AB Private Credit Investors 10-Q 2024 Q3 Quarterly report

--12-31falseQ300016344520001634452US Corporate Debt | 1st Lien/Senior Secured Debt | American Physician Partners, LLC | Healthcare | Term Loan | (S + 6.75%; 1.00% Floor; 3.00% PIK) | 12/31/2024 One2024-09-30

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 SEPTEMBER 30, 2024
☐	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

COMMISSION FILE NUMBER: 814-01196

AB Private Credit Investors Corporation

(Exact name of registrant as specified in its charter)

Maryland	81-2491356
(State of incorporation)	(I.R.S. Employer Identification No.)

405 Colorado Street, Suite 1500

Austin, TX 78701

(Address of principal executive offices)

(512) 721-2900

(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
—		—

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 definitions 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 Exchange Act). Yes☐ No☒

The issuer had 58,978,578 shares of common stock, $0.01 par value per share, outstanding as of November 14 , 2024.

AB PRIVATE CREDIT INVESTORS CORPORATION

FORM 10-Q FOR THE QUARTER ENDED SEPTEMBER 30, 2024

Table of Contents

	INDEX	PAGE NO.
PART I.	FINANCIAL INFORMATION	3
Item 1.	Consolidated Financial Statements	3
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	63
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	79
Item 4.	Controls and Procedures	80
PART II.	OTHER INFORMATION	81
Item 1.	Legal Proceedings	81
Item 1A.	Risk Factors	81
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	81
Item 3.	Defaults Upon Senior Securities	81
Item 4.	Mine Safety Disclosures	81
Item 5.	Other Information	81
Item 6.	Exhibits	82
SIGNATURES		83

2

Item 1. Consolidated Financial Statements

AB Private Credit Investors Corporation

Consolidated Statements of Assets and Liabilities

	As of September 30, 2024 (Unaudited)			As of December 31, 2023
Assets
Investments, at fair value
Non-controlled/non-affiliated investments (amortized cost of $1,537,755,353 and $1,324,506,471, respectively)	$	1,529,303,585		$	1,307,655,721
Non-controlled affiliated investments (amortized cost of $2,371,747 and $5,034,379)		1,127,269			3,464,863
Total investments, at fair value (amortized cost of $1,540,127,100    and $1,329,540,850)		1,530,430,854			1,311,120,584
Cash and cash equivalents		118,571,657			72,671,928
Interest receivable		9,801,258			8,445,019
Deferred financing costs		2,253,540			2,461,248
Receivable for fund shares		901,437			18,000
Receivable for investments sold		591,050			47,127
Total assets	$	1,662,549,796		$	1,394,763,906
Liabilities
Notes payable (net of unamortized discount of $362,392 and $390,381, respectively, and debt issuance costs of $2,610,406 and $3,681,044, respectively)	$	543,777,202		$	542,678,575
Credit facility payable		463,800,000			311,500,000
Secured borrowings		18,214,149			2,325,617
Interest and borrowing expenses payable		14,020,087			12,779,336
Payable for investments purchased		8,029,352			—
Payable for fund shares repurchased		6,971,458			4,930,240
Distribution payable		6,319,971			5,740,909
Management fees payable		5,203,670			4,479,535
Incentive fee payable		3,466,520			3,369,132
Professional fees payable		1,106,703			496,289
Administrator and custodian fees payable		572,240			832,176
Payable to Adviser		592,382			1,158,276
Accrued tax liability		146,396			241,195
Accrued expenses and other liabilities		91,307			—
Transfer agent fees payable		36,393			35,381
Total Liabilities	$	1,072,347,830		$	890,566,661
Commitments and contingencies (see Note 6)
Net Assets
Common stock, par value $0.01 per share (200,000,000 shares authorized, 62,434,770 and 54,364,708 shares issued and outstanding at September 30, 2024 and December 31, 2023, respectively)		624,348			543,647
Paid-in capital in excess of par value		600,738,658			524,279,891
Distributable earnings (accumulated loss)		(11,218,409	)		(20,678,340	)
Total net assets of AB Private Credit Investors Corporation	$	590,144,597		$	504,145,198
Non-Controlling Interest in ABPCIC Equity Holdings, LLC	$	57,369		$	52,047
Total net assets	$	590,201,966		$	504,197,245
Total liabilities and net assets	$	1,662,549,796		$	1,394,763,906
Net asset value per share of AB Private Credit Investors Corporation	$	9.45		$	9.27

See notes to unaudited consolidated financial statements.

3

AB Private Credit Investors Corporation

Unaudited Consolidated Statements of Operations

	For the three months ended September 30,					For the nine months ended September 30,
Investment Income	2024			2023		2024		2023
From non-controlled/non-affiliated investments:
Interest income, net of amortization/accretion	$	42,934,552		$	38,162,810	$	123,048,485	$	105,190,815
Payment-in-kind interest		1,958,573			276,379		5,625,880		1,972,610
Dividend income		208,246			132,975		507,075		540,733
Total investment income		45,101,371			38,572,164		129,181,440		107,704,158
Expenses:
Interest and borrowing expenses		21,032,202			17,167,795		59,867,130		48,209,577
Management fees		5,203,670			4,276,488		14,761,872		12,419,430
Income-based incentive fee		3,466,520			3,125,822		9,958,613		8,480,899
Professional fees		513,619			413,128		1,744,299		1,610,337
Other expenses		437,192			287,088		1,276,211		965,047
Administration and custodian fees		257,992			341,457		766,461		900,021
Insurance expenses		131,363			161,246		394,088		433,218
Directors’ fees		131,796			139,750		271,546		279,500
Transfer agent fees		36,393			36,929		102,918		108,416
Total expenses		31,210,747			25,949,703		89,143,138		73,406,445
Net investment income before taxes		13,890,624			12,622,461		40,038,302		34,297,713
Income tax expense, including excise tax		24,554			96,092		203,860		374,118
Net investment income after tax		13,866,070			12,526,369		39,834,442		33,923,595
Net realized and change in unrealized gains (losses) on    investment transactions:
Net realized gain (loss) from:
Non-controlled/non-affiliated investments		633,222			14,243		734,795		(284,155	)
Net change in unrealized appreciation (depreciation) from:
Non-controlled/non-affiliated investments		(637,129	)		6,625,755		8,398,982		3,860,332
Non-controlled affiliated investments		987			80,483		325,038		80,473
Controlled affiliated investments		-			-		-		90,649
Net realized and change in unrealized gains (losses) on    investment transactions		(2,920	)		6,720,481		9,458,815		3,747,299
Net increase in net assets resulting from operations		13,863,150			19,246,850		49,293,257		37,670,894
Less: Net increase (decrease) in net assets resulting from    operations related to Non-Controlling Interest in ABPCIC    Equity Holdings, LLC	$	3,590		$	1,418	$	893	$	3,057
Net increase in net assets resulting from operations related    to AB Private Credit Investors Corporation		13,859,560			19,245,432		49,292,364		37,667,837
Net investment income per share (basic and diluted):
Net investment income per share (basic and diluted):	$	0.23		$	0.24	$	0.69	$	0.66
Earnings per share (basic and diluted):		0.23			0.36		0.85		0.73
Weighted average shares outstanding:		60,621,247			52,831,675		57,679,038		51,686,603

See notes to unaudited consolidated financial statements.

4

AB Private Credit Investors Corporation

Unaudited Consolidated Statements of Changes in Net Assets

	Common Units
	Shares			Par Amount			Paid in Capital in Excess of Par			Distributable Earnings			Non- Controlling Interest - ABPCIC Equity Holdings, LLC			Total Net Assets
Net assets at June 30, 2024		58,978,899		$	589,789		$	567,955,055		$	(11,214,651	)	$	49,350		$	557,379,543
Increase (decrease) in net assets resulting from operations:
Net investment income	—			—			—				13,866,259			(189	)		13,866,070
Net realized gain (loss) on investments	—			—			—				633,222		—				633,222
Net change in unrealized appreciation (depreciation) on investments	—			—			—				(639,921	)		3,779			(636,142	)
Capital transactions:
Issuance of common stock		3,395,374			33,954			32,212,318		—			—				32,246,272
Contribution of non-controlling interest into ABPCIC Equity Holdings, LLC	—			—			—			—				4,429			4,429
Issuance of common shares pursuant to distribution reinvestment plan		797,976			7,980			7,535,368		—			—				7,543,348
Repurchase of common stock		(737,479	)		(7,375	)		(6,964,083	)	—			—				(6,971,458	)
Distributions to stockholders	—			—			—				(13,863,318	)	—				(13,863,318	)
Total increase (decrease) for the three months ended September 30, 2024		3,455,871			34,559			32,783,603			(3,758	)		8,019			32,822,423
Net assets at September 30, 2024		62,434,770		$	624,348		$	600,738,658		$	(11,218,409	)	$	57,369		$	590,201,966
Distributions declared per share	—			—			—			$	0.23		—			$	0.23
Net assets at December 31, 2023		54,364,707		$	543,647		$	524,279,891		$	(20,678,340	)	$	52,047		$	504,197,245
Increase (decrease) in net assets resulting from net investment income operations:
Net investment income	—			—			—				39,834,581		$	(139	)		39,834,442
Net realized gain (loss) on investments	—			—			—				734,795		—				734,795
Net change in unrealized appreciation (depreciation) on investments	—			—			—				8,722,988			1,032			8,724,020
Capital transactions:
Issuance of common stock		8,266,722			82,667			78,314,711		—			—				78,397,378
Contribution of non-controlling interest into ABPCIC Equity Holdings, LLC	—			—			—			—				4,429			4,429
Issuance of common shares pursuant to distribution reinvestment plan		2,270,859			22,709			21,401,503		—			—				21,424,212
Repurchase of common stock		(2,467,518	)		(24,675	)		(23,257,447	)	—			—				(23,282,122	)
Distributions to stockholders	—			—			—				(39,832,433	)	—				(39,832,433	)
Total increase (decrease) for the nine months ended September 30, 2024		8,070,063			80,701			76,458,767			9,459,931			5,322			86,004,721
Net assets at September 30, 2024		62,434,770		$	624,348		$	600,738,658		$	(11,218,409	)	$	57,369		$	590,201,966
Distributions declared per share	—			—			—			$	0.67		—			$	0.67

See notes to unaudited consolidated financial statements.

5

	Common Units
	Shares			Par Amount			Paid in Capital in Excess of Par			Distributable Earnings			Non- Controlling Interest - ABPCIC Equity Holdings, LLC			Total Net Assets
Net assets at June 30, 2023		52,816,794		$	528,168		$	509,937,301		$	(26,718,668	)	$	36,025		$	483,782,826
Increase (decrease) in net assets resulting from operations:
Net investment income	—			—			—				12,526,559			(190	)		12,526,369
Net realized gain (loss) on investments	—			—			—				14,243		—				14,243
Net change in unrealized appreciation (depreciation) on investments	—			—			—				6,704,630			1,608			6,706,238
Capital transactions:
Issuance of common stock		2,776,754			15,664			14,532,952		—			—				14,548,616
Contribution of non-controlling interest into ABPCIC Equity Holdings, LLC		606,230		—			—			—				8,138			8,138
Issuance of common shares pursuant to distribution reinvestment plan		(461,364	)		7,155			6,637,294		—			—				6,644,449
Repurchase of common stock		—			(9,055	)		(8,400,580	)	—			—				(8,409,635	)
Distributions to stockholders	—			—			—				(12,501,274	)	—				(12,501,274	)
Total increase (decrease) for the three months ended September 30, 2023		2,921,620			13,764			12,769,666			6,744,158			9,556			19,537,144
Net assets at September 30, 2023		55,738,414		$	541,932		$	522,706,967		$	(19,974,510	)	$	45,581		$	503,319,970
Distributions declared per share	—			—			—			$	0.24		—			$	0.24
Net assets at December 31, 2022		50,228,088		$	502,281		$	485,940,938		$	(29,599,112	)	$	34,386		$	456,878,493
Increase (decrease) in net assets resulting from net    investment income operations:
Net investment income	—			—			—				33,924,590			(995	)		33,923,595
Net realized gain (loss) on investments	—			—			—				(284,155	)	—				(284,155	)
Net change in unrealized appreciation (depreciation) on investments	—			—			—				4,027,402			4,052			4,031,454
Capital transactions:
Issuance of common stock		4,343,225			43,432			40,297,635		—			—				40,341,067
Contribution of non-controlling interest into ABPCIC Equity Holdings, LLC	—			—			—			—				8,138			8,138
Issuance of common shares pursuant to distribution reinvestment plan		1,616,252			16,163			14,921,979		—			—				14,938,142
Repurchase of common stock		(1,994,360	)		(19,944	)		(18,453,585	)	—			—				(18,473,529	)
Distributions to stockholders	—			—			—				(28,043,235	)	—				(28,043,235	)
Total increase (decrease) for the nine months ended September 30, 2023		3,965,117			39,651			36,766,029			9,624,602			11,195			46,441,477

See notes to unaudited consolidated financial statements.

