AB Private Credit Investors 10-Q 2022 Q3 Quarterly report

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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, 2022

☐ 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.)

1345 Avenue of the Americas

New York, NY 10105

(Address of principal executive offices)

(212)

969-1000

(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
—	—	—

Securities registered pursuant to Section 12(g) of the Act:

Common Stock, par value $0.01 per share

(Title of Class)

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 45,801,212.309 shares of common stock, $0.01 par value per share, outstanding as of November 

1

5

, 2022.

AB PRIVATE CREDIT INVESTORS CORPORATION

FORM 10-Q FOR THE QUARTER ENDED SEPTEMBER 30, 2022

Table of Contents

	INDEX	PAGE NO.
PART I.	FINANCIAL INFORMATION		1
Item 1.	Consolidated Financial Statements		1
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations		54
Item 3.	Quantitative and Qualitative Disclosures About Market Risk		69
Item 4.	Controls and Procedures		70
PART II.	OTHER INFORMATION		70
Item 1.	Legal Proceedings		70
Item 1A.	Risk Factors		70
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds		71
Item 3.	Defaults Upon Senior Securities		71
Item 4.	Mine Safety Disclosures		71
Item 5.	Other Information		72
Item 6.	Exhibits		73
SIGNATURES

See Notes to Unaudited Consolidated Financial Statements

Item 1. Financial Statements

AB Private Credit Investors Corporation

Consolidated Statements of Assets and Liabilities

	As of September 30, 2022 (Unaudited)			As of December 31, 2021
Assets
Investments, at fair value (amortized cost of $1,079,344,029 and $885,880,524, respectively)	$	1,071,336,465		$	892,580,993
Cash and cash equivalents		35,440,107			54,489,043
Receivable for fund shares		21,041,534			22,528,538
Interest receivable		11,671,468			3,221,620
Receivable for investments sold		1,402,234			938,678
Deferred financing costs		1,001,644			3,438,175
Prepaid expenses		72,347			256,534
Prepaid directors’ fee		24,869			63,025
Total assets	$	1,141,990,668		$	977,516,606
Liabilities
Credit facility payable	$	433,000,000		$	380,600,000
Notes payable (net of unamortized discount of $451,950 and $21,813, respectively, and debt issuance costs of $1,363,231 and $673,583, respectively)		244,934,819			212,454,604
Interest and borrowing expenses payable		6,128,635			2,866,844
Secured borrowings		4,135,264			10,228,115
Distribution payable		3,944,398			2,340,900
Management fees payable		3,644,259			2,653,052
Payable for Fund shares repurchased		3,555,388			4,736,139
Incentive fee payable		1,275,176			2,660,332
Accrued tax liability		1,076,697			200,000
Professional fees payable		800,429			597,318
Administrator and custodian fees payable		500,073			506,871
Payable to Adviser		416,863			1,680,410
Payable for investments purchased		357,799			9,692,322
Insurance payable		208,859			—
Accrued expenses and other liabilities		106,149			—
Transfer agent fees payable		32,503			23,019
Total liabilities	$	704,117,311		$	631,239,926
Commitments and Contingencies (Note 6)
Net Assets
Common stock, par value $0.01 per share (200,000,000 shares authorized, 46,082,537 and 35,343,949 shares issued and outstanding at September 30, 2022 and December 31, 2021, respectively)		460,825			353,440
Paid-in capital in excess of par value		444,002,400			339,292,017
Distributable earnings (accumulated loss)		(6,620,906	)		6,614,462
Total net assets of AB Private Credit Investors Corporation	$	437,842,319		$	346,259,919
Non-Controlling Interest in ABPCIC Equity Holdings, LLC	$	31,038		$	16,761
Total net assets	$	437,873,357		$	346,276,680
Total liabilities and net assets	$	1,141,990,668		$	977,516,606
Net asset value per share of AB Private Credit Investors Corporation	$	9.50		$	9.80

See Notes to Unaudited Consolidated Financial Statements

1

AB Private Credit Investors Corporation

Unaudited Consolidated Statements of Operations

	For the three months ended September 30,						For the nine months ended September 30,
	2022			2021			2022			2021
Investment Income:
Interest income, net of amortization/accretion	$	23,639,905		$	13,138,603		$	62,038,473		$	35,692,183
Payment-in-kind interest		332,901			374,624			1,532,726			1,080,232
Dividend income		28,850			62,570			54,464			62,570
Total investment income		24,001,656			13,575,797			63,625,663			36,834,985
Expenses:
Interest and borrowing expenses		8,935,088			3,798,015			21,122,091			9,665,271
Management fees		3,644,259			2,633,349			10,438,278			7,068,507
Income-based incentive fee		1,275,176			876,623			4,158,321			2,273,106
Professional fees		392,050			484,133			1,208,708			1,547,856
Administration and custodian fees		239,624			185,508			707,964			526,395
Collateral management fees		—			464,717			588,476			1,378,975
Insurance expenses		180,760			140,901			489,508			476,757
Directors’ fees		50,000			50,000			150,000			150,000
Transfer agent fees		32,503			20,455			88,020			56,190
Capital gains incentive fee		(499,007	)		—			(1,283,044	)		—
Other expenses		332,340			350,113			963,478			681,543
Total expenses		14,582,793			9,003,814			38,631,800			23,824,600
Reimbursement payments to Adviser (See Note 3: Expense Support and Conditional Reimbursement Agreement)		—			538,189			259,263			1,280,302
Waived collateral management fees		—			(464,717	)		(588,476	)		(1,378,975	)
Waived management fees		—			(448,807	)		(283,566	)		(830,042	)
Net expenses		14,582,793			8,628,479			38,019,021			22,895,885
Net investment income before taxes		9,418,863			4,947,318			25,606,642			13,939,100
Income tax expense, including excise tax		382,072			300			949,155			78,497
Net investment income after tax		9,036,791			4,947,018			24,657,487			13,860,603
Net realized and change in unrealized gains (losses) on investment transactions:
Net realized gain (loss) from investments		842,514			(515,755	)		1,659,467			(901,820	)
Net change in unrealized appreciation (depreciation) on investments		(9,970,897	)		3,480,574			(14,708,033	)		11,796,655
Net realized and change in unrealized gains (losses) on investment transactions		(9,128,383	)		2,964,819			(13,048,566	)		10,894,835
Net increase (decrease) in net assets resulting from operations	$	(91,592	)	$	7,911,837		$	11,608,921		$	24,755,438
Less: Net increase (decrease) in net assets resulting from operations related to Non-Controlling Interest in ABPCIC Equity Holdings, LLC	$	386		$	268		$	4,941		$	280
Net increase (decrease) in net assets resulting from operations related to AB Private Credit Investors Corporation	$	(91,978	)	$	7,911,569		$	11,603,980		$	24,755,158
Net investment income per share (basic and diluted):
Net investment income per share (basic and diluted):	$	0.21		$	0.18		$	0.60		$	0.51
Earnings per share (basic and diluted):	$	(0.00	)	$	0.28		$	0.28		$	0.91
Weighted average shares outstanding:		44,069,253			28,094,084			40,828,002			27,308,710

See Notes to Unaudited Consolidated Financial Statements

2

AB Private Credit Investors Corporation

Unaudited Consolidated Statements of Changes in Net Assets

	Common Stock
	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, 2022		44,047,129		$	440,471		$	424,682,511		$	2,010,083		$	30,652		$	427,163,717
Increase (decrease) in net assets resulting from operations:
Net investment income		—			—			—			9,036,998			(207	)		9,036,791
Net realized gain (loss) on investments		—			—			—			842,514			—			842,514
Net change in unrealized appreciation (depreciation) on investments		—			—			—			(9,971,490	)		593			(9,970,897	)
Capital transactions:
Issuance of common stock		1,926,590			19,266			18,286,993			—			—			18,306,259
Issuance of common shares pursuant to distribution reinvestment plan		482,995			4,830			4,584,542			—			—			4,589,372
Repurchase of common stock		(374,177	)		(3,742	)		(3,551,646	)		—			—			(3,555,388	)
Distributions to stockholders		—			—			—			(8,539,011	)		—			(8,539,011	)
Total increase (decrease) for the three months ended September 30, 2022		2,035,408			20,354			19,319,889			(8,630,989	)		386			10,709,640
Net assets at September 30, 2022		46,082,537		$	460,825		$	444,002,400		$	(6,620,906	)	$	31,038		$	437,873,357
Distributions declared per share		—		$	—		$	—		$	0.20		$	—		$	0.20
Net assets at December 31, 2021		35,343,949		$	353,440		$	339,292,017		$	6,614,462		$	16,761		$	346,276,680
Increase (decrease) in net assets resulting from operations:
Net investment income		—			—			—			24,658,082			(595	)		24,657,487
Net realized gain (loss) on investments		—			—			—			1,659,467			—			1,659,467
Net change in unrealized appreciation (depreciation) on investments		—			—			—			(14,713,569	)		5,536			(14,708,033	)
Capital transactions:
Issuance of common stock		10,781,231			107,812			105,145,675			—			—			105,253,487
Contribution of non-controlling interest into ABPCIC Equity Holdings, LLC		—			—			—			—			9,336			9,336
Issuance of common shares pursuant to distribution reinvestment plan		1,370,136			13,701			13,178,103			—			—			13,191,804
Repurchase of common stock		(1,412,779	)		(14,128	)		(13,613,395	)		—			—			(13,627,523	)
Distributions to stockholders		—			—			—			(24,839,348	)		—			(24,839,348	)
Total increase (decrease) for the nine months ended September 30, 2022		10,738,588			107,385			104,710,383			(13,235,368	)		14,277			91,596,677
Net assets at September 30, 2022		46,082,537		$	460,825		$	444,002,400		$	(6,620,906	)	$	31,038		$	437,873,357
Distributions declared per share		—		$	—		$	—		$	0.60		$	—		$	0.60

See Notes to Unaudited Consolidated Financial Statements

3

AB Private Credit Investors Corporation

Unaudited Consolidated Statements of Changes in Net Assets

	Common Stock
	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, 2021		27,550,916		$	275,509		$	263,059,733		$	2,569,179		$	3,580		$	265,908,001
Increase (decrease) in net assets resulting from operations:
Net investment income		—			—			—			4,947,190			(172	)		4,947,018
Net realized gain (loss) on investments		—			—			—			(515,755	)		—			(515,755	)
Net change in unrealized appreciation (depreciation) on investments		—			—			—			3,480,134			440			3,480,574
Capital transactions:
Issuance of common stock		1,632,591			16,326			15,913,727			—			—			15,930,053
Contribution of non-controlling interest into ABPCIC Equity Holdings, LLC		—			—			—			—			5,235			5,235
Issuance of common shares pursuant to distribution reinvestment plan		265,157			2,652			2,585,159			—			—			2,587,811
Repurchase of common stock		(887,497	)		(8,875	)		(8,652,559	)		—			—			(8,661,434	)
Distributions to stockholders		—			—			—			(4,942,950	)		—			(4,942,950	)
Total increase (decrease) for the three months ended September 30, 2021		1,010,251			10,103			9,846,327			2,968,619			5,503			12,830,552
Net assets at September 30, 2021		28,561,167		$	285,612		$	272,906,060		$	5,537,798		$	9,083		$	278,738,553
Distributions declared per share		—		$	—		$	—		$	0.17		$	—		$	0.17
Net assets at December 31, 2020		23,775,222		$	237,752		$	227,482,784		$	(5,360,904	)	$	641		$	222,360,273
Increase (decrease) in net assets resulting from operations:
Net investment income		—			—			—			13,861,196			(593	)		13,860,603
Net realized gain (loss) on investments		—			—			—			(901,820	)		—			(901,820	)
Net change in unrealized appreciation (depreciation) on investments		—			—			—			11,795,782			873			11,796,655
Capital transactions:
Issuance of common stock		7,272,536			72,725			69,254,091			—			—			69,326,816
Contribution of non-controlling interest into ABPCIC Equity Holdings, LLC		—			—			—			—			8,162			8,162
Issuance of common shares pursuant to distribution reinvestment plan		736,749			7,368			7,080,662			—			—			7,088,030
Repurchase of common stock		(3,223,340	)		(32,233	)		(30,911,477	)		—			—			(30,943,710	)
Distributions to stockholders		—			—			—			(13,856,456	)		—			(13,856,456	)
Total increase (decrease) for the nine months ended September 30, 2021		4,785,945			47,860			45,423,276			10,898,702			8,442			56,378,280
Net assets at September 30, 2021		28,561,167		$	285,612		$	272,906,060		$	5,537,798		$	9,083		$	278,738,553
Distributions declared per share		—		$	—		$	—		$	0.49		$	—		$	0.49

See Notes to Unaudited Consolidated Financial Statements

4

AB Private Credit Investors Corporation

Unaudited Consolidated Statements of Cash Flows

	Nine Months Ended September 30, 2022			Nine Months Ended September 30, 2021
Cash flows from operating activities
Net increase (decrease) in net assets resulting from operations	$	11,608,921		$	24,755,438
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used for) operating activities:
Purchases of investments		(336,125,554	)		(288,237,393	)
Payment-in-kind investments		(1,532,726	)		(1,080,232	)
Proceeds from sales of investments and principal repayments		150,869,120			116,201,355
Net realized (gain) loss on investments		(1,659,467	)		901,820
Net change in unrealized (appreciation) depreciation on investments		14,708,033			(11,796,655	)
Amortization of premium and accretion of discount, net		(5,014,878	)		(2,595,561	)
Amortization of discount, debt issuance and deferred financing costs		3,786,621			1,905,402
Increase (decrease) in operating assets and liabilities:
(Increase) decrease in receivable for investments sold		(463,556	)		(1,488,309	)
(Increase) decrease in interest receivable		(8,449,848	)		(538,364	)
(Increase) decrease in other assets		—			879
(Increase) decrease in prepaid directors’ fee		38,156			(48,152	)
(Increase) decrease in prepaid expenses		184,187			(120,510	)
Increase (decrease) in payable for investments purchased		(9,334,523	)		1,331
Increase (decrease) in due to affiliate		—			(469,453	)
Increase (decrease) in management fees payable		991,207			651,204
Increase (decrease) in payable to Adviser		(1,263,547	)		61,228
Increase (decrease) in administrator and custodian fees payable		(6,798	)		384,086
Increase (decrease) in professional fees payable		203,111			987,997
Increase (decrease) in accrued tax liability		876,697			(1,840	)
Increase (decrease) in incentive fee payable		(1,385,156	)		(1,476,451	)
Increase (decrease) in transfer agent fees payable		9,484			6,646
Increase (decrease) in insurance payable		208,859			—
Increase (decrease) in interest and borrowing expenses payable		3,261,791			926,062
Increase (decrease) in accrued organization costs		—			(106,510	)
Increase (decrease) in accrued expenses and other liabilities		106,149			—
Net cash provided by (used for) operating activities		(178,383,717	)		(161,175,982	)
Cash flows from financing activities
Issuance of common stock		106,740,491			102,066,695
Contribution of Non-Controlling Interest into ABPCIC Equity Holdings, LLC		9,336			8,162
Repurchase of common stock		(14,808,274	)		(22,282,276	)
Distributions paid		(10,044,046	)		(5,957,888	)
Financing costs paid		(2,041,238	)		(1,703,517	)
Borrowings on notes		246,321,363			—
Repayments of notes		(213,150,000	)		—
Borrowings on credit facility		170,400,000			302,000,000
Repayments of credit facility		(118,000,000	)		(168,000,000	)
Proceeds on secured borrowings		10,264,355			—
Repayments on secured borrowings		(16,357,206	)		(18,870,856	)
Net cash provided by (used for) financing activities		159,334,781			187,260,320
Net increase (decrease) in cash		(19,048,936	)		26,084,338
Cash and cash equivalents, beginning of period		54,489,043			22,410,622
Cash and cash equivalents, end of period	$	35,440,107		$	48,494,960
Supplemental and non-cash financing activities
Cash paid during the period for interest	$	13,668,017		$	6,580,970
Issuance of common shares pursuant to distribution reinvestment plan	$	13,191,804		$	7,088,030
State taxes paid	$	72,458		$	—

See Notes to Unaudited Consolidated Financial Statements

5

AB Private Credit Investors Corporation

Unaudited Consolidated Schedule of Investments as of September 30, 2022

Portfolio Company

Industry

Facility Type

Interest

Maturity

Funded   Par Amount

Cost

Fair Value

Investments at Fair Value- 244.67% (++) + * # ^

U.S. Corporate Debt- 233.81%

1st Lien/Senior Secured Debt- 231.36%

AmerCareRoyal, LLC (1)

Business Services

Delayed Draw Term Loan

8.62% (L + 5.00%; 0.50% PIK; 1.00% Floor)

11/25/2025

$

496,947

$

490,177

$

477,069

AmerCareRoyal, LLC (2)

Business Services

Term Loan

8.62% (L + 5.00%; 0.50% PIK; 1.00% Floor)

11/25/2025

511,487

499,095

491,027

AmerCareRoyal, LLC (1)

Business Services

Term Loan

8.62% (L + 5.00%; 0.50% PIK; 1.00% Floor)

11/25/2025

4,120,601

4,024,307

3,955,777

Cerifi, LLC (3) (4)

Business Services

Revolver

8.45% (S + 5.75%; 1.00% Floor)

04/01/2027

—

(15,260

)

(12,672

)

Cerifi, LLC (2) (5)

Business Services

Term Loan

8.45% (S + 5.75%; 1.00% Floor)

03/31/2028

10,086,917

9,901,385

9,935,613

Engage2Excel, Inc. (3)

Business Services

Revolver

10.63% (L + 7.25%; 1.00% Floor)

03/07/2023

312,456

309,979

306,711

Engage2Excel, Inc. (1)

Business Services

Term Loan

10.13% (L + 7.25%; 1.00% Floor)

03/07/2023

1,029,563

1,026,971

1,014,120

Engage2Excel, Inc. (1)

Business Services

Term Loan

10.13% (L + 7.25%; 1.00% Floor)

03/07/2023

2,966,736

2,960,393

2,922,235

Global Radar Holdings, LLC (3) (4)

Business Services

Revolver

9.12% (L + 6.00%; 1.00% Floor)

12/31/2025

—

(1,530

)

—

Global Radar Holdings, LLC (2) (5)

Business Services

Term Loan

9.12% (L + 6.00%; 1.00% Floor)

