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8.15% Acquisition Date 12/3/2025 Maturity Date 12/3/20312025-12-310002033362Mitratech Senior Secured Revolving Loan Maturity 12/2/20312026-03-310002033362ck0002033362:BuildingProductsMemberck0002033362:AudaxPrivateCreditFundLLCMemberck0002033362:BankLoansMember2025-12-310002033362ck0002033362:LeisureProductsMemberck0002033362:BankLoansMember2026-03-310002033362Portfolio investments Audax Private Credit Subsidiary, LLC BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Diversified Consumer Services Heritage Partners Investment Type Senior Secured Revolving Credit Loan Index S+ Spread 0.00% Interest Rate 3.68% PIK Acquisition Date 10/10/2024 Maturity Date 9/29/20282026-03-310002033362srt:WeightedAverageMemberus-gaap:ValuationTechniqueMatrixPricingMemberck0002033362:FirstLienDebtMemberck0002033362:MeasurementInputTotalEnterpriseValueCoverageMember2025-12-310002033362ck0002033362:HotelsRestaurantsLeisureMember2025-12-310002033362Portfolio investments Audax Private Credit Subsidiary, LLC BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Diversified Consumer Services Heritage Partners Investment Type Senior Secured Revolving Credit Loan Index S+ Spread 0.00% Interest Rate 3.65% PIK Acquisition Date 10/10/2024 Maturity Date 9/29/20282025-12-310002033362Portfolio investments Audax Private Credit Fund, LLC COMMON EQUITY AND PREFERRED SHARES: NON-CONTROL/NON-AFFILIATE INVESTMENTS Health Care Technology Avalon Investment Type Class A-1 Units Acquisition Date 12/31/20252025-12-310002033362Healthcare Linen Services Group Senior Secured Revolving Credit Loan Maturity 2/2/20332026-01-012026-03-310002033362Portfolio investments Audax Private Credit Fund, LLC BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Professional Services Dwellworks Investment Type Senior Secured Initial Term Loan Index S+ Spread 8.50% PIK Interest Rate 12.18% Acquisition Date 10/10/2024 Maturity Date 3/31/20272026-03-310002033362us-gaap:ValuationTechniqueMatrixPricingMemberck0002033362:FirstLienDebtMembersrt:MaximumMemberck0002033362:MeasurementInputTotalEnterpriseValueCoverageMember2025-12-310002033362Portfolio investments APCF SPV I, LLC BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Construction & Engineering National Trench Safety Investment Type Unitranche Initial Term Loan Index S+ Spread 5.50% Interest Rate 9.18% Acquisition Date 10/10/2024 Maturity Date 12/4/20282026-01-012026-03-310002033362Healthcare Linen Services Group Senior Secured Revolving Credit Loan Maturity 2/2/20332026-03-310002033362Palmdale Oil Senior Secured Fourth Amendment Delayed Draw Term Loan Maturity 12/12/20312026-03-310002033362Certified Collision Group Senior Secured Revolving Facility Maturity 12/30/2032 One2026-03-310002033362Allyant Senior Secured Revolving Loan Maturity 10/30/20262025-12-310002033362Portfolio investments Audax Private Credit Fund, LLC BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Commercial Services & Supplies HeartLand Investment Type Senior Secured Revolving Credit Loan Index S+ Spread 4.75% Interest Rate 8.40% Acquisition Date 11/5/2025 Maturity Date 12/12/20292025-12-310002033362Heritage Partners Senior Secured Revolving Credit Loan Maturity 12/22/20262026-01-012026-03-310002033362Portfolio investments Audax Private Credit Subsidiary, LLC COMMON EQUITY AND PREFERRED SHARES: NON-CONTROL/NON-AFFILIATE INVESTMENTS Professional Services Foundation Source Investment Type Class B LP Interests Acquisition Date 10/10/20242026-01-012026-03-310002033362ck0002033362:ApcfEquityLLCMemberus-gaap:InvestmentUnaffiliatedIssuerMemberck0002033362:CommonAndPreferredEquityMember2026-03-310002033362us-gaap:SubsequentEventMember2026-04-102026-04-100002033362Merchant Industry & Valor