6

AB Private Credit Investors Corporation

Unaudited Consolidated Statements of Cash Flows

	Nine months ended September 30, 2024			Nine Months Ended September 30, 2023
Cash flows from operating activities
Net increase (decrease) in net assets resulting from operations	$	49,293,257		$	37,670,894
Adjustments to reconcile net increase (decrease) in net assets resulting    from operations to net cash provided by (used for) operating activities:
Purchases of investments		(378,420,518	)		(215,295,165	)
Payment-in-kind investments		(5,625,880	)		(1,972,610	)
Proceeds from sales of investments and principal repayments		179,390,189			98,278,139
Net realized (gain) loss on investments		(734,795	)		284,155
Net change in unrealized (appreciation) depreciation on investments		(8,724,020	)		(4,031,454	)
Amortization of premium and accretion of discount, net		(5,195,246	)		(4,464,253	)
Amortization of discount, debt issuance and deferred financing costs		3,051,388			2,945,375
Increase or decrease in operating assets and liabilities:
(Increase) decrease in receivable for investments sold		(543,923	)		6,087,800
(Increase) decrease in interest receivable		(1,356,239	)		2,564,783
(Increase) decrease in investment in underlying portfolios paid in  advance	—				(540,832	)
(Increase) decrease in prepaid expenses	—				226,644
Increase (decrease) in management fees payable		724,135			498,365
Increase (decrease) in payable to Adviser		(565,894	)		(864,618	)
Increase (decrease) in administrator and custodian fees payable		(259,936	)		(225,261	)
Increase (decrease) in professional fees payable		610,414			(49,754	)
Increase (decrease) in accrued tax liability		(94,799	)		(1,118,261	)
Increase (decrease) in incentive fee payable		97,388			3,191,360
Increase (decrease) in directors’ fees payable		-			69,696
Increase (decrease) in payable for investments purchased		8,029,352			(1,856,617	)
Increase (decrease) in transfer agent fees payable		1,012			2,705
Increase (decrease) in interest and borrowing expenses payable		1,240,751			10,470,041
Increase (decrease) in accrued expenses and other liabilities		91,307			392,723
Net cash provided by (used for) operating activities		(158,992,057	)		(67,736,145	)
Cash flows from financing activities
Issuance of common stock		77,513,941			28,516,484
Repurchase of common stock		(21,240,904	)		(16,368,143	)
Distributions paid		(17,829,159	)		(16,157,324	)
Financing costs paid		(1,745,053	)		(5,519,815	)
Borrowings on notes		-			300,000,000
Borrowings on credit facility		305,300,000			289,400,000
Repayments of credit facility		(153,000,000	)		(454,000,000	)
Proceeds on secured borrowings		37,249,282			8,889,878
Repayments on secured borrowings		(21,360,750	)		(14,807,153	)
Contribution of Non-Controlling Interest into ABPCIC Equity Holdings,  LLC		4,429			8,138
Net cash provided by (used for) financing activities		204,891,786			119,962,065
Net increase in (decrease) in cash		45,899,729			52,225,920
Cash and cash equivalents, beginning of period		72,671,928			48,785,985
Cash and cash equivalents, end of period		118,571,657			101,011,905
Supplemental and non-cash financing activities
Cash paid during the period for interest	$	55,021,207		$	34,223,362
Issuance of common shares pursuant to distribution reinvestment plan		21,424,212		$	14,938,142
State taxes paid	$	298,659		$	1,492,379

See notes to unaudited consolidated financial statements.

7

AB Private Credit Investors Corporation

Unaudited Consolidated Schedule of Investments as of September 30, 2024

Portfolio Company	Industry	Facility Type	Interest	Maturity	Funded Par Amount		Cost			Fair Value			Tickmarks
Investments at Fair Value —259.31%													(1)(2)(3)(4)
US Corporate Debt — 246.37%													(4)
1st Lien/Senior Secured Debt — 245.89%
123.Net, LLC	Digital Infrastructure & Services	Delayed Draw Term Loan	— (S + 4.25%)	7/19/2029		-		(18,236	)		(18,236	)	(6)(7)
123.Net, LLC	Digital Infrastructure & Services	Term Loan	9.53% (S + 4.25%)	7/19/2029		4,331,058		4,287,748			4,287,748		(15)
AAH Topco, LLC	Healthcare	Delayed Draw Term Loan	10.21% (S + 5.25%; 0.75% Floor)	12/22/2027		1,360,824		1,324,695			1,336,761		(6)(15)
AAH Topco, LLC	Healthcare	Delayed Draw Term Loan	10.21% (S + 5.25%; 0.75% Floor)	12/22/2027		6,447,519		6,350,001			6,366,925		(15)
AAH Topco, LLC	Healthcare	Revolver	— (S + 5.25%; 0.75% Floor)	12/22/2027		-		(8,602	)		(9,841	)	(6)(7)
AAH Topco, LLC	Healthcare	Term Loan	10.19% (S + 5.25%; 0.75% Floor)	12/22/2027		6,370,741		6,295,304			6,291,106		(15)
Accelerate Resources Operating, LLC	Energy	Delayed Draw Term Loan	10.44% (S + 5.50%; 1.00% Floor)	2/24/2027		1,802,536		1,777,508			1,820,562		(15)
Accelerate Resources Operating, LLC	Energy	Term Loan	10.44% (S + 5.50%; 1.00% Floor)	2/24/2027		1,198,649		1,182,305			1,210,635		(15)
Accelerate Resources Operating, LLC	Energy	Revolver	— (S + 5.50%; 1.00% Floor)	2/24/2027		-		(1,988	)		-		(6)(7)
Accelerate Resources Operating, LLC	Energy	Term Loan	10.44% (S + 5.50%; 1.00% Floor)	2/24/2027		5,373,334		5,357,309			5,373,334		(15)
Activ Software Holdings, LLC	Software & Tech Services	Term Loan	11.57% (S + 6.00%; 1.00% Floor)	5/4/2027		7,846,874		7,776,331			7,846,874		(15)
Activ Software Holdings, LLC	Software & Tech Services	Revolver	— (S + 6.00%; 1.00% Floor)	5/4/2027		-		(5,728	)		-		(6)(7)
Activ Software Holdings, LLC	Software & Tech Services	Term Loan	11.50% (S + 6.00%; 1.00% Floor)	5/4/2027		2,491,590		2,446,198			2,491,590		(15)
Activ Software Holdings, LLC	Software & Tech Services	Delayed Draw Term Loan	11.33% (S + 6.00%; 1.00% Floor)	5/4/2027		622,897		610,459			622,897		(15)
Admiral Buyer, Inc.	Software & Tech Services	Term Loan	10.10% (S + 5.50%; 0.75% Floor)	5/8/2028		10,566,488		10,418,639			10,566,488		(15)
Admiral Buyer, Inc.	Software & Tech Services	Revolver	— (S + 5.50%; 0.75% Floor)	5/8/2028		-		(19,603	)		-		(6)(7)
Admiral Buyer, Inc.	Software & Tech Services	Delayed Draw Term Loan	10.36% (S + 5.50%; 0.75% Floor)	5/8/2028		241,975		235,915			241,975		(6)
Admiral Buyer, Inc.	Software & Tech Services	Delayed Draw Term Loan	10.44% (S + 5.50%; 0.75% Floor)	5/8/2028		448,293		442,829			448,293
Airwavz Solutions Inc.	Digital Infrastructure & Services	Delayed Draw Term Loan	11.35% (S + 6.00%; 1.00% Floor)	3/31/2027		5,206,136		5,136,658			5,115,028		(15)
Airwavz Solutions Inc.	Digital Infrastructure & Services	Revolver	— (S + 6.00%; 1.00% Floor)	3/31/2027		-		(5,792	)		(11,423	)	(6)(7)
Airwavz Solutions Inc.	Digital Infrastructure & Services	Term Loan	11.40% (S + 6.00%; 1.00% Floor)	3/31/2027		5,221,919		5,175,501			5,130,535		(15)
Airwavz Solutions Inc.	Digital Infrastructure & Services	Delayed Draw Term Loan	11.40% (S + 6.00%; 1.00% Floor)	3/31/2027		3,263,699		3,234,687			3,206,584		(15)
Amercare Royal LLC	Services	Term Loan	9.84% (S + 5.00%; 1.00% Floor)	9/10/2030		8,384,591		8,300,745			8,300,745
Amercare Royal LLC	Services	Delayed Draw Term Loan	— (S + 5.00%; 1.00% Floor)	9/10/2030		-		(6,677	)		(6,677	)	(7)
Amercare Royal LLC	Services	Revolver	11.36% (S + 5.00%; 1.00% Floor)	9/10/2030		450,284		437,862			437,862
Amercare Royal LLC	Services	Delayed Draw Term Loan	— (S + 5.00%; 1.00% Floor)	9/10/2030		-		-			-
American Physician Partners, LLC	Healthcare	Term Loan	— (S + 6.75%; 1.00% Floor; 3.00% PIK)	12/31/2024		2,682,124		2,278,901			-		(16)
American Physician Partners, LLC	Healthcare	Term Loan	— (S + 6.75%; 1.00% Floor; 3.50% PIK)	12/31/2024		31,879		20,395			10,403		(16)
American Physician Partners, LLC	Healthcare	Term Loan	— (S + 6.75%; 1.00% Floor; 3.00% PIK)	12/31/2024		6,791,604		5,733,816			-		(16)
American Physician Partners, LLC	Healthcare	Delayed Draw Term Loan	— (S + 6.75%; 1.00% Floor; 3.50% PIK)	12/31/2024		1,260,322		1,082,011			-		(15)16)
American Physician Partners, LLC	Healthcare	Revolver	— (S + 6.75%; 1.00% Floor; 3.50% PIK)	12/31/2024		346,322		345,024			-		(16)
American Physician Partners, LLC	Healthcare	Term Loan	— (S + 6.75%; 1.00% Floor; 3.00% PIK)	12/31/2024		1,444,963		1,243,170			-		(16)
American Physician Partners, LLC	Healthcare	Delayed Draw Term Loan	— (S + 6.75%; 1.00% Floor; 3.50% PIK)	12/31/2024		949,042		817,051			-		(16)
AMI US Holdings Inc.	Software & Tech Services	Term Loan	10.19% (S + 5.25%; 1.00% Floor)	10/1/2026		7,354,651		7,339,775			7,354,651		(15)
AMI US Holdings Inc.	Software & Tech Services	Revolver	— (S + 5.25%)	10/1/2026		-		(6,044	)		-		(6)(7)
Ampler QSR Holdings LLC	Consumer Non-Cyclical	Term Loan	10.99% (S + 6.00%; 1.00% Floor)	7/21/2027		12,127,997		11,998,512			12,127,986		(15)
AOM Acquisition, LLC	Healthcare	Revolver	— (S + 5.50%; 1.00% Floor)	2/18/2027		-		(11,796	)		-		(6)(7)
AOM Acquisition, LLC	Healthcare	Term Loan	10.25% (S + 5.50%; 1.00% Floor)	2/18/2027		5,450,226		5,393,864			5,450,226		(15)
AOM Acquisition, LLC	Healthcare	Term Loan	10.25% (S + 5.50%; 1.00% Floor)	2/18/2027		5,979,864		5,857,355			5,979,864		(15)
Artifact Bidco, Inc.	Software & Tech Services	Revolver	— (S + 4.50%; 0.5% Floor)	7/26/2030		-		(2,338	)		(2,338	)	(6)(7)
Artifact Bidco, Inc.	Software & Tech Services	Revolver	— (S + 4.50%; 0.5% Floor)	7/26/2030		-		(4,778	)		(4,778	)	(6)(7)
Artifact Bidco, Inc.	Software & Tech Services	Delayed Draw Term Loan	— (S + 4.50%; 0.5% Floor)	7/25/2031		-		(4,918	)		(4,918	)	(6)(7)
Artifact Bidco, Inc.	Software & Tech Services	Term Loan	9.10% (S + 4.50%; 0.50% Floor)	7/25/2031		4,018,743		3,978,556			3,978,556		(15)
Avalara, Inc.	Software & Tech Services	Term Loan	10.85% (S + 6.25%; 0.75% Floor)	10/19/2028		10,653,748		10,471,663			10,653,748		(15)
Avalara, Inc.	Software & Tech Services	Revolver	— (S + 5.25%; 0.75% Floor)	10/19/2028		-		(18,191	)		-		(6)(7)
Avant Communications, LLC	Digital Infrastructure & Services	Term Loan	9.75% (S + 5.00%; 1.00% Floor)	11/30/2026		14,850,032		14,694,324			14,850,032		(15)

