,631	$	963,323	$	1,156,631


	December 31, 2024
	Level 1		Level 2		Level 3		Total
Secured Debt	$	—	$	45,651	$	798,059	$	843,710
Unsecured Debt		—		—		703		703
Equity Investments		—		—		3,947		3,947
Total Investments before Cash Equivalents		—		45,651		802,709		848,360
Money Market Fund		39,527		—		—		39,527
Total Investments including Cash Equivalents	$	39,527	$	45,651	$	802,709	$	887,887

The following table presents changes in the fair value of financial instruments for which Level 3 inputs were used to determine fair value:


	Three Months Ended March 31, 2025
	Secured Debt			Unsecured Debt			Equity Investments		Total Investments
Fair value, beginning of period	$	798,059		$	703		$	3,947	$	802,709
Purchase of investments (including received in-kind)		179,140			25			6,928		186,093
Proceeds from principal repayments and sales of investments		(26,036	)		—			—		(26,036	)
Amortization of premium/accretion of discount, net		266			1			—		267
Net realized gain (loss) on investments		1			—			—		1
Net change in unrealized appreciation (depreciation) on investments		187			(1	)		103		289
Fair value, end of period	$	951,617		$	728		$	10,978	$	963,323
Net change in unrealized appreciation (depreciation) on non-controlled/non-affiliated company investments still held at March 31, 2025	$	(47	)	$	(1	)	$	103	$	55

The following tables present quantitative information about the significant unobservable inputs of the Company’s Level 3 financial instruments. The tables are not intended to be all-inclusive but instead captures the significant unobservable inputs relevant to the Company’s determination of fair value.


	March 31, 2025
					Range
	Fair Value (1)		Valuation Technique	Unobservable Input	Low			High			Weighted Average (2)
Secured Debt	$	727,079	Market yield analysis	Market yield discount rates		6.62	%		17.88	%		9.07	%
		25,710	Market quotation	Quote		91.17			101.42			100.07
		198,828	Recent transaction	Transaction price		94.75			101.00			99.58
Total Secured Debt		951,617

Unsecured Debt		728	Market yield analysis	Market yield discount rates		15.72	%		15.72	%		15.72	%

Equity Investments		4,050	Comparable company analysis	EBITDA multiples	0.9x			18.5x			14.8x
		6,928	Recent Transaction	Transaction Price		100.00	%		100.00	%		100.00	%
Total Equity Investments		10,978
Total	$	963,323


	December 31, 2024
					Range
	Fair Value (1)		Valuation Technique	Unobservable Input	Low			High			Weighted Average (2)
Secured Debt	$	600,570	Market yield analysis	Market yield discount rates		6.35	%		13.32	%		9.27	%
		32,556	Market quotation	Quote		95.30			100.94			100.13
		164,933	Recent transaction	Transaction price		91.70			100.00			99.44
Total Secured Debt		798,059

Unsecured Debt		703	Market yield analysis	Market yield discount rates		15.38	%		16.06	%		15.72	%

Equity Investments		3,947	Recent Transaction	Transaction Price		100.00	%		100.00	%		100.00	%
Total	$	802,709

(1)

As of March 31, 2025, included within the fair value of Level 3 assets of $963,323 is an amount of $231,466 for which the Adviser did not develop the unobservable inputs (examples include third-party pricing and transaction prices). As of December 31, 2024, included within the fair value of Level 3 assets of $802,709 is an amount of $201,436 for which the Adviser did not develop the unobservable inputs (examples include third-party pricing and transaction prices).

(2)

Weighted averages are calculated based on fair value of investments.

The significant unobservable input used in the yield analysis is the discount rate based on comparable market yields. The significant unobservable inputs used in the income approach are the discount rate used to discount the estimated future cash flows expected to be received from the underlying investment. The Company uses market discount rates for debt securities to determine if the effective yield on a debt security is commensurate with the market yields for that type of debt security. If a debt security’s effective yield is significantly less than the market yield for a similar debt security with a similar credit profile, the resulting fair value of the debt security may be lower. Significant increases in the discount rate would significantly lower the fair value of an investment; conversely significant decreases in the discount rate would significantly increase the fair value of an investment. The significant unobservable inputs used in the market approach are based on market comparable transactions and market multiples of publicly traded comparable companies. Increases or decreases in market comparable transactions or market multiples would result in an increase or decrease in the fair value.

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 Company’s investments may fluctuate from period to period. Additionally, the fair value of the Company’s investments may differ significantly from the values that would have been used had a ready market existed for such investments and may differ materially from the values that the Company may ultimately realize. Further, such investments are generally subject to legal and other restrictions on resale or otherwise are less liquid than publicly traded securities. If the Company was required to liquidate a portfolio investment in a forced or liquidation sale, it could realize significantly less than the value at which the Company has recorded it. In addition, changes in the market environment and other events that may occur over the life of the investments may cause the gains or losses ultimately realized on these investments to be different than the unrealized gains or losses reflected in the valuations currently assigned. As of March 31, 2025 and December 31, 2024, the carrying amounts of the Company’s assets and liabilities, other than investments at fair value, approximate fair value due to their short maturities. Fair value is estimated by discounting remaining payments using applicable current market rates, which take into account changes in the Company’s marketplace credit ratings, if applicable, or market quotes, if available.

Note 6. Borrowings

In accordance with the 1940 Act, with certain limitations, the Company is allowed to borrow amounts such that its asset coverage, as defined in the 1940 Act, is at least 150% after such borrowing. As of March 31, 2025 and December 31, 2024, the Company’s asset coverage was 240.02% and 678.49%, respectively.

Debt outstanding

The Company’s outstanding debt obligations were as follows:


	March 31, 2025
	Aggregate Principal Committed		Outstanding Principal		Carrying Value (1)		Unused Portion (2)		Amount Available (3)
Morgan Stanley Facility	$	1,000,000	$	456,149	$	456,149	$	543,851	$	160,779
Total	$	1,000,000	$	456,149	$	456,149	$	543,851	$	160,779


	December 31, 2024
	Aggregate Principal Committed		Outstanding Principal		Carrying Value (1)		Unused Portion (2)		Amount Available (3)
Morgan Stanley Facility	$	500,000	$	110,194	$	110,194	$	389,806	$	359,804
Total	$	500,000	$	110,194	$	110,194	$	389,806	$	359,804

(1)

The carrying value of the Company’s debt obligations is used as an approximate to fair value. The fair value of these debt obligations would be categorized as Level 3 under the ASC 820 fair value level hierarchy as of March 31, 2025 and December 31, 2024. Carrying values do not include impact of deferred financing costs.

(2)

The unused portion is the amount upon which commitment fees, if any, are based.

(3)

The amount available reflects any limitations related to the respective facility’s borrowing base.

Morgan Stanley Facility

On November 6, 2024, APCF Funding SPV LLC, a wholly-owned subsidiary of the Company, as borrower, and the Company, as equity holder and servicer, entered into a loan facility (the “Morgan Stanley Facility”) for revolving and term loans pursuant to a Loan and Servicing Agreement (the “Agreement”), with the lenders from time to time party thereto, Morgan Stanley Senior Funding, Inc., as administrative agent (the “Administrative Agent”), U.S. Bank Trust Company, National Association, as collateral agent (“Collateral Agent”), and U.S. Bank National Association, as account bank and collateral custodian. Capitalized terms used herein but not otherwise defined herein shall have the meanings assigned to such terms in the Agreement.

Loans under the Morgan Stanley Facility initially bear interest at (i) a per annum rate equal to Term SOFR plus an additional margin calculated as a percentage of the aggregate principal balance of the underlying collateral obligations (the “Applicable Margin”) for loans denominated in U.S. Dollars, (ii) EURIBOR plus the Applicable Margin for loans denominated in Euros, (iii) Daily Compounded Canadian Overnight Repo Rate Average plus the Applicable Margin for loans denominated in Canadian Dollars, and (iv) Daily Simple SONIA plus the Applicable Margin for loans denominated in Great British Pounds, (v) BBSW plus the Applicable Margin for loans denominated in Australian Dollars and (vi) TONA plus the Applicable Margin for loans denominated in Japanese Yen. The Applicable Margin equals the product of (i) 1.65% and (ii) the lesser of: (x) aggregate principal balance of all broadly-syndicated loans divided by the aggregate principal balance of all eligible loans and (y) 35% (“Percentage”) plus the product of (i) 1.90% and (ii) 100% minus Percentage, subject to a step-up of 2.00% following the occurrence of an Event of Default or after the automatic occurrence or declaration of the Facility Maturity Date.

