Form: 424B3

Prospectus [Rule 424(b)(3)]

November 18, 2025

 

Filed pursuant to Rule 424(b)(3)

File No. 333-283111

 

ANTARES PRIVATE CREDIT FUND

SUPPLEMENT NO. 6 DATED NOVEMBER 18, 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 September 30, 2025.

 

Quarterly Report on Form 10-Q for the Quarter Ended September 30, 2025

 

On November 14, 2025, we filed our Quarterly Report on Form 10-Q for the quarter ended September 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 September 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 November 13, 2025 was 28,405,834 of Class I Shares. No Class S or Class D Shares have been issued as of November 13, 2025. Common Shares outstanding exclude November 1, 2025 subscriptions, as the issuance price is not yet finalized at this time.

 

 

 

 

  

Table of Contents

 

    Page
PART I FINANCIAL INFORMATION  
Item 1. Consolidated Financial Statements  
  Consolidated Statements of Assets and Liabilities as of September 30, 2025 (Unaudited) and December 31, 2024 4
  Consolidated Statements of Operations for the three and nine months ended September 30, 2025 and 2024 (Unaudited) 5
  Consolidated Statements of Changes in Net Assets for the three and nine months ended September 30, 2025 and 2024 (Unaudited) 6
  Consolidated Statement of Cash Flows for the nine months ended September 30, 2025 (Unaudited) 8
  Consolidated Schedules of Investments as of September 30, 2025 (Unaudited) and December 31, 2024 9
  Notes to Consolidated Financial Statements (Unaudited) 74
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations 98
Item 3. Quantitative and Qualitative Disclosures About Market Risk 110
Item 4. Controls and Procedures 111
     
PART II OTHER INFORMATION  
Item 1. Legal Proceedings 112
Item 1A. Risk Factors 112
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 112
Item 3. Defaults Upon Senior Securities 112
Item 4. Mine Safety Disclosures 112
Item 5. Other Information 112
Item 6. Exhibits 113
  Signatures 114

 

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, risk of recession and a prolonged United States government shutdown;

 

●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)

 

   September 30,
2025		   December 31,
2024		 
   (Unaudited)     
ASSETS          
Investments at fair value:          
Non-controlled/non-affiliated investments, at fair value (amortized cost — $1,395,830 and $849,742 as of September 30, 2025 and December 31, 2024, respectively)  $1,393,758   $848,360 
Short-term investments (amortized cost — $29,010 and $0 as of September 30, 2025 and December 31, 2024, respectively) (1)   29,010    — 
Total investments at fair value   1,422,768    848,360 
Cash and cash equivalents (1)   11,701    42,146 
Foreign currencies (cost — $8,905 and $20,235 as of September 30, 2025 and December 31, 2024, respectively)   9,091    20,194 
Interest receivable from non-controlled/non-affiliated investments   6,322    3,824 
Dividend receivable from non-controlled/non-affiliated investments   176    — 
Deferred offering costs   428    943 
Receivable from adviser (Note 3)   1,361    2,839 
Receivable for investments sold / repaid   30    82 
Prepaid expenses and other assets   59    446 
Total assets  $1,451,936   $918,834 
           
LIABILITIES          
Debt outstanding  $720,127   $110,194 
Less: Deferred financing costs   (5,081)   (3,087)
Total debt, net of deferred financing costs   715,046    107,107 
Payable for investments purchased   20,816    160,489 
Interest payable   2,145    361 
Distributions payable   5,782    8,290 
Administrative service fee payable   283    93 
Accrued expenses and other liabilities   2,027    986 
Management fees payable   1,174    — 
Income based incentive fee payable   1,223    — 
Due to affiliates   221    4,049 
Total liabilities   748,717    281,375 
Commitments and contingencies (Note 7)          
NET ASSETS          
Common Shares, par value $0.01 (27,894,139 and 25,405,674 shares issued and outstanding as of September 30, 2025 and December 31, 2024, respectively)   279    254 
Paid-in capital in excess of par value   698,118    635,495 
Accumulated net distributable earnings   4,822    1,710 
Total net assets   703,219    637,459 
Total liabilities and net assets  $1,451,936   $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 beginning in the reporting period ended 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 September 30,   Nine Months Ended September 30, 
   2025   2024   2025   2024 
Investment income:                    
From total investments:                    
Interest income  $31,035   $—   $80,732   $— 
Payment-in-kind interest income   170    —    423    — 
Dividend income   220    —    539    — 
Other income   791    —    3,361    — 
Total investment income   32,216    —    85,055    — 
Expenses:                    
Interest and debt expenses   10,779    —    23,741    — 
Management fees (Note 3)   2,180    —    6,184    — 
Income based incentive fee (Note 3)   2,366    —    7,034    — 
Administrative service fee   190    —    522    — 
Board of Trustees’ fee   45    —    115    — 
Other general and administrative expenses   743    —    2,366    — 
Organization and offering costs   512    113    1,575    161 
Total expenses   16,815    113    41,537    161 
Management fees waiver (Note 3)   (1,005)   —    (5,009)   — 
Incentive fees waiver (Note 3)   (1,143)   —    (5,811)   — 
Reimbursable expenses paid by adviser (Note 3)   (35)   (113)   (683)   (161)
Net expenses, net of fee waivers   14,632    —    30,034    — 
Net investment income (loss)   17,584    —    55,021    — 
                     
Net realized and change in unrealized gain (loss):                    
Net realized gain (loss):                    
Non-controlled/non-affiliated investments   1    —    (13)   — 
Foreign currency transactions   153    —    960    — 
Total net realized gain (loss)   154    —    947    — 
Net change in unrealized appreciation (depreciation):                    
Non-controlled/non-affiliated investments   (249)   —    (689)   — 
Translation of assets and liabilities in foreign currencies   350    —    (2,133)   — 
Total net change in unrealized appreciation (depreciation)   101    —    (2,822)   — 
Total net realized and change in unrealized gain (loss)   255    —    (1,875)   — 
Net increase (decrease) in net assets resulting from operations  $17,839   $—   $53,146   $— 
                     
Per share information                    
Net investment income (loss) per share (basic and diluted)  $0.64   $—   $2.09   $— 
Earnings per share (basic and diluted)  $0.65   $—   $2.02   $— 
Distributions declared per share  $0.65   $—   $1.90   $— 
Weighted average shares outstanding (basic and diluted)   27,415,336    1,000    26,305,369    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 September 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   26,615,155   $266   $665,867   $4,710   $670,843 
Operations:                         
Net investment income (loss)   —    —    —    17,584    17,584 
Net realized gain (loss)   —    —    —    154    154 
Net change in unrealized appreciation (depreciation)   —    —    —    101    101 
Net increase (decrease) in net assets resulting from operations   —    —    —    17,839    17,839 
Capital Transactions:                         
Issuance of shares   1,263,848    13    31,869    —    31,882 
Common Shares issued from reinvestment of distributions   15,136    —    382    —    382 
Distributions to shareholders   —    —    —    (17,727)   (17,727)
Net increase (decrease) in net assets resulting from capital transactions   1,278,984    13    32,251    (17,727)   14,537 
Total net increase (decrease)   1,278,984    13    32,251    112    32,376 
Net assets at end of period   27,894,139   $279   $698,118   $4,822   $703,219 

 

Nine Months Ended September 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)   —    —    —    55,021    55,021 
Net realized gain (loss)   —    —    —    947    947 
Net change in unrealized appreciation (depreciation)   —    —    —    (2,822)   (2,822)
Net increase (decrease) in net assets resulting from operations   —    —    —    53,146    53,146 
Capital Transactions:                         
Issuance of shares   2,470,603    25    62,173    —    62,198 
Common Shares issued from reinvestment of distributions   17,862    —    450    —    450 
Distributions to shareholders   —    —    —    (50,034)   (50,034)
Net increase (decrease) in net assets resulting from capital transactions   2,488,465    25    62,623    (50,034)   12,614 
Total net increase (decrease)   2,488,465    25    62,623    3,112    65,760 
Net assets at end of period   27,894,139   $279   $698,118   $4,822   $703,219 

 

See accompanying notes to the consolidated financial statements.

 

6

 

 

ANTARES PRIVATE CREDIT FUND

CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS (Unaudited)(Continued)

(in thousands, except shares)

 

Three Months Ended September 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 

 

Nine Months Ended September 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)

 

   Nine Months
Ended
September 30,
2025		 
Cash flow from operating activities     
Net increase (decrease) in net assets resulting from operations  $53,146 
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   (770)
Net accretion of discount and amortization of premium   (1,372)
Proceeds from sale of investments and principal repayments   158,206 
Purchases of investments   (702,165)
Purchase/sale of short-term investments, net (1)   10,516 
Net realized (gains) losses on investments   13 
Net change in unrealized (appreciation) depreciation on investments   689 
Amortization of deferred financing costs   821 
Amortization of deferred offering costs   1,457 
(Increase) decrease in operating assets:     
Interest receivable from non-controlled/non-affiliated investments   (2,498)
Dividend receivable from non-controlled/non-affiliated investments   (176)
Receivable from adviser   1,478 
Receivable for investments sold / repaid   52 
Prepaid expenses and other assets   387 
Increase (decrease) in operating liabilities:     
Due to affiliates   (3,828)
Payable for investments purchased   (139,673)
Management fees payable   1,174 
Income based incentive fee payable   1,223 
Interest payable   1,784 
Administrative service fee payable   190 
Accrued expenses and other liabilities   1,041 
Net cash provided by (used in) operating activities   (618,305)
Cash flow from financing activities     
Proceeds from issuance of shares   62,198 
Debt borrowings   646,928 
Debt repayments   (36,995)
Distributions paid   (52,092)
Deferred offering costs paid   (941)
Deferred financing costs paid   (2,815)
Net cash provided by (used in) financing activities   616,283 
Net increase (decrease) in cash and cash equivalents   (2,022)
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)  $20,792 
Supplemental disclosure of cash flow information     
Cash paid for interest  $21,136 
Cash paid for taxes  $74 
Distributions payable   5,782 

 

(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 beginning in the reporting period 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)

September 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 + 2.50%   6.48%   10/31/2030   $ 4,640     $ 4,650     $ 4,648       0.66 %
GSP Holdings, LLC   (6)(8)(12)   First Lien Term Loan   S + 5.75%   10.63% (Incl. 0.75% PIK)   11/6/2026     102       102       95       0.01  
GSP Holdings, LLC   (3 )(6)(8)(12)   First Lien Term Loan   S + 5.75%   10.63% (Incl. 0.75% PIK)   11/6/2026     —       1       —       —  
TransDigm Inc.   (5)(6)(8)(15)   First Lien Term Loan   S + 2.25%   6.23%   3/22/2030     3,687       3,703       3,688       0.52  
                                    8,456       8,431       1.19  
Air Freight and Logistics                                                      
Kenco PPC Buyer LLC   (8)(12)   First Lien Term Loan   S + 4.75%   8.60%   11/15/2029     5,356       5,330       5,356       0.76  
Kenco PPC Buyer LLC   (7)(12)   First Lien Revolver   S + 4.75%   8.73%   11/15/2029     359       70       72       0.01  
Lightbeam Bidco Inc.   (8)(13)   First Lien Term Loan   S + 5.00%   8.98%   5/6/2030     4,913       4,913       4,912       0.70  
Lightbeam Bidco Inc.   (13 )   First Lien Delayed Draw Term Loan   S + 5.00%   8.98%   5/6/2030     647       647       647       0.09  
Lightbeam Bidco Inc.   (7)(13)   First Lien Revolver   S + 5.00%   8.98%   5/4/2029     491       —       —       —  
                                    10,960       10,987       1.56  
Automobile Components                                                      
Enthusiast Auto Holdings, LLC   (8)(12)   First Lien Term Loan   S + 4.50%   8.63%   12/19/2026     5,876       5,876       5,876       0.84  
Enthusiast Auto Holdings, LLC   (7)(12)   First Lien Revolver   S + 4.50%   8.63%   12/19/2026     64       —       —       —  
JHCC Holdings LLC   (8)(12)   First Lien Term Loan   S + 5.25%   9.23%   9/9/2027     1,457       1,451       1,449       0.21  
JHCC Holdings LLC   (8)(12)   First Lien Delayed Draw Term Loan   S + 5.25%   9.23%   9/9/2027     422       421       420       0.06  
JHCC Holdings LLC   (7)(12)   First Lien Revolver   S + 5.25%   9.23%   9/9/2027     168       67       66       0.01  
OAC Holdings I Corp   (8)(12)   First Lien Term Loan   S + 5.00%   9.13%   3/30/2029     186       186       186       0.03  
Power Stop, LLC   (5)(8)(14)   First Lien Term Loan   S + 4.75%   8.83%   1/26/2029     198       198       179       0.02  
Quality Automotive Services, LLC   (8)(12)   First Lien Term Loan   S + 5.00%   8.98%   7/16/2027     4,657       4,642       4,634       0.66  
Quality Automotive Services, LLC   (12)   First Lien Delayed Draw Term Loan   S + 5.00%   9.13%   7/16/2027     1,117       1,113       1,111       0.16  
Quality Automotive Services, LLC   (8)(12)   First Lien Delayed Draw Term Loan   S + 5.00%   9.13%   7/16/2027     918       915       913       0.13  
Quality Automotive Services, LLC   (7)(12)   First Lien Delayed Draw Term Loan   S + 5.00%   9.13%   7/16/2027     1,333       1,048       1,044       0.15  
Quality Automotive Services, LLC   (7)(12)   First Lien Delayed Draw Term Loan   S + 5.00%   8.98%   7/16/2027     2,000       (10 )     (10 )     —  
Quality Automotive Services, LLC   (7)(12)   First Lien Revolver   S + 5.00%   8.98%   7/16/2027     257       (1 )     (1 )     —  
Truck-Lite Co., LLC   (8)(13)   First Lien Term Loan   S + 5.00%   9.13%   2/13/2032     1,905       1,904       1,899       0.27  
Truck-Lite Co., LLC   (7)(13)   First Lien Delayed Draw Term Loan   S + 5.00%   9.13%   2/13/2032      993       (3)       (3)       —
Truck-Lite Co., LLC   (7)(13)   First Lien Delayed Draw Term Loan   S + 5.75%   9.88%   2/13/2032     1,873       730       736       0.10  
Truck-Lite Co., LLC   (7)(13)   First Lien Revolver   S + 5.00%   9.13%   2/13/2031     176       —       (1 )     —  
                                    18,537       18,498       2.64  
Beverages                                                      
Pegasus BidCo B.V.   (5)(6)(8)(15)   First Lien Term Loan   S + 2.75%   6.73%   7/12/2029     998       1,002       1,002       0.14  
                                    1,002       1,002       0.14  

 

9

 

 

ANTARES PRIVATE CREDIT FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)(Continued)

September 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%  8.98%  3/1/2027  $198   $198   $197    0.03%
MDC Interior Acquisition Inc  (8)(12)  First Lien Term Loan  S + 5.00%  8.98%  4/26/2030   291    290    290    0.04 
MDC Interior Acquisition Inc  (8)(12)  First Lien Term Loan  S + 5.00%  9.13%  4/26/2030   756    752    752    0.11 
MDC Interior Acquisition Inc  (7)(12)  First Lien Revolver  S + 5.00%  8.98%  4/26/2030   42    —    —    — 
Surewerx Purchaser III Inc.  (8)(13)  First Lien Term Loan  S + 5.25%  9.23%  12/28/2029   198    198    198    0.03 
WST USA Holdco, Inc.  (6)(8)(12)  First Lien Term Loan  S + 4.75%  8.83%  3/31/2027   1,712    1,712    1,708    0.24 
WST USA Holdco, Inc.  (6)(7)(12)  First Lien Delayed Draw Term Loan  S + 4.75%  8.83%  3/31/2027   586    213    211    0.03 
                        3,363    3,356    0.48 
Capital Markets                                   
Allworth Financial Group, L.P.  (8)(12)  First Lien Term Loan  S + 4.75%  8.88%  12/23/2027   198    198    198    0.03 
Arax MidCo, LLC  (8)(12)  First Lien Term Loan  S + 5.00%  8.98%  4/11/2029   4,298    4,270    4,298    0.61 
Arax MidCo, LLC  (8)(12)  First Lien Term Loan  S + 5.00%  9.13%  4/11/2029   1,807    1,798    1,807    0.26 
Arax MidCo, LLC  (7)(12)  First Lien Delayed Draw Term Loan  S + 5.00%  8.98%  4/11/2029   3,096    138    146    0.02 
Arax MidCo, LLC  (12)  First Lien Delayed Draw Term Loan  S + 5.00%  8.98%  4/11/2029   196    190    196    0.03 
Arax MidCo, LLC  (7)(12)  First Lien Revolver  S + 5.00%  8.98%  4/11/2029   431    48    52    0.01 
Cub Financing Intermediate, LLC  (8)(14)  First Lien Term Loan  S + 4.75%  8.73%  6/28/2030   3,752    3,736    3,752    0.53 
Cub Financing Intermediate, LLC  (7)(14)  First Lien Delayed Draw Term Loan  S + 4.75%  8.73%  6/28/2030   1,741    706    717    0.10 
Edgeco Buyer, Inc.  (8)(12)  First Lien Term Loan  S + 4.50%  8.63%  6/1/2028   7,411    7,410    7,411    1.05 
Edgeco Buyer, Inc.  (7)(12)  First Lien Delayed Draw Term Loan  S + 4.50%  8.63%  6/1/2028   2,769    331    336    0.05 
Edgeco Buyer, Inc.  (8)(12)  First Lien Delayed Draw Term Loan  S + 4.50%  8.63%  6/1/2028   878    878    878    0.12 
Edgeco Buyer, Inc.  (12)  First Lien Delayed Draw Term Loan  S + 4.50%  8.63%  6/1/2028   481    481    481    0.07 
Edgeco Buyer, Inc.  (7)(12)  First Lien Revolver  S + 4.50%  8.48%  6/1/2028   304    14    15    — 
HighTower Holding, LLC  (5)(7)(15)  First Lien Revolver  S + 3.00%  6.98%  2/1/2030   110    —    —    — 
Lido Advisors, LLC  (8)(12)  First Lien Delayed Draw Term Loan  S + 4.75%  8.73%  5/10/2032   199    198    198    0.03 
Lido Advisors, LLC  (7)(12)  First Lien Delayed Draw Term Loan  S + 4.75%  8.73%  5/10/2032   3,513    1,238    1,235    0.18 
Lido Advisors, LLC  (12)  First Lien Delayed Draw Term Loan  S + 4.75%  8.73%  5/10/2032   527    523    524    0.07 
Lido Advisors, LLC  (7)(12)  First Lien Revolver  S + 4.75%  8.73%  5/10/2032   615    356    356    0.05 
The Ultimus Group Midco, LLC  (8)(13)  First Lien Term Loan  S + 4.75%  8.73%  7/1/2032   4,068    4,048    4,068    0.58 
The Ultimus Group Midco, LLC  (7)(13)  First Lien Delayed Draw Term Loan  S + 4.75%  8.73%  7/1/2032   1,356    (3)   —    — 
The Ultimus Group Midco, LLC  (7)(13)  First Lien Revolver  S + 4.75%  8.73%  7/1/2032   509    (3)   —    — 
                        26,555    26,668    3.79 

 

10

 

 

ANTARES PRIVATE CREDIT FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)(Continued)

September 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%  8.88%  3/1/2032  $10,474   $10,425   $10,422    1.48%
Americhem, Inc.  (7)(13)  First Lien Delayed Draw Term Loan  S + 4.75%  8.88%  3/1/2032   2,691    (6)   (13)   — 
Americhem, Inc.  (7)(13)  First Lien Revolver  S + 4.75%  8.88%  3/1/2032   1,906    (10)   (10)   — 
Aurora Plastics, LLC  (8)(13)  First Lien Term Loan  S + 4.75%  8.98%  8/12/2030   12,462    12,435    12,403    1.76 
Aurora Plastics, LLC  (8)(13)  First Lien Delayed Draw Term Loan  S + 4.75%  8.98%  8/12/2030   1,409    1,409    1,402    0.20 
Aurora Plastics, LLC  (7)(13)  First Lien Delayed Draw Term Loan  S + 4.75%  8.98%  8/12/2030   1,140    (3)   (5)   — 
Aurorium Global Holdings LLC  (8)(13)  First Lien Term Loan  S + 5.75%  9.88%  12/22/2027   99    98    94    0.01 
Boulder Scientific Company, LLC  (8)(12)  First Lien Term Loan  S + 4.50%  8.48%  12/31/2027   97    97    97    0.01 
Bulab Holdings, Inc.  (8)(13)  First Lien Term Loan  S + 4.75%  8.88%  7/1/2032   8,346    8,305    8,304    1.18 
Bulab Holdings, Inc.  (8)(13)  First Lien Term Loan  E + 4.75%  6.68%  7/1/2032  EUR 1,352    1,588    1,578    0.22 
Bulab Holdings, Inc.  (7)(13)  First Lien Delayed Draw Term Loan  S + 4.75%  8.88%  7/1/2032   1,931    (5)   (10)   — 
Bulab Holdings, Inc.  (7)(13)  First Lien Revolver  S + 4.75%  8.88%  7/1/2032   1,862    (9)   (9)   — 
Charkit Chemical Company, LLC  (8)(12)  First Lien Term Loan  S + 4.88%  9.11%  12/29/2026   100    99    99    0.01 
DCG Acquisition Corp.  (8)(13)  First Lien Term Loan  S + 5.00%  8.98%  6/13/2031   6,991    6,991    6,938    0.99 
DCG Acquisition Corp.  (7)(13)  First Lien Delayed Draw Term Loan  S + 5.00%  8.98%  6/13/2031   1,169    701    693    0.10 
Hasa Acquisition, LLC  (8)(12)  First Lien Term Loan  S + 4.75%  8.73%  1/10/2029   198    199    198    0.03 
LTI Holdings, Inc.  (5)(8)(15)  First Lien Term Loan  S + 3.75%  7.88%  7/29/2029   1,980    1,988    2,000    0.28 
Lubricant Engineers  (8)(12)  First Lien Term Loan  S + 5.25%  9.23%  9/1/2029   7,906    7,885    7,906    1.12 
Lubricant Engineers  (7)(12)  First Lien Delayed Draw Term Loan  S + 5.25%  9.23%  9/1/2029   1,372    —    —    — 
Lubricant Engineers  (7)(12)  First Lien Revolver  S + 5.25%  9.23%  9/1/2029   885    (4)   —    — 
Lummus Technology Holdings V LLC  (5)(8)(15)  First Lien Term Loan  S + 2.50%  6.63%  12/31/2029   249    249    250    0.04 
Plaskolite PPC Intermediate II LLC  (8)(12)  First Lien Term Loan  S + 4.00%  12.13% (Incl. 4.00% PIK)  5/9/2030   1,400    1,387    1,346    0.19 
Plaskolite PPC Intermediate II LLC  (7)(12)  First Lien Revolver  S + 7.00%  11.13%  2/7/2030   101    10    4    — 
Potters Industries LLC  (5)(7)(15)  First Lien Revolver  S + 2.75%  6.83%  9/14/2027   100    —    —    — 
Rocket Bidco, Inc.  (6)(8)(15)  First Lien Term Loan  C + 4.75%  7.63%  11/1/2030   CAD 198    143    141    0.02 
                        53,972    53,828    7.64 
Commercial Services and Supplies                                   
Acuren Delaware Holdco, Inc.  (5)(6)(8)(15) First Lien Term Loan  S + 2.75%  6.88%  7/30/2031   352    352    353    0.05 
Anticimex Global AB  (5)(6)(8)(14)  First Lien Term Loan  S + 3.40%  7.38%  11/16/2028   1,604    1,604    1,611    0.23 
Ares Holdings, LLC  (8)(12)  First Lien Term Loan  S + 5.00%  9.13%  11/18/2027   2,952    2,941    2,941    0.42 
Ares Holdings, LLC  (8)(12)  First Lien Term Loan  S + 5.00%  8.98%  11/18/2027   198    197    197    0.03 
AWP Group Holdings, Inc.  (8)(12)  First Lien Term Loan  S + 4.50%  8.63%  12/23/2030   14,251    14,191    14,108    2.01 
AWP Group Holdings, Inc.  (7)(12)  First Lien Revolver  S + 4.50%  8.63%  12/23/2030   320    134    133    0.02 
BCPE Empire Holdings, Inc.  (5)(8)(14)  First Lien Term Loan  S + 3.25%  7.38%  12/11/2030   924    923    923    0.13 
BIFM CA Buyer Inc.  (5)(6)(8)(14)  First Lien Term Loan  S + 3.75%  7.88%  5/31/2028   651    651    653    0.09 
CoolSys, Inc.  (5)(8)(13)  First Lien Term Loan  S + 4.75%  8.99%  8/11/2028   198    195    178    0.03 
Denali Buyerco LLC  (8)(13)  First Lien Term Loan  S + 5.25%  9.23%  9/15/2028   4,788    4,788    4,788    0.68 
Denali Buyerco LLC  (13)  First Lien Delayed Draw Term Loan  S + 5.25%  9.23%  9/15/2028   7,515    7,509    7,515    1.07 

