The Company

Company overview

• Type: Private, perpetual-life business development company (BDC) regulated under the Investment Company Act of 1940; externally managed by Antares Capital Credit Advisers LLC (the Adviser).
• Investment objective: Provide risk-adjusted returns and current income by investing primarily in loans to U.S. borrowers.
• Structure: Externally managed BDC with a private, perpetual-life vehicle. Common Shares are offered via private placement with monthly closings at NAV-based prices.
• Key components: Adviser (Antares Capital Credit Advisers, registered as an investment adviser with the SEC) and Administrator (Antares Capital Credit Advisers LLC, providing administrative and compliance services).

Investment focus and strategy

• Primary investments: Private credit via Portfolio Loans to U.S. borrowers.
  • Portfolio Loans: Senior secured loans (first lien, second lien, or unitranche), including term loans, delayed draw term loans, and revolving loans.
  • Most Portfolio Loans are expected to be senior secured and unrated or rated below investment grade.
• Additional investments: Smaller allocation to more liquid credit investments (for example, broadly syndicated loans and corporate bonds) and opportunistic investments, including publicly traded securities on an opportunistic basis, subject to eligible-asset rules.
• Geographic focus: Primarily U.S., with potential investments outside the U.S. based on Adviser Parties’ global presence (Canada, Europe, etc.) and subject to BDC requirements.
• Sourcing and origination: Largely through the Antares Lending Platform (Platform Balance Sheet Clients and Adviser Parties). The Adviser and its affiliates may originate or co-originate Portfolio Loans; co-investment relief allows investments with Adviser affiliates and other funds under SEC relief.
• Portfolio management: The Adviser and its Investment Committee are responsible for origination, underwriting, structuring, monitoring, and voting on portfolio securities.
• Diversification and policy: At least 80% of total assets invested in private credit investments (Portfolio Loans) under a non-fundamental 80% policy; 70% of assets must be Qualifying Assets per the 1940 Act.
• Leverage: Use of debt and senior securities to enhance returns, targeting asset coverage of 150% after each leverage event. Borrowings can include credit facilities, subscription facilities, and other financing arrangements.

Capital, assets, and scale (as of 12/31/2025)

• Common Shares issued: 78,134,952 shares sold/issued (excluding shares from dividend reinvestment and repurchases); aggregate consideration approximately $2.0 billion.
• Initial development and transactions:
  • Initial closing: Adviser Party contributed approximately $300.0 million of assets in exchange for 12.0 million Common Shares.
  • Pre-initial closing: Company purchased approximately $241.7 million of assets originated by Adviser affiliates.
• Share repurchase: Semi-annual program with a limit of up to 7.5% of outstanding Common Shares per semi-annual period (by share count or NAV).
• Assets and leverage (as of 12/31/2025):
  • Aggregate indebtedness outstanding: approximately $2,148.4 million.
  • Weighted average interest rate on debt: approximately 6.02%.
• Capital under management (Adviser Platform): Antares Capital Advisers and related Platform assets approximate $90 billion in capital under management and administration (CUMA).
• Employment and staffing (Adviser): Investment personnel approximately 230; total employees approximately 465.
• Adviser relationships: Affiliate network includes more than 400 private equity sponsors.

Governance and operations

• Board and governance: Five Trustees on the Board; a majority are Independent Trustees (not “interested persons” under the 1940 Act). An Investment Committee governs investment activities.
• Day-to-day management: The Adviser manages sourcing, underwriting, negotiation, and monitoring of Portfolio Loans.
• Administration and compliance: The Administrator provides NAV calculation, financial reporting, and other administrative and compliance services; the Company reimburses the Administrator for costs and overhead.
• Fees and economics:
  • Management Fee: 1.25% per year of the Company’s net asset value, paid quarterly.
  • Incentive Fee: Two-part structure
    • Income-based: Tiered catch-up mechanism based on Pre-Incentive Fee Net Investment Income Returns, with a hurdle of 1.25% per quarter (5.0% annualized) and a 12.5% catch-up after the hurdle through a defined cap.
    • Capital gains-based: 12.5% of cumulative realized capital gains (net of prior Capital Gains Incentive Fees). Unrealized gains are not charged until realized.
  • Waiver: Adviser agreed to waive Management and Incentive Fees for the first six months after unaffiliated investors first purchased Common Shares.
  • Expense support: Adviser may advance Other Operating Expenses up to 1.00% of NAV under an Expense Support Agreement; amounts are reimbursable.
• Valuation and pricing: Investments valued under ASC 820; non-quoted or infrequently traded assets are valued by the Adviser with Board oversight and occasional independent valuation firms; market quotations used where available.
• Distributions and taxes: Company aims to distribute at least 90% of its investment company taxable income to maintain RIC status. Distributions may be taxed as ordinary income or capital gains depending on the source. The Company has elected RIC and BDC status for tax purposes.
• Flow of funds: Monthly share closings at NAV-based offering price; distributions and a Dividend Reinvestment Plan administered; cash distributions may be reinvested to acquire additional Common Shares.

Notable relationships and platform

• Adviser and Platform: Antares Lending Platform includes Antares Holdings and related entities; Platform Balance Sheet Clients include entities that originate and fund loans.
• Co-investment relief: SEC exemptive order permits co-investments with Adviser affiliates and other funds, subject to independent Trustee conclusions and consistency with investors’ interests and strategies.
• Proxy voting and ESG: Proxy voting delegated to the Adviser; ESG considerations guided by the Antares ESG Policy and Responsible Investment Policy, with professional voting and governance oversight.

Summary of activities

• The Company is a private, perpetual-life BDC that raises capital via monthly NAV-based share issuances and invests primarily in senior secured private credit loans to U.S. middle-market borrowers, targeting an 80% private credit allocation.
• Portfolio Loans may be first/second lien, unitranche, term loans, delayed-draw loans, and revolvers; some covenant-lite loans and equity-related components may be involved. Opportunistic investments in public securities or other assets are used to maintain liquidity and flexibility.
• Most Portfolio Loans are sourced through the Adviser’s Antares Lending Platform. The Adviser and its affiliates may hold direct senior loan positions and maintain extensive sponsor relationships.
• The Adviser manages investment decisions, underwriting, and monitoring; the Administrator handles administrative and compliance tasks. The Company pays the Adviser management and incentive fees, with an initial six-month fee waiver for unaffiliated investors and potential expense advances under an expense arrangement.
• The Company uses debt financing to enhance returns (target asset coverage of 150%) and may employ credit facilities and securitization. It seeks to maintain liquidity for repurchases and may use hedging strategies when appropriate.

(As of December 31, 2025: 78,134,952 Common Shares issued, approximately $2.0 billion aggregate consideration; indebtedness outstanding approximately $2,148.4 million with an average debt rate of ~6.02%; Adviser staff ~230 investment professionals, ~465 total employees; Adviser Platform CUMA approximately $90 billion; ongoing monthly closings and a semi-annual 7.5% repurchase cap.)