Form: 424B3

Prospectus [Rule 424(b)(3)]

May 21, 2025

 

Filed pursuant to Rule 424(b)(3)

File No. 333-283111

 

ANTARES PRIVATE CREDIT FUND

SUPPLEMENT NO. 2 DATED MAY 21, 2025

TO THE PROSPECTUS DATED FEBRUARY 12, 2025

 

This prospectus supplement (“Supplement”) is part of and should be read in conjunction with the prospectus of Antares Private Credit Fund (the “Company”), dated February 12, 2025, (as supplemented to date, the “Prospectus”). Unless otherwise defined herein, capitalized terms used in this Supplement shall have the same meanings as set forth in the Prospectus.

 

The purpose of this Supplement is to include our Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2025.

 

Quarterly Report on Form 10-Q for the Quarter Ended March 31, 2025

 

On May 14, 2025, we filed our Quarterly Report on Form 10-Q for the quarter ended March 31, 2025 with the Securities and Exchange Commission. The report (without exhibits) is attached to this Supplement.

 

 

 

 

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

 

FORM 10-Q

 

 

 

(Mark One)

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

 

For the quarterly period ended March 31, 2025

 

OR

 

¨ 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  x   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  x   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 x   Smaller reporting company ¨
Emerging growth company x      

 

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 x

 

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

 

2

 

 

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.

 

3

 

 

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.

 

4

 

 

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.

 

5

 

 

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.

 

6

 

 

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.

 

7

 

 

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  

 

8

 

 

 

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  

 

9

 

 

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  

 

 

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
 
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  

 

11

 

 

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  

 

12

 

 

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  

 

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
 
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  

 

 

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
 
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  

 

15

 

 

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                    

 

16

 

 

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  

 

17

 

 

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  

 

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                    

 

19

 

 

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  

 

20

 

 

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 )      

 

21

 

 

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  

 

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
 
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  

 

23

 

 

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  

 

24

 

 

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 )      

 

25

 

 

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  

 

26

 

 

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 )      

 

27

 

 

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 )      

 

28

 

 

 

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  

 

29

 

 

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  

 

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
 
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 %

 

1. 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.
2. 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.
3. Investments with par value / shares less than 500 shown as zero.
4. 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").
5. 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.
6. 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.

 

31

 

 

ANTARES PRIVATE CREDIT FUND
CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)(Continued)
March 31, 2025

(in thousands)

 

7. 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.
8. Position or portion thereof is pledged as collateral under the Morgan Stanley Facility.
9. 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

 

32

 

 

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 )

 

33

 

 

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 )

 

34

 

 

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 )

 

35

 

 

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 )

 

36

 

 

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        

 

37

 

 

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 )

 

38

 

 

 

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        

 

39

 

 

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.

 

40

 

 

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  

 

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  

 

42

 

 

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 )      

 

43

 

 

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 )      

 

 

44

 

 

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  

 

45

 

 

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 )      

 

46

 

 

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  

 

47

 

 

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 )      

 

48

 

 

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 )      

 

49

 

 

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  

 

50

 

 

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  

 

51

 

 

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