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Asset Type First Lien Revolver Reference Rate and Spread S + 5.00% Interest Rate 8.67% Maturity Date 12/31/20292025-12-310002065397Investments - non-controlled/non-affiliated Secured Debt Insurance Patriot Growth Insurance Services, LLC Asset Type First Lien Term Loan Reference Rate and Spread S + 5.00% Interest Rate 8.90% Maturity Date 10/16/20282026-06-300002065397Investments - non-controlled/non-affiliated Secured Debt Financial Services Ryan, LLC Asset Type First Lien Revolver Reference Rate and Spread S + 3.00% Interest Rate 6.67% Maturity Date 11/7/20302025-12-310002065397Investments - non-controlled/non-affiliated Secured Debt Financial Services Monarch Finco, LLC Asset Type First Lien Delayed Draw Term Loan Reference Rate and Spread S + 4.25% Interest Rate 8.00% Maturity Date 10/29/20322026-06-300002065397us-gaap:SubsequentEventMember2026-07-282026-07-280002065397ck0002065397:HotelsRestaurantsAndLeisureMember2025-12-310002065397us-gaap:FairValueInputsLevel3Memberus-gaap:SecuredDebtMember2026-06-300002065397Investments—non-controlled/non-affiliated USRP Holdings, Inc. 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Asset Type First Lien Revolver Reference Rate and Spread S + 5.00% Interest Rate 8.65% Maturity Date 10/31/20282025-12-310002065397Investments - non-controlled/non-affiliated Secured Debt Software Articulate Global, LLC Asset Type First Lien Revolver Reference Rate and Spread S + 4.00% Interest Rate 7.75% Maturity Date 10/25/20322026-06-300002065397Investments - non-controlled/non-affiliated Secured Debt Software Edition Holdings, Inc. 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Asset Type First Lien Term Loan Reference Rate and Spread S + 5.00% Interest Rate 8.67% Maturity Date 12/31/20292025-12-310002065397us-gaap:FairValueInputsLevel2Memberus-gaap:EquityMethodInvestmentsMember2025-12-310002065397Investments - non-controlled/non-affiliated Secured Debt Industrial Conglomerates Harvey Tool Company, LLC Asset Type First Lien Delayed Draw Term Loan Reference Rate and Spread S + 4.75% Interest Rate 8.42% Maturity Date 10/26/20272025-12-310002065397Investments - non-controlled/non-affiliated Secured Debt Construction & Engineering Trilon Group, LLC Asset Type First Lien Delayed Draw Term Loan Reference Rate and Spread S + 4.75% Interest Rate 8.40% Maturity Date 5/25/20292025-12-310002065397Investments - non-controlled/non-affiliated Secured Debt Household Products Wu Holdco, Inc. Asset Type First Lien Delayed Draw Term Loan Reference Rate and Spread S + 4.75% Interest Rate 8.40% Maturity Date 4/19/20322025-12-310002065397Investments - non-controlled/non-affiliated Secured Debt Hotels, Restaurants and Leisure Movati Athletic (Group) Inc. Asset Type First Lien Term Loan Reference Rate and Spread C + 4.25% Interest Rate 6.86% Maturity Date 5/29/20302026-06-300002065397Investments - non-controlled/non-affiliated Secured Debt Health Care Technology Unlimited Technology Holdings, LLC Asset Type First Lien Revolver Reference Rate and Spread S + 4.50% Interest Rate 8.15% Maturity Date 3/12/20322025-12-310002065397Investments—non-controlled/non-affiliated VPP Intermediate Holdings, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 1/19/20272026-06-300002065397Investments - non-controlled/non-affiliated Secured Debt Health Care Technology Swoop Intermediate III, Inc. 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Asset Type First Lien Term Loan Reference Rate and Spread S + 4.75% Interest Rate 8.50% Maturity Date 3/11/20292026-06-300002065397Investments - non-controlled/non-affiliated Secured Debt Insurance Bellwether Buyer, L.L.C. Asset Type First Lien Term Loan Reference Rate and Spread S + 4.50% Interest Rate 8.16% Maturity Date 4/15/20322026-06-300002065397Investments - non-controlled/non-affiliated Secured Debt Health Care Technology Invictus Buyer, LLC Asset Type First Lien Revolver Reference Rate and Spread S + 4.50% Interest Rate 8.25% Maturity Date 6/3/20312026-06-300002065397Investments - non-controlled/non-affiliated Secured Debt Financial Services Monarch Finco, LLC Asset Type First Lien Term Loan Reference Rate and Spread S + 4.25% Interest Rate 7.90% Maturity Date 10/29/20322025-12-310002065397Investments—non-controlled/non-affiliated Arax MidCo, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 3/24/20282026-06-300002065397Investments—non-controlled/non-affiliated Movati Athletic (Group) Inc. Commitment Type Delayed Draw Term Loan 12/31/20272025-12-310002065397Investments - non-controlled/non-affiliated Secured Debt Chemicals Aurora Plastics, LLC Asset Type First Lien Term Loan Reference Rate and Spread S + 4.75% Interest Rate 8.51% Maturity Date 8/12/20302026-06-300002065397us-gaap:NonUsMember2026-06-300002065397Investments - non-controlled/non-affiliated Secured Debt Financial Services Aprio Advisory Group, LLC Asset Type First Lien Delayed Draw Term Loan Reference Rate and Spread S + 4.75% Interest Rate 8.40% Maturity Date 8/1/2031 One2025-12-310002065397Investments - non-controlled/non-affiliated Secured Debt Healthcare Providers and Services 123Dentist Inc. Asset Type First Lien Delayed Draw Term Loan Reference Rate and Spread C + 5.00% Interest Rate 7.27% Maturity Date 8/10/20292025-12-310002065397Investments—non-controlled/non-affiliated Premise Health Holding Corp. 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Asset Type First Lien Revolver Reference Rate and Spread S + 4.50% Interest Rate 8.17% Maturity Date 4/15/20322025-12-310002065397Investments—non-controlled/non-affiliated Bridges Consumer Healthcare Intermediate LLC Commitment Type Revolver Commitment Expiration Date 12/22/20312025-12-310002065397Investments—non-controlled/non-affiliated KPA Parent Holdings, Inc. Commitment Type Delayed Draw Term Loan 3/15/20272025-12-310002065397Investments - non-controlled/non-affiliated Secured Debt Commercial Services and Supplies Saber Parent Holdings Corp. Asset Type First Lien Revolver Reference Rate and Spread S + 4.50% Interest Rate 8.15% Maturity Date 12/16/20322025-12-310002065397Investments - non-controlled/non-affiliated Secured Debt Financial Services Minotaur Acquisition, Inc. Asset Type First Lien Delayed Draw Term Loan Reference Rate and Spread S + 5.00% Interest Rate 8.66% Maturity Date 6/3/2030 One2026-06-300002065397Investments - non-controlled/non-affiliated Secured Debt Energy Equipment and Services Integrated Power Services Holdings, Inc. Asset Type First Lien Revolver Reference Rate and Spread S + 4.75% Interest Rate 8.52% Maturity Date 11/22/20302026-06-300002065397Investments - non-controlled/non-affiliated Secured Debt Financial Services Minotaur Acquisition, Inc. Asset Type First Lien Revolver Reference Rate and Spread S + 5.00% Interest Rate 8.66% Maturity Date 6/3/20302026-06-300002065397Investments - non-controlled/non-affiliated Secured Debt Household Products Wu Holdco, Inc. Asset Type First Lien Revolver Reference Rate and Spread S + 4.75% Interest Rate 8.50% Maturity Date 4/19/20322026-06-300002065397Investments—non-controlled/non-affiliated Polyphase Elevator Holding Company Commitment Type Revolver Commitment Expiration Date 11/24/20322026-06-300002065397Investments - non-controlled/non-affiliated Secured Debt Insurance Bellwether Buyer, L.L.C. Asset Type First Lien Revolver Reference Rate and Spread S + 4.50% Interest Rate 8.16% Maturity Date 4/15/20322026-06-300002065397Investments - non-controlled/non-affiliated Secured Debt Commercial Services and Supplies Saber Parent Holdings Corp. Asset Type First Lien Delayed Draw Term Loan Reference Rate and Spread S + 4.75% Interest Rate 8.41% (Incl. 2.25% PIK) Maturity Date 12/16/20322026-06-300002065397Investments—non-controlled/non-affiliated Bellwether Buyer, L.L.C. 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Asset Type First Lien Delayed Draw Term Loan Reference Rate and Spread S + 4.50% Interest Rate 8.16% Maturity Date 12/20/20322026-06-300002065397Investments - non-controlled/non-affiliated Secured Debt Containers and Packaging PLZ CORP. Asset Type First Lien Term Loan Reference Rate and Spread S + 5.00% Interest Rate 8.66% Maturity Date 3/31/20322026-06-300002065397us-gaap:MoneyMarketFundsMember2026-06-300002065397Investments—non-controlled/non-affiliated Rimkus Consulting Group, Inc. Commitment Type Delayed Draw Term Loan 4/1/20262025-12-310002065397Investments - non-controlled/non-affiliated Secured Debt Commercial Services and Supplies Onyx-Fire Protection Services Inc. Asset Type First Lien Revolver Reference Rate and Spread C + 4.50% Interest Rate 6.77% Maturity Date 7/31/20312025-12-310002065397Investments—non-controlled/non-affiliated Integrated Power Services Holdings, Inc. Commitment Type Revolver Commitment Expiration Date 11/22/20302026-06-300002065397Investments - non-controlled/non-affiliated Secured Debt Health Care Technology Unlimited Technology Holdings, LLC Asset Type First Lien Term Loan Reference Rate and Spread S + 4.75% Interest Rate 8.50% (Incl. 2.88% PIK) Maturity Date 3/12/20322026-06-300002065397Investments - non-controlled/non-affiliated Secured Debt Media Real Chemistry Intermediate III, Inc. Asset Type First Lien Revolver Reference Rate and Spread S + 4.50% Interest Rate 8.15% Maturity Date 4/12/20322025-12-310002065397Investments—non-controlled/non-affiliated Tarrytown Acquisition Holdings, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 11/15/20272026-06-300002065397Investments - non-controlled/non-affiliated Secured Debt Distributors Halo Buyer, Inc. Asset Type First Lien Revolver Reference Rate and Spread S + 6.00% Interest Rate 9.67% Maturity Date 8/7/20292025-12-310002065397Investments—non-controlled/non-affiliated Edition Holdings, Inc. Commitment Type Revolver Commitment Expiration Date 12/20/20322025-12-310002065397Investments—non-controlled/non-affiliated AmeriLife Holdings LLC Commitment Type Revolver 8/31/20282025-12-310002065397Investments—non-controlled/non-affiliated Lubricant Engineers Commitment Type Delayed Draw Term Loan 3/31/20272025-12-310002065397us-gaap:ChemicalsSectorMember2026-06-300002065397Investments—non-controlled/non-affiliated Cerity Partners Equity Holding LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 12/20/20272025-12-310002065397ck0002065397:DerivativeContractsMember2026-06-300002065397Investments—non-controlled/non-affiliated CRS Midco Holdings, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 12/31/20272025-12-310002065397Investments - non-controlled/non-affiliated Secured Debt Wireless Telecommunication Services CCI Buyer, Inc. 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Asset Type First Lien Term Loan Reference Rate and Spread S + 4.50% Interest Rate 8.16% Maturity Date 3/12/20322026-06-300002065397Investments—non-controlled/non-affiliated The Ultimus Group Midco LLC Commitment Type Revolver Commitment Expiration Date 7/1/20322026-06-300002065397ck0002065397:HouseholdProductsMember2026-06-300002065397ck0002065397:InsuranceMember2025-12-310002065397Investments - non-controlled/non-affiliated Secured Debt Commercial Services and Supplies Polyphase Elevator Holding Company Asset Type First Lien Term Loan Reference Rate and Spread S + 5.00% Interest Rate 8.75% Maturity Date 11/24/20322026-06-300002065397us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2025-12-310002065397ck0002065397:ElectricalEquipmentMemberus-gaap:SecuredDebtMember2026-06-300002065397Investments—non-controlled/non-affiliated Clearwater Analytics Holdings, Inc. 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Asset Type Common2026-06-300002065397Investments - non-controlled/non-affiliated Secured Debt Financial Services Ryan, LLC Asset Type First Lien Term Loan Reference Rate and Spread S + 3.50% Interest Rate 7.16% Maturity Date 11/5/20322026-06-300002065397us-gaap:AdditionalPaidInCapitalMember2026-03-310002065397ck0002065397:O2026M3DividendsMember2026-01-012026-06-300002065397us-gaap:AdditionalPaidInCapitalMember2026-04-012026-06-300002065397ck0002065397:HotelsRestaurantsAndLeisureMember2026-06-300002065397Investments—non-controlled/non-affiliated Aprio Advisory Group, LLC Commitment Type Revolver Commitment Expiration Date 8/1/20312026-06-300002065397Investments—non-controlled/non-affiliated Invictus Buyer, LLC Commitment Type Revolver 6/3/20312025-12-310002065397Investments - non-controlled/non-affiliated Secured Debt IT Services Ridge Trail US Bidco, Inc. Asset Type First Lien Revolver Reference Rate and Spread S + 4.50% Interest Rate 8.25% Maturity Date 3/31/20312026-06-300002065397us-gaap:FairValueInputsLevel3Memberus-gaap:EquityMethodInvestmentsMember2026-04-012026-06-300002065397us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2026-06-300002065397Investments—non-controlled/non-affiliated CRS Midco Holdings, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 12/31/20272026-06-300002065397ck0002065397:CapitalMarketsMemberus-gaap:SecuredDebtMember2026-06-300002065397Investments - non-controlled/non-affiliated Secured Debt Chemicals Aurora Plastics, LLC Asset Type First Lien Revolver Reference Rate and Spread S + 4.75% Interest Rate 8.51% Maturity Date 8/12/20302026-06-300002065397us-gaap:SecuredDebtMemberus-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2026-06-300002065397Investments - non-controlled/non-affiliated Secured Debt Commercial Services and Supplies Saber Parent Holdings Corp. Asset Type First Lien Delayed Draw Term Loan Reference Rate and Spread S + 4.50% Interest Rate 8.15% Maturity Date 12/16/20322025-12-310002065397Investments - non-controlled/non-affiliated Secured Debt Software KPA Parent Holdings, Inc. Asset Type First Lien Revolver Reference Rate and Spread S + 4.50% Interest Rate 8.16% Maturity Date 3/12/20322026-06-300002065397Investments - non-controlled/non-affiliated Secured Debt Diversified Consumer Services VPP Intermediate Holdings, LLC Asset Type First Lien Delayed Draw Term Loan Reference Rate and Spread S + 5.25% Interest Rate 8.91% Maturity Date 12/1/20272026-06-300002065397Investments - non-controlled/non-affiliated Secured Debt IT Services Spirit RR Holdings, Inc. Asset Type First Lien Delayed Draw Term Loan Reference Rate and Spread S + 5.00% Interest Rate 8.75% Maturity Date 9/13/20282026-06-300002065397Investments - non-controlled/non-affiliated Secured Debt Household Products Wu Holdco, Inc. Asset Type First Lien Revolver Reference Rate and Spread S + 4.75% Interest Rate 8.40% Maturity Date 4/19/20322025-12-310002065397Investments - non-controlled/non-affiliated Secured Debt Software MRI Software LLC Asset Type First Lien Term Loan Reference Rate and Spread S + 4.75% Interest Rate 8.40% Maturity Date 2/10/20282025-12-310002065397us-gaap:ContainerAndPackagingSectorMember2026-06-300002065397Investments - non-controlled/non-affiliated Secured Debt Financial Services OneSource Virtual, Inc. Asset Type First Lien Revolver Reference Rate and Spread S + 4.75% Interest Rate 8.50% Maturity Date 1/30/20332026-06-300002065397Investments—non-controlled/non-affiliated Applied Technical Services, LLC Commitment Type Delayed Draw Term Loan 4/8/20262025-12-310002065397Investments - non-controlled/non-affiliated Secured Debt Pharmaceuticals Puma Buyer, LLC Asset Type First Lien Revolver Reference Rate and Spread S + 4.25% Interest Rate 8.00% Maturity Date 3/29/20322026-06-300002065397Investments - non-controlled/non-affiliated Secured Debt Software Clearwater Analytics Holdings, Inc. Asset Type First Lien Term Loan Reference Rate and Spread S + 4.50% Interest Rate 8.25% Maturity Date 6/27/20332026-06-300002065397Investments - non-controlled/non-affiliated Secured Debt Chemicals Lubricant Engineers Asset Type First Lien Revolver Reference Rate and Spread S + 5.25% Interest Rate 8.90% Maturity Date 9/1/20292025-12-310002065397us-gaap:AdditionalPaidInCapitalMember2026-06-300002065397us-gaap:ShortTermInvestmentsMember2026-06-300002065397Investments—non-controlled/non-affiliated Real Chemistry Intermediate III, Inc. Commitment Type Delayed Draw Term Loan 10/12/20272025-12-310002065397Investments—non-controlled/non-affiliated OneSource Virtual, Inc. Commitment Type Revolver Commitment Expiration Date 1/30/20332026-06-300002065397us-gaap:FairValueInputsLevel3Memberus-gaap:SecuredDebtMember2026-04-012026-06-300002065397Investments - non-controlled/non-affiliated Secured Debt Healthcare Equipment and Supplies Tarrytown Acquisition Holdings, LLC Asset Type First Lien Term Loan Reference Rate and Spread S + 4.75% Interest Rate 8.42% Maturity Date 11/12/20322025-12-310002065397ck0002065397:CitiFacilityMember2026-06-300002065397Investments—non-controlled/non-affiliated Kenco PPC Buyer LLC Commitment Type Revolver 11/15/20292025-12-310002065397Investments - non-controlled/non-affiliated Secured Debt Commercial Services and Supplies CRS Midco Holdings, LLC Asset Type First Lien Term Loan Reference Rate and Spread S + 4.50% Interest Rate 8.25% Maturity Date 12/31/20322026-06-300002065397Investments - non-controlled/non-affiliated Secured Debt IT Services Safety Borrower Holdings LLC Asset Type First Lien Delayed Draw Term Loan Reference Rate and Spread S + 4.75% Interest Rate 8.42% Maturity Date 12/19/20322025-12-310002065397us-gaap:CommercialAndIndustrialSectorMemberus-gaap:EquitySecuritiesMember2026-06-300002065397Investments - non-controlled/non-affiliated Secured Debt Insurance World Insurance Associates, LLC Asset Type First Lien Revolver Reference Rate and Spread S + 5.00% Interest Rate 8.75% Maturity Date 4/3/20302026-06-300002065397Investments - non-controlled/non-affiliated Secured Debt Software Fourth Enterprises, LLC Asset Type First Lien Delayed Draw Term Loan Reference Rate and Spread S + 4.50% Interest Rate 8.17% Maturity Date 3/21/20312025-12-310002065397Investments - non-controlled/non-affiliated Secured Debt Health Care Technology Invictus Buyer, LLC Asset Type First Lien Term Loan Reference Rate and Spread S + 4.50% Interest Rate 8.15% Maturity Date 6/3/20312025-12-310002065397Investments - non-controlled/non-affiliated Secured Debt Wireless Telecommunication Services CCI Buyer, Inc. Asset Type First Lien Term Loan Reference Rate and Spread S + 5.00% Interest Rate 8.65% Maturity Date 5/13/20322025-12-310002065397Investments - non-controlled/non-affiliated Secured Debt Pharmaceuticals TerSera Therapeutics LLC Asset Type First Lien Term Loan Reference Rate and Spread S + 5.00% Interest Rate 8.75% Maturity Date 4/4/20302026-06-300002065397Investments - non-controlled/non-affiliated Secured Debt Software Articulate Global, LLC Asset Type First Lien Term Loan Reference Rate and Spread S + 4.00% Interest Rate 7.75% Maturity Date 10/25/20322026-06-300002065397Investments - non-controlled/non-affiliated Secured Debt Commercial Services and Supplies Crimson FLS Acquisition, Inc. Asset Type First Lien Revolver Reference Rate and Spread S + 4.50% Interest Rate 8.25% Maturity Date 2/18/20332026-06-300002065397TA Investors Thunderbolt, L.P. Investment Common Acquisition Date 01/29/20262026-01-012026-06-300002065397Investments - non-controlled/non-affiliated Secured Debt Health Care Technology Unlimited Technology Holdings, LLC Asset Type First Lien Revolver Reference Rate and Spread S + 4.75% Interest Rate 8.50% Maturity Date 3/12/20322026-06-300002065397Investments—non-controlled/non-affiliated Onyx-Fire Protection Services Inc. Commitment Type Revolver 7/31/20312025-12-310002065397Investments - non-controlled/non-affiliated Secured Debt Financial Services Minotaur Acquisition, Inc. Asset Type First Lien Delayed Draw Term Loan Reference Rate and Spread S + 5.00% Interest Rate 8.67% Maturity Date 6/3/2030 One2025-12-310002065397ck0002065397:O2026M7DividendsMemberus-gaap:SubsequentEventMember2026-07-282026-07-280002065397us-gaap:FinancialServicesSectorMemberus-gaap:EquitySecuritiesMember2026-06-300002065397us-gaap:AdditionalPaidInCapitalMember2025-12-310002065397Investments—non-controlled/non-affiliated F&M Buyer LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 3/19/20272026-06-300002065397ck0002065397:HealthcareEquipmentAndSuppliesMember2026-06-300002065397Investments - non-controlled/non-affiliated Secured Debt Diversified Consumer Services VPP Intermediate Holdings, LLC Asset Type First Lien Delayed Draw Term Loan Reference Rate and Spread S + 5.25% Interest Rate 8.92% Maturity Date 12/1/20272025-12-310002065397Investments—non-controlled/non-affiliated Propio LS, LLC Commitment Type Revolver Commitment Expiration Date 5/10/20302026-06-300002065397Investments—non-controlled/non-affiliated Movati Athletic (Group) Inc. Commitment Type Revolver Commitment Expiration Date 5/29/20292026-06-300002065397Investments - non-controlled/non-affiliated Secured Debt Food Products Sara Lee Frozen Bakery, LLC Asset Type First Lien Term Loan Reference Rate and Spread S + 5.00% Interest Rate 8.80% Maturity Date 7/30/20272025-12-3100020653972026-04-012026-06-300002065397Investments - non-controlled/non-affiliated Secured Debt Insurance Bellwether Buyer, L.L.C. Asset Type First Lien Term Loan Reference Rate and Spread S + 4.50% Interest Rate 8.17% Maturity Date 4/15/20322025-12-310002065397Investments—non-controlled/non-affiliated Puma Buyer, LLC Commitment Type Revolver Commitment Expiration Date 3/29/20322026-06-300002065397Investments—non-controlled/non-affiliated CRS Midco Holdings, LLC Commitment Type Revolver Commitment Expiration Date 12/31/20322026-06-300002065397Investments - non-controlled/non-affiliated Secured Debt Software Edition Holdings, Inc. Asset Type First Lien Revolver Reference Rate and Spread S + 4.50% Interest Rate 8.16% Maturity Date 12/20/20322026-06-300002065397us-gaap:FoodAndBeverageSectorMember2026-06-300002065397ck0002065397:SoftwareMember2025-12-310002065397Investments - non-controlled/non-affiliated Equity Investments Diversified Consumer Services EXPG Holdings, L.P. Asset Type Common2026-06-300002065397Investments—non-controlled/non-affiliated Propio LS, LLC Commitment Type Revolver 5/10/20302025-12-310002065397Investments - non-controlled/non-affiliated Secured Debt Chemicals Aurora Plastics, LLC Asset Type First Lien Delayed Draw Term Loan Reference Rate and Spread S + 4.75% Interest Rate 8.51% Maturity Date 8/12/20302026-06-300002065397FH VH Parent, L.P. Investment Common Acquisition Date 10/31/20252026-01-012026-06-300002065397Investments—non-controlled/non-affiliated World Insurance Associates, LLC Commitment Type Revolver 4/3/20302025-12-310002065397ck0002065397:HouseholdProductsMember2025-12-310002065397Investments - non-controlled/non-affiliated Secured Debt Software Maverick Bidco Inc. Asset Type First Lien Delayed Draw Term Loan Reference Rate and Spread S + 4.75% Interest Rate 8.62% Maturity Date 12/2/20312026-06-300002065397Investments—non-controlled/non-affiliated Wealth Enhancement Group, LLC Commitment Type Revolver 10/2/20282025-12-310002065397us-gaap:FairValueInputsLevel3Memberck0002065397:EquityInvestmentsMemberus-gaap:MeasurementInputEbitdaMultipleMemberck0002065397:ComparableCompanyAnalysisMembersrt:MaximumMember2026-06-300002065397Investments - non-controlled/non-affiliated Secured Debt Professional Services USRP Holdings, Inc. Asset Type First Lien Term Loan Reference Rate and Spread S + 4.75% Interest Rate 8.41% Maturity Date 12/31/20292026-06-300002065397Investments—non-controlled/non-affiliated Bellwether Buyer, L.L.C. Commitment Type Revolver 4/15/20322025-12-310002065397Investments—non-controlled/non-affiliated Saber Parent Holdings Corp. Commitment Type Revolver Commitment Expiration Date 12/16/20322026-06-300002065397us-gaap:CommercialAndIndustrialSectorMemberus-gaap:EquitySecuritiesMember2025-12-310002065397Investments - non-controlled/non-affiliated Secured Debt Insurance World Insurance Associates, LLC Asset Type First Lien Delayed Draw Term Loan Reference Rate and Spread S + 5.00% Interest Rate 8.75% Maturity Date 4/3/20302026-06-300002065397Investments - non-controlled/non-affiliated Secured Debt Healthcare Providers and Services Premise Health Holding Corp. Asset Type First Lien Revolver Reference Rate and Spread S + 4.75% Interest Rate 8.50% Maturity Date 11/6/20312026-06-300002065397Investments—non-controlled/non-affiliated Iris Buyer LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 8/5/20262026-06-300002065397ck0002065397:PrivatePlacementAgentAgreementMember2025-07-220002065397us-gaap:ConstructionSectorMemberus-gaap:SecuredDebtMember2025-12-310002065397country:US2025-12-310002065397Investments - non-controlled/non-affiliated Secured Debt Commercial Services and Supplies CRS Midco Holdings, LLC Asset Type First Lien Term Loan Reference Rate and Spread S + 4.50% Interest Rate 8.15% Maturity Date 12/31/20322025-12-310002065397ck0002065397:InterestFloorPointFiveZeroMember2026-06-300002065397ck0002065397:AirFreightLogisticsMember2025-12-310002065397ck0002065397:TextilesApparelAndLuxuryGoodsMember2025-12-310002065397Investments—non-controlled/non-affiliated Analytic Partners, LP Commitment Type Revolver 4/4/20302025-12-310002065397Investments - non-controlled/non-affiliated Secured Debt Professional Services Iris Buyer LLC Asset Type First Lien Delayed Draw Term Loan Reference Rate and Spread S + 5.00% Interest Rate 8.75% Maturity Date 10/2/20302026-06-30xbrli:purexbrli:sharesiso4217:CADiso4217:USDxbrli:sharesiso4217:USD

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 814-01874

_______________________________________________________________________

ANTARES STRATEGIC CREDIT FUND II LLC

(Exact name of Registrant as specified in its Charter)

_______________________________________________________________________

Delaware

33-5000335

(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

 

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 (“Common Shares”), $0.001 par value per share, outstanding as of August 13, 2026 was 3,379,423. 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.

 

 

1


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

4

Consolidated Statements of Operations for the three and six months ended June 30, 2026 and for the period from April 15, 2025 (inception) to June 30, 2025 (Unaudited)

5

Consolidated Statements of Changes in Net Assets for the three and six months ended June 30, 2026 and for the period from April 15, 2025 (inception) to June 30, 2025 (Unaudited)

6

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

8

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

9

Notes to the Consolidated Financial Statements (Unaudited)

32

Item 2.

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

54

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

67

Item 4.

Controls and Procedures

67

 

 

 

PART II

OTHER INFORMATION

 

Item 1.

Legal Proceedings

68

Item 1A.

Risk Factors

68

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

68

Item 3.

Defaults Upon Senior Securities

68

Item 4.

Mine Safety Disclosures

68

Item 5.

Other Information

68

Item 6.

Exhibits

69

 

Signatures

70

 

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 Strategic Credit Fund II LLC (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.

 

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” 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, quarterly reports on Form 10-Q and current reports on Form 8-K.

3


Table of Contents

 

 

PART I - FINANCIAL INFORMATION

 

Item 1. Consolidated Financial Statements

 

ANTARES STRATEGIC CREDIT FUND II LLC

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 — $163,785 and $149,444 as of June 30, 2026 and December 31, 2025, respectively)

 

$

162,548

 

 

$

149,658

 

Short-term investments (amortized cost — $1,661 and $3,585, as of June 30, 2026 and December 31, 2025, respectively)

 

 

1,661

 

 

 

3,585

 

Total investments at fair value

 

 

164,209

 

 

 

153,243

 

Cash

 

 

1,396

 

 

 

2,133

 

Foreign currencies (cost — $471 and $171 as of June 30, 2026 and December 31, 2025, respectively)

 

 

462

 

 

 

173

 

Interest receivable from non-controlled/non-affiliated investments

 

 

414

 

 

 

531

 

Deferred offering costs

 

 

13

 

 

 

123

 

Receivable from adviser (Note 3)

 

 

2,164

 

 

 

1,877

 

Prepaid expenses and other assets

 

 

1

 

 

 

114

 

Total assets

 

$

168,659

 

 

$

158,194

 

 

 

 

 

 

 

 

LIABILITIES

 

 

 

 

 

 

Debt outstanding

 

$

84,275

 

 

$

83,159

 

Less: Deferred financing costs

 

 

(1,553

)

 

 

(1,743

)

Total debt, net of deferred financing costs

 

 

82,722

 

 

 

81,416

 

Payable for investments purchased

 

 

—

 

 

 

4,780

 

Interest payable

 

 

238

 

 

 

212

 

Distributions payable

 

 

591

 

 

 

1,072

 

Administrative service fee payable

 

 

660

 

 

 

299

 

Accrued expenses and other liabilities

 

 

1,385

 

 

 

936

 

Due to affiliates

 

 

947

 

 

 

947

 

Total liabilities

 

$

86,543

 

 

$

89,662

 

Commitments and contingencies (Note 7)

 

 

 

 

 

 

NET ASSETS

 

 

 

 

 

 

Common Shares, par value $0.001 (3,313,875 and 2,710,932 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively)

 

 

3

 

 

 

3

 

Paid-in capital in excess of par value

 

 

82,979

 

 

 

67,907

 

Accumulated net distributable earnings

 

 

(866

)

 

 

622

 

Total net assets

 

 

82,116

 

 

 

68,532

 

Total liabilities and net assets

 

$

168,659

 

 

$

158,194

 

Net asset value per share

 

$

24.78

 

 

$

25.28

 

 

See accompanying notes to the consolidated financial statements.

 

4


Table of Contents

 

 

 

ANTARES STRATEGIC CREDIT FUND II LLC

CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)

(in thousands, except share and per share amounts)

 

 

Three Months Ended June 30, 2026

 

 

Six Months Ended June 30, 2026

 

 

Period from April 15, 2025 (inception) to June 30, 2025

 

Investment income:

 

 

 

 

 

 

 

 

From total investments:

 

 

 

 

 

 

 

 

Interest income

$

3,418

 

 

$

6,724

 

 

$

—

 

Payment-in-kind interest income

 

34

 

 

 

68

 

 

 

—

 

Other income

 

30

 

 

 

98

 

 

 

—

 

Total investment income

 

3,482

 

 

 

6,890

 

 

 

—

 

Expenses:

 

 

 

 

 

 

 

 

Interest and debt expenses

 

1,464

 

 

 

2,884

 

 

 

—

 

Management fees (Note 3)

 

234

 

 

 

426

 

 

 

—

 

Income based incentive fee (Note 3)

 

183

 

 

 

354

 

 

 

—

 

Capital gains incentive fee (Note 3)

 

—

 

 

 

(24

)

 

 

—

 

Administrative service fee

 

181

 

 

 

361

 

 

 

—

 

Board of Directors' fee

 

5

 

 

 

9

 

 

 

—

 

Other general and administrative expenses

 

350

 

 

 

741

 

 

 

—

 

Organization and offering costs

 

55

 

 

 

110

 

 

 

153

 

Shareholder servicing and/or distribution fee

 

169

 

 

 

325

 

 

 

—

 

Total expenses

 

2,641

 

 

 

5,186

 

 

 

153

 

Management fees waiver (Note 3)

 

(234

)

 

 

(426

)

 

 

—

 

Incentive fees waiver (Note 3)

 

(183

)

 

 

(330

)

 

 

—

 

Reimbursable expenses paid by adviser (Note 3)

 

(396

)

 

 

(847

)

 

 

(153

)

Net expenses, net of fee waivers

 

1,828

 

 

 

3,583

 

 

 

—

 

Net investment income (loss)

 

1,654

 

 

 

3,307

 

 

 

—

 

 

 

 

 

 

 

 

 

 

Net realized and change in unrealized gain (loss):

 

 

 

 

 

 

 

 

Net realized gain (loss):

 

 

 

 

 

 

 

 

Foreign currency transactions

 

16

 

 

 

77

 

 

 

—

 

Total net realized gain (loss)

 

16

 

 

 

77

 

 

 

—

 

Net change in unrealized appreciation (depreciation):

 

 

 

 

 

 

 

 

Non-controlled/non-affiliated investments

 

248

 

 

 

(1,451

)

 

 

—

 

Translation of assets and liabilities in foreign currencies

 

36

 

 

 

49

 

 

 

—

 

Total net change in unrealized appreciation (depreciation)

 

284

 

 

 

(1,402

)

 

 

—

 

Total net realized and change in unrealized gain (loss)

 

300

 

 

 

(1,325

)

 

 

—

 

Net increase (decrease) in net assets resulting from operations

$

1,954

 

 

$

1,982

 

 

$

—

 

 

 

 

 

 

 

 

 

 

Per share information

 

 

 

 

 

 

 

 

Net investment income (loss) per share (basic and diluted)

$

0.52

 

 

$

1.07

 

 

$

—

 

Earnings per share (basic and diluted)

$

0.61

 

 

$

0.64

 

 

$

—

 

Distributions declared per share

$

0.55

 

 

$

1.12

 

 

$

—

 

Weighted average shares outstanding (basic and diluted)

 

3,211,458

 

 

 

3,091,110

 

 

 

1,000

 

 

See accompanying notes to the consolidated financial statements.

