August 13, 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 June 30, 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 (“Common Shares”), $0.01 par value per share, outstanding as of August 12, 2025 was 26,916,401 of Class I Shares. No Class S or Class D Shares have been issued as of August 12, 2025. Common Shares outstanding exclude August 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 June 30, 2025 (Unaudited) and December 31, 2024	4
	Consolidated Statements of Operations for the three and six months ended June 30, 2025 and 2024 (Unaudited)	5
	Consolidated Statements of Changes in Net Assets for the three and six months ended June 30, 2025 and 2024 (Unaudited)	6
	Consolidated Statement of Cash Flows for the six months ended June 30, 2025 (Unaudited)	8
	Consolidated Schedules of Investments as of June 30, 2025 (Unaudited) and December 31, 2024	9
	Notes to Consolidated Financial Statements (Unaudited)	71
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	95
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	107
Item 4.	Controls and Procedures	108

PART II	OTHER INFORMATION
Item 1.	Legal Proceedings	109
Item 1A.	Risk Factors	109
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	110
Item 3.	Defaults Upon Senior Securities	110
Item 4.	Mine Safety Disclosures	110
Item 5.	Other Information	110
Item 6.	Exhibits	111
	Signatures	112

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)


	June 30, 2025			December 31, 2024
	(Unaudited)
ASSETS
Investments at fair value:
Non-controlled/non-affiliated investments, at fair value (amortized cost — $1,243,529 and $849,742 as of June 30, 2025 and December 31, 2024, respectively)	$	1,241,706		$	848,360
Short-term investments (amortized cost — $39,375 and $0 as of June 30, 2025 and December 31, 2024, respectively) (1)		39,375			—
Total investments at fair value		1,281,081			848,360
Cash and cash equivalents (1)		7,844			42,146
Foreign currencies (cost — $11,113 and $20,235 as of June 30, 2025 and December 31, 2024, respectively)		11,814			20,194
Interest receivable from non-controlled/non-affiliated investments		6,369			3,824
Deferred offering costs		886			943
Receivable from adviser (Note 3)		1,326			2,839
Receivable for investments sold / repaid		542			82
Prepaid expenses and other assets		218			446
Total assets	$	1,310,080		$	918,834

LIABILITIES
Debt outstanding	$	616,076		$	110,194
Less: Deferred financing costs		(5,393	)		(3,087	)
Total debt, net of deferred financing costs		610,683			107,107
Payable for investments purchased		18,847			160,489
Interest payable		1,937			361
Distributions payable		5,634			8,290
Administrative service fee payable		425			93
Accrued expenses and other liabilities		1,544			986
Due to affiliates		167			4,049
Total liabilities		639,237			281,375
Commitments and contingencies (Note 7)
NET ASSETS
Common Shares, par value $0.01 (26,615,155 and 25,405,674 shares issued and outstanding as of June 30, 2025 and December 31, 2024, respectively)		266			254
Paid-in capital in excess of par value		665,867			635,495
Accumulated net distributable earnings		4,710			1,710
Total net assets		670,843			637,459
Total liabilities and net assets	$	1,310,080		$	918,834
Net asset value per share	$	25.21		$	25.09

(1)

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 June 30,						Six Months Ended June 30,
	2025			2024			2025			2024
Investment income:
From total investments:
Interest income	$	27,571		$	—		$	49,697		$	—
Payment-in-kind interest income		143			—			253			—
Dividend income		319			—			319			—
Other income		1,431			—			2,570			—
Total investment income		29,464			—			52,839			—
Expenses:
Interest and debt expenses		8,704			—			12,962			—
Management fees (Note 3)		2,039			—			4,004			—
Income based incentive fee (Note 3)		2,399			—			4,668			—
Administrative service fee		176			—			332			—
Board of Trustees’ fee		30			—			70			—
Other general and administrative expenses		941			—			1,623			—
Organization and offering costs		563			37			1,063			48
Total expenses		14,852			37			24,722			48
Management fees waiver (Note 3)		(2,039	)		—			(4,004	)		—
Incentive fees waiver (Note 3)		(2,399	)		—			(4,668	)		—
Reimbursable expenses paid by adviser (Note 3)		(148	)		(37	)		(648	)		(48	)
Net expenses, net of fee waivers		10,266			—			15,402			—
Net investment income (loss)		19,198			—			37,437			—