PayTech Senior Secured Revolving Loan Maturity 9/19/20312025-12-310002033362Portfolio investments Audax Private Credit Fund, LLC BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Chemicals Shrieve Investment Type Unitranche Initial Term Loan Index S+ Spread 6.00% Interest Rate 9.68% Acquisition Date 6/13/2025 Maturity Date 10/30/20302026-01-012026-03-310002033362us-gaap:RevolvingCreditFacilityMember2025-03-310002033362Portfolio investments APCF Equity, LLC COMMON EQUITY AND PREFERRED SHARES: NON-CONTROL/NON-AFFILIATE INVESTMENTS Financial Services Prime Pensions Investment Type LP Interests Acquisition Date 10/10/20242026-03-310002033362Portfolio investments Audax Private Credit Subsidiary, LLC BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Capital Markets Cerity Partners Senior Secured Initial Revolving Loan Index S+ Spread 4.50% Interest Rate 8.18% Acquisition Date 10/10/2024 Maturity Date 7/28/20312026-03-310002033362ck0002033362:UnitranchesDebtMember2026-03-310002033362Accurate Neuromonitoring Senior Secured Revolving Facility Maturity 3/13/20312025-12-310002033362ck0002033362:LoanAndServicingAgreementMemberck0002033362:BorrowingsUnderLeverageFacilityMember2025-01-012025-03-310002033362Portfolio investments APCF SPV I, LLC BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Commercial Services & Supplies Eagle Fire Investment Type Senior Secured Initial Term Loan Index S+ Spread 4.50% Interest Rate 8.15% Acquisition Date 7/15/2025 Maturity Date 7/15/20322025-01-012025-12-310002033362ck0002033362:AnalysisOfTrendInLeverageMembersrt:MinimumMemberck0002033362:MeasurementInputModifiedMarketYieldMemberus-gaap:UnitrancheDebtMember2026-03-310002033362Legacy Service Partners Senior Secured Tenth Amendment Delayed Draw Term Loan Maturity 11/10/20312026-03-310002033362Portfolio investments APCF SPV I, LLC BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Professional Services Proceed Investment Type Unitranche Term Loan Index S+ Spread 4.50% Interest Rate 8.18% Acquisition Date 3/31/2026 Maturity Date 3/31/20322026-03-310002033362Portfolio investments APCF SPV I, LLC BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Commercial Services & Supplies Eagle Fire Investment Type Senior Secured Initial Term Loan Index S+ Spread 4.50% Interest Rate 8.18% Acquisition Date 7/15/2025 Maturity Date 7/15/20322026-03-310002033362us-gaap:FairValueInputsLevel3Memberck0002033362:UnitranchesDebtMember2026-03-310002033362Portfolio investments APCF SPV I, LLC BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Internet Software & Services Power Digital Investment Type Senior Secured Initial Delayed Draw Term Loan Index S+ Spread 4.75% Interest Rate 8.43% Acquisition Date 10/10/2024 Maturity Date 3/11/20302026-03-310002033362Portfolio investments APCF SPV I, LLC BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Energy Equipment & Services Allied Power Group Investment Type Senior Secured Initial Delayed Draw Term Loan Index S+ Spread 5.00% Interest Rate 8.65% Acquisition Date 10/10/2024 Maturity Date 5/16/20302025-12-310002033362VC3 Senior Secured DDTL E Maturity 3/12/20292025-12-310002033362ck0002033362:EquityAndPreferredSharesMember2026-01-012026-03-310002033362Frazier & Deeter Senior Secured 2026 Incremental Delayed Draw Term Loan Maturity 5/2/20322026-01-012026-03-310002033362Portfolio investments Audax Private Credit Fund, LLC BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Consumer Staples Distribution & Retail Avita Pharmacy Investment Type Senior Secured Revolving Loan (2025) Index S+ Spread 4.25% Interest Rate 7.90% Acquisition Date 11/4/2025 Maturity Date 8/6/20302025-12-310002033362Portfolio investments APCF SPV I, LLC BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Software FMG