5


Table of Contents

 

ANTARES STRATEGIC CREDIT FUND II LLC

CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS (Unaudited)

(in thousands, except shares)

 

Three Months Ended June 30, 2026

 

 

 

 

 

 

 

 

 

 

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

 

3,035,873

 

 

$

3

 

 

$

76,091

 

 

$

(1,067

)

 

$

75,027

 

Operations:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income (loss)

 

—

 

 

 

—

 

 

 

—

 

 

 

1,654

 

 

 

1,654

 

Net realized gain (loss)

 

—

 

 

 

—

 

 

 

—

 

 

 

16

 

 

 

16

 

Net change in unrealized appreciation (depreciation)

 

—

 

 

 

—

 

 

 

—

 

 

 

284

 

 

 

284

 

Net increase (decrease) in net assets resulting from operations

 

—

 

 

 

—

 

 

 

—

 

 

 

1,954

 

 

 

1,954

 

Capital Transactions:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Issuance of shares

 

197,179

 

 

 

—

 

 

 

4,884

 

 

 

—

 

 

 

4,884

 

Common Shares issued from reinvestment of distributions

 

80,823

 

 

 

—

 

 

 

2,004

 

 

 

—

 

 

 

2,004

 

Distributions to shareholders

 

—

 

 

 

—

 

 

 

—

 

 

 

(1,753

)

 

 

(1,753

)

Net increase (decrease) in net assets resulting from capital transactions

 

278,002

 

 

 

—

 

 

 

6,888

 

 

 

(1,753

)

 

 

5,135

 

Total net increase (decrease)

 

278,002

 

 

 

—

 

 

 

6,888

 

 

 

201

 

 

 

7,089

 

Net assets at end of period

 

3,313,875

 

 

$

3

 

 

$

82,979

 

 

$

(866

)

 

$

82,116

 

 

Six Months Ended June 30, 2026

 

 

 

 

 

 

 

 

 

 

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

 

2,710,932

 

 

$

3

 

 

$

67,907

 

 

$

622

 

 

$

68,532

 

Operations:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income (loss)

 

—

 

 

 

—

 

 

 

—

 

 

 

3,307

 

 

 

3,307

 

Net realized gain (loss)

 

—

 

 

 

—

 

 

 

—

 

 

 

77

 

 

 

77

 

Net change in unrealized appreciation (depreciation)

 

—

 

 

 

—

 

 

 

—

 

 

 

(1,402

)

 

 

(1,402

)

Net increase (decrease) in net assets resulting from operations

 

—

 

 

 

—

 

 

 

—

 

 

 

1,982

 

 

 

1,982

 

Capital Transactions:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Issuance of shares

 

458,686

 

 

 

—

 

 

 

11,474

 

 

 

—

 

 

 

11,474

 

Common Shares issued from reinvestment of distributions

 

144,257

 

 

 

—

 

 

 

3,598

 

 

 

—

 

 

 

3,598

 

Distributions to shareholders

 

—

 

 

 

—

 

 

 

—

 

 

 

(3,470

)

 

 

(3,470

)

Net increase (decrease) in net assets resulting from capital transactions

 

602,943

 

 

 

—

 

 

 

15,072

 

 

 

(3,470

)

 

 

11,602

 

Total net increase (decrease)

 

602,943

 

 

 

—

 

 

 

15,072

 

 

 

(1,488

)

 

 

13,584

 

Net assets at end of period

 

3,313,875

 

 

$

3

 

 

$

82,979

 

 

$

(866

)

 

$

82,116

 

 

6


Table of Contents

 

 

Period from April 15, 2025 (inception) to June 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

 

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

Operations:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income (loss)

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Net realized gain (loss)

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Net change in unrealized appreciation (depreciation)

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Net increase (decrease) in net assets resulting from operations

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Capital Transactions:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Issuance of shares

 

1,000

 

 

 

—

 

 

 

25

 

 

 

—

 

 

 

25

 

Common Shares issued from reinvestment of distributions

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Distributions to shareholders

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Net increase (decrease) in net assets resulting from capital transactions

 

1,000

 

 

 

—

 

 

 

25

 

 

 

—

 

 

 

25

 

Total net increase (decrease)

 

1,000

 

 

 

—

 

 

 

25

 

 

 

—

 

 

 

25

 

Net assets at end of period

 

1,000

 

 

$

—

 

 

$

25

 

 

$

—

 

 

$

25

 

 

See accompanying notes to the consolidated financial statements.

7


Table of Contents

 

 

ANTARES STRATEGIC CREDIT FUND II LLC

CONSOLIDATED STATEMENT OF CASH FLOWS (Unaudited)

(in thousands)

 

 

Six Months Ended June 30, 2026

 

Cash flow from operating activities

 

 

Net increase (decrease) in net assets resulting from operations

$

1,982

 

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

 

(68

)

Net accretion of discounts and amortization of premiums on investments

 

(125

)

Proceeds from sale of investments and principal repayments

 

10,895

 

Purchases of investments

 

(25,043

)

(Purchases) sales of short-term investments, net

 

1,924

 

Net change in unrealized (appreciation) depreciation on investments

 

1,451

 

Net change in unrealized (appreciation) depreciation on translation of assets and liabilities in foreign currencies

 

(49

)

Amortization of deferred financing costs

 

190

 

Amortization of deferred offering costs

 

110

 

(Increase) decrease in operating assets:

 

 

Interest receivable from non-controlled/non-affiliated investments

 

117

 

Receivable from adviser

 

(287

)

Prepaid expenses and other assets

 

113

 

Increase (decrease) in operating liabilities:

 

 

Payable for investments purchased

 

(4,780

)

Interest payable

 

26

 

Administrative service fee payable

 

361

 

Accrued expenses and other liabilities

 

449

 

Net cash provided by (used in) operating activities

 

(12,734

)

Cash flow from financing activities

 

 

Proceeds from issuance of shares

 

11,474

 

Debt borrowings

 

19,269

 

Debt repayments

 

(18,093

)

Distributions paid

 

(353

)

Net cash provided by (used in) financing activities

 

12,297

 

Net increase (decrease) in cash

 

(437

)

Effect of foreign exchange rate changes on cash

 

(11

)

Cash and foreign currencies at the beginning of period

 

2,306

 

Cash and foreign currencies at the end of period

$

1,858

 

Supplemental disclosure of cash flow information

 

 

Cash paid for interest

$

2,668

 

Cash paid for taxes

 

25

 

Distributions payable

 

591

 

Reinvestment of distributions

 

3,598

 

 

See accompanying notes to the consolidated financial statements.

8


Table of Contents

ANTARES STRATEGIC CREDIT FUND II LLC

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

 

 

Amortized Cost (4)

 

 

Fair Value

 

 

Percentage of Net Assets

 

 

Investments - non-controlled/non-affiliated

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Secured Debt

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Air Freight and Logistics

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Kenco PPC Buyer LLC

 

(8)(11)

 

First Lien Term Loan

 

S + 4.25%

 

8.00%

 

11/15/2029

 

$

1,332

 

 

$

1,327

 

 

$

1,332

 

 

 

1.62

 

 %

Kenco PPC Buyer LLC

 

(7)(11)

 

First Lien Revolver

 

S + 4.25%

 

8.00%

 

11/15/2029

 

 

74

 

 

 

27

 

 

 

27

 

 

 

0.03

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,354

 

 

 

1,359

 

 

 

1.65

 

 

Capital Markets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Arax MidCo, LLC

 

(8)(12)

 

First Lien Term Loan

 

S + 5.25%

 

9.00%

 

3/24/2032

 

 

650

 

 

 

648

 

 

 

647

 

 

 

0.79

 

 

Arax MidCo, LLC

 

(7)(12)

 

First Lien Delayed Draw Term Loan

 

S + 5.25%

 

9.00%

 

3/24/2032

 

 

297

 

 

 

—

 

 

 

(1

)

 

 

—

 

 

Arax MidCo, LLC

 

(7)(12)

 

First Lien Revolver

 

S + 5.25%

 

9.00%

 

3/24/2032

 

 

53

 

 

 

—

 

 

 

—

 

 

 

—

 

 

The Ultimus Group Midco, LLC

 

(8)(12)

 

First Lien Term Loan

 

S + 4.50%

 

8.25%

 

7/1/2032

 

 

1,344

 

 

 

1,334

 

 

 

1,344

 

 

 

1.63

 

 

The Ultimus Group Midco, LLC

 

(7)(14)

 

First Lien Delayed Draw Term Loan

 

S + 4.50%

 

8.25%

 

7/1/2032

 

 

450

 

 

 

(3

)

 

 

—

 

 

 

—

 

 

The Ultimus Group Midco, LLC

 

(7)(14)

 

First Lien Revolver

 

S + 4.50%

 

8.25%

 

7/1/2032

 

 

169

 

 

 

(1

)

 

 

—

 

 

 

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,978

 

 

 

1,990

 

 

 

2.42

 

 

Chemicals

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Aurora Plastics, LLC

 

(8)(12)

 

First Lien Term Loan

 

S + 4.75%

 

8.51%

 

8/12/2030

 

 

4,015

 

 

 

4,000

 

 

 

3,965

 

 

 

4.83

 

 

Aurora Plastics, LLC

 

(8)(12)

 

First Lien Delayed Draw Term Loan

 

S + 4.75%

 

8.51%

 

8/12/2030

 

 

443

 

 

 

441

 

 

 

437

 

 

 

0.53

 

 

Aurora Plastics, LLC

 

(7)(12)

 

First Lien Revolver

 

S + 4.75%

 

8.51%

 

8/12/2030

 

 

485

 

 

 

(2

)

 

 

(6

)

 

 

(0.01

)

 

Lubricant Engineers

 

(8)(11)

 

First Lien Term Loan

 

S + 5.25%

 

9.00%

 

9/1/2029

 

 

3,606

 

 

 

3,592

 

 

 

3,588

 

 

 

4.37

 

 

Lubricant Engineers

 

(7)(11)

 

First Lien Revolver

 

S + 5.25%

 

9.00%

 

9/1/2029

 

 

354

 

 

 

(1

)

 

 

(2

)

 

 

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

8,030

 

 

 

7,982

 

 

 

9.72

 

 

Commercial Services and Supplies

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

BIFM CA Buyer Inc.

 

(5)(8)(13)

 

First Lien Term Loan

 

S + 3.25%

 

6.91%

 

5/31/2028

 

 

496

 

 

 

497

 

 

 

498

 

 

 

0.61

 

 

Crimson FLS Acquisition, Inc.

 

(8)(12)

 

First Lien Term Loan

 

S + 4.50%

 

8.25%

 

2/18/2033

 

 

1,115

 

 

 

1,113

 

 

 

1,107

 

 

 

1.35

 

 

Crimson FLS Acquisition, Inc.

 

(7)(12)

 

First Lien Revolver

 

S + 4.50%

 

8.25%

 

2/18/2033

 

 

167

 

 

 

10

 

 

 

10

 

 

 

0.01

 

 

Crimson FLS Acquisition, Inc.

 

(7)(12)

 

First Lien Delayed Draw Term Loan

 

S + 4.50%

 

8.25%

 

2/18/2033

 

 

295

 

 

 

51

 

 

 

50

 

 

 

0.06

 

 

CRS Midco Holdings, LLC

 

(8)(12)

 

First Lien Term Loan

 

S + 4.50%

 

8.25%

 

12/31/2032

 

 

1,150

 

 

 

1,146

 

 

 

1,142

 

 

 

1.39

 

 

CRS Midco Holdings, LLC

 

(7)(12)

 

First Lien Delayed Draw Term Loan

 

S + 4.50%

 

8.25%

 

12/31/2032

 

 

385

 

 

 

(1

)

 

 

(3

)

 

 

—

 

 

CRS Midco Holdings, LLC

 

(7)(12)

 

First Lien Revolver

 

S + 4.50%

 

8.25%

 

12/31/2032

 

 

231

 

 

 

(1

)

 

 

(2

)

 

 

—

 

 

Polyphase Elevator Holding Company

 

(8)(12)

 

First Lien Term Loan

 

S + 5.00%

 

8.75%

 

11/24/2032

 

 

640

 

 

 

638

 

 

 

637

 

 

 

0.78

 

 

Polyphase Elevator Holding Company

 

(7)(12)

 

First Lien Delayed Draw Term Loan

 

S + 5.00%

 

8.75%

 

11/24/2032

 

 

103

 

 

 

77

 

 

 

76

 

 

 

0.09

 

 

Polyphase Elevator Holding Company

 

(7)(12)

 

First Lien Revolver

 

S + 5.00%

 

8.75%

 

11/24/2032

 

 

58

 

 

 

—

 

 

 

—

 

 

 

—

 

 

Project Boost Purchaser, LLC

 

(5)(8)(14)

 

First Lien Term Loan

 

S + 2.75%

 

6.50%

 

7/16/2031

 

 

992

 

 

 

992

 

 

 

968

 

 

 

1.18

 

 

Saber Parent Holdings Corp.

 

(8)(14)

 

First Lien Term Loan

 

S + 4.75%

 

8.50% (Incl. 2.25% PIK)

 

12/16/2032

 

 

1,821

 

 

 

1,817

 

 

 

1,802

 

 

 

2.19

 

 

Saber Parent Holdings Corp.

 

(7)(14)

 

First Lien Delayed Draw Term Loan

 

S + 4.75%

 

8.41% (Incl. 2.25% PIK)

 

12/16/2032

 

 

497

 

 

 

90

 

 

 

86

 

 

 

0.10

 

 

Saber Parent Holdings Corp.

 

(7)(14)

 

First Lien Revolver

 

S + 4.50%

 

8.25%

 

12/16/2032

 

 

248

 

 

 

115

 

 

 

113

 

 

 

0.14

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

6,544

 

 

 

6,484

 

 

 

7.90

 

 

 

9


Table of Contents

ANTARES STRATEGIC CREDIT FUND II LLC

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

 

 

Amortized Cost (4)

 

 

Fair Value

 

 

Percentage of Net Assets

 

 

Containers and Packaging

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Berlin Packaging LLC

 

(5)(6)(8)(14)

 

First Lien Term Loan

 

S + 3.25%

 

7.00%

 

6/7/2031

 

$

1,188

 

 

$

1,191

 

 

$

1,184

 

 

 

1.44

 

 %

Cold Chain Technologies, LLC

 

(8)(11)

 

First Lien Term Loan

 

S + 5.25%

 

9.00%

 

7/2/2028

 

 

1,229

 

 

 

1,227

 

 

 

1,229

 

 

 

1.50

 

 

Plastipak Holdings, Inc.

 

(5)(8)(14)

 

First Lien Term Loan

 

S + 2.50%

 

6.16%

 

9/24/2032

 

 

993

 

 

 

988

 

 

 

993

 

 

 

1.21

 

 

PLZ CORP.

 

(8)(11)

 

First Lien Term Loan

 

S + 5.00%

 

8.66%

 

3/31/2032

 

 

450

 

 

 

445

 

 

 

446

 

 

 

0.54

 

 

PLZ CORP.

 

(7)(11)

 

First Lien Revolver

 

S + 5.00%

 

8.66%

 

3/31/2032

 

 

64

 

 

 

(1

)

 

 

—

 

 

 

—

 

 

Pro Mach Group, Inc.

 

(5)(8)(14)

 

First Lien Term Loan

 

S + 2.50%

 

6.16%

 

10/15/2032

 

 

995

 

 

 

996

 

 

 

997

 

 

 

1.21

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

4,846

 

 

 

4,849

 

 

 

5.90

 

 

Distributors

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Halo Buyer, Inc.

 

(8)(11)

 

First Lien Term Loan

 

S + 6.00%

 

9.66%

 

8/7/2029

 

 

2,147

 

 

 

2,112

 

 

 

2,115

 

 

 

2.58

 

 

Halo Buyer, Inc.

 

(7)(11)

 

First Lien Revolver

 

S + 6.00%

 

9.66%

 

8/7/2029

 

 

326

 

 

 

147

 

 

 

147

 

 

 

0.18

 

 

NFO Orange Buyer, LLC

 

(8)(12)

 

First Lien Term Loan

 

S + 4.50%

 

8.37%

 

1/13/2033

 

 

762

 

 

 

760

 

 

 

758

 

 

 

0.92

 

 

NFO Orange Buyer, LLC

 

(7)(12)

 

First Lien Revolver

 

S + 4.50%

 

8.37%

 

1/13/2033

 

 

109

 

 

 

60

 

 

 

59

 

 

 

0.07

 

 

NFO Orange Buyer, LLC

 

(7)(12)

 

First Lien Delayed Draw Term Loan

 

S + 4.50%

 

8.37%

 

1/13/2033

 

 

163

 

 

 

—

 

 

 

(1

)

 

 

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

3,079

 

 

 

3,078

 

 

 

3.75

 

 

Diversified Consumer Services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Apex Service Partners, LLC

 

(8)(11)

 

First Lien Term Loan

 

S + 5.00%

 

8.75%

 

10/24/2030

 

 

739

 

 

 

736

 

 

 

739

 

 

 

0.90

 

 

Apex Service Partners, LLC

 

(8)(11)

 

First Lien Delayed Draw Term Loan

 

S + 5.00%

 

8.75%

 

10/24/2030

 

 

176

 

 

 

175

 

 

 

176

 

 

 

0.21

 

 

Apex Service Partners, LLC

 

(7)(11)

 

First Lien Delayed Draw Term Loan

 

S + 4.75%

 

8.50%

 

10/24/2030

 

 

1,500

 

 

 

574

 

 

 

572

 

 

 

0.70

 

 

Apex Service Partners, LLC

 

(7)(11)

 

First Lien Revolver

 

S + 5.00%

 

8.75%

 

10/24/2029

 

 

59

 

 

 

27

 

 

 

27

 

 

 

0.03

 

 

ExperiGreen Intermediate Holdings, Inc.

 

(8)(12)

 

First Lien Term Loan

 

S + 4.75%

 

8.41%

 

12/10/2032

 

 

3,508

 

 

 

3,494

 

 

 

3,474

 

 

 

4.23

 

 

ExperiGreen Intermediate Holdings, Inc.

 

(7)(12)

 

First Lien Delayed Draw Term Loan

 

S + 4.75%

 

8.41%

 

12/10/2032

 

 

648

 

 

 

(2

)

 

 

(6

)

 

 

(0.01

)

 

ExperiGreen Intermediate Holdings, Inc.

 

(7)(12)

 

First Lien Revolver

 

S + 4.75%

 

8.41%

 

12/10/2032

 

 

422

 

 

 

(2

)

 

 

(4

)

 

 

—

 

 

Flint Opco, LLC

 

(8)(11)

 

First Lien Term Loan

 

S + 4.75%

 

8.50%

 

8/15/2030

 

 

515

 

 

 

513

 

 

 

513

 

 

 

0.62

 

 

Flint Opco, LLC

 

(7)(11)

 

First Lien Delayed Draw Term Loan

 

S + 4.75%

 

8.50%

 

8/15/2030

 

 

100

 

 

 

—

 

 

 

(1

)

 

 

—

 

 

Flint Opco, LLC

 

(7)(11)

 

First Lien Revolver

 

S + 4.75%

 

8.50%

 

8/15/2029

 

 

72

 

 

 

—

 

 

 

—

 

 

 

—

 

 

VPP Intermediate Holdings, LLC

 

(7)(11)

 

First Lien Delayed Draw Term Loan

 

S + 5.25%

 

8.91%

 

12/1/2027

 

 

1,878

 

 

 

1,159

 

 

 

1,160

 

 

 

1.41

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

6,674

 

 

 

6,650

 

 

 

8.09

 

 

Electrical Equipment

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

AMP Purchaser, LLC

 

(8)(13)

 

First Lien Term Loan

 

S + 4.50%

 

8.16%

 

4/1/2033

 

 

328

 

 

 

327

 

 

 

328

 

 

 

0.40

 

 

AMP Purchaser, LLC

 

(7)(13)

 

First Lien Revolver

 

S + 4.50%

 

8.16%

 

4/1/2033

 

 

42

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

327

 

 

 

328

 

 

 

0.40

 

 

Energy Equipment and Services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Integrated Power Services Holdings, Inc.

 

(8)(12)

 

First Lien Term Loan

 

S + 4.75%

 

8.52%

 

11/22/2031

 

 

3,562

 

 

 

3,557

 

 

 

3,517

 

 

 

4.28

 

 

Integrated Power Services Holdings, Inc.

 

(7)(12)

 

First Lien Delayed Draw Term Loan

 

S + 4.75%

 

8.52%

 

11/22/2031

 

 

252

 

 

 

(1

)

 

 

(3

)

 

 

—

 

 

Integrated Power Services Holdings, Inc.

 

(7)(12)

 

First Lien Revolver

 

S + 4.75%

 

8.52%

 

11/22/2030

 

 

140

 

 

 

6

 

 

 

5

 

 

 

0.01

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

3,562

 

 

 

3,519

 

 

 

4.29

 

 

 

10


Table of Contents

ANTARES STRATEGIC CREDIT FUND II LLC

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

 

 

Amortized Cost (4)

 

 

Fair Value

 

 

Percentage of Net Assets

 

 

Financial Services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Aprio Advisory Group, LLC

 

(8)(12)

 

First Lien Term Loan

 

S + 4.75%

 

8.50%

 

8/1/2031

 

$

596

 

 

$

594

 

 

$

593

 

 

 

0.72

 

 %

Aprio Advisory Group, LLC

 

(8)(12)

 

First Lien Delayed Draw Term Loan

 

S + 4.75%

 

8.50%

 

8/1/2031

 

 

260

 

 

 

259

 

 

 

258

 

 

 

0.31

 

 

Aprio Advisory Group, LLC

 

(7)(12)

 

First Lien Delayed Draw Term Loan

 

S + 4.75%

 

8.50%

 

8/1/2031

 

 

1,500

 

 

 

97

 

 

 

93

 

 

 

0.11

 

 

Aprio Advisory Group, LLC

 

(7)(12)

 

First Lien Revolver

 

S + 4.75%

 

8.50%

 

8/1/2031

 

 

132

 

 

 

(1

)

 

 

(1

)

 

 

—

 

 

Cerity Partners Equity Holding LLC

 

(8)(12)

 

First Lien Term Loan

 

S + 4.50%

 

8.25%

 

7/28/2031

 

 

3,902

 

 

 

3,895

 

 

 

3,866

 

 

 

4.71

 

 

Cerity Partners Equity Holding LLC

 

(7)(12)

 

First Lien Delayed Draw Term Loan

 

S + 4.50%

 

8.25%

 

7/28/2031

 

 

1,376

 

 

 

(2

)

 

 

(13

)

 

 

(0.02

)

 

Cerity Partners Equity Holding LLC

 

(7)(12)

 

First Lien Revolver

 

S + 4.50%

 

8.16%

 

7/28/2031

 

 

187

 

 

 

89

 

 

 

88

 

 

 

0.11

 

 

Focus Financial Partners, LLC

 

(5)(8)(14)

 

First Lien Term Loan

 

S + 2.50%

 

6.16%

 

9/15/2031

 

 

1,489

 

 

 

1,492

 

 

 

1,456

 

 

 

1.77

 

 

Foreside Financial Group, LLC

 

(8)(14)

 

First Lien Term Loan

 

S + 5.25%

 

9.15%

 

10/1/2029

 

 

422

 

 

 

422

 

 

 

419

 

 

 

0.51

 

 

Minotaur Acquisition, Inc.

 

(8)(11)

 

First Lien Term Loan

 

S + 5.00%

 

8.66%

 

6/3/2030

 

 

1,635

 

 

 

1,624

 

 

 

1,615

 

 

 

1.97

 

 

Minotaur Acquisition, Inc.

 

(8)(11)

 

First Lien Delayed Draw Term Loan

 

S + 5.00%

 

8.66%

 

6/3/2030

 

 

780

 

 

 

774

 

 

 

770

 

 

 

0.94

 

 

Minotaur Acquisition, Inc.

 

(11)

 

First Lien Delayed Draw Term Loan

 

S + 5.00%

 

8.66%

 

6/3/2030

 

 

129

 

 

 

128

 

 

 

127

 

 

 

0.15

 

 

Minotaur Acquisition, Inc.

 

(7)(11)

 

First Lien Revolver

 

S + 5.00%

 

8.66%

 

6/3/2030

 

 

78

 

 

 

(1

)

 

 

(1

)

 

 

—

 

 

Monarch Finco, LLC

 

(6)(8)(13)

 

First Lien Term Loan

 

S + 4.25%

 

8.00%

 

10/29/2032

 

 

713

 

 

 

710

 

 

 

713

 

 

 

0.87

 

 

Monarch Finco, LLC

 

(6)(7)(13)

 

First Lien Delayed Draw Term Loan

 

S + 4.25%

 

8.00%

 

10/29/2032

 

 

994

 

 

 

659

 

 

 

661

 

 

 

0.80

 

 

Monarch Finco, LLC

 

(6)(7)(13)

 

First Lien Revolver

 

S + 4.25%

 

8.00%

 

10/29/2032

 

 

66

 

 

 

—

 

 

 

—

 

 

 

—

 

 

OneSource Virtual, Inc.

 

(8)(13)

 

First Lien Term Loan

 

S + 4.75%

 

8.50%

 

1/30/2033

 

 

816

 

 

 

814

 

 

 

814

 

 

 

0.99

 

 

OneSource Virtual, Inc.

 

(7)(13)

 

First Lien Revolver

 

S + 4.75%

 

8.50%

 

1/30/2033

 

 

119

 

 

 

—

 

 

 

—

 

 

 

—

 

 

Ryan, LLC

 

(5)(8)(13)

 

First Lien Term Loan

 

S + 3.50%

 

7.16%

 

11/5/2032

 

 

997

 

 

 

992

 

 

 

991

 

 

 

1.21

 

 

Ryan, LLC

 

(5)(7)(14)

 

First Lien Revolver

 

S + 3.50%

 

7.16%

 

11/7/2030

 

 

54

 

 

 

—

 

 

 

—

 

 

 

—

 

 

Wealth Enhancement Group, LLC

 

(7)(11)

 

First Lien Delayed Draw Term Loan

 

S + 4.25%

 

8.00%

 

10/2/2028

 

 

3,864

 

 

 

3,310

 

 

 

3,301

 

 

 

4.02

 

 

Wealth Enhancement Group, LLC

 

(7)(11)

 

First Lien Revolver

 

S + 4.25%

 

8.00%

 

10/2/2028

 

 

129

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

15,855

 

 

 

15,750

 

 

 

19.17

 

 

 

11


Table of Contents

ANTARES STRATEGIC CREDIT FUND II LLC

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

 

 

Amortized Cost (4)

 

 

Fair Value

 

 

Percentage of Net Assets

 

 

Food Products

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fiesta Purchaser, Inc.

 

(5)(8)(14)

 

First Lien Term Loan

 

S + 2.75%

 

6.41%

 

2/12/2031

 

$

992

 

 

$

988

 

 

$

975

 

 

 

1.19

 

 %

Sara Lee Frozen Bakery, LLC

 

(8)(11)

 

First Lien Term Loan

 

S + 5.00%

 

8.85%

 

7/30/2027

 

 

3,216

 

 

 

3,209

 

 

 

3,144

 

 

 

3.83

 

 

Sara Lee Frozen Bakery, LLC

 

(7)(11)

 

First Lien Revolver

 

S + 5.00%

 

8.85%

 

7/30/2027

 

 

1,424

 

 

 

1,093

 

 

 

1,065

 

 

 

1.29

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

5,290

 

 

 

5,184

 

 

 

6.31

 

 

Health Care Technology

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

F&M Buyer LLC

 

(8)(12)

 

First Lien Term Loan

 

S + 4.50%

 

8.25%

 

3/18/2032

 

 

2,388

 

 

 

2,378

 

 

 

2,364

 

 

 

2.88

 

 

F&M Buyer LLC

 

(7)(12)

 

First Lien Delayed Draw Term Loan

 

S + 4.50%

 

8.25%

 

3/18/2032

 

 

796

 

 

 

(3

)

 

 

(8

)

 

 

(0.01

)

 

F&M Buyer LLC

 

(7)(12)

 

First Lien Revolver

 

S + 4.50%

 

8.25%

 

3/18/2032

 

 

348

 

 

 

(2

)

 

 

(3

)

 

 

—

 

 

Invictus Buyer, LLC

 

(8)(12)

 

First Lien Term Loan

 

S + 4.50%

 

8.25%

 

6/3/2031

 

 

1,251

 

 

 

1,250

 

 

 

1,251

 

 

 

1.52

 

 

Invictus Buyer, LLC

 

(12)

 

First Lien Delayed Draw Term Loan

 

S + 4.50%

 

8.25%

 

6/3/2031

 

 

529

 

 

 

527

 

 

 

529

 

 

 

0.64

 

 

Invictus Buyer, LLC

 

(7)(12)

 

First Lien Revolver

 

S + 4.50%

 

8.25%

 

6/3/2031

 

 

196

 

 

 

—

 

 

 

—

 

 

 

—

 

 

Swoop Intermediate III, Inc.

 

(8)(13)

 

First Lien Term Loan

 

S + 4.50%

 

8.25%

 

4/12/2032

 

 

3,409

 

 

 

3,402

 

 

 

3,401

 

 

 

4.14

 

 

Swoop Intermediate III, Inc.

 

(7)(13)

 

First Lien Delayed Draw Term Loan

 

S + 4.50%

 

8.25%

 

4/12/2032

 

 

545

 

 

 

(1

)

 

 

(1

)

 

 

—

 

 

Swoop Intermediate III, Inc.

 

(7)(13)

 

First Lien Revolver

 

S + 4.50%

 

8.25%

 

4/12/2032

 

 

545

 

 

 

(1

)

 

 

(1

)

 

 

—

 

 

Unlimited Technology Holdings, LLC

 

(8)(12)

 

First Lien Term Loan

 

S + 4.75%

 

8.50% (Incl. 2.88% PIK)

 

3/12/2032

 

 

1,329

 

 

 

1,326

 

 

 

1,309

 

 

 

1.59

 

 

Unlimited Technology Holdings, LLC

 

(7)(12)

 

First Lien Revolver

 

S + 4.75%

 

8.50%

 

3/12/2032

 

 

176

 

 

 

—

 

 

 

(3

)

 

 

—

 

 

Vatica Health, Inc.

 

(8)(12)

 

First Lien Term Loan

 

S + 4.25%

 

8.00%

 

10/29/2032

 

 

2,220

 

 

 

2,210

 

 

 

2,159

 

 

 

2.63

 

 

Vatica Health, Inc.

 

(7)(12)

 

First Lien Revolver

 

S + 4.25%

 

8.00%

 

10/29/2032

 

 

223

 

 

 

—

 

 

 

(6

)

 

 

(0.01

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

11,086

 

 

 

10,991

 

 

 

13.38

 

 

Healthcare Equipment and Supplies

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

CPC/Cirtec Holdings, Inc.

 

(7)(12)

 

First Lien Revolver

 

S + 5.00%

 

8.75%

 

10/31/2028

 

 

558

 

 

 

164

 

 

 

167

 

 

 

0.20

 

 

Tarrytown Acquisition Holdings, LLC

 

(8)(12)

 

First Lien Term Loan

 

S + 4.75%

 

8.41%

 

11/12/2032

 

 

2,085

 

 

 

2,077

 

 

 

2,065

 

 

 

2.51

 

 

Tarrytown Acquisition Holdings, LLC

 

(7)(12)

 

First Lien Delayed Draw Term Loan

 

S + 4.75%

 

8.41%

 

11/12/2032

 

 

447

 

 

 

(1

)

 

 

(4

)

 

 

—

 

 

Tarrytown Acquisition Holdings, LLC

 

(7)(12)

 

First Lien Revolver

 

S + 4.75%

 

8.41%

 

11/12/2032

 

 

377

 

 

 

(2

)

 

 

(4

)

 

 

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2,238

 

 

 

2,224

 

 

 

2.71

 

 

Healthcare Providers and Services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

123Dentist Inc.

 

(6)(8)(12)

 

First Lien Delayed Draw Term Loan

 

C + 5.00%

 

7.29%

 

8/10/2029

 

 

CAD 3,956

 

 

 

2,856

 

 

 

2,779

 

 

 

3.38

 

 

AB Centers Acquisition Corporation

 

(8)(12)

 

First Lien Term Loan

 

S + 5.25%

 

8.91%

 

7/2/2031

 

 

2,420

 

 

 

2,406

 

 

 

2,413

 

 

 

2.94

 

 

Premise Health Holding Corp.

 

(8)(12)

 

First Lien Term Loan

 

S + 4.75%

 

8.50%

 

11/8/2032

 

 

189

 

 

 

188

 

 

 

188

 

 

 

0.23

 

 

Premise Health Holding Corp.

 

(7)(12)

 

First Lien Delayed Draw Term Loan

 

S + 4.75%

 

8.50%

 

11/8/2032

 

 

80

 

 

 

47

 

 

 

48

 

 

 

0.06

 

 

Premise Health Holding Corp.

 

(7)(12)

 

First Lien Revolver

 

S + 4.75%

 

8.50%

 

11/6/2031

 

 

19

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

5,497

 

 

 

5,428

 

 

 

6.61

 

 

Hotels, Restaurants and Leisure

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Movati Athletic (Group) Inc.

 

(6)(8)(11)

 

First Lien Term Loan

 

C + 4.25%

 

6.86%

 

5/29/2030

 

 

CAD 485

 

 

 

351

 

 

 

341

 

 

 

0.42

 

 

Movati Athletic (Group) Inc.

 

(6)(7)(14)

 

First Lien Delayed Draw Term Loan

 

C + 4.25%

 

6.86%

 

5/29/2030

 

 

CAD 113

 

 

 

(1

)

 

 

—

 

 

 

—

 

 

Movati Athletic (Group) Inc.

 

(6)(7)(14)

 

First Lien Revolver

 

C + 4.25%

 

6.86%

 

5/29/2029

 

 

CAD 85

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

350

 

 

 

341

 

 

 

0.42

 

 

 

12


Table of Contents

ANTARES STRATEGIC CREDIT FUND II LLC

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

 

 

Amortized Cost (4)

 

 

Fair Value

 

 

Percentage of Net Assets

 

 

Household Products

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Wu Holdco, Inc.

 

(8)(12)

 

First Lien Term Loan

 

S + 4.75%

 

8.50%

 

4/19/2032

 

$

3,763

 

 

$

3,755

 

 

$

3,734

 

 

 

4.55

 

 %

Wu Holdco, Inc.

 

(7)(12)

 

First Lien Delayed Draw Term Loan

 

S + 4.75%

 

8.50%

 

4/19/2032

 

 

922

 

 

 

(2

)

 

 

(7

)

 

 

(0.01

)

 

Wu Holdco, Inc.

 

(7)(14)

 

First Lien Revolver

 

S + 4.75%

 

8.50%

 

4/19/2032

 

 

287

 

 

 

(1

)

 

 

(2

)

 

 

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

3,752

 

 

 

3,725

 

 

 

4.54

 

 

Industrial Conglomerates

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Harvey Tool Company, LLC

 

(8)(12)

 

First Lien Term Loan

 

S + 4.50%

 

8.25%

 

8/6/2032

 

 

893

 

 

 

887

 

 

 

884

 

 

 

1.07

 

 

Harvey Tool Company, LLC

 

(7)(12)

 

First Lien Delayed Draw Term Loan

 

S + 4.50%

 

8.25%

 

8/6/2032

 

 

391

 

 

 

(1

)

 

 

(4

)

 

 

—

 

 

Harvey Tool Company, LLC

 

(7)(12)

 

First Lien Revolver

 

S + 4.75%

 

8.50%

 

8/6/2032

 

 

117

 

 

 

—

 

 

 

(1

)

 

 

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

886

 

 

 

879

 

 

 

1.07

 

 

Insurance

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

AmeriLife Holdings LLC

 

(8)(12)

 

First Lien Term Loan

 

S + 5.00%

 

8.75%

 

8/31/2029

 

 

2,420

 

 

 

2,417

 

 

 

2,414

 

 

 

2.94

 

 

AmeriLife Holdings LLC

 

(12)

 

First Lien Delayed Draw Term Loan

 

S + 5.00%

 

8.75%

 

8/31/2029

 

 

1,304

 

 

 

1,302

 

 

 

1,301

 

 

 

1.58

 

 

AmeriLife Holdings LLC

 

(7)(12)

 

First Lien Delayed Draw Term Loan

 

S + 5.00%

 

8.75%

 

8/31/2029

 

 

819

 

 

 

145

 

 

 

144

 

 

 

0.18

 

 

AmeriLife Holdings LLC

 

(7)(12)

 

First Lien Revolver

 

S + 5.00%

 

8.75%

 

8/31/2028

 

 

410

 

 

 

102

 

 

 

101

 

 

 

0.12

 

 

Bellwether Buyer, L.L.C.

 

(8)(12)

 

First Lien Term Loan

 

S + 4.50%

 

8.16%

 

4/15/2032

 

 

2,091

 

 

 

2,088

 

 

 

2,091

 

 

 

2.55

 

 

Bellwether Buyer, L.L.C.

 

(7)(12)

 

First Lien Delayed Draw Term Loan

 

S + 4.50%

 

8.16%

 

4/15/2032

 

 

1,089

 

 

 

150

 

 

 

152

 

 

 

0.19

 

 

Bellwether Buyer, L.L.C.

 

(7)(12)

 

First Lien Revolver

 

S + 4.50%

 

8.16%

 

4/15/2032

 

 

436

 

 

 

(1

)

 

 

—

 

 

 

—

 

 

Foundation Risk Partners, Corp.

