424B3: Prospectus [Rule 424(b)(3)]
Published on August 21, 2026
Filed pursuant to Rule 424(b)(3)
File No. 333-283111
ANTARES PRIVATE CREDIT FUND
SUPPLEMENT NO. 2 DATED AUGUST 21, 2026
TO THE PROSPECTUS DATED APRIL 30, 2026
This prospectus supplement (“Supplement”) is part of and should be read in conjunction with the prospectus of Antares Private Credit Fund (the “Fund”), dated April 30, 2026 (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 (i) update the Prospectus and (ii) include our Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2026.
The following updates to the Prospectus are effective immediately:
The following replaces in their entirety the paragraphs in respect of Alabama, California and Idaho under the “Suitability Standards” section of the Prospectus:
Alabama—Alabama investors must have either (a) a minimum annual gross income of $100,000 and a minimum net worth of $100,000, or (b) a minimum net worth of $350,000. In addition, Alabama investors must limit their aggregate investment in us and other non-traded direct participation programs to 10% of their liquid net worth at the time of their investment. This concentration limit shall not apply to investments made as a result of participation in a distribution reinvestment plan. For these purposes, “liquid net worth” is defined as that portion of net worth consisting of cash, cash equivalents, and readily marketable securities. The foregoing concentration limit does not apply to any investor that is an “accredited investor” as defined in Rule 501(a) of Regulation D under the Securities Act of 1933.
California—California residents may not invest more than 10% of their liquid net worth in us and must have either (a) a liquid net worth of $150,000 and annual gross income of $150,000 or (b) a liquid net worth of $350,000.
Idaho—Purchasers residing in Idaho must have either (a) a minimum annual gross income of $100,000 and a minimum net worth of $100,000; or (b) a minimum net worth of $350,000. Net worth shall be determined exclusive of home, home furnishings, and automobiles.
The following replaces in its entirety the risk factor captioned “The Fund is Subject to Risks Relating to Exculpation and Indemnification” under the “Risk Factors” section of the Prospectus:
The Fund is Subject to Risks Relating to Exculpation and Indemnification. The Fund is required to indemnify the Adviser, the members of the Board and each other person indemnified under the Declaration of Trust of the Fund and the Bylaws of the Fund (as amended or restated from time to time, the “Bylaws”) for liabilities incurred in connection with the Declaration of Trust, the Bylaws, the Advisory Agreement and the Fund’s activities, except in certain circumstances. Subject to the limits on indemnification under Section 17(h) of the 1940 Act, the Declaration of Trust provides that the Fund shall not indemnify such persons to the extent liability and losses are the result of such persons’ negligence or misconduct in the case of a person who is not an Independent Trustee, or gross negligence or willful misconduct in the case of an Independent Trustee. Subject to the limits on indemnification under Section 17(i) of the 1940 Act, the Advisory Agreement provides that the Adviser shall not be protected against any liability to the Fund or its shareholders by reason of willful misfeasance, bad faith or gross negligence on the Adviser’s part in the performance of its duties or by reason of the reckless disregard of its duties and obligations. The Fund will also indemnify certain service providers, including the Administrator and the Fund’s auditors, as well as consultants and sourcing, operating and joint venture partners. Such liabilities may be material and may have an adverse effect on the returns to the Fund investors. The indemnification obligation of the Fund would be payable from the assets of the Fund. The application of the indemnification and exculpation standards may result in Fund investors bearing a broader indemnification obligation in certain cases than they would in the absence of such standards. As a result of these considerations, even though such provisions will not act as a waiver on the part of any investor of any of its rights which are not permitted to be waived under applicable law, the Fund may bear significant financial losses even where such losses were caused by the negligence or other conduct of such indemnified persons.
The following replaces in its entirety the portion of the second sentence (up to the first colon) under the “Management’s Discussion and Analysis of Financial Condition and Results of Operations – Expenses”, “Plan of Operation – Expenses” and “Advisory Agreement and Administration Agreement – Payment of Our Expenses Under the Investment Advisory and Administration Agreements” sections of the Prospectus:
Notwithstanding anything to the contrary stated in this Section, the following apply:
(a) All expenses of the Fund shall be billed to and paid by the Fund;
(b) The Adviser, the Administrator and the Sponsor (as defined in the NASAA Omnibus Guidelines Statement of Policy adopted on March 29, 1992 and as amended on May 7, 2007 and from time to time (the “Omnibus Guidelines”)) may be reimbursed for the actual cost of goods and services used for, or by, the Fund and obtained from persons other than affiliates of the Adviser, the Administrator, the Sponsor, or the Fund;
(c) The Adviser, the Administrator and the Sponsor may be reimbursed for the administrative services necessary to the prudent operation of the Fund; provided, the reimbursement shall be the lower of the Adviser’s, the Administrator’s and/or the Sponsor’s actual cost or the amount the Fund would be required to pay to persons other than affiliates of the Adviser, the Administrator and/or the Sponsor, or the Fund for comparable administrative services in the same geographic location; and provided, further, that such costs are reasonably allocated to the Fund on the basis of assets, revenues, time records or other method conforming with generally accepted accounting principles;
(d) No reimbursement shall be permitted for services for which the Adviser, the Administrator and the Sponsor are entitled to compensation by way of a separate fee; and
(e) Excluded from the allowable reimbursement shall be:
i. the Adviser’s, the Administrator’s or the Sponsor’s rent and depreciation, utilities, capital equipment, and other administrative items; and
ii. the Adviser’s, the Administrator’s or the Sponsor’s controlling persons’ salaries, fringe benefits, travel expenses, and other administrative items incurred by, or allocated to, the Adviser’s, the Administrator’s or the Sponsor’s controlling persons’.
Except as otherwise provided in the Advisory Agreement, we will bear all other costs and expenses of the Fund’s operations, administration and transactions, including, but not limited to:
The following replaces in their entirety subparts (x) and (xiii) of the second sentence under the “Plan of Operation – Expenses” section of the Prospectus:
(x) expenses, including travel, entertainment, lodging and meal expenses, incurred by the Adviser, or members of its investment team, or payable to third parties, in evaluating, developing, negotiating, structuring and performing due diligence on prospective portfolio companies, including such expenses related to potential investments that were not consummated, and, if necessary, enforcing the Fund’s rights, to the extent permitted by the Omnibus Guidelines;
(xiii) the allocated costs incurred by Antares Capital Credit (in its capacity as the Adviser and/or the Administrator) in providing managerial assistance to those portfolio companies that request it, as required by law;
The following replaces in its entirety the last sentence in the second paragraph under the “Advisory Agreement and Administration Agreement – Administration Agreement” section of the Prospectus:
We will not reimburse the Administrator for any services for which it receives a separate fee, for rent or depreciation, utilities, capital equipment and other administrative items of the Administrator, or for salaries, fringe benefits, travel expenses and other administrative items incurred or allocated to any controlling person of the Administrator.
The following replaces in its entirety the last sentence under the “Advisory Agreement and Administration Agreement – Certain Terms of the Advisory Agreement and Administration Agreement” section of the Prospectus:
However, we will not provide for indemnification of an Indemnified Party for any liability or loss suffered by such Indemnified Party, nor will we provide that an Indemnified Party be held harmless for any loss or liability suffered by us, unless:
(1) the Indemnified Party has determined, in good faith, that the course of conduct that caused the loss or liability was in our best interest;
(2) the Indemnified Party was acting on our behalf or performing services for us;
(3) such liability or loss was not the result of (A) negligence or misconduct by the Indemnified Party in the case that the Indemnified Party is not an Independent Trustee, or (B) gross negligence or willful misconduct, in the case that the Indemnified Party is an Independent Trustee; and
(4) the indemnification or agreement to hold harmless is recoverable only out of our net assets and not from our shareholders.
The following replaces in their entirety the first, third and fifth bullets in the second sentence under the “Advisory Agreement and Administration Agreement – Prohibited Activities” section of the Prospectus:
· | We may not purchase or lease assets in which the Sponsor, the Adviser, any Trustee, or any of their affiliates has an interest unless the transaction occurred at the formation of the Fund, we disclose the terms of the transaction to our shareholders, the terms are reasonable to us and the price does not exceed the lesser of cost or fair market value, as determined by an independent expert; |
· | The Sponsor, the Adviser, any Trustee, or any of their affiliates may not acquire assets from us unless approved by the holders of more than fifty percent (50%) of the outstanding voting securities of the Fund; |
· | We may not make any loans, credit facilities, credit agreements or otherwise to the Sponsor, the Adviser, any Trustee, or any of their affiliates except for the advancement of funds as permitted by our Declaration of Trust; |
The following replaces in its entirety the “Advisory Agreement and Administration Agreement – Compliance with the Omnibus Guidelines Published by NASAA” section of the Prospectus:
Rebates, Kickbacks and Reciprocal Arrangements
The Sponsor, the Fund, and the Adviser may not receive or accept any rebate or give-ups or similar arrangements that are prohibited under applicable federal or state securities laws or Omnibus Guidelines. The Sponsor, the Fund, and the Adviser may not participate in any reciprocal business arrangement that would circumvent provisions of applicable federal or state securities laws or the Omnibus Guidelines governing conflicts of interest or investment restrictions, or enter into any agreement, arrangement or understanding that would circumvent the restrictions against dealing with affiliates or promoters under applicable federal or state securities laws or the Omnibus Guidelines. The Sponsor, the Fund, and the Adviser may not directly or indirectly pay or award any fees or commissions or other compensation to any person engaged to sell shares or give investment advice to a potential shareholder; provided, however, our Adviser may pay a registered broker-dealer or other properly licensed agent of normal sales commissions or other compensation (including cash compensation and non-cash compensation (as such terms are defined under FINRA Rule 2310)) for selling or distributing shares, including out of the Adviser’s own assets, including those amounts paid to the Adviser under the Advisory Agreement. The Sponsor, the Fund, and the Adviser may not participate in any arrangements that would circumvent the Omnibus Guidelines.
Commingling
The Adviser may not permit our funds held by our custodian to be commingled with the funds of any other person and the funds will be protected from the claims of affiliated companies and creditors of the affiliated companies.
The following replaces in its entirety the last sentence under the “Description of Our Common Shares – Common Shares” section of the Prospectus:
Subject to the special rights of the holders of any class or series of preferred shares to elect Trustees, a majority of all votes cast at a meeting of shareholders duly called and at which a quorum is present shall be sufficient to elect a Trustee.
The following replaces in its entirety the second sentence in the second paragraph under the “Description of Our Common Shares – Limitation on Liability of Trustees and Officers; Indemnification and Advance of Expenses” section of the Prospectus:
Notwithstanding the foregoing, we will not provide any indemnification of an Indemnitee, Sponsor (as defined under the Omnibus Guidelines), or any person acting as a broker-dealer pursuant to paragraph (a) above for any liability and losses arising from or out of an alleged violation of federal or state securities laws by such Indemnitee, Sponsor, or any person acting as a broker-dealer unless one or more of the following conditions are met: (i) there has been a successful adjudication on the merits of each count involving alleged securities law violations as to the particular indemnitee, Sponsor, or any person acting as a broker-dealer, (ii) such claims have been dismissed with prejudice on the merits by a court of competent jurisdiction as to the particular Indemnitee, Sponsor, or any person acting as a broker-dealer, or (iii) a court of competent jurisdiction approves a settlement of the claims against the particular Indemnitee, Sponsor, or any person acting as a broker-dealer and finds that indemnification of the settlement and the related costs should be made, and the court considering the request for indemnification has been advised of the position of the SEC and of the published position of any state securities regulatory authority in which securities were offered or sold as to indemnification for violations of securities laws.
The following replaces in their entirety the third and fourth paragraphs under the “Description of Our Common Shares – Limitation on Liability of Trustees and Officers; Indemnification and Advance of Expenses” section of the Prospectus:
We will neither indemnify nor hold harmless an Indemnitee or a Sponsor, unless that particular indemnitee meets all of the following conditions:
(i)The particular indemnitee has determined, in good faith, that any course of conduct of such particular indemnitee giving rise to the liability and losses was in the best interests of the Fund.
(ii)The particular indemnitee was acting on behalf of or performing services for the Fund.
(iii)Such liability and losses were not the result of (1) negligence or misconduct, in the case that the particular indemnitee is not an Independent Trustee, in each case, as determined by a court of competent jurisdiction in a final, non-appealable order, or (2) gross negligence or willful misconduct, in the case that the particular indemnitee is an Independent Trustee.
(iv)Such indemnification is recoverable only out of the net assets of the Fund and not from the shareholders.
In addition, the Declaration of Trust permits the Fund to advance reasonable legal expenses and other costs incurred by the Sponsor, the Indemnitee or any affiliate thereof in advance of final disposition of a proceeding only if (i) the proceeding relates to acts or omissions with respect to the performance of duties or services on behalf of the Fund, (ii) the Indemnitee or the affiliate of the Sponsor, as applicable, provides the Fund with written affirmation of such person’s good faith belief that the person has met the standard of conduct necessary for indemnification by the Fund as authorized by the Declaration of Trust, (iii) the legal proceeding was initiated by a third party who is not a shareholder or, if by a shareholder of the Fund acting in his or her capacity as such, a court of competent jurisdiction approves such advancement, and (iv) the Indemnitee or the affiliate of the Sponsor, as applicable, provides the Fund with a written agreement to repay the amount paid or reimbursed by the Fund, together with the applicable legal rate of interest thereon, if it is ultimately determined by final, non-appealable decision of a court of competent jurisdiction, that the Indemnitee is not entitled to indemnification.
The following replaces in its entirety the “Description of Our Common Shares – Delaware Law and Certain Declaration of Trust Provisions – Sales and Leases to the Fund” section of the Prospectus:
Our Declaration of Trust provides that we may not purchase or lease assets in which the Sponsor, the Adviser, any Trustee, or any of their affiliates have an interest unless all of the following conditions are met: (a) the transaction occurred at the formation of the Fund and is fully disclosed to the shareholders either in a prospectus or periodic report filed with the SEC or otherwise; and (b) the assets are sold or leased upon terms that are reasonable to us and at a price not to exceed the lesser of cost or fair market value as determined by an independent expert. However, the Sponsor, the Adviser, any Trustee, or any of their affiliates may purchase assets in its own name (and assume loans in connection) and temporarily hold title, for the purposes of facilitating the acquisition of the assets, the borrowing of money, obtaining financing for us, or the completion of construction of the assets, so long as all of the following conditions are met: (i) the assets are purchased by us at a price no greater than the cost of the assets to the Sponsor, the Adviser, any Trustee, or any of their affiliates; (ii) all income generated by, and the expenses associated with, the assets so acquired will be treated as belonging to us; and (iii) there are no other benefits arising out of such transaction to the Adviser.
The following replaces in its entirety the “Description of Our Common Shares – Delaware Law and Certain Declaration of Trust Provisions – Sales and Leases to our Adviser, Trustees or Affiliates” section of the Prospectus:
Our Declaration of Trust provides that we may not sell assets to the Sponsor, the Adviser, any Trustee, or any of their affiliates unless such sale is approved by the holders of more than fifty percent (50%) of the outstanding voting securities of the Fund. Our Declaration of Trust also provides that we may not lease assets to the Sponsor, the Adviser, any Trustee, or any of their affiliates unless all of the following conditions are met: (a) the transaction occurred at the formation of the Fund and is fully disclosed to the shareholders either in a prospectus or periodic report filed with the SEC or otherwise; and (b) the terms of the transaction are fair and reasonable to us.
The following replaces in its entirety the “Description of Our Common Shares – Delaware Law and Certain Declaration of Trust Provisions – Loans” section of the Prospectus:
Our Declaration of Trust provides that, except for the advancement of indemnification funds, no loans, credit facilities, credit agreements or otherwise may be made by us to the Sponsor, the Adviser, any Trustee, or any of their affiliates.
The following replaces in its entirety the “Description of Our Common Shares – Delaware Law and Certain Declaration of Trust Provisions – Commissions on Financing, Refinancing or Reinvestment” section of the Prospectus:
Our Declaration of Trust provides that we may not pay, directly or indirectly, a commission or fee to a Sponsor, the Adviser, any Trustee, or any affiliate thereof (except as otherwise specified in our Declaration of Trust) in connection with the reinvestment of cash available for distribution, available reserves, or the proceeds of the resale, exchange or refinancing of assets.
The following replaces in its entirety the “Description of Our Common Shares – Delaware Law and Certain Declaration of Trust Provisions – Lending Practices” section of the Prospectus:
Our Declaration of Trust provides that, with respect to financing made available to us by the Adviser or the Sponsor, the Adviser or the Sponsor, as applicable, may not receive interest in excess of the lesser of the Adviser’s or the Sponsor’s, as applicable, cost of funds or the amounts that would be charged by unrelated lending institutions on comparable loans for the same purpose. Neither the Adviser nor the Sponsor may impose a prepayment charge or penalty in connection with such financing and the Adviser or the Sponsor may not receive points or other financing charges. In addition, the Adviser and the Sponsor will be prohibited from providing financing to us with a term in excess of 12 months.
The following replaces in its entirety the first paragraph under the “Description of Our Common Shares – Delaware Law and Certain Declaration of Trust Provisions – Action by Shareholders” section of the Prospectus:
Our Bylaws provide that shareholder action can be taken at an annual meeting or at a special meeting of shareholders or by unanimous written consent in lieu of a meeting. The shareholders will only have voting rights as required by the 1940 Act or as otherwise provided for in the Declaration of Trust. Under our Declaration of Trust and Bylaws, the Fund is required to hold a meeting of shareholders at least annually. Special meetings may be called by the Trustees and certain of our officers, and will be limited to the purposes for any such special meeting set forth in the notice thereof. In addition, our Bylaws provide that, subject to the satisfaction of certain procedural and informational requirements by the shareholders requesting the meeting, a special meeting of shareholders will be called by the secretary of the Fund upon the written request of shareholders entitled to cast not less than 10% of all votes entitled to be cast at such meeting. Upon receipt of a written request, either in person or by certified mail, stating the purpose(s) of the meeting, all shareholders will be provided, within ten (10) days after receipt of said request, written notice, either in person or by mail, of a meeting and the purpose of such meeting to be held on a date not less than fifteen (15) nor more than sixty (60) days after distribution of such notice, at a time and place specified in the request, or if none is specified, at a time and place convenient to shareholders. These provisions will have the effect of significantly reducing the ability of shareholders being able to have proposals considered at a meeting of shareholders.
The following replaces in its entirety the third paragraph under the “Description of Our Common Shares – Delaware Law and Certain Declaration of Trust Provisions – Action by Shareholders” section of the Prospectus:
Our Declaration of Trust provides that the following actions may be taken by the shareholders, without concurrence by us, our Board, the Adviser and the Sponsor, upon a vote by the holders of more than 50% of the outstanding shares entitled to vote to:
· | modify our Declaration of Trust; |
· | remove the Sponsor or the Adviser and appoint a new Adviser; or |
· | approve or disapprove to sell all or substantially all of the Fund’s assets other than in the ordinary course of the Fund’s business. |
The following replaces in its entirety the fifth paragraph under the “Description of Our Common Shares – Delaware Law and Certain Declaration of Trust Provisions – Action by Shareholders” section of the Prospectus:
We, our Board, the Adviser and the Sponsor may not, without the approval of a vote by the holders of more than 50% of the outstanding shares entitled to vote on such matters:
· | modify our Declaration of Trust except for amendments which do not adversely affect the rights of shareholders; |
· | appoint a new Adviser or Sponsor (other than a sub-adviser pursuant to the terms of an advisory agreement and applicable law); |
· | sell all or substantially all of the Fund’s assets other than in the ordinary course of the Fund’s business; |
· | voluntarily withdraw as the Adviser or a Sponsor unless such withdrawal would not affect the tax status of the Fund and would not materially adversely affect the shareholders; |
· | cause the merger or other reorganization of the Fund; or |
· | dissolve the Fund. |
The following replaces in their entirety the “Description of Our Common Shares – Delaware Law and Certain Declaration of Trust Provisions – Amendment of the Declaration of Trust and Bylaws” section of the Prospectus:
Our Declaration of Trust provides that shareholders are entitled to vote upon a proposed amendment to the Declaration of Trust if the amendment would alter the terms of contract rights of the shares held by such shareholders so as to affect them adversely. Approval of any such amendment or addition must be approved by the holders of more than 50% of the outstanding shares of the Fund entitled to vote on the matter. In addition, amendments to our Declaration of Trust to make our shares a “redeemable security” or to convert the Fund, whether by merger or otherwise, from a closed-end company to an open-end company or any amendment to Section 3.3, 3.9, Section 5.1 or Section 5.2. of our Declaration of Trust each must be approved by the affirmative vote of more than fifty percent (50%) of the outstanding shares of the Fund entitled to be cast on the matter.
Our Declaration of Trust provides that our Board has the exclusive power to adopt, alter or repeal any provision of our Bylaws and to make new Bylaws, provided, however, that any amendment to the Bylaws which adversely affects the rights of shareholders must be approved by the holders of more than fifty percent (50%) of the outstanding shares of the Fund entitled to vote thereon.
The following replaces in its entirety the first bullet under the third paragraph under the “Description of Our Common Shares – Restrictions on Roll-Up Transactions” section of the Prospectus:
· | which would result in shareholders having democracy rights in the entity that would be created or would survive after the successful completion of the roll-up transaction that are less than democracy rights provided in the Declaration of Trust and Bylaws, including rights with respect to the election and removal of Trustees, annual and special meetings, amendments to the Declaration of Trust and our dissolution, and the Omnibus Guidelines; |
The following replaces in its entirety the second sentence under the “Description of Our Common Shares – Delaware Law and Certain Declaration of Trust Provisions – Reports to Shareholders” section of the Prospectus:
In addition, we will distribute our annual report on Form 10-K to all shareholders within 120 days after the end of each calendar year, which must contain, among other things, a breakdown of the expenses reimbursed by us to the Adviser, the Administrator and the Sponsor.
