November 14, 2025 - 10-Q: Quarterly report [Sections 13 or 15(d)]

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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 September 30, 2025


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

Commission File Number 814-01700

_______________________________________________________________________

ANTARES PRIVATE CREDIT FUND

(Exact name of Registrant as specified in its Charter)

_______________________________________________________________________


Delaware		93-3416650
(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification No.)

320 South Canal Street, Suite 4200 Chicago, IL		60606
(Address of principal executive offices)		(Zip Code)

312-638-4117

Registrant’s telephone number, including area code

_______________________________________________________________________

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


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
None	None	None

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

Class I Shares, par value $0.01 per share

Class S Shares, par value $0.01 per share

Class D Shares, par value $0.01 per share

(Title of class)

Indicate by check mark whether the Registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ 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, 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 November 13, 2025 was 28,405,834 of Class I Shares. No Class S or Class D Shares have been issued as of November 13, 2025. Common Shares outstanding exclude November 1, 2025 subscriptions, as the issuance price is not yet finalized at this time.

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		Page
PART I	FINANCIAL INFORMATION
Item 1.	Consolidated Financial Statements
	Consolidated Statements of Assets and Liabilities as of September 30, 2025 (Unaudited) and December 31, 2024	4
	Consolidated Statements of Operations for the three and nine months ended September 30, 2025 and 2024 (Unaudited)	5
	Consolidated Statements of Changes in Net Assets for the three and nine months ended September 30, 2025 and 2024 (Unaudited)	6
	Consolidated Statement of Cash Flows for the nine months ended September 30, 2025 (Unaudited)	8
	Consolidated Schedules of Investments as of September 30, 2025 (Unaudited) and December 31, 2024	9
	Notes to Consolidated Financial Statements (Unaudited)	74
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	98
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	110
Item 4.	Controls and Procedures	111

PART II	OTHER INFORMATION
Item 1.	Legal Proceedings	112
Item 1A.	Risk Factors	112
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	112
Item 3.	Defaults Upon Senior Securities	112
Item 4.	Mine Safety Disclosures	112
Item 5.	Other Information	112
Item 6.	Exhibits	113
	Signatures	114

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CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS

The information contained in this section should be read in conjunction with our consolidated financial statements and notes thereto appearing elsewhere in this Quarterly Report. In addition, some of the statements in this Quarterly Report (including in the following discussion) constitute forward-looking statements, which relate to future events or the future performance or financial condition of Antares Private Credit Fund (the “Company,” “we,” “us,” or “our”). The Company is externally managed by Antares Capital Credit Advisers LLC (the “Adviser”). The forward-looking statements contained in this report involve a number of risks and uncertainties, including statements concerning:

•

we have a limited operating history;

•

our, or our portfolio companies’, future business, operations, operating results or prospects;

•

the return or impact of current and future investments;

•

changes in the general economy, including those caused by tariffs and trade disputes with other countries, changes in inflation, risk of recession and a prolonged United States government shutdown;

•

the impact of changes in laws or regulations (including the interpretation thereof), including tax laws, governing our operations or the operations of our portfolio companies or the operations of our competitors;

•

the valuation of our investments in portfolio companies, particularly those having no liquid trading market;

•

market conditions and our ability to access different debt markets and additional debt and equity capital and our ability to manage our capital resources effectively;

•

our contractual arrangements and relationships with third parties;

•

the state of the general economy;

•

the impact of supply chain constraints on our portfolio companies and the global economy;

•

uncertainty surrounding global financial stability, including the liquidity of certain banks;

•

the financial condition of our current and prospective portfolio companies and their ability to achieve their objectives;

•

the impact of information technology system failures, data security breaches, data privacy compliance, network disruptions, and cybersecurity attacks;

•

our ability to raise capital in the private and public debt and equity markets;

•

our ability to anticipate and identify evolving market expectations with respect to environmental, social and governance matters, including the environmental impacts of our portfolio companies’ supply chain and operations;

•

the outcome and impact of any litigation or regulatory proceeding;

•

the adequacy of our cash resources and working capital;

•

the timing, form and amount of any dividend distributions;

•

the timing of cash flows, if any, from the operations of our portfolio companies; and

•

the ability of our adviser to locate suitable investments for us and to monitor and administer our investments.

