424B3: Prospectus [Rule 424(b)(3)]
Published on August 28, 2025
Filed pursuant to Rule 424(b)(3)
File No. 333-283111
ANTARES PRIVATE CREDIT FUND
SUPPLEMENT NO. 5 DATED AUGUST 28, 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 June 30, 2025.
Quarterly Report on Form 10-Q for the Quarter Ended June 30, 2025
On August 13, 2025, we filed our Quarterly Report on Form 10-Q for the quarter ended June 30, 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 June 30, 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 (“Common Shares”), $0.01 par value per share, outstanding as of August 12, 2025 was 26,916,401 of Class I Shares. No Class S or Class D Shares have been issued as of August 12, 2025. Common Shares outstanding exclude August 1, 2025 subscriptions, as the issuance price is not yet finalized at this time.
Table of Contents
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)
| June 30, 2025 |
December 31, 2024 |
|||||||
| (Unaudited) | ||||||||
| ASSETS | ||||||||
| Investments at fair value: | ||||||||
| Non-controlled/non-affiliated investments, at fair value (amortized cost — $1,243,529 and $849,742 as of June 30, 2025 and December 31, 2024, respectively) | $ | 1,241,706 | $ | 848,360 | ||||
| Short-term investments (amortized cost — $39,375 and $0 as of June 30, 2025 and December 31, 2024, respectively) (1) | 39,375 | — | ||||||
| Total investments at fair value | 1,281,081 | 848,360 | ||||||
| Cash and cash equivalents (1) | 7,844 | 42,146 | ||||||
| Foreign currencies (cost — $11,113 and $20,235 as of June 30, 2025 and December 31, 2024, respectively) | 11,814 | 20,194 | ||||||
| Interest receivable from non-controlled/non-affiliated investments | 6,369 | 3,824 | ||||||
| Deferred offering costs | 886 | 943 | ||||||
| Receivable from adviser (Note 3) | 1,326 | 2,839 | ||||||
| Receivable for investments sold / repaid | 542 | 82 | ||||||
| Prepaid expenses and other assets | 218 | 446 | ||||||
| Total assets | $ | 1,310,080 | $ | 918,834 | ||||
| LIABILITIES | ||||||||
| Debt outstanding | $ | 616,076 | $ | 110,194 | ||||
| Less: Deferred financing costs | (5,393 | ) | (3,087 | ) | ||||
| Total debt, net of deferred financing costs | 610,683 | 107,107 | ||||||
| Payable for investments purchased | 18,847 | 160,489 | ||||||
| Interest payable | 1,937 | 361 | ||||||
| Distributions payable | 5,634 | 8,290 | ||||||
| Administrative service fee payable | 425 | 93 | ||||||
| Accrued expenses and other liabilities | 1,544 | 986 | ||||||
| Due to affiliates | 167 | 4,049 | ||||||
| Total liabilities | 639,237 | 281,375 | ||||||
| Commitments and contingencies (Note 7) | ||||||||
| NET ASSETS | ||||||||
| Common Shares, par value $0.01 (26,615,155 and 25,405,674 shares issued and outstanding as of June 30, 2025 and December 31, 2024, respectively) | 266 | 254 | ||||||
| Paid-in capital in excess of par value | 665,867 | 635,495 | ||||||
| Accumulated net distributable earnings | 4,710 | 1,710 | ||||||
| Total net assets | 670,843 | 637,459 | ||||||
| Total liabilities and net assets | $ | 1,310,080 | $ | 918,834 | ||||
| Net asset value per share | $ | 25.21 | $ | 25.09 | ||||
| (1) | The Company has made a prospective presentation change to reclassify money market fund investments as short-term investments, resulting in their exclusion from cash and cash equivalents as of June 30, 2025. See Note 2 for additional detail. |
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 June 30, | Six Months Ended June 30, | |||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||
| Investment income: | ||||||||||||||||
| From total investments: | ||||||||||||||||
| Interest income | $ | 27,571 | $ | — | $ | 49,697 | $ | — | ||||||||
| Payment-in-kind interest income | 143 | — | 253 | — | ||||||||||||
| Dividend income | 319 | — | 319 | — | ||||||||||||
| Other income | 1,431 | — | 2,570 | — | ||||||||||||
| Total investment income | 29,464 | — | 52,839 | — | ||||||||||||
| Expenses: | ||||||||||||||||
| Interest and debt expenses | 8,704 | — | 12,962 | — | ||||||||||||
| Management fees (Note 3) | 2,039 | — | 4,004 | — | ||||||||||||
| Income based incentive fee (Note 3) | 2,399 | — | 4,668 | — | ||||||||||||
| Administrative service fee | 176 | — | 332 | — | ||||||||||||
| Board of Trustees’ fee | 30 | — | 70 | — | ||||||||||||
| Other general and administrative expenses | 941 | — | 1,623 | — | ||||||||||||
| Organization and offering costs | 563 | 37 | 1,063 | 48 | ||||||||||||
| Total expenses | 14,852 | 37 | 24,722 | 48 | ||||||||||||
| Management fees waiver (Note 3) | (2,039 | ) | — | (4,004 | ) | — | ||||||||||
| Incentive fees waiver (Note 3) | (2,399 | ) | — | (4,668 | ) | — | ||||||||||
| Reimbursable expenses paid by adviser (Note 3) | (148 | ) | (37 | ) | (648 | ) | (48 | ) | ||||||||
| Net expenses, net of fee waivers | 10,266 | — | 15,402 | — | ||||||||||||
| Net investment income (loss) | 19,198 | — | 37,437 | — | ||||||||||||
| Net realized and change in unrealized gain (loss): | ||||||||||||||||
| Net realized gains (losses): | ||||||||||||||||
| Non-controlled/non-affiliated investments | (15 | ) | — | (14 | ) | — | ||||||||||
| Foreign currency transactions | 259 | — | 807 | — | ||||||||||||
| Total net realized gain (loss) | 244 | — | 793 | — | ||||||||||||
| Net change in unrealized appreciation (depreciation): | ||||||||||||||||
| Non-controlled/non-affiliated investments | 1,442 | — | (440 | ) | — | |||||||||||
| Translation of assets and liabilities in foreign currencies | (1,606 | ) | — | (2,483 | ) | — | ||||||||||
| Net change in unrealized appreciation (depreciation) | (164 | ) | — | (2,923 | ) | — | ||||||||||
| Total net realized and change in unrealized gain (loss) | 80 | — | (2,130 | ) | — | |||||||||||
| Net increase (decrease) in net assets resulting from operations | $ | 19,278 | $ | — | $ | 35,307 | $ | — | ||||||||
| Per share information | ||||||||||||||||
| Net investment income (loss) per share (basic and diluted) | $ | 0.74 | $ | — | $ | 1.45 | $ | — | ||||||||
| Earnings per share (basic and diluted) | $ | 0.74 | $ | — | $ | 1.37 | $ | — | ||||||||
| Distributions declared per share | $ | 0.64 | $ | — | $ | 1.25 | $ | — | ||||||||
| Weighted average shares outstanding (basic and diluted) | 26,062,390 | 1,000 | 25,741,187 | 1,000 | ||||||||||||
See accompanying notes to the consolidated financial statements.
5
ANTARES PRIVATE CREDIT FUND
CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS (Unaudited)
(in thousands, except shares)
Three Months Ended June 30, 2025
| Accumulated Net |
||||||||||||||||||||
| Common Shares | Paid-in-Capital in | Distributable Earnings | Total | |||||||||||||||||
| Shares | Par Value | Excess of Par Value | (Losses) | Net Assets | ||||||||||||||||
| Net assets at beginning of period | 25,436,857 | $ | 254 | $ | 636,278 | $ | 2,156 | $ | 638,688 | |||||||||||
| Operations: | ||||||||||||||||||||
| Net investment income (loss) | — | — | — | 19,198 | 19,198 | |||||||||||||||
| Net realized gain (loss) | — | — | — | 244 | 244 | |||||||||||||||
| Net change in unrealized appreciation (depreciation) | — | — | — | (164 | ) | (164 | ) | |||||||||||||
| Net increase (decrease) in net assets resulting from operations | — | — | — | 19,278 | 19,278 | |||||||||||||||
| Capital Transactions: | ||||||||||||||||||||
| Issuance of shares | 1,175,573 | 12 | 29,521 | — | 29,533 | |||||||||||||||
| Common Shares issued from reinvestment of distributions | 2,725 | — | 68 | — | 68 | |||||||||||||||
| Distributions to shareholders | — | — | — | (16,724 | ) | (16,724 | ) | |||||||||||||
| Net increase (decrease) in net assets resulting from capital transactions | 1,178,298 | 12 | 29,589 | (16,724 | ) | 12,877 | ||||||||||||||
| Total net increase (decrease) | 1,178,298 | 12 | 29,589 | 2,554 | 32,155 | |||||||||||||||
| Net assets at end of period | 26,615,155 | $ | 266 | $ | 665,867 | $ | 4,710 | $ | 670,843 | |||||||||||
Six Months Ended June 30, 2025
| Accumulated Net |
||||||||||||||||||||
| Common Shares | Paid-in-Capital in | Distributable Earnings | Total | |||||||||||||||||
| Shares | Par Value | Excess of Par Value | (Losses) | Net Assets | ||||||||||||||||
| Net assets at beginning of period | 25,405,674 | $ | 254 | $ | 635,495 | $ | 1,710 | $ | 637,459 | |||||||||||
| Operations: | ||||||||||||||||||||
| Net investment income (loss) | — | — | — | 37,437 | 37,437 | |||||||||||||||
| Net realized gain (loss) | — | — | — | 793 | 793 | |||||||||||||||
| Net change in unrealized appreciation (depreciation) | — | — | — | (2,923 | ) | (2,923 | ) | |||||||||||||
| Net increase (decrease) in net assets resulting from operations | — | — | — | 35,307 | 35,307 | |||||||||||||||
| Capital Transactions: | ||||||||||||||||||||
| Issuance of shares | 1,206,756 | 12 | 30,304 | — | 30,316 | |||||||||||||||
| Common Shares issued from reinvestment of distributions | 2,725 | — | 68 | — | 68 | |||||||||||||||
| Distributions to shareholders | — | — | — | (32,307 | ) | (32,307 | ) | |||||||||||||
| Net increase (decrease) in net assets resulting from capital transactions | 1,209,481 | 12 | 30,372 | (32,307 | ) | (1,923 | ) | |||||||||||||
| Total net increase (decrease) | 1,209,481 | 12 | 30,372 | 3,000 | 33,384 | |||||||||||||||
| Net assets at end of period | 26,615,155 | $ | 266 | $ | 665,867 | $ | 4,710 | $ | 670,843 | |||||||||||
6
Three Months Ended June 30, 2024
| Accumulated Net |
||||||||||||||||||||
| Common Shares | Paid-in-Capital in | Distributable Earnings | Total | |||||||||||||||||
| Shares | Par Value | Excess of Par Value | (Losses) | Net Assets | ||||||||||||||||
| Net assets at beginning of period | 1,000 | $ | — | $ | 25 | $ | — | $ | 25 | |||||||||||
| Operations: | ||||||||||||||||||||
| Net investment income (loss) | — | — | — | — | — | |||||||||||||||
| Net realized gain (loss) | — | — | — | — | — | |||||||||||||||
| Net change in unrealized appreciation (depreciation) | — | — | — | — | — | |||||||||||||||
| Net increase (decrease) in net assets resulting from operations | — | — | — | — | — | |||||||||||||||
| Shareholder distributions: | ||||||||||||||||||||
| Net increase (decrease) in net assets resulting from shareholder distributions | — | — | — | — | — | |||||||||||||||
| Capital Transactions: | ||||||||||||||||||||
| Issuance of shares | — | — | — | — | — | |||||||||||||||
| Distributions to shareholders | — | — | — | — | — | |||||||||||||||
| Net increase (decrease) in net assets resulting from capital transactions | — | — | — | — | — | |||||||||||||||
| Total net increase (decrease) | — | — | — | — | — | |||||||||||||||
| Net assets at end of period | 1,000 | $ | — | $ | 25 | $ | — | $ | 25 | |||||||||||
Six Months Ended June 30, 2024
| Accumulated Net |
||||||||||||||||||||
| Common Shares | Paid-in-Capital in | Distributable Earnings | Total | |||||||||||||||||
| Shares | Par Value | Excess of Par Value | (Losses) | Net Assets | ||||||||||||||||
| Net assets at beginning of period | 1,000 | $ | — | $ | 25 | $ | — | $ | 25 | |||||||||||
| Operations: | ||||||||||||||||||||
| Net investment income (loss) | — | — | — | — | — | |||||||||||||||
| Net realized gain (loss) | — | — | — | — | — | |||||||||||||||
| Net change in unrealized appreciation (depreciation) | — | — | — | — | — | |||||||||||||||
| Net increase (decrease) in net assets resulting from operations | — | — | — | — | — | |||||||||||||||
| Shareholder distributions: | ||||||||||||||||||||
| Net increase (decrease) in net assets resulting from shareholder distributions | — | — | — | — | — | |||||||||||||||
| Capital Transactions: | ||||||||||||||||||||
| Issuance of shares | — | — | — | — | — | |||||||||||||||
| Distributions to shareholders | — | — | — | — | — | |||||||||||||||
| Net increase (decrease) in net assets resulting from capital transactions | — | — | — | — | — | |||||||||||||||
| Total net increase (decrease) | — | — | — | — | — | |||||||||||||||
| Net assets at end of period | 1,000 | $ | — | $ | 25 | $ | — | $ | 25 | |||||||||||
See accompanying notes to the consolidated financial statements.
7
ANTARES PRIVATE CREDIT FUND
CONSOLIDATED STATEMENT OF CASH FLOWS (Unaudited)
(in thousands)
| Six Months Ended June 30, 2025 |
||||
| Cash flow from operating activities | ||||
| Net increase (decrease) in net assets resulting from operations | $ | 35,307 | ||
| Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash used in operating activities: | ||||
| Accrued interest and dividends received in-kind | (572 | ) | ||
| Net accretion of discount and amortization of premium | (908 | ) | ||
| Proceeds from sale of investments and principal repayments | 92,636 | |||
| Purchases of investments | (484,956 | ) | ||
| Purchase/sale of short-term investments, net (1) | 151 | |||
| Net realized (gains) losses on investments | 14 | |||
| Net change in unrealized (appreciation) depreciation on investments | 440 | |||
| Amortization of deferred financing costs | 510 | |||
| Amortization of deferred offering costs | 944 | |||
| (Increase) decrease in operating assets: | ||||
| Interest receivable from non-controlled/non-affiliated investments | (2,545 | ) | ||
| Receivable from adviser | 1,513 | |||
| Receivable for investments sold / repaid | (460 | ) | ||
| Prepaid expenses and other assets | 228 | |||
| Increase (decrease) in operating liabilities: | ||||
| Due to affiliates | (3,882 | ) | ||
| Payable for investments purchased | (141,642 | ) | ||
| Interest payable | 1,576 | |||
| Administrative service fee payable | 332 | |||
| Accrued expenses and other liabilities | 558 | |||
| Net cash provided by (used in) operating activities | (500,756 | ) | ||
| Cash flow from financing activities | ||||
| Proceeds from issuance of shares | 30,316 | |||
| Debt borrowings | 525,882 | |||
| Debt repayments | (20,000 | ) | ||
| Distributions paid | (34,895 | ) | ||
| Deferred offering costs paid | (887 | ) | ||
| Deferred financing costs paid | (2,816 | ) | ||
| Net cash provided by (used in) financing activities | 497,600 | |||
| Net increase (decrease) in cash and cash equivalents | (3,156 | ) | ||
| Cash, cash equivalents and foreign currencies at the beginning of period (1) | 22,814 | |||
| Cash, cash equivalents and foreign currencies at the end of period (1) | $ | 19,658 | ||
| Supplemental disclosure of cash flow information | ||||
| Cash paid for interest | $ | 10,876 | ||
| Cash paid for taxes | $ | 74 | ||
| Distributions payable | 5,634 | |||
| (1) | The Company has made a prospective presentation change to reclassify money market fund investments as short-term investments, resulting in their exclusion from cash and cash equivalents as of June 30, 2025. As a result, cash and cash equivalents at the beginning of this period exclude $39,527 of money market fund investments. See Note 2 for additional detail. |
See accompanying notes to the consolidated financial statements.
8
ANTARES PRIVATE CREDIT FUND
CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)
June 30, 2025
(in thousands)
| Investments (1) | Footnotes | Asset Type | Reference Rate and Spread (2) |
Interest Rate | Maturity Date | Par
Amount / Shares |
Amortized Cost (4) |
Fair
Value |
Percentage of Net Assets |
|||||||||||||||||
| Investments - non-controlled/non-affiliated | ||||||||||||||||||||||||||
| Secured Debt | ||||||||||||||||||||||||||
| Aerospace and Defense | ||||||||||||||||||||||||||
| Bleriot US Bidco Inc. | (5)(8)(15) | First Lien Term Loan | S + 2.75% | 7.04% | 10/31/2030 | $ | 4,652 | $ | 4,663 | $ | 4,668 | 0.70 | % | |||||||||||||
| GSP Holdings, LLC | (6)(8)(12) | First Lien Term Loan | S + 5.75% | 10.45% (Incl. 0.25% PIK) | 11/6/2026 | 99 | 99 | 92 | 0.01 | |||||||||||||||||
| TransDigm Inc. | (5)(6)(8)(15) | First Lien Term Loan | S + 2.75% | 7.04% | 3/22/2030 | 3,687 | 3,702 | 3,705 | 0.55 | |||||||||||||||||
| 8,464 | 8,465 | 1.26 | ||||||||||||||||||||||||
| Air Freight and Logistics | ||||||||||||||||||||||||||
| Kenco PPC Buyer LLC | (8)(12) | First Lien Term Loan | S + 4.75% | 8.90% | 11/15/2029 | 5,369 | 5,344 | 5,342 | 0.80 | |||||||||||||||||
| Kenco PPC Buyer LLC | (7)(12) | First Lien Revolver | P + 3.75% | 11.25% | 11/15/2029 | 359 | 34 | 34 | 0.01 | |||||||||||||||||
| Lightbeam Bidco Inc | (8)(13) | First Lien Term Loan | S + 5.00% | 9.32% | 5/4/2030 | 4,926 | 4,926 | 4,926 | 0.73 | |||||||||||||||||
| Lightbeam Bidco Inc | (13) | First Lien Delayed Draw Term Loan | S + 5.00% | 9.32% | 5/4/2030 | 648 | 648 | 648 | 0.10 | |||||||||||||||||
| Lightbeam Bidco Inc | (7)(13) | First Lien Revolver | S + 5.00% | 9.32% | 5/4/2029 | 491 | 221 | 221 | 0.03 | |||||||||||||||||
| 11,173 | 11,171 | 1.67 | ||||||||||||||||||||||||
| Automobile Components | ||||||||||||||||||||||||||
| Enthusiast Auto Holdings, LLC | (8)(12) | First Lien Term Loan | S + 4.75% | 9.07% | 12/19/2026 | 5,891 | 5,891 | 5,891 | 0.88 | |||||||||||||||||
| Enthusiast Auto Holdings, LLC | (7)(12) | First Lien Revolver | S + 4.75% | 9.07% | 12/19/2026 | 64 | — | — | — | |||||||||||||||||
| JHCC Holdings LLC | (8)(12) | First Lien Term Loan | S + 5.25% | 9.54% | 9/9/2027 | 1,460 | 1,456 | 1,450 | 0.21 | |||||||||||||||||
| JHCC Holdings LLC | (8)(12) | First Lien Delayed Draw Term Loan | S + 5.25% | 9.54% | 9/9/2027 | 423 | 422 | 420 | 0.06 | |||||||||||||||||
| JHCC Holdings LLC | (7)(12) | First Lien Revolver | P + 4.25% | 11.75% | 9/9/2027 | 168 | 50 | 49 | 0.01 | |||||||||||||||||
| Majco LLC | (8)(12) | First Lien Term Loan | S + 4.50% | 8.94% | 12/4/2028 | 198 | 198 | 198 | 0.03 | |||||||||||||||||
| OAC Holdings I Corp | (8)(12) | First Lien Term Loan | S + 4.75% | 9.19% | 3/30/2029 | 186 | 186 | 186 | 0.03 | |||||||||||||||||
| Power Stop, LLC | (8)(14) | First Lien Term Loan | S + 4.75% | 9.04% | 1/26/2029 | 198 | 198 | 179 | 0.03 | |||||||||||||||||
| Quality Automotive Services, LLC | (8)(12) | First Lien Term Loan | S + 5.00% | 9.29% | 7/16/2027 | 4,669 | 4,652 | 4,641 | 0.69 | |||||||||||||||||
| Quality Automotive Services, LLC | (12) | First Lien Delayed Draw Term Loan | S + 5.00% | 9.29% | 7/16/2027 | 2,040 | 2,033 | 2,027 | 0.30 | |||||||||||||||||
| Quality Automotive Services, LLC | (7)(12) | First Lien Delayed Draw Term Loan | S + 5.00% | 9.29% | 7/16/2027 | 1,335 | 616 | 611 | 0.09 | |||||||||||||||||
| Quality Automotive Services, LLC | (7)(12) | First Lien Revolver | S + 6.00% | 10.29% | 7/16/2027 | 257 | (1 | ) | (2 | ) | — | |||||||||||||||
| Truck-Lite Co., LLC | (8)(13) | First Lien Term Loan | S + 5.75% | 10.07% | 2/13/2032 | 195 | 194 | 194 | 0.03 | |||||||||||||||||
| Truck-Lite Co., LLC | (8)(13) | First Lien Term Loan | S + 5.75% | 10.04% | 2/13/2032 | 1,716 | 1,716 | 1,707 | 0.25 | |||||||||||||||||
| Truck-Lite Co., LLC | (7)(13) | First Lien Delayed Draw Term Loan | S + 5.75% | 10.07% | 2/13/2032 | 2,868 | (31 | ) | (22 | ) | — | |||||||||||||||
| Truck-Lite Co., LLC | (7)(13) | First Lien Revolver | S + 5.75% | 10.07% | 2/13/2031 | 176 | (1 | ) | (1 | ) | — | |||||||||||||||
| 17,579 | 17,528 | 2.61 | ||||||||||||||||||||||||
9
ANTARES PRIVATE CREDIT FUND
CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)(Continued)
June 30, 2025
(in thousands)
| Investments (1) | Footnotes | Asset Type | Reference Rate and Spread (2) |
Interest Rate | Maturity Date | Par
Amount / Shares |
Amortized Cost (4) |
Fair
Value |
Percentage of Net Assets |
|||||||||||||||||
| Building Products | ||||||||||||||||||||||||||
| 80/20, LLC | (8)(12) | First Lien Term Loan | S + 5.00% | 9.29% | 3/1/2027 | $ | 199 | $ | 198 | $ | 198 | 0.03 | % | |||||||||||||
| MDC Interior Acquisition Inc | (8)(12) | First Lien Term Loan | S + 5.00% | 9.29% | 4/26/2030 | 291 | 290 | 290 | 0.04 | |||||||||||||||||
| MDC Interior Acquisition Inc | (7)(12) | First Lien Revolver | S + 5.25% | 9.54% | 4/26/2030 | 42 | — | — | — | |||||||||||||||||
| Surewerx Purchaser III Inc | (8)(13) | First Lien Term Loan | S + 5.25% | 9.54% | 12/28/2029 | 198 | 198 | 198 | 0.03 | |||||||||||||||||
| Walter Surface Technologies Inc. | (6)(8)(12) | First Lien Term Loan | S + 4.75% | 9.14% | 3/31/2027 | 1,716 | 1,716 | 1,704 | 0.25 | |||||||||||||||||
| Walter Surface Technologies Inc. | (6)(7)(12) | First Lien Delayed Draw Term Loan | S + 4.75% | 9.14% | 3/31/2027 | 587 | 213 | 209 | 0.03 | |||||||||||||||||
| 2,615 | 2,599 | 0.38 | ||||||||||||||||||||||||
| Capital Markets | ||||||||||||||||||||||||||
| Allworth Financial Group, L.P. | (8)(12) | First Lien Term Loan | S + 4.75% | 9.07% | 12/23/2027 | 198 | 198 | 198 | 0.03 | |||||||||||||||||
| Arax MidCo, LLC | (8)(12) | First Lien Term Loan | S + 5.00% | 9.29% | 4/11/2029 | 5,861 | 5,822 | 5,833 | 0.87 | |||||||||||||||||
| Arax MidCo, LLC | (7)(12) | First Lien Delayed Draw Term Loan | S + 5.00% | 9.29% | 4/11/2029 | 3,097 | (8 | ) | (15 | ) | — | |||||||||||||||
| Arax MidCo, LLC | (7)(12) | First Lien Delayed Draw Term Loan | S + 5.75% | 10.07% | 4/11/2029 | 465 | (5 | ) | (2 | ) | — | |||||||||||||||
| Arax MidCo, LLC | (7)(12) | First Lien Revolver | S + 5.00% | 9.29% | 4/11/2029 | 431 | 34 | 36 | 0.01 | |||||||||||||||||
| Cub Financing Intermediate, LLC | (8)(14) | First Lien Term Loan | S + 4.75% | 9.04% | 6/28/2030 | 3,761 | 3,746 | 3,761 | 0.56 | |||||||||||||||||
| Cub Financing Intermediate, LLC | (7)(12) | First Lien Delayed Draw Term Loan | S + 4.75% | 9.04% | 6/28/2030 | 1,741 | (8 | ) | — | — | ||||||||||||||||
| Edgeco Buyer, Inc. | (8)(12) | First Lien Term Loan | S + 4.50% | 8.82% | 6/1/2028 | 7,430 | 7,429 | 7,393 | 1.10 | |||||||||||||||||
| Edgeco Buyer, Inc. | (7)(12) | First Lien Delayed Draw Term Loan | S + 4.50% | 8.82% | 6/1/2028 | 2,770 | 331 | 323 | 0.05 | |||||||||||||||||
| Edgeco Buyer, Inc. | (8)(12) | First Lien Delayed Draw Term Loan | S + 4.50% | 8.82% | 6/1/2028 | 1,362 | 1,362 | 1,356 | 0.20 | |||||||||||||||||
