Form: 424B3

Prospectus [Rule 424(b)(3)]

August 21, 2026

0001976336false424B3Antares Private Credit Fund00019763362026-08-212026-08-210001976336none:RisksRelatingToExculpationAndIndemnificationMember2026-08-212026-08-21

Table of Contents

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.

Table of Contents

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:

Table of Contents

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.

Table of Contents

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.

Table of Contents

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.

Table of Contents

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.

Table of Contents

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.

Table of Contents

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
incorporation or organization)

 

(I.R.S. Employer
Identification No.)

320 South Canal Street, Suite 4200
Chicago, IL

 

60606

(Address of principal executive offices)

 

(Zip Code)

312-638-4000

Registrant’s telephone number, including area code

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

  ​ ​ ​

Trading
Symbol(s)

  ​ ​ ​

Name of each exchange
on which registered

None

 

None

 

None

Securities registered pursuant to Section 12(g) of the Act:

Class I Shares, par value $0.01 per share

Class S Shares, par value $0.01 per share

Class D Shares, par value $0.01 per share

(Title of class)

Indicate by check mark whether the Registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.   Yes    NO  

Indicate by check mark whether the Registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the Registrant was required to submit such files).   Yes    NO  

Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, 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

Table of Contents

  ​ ​ ​

Page

PART I

FINANCIAL INFORMATION

Item 1.

Consolidated Financial Statements

Consolidated Statements of Assets and Liabilities as of June 30, 2026 (Unaudited) and December 31, 2025

5

Consolidated Statements of Operations for the three and six months ended June 30, 2026 and 2025 (Unaudited)

6

Consolidated Statements of Changes in Net Assets for the three and six months ended June 30, 2026 and 2025 (Unaudited)

8

Consolidated Statements of Cash Flows for the six months ended June 30, 2026 and 2025 (Unaudited)

9

Consolidated Schedules of Investments as of June 30, 2026 (Unaudited) and December 31, 2025

10

Notes to the Consolidated Financial Statements (Unaudited)

92

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

116

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

129

Item 4.

Controls and Procedures

130

PART II

OTHER INFORMATION

Item 1.

Legal Proceedings

131

Item 1A.

Risk Factors

131

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

131

Item 3.

Defaults Upon Senior Securities

131

Item 4.

Mine Safety Disclosures

131

Item 5.

Other Information

131

Item 6.

Exhibits

132

Signatures

133

2

Table of Contents

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

Table of Contents

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

Table of Contents

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,
2026

  ​ ​ ​

December 31,
2025

(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

Table of Contents

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

Table of Contents

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

Table of Contents

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

Table of Contents

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

Table of Contents

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

Table of Contents

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

Table of Contents

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

Table of Contents

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

Table of Contents

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

Table of Contents

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

Table of Contents

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

Table of Contents

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

Table of Contents

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

Table of Contents

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

Table of Contents

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

Table of Contents

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

Table of Contents

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

Table of Contents

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

Table of Contents

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

Table of Contents

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

Table of Contents

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

Table of Contents

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%