12/31/2025

7,437,386

7,337,148

7,437,386

Metametrics, Inc. (3) (4)

Business Services

Revolver

8.67% (L + 5.00%; 1.00% Floor)

09/10/2025

—

(6,467

)

(6,512

)

Metametrics, Inc. (1) (2)

Business Services

Term Loan

8.67% (L + 5.00%; 1.00% Floor)

09/10/2025

4,731,059

4,679,628

4,683,748

MSM Acquisitions, Inc. (3)

Business Services

Delayed Draw Term Loan

9.13% (L + 6.00%; 1.00% Floor)

12/09/2026

369,174

355,146

281,247

MSM Acquisitions, Inc. (2)

Business Services

Delayed Draw Term Loan

9.13% (L + 6.00%; 1.00% Floor)

12/09/2026

3,012,800

2,966,529

2,914,884

MSM Acquisitions, Inc. (3)

Business Services

Revolver

9.13% (L + 6.00%; 1.00% Floor)

12/09/2026

462,455

445,145

422,641

MSM Acquisitions, Inc. (1) (2) (5)

Business Services

Term Loan

9.13% (L + 6.00%; 1.00% Floor)

12/09/2026

8,233,082

8,122,811

7,965,507

Rep Tec Intermediate Holdings, Inc. (3)

Business Services

Revolver

10.15% (L + 6.50%; 1.00% Floor)

12/01/2027

118,388

108,162

100,630

Rep Tec Intermediate Holdings, Inc. (1) (2) (5)

Business Services

Term Loan

10.18% (L + 6.50%; 1.00% Floor)

12/01/2027

14,605,658

14,411,031

14,277,031

Sako and Partners Lower Holdings LLC (3) (4)

Business Services

Delayed Draw Term Loan

9.36% (S + 6.00%; 1.00% Floor)

09/15/2028

—

(52,890

)

(53,269

)

Sako and Partners Lower Holdings LLC (3)

Business Services

Revolver

9.36% (S + 6.00%; 1.00% Floor)

09/15/2028

337,369

300,344

300,081

Sako and Partners Lower Holdings LLC (1) (2) (5)

Business Services

Term Loan

9.36% (S + 6.00%; 1.00% Floor)

09/15/2028

14,915,247

14,470,950

14,467,789

Valcourt Holdings II, LLC (1) (3) (6)

Business Services

Delayed Draw Term Loan

8.71% (S + 5.25%; 1.00% Floor)

01/07/2027

1,436,481

1,415,287

1,436,481

Valcourt Holdings II, LLC (2)

Business Services

Term Loan

8.95% (S + 5.25%; 1.00% Floor)

01/07/2027

1,158,138

1,137,354

1,158,138

Valcourt Holdings II, LLC (2)

Business Services

Term Loan

8.95% (S + 5.25%; 1.00% Floor)

01/07/2027

2,647,935

2,607,780

2,647,935

Valcourt Holdings II, LLC (1) (2)

Business Services

Term Loan

8.95% (S + 5.25%; 1.00% Floor)

01/07/2027

6,295,113

6,201,813

6,295,113

AEG Holding Company, Inc. (1)

Consumer Discretionary

Delayed Draw Term Loan

9.18% (L + 5.50%; 1.00% Floor)

11/20/2023

1,048,411

1,043,923

1,048,411

AEG Holding Company, Inc. (3)

Consumer Discretionary

Revolver

8.62% (L + 5.50%; 1.00% Floor)

11/20/2023

502,589

497,415

502,589

AEG Holding Company, Inc. (5)

Consumer Discretionary

Term Loan

9.18% (L + 5.50%; 1.00% Floor)

11/20/2023

1,824,399

1,814,448

1,824,399

AEG Holding Company, Inc. (1)

Consumer Discretionary

Term Loan

9.18% (L + 5.50%; 1.00% Floor)

11/20/2023

5,528,541

5,503,994

5,528,541

Ampler QSR Holdings, LLC (2) (5)

Consumer Non-Cyclical

Term Loan

9.55% (L + 5.875%; 1.00% Floor)

07/21/2027

12,378,059

12,178,191

11,542,540

Blink Holdings, Inc. (1)

Consumer Non-Cyclical

Delayed Draw Term Loan

10.71% (L + 5.50%; 1.00% Floor)

11/08/2024

1,172,739

1,167,452

1,017,351

Blink Holdings, Inc.

Consumer Non-Cyclical

Delayed Draw Term Loan

10.71% (L + 5.50%; 1.00% Floor)

11/08/2024

940,344

940,344

815,748

Blink Holdings, Inc. (1)

Consumer Non-Cyclical

Term Loan

10.71% (L + 5.50%; 1.00% Floor)

11/08/2024

1,639,350

1,631,931

1,422,137

Freddy’s Frozen Custard, L.L.C (3) (4)

Consumer Non-Cyclical

Revolver

8.16% (L + 5.00%; 1.00% Floor)

03/03/2027

—

(3,835

)

(1,031

)

Freddy’s Frozen Custard, L.L.C (2) (5)

Consumer Non-Cyclical

Term Loan

8.16% (L + 5.00%; 1.00% Floor)

03/03/2027

4,869,874

4,824,364

4,857,700

Krispy Krunchy Foods, L.L.C (2)

Consumer Non-Cyclical

Term Loan

7.88% (S + 4.75%; 1.00% Floor)

11/17/2027

9,443,402

9,269,668

9,160,100

Mathnasium LLC (3)

Consumer Non-Cyclical

Revolver

7.91% (L + 5.00%; 0.75% Floor)

11/15/2027

87,043

75,832

75,619

Mathnasium LLC (1) (2)

Consumer Non-Cyclical

Term Loan

7.91% (L + 5.00%; 0.75% Floor)

11/15/2027

5,413,001

5,320,044

5,318,274

MMP Intermediate, LLC (3) (4)

Consumer Non-Cyclical

Revolver

9.37% (L + 6.25%; 1.00% Floor)

02/15/2027

—

(9,716

)

(13,822

)

MMP Intermediate, LLC (1) (2)

Consumer Non-Cyclical

Term Loan

9.37% (L + 6.25%; 1.00% Floor)

02/15/2027

8,230,999

8,083,834

8,025,224

PF Growth Partners, LLC (1)

Consumer Non-Cyclical

Term Loan

7.49% (S + 5.00%; 1.00% Floor)

07/11/2025

117,440

114,336

113,916

PF Growth Partners, LLC (1)

Consumer Non-Cyclical

Term Loan

7.78% (S + 5.00%; 1.00% Floor)

07/11/2025

237,282

231,011

230,163

PF Growth Partners, LLC (1)

Consumer Non-Cyclical

Term Loan

7.78% (S + 5.00%; 1.00% Floor)

07/11/2025

1,976,044

1,965,864

1,916,763

TBG Food Acquisition Corp (3) (4)

Consumer Non-Cyclical

Delayed Draw Term Loan

9.12% (L + 6.00%; 0.75% Floor)

12/25/2027

—

(9,250

)

(73,927

)

TBG Food Acquisition Corp (3) (4)

Consumer Non-Cyclical

Revolver

9.12% (L + 6.00%; 0.75% Floor)

12/25/2027

—

(2,313

)

(18,482

)

TBG Food Acquisition Corp (1) (2)

Consumer Non-Cyclical

Term Loan

9.12% (L + 6.00%; 0.75% Floor)

12/25/2027

6,551,146

6,493,717

6,092,566

5 Bars, LLC (3) (4)

Digital Infrastructure & Services

Delayed Draw Term Loan

7.62% (L + 4.50%; 1.00% Floor)

09/27/2024

—

(20,826

)

—

5 Bars, LLC (3) (4)

Digital Infrastructure & Services

Revolver

7.62% (L + 4.50%; 1.00% Floor)

09/27/2024

—

(3,905

)

—

5 Bars, LLC (5)

Digital Infrastructure & Services

Term Loan

7.62% (L + 4.50%; 1.00% Floor)

09/27/2024

4,742,121

4,711,357

4,742,121

See Notes to Unaudited Consolidated Financial Statements

6

Portfolio Company

Industry

Facility Type

Interest

Maturity

Funded   Par Amount

Cost

Fair Value

Airwavz Solutions, Inc (3) (4)

Digital Infrastructure & Services

Delayed Draw Term Loan

8.20% (S + 4.50%; 1.00% Floor)

03/31/2027

$

—

$

(29,443

)

$

(24,478

)

Airwavz Solutions, Inc (3) (4)

Digital Infrastructure & Services

Revolver

8.20% (S + 4.50%; 1.00% Floor)

03/31/2027

—

(10,309

)

(9,791

)

Airwavz Solutions, Inc (5)

Digital Infrastructure & Services

Term Loan

8.20% (S + 4.50%; 1.00% Floor)

03/31/2027

5,221,919

5,139,446

5,143,590

Avant Communications, LLC (3) (4)

Digital Infrastructure & Services

Revolver

9.20% (S + 5.50%; 1.00% Floor)

11/30/2026

—

(9,497

)

—

Avant Communications, LLC (1) (2)

Digital Infrastructure & Services

Term Loan

9.20% (S + 5.50%; 1.00% Floor)

11/30/2026

11,254,335

11,053,805

11,254,335

Bridgepointe Technologies, LLC (3) (4)

Digital Infrastructure & Services

Delayed Draw Term Loan

8.88% (S + 5.75%; 1.00% Floor)

12/31/2027

—

(99,118

)

—

Bridgepointe Technologies, LLC (1) (3)

Digital Infrastructure & Services

Delayed Draw Term Loan

8.48% (L + 5.75%; 1.00% Floor)

12/31/2027

999,984

968,152

999,984

Bridgepointe Technologies, LLC (5)

Digital Infrastructure & Services

Delayed Draw Term Loan

8.88% (S + 5.75%; 1.00% Floor)

12/31/2027

2,772,593

2,749,190

2,772,593

Bridgepointe Technologies, LLC (3) (4)

Digital Infrastructure & Services

Revolver

8.88% (S + 5.25%; 1.00% Floor)

12/31/2027

—

(13,641

)

—

Bridgepointe Technologies, LLC (1) (2)

Digital Infrastructure & Services

Term Loan

8.88% (S + 5.25%; 1.00% Floor)

12/31/2027

4,765,419

4,680,008

4,765,419

Coretelligent Intermediate LLC (2) (3)

Digital Infrastructure & Services

Delayed Draw Term Loan

8.67% (L + 5.00%; 1.00% Floor)

10/21/2027

1,923,739

1,897,909

1,923,739

Coretelligent Intermediate LLC (3) (4)

Digital Infrastructure & Services

Revolver

8.67% (L + 5.00%; 1.00% Floor)

10/21/2027

—

(16,097

)

—

Coretelligent Intermediate LLC (1) (2) (5)

Digital Infrastructure & Services

Term Loan

8.67% (L + 5.00%; 1.00% Floor)

10/21/2027

7,968,892

7,867,602

7,968,892

EvolveIP, LLC

Digital Infrastructure & Services

Delayed Draw Term Loan

9.05% (S + 5.50%; 1.00% Floor)

06/07/2025

111,390

111,060

108,605

EvolveIP, LLC (3)

Digital Infrastructure & Services

Revolver

9.20% (S + 5.50%; 1.00% Floor)

06/07/2025

148,331

146,664

134,159

EvolveIP, LLC (1)

Digital Infrastructure & Services

Term Loan

9.20% (S + 5.50%; 1.00% Floor)

06/07/2025

6,450,935

6,430,133

6,289,661

Fatbeam, LLC (3) (4)

Digital Infrastructure & Services

Delayed Draw Term Loan

9.33% (L + 6.25%; 1.00% Floor)

02/22/2026

—

(24,850

)

—

Fatbeam, LLC

Digital Infrastructure & Services

Revolver

8.54% (L + 6.25%; 1.00% Floor)

02/22/2026

643,849

633,909

635,801

Fatbeam, LLC (2) (5)

Digital Infrastructure & Services

Term Loan

9.33% (L + 6.25%; 1.00% Floor)

02/22/2026

6,438,490

6,338,329

6,358,009

Firstdigital Communications LLC (3)

Digital Infrastructure & Services

Revolver

7.31% (L + 4.25%; 0.75% Floor)

12/17/2026

412,549

385,681

364,947

Firstdigital Communications LLC (2) (5)

Digital Infrastructure & Services

Term Loan

7.31% (L + 4.25%; 0.75% Floor)

12/17/2026

13,645,840

13,414,777

13,236,465

FirstLight Holdco, Inc. (1) (2)

Digital Infrastructure & Services

Term Loan

7.12% (L + 4.00%; 1.00% Floor)

07/23/2025

6,195,183

6,028,439

5,993,839

Greenlight Intermediate II, Inc. (3) (4)

Digital Infrastructure & Services

Delayed Draw Term Loan

9.05% (S + 6.00%; 0.75% Floor)

06/01/2028

—

(69,651

)

(33,510

)

Greenlight Intermediate II, Inc. (1) (2)

Digital Infrastructure & Services

Term Loan

9.05% (S + 6.00%; 0.75% Floor)

06/01/2028

5,331,605

5,225,718

5,251,631

MBS Holdings, Inc. (3) (4)

Digital Infrastructure & Services

Revolver

8.56% (L + 5.75%; 1.00% Floor)

04/16/2027

—

(14,889

)

(26,790

)

MBS Holdings, Inc. (1) (2) (5)

Digital Infrastructure & Services

Term Loan

8.56% (L + 5.75%; 1.00% Floor)

04/16/2027

10,389,515

10,230,727

10,103,803

MSP Global Holdings, Inc. (3)

Digital Infrastructure & Services

Delayed Draw Term Loan

8.40% (S + 5.25%; 1.00% Floor)

01/25/2027

616,320

597,997

589,129

MSP Global Holdings, Inc. (3)

Digital Infrastructure & Services

Revolver

8.40% (S + 5.25%; 1.00% Floor)

01/25/2027

241,694

228,868

222,661

MSP Global Holdings, Inc. (2) (5)

Digital Infrastructure & Services

Term Loan

8.40% (S + 5.25%; 1.00% Floor)

01/25/2027

7,890,933

7,769,300

7,713,387

NI Topco, Inc (1)

Digital Infrastructure & Services

Term Loan

9.42% (L + 5.75%; 0.75% Floor)

12/28/2028

1,233,645

1,206,844

1,202,804

NI Topco, Inc (2) (5)

Digital Infrastructure & Services

Term Loan

9.42% (L + 5.75%; 0.75% Floor)

12/28/2028

6,656,089

6,519,389

6,489,687

Single Digits, Inc. (2)

Digital Infrastructure & Services

Delayed Draw Term Loan

10.17% (L + 6.00%; 0.50% PIK; 1.00% Floor)

12/21/2023

600,011

597,741

543,010

Single Digits, Inc. (3) (4)

Digital Infrastructure & Services

Revolver

10.17% (L + 6.00%; 0.50% PIK; 1.00% Floor)

12/21/2023

—

(1,030

)

(39,534

)

Single Digits, Inc. (1)

Digital Infrastructure & Services

Term Loan

10.17% (L + 6.00%; 0.50% PIK; 1.00% Floor)

12/21/2023

3,212,652

3,199,052

2,907,450

Stratus Networks, Inc. (3) (7)

Digital Infrastructure & Services

Delayed Draw Term Loan

8.65% (L + 5.25%; 1.00% Floor)

12/15/2027

330,033

292,643

260,726

Stratus Networks, Inc. (3) (7) (8)

Digital Infrastructure & Services

Revolver

8.37% (L + 5.25%; 1.00% Floor)

12/15/2027

976,896

959,629

949,669

Stratus Networks, Inc. (2) (7)

Digital Infrastructure & Services

Term Loan

8.37% (L + 5.25%; 1.00% Floor)

12/15/2027

7,920,781

7,780,001

7,702,960

Thrive Buyer, Inc. (1) (2) (3)

Digital Infrastructure & Services

Delayed Draw Term Loan

9.67% (L + 6.00%; 1.00% Floor)

01/22/2027

7,920,093

7,786,708

7,858,012

Thrive Buyer, Inc. (3)

Digital Infrastructure & Services

Revolver

11.25% (P + 5.00%; 2.00% Floor)

01/22/2027

147,963

130,963

139,640

Thrive Buyer, Inc. (1) (2) (5)

Digital Infrastructure & Services

Term Loan

9.67% (L + 6.00%; 1.00% Floor)

01/22/2027

11,795,394

11,619,429

11,706,929

See Notes to Unaudited Consolidated Financial Statements

7

Portfolio Company

Industry

Facility Type

Interest

Maturity

Funded   Par Amount

Cost

Fair Value

Towerco IV Holdings, LLC (1) (2) (3)

Digital Infrastructure & Services

Delayed Draw Term Loan

7.12% (L + 4.00%; 1.00% Floor)

04/23/2026

$

17,701,992

$

17,474,166

$

17,420,707

Transtelco Holding, Inc. (2)

Digital Infrastructure & Services

Term Loan

9.43% (L + 5.75%; 0.50% Floor)

03/26/2026

4,708,605

4,681,309

4,590,889

Transtelco Holding, Inc. (1) (2) (5)

Digital Infrastructure & Services

Term Loan

9.43% (L + 6.25%; 0.50% Floor)

03/26/2026

4,708,605

4,682,275

4,661,519

Accelerate Resources Operating, LLC (3) (4)

Energy

Revolver

8.62% (L + 5.50%; 1.00% Floor)

02/24/2026

—

(4,778

)

—

Accelerate Resources Operating, LLC (1)

Energy

Term Loan

8.62% (L + 5.50%; 1.00% Floor)

02/24/2026

3,989,789

3,943,951

3,989,789

BEXP I OG, LLC (3) (4)

Energy

Revolver

10.15% (S + 7.00%; 1.00% Floor)

01/25/2027

—

(4,405

)

—

BEXP I OG, LLC (3) (4)

Energy

Term Loan

10.15% (S + 7.00%; 1.00% Floor)

01/25/2027

—

(30,835

)

—

BEXP I OG, LLC (2)

Energy

Term Loan

10.15% (S + 7.00%; 1.00% Floor)

01/25/2027

3,183,600

3,127,189

3,215,435

Bowline Energy, LLC (1)

Energy

Term Loan

9.20% (L + 6.50%; 1.00% Floor)

08/09/2025

2,914,006

2,887,783

2,943,146

Foundation Risk Partners, Corp. (5)

Financials

Delayed Draw Term Loan

9.17% (L + 5.50%; 0.75% Floor)

10/29/2028

2,127,462

2,113,167

2,090,231

Foundation Risk Partners, Corp. (3) (9)

Financials

Delayed Draw Term Loan

9.17% (L + 5.50%; 0.75% Floor)

10/30/2028

1,366,157

1,334,454

1,326,513

Foundation Risk Partners, Corp. (3)

Financials

Revolver

8.49% (L + 5.50%; 0.75% Floor)

10/29/2027

54,956

44,073

36,790

Foundation Risk Partners, Corp. (1) (2) (5)

Financials

Term Loan

9.17% (L + 5.50%; 0.75% Floor)

10/29/2028

9,781,905

9,676,700

9,610,722

Foundation Risk Partners, Corp. (2)

Financials

Term Loan

9.17% (L + 5.50%; 0.75% Floor)

10/30/2028

789,274

778,246

775,461

Galway Borrower, LLC (3)

Financials

Delayed Draw Term Loan

8.92% (L + 5.25%; 0.75% Floor)

09/29/2028

163,226

159,985

157,584

Galway Borrower, LLC (3) (4)

Financials

Revolver

8.92% (L + 5.25%; 0.75% Floor)

09/30/2027

—

(4,534

)

(6,760

)

Galway Borrower, LLC (1) (2)

Financials

Term Loan

8.92% (L + 5.25%; 0.75% Floor)

09/29/2028

3,924,789

3,864,547

3,826,670

Higginbotham Insurance Agency, Inc. (2) (3)

Financials

Delayed Draw Term Loan

8.37% (L + 5.25%; 0.75% Floor)

11/25/2026

464,810

450,420

448,106

Higginbotham Insurance Agency, Inc. (1) (2) (5)

Financials

Term Loan

8.37% (L + 5.25%; 0.75% Floor)

11/25/2026

8,063,586

7,978,946

8,003,109

Peter C. Foy & Associates Insurance Services, LLC (1) (5)

Financials

Delayed Draw Term Loan

9.03% (S + 6.00%; 0.75% Floor)

11/01/2028

5,944,438

5,891,691

5,840,410

Peter C. Foy & Associates Insurance Services, LLC (3) (5)

Financials

Delayed Draw Term Loan

9.03% (S + 6.00%; 0.75% Floor)

11/01/2028

969,712

951,320

950,819

Peter C. Foy & Associates Insurance Services, LLC (1)

Financials

Term Loan

9.15% (S + 6.00%; 0.75% Floor)

11/01/2028

503,529

496,311

494,717

RSC Acquisition, Inc. (3)

Financials

Delayed Draw Term Loan

9.20% (S + 5.50%; 0.75% Floor)

11/02/2026

113,445

59,645

55,328

RSC Acquisition, Inc.