| Edgeco Buyer, Inc. | (7)(12) | First Lien Revolver | S + 4.50% | 8.82% | 6/1/2028 | 304 | (1 | ) | (2 | ) | — | |||||||||||||||
| HighTower Holding, LLC | (5)(7)(15) | First Lien Revolver | S + 3.00% | 7.32% | 2/1/2030 | 110 | — | — | — | |||||||||||||||||
| Lido Advisors, LLC | (8)(12) | First Lien Delayed Draw Term Loan | S + 5.50% | 9.79% | 5/10/2032 | 199 | 198 | 198 | 0.03 | |||||||||||||||||
| Lido Advisors, LLC | (12) | First Lien Delayed Draw Term Loan | S + 4.75% | 9.07% | 5/10/2032 | 527 | 523 | 525 | 0.08 | |||||||||||||||||
| Lido Advisors, LLC | (7)(12) | First Lien Delayed Draw Term Loan | S + 5.00% | 9.32% | 5/10/2032 | 3,513 | (9 | ) | (12 | ) | — | |||||||||||||||
| Lido Advisors, LLC | (7)(12) | First Lien Revolver | S + 5.50% | 9.82% | 5/10/2032 | 615 | 202 | 203 | 0.03 | |||||||||||||||||
| The Ultimus Group Midco, LLC | (8)(13) | First Lien Term Loan | S + 5.25% | 9.67% | 3/7/2031 | 8,621 | 8,621 | 8,621 | 1.28 | |||||||||||||||||
| The Ultimus Group Midco, LLC | (7)(13) | First Lien Delayed Draw Term Loan | S + 5.25% | 9.57% | 3/7/2031 | 1,302 | — | — | — | |||||||||||||||||
| The Ultimus Group Midco, LLC | (7)(13) | First Lien Revolver | S + 5.25% | 9.57% | 3/7/2030 | 868 | — | — | — | |||||||||||||||||
| 28,435 | 28,416 | 4.24 | ||||||||||||||||||||||||
10
ANTARES PRIVATE CREDIT FUND
CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)(Continued)
June 30, 2025
(in thousands)
| Investments (1) | Footnotes | Asset Type | Reference Rate and Spread (2) |
Interest Rate | Maturity Date | Par Amount
/ Shares |
Amortized Cost (4) |
Fair Value |
Percentage of Net Assets |
|||||||||||||||||
| Chemicals | ||||||||||||||||||||||||||
| Americhem, Inc. | (8)(13) | First Lien Term Loan | S + 4.75% | 9.07% | 3/1/2032 | $ | 10,500 | $ | 10,450 | $ | 10,395 | 1.55 | % | |||||||||||||
| Americhem, Inc. | (7)(13) | First Lien Delayed Draw Term Loan | S + 4.75% | 9.07% | 3/1/2032 | 2,691 | (6 | ) | (27 | ) | — | |||||||||||||||
| Americhem, Inc. | (7)(13) | First Lien Revolver | S + 4.75% | 9.07% | 3/1/2032 | 1,906 | (10 | ) | (19 | ) | — | |||||||||||||||
| Aurora Plastics, LLC | (8)(13) | First Lien Term Loan | S + 4.75% | 9.17% | 8/12/2030 | 12,493 | 12,465 | 12,435 | 1.85 | |||||||||||||||||
| Aurora Plastics, LLC | (8)(13) | First Lien Delayed Draw Term Loan | S + 4.75% | 9.17% | 8/12/2030 | 1,412 | 1,412 | 1,406 | 0.21 | |||||||||||||||||
| Aurora Plastics, LLC | (7)(13) | First Lien Delayed Draw Term Loan | S + 4.75% | 9.17% | 8/12/2030 | 1,140 | (3 | ) | (5 | ) | — | |||||||||||||||
| Aurorium Global Holdings LLC | (8)(13) | First Lien Term Loan | S + 5.75% | 10.19% | 12/22/2027 | 99 | 98 | 95 | 0.01 | |||||||||||||||||
| Boulder Scientific Company, LLC | (8)(12) | First Lien Term Loan | S + 4.50% | 8.79% | 12/31/2027 | 97 | 97 | 95 | 0.01 | |||||||||||||||||
| Charkit Chemical Company, LLC | (8)(12) | First Lien Term Loan | S + 4.88% | 9.30% | 12/29/2026 | 100 | 99 | 97 | 0.01 | |||||||||||||||||
| DCG Acquisition Corp. | (8)(13) | First Lien Term Loan | S + 4.50% | 8.79% | 6/13/2031 | 6,991 | 6,991 | 6,921 | 1.03 | |||||||||||||||||
| DCG Acquisition Corp. | (7)(13) | First Lien Delayed Draw Term Loan | S + 4.50% | 8.79% | 6/13/2031 | 1,169 | 701 | 690 | 0.10 | |||||||||||||||||
| Hasa Acquisition, LLC | (8)(12) | First Lien Term Loan | S + 4.75% | 9.04% | 1/10/2029 | 199 | 199 | 198 | 0.03 | |||||||||||||||||
| LTI Holdings, Inc. | (5)(8)(12) | First Lien Term Loan | S + 4.25% | 8.57% | 7/29/2029 | 1,985 | 1,994 | 1,987 | 0.30 | |||||||||||||||||
| Lubricant Engineers | (8)(12) | First Lien Term Loan | S + 5.25% | 9.54% | 9/1/2029 | 7,925 | 7,905 | 7,886 | 1.18 | |||||||||||||||||
| Lubricant Engineers | (7)(12) | First Lien Delayed Draw Term Loan | S + 5.25% | 9.54% | 9/1/2029 | 1,372 | — | (7 | ) | — | ||||||||||||||||
| Lubricant Engineers | (7)(12) | First Lien Revolver | S + 5.25% | 9.54% | 9/1/2029 | 885 | (4 | ) | (4 | ) | — | |||||||||||||||
| Plaskolite PPC Intermediate II LLC | (5)(8)(12) | First Lien Term Loan | S + 4.00% | 11.33% (Incl. 3.00% PIK) | 5/9/2030 | 1,388 | 1,374 | 1,342 | 0.20 | |||||||||||||||||
| Plaskolite PPC Intermediate II LLC | (5)(7)(12) | First Lien Revolver | S + 7.00% | 11.32% | 2/7/2030 | 101 | 5 | 2 | — | |||||||||||||||||
| Potters Industries LLC | (7)(15) | First Lien Revolver | S + 2.75% | 7.07% | 9/14/2027 | 100 | 20 | 20 | — | |||||||||||||||||
| Rocket Bidco, Inc. | (6)(8)(15) | First Lien Term Loan | C + 5.75% | 8.83% | 11/1/2030 | CAD | 199 | 144 | 146 | 0.02 | ||||||||||||||||
| 43,931 | 43,653 | 6.50 | ||||||||||||||||||||||||
| Commercial Services and Supplies | ||||||||||||||||||||||||||
| Anticimex Global AB | (5)(6)(8)(14) | First Lien Term Loan | S + 3.40% | 7.69% | 11/16/2028 | 1,608 | 1,608 | 1,617 | 0.24 | |||||||||||||||||
| Ares Holdings, LLC | (8)(12) | First Lien Term Loan | S + 5.00% | 9.32% | 11/18/2027 | 3,158 | 3,146 | 3,144 | 0.47 | |||||||||||||||||
| AWP Group Holdings, Inc. | (8)(12) | First Lien Term Loan | S + 4.75% | 9.07% | 12/23/2030 | 14,287 | 14,226 | 14,144 | 2.11 | |||||||||||||||||
| AWP Group Holdings, Inc. | (7)(12) | First Lien Revolver | S + 4.75% | 9.07% | 12/23/2030 | 320 | 118 | 117 | 0.02 | |||||||||||||||||
| BCPE Empire Holdings, Inc. | (5)(8)(14) | First Lien Term Loan | S + 3.25% | 7.57% | 12/11/2030 | 1,714 | 1,712 | 1,706 | 0.25 | |||||||||||||||||
| CoolSys, Inc. | (5)(8)(13) | First Lien Term Loan | S + 4.75% | 9.30% | 8/11/2028 | 198 | 196 | 167 | 0.02 | |||||||||||||||||
| Denali Buyerco LLC | (8)(13) | First Lien Term Loan | S + 5.25% | 9.54% | 9/15/2028 | 4,800 | 4,800 | 4,762 | 0.71 | |||||||||||||||||
| Denali Buyerco LLC | (13) | First Lien Delayed Draw Term Loan | S + 5.25% | 9.54% | 9/15/2028 | 7,534 | 7,527 | 7,474 | 1.11 | |||||||||||||||||
| Discovery Purchaser Corporation | (5)(6)(8)(14) | First Lien Term Loan | S + 3.75% | 8.04% | 10/4/2029 | 3,483 | 3,489 | 3,482 | 0.52 | |||||||||||||||||
| Ext Acquisitions, Inc. | (8)(12) | First Lien Term Loan | S + 5.00% | 9.44% | 6/26/2026 | 198 | 198 | 197 | 0.03 | |||||||||||||||||
| FL Hawk Intermediate Holdings, Inc. | (8)(12) | First Lien Term Loan | S + 4.50% | 8.79% | 2/22/2030 | 963 | 959 | 963 | 0.14 | |||||||||||||||||
| Fresh Holdco, Inc. | (8)(12) | First Lien Term Loan | S + 5.00% | 9.54% | 1/24/2026 | 198 | 198 | 198 | 0.03 | |||||||||||||||||
| HeartLand PPC Buyer, LLC | (8)(13) | First Lien Term Loan | S + 5.25% | 9.54% | 12/12/2029 | 5,793 | 5,733 | 5,793 | 0.86 | |||||||||||||||||
| HeartLand PPC Buyer, LLC | (7)(13) | First Lien Delayed Draw Term Loan | S + 5.25% | 9.54% | 12/12/2029 | 862 | 633 | 642 | 0.10 | |||||||||||||||||
| HeartLand PPC Buyer, LLC | (7)(13) | First Lien Revolver | S + 4.25% | 8.57% | 12/12/2029 | 297 | 128 | 131 | 0.02 | |||||||||||||||||
11
ANTARES PRIVATE CREDIT FUND
CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)(Continued)
June 30, 2025
(in thousands)
| Investments (1) | Footnotes | Asset Type | Reference Rate and Spread (2) |
Interest Rate | Maturity Date | Par Amount / Shares |
Amortized Cost (4) |
Fair Value |
Percentage of Net Assets |
|||||||||||||||||
| Commercial Services and Supplies (continued) | ||||||||||||||||||||||||||
| Hercules Borrower LLC | (8)(12) | First Lien Term Loan | S + 5.50% | 9.79% | 12/14/2026 | $ | 3,199 | $ | 3,178 | $ | 3,183 | 0.47 | % | |||||||||||||
| Hercules Borrower LLC | (8)(12) | First Lien Term Loan | S + 5.50% | 9.89% | 12/14/2026 | 46 | 45 | 45 | 0.01 | |||||||||||||||||
| Hercules Borrower LLC | (8)(12) | First Lien Delayed Draw Term Loan | S + 5.50% | 9.89% | 12/14/2026 | 251 | 250 | 250 | 0.04 | |||||||||||||||||
| Hercules Borrower LLC | (7)(12) | First Lien Revolver | S + 6.25% | 10.54% | 12/14/2026 | 459 | (3 | ) | (2 | ) | — | |||||||||||||||
| High Bar Brands Operating, LLC | (6)(8)(12) | First Lien Term Loan | S + 5.25% | 9.54% | 12/19/2029 | 199 | 197 | 197 | 0.03 | |||||||||||||||||
| HP RSS Buyer, Inc. | (8)(13) | First Lien Term Loan | S + 5.00% | 9.29% | 12/11/2029 | 1,596 | 1,582 | 1,584 | 0.24 | |||||||||||||||||
| HP RSS Buyer, Inc. | (13) | First Lien Delayed Draw Term Loan | S + 5.00% | 9.29% | 12/11/2029 | 846 | 839 | 840 | 0.12 | |||||||||||||||||
| HP RSS Buyer, Inc. | (7)(13) | First Lien Delayed Draw Term Loan | S + 4.75% | 9.04% | 12/11/2029 | 3,494 | 1,506 | 1,520 | 0.23 | |||||||||||||||||
| Liquid Environmental Solutions Corporation | (8)(12) | First Lien Term Loan | S + 5.00% | 9.39% | 5/31/2026 | 99 | 99 | 99 | 0.01 | |||||||||||||||||
| Low Voltage Holdings Inc. | (8)(13) | First Lien Term Loan | S + 4.75% | 9.04% | 4/28/2032 | 11,073 | 11,033 | 11,073 | 1.65 | |||||||||||||||||
| Low Voltage Holdings Inc. | (7)(13) | First Lien Delayed Draw Term Loan | S + 4.75% | 9.04% | 4/28/2032 | 3,223 | (6 | ) | — | — | ||||||||||||||||
| Low Voltage Holdings Inc. | (7)(13) | First Lien Revolver | S + 4.75% | 9.04% | 4/28/2032 | 1,421 | (5 | ) | — | — | ||||||||||||||||
| Low Voltage Holdings Inc. | (7)(13) | First Lien Revolver | C + 4.75% | 7.50% | 4/28/2032 | CAD | 178 | — | — | — | ||||||||||||||||
| Monarch Landscape Holdings, LLC | (8)(13) | First Lien Term Loan | S + 5.00% | 9.29% | 10/2/2028 | 199 | 197 | 199 | 0.03 | |||||||||||||||||
| Onyx-Fire Protection Services Inc. | (6)(8)(13) | First Lien Term Loan | C + 4.50% | 7.25% | 7/31/2031 | CAD | 8,783 | 6,314 | 6,422 | 0.96 | ||||||||||||||||
| 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 | ) | (4 | ) | — | ||||||||||||||
| Onyx-Fire Protection Services Inc. | (6)(7)(13) | First Lien Revolver | C + 4.50% | 7.25% | 7/31/2031 | CAD | 2,149 | 98 | 97 | 0.01 | ||||||||||||||||
| Palmetto Acquisitionco Inc | (8)(12) | First Lien Term Loan | S + 5.75% | 10.04% | 9/18/2029 | 199 | 198 | 197 | 0.03 | |||||||||||||||||
| Pavion Corp. | (8)(13) | First Lien Term Loan | S + 3.75% | 10.30% (Incl. 2.25% PIK) | 10/30/2030 | 193 | 193 | 191 | 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 | 7,413 | 7,382 | 7,357 | 1.10 | |||||||||||||||||
| The Hiller Companies, LLC | (7)(13) | First Lien Delayed Draw Term Loan | S + 5.00% | 9.29% | 6/20/2030 | 2,050 | 1,753 | 1,753 | 0.26 | |||||||||||||||||
| The Hiller Companies, LLC | (7)(13) | First Lien Revolver | S + 5.00% | 9.29% | 6/20/2030 | 1,299 | (6 | ) | (10 | ) | — | |||||||||||||||
| Thermostat Purchaser III, Inc. | (5)(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 + 6.00% | 10.32% | 5/1/2029 | 5,197 | 5,153 | 5,197 | 0.77 | |||||||||||||||||
| Valet Waste Holdings, Inc. | (7)(12) | First Lien Delayed Draw Term Loan | S + 5.75% | 10.07% | 5/1/2029 | 7,213 | (62 | ) | — | — | ||||||||||||||||
| WRE Holding Corp. | (13) | First Lien Term Loan | S + 5.00% | 9.29% | 7/2/2031 | 346 | 346 | 344 | 0.05 | |||||||||||||||||
| WRE Holding Corp. | (13) | First Lien Term Loan | S + 5.00% | 9.29% | 7/2/2031 | 142 | 142 | 141 | 0.02 | |||||||||||||||||
| WRE Holding Corp. | (8)(13) | First Lien Term Loan | S + 5.00% | 9.15% | 7/2/2031 | 2,298 | 2,289 | 2,281 | 0.34 | |||||||||||||||||
| WRE Holding Corp. | (7)(13) | First Lien Delayed Draw Term Loan | S + 5.00% | 9.15% | 7/2/2031 | 103 | 38 | 38 | 0.01 | |||||||||||||||||
| WRE Holding Corp. | (7)(13) | First Lien Revolver | S + 5.00% | 9.15% | 7/2/2030 | 316 | (1 | ) | (2 | ) | — | |||||||||||||||
| YLG Holdings, Inc. | (8)(13) | First Lien Term Loan | S + 4.75% | 9.04% | 12/23/2030 | 9,383 | 9,359 | 9,337 | 1.39 | |||||||||||||||||
| YLG Holdings, Inc. | (7)(13) | First Lien Delayed Draw Term Loan | S + 4.75% | 9.04% | 12/23/2030 | 1,377 | 671 | 668 | 0.10 | |||||||||||||||||
| YLG Holdings, Inc. | (7)(13) | First Lien Revolver | S + 5.00% | 9.29% | 12/23/2030 | 1,214 | 131 | 132 | 0.02 | |||||||||||||||||
| Zinc Buyer Corporation | (13) | First Lien Term Loan | S + 4.75% | 9.04% | 7/24/2031 | 7,146 | 7,110 | 7,093 | 1.06 | |||||||||||||||||
| Zinc Buyer Corporation | (7)(13) | First Lien Delayed Draw Term Loan | S + 4.75% | 9.04% | 7/24/2031 | 830 | (6 | ) | (6 | ) | — | |||||||||||||||
| Zinc Buyer Corporation | (7)(13) | First Lien Revolver | P + 3.75% | 11.25% | 7/24/2031 | 790 | 153 | 152 | 0.02 | |||||||||||||||||
| Zone Climate Services, Inc. | (7)(12) | First Lien Delayed Draw Term Loan | S + 6.00% | 10.44% | 3/9/2028 | 3,181 | 369 | 370 | 0.06 | |||||||||||||||||
| Zone Climate Services, Inc. | (7)(12) | First Lien Revolver | S + 5.75% | 10.04% | 3/9/2028 | 636 | 371 | 372 | 0.06 | |||||||||||||||||
| 105,773 | 105,844 | 15.78 | ||||||||||||||||||||||||
12
ANTARES PRIVATE CREDIT FUND
CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)(Continued)
June 30, 2025
(in thousands)
| Investments (1) | Footnotes | Asset Type | Reference Rate and Spread (2) |
Interest Rate | Maturity Date | Par Amount / Shares |
Amortized Cost (4) |
Fair Value |
Percentage of Net Assets |
|||||||||||||||||
| Construction & Engineering | ||||||||||||||||||||||||||
| CLS Management Services, LLC | (8)(12) | First Lien Term Loan | S + 5.00% | 9.29% | 3/27/2030 | $ | 199 | $ | 197 | $ | 198 | 0.03 | % | |||||||||||||
| FR Vision Holdings Inc | (8)(13) | First Lien Term Loan | S + 5.00% | 9.29% | 1/21/2031 | 3,033 | 3,033 | 3,033 | 0.45 | |||||||||||||||||
| FR Vision Holdings Inc | (7)(13) | First Lien Delayed Draw Term Loan | S + 4.00% | 8.29% | 1/21/2031 | 986 | 595 | 596 | 0.09 | |||||||||||||||||
| FR Vision Holdings Inc | (7)(13) | First Lien Revolver | S + 4.00% | 8.29% | 1/20/2030 | 248 | — | — | — | |||||||||||||||||
| Hydraulic Technologies USA LLC | (8)(12) | First Lien Term Loan | S + 5.50% | 9.79% | 6/3/2031 | 832 | 819 | 820 | 0.12 | |||||||||||||||||
| Hydraulic Technologies USA LLC | (7)(12) | First Lien Revolver | S + 5.50% | 9.79% | 6/3/2030 | 114 | 37 | 37 | 0.01 | |||||||||||||||||
| Kleinfelder Intermediate LLC | (8)(13) | First Lien Term Loan | S + 5.00% | 9.29% | 9/18/2030 | 198 | 198 | 197 | 0.03 | |||||||||||||||||
| Mei Buyer LLC | (8)(12) | First Lien Term Loan | S + 5.00% | 9.32% | 6/29/2029 | 198 | 198 | 198 | 0.03 | |||||||||||||||||
| Trilon Group, LLC | (8)(12) | First Lien Term Loan | S + 4.75% | 9.04% | 5/29/2029 | 1,227 | 1,220 | 1,214 | 0.18 | |||||||||||||||||
| Trilon Group, LLC | (8)(12) | First Lien Term Loan | S + 4.75% | 9.04% | 5/29/2029 | 673 | 667 | 666 | 0.10 | |||||||||||||||||
| Trilon Group, LLC | (8)(12) | First Lien Term Loan | S + 4.75% | 9.04% | 5/29/2029 | 1,995 | 1,986 | 1,975 | 0.29 | |||||||||||||||||
| Trilon Group, LLC | (8)(12) | First Lien Delayed Draw Term Loan | S + 4.75% | 9.04% | 5/29/2029 | 51 | 51 | 50 | 0.01 | |||||||||||||||||
| Trilon Group, LLC | (7)(12) | First Lien Delayed Draw Term Loan | S + 5.00% | 9.29% | 5/29/2029 | 1,995 | (5 | ) | (20 | ) | — | |||||||||||||||
| Trilon Group, LLC | (8)(12) | First Lien Delayed Draw Term Loan | S + 4.75% | 9.04% | 5/29/2029 | 4,136 | 4,083 | 4,095 | 0.61 | |||||||||||||||||
| Trilon Group, LLC | (7)(12) | First Lien Revolver | S + 4.75% | 9.04% | 5/29/2029 | 1,212 | 535 | 530 | 0.08 | |||||||||||||||||
| 13,614 | 13,589 | 2.03 | ||||||||||||||||||||||||
| Construction Materials | ||||||||||||||||||||||||||
| Arrow Tru-Line Holding, LLC | (8)(12) | First Lien Term Loan | S + 5.63% | 10.21% | 9/20/2027 | 195 | 194 | 195 | 0.03 | |||||||||||||||||
| Pearlman Enterprises Inc. | (8)(15) | First Lien Term Loan | S + 4.75% | 9.17% | 5/5/2027 | 199 | 196 | 192 | 0.03 | |||||||||||||||||
| Red Fox CD Acquisition Corporation | (7)(12) | First Lien Delayed Draw Term Loan | S + 6.00% | 10.29% | 3/4/2030 | 13,643 | 11,184 | 11,202 | 1.67 | |||||||||||||||||
| 11,574 | 11,589 | 1.73 | ||||||||||||||||||||||||
| 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)(6)(8)(15) | First Lien Term Loan | S + 3.50% | 7.82% | 6/7/2031 | 1,990 | 1,992 | 1,999 | 0.30 | |||||||||||||||||
| CFs Brands, LLC | (8)(12) | First Lien Term Loan | S + 5.00% | 9.32% | 10/2/2030 | 3,481 | 3,481 | 3,481 | 0.52 | |||||||||||||||||
| CFs Brands, LLC | (7)(12) | First Lien Revolver | S + 5.00% | 9.32% | 10/2/2029 | 493 | — | — | — | |||||||||||||||||
| Clydesdale Acquisition Holdings, Inc. | (5)(8)(14) | First Lien Term Loan | S + 3.25% | 7.57% | 4/1/2032 | 1,966 | 1,951 | 1,960 | 0.29 | |||||||||||||||||
| Clydesdale Acquisition Holdings, Inc. | (5)(7)(8)(14) | First Lien Delayed Draw Term Loan | S + 3.25% | 7.57% | 4/1/2032 | 34 | 1 | 1 | — | |||||||||||||||||
| Cold Chain Technologies, LLC | (8)(12) | First Lien Term Loan | S + 5.75% | 10.04% | 7/2/2026 | 10,744 | 10,737 | 10,722 | 1.60 | |||||||||||||||||
| Cold Chain Technologies, LLC | (7)(12) | First Lien Revolver | S + 5.75% | 10.04% | 7/2/2026 | 522 | 274 | 273 | 0.04 | |||||||||||||||||
| Nelipak Holding Company | (8)(12) | First Lien Term Loan | S + 5.50% | 9.79% | 3/26/2031 | 6,376 | 6,376 | 6,280 | 0.94 | |||||||||||||||||
| 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)(12) | First Lien Revolver | S + 5.50% | 9.79% | 3/26/2031 | 1,855 | 1,095 | 1,067 | 0.16 | |||||||||||||||||
13
ANTARES PRIVATE CREDIT FUND
CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)(Continued)
June 30, 2025
(in thousands)
| Investments (1) | Footnotes | Asset Type | Reference Rate and Spread (2) |
Interest Rate | Maturity Date | Par Amount / Shares |
Amortized Cost (4) |
Fair Value |
Percentage of Net Assets |
|||||||||||||||||
| Containers and Packaging (continued) | ||||||||||||||||||||||||||
| Packaging Coordinators Midco, Inc. | (8)(13) | First Lien Term Loan | S + 4.75% | 9.04% | 1/21/2032 | $ | 9,192 | $ | 9,184 | $ | 9,192 | 1.37 | % | |||||||||||||
| Packaging Coordinators Midco, Inc. | (7)(13) | First Lien Delayed Draw Term Loan | S + 4.75% | 9.04% | 1/21/2032 | 4,882 | — | — | — | |||||||||||||||||
| Packaging Coordinators Midco, Inc. | (7)(13) | First Lien Revolver | S + 4.75% | 9.04% | 1/21/2032 | 926 | (1 | ) | — | — | ||||||||||||||||
| PG Buyer, LLC | (8)(12) | First Lien Term Loan | S + 4.25% | 8.40% | 3/2/2026 | 198 | 198 | 198 | 0.03 | |||||||||||||||||
| PLZ Corp. | (8)(13) | First Lien Term Loan | S + 3.75% | 8.19% | 8/3/2026 | 99 | 95 | 95 | 0.01 | |||||||||||||||||
| Proampac PG Borrower LLC | (7)(15) | First Lien Revolver | S + 3.75% | 8.19% | 6/16/2028 | 100 | 16 | 16 | — | |||||||||||||||||
| Rohrer Corporation | (8)(12) | First Lien Term Loan | S + 5.00% | 9.40% | 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 | 3,870 | 3,834 | 3,822 | 0.57 | |||||||||||||||||
| St Athena Global LLC | (6)(8)(13) | First Lien Term Loan | SON + 5.25% | 9.47% | 6/26/2030 | GBP | 2,280 | 2,947 | 3,084 | 0.46 | ||||||||||||||||
| St Athena Global LLC | (6)(7)(13) | 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 | 591 | 196 | 194 | 0.03 | |||||||||||||||||
| Tank Holding Corp. | (8)(13) | First Lien Term Loan | S + 5.75% | 10.17% | 3/31/2028 | 198 | 196 | 188 | 0.03 | |||||||||||||||||
| TricorBraun Holdings, Inc. | (5)(8)(14) | First Lien Term Loan | S + 3.25% | 7.69% | 3/3/2028 | 5,073 | 5,061 | 5,074 | 0.76 | |||||||||||||||||
| Trident TPI Holdings, Inc. | (5)(8)(14) | First Lien Term Loan | S + 3.75% | 7.90% | 9/15/2028 | 2,488 | 2,493 | 2,447 | 0.36 | |||||||||||||||||
| Verde Purchaser, LLC | (5)(8)(15) | First Lien Term Loan | S + 4.00% | 8.29% | 11/30/2030 | 3,990 | 4,001 | 4,009 | 0.60 | |||||||||||||||||
| 54,324 | 54,261 | 8.09 | ||||||||||||||||||||||||
| Distributors | ||||||||||||||||||||||||||
| Aurora Parts & Accessories LLC | (8)(12) | First Lien Term Loan | S + 5.50% | 9.94% | 1/13/2029 | 99 | 98 | 99 | 0.01 | |||||||||||||||||
| BC Group Holdings, Inc. | (8)(13) | First Lien Term Loan | S + 4.75% | 9.04% | 12/21/2026 | 2,160 | 2,145 | 2,144 | 0.32 | |||||||||||||||||
| BC Group Holdings, Inc. | (7)(13) | First Lien Delayed Draw Term Loan | S + 4.75% | 9.04% | 12/21/2026 | 6,730 | 4,908 | 4,904 | 0.73 | |||||||||||||||||
| 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 | 62 | 62 | 0.01 | |||||||||||||||||
| Blackhawk Industrial Distribution, Inc. | (8)(12) | First Lien Term Loan | S + 5.25% | 9.69% | 9/17/2026 | 1,484 | 1,480 | 1,475 | 0.22 | |||||||||||||||||
| Blackhawk Industrial Distribution, Inc. | (7)(12) | First Lien Delayed Draw Term Loan | S + 5.25% | 9.69% | 9/17/2026 | 3,955 | 3,944 | 3,932 | 0.59 | |||||||||||||||||
| Blackhawk Industrial Distribution, Inc. | (7)(12) | First Lien Revolver | S + 5.25% | 9.69% | 9/17/2026 | 1,028 | 559 | 559 | 0.08 | |||||||||||||||||
| BradyPlus Holdings, LLC | (8)(12) | First Lien Term Loan | S + 5.00% | 9.29% | 10/31/2029 | 6,250 | 6,250 | 6,235 | 0.93 | |||||||||||||||||
| BradyPlus Holdings, LLC | (7)(12) | First Lien Delayed Draw Term Loan | S + 6.00% | 10.32% | 10/31/2029 | 701 | 228 | 229 | 0.03 | |||||||||||||||||
| Component Hardware Group, Inc. | (8)(12) | First Lien Term Loan | S + 5.00% | 9.44% | 7/1/2026 | 95 | 95 | 95 | 0.01 | |||||||||||||||||
| DFS Holding Company, Inc. | (8)(12) | First Lien Term Loan | S + 7.00% | 11.32% | 1/31/2029 | 198 | 196 | 186 | 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 | 0.74 | |||||||||||||||||
| Vessco Midco Holdings, LLC | (7)(13) | First Lien Delayed Draw Term Loan | S + 5.25% | 9.57% | 7/24/2031 | 1,657 | 638 | 638 | 0.10 | |||||||||||||||||
| Vessco Midco Holdings, LLC | (7)(13) | First Lien Revolver | S + 4.25% | 8.57% | 7/24/2031 | 552 | (2 | ) | (3 | ) | — | |||||||||||||||
| 25,653 | 25,603 | 3.82 | ||||||||||||||||||||||||
14
ANTARES PRIVATE CREDIT FUND
CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)(Continued)
June 30, 2025
(in thousands)
| Investments (1) | Footnotes | Asset Type | Reference Rate and Spread (2) |
Interest Rate | Maturity Date | Par Amount / Shares |
Amortized Cost (4) |
Fair Value |
Percentage of Net Assets |
|||||||||||||||||
| Diversified Consumer Services | ||||||||||||||||||||||||||
| AAH Topco., LLC | (7)(13) | First Lien Delayed Draw Term Loan | S + 5.00% | 9.32% | 3/31/2031 | $ | 2,970 | $ | (7 | ) | $ | (39 | ) | (0.01 | )% | |||||||||||
| American Residential Services LLC | (7)(15) | First Lien Revolver | S + 3.00% | 7.32% | 1/31/2030 | 870 | — | (4 | ) | — | ||||||||||||||||
