[1]	All investments are exempt from registration under the Securities Act of 1933, as amended (the “Securities Act”), and may be deemed to be “restricted securities” under the Securities Act.
[2]	All securities represent investments in companies based in the United States of America, unless otherwise noted. All of these investments are subject to restrictions as to their resale or transfer.
[3]	At December 31, 2025, the cost of investments for income tax purposes was $949,656,720, the gross unrealized depreciation for federal tax purposes was $25,633,371, the gross unrealized appreciation for federal income tax purposes was $25,801,092, and the net unrealized appreciation was $167,721.
[4]	Unless indicated otherwise, all investments are valued using Level 3 inputs within the Financial Accounting Standards Board (“FASB”) Accounting Standard Codification (“ASC”) Topic 820, “Fair Value Measurements and Disclosures” (“ASC 820”) fair value hierarchy. Refer to Note 3 — Investments in the accompanying Notes to Consolidated Financial Statements for additional information.
[5]	Unless otherwise indicated, all investments are non-controlled, non-affiliated investments. Non-controlled, non-affiliated investments are defined as investments in which the Fund owns less than 5% of the portfolio company’s outstanding voting securities and does not have the power to exercise control over the management or policies of such portfolio company.
[6]	All investments are exempt from registration under the Securities Act, and may be deemed to be “restricted securities” under the Securities Act.
[7]	All securities represent investments in companies based in the United States of America, unless otherwise noted. All of these investments are subject to restrictions as to their resale or transfer.
[8]	At December 31, 2024, there is no difference between the book and tax cost of investments and unrealized values.
[9]	Equity investments are non-income producing.
[10]	Unless indicated otherwise, all investments are valued using Level 3 inputs within the FASB Accounting Standard Codification (“ASC”) Topic 820, “Fair Value Measurements and Disclosures” (“ASC 820”) fair value hierarchy. Refer to Note 3 — Investments in the accompanying Notes to Consolidated Financial Statements for additional information.
[11]	Unless otherwise indicated, all investments are non-controlled, non-affiliated investments. Non-controlled, non-affiliated investments are defined as investments in which the Fund owns less than 5% of the portfolio company’s outstanding voting securities and does not have the power to exercise control over the management or policies of such portfolio company. As of December 31, 2024, all of the Fund’s investments were non-controlled, non-affiliated.
[12]	Prior to April 10, 2025, the Fund was not unitized.
[13]	The principal/share amount and ownership detail are shown in the Consolidated Schedule of Investments.

Audax Private Credit Fund, LLC 10-K