The initial maximum principal amount under the Agreement is $500 million and the Agreement includes an accordion provision to permit increases to the total facility amount up to a maximum of $1 billion, subject in each case to the satisfaction of certain conditions and the consent of the Administrative Agent and each Lender whose commitment is being increased. Proceeds from loans made under the Morgan Stanley Facility may be used to fund collateral obligations acquired by APCF Funding SPV LLC, to pay certain fees and expenses and to make distributions to the Company, subject to certain conditions set forth in the Agreement. Revolving loans borrowed under the Morgan Stanley Facility may be repaid and reborrowed until the end of the Revolving Period, which can occur no later than November 6, 2027 (unless extended), and all amounts outstanding under the Morgan Stanley Facility must be repaid by November 6, 2029. The Agreement includes customary affirmative and negative covenants, including certain limitations on the incurrence of additional indebtedness and liens, as well as usual and customary events of default for loan facilities of this nature.

On March 18, 2025, the Company entered into the First Amendment to Loan and Servicing Agreement (the “Amendment”), among the parties listed above. The Amendment provides for, among other things, an increase in the aggregate commitments of the lenders under the Morgan Stanley Facility from $500 million to $1 billion, as well as certain changes to the concentration limits.

As of March 31, 2025 and December 31, 2024, the Company was in compliance with all covenants associated with the Morgan Stanley Facility.

Foreign Currency Transactions and Translations

The Company’s outstanding foreign-denominated debt obligations as of March 31, 2025 and December 31, 2024 were as follows:


	March 31, 2025
	Original Principal Amount (Local)		Original Principal Amount (USD)		Outstanding Principal		Unrealized Gain (Loss)
Canadian Dollar		18,000	$	12,524	$	12,511	$	13
Euro		5,000		5,203		5,408		(205	)
Great British Pound		2,500		3,129		3,229		(100	)
Total			$	20,856	$	21,148	$	(292	)


	December 31, 2024
	Original Principal Amount (Local)		Original Principal Amount (USD)		Outstanding Principal		Unrealized Gain (Loss)
Canadian Dollar		18,000	$	12,541	$	12,514	$	27
Euro		5,000		5,222		5,177		45
Great British Pound		2,000		2,520		2,503		17
Total			$	20,283	$	20,194	$	89

Interest expense

The components of interest expense were as follows:


	Three Months Ended March 31, 2025
Stated interest expense	$	3,878
Facility unused fees		179
Amortization of deferred financing costs		201
Total interest expense	$	4,258
Cash paid for interest expense	$	3,060
Morgan Stanley Facility weighted average interest rate		6.12	%
Morgan Stanley Facility average debt outstanding	$	251,939

Weighted average interest rates do not include impact of unused commitment fees or deferred financing costs. For the three months ended March 31, 2024, no interest expense has been accrued.

As of March 31, 2025, $1,321 of interest expense and $37 of unused commitment fees were included in interest payable.

Note 7. Commitments and Contingencies

In the normal course of business, the Company may enter into contracts that provide a variety of general indemnifications. Any exposure to the Company under these arrangements could involve future claims that may be made against the Company. Currently, no such claims exist or are expected to arise and, accordingly, the Company has not accrued any liability in connection with such indemnifications.

Unfunded commitments

The Company’s investment portfolio may contain revolving line of credit or delayed draw commitments, which require the Company to fund when requested by the portfolio companies. As of March 31, 2025 and December 31, 2024, the Company had unfunded investment commitments in the aggregate par amount of $322,277 and $290,998, respectively. Such commitments are subject to the satisfaction of certain conditions set forth in the documents governing these loans and letters of credit and there can be no assurance that such conditions will be satisfied.

Off balance sheet risk

Off-balance sheet risk refers to an unrecorded potential liability that may result in a future obligation or loss, even though it does not appear on the Consolidated Statements of Assets and Liabilities. The Company may enter into derivative instruments that contain elements of off-balance sheet market and credit risk. As of March 31, 2025 and December 31, 2024, there were no commitments outstanding for derivative contracts.

Legal proceedings

From time to time, the Company may become a party to certain legal proceedings incidental to the normal course of its business. As of March 31, 2025 and December 31, 2024, management is not aware of any material pending legal proceedings.

Note 8. Net Assets

In connection with its formation, the Company has the authority to issue an unlimited number of common shares of beneficial interest at $0.01 per share par value. On August 29, 2023, an affiliate of the Adviser subscribed for 1,000 shares of the Company’s Class I Shares of beneficial interest at $25.00 per share. On November 5, 2024, an affiliate of the Adviser sold 1,000 Class I Shares for an aggregate consideration at a price of $25.00 per Class I Share. As of March 31, 2025 and December 31, 2024, no Antares Parties own shares of the Company.

The Company is offering on a continuous basis up to $2 billion of common shares of beneficial interest at $0.01 per share par value. The Company expects to offer to sell a combination of three separate classes of common shares: Class S shares, Class D shares and Class I shares, with a dollar value up to the maximum offering amount. The share classes have different ongoing shareholder servicing and/or distribution fees. The per share purchase price for Common Shares in the Company’s primary offering will be equal to the Company’s NAV per share, as of the effective date of the monthly share purchase date.

The following table summarizes transactions in Common Shares during the three months ended March 31, 2025:


	Shares		Amount
CLASS I
Subscriptions		31,183	$	783
Share transfers between classes		—		—
Distributions Reinvested		—		—
Net increase (decrease)		31,183	$	783
CLASS S
Subscriptions		—	$	—
Share transfers between classes		—		—
Distributions Reinvested		—		—
Net increase (decrease)		—	$	—
CLASS D
Subscriptions		—	$	—
Share transfers between classes		—		—
Distributions Reinvested		—		—
Net increase (decrease)		—	$	—
Total net increase (decrease)		31,183	$	783

Share Repurchase Program

The Company has commenced a share repurchase program in which the Company intends to repurchase, in each quarter, up to 5% of the Common Shares outstanding (either by number of Common Shares or aggregate net asset value) as of the close of the previous calendar quarter. The Company’s Board of Trustees may amend, suspend or terminate the share repurchase program if it deems such action to be in the best interest of the Company and the best interest of the Company’s shareholders. As a result, share repurchases may not be available each quarter. The Company intends to conduct such repurchase offers in accordance with the requirements of Rule 13e-4 promulgated under the Securities Exchange Act of 1934, as amended, and the 1940 Act. All shares purchased pursuant to the terms of each tender offer will be retired and thereafter will be authorized and unissued shares.

Under the Company’s share repurchase program, to the extent the Company offers to repurchase shares in any particular quarter, the Company expects to repurchase shares pursuant to tender offers using a purchase price equal to the NAV per share as of the last calendar day of the applicable quarter, except that shares that have not been outstanding for at least one year will be repurchased at 98% of such NAV (an “Early Repurchase Deduction”). The one-year holding period is measured as of the subscription closing date immediately following the prospective repurchase date. The Early Repurchase Deduction may be waived, at the Company’s discretion, in the case of repurchase requests arising from the death, divorce or qualified disability of the holder. The Early Repurchase Deduction will be retained by the Company for the benefit of remaining shareholders across all shares.

Distributions

The Company authorizes and declares distribution amounts per share of common shares of beneficial interest payable monthly in arrears. The following table presents distributions that were declared during the three months ended March 31, 2025:


Declaration Date	Payment Date	Base Distribution Per Share (1)		Special Distribution Per Share (1)		Total Distribution Per Share (1)		Total Distribution Amount
January 31, 2025	February 28, 2025	$	0.19	$	0.02	$	0.21	$	5,261
February 28, 2025	March 31, 2025		0.17		0.02		0.19		4,896
March 31, 2025	April 30, 2025		0.19		0.02		0.21		5,426
Total		$	0.55	$	0.06	$	0.61	$	15,583

(1)

Rounded to two decimal places.

Distribution Reinvestment Plan

The Company has adopted a distribution reinvestment plan, pursuant to which the Company reinvests all cash distributions declared on behalf of the Company’s shareholders who do not elect to receive their distributions in cash. As a result, if the Board authorizes and declares a cash distribution, then the shareholders who have enrolled in the distribution reinvestment plan will have their cash distributions automatically reinvested in additional shares of our common stock, rather than receiving the cash distribution. The Company expects to use newly issued shares to implement the distribution reinvestment plan. Distributions on fractional shares are credited to each participating shareholder’s account to three decimal places. For three months ended March 31, 2025, the Company did not reinvest any distribution.