See notes to Unaudited Consolidated Financial Statements

8

AB Private Credit Investors Corporation

Unaudited Consolidated Schedule of Investments as of September 30, 2024

Portfolio Company	Industry	Facility Type	Interest	Maturity	Funded Par Amount		Cost			Fair Value			Tickmarks
Avant Communications, LLC	Digital Infrastructure & Services	Revolver	— (S + 5.00%; 1.00% Floor)	11/30/2026		-		(4,995	)		-		(6)(7)
Azurite Intermediate Holdings, Inc.	Software & Tech Services	Term Loan	11.34% (S + 6.50%; 0.75% Floor)	3/19/2031		3,128,738		3,084,217			3,097,451		(15)
Azurite Intermediate Holdings, Inc.	Software & Tech Services	Delayed Draw Term Loan	11.34% (S + 6.50%; 0.75% Floor)	3/19/2031		4,550,892		4,469,106			4,533,115		(6)(15)
Azurite Intermediate Holdings, Inc.	Software & Tech Services	Revolver	— (S + 6.50%; 0.75% Floor)	3/19/2031		-		(15,789	)		(11,377	)	(6)(7)
MedMark Services, Inc.	Healthcare	Delayed Draw Term Loan	9.86% (S + 5.00%; 1.00% Floor)	6/11/2027		3,842,998		3,824,141			3,660,456		(15)
MedMark Services, Inc.	Healthcare	Term Loan	9.86% (S + 5.00%; 1.00% Floor)	6/11/2027		4,638,004		4,618,141			4,417,699		(15)
Blink Holdings, Inc.	Consumer Non-Cyclical	Delayed Draw Term Loan	— (S + 5.50%; 1.00% Floor)	11/8/2024		1,112,099		1,111,425			579,403		(16)
Blink Holdings, Inc.	Consumer Non-Cyclical	Term Loan	— (S + 5.50%; 1.00% Floor)	11/8/2024		1,271,191		1,270,016			662,291		(16)
Blink Holdings, Inc.	Consumer Non-Cyclical	Delayed Draw Term Loan	— (S + 5.50%; 1.00% Floor)	11/8/2024		891,809		882,891			464,633		(16)
Blink Holdings, Inc.	Consumer Non-Cyclical	Delayed Draw Term Loan	15.00% (1.00% Floor; 15.00% PIK)	12/10/2024		288,662		282,776			287,685		(6)(16)
Blink Holdings, Inc.	Consumer Non-Cyclical	Term Loan	15.00% (15.00% PIK)	12/10/2024		490,847		482,777			490,847		(16)
Bonterra LLC	Software & Tech Services	Term Loan	11.60% (S + 7.00%; 0.75% Floor)	9/8/2027		15,944,506		15,828,806			15,824,922		(15)
Bonterra LLC	Software & Tech Services	Term Loan	17.68% (S + 7.50%; 0.75% Floor)	9/8/2027		2,999,308		2,926,523			2,999,308
Bonterra LLC	Software & Tech Services	Revolver	11.63% (S + 7.00%; 0.75% Floor)	9/8/2027		668,016		659,333			659,378		(6)
Bonterra LLC	Software & Tech Services	Term Loan	12.18% (S + 7.00%; 0.75% Floor)	9/8/2027		606,467		597,370			601,919		(15)
Bridgepointe Technologies, LLC	Digital Infrastructure & Services	Delayed Draw Term Loan	9.60% (S + 5.00%; 1.00% Floor)	12/31/2027		4,926,021		4,824,669			4,852,130		(15)
Bridgepointe Technologies, LLC	Digital Infrastructure & Services	Delayed Draw Term Loan	9.60% (S + 5.00%; 1.00% Floor)	12/31/2027		2,076,626		2,026,936			2,045,477		(15)
Bridgepointe Technologies, LLC	Digital Infrastructure & Services	Delayed Draw Term Loan	9.60% (S + 5.00%; 1.00% Floor)	12/31/2027		334,620		297,939			297,765		(6)(15)
Bridgepointe Technologies, LLC	Digital Infrastructure & Services	Revolver	— (S + 5.00%; 1.00% Floor)	12/31/2027		-		(8,511	)		(11,662	)	(6)(7)
Bridgepointe Technologies, LLC	Digital Infrastructure & Services	Term Loan	9.60% (S + 5.00%; 1.00% Floor)	12/31/2027		4,669,631		4,614,268			4,599,587		(15)
Bridgepointe Technologies, LLC	Digital Infrastructure & Services	Delayed Draw Term Loan	9.60% (S + 5.00%; 1.00% Floor)	12/31/2027		3,819,441		3,776,741			3,762,150		(15)
Bridgepointe Technologies, LLC	Digital Infrastructure & Services	Term Loan	9.60% (S + 5.00%; 1.00% Floor)	12/31/2027		2,254,100		2,202,861			2,220,289		(15)
Bridgepointe Technologies, LLC	Digital Infrastructure & Services	Term Loan	9.60% (S + 5.00%; 1.00% Floor)	12/31/2027		1,027,930		1,005,020			1,012,511		(15)
Bridgepointe Technologies, LLC	Digital Infrastructure & Services	Delayed Draw Term Loan	9.60% (S + 5.00%; 1.00% Floor)	12/31/2027		2,717,003		2,702,813			2,676,248		(15)
Brightspot Buyer, Inc.	Software & Tech Services	Revolver	— (S + 6.50%; 0.75% Floor)	11/16/2027		-		(7,335	)		(10,204	)	(6)(7)
Brightspot Buyer, Inc.	Software & Tech Services	Term Loan	11.65% (S + 6.50%; 0.75% Floor)	11/16/2027		5,215,571		5,160,203			5,137,338		(15)
Brightspot Buyer, Inc.	Software & Tech Services	Term Loan	11.65% (S + 6.50%; 0.75% Floor)	11/16/2027		1,448,598		1,424,059			1,426,869		(15)
BRP2 HOLD JONQUIL, INC.	Software & Tech Services	Term Loan	10.10% (S + 5.50%; 0.75% Floor)	8/26/2030		15,847,025		15,688,555			15,688,555		(15)
BRP2 HOLD JONQUIL, INC.	Software & Tech Services	Revolver	10.10% (S + 5.50%; 0.75% Floor)	8/26/2030		316,941		297,925			297,925		(6)
BRP2 HOLD JONQUIL, INC.	Software & Tech Services	Delayed Draw Term Loan	— (S + 5.50%; 0.75% Floor)	8/26/2030		-		(15,847	)		(15,847	)	(6)(7)
BSI2 Hold Nettle, LLC	Software & Tech Services	Revolver	10.09% (S + 5.00%; 0.75% Floor)	6/30/2028		265,016		259,396			260,599		(6)
BSI2 Hold Nettle, LLC	Software & Tech Services	Term Loan	10.26% (S + 5.00%; 0.75% Floor)	6/30/2028		4,617,153		4,573,293			4,582,524		(15)
BSI2 Hold Nettle, LLC	Software & Tech Services	Term Loan	10.26% (S + 5.00%; 0.75% Floor)	6/30/2028		616,117		605,826			611,496		(15)
Businessolver.com, Inc.	Software & Tech Services	Term Loan	10.20% (S + 5.50%; 0.75% Floor)	12/1/2027		7,195,464		7,156,597			7,195,464		(15)
Businessolver.com, Inc.	Software & Tech Services	Delayed Draw Term Loan	10.20% (S + 5.50%; 0.75% Floor)	12/1/2027		257,066		253,909			257,066		(6)
BV EMS Buyer, Inc	Healthcare	Term Loan	10.69% (S + 5.75%; 1.00% Floor)	11/23/2027		3,285,175		3,226,864			3,285,175		(15)
BV EMS Buyer, Inc	Healthcare	Term Loan	10.69% (S + 5.75%; 1.00% Floor)	11/23/2027		3,458,867		3,393,312			3,458,867		(15)
BV EMS Buyer, Inc	Healthcare	Delayed Draw Term Loan	10.69% (S + 5.75%; 1.00% Floor)	11/23/2027		3,487,747		3,431,928			3,487,747		(15)
BV EMS Buyer, Inc	Healthcare	Revolver	10.69% (S + 5.75%; 1.00% Floor)	11/23/2027		219,561		214,276			219,561		(6)
CallTower, Inc.	Digital Infrastructure & Services	Term Loan	11.19% (S + 6.25%; 3.00% Floor)	11/30/2028		4,940,740		4,835,822			4,940,740		(15)
CallTower, Inc.	Digital Infrastructure & Services	Delayed Draw Term Loan	— (S + 6.25%; 3.00% Floor)	11/30/2028		-		(20,815	)		-		(6)(7)
CallTower, Inc.	Digital Infrastructure & Services	Revolver	— (S + 6.25%; 3.00% Floor)	11/30/2028		-		(13,022	)		-		(6)(7)
Caregiver 2, Inc.	Healthcare	Delayed Draw Term Loan	— (S + 6.25%; 2.00% Floor)	7/2/2029		-		(13,334	)		(14,021	)	(6)(7)
Caregiver 2, Inc.	Healthcare	Term Loan	11.44% (S + 6.25%; 2.00% Floor)	7/2/2029		5,608,333		5,469,475			5,468,125		(15)
The Center for Orthopedic and Research Excellence, Inc.	Healthcare	Revolver	11.41% (S + 6.00%; 1.00% Floor)	8/15/2025		431,583		429,711			431,583		(6)