We use words such as “anticipates,” “believes,” “expects,” “intends,” “project,” “estimates,” “will,” “should,” “could,” “would,” “may” and similar expressions to identify forward-looking statements, although not all forward-looking statements include these words. Our actual results and condition could differ materially from those implied or expressed in the forward-looking statements for any reason, including the factors set forth in “Risk Factors” on the Company’s registration statement on Form N-2, Annual Report on Form 10-K and this Quarterly Report.

We have based the forward-looking statements included in this Quarterly Report on information available to us on the filing date of this Quarterly Report, and we assume no obligation to update any such forward-looking statements. Although we undertake no obligation to revise or update any forward-looking statements, whether as a result of new information, future events or otherwise, you are advised to consult any additional disclosures that we may make directly to you or through reports that we have filed or in the future may file with the Securities and Exchange Commission (the “SEC”), including annual reports on Form 10-K, registration statement on Form N-2, quarterly reports on Form 10-Q and current reports on Form 8-K.

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PART I - FINANCIAL INFORMATION

Item 1. Consolidated Financial Statements

ANTARES PRIVATE CREDIT FUND

CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES

(in thousands, except share and per share amounts)


	September 30, 2025			December 31, 2024
	(Unaudited)
ASSETS
Investments at fair value:
Non-controlled/non-affiliated investments, at fair value (amortized cost — $1,395,830 and $849,742 as of September 30, 2025 and December 31, 2024, respectively)	$	1,393,758		$	848,360
Short-term investments (amortized cost — $29,010 and $0 as of September 30, 2025 and December 31, 2024, respectively) (1)		29,010			—
Total investments at fair value		1,422,768			848,360
Cash and cash equivalents (1)		11,701			42,146
Foreign currencies (cost — $8,905 and $20,235 as of September 30, 2025 and December 31, 2024, respectively)		9,091			20,194
Interest receivable from non-controlled/non-affiliated investments		6,322			3,824
Dividend receivable from non-controlled/non-affiliated investments		176			—
Deferred offering costs		428			943
Receivable from adviser (Note 3)		1,361			2,839
Receivable for investments sold / repaid		30			82
Prepaid expenses and other assets		59			446
Total assets	$	1,451,936		$	918,834

LIABILITIES
Debt outstanding	$	720,127		$	110,194
Less: Deferred financing costs		(5,081	)		(3,087	)
Total debt, net of deferred financing costs		715,046			107,107
Payable for investments purchased		20,816			160,489
Interest payable		2,145			361
Distributions payable		5,782			8,290
Administrative service fee payable		283			93
Accrued expenses and other liabilities		2,027			986
Management fees payable		1,174			—
Income based incentive fee payable		1,223			—
Due to affiliates		221			4,049
Total liabilities		748,717			281,375
Commitments and contingencies (Note 7)
NET ASSETS
Common Shares, par value $0.01 (27,894,139 and 25,405,674 shares issued and outstanding as of September 30, 2025 and December 31, 2024, respectively)		279			254
Paid-in capital in excess of par value		698,118			635,495
Accumulated net distributable earnings		4,822			1,710
Total net assets		703,219			637,459
Total liabilities and net assets	$	1,451,936		$	918,834
Net asset value per share	$	25.21		$	25.09

(1)

The Company has made a prospective presentation change to reclassify money market fund investments as short-term investments, resulting in their exclusion from cash and cash equivalents beginning in the reporting period ended June 30, 2025. See Note 2 for additional detail.

See accompanying notes to the consolidated financial statements.

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ANTARES PRIVATE CREDIT FUND

CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)

(in thousands, except share and per share amounts)


	Three Months Ended September 30,						Nine Months Ended September 30,
	2025			2024			2025			2024
Investment income:
From total investments:
Interest income	$	31,035		$	—		$	80,732		$	—
Payment-in-kind interest income		170			—			423			—
Dividend income		220			—			539			—
Other income		791			—			3,361			—
Total investment income		32,216			—			85,055			—
Expenses:
Interest and debt expenses		10,779			—			23,741			—
Management fees (Note 3)		2,180			—			6,184			—
Income based incentive fee (Note 3)		2,366			—			7,034			—
Administrative service fee		190			—			522			—
Board of Trustees’ fee		45			—			115			—
Other general and administrative expenses		743			—			2,366			—
Organization and offering costs		512			113			1,575			161
Total expenses		16,815			113			41,537			161
Management fees waiver (Note 3)		(1,005	)		—			(5,009	)		—
Incentive fees waiver (Note 3)		(1,143	)		—			(5,811	)		—
Reimbursable expenses paid by adviser (Note 3)		(35	)		(113	)		(683	)		(161	)
Net expenses, net of fee waivers		14,632			—			30,034			—
Net investment income (loss)		17,584			—			55,021			—