 

11

 

 

ANTARES PRIVATE CREDIT FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)(Continued)

September 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)                                   
Discovery Purchaser Corporation  (5)(6)(8)(14)  First Lien Term Loan  S + 3.75%  7.73%  10/4/2029  $3,475   $3,480   $3,463    0.49%
Ext Acquisitions, Inc.  (8)(12)  First Lien Term Loan  S + 5.00%  9.13%  6/26/2026   198    198    198    0.03 
FL Hawk Intermediate Holdings, Inc.  (8)(12)  First Lien Term Loan  S + 4.50%  8.63%  2/22/2030   960    957    960    0.14 
Fresh Holdco, Inc.  (8)(12)  First Lien Term Loan  S + 5.25%  9.38%  1/24/2026   388    387    388    0.06 
HeartLand PPC Buyer, LLC  (8)(13)  First Lien Term Loan  S + 5.25%  9.23%  12/12/2029   5,778    5,720    5,778    0.82 
HeartLand PPC Buyer, LLC  (7)(13)  First Lien Delayed Draw Term Loan  S + 5.25%  9.23%  12/12/2029   861    739    748    0.11 
HeartLand PPC Buyer, LLC  (7)(13)  First Lien Revolver  S + 5.25%  9.38%  12/12/2029   297    111    114    0.02 
Hercules Borrower LLC  (8)(13)  First Lien Term Loan  S + 4.75%  8.73%  12/15/2028   5,274    5,268    5,249    0.75 
Hercules Borrower LLC  (7)(13)  First Lien Delayed Draw Term Loan  S + 4.75%  8.73%  12/15/2028   2,094    (4)   (10)   — 
Hercules Borrower LLC  (7)(13)  First Lien Revolver  S + 4.75%  8.73%  12/15/2028   589    (5)   (3)   — 
High Bar Brands Operating, LLC  (6)(8)(12)  First Lien Term Loan  S + 5.25%  9.23%  12/19/2029   198    196    198    0.03 
HP RSS Buyer, Inc.  (8)(13)  First Lien Term Loan  S + 5.00%  8.98%  12/11/2029   1,312    1,301    1,312    0.19 
HP RSS Buyer, Inc.  (13)  First Lien Delayed Draw Term Loan  S + 5.00%  8.98%  12/11/2029   844    837    844    0.12 
HP RSS Buyer, Inc.  (13)  First Lien Delayed Draw Term Loan  S + 4.75%  8.73%  12/11/2029   3,482    3,417    3,466    0.49 
HP RSS Buyer, Inc.  (8)(13)  First Lien Delayed Draw Term Loan  S + 5.00%  8.98%  12/11/2029   280    278    280    0.04 
HP RSS Buyer, Inc.  (7)(13)  First Lien Delayed Draw Term Loan  S + 4.75%  8.73%  12/11/2029   4,416    15    4    — 
Low Voltage Holdings Inc.  (8)(13)  First Lien Term Loan  S + 4.75%  8.73%  4/28/2032   11,073    11,033    11,046    1.57 
Low Voltage Holdings Inc.  (7)(13)  First Lien Delayed Draw Term Loan  S + 4.75%  8.73%  4/28/2032   3,223    (6)   (8)   — 
Low Voltage Holdings Inc.  (7)(13)  First Lien Revolver  S + 4.75%  8.73%  4/28/2032   1,421    (5)   (4)   — 
Low Voltage Holdings Inc.  (7)(13)  First Lien Revolver  S + 4.75%  8.73%  4/28/2032  CAD 178    —    —    — 
Monarch Landscape Holdings, LLC  (8)(13)  First Lien Term Loan  S + 5.00%  8.98%  10/2/2028   198    197    198    0.03 
Onyx-Fire Protection Services Inc.  (6)(8)(13)  First Lien Term Loan  C + 4.50%  7.06%  7/31/2031  CAD 9,080    6,532    6,523    0.93 
Onyx-Fire Protection Services Inc.  (6)(7)(13)  First Lien Delayed Draw Term Loan  C + 4.50%  7.06%  7/31/2031  CAD 860    (6)   —    — 
Onyx-Fire Protection Services Inc.  (6)(7)(13)  First Lien Revolver  C + 4.50%  7.06%  7/31/2031  CAD 2,149    98    103    0.01 
Palmetto Acquisitionco Inc.  (8)(12)  First Lien Term Loan  S + 5.75%  9.73%  9/18/2029   198    198    198    0.03 
Pavion Corp.  (8)(13)  First Lien Term Loan  S + 3.75%  10.13% (Incl. 2.25% PIK)  10/30/2030   195    195    193    0.03 
Service Logic Acquisition, Inc.  (5)(7)(15)  First Lien Revolver  S + 3.75%  7.84%  10/30/2025   100    —    —    — 
The Hiller Companies, LLC  (8)(13)  First Lien Term Loan  S + 5.00%  8.98%  6/20/2030   7,394    7,363    7,394    1.05 
The Hiller Companies, LLC  (7)(13)  First Lien Delayed Draw Term Loan  S + 5.00%  8.98%  6/20/2030   2,045    1,889    1,904    0.27 
The Hiller Companies, LLC  (7)(13)  First Lien Delayed Draw Term Loan  S + 4.75%  8.73%  6/20/2030   1,079    366    365    0.05 
The Hiller Companies, LLC  (7)(13)  First Lien Revolver  S + 5.00%  8.98%  6/20/2030   1,299    (6)   —    — 
Thermostat Purchaser III, Inc.  (5)(8)(13)  First Lien Term Loan  S + 4.25%  8.23%  8/31/2028   198    198    199    0.03 
Valet Waste Holdings, Inc.  (8)(12)  First Lien Term Loan  S + 6.00%  10.13%  5/1/2029   5,184    5,142    5,184    0.74 
Valet Waste Holdings, Inc.  (7)(12)  First Lien Delayed Draw Term Loan  S + 6.00%  10.13%  5/1/2029   7,213    (58)   —    — 

 

12

 

 

ANTARES PRIVATE CREDIT FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)(Continued)

September 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)                                   
WRE Holding Corp.  (13)  First Lien Term Loan  S + 5.00%  8.85%  7/2/2031  $252   $251   $250    0.04%
WRE Holding Corp.  (8)(13)  First Lien Term Loan  S + 5.00%  8.85%  7/2/2031   2,293    2,283    2,275    0.32 
WRE Holding Corp.  (13)  First Lien Term Loan  S + 5.00%  8.98%  7/2/2031   63    63    63    0.01 
WRE Holding Corp.  (13)  First Lien Delayed Draw Term Loan  S + 5.00%  8.98%  7/2/2031   39    39    38    0.01 
WRE Holding Corp.  (13)  First Lien Delayed Draw Term Loan  S + 5.00%  8.85%  7/2/2031   235    235    234    0.03 
WRE Holding Corp.  (7)(13)  First Lien Revolver  S + 5.00%  8.85%  7/2/2030   316    (1)   (2)   — 
YLG Holdings, Inc.  (8)(13)  First Lien Term Loan  S + 4.75%  8.73%  12/23/2030   9,360    9,335    9,290    1.32 
YLG Holdings, Inc.  (7)(13)  First Lien Delayed Draw Term Loan  S + 4.75%  8.73%  12/23/2030   1,375    812    805    0.11 
YLG Holdings, Inc.  (7)(13)  First Lien Revolver  S + 4.75%  8.73%  12/23/2030   1,214    66    64    0.01 
Zinc Buyer Corporation  (13)  First Lien Term Loan  S + 4.75%  8.73%  7/24/2031   7,128    7,092    7,128    1.01 
Zinc Buyer Corporation  (7)(13)  First Lien Delayed Draw Term Loan  S + 4.75%  8.73%  7/24/2031   830    (5)   —    — 
Zinc Buyer Corporation  (7)(13)  First Lien Revolver  S + 4.75%  8.73%  7/24/2031   790    (5)   —    — 
Zone Climate Services, Inc.  (7)(12)  First Lien Delayed Draw Term Loan  S + 6.00%  10.13%  3/9/2028   3,180    371    393    0.05 
Zone Climate Services, Inc.  (7)(12)  First Lien Revolver  S + 5.75%  9.88%  3/9/2028   636    293    298    0.04 
                        110,339    110,520    15.74 
Construction & Engineering                                   
Ampirical Solutions, LLC  (8)(13)  First Lien Term Loan  S + 4.25%  8.23%  9/30/2032   1,770    1,761    1,761    0.25 
Ampirical Solutions, LLC  (7)(13)  First Lien Delayed Draw Term Loan  S + 4.25%  8.23%  9/30/2032   2,655    (13)   (13)   — 
Ampirical Solutions, LLC  (7)(13)  First Lien Revolver  S + 4.25%  8.23%  9/30/2032   708    (7)   (4)   — 
CLS Management Services, LLC  (8)(12)  First Lien Term Loan  S + 5.00%  8.98%  3/27/2030   198    196    197    0.03 
FR Vision Holdings Inc  (8)(13)  First Lien Term Loan  S + 5.00%  8.98%  1/20/2031   3,967    3,963    3,967    0.56 
FR Vision Holdings Inc  (7)(13)  First Lien Delayed Draw Term Loan  S + 5.00%  8.98%  1/20/2031   3,119    974    985    0.14 
FR Vision Holdings Inc  (7)(13)  First Lien Revolver  S + 5.00%  8.98%  1/22/2030   248    —    —    — 
Hydraulic Technologies USA LLC  (8)(12)  First Lien Term Loan  S + 5.50%  9.48%  6/3/2031   830    817    816    0.12 
Hydraulic Technologies USA LLC  (7)(12)  First Lien Revolver  S + 5.50%  9.48%  6/3/2030   114    51    51    0.01 
Kleinfelder Intermediate LLC  (8)(13)  First Lien Term Loan  S + 5.00%  8.98%  9/18/2030   198    198    198    0.03 
Mei Buyer LLC  (8)(12)  First Lien Term Loan  S + 5.00%  9.13%  6/29/2029   198    198    198    0.03 
Trilon Group, LLC  (8)(12)  First Lien Term Loan  S + 4.75%  8.73%  5/29/2029   3,884    3,863    3,854    0.55 
Trilon Group, LLC  (8)(12)  First Lien Delayed Draw Term Loan  S + 4.75%  8.73%  5/29/2029   4,177    4,125    4,143    0.59 
Trilon Group, LLC  (7)(12)  First Lien Delayed Draw Term Loan  S + 4.75%  8.73%  5/29/2029   1,995    552    543    0.08 
Trilon Group, LLC  (7)(12)  First Lien Revolver  S + 4.75%  8.73%  5/29/2029   1,212    (7)   (10)   — 
                        16,671    16,686    2.39 
Construction Materials                                   
Pearlman Enterprises Inc.  (8)(12)  First Lien Term Loan  S + 4.50%  8.73%  5/5/2027   198    196    194    0.03 
Red Fox CD Acquisition Corporation  (7)(12)  First Lien Delayed Draw Term Loan  S + 6.00%  9.98%  3/4/2030   13,614    11,325    11,403    1.62 
                        11,521    11,597    1.65 

 

13

 

 

ANTARES PRIVATE CREDIT FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)(Continued)

September 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                                   
Anchor Packaging, LLC  (5)(7)(15)  First Lien Revolver  S + 3.25%  7.23%  4/17/2029  $100   $—   $—    —%
Berlin Packaging LLC  (5)(6)(8)(15)  First Lien Term Loan  S + 3.25%  7.38%  6/9/2031   2,990    2,996    3,002    0.43 
CFs Brands, LLC  (8)(12)  First Lien Term Loan  S + 5.00%  9.13%  10/2/2030   3,472    3,472    3,472    0.49 
CFs Brands, LLC  (7)(12)  First Lien Revolver  S + 5.00%  9.13%  10/2/2029   493    —    —    — 
Clydesdale Acquisition Holdings, Inc.  (5)(8)(14)  First Lien Term Loan  S + 3.25%  7.38%  4/1/2032   1,961    1,947    1,960    0.28 
Clydesdale Acquisition Holdings, Inc.  (5)(7)(8)(14)  First Lien Delayed Draw Term Loan  S + 3.25%  7.38%  4/1/2032   34    1    1    — 
Cold Chain Technologies, LLC  (8)(12)  First Lien Term Loan  S + 5.75%  9.73%  7/2/2026   10,716    10,710    10,690    1.52 
Cold Chain Technologies, LLC  (7)(12)  First Lien Revolver  S + 5.75%  9.73%  7/2/2026   522    274    273    0.04 
Nelipak Holding Company  (8)(12)  First Lien Term Loan  S + 5.50%  9.63%  3/26/2031   6,359    6,359    6,264    0.89 
Nelipak Holding Company  (7)(12)  First Lien Delayed Draw Term Loan  S + 5.50%  9.63%  3/26/2031   2,486    —    (37)   (0.01)
Nelipak Holding Company  (7)(12)  First Lien Revolver  S + 5.50%  9.63%  3/26/2031   1,855    1,150    1,122    0.16 
Packaging Coordinators Midco, Inc.  (8)(13)  First Lien Term Loan  S + 4.75%  8.73%  1/22/2032   9,169    9,161    9,123    1.30 
Packaging Coordinators Midco, Inc.  (7)(13)  First Lien Delayed Draw Term Loan  S + 4.75%  8.73%  1/22/2032   4,882    —    (24)   — 
Packaging Coordinators Midco, Inc.  (7)(13)  First Lien Revolver  S + 4.75%  8.73%  1/22/2032   926    (1)   (5)   — 
Plastipak Holdings, Inc.  (5)(8)(15)  First Lien Term Loan  S + 2.50%  6.48%  9/10/2032   1,152    1,146    1,153    0.16 
PLZ Corp.  (5)(8)(13)  First Lien Term Loan  S + 3.75%  7.99%  8/3/2026   99    96    89    0.01 
Pro Mach Group, Inc.  (5)(8)(12)  First Lien Term Loan  S + 2.75%  6.88%  8/31/2028   1,163    1,168    1,167    0.17 
Proampac PG Borrower LLC  (5)(7)(15)  First Lien Revolver  S + 3.75%  7.99%  6/16/2028   100    48    47    0.01 
Ring Container Technologies Group, LLC  (5)(8)(14)  First Lien Term Loan  S + 2.50%  6.48%  9/15/2032   1,500    1,506    1,499    0.21 
Rohrer Corp.  (8)(12)  First Lien Term Loan  S + 5.00%  9.10%  3/15/2027   198    198    198    0.03 
St Athena Global LLC  (6)(8)(13)  First Lien Term Loan  S + 5.25%  9.23%  6/26/2030   3,861    3,826    3,822    0.54 
St Athena Global LLC  (6)(8)(13)  First Lien Term Loan  SON + 5.25%  9.22%  6/26/2030  GBP 2,274    2,940    3,027    0.43 
St Athena Global LLC  (6)(7)(13)  First Lien Delayed Draw Term Loan  S + 5.25%  9.23%  6/26/2030   213    (2)   (2)   — 
St Athena Global LLC  (6)(7)(13)  First Lien Revolver  S + 5.25%  9.23%  6/26/2029   590    138    137    0.02 
Tank Holding Corp.  (8)(13)  First Lien Term Loan  S + 5.75%  9.98%  3/31/2028   198    196    188    0.03 
TricorBraun Holdings, Inc.  (5)(8)(14)  First Lien Term Loan  S + 3.25%  7.38%  3/3/2031   5,060    5,048    5,042    0.72 
Trident TPI Holdings, Inc.  (5)(8)(14)  First Lien Term Loan  S + 3.75%  7.73%  9/15/2028   2,481    2,486    2,441    0.35 
Verde Purchaser, LLC  (5)(8)(15)  First Lien Term Loan  S + 4.00%  7.98%  11/30/2030   3,980    3,990    3,945    0.56 
                        58,853    58,594    8.34 
Distributors                                   
Aurora Parts & Accessories LLC  (8)(12)  First Lien Term Loan  S + 5.75%  9.88%  1/13/2029   99    98    99    0.01 
BC Group Holdings, Inc.  (8)(13)  First Lien Term Loan  S + 5.00%  8.98%  12/21/2027   4,107    4,082    4,087    0.58 
BC Group Holdings, Inc.  (7)(13)  First Lien Delayed Draw Term Loan  S + 5.00%  8.98%  12/21/2027   7,099    4,892    4,908    0.70 

 

14

 

 

ANTARES PRIVATE CREDIT FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)(Continued)

September 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		 
Distributors (continued)                                   
Blackbird Purchaser, Inc.  (7)(13)  First Lien Delayed Draw Term Loan  S + 5.50%  9.48%  12/19/2030  $184   $109   $109    0.02%
Blackbird Purchaser, Inc.  (7)(13)  First Lien Revolver  S + 5.50%  9.48%  12/19/2029   124    87    87    0.01 
Blackhawk Industrial Distribution, Inc.  (8)(12)  First Lien Term Loan  S + 5.25%  9.38%  9/17/2026   5,311    5,299    5,250    0.75 
Blackhawk Industrial Distribution, Inc.  (7)(12)  First Lien Delayed Draw Term Loan  S + 5.25%  9.38%  9/17/2026   114    113    112    0.02 
Blackhawk Industrial Distribution, Inc.  (7)(12)  First Lien Revolver  S + 5.25%  9.38%  9/17/2026   1,028    458    451    0.06 
BradyPlus Holdings, LLC  (8)(12)  First Lien Term Loan  S + 5.00%  8.98%  10/31/2029   6,235    6,235    6,235    0.89 
BradyPlus Holdings, LLC  (7)(12)  First Lien Delayed Draw Term Loan  S + 5.00%  8.98%  10/31/2029   700    228    230    0.03 
Component Hardware Group, Inc.  (8)(12)  First Lien Term Loan  S + 5.00%  9.13%  7/1/2026   91    91    91    0.01 
DFS Holding Company, Inc.  (8)(12)  First Lien Term Loan  S + 7.00%  11.13%  1/31/2029   198    196    187    0.03 
Vessco Midco Holdings, LLC  (8)(13)  First Lien Term Loan  S + 4.75%  8.88%  7/24/2031   4,970    4,949    4,970    0.71 
Vessco Midco Holdings, LLC  (7)(13)  First Lien Delayed Draw Term Loan  S + 4.75%  8.73%  7/24/2031   1,657    892    900    0.13 
Vessco Midco Holdings, LLC  (7)(13)  First Lien Revolver  S + 4.75%  8.88%  7/24/2031   552    (2)   —    — 
                        27,727    27,716    3.95 
Diversified Consumer Services                                   
AAH Topco., LLC  (7)(13)  First Lien Delayed Draw Term Loan  S + 5.00%  9.23%  12/22/2027   2,970    258    266    0.04 
American Residential Services LLC  (5)(7)(15)  First Lien Revolver  S + 2.50%  6.48%  1/31/2030   870    —    (2)   — 
Apex Service Partners, LLC  (12)  First Lien Term Loan  S + 5.00%  8.98%  10/24/2030   4,813    4,793    4,792    0.68 
Apex Service Partners, LLC  (12)  First Lien Delayed Draw Term Loan  S + 5.00%  8.98%  10/24/2030   774    771    771    0.11 
Apex Service Partners, LLC  (7)(12)  First Lien Revolver  S + 5.00%  8.98%  10/24/2029   660    (3)   —    — 
Ascend Learning, LLC  (5)(8)(14)  First Lien Term Loan  S + 3.00%  7.13%  12/11/2028   997    999    998    0.14 
Ave Holdings III, Corp.  (13)  First Lien Term Loan  S + 5.50%  9.60%  2/25/2028   6,253    6,158    6,066    0.86 
Ave Holdings III, Corp.  (13)  First Lien Delayed Draw Term Loan  S + 5.50%  9.60%  2/25/2028   167    164    162    0.02 
Ave Holdings III, Corp.  (7)(13)  First Lien Revolver  S + 5.50%  9.60%  2/25/2028   514    (8)   (15)   — 
AVG Intermediate Holdings LLC  (8)(12)  First Lien Delayed Draw Term Loan  S + 6.00%  10.08%  3/16/2027   198    195    195    0.03 
Cop Hometown Acquisitions, Inc. (fka Cop Airco Acquisitions, Inc.)  (8)(12)  First Lien Term Loan  S + 5.25%  9.23%  7/16/2027   913    909    905    0.13 
Cop Hometown Acquisitions, Inc. (fka Cop Airco Acquisitions, Inc.)  (8)(12)  First Lien Delayed Draw Term Loan  S + 5.25%  9.23%  7/16/2027   3,970    3,951    3,939    0.56 
CVP Holdco, Inc.  (8)(13)  First Lien Term Loan  S + 4.75%  8.88%  6/30/2031   6,459    6,449    6,445    0.92 
CVP Holdco, Inc.  (7)(13)  First Lien Delayed Draw Term Loan  S + 4.75%  8.88%  6/30/2031   1,715    365    367    0.05 
CVP Holdco, Inc.  (7)(13)  First Lien Revolver  S + 4.75%  8.88%  6/28/2030   686    (1)   (1)   — 
Essential Services Holding Corporation  (8)(13)  First Lien Term Loan  S + 5.00%  8.98%  6/17/2031   2,014    2,010    2,010    0.29 
Essential Services Holding Corporation  (7)(13)  First Lien Delayed Draw Term Loan  S + 5.00%  8.98%  6/17/2031   395    (1)   (1)   — 
Essential Services Holding Corporation  (7)(13)  First Lien Revolver  S + 5.00%  8.98%  6/17/2030   247    49    49    0.01 
Fitness International LLC  (5)(8)(15)  First Lien Term Loan  S + 4.50%  8.63%  2/12/2029   10,798    10,797    10,882    1.55 
Flint Opco, LLC  (7)(12)  First Lien Delayed Draw Term Loan  S + 4.75%  8.88%  8/15/2030   3,219    (8)   —    — 
Flint Opco, LLC  (7)(12)  First Lien Delayed Draw Term Loan  S + 4.75%  8.73%  8/15/2030   3,040    1,910    1,923    0.27 