See notes to Unaudited Consolidated Financial Statements

9

AB Private Credit Investors Corporation

Unaudited Consolidated Schedule of Investments as of September 30, 2024

{}

Portfolio Company	Industry	Facility Type	Interest	Maturity	Funded Par Amount		Cost			Fair Value			Tickmarks
The Center for Orthopedic and Research Excellence, Inc.	Healthcare	Term Loan	11.65% (S + 6.25%; 1.00% Floor)	8/15/2025		4,756,039		4,741,847			4,756,039		(15)
The Center for Orthopedic and Research Excellence, Inc.	Healthcare	Delayed Draw Term Loan	11.65% (S + 6.25%; 1.00% Floor)	8/15/2025		1,121,251		1,119,785			1,121,251		(15)
Cerifi, LLC	Services	Term Loan	10.70% (S + 5.75%; 1.00% Floor)	3/31/2028		15,784,042		15,584,225			15,547,282		(15)
Cerifi, LLC	Services	Revolver	10.69% (S + 5.75%; 1.00% Floor)	4/1/2027		1,107,792		1,095,765			1,091,175
Choice Health at Home, LLC	Healthcare	Term Loan	12.54% (S + 6.75%; 1.00% Floor; 0.50% PIK)	12/29/2026		2,560,448		2,540,517			2,560,448		(15)
Choice Health at Home, LLC	Healthcare	Delayed Draw Term Loan	12.54% (S + 6.75%; 1.00% Floor; 0.50% PIK)	12/29/2026		944,981		939,908			944,981		(15)
CHV Holdings LLC	Digital Infrastructure & Services	Term Loan	13.69% (S + 4.00%; 1.00% Floor; 4.75% PIK)	3/27/2029		8,780,221		8,582,063			8,560,716		(15)
CHV Holdings LLC	Digital Infrastructure & Services	Revolver	— (S + 4.00%; 1.00% Floor; 4.75% PIK)	3/27/2029		-		(27,901	)		(31,039	)	(6)(7)
Colo Holdings LLC	Digital Infrastructure & Services	Term Loan	18.50% (18.50% PIK)	3/27/2026		727,324		693,730			716,414
Coding Solutions Acquisition, Inc.	Healthcare	Term Loan	10.13% (S + 5.00%; 0.75% Floor)	8/7/2031		7,209,351		7,159,413			7,137,257		(15)
Coding Solutions Acquisition, Inc.	Healthcare	Delayed Draw Term Loan	— (S + 5.00%; 0.75% Floor)	8/7/2031		-		(15,576	)		(9,759	)	(6)(7)
Coding Solutions Acquisition, Inc.	Healthcare	Revolver	10.01% (S + 5.00%; 0.75% Floor)	8/7/2031		175,837		165,507			165,287		(6)
Community Based Care Acquisition, Inc.	Healthcare	Delayed Draw Term Loan	10.20% (S + 5.50%; 1.00% Floor)	9/16/2027		2,892,900		2,857,918			2,885,668		(15)
Community Based Care Acquisition, Inc.	Healthcare	Revolver	— (S + 5.25%; 1.00% Floor)	9/16/2027		-		(8,721	)		(4,319	)	(6)(7)
Community Based Care Acquisition, Inc.	Healthcare	Term Loan	9.95% (S + 5.25%; 1.00% Floor)	9/16/2027		5,194,971		5,140,047			5,168,997		(15)
Community Based Care Acquisition, Inc.	Healthcare	Delayed Draw Term Loan	9.95% (S + 5.25%; 1.00% Floor)	9/16/2027		2,106,147		2,086,295			2,095,616		(15)
Community Based Care Acquisition, Inc.	Healthcare	Delayed Draw Term Loan	10.20% (S + 5.50%; 1.00% Floor)	9/16/2027		1,440,879		1,400,256			1,440,879		(6)(15)
Coretelligent Intermediate LLC	Digital Infrastructure & Services	Delayed Draw Term Loan	11.10% (S + 5.75%; 1.00% Floor)	10/21/2027		3,729,789		3,699,806			3,375,459		(15)
Coretelligent Intermediate LLC	Digital Infrastructure & Services	Revolver	11.95% (S + 5.75%; 1.00% Floor)	10/21/2027		1,076,458		1,066,421			956,148		(6)
Coretelligent Intermediate LLC	Digital Infrastructure & Services	Term Loan	11.10% (S + 5.75%; 1.00% Floor)	10/21/2027		7,808,309		7,747,580			7,066,520		(15)
Coupa Holdings, LLC	Software & Tech Services	Term Loan	10.75% (S + 5.50%; 0.75% Floor)	2/27/2030		10,591,279		10,365,128			10,591,279		(15)
Coupa Holdings, LLC	Software & Tech Services	Delayed Draw Term Loan	— (S + 5.50%; 0.75% Floor)	2/27/2030		-		(9,252	)		-		(6)(7)
Coupa Holdings, LLC	Software & Tech Services	Revolver	— (S + 5.50%; 0.75% Floor)	2/27/2029		-		(13,425	)		-		(6)(7)
Crewline Buyer, Inc.	Software & Tech Services	Term Loan	11.35% (S + 6.75%; 1.00% Floor)	11/8/2030		13,118,364		12,822,114			13,085,568		(15)
Crewline Buyer, Inc.	Software & Tech Services	Revolver	— (S + 6.75%; 1.00% Floor)	11/8/2030		-		(29,897	)		(3,416	)	(6)(7)
Datacor, Inc.	Software & Tech Services	Term Loan	10.84% (S + 6.00%; 1.00% Floor)	3/13/2029		17,780,468		17,628,995			17,780,468		(15)
Datacor, Inc.	Software & Tech Services	Delayed Draw Term Loan	— (S + 6.00%; 1.00% Floor)	3/13/2029		-		(41,572	)		-		(6)(7)
Datacor, Inc.	Software & Tech Services	Revolver	— (S + 6.00%; 1.00% Floor)	3/13/2029		-		(22,869	)		-		(6)(7)
Delaware Valley Management Holdings, Inc.	Healthcare	Delayed Draw Term Loan	— (S; 1.00% Floor)	12/31/2024		269,873		186,699			81,394		(5)(16)
Delaware Valley Management Holdings, Inc.	Healthcare	Term Loan	— (S + 6.25%; 1.00% Floor)	12/31/2024		2,563,789		1,750,859			773,239		(5)(16)
Delaware Valley Management Holdings, Inc.	Healthcare	Delayed Draw Term Loan	— (S; 1.00% Floor)	12/31/2024		505,093		168,457			152,336		(5)(16)
Delaware Valley Management Holdings, Inc.	Healthcare	Revolver	— (S; 1.00% Floor)	12/31/2024		398,650		265,722			120,300		(5)(6)(16)
Mr. Greens Intermediate, LLC	Services	Term Loan	11.46% (S + 6.25%; 1.00% Floor)	5/1/2029		6,233,501		6,080,530			6,233,501		(15)
Mr. Greens Intermediate, LLC	Services	Delayed Draw Term Loan	— (S + 6.25%; 1.00% Floor)	5/1/2029		-		(60,916	)		-		(6)(7)
Mr. Greens Intermediate, LLC	Services	Revolver	— (S + 6.25%; 1.00% Floor)	5/1/2029		-		(24,367	)		-		(6)(7)
Dispatchtrack, LLC	Software & Tech Services	Revolver	— (S + 4.50%; 1.00% Floor)	12/17/2026		-		(196	)		(755	)	(6)(7)
Dispatchtrack, LLC	Software & Tech Services	Term Loan	9.44% (S + 4.50%; 1.00% Floor)	12/17/2026		9,849,936		9,842,099			9,825,312		(15)
Dorado Buyer LLC	Software & Tech Services	Term Loan	11.47% (S + 2.87%; 1.00% Floor; 3.37% PIK)	2/6/2030		6,310,145		6,226,156			6,215,493		(15)
Dorado Buyer LLC	Software & Tech Services	Revolver	11.38% (S + 2.87%; 1.00% Floor; 3.37% PIK)	2/6/2030		124,155		115,838			114,843		(6)
Dorado Buyer LLC	Software & Tech Services	Delayed Draw Term Loan	— (S + 2.87%; 1.00% Floor)	2/6/2030		-		(16,654	)		(18,623	)	(6)(7)
Enverus Holdings, Inc.	Software & Tech Services	Delayed Draw Term Loan	— (S + 5.50%; 0.75% Floor)	12/24/2029		-		(2,891	)		-		(6)(7)
Duetto Research, Inc	Software & Tech Services	Term Loan	11.61% (S + 1.00%; 5.75% PIK)	6/26/2030		14,331,018		14,016,423			14,151,880		(15)
Duetto Research, Inc	Software & Tech Services	Delayed Draw Term Loan	— (S + 1.00%; 0.75% Floor)	6/26/2030		-		(12,610	)		(10,088	)	(6)(7)
Duetto Research, Inc	Software & Tech Services	Revolver	— (S + 1.00%; 0.75% Floor)	6/26/2030		-		(12,066	)		(12,610	)	(6)(7)
EET Buyer, Inc.	Software & Tech Services	Term Loan	10.05% (S + 5.00%; 0.75% Floor)	11/8/2027		6,735,239		6,663,481			6,735,239		(15)
EET Buyer, Inc.	Software & Tech Services	Term Loan	10.05% (S + 5.00%; 0.75% Floor)	11/8/2027		5,049,755		4,969,021			5,049,755		(15)
EET Buyer, Inc.	Software & Tech Services	Delayed Draw Term Loan	— (S + 5.00%; 0.75% Floor)	11/8/2027		-		(4,169	)		-		(6)(7)
EET Buyer, Inc.	Software & Tech Services	Revolver	— (S + 5.00%; 0.75% Floor)	11/8/2027		-		(13,251	)		-		(6)(7)