| Apex Service Partners, LLC | (12) | First Lien Term Loan | S + 5.00% | 9.29% | 10/24/2030 | 4,825 | 4,805 | 4,804 | 0.72 | |||||||||||||||||
| Apex Service Partners, LLC | (12) | First Lien Delayed Draw Term Loan | S + 5.00% | 9.29% | 10/24/2030 | 776 | 773 | 773 | 0.11 | |||||||||||||||||
| Apex Service Partners, LLC | (7)(12) | First Lien Revolver | S + 4.00% | 8.29% | 10/24/2029 | 660 | (3 | ) | (3 | ) | — | |||||||||||||||
| Ave Holdings III, Corp | (13) | First Lien Term Loan | S + 5.50% | 9.90% | 2/25/2028 | 6,269 | 6,167 | 6,160 | 0.92 | |||||||||||||||||
| Ave Holdings III, Corp | (13) | First Lien Delayed Draw Term Loan | S + 5.50% | 9.90% | 2/25/2028 | 167 | 165 | 164 | 0.02 | |||||||||||||||||
| Ave Holdings III, Corp | (7)(13) | First Lien Revolver | S + 5.50% | 9.65% | 2/25/2028 | 514 | (8 | ) | (9 | ) | — | |||||||||||||||
| AVG Intermediate Holdings LLC | (8)(12) | First Lien Delayed Draw Term Loan | S + 6.00% | 10.39% | 3/16/2027 | 198 | 195 | 194 | 0.03 | |||||||||||||||||
| Cop Hometown Acquisitions, Inc. (fka Cop Airco Acquisitions, Inc.) | (8)(12) | First Lien Term Loan | S + 5.25% | 9.54% | 7/16/2027 | 915 | 911 | 907 | 0.14 | |||||||||||||||||
| 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 | 3,324 | 3,305 | 3,295 | 0.49 | |||||||||||||||||
| 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 | 656 | 655 | 650 | 0.10 | |||||||||||||||||
| CVP Holdco, Inc. | (8)(13) | First Lien Term Loan | S + 4.75% | 9.07% | 6/30/2031 | 6,459 | 6,448 | 6,445 | 0.96 | |||||||||||||||||
| CVP Holdco, Inc. | (7)(13) | First Lien Delayed Draw Term Loan | S + 4.75% | 9.07% | 6/30/2031 | 1,715 | 346 | 348 | 0.05 | |||||||||||||||||
| 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 | 4,324 | 4,297 | 4,324 | 0.64 | |||||||||||||||||
| Eos Fitness Opco Holdings, LLC | (13) | First Lien Delayed Draw Term Loan | S + 5.25% | 9.54% | 1/5/2028 | 2,745 | 2,730 | 2,745 | 0.41 | |||||||||||||||||
| Eos Fitness Opco Holdings, LLC | (7)(13) | First Lien Delayed Draw Term Loan | S + 5.25% | 9.54% | 1/5/2028 | 437 | 109 | 111 | 0.02 | |||||||||||||||||
| Eos Fitness Opco Holdings, LLC | (7)(12) | First Lien Revolver | S + 4.75% | 9.04% | 1/5/2028 | 568 | 181 | 184 | 0.03 | |||||||||||||||||
| Essential Services Holding Corporation | (8)(13) | First Lien Term Loan | S + 5.00% | 9.29% | 6/17/2031 | 2,014 | 2,010 | 2,010 | 0.30 | |||||||||||||||||
| 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 | 29 | 29 | — | |||||||||||||||||
| Flint Opco, LLC | (7)(12) | First Lien Delayed Draw Term Loan | S + 4.75% | 9.07% | 8/15/2030 | 3,219 | (8 | ) | (16 | ) | — | |||||||||||||||
| Flint Opco, LLC | (7)(12) | First Lien Delayed Draw Term Loan | S + 4.75% | 9.04% | 8/15/2030 | 3,044 | 1,528 | 1,525 | 0.23 | |||||||||||||||||
| FSHS I, LLC | (8)(13) | First Lien Term Loan | S + 5.50% | 9.82% | 11/18/2028 | 198 | 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 | 0.01 | |||||||||||||||||
| GSV Holding, LLC | (8)(12) | First Lien Term Loan | S + 5.25% | 10.05% (Incl. 3.13% PIK) | 10/18/2030 | 4,940 | 4,919 | 4,903 | 0.73 | |||||||||||||||||
| GSV Holding, LLC | (7)(12) | First Lien Revolver | S + 4.25% | 8.54% | 10/18/2030 | 217 | (1 | ) | — | — | ||||||||||||||||
| Health Buyer LLC | (7)(13) | First Lien Delayed Draw Term Loan | S + 5.50% | 9.79% | 4/27/2029 | 3,300 | 644 | 644 | 0.10 | |||||||||||||||||
| Home Service Topco IV, Inc. | (8)(12) | First Lien Term Loan | S + 4.50% | 8.89% | 12/31/2027 | 198 | 198 | 197 | 0.03 | |||||||||||||||||
| Innovetive Petcare, Inc. | (8)(12) | First Lien Term Loan | S + 5.00% | 9.42% | 6/30/2028 | 5,433 | 5,433 | 5,379 | 0.80 | |||||||||||||||||
| Innovetive Petcare, Inc. | (7)(12) | First Lien Delayed Draw Term Loan | S + 5.00% | 9.47% | 6/30/2028 | 7,770 | 5,947 | 5,881 | 0.88 | |||||||||||||||||
15
ANTARES PRIVATE CREDIT FUND
CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)(Continued)
June 30, 2025
(in thousands)
| Investments (1) | Footnotes | Asset Type | Reference Rate and Spread (2) |
Interest Rate | Maturity Date | Par Amount / Shares |
Amortized Cost (4) |
Fair Value |
Percentage of Net Assets |
|||||||||||||||||
| 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 | 995 | 994 | 995 | 0.15 | |||||||||||||||||
| 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 | |||||||||||||||||
| Quick Quack Car Wash Holdings, LLC | (7)(13) | First Lien Delayed Draw Term Loan | S + 4.75% | 9.07% | 6/10/2031 | 5,042 | (28 | ) | — | — | ||||||||||||||||
| Seahawk Bidco, LLC | (8)(12) | First Lien Term Loan | S + 4.75% | 9.04% | 12/19/2031 | 5,804 | 5,785 | 5,789 | 0.86 | |||||||||||||||||
| Seahawk Bidco, LLC | (7)(12) | First Lien Delayed Draw Term Loan | S + 4.75% | 9.04% | 12/19/2031 | 1,816 | 751 | 753 | 0.11 | |||||||||||||||||
| Seahawk Bidco, LLC | (7)(12) | First Lien Revolver | S + 5.75% | 10.04% | 12/19/2030 | 545 | (2 | ) | (1 | ) | — | |||||||||||||||
| Southern Veterinary Partners, LLC | (5)(8)(15) | First Lien Term Loan | S + 3.25% | 7.54% | 12/4/2031 | 937 | 939 | 939 | 0.14 | |||||||||||||||||
| Taymax Group Acquisition, LLC | (8)(12) | First Lien Term Loan | S + 6.00% | 10.42% | 7/31/2026 | 198 | 198 | 198 | 0.03 | |||||||||||||||||
| Trackforce Acquireco, Inc. | (13) | First Lien Term Loan | S + 5.50% | 9.79% | 6/23/2028 | 200 | 200 | 199 | 0.03 | |||||||||||||||||
| US Fitness Holdings, LLC | (8)(13) | First Lien Term Loan | S + 5.50% | 9.79% | 9/4/2031 | 8,778 | 8,739 | 8,734 | 1.30 | |||||||||||||||||
| 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 | 198 | 0.03 | |||||||||||||||||
| Vertex Service Partners, LLC | (7)(13) | First Lien Delayed Draw Term Loan | S + 5.25% | 9.54% | 11/8/2030 | 250 | 48 | 47 | 0.01 | |||||||||||||||||
| VPP Intermediate Holdings, LLC | (8)(12) | First Lien Term Loan | S + 5.75% | 10.17% | 12/1/2027 | 1,856 | 1,849 | 1,852 | 0.27 | |||||||||||||||||
| VPP Intermediate Holdings, LLC | (7)(12) | First Lien Delayed Draw Term Loan | S + 5.25% | 9.67% | 12/1/2027 | 3,211 | 400 | 385 | 0.06 | |||||||||||||||||
| VPP Intermediate Holdings, LLC | (8)(12) | First Lien Delayed Draw Term Loan | S + 5.75% | 10.17% | 12/1/2027 | 2,237 | 2,228 | 2,232 | 0.33 | |||||||||||||||||
| VPP Intermediate Holdings, LLC | (12) | First Lien Delayed Draw Term Loan | S + 5.75% | 10.07% | 12/1/2027 | 2,630 | 2,620 | 2,617 | 0.39 | |||||||||||||||||
| VPP Intermediate Holdings, LLC | (7)(12) | First Lien Revolver | S + 5.25% | 9.57% | 12/1/2027 | 229 | (1 | ) | (1 | ) | — | |||||||||||||||
| 77,367 | 77,215 | 11.51 | ||||||||||||||||||||||||
| Diversified Telecommunication Services | ||||||||||||||||||||||||||
| Guardian US Holdco LLC | (5)(8)(14) | First Lien Term Loan | S + 3.50% | 7.79% | 1/31/2030 | 2,233 | 2,241 | 2,227 | 0.33 | |||||||||||||||||
| Virgin Media Bristol LLC | (5)(6)(8)(15) | First Lien Term Loan | S + 3.18% | 7.42% | 3/31/2031 | 2,000 | 1,989 | 1,977 | 0.29 | |||||||||||||||||
| 4,230 | 4,204 | 0.62 | ||||||||||||||||||||||||
| Electrical Equipment | ||||||||||||||||||||||||||
| Infinite Bidco LLC | (8)(12) | First Lien Term Loan | S + 6.25% | 10.54% | 3/2/2028 | 99 | 99 | 99 | 0.01 | |||||||||||||||||
| Power Grid Holdings, Inc. | (8)(13) | First Lien Term Loan | S + 4.75% | 9.04% | 12/2/2030 | 8,934 | 8,934 | 8,912 | 1.33 | |||||||||||||||||
| Power Grid Holdings, Inc. | (7)(13) | First Lien Revolver | S + 4.75% | 9.04% | 12/2/2030 | 890 | 53 | 51 | 0.01 | |||||||||||||||||
| TPC Engineering Holdings, Inc. | (8)(12) | First Lien Term Loan | S + 5.50% | 9.92% | 2/16/2027 | 7,067 | 7,018 | 7,032 | 1.05 | |||||||||||||||||
| TPC Engineering Holdings, Inc. | (7)(12) | First Lien Revolver | S + 5.50% | 9.82% | 2/16/2027 | 441 | 215 | 216 | 0.03 | |||||||||||||||||
| 16,319 | 16,310 | 2.43 | ||||||||||||||||||||||||
16
ANTARES PRIVATE CREDIT FUND
CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)(Continued)
June 30, 2025
(in thousands)
| Investments (1) | Footnotes | Asset Type | Reference Rate and Spread (2) |
Interest Rate | Maturity Date | Par Amount / Shares |
Amortized Cost (4) |
Fair Value |
Percentage of Net Assets |
|||||||||||||||||
| Electronic Equipment, Instruments and Components | ||||||||||||||||||||||||||
| Dwyer Instruments, LLC | (8)(13) | First Lien Term Loan | S + 4.75% | 9.04% | 7/23/2029 | $ | 3,869 | $ | 3,837 | $ | 3,831 | 0.57 | % | |||||||||||||
| Dwyer Instruments, LLC | (7)(13) | First Lien Delayed Draw Term Loan | S + 4.75% | 9.04% | 7/23/2029 | 505 | (2 | ) | (5 | ) | — | |||||||||||||||
| Dwyer Instruments, LLC | (7)(13) | First Lien Revolver | S + 4.75% | 9.04% | 7/23/2029 | 706 | 91 | 91 | 0.01 | |||||||||||||||||
| Excelitas Technologies Corp. | (5)(7)(13) | First Lien Delayed Draw Term Loan | S + 5.25% | 9.57% | 8/12/2029 | 2,522 | (11 | ) | (16 | ) | — | |||||||||||||||
| Phoenix 1 Buyer Corporation | (8)(13) | First Lien Term Loan | S + 4.75% | 9.04% | 11/20/2030 | 5,814 | 5,814 | 5,814 | 0.87 | |||||||||||||||||
| 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 + 4.75% | 9.04% | 11/17/2031 | 1,506 | 1,500 | 1,498 | 0.22 | |||||||||||||||||
| Wildcat Topco, Inc. | (7)(13) | First Lien Delayed Draw Term Loan | S + 5.00% | 9.29% | 11/17/2031 | 270 | 20 | 20 | — | |||||||||||||||||
| Wildcat Topco, Inc. | (7)(13) | First Lien Revolver | P + 3.75% | 11.25% | 11/17/2031 | 270 | (1 | ) | (1 | ) | — | |||||||||||||||
| 11,248 | 11,232 | 1.67 | ||||||||||||||||||||||||
| Energy Equipment and Services | ||||||||||||||||||||||||||
| CRCI Longhorn Holdings, Inc. | (8)(13) | First Lien Term Loan | S + 5.00% | 9.32% | 8/27/2031 | 6,088 | 6,062 | 6,057 | 0.90 | |||||||||||||||||
| 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 | (5 | ) | (5 | ) | — | |||||||||||||||
| DMC Holdco, LLC | (8)(12) | First Lien Term Loan | S + 4.75% | 9.07% | 7/13/2029 | 198 | 197 | 197 | 0.03 | |||||||||||||||||
| Integrated Power Services Holdings, Inc. | (8)(13) | First Lien Term Loan | S + 4.50% | 8.94% | 11/22/2028 | 6,914 | 6,910 | 6,902 | 1.03 | |||||||||||||||||
| Integrated Power Services Holdings, Inc. | (7)(13) | First Lien Delayed Draw Term Loan | S + 4.50% | 8.82% | 11/22/2028 | 5,555 | (13 | ) | (11 | ) | — | |||||||||||||||
| Phillips & Temro Industries Inc. | (8)(12) | First Lien Term Loan | S + 5.00% | 9.44% | 3/12/2027 | 195 | 195 | 194 | 0.03 | |||||||||||||||||
| 13,339 | 13,326 | 1.99 | ||||||||||||||||||||||||
| Financial Services | ||||||||||||||||||||||||||
| 1364720 B.C. LTD. | (6)(8)(13) | First Lien Term Loan | C + 4.25% | 7.04% | 9/9/2028 | CAD | 8,976 | 6,341 | 6,566 | 0.98 | ||||||||||||||||
| 1364720 B.C. LTD. | (6)(7)(13) | First Lien Delayed Draw Term Loan | C + 4.25% | 7.33% | 9/9/2028 | CAD | 5,600 | 568 | 569 | 0.08 | ||||||||||||||||
| Aprio Advisory Group, LLC | (8)(13) | First Lien Term Loan | S + 4.75% | 9.04% | 8/1/2031 | 8,332 | 8,313 | 8,292 | 1.24 | |||||||||||||||||
| Aprio Advisory Group, LLC | (7)(13) | First Lien Delayed Draw Term Loan | S + 4.75% | 9.04% | 8/1/2031 | 4,167 | 857 | 847 | 0.13 | |||||||||||||||||
| Aprio Advisory Group, LLC | (13) | First Lien Delayed Draw Term Loan | S + 4.75% | 9.04% | 8/1/2031 | 3,265 | 3,260 | 3,250 | 0.48 | |||||||||||||||||
| Aprio Advisory Group, LLC | (7)(13) | First Lien Revolver | S + 4.75% | 9.04% | 8/1/2031 | 1,638 | (4 | ) | (8 | ) | — | |||||||||||||||
| Ascensus Group Holdings, Inc. | (5)(6)(8)(14) | First Lien Term Loan | S + 3.00% | 7.32% | 8/2/2028 | 625 | 625 | 627 | 0.09 | |||||||||||||||||
| Cerity Partners Equity Holding LLC | (7)(13) | First Lien Delayed Draw Term Loan | S + 5.25% | 9.54% | 7/28/2029 | 5,000 | (22 | ) | (13 | ) | — | |||||||||||||||
| Cerity Partners Equity Holding LLC | (7)(13) | First Lien Delayed Draw Term Loan | S + 5.25% | 9.54% | 7/28/2029 | 11,420 | 8,494 | 8,488 | 1.27 | |||||||||||||||||
| Cerity Partners Equity Holding LLC | (7)(13) | First Lien Revolver | S + 5.25% | 9.54% | 7/28/2028 | 543 | 270 | 270 | 0.04 | |||||||||||||||||
| CFGI Holdings, LLC | (8)(13) | First Lien Term Loan | S + 4.50% | 8.82% | 11/2/2027 | 6,674 | 6,632 | 6,631 | 0.99 | |||||||||||||||||
| 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 | 198 | 198 | 198 | 0.03 | |||||||||||||||||
| Contractual Buyer, LLC | (8)(13) | First Lien Term Loan | S + 5.75% | 10.04% | 10/10/2030 | 199 | 199 | 198 | 0.03 | |||||||||||||||||
| Focus Financial Partners, LLC | (5)(6)(8)(15) | First Lien Term Loan | S + 2.75% | 7.07% | 9/15/2031 | 5,068 | 5,056 | 5,063 | 0.75 | |||||||||||||||||
| Foreside Financial Group, LLC | (12) | First Lien Term Loan | S + 5.25% | 9.69% | 9/30/2027 | 566 | 566 | 566 | 0.08 | |||||||||||||||||
| Foreside Financial Group, LLC | (7)(12) | First Lien Delayed Draw Term Loan | S + 5.50% | 9.94% | 9/30/2027 | 11,646 | 1,361 | 1,361 | 0.20 | |||||||||||||||||
| Frazier & Deeter Advisory, LLC | (8)(13) | First Lien Term Loan | S + 4.50% | 8.79% | 5/3/2032 | 1,841 | 1,832 | 1,832 | 0.27 | |||||||||||||||||
| Frazier & Deeter Advisory, LLC | (7)(13) | First Lien Delayed Draw Term Loan | S + 4.50% | 8.79% | 5/3/2032 | 1,299 | (3 | ) | (6 | ) | — | |||||||||||||||
17
ANTARES PRIVATE CREDIT FUND
CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)(Continued)
June 30, 2025
(in thousands)
| Investments (1) | Footnotes | Asset Type | Reference Rate and Spread (2) |
Interest Rate | Maturity Date | Par Amount / Shares |
Amortized Cost (4) |
Fair Value |
Percentage of Net Assets |
|||||||||||||||||
| Financial Services (continued) | ||||||||||||||||||||||||||
| Frazier & Deeter Advisory, LLC | (7)(13) | First Lien Revolver | S + 4.50% | 8.79% | 5/2/2031 | $ | 325 | $ | (2 | ) | $ | (2 | ) | — | % | |||||||||||
| Heights Buyer, LLC | (8)(12) | First Lien Term Loan | S + 5.75% | 10.14% | 8/25/2028 | 5,321 | 5,321 | 5,321 | 0.79 | |||||||||||||||||
| Heights Buyer, LLC | (8)(12) | First Lien Term Loan | S + 5.00% | 9.42% | 8/25/2028 | 926 | 921 | 921 | 0.14 | |||||||||||||||||
| Heights Buyer, LLC | (7)(12) | First Lien Delayed Draw Term Loan | S + 5.00% | 9.32% | 8/25/2028 | 1,254 | (3 | ) | (6 | ) | — | |||||||||||||||
| Heights Buyer, LLC | (12) | First Lien Delayed Draw Term Loan | S + 5.75% | 10.14% | 8/25/2028 | 871 | 863 | 871 | 0.13 | |||||||||||||||||
| Heights Buyer, LLC | (7)(12) | First Lien Revolver | S + 5.75% | 10.04% | 8/25/2028 | 764 | 66 | 66 | 0.01 | |||||||||||||||||
| Kriv Acquisition Inc. | (8)(12) | First Lien Term Loan | S + 5.75% | 10.04% | 7/6/2029 | 199 | 198 | 198 | 0.03 | |||||||||||||||||
| Kriv Acquisition Inc. | (7)(12) | First Lien Delayed Draw Term Loan | S + 6.50% | 10.82% | 7/6/2029 | 1,338 | (6 | ) | (3 | ) | — | |||||||||||||||
| Minotaur Acquisition, Inc. | (8)(12) | First Lien Term Loan | S + 5.00% | 9.32% | 6/3/2030 | 8,637 | 8,562 | 8,561 | 1.27 | |||||||||||||||||
| Minotaur Acquisition, Inc. | (7)(8)(12) | First Lien Delayed Draw Term Loan | S + 5.00% | 9.32% | 6/3/2030 | 2,876 | 1,396 | 1,396 | 0.21 | |||||||||||||||||
| 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% | 11/17/2031 | 4,988 | 5,008 | 5,002 | 0.75 | |||||||||||||||||
| Osttra Group Ltd. | (5)(6)(8)(15) | First Lien Term Loan | S + 3.50% | 7.82% | 5/20/2032 | 721 | 717 | 724 | 0.11 | |||||||||||||||||
| Pathstone Family Office LLC | (8)(12) | First Lien Term Loan | S + 5.00% | 9.42% | 5/15/2029 | 3,781 | 3,765 | 3,753 | 0.55 | |||||||||||||||||
| Pathstone Family Office LLC | (7)(12) | First Lien Delayed Draw Term Loan | S + 5.00% | 9.32% | 5/15/2029 | 1,454 | (9 | ) | (11 | ) | — | |||||||||||||||
| Pathstone Family Office LLC | (7)(12) | First Lien Revolver | S + 5.00% | 9.32% | 5/15/2028 | 374 | (2 | ) | (3 | ) | — | |||||||||||||||
| Petrus Buyer, Inc. | (8)(13) | First Lien Term Loan | S + 4.50% | 8.79% | 10/17/2029 | 198 | 198 | 197 | 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 + 3.50% | 7.82% | 11/14/2028 | 100 | 13 | 13 | — | |||||||||||||||||
| The Chartis Group, LLC | (8)(13) | First Lien Term Loan | S + 4.50% | 8.79% | 9/17/2031 | 1,260 | 1,254 | 1,253 | 0.19 | |||||||||||||||||
| 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% | 9.42% | 10/2/2028 | 199 | 198 | 199 | 0.03 | |||||||||||||||||
| Wealth Enhancement Group, LLC | (7)(12) | First Lien Delayed Draw Term Loan | S + 5.00% | 9.29% | 10/2/2028 | 9,677 | 1,040 | 1,053 | 0.16 | |||||||||||||||||
| Wealth Enhancement Group, LLC | (7)(12) | First Lien Revolver | S + 5.00% | 9.32% | 10/2/2028 | 323 | — | — | — | |||||||||||||||||
| 74,028 | 74,221 | 11.06 | ||||||||||||||||||||||||
| Food Products | ||||||||||||||||||||||||||
| BCPE North Star US Holdco 2, Inc. | (7)(15) | First Lien Revolver | S + 2.75% | 7.07% | 3/10/2028 | 100 | 23 | 26 | — | |||||||||||||||||
| Chg Ppc Parent LLC | (5)(7)(15) | First Lien Revolver | S + 3.00% | 7.29% | 12/8/2026 | 100 | 40 | 42 | 0.01 | |||||||||||||||||
| Fiesta Purchaser, Inc. | (5)(8)(15) | First Lien Term Loan | S + 3.25% | 7.57% | 2/12/2031 | 3,228 | 3,239 | 3,240 | 0.48 | |||||||||||||||||
| Primary Products Finance LLC | (5)(8)(14) | First Lien Term Loan | S + 3.25% | 7.57% | 4/1/2029 | 4,022 | 4,039 | 4,007 | 0.60 | |||||||||||||||||
| RB Holdings Interco, LLC | (8)(12) | First Lien Term Loan | S + 5.00% | 9.44% | 5/4/2028 | 198 | 195 | 198 | 0.03 | |||||||||||||||||
| Sigma Holdco B.V. | (5)(6)(8)(15) | First Lien Term Loan | S + 3.75% | 8.03% | 1/3/2028 | 4,087 | 4,097 | 4,096 | 0.61 | |||||||||||||||||
| Sugar Ppc Buyer LLC | (7)(12) | First Lien Delayed Draw Term Loan | S + 5.25% | 9.57% | 10/2/2030 | 6,800 | 2,012 | 2,040 | 0.30 | |||||||||||||||||
| WPP Bullet Buyer, LLC | (8)(12) | First Lien Term Loan | S + 5.25% | 9.54% | 12/7/2030 | 5,143 | 5,110 | 5,105 | 0.76 | |||||||||||||||||
| WPP Bullet Buyer, LLC | (7)(12) | First Lien Revolver | S + 5.25% | 9.54% | 12/7/2029 | 83 | (1 | ) | (1 | ) | — | |||||||||||||||
| 18,754 | 18,753 | 2.79 | ||||||||||||||||||||||||
| Ground Transportation | ||||||||||||||||||||||||||
| AMS Parent, LLC | (5)(8)(13) | First Lien Term Loan | S + 4.75% | 9.19% | 10/25/2028 | 198 | 196 | 186 | 0.03 | |||||||||||||||||
| 196 | 186 | 0.03 | ||||||||||||||||||||||||
18
ANTARES PRIVATE CREDIT FUND
CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)(Continued)
June 30, 2025
(in thousands)
| Investments (1) | Footnotes | Asset Type | Reference Rate and Spread (2) |
Interest Rate | Maturity Date | Par Amount / Shares |
Amortized Cost (4) |
Fair Value |
Percentage of Net Assets |
|||||||||||||||||
| 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)(14) | 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 | 198 | 196 | 198 | 0.03 | |||||||||||||||||
| Continental Buyer, Inc. | (8)(13) | First Lien Term Loan | S + 4.50% | 8.82% | 4/2/2031 | 6,737 | 6,737 | 6,720 | 1.00 | |||||||||||||||||
| Continental Buyer, Inc. | (7)(13) | First Lien Delayed Draw Term Loan | S + 4.50% | 8.82% | 4/2/2031 | 1,818 | 134 | 132 | 0.02 | |||||||||||||||||
| 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 | 4,888 | 4,919 | 0.73 | |||||||||||||||||
| DeLorean Purchaser, Inc. | (8)(13) | First Lien Term Loan | S + 4.75% | 9.04% | 12/16/2031 | 4,345 | 4,316 | 4,313 | 0.64 | |||||||||||||||||
| 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 | 2,134 | 2,134 | 2,123 | 0.32 | |||||||||||||||||
| Empower Payments Investor, LLC | (8)(13) | First Lien Term Loan | S + 4.50% | 8.79% | 3/12/2031 | 3,128 | 3,113 | 3,112 | 0.46 | |||||||||||||||||
| Empower Payments Investor, LLC | (7)(13) | First Lien Delayed Draw Term Loan | S + 4.50% | 8.79% | 3/12/2031 | 1,805 | (5 | ) | (9 | ) | — | |||||||||||||||
| Empower Payments Investor, LLC | (13) | First Lien Delayed Draw Term Loan | S + 4.50% | 8.79% | 3/12/2031 | 305 | 305 | 303 | 0.05 | |||||||||||||||||
| Empower Payments Investor, LLC | (7)(13) | First Lien Revolver | S + 4.50% | 8.79% | 3/12/2030 | 163 | — | (1 | ) | — | ||||||||||||||||
| Ensemble RCM, LLC | (7)(15) | First Lien Revolver | S + 3.00% | 7.32% | 6/27/2028 | 100 | — | — | — | |||||||||||||||||
| F&M Buyer LLC | (8)(13) | First Lien Term Loan | S + 4.75% | 9.04% | 3/18/2032 | 3,582 | 3,565 | 3,564 | 0.53 | |||||||||||||||||
| F&M Buyer LLC | (7)(13) | First Lien Delayed Draw Term Loan | S + 4.75% | 9.04% | 3/18/2032 | 1,194 | (3 | ) | (6 | ) | — | |||||||||||||||
| F&M Buyer LLC | (7)(13) | 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 | 12,020 | 12,021 | 1.79 | |||||||||||||||||
| Goldeneye Parent, LLC | (7)(13) | First Lien Revolver | S + 5.00% | 9.29% | 3/31/2032 | 1,745 | (4 | ) | (4 | ) | — | |||||||||||||||
| HT Intermediary III, Inc. | (8)(13) | First Lien Term Loan | S + 4.50% | 8.82% | 11/12/2030 | 6,269 | 6,243 | 6,206 | 0.93 | |||||||||||||||||
| HT Intermediary III, Inc. | (7)(13) | First Lien Delayed Draw Term Loan | S + 4.50% | 8.82% | 11/12/2030 | 1,527 | (3 | ) | (15 | ) | — | |||||||||||||||
| HT Intermediary III, Inc. | (7)(13) | First Lien Revolver | S + 4.50% | 8.82% | 11/12/2030 | 573 | 36 | 32 | — | |||||||||||||||||
| IMO Investor Holdings, Inc. | (8)(13) | First Lien Term Loan | S + 5.00% | 9.15% | 5/11/2029 | 3,219 | 3,219 | 3,219 | 0.48 | |||||||||||||||||
| IMO Investor Holdings, Inc. | (13) | First Lien Delayed Draw Term Loan | S + 5.00% | 9.15% | 5/11/2029 | 386 | 386 | 386 | 0.06 | |||||||||||||||||
| IMO Investor Holdings, Inc. | (7)(13) | First Lien Revolver | S + 5.00% | 9.15% | 5/11/2028 | 370 | — | — | — | |||||||||||||||||
| Invictus Buyer, LLC | (13) | First Lien Term Loan | S + 4.50% | 8.79% | 6/3/2031 | 7,780 | 7,780 | 7,780 | 1.16 | |||||||||||||||||
| 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 | 7,550 | 7,520 | 7,550 | 1.13 | |||||||||||||||||
| Net Health Acquisition Corp. | (13) | First Lien Revolver | S + 4.75% | 9.07% | 7/5/2031 | 973 | 969 | 973 | 0.15 | |||||||||||||||||
| SDS Buyer, Inc. | (8)(12) | First Lien Term Loan | S + 4.75% | 9.14% | 9/30/2027 | 198 | 198 | 198 | 0.03 | |||||||||||||||||