 

15

 

 

ANTARES PRIVATE CREDIT FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)(Continued)

September 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)                                   
FSHS I, LLC  (8)(13)  First Lien Term Loan  S + 5.50%  9.63%  11/18/2028  $198   $196   $196    0.03%
GS Seer Group Borrower, LLC  (8)(12)  First Lien Term Loan  S + 6.75%  10.73%  4/29/2030   99    98    96    0.01 
GSV Holding, LLC  (8)(12)  First Lien Term Loan  S + 2.63%  9.73% (Incl. 3.13% PIK)  10/18/2030   4,967    4,946    4,942    0.70 
GSV Holding, LLC  (7)(12)  First Lien Revolver  S + 4.25%  8.23%  10/18/2030   217    (1)   —    — 
Health Buyer LLC  (7)(13)  First Lien Delayed Draw Term Loan  S + 5.50%  9.48%  4/27/2029   3,299    643    655    0.09 
Home Service Topco IV, Inc.  (8)(12)  First Lien Term Loan  S + 4.50%  8.58%  12/31/2027   198    198    197    0.03 
Innovetive Petcare, Inc.  (8)(12)  First Lien Term Loan  S + 5.00%  9.23%  6/30/2028   5,419    5,419    5,365    0.76 
Innovetive Petcare, Inc.  (7)(12)  First Lien Delayed Draw Term Loan  S + 5.00%  9.13%  6/30/2028   1,998    651    636    0.09 
Innovetive Petcare, Inc.  (12)  First Lien Delayed Draw Term Loan  S + 5.00%  9.13%  6/30/2028   1,509    1,509    1,494    0.21 
Innovetive Petcare, Inc.  (12)  First Lien Delayed Draw Term Loan  S + 5.00%  9.23%  6/30/2028   6,241    6,230    6,179    0.88 
Intel 471 INC.  (12)  First Lien Term Loan  S + 5.25%  9.23%  9/27/2028   200    200    198    0.03 
Learning Care Group (US) No. 2 Inc.  (5)(8)(14)  First Lien Term Loan  S + 4.00%  7.98%  8/11/2028   992    991    978    0.14 
Quick Quack Car Wash Holdings, LLC  (8)(13)  First Lien Term Loan  S + 4.75%  8.88%  6/10/2031   198    198    197    0.03 
Quick Quack Car Wash Holdings, LLC  (7)(13)  First Lien Delayed Draw Term Loan  S + 4.75%  8.88%  6/10/2031   4,941    798    789    0.11 
Quick Quack Car Wash Holdings, LLC  (13)  First Lien Delayed Draw Term Loan  S + 4.75%  8.88%  6/10/2031   101    101    100    0.01 
Seahawk Bidco, LLC  (8)(12)  First Lien Term Loan  S + 4.75%  8.73%  12/19/2031   5,789    5,770    5,789    0.82 
Seahawk Bidco, LLC  (7)(12)  First Lien Delayed Draw Term Loan  S + 4.75%  8.73%  12/19/2031   1,813    1,136    1,143    0.16 
Seahawk Bidco, LLC  (7)(12)  First Lien Revolver  S + 4.75%  8.73%  12/19/2030   545    (2)   —    — 
Southern Veterinary Partners, LLC  (5)(8)(15)  First Lien Term Loan  S + 2.50%  6.48%  12/4/2031   937    939    936    0.13 
Taymax Group Acquisition, LLC  (8)(12)  First Lien Term Loan  S + 6.00%  10.23%  7/31/2026   198    198    198    0.03 
Trackforce Acquireco, Inc.  (13)  First Lien Term Loan  S + 5.25%  9.23%  6/23/2028   200    200    200    0.03 
University Support Services LLC  (5)(8)(14)  First Lien Term Loan  S + 2.75%  6.88%  2/10/2029   2,374    2,343    2,342    0.33 
US Fitness Holdings, LLC  (8)(13)  First Lien Term Loan  S + 5.50%  9.48%  9/4/2031   9,196    9,157    9,196    1.31 
US Fitness Holdings, LLC  (7)(13)  First Lien Delayed Draw Term Loan  S + 5.50%  9.48%  9/4/2031   1,764    (9)   —    — 
US Fitness Holdings, LLC  (7)(13)  First Lien Revolver  S + 5.50%  9.48%  9/4/2030   172    (1)   —    — 
Vertex Service Partners, LLC  (8)(13)  First Lien Term Loan  S + 6.00%  9.98%  11/8/2030   198    198    197    0.03 
Vertex Service Partners, LLC  (7)(13)  First Lien Delayed Draw Term Loan  S + 5.25%  9.23%  11/8/2030   250    48    40    0.01 
VPP Intermediate Holdings, LLC  (8)(12)  First Lien Term Loan  S + 5.75%  9.98%  12/1/2027   1,851    1,845    1,847    0.26 
VPP Intermediate Holdings, LLC  (7)(12)  First Lien Delayed Draw Term Loan  S + 5.25%  9.38%  12/1/2027   3,210    617    602    0.09 
VPP Intermediate Holdings, LLC  (8)(12)  First Lien Delayed Draw Term Loan  S + 5.75%  9.98%  12/1/2027   2,231    2,223    2,226    0.32 
VPP Intermediate Holdings, LLC  (12)  First Lien Delayed Draw Term Loan  S + 5.75%  9.88%  12/1/2027   2,624    2,614    2,611    0.37 
VPP Intermediate Holdings, LLC  (7)(12)  First Lien Revolver  S + 5.75%  9.98%  12/1/2027   229    (1)   (1)   — 
                        89,209    89,099    12.67 
Diversified Telecommunication Services                                   
Coral-US Co-Borrower LLC  (5)(6)(8)(15)  First Lien Term Loan  S + 3.25%  7.23%  1/31/2032   800    799    793    0.11 
Guardian US Holdco LLC  (5)(8)(14)  First Lien Term Loan  S + 3.50%  7.48%  1/31/2030   2,227    2,235    2,231    0.32 
Virgin Media Bristol LLC  (5)(6)(8)(15)  First Lien Term Loan  S + 3.18%  7.12%  3/31/2031   2,000    1,989    1,975    0.28 
Zacapa S.a r.l.  (5)(6)(8)(14)  First Lien Term Loan  S + 3.75%  7.73%  3/22/2029   2,992    2,997    3,000    0.43 
                        8,020    7,999    1.14 

 

16

 

 

ANTARES PRIVATE CREDIT FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)(Continued)

September 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		 
Electrical Equipment                                   
Infinite Bidco LLC  (5)(8)(14)  First Lien Term Loan  S + 6.25%  10.23%  3/2/2028  $99   $99   $97    0.01%
Power Grid Holdings, Inc.  (8)(13)  First Lien Term Loan  S + 4.75%  8.73%  12/2/2030   8,912    8,912    8,812    1.25 
Power Grid Holdings, Inc.  (7)(13)  First Lien Revolver  S + 4.75%  8.88%  12/2/2030   890    107    97    0.01 
TPC Engineering Holdings, Inc.  (8)(12)  First Lien Term Loan  S + 5.50%  9.73%  2/16/2027   7,050    7,007    7,050    1.00 
TPC Engineering Holdings, Inc.  (7)(12)  First Lien Revolver  S + 5.50%  9.73%  2/16/2027   441    173    176    0.03 
                        16,298    16,232    2.30 
Electronic Equipment, Instruments and Components                                   
Dwyer Instruments, LLC  (8)(13)  First Lien Term Loan  S + 4.75%  8.73%  7/20/2029   3,860    3,828    3,821    0.54 
Dwyer Instruments, LLC  (7)(13)  First Lien Delayed Draw Term Loan  S + 4.75%  8.73%  7/20/2029   505    (2)   (5)   — 
Dwyer Instruments, LLC  (7)(13)  First Lien Revolver  S + 4.75%  8.73%  7/20/2029   706    50    50    0.01 
Excelitas Technologies Corp.  (7)(13)  First Lien Delayed Draw Term Loan  S + 5.25%  9.38%  8/13/2029   2,522    (10)   (3)   — 
Phoenix 1 Buyer Corp.  (8)(13)  First Lien Term Loan  S + 4.75%  8.73%  11/20/2030   5,799    5,799    5,799    0.82 
Phoenix 1 Buyer Corp.  (7)(13)  First Lien Revolver  S + 4.75%  8.73%  11/20/2029   1,142    —    —    — 
Wildcat Topco, Inc.  (8)(13)  First Lien Term Loan  S + 4.75%  8.88%  11/17/2031   1,502    1,496    1,498    0.21 
Wildcat Topco, Inc.  (7)(13)  First Lien Delayed Draw Term Loan  S + 4.75%  8.88%  11/17/2031   270    (1)   (1)   — 
Wildcat Topco, Inc.  (7)(13)  First Lien Revolver  S + 4.75%  8.73%  11/17/2031   270    6    7    — 
                        11,166    11,166    1.58 
Energy Equipment and Services                                   
CRCI Longhorn Holdings, Inc.  (8)(13)  First Lien Term Loan  S + 4.75%  8.88%  8/27/2031   6,072    6,047    6,072    0.86 
CRCI Longhorn Holdings, Inc.  (7)(13)  First Lien Delayed Draw Term Loan  S + 4.75%  8.88%  8/27/2031   1,530    (7)   —    — 
CRCI Longhorn Holdings, Inc.  (7)(13)  First Lien Revolver  S + 4.75%  8.88%  8/27/2031   1,020    (4)   —    — 
DMC Holdco, LLC  (8)(12)  First Lien Term Loan  S + 4.75%  8.88%  7/13/2029   198    196    198    0.03 
Integrated Power Services Holdings, Inc.  (8)(13)  First Lien Term Loan  S + 4.75%  8.99%  11/22/2028   7,345    7,341    7,333    1.04 
Integrated Power Services Holdings, Inc.  (7)(13)  First Lien Delayed Draw Term Loan  S + 4.75%  8.99%  11/22/2028   5,106    (11)   (10)   — 
Phillips & Temro Industries Inc.  (8)(12)  First Lien Term Loan  S + 5.25%  9.38%  3/12/2027   192    192    191    0.03 
                        13,754    13,784    1.96 
Financial Services                                   
1364720 B.C. LTD.  (6)(8)(13)  First Lien Term Loan  C + 4.50%  7.38%  9/9/2028  CAD 8,954    6,327    6,432    0.91 
1364720 B.C. LTD.  (6)(7)(13)  First Lien Delayed Draw Term Loan  C + 4.50%  7.38%  9/9/2028  CAD  5,598    3,590    3,545    0.50 
Aprio Advisory Group, LLC  (8)(13)  First Lien Term Loan  S + 4.75%  8.73%  8/1/2031   8,313    8,294    8,273    1.18 
Aprio Advisory Group, LLC  (7)(13)  First Lien Delayed Draw Term Loan  S + 4.75%  8.73%  8/1/2031   4,167    931    922    0.13 
Aprio Advisory Group, LLC  (13)  First Lien Delayed Draw Term Loan  S + 4.75%  8.73%  8/1/2031   3,257    3,252    3,242    0.46 
Aprio Advisory Group, LLC  (7)(13)  First Lien Revolver  S + 4.75%  8.73%  8/1/2031   1,638    (3)   (8)   — 
Ascensus Group Holdings, Inc.  (5)(6)(8)(14)  First Lien Term Loan  S + 3.00%  7.13%  8/2/2028   2,740    2,747    2,741    0.39 

 

17

 

 

ANTARES PRIVATE CREDIT FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)(Continued)

September 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)                                   
Cerity Partners Equity Holding LLC  (7)(13)  First Lien Delayed Draw Term Loan  S + 5.25%  9.23%  7/30/2029  $5,000   $333   $354    0.05%
Cerity Partners Equity Holding LLC  (13)  First Lien Delayed Draw Term Loan  S + 5.25%  9.23%  7/28/2029   11,399    11,376    11,399    1.62 
Cerity Partners Equity Holding LLC  (7)(13)  First Lien Revolver  S + 5.25%  9.38%  7/28/2028   543    67    68    0.01 
CFGI Holdings, LLC  (8)(13)  First Lien Term Loan  S + 4.50%  8.63%  11/2/2027   6,247    6,211    6,212    0.88 
CFGI Holdings, LLC  (7)(13)  First Lien Revolver  S + 4.50%  8.63%  11/2/2027   270    (2)   (2)   — 
Cherry Bekaert Advisory LLC  (8)(13)  First Lien Term Loan  S + 5.25%  9.38%  6/30/2028   198    198    198    0.03 
ClearCapital Holdings, LLC  (8)(13)  First Lien Term Loan  S + 5.00%  8.98%  6/30/2032   2,151    2,137    2,138    0.30 
ClearCapital Holdings, LLC  (7)(13)  First Lien Delayed Draw Term Loan  S + 5.00%  8.98%  6/30/2032   1,024    (3)   (6)   — 
ClearCapital Holdings, LLC  (7)(13)  First Lien Revolver  S + 5.00%  8.98%  6/30/2032   410    (3)   (2)   — 
Contractual Buyer, LLC  (8)(13)  First Lien Term Loan  S + 5.75%  9.73%  10/10/2030   198    198    197    0.03 
Focus Financial Partners, LLC  (5)(6)(8)(15)  First Lien Term Loan  S + 2.75%  6.88%  9/15/2031   5,055    5,043    5,062    0.72 
Foreside Financial Group, LLC  (12)  First Lien Term Loan  S + 5.25%  9.38%  9/30/2027   564    564    564    0.08 
Foreside Financial Group, LLC  (7)(12)  First Lien Delayed Draw Term Loan  S + 5.25%  9.38%  9/30/2027   11,643    1,358    1,358    0.19 
Frazier & Deeter Advisory, LLC  (8)(13)  First Lien Term Loan  S + 4.50%  8.48%  5/3/2032   2,203    2,194    2,203    0.31 
Frazier & Deeter Advisory, LLC  (7)(13)  First Lien Delayed Draw Term Loan  S + 4.50%  8.48%  5/3/2032   937    (3)   —    — 
Frazier & Deeter Advisory, LLC  (7)(13)  First Lien Revolver  S + 4.50%  8.48%  5/2/2031   325    (2)   —    — 
GTCR Everest Borrower, LLC  (5)(6)(8)(15)  First Lien Term Loan  S + 2.75%  6.73%  9/5/2031   384    383    384    0.05 
Heights Buyer, LLC  (8)(12)  First Lien Term Loan  S + 5.75%  9.83%  8/25/2028   5,307    5,307    5,307    0.75 
Heights Buyer, LLC  (8)(12)  First Lien Term Loan  S + 5.00%  9.08%  8/25/2028   923    919    919    0.13 
Heights Buyer, LLC  (7)(12)  First Lien Delayed Draw Term Loan  S + 5.00%  9.08%  8/25/2028   1,254    (3)   (6)   — 
Heights Buyer, LLC  (12)  First Lien Delayed Draw Term Loan  S + 5.75%  9.83%  8/25/2028   869    861    869    0.12 
Heights Buyer, LLC  (7)(12)  First Lien Revolver  S + 5.75%  9.83%  8/25/2028   764    87    87    0.01 
Kestra Advisor Services Holdings A, Inc.  (5)(6)(8)(15)  First Lien Term Loan  S + 3.00%  7.13%  3/22/2031   2,209    2,211    2,213    0.31 
Kriv Acquisition Inc.  (8)(12)  First Lien Term Loan  S + 5.00%  8.98%  7/31/2031   452    451    449    0.06 
Kriv Acquisition Inc.  (7)(12)  First Lien Delayed Draw Term Loan  S + 5.00%  8.98%  7/31/2031   2,042    (7)   (10)   — 
Kriv Acquisition Inc.  (7)(12)  First Lien Revolver  S + 5.00%  8.98%  7/31/2031   186    17    17    — 
Minotaur Acquisition, Inc.  (8)(12)  First Lien Term Loan  S + 5.00%  9.13%  6/3/2030   8,616    8,542    8,542    1.21 
Minotaur Acquisition, Inc.  (8)(12)  First Lien Delayed Draw Term Loan  S + 5.00%  9.13%  6/3/2030   1,407    1,395    1,395    0.20 
Minotaur Acquisition, Inc.  (7)(12)  First Lien Delayed Draw Term Loan  S + 5.00%  9.13%  6/3/2030   1,455    (12)   (12)   — 
Minotaur Acquisition, Inc.  (7)(12)  First Lien Revolver  S + 5.00%  9.13%  6/3/2030   873    (7)   (7)   — 
NAB Holdings, LLC  (5)(8)(14)  First Lien Term Loan  S + 2.50%  6.48%  11/23/2028   2,494    2,469    2,416    0.34 
Neon Maple Purchaser Inc.  (5)(6)(8)(15)  First Lien Term Loan  S + 2.75%  6.88%  11/17/2031   4,975    4,995    4,981    0.71 
Osaic Holdings, Inc.  (5)(6)(8)(15)  First Lien Term Loan  S + 3.00%  7.13%  7/30/2032   2,370    2,372    2,372    0.34 
Osttra Group Ltd.  (5)(6)(8)(15)  First Lien Term Loan  S + 3.50%  7.48%  5/20/2032   721    717    725    0.10 
Pathstone Family Office LLC  (8)(12)  First Lien Term Loan  S + 5.00%  9.23%  5/15/2029   3,771    3,756    3,762    0.53 
Pathstone Family Office LLC  (7)(12)  First Lien Delayed Draw Term Loan  S + 5.00%  9.23%  5/15/2029   1,454    (9)   (4)   — 
Pathstone Family Office LLC  (7)(12)  First Lien Revolver  S + 5.00%  9.23%  5/15/2028   374    (1)   (1)   — 
Petrus Buyer, Inc.  (8)(13)  First Lien Term Loan  S + 4.50%  8.48%  10/17/2029   198    198    198    0.03 

 

18

 

 

ANTARES PRIVATE CREDIT FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)(Continued)

September 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)                                   
Project Accelerate Parent LLC  (7)(13)  First Lien Revolver  S + 5.25%  9.23%  2/24/2031  $100   $—   $—    —%
Ryan, LLC  (5)(7)(15)  First Lien Revolver  S + 3.00%  7.13%  11/14/2028   100    49    49    0.01 
The Chartis Group, LLC  (8)(13)  First Lien Term Loan  S + 4.50%  8.48%  9/17/2031   1,256    1,251    1,250    0.18 
The Chartis Group, LLC  (7)(13)  First Lien Delayed Draw Term Loan  S + 4.50%  8.48%  9/17/2031   388    (2)   (2)   — 
The Chartis Group, LLC  (7)(13)  First Lien Revolver  S + 4.50%  8.48%  9/17/2031   194    (1)   (1)   — 
Wealth Enhancement Group, LLC  (8)(12)  First Lien Delayed Draw Term Loan  S + 4.50%  8.48%  10/2/2028   198    197    198    0.03 
Wealth Enhancement Group, LLC  (7)(12)  First Lien Delayed Draw Term Loan  S + 4.50%  8.48%  10/2/2028   12,105    1,504    1,491    0.21 
Wealth Enhancement Group, LLC  (7)(12)  First Lien Revolver  S + 4.50%  8.48%  10/2/2028   323    —    (1)   — 
                        92,443    92,470    13.11 
Food Products                                   
BCPE North Star US Holdco 2, Inc.  (5)(7)(15)  First Lien Revolver  S + 3.75%  7.88%  3/10/2028   100    34    39    0.01 
Fiesta Purchaser, Inc.  (5)(8)(15)  First Lien Term Loan  S + 2.75%  6.88%  2/12/2031   4,153    4,164    4,150    0.59 
Primary Products Finance LLC  (5)(8)(14)  First Lien Term Loan  S + 3.25%  7.23%  4/1/2029   4,011    4,027    3,924    0.56 
RB Holdings Interco, LLC  (8)(12)  First Lien Term Loan  S + 5.00%  9.13%  5/4/2028   198    195    198    0.03 
Sigma Holdco B.V.  (5)(6)(8)(15)  First Lien Term Loan  S + 3.75%  7.76%  1/3/2028   4,077    4,086    3,942    0.56 
Sugar Ppc Buyer LLC  (7)(12)  First Lien Delayed Draw Term Loan  S + 4.75%  8.73%  10/2/2031   6,795    2,007    2,002    0.28 
WPP Bullet Buyer, LLC  (8)(12)  First Lien Term Loan  S + 5.25%  9.23%  12/7/2030   5,130    5,098    5,079    0.72 
WPP Bullet Buyer, LLC  (7)(12)  First Lien Revolver  S + 5.25%  9.23%  12/7/2029   83    (1)   (1)   — 
                        19,610    19,333    2.75 
Gas Utilities                                   
Edpo, LLC  (8)(13)  First Lien Term Loan  S + 4.75%  8.88%  12/10/2029   11,569    11,562    11,513    1.64 
Edpo, LLC  (7)(13)  First Lien Delayed Draw Term Loan  S + 4.75%  8.88%  12/10/2029   1,657    (4)   (8)   — 
Edpo, LLC  (7)(13)  First Lien Revolver  S + 4.75%  8.88%  12/8/2028   744    65    65    0.01 
                        11,623    11,570    1.65 
Ground Transportation                                   
AMS Parent, LLC  (5)(8)(13)  First Lien Term Loan  S + 4.75%  8.99%  10/25/2028   198    196    187    0.03 
                        196    187    0.03 
Health Care Technology                                   
Acentra Holdings, LLC  (8)(14)  First Lien Term Loan  S + 5.50%  9.48%  12/17/2029   76    75    76    0.01 
Acentra Holdings, LLC  (7)(14)  First Lien Delayed Draw Term Loan  S + 5.50%  9.48%  12/17/2029   220    —    —    — 
Athenahealth Group Inc.  (5)(7)(15)  First Lien Revolver  S + 2.75%  6.88%  2/15/2027   100    —    —    — 
Bracket Intermediate Holding Corp.  (7)(14)  First Lien Revolver  S + 4.50%  8.48%  2/7/2028   100    —    —    — 
Caerus US 1 Inc.  (6)(8)(13)  First Lien Term Loan  S + 5.00%  8.98%  5/25/2029   198    195    198    0.03 
Continental Buyer, Inc.  (8)(13)  First Lien Term Loan  S + 4.50%  8.63%  4/2/2031   6,720    6,720    6,704    0.95 
Continental Buyer, Inc.  (7)(13)  First Lien Delayed Draw Term Loan  S + 4.50%  8.63%  4/2/2031   1,818    134    131    0.02 
Continental Buyer, Inc.  (7)(13)  First Lien Revolver  S + 4.50%  8.63%  4/2/2031   1,398    (2)   (3)   — 
Cotiviti, Inc.  (5)(8)(15)  First Lien Term Loan  S + 2.75%  6.88%  3/26/2032   4,924    4,876    4,844    0.69 
DeLorean Purchaser, Inc.  (8)(13)  First Lien Term Loan  S + 4.75%  8.73%  12/16/2031   4,334    4,305    4,302    0.61 
DeLorean Purchaser, Inc.  (7)(13)  First Lien Revolver  S + 4.75%  8.73%  12/16/2031   653    (5)   (5)   — 
Empower Payments Investor, LLC  (8)(13)  First Lien Term Loan  S + 4.75%  8.73%  3/12/2031   5,248    5,240    5,210    0.74 