Suite Investment Type Unitranche Initial Term Loan Index S+ Spread 4.75% Interest Rate 8.43% Acquisition Date 9/9/2025 Maturity Date 9/9/20322026-01-012026-03-310002033362Allied Power Group Senior Secured Revolving Facility Maturity 5/16/20302025-12-310002033362ck0002033362:InteractiveMediaServicesMember2026-03-310002033362Portfolio investments APCF SPV I, LLC BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Capital Markets Steward Partners Investment Type Senior Secured Delayed Draw Term C Loan Index S+ Spread 4.75% Interest Rate 8.43% Acquisition Date 6/13/2025 Maturity Date 10/14/20282026-01-012026-03-310002033362Portfolio investments Audax Private Credit Subsidiary, LLC COMMON EQUITY AND PREFERRED SHARES: NON-CONTROL/NON-AFFILIATE INVESTMENTS Diversified Consumer Services Ned Stevens Investment Type Class A Capital Units Acquisition Date 10/10/20242026-01-012026-03-310002033362ck0002033362:EnergyEquipmentServicesMemberck0002033362:APCFSPVILLCMemberck0002033362:BankLoansMember2026-03-310002033362Portfolio investments APCF SPV I, LLC BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Financial Services AmpliFi Investment Type Senior Secured Initial Term Loan Index S+ Spread 5.00% Interest Rate 8.68% Acquisition Date 10/10/2024 Maturity Date 4/23/20302026-03-310002033362Portfolio investments APCF SPV I, LLC BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Building Products Leaf Home Investment Type Senior Secured Initial Term Loan Index S+ Spread 5.25% Interest Rate 8.93% Acquisition Date 9/4/2025 Maturity Date 9/4/20312026-01-012026-03-310002033362Portfolio investments APCF SPV I, LLC BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Machinery Bettcher Industries Investment Type Senior Secured Initial Term Loan (First Lien) Index S+ Spread 4.00% Interest Rate 7.65% Acquisition Date 12/11/2025 Maturity Date 12/14/20282025-01-012025-12-310002033362Portfolio investments Audax Private Credit Subsidiary, LLC BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Commercial Services & Supplies ScentAir Investment Type Senior Secured Revolving Loan Index S+ Spread 5.25% Interest Rate 8.90% Acquisition Date 10/10/2024 Maturity Date 1/26/20262025-01-012025-12-310002033362Eagle Fire Senior Secured Initial Revolving Loan Maturity 7/15/20322026-03-310002033362Portfolio investments APCF SPV I, LLC BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Trading Companies & Distributors Industrial Service Group Investment Type Senior Secured Delayed Draw Term Loan Index S+ Spread 5.75% Interest Rate 9.40% Acquisition Date 10/10/2024 Maturity Date 12/7/20282025-12-310002033362Portfolio investments Audax Private Credit Subsidiary, LLC BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Diversified Consumer Services Ned Stevens Investment Type Unitranche Initial Term Loan Index S+ Spread 5.00% Interest Rate 8.68% Acquisition Date 10/10/2024 Maturity Date 11/1/20292026-03-310002033362PKWARE Senior Secured Revolving Loan Maturity 6/3/20302025-12-310002033362ck0002033362:AudaxPrivateCreditFundLLCMemberck0002033362:DiversifiedConsumerServicesMemberck0002033362:BankLoansMember2026-03-310002033362Lighthouse Senior Secured Revolving Loan Maturity 4/30/20272025-12-310002033362Kalkomey Senior Secured Tranche 2 Delayed Draw Term Loan Maturity 6/18/20312025-12-310002033362Portfolio investments APCF SPV I, LLC BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Health Care Providers & Services MDpanel Investment Type Unitranche Initial Term Loan Index S+ Spread 6.50% Interest Rate 10.18% Acquisition Date 10/10/2024 Maturity Date 8/2/20292026-03-310002033362Innovative XCessories & Services Senior Secured 2025 Refinancing Term Loan Maturity 