 

(7)(12)

 

First Lien Delayed Draw Term Loan

 

S + 4.75%

 

8.50%

 

10/29/2030

 

 

3,987

 

 

 

2,774

 

 

 

2,767

 

 

 

3.37

 

 

Higginbotham Insurance Agency, Inc

 

(8)(11)

 

First Lien Term Loan

 

S + 4.50%

 

8.16%

 

6/11/2031

 

 

1,333

 

 

 

1,333

 

 

 

1,329

 

 

 

1.62

 

 

Higginbotham Insurance Agency, Inc

 

(11)

 

First Lien Delayed Draw Term Loan

 

S + 4.50%

 

8.16%

 

6/11/2031

 

 

111

 

 

 

111

 

 

 

111

 

 

 

0.14

 

 

Higginbotham Insurance Agency, Inc

 

(7)(11)

 

First Lien Delayed Draw Term Loan

 

S + 4.50%

 

8.16%

 

6/11/2031

 

 

104

 

 

 

36

 

 

 

35

 

 

 

0.04

 

 

Patriot Growth Insurance Services, LLC

 

(8)(12)

 

First Lien Term Loan

 

S + 5.00%

 

8.90%

 

10/16/2028

 

 

4,587

 

 

 

4,570

 

 

 

4,552

 

 

 

5.54

 

 

Patriot Growth Insurance Services, LLC

 

(7)(12)

 

First Lien Revolver

 

S + 5.00%

 

8.75%

 

10/16/2028

 

 

354

 

 

 

(1

)

 

 

(3

)

 

 

—

 

 

World Insurance Associates, LLC

 

(8)(11)

 

First Lien Term Loan

 

S + 5.00%

 

8.75%

 

4/3/2030

 

 

2,864

 

 

 

2,852

 

 

 

2,857

 

 

 

3.48

 

 

World Insurance Associates, LLC

 

(7)(11)

 

First Lien Delayed Draw Term Loan

 

S + 5.00%

 

8.75%

 

4/3/2030

 

 

1,023

 

 

 

694

 

 

 

696

 

 

 

0.85

 

 

World Insurance Associates, LLC

 

(7)(11)

 

First Lien Revolver

 

S + 5.00%

 

8.75%

 

4/3/2030

 

 

75

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

18,572

 

 

 

18,547

 

 

 

22.60

 

 

IT Services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ridge Trail US Bidco, Inc.

 

(8)(12)

 

First Lien Term Loan

 

S + 4.50%

 

8.25%

 

9/30/2031

 

 

1,012

 

 

 

1,006

 

 

 

1,007

 

 

 

1.23

 

 

Ridge Trail US Bidco, Inc.

 

(7)(12)

 

First Lien Delayed Draw Term Loan

 

S + 4.50%

 

8.25%

 

9/30/2031

 

 

354

 

 

 

47

 

 

 

47

 

 

 

0.06

 

 

Ridge Trail US Bidco, Inc.

 

(7)(12)

 

First Lien Revolver

 

S + 4.50%

 

8.25%

 

3/31/2031

 

 

118

 

 

 

(1

)

 

 

(1

)

 

 

—

 

 

Safety Borrower Holdings LLC

 

(8)(11)

 

First Lien Term Loan

 

S + 4.75%

 

8.41%

 

12/19/2032

 

 

357

 

 

 

356

 

 

 

352

 

 

 

0.43

 

 

Safety Borrower Holdings LLC

 

(7)(11)

 

First Lien Delayed Draw Term Loan

 

S + 4.75%

 

8.41%

 

12/19/2032

 

 

138

 

 

 

—

 

 

 

(2

)

 

 

—

 

 

Safety Borrower Holdings LLC

 

(7)(11)

 

First Lien Revolver

 

S + 4.75%

 

8.41%

 

12/19/2032

 

 

41

 

 

 

2

 

 

 

2

 

 

 

—

 

 

Spirit RR Holdings, Inc.

 

(12)

 

First Lien Delayed Draw Term Loan

 

S + 5.00%

 

8.75%

 

9/13/2028

 

 

1,318

 

 

 

1,309

 

 

 

1,308

 

 

 

1.59

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2,719

 

 

 

2,713

 

 

 

3.31

 

 

 

 

13


Table of Contents

ANTARES STRATEGIC CREDIT FUND II LLC

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

 

 

Amortized Cost (4)

 

 

Fair Value

 

 

Percentage of Net Assets

 

 

Media

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Real Chemistry Intermediate III, Inc.

 

(8)(13)

 

First Lien Term Loan

 

S + 4.50%

 

8.25%

 

4/12/2032

 

$

2,588

 

 

$

2,583

 

 

$

2,562

 

 

 

3.12

 

 %

Real Chemistry Intermediate III, Inc.

 

(7)(8)(13)

 

First Lien Delayed Draw Term Loan

 

S + 4.50%

 

8.25%

 

4/12/2032

 

 

1,150

 

 

 

768

 

 

 

759

 

 

 

0.92

 

 

Real Chemistry Intermediate III, Inc.

 

(7)(13)

 

First Lien Revolver

 

S + 4.50%

 

8.25%

 

4/12/2032

 

 

575

 

 

 

(1

)

 

 

(6

)

 

 

(0.01

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

3,350

 

 

 

3,315

 

 

 

4.03

 

 

Pharmaceuticals

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Bridges Consumer Healthcare Intermediate LLC

 

(8)(11)

 

First Lien Term Loan

 

S + 5.25%

 

9.12%

 

12/22/2031

 

 

2,857

 

 

 

2,845

 

 

 

2,843

 

 

 

3.46

 

 

Bridges Consumer Healthcare Intermediate LLC

 

(7)(8)(11)

 

First Lien Delayed Draw Term Loan

 

S + 5.25%

 

9.12%

 

12/22/2031

 

 

1,363

 

 

 

1,081

 

 

 

1,081

 

 

 

1.32

 

 

Bridges Consumer Healthcare Intermediate LLC

 

(7)(11)

 

First Lien Revolver

 

S + 5.25%

 

9.12%

 

12/22/2031

 

 

551

 

 

 

(2

)

 

 

(3

)

 

 

—

 

 

Puma Buyer, LLC

 

(8)(13)

 

First Lien Term Loan

 

S + 4.25%

 

8.00%

 

3/29/2032

 

 

3,712

 

 

 

3,705

 

 

 

3,712

 

 

 

4.52

 

 

Puma Buyer, LLC

 

(7)(13)

 

First Lien Revolver

 

S + 4.25%

 

8.00%

 

3/29/2032

 

 

643

 

 

 

(1

)

 

 

—

 

 

 

—

 

 

TerSera Therapeutics LLC

 

(8)(11)

 

First Lien Term Loan

 

S + 5.00%

 

8.75%

 

4/4/2030

 

 

326

 

 

 

324

 

 

 

326

 

 

 

0.40

 

 

TerSera Therapeutics LLC

 

(7)(11)

 

First Lien Revolver

 

S + 5.75%

 

9.50%

 

4/4/2030

 

 

6

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

7,952

 

 

 

7,959

 

 

 

9.70

 

 

Professional Services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Analytic Partners, LP

 

(8)(12)

 

First Lien Term Loan

 

S + 4.25%

 

7.91%

 

4/4/2030

 

 

1,739

 

 

 

1,736

 

 

 

1,735

 

 

 

2.11

 

 

Analytic Partners, LP

 

(7)(14)

 

First Lien Revolver

 

S + 4.25%

 

7.91%

 

4/4/2030

 

 

239

 

 

 

—

 

 

 

(1

)

 

 

—

 

 

Grant Thornton Advisors LLC

 

(5)(6)(8)(14)

 

First Lien Term Loan

 

S + 2.75%

 

6.41%

 

6/2/2031

 

 

1,241

 

 

 

1,244

 

 

 

1,184

 

 

 

1.44

 

 

Iris Buyer LLC

 

(7)(11)

 

First Lien Delayed Draw Term Loan

 

S + 5.00%

 

8.75%

 

10/2/2030

 

 

745

 

 

 

510

 

 

 

509

 

 

 

0.62

 

 

OMNIA Partners, LLC

 

(5)(8)(14)

 

First Lien Term Loan

 

S + 2.75%

 

6.50%

 

12/31/2032

 

 

1,045

 

 

 

1,041

 

 

 

1,048

 

 

 

1.28

 

 

Propio LS, LLC

 

(8)(12)

 

First Lien Term Loan

 

S + 4.75%

 

8.50%

 

5/10/2030

 

 

4,818

 

 

 

4,799

 

 

 

4,794

 

 

 

5.84

 

 

Propio LS, LLC

 

(7)(12)

 

First Lien Revolver

 

S + 4.75%

 

8.50%

 

5/10/2030

 

 

133

 

 

 

30

 

 

 

30

 

 

 

0.04

 

 

Rimkus Consulting Group, Inc.

 

(8)(12)

 

First Lien Term Loan

 

S + 5.25%

 

9.00%

 

4/1/2031

 

 

1,765

 

 

 

1,765

 

 

 

1,712

 

 

 

2.08

 

 

Rimkus Consulting Group, Inc.

 

(12)

 

First Lien Delayed Draw Term Loan

 

S + 5.25%

 

9.00%

 

4/1/2031

 

 

124

 

 

 

124

 

 

 

120

 

 

 

0.15

 

 

Rimkus Consulting Group, Inc.

 

(7)(12)

 

First Lien Revolver

 

S + 5.25%

 

9.00%

 

4/1/2030

 

 

245

 

 

 

61

 

 

 

54

 

 

 

0.07

 

 

Sedgwick Claims Management Services, Inc.

 

(5)(8)(14)

 

First Lien Term Loan

 

S + 2.50%

 

6.16%

 

7/31/2031

 

 

992

 

 

 

992

 

 

 

982

 

 

 

1.20

 

 

USRP Holdings, Inc.

 

(8)(12)

 

First Lien Term Loan

 

S + 4.75%

 

8.41%

 

12/31/2029

 

 

3,119

 

 

 

3,119

 

 

 

3,118

 

 

 

3.80

 

 

USRP Holdings, Inc.

 

(7)(8)(12)

 

First Lien Delayed Draw Term Loan

 

S + 4.75%

 

8.41%

 

12/31/2029

 

 

1,006

 

 

 

953

 

 

 

955

 

 

 

1.16

 

 

USRP Holdings, Inc.

 

(7)(12)

 

First Lien Revolver

 

S + 4.75%

 

8.41%

 

12/31/2029

 

 

328

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

16,374

 

 

 

16,240

 

 

 

19.79

 

 

 

14


Table of Contents

ANTARES STRATEGIC CREDIT FUND II LLC

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

 

 

Amortized Cost (4)

 

 

Fair Value

 

 

Percentage of Net Assets

 

 

Software

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Articulate Global, LLC

 

(8)(13)

 

First Lien Term Loan

 

S + 4.00%

 

7.75%

 

10/25/2032

 

$

4,484

 

 

$

4,475

 

 

$

4,451

 

 

 

5.42

 

 %

Articulate Global, LLC

 

(7)(13)

 

First Lien Revolver

 

S + 4.00%

 

7.75%

 

10/25/2032

 

 

451

 

 

 

1

 

 

 

(3

)

 

 

—

 

 

Boxer Parent Company Inc.

 

(5)(8)(14)

 

First Lien Term Loan

 

S + 2.75%

 

6.50%

 

7/30/2031

 

 

992

 

 

 

985

 

 

 

897

 

 

 

1.09

 

 

Camelot U.S. Acquisition LLC

 

(5)(6)(8)(14)

 

First Lien Term Loan

 

S + 2.75%

 

6.41%

 

1/31/2031

 

 

1,000

 

 

 

985

 

 

 

924

 

 

 

1.13

 

 

Clearwater Analytics Holdings, Inc.

 

(8)(11)

 

First Lien Term Loan

 

S + 4.50%

 

8.25%

 

6/27/2033

 

 

609

 

 

 

607

 

 

 

609

 

 

 

0.74

 

 

Clearwater Analytics Holdings, Inc.

 

(7)(11)

 

First Lien Delayed Draw Term Loan

 

S + 4.50%

 

8.25%

 

6/27/2033

 

 

113

 

 

 

—

 

 

 

—

 

 

 

—

 

 

Clearwater Analytics Holdings, Inc.

 

(7)(11)

 

First Lien Revolver

 

S + 4.50%

 

8.25%

 

6/27/2033

 

 

73

 

 

 

—

 

 

 

—

 

 

 

—

 

 

Conservice Midco, LLC

 

(8)(12)

 

First Lien Term Loan

 

S + 4.50%

 

8.25%

 

2/25/2033

 

 

758

 

 

 

756

 

 

 

756

 

 

 

0.92

 

 

Conservice Midco, LLC

 

(7)(12)

 

First Lien Revolver

 

S + 4.50%

 

8.25%

 

2/25/2033

 

 

103

 

 

 

—

 

 

 

—

 

 

 

—

 

 

Edition Holdings, Inc.

 

(8)(12)

 

First Lien Term Loan

 

S + 4.50%

 

8.16%

 

12/20/2032

 

 

1,544

 

 

 

1,542

 

 

 

1,521

 

 

 

1.85

 

 

Edition Holdings, Inc.

 

(7)(12)

 

First Lien Delayed Draw Term Loan

 

S + 4.50%

 

8.16%

 

12/20/2032

 

 

322

 

 

 

—

 

 

 

(5

)

 

 

(0.01

)

 

Edition Holdings, Inc.

 

(7)(12)

 

First Lien Revolver

 

S + 4.50%

 

8.16%

 

12/20/2032

 

 

134

 

 

 

5

 

 

 

3

 

 

 

—

 

 

ESG Investments, Inc.

 

(8)(11)

 

First Lien Term Loan

 

S + 4.75%

 

8.50%

 

3/11/2029

 

 

77

 

 

 

77

 

 

 

76

 

 

 

0.09

 

 

Fourth Enterprises, LLC

 

(8)(12)

 

First Lien Term Loan

 

S + 4.50%

 

8.16%

 

3/21/2031

 

 

3,081

 

 

 

3,069

 

 

 

3,027

 

 

 

3.69

 

 

Fourth Enterprises, LLC

 

(7)(12)

 

First Lien Delayed Draw Term Loan

 

S + 4.50%

 

8.16%

 

3/21/2031

 

 

602

 

 

 

(3

)

 

 

(11

)

 

 

(0.01

)

 

Fourth Enterprises, LLC

 

(7)(12)

 

First Lien Revolver

 

S + 4.50%

 

8.16%

 

3/21/2031

 

 

278

 

 

 

(1

)

 

 

(5

)

 

 

(0.01

)

 

Genesys Cloud Services Holdings I, LLC

 

(5)(8)(14)

 

First Lien Term Loan

 

S + 2.50%

 

6.16%

 

1/30/2032

 

 

496

 

 

 

490

 

 

 

476

 

 

 

0.58

 

 

KPA Parent Holdings, Inc.

 

(8)(12)

 

First Lien Term Loan

 

S + 4.50%

 

8.16%

 

3/12/2032

 

 

4,066

 

 

 

4,048

 

 

 

4,026

 

 

 

4.90

 

 

KPA Parent Holdings, Inc.

 

(7)(12)

 

First Lien Delayed Draw Term Loan

 

S + 4.50%

 

8.16%

 

3/12/2032

 

 

531

 

 

 

(2

)

 

 

(5

)

 

 

(0.01

)

 

KPA Parent Holdings, Inc.

 

(7)(12)

 

First Lien Revolver

 

S + 4.50%

 

8.16%

 

3/12/2032

 

 

402

 

 

 

(2

)

 

 

(4

)

 

 

—

 

 

Majesco, LLC

 

(8)(13)

 

First Lien Term Loan

 

S + 4.50%

 

8.25%

 

1/7/2033

 

 

2,952

 

 

 

2,950

 

 

 

2,893

 

 

 

3.52

 

 

Majesco, LLC

 

(7)(13)

 

First Lien Revolver

 

S + 4.50%

 

8.25%

 

1/7/2033

 

 

257

 

 

 

—

 

 

 

(5

)

 

 

(0.01

)

 

Maverick Bidco Inc.

 

(8)(12)

 

First Lien Term Loan

 

S + 4.75%

 

8.62%

 

12/2/2031

 

 

2,150

 

 

 

2,146

 

 

 

2,118

 

 

 

2.58

 

 

Maverick Bidco Inc.

 

(7)(12)

 

First Lien Delayed Draw Term Loan

 

S + 4.75%

 

8.62%

 

12/2/2031

 

 

108

 

 

 

—

 

 

 

(2

)

 

 

—

 

 

Maverick Bidco Inc.

 

(7)(12)

 

First Lien Revolver

 

S + 4.75%

 

8.62%

 

12/2/2031

 

 

86

 

 

 

—

 

 

 

(1

)

 

 

—

 

 

Monotype Imaging Holdings Inc.

 

(8)(12)

 

First Lien Term Loan

 

S + 5.25%

 

8.91%

 

2/28/2031

 

 

741

 

 

 

741

 

 

 

741

 

 

 

0.90

 

 

MRI Software LLC

 

(8)(11)

 

First Lien Term Loan

 

S + 4.75%

 

8.50%

 

2/10/2028

 

 

719

 

 

 

717

 

 

 

713

 

 

 

0.87

 

 

MRI Software LLC

 

(7)(11)

 

First Lien Revolver

 

S + 4.75%

 

8.50%

 

2/10/2028

 

 

22

 

 

 

5

 

 

 

5

 

 

 

0.01

 

 

OEConnection LLC

 

(7)(13)

 

First Lien Delayed Draw Term Loan

 

S + 4.50%

 

8.16%

 

12/23/2032

 

 

4,674

 

 

 

4

 

 

 

(47

)

 

 

(0.06

)

 

OEConnection LLC

 

(8)(13)

 

First Lien Term Loan

 

S + 4.50%

 

8.16%

 

12/23/2032

 

 

1,149

 

 

 

1,146

 

 

 

1,126

 

 

 

1.37

 

 

OEConnection LLC

 

(7)(12)

 

First Lien Revolver

 

S + 4.50%

 

8.16%

 

12/23/2032

 

 

177

 

 

 

—

 

 

 

(2

)

 

 

—

 

 

Supernova Intermediate Pty Ltd

 

(6)(8)(13)

 

First Lien Term Loan

 

S + 5.00%

 

8.75%

 

5/12/2033

 

 

1,376

 

 

 

1,373

 

 

 

1,373

 

 

 

1.67

 

 

Supernova Intermediate Pty Ltd

 

(6)(7)(13)

 

First Lien Delayed Draw Term Loan

 

S + 5.00%

 

8.75%

 

5/12/2033

 

 

500

 

 

 

(1

)

 

 

(1

)

 

 

—

 

 

Supernova Intermediate Pty Ltd

 

(6)(7)(13)

 

First Lien Revolver

 

S + 5.00%

 

8.75%

 

5/12/2033

 

 

175

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

26,113

 

 

 

25,644

 

 

 

31.22

 

 

Textiles, Apparel and Luxury Goods

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Varsity Brands, Inc.

 

(5)(8)(14)

 

First Lien Term Loan

 

S + 2.75%

 

6.50%

 

8/26/2031

 

 

993

 

 

 

995

 

 

 

995

 

 

 

1.21

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

995

 

 

 

995

 

 

 

1.21

 

 

Trading Companies and Distributors

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Kele Holdco, Inc.

 

(8)(11)

 

First Lien Term Loan

 

S + 4.50%

 

8.16%

 

2/20/2028

 

 

666

 

 

 

664

 

 

 

666

 

 

 

0.81

 

 

Kele Holdco, Inc.

 

(7)(11)

 

First Lien Revolver

 

S + 4.50%

 

8.16%

 

2/20/2028

 

 

75

 

 

 

45

 

 

 

45

 

 

 

0.05

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

709

 

 

 

711

 

 

 

0.86

 

 

 

15


Table of Contents

ANTARES STRATEGIC CREDIT FUND II LLC

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

 

 

Amortized Cost (4)

 

 

Fair Value

 

 

Percentage of Net Assets

 

 

Wireless Telecommunication Services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

CCI Buyer, Inc.

 

(8)(12)

 

First Lien Term Loan

 

S + 5.00%

 

8.75%

 

5/13/2032

 

$

4,689

 

 

$

4,669

 

 

$

4,665

 

 

 

5.68

 

 %

CCI Buyer, Inc.

 

(7)(12)

 

First Lien Revolver

 

S + 5.00%

 

8.75%

 

5/13/2032

 

 

276

 

 

 

(1

)

 

 

(1

)

 

 

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

4,668

 

 

 

4,664

 

 

 

5.68

 

 

Total Secured Debt Investments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

162,800

 

 

 

161,549

 

 

 

196.73

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unsecured Debt Investments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Software

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

OEC Holdco, LLC

 

 

 

Subordinated Unsecured Term Loan

 

N/A

 

11.00% PIK

 

12/30/2035

 

$

529

 

 

$

520

 

 

$

524

 

 

 

0.64

 

 %

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

520

 

 

 

524

 

 

 

0.64

 

 

Total Unsecured Debt Investments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

520

 

 

 

524

 

 

 

0.64

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity Investments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commercial Services and Supplies

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

REP Summit Coinvest IV, L.P.

 

(10)

 

LP Units

 

—

 

—

 

—

 

 

108

 

 

$

107

 

 

$

98

 

 

 

0.12

 

 %

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

107

 

 

 

98

 

 

 

0.12

 

 

Diversified Consumer Services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

EXPG Holdings, L.P.

 

(3)(10)

 

Common

 

—

 

—

 

—

 

 

—

 

 

 

69

 

 

 

67

 

 

 

0.08

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

69

 

 

 

67

 

 

 

0.08

 

 

Financial Services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

TA Investors Thunderbolt, L.P.

 

(7)(10)

 

LP Units

 

—

 

—

 

—

 

 

42

 

 

 

35

 

 

 

30

 

 

 

0.04

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

35

 

 

 

30

 

 

 

0.04

 

 

Health Care Technology

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

FH VH Parent, L.P.

 

(10)

 

Common

 

—

 

—

 

—

 

 

98

 

 

 

141

 

 

 

168

 

 

 

0.20

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

141

 

 

 

168

 

 

 

0.20

 

 

Software

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Five Arrows Supernova Falt Co-Invest Scsp

 

(6)(10)

 

Common

 

—

 

—

 

—

 

 

64

 

 

 

65

 

 

 

64

 

 

 

0.08

 

 

GT Silver Co-Invest SCSp

 

(3)(10)

 

LP Units

 

—

 

—

 

—

 

 

—

 

 

 

48

 

 

 

48

 

 

 

0.06

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

113

 

 

 

112

 

 

 

0.14

 

 

Total Equity Investments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

465

 

 

 

475

 

 

 

0.58

 

 

Total Investments - non-controlled/non-affiliated

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

163,785

 

 

 

162,548

 

 

 

197.95

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Short-Term Investments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

BlackRock Liquidity T-Fund - Institutional Shares

 

(9)

 

 

 

—

 

—

 

—

 

 

 

 

$

1,661

 

 

$

1,661

 

 

 

2.02

 

%

Total Short-Term Investments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,661

 

 

 

1,661

 

 

 

2.02

 

 

Total Investments at fair value

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

165,446

 

 

$

164,209

 

 

 

199.97

 

%

 

1.
Unless otherwise indicated, issuers of debt and equity investments held by the Company (which such term “Company” shall include the Company’s consolidated subsidiaries for purposes of this Consolidated Schedule of Investments) are denominated in dollars. All debt investments are income producing unless otherwise indicated. All equity investments are non-income producing unless otherwise noted. Certain portfolio company investments are subject to contractual restrictions on sales. The total par amount is presented for debt investments and the number of shares or units owned is presented for equity investments.
2.
The majority of the investments bear interest at a rate that may be determined by reference to the Secured Overnight Financing Rate (“SOFR” or “S”), Canadian Overnight Repo Rate Average (“CORRA” or “C”), or other relevant benchmark, which reset daily, monthly, quarterly, semi-annually or annually. For each such investment, the Company has provided the spread over reference rates and the current contractual interest rate in effect on June 30, 2026. Certain investments are subject to an interest rate floor, or rate cap. Certain investments contain a payment-in-kind (“PIK”) provision. SOFR and CORRA based contracts may include a credit spread adjustment, which is included within the stated all-in interest rate, if applicable, that is charged in addition to the base rate and the stated spread.
3.
Investments with par value / shares less than 500 shown as zero.

16


Table of Contents

ANTARES STRATEGIC CREDIT FUND II LLC

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)(Continued)

June 30, 2026

(in thousands)

 

4.
The cost represents the original cost adjusted for the amortization of discounts and premiums, as applicable, on debt investments using the effective interest method in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”).
5.
These investments were not valued using unobservable inputs and are not considered Level 3 investments. Fair value was determined in good faith by the Adviser as the Company’s valuation designee, subject to the oversight of the Board of Directors (the “Board”) (see Note 2 and Note 5), pursuant to the Company’s valuation policy.
6.
The investment is not a qualifying asset, in whole or in part, under Section 55(a) of the 1940 Act. The Company may not acquire any non-qualifying asset unless, at the time of acquisition, qualifying assets represent at least 70% of the Company’s total assets. As of June 30, 2026, non-qualifying assets represented 5.54% of total assets as calculated in accordance with regulatory requirements.
7.
Position or portion thereof is an unfunded loan commitment, and no interest is being earned on the unfunded portion, although the investment may be subject to unused commitment fees. Negative cost and fair value results from unamortized fees, which are capitalized to the investment cost. The unfunded loan commitment may be subject to a commitment termination date that may expire prior to the maturity date stated. Such commitments are subject to the satisfaction of certain conditions set forth in the documents governing these loans and letters of credit and there can be no assurance that such conditions will be satisfied. See below and Note 7 to the Consolidated Financial Statements for more information on the Company’s unfunded commitments.
8.
Position or portion thereof is pledged as collateral under the Citi Facility (as defined below).
9.
Short-term investments amounting to $1,661 are invested in money market funds (BlackRock Liquidity T-Fund - Institutional Shares) and are categorized as Level 1 under the ASC 820 fair value level hierarchy as of June 30, 2026.
10.
Security exempt from registration under the Securities Act of 1933 (the “Securities Act”), and may be deemed to be “restricted securities” under the Securities Act. As of June 30, 2026, the aggregate fair value of these securities is $475 or 0.58% of the Company’s net assets. The acquisition dates of these restricted securities are as follows:

 

Portfolio Company

 

Investment

 

Acquisition Date

EXPG Holdings, L.P.

 

 Common

 

December 10, 2025

FH VH Parent, L.P.

 

 Common

 

October 31, 2025

Five Arrows Supernova Falt Co-Invest Scsp

 

 Common

 

May 12, 2026

GT Silver Co-Invest SCSp

 

 LP Units

 

June 25, 2026

REP Summit Coinvest IV, L.P.

 

 LP Units

 

December 31, 2025

TA Investors Thunderbolt, L.P.

 

 LP Units

 

January 29, 2026

 

11.
Loan includes interest floor of 1.00%.
12.
Loan includes interest floor of 0.75%.
13.
Loan includes interest floor of 0.50%.
14.
Loan includes interest floor of 0.00%.

 

17


Table of Contents

ANTARES STRATEGIC CREDIT FUND II LLC

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)(Continued)

June 30, 2026

(in thousands)

 

As of June 30, 2026, the Company had the following commitments to fund various revolving loans, delayed draw loans, and equity investments. Such commitments, also included in the Consolidated Schedule of Investments above, are subject to the satisfaction of certain conditions set forth in the documents governing these loans. See Note 7 to the Consolidated Financial Statements for more information on the Company’s unfunded commitments.

 

Investments—non-controlled/non-affiliated

 

Commitment Type

 

Commitment
Expiration Date

 

Unfunded
Commitment
(1)

 

 

Fair
Value
 (1)

 

AmeriLife Holdings LLC

 

Delayed Draw Term Loan

 

3/1/2027

 

$

672

 

 

$

(2

)

AmeriLife Holdings LLC

 

Revolver

 

8/31/2028

 

 

307

 

 

 

(1

)

AMP Purchaser, LLC

 

Revolver

 

4/1/2033

 

 

42

 

 

 

—

 

Analytic Partners, LP

 

Revolver

 

4/4/2030

 

 

239

 

 

 

(1

)

Apex Service Partners, LLC

 

Delayed Draw Term Loan

 

11/21/2027

 

 

920

 

 

 

(5

)

Apex Service Partners, LLC

 

Revolver

 

10/24/2029

 

 

32

 

 

 

—

 

Aprio Advisory Group, LLC

 

Delayed Draw Term Loan

 

12/24/2027

 

 

1,399

 

 

 

(7

)

Aprio Advisory Group, LLC

 

Revolver

 

8/1/2031

 

 

132

 

 

 

(1

)

Arax MidCo, LLC

 

Delayed Draw Term Loan

 

3/24/2028

 

 

297

 

 

 

(1

)

Arax MidCo, LLC

 

Revolver

 

3/24/2032

 

 

54

 

 

 

—

 

Articulate Global, LLC

 

Revolver

 

10/25/2032

 

 

451

 

 

 

(3

)

Aurora Plastics, LLC

 

Revolver

 

8/12/2030

 

 

485

 

 

 

(6

)

Bellwether Buyer, L.L.C.

 

Delayed Draw Term Loan

 

10/16/2027

 

 

937

 

 

 

—

 

Bellwether Buyer, L.L.C.

 

Revolver

 

4/15/2032

 

 

436

 

 

 

—

 

Bridges Consumer Healthcare Intermediate LLC

 

Delayed Draw Term Loan

 

12/21/2026

 

 

275

 

 

 

(1

)

Bridges Consumer Healthcare Intermediate LLC

 

Revolver

 

12/22/2031

 

 

551

 

 

 

(3

)

CCI Buyer, Inc.

 

Revolver

 

5/13/2032

 

 

276

 

 

 

(1

)

Cerity Partners Equity Holding LLC

 

Delayed Draw Term Loan

 

12/20/2027

 

 

1,376

 

 

 

(13

)

Cerity Partners Equity Holding LLC

 

Revolver

 

7/28/2031

 

 

97

 

 

 

(1

)

Clearwater Analytics Holdings, Inc.

 

Delayed Draw Term Loan

 

12/25/2028

 

 

113

 

 

 

—

 

Clearwater Analytics Holdings, Inc.

 

Revolver

 

6/27/2033

 

 

73

 

 

 

—

 

Conservice Midco, LLC

 

Revolver

 

2/25/2033

 

 

103

 

 

 

—

 

CPC/Cirtec Holdings, Inc.

 

Revolver

 

10/31/2028

 

 

390

 

 

 

—

 

Crimson FLS Acquisition, Inc.

 

Delayed Draw Term Loan

 

2/19/2028

 

 

243

 

 

 

(2

)

Crimson FLS Acquisition, Inc.

 

Revolver

 

2/18/2033

 

 

156

 

 

 

(1

)

CRS Midco Holdings, LLC

 

Delayed Draw Term Loan

 

12/31/2027

 

 

385

 

 

 

(3

)

CRS Midco Holdings, LLC

 

Revolver

 

12/31/2032

 

 

231

 

 

 

(2

)

Edition Holdings, Inc.

 

Delayed Draw Term Loan

 

12/20/2027

 

 

322

 

 

 

(5

)

Edition Holdings, Inc.

 

Revolver

 

12/20/2032

 

 

129

 

 

 

(2

)

ExperiGreen Intermediate Holdings, Inc.

 

Delayed Draw Term Loan

 

12/10/2027

 

 

648

 

 

 

(6

)

ExperiGreen Intermediate Holdings, Inc.

 

Revolver

 

12/10/2032

 

 

422

 

 

 

(4

)

F&M Buyer LLC

 

Delayed Draw Term Loan

 

3/19/2027

 

 

796

 

 

 

(8

)

F&M Buyer LLC

 

Revolver

 

3/18/2032

 

 

348

 

 

 

(3

)

Flint Opco, LLC

 

Delayed Draw Term Loan

 

6/6/2028

 

 

100

 

 

 

(1

)

Flint Opco, LLC

 

Revolver

 

8/15/2029

 

 

72

 

 

 

—

 

Foundation Risk Partners, Corp.

 

Delayed Draw Term Loan

 

2/26/2027

 

 

1,200

 

 

 

(6

)

Fourth Enterprises, LLC

 

Delayed Draw Term Loan

 

3/21/2027

 

 

602

 

 

 

(11

)

Fourth Enterprises, LLC

 

Revolver

 

3/21/2031

 

 

278

 

 

 

(5

)

 

18


Table of Contents

ANTARES STRATEGIC CREDIT FUND II LLC

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)(Continued)

June 30, 2026

(in thousands)

 

Investments—non-controlled/non-affiliated

 

Commitment Type

 

Commitment
Expiration Date

 

Unfunded
Commitment
(1)

 

 

Fair
Value
 (1)

 

Halo Buyer, Inc.

 

Revolver

 

8/7/2029

 

$

174

 

 

$

(3

)

Harvey Tool Company, LLC

 

Delayed Draw Term Loan

 

8/6/2027

 

 

391

 

 

 

(4

)

Harvey Tool Company, LLC

 

Revolver

 

8/6/2032

 

 

117

 

 

 

(1

)

Higginbotham Insurance Agency, Inc

 

Delayed Draw Term Loan

 

12/11/2027

 

 

68

 

 

 

—

 

Integrated Power Services Holdings, Inc.

 

Delayed Draw Term Loan

 

1/28/2028

 

 

252

 

 

 

(3

)

Integrated Power Services Holdings, Inc.

 

Revolver

 

11/22/2030

 

 

133

 

 

 

(2

)

Invictus Buyer, LLC

 

Revolver

 

6/3/2031

 

 

196

 

 

 

—

 

Iris Buyer LLC

 

Delayed Draw Term Loan

 

8/5/2026

 

 

232

 

 

 

(1

)

Kele Holdco, Inc.

 

Revolver

 

2/20/2028

 

 

30

 

 

 

—

 

Kenco PPC Buyer LLC

 

Revolver

 

11/15/2029

 

 

48

 

 

 

—

 

KPA Parent Holdings, Inc.

 

Delayed Draw Term Loan

 

3/15/2027

 

 

532

 

 

 

(5

)

KPA Parent Holdings, Inc.

 

Revolver

 

3/12/2032

 

 

402

 

 

 

(4

)

Lubricant Engineers

 

Revolver

 

9/1/2029

 

 

354

 

 

 

(2

)

Majesco, LLC

 

Revolver

 

1/7/2033

 

 

257

 

 

 

(5

)

Maverick Bidco Inc.

 

Delayed Draw Term Loan

 

12/3/2027

 

 

108

 

 

 

(2

)

Maverick Bidco Inc.

 

Revolver

 

12/2/2031

 

 

86

 

 

 

(1

)

Minotaur Acquisition, Inc.

 

Revolver

 

6/3/2030

 

 

78

 

 

 

(1

)

Monarch Finco, LLC

 

Delayed Draw Term Loan

 

5/1/2028

 

 

332

 

 

 

—

 

Monarch Finco, LLC

 

Revolver

 

10/29/2032

 

 

66

 

 

 

—

 

Movati Athletic (Group) Inc.

 

Delayed Draw Term Loan

 

12/31/2027

 

 

80

 

 

 

—

 

Movati Athletic (Group) Inc.

 

Revolver

 

5/29/2029

 

 

60

 

 

 

—

 

MRI Software LLC

 

Revolver

 

2/10/2028

 

 

16

 

 

 

—

 

NFO Orange Buyer, LLC

 

Delayed Draw Term Loan

 

1/13/2027

 

 

163

 

 

 

(1

)

NFO Orange Buyer, LLC

 

Revolver

 

1/13/2033

 

 

49

 

 

 

—

 

OEConnection LLC

 

Delayed Draw Term Loan

 

12/26/2028

 

 

4,674

 

 

 

(47

)

OEConnection LLC

 

Revolver

 

12/23/2032

 

 

178

 

 

 

(2

)

OneSource Virtual, Inc.

 

Revolver

 

1/30/2033

 

 

119

 

 

 

—

 

Patriot Growth Insurance Services, LLC

 

Revolver

 

10/16/2028

 

 

354

 

 

 

(3

)

PLZ CORP.

 

Revolver

 

3/31/2032

 

 

64

 

 

 

—

 

Polyphase Elevator Holding Company

 

Delayed Draw Term Loan

 

11/24/2027

 

 

26

 

 

 

—

 

Polyphase Elevator Holding Company

 

Revolver

 

11/24/2032

 

 

58

 

 

 

—

 

Premise Health Holding Corp.