| Swoop Intermediate III, Inc. | (8)(14) | First Lien Term Loan | S + 4.50% | 8.82% | 4/12/2032 | 5,161 | 5,149 | 5,149 | 0.77 | |||||||||||||||||
| Swoop Intermediate III, Inc. | (7)(14) | First Lien Delayed Draw Term Loan | S + 4.50% | 8.82% | 4/12/2032 | 3,643 | (4 | ) | (9 | ) | — | |||||||||||||||
| Swoop Intermediate III, Inc. | (7)(14) | First Lien Revolver | S + 4.50% | 8.82% | 4/12/2032 | 1,214 | (3 | ) | (3 | ) | — | |||||||||||||||
| Unlimited Technology Holdings, LLC | (8)(13) | First Lien Term Loan | S + 4.75% | 9.04% | 3/12/2032 | 5,600 | 5,586 | 5,586 | 0.83 | |||||||||||||||||
| Unlimited Technology Holdings, LLC | (7)(13) | First Lien Revolver | S + 4.50% | 8.79% | 3/12/2032 | 747 | (2 | ) | (2 | ) | — | |||||||||||||||
| Zelis Cost Management Buyer, Inc. | (5)(7)(15) | First Lien Revolver | S + 2.75% | 7.07% | 1/17/2029 | 100 | — | (1 | ) | — | ||||||||||||||||
| 74,536 | 74,499 | 11.12 | ||||||||||||||||||||||||
19
ANTARES PRIVATE CREDIT FUND
CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)(Continued)
June 30, 2025
(in thousands)
| Investments (1) | Footnotes | Asset Type | Reference Rate and Spread (2) |
Interest Rate | Maturity Date | Par Amount / Shares |
Amortized Cost (4) |
Fair Value |
Percentage of Net Assets |
|||||||||||||||||
| 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 | 1,838 | 1,838 | 1,829 | 0.27 | |||||||||||||||||
| Belmont Instrument, LLC | (8)(12) | First Lien Term Loan | S + 5.25% | 9.54% | 8/19/2028 | 198 | 198 | 198 | 0.03 | |||||||||||||||||
| Blades Buyer, Inc. | (8)(12) | First Lien Term Loan | S + 5.00% | 9.39% | 3/28/2028 | 201 | 200 | 200 | 0.03 | |||||||||||||||||
| Blades Buyer, Inc. | (7)(12) | First Lien Delayed Draw Term Loan | S + 5.00% | 9.29% | 3/28/2028 | 7 | 2 | 2 | — | |||||||||||||||||
| Cadence, Inc. | (8)(12) | First Lien Term Loan | S + 5.00% | 9.44% | 5/21/2026 | 198 | 198 | 195 | 0.03 | |||||||||||||||||
| CDL Parent, Inc. | (8)(12) | First Lien Term Loan | S + 5.00% | 9.44% | 12/7/2027 | 199 | 199 | 198 | 0.03 | |||||||||||||||||
| CDL Parent, Inc. | (8)(12) | First Lien Term Loan | S + 5.00% | 9.29% | 12/7/2027 | 2,809 | 2,796 | 2,796 | 0.42 | |||||||||||||||||
| CDL Parent, Inc. | (7)(12) | First Lien Delayed Draw Term Loan | S + 5.00% | 9.29% | 12/7/2027 | 702 | (2 | ) | (3 | ) | — | |||||||||||||||
| CPC/Cirtec Holdings, Inc | (8)(13) | First Lien Term Loan | S + 4.75% | 9.07% | 1/30/2029 | 1,656 | 1,650 | 1,644 | 0.25 | |||||||||||||||||
| CPC/Cirtec Holdings, Inc | (7)(13) | First Lien Revolver | S + 4.75% | 9.07% | 10/31/2028 | 558 | 54 | 52 | 0.01 | |||||||||||||||||
| 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 + 4.50% | 8.82% | 12/19/2029 | 199 | 198 | 197 | 0.03 | |||||||||||||||||
| 7,530 | 7,508 | 1.13 | ||||||||||||||||||||||||
| Healthcare Providers and Services | ||||||||||||||||||||||||||
| 123Dentist Inc. | (6)(7)(13) | First Lien Delayed Draw Term Loan | C + 5.00% | 7.75% | 8/10/2029 | CAD | 10,105 | 4,375 | 4,529 | 0.68 | ||||||||||||||||
| AB Centers Acquisition Corporation | (8)(13) | First Lien Term Loan | S + 5.00% | 9.32% | 7/2/2031 | 2,478 | 2,463 | 2,461 | 0.37 | |||||||||||||||||
| AB Centers Acquisition Corporation | (7)(13) | First Lien Delayed Draw Term Loan | S + 5.00% | 9.32% | 7/2/2031 | 452 | 159 | 159 | 0.02 | |||||||||||||||||
| AB Centers Acquisition Corporation | (7)(13) | First Lien Revolver | S + 5.00% | 9.32% | 7/2/2031 | 226 | (1 | ) | (2 | ) | — | |||||||||||||||
| ACI Group Holdings, Inc. | (8)(13) | First Lien Term Loan | S + 2.75% | 10.42% (Incl. 3.25% PIK) | 8/2/2028 | 204 | 203 | 197 | 0.03 | |||||||||||||||||
| Arrow Management Acquisition, LLC | (12) | First Lien Delayed Draw Term Loan | S + 4.75% | 8.90% | 10/14/2027 | 6,947 | 6,880 | 6,947 | 1.04 | |||||||||||||||||
| Cardiology Management Holdings, LLC | (8)(12) | First Lien Term Loan | S + 5.75% | 10.19% | 1/31/2029 | 198 | 198 | 195 | 0.03 | |||||||||||||||||
| Community Medical Acquisition Corp. | (8)(12) | First Lien Term Loan | S + 4.50% | 8.90% | 12/15/2028 | 99 | 97 | 99 | 0.01 | |||||||||||||||||
| Crown Laundry, LLC | (8)(13) | First Lien Term Loan | S + 4.75% | 9.07% | 5/28/2031 | 2,681 | 2,668 | 2,668 | 0.40 | |||||||||||||||||
| Crown Laundry, LLC | (7)(13) | First Lien Delayed Draw Term Loan | S + 4.75% | 9.07% | 5/28/2031 | 435 | (1 | ) | (2 | ) | — | |||||||||||||||
| Crown Laundry, LLC | (7)(13) | First Lien Revolver | S + 4.75% | 9.07% | 5/28/2031 | 507 | (3 | ) | (2 | ) | — | |||||||||||||||
| CVR Management, LLC | (8)(12) | First Lien Delayed Draw Term Loan | S + 4.75% | 9.17% | 1/4/2027 | 198 | 198 | 198 | 0.03 | |||||||||||||||||
| DCA Investment Holding LLC | (8)(13) | First Lien Term Loan | S + 6.41% | 10.70% | 4/3/2028 | 198 | 195 | 183 | 0.03 | |||||||||||||||||
| Docs, MSO, LLC | (8)(13) | First Lien Term Loan | S + 5.75% | 10.17% | 6/1/2028 | 99 | 99 | 98 | 0.01 | |||||||||||||||||
| ENT MSO, LLC | (8)(12) | First Lien Term Loan | S + 6.50% | 10.79% | 12/31/2025 | 198 | 198 | 198 | 0.03 | |||||||||||||||||
| Eyesouth Eye Care Holdco, LLC | (8)(12) | First Lien Term Loan | S + 5.50% | 9.92% | 10/5/2029 | 2,123 | 2,123 | 2,102 | 0.31 | |||||||||||||||||
| Eyesouth Eye Care Holdco, LLC | (7)(12) | First Lien Delayed Draw Term Loan | S + 5.50% | 9.92% | 10/5/2029 | 4,299 | 324 | 284 | 0.04 | |||||||||||||||||
| Golden State Buyer, Inc. | (5)(8)(13) | First Lien Term Loan | S + 4.75% | 9.17% | 3/22/2027 | 198 | 198 | 198 | 0.03 | |||||||||||||||||
| ImageFirst Holdings, LLC | (7)(15) | First Lien Revolver | S + 3.25% | 7.57% | 3/12/2030 | 2,800 | — | 12 | — | |||||||||||||||||
| IvyRehab Intermediate II, LLC | (8)(13) | First Lien Term Loan | S + 5.00% | 9.39% | 4/23/2029 | 198 | 198 | 195 | 0.03 | |||||||||||||||||
| JKC Parent, Inc. | (8)(13) | First Lien Term Loan | S + 5.00% | 9.29% | 2/13/2032 | 378 | 377 | 376 | 0.06 | |||||||||||||||||
| JKC Parent, Inc. | (7)(13) | First Lien Delayed Draw Term Loan | S + 5.00% | 9.29% | 2/13/2032 | 833 | 123 | 127 | 0.02 | |||||||||||||||||
| JKC Parent, Inc. | (7)(13) | First Lien Revolver | S + 5.00% | 9.29% | 2/13/2032 | 87 | 14 | 14 | — | |||||||||||||||||
20
ANTARES PRIVATE CREDIT FUND
CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)(Continued)
June 30, 2025
(in thousands)
| Investments (1) | Footnotes | Asset Type | Reference Rate and Spread (2) |
Interest Rate | Maturity Date | Par Amount / Shares |
Amortized Cost (4) |
Fair Value |
Percentage of Net Assets |
|||||||||||||||||
| Healthcare Providers and Services (continued) | ||||||||||||||||||||||||||
| MRO Corporation | (8)(13) | First Lien Term Loan | S + 4.75% | 9.04% | 6/9/2032 | $ | 9,138 | $ | 9,070 | $ | 9,070 | 1.35 | % | |||||||||||||
| MRO Corporation | (7)(13) | First Lien Delayed Draw Term Loan | S + 4.75% | 9.04% | 6/9/2032 | 795 | (6 | ) | (6 | ) | — | |||||||||||||||
| MRO Corporation | (7)(13) | First Lien Revolver | S + 4.75% | 9.04% | 6/9/2032 | 795 | (12 | ) | (6 | ) | — | |||||||||||||||
| OB Hospitalist Group, Inc. | (8)(13) | First Lien Term Loan | S + 5.25% | 9.67% | 9/27/2027 | 198 | 198 | 198 | 0.03 | |||||||||||||||||
| OIS Management Services, LLC | (8)(13) | First Lien Term Loan | S + 4.75% | 9.04% | 11/16/2028 | 3,812 | 3,748 | 3,745 | 0.56 | |||||||||||||||||
| OIS Management Services, LLC | (13) | First Lien Delayed Draw Term Loan | S + 4.75% | 9.04% | 11/16/2028 | 3,135 | 3,082 | 3,080 | 0.46 | |||||||||||||||||
| ONS MSO, LLC | (12) | First Lien Delayed Draw Term Loan | S + 5.75% | 10.04% | 7/7/2028 | 212 | 211 | 210 | 0.03 | |||||||||||||||||
| ONS MSO, LLC | (7)(12) | First Lien Revolver | P + 5.25% | 12.75% | 7/7/2028 | 24 | 1 | 1 | — | |||||||||||||||||
| Onsite Holdings, LLC | (8)(12) | First Lien Term Loan | S + 6.25% | 10.64% | 12/28/2027 | 337 | 336 | 337 | 0.05 | |||||||||||||||||
| Onsite Holdings, LLC | (7)(12) | First Lien Revolver | S + 6.25% | 10.64% | 12/28/2025 | 93 | 77 | 77 | 0.01 | |||||||||||||||||
| Orsini Pharmaceutical Services, LLC | (8)(13) | First Lien Term Loan | S + 4.75% | 9.07% | 5/22/2031 | 3,352 | 3,336 | 3,335 | 0.50 | |||||||||||||||||
| Orsini Pharmaceutical Services, LLC | (7)(13) | First Lien Revolver | S + 4.25% | 8.57% | 5/22/2030 | 226 | (1 | ) | (1 | ) | — | |||||||||||||||
| Phantom Purchaser, Inc. | (8)(13) | First Lien Term Loan | S + 5.00% | 9.29% | 9/19/2031 | 2,974 | 2,968 | 2,974 | 0.44 | |||||||||||||||||
| Phantom Purchaser, Inc. | (7)(13) | First Lien Revolver | S + 5.00% | 9.29% | 9/19/2031 | 1,465 | (6 | ) | (7 | ) | — | |||||||||||||||
| Phynet Dermatology LLC | (8)(12) | First Lien Term Loan | S + 6.50% | 10.79% | 10/20/2029 | 199 | 198 | 194 | 0.03 | |||||||||||||||||
| Premise Health Holding Corp. | (8)(13) | First Lien Term Loan | S + 5.50% | 9.79% | 3/3/2031 | 6,057 | 6,057 | 6,057 | 0.90 | |||||||||||||||||
| Premise Health Holding Corp. | (7)(13) | First Lien Revolver | S + 5.50% | 9.79% | 3/1/2030 | 712 | 47 | 47 | 0.01 | |||||||||||||||||
| Raven Acquisition Holdings, LLC | (5)(8)(15) | First Lien Term Loan | S + 3.25% | 7.57% | 11/19/2031 | 4,655 | 4,656 | 4,657 | 0.69 | |||||||||||||||||
| RxSense Holdings LLC | (8)(12) | First Lien Term Loan | S + 5.00% | 9.29% | 3/12/2027 | 4,099 | 4,099 | 4,099 | 0.61 | |||||||||||||||||
| RxSense Holdings LLC | (7)(12) | First Lien Revolver | S + 5.25% | 9.54% | 3/12/2027 | 619 | — | — | — | |||||||||||||||||
| Smile Doctors LLC | (8)(13) | First Lien Term Loan | S + 5.90% | 10.29% | 12/23/2028 | 99 | 99 | 99 | 0.01 | |||||||||||||||||
| Soleo Holdings, Inc. | (8)(13) | First Lien Term Loan | S + 4.50% | 8.79% | 2/2/2032 | 4,961 | 4,952 | 4,961 | 0.74 | |||||||||||||||||
| Soleo Holdings, Inc. | (7)(13) | First Lien Delayed Draw Term Loan | S + 4.75% | 9.04% | 2/2/2032 | 704 | (1 | ) | — | — | ||||||||||||||||
| Soleo Holdings, Inc. | (7)(13) | First Lien Revolver | S + 4.75% | 9.04% | 2/2/2032 | 704 | (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 + 5.50% | 10.05% | 6/18/2028 | 100 | 95 | 98 | 0.01 | |||||||||||||||||
| STCH Acquisition Inc. | (8)(12) | First Lien Term Loan | S + 5.25% | 9.64% | 10/30/2026 | 2,287 | 2,280 | 2,287 | 0.34 | |||||||||||||||||
| 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 | 198 | 197 | 198 | 0.03 | |||||||||||||||||
| United Digestive MSO Parent, LLC | (8)(12) | First Lien Term Loan | S + 5.75% | 10.04% | 3/30/2029 | 198 | 198 | 197 | 0.03 | |||||||||||||||||
| Urology Management Holdings, Inc. | (8)(12) | First Lien Term Loan | S + 5.50% | 9.79% | 6/15/2027 | 198 | 197 | 197 | 0.03 | |||||||||||||||||
| USHV Management, LLC | (8)(12) | First Lien Term Loan | S + 6.38% | 10.77% | 12/23/2027 | 99 | 98 | 98 | 0.01 | |||||||||||||||||
| Valeris, Inc. | (8)(13) | First Lien Term Loan | S + 4.75% | 9.04% | 9/19/2031 | 8,895 | 8,851 | 8,851 | 1.32 | |||||||||||||||||
| Vital Care Buyer, LLC | (8)(13) | First Lien Term Loan | S + 4.50% | 8.79% | 7/30/2031 | 5,290 | 5,268 | 5,265 | 0.78 | |||||||||||||||||
| Vital Care Buyer, LLC | (7)(13) | First Lien Revolver | S + 5.25% | 9.57% | 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 | 2,025 | 0.30 | |||||||||||||||||
| 83,605 | 83,767 | 12.47 | ||||||||||||||||||||||||
21
ANTARES PRIVATE CREDIT FUND
CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)(Continued)
June 30, 2025
(in thousands)
| Investments (1) | Footnotes | Asset Type | Reference Rate and Spread (2) |
Interest Rate | Maturity Date | Par Amount / Shares |
Amortized Cost (4) |
Fair Value |
Percentage of Net Assets |
|||||||||||||||||
| Hotels, Restaurants and Leisure | ||||||||||||||||||||||||||
| BJH Holdings III Corp. | (8)(12) | First Lien Term Loan | S + 5.00% | 9.29% | 8/19/2027 | $ | 199 | $ | 198 | $ | 198 | 0.03 | % | |||||||||||||
| Movati Athletic (Group) Inc. | (6)(8)(12) | First Lien Term Loan | C + 4.75% | 7.83% | 5/29/2030 | CAD | 7,495 | 5,367 | 5,466 | 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 + 5.50% | 9.94% | 3/2/2028 | 2,784 | 2,773 | 2,777 | 0.41 | |||||||||||||||||
| Southpaw Ap Buyer, LLC | (7)(12) | First Lien Delayed Draw Term Loan | S + 5.50% | 9.94% | 3/2/2028 | 627 | 481 | 482 | 0.07 | |||||||||||||||||
| Southpaw Ap Buyer, LLC | (7)(12) | First Lien Revolver | S + 5.50% | 9.94% | 3/2/2028 | 252 | 110 | 110 | 0.02 | |||||||||||||||||
| 8,922 | 9,028 | 1.34 | ||||||||||||||||||||||||
| 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% | 2/23/2026 | 199 | 199 | 197 | 0.03 | |||||||||||||||||
| Wu Holdco, Inc. | (8)(13) | First Lien Term Loan | S + 4.75% | 9.04% | 4/19/2032 | 10,264 | 10,239 | 10,240 | 1.52 | |||||||||||||||||
| Wu Holdco, Inc. | (7)(13) | First Lien Delayed Draw Term Loan | S + 4.75% | 9.04% | 4/19/2032 | 2,497 | (3 | ) | (6 | ) | — | |||||||||||||||
| Wu Holdco, Inc. | (7)(15) | First Lien Revolver | S + 4.75% | 9.04% | 4/19/2032 | 777 | (2 | ) | (2 | ) | — | |||||||||||||||
| 10,433 | 10,429 | 1.55 | ||||||||||||||||||||||||
| Industrial Conglomerates | ||||||||||||||||||||||||||
| FCG Acquisitions, Inc. | (5)(8)(14) | First Lien Term Loan | S + 3.25% | 7.54% | 3/31/2028 | 2,984 | 2,993 | 2,990 | 0.45 | |||||||||||||||||
| Harvey Tool Company, LLC | (8)(13) | First Lien Term Loan | S + 5.25% | 9.57% | 10/26/2027 | 8,140 | 8,127 | 8,125 | 1.21 | |||||||||||||||||
| Harvey Tool Company, LLC | (7)(13) | First Lien Delayed Draw Term Loan | S + 5.50% | 9.82% | 10/26/2027 | 3,213 | (6 | ) | (6 | ) | — | |||||||||||||||
| Harvey Tool Company, LLC | (7)(13) | First Lien Revolver | S + 5.50% | 9.82% | 10/26/2027 | 964 | (2 | ) | (2 | ) | — | |||||||||||||||
| Indicor, LLC | (5)(6)(8)(14) | First Lien Term Loan | S + 2.75% | 7.04% | 11/22/2029 | 2,498 | 2,507 | 2,497 | 0.37 | |||||||||||||||||
| 13,619 | 13,604 | 2.03 | ||||||||||||||||||||||||
| Insurance | ||||||||||||||||||||||||||
| Accession Risk Management, Inc | (13) | First Lien Term Loan | S + 4.75% | 9.04% | 11/1/2029 | 577 | 577 | 577 | 0.09 | |||||||||||||||||
| Accession Risk Management, Inc | (7)(13) | First Lien Delayed Draw Term Loan | S + 4.75% | 9.04% | 11/1/2029 | 1,209 | 118 | 123 | 0.02 | |||||||||||||||||
| Accession Risk Management, Inc | (7)(13) | First Lien Revolver | S + 5.50% | 9.79% | 11/1/2029 | 231 | (1 | ) | — | — | ||||||||||||||||
| Allied Benefit Systems Intermediate LLC | (8)(13) | First Lien Term Loan | S + 5.25% | 9.57% | 10/31/2030 | 3,355 | 3,355 | 3,355 | 0.50 | |||||||||||||||||
| Allied Benefit Systems Intermediate LLC | (13) | First Lien Delayed Draw Term Loan | S + 5.25% | 9.57% | 10/31/2030 | 630 | 630 | 630 | 0.09 | |||||||||||||||||
| AMBA Buyer, Inc. | (8)(13) | First Lien Term Loan | S + 5.25% | 9.64% | 7/30/2027 | 3,587 | 3,568 | 3,567 | 0.53 | |||||||||||||||||
| AMBA Buyer, Inc. | (8)(13) | First Lien Delayed Draw Term Loan | S + 5.25% | 9.64% | 7/30/2027 | 860 | 855 | 855 | 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)(13) | First Lien Term Loan | S + 4.75% | 9.04% | 8/31/2029 | 3,317 | 3,308 | 3,309 | 0.49 | |||||||||||||||||
| Amerilife Holdings LLC | (7)(13) | First Lien Delayed Draw Term Loan | S + 4.75% | 9.04% | 8/31/2029 | 13,346 | 10,259 | 10,261 | 1.53 | |||||||||||||||||
| Amerilife Holdings LLC | (7)(13) | First Lien Revolver | S + 4.75% | 9.04% | 8/31/2028 | 556 | 45 | 45 | 0.01 | |||||||||||||||||
22
ANTARES PRIVATE CREDIT FUND
CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)(Continued)
June 30, 2025
(in thousands)
| Investments (1) | Footnotes | Asset Type | Reference Rate and Spread (2) |
Interest Rate | Maturity Date | Par Amount / Shares |
Amortized Cost (4) |
Fair Value |
Percentage of Net Assets |
|||||||||||||||||
| Insurance (continued) | ||||||||||||||||||||||||||
| AQ Sunshine, Inc. | (8)(13) | First Lien Term Loan | S + 5.25% | 9.54% | 7/24/2031 | $ | 199 | $ | 198 | $ | 198 | 0.03 | % | |||||||||||||
| Ardonagh Midco 3 Limited | (5)(6)(8)(15) | First Lien Term Loan | S + 2.75% | 7.04% | 2/17/2031 | 4,988 | 4,988 | 4,963 | 0.74 | |||||||||||||||||
| Bellwether Buyer, L.L.C. | (8)(13) | First Lien Term Loan | S + 4.50% | 8.82% | 4/15/2032 | 4,182 | 4,173 | 4,172 | 0.62 | |||||||||||||||||
| Bellwether Buyer, L.L.C. | (7)(13) | First Lien Delayed Draw Term Loan | S + 4.50% | 8.82% | 4/15/2032 | 2,178 | (3 | ) | (5 | ) | — | |||||||||||||||
| Bellwether Buyer, L.L.C. | (7)(13) | First Lien Revolver | S + 4.50% | 8.82% | 4/15/2032 | 871 | (2 | ) | (2 | ) | — | |||||||||||||||
| Beyond Risk Parent Holdings, Inc. | (7)(13) | First Lien Delayed Draw Term Loan | S + 4.50% | 8.89% | 10/8/2027 | 6,370 | 515 | 527 | 0.08 | |||||||||||||||||
| Foundation Risk Partners, Corp. | (7)(13) | First Lien Delayed Draw Term Loan | S + 4.00% | 8.32% | 10/29/2030 | 4,294 | (10 | ) | (16 | ) | — | |||||||||||||||
| Galway Borrower LLC | (8)(13) | First Lien Term Loan | S + 4.50% | 8.79% | 9/29/2028 | 198 | 197 | 197 | 0.03 | |||||||||||||||||
| Imagine 360 LLC | (8)(13) | First Lien Term Loan | S + 5.00% | 9.29% | 9/30/2028 | 1,393 | 1,387 | 1,386 | 0.21 | |||||||||||||||||
| Imagine 360 LLC | (7)(13) | First Lien Delayed Draw Term Loan | S + 5.00% | 9.29% | 9/30/2028 | 767 | (3 | ) | (4 | ) | — | |||||||||||||||
| Imagine 360 LLC | (7)(13) | First Lien Revolver | S + 5.00% | 9.29% | 9/30/2028 | 327 | (3 | ) | (2 | ) | — | |||||||||||||||
| Integrity Marketing Acquisition, LLC | (8)(13) | First Lien Term Loan | S + 5.00% | 9.29% | 8/25/2028 | 7,622 | 7,598 | 7,565 | 1.13 | |||||||||||||||||
| Mclarens Midco Inc. | (8)(13) | First Lien Term Loan | S + 4.75% | 9.19% | 12/19/2025 | 2,577 | 2,577 | 2,577 | 0.38 | |||||||||||||||||
| Mclarens Midco Inc. | (7)(13) | First Lien Delayed Draw Term Loan | S + 4.75% | 9.19% | 12/19/2027 | 663 | 433 | 433 | 0.06 | |||||||||||||||||
| Mclarens Midco Inc. | (8)(13) | First Lien Delayed Draw Term Loan | S + 4.75% | 9.19% | 12/19/2025 | 900 | 900 | 900 | 0.13 | |||||||||||||||||
| Mclarens Midco Inc. | (7)(13) | First Lien Revolver | S + 4.75% | 9.07% | 12/19/2027 | 287 | — | — | — | |||||||||||||||||
| Oakbridge Insurance Agency LLC | (8)(13) | First Lien Term Loan | S + 5.75% | 10.07% | 11/1/2029 | 199 | 199 | 198 | 0.03 | |||||||||||||||||
| Oakbridge Insurance Agency LLC | (7)(13) | First Lien Delayed Draw Term Loan | S + 4.75% | 9.07% | 11/1/2029 | 2,583 | (6 | ) | — | — | ||||||||||||||||
| Pareto Health Intermediate Holdings, Inc. | (8)(12) | First Lien Term Loan | S + 4.75% | 8.90% | 5/31/2030 | 2,739 | 2,727 | 2,725 | 0.41 | |||||||||||||||||
| Pareto Health Intermediate Holdings, Inc. | (7)(12) | First Lien Delayed Draw Term Loan | S + 4.00% | 8.15% | 5/31/2030 | 653 | (1 | ) | (3 | ) | — | |||||||||||||||
| Patriot Growth Insurance Services, LLC | (8)(13) | First Lien Term Loan | S + 5.00% | 9.44% | 10/16/2028 | 8,016 | 7,982 | 7,975 | 1.19 | |||||||||||||||||
| Patriot Growth Insurance Services, LLC | (8)(13) | First Lien Delayed Draw Term Loan | S + 5.00% | 9.44% | 10/16/2028 | 1,402 | 1,396 | 1,395 | 0.21 | |||||||||||||||||
| Patriot Growth Insurance Services, LLC | (7)(13) | First Lien Revolver | S + 5.50% | 9.79% | 10/16/2028 | 534 | (2 | ) | (3 | ) | — | |||||||||||||||
| Riser Interco LLC | (8)(13) | First Lien Term Loan | S + 4.75% | 9.04% | 10/31/2029 | 902 | 902 | 897 | 0.13 | |||||||||||||||||
| Riser Interco LLC | (8)(15) | First Lien Term Loan | SON + 4.75% | 8.97% | 10/31/2029 | GBP | 1,516 | 2,005 | 2,072 | 0.31 | ||||||||||||||||
| Riser Interco LLC | (7)(13) | First Lien Delayed Draw Term Loan | S + 4.75% | 9.04% | 10/31/2029 | 1,492 | 2 | (7 | ) | — | ||||||||||||||||
| Riser Interco LLC | (7)(13) | First Lien Revolver | S + 4.75% | 9.04% | 10/31/2029 | 600 | 200 | 197 | 0.03 | |||||||||||||||||
| Simplicity Financial Marketing Group Holdings, Inc. | (8)(13) | First Lien Term Loan | S + 5.00% | 9.15% | 12/31/2031 | 6,752 | 6,723 | 6,718 | 1.00 | |||||||||||||||||
| Simplicity Financial Marketing Group Holdings, Inc. | (7)(13) | First Lien Delayed Draw Term Loan | S + 5.00% | 9.15% | 12/31/2031 | 1,804 | 396 | 392 | 0.06 | |||||||||||||||||
| Simplicity Financial Marketing Group Holdings, Inc. | (7)(13) | First Lien Revolver | S + 5.00% | 9.15% | 12/31/2031 | 903 | (5 | ) | (5 | ) | — | |||||||||||||||
| THG Acquisition, LLC | (8)(13) | First Lien Term Loan | S + 4.50% | 8.82% | 10/31/2031 | 2,954 | 2,954 | 2,939 | 0.44 | |||||||||||||||||
| THG Acquisition, LLC | (7)(13) | First Lien Delayed Draw Term Loan | S + 4.50% | 8.82% | 10/31/2031 | 660 | 21 | 18 | — | |||||||||||||||||
| THG Acquisition, LLC | (7)(13) | First Lien Revolver | S + 4.75% | 9.07% | 10/31/2031 | 330 | 25 | 23 | — | |||||||||||||||||
| Trucordia Insurance Holdings, LLC | (5)(8)(15) | First Lien Term Loan | S + 3.25% | 7.57% | 6/14/2032 | 271 | 270 | 271 | 0.04 | |||||||||||||||||
| World Insurance Associates, LLC | (8)(12) | First Lien Term Loan | S + 5.00% | 9.29% | 4/3/2030 | 4,073 | 4,072 | 4,053 | 0.60 | |||||||||||||||||
| World Insurance Associates, LLC | (7)(12) | First Lien Delayed Draw Term Loan | S + 5.00% | 9.29% | 4/3/2030 | 2,859 | (3 | ) | (14 | ) | — | |||||||||||||||
| World Insurance Associates, LLC | (7)(12) | First Lien Revolver | S + 5.00% | 9.29% | 4/3/2030 | 209 | (1 | ) | (1 | ) | — | |||||||||||||||
| 75,514 | 75,450 | 11.25 | ||||||||||||||||||||||||
23
ANTARES PRIVATE CREDIT FUND
CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)(Continued)
June 30, 2025
(in thousands)
| Investments (1) | Footnotes | Asset Type | Reference Rate and Spread (2) |
Interest Rate | Maturity Date | Par Amount / Shares |
Amortized Cost (4) |
Fair Value |
Percentage of Net Assets |
|||||||||||||||||
| IT Services | ||||||||||||||||||||||||||
| BigTime Software, Inc. | (13) | First Lien Term Loan | S + 6.25% | 10.54% | 6/30/2028 | $ | 200 | $ | 200 | $ | 200 | 0.03 | % | |||||||||||||
| Cardinal Parent, Inc. | (5)(8)(13) | First Lien Term Loan | S + 4.50% | 8.94% | 11/12/2027 | 198 | 187 | 194 | 0.03 | |||||||||||||||||
| DT1 Midco Corp | (8)(13) | First Lien Term Loan | S + 5.00% | 9.32% | 12/30/2031 | 6,477 | 6,448 | 6,445 | 0.96 | |||||||||||||||||