9/5/20292026-03-310002033362ck0002033362:InternetSoftwareServicesMemberck0002033362:AudaxPrivateCreditSubsidiaryLLCMemberck0002033362:BankLoansMember2025-12-310002033362ck0002033362:AudaxPrivateCreditFundLLCMemberck0002033362:TradingCompaniesDistributorsMemberck0002033362:BankLoansMember2025-12-310002033362Allyant Senior Secured Revolving Loan Maturity 10/30/20262026-03-310002033362Apex Service Partners Senior Secured Second Amendment Incremental DDTL Loan Maturity 10/24/20302026-03-310002033362Portfolio investments APCF SPV I, LLC BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Machinery Tank Holdings Investment Type Unitranche Initial Term Loan Index S+ Spread 6.00% Interest Rate 9.68% Acquisition Date 2/6/2025 Maturity Date 3/31/20282026-01-012026-03-310002033362Portfolio investments APCF SPV I, LLC BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Health Care Technology AGS Health Investment Type Unitranche Initial Term Loan Index S+ Spread 4.50% Interest Rate 8.18% Acquisition Date 7/31/2025 Maturity Date 8/2/20322026-01-012026-03-310002033362ck0002033362:CommercialServicesSuppliesMemberck0002033362:AudaxPrivateCreditSubsidiaryLLCMemberck0002033362:CommonAndPreferredEquityMember2026-03-310002033362Portfolio investments Audax Private Credit Fund, LLC COMMON EQUITY AND PREFERRED SHARES: NON-CONTROL/NON-AFFILIATE INVESTMENTS Machinery 80/20 Investment Type Class A Units Acquisition Date 12/11/20252026-01-012026-03-310002033362ck0002033362:FinancialServicesMemberck0002033362:AudaxPrivateCreditSubsidiaryLLCMemberck0002033362:BankLoansMember2026-03-310002033362ck0002033362:AudaxPrivateCreditFundLLCMemberck0002033362:MachineryMemberck0002033362:CommonAndPreferredEquityMember2025-12-310002033362Portfolio investments APCF SPV I, LLC BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Commercial Services & Supplies Russell Landscape Group Investment Type Senior Secured Initial Term Loan Index S+ Spread 5.50% Interest Rate 9.18% Acquisition Date 10/10/2024 Maturity Date 4/11/20302026-01-012026-03-310002033362Portfolio investments APCF SPV I, LLC BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Financial Services Aprio Investment Type Senior Secured 2025 Incremental Delayed Draw Term Loan Index S+ Spread 4.75% Interest Rate 8.40% Acquisition Date 4/25/2025 Maturity Date 8/1/20312025-12-310002033362Portfolio Investments APCF SPV I, LLC BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Software Lighthouse Investment Type Senior Secured Fourth Amendment Incremental Term Loan (First Lien) Index S+ Spread 5.00% Interest Rate 8.65% Acquisition Date 6/2/2025 Maturity Date 12/31/20292025-12-310002033362Portfolio investments APCF SPV I, LLC BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Construction & Engineering HR Green Investment Type Senior Secured First Amendment Term Loan Index S+ Spread 5.50% Interest Rate 9.18% Acquisition Date 10/10/2024 Maturity Date 1/28/20302026-03-310002033362Portfolio Company Heritage Partners Investment Type Common Equity and Preferred Shares2024-12-310002033362SIAA (Alliance Holdings) Senior Secured Tenth Amendment Delayed Draw Loan Maturity 4/30/20302026-03-310002033362Portfolio investments APCF SPV I, LLC BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Health Care Equipment & Supplies Antylia Scientific Investment Type Senior Secured Initial Term Loan Index S+ Spread 4.00% Interest Rate 7.65% Acquisition Date 7/21/2025 Maturity Date 5/27/20322025-01-012025-12-310002033362Portfolio investments APCF SPV I, LLC BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Trading Companies & Distributors Industrial Service Group Senior Secured Delayed Draw Term Loan Index S+ Spread 5.75% Interest Rate 9.43% Acquisition Date 10/10/2024 Maturity Date 12/7/20282026-03-310002033362GoldenSource Senior Secured Revolving Loan Maturity 