Financials

Delayed Draw Term Loan

8.55% (S + 5.50%; 0.75% Floor)

11/02/2026

1,255,335

1,255,335

1,242,781

Wealth Enhancement Group, LLC (1) (10) (11)

Financials

Delayed Draw Term Loan

8.41% (S + 6.00%; 1.00% Floor)

10/04/2027

6,307,822

6,291,646

6,292,053

Wealth Enhancement Group, LLC (3) (10)

Financials

Delayed Draw Term Loan

9.85% (S + 6.00%; 1.00% Floor)

10/04/2027

108,256

105,104

108,256

Wealth Enhancement Group, LLC (3) (4) (10)

Financials

Revolver

8.41% (S + 6.00%; 1.00% Floor)

10/04/2027

—

(1,729

)

(1,143

)

AAH Topco, LLC (1) (3) (5)

Healthcare & HCIT

Delayed Draw Term Loan

8.26% (L + 5.50%; 0.75% Floor)

12/22/2027

2,407,447

2,289,970

2,263,626

AAH Topco, LLC (3) (4)

Healthcare & HCIT

Revolver

8.58% (L + 5.50%; 0.75% Floor)

12/22/2027

—

(13,779

)

(21,650

)

AAH Topco, LLC (1) (2) (5)

Healthcare & HCIT

Term Loan

8.58% (L + 5.50%; 0.75% Floor)

12/22/2027

6,501,758

6,380,205

6,322,960

American Physician Partners, LLC (1) (2)

Healthcare & HCIT

Delayed Draw Term Loan

13.37% (L + 6.75%; 3.50% PIK; 1.00% Floor)

10/21/2022

1,035,431

1,033,166

999,708

American Physician Partners, LLC (3)

Healthcare & HCIT

Revolver

13.37% (L + 6.75%; 3.50% PIK; 1.00% Floor)

10/21/2022

346,322

345,024

331,004

American Physician Partners, LLC (2)

Healthcare & HCIT

Term Loan

13.37% (L + 6.75%; 3.50% PIK; 1.00% Floor)

10/21/2022

1,187,125

1,146,724

1,146,169

American Physician Partners, LLC

Healthcare & HCIT

Term Loan

13.37% (L + 6.75%; 3.50% PIK; 1.00% Floor)

10/21/2022

5,517,919

5,475,161

5,327,550

American Physician Partners, LLC (1) (2)

Healthcare & HCIT

Term Loan

13.37% (L + 6.75%; 3.50% PIK; 1.00% Floor)

10/21/2022

2,203,528

2,153,154

2,127,507

Analogic Corporation (3)

Healthcare & HCIT

Revolver

8.06% (L + 5.25%; 1.00% Floor)

06/22/2023

177,222

176,621

166,528

Analogic Corporation (1) (5)

Healthcare & HCIT

Term Loan

8.06% (L + 5.25%; 1.00% Floor)

06/22/2024

2,080,069

2,066,983

1,976,066

AOM Acquisition, LLC. (3) (4)

Healthcare & HCIT

Revolver

8.45% (S + 4.75%; 1.00% Floor)

02/18/2027

—

(21,443

)

(6,093

)

AOM Acquisition, LLC. (1) (2)

Healthcare & HCIT

Term Loan

8.45% (S + 4.75%; 1.00% Floor)

02/18/2027

7,477,159

7,343,614

7,439,773

BAART Programs, Inc. (1) (3) (12)

Healthcare & HCIT

Delayed Draw Term Loan

8.12% (L + 5.00%; 1.00% Floor)

06/11/2027

3,921,878

3,827,081

3,688,328

BAART Programs, Inc. (1) (2) (12)

Healthcare & HCIT

Term Loan

8.12% (L + 5.00%; 1.00% Floor)

06/11/2027

4,733,863

4,698,945

4,568,177

BV EMS Buyer, Inc. (3) (4)

Healthcare & HCIT

Delayed Draw Term Loan

8.90% (S + 5.75%; 1.00% Floor)

11/23/2027

—

(52,947

)

(105,894

)

BV EMS Buyer, Inc. (2)

Healthcare & HCIT

Term Loan

8.90% (S + 5.75%; 1.00% Floor)

11/23/2027

3,529,811

3,423,916

3,423,916

Caregiver 2, Inc. (2)

Healthcare & HCIT

Delayed Draw Term Loan

8.33% (L + 5.25%; 1.00% Floor)

07/24/2025

1,562,581

1,539,696

1,480,545

Caregiver 2, Inc. (5)

Healthcare & HCIT

Term Loan

8.33% (L + 5.25%; 1.00% Floor)

07/24/2025

672,354

664,446

637,055

Caregiver 2, Inc. (5)

Healthcare & HCIT

Term Loan

8.33% (L + 5.25%; 1.00% Floor)

07/24/2025

4,684,337

4,629,241

4,438,410

Caregiver 2, Inc. (2)

Healthcare & HCIT

Term Loan

8.33% (L + 5.25%; 1.00% Floor)

07/24/2025

641,674

631,623

607,986

Choice Health At Home, LLC, (1) (3)

Healthcare & HCIT

Delayed Draw Term Loan

8.56% (L + 6.00%; 1.00% Floor)

12/29/2026

988,121

954,322

936,179

See Notes to Unaudited Consolidated Financial Statements

8

Portfolio Company	Industry	Facility Type	Interest	Maturity	Funded   Par Amount		Cost				Fair Value
Choice Health At Home, LLC, (1) (2)	Healthcare & HCIT	Term Loan	8.55% (L + 6.00%; 1.00% Floor)	12/29/2026	$	2,684,453	$	2,649,382		$		2,610,630
Coding Solutions Acquisition, Inc (3) (4)	Healthcare & HCIT	Delayed Draw Term Loan	8.78% (S + 5.75%; 0.75% Floor)	05/11/2028		—		(15,658	)			(37,266	)
Coding Solutions Acquisition, Inc (3)	Healthcare & HCIT	Revolver	8.78% (S + 5.75%; 0.75% Floor)	05/11/2028		119,304		104,628				93,455
Coding Solutions Acquisition, Inc (2) (5)	Healthcare & HCIT	Term Loan	8.78% (S + 5.75%; 0.75% Floor)	05/11/2028		5,530,462		5,426,755				5,350,722
Community Based Care Acquisition, Inc. (3) (4)	Healthcare & HCIT	Delayed Draw Term Loan	8.90% (L + 5.75%; 1.00% Floor)	09/16/2027		—		(58,242	)			(80,083	)
Community Based Care Acquisition, Inc. (2) (3)	Healthcare & HCIT	Delayed Draw Term Loan	8.90% (L + 5.25%; 1.00% Floor)	09/16/2027		2,039,246		2,006,913				1,980,161
Community Based Care Acquisition, Inc. (3) (4)	Healthcare & HCIT	Revolver	8.90% (L + 5.25%; 1.00% Floor)	09/16/2027		—		(14,376	)			(23,755	)
Community Based Care Acquisition, Inc. (1) (2)	Healthcare & HCIT	Term Loan	8.90% (L + 5.25%; 1.00% Floor)	09/16/2027		5,302,084		5,212,375				5,156,277
Delaware Valley Management Holdings, Inc. (3) (4) (13)	Healthcare & HCIT	Delayed Draw Term Loan	9.04% (L + 6.25%; 1.00% Floor)	03/21/2024		—		(11,325	)			(246,580	)
Delaware Valley Management Holdings, Inc. (3) (4) (13)	Healthcare & HCIT	Delayed Draw Term Loan	9.04% (L + 6.25%; 1.00% Floor)	03/21/2024		—		(38,989	)			(61,645	)
Delaware Valley Management Holdings, Inc. (13)	Healthcare & HCIT	Revolver	9.04% (L + 6.25%; 1.00% Floor)	03/21/2024		537,691		534,317				380,416
Delaware Valley Management Holdings, Inc. (13)	Healthcare & HCIT	Term Loan	9.04% (L + 6.25%; 1.00% Floor)	03/21/2024		3,466,444		3,443,816				2,452,509
FH MD Buyer, Inc. (1) (2)	Healthcare & HCIT	Term Loan	8.12% (L + 5.00%; 0.75% Floor)	07/22/2028		5,479,245		5,428,601				5,465,547
GHA Buyer, Inc. (2)	Healthcare & HCIT	Delayed Draw Term Loan	10.12% (L + 7.00%; 1.00% Floor)	06/24/2025		805,048		795,501				768,821
GHA Buyer, Inc. (3)	Healthcare & HCIT	Revolver	10.12% (L + 7.00%; 1.00% Floor)	06/24/2025		871,820		865,516				829,022
GHA Buyer, Inc. (1)	Healthcare & HCIT	Term Loan	10.12% (L + 7.00%; 1.00% Floor)	06/24/2025		555,216		548,459				530,231
GHA Buyer, Inc. (1) (5)	Healthcare & HCIT	Term Loan	10.12% (L + 7.00%; 1.00% Floor)	06/24/2025		5,313,027		5,250,200				5,073,941
GHA Buyer, Inc. (5)	Healthcare & HCIT	Term Loan	10.12% (L + 7.00%; 1.00% Floor)	06/24/2025		4,600,275		4,540,757				4,393,262
GHA Buyer, Inc. (1)	Healthcare & HCIT	Term Loan	10.12% (L + 7.00%; 1.00% Floor)	06/24/2025		720,605		708,474				688,178
GHA Buyer, Inc. (1)	Healthcare & HCIT	Term Loan	10.12% (L + 7.00%; 1.00% Floor)	06/24/2025		1,942,440		1,933,019				1,855,031
Honor HN Buyer, Inc (3) (4)	Healthcare & HCIT	Delayed Draw Term Loan	9.70% (S + 6.00%; 1.00% Floor)	10/15/2027		—		(23,916	)			(12,185	)
Honor HN Buyer, Inc (2) (3)	Healthcare & HCIT	Delayed Draw Term Loan	9.70% (S + 6.00%; 1.00% Floor)	10/15/2027		764,597		744,140				748,053
Honor HN Buyer, Inc (3) (4)	Healthcare & HCIT	Revolver	9.70% (S + 6.00%; 1.00% Floor)	10/15/2027		—		(5,127	)			(4,561	)
Honor HN Buyer, Inc (1) (2)	Healthcare & HCIT	Term Loan	9.70% (S + 6.00%; 1.00% Floor)	10/15/2027		2,623,470		2,579,130				2,584,118
Kindeva Drug Delivery L.P. (3)	Healthcare & HCIT	Revolver	9.07% (L + 6.00%; 1.00% Floor)	05/01/2025		1,242,977		1,224,075				1,083,991
Kindeva Drug Delivery L.P. (1) (2) (5)	Healthcare & HCIT	Term Loan	9.08% (L + 6.00%; 1.00% Floor)	05/01/2026		15,540,894		15,291,522				13,831,396
Medbridge Holdings, LLC (3) (4)	Healthcare & HCIT	Revolver	10.20% (S + 6.50%; 1.00% Floor)	12/23/2026		—		(19,533	)			(24,084	)
Medbridge Holdings, LLC (1)	Healthcare & HCIT	Term Loan	10.20% (S + 6.50%; 1.00% Floor)	12/23/2026		974,356		956,307				957,305
Medbridge Holdings, LLC (1) (2)	Healthcare & HCIT	Term Loan	10.20% (S + 6.50%; 1.00% Floor)	12/23/2026		15,367,872		15,144,728				15,098,934
Medical Management Resource Group, LLC (1)	Healthcare & HCIT	Delayed Draw Term Loan	8.26% (L + 5.75%; 0.75% Floor)	09/30/2027		1,578,120		1,531,990				1,534,722
Medical Management Resource Group, LLC (3) (4)	Healthcare & HCIT	Revolver	8.56% (L + 5.75%; 0.75% Floor)	09/30/2026		—		(5,095	)			(8,701	)
Medical Management Resource Group, LLC (2)	Healthcare & HCIT	Term Loan	8.56% (L + 5.75%; 0.75% Floor)	09/30/2027		3,821,661		3,757,576				3,716,565
Medsuite Purchaser, LLC (3) (4) (14)	Healthcare & HCIT	Delayed Draw Term Loan	8.45% (L + 4.75%; 1.00% Floor)	10/22/2026		—		(43,713	)			(17,861	)
Medsuite Purchaser, LLC (3) (4) (14)	Healthcare & HCIT	Revolver	8.45% (L + 4.75%; 1.00% Floor)	10/22/2026		—		(8,332	)			(5,103	)
Medsuite Purchaser, LLC (1) (2) (14)	Healthcare & HCIT	Term Loan	8.45% (L + 4.75%; 1.00% Floor)	10/22/2026		4,794,610		4,735,895				4,758,651
OMH-HealthEdge Holdings, LLC (3) (4)	Healthcare & HCIT	Revolver	10.03% (L + 5.25%; 1.00% Floor)	10/24/2024		—		(4,318	)			—
OMH-HealthEdge Holdings, LLC (2)	Healthcare & HCIT	Term Loan	10.03% (L + 5.25%; 1.00% Floor)	10/24/2025		2,127,266		2,095,043				2,127,266
OMH-HealthEdge Holdings, LLC (2)	Healthcare & HCIT	Term Loan	10.03% (L + 5.25%; 1.00% Floor)	10/24/2025		966,065		947,639				966,065
OMH-HealthEdge Holdings, LLC (1)	Healthcare & HCIT	Term Loan	10.03% (L + 5.25%; 1.00% Floor)	10/24/2025		3,670,912		3,624,142				3,670,912
Pace Health Companies, LLC (3) (4)	Healthcare & HCIT	Revolver	8.17% (L + 4.50%; 1.00% Floor)	08/02/2024		—		(2,368	)			(1,542	)
Pace Health Companies, LLC (1)	Healthcare & HCIT	Term Loan	8.17% (L + 4.50%; 1.00% Floor)	08/02/2024		5,140,906		5,119,701				5,128,053
Pinnacle Dermatology Management, LLC (3) (4)	Healthcare & HCIT	Delayed Draw Term Loan	9.50% (L + 5.75%; 0.75% Floor)	12/08/2028		—		(14,015	)			(37,885	)
Pinnacle Dermatology Management, LLC (3) (15)	Healthcare & HCIT	Revolver	7.81% (L + 4.00%; 0.75% Floor)	12/08/2026		153,627		142,306				146,906
Pinnacle Dermatology Management, LLC (1) (2) (5)	Healthcare & HCIT	Term Loan	9.50% (L + 5.75%; 0.75% Floor)	12/08/2028		5,622,844		5,502,221				5,383,873
Pinnacle Treatment Centers, Inc. (2)	Healthcare & HCIT	Delayed Draw Term Loan	8.56% (L + 5.75%; 1.00% Floor)	12/31/2022		344,514		342,833				344,514
Pinnacle Treatment Centers, Inc. (3)	Healthcare & HCIT	Revolver	8.80% (L + 5.75%; 1.00% Floor)	12/31/2022		183,096		181,728				183,096
Pinnacle Treatment Centers, Inc. (2) (5)	Healthcare & HCIT	Term Loan	8.56% (L + 5.75%; 1.00% Floor)	12/31/2022		4,096,580		4,093,082				4,096,580
Priority Ondemand Midco 2,L.P (3) (4)	Healthcare & HCIT	Delayed Draw Term Loan	8.57% (S + 5..50%; 1.00% Floor)	07/17/2028		—		(22,991	)			(47,612	)