 

19

 

 

ANTARES PRIVATE CREDIT FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)(Continued)

September 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 (continued)                                   
Empower Payments Investor, LLC  (7)(13)  First Lien Delayed Draw Term Loan  S + 5.25%  9.23%  3/12/2031  $1,805   $(4)  $(14)   —%
Empower Payments Investor, LLC  (13)  First Lien Delayed Draw Term Loan  S + 4.75%  8.73%  3/12/2031   304    304    302    0.04 
Empower Payments Investor, LLC  (7)(13)  First Lien Revolver  S + 4.75%  8.73%  3/12/2030   163    —    (1)   — 
Ensemble RCM, LLC  (5)(7)(15)  First Lien Revolver  S + 3.00%  6.98%  6/27/2028   100    —    —    — 
F&M Buyer LLC  (8)(13)  First Lien Term Loan  S + 4.50%  8.48%  3/18/2032   3,582    3,565    3,582    0.51 
F&M Buyer LLC  (7)(13)  First Lien Delayed Draw Term Loan  S + 4.50%  8.48%  3/18/2032   1,194    (3)   —    — 
F&M Buyer LLC  (7)(13)  First Lien Revolver  S + 4.50%  8.48%  3/18/2032   522    (3)   —    — 
Goldeneye Parent, LLC  (8)(13)  First Lien Term Loan  S + 5.00%  9.13%  3/31/2032   12,018    11,990    12,018    1.71 
Goldeneye Parent, LLC  (7)(13)  First Lien Revolver  S + 5.00%  9.13%  3/31/2032   1,744    (4)   —    — 
HT Intermediary III, Inc.  (8)(13)  First Lien Term Loan  S + 4.50%  8.63%  11/12/2030   6,253    6,228    6,221    0.88 
HT Intermediary III, Inc.  (7)(13)  First Lien Delayed Draw Term Loan  S + 4.50%  8.63%  11/12/2030   1,527    (3)   (8)   — 
HT Intermediary III, Inc.  (7)(13)  First Lien Revolver  S + 4.50%  8.63%  11/12/2030   573    17    16    — 
IMO Investor Holdings, Inc.  (8)(13)  First Lien Term Loan  S + 5.00%  8.85%  5/11/2029   3,210    3,210    3,210    0.46 
IMO Investor Holdings, Inc.  (8)(13)  First Lien Term Loan  S + 5.00%  8.98%  5/11/2029   337    337    337    0.05 
IMO Investor Holdings, Inc.  (13)  First Lien Delayed Draw Term Loan  S + 5.00%  8.85%  5/11/2029   385    385    385    0.05 
IMO Investor Holdings, Inc.  (7)(13)  First Lien Revolver  S + 5.00%  8.85%  5/11/2028   370    —    —    — 
Invictus Buyer, LLC  (13)  First Lien Term Loan  S + 4.50%  8.48%  6/3/2031   7,760    7,760    7,760    1.10 
Invictus Buyer, LLC  (7)(13)  First Lien Delayed Draw Term Loan  S + 5.00%  8.98%  6/3/2031   3,266    —    —    — 
Invictus Buyer, LLC  (7)(13)  First Lien Revolver  S + 5.00%  8.98%  6/3/2031   1,210    —    —    — 
Net Health Acquisition Corp.  (8)(13)  First Lien Term Loan  S + 4.75%  8.88%  7/7/2031   7,531    7,487    7,493    1.07 
Net Health Acquisition Corp.  (8)(13)  First Lien Term Loan  S + 4.75%  8.88%  7/3/2031   1,497    1,489    1,489    0.21 
Net Health Acquisition Corp.  (7)(13)  First Lien Revolver  S + 4.75%  8.88%  7/7/2031   973    (4)   (5)   — 
SDS Buyer, Inc.  (8)(12)  First Lien Term Loan  S + 4.75%  8.83%  9/30/2027   198    198    198    0.03 
Swoop Intermediate III, Inc.  (8)(14)  First Lien Term Loan  S + 4.50%  8.63%  4/12/2032   5,161    5,149    5,149    0.73 
Swoop Intermediate III, Inc.  (7)(14)  First Lien Delayed Draw Term Loan  S + 4.50%  8.63%  4/12/2032   3,643    (4)   (9)   — 
Swoop Intermediate III, Inc.  (7)(14)  First Lien Revolver  S + 4.50%  8.63%  4/12/2032   1,214    (3)   (3)   — 
Unlimited Technology Holdings, LLC  (8)(13)  First Lien Term Loan  S + 4.50%  8.48%  3/12/2032   5,586    5,572    5,572    0.79 
Unlimited Technology Holdings, LLC  (7)(13)  First Lien Revolver  S + 4.50%  8.48%  3/12/2032   747    (2)   (2)   — 
Wisdom Purchaser, LLC  (8)(14)  First Lien Term Loan  S + 4.50%  8.48%  7/24/2032   6,152    6,136    6,137    0.87 
Wisdom Purchaser, LLC  (7)(14)  First Lien Revolver  S + 4.50%  8.48%  7/24/2032   636    (2)   (2)   — 
Zelis Cost Management Buyer, Inc.  (5)(7)(15)  First Lien Revolver  S + 2.75%  6.73%  1/17/2029   100    —    —    — 
                        81,333    81,282    11.55 
Healthcare Equipment and Supplies                                   
Alcor Scientific LLC  (8)(12)  First Lien Term Loan  S + 4.50%  8.73%  1/31/2028   200    200    200    0.03 
Aspen Medical Products, LLC  (8)(12)  First Lien Term Loan  S + 4.75%  8.88%  6/10/2028   1,833    1,833    1,833    0.26 
Belmont Instrument, LLC  (8)(12)  First Lien Term Loan  S + 5.25%  9.23%  8/19/2028   198    198    198    0.03 
Blades Buyer, Inc.  (8)(12)  First Lien Term Loan  S + 5.00%  9.23%  3/28/2028   200    200    200    0.03 
Blades Buyer, Inc.  (12)  First Lien Delayed Draw Term Loan  S + 5.00%  9.23%  3/28/2028   7    7    7    — 
Cadence, Inc.  (8)(12)  First Lien Term Loan  S + 4.50%  8.63%  5/21/2026   198    198    197    0.03 
CDL Parent, Inc.  (8)(12)  First Lien Term Loan  S + 5.00%  9.13%  12/7/2027   198    198    197    0.03 
CDL Parent, Inc.  (8)(12)  First Lien Term Loan  S + 5.00%  8.98%  12/7/2027   2,802    2,790    2,788    0.40 

 

20

 

 

ANTARES PRIVATE CREDIT FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)(Continued)

September 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 (continued)                                   
CDL Parent, Inc.  (7)(12)  First Lien Delayed Draw Term Loan  S + 5.00%  8.98%  12/7/2027  $702   $(2)  $(4)   —%
CPC/Cirtec Holdings, Inc.  (8)(13)  First Lien Term Loan  S + 5.00%  9.13%  1/30/2029   1,652    1,646    1,644    0.23 
CPC/Cirtec Holdings, Inc.  (7)(13)  First Lien Revolver  S + 5.00%  9.13%  10/31/2028   558    87    86    0.01 
Resonetics, LLC  (5)(7)(15)  First Lien Revolver  S + 3.75%  7.73%  6/18/2029   100    (1)   —    — 
TIDI Legacy Products, Inc.  (8)(12)  First Lien Term Loan  S + 4.50%  8.63%  12/19/2029   198    198    198    0.03 
                        7,552    7,544    1.08 
Healthcare Providers and Services                                   
123Dentist Inc.  (6)(7)(13)  First Lien Delayed Draw Term Loan  C + 5.00%  7.56%  8/10/2029  CAD 10,084    5,881    5,924    0.84 
AB Centers Acquisition Corporation  (8)(13)  First Lien Term Loan  S + 5.25%  9.38%  7/2/2031   6,094    6,067    6,072    0.86 
AB Centers Acquisition Corporation  (7)(13)  First Lien Delayed Draw Term Loan  S + 5.25%  9.38%  7/2/2031   452    159    160    0.02 
AB Centers Acquisition Corporation  (7)(13)  First Lien Revolver  S + 5.25%  9.38%  7/2/2031   428    (2)   (2)   — 
ACI Group Holdings, Inc.  (8)(13)  First Lien Term Loan  S + 2.75%  10.23% (Incl. 3.25% PIK)  8/2/2028   205    205    198    0.03 
Arrow Management Acquisition, LLC  (8)(13)  First Lien Term Loan  S + 5.00%  8.98%  7/26/2032   2,197    2,186    2,187    0.31 
Arrow Management Acquisition, LLC  (7)(13)  First Lien Delayed Draw Term Loan  S + 5.00%  8.98%  7/26/2032   785    (2)   (4)   — 
Arrow Management Acquisition, LLC  (7)(13)  First Lien Revolver  S + 5.00%  8.98%  7/26/2032   262    (1)   (1)   — 
Azalea TopCo, Inc.  (5)(8)(15)  First Lien Term Loan  S + 3.00%  7.13%  4/30/2031   1,496    1,498    1,494    0.21 
Cardiology Management Holdings, LLC  (8)(12)  First Lien Term Loan  S + 5.75%  9.73%  1/31/2029   198    198    196    0.03 
Community Medical Acquisition Corp.  (8)(12)  First Lien Term Loan  S + 4.50%  8.60%  12/15/2028   99    97    99    0.01 
Crown Laundry, LLC  (8)(13)  First Lien Term Loan  S + 4.75%  8.88%  5/28/2031   2,674    2,661    2,664    0.38 
Crown Laundry, LLC  (7)(13)  First Lien Delayed Draw Term Loan  S + 4.75%  8.88%  5/28/2031   435    (1)   (2)   — 
Crown Laundry, LLC  (7)(13)  First Lien Revolver  S + 4.75%  8.88%  5/28/2031   507    (3)   (2)   — 
CVR Management, LLC  (8)(12)  First Lien Term Loan  S + 4.50%  8.63%  1/4/2027   9    9    9    — 
CVR Management, LLC  (7)(12)  First Lien Delayed Draw Term Loan  S + 4.50%  8.63%  1/4/2027   111    —    —    — 
CVR Management, LLC  (8)(12)  First Lien Delayed Draw Term Loan  S + 4.50%  8.63%  1/4/2027   198    198    197    0.03 
DCA Investment Holding LLC  (8)(13)  First Lien Term Loan  S + 6.41%  10.38%  4/3/2028   198    195    181    0.03 
Docs, MSO, LLC  (8)(13)  First Lien Term Loan  S + 5.75%  9.98%  6/1/2028   99    98    99    0.01 
ENT MSO, LLC  (8)(12)  First Lien Term Loan  S + 5.25%  9.23%  12/31/2028   159    159    158    0.02 
EPFS Buyer, Inc.  (8)(13)  First Lien Term Loan  S + 4.75%  8.73%  7/31/2031   6,040    6,009    6,011    0.85 
EPFS Buyer, Inc.  (7)(13)  First Lien Delayed Draw Term Loan  S + 4.75%  8.73%  7/31/2031   1,029    (3)   (5)   — 
EPFS Buyer, Inc.  (7)(13)  First Lien Revolver  S + 4.75%  8.73%  7/31/2031   686    (3)   (3)   — 
Eyesouth Eye Care Holdco, LLC  (8)(12)  First Lien Term Loan  S + 5.50%  9.73%  10/5/2029   2,118    2,118    2,118    0.30 
Eyesouth Eye Care Holdco, LLC  (7)(12)  First Lien Delayed Draw Term Loan  S + 5.50%  9.73%  10/5/2029   4,293    2,430    2,454    0.35 
Golden State Buyer, Inc.  (5)(8)(13)  First Lien Term Loan  S + 4.75%  8.98%  3/21/2027   198    198    198    0.03 
ImageFirst Holdings, LLC  (5)(7)(15)  First Lien Revolver  S + 3.25%  7.23%  3/12/2030   2,800    —    —    — 
IvyRehab Intermediate II, LLC  (8)(13)  First Lien Term Loan  S + 5.00%  9.08%  4/23/2029   198    198    198    0.03 
JKC Parent, Inc.  (8)(13)  First Lien Term Loan  S + 5.00%  8.98%  2/13/2032   377    376    375    0.05 
JKC Parent, Inc.  (13)  First Lien Delayed Draw Term Loan  S + 5.00%  8.98%  2/13/2032   131    126    130    0.02 
JKC Parent, Inc.  (7)(13)  First Lien Delayed Draw Term Loan  S + 5.00%  8.98%  2/13/2032   702    (3)   (4)   — 
JKC Parent, Inc.  (7)(13)  First Lien Revolver  S + 5.00%  8.98%  2/13/2032   87    —    —    — 
MRO Corporation  (8)(13)  First Lien Term Loan  S + 4.50%  8.48%  6/9/2032   9,138    9,070    9,070    1.29 
MRO Corporation  (7)(13)  First Lien Delayed Draw Term Loan  S + 4.75%  8.73%  6/9/2032   795    (3)   (6)   — 
MRO Corporation  (7)(13)  First Lien Revolver  S + 4.75%  8.73%  6/9/2032   795    (6)   (6)   — 

 

21

 

 

ANTARES PRIVATE CREDIT FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)(Continued)

September 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)                                   
OB Hospitalist Group, Inc.  (8)(13)  First Lien Term Loan  S + 5.25%  9.48%  9/27/2027  $198   $198   $198    0.03%
OIS Management Services, LLC  (8)(13)  First Lien Term Loan  S + 4.75%  8.73%  11/16/2028   3,802    3,742    3,755    0.53 
OIS Management Services, LLC  (13)  First Lien Delayed Draw Term Loan  S + 4.75%  8.73%  11/16/2028   3,127    3,077    3,088    0.44 
ONS MSO, LLC  (12)  First Lien Delayed Draw Term Loan  S + 5.75%  9.73%  7/7/2028   212    210    206    0.03 
ONS MSO, LLC  (7)(12)  First Lien Revolver  S + 6.25%  10.23%  7/7/2028   24    7    6    — 
Onsite Holdings, LLC  (8)(12)  First Lien Term Loan  S + 6.75%  11.04% PIK  12/28/2027   346    346    345    0.05 
Onsite Holdings, LLC  (7)(12)  First Lien Delayed Draw Term Loan  S + 6.75%  11.04% PIK  12/28/2027   938    (5)   (5)   — 
Onsite Holdings, LLC  (12)  First Lien Revolver  S + 6.75%  11.04% PIK  12/28/2025   94    94    94    0.01 
Orsini Pharmaceutical Services, LLC  (8)(13)  First Lien Term Loan  S + 4.50%  8.63%  5/22/2031   3,343    3,328    3,311    0.47 
Orsini Pharmaceutical Services, LLC  (7)(13)  First Lien Revolver  S + 4.50%  8.63%  5/22/2030   226    (1)   (2)   — 
Phantom Purchaser, Inc.  (8)(13)  First Lien Term Loan  S + 5.00%  8.98%  9/19/2031   2,966    2,961    2,960    0.42 
Phantom Purchaser, Inc.  (7)(13)  First Lien Revolver  S + 4.75%  8.73%  9/19/2031   1,465    (6)   (7)   — 
Phynet Dermatology LLC  (8)(12)  First Lien Term Loan  S + 6.50%  10.48%  10/20/2029   198    198    191    0.03 
Premise Health Holding Corp.  (8)(13)  First Lien Term Loan  S + 5.25%  9.23%  3/3/2031   6,042    6,042    6,042    0.86 
Premise Health Holding Corp.  (7)(13)  First Lien Revolver  S + 5.25%  9.23%  3/1/2030   712    —    —    — 
Raven Acquisition Holdings, LLC  (5)(8)(15)  First Lien Term Loan  S + 3.00%  7.13%  11/19/2031   4,643    4,644    4,647    0.66 
Raven Acquisition Holdings, LLC  (5)(7)(15)  First Lien Delayed Draw Term Loan  S + 3.00%  7.13%  11/19/2031   333    (3)   —    — 
RxSense Holdings LLC  (8)(12)  First Lien Term Loan  S + 5.00%  8.98%  3/12/2027   4,088    4,088    4,068    0.58 
RxSense Holdings LLC  (7)(12)  First Lien Revolver  S + 5.25%  9.23%  3/12/2027   619    —    (3)   — 
Smile Doctors LLC  (8)(13)  First Lien Term Loan  S + 5.90%  9.85%  12/23/2028   99    99    99    0.01 
Soleo Holdings, Inc.  (8)(13)  First Lien Term Loan  S + 4.50%  8.48%  1/30/2032   4,807    4,799    4,807    0.68 
Soleo Holdings, Inc.  (7)(13)  First Lien Delayed Draw Term Loan  S + 4.75%  8.73%  1/30/2032   704    (1)   —    — 
Soleo Holdings, Inc.  (7)(13)  First Lien Revolver  S + 4.75%  8.73%  1/30/2032   704    (2)   —    — 
Specialized Dental Holdings II, LLC  (8)(12)  First Lien Term Loan  S + 4.75%  8.88%  11/1/2027   198    198    198    0.03 
Specialtycare, Inc.  (8)(12)  First Lien Term Loan  S + 5.00%  9.13%  12/18/2029   6,170    6,135    6,139    0.87 
Specialtycare, Inc.  (7)(15)  First Lien Delayed Draw Term Loan  S + 5.00%  9.13%  12/18/2029   1,353    (3)   (7)   — 
Specialtycare, Inc.  (7)(15)  First Lien Revolver  S + 3.75%  7.84%  12/18/2029   204    15    15    — 
STCH Acquisition Inc.  (8)(12)  First Lien Term Loan  S + 5.25%  9.48%  10/30/2026   2,281    2,275    2,281    0.32 
STCH Acquisition Inc.  (7)(12)  First Lien Revolver  S + 5.25%  9.48%  10/30/2026   196    (1)   —    — 
TurningPoint Healthcare Solutions, LLC  (8)(12)  First Lien Term Loan  S + 4.75%  8.98%  7/14/2027   198    197    198    0.03 
United Digestive MSO Parent, LLC  (8)(12)  First Lien Term Loan  S + 5.75%  9.73%  3/30/2029   198    198    198    0.03 
Urology Management Holdings, Inc.  (8)(12)  First Lien Term Loan  S + 5.50%  9.63%  6/15/2027   198    196    198    0.03 
USHV Management, LLC  (8)(13)  First Lien Term Loan  S + 5.00%  8.98%  9/8/2032   3,295    3,279    3,279    0.47 
USHV Management, LLC  (7)(13)  First Lien Delayed Draw Term Loan  S + 5.00%  8.98%  9/8/2032   1,016    (3)   (5)   — 
USHV Management, LLC  (7)(13)  First Lien Revolver  S + 5.00%  8.98%  9/8/2031   549    (3)   (3)   — 
Valeris, Inc.  (8)(13)  First Lien Term Loan  S + 4.75%  8.73%  9/19/2031   8,873    8,829    8,829    1.26 
Vital Care Buyer, LLC  (8)(13)  First Lien Term Loan  S + 4.50%  8.48%  7/30/2031   5,289    5,268    5,266    0.75 
Vital Care Buyer, LLC  (7)(13)  First Lien Revolver  S + 4.50%  8.48%  7/30/2031   696    (3)   (3)   — 
WCG Intermediate Corp.  (5)(8)(12)  First Lien Term Loan  S + 3.00%  7.13%  2/25/2032   2,039    2,029    2,027    0.29 
                        102,530    102,567    14.58 

 

22

 

 

ANTARES PRIVATE CREDIT FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)(Continued)