Note 9. Financial Highlights

The following are the financial highlights for the three months ended March 31, 2025:


	Three Months Ended March 31, 2025
Per Share Data: (1) (2)
Net assets, beginning of period	$	25.09
Net investment income		0.72
Net realized and change in unrealized appreciation (depreciation)		(0.09	)
Net increase in net assets resulting from operations		0.63
Distributions declared		(0.61	)
Issuance of shares		—
Total increase (decrease) in net assets		0.02
Net assets, end of period	$	25.11
Common shares outstanding, end of period		25,436,857
Total return based on net asset value (3)		2.52		%
Ratios: (4)
Expenses to average net assets gross of fee waivers		5.95		%
Net expenses to average net assets net of fee waivers		3.22		%
Net investment income to average net assets		10.90		%
Portfolio turnover rate (5)		2.90		%
Supplemental Data:
Net assets, end of period	$	638,688
Asset coverage ratio (6)		240.02		%

(1)

The per share data was derived by using the weighted average shares outstanding during the period.

(2)

The per share data was derived using the actual shares outstanding at the date of the relevant transaction (See Note 8).

(3)

Total return (not annualized) is calculated as the change in net assets per share during the period, plus distributions per share (assuming distributions are reinvested in accordance with the Company’s distribution reinvestment plan), divided by the net assets per share at the beginning of the period.

(4)

Amounts are annualized except for non-recurring income and expenses (other income, organization and offering expenses and incentive fees on capital gains).

(5)

Portfolio turnover rate is calculated using the lesser of the year-to-date sales or year-to-date purchases over the average of the invested assets at fair value for the period reported.

(6)

In accordance with the 1940 Act, with certain limitations, the Company is allowed to borrow amounts such that its asset coverage, as defined in the 1940 Act, is at least 150% after such borrowing.

Note 10. Segment Reporting

The Company operates through a single operating and reporting segment with the investment objective to provide risk-adjusted returns and current income to shareholders by investing primarily in loans to U.S. borrowers. The CODM function is comprised of the Company’s chief executive officer, chief financial officer and chief compliance officer, which evaluates the performance of the Company on a consolidated basis, and which operates under the specific regulatory requirements of the Investment Company Act of 1940. The CODM function utilizes key metrics including, but not limited to, net increase (decrease) in net assets resulting from operations (as reported on the Consolidated Statements of Operations) for determining the Company’s investment strategy, capital allocation, expense structure, and potential significant transactions. As the Company’s operations comprise of a single reporting segment, the segment assets are reflected on the accompanying Consolidated Statements of Assets and Liabilities as “total assets” and the significant segment expenses are listed on the accompanying Consolidated Statements of Operations. The Company’s adoption of this guidance did not have a material impact on the Company’s financial position, results of operations or cash flows.

Note 11. Subsequent Events

Subscriptions

On April 1, 2025, the Company sold and issued 283,767 Class I shares for an aggregate consideration of approximately $7.1 million at a price of $25.11 per share.

The Company received $4.0 million of net proceeds relating to the issuance of Class I shares for subscriptions effective May 1, 2025.

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

(in thousands, except share/per share data, percentages and as otherwise noted)

Overview

We are a newly organized, non-diversified closed-end management investment company that has elected to be treated as a BDC under the 1940 Act as of November 5, 2024. We also intend to elect to be treated, and intend to comply with the requirements to qualify annually, as a regulated investment company (“RIC”) under the Internal Revenue Code of 1986, as amended (the “Code”). We are a non-traded, perpetual-life BDC, which is a BDC whose common shares are not listed for trading on a stock exchange or other securities market. The Company uses the term “perpetual-life BDC” to describe an investment vehicle of indefinite duration whose common shares are intended to be sold by the Company monthly on a continuous basis at a price generally equal to the Company’s net asset value (“NAV”) per Common Share. Formed as a Delaware statutory trust on May 1, 2023, we are externally managed by Antares Capital Credit Advisers LLC (the "Adviser"), which is responsible for sourcing potential investments, conducting due diligence on prospective investments, analyzing investment opportunities, structuring investments and monitoring our portfolio on an ongoing basis. Our Adviser is registered as an investment adviser with the SEC.

Our investment objective is to provide risk-adjusted returns and current income to shareholders by investing primarily in loans to U.S. borrowers.

Our investment strategy focuses primarily on private credit investments structured as Portfolio Loans to U.S. borrowers. A “Portfolio Loan” is a senior secured loan, which may be first lien, second lien or unitranche loan, consisting of term loans and/or related delayed draw term loans and/or revolving loans, and each tranche of a senior secured loan acquired by the Company is referred to as a Portfolio Loan. The Company acquires Portfolio Loans that have been sourced and underwritten (i.e. evaluated for associated potential risks) by Antares Capital LP, its consolidated subsidiaries or joint ventures whose equity securities or whose subordinated notes or other interests that constitute the economic equity therein, as applicable, are directly or indirectly majority-owned by Antares Holdings, and any entity with an advisory relationship with Antares or its affiliates, including the Company, as appropriate given the context of the disclosure (including the Adviser) (the “Antares Parties”) or by other loan originators that can include, among others, joint ventures in which one or more Antares Parties have interests. A Portfolio Loan is one that the Company may generally hold on its own or in a group with other Antares Parties advised funds and accounts and/or third-party investors. Portfolio Loans are generally expected to have an average contractual term of five to seven years, with an expected life typically between three to four years. Unitranche loans represent a hybrid loan structure that combines senior debt and subordinated debt into one loan.

While our investment strategy primarily focuses on companies in the U.S., we also intend to leverage the Antares Platform’s global presence to invest in companies in Canada, Europe and other locations outside the U.S., subject to compliance with BDC requirements to invest at least 70% of assets in “eligible portfolio companies.” The Company’s subsidiaries’ (including entities that engage in investment activities in securities or other assets that are primarily controlled by the Company) principal investment strategies and associated principal risks will be consistent with the Company’s principal investment strategies and associated principal risks. We may also invest in preferred equity, or our debt investments may be accompanied by equity-related securities (such as options or warrants) and/or select common equity investments.

Our investment strategy also includes a smaller allocation to more liquid credit investments such as broadly syndicated loans and corporate bonds. We may use these investments to maintain liquidity for our share repurchase program and manage cash before investing subscription proceeds into originated loans, while also seeking attractive investment returns. We may also invest in publicly traded securities of larger corporate issuers on an opportunistic basis when market conditions create compelling potential return opportunities, subject to compliance with BDC requirements.

To seek to enhance our returns, we intend to employ leverage as market conditions permit and at the discretion of the Adviser, but in no event will leverage employed exceed the limitations set forth in the 1940 Act, which currently allows us to borrow up to a 2:1 debt to equity ratio. We intend to use leverage in the form of borrowings, including loans from certain financial institutions and the issuance of debt securities. We may also use leverage in the form of the issuance of preferred shares, but do not currently intend to do so. In determining whether to borrow money, we will analyze the maturity, covenant package and rate structure of the proposed borrowings as well as the risks of such borrowings compared to our investment outlook. Any such leverage, if incurred, would be expected to increase the total capital available for investment by the Company.

Revenues

We generate revenue in the form of interest and fee income on debt investments, capital gains, and dividend income from our equity investments in our portfolio companies. Our senior and subordinated debt investments bear interest at a fixed or 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 payment-in-kind ("PIK") interest. The principal amount of the debt securities and any accrued but unpaid PIK interest generally become due at the maturity date. In addition, we may generate revenue from various fees in the ordinary course of business such as in the form of structuring, consent, waiver, amendment, syndication and other miscellaneous fees. Original issue discounts and market discounts or premiums are capitalized, and we accrete or amortize such amounts as interest income. We record prepayment premiums on loans and debt securities as interest income. Dividend income, if any, is recognized on an accrual basis to the extent that we expect to collect such amounts.