See Notes to Unaudited Consolidated Financial Statements

9

Portfolio Company	Industry	Facility Type	Interest	Maturity	Funded   Par Amount		Cost			Fair Value
Priority Ondemand Midco 2,L.P (1) (2)	Healthcare & HCIT	Term Loan	8.57% (S + 5.50%; 1.00% Floor)	07/17/2028	$	7,617,883	$	7,488,212		$	7,484,570
RCP Encore Acquisition, Inc. (13)	Healthcare & HCIT	Term Loan	8.81% (L + 5.00%; 1.00% Floor)	06/07/2025		3,328,678		3,221,851			199,721
Redwood Family Care Network, Inc. (1) (3)	Healthcare & HCIT	Delayed Draw Term Loan	9.17% (L + 5.50%; 1.00% Floor)	06/18/2026		3,360,181		3,291,120			3,316,347
Redwood Family Care Network, Inc. (3) (4)	Healthcare & HCIT	Revolver	9.17% (L + 5.50%; 1.00% Floor)	06/18/2026		—		(8,822	)		(7,359	)
Redwood Family Care Network, Inc. (5)	Healthcare & HCIT	Term Loan	9.17% (L + 5.50%; 1.00% Floor)	06/18/2026		6,685,480		6,585,300			6,601,912
Salisbury House, LLC (3)	Healthcare & HCIT	Revolver	8.71% (L + 5.50%; 1.00% Floor)	08/30/2025		179,337		172,643			169,249
Salisbury House, LLC (1)	Healthcare & HCIT	Term Loan	8.31% (L + 5.50%; 1.00% Floor)	08/30/2025		1,140,021		1,127,100			1,114,371
Salisbury House, LLC (1)	Healthcare & HCIT	Term Loan	8.21% (S + 5.50%; 1.00% Floor)	08/30/2025		1,240,627		1,216,907			1,212,712
Salisbury House, LLC (1) (2)	Healthcare & HCIT	Term Loan	8.31% (L + 5.50%; 1.00% Floor)	08/30/2025		3,934,410		3,869,364			3,845,885
Sandstone Care Holdings, LLC (3) (4)	Healthcare & HCIT	Delayed Draw Term Loan	8.18% (S + 5.50%; 1.00% Floor)	06/28/2028		—		(11,285	)		(14,723	)
Sandstone Care Holdings, LLC (3)	Healthcare & HCIT	Revolver	8.18% (S + 5.50%; 1.00% Floor)	06/28/2028		117,785		101,982			99,233
Sandstone Care Holdings, LLC (1)	Healthcare & HCIT	Term Loan	8.18% (S + 5.50%; 1.00% Floor)	06/28/2028		4,699,602		4,609,527			4,593,861
SCA Buyer, LLC (3)	Healthcare & HCIT	Revolver	9.65% (L + 6.50%; 1.00% Floor)	01/20/2026		386,309		379,855			363,775
SCA Buyer, LLC (2)	Healthcare & HCIT	Term Loan	9.65% (L + 6.50%; 1.00% Floor)	01/20/2026		3,805,148		3,765,716			3,671,968
SIS Purchaser, Inc. (3) (4)	Healthcare & HCIT	Revolver	9.12% (L + 6.00%; 1.00% Floor)	10/15/2026		—		(13,840	)		(32,064	)
SIS Purchaser, Inc. (2)	Healthcare & HCIT	Term Loan	8.88% (L + 6.00%; 1.00% Floor)	10/15/2026		2,412,032		2,378,997			2,345,701
SIS Purchaser, Inc. (1) (2) (5)	Healthcare & HCIT	Term Loan	9.12% (L + 6.00%; 1.00% Floor)	10/15/2026		12,601,011		12,445,704			12,254,483
Smile Brands, Inc. (5)	Healthcare & HCIT	Delayed Draw Term Loan	7.87% (L + 4.50%; 0.75% Floor)	10/12/2025		484,179		482,485			472,074
Smile Brands, Inc. (3) (4)	Healthcare & HCIT	Revolver	7.87% (L + 4.50%; 0.75% Floor)	10/12/2025		—		(542	)		(6,370	)
Smile Brands, Inc. (1)	Healthcare & HCIT	Term Loan	7.87% (L + 4.50%; 0.75% Floor)	10/12/2025		1,594,658		1,588,659			1,554,791
Spark DSO LLC (3) (4)	Healthcare & HCIT	Delayed Draw Term Loan	8.53% (L + 6.25%; 1.00% Floor)	04/19/2026		—		(7,833	)		(78,325	)
Spark DSO LLC (3) (4)	Healthcare & HCIT	Revolver	8.53% (L + 6.25%; 1.00% Floor)	04/20/2026		—		(14,089	)		(46,995	)
Spark DSO LLC (1) (2) (5)	Healthcare & HCIT	Term Loan	8.53% (L + 6.25%; 1.00% Floor)	04/19/2026		8,068,301		7,965,344			7,725,398
Taconic Biosciences, Inc. (2)	Healthcare & HCIT	Term Loan	8.63% (L + 5.50%; 1.00% Floor)	02/02/2026		4,636,184		4,569,034			4,636,184
The Center for Orthopedic and Research Excellence, Inc. (2) (3)	Healthcare & HCIT	Delayed Draw Term Loan	8.79% (S + 6.00%; 1.00% Floor)	08/15/2025		901,982		886,646			862,892
The Center for Orthopedic and Research Excellence, Inc. (3) (4)	Healthcare & HCIT	Delayed Draw Term Loan	8.73% (S + 6.00%; 1.00% Floor)	08/15/2025		—		(12,757	)		(29,921	)
The Center for Orthopedic and Research Excellence, Inc. (1) (2)	Healthcare & HCIT	Delayed Draw Term Loan	8.73% (S + 6.00%; 1.00% Floor)	08/15/2025		1,144,488		1,139,754			1,113,014
The Center for Orthopedic and Research Excellence, Inc. (3)	Healthcare & HCIT	Revolver	8.54% (S + 6.00%; 1.00% Floor)	08/15/2025		552,426		546,445			533,436
The Center for Orthopedic and Research Excellence, Inc. (2)	Healthcare & HCIT	Term Loan	8.38% (S + 6.00%; 1.00% Floor)	08/15/2025		3,240,453		3,190,477			3,151,341
The Center for Orthopedic and Research Excellence, Inc. (1) (5)	Healthcare & HCIT	Term Loan	8.73% (S + 6.00%; 1.00% Floor)	08/15/2025		4,856,166		4,811,275			4,722,622
West Dermatology (3) (4)	Healthcare & HCIT	Delayed Draw Term Loan	9.09% (S + 5.50%; 1.00% Floor)	03/17/2028		—		(35,501	)		(317,200	)
West Dermatology (3) (4)	Healthcare & HCIT	Revolver	9.09% (S + 5.50%; 1.00% Floor)	03/17/2028		—		(23,673	)		(118,173	)
West Dermatology (1) (2) (5)	Healthcare & HCIT	Term Loan	9.09% (S + 5.50%; 1.00% Floor)	03/17/2028		12,625,812		12,385,530			11,426,360
Activ Software Holdings, LLC (3) (4)	Software & Tech Services	Revolver	7.25% (L + 6.25%; 1.00% Floor)	05/04/2027		—		(10,031	)		(16,221	)
Activ Software Holdings, LLC (1) (2) (5)	Software & Tech Services	Term Loan	7.25% (L + 6.25%; 1.00% Floor)	05/04/2027		8,009,084		7,885,258			7,808,856
Admiral Buyer, Inc (3) (4)	Software & Tech Services	Delayed Draw Term Loan	7.63% (S + 6.00%; 0.75% Floor)	05/08/2028		—		(14,747	)		(11,827	)
Admiral Buyer, Inc (3) (4)	Software & Tech Services	Revolver	7.63% (S + 6.00%; 0.75% Floor)	05/08/2028		—		(10,537	)		(9,856	)
Admiral Buyer, Inc (1)	Software & Tech Services	Term Loan	7.63% (S + 6.00%; 0.75% Floor)	05/08/2028		5,857,283		5,747,698			5,754,781
AMI US Holdings, Inc. (3) (4)	Software & Tech Services	Revolver	7.81% (L + 5.25%)	04/01/2024		—		(7,044	)		—
AMI US Holdings, Inc. (1)	Software & Tech Services	Term Loan	7.81% (L + 5.25%; 1.00% Floor)	04/01/2025		8,027,833		7,952,096			8,027,833
Avetta, LLC (3) (4)	Software & Tech Services	Revolver	8.56% (L + 5.75%; 1.00% Floor)	04/10/2024		—		(2,560	)		(2,472	)
Avetta, LLC (1) (5)	Software & Tech Services	Term Loan	8.56% (L + 5.75%; 1.00% Floor)	04/10/2024		3,195,345		3,164,494			3,179,369
Avetta, LLC (2)	Software & Tech Services	Term Loan	8.56% (L + 5.75%; 1.00% Floor)	04/10/2024		6,785,564		6,709,135			6,751,636
Avetta, LLC (1)	Software & Tech Services	Term Loan	8.56% (L + 5.75%; 1.00% Floor)	04/10/2024		4,206,928		4,177,204			4,185,893
Bonterra, LLC (3) (4) (16)	Software & Tech Services	Delayed Draw Term Loan	9.92% (L + 6.25%; 0.75% Floor)	09/08/2027		—		(21,435	)		(33,161	)
Bonterra, LLC (3) (16)	Software & Tech Services	Revolver	9.92% (L + 6.25%; 0.75% Floor)	09/08/2027		702,660		688,352			682,504
Bonterra, LLC (1) (2) (5) (16)	Software & Tech Services	Term Loan	9.92% (L + 6.25%; 0.75% Floor)	09/08/2027		15,025,818		14,837,526			14,762,866
Brightspot Buyer, Inc (3) (4)	Software & Tech Services	Revolver	9.42% (L + 5.75%; 0.75% Floor)	11/16/2027		—		(11,689	)		(13,606	)
Brightspot Buyer, Inc (2)	Software & Tech Services	Term Loan	9.42% (L + 5.75%; 0.75% Floor)	11/16/2027		5,215,571		5,125,958			5,111,260
BSI2 Hold Nettle, LLC (3) (4)	Software & Tech Services	Revolver	7.33% (S + 4.75%; 0.75% Floor)	06/30/2028		—		(8,474	)		(7,362	)
BSI2 Hold Nettle, LLC (2) (5)	Software & Tech Services	Term Loan	7.33% (S + 4.75%; 0.75% Floor)	06/30/2028		4,711,380		4,643,584			4,652,488
BusinesSolver.com, Inc. (3) (4)	Software & Tech Services	Delayed Draw Term Loan	9.67% (L + 5.50%; 0.75% Floor)	12/01/2027		—		(8,615	)		(39,738	)
BusinesSolver.com, Inc. (2) (5)	Software & Tech Services	Term Loan	9.67% (L + 5.50%; 0.75% Floor)	12/01/2027		7,343,063		7,279,361			7,196,202
Certify, Inc	Software & Tech Services	Delayed Draw Term Loan	8.62% (L + 5.50%; 1.00% Floor)	02/28/2024		479,627		476,770			477,229
Certify, Inc (3)	Software & Tech Services	Delayed Draw Term Loan	8.62% (L + 5.50%; 1.00% Floor)	02/28/2024		159,876		157,495			157,877
Certify, Inc (3)	Software & Tech Services	Revolver	8.62% (L + 5.50%; 1.00% Floor)	02/28/2024		39,969		39,811			39,170
Certify, Inc (1) (2) (5)	Software & Tech Services	Term Loan	8.62% (L + 5.50%; 1.00% Floor)	02/28/2024		3,916,954		3,893,623			3,897,370
Community Brands Parentco, LLC (3) (4)	Software & Tech Services	Delayed Draw Term Loan	8.88% (S + 5.75%; 0.75% Floor)	02/24/2028		—		(7,531	)		(12,516	)

See Notes to Unaudited Consolidated Financial Statements

10

Portfolio Company	Industry	Facility Type	Interest	Maturity	Funded   Par Amount		Cost			Fair Value
Community Brands Parentco, LLC (3) (4)	Software & Tech Services	Revolver	8.88% (S + 5.75%; 0.75% Floor)	02/24/2028	$	—	$	(7,535	)	$	(10,430	)
Community Brands Parentco, LLC (1) (2)	Software & Tech Services	Term Loan	8.88% (S + 5.75%; 0.75% Floor)	02/24/2028		7,057,066		6,927,685			6,880,639
Datacor, Inc. (3) (4)	Software & Tech Services	Delayed Draw Term Loan	8.78% (S + 5.75%; 1.00% Floor)	12/29/2025		—		(22,801	)		(6,363	)
Datacor, Inc. (3) (4)	Software & Tech Services	Revolver	8.78% (S + 5.75%; 1.00% Floor)	12/29/2025		—		(8,344	)		(1,610	)
Datacor, Inc. (1) (2) (5)	Software & Tech Services	Term Loan	8.78% (S + 5.75%; 1.00% Floor)	12/29/2025		13,841,011		13,605,607			13,806,409
Degreed, Inc. (3) (4)	Software & Tech Services	Delayed Draw Term Loan	9.63% (L + 5.50%; 1.00% PIK; 1.00% Floor)	05/29/2026		—		(4,463	)		(20,871	)
Degreed, Inc. (3) (4)	Software & Tech Services	Delayed Draw Term Loan	9.63% (L + 5.50%; 1.00% PIK; 1.00% Floor)	05/29/2026		—		(12,807	)		(13,217	)
Degreed, Inc. (3) (4)	Software & Tech Services	Revolver	9.63% (L + 5.50%; 1.00% PIK; 1.00% Floor)	05/29/2026		—		(1,701	)		(8,356	)
Degreed, Inc. (2)	Software & Tech Services	Term Loan	9.63% (L + 5.50%; 1.00% PIK; 1.00% Floor)	05/29/2026		2,786,113		2,767,833			2,730,391
Degreed, Inc. (1) (5)	Software & Tech Services	Term Loan	9.63% (L + 5.50%; 1.00% PIK; 1.00% Floor)	05/29/2026		5,159,180		5,119,904			5,055,997
Dispatch Track, LLC (3) (4)	Software & Tech Services	Revolver	7.50% (L + 4.50%; 1.00% Floor)	12/17/2026		—		(2,038	)		(2,264	)
Dispatch Track, LLC (1) (2)	Software & Tech Services	Term Loan	7.50% (L + 4.50%; 1.00% Floor)	12/17/2026		9,849,936		9,768,584			9,776,062
Drilling Info Holdings, Inc. (1)	Software & Tech Services	Term Loan	7.37% (L + 4.25%)	07/30/2025		3,300,754		3,293,908			3,234,739
EET Buyer, Inc. (3) (4)	Software & Tech Services	Revolver	8.11% (L + 5.25%; 0.75% Floor)	11/08/2027		—		(11,821	)		(12,089	)
EET Buyer, Inc. (2) (5)	Software & Tech Services	Term Loan	8.11% (L + 5.25%; 0.75% Floor)	11/08/2027		6,873,397		6,755,783			6,753,113
Exterro, Inc.	Software & Tech Services	Revolver	9.63% (L + 5.50%; 1.00% Floor)	05/31/2024		247,500		246,094			247,500
Exterro, Inc. (1) (2)	Software & Tech Services	Term Loan	8.59% (L + 5.50%; 1.00% Floor)	05/31/2024		5,809,123		5,747,575			5,809,123
Exterro, Inc. (2) (5)	Software & Tech Services	Term Loan	8.59% (L + 5.50%; 1.00% Floor)	05/31/2024		6,237,900		6,175,240			6,237,900
Exterro, Inc. (1)	Software & Tech Services	Term Loan	8.59% (L + 5.50%; 1.00% Floor)	05/31/2024		2,793,450		2,776,688			2,793,450
Faithlife, LLC (1) (2) (3)	Software & Tech Services	Delayed Draw Term Loan	9.68% (L + 6.00%; 1.00% Floor)	09/18/2025		1,684,392		1,648,287			1,684,392
Faithlife, LLC (3) (4)	Software & Tech Services	Revolver	9.68% (L + 6.00%; 1.00% Floor)	09/18/2025		—		(3,339	)		—
Faithlife, LLC (1) (2)	Software & Tech Services	Term Loan	9.68% (L + 6.00%; 1.00% Floor)	09/18/2025		723,359		714,660			723,359
Fusion Holding Corp (3) (4)	Software & Tech Services	Revolver	9.46% (L + 6.25%; 0.75% Floor)	09/15/2027		—		(30,766	)		(31,032	)
Fusion Holding Corp (1) (2) (5)	Software & Tech Services	Term Loan	9.46% (L + 6.25%; 0.75% Floor)	09/15/2029		16,895,061		16,517,220			16,514,922
Fusion Risk Management Inc (3) (4)	Software & Tech Services	Revolver	9.41% (S + 6.50%; 1.00% Floor)	08/30/2028		—		(18,920	)		(19,189	)
Fusion Risk Management Inc (1) (5)	Software & Tech Services	Term Loan	9.41% (S + 6.50%; 1.00% Floor)	08/30/2028		8,528,478		8,339,280			8,336,588
Genesis Acquisition Co. (5)	Software & Tech Services	Revolver	7.92% (L + 3.75%)	07/31/2024		202,400		201,122			197,846
Genesis Acquisition Co. (1) (2)	Software & Tech Services	Term Loan	7.92% (L + 3.75%)	07/31/2024		1,364,229		1,355,110			1,333,534
Greenhouse Software, Inc. (3) (4)	Software & Tech Services	Revolver	9.95% (S + 7.00%; 1.00% Floor)	09/01/2028		—		(14,912	)		(15,112	)
Greenhouse Software, Inc. (3) (4)	Software & Tech Services	Revolver	9.95% (S + 7.00%; 1.00% Floor)	09/01/2028		—		(20,633	)		(30,806	)
Greenhouse Software, Inc. (1) (2) (5)	Software & Tech Services	Term Loan	9.95% (S + 7.00%; 1.00% Floor)	09/01/2028		14,507,975		14,150,090			14,145,275
Greenhouse Software, Inc. (2) (5)	Software & Tech Services	Term Loan	9.95% (S + 7.00%; 1.00% Floor)	09/01/2028		12,376,845		12,167,947			12,067,424
Gryphon-Redwood Acquisition LLC (3) (4)	Software & Tech Services	Delayed Draw Term Loan	13.34% (S + 4.00%; 6.00% PIK; 1.00% Floor)	09/16/2028		—		(27,570	)		(27,755	)
Gryphon-Redwood Acquisition LLC (1)	Software & Tech Services	Term Loan	13.34% (S + 4.00%; 6.00% PIK; 1.00% Floor)	09/16/2028		3,469,394		3,409,084			3,408,679
GS AcquisitionCo, Inc. (3) (4)	Software & Tech Services	Delayed Draw Term Loan	9.92% (L + 5.75%; 1.00% Floor)	05/22/2026		—		(1,159	)		(14,418	)
GS AcquisitionCo, Inc. (3)	Software & Tech Services	Revolver	9.92% (L + 5.75%; 1.00% Floor)	05/22/2026		319,689		317,435			304,846
GS AcquisitionCo, Inc. (1) (2) (5)	Software & Tech Services	Term Loan	9.92% (L + 5.75%; 1.00% Floor)	05/22/2026		9,405,712		9,370,293			9,100,027
Iodine Software, LLC (2) (5)	Software & Tech Services	Delayed Draw Term Loan	9.38% (L + 6.50%; 1.00% Floor)	05/19/2027		8,990,200		8,849,674			8,900,298
Iodine Software, LLC (3) (4)	Software & Tech Services	Revolver	9.38% (L + 6.50%; 1.00% Floor)	05/19/2027		—		(19,128	)		(12,275	)
Iodine Software, LLC (1) (2)	Software & Tech Services	Term Loan	9.38% (L + 6.50%; 1.00% Floor)	05/19/2027		5,968,237		5,875,231			5,908,555
Kaseya Inc. (3) (4)	Software & Tech Services	Delayed Draw Term Loan	8.29% (S + 5.75%; 0.75% Floor)	06/25/2029		—		(9,188	)		(7,960	)
Kaseya Inc. (3) (4)	Software & Tech Services	Revolver	8.29% (S + 5.75%; 0.75% Floor)	06/25/2029		—		(4,593	)		(12,736	)
Kaseya Inc. (1) (2)	Software & Tech Services	Term Loan	8.29% (S + 5.75%; 0.75% Floor)	06/25/2029		10,506,804		10,355,205			10,296,668
Mavenlink, Inc. (3) (4)	Software & Tech Services	Revolver	9.39% (L + 6.00%; 0.75% Floor)	06/03/2027		—		(30,621	)		(22,373	)
Mavenlink, Inc. (1) (2) (5)	Software & Tech Services	Term Loan	9.39% (L + 6.00%; 0.75% Floor)	06/03/2027		15,034,451		14,777,232			14,846,520
Moon Buyer, Inc. (3) (4)	Software & Tech Services	Delayed Draw Term Loan	8.43% (L + 4.75%; 1.00% Floor)	04/21/2027		—		(26,049	)		—
Moon Buyer, Inc. (3) (4)	Software & Tech Services	Revolver	8.43% (L + 4.75%; 1.00% Floor)	04/21/2027		—		(13,371	)		—
Moon Buyer, Inc. (1) (2) (5)	Software & Tech Services	Term Loan	8.43% (L + 4.75%; 1.00% Floor)	04/21/2027		6,320,850		6,248,230			6,320,850
Mykaarma Acquisition LLC (3) (4)	Software & Tech Services	Revolver	10.88% (S + 3.00%; 3.75% PIK; 1.00% Floor)	03/21/2028		—		(10,845	)		(8,898	)
Mykaarma Acquisition LLC (2) (5)	Software & Tech Services	Term Loan	10.88% (S + 3.00%; 3.75% PIK; 1.00% Floor)	03/21/2028		6,046,392		5,936,148			5,955,696
Navigate360, LLC (3) (4)	Software & Tech Services	Delayed Draw Term Loan	8.18% (S + 5.00%; 1.00% Floor)	03/17/2027		—		(16,204	)		(4,532	)
Navigate360, LLC (3) (4)	Software & Tech Services	Revolver	8.18% (S + 5.00%; 1.00% Floor)	03/17/2027		—		(10,809	)		(7,553	)
Navigate360, LLC (5)	Software & Tech Services	Term Loan	8.18% (S + 5.00%; 1.00% Floor)	03/17/2027		4,208,498		4,132,170			4,155,891
Netwrix Corporation And Concept Searching Inc. (3)	Software & Tech Services	Delayed Draw Term Loan	8.34% (S + 5.00%; 0.75% Floor)	06/11/2029		302,154		296,061			279,977
Netwrix Corporation And Concept Searching Inc. (3) (4)	Software & Tech Services	Revolver	7.90% (S + 5.00%; 0.75% Floor)	06/11/2029		—		(2,437	)		(5,811	)
Netwrix Corporation And Concept Searching Inc. (1) (2)	Software & Tech Services	Term Loan	7.90% (S + 5.00%; 0.75% Floor)	06/11/2029		8,289,906		8,266,599			8,227,731
Ranger Buyer, Inc. (3)	Software & Tech Services	Revolver	8.87% (L + 5.75%; 0.75% Floor)	11/18/2027		119,923		99,228			104,933