 

Delayed Draw Term Loan

 

11/6/2027

 

 

32

 

 

 

—

 

Premise Health Holding Corp.

 

Revolver

 

11/6/2031

 

 

19

 

 

 

—

 

Propio LS, LLC

 

Revolver

 

5/10/2030

 

 

103

 

 

 

(1

)

Puma Buyer, LLC

 

Revolver

 

3/29/2032

 

 

643

 

 

 

—

 

Real Chemistry Intermediate III, Inc.

 

Delayed Draw Term Loan

 

10/12/2027

 

 

380

 

 

 

(4

)

 

19


Table of Contents

ANTARES STRATEGIC CREDIT FUND II LLC

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)(Continued)

June 30, 2026

(in thousands)

 

Investments—non-controlled/non-affiliated

 

Commitment Type

 

Commitment
Expiration Date

 

Unfunded
Commitment
(1)

 

 

Fair
Value
 (1)

 

Real Chemistry Intermediate III, Inc.

 

Revolver

 

4/12/2032

 

$

575

 

 

$

(6

)

Ridge Trail US Bidco, Inc.

 

Delayed Draw Term Loan

 

3/31/2027

 

 

305

 

 

 

(2

)

Ridge Trail US Bidco, Inc.

 

Revolver

 

3/31/2031

 

 

118

 

 

 

(1

)

Rimkus Consulting Group, Inc.

 

Revolver

 

4/1/2030

 

 

184

 

 

 

(6

)

Ryan, LLC

 

Revolver

 

11/7/2030

 

 

54

 

 

 

—

 

Saber Parent Holdings Corp.

 

Delayed Draw Term Loan

 

12/15/2028

 

 

406

 

 

 

(4

)

Saber Parent Holdings Corp.

 

Revolver

 

12/16/2032

 

 

133

 

 

 

(1

)

Safety Borrower Holdings LLC

 

Delayed Draw Term Loan

 

12/19/2027

 

 

138

 

 

 

(2

)

Safety Borrower Holdings LLC

 

Revolver

 

12/19/2032

 

 

39

 

 

 

(1

)

Sara Lee Frozen Bakery, LLC

 

Revolver

 

7/30/2027

 

 

327

 

 

 

(7

)

Supernova Intermediate Pty Ltd

 

Delayed Draw Term Loan

 

5/13/2029

 

 

500

 

 

 

(1

)

Supernova Intermediate Pty Ltd

 

Revolver

 

5/12/2033

 

 

175

 

 

 

—

 

Swoop Intermediate III, Inc.

 

Delayed Draw Term Loan

 

10/12/2027

 

 

545

 

 

 

(1

)

Swoop Intermediate III, Inc.

 

Revolver

 

4/12/2032

 

 

545

 

 

 

(1

)

TA Investors Thunderbolt, L.P.

 

LP Units

 

N/A

 

 

7

 

 

 

—

 

Tarrytown Acquisition Holdings, LLC

 

Delayed Draw Term Loan

 

11/15/2027

 

 

447

 

 

 

(4

)

Tarrytown Acquisition Holdings, LLC

 

Revolver

 

11/12/2032

 

 

377

 

 

 

(4

)

TerSera Therapeutics LLC

 

Revolver

 

4/4/2030

 

 

6

 

 

 

—

 

The Ultimus Group Midco, LLC

 

Delayed Draw Term Loan

 

1/1/2028

 

 

450

 

 

 

—

 

The Ultimus Group Midco, LLC

 

Revolver

 

7/1/2032

 

 

169

 

 

 

—

 

Unlimited Technology Holdings, LLC

 

Revolver

 

3/12/2032

 

 

176

 

 

 

(3

)

USRP Holdings, Inc.

 

Delayed Draw Term Loan

 

8/28/2026

 

 

51

 

 

 

—

 

USRP Holdings, Inc.

 

Revolver

 

12/31/2029

 

 

329

 

 

 

—

 

Vatica Health, Inc.

 

Revolver

 

10/29/2032

 

 

223

 

 

 

(6

)

VPP Intermediate Holdings, LLC

 

Delayed Draw Term Loan

 

1/19/2027

 

 

709

 

 

 

(4

)

Wealth Enhancement Group, LLC

 

Delayed Draw Term Loan

 

12/30/2026

 

 

554

 

 

 

(1

)

Wealth Enhancement Group, LLC

 

Revolver

 

10/2/2028

 

 

129

 

 

 

—

 

World Insurance Associates, LLC

 

Delayed Draw Term Loan

 

8/14/2026

 

 

324

 

 

 

(1

)

World Insurance Associates, LLC

 

Revolver

 

4/3/2030

 

 

75

 

 

 

—

 

Wu Holdco, Inc.

 

Delayed Draw Term Loan

 

4/16/2027

 

 

922

 

 

 

(7

)

Wu Holdco, Inc.

 

Revolver

 

4/19/2032

 

 

287

 

 

 

(2

)

Total Unfunded Commitments

 

 

 

 

 

$

35,742

 

 

$

(262

)

 

(1)
Foreign domiciled investments have been converted to U.S. Dollars based on prevailing rates at period-end.

 

See accompanying notes to the consolidated financial statements.

 

 

 

20


Table of Contents

ANTARES STRATEGIC CREDIT FUND II LLC

CONSOLIDATED SCHEDULE OF INVESTMENTS

December 31, 2025

(in thousands)

 

Investments (1)

 

Footnotes

 

Asset Type

 

Reference Rate and Spread (2)

 

Interest Rate

 

Maturity Date

 

Par Amount

 

 

Amortized Cost (4)

 

 

Fair Value

 

 

Percentage of Net Assets

 

 

Investments - non-controlled/non-affiliated

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Secured Debt

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Air Freight and Logistics

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Kenco PPC Buyer LLC

 

(8)(11)

 

First Lien Term Loan

 

S + 4.50%

 

8.08%

 

11/15/2029

 

$

1,339

 

 

$

1,332

 

 

$

1,339

 

 

 

1.95

 

 %

Kenco PPC Buyer LLC

 

(7)(11)

 

First Lien Revolver

 

S + 4.50%

 

8.08%

 

11/15/2029

 

 

74

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,332

 

 

 

1,339

 

 

 

1.95

 

 

Chemicals

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Aurora Plastics, LLC

 

(8)(12)

 

First Lien Term Loan

 

S + 4.75%

 

8.52%

 

8/12/2030

 

 

4,036

 

 

 

4,017

 

 

 

4,015

 

 

 

5.86

 

 

Aurora Plastics, LLC

 

(8)(12)

 

First Lien Delayed Draw Term Loan

 

S + 4.75%

 

8.52%

 

8/12/2030

 

 

445

 

 

 

443

 

 

 

443

 

 

 

0.65

 

 

Aurora Plastics, LLC

 

(7)(12)

 

First Lien Revolver

 

S + 4.75%

 

8.52%

 

8/12/2030

 

 

485

 

 

 

(2

)

 

 

(2

)

 

 

—

 

 

Lubricant Engineers

 

(8)(11)

 

First Lien Term Loan

 

S + 5.25%

 

8.90%

 

9/1/2029

 

 

3,075

 

 

 

3,062

 

 

 

3,075

 

 

 

4.48

 

 

Lubricant Engineers

 

(7)(11)

 

First Lien Delayed Draw Term Loan

 

S + 5.25%

 

8.90%

 

9/1/2029

 

 

549

 

 

 

(2

)

 

 

—

 

 

 

—

 

 

Lubricant Engineers

 

(7)(11)

 

First Lien Revolver

 

S + 5.25%

 

8.90%

 

9/1/2029

 

 

354

 

 

 

(2

)

 

 

—

 

 

 

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

7,516

 

 

 

7,531

 

 

 

10.99

 

 

Commercial Services and Supplies

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

BIFM CA Buyer Inc.

 

(5)(8)(13)

 

First Lien Term Loan

 

S + 3.25%

 

6.92%

 

5/31/2028

 

 

499

 

 

 

500

 

 

 

503

 

 

 

0.73

 

 

CRS Midco Holdings, LLC

 

(8)(12)

 

First Lien Term Loan

 

S + 4.50%

 

8.15%

 

12/31/2032

 

 

1,154

 

 

 

1,148

 

 

 

1,148

 

 

 

1.68

 

 

CRS Midco Holdings, LLC

 

(7)(12)

 

First Lien Delayed Draw Term Loan

 

S + 4.50%

 

8.15%

 

12/31/2032

 

 

385

 

 

 

(1

)

 

 

(2

)

 

 

—

 

 

CRS Midco Holdings, LLC

 

(7)(12)

 

First Lien Revolver

 

S + 4.50%

 

8.15%

 

12/31/2032

 

 

231

 

 

 

(1

)

 

 

(1

)

 

 

—

 

 

Onyx-Fire Protection Services Inc.

 

(6)(8)(12)

 

First Lien Term Loan

 

C + 4.50%

 

6.77%

 

7/31/2031

 

 

CAD 1,488

 

 

 

1,079

 

 

 

1,084

 

 

 

1.58

 

 

Onyx-Fire Protection Services Inc.

 

(6)(7)(12)

 

First Lien Delayed Draw Term Loan

 

C + 4.50%

 

6.77%

 

7/31/2031

 

 

CAD 141

 

 

 

—

 

 

 

—

 

 

 

—

 

 

Onyx-Fire Protection Services Inc.

 

(6)(7)(12)

 

First Lien Revolver

 

C + 4.50%

 

6.77%

 

7/31/2031

 

 

CAD 353

 

 

 

16

 

 

 

17

 

 

 

0.02

 

 

Polyphase Elevator Holding Company

 

(8)(12)

 

First Lien Term Loan

 

S + 5.00%

 

8.65%

 

11/24/2032

 

 

640

 

 

 

638

 

 

 

637

 

 

 

0.93

 

 

Polyphase Elevator Holding Company

 

(7)(12)

 

First Lien Delayed Draw Term Loan

 

S + 5.00%

 

8.65%

 

11/24/2032

 

 

103

 

 

 

43

 

 

 

43

 

 

 

0.06

 

 

Polyphase Elevator Holding Company

 

(7)(12)

 

First Lien Revolver

 

S + 5.00%

 

8.65%

 

11/24/2032

 

 

58

 

 

 

—

 

 

 

—

 

 

 

—

 

 

Project Boost Purchaser, LLC

 

(5)(8)(14)

 

First Lien Term Loan

 

S + 2.75%

 

6.40%

 

7/16/2031

 

 

997

 

 

 

997

 

 

 

1,001

 

 

 

1.46

 

 

Saber Parent Holdings Corp.

 

(8)(14)

 

First Lien Term Loan

 

S + 4.50%

 

8.15%

 

12/16/2032

 

 

1,800

 

 

 

1,796

 

 

 

1,795

 

 

 

2.62

 

 

Saber Parent Holdings Corp.

 

(7)(14)

 

First Lien Delayed Draw Term Loan

 

S + 4.50%

 

8.15%

 

12/16/2032

 

 

497

 

 

 

(1

)

 

 

(1

)

 

 

—

 

 

Saber Parent Holdings Corp.

 

(7)(14)

 

First Lien Revolver

 

S + 4.50%

 

8.15%

 

12/16/2032

 

 

248

 

 

 

(1

)

 

 

(1

)

 

 

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

6,213

 

 

 

6,223

 

 

 

9.08

 

 

Construction & Engineering

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Trilon Group, LLC

 

(8)(11)

 

First Lien Term Loan

 

S + 4.75%

 

8.40%

 

5/25/2029

 

 

336

 

 

 

331

 

 

 

332

 

 

 

0.48

 

 

Trilon Group, LLC

 

(8)(11)

 

First Lien Delayed Draw Term Loan

 

S + 4.75%

 

8.40%

 

5/25/2029

 

 

33

 

 

 

33

 

 

 

33

 

 

 

0.05

 

 

Trilon Group, LLC

 

(7)(11)

 

First Lien Delayed Draw Term Loan

 

S + 4.75%

 

8.40%

 

5/25/2029

 

 

181

 

 

 

49

 

 

 

49

 

 

 

0.07

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

413

 

 

 

414

 

 

 

0.60

 

 

Containers and Packaging

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Berlin Packaging L.L.C.

 

(5)(6)(8)(14)

 

First Lien Term Loan

 

S + 3.25%

 

6.92%

 

6/7/2031

 

 

1,194

 

 

 

1,197

 

 

 

1,198

 

 

 

1.75

 

 

Cold Chain Technologies, LLC

 

(8)(11)

 

First Lien Term Loan

 

S + 5.25%

 

8.90%

 

7/2/2027

 

 

1,235

 

 

 

1,233

 

 

 

1,232

 

 

 

1.80

 

 

Plastipak Holdings, Inc.

 

(5)(8)(14)

 

First Lien Term Loan

 

S + 2.50%

 

6.17%

 

9/24/2032

 

 

998

 

 

 

993

 

 

 

1,001

 

 

 

1.46

 

 

Pro Mach Group, Inc.

 

(5)(8)(14)

 

First Lien Term Loan

 

S + 2.75%

 

6.42%

 

10/15/2032

 

 

1,000

 

 

 

1,002

 

 

 

1,008

 

 

 

1.47

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

4,425

 

 

 

4,439

 

 

 

6.48

 

 

 

21


Table of Contents

ANTARES STRATEGIC CREDIT FUND II LLC

CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)

December 31, 2025

(in thousands)

 

Investments (1)

 

Footnotes

 

Asset Type

 

Reference Rate and Spread (2)

 

Interest Rate

 

Maturity Date

 

Par Amount

 

 

Amortized Cost (4)

 

 

Fair Value

 

 

Percentage of Net Assets

 

 

Distributors

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Halo Buyer, Inc.

 

(8)(11)

 

First Lien Term Loan

 

S + 6.00%

 

9.67%

 

8/7/2029

 

$

2,158

 

 

$

2,118

 

 

$

2,131

 

 

 

3.11

 

 %

Halo Buyer, Inc.

 

(7)(11)

 

First Lien Revolver

 

S + 6.00%

 

9.67%

 

8/7/2029

 

 

326

 

 

 

111

 

 

 

113

 

 

 

0.16

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2,229

 

 

 

2,244

 

 

 

3.27

 

 

Diversified Consumer Services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Apex Service Partners, LLC

 

(8)(11)

 

First Lien Term Loan

 

S + 5.00%

 

8.65%

 

10/24/2030

 

 

743

 

 

 

739

 

 

 

743

 

 

 

1.08

 

 

Apex Service Partners, LLC

 

(8)(11)

 

First Lien Delayed Draw Term Loan

 

S + 5.00%

 

8.65%

 

10/24/2030

 

 

177

 

 

 

176

 

 

 

177

 

 

 

0.26

 

 

Apex Service Partners, LLC

 

(7)(11)

 

First Lien Delayed Draw Term Loan

 

S + 4.75%

 

8.40%

 

10/24/2030

 

 

1,500

 

 

 

(4

)

 

 

(11

)

 

 

(0.02

)

 

Apex Service Partners, LLC

 

(7)(11)

 

First Lien Revolver

 

S + 5.00%

 

8.65%

 

10/24/2029

 

 

59

 

 

 

15

 

 

 

16

 

 

 

0.02

 

 

ExperiGreen Intermediate Holdings, Inc.

 

(8)(12)

 

First Lien Term Loan

 

S + 4.75%

 

8.40%

 

12/10/2032

 

 

3,339

 

 

 

3,323

 

 

 

3,322

 

 

 

4.85

 

 

ExperiGreen Intermediate Holdings, Inc.

 

(7)(12)

 

First Lien Delayed Draw Term Loan

 

S + 4.75%

 

8.40%

 

12/10/2032

 

 

826

 

 

 

(2

)

 

 

(4

)

 

 

(0.01

)

 

ExperiGreen Intermediate Holdings, Inc.

 

(7)(12)

 

First Lien Revolver

 

S + 4.75%

 

8.40%

 

12/10/2032

 

 

422

 

 

 

(2

)

 

 

(2

)

 

 

—

 

 

VPP Intermediate Holdings, LLC

 

(7)(11)

 

First Lien Delayed Draw Term Loan

 

S + 5.25%

 

8.92%

 

12/1/2027

 

 

1,882

 

 

 

724

 

 

 

726

 

 

 

1.06

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

4,969

 

 

 

4,967

 

 

 

7.24

 

 

Energy Equipment and Services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Integrated Power Services Holdings, Inc.

 

(8)(12)

 

First Lien Term Loan

 

S + 4.75%

 

8.53%

 

11/22/2028

 

 

2,605

 

 

 

2,601

 

 

 

2,599

 

 

 

3.79

 

 

Integrated Power Services Holdings, Inc.

 

(7)(12)

 

First Lien Delayed Draw Term Loan

 

S + 4.75%

 

8.53%

 

11/22/2028

 

 

364

 

 

 

(1

)

 

 

(1

)

 

 

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2,600

 

 

 

2,598

 

 

 

3.79

 

 

Financial Services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Aprio Advisory Group, LLC

 

(8)(12)

 

First Lien Term Loan

 

S + 4.75%

 

8.40%

 

8/1/2031

 

 

599

 

 

 

596

 

 

 

599

 

 

 

0.87

 

 

Aprio Advisory Group, LLC

 

(8)(12)

 

First Lien Delayed Draw Term Loan

 

S + 4.75%

 

8.40%

 

8/1/2031

 

 

261

 

 

 

260

 

 

 

261

 

 

 

0.38

 

 

Aprio Advisory Group, LLC

 

(7)(12)

 

First Lien Delayed Draw Term Loan

 

S + 4.75%

 

8.40%

 

8/1/2031

 

 

1,500

 

 

 

(4

)

 

 

(1

)

 

 

—

 

 

Aprio Advisory Group, LLC

 

(7)(12)

 

First Lien Revolver

 

S + 4.75%

 

8.40%

 

8/1/2031

 

 

132

 

 

 

(1

)

 

 

—

 

 

 

—

 

 

Cerity Partners Equity Holding LLC

 

(8)(12)

 

First Lien Term Loan

 

S + 4.50%

 

8.15%

 

7/28/2031

 

 

3,922

 

 

 

3,913

 

 

 

3,912

 

 

 

5.71

 

 

Cerity Partners Equity Holding LLC

 

(7)(12)

 

First Lien Delayed Draw Term Loan

 

S + 4.50%

 

8.15%

 

7/28/2031

 

 

1,376

 

 

 

(2

)

 

 

(3

)

 

 

—

 

 

Cerity Partners Equity Holding LLC

 

(7)(12)

 

First Lien Revolver

 

S + 4.50%

 

8.15%

 

7/28/2031

 

 

187

 

 

 

29

 

 

 

29

 

 

 

0.04

 

 

Focus Financial Partners, LLC

 

(5)(6)(8)(14)

 

First Lien Term Loan

 

S + 2.50%

 

6.17%

 

9/15/2031

 

 

1,496

 

 

 

1,500

 

 

 

1,500

 

 

 

2.19

 

 

Foreside Financial Group, LLC

 

(8)(11)

 

First Lien Term Loan

 

S + 5.25%

 

9.05%

 

9/30/2027

 

 

92

 

 

 

92

 

 

 

92

 

 

 

0.13

 

 

Foreside Financial Group, LLC

 

(7)(11)

 

First Lien Delayed Draw Term Loan

 

S + 5.25%

 

9.05%

 

9/30/2027

 

 

1,905

 

 

 

264

 

 

 

260

 

 

 

0.38

 

 

Minotaur Acquisition, Inc.

 

(8)(11)

 

First Lien Term Loan

 

S + 5.00%

 

8.67%

 

6/3/2030

 

 

964

 

 

 

956

 

 

 

962

 

 

 

1.40

 

 

Minotaur Acquisition, Inc.

 

(8)(11)

 

First Lien Term Loan

 

S + 5.00%

 

8.67%

 

5/10/2030

 

 

678

 

 

 

675

 

 

 

677

 

 

 

0.99

 

 

Minotaur Acquisition, Inc.

 

(8)(11)

 

First Lien Delayed Draw Term Loan

 

S + 5.00%

 

8.67%

 

6/3/2030

 

 

796

 

 

 

790

 

 

 

794

 

 

 

1.16

 

 

Minotaur Acquisition, Inc.

 

(11)

 

First Lien Delayed Draw Term Loan

 

S + 5.00%

 

8.67%

 

6/3/2030

 

 

129

 

 

 

128

 

 

 

129

 

 

 

0.19

 

 

Minotaur Acquisition, Inc.

 

(7)(11)

 

First Lien Revolver

 

S + 5.00%

 

8.67%

 

6/3/2030

 

 

78

 

 

 

(1

)

 

 

—

 

 

 

—

 

 

Monarch Finco, LLC

 

(8)(13)

 

First Lien Term Loan

 

S + 4.25%

 

7.90%

 

10/29/2032

 

 

3,323

 

 

 

3,307

 

 

 

3,307

 

 

 

4.83

 

 

Monarch Finco, LLC

 

(7)(13)

 

First Lien Delayed Draw Term Loan

 

S + 4.25%

 

7.90%

 

10/29/2032

 

 

996

 

 

 

329

 

 

 

327

 

 

 

0.48

 

 

Monarch Finco, LLC

 

(7)(13)

 

First Lien Revolver

 

S + 4.25%

 

7.90%

 

10/29/2032

 

 

66

 

 

 

—

 

 

 

—

 

 

 

—

 

 

Ryan, LLC

 

(5)(8)(13)

 

First Lien Term Loan

 

S + 3.50%

 

7.17%

 

11/5/2032

 

 

1,000

 

 

 

995

 

 

 

989

 

 

 

1.44

 

 

Ryan, LLC

 

(5)(7)(13)

 

First Lien Revolver

 

S + 3.00%

 

6.67%

 

11/7/2030

 

 

54

 

 

 

—

 

 

 

(1

)

 

 

—

 

 

Wealth Enhancement Group, LLC

 

(7)(11)

 

First Lien Delayed Draw Term Loan

 

S + 4.50%

 

8.15%

 

10/2/2028

 

 

3,870

 

 

 

1,573

 

 

 

1,573

 

 

 

2.30

 

 

Wealth Enhancement Group, LLC

 

(7)(11)

 

First Lien Revolver

 

S + 4.50%

 

8.15%

 

10/2/2028

 

 

129

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

15,399

 

 

 

15,406

 

 

 

22.49

 

 

 

22


Table of Contents

ANTARES STRATEGIC CREDIT FUND II LLC

CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)

December 31, 2025

(in thousands)

 

Investments (1)

 

Footnotes

 

Asset Type

 

Reference Rate and Spread (2)

 

Interest Rate

 

Maturity Date

 

Par Amount

 

 

Amortized Cost (4)

 

 

Fair Value

 

 

Percentage of Net Assets

 

 

Food Products

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fiesta Purchaser, Inc.

 

(5)(8)(14)

 

First Lien Term Loan

 

S + 2.75%

 

6.42%

 

2/12/2031

 

$

997

 

 

$

992

 

 

$

998

 

 

 

1.46

 

 %

Sara Lee Frozen Bakery, LLC

 

(8)(11)

 

First Lien Term Loan

 

S + 5.00%

 

8.80%

 

7/30/2027

 

 

3,234

 

 

 

3,220

 

 

 

3,225

 

 

 

4.71

 

 

Sara Lee Frozen Bakery, LLC

 

(7)(11)

 

First Lien Revolver

 

S + 5.00%

 

8.80%

 

7/30/2027

 

 

1,424

 

 

 

750

 

 

 

752

 

 

 

1.10

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

4,962

 

 

 

4,975

 

 

 

7.27

 

 

Health Care Technology

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

F&M Buyer LLC

 

(8)(12)

 

First Lien Term Loan

 

S + 4.50%

 

8.15%

 

3/18/2032

 

 

2,388

 

 

 

2,377

 

 

 

2,388

 

 

 

3.48

 

 

F&M Buyer LLC

 

(7)(12)

 

First Lien Delayed Draw Term Loan

 

S + 4.50%

 

8.15%

 

3/18/2032

 

 

796

 

 

 

(4

)

 

 

—

 

 

 

—

 

 

F&M Buyer LLC

 

(7)(12)

 

First Lien Revolver

 

S + 4.50%

 

8.15%

 

3/18/2032

 

 

348

 

 

 

(2

)

 

 

—

 

 

 

—

 

 

Invictus Buyer, LLC

 

(8)(12)

 

First Lien Term Loan

 

S + 4.50%

 

8.15%

 

6/3/2031

 

 

1,257

 

 

 

1,257

 

 

 

1,257

 

 

 

1.83

 

 

Invictus Buyer, LLC

 

(7)(12)

 

First Lien Delayed Draw Term Loan

 

S + 4.50%

 

8.15%

 

6/3/2031

 

 

530

 

 

 

—

 

 

 

—

 

 

 

—

 

 

Invictus Buyer, LLC

 

(7)(12)

 

First Lien Revolver

 

S + 4.50%

 

8.15%

 

6/3/2031

 

 

196

 

 

 

—

 

 

 

—

 

 

 

—

 

 

Swoop Intermediate III, Inc.

 

(8)(13)

 

First Lien Term Loan

 

S + 4.50%

 

8.17%

 

4/12/2032

 

 

2,318

 

 

 

2,313

 

 

 

2,312

 

 

 

3.37

 

 

Swoop Intermediate III, Inc.

 

(7)(13)

 

First Lien Delayed Draw Term Loan

 

S + 4.50%

 

8.17%

 

4/12/2032

 

 

1,636

 

 

 

(4

)

 

 

(4

)

 

 

(0.01

)

 

Swoop Intermediate III, Inc.

 

(7)(13)

 

First Lien Revolver

 

S + 4.50%

 

8.17%

 

4/12/2032

 

 

545

 

 

 

(1

)

 

 

(1

)

 

 

—

 

 

Unlimited Technology Holdings, LLC

 

(8)(12)

 

First Lien Term Loan

 

S + 4.50%

 

8.15%

 

3/12/2032

 

 

1,317

 

 

 

1,314

 

 

 

1,317

 

 

 

1.92

 

 

Unlimited Technology Holdings, LLC

 

(7)(12)

 

First Lien Revolver

 

S + 4.50%

 

8.15%

 

3/12/2032

 

 

176

 

 

 

—

 

 

 

—

 

 

 

—

 

 

Vatica Health, Inc.

 

(8)(12)

 

First Lien Term Loan

 

S + 4.75%

 

8.33%

 

10/29/2032

 

 

2,226

 

 

 

2,216

 

 

 

2,215

 

 

 

3.23

 

 

Vatica Health, Inc.

 

(7)(12)

 

First Lien Revolver

 

S + 4.75%

 

8.33%

 

10/29/2032

 

 

223

 

 

 

—

 

 

 

(1

)

 

 

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

9,466

 

 

 

9,483

 

 

 

13.82

 

 

Healthcare Equipment and Supplies

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

CPC/Cirtec Holdings, Inc.

 

(7)(12)

 

First Lien Revolver

 

S + 5.00%

 

8.65%

 

10/31/2028

 

 

558

 

 

 

86

 

 

 

89

 

 

 

0.13

 

 

Tarrytown Acquisition Holdings, LLC

 

(8)(12)

 

First Lien Term Loan

 

S + 4.75%

 

8.42%

 

11/12/2032

 

 

1,994

 

 

 

1,984

 

 

 

1,984

 

 

 

2.89

 

 

Tarrytown Acquisition Holdings, LLC

 

(7)(12)

 

First Lien Delayed Draw Term Loan

 

S + 4.75%

 

8.42%

 

11/12/2032

 

 

539

 

 

 

(1

)

 

 

(3

)

 

 

—

 

 

Tarrytown Acquisition Holdings, LLC

 

(7)(12)

 

First Lien Revolver

 

S + 4.75%

 

8.42%

 

11/12/2032

 

 

377

 

 

 

(2

)

 

 

(2

)

 

 

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2,067

 

 

 

2,068

 

 

 

3.02

 

 

Healthcare Providers and Services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

123Dentist Inc.

 

(6)(8)(12)

 

First Lien Delayed Draw Term Loan

 

C + 5.00%

 

7.27%

 

8/10/2029

 

 

CAD 3,976

 

 

 

2,870

 

 

 

2,897

 

 

 

4.23

 

 

AB Centers Acquisition Corporation

 

(8)(12)

 

First Lien Term Loan

 

S + 5.25%

 

8.92%

 

7/2/2031

 

 

2,431

 

 

 

2,416

 

 

 

2,422

 

 

 

3.53

 

 

Premise Health Holding Corp.

 

(8)(12)

 

First Lien Term Loan

 

S + 4.50%

 

8.15%

 

11/8/2032

 

 

190

 

 

 

189

 

 

 

189

 

 

 

0.28

 

 

Premise Health Holding Corp.

 

(7)(12)

 

First Lien Delayed Draw Term Loan

 

S + 4.75%

 

8.40%

 

11/8/2032

 

 

80

 

 

 

—

 

 

 

—

 

 

 

—

 

 

Premise Health Holding Corp.

 

(7)(12)

 

First Lien Revolver

 

S + 4.50%

 

8.15%

 

11/6/2031

 

 

19

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

5,475

 

 

 

5,508

 

 

 

8.04

 

 

Hotels, Restaurants and Leisure

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Movati Athletic (Group) Inc.

 

(6)(8)(11)

 

First Lien Term Loan

 

C + 4.50%

 

7.09%

 

5/29/2030

 

 

CAD 487

 

 

 

353

 

 

 

350

 

 

 

0.51

 

 

Movati Athletic (Group) Inc.

 

(6)(7)(11)

 

First Lien Delayed Draw Term Loan

 

C + 4.50%

 

7.09%

 

5/29/2030

 

 

CAD 113

 

 

 

(1

)

 

 

(1

)

 

 

—

 

 

Movati Athletic (Group) Inc.

 

(6)(7)(11)

 

First Lien Revolver

 

C + 4.50%

 

7.09%

 

5/29/2030

 

 

CAD 85

 

 

 

—

 

 

 

(1

)

 

 

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

352

 

 

 

348

 

 

 

0.51

 

 

 

23


Table of Contents

ANTARES STRATEGIC CREDIT FUND II LLC

CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)

December 31, 2025

(in thousands)

 

Investments (1)

 

Footnotes

 

Asset Type

 

Reference Rate and Spread (2)

 

Interest Rate

 

Maturity Date

 

Par Amount

 

 

Amortized Cost (4)

 

 

Fair Value

 

 

Percentage of Net Assets

 

 

Household Products

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Wu Holdco, Inc.

 

(8)(12)

 

First Lien Term Loan

 

S + 4.75%

 

8.40%

 

4/19/2032

 

$

3,782

 

 

$

3,772

 

 

$

3,772

 

 

 

5.50

 

 %

Wu Holdco, Inc.

 

(7)(12)

 

First Lien Delayed Draw Term Loan

 

S + 4.75%

 

8.40%

 

4/19/2032

 

 

922

 

 

 

(2

)

 

 

(2

)

 

 

—

 

 

Wu Holdco, Inc.

 

(7)(12)

 

First Lien Revolver

 

S + 4.75%

 

8.40%

 

4/19/2032

 

 

287

 

 

 

24

 

 

 

24

 

 

 

0.04

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

3,794

 

 

 

3,794

 

 

 

5.54

 

 

Industrial Conglomerates

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Harvey Tool Company, LLC

 

(8)(12)

 

First Lien Term Loan

 

S + 4.75%

 

8.42%

 

8/6/2032

 

 

893

 

 

 

887

 

 

 

882

 

 

 

1.29

 

 

Harvey Tool Company, LLC

 

(7)(12)

 

First Lien Delayed Draw Term Loan

 

S + 4.75%

 

8.42%

 

10/26/2027

 

 

391

 

 

 

(1

)

 

 

(5

)

 

 

(0.01

)

 

Harvey Tool Company, LLC

 

(7)(12)

 

First Lien Revolver

 

S + 4.75%

 

8.42%

 

10/26/2027

 

 

117

 

 

 

—

 

 

 

(1

)

 

 

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

886

 

 

 

876

 

 

 

1.28

 

 

Insurance

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

AmeriLife Holdings LLC

 

(8)(12)

 

First Lien Term Loan

 

S + 5.00%

 

8.65%

 

8/31/2029

 

 

2,433

 

 

 

2,428

 

 

 

2,427

 

 

 

3.54

 

 

AmeriLife Holdings LLC

 

(7)(12)

 

First Lien Delayed Draw Term Loan

 

S + 5.00%

 

8.65%

 

8/31/2029

 

 

2,130

 

 

 

1,249

 

 

 

1,248

 

 

 

1.82

 

 

AmeriLife Holdings LLC

 

(7)(12)

 

First Lien Revolver

 

S + 5.00%

 

8.65%

 

8/31/2028

 

 

410

 

 

 

67

 

 

 

67

 

 

 

0.10

 

 

Bellwether Buyer, L.L.C.

 

(8)(12)

 

First Lien Term Loan

 

S + 4.50%

 

8.17%

 

4/15/2032

 

 

2,091

 

 

 

2,087

 

 

 

2,086

 

 

 

3.04

 

 

Bellwether Buyer, L.L.C.

 

(7)(12)

 

First Lien Delayed Draw Term Loan

 

S + 4.50%

 

8.17%

 

4/15/2032

 

 

1,089

 

 

 

(2

)

 

 

(3

)

 

 

—

 

 

Bellwether Buyer, L.L.C.

 

(7)(12)

 

First Lien Revolver

 

S + 4.50%

 

8.17%

 

4/15/2032

 

 

436

 

 

 

(1

)

 

 

(1

)

 

 

—

 

 

Foundation Risk Partners, Corp.

 

(7)(12)

 

First Lien Delayed Draw Term Loan

 

S + 4.75%

 

8.40%

 

10/29/2030

 

 

4,000

 

 

 

2,319

 

 

 

2,333

 

 

 

3.40

 

 

HIG Operations Holdings, Inc.

 

(8)(11)

 

First Lien Term Loan

 

S + 4.50%

 

8.17%

 

6/11/2031

 

 

1,340

 

 

 

1,339

 

 

 

1,336

 

 

 

1.95

 

 

HIG Operations Holdings, Inc.

 

(7)(11)

 

First Lien Delayed Draw Term Loan

 

S + 4.50%

 

8.17%

 

6/11/2031

 

 

216

 

 

 

—

 

 

 

—

 

 

 

—

 

 

Patriot Growth Insurance Services, LLC

 

(8)(12)

 

First Lien Term Loan

 

S + 5.00%

 

8.80%

 

10/16/2028

 

 

4,610

 

 

 

4,589

 

 

 

4,610

 

 

 

6.73

 

 

Patriot Growth Insurance Services, LLC

 

(7)(12)

 

First Lien Revolver

 

S + 5.00%

 

8.75%

 

10/16/2028

 

 

354

 

 

 

(2

)

 

 

—

 

 

 

—

 

 

World Insurance Associates, LLC

 

(8)(11)

 

First Lien Term Loan

 

S + 5.00%

 

8.65%

 

4/3/2030

 

 

2,878

 

 

 

2,864

 

 

 

2,871

 

 

 

4.19

 

 

World Insurance Associates, LLC

 

(7)(11)

 

First Lien Delayed Draw Term Loan

 

S + 5.00%

 

8.65%

 

4/3/2030

 

 

1,025

 

 

 

571

 

 

 

573

 

 

 

0.84

 

 

World Insurance Associates, LLC

 

(7)(11)

 

First Lien Revolver

 

S + 5.00%

 

8.65%

 

4/3/2030

 

 

75

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

17,508

 

 

 

17,547

 

 

 

25.61

 

 

IT Services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

OEConnection LLC

 

(8)(13)

 

First Lien Term Loan

 

S + 4.50%

 

8.17%

 

12/23/2032

 

 

1,149

 

 

 

1,146

 

 

 

1,150

 

 

 

1.68

 

 

OEConnection LLC

 

(7)(13)

 

First Lien Delayed Draw Term Loan

 

S + 4.50%

 

8.17%

 

12/23/2032

 

 

4,674

 

 

 

4

 

 

 

8

 

 

 

0.01

 

 

OEConnection LLC

 

(7)(13)

 

First Lien Revolver

 

S + 4.50%

 

8.17%

 

12/23/2032

 

 

178

 

 

 

—

 

 

 

—

 

 

 

—

 

 

Ridge Trail US Bidco, Inc.

