Financial Highlights

9 Months Ended

Sep. 30, 2025

Investment Company, Financial Highlights [Abstract]

Note 9. Financial Highlights

The following is a schedule of financial highlights for the period commencing April 10, 2025 (Conversion) through September 30, 2025.


	Period from April 10, 2025 through September 30, 2025 (a)
Per Share Data:
Net asset value, beginning of period	$	25.00
Net investment income(b)		0.83
Net realized gain on investments and change in unrealized depreciation on investments(b)(c)		(0.30	)
Net increase in net assets resulting from operations		0.53
Distributions declared from net investment income		(0.38	)
Net asset value at end of period	$	25.15
Total return(d)(h)		2.12	%

The following is a schedule of financial highlights for the nine months ended September 30, 2025.


	Nine Months Ended September 30, 2025
Shares outstanding at end of period		16,649,329
Statement of Assets and Liabilities Data:
Net assets at end of period	$	418,657,699
Average net assets(e)	$	364,157,586
Ratio/Supplemental Data:
Ratio of gross expenses to average net assets - annualized (f)		9.80	%
Ratio of net expenses to average net assets - annualized (g)		8.91	%
Ratio of net investment income to average net assets - annualized		7.98	%
Portfolio turnover(h)		22.33	%
Average debt outstanding	$	329,247,805
Asset coverage ratio		215.74	%

(a)

Prior to April 10, 2025, the Fund was not unitized.

(b)

Based on weighted average basic per Share data.

(c)

The per share amount varies from the net realized and unrealized gain (loss) for the period because of the timing of sales of fund shares and the per share amount of realized and unrealized gains and losses at such time.

(d)

Total return is based on the change in net asset value during the respective periods. Total return also takes into account dividends and distributions, if any, reinvested in accordance with the Fund’s dividend reinvestment plan.

(e)

Average net assets are computed using the average balance of net assets at the end of each month of the reporting period.

(f)

Ratio of gross expenses to average net assets is computed using total expenses excluding expense support and waivers from the Adviser and Administrator which represents an impact of (0.62)% and (0.28)%, respectively, on average net assets for the nine months ended September 30, 2025.

(g)

Ratio of net expenses to average net assets is computed using total expenses including the effects of expense support and waivers from the Adviser and Administrator which represents an impact of (0.62)% and (0.28)%, respectively, on average net assets for the nine months ended September 30, 2025.

(h)

Not annualized.

Audax Private Credit Fund, LLC 10-Q