| DT1 Midco Corp | (7)(13) | First Lien Delayed Draw Term Loan | S + 5.00% | 9.32% | 12/30/2031 | 4,546 | 2,011 | 2,001 | 0.30 | |||||||||||||||||
| DT1 Midco Corp | (7)(13) | First Lien Revolver | S + 5.00% | 9.32% | 12/30/2030 | 1,183 | (4 | ) | (6 | ) | — | |||||||||||||||
| Govdelivery Holdings, LLC | (8)(13) | First Lien Term Loan | S + 3.50% | 10.05% (Incl. 2.25% PIK) | 1/17/2031 | 201 | 200 | 201 | 0.03 | |||||||||||||||||
| Marco Technologies, LLC | (8)(12) | First Lien Term Loan | S + 5.25% | 9.57% | 11/24/2026 | 200 | 200 | 200 | 0.03 | |||||||||||||||||
| Medallia, Inc. | (8)(13) | First Lien Term Loan | S + 2.50% | 10.74% (Incl. 4.00% PIK) | 10/29/2028 | 103 | 100 | 100 | 0.01 | |||||||||||||||||
| Noble Midco 3 Limited | (8)(13) | First Lien Term Loan | S + 5.00% | 9.29% | 6/11/2031 | 5,056 | 5,056 | 4,990 | 0.74 | |||||||||||||||||
| Noble Midco 3 Limited | (7)(13) | First Lien Delayed Draw Term Loan | S + 5.00% | 9.29% | 6/11/2031 | 824 | — | (11 | ) | — | ||||||||||||||||
| Noble Midco 3 Limited | (7)(13) | First Lien Revolver | S + 5.25% | 9.54% | 12/10/2030 | 1,120 | 84 | 69 | 0.01 | |||||||||||||||||
| Oeconnection LLC | (5)(8)(13) | First Lien Term Loan | S + 5.25% | 9.57% | 4/22/2031 | 4,396 | 4,396 | 4,401 | 0.66 | |||||||||||||||||
| Oeconnection LLC | (5)(7)(13) | First Lien Delayed Draw Term Loan | S + 5.25% | 9.57% | 4/22/2031 | 2,905 | 759 | 771 | 0.11 | |||||||||||||||||
| Oeconnection LLC | (7)(13) | First Lien Revolver | S + 4.00% | 8.32% | 4/22/2031 | 482 | — | — | — | |||||||||||||||||
| 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% | 9.79% | 2/3/2031 | 206 | 206 | 206 | 0.03 | |||||||||||||||||
| Ridge Trail US Bidco, Inc. | (8)(13) | First Lien Term Loan | S + 4.50% | 8.79% | 9/30/2031 | 8,642 | 8,589 | 8,578 | 1.28 | |||||||||||||||||
| Ridge Trail US Bidco, Inc. | (7)(13) | First Lien Delayed Draw Term Loan | S + 4.50% | 8.79% | 9/30/2031 | 2,995 | (21 | ) | (22 | ) | — | |||||||||||||||
| Ridge Trail US Bidco, Inc. | (7)(13) | First Lien Revolver | S + 4.50% | 8.79% | 3/31/2031 | 998 | 263 | 262 | 0.04 | |||||||||||||||||
| Safety Borrower Holdings LLC | (8)(12) | First Lien Term Loan | S + 4.75% | 9.19% | 9/1/2027 | 3,474 | 3,474 | 3,442 | 0.51 | |||||||||||||||||
| Safety Borrower Holdings LLC | (7)(15) | First Lien Revolver | P + 3.75% | 11.25% | 9/1/2027 | 499 | 187 | 183 | 0.03 | |||||||||||||||||
| Saturn Borrower Inc | (8)(12) | First Lien Term Loan | S + 6.00% | 10.29% | 11/10/2028 | 3,901 | 3,877 | 3,881 | 0.58 | |||||||||||||||||
| Saturn Borrower Inc | (7)(12) | First Lien Delayed Draw Term Loan | S + 6.00% | 10.29% | 11/10/2028 | 1,422 | (5 | ) | (7 | ) | — | |||||||||||||||
| Saturn Borrower Inc | (7)(12) | First Lien Revolver | S + 6.00% | 10.29% | 11/10/2028 | 640 | 63 | 65 | 0.01 | |||||||||||||||||
| Spirit RR Holdings, Inc. | (8)(13) | First Lien Term Loan | S + 4.50% | 8.89% | 9/13/2028 | 3,236 | 3,230 | 3,219 | 0.48 | |||||||||||||||||
| Spirit RR Holdings, Inc. | (13) | First Lien Delayed Draw Term Loan | S + 4.50% | 8.89% | 9/13/2028 | 465 | 464 | 463 | 0.07 | |||||||||||||||||
| Spirit RR Holdings, Inc. | (12) | First Lien Delayed Draw Term Loan | S + 4.50% | 8.89% | 9/13/2028 | 267 | 267 | 266 | 0.04 | |||||||||||||||||
| Spirit RR Holdings, Inc. | (7)(13) | First Lien Revolver | S + 4.50% | 8.79% | 9/13/2028 | 272 | (1 | ) | (1 | ) | — | |||||||||||||||
| Storable, Inc. | (7)(15) | First Lien Revolver | S + 2.75% | 7.07% | 4/16/2029 | 100 | — | — | — | |||||||||||||||||
| Trunk Acquisition, Inc. | (8)(12) | First Lien Term Loan | S + 6.00% | 10.44% | 2/19/2030 | 2,003 | 1,998 | 2,003 | 0.30 | |||||||||||||||||
| Trunk Acquisition, Inc. | (7)(12) | First Lien Delayed Draw Term Loan | S + 6.00% | 10.29% | 2/19/2030 | 1,840 | 1,559 | 1,565 | 0.23 | |||||||||||||||||
| VS Buyer, LLC | (7)(15) | First Lien Revolver | S + 3.25% | 7.57% | 4/12/2029 | 100 | — | (2 | ) | — | ||||||||||||||||
| Welocalize, Inc. | (8)(12) | First Lien Term Loan | S + 5.00% | 9.29% | 6/23/2026 | 199 | 198 | 199 | 0.03 | |||||||||||||||||
| 44,185 | 44,055 | 6.57 | ||||||||||||||||||||||||
24
ANTARES PRIVATE CREDIT FUND
CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)(Continued)
June 30, 2025
(in thousands)
| Investments (1) | Footnotes | Asset Type | Reference Rate and Spread (2) |
Interest Rate | Maturity Date | Par Amount / Shares |
Amortized Cost (4) |
Fair Value |
Percentage of Net Assets |
|||||||||||||||||
| Life Sciences Tools & Services | ||||||||||||||||||||||||||
| Kwol Acquisition, Inc. | (8)(13) | First Lien Term Loan | S + 4.75% | 9.04% | 12/12/2029 | $ | 6,113 | $ | 6,113 | $ | 6,098 | 0.91 | % | |||||||||||||
| Kwol Acquisition, Inc. | (7)(13) | First Lien Revolver | S + 6.25% | 10.54% | 12/12/2029 | 841 | — | (2 | ) | — | ||||||||||||||||
| LSCS Holdings, Inc. | (5)(8)(15) | First Lien Term Loan | S + 4.50% | 8.79% | 3/4/2032 | 1,496 | 1,489 | 1,471 | 0.22 | |||||||||||||||||
| Sotera Health Holdings, LLC | (5)(6)(8)(15) | First Lien Term Loan | S + 3.25% | 7.57% | 5/30/2031 | 1,886 | 1,895 | 1,896 | 0.28 | |||||||||||||||||
| 9,497 | 9,463 | 1.41 | ||||||||||||||||||||||||
| Machinery | ||||||||||||||||||||||||||
| CD&R Hydra Buyer, Inc. | (5)(8)(15) | First Lien Term Loan | S + 4.00% | 8.42% | 3/25/2031 | 1,985 | 1,997 | 1,958 | 0.29 | |||||||||||||||||
| Clyde Industries Us Holdco, Inc. | (8)(12) | First Lien Term Loan | S + 5.00% | 9.44% | 12/18/2026 | 170 | 170 | 170 | 0.03 | |||||||||||||||||
| Dynatect Group Holdings, Inc. | (8)(12) | First Lien Term Loan | S + 4.50% | 8.89% | 9/30/2026 | 192 | 192 | 192 | 0.03 | |||||||||||||||||
| Flow Control Solutions, Inc. | (7)(13) | First Lien Delayed Draw Term Loan | S + 5.00% | 9.29% | 3/30/2029 | 5,241 | 962 | 921 | 0.14 | |||||||||||||||||
| Flow Control Solutions, Inc. | (7)(13) | First Lien Revolver | S + 5.00% | 9.29% | 3/30/2029 | 936 | 101 | 94 | 0.01 | |||||||||||||||||
| Madison IAQ LLC | (5)(8)(14) | First Lien Term Loan | S + 3.25% | 7.54% | 5/6/2032 | 825 | 817 | 829 | 0.12 | |||||||||||||||||
| Merlin Buyer, Inc. | (8)(14) | First Lien Term Loan | S + 4.75% | 9.04% | 12/14/2028 | 5,508 | 5,508 | 5,508 | 0.82 | |||||||||||||||||
| Merlin Buyer, Inc. | (7)(15) | First Lien Revolver | S + 3.75% | 8.04% | 12/14/2026 | 1,450 | (14 | ) | (11 | ) | — | |||||||||||||||
| Process Equipment, Inc. | (8)(12) | First Lien Term Loan | S + 5.25% | 9.65% | 9/6/2026 | 198 | 198 | 198 | 0.03 | |||||||||||||||||
| Process Insights Acquisition, Inc. | (8)(12) | First Lien Term Loan | S + 6.25% | 10.54% | 7/18/2029 | 198 | 198 | 187 | 0.03 | |||||||||||||||||
| Victory Buyer LLC | (7)(15) | First Lien Revolver | S + 3.75% | 8.19% | 11/20/2028 | 100 | 49 | 50 | 0.01 | |||||||||||||||||
| 10,178 | 10,096 | 1.51 | ||||||||||||||||||||||||
| Media | ||||||||||||||||||||||||||
| Fitness International LLC | (5)(8)(15) | First Lien Term Loan | S + 5.25% | 9.57% | 2/12/2029 | 10,825 | 10,824 | 10,882 | 1.62 | |||||||||||||||||
| Klick Inc. | (6)(8)(12) | First Lien Term Loan | S + 4.50% | 8.82% | 3/31/2028 | 729 | 723 | 729 | 0.11 | |||||||||||||||||
| MH Sub I, LLC | (5)(8)(14) | First Lien Term Loan | S + 4.25% | 8.57% | 12/31/2031 | 2,488 | 2,465 | 2,168 | 0.32 | |||||||||||||||||
| Planet US Buyer LLC | (5)(8)(15) | First Lien Term Loan | S + 3.00% | 7.29% | 2/7/2031 | 2,388 | 2,394 | 2,401 | 0.36 | |||||||||||||||||
| Red Ventures, LLC (New Imagitas, Inc.) | (5)(8)(15) | First Lien Term Loan | S + 2.75% | 7.07% | 3/3/2030 | 1,717 | 1,715 | 1,463 | 0.22 | |||||||||||||||||
| Renaissance Holding Corp | (5)(8)(14) | First Lien Term Loan | S + 4.00% | 8.29% | 4/5/2030 | 1,985 | 1,986 | 1,808 | 0.27 | |||||||||||||||||
| 20,107 | 19,451 | 2.90 | ||||||||||||||||||||||||
| Oil, Gas and Consumable Fuels | ||||||||||||||||||||||||||
| Edpo, LLC | (8)(13) | First Lien Term Loan | S + 4.50% | 8.82% | 12/8/2027 | 6,865 | 6,865 | 6,831 | 1.02 | |||||||||||||||||
| Edpo, LLC | (7)(13) | First Lien Revolver | S + 4.50% | 8.82% | 12/8/2026 | 81 | 20 | 20 | — | |||||||||||||||||
| Valicor PPC Intermediate II LLC | (8)(12) | First Lien Term Loan | S + 5.00% | 9.32% | 7/24/2028 | 5,131 | 5,122 | 5,120 | 0.76 | |||||||||||||||||
| Valicor PPC Intermediate II LLC | (8)(12) | First Lien Delayed Draw Term Loan | S + 5.00% | 9.32% | 7/24/2028 | 439 | 438 | 438 | 0.07 | |||||||||||||||||
| Valicor PPC Intermediate II LLC | (7)(12) | First Lien Revolver | P + 4.00% | 11.50% | 1/24/2028 | 710 | 70 | 70 | 0.01 | |||||||||||||||||
| 12,515 | 12,479 | 1.86 | ||||||||||||||||||||||||
| Personal Care Products | ||||||||||||||||||||||||||
| Apothecary Products, LLC | (8)(12) | First Lien Term Loan | S + 5.00% | 9.15% | 7/27/2026 | 193 | 193 | 193 | 0.03 | |||||||||||||||||
| Swanson Health Products, Incorporated | (8)(12) | First Lien Term Loan | S + 5.75% | 10.30% | 6/30/2027 | 184 | 184 | 182 | 0.03 | |||||||||||||||||
| 377 | 375 | 0.06 | ||||||||||||||||||||||||
25
ANTARES PRIVATE CREDIT FUND
CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)(Continued)
June 30, 2025
(in thousands)
| Investments (1) | Footnotes | Asset Type | Reference Rate and Spread (2) |
Interest Rate | Maturity Date | Par Amount / Shares |
Amortized Cost (4) |
Fair Value |
Percentage of Net Assets |
|||||||||||||||||
| Pharmaceuticals | ||||||||||||||||||||||||||
| Bamboo US BidCo LLC | (8)(12) | First Lien Term Loan | S + 5.25% | 9.54% | 9/30/2030 | $ | 3,008 | $ | 3,008 | $ | 2,993 | 0.45 | % | |||||||||||||
| Bamboo US BidCo LLC | (8)(12) | First Lien Term Loan | E + 5.25% | 7.19% | 9/30/2030 | EUR | 2,707 | 2,959 | 3,175 | 0.47 | ||||||||||||||||
| Bamboo US BidCo LLC | (7)(12) | First Lien Revolver | S + 5.25% | 9.54% | 9/30/2030 | 826 | — | (4 | ) | — | ||||||||||||||||
| Bamboo US BidCo LLC | (7)(12) | First Lien Delayed Draw Term Loan | S + 5.25% | 9.54% | 9/30/2030 | 1,892 | 528 | 522 | 0.08 | |||||||||||||||||
| Bridges Consumer Healthcare Intermediate LLC | (8)(12) | First Lien Term Loan | S + 5.25% | 9.54% | 12/20/2031 | 4,684 | 4,664 | 4,661 | 0.69 | |||||||||||||||||
| Bridges Consumer Healthcare Intermediate LLC | (7)(12) | First Lien Delayed Draw Term Loan | S + 5.25% | 9.54% | 12/20/2031 | 4,230 | 1,774 | 1,762 | 0.26 | |||||||||||||||||
| 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 | 198 | 0.03 | |||||||||||||||||
| Puma Buyer, LLC | (8)(14) | First Lien Term Loan | S + 4.25% | 8.54% | 3/29/2032 | 8,139 | 8,109 | 8,119 | 1.21 | |||||||||||||||||
| Puma Buyer, LLC | (7)(14) | First Lien Revolver | S + 4.25% | 8.54% | 3/29/2032 | 1,313 | (5 | ) | (3 | ) | — | |||||||||||||||
| Tersera Therapeutics, LLC | (8)(12) | First Lien Term Loan | S + 5.25% | 9.54% | 4/4/2029 | 2,492 | 2,482 | 2,492 | 0.37 | |||||||||||||||||
| Tersera Therapeutics, LLC | (8)(12) | First Lien Term Loan | S + 5.75% | 10.04% | 4/4/2029 | 3,855 | 3,855 | 3,855 | 0.57 | |||||||||||||||||
| Tersera Therapeutics, LLC | (7)(12) | First Lien Revolver | S + 5.75% | 10.04% | 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 | |||||||||||||||||
| 27,769 | 27,966 | 4.16 | ||||||||||||||||||||||||
| Professional Services | ||||||||||||||||||||||||||
| Analytic Partners, LP | (8)(13) | First Lien Term Loan | S + 4.75% | 9.07% | 4/4/2030 | 3,893 | 3,887 | 3,883 | 0.58 | |||||||||||||||||
| Analytic Partners, LP | (7)(15) | First Lien Revolver | S + 5.00% | 9.32% | 4/4/2030 | 502 | (2 | ) | (1 | ) | — | |||||||||||||||
| Applied Technical Services, LLC | (8)(13) | First Lien Term Loan | S + 5.25% | 9.54% | 4/8/2031 | 6,392 | 6,363 | 6,365 | 0.95 | |||||||||||||||||
| Applied Technical Services, LLC | (7)(13) | First Lien Delayed Draw Term Loan | S + 5.25% | 9.54% | 4/8/2031 | 645 | 142 | 146 | 0.02 | |||||||||||||||||
| Applied Technical Services, LLC | (7)(15) | First Lien Revolver | P + 4.25% | 11.75% | 4/8/2031 | 645 | 58 | 62 | 0.01 | |||||||||||||||||
| 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% | 9.07% | 11/18/2031 | 2,868 | 2,856 | 2,861 | 0.43 | |||||||||||||||||
| Carr, Riggs & Ingram Capital, L.L.C. | (7)(14) | First Lien Delayed Draw Term Loan | S + 4.75% | 9.07% | 11/18/2031 | 1,458 | 305 | 305 | 0.04 | |||||||||||||||||
| Carr, Riggs & Ingram Capital, L.L.C. | (7)(14) | First Lien Revolver | S + 3.75% | 8.07% | 11/18/2031 | 667 | (3 | ) | (2 | ) | — | |||||||||||||||
| Clinical Education Alliance, LLC | (8)(12) | First Lien Term Loan | S + 5.00% | 9.44% | 12/21/2026 | 99 | 98 | 98 | 0.01 | |||||||||||||||||
| 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 | 2,839 | 2,839 | 2,807 | 0.42 | |||||||||||||||||
| Disa Holdings Corp. | (8)(13) | First Lien Delayed Draw Term Loan | S + 5.00% | 9.29% | 9/9/2028 | 553 | 553 | 547 | 0.08 | |||||||||||||||||
| Disa Holdings Corp. | (7)(13) | First Lien Delayed Draw Term Loan | S + 5.00% | 9.29% | 9/9/2028 | 589 | 572 | 566 | 0.08 | |||||||||||||||||
| 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 | 3,336 | 3,338 | 3,337 | 0.50 | |||||||||||||||||
| HSI Halo Acquisition Inc. | (8)(13) | First Lien Term Loan | S + 5.00% | 9.29% | 6/30/2031 | 7,786 | 7,771 | 7,767 | 1.16 | |||||||||||||||||
| HSI Halo Acquisition Inc. | (7)(13) | First Lien Delayed Draw Term Loan | S + 5.00% | 9.29% | 6/30/2031 | 1,396 | 238 | 238 | 0.03 | |||||||||||||||||
| HSI Halo Acquisition Inc. | (7)(13) | First Lien Revolver | S + 5.00% | 9.29% | 6/28/2030 | 932 | (2 | ) | (2 | ) | — | |||||||||||||||
26
ANTARES PRIVATE CREDIT FUND
CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)(Continued)
June 30, 2025
(in thousands)
| Investments (1) | Footnotes | Asset Type | Reference Rate and Spread (2) |
Interest Rate | Maturity Date | Par Amount / Shares |
Amortized Cost (4) |
Fair Value |
Percentage of Net Assets |
|||||||||||||||||
| Professional Services (continued) | ||||||||||||||||||||||||||
| IG Investments Holdings, LLC | (13) | First Lien Term Loan | S + 5.00% | 9.29% | 9/22/2028 | $ | 2,595 | $ | 2,595 | $ | 2,582 | 0.38 | % | |||||||||||||
| 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% | 2/7/2031 | 199 | 199 | 198 | 0.03 | |||||||||||||||||
| Keng Acquisition, Inc. | (8)(12) | First Lien Term Loan | S + 5.00% | 9.29% | 8/1/2029 | 199 | 196 | 198 | 0.03 | |||||||||||||||||
| Marina Acquisition, Inc. | (8)(12) | First Lien Term Loan | S + 5.00% | 9.29% | 7/1/2030 | 2,136 | 2,117 | 2,109 | 0.31 | |||||||||||||||||
| Marina Acquisition, Inc. | (7)(12) | First Lien Revolver | P + 4.00% | 11.50% | 7/1/2030 | 307 | 46 | 45 | 0.01 | |||||||||||||||||
| MHE Intermediate Holdings, LLC | (8)(12) | First Lien Term Loan | S + 6.00% | 10.44% | 7/21/2027 | 200 | 200 | 198 | 0.03 | |||||||||||||||||
| Monarch Buyer, Inc. | (8)(14) | First Lien Term Loan | S + 4.75% | 9.04% | 6/2/2032 | 4,922 | 4,898 | 4,898 | 0.73 | |||||||||||||||||
| Monarch Buyer, Inc. | (7)(14) | First Lien Delayed Draw Term Loan | S + 4.75% | 9.04% | 6/2/2032 | 2,051 | (10 | ) | (10 | ) | — | |||||||||||||||
| Monarch Buyer, Inc. | (7)(14) | First Lien Revolver | S + 4.75% | 9.04% | 6/2/2032 | 923 | (9 | ) | (5 | ) | — | |||||||||||||||
| OMNIA Partners, LLC | (5)(8)(15) | First Lien Term Loan | S + 2.50% | 6.79% | 7/25/2030 | 4,146 | 4,159 | 4,158 | 0.62 | |||||||||||||||||
| Propio LS, LLC | (8)(13) | First Lien Term Loan | S + 4.75% | 9.04% | 5/10/2030 | 5,413 | 5,387 | 5,387 | 0.80 | |||||||||||||||||
| Propio LS, LLC | (7)(13) | First Lien Revolver | S + 4.75% | 9.04% | 5/10/2030 | 200 | (1 | ) | (1 | ) | — | |||||||||||||||
| Rimkus Consulting Group, Inc. | (8)(13) | First Lien Term Loan | S + 5.25% | 9.54% | 4/1/2031 | 8,917 | 8,917 | 8,917 | 1.33 | |||||||||||||||||
| Rimkus Consulting Group, Inc. | (7)(13) | First Lien Delayed Draw Term Loan | S + 5.25% | 9.54% | 4/1/2031 | 2,249 | 477 | 478 | 0.07 | |||||||||||||||||
| Rimkus Consulting Group, Inc. | (7)(13) | First Lien Revolver | S + 5.25% | 9.54% | 4/1/2030 | 1,201 | 300 | 300 | 0.04 | |||||||||||||||||
| Ruppert Landscape, LLC | (8)(13) | First Lien Term Loan | S + 5.00% | 9.29% | 12/3/2029 | 4,610 | 4,601 | 4,588 | 0.68 | |||||||||||||||||
| Ruppert Landscape, LLC | (7)(8)(13) | First Lien Delayed Draw Term Loan | S + 5.00% | 9.29% | 12/3/2029 | 6,337 | 2,931 | 2,942 | 0.44 | |||||||||||||||||
| Ruppert Landscape, LLC | (7)(13) | First Lien Delayed Draw Term Loan | S + 5.00% | 9.29% | 12/3/2029 | 689 | (2 | ) | (3 | ) | — | |||||||||||||||
| Ruppert Landscape, LLC | (7)(13) | First Lien Revolver | S + 5.00% | 9.44% | 12/3/2029 | 865 | 170 | 169 | 0.03 | |||||||||||||||||
| Sedgwick Claims Management Services, Inc. (Lightning Cayman Merger Sub, Ltd.) | (5)(8)(15) | First Lien Term Loan | S + 3.00% | 7.32% | 7/31/2031 | 2,985 | 2,992 | 2,999 | 0.45 | |||||||||||||||||
| Skopima Consilio Parent LLC | (5)(8)(14) | First Lien Term Loan | S + 3.75% | 8.07% | 5/12/2028 | 4,151 | 4,157 | 4,103 | 0.61 | |||||||||||||||||
| TRC Companies LLC | (5)(8)(15) | First Lien Term Loan | S + 3.00% | 7.32% | 12/8/2028 | 1,990 | 1,990 | 1,988 | 0.30 | |||||||||||||||||
| USRP Holdings, Inc. | (8)(13) | First Lien Term Loan | S + 5.00% | 9.32% | 12/31/2029 | 8,632 | 8,598 | 8,632 | 1.29 | |||||||||||||||||
| USRP Holdings, Inc. | (7)(13) | First Lien Delayed Draw Term Loan | S + 5.00% | 9.32% | 12/31/2029 | 2,772 | 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 | (5)(7)(13) | First Lien Revolver | S + 5.00% | 9.32% | 1/21/2027 | 100 | — | (8 | ) | — | ||||||||||||||||
| Vensure Employer Services, Inc. | (8)(14) | First Lien Term Loan | S + 4.75% | 9.04% | 9/27/2031 | 2,261 | 2,252 | 2,251 | 0.34 | |||||||||||||||||
| Vensure Employer Services, Inc. | (7)(14) | First Lien Delayed Draw Term Loan | S + 5.00% | 9.29% | 9/27/2031 | 228 | (1 | ) | (1 | ) | — | |||||||||||||||
| VT Topco, Inc. | (5)(8)(14) | First Lien Term Loan | S + 3.00% | 7.32% | 8/9/2030 | 998 | 995 | 1,001 | 0.15 | |||||||||||||||||
| YA Intermediate Holdings II, LLC | (8)(13) | First Lien Term Loan | S + 4.75% | 8.90% | 10/1/2031 | 5,392 | 5,369 | 5,392 | 0.80 | |||||||||||||||||
| YA Intermediate Holdings II, LLC | (7)(13) | First Lien Delayed Draw Term Loan | S + 4.75% | 8.90% | 10/1/2031 | 2,257 | 234 | 239 | 0.04 | |||||||||||||||||
| YA Intermediate Holdings II, LLC | (7)(13) | First Lien Revolver | S + 4.75% | 9.07% | 10/1/2031 | 1,084 | 212 | 217 | 0.03 | |||||||||||||||||
| 93,413 | 93,386 | 13.92 | ||||||||||||||||||||||||
| 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 | 6,532 | 6,521 | 6,500 | 0.97 | |||||||||||||||||
| Sako and Partners Lower Holdings LLC. | (7)(12) | First Lien Revolver | S + 6.00% | 10.29% | 9/15/2028 | 418 | (1 | ) | (2 | ) | — | |||||||||||||||
| 6,520 | 6,498 | 0.97 | ||||||||||||||||||||||||
27
ANTARES PRIVATE CREDIT FUND
CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)(Continued)
June 30, 2025
(in thousands)
| Investments (1) | Footnotes | Asset Type | Reference Rate and Spread (2) |
Interest Rate | Maturity Date | Par Amount / Shares |
Amortized Cost (4) |
Fair Value |
Percentage of Net Assets |
|||||||||||||||||
| Software | ||||||||||||||||||||||||||
| 365 Retail Markets, LLC | (8)(12) | First Lien Term Loan | S + 4.50% | 8.79% | 12/22/2028 | $ | 3,856 | $ | 3,856 | $ | 3,856 | 0.57 | % | |||||||||||||
| 365 Retail Markets, LLC | (8)(12) | First Lien Delayed Draw Term Loan | S + 4.50% | 8.79% | 12/22/2028 | 2,652 | 2,652 | 2,652 | 0.40 | |||||||||||||||||
| 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 | 198 | 198 | 198 | 0.03 | |||||||||||||||||
| AQA Acquisition Holding, Inc. | (7)(15) | First Lien Revolver | S + 3.25% | 7.57% | 3/3/2028 | 100 | — | — | — | |||||||||||||||||
| Artifact Bidco, Inc. | (8)(14) | First Lien Term Loan | S + 4.25% | 8.54% | 7/25/2031 | 3,354 | 3,333 | 3,354 | 0.50 | |||||||||||||||||
| Artifact Bidco, Inc. | (7)(14) | First Lien Delayed Draw Term Loan | S + 4.50% | 8.79% | 7/25/2031 | 821 | (5 | ) | — | — | ||||||||||||||||
| Artifact Bidco, Inc. | (7)(14) | First Lien Revolver | S + 4.50% | 8.79% | 7/26/2030 | 586 | (4 | ) | — | — | ||||||||||||||||
| Banker's Toolbox, Inc. | (8)(13) | First Lien Term Loan | S + 4.50% | 8.79% | 7/27/2027 | 198 | 198 | 198 | 0.03 | |||||||||||||||||
| Bluecat Networks (USA) Inc. | (6)(8)(13) | First Lien Term Loan | S + 5.00% | 10.30% (Incl. 1.00% PIK) | 8/8/2028 | 1,473 | 1,464 | 1,455 | 0.22 | |||||||||||||||||
| Boxer Parent Company Inc. | (5)(8)(15) | First Lien Term Loan | S + 3.00% | 7.29% | 7/30/2031 | 4,988 | 4,992 | 4,962 | 0.74 | |||||||||||||||||
| Camelot U.S. Acquisition LLC | (5)(6)(8)(15) | First Lien Term Loan | S + 2.75% | 7.07% | 1/31/2031 | 4,260 | 4,270 | 4,222 | 0.63 | |||||||||||||||||
| Catalis Intermediate, Inc. | (8)(13) | First Lien Term Loan | S + 5.50% | 9.94% | 8/4/2027 | 99 | 98 | 99 | 0.01 | |||||||||||||||||
| Central Parent LLC | (5)(8)(15) | First Lien Term Loan | S + 3.25% | 7.54% | 7/6/2029 | 3,462 | 3,442 | 2,900 | 0.43 | |||||||||||||||||
| Cloud Software Group, Inc. | (6)(7)(15) | First Lien Revolver | S + 3.25% | 7.57% | 9/28/2029 | 100 | — | — | — | |||||||||||||||||
| Concord Global Acquisition, LLC, | (8)(13) | First Lien Term Loan | S + 4.50% | 8.79% | 12/29/2031 | 3,946 | 3,928 | 3,926 | 0.58 | |||||||||||||||||
| Concord Global Acquisition, LLC, | (7)(13) | First Lien Delayed Draw Term Loan | S + 4.50% | 8.79% | 12/29/2031 | 1,715 | 408 | 403 | 0.06 | |||||||||||||||||
| 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 | 98 | 0.01 | |||||||||||||||||
| DS Admiral Bidco, LLC | (7)(15) | First Lien Revolver | S + 4.00% | 8.32% | 6/26/2029 | 100 | — | (1 | ) | — | ||||||||||||||||
| DT Intermediate Holdco, Inc. | (8)(13) | First Lien Term Loan | S + 2.75% | 10.29% (Incl. 3.25% PIK) | 2/24/2028 | 3,326 | 3,313 | 3,317 | 0.49 | |||||||||||||||||
| DT Intermediate Holdco, Inc. | (7)(13) | First Lien Delayed Draw Term Loan | S + 5.50% | 9.79% | 2/24/2028 | 1,658 | (7 | ) | (4 | ) | — | |||||||||||||||