The following replaces in its entirety the first sentence under the “Description of Our Common Shares – Delaware Law and Certain Declaration of Trust Provisions – Conflict with the 1940 Act” section of the Prospectus:
Our Declaration of Trust provides that, if and to the extent that any provision of Delaware law, or any provision of our Declaration of Trust or Bylaws conflicts with any provision of the 1940 Act, the mandatory provisions of the 1940 Act will control.
The following replaces in its entirety the first sentence in the seventh paragraph under the “How to Subscribe” section of the Prospectus:
Except where prohibited by applicable law, any assignor shareholder owning shares for the purpose of assigning their shares retains the same rights as a shareholder of the Fund, including, but not limited to, the rights enumerated under Article VI of the Omnibus Guidelines.
The following replaces in their entirety the paragraphs respecting Alabama, California and Idaho under the “Additional Subscriber Representations and Signatures” section of the Form of Subscription Agreement included as Appendix A to the Prospectus:
If I am an Alabama resident, I must have either (a) a minimum annual gross income of $100,000 and a minimum net worth of $100,000, or (b) a minimum net worth of $350,000. In addition, I must limit my aggregate investment in Antares Private Credit Fund and other non-traded direct participation programs to 10% of my liquid net worth at the time of my investment. This concentration limit shall not apply to investments made as a result of participation in a distribution reinvestment plan. For these purposes, “liquid net worth” is defined as that portion of net worth consisting of cash, cash equivalents, and readily marketable securities. The foregoing concentration limit does not apply to me if I am an “accredited investor” as defined in Rule 501(a) of Regulation D under the Securities Act of 1933.
If I am a California resident, I may not invest more than 10% of my liquid net worth in Antares Private Credit Fund and must have either (a) a liquid net worth of $150,000 and annual gross income of $150,000 or (b) a liquid net worth of $350,000.
If I am an Idaho resident, I must have either (a) a minimum annual gross income of $100,000 and a minimum net worth of $100,000; or (b) a minimum net worth of $350,000. Net worth shall be determined exclusive of home, home furnishings, and automobiles.
Quarterly Report on Form 10-Q for the Quarter Ended June 30, 2026
On August 13, 2026, we filed our Quarterly Report on Form 10-Q for the quarter ended June 30, 2026 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)
☒ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the quarterly period ended June 30, 2026
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 |
| (I.R.S. Employer |
320 South Canal Street, Suite 4200 |
| 60606 |
(Address of principal executive offices) |
| (Zip Code) |
312-638-4000
Registrant’s telephone number, including area code
Securities registered pursuant to Section 12(b) of the Act:
Title of each class | | Trading | | Name of each exchange |
None |
| None |
| None |
Securities registered pursuant to Section 12(g) of the Act:
Class I Shares, par value $0.01 per share
Class S Shares, par value $0.01 per share
Class D Shares, par value $0.01 per share
(Title of class)
Indicate by check mark whether the Registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ NO ☐
Indicate by check mark whether the Registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the Registrant was required to submit such files). Yes ☒ NO ☐
Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definition of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act:
Large accelerated filer | ☐ |
| Accelerated filer | ☐ |
Non-accelerated filer | ☒ |
| Smaller reporting company | ☐ |
Emerging growth company | ☒ |
|
|
|
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Act). YES ☐ NO ☒
The Registrant’s common shares of beneficial interest (“Common Shares”), $0.01 par value per share, outstanding as of August 13, 2026 was 33,005,629 of Class I Shares. No Class S or Class D Shares have been issued as of August 13, 2026. Common Shares outstanding exclude August 1, 2026 subscriptions and share issuance pursuant to the dividend reinvestment plan, as the issuance price is not yet finalized at this time.
Table of Contents
2
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS
The information contained in this section should be read in conjunction with our consolidated financial statements and notes thereto appearing elsewhere in this Quarterly Report. In addition, some of the statements in this Quarterly Report (including in the following discussion) constitute forward-looking statements, which relate to future events or the future performance or financial condition of Antares Private Credit Fund (the “Company,” “we,” “us,” or “our”). The Company is externally managed by Antares Capital Credit Advisers LLC (the “Adviser”). The forward-looking statements contained in this report involve a number of risks and uncertainties, including statements concerning:
· | we have a limited operating history; |
· | our, or our portfolio companies’, future business, operations, operating results or prospects; |
· | the return or impact of current and future investments; |
· | changes in the general economy, including those caused by tariffs and trade disputes with other countries, changes in inflation, and risk of recession; |
· | the impact of changes in laws or regulations (including the interpretation thereof), including tax laws, governing our operations or the operations of our portfolio companies or the operations of our competitors; |
· | the valuation of our investments in portfolio companies, particularly those having no liquid trading market; |
· | market conditions and our ability to access different debt markets and additional debt and equity capital and our ability to manage our capital resources effectively; |
· | our contractual arrangements and relationships with third parties; |
· | the state of the general economy; |
· | the impact of supply chain constraints on our portfolio companies and the global economy; |
· | uncertainty surrounding global financial stability, including the liquidity of certain banks; |
· | the financial condition of our current and prospective portfolio companies and their ability to achieve their objectives; |
· | the impact of information technology system failures, data security breaches, data privacy compliance, network disruptions, and cybersecurity attacks; |
· | our ability to raise capital in the private and public debt and equity markets; |
· | our ability to anticipate and identify evolving market expectations with respect to environmental, social and governance matters, including the environmental impacts of our portfolio companies’ supply chain and operations; |
· | the outcome and impact of any litigation or regulatory proceeding; |
· | the adequacy of our cash resources and working capital; |
· | the timing, form and amount of any dividend distributions; |
· | the timing of cash flows, if any, from the operations of our portfolio companies; and |
· | the ability of our adviser to locate suitable investments for us and to monitor and administer our investments. |
3
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, but not limited to, those set forth in “Risk Factors” on the Company’s registration statement on Form N-2, in Part I, Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2025, and Part II, Item 1A of and elsewhere in this 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, 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.
4
PART I - FINANCIAL INFORMATION
Item 1. Consolidated Financial Statements
ANTARES PRIVATE CREDIT FUND
CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES
(in thousands, except share and per share amounts)
| June 30, | | December 31, | |||
(Unaudited) | ||||||
ASSETS | ||||||
Investments at fair value: | ||||||
Non-controlled/non-affiliated investments, at fair value (amortized cost — $1,729,309 and $1,610,881 as of June 30, 2026 and December 31, 2025, respectively) | $ | 1,710,182 | $ | 1,609,502 | ||
Short-term investments (amortized cost — $23,289 and $56,001 as of June 30, 2026 and December 31, 2025, respectively) | 23,289 | 56,001 | ||||
Total investments at fair value | 1,733,471 | 1,665,503 | ||||
Cash | 11,087 | 8,960 | ||||
Foreign currencies (cost — $3,904 and $10,099 as of June 30, 2026 and December 31, 2025, respectively) | 3,862 | 10,387 | ||||
Interest receivable from non-controlled/non-affiliated investments | 6,697 | 7,230 | ||||
Dividend receivable from non-controlled/non-affiliated investments | 331 | 308 | ||||
Deferred offering costs | 585 | 525 | ||||
Receivable from adviser (Note 3) | 1,759 | 1,361 | ||||
Receivable for investments sold / repaid | 2,500 | 5,912 | ||||
Prepaid expenses and other assets | 224 | 541 | ||||
Total assets | $ | 1,760,516 | $ | 1,700,727 | ||
LIABILITIES | ||||||
Debt outstanding | $ | 933,368 | $ | 950,419 | ||
Less: Deferred financing costs | (7,142) | (7,662) | ||||
Total debt, net of deferred financing costs | 926,226 | 942,757 | ||||
Payable for investments purchased | 7,265 | 6,536 | ||||
Interest payable | 2,391 | 2,823 | ||||
Distributions payable | 6,011 | 6,067 | ||||
Administrative service fee payable | 198 | 150 | ||||
Accrued expenses and other liabilities | 2,397 | 3,270 | ||||
Management fees payable | 2,514 | 2,283 | ||||
Income based incentive fee payable | 2,494 | 2,462 | ||||
Payable for shares repurchased | 1,267 | — | ||||
Due to affiliates | 550 | 1,311 | ||||
Total liabilities | 951,313 | 967,659 | ||||
Commitments and contingencies (Note 7) | ||||||
NET ASSETS | ||||||
Common Shares, par value $0.01 (32,904,581 and 29,112,305 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively) | 329 | 291 | ||||
Paid-in capital in excess of par value | 823,276 | 728,579 | ||||
Accumulated net distributable earnings | (14,402) | 4,198 | ||||
Total net assets | 809,203 | 733,068 | ||||
Total liabilities and net assets | $ | 1,760,516 | $ | 1,700,727 | ||
Net asset value per share | $ | 24.59 | $ | 25.18 | ||
See accompanying notes to the consolidated financial statements.
5
ANTARES PRIVATE CREDIT FUND
CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)
(in thousands, except share and per share amounts)
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||
| 2026 | | 2025 | | 2026 | | 2025 | |||||
Investment income: | ||||||||||||
From total investments: | ||||||||||||
Interest income | $ | 36,720 | $ | 27,571 | $ | 73,644 | $ | 49,697 | ||||
Payment-in-kind interest income | 762 | 143 | 1,113 | 253 | ||||||||
Payment-in-kind dividend income | 213 | — | 417 | — | ||||||||
Dividend income | — | 319 | — | 319 | ||||||||
Other income | 425 | 1,431 | 1,109 | 2,570 | ||||||||
Total investment income | 38,120 | 29,464 | 76,283 | 52,839 | ||||||||
Expenses: | ||||||||||||
Interest and debt expenses | 14,235 | 8,704 | 28,432 | 12,962 | ||||||||
Management fees (Note 3) | 2,514 | 2,039 | 4,945 | 4,004 | ||||||||
Income based incentive fee (Note 3) | 2,494 | 2,399 | 4,983 | 4,668 | ||||||||
Administrative service fee | 231 | 176 | 413 | 332 | ||||||||
Board of Trustees’ fee | 42 | 30 | 83 | 70 | ||||||||
Other general and administrative expenses | 812 | 941 | 1,860 | 1,623 | ||||||||
Organization and offering costs | 337 | 563 | 640 | 1,063 | ||||||||
Total expenses | 20,665 | 14,852 | 41,356 | 24,722 | ||||||||
Management fees waiver (Note 3) | — | (2,039) | — | (4,004) | ||||||||
Incentive fees waiver (Note 3) | — | (2,399) | — | (4,668) | ||||||||
Reimbursable expenses paid by adviser (Note 3) | — | (148) | — | (648) | ||||||||
Net expenses, net of fee waivers | 20,665 | 10,266 | 41,356 | 15,402 | ||||||||
Excise tax expense | — | — | 55 | — | ||||||||
Net investment income (loss) | 17,455 | 19,198 | 34,872 | 37,437 | ||||||||
Net realized and change in unrealized gain (loss): | ||||||||||||
Net realized gain (loss): | ||||||||||||
Non-controlled/non-affiliated investments | (247) | (15) | (913) | (14) | ||||||||
Foreign currency transactions | 163 | 259 | 238 | 807 | ||||||||
Total net realized gain (loss) | (84) | 244 | (675) | 793 | ||||||||
Net change in unrealized appreciation (depreciation): | ||||||||||||
Non-controlled/non-affiliated investments | 816 | 1,442 | (17,748) | (440) | ||||||||
Translation of assets and liabilities in foreign currencies | 502 | (1,606) | 1,064 | (2,483) | ||||||||
Total net change in unrealized appreciation (depreciation) | 1,318 | (164) | (16,684) | (2,923) | ||||||||
Total net realized and change in unrealized gain (loss) | 1,234 | 80 | (17,359) | (2,130) | ||||||||
(Provision) benefit for taxes on unrealized appreciation (depreciation) of assets | 7 | — | 296 | — | ||||||||
Net increase (decrease) in net assets resulting from operations | $ | 18,696 | $ | 19,278 | $ | 17,809 | $ | 35,307 | ||||
Per share information | ||||||||||||
Net investment income (loss) per share (basic and diluted) | $ | 0.53 | $ | 0.74 | $ | 1.08 | $ | 1.45 | ||||
Earnings per share (basic and diluted) | $ | 0.57 | $ | 0.74 | $ | 0.55 | $ | 1.37 | ||||
Distributions declared per share | $ | 0.55 | $ | 0.64 | $ | 1.13 | $ | 1.25 | ||||
Weighted average shares outstanding (basic and diluted) | 32,741,667 | 26,062,390 | 32,168,907 | 25,741,187 | ||||||||
See accompanying notes to the consolidated financial statements.
6
ANTARES PRIVATE CREDIT FUND
CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS (Unaudited)
(in thousands, except shares)
Three Months Ended June 30, 2026
Accumulated Net | ||||||||||||||
Paid-in-Capital in | Distributable | |||||||||||||
Common Shares | Excess of Par | Earnings | Total | |||||||||||
| Shares | | Par Value | | Value | | (Losses) | | Net Assets | |||||
Net assets at beginning of period | 32,376,193 | $ | 324 | $ | 810,232 | $ | (14,995) | $ | 795,561 | |||||
Operations: | ||||||||||||||
Net investment income (loss) | — | — | — | 17,455 | 17,455 | |||||||||
Net realized gain (loss) | — | — | — | (84) | (84) | |||||||||
Net change in unrealized appreciation (depreciation) | — | — | — | 1,318 | 1,318 | |||||||||
(Provision) benefit for taxes on unrealized appreciation (depreciation) of assets | — | — | — | 7 | 7 | |||||||||
Net increase (decrease) in net assets resulting from operations | — | — | — | 18,696 | 18,696 | |||||||||
Capital Transactions: | ||||||||||||||
Issuance of shares | 531,573 | 6 | 13,097 | — | 13,103 | |||||||||
Common Shares issued from reinvestment of distributions | 49,312 | — | 1,213 | — | 1,213 | |||||||||
Distributions to shareholders | — | — | — | (18,103) | (18,103) | |||||||||
Repurchase of shares (net of early repurchase deduction) | (52,497) | (1) | (1,266) | — | (1,267) | |||||||||
Net increase (decrease) in net assets resulting from capital transactions | 528,388 | 5 | 13,044 | (18,103) | (5,054) | |||||||||
Total net increase (decrease) | 528,388 | 5 | 13,044 | 593 | 13,642 | |||||||||
Net assets at end of period | 32,904,581 | $ | 329 | $ | 823,276 | $ | (14,402) | $ | 809,203 | |||||
Six Months Ended June 30, 2026
Accumulated Net | ||||||||||||||
Distributable | ||||||||||||||
Common Shares | Paid-in-Capital in | Earnings | Total | |||||||||||
| Shares | | Par Value | | Excess of Par Value | | (Losses) | | Net Assets | |||||
Net assets at beginning of period | 29,112,305 | $ | 291 | $ | 728,579 | $ | 4,198 | $ | 733,068 | |||||
Operations: | ||||||||||||||
Net investment income (loss) | — | — | — | 34,872 | 34,872 | |||||||||
Net realized gain (loss) | — | — | — | (675) | (675) | |||||||||
Net change in unrealized appreciation (depreciation) | — | — | — | (16,684) | (16,684) | |||||||||
(Provision) benefit for taxes on unrealized appreciation (depreciation) of assets | — | — | — | 296 | 296 | |||||||||
Net increase (decrease) in net assets resulting from operations | — | — | — | 17,809 | 17,809 | |||||||||
Capital Transactions: | ||||||||||||||
Issuance of shares | 3,753,947 | 38 | 93,712 | — | 93,750 | |||||||||
Common Shares issued from reinvestment of distributions | 92,809 | 1 | 2,299 | — | 2,300 | |||||||||
Distributions to shareholders | — | — | — | (36,409) | (36,409) | |||||||||
Repurchase of shares (net of early repurchase deduction) | (54,480) | (1) | (1,314) | — | (1,315) | |||||||||
Net increase (decrease) in net assets resulting from capital transactions | 3,792,276 | 38 | 94,697 | (36,409) | 58,326 | |||||||||
Total net increase (decrease) | 3,792,276 | 38 | 94,697 | (18,600) | 76,135 | |||||||||
Net assets at end of period | 32,904,581 | $ | 329 | $ | 823,276 | $ | (14,402) | $ | 809,203 | |||||
7
ANTARES PRIVATE CREDIT FUND
CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS (Unaudited)(Continued)
(in thousands, except shares)
Three Months Ended June 30, 2025
Accumulated Net | ||||||||||||||
Distributable | ||||||||||||||
Common Shares | Paid-in-Capital in | Earnings | Total | |||||||||||
| Shares | | Par Value | | Excess of Par Value | | (Losses) | | Net Assets | |||||
Net assets at beginning of period | 25,436,857 | $ | 254 | $ | 636,278 | $ | 2,156 | $ | 638,688 | |||||
Operations: | ||||||||||||||
Net investment income (loss) | — | — | — | 19,198 | 19,198 | |||||||||
Net realized gain (loss) | — | — | — | 244 | 244 | |||||||||
Net change in unrealized appreciation (depreciation) | — | — | — | (164) | (164) | |||||||||
Net increase (decrease) in net assets resulting from operations | — | — | — | 19,278 | 19,278 | |||||||||
Capital Transactions: | ||||||||||||||
Issuance of shares | 1,175,573 | 12 | 29,521 | — | 29,533 | |||||||||
Common Shares issued from reinvestment of distributions | 2,725 | — | 68 | — | 68 | |||||||||
Distributions to shareholders | — | — | — | (16,724) | (16,724) | |||||||||
Net increase (decrease) in net assets resulting from capital transactions | 1,178,298 | 12 | 29,589 | (16,724) | 12,877 | |||||||||
Total net increase (decrease) | 1,178,298 | 12 | 29,589 | 2,554 | 32,155 | |||||||||
Net assets at end of period | 26,615,155 | $ | 266 | $ | 665,867 | $ | 4,710 | $ | 670,843 | |||||
Six Months Ended June 30, 2025
Accumulated Net | ||||||||||||||
Distributable | ||||||||||||||
Common Shares | Paid-in-Capital in | Earnings | Total | |||||||||||
| Shares | | Par Value | | Excess of Par Value | | (Losses) | | Net Assets | |||||
Net assets at beginning of period | 25,405,674 | $ | 254 | $ | 635,495 | $ | 1,710 | $ | 637,459 | |||||
Operations: | ||||||||||||||
Net investment income (loss) | — | — | — | 37,437 | 37,437 | |||||||||
Net realized gain (loss) | — | — | — | 793 | 793 | |||||||||
Net change in unrealized appreciation (depreciation) | — | — | — | (2,923) | (2,923) | |||||||||
Net increase (decrease) in net assets resulting from operations | — | — | — | 35,307 | 35,307 | |||||||||
Capital Transactions: | ||||||||||||||
Issuance of shares | 1,206,756 | 12 | 30,304 | — | 30,316 | |||||||||
Common Shares issued from reinvestment of distributions | 2,725 | — | 68 | — | 68 | |||||||||
Distributions to shareholders | — | — | — | (32,307) | (32,307) | |||||||||
Net increase (decrease) in net assets resulting from capital transactions | 1,209,481 | 12 | 30,372 | (32,307) | (1,923) | |||||||||
Total net increase (decrease) | 1,209,481 | 12 | 30,372 | 3,000 | 33,384 | |||||||||
Net assets at end of period | 26,615,155 | $ | 266 | $ | 665,867 | $ | 4,710 | $ | 670,843 | |||||
See accompanying notes to the consolidated financial statements.
8
ANTARES PRIVATE CREDIT FUND
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
(in thousands)
| Six Months Ended June 30, | |||||
| 2026 | | 2025 | |||
Cash flow from operating activities | ||||||
Net increase (decrease) in net assets resulting from operations | $ | 17,809 | $ | 35,307 | ||
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash used in operating activities: | ||||||
Accrued interest and dividends received in-kind | (1,495) | (572) | ||||
Net accretion of discounts and amortization of premiums on investments | (1,531) | (908) | ||||
Proceeds from sale of investments and principal repayments | 205,100 | 92,636 | ||||
Purchases of investments | (321,415) | (484,956) | ||||
(Purchases) sales of short-term investments, net | 32,712 | 151 | ||||
Net realized (gains) losses on investments | 913 | 14 | ||||
Net change in unrealized (appreciation) depreciation on investments | 17,748 | 440 | ||||
Net change in unrealized (appreciation) depreciation on translation of assets and liabilities in foreign currencies | (1,064) | — | ||||
Amortization of deferred financing costs | 938 | 510 | ||||
Amortization of deferred offering costs | 640 | 944 | ||||
(Increase) decrease in operating assets: | ||||||
Interest receivable from non-controlled/non-affiliated investments | 533 | (2,545) | ||||
Dividend receivable from non-controlled/non-affiliated investments | (23) | — | ||||
Receivable from adviser | (398) | 1,513 | ||||
Receivable for investments sold / repaid | 3,412 | (460) | ||||
Prepaid expenses and other assets | 317 | 228 | ||||
Increase (decrease) in operating liabilities: | ||||||
Due to affiliates | (761) | (3,882) | ||||
Payable for investments purchased | 729 | (141,642) | ||||
Management fees payable | 231 | — | ||||
Income based incentive fee payable | 32 | — | ||||
Interest payable | (432) | 1,576 | ||||
Administrative service fee payable | 48 | 332 | ||||
Accrued expenses and other liabilities | (873) | 558 | ||||
Net cash provided by (used in) operating activities | (46,830) | (500,756) | ||||
Cash flow from financing activities | ||||||
Proceeds from issuance of shares | 93,750 | 30,316 | ||||
Debt borrowings | 223,923 | 525,882 | ||||
Debt repayments | (239,617) | (20,000) | ||||
Distributions paid | (34,165) | (34,895) | ||||
Deferred offering costs paid | (700) | (887) | ||||
Deferred financing costs paid | (418) | (2,816) | ||||
Repurchase of shares (net of early repurchase deduction) | (48) | — | ||||
Net cash provided by (used in) financing activities | 42,725 | 497,600 | ||||
Net increase (decrease) in cash | (4,105) | (3,156) | ||||
Effect of foreign exchange rate changes on cash | (293) | — | ||||
Cash and foreign currencies at the beginning of period | 19,347 | 22,814 | ||||
Cash and foreign currencies at the end of period | $ | 14,949 | $ | 19,658 | ||
Supplemental disclosure of cash flow information | ||||||
Cash paid for interest | $ | 27,926 | $ | 10,876 | ||
Cash paid for taxes | 330 | 74 | ||||
Distributions payable | 6,011 | 5,634 | ||||
Reinvestment of distributions | 2,300 | 68 | ||||
Payable for shares repurchased | 1,267 | — | ||||
See accompanying notes to the consolidated financial statements.