Net realized and change in unrealized gain (loss):
Net realized gain (loss):
Non-controlled/non-affiliated investments		1			—			(13	)		—
Foreign currency transactions		153			—			960			—
Total net realized gain (loss)		154			—			947			—
Net change in unrealized appreciation (depreciation):
Non-controlled/non-affiliated investments		(249	)		—			(689	)		—
Translation of assets and liabilities in foreign currencies		350			—			(2,133	)		—
Total net change in unrealized appreciation (depreciation)		101			—			(2,822	)		—
Total net realized and change in unrealized gain (loss)		255			—			(1,875	)		—
Net increase (decrease) in net assets resulting from operations	$	17,839		$	—		$	53,146		$	—

Per share information
Net investment income (loss) per share (basic and diluted)	$	0.64		$	—		$	2.09		$	—
Earnings per share (basic and diluted)	$	0.65		$	—		$	2.02		$	—
Distributions declared per share	$	0.65		$	—		$	1.90		$	—
Weighted average shares outstanding (basic and diluted)		27,415,336			1,000			26,305,369			1,000

See accompanying notes to the consolidated financial statements.

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ANTARES PRIVATE CREDIT FUND

CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS (Unaudited)

(in thousands, except shares)

Three Months Ended September 30, 2025


							Accumulated Net
	Common Shares				Paid-in-Capital in		Distributable Earnings			Total
	Shares		Par Value		Excess of Par Value		(Losses)			Net Assets
Net assets at beginning of period		26,615,155	$	266	$	665,867	$	4,710		$	670,843
Operations:
Net investment income (loss)		—		—		—		17,584			17,584
Net realized gain (loss)		—		—		—		154			154
Net change in unrealized appreciation (depreciation)		—		—		—		101			101
Net increase (decrease) in net assets resulting from operations		—		—		—		17,839			17,839
Capital Transactions:
Issuance of shares		1,263,848		13		31,869		—			31,882
Common Shares issued from reinvestment of distributions		15,136		—		382		—			382
Distributions to shareholders		—		—		—		(17,727	)		(17,727	)
Net increase (decrease) in net assets resulting from capital transactions		1,278,984		13		32,251		(17,727	)		14,537
Total net increase (decrease)		1,278,984		13		32,251		112			32,376
Net assets at end of period		27,894,139	$	279	$	698,118	$	4,822		$	703,219

Nine Months Ended September 30, 2025


							Accumulated Net
	Common Shares				Paid-in-Capital in		Distributable Earnings			Total
	Shares		Par Value		Excess of Par Value		(Losses)			Net Assets
Net assets at beginning of period		25,405,674	$	254	$	635,495	$	1,710		$	637,459
Operations:
Net investment income (loss)		—		—		—		55,021			55,021
Net realized gain (loss)		—		—		—		947			947
Net change in unrealized appreciation (depreciation)		—		—		—		(2,822	)		(2,822	)
Net increase (decrease) in net assets resulting from operations		—		—		—		53,146			53,146
Capital Transactions:
Issuance of shares		2,470,603		25		62,173		—			62,198
Common Shares issued from reinvestment of distributions		17,862		—		450		—			450
Distributions to shareholders		—		—		—		(50,034	)		(50,034	)
Net increase (decrease) in net assets resulting from capital transactions		2,488,465		25		62,623		(50,034	)		12,614
Total net increase (decrease)		2,488,465		25		62,623		3,112			65,760
Net assets at end of period		27,894,139	$	279	$	698,118	$	4,822		$	703,219

See accompanying notes to the consolidated financial statements.

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ANTARES PRIVATE CREDIT FUND

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

(in thousands, except shares)

Three Months Ended September 30, 2024


							Accumulated Net
	Common Shares				Paid-in-Capital in		Distributable Earnings		Total
	Shares		Par Value		Excess of Par Value		(Losses)		Net Assets
Net assets at beginning of period		1,000	$	—	$	25	$	—	$	25
Operations:
Net investment income (loss)		—		—		—		—		—
Net realized gain (loss)		—		—		—		—		—
Net change in unrealized appreciation (depreciation)		—		—		—		—		—
Net increase (decrease) in net assets resulting from operations		—		—		—		—		—
Shareholder distributions:
Net increase (decrease) in net assets resulting from shareholder distributions		—		—		—		—		—
Capital Transactions:
Issuance of shares		—		—		—		—		—
Distributions to shareholders		—		—		—		—		—
Net increase (decrease) in net assets resulting from capital transactions		—		—		—		—		—
Total net increase (decrease)		—		—		—		—		—
Net assets at end of period		1,000	$	—	$	25	$	—	$	25