September 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%  8.98%  8/19/2027  $198   $197   $197    0.03%
Movati Athletic (Group) Inc.  (6)(8)(12)  First Lien Term Loan  C + 4.75%  7.63%  5/29/2030  CAD 7,476    5,354    5,357    0.76 
Movati Athletic (Group) Inc.  (6)(7)(12)  First Lien Delayed Draw Term Loan  C + 4.75%  7.61%  5/29/2030  CAD 918    (7)   (2)   — 
Southpaw Ap Buyer, LLC  (8)(12)  First Lien Term Loan  S + 5.50%  9.63%  3/2/2028   2,776    2,769    2,769    0.39 
Southpaw Ap Buyer, LLC  (7)(12)  First Lien Delayed Draw Term Loan  S + 5.50%  9.63%  3/2/2028   626    567    569    0.08 
Southpaw Ap Buyer, LLC  (7)(12)  First Lien Revolver  S + 5.50%  9.63%  3/2/2028   252    57    57    0.01 
                        8,937    8,947    1.27 
Household Durables                                   
Stanton Carpet Intermediate Holdings II, Inc.  (8)(12)  First Lien Term Loan  S + 5.00%  9.13%  10/1/2027   200    200    200    0.03 
                        200    200    0.03 
Household Products                                   
TPC US Parent, LLC  (8)(12)  First Lien Term Loan  S + 5.75%  9.88%  2/23/2026   198    198    198    0.03 
Wu Holdco, Inc.  (8)(13)  First Lien Term Loan  S + 4.75%  8.73%  4/19/2032   10,264    10,239    10,239    1.46 
Wu Holdco, Inc.  (7)(13)  First Lien Delayed Draw Term Loan  S + 4.75%  8.73%  4/19/2032   2,497    (3)   (6)   — 
Wu Holdco, Inc.  (7)(15)  First Lien Revolver  S + 4.75%  8.73%  4/19/2032   777    (2)   (2)   — 
                        10,432    10,429    1.49 
Industrial Conglomerates                                   
FCG Acquisitions, Inc.  (5)(8)(14)  First Lien Term Loan  S + 3.25%  7.38%  3/31/2028   2,977    2,983    2,987    0.42 
Harvey Tool Company, LLC  (8)(13)  First Lien Term Loan  E + 5.00%  6.93%  8/6/2032  EUR 617    715    722    0.10 
Harvey Tool Company, LLC  (8)(13)  First Lien Term Loan  S + 4.75%  8.88%  8/6/2032   9,199    9,199    9,132    1.30 
Harvey Tool Company, LLC  (7)(13)  First Lien Delayed Draw Term Loan  S + 4.75%  8.88%  8/6/2032   3,424    (7)   (25)   — 
Harvey Tool Company, LLC  (7)(13)  First Lien Revolver  S + 4.75%  8.88%  8/6/2032   1,179    —    (8)   — 
Indicor, LLC  (5)(6)(8)(14)  First Lien Term Loan  S + 2.75%  6.73%  11/22/2029   2,492    2,500    2,498    0.36 
                        15,390    15,306    2.18 
Insurance                                   
Allied Benefit Systems Intermediate LLC  (8)(13)  First Lien Term Loan  S + 5.25%  9.38%  10/31/2030   3,346    3,346    3,346    0.48 
Allied Benefit Systems Intermediate LLC  (13)  First Lien Delayed Draw Term Loan  S + 5.25%  9.38%  10/31/2030   629    629    629    0.09 
AMBA Buyer, Inc.  (8)(13)  First Lien Term Loan  S + 5.25%  9.33%  7/30/2027   3,578    3,560    3,560    0.51 
AMBA Buyer, Inc.  (8)(13)  First Lien Delayed Draw Term Loan  S + 5.25%  9.33%  7/30/2027   858    854    854    0.12 
AMBA Buyer, Inc.  (7)(13)  First Lien Revolver  S + 5.25%  9.33%  7/30/2027   223    (1)   (1)   — 
Amerilife Holdings LLC  (8)(13)  First Lien Term Loan  S + 5.00%  8.98%  8/31/2029   3,308    3,300    3,301    0.47 
Amerilife Holdings LLC  (7)(13)  First Lien Delayed Draw Term Loan  S + 5.00%  8.98%  8/31/2029   13,318    11,139    11,145    1.58 
Amerilife Holdings LLC  (7)(13)  First Lien Revolver  S + 5.00%  8.98%  8/31/2028   556    91    91    0.01 

 

23

 

 

 

ANTARES PRIVATE CREDIT FUND
CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)(Continued)
September 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%  9.23%  7/24/2031  $198   $197   $198    0.03%
Ardonagh Midco 3 Limited  (5)(6)(8)(15)  First Lien Term Loan  S + 2.75%  6.60%  2/15/2031   4,975    4,975    4,961    0.71 
Asurion, LLC  (5)(8)(15)  First Lien Term Loan  S + 3.25%  7.49%  7/31/2027   3,990    3,995    3,991    0.57 
Bellwether Buyer, L.L.C.  (8)(13)  First Lien Term Loan  S + 4.50%  8.63%  4/15/2032   4,182    4,173    4,172    0.59 
Bellwether Buyer, L.L.C.  (7)(13)  First Lien Delayed Draw Term Loan  S + 4.50%  8.63%  4/15/2032   2,178    (3)   (5)   — 
Bellwether Buyer, L.L.C.  (7)(13)  First Lien Revolver  S + 4.50%  8.63%  4/15/2032   871    216    216    0.03 
Beyond Risk Parent Holdings, Inc.  (7)(13)  First Lien Delayed Draw Term Loan  S + 4.50%  8.73%  10/8/2027   6,369    515    526    0.07 
Broadstreet Partners, Inc.  (5)(6)(8)(15)  First Lien Term Loan  S + 2.75%  6.88%  6/13/2031   2,494    2,499    2,500    0.35 
Foundation Risk Partners, Corp.  (7)(13)  First Lien Delayed Draw Term Loan  S + 4.75%  8.73%  10/29/2030   4,294    205    215    0.03 
Galway Borrower LLC  (8)(13)  First Lien Term Loan  S + 4.50%  8.48%  9/29/2028   198    196    196    0.03 
Imagine 360 LLC  (8)(13)  First Lien Term Loan  S + 4.75%  8.73%  9/30/2028   1,389    1,384    1,389    0.20 
Imagine 360 LLC  (7)(13)  First Lien Delayed Draw Term Loan  S + 4.75%  8.73%  9/30/2028   767    (3)   —    — 
Imagine 360 LLC  (7)(13)  First Lien Revolver  S + 4.75%  8.73%  9/30/2028   327    (3)   —    — 
Integrity Marketing Acquisition, LLC  (8)(13)  First Lien Term Loan  S + 5.00%  8.98%  8/25/2028   7,603    7,580    7,565    1.08 
Mclarens Midco Inc.  (8)(13)  First Lien Term Loan  S + 4.75%  8.88%  12/19/2027   2,570    2,570    2,557    0.36 
Mclarens Midco Inc.  (7)(13)  First Lien Delayed Draw Term Loan  S + 4.75%  8.88%  12/19/2027   663    462    459    0.06 
Mclarens Midco Inc.  (8)(13)  First Lien Delayed Draw Term Loan  S + 4.75%  8.88%  12/19/2027   898    898    894    0.13 
Mclarens Midco Inc.  (7)(13)  First Lien Revolver  S + 4.75%  8.83%  12/19/2027   287    —    (1)   — 
Oakbridge Insurance Agency, LLC  (8)(13)  First Lien Term Loan  S + 5.75%  9.88%  11/1/2029   198    198    198    0.03 
Oakbridge Insurance Agency, LLC  (7)(13)  First Lien Delayed Draw Term Loan  S + 5.00%  9.13%  11/1/2029   2,583    703    712    0.10 
OneDigital Borrower LLC  (5)(8)(14)  First Lien Term Loan  S + 3.00%  7.13%  7/2/2031   2,494    2,494    2,497    0.35 
Pareto Health Intermediate Holdings, Inc.  (8)(12)  First Lien Term Loan  S + 4.75%  8.73%  6/1/2030   2,732    2,720    2,718    0.39 
Pareto Health Intermediate Holdings, Inc.  (7)(12)  First Lien Delayed Draw Term Loan  S + 5.00%  8.98%  6/1/2030   653    (1)   (3)   — 
Patriot Growth Insurance Services, LLC  (8)(13)  First Lien Term Loan  S + 5.00%  9.13%  10/16/2028   7,995    7,963    7,995    1.14 
Patriot Growth Insurance Services, LLC  (8)(13)  First Lien Delayed Draw Term Loan  S + 5.00%  9.13%  10/16/2028   1,398    1,393    1,398    0.20 
Patriot Growth Insurance Services, LLC  (7)(13)  First Lien Revolver  S + 5.00%  9.08%  10/16/2028   534    (2)   —    — 
Riser Interco, LLC  (8)(13)  First Lien Term Loan  S + 4.75%  8.73%  10/31/2029   899    899    899    0.13 
Riser Interco, LLC  (8)(13)  First Lien Term Loan  SON + 4.75%  8.72%  10/31/2029  GBP 1,512    2,000    2,033    0.29 
Riser Interco, LLC  (7)(13)  First Lien Delayed Draw Term Loan  S + 4.75%  8.73%  10/31/2029   1,493    (2)   —    — 
Riser Interco, LLC  (7)(13)  First Lien Revolver  S + 4.75%  8.73%  10/31/2029   600    136    136    0.02 
Simplicity Financial Marketing Group Holdings, Inc.  (8)(13)  First Lien Term Loan  S + 5.00%  8.98%  12/31/2031   6,735    6,706    6,701    0.95 
Simplicity Financial Marketing Group Holdings, Inc.  (7)(13)  First Lien Delayed Draw Term Loan  S + 5.00%  8.98%  12/31/2031   1,803    531    526    0.07 
Simplicity Financial Marketing Group Holdings, Inc.  (7)(13)  First Lien Revolver  S + 5.00%  8.98%  12/31/2031   903    (5)   (5)   — 
THG Acquisition, LLC  (8)(13)  First Lien Term Loan  S + 4.75%  8.88%  10/31/2031   2,946    2,946    2,946    0.42 
THG Acquisition, LLC  (7)(13)  First Lien Delayed Draw Term Loan  S + 4.75%  8.88%  10/31/2031   660    107    107    0.01 
THG Acquisition, LLC  (7)(13)  First Lien Revolver  S + 4.75%  8.88%  10/31/2031   330    25    25    — 
Trucordia Insurance Holdings, LLC  (5)(8)(15)  First Lien Term Loan  S + 3.25%  7.38%  6/17/2032   271    270    272    0.04 
World Insurance Associates, LLC  (8)(12)  First Lien Term Loan  S + 5.00%  8.98%  4/3/2030   4,063    4,061    4,053    0.58 
World Insurance Associates, LLC  (7)(12)  First Lien Delayed Draw Term Loan  S + 5.00%  8.98%  4/3/2030   2,859    606    604    0.09 
World Insurance Associates, LLC  (7)(12)  First Lien Revolver  S + 5.00%  8.98%  4/3/2030   209    (1)   (1)   — 
                        86,521    86,569    12.31 

 

24

 

 

ANTARES PRIVATE CREDIT FUND
CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)(Continued)
September 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%  10.23%  6/30/2028  $200   $200   $198    0.03%
Cardinal Parent, Inc.  (5)(8)(13)  First Lien Term Loan  S + 4.50%  8.63%  11/12/2027   198    187    197    0.03 
DT1 Midco Corp  (8)(13)  First Lien Term Loan  S + 5.00%  9.13%  12/30/2031   6,456    6,427    6,423    0.91 
DT1 Midco Corp  (13)  First Lien Delayed Draw Term Loan  S + 5.00%  9.13%  12/30/2031   2,000    1,996    1,990    0.28 
DT1 Midco Corp  (7)(13)  First Lien Delayed Draw Term Loan  S + 5.00%  9.13%  12/30/2031   2,540    10    5    — 
DT1 Midco Corp  (7)(13)  First Lien Revolver  S + 5.00%  9.13%  12/30/2030   1,183    (4)   —    — 
Govdelivery Holdings, LLC  (8)(13)  First Lien Term Loan  S + 3.50%  9.73% (Incl. 2.25% PIK)  1/17/2031   201    201    201    0.03 
Marco Technologies, LLC  (8)(12)  First Lien Term Loan  S + 5.25%  9.38%  11/24/2026   200    200    200    0.03 
Medallia, Inc.  (8)(13)  First Lien Term Loan  S + 2.50%  10.45% (Incl. 4.00% PIK)  10/29/2028   104    102    92    0.01 
Noble Midco 3 Limited  (8)(13)  First Lien Term Loan  S + 4.75%  8.73%  6/10/2031   5,056    5,056    5,056    0.72 
Noble Midco 3 Limited  (7)(13)  First Lien Delayed Draw Term Loan  S + 4.75%  8.73%  6/10/2031   824    —    —    — 
Noble Midco 3 Limited  (7)(13)  First Lien Revolver  S + 4.75%  8.73%  12/10/2030   1,120    —    —    — 
Oeconnection LLC  (8)(13)  First Lien Term Loan  S + 5.25%  9.38%  4/22/2031   4,385    4,385    4,399    0.62 
Oeconnection LLC  (13)  First Lien Delayed Draw Term Loan  S + 5.25%  9.38%  4/22/2031   765    757    768    0.11 
Oeconnection LLC  (7)(13)  First Lien Delayed Draw Term Loan  S + 5.25%  9.38%  4/22/2031   2,138    —    7    — 
Oeconnection LLC  (7)(13)  First Lien Revolver  S + 5.25%  9.38%  4/22/2031   482    —    —    — 
PDI TA Holdings, Inc.  (8)(13)  First Lien Term Loan  S + 5.50%  9.48%  2/3/2031   206    206    206    0.03 
Ridge Trail US Bidco, Inc.  (8)(13)  First Lien Term Loan  S + 4.50%  8.35%  9/30/2031   8,621    8,567    8,556    1.22 
Ridge Trail US Bidco, Inc.  (7)(13)  First Lien Delayed Draw Term Loan  S + 4.50%  8.35%  9/30/2031   2,995    (20)   (22)   — 
Ridge Trail US Bidco, Inc.  (7)(13)  First Lien Revolver  S + 4.50%  8.35%  3/31/2031   998    263    262    0.04 
Safety Borrower Holdings LLC  (8)(12)  First Lien Term Loan  S + 4.75%  8.88%  9/1/2027   3,466    3,466    3,451    0.49 
Safety Borrower Holdings LLC  (7)(15)  First Lien Revolver  S + 4.75%  8.73%  9/1/2027   499    162    160    0.02 
Saturn Borrower Inc  (8)(12)  First Lien Term Loan  S + 6.00%  9.98%  11/13/2028   3,891    3,868    3,881    0.55 
Saturn Borrower Inc  (7)(12)  First Lien Delayed Draw Term Loan  S + 6.00%  9.98%  11/13/2028   1,422    (4)   (4)   — 
Saturn Borrower Inc  (7)(12)  First Lien Revolver  S + 6.00%  10.13%  11/13/2028   640    149    152    0.02 
Spirit RR Holdings, Inc.  (8)(13)  First Lien Term Loan  S + 4.50%  8.58%  9/13/2028   3,227    3,221    3,211    0.46 
Spirit RR Holdings, Inc.  (13)  First Lien Delayed Draw Term Loan  S + 4.50%  8.58%  9/13/2028   464    463    462    0.06 
Spirit RR Holdings, Inc.  (12)  First Lien Delayed Draw Term Loan  S + 4.50%  8.58%  9/13/2028   267    267    267    0.04 
Spirit RR Holdings, Inc.  (7)(13)  First Lien Revolver  S + 4.50%  8.58%  9/13/2028   272    (1)   (1)   — 
Storable, Inc.  (5)(7)(15)  First Lien Revolver  S + 2.75%  6.73%  4/16/2029   100    —    —    — 
Trunk Acquisition, Inc.  (8)(12)  First Lien Term Loan  S + 6.00%  10.13%  2/19/2030   1,998    1,993    1,998    0.28 
Trunk Acquisition, Inc.  (7)(12)  First Lien Delayed Draw Term Loan  S + 6.00%  10.13%  2/19/2030   1,836    1,555    1,561    0.22 
VS Buyer, LLC  (5)(7)(15)  First Lien Revolver  S + 2.25%  6.23%  4/12/2029   100    —    —    — 
Welocalize, Inc.  (8)(12)  First Lien Term Loan  S + 5.00%  8.98%  6/23/2026   198    198    197    0.03 
                        43,870    43,873    6.23 

 

25

 

 

ANTARES PRIVATE CREDIT FUND
CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)(Continued)
September 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%  8.73%  12/12/2029  $6,097   $6,097   $6,067    0.86%
Kwol Acquisition, Inc.  (7)(13)  First Lien Delayed Draw Term Loan  S + 4.75%  8.73%  12/12/2029   1,918    (5)   (9)   — 
Kwol Acquisition, Inc.  (7)(13)  First Lien Revolver  S + 4.75%  8.73%  12/12/2029   1,066    (1)   (5)   — 
LSCS Holdings, Inc.  (5)(8)(15)  First Lien Term Loan  S + 4.50%  8.48%  3/4/2032   1,493    1,485    1,473    0.21 
Sotera Health Holdings, LLC  (5)(6)(8)(15)  First Lien Term Loan  S + 2.50%  6.63%  5/30/2031   1,791    1,791    1,796    0.26 
                        9,367    9,322    1.33 
Machinery                                   
CD&R Hydra Buyer, Inc.  (5)(8)(15)  First Lien Term Loan  S + 4.00%  8.23%  3/25/2031   1,980    1,991    1,970    0.28 
Clyde Industries Us Holdco, Inc.  (8)(12)  First Lien Term Loan  S + 5.00%  9.13%  12/18/2026   165    165    165    0.02 
Dynatect Group Holdings, Inc.  (8)(12)  First Lien Term Loan  S + 4.50%  8.58%  9/30/2026   191    191    191    0.03 
Flow Control Solutions, Inc.  (7)(13)  First Lien Delayed Draw Term Loan  S + 5.00%  8.98%  3/29/2029   5,238    1,224    1,255    0.18 
Flow Control Solutions, Inc.  (7)(13)  First Lien Revolver  S + 5.00%  8.98%  3/29/2029   936    208    214    0.03 
Madison IAQ LLC  (5)(8)(14)  First Lien Term Loan  S + 3.25%  7.10%  5/6/2032   823    815    828    0.12 
Merlin Buyer, Inc.  (5)(8)(14)  First Lien Term Loan  S + 4.75%  8.73%  12/14/2028   9,383    9,373    9,375    1.33 
Merlin Buyer, Inc.  (5)(7)(15)  First Lien Revolver  S + 3.75%  7.73%  12/14/2026   1,450    (12)   (1)   — 
Process Equipment, Inc.  (8)(12)  First Lien Term Loan  S + 5.25%  9.35%  9/6/2026   197    197    194    0.03 
Process Insights Acquisition, Inc.  (8)(12)  First Lien Term Loan  S + 6.25%  10.23%  7/18/2029   198    198    183    0.03 
RFI Buyer, Inc.  (8)(13)  First Lien Term Loan  S + 4.50%  8.58%  8/5/2030   3,468    3,451    3,451    0.49 
RFI Buyer, Inc.  (7)(13)  First Lien Delayed Draw Term Loan  S + 4.50%  8.58%  8/5/2030   2,601    (6)   (13)   — 
RFI Buyer, Inc.  (7)(13)  First Lien Revolver  S + 4.50%  8.58%  8/5/2030   600    (3)   (3)   — 
SPX Flow, Inc.  (5)(8)(14)  First Lien Term Loan  S + 2.75%  6.88%  4/5/2029   556    556    559    0.08 
Victory Buyer LLC  (5)(7)(15)  First Lien Revolver  S + 3.75%  7.99%  11/19/2028   100    55    56    0.01 
                        18,403    18,424    2.63 
Media                                   
Klick, Inc.  (6)(8)(12)  First Lien Term Loan  S + 4.50%  8.63%  3/31/2028   727    721    727    0.10 
MH Sub I, LLC  (5)(8)(14)  First Lien Term Loan  S + 4.25%  8.38%  12/31/2031   2,481    2,459    2,289    0.33 
Planet US Buyer LLC  (5)(8)(15)  First Lien Term Loan  S + 3.00%  6.98%  2/7/2031   2,382    2,387    2,398    0.34 
Red Ventures, LLC (New Imagitas, Inc.)  (5)(8)(15)  First Lien Term Loan  S + 2.75%  6.88%  3/4/2030   1,713    1,711    1,618    0.23 
                        7,278    7,032    1.00 
Oil, Gas and Consumable Fuels                                   
CPPIB OVM Member U.S. LLC  (5)(8)(15)  First Lien Term Loan  S + 2.50%  6.48%  8/20/2031   3,109    3,109    3,119    0.44 
Valicor PPC Intermediate II LLC  (8)(12)  First Lien Term Loan  S + 5.00%  9.13%  7/24/2028   5,117    5,109    5,077    0.72 
Valicor PPC Intermediate II LLC  (8)(12)  First Lien Delayed Draw Term Loan  S + 5.00%  9.13%  7/24/2028   438    437    434    0.06 
Valicor PPC Intermediate II LLC  (7)(12)  First Lien Revolver  S + 5.00%  9.13%  1/24/2028   710    84    80    0.01 
                        8,739    8,710    1.23 
Personal Care Products                                   
Apothecary Products, LLC  (8)(12)  First Lien Term Loan  S + 5.00%  8.85%  7/27/2026   189    189    187    0.03 
Swanson Health Products, Incorporated  (8)(12)  First Lien Term Loan  S + 5.75%  9.99%  6/30/2027   183    183    181    0.03 
                        372    368    0.06 

 

26

 

 