 

(8)(12)

 

First Lien Term Loan

 

S + 4.50%

 

8.08%

 

9/30/2031

 

 

1,017

 

 

 

1,010

 

 

 

1,010

 

 

 

1.47

 

 

Ridge Trail US Bidco, Inc.

 

(7)(12)

 

First Lien Delayed Draw Term Loan

 

S + 4.50%

 

8.08%

 

9/30/2031

 

 

354

 

 

 

(2

)

 

 

(3

)

 

 

—

 

 

Ridge Trail US Bidco, Inc.

 

(7)(12)

 

First Lien Revolver

 

S + 4.50%

 

8.08%

 

3/31/2031

 

 

118

 

 

 

31

 

 

 

31

 

 

 

0.05

 

 

Safety Borrower Holdings LLC

 

(8)(11)

 

First Lien Term Loan

 

S + 4.75%

 

8.42%

 

12/19/2032

 

 

359

 

 

 

358

 

 

 

358

 

 

 

0.52

 

 

Safety Borrower Holdings LLC

 

(7)(13)

 

First Lien Delayed Draw Term Loan

 

S + 4.75%

 

8.42%

 

12/19/2032

 

 

138

 

 

 

—

 

 

 

—

 

 

 

—

 

 

Safety Borrower Holdings LLC

 

(7)(11)

 

First Lien Revolver

 

S + 4.75%

 

8.42%

 

12/19/2032

 

 

41

 

 

 

2

 

 

 

2

 

 

 

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2,549

 

 

 

2,556

 

 

 

3.73

 

 

 

24


Table of Contents

ANTARES STRATEGIC CREDIT FUND II LLC

CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)

December 31, 2025

(in thousands)

 

Investments (1)

 

Footnotes

 

Asset Type

 

Reference Rate and Spread (2)

 

Interest Rate

 

Maturity Date

 

Par Amount

 

 

Amortized Cost (4)

 

 

Fair Value

 

 

Percentage of Net Assets

 

 

Media

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Real Chemistry Intermediate III, Inc.

 

(8)(13)

 

First Lien Term Loan

 

S + 4.50%

 

8.15%

 

4/12/2032

 

$

2,588

 

 

$

2,582

 

 

$

2,588

 

 

 

3.78

 

 %

Real Chemistry Intermediate III, Inc.

 

(7)(8)(13)

 

First Lien Delayed Draw Term Loan

 

S + 4.50%

 

8.15%

 

4/12/2032

 

 

1,150

 

 

 

624

 

 

 

627

 

 

 

0.91

 

 

Real Chemistry Intermediate III, Inc.

 

(7)(13)

 

First Lien Revolver

 

S + 4.50%

 

8.15%

 

4/12/2032

 

 

575

 

 

 

(1

)

 

 

—

 

 

 

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

3,205

 

 

 

3,215

 

 

 

4.69

 

 

Pharmaceuticals

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Bridges Consumer Healthcare Intermediate LLC

 

(8)(11)

 

First Lien Term Loan

 

S + 5.25%

 

8.83%

 

12/22/2031

 

 

2,872

 

 

 

2,858

 

 

 

2,872

 

 

 

4.19

 

 

Bridges Consumer Healthcare Intermediate LLC

 

(7)(8)(11)

 

First Lien Delayed Draw Term Loan

 

S + 5.25%

 

8.83%

 

12/22/2031

 

 

1,369

 

 

 

1,087

 

 

 

1,093

 

 

 

1.59

 

 

Bridges Consumer Healthcare Intermediate LLC

 

(7)(11)

 

First Lien Revolver

 

S + 5.25%

 

8.83%

 

12/22/2031

 

 

551

 

 

 

(3

)

 

 

—

 

 

 

—

 

 

Puma Buyer, LLC

 

(8)(13)

 

First Lien Term Loan

 

S + 4.25%

 

7.90%

 

3/29/2032

 

 

3,731

 

 

 

3,722

 

 

 

3,722

 

 

 

5.43

 

 

Puma Buyer, LLC

 

(7)(13)

 

First Lien Revolver

 

S + 4.25%

 

7.90%

 

3/29/2032

 

 

643

 

 

 

(2

)

 

 

(2

)

 

 

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

7,662

 

 

 

7,685

 

 

 

11.21

 

 

Professional Services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Analytic Partners, LP

 

(8)(12)

 

First Lien Term Loan

 

S + 4.50%

 

8.17%

 

4/4/2030

 

 

1,748

 

 

 

1,744

 

 

 

1,748

 

 

 

2.55

 

 

Analytic Partners, LP

 

(7)(12)

 

First Lien Revolver

 

S + 4.50%

 

8.17%

 

4/4/2030

 

 

239

 

 

 

(1

)

 

 

—

 

 

 

—

 

 

Applied Technical Services, LLC

 

(8)(12)

 

First Lien Term Loan

 

S + 5.25%

 

8.90%

 

4/8/2031

 

 

4,139

 

 

 

4,121

 

 

 

4,139

 

 

 

6.04

 

 

Applied Technical Services, LLC

 

(7)(12)

 

First Lien Delayed Draw Term Loan

 

S + 5.25%

 

8.90%

 

4/8/2031

 

 

419

 

 

 

145

 

 

 

146

 

 

 

0.21

 

 

Applied Technical Services, LLC

 

(7)(12)

 

First Lien Revolver

 

S + 5.25%

 

8.90%

 

4/8/2031

 

 

420

 

 

 

32

 

 

 

34

 

 

 

0.05

 

 

Grant Thornton Advisors LLC

 

(5)(6)(8)(14)

 

First Lien Term Loan

 

S + 3.00%

 

6.67%

 

6/2/2031

 

 

1,247

 

 

 

1,250

 

 

 

1,253

 

 

 

1.83

 

 

Iris Buyer LLC

 

(7)(11)

 

First Lien Delayed Draw Term Loan

 

S + 5.25%

 

8.90%

 

10/2/2030

 

 

749

 

 

 

513

 

 

 

517

 

 

 

0.75

 

 

OMNIA Partners, LLC

 

(5)(8)(14)

 

First Lien Term Loan

 

S + 2.75%

 

6.40%

 

12/31/2032

 

 

1,050

 

 

 

1,050

 

 

 

1,055

 

 

 

1.54

 

 

Propio LS, LLC

 

(8)(12)

 

First Lien Term Loan

 

S + 4.75%

 

8.42%

 

5/10/2030

 

 

4,842

 

 

 

4,820

 

 

 

4,818

 

 

 

7.03

 

 

Propio LS, LLC

 

(7)(12)

 

First Lien Revolver

 

S + 4.75%

 

8.40%

 

5/10/2030

 

 

133

 

 

 

58

 

 

 

58

 

 

 

0.08

 

 

Rimkus Consulting Group, Inc.

 

(8)(12)

 

First Lien Term Loan

 

S + 5.25%

 

8.90%

 

4/1/2031

 

 

1,774

 

 

 

1,774

 

 

 

1,721

 

 

 

2.51

 

 

Rimkus Consulting Group, Inc.

 

(7)(12)

 

First Lien Delayed Draw Term Loan

 

S + 5.25%

 

8.90%

 

4/1/2031

 

 

458

 

 

 

109

 

 

 

95

 

 

 

0.14

 

 

Rimkus Consulting Group, Inc.

 

(7)(12)

 

First Lien Revolver

 

S + 5.25%

 

8.90%

 

4/1/2030

 

 

245

 

 

 

61

 

 

 

54

 

 

 

0.08

 

 

Sedgwick Claims Management Services, Inc. (Lightning Cayman Merger Sub, Ltd.)

 

(5)(8)(14)

 

First Lien Term Loan

 

S + 2.50%

 

6.17%

 

7/31/2031

 

 

997

 

 

 

997

 

 

 

1,002

 

 

 

1.46

 

 

USRP Holdings, Inc.

 

(8)(12)

 

First Lien Term Loan

 

S + 5.00%

 

8.67%

 

12/31/2029

 

 

3,135

 

 

 

3,135

 

 

 

3,135

 

 

 

4.57

 

 

USRP Holdings, Inc.

 

(7)(8)(12)

 

First Lien Delayed Draw Term Loan

 

S + 5.00%

 

8.67%

 

12/31/2029

 

 

1,010

 

 

 

447

 

 

 

447

 

 

 

0.65

 

 

USRP Holdings, Inc.

 

(7)(12)

 

First Lien Revolver

 

S + 5.00%

 

8.67%

 

12/31/2029

 

 

328

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

20,255

 

 

 

20,222

 

 

 

29.49

 

 

 

25


Table of Contents

ANTARES STRATEGIC CREDIT FUND II LLC

CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)

December 31, 2025

(in thousands)

 

Investments (1)

 

Footnotes

 

Asset Type

 

Reference Rate and Spread (2)

 

Interest Rate

 

Maturity Date

 

Par Amount

 

 

Amortized Cost (4)

 

 

Fair Value

 

 

Percentage of Net Assets

 

 

Software

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Articulate Global, LLC

 

(8)(13)

 

First Lien Term Loan

 

S + 4.25%

 

7.92%

 

10/25/2032

 

$

4,507

 

 

$

4,496

 

 

$

4,496

 

 

 

6.56

 

 %

Articulate Global, LLC

 

(7)(13)

 

First Lien Revolver

 

S + 4.25%

 

7.92%

 

10/25/2032

 

 

451

 

 

 

1

 

 

 

(1

)

 

 

—

 

 

Boxer Parent Company Inc.

 

(5)(8)(14)

 

First Lien Term Loan

 

S + 3.00%

 

6.65%

 

7/30/2031

 

 

997

 

 

 

989

 

 

 

996

 

 

 

1.45

 

 

Camelot U.S. Acquisition LLC

 

(5)(6)(8)(14)

 

First Lien Term Loan

 

S + 2.75%

 

6.42%

 

1/31/2031

 

 

1,000

 

 

 

984

 

 

 

989

 

 

 

1.44

 

 

Edition Holdings, Inc.

 

(8)(12)

 

First Lien Term Loan

 

S + 4.50%

 

8.15%

 

12/20/2032

 

 

1,318

 

 

 

1,316

 

 

 

1,315

 

 

 

1.92

 

 

Edition Holdings, Inc.

 

(7)(12)

 

First Lien Delayed Draw Term Loan

 

S + 4.50%

 

8.15%

 

12/20/2032

 

 

548

 

 

 

—

 

 

 

(1

)

 

 

—

 

 

Edition Holdings, Inc.

 

(7)(12)

 

First Lien Revolver

 

S + 4.50%

 

8.15%

 

12/20/2032

 

 

134

 

 

 

—

 

 

 

—

 

 

 

—

 

 

Fourth Enterprises, LLC

 

(8)(12)

 

First Lien Term Loan

 

S + 4.50%

 

8.17%

 

3/21/2031

 

 

3,097

 

 

 

3,082

 

 

 

3,081

 

 

 

4.50

 

 

Fourth Enterprises, LLC

 

(7)(12)

 

First Lien Delayed Draw Term Loan

 

S + 4.50%

 

8.17%

 

3/21/2031

 

 

602

 

 

 

(3

)

 

 

(3

)

 

 

—

 

 

Fourth Enterprises, LLC

 

(7)(12)

 

First Lien Revolver

 

S + 4.50%

 

8.17%

 

3/21/2031

 

 

278

 

 

 

21

 

 

 

21

 

 

 

0.03

 

 

Genesys Cloud Services Holdings I, LLC

 

(5)(8)(14)

 

First Lien Term Loan

 

S + 2.50%

 

6.17%

 

1/30/2032

 

 

499

 

 

 

492

 

 

 

498

 

 

 

0.73

 

 

KPA Parent Holdings, Inc.

 

(8)(12)

 

First Lien Term Loan

 

S + 4.50%

 

8.17%

 

3/12/2032

 

 

4,023

 

 

 

4,003

 

 

 

4,023

 

 

 

5.87

 

 

KPA Parent Holdings, Inc.

 

(7)(12)

 

First Lien Delayed Draw Term Loan

 

S + 4.50%

 

8.17%

 

3/12/2032

 

 

575

 

 

 

(3

)

 

 

—

 

 

 

—

 

 

KPA Parent Holdings, Inc.

 

(7)(12)

 

First Lien Revolver

 

S + 4.50%

 

8.17%

 

3/12/2032

 

 

402

 

 

 

(2

)

 

 

—

 

 

 

—

 

 

Maverick Bidco Inc.

 

(8)(12)

 

First Lien Term Loan

 

S + 4.75%

 

8.40%

 

12/2/2031

 

 

2,150

 

 

 

2,145

 

 

 

2,145

 

 

 

3.13

 

 

Maverick Bidco Inc.

 

(7)(12)

 

First Lien Delayed Draw Term Loan

 

S + 4.75%

 

8.40%

 

12/2/2031

 

 

108

 

 

 

—

 

 

 

—

 

 

 

—

 

 

Maverick Bidco Inc.

 

(7)(12)

 

First Lien Revolver

 

S + 4.75%

 

8.40%

 

12/2/2031

 

 

86

 

 

 

—

 

 

 

—

 

 

 

—

 

 

Monotype Imaging Holdings Inc.

 

(8)(12)

 

First Lien Term Loan

 

S + 5.25%

 

8.92%

 

2/28/2031

 

 

744

 

 

 

744

 

 

 

744

 

 

 

1.09

 

 

MRI Software LLC

 

(8)(11)

 

First Lien Term Loan

 

S + 4.75%

 

8.40%

 

2/10/2028

 

 

722

 

 

 

720

 

 

 

722

 

 

 

1.05

 

 

MRI Software LLC

 

(7)(11)

 

First Lien Revolver

 

S + 4.75%

 

8.40%

 

2/10/2028

 

 

22

 

 

 

4

 

 

 

4

 

 

 

0.01

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

18,989

 

 

 

19,029

 

 

 

27.78

 

 

Textiles, Apparel and Luxury Goods

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Varsity Brands, Inc.

 

(5)(8)(14)

 

First Lien Term Loan

 

S + 3.00%

 

6.65%

 

8/26/2031

 

 

997

 

 

 

1,001

 

 

 

1,002

 

 

 

1.46

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,001

 

 

 

1,002

 

 

 

1.46

 

 

Trading Companies and Distributors

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Kele Holdco, Inc.

 

(8)(11)

 

First Lien Term Loan

 

S + 4.50%

 

8.17%

 

2/20/2028

 

 

671

 

 

 

669

 

 

 

671

 

 

 

0.98

 

 

Kele Holdco, Inc.

 

(7)(11)

 

First Lien Revolver

 

S + 4.50%

 

8.17%

 

2/20/2028

 

 

75

 

 

 

11

 

 

 

11

 

 

 

0.02

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

680

 

 

 

682

 

 

 

1.00

 

 

Wireless Telecommunication Services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

CCI Buyer, Inc.

 

(8)(12)

 

First Lien Term Loan

 

S + 5.00%

 

8.65%

 

5/13/2032

 

 

4,712

 

 

 

4,690

 

 

 

4,689

 

 

 

6.84

 

 

CCI Buyer, Inc.

 

(7)(12)

 

First Lien Revolver

 

S + 5.00%

 

8.65%

 

5/13/2032

 

 

276

 

 

 

(1

)

 

 

(1

)

 

 

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

4,689

 

 

 

4,688

 

 

 

6.84

 

 

Total Secured Debt Investments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

148,636

 

 

 

148,839

 

 

 

217.18

 

 

 

26


Table of Contents

ANTARES STRATEGIC CREDIT FUND II LLC

CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)

December 31, 2025

(in thousands)

 

Investments (1)

 

Footnotes

 

Asset Type

 

Reference Rate and Spread (2)

 

Interest Rate

 

Maturity Date

 

Par Amount

 

 

Amortized Cost (4)

 

 

Fair Value

 

 

Percentage of Net Assets

 

 

Unsecured Debt Investments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

IT Services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

OEC Holdco, LLC

 

(14)

 

Subordinated Unsecured Term Loan

 

N/A

 

11.00% PIK

 

12/30/2035

 

$

500

 

 

$

490

 

 

$

501

 

 

 

0.73

 

 %

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

490

 

 

 

501

 

 

 

0.73

 

 

Total Unsecured Debt Investments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

490

 

 

 

501

 

 

 

0.73

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity Investments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commercial Services and Supplies

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

REP Summit Coinvest IV, L.P.

 

(10)

 

LP Units

 

—

 

—

 

—

 

 

108

 

 

 

108

 

 

 

108

 

 

 

0.16

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

108

 

 

 

108

 

 

 

0.16

 

 

Diversified Consumer Services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

EXPG Holdings, L.P.

 

(3)(10)

 

Common

 

—

 

—

 

—

 

 

—

 

 

 

69

 

 

 

69

 

 

 

0.10

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

69

 

 

 

69

 

 

 

0.10

 

 

Health Care Technology

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

FH VH Parent, L.P.

 

(10)

 

Common

 

—

 

—

 

—

 

 

98

 

 

 

141

 

 

 

141

 

 

 

0.21

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

141

 

 

 

141

 

 

 

0.21

 

 

Total Equity Investments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

318

 

 

 

318

 

 

 

0.47

 

 

Total Investments - non-controlled/non-affiliated

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

149,444

 

 

 

149,658

 

 

 

218.38

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Short-Term Investments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

BlackRock Liquidity T-Fund - Institutional Shares

 

(8)

 

 

 

—

 

—

 

—

 

 

 

 

 

3,585

 

 

 

3,585

 

 

 

5.23

 

 

Total Short-Term Investments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

3,585

 

 

 

3,585

 

 

 

5.23

 

 

Total Investments at fair value

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

153,029

 

 

$

153,243

 

 

 

223.61

 

%

 

27


Table of Contents

ANTARES STRATEGIC CREDIT FUND II LLC

CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)

December 31, 2025

(in thousands)

 

1.
Unless otherwise indicated, issuers of debt and equity investments held by the Company (which such term “Company” shall include the Company’s consolidated subsidiaries for purposes of this Consolidated Schedule of Investments) are denominated in dollars. All debt investments are income producing unless otherwise indicated. All equity investments are non-income producing unless otherwise noted. Certain portfolio company investments are subject to contractual restrictions on sales. The total par amount is presented for debt investments and the number of shares or units owned is presented for equity investments.
2.
The majority of the investments bear interest at a rate that may be determined by reference to the Secured Overnight Financing Rate (“SOFR” or “S”), Canadian Overnight Repo Rate Average (“CORRA” or “C”), or other relevant benchmark, which reset daily, monthly, quarterly, semi-annually or annually. For each such investment, the Company has provided the spread over reference rates and the current contractual interest rate in effect on December 31, 2025. Certain investments are subject to an interest rate floor, or rate cap. Certain investments contain a PIK provision. SOFR and CORRA based contracts may include a credit spread adjustment, which is included within the stated all-in interest rate, if applicable, that is charged in addition to the base rate and the stated spread.
3.
Investments with par value / shares less than 500 shown as zero.
4.
The cost represents the original cost adjusted for the amortization of discounts and premiums, as applicable, on debt investments using the effective interest method in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”).
5.
These investments were not valued using unobservable inputs and are not considered Level 3 investments. Fair value was determined in good faith by the Adviser as the Company’s valuation designee, subject to the oversight of the Board of Directors (the “Board”) (see Note 2 and Note 5), pursuant to the Company’s valuation policy.
6.
The investment is not a qualifying asset, in whole or in part, under Section 55(a) of the 1940 Act. The Company may not acquire any non-qualifying asset unless, at the time of acquisition, qualifying assets represent at least 70% of the Company’s total assets. As of December 31, 2025, non-qualifying assets represented 5.95% of total assets as calculated in accordance with regulatory requirements.
7.
Position or portion thereof is an unfunded loan commitment, and no interest is being earned on the unfunded portion, although the investment may be subject to unused commitment fees. Negative cost and fair value results from unamortized fees, which are capitalized to the investment cost. The unfunded loan commitment may be subject to a commitment termination date that may expire prior to the maturity date stated. Such commitments are subject to the satisfaction of certain conditions set forth in the documents governing these loans and letters of credit and there can be no assurance that such conditions will be satisfied. See below and Note 7 to the Consolidated Financial Statements for more information on the Company’s unfunded commitments.
8.
Position or portion thereof is pledged as collateral under the Citi Facility (as defined below).
9.
Short-term investments amounting to $3,585 are invested in money market funds (BlackRock Liquidity T-Fund - Institutional Shares) and would be categorized as Level 1 under the ASC 820 fair value level hierarchy as of December 31, 2025.
10.
Security exempt from registration under the Securities Act of 1933 (the “Securities Act”), and may be deemed to be “restricted securities” under the Securities Act. As of December 31, 2025, the aggregate fair value of these securities is $318 or 0.47% of the Company’s net assets. The acquisition dates of these restricted securities are as follows:

 

Portfolio Company

 

Investment

 

Acquisition Date

EXPG Holdings, L.P.

 

 Common

 

December 10, 2025

FH VH Parent, L.P.

 

 Common

 

October 31, 2025

REP Summit Coinvest IV, L.P.

 

 Common

 

December 31, 2025

 

11.
Loan includes interest floor of 1.00%.
12.
Loan includes interest floor of 0.75%.
13.
Loan includes interest floor of 0.50%.
14.
Loan includes interest floor of 0.00%.

 

28


Table of Contents

ANTARES STRATEGIC CREDIT FUND II LLC

CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)

December 31, 2025

(in thousands)

 

As of December 31, 2025, the Company had the following commitments to fund various revolving loans and delayed draw loans. Such commitments, also included in the Consolidated Schedule of Investments above, are subject to the satisfaction of certain conditions set forth in the documents governing these loans. See Note 7 to the Consolidated Financial Statements for more information on the Company’s unfunded commitments.

 

Investments—non-controlled/non-affiliated

 

Commitment Type

 

Commitment
Expiration Date

 

Unfunded
Commitment
(1)

 

 

Fair
Value
 (1)

 

AmeriLife Holdings LLC

 

Delayed Draw Term Loan

 

6/18/2026

 

$

876

 

 

$

(2

)

AmeriLife Holdings LLC

 

Revolver

 

8/31/2028

 

 

341

 

 

 

(1

)

Analytic Partners, LP

 

Revolver

 

4/4/2030

 

 

239

 

 

 

—

 

Apex Service Partners, LLC

 

Delayed Draw Term Loan

 

11/21/2027

 

 

1,500

 

 

 

(11

)

Apex Service Partners, LLC

 

Revolver

 

10/24/2029

 

 

44

 

 

 

—

 

Applied Technical Services, LLC

 

Delayed Draw Term Loan

 

4/8/2026

 

 

273

 

 

 

—

 

Applied Technical Services, LLC

 

Revolver

 

4/8/2031

 

 

386

 

 

 

—

 

Aprio Advisory Group, LLC

 

Delayed Draw Term Loan

 

12/24/2027

 

 

1,500

 

 

 

(1

)

Aprio Advisory Group, LLC

 

Revolver

 

8/1/2031

 

 

132

 

 

 

—

 

Articulate Global, LLC

 

Revolver

 

10/25/2032

 

 

451

 

 

 

(1

)

Aurora Plastics, LLC

 

Revolver

 

8/12/2030

 

 

485

 

 

 

(2

)

Bellwether Buyer, L.L.C.

 

Delayed Draw Term Loan

 

10/16/2027

 

 

1,089

 

 

 

(3

)

Bellwether Buyer, L.L.C.

 

Revolver

 

4/15/2032

 

 

436

 

 

 

(1

)

Bridges Consumer Healthcare Intermediate LLC

 

Delayed Draw Term Loan

 

12/21/2026

 

 

275

 

 

 

—

 

Bridges Consumer Healthcare Intermediate LLC

 

Revolver

 

12/22/2031

 

 

551

 

 

 

—

 

CCI Buyer, Inc.

 

Revolver

 

5/13/2032

 

 

276

 

 

 

(1

)

Cerity Partners Equity Holding LLC

 

Delayed Draw Term Loan

 

12/20/2027

 

 

1,376

 

 

 

(3

)

Cerity Partners Equity Holding LLC

 

Revolver

 

7/28/2031

 

 

157

 

 

 

—

 

CPC/Cirtec Holdings, Inc.

 

Revolver

 

10/31/2028

 

 

468

 

 

 

—

 

CRS Midco Holdings, LLC

 

Delayed Draw Term Loan

 

12/31/2027

 

 

385

 

 

 

(2

)

CRS Midco Holdings, LLC

 

Revolver

 

12/31/2032

 

 

231

 

 

 

(1

)

Edition Holdings, Inc.

 

Delayed Draw Term Loan

 

12/20/2027

 

 

548

 

 

 

(1

)

Edition Holdings, Inc.

 

Revolver

 

12/20/2032

 

 

134

 

 

 

—

 

ExperiGreen Intermediate Holdings, Inc.

 

Delayed Draw Term Loan

 

12/10/2027

 

 

826

 

 

 

(4

)

ExperiGreen Intermediate Holdings, Inc.

 

Revolver

 

12/10/2032

 

 

422

 

 

 

(2

)

F&M Buyer LLC

 

Delayed Draw Term Loan

 

3/19/2027

 

 

796

 

 

 

—

 

F&M Buyer LLC

 

Revolver

 

3/18/2032

 

 

348

 

 

 

—

 

Foreside Financial Group, LLC

 

Delayed Draw Term Loan

 

3/13/2026

 

 

1,640

 

 

 

(4

)

Foundation Risk Partners, Corp.

 

Delayed Draw Term Loan

 

2/26/2027

 

 

1,667

 

 

 

—

 

Fourth Enterprises, LLC

 

Delayed Draw Term Loan

 

3/21/2027

 

 

602

 

 

 

(3

)

Fourth Enterprises, LLC

 

Revolver

 

3/21/2031

 

 

256

 

 

 

(1

)

Halo Buyer, Inc.

 

Revolver

 

8/7/2029

 

 

209

 

 

 

(3

)

Harvey Tool Company, LLC

 

Delayed Draw Term Loan

 

6/28/2026

 

 

391

 

 

 

(5

)

Harvey Tool Company, LLC

 

Revolver

 

10/26/2027

 

 

117

 

 

 

(1

)

HIG Operations Holdings, Inc.

 

Delayed Draw Term Loan

 

9/30/2026

 

 

216

 

 

 

(1

)

 

29


Table of Contents

ANTARES STRATEGIC CREDIT FUND II LLC

CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)

December 31, 2025

(in thousands)

 

Investments—non-controlled/non-affiliated

 

Commitment Type

 

Commitment
Expiration Date

 

Unfunded
Commitment
(1)

 

 

Fair
Value
 (1)

 

Integrated Power Services Holdings, Inc.

 

Delayed Draw Term Loan

 

5/7/2026

 

$

364

 

 

$

(1

)

Invictus Buyer, LLC

 

Delayed Draw Term Loan

 

6/4/2026

 

 

530

 

 

 

—

 

Invictus Buyer, LLC

 

Revolver

 

6/3/2031

 

 

196

 

 

 

—

 

Iris Buyer LLC

 

Delayed Draw Term Loan

 

8/5/2026

 

 

232

 

 

 

—

 

Kele Holdco, Inc.

 

Revolver

 

2/20/2028

 

 

63

 

 

 

—

 

Kenco PPC Buyer LLC

 

Revolver

 

11/15/2029

 

 

75

 

 

 

—

 

KPA Parent Holdings, Inc.

 

Delayed Draw Term Loan

 

3/15/2027

 

 

575

 

 

 

—

 

KPA Parent Holdings, Inc.

 

Revolver

 

3/12/2032

 

 

402

 

 

 

—

 

Lubricant Engineers

 

Delayed Draw Term Loan

 

3/31/2027

 

 

549

 

 

 

—

 

Lubricant Engineers

 

Revolver

 

9/1/2029

 

 

354

 

 

 

—

 

Maverick Bidco Inc.

 

Delayed Draw Term Loan

 

12/3/2027

 

 

108

 

 

 

—

 

Maverick Bidco Inc.

 

Revolver

 

12/2/2031

 

 

86

 

 

 

—

 

Minotaur Acquisition, Inc.

 

Revolver

 

6/3/2030

 

 

78

 

 

 

—

 

Monarch Finco, LLC

 

Delayed Draw Term Loan

 

5/1/2028

 

 

665

 

 

 

(3

)

Monarch Finco, LLC

 

Revolver

 

10/29/2032

 

 

66

 

 

 

—

 

Movati Athletic (Group) Inc.

 

Delayed Draw Term Loan

 

12/31/2027

 

 

82

 

 

 

(1

)

Movati Athletic (Group) Inc.

 

Revolver

 

5/29/2030

 

 

62

 

 

 

(1

)

MRI Software LLC

 

Revolver

 

2/10/2028

 

 

18

 

 

 

—

 

OEConnection LLC

 

Delayed Draw Term Loan

 

12/30/2026

 

 

4,674

 

 

 

8

 

OEConnection LLC

 

Revolver

 

12/23/2032

 

 

178

 

 

 

—

 

Onyx-Fire Protection Services Inc.

 

Delayed Draw Term Loan

 

7/31/2026

 

 

103

 

 

 

—

 

Onyx-Fire Protection Services Inc.

 

Revolver

 

7/31/2031

 

 

240

 

 

 

—

 

Patriot Growth Insurance Services, LLC

 

Revolver

 

10/16/2028

 

 

354

 

 

 

—

 

Polyphase Elevator Holding Company

 

Delayed Draw Term Loan

 

11/24/2027

 

 

60

 

 

 

—

 

Polyphase Elevator Holding Company

 

Revolver

 

11/24/2032

 

 

58

 

 

 

—

 

Premise Health Holding Corp.

 

Delayed Draw Term Loan

 

11/6/2027

 

 

80

 

 

 

—

 

Premise Health Holding Corp.

 

Revolver

 

11/6/2031

 

 

19

 

 

 

—

 

Propio LS, LLC

 

Revolver

 

5/10/2030

 

 

75

 

 

 

(1

)

Puma Buyer, LLC

 

Revolver

 

3/29/2032

 

 

643

 

 

 

(2

)

Real Chemistry Intermediate III, Inc.

 

Delayed Draw Term Loan

 

10/12/2027

 

 

523

 

 

 

—

 

Real Chemistry Intermediate III, Inc.

 

Revolver

 

4/12/2032

 

 

575

 

 

 

—

 

Ridge Trail US Bidco, Inc.

 

Delayed Draw Term Loan

 

3/31/2027

 

 

354

 

 

 

(3

)

Ridge Trail US Bidco, Inc.

 

Revolver

 

3/31/2031

 

 

86

 

 

 

(1

)

Rimkus Consulting Group, Inc.

 

Delayed Draw Term Loan

 

4/1/2026

 

 

349

 

 

 

(10

)

Rimkus Consulting Group, Inc.

 

Revolver

 

4/1/2030

 

 

184

 

 

 

(6

)

Ryan, LLC

 

Revolver

 

11/7/2030

 

 

54

 

 

 

(1

)

Saber Parent Holdings Corp.

 

Delayed Draw Term Loan

 

12/15/2028

 

 

497

 

 

 

(1

)

Saber Parent Holdings Corp.

 

Revolver

 

12/16/2032

 

 

248

 

 

 

(1

)

Safety Borrower Holdings LLC

 

Delayed Draw Term Loan

 

12/19/2027

 

 

138

 

 

 

—

 

Safety Borrower Holdings LLC

 

Revolver

 

12/19/2032

 

 

39

 

 

 

—

 

Sara Lee Frozen Bakery, LLC

 

Revolver

 

7/30/2027

 

 

669

 

 

 

(2

)

Swoop Intermediate III, Inc.

 

Delayed Draw Term Loan

 

10/12/2027

 

 

1,636

 

 

 

(4

)

Swoop Intermediate III, Inc.

 

Revolver

 

4/12/2032

 

 

545

 

 

 

(1

)

Tarrytown Acquisition Holdings, LLC

 

Delayed Draw Term Loan

 

11/15/2027

 

 

539

 

 

 

(3

)

 

30


Table of Contents

ANTARES STRATEGIC CREDIT FUND II LLC

CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)

December 31, 2025

(in thousands)

 

Investments—non-controlled/non-affiliated

 

Commitment Type

 

Commitment
Expiration Date

 

Unfunded
Commitment
(1)

 

 

Fair
Value
 (1)

 

Tarrytown Acquisition Holdings, LLC

 

Revolver

 

11/12/2032

 

$

377

 

 

$

(2

)

Trilon Group, LLC

 

Delayed Draw Term Loan

 

3/13/2027

 

 

130

 

 

 

(1

)

Unlimited Technology Holdings, LLC

 

Revolver

 

3/12/2032

 

 

176

 

 

 

—

 

USRP Holdings, Inc.

 

Delayed Draw Term Loan

 

8/28/2026

 

 

563

 

 

 

—

 

USRP Holdings, Inc.

 

Revolver

 

12/31/2029

 

 

329

 

 

 

—

 

Vatica Health, Inc.

 

Revolver

 

10/29/2032

 

 

223

 

 

 

(1

)

VPP Intermediate Holdings, LLC

 

Delayed Draw Term Loan

 

1/19/2027

 

 

1,147

 

 

 

(6

)

Wealth Enhancement Group, LLC

 

Delayed Draw Term Loan

 

12/30/2026

 

 

2,296

 

 

 

—

 

Wealth Enhancement Group, LLC

 

Revolver

 

10/2/2028

 

 

129

 

 

 

—

 

World Insurance Associates, LLC

 

Delayed Draw Term Loan

 

8/14/2026

 

 

449

 

 

 

(1

)

World Insurance Associates, LLC

 

Revolver

 

4/3/2030

 

 

75

 

 

 

—

 

Wu Holdco, Inc.

 

Delayed Draw Term Loan

 

4/16/2027

 

 

922

 

 

 

(2

)

Wu Holdco, Inc.

 

Revolver

 

4/19/2032

 

 

262

 

 

 

(1

)

Total Unfunded Commitments

 

 

 

 

 

$

44,146

 

 

$

(102

)

 

(1)
Foreign domiciled investments have been converted to U.S. Dollars based on prevailing rates at period-end.

 

See accompanying notes to the consolidated financial statements.

 

 

 

31


Table of Contents

 

ANTARES STRATEGIC CREDIT FUND II LLC

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

(in thousands, except share/per share data, percentages and as otherwise noted)

 

Note 1. Business and Organization

 

Antares Strategic Credit Fund II LLC (the “Company”) is a Delaware limited liability company formed on April 15, 2025, which commenced investment operations on July 18, 2025. The Company was organized to provide risk-adjusted returns and current income to shareholders by investing primarily in loans to borrowers in the United States and Canada. The Company’s investment strategy focuses primarily on private credit investments structured as portfolio loans to U.S. borrowers. A “portfolio loan” is a senior secured loan, which may be first lien, second lien or unitranche loans, consisting of term loans, related delayed draw term loans and/or revolving loans. Each tranche of a senior secured loan acquired by the Company is referred to as a portfolio loan. The Company is a non-diversified, closed-end management investment company that has elected to be regulated as a business development company (“BDC”) under the Investment Company Act of 1940, as amended (the “1940 Act”). In addition, the Company intends to elect to be treated and intends to comply with the requirements to qualify annually, as a regulated investment company (“RIC”) under the Internal Revenue Code of 1986, as amended (the “Code”). The Company is externally managed by Antares Capital Credit Advisers LLC (the “Adviser”). The Adviser is a registered investment adviser with the U.S. Securities and Exchange Commission (the “SEC”).

The Company is a private, perpetual-life BDC, whose common shares (“Common Shares”) are not listed for trading on a stock exchange or other securities market and is an investment vehicle with indefinite duration.

 

While the Company’s investment strategy primarily focuses on companies in the United States, the Company intends to also invest in companies in Canada, Europe and other locations outside the United States, subject to compliance with BDC requirements to invest at least 70% of assets in “eligible portfolio companies”. The Company may also invest in preferred equity or debt investments that may be accompanied by equity-related securities (such as options or warrants) and/or select common equity investments.