| e-Discovery AcquireCo, LLC | (8)(12) | First Lien Term Loan | S + 5.75% | 10.04% | 8/29/2029 | 200 | 200 | 199 | 0.03 | |||||||||||||||||
| Eclipse Buyer, Inc. | (8)(14) | First Lien Term Loan | S + 4.75% | 9.07% | 9/8/2031 | 7,862 | 7,829 | 7,823 | 1.17 | |||||||||||||||||
| Eclipse Buyer, Inc. | (7)(14) | First Lien Delayed Draw Term Loan | S + 4.75% | 9.07% | 9/8/2031 | 1,333 | (6 | ) | (7 | ) | — | |||||||||||||||
| Eclipse Buyer, Inc. | (7)(14) | First Lien Revolver | S + 4.75% | 9.07% | 9/8/2031 | 676 | (3 | ) | (3 | ) | — | |||||||||||||||
| Emburse, Inc. | (8)(13) | First Lien Term Loan | S + 4.25% | 8.54% | 5/28/2032 | 7,368 | 7,350 | 7,351 | 1.10 | |||||||||||||||||
| Emburse, Inc. | (7)(13) | First Lien Delayed Draw Term Loan | S + 4.25% | 8.54% | 5/28/2032 | 1,316 | (2 | ) | (3 | ) | — | |||||||||||||||
| Emburse, Inc. | (7)(13) | First Lien Revolver | S + 4.25% | 8.54% | 5/28/2032 | 1,316 | (3 | ) | (3 | ) | — | |||||||||||||||
| Empyrean Solutions, LLC | (8)(13) | First Lien Term Loan | S + 4.50% | 8.79% | 11/26/2031 | 1,383 | 1,377 | 1,379 | 0.21 | |||||||||||||||||
| Empyrean Solutions, LLC | (7)(13) | First Lien Delayed Draw Term Loan | S + 4.75% | 9.04% | 11/26/2031 | 553 | (1 | ) | (1 | ) | — | |||||||||||||||
| 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 | 2,058 | 2,058 | 2,058 | 0.31 | |||||||||||||||||
| Enverus Holdings, Inc. | (7)(13) | First Lien Delayed Draw Term Loan | S + 5.50% | 9.82% | 12/24/2029 | 54 | — | — | — | |||||||||||||||||
| Enverus Holdings, Inc. | (7)(13) | First Lien Revolver | S + 5.50% | 9.82% | 12/24/2029 | 214 | 15 | 15 | — | |||||||||||||||||
| ESG Investments, Inc. | (8)(12) | First Lien Term Loan | S + 4.50% | 8.79% | 3/11/2028 | 1,901 | 1,901 | 1,901 | 0.28 | |||||||||||||||||
| ESG Investments, Inc. | (8)(12) | First Lien Term Loan | S + 4.50% | 8.94% | 3/11/2028 | 198 | 198 | 198 | 0.03 | |||||||||||||||||
28
ANTARES PRIVATE CREDIT FUND
CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)(Continued)
June 30, 2025
(in thousands)
| Investments (1) | Footnotes | Asset Type | Reference Rate and Spread (2) |
Interest Rate | Maturity Date | Par Amount / Shares |
Amortized Cost (4) |
Fair Value |
Percentage of Net Assets |
|||||||||||||||||
| Software (continued) | ||||||||||||||||||||||||||
| Fourth Enterprises, LLC | (8)(13) | First Lien Term Loan | S + 4.50% | 8.82% | 3/21/2031 | $ | 10,746 | $ | 10,694 | $ | 10,692 | 1.59 | % | |||||||||||||
| Fourth Enterprises, LLC | (7)(13) | First Lien Delayed Draw Term Loan | S + 4.50% | 8.82% | 3/21/2031 | 2,079 | (10 | ) | (10 | ) | — | |||||||||||||||
| Fourth Enterprises, LLC | (7)(13) | First Lien Revolver | S + 4.50% | 8.82% | 3/21/2031 | 959 | 91 | 91 | 0.01 | |||||||||||||||||
| Genesys Cloud Services Holdings I, LLC | (5)(8)(15) | First Lien Term Loan | S + 2.50% | 6.82% | 1/30/2032 | 1,634 | 1,631 | 1,636 | 0.24 | |||||||||||||||||
| Governmentjobs.Com, Inc. | (8)(13) | First Lien Term Loan | S + 5.00% | 9.29% | 12/1/2028 | 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 | 74 | 74 | 0.01 | |||||||||||||||||
| Higher Logic, LLC | (8)(13) | First Lien Term Loan | S + 5.25% | 9.54% | 1/10/2029 | 4,545 | 4,526 | 4,522 | 0.67 | |||||||||||||||||
| Higher Logic, LLC | (7)(13) | First Lien Revolver | S + 5.25% | 9.54% | 1/10/2029 | 380 | (2 | ) | (2 | ) | — | |||||||||||||||
| Hyphen Solutions, LLC | (8)(12) | First Lien Term Loan | S + 5.00% | 9.42% | 10/27/2026 | 198 | 198 | 198 | 0.03 | |||||||||||||||||
| Inhabitiq Inc. | (8)(13) | First Lien Term Loan | S + 4.50% | 8.82% | 1/12/2032 | 2,511 | 2,506 | 2,504 | 0.37 | |||||||||||||||||
| Inhabitiq Inc. | (7)(13) | First Lien Delayed Draw Term Loan | S + 4.50% | 8.82% | 1/12/2032 | 697 | (1 | ) | (2 | ) | — | |||||||||||||||
| Inhabitiq Inc. | (7)(13) | First Lien Revolver | S + 4.50% | 8.82% | 1/12/2032 | 436 | (1 | ) | (1 | ) | — | |||||||||||||||
| Kaseya Inc. | (5)(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 | 198 | 198 | 198 | 0.03 | |||||||||||||||||
| KPA Parent Holdings, Inc. | (8)(13) | First Lien Term Loan | S + 4.75% | 9.07% | 3/12/2032 | 7,112 | 7,078 | 7,077 | 1.05 | |||||||||||||||||
| KPA Parent Holdings, Inc. | (7)(13) | First Lien Delayed Draw Term Loan | S + 4.75% | 9.07% | 3/12/2032 | 1,016 | (2 | ) | (5 | ) | — | |||||||||||||||
| KPA Parent Holdings, Inc. | (7)(13) | 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 | 198 | 197 | 0.03 | |||||||||||||||||
| Mastery Acquisition Corp. | (8)(12) | First Lien Term Loan | S + 5.25% | 9.54% | 9/7/2029 | 199 | 199 | 198 | 0.03 | |||||||||||||||||
| McAfee Corp. | (5)(8)(14) | First Lien Term Loan | S + 3.00% | 7.32% | 3/1/2029 | 3,731 | 3,737 | 3,631 | 0.54 | |||||||||||||||||
| Monotype Imaging Holdings Inc. | (8)(13) | First Lien Term Loan | S + 5.50% | 9.82% | 2/28/2031 | 1,223 | 1,227 | 1,223 | 0.18 | |||||||||||||||||
| Monotype Imaging Holdings Inc. | (7)(13) | First Lien Delayed Draw Term Loan | S + 5.50% | 9.82% | 2/28/2031 | 103 | 27 | 26 | — | |||||||||||||||||
| 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 + 4.75% | 9.07% | 7/22/2029 | 2,650 | 2,645 | 2,650 | 0.40 | |||||||||||||||||
| Montana Buyer Inc. | (7)(13) | First Lien Revolver | S + 5.75% | 10.07% | 7/21/2028 | 307 | (1 | ) | — | — | ||||||||||||||||
| MRI Software LLC | (5)(8)(12) | First Lien Term Loan | S + 4.75% | 9.04% | 2/10/2027 | 6,947 | 6,925 | 6,921 | 1.03 | |||||||||||||||||
| MRI Software LLC | (5)(7)(12) | First Lien Delayed Draw Term Loan | S + 4.75% | 9.04% | 2/10/2027 | 1,292 | 1,039 | 1,043 | 0.16 | |||||||||||||||||
| MRI Software LLC | (5)(7)(12) | First Lien Revolver | S + 5.50% | 9.79% | 2/10/2027 | 265 | 14 | 14 | — | |||||||||||||||||
| Nasuni Corporation | (8)(13) | First Lien Term Loan | S + 5.00% | 9.29% | 9/10/2030 | 6,250 | 6,207 | 6,207 | 0.93 | |||||||||||||||||
| Nasuni Corporation | (7)(13) | First Lien Revolver | S + 5.75% | 10.07% | 9/10/2030 | 1,302 | (9 | ) | (9 | ) | — | |||||||||||||||
| Navex Topco, Inc. | (8)(13) | First Lien Term Loan | S + 5.25% | 9.57% | 11/8/2030 | 5,164 | 5,164 | 5,151 | 0.77 | |||||||||||||||||
| Navex Topco, Inc. | (7)(13) | First Lien Revolver | S + 5.50% | 9.82% | 11/7/2028 | 1,797 | — | (4 | ) | — | ||||||||||||||||
| North Star Acquisitionco, LLC | (8)(12) | First Lien Term Loan | S + 4.50% | 8.79% | 5/3/2029 | 4,374 | 4,366 | 4,374 | 0.65 | |||||||||||||||||
| North Star Acquisitionco, LLC | (8)(12) | First Lien Term Loan | C + 4.50% | 7.25% | 5/3/2029 | CAD | 1,544 | 1,115 | 1,135 | 0.17 | ||||||||||||||||
| North Star Acquisitionco, LLC | (7)(12) | First Lien Delayed Draw Term Loan | S + 4.50% | 8.79% | 5/3/2029 | 275 | 263 | 264 | 0.04 | |||||||||||||||||
| North Star Acquisitionco, LLC | (7)(12) | First Lien Revolver | S + 4.50% | 8.79% | 5/3/2029 | 780 | 704 | 706 | 0.11 | |||||||||||||||||
| Onit, Inc. | (8)(13) | First Lien Term Loan | S + 4.75% | 9.04% | 1/27/2032 | 6,316 | 6,288 | 6,316 | 0.94 | |||||||||||||||||
| Onit, Inc. | (7)(13) | First Lien Delayed Draw Term Loan | S + 3.75% | 8.04% | 1/27/2032 | 2,786 | (6 | ) | — | — | ||||||||||||||||
| Onit, Inc. | (7)(13) | First Lien Revolver | S + 3.75% | 8.04% | 1/27/2032 | 929 | (5 | ) | — | — | ||||||||||||||||
| Pegasus Transtech Holding, LLC | (8)(12) | First Lien Term Loan | S + 6.00% | 10.32% | 11/17/2026 | 198 | 198 | 198 | 0.03 | |||||||||||||||||
| Perforce Software, Inc. | (5)(8)(14) | First Lien Term Loan | S + 4.75% | 9.07% | 3/21/2031 | 2,025 | 2,028 | 1,945 | 0.29 | |||||||||||||||||
29
ANTARES PRIVATE CREDIT FUND
CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)(Continued)
June 30, 2025
(in thousands)
| Investments (1) | Footnotes | Asset Type | Reference Rate and Spread (2) |
Interest Rate | Maturity Date | Par Amount / Shares |
Amortized Cost (4) |
Fair Value |
Percentage of Net Assets |
|||||||||||||||||
| Software (continued) | ||||||||||||||||||||||||||
| Prism Parent Co. Inc. | (8)(13) | First Lien Term Loan | S + 5.00% | 9.32% | 9/19/2028 | $ | 5,537 | $ | 5,444 | $ | 5,482 | 0.82 | % | |||||||||||||
| Prism Parent Co. Inc. | (7)(13) | First Lien Delayed Draw Term Loan | S + 5.00% | 9.32% | 9/19/2028 | 1,417 | 544 | 554 | 0.08 | |||||||||||||||||
| Proofpoint, Inc. | (5)(8)(14) | First Lien Term Loan | S + 3.00% | 7.32% | 8/31/2028 | 995 | 994 | 997 | 0.15 | |||||||||||||||||
| Routeware, Inc. | (12) | First Lien Term Loan | S + 5.25% | 9.54% | 9/18/2031 | 3,182 | 3,168 | 3,174 | 0.47 | |||||||||||||||||
| 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 + 5.25% | 9.54% | 9/18/2031 | 341 | 67 | 67 | 0.01 | |||||||||||||||||
| Spartan Bidco PTY LTD | (6)(13) | First Lien Term Loan | S + 6.50% | 10.94% | 1/24/2028 | 4,640 | 4,619 | 4,614 | 0.69 | |||||||||||||||||
| Spartan Bidco PTY LTD | (6)(7)(13) | First Lien Revolver | S + 6.50% | 10.79% | 1/24/2028 | 588 | 200 | 200 | 0.03 | |||||||||||||||||
| Thunder Purchaser, Inc. | (8)(12) | First Lien Term Loan | S + 5.50% | 9.94% | 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 | 4,076 | 4,054 | 4,055 | 0.60 | |||||||||||||||||
| Trimech Acquisition Corp. | (12) | First Lien Delayed Draw Term Loan | S + 4.75% | 9.04% | 3/10/2028 | 2,474 | 2,448 | 2,462 | 0.37 | |||||||||||||||||
| Trimech Acquisition Corp. | (7)(12) | First Lien Revolver | P + 3.75% | 11.25% | 3/10/2028 | 1,550 | 236 | 240 | 0.04 | |||||||||||||||||
| Ungerboeck Systems International, LLC | (12) | First Lien Term Loan | S + 5.25% | 9.54% | 4/30/2027 | 199 | 199 | 198 | 0.03 | |||||||||||||||||
| Validity, Inc. | (8)(14) | First Lien Term Loan | S + 5.25% | 9.57% | 4/12/2032 | 1,836 | 1,800 | 1,800 | 0.27 | |||||||||||||||||
| Validity, Inc. | (7)(15) | First Lien Revolver | S + 4.75% | 9.04% | 4/10/2030 | 392 | — | — | — | |||||||||||||||||
| Vamos Bidco, Inc | (8)(14) | First Lien Term Loan | S + 4.75% | 9.04% | 1/30/2032 | 2,653 | 2,641 | 2,633 | 0.39 | |||||||||||||||||
| Vamos Bidco, Inc | (7)(14) | First Lien Delayed Draw Term Loan | S + 4.75% | 9.04% | 1/30/2032 | 1,105 | (3 | ) | (8 | ) | — | |||||||||||||||
| Vamos Bidco, Inc | (7)(14) | First Lien Revolver | S + 4.75% | 9.04% | 1/30/2032 | 332 | (2 | ) | (2 | ) | — | |||||||||||||||
| WatchGuard Technologies, Inc. | (5)(8)(13) | First Lien Term Loan | S + 5.25% | 9.57% | 7/2/2029 | 198 | 197 | 197 | 0.03 | |||||||||||||||||
| 149,724 | 149,042 | 22.21 | ||||||||||||||||||||||||
| Specialty Retail | ||||||||||||||||||||||||||
| Mavis Tire Express Services Topco, Corp. | (5)(8)(13) | First Lien Term Loan | S + 3.00% | 7.29% | 5/4/2028 | 499 | 493 | 499 | 0.07 | |||||||||||||||||
| SCW Holdings III Corp. | (8)(13) | First Lien Term Loan | S + 5.00% | 9.29% | 3/17/2032 | 4,698 | 4,681 | 4,686 | 0.70 | |||||||||||||||||
| SCW Holdings III Corp. | (7)(13) | First Lien Delayed Draw Term Loan | S + 5.00% | 9.29% | 3/17/2032 | 1,483 | (3 | ) | (4 | ) | — | |||||||||||||||
| SCW Holdings III Corp. | (7)(13) | First Lien Revolver | S + 5.00% | 9.29% | 3/17/2031 | 872 | (3 | ) | (2 | ) | — | |||||||||||||||
| Shock Doctor Intermediate, LLC | (8)(12) | First Lien Term Loan | S + 5.50% | 9.79% | 11/20/2029 | 198 | 198 | 198 | 0.03 | |||||||||||||||||
| 5,366 | 5,377 | 0.80 | ||||||||||||||||||||||||
| Technology Hardware, Storage and Peripherals | ||||||||||||||||||||||||||
| TA TT Buyer, LLC | (5)(8)(14) | First Lien Term Loan | S + 4.75% | 9.04% | 4/2/2029 | 199 | 199 | 192 | 0.03 | |||||||||||||||||
| Ubeo, LLC | (8)(12) | First Lien Term Loan | S + 5.25% | 9.54% | 7/3/2028 | 198 | 198 | 198 | 0.03 | |||||||||||||||||
| Victors Purchaser, LLC | (8)(14) | First Lien Term Loan | S + 4.75% | 9.04% | 8/15/2031 | 9,171 | 9,154 | 9,148 | 1.36 | |||||||||||||||||
| Victors Purchaser, LLC | (7)(14) | First Lien Delayed Draw Term Loan | S + 4.75% | 9.04% | 8/15/2031 | 2,192 | 467 | 469 | 0.07 | |||||||||||||||||
| Victors Purchaser, LLC | (7)(14) | First Lien Revolver | S + 4.75% | 9.04% | 8/15/2031 | 1,254 | (3 | ) | (3 | ) | — | |||||||||||||||
| 10,015 | 10,004 | 1.49 | ||||||||||||||||||||||||
| Textiles, Apparel and Luxury Goods | ||||||||||||||||||||||||||
| Gloves Buyer, Inc. | (5)(8)(14) | First Lien Term Loan | S + 4.00% | 8.41% | 5/21/2032 | 4,000 | 3,980 | 3,930 | 0.59 | |||||||||||||||||
| Gloves Buyer, Inc. | (7)(14) | First Lien Revolver | S + 4.00% | 8.29% | 5/22/2030 | 420 | — | — | — | |||||||||||||||||
| Team Acquisition Corporation | (7)(12) | First Lien Revolver | S + 5.50% | 9.82% | 11/21/2028 | 100 | — | (2 | ) | — | ||||||||||||||||
| Varsity Brands, Inc. | (5)(8)(15) | First Lien Term Loan | S + 3.50% | 7.79% | 8/26/2031 | 3,990 | 4,005 | 3,994 | 0.60 | |||||||||||||||||
| 7,985 | 7,922 | 1.19 | ||||||||||||||||||||||||
30
ANTARES PRIVATE CREDIT FUND
CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)(Continued)
June 30, 2025
(in thousands)
| Investments (1) | Footnotes | Asset Type | Reference Rate and Spread (2) |
Interest Rate | Maturity Date | Par Amount / Shares |
Amortized Cost (4) |
Fair Value |
Percentage of Net Assets |
|||||||||||||||||
| Trading Companies and Distributors | ||||||||||||||||||||||||||
| Graffiti Buyer, Inc. | (8)(12) | First Lien Term Loan | S + 5.50% | 9.89% | 8/10/2027 | $ | 199 | $ | 197 | $ | 190 | 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% | 9.29% | 2/4/2030 | 1,901 | 1,901 | 1,878 | 0.28 | |||||||||||||||||
| SurfacePrep Buyer, LLC | (7)(13) | First Lien Delayed Draw Term Loan | S + 5.00% | 9.29% | 2/4/2030 | 3,039 | 2,295 | 2,264 | 0.34 | |||||||||||||||||
| Surfaceprep Buyer, LLC | (13) | First Lien Delayed Draw Term Loan | S + 5.00% | 9.29% | 2/4/2030 | 361 | 361 | 357 | 0.05 | |||||||||||||||||
| Surfaceprep Buyer, LLC | (7)(13) | First Lien Revolver | S + 5.00% | 9.29% | 2/4/2030 | 362 | 45 | 41 | 0.01 | |||||||||||||||||
| 4,998 | 4,928 | 0.74 | ||||||||||||||||||||||||
| Transportation Infrastructure | ||||||||||||||||||||||||||
| Psc Parent, Inc. | (8)(13) | First Lien Term Loan | S + 5.25% | 9.57% | 4/3/2031 | 1,621 | 1,621 | 1,621 | 0.24 | |||||||||||||||||
| Psc Parent, Inc. | (7)(8)(13) | First Lien Delayed Draw Term Loan | S + 5.25% | 9.57% | 4/3/2031 | 658 | 439 | 440 | 0.07 | |||||||||||||||||
| Psc Parent, Inc. | (7)(13) | First Lien Revolver | S + 5.25% | 9.57% | 4/3/2030 | 292 | 121 | 121 | 0.02 | |||||||||||||||||
| 2,181 | 2,182 | 0.33 | ||||||||||||||||||||||||
| Wireless Telecommunication Services | ||||||||||||||||||||||||||
| Alert Media, Inc. | (12) | First Lien Term Loan | S + 6.25% | 10.55% (Incl. 9.55% PIK) | 4/12/2027 | 442 | 442 | 442 | 0.07 | |||||||||||||||||
| Alert Media, Inc. | (7)(12) | First Lien Revolver | S + 5.75% | 10.07% | 4/12/2027 | 109 | — | — | — | |||||||||||||||||
| CCI Buyer, Inc. | (8)(13) | First Lien Term Loan | S + 5.00% | 9.29% | 5/13/2032 | 9,926 | 9,876 | 9,878 | 1.47 | |||||||||||||||||
| CCI Buyer, Inc. | (7)(13) | First Lien Revolver | S + 5.00% | 9.29% | 5/13/2032 | 580 | — | (3 | ) | — | ||||||||||||||||
| 10,318 | 10,317 | 1.54 | ||||||||||||||||||||||||
| Total Secured Debt Investments | 1,228,123 | 1,226,188 | 182.79 | |||||||||||||||||||||||
| Unsecured Debt Investments | ||||||||||||||||||||||||||
| Diversified Consumer Services | ||||||||||||||||||||||||||
| Apex Service Partners Intermediate 2, LLC | (15) | Subordinated Unsecured Delayed Draw Term Loan | N/A | 14.25% PIK | 4/23/2031 | 773 | 765 | 755 | 0.11 | |||||||||||||||||
| 765 | 755 | 0.11 | ||||||||||||||||||||||||
| Total Unsecured Debt Investments | 765 | 755 | 0.11 | |||||||||||||||||||||||
| Equity Investments | ||||||||||||||||||||||||||
| Chemicals | ||||||||||||||||||||||||||
| Americhem, Inc. | (9) | Common | — | — | — | 2 | 245 | 245 | 0.04 | |||||||||||||||||
| Bulab Holdings, Inc | (9) | Common | — | — | — | 373 | 373 | 373 | 0.06 | |||||||||||||||||
| 618 | 618 | 0.10 | ||||||||||||||||||||||||
| Commercial Services and Supplies | ||||||||||||||||||||||||||
| Low Voltage Holdings Inc. | (9) | Common | — | — | — | 1 | 1,050 | 1,050 | 0.16 | |||||||||||||||||
| 1,050 | 1,050 | 0.16 | ||||||||||||||||||||||||
| Containers and Packaging | ||||||||||||||||||||||||||
| TricorBraun Holdings, Inc. | (9) | Preferred | N/A | 14.00% PIK | — | 5 | 5,127 | 5,115 | 0.76 | |||||||||||||||||
| 5,127 | 5,115 | 0.76 | ||||||||||||||||||||||||
31
ANTARES PRIVATE CREDIT FUND
CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)(Continued)
June 30, 2025
(in thousands)
| Investments (1) | Footnotes | Asset Type | Reference Rate and Spread (2) |
Interest Rate | Maturity Date | Par
Amount / Shares |
Amortized
Cost (4) |
Fair Value |
Percentage
of Net Assets |
|||||||||||||||||
| Diversified Consumer Services | ||||||||||||||||||||||||||
| Seahawk Bidco, LLC | (9) | LP Units | — | — | — | $ | 1 | $ | 1,301 | $ | 1,421 | 0.21 | % | |||||||||||||
| 1,301 | 1,421 | 0.21 | ||||||||||||||||||||||||
| Electronic Equipment, Instruments and Components | ||||||||||||||||||||||||||
| Wildcat Topco, Inc. | (9) | LP Units | — | — | — | 52 | 52 | 55 | 0.01 | |||||||||||||||||
| 52 | 55 | 0.01 | ||||||||||||||||||||||||
| Health Care Technology | ||||||||||||||||||||||||||
| DeLorean Purchaser, Inc. | (9) | Common | — | — | — | 435 | 435 | 435 | 0.07 | |||||||||||||||||
| F&M Buyer LLC | (9) | Common | — | — | — | 365 | 365 | 365 | 0.05 | |||||||||||||||||
| Goldeneye Parent, LLC | (9) | Preferred | — | — | — | 21 | 417 | 417 | 0.06 | |||||||||||||||||
| Unlimited Technology Holdings, LLC | (9) | Common | — | — | — | 552 | 552 | 552 | 0.08 | |||||||||||||||||
| 1,769 | 1,769 | 0.26 | ||||||||||||||||||||||||
| Healthcare Providers and Services | ||||||||||||||||||||||||||
| MRO Corporation | (3)(9) | Common | — | — | — | — | 239 | 239 | 0.04 | |||||||||||||||||
| 239 | 239 | 0.04 | ||||||||||||||||||||||||
| IT Services | ||||||||||||||||||||||||||
| DT1 Midco Corp | (9) | Common | — | — | — | 1,369 | 1,369 | 1,340 | 0.20 | |||||||||||||||||
| 1,369 | 1,340 | 0.20 | ||||||||||||||||||||||||
| Professional Services | ||||||||||||||||||||||||||
| Monarch Buyer, Inc. | (9) | Common | — | — | — | 1,369 | 1,376 | 1,369 | 0.20 | |||||||||||||||||
| 1,376 | 1,369 | 0.20 | ||||||||||||||||||||||||
| Software | ||||||||||||||||||||||||||
| Concord Global Acquisition, LLC, | (9) | LP Units | N/A | 8.00% PIK | — | 1 | 1,078 | 1,078 | 0.16 | |||||||||||||||||
| 1,078 | 1,078 | 0.16 | ||||||||||||||||||||||||
| Specialty Retail | ||||||||||||||||||||||||||
| SCW Holdings III Corp. | (9) | LP Units | — | — | — | 1 | 500 | 547 | 0.08 | |||||||||||||||||
| 500 | 547 | 0.08 | ||||||||||||||||||||||||
| Textiles, Apparel and Luxury Goods | ||||||||||||||||||||||||||
| Gloves Buyer, Inc. | (9) | Common | — | — | — | 1 | 162 | 162 | 0.02 | |||||||||||||||||
| 162 | 162 | 0.02 | ||||||||||||||||||||||||
| Total Equity Investments | 14,641 | 14,763 | 2.20 | |||||||||||||||||||||||
| Total Investments - non-controlled/non-affiliated | 1,243,529 | 1,241,706 | 185.10 | |||||||||||||||||||||||
| Short-term Investments | ||||||||||||||||||||||||||
| BlackRock Liquidity T-Fund - Institutional Shares | (11) | 39,375 | 39,375 | 5.87 | ||||||||||||||||||||||
| Total Short-term Investments | 39,375 | 39,375 | 5.87 | |||||||||||||||||||||||
| Total Investments at fair value | $ | 1,282,904 | $ | 1,281,081 | 190.97 | % | ||||||||||||||||||||
32
ANTARES PRIVATE CREDIT FUND
CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)(Continued)
June 30, 2025
(in thousands)
| 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 Overnight Repo Rate Average ("CORRA" 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 June 30, 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 June 30, 2025, non-qualifying assets represented 6.54% of total assets as calculated in accordance with regulatory requirements. |
| 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 and Note 7 to the Consolidated Financial Statements 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 June 30, 2025, the aggregate fair value of these securities is $14,763 or 2.20% of the Company’s net assets. The acquisition dates of these restricted securities are as follows: |
| Portfolio Company | Investment | Acquisition Date | ||
| Americhem, Inc. | Common | February 28, 2025 | ||
| Bulab Holdings, Inc | Common | June 30, 2025 | ||
| Concord Global Acquisition, LLC, | LP Units | December 27, 2024 | ||
| DeLorean Purchaser, Inc. | Common | December 16, 2024 | ||
| DT1 Midco Corp | Common | December 30, 2024 | ||
| F&M Buyer LLC | Common | March 18, 2025 | ||
| Gloves Buyer, Inc. | Common | June 6, 2025 | ||
| Goldeneye Parent, LLC | Preferred | March 31, 2025 | ||
| Low Voltage Holdings Inc. | Common | April 28, 2025 | ||
| Monarch Buyer, Inc. | Common | June 2, 2025 | ||
| MRO Corporation | Common | June 9, 2025 | ||
| SCW Holdings III Corp. | LP Units | March 17, 2025 | ||
| Seahawk Bidco, LLC | LP Units | December 19, 2024 | ||
| TricorBraun Holdings, Inc. | Preferred | January 31, 2025 | ||
| Unlimited Technology Holdings, LLC | Common | March 12, 2025 | ||
| Wildcat Topco, Inc. | LP Units | December 23, 2024 |
| 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 the Company to do so (see Note 3 to the consolidated financial statements for discussion of the exemptive order from the SEC). |
| 11. | Short-term investments amounting to $39,375 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 June 30, 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%. |
33
ANTARES PRIVATE CREDIT FUND
CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)(Continued)
June 30, 2025
(in thousands)
As of June 30, 2025, the Company had the following commitments to fund various revolving and delayed draw loans. Such commitments, also included in the Consolidated Schedule of Investments above, are subject to the satisfaction of certain conditions set forth in the documents governing these loans. See Note 7 to the Consolidated Financial Statements for more information on the Company's unfunded commitments.