9
ANTARES PRIVATE CREDIT FUND
CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)
June 30, 2026
(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)(16) | First Lien Term Loan | S + 2.25% | 6.00% | 10/31/2030 | $ | 1,680 | $ | 1,684 | $ | 1,681 | 0.21 | % | ||||||||||||||
GSP Holdings, LLC | (6)(8)(13) | First Lien Term Loan | S + 6.50% | 10.40% (Incl. 0.75% PIK) | 11/6/2026 | 105 | 105 | 101 | 0.01 | ||||||||||||||||||
1,789 | 1,782 | 0.22 | |||||||||||||||||||||||||
Air Freight and Logistics | |||||||||||||||||||||||||||
Kenco PPC Buyer LLC | (8)(13) | First Lien Term Loan | S + 4.25% | 8.00% | 11/15/2029 | 5,315 | 5,296 | 5,316 | 0.66 | ||||||||||||||||||
Kenco PPC Buyer LLC | (7)(12)(13) | First Lien Revolver | S + 4.25% | 8.00% | 11/15/2029 | 359 | 127 | 129 | 0.02 | ||||||||||||||||||
Lightbeam Bidco Inc. | (8)(14) | First Lien Term Loan | S + 4.80% | 8.55% | 5/6/2030 | 4,876 | 4,876 | 4,839 | 0.60 | ||||||||||||||||||
Lightbeam Bidco Inc. | (12)(14) | First Lien Delayed Draw Term Loan | S + 4.80% | 8.55% | 5/6/2030 | 642 | 642 | 637 | 0.08 | ||||||||||||||||||
Lightbeam Bidco Inc. | (7)(12)(14) | First Lien Delayed Draw Term Loan | S + 4.80% | 8.55% | 5/6/2030 | 3,770 | 2,648 | 2,639 | 0.32 | ||||||||||||||||||
Lightbeam Bidco Inc. | (7)(12)(14) | First Lien Revolver | S + 4.80% | 8.55% | 5/4/2029 | 491 | — | (4 | ) | — | |||||||||||||||||
13,589 | 13,556 | 1.68 | |||||||||||||||||||||||||
Automobile Components | |||||||||||||||||||||||||||
Enthusiast Auto Holdings, LLC | (8)(13) | First Lien Term Loan | S + 4.50% | 8.16% | 12/19/2027 | 5,831 | 5,831 | 5,831 | 0.72 | ||||||||||||||||||
Enthusiast Auto Holdings, LLC | (7)(12)(13) | First Lien Revolver | S + 4.50% | 8.16% | 12/19/2027 | 64 | — | — | — | ||||||||||||||||||
OAC Holdings I Corp | (8)(13) | First Lien Term Loan | S + 5.00% | 8.90% | 3/30/2029 | 184 | 184 | 184 | 0.02 | ||||||||||||||||||
Power Stop, LLC | (5)(8)(15) | First Lien Term Loan | S + 4.50% | 8.35% | 1/26/2029 | 196 | 196 | 189 | 0.02 | ||||||||||||||||||
Quality Automotive Services, LLC | (8)(13) | First Lien Term Loan | S + 5.00% | 8.66% | 7/16/2027 | 4,591 | 4,582 | 4,591 | 0.57 | ||||||||||||||||||
Quality Automotive Services, LLC | (8)(13) | First Lien Delayed Draw Term Loan | S + 5.00% | 8.66% | 7/16/2027 | 905 | 903 | 905 | 0.11 | ||||||||||||||||||
Quality Automotive Services, LLC | (12)(13) | First Lien Delayed Draw Term Loan | S + 5.00% | 8.66% | 7/16/2027 | 2,416 | 2,413 | 2,416 | 0.30 | ||||||||||||||||||
Quality Automotive Services, LLC | (7)(12)(13) | First Lien Delayed Draw Term Loan | S + 5.00% | 8.66% | 7/16/2027 | 1,995 | 771 | 778 | 0.10 | ||||||||||||||||||
Quality Automotive Services, LLC | (7)(12)(13) | First Lien Revolver | S + 5.00% | 8.66% | 7/16/2027 | 257 | — | — | — | ||||||||||||||||||
Truck-Lite Co., LLC | (8)(14) | First Lien Term Loan | S + 4.75% | 8.50% | 2/13/2032 | 193 | 192 | 191 | 0.02 | ||||||||||||||||||
Truck-Lite Co., LLC | (8)(12)(14) | First Lien Term Loan | S + 4.75% | 8.50% | 2/13/2032 | 1,698 | 1,698 | 1,686 | 0.21 | ||||||||||||||||||
Truck-Lite Co., LLC | (12)(14) | First Lien Delayed Draw Term Loan | S + 4.75% | 8.50% | 2/13/2032 | 37 | 37 | 36 | — | ||||||||||||||||||
Truck-Lite Co., LLC | (7)(12)(14) | First Lien Delayed Draw Term Loan | S + 4.75% | 8.50% | 2/13/2032 | 1,868 | 726 | 723 | 0.09 | ||||||||||||||||||
Truck-Lite Co., LLC | (7)(12)(14) | First Lien Delayed Draw Term Loan | S + 5.75% | 9.50% | 2/13/2032 | 930 | (3 | ) | (7 | ) | — | ||||||||||||||||
Truck-Lite Co., LLC | (7)(12)(14) | First Lien Revolver | S + 5.00% | 8.75% | 2/13/2031 | 176 | — | (1 | ) | — | |||||||||||||||||
17,530 | 17,522 | 2.16 | |||||||||||||||||||||||||
10
ANTARES PRIVATE CREDIT FUND
CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)(Continued)
June 30, 2026
(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 | ||||||||||||||||||
Beverages | |||||||||||||||||||||||||||
Pegasus BidCo B.V. | (5)(6)(8)(16) | First Lien Term Loan | S + 2.50% | 6.25% | 7/12/2032 | $ | 993 | $ | 996 | $ | 994 | 0.12 | % | ||||||||||||||
996 | 994 | 0.12 | |||||||||||||||||||||||||
Building Products | |||||||||||||||||||||||||||
MDC Interior Acquisition Inc | (8)(13) | First Lien Term Loan | S + 5.00% | 8.75% | 4/26/2030 | 984 | 980 | 971 | 0.12 | ||||||||||||||||||
MDC Interior Acquisition Inc | (7)(12)(13) | First Lien Revolver | S + 5.00% | 8.75% | 4/26/2030 | 42 | — | (1 | ) | — | |||||||||||||||||
Surewerx Purchaser III Inc. | (8)(14) | First Lien Term Loan | S + 5.25% | 9.00% | 12/28/2029 | 197 | 196 | 197 | 0.02 | ||||||||||||||||||
WST USA Holdco, Inc. | (6)(8)(13) | First Lien Term Loan | S + 4.75% | 8.60% | 3/31/2027 | 1,699 | 1,699 | 1,699 | 0.21 | ||||||||||||||||||
WST USA Holdco, Inc. | (6)(12)(13) | First Lien Delayed Draw Term Loan | S + 4.75% | 8.60% | 3/31/2027 | 249 | 249 | 249 | 0.03 | ||||||||||||||||||
3,124 | 3,115 | 0.38 | |||||||||||||||||||||||||
Capital Markets | |||||||||||||||||||||||||||
Arax MidCo, LLC | (12)(14) | First Lien Term Loan | S + 5.25% | 9.00% | 3/24/2032 | 1,300 | 1,297 | 1,293 | 0.16 | ||||||||||||||||||
Arax MidCo, LLC | (7)(12)(14) | First Lien Delayed Draw Term Loan | S + 5.25% | 9.00% | 3/24/2032 | 593 | (1 | ) | (3 | ) | — | ||||||||||||||||
Arax MidCo, LLC | (7)(12)(14) | First Lien Revolver | S + 5.25% | 9.00% | 3/24/2032 | 107 | — | (1 | ) | — | |||||||||||||||||
Cub Financing Intermediate, LLC | (8)(15) | First Lien Term Loan | S + 4.75% | 8.50% | 6/28/2030 | 3,724 | 3,710 | 3,724 | 0.46 | ||||||||||||||||||
Cub Financing Intermediate, LLC | (12)(15) | First Lien Delayed Draw Term Loan | S + 4.75% | 8.50% | 6/28/2030 | 1,731 | 1,717 | 1,731 | 0.21 | ||||||||||||||||||
Edgeco Buyer, Inc. | (8)(13) | First Lien Term Loan | S + 4.50% | 8.25% | 6/1/2028 | 7,354 | 7,354 | 7,336 | 0.91 | ||||||||||||||||||
Edgeco Buyer, Inc. | (8)(13) | First Lien Delayed Draw Term Loan | S + 4.50% | 8.25% | 6/1/2028 | 872 | 872 | 869 | 0.11 | ||||||||||||||||||
Edgeco Buyer, Inc. | (12)(13) | First Lien Delayed Draw Term Loan | S + 4.50% | 8.25% | 6/1/2028 | 3,233 | 3,222 | 3,225 | 0.40 | ||||||||||||||||||
Edgeco Buyer, Inc. | (7)(12)(13) | First Lien Revolver | S + 4.50% | 8.25% | 6/1/2028 | 304 | 253 | 253 | 0.03 | ||||||||||||||||||
GTCR ABC Buyer, LLC | (12)(14) | First Lien Term Loan | S + 4.50% | 8.25% | 4/14/2033 | 3,077 | 3,062 | 3,062 | 0.38 | ||||||||||||||||||
GTCR ABC Buyer, LLC | (7)(12)(14) | First Lien Delayed Draw Term Loan | S + 4.50% | 8.25% | 4/14/2033 | 1,282 | (3 | ) | (6 | ) | — | ||||||||||||||||
GTCR ABC Buyer, LLC | (7)(12)(14) | First Lien Revolver | S + 4.50% | 8.25% | 4/14/2033 | 641 | (3 | ) | (3 | ) | — | ||||||||||||||||
HighTower Holding, LLC | (5)(7)(12)(16) | First Lien Revolver | S + 3.00% | 6.75% | 2/1/2030 | 10 | — | — | — | ||||||||||||||||||
Lido Advisors, LLC | (8)(13) | First Lien Delayed Draw Term Loan | S + 4.75% | 8.50% | 5/10/2032 | 197 | 196 | 196 | 0.02 | ||||||||||||||||||
Lido Advisors, LLC | (7)(12)(13) | First Lien Delayed Draw Term Loan | S + 4.75% | 8.50% | 5/10/2032 | 3,504 | 3,419 | 3,413 | 0.42 | ||||||||||||||||||
Lido Advisors, LLC | (12)(13) | First Lien Delayed Draw Term Loan | S + 4.75% | 8.50% | 5/10/2032 | 523 | 519 | 519 | 0.06 | ||||||||||||||||||
Lido Advisors, LLC | (7)(12)(13) | First Lien Revolver | S + 4.75% | 8.50% | 5/10/2032 | 615 | 458 | 456 | 0.06 | ||||||||||||||||||
The Ultimus Group Midco, LLC | (8)(14) | First Lien Term Loan | S + 4.50% | 8.25% | 7/1/2032 | 6,064 | 6,031 | 6,064 | 0.75 | ||||||||||||||||||
The Ultimus Group Midco, LLC | (7)(12)(16) | First Lien Delayed Draw Term Loan | S + 4.50% | 8.25% | 7/1/2032 | 2,031 | (3 | ) | — | — | |||||||||||||||||
The Ultimus Group Midco, LLC | (7)(12)(16) | First Lien Revolver | S + 4.50% | 8.25% | 7/1/2032 | 762 | (3 | ) | — | — | |||||||||||||||||
32,097 | 32,128 | 3.97 | |||||||||||||||||||||||||
11
ANTARES PRIVATE CREDIT FUND
CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)(Continued)
June 30, 2026
(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)(14) | First Lien Term Loan | S + 4.50% | 8.16% | 3/1/2032 | $ | 10,395 | $ | 10,352 | $ | 10,344 | 1.28 | % | ||||||||||||||
Americhem, Inc. | (7)(12)(14) | First Lien Delayed Draw Term Loan | S + 4.50% | 8.16% | 3/1/2032 | 2,691 | (6 | ) | (13 | ) | — | ||||||||||||||||
Americhem, Inc. | (7)(12)(14) | First Lien Revolver | S + 4.50% | 8.16% | 3/1/2032 | 1,906 | (10 | ) | (10 | ) | — | ||||||||||||||||
Aurora Plastics, LLC | (8)(14) | First Lien Term Loan | S + 4.75% | 8.51% | 8/12/2030 | 12,368 | 12,350 | 12,213 | 1.51 | ||||||||||||||||||
Aurora Plastics, LLC | (8)(14) | First Lien Delayed Draw Term Loan | S + 4.75% | 8.51% | 8/12/2030 | 1,398 | 1,398 | 1,380 | 0.17 | ||||||||||||||||||
Aurora Plastics, LLC | (7)(12)(14) | First Lien Delayed Draw Term Loan | S + 4.75% | 8.51% | 8/12/2030 | 1,140 | (2 | ) | (14 | ) | — | ||||||||||||||||
Aurorium Global Holdings LLC | (8)(14) | First Lien Term Loan | S + 5.75% | 9.65% | 1/2/2029 | 99 | 99 | 92 | 0.01 | ||||||||||||||||||
Boulder Scientific Company, LLC | (8)(13) | First Lien Term Loan | S + 4.50% | 8.25% | 12/31/2027 | 96 | 96 | 96 | 0.01 | ||||||||||||||||||
Bulab Holdings, Inc. | (8)(14) | First Lien Term Loan | S + 4.50% | 8.25% | 7/1/2032 | 8,067 | 8,032 | 7,986 | 0.99 | ||||||||||||||||||
Bulab Holdings, Inc. | (8)(14) | First Lien Term Loan | E + 4.50% | 6.82% | 7/1/2032 | EUR 1,345 | 1,581 | 1,521 | 0.19 | ||||||||||||||||||
Bulab Holdings, Inc. | (7)(12)(14) | First Lien Delayed Draw Term Loan | S + 4.50% | 8.25% | 7/1/2032 | 1,931 | (4 | ) | (19 | ) | — | ||||||||||||||||
Bulab Holdings, Inc. | (7)(12)(14) | First Lien Revolver | S + 4.50% | 8.25% | 7/1/2032 | 1,862 | (8 | ) | (19 | ) | — | ||||||||||||||||
Charkit Chemical Company, LLC | (8)(13) | First Lien Term Loan | S + 4.88% | 8.64% | 12/29/2026 | 100 | 100 | 96 | 0.01 | ||||||||||||||||||
DCG Acquisition Corp. | (8)(14) | First Lien Term Loan | S + 5.00% | 8.75% | 6/13/2031 | 6,991 | 6,991 | 7,014 | 0.87 | ||||||||||||||||||
DCG Acquisition Corp. | (12)(14) | First Lien Delayed Draw Term Loan | S + 5.00% | 8.75% | 6/13/2031 | 830 | 829 | 832 | 0.10 | ||||||||||||||||||
Hasa Acquisition, LLC | (8)(13) | First Lien Term Loan | S + 4.50% | 8.25% | 1/10/2029 | 6,427 | 6,302 | 6,298 | 0.78 | ||||||||||||||||||
Hasa Acquisition, LLC | (7)(12)(13) | First Lien Delayed Draw Term Loan | S + 4.50% | 8.25% | 1/10/2029 | 3,866 | — | (77 | ) | (0.01 | ) | ||||||||||||||||
Hasa Acquisition, LLC | (7)(12)(13) | First Lien Revolver | S + 4.50% | 8.25% | 1/10/2029 | 1,705 | 1,159 | 1,159 | 0.14 | ||||||||||||||||||
Lubricant Engineers | (8)(13) | First Lien Term Loan | S + 5.25% | 9.00% | 9/1/2029 | 196 | 196 | 196 | 0.02 | ||||||||||||||||||
Lubricant Engineers | (8)(12)(13) | First Lien Term Loan | S + 5.25% | 9.00% | 9/1/2029 | 9,014 | 8,999 | 8,969 | 1.11 | ||||||||||||||||||
Lubricant Engineers | (7)(12)(13) | First Lien Revolver | S + 5.25% | 9.00% | 9/1/2029 | 885 | (4 | ) | (4 | ) | — | ||||||||||||||||
Plaskolite PPC Intermediate II LLC | (8)(13) | First Lien Term Loan | S + 8.00% | 11.75% (Incl. 4.00% PIK) | 5/9/2030 | 1,428 | 1,418 | 1,414 | 0.17 | ||||||||||||||||||
Plaskolite PPC Intermediate II LLC | (7)(12)(13) | First Lien Revolver | S + 7.00% | 10.75% | 2/7/2030 | 101 | 25 | 25 | — | ||||||||||||||||||
Rocket Bidco, Inc. | (6)(8)(14) | First Lien Term Loan | C + 4.75% | 7.36% | 11/1/2030 | CAD 196 | 142 | 136 | 0.02 | ||||||||||||||||||
60,035 | 59,615 | 7.37 | |||||||||||||||||||||||||
Commercial Services and Supplies | |||||||||||||||||||||||||||
365RM Holdco, LLC | (12)(14) | First Lien Term Loan | S + 4.75% | 8.50% | 5/6/2033 | 2,095 | 2,085 | 2,085 | 0.26 | ||||||||||||||||||
365RM Holdco, LLC | (7)(12)(14) | First Lien Delayed Draw Term Loan | S + 4.75% | 8.50% | 5/6/2033 | 152 | — | (1 | ) | — | |||||||||||||||||
365RM Holdco, LLC | (7)(12)(14) | First Lien Revolver | S + 4.75% | 8.50% | 5/6/2033 | 253 | 29 | 29 | — | ||||||||||||||||||
Acuren Delaware Holdco, Inc. | (5)(6)(8)(16) | First Lien Term Loan | S + 2.50% | 6.16% | 7/30/2031 | 350 | 350 | 351 | 0.04 | ||||||||||||||||||
Anticimex Global AB | (5)(6)(8)(16) | First Lien Term Loan | S + 2.90% | 6.65% | 11/17/2031 | 1,228 | 1,228 | 1,231 | 0.15 | ||||||||||||||||||
Ares Holdings, LLC | (8)(13) | First Lien Term Loan | S + 4.75% | 8.41% | 11/18/2029 | 2,930 | 2,920 | 2,930 | 0.36 | ||||||||||||||||||
Ares Holdings, LLC | (8)(13) | First Lien Term Loan | S + 4.75% | 8.50% | 11/18/2029 | 2,354 | 2,350 | 2,354 | 0.29 | ||||||||||||||||||
Ares Holdings, LLC | (7)(12)(13) | First Lien Delayed Draw Term Loan | S + 4.75% | 8.50% | 11/18/2029 | 2,013 | (2 | ) | — | — | |||||||||||||||||
Ares Holdings, LLC | (7)(12)(13) | First Lien Revolver | S + 4.75% | 8.50% | 11/18/2029 | 1,610 | 517 | 520 | 0.07 | ||||||||||||||||||
BCPE Empire Holdings, Inc. | (5)(8)(15) | First Lien Term Loan | S + 3.25% | 6.91% | 12/11/2030 | 917 | 916 | 906 | 0.11 | ||||||||||||||||||
BIFM CA Buyer Inc. | (5)(8)(15) | First Lien Term Loan | S + 3.25% | 6.91% | 5/31/2028 | 646 | 646 | 649 | 0.08 | ||||||||||||||||||
CoolSys, Inc. | (5)(8)(14) | First Lien Term Loan | S + 6.00% | 9.75% (Incl. 3.50% PIK) | 2/11/2030 | 202 | 200 | 156 | 0.02 | ||||||||||||||||||
Crimson FLS Acquisition, Inc. | (12)(14) | First Lien Term Loan | S + 4.50% | 8.25% | 2/18/2033 | 11,154 | 11,132 | 11,070 | 1.37 | ||||||||||||||||||
Crimson FLS Acquisition, Inc. | (7)(12)(14) | First Lien Delayed Draw Term Loan | S + 4.50% | 8.25% | 2/18/2033 | 2,950 | 513 | 495 | 0.06 | ||||||||||||||||||
Crimson FLS Acquisition, Inc. | (7)(12)(14) | First Lien Revolver | S + 4.50% | 8.25% | 2/18/2033 | 1,672 | 104 | 96 | 0.01 | ||||||||||||||||||
12
ANTARES PRIVATE CREDIT FUND
CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)(Continued)
June 30, 2026
(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) | |||||||||||||||||||||||||||
CRS Midco Holdings, LLC | (12)(14) | First Lien Term Loan | S + 4.50% | 8.25% | 12/31/2032 | $ | 3,453 | $ | 3,438 | $ | 3,427 | 0.43 | % | ||||||||||||||
CRS Midco Holdings, LLC | (7)(12)(14) | First Lien Delayed Draw Term Loan | S + 4.50% | 8.25% | 12/31/2032 | 1,154 | (3 | ) | (9 | ) | — | ||||||||||||||||
CRS Midco Holdings, LLC | (7)(12)(14) | First Lien Revolver | S + 4.50% | 8.25% | 12/31/2032 | 692 | (3 | ) | (5 | ) | — | ||||||||||||||||
Discovery Purchaser Corporation | (5)(6)(8)(15) | First Lien Term Loan | S + 3.75% | 7.50% | 10/4/2029 | 2,951 | 2,956 | 2,943 | 0.37 | ||||||||||||||||||
FL Hawk Intermediate Holdings, Inc. | (8)(13) | First Lien Term Loan | S + 4.50% | 8.25% | 2/22/2030 | 1,395 | 1,392 | 1,395 | 0.17 | ||||||||||||||||||
FL Hawk Intermediate Holdings, Inc. | (7)(12)(13) | First Lien Revolver | S + 4.50% | 8.25% | 2/22/2029 | 334 | (1 | ) | — | — | |||||||||||||||||