See Notes to Unaudited Consolidated Financial Statements

11

Portfolio Company	Industry	Facility Type	Interest	Maturity	Funded   Par Amount		Cost			Fair Value
Ranger Buyer, Inc. (1) (2) (5)	Software & Tech Services	Term Loan	8.87% (L + 5.75%; 0.75% Floor)	11/17/2028	$	14,318,836	$	14,060,716		$	14,139,851
Sauce Labs Inc (3) (4)	Software & Tech Services	Delayed Draw Term Loan	8.74% (L + 5.50%; 0.50% PIK; 1.00% Floor)	08/16/2027		—		(23,025	)		(23,675	)
Sauce Labs, Inc. (5)	Software & Tech Services	Delayed Draw Term Loan	8.74% (L + 5.50%; 0.50% PIK; 1.00% Floor)	08/16/2027		1,922,732		1,891,276			1,884,277
Sauce Labs, Inc. (3) (4)	Software & Tech Services	Revolver	8.24% (L + 5.50%; 1.00% Floor)	08/16/2027		—		(20,984	)		(25,636	)
Sauce Labs, Inc. (2) (5)	Software & Tech Services	Term Loan	8.74% (L + 5.50%; 0.50% PIK; 1.00% Floor)	08/16/2027		7,494,785		7,362,416			7,344,889
ScyllaDB, Inc. (3) (4)	Software & Tech Services	Delayed Draw Term Loan	9.15% (S + 6.50%; 1.00% Floor)	09/08/2027		—		(3,263	)		(10,038	)
ScyllaDB, Inc. (3) (4)	Software & Tech Services	Revolver	9.15% (S + 6.50%; 1.00% Floor)	09/08/2027		—		(2,611	)		(5,337	)
ScyllaDB, Inc. (5)	Software & Tech Services	Term Loan	9.15% (S + 6.50%; 1.00% Floor)	09/08/2027		2,643,348		2,617,241			2,589,978
Securonix, Inc. (3) (4)	Software & Tech Services	Revolver	8.62% (S + 6.50%; 0.75% Floor)	04/05/2028		—		(24,804	)		(34,613	)
Securonix, Inc. (2) (5)	Software & Tech Services	Term Loan	8.62% (S + 6.50%; 0.75% Floor)	04/05/2028		8,546,314		8,408,514			8,354,022
Sirsi Corporation (3) (4)	Software & Tech Services	Revolver	7.62% (L + 4.50%; 1.00% Floor)	03/15/2024		—		(2,582	)		(2,769	)
Sirsi Corporation (1) (2)	Software & Tech Services	Term Loan	7.62% (L + 4.50%; 1.00% Floor)	03/15/2024		6,662,351		6,629,219			6,629,039
Smartlinx Solutions, LLC (3) (4)	Software & Tech Services	Revolver	9.67% (L + 5.75%; 1.00% Floor)	03/04/2026		—		(3,008	)		(7,792	)
Smartlinx Solutions, LLC	Software & Tech Services	Term Loan	9.42% (L + 5.75%; 1.00% Floor)	03/04/2026		494,376		485,547			486,960
Smartlinx Solutions, LLC (1) (2) (5)	Software & Tech Services	Term Loan	9.67% (L + 5.75%; 1.00% Floor)	03/04/2026		5,634,775		5,568,940			5,550,253
Soladoc, LLC (3) (4)	Software & Tech Services	Delayed Draw Term Loan	7.26% (S + 5.25%; 0.75% Floor)	06/12/2028		—		(22,384	)		(35,335	)
Soladoc, LLC (3) (4)	Software & Tech Services	Revolver	7.26% (S + 5.25%; 0.75% Floor)	06/12/2028		—		(11,195	)		(14,723	)
Soladoc, LLC (1) (2)	Software & Tech Services	Term Loan	7.26% (S + 5.25%; 0.75% Floor)	06/12/2028		5,889,225		5,777,276			5,741,995
SugarCRM, Inc. (3) (4)	Software & Tech Services	Revolver	9.87% (L + 6.75%; 1.00% Floor)	07/31/2024		—		(1,713	)		(2,327	)
SugarCRM, Inc. (1) (5)	Software & Tech Services	Term Loan	9.87% (L + 6.75%; 1.00% Floor)	07/31/2024		4,268,824		4,239,510			4,236,808
Sundance Group Holdings, Inc (3) (4)	Software & Tech Services	Delayed Draw Term Loan	8.54% (L + 6.25%; 1.00% Floor)	07/02/2027		—		(28,300	)		(26,604	)
Sundance Group Holdings, Inc (3)	Software & Tech Services	Revolver	9.92% (L + 6.25%; 1.00% Floor)	07/02/2027		969,582		946,919			944,752
Sundance Group Holdings, Inc (2) (5)	Software & Tech Services	Term Loan	8.54% (L + 6.25%; 1.00% Floor)	07/02/2027		11,824,177		11,635,313			11,617,254
Swiftpage, Inc. (3) (4)	Software & Tech Services	Revolver	9.63% (S + 6.50%; 1.00% Floor)	06/13/2023		—		(642	)		(11,829	)
Swiftpage, Inc. (2)	Software & Tech Services	Term Loan	9.63% (S + 6.50%; 1.00% Floor)	06/13/2023		2,427,082		2,420,615			2,299,660
Swiftpage, Inc. (2)	Software & Tech Services	Term Loan	9.63% (S + 6.50%; 1.00% Floor)	06/13/2023		223,413		222,569			211,684
Sysnet North America, Inc. (5)	Software & Tech Services	Delayed Draw Term Loan	10.67% (L + 5.00%; 1.00% Floor)	12/01/2026		1,265,118		1,253,678			1,258,793
Sysnet North America, Inc. (1) (2) (5)	Software & Tech Services	Term Loan	10.67% (L + 5.00%; 1.00% Floor)	12/01/2026		7,629,437		7,551,876			7,591,290
Telcor Buyer, Inc. (3) (4)	Software & Tech Services	Revolver	7.48% (L + 4.50%; 1.00% Floor)	08/20/2027		—		(3,576	)		(6,542	)
Telcor Buyer, Inc. (1) (2)	Software & Tech Services	Term Loan	7.48% (L + 4.50%; 1.00% Floor)	08/20/2027		9,304,625		9,190,189			9,095,271
Telesoft Holdings, LLC (3) (4)	Software & Tech Services	Revolver	8.63% (L + 5.75%; 1.00% Floor)	12/16/2025		—		(7,272	)		(2,984	)
Telesoft Holdings, LLC (2) (5)	Software & Tech Services	Term Loan	8.63% (L + 5.75%; 1.00% Floor)	12/16/2025		5,819,448		5,746,861			5,790,351
TRGRP, Inc. (3) (4)	Software & Tech Services	Revolver	10.67% (L + 4.50%; 2.50% PIK; 1.00% Floor)	11/01/2023		—		(1,462	)		—
TRGRP, Inc. (2)	Software & Tech Services	Term Loan	10.67% (L + 4.50%; 2.50% PIK; 1.00% Floor)	11/01/2023		2,360,879		2,341,780			2,360,879
TRGRP, Inc. (1)	Software & Tech Services	Term Loan	10.67% (L + 4.50%; 2.50% PIK; 1.00% Floor)	11/01/2023		1,124,076		1,118,347			1,124,076
TRGRP, Inc. (2) (5)	Software & Tech Services	Term Loan	10.67% (L + 4.50%; 2.50% PIK; 1.00% Floor)	11/01/2023		5,032,089		5,008,948			5,032,089
Ungerboeck Systems International, LLC (5)	Software & Tech Services	Delayed Draw Term Loan	9.57% (L + 6.50%; 1.00% Floor)	04/30/2027		690,794		690,794			682,159
Ungerboeck Systems International, LLC (3) (4)	Software & Tech Services	Delayed Draw Term Loan	9.57% (L + 6.50%; 1.00% Floor)	04/30/2027		—		(4,614	)		(1,193	)
Ungerboeck Systems International, LLC (1)	Software & Tech Services	Delayed Draw Term Loan	9.57% (L + 6.50%; 1.00% Floor)	04/30/2027		322,391		318,613			318,361
Ungerboeck Systems International, LLC (3) (4)	Software & Tech Services	Revolver	9.57% (L + 6.50%; 1.00% Floor)	04/30/2027		—		(3,181	)		(2,867	)
Ungerboeck Systems International, LLC	Software & Tech Services	Term Loan	9.60% (L + 6.50%; 1.00% Floor)	04/30/2027		136,383		133,746			134,678
Ungerboeck Systems International, LLC (2) (5)	Software & Tech Services	Term Loan	9.57% (L + 6.50%; 1.00% Floor)	04/30/2027		2,717,277		2,685,464			2,683,311
Vectra AI, Inc. (3) (4)	Software & Tech Services	Delayed Draw Term Loan	9.32% (L + 5.75%; 1.00% Floor)	03/18/2026		—		(20,235	)		(26,185	)
Vectra AI, Inc. (3) (4)	Software & Tech Services	Revolver	9.32% (L + 5.75%; 1.00% Floor)	03/18/2026		—		(4,047	)		(5,237	)
Vectra AI, Inc. (2) (5)	Software & Tech Services	Term Loan	9.32% (L + 5.75%; 1.00% Floor)	03/18/2026		3,258,620		3,200,331			3,185,301
Vehlo Purchaser, LLC (3) (4)	Software & Tech Services	Delayed Draw Term Loan	8.69% (S + 5.00%; 0.75% Floor)	05/24/2028		—		(43,812	)		(15,488	)
Vehlo Purchaser, LLC (3) (4)	Software & Tech Services	Revolver	8.69% (S + 5.00%; 0.75% Floor)	05/24/2028		—		(17,529	)		(12,390	)
Vehlo Purchaser, LLC (1) (2) (5)	Software & Tech Services	Term Loan	8.69% (S + 5.00%; 0.75% Floor)	05/24/2028		22,302,658		21,987,142			22,079,632
Velocity Purchaser Corporation (3) (4)	Software & Tech Services	Revolver	7.76% (S + 6.00%; 1.00% Floor)	12/01/2023		—		(133	)		—
Velocity Purchaser Corporation (1)	Software & Tech Services	Term Loan	7.76% (S + 6.00%; 1.00% Floor)	12/01/2023		600,106		599,545			600,106
Velocity Purchaser Corporation (1) (2)	Software & Tech Services	Term Loan	7.76% (S + 6.00%; 1.00% Floor)	12/01/2023		4,765,411		4,756,875			4,765,411
Velocity Purchaser Corporation (1)	Software & Tech Services	Term Loan	7.76% (S + 6.00%; 1.00% Floor)	12/01/2023		2,412,446		2,410,623			2,412,446
Veracross LLC (3) (4)	Software & Tech Services	Delayed Draw Term Loan	11.23% (L + 2.00%; 5.00% PIK; 1.00% Floor)	12/28/2027		—		(14,639	)		(12,516	)

See Notes to Unaudited Consolidated Financial Statements

12

Portfolio Company	Industry	Facility Type	Interest	Maturity	Funded   Par Amount		Cost			Fair Value
Veracross LLC (3) (4)	Software & Tech Services	Revolver	11.23% (L + 2.00%; 5.00% PIK; 1.00% Floor)	12/28/2027	$	—	$	(19,531	)	$	(19,470	)
Veracross LLC (5)	Software & Tech Services	Term Loan	11.23% (L + 2.00%; 5.00% PIK; 1.00% Floor)	12/28/2027		12,745,425		12,530,557			12,522,380
Dillon Logistics, Inc. (13)	Transport & Logistics	Revolver	9.50% (P + 6.00%; 1.00% Floor)	12/11/2023		810,573		749,097			59,620
Dillon Logistics, Inc. (13)	Transport & Logistics	Term Loan	8.00% (L + 7.00%; 1.00% Floor)	12/11/2023		2,990,736		2,577,561			219,979
Total U.S.1st Lien/Senior Secured Debt								1,028,763,230			1,013,049,399
2nd Lien/Junior Secured Debt- 2.45%
Conterra Ultra Broadband Holdings, Inc. (1) (2)	Digital Infrastructure & Services	Term Loan	11.14% (L + 8.50%; 1.00% Floor)	04/30/2027		6,537,710		6,473,658			6,505,022
Brave Parent Holdings, Inc. (1)	Software & Tech Services	Term Loan	10.62% (L + 7.50%)	04/17/2026		1,230,107		1,215,523			1,208,580
Symplr Software, Inc. (1) (2)	Software & Tech Services	Term Loan	8.63% (S + 7.875%; 0.75% Floor)	12/22/2028		3,130,634		3,081,620			2,997,582
Total U.S. 2nd Lien/Junior Secured Debt								10,770,801			10,711,184
Total U.S. Corporate Debt								1,039,534,031			1,023,760,583
Canadian Corporate Debt- 4.10%
1st Lien/Senior Secured Debt- 4.10%
McNairn Holdings Ltd. (1) (17)	Business Services	Term Loan	8.62% (L + 5.00%; 0.50% PIK; 1.00% Floor)	11/25/2025		739,936		730,296			710,338
Syntax Systems Ltd (1) (2) (17)	Digital Infrastructure & Services	Term Loan	8.62% (L + 5.50%; 0.75% Floor)	10/29/2028		8,795,754		8,718,180			8,575,860
Syntax Systems Ltd (3) (17)	Digital Infrastructure & Services	Revolver	8.26% (L + 5.50%; 0.75% Floor)	10/29/2026		649,103		641,121			624,762
Syntax Systems Ltd (3) (4) (17)	Digital Infrastructure & Services	Delayed Draw Term Loan	8.62% (L + 5.50%; 0.75% Floor)	10/29/2028		—		(21,240	)		(60,853	)
Banneker V Acquisition, Inc. (2) (5) (17)	Software & Tech Services	Term Loan	9.06% (L + 6.00%; 1.00% Floor)	12/04/2025		7,123,345		7,022,086			7,087,728
Banneker V Acquisition, Inc. (3) (4) (17)	Software & Tech Services	Revolver	9.06% (L + 6.00%; 1.00% Floor)	12/04/2025		—		(3,325	)		(1,297	)
Banneker V Acquisition, Inc. (2) (17)	Software & Tech Services	Delayed Draw Term Loan	9.12% (L + 6.00%; 1.00% Floor)	12/04/2025		1,026,826		1,013,624			1,021,692
Total Canadian 1st Lien/Senior Secured Debt								18,100,742			17,958,230
Total Canadian Corporate Debt								18,100,742			17,958,230