Net realized and change in unrealized gain (loss):
Net realized gains (losses):
Non-controlled/non-affiliated investments		(15	)		—			(14	)		—
Foreign currency transactions		259			—			807			—
Total net realized gain (loss)		244			—			793			—
Net change in unrealized appreciation (depreciation):
Non-controlled/non-affiliated investments		1,442			—			(440	)		—
Translation of assets and liabilities in foreign currencies		(1,606	)		—			(2,483	)		—
Net change in unrealized appreciation (depreciation)		(164	)		—			(2,923	)		—
Total net realized and change in unrealized gain (loss)		80			—			(2,130	)		—
Net increase (decrease) in net assets resulting from operations	$	19,278		$	—		$	35,307		$	—

Per share information
Net investment income (loss) per share (basic and diluted)	$	0.74		$	—		$	1.45		$	—
Earnings per share (basic and diluted)	$	0.74		$	—		$	1.37		$	—
Distributions declared per share	$	0.64		$	—		$	1.25		$	—
Weighted average shares outstanding (basic and diluted)		26,062,390			1,000			25,741,187			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 June 30, 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		25,436,857	$	254	$	636,278	$	2,156		$	638,688
Operations:
Net investment income (loss)		—		—		—		19,198			19,198
Net realized gain (loss)		—		—		—		244			244
Net change in unrealized appreciation (depreciation)		—		—		—		(164	)		(164	)
Net increase (decrease) in net assets resulting from operations		—		—		—		19,278			19,278
Capital Transactions:
Issuance of shares		1,175,573		12		29,521		—			29,533
Common Shares issued from reinvestment of distributions		2,725		—		68		—			68
Distributions to shareholders		—		—		—		(16,724	)		(16,724	)
Net increase (decrease) in net assets resulting from capital transactions		1,178,298		12		29,589		(16,724	)		12,877
Total net increase (decrease)		1,178,298		12		29,589		2,554			32,155
Net assets at end of period		26,615,155	$	266	$	665,867	$	4,710		$	670,843

Six Months Ended June 30, 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 (loss)		—		—		—		37,437			37,437
Net realized gain (loss)		—		—		—		793			793
Net change in unrealized appreciation (depreciation)		—		—		—		(2,923	)		(2,923	)
Net increase (decrease) in net assets resulting from operations		—		—		—		35,307			35,307
Capital Transactions:
Issuance of shares		1,206,756		12		30,304		—			30,316
Common Shares issued from reinvestment of distributions		2,725		—		68		—			68
Distributions to shareholders		—		—		—		(32,307	)		(32,307	)
Net increase (decrease) in net assets resulting from capital transactions		1,209,481		12		30,372		(32,307	)		(1,923	)
Total net increase (decrease)		1,209,481		12		30,372		3,000			33,384
Net assets at end of period		26,615,155	$	266	$	665,867	$	4,710		$	670,843

Three Months Ended June 30, 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 (loss)		—		—		—		—		—
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

Six Months Ended June 30, 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 (loss)		—		—		—		—		—
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 STATEMENT OF CASH FLOWS (Unaudited)

(in thousands)


	Six Months Ended June 30, 2025
Cash flow from operating activities
Net increase (decrease) in net assets resulting from operations	$	35,307
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash used in operating activities:
Accrued interest and dividends received in-kind		(572	)
Net accretion of discount and amortization of premium		(908	)
Proceeds from sale of investments and principal repayments		92,636
Purchases of investments		(484,956	)
Purchase/sale of short-term investments, net (1)		151
Net realized (gains) losses on investments		14
Net change in unrealized (appreciation) depreciation on investments		440
Amortization of deferred financing costs		510
Amortization of deferred offering costs		944
(Increase) decrease in operating assets:
Interest receivable from non-controlled/non-affiliated investments		(2,545	)
Receivable from adviser		1,513
Receivable for investments sold / repaid		(460	)
Prepaid expenses and other assets		228
Increase (decrease) in operating liabilities:
Due to affiliates		(3,882	)
Payable for investments purchased		(141,642	)
Interest payable		1,576
Administrative service fee payable		332
Accrued expenses and other liabilities		558
Net cash provided by (used in) operating activities		(500,756	)
Cash flow from financing activities
Proceeds from issuance of shares		30,316
Debt borrowings		525,882
Debt repayments		(20,000	)
Distributions paid		(34,895	)
Deferred offering costs paid		(887	)
Deferred financing costs paid		(2,816	)
Net cash provided by (used in) financing activities		497,600
Net increase (decrease) in cash and cash equivalents		(3,156	)
Cash, cash equivalents and foreign currencies at the beginning of period (1)		22,814
Cash, cash equivalents and foreign currencies at the end of period (1)	$	19,658
Supplemental disclosure of cash flow information
Cash paid for interest	$	10,876
Cash paid for taxes	$	74
Distributions payable		5,634