HeartLand PPC Buyer, LLC | (8)(14) | First Lien Term Loan | S + 4.75% | 8.50% | 12/12/2029 | 7,061 | 7,009 | 6,955 | 0.86 | ||||||||||||||||||
HeartLand PPC Buyer, LLC | (12)(14) | First Lien Delayed Draw Term Loan | S + 4.75% | 8.50% | 12/12/2029 | 854 | 847 | 842 | 0.10 | ||||||||||||||||||
HeartLand PPC Buyer, LLC | (7)(12)(14) | First Lien Delayed Draw Term Loan | S + 4.75% | 8.50% | 12/12/2029 | 3,067 | 45 | 7 | — | ||||||||||||||||||
HeartLand PPC Buyer, LLC | (7)(12)(14) | First Lien Revolver | S + 4.75% | 8.41% | 12/12/2029 | 904 | 335 | 324 | 0.04 | ||||||||||||||||||
Hercules Borrower LLC | (8)(14) | First Lien Term Loan | S + 4.75% | 8.50% | 12/15/2028 | 5,234 | 5,231 | 5,221 | 0.65 | ||||||||||||||||||
Hercules Borrower LLC | (7)(12)(14) | First Lien Delayed Draw Term Loan | S + 4.75% | 8.50% | 12/15/2028 | 2,094 | (4 | ) | (6 | ) | — | ||||||||||||||||
Hercules Borrower LLC | (7)(12)(14) | First Lien Revolver | S + 4.75% | 8.50% | 12/15/2028 | 589 | (4 | ) | (1 | ) | — | ||||||||||||||||
High Bar Brands Operating, LLC | (6)(8)(13) | First Lien Term Loan | S + 5.25% | 9.00% | 12/19/2029 | 196 | 195 | 191 | 0.03 | ||||||||||||||||||
HP RSS Buyer, Inc. | (8)(14) | First Lien Term Loan | S + 4.75% | 8.50% | 12/11/2029 | 1,302 | 1,293 | 1,282 | 0.16 | ||||||||||||||||||
HP RSS Buyer, Inc. | (12)(14) | First Lien Term Loan | S + 4.75% | 8.50% | 12/11/2029 | 273 | 272 | 269 | 0.03 | ||||||||||||||||||
HP RSS Buyer, Inc. | (12)(14) | First Lien Delayed Draw Term Loan | S + 4.75% | 8.50% | 12/11/2029 | 4,294 | 4,233 | 4,229 | 0.52 | ||||||||||||||||||
HP RSS Buyer, Inc. | (8)(14) | First Lien Delayed Draw Term Loan | S + 4.75% | 8.50% | 12/11/2029 | 278 | 276 | 274 | 0.03 | ||||||||||||||||||
HP RSS Buyer, Inc. | (12)(14) | First Lien Delayed Draw Term Loan | S + 4.75% | 8.50% | 12/11/2029 | 8,504 | 7,042 | 6,948 | 0.86 | ||||||||||||||||||
Low Voltage Holdings Inc. | (8)(12)(14) | First Lien Term Loan | S + 4.50% | 8.25% | 4/28/2032 | 12,586 | 12,553 | 12,461 | 1.54 | ||||||||||||||||||
Low Voltage Holdings Inc. | (7)(12)(14) | First Lien Delayed Draw Term Loan | S + 4.50% | 8.25% | 4/28/2032 | 1,679 | (6 | ) | (17 | ) | — | ||||||||||||||||
Low Voltage Holdings Inc. | (7)(12)(14) | First Lien Revolver | S + 4.50% | 8.25% | 4/28/2032 | 1,599 | 171 | 161 | 0.02 | ||||||||||||||||||
Monarch Landscape Holdings, LLC | (8)(14) | First Lien Term Loan | S + 5.00% | 8.75% | 10/2/2028 | 197 | 196 | 196 | 0.02 | ||||||||||||||||||
Palmetto Acquisitionco Inc. | (8)(13) | First Lien Term Loan | S + 5.75% | 9.50% | 9/18/2029 | 196 | 196 | 191 | 0.02 | ||||||||||||||||||
Pavion Corp. | (8)(14) | First Lien Term Loan | S + 6.00% | 9.75% | 10/30/2030 | 195 | 195 | 193 | 0.02 | ||||||||||||||||||
Polyphase Elevator Holding Company | (8)(14) | First Lien Term Loan | S + 5.00% | 8.75% | 11/24/2032 | 6,399 | 6,379 | 6,367 | 0.79 | ||||||||||||||||||
Polyphase Elevator Holding Company | (7)(12)(14) | First Lien Delayed Draw Term Loan | S + 5.00% | 8.75% | 11/24/2032 | 1,025 | 766 | 765 | 0.09 | ||||||||||||||||||
Polyphase Elevator Holding Company | (7)(12)(14) | First Lien Revolver | S + 5.00% | 8.75% | 11/24/2032 | 575 | (2 | ) | (3 | ) | — | ||||||||||||||||
Project Boost Purchaser, LLC | (5)(8)(16) | First Lien Term Loan | S + 2.75% | 6.50% | 7/16/2031 | 1,985 | 1,965 | 1,936 | 0.24 | ||||||||||||||||||
Saber Parent Holdings Corp. | (8)(16) | First Lien Term Loan | S + 4.75% | 8.50% (Incl. 2.25% PIK) | 12/16/2032 | 9,103 | 9,083 | 9,012 | 1.11 | ||||||||||||||||||
Saber Parent Holdings Corp. | (7)(12)(16) | First Lien Delayed Draw Term Loan | S + 4.75% | 8.41% (Incl. 2.25% PIK) | 12/16/2032 | 2,484 | 451 | 430 | 0.05 | ||||||||||||||||||
Saber Parent Holdings Corp. | (7)(12)(16) | First Lien Revolver | S + 4.50% | 8.25% | 12/16/2032 | 1,241 | 574 | 564 | 0.07 | ||||||||||||||||||
13
ANTARES PRIVATE CREDIT FUND
CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)(Continued)
June 30, 2026
(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) | |||||||||||||||||||||||||||
Thermostat Purchaser III, Inc. | (5)(8)(14) | First Lien Term Loan | S + 4.25% | 8.00% | 8/31/2028 | $ | 197 | $ | 196 | $ | 195 | 0.02 | % | ||||||||||||||
Valet Waste Holdings, Inc. | (8)(12)(13) | First Lien Term Loan | S + 6.00% | 9.66% | 5/1/2029 | 6,519 | 6,473 | 6,421 | 0.79 | ||||||||||||||||||
WRE Holding Corp. | (8)(14) | First Lien Term Loan | S + 5.00% | 8.87% | 7/2/2031 | 2,275 | 2,267 | 2,264 | 0.28 | ||||||||||||||||||
WRE Holding Corp. | (12)(14) | First Lien Term Loan | S + 5.00% | 8.87% | 7/2/2031 | 250 | 249 | 249 | 0.03 | ||||||||||||||||||
WRE Holding Corp. | (12)(14) | First Lien Delayed Draw Term Loan | S + 5.00% | 8.87% | 7/2/2031 | 480 | 480 | 477 | 0.06 | ||||||||||||||||||
WRE Holding Corp. | (7)(12)(14) | First Lien Delayed Draw Term Loan | S + 5.00% | 8.87% | 7/2/2031 | 1,784 | (4 | ) | (9 | ) | — | ||||||||||||||||
WRE Holding Corp. | (7)(12)(14) | First Lien Revolver | S + 5.00% | 8.87% | 7/2/2030 | 316 | 154 | 154 | 0.02 | ||||||||||||||||||
YLG Holdings, Inc. | (8)(12)(14) | First Lien Term Loan | S + 4.75% | 8.50% | 12/23/2030 | 9,289 | 9,269 | 9,243 | 1.14 | ||||||||||||||||||
YLG Holdings, Inc. | (7)(12)(14) | First Lien Delayed Draw Term Loan | S + 4.75% | 8.50% | 12/23/2030 | 1,369 | 807 | 802 | 0.10 | ||||||||||||||||||
YLG Holdings, Inc. | (7)(12)(14) | First Lien Revolver | S + 4.75% | 8.50% | 12/23/2030 | 1,214 | 107 | 107 | 0.01 | ||||||||||||||||||
Zinc Buyer Corporation | (12)(14) | First Lien Term Loan | S + 4.25% | 8.00% (Incl. 2.38% PIK) | 7/24/2031 | 7,286 | 7,255 | 7,104 | 0.88 | ||||||||||||||||||
Zinc Buyer Corporation | (7)(12)(14) | First Lien Delayed Draw Term Loan | S + 4.75% | 8.50% | 7/24/2031 | 670 | (5 | ) | (17 | ) | — | ||||||||||||||||
Zinc Buyer Corporation | (7)(12)(14) | First Lien Revolver | S + 4.75% | 8.41% | 7/24/2031 | 790 | 63 | 48 | 0.01 | ||||||||||||||||||
Zone Climate Services, Inc. | (12)(13) | First Lien Delayed Draw Term Loan | S + 6.00% | 9.90% | 3/9/2028 | 397 | 395 | 390 | 0.05 | ||||||||||||||||||
Zone Climate Services, Inc. | (7)(12)(13) | First Lien Revolver | S + 5.75% | 9.65% | 3/9/2028 | 636 | 439 | 433 | 0.06 | ||||||||||||||||||
118,203 | 117,274 | 14.49 | |||||||||||||||||||||||||
Construction & Engineering | |||||||||||||||||||||||||||
Ampirical Solutions, LLC | (8)(14) | First Lien Term Loan | S + 4.25% | 8.00% | 9/30/2032 | 1,770 | 1,762 | 1,770 | 0.22 | ||||||||||||||||||
Ampirical Solutions, LLC | (7)(12)(14) | First Lien Delayed Draw Term Loan | S + 4.25% | 8.00% | 9/30/2032 | 2,655 | (6 | ) | — | — | |||||||||||||||||
Ampirical Solutions, LLC | (7)(12)(14) | First Lien Revolver | S + 4.25% | 8.00% | 9/30/2032 | 708 | (3 | ) | — | — | |||||||||||||||||
Bells Parent, Inc. | (8)(14) | First Lien Term Loan | S + 5.00% | 8.87% | 4/25/2033 | 1,380 | 1,372 | 1,372 | 0.17 | ||||||||||||||||||
Bells Parent, Inc. | (12)(14) | First Lien Delayed Draw Term Loan | S + 5.00% | 8.75% | 4/25/2033 | 409 | 408 | 407 | 0.05 | ||||||||||||||||||
Bells Parent, Inc. | (7)(12)(14) | First Lien Revolver | S + 5.00% | 8.87% | 4/25/2033 | 218 | (1 | ) | (1 | ) | — | ||||||||||||||||
CLS Management Services, LLC | (8)(13) | First Lien Term Loan | S + 5.00% | 8.75% | 3/27/2030 | 196 | 195 | 195 | 0.02 | ||||||||||||||||||
FR Vision Holdings Inc | (8)(14) | First Lien Term Loan | S + 5.00% | 8.75% | 1/20/2031 | 3,937 | 3,933 | 3,869 | 0.48 | ||||||||||||||||||
FR Vision Holdings Inc | (7)(12)(14) | First Lien Delayed Draw Term Loan | S + 5.00% | 8.75% | 1/20/2031 | 2,134 | 261 | 229 | 0.03 | ||||||||||||||||||
FR Vision Holdings Inc | (12)(14) | First Lien Delayed Draw Term Loan | S + 5.00% | 8.75% | 1/20/2031 | 977 | 973 | 960 | 0.12 | ||||||||||||||||||
FR Vision Holdings Inc | (7)(12)(14) | First Lien Revolver | S + 5.00% | 8.75% | 1/22/2030 | 248 | 25 | 21 | — | ||||||||||||||||||
Hydraulic Technologies USA LLC | (8)(13) | First Lien Term Loan | S + 5.50% | 9.25% | 6/3/2031 | 824 | 812 | 783 | 0.10 | ||||||||||||||||||
Hydraulic Technologies USA LLC | (7)(12)(13) | First Lien Revolver | S + 5.50% | 9.25% | 6/3/2030 | 114 | 65 | 61 | 0.01 | ||||||||||||||||||
Kleinfelder Intermediate LLC | (8)(14) | First Lien Term Loan | S + 4.50% | 8.25% | 9/18/2030 | 196 | 196 | 195 | 0.02 | ||||||||||||||||||
Mei Buyer LLC | (8)(13) | First Lien Term Loan | S + 4.25% | 7.91% | 6/29/2029 | 196 | 196 | 196 | 0.02 | ||||||||||||||||||
10,188 | 10,057 | 1.24 | |||||||||||||||||||||||||
14
ANTARES PRIVATE CREDIT FUND
CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)(Continued)
June 30, 2026
(in thousands)
Investments (1) | Footnotes | Asset Type | Reference Rate and Spread (2) | Interest Rate | Maturity Date | Par Amount / Shares | Amortized Cost (4) | Fair Value | Percentage of Net Assets | ||||||||||||||||||
Construction Materials | |||||||||||||||||||||||||||
Pearlman Enterprises Inc. | (8)(13) | First Lien Term Loan | S + 4.50% | 8.26% | 5/5/2027 | $ | 197 | $ | 195 | $ | 194 | 0.02 | % | ||||||||||||||
Red Fox CD Acquisition Corporation | (7)(12)(13) | First Lien Delayed Draw Term Loan | S + 6.00% | 9.75% | 3/4/2030 | 13,527 | 13,249 | 13,372 | 1.65 | ||||||||||||||||||
13,444 | 13,566 | 1.67 | |||||||||||||||||||||||||
Containers and Packaging | |||||||||||||||||||||||||||
Berlin Packaging LLC | (5)(6)(8)(16) | First Lien Term Loan | S + 3.25% | 7.00% | 6/7/2031 | 2,968 | 2,972 | 2,957 | 0.37 | ||||||||||||||||||
CFs Brands, LLC | (8)(12)(13) | First Lien Term Loan | S + 5.25% | 8.91% | 10/2/2030 | 3,446 | 3,446 | 3,446 | 0.43 | ||||||||||||||||||
CFs Brands, LLC | (7)(12)(13) | First Lien Revolver | S + 5.25% | 8.91% | 10/2/2029 | 493 | 279 | 279 | 0.03 | ||||||||||||||||||
Cold Chain Technologies, LLC | (8)(13) | First Lien Term Loan | S + 5.25% | 9.00% | 7/2/2028 | 10,634 | 10,629 | 10,634 | 1.31 | ||||||||||||||||||
Cold Chain Technologies, LLC | (7)(12)(13) | First Lien Revolver | S + 5.25% | 8.91% | 7/2/2028 | 522 | 104 | 104 | 0.01 | ||||||||||||||||||
Nelipak Holding Company | (8)(12)(13) | First Lien Term Loan | S + 5.50% | 9.25% | 3/26/2031 | 7,843 | 7,843 | 7,726 | 0.95 | ||||||||||||||||||
Nelipak Holding Company | (7)(12)(13) | First Lien Delayed Draw Term Loan | S + 5.50% | 9.25% | 3/26/2031 | 946 | (4 | ) | (14 | ) | — | ||||||||||||||||
Nelipak Holding Company | (7)(12)(13) | First Lien Revolver | S + 5.50% | 9.25% | 3/26/2031 | 1,855 | — | (28 | ) | — | |||||||||||||||||
Packaging Coordinators Midco, Inc. | (8)(12)(14) | First Lien Term Loan | S + 5.00% | 8.75% | 10/15/2032 | 11,439 | 11,381 | 11,067 | 1.37 | ||||||||||||||||||
Packaging Coordinators Midco, Inc. | (7)(12)(14) | First Lien Delayed Draw Term Loan | S + 5.00% | 8.75% | 10/15/2032 | 3,548 | 236 | 146 | 0.02 | ||||||||||||||||||
Packaging Coordinators Midco, Inc. | (7)(12)(14) | First Lien Revolver | S + 5.00% | 8.75% | 10/15/2032 | 1,242 | (8 | ) | (40 | ) | — | ||||||||||||||||
PLZ CORP. | (12)(13) | First Lien Term Loan | S + 5.00% | 8.66% | 3/31/2032 | 4,497 | 4,454 | 4,464 | 0.55 | ||||||||||||||||||
PLZ CORP. | (7)(12)(13) | First Lien Revolver | S + 5.00% | 8.66% | 3/31/2032 | 637 | (6 | ) | (5 | ) | — | ||||||||||||||||
ProAmpac PG Borrower LLC | (5)(7)(12)(16) | First Lien Revolver | S + 3.75% | 7.41% | 3/6/2031 | 3,000 | 960 | 893 | 0.11 | ||||||||||||||||||
Rohrer Corp. | (8)(13) | First Lien Term Loan | S + 5.00% | 9.12% | 3/15/2027 | 197 | 197 | 193 | 0.02 | ||||||||||||||||||
St Athena Global LLC | (6)(8)(14) | First Lien Term Loan | S + 5.25% | 9.00% | 6/26/2030 | 3,831 | 3,802 | 3,783 | 0.47 | ||||||||||||||||||
St Athena Global LLC | (6)(8)(14) | First Lien Term Loan | SON + 5.25% | 9.00% | 6/26/2030 | GBP 2,257 | 2,921 | 2,956 | 0.37 | ||||||||||||||||||
St Athena Global LLC | (6)(7)(12)(14) | First Lien Revolver | S + 5.25% | 9.00% | 6/26/2029 | 590 | 80 | 76 | 0.01 | ||||||||||||||||||
Tank Holding Corp. | (8)(14) | First Lien Term Loan | S + 5.75% | 9.51% | 3/31/2028 | 196 | 195 | 182 | 0.02 | ||||||||||||||||||
TricorBraun Holdings, Inc. | (5)(8)(15) | First Lien Term Loan | S + 3.25% | 6.91% | 3/3/2031 | 5,021 | 5,011 | 4,710 | 0.58 | ||||||||||||||||||
Trident TPI Holdings, Inc. | (5)(8)(15) | First Lien Term Loan | S + 3.75% | 7.50% | 9/15/2028 | 2,463 | 2,467 | 2,368 | 0.29 | ||||||||||||||||||
Verde Purchaser, LLC | (5)(8)(16) | First Lien Term Loan | S + 4.00% | 7.75% | 11/30/2030 | 3,950 | 3,958 | 3,743 | 0.46 | ||||||||||||||||||
60,917 | 59,640 | 7.37 | |||||||||||||||||||||||||
15
ANTARES PRIVATE CREDIT FUND
CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)(Continued)
June 30, 2026
(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 | |||||||||||||||||||||||||||
Aurora Parts & Accessories LLC | (8)(13) | First Lien Term Loan | S + 5.75% | 9.65% | 1/13/2029 | $ | 98 | $ | 98 | $ | 97 | 0.01 | % | ||||||||||||||
BC Group Holdings, Inc. | (8)(14) | First Lien Term Loan | S + 5.00% | 8.75% | 12/21/2027 | 4,076 | 4,059 | 4,056 | 0.50 | ||||||||||||||||||
BC Group Holdings, Inc. | (7)(12)(14) | First Lien Delayed Draw Term Loan | S + 5.00% | 8.75% | 12/21/2027 | 7,061 | 4,867 | 4,870 | 0.60 | ||||||||||||||||||
Blackbird Purchaser, Inc. | (12)(14) | First Lien Term Loan | S + 5.75% | 9.50% | 12/19/2030 | 119 | 119 | 116 | 0.01 | ||||||||||||||||||
Blackbird Purchaser, Inc. | (7)(12)(14) | First Lien Delayed Draw Term Loan | S + 5.75% | 9.50% | 12/19/2030 | 65 | — | (1 | ) | — | |||||||||||||||||
Blackbird Purchaser, Inc. | (7)(12)(14) | First Lien Revolver | S + 5.75% | 9.50% | 12/19/2029 | 124 | 74 | 72 | 0.01 | ||||||||||||||||||
Blackhawk Industrial Distribution, Inc. | (8)(13) | First Lien Term Loan | S + 5.75% | 9.65% (Incl. 0.50% PIK) | 5/30/2027 | 5,291 | 5,281 | 4,761 | 0.59 | ||||||||||||||||||
Blackhawk Industrial Distribution, Inc. | (12)(13) | First Lien Delayed Draw Term Loan | S + 5.75% | 9.65% (Incl. 0.50% PIK) | 5/30/2027 | 113 | 113 | 102 | 0.01 | ||||||||||||||||||
Blackhawk Industrial Distribution, Inc. | (7)(12)(13) | First Lien Revolver | S + 5.75% | 9.65% | 5/30/2027 | 1,031 | 634 | 532 | 0.07 | ||||||||||||||||||
Component Hardware Group, Inc. | (8)(13) | First Lien Term Loan | S + 5.00% | 8.75% | 7/1/2027 | 90 | 90 | 90 | 0.01 | ||||||||||||||||||
DFS Holding Company, Inc. | (8)(13) | First Lien Term Loan | S + 7.50% | 11.25% (Incl. 5.00% PIK) | 1/31/2029 | 206 | 204 | 189 | 0.02 | ||||||||||||||||||
NFO Orange Buyer, LLC | (12)(14) | First Lien Term Loan | S + 4.50% | 8.37% | 1/13/2033 | 5,714 | 5,702 | 5,686 | 0.70 | ||||||||||||||||||
NFO Orange Buyer, LLC | (7)(12)(14) | First Lien Delayed Draw Term Loan | S + 4.50% | 8.37% | 1/13/2033 | 1,225 | (1 | ) | (6 | ) | — | ||||||||||||||||
NFO Orange Buyer, LLC | (7)(12)(14) | First Lien Revolver | S + 4.50% | 8.37% | 1/13/2033 | 816 | 447 | 445 | 0.06 | ||||||||||||||||||
Vessco Midco Holdings, LLC | (8)(14) | First Lien Term Loan | S + 4.50% | 8.16% | 7/24/2031 | 7,315 | 7,298 | 7,260 | 0.90 | ||||||||||||||||||