5/12/20282026-01-012026-03-310002033362us-gaap:FairValueInputsLevel3Member2026-01-012026-03-310002033362Portfolio investments Audax Private Credit Subsidiary, LLC BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Media Allyant Investment Type Senior Secured Revolving Loan Index S+ Spread 6.00% Interest Rate 9.68% Acquisition Date 10/10/2024 Maturity Date 10/10/20262026-01-012026-03-310002033362Portfolio Investments APCF SPV I, LLC BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Software Inmar Investment Type Senior Secured Amendment No. 4 Refinancing Term Loan (First Lien) Index S+ Spread 4.50% Interest Rate 8.15% Acquisition Date 9/12/2025 Maturity Date 10/30/20312025-01-012025-12-310002033362Portfolio Company Visor Buyer, Inc. Investment Type Common Equity and Preferred Shares2025-01-012025-12-310002033362Cerity Partners Senior Secured Initial Revolving Loan Maturity 7/28/20312026-03-310002033362Apex Service Partners Senior Secured Third Amendment Incremental Delayed Draw Term Loan Maturity 10/24/20302026-01-012026-03-310002033362ck0002033362:HealthCareTechnologyMemberck0002033362:CommonAndPreferredEquityMember2025-12-310002033362Portfolio investments APCF SPV I, LLC BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS IT Services Med Tech Solutions Investment Type Unitranche Initial Term Loan Index S+ Spread 5.25% Interest Rate 8.93% Acquisition Date 6/3/2025 Maturity Date 6/3/20322026-01-012026-03-310002033362Accurate Neuromonitoring Senior Secured DDTL Maturity 3/13/20312026-03-310002033362ck0002033362:AudaxPrivateCreditSubsidiaryLLCMemberck0002033362:CommonAndPreferredEquityMemberck0002033362:FoodProductsMember2025-12-310002033362TRG Solutions Senior Secured Delayed Draw Term Loan Maturity 1/5/20322026-01-012026-03-31ck0002033362:Itemiso4217:USDxbrli:sharesxbrli:purexbrli:sharesck0002033362:Segmentiso4217:USD\n\n \n\nUNITED STATES\n\nSECURITIES AND EXCHANGE COMMISSION\n\nWASHINGTON, D.C. 20549\n\n \n\nFORM 10-Q\n\n \n\n(Mark One)\n\n☒\n\nQUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934\n\n \n\nFor the quarterly period ended March 31, 2026\n\nOR\n\n \n\n☐\n\nTRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934\n\n \n\nFor the transition period from _________ to _________\n\nCommission File Number: 814-01861\n\n \n\nAudax Private Credit Fund, LLC\n\n(Exact Name of Registrant as Specified in its Charter)\n\n \n\n \n\nDelaware\n\n99-4488204\n\n( State or other jurisdiction of\n\nincorporation or organization)\n\n(I.R.S. Employer\nIdentification No.)\n\n320 Park Avenue\n\nNew York, NY\n\n10022\n\n(Address of principal executive offices)\n\n(Zip Code)\n\n(212) 703-2700\n\n(Registrant’s telephone number, including area code)\n\nNot Applicable\n\n(Former name, former address and former fiscal year, if changed since last report)\n\n \n\nSecurities registered pursuant to Section 12(b) of the Act:\n\nNone\n\nIndicate 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 ☐\n\nIndicate 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 ☐\n\nIndicate 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 definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.\n\n \n\nLarge accelerated filer\n\n☐\n\nAccelerated filer\n\n☐\n\nNon-accelerated filer\n\n☒\n\nSmaller reporting company\n\n☐\n\nEmerging growth company\n\n \n\n☒\n\n \n\n \n\n \n\n \n\n \n\nIf 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. ☐\n\nIndicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒\n\nAs of May 12, 2026, the registrant had 22,930,549 shares of limited liability company interests, $0.001 par value per share (the “Shares”), outstanding.\n\n \n\n \n\n \n\n \n\nTable of Contents\n\n \n\n \n\n \n\n \n\nPage\n\n \n\n \n\n \n\n \n\nPART I.\n\n[FINANCIAL INFORMATION](#part_i_financial_information)"}