Portfolio Company	Class/Series	Industry	Shares		Cost		Fair Value
U.S. Preferred Stock- 3.57%
Global Radar Holdings, LLC (18) (19)	LLC Units	Business Services		125	$	367,615	$	586,155
Bowline Topco LLC (19) (20)	LLC Units	Energy		2,946,390		2,002,277		5,833,851
SBS Ultimate Holdings, LP (19)	Class A	Healthcare & HCIT		217,710		861,879		66,088
Concerto Health AI Solutions, LLC (19) (21)	Series B-1	Software & Tech Services		65,614		349,977		434,763
Alphasense, Inc. (17) (19)	Series C	Software & Tech Services		23,961		369,843		483,408
Datarobot, Inc. (19)	Series F	Software & Tech Services		6,715		88,248		95,714
Datarobot, Inc. (19)	Series E	Software & Tech Services		38,190		289,278		445,361
Degreed, Inc. (19)	Series D	Software & Tech Services		16,943		278,308		281,590
Degreed, Inc. (19)	Series C-1	Software & Tech Services		43,819		278,541		420,721
Heap, Inc. (19)	Series D	Software & Tech Services		17,425		147,443		147,407
Heap, Inc. (19)	Series C	Software & Tech Services		189,617		696,351		1,095,443
Knockout Intermediate Holdings I, Inc. (19)	Perpetual	Software & Tech Services		1,345		1,311,760		1,358,504
Netskope, Inc. (19)	Series G	Software & Tech Services		36,144		302,536		411,071
Phenom People, Inc. (19)	Series C	Software & Tech Services		35,055		220,610		533,166
Protoscale Rubrik, LLC (19)	Class B	Software & Tech Services		25,397		598,212		672,362
Swyft Parent Holdings LP (22)	LP Interests	Software & Tech Services		850,470		811,438		828,106
Symplr Software Intermediate Holdings, Inc. (19)	Series A	Software & Tech Services		1,196		1,160,532		1,843,779
Vectra AI, Inc (19)	Series F	Software & Tech Services		17,064		131,095		119,070
Total U.S. Preferred Stock						10,265,943		15,656,559

See Notes to Unaudited Consolidated Financial Statements

13

Portfolio Company	Class/Series	Industry	Shares		Cost		Fair Value
U.S. Common Stock- 1.70%
Leeds FEG Investors, LLC (19)	Class A	Consumer Discretionary		320	$	321,309	$	304,652
Freddy’s Frozen Custard, LLC (19) (23)	LP Interests	Consumer Non-Cyclical		72,483		72,483		113,496
8x8, Inc. (17) (19) (24)	Common Units	Digital Infrastructure & Services		7,886		170,890		27,207
Avant Communications, LLC (25)	Class A	Digital Infrastructure & Services		236,307		236,307		281,363
MSP Global Holdings, Inc (19)	Class A	Digital Infrastructure & Services		333,937		333,937		307,745
NEPCORE Parent Holdings, LLC (19)	Class A	Digital Infrastructure & Services		95		95,249		100,407
Neutral Connect, LLC (19) (26)	LLC Units	Digital Infrastructure & Services		396,513		439,931		430,141
Thrive Parent, LLC (19)	Class L	Digital Infrastructure & Services		100,219		263,195		355,941
Agape Care Group (19) (27)	LP Interests	Healthcare & HCIT		590,203		590,203		670,879
Community Based Care Holdings, LP (19)	LP Interests	Healthcare & HCIT		161		160,506		176,476
GSV Medsuite Investments, LLC (19)	Class A	Healthcare & HCIT		86,555		86,555		79,359
Health Platform Group, Inc	Earn Out	Healthcare & HCIT		16,502		—		—
Healthcare Services Acquisition (17) (19) (24)	Class A	Healthcare & HCIT		28,158		281,580		279,327
Healthcare Services Acquisition (17) (19)	Class B	Healthcare & HCIT		15,183		46		46
INH Group Holdings, Inc. (19)	Class A	Healthcare & HCIT		484,552		484,552		96,618
Medical Management Resource Group, LLC (19) (28)	Class B	Healthcare & HCIT		34,492		34,492		37,124
Redwood Family Care Network, Inc. (19) (29)	Class A	Healthcare & HCIT		66		66,000		60,696
REP AOM Holdings, LLC (19) (30)	Class A	Healthcare & HCIT		290,393		290,393		456,592
American Safety Holdings Corp. (19) (31)	LP Interests	Software & Tech Services		167,509		190,658		263,623
Brightspot Holdco, LLC (19)	LLC Units	Software & Tech Services		433,207		433,207		437,855
GSV Vehlo Investments, LLC (19)	Class A	Software & Tech Services		150,297		150,297		156,734
Moon Topco L.P. (19)	Class A	Software & Tech Services		36		35,999		56,119
Mykaarma Acquisition LLC (19)	Class A	Software & Tech Services		257,031		257,031		278,634
Ranger Lexipol Holdings, LLC (19)	Class A	Software & Tech Services		433		433,207		420,947
Ranger Lexipol Holdings, LLC (19)	Class B	Software & Tech Services		433		—		—
Samsara Networks, Inc. (17) (19) (24)	Class A	Software & Tech Services		33,451		369,998		403,754
Singularity Topco LLC (19)	Common Shares	Software & Tech Services		339,568		953,133		953,127
Stripe, Inc. (19)	Class B	Software & Tech Services		4,158		166,854		124,948
Swyft Parent Holdings LP (22)	LP Interests	Software & Tech Services		4,485		—		71,274
Omni Logistics, LLC (3 2 )	LP Interests	Transport & Logistics		193,770		120,614		499,051
Total U.S. Common Stock						7,038,626		7,444,135
U.S. Warrants - 0.19%
Healthcare Services Acquisition, expire 12/31/2027 (17) (19) (24)	Class A	Healthcare & HCIT		23,721		23,721		712
Healthcare Services Acquisition, expire 12/31/2027 (17) (19)	Class B	Healthcare & HCIT		14,079		—		—
SBS Ultimate Holdings, LP, expire 09/18/2030 (19)	Class A	Healthcare & HCIT		17,419		—		—
Alphasense, Inc., expire 05/29/2027 (17) (19)	Series B	Software & Tech Services		40,394		35,185		488,975
Degreed, Inc., expire 04/11/2028 (19)	Series D	Software & Tech Services		7,624		—		22,792
Degreed, Inc., expire 05/31/2026 (19)	Series C -1	Software & Tech Services		26,294		46,823		139,403
Degreed, Inc., expire 08/18/2029 (19)	Common Shares	Software & Tech Services		9,374		—		56,842
ScyllaDB, Inc., expire 09/08/2032 (19)	Series C-1	Software & Tech Services		239,984		43,880		43,880
Vectra AI, Inc., expire 03/18/2031 (19)	Series F	Software & Tech Services		35,156		58,189		95,523
Total U.S. Warrants						207,798		848,127
United Kingdom Warrants - 0.09%
GlobalWebIndex, Inc., expire 12/30/2027 (19)	Preferred Units	Software & Tech Services		8,832		159,859		378,098
Total United Kingdom Warrants						159,859		378,098

See Notes to Unaudited Consolidated Financial Statements

14

Portfolio Company	Class/Series				Units/ Commitments		Cost		Fair Value
InvestmentCompanies- 1.21%
AB Equity Investors, L.P. (19) (33)	LP Interests					782,234	$	782,234	$	784,940
Falcon Co-Investment Partners, L.P. (19) (33)(35)	LP Interests					1,121,573		812,734		813,547
GHP E Aggregator, LLC (19) (33)	LLC Units					417,813		186,588		601,650
GHP SPV 2, L.P . (17) (19) (33) (34) (35)	LP Interests					306,150		244,920		217,979
Magenta Blocker Aggregator, LP (19) (33) (34)	Class A					821,396		821,396		1,125,313
Orangewood WWB C o-Invest, L.P. (19) (3 3 ) (3 4 )	LP Interests					829,314		829,314		829,314
ORCP III Triton Co-Investors, L.P. (19) (3 3 ) (3 4 )	LP Interests					341,592		98,394		656,540
Palms Co-Investment Partners, L.P. (19) (33) (34) (35)	LP Interests					274,522		261,450		261,450
Total Investment Companies								4,037,030		5,290,733
TOTAL INVESTMENTS - 244.67% (36)							$	1,079,344,029	$	1,071,336,465
Portfolio Company	Class/Series	Industry		��	Shares		Cost		Fair Value
Cash Equivalents- 3.98%
U.S. Investment Companies- 3.98%
State Street Institutional US Government Money Market Fund (24) (37)	Money Market	Money Market Portfolio	2.79 %  (38)			17,420,745	$	17,420,745	$	17,420,745
Total U.S. Investment Companies								17,420,745		17,420,745
Total Cash Equivalents								17,420,745		17,420,745
LIABILITIES IN EXCESS OF OTHER ASSETS - (148.65%)									$	(650,883,853	)
NET ASSETS - 100.00%									$	437,873,357

(++)  Unless otherwise indicated, all securities represent co-investments made with the Fund’s affiliates in accordance with the terms of the exemptive relief received from the U.S. Securities and Exchange Commission. See Note 3 “Related Party Transactions”.

+  As of September 30, 2022, qualifying assets represented 97.02% of total assets. Under the 1940 Act we may not acquire any non-qualifying assets unless, at the time the acquisition is made, qualifying assets represent at least 70% of our total assets.

*  Unless otherwise indicated, all securities are valued using significant unobservable inputs, which are categorized as Level 3 assets under the definition of Financial Accounting Standards Board’s Accounting Standards Codification 820 fair value hierarchy.

#  Percentages are based on net assets.

^  Generally, the interest rate on floating interest rate investments is at benchmark rate plus spread. The borrower has an option to choose the benchmark rate, such as the London Interbank Offered Rate (“LIBOR”), Secured Overnight Financing Rate including adjustment, if any (“SOFR”) or the U.S. Prime rate. The spread may change based on the type of rate used. The terms in the Consolidated Schedule of Investments disclose the actual interest rate in effect as of the reporting period. LIBOR and SOFR loans are typically indexed to 30-day, 60-day, 90-day or 180-day rates (1M, 3M or 6M, respectively) at the borrower’s option. LIBOR and SOFR loans may be subject to interest floors. As of September 30, 2022, rates for weekly 1M L, 3M L 6M L, 1M S, 3M S and 6M S are 3.11%, 3.67%, 4.17%, 3.03%, 3.55% and 4.02%, respectively. As of September 30, 2022, the U.S. Prime rate was 6.25%.

See Notes to Unaudited Consolidated Financial Statements

15

(1)	Position, or a portion thereof, has been segregated to collateralize ABPCI Direct Lending Fund CLO VI Ltd.
(2)	Position, or a portion thereof, has been segregated to collateralize ABPCIC Funding III, LLC.
(3)	Position or portion thereof is an unfunded loan commitment, and no interest is being earned on the unfunded portion. The unfunded loan commitment may be subject to a commitment termination date, that may expire prior to the maturity date stated. See Note 6 “Commitments and Contingencies”.
(4)	The negative cost is the result of the capitalized discount being greater than the principal amount outstanding on the loan. The negative fair value is the result of the capitalized discount on the loan.
(5)	Position, or a portion thereof, has been segregated to collateralize ABPCIC Funding II, LLC.
(6)	$510,445 of the funded par amount accrues interest at 8.95% (L + 5.50%; 1.00% Floor).
(7)	Saturn Borrower Inc. has been renamed to Stratus Networks, Inc. in 2022.
(8)	$125,412 of the funded par amount accrues interest at 10.50% (P + 4.25%; 2.00% Floor).
(9)	$682,186 of the funded par amount accrues interest at 9.14% (L+5.50%; 1.00% Floor).
(10)	TA/WEG Holdings, LLC has been renamed to Wealth Enhancement Group, LLC in 2022.
(11)	$388,604 of the funded par amount accrues interest at 9.23% (S +6.00%; 1.00% Floor).
(12)	MedMark Services, Inc. has been renamed to BAART Programs, Inc. in 2022.
(13)	The investment is on non-accrual status. See Note 2 “Significant Accounting Policies.”
(14)	Millin Purchaser LLC. has been renamed to Medsuite Purchaser, LLC in 2022.
(15)	$30,725 of the funded par amount accrues interest at 9.25% (P + 3.00%; 2.00% Floor).
(16)	Cybergrants Holdings, LLC has been renamed to Bonterra LLC in 2022.
(17)	Positions considered non-qualified assets therefore excluded from the qualifying assets calculation as noted in footnote + above.
(18)	Position or portion thereof is held by Global Radar Acquisition Holdings, LLC which is held by ABPCIC Global Radar LLC, an affiliate of the Fund.
(19)	Non-income producing investment.
(20)	Bowline Topco LLC is held through ABPCIC BE Holdings, LLC, an affiliate of the Fund.
(21)	Concerto Health AI Solutions, LLC is held through ABPCIC Concerto Holdings LLC, an affiliate of the Fund.
(22)	Position or portion thereof is held by ABPCIC Swyft Holdings LLC, an affiliate of the Fund, which is held by ABPCIC Equity Holdings, LLC.
(23)	Position or portion thereof is held by Freddy’s Acquisition, LP.
(24)	Categorized as Level 1 assets under the definition of ASC 820 fair value hierarchy.
(25)	Position or portion thereof is held by Pamlico Avant Holdings L.P. which is held by ABPCIC Avant, LLC, an affiliate of the Fund.
(26)	Neutral Connect, LLC is held through ABPCIC NC Holdings LLC, an affiliate of the Fund.
(27)	Position or portion thereof is held by REP Coinvest III AGP Blocker, L.P. which is held by ABPCIC Equity Holdings, LLC.
(28)	Medical Management Resource Group, LLC is held through Advantage AVP Parent Holdings, L.P.
(29)	Redwood Family Care Network, Inc. is held through RCFN Parent, LP.
(30)	Position or portion thereof is held by ABPCIC AOM LLC, an affiliate of the Fund.
(31)	Position or portion thereof is held by REP Coinvest III Tec, L.P. which is held by ABPCIC Equity Holdings, LLC.
(32)	Position or portion thereof is held by ABPCIC Equity Holdings, LLC.
(33)	Position or portion thereof is held by REP Coinvest III-A Omni, L.P. which is held by ABPCIC Equity Holdings, LLC.
(34)	Excluded from the ASC 820 fair value hierarchy as fair value is measured using the net asset value per share practical expedient.
(35)	Unfunded amounts of $308,839,057, $61,230 and $13,072  are for Falcon Co-Investment Partners, L.P., GHP SPV 2, L.P. and Palms Co-Investment Partners, L.P., respectively.
(36)	Aggregate gross unrealized appreciation for federal income tax purposes is $12,899,639; aggregate gross unrealized depreciation for federal income tax purposes is $20,907,203. Net unrealized depreciation is $8,007,564 based upon a tax cost basis of $1,079,344,029.
(37)	Included within ‘Cash and cash equivalents’ on the Consolidated Statements of Assets and Liabilities.
(38)	The rate shown is the annualized seven-day yield as of September 30, 2022.
L -	LIBOR
P -	Prime
PIK -	Payment-In-Kind
S -	SOFR

See Notes to Unaudited Consolidated Financial Statements

16

AB Private Credit Investors Corporation

Consolidated Schedule of Investments as of December 31, 2021

Portfolio Company

Industry

Facility Type

Interest

Maturity

Funded   Par Amount

Cost

Fair Value

Investments at Fair Value—257.77% (++) + * # ^

U.S. Corporate Debt—244.00%

1st Lien/Senior Secured Debt—240.92%

AmerCareRoyal, LLC (1)

Business Services

Delayed Draw Term Loan

6.00% (L + 5.00%; 1.00% Floor)

11/25/2025

$

526,726

$

522,476

$

492,489

AmerCareRoyal, LLC (2)

Business Services

Term Loan

6.00% (L + 5.00%; 1.00% Floor)

11/25/2025

542,157

537,783

506,917

AmerCareRoyal, LLC (1)

Business Services

Term Loan

6.00% (L + 5.00%; 1.00% Floor)

11/25/2025

4,369,977

4,340,035

4,085,928

BEP Borrower Holdco, LLC (2) (3)

Business Services

Delayed Draw Term Loan

5.25% (L + 4.25%; 1.00% Floor)

06/12/2024

1,272,200

1,260,728

1,272,200

BEP Borrower Holdco, LLC (4) (5)

Business Services

Revolver

5.25% (L + 4.25%; 1.00% Floor)

06/12/2024

—

(3,190

)

—

BEP Borrower Holdco, LLC (1)

Business Services

Term Loan

5.25% (L + 4.25%; 1.00% Floor)

06/12/2024

3,392,534

3,365,460

3,392,534

Engage2Excel, Inc. (1) (4)

Business Services

Revolver

9.00% (L + 6.00%; 2.00% PIK; 1.00% Floor)

03/07/2023

373,874

371,898

370,041

Engage2Excel, Inc. (1)

Business Services

Term Loan

9.00% (L + 6.00%; 2.00% PIK; 1.00% Floor)

03/07/2023

1,037,292

1,030,411

1,026,919

Engage2Excel, Inc. (1)

Business Services

Term Loan

9.00% (L + 6.00%; 2.00% PIK; 1.00% Floor)

03/07/2023

2,989,244

2,972,409

2,959,351

Global Radar Holdings, LLC (4) (5)

Business Services

Revolver

7.50% (L + 6.50%; 1.00% Floor)

12/31/2025

—

(1,874

)

—

Global Radar Holdings, LLC (2) (3)

Business Services

Term Loan

7.50% (L + 6.50%; 1.00% Floor)

12/31/2025

7,494,115

7,370,436

7,494,115

Metametrics, Inc. (4)