Vessco Midco Holdings, LLC | (8)(14) | First Lien Term Loan | S + 4.50% | 8.37% | 7/24/2031 | 3,965 | 3,957 | 3,936 | 0.49 | ||||||||||||||||||
Vessco Midco Holdings, LLC | (7)(12)(14) | First Lien Delayed Draw Term Loan | S + 4.50% | 8.37% | 7/24/2031 | 2,438 | 2,386 | 2,380 | 0.29 | ||||||||||||||||||
Vessco Midco Holdings, LLC | (7)(12)(14) | First Lien Delayed Draw Term Loan | S + 4.50% | 8.37% | 7/24/2031 | 3,855 | (4 | ) | (29 | ) | — | ||||||||||||||||
Vessco Midco Holdings, LLC | (7)(12)(14) | First Lien Revolver | S + 4.50% | 8.37% | 7/24/2031 | 813 | (2 | ) | (6 | ) | — | ||||||||||||||||
35,322 | 34,550 | 4.27 | |||||||||||||||||||||||||
Diversified Consumer Services | |||||||||||||||||||||||||||
AAH Topco., LLC | (7)(12)(14) | First Lien Delayed Draw Term Loan | S + 5.00% | 8.76% | 12/22/2027 | 2,964 | 1,870 | 1,872 | 0.23 | ||||||||||||||||||
American Residential Services LLC | (5)(7)(12)(16) | First Lien Revolver | S + 2.75% | 6.50% | 1/31/2030 | 870 | — | (4 | ) | — | |||||||||||||||||
Apex Service Partners, LLC | (12)(13) | First Lien Term Loan | S + 5.00% | 8.75% | 10/24/2030 | 4,777 | 4,761 | 4,777 | 0.59 | ||||||||||||||||||
Apex Service Partners, LLC | (12)(13) | First Lien Delayed Draw Term Loan | S + 5.00% | 8.75% | 10/24/2030 | 768 | 766 | 768 | 0.10 | ||||||||||||||||||
Apex Service Partners, LLC | (7)(12)(13) | First Lien Delayed Draw Term Loan | S + 4.75% | 8.50% | 10/24/2030 | 3,500 | 1,338 | 1,335 | 0.17 | ||||||||||||||||||
Apex Service Partners, LLC | (7)(12)(13) | First Lien Revolver | S + 5.00% | 8.75% | 10/24/2029 | 660 | 301 | 303 | 0.04 | ||||||||||||||||||
Ascend Learning, LLC | (5)(8)(15) | First Lien Term Loan | S + 3.00% | 6.66% | 12/11/2028 | 990 | 991 | 967 | 0.12 | ||||||||||||||||||
Ave Holdings III, Corp. | (12)(14) | First Lien Delayed Draw Term Loan | S + 5.50% | 9.62% | 2/25/2028 | 6,371 | 6,304 | 5,781 | 0.71 | ||||||||||||||||||
Ave Holdings III, Corp. | (7)(12)(14) | First Lien Revolver | S + 5.50% | 9.37% | 2/25/2028 | 514 | (5 | ) | (48 | ) | (0.01 | ) | |||||||||||||||
AVG Intermediate Holdings LLC | (8)(13) | First Lien Delayed Draw Term Loan | S + 6.00% | 9.76% | 5/16/2028 | 196 | 195 | 196 | 0.03 | ||||||||||||||||||
COP Hometown Acquisitions, Inc. | (8)(13) | First Lien Term Loan | S + 5.25% | 9.00% | 7/16/2027 | 906 | 904 | 899 | 0.11 | ||||||||||||||||||
COP Hometown Acquisitions, Inc. | (8)(13) | First Lien Delayed Draw Term Loan | S + 5.25% | 9.00% | 7/16/2027 | 3,939 | 3,929 | 3,909 | 0.48 | ||||||||||||||||||
16
ANTARES PRIVATE CREDIT FUND
CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)(Continued)
June 30, 2026
(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) | |||||||||||||||||||||||||||
CVP Holdco, Inc. | (8)(14) | First Lien Term Loan | S + 4.75% | 8.41% | 6/30/2031 | $ | 6,443 | $ | 6,436 | $ | 6,395 | 0.79 | % | ||||||||||||||
CVP Holdco, Inc. | (12)(14) | First Lien Delayed Draw Term Loan | S + 4.75% | 8.41% | 6/30/2031 | 972 | 968 | 965 | 0.12 | ||||||||||||||||||
CVP Holdco, Inc. | (7)(12)(14) | First Lien Revolver | S + 4.75% | 8.41% | 6/28/2030 | 686 | (1 | ) | (5 | ) | — | ||||||||||||||||
Essential Services Holding Corporation | (8)(14) | First Lien Term Loan | S + 5.75% | 9.50% (Incl. 2.88% PIK) | 6/17/2031 | 2,023 | 2,019 | 1,982 | 0.25 | ||||||||||||||||||
Essential Services Holding Corporation | (7)(12)(14) | First Lien Revolver | S + 5.25% | 9.00% | 6/17/2030 | 247 | 108 | 104 | 0.01 | ||||||||||||||||||
Excel Fitness Consolidator LLC | (12)(14) | First Lien Term Loan | S + 4.75% | 8.50% | 4/29/2030 | 651 | 651 | 648 | 0.08 | ||||||||||||||||||
Excel Fitness Consolidator LLC | (12)(14) | First Lien Delayed Draw Term Loan | S + 4.75% | 8.50% | 4/29/2030 | 2,636 | 2,609 | 2,623 | 0.32 | ||||||||||||||||||
Experigreen Intermediate Holdings, Inc. | (8)(12)(14) | First Lien Term Loan | S + 4.75% | 8.41% | 12/10/2032 | 8,772 | 8,736 | 8,684 | 1.07 | ||||||||||||||||||
Experigreen Intermediate Holdings, Inc. | (7)(12)(14) | First Lien Delayed Draw Term Loan | S + 4.75% | 8.41% | 12/10/2032 | 1,620 | (6 | ) | (16 | ) | — | ||||||||||||||||
Experigreen Intermediate Holdings, Inc. | (7)(12)(14) | First Lien Revolver | S + 4.75% | 8.41% | 12/10/2032 | 1,056 | (5 | ) | (11 | ) | — | ||||||||||||||||
Fitness International LLC | (5)(8)(16) | First Lien Term Loan | S + 4.50% | 8.16% | 2/12/2029 | 10,716 | 10,716 | 10,739 | 1.33 | ||||||||||||||||||
Flint Opco, LLC | (8)(13) | First Lien Term Loan | S + 4.75% | 8.50% | 8/15/2030 | 1,528 | 1,521 | 1,521 | 0.19 | ||||||||||||||||||
Flint Opco, LLC | (7)(12)(13) | First Lien Delayed Draw Term Loan | S + 4.75% | 8.50% | 8/15/2030 | 297 | (1 | ) | (1 | ) | — | ||||||||||||||||
Flint Opco, LLC | (7)(12)(13) | First Lien Delayed Draw Term Loan | S + 4.75% | 8.50% | 8/15/2030 | 6,241 | 4,154 | 4,150 | 0.51 | ||||||||||||||||||
Flint Opco, LLC | (7)(12)(13) | First Lien Revolver | S + 4.75% | 8.50% | 8/15/2029 | 212 | (1 | ) | (1 | ) | — | ||||||||||||||||
FSHS I, LLC | (8)(14) | First Lien Term Loan | S + 5.50% | 9.16% | 11/18/2028 | 196 | 195 | 195 | 0.03 | ||||||||||||||||||
Goodlife Fitness Centres Inc. | (6)(12)(14) | First Lien Term Loan | C + 5.25% | 7.54% | 4/1/2033 | CAD 8,896 | 6,380 | 6,237 | 0.77 | ||||||||||||||||||
Goodlife Fitness Centres Inc. | (6)(7)(12)(14) | First Lien Revolver | C + 5.25% | 7.54% | 4/1/2033 | CAD 1,647 | (6 | ) | (5 | ) | — | ||||||||||||||||
GS Seer Group Borrower, LLC | (8)(13) | First Lien Term Loan | S + 6.75% | 10.50% | 4/29/2030 | 98 | 97 | 89 | 0.01 | ||||||||||||||||||
GSV Holding, LLC | (8)(13) | First Lien Term Loan | S + 5.75% | 9.50% (Incl. 3.13% PIK) | 10/18/2030 | 5,049 | 5,031 | 5,024 | 0.62 | ||||||||||||||||||
GSV Holding, LLC | (7)(12)(13) | First Lien Revolver | S + 4.25% | 8.00% | 10/18/2030 | 217 | (1 | ) | — | — | |||||||||||||||||
Innovetive Petcare, Inc. | (8)(13) | First Lien Term Loan | S + 5.00% | 8.90% | 6/30/2028 | 5,377 | 5,377 | 5,350 | 0.66 | ||||||||||||||||||
Innovetive Petcare, Inc. | (12)(13) | First Lien Delayed Draw Term Loan | S + 5.00% | 8.90% | 6/30/2028 | 7,691 | 7,684 | 7,653 | 0.95 | ||||||||||||||||||
Innovetive Petcare, Inc. | (12)(13) | First Lien Delayed Draw Term Loan | S + 5.00% | 8.90% | 6/30/2028 | 1,989 | 1,980 | 1,979 | 0.24 | ||||||||||||||||||
Intel 471 INC. | (12)(13) | First Lien Term Loan | S + 5.25% | 9.00% | 9/27/2028 | 200 | 200 | 198 | 0.02 | ||||||||||||||||||
Learning Care Group (US) No. 2 Inc. | (5)(8)(15) | First Lien Term Loan | S + 4.00% | 7.75% | 8/11/2028 | 413 | 412 | 325 | 0.04 | ||||||||||||||||||
Lido Purchaser, Inc. | (12)(15) | First Lien Term Loan | S + 4.75% | 8.50% | 4/4/2033 | 2,237 | 2,232 | 2,232 | 0.28 | ||||||||||||||||||
Lido Purchaser, Inc. | (7)(12)(15) | First Lien Delayed Draw Term Loan | S + 4.75% | 8.50% | 4/4/2033 | 639 | (1 | ) | (1 | ) | — | ||||||||||||||||
Quick Quack Car Wash Holdings, LLC | (8)(14) | First Lien Term Loan | S + 5.00% | 8.66% | 6/10/2031 | 197 | 197 | 196 | 0.03 | ||||||||||||||||||
Quick Quack Car Wash Holdings, LLC | (7)(12)(14) | First Lien Delayed Draw Term Loan | S + 5.00% | 8.66% | 6/10/2031 | 1,873 | 879 | 880 | 0.11 | ||||||||||||||||||
Quick Quack Car Wash Holdings, LLC | (12)(14) | First Lien Delayed Draw Term Loan | S + 5.00% | 8.66% | 6/10/2031 | 3,142 | 3,142 | 3,134 | 0.39 | ||||||||||||||||||
Seahawk Bidco, LLC | (8)(13) | First Lien Term Loan | S + 5.00% | 8.75% | 12/19/2031 | 5,745 | 5,730 | 5,702 | 0.70 | ||||||||||||||||||
Seahawk Bidco, LLC | (7)(12)(13) | First Lien Delayed Draw Term Loan | S + 5.00% | 8.75% | 12/19/2031 | 8,300 | 2,417 | 2,371 | 0.29 | ||||||||||||||||||
Seahawk Bidco, LLC | (7)(12)(13) | First Lien Revolver | S + 5.00% | 8.75% | 12/19/2030 | 545 | 93 | 91 | 0.01 | ||||||||||||||||||
Taymax Group Acquisition, LLC | (8)(13) | First Lien Term Loan | S + 6.00% | 9.76% | 7/30/2027 | 196 | 196 | 196 | 0.02 | ||||||||||||||||||
Taymax Group Acquisition, LLC | (7)(12)(13) | First Lien Delayed Draw Term Loan | S + 4.75% | 8.51% | 7/30/2027 | 843 | 279 | 280 | 0.04 | ||||||||||||||||||
Trackforce Acquireco, Inc. | (12)(14) | First Lien Term Loan | S + 5.50% | 9.25% | 6/23/2028 | 200 | 200 | 196 | 0.02 | ||||||||||||||||||
University Support Services LLC | (5)(8)(15) | First Lien Term Loan | S + 2.75% | 6.41% | 2/10/2029 | 1,360 | 1,347 | 1,342 | 0.17 | ||||||||||||||||||
US Fitness Holdings, LLC | (8)(12)(14) | First Lien Term Loan | S + 5.50% | 9.25% | 9/4/2031 | 10,139 | 10,106 | 10,139 | 1.25 | ||||||||||||||||||
US Fitness Holdings, LLC | (7)(12)(14) | First Lien Delayed Draw Term Loan | S + 5.50% | 9.25% | 9/4/2031 | 746 | (6 | ) | — | — | |||||||||||||||||
US Fitness Holdings, LLC | (7)(12)(14) | First Lien Revolver | S + 5.50% | 9.25% | 9/4/2030 | 172 | (1 | ) | — | — | |||||||||||||||||
17
ANTARES PRIVATE CREDIT FUND
CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)(Continued)
June 30, 2026
(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) | |||||||||||||||||||||||||||
Vertex Service Partners, LLC | (8)(14) | First Lien Term Loan | S + 6.00% | 9.75% (Incl. 4.09% PIK) | 11/8/2030 | $ | 203 | $ | 203 | $ | 196 | 0.02 | % | ||||||||||||||
Vertex Service Partners, LLC | (7)(12)(14) | First Lien Delayed Draw Term Loan | S + 6.00% | 9.75% (Incl. 4.09% PIK) | 11/8/2030 | 251 | 49 | 35 | — | ||||||||||||||||||
VPP Intermediate Holdings, LLC | (8)(13) | First Lien Term Loan | S + 5.75% | 9.51% | 12/1/2027 | 1,837 | 1,833 | 1,828 | 0.23 | ||||||||||||||||||
VPP Intermediate Holdings, LLC | (8)(13) | First Lien Delayed Draw Term Loan | S + 5.75% | 9.51% | 12/1/2027 | 2,214 | 2,209 | 2,203 | 0.27 | ||||||||||||||||||
VPP Intermediate Holdings, LLC | (12)(13) | First Lien Delayed Draw Term Loan | S + 5.75% | 9.41% | 12/1/2027 | 2,603 | 2,597 | 2,590 | 0.32 | ||||||||||||||||||
VPP Intermediate Holdings, LLC | (7)(12)(13) | First Lien Delayed Draw Term Loan | S + 5.25% | 8.91% | 12/1/2027 | 3,201 | 1,982 | 1,976 | 0.24 | ||||||||||||||||||
VPP Intermediate Holdings, LLC | (7)(12)(13) | First Lien Revolver | S + 5.75% | 9.41% | 12/1/2027 | 229 | (1 | ) | (1 | ) | — | ||||||||||||||||
122,289 | 121,162 | 14.97 | |||||||||||||||||||||||||
Diversified Telecommunication Services | |||||||||||||||||||||||||||
Coral-US Co-Borrower LLC | (5)(6)(8)(16) | First Lien Term Loan | S + 3.25% | 7.00% | 1/31/2032 | 2,000 | 1,979 | 1,942 | 0.24 | ||||||||||||||||||
Guardian US Holdco LLC | (5)(8)(15) | First Lien Term Loan | S + 3.25% | 7.00% | 1/31/2030 | 2,211 | 2,217 | 2,185 | 0.27 | ||||||||||||||||||
Virgin Media Bristol LLC | (5)(6)(8)(16) | First Lien Term Loan | S + 3.18% | 7.15% | 3/31/2031 | 1,500 | 1,493 | 1,335 | 0.16 | ||||||||||||||||||
Zacapa S.a r.l. | (5)(6)(8)(15) | First Lien Term Loan | S + 3.75% | 7.50% | 3/22/2029 | 2,470 | 2,474 | 2,469 | 0.31 | ||||||||||||||||||
8,163 | 7,931 | 0.98 | |||||||||||||||||||||||||
Electrical Equipment | |||||||||||||||||||||||||||
AMP Purchaser, LLC | (12)(15) | First Lien Term Loan | S + 4.50% | 8.16% | 4/1/2033 | 2,214 | 2,209 | 2,209 | 0.28 | ||||||||||||||||||
AMP Purchaser, LLC | (7)(12)(15) | First Lien Revolver | S + 4.50% | 8.16% | 4/1/2033 | 286 | (1 | ) | (1 | ) | — | ||||||||||||||||
Infinite Bidco LLC | (5)(8)(13) | First Lien Term Loan | S + 6.25% | 10.00% | 3/2/2028 | 98 | 98 | 99 | 0.01 | ||||||||||||||||||
2,306 | 2,307 | 0.29 | |||||||||||||||||||||||||
Electronic Equipment, Instruments and Components | |||||||||||||||||||||||||||
Dwyer Instruments, LLC | (8)(14) | First Lien Term Loan | S + 4.75% | 8.50% | 7/20/2029 | 3,831 | 3,805 | 3,831 | 0.47 | ||||||||||||||||||
Dwyer Instruments, LLC | (12)(14) | First Lien Delayed Draw Term Loan | S + 4.75% | 8.50% | 7/20/2029 | 501 | 498 | 501 | 0.06 | ||||||||||||||||||
Dwyer Instruments, LLC | (7)(12)(14) | First Lien Revolver | S + 4.75% | 8.50% | 7/20/2029 | 706 | 592 | 599 | 0.08 | ||||||||||||||||||
Excelitas Technologies Corp. | (12)(14) | First Lien Term Loan | S + 5.25% | 8.91% | 8/13/2029 | 2,312 | 2,289 | 2,312 | 0.29 | ||||||||||||||||||
Phoenix 1 Buyer Corp. | (8)(14) | First Lien Term Loan | S + 4.75% | 8.50% | 11/20/2030 | 5,770 | 5,770 | 5,770 | 0.71 | ||||||||||||||||||
Phoenix 1 Buyer Corp. | (7)(12)(14) | First Lien Revolver | S + 4.75% | 8.50% | 11/20/2029 | 1,142 | — | — | — | ||||||||||||||||||
12,954 | 13,013 | 1.61 | |||||||||||||||||||||||||
Energy Equipment and Services | |||||||||||||||||||||||||||
CRCI Longhorn Holdings, Inc. | (8)(14) | First Lien Term Loan | S + 4.75% | 8.41% | 8/27/2031 | 6,026 | 6,006 | 6,000 | 0.74 | ||||||||||||||||||
CRCI Longhorn Holdings, Inc. | (7)(12)(14) | First Lien Delayed Draw Term Loan | S + 4.75% | 8.41% | 8/27/2031 | 1,528 | 661 | 664 | 0.08 | ||||||||||||||||||
CRCI Longhorn Holdings, Inc. | (7)(12)(14) | First Lien Revolver | S + 4.75% | 8.41% | 8/27/2031 | 1,020 | (4 | ) | (4 | ) | — | ||||||||||||||||
Integrated Power Services Holdings, Inc. | (8)(12)(14) | First Lien Term Loan | S + 4.75% | 8.52% | 11/22/2031 | 17,221 | 17,209 | 17,005 | 2.10 | ||||||||||||||||||
Integrated Power Services Holdings, Inc. | (7)(12)(14) | First Lien Delayed Draw Term Loan | S + 4.75% | 8.52% | 11/22/2031 | 2,017 | (10 | ) | (25 | ) | — | ||||||||||||||||
Integrated Power Services Holdings, Inc. | (7)(12)(14) | First Lien Revolver | S + 4.75% | 8.52% | 11/22/2030 | 1,117 | 51 | 40 | 0.01 | ||||||||||||||||||
Phillips & Temro Industries Inc. | (8)(13) | First Lien Term Loan | S + 5.00% | 8.90% | 3/12/2027 | 185 | 185 | 184 | 0.02 | ||||||||||||||||||
24,098 | 23,864 | 2.95 | |||||||||||||||||||||||||
18
ANTARES PRIVATE CREDIT FUND
CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)(Continued)
June 30, 2026
(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 | |||||||||||||||||||||||||||
1364720 B.C. LTD. | (6)(8)(14) | First Lien Term Loan | C + 4.50% | 7.11% | 9/9/2028 | CAD 8,886 | $ | 6,286 | $ | 6,229 | 0.77 | % | |||||||||||||||
1364720 B.C. LTD. | (6)(12)(14) | First Lien Delayed Draw Term Loan | C + 4.50% | 7.11% | 9/9/2028 | CAD 5,558 | 4,037 | 3,895 | 0.48 | ||||||||||||||||||
Aprio Advisory Group, LLC | (8)(14) | First Lien Term Loan | S + 4.75% | 8.50% | 8/1/2031 | 8,250 | 8,235 | 8,209 | 1.01 | ||||||||||||||||||
Aprio Advisory Group, LLC | (12)(14) | First Lien Delayed Draw Term Loan | S + 4.75% | 8.50% | 8/1/2031 | 5,148 | 4,190 | 4,189 | 0.52 | ||||||||||||||||||
Aprio Advisory Group, LLC | (12)(14) | First Lien Delayed Draw Term Loan | S + 4.75% | 8.50% | 8/1/2031 | 3,233 | 3,229 | 3,216 | 0.40 | ||||||||||||||||||
Aprio Advisory Group, LLC | (7)(12)(14) | First Lien Revolver | S + 4.75% | 8.50% | 8/1/2031 | 1,638 | (3 | ) | (8 | ) | — | ||||||||||||||||
Ascensus Group Holdings, Inc. | (5)(6)(8)(15) | First Lien Term Loan | S + 3.00% | 6.66% | 11/25/2032 | 2,234 | 2,241 | 2,186 | 0.27 | ||||||||||||||||||
Cerity Partners Equity Holding LLC | (12)(14) | First Lien Term Loan | S + 4.50% | 8.25% | 7/28/2031 | 16,043 | 16,043 | 15,893 | 1.96 | ||||||||||||||||||