Expenses

Except as specifically provided below, all investment professionals and staff of the Adviser, when and to the extent engaged in providing investment advisory services to us, and the base compensation, bonus and benefits, and the routine overhead expenses, of such personnel allocable to such services, will be provided and paid for by the Adviser. We bear all other costs and expenses of our operations, administration and transactions, including, but not limited to:

•

investment advisory fees, including management fees and incentive fees, paid to the Adviser pursuant to the Investment Advisory Agreement;

•

the Company’s allocable portion of compensation, overhead (including rent, office equipment and utilities) and other expenses incurred by the Administrator in performing its administrative obligations under the Administration Agreement, including but not limited to: (i) the Company’s chief compliance officer, chief financial officer and their respective staffs; (ii) investor relations, legal, operations and other non-investment professionals at the Administrator that perform duties for the Company; and (iii) any internal audit group personnel of the Adviser or any of its affiliates; and

•

all other expenses of the Company’s operations, administration and transactions (which may be directly incurred by the Company or allocated among the Company and the Adviser’s other clients)

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

Portfolio and Investment Activity

As of March 31, 2025, we had investments in 405 portfolio companies across 43 industries. Based on fair value as of March 31, 2025, approximately 99.93% of our debt portfolio was invested in debt bearing a floating interest rate (e.g. SOFR), which primarily are subject to interest rate floors. As of March 31, 2025, our weighted average total yield of debt securities at amortized cost was 9.06%. Weighted average yields excludes the effect of accretion of discounts and amortization of premiums and are based on interest rates as of March 31, 2025.

As of December 31, 2024, we had investments in 368 portfolio companies across 43 industries. Based on fair value as of December 31, 2024, approximately 99.92% of our debt portfolio was invested in debt bearing a floating interest rate, which primarily are subject to interest rate floors. As of December 31, 2024, our weighted average total yield of debt securities at amortized cost was 9.33%. Weighted average yields excludes the effect of accretion of discounts and amortization of premiums and are based on interest rates as of December 31, 2024.

Our investment activity is presented below (information presented herein is at amortized cost unless otherwise indicated):


	Three months ended March 31, 2025
Total investments, beginning of period	$	849,742
New investments purchased (including PIK)		285,514
Net accretion of discount on investments		267
Net realized gain (loss) on investments		1
Investments sold or repaid		(28,305	)
Total investments, end of period	$	1,107,219

The following table presents certain selected information regarding our investment portfolio:


	March 31, 2025			December 31, 2024
Weighted average yield on debt and income producing investments, at amortized cost (1)		9.30	%		9.33	%
Weighted average yield on debt and income producing investments, at fair value (1)		9.30	%		9.33	%
Number of portfolio companies		405			368
Median LTM EBITDA (2)(3)	$86.5M			$85.1M
Weighted average net senior leverage (2)(4)	5.1x			5.0x
Weighted average loan-to-value (“LTV”) (2)(5)		34	%		33	%
Percentage of debt investments bearing a floating rate, at fair value		99.93	%		99.92	%
Percentage of debt investments bearing a fixed rate, at fair value		0.07	%		0.08	%

(1)

Computed based on the stated interest rate or yield as of March 31, 2025 and December 31, 2024, and weighted based on the total debt investments (at fair value or amortized cost, as applicable). Actual yields earned over the life of each investment could differ materially from the yields presented above. Weighted average yield excludes the effect of accretion of discounts and amortization of premiums.

(2)

Includes all private loan investments for which fair value is determined by the Adviser at least quarterly (with assistance, as applicable, from a third-party valuation firm, and subject to oversight by the Board). Figures are derived from the financial statements most recently obtained by the Adviser.

(3)

LTM EBITDA refers to adjusted earnings before interest, taxes, depreciation and amortization (“EBITDA”) in accordance with the underlying governing documents, over the last twelve months as reported by respective borrowers. Excludes investments with no reported EBITDA or where EBITDA, in the Adviser’s judgment, was not a material component of the investment thesis, such as annual recurring revenue loans, or investments with negative EBITDA.

(4)

Net senior leverage is the ratio of total debt minus unrestricted cash divided by LTM EBITDA and taking into account leverage through the tranche in which the Company holds an investment, excluding recurring revenue loans. Weighted average net senior leverage is weighted based on the funded commitment of total applicable private loans.

(5)

LTV is calculated as net debt through each respective investment tranche in which the Company holds an investment divided by estimated enterprise value or value of the underlying collateral of the portfolio company. Weighted average LTV is weighted based on the funded commitment of the total applicable private loans.

As part of the monitoring process, our Adviser has developed risk policies pursuant to which it regularly assesses the risk profile of each of our debt investments. Our Adviser has developed a classification system to group investments into five categories. The investments are evaluated regularly and assigned a category based on certain credit metrics. Our Adviser’s ratings do not constitute any rating of investments by a nationally recognized statistical rating organization or represent or reflect any third-party assessment of any of our investments. Please see below for a description of the five categories of the Adviser’s Internal Risk Rating system:

•

Internal Performance Rating A: Portfolio Companies performing generally as expected or above expectations and the trends and risk factors are generally neutral to favorable since origination. No concern about repayment of both interest and principal. All investments or acquired investments in new portfolio companies are initially assessed this level.

•

Internal Performance Rating B: Portfolio Companies performing generally as expected but the trends require increased monitoring. Portfolio companies are current on both interest and principal payments.

•

Internal Performance Rating C: Portfolio Companies performing below expectations and level of risk has increased since the time of origination. Portfolio companies are generally current on both interest and principal payments.

•

Internal Performance Rating D: Portfolio Companies performing materially below expectations and the level of risk has increased materially since origination. In addition to the borrower being generally out of compliance with original debt covenants, loan payments may be past due, but generally not by more than 120 days. There is a higher risk of both payment default and repayment of interest and principal in full.

•

Internal Performance Rating E: Portfolio Companies are non-earning and performing substantially below expectations. The level of risk has increased substantially since origination. Most or all of the original debt covenants are out of compliance and payments are substantially delinquent. There is a high risk that all principal and interest will not be recovered in full.

The following tables show the distribution of our investments on the A to E internal performance rating scale at fair value:


	March 31, 2025
Internal Performance Rating	Investments at Fair Value (in thousands)		% of Total Investments at Fair Value			Number of Portfolio Companies
A	$	1,092,890		99.00	%		373
B		10,206		0.92			27
C		858		0.08			5
D		—		—			—
E		—		—			—
	$	1,103,954		100.00	%		405


	December 31, 2024
Internal Performance Rating	Investments at Fair Value (in thousands)		% of Total Investments at Fair Value			Number of Portfolio Companies
A	$	844,820		99.59	%		340
B		3,345		0.39			27
C		195		0.02			1
D		—		—			—
E		—		—			—
	$	848,360		100.00	%		368

As of both March 31, 2025 and December 31, 2024 there were no portfolio companies with loans on non-accrual status.

The composition of our investment portfolio at cost and fair value is as follows (dollar amounts in thousands):


	March 31, 2025							December 31, 2024
	Amortized Cost		Fair Value		% of Total Investments at Fair Value			Amortized Cost		Fair Value		% of Total Investments at Fair Value
Secured Debt	$	1,095,604	$	1,092,248		98.94	%	$	845,082	$	843,710		99.45	%
Unsecured Debt		739		728		0.07			713		703		0.08
Equity Investments		10,876		10,978		0.99			3,947		3,947		0.47
Total Investments	$	1,107,219	$	1,103,954		100.00	%	$	849,742	$	848,360		100.00	%

The table below describes investments by industry composition based on fair value:


	March 31, 2025			December 31, 2024
Aerospace and Defense		0.76	%		0.43	%
Air Freight and Logistics		1.01			0.66
Automobile Components		1.79			2.26
Building Products		0.24			0.31
Capital Markets		2.34			2.99
Chemicals		3.18			2.23
Commercial Services and Supplies		8.28			9.76
Construction & Engineering		1.17			0.84
Construction Materials		0.93			0.84
Containers and Packaging		5.29			3.17
Distributors		1.95			2.44
Diversified Consumer Services		7.07			8.78
Diversified Telecommunication Services		0.37			0.50
Electrical Equipment		1.44			1.53
Electronic Equipment, Instruments and Components		1.02			1.33
Energy Equipment and Services		1.13			1.35
Financial Services		4.43			4.39
Food Products		1.51			0.91
Ground Transportation		0.02			0.02
Health Care Technology		6.05			4.44
Healthcare Equipment and Supplies		0.42			0.56
Healthcare Providers and Services		5.28			5.54
Hotels, Restaurants and Leisure		0.80			1.04
Household Durables		0.02			0.02
Household Products		0.44			0.33
Industrial Conglomerates		1.37			0.96
Insurance		6.33			7.32
IT Services		3.70			4.23
Life Sciences Tools & Services		0.86			0.94
Machinery		0.84			0.99
Media		2.66			2.18
Oil, Gas and Consumable Fuels		1.03			1.30
Personal Care Products		0.03			0.05
Pharmaceuticals		2.51			1.77
Professional Services		7.84			9.40
Real Estate Management and Development		0.59			0.77
Software		12.56			11.14
Specialty Retail		0.46			0.02
Technology Hardware, Storage and Peripherals		0.91			1.15
Textiles, Apparel and Luxury Goods		0.70			0.25
Trading Companies and Distributors		0.23			0.30
Transportation Infrastructure		0.20			0.25
Wireless Telecommunication Services		0.24			0.31
		100.00	%		100.00	%