| 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 | $ | 2,865 | $ | (12 | ) | |||||
| 1364720 B.C. LTD. | Delayed Draw Term Loan | 4/3/2027 | 3,528 | (16 | ) | |||||||
| AAH Topco., LLC | Delayed Draw Term Loan | 4/1/2027 | 2,970 | (39 | ) | |||||||
| AB Centers Acquisition Corporation | Delayed Draw Term Loan | 7/2/2026 | 290 | (2 | ) | |||||||
| AB Centers Acquisition Corporation | Revolver | 7/2/2031 | 226 | (2 | ) | |||||||
| Accession Risk Management, Inc | Delayed Draw Term Loan | 8/16/2026 | 1,086 | — | ||||||||
| Accession Risk Management, Inc | Revolver | 11/1/2029 | 231 | — | ||||||||
| Acentra Holdings, LLC | Delayed Draw Term Loan | 3/20/2026 | 220 | — | ||||||||
| Alert Media, Inc. | Revolver | 4/12/2027 | 109 | — | ||||||||
| AMBA Buyer, Inc. | Revolver | 7/30/2027 | 223 | (1 | ) | |||||||
| American Residential Services LLC | Revolver | 1/31/2030 | 870 | (4 | ) | |||||||
| Americhem, Inc. | Delayed Draw Term Loan | 2/28/2027 | 2,690 | (27 | ) | |||||||
| Americhem, Inc. | Revolver | 3/1/2032 | 1,906 | (19 | ) | |||||||
| Amerilife Holdings LLC | Delayed Draw Term Loan | 6/18/2026 | 3,051 | (8 | ) | |||||||
| Amerilife Holdings LLC | Revolver | 8/31/2028 | 509 | (1 | ) | |||||||
| 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 | 660 | (3 | ) | |||||||
| Applied Technical Services, LLC | Delayed Draw Term Loan | 4/8/2026 | 497 | (2 | ) | |||||||
| Applied Technical Services, LLC | Revolver | 4/8/2031 | 581 | (2 | ) | |||||||
| Aprio Advisory Group, LLC | Delayed Draw Term Loan | 4/26/2027 | 3,300 | (16 | ) | |||||||
| Aprio Advisory Group, LLC | Revolver | 8/1/2031 | 1,638 | (8 | ) | |||||||
| AQ Carver Buyer, Inc. | Revolver | 8/2/2028 | 100 | — | ||||||||
| AQA Acquisition Holding, Inc. | Revolver | 3/3/2028 | 100 | — | ||||||||
| Arax MidCo, LLC | Delayed Draw Term Loan | 11/30/2026 | 3,096 | (15 | ) | |||||||
| Arax MidCo, LLC | Delayed Draw Term Loan | 10/14/2025 | 465 | (2 | ) | |||||||
| Arax MidCo, LLC | Revolver | 4/11/2029 | 393 | (2 | ) | |||||||
| Artifact Bidco, Inc. | Delayed Draw Term Loan | 7/27/2027 | 821 | — | ||||||||
| Artifact Bidco, Inc. | Revolver | 7/26/2030 | 586 | — | ||||||||
| Athenahealth Group Inc. | Revolver | 2/16/2027 | 100 | — | ||||||||
| Aurora Plastics, LLC | Delayed Draw Term Loan | 4/10/2027 | 1,140 | (5 | ) | |||||||
| Ave Holdings III, Corp | Revolver | 2/25/2028 | 514 | (9 | ) | |||||||
| AWP Group Holdings, Inc. | Revolver | 12/23/2030 | 200 | (2 | ) | |||||||
| Bamboo US BidCo LLC | Revolver | 11/20/2026 | 826 | (4 | ) | |||||||
| Bamboo US BidCo LLC | Delayed Draw Term Loan | 3/29/2025 | 1,360 | (7 | ) | |||||||
| BC Group Holdings, Inc. | Delayed Draw Term Loan | 12/21/2026 | 1,775 | (13 | ) | |||||||
| BCPE North Star US Holdco 2, Inc. | Revolver | 3/10/2028 | 72 | (1 | ) | |||||||
| Bellwether Buyer, L.L.C. | Delayed Draw Term Loan | 10/16/2027 | 2,178 | (5 | ) | |||||||
| Bellwether Buyer, L.L.C. | Revolver | 4/15/2032 | 871 | (2 | ) | |||||||
34
ANTARES PRIVATE CREDIT FUND
CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)(Continued)
June 30, 2025
(in thousands)
| Investments—non-controlled/non-affiliated | Commitment Type | Commitment Expiration Date |
Unfunded Commitment (1) |
Fair Value (1) |
||||||||
| 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 | 62 | — | ||||||||
| Blackhawk Industrial Distribution, Inc. | Revolver | 9/17/2026 | 462 | (3 | ) | |||||||
| Blades Buyer, Inc. | Delayed Draw Term Loan | 8/1/2025 | 5 | — | ||||||||
| Bracket Intermediate Holding Corp. | Revolver | 2/7/2028 | 100 | — | ||||||||
| BradyPlus Holdings, LLC | Delayed Draw Term Loan | 11/1/2025 | 471 | (1 | ) | |||||||
| Bridges Consumer Healthcare Intermediate LLC | Delayed Draw Term Loan | 12/21/2026 | 2,447 | (12 | ) | |||||||
| Bridges Consumer Healthcare Intermediate LLC | Revolver | 12/22/2031 | 894 | (4 | ) | |||||||
| Carr, Riggs & Ingram Capital, L.L.C. | Delayed Draw Term Loan | 11/18/2026 | 1,149 | (3 | ) | |||||||
| Carr, Riggs & Ingram Capital, L.L.C. | Revolver | 11/18/2031 | 667 | (2 | ) | |||||||
| CCI Buyer, Inc. | Revolver | 5/13/2032 | 580 | (3 | ) | |||||||
| CDL Parent, Inc. | Delayed Draw Term Loan | 5/5/2027 | 702 | (3 | ) | |||||||
| Cerity Partners Equity Holding LLC | Delayed Draw Term Loan | 1/21/2027 | 5,000 | (12 | ) | |||||||
| Cerity Partners Equity Holding LLC | Delayed Draw Term Loan | 6/7/2026 | 2,904 | (7 | ) | |||||||
| Cerity Partners Equity Holding LLC | Revolver | 7/28/2028 | 271 | (1 | ) | |||||||
| CFGI Holdings, LLC | Revolver | 11/2/2027 | 270 | (2 | ) | |||||||
| CFs Brands, LLC | Revolver | 10/2/2029 | 493 | — | ||||||||
| Chg Ppc Parent LLC | Revolver | 9/8/2028 | 58 | — | ||||||||
| Cloud Software Group, Inc. | Revolver | 12/15/2028 | 100 | — | ||||||||
| Clydesdale Acquisition Holdings, Inc. | Delayed Draw Term Loan | 3/27/2032 | 33 | — | ||||||||
| Cold Chain Technologies, LLC | Revolver | 7/2/2026 | 248 | — | ||||||||
| Concord Global Acquisition, LLC, | Delayed Draw Term Loan | 12/28/2026 | 1,304 | (7 | ) | |||||||
| Concord Global Acquisition, LLC, | Revolver | 12/26/2031 | 686 | (3 | ) | |||||||
| Continental Buyer, Inc. | Delayed Draw Term Loan | 8/15/2027 | 1,682 | (4 | ) | |||||||
| Continental Buyer, Inc. | Revolver | 4/2/2031 | 1,398 | (3 | ) | |||||||
| CPC/Cirtec Holdings, Inc | Revolver | 10/31/2028 | 502 | (4 | ) | |||||||
| CRCI Longhorn Holdings, Inc. | Delayed Draw Term Loan | 8/28/2026 | 1,529 | (8 | ) | |||||||
| CRCI Longhorn Holdings, Inc. | Revolver | 8/27/2031 | 1,020 | (5 | ) | |||||||
| Crisis Prevention Institute, Inc. | Revolver | 4/9/2029 | 100 | — | ||||||||
| Crown Laundry, LLC | Delayed Draw Term Loan | 5/29/2027 | 435 | (2 | ) | |||||||
| Crown Laundry, LLC | Revolver | 5/28/2031 | 507 | (2 | ) | |||||||
| Cub Financing Intermediate, LLC | Delayed Draw Term Loan | 6/28/2026 | 1,741 | — | ||||||||
| CVP Holdco, Inc. | Delayed Draw Term Loan | 6/29/2026 | 1,363 | (3 | ) | |||||||
| CVP Holdco, Inc. | Revolver | 6/28/2030 | 686 | (2 | ) | |||||||
| DCG Acquisition Corp. | Delayed Draw Term Loan | 6/13/2026 | 468 | (5 | ) | |||||||
| 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 | (1 | ) | |||||||
| DT Intermediate Holdco, Inc. | Delayed Draw Term Loan | 9/14/2026 | 1,658 | (4 | ) | |||||||
| DT1 Midco Corp | Delayed Draw Term Loan | 6/4/2027 | 2,522 | (13 | ) | |||||||
| DT1 Midco Corp | Revolver | 12/30/2030 | 1,183 | (6 | ) | |||||||
35
ANTARES PRIVATE CREDIT FUND
CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)(Continued)
June 30, 2025
(in thousands)
| Investments—non-controlled/non-affiliated | Commitment Type | Commitment Expiration Date |
Unfunded Commitment (1) |
Fair Value (1) |
||||||||
| Dwyer Instruments, LLC | Delayed Draw Term Loan | 11/21/2026 | $ | 505 | $ | (5 | ) | |||||
| Dwyer Instruments, LLC | Revolver | 7/20/2029 | 608 | (6 | ) | |||||||
| Eclipse Buyer, Inc. | Delayed Draw Term Loan | 9/7/2026 | 1,333 | (7 | ) | |||||||
| Eclipse Buyer, Inc. | Revolver | 9/6/2031 | 676 | (3 | ) | |||||||
| Edgeco Buyer, Inc. | Delayed Draw Term Loan | 12/20/2026 | 2,433 | (12 | ) | |||||||
| Edgeco Buyer, Inc. | Revolver | 6/1/2028 | 304 | (2 | ) | |||||||
| Edpo, LLC | Revolver | 12/8/2026 | 61 | — | ||||||||
| Emburse, Inc. | Delayed Draw Term Loan | 5/29/2027 | 1,316 | (3 | ) | |||||||
| Emburse, Inc. | Revolver | 5/28/2032 | 1,316 | (3 | ) | |||||||
| Empower Payments Investor, LLC | Delayed Draw Term Loan | 6/28/2027 | 1,805 | (9 | ) | |||||||
| Empower Payments Investor, LLC | Revolver | 3/12/2030 | 163 | (1 | ) | |||||||
| Empyrean Solutions, LLC | Delayed Draw Term Loan | 11/25/2026 | 553 | (1 | ) | |||||||
| Empyrean Solutions, LLC | Revolver | 11/26/2031 | 207 | (1 | ) | |||||||
| 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 | 198 | — | ||||||||
| Eos Fitness Opco Holdings, LLC | Delayed Draw Term Loan | 9/25/2026 | 325 | — | ||||||||
| Eos Fitness Opco Holdings, LLC | Revolver | 1/5/2028 | 384 | — | ||||||||
| Essential Services Holding Corporation | Delayed Draw Term Loan | 6/17/2026 | 395 | (1 | ) | |||||||
| Essential Services Holding Corporation | Revolver | 6/17/2030 | 217 | — | ||||||||
| Excelitas Technologies Corp. | Delayed Draw Term Loan | 5/1/2026 | 2,522 | (16 | ) | |||||||
| Eyesouth Eye Care Holdco, LLC | Delayed Draw Term Loan | 4/1/2026 | 3,972 | (40 | ) | |||||||
| 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 | 6/27/2027 | 3,219 | (16 | ) | |||||||
| Flint Opco, LLC | Delayed Draw Term Loan | 6/1/2026 | 1,503 | (8 | ) | |||||||
| Flow Control Solutions, Inc. | Delayed Draw Term Loan | 6/28/2026 | 4,246 | (60 | ) | |||||||
| Flow Control Solutions, Inc. | Revolver | 3/31/2029 | 829 | (12 | ) | |||||||
| Foreside Financial Group, LLC | Delayed Draw Term Loan | 3/13/2026 | 10,285 | — | ||||||||
| Foundation Risk Partners, Corp. | Delayed Draw Term Loan | 2/26/2027 | 4,294 | (16 | ) | |||||||
| Fourth Enterprises, LLC | Delayed Draw Term Loan | 3/21/2027 | 2,079 | (10 | ) | |||||||
| Fourth Enterprises, LLC | Revolver | 3/21/2031 | 863 | (4 | ) | |||||||
| FR Vision Holdings Inc | Delayed Draw Term Loan | 1/20/2026 | 390 | — | ||||||||
| FR Vision Holdings Inc | Revolver | 1/22/2030 | 248 | — | ||||||||
| Frazier & Deeter Advisory, LLC | Delayed Draw Term Loan | 5/2/2027 | 1,299 | (6 | ) | |||||||
| Frazier & Deeter Advisory, LLC | Revolver | 5/2/2031 | 325 | (2 | ) | |||||||
| Gloves Buyer, Inc. | Revolver | 5/22/2030 | 420 | (7 | ) | |||||||
| Goldeneye Parent, LLC | Revolver | 3/31/2032 | 1,744 | (4 | ) | |||||||
| GS Acquisitionco, Inc. | Delayed Draw Term Loan | 3/26/2026 | 125 | — | ||||||||
| GSV Holding, LLC | Revolver | 10/18/2030 | 217 | — | ||||||||
| Harvey Tool Company, LLC | Delayed Draw Term Loan | 6/28/2026 | 3,213 | (6 | ) | |||||||
| Harvey Tool Company, LLC | Revolver | 10/26/2027 | 964 | (2 | ) | |||||||
36
ANTARES PRIVATE CREDIT FUND
CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)(Continued)
June 30, 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 | $ | (11 | ) | |||||
| HeartLand PPC Buyer, LLC | Delayed Draw Term Loan | 12/13/2025 | 220 | — | ||||||||
| HeartLand PPC Buyer, LLC | Revolver | 12/12/2029 | 166 | — | ||||||||
| Heights Buyer, LLC | Delayed Draw Term Loan | 6/25/2027 | 1,254 | (6 | ) | |||||||
| Heights Buyer, LLC | Revolver | 8/25/2028 | 699 | — | ||||||||
| Hercules Borrower LLC | Revolver | 12/15/2026 | 459 | (2 | ) | |||||||
| Higher Logic, LLC | Revolver | 1/10/2029 | 380 | (2 | ) | |||||||
| HighTower Holding, LLC | Revolver | 2/1/2030 | 110 | — | ||||||||
| HP RSS Buyer, Inc. | Delayed Draw Term Loan | 3/12/2026 | 1,921 | (29 | ) | |||||||
| 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. | Delayed Draw Term Loan | 11/13/2026 | 1,527 | (15 | ) | |||||||
| HT Intermediary III, Inc. | Revolver | 11/12/2030 | 534 | (5 | ) | |||||||
| Hydraulic Technologies USA LLC | Revolver | 6/3/2030 | 75 | (1 | ) | |||||||
| IG Investments Holdings, LLC | Revolver | 9/22/2028 | 293 | (1 | ) | |||||||
| ImageFirst Holdings, LLC | Revolver | 3/12/2030 | 2,800 | 12 | ||||||||
| Imagine 360 LLC | Delayed Draw Term Loan | 9/20/2026 | 767 | (4 | ) | |||||||
| Imagine 360 LLC | Revolver | 9/30/2028 | 327 | (2 | ) | |||||||
| 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 | 1,811 | (18 | ) | |||||||
| Integrated Power Services Holdings, Inc. | Delayed Draw Term Loan | 5/7/2026 | 5,555 | (11 | ) | |||||||
| 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 | 117 | (1 | ) | |||||||
| JKC Parent, Inc. | Delayed Draw Term Loan | 2/16/2027 | 702 | (4 | ) | |||||||
| JKC Parent, Inc. | Revolver | 2/13/2032 | 73 | — | ||||||||
| Kaseya Inc. | Revolver | 3/20/2030 | 761 | 4 | ||||||||
| Kenco PPC Buyer LLC | Revolver | 11/15/2029 | 323 | (2 | ) | |||||||
| 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 | (3 | ) | |||||||
| Kwol Acquisition, Inc. | Revolver | 12/12/2029 | 841 | (2 | ) | |||||||
| Lido Advisors, LLC | Delayed Draw Term Loan | 11/10/2025 | 3,513 | (12 | ) | |||||||
| Lido Advisors, LLC | Revolver | 5/10/2032 | 410 | (1 | ) | |||||||
| Lightbeam Bidco Inc | Revolver | 5/4/2029 | 270 | — | ||||||||
| Low Voltage Holdings Inc. | Delayed Draw Term Loan | 10/28/2027 | 3,223 | — | ||||||||
| Low Voltage Holdings Inc. | Revolver | 4/28/2032 | 1,421 | — | ||||||||
| Low Voltage Holdings Inc. | Revolver | 4/28/2032 | 131 | — | ||||||||
| Lubricant Engineers | Delayed Draw Term Loan | 3/31/2027 | 1,372 | (7 | ) | |||||||
| Lubricant Engineers | Revolver | 9/1/2029 | 885 | (4 | ) | |||||||
37
ANTARES PRIVATE CREDIT FUND
CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)(Continued)
June 30, 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 | $ | 258 | $ | (3 | ) | |||||
| Mclarens Midco Inc. | Delayed Draw Term Loan | 12/19/2027 | 230 | — | ||||||||
| Mclarens Midco Inc. | Revolver | 12/19/2027 | 287 | — | ||||||||
| 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 | 6/4/2025 | 1,455 | (13 | ) | |||||||
| Minotaur Acquisition, Inc. | Revolver | 6/3/2030 | 873 | (8 | ) | |||||||
| Monarch Buyer, Inc. | Delayed Draw Term Loan | 6/3/2027 | 2,051 | (10 | ) | |||||||
| Monarch Buyer, Inc. | Revolver | 6/2/2032 | 923 | (5 | ) | |||||||
| Monotype Imaging Holdings Inc. | Delayed Draw Term Loan | 2/28/2026 | 76 | — | ||||||||
| Monotype Imaging Holdings Inc. | Revolver | 2/28/2030 | 154 | — | ||||||||
| Montana Buyer Inc. | Revolver | 7/22/2028 | 307 | — | ||||||||
| Movati Athletic (Group) Inc. | Delayed Draw Term Loan | 5/30/2026 | 674 | (5 | ) | |||||||
| MRI Software LLC | Delayed Draw Term Loan | 8/27/2026 | 243 | (1 | ) | |||||||
| MRI Software LLC | Revolver | 2/10/2027 | 250 | (1 | ) | |||||||
| MRO Corporation | Delayed Draw Term Loan | 6/9/2027 | 795 | (6 | ) | |||||||
| MRO Corporation | Revolver | 6/9/2032 | 795 | (6 | ) | |||||||
| Nasuni Corporation | Revolver | 9/10/2030 | 1,302 | (9 | ) | |||||||
| Navex Topco, Inc. | Revolver | 11/9/2028 | 1,797 | (4 | ) | |||||||
| Nelipak Holding Company | Delayed Draw Term Loan | 3/29/2027 | 2,486 | (37 | ) | |||||||
| Nelipak Holding Company | Revolver | 3/26/2031 | 761 | (11 | ) | |||||||
| Noble Midco 3 Limited | Delayed Draw Term Loan | 6/12/2027 | 824 | (11 | ) | |||||||
| Noble Midco 3 Limited | Revolver | 12/11/2030 | 1,036 | (13 | ) | |||||||
| North Star Acquisitionco, LLC | Delayed Draw Term Loan | 5/1/2026 | 11 | — | ||||||||
| North Star Acquisitionco, LLC | Revolver | 5/3/2029 | 74 | — | ||||||||
| Oakbridge Insurance Agency LLC | Delayed Draw Term Loan | 6/21/2027 | 2,583 | — | ||||||||
| Oeconnection LLC | Delayed Draw Term Loan | 4/22/2026 | 2,138 | 3 | ||||||||
| Oeconnection LLC | Revolver | 4/22/2031 | 482 | — | ||||||||
| Onit, Inc. | Delayed Draw Term Loan | 1/28/2027 | 2,786 | — | ||||||||
| Onit, Inc. | Revolver | 1/27/2032 | 929 | — | ||||||||
| ONS MSO, LLC | Revolver | 7/8/2028 | 23 | — | ||||||||
| Onsite Holdings, LLC | Revolver | 12/28/2025 | 16 | — | ||||||||
| Onyx-Fire Protection Services Inc. | Delayed Draw Term Loan | 7/31/2026 | 867 | (4 | ) | |||||||
| Onyx-Fire Protection Services Inc. | Revolver | 7/31/2031 | 1,474 | (7 | ) | |||||||
| Orsini Pharmaceutical Services, LLC | Revolver | 5/22/2030 | 226 | (1 | ) | |||||||
| Packaging Coordinators Midco, Inc. | Delayed Draw Term Loan | 4/23/2026 | 4,882 | — | ||||||||
| Packaging Coordinators Midco, Inc. | Revolver | 1/22/2032 | 926 | — | ||||||||
| Pareto Health Intermediate Holdings, Inc. | Delayed Draw Term Loan | 6/20/2026 | 653 | (3 | ) | |||||||
| Pathstone Family Office LLC | Delayed Draw Term Loan | 6/22/2026 | 1,454 | (11 | ) | |||||||
| Pathstone Family Office LLC | Revolver | 5/15/2028 | 374 | (3 | ) | |||||||
| Patriot Growth Insurance Services, LLC | Revolver | 10/16/2028 | 534 | (3 | ) | |||||||
38
ANTARES PRIVATE CREDIT FUND
CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)(Continued)
June 30, 2025
(in thousands)
| Investments—non-controlled/non-affiliated | Commitment Type | Commitment Expiration Date |
Unfunded Commitment (1) |
Fair Value (1) |
||||||||
| Phantom Purchaser, Inc. | Revolver | 9/19/2031 | $ | 1,465 | $ | (7 | ) | |||||
| Phoenix 1 Buyer Corporation | Revolver | 11/20/2029 | 1,142 | — | ||||||||
| Plaskolite PPC Intermediate II LLC | Revolver | 2/7/2030 | 95 | (3 | ) | |||||||
| Potters Industries LLC | Revolver | 9/14/2027 | 80 | — | ||||||||
| Power Grid Holdings, Inc. | Revolver | 12/2/2030 | 836 | (2 | ) | |||||||
| Premise Health Holding Corp. | Revolver | 3/1/2030 | 664 | — | ||||||||
| Prism Parent Co. Inc. | Delayed Draw Term Loan | 9/19/2025 | 849 | (8 | ) | |||||||
| Proampac PG Borrower LLC | Revolver | 6/16/2028 | 84 | — | ||||||||
| Project Accelerate Parent LLC | Revolver | 2/24/2031 | 100 | — | ||||||||
| Propio LS, LLC | Revolver | 5/10/2030 | 200 | (1 | ) | |||||||
| Psc Parent, Inc. | Delayed Draw Term Loan | 4/3/2025 | 218 | — | ||||||||
| Psc Parent, Inc. | Revolver | 4/3/2030 | 171 | — | ||||||||
| Puma Buyer, LLC | Revolver | 3/28/2032 | 1,313 | (3 | ) | |||||||
| Quality Automotive Services, LLC | Delayed Draw Term Loan | 1/30/2027 | 716 | (4 | ) | |||||||
| Quality Automotive Services, LLC | Revolver | 7/16/2027 | 257 | (2 | ) | |||||||
| Quick Quack Car Wash Holdings, LLC | Delayed Draw Term Loan | 6/12/2027 | 5,042 | — | ||||||||
| Red Fox CD Acquisition Corporation | Delayed Draw Term Loan | 11/23/2026 | 2,308 | (22 | ) | |||||||
| 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. | Delayed Draw Term Loan | 4/1/2026 | 1,771 | — | ||||||||
| Rimkus Consulting Group, Inc. | Revolver | 4/1/2030 | 901 | — | ||||||||
| Riser Interco LLC | Delayed Draw Term Loan | 6/5/2026 | 1,492 | (7 | ) | |||||||
| Riser Interco LLC | Revolver | 10/31/2029 | 400 | (2 | ) | |||||||
| Routeware, Inc. | Delayed Draw Term Loan | 9/19/2026 | 1,386 | (3 | ) | |||||||
| Routeware, Inc. | Revolver | 9/18/2031 | 273 | (1 | ) | |||||||
| Ruppert Landscape, LLC | Delayed Draw Term Loan | 12/2/2024 | 3,365 | (16 | ) | |||||||
| Ruppert Landscape, LLC | Delayed Draw Term Loan | 4/25/2027 | 689 | (3 | ) | |||||||
| Ruppert Landscape, LLC | Revolver | 12/1/2029 | 692 | (3 | ) | |||||||
| RxSense Holdings LLC | Revolver | 3/12/2027 | 619 | — | ||||||||
| Ryan, LLC | Revolver | 11/14/2028 | 86 | (1 | ) | |||||||
| Safety Borrower Holdings LLC | Revolver | 9/1/2027 | 312 | (3 | ) | |||||||
| Sako and Partners Lower Holdings LLC. | Revolver | 9/15/2028 | 418 | (2 | ) | |||||||
| Saturn Borrower Inc | Delayed Draw Term Loan | 1/24/2027 | 1,422 | (7 | ) | |||||||
| Saturn Borrower Inc | Revolver | 11/10/2028 | 572 | (3 | ) | |||||||
| SCW Holdings III Corp. | Delayed Draw Term Loan | 3/18/2027 | 1,482 | (4 | ) | |||||||
| SCW Holdings III Corp. | Revolver | 3/17/2031 | 872 | (2 | ) | |||||||
| Seahawk Bidco, LLC | Delayed Draw Term Loan | 12/19/2026 | 1,059 | (3 | ) | |||||||
| 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 | 1,403 | (7 | ) | |||||||
39
ANTARES PRIVATE CREDIT FUND
CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)(Continued)
June 30, 2025
(in thousands)
| Investments—non-controlled/non-affiliated | Commitment Type | Commitment Expiration Date |
Unfunded Commitment (1) |
Fair Value (1) |
||||||||
| Simplicity Financial Marketing Group Holdings, Inc. | Revolver | 12/31/2031 | $ | 902 | $ | (5 | ) | |||||
| Soleo Holdings, Inc. | Delayed Draw Term Loan | 2/2/2027 | 704 | — | ||||||||
| Soleo Holdings, Inc. | Revolver | 2/2/2032 | 704 | — | ||||||||
| Southpaw Ap Buyer, LLC | Delayed Draw Term Loan | 5/1/2026 | 144 | — | ||||||||
| Southpaw Ap Buyer, LLC | Revolver | 3/2/2028 | 141 | — | ||||||||
| Spartan Bidco PTY LTD | Revolver | 1/24/2028 | 385 | (2 | ) | |||||||
| Spirit RR Holdings, Inc. | Revolver | 9/13/2028 | 272 | (1 | ) | |||||||
| St Athena Global LLC | Delayed Draw Term Loan | 6/26/2026 | 213 | (3 | ) | |||||||
| St Athena Global LLC | Revolver | 6/26/2029 | 389 | (5 | ) | |||||||
| STCH Acquisition Inc. | Revolver | 10/30/2026 | 196 | — | ||||||||
| Storable, Inc. | Revolver | 4/16/2029 | 100 | — | ||||||||
| Sugar Ppc Buyer LLC | Delayed Draw Term Loan | 7/10/2026 | 4,760 | — | ||||||||
| SurfacePrep Buyer, LLC | Delayed Draw Term Loan | 1/15/2027 | 737 | (9 | ) | |||||||
| Surfaceprep Buyer, LLC | Revolver | 2/4/2030 | 317 | (4 | ) | |||||||
| Swoop Intermediate III, Inc. | Delayed Draw Term Loan | 10/12/2027 | 3,643 | (9 | ) | |||||||
| Swoop Intermediate III, Inc. | Revolver | 4/12/2032 | 1,214 | (3 | ) | |||||||
| Team Acquisition Corporation | Revolver | 11/21/2028 | 100 | (2 | ) | |||||||
| Tersera Therapeutics, LLC | Revolver | 4/4/2029 | 116 | — | ||||||||
| The Chartis Group, LLC | Delayed Draw Term Loan | 9/17/2026 | 387 | (2 | ) | |||||||
| The Chartis Group, LLC | Revolver | 9/17/2031 | 194 | (1 | ) | |||||||
| The Hiller Companies, LLC | Delayed Draw Term Loan | 6/22/2026 | 281 | (2 | ) | |||||||
| The Hiller Companies, LLC | Revolver | 6/20/2030 | 1,299 | (10 | ) | |||||||
| The Ultimus Group Midco, LLC | Delayed Draw Term Loan | 3/8/2026 | 1,302 | — | ||||||||
| The Ultimus Group Midco, LLC | Revolver | 3/7/2030 | 867 | — | ||||||||
| THG Acquisition, LLC | Delayed Draw Term Loan | 10/30/2026 | 639 | (3 | ) | |||||||
| THG Acquisition, LLC | Revolver | 10/31/2031 | 306 | (2 | ) | |||||||
| TPC Engineering Holdings, Inc. | Revolver | 2/16/2027 | 223 | (1 | ) | |||||||
| Trilon Group, LLC | Delayed Draw Term Loan | 3/13/2027 | 1,995 | (20 | ) | |||||||
| Trilon Group, LLC | Revolver | 5/25/2029 | 670 | (7 | ) | |||||||
| Trimech Acquisition Corp. | Revolver | 3/10/2028 | 1,302 | (7 | ) | |||||||
| Truck-Lite Co., LLC | Delayed Draw Term Loan | 2/13/2026 | 2,868 | (22 | ) | |||||||
| Truck-Lite Co., LLC | Revolver | 2/13/2031 | 176 | (1 | ) | |||||||
| Trunk Acquisition, Inc. | Delayed Draw Term Loan | 12/20/2026 | 275 | — | ||||||||
| 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. | Delayed Draw Term Loan | 8/28/2026 | 2,721 | — | ||||||||
| USRP Holdings, Inc. | Revolver | 12/31/2029 | 900 | — | ||||||||
| Vaco Holdings, LLC | Revolver | 1/21/2027 | 100 | (8 | ) | |||||||
| Valet Waste Holdings, Inc. | Delayed Draw Term Loan | 9/8/2025 | 7,213 | — | ||||||||
40
ANTARES PRIVATE CREDIT FUND
CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)(Continued)
June 30, 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 | $ | 639 | $ | (1 | ) | |||||
| Validity, Inc. | Revolver | 4/10/2030 | 392 | (8 | ) | |||||||
| Vamos Bidco, Inc | Delayed Draw Term Loan | 1/30/2027 | 1,105 | (8 | ) | |||||||
| Vamos Bidco, Inc | Revolver | 1/30/2032 | 332 | (2 | ) | |||||||
| Vensure Employer Services, Inc. | Delayed Draw Term Loan | 9/27/2026 | 228 | (1 | ) | |||||||
| Vertex Service Partners, LLC | Delayed Draw Term Loan | 10/2/2026 | 201 | (2 | ) | |||||||
| Vessco Midco Holdings, LLC | Delayed Draw Term Loan | 7/24/2026 | 1,010 | (5 | ) | |||||||
| 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 | 49 | — | ||||||||
| Vital Care Buyer, LLC | Revolver | 7/30/2031 | 696 | (3 | ) | |||||||
| VPP Intermediate Holdings, LLC | Delayed Draw Term Loan | 1/19/2027 | 2,802 | (21 | ) | |||||||
| VPP Intermediate Holdings, LLC | Revolver | 12/1/2027 | 228 | (1 | ) | |||||||
| VS Buyer, LLC | Revolver | 4/12/2029 | 100 | (2 | ) | |||||||
| Walter Surface Technologies Inc. | Delayed Draw Term Loan | 12/30/2025 | 373 | (3 | ) | |||||||
| Wealth Enhancement Group, LLC | Delayed Draw Term Loan | 12/30/2026 | 8,624 | — | ||||||||
| Wealth Enhancement Group, LLC | Revolver | 10/2/2028 | 323 | — | ||||||||
| Wildcat Topco, Inc. | Delayed Draw Term Loan | 11/16/2026 | 270 | (1 | ) | |||||||
| Wildcat Topco, Inc. | Revolver | 11/17/2031 | 249 | (1 | ) | |||||||
| World Insurance Associates, LLC | Delayed Draw Term Loan | 8/14/2026 | 2,859 | (14 | ) | |||||||
| 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 | 64 | — | ||||||||
| WRE Holding Corp. | Revolver | 7/2/2030 | 316 | (2 | ) | |||||||
| Wu Holdco, Inc. | Delayed Draw Term Loan | 4/16/2027 | 2,497 | (6 | ) | |||||||
| Wu Holdco, Inc. | Revolver | 4/16/2032 | 777 | (2 | ) | |||||||
| YA Intermediate Holdings II, LLC | Delayed Draw Term Loan | 10/2/2026 | 2,018 | — | ||||||||
| YA Intermediate Holdings II, LLC | Revolver | 10/1/2031 | 867 | — | ||||||||
| YLG Holdings, Inc. | Delayed Draw Term Loan | 11/26/2026 | 703 | (4 | ) | |||||||
| YLG Holdings, Inc. | Revolver | 12/23/2030 | 1,077 | (5 | ) | |||||||
| Zelis Cost Management Buyer, Inc. | Revolver | 1/17/2029 | 100 | (1 | ) | |||||||
| Zinc Buyer Corporation | Delayed Draw Term Loan | 7/24/2026 | 830 | (6 | ) | |||||||
| Zinc Buyer Corporation | Revolver | 7/24/2031 | 632 | (5 | ) | |||||||
| Zone Climate Services, Inc. | Delayed Draw Term Loan | 11/22/2025 | 2,780 | (28 | ) | |||||||
| Zone Climate Services, Inc. | Revolver | 3/9/2028 | 255 | (4 | ) | |||||||
| Total Unfunded Commitments | $ | 347,064 | $ | (1,397 | ) | |||||||
| (1) | Foreign domiciled investments have been converted to U.S. Dollars based on prevailing rates at period-end. |
See accompanying notes to the consolidated financial statements.