Cerity Partners Equity Holding LLC | (7)(12)(14) | First Lien Delayed Draw Term Loan | S + 4.50% | 8.25% | 7/28/2031 | 9,449 | (11 | ) | (89 | ) | (0.01 | ) | |||||||||||||||
Cerity Partners Equity Holding LLC | (7)(12)(14) | First Lien Revolver | S + 4.50% | 8.16% | 7/28/2031 | 1,368 | 654 | 644 | 0.08 | ||||||||||||||||||
CFGI Holdings, LLC | (8)(14) | First Lien Term Loan | S + 4.25% | 7.91% | 11/2/2029 | 5,666 | 5,634 | 5,595 | 0.69 | ||||||||||||||||||
CFGI Holdings, LLC | (7)(12)(14) | First Lien Revolver | S + 4.25% | 7.91% | 11/2/2029 | 270 | (1 | ) | (3 | ) | — | ||||||||||||||||
Cherry Bekaert Advisory LLC | (8)(14) | First Lien Term Loan | S + 4.75% | 8.50% | 6/28/2030 | 10,358 | 10,316 | 10,228 | 1.26 | ||||||||||||||||||
Cherry Bekaert Advisory LLC | (12)(14) | First Lien Delayed Draw Term Loan | S + 4.75% | 8.50% | 6/28/2030 | 1,151 | 1,141 | 1,136 | 0.14 | ||||||||||||||||||
ClearCapital Holdings, LLC | (8)(12)(14) | First Lien Term Loan | S + 4.75% | 8.50% | 6/30/2032 | 2,990 | 2,979 | 2,908 | 0.36 | ||||||||||||||||||
ClearCapital Holdings, LLC | (7)(12)(14) | First Lien Delayed Draw Term Loan | S + 4.75% | 8.50% | 6/30/2032 | 184 | (1 | ) | (5 | ) | — | ||||||||||||||||
ClearCapital Holdings, LLC | (7)(12)(14) | First Lien Revolver | S + 4.75% | 8.50% | 6/30/2032 | 410 | (3 | ) | (11 | ) | — | ||||||||||||||||
Contractual Buyer, LLC | (8)(14) | First Lien Term Loan | S + 4.50% | 8.25% | 10/10/2030 | 196 | 196 | 196 | 0.02 | ||||||||||||||||||
Contractual Buyer, LLC | (12)(14) | First Lien Delayed Draw Term Loan | S + 4.50% | 8.25% | 10/10/2030 | 5,526 | 5,489 | 5,526 | 0.68 | ||||||||||||||||||
Focus Financial Partners, LLC | (5)(8)(16) | First Lien Term Loan | S + 2.50% | 6.16% | 9/15/2031 | 3,316 | 3,309 | 3,242 | 0.40 | ||||||||||||||||||
Foreside Financial Group, LLC | (12)(16) | First Lien Term Loan | S + 5.25% | 9.15% | 10/1/2029 | 2,576 | 2,576 | 2,563 | 0.32 | ||||||||||||||||||
Frazier & Deeter Advisory, LLC | (8)(12)(14) | First Lien Term Loan | S + 4.50% | 8.25% | 5/3/2032 | 3,118 | 3,110 | 3,095 | 0.38 | ||||||||||||||||||
Frazier & Deeter Advisory, LLC | (7)(12)(14) | First Lien Delayed Draw Term Loan | S + 4.50% | 8.25% | 5/3/2032 | 1,717 | 631 | 621 | 0.08 | ||||||||||||||||||
Frazier & Deeter Advisory, LLC | (7)(12)(14) | First Lien Revolver | S + 4.50% | 8.25% | 5/2/2031 | 325 | 128 | 128 | 0.02 | ||||||||||||||||||
Heights Buyer, LLC | (8)(13) | First Lien Term Loan | S + 5.75% | 9.60% | 8/25/2028 | 5,266 | 5,266 | 5,266 | 0.65 | ||||||||||||||||||
Heights Buyer, LLC | (8)(13) | First Lien Term Loan | S + 5.00% | 8.85% | 8/25/2028 | 916 | 913 | 912 | 0.11 | ||||||||||||||||||
Heights Buyer, LLC | (12)(13) | First Lien Delayed Draw Term Loan | S + 5.75% | 9.60% | 8/25/2028 | 863 | 857 | 863 | 0.11 | ||||||||||||||||||
Heights Buyer, LLC | (7)(12)(13) | First Lien Delayed Draw Term Loan | S + 5.75% | 9.50% | 8/25/2028 | 1,254 | (2 | ) | (6 | ) | — | ||||||||||||||||
Heights Buyer, LLC | (7)(12)(13) | First Lien Revolver | S + 5.75% | 9.60% | 8/25/2028 | 764 | 22 | 22 | — | ||||||||||||||||||
Kriv Acquisition Inc. | (8)(12)(13) | First Lien Term Loan | S + 4.75% | 8.50% | 7/31/2031 | 1,732 | 1,731 | 1,719 | 0.21 | ||||||||||||||||||
Kriv Acquisition Inc. | (7)(12)(13) | First Lien Delayed Draw Term Loan | S + 4.75% | 8.50% | 7/31/2031 | 3,044 | (8 | ) | (22 | ) | — | ||||||||||||||||
Kriv Acquisition Inc. | (7)(12)(13) | First Lien Revolver | S + 4.75% | 8.50% | 7/31/2031 | 394 | 156 | 155 | 0.02 | ||||||||||||||||||
19
ANTARES PRIVATE CREDIT FUND
CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)(Continued)
June 30, 2026
(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) | |||||||||||||||||||||||||||
Minotaur Acquisition, Inc. | (8)(13) | First Lien Term Loan | S + 5.00% | 8.66% | 6/3/2030 | $ | 11,762 | $ | 11,685 | $ | 11,614 | 1.43 | % | ||||||||||||||
Minotaur Acquisition, Inc. | (12)(13) | First Lien Delayed Draw Term Loan | S + 5.00% | 8.66% | 6/3/2030 | 1,451 | 1,428 | 1,433 | 0.18 | ||||||||||||||||||
Minotaur Acquisition, Inc. | (8)(13) | First Lien Delayed Draw Term Loan | S + 5.00% | 8.66% | 6/3/2030 | 1,363 | 1,353 | 1,346 | 0.17 | ||||||||||||||||||
Minotaur Acquisition, Inc. | (7)(12)(13) | First Lien Revolver | S + 5.00% | 8.66% | 6/3/2030 | 873 | (6 | ) | (11 | ) | — | ||||||||||||||||
Monarch Finco, LLC | (6)(8)(15) | First Lien Term Loan | S + 4.25% | 8.00% | 10/29/2032 | 1,125 | 1,120 | 1,125 | 0.14 | ||||||||||||||||||
Monarch Finco, LLC | (6)(7)(12)(15) | First Lien Delayed Draw Term Loan | S + 4.25% | 8.00% | 10/29/2032 | 1,569 | 1,038 | 1,044 | 0.13 | ||||||||||||||||||
Monarch Finco, LLC | (6)(7)(12)(15) | First Lien Revolver | S + 4.25% | 8.00% | 10/29/2032 | 105 | — | — | — | ||||||||||||||||||
NAB Holdings, LLC | (5)(8)(15) | First Lien Term Loan | S + 2.50% | 6.25% | 11/23/2028 | 2,226 | 2,209 | 2,082 | 0.26 | ||||||||||||||||||
Neon Maple Purchaser Inc. | (5)(6)(8)(16) | First Lien Term Loan | S + 2.50% | 6.16% | 11/17/2031 | 3,943 | 3,957 | 3,850 | 0.48 | ||||||||||||||||||
OneSource Virtual, Inc. | (12)(15) | First Lien Term Loan | S + 4.75% | 8.50% | 1/30/2033 | 8,162 | 8,144 | 8,141 | 1.01 | ||||||||||||||||||
OneSource Virtual, Inc. | (7)(12)(15) | First Lien Revolver | S + 4.75% | 8.50% | 1/30/2033 | 1,192 | (3 | ) | (3 | ) | — | ||||||||||||||||
Opalite Buyer, Inc. | (12)(14) | First Lien Term Loan | S + 4.75% | 8.50% | 4/21/2033 | 2,616 | 2,603 | 2,603 | 0.32 | ||||||||||||||||||
Opalite Buyer, Inc. | (7)(12)(14) | First Lien Delayed Draw Term Loan | S + 4.75% | 8.50% | 4/21/2033 | 244 | (1 | ) | (1 | ) | — | ||||||||||||||||
Opalite Buyer, Inc. | (7)(12)(14) | First Lien Revolver | S + 4.75% | 8.50% | 4/21/2033 | 367 | (2 | ) | (2 | ) | — | ||||||||||||||||
Osttra Group Ltd. | (5)(6)(8)(16) | First Lien Term Loan | S + 3.50% | 7.25% | 10/8/2032 | 719 | 716 | 720 | 0.09 | ||||||||||||||||||
Pathstone Family Office LLC | (8)(13) | First Lien Term Loan | S + 4.50% | 8.26% | 5/15/2029 | 4,701 | 4,683 | 4,689 | 0.58 | ||||||||||||||||||
Pathstone Family Office LLC | (7)(12)(13) | First Lien Delayed Draw Term Loan | S + 4.50% | 8.26% | 5/15/2029 | 1,042 | 41 | 41 | 0.01 | ||||||||||||||||||
Pathstone Family Office LLC | (12)(13) | First Lien Delayed Draw Term Loan | S + 4.50% | 8.26% | 5/15/2029 | 1,453 | 1,436 | 1,450 | 0.18 | ||||||||||||||||||
Pathstone Family Office LLC | (7)(12)(13) | First Lien Revolver | S + 4.50% | 8.16% | 5/15/2028 | 374 | (1 | ) | (1 | ) | — | ||||||||||||||||
Petrus Buyer, Inc. | (8)(14) | First Lien Term Loan | S + 4.75% | 8.50% | 10/17/2029 | 196 | 196 | 195 | 0.02 | ||||||||||||||||||
Project Accelerate Parent LLC | (7)(12)(14) | First Lien Revolver | S + 5.25% | 8.91% | 2/24/2031 | 100 | — | — | — | ||||||||||||||||||
Ryan, LLC | (5)(8)(15) | First Lien Term Loan | S + 3.50% | 7.16% | 11/5/2032 | 4,988 | 4,965 | 4,957 | 0.61 | ||||||||||||||||||
Ryan, LLC | (5)(7)(12)(16) | First Lien Revolver | S + 3.50% | 7.16% | 11/7/2030 | 751 | (1 | ) | (6 | ) | — | ||||||||||||||||
The Chartis Group, LLC | (8)(14) | First Lien Term Loan | S + 4.25% | 8.00% | 9/17/2031 | 1,247 | 1,242 | 1,241 | 0.15 | ||||||||||||||||||
The Chartis Group, LLC | (7)(12)(14) | First Lien Delayed Draw Term Loan | S + 4.25% | 8.00% | 9/17/2031 | 387 | 93 | 94 | 0.01 | ||||||||||||||||||
The Chartis Group, LLC | (7)(12)(14) | First Lien Revolver | S + 4.25% | 8.00% | 9/17/2031 | 194 | (1 | ) | (1 | ) | — | ||||||||||||||||
Wealth Enhancement Group, LLC | (8)(13) | First Lien Delayed Draw Term Loan | S + 4.25% | 8.00% | 10/2/2028 | 197 | 196 | 196 | 0.02 | ||||||||||||||||||
Wealth Enhancement Group, LLC | (7)(12)(13) | First Lien Delayed Draw Term Loan | S + 4.25% | 8.00% | 10/2/2028 | 9,661 | 8,252 | 8,252 | 1.02 | ||||||||||||||||||
Wealth Enhancement Group, LLC | (7)(12)(13) | First Lien Delayed Draw Term Loan | S + 4.50% | 8.25% | 10/2/2028 | 2,428 | (2 | ) | (6 | ) | — | ||||||||||||||||
Wealth Enhancement Group, LLC | (7)(12)(13) | First Lien Revolver | S + 4.25% | 8.00% | 10/2/2028 | 323 | — | (1 | ) | — | |||||||||||||||||
Wipfli Advisory LLC | (8)(14) | First Lien Term Loan | S + 4.25% | 8.00% | 10/1/2032 | 2,165 | 2,160 | 2,127 | 0.26 | ||||||||||||||||||
Wipfli Advisory LLC | (7)(12)(14) | First Lien Delayed Draw Term Loan | S + 4.25% | 8.00% | 10/1/2032 | 812 | 132 | 119 | 0.01 | ||||||||||||||||||
Wipfli Advisory LLC | (7)(12)(14) | First Lien Revolver | S + 4.25% | 8.00% | 10/1/2032 | 541 | (1 | ) | (9 | ) | — | ||||||||||||||||
146,971 | 145,770 | 18.01 | |||||||||||||||||||||||||
Food Products | |||||||||||||||||||||||||||
BCPE North Star US Holdco 2, Inc. | (5)(7)(12)(16) | First Lien Revolver | S + 3.50% | 7.16% | 3/10/2028 | 100 | 13 | 15 | — | ||||||||||||||||||
Fiesta Purchaser, Inc. | (5)(8)(16) | First Lien Term Loan | S + 2.75% | 6.41% | 2/12/2031 | 3,127 | 3,134 | 3,072 | 0.38 | ||||||||||||||||||
RB Holdings Interco, LLC | (8)(13) | First Lien Term Loan | S + 5.00% | 8.90% | 5/4/2028 | 196 | 194 | 195 | 0.03 | ||||||||||||||||||
Sigma Holdco B.V. | (5)(6)(8)(16) | First Lien Term Loan | S + 4.25% | 8.12% | 10/31/2030 | 2,827 | 2,830 | 2,728 | 0.34 | ||||||||||||||||||
Sugar Ppc Buyer LLC | (7)(12)(13) | First Lien Delayed Draw Term Loan | S + 4.75% | 8.62% | 10/2/2031 | 6,779 | 1,994 | 1,952 | 0.24 | ||||||||||||||||||
WPP Bullet Buyer, LLC | (8)(13) | First Lien Term Loan | S + 5.25% | 9.00% | 12/7/2030 | 5,091 | 5,064 | 5,040 | 0.62 | ||||||||||||||||||
WPP Bullet Buyer, LLC | (7)(12)(13) | First Lien Revolver | S + 5.25% | 9.00% | 12/7/2029 | 83 | (1 | ) | (1 | ) | — | ||||||||||||||||
13,228 | 13,001 | 1.61 | |||||||||||||||||||||||||
20
ANTARES PRIVATE CREDIT FUND
CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)(Continued)
June 30, 2026
(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 | ||||||||||||||||||
Gas Utilities | |||||||||||||||||||||||||||
Edpo, LLC | (8)(12)(14) | First Lien Term Loan | S + 4.75% | 8.41% | 12/10/2029 | $ | 5,523 | $ | 5,518 | $ | 5,523 | 0.68 | % | ||||||||||||||
Edpo, LLC | (8)(14) | First Lien Term Loan | S + 4.75% | 8.41% | 12/10/2029 | 6,794 | 6,794 | 6,794 | 0.84 | ||||||||||||||||||
Edpo, LLC | (7)(12)(14) | First Lien Delayed Draw Term Loan | S + 4.75% | 8.41% | 12/10/2029 | 828 | (3 | ) | — | — | |||||||||||||||||
Edpo, LLC | (7)(12)(14) | First Lien Revolver | S + 4.75% | 8.41% | 12/8/2028 | 744 | 196 | 198 | 0.03 | ||||||||||||||||||
12,505 | 12,515 | 1.55 | |||||||||||||||||||||||||
Ground Transportation | |||||||||||||||||||||||||||
AMS Parent, LLC | (5)(8)(14) | First Lien Term Loan | S + 4.75% | 8.76% | 10/25/2028 | 196 | 194 | 183 | 0.02 | ||||||||||||||||||
194 | 183 | 0.02 | |||||||||||||||||||||||||
Health Care Technology | |||||||||||||||||||||||||||
Acentra Holdings, LLC | (8)(15) | First Lien Term Loan | S + 5.50% | 9.25% | 12/17/2029 | 75 | 75 | 75 | 0.01 | ||||||||||||||||||
Caerus US 1 Inc. | (6)(8)(14) | First Lien Term Loan | S + 5.00% | 8.75% | 5/25/2029 | 196 | 194 | 194 | 0.02 | ||||||||||||||||||
Continental Buyer, Inc. | (8)(12)(14) | First Lien Term Loan | S + 4.75% | 8.41% | 4/2/2031 | 6,670 | 6,669 | 6,653 | 0.82 | ||||||||||||||||||
Continental Buyer, Inc. | (8)(14) | First Lien Term Loan | S + 4.75% | 8.41% | 4/2/2031 | 3,889 | 3,881 | 3,879 | 0.48 | ||||||||||||||||||
Continental Buyer, Inc. | (12)(14) | First Lien Delayed Draw Term Loan | S + 4.75% | 8.41% | 4/2/2031 | 1,804 | 1,799 | 1,800 | 0.22 | ||||||||||||||||||
Continental Buyer, Inc. | (7)(12)(14) | First Lien Delayed Draw Term Loan | S + 4.75% | 8.41% | 4/2/2031 | 741 | 221 | 220 | 0.03 | ||||||||||||||||||
Continental Buyer, Inc. | (7)(12)(14) | First Lien Revolver | S + 4.75% | 8.41% | 4/2/2031 | 1,769 | (3 | ) | (4 | ) | — | ||||||||||||||||
Cotiviti, Inc. | (5)(8)(16) | First Lien Term Loan | S + 2.75% | 6.41% | 3/26/2032 | 3,889 | 3,856 | 3,540 | 0.44 | ||||||||||||||||||
DeLorean Purchaser, Inc. | (8)(14) | First Lien Term Loan | S + 4.75% | 8.50% | 12/16/2031 | 4,302 | 4,276 | 4,248 | 0.52 | ||||||||||||||||||
DeLorean Purchaser, Inc. | (7)(12)(14) | First Lien Revolver | S + 4.75% | 8.50% | 12/16/2031 | 653 | (5 | ) | (8 | ) | — | ||||||||||||||||
Empower Payments Investor, LLC | (8)(14) | First Lien Term Loan | S + 4.50% | 8.16% | 3/12/2031 | 8,502 | 8,488 | 8,417 | 1.04 | ||||||||||||||||||
Empower Payments Investor, LLC | (12)(14) | First Lien Term Loan | S + 4.75% | 8.41% | 3/12/2031 | 7,767 | 7,749 | 7,689 | 0.95 | ||||||||||||||||||
Empower Payments Investor, LLC | (7)(12)(14) | First Lien Delayed Draw Term Loan | S + 4.75% | 8.41% | 3/12/2031 | 1,722 | (2 | ) | (17 | ) | — | ||||||||||||||||
Empower Payments Investor, LLC | (12)(14) | First Lien Delayed Draw Term Loan | S + 4.50% | 8.16% | 3/12/2031 | 3,084 | 3,065 | 3,053 | 0.38 | ||||||||||||||||||
Empower Payments Investor, LLC | (7)(12)(14) | First Lien Revolver | S + 4.50% | 8.16% | 3/12/2030 | 163 | — | (2 | ) | — | |||||||||||||||||
Ensemble RCM, LLC | (5)(7)(12)(16) | First Lien Revolver | S + 3.00% | 6.75% | 2/10/2031 | 457 | — | (1 | ) | — | |||||||||||||||||
F&M Buyer LLC | (8)(14) | First Lien Term Loan | S + 4.50% | 8.25% | 3/18/2032 | 3,582 | 3,567 | 3,546 | 0.44 | ||||||||||||||||||
F&M Buyer LLC | (7)(12)(14) | First Lien Delayed Draw Term Loan | S + 4.50% | 8.25% | 3/18/2032 | 1,194 | (2 | ) | (12 | ) | — | ||||||||||||||||
F&M Buyer LLC | (7)(12)(14) | First Lien Revolver | S + 4.50% | 8.25% | 3/18/2032 | 522 | (3 | ) | (5 | ) | — | ||||||||||||||||
Goldeneye Parent, LLC | (8)(14) | First Lien Term Loan | S + 4.75% | 8.41% | 3/31/2032 | 11,928 | 11,906 | 11,749 | 1.45 | ||||||||||||||||||
Goldeneye Parent, LLC | (7)(12)(14) | First Lien Revolver | S + 4.75% | 8.41% | 3/31/2032 | 1,744 | (4 | ) | (26 | ) | — | ||||||||||||||||
HT Intermediary III, Inc. | (8)(14) | First Lien Term Loan | S + 4.50% | 8.16% | 11/12/2030 | 6,206 | 6,184 | 6,174 | 0.76 | ||||||||||||||||||
HT Intermediary III, Inc. | (12)(14) | First Lien Delayed Draw Term Loan | S + 4.50% | 8.25% | 11/12/2030 | 1,527 | 1,517 | 1,520 | 0.19 | ||||||||||||||||||
HT Intermediary III, Inc. | (7)(12)(14) | First Lien Revolver | S + 4.50% | 8.25% | 11/12/2030 | 573 | 208 | 207 | 0.03 | ||||||||||||||||||
21
ANTARES PRIVATE CREDIT FUND
CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)(Continued)
June 30, 2026
(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) | |||||||||||||||||||||||||||
IMO Investor Holdings, Inc. | (8)(14) | First Lien Term Loan | S + 5.00% | 8.87% | 5/11/2029 | $ | 3,520 | $ | 3,520 | $ | 3,485 | 0.43 | % | ||||||||||||||
IMO Investor Holdings, Inc. | (12)(14) | First Lien Delayed Draw Term Loan | S + 5.00% | 8.87% | 5/11/2029 | 270 | 270 | 268 | 0.03 | ||||||||||||||||||
IMO Investor Holdings, Inc. | (7)(12)(14) | First Lien Revolver | S + 5.00% | 8.87% | 5/11/2028 | 370 | — | (4 | ) | — | |||||||||||||||||