(1)

The Company has made a prospective presentation change to reclassify money market fund investments as short-term investments, resulting in their exclusion from cash and cash equivalents as of June 30, 2025. As a result, cash and cash equivalents at the beginning of this period exclude $39,527 of money market fund investments. See Note 2 for additional detail.

See accompanying notes to the consolidated financial statements.

ANTARES PRIVATE CREDIT FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

June 30, 2025

(in thousands)


Investments (1)	Footnotes	Asset Type	Reference Rate and Spread (2)	Interest Rate	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)(15)	First Lien Term Loan	S + 2.75%	7.04%	10/31/2030	$	4,652	$	4,663		$	4,668			0.70	%
GSP Holdings, LLC	(6)(8)(12)	First Lien Term Loan	S + 5.75%	10.45% (Incl. 0.25% PIK)	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		3,687		3,702			3,705			0.55
									8,464			8,465			1.26
Air Freight and Logistics
Kenco PPC Buyer LLC	(8)(12)	First Lien Term Loan	S + 4.75%	8.90%	11/15/2029		5,369		5,344			5,342			0.80
Kenco PPC Buyer LLC	(7)(12)	First Lien Revolver	P + 3.75%	11.25%	11/15/2029		359		34			34			0.01
Lightbeam Bidco Inc	(8)(13)	First Lien Term Loan	S + 5.00%	9.32%	5/4/2030		4,926		4,926			4,926			0.73
Lightbeam Bidco Inc	(13)	First Lien Delayed Draw Term Loan	S + 5.00%	9.32%	5/4/2030		648		648			648			0.10
Lightbeam Bidco Inc	(7)(13)	First Lien Revolver	S + 5.00%	9.32%	5/4/2029		491		221			221			0.03
									11,173			11,171			1.67
Automobile Components
Enthusiast Auto Holdings, LLC	(8)(12)	First Lien Term Loan	S + 4.75%	9.07%	12/19/2026		5,891		5,891			5,891			0.88
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		1,460		1,456			1,450			0.21
JHCC Holdings LLC	(8)(12)	First Lien Delayed Draw Term Loan	S + 5.25%	9.54%	9/9/2027		423		422			420			0.06
JHCC Holdings LLC	(7)(12)	First Lien Revolver	P + 4.25%	11.75%	9/9/2027		168		50			49			0.01
Majco LLC	(8)(12)	First Lien Term Loan	S + 4.50%	8.94%	12/4/2028		198		198			198			0.03
OAC Holdings I Corp	(8)(12)	First Lien Term Loan	S + 4.75%	9.19%	3/30/2029		186		186			186			0.03
Power Stop, LLC	(8)(14)	First Lien Term Loan	S + 4.75%	9.04%	1/26/2029		198		198			179			0.03
Quality Automotive Services, LLC	(8)(12)	First Lien Term Loan	S + 5.00%	9.29%	7/16/2027		4,669		4,652			4,641			0.69
Quality Automotive Services, LLC	(12)	First Lien Delayed Draw Term Loan	S + 5.00%	9.29%	7/16/2027		2,040		2,033			2,027			0.30
Quality Automotive Services, LLC	(7)(12)	First Lien Delayed Draw Term Loan	S + 5.00%	9.29%	7/16/2027		1,335		616			611			0.09
Quality Automotive Services, LLC	(7)(12)	First Lien Revolver	S + 6.00%	10.29%	7/16/2027		257		(1	)		(2	)		—
Truck-Lite Co., LLC	(8)(13)	First Lien Term Loan	S + 5.75%	10.07%	2/13/2032		195		194			194			0.03
Truck-Lite Co., LLC	(8)(13)	First Lien Term Loan	S + 5.75%	10.04%	2/13/2032		1,716		1,716			1,707			0.25
Truck-Lite Co., LLC	(7)(13)	First Lien Delayed Draw Term Loan	S + 5.75%	10.07%	2/13/2032		2,868		(31	)		(22	)		—
Truck-Lite Co., LLC	(7)(13)	First Lien Revolver	S + 5.75%	10.07%	2/13/2031		176		(1	)		(1	)		—
									17,579			17,528			2.61