Nine Months Ended September 30, 2024


							Accumulated Net
	Common Shares				Paid-in-Capital in		Distributable Earnings		Total
	Shares		Par Value		Excess of Par Value		(Losses)		Net Assets
Net assets at beginning of period		1,000	$	—	$	25	$	—	$	25
Operations:
Net investment income (loss)		—		—		—		—		—
Net realized gain (loss)		—		—		—		—		—
Net change in unrealized appreciation (depreciation)		—		—		—		—		—
Net increase (decrease) in net assets resulting from operations		—		—		—		—		—
Shareholder distributions:
Net increase (decrease) in net assets resulting from shareholder distributions		—		—		—		—		—
Capital Transactions:
Issuance of shares		—		—		—		—		—
Distributions to shareholders		—		—		—		—		—
Net increase (decrease) in net assets resulting from capital transactions		—		—		—		—		—
Total net increase (decrease)		—		—		—		—		—
Net assets at end of period		1,000	$	—	$	25	$	—	$	25

See accompanying notes to the consolidated financial statements.

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ANTARES PRIVATE CREDIT FUND

CONSOLIDATED STATEMENT OF CASH FLOWS (Unaudited)

(in thousands)


	Nine Months Ended September 30, 2025
Cash flow from operating activities
Net increase (decrease) in net assets resulting from operations	$	53,146
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash used in operating activities:
Accrued interest and dividends received in-kind		(770	)
Net accretion of discount and amortization of premium		(1,372	)
Proceeds from sale of investments and principal repayments		158,206
Purchases of investments		(702,165	)
Purchase/sale of short-term investments, net (1)		10,516
Net realized (gains) losses on investments		13
Net change in unrealized (appreciation) depreciation on investments		689
Amortization of deferred financing costs		821
Amortization of deferred offering costs		1,457
(Increase) decrease in operating assets:
Interest receivable from non-controlled/non-affiliated investments		(2,498	)
Dividend receivable from non-controlled/non-affiliated investments		(176	)
Receivable from adviser		1,478
Receivable for investments sold / repaid		52
Prepaid expenses and other assets		387
Increase (decrease) in operating liabilities:
Due to affiliates		(3,828	)
Payable for investments purchased		(139,673	)
Management fees payable		1,174
Income based incentive fee payable		1,223
Interest payable		1,784
Administrative service fee payable		190
Accrued expenses and other liabilities		1,041
Net cash provided by (used in) operating activities		(618,305	)
Cash flow from financing activities
Proceeds from issuance of shares		62,198
Debt borrowings		646,928
Debt repayments		(36,995	)
Distributions paid		(52,092	)
Deferred offering costs paid		(941	)
Deferred financing costs paid		(2,815	)
Net cash provided by (used in) financing activities		616,283
Net increase (decrease) in cash and cash equivalents		(2,022	)
Cash, cash equivalents and foreign currencies at the beginning of period (1)		22,814
Cash, cash equivalents and foreign currencies at the end of period (1)	$	20,792
Supplemental disclosure of cash flow information
Cash paid for interest	$	21,136
Cash paid for taxes	$	74
Distributions payable		5,782

(1)

The Company has made a prospective presentation change to reclassify money market fund investments as short-term investments, resulting in their exclusion from cash and cash equivalents beginning in the reporting period June 30, 2025. As a result, cash and cash equivalents at the beginning of this period exclude $39,527 of money market fund investments. See Note 2 for additional detail.

See accompanying notes to the consolidated financial statements.