See notes to Unaudited Consolidated Financial Statements

10

AB Private Credit Investors Corporation

Unaudited Consolidated Schedule of Investments as of September 30, 2024

Portfolio Company	Industry	Facility Type	Interest	Maturity	Funded Par Amount		Cost			Fair Value			Tickmarks
Engage2Excel, Inc.	Services	Term Loan	10.74% (S + 6.00%; 1.00% Floor)	7/2/2029		7,505,875		7,398,703			7,393,287		(15)
Engage2Excel, Inc.	Services	Revolver	10.74% (S + 6.00%; 1.00% Floor)	7/2/2029		307,130		297,916			297,916		(6)
Enverus Holdings, Inc.	Software & Tech Services	Revolver	10.34% (S + 5.50%; 0.75% Floor)	12/24/2029		42,837		34,045			42,837		(6)
Enverus Holdings, Inc.	Software & Tech Services	Term Loan	10.34% (S + 5.50%; 0.75% Floor)	12/24/2029		8,776,147		8,657,331			8,776,147		(15)
Evolveip, LLC	Digital Infrastructure & Services	Revolver	10.99% (S + 1.00%; 1.00% Floor)	6/9/2025		586,390		572,269			495,089		(16)
Evolveip, LLC	Digital Infrastructure & Services	Term Loan	10.99% (S + 1.00%; 1.00% Floor)	6/9/2025		6,536,940		6,524,869			5,519,138		(15)(16)
Evolveip, LLC	Digital Infrastructure & Services	Delayed Draw Term Loan	10.99% (S + 1.00%; 1.00% Floor)	6/9/2025		112,909		112,839			95,329		(15)(16)
Exterro, Inc.	Software & Tech Services	Term Loan	10.66% (S + 5.50%; 1.00% Floor)	6/1/2027		6,237,900		6,193,453			6,237,900		(15)
Exterro, Inc.	Software & Tech Services	Term Loan	10.66% (S + 5.50%; 1.00% Floor)	6/1/2027		5,763,501		5,736,678			5,763,501		(15)
Exterro, Inc.	Software & Tech Services	Revolver	— (S + 5.50%; 1.00% Floor)	6/1/2027		-		(17,439	)		-		(6)(7)
Exterro, Inc.	Software & Tech Services	Term Loan	10.66% (S + 5.50%; 1.00% Floor)	6/1/2027		2,784,375		2,769,202			2,784,375		(15)
Faithlife, LLC	Software & Tech Services	Delayed Draw Term Loan	10.20% (S + 5.50%; 1.00% Floor)	9/18/2025		701,058		698,291			701,058		(15)
Faithlife, LLC	Software & Tech Services	Term Loan	10.20% (S + 5.50%; 1.00% Floor)	9/18/2025		301,068		299,874			301,068		(15)
Faithlife, LLC	Software & Tech Services	Revolver	— (S + 5.50%; 1.00% Floor)	9/18/2025		-		(1,095	)		-		(6)(7)
FH MD Buyer, Inc	Healthcare	Term Loan	9.95% (S + 5.00%; 0.75% Floor)	7/24/2028		5,368,553		5,335,918			5,328,289		(15)
Firebird Midco, Inc	Software & Tech Services	Revolver	— (S + 5.00%; 0.75% Floor)	7/18/2030		-		(14,852	)		(15,356	)	(6)(7)
Firebird Midco, Inc	Software & Tech Services	Term Loan	10.27% (S + 5.00%; 0.75% Floor)	7/18/2030		6,756,862		6,673,328			6,672,401		(15)
FirstDigital Communications, LLC	Digital Infrastructure & Services	Revolver	11.25% (S + 4.25%; 0.75% Floor)	12/17/2026		412,549		398,167			349,080		(6)
FirstDigital Communications, LLC	Digital Infrastructure & Services	Term Loan	11.25% (S + 4.25%; 0.75% Floor)	12/17/2026		13,509,382		13,387,609			12,969,007		(15)
Foundation Risk Partners, Corp.	Financials	Term Loan	9.85% (S + 5.25%; 0.75% Floor)	10/29/2030		9,585,284		9,515,243			9,585,284		(15)
Foundation Risk Partners, Corp.	Financials	Revolver	— (S + 5.25%; 0.75% Floor)	10/29/2029		-		(6,660	)		-		(6)(7)
Foundation Risk Partners, Corp.	Financials	Delayed Draw Term Loan	9.85% (S + 5.25%; 0.75% Floor)	10/29/2030		2,084,718		2,074,826			2,084,718		(15)
Foundation Risk Partners, Corp.	Financials	Delayed Draw Term Loan	9.85% (S + 5.25%; 0.75% Floor)	10/29/2030		3,125,536		3,094,924			3,125,536		(15)
Foundation Risk Partners, Corp.	Financials	Term Loan	9.85% (S + 5.25%; 0.75% Floor)	10/29/2030		773,409		766,070			773,409		(15)
Fullsteam Operations, LLC	Software & Tech Services	Term Loan	13.46% (S + 8.25%; 1.00% Floor)	11/27/2029		7,423,938		7,230,720			7,423,938		(15)
Fullsteam Operations, LLC	Software & Tech Services	Delayed Draw Term Loan	13.46% (S + 8.25%; 1.00% Floor)	11/27/2029		2,219,987		2,160,335			2,219,987		(6)(15)
Fullsteam Operations, LLC	Software & Tech Services	Delayed Draw Term Loan	13.46% (S + 8.25%; 1.00% Floor)	11/27/2029		958,813		932,295			958,813		(6)(15)
Fullsteam Operations, LLC	Software & Tech Services	Delayed Draw Term Loan	— (S + 7.00%; 1.00% Floor)	11/27/2029		-		(28,315	)		(42,034	)	(6)(7)
Fullsteam Operations, LLC	Software & Tech Services	Delayed Draw Term Loan	— (S + 7.00%; 1.00% Floor)	11/27/2029		-		(7,078	)		(10,508	)	(6)(7)
Fullsteam Operations, LLC	Software & Tech Services	Revolver	— (S + 8.25%; 1.00% Floor)	11/27/2029		-		(10,753	)		-		(6)(7)
Fusion Holding, Corp.	Software & Tech Services	Term Loan	11.09% (S + 6.25%; 0.75% Floor)	9/14/2029		16,599,398		16,331,427			16,101,416		(15)
Fusion Holding, Corp.	Software & Tech Services	Revolver	— (S + 6.25%; 0.75% Floor)	9/15/2027		-		(18,585	)		(41,376	)	(6)(7)
Dearborn TopCo, LLC	Software & Tech Services	Term Loan	12.07% (S + 3.50%; 1.00% Floor; 3.75% PIK)	5/22/2029		7,340,831		7,231,024			7,285,775		(15)
Dearborn TopCo, LLC	Software & Tech Services	Revolver	— (S + 3.50%; 1.00% Floor)	5/22/2029		-		(13,111	)		(6,300	)	(6)(7)
G Treasury SS LLC	Software & Tech Services	Term Loan	10.36% (S + 5.50%; 1.00% Floor)	6/29/2029		3,658,885		3,614,241			3,613,149		(15)
G Treasury SS LLC	Software & Tech Services	Revolver	— (S + 5.50%; 1.00% Floor)	6/29/2029		-		(14,574	)		(11,434	)	(6)(7)
G Treasury SS LLC	Software & Tech Services	Delayed Draw Term Loan	— (S + 5.50%; 1.00% Floor)	6/29/2029		-		(9,112	)		(5,107	)	(6)(7)
G Treasury SS LLC	Software & Tech Services	Delayed Draw Term Loan	10.10% (S + 5.50%; 1.00% Floor)	6/29/2029		1,920,915		1,896,811			1,901,706		(15)
Galway Borrower LLC	Financials	Term Loan	9.10% (S + 4.00%; 0.75% Floor)	9/29/2028		3,792,175		3,792,175			3,763,734		(15)
Galway Borrower LLC	Financials	Delayed Draw Term Loan	— (S + 4.00%; 0.75% Floor)	9/29/2028		-		-			-		(6)
Galway Borrower LLC	Financials	Revolver	9.14% (S + 4.50%; 0.75% Floor)	9/29/2028		116,506		112,321			113,175		(6)
GH Parent Holdings Inc.	Services	Delayed Draw Term Loan	10.20% (S + 5.00%; 1.00% Floor)	5/4/2027		2,354,408		2,315,522			2,308,340		(6)(15)
GHA Buyer, Inc.	Healthcare	Term Loan	10.10% (S + 5.50%; 1.00% Floor)	6/24/2026		578,232		569,549			575,341		(15)
GHA Buyer, Inc.	Healthcare	Term Loan	10.10% (S + 5.50%; 1.00% Floor)	6/24/2026		5,533,852		5,502,990			5,506,182		(15)
GHA Buyer, Inc.	Healthcare	Delayed Draw Term Loan	10.10% (S + 5.50%; 1.00% Floor)	6/24/2026		838,594		832,459			834,401		(15)
GHA Buyer, Inc.	Healthcare	Term Loan	10.10% (S + 5.50%; 1.00% Floor)	6/24/2026		750,820		746,847			747,066		(15)

Delayed Draw Term Loan

See notes to Unaudited Consolidated Financial Statements

11

AB Private Credit Investors Corporation

Unaudited Consolidated Schedule of Investments as of September 30, 2024

Portfolio Company	Industry	Facility Type	Interest	Maturity	Funded Par Amount		Cost			Fair Value			Tickmarks
GHA Buyer, Inc.	Healthcare	Term Loan	10.10% (S + 5.50%; 1.00% Floor)	6/24/2026		4,791,964		4,763,031			4,768,004		(15)
GHA Buyer, Inc.	Healthcare	Term Loan	10.10% (S + 5.50%; 1.00% Floor)	6/24/2026		2,022,398		2,003,307			2,012,286		(15)
GHA Buyer, Inc.	Healthcare	Revolver	— (S + 5.50%; 1.00% Floor)	6/24/2026		-		(5,629	)		(4,756	)	(6)(7)
Greenhouse Software, Inc.	Software & Tech Services	Term Loan	10.85% (S + 6.25%; 1.00% Floor)	9/1/2028		12,376,845		12,260,561			12,376,845		(15)
Greenhouse Software, Inc.	Software & Tech Services	Revolver	— (S + 6.25%; 1.00% Floor)	9/1/2028		-		(11,426	)		-		(6)(7)
Greenhouse Software, Inc.	Software & Tech Services	Term Loan	10.85% (S + 6.25%; 1.00% Floor)	9/1/2028		14,507,975		14,267,768			14,507,975		(15)
Greenhouse Software, Inc.	Software & Tech Services	Revolver	— (S + 6.25%; 1.00% Floor)	9/1/2028		-		(9,995	)		-		(6)(7)
Greenlight Intermediate II, Inc.	Digital Infrastructure & Services	Delayed Draw Term Loan	10.25% (S + 5.50%; 0.75% Floor)	6/1/2028		2,549,573		2,442,787			2,549,573		(6)(15)
Greenlight Intermediate II, Inc.	Digital Infrastructure & Services	Term Loan	10.25% (S + 5.50%; 0.75% Floor)	6/1/2028		5,331,605		5,260,746			5,331,605		(15)
Greenlight Intermediate II, Inc.	Digital Infrastructure & Services	Delayed Draw Term Loan	10.25% (S + 5.50%; 0.75% Floor)	6/1/2028		6,702,083		6,613,446			6,702,083		(15)
Gryphon-Redwood Acquisition LLC	Software & Tech Services	Delayed Draw Term Loan	15.20% (S + 4.00%; 1.00% Floor; 6.00% PIK)	9/18/2028		1,641,062		1,585,194			1,608,241		(15)
Gryphon-Redwood Acquisition LLC	Software & Tech Services	Term Loan	14.84% (S + 4.00%; 1.00% Floor; 6.00% PIK)	9/18/2028		3,829,135		3,789,603			3,752,552		(15)
GS AcquisitionCo, Inc.	Software & Tech Services	Term Loan	9.85% (S + 5.25%; 1.00% Floor)	5/25/2028		9,960,945		9,927,819			9,911,140		(15)
GS AcquisitionCo, Inc.	Software & Tech Services	Delayed Draw Term Loan	— (S + 5.25%; 0.75% Floor)	5/25/2028		-		(707	)		-		(6)(7)
GS AcquisitionCo, Inc.	Software & Tech Services	Revolver	9.85% (S + 5.25%; 1.00% Floor)	5/25/2028		90,848		87,104			87,344		(6)
Heartland PPC Buyer LLC	Services	Term Loan	9.85% (S + 5.25%; 0.75% Floor)	12/12/2029		5,623,503		5,523,801			5,567,268		(15)
Heartland PPC Buyer LLC	Services	Revolver	11.98% (S + 5.25%; 0.75% Floor)	12/12/2029		216,651		196,966			205,348		(6)
Heartland PPC Buyer LLC	Services	Delayed Draw Term Loan	9.85% (S + 5.25%; 0.75% Floor)	12/12/2029		479,790		461,011			475,084		(6)(15)
Higginbotham Insurance Agency, Inc.	Financials	Term Loan	9.35% (S + 4.00%; 1.% Floor)	11/24/2028		11,183,369		11,183,369			11,099,493		(15)
HireVue, Inc.	Software & Tech Services	Term Loan	12.50% (S + 7.25%; 1.00% Floor)	5/3/2029		12,837,237		12,571,522			12,676,771		(15)
HireVue, Inc.	Software & Tech Services	Revolver	12.37% (S + 7.25%; 1.00% Floor)	5/3/2029		670,229		638,404			649,652		(6)
Honor HN Buyer, Inc.	Healthcare	Delayed Draw Term Loan	10.50% (S + 5.75%; 1.00% Floor)	10/15/2027		2,424,181		2,356,187			2,424,181		(6)(15)
Honor HN Buyer, Inc.	Healthcare	Delayed Draw Term Loan	10.50% (S + 5.75%; 1.00% Floor)	10/15/2027		1,625,593		1,608,774			1,625,593		(15)
Honor HN Buyer, Inc.	Healthcare	Delayed Draw Term Loan	10.50% (S + 5.75%; 1.00% Floor)	10/15/2027		1,792,413		1,766,235			1,792,413		(6)(15)
Honor HN Buyer, Inc.	Healthcare	Revolver	12.75% (S + 5.75%; 1.00% Floor)	10/15/2027		38,012		34,878			38,012		(6)
Honor HN Buyer, Inc.	Healthcare	Term Loan	10.50% (S + 5.75%; 1.00% Floor)	10/15/2027		2,570,604		2,544,053			2,570,604		(15)
Iodine Software, LLC	Software & Tech Services	Delayed Draw Term Loan	10.09% (S + 5.25%; 1.00% Floor)	5/19/2027		7,815,215		7,743,158			7,815,215		(15)
Iodine Software, LLC	Software & Tech Services	Delayed Draw Term Loan	— (S + 5.25%; 1.00% Floor)	5/19/2027		-		(24,916	)		-		(6)(7)
Iodine Software, LLC	Software & Tech Services	Revolver	— (S + 5.25%; 1.00% Floor)	5/19/2027		-		(9,756	)		-		(6)(7)
Iodine Software, LLC	Software & Tech Services	Term Loan	10.09% (S + 5.25%; 1.00% Floor)	5/19/2027		5,187,696		5,141,137			5,187,696		(15)
JS Parent, Inc.	Software & Tech Services	Term Loan	10.25% (S + 5.00%; 0.00% Floor)	4/24/2031		5,459,661		5,433,563			5,432,363		(15)
JS Parent, Inc.	Software & Tech Services	Revolver	— (S + 5.00%; 0.75% Floor)	4/24/2031		-		(2,480	)		(2,641	)	(6)(7)
Kalkomey Borrower, LLC	Services	Term Loan	9.85% (S + 5.25%; 1.00% Floor)	6/18/2031		9,154,683		9,017,928			9,040,249		(15)
Kalkomey Borrower, LLC	Services	Revolver	— (S + 5.25%; 1.00% Floor)	6/18/2031		-		(21,101	)		(18,309	)	(6)(7)
Kalkomey Borrower, LLC	Services	Delayed Draw Term Loan	— (S + 5.25%; 1.00% Floor)	6/18/2031		-		(13,186	)		(9,155	)	(6)(7)
Kaseya Inc.	Software & Tech Services	Term Loan	10.75% (S + 5.50%; 0.75% Floor)	6/25/2029		10,704,780		10,597,365			10,704,780		(15)
Kaseya Inc.	Software & Tech Services	Delayed Draw Term Loan	10.76% (S + 5.50%; 0.75% Floor)	6/25/2029		163,600		156,656			163,600		(6)
Kaseya Inc.	Software & Tech Services	Revolver	10.10% (S + 5.50%; 0.75% Floor)	6/25/2029		160,904		157,644			160,904		(6)
Krispy Krunchy Foods, L.L.C.	Consumer Non-Cyclical	Term Loan	9.44% (S + 4.50%; 1.00% Floor)	11/17/2027		7,659,384		7,577,708			7,659,384		(15)
Lotus HPI Buyer, Inc	Healthcare	Term Loan	11.38% (S + 6.25%; 1.00% Floor)	1/21/2030		12,496,673		12,211,139			12,246,739		(15)
Lotus HPI Buyer, Inc	Healthcare	Revolver	— (S + 6.25%; 1.00% Floor)	1/21/2030		-		(41,690	)		(37,679	)	(6)(7)
Lotus HPI Buyer, Inc	Healthcare	Delayed Draw Term Loan	— (S + 6.25%; 1.00% Floor)	1/21/2030		-		(41,726	)		(37,678	)	(6)(7)
Magaya Corporation	Software & Tech Services	Revolver	— (S + 4.75%; 0.75% Floor)	7/26/2030		-		(9,214	)		(9,214	)	(6)(7)
Magaya Corporation	Software & Tech Services	Term Loan	10.02% (S + 4.75%; 0.75% Floor)	7/26/2030		3,685,561		3,648,705			3,648,705		(15)
Magaya Corporation	Software & Tech Services	Delayed Draw Term Loan	— (S + 4.75%; 0.75% Floor)	7/26/2030		-		(12,286	)		(12,286	)	(6)(7)
Mastery Acquisition Corp.	Software & Tech Services	Delayed Draw Term Loan	— (S + 5.25%; 1.00% Floor)	9/7/2029		-		(16,660	)		-		(6)(7)
Mastery Acquisition Corp.	Software & Tech Services	Delayed Draw Term Loan	— (S + 5.25%; 1.00% Floor)	9/7/2029		-		(5,553	)		-		(6)(7)
Mastery Acquisition Corp.	Software & Tech Services	Revolver	— (S + 5.25%; 1.00% Floor)	9/7/2029		-		(4,175	)		-		(6)(7)