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 |
||||||||||||||||||
| 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 | ||||||||||||||||||||||||||
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 |
||||||||||||||||||
| 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 | ||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||
| 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 | ) | — | ||||||||||||||||
44
ANTARES PRIVATE CREDIT FUND
CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)
December 31, 2024
(in thousands)
| Investments (1) | Footnotes | Asset Type | Reference Rate and Spread (2) |
Interest Rate Floor |
Interest Rate (2) |
Maturity Date |
Par Amount /Shares |
Amortized Cost (4) |
Fair Value |
Percentage of Net Assets |
||||||||||||||||||
| 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 | ) | — | |||||||||||||||||
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 |
||||||||||||||||||
| 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 | ||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||
| 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 | ) | — | ||||||||||||||||
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 |
||||||||||||||||||
| 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 | ||||||||||||||||||||||||||
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 |
||||||||||||||||||
| 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 | ) | — | ||||||||||||||||
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 |
||||||||||||||||||
| 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 | ) | — | ||||||||||||||||
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 |
||||||||||||||||||
| 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 | ||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||
| 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 | ||||||||||||||||||
52
ANTARES PRIVATE CREDIT
FUND
CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)
December 31, 2024
(in thousands)
| Investments (1) | Footnotes | Asset Type | Reference Rate and Spread (2) |
Interest Rate Floor |
Interest
Rate (2) |
Maturity Date |
Par
Amount / Shares |
Amortized Cost (4) |
Fair Value | Percentage of Net Assets |
||||||||||||||||||
| Healthcare Providers and Services (continued) | ||||||||||||||||||||||||||||
| SM Wellness Holdings, Inc. | (8) | First Lien Term Loan | S + 4.50% | 0.75% | 9.07% | 4/17/2028 | $ | 199 | $ | 199 | $ | 199 | 0.03 | % | ||||||||||||||
| Smile Doctors LLC | (8) | First Lien Term Loan | S + 5.90% | 0.75% | 10.31% | 12/23/2028 | 100 | 99 | 99 | 0.02 | ||||||||||||||||||
| Specialized Dental Holdings II, LLC | (8) | First Lien Term Loan | S + 4.75% | 1.00% | 9.08% | 11/1/2027 | 199 | 199 | 200 | 0.03 | ||||||||||||||||||
| SpecialtyCare, Inc. | (8) | First Lien Term Loan | S + 5.75% | 1.00% | 10.32% | 6/18/2028 | 100 | 95 | 96 | 0.02 | ||||||||||||||||||
| STCH Acquisition Inc. | (8) | First Lien Term Loan | S + 5.25% | 1.00% | 9.66% | 10/30/2026 | 2,298 | 2,288 | 2,287 | 0.36 | ||||||||||||||||||
| STCH Acquisition Inc. | (7) | First Lien Revolver | S + 6.25% | 1.00% | 10.66% | 10/30/2026 | 196 | (1 | ) | (1 | ) | — | ||||||||||||||||
| The GI Alliance Management, LLC | (7) | First Lien Delayed Draw Term Loan | S + 5.50% | 0.00% | 10.00% | 9/15/2028 | 8,455 | 1,813 | 1,919 | 0.30 | ||||||||||||||||||
| TurningPoint Healthcare Solutions, LLC | (8) | First Lien Term Loan | S + 4.75% | 1.00% | 9.18% | 7/14/2027 | 199 | 198 | 198 | 0.03 | ||||||||||||||||||
| United Digestive MSO Parent, LLC | (8) | First Lien Term Loan | S + 5.75% | 1.00% | 10.06% | 3/30/2029 | 199 | 199 | 199 | 0.03 | ||||||||||||||||||
| Urology Management Holdings, Inc. | (8) | First Lien Term Loan | S + 5.50% | 1.00% | 9.81% | 6/15/2027 | 199 | 198 | 198 | 0.03 | ||||||||||||||||||
| USHV Management, LLC | (8) | First Lien Term Loan | S + 6.38% | 1.00% | 10.78% | 12/23/2027 | 100 | 98 | 98 | 0.02 | ||||||||||||||||||
| Vital Care Buyer, LLC | (8) | First Lien Term Loan | S + 4.50% | 0.75% | 8.81% | 7/30/2031 | 5,289 | 5,265 | 5,264 | 0.83 | ||||||||||||||||||
| Vital Care Buyer, LLC | (7) | First Lien Revolver | S + 4.75% | 0.75% | 9.08% | 7/30/2031 | 696 | (3 | ) | (3 | ) | — | ||||||||||||||||
| 46,999 | 47,019 | 7.38 | ||||||||||||||||||||||||||
| Hotels, Restaurants and Leisure | ||||||||||||||||||||||||||||
| BJH Holdings III Corp. | (8) | First Lien Term Loan | S + 5.00% | 1.00% | 9.31% | 8/19/2027 | 199 | 198 | 198 | 0.03 | ||||||||||||||||||
| Movati Athletic (Group) Inc. | (6)(8) | First Lien Term Loan | C + 4.75% | 0.00% | 8.32% | 5/29/2030 | CAD | 7,533 | 5,394 | 5,197 | 0.82 | |||||||||||||||||
| Movati Athletic (Group) Inc. | (6)(7) | First Lien Delayed Draw Term Loan | C + 5.25% | 1.00% | 8.82% | 5/29/2030 | CAD | 918 | (7 | ) | (5 | ) | — | |||||||||||||||
| Southpaw Ap Buyer, LLC | (8) | First Lien Term Loan | S + 5.25% | 1.00% | 9.71% | 3/2/2028 | 2,798 | 2,785 | 2,798 | 0.44 | ||||||||||||||||||
| Southpaw Ap Buyer, LLC | (7) | First Lien Delayed Draw Term Loan | S + 5.25% | 1.00% | 9.71% | 3/2/2028 | 630 | 438 | 441 | 0.07 | ||||||||||||||||||
| Southpaw Ap Buyer, LLC | (7) | First Lien Revolver | S + 4.50% | 0.00% | 8.81% | 3/2/2028 | 252 | (1 | ) | — | — | |||||||||||||||||
| Ungerboeck Systems International, LLC | First Lien Term Loan | S + 5.75% | 1.00% | 10.06% | 4/30/2027 | 199 | 199 | 200 | 0.03 | |||||||||||||||||||
| 9,006 | 8,829 | 1.39 | ||||||||||||||||||||||||||
| Household Durables | ||||||||||||||||||||||||||||
| Stanton Carpet Intermediate Holdings II, Inc. | (8) | First Lien Term Loan | S + 5.00% | 1.00% | 9.46% | 10/1/2027 | 200 | 200 | 200 | 0.03 | ||||||||||||||||||
| 200 | 200 | 0.03 | ||||||||||||||||||||||||||
| Household Products | ||||||||||||||||||||||||||||
| TPC US Parent, LLC | (8) | First Lien Term Loan | S + 5.75% | 1.00% | 10.21% | 11/22/2025 | 200 | 199 | 199 | 0.03 | ||||||||||||||||||
| Wu Holdco, Inc. | (7) | First Lien Delayed Draw Term Loan | S + 5.00% | 1.00% | 9.31% | 3/26/2027 | 3,520 | 2,456 | 2,453 | 0.38 | ||||||||||||||||||
| Wu Holdco, Inc. | (7) | First Lien Revolver | S + 5.50% | 0.00% | 9.81% | 3/26/2027 | 362 | 123 | 122 | 0.02 | ||||||||||||||||||
| 2,778 | 2,774 | 0.43 | ||||||||||||||||||||||||||
| Industrial Conglomerates | ||||||||||||||||||||||||||||
| Harvey Tool Company, LLC | (8) | First Lien Term Loan | S + 5.25% | 0.75% | 9.58% | 10/26/2027 | 8,161 | 8,142 | 8,143 | 1.28 | ||||||||||||||||||
| Harvey Tool Company, LLC | (7) | First Lien Delayed Draw Term Loan | S + 5.50% | 0.75% | 9.83% | 10/26/2027 | 3,213 | (8 | ) | (7 | ) | — | ||||||||||||||||
| Harvey Tool Company, LLC | (7) | First Lien Revolver | S + 5.50% | 0.75% | 9.83% | 10/26/2027 | 964 | (2 | ) | (2 | ) | — | ||||||||||||||||
| 8,132 | 8,134 | 1.28 | ||||||||||||||||||||||||||
53
ANTARES PRIVATE CREDIT
FUND
CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)
December 31, 2024
(in thousands)
| Investments (1) | Footnotes | Asset Type | Reference Rate and Spread (2) |
Interest Rate Floor |
Interest
Rate (2) |
Maturity Date |
Par
Amount / Shares |
Amortized Cost (4) |
Fair Value | Percentage of Net Assets |
||||||||||||||||||
| Insurance | ||||||||||||||||||||||||||||
| Accession Risk Management, Inc | First Lien Term Loan | S + 4.75% | 0.00% | 9.29% | 11/1/2029 | $ | 22 | $ | 22 | $ | 23 | — | % | |||||||||||||||
| Accession Risk Management, Inc | (7) | First Lien Delayed Draw Term Loan | S + 4.75% | 0.00% | 9.06% | 11/1/2029 | 1,767 | (8 | ) | 2 | — | |||||||||||||||||
| Accession Risk Management, Inc | (7) | First Lien Revolver | S + 5.50% | 0.75% | 9.81% | 11/1/2029 | 231 | (1 | ) | — | — | |||||||||||||||||
| Alera Group, Inc. | (8) | First Lien Delayed Draw Term Loan | S + 5.25% | 0.75% | 9.58% | 10/2/2028 | 199 | 197 | 198 | 0.03 | ||||||||||||||||||
| Allied Benefit Systems Intermediate LLC | (8) | First Lien Term Loan | S + 5.25% | 0.75% | 9.58% | 10/31/2030 | 3,372 | 3,372 | 3,372 | 0.53 | ||||||||||||||||||
| Allied Benefit Systems Intermediate LLC | First Lien Delayed Draw Term Loan | S + 5.25% | 0.00% | 9.58% | 10/31/2030 | 618 | 618 | 618 | 0.10 | |||||||||||||||||||
| AMBA Buyer, Inc. | (8) | First Lien Term Loan | S + 5.25% | 0.75% | 9.66% | 7/30/2027 | 2,903 | 2,882 | 2,883 | 0.45 | ||||||||||||||||||
| AMBA Buyer, Inc. | (8) | First Lien Delayed Draw Term Loan | S + 5.25% | 0.75% | 9.66% | 7/30/2027 | 865 | 858 | 859 | 0.13 | ||||||||||||||||||
| AMBA Buyer, Inc. | (7) | First Lien Revolver | S + 5.50% | 0.75% | 9.91% | 7/30/2027 | 223 | (2 | ) | (2 | ) | — | ||||||||||||||||
| Amerilife Holdings LLC | (7) | First Lien Delayed Draw Term Loan | S + 5.00% | 0.00% | 9.25% | 8/31/2029 | 12,276 | 5,925 | 5,953 | 0.93 | ||||||||||||||||||
| AQ Sunshine, Inc. | (8) | First Lien Term Loan | S + 5.25% | 0.75% | 9.56% | 7/24/2031 | 199 | 199 | 199 | 0.03 | ||||||||||||||||||
| Ardonagh Midco 3 PLC | (6)(8) | First Lien Term Loan | SON + 4.75% | 0.00% | 9.45% | 2/15/2031 | GBP | 1,984 | 2,168 | 2,054 | 0.32 | |||||||||||||||||
| Ardonagh Midco 3 PLC | (6)(8) | First Lien Term Loan | S + 4.75% | 0.50% | 9.00% | 2/17/2031 | 5,016 | 5,016 | 5,016 | 0.79 | ||||||||||||||||||
| Asurion, LLC | (5)(8) | First Lien Term Loan | S + 3.25% | 0.00% | 7.70% | 12/23/2026 | 2,000 | 2,003 | 2,001 | 0.31 | ||||||||||||||||||
| Beyond Risk Parent Holdings, Inc. | (7) | First Lien Delayed Draw Term Loan | S + 4.50% | 0.00% | 8.93% | 10/8/2027 | 6,373 | 514 | 482 | 0.08 | ||||||||||||||||||
| Galway Borrower LLC | (8) | First Lien Term Loan | S + 4.50% | 0.75% | 8.81% | 9/29/2028 | 199 | 198 | 198 | 0.03 | ||||||||||||||||||
| Imagine 360 LLC | (8) | First Lien Term Loan | S + 4.75% | 0.75% | 9.06% | 9/30/2028 | 1,400 | 1,393 | 1,393 | 0.22 | ||||||||||||||||||
| Imagine 360 LLC | (7) | First Lien Delayed Draw Term Loan | S + 5.00% | 0.75% | 9.33% | 9/30/2028 | 767 | (4 | ) | (4 | ) | — | ||||||||||||||||
| Imagine 360 LLC | (7) | First Lien Revolver | S + 5.00% | 0.75% | 9.33% | 9/30/2028 | 327 | (3 | ) | (2 | ) | — | ||||||||||||||||
| Integrity Marketing Acquisition, LLC | (8) | First Lien Term Loan | S + 5.00% | 0.75% | 9.31% | 8/25/2028 | 7,660 | 7,629 | 7,584 | 1.19 | ||||||||||||||||||
| Mclarens Midco Inc. | (7) | First Lien Delayed Draw Term Loan | S + 4.50% | 0.75% | 8.81% | 12/19/2025 | 663 | 71 | 71 | 0.01 | ||||||||||||||||||
| Oakbridge Insurance Agency LLC | (8) | First Lien Term Loan | S + 5.75% | 0.75% | 10.08% | 11/1/2029 | 199 | 199 | 199 | 0.03 | ||||||||||||||||||
| Pareto Health Intermediate Holdings, Inc. | (8) | First Lien Term Loan | S + 5.00% | 0.00% | 9.25% | 5/31/2030 | 2,752 | 2,740 | 2,739 | 0.43 | ||||||||||||||||||
| Pareto Health Intermediate Holdings, Inc. | (7) | First Lien Delayed Draw Term Loan | S + 5.00% | 0.00% | 9.25% | 6/1/2030 | 653 | (2 | ) | (3 | ) | — | ||||||||||||||||
| Patriot Growth Insurance Services, LLC | (8) | First Lien Term Loan | S + 5.00% | 0.75% | 9.46% | 10/16/2028 | 5,041 | 5,016 | 5,041 | 0.79 | ||||||||||||||||||
| Patriot Growth Insurance Services, LLC | (8) | First Lien Delayed Draw Term Loan | S + 5.00% | 0.75% | 9.46% | 10/16/2028 | 1,409 | 1,402 | 1,409 | 0.22 | ||||||||||||||||||
| Patriot Growth Insurance Services, LLC | (7) | First Lien Revolver | S + 5.00% | 0.75% | 9.46% | 10/16/2028 | 534 | 264 | 267 | 0.04 | ||||||||||||||||||
| Riser Interco LLC | (7) | First Lien Delayed Draw Term Loan | S + 5.00% | 0.00% | 9.31% | 10/31/2029 | 11,576 | 9,715 | 9,644 | 1.51 | ||||||||||||||||||
| Simplicity Financial Marketing Group Holdings, Inc. | (8) | First Lien Term Loan | S + 5.00% | 0.75% | 9.25% | 12/31/2031 | 6,769 | 6,735 | 6,735 | 1.06 | ||||||||||||||||||
| Simplicity Financial Marketing Group Holdings, Inc. | (7) | First Lien Delayed Draw Term Loan | S + 5.00% | 0.00% | 9.25% | 12/31/2031 | 1,805 | (5 | ) | (9 | ) | — | ||||||||||||||||
| Simplicity Financial Marketing Group Holdings, Inc. | (7) | First Lien Revolver | S + 5.00% | 0.00% | 9.25% | 12/31/2031 | 903 | (5 | ) | (5 | ) | — | ||||||||||||||||
| THG Acquisition, LLC | (8) | First Lien Term Loan | S + 4.75% | 0.75% | 9.08% | 10/31/2031 | 2,961 | 2,961 | 2,947 | 0.46 | ||||||||||||||||||
| THG Acquisition, LLC | (7) | First Lien Delayed Draw Term Loan | S + 4.75% | 0.75% | 9.08% | 10/31/2031 | 660 | (2 | ) | (3 | ) | — | ||||||||||||||||
| THG Acquisition, LLC | (7) | First Lien Revolver | S + 4.75% | 0.75% | 9.08% | 10/31/2031 | 330 | 23 | 23 | — | ||||||||||||||||||
| World Insurance Associates, LLC | (8) | First Lien Term Loan | S + 6.00% | 1.00% | 10.31% | 4/3/2028 | 199 | 198 | 198 | 0.03 | ||||||||||||||||||
| 62,286 | 62,080 | 9.72 | ||||||||||||||||||||||||||
54
ANTARES PRIVATE CREDIT
FUND
CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)
December 31, 2024
(in thousands)
| Investments (1) | Footnotes | Asset Type | Reference Rate and Spread (2) |
Interest Rate Floor |
Interest
Rate (2) |
Maturity Date |
Par
Amount / Shares |
Amortized Cost (4) |
Fair Value | Percentage of Net Assets |
||||||||||||||||||
| IT Services | ||||||||||||||||||||||||||||
| BigTime Software, Inc. | First Lien Term Loan | S + 6.25% | 0.00% | 10.58% | 6/30/2028 | $ | 200 | $ | 200 | $ | 200 | 0.03 | % | |||||||||||||||
| Cardinal Parent, Inc. | (8) | First Lien Term Loan | S + 4.50% | 0.75% | 8.96% | 11/12/2027 | 199 | 187 | 191 | 0.03 | ||||||||||||||||||
| DCert Buyer, Inc. | (7) | First Lien Revolver | S + 3.75% | 0.00% | 8.08% | 10/16/2026 | 100 | — | — | — | ||||||||||||||||||
| DT1 Midco Corp | (8) | First Lien Term Loan | S + 5.00% | 0.00% | 9.31% | 12/30/2031 | 5,749 | 5,720 | 5,720 | 0.90 | ||||||||||||||||||
| DT1 Midco Corp | (7) | First Lien Delayed Draw Term Loan | S + 5.00% | 0.00% | 9.31% | 12/30/2031 | 2,005 | (5 | ) | (10 | ) | — | ||||||||||||||||
| DT1 Midco Corp | (7) | First Lien Revolver | S + 5.00% | 0.00% | 9.31% | 12/30/2030 | 802 | (4 | ) | (4 | ) | — | ||||||||||||||||
| Govdelivery Holdings, LLC | (8) | First Lien Term Loan | S + 3.50% | 0.75% | 10.86% (Incl. 2.25% PIK) | 1/17/2031 | 200 | 199 | 200 | 0.03 | ||||||||||||||||||
| Marco Technologies, LLC | (8) | First Lien Term Loan | S + 5.25% | 1.00% | 9.56% | 11/24/2026 | 200 | 200 | 200 | 0.03 | ||||||||||||||||||
| Medallia, Inc. | (8) | First Lien Term Loan | S + 2.50% | 0.75% | 6.91% | 10/29/2028 | 99 | 96 | 97 | 0.02 | ||||||||||||||||||
| Noble Midco 3 Limited | (8) | First Lien Term Loan | S + 5.00% | 0.75% | 9.31% | 6/24/2031 | 5,056 | 5,056 | 5,043 | 0.79 | ||||||||||||||||||
| Noble Midco 3 Limited | (7) | First Lien Delayed Draw Term Loan | S + 5.00% | 0.75% | 9.31% | 6/11/2031 | 824 | — | (2 | ) | — | |||||||||||||||||
| Noble Midco 3 Limited | (7) | First Lien Revolver | S + 5.25% | 0.75% | 9.56% | 12/11/2030 | 1,120 | — | (3 | ) | — | |||||||||||||||||
| Oeconnection LLC | (8) | First Lien Term Loan | S + 5.00% | 0.75% | 9.33% | 4/22/2031 | 4,418 | 4,418 | 4,410 | 0.69 | ||||||||||||||||||
| Oeconnection LLC | (7) | First Lien Delayed Draw Term Loan | S + 5.25% | 0.00% | 9.58% | 4/22/2031 | 2,138 | — | (4 | ) | — | |||||||||||||||||
| Oeconnection LLC | (7) | First Lien Delayed Draw Term Loan | S + 4.00% | 0.00% | 8.33% | 4/22/2031 | 771 | (9 | ) | (1 | ) | — | ||||||||||||||||
| Oeconnection LLC | (7) | First Lien Revolver | S + 4.00% | 0.75% | 8.33% | 4/22/2031 | 482 | (2 | ) | (1 | ) | — | ||||||||||||||||
| Passageways, Inc. | First Lien Term Loan | S + 5.00% | 1.00% | 9.46% | 7/21/2027 | 200 | 200 | 200 | 0.03 | |||||||||||||||||||
| PDI TA Holdings, Inc. | (8) | First Lien Term Loan | S + 5.50% | 0.75% | 9.81% | 1/29/2031 | 199 | 199 | 199 | 0.03 | ||||||||||||||||||
| Ridge Trail US Bidco, Inc. | (8) | First Lien Term Loan | S + 4.50% | 0.75% | 8.81% | 9/30/2031 | 8,686 | 8,626 | 8,621 | 1.35 | ||||||||||||||||||
| Ridge Trail US Bidco, Inc. | (7) | First Lien Delayed Draw Term Loan | S + 4.75% | 0.75% | 9.06% | 9/30/2031 | 2,995 | (21 | ) | (22 | ) | — | ||||||||||||||||
| Ridge Trail US Bidco, Inc. | (7) | First Lien Revolver | S + 4.50% | 0.00% | 8.81% | 3/31/2031 | 998 | 263 | 262 | 0.04 | ||||||||||||||||||
| Safety Borrower Holdings LLC | (8) | First Lien Term Loan | S + 5.25% | 1.00% | 9.70% | 9/1/2027 | 3,492 | 3,492 | 3,473 | 0.54 | ||||||||||||||||||
| Safety Borrower Holdings LLC | (7) | First Lien Revolver | P + 4.25% | 0.00% | 11.75% | 9/1/2027 | 499 | 125 | 122 | 0.02 | ||||||||||||||||||
| Sailpoint Technologies Holdings, Inc. | (6)(8) | First Lien Term Loan | S + 6.00% | 0.75% | 10.31% | 8/16/2029 | 131 | 131 | 131 | 0.02 | ||||||||||||||||||
| Spirit RR Holdings, Inc. | (8) | First Lien Term Loan | S + 4.75% | 0.75% | 9.16% | 9/13/2028 | 3,252 | 3,245 | 3,228 | 0.51 | ||||||||||||||||||
| Spirit RR Holdings, Inc. | (7) | First Lien Delayed Draw Term Loan | S + 4.75% | 0.75% | 9.16% | 9/13/2028 | 467 | 231 | 229 | 0.04 | ||||||||||||||||||
| Spirit RR Holdings, Inc. | (7) | First Lien Revolver | S + 4.00% | 0.75% | 8.31% | 9/13/2028 | 272 | (1 | ) | (2 | ) | — | ||||||||||||||||
| Storable, Inc. | (7) | First Lien Revolver | S + 2.75% | 0.00% | 7.08% | 4/16/2026 | 100 | 25 | 25 | — | ||||||||||||||||||
| Trunk Acquisition, Inc. | (8) | First Lien Term Loan | S + 6.00% | 1.00% | 10.46% | 2/19/2030 | 199 | 199 | 198 | 0.03 | ||||||||||||||||||
| Trunk Acquisition, Inc. | (8) | First Lien Term Loan | S + 6.00% | 0.00% | 10.46% | 2/19/2030 | 1,814 | 1,807 | 1,805 | 0.28 | ||||||||||||||||||
| Trunk Acquisition, Inc. | (7) | First Lien Delayed Draw Term Loan | S + 6.00% | 0.00% | 10.46% | 2/19/2030 | 1,845 | (5 | ) | (9 | ) | — | ||||||||||||||||
| VS Buyer, LLC | (7) | First Lien Revolver | S + 3.25% | 0.00% | 7.58% | 4/12/2029 | 100 | — | — | — | ||||||||||||||||||
| Welocalize, Inc. | (8) | First Lien Term Loan | S + 5.25% | 1.00% | 9.56% | 6/23/2026 | 200 | 199 | 200 | 0.03 | ||||||||||||||||||
| 34,771 | 34,696 | 5.44 | ||||||||||||||||||||||||||
55
ANTARES PRIVATE CREDIT
FUND
CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)
December 31, 2024
(in thousands)
| Investments (1) | Footnotes | Asset Type | Reference Rate and Spread (2) |
Interest Rate Floor |
Interest
Rate (2) |
Maturity Date |
Par
Amount / Shares |
Amortized Cost (4) |
Fair Value | Percentage of Net Assets |
||||||||||||||||||
| Life Sciences Tools & Services | ||||||||||||||||||||||||||||
| Kwol Acquisition, Inc. | (8) | First Lien Term Loan | S + 4.75% | 0.75% | 9.00% | 12/12/2029 | $ | 6,144 | $ | 6,144 | $ | 6,052 | 0.95 | % | ||||||||||||||
| Kwol Acquisition, Inc. | (7) | First Lien Revolver | S + 6.25% | 0.75% | 10.50% | 12/12/2029 | 841 | — | (13 | ) | — | |||||||||||||||||
| Sotera Health Holdings, LLC | (5)(6)(8) | First Lien Term Loan | S + 3.25% | 0.00% | 7.56% | 5/30/2031 | 1,895 | 1,905 | 1,902 | 0.30 | ||||||||||||||||||
| 8,049 | 7,941 | 1.25 | ||||||||||||||||||||||||||
| Machinery | ||||||||||||||||||||||||||||
| CD&R Hydra Buyer, Inc. | (5)(8) | First Lien Term Loan | S + 4.00% | 0.00% | 8.43% | 3/25/2031 | 1,995 | 2,007 | 2,004 | 0.31 | ||||||||||||||||||
| Clyde Industries Us Holdco, Inc. | (8) | First Lien Term Loan | S + 5.00% | 1.00% | 9.46% | 12/18/2025 | 197 | 197 | 197 | 0.03 | ||||||||||||||||||
| Dynatect Group Holdings, Inc. | (8) | First Lien Term Loan | S + 4.50% | 1.00% | 8.91% | 9/30/2026 | 200 | 200 | 200 | 0.03 | ||||||||||||||||||
| Flow Control Solutions, Inc. | (7) | First Lien Delayed Draw Term Loan | S + 5.00% | 0.75% | 9.31% | 3/30/2029 | 5,241 | 75 | 76 | 0.01 | ||||||||||||||||||
| Flow Control Solutions, Inc. | (7) | First Lien Revolver | S + 6.00% | 0.75% | 10.31% | 3/31/2029 | 936 | (7 | ) | (7 | ) | — | ||||||||||||||||
| Merlin Buyer, Inc. | (8) | First Lien Term Loan | S + 4.75% | 0.50% | 9.06% | 12/14/2028 | 5,536 | 5,536 | 5,536 | 0.87 | ||||||||||||||||||
| Merlin Buyer, Inc. | (7) | First Lien Revolver | S + 0.50% | 0.00% | 4.81% | 12/14/2026 | 1,450 | (14 | ) | (14 | ) | — | ||||||||||||||||
| Process Equipment, Inc. | (8) | First Lien Term Loan | S + 5.25% | 0.00% | 9.75% | 9/6/2026 | 199 | 199 | 199 | 0.03 | ||||||||||||||||||
| Process Insights Acquisition, Inc. | (8) | First Lien Term Loan | S + 6.25% | 1.00% | 10.56% | 7/18/2029 | 199 | 199 | 198 | 0.03 | ||||||||||||||||||
| Victory Buyer LLC | (7) | First Lien Revolver | S + 3.75% | 0.00% | 8.08% | 11/19/2026 | 100 | 44 | 45 | 0.01 | ||||||||||||||||||
| 8,436 | 8,434 | 1.32 | ||||||||||||||||||||||||||
| Media | ||||||||||||||||||||||||||||
| Fitness International LLC | (8) | First Lien Term Loan | S + 5.25% | 0.00% | 9.58% | 2/12/2029 | 10,853 | 10,844 | 10,938 | 1.72 | ||||||||||||||||||
| Getty Images, Inc. | (5)(6)(8) | First Lien Term Loan | S + 4.50% | 0.00% | 8.85% | 2/19/2026 | 1,991 | 1,994 | 1,989 | 0.31 | ||||||||||||||||||
| Klick Inc. | (6)(8) | First Lien Term Loan | S + 4.50% | 1.00% | 8.81% | 3/31/2028 | 732 | 725 | 725 | 0.11 | ||||||||||||||||||
| Learfield Communications, LLC | (7) | First Lien Revolver | S + 3.25% | 0.00% | 7.58% | 12/31/2027 | 100 | — | — | — | ||||||||||||||||||
| MH Sub I, LLC | (5)(8) | First Lien Term Loan | S + 4.25% | 0.00% | ||||||||||||||||||||||||