Business Services

Revolver

6.00% (L + 5.00%; 1.00% Floor)

09/10/2025

260,473

252,392

260,473

Metametrics, Inc. (1) (2)

Business Services

Term Loan

6.00% (L + 5.00%; 1.00% Floor)

09/10/2025

4,731,059

4,668,040

4,731,059

MSM Acquisitions, Inc. (4) (5)

Business Services

Delayed Draw Term Loan

7.00% (L + 6.00%; 1.00% Floor)

12/09/2026

—

(14,764

)

—

MSM Acquisitions, Inc. (2)

Business Services

Delayed Draw Term Loan

7.00% (L + 6.00%; 1.00% Floor)

12/09/2026

3,035,769

2,982,201

3,020,590

MSM Acquisitions, Inc. (4)

Business Services

Revolver

8.25% (P + 5.00%; 2.00% Floor)

12/09/2026

113,317

93,015

107,191

MSM Acquisitions, Inc. (1) (2)  (3)

Business Services

Term Loan

7.00% (L + 6.00%; 1.00% Floor)

12/09/2026

8,295,612

8,164,830

8,254,134

Rep Tec Intermediate Holdings, Inc. (4) (5)

Business Services

Revolver

7.50% (L + 6.50%; 1.00% Floor)

12/01/2027

—

(12,973

)

—

Rep Tec Intermediate Holdings,Inc. (1) (2)  (3)

Business Services

Term Loan

7.50% (L + 6.50%; 1.00% Floor)

12/01/2027

14,386,927

14,150,969

14,386,927

Valcourt Holdings II, LLC (1) (4)

Business Services

Delayed Draw Term Loan

6.50% (L + 5.50%; 1.00% Floor)

01/07/2027

629,494

604,560

629,494

Valcourt Holdings II, LLC (2)

Business Services

Term Loan

6.50% (L + 5.50%; 1.00% Floor)

01/07/2027

2,668,148

2,620,810

2,668,148

Valcourt Holdings II, LLC (1) (2)

Business Services

Term Loan

6.50% (L + 5.50%; 1.00% Floor)

01/07/2027

6,343,167

6,233,173

6,343,167

AEG Holding Company , Inc. (1)

Consumer Discretionary

Delayed Draw Term Loan

6.50% (L + 5.50%; 1.00% Floor)

11/20/2023

1,056,538

1,049,248

1,056,538

AEG Holding Company, Inc. (4) (5)

Consumer Discretionary

Revolver

6.50% (L + 5.50%; 1.00% Floor)

11/20/2023

—

(8,444

)

—

AEG Holding Company, Inc. (3)

Consumer Discretionary

Term Loan

6.50% (L + 5.50%; 1.00% Floor)

11/20/2023

1,838,542

1,821,998

1,838,542

AEG Holding Company, Inc. (1)

Consumer Discretionary

Term Loan

6.50% (L + 5.50%; 1.00% Floor)

11/20/2023

5,710,726

5,669,850

5,710,726

Ampler QSR Holdings, LLC (2) (3)

Consumer Non-Cyclical

Term Loan

6.88% (L + 5.88%; 1.00% Floor)

07/21/2027

12,471,832

12,240,157

12,284,755

Blink Holdings, Inc. (1)

Consumer Non-Cyclical

Delayed Draw Term Loan

6.50% (L + 5.50%; 1.00% Floor)

11/08/2024

1,178,697

1,171,653

1,046,094

Blink Holdings, Inc.

Consumer Non-Cyclical

Delayed Draw Term Loan

6.50% (L + 5.50%; 1.00% Floor)

11/08/2024

945,093

944,188

838,770

Blink Holdings, Inc. (1)

Consumer Non-Cyclical

Term Loan

6.50% (L + 5.50%; 1.00% Floor)

11/08/2024

1,647,736

1,637,867

1,462,365

Captain D’s, Inc. (4) (5)

Consumer Non-Cyclical

Revolver

5.50% (L + 4.50%; 1.00% Floor)

12/15/2023

—

(713

)

—

Captain D’s, Inc. (1)

Consumer Non-Cyclical

Term Loan

5.50% (L + 4.50%; 1.00% Floor)

12/15/2023

1,929,660

1,922,514

1,929,660

Freddy’s Frozen Custard, L.L.C (4) (5)

Consumer Non-Cyclical

Revolver

6.00% (L + 5.00%; 1.00% Floor)

03/03/2027

—

(4,461

)

—

Freddy’s Frozen Custard, L.L.C (2) (3)

Consumer Non-Cyclical

Term Loan

6.00% (L + 5.00%; 1.00% Floor)

03/03/2027

4,908,524

4,855,157

4,908,524

Krispy Krunchy Foods, L.L.C (4) (5)

Consumer Non-Cyclical

Revolver

5.75% (L + 4.75%; 1.00% Floor)

11/17/2027

—

(19,108

)

(19,498

)

Krispy Krunchy Foods, L.L.C (2) (3)

Consumer Non-Cyclical

Term Loan

5.75% (L + 4.75%; 1.00% Floor)

11/17/2027

11,698,611

11,469,309

11,464,639

Mathnasium LLC (4)

Consumer Non-Cyclical

Revolver

5.75% (L + 5.00%; 0.75% Floor)

11/15/2027

87,043

74,259

73,987

Mathnasium LLC (1) (2)

Consumer Non-Cyclical

Term Loan

5.75% (L + 5.00%; 0.75% Floor)

11/15/2027

5,440,202

5,333,666

5,331,398

PF Growth Partners, LLC

Consumer Non-Cyclical

Term Loan

6.50% (L + 5.50%; 1.00% Floor)

07/11/2025

118,340

114,494

114,494

PF Growth Partners, LLC

Consumer Non-Cyclical

Term Loan

6.50% (L + 5.50%; 1.00% Floor)

07/11/2025

239,084

231,313

231,313

PF Growth Partners, LLC (1)

Consumer Non-Cyclical

Term Loan

6.50% (L + 5.50%; 1.00% Floor)

07/11/2025

1,991,362

1,978,641

1,926,643

TBG Food Acquisition Corp (4) (5)

Consumer Non-Cyclical

Delayed Draw Term Loan

5.00% (L + 4.25%; 0.75% Floor)

12/25/2027

—

(10,528

)

(10,561

)

TBG Food Acquisition Corp (4) (5)

Consumer Non-Cyclical

Revolver

5.00% (L + 4.25%; 0.75% Floor)

12/25/2027

—

(2,632

)

(2,640

)

TBG Food Acquisition Corp (1) (2)

Consumer Non-Cyclical

Term Loan

5.00% (L + 4.25%; 0.75% Floor)

12/25/2027

6,600,651

6,534,791

6,534,645

5 Bars, LLC (4) (5)

Digital Infrastructure & Services

Delayed Draw Term Loan

5.50% (L + 4.50%; 1.00% Floor)

09/27/2024

—

(28,548

)

—

5 Bars, LLC (4) (5)

Digital Infrastructure & Services

Revolver

5.50% (L + 4.50%; 1.00% Floor)

09/27/2024

—

(5,353

)

—

5 Bars, LLC (3)

Digital Infrastructure & Services

Term Loan

5.50% (L + 4.50%; 1.00% Floor)

09/27/2024

4,742,121

4,700,796

4,742,121

See Notes to Unaudited Consolidated Financial Statements

17

Portfolio Company	Industry	Facility Type	Interest	Maturity	Funded   Par Amount		Cost			Fair Value
Avant Communications, LLC (4) (5)	Digital Infrastructure & Services	Revolver	6.50% (L + 5.50%; 1.00% Floor)	11/30/2026	$	—	$	(11,145	)	$	(11,338	)
Avant Communications, LLC (1) (2)	Digital Infrastructure & Services	Term Loan	6.50% (L + 5.50%; 1.00% Floor)	11/30/2026		5,102,189		5,001,883			5,000,145
Bridgepointe Technologies, LLC (4) (5)	Digital Infrastructure & Services	Delayed Draw Term Loan	6.75% (L + 5.75%; 1.00% Floor)	12/31/2027		—		(38,875	)		(77,749	)
Bridgepointe Technologies, LLC (4) (5)	Digital Infrastructure & Services	Delayed Draw Term Loan	6.75% (L + 5.75%; 1.00% Floor)	12/31/2027		—		(27,795	)		(55,591	)
Bridgepointe Technologies, LLC (4) (5)	Digital Infrastructure & Services	Revolver	6.75% (L + 5.75%; 1.00% Floor)	12/31/2027		—		(15,550	)		(15,550	)
Bridgepointe Technologies, LLC (1) (2)	Digital Infrastructure & Services	Term Loan	6.75% (L + 5.75%; 1.00% Floor)	12/31/2027		4,789,366		4,693,578			4,693,578
Coretelligent Intermediate LLC (4)	Digital Infrastructure & Services	Delayed Draw Term Loan	6.50% (L + 5.50%; 1.00% Floor)	10/21/2027		—		—			—
Coretelligent Intermediate LLC (4) (5)	Digital Infrastructure & Services	Revolver	6.50% (L + 5.50%; 1.00% Floor)	10/21/2027		—		(18,391	)		(18,996	)
Coretelligent Intermediate LLC (1) (2)  (3)	Digital Infrastructure & Services	Term Loan	6.50% (L + 5.50%; 1.00% Floor)	10/21/2027		8,029,110		7,912,508			7,908,673
EvolveIP, LLC	Digital Infrastructure & Services	Delayed Draw Term Loan	6.50% (L + 5.50%; 1.00% Floor)	06/07/2025		112,240		111,547			111,679
EvolveIP, LLC (4)	Digital Infrastructure & Services	Revolver	6.50% (L + 5.50%; 1.00% Floor)	06/07/2025		56,687		53,206			53,852
EvolveIP, LLC (1)	Digital Infrastructure & Services	Term Loan	6.50% (L + 5.50%; 1.00% Floor)	06/07/2025		6,500,813		6,458,027			6,468,309
Fatbeam, LLC (4) (5)	Digital Infrastructure & Services	Delayed Draw Term Loan	7.25% (L + 6.25%; 1.00% Floor)	02/22/2026		—		(30,181	)		(64,385	)
Fatbeam, LLC (4) (5)	Digital Infrastructure & Services	Delayed Draw Term Loan	7.25% (L + 6.25%; 1.00% Floor)	02/22/2026		—		(30,181	)		(64,385	)
Fatbeam, LLC (4)	Digital Infrastructure & Services	Revolver	7.25% (L + 6.25%; 1.00% Floor)	02/22/2026		257,540		245,467			231,786
Fatbeam, LLC (2) (3)	Digital Infrastructure & Services	Term Loan	7.25% (L + 6.25%; 1.00% Floor)	02/22/2026		6,438,490		6,316,842			6,180,951
Firstdigital Communications LLC (4) (5)	Digital Infrastructure & Services	Revolver	5.00% (L + 4.25%; 0.75% Floor)	12/17/2026		—		(31,481	)		(31,735	)
Firstdigital Communications LLC (2) (3)	Digital Infrastructure & Services	Term Loan	5.00% (L + 4.25%; 0.75% Floor)	12/17/2026		13,645,840		13,375,102			13,372,924
Fuze, Inc. (2) (3)	Digital Infrastructure & Services	Delayed Draw Term Loan	9.675% (L + 5.625%; 2.30% PIK; 1.75% Floor)	09/20/2024		2,249,398		1,882,144			2,606,495
Fuze, Inc. (4) (5)	Digital Infrastructure & Services	Revolver	9.675% (L + 5.625%; 2.30% PIK; 1.75% Floor)	09/20/2024		—		(3,038	)		29,436
Fuze, Inc. (1) (3)	Digital Infrastructure & Services	Term Loan	9.675% (L + 5.625%; 2.30% PIK; 1.75% Floor)	09/20/2024		9,593,090		9,562,149			11,289,986
MBS Holdings, Inc. (4) (5)	Digital Infrastructure & Services	Revolver	6.75% (L + 5.75%; 1.00% Floor)	04/16/2027		—		(17,253	)		(4,871	)
MBS Holdings, Inc. (1) (2)  (3)	Digital Infrastructure & Services	Term Loan	6.75% (L + 5.75%; 1.00% Floor)	04/16/2027		10,468,423		10,283,024			10,416,080
NI Topco, Inc (4)	Digital Infrastructure & Services	Revolver	4.35% (L + 4.25%)	12/28/2026		244,622		226,764			226,764
NI Topco, Inc (2) (3)	Digital Infrastructure & Services	Term Loan	6.50% (L + 5.75%; 0.75% Floor)	12/28/2028		6,689,537		6,539,022			6,539,022
Saturn Borrower Inc (4) (5)	Digital Infrastructure & Services	Delayed Draw Term Loan	6.25% (L + 5.25%; 1.00% Floor)	12/15/2027		—		(39,305	)		(79,208	)
Saturn Borrower Inc (4)	Digital Infrastructure & Services	Revolver	6.25% (L + 5.25%; 1.00% Floor)	12/15/2027		244,224		224,571			224,422
Saturn Borrower Inc (2)	Digital Infrastructure & Services	Term Loan	6.25% (L + 5.25%; 1.00% Floor)	12/15/2027		7,920,781		7,762,366			7,762,366
Single Digits, Inc. (2)	Digital Infrastructure & Services	Delayed Draw Term Loan	7.00% (L + 6.00%; 1.00% Floor)	12/21/2023		601,500		599,101			595,485
Single Digits, Inc. (4) (5)	Digital Infrastructure & Services	Revolver	7.00% (L + 6.00%; 1.00% Floor)	12/21/2023		—		(1,656	)		(4,161	)
Single Digits, Inc. (1)	Digital Infrastructure & Services	Term Loan	7.00% (L + 6.00%; 1.00% Floor)	12/21/2023		3,229,305		3,214,249			3,197,012
Thrive Buyer, Inc. (1) (2)  (4)	Digital Infrastructure & Services	Delayed Draw Term Loan	7.00% (L + 6.00%; 1.00% Floor)	01/22/2027		4,699,600		4,543,576			4,678,788
Thrive Buyer, Inc. (4) (5)	Digital Infrastructure & Services	Revolver	7.00% (L + 6.00%; 1.00% Floor)	01/22/2027		—		(19,914	)		(2,774	)
Thrive Buyer, Inc. (1) (2)  (3)	Digital Infrastructure & Services	Term Loan	7.00% (L + 6.00%; 1.00% Floor)	01/22/2027		11,885,159		11,678,026			11,855,446
Towerco IV Holdings, LLC (1) (2)  (4)	Digital Infrastructure & Services	Delayed Draw Term Loan	6.63% (L + 5.63%; 1.00% Floor)	04/23/2026		13,200,903		13,015,634			13,035,063
Transtelco Holding, Inc. (2)	Digital Infrastructure & Services	Term Loan	6.25% (L + 5.75%; 0.50% Floor)	03/26/2026		4,756,166		4,708,605			4,708,605
Transtelco Holding, Inc. (1) (2)  (3)	Digital Infrastructure & Services	Term Loan	6.25% (L + 5.75%; 0.50% Floor)	03/26/2026		4,756,166		4,708,605			4,708,605
Accelerate Resources Operating, LLC (4) (5)	Energy	Revolver	6.50% (L + 5.50%; 1.00% Floor)	02/24/2026		—		(5,804	)		—
Accelerate Resources Operating, LLC (1)	Energy	Term Loan	6.50% (L + 5.50%; 1.00% Floor)	02/24/2026		4,233,665		4,174,582			4,233,665
Bowline Energy, LLC (1)	Energy	Term Loan	7.50% (L + 6.50%; 1.00% Floor)	08/09/2025		3,501,384		3,463,180			3,501,384
Foundation Risk Partners, Corp. (4)	Financials	Delayed Draw Term Loan	6.50% (L + 5.75%; 0.75% Floor)	10/29/2028		1,221,250		1,208,400			1,205,221