See notes to Unaudited Consolidated Financial Statements

12

AB Private Credit Investors Corporation

Unaudited Consolidated Schedule of Investments as of September 30, 2024

Mastery Acquisition Corp.	Software & Tech Services	Term Loan	9.49% (S + 5.25%; 1.00% Floor)	9/7/2029	6,649,212	6,602,841		6,649,212		(15)
Mavenlink, Inc.	Software & Tech Services	Term Loan	11.45% (S; 0.75% Floor; 6.00% PIK)	6/3/2027	16,001,716	15,782,112		15,641,677		(15)
Mavenlink, Inc.	Software & Tech Services	Revolver	11.44% (S; 0.75% Floor; 6.00% PIK)	6/3/2027	1,518,020	1,499,824		1,475,811		(6)
MBS Holdings, Inc.	Digital Infrastructure & Services	Term Loan	11.09% (S + 6.25%; 1.00% Floor)	4/16/2027	831,018	813,082		831,018		(15)
MBS Holdings, Inc.	Digital Infrastructure & Services	Term Loan	10.59% (S + 5.75%; 1.00% Floor)	4/16/2027	10,179,094	10,088,633		10,153,647		(15)
MBS Holdings, Inc.	Digital Infrastructure & Services	Revolver	10.94% (S + 5.75%; 1.00% Floor)	4/16/2027	116,900	108,473		114,465		(6)
MBS Holdings, Inc.	Digital Infrastructure & Services	Term Loan	11.34% (S + 6.50%; 1.00% Floor)	4/16/2027	781,227	764,739		781,227		(15)
MedBridge Holdings, LLC	Software & Tech Services	Term Loan	9.34% (S + 4.50%; 1.00% Floor)	12/23/2026	13,592,035	13,485,520		13,558,055		(15)
MedBridge Holdings, LLC	Software & Tech Services	Revolver	— (S + 4.50%; 1.00% Floor)	12/23/2026	-	(10,375	)	(3,440	)	(6)(7)
MedBridge Holdings, LLC	Software & Tech Services	Term Loan	9.34% (S + 4.50%; 1.00% Floor)	12/23/2026	861,764	853,233		859,610		(15)
Medical Management Resource Group, L.L.C.	Healthcare	Revolver	10.74% (S + 6.00%; 0.75% Floor)	9/30/2026	177,192	174,608		171,655		(6)
Medical Management Resource Group, L.L.C.	Healthcare	Term Loan	10.70% (S + 6.00%; 0.75% Floor)	9/30/2027	3,744,455	3,705,571		3,678,927		(15)
Medical Management Resource Group, L.L.C.	Healthcare	Delayed Draw Term Loan	10.70% (S + 6.00%; 0.75% Floor)	9/30/2027	1,546,478	1,518,932		1,519,415		(15)
Medsuite Purchaser, LLC (FKA Millin Purchaser, LLC)	Healthcare	Delayed Draw Term Loan	9.95% (S + 5.00%; 1.00% Floor)	10/22/2026	1,316,718	1,281,481		1,316,718		(6)(15)
Medsuite Purchaser, LLC (FKA Millin Purchaser, LLC)	Healthcare	Revolver	— (S + 5.00%; 1.00% Floor)	10/22/2026	-	(4,272	)	(3,402	)	(6)(7)
Medsuite Purchaser, LLC (FKA Millin Purchaser, LLC)	Healthcare	Term Loan	9.94% (S + 5.00%; 1.00% Floor)	10/22/2026	7,754,003	7,685,966		7,715,233		(15)
MMP Intermediate, LLC	Consumer Non-Cyclical	Term Loan	11.20% (S + 6.25%; 1.00% Floor)	2/15/2029	2,013,601	1,977,788		2,008,567		(15)
MMP Intermediate, LLC	Consumer Non-Cyclical	Term Loan	11.20% (S + 6.25%; 1.00% Floor)	2/15/2029	7,885,546	7,802,294		7,865,832		(15)
MMP Intermediate, LLC	Consumer Non-Cyclical	Revolver	— (S + 6.25%; 1.00% Floor)	2/15/2029	-	(5,343	)	(1,382	)	(6)(7)
Moon Buyer, Inc.	Software & Tech Services	Term Loan	9.45% (S + 4.75%; 1.00% Floor)	4/21/2027	6,192,833	6,152,048		6,192,833		(15)
Moon Buyer, Inc.	Software & Tech Services	Revolver	10.14% (S + 4.75%; 1.00% Floor)	4/21/2027	640,086	632,383		640,086		(6)
Moon Buyer, Inc.	Software & Tech Services	Delayed Draw Term Loan	9.45% (S + 4.75%; 1.00% Floor)	4/21/2027	571,713	569,613		571,713		(15)
MSM Acquisitions, Inc.	Services	Term Loan	11.05% (S + 6.00%; 1.00% Floor; 5.00% PIK)	12/9/2026	8,273,465	8,215,934		7,404,751		(15)
MSM Acquisitions, Inc.	Services	Revolver	11.05% (S + 6.00%; 1.00% Floor)	12/9/2026	1,252,619	1,216,979		1,121,094
MSM Acquisitions, Inc.	Services	Delayed Draw Term Loan	11.05% (S + 6.00%; 1.00% Floor; 5.00% PIK)	12/9/2026	371,041	369,289		332,081		(15)
MSM Acquisitions, Inc.	Services	Delayed Draw Term Loan	11.05% (S + 6.00%; 1.00% Floor; 5.00% PIK)	12/9/2026	3,027,340	3,001,945		2,709,469		(15)
MSP Global Holdings, Inc.	Digital Infrastructure & Services	Term Loan	11.07% (S + 5.50%; 1.00% Floor)	4/9/2029	7,732,321	7,662,955		7,674,329		(15)
MSP Global Holdings, Inc.	Digital Infrastructure & Services	Term Loan	11.03% (S + 5.50%; 1.00% Floor)	4/9/2029	8,753,309	8,591,209		8,687,659		(15)
MSP Global Holdings, Inc.	Digital Infrastructure & Services	Delayed Draw Term Loan	— (S + 5.50%; 1.00% Floor)	4/9/2029	-	(21,971	)	(9,089	)	(6)(7)
MSP Global Holdings, Inc.	Digital Infrastructure & Services	Revolver	11.03% (S + 5.50%; 1.00% Floor)	4/9/2029	421,175	397,910		407,559		(6)
MSP Global Holdings, Inc.	Digital Infrastructure & Services	Delayed Draw Term Loan	11.00% (S + 5.50%; 1.00% Floor)	4/9/2029	603,993	596,538		599,463		(15)
MyKaarma Acquisition LLC	Software & Tech Services	Revolver	— (S + 3.00%; 1.00% Floor; 3.75% PIK)	3/21/2028	-	(6,938	)	-		(6)(7)
MyKaarma Acquisition LLC	Software & Tech Services	Term Loan	11.50% (S + 3.00%; 1.00% Floor; 3.75% PIK)	3/21/2028	6,483,565	6,404,219		6,483,565		(15)
Nasuni Corporation	Software & Tech Services	Revolver	— (S + 5.75%; 0.00% Floor)	9/10/2030	-	(39,297	)	(39,297	)	(6)(7)
Nasuni Corporation	Software & Tech Services	Term Loan	10.68% (S + 5.75%)	9/10/2030	12,575,067	12,386,441		12,386,441		(15)
Navigate360, LLC	Software & Tech Services	Term Loan	10.94% (S + 6.00%; 1.00% Floor)	3/17/2027	1,072,454	1,058,978		1,059,048		(15)
Navigate360, LLC	Software & Tech Services	Term Loan	10.94% (S + 6.00%; 1.00% Floor)	3/17/2027	2,226,045	2,198,790		2,198,219		(15)
Navigate360, LLC	Software & Tech Services	Delayed Draw Term Loan	— (S + 6.00%; 1.00% Floor)	3/17/2027	-	(12,428	)	(10,179	)	(6)(7)
Navigate360, LLC	Software & Tech Services	Revolver	— (S + 6.00%; 1.00% Floor)	3/17/2027	-	(6,118	)	(7,553	)	(6)(7)
Navigate360, LLC	Software & Tech Services	Term Loan	10.94% (S + 6.00%; 1.00% Floor)	3/17/2027	4,123,905	4,080,034		4,072,356		(15)
Navigate360, LLC	Software & Tech Services	Delayed Draw Term Loan	10.94% (S + 6.00%; 1.00% Floor)	3/17/2027	1,776,451	1,763,753		1,754,246		(15)
NC Topco, LLC	Software & Tech Services	Term Loan	10.09% (S + 2.50%; 2.75% PIK)	9/1/2031	11,224,348	11,113,733		11,112,105		(15)
NC Topco, LLC	Software & Tech Services	Revolver	— (S + 2.50%; 2.75% PIK)	9/1/2031	-	(12,763	)	(12,920	)	(6)(7)
NC Topco, LLC	Software & Tech Services	Delayed Draw Term Loan	— (S + 2.50%; 2.75% PIK)	8/29/2031	-	(15,953	)	(16,149	)	(6)(7)
Netwrix Corporation	Software & Tech Services	Term Loan	10.55% (S + 5.50%; 0.75% Floor)	6/11/2029	12,454,327	12,437,991		12,423,191		(15)