Invictus Buyer, LLC | (12)(14) | First Lien Term Loan | S + 4.50% | 8.25% | 6/3/2031 | 7,701 | 7,701 | 7,701 | 0.95 | ||||||||||||||||||
Invictus Buyer, LLC | (12)(14) | First Lien Delayed Draw Term Loan | S + 4.50% | 8.25% | 6/3/2031 | 3,258 | 3,242 | 3,258 | 0.40 | ||||||||||||||||||
Invictus Buyer, LLC | (7)(12)(14) | First Lien Revolver | S + 4.50% | 8.25% | 6/3/2031 | 1,210 | — | — | — | ||||||||||||||||||
Net Health Acquisition Corp. | (8)(14) | First Lien Term Loan | S + 4.75% | 8.41% | 7/3/2031 | 8,959 | 8,920 | 8,959 | 1.11 | ||||||||||||||||||
Net Health Acquisition Corp. | (7)(12)(14) | First Lien Revolver | S + 4.75% | 8.41% | 7/3/2031 | 973 | (4 | ) | — | — | |||||||||||||||||
Perfectserve, Inc. | (12)(14) | First Lien Term Loan | S + 5.00% | 8.75% | 2/27/2032 | 3,325 | 3,311 | 3,325 | 0.41 | ||||||||||||||||||
Perfectserve, Inc. | (7)(12)(14) | First Lien Revolver | S + 5.00% | 8.75% | 2/27/2032 | 475 | (2 | ) | — | — | |||||||||||||||||
SDS Buyer, Inc. | (8)(13) | First Lien Term Loan | S + 5.25% | 9.10% | 9/30/2027 | 196 | 196 | 196 | 0.02 | ||||||||||||||||||
Swoop Intermediate III, Inc. | (8)(12)(15) | First Lien Term Loan | S + 4.50% | 8.25% | 4/12/2032 | 7,590 | 7,580 | 7,571 | 0.94 | ||||||||||||||||||
Swoop Intermediate III, Inc. | (7)(12)(15) | First Lien Delayed Draw Term Loan | S + 4.50% | 8.25% | 4/12/2032 | 1,214 | (3 | ) | (3 | ) | — | ||||||||||||||||
Swoop Intermediate III, Inc. | (7)(12)(15) | First Lien Revolver | S + 4.50% | 8.25% | 4/12/2032 | 1,214 | (3 | ) | (3 | ) | — | ||||||||||||||||
Unlimited Technology Holdings, LLC | (8)(14) | First Lien Term Loan | S + 4.75% | 8.50% (Incl. 2.88% PIK) | 3/12/2032 | 5,621 | 5,609 | 5,537 | 0.68 | ||||||||||||||||||
Unlimited Technology Holdings, LLC | (7)(12)(14) | First Lien Revolver | S + 4.75% | 8.50% | 3/12/2032 | 747 | (2 | ) | (11 | ) | — | ||||||||||||||||
Vatica Health, Inc. | (8)(14) | First Lien Term Loan | S + 4.25% | 8.00% | 10/29/2032 | 4,440 | 4,418 | 4,318 | 0.53 | ||||||||||||||||||
Vatica Health, Inc. | (7)(12)(14) | First Lien Revolver | S + 4.25% | 8.00% | 10/29/2032 | 445 | (2 | ) | (12 | ) | — | ||||||||||||||||
Wisdom Purchaser, LLC | (8)(15) | First Lien Term Loan | S + 4.25% | 8.00% | 7/24/2032 | 6,121 | 6,108 | 5,968 | 0.74 | ||||||||||||||||||
Wisdom Purchaser, LLC | (7)(12)(15) | First Lien Revolver | S + 4.25% | 8.00% | 7/24/2032 | 636 | (2 | ) | (16 | ) | — | ||||||||||||||||
114,493 | 113,426 | 14.02 | |||||||||||||||||||||||||
Healthcare Equipment and Supplies | |||||||||||||||||||||||||||
Alcor Scientific LLC | (8)(13) | First Lien Term Loan | S + 4.50% | 8.26% | 1/31/2028 | 200 | 200 | 200 | 0.03 | ||||||||||||||||||
Aspen Medical Products, LLC | (8)(13) | First Lien Term Loan | S + 5.00% | 8.75% | 6/10/2028 | 1,819 | 1,819 | 1,810 | 0.22 | ||||||||||||||||||
Belmont Instrument, LLC | (8)(13) | First Lien Term Loan | S + 5.25% | 9.00% | 8/19/2028 | 194 | 194 | 194 | 0.03 | ||||||||||||||||||
Blades Buyer, Inc. | (8)(13) | First Lien Term Loan | S + 4.75% | 8.50% | 3/28/2028 | 199 | 199 | 198 | 0.02 | ||||||||||||||||||
Blades Buyer, Inc. | (7)(12)(13) | First Lien Delayed Draw Term Loan | S + 4.75% | 8.50% | 3/28/2028 | 3,810 | 2,205 | 2,197 | 0.27 | ||||||||||||||||||
Blades Buyer, Inc. | (12)(13) | First Lien Delayed Draw Term Loan | S + 4.75% | 8.50% | 3/28/2028 | 7 | 7 | 7 | — | ||||||||||||||||||
Blades Buyer, Inc. | (7)(12)(13) | First Lien Revolver | S + 4.75% | 8.50% | 3/28/2028 | 305 | — | (2 | ) | — | |||||||||||||||||
Cadence, Inc. | (8)(13) | First Lien Term Loan | S + 4.50% | 8.40% | 5/21/2028 | 196 | 196 | 194 | 0.03 | ||||||||||||||||||
CDL Parent, Inc. | (8)(13) | First Lien Term Loan | S + 4.50% | 8.25% | 12/7/2028 | 2,978 | 2,968 | 2,955 | 0.37 | ||||||||||||||||||
CDL Parent, Inc. | (12)(13) | First Lien Term Loan | S + 4.50% | 8.25% | 12/7/2028 | 14,344 | 14,282 | 14,236 | 1.76 | ||||||||||||||||||
CDL Parent, Inc. | (7)(12)(13) | First Lien Delayed Draw Term Loan | S + 4.50% | 8.25% | 12/7/2028 | 1,644 | 32 | 23 | — | ||||||||||||||||||
CPC/Cirtec Holdings, Inc. | (8)(14) | First Lien Term Loan | S + 5.00% | 8.75% | 1/30/2029 | 1,640 | 1,635 | 1,640 | 0.20 | ||||||||||||||||||
CPC/Cirtec Holdings, Inc. | (7)(12)(14) | First Lien Revolver | S + 5.00% | 8.75% | 10/31/2028 | 558 | 166 | 167 | 0.02 | ||||||||||||||||||
22
ANTARES PRIVATE CREDIT FUND
CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)(Continued)
June 30, 2026
(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) | |||||||||||||||||||||||||||
Sentry Acquisition, LLC | (12)(14) | First Lien Term Loan | S + 4.50% | 8.25% | 2/2/2033 | $ | 3,831 | $ | 3,814 | $ | 3,831 | 0.47 | % | ||||||||||||||
Sentry Acquisition, LLC | (7)(12)(14) | First Lien Delayed Draw Term Loan | S + 4.50% | 8.25% | 2/2/2033 | 1,056 | (2 | ) | — | — | |||||||||||||||||
Sentry Acquisition, LLC | (7)(12)(14) | First Lien Revolver | S + 4.50% | 8.25% | 2/2/2033 | 633 | (3 | ) | — | — | |||||||||||||||||
Tarrytown Acquisition Holdings, LLC | (8)(12)(14) | First Lien Term Loan | S + 4.75% | 8.41% | 11/12/2032 | 3,128 | 3,116 | 3,097 | 0.38 | ||||||||||||||||||
Tarrytown Acquisition Holdings, LLC | (7)(12)(14) | First Lien Delayed Draw Term Loan | S + 4.75% | 8.41% | 11/12/2032 | 671 | (2 | ) | (7 | ) | — | ||||||||||||||||
Tarrytown Acquisition Holdings, LLC | (7)(12)(14) | First Lien Revolver | S + 4.75% | 8.41% | 11/12/2032 | 566 | (3 | ) | (6 | ) | — | ||||||||||||||||
TIDI Legacy Products, Inc. | (8)(13) | First Lien Term Loan | S + 4.50% | 8.16% | 12/19/2029 | 196 | 196 | 195 | 0.02 | ||||||||||||||||||
31,019 | 30,929 | 3.82 | |||||||||||||||||||||||||
Healthcare Providers and Services | |||||||||||||||||||||||||||
123Dentist Inc. | (6)(12)(14) | First Lien Delayed Draw Term Loan | C + 5.00% | 7.29% | 8/10/2029 | CAD 10,008 | 7,108 | 7,032 | 0.87 | ||||||||||||||||||
AB Centers Acquisition Corporation | (8)(14) | First Lien Term Loan | S + 5.25% | 8.91% | 7/2/2031 | 7,207 | 7,181 | 7,189 | 0.89 | ||||||||||||||||||
AB Centers Acquisition Corporation | (7)(12)(14) | First Lien Delayed Draw Term Loan | S + 5.25% | 8.91% | 7/2/2031 | 450 | 218 | 220 | 0.03 | ||||||||||||||||||
AB Centers Acquisition Corporation | (7)(12)(14) | First Lien Revolver | S + 5.25% | 8.91% | 7/2/2031 | 428 | (2 | ) | (1 | ) | — | ||||||||||||||||
Arrow Management Acquisition, LLC | (8)(14) | First Lien Term Loan | S + 5.00% | 8.75% | 7/26/2032 | 2,186 | 2,177 | 2,165 | 0.27 | ||||||||||||||||||
Arrow Management Acquisition, LLC | (7)(12)(14) | First Lien Delayed Draw Term Loan | S + 5.00% | 8.75% | 7/26/2032 | 784 | 105 | 99 | 0.01 | ||||||||||||||||||
Arrow Management Acquisition, LLC | (7)(12)(14) | First Lien Revolver | S + 5.00% | 8.75% | 7/26/2032 | 262 | 80 | 78 | 0.01 | ||||||||||||||||||
Cardiology Management Holdings, LLC | (8)(13) | First Lien Term Loan | S + 5.50% | 9.40% | 1/31/2029 | 196 | 196 | 195 | 0.03 | ||||||||||||||||||
Community Medical Acquisition Corp. | (8)(13) | First Lien Term Loan | S + 4.50% | 8.62% | 12/15/2028 | 98 | 97 | 98 | 0.01 | ||||||||||||||||||
Crown Laundry, LLC | (8)(14) | First Lien Term Loan | S + 4.75% | 8.41% | 5/28/2031 | 2,654 | 2,643 | 2,648 | 0.33 | ||||||||||||||||||
Crown Laundry, LLC | (7)(12)(14) | First Lien Delayed Draw Term Loan | S + 4.75% | 8.41% | 5/28/2031 | 434 | 143 | 143 | 0.02 | ||||||||||||||||||
Crown Laundry, LLC | (7)(12)(14) | First Lien Revolver | S + 4.75% | 8.41% | 5/28/2031 | 507 | 35 | 36 | — | ||||||||||||||||||
CVR Management, LLC | (8)(13) | First Lien Term Loan | S + 4.50% | 8.16% | 1/4/2027 | 9 | 9 | 9 | — | ||||||||||||||||||
CVR Management, LLC | (7)(12)(13) | First Lien Delayed Draw Term Loan | S + 4.50% | 8.16% | 1/4/2027 | 111 | — | — | — | ||||||||||||||||||
CVR Management, LLC | (8)(13) | First Lien Delayed Draw Term Loan | S + 4.50% | 8.16% | 1/4/2027 | 196 | 196 | 196 | 0.03 | ||||||||||||||||||
DCA Investment Holding LLC | (12)(14) | First Lien Term Loan | S + 5.00% | 8.75% | 6/2/2031 | 16 | 16 | 16 | — | ||||||||||||||||||
DCA Investment Holding LLC | (12)(14) | First Lien Term Loan | S + 6.50% | 10.25% (Incl. 2.25% PIK) | 6/2/2031 | 106 | 106 | 106 | 0.01 | ||||||||||||||||||
Docs, MSO, LLC | (8)(14) | First Lien Term Loan | S + 5.00% | 8.85% | 6/1/2028 | 47 | 47 | 46 | 0.01 | ||||||||||||||||||
ENT MSO, LLC | (8)(13) | First Lien Term Loan | S + 5.25% | 9.10% | 12/31/2028 | 157 | 157 | 156 | 0.02 | ||||||||||||||||||
EPFS Buyer, Inc. | (8)(12)(14) | First Lien Term Loan | S + 4.50% | 8.25% | 7/31/2031 | 6,822 | 6,797 | 6,652 | 0.82 | ||||||||||||||||||
EPFS Buyer, Inc. | (7)(12)(14) | First Lien Delayed Draw Term Loan | S + 4.50% | 8.25% | 7/31/2031 | 213 | (1 | ) | (5 | ) | — | ||||||||||||||||
EPFS Buyer, Inc. | (7)(12)(14) | First Lien Revolver | S + 4.50% | 8.25% | 7/31/2031 | 686 | 161 | 148 | 0.02 | ||||||||||||||||||
Eyesouth Eye Care Holdco, LLC | (8)(13) | First Lien Term Loan | S + 5.75% | 9.51% | 10/5/2029 | 2,102 | 2,102 | 2,081 | 0.26 | ||||||||||||||||||
Eyesouth Eye Care Holdco, LLC | (12)(13) | First Lien Delayed Draw Term Loan | S + 5.75% | 9.51% | 10/5/2029 | 4,262 | 4,227 | 4,220 | 0.52 | ||||||||||||||||||
GTCR BC Purchaser, Inc. | (8)(14) | First Lien Term Loan | S + 5.00% | 8.75% | 11/19/2032 | 5,268 | 5,234 | 5,202 | 0.64 | ||||||||||||||||||
GTCR BC Purchaser, Inc. | (7)(12)(14) | First Lien Delayed Draw Term Loan | S + 5.00% | 8.75% | 11/19/2032 | 1,129 | (4 | ) | (14 | ) | — | ||||||||||||||||
GTCR BC Purchaser, Inc. | (7)(12)(14) | First Lien Revolver | S + 5.00% | 8.75% | 11/19/2031 | 602 | (5 | ) | (8 | ) | — | ||||||||||||||||
ImageFirst Holdings, LLC | (5)(7)(12)(16) | First Lien Revolver | S + 3.00% | 6.75% | 3/12/2030 | 2,800 | — | — | — | ||||||||||||||||||
IvyRehab Intermediate II, LLC | (8)(14) | First Lien Term Loan | S + 5.00% | 8.85% | 4/23/2029 | 196 | 196 | 194 | 0.03 | ||||||||||||||||||
JKC Parent, Inc. | (8)(14) | First Lien Term Loan | S + 4.75% | 8.50% | 2/13/2032 | 374 | 373 | 371 | 0.05 | ||||||||||||||||||
23
ANTARES PRIVATE CREDIT FUND
CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)(Continued)
June 30, 2026
(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) | |||||||||||||||||||||||||||
JKC Parent, Inc. | (12)(14) | First Lien Delayed Draw Term Loan | S + 4.75% | 8.50% | 2/13/2032 | $ | 130 | $ | 129 | $ | 128 | 0.02 | % | ||||||||||||||
JKC Parent, Inc. | (7)(12)(14) | First Lien Delayed Draw Term Loan | S + 4.75% | 8.50% | 2/13/2032 | 702 | 419 | 414 | 0.05 | ||||||||||||||||||
JKC Parent, Inc. | (7)(12)(14) | First Lien Revolver | S + 4.75% | 8.50% | 2/13/2032 | 87 | 34 | 34 | — | ||||||||||||||||||
MRO Corporation | (8)(14) | First Lien Term Loan | S + 4.50% | 8.16% | 6/9/2032 | 9,070 | 9,010 | 9,070 | 1.12 | ||||||||||||||||||
MRO Corporation | (7)(12)(14) | First Lien Delayed Draw Term Loan | S + 4.50% | 8.16% | 6/9/2032 | 795 | (5 | ) | — | — | |||||||||||||||||
MRO Corporation | (7)(12)(14) | First Lien Revolver | S + 4.50% | 8.16% | 6/9/2032 | 795 | (3 | ) | — | — | |||||||||||||||||
New ACI Buyer LLC | (12)(14) | First Lien Term Loan | S + 5.75% | 9.50% | 6/29/2031 | 33 | 33 | 33 | — | ||||||||||||||||||
New ACI Buyer, LLC | (12)(14) | First Lien Term Loan | S + 5.50% | 9.25% | 6/29/2031 | 11 | 11 | 11 | — | ||||||||||||||||||
OIS Management Services, LLC | (8)(14) | First Lien Term Loan | S + 4.75% | 8.50% | 11/16/2028 | 3,773 | 3,727 | 3,773 | 0.47 | ||||||||||||||||||
OIS Management Services, LLC | (12)(14) | First Lien Delayed Draw Term Loan | S + 4.75% | 8.50% | 11/16/2028 | 3,103 | 3,065 | 3,103 | 0.38 | ||||||||||||||||||
ONS MSO, LLC | (12)(13) | First Lien Delayed Draw Term Loan | S + 5.75% | 9.50% | 7/7/2028 | 210 | 209 | 186 | 0.02 | ||||||||||||||||||
ONS MSO, LLC | (7)(12)(13) | First Lien Revolver | S + 6.25% | 10.00% | 7/7/2028 | 24 | 21 | 19 | — | ||||||||||||||||||
Onsite Holdings, LLC | (8)(13) | First Lien Term Loan | S + 6.75% | 10.60% | 12/28/2027 | 196 | 196 | 193 | 0.02 | ||||||||||||||||||
Orsini Pharmaceutical Services, LLC | (8)(14) | First Lien Term Loan | S + 4.50% | 8.16% | 5/22/2031 | 3,317 | 3,304 | 3,318 | 0.41 | ||||||||||||||||||
Orsini Pharmaceutical Services, LLC | (7)(12)(14) | First Lien Revolver | S + 4.50% | 8.16% | 5/22/2030 | 226 | (1 | ) | — | — | |||||||||||||||||
Phynet Dermatology LLC | (8)(13) | First Lien Term Loan | S + 6.50% | 10.25% | 10/20/2029 | 204 | 204 | 198 | 0.02 | ||||||||||||||||||
Premise Health Holding Corp. | (8)(14) | First Lien Term Loan | S + 4.75% | 8.50% | 11/8/2032 | 8,991 | 8,978 | 8,969 | 1.12 | ||||||||||||||||||
Premise Health Holding Corp. | (12)(14) | First Lien Term Loan | S + 4.75% | 8.50% | 11/8/2032 | 1,430 | 1,424 | 1,427 | 0.18 | ||||||||||||||||||
Premise Health Holding Corp. | (7)(12)(14) | First Lien Delayed Draw Term Loan | S + 4.75% | 8.50% | 11/8/2032 | 1,268 | 753 | 756 | 0.09 | ||||||||||||||||||
Premise Health Holding Corp. | (7)(12)(14) | First Lien Revolver | S + 4.75% | 8.50% | 11/6/2031 | 1,008 | (1 | ) | (3 | ) | — | ||||||||||||||||
RxSense Holdings LLC | (8)(13) | First Lien Term Loan | S + 5.00% | 8.75% | 3/12/2027 | 4,056 | 4,056 | 4,036 | 0.50 | ||||||||||||||||||
RxSense Holdings LLC | (7)(12)(13) | First Lien Revolver | S + 5.00% | 8.75% | 3/12/2027 | 619 | — | (3 | ) | — | |||||||||||||||||
SCHP Purchaser, Inc. | (8)(15) | First Lien Term Loan | S + 4.50% | 8.25% | 10/22/2032 | 3,140 | 3,126 | 3,030 | 0.37 | ||||||||||||||||||
SCHP Purchaser, Inc. | (7)(12)(15) | First Lien Revolver | S + 4.50% | 8.25% | 10/22/2032 | 523 | (2 | ) | (18 | ) | — | ||||||||||||||||
Smile Doctors LLC | (8)(14) | First Lien Term Loan | S + 5.90% | 9.87% | 12/23/2028 | 98 | 98 | 98 | 0.02 | ||||||||||||||||||
Soleo Holdings, Inc. | (8)(14) | First Lien Term Loan | S + 4.50% | 8.25% | 2/2/2032 | 5,918 | 5,905 | 5,918 | 0.73 | ||||||||||||||||||
Soleo Holdings, Inc. | (7)(12)(14) | First Lien Delayed Draw Term Loan | S + 4.50% | 8.25% | 2/2/2032 | 1,149 | (3 | ) | — | — | |||||||||||||||||
Soleo Holdings, Inc. | (12)(14) | First Lien Delayed Draw Term Loan | S + 4.50% | 8.25% | 2/2/2032 | 702 | 701 | 702 | 0.09 | ||||||||||||||||||
Soleo Holdings, Inc. | (7)(12)(14) | First Lien Revolver | S + 4.50% | 8.25% | 2/2/2032 | 704 | (2 | ) | — | — | |||||||||||||||||
Specialized Dental Holdings II, LLC | (8)(13) | First Lien Term Loan | S + 4.50% | 8.16% | 11/1/2028 | 197 | 197 | 197 | 0.02 | ||||||||||||||||||
Specialtycare, Inc. | (8)(13) | First Lien Term Loan | S + 4.75% | 8.50% | 12/18/2029 | 6,123 | 6,095 | 6,108 | 0.75 | ||||||||||||||||||
Specialtycare, Inc. | (7)(12)(13) | First Lien Delayed Draw Term Loan | S + 4.75% | 8.50% | 12/18/2029 | 1,351 | 346 | 347 | 0.04 | ||||||||||||||||||
Specialtycare, Inc. | (7)(12)(16) | First Lien Revolver | S + 3.75% | 7.50% | 12/18/2029 | 204 | — | — | — | ||||||||||||||||||
TurningPoint Healthcare Solutions, LLC | (8)(13) | First Lien Term Loan | S + 4.75% | 8.51% | 7/14/2027 | 196 | 196 | 196 | 0.02 | ||||||||||||||||||