 

The Company’s investment strategy also includes a smaller allocation to more liquid credit investments such as broadly syndicated loans and corporate bonds, which may be used primarily to maintain liquidity for the Company’s share repurchase program and manage cash before investing subscription proceeds into originated loans, while also seeking attractive investment returns. The Company may also invest in publicly traded securities of larger corporate issuers on an opportunistic basis when market conditions create compelling potential return opportunities subject to compliance with BDC requirements.

The Company offers its Common Shares on a continuous basis via a private placement (“Private Offering”). Within the United States, the Common Shares are being offered solely to investors that are “accredited investors” as defined in Rule 501(a) of Regulation D promulgated under the Securities Act of 1933, as amended (the “1933 Act”). Outside of the United States, the Common Shares are being sold in accordance with Regulation S of the Securities Act.

The Company may enter into interest rate, foreign exchange, and/or other derivative arrangements to hedge against interest rate, currency, and/or other credit related risks through the use of futures, swaps, options and forward contracts. These hedging activities will be subject to the applicable legal and regulatory compliance requirements; however, there can be no assurance any hedging strategy employed will be successful. The Company may also seek to borrow capital in local currencies as a means of hedging non-U.S. dollar denominated investments.

Engaging in commodity interest transactions such as swap transactions or futures contracts for the Company may cause the Adviser to fall within the definition of “commodity pool operator” under the Commodity Exchange Act (the “CEA”) and related Commodity Futures Trading Commission (the “CFTC”) regulations. The Adviser has claimed an exclusion from the definition of the term “commodity pool operator” under the CEA and the CFTC regulations in connection with its management of the Company and, therefore, is not subject to CFTC registration or regulation under the CEA as a commodity pool operator with respect to its management of the Company.

The Company has formed wholly owned subsidiaries for the purpose of holding certain investments in portfolio companies. As of June 30, 2026, the Company’s wholly owned subsidiaries include: ASTII Funding SPV LLC (“A-Star II Funding SPV”), ASTII Master Fund LLC (“A-Star II Master Fund”) and ASTII Equity Holdings LLC (“A-Star II Equity”, and collectively with A-Star II Funding SPV and A-Star II Master Fund, the “Subsidiaries”). The Company consolidates its wholly owned subsidiaries in these consolidated financial statements from the date of the respective subsidiary’s formation.

 

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Note 2. Significant Accounting Policies

 

Basis of Presentation

Interim consolidated financial statements and related financial information have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and pursuant to the requirements for reporting on Form 10-Q and Articles 6-10 of Regulation S-X. The Company is considered an Investment Company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies in the Financial Accounting Standards Board Accounting Standards Codification (“ASC”) Topic 946, Financial Services – Investment Companies (“ASC 946”), and pursuant to Regulation S-X. The current period's results of operations will not necessarily be indicative of results that ultimately are achieved for the year ended December 31, 2026. In the opinion of management, all adjustments, which are of normal recurring nature, considered necessary for the fair statement of the consolidated financial statements for the periods presented, have been included.

Consolidation

As provided under ASC 946, the Company will not consolidate its investment in a company other than an investment company subsidiary or a controlled operating company whose business consists of providing services to the Company. Accordingly, the Company consolidated the accounts of the wholly owned subsidiaries in the consolidated financial statements. All intercompany balances have been eliminated.

 

Segment Reporting

 

In accordance with ASC Topic 280, Segment Reporting (“ASC 280”), the Company has determined that it has a single operating and reporting segment. As a result, the Company’s segment accounting policies are the same as described herein and the Company does not have any intra-segment sales and transfers of assets.

Use of Estimates

The preparation of the consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions about future economic and market conditions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements. Although the Company’s estimates contemplate current conditions and how they expect them to change in the future, it is reasonably possible that actual results could differ from those estimates and such difference could be material.

Cash

Cash consists of demand deposits and are carried at cost, which approximates fair value. The Company deposits its cash with financial institutions and, at times, may exceed the Federal Deposit Insurance Corporation insured limit.

Organization and Offering Expenses

Organization costs include costs relating to the formation and organization of the Company, and are expensed as incurred. Unreimbursed organization costs are included in "Due to affiliates" on the Consolidated Statements of Assets and Liabilities. For both the three and six months ended June 30, 2026, the Company did not incur any new organizational costs.

Costs associated with the Private Offering are capitalized and included as deferred offering costs on the Consolidated Statements of Assets and Liabilities and will be amortized over a twelve-month period beginning on the date which the Company first accepted capital contribution from unaffiliated shareholders in the Private Offering. For the three and six months ended June 30, 2026, the Company did not incur any new offering costs, and amortized $55 and $110, respectively, of offering costs during the period.

As of June 30, 2026 and December 31, 2025, $13 and $123, respectively, in deferred offering costs were included on the Consolidated Statements of Assets and Liabilities.

Investments

Investment transactions are recorded on the trade date. Realized gains or losses are measured by the difference between the net proceeds received (excluding prepayment fees, if any) and the amortized cost basis of the investment using the specific identification method without regard to unrealized gains or losses previously recognized, and include investments charged off during the period, net of recoveries. The net change in unrealized gains or losses primarily reflects the change in investment values, including the reversal of previously recorded unrealized gains or losses with respect to investments realized during the period.

Short-term investments

Short-term investments consist of highly liquid investments, such as money market funds, with original maturities of three months or less.

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Valuation of Investments

The Company is required to report its investments for which current market values are not readily available at fair value. The Company values its investments in accordance with ASC Topic 820, Fair Value Measurement (“ASC 820”), which defines fair value as the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the applicable measurement date. ASC 820 prioritizes the use of observable market prices derived from such prices over entity-specific inputs. Due to the inherent uncertainties of valuation, certain estimated fair values may differ significantly from the values that would have been realized had a ready market for these investments existed, and these differences could be material.

Investments for which market quotations are readily available are typically valued using mid-market pricing (i.e., mid-point of average bid and ask prices). The Adviser obtains these market quotations from independent pricing services, if available; otherwise from at least two principal market makers or primary market dealers. To assess the continuing appropriateness of pricing sources and methodologies, the Adviser performs, from time to time, price verification procedures and issues challenges as necessary to independent pricing services or brokers, and any differences are reviewed in accordance with the valuation procedures. The Adviser does not adjust the prices unless it has a reason to believe market quotations are not reflective of the fair value of an investment.

Where prices or inputs are not available, or, in the judgment of the Adviser, not reliable, valuation approaches based on the facts and circumstances of the particular investment are utilized. Securities that are not publicly traded or for which market prices are not readily available, as the case for a substantial portion of the Company’s investments, are valued at fair value as determined in good faith by the Adviser as the Company’s valuation designee under Rule 2a-5 under the 1940 Act, pursuant to the Company’s valuation policy, and under the oversight of the Board, based on, among other things, the input of the Company’s management and the audit committee. In addition, the Adviser has retained independent valuation firms to review valuations on a rotational basis. These valuation approaches involve some level of management estimation and judgment, the degree of which is dependent on the price transparency for the investments or market and the investments’ complexity.

With respect to investments for which market quotations are not readily available, the Adviser undertakes a multi-step valuation process each quarter, among other procedures, as described below:

•
The valuation process begins with each investment being preliminarily reviewed by the Adviser’s valuation team in consultation with the Adviser’s investment professionals responsible for each portfolio investment;
•
At least once annually the valuation for each investment (subject to a de minimis threshold) is reviewed by an independent valuation firm. The independent valuation firms provide a final range of values on such investments to the Adviser. The independent valuation firms also provide analyses to support their valuation methodology and calculations;
•
The Adviser’s valuation committee with respect to the Company (the “Valuation Committee”) reviews each valuation recommendation to confirm they have been calculated in accordance with the valuation policy and confirms the independent valuation firms’ valuation ranges when utilized are reasonable;
•
The Adviser’s Valuation Committee then determines fair value marks for each of the Company’s portfolio investments; and
•
The Board and audit committee of the Company periodically review the valuation process and provide oversight in accordance with the requirements of Rule 2a-5 under the 1940 Act.

As part of the valuation process, the Company takes into account relevant factors in determining the fair value of the Company’s investments for which reliable market quotations are not readily available, many of which are loans, including and in combination, as relevant, any of: (i) the estimated enterprise value of a portfolio company, generally based on an analysis of discounted cash flows, publicly traded comparable companies and comparable transactions, (ii) the nature and realizable value of any collateral, (iii) the portfolio company’s ability to make payments based on its earnings and cash flow, (iv) the markets in which the portfolio company does business, and (v) overall changes in the interest rate environment and the credit markets that may affect the price at which similar investments may be made in the future. When an external event such as a purchase transaction, public offering or subsequent equity or debt sale occurs, the Adviser considers whether the pricing indicated by the external event corroborates its valuation.

 

As of June 30, 2026, independent valuation firms reviewed a substantial majority of the Company’s investment valuations.

The Company’s accounting policy on the fair value of the investments is critical because the determination of fair value involves subjective judgments and estimates. Accordingly, the Company’s consolidated financial statements express the uncertainty with respect to the possible effect of these valuations, and any change in these valuations, on the consolidated financial statements.

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Revenue Recognition

The Company generates revenue in the form of interest and fee income on debt investments, capital gains, and dividend income from equity investments in portfolio companies. The senior and subordinated debt investments bear interest at a fixed or floating rate, and is generally payable monthly, quarterly or semi-annually. In some cases, some of the Company’s investments provide for deferred interest payments or payment-in-kind (“PIK”) interest. The principal amount of the debt investments and any accrued but unpaid PIK interest generally become due at the maturity date. Original issue discounts and market discounts or premiums are capitalized, and the Company accretes or amortizes such amounts as interest income. In addition, the Company generates revenue from various fees in the ordinary course of business such as in the form of structuring, consent, waiver, amendment, syndication and other miscellaneous fees.

Interest Income

Interest income is recorded on an accrual basis and includes the accretion of discounts and amortization of premiums. Discounts from and premiums to par value on debt investments purchased are accreted/amortized into interest income over the life of the debt investments using the effective interest method. The amortized cost of debt investments represents the original cost, including loan origination fees and upfront fees received that are deemed to be an adjustment to yield, adjusted for the accretion of discounts and amortization of premiums, if any. Upon prepayment of a loan or debt investment, any prepayment premiums, unamortized upfront loan origination fees and unamortized discounts are recorded as interest income, in the current period.

 

PIK Income

The Company may have loans in its portfolio that contain PIK provisions. PIK represents interest that is accrued and recorded at the contractual rates, increases the loan principal on the respective capitalization dates, and is generally due at maturity. Such income is included in payment-in-kind interest income on the Consolidated Statements of Operations. If at any point the Company believes PIK is not expected to be realized, the investment generating PIK will be placed on non-accrual status. When a PIK investment is placed on non-accrual status, the accrued, uncapitalized interest is generally reversed through payment-in-kind interest income. To maintain the Company’s status as a RIC, this non-cash source of income must be paid out to shareholders in the form of distributions, even though the Company has not yet collected cash.

Fee Income

The Company may receive various fees in the ordinary course of business such as structuring, consent, waiver, amendment, syndication fees as well as fees for managerial assistance rendered by the Company to the portfolio companies. Such fees are recognized as income when earned or the services are rendered.

Non-Accrual Income

Loans are generally placed on non-accrual status when there is reasonable doubt that principal or interest will be collected in full. Accrued interest is generally reversed when a loan is placed on non-accrual status. Additionally, any original issue discount and market discount are no longer accreted to interest income as of the date the loan is placed on non-accrual status. Interest payments received on non-accrual loans may be recognized as income or applied to principal depending upon management’s judgment regarding collectability. Non-accrual loans are restored to accrual status when past due principal and interest is paid current and, in management’s judgment, are likely to remain current. Management may make exceptions to this treatment and determine to not place a loan on non-accrual status if the loan has sufficient collateral value and is in the process of collection.

Deferred Financing Costs

Deferred financing costs represent fees and other direct incremental costs incurred in connection with the Company’s borrowings. These expenses are deferred and amortized into interest and debt expenses over the life of the related debt instrument using the straight-line method. Deferred financing costs related to the Company’s borrowings are presented as an offset against the debt outstanding on the Consolidated Statements of Assets and Liabilities.

 

Foreign Currency Translations

The accounting records of the Company are maintained in U.S. dollars. All assets and liabilities denominated in foreign currencies are translated into U.S. dollars based on the foreign exchange rate on the date of valuation. The Company does not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held. The Company’s investments in foreign securities may involve certain risks, including without limitation: foreign exchange restrictions, expropriation, taxation or other political, social or economic risks, all of which could affect the market and/or credit risk of the investment. In addition, changes in the relationship of foreign currencies to the U.S. dollar can significantly affect the value of these investments and therefore the earnings of the Company.

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Income Taxes

 

The Company intends to elect to be treated, and intends to comply with the requirements to qualify annually, as a RIC under the Code. So long as the Company maintains its status as a RIC, it generally will not pay corporate-level U.S. federal income taxes on any ordinary income or capital gains that it distributes at least annually to its shareholders as dividends. Rather, any tax liability related to income earned and distributed by the Company would represent obligations of the Company’s shareholders and would not be reflected in the consolidated financial statements of the Company.

The Company evaluates tax positions taken or expected to be taken in the course of preparing its consolidated financial statements to determine whether the tax positions are “more-likely-than-not” to be sustained by the applicable tax authority. Tax positions not deemed to meet the “more- likely-than-not” threshold are reserved and recorded as a tax benefit or expense in the current year. All penalties and interest associated with income taxes are included in income tax expense. Conclusions regarding tax positions are subject to review and may be adjusted at a later date based on factors including, but not limited to, on-going analyses of tax laws, regulations and interpretations thereof.

 

To maintain qualification as a RIC, the Company must, among other things, meet certain source-of-income and asset diversification requirements. In addition, to maintain qualification for RIC tax treatment, the Company must distribute to its shareholders, for each taxable year, at least 90% of the sum of (i) its “investment company taxable income” for that year (without regard to the deduction for dividends paid), which is generally its ordinary income plus the excess, if any, of its realized net short-term capital gains over its realized net long-term capital losses and (ii) its net tax-exempt income.

In addition, pursuant to the excise tax distribution requirements, the Company will be subject to a 4% non-deductible federal excise tax on undistributed income unless the Company distributes in a timely manner in each taxable year an amount at least equal to the sum of (1) 98% of its ordinary income for the calendar year, (2) 98.2% of capital gain net income (both long-term and short-term) for the one-year period ending October 31 in that calendar year and (3) any income realized, but not distributed, in prior years. For this purpose, however, any ordinary income or capital gain net income retained by the Company that is subject to corporate income tax is considered to have been distributed.

Distributions

To the extent that the Company has taxable income available, the Company intends to make monthly distributions to its shareholders. Distributions to shareholders are recorded on the record date. All distributions will be paid at the discretion of the Board and will depend on the Company’s earnings, financial condition, maintenance of the Company’s tax treatment as a RIC, compliance with applicable BDC regulations and such other factors as the Board may deem relevant from time to time.

Distributions to shareholders by the Company of ordinary income (including “market discount” realized by the Company on the sale of debt securities), and of net short-term capital gains, if any, realized by the Company are generally taxable to U.S. shareholders as ordinary income to the extent such distributions are paid out of the Company’s current or accumulated earnings and profits. Distributions, if any, of net capital gains properly reported as “capital gain dividends” will be taxable as long-term capital gains, regardless of the length of time the shareholder has owned the Company’s shares. A distribution of an amount in excess of the Company’s current and accumulated earnings and profits (as determined for U.S. federal income tax purposes) will be treated by a shareholder as a return of capital which will be applied against and reduce the shareholder’s basis in his or her shares. To the extent that the amount of any such distribution exceeds the shareholder’s basis in his or her shares, the excess will be treated by the shareholder as gain from a sale or exchange of the shares. Distributions paid by the Company generally will not be eligible for the dividends received deduction allowed to corporations or for the reduced rates applicable to certain qualified dividend income received by non-corporate shareholders.

Distributions will be treated in the manner described above regardless of whether such distributions are paid in cash or invested in additional shares pursuant to the distribution reinvestment plan. Shareholders receiving distributions in the form of additional shares will generally be treated as receiving a distribution in the amount of the fair market value of the distributed shares. The additional shares received by a shareholder pursuant to the distribution reinvestment plan will have a new holding period commencing on the day following the day on which the shares were credited to the shareholder’s account.

The Company may elect to retain its net capital gain or a portion thereof for investment and be taxed at corporate rates on the amount retained. In such case, it may designate the retained amount as undistributed capital gains in a notice to its shareholders, who will be treated as if each received a distribution of its pro rata share of such gain, with the result that each shareholder will (i) be required to report its pro rata share of such gain on its tax return as long-term capital gain, (ii) receive a refundable tax credit for its pro rata share of tax paid by the Company on the gain and (iii) increase the tax basis for its shares by an amount equal to the deemed distribution less the tax credit.

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Recent Accounting Pronouncements

The Company considers the applicability and impact of all accounting standard updates (“ASU”) issued by the Financial Accounting Standards Board (the “FASB”).

In November 2024, the FASB issued ASU No. 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40) (“ASU 2024-03”), which requires disaggregated disclosure of certain costs and expenses, including purchases of inventory, employee compensation, depreciation, amortization and depletion, in each relevant expense caption. ASU 2024-03 is effective for fiscal years beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. Early adoption and retrospective application is permitted. The Company is currently assessing the impact of this guidance, however, the Company does not expect a material impact on its consolidated financial statements.

Other than the aforementioned guidance, the Company’s management does not believe that any recently issued, but not yet effective, accounting standards, if currently adopted, would have a material effect on the accompanying consolidated financial statements.

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Note 3. Agreements and Related Party Transactions

 

Investment Advisory Agreement

On June 26, 2025, the Board approved an investment advisory agreement with the Adviser (“Investment Advisory Agreement”), pursuant to which the Adviser manages the Company on a day-to-day basis. Under the terms of the Investment Advisory Agreement, the Adviser is responsible for determining the composition of the Company’s portfolio, identifying investment opportunities and making investment decisions, monitoring investments, performing due diligence on prospective portfolio companies, and negotiating, obtaining and managing financing facilities and other forms of leverage.

The Company pays the Adviser fees for its services under the Investment Advisory Agreement. The fees consist of two components: a management fee and an incentive fee. The cost of both the management fee and the incentive fee are ultimately borne by the Company’s shareholders.

 

On July 15, 2025, the Company and the Adviser agreed to waive all management and incentive fees through February 28, 2026. On March 1, 2026, the Fund and the Adviser entered into a Fee Waiver Letter Agreement, which extends the terms of the prior waiver letter agreement dated July 15, 2025, pursuant to which the Adviser agreed to irrevocably waive, which may be effected by a rebate or otherwise, (i) any base management fee due from the Fund to the Adviser under Section 5(a) of the Agreement and (ii) any incentive fee due from the Fund to the Adviser under Section 5(b) of the Agreement from March 1, 2026 through August 31, 2026.

Management fees

The base management fee is payable quarterly in arrears at an annual rate of 1.25% of the average of the Company’s net asset value (the “NAV”) as of the beginning of the prior quarter and the beginning of the then current quarter.

 

For the three and six months ended June 30, 2026, the Company recognized $234 and $426, respectively, of management fees, before impact of waived fees. For the three and six months ended June 30, 2026, the Adviser agreed to waive $234 and $426, respectively, of management fees. As of both June 30, 2026 and December 31, 2025, no management fees were payable.

Incentive fee

The incentive fee consists of two components that are independent of each other, with the result that one component may be payable even if the other is not. A portion of the incentive fee is based on a percentage of income and a portion is based on a percentage of capital gains, each described below.

Income based incentive fee

The investment income based incentive fee is based on “Pre-Incentive Fee Net Investment Income Returns” meaning dividends, cash interest or other distributions or other cash income and any third-party fees received from portfolio companies (such as upfront fees, commitment fees, origination fees, amendment fees, ticking fees and break-up fees, as well as prepayment premiums, but excluding fees for providing managerial assistance and fees earned by the Adviser or an affiliate in its capacity as an administrative agent, syndication agent, collateral agent, loan servicer or other similar capacity) accrued during the month, minus operating expenses for the month (including the management fee, taxes, any expenses payable under the Investment Advisory Agreement and Administration Agreement (as defined below), any expense of securitizations, and interest expense or other financing fees and any dividends paid on preferred shares, but excluding the incentive fee and shareholder servicing and /or distribution fees). Pre-Incentive Fee Net Investment Income Returns includes, in the case of investments with a deferred interest feature (such as original issue discount, debt instruments with PIK interest and zero-coupon securities), accrued income that has not yet been received in cash. Pre-Incentive Fee Net Investment Income Returns do not include any realized capital gains, realized capital losses or unrealized capital appreciation or depreciation. The impact of expense support payments and recoupments are also excluded from Pre-Incentive Fee Net Investment Income Returns.

Pre-Incentive Fee Net Investment Income Returns, expressed as a rate of return on the value of net assets at the end of the preceding quarter, is compared to a “hurdle rate” of return of 1.25% per quarter (5.0% annualized). The Company pays an incentive fee quarterly as follows:

•
No incentive fee based on Pre-Incentive Fee Net Investment Income Returns in any calendar quarter in which the Pre-Incentive Fee Net Investment Income Returns does not exceed the hurdle rate of 1.25% per quarter (5.0% annualized).
•
100% of the dollar amount of the Pre-Incentive Fee Net Investment Income Returns with respect to that portion of such Pre-Incentive Fee Net Investment Income Returns, if any, that exceeds the hurdle rate but is less than a rate of return of 1.43% (5.72% annualized).
•
12.5% of the dollar amount of the Pre-Incentive Fee Net Investment Income Returns, if any, that exceed a rate of return of 1.43% (5.72% annualized).

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Capital gains incentive fee

The second component of the incentive fee, the capital gains incentive fee, is payable at the end of each calendar year in arrears. The amount payable is equal to 12.5% of cumulative realized capital gains from inception through the end of such calendar year, computed net of all realized capital losses and unrealized capital depreciation on a cumulative basis, less the aggregate amount of any previously paid capital gains incentive fee as calculated in accordance with U.S. GAAP. U.S. GAAP requires that the capital gains incentive fee accrual consider the cumulative aggregate unrealized capital appreciation in the calculation, as a capital gains incentive fee would be payable if such unrealized capital appreciation were realized, even though such unrealized capital appreciation is not permitted to be considered in calculating the fee actually payable under the investment advisory agreement. Such accrual is calculated using the aggregate cumulative realized capital gains and losses and aggregate cumulative unrealized capital depreciation included in the calculation of the capital gains incentive fee plus the aggregate cumulative unrealized capital appreciation, net of any expense associated with cumulative unrealized capital depreciation or appreciation. If such amount is positive at the end of a period, then U.S. GAAP requires the Company to record a capital gains incentive fee equal to 12.5% of such cumulative amount, less the aggregate amount of actual capital gains incentive fees paid or capital gains incentive fees accrued under U.S. GAAP in all prior periods. Gross capital gains incentive fee is net of reversal on accrued capital gains incentive fees. The fees that are payable under the Investment Advisory Agreement for any partial period are appropriately prorated.

For the three and six months ended June 30, 2026, the Company incurred income based incentive fees of $183 and $354, respectively, and recorded a reversal of capital gains incentive fees of zero and $24, respectively, before impact of waived fees. For the three and six months ended June 30, 2026, the Adviser agreed to waive $183 and $354 in income based incentive fees and reversed zero and $24, respectively, of previously recorded capital gains incentive fee waiver. As of both June 30, 2026 and December 31, 2025, no incentive fees were payable.

Licensing Agreement

As part of the Investment Advisory Agreement, the Adviser, on behalf of Antares Holdings LP, agreed to grant the Company a fully paid-up, royalty-free, non-exclusive, non-transferable license to use “Antares” for specified purposes in the Company’s business, during the term of the Investment Advisory Agreement. Other than with respect to this limited license, the Company will have no legal right to the “Antares” name.

Administration Agreement

On June 26, 2025, the Board approved the administration agreement (the “Administration Agreement”) with Antares Capital Credit Advisers LLC (in such role, the “Administrator”). Under the terms of the Administration Agreement, the Administrator provides, or oversees the performance of, administrative and compliance services, including, but not limited to, maintaining financial records, overseeing the calculation of NAV, compliance monitoring (including diligence and oversight of the Company’s other service providers), preparing reports to shareholders and reports filed with the SEC, preparing materials and coordinating meetings of the Company’s Board, managing the payment of expenses and the performance of administrative and professional services rendered by others and providing office space, equipment and office services.

The Company reimburses the Administrator for its costs, expenses and allocable portion of overhead (including compensation of personnel performing administrative duties) in connection with the services performed for the Company pursuant to the terms of the Administration Agreement. For the three and six months ended June 30, 2026, the Company incurred administrative service fees of $181 and $361, respectively.

Sub-administration Agreement

In addition, pursuant to the terms of the Administration Agreement, the Administrator may delegate its obligations under the Administration Agreement to an affiliate or to a third party and the Company reimburses the Administrator for any services performed for the Company by such affiliate or third party.

The Administrator engaged U.S. Bancorp Fund Services, LLC to assist with sub-administration and fund accounting services.

 

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Private Placement Agent Agreement

 

On July 22, 2025, the Company entered into a Private Placement Agent Agreement and a related Services Agreement (together, the “Placement Agreements”), among the Company and Quasar Distributors, LLC (the “Placement Agent”). The Placement Agreements provide for, among other things, the retention of the Placement Agent as the Company’s principal underwriter in connection with the offering of Common Shares, and to advise, consult with and assist the Company with the private placement of Common Shares.

The Company pays the Placement Agent a shareholder servicing and/or distribution fee equal to 0.85% per annum of the aggregate NAV of the Company as of the beginning of the first calendar day of each month for the Company’s Common Shares, which is paid by the Placement Agent to the applicable financial intermediaries. In addition, the Company will pay to the Placement Agent a one-time implementation fee of $5 and will pay a recurring annual fee ranging between 0.0035% - 0.0050% of the Company’s total assets, subject to a minimum annual fee of $25. The Company will also pay reasonable, pre-approved out-of-pocket expenses incurred by the Placement Agent in connection with the services provided pursuant to the Placement Agreements.

 

Expense Support Agreement

On June 26, 2025, the Board approved an expense support and conditional reimbursement agreement (the “Expense Support Agreement”). Under the terms of the Expense Support Agreement, the Adviser is obligated to pay the Company’s total organization and offering expenses, professional fees, director fees, administration fees, and other general and administrative expenses of the Company on the Company’s behalf such that these operating expenses of the Company do not exceed 1.00% (on annualized basis) of the Company’s NAV. Additionally, the Adviser may elect to pay certain additional expenses of the Company on the Company’s behalf.

Following any calendar month in which Available Operating Funds (as defined below) exceed the cumulative distributions accrued to the Company’s shareholders based on distributions declared with respect to record dates occurring in such calendar month (the amount of such excess being hereinafter referred to as “Excess Operating Funds”), the Company shall pay such Excess Operating Funds, or a portion thereof, to the Adviser until such time as all expense payments made by the Adviser to the Company within three years prior to the last business day of such calendar month have been reimbursed. “Available Operating Funds” means the sum of (i) the Company’s net investment company taxable income (including net short-term capital gains reduced by net long-term capital losses), (ii) the Company’s net capital gains (including the excess of net long-term capital gains over net short-term capital losses) and (iii) dividends and other distributions paid to the Company on account of investments in portfolio companies (to the extent such amounts listed in clause (iii) are not included under clauses (i) and (ii) above).

In addition, effective as of July 15, 2025, the Company and the Adviser entered into a Waiver Letter Agreement, pursuant to which the Adviser agreed to waive reimbursement by the Company for certain of the Company’s organizational expenses the Adviser incurs or has incurred on the Company’s behalf in an aggregate amount not to exceed $250 during the period ending on the date of the initial closing for purchases of Common Shares by unaffiliated investors (the “Initial Closing Date”). The Waiver Letter Agreement provides that, to the extent the Company’s NAV increases, the Adviser may be reimbursed for past payments of excess organizational expenses made on the Company’s behalf prior to the Initial Closing Date, provided that the total organizational expenses borne by the Company do not exceed 1.00% of the Company’s NAV and provided further that the Adviser may not be reimbursed for payment of excess organizational expenses that were incurred more than three years prior to the proposed reimbursement.

For the three and six months ended June 30, 2026, the Adviser provided $396 and $847, respectively, of expense support pursuant to the Expense Support Agreement. The Company’s obligation to make a reimbursement payment shall automatically become a liability of the Company on the last business day of the applicable calendar month, except to the extent the Adviser has waived its right to receive such payment for the applicable month. For both the three and six months ended June 30, 2026, no reimbursement payments were made by the Company to the Adviser.

 

Co-Investment Activity

 

The Company and the Adviser have received an exemptive order (the “Order”) from the SEC that permits the Company, among other things, to co-invest with certain other persons, including certain affiliates of the Adviser and certain funds managed and controlled by the Adviser and/or its affiliates, subject to certain terms and conditions. Under the terms of the Order, a majority of our Independent Directors must reach certain conclusions in connection with certain co-investment transactions (e.g., in the case of follow-on investments in an existing issuer in which affiliates, but not the Company, have an existing investment, and non-pro rata follow-on investments in, and dispositions of, securities of an existing issuer), including that (i) the terms of the proposed transaction are reasonable and fair to the Company and its shareholders and do not involve overreaching in respect of the Company or its shareholders on the part of any person concerned, and (ii) the transaction is consistent with the interests of the Company’s shareholders and is consistent with the Company’s then-current investment objectives and strategies. The Company may determine to participate or not to participate, depending on whether the Adviser determines that the investment is appropriate for the Company (e.g., based on investment strategy). The co-investment would generally be allocated to the Company and the other Antares Lending Platform funds that target similar assets in accordance with the Adviser’s allocation policy. If the Adviser determines that such investment is not appropriate for the Company, the investment will not be allocated to the Company.

 

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Note 4. Investments

 

The composition of the Company’s investment portfolio at amortized cost and fair value was as follows:

 

 

June 30, 2026

 

 

December 31, 2025

 

 

 

Amortized Cost

 

 

Fair Value

 

 

% of Total Investments at Fair Value

 

 

Amortized Cost

 

 

Fair Value

 

 

% of Total Investments at Fair Value

 

 

Secured Debt

$

162,800

 

 

$

161,549

 

 

 

98.38

 

%

$

148,636

 

 

$

148,839

 

 

 

97.12

 

%

Unsecured Debt

 

520

 

 

 

524

 

 

 

0.32

 

 

 

490

 

 

 

501

 

 

 

0.33

 

 

Equity Investments

 

465

 

 

 

475

 

 

 

0.29

 

 

 

318

 

 

 

318

 

 

 

0.21

 

 

Short-Term Investments

 

1,661

 

 

 

1,661

 

 

 

1.01

 

 

 

3,585

 

 

 

3,585

 

 

 

2.34

 

 

Total Investments

$

165,446

 

 

$

164,209

 

 

 

100.00

 

%

$

153,029

 

 

$

153,243

 

 

 

100.00

 

%

 

As of both June 30, 2026 and December 31, 2025, there were no portfolio companies with loans on non-accrual status.

 

The industry composition of the Company’s non-controlled, non-affiliated investments (at fair value) was as follows:

 

 

June 30, 2026

 

 

December 31, 2025

 

 

Software

 

16.17

 

%

 

12.72

 

%

Insurance

 

11.41

 

 

 

11.72

 

 

Professional Services

 

9.99

 

 

 

13.51

 

 

Financial Services

 

9.71

 

 

 

10.29

 

 

Health Care Technology

 

6.86

 

 

 

6.43

 

 

Chemicals

 

4.91

 

 

 

5.03

 

 

Pharmaceuticals

 

4.90

 

 

 

5.14

 

 

Diversified Consumer Services

 

4.13

 

 

 

3.36

 

 

Commercial Services and Supplies

 

4.05

 

 

 

4.23

 

 

Healthcare Providers and Services

 

3.34

 

 

 

3.68

 

 

Food Products

 

3.19

 

 

 

3.32

 

 

Containers and Packaging

 

2.98

 

 

 

2.97

 

 

Wireless Telecommunication Services

 

2.87

 

 

 

3.13

 

 

Household Products

 

2.29

 

 

 

2.53

 

 

Energy Equipment and Services

 

2.17

 

 

 

1.75

 

 

Media

 

2.04

 

 

 

2.16

 

 

Distributors

 

1.89

 

 

 

1.50

 

 

IT Services

 

1.67

 

 

 

2.04

 

 

Healthcare Equipment and Supplies

 

1.37

 

 

 

1.38

 

 

Capital Markets

 

1.22

 

 

 

—

 

 

Air Freight and Logistics

 

0.84

 

 

 

0.89

 

 

Textiles, Apparel and Luxury Goods

 

0.61

 

 

 

0.67

 

 

Industrial Conglomerates

 

0.54

 

 

 

0.58

 

 

Trading Companies and Distributors

 

0.44

 

 

 

0.46

 

 

Hotels, Restaurants and Leisure

 

0.21

 

 

 

0.23

 

 

Electrical Equipment

 

0.20

 

 

 

—

 

 

Construction & Engineering

 

—

 

 

 

0.28

 

 

Total

 

100.00

 

%

 

100.00

 

%

 

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Table of Contents

 

The geographic composition of the Company’s non-controlled, non-affiliated investments (at amortized cost and fair value) was as follows:

 

 

June 30, 2026

 

 

 

Amortized Cost

 

 

Fair Value

 

 

% of Total Investments at Fair Value

 

 

Fair Value as % of Net Assets

 

 

United States

$

160,579

 

 

$

159,428

 

 

 

98.08

 

%

 

194.15

 

%

Canada

 

3,206

 

 

 

3,120

 

 

 

1.92

 

 

 

3.80

 

 

Total

$

163,785

 

 

$

162,548

 

 

 

100.00

 

%

 

197.95

 

%

 

December 31, 2025

 

 

Amortized Cost

 

 

Fair Value

 

 

% of Total Investments at Fair Value

 

 

Fair Value as % of Net Assets

 

 

United States

$

145,127

 

 

$

145,312

 

 

 

97.10

 

%

 

212.04

 

%

Canada

 

4,317

 

 

 

4,346

 

 

 

2.90

 

 

 

6.34

 

 

Total

$

149,444

 

 

$

149,658

 

 

 

100.00

 

%

 

218.38

 

%

 

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Table of Contents

 

Note 5. Fair Value Measurements

 

The fair value of a financial instrument is the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the applicable measurement date.

In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, an investment’s level within the fair value hierarchy is based on the lowest level of input that is significant to the overall fair value measurement. The Adviser’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the investment.

In addition to using the above inputs in investment valuations, the Adviser applies the valuation policy approved by its Board that is consistent with ASC 820. Consistent with the valuation policy, the Adviser evaluates the source of the inputs, including any markets in which its investments are trading (or any markets in which securities with similar attributes are trading), in determining fair value.

Investments whose values are based on the listed closing price quoted on the securities’ principal exchange are classified within Level 1 and include active listed equities. The Adviser does not adjust the quoted price for such instruments, even in situations where the Company holds a large position and a sale could reasonably impact the quoted price.

ASC 820 specifies a fair value hierarchy that prioritizes and ranks the level of observability of inputs used in determination of fair value. In accordance with ASC 820, these levels are summarized below:

Level 1 – quoted prices (unadjusted) in active markets for identical assets or liabilities that the Adviser has the ability to access at the measurement date.

Level 2 – inputs other than quoted prices included in Level 1 that are observable for the assets or liabilities, either directly or indirectly. Level 2 inputs include: quoted market prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.

Level 3 – unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities.