The tables below describe investments by geographic composition based on amortized cost and fair value:


	March 31, 2025
	Amortized Cost		Fair Value		% of Total Investments at Fair Value			Fair Value as % of Net Assets
United States	$	1,088,082	$	1,085,320		98.31	%		169.93	%
Canada		19,137		18,634		1.69			2.92
Total	$	1,107,219	$	1,103,954		100.00	%		172.85	%


	December 31, 2024
	Amortized Cost		Fair Value		% of Total Investments at Fair Value			Fair Value as % of Net Assets
United States	$	824,707	$	823,915		97.12	%		129.25	%
Canada		17,851		17,375		2.05			2.73
United Kingdom		7,184		7,070		0.83			1.11
Total	$	849,742	$	848,360		100.00	%		133.09	%

Results of Operations

Operating results for the three months ended March 31, 2025 were as follows:


	Three Months Ended March 31, 2025
Total investment income	$	23,375
Total expenses		9,870
Management fee waiver		(1,965	)
Incentive fee waiver		(2,269	)
Reimbursable expenses paid by adviser (Note 3)		(500	)
Net expenses, net of fee waiver, before excise tax		5,136
Net investment income (loss)		18,239
Net realized gain (loss)		549
Net change in unrealized appreciation (depreciation)		(2,759	)
Net increase (decrease) in net assets resulting from operations	$	16,029

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

As we commenced operations on November 5, 2024, there were not significant operations or results for the three months ending March 31, 2024.

Investment Income

Investment income, was as follows:


	Three Months Ended March 31, 2025
Interest income	$	22,126
Payment-in-kind interest income		110
Other income		1,139
Total investment income	$	23,375

For the three months ended March 31, 2025, our total investment income was driven by our deployment of capital and increase in invested balance of investments quarter-over-quarter. The size of our investment portfolio at fair value as of March 31, 2025 is $1,104.0 million, increasing balance of interest-bearing securities quarter-over-quarter. Interest income on our debt investments is dependent on the composition and credit quality of the portfolio. Generally, we expect the portfolio to generate predictable quarterly interest income based on the terms stated in each loan’s credit agreement.

Expenses

Expenses were as follows:


	Three Months Ended March 31, 2025
Interest expense	$	4,258
Management fees		1,965
Income based incentive fee		2,269
Capital gains incentive fee		—
Board of Trustees' fees		40
Administrative service expense		156
Other general and administrative expenses		682
Organization and offering costs		500
Total expenses		9,870
Management fees waiver		(1,965	)
Incentive fees waiver		(2,269	)
Expense support waiver		(500	)
Net expenses	$	5,136

For the three months ended March 31, 2025, net expenses were primarily comprised of interest expense of $4.3 million, gross management fees of $2.0 million, gross incentive fees of $2.3 million, administrative service expenses of $0.2 million, fees to independent trustees of $40 thousand, organization and offering costs of $0.5 million and other general and administrative expenses of $0.7 million; offset by management fee waiver of $2.0 million and incentive fee waiver by the Adviser of $2.3 million, and expense support waiver by the Adviser of $0.5 million.

Administrative service expenses represent fees paid to the Administrator for our allocable portion of the cost of certain of our executive officers that perform duties for us. Other general and administrative expenses include professional fees related to legal, audit, tax, valuation services, insurance, filing, research, subscriptions and other costs. Organization costs and offering costs include expenses incurred in our initial formation and our offering of stock. See "Item 8. Consolidated Financial Statements—Notes to Consolidated Financial Statements—Note 3. Agreements and Related Party Transactions"

Interest Expense

The components of interest expense, cash paid for interest, annualized average interest rates and average outstanding balances were as follows:


	Three Months Ended March 31, 2025
Stated interest expense	$	3,878
Facility unused fees		179
Amortization of deferred financing costs		201
Total interest expense	$	4,258
Cash paid for interest expense	$	3,060
Morgan Stanley Facility weighted average interest rate		6.12	%
Morgan Stanley Facility average debt outstanding	$	251,939

Interest expense for the three months ended March 31, 2025 was driven by approximately $251,939 of average borrowings outstanding (at an average effective interest rate, of 6.12%) related to borrowings for investments and expenses.

Net Realized and Unrealized Gains and Losses

The following table summarizes our net realized and unrealized gains (losses):


	Three Months Ended March 31, 2025
Net realized gain (loss) on investments	$	1
Unrealized appreciation on investments		1,880
Unrealized (depreciation) on investments		(3,762	)
Net change in unrealized appreciation (depreciation) on investments	$	(1,882	)

We determine the fair value of our investments quarterly and any changes in fair value are recorded as unrealized gains or losses. For the three months ended March 31, 2025, net change in unrealized gains (losses) on our investments was ($1.9) million, which includes ($2.0) million in mark-to-market losses on syndicated loans, due to market volatility. The valuations of our debt investments generally increase or decrease as a result of various factors, including tightening and widening credit spreads of public and private markets, as well as changes in transaction prices during the period.

Management fee

The base management fee is payable monthly in arrears at an annual rate of 1.25% of the Company’s net asset value as of the beginning of the first business day of the month. For the three months ended March 31, 2025 the Company incurred management fees of $2.0 million and the Adviser elected to waive all management fees resulting in zero management fees for the period. For the three months ended March 31, 2024, the Company had not commenced operations and did not accrue any management fees.

Incentive fee

Income based incentive fee

The income based incentive fee is based on “Pre-Incentive Fee Net Investment Income Returns” meaning dividends, cash interest or other distributions or other cash income and any third-party fees received from portfolio companies (such as upfront fees, commitment fees, origination fees, amendment fees, ticking fees and break-up fees, as well as prepayments premiums, but excluding fees for providing managerial assistance and fees earned by the Adviser or an affiliate in its capacity as an administrative agent, syndication agent, collateral agent, loan servicer or other similar capacity) accrued during the month, minus operating expenses for the month (including the Management Fee, taxes, any expenses payable under the Investment Advisory Agreement and Administration Agreement (as defined below), any expense of securitizations, and interest expense or other financing fees and any dividends paid on preferred shares, but excluding the Incentive Fee and shareholder servicing and /or distribution fees). Pre-Incentive Fee Net Investment Income Returns includes, in the case of investments with a deferred interest feature (such as original issue discount, debt instruments with PIK interest and zero-coupon securities), accrued income that has not yet been received in cash. Pre-Incentive Fee Net Investment Income Returns do not include any realized capital gains, realized capital losses or unrealized capital appreciation or depreciation. The impact of expense support payments and recoupments are also excluded from Pre-Incentive Fee Net Investment Income Returns.

•

12.5% of the dollar amount of the Pre-Incentive Fee Net Investment Income Returns, if any, that exceed a rate of return of 1.71% (6.86% annualized).

Capital gains incentive fee

The second component of the incentive fee, the capital gains incentive fee, is payable at the end of each calendar year in arrears. The amount payable is equal to 12.5% of cumulative realized capital gains from inception through the end of such calendar year, computed net of all realized capital losses and unrealized capital depreciation on a cumulative basis, less the aggregate amount of any previously paid capital gains incentive fee as calculated in accordance with U.S. GAAP. U.S. GAAP requires that the capital gains incentive fee accrual consider the cumulative aggregate unrealized capital appreciation in the calculation, as a capital gains incentive fee would be payable if such unrealized capital appreciation were realized, even though such unrealized capital appreciation is not permitted to be considered in calculating the fee actually payable under the investment advisory agreement. This U.S. GAAP accrual is calculated using the aggregate cumulative realized capital gains and losses and aggregate cumulative unrealized capital depreciation included in the calculation of the capital gains incentive fee plus the aggregate cumulative unrealized capital appreciation, net of any expense associated with cumulative unrealized capital depreciation or appreciation. If such amount is positive at the end of a period, then U.S. GAAP requires the Company to record a capital gains incentive fee equal to 12.5% of such cumulative amount, less the aggregate amount of actual capital gains incentive fees paid or capital gains incentive fees accrued under U.S. GAAP in all prior periods.