United Digestive MSO Parent, LLC | (8)(13) | First Lien Term Loan | S + 5.75% | 9.50% | 3/30/2029 | 196 | 196 | 196 | 0.02 | ||||||||||||||||||
USHV Management, LLC | (8)(12)(14) | First Lien Term Loan | S + 5.00% | 8.75% | 9/8/2032 | 3,938 | 3,923 | 3,918 | 0.48 | ||||||||||||||||||
USHV Management, LLC | (7)(12)(14) | First Lien Delayed Draw Term Loan | S + 5.00% | 8.75% | 9/8/2032 | 373 | 119 | 119 | 0.01 | ||||||||||||||||||
USHV Management, LLC | (7)(12)(14) | First Lien Revolver | S + 5.00% | 8.75% | 9/8/2031 | 549 | 74 | 74 | 0.01 | ||||||||||||||||||
Valeris, Inc. | (8)(14) | First Lien Term Loan | S + 5.00% | 8.75% | 9/19/2031 | 2,944 | 2,940 | 2,937 | 0.37 | ||||||||||||||||||
Valeris, Inc. | (8)(14) | First Lien Term Loan | S + 4.75% | 8.50% | 9/19/2031 | 8,806 | 8,768 | 8,762 | 1.08 | ||||||||||||||||||
Valeris, Inc. | (7)(12)(14) | First Lien Revolver | S + 4.75% | 8.50% | 9/19/2031 | 1,465 | (6 | ) | (7 | ) | — | ||||||||||||||||
107,826 | 107,511 | 13.29 | |||||||||||||||||||||||||
24
ANTARES PRIVATE CREDIT FUND
CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)(Continued)
June 30, 2026
(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)(13) | First Lien Term Loan | S + 5.00% | 8.75% | 8/19/2027 | $ | 196 | $ | 196 | $ | 195 | 0.02 | % | ||||||||||||||
Movati Athletic (Group) Inc. | (6)(8)(13) | First Lien Term Loan | C + 4.25% | 6.86% | 5/29/2030 | CAD 7,419 | 5,318 | 5,226 | 0.65 | ||||||||||||||||||
Movati Athletic (Group) Inc. | (6)(7)(12)(16) | First Lien Delayed Draw Term Loan | C + 4.25% | 6.86% | 5/29/2030 | CAD 918 | (6 | ) | — | — | |||||||||||||||||
Southpaw Ap Buyer, LLC | (8)(13) | First Lien Term Loan | S + 5.50% | 9.40% | 3/2/2028 | 2,754 | 2,752 | 2,740 | 0.34 | ||||||||||||||||||
Southpaw Ap Buyer, LLC | (7)(12)(13) | First Lien Delayed Draw Term Loan | S + 5.50% | 9.40% | 3/2/2028 | 621 | 564 | 563 | 0.07 | ||||||||||||||||||
Southpaw Ap Buyer, LLC | (7)(12)(13) | First Lien Revolver | S + 5.50% | 9.40% | 3/2/2028 | 252 | 57 | 56 | 0.01 | ||||||||||||||||||
8,881 | 8,780 | 1.09 | |||||||||||||||||||||||||
Household Durables | |||||||||||||||||||||||||||
Stanton Carpet Intermediate Holdings II, Inc. | (8)(13) | First Lien Term Loan | S + 5.00% | 8.90% | 10/1/2027 | 200 | 200 | 199 | 0.02 | ||||||||||||||||||
200 | 199 | 0.02 | |||||||||||||||||||||||||
Household Products | |||||||||||||||||||||||||||
TPC US Parent, LLC | (8)(13) | First Lien Term Loan | S + 5.75% | 9.65% | 3/1/2027 | 38 | 38 | 38 | — | ||||||||||||||||||
Wu Holdco, Inc. | (8)(14) | First Lien Term Loan | S + 4.75% | 8.50% | 4/19/2032 | 10,187 | 10,167 | 10,111 | 1.25 | ||||||||||||||||||
Wu Holdco, Inc. | (7)(12)(14) | First Lien Delayed Draw Term Loan | S + 4.75% | 8.50% | 4/19/2032 | 2,497 | (2 | ) | (19 | ) | — | ||||||||||||||||
Wu Holdco, Inc. | (7)(12)(16) | First Lien Revolver | S + 4.75% | 8.50% | 4/19/2032 | 777 | (2 | ) | (6 | ) | — | ||||||||||||||||
10,201 | 10,124 | 1.25 | |||||||||||||||||||||||||
Industrial Conglomerates | |||||||||||||||||||||||||||
Harvey Tool Company, LLC | (8)(14) | First Lien Term Loan | E + 4.75% | 7.07% | 8/6/2032 | EUR 617 | 716 | 702 | 0.09 | ||||||||||||||||||
Harvey Tool Company, LLC | (8)(14) | First Lien Term Loan | S + 4.50% | 8.25% | 8/6/2032 | 9,199 | 9,199 | 9,107 | 1.12 | ||||||||||||||||||
Harvey Tool Company, LLC | (7)(12)(14) | First Lien Delayed Draw Term Loan | S + 4.50% | 8.25% | 8/6/2032 | 3,424 | (6 | ) | (34 | ) | — | ||||||||||||||||
Harvey Tool Company, LLC | (7)(12)(14) | First Lien Revolver | S + 4.75% | 8.50% | 8/6/2032 | 1,179 | — | (12 | ) | — | |||||||||||||||||
9,909 | 9,763 | 1.21 | |||||||||||||||||||||||||
Insurance | |||||||||||||||||||||||||||
Acrisure, LLC | (5)(8)(16) | First Lien Term Loan | S + 3.00% | 6.66% | 11/6/2030 | 1,985 | 1,987 | 1,800 | 0.22 | ||||||||||||||||||
Allied Benefits Systems Intermediate LLC | (8)(12)(14) | First Lien Term Loan | S + 5.00% | 8.66% | 10/31/2030 | 3,945 | 3,945 | 3,925 | 0.49 | ||||||||||||||||||
AMBA Buyer, Inc. | (8)(14) | First Lien Term Loan | S + 5.25% | 9.10% | 7/30/2027 | 3,550 | 3,540 | 3,550 | 0.44 | ||||||||||||||||||
AMBA Buyer, Inc. | (8)(14) | First Lien Delayed Draw Term Loan | S + 5.25% | 9.10% | 7/30/2027 | 851 | 849 | 851 | 0.11 | ||||||||||||||||||
AMBA Buyer, Inc. | (7)(12)(14) | First Lien Revolver | S + 5.25% | 9.00% | 7/30/2027 | 223 | (1 | ) | — | — | |||||||||||||||||
Amerilife Holdings LLC | (8)(14) | First Lien Term Loan | S + 5.00% | 8.75% | 8/31/2029 | 3,283 | 3,277 | 3,275 | 0.40 | ||||||||||||||||||
Amerilife Holdings LLC | (12)(14) | First Lien Delayed Draw Term Loan | S + 5.00% | 8.75% | 8/31/2029 | 12,117 | 12,088 | 12,087 | 1.49 | ||||||||||||||||||
Amerilife Holdings LLC | (7)(12)(14) | First Lien Delayed Draw Term Loan | S + 5.00% | 8.75% | 8/31/2029 | 1,110 | 198 | 196 | 0.02 | ||||||||||||||||||
Amerilife Holdings LLC | (7)(12)(14) | First Lien Revolver | S + 5.00% | 8.75% | 8/31/2028 | 556 | 137 | 138 | 0.02 | ||||||||||||||||||
AQ Sunshine, Inc. | (8)(14) | First Lien Term Loan | S + 5.00% | 8.75% | 7/24/2033 | 6,097 | 6,082 | 6,082 | 0.75 | ||||||||||||||||||
AQ Sunshine, Inc. | (7)(12)(14) | First Lien Delayed Draw Term Loan | S + 5.00% | 8.75% | 7/24/2033 | 1,370 | 69 | 66 | 0.01 | ||||||||||||||||||
AQ Sunshine, Inc. | (7)(12)(14) | First Lien Revolver | S + 5.00% | 8.75% | 7/24/2032 | 685 | (3 | ) | (3 | ) | — | ||||||||||||||||
Ardonagh Midco 3 Limited | (5)(6)(8)(16) | First Lien Term Loan | S + 3.00% | 6.87% | 2/15/2031 | 3,943 | 3,943 | 3,827 | 0.47 | ||||||||||||||||||
Bellwether Buyer, L.L.C. | (8)(14) | First Lien Term Loan | S + 4.50% | 8.16% | 4/15/2032 | 4,182 | 4,176 | 4,182 | 0.52 | ||||||||||||||||||
Bellwether Buyer, L.L.C. | (7)(12)(14) | First Lien Delayed Draw Term Loan | S + 4.50% | 8.16% | 4/15/2032 | 2,178 | 303 | 305 | 0.04 | ||||||||||||||||||
Bellwether Buyer, L.L.C. | (7)(12)(14) | First Lien Revolver | S + 4.50% | 8.16% | 4/15/2032 | 871 | (2 | ) | — | — | |||||||||||||||||
25
ANTARES PRIVATE CREDIT FUND
CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)(Continued)
June 30, 2026
(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) | |||||||||||||||||||||||||||
Broadstreet Partners, Inc. | (5)(6)(8)(16) | First Lien Term Loan | S + 2.50% | 6.16% | 6/13/2031 | $ | 1,082 | $ | 1,084 | $ | 1,047 | 0.13 | % | ||||||||||||||
Foundation Risk Partners, Corp. | (7)(12)(14) | First Lien Delayed Draw Term Loan | S + 4.75% | 8.50% | 10/29/2030 | 4,280 | 2,978 | 2,970 | 0.37 | ||||||||||||||||||
Galway Borrower LLC | (8)(12)(14) | First Lien Term Loan | S + 4.50% | 8.25% | 9/29/2028 | 4,471 | 4,457 | 4,432 | 0.55 | ||||||||||||||||||
Galway Borrower LLC | (12)(14) | First Lien Delayed Draw Term Loan | S + 4.50% | 8.25% | 9/29/2028 | 285 | 284 | 282 | 0.03 | ||||||||||||||||||
Galway Borrower LLC | (7)(12)(14) | First Lien Delayed Draw Term Loan | S + 4.50% | 8.25% | 9/29/2028 | 823 | (1 | ) | (7 | ) | — | ||||||||||||||||
Galway Borrower LLC | (7)(12)(14) | First Lien Revolver | S + 4.50% | 8.25% | 9/29/2028 | 429 | 135 | 132 | 0.02 | ||||||||||||||||||
Higginbotham Insurance Agency, Inc | (8)(13) | First Lien Term Loan | S + 4.50% | 8.16% | 6/11/2031 | 6,664 | 6,664 | 6,647 | 0.82 | ||||||||||||||||||
Higginbotham Insurance Agency, Inc | (7)(12)(13) | First Lien Delayed Draw Term Loan | S + 4.50% | 8.16% | 6/11/2031 | 519 | 178 | 177 | 0.02 | ||||||||||||||||||
Higginbotham Insurance Agency, Inc | (12)(13) | First Lien Delayed Draw Term Loan | S + 4.50% | 8.16% | 6/11/2031 | 557 | 554 | 556 | 0.07 | ||||||||||||||||||
Imagine 360 LLC | (8)(14) | First Lien Term Loan | S + 4.75% | 8.50% | 9/30/2028 | 1,379 | 1,375 | 1,361 | 0.17 | ||||||||||||||||||
Imagine 360 LLC | (7)(12)(14) | First Lien Delayed Draw Term Loan | S + 4.75% | 8.50% | 9/30/2028 | 767 | (2 | ) | (10 | ) | — | ||||||||||||||||
Imagine 360 LLC | (7)(12)(14) | First Lien Revolver | S + 4.75% | 8.50% | 9/30/2028 | 327 | (2 | ) | (4 | ) | — | ||||||||||||||||
Integrity Marketing Acquisition, LLC | (8)(14) | First Lien Term Loan | S + 5.00% | 8.75% | 8/25/2028 | 7,545 | 7,529 | 7,545 | 0.93 | ||||||||||||||||||
Iris Specialty Acquisition LLC | (8)(15) | First Lien Term Loan | S + 4.50% | 8.25% | 11/20/2032 | 7,326 | 7,312 | 7,271 | 0.90 | ||||||||||||||||||
Iris Specialty Acquisition LLC | (7)(12)(15) | First Lien Delayed Draw Term Loan | S + 4.50% | 8.25% | 11/20/2032 | 1,235 | 110 | 102 | 0.01 | ||||||||||||||||||
Iris Specialty Acquisition LLC | (7)(12)(15) | First Lien Revolver | S + 4.50% | 8.25% | 11/20/2032 | 1,087 | 244 | 239 | 0.03 | ||||||||||||||||||
Mclarens Midco Inc. | (8)(14) | First Lien Term Loan | S + 4.75% | 8.65% | 12/19/2027 | 2,550 | 2,550 | 2,543 | 0.31 | ||||||||||||||||||
Mclarens Midco Inc. | (12)(14) | First Lien Delayed Draw Term Loan | S + 4.75% | 8.65% | 12/19/2027 | 659 | 657 | 657 | 0.08 | ||||||||||||||||||
Mclarens Midco Inc. | (8)(14) | First Lien Delayed Draw Term Loan | S + 4.75% | 8.65% | 12/19/2027 | 891 | 891 | 889 | 0.11 | ||||||||||||||||||
Mclarens Midco Inc. | (7)(12)(14) | First Lien Delayed Draw Term Loan | S + 4.75% | 8.65% | 12/19/2027 | 1,370 | (3 | ) | (3 | ) | — | ||||||||||||||||
Mclarens Midco Inc. | (7)(12)(14) | First Lien Revolver | S + 4.75% | 8.51% | 12/19/2027 | 287 | 92 | 91 | 0.01 | ||||||||||||||||||
Oakbridge Insurance Agency, LLC | (8)(14) | First Lien Term Loan | S + 4.75% | 8.41% | 11/1/2029 | 196 | 196 | 194 | 0.02 | ||||||||||||||||||
Oakbridge Insurance Agency, LLC | (7)(12)(14) | First Lien Delayed Draw Term Loan | S + 4.75% | 8.41% | 11/1/2029 | 2,319 | (5 | ) | (29 | ) | — | ||||||||||||||||
Oakbridge Insurance Agency, LLC | (7)(12)(14) | First Lien Delayed Draw Term Loan | S + 5.00% | 8.66% | 11/1/2029 | 2,569 | 2,417 | 2,412 | 0.30 | ||||||||||||||||||
OneDigital Borrower LLC | (5)(8)(15) | First Lien Term Loan | S + 3.00% | 6.66% | 7/2/2031 | 1,976 | 1,976 | 1,920 | 0.24 | ||||||||||||||||||
Pareto Health Intermediate Holdings, Inc. | (8)(12)(13) | First Lien Term Loan | S + 5.00% | 8.75% | 6/1/2030 | 3,369 | 3,360 | 3,352 | 0.41 | ||||||||||||||||||
Pareto Health Intermediate Holdings, Inc. | (12)(13) | First Lien Term Loan | S + 5.00% | 8.75% | 6/1/2030 | 1,839 | 1,830 | 1,830 | 0.23 | ||||||||||||||||||
Pareto Health Intermediate Holdings, Inc. | (7)(12)(13) | First Lien Revolver | S + 5.00% | 8.75% | 6/1/2029 | 156 | (1 | ) | (1 | ) | — | ||||||||||||||||
Patriot Growth Insurance Services, LLC | (8)(14) | First Lien Term Loan | S + 5.00% | 8.90% | 10/16/2028 | 7,933 | 7,910 | 7,874 | 0.97 | ||||||||||||||||||
Patriot Growth Insurance Services, LLC | (8)(14) | First Lien Delayed Draw Term Loan | S + 5.00% | 8.90% | 10/16/2028 | 1,387 | 1,384 | 1,377 | 0.17 | ||||||||||||||||||
Patriot Growth Insurance Services, LLC | (7)(12)(14) | First Lien Revolver | S + 5.00% | 8.75% | 10/16/2028 | 534 | (2 | ) | (4 | ) | — | ||||||||||||||||
Riser Interco, LLC | (8)(14) | First Lien Term Loan | S + 4.75% | 8.50% | 10/31/2029 | 581 | 581 | 578 | 0.07 | ||||||||||||||||||
Riser Interco, LLC | (8)(14) | First Lien Term Loan | SON + 4.75% | 8.50% | 10/31/2029 | GBP 977 | 1,293 | 1,289 | 0.16 | ||||||||||||||||||
Riser Interco, LLC | (7)(12)(14) | First Lien Delayed Draw Term Loan | S + 4.75% | 8.50% | 10/31/2029 | 888 | (2 | ) | (4 | ) | — | ||||||||||||||||
Riser Interco, LLC | (7)(12)(14) | First Lien Revolver | S + 4.75% | 8.50% | 10/31/2029 | 520 | 186 | 183 | 0.02 | ||||||||||||||||||
Simplicity Financial Marketing Group Holdings, Inc. | (8)(14) | First Lien Term Loan | S + 5.00% | 8.75% | 12/31/2031 | 6,684 | 6,659 | 6,668 | 0.82 | ||||||||||||||||||
Simplicity Financial Marketing Group Holdings, Inc. | (7)(12)(14) | First Lien Delayed Draw Term Loan | S + 5.00% | 8.75% | 12/31/2031 | 4,293 | 1,658 | 1,665 | 0.21 | ||||||||||||||||||
Simplicity Financial Marketing Group Holdings, Inc. | (7)(12)(14) | First Lien Revolver | S + 5.00% | 8.75% | 12/31/2031 | 903 | (5 | ) | (2 | ) | — | ||||||||||||||||
THG Acquisition, LLC | (8)(14) | First Lien Term Loan | S + 4.75% | 8.41% | 10/31/2031 | 2,924 | 2,924 | 2,910 | 0.36 | ||||||||||||||||||
THG Acquisition, LLC | (7)(12)(14) | First Lien Delayed Draw Term Loan | S + 4.75% | 8.41% | 10/31/2031 | 658 | 486 | 484 | 0.06 | ||||||||||||||||||
THG Acquisition, LLC | (7)(12)(14) | First Lien Revolver | S + 4.75% | 8.41% | 10/31/2031 | 330 | 81 | 79 | 0.01 | ||||||||||||||||||
Trucordia Insurance Holdings, LLC | (5)(8)(16) | First Lien Term Loan | S + 3.25% | 7.00% | 6/17/2032 | 269 | 268 | 240 | 0.03 | ||||||||||||||||||
World Insurance Associates, LLC | (8)(13) | First Lien Term Loan | S + 5.00% | 8.75% | 4/3/2030 | 4,032 | 4,031 | 4,022 | 0.50 | ||||||||||||||||||
World Insurance Associates, LLC | (7)(12)(13) | First Lien Delayed Draw Term Loan | S + 5.00% | 8.75% | 4/3/2030 | 2,854 | 1,943 | 1,942 | 0.24 | ||||||||||||||||||
World Insurance Associates, LLC | (7)(12)(13) | First Lien Revolver | S + 5.00% | 8.75% | 4/3/2030 | 209 | (1 | ) | (1 | ) | — | ||||||||||||||||
116,841 | 116,176 | 14.36 | |||||||||||||||||||||||||
26
ANTARES PRIVATE CREDIT FUND
CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)(Continued)
June 30, 2026
(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. | (12)(14) | First Lien Term Loan | S + 6.50% | 10.25% | 6/30/2028 | $ | 200 | $ | 200 | $ | 199 | 0.02 | % | ||||||||||||||
Cardinal Parent, Inc. | (5)(8)(14) | First Lien Term Loan | S + 4.50% | 8.40% | 11/12/2027 | 196 | 189 | 174 | 0.02 | ||||||||||||||||||
DT1 Midco Corp | (8)(12)(14) | First Lien Term Loan | S + 5.25% | 8.91% | 12/30/2031 | 7,643 | 7,622 | 7,528 | 0.93 | ||||||||||||||||||
DT1 Midco Corp | (8)(14) | First Lien Term Loan | S + 5.25% | 8.91% | 12/30/2031 | 754 | 751 | 743 | 0.09 | ||||||||||||||||||
DT1 Midco Corp | (7)(12)(14) | First Lien Delayed Draw Term Loan | S + 5.25% | 8.91% | 12/30/2031 | 2,540 | 11 | (20 | ) | — | |||||||||||||||||
DT1 Midco Corp | (7)(12)(14) | First Lien Revolver | S + 5.25% | 8.91% | 12/30/2030 | 1,183 | (3 | ) | (18 | ) | — | ||||||||||||||||
Govdelivery Holdings, LLC | (8)(14) | First Lien Term Loan | S + 5.75% | 9.50% (Incl. 2.25% PIK) | 1/17/2031 | 203 | 203 | 203 | 0.03 | ||||||||||||||||||
Marco Technologies, LLC | (8)(13) | First Lien Term Loan | S + 5.00% | 8.66% | 11/24/2027 | 200 | 200 | 200 | 0.02 | ||||||||||||||||||
Medallia, Inc. | (8)(14)(17) | First Lien Term Loan | S + 6.00% | 9.97% | 10/29/2028 | 105 | 99 | 60 | 0.01 | ||||||||||||||||||
Noble Midco 3 Limited | (8)(14) | First Lien Term Loan | S + 4.75% | 8.50% (Incl. 0.50% PIK) | 6/10/2031 | 5,094 | 5,093 | 5,004 | 0.62 | ||||||||||||||||||
Noble Midco 3 Limited | (7)(12)(14) | First Lien Delayed Draw Term Loan | S + 4.75% | 8.50% | 6/10/2031 | 824 | — | (14 | ) | — | |||||||||||||||||
Noble Midco 3 Limited | (7)(12)(14) | First Lien Revolver | S + 4.75% | ||||||||||||||||||||||||