See notes to Unaudited Consolidated Financial Statements

13

AB Private Credit Investors Corporation

Unaudited Consolidated Schedule of Investments as of September 30, 2024

Portfolio Company	Industry	Facility Type	Interest	Maturity	Funded Par Amount		Cost			Fair Value			Tickmarks
Netwrix Corporation	Software & Tech Services	Revolver	— (S + 5.50%; 0.75% Floor)	6/11/2029		-		(1,719	)		(1,937	)	(6)(7)
Netwrix Corporation	Software & Tech Services	Delayed Draw Term Loan	10.55% (S + 5.50%; 0.75% Floor)	6/11/2029		205,786		191,449			201,130		(6)
Next Holdco, LLC	Software & Tech Services	Term Loan	11.05% (S + 6.00%; 0.75% Floor)	11/12/2030		9,238,687		9,112,386			9,238,687		(15)
Next Holdco, LLC	Software & Tech Services	Delayed Draw Term Loan	— (S + 6.00%; 0.75% Floor)	11/12/2030		-		(15,610	)		-		(6)(7)
Next Holdco, LLC	Software & Tech Services	Revolver	— (S + 6.00%; 0.75% Floor)	11/9/2029		-		(11,438	)		-		(6)(7)
NI Topco, Inc.	Digital Infrastructure & Services	Term Loan	9.35% (S + 4.65%; 0.75% Floor)	12/28/2028		6,997,683		6,899,794			6,997,683		(15)
NI Topco, Inc.	Digital Infrastructure & Services	Term Loan	9.45% (S + 4.65%; 0.75% Floor)	12/28/2028		1,208,911		1,190,824			1,208,911		(15)
Pace Health Companies, LLC	Healthcare	Term Loan	10.25% (S + 5.50%; 1.00% Floor)	8/3/2026		1,372,660		1,362,540			1,372,660		(15)
Pace Health Companies, LLC	Healthcare	Delayed Draw Term Loan	10.25% (S + 5.50%; 1.00% Floor)	8/3/2026		193,656		185,985			193,656		(6)
Pace Health Companies, LLC	Healthcare	Revolver	— (S + 5.25%; 1.00% Floor)	8/3/2026		-		(907	)		-		(6)(7)
Pace Health Companies, LLC	Healthcare	Term Loan	10.00% (S + 5.25%; 1.00% Floor)	8/3/2026		5,047,918		5,039,745			5,047,918		(15)
PDI TA Holdings, Inc	Software & Tech Services	Term Loan	10.45% (S + 5.25%; 0.75% Floor)	2/3/2031		9,291,584		9,216,019			9,268,356		(15)
PDI TA Holdings, Inc	Software & Tech Services	Revolver	— (S + 5.25%; 0.75% Floor)	2/3/2031		-		(8,556	)		(2,359	)	(6)(7)
PDI TA Holdings, Inc	Software & Tech Services	Delayed Draw Term Loan	— (S + 5.25%; 0.75% Floor)	2/3/2031		-		(9,776	)		-		(6)(7)
Penn TRGRP Holdings LLC	Software & Tech Services	Term Loan	12.35% (S + 1.75%; 0.75% Floor; 6.00% PIK)	9/27/2030		7,281,745		7,132,055			7,136,110		(15)
Penn TRGRP Holdings LLC	Software & Tech Services	Revolver	— (S + 1.75%; 0.75% Floor; 6.00% PIK)	9/27/2030		-		(18,108	)		(21,087	)	(6)(7)
Peter C. Foy & Associates Insurance Services, LLC	Financials	Term Loan	10.75% (S + 5.50%; 0.75% Floor)	11/1/2028		493,433		488,626			490,966		(15)
Peter C. Foy & Associates Insurance Services, LLC	Financials	Delayed Draw Term Loan	10.34% (S + 5.50%; 0.75% Floor)	11/1/2028		1,234,761		1,220,890			1,228,587		(15)
Peter C. Foy & Associates Insurance Services, LLC	Financials	Delayed Draw Term Loan	10.34% (S + 5.50%; 0.75% Floor)	11/1/2028		5,825,016		5,789,816			5,795,890		(15)
Pharmalogic Holdings Corp	Healthcare	Term Loan	9.84% (S + 5.00%; 1.00% Floor)	6/21/2030		20,585,477		20,276,695			20,276,695		(15)
Pharmalogic Holdings Corp	Healthcare	Delayed Draw Term Loan	— (S + 5.00%; 1.00% Floor)	6/21/2030		-		(49,667	)		(52,009	)	(6)(7)
Pieper Memorial, LLC	Healthcare	Term Loan	11.04% (S + 5.75%; 1.00% Floor)	11/2/2027		2,056,770		2,025,165			2,051,628		(15)
Pieper Memorial, LLC	Healthcare	Delayed Draw Term Loan	11.04% (S + 5.75%; 1.00% Floor)	11/2/2027		3,150,170		3,093,714			3,150,170		(6)(15)
Ping Identity Holding Corp.	Software & Tech Services	Term Loan	9.35% (S + 4.75%; 0.75% Floor)	10/17/2029		12,033,445		11,810,057			12,033,445		(15)
Ping Identity Holding Corp.	Software & Tech Services	Revolver	— (S + 4.75%; 0.75% Floor)	10/17/2028		-		(20,530	)		-		(6)(7)
Pinnacle Dermatology Management, LLC	Healthcare	Delayed Draw Term Loan	10.96% (S + 5.75%; 0.75% Floor)	12/8/2028		643,349		638,317			583,839
Pinnacle Dermatology Management, LLC	Healthcare	Revolver	9.55% (S + 4.00%; 0.75% Floor)	12/8/2026		537,696		531,556			530,974
Pinnacle Dermatology Management, LLC	Healthcare	Term Loan	10.78% (S + 5.75%; 0.75% Floor)	12/8/2028		5,509,835		5,424,963			5,000,176		(15)
Pinnacle Treatment Centers, Inc.	Healthcare	Term Loan	10.55% (S + 5.50%; 1.00% Floor)	1/4/2027		381,608		377,792			378,746		(15)
Pinnacle Treatment Centers, Inc.	Healthcare	Term Loan	10.55% (S + 5.50%; 1.00% Floor)	1/4/2027		5,123,685		5,105,118			5,085,257		(15)
Pinnacle Treatment Centers, Inc.	Healthcare	Revolver	12.25% (S + 5.50%; 1.00% Floor)	1/4/2027		87,875		84,376			83,261		(6)
Pinnacle Treatment Centers, Inc.	Healthcare	Term Loan	10.55% (S + 5.50%; 1.00% Floor)	1/4/2027		281,763		278,561			279,649		(15)
Pinnacle Treatment Centers, Inc.	Healthcare	Term Loan	10.55% (S + 5.50%; 1.00% Floor)	1/4/2027		145,327		144,743			144,237		(15)
Pinnacle Treatment Centers, Inc.	Healthcare	Delayed Draw Term Loan	10.55% (S + 5.50%; 1.00% Floor)	1/4/2027		337,483		336,873			334,952		(15)
Priority OnDemand Midco 2, L.P.	Healthcare	Delayed Draw Term Loan	10.05% (S + 5.25%; 1.00% Floor)	7/17/2028		117,914		102,015			117,914		(6)
Priority OnDemand Midco 2, L.P.	Healthcare	Term Loan	10.05% (S + 5.25%; 1.00% Floor)	7/17/2028		7,484,570		7,400,118			7,484,570		(15)
Race Finco, LLC	Digital Infrastructure & Services	Delayed Draw Term Loan	10.59% (S + 5.75%; 1.00% Floor)	8/16/2029		1,829,395		1,708,255			1,732,849		(6)(15)
Race Finco, LLC	Digital Infrastructure & Services	Revolver	— (S + 5.75%; 1.00% Floor)	8/16/2029		-		(12,138	)		(13,720	)	(6)(7)
Race Finco, LLC	Digital Infrastructure & Services	Term Loan	10.75% (S + 5.75%; 1.00% Floor)	8/16/2029		9,178,206		9,017,974			8,971,696		(15)
Ranger Buyer, Inc.	Software & Tech Services	Term Loan	9.60% (S + 5.00%; 0.75% Floor)	11/20/2028		15,330,417		15,135,062			15,330,417		(15)
Ranger Buyer, Inc.	Software & Tech Services	Revolver	— (S + 5.00%; 0.75% Floor)	11/18/2027		-		(12,841	)		-		(6)(7)
RCP Encore Acquisition, Inc.	Healthcare	Term Loan	— (S + 5.00%; 1.00% Floor)	6/6/2025		2,861,633		2,793,661			28,616		(16)
Redwood Family Care Network, Inc.	Healthcare	Term Loan	10.50% (S + 5.75%; 1.00% Floor)	6/18/2026		7,731,296		7,662,188			7,692,640		(15)
Redwood Family Care Network, Inc.	Healthcare	Revolver	— (S + 5.75%; 1.00% Floor)	6/18/2026		-		(4,120	)		(2,944	)	(6)(7)
Redwood Family Care Network, Inc.	Healthcare	Delayed Draw Term Loan	10.50% (S + 5.75%; 1.00% Floor)	6/18/2026		5,726,774		5,686,554			5,698,141		(15)
Redwood Family Care Network, Inc.	Healthcare	Delayed Draw Term Loan	10.50% (S + 5.75%; 1.00% Floor)	6/18/2026		4,292,689		4,214,427			4,271,226		(15)
REP TEC Intermediate Holdings, Inc.	Business Services	Revolver	— (S + 5.75%; 1.00% Floor)	12/1/2027		-		(5,715	)		-		(6)(7)
REP TEC Intermediate Holdings, Inc.	Business Services	Term Loan	10.35% (S + 5.75%; 1.00% Floor)	12/1/2027		11,517,270		11,472,654			11,517,270		(15)