On October 31, 2024, the Company and the Adviser entered into a waiver letter agreement (the “Waiver Letter Agreement”), pursuant to which the Adviser agreed to irrevocably waive, which may be effected by a rebate or otherwise, (i) any base management fee due from the Company to the Adviser under Section 5(a) of the Agreement and (ii) any incentive fee from the Company to the Adviser under Section 5(b) of the Agreement for a six-month period following the effective date of the Company’s registration statement on Form N-2, which was declared effective on February 12, 2025.

For the three months ended March 31, 2025, the Company incurred income based incentive fees of $2.3 million, and capital gains incentive fees of zero. Gross capital gains incentive fee is net of reversal on accrued capital gains incentive fees. For the three months ended March 31, 2025, the Adviser agreed to waive $2.3 million in total incentive fees resulting in zero incentive fees payable.

Expense Support Agreement

The Company has entered into an Expense Support and Conditional Reimbursement Agreement (the “Expense Support Agreement”) with the Adviser. Pursuant to the Expense Support Agreement, the Adviser is obligated to advance all of the Company’s Other Operating Expenses (defined below) (each, a “Required Expense Payment”) to the extent that such expenses do not exceed 1.00% (on an annualized basis) of the Company’s NAV. Any Required Expense Payment must be paid by the Adviser to the Company in any combination of cash or other immediately available funds and/or offset against amounts due from us to the Adviser or its affiliates. The Adviser may elect to pay certain additional expenses on the Company’s behalf (each, a “Voluntary Expense Payment” and together with a Required Expense Payment, the “Expense Payments”), provided that no portion of the payment will be used to pay any interest expense of the Company. Any Voluntary Expense Payment that the Adviser has committed to pay must be paid by the Adviser to the Company in any combination of cash or other immediately available funds no later than forty-five (45) days after such commitment was made in writing, and/or offset against amounts due from the Company to the Adviser or its affiliates. “Other Operating Expenses” means the Company’s total organization and offering expenses, professional fees, trustee fees, administration fees, and other general and administrative expenses (including the Company’s allocable portion of compensation (including salaries, bonuses and benefits), overhead (including rent, office equipment and utilities) and other expenses incurred by the Administrator in performing its administrative obligations under the Administration Agreement), excluding the Management Fee and Incentive Fee owed to the Adviser, financing fees and costs, brokerage commissions, placement agent fees, costs and expenses of distributing and placing the Common Shares, extraordinary expenses and any interest expenses owed by the Company, all as determined in accordance with U.S. GAAP.

Following any calendar month in which Available Operating Funds (as defined below) exceed the cumulative distributions accrued to the Company’s shareholders based on distributions declared with respect to record dates occurring in such calendar month (the amount of such excess being hereinafter referred to as “Excess Operating Funds”), we shall pay such Excess Operating Funds, or a portion thereof, to the Adviser until such time as all Expense Payments made by the Adviser to the Company within three years prior to the last business day of such calendar month have been reimbursed. Any payments required to be made by the Company shall be referred to herein as a “Reimbursement Payment.” “Available Operating Funds” means the sum of (i) our net investment company taxable income (including net short-term capital gains reduced by net long-term capital losses), (ii) our net capital gains (including the excess of net long-term capital gains over net short-term capital losses) and (iii) dividends and other distributions paid to us on account of investments in Portfolio Companies (to the extent such amounts listed in clause (iii) are not included under clauses (i) and (ii) above).

In addition, effective October 31, 2024, the Company and the Adviser entered into a waiver letter agreement (the “Waiver Letter Agreement”), pursuant to which the Adviser agreed to waive any reimbursement by the Company for any of the Company’s organization expenses, operating expenses and offering expenses the Adviser incurs or has incurred on the Company’s behalf in an aggregate amount not to exceed $2 million. The Waiver Letter Agreement includes reimbursement provisions substantially similar to the reimbursement provisions included in the Expense Support Agreement.

As of both March 31, 2025 and December 31, 2024, the Adviser has not provided any expense support pursuant to the Expense Support Agreement which is included in the Consolidated Statements of Operations. The Company’s obligation to make a reimbursement payment shall automatically become a liability of the Company on the last business day of the applicable calendar month, except to the extent the Adviser has waived its right to receive such payment for the applicable month.

Financial Condition, Liquidity and Capital Resources

We expect to generate cash primarily from (i) the net proceeds of the Offering, (ii) cash flows from our operations, (iii) any financing arrangements we may enter into in the future and (iv) any future offerings of our equity or debt securities. We intend to sell our Common Shares on a continuous monthly basis at a per share price equal to the then-current NAV per share. Our primary uses of cash will be for (i) investments in Portfolio Companies and other investments, (ii) the cost of operations (including paying the Adviser (in its capacity as the Adviser and/or the Administrator)), (iii) cost of any borrowings or other financing arrangements and (iv) cash distributions to the holders of our shares.

As of March 31, 2025 we had one credit facility outstanding. From time to time, we may enter into additional credit facilities, increase the size of our existing credit facilities, enter additional short-term lending arrangements, and/or issue debt securities, including additional unsecured notes. In accordance with the 1940 Act, with certain limited exceptions, we are only allowed to incur borrowings, issue debt securities or issue preferred stock, if immediately after the borrowing or issuance, the ratio of total assets (less total liabilities other than indebtedness) to total indebtedness plus preferred stock, is at least 150%. As of March 31, 2025 we had an aggregate amount of $456.1 million of debt outstanding and our asset coverage ratio was 240.02%. We seek to carefully consider our unfunded commitments for the purpose of planning our ongoing financial leverage. We believe that our current cash and cash equivalents on hand, our short-term investments, our available borrowing capacity under our Revolving Credit Facility and our anticipated cash flows from operations will be adequate to meet our cash needs for our daily operations in the near term.

Equity

The following table summarizes transactions in common shares of beneficial interest during the three months ended March 31, 2025:


	Shares		Amount
Subscriptions		31,183	$	783
Distributions reinvested		—		—
Share repurchases		—		—
Early repurchase deduction		—		—
Net increase (decrease)		31,183	$	783

Share Repurchase Program

The Company has commenced a share repurchase program in which the Company intends to repurchase, in each quarter, up to 5% of the Common Shares outstanding (either by number of Common Shares or aggregate net asset value) as of the close of the previous calendar quarter. The Company’s Board of Trustees may amend, suspend or terminate the share repurchase program if it deems such action to be in the best interest of the Company and the best interest of the Company’s shareholders. As a result, share repurchases may not be available each quarter. The Company intends to conduct such repurchase offers in accordance with the requirements of Rule 13e-4 promulgated under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and the 1940 Act. All shares purchased pursuant to the terms of each tender offer will be retired and thereafter will be authorized and unissued shares.

100

Distributions

We authorize and declare distribution amounts per share of common shares of beneficial interest payable monthly in arrears.

The following table presents distributions that were declared during the three months ended March 31, 2025:


Declaration Date	Payment Date	Base Distribution Per Share (1)		Special Distribution Per Share (1)		Total Distribution Per Share (1)		Total Distribution Amount
January 31, 2025	February 28, 2025	$	0.19	$	0.02	$	0.21	$	5,261
February 28, 2025	March 31, 2025		0.17		0.02		0.19		4,896
March 31, 2025	April 30, 2025		0.19		0.02		0.21		5,426
Total		$	0.55	$	0.06	$	0.61	$	15,583

(1)

Rounded to two decimal places

Sources of distributions, other than net investment income and realized gains on a U.S. GAAP basis, include required adjustments to U.S. GAAP net investment income in the current period to determine taxable income available for distributions. The following table reflects the sources of cash distributions on a U.S. GAAP basis that we declared on our Common Shares during the three months ended March 31, 2025:


Source of Distribution	Per Share		Amount
Net investment income	$	0.72	$	18,239
Net realized gains/(losses)		0.00		1
Total	$	0.72	$	18,240

Distribution Reinvestment Plan

We have adopted a distribution reinvestment plan, pursuant to which we will reinvest all cash distributions declared on behalf of our shareholders who do not elect to receive their distributions in cash. As a result, if we declare a cash distribution, then shareholders who have not opted out of our distribution reinvestment plan will have their cash distributions automatically reinvested in additional shares, rather than receiving the cash distribution. Distributions on fractional shares will be credited to each participating shareholder’s account to three decimal places.