ANTARES PRIVATE CREDIT FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)(Continued)

June 30, 2025

(in thousands)


Investments (1)	Footnotes	Asset Type	Reference Rate and Spread (2)	Interest Rate	Maturity Date	Par Amount / Shares		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	$	198		$	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	(8)(13)	First Lien Term Loan	S + 5.25%	9.54%	12/28/2029		198		198			198			0.03
Walter Surface Technologies Inc.	(6)(8)(12)	First Lien Term Loan	S + 4.75%	9.14%	3/31/2027		1,716		1,716			1,704			0.25
Walter Surface Technologies Inc.	(6)(7)(12)	First Lien Delayed Draw Term Loan	S + 4.75%	9.14%	3/31/2027		587		213			209			0.03
									2,615			2,599			0.38
Capital Markets
Allworth Financial Group, L.P.	(8)(12)	First Lien Term Loan	S + 4.75%	9.07%	12/23/2027		198		198			198			0.03
Arax MidCo, LLC	(8)(12)	First Lien Term Loan	S + 5.00%	9.29%	4/11/2029		5,861		5,822			5,833			0.87
Arax MidCo, LLC	(7)(12)	First Lien Delayed Draw Term Loan	S + 5.00%	9.29%	4/11/2029		3,097		(8	)		(15	)		—
Arax MidCo, LLC	(7)(12)	First Lien Delayed Draw Term Loan	S + 5.75%	10.07%	4/11/2029		465		(5	)		(2	)		—
Arax MidCo, LLC	(7)(12)	First Lien Revolver	S + 5.00%	9.29%	4/11/2029		431		34			36			0.01
Cub Financing Intermediate, LLC	(8)(14)	First Lien Term Loan	S + 4.75%	9.04%	6/28/2030		3,761		3,746			3,761			0.56
Cub Financing Intermediate, LLC	(7)(12)	First Lien Delayed Draw Term Loan	S + 4.75%	9.04%	6/28/2030		1,741		(8	)		—			—
Edgeco Buyer, Inc.	(8)(12)	First Lien Term Loan	S + 4.50%	8.82%	6/1/2028		7,430		7,429			7,393			1.10
Edgeco Buyer, Inc.	(7)(12)	First Lien Delayed Draw Term Loan	S + 4.50%	8.82%	6/1/2028		2,770		331			323			0.05
Edgeco Buyer, Inc.	(8)(12)	First Lien Delayed Draw Term Loan	S + 4.50%	8.82%	6/1/2028		1,362		1,362			1,356			0.20
Edgeco Buyer, Inc.	(7)(12)	First Lien Revolver	S + 4.50%	8.82%	6/1/2028		304		(1	)		(2	)		—
HighTower Holding, LLC	(5)(7)(15)	First Lien Revolver	S + 3.00%	7.32%	2/1/2030		110		—			—			—
Lido Advisors, LLC	(8)(12)	First Lien Delayed Draw Term Loan	S + 5.50%	9.79%	5/10/2032		199		198			198			0.03
Lido Advisors, LLC	(12)	First Lien Delayed Draw Term Loan	S + 4.75%	9.07%	5/10/2032		527		523			525			0.08
Lido Advisors, LLC	(7)(12)	First Lien Delayed Draw Term Loan	S + 5.00%	9.32%	5/10/2032		3,513		(9	)		(12	)		—
Lido Advisors, LLC	(7)(12)	First Lien Revolver	S + 5.50%	9.82%	5/10/2032		615		202			203			0.03
The Ultimus Group Midco, LLC	(8)(13)	First Lien Term Loan	S + 5.25%	9.67%	3/7/2031		8,621		8,621			8,621			1.28
The Ultimus Group Midco, LLC	(7)(13)	First Lien Delayed Draw Term Loan	S + 5.25%	9.57%	3/7/2031		1,302		—			—			—
The Ultimus Group Midco, LLC	(7)(13)	First Lien Revolver	S + 5.25%	9.57%	3/7/2030		868		—			—			—
									28,435			28,416			4.24

ANTARES PRIVATE CREDIT FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)(Continued)

June 30, 2025

(in thousands)