ANTARES PRIVATE CREDIT FUND
CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)(Continued)
September 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                                   
Amneal Pharmaceuticals LLC  (5)(6)(8)(14)  First Lien Term Loan  S + 3.50%  7.63%  8/1/2032  $1,509   $1,510   $1,511    0.21%
Bamboo US BidCo LLC  (8)(12)  First Lien Term Loan  S + 5.25%  9.23%  9/30/2030   3,001    3,001    2,971    0.42 
Bamboo US BidCo LLC  (8)(12)  First Lien Term Loan  E + 5.25%  7.28%  9/30/2030  EUR 2,700    2,952    3,137    0.45 
Bamboo US BidCo LLC  (7)(12)  First Lien Delayed Draw Term Loan  S + 5.25%  9.23%  9/30/2030   714    (2)   (7)   — 
Bamboo US BidCo LLC  (12)  First Lien Delayed Draw Term Loan  S + 5.25%  9.23%  9/30/2030   463    463    459    0.07 
Bamboo US BidCo LLC  (7)(12)  First Lien Revolver  S + 5.25%  9.38%  9/30/2030   714    653    651    0.09 
Bamboo US BidCo LLC  (7)(12)  First Lien Revolver  S + 5.25%  9.23%  10/1/2029   826    —    (8)   — 
Bridges Consumer Healthcare Intermediate LLC  (8)(12)  First Lien Term Loan  S + 5.25%  9.23%  12/22/2031   4,673    4,652    4,673    0.66 
Bridges Consumer Healthcare Intermediate LLC  (7)(12)  First Lien Delayed Draw Term Loan  S + 5.25%  9.10%  12/22/2031   2,226    1,774    1,779    0.25 
Bridges Consumer Healthcare Intermediate LLC  (7)(12)  First Lien Delayed Draw Term Loan  S + 5.25%  9.23%  12/22/2031   2,000    (5)   —    — 
Bridges Consumer Healthcare Intermediate LLC  (7)(12)  First Lien Revolver  S + 5.25%  9.23%  12/22/2031   894    (4)   —    — 
Exactcare Parent, Inc.  (8)(12)  First Lien Term Loan  S + 5.50%  9.48%  11/5/2029   198    198    198    0.03 
Puma Buyer, LLC  (8)(14)  First Lien Term Loan  S + 4.25%  8.23%  3/29/2032   8,119    8,089    8,119    1.15 
Puma Buyer, LLC  (7)(14)  First Lien Revolver  S + 4.25%  8.23%  3/29/2032   1,313    (5)   —    — 
Tersera Therapeutics, LLC  (8)(12)  First Lien Term Loan  S + 5.25%  9.23%  4/4/2029   2,486    2,476    2,486    0.35 
Tersera Therapeutics, LLC  (8)(12)  First Lien Term Loan  S + 5.75%  9.73%  4/4/2029   3,845    3,845    3,845    0.55 
Tersera Therapeutics, LLC  (7)(12)  First Lien Revolver  S + 5.75%  9.73%  4/4/2029   116    —    —    — 
                        29,597    29,814    4.23 
Professional Services                                   
ABC Legal Holdings, LLC  (8)(13)  First Lien Term Loan  S + 4.50%  8.63%  8/13/2032   1,312    1,305    1,305    0.19 
ABC Legal Holdings, LLC  (7)(13)  First Lien Delayed Draw Term Loan  S + 4.50%  8.63%  8/13/2032   393    (1)   (2)   — 
ABC Legal Holdings, LLC  (7)(13)  First Lien Revolver  S + 4.50%  8.63%  8/13/2032   255    (1)   (1)   — 
Access CIG, LLC  (5)(8)(14)  First Lien Term Loan  S + 4.00%  8.13%  8/19/2030   1,247    1,247    1,252    0.18 
Analytic Partners, LP  (8)(13)  First Lien Term Loan  S + 4.50%  8.63%  4/4/2030   3,883    3,877    3,883    0.55 
Analytic Partners, LP  (7)(15)  First Lien Revolver  S + 4.50%  8.63%  4/4/2030   502    (2)   —    — 
Applied Technical Services, LLC  (8)(13)  First Lien Term Loan  S + 5.25%  9.23%  4/8/2031   6,376    6,348    6,376    0.91 
Applied Technical Services, LLC  (7)(13)  First Lien Delayed Draw Term Loan  S + 5.25%  9.23%  4/8/2031   645    174    180    0.03 
Applied Technical Services, LLC  (7)(13)  First Lien Revolver  S + 5.25%  9.23%  4/8/2031   645    97    103    0.01 
AQ Carver Buyer, Inc.  (5)(7)(15)  First Lien Revolver  S + 5.25%  9.33%  8/2/2028   100    —    —    — 
Carr, Riggs & Ingram Capital, L.L.C.  (8)(14)  First Lien Term Loan  S + 4.25%  8.23%  11/18/2031   2,861    2,849    2,861    0.41 
Carr, Riggs & Ingram Capital, L.L.C.  (7)(14)  First Lien Delayed Draw Term Loan  S + 4.25%  8.23%  11/18/2031   1,457    304    308    0.04 
Carr, Riggs & Ingram Capital, L.L.C.  (7)(14)  First Lien Revolver  S + 4.25%  8.23%  11/18/2031   667    (3)   —    — 
Clinical Education Alliance, LLC  (8)(12)  First Lien Term Loan  S + 5.00%  9.13%  12/21/2026   99    98    99    0.01 
Crisis Prevention Institute, Inc.  (5)(7)(14)  First Lien Revolver  S + 4.75%  8.73%  4/9/2029   100    —    —    — 
Disa Holdings Corp.  (8)(13)  First Lien Term Loan  S + 5.00%  9.13%  9/9/2028   2,832    2,832    2,802    0.40 
Disa Holdings Corp.  (8)(13)  First Lien Delayed Draw Term Loan  S + 5.00%  9.13%  9/9/2028   551    551    546    0.08 
Disa Holdings Corp.  (7)(13)  First Lien Delayed Draw Term Loan  S + 5.00%  8.98%  9/9/2028   588    571    565    0.08 
Foreigner Bidco Inc.  (8)(12)  First Lien Term Loan  S + 5.50%  9.73%  4/19/2028   200    200    200    0.03 
Grant Thornton Advisors LLC  (5)(6)(8)(15)  First Lien Term Loan  S + 2.50%  6.63%  6/2/2031   3,328    3,330    3,312    0.47 

 

27

 

 

ANTARES PRIVATE CREDIT FUND
CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)(Continued)
September 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)                                   
HSI Halo Acquisition, Inc.  (8)(13)  First Lien Term Loan  S + 5.00%  9.13%  6/30/2031  $7,767   $7,751   $7,767    1.10%
HSI Halo Acquisition, Inc.  (7)(13)  First Lien Delayed Draw Term Loan  S + 5.00%  9.13%  6/30/2031   1,396    694    697    0.10 
HSI Halo Acquisition, Inc.  (7)(13)  First Lien Revolver  S + 5.00%  9.13%  6/28/2030   932    (2)   —    — 
IG Investments Holdings, LLC  (13)  First Lien Term Loan  S + 5.00%  8.98%  9/22/2028   2,589    2,589    2,589    0.37 
IG Investments Holdings, LLC  (7)(13)  First Lien Revolver  S + 5.00%  8.98%  9/22/2028   293    —    —    — 
Iris Buyer LLC  (8)(12)  First Lien Term Loan  S + 5.25%  9.23%  10/2/2030   198    195    198    0.03 
KENE Acquisition, Inc.  (8)(12)  First Lien Term Loan  S + 5.25%  9.23%  2/7/2031   198    198    196    0.03 
Keng Acquisition, Inc.  (8)(12)  First Lien Term Loan  S + 4.50%  8.48%  8/1/2029   198    196    197    0.03 
Marina Acquisition, Inc.  (8)(12)  First Lien Term Loan  S + 5.00%  8.98%  7/1/2030   2,130    2,112    2,082    0.30 
Marina Acquisition, Inc.  (7)(12)  First Lien Revolver  S + 5.00%  8.98%  7/1/2030   307    77    73    0.01 
MHE Intermediate Holdings, LLC  (8)(12)  First Lien Term Loan  S + 6.00%  10.13%  7/21/2027   200    200    199    0.03 
Monarch Buyer, Inc.  (8)(14)  First Lien Term Loan  S + 4.75%  8.88%  6/2/2032   4,922    4,898    4,898    0.70 
Monarch Buyer, Inc.  (7)(14)  First Lien Delayed Draw Term Loan  S + 4.75%  8.88%  6/2/2032   2,051    (5)   (10)   — 
Monarch Buyer, Inc.  (7)(14)  First Lien Revolver  S + 4.75%  8.88%  6/2/2032   923    (4)   (5)   — 
OMNIA Partners, LLC  (5)(8)(15)  First Lien Term Loan  S + 2.50%  6.48%  7/25/2030   4,135    4,148    4,142    0.59 
Propio LS, LLC  (8)(13)  First Lien Term Loan  S + 4.75%  8.73%  5/10/2030   7,282    7,246    7,227    1.03 
Propio LS, LLC  (7)(13)  First Lien Revolver  S + 4.75%  8.73%  5/10/2030   200    (1)   (1)   — 
Rimkus Consulting Group, Inc.  (8)(13)  First Lien Term Loan  S + 5.25%  9.23%  4/1/2031   8,894    8,894    8,627    1.23 
Rimkus Consulting Group, Inc.  (7)(13)  First Lien Delayed Draw Term Loan  S + 5.25%  9.23%  4/1/2031   2,248    476    409    0.06 
Rimkus Consulting Group, Inc.  (7)(13)  First Lien Revolver  S + 5.25%  9.23%  4/1/2030   1,201    300    264    0.04 
Ruppert Landscape, LLC  (8)(13)  First Lien Term Loan  S + 5.00%  8.98%  12/3/2029   4,598    4,590    4,577    0.65 
Ruppert Landscape, LLC  (8)(13)  First Lien Delayed Draw Term Loan  S + 5.00%  8.98%  12/3/2029   605    605    603    0.08 
Ruppert Landscape, LLC  (7)(13)  First Lien Delayed Draw Term Loan  S + 5.00%  8.98%  12/3/2029   6,414    2,307    2,331    0.33 
Ruppert Landscape, LLC  (7)(13)  First Lien Revolver  S + 5.00%  8.98%  12/3/2029   865    235    234    0.03 
Sedgwick Claims Management Services, Inc. (Lightning Cayman Merger Sub, Ltd.)  (5)(8)(15)  First Lien Term Loan  S + 2.50%  6.63%  7/31/2031   2,977    2,984    2,977    0.42 
Skopima Consilio Parent LLC  (5)(8)(14)  First Lien Term Loan  S + 3.75%  7.88%  5/12/2028   4,141    4,145    3,529    0.50 
TRC Companies LLC  (5)(8)(15)  First Lien Term Loan  S + 3.00%  7.13%  12/8/2028   2,982    2,984    2,990    0.42 
USRP Holdings, Inc.  (8)(13)  First Lien Term Loan  S + 5.00%  9.13%  12/31/2029   8,610    8,577    8,610    1.22 
USRP Holdings, Inc.  (7)(13)  First Lien Delayed Draw Term Loan  S + 5.00%  9.13%  12/31/2029   2,769    1,215    1,226    0.17 
USRP Holdings, Inc.  (7)(13)  First Lien Revolver  S + 5.00%  9.13%  12/31/2029   900    (4)   —    — 
Vaco Holdings, LLC  (5)(7)(13)  First Lien Revolver  S + 5.00%  8.98%  1/21/2027   100    —    (14)   — 
Vensure Employer Services, Inc.  (8)(14)  First Lien Term Loan  S + 5.00%  8.98%  9/27/2031   2,320    2,311    2,309    0.33 
Vensure Employer Services, Inc.  (7)(14)  First Lien Delayed Draw Term Loan  S + 5.00%  8.98%  9/27/2031   164    (1)   (1)   — 
VT Topco, Inc.  (5)(8)(14)  First Lien Term Loan  S + 3.00%  7.13%  8/9/2030   995    993    966    0.14 
YA Intermediate Holdings II, LLC  (8)(13)  First Lien Term Loan  S + 4.75%  8.60%  10/1/2031   5,378    5,355    5,378    0.76 
YA Intermediate Holdings II, LLC  (7)(13)  First Lien Delayed Draw Term Loan  S + 4.75%  8.60%  10/1/2031   2,256    234    238    0.03 
YA Intermediate Holdings II, LLC  (7)(13)  First Lien Revolver  S + 4.75%  8.60%  10/1/2031   1,084    95    99    0.01 
                        100,363    99,390    14.13 

 

28

 

 

ANTARES PRIVATE CREDIT FUND
CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)(Continued)
September 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		 
Real Estate Management and Development                                   
Sako and Partners Lower Holdings LLC  (8)(12)  First Lien Term Loan  S + 4.50%  8.48%  9/15/2028  $10,151   $10,122   $10,103    1.44%
Sako and Partners Lower Holdings LLC  (7)(12)  First Lien Revolver  S + 4.75%  8.73%  9/15/2028   1,091    (4)   (5)   — 
                        10,118    10,098    1.44 
Software                                   
365 Retail Markets, LLC  (8)(12)  First Lien Term Loan  S + 4.50%  8.48%  12/23/2028   3,846    3,846    3,846    0.55 
365 Retail Markets, LLC  (8)(12)  First Lien Delayed Draw Term Loan  S + 4.50%  8.48%  12/23/2028   1,739    1,739    1,739    0.25 
365 Retail Markets, LLC  (12)  First Lien Delayed Draw Term Loan  S + 4.50%  8.48%  12/23/2028   906    906    906    0.13 
Adelaide Borrower, LLC  (13)  First Lien Term Loan  S + 3.38%  10.73% (Incl. 3.38% PIK)  5/8/2030   202    200    200    0.03 
Ahead DB Holdings, LLC  (5)(8)(13)  First Lien Term Loan  S + 2.75%  6.73%  2/1/2031   998    1,000    1,000    0.14 
Alta Buyer, LLC  (8)(12)  First Lien Term Loan  S + 5.00%  8.98%  12/21/2027   198    197    198    0.03 
AQA Acquisition Holding, Inc.  (5)(7)(15)  First Lien Revolver  S + 3.25%  7.23%  3/3/2028   100    —    —    — 
Artifact Bidco, Inc.  (8)(14)  First Lien Term Loan  S + 4.25%  8.23%  7/28/2031   3,354    3,333    3,354    0.48 
Artifact Bidco, Inc.  (7)(14)  First Lien Delayed Draw Term Loan  S + 4.25%  8.23%  7/28/2031   821    (5)   —    — 
Artifact Bidco, Inc.  (7)(14)  First Lien Revolver  S + 4.25%  8.23%  7/26/2030   587    (3)   —    — 
Banker's Toolbox, Inc.  (8)(13)  First Lien Term Loan  S + 4.50%  8.63%  7/27/2027   198    197    197    0.03 
Bluecat Networks (USA) Inc.  (6)(8)(13)  First Lien Term Loan  S + 5.00%  9.98% (Incl. 1.00% PIK)  8/8/2028   1,477    1,468    1,477    0.21 
Boxer Parent Company Inc.  (5)(8)(15)  First Lien Term Loan  S + 3.00%  6.98%  7/30/2031   4,975    4,980    4,973    0.71 
Camelot U.S. Acquisition LLC  (5)(6)(8)(15)  First Lien Term Loan  S + 2.75%  6.88%  1/31/2031   4,260    4,269    4,239    0.60 
Catalis Intermediate, Inc.  (8)(13)  First Lien Term Loan  S + 5.50%  9.63%  8/4/2027   99    98    99    0.01 
Central Parent LLC  (5)(8)(15)  First Lien Term Loan  S + 3.25%  7.23%  7/6/2029   3,453    3,434    2,996    0.42 
Cloud Software Group, Inc.  (5)(6)(7)(15)  First Lien Revolver  S + 3.25%  7.23%  9/28/2029   100    —    —    — 
Concord Global Acquisition, LLC  (8)(13)  First Lien Term Loan  S + 4.50%  8.48%  12/29/2031   3,946    3,928    3,946    0.56 
Concord Global Acquisition, LLC  (7)(13)  First Lien Delayed Draw Term Loan  S + 4.50%  8.48%  12/29/2031   1,715    408    412    0.06 
Concord Global Acquisition, LLC  (7)(13)  First Lien Revolver  S + 4.75%  8.73%  12/29/2031   686    (3)   —    — 
Digital.AI Software Holdings, Inc.  (8)(12)  First Lien Term Loan  S + 6.00%  9.98%  8/10/2028   99    99    99    0.01 
DS Admiral Bidco, LLC  (5)(7)(15)  First Lien Revolver  S + 3.75%  7.73%  6/26/2029   100    —    —    — 
DT Intermediate Holdco, Inc.  (8)(13)  First Lien Term Loan  S + 2.75%  9.98% (Incl. 3.25% PIK)  2/24/2028   3,381    3,369    3,381    0.48 
DT Intermediate Holdco, Inc.  (7)(13)  First Lien Delayed Draw Term Loan  S + 5.50%  9.48%  2/24/2028   1,658    (6)   —    — 
e-Discovery AcquireCo, LLC  (8)(12)  First Lien Term Loan  S + 6.00%  9.98%  8/29/2029   200    200    200    0.03 
Eagan Parent, Inc.  (8)(14)  First Lien Term Loan  S + 4.50%  8.48%  9/8/2032   5,765    5,751    5,751    0.82 
Eagan Parent, Inc.  (7)(14)  First Lien Delayed Draw Term Loan  S + 4.50%  8.48%  9/8/2032   1,441    (2)   (4)   — 
Eagan Parent, Inc.  (7)(14)  First Lien Revolver  S + 4.50%  8.48%  9/8/2032   769    (2)   (2)   — 
Eclipse Buyer, Inc.  (8)(14)  First Lien Term Loan  S + 4.50%  8.63%  9/8/2031   7,862    7,830    7,862    1.12 
Eclipse Buyer, Inc.  (7)(14)  First Lien Delayed Draw Term Loan  S + 4.50%  8.63%  9/8/2031   1,333    (6)   —    — 
Eclipse Buyer, Inc.  (7)(14)  First Lien Revolver  S + 4.50%  8.63%  9/8/2031   676    (3)   —    — 
Emburse, Inc.  (8)(13)  First Lien Term Loan  S + 4.25%  8.23%  5/28/2032   7,368    7,350    7,351    1.04 
Emburse, Inc.  (7)(13)  First Lien Delayed Draw Term Loan  S + 4.25%  8.23%  5/28/2032   1,316    (2)   (3)   — 
Emburse, Inc.  (7)(13)  First Lien Revolver  S + 4.25%  8.23%  5/28/2032   1,316    (3)   (3)   — 

 

29

 

 

ANTARES PRIVATE CREDIT FUND
CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)(Continued)
September 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)                                   
Empyrean Solutions, LLC  (8)(13)  First Lien Term Loan  S + 4.50%  8.48%  11/26/2031  $1,382   $1,377   $1,382    0.20%
Empyrean Solutions, LLC  (7)(13)  First Lien Delayed Draw Term Loan  S + 4.50%  8.48%  11/26/2031   553    (1)   —    — 
Empyrean Solutions, LLC  (7)(13)  First Lien Revolver  S + 4.50%  8.48%  11/26/2031   207    (1)   —    — 
Enverus Holdings, Inc.  (8)(13)  First Lien Term Loan  S + 5.50%  9.63%  12/24/2029   2,069    2,069    2,069    0.29 
Enverus Holdings, Inc.  (7)(13)  First Lien Delayed Draw Term Loan  S + 5.50%  9.63%  12/24/2029   38    —    —    — 
Enverus Holdings, Inc.  (7)(13)  First Lien Revolver  S + 5.50%  9.63%  12/24/2029   214    9    9    — 
ESG Investments, Inc.  (8)(12)  First Lien Term Loan  S + 4.50%  8.63%  3/11/2028   2,094    2,095    2,094    0.30 
Fourth Enterprises, LLC  (8)(13)  First Lien Term Loan  S + 4.50%  8.63%  3/21/2031   10,719    10,669    10,665    1.52 
Fourth Enterprises, LLC  (7)(13)  First Lien Delayed Draw Term Loan  S + 4.50%  8.63%  3/21/2031   2,079    (10)   (10)   — 
Fourth Enterprises, LLC  (7)(13)  First Lien Revolver  S + 4.50%  8.63%  3/21/2031   959    168    168    0.02 
Genesys Cloud Services Holdings I, LLC  (5)(8)(15)  First Lien Term Loan  S + 2.50%  6.63%  1/30/2032   1,630    1,627    1,622    0.23 
GS Acquisitionco, Inc.  (7)(13)  First Lien Delayed Draw Term Loan  S + 5.25%  9.23%  5/25/2028   199    74    74    0.01 
Higher Logic, LLC  (8)(13)  First Lien Term Loan  S + 5.25%  9.23%  1/10/2029   4,533    4,515    4,533    0.64 
Higher Logic, LLC  (7)(13)  First Lien Revolver  S + 5.25%  9.23%  1/10/2029   380    (2)   —    — 
Hyphen Solutions, LLC  (8)(12)  First Lien Term Loan  S + 4.50%  8.63%  8/6/2032   2,707    2,701    2,701    0.38 
Hyphen Solutions, LLC  (7)(12)  First Lien Delayed Draw Term Loan  S + 4.50%  8.63%  8/6/2032   501    (1)   (1)   — 
Hyphen Solutions, LLC  (7)(12)  First Lien Revolver  S + 4.50%  8.63%  8/6/2032   301    (1)   (1)   — 
Inhabitiq Inc.  (8)(13)  First Lien Term Loan  S + 4.50%  8.63%  1/12/2032   2,504    2,500    2,504    0.36 
Inhabitiq Inc.  (7)(13)  First Lien Delayed Draw Term Loan  S + 4.50%  8.63%  1/12/2032   697    (1)   —    — 
Inhabitiq Inc.  (7)(13)  First Lien Revolver  S + 4.50%  8.63%  1/12/2032   436    (1)   —    — 
Innovative Systems L.L.C.  (8)(13)  First Lien Term Loan  S + 4.75%  8.73%  8/20/2032   3,391    3,375    3,375    0.48 
Innovative Systems L.L.C.  (7)(13)  First Lien Delayed Draw Term Loan  S + 4.75%  8.73%  8/20/2032   1,453    (4)   (7)   — 
Innovative Systems L.L.C.  (7)(13)  First Lien Revolver  S + 4.75%  8.73%  8/20/2032   484    (2)   (2)   — 
Kaseya Inc.  (5)(7)(15)  First Lien Revolver  S + 3.25%  7.23%  3/20/2030   761    (4)   —    — 
Kipu Buyer, LLC  (8)(15)  First Lien Term Loan  S + 4.25%  8.23%  1/27/2027   198    198    198    0.03 
KPA Parent Holdings, Inc.  (8)(13)  First Lien Term Loan  S + 4.75%  8.88%  3/12/2032   7,112    7,078    7,112    1.01 
KPA Parent Holdings, Inc.  (7)(13)  First Lien Delayed Draw Term Loan  S + 4.75%  8.88%  3/12/2032   1,016    (2)   —    — 
KPA Parent Holdings, Inc.  (7)(13)  First Lien Revolver  S + 4.75%  8.88%  3/12/2032   711    (4)   —    — 
Litera Bidco LLC  (8)(12)  First Lien Term Loan  S + 5.00%  9.13%  5/1/2028   198    198    198    0.03 
Mastery Acquisition Corp.  (8)(12)  First Lien Term Loan  S + 5.25%  9.23%  9/7/2029   198    198    196    0.03 
McAfee Corp.  (5)(8)(14)  First Lien Term Loan  S + 3.00%  7.13%  3/1/2029   3,722    3,727    3,566    0.51 
Monotype Imaging Holdings Inc.  (8)(13)  First Lien Term Loan  S + 5.50%  9.63%  2/28/2031   1,220    1,223    1,214    0.17 
Monotype Imaging Holdings Inc.  (7)(13)  First Lien Delayed Draw Term Loan  S + 5.50%  9.63%  2/28/2031   103    27    26    — 
Monotype Imaging Holdings Inc.  (7)(13)  First Lien Revolver  S + 5.50%  9.63%  2/28/2030   154    —    (1)   — 
Montana Buyer Inc.  (8)(13)  First Lien Term Loan  S + 4.75%  8.88%  7/22/2029   2,643    2,639    2,643    0.38 
Montana Buyer Inc.  (7)(13)  First Lien Revolver  S + 4.75%  8.88%  7/22/2028   307    (1)   —    — 
MRI Software LLC  (8)(12)  First Lien Term Loan  S + 4.75%  8.73%  2/10/2027   6,929    6,909    6,916    0.98 
MRI Software LLC  (12)  First Lien Delayed Draw Term Loan  S + 4.75%  8.73%  2/10/2027   1,289    1,280    1,287    0.18 
MRI Software LLC  (7)(12)  First Lien Revolver  S + 4.75%  8.73%  2/10/2027   265    26    26    — 