Related-Party Transactions

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

•

the Investment Advisory Agreement;

•

the Administration Agreement;

•

Expense Support and Conditional Reimbursement Agreement;

In addition to the aforementioned agreements, we, our Adviser and certain of our Adviser’s affiliates have been granted exemptive relief by the SEC to co-invest with other funds managed by our Adviser or its affiliates in a manner consistent with our investment objective, positions, policies, strategies and restrictions as well as regulatory requirements and other pertinent factors. For additional information, see “Note 3. Fees. Expenses, Agreements and Related Party Transactions” to the consolidated financial statements.

Recent Developments

Subscriptions

On April 1, 2025, the Company sold and issued 283,767 Class I shares for received an aggregate consideration of approximately $7.1 million related to the issuance of its Class I Shares.at a price of $25.11 per share. On May 1, 2025, the Company received an aggregate consideration of approximately $4.0 million of net proceeds relating to the issuance of its Class I Shares for subscriptions effective May 1, 2025.

Critical Accounting Estimates

The preparation of the consolidated financial statements will require 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, our critical accounting estimates related to investments, fair value measurement, interest and dividends income recognition and income taxes are included in the notes to our consolidated financial statements.

101

Contractual Obligations

The Company is required to report its investments for which current market values are not readily available at fair value. The Company values its investments in accordance with ASC 820, Fair Value Measurement, which defines fair value as the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the applicable measurement date. ASC 820 prioritizes the use of observable market prices derived from such prices over entity-specific inputs. Due to the inherent uncertainties of valuation, certain estimated fair values may differ significantly from the values that would have been realized had a ready market for these investments existed, and these differences could be material.

We entered into the Investment Advisory Agreement with the Adviser to provide us with investment advisory services and the Administration Agreement with the Adviser (in its capacity as the Administrator) to provide us with administrative services. Payments for investment advisory services under the Investment Advisory Agreements and reimbursements under the Administration Agreement are described in “Item 1. Business.”

We have established one or more credit facilities and may in the future establish additional credit facilities or enter into other financing arrangements to facilitate investments and the timely payment of our expenses. It is anticipated that any such credit facilities will bear interest at floating rates at to-be-determined spreads over Secured Overnight Financing Rate (“SOFR”) (or other applicable reference rate). We cannot assure shareholders that we will be able to enter into a credit facility on favorable terms or at all. In connection with a credit facility or other borrowings, lenders may require us to pledge assets, commitments and/or drawdowns (and the ability to enforce the payment thereof and may ask to comply with positive or negative covenants that could have an effect on our operations).

Off-Balance Sheet Arrangements

Other than contractual commitments and other legal contingencies incurred in the normal course of our business, we do not have any off-balance sheet financings or liabilities.

Unfunded Commitments

The Company’s investment portfolio may contain revolving line of credit or delayed draw commitments, which require the Company to fund when requested by portfolio companies. As of March 31, 2025 and December 31, 2024, the Company had unfunded investment commitment in the aggregate par amount of $322.3 million and $291.0 million, respectively. Such commitments are subject to the satisfaction of certain conditions set forth in the documents governing these loans and letters of credit and there can be no assurance that such conditions will be satisfied.

102

Item 3. Quantitative and Qualitative Disclosures About Market Risk

We are subject to financial market risks, including changes in interest rates and foreign exchange rates. A rise in the general level of interest rates can be expected to lead to higher interest rates applicable to the variable rate investments we may hold and to declines in the value of any fixed rate investments we may hold. A rise in interest rates would also be expected to lead to higher cost on our floating rate borrowings. If deemed prudent, we may use interest rate risk management techniques in an effort to minimize our exposure to interest rate fluctuations. The Company seeks to mitigates interest rate risk and foreign currency risk by generally employing a funding strategy of matching the duration and interest rate indices of our floating rate assets with floating rate liabilities, as well as matching currencies between our borrowing and lending, to the extent possible.

Valuation Risk

We plan to invest primarily in illiquid debt securities of private companies. Most of our investments do not have a readily available market price, and we value these investments at fair value as determined in good faith pursuant to procedures adopted by, and under the oversight of, the Board in accordance with our valuation policy. There is no single standard for determining fair value in good faith. As a result, determining fair value requires that judgment be applied to the specific facts and circumstances of each portfolio investment while employing a consistently applied valuation process for the types of investments we make.

Interest Rate Risk

Interest rate sensitivity refers to the change in earnings that may result from changes in the level of interest rates. We intend to fund portions of our investments with borrowings, and at such time, our net investment income will be affected by the difference between the rate at which we invest and the rate at which we borrow. Accordingly, we cannot assure shareholders that a significant change in market interest rates will not have a material adverse effect on our net investment income.

As of March 31, 2025, 99.93% of our performing debt investments at fair value were at floating rates, which are generally SOFR based and typically have durations of one to three months after which they reset to current interest rates, and many of which are subject to certain floors. Our credit facility (i.e. the Morgan Stanley Facility) bears interest at floating rates with no interest rate floor. Based on our Consolidated Statements of Assets and Liabilities as of March 31, 2025, the following table shows the annualized impact on net income of hypothetical base rate changes in interest rates (considering base rate floors and ceilings for floating rate instruments) and assuming no changes in our investment and borrowing structure:


Change in Interest Rates	Interest Income			Interest Expense			Net Income
Up 300 basis points	$	33,171		$	(13,684	)	$	19,487
Up 200 basis points		22,114			(9,123	)		12,991
Up 100 basis points		11,057			(4,561	)		6,496
Down 100 basis points		(11,057	)		4,561			(6,496	)
Down 200 basis points		(22,077	)		9,123			(12,954	)
Down 300 basis points		(33,010	)		13,684			(19,326	)

We may in the future hedge against interest rate fluctuations by using hedging instruments such as additional interest rate swaps, futures, options and forward contracts. While hedging activities may mitigate our exposure to adverse fluctuations in interest rates, certain hedging transactions that we may enter into in the future, such as interest rate swap agreements, may also limit our ability to participate in the benefits of changes in interest rates with respect to our portfolio investments.

103

Item 4. Controls and Procedures

(a) Evaluation of Disclosure Controls and Procedures

In accordance with Rules 13a-15(b) and 15d-15(b) of the Exchange Act, we, under the supervision and with the participation of our Chief Executive Officer and Chief Financial Officer, carried out an evaluation of the effectiveness of our disclosure controls and procedures (as defined in Rule 13a-15(e) and Rule 15d-15(e) of the Exchange Act) as of the end of the period covered by this Quarterly Report on Form 10-Q and determined that our disclosure controls and procedures are effective as of the end of the period covered by the Quarterly Report on Form 10-Q.

(b) Changes in Internal Controls 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 the quarter ended March 31, 2025 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

104

PART II - OTHER INFORMATION

Item 1. Legal Proceedings.

We are not currently subject to any material legal proceedings, nor, to our knowledge, is any material legal proceeding threatened against us. From time to time, we 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. Our business is also subject to extensive regulation, which may result in regulatory proceedings against us. While the outcome of any such future legal or regulatory proceedings cannot be predicted with certainty, we do not expect that any such future proceedings will have a material effect upon our financial condition or results of operations.

Item 1A. Risk Factors.

In addition to the risk factors included below and other information set forth in this report, you should carefully consider the risk factors disclosed in “Item 1A Risk Factors” of our Annual Report on Form 10-K, filed with the SEC on March 18, 2025. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial also may materially affect our business, financial condition and/or operating results. Except as set forth below, there have been no material changes during the three months ended March 31, 2025 to the risk factors set forth in “Item 1A. Risk Factors” of our Annual Report on Form 10-K for the year ended December 31, 2024.