 

The following tables present the fair value hierarchy of financial instruments according to the fair value hierarchy as described in Note 2. Significant Accounting Policies of these consolidated financial statements:

 

 

June 30, 2026

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

Secured Debt

$

—

 

 

$

14,568

 

 

$

146,981

 

 

$

161,549

 

Unsecured Debt

 

—

 

 

 

—

 

 

 

524

 

 

 

524

 

Equity Investments

 

—

 

 

 

—

 

 

 

475

 

 

 

475

 

Total non-controlled/non-affiliated investments

 

—

 

 

 

14,568

 

 

 

147,980

 

 

 

162,548

 

Short-Term Investments

 

1,661

 

 

 

—

 

 

 

—

 

 

 

1,661

 

Total Investments at fair value

$

1,661

 

 

$

14,568

 

 

$

147,980

 

 

$

164,209

 

 

December 31, 2025

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

Secured Debt

$

—

 

 

$

14,992

 

 

$

133,847

 

 

$

148,839

 

Unsecured Debt

 

—

 

 

 

—

 

 

 

501

 

 

 

501

 

Equity Investments

 

—

 

 

 

—

 

 

 

318

 

 

 

318

 

Total non-controlled/non-affiliated investments

 

—

 

 

 

14,992

 

 

 

134,666

 

 

 

149,658

 

Short-Term Investments

 

3,585

 

 

 

—

 

 

 

—

 

 

 

3,585

 

Total Investments at fair value

$

3,585

 

 

$

14,992

 

 

$

134,666

 

 

$

153,243

 

 

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Table of Contents

 

The following tables present changes in the fair value of financial instruments for which Level 3 inputs were used to determine fair value for the three and six months ended June 30, 2026:

 

 

Three Months Ended June 30, 2026

 

 

Secured Debt

 

 

Unsecured Debt

 

 

Equity Investments

 

 

Total Investments

 

Fair value, beginning of period

$

140,602

 

 

$

495

 

 

$

329

 

 

$

141,426

 

Purchase of investments (including received in-kind)

 

11,671

 

 

 

28

 

 

 

113

 

 

 

11,812

 

Proceeds from sale of investments and principal repayments

 

(5,828

)

 

 

—

 

 

 

—

 

 

 

(5,828

)

Net accretion of discount and amortization of premium

 

40

 

 

 

1

 

 

 

—

 

 

 

41

 

Net change in unrealized appreciation (depreciation) on investments

 

51

 

 

 

—

 

 

 

33

 

 

 

84

 

Transfers to Level 3

 

445

 

 

 

—

 

 

 

—

 

 

 

445

 

Fair value, end of period

$

146,981

 

 

$

524

 

 

$

475

 

 

$

147,980

 

Net change in unrealized appreciation (depreciation) on non-controlled/non-affiliated company investments still held at June 30, 2026

$

70

 

 

$

—

 

 

$

33

 

 

$

103

 

 

 

Six Months Ended June 30, 2026

 

 

Secured Debt

 

 

Unsecured Debt

 

 

Equity Investments

 

 

Total Investments

 

Fair value, beginning of period

$

133,847

 

 

$

501

 

 

$

318

 

 

$

134,666

 

Purchase of investments (including received in-kind)

 

24,937

 

 

 

29

 

 

 

148

 

 

 

25,114

 

Proceeds from sale of investments and principal repayments

 

(10,833

)

 

 

—

 

 

 

—

 

 

 

(10,833

)

Net accretion of discounts and amortization of premiums on investments

 

126

 

 

 

1

 

 

 

—

 

 

 

127

 

Net change in unrealized appreciation (depreciation) on investments

 

(1,096

)

 

 

(7

)

 

 

9

 

 

 

(1,094

)

Transfers to Level 3

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Fair value, end of period

$

146,981

 

 

$

524

 

 

$

475

 

 

$

147,980

 

Net change in unrealized appreciation (depreciation) on non-controlled/non-affiliated investments still held at June 30, 2026

$

(1,054

)

 

$

(7

)

 

$

9

 

 

$

(1,052

)

 

Transfers between levels are recognized at the beginning of the period in which the transfers occur. For the three and six months ended June 30, 2026, transfers to (out of) Level 3, if any, were a result of changes in the observability of significant inputs for certain portfolio companies.

 

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Table of Contents

 

The following tables present quantitative information about the significant unobservable inputs of the Company’s Level 3 financial instruments. The tables are not intended to be all-inclusive but instead capture the significant unobservable inputs relevant to the Company’s determination of fair value.

 

 

June 30, 2026

 

 

 

 

 

 

 

 

 

Range

 

 

 

 

 

Fair Value (1)

 

 

Valuation Technique

 

Unobservable Input

 

Low

 

 

High

 

 

Weighted Average (2)

 

Secured Debt

 

$

133,818

 

 

Market yield analysis

 

Market yield discount rates

 

 

7.38

%

 

 

12.33

%

 

 

9.20

%

 

 

 

12,554

 

 

Recent transaction

 

Transaction price

 

N/A

 

 

N/A

 

 

N/A

 

 

 

 

609

 

 

Market quotation

 

Quote

 

N/A

 

 

N/A

 

 

N/A

 

Total Secured Debt

 

 

146,981

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unsecured Debt

 

 

524

 

 

Market yield analysis

 

Market yield discount rates

 

 

11.15

%

 

 

11.50

%

 

 

11.33

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity Investments

 

 

364

 

 

Comparable company analysis

 

EBITDA multiples

 

11.0x

 

 

17.0x

 

 

14.5x

 

 

 

 

111

 

 

Recent transaction

 

Transaction price

 

N/A

 

 

N/A

 

 

N/A

 

Total Equity Investments

 

 

475

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total

 

$

147,980

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2025

 

 

 

 

 

 

 

 

 

Range

 

 

 

 

 

Fair Value (1)

 

 

Valuation Technique

 

Unobservable Input

 

Low

 

 

High

 

 

Weighted Average (2)

 

Secured Debt

 

$

88,336

 

 

Market yield analysis

 

Market yield discount rates

 

 

7.55

%

 

 

10.43

%

 

 

8.47

%

 

 

 

44,352

 

 

Recent transaction

 

Transaction price

 

N/A

 

 

N/A

 

 

N/A

 

 

 

 

1,159

 

 

Market quotation

 

Quote

 

N/A

 

 

N/A

 

 

N/A

 

Total Secured Debt

 

 

133,847

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unsecured Debt

 

 

501

 

 

Recent transaction

 

Transaction price

 

N/A

 

 

N/A

 

 

N/A

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity Investments

 

 

318

 

 

Recent transaction

 

Transaction price

 

N/A

 

 

N/A

 

 

N/A

 

Total

 

$

134,666

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1)
As of June 30, 2026 and December 31, 2025, amounts of $13,274 and $46,330, respectively, included within the fair value of Level 3 assets were valued based on unobservable inputs not developed by the Adviser (e.g., broker quotes and transaction prices).
(2)
Weighted averages are calculated based on fair value of investments.

 

The significant unobservable input used in the yield analysis is the discount rate based on comparable market yields. The significant unobservable inputs used in the income approach are the discount rate used to discount the estimated future cash flows expected to be received from the underlying investment. The Company uses market discount rates for debt securities to determine if the effective yield on a debt security is commensurate with the market yields for that type of debt security. If a debt security’s effective yield is significantly less than the market yield for a similar debt security with a similar credit profile, the resulting fair value of the debt security may be lower. Significant increases in the discount rate would significantly lower the fair value of an investment; conversely significant decreases in the discount rate would significantly increase the fair value of an investment. The significant unobservable inputs used in the market approach are based on market comparable transactions and market multiples of publicly traded comparable companies. Increases or decreases in market comparable transactions or market multiples would result in an increase or decrease in the fair value.

Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of the Company’s investments may fluctuate from period to period. Additionally, the fair value of the Company’s investments may differ significantly from the values that would have been used had a ready market existed for such investments and may differ materially from the values that the Company may ultimately realize. Further, such investments are generally subject to legal and other restrictions on resale or otherwise are less liquid than publicly traded securities. If the Company was required to liquidate a portfolio investment in a forced or liquidation sale, it could realize significantly less than the value at which the Company has recorded it. In addition, changes in the market environment and other events that may occur over the life of the investments may cause the gains or losses ultimately realized on these investments to be different than the unrealized gains or losses reflected in the valuations currently assigned. As of June 30, 2026 and December 31, 2025, the carrying amounts of the Company’s assets and liabilities, other than investments at fair value, approximate fair value due to their short maturities or variable rates. Fair value is estimated by discounting remaining payments using applicable current market rates, which take into account changes in the Company’s marketplace credit ratings, if applicable, or market quotes, if available.

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Note 6. Borrowings

 

In accordance with the 1940 Act, with certain limitations, the Company is allowed to borrow amounts such that its asset coverage, as defined in the 1940 Act, is at least 150% after such borrowing. As of June 30, 2026 and December 31, 2025, the Company’s asset coverage was 197.44% and 182.41%, respectively.

Debt outstanding

The Company’s outstanding debt obligations were as follows:

 

 

June 30, 2026

 

 

Aggregate
Principal
Committed

 

 

Outstanding
Principal

 

 

Carrying
Value
(1)

 

 

Unused
Portion
(2)

 

 

Amount Available (3)

 

Citi Facility

 

$

250,000

 

 

$

84,275

 

 

$

84,275

 

 

$

165,725

 

 

$

18,391

 

Total

 

$

250,000

 

 

$

84,275

 

 

$

84,275

 

 

$

165,725

 

 

$

18,391

 

 

 

December 31, 2025

 

 

Aggregate
Principal
Committed

 

 

Outstanding
Principal

 

 

Carrying
Value
(1)

 

 

Unused
Portion
(2)

 

 

Amount Available (3)

 

Citi Facility

 

$

250,000

 

 

$

83,159

 

 

$

83,159

 

 

$

166,841

 

 

$

13,432

 

Total

 

$

250,000

 

 

$

83,159

 

 

$

83,159

 

 

$

166,841

 

 

$

13,432

 

 

(1)
The carrying value of the Company’s debt obligations is used as an approximation of fair value. The fair value of these debt obligations would be categorized as Level 3 under the ASC 820 fair value level hierarchy as of June 30, 2026 and December 31, 2025. Carrying values do not include impact of deferred financing costs.
(2)
The unused portion is the amount upon which commitment fees, if any, are based.
(3)
The amount available reflects any limitations related to the respective facility’s borrowing base.

 

Citi Facility

 

On July 18, 2025, ASTII Funding SPV LP, as borrower, and the Company, as servicer, entered into a revolving loan facility (the “Citi Facility”) pursuant to a Credit and Security Agreement (the “Agreement”), with the lenders from time to time party thereto, Citibank, N.A., as administrative agent (the “Administrative Agent”), U.S. Bank Trust Company, National Association, as collateral agent and collateral administrator, and U.S. Bank National Association, as collateral custodian. The Agreement is effective as of July 18, 2025. ASTII Funding SPV LP was acquired by the Company shortly after the consummation of the Agreement on the same day and was then converted into a limited liability company on July 23, 2025.

Loans under the Citi Facility bear interest at (i) a per annum rate equal to Term SOFR plus an additional margin calculated as a percentage of the aggregate principal balance of the underlying collateral obligations (the “Applicable Margin”) for loans denominated in U.S. Dollars, (ii) EURIBOR plus the Applicable Margin for loans denominated in Euros, (iii) Daily Compounded CORRA plus the Applicable Margin for loans denominated in Canadian Dollars, and (iv) SONIA plus the Applicable Margin for loans denominated in Great British Pounds.

 

The Applicable Margin will equal the product of (i) 1.60% and (ii) the lesser of: (x) aggregate principal balance of all broadly-syndicated loans divided by the aggregate principal balance of all eligible loans and (y) 35% (“Percentage”) plus the product of (i) 1.875% and (ii) 100% minus Percentage, subject to a step-up of 2.00% following the occurrence of certain events of default.

The initial maximum principal amount under the Citi Facility is $250 million and the Agreement includes an accordion provision to permit increases to the total facility amount up to a maximum of $1 billion, subject in each case to the satisfaction of certain conditions and, for any increases above $750 million, the consent of the Administrative Agent and the lenders. Loans borrowed under the Citi Facility may be repaid and reborrowed until the end of the reinvestment period, which can occur no later than July 18, 2028 (unless extended), and all amounts outstanding under the Citi Facility must be repaid by July 18, 2030.

As of June 30, 2026 and December 31, 2025, the Company was in compliance with all covenants associated with the Citi Facility.

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Table of Contents

 

Foreign Currency Transactions and Translations

The Company’s outstanding foreign-denominated debt obligations were as follows:

 

 

June 30, 2026

 

 

Original Principal Amount (Local)

 

 

Original Principal Amount (USD)

 

 

Outstanding Principal

 

 

Unrealized Gain (Loss)

 

Canadian Dollar

 

 

4,028

 

 

$

2,899

 

 

$

2,837

 

 

$

62

 

Total

 

 

 

 

$

2,899

 

 

$

2,837

 

 

$

62

 

 

 

December 31, 2025

 

 

Original Principal Amount (Local)

 

 

Original Principal Amount (USD)

 

 

Outstanding Principal

 

 

Unrealized Gain (Loss)

 

Canadian Dollar

 

 

1,128

 

 

$

824

 

 

$

822

 

 

$

2

 

Total

 

 

 

 

$

824

 

 

$

822

 

 

$

2

 

 

Interest and Debt Expenses

The components of interest and debt expenses were as follows:

 

 

 

Three Months Ended June 30, 2026

 

 

Six Months Ended June 30, 2026

 

Stated interest expense

 

$

1,160

 

 

$

2,317

 

Facility unused fees

 

 

209

 

 

 

377

 

Amortization of deferred financing costs

 

 

95

 

 

 

190

 

Total interest and debt expense

 

$

1,464

 

 

$

2,884

 

Cash paid for interest expense

 

$

1,372

 

 

$

2,668

 

Citi Facility weighted average interest rate

 

 

5.45

%

 

 

5.45

%

Citi Facility average debt outstanding

 

$

84,144

 

 

$

84,491

 

Weighted average interest rates do not include impact of unused commitment fees or amortization of deferred financing costs.

As of June 30, 2026 and December 31, 2025, $202 and $212, respectively, of stated interest expense and $36 and zero of unused commitment fees, respectively, were included in interest payable on the Consolidated Statements of Assets and Liabilities.

 

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Note 7. Commitments and Contingencies

 

In the normal course of business, the Company may enter into contracts that provide a variety of general indemnifications. Any exposure to the Company under these arrangements could involve future claims that may be made against the Company. Currently, no such claims exist or are expected to arise and, accordingly, the Company has not accrued any liability in connection with such indemnifications.

Unfunded commitments

The Company’s investment portfolio contains revolving line of credit commitments, delayed draw commitments, and equity investments, which require the Company to fund when requested by the portfolio companies. As of June 30, 2026 and December 31, 2025, the Company had unfunded investment commitments in the aggregate par amount of $35,742 and $44,146, respectively. Such commitments are subject to the satisfaction of certain conditions set forth in the documents governing these loans and letters of credit and there can be no assurance that such conditions will be satisfied.

Off balance sheet risk

Off-balance sheet risk refers to an unrecorded potential liability that may result in a future obligation or loss, even though it does not appear on the Consolidated Statements of Assets and Liabilities. The Company may enter into derivative instruments that contain elements of off-balance sheet market and credit risk. As of June 30, 2026 and December 31, 2025, there were no commitments outstanding for derivative contracts.

Legal proceedings

From time to time, the Company may become a party to certain legal proceedings incidental to the normal course of its business. As of June 30, 2026 and December 31, 2025, management is not aware of any material pending legal proceedings individually or in the aggregate.

 

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Note 8. Net Assets

 

In connection with its formation, the Company has the authority to issue an unlimited number of Common Shares at $0.001 per share par value. On May 1, 2025, an affiliate of the Adviser subscribed for 1,000 Common Shares at $25.00 per share. The Company issues Common Shares in the Private Offering on a monthly basis at an offering price generally equal to the NAV per Common Share.

On July 18, 2025, the Company acquired 100% of the equity interests in A-Star II Funding SPV LP and A-Star II Master Fund LP from certain affiliates of the Adviser, valued at a total acquisition price of $103,746. In exchange, the Company paid $53,746 of cash to Antares Holdings (or an affiliate thereof) and issued approximately 2 million Common Shares, par value $0.001 per share, at $25.00 per Common Share to Antares Holdings (or an affiliate thereof) in kind for $50,000 of assets. All of the contributed and purchased assets were originated by affiliates of the Adviser within the past 5 years from the transaction date.

The Company determines NAV for Common Shares as of the last day of each calendar month. Share issuances related to monthly subscriptions are effective on the first calendar day of each month. Shares are issued at an offering price equivalent to the most recent NAV per share available, which will be the prior calendar day NAV per share (i.e. the prior month-end NAV).

The issuance of Common Shares is exempt from the registration requirements of the Securities Act of 1933, as amended (the “Securities Act”), pursuant to Section 4(a)(2) thereof and Regulation D thereunder. The Company relies, in part, upon representations from the relevant investor in the subscription agreement (the “Subscription Agreement”) that the investor is an “accredited investor” as defined in Regulation D under the Securities Act. The sale of Common Shares is made pursuant to the Subscription Agreement entered into with the relevant investor(s).

 

The following table summarizes transactions in Common Shares during the three and six months ended June 30, 2026:

 

 

Three Months Ended June 30, 2026

 

 

Six Months Ended June 30, 2026

 

 

Shares

 

 

Amount

 

 

Shares

 

 

Amount

 

Issuance of shares

 

197,179

 

 

$

4,884

 

 

 

458,686

 

 

$

11,474

 

Reinvestment of distributions

 

80,823

 

 

 

2,004

 

 

 

144,257

 

 

 

3,598

 

Net increase (decrease)

 

278,002

 

 

$

6,888

 

 

 

602,943

 

 

$

15,072

 

 

As of June 30, 2026 and December 31, 2025, no entity with an advisory relationship with Antares or its affiliates, including the Company, as appropriate given the context of the disclosure (including the Adviser) (“Adviser Parties”) own Common Shares of the Company.

Share Repurchase Program

We will commence a share repurchase program, commencing at least one year following the date on which unaffiliated investors first purchase Common Shares, in which we intend to repurchase, semi-annually, up to 7.5% of the Common Shares outstanding (either by number of Common Shares or aggregate NAV) as of the close of the previous semi-annual period. Our Board of Directors may amend, suspend or terminate the share repurchase program if it deems such action to be in the best interest of us and the best interest of our shareholders. As a result, share repurchases may not be available each semi-annual period. We intend to conduct such repurchase offers in accordance with the requirements of Rule 13e-4 promulgated under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and the 1940 Act. All shares purchased pursuant to the terms of each tender offer will be retired and thereafter will be authorized and unissued shares.

Under our share repurchase program, to the extent we offer to repurchase shares in any particular semi-annual period, we expect to repurchase shares pursuant to tender offers using a purchase price equal to the NAV per share as of the last calendar day of the applicable semi-annual period, except that shares that have not been outstanding for at least six months from the end of the Non-Tender Period (as defined herein) will be subject to an early repurchase deduction of 5%. Shareholders are required to agree pursuant to the terms of the Subscription Agreement that they will not tender Shares in a tender offer with a valuation date that is within the 12-month period following the issue date of such tendered Shares (the “Non-Tender Period”).

The Early Repurchase Deduction will be retained by the Company for the benefit of remaining holders of Common Shares, and will reduce the repurchase proceeds. The Early Repurchase Deduction may be waived, at our discretion, in the case of repurchase requests arising from the death, divorce or qualified disability of the holder. Common Shares issued pursuant to the Fund’s distribution reinvestment plan (“DRIP”) are not subject to early repurchase deduction.

 

 

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Distributions

The Company authorizes and declares distribution amounts per Common Share payable monthly in arrears. The following table presents distributions that were declared during the six months ended June 30, 2026:

 

Six Months Ended June 30, 2026

 

Declaration Date

 

Payment Date

 

Base Distribution Per Share (1)(2)

 

 

Special Distribution Per Share (1)

 

 

Total Distribution Per Share (1)

 

 

Total Distribution Amount

 

January 30, 2026

 

March 2, 2026

 

$

0.1773

 

 

$

0.0269

 

 

$

0.2042

 

 

$

592

 

February 27, 2026

 

April 2, 2026

 

 

0.1597

 

 

 

0.0194

 

 

 

0.1791

 

 

 

532

 

March 30, 2026

 

May 1, 2026

 

 

0.1742

 

 

 

0.0211

 

 

 

0.1953

 

 

 

593

 

April 30, 2026

 

May 29, 2026

 

 

0.1676

 

 

 

0.0152

 

 

 

0.1828

 

 

 

572

 

May 28, 2026

 

June 29, 2026

 

 

0.1741

 

 

 

0.0105

 

 

 

0.1846

 

 

 

590

 

June 30, 2026

 

July 30, 2026

 

 

0.1682

 

 

 

0.0102

 

 

 

0.1784

 

 

 

591

 

Total

 

 

 

$

1.0211

 

 

$

0.1033

 

 

$

1.1244

 

 

$

3,470

 

 

(1)
Rounded to four decimal places.
(2)
The base distribution per share includes the impact of shareholder servicing and/or distribution fees.

 

Distribution Reinvestment Plan

The Company has adopted a distribution reinvestment plan, pursuant to which the Company reinvests all cash distributions declared on behalf of the Company’s shareholders who do not elect to receive their distributions in cash. As a result, if the Board authorizes and declares a cash distribution, then the shareholders who have enrolled in the distribution reinvestment plan will have their cash distributions automatically reinvested in additional Common Shares, rather than receiving the cash distribution. The Company expects to use newly issued shares to implement the distribution reinvestment plan. Distributions on fractional shares are credited to each participating shareholder’s account to three decimal places.

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Note 9. Financial Highlights

 

The following are the financial highlights for the six months ended June 30, 2026:

 

 

 

Six Months Ended June 30, 2026

 

 

Per Share Data:

 

 

 

 

 

Net assets, beginning of period

 

$

 

25.28

 

 

Net investment income (loss) (1)

 

 

 

1.07

 

 

Net realized and change in unrealized appreciation (depreciation) (2)

 

 

 

(0.45

)

 

Net increase (decrease) in net assets resulting from operations

 

 

 

0.62

 

 

Distributions declared (3)

 

 

 

(1.12

)

 

Total increase (decrease) in net assets

 

 

 

(0.50

)

 

Net assets, end of period

 

$

 

24.78

 

 

Shares outstanding, end of period

 

 

 

3,313,875

 

 

Total return based on net asset value (4)

 

 

 

2.55

 

%

Ratios: (5)

 

 

 

 

 

Total expenses to average net assets gross of fee waivers

 

 

 

13.69

 

%

Net expenses to average net assets net of fee waivers

 

 

 

9.39

 

%

Net investment income to average net assets

 

 

 

8.95

 

%

Portfolio turnover rate (6)

 

 

 

6.99

 

%

Supplemental Data:

 

 

 

 

 

Net assets, end of period

 

$

 

82,116

 

 

Asset coverage ratio (7)

 

 

 

197.44

 

%

 

(1)
The per share data was derived by using the weighted average shares outstanding during the period.
(2)
The per share data includes a balancing figure that is derived from the other amounts presented in the schedule.
(3)
The per share data was derived using the actual shares outstanding at the date of the relevant transaction (See Note 8).
(4)
Total return (not annualized) is calculated as the change in net assets per share during the period, plus distributions per share (assuming distributions are reinvested in accordance with the Company’s distribution reinvestment plan), divided by the net assets per share at the beginning of the period.
(5)
Amounts are annualized except for non-recurring expenses (organization and offering expenses, incentive fees on capital gains, and capital gains on incentive fees waived).
(6)
Portfolio turnover rate (not annualized) is calculated using the lesser of the year-to-date sales or year-to-date purchases over the average of the invested assets at fair value for the period reported. Ratio does not include impact of short-term investments.
(7)
In accordance with the 1940 Act, with certain limitations, the Company is allowed to borrow amounts such that its asset coverage, as defined in the 1940 Act, is at least 150% after such borrowing.

 

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Note 10. Segment Reporting

 

The Company operates through a single operating and reporting segment with the investment objective to provide risk-adjusted returns and current income to shareholders by investing primarily in loans to U.S. borrowers. The Chief Operating Decision Maker (the “CODM”) function is comprised of the Company’s chief executive officer, chief financial officer and chief compliance officer, which evaluates the performance of the Company on a consolidated basis, and which operates under the specific regulatory requirements of the Investment Company Act of 1940. The CODM function utilizes key metrics including, but not limited to, net increase (decrease) in net assets resulting from operations (as reported on the Consolidated Statements of Operations) for determining the Company’s investment strategy, capital allocation, expense structure, and potential significant transactions. As the Company’s operations is comprised of a single reporting segment, the segment assets are reflected on the accompanying Consolidated Statements of Assets and Liabilities as “total assets” and the significant segment expenses are listed on the accompanying Consolidated Statements of Operations.

 

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Note 11. Subsequent Events

 

The Company has evaluated events and transactions for potential recognition or disclosure through August 13, 2026. There are no subsequent events to disclose except for the following:
 

Share Issuances

 

On July 1, 2026, the Company sold and issued 65,548 Common Shares for an aggregate consideration of approximately $1,624 at a price of $24.78 per Common Share, including Common Shares issued through the Company’s distribution reinvestment plan.

 

The Company received $3,353 of net proceeds relating to the issuance of Common Shares for subscriptions effective August 1, 2026.

 

Distribution Declaration

 

On July 28, 2026, the Company declared a regular distribution in the amount of $0.1736 per share and a special distribution in the amount of $0.0105 per share for its Common Shares, which are payable to shareholders of record as of July 28, 2026, and will be paid on or about August 31, 2026.

 

These distributions will be paid in cash or reinvested in additional Common Shares for shareholders participating in the Company’s distribution reinvestment plan.

 

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Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.

Overview

We are a newly-organized, non-diversified closed-end management investment company that has elected to be treated as a business development company (“BDC”) under the Investment Company Act of 1940, as amended (the “1940 Act”) as of July 18, 2025. We also intend to elect to be treated, and intend to comply with the requirements to qualify annually, as a regulated investment company (“RIC”) under the Internal Revenue Code of 1986, as amended (the “Code”). We are a private, perpetual-life BDC, which is a BDC whose common shares (“Common Shares”) are not listed for trading on a stock exchange or other securities market. We use the term “perpetual-life BDC” to describe an investment vehicle of indefinite duration whose Common Shares are intended to be sold monthly on a continuous basis at a price generally equal to our net asset value (“NAV”) per Common Share. Formed as a Delaware limited liability company on April 15, 2025, we are externally managed by Antares Capital Credit Advisers LLC (the “Adviser”), which is responsible for sourcing potential investments, conducting due diligence on prospective investments, analyzing investment opportunities, structuring investments and monitoring our portfolio on an ongoing basis. Our Adviser is registered as an investment adviser with the U.S. Securities and Exchange Commission (“SEC”).

Our investment objective is to provide risk-adjusted returns and current income to shareholders by investing primarily in loans to U.S. borrowers.

Our investment strategy focuses primarily on private credit investments structured as Portfolio Loans to U.S. borrowers. A “Portfolio Loan” is a senior secured loan, which may be first lien, second lien or unitranche loan, consisting of term loans and/or related delayed draw term loans and/or revolving loans, and each tranche of a senior secured loan acquired by us is referred to as a Portfolio Loan. We acquire Portfolio Loans that have been sourced and underwritten (i.e., evaluated for associated potential risks) by Adviser Parties or by other loan originators that can include, among others, joint ventures in which one or more Adviser Parties have interests. A Portfolio Loan is one that we may generally hold on its own or in a group with other Adviser Parties advised funds and accounts and/or third-party investors. Portfolio Loans are generally expected to have an average contractual term of five to seven years, with an expected life typically between three to four years. Unitranche loans represent a hybrid loan structure that combines senior debt and subordinated debt into one loan.

While our investment strategy primarily focuses on companies in the U.S., we also intend to leverage the Antares Lending Platform’s global presence to invest in companies in Canada, Europe and other locations outside the U.S., subject to compliance with BDC requirements to invest at least 70% of assets in “eligible portfolio companies”. Our subsidiaries’ (including entities that engage in investment activities in securities or other assets that are primarily controlled by us) principal investment strategies and associated principal risks will be consistent with our principal investment strategies and associated principal risks. We may also invest in preferred equity, or our debt investments may be accompanied by equity-related securities (such as options or warrants) and/or select common equity investments.

Our investment strategy also includes a smaller allocation to more liquid credit investments such as broadly syndicated loans and corporate bonds. We may use these investments to maintain liquidity for our share repurchase program and manage cash before investing subscription proceeds into originated loans, while also seeking attractive investment returns. We may also invest in publicly traded securities of larger corporate issuers on an opportunistic basis when market conditions create compelling potential return opportunities, subject to compliance with BDC requirements.

To seek to enhance our returns, we intend to employ leverage as market conditions permit and at the discretion of the Adviser, but in no event will leverage employed exceed the limitations set forth in the 1940 Act, which currently allows us to borrow up to a 2:1 debt to equity ratio. We intend to use leverage in the form of borrowings, including loans from certain financial institutions and the issuance of debt securities. We may also use leverage in the form of the issuance of preferred shares, but do not currently intend to do so. In determining whether to borrow money, we will analyze the maturity, covenant package and rate structure of the proposed borrowings as well as the risks of such borrowings compared to our investment outlook. Any such leverage, if incurred, would be expected to increase the total capital available for investment by us.

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Revenues

We generate revenue in the form of interest and fee income on debt investments, capital gains, and dividend income from our equity investments in our portfolio companies. Our senior and subordinated debt investments bear interest at a fixed or floating rate. Interest on debt securities is generally payable monthly, quarterly or semi-annually. In some cases, some of our investments may provide for deferred interest payments or payment-in-kind (“PIK”) interest. The principal amount of the debt securities and any accrued but unpaid PIK interest generally become due at the maturity date. In addition, we may generate revenue from various fees in the ordinary course of business such as in the form of structuring, consent, waiver, amendment, syndication and other miscellaneous fees. Original issue discounts and market discounts or premiums are capitalized, and we accrete or amortize such amounts as interest income. We record prepayment premiums on loans and debt securities as interest income. Dividend income, if any, is recognized on an accrual basis to the extent that we expect to collect such amounts.

Expenses

Except as specifically provided below, all investment professionals and staff of the Adviser, when and to the extent engaged in providing investment advisory services to us, and the base compensation, bonus and benefits, and the routine overhead expenses, of such personnel allocable to such services, will be provided and paid for by the Adviser. We bear all other costs and expenses of our operations, administration and transactions, including, but not limited to:

 

•
investment advisory fees, including management fees and incentive fees, paid to the Adviser pursuant to the Investment Advisory Agreement;
•
our allocable portion of compensation, overhead (including rent, office equipment and utilities) and other expenses incurred by the Administrator in performing its administrative obligations under the Administration Agreement, including but not limited to: (i) our chief compliance officer, chief financial officer and their respective staffs; (ii) investor relations, legal, operations and other non-investment professionals at the Administrator that perform duties for us; and (iii) any internal audit group personnel of the Adviser or any of its affiliates; and
•
all other expenses of our operations, administration and transactions (which may be directly incurred by us or allocated among us and the Adviser’s other clients).

From time to time, the Adviser or its affiliates may pay third-party providers of goods or services. We reimburse the Adviser such affiliates thereof for any such amounts paid on our behalf. From time to time, the Adviser may defer or waive fees and/or rights to be reimbursed for expenses. All of the foregoing expenses are ultimately borne by our shareholders, unless waived.

Portfolio and Investment Activity

As of June 30, 2026, we had investments in 88 portfolio companies across 26 industries. Based on fair value as of June 30, 2026, approximately 99.68% of our debt portfolio was invested in debt bearing a floating interest rate (e.g. the Secured Overnight Financing Rate, “SOFR”), which primarily is subject to interest rate floors. As of June 30, 2026, our weighted average total yield of debt and income producing securities at amortized cost was 8.28%. Weighted average yield excludes the effect of accretion of discounts and amortization of premiums and are based on interest rates as of June 30, 2026.

As of December 31, 2025, we had investments in 76 portfolio companies across 25 industries. Based on fair value as of December 31, 2025, approximately 99.66% of our debt portfolio was invested in debt bearing a floating interest rate, which primarily is subject to interest rate floors. As of December 31, 2025, our weighted average total yield of debt and income producing securities at amortized cost was 8.23%. Weighted average yield excludes the effect of accretion of discounts and amortization of premiums and are based on interest rates as of December 31, 2025.

Investment disclosures in this section are related to non-controlled/non-affiliated investments unless otherwise indicated.

Our investment activity is presented below (information presented herein is at amortized cost unless otherwise indicated, table below in thousands):

 

 

Three Months Ended June 30, 2026

 

 

Six Months Ended June 30, 2026

 

Total investments, beginning of period

$

157,790

 

 

$

149,444

 

Purchases of investments (including received in-kind)

 

11,816

 

 

 

25,111

 

Net accretion of discounts and amortization of premium on investments

 

41

 

 

 

125

 

Proceeds from sale of investments and principal repayments

 

(5,862

)

 

 

(10,895

)

Total investments, end of period

$

163,785

 

 

$

163,785

 

 

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The following table presents certain selected information regarding our investment portfolio:

 

 

June 30, 2026

 

December 31, 2025

 

Weighted average yield on debt and income producing investments, at amortized cost (1)

 

8.28

%

 

8.23

%

Weighted average yield on debt and income producing investments, at fair value (1)

 

8.28

%

 

8.23

%

Number of portfolio companies

 

88

 

 

76

 

Median LTM EBITDA (2)(3)

$123.9M

 

$124.0M

 

Weighted average net senior leverage (2)(4)

5.4x

 

5.4x

 

Weighted average loan-to-value (“LTV”) (2)(5)

 

37.0

%

 

36.3

%

Percentage of debt investments bearing a floating rate, at fair value

 

99.68

%

 

99.66

%

Percentage of debt investments bearing a fixed rate, at fair value

 

0.32

%

 

0.34

%

 

(1)
Computed based on the stated interest rate or yield as of June 30, 2026 and December 31, 2025, and weighted based on the total debt and income producing investments (at fair value or amortized cost, as applicable). Actual yields earned over the life of each investment could differ materially from the yields presented above. Weighted average yield excludes the effect of accretion of discounts and amortization of premiums.
(2)
Includes all private loan investments for which fair value is determined by the Adviser at least quarterly (with assistance, as applicable, from a third-party valuation firm, and subject to oversight by the Board). Figures are derived from the financial statements most recently obtained by the Adviser.
(3)
LTM EBITDA refers to adjusted earnings before interest, taxes, depreciation and amortization (“EBITDA”) in accordance with the underlying governing documents, over the last twelve months as reported by respective borrowers. Excludes investments with no reported EBITDA or where EBITDA, in the Adviser’s judgment, was not a material component of the investment thesis, such as annual recurring revenue loans, or investments with negative EBITDA.
(4)
Net senior leverage is the ratio of total debt minus unrestricted cash divided by LTM EBITDA and taking into account leverage through the tranche in which we hold an investment, excluding recurring revenue loans. Weighted average net senior leverage is weighted based on the funded commitment of total applicable private loans.
(5)
LTV is calculated as net debt through each respective investment tranche in which we hold an investment divided by estimated enterprise value or value of the underlying collateral of the portfolio company, excluding recurring revenue loans. Weighted average LTV is weighted based on the funded commitment of the total applicable private loans.

 


 

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As part of the monitoring process, our Adviser has developed risk policies pursuant to which it regularly assesses the risk profile of each of our debt investments. Our Adviser has developed a classification system to group investments into five categories. The investments are evaluated regularly and assigned a category based on certain credit metrics. Our Adviser’s ratings do not constitute any rating of investments by a nationally recognized statistical rating organization or represent or reflect any third-party assessment of any of our investments. Please see below for a description of the five categories of the Adviser’s Internal Risk Rating system:

 

•
Internal Performance Rating A: Portfolio companies performing generally as expected or above expectations and the trends and risk factors are generally neutral to favorable since origination. No concern about repayment of both interest and principal. All investments or acquired investments in new portfolio companies are initially assessed this level.
•
Internal Performance Rating B: Portfolio companies performing generally as expected but the trends require increased monitoring. Portfolio companies are current on both interest and principal payments.
•
Internal Performance Rating C: Portfolio companies performing below expectations and level of risk has increased since the time of origination. Portfolio companies are generally current on both interest and principal payments.
•
Internal Performance Rating D: Portfolio companies performing materially below expectations and the level of risk has increased materially since origination. In addition to the borrower being generally out of compliance with original debt covenants, loan payments may be past due, but generally not by more than 120 days. There is a higher risk of both payment default and repayment of interest and principal in full.
•
Internal Performance Rating E: Portfolio companies are non-earning and performing substantially below expectations. The level of risk has increased substantially since origination. Most or all of the original debt covenants are out of compliance and payments are substantially delinquent. There is a high risk that all principal and interest will not be recovered in full.