See notes to Unaudited Consolidated Financial Statements

14

AB Private Credit Investors Corporation

Unaudited Consolidated Schedule of Investments as of September 30, 2024

Portfolio Company	Industry	Facility Type	Interest	Maturity	Funded Par Amount		Cost			Fair Value			Tickmarks
REP TEC Intermediate Holdings, Inc.	Business Services	Term Loan	10.35% (S + 5.75%; 1.00% Floor)	12/1/2027		425,003		417,510			425,003		(15)
Ridge Trail US Bidco, Inc.	Digital Infrastructure & Services	Term Loan	9.35% (S + 4.75%; 0.00% Floor)	9/30/2031		6,460,812		6,363,914			6,363,900		(15)
Ridge Trail US Bidco, Inc.	Digital Infrastructure & Services	Delayed Draw Term Loan	— (S + 4.75%; 0.75% Floor)	9/30/2031		-		(16,702	)		(16,709	)	(6)(7)
Ridge Trail US Bidco, Inc.	Digital Infrastructure & Services	Revolver	9.35% (S + 4.75%; 0.75% Floor)	3/30/2031		111,393		100,258			100,254		(6)
Sako and Partners Lower Holdings LLC	Services	Term Loan	9.10% (S + 4.50%; 1.00% Floor)	9/15/2028		1,687,051		1,657,617			1,678,616		(15)
Sako and Partners Lower Holdings LLC	Services	Term Loan	9.10% (S + 4.50%; 1.00% Floor)	9/15/2028		17,193,109		16,872,652			17,107,143		(15)
Sako and Partners Lower Holdings LLC	Services	Revolver	— (S + 4.50%; 1.00% Floor)	9/15/2028		-		(29,779	)		(8,795	)	(6)(7)
Sako and Partners Lower Holdings LLC	Services	Delayed Draw Term Loan	9.10% (S + 4.50%; 1.00% Floor)	9/15/2028		3,505,438		3,436,567			3,487,911		(15)
Sako and Partners Lower Holdings LLC	Services	Delayed Draw Term Loan	— (S + 4.50%; 1.00% Floor)	9/15/2028		-		(33,363	)		-		(6)(7)
Salisbury House, LLC	Healthcare	Term Loan	11.15% (S + 5.75%; 1.00% Floor)	2/27/2026		1,215,814		1,208,413			1,215,814		(15)
Salisbury House, LLC	Healthcare	Term Loan	11.15% (S + 5.75%; 1.00% Floor)	2/27/2026		986,813		977,778			986,813		(15)
Salisbury House, LLC	Healthcare	Delayed Draw Term Loan	11.15% (S + 5.75%; 1.00% Floor)	2/27/2026		496,047		461,293			496,047		(6)
Salisbury House, LLC	Healthcare	Delayed Draw Term Loan	11.15% (S + 5.75%; 1.00% Floor)	2/27/2026		570,283		558,877			570,283
Salisbury House, LLC	Healthcare	Revolver	10.95% (S + 5.75%; 1.00% Floor)	2/27/2026		457,307		451,601			457,307		(6)
Salisbury House, LLC	Healthcare	Term Loan	11.15% (S + 5.75%; 1.00% Floor)	2/27/2026		1,116,991		1,112,971			1,116,991		(15)
Salisbury House, LLC	Healthcare	Term Loan	11.15% (S + 5.75%; 1.00% Floor)	2/27/2026		431,282		426,886			431,282		(15)
Salisbury House, LLC	Healthcare	Term Loan	11.15% (S + 5.75%; 1.00% Floor)	2/27/2026		3,934,410		3,913,354			3,934,410		(15)
Sandstone Care Holdings, LLC	Healthcare	Term Loan	10.85% (S + 5.50%; 1.00% Floor)	6/28/2028		4,605,374		4,539,497			4,167,864		(15)
Sandstone Care Holdings, LLC	Healthcare	Revolver	10.64% (S + 5.50%; 1.00% Floor)	6/28/2028		824,492		813,914			746,165
Sandstone Care Holdings, LLC	Healthcare	Delayed Draw Term Loan	10.73% (S + 5.50%; 1.00% Floor)	6/28/2028		919,279		905,908			813,488		(6)(15)
Sapphire Software Buyer, Inc.	Software & Tech Services	Term Loan	9.24% (S + 5.00%; 0.75% Floor)	9/30/2031		14,225,155		14,082,957			14,082,904		(15)
Sapphire Software Buyer, Inc.	Software & Tech Services	Revolver	— (S + 5.00%; 0.75% Floor)	9/30/2031		-		(17,231	)		(17,238	)	(6)(7)
Sauce Labs Inc	Software & Tech Services	Delayed Draw Term Loan	11.25% (S + 5.50%; 1.00% Floor; 0.50% PIK)	8/16/2027		860,227		841,319			824,684		(6)(15)
Sauce Labs Inc	Software & Tech Services	Revolver	— (S + 5.50%; 1.00% Floor)	8/16/2027		-		(12,520	)		(32,045	)	(6)(7)
Sauce Labs Inc	Software & Tech Services	Revolver	11.35% (S + 5.50%; 1.00% Floor; 0.50% PIK)	8/16/2027		1,942,098		1,923,299			1,893,545		(15)
Sauce Labs Inc	Software & Tech Services	Term Loan	11.35% (S + 5.50%; 1.00% Floor; 0.50% PIK)	8/16/2027		7,570,272		7,484,269			7,381,015		(15)
Saviynt, Inc.	Software & Tech Services	Term Loan	12.44% (S + 4.00%; 1.00% Floor; 3.50% PIK)	12/22/2027		19,481,688		19,160,031			19,238,167		(15)
Saviynt, Inc.	Software & Tech Services	Delayed Draw Term Loan	12.44% (S + 4.00%; 1.00% Floor; 3.50% PIK)	12/22/2027		4,407,752		4,292,860			4,329,787		(6)(15)
Saviynt, Inc.	Software & Tech Services	Revolver	— (S + 4.00%; 1.00% Floor; 3.50% PIK)	12/22/2027		-		(9,943	)		(7,622	)	(6)(7)
SCA Buyer, LLC	Healthcare	Term Loan	12.01% (S + 6.50%; 1.00% Floor)	1/20/2027		4,015,538		3,993,913			3,583,868		(15)
SCA Buyer, LLC	Healthcare	Revolver	10.66% (S + 6.50%; 1.00% Floor)	1/20/2027		643,849		641,252			574,635
SDC Atlas Acquistionco, LLC	Digital Infrastructure & Services	Term Loan	10.44% (S + 5.50%; 0.75% Floor)	8/25/2028		10,715,390		10,555,158			10,635,025		(15)
SDC Atlas Acquistionco, LLC	Digital Infrastructure & Services	Delayed Draw Term Loan	10.44% (S + 5.50%; 0.75% Floor)	8/25/2028		1,619,768		1,479,665			1,549,682		(6)(15)
SDC Atlas Acquistionco, LLC	Digital Infrastructure & Services	Revolver	10.44% (S + 5.50%; 0.75% Floor)	8/25/2028		373,793		364,494			369,120		(6)
Securonix, Inc	Software & Tech Services	Revolver	12.31% (S + 7.00%; 0.75% Floor)	4/5/2028		34,660		18,681			(223,012	)	(6)(7)
Securonix, Inc	Software & Tech Services	Term Loan	12.31% (S + 7.00%; 0.75% Floor)	4/5/2028		8,546,314		8,457,443			7,114,807		(15)
Serrano Parent, LLC	Software & Tech Services	Term Loan	11.62% (S + 6.50%; 1.00% Floor)	5/13/2030		21,207,477		20,765,915			20,677,290		(15)
Serrano Parent, LLC	Software & Tech Services	Revolver	— (S + 6.50%; 1.00% Floor)	5/13/2030		-		(42,147	)		(52,149	)	(6)(7)
Single Digits, Inc.	Digital Infrastructure & Services	Delayed Draw Term Loan	— (S + 7.50%; 1.00% Floor)	6/22/2026		626,535		603,124			422,911		(15)(16)
Single Digits, Inc.	Digital Infrastructure & Services	Revolver	— (S + 4.25%; 1.00% Floor)	6/22/2026		-		(985	)		(135,249	)	(6)(7)(16)
Single Digits, Inc.	Digital Infrastructure & Services	Term Loan	— (S + 4.25%; 1.00% Floor; 3.00% PIK)	6/22/2026		2,932,730		2,822,024			1,979,592		(15)(16)
Smile Brands, Inc.	Healthcare	Delayed Draw Term Loan	13.30% (S + 4.50%; 0.00% Floor; 3.50% PIK)	10/12/2027		484,688		480,474			437,431
Smile Brands, Inc.	Healthcare	Term Loan	10.85% (S + 4.50%; 0.75% Floor; 1.00% PIK)	10/12/2027		1,594,625		1,582,273			1,439,149		(15)
Smile Brands, Inc.	Healthcare	Revolver	13.95% (S + 4.50%; 0.75% Floor)	10/12/2027		135,487		115,339			110,291		(6)

See notes to Unaudited Consolidated Financial Statements

15

AB Private Credit Investors Corporation

Unaudited Consolidated Schedule of Investments as of September 30, 2024

Portfolio Company	Industry	Facility Type	Interest	Maturity	Funded Par Amount		Cost			Fair Value			Tickmarks
Soladoc, LLC	Software & Tech Services	Revolver	— (S + 5.00%; 0.75% Floor)	6/12/2028		-		(7,349	)		(20,613	)	(6)(7)
Soladoc, LLC	Software & Tech Services	Term Loan	10.41% (S + 5.00%; 0.75% Floor)	6/12/2028		5,889,225		5,815,616			5,683,102		(15)
Spark DSO, LLC	Healthcare	Term Loan	13.23% (S + 2.15%; 1.00% Floor; 5.75% PIK)	4/20/2026		6,832,032		6,792,898			6,678,311		(15)
Spark DSO, LLC	Healthcare	Revolver	13.23% (S + 2.15%; 1.00% Floor; 5.75% PIK)	4/20/2026		263,946		259,280			245,226		(6)
Stratus Networks, Inc.	Digital Infrastructure & Services	Delayed Draw Term Loan	9.69% (S + 4.75%; 1.00% Floor)	12/15/2027		3,168,313		3,129,226			3,138,610		(6)(15)
Stratus Networks, Inc.	Digital Infrastructure & Services	Revolver	— (S + 4.75%; 1.00% Floor)	12/15/2027		-		(10,803	)		(9,901	)	(6)(7)
Stratus Networks, Inc.	Digital Infrastructure & Services	Term Loan	9.69% (S + 4.75%; 1.00% Floor)	12/15/2027		7,920,781		7,828,526			7,841,574		(15)
SugarCrm, Inc.	Software & Tech Services	Term Loan	10.19% (S + 5.25%; 1.00% Floor)	7/30/2027		566,197		556,144			557,704		(15)
SugarCrm, Inc.	Software & Tech Services	Revolver	— (S + 5.00%; 1.00% Floor)	7/30/2027		-		(1,435	)		(4,654	)	(6)(7)
SugarCrm, Inc.	Software & Tech Services	Term Loan	10.19% (S + 5.25%; 1.00% Floor)	7/30/2027		4,268,824		4,243,114			4,204,792		(15)
Sundance Group Holdings, Inc.	Software & Tech Services	Term Loan	9.32% (S + 4.75%; 1.00% Floor)	7/2/2029		20,026,397		20,026,397			19,926,265		(15)
Sundance Group Holdings, Inc.	Software & Tech Services	Revolver	9.32% (S + 4.75%; 1.00% Floor)	7/2/2029		1,232,617		1,219,856			1,219,089		(6)
Telcor Buyer, Inc.	Software & Tech Services	Revolver	— (S + 4.25%; 1.00% Floor)	8/20/2027		-		(2,134	)		-		(6)(7)
Telcor Buyer, Inc.	Software & Tech Services	Term Loan	9.19% (S + 4.25%; 1.00% Floor)	8/20/2027		7,125,152		7,072,746			7,125,152		(15)
Telesoft Holdings, LLC	Software & Tech Services	Term Loan	10.69% (S + 5.75%; 1.00% Floor)	12/16/2026		5,700,075		5,672,875