There are Investment Limitations Related to Antares Holdings’ Environmental, Social and Governance Policy

Loans originated by (x) Antares Holdings LP (“Antares Holdings”), Antares Assetco LP, Antares Vesta Funding LP, and Antares Venus Funding LP, each a Delaware limited partnership, each as originator and lender of loans, (y) Antares Capital LP (“Antares Capital”), as arranger, administrative agent and/or similar capacities for loans, and (z) the Adviser (the “Antares Platform”) are done so in accordance with Antares Holdings’ Environmental, Social and Governance policy (such policy as amended from time to time, the “Antares ESG Policy”). The Antares ESG Policy sets forth the Antares Platform’s principal positions on environmental, social and governance (“ESG”) matters and reviews how ESG factors are incorporated into the Antares Platform’s loan and investment processes. ESG factors that the Adviser evaluates could include: (i) environment, (ii) social capital, (iii) human capital, (iv) business model and innovation, and (v) leadership and corporate governance. In considering the materiality of any ESG factor, the Adviser considers the borrower’s exposure to ESG risk, the borrower’s organizational capacity to mitigate that risk; and the potential outcomes from an adverse ESG event. Generally, ESG factors are informative but not determinative, although there are certain industries in which the Adviser will not invest depending on the specific investor/client, jurisdiction, or investor/client mandate. The Antares Capital Responsible Investment Policy (“RI Policy”) guides portfolio management and general business conduct on the integration of any ESG factors when deemed appropriate. Given the dynamic and evolving nature of ESG issues, the RI Policy is subject to continuous review and subject to change without notice; and its application can vary materially depending on the specific investor or client, jurisdiction, or investor level investment guidelines and requirements. The Adviser and/or its advisory affiliates could offer new or different strategies to current or prospective clients, including private funds or funds of one dedicated to a strategy or which pursue such strategy alongside other investments, such as secondary market acquisition of interests in funds that pursue private credit strategies or direct investment in junior capital instruments, although such investments are not generally within the Company’s expected portfolio profile.

It is possible that the Antares ESG Policy will prevent potential Portfolio Loans from being originated on the Antares Platform or prevent the Company from acquiring certain Portfolio Loans, which could impact the returns of the Company. Except as set forth in the Antares ESG Policy, the Adviser is not required to consider any particular ESG factors in evaluating investments. There is no universally accepted view on ESG standards, and the Adviser’s view as to any ESG factors might not match the view of any particular shareholder.

Terrorist Action, Military Action, Protests, Pandemics and Natural Disasters

There is a risk of terrorist attacks, military actions, other armed conflicts, violent protests, pandemics and/or natural disasters in the United States and elsewhere causing significant loss of life, property damage and/or disruptions in the local or global markets. These events can also lead to, or be a symptom of, economic, political and/or social instability. Economic and diplomatic sanctions may be in place or imposed on certain states or persons. The imposition of sanctions could adversely impact the value and/or liquidity of assets where an obligor is located in or economically tied to a sanctioned country or person. Additionally, sanctions can lead to devaluation of a sanctioned country’s currency and increased market volatility both in the sanctioned country and throughout the world, which could impact obligors and the Company, even if there is no direct relationship with a sanctioned country or person.

Pandemics and natural disasters may have similarly disruptive impacts. The potential impact of such events is unclear, but such events could have a material adverse effect on general economic conditions, the ability of obligors of Portfolio Loans held by the Company to repay such Portfolio Loans, lenders extending credit facilities to the Company, or market liquidity, thereby adversely impacting the operations of the Adviser or the Company and the returns to the shareholders.

105

Trade Negotiations and Related Government Actions may Create Regulatory Uncertainty for our Portfolio Companies and our Investment Strategies and Adversely Affect the Profitability of our Portfolio Companies

In recent years, the U.S. government has indicated its intent to alter its approach to international trade policy and in some cases to renegotiate, or potentially terminate, certain existing bilateral or multi-lateral trade agreements and treaties with foreign countries, and has made proposals and taken actions related thereto. For example, the U.S. government has imposed, and may in the future increase, tariffs on certain foreign goods, including from China, such as steel and aluminum. Some foreign governments, including China, have instituted retaliatory tariffs on certain U.S. goods. Most recently, the current U.S. presidential administration has imposed or sought to impose significant increases to tariffs on goods imported into the U.S. on numerous countries. Such tariffs could further increase costs, decrease margins, reduce the competitiveness of products and services offered by current and future portfolio companies and adversely affect the revenues and profitability of portfolio companies whose businesses rely on goods imported from countries subject to the tariffs. Further governmental actions related to the imposition of tariffs or other trade barriers, or changes to international trade agreements or policies, could further increase costs, decrease margins, reduce the competitiveness of products and services offered by current and future portfolio companies. In addition, such tariffs could slow the global economy, and, while such tariffs may be adjusted downward or removed, the adjustment or removal of tariffs may or may not yield the intended results.

The Company is Subject to Risks Relating to Liability Management Transactions

Recent developments in liability management transactions by borrowers may increase in prevalence. Such techniques include, without limitation, borrowers (and sometimes a subset of existing creditors) taking advantage of flexibility provided in underlying loan documentation and limited lender protections, and borrowers seeking to raise priming debt or structurally senior debt secured by all or a portion of the existing collateral whether through uptier cashless debt exchanges or through asset drop-down transactions while subordinating existing creditors to a subset of participating creditors. In such transactions, the existing debt of the subset of participating creditors may be exchanged at a higher exchange rate than the debt of the non-participating creditors, resulting in the participating creditors realizing increased recovery prospects which are greater than, and at the expense of, the remaining existing creditors. To the extent the Company acquires a Portfolio Loan and subsequently is unable to participate in an uptier cashless loan

exchange, an asset drop-down transaction or another form of a liability management transaction, it may not realize the same recovery prospects on such Portfolio Loan as the participating lenders in such transactions.

If We Are Not Treated as a “Publicly Offered Regulated Investment Company,” as Defined in the Code, Our Shareholders That Are Individuals, Trusts or Estates Will Be Taxed as Though They Received a Distribution of Some of Our Expenses

We do not expect to be treated initially as a “publicly offered regulated investment company.” Until and unless we are treated as a “publicly offered regulated investment company” as a result of either (1) Common Shares and our preferred shares collectively being held by at least 500 persons at all times during a taxable year, (2) Common Shares are continuously offered pursuant to a public offering (within the meaning of Section 4 of the Securities Act) or (3) Common Shares being treated as regularly traded on an established securities market, each U.S. shareholder that is an individual, trust or estate will be treated as having received a dividend for U.S. federal income tax purposes from us in the amount of such U.S. shareholder’s allocable share of the management and incentive fees paid to our investment adviser and certain of our other expenses for the calendar year, and these fees and expenses will be treated as miscellaneous itemized deductions of such U.S. shareholder. For taxable years beginning before 2026, miscellaneous itemized deductions generally are not deductible by a U.S. shareholder that is an individual, trust or estate. For taxable years beginning in 2026 or later, miscellaneous itemized deductions generally are deductible by a U.S. shareholder that is an individual, trust or estate only to the extent that the aggregate of such U.S. shareholder’s miscellaneous itemized deductions exceeds 2% of such U.S. shareholder’s adjusted gross income for U.S. federal income tax purposes, are not deductible for purposes of the alternative minimum tax and are subject to the overall limitation on itemized deductions under Section 68 of the Code.

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

Except as described and as previously reported on our current reports on Form 8-K, we did not sell any securities during the period covered by this Quarterly Report on Form 10-Q that were not registered under the Securities Act.

Item 3. Defaults Upon Senior Securities.

None.

Item 4. Mine Safety Disclosures.

None.

Item 5. Other Information.

None.

106

Item 6. Exhibits


Exhibit Number		Description of Exhibits
10.1		First Amendment to Loan and Servicing Agreement, dated March 18, 2025, by and among APCF Funding SPV LLC, as borrower, Antares Private Credit Fund, as servicer, the lenders from time to time party thereto, Morgan Stanley Senior Funding, Inc., as agent, U.S. Bank Trust Company, National Association, as collateral agent and collateral administrator, and U.S. Bank National Association, as collateral custodian (incorporated by reference to Exhibit 10.1 to the Current Report on Form 8-K (File No. 814-01793) filed on March 24, 2025)
31.1		Certification of Principal Executive Officer Pursuant to Rule 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.*
31.2		Certification of Principal Financial Officer Pursuant to Rule 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.*
32.1		Certification of Principal Executive Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.*
32.2		Certification of Principal Financial Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.*
101.INS		Inline XBRL Instance Document
101.PRE		Inline XBRL Taxonomy Extension Schema With Embedded Linkbase Documents
104		Cover Page formatted as Inline XBRL and contained in Exhibit 101

* Filed herewith.

107

SIGNATURES

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

Antares Private Credit Fund


Date:	May 14, 2025	/s/ Vivek Mathew
		Vivek Mathew
		Chief Executive Officer

Date:	May 14, 2025	/s/ Monica Kelsey
		Monica Kelsey
		Chief Financial Officer

108