 

30

 

 

ANTARES PRIVATE CREDIT FUND
CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)(Continued)
September 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)                                   
Nasuni Corporation  (8)(13)  First Lien Term Loan  S + 5.00%  8.85%  9/10/2030  $6,250   $6,208   $6,209    0.88%
Nasuni Corporation  (7)(13)  First Lien Revolver  S + 5.00%  8.85%  9/10/2030   1,302    (8)   (9)   — 
Navex Topco, Inc.  (8)(13)  First Lien Term Loan  S + 5.25%  9.38%  11/8/2030   5,151    5,151    5,151    0.73 
Navex Topco, Inc.  (7)(13)  First Lien Revolver  S + 5.25%  9.38%  11/9/2028   1,797    —    —    — 
North Star Acquisitionco, LLC  (8)(12)  First Lien Term Loan  S + 4.50%  8.48%  5/3/2029   4,374    4,366    4,374    0.62 
North Star Acquisitionco, LLC  (8)(12)  First Lien Term Loan  C + 4.50%  7.06%  5/3/2029  CAD 1,544    1,115    1,109    0.16 
North Star Acquisitionco, LLC  (7)(12)  First Lien Delayed Draw Term Loan  S + 4.50%  8.48%  5/3/2029   275    263    264    0.04 
North Star Acquisitionco, LLC  (7)(12)  First Lien Revolver  S + 4.50%  8.48%  5/3/2029   780    293    294    0.04 
OLO Parent, Inc.  (8)(14)  First Lien Term Loan  S + 4.50%  8.48%  9/13/2032   8,388    8,367    8,367    1.19 
OLO Parent, Inc.  (7)(14)  First Lien Revolver  S + 4.50%  8.48%  9/13/2032   799    (2)   (2)   — 
Onit, Inc.  (8)(13)  First Lien Term Loan  S + 4.50%  8.48%  1/27/2032   2,007    2,002    2,002    0.28 
Onit, Inc.  (8)(13)  First Lien Term Loan  S + 4.75%  8.73%  1/27/2032   6,316    6,289    6,316    0.90 
Onit, Inc.  (7)(13)  First Lien Delayed Draw Term Loan  S + 4.75%  8.73%  1/27/2032   2,786    (6)   —    — 
Onit, Inc.  (7)(13)  First Lien Revolver  S + 4.75%  8.73%  1/27/2032   929    (5)   —    — 
Pegasus Transtech Holding, LLC  (8)(12)  First Lien Term Loan  S + 6.00%  10.13%  11/17/2026   197    197    197    0.03 
Perforce Software, Inc.  (8)(14)  First Lien Term Loan  S + 4.75%  8.88%  3/21/2031   2,020    2,022    1,806    0.26 
Prism Parent Co. Inc.  (8)(13)  First Lien Term Loan  S + 5.00%  9.13%  9/19/2028   5,523    5,435    5,468    0.78 
Prism Parent Co. Inc.  (7)(13)  First Lien Delayed Draw Term Loan  S + 5.00%  9.13%  9/19/2028   1,416    545    552    0.08 
Proofpoint, Inc.  (5)(8)(14)  First Lien Term Loan  S + 3.00%  7.13%  8/31/2028   992    992    998    0.14 
Renaissance Holding Corp  (5)(8)(14)  First Lien Term Loan  S + 4.00%  8.13%  4/5/2030   1,980    1,981    1,721    0.24 
Routeware, Inc.  (12)  First Lien Term Loan  S + 5.25%  9.23%  9/18/2031   3,182    3,168    3,182    0.45 
Routeware, Inc.  (7)(12)  First Lien Delayed Draw Term Loan  S + 5.25%  9.23%  9/18/2031   1,477    84    91    0.01 
Routeware, Inc.  (7)(12)  First Lien Revolver  S + 5.25%  9.38%  9/18/2031   341    67    68    0.01 
Spartan Bidco PTY LTD  (6)(13)  First Lien Term Loan  S + 6.50%  10.63%  1/24/2028   4,843    4,823    4,818    0.69 
Spartan Bidco PTY LTD  (6)(7)(13)  First Lien Revolver  S + 6.50%  10.58%  1/24/2028   385    (4)   (2)   — 
Thunder Purchaser, Inc.  (8)(12)  First Lien Term Loan  S + 5.25%  9.38%  6/30/2028   199    199    198    0.03 
Trimech Acquisition Corp.  (8)(12)  First Lien Term Loan  S + 4.75%  8.73%  3/10/2028   4,065    4,045    4,045    0.58 
Trimech Acquisition Corp.  (12)  First Lien Delayed Draw Term Loan  S + 4.75%  8.73%  3/10/2028   2,468    2,444    2,455    0.35 
Trimech Acquisition Corp.  (7)(12)  First Lien Revolver  S + 4.75%  8.73%  3/10/2028   1,550    82    85    0.01 
Ungerboeck Systems International, LLC  (12)  First Lien Term Loan  S + 5.25%  9.23%  4/30/2027   198    198    196    0.03 
Validity, Inc.  (8)(14)  First Lien Term Loan  S + 5.25%  9.23%  4/12/2032   1,832    1,797    1,800    0.26 
Validity, Inc.  (7)(15)  First Lien Revolver  S + 4.75%  8.73%  4/10/2030   392    —    (7)   — 
Vamos Bidco, Inc  (8)(14)  First Lien Term Loan  S + 4.75%  8.73%  1/30/2032   2,646    2,634    2,646    0.38 
Vamos Bidco, Inc  (7)(14)  First Lien Delayed Draw Term Loan  S + 4.75%  8.73%  1/30/2032   1,105    (2)   —    — 
Vamos Bidco, Inc  (7)(14)  First Lien Revolver  S + 4.75%  8.73%  1/30/2032   332    109    111    0.02 
WatchGuard Technologies, Inc.  (8)(13)  First Lien Term Loan  S + 5.25%  9.38%  7/2/2029   198    197    198    0.03 
                        174,260    173,471    24.68 

 

31

 

 

ANTARES PRIVATE CREDIT FUND
CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)(Continued)
September 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		 
Specialty Retail                                   
Mavis Tire Express Services Topco, Corp.  (5)(8)(13)  First Lien Term Loan  S + 3.00%  6.98%  5/4/2028  $872   $866   $872    0.12%
SCW Holdings III Corp.  (8)(13)  First Lien Term Loan  S + 5.00%  8.98%  3/17/2032   5,190    5,174    5,190    0.74 
SCW Holdings III Corp.  (7)(13)  First Lien Delayed Draw Term Loan  S + 5.00%  8.98%  3/17/2032   977    (2)   —    — 
SCW Holdings III Corp.  (7)(13)  First Lien Revolver  S + 5.00%  8.98%  3/17/2031   872    (3)   —    — 
Shock Doctor Intermediate, LLC  (8)(12)  First Lien Term Loan  S + 5.75%  9.73%  11/20/2029   198    198    198    0.03 
                        6,233    6,260    0.89 
Technology Hardware, Storage and Peripherals                                   
TA TT Buyer, LLC  (5)(8)(14)  First Lien Term Loan  S + 4.75%  8.73%  4/2/2029   198    198    196    0.03 
Ubeo, LLC  (8)(12)  First Lien Term Loan  S + 5.25%  9.23%  7/3/2028   198    198    198    0.03 
Victors Purchaser, LLC  (8)(14)  First Lien Term Loan  S + 4.75%  8.73%  8/15/2031   9,148    9,131    9,148    1.30 
Victors Purchaser, LLC  (7)(14)  First Lien Delayed Draw Term Loan  S + 4.75%  8.73%  8/15/2031   2,191    466    473    0.07 
Victors Purchaser, LLC  (7)(14)  First Lien Revolver  S + 4.75%  8.73%  8/15/2031   1,254    (3)   —    — 
                        9,990    10,015    1.43 
Textiles, Apparel and Luxury Goods                                   
Gloves Buyer, Inc.  (5)(8)(14)  First Lien Term Loan  S + 4.00%  8.13%  5/21/2032   4,000    3,981    3,895    0.55 
Gloves Buyer, Inc.  (7)(14)  First Lien Revolver  S + 4.00%  8.13%  5/22/2030   420    —    —    — 
Team Acquisition Corporation  (7)(12)  First Lien Revolver  S + 7.00%  10.98%  11/21/2028   100    11    9    — 
Varsity Brands, Inc.  (5)(8)(15)  First Lien Term Loan  S + 3.00%  6.98%  8/26/2031   4,990    5,007    4,997    0.71 
                        8,999    8,901    1.26 
Trading Companies and Distributors                                   
Painters Supply and Equipment Co.  (8)(12)  First Lien Term Loan  S + 5.50%  9.58%  8/10/2027   198    196    191    0.03 
Kele Holdco, Inc.  (8)(12)  First Lien Term Loan  S + 4.50%  8.63%  2/20/2028   198    198    198    0.03 
Surfaceprep Buyer, LLC  (8)(13)  First Lien Term Loan  S + 5.00%  8.98%  2/4/2030   1,897    1,897    1,878    0.27 
SurfacePrep Buyer, LLC  (7)(13)  First Lien Delayed Draw Term Loan  S + 5.00%  8.98%  2/4/2030   3,033    2,290    2,266    0.32 
Surfaceprep Buyer, LLC  (13)  First Lien Delayed Draw Term Loan  S + 5.00%  8.98%  2/4/2030   360    360    357    0.05 
Surfaceprep Buyer, LLC  (7)(13)  First Lien Revolver  S + 5.00%  8.98%  2/4/2030   362    45    42    0.01 
                        4,986    4,932    0.71 
Transportation Infrastructure                                   
Psc Parent, Inc.  (8)(13)  First Lien Term Loan  S + 5.00%  9.13%  4/3/2031   1,617    1,617    1,617    0.23 
Psc Parent, Inc.  (8)(13)  First Lien Delayed Draw Term Loan  S + 5.00%  9.13%  4/3/2031   270    270    270    0.04 
Psc Parent, Inc.  (7)(13)  First Lien Delayed Draw Term Loan  S + 5.00%  9.13%  4/3/2031   388    178    179    0.03 
Psc Parent, Inc.  (7)(13)  First Lien Revolver  S + 5.00%  9.13%  4/3/2030   292    101    101    0.01 
VRS Buyer, Inc.  (8)(13)  First Lien Term Loan  S + 4.75%  8.73%  7/19/2032   9,319    9,273    9,319    1.33 
VRS Buyer, Inc.  (7)(13)  First Lien Delayed Draw Term Loan  S + 4.75%  8.73%  7/19/2032   1,908    (5)   —    — 
VRS Buyer, Inc.  (7)(13)  First Lien Revolver  S + 4.75%  8.73%  7/19/2032   1,272    (6)   —    — 
                        11,428    11,486    1.64 

 

32

 

 

ANTARES PRIVATE CREDIT FUND
CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)(Continued)
September 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		 
Wireless Telecommunication Services                                   
Alert Media, Inc.  (12)  First Lien Term Loan  S + 6.25%  10.23% (Incl. 9.23% PIK)  4/12/2027  $453   $453   $453    0.06%
Alert Media, Inc.  (7)(12)  First Lien Revolver  S + 5.25%  9.23%  4/12/2027   109    —    —    — 
CCI Buyer, Inc.  (8)(13)  First Lien Term Loan  S + 5.00%  8.98%  5/13/2032   9,926    9,877    9,877    1.40 
CCI Buyer, Inc.  (7)(13)  First Lien Revolver  S + 5.00%  8.98%  5/13/2032   580    —    (3)   — 
                        10,330    10,327    1.46 
Total Secured Debt Investments                       1,377,503    1,374,990    195.54 
                                    
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   801    793    783    0.11 
                        793    783    0.11 
Total Unsecured Debt Investments                       793    783    0.11 
                                    
Equity Investments                                   
Automobile Components                                   
Clarity Technologies Holdings, LP  (9)  Common  —  —  —   6    628    628    0.09 
                        628    628    0.09 
Capital Markets                                   
Lal Group Holdings, LLC  (9)  Common  —  —  —   146    151    151    0.02 
Lal Group Holdings, LLC  (9)  Preferred  —  —  —   146    151    151    0.02 
                        302    302    0.04 
Chemicals                                   
Americhem, Inc.  (9)  Preferred  —  —  —   2    245    295    0.04 
Buckman Laboratories  (9)  Common  —  —  —   373    373    373    0.05 
                        618    668    0.09 
Commercial Services and Supplies                                   
Low Voltage Holdings Inc.  (9)  Preferred  —  —  —   1    1,050    1,050    0.15 
                        1,050    1,050    0.15 
Containers and Packaging                                   
KPCI Co-Invest 2, LP  (9)  Common  —  —  —   1    726    726    0.10 
TCB Holdings I LLC  (9)  Preferred  N/A  14.00% PIK  —   5    5,138    5,093    0.72 
                        5,864    5,819    0.82 
Diversified Consumer Services                                   
Seahawk Holdings, LP  (9)  Preferred  —  —  —   1    1,301    1,431    0.20 
                        1,301    1,431    0.20 
Electronic Equipment, Instruments and Components                                   
NSI Parent LP  (9)  Common  —  —  —   52    52    61    0.01 
                        52    61    0.01 

 

33

 

 

ANTARES PRIVATE CREDIT FUND
CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)(Continued)
September 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                                   
GTCR Momentum Aggregator LP  (9)  Preferred  N/A  12.00% PIK  —  $259   $280   $280    0.04%
                        280    280    0.04 
Health Care Technology                                   
DeLorean Topco, L.P.  (9)  Common  —  —  —   435    435    467    0.07 
F&M Buyer LLC  (9)  Preferred  —  —  —   365    365    467    0.07 
Goldeneye Parent, LLC  (3)(9)  Preferred  —  —  —   —    417    417    0.06 
Goldeneye Parent, LLC  (9)  Common  —  —  —   20    —    —    — 
Novacap TMT VI Co-Investment (Invita) LP  (9)  Common  —  —  —   202    202    202    0.03 
Unlimited Technology Holdings, LLC  (9)  Preferred  —  —  —   552    552    552    0.08 
                        1,971    2,105    0.31 
Healthcare Providers and Services                                   
ACG Parent Holdings, LP  (3)(9)  Preferred  —  —  —   —    279    279    0.04 
ACG Parent Holdings, LP  (9)  Common  —  —  —   3    3    3    — 
EPFS Acquisition Holdings, LP  (3)(9)  Common  —  —  —   —    156    156    0.02 
MRO Corporation  (3)(9)  Common  —  —  —   —    239    268    0.04 
                        677    706    0.10 
IT Services                                   
OMERS Apollo Investment Holdings, LLC  (9)  Preferred  —  —  —   1,369    1,369    1,369    0.19 
                        1,369    1,369    0.19 
Professional Services                                   
Monarch Buyer, Inc.  (9)  Common  —  —  —   1,376    1,376    1,376    0.20 
                        1,376    1,376    0.20 
Software                                   
Scorpion Holdings, LLC  (9)  Preferred  N/A  8.00% PIK  —   1    1,098    1,098    0.16 
Scorpion Holdings, LLC  (9)  Common  —  —  —   1,000    —    —    — 
                        1,098    1,098    0.16 
Specialty Retail                                   
SCW Holdings III Corp.  (9)  Preferred  —  —  —   1    500    588    0.08 
                        500    588    0.08 
Textiles, Apparel and Luxury Goods                                   
Gloves Buyer, Inc.  (9)  Common  —  —  —   1    162    218    0.03 
                        162    218    0.03 
Transportation Infrastructure                                   
VRS Parent Holdings LP  (9)  Common  —  —  —   3    286    286    0.04 
                        286    286    0.04 
Total Equity Investments                       17,534    17,985    2.55 
Total Investments - non-controlled/non-affiliated                       1,395,830    1,393,758    198.20 
                                    
Short-term Investments                                   
BlackRock Liquidity T-Fund - Institutional Shares  (11)                    29,010    29,010    4.12 
Total Short-term Investments                       29,010    29,010    4.12 
Total Investments at fair value                      $1,424,840   $1,422,768    202.32%

 

34

 

 

ANTARES PRIVATE CREDIT FUND
CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)(Continued)
September 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 September 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 September 30, 2025, non-qualifying assets represented 7.39% 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.

 

35

 

 

ANTARES PRIVATE CREDIT FUND
CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)(Continued)
September 30, 2025
(in thousands)

 

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 September 30, 2025, the aggregate fair value of these securities is $17,985 or 2.56% of the Company’s net assets. The acquisition dates of these restricted securities are as follows:

 

Portfolio Company   Investment   Acquisition Date
ACG Parent Holdings, LP   Preferred   July 25, 2025
ACG Parent Holdings, LP   Common   July 25, 2025
Americhem, Inc.   Preferred   February 28, 2025
Buckman Laboratories   Common   July 1, 2025
Clarity Technologies Holdings, LP   Common   September 25, 2025
DeLorean Topco, L.P.   Common   December 16, 2024
EPFS Acquisition Holdings, LP   Common   July 31, 2025
F&M Buyer LLC   Preferred   March 18, 2025
Gloves Buyer, Inc.   Common   June 6, 2025
Goldeneye Parent, LLC   Common   March 31, 2025
Goldeneye Parent, LLC   Preferred   March 31, 2025
GTCR Momentum Aggregator LP   Preferred   July 2, 2025
KPCI Co-Invest 2, LP   Common   September 26, 2025
Lal Group Holdings, LLC   Common   August 6, 2025
Lal Group Holdings, LLC   Preferred   August 6, 2025
Low Voltage Holdings Inc.   Preferred   April 28, 2025
Monarch Buyer, Inc.   Common   June 2, 2025
MRO Corporation   Common   June 9, 2025
Novacap TMT VI Co-Investment (Invita) LP   Common   August 12, 2025
NSI Parent LP   Common   December 23, 2024
OMERS Apollo Investment Holdings, LLC   Preferred   December 30, 2024
Scorpion Holdings, LLC   Preferred   December 27, 2024
Scorpion Holdings, LLC   Common   December 27, 2024
SCW Holdings III Corp.   Preferred   March 17, 2025
Seahawk Holdings, LP   Preferred   December 19, 2024
TCB Holdings I LLC   Preferred   January 31, 2025
Unlimited Technology Holdings, LLC   Preferred   March 12, 2025
VRS Parent Holdings LP   Common   July 18, 2025

 

10.These are co-investments made with the Company’s affiliates in accordance with the terms of the exemptive order the Company received from the Securities and Exchange Commission (the “SEC”) permitting 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 $29,010 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 September 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%.

 

36

 

 

 

ANTARES PRIVATE CREDIT FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)(Continued)

September 30, 2025

(in thousands)

 

As of September 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  $1,291  $(5)
1364720 B.C. LTD.  Delayed Draw Term Loan  4/3/2027   477   — 
AAH Topco., LLC  Delayed Draw Term Loan  4/1/2027   2,705   — 
AB Centers Acquisition Corporation  Delayed Draw Term Loan  7/2/2026   290   (1)
AB Centers Acquisition Corporation  Revolver  7/2/2031   428   (2)
ABC Legal Holdings, LLC  Delayed Draw Term Loan  8/14/2027   393   (2)
ABC Legal Holdings, LLC  Revolver  8/13/2032   255   (1)
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   (2)
Americhem, Inc.  Delayed Draw Term Loan  2/28/2027   2,690   (13)
Americhem, Inc.  Revolver  3/1/2032   1,906   (10)
Amerilife Holdings LLC  Delayed Draw Term Loan  6/18/2026   2,142   (5)
Amerilife Holdings LLC  Revolver  8/31/2028   463   (1)
Ampirical Solutions, LLC  Delayed Draw Term Loan  9/30/2027   2,655   (13)
Ampirical Solutions, LLC  Revolver  9/30/2032   708   (4)
Analytic Partners, LP  Revolver  4/4/2030   502   — 
Anchor Packaging, LLC  Revolver  4/17/2029   100   — 
Apex Service Partners, LLC  Revolver  10/24/2029   660   — 
Applied Technical Services, LLC  Delayed Draw Term Loan  4/8/2026   465   — 
Applied Technical Services, LLC  Revolver  4/8/2031   542   — 
Aprio Advisory Group, LLC  Delayed Draw Term Loan  4/26/2027   3,226   (15)
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   2,951   — 
Arax MidCo, LLC  Revolver  4/11/2029   379   — 
Arrow Management Acquisition, LLC  Delayed Draw Term Loan  7/27/2027   785   (4)
Arrow Management Acquisition, LLC  Revolver  7/26/2032   262   (1)
Artifact Bidco, Inc.  Delayed Draw Term Loan  7/27/2027   821   — 
Artifact Bidco, Inc.  Revolver  7/26/2030   587   — 
Athenahealth Group Inc.  Revolver  2/15/2027   100   — 
Aurora Plastics, LLC  Delayed Draw Term Loan  4/10/2027   1,140   (5)
Ave Holdings III, Corp.  Revolver  2/25/2028   514   (15)
AWP Group Holdings, Inc.  Revolver  12/23/2030   184   (2)
Bamboo US BidCo LLC  Delayed Draw Term Loan  11/20/2026   714   (7)
Bamboo US BidCo LLC  Revolver  10/1/2029   826   (8)
Bamboo US BidCo LLC  Revolver  9/30/2030   55   (1)
BC Group Holdings, Inc.  Delayed Draw Term Loan  8/21/2027   2,156   (10)
BCPE North Star US Holdco 2, Inc.  Revolver  3/10/2028   61   — 
Bellwether Buyer, L.L.C.  Delayed Draw Term Loan  10/16/2027   2,178   (5)
Bellwether Buyer, L.L.C.  Revolver  4/15/2032   653   (2)

 

37

 

 

ANTARES PRIVATE CREDIT FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)(Continued)