 

The following tables show the distribution of our investments on the A to E internal performance rating scale at fair value:

 

 

June 30, 2026

 

Internal Performance Rating

 

Investments at Fair Value (in thousands)

 

 

% of Total Investments at Fair Value

 

 

Number of Portfolio Companies

 

A

 

$

151,771

 

 

 

93.37

 

%

 

84

 

B

 

 

6,568

 

 

 

4.04

 

 

 

3

 

C

 

 

4,209

 

 

 

2.59

 

 

 

1

 

D

 

 

—

 

 

 

—

 

 

 

—

 

E

 

 

—

 

 

 

—

 

 

 

—

 

 

$

162,548

 

 

 

100.00

 

%

 

88

 

 

 

December 31, 2025

 

Internal Performance Rating

 

Investments at Fair Value (in thousands)

 

 

% of Total Investments at Fair Value

 

 

Number of Portfolio Companies

 

A

 

$

148,978

 

 

 

99.55

 

%

 

75

 

B

 

 

680

 

 

 

0.45

 

 

 

1

 

C

 

 

—

 

 

 

—

 

 

 

—

 

D

 

 

—

 

 

 

—

 

 

 

—

 

E

 

 

—

 

 

 

—

 

 

 

—

 

 

$

149,658

 

 

 

100.00

 

%

 

76

 

 

As of June 30, 2026 and December 31, 2025, there were no portfolio companies with loans on non-accrual status. Loans are generally placed on non-accrual status when there is reasonable doubt that principal or interest will be collected in full. Accrued interest is generally reversed when a loan is placed on non-accrual status. Non-accrual loans are restored to accrual status when past due principal and interest is paid current and, in management’s judgment, are likely to remain current. Management may make exceptions to this treatment and determine to not place a loan on non-accrual status if the loan has sufficient collateral value and is in the process of collection.

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The composition of our investment portfolio at amortized cost and fair value is as follows (dollar amounts in thousands):

 

 

June 30, 2026

 

 

December 31, 2025

 

 

 

Amortized Cost

 

 

Fair Value

 

 

% of Total Investments at Fair Value

 

 

Amortized Cost

 

 

Fair Value

 

 

% of Total Investments at Fair Value

 

 

Secured Debt

$

162,800

 

 

$

161,549

 

 

 

98.38

 

%

$

148,636

 

 

$

148,839

 

 

 

97.12

 

%

Unsecured Debt

 

520

 

 

 

524

 

 

 

0.32

 

 

 

490

 

 

 

501

 

 

 

0.33

 

 

Equity Investments

 

465

 

 

 

475

 

 

 

0.29

 

 

 

318

 

 

 

318

 

 

 

0.21

 

 

Short-Term Investments

 

1,661

 

 

 

1,661

 

 

 

1.01

 

 

 

3,585

 

 

 

3,585

 

 

 

2.34

 

 

Total Investments

$

165,446

 

 

$

164,209

 

 

 

100.00

 

%

$

153,029

 

 

$

153,243

 

 

 

100.00

 

%

 

The industry composition of our non-controlled, non-affiliated investments (at fair value) was as follows:

 

 

June 30, 2026

 

 

December 31, 2025

 

 

Software

 

16.17

 

%

 

12.72

 

%

Insurance

 

11.41

 

 

 

11.72

 

 

Professional Services

 

9.99

 

 

 

13.51

 

 

Financial Services

 

9.71

 

 

 

10.29

 

 

Health Care Technology

 

6.86

 

 

 

6.43

 

 

Chemicals

 

4.91

 

 

 

5.03

 

 

Pharmaceuticals

 

4.90

 

 

 

5.14

 

 

Diversified Consumer Services

 

4.13

 

 

 

3.36

 

 

Commercial Services and Supplies

 

4.05

 

 

 

4.23

 

 

Healthcare Providers and Services

 

3.34

 

 

 

3.68

 

 

Food Products

 

3.19

 

 

 

3.32

 

 

Containers and Packaging

 

2.98

 

 

 

2.97

 

 

Wireless Telecommunication Services

 

2.87

 

 

 

3.13

 

 

Household Products

 

2.29

 

 

 

2.53

 

 

Energy Equipment and Services

 

2.17

 

 

 

1.75

 

 

Media

 

2.04

 

 

 

2.16

 

 

Distributors

 

1.89

 

 

 

1.50

 

 

IT Services

 

1.67

 

 

 

2.04

 

 

Healthcare Equipment and Supplies

 

1.37

 

 

 

1.38

 

 

Capital Markets

 

1.22

 

 

 

—

 

 

Air Freight and Logistics

 

0.84

 

 

 

0.89

 

 

Textiles, Apparel and Luxury Goods

 

0.61

 

 

 

0.67

 

 

Industrial Conglomerates

 

0.54

 

 

 

0.58

 

 

Trading Companies and Distributors

 

0.44

 

 

 

0.46

 

 

Hotels, Restaurants and Leisure

 

0.21

 

 

 

0.23

 

 

Electrical Equipment

 

0.20

 

 

 

—

 

 

Construction & Engineering

 

—

 

 

 

0.28

 

 

Total

 

100.00

 

%

 

100.00

 

%

 

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The tables below describe investments by geographic composition of our non-controlled, non-affiliated investments, based on amortized cost and fair value (dollar amounts in thousands):

 

 

June 30, 2026

 

 

 

Amortized Cost

 

 

Fair Value

 

 

% of Total Investments at Fair Value

 

 

Fair Value as % of Net Assets

 

 

United States

$

160,579

 

 

$

159,428

 

 

 

98.08

 

%

 

194.15

 

%

Canada

 

3,206

 

 

 

3,120

 

 

 

1.92

 

 

 

3.80

 

 

Total

$

163,785

 

 

$

162,548

 

 

 

100.00

 

%

 

197.95

 

%

 

December 31, 2025

 

 

Amortized Cost

 

 

Fair Value

 

 

% of Total Investments at Fair Value

 

 

Fair Value as % of Net Assets

 

 

United States

$

145,127

 

 

$

145,312

 

 

 

97.10

 

%

 

212.04

 

%

Canada

 

4,317

 

 

 

4,346

 

 

 

2.90

 

 

 

6.34

 

 

Total

$

149,444

 

 

$

149,658

 

 

 

100.00

 

%

 

218.38

 

%

Results of Operations

 

No comparative financial statements are presented as we had not begun operations during any period prior to July 18, 2025, we were formed on April 15, 2025 and commenced our investing operations on July 18, 2025.

Operating results for the three and six months ended June 30, 2026 were as follows (table below in thousands):

 

 

Three Months Ended June 30, 2026

 

 

Six Months Ended June 30, 2026

 

Total investment income

$

3,482

 

 

$

6,890

 

Total expenses

 

2,641

 

 

 

5,186

 

Management fees waiver

 

(234

)

 

 

(426

)

Incentive fees waiver

 

(183

)

 

 

(330

)

Reimbursable expenses paid by adviser

 

(396

)

 

 

(847

)

Net expenses, net of fee waivers

 

1,828

 

 

 

3,583

 

Net investment income (loss)

 

1,654

 

 

 

3,307

 

Net realized gain (loss)

 

16

 

 

 

77

 

Net change in unrealized appreciation (depreciation)

 

284

 

 

 

(1,402

)

Net increase (decrease) in net assets resulting from operations

$

1,954

 

 

$

1,982

 

 

Net increase (decrease) in net assets resulting from operations can vary from period to period as a result of various factors, including deployment, the level of new investment commitments, the recognition of realized gains and losses and changes in unrealized appreciation and depreciation on the investment portfolio. As a result, comparisons may not be meaningful.

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Investment Income

Investment income, was as follows for the three and six months ended June 30, 2026 (table below in thousands):

 

 

Three Months Ended June 30, 2026

 

 

Six Months Ended June 30, 2026

 

Interest income

$

3,418

 

 

$

6,724

 

Payment-in-kind interest income

 

34

 

 

 

68

 

Other income

 

30

 

 

 

98

 

Total investment income

$

3,482

 

 

$

6,890

 

 

Total investment income for both the three and six months ended June 30, 2026 is primarily driven by contractual spreads and floating index rates on invested balance of investments. Included in interest income are other fees such as prepayment fees and accelerated amortization of upfront fees from unscheduled paydowns which are non-recurring in nature.

 

Interest income on our debt investments is dependent on interest rates and volume of loans outstanding, as well as the composition and credit quality of the portfolio. Generally, we expect the portfolio to generate predictable quarterly interest income based on the terms stated in each loan’s respective credit agreement.

 

Other income includes fees that are generally available to us as a result of investment originations by Adviser Parties, and generally paid at the time of closing or as a result of episodic amendments made to the terms of our existing debt investments.

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Expenses

Expenses were as follows (table below in thousands):

 

 

Three Months Ended June 30, 2026

 

 

Six Months Ended June 30, 2026

 

 

Period from April 15, 2025 (inception) to June 30, 2025

 

Interest and debt expenses

$

1,464

 

 

$

2,884

 

 

$

—

 

Management fees

 

234

 

 

 

426

 

 

 

—

 

Income based incentive fee

 

183

 

 

 

354

 

 

 

—

 

Capital gains incentive fee

 

—

 

 

 

(24

)

 

 

—

 

Administrative service fee

 

181

 

 

 

361

 

 

 

—

 

Board of Directors' fee

 

5

 

 

 

9

 

 

 

—

 

Other general and administrative expenses

 

350

 

 

 

741

 

 

 

—

 

Organization and offering costs

 

55

 

 

 

110

 

 

 

153

 

Shareholder servicing and/or distribution fee

 

169

 

 

 

325

 

 

 

—

 

Total expenses

 

2,641

 

 

 

5,186

 

 

 

153

 

Management fees waiver

 

(234

)

 

 

(426

)

 

 

—

 

Incentive fees waiver

 

(183

)

 

 

(330

)

 

 

—

 

Reimbursable expenses paid by adviser

 

(396

)

 

 

(847

)

 

 

(153

)

Net expenses, net of fee waivers

$

1,828

 

 

$

3,583

 

 

$

—

 

Total operating expenses were $0.6 million and $1.2 million, respectively, for the three and six months ended June 30, 2026, primarily comprised of $0.3 million and $0.7 million, respectively, of other general and administrative expenses (including legal, rating agencies, audit, tax, valuation, technology, insurance, filing, research, and fees paid to our sub-administrator, custodian and transfer agent, and other professional fees related to management of the Company), $0.2 million and $0.4 million, respectively, of administrative service expenses, and $0.1 million and $0.1 million, respectively, in organization and offering costs. From inception through June 30, 2025, total operating expenses were 0.2 million, were comprised of 0.2 million of organizational and offering costs.

Interest and Debt Expenses

The components of interest and debt expenses, cash paid for interest, weighted average interest rates and average outstanding balances were as follows (table below in thousands):

 

 

 

Three Months Ended June 30, 2026

 

 

Six Months Ended June 30, 2026

 

Stated interest expense

 

$

1,160

 

 

$

2,317

 

Facility unused fees

 

 

209

 

 

 

377

 

Amortization of deferred financing costs

 

 

95

 

 

 

190

 

Total interest and debt expense

 

$

1,464

 

 

$

2,884

 

Cash paid for interest expense

 

$

1,372

 

 

$

2,668

 

Citi Facility weighted average interest rate

 

 

5.45

%

 

 

5.45

%

Citi Facility average debt outstanding

 

$

84,144

 

 

$

84,491

 

Weighted average interest rates do not include impact of unused commitment fees or amortization of deferred financing costs.

As of June 30, 2026 and December 31, 2025, $202 and $212, respectively, of stated interest expense and $36 and zero of unused commitment fees, respectively, were included in interest payable on the Consolidated Statements of Assets and Liabilities.

 

Net Realized and Change in Unrealized Gains and Losses

The following table summarizes our net realized and unrealized gains (losses) on investments (table below in thousands):

 

 

Three Months Ended June 30, 2026

 

 

Six Months Ended June 30, 2026

 

Net change in unrealized appreciation (depreciation) on investments

$

248

 

 

$

(1,451

)

Net realized and change in unrealized gain (loss) on investments

$

248

 

 

$

(1,451

)

 

For the three months ended June 30, 2026 net realized and change in unrealized gain on investments were driven by mark-to-market gains in the fair value of private credit and broadly syndicated loan portfolios, primarily attributable to modest price recoveries in the liquid market. For the six months ended June 30, 2026, net realized and change in unrealized loss on investments were driven by mark-to-market losses in the fair value of private credit and broadly syndicated loan portfolios, primarily caused by the impact of the widening credit spreads on the portfolio. As of June 30, 2026 and December 31, 2025, the fair value of our debt investments as a percentage of principal, excluding unfunded commitments, was 99.09% and 99.76%, respectively.

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Management fee

The base management fee is payable quarterly in arrears at an annual rate of 1.25% of the average of our NAV as of the beginning of the prior quarter and the beginning of the then current quarter.

For the three and six months ended June 30, 2026, we incurred management fees of $0.2 million and $0.4 million, respectively. All management fees have been waived for both the three and six months ended June 30, 2026.

Incentive fee

The incentive fee consists of two components that are independent of each other, with the result that one component may be payable even if the other is not. A portion of the incentive fee is based on a percentage of income and a portion is based on a percentage of capital gains, each described below.

Income based incentive fee

The income based incentive fee is based on “Pre-Incentive Fee Net Investment Income Returns” meaning dividends, cash interest or other distributions or other cash income and any third-party fees received from portfolio companies (such as upfront fees, commitment fees, origination fees, amendment fees, ticking fees and break-up fees, as well as prepayment premiums, but excluding fees for providing managerial assistance and fees earned by the Adviser or an affiliate in its capacity as an administrative agent, syndication agent, collateral agent, loan servicer or other similar capacity) accrued during the month, minus operating expenses for the month (including the management fee, taxes, any expenses payable under the Investment Advisory Agreement and Administration Agreement (as defined below), any expense of securitizations, and interest expense or other financing fees and any dividends paid on preferred shares, but excluding the incentive fee and shareholder servicing and /or distribution fees). Pre-Incentive Fee Net Investment Income Returns includes, in the case of investments with a deferred interest feature (such as original issue discount, debt instruments with PIK interest and zero-coupon securities), accrued income that has not yet been received in cash. Pre-Incentive Fee Net Investment Income Returns do not include any realized capital gains, realized capital losses or unrealized capital appreciation or depreciation. The impact of expense support payments and recoupments are also excluded from Pre-Incentive Fee Net Investment Income Returns.

Pre-Incentive Fee Net Investment Income Returns, expressed as a rate of return on the value of net assets at the end of the preceding quarter, is compared to a “hurdle rate” of return of 1.25% per quarter (5.0% annualized). We pay an incentive fee quarterly as follows:

•
No investment income incentive fee based on Pre-Incentive Fee Net Investment Income Returns in any calendar quarter in which the Pre-Incentive Fee Net Investment Income Returns does not exceed the hurdle rate of 1.25% per quarter (5.0% annualized).
•
100% of the dollar amount of the Pre-Incentive Fee Net Investment Income Returns with respect to that portion of such Pre-Incentive Fee Net Investment Income Returns, if any, that exceeds the hurdle rate but is less than a rate of return of 1.43% (5.72% annualized).
•
12.5% of the dollar amount of the Pre-Incentive Fee Net Investment Income Returns, if any, that exceed a rate of return of 1.43% (5.72% annualized).

Capital gains incentive fee

The second component of the incentive fee, the capital gains incentive fee, is payable at the end of each calendar year in arrears. The amount payable is equal to 12.5% of cumulative realized capital gains from inception through the end of such calendar year, computed net of all realized capital losses and unrealized capital depreciation on a cumulative basis, less the aggregate amount of any previously paid capital gains incentive fee as calculated in accordance with U.S. GAAP. U.S. GAAP requires that the capital gains incentive fee accrual consider the cumulative aggregate unrealized capital appreciation in the calculation, as a capital gains incentive fee would be payable if such unrealized capital appreciation were realized, even though such unrealized capital appreciation is not permitted to be considered in calculating the fee actually payable under the investment advisory agreement. This U.S. GAAP accrual is calculated using the aggregate cumulative realized capital gains and losses and aggregate cumulative unrealized capital depreciation included in the calculation of the capital gains incentive fee plus the aggregate cumulative unrealized capital appreciation, net of any expense associated with cumulative unrealized capital depreciation or appreciation. If such amount is positive at the end of a period, then U.S. GAAP requires us to record a capital gains incentive fee equal to 12.5% of such cumulative amount, less the aggregate amount of actual capital gains incentive fees paid or capital gains incentive fees accrued under U.S. GAAP in all prior periods. Gross capital gains incentive fee is net of reversal on accrued capital gains incentive fees. The fees that are payable under the Investment Advisory Agreement for any partial period are appropriately prorated.

 

The Adviser has agreed to waive any management fee and incentive fee due from the Company through February 28, 2026. On March 1, 2026, the terms of the Fee Waiver Letter Agreement were extended from March 1, 2026 through August 31, 2026.

For the three and six months ended June 30, 2026, we incurred income based incentive fees of $0.2 million and $0.4 million, respectively. For the three and six months ended June 30, 2026, the Adviser agreed to waive $0.2 million and $0.3 million, respectively, in total incentive fees, resulting in no incentive fees payable.

 

 

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Expense Support Agreement

On June 26, 2025, the Board approved an expense support and conditional reimbursement agreement (the “Expense Support Agreement”). Under the terms of the Expense Support Agreement, the Adviser will pay our total organization and offering expenses, professional fees, director fees, administration fees, and other general and administrative expenses on our behalf such that these operating expenses do not exceed 1.00% (on annualized basis) of our NAV. Additionally, the Adviser may elect to pay certain additional expenses on our behalf. Following any calendar month in which Available Operating Funds (as defined below) exceed the cumulative distributions accrued to our shareholders based on distributions declared with respect to record dates occurring in such calendar month (the amount of such excess being hereinafter referred to as “Excess Operating Funds”), the Company shall pay such Excess Operating Funds, or a portion thereof, to the Adviser until such time as all expense payments made by the Adviser to us within three years prior to the last business day of such calendar month have been reimbursed. “Available Operating Funds” means the sum of (i) the Company’s net investment company taxable income (including net short-term capital gains reduced by net long-term capital losses), (ii) the Company’s net capital gains (including the excess of net long-term capital gains over net short-term capital losses) and (iii) dividends and other distributions paid to the Company on account of investments in portfolio companies (to the extent such amounts listed in clause (iii) are not included under clauses (i) and (ii) above).

In addition, effective as of July 15, 2025, the Company and the Adviser entered into a Waiver Letter Agreement, pursuant to which the Adviser agreed to waive reimbursement by the Company for certain of the Company’s organizational expenses the Adviser incurs or has incurred on the Company’s behalf in an aggregate amount not to exceed $0.25 million during the period ending on the date of the initial closing for purchases of common shares by unaffiliated investors (the “Initial Closing Date”). The Waiver Letter Agreement provides that, to the extent the Company’s NAV increases, the Adviser may be reimbursed for past payments of excess organizational expenses made on the Company’s behalf prior to the Initial Closing Date, provided that the total organizational expenses borne by the Company do not exceed 1.00% of the Company’s NAV and provided further that the Adviser may not be reimbursed for payment of excess organizational expenses that were incurred more than three years prior to the proposed reimbursement.

For the three and six months ended June 30, 2026, the Adviser provided $0.4 million and $0.8 million, respectively, of expense support pursuant to the Expense Support Agreement. Our obligation to make a reimbursement payment shall automatically become our liability on the last business day of the applicable calendar month, except to the extent the Adviser has waived its right to receive such payment for the applicable month.

 

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Financial Condition, Liquidity and Capital Resources

We expect to generate cash primarily from (i) the net proceeds of the Private Offering, (ii) cash flows from our operations, (iii) any financing arrangements we may enter into in the future and (iv) any future offerings of our equity or debt securities. We intend to sell our Common Shares on a continuous monthly basis at a per share price equal to the then-current NAV per share. Our primary uses of cash will be for (i) investments in portfolio companies and other investments, (ii) the cost of operations (including paying Antares Capital Credit Advisers LLC (in its capacity as the Adviser and/or the Administrator)), (iii) cost of any borrowings or other financing arrangements and (iv) cash distributions to the holders of our shares.

 

As of June 30, 2026, we had one credit facility outstanding. From time to time, we may enter into additional credit facilities, increase the size of our existing credit facilities, enter additional short-term lending arrangements, and/or issue debt securities, including unsecured notes. In accordance with the 1940 Act, with certain limited exceptions, we are only allowed to incur borrowings, issue debt securities or issue preferred stock, if immediately after the borrowing or issuance, the ratio of total assets (less total liabilities other than indebtedness) to total indebtedness plus preferred stock, is at least 150%. As of June 30, 2026, we had an aggregate amount of $84.3 million of debt outstanding and our asset coverage ratio was 197.44%. We seek to carefully consider our unfunded commitments for the purpose of planning our ongoing financial leverage. We believe that our current cash on hand, our short-term investments, our available borrowing capacity under our Citi Facility and our anticipated cash flows from operations will be adequate to meet our cash needs for our daily operations in the near term.

 

Equity

The following table summarizes transactions in Common Shares during the three and six months ended June 30, 2026 (dollar amounts in thousands):

 

 

Three Months Ended June 30, 2026

 

 

Six Months Ended June 30, 2026

 

 

Shares

 

 

Amount

 

 

Shares

 

 

Amount

 

Issuance of shares

 

197,179

 

 

$

4,884

 

 

 

458,686

 

 

$

11,474

 

Reinvestment of distributions

 

80,823

 

 

 

2,004

 

 

 

144,257

 

 

 

3,598

 

Net increase (decrease)

 

278,002

 

 

$

6,888

 

 

 

602,943

 

 

$

15,072

 

 

Share Repurchase Program

We will commence a share repurchase program, commencing at least one year following the date on which unaffiliated investors first purchase Common Shares, in which we intend to repurchase, semi-annually, up to 7.5% of the Common Shares outstanding (either by number of Common Shares or aggregate NAV) as of the close of the previous semi-annual period. Our Board of Directors may amend, suspend or terminate the share repurchase program if it deems such action to be in the best interest of us and the best interest of our shareholders. As a result, share repurchases may not be available each semi-annual period. We intend to conduct such repurchase offers in accordance with the requirements of Rule 13e-4 promulgated under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and the 1940 Act. All shares purchased pursuant to the terms of each tender offer will be retired and thereafter will be authorized and unissued shares.

Under our share repurchase program, to the extent we offer to repurchase shares in any particular semi-annual period, we expect to repurchase shares pursuant to tender offers using a purchase price equal to the NAV per share as of the last calendar day of the applicable semi-annual period, except that shares that have not been outstanding for at least six months from the end of the Non-Tender Period (as defined herein) will be subject to an early repurchase deduction of 5%. Shareholders are required to agree pursuant to the terms of the Subscription Agreement that they will not tender Shares in a tender offer with a valuation date that is within the 12-month period following the issue date of such tendered Shares (the “Non-Tender Period”).

The Early Repurchase Deduction will be retained by the Company for the benefit of remaining holders of Common Shares, and will reduce the repurchase proceeds. The Early Repurchase Deduction may be waived, at our discretion, in the case of repurchase requests arising from the death, divorce or qualified disability of the holder. Common Shares issued pursuant to the Fund’s distribution reinvestment plan (“DRIP”) are not subject to early repurchase deduction.

 

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Distributions

We authorize and declare distribution amounts per Common Share payable monthly in arrears. The following table presents distributions that were declared during the six months ended June 30, 2026:

 

Six Months Ended June 30, 2026

 

Declaration Date

 

Payment Date

 

Base Distribution Per Share (1)(2)

 

 

Special Distribution Per Share (1)

 

 

Total Distribution Per Share (1)

 

 

Total Distribution Amount

 

January 30, 2026

 

March 2, 2026

 

$

0.1773

 

 

$

0.0269

 

 

$

0.2042

 

 

$

592

 

February 27, 2026

 

April 2, 2026

 

 

0.1597

 

 

 

0.0194

 

 

 

0.1791

 

 

 

532

 

March 30, 2026

 

May 1, 2026

 

 

0.1742

 

 

 

0.0211

 

 

 

0.1953

 

 

 

593

 

April 30, 2026

 

May 29, 2026

 

 

0.1676

 

 

 

0.0152

 

 

 

0.1828

 

 

 

572

 

May 28, 2026

 

June 29, 2026

 

 

0.1741

 

 

 

0.0105

 

 

 

0.1846

 

 

 

590

 

June 30, 2026

 

July 30, 2026

 

 

0.1682

 

 

 

0.0102

 

 

 

0.1784

 

 

 

591

 

Total

 

 

 

$

1.0211

 

 

$

0.1033

 

 

$

1.1244

 

 

$

3,470

 

 

(1)
Rounded to four decimal places.
(2)
The base distribution per share includes the impact of shareholder servicing and/or distribution fees.

The following table reflects the character of distributions on a U.S. GAAP basis that we declared on our Common Shares during the six months ended June 30, 2026:

 

 

Six Months Ended June 30, 2026

 

Source of Distribution

Per Share

 

 

Amount

 

Net investment income (loss)

$

1.1244

 

 

$

3,470

 

Net realized gain (loss)

 

—

 

 

 

—

 

Return of capital

 

—

 

 

 

—

 

Total

$

1.1244

 

 

$

3,470

 

 

Distribution Reinvestment Plan

We have adopted a distribution reinvestment plan, pursuant to which we will reinvest all cash distributions declared on behalf of our shareholders who do not elect to receive their distributions in cash. As a result, if we declare a cash distribution, then shareholders who have not opted out of our distribution reinvestment plan will have their cash distributions automatically reinvested in additional shares, rather than receiving the cash distribution. Distributions on fractional shares will be credited to each participating shareholder’s account to three decimal places.

Related-Party Transactions

We have entered into a number of business relationships with affiliated or related parties, including the following:

•
the Investment Advisory Agreement;
•
the Administration Agreement; and
•
Expense Support and Conditional Reimbursement Agreement;

 

In addition to the aforementioned agreements, we, our Adviser and certain of our Adviser’s affiliates have been granted exemptive relief by the SEC to co-invest with other funds and accounts sponsored or managed by our Adviser or its affiliates in a manner consistent with our investment objective, positions, policies, strategies and restrictions as well as regulatory requirements and other pertinent factors. For additional information, see “Note 3. Agreements and Related Party Transactions” to the consolidated financial statements.

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Recent Developments

 

Share Issuances

 

On July 1, 2026, we sold and issued 65,548 Common Shares for an aggregate consideration of approximately $1.6 million at a price of $24.78 per Common Share, including Common Shares issued through our distribution reinvestment plan.

 

We received $3.4 million of net proceeds relating to the issuance of Common Shares for subscriptions effective August 1, 2026.

 

Distribution Declaration

 

On July 28, 2026, we declared a regular distribution in the amount of $0.1736 per share and a special distribution in the amount of $0.0105 per share for our Common Shares, which are payable to shareholders of record as of July 28, 2026, and will be paid on or about August 31, 2026.

 

These distributions will be paid in cash or reinvested in additional Common Shares for shareholders participating in the Company’s distribution reinvestment plan.

 

These distributions will be paid in cash or reinvested in additional Common Shares for shareholders participating in our distribution reinvestment plan.

 

Critical Accounting Estimates

The preparation of the consolidated financial statements will require our management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses. Changes in the economic environment, financial markets and any other parameters used in determining such estimates could cause actual results to differ. In addition, our critical accounting estimates related to investments and fair value measurement are included in the notes to our consolidated financial statements. For a discussion of our critical accounting policies, see Note 2 “Significant Accounting Policies” to the Consolidated Financial Statements.

We are required to report investments for which current market values are not readily available at fair value. We value our investments in accordance with ASC 820, Fair Value Measurement, which defines fair value as the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the applicable measurement date. ASC 820 prioritizes the use of observable market prices derived from such prices over entity-specific inputs. Due to the inherent uncertainties of valuation, certain estimated fair values may differ significantly from the values that would have been realized had a ready market for these investments existed, and these differences could be material.

Contractual Obligations

We entered into the Investment Advisory Agreement with the Adviser to provide us with investment advisory services and the Administration Agreement with Antares Capital Credit Advisers LLC (in its capacity as the Administrator) to provide us with administrative services. Payments for investment advisory services under the Investment Advisory Agreements and reimbursements under the Administration Agreement are described in “Item 1. Consolidated Financial Statements—Notes to the Consolidated Financial Statements—Note 3. Agreements and Related Party Transactions.”

We have established a credit facility and may in the future establish additional credit facilities or enter into other financing arrangements to facilitate investments and the timely payment of our expenses. It is anticipated that any such credit facilities will bear interest at floating rates at to-be-determined spreads over SOFR (or other applicable reference rate). We cannot assure shareholders that we will be able to enter into a credit facility on favorable terms or at all. In connection with a credit facility or other borrowings, lenders may require us to pledge assets and may ask to comply with positive or negative covenants that could have an effect on our operations.

Off-Balance Sheet Arrangements

Other than contractual commitments and other legal contingencies incurred in the normal course of our business, we do not have any off-balance sheet financings or liabilities.

Unfunded Commitments

Our investment portfolio may contain revolving line of credit commitments, delayed draw commitments, and certain equity investments, which may require us to fund when requested by portfolio companies. As of June 30, 2026 and December 31, 2025, we had unfunded investment commitments in the aggregate par amount of $35.7 million and $44.1 million, respectively. Such commitments are subject to the satisfaction of certain conditions set forth in the documents governing these loans and letters of credit and there can be no assurance that such conditions will be satisfied.

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Item 3. Quantitative and Qualitative Disclosures About Market Risk

 

We are subject to financial market risks, including changes in interest rates and foreign exchange rates. A rise in the general level of interest rates can be expected to lead to higher interest rates applicable to the variable rate investments we may hold and to declines in the value of any fixed rate investments we may hold. A rise in interest rates would also be expected to lead to higher cost on our floating rate borrowings. If deemed prudent, we may use interest rate risk management techniques in an effort to minimize our exposure to interest rate fluctuations. We seek to mitigate interest rate risk and foreign currency risk by generally employing a funding strategy of matching the duration and interest rate indices of our floating rate assets with floating rate liabilities, as well as matching currencies between our borrowing and lending, to the extent possible.

Valuation Risk

We plan to invest primarily in illiquid debt securities of private companies. Most of our investments do not have a readily available market price, and we value these investments at fair value as determined in good faith pursuant to procedures adopted by, and under the oversight of, the Board in accordance with our valuation policy. There is no single standard for determining fair value in good faith. As a result, determining fair value requires that judgment be applied to the specific facts and circumstances of each portfolio investment while employing a consistently applied valuation process for the types of investments we make.

Interest Rate Risk

Interest rate sensitivity refers to the change in earnings that may result from changes in the level of interest rates. We intend to fund portions of our investments with borrowings, and at such time, our net investment income will be affected by the difference between the rate at which we invest and the rate at which we borrow. Accordingly, we cannot assure shareholders that a significant change in market interest rates will not have a material adverse effect on our net investment income.

As of June 30, 2026, 99.68% of our performing debt investments at fair value were at floating rates, which are generally SOFR based and typically have durations of one to three months after which they reset to current interest rates, and many of which are subject to certain floors. Our credit facility (i.e. the Citi Facility) bears interest at floating rates with a zero percent interest rate floor. Based on our Consolidated Statements of Assets and Liabilities as of June 30, 2026, the following table shows the annualized impact on net interest income of hypothetical base rate changes in interest rates (considering base rate floors and ceilings for floating rate instruments) and assuming no changes in our investment and borrowing structure (table below in thousands):

 

Change in Interest Rates

 

Interest Income

 

 

Interest Expense

 

 

Net Interest Income

 

Up 300 basis points

 

$

4,899

 

 

$

(2,528

)

 

$

2,371

 

Up 200 basis points

 

 

3,266

 

 

 

(1,685

)

 

 

1,581

 

Up 100 basis points

 

 

1,633

 

 

 

(843

)

 

 

790

 

Down 100 basis points

 

 

(1,633

)

 

 

843

 

 

 

(790

)

Down 200 basis points

 

 

(3,251

)

 

 

1,685

 

 

 

(1,566

)

Down 300 basis points

 

 

(4,732

)

 

 

2,508

 

 

 

(2,224

)

 

We may in the future hedge against interest rate fluctuations by using hedging instruments such as interest rate swaps, futures, options and forward contracts. While hedging activities may mitigate our exposure to adverse fluctuations in interest rates, certain hedging transactions that we may enter into in the future, such as interest rate swap agreements, may also limit our ability to participate in the benefits of changes in interest rates with respect to our portfolio investments.

 

Item 4. Controls and Procedures

(a)
Evaluation of Disclosure Controls and Procedures

In accordance with Rules 13a-15(b) and 15d-15(b) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), we, under the supervision and with the participation of our Chief Executive Officer and Chief Financial Officer, carried out an evaluation of the effectiveness of our disclosure controls and procedures (as defined in Rule 13a-15(e) and Rule 15d-15(e) of the Exchange Act) as of the end of the period covered by this Quarterly Report on Form 10-Q and determined that our disclosure controls and procedures are effective as of the end of the period covered by the Quarterly Report on Form 10-Q.

 

(b)
Changes in Internal Controls Over Financial Reporting

There have been no changes in our internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) that occurred during the quarter ended June 30, 2026 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

 

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PART II - OTHER INFORMATION

 

 

We are not currently subject to any material legal proceedings, nor, to our knowledge, is any material legal proceeding threatened against us. From time to time, we may be a party to certain legal proceedings in the ordinary course of business, including proceedings relating to the enforcement of our rights under contracts with our portfolio companies. Our business is also subject to extensive regulation, which may result in regulatory proceedings against us. While the outcome of any such future legal or regulatory proceedings cannot be predicted with certainty, we do not expect that any such future proceedings will have a material effect upon our financial condition or results of operations.

Item 1A. Risk Factors.

 

For information regarding factors that could affect our results of operations, financial condition and liquidity, see the risk factors disclosed in “Item 1A. Risk Factors” of our Annual Report on Form 10-K, filed with the SEC on March 19, 2026. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial also may materially affect our business, financial condition and/or operating results. There have been no material changes during the three months ended June 30, 2026 to the risk factors set forth in “Item 1A. Risk Factors” of our Annual Report on Form 10-K for the year ended December 31, 2025.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.

Refer to “Item 1. Consolidated Financial Statements—Notes to the Consolidated Financial Statements—Note 8. Net Assets” in this report and our Current Reports on Form 8-K for the issuance of Common Shares for the three months ended June 30, 2026.

The issuance of Common Shares is exempt from the registration requirements of the Securities Act of 1933, as amended (the “Securities Act”), pursuant to Section 4(a)(2) thereof and Regulation D thereunder. We rely, in part, upon representations from the relevant investor in the Subscription Agreement that the investor is an “accredited investor” as defined in Regulation D under the Securities Act.

Item 3. Defaults Upon Senior Securities.

None.

Item 4. Mine Safety Disclosures.

None.

Item 5. Other Information.

None.

 

 

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Item 6. Exhibits

 

Exhibit
Number

Description of Exhibits

31.1

 

Certification of Principal Executive Officer Pursuant to Rule 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.*

31.2

 

Certification of Principal Financial Officer Pursuant to Rule 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.*

32.1

 

Certification of Principal Executive Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.*

32.2

 

Certification of Principal Financial Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.*

101.INS

 

Inline XBRL Instance Document

101.PRE

 

Inline XBRL Taxonomy Extension Schema With Embedded Linkbase Documents

104

 

Cover Page formatted as Inline XBRL and contained in Exhibit 101

* Filed herewith.

 

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SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

Antares Strategic Credit Fund II LLC

Date:

August 13, 2026

/s/ Vivek Mathew

Vivek Mathew

Chief Executive Officer

 (Principal Executive Officer)

 

Date:

August 13, 2026

/s/ Thomas Sweeney

Thomas Sweeney

Chief Financial Officer

(Principal Financial Officer)

 

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