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ANTARES PRIVATE CREDIT FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

September 30, 2025

(in thousands)


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

Table of Contents

ANTARES PRIVATE CREDIT FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)(Continued)

September 30, 2025

(in thousands)


Investments (1)	Footnotes	Asset Type	Reference Rate and Spread (2)	Interest Rate	Maturity Date	Par Amount / Shares		Amortized Cost (4)			Fair Value		Percentage of Net Assets
Building Products
80/20, LLC	(8)(12)	First Lien Term Loan	S + 5.00%	8.98%	3/1/2027	$	198	$	198		$	197		0.03	%
MDC Interior Acquisition Inc	(8)(12)	First Lien Term Loan	S + 5.00%	8.98%	4/26/2030		291		290			290		0.04
MDC Interior Acquisition Inc	(8)(12)	First Lien Term Loan	S + 5.00%	9.13%	4/26/2030		756		752			752		0.11
MDC Interior Acquisition Inc	(7)(12)	First Lien Revolver	S + 5.00%	8.98%	4/26/2030		42		—			—		—
Surewerx Purchaser III Inc.	(8)(13)	First Lien Term Loan	S + 5.25%	9.23%	12/28/2029		198		198			198		0.03
WST USA Holdco, Inc.	(6)(8)(12)	First Lien Term Loan	S + 4.75%	8.83%	3/31/2027		1,712		1,712			1,708		0.24
WST USA Holdco, Inc.	(6)(7)(12)	First Lien Delayed Draw Term Loan	S + 4.75%	8.83%	3/31/2027		586		213			211		0.03
									3,363			3,356		0.48
Capital Markets
Allworth Financial Group, L.P.	(8)(12)	First Lien Term Loan	S + 4.75%	8.88%	12/23/2027		198		198			198		0.03
Arax MidCo, LLC	(8)(12)	First Lien Term Loan	S + 5.00%	8.98%	4/11/2029		4,298		4,270			4,298		0.61
Arax MidCo, LLC	(8)(12)	First Lien Term Loan	S + 5.00%	9.13%	4/11/2029		1,807		1,798			1,807		0.26
Arax MidCo, LLC	(7)(12)	First Lien Delayed Draw Term Loan	S + 5.00%	8.98%	4/11/2029		3,096		138			146		0.02
Arax MidCo, LLC	(12)	First Lien Delayed Draw Term Loan	S + 5.00%	8.98%	4/11/2029		196		190			196		0.03
Arax MidCo, LLC	(7)(12)	First Lien Revolver	S + 5.00%	8.98%	4/11/2029		431		48			52		0.01
Cub Financing Intermediate, LLC	(8)(14)	First Lien Term Loan	S + 4.75%	8.73%	6/28/2030		3,752		3,736			3,752		0.53
Cub Financing Intermediate, LLC	(7)(14)	First Lien Delayed Draw Term Loan	S + 4.75%	8.73%	6/28/2030		1,741		706			717		0.10
Edgeco Buyer, Inc.	(8)(12)	First Lien Term Loan	S + 4.50%	8.63%	6/1/2028		7,411		7,410			7,411		1.05
Edgeco Buyer, Inc.	(7)(12)	First Lien Delayed Draw Term Loan	S + 4.50%	8.63%	6/1/2028		2,769		331			336		0.05
Edgeco Buyer, Inc.	(8)(12)	First Lien Delayed Draw Term Loan	S + 4.50%	8.63%	6/1/2028		878		878			878		0.12
Edgeco Buyer, Inc.	(12)	First Lien Delayed Draw Term Loan	S + 4.50%	8.63%	6/1/2028		481		481			481		0.07
Edgeco Buyer, Inc.	(7)(12)	First Lien Revolver	S + 4.50%	8.48%	6/1/2028		304		14			15		—
HighTower Holding, LLC	(5)(7)(15)	First Lien Revolver	S + 3.00%	6.98%	2/1/2030		110		—			—		—
Lido Advisors, LLC	(8)(12)	First Lien Delayed Draw Term Loan	S + 4.75%	8.73%	5/10/2032		199		198			198		0.03
Lido Advisors, LLC	(7)(12)	First Lien Delayed Draw Term Loan	S + 4.75%	8.73%	5/10/2032		3,513		1,238			1,235		0.18
Lido Advisors, LLC	(12)	First Lien Delayed Draw Term Loan	S + 4.75%	8.73%	5/10/2032		527		523			524		0.07
Lido Advisors, LLC	(7)(12)	First Lien Revolver	S + 4.75%	8.73%	5/10/2032		615		356			356		0.05
The Ultimus Group Midco, LLC	(8)(13)	First Lien Term Loan	S + 4.75%	8.73%	7/1/2032		4,068		4,048			4,068		0.58
The Ultimus Group Midco, LLC	(7)(13)	First Lien Delayed Draw Term Loan	S + 4.75%	8.73%	7/1/2032		1,356		(3	)		—

Form: 10-Q

Documents