Investments (1)	Footnotes	Asset Type	Reference Rate and Spread (2)	Interest Rate	Maturity Date	Par Amount / Shares		Amortized Cost (4)			Fair Value			Percentage of Net Assets
Chemicals
Americhem, Inc.	(8)(13)	First Lien Term Loan	S + 4.75%	9.07%	3/1/2032	$	10,500	$	10,450		$	10,395			1.55	%
Americhem, Inc.	(7)(13)	First Lien Delayed Draw Term Loan	S + 4.75%	9.07%	3/1/2032		2,691		(6	)		(27	)		—
Americhem, Inc.	(7)(13)	First Lien Revolver	S + 4.75%	9.07%	3/1/2032		1,906		(10	)		(19	)		—
Aurora Plastics, LLC	(8)(13)	First Lien Term Loan	S + 4.75%	9.17%	8/12/2030		12,493		12,465			12,435			1.85
Aurora Plastics, LLC	(8)(13)	First Lien Delayed Draw Term Loan	S + 4.75%	9.17%	8/12/2030		1,412		1,412			1,406			0.21
Aurora Plastics, LLC	(7)(13)	First Lien Delayed Draw Term Loan	S + 4.75%	9.17%	8/12/2030		1,140		(3	)		(5	)		—
Aurorium Global Holdings LLC	(8)(13)	First Lien Term Loan	S + 5.75%	10.19%	12/22/2027		99		98			95			0.01
Boulder Scientific Company, LLC	(8)(12)	First Lien Term Loan	S + 4.50%	8.79%	12/31/2027		97		97			95			0.01
Charkit Chemical Company, LLC	(8)(12)	First Lien Term Loan	S + 4.88%	9.30%	12/29/2026		100		99			97			0.01
DCG Acquisition Corp.	(8)(13)	First Lien Term Loan	S + 4.50%	8.79%	6/13/2031		6,991		6,991			6,921			1.03
DCG Acquisition Corp.	(7)(13)	First Lien Delayed Draw Term Loan	S + 4.50%	8.79%	6/13/2031		1,169		701			690			0.10
Hasa Acquisition, LLC	(8)(12)	First Lien Term Loan	S + 4.75%	9.04%	1/10/2029		199		199			198			0.03
LTI Holdings, Inc.	(5)(8)(12)	First Lien Term Loan	S + 4.25%	8.57%	7/29/2029		1,985		1,994			1,987			0.30
Lubricant Engineers	(8)(12)	First Lien Term Loan	S + 5.25%	9.54%	9/1/2029		7,925		7,905			7,886			1.18
Lubricant Engineers	(7)(12)	First Lien Delayed Draw Term Loan	S + 5.25%	9.54%	9/1/2029		1,372		—			(7	)		—
Lubricant Engineers	(7)(12)	First Lien Revolver	S + 5.25%	9.54%	9/1/2029		885		(4	)		(4	)		—
Plaskolite PPC Intermediate II LLC	(5)(8)(12)	First Lien Term Loan	S + 4.00%	11.33% (Incl. 3.00% PIK)	5/9/2030		1,388		1,374			1,342			0.20
Plaskolite PPC Intermediate II LLC	(5)(7)(12)	First Lien Revolver	S + 7.00%	11.32%	2/7/2030		101		5			2			—
Potters Industries LLC	(7)(15)	First Lien Revolver	S + 2.75%	7.07%	9/14/2027		100		20			20			—
Rocket Bidco, Inc.	(6)(8)(15)	First Lien Term Loan	C + 5.75%	8.83%	11/1/2030		CAD 199		144			146			0.02
									43,931			43,653			6.50
Commercial Services and Supplies
Anticimex Global AB	(5)(6)(8)(14)	First Lien Term Loan	S + 3.40%	7.69%	11/16/2028		1,608		1,608			1,617			0.24
Ares Holdings, LLC	(8)(12)	First Lien Term Loan	S + 5.00%	9.32%	11/18/2027		3,158		3,146			3,144			0.47
AWP Group Holdings, Inc.	(8)(12)	First Lien Term Loan	S + 4.75%	9.07%	12/23/2030		14,287		14,226			14,144			2.11
AWP Group Holdings, Inc.	(7)(12)	First Lien Revolver	S + 4.75%	9.07%	12/23/2030		320		118			117			0.02
BCPE Empire Holdings, Inc.	(5)(8)(14)	First Lien Term Loan	S +

Form: 10-Q

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