September 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   76   — 
Blackbird Purchaser, Inc.  Revolver  12/19/2029   37   — 
Blackhawk Industrial Distribution, Inc.  Revolver  9/17/2026   565   (7)
Bracket Intermediate Holding Corp.  Revolver  2/7/2028   100   — 
BradyPlus Holdings, LLC  Delayed Draw Term Loan  11/1/2025   471   — 
Bridges Consumer Healthcare Intermediate LLC  Delayed Draw Term Loan  12/21/2026   447   — 
Bridges Consumer Healthcare Intermediate LLC  Delayed Draw Term Loan  3/31/2027   2,000   — 
Bridges Consumer Healthcare Intermediate LLC  Revolver  12/22/2031   894   — 
Bulab Holdings, Inc.  Delayed Draw Term Loan  7/1/2032   1,931   (10)
Bulab Holdings, Inc.  Revolver  7/1/2032   1,862   (9)
Carr, Riggs & Ingram Capital, L.L.C.  Delayed Draw Term Loan  11/18/2026   1,149   — 
Carr, Riggs & Ingram Capital, L.L.C.  Revolver  11/18/2031   667   — 
CCI Buyer, Inc.  Revolver  5/13/2032   580   (3)
CDL Parent, Inc.  Delayed Draw Term Loan  12/7/2027   702   (4)
Cerity Partners Equity Holding LLC  Delayed Draw Term Loan  1/21/2027   4,646   — 
Cerity Partners Equity Holding LLC  Revolver  7/28/2028   475   — 
CFGI Holdings, LLC  Revolver  11/2/2027   270   (2)
CFs Brands, LLC  Revolver  10/2/2029   493   — 
ClearCapital Holdings, LLC  Delayed Draw Term Loan  7/6/2027   1,024   (6)
ClearCapital Holdings, LLC  Revolver  6/30/2032   410   (2)
Cloud Software Group, Inc.  Revolver  9/28/2029   100   — 
Clydesdale Acquisition Holdings, Inc.  Delayed Draw Term Loan  4/1/2032   33   — 
Cold Chain Technologies, LLC  Revolver  7/2/2026   248   (1)
Concord Global Acquisition, LLC  Delayed Draw Term Loan  12/28/2026   1,304   — 
Concord Global Acquisition, LLC  Revolver  12/29/2031   686   — 
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   468   (2)
CRCI Longhorn Holdings, Inc.  Delayed Draw Term Loan  8/28/2026   1,529   — 
CRCI Longhorn Holdings, Inc.  Revolver  8/27/2031   1,020   — 
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   1,024   — 
CVP Holdco, Inc.  Delayed Draw Term Loan  6/29/2026   1,344   (3)
CVP Holdco, Inc.  Revolver  6/28/2030   686   (1)
CVR Management, LLC  Delayed Draw Term Loan  1/4/2027   111   — 
DCG Acquisition Corp.  Delayed Draw Term Loan  6/13/2026   468   (4)
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   — 
DT Intermediate Holdco, Inc.  Delayed Draw Term Loan  9/14/2026   1,658   — 
DT1 Midco Corp  Delayed Draw Term Loan  6/4/2027   2,522   (13)
DT1 Midco Corp  Revolver  12/30/2030   1,183   — 

 

38

 

 

ANTARES PRIVATE CREDIT FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)(Continued)

September 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   649   (6)
Eagan Parent, Inc.  Delayed Draw Term Loan  9/8/2027   1,441   (4)
Eagan Parent, Inc.  Revolver  9/8/2032   769   (2)
Eclipse Buyer, Inc.  Delayed Draw Term Loan  9/7/2026   1,333   — 
Eclipse Buyer, Inc.  Revolver  9/8/2031   676   — 
Edgeco Buyer, Inc.  Delayed Draw Term Loan  12/20/2026   2,433   — 
Edgeco Buyer, Inc.  Revolver  6/1/2028   289   — 
Edpo, LLC  Delayed Draw Term Loan  8/29/2027   1,657   (8)
Edpo, LLC  Revolver  12/8/2028   675   (3)
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   (14)
Empower Payments Investor, LLC  Revolver  3/12/2030   163   (1)
Empyrean Solutions, LLC  Delayed Draw Term Loan  11/25/2026   553   — 
Empyrean Solutions, LLC  Revolver  11/26/2031   207   — 
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   38   — 
Enverus Holdings, Inc.  Revolver  12/24/2029   205   — 
EPFS Buyer, Inc.  Delayed Draw Term Loan  7/31/2027   1,029   (5)
EPFS Buyer, Inc.  Revolver  7/31/2031   686   (3)
Essential Services Holding Corporation  Delayed Draw Term Loan  6/17/2026   395   (1)
Essential Services Holding Corporation  Revolver  6/17/2030   197   — 
Excelitas Technologies Corp.  Delayed Draw Term Loan  5/1/2026   2,522   (3)
Eyesouth Eye Care Holdco, LLC  Delayed Draw Term Loan  4/1/2026   1,840   — 
F&M Buyer LLC  Delayed Draw Term Loan  3/19/2027   1,194   — 
F&M Buyer LLC  Revolver  3/18/2032   522   — 
Flint Opco, LLC  Delayed Draw Term Loan  6/27/2027   3,219   — 
Flint Opco, LLC  Delayed Draw Term Loan  6/1/2026   1,117   — 
Flow Control Solutions, Inc.  Delayed Draw Term Loan  6/28/2026   3,984   — 
Flow Control Solutions, Inc.  Revolver  3/29/2029   722   — 
Foreside Financial Group, LLC  Delayed Draw Term Loan  3/13/2026   10,285   — 
Foundation Risk Partners, Corp.  Delayed Draw Term Loan  2/26/2027   4,079   — 
Fourth Enterprises, LLC  Delayed Draw Term Loan  3/21/2027   2,079   (10)
Fourth Enterprises, LLC  Revolver  3/21/2031   786   (4)
FR Vision Holdings Inc  Delayed Draw Term Loan  1/20/2026   2,134   — 
FR Vision Holdings Inc  Revolver  1/22/2030   248   — 
Frazier & Deeter Advisory, LLC  Delayed Draw Term Loan  5/2/2027   937   — 
Frazier & Deeter Advisory, LLC  Revolver  5/2/2031   325   — 
Gloves Buyer, Inc.  Revolver  5/22/2030   420   (11)
Goldeneye Parent, LLC  Revolver  3/31/2032   1,744   — 
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   3,424   (25)
Harvey Tool Company, LLC  Revolver  8/6/2032   1,179   (8)

 

39

 

 

ANTARES PRIVATE CREDIT FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)(Continued)

September 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  $— 
HeartLand PPC Buyer, LLC  Delayed Draw Term Loan  12/13/2025   113   — 
HeartLand PPC Buyer, LLC  Revolver  12/12/2029   183   — 
Heights Buyer, LLC  Delayed Draw Term Loan  6/25/2027   1,254   (6)
Heights Buyer, LLC  Revolver  8/25/2028   677   — 
Hercules Borrower LLC  Delayed Draw Term Loan  12/16/2025   2,092   (10)
Hercules Borrower LLC  Revolver  12/15/2028   589   (3)
Higher Logic, LLC  Revolver  1/10/2029   380   — 
HighTower Holding, LLC  Revolver  2/1/2030   110   — 
HP RSS Buyer, Inc.  Delayed Draw Term Loan  7/2/2027   4,391   (21)
HSI Halo Acquisition, Inc.  Delayed Draw Term Loan  6/28/2026   699   — 
HSI Halo Acquisition, Inc.  Revolver  6/28/2030   932   — 
HT Intermediary III, Inc.  Delayed Draw Term Loan  11/13/2026   1,527   (8)
HT Intermediary III, Inc.  Revolver  11/12/2030   554   (3)
Hydraulic Technologies USA LLC  Revolver  6/3/2030   62   (1)
Hyphen Solutions, LLC  Delayed Draw Term Loan  8/6/2027   501   (1)
Hyphen Solutions, LLC  Revolver  8/6/2032   301   (1)
IG Investments Holdings, LLC  Revolver  9/22/2028   293   — 
ImageFirst Holdings, LLC  Revolver  3/12/2030   2,800   — 
Imagine 360 LLC  Delayed Draw Term Loan  9/20/2026   767   — 
Imagine 360 LLC  Revolver  9/30/2028   327   — 
IMO Investor Holdings, Inc.  Revolver  5/11/2028   370   — 
Inhabitiq Inc.  Delayed Draw Term Loan  1/11/2027   697   — 
Inhabitiq Inc.  Revolver  1/12/2032   436   — 
Innovative Systems L.L.C.  Delayed Draw Term Loan  8/21/2027   1,453   (7)
Innovative Systems L.L.C.  Revolver  8/20/2032   484   (2)
Innovetive Petcare, Inc.  Delayed Draw Term Loan  7/23/2027   1,342   (13)
Integrated Power Services Holdings, Inc.  Delayed Draw Term Loan  5/7/2026   5,106   (10)
Invictus Buyer, LLC  Delayed Draw Term Loan  6/4/2026   3,266   — 
Invictus Buyer, LLC  Revolver  6/3/2031   1,210   — 
JHCC Holdings LLC  Revolver  9/9/2027   101   (1)
JKC Parent, Inc.  Delayed Draw Term Loan  6/2/2027   702   (4)
JKC Parent, Inc.  Revolver  2/13/2032   87   — 
Kaseya Inc.  Revolver  3/20/2030   761   — 
Kenco PPC Buyer LLC  Revolver  11/15/2029   287   — 
KPA Parent Holdings, Inc.  Delayed Draw Term Loan  3/15/2027   1,016   — 
KPA Parent Holdings, Inc.  Revolver  3/12/2032   711   — 
Kriv Acquisition Inc.  Delayed Draw Term Loan  10/1/2027   2,042   (10)
Kriv Acquisition Inc.  Revolver  7/31/2031   168   (1)
Kwol Acquisition, Inc.  Delayed Draw Term Loan  8/25/2027   1,918   (9)
Kwol Acquisition, Inc.  Revolver  12/12/2029   1,066   (5)
Lido Advisors, LLC  Delayed Draw Term Loan  5/10/2027   2,260   (11)
Lido Advisors, LLC  Revolver  5/10/2032   256   (1)
Lightbeam Bidco Inc.  Revolver  5/4/2029   491   — 
Low Voltage Holdings Inc.  Delayed Draw Term Loan  10/28/2027   3,223   (8)

 

40

 

 

ANTARES PRIVATE CREDIT FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)(Continued)

September 30, 2025

(in thousands)

 

Investments—non-controlled/non-affiliated  Commitment Type  Commitment
Expiration Date		  Unfunded
Commitment (1)		  Fair
Value (1)		 
Low Voltage Holdings Inc.  Revolver  4/28/2032  $1,421  $(4)
Low Voltage Holdings Inc.  Revolver  4/28/2032   128   — 
Lubricant Engineers  Delayed Draw Term Loan  3/31/2027   1,372   — 
Lubricant Engineers  Revolver  9/1/2029   885   — 
Marina Acquisition, Inc.  Revolver  7/1/2030   227   (5)
Mclarens Midco Inc.  Delayed Draw Term Loan  12/19/2027   200   (1)
Mclarens Midco Inc.  Revolver  12/19/2027   287   (1)
MDC Interior Acquisition Inc  Revolver  4/26/2030   42   — 
Merlin Buyer, Inc.  Revolver  12/14/2026   1,450   — 
Minotaur Acquisition, Inc.  Delayed Draw Term Loan  6/4/2026   1,455   (12)
Minotaur Acquisition, Inc.  Revolver  6/3/2030   873   (7)
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   (1)
Montana Buyer Inc.  Revolver  7/22/2028   307   — 
Movati Athletic (Group) Inc.  Delayed Draw Term Loan  5/30/2026   659   (2)
MRI Software LLC  Revolver  2/10/2027   239   — 
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   — 
Nelipak Holding Company  Delayed Draw Term Loan  3/29/2027   2,486   (37)
Nelipak Holding Company  Revolver  3/26/2031   705   (11)
Net Health Acquisition Corp.  Revolver  7/7/2031   973   (5)
Noble Midco 3 Limited  Delayed Draw Term Loan  6/12/2027   824   — 
Noble Midco 3 Limited  Revolver  12/10/2030   1,120   — 
North Star Acquisitionco, LLC  Delayed Draw Term Loan  5/1/2026   11   — 
North Star Acquisitionco, LLC  Revolver  5/3/2029   486   — 
Oakbridge Insurance Agency, LLC  Delayed Draw Term Loan  6/21/2027   1,871   — 
Oeconnection LLC  Delayed Draw Term Loan  12/30/2026   2,138   7 
Oeconnection LLC  Revolver  4/22/2031   482   — 
OLO Parent, Inc.  Revolver  9/13/2032   799   (2)
Onit, Inc.  Delayed Draw Term Loan  1/28/2027   2,786   — 
Onit, Inc.  Revolver  1/27/2032   929   — 
ONS MSO, LLC  Revolver  7/7/2028   17   — 
Onsite Holdings, LLC  Delayed Draw Term Loan  12/19/2025   938   (5)
Onyx-Fire Protection Services Inc.  Delayed Draw Term Loan  7/31/2026   618   — 
Onyx-Fire Protection Services Inc.  Revolver  7/31/2031   1,441   — 
Orsini Pharmaceutical Services, LLC  Revolver  5/22/2030   226   (2)
Packaging Coordinators Midco, Inc.  Delayed Draw Term Loan  4/23/2026   4,882   (24)
Packaging Coordinators Midco, Inc.  Revolver  1/22/2032   926   (5)
Pareto Health Intermediate Holdings, Inc.  Delayed Draw Term Loan  12/31/2027   653   (3)
Pathstone Family Office LLC  Delayed Draw Term Loan  6/22/2026   1,454   (4)
Pathstone Family Office LLC  Revolver  5/15/2028   374   (1)
Patriot Growth Insurance Services, LLC  Revolver  10/16/2028   534   — 

 

41

 

 

ANTARES PRIVATE CREDIT FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)(Continued)

September 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 Corp.  Revolver  11/20/2029   1,142   — 
Plaskolite PPC Intermediate II LLC  Revolver  2/7/2030   90   (6)
Potters Industries LLC  Revolver  9/14/2027   100   — 
Power Grid Holdings, Inc.  Revolver  12/2/2030   783   (9)
Premise Health Holding Corp.  Revolver  3/1/2030   712   — 
Prism Parent Co. Inc.  Delayed Draw Term Loan  9/19/2026   849   (8)
Proampac PG Borrower LLC  Revolver  6/16/2028   53   — 
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  4/3/2026   208   — 
Psc Parent, Inc.  Revolver  4/3/2030   191   — 
Puma Buyer, LLC  Revolver  3/29/2032   1,313   — 
Quality Automotive Services, LLC  Delayed Draw Term Loan  1/30/2027   282   (1)
Quality Automotive Services, LLC  Delayed Draw Term Loan  7/16/2027   2,000   (10)
Quality Automotive Services, LLC  Revolver  7/16/2027   257   (1)
Quick Quack Car Wash Holdings, LLC  Delayed Draw Term Loan  6/12/2027   4,134   (15)
Raven Acquisition Holdings, LLC  Delayed Draw Term Loan  11/19/2026   333   — 
Red Fox CD Acquisition Corporation  Delayed Draw Term Loan  11/23/2026   2,142   (11)
Resonetics, LLC  Revolver  6/18/2029   100   — 
RFI Buyer, Inc.  Delayed Draw Term Loan  8/29/2027   2,601   (13)
RFI Buyer, Inc.  Revolver  8/5/2030   600   (3)
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   (53)
Rimkus Consulting Group, Inc.  Revolver  4/1/2030   901   (27)
Riser Interco, LLC  Delayed Draw Term Loan  4/16/2027   1,493   — 
Riser Interco, LLC  Revolver  10/31/2029   464   — 
Routeware, Inc.  Delayed Draw Term Loan  9/19/2026   1,386   — 
Routeware, Inc.  Revolver  9/18/2031   273   — 
Ruppert Landscape, LLC  Delayed Draw Term Loan  4/30/2026   4,054   (19)
Ruppert Landscape, LLC  Revolver  12/3/2029   627   (3)
RxSense Holdings LLC  Revolver  3/12/2027   619   — 
Ryan, LLC  Revolver  11/14/2028   51   — 
Safety Borrower Holdings LLC  Revolver  9/1/2027   337   (1)
Sako and Partners Lower Holdings LLC  Revolver  9/15/2028   1,091   (5)
Saturn Borrower Inc  Delayed Draw Term Loan  1/24/2027   1,422   (4)
Saturn Borrower Inc  Revolver  11/13/2028   486   (1)
SCW Holdings III Corp.  Delayed Draw Term Loan  3/18/2027   977   — 
SCW Holdings III Corp.  Revolver  3/17/2031   872   — 
Seahawk Bidco, LLC  Delayed Draw Term Loan  12/19/2026   671   — 
Seahawk Bidco, LLC  Revolver  12/19/2030   545   — 
Service Logic Acquisition, Inc.  Revolver  10/30/2025   100   — 
Simplicity Financial Marketing Group Holdings, Inc.  Delayed Draw Term Loan  12/31/2026   1,268   (6)

 

 

42

 

 

ANTARES PRIVATE CREDIT FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)(Continued)

September 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  1/30/2032   704   — 
Southpaw Ap Buyer, LLC  Delayed Draw Term Loan  5/1/2026   55   — 
Southpaw Ap Buyer, LLC  Revolver  3/2/2028   195   — 
Spartan Bidco PTY LTD  Revolver  1/24/2028   385   — 
Specialtycare, Inc.  Delayed Draw Term Loan  8/27/2027   1,353   (7)
Specialtycare, Inc.  Revolver  12/18/2029   188   (1)
Spirit RR Holdings, Inc.  Revolver  9/13/2028   272   (1)
St Athena Global LLC  Delayed Draw Term Loan  6/26/2026   213   (2)
St Athena Global LLC  Revolver  6/26/2029   448   (4)
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   (23)
SurfacePrep Buyer, LLC  Delayed Draw Term Loan  1/15/2027   737   (7)
Surfaceprep Buyer, LLC  Revolver  2/4/2030   317   (3)
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   89   (2)
Tersera Therapeutics, LLC  Revolver  4/4/2029   116   — 
The Chartis Group, LLC  Delayed Draw Term Loan  9/17/2026   388   (2)
The Chartis Group, LLC  Revolver  9/17/2031   194   (1)
The Hiller Companies, LLC  Delayed Draw Term Loan  6/22/2026   141   — 
The Hiller Companies, LLC  Delayed Draw Term Loan  7/17/2027   708   (4)
The Hiller Companies, LLC  Revolver  6/20/2030   1,299   — 
The Ultimus Group Midco, LLC  Delayed Draw Term Loan  1/1/2028   1,356   — 
The Ultimus Group Midco, LLC  Revolver  7/1/2032   509   — 
THG Acquisition, LLC  Delayed Draw Term Loan  10/30/2026   553   — 
THG Acquisition, LLC  Revolver  10/31/2031   306   — 
TPC Engineering Holdings, Inc.  Revolver  2/16/2027   264   — 
Trilon Group, LLC  Delayed Draw Term Loan  3/13/2027   1,436   (11)
Trilon Group, LLC  Revolver  5/29/2029   1,212   (10)
Trimech Acquisition Corp.  Revolver  3/10/2028   1,457   (7)
Truck-Lite Co., LLC  Delayed Draw Term Loan  2/13/2026   993   (4)
Truck-Lite Co., LLC  Delayed Draw Term Loan  12/17/2026   1,130   (4)
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   1,764   — 
US Fitness Holdings, LLC  Revolver  9/4/2030   172   — 
USHV Management, LLC  Delayed Draw Term Loan  9/9/2027   1,016   (5)
USHV Management, LLC  Revolver  9/8/2031   549   (3)
USRP Holdings, Inc.  Delayed Draw Term Loan  8/28/2026   1,543   — 
USRP Holdings, Inc.  Revolver  12/31/2029   900   — 
Vaco Holdings, LLC  Revolver  1/21/2027   100   (14)
Valet Waste Holdings, Inc.  Delayed Draw Term Loan  3/8/2026   7,213   — 

 

43

 

 

ANTARES PRIVATE CREDIT FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)(Continued)

September 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  $624   $(4)
Validity, Inc.  Revolver  4/10/2030   392    — 
Vamos Bidco, Inc  Delayed Draw Term Loan  1/30/2027   1,105    — 
Vamos Bidco, Inc  Revolver  1/30/2032   221    — 
Vensure Employer Services, Inc.  Delayed Draw Term Loan  9/27/2026   164    (1)
Vertex Service Partners, LLC  Delayed Draw Term Loan  10/2/2026   201    (7)
Vessco Midco Holdings, LLC  Delayed Draw Term Loan  7/24/2026   756    — 
Vessco Midco Holdings, LLC  Revolver  7/24/2031   552    — 
Victors Purchaser, LLC  Delayed Draw Term Loan  8/15/2026   1,718    — 
Victors Purchaser, LLC  Revolver  8/15/2031   1,254    — 
Victory Buyer LLC  Revolver  11/19/2028   43    — 
Vital Care Buyer, LLC  Revolver  7/30/2031   696    (3)
VPP Intermediate Holdings, LLC  Delayed Draw Term Loan  1/19/2027   2,584    (19)
VPP Intermediate Holdings, LLC  Revolver  12/1/2027   228    (1)
VRS Buyer, Inc.  Delayed Draw Term Loan  7/18/2027   1,908    — 
VRS Buyer, Inc.  Revolver  7/19/2032   1,272    — 
VS Buyer, LLC  Revolver  4/12/2029   100    — 
WST USA Holdco, Inc.  Delayed Draw Term Loan  12/30/2025   373    (1)
Wealth Enhancement Group, LLC  Delayed Draw Term Loan  12/30/2026   10,585    (25)
Wealth Enhancement Group, LLC  Revolver  10/2/2028   323    (1)
Wildcat Topco, Inc.  Delayed Draw Term Loan  11/16/2026   270    (1)
Wildcat Topco, Inc.  Revolver  11/17/2031   263    (1)
Wisdom Purchaser, LLC  Revolver  7/24/2032   636    (2)
World Insurance Associates, LLC  Delayed Draw Term Loan  8/14/2026   2,249    (6)
World Insurance Associates, LLC  Revolver  4/3/2030   209    (1)
WPP Bullet Buyer, LLC  Revolver  12/7/2029   83    (1)
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  4/19/2032   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   984    — 
YLG Holdings, Inc.  Delayed Draw Term Loan  11/26/2026   560    (4)
YLG Holdings, Inc.  Revolver  12/23/2030   1,141    (9)
Zelis Cost Management Buyer, Inc.  Revolver  1/17/2029   100    — 
Zinc Buyer Corporation  Delayed Draw Term Loan  7/24/2026   830    — 
Zinc Buyer Corporation  Revolver  7/24/2031   790    — 
Zone Climate Services, Inc.  Delayed Draw Term Loan  11/22/2025   2,780    (7)
Zone Climate Services, Inc.  Revolver  3/9/2028   334    (3)
Total Unfunded Commitments        $368,519   $(1,115)

 

(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.

 

44

 

 

ANTARES PRIVATE CREDIT FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS 

December 31, 2024 

(in thousands)

 

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

 

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		 
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 

 

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		 
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) — 

 

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		 
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) — 

 

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		 
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  GBP2,291   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 

 

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		 
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) — 

 

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		  
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  

 

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		 
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)   — 

 

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		 
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)   — 

 

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		 
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 

 

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		 
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 

 

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		 
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 

 

56

 

 

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 

 

57

 

 

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%