See Notes to Unaudited Consolidated Financial Statements

18

Portfolio Company	Industry	Facility Type	Interest	Maturity	Funded   Par Amount		Cost			Fair Value
Foundation Risk Partners, Corp. (4) (5)	Financials	Revolver	6.50% (L + 5.75%; 0.75% Floor)	10/29/2027	$	—	$	(12,430	)	$	(12,976	)
Foundation Risk Partners, Corp. (1) (2)  (3)	Financials	Term Loan	6.50% (L + 5.75%; 0.75% Floor)	10/29/2028		9,831,060		9,712,835			9,708,172
Galway Borrower, LLC (4) (5)	Financials	Delayed Draw Term Loan	6.00% (L + 5.25%; 0.75% Floor)	09/29/2028		—		(5,470	)		(5,679	)
Galway Borrower, LLC (4) (5)	Financials	Revolver	6.00% (L + 5.25%; 0.75% Floor)	09/30/2027		—		(5,186	)		(5,408	)
Galway Borrower, LLC (1) (2)	Financials	Term Loan	6.00% (L + 5.25%; 0.75% Floor)	09/29/2028		3,762,793		3,694,870			3,687,538
Higginbotham Insurance Agency, Inc. (2) (4)	Financials	Delayed Draw Term Loan	6.25% (L + 5.50%; 0.75% Floor)	11/25/2026		408,722		392,084			389,995
Higginbotham Insurance Agency, Inc. (1) (2)  (3)	Financials	Term Loan	6.25% (L + 5.50%; 0.75% Floor)	11/25/2026		8,124,520		8,025,805			8,043,274
Purchasing Power, LLC (1)	Financials	Term Loan	7.75% (L + 6.75%; 1.00% Floor)	02/06/2024		2,143,137		2,124,747			2,137,779
TA/WEG Holdings, LLC (4)	Financials	Delayed Draw Term Loan	6.75% (L + 5.75%; 1.00% Floor)	10/04/2027		3,369,460		3,349,421			3,369,460
TA/WEG Holdings, LLC (4)	Financials	Revolver	6.75% (L + 5.75%; 1.00% Floor)	10/04/2027		146,272		144,546			146,272
AAH Topco, LLC (4) (5)	Healthcare & HCIT	Delayed Draw Term Loan	6.25% (L + 5.50%; 0.75% Floor)	12/22/2027		—		(80,707	)		(162,172	)
AAH Topco, LLC (4) (5)	Healthcare & HCIT	Revolver	6.25% (L + 5.50%; 0.75% Floor)	12/22/2027		—		(15,672	)		(7,873	)
AAH Topco, LLC (1) (2)  (3)	Healthcare & HCIT	Term Loan	6.25% (L + 5.50%; 0.75% Floor)	12/22/2027		7,651,890		7,499,432			7,498,853
American Physician Partners, LLC (1) (2)	Healthcare & HCIT	Delayed Draw Term Loan	9.25% (L + 6.75%; 1.50% PIK; 1.00% Floor)	02/22/2022		968,734		968,067			968,734
American Physician Partners, LLC (4)	Healthcare & HCIT	Revolver	9.25% (L + 6.75%; 1.50% PIK; 1.00% Floor)	02/22/2022		346,322		346,034			346,322
American Physician Partners, LLC (2)	Healthcare & HCIT	Term Loan	9.25% (L + 6.75%; 1.50% PIK; 1.00% Floor)	02/22/2022		1,110,657		1,110,051			1,110,657
American Physician Partners, LLC (1)	Healthcare & HCIT	Term Loan	9.25% (L + 6.75%; 1.50% PIK; 1.00% Floor)	02/22/2022		5,135,852		5,132,311			5,135,852
American Physician Partners, LLC (1) (2)	Healthcare & HCIT	Term Loan	9.25% (L + 6.75%; 1.50% PIK; 1.00% Floor)	02/22/2022		2,061,589		2,046,516			2,061,589
Analogic Corporation (4)	Healthcare & HCIT	Revolver	6.25% (L + 5.25%; 1.00% Floor)	06/22/2023		122,222		121,007			115,271
Analogic Corporation (1) (3)	Healthcare & HCIT	Term Loan	6.25% (L + 5.25%; 1.00% Floor)	06/24/2024		2,096,111		2,077,718			2,027,987
Caregiver 2, Inc. (4)	Healthcare & HCIT	Delayed Draw Term Loan	6.25% (L + 5.25%; 1.00% Floor)	07/24/2025		1,302,812		1,273,771			1,275,272
Caregiver 2, Inc. (3)	Healthcare & HCIT	Term Loan	6.25% (L + 5.25%; 1.00% Floor)	07/24/2025		677,662		667,618			665,803
Caregiver 2, Inc. (3)	Healthcare & HCIT	Term Loan	6.25% (L + 5.25%; 1.00% Floor)	07/24/2025		4,721,319		4,651,344			4,638,696
Caregiver 2, Inc. (2)	Healthcare & HCIT	Term Loan	6.25% (L + 5.25%; 1.00% Floor)	07/24/2025		646,610		635,095			635,294
Choice Health At Home, LLC, (4) (5)	Healthcare & HCIT	Delayed Draw Term Loan	7.00% (L + 6.00%; 1.00% Floor)	12/29/2026		—		(17,314	)		(34,628	)
Choice Health At Home, LLC, (1) (2)	Healthcare & HCIT	Term Loan	7.00% (L + 6.00%; 1.00% Floor)	12/29/2026		2,697,942		2,657,473			2,657,473
Coding Solutions Acquisition, Inc. (4) (5)	Healthcare & HCIT	Delayed Draw Term Loan	7.25% (L + 6.25%; 1.00% Floor)	12/31/2026		—		(20,474	)		(18,330	)
Coding Solutions Acquisition, Inc. (4)	Healthcare & HCIT	Revolver	7.25% (L + 6.25%; 1.00% Floor)	12/31/2025		69,828		67,954			68,955
Coding Solutions Acquisition, Inc. (2) (3)	Healthcare & HCIT	Term Loan	7.25% (L + 6.25%; 1.00% Floor)	12/31/2026		7,834,654		7,701,591			7,775,894
Community Based Care Acquisition, Inc. (4)	Healthcare & HCIT	Delayed Draw Term Loan	6.50% (L + 5.50%; 1.00% Floor)	09/16/2027		305,358		284,793			305,358
Community Based Care Acquisition, Inc. (4) (6)	Healthcare & HCIT	Revolver	7.75% (P + 4.50%; 2.00% Floor)	09/16/2027		475,097		458,641			468,619
Community Based Care Acquisition, Inc. (1) (2)	Healthcare & HCIT	Term Loan	6.50% (L + 5.50%; 1.00% Floor)	09/16/2027		5,342,252		5,237,300			5,302,185
Delaware Valley Management Holdings, Inc. (4) (5)	Healthcare & HCIT	Delayed Draw Term Loan	7.25% (L + 6.25%; 1.00% Floor)	03/21/2024		—		(21,173	)		(121,182	)
Delaware Valley Management Holdings, Inc.	Healthcare & HCIT	Revolver	7.25% (L + 6.25%; 1.00% Floor)	03/21/2024		537,691		532,717			475,856
Delaware Valley Management Holdings, Inc.	Healthcare & HCIT	Term Loan	7.25% (L + 6.25%; 1.00% Floor)	03/21/2024		3,492,300		3,458,909			3,090,686
Ethos Veterinary Health, LLC (1)	Healthcare & HCIT	Delayed Draw Term Loan	4.85% (L + 4.75%)	05/15/2026		1,067,934		1,060,499			1,067,934
Ethos Veterinary Health, LLC (1)	Healthcare & HCIT	Term Loan	4.85% (L + 4.75%)	05/15/2026		2,268,405		2,252,839			2,268,405
FH MD Buyer, Inc. (1) (2)	Healthcare & HCIT	Term Loan	5.75% (L + 5.00%; 0.75% Floor)	07/24/2028		5,520,754		5,466,660			5,479,349
GHA Buyer, Inc. (2)	Healthcare & HCIT	Delayed Draw Term Loan	8.50% (L + 6.50%; 2.00% Floor)	06/24/2025		811,193		798,999			811,193
GHA Buyer, Inc. (4)	Healthcare & HCIT	Revolver	8.50% (L + 6.50%; 2.00% Floor)	06/24/2025		317,026		306,311			317,026
GHA Buyer, Inc. (1)	Healthcare & HCIT	Term Loan	8.50% (L + 6.50%; 2.00% Floor)	06/24/2025		559,497		551,505			559,497
GHA Buyer, Inc. (1) (3)	Healthcare & HCIT	Term Loan	8.50% (L + 6.50%; 2.00% Floor)	06/24/2025		5,353,792		5,271,375			5,353,792
GHA Buyer, Inc. (3)	Healthcare & HCIT	Term Loan	8.50% (L + 6.50%; 2.00% Floor)	06/24/2025		4,635,391		4,561,173			4,635,391
GHA Buyer, Inc. (1)	Healthcare & HCIT	Term Loan	8.50% (L + 6.50%; 2.00% Floor)	06/24/2025		1,957,629		1,941,868			1,957,629
Honor HN Buyer, Inc (4) (5)	Healthcare & HCIT	Delayed Draw Term Loan	7.00% (L + 6.00%; 1.00% Floor)	10/15/2027		—		(16,022	)		(16,596	)
Honor HN Buyer, Inc (4) (5)	Healthcare & HCIT	Revolver	7.00% (L + 6.00%; 1.00% Floor)	10/15/2027		—		(6,082	)		(6,082	)
Honor HN Buyer, Inc (1) (2)	Healthcare & HCIT	Term Loan	7.00% (L + 6.00%; 1.00% Floor)	10/15/2027		2,643,294		2,592,248			2,590,429
Kindeva Drug Delivery L.P. (4)	Healthcare & HCIT	Revolver	7.00% (L + 6.00%; 1.00% Floor)	05/01/2025		687,973		663,697			641,000
Kindeva Drug Delivery L.P. (1) (2)  (3)	Healthcare & HCIT	Term Loan	7.00% (L + 6.00%; 1.00% Floor)	05/01/2026		15,660,091		15,362,567			15,151,138
Medbridge Holdings, LLC (4)	Healthcare & HCIT	Revolver	8.00% (L + 7.00%; 1.00% Floor)	12/23/2026		458,742		435,821			458,742
Medbridge Holdings, LLC (1) (2)	Healthcare & HCIT	Term Loan	8.00% (L + 7.00%; 1.00% Floor)	12/23/2026		15,367,872		15,108,285			15,367,872
Medical Management Resource Group, LLC (4) (5)	Healthcare & HCIT	Delayed Draw Term Loan	6.50% (L + 5.75%; 0.75% Floor)	09/30/2027		—		(15,821	)		(11,866	)
Medical Management Resource Group, LLC (4) (5)	Healthcare & HCIT	Revolver	6.50% (L + 5.75%; 0.75% Floor)	09/30/2026		—		(6,015	)		(5,537	)

See Notes to Unaudited Consolidated Financial Statements

19

Portfolio Company	Industry	Facility Type	Interest	Maturity	Funded   Par Amount		Cost			Fair Value
Medical Management Resource Group,LLC (2)	Healthcare & HCIT	Term Loan	6.50% (L + 5.75%; 0.75% Floor)	09/30/2027	$	3,850,613	$	3,776,760		$	3,783,227
MedMark Services, Inc. (4)	Healthcare & HCIT	Delayed Draw Term Loan	6.00% (L + 5.00%; 1.00% Floor)	06/11/2027		2,175,411		2,106,921			2,105,126
MedMark Services, Inc. (1) (2)	Healthcare & HCIT	Term Loan	6.00% (L + 5.00%; 1.00% Floor)	06/11/2027		4,436,254		4,395,637			4,391,892
Millin Purchaser LLC (4) (5)	Healthcare & HCIT	Delayed Draw Term Loan	5.75% (L + 4.75%; 1.00% Floor)	10/22/2026		—		(11,782	)		(12,247	)
Millin Purchaser LLC (4) (5)	Healthcare & HCIT	Delayed Draw Term Loan	5.75% (L + 4.75%; 1.00% Floor)	10/22/2026		—		(51,545	)		(53,582	)
Millin Purchaser LLC (4) (5)	Healthcare & HCIT	Revolver	5.75% (L + 4.75%; 1.00% Floor)	10/22/2026		—		(9,819	)		(10,206	)
Millin Purchaser LLC (1) (2)	Healthcare & HCIT	Term Loan	5.75% (L + 4.75%; 1.00% Floor)	10/22/2026		4,830,842		4,761,124			4,758,379
OMH-HealthEdge Holdings, LLC (4) (5)	Healthcare & HCIT	Revolver	6.50% (L + 5.50%; 1.00% Floor)	10/24/2024		—		(5,861	)		(2,294	)
OMH-HealthEdge Holdings, LLC (2)	Healthcare & HCIT	Term Loan	6.50% (L + 5.50%; 1.00% Floor)	10/24/2025		2,143,505		2,103,337			2,132,787
OMH-HealthEdge Holdings, LLC (1)	Healthcare & HCIT	Term Loan	6.50% (L + 5.50%; 1.00% Floor)	10/24/2025		3,699,295		3,642,231			3,680,799
Pace Health Companies, LLC (4) (5)	Healthcare & HCIT	Revolver	5.50% (L + 4.50%; 1.00% Floor)	08/02/2024		—		(3,316	)		—
Pace Health Companies, LLC (1)	Healthcare & HCIT	Term Loan	5.50% (L + 4.50%; 1.00% Floor)	08/02/2024		5,304,701		5,274,593			5,304,701
PAW Midco, Inc	Healthcare & HCIT	Term Loan	11.50% (11.50% PIK)	12/22/2031		5,328,115		5,168,684			5,168,271
Pinnacle Dermatology Management, LLC (4) (5)	Healthcare & HCIT	Delayed Draw Term Loan	6.50% (L + 5.75%; 0.75% Floor)	12/08/2028		—		(19,022	)		(38,407	)
Pinnacle Dermatology Management, LLC (4) (5)	Healthcare & HCIT	Revolver	6.50% (L + 5.75%; 0.75% Floor)	12/08/2026		—		(13,264	)		(6,721	)
Pinnacle Dermatology Management, LLC (1) (2)  (3)	Healthcare & HCIT	Term Loan	6.50% (L + 5.75%; 0.75% Floor)	12/08/2028		5,376,956		5,243,342			5,242,532
Pinnacle Treatment Centers, Inc. (2)	Healthcare & HCIT	Delayed Draw Term Loan	6.75% (L + 5.75%; 1.00% Floor)	12/31/2022		347,151		345,134			347,151
Pinnacle Treatment Centers, Inc. (4) (5)	Healthcare & HCIT	Delayed Draw Term Loan	6.75% (L + 5.75%; 1.00% Floor)	12/31/2022		—		(1,225	)		—
Pinnacle Treatment Centers, Inc. (4) (5)	Healthcare & HCIT	Revolver	6.75% (L + 5.75%; 1.00% Floor)	12/31/2022		—		(1,808	)		—
Pinnacle Treatment Centers, Inc. (2) (3)	Healthcare & HCIT	Term Loan	6.75% (L + 5.75%; 1.00% Floor)	12/31/2022		4,128,092		4,113,924			4,128,092
Platinum Dermatology Partners, LLC (7)	Healthcare & HCIT	Delayed Draw Term Loan	8.25% (L + 6.25%; 1.00% PIK; 1.00% Floor)	01/03/2023		1,554,536		1,535,303			1,511,786
Platinum Dermatology Partners, LLC (1)	Healthcare & HCIT	Delayed Draw Term Loan	9.50% (P + 5.25%; 1.00% PIK; 2.00% Floor)	01/03/2023		2,138,823		2,115,584			2,080,006
Platinum Dermatology Partners, LLC (8)	Healthcare & HCIT	Revolver	9.50% (P + 5.25%; 1.00% PIK; 2.00% Floor)	01/03/2023		547,119		539,255			532,073
Platinum Dermatology Partners, LLC (1)	Healthcare & HCIT	Term Loan	8.25% (L + 6.25%; 1.00% PIK; 1.00% Floor)	01/03/2023		3,416,629		3,371,987			3,322,672
RCP Encore Acquisition, Inc. (1)	Healthcare & HCIT	Term Loan	6.00% (L + 5.00%; 1.00% Floor)	06/09/2025		3,468,095		3,446,550			1,387,238
Redwood Family Care Network, Inc. (1) (4)	Healthcare & HCIT	Delayed Draw Term Loan	6.50% (L + 5.50%; 1.00% Floor)	06/18/2026		3,385,701		3,302,759			3,371,026
Redwood Family Care Network, Inc. (4) (5)	Healthcare & HCIT	Revolver	6.50% (L + 5.50%; 1.00% Floor)	06/18/2026		—		(10,545	)		(1,472	)
Redwood Family Care Network, Inc. (3)	Healthcare & HCIT	Term Loan	6.50% (L + 5.50%; 1.00% Floor)	06/18/2026		6,736,256		6,615,591			6,719,416
Salisbury House, LLC (4) (5)	Healthcare & HCIT	Revolver	6.50% (L + 5.50%; 1.00% Floor)	08/30/2025		—		(8,365	)		(6,725	)
Salisbury House, LLC (1)	Healthcare & HCIT	Term Loan	6.50% (L + 5.50%; 1.00% Floor)	08/30/2025		1,148,658		1,132,381			1,131,428
Salisbury House, LLC (1) (2)	Healthcare & HCIT	Term Loan	6.50% (L + 5.50%; 1.00% Floor)	08/30/2025		3,934,410		3,853,666			3,875,393
SCA Buyer, LLC (4)	Healthcare & HCIT	Revolver	7.50% (L + 6.50%; 1.00% Floor)	01/20/2026		257,540		249,657			255,930
SCA Buyer, LLC (2)	Healthcare & HCIT	Term Loan	7.50% (L + 6.50%; 1.00% Floor)	01/20/2026		3,834,121		3,785,598			3,834,121
SIS Purchaser, Inc. (4) (5)	Healthcare & HCIT	Revolver	7.00% (L + 6.00%; 1.00% Floor)	10/15/2026		—		(16,352	)		—
SIS Purchaser, Inc. (2)	Healthcare & HCIT	Term Loan	7.00% (L + 6.00%; 1.00% Floor)	10/15/2026		2,430,305		2,391,057			2,430,305
SIS Purchaser, Inc. (1) (2)  (3)	Healthcare & HCIT	Term Loan	7.00% (L + 6.00%; 1.00% Floor)	10/15/2026		12,697,202		12,514,261			12,697,202
Smile Brands, Inc. (3)	Healthcare & HCIT	Delayed Draw Term Loan	5.25% (L + 4.50%; 0.75% Floor)	10/12/2025		487,856		485,531			482,977
Smile Brands, Inc. (4)	Healthcare & HCIT	Revolver	6.75% (P + 3.50%; 1.75% Floor)	10/12/2025		13,899		12,969			11,351
Smile Brands, Inc. (1)	Healthcare & HCIT	Term Loan	5.25% (L + 4.50%; 0.75% Floor)	10/12/2025		1,606,770		1,598,701			1,590,702
Taconic Biosciences, Inc. (2)	Healthcare & HCIT	Term Loan	6.50% (L + 5.50%; 1.00% Floor)	02/01/2026		4,733,001		4,649,471			4,685,671
The Center for Orthopedic and Research Excellence, Inc. (4)	Healthcare & HCIT	Delayed Draw Term Loan	6.75% (L + 5.75%; 1.00% Floor)	08/15/2025		299,344		285,084			294,993
The Center for Orthopedic and Research Excellence, Inc. (1) (2)	Healthcare & HCIT	Delayed Draw Term Loan	6.75% (L + 5.75%; 1.00% Floor)	08/15/2025		1,153,201		1,147,274			1,147,435
The Center for Orthopedic and Research Excellence, Inc. (4) (9)	Healthcare & HCIT	Revolver	6.75% (L + 5.75%; 1.00% Floor)	08/15/2025		310,739		303,248			307,287
The Center for Orthopedic and Research Excellence, Inc. (1) (3)	Healthcare & HCIT	Term Loan	6.75% (L + 5.75%; 1.00% Floor)	08/15/2025		4,893,714		4,837,943			4,869,245
Activ Software Holdings, LLC (4) (5)	Software & Tech Services	Revolver	7.25% (L + 6.25%; 1.00% Floor)	05/04/2027		—		(11,606	)		(3,244	)
Activ Software Holdings, LLC (1) (2)  (3)	Software & Tech Services	Term Loan	7.25% (L + 6.25%; 1.00% Floor)	05/04/2027		8,070,237		7,925,881			8,029,885
Alphasense, Inc. (2) (10)	Software & Tech Services	Delayed Draw Term Loan	8.50% (L + 7.50%; 1.00% Floor)	05/29/2024		645,972		640,161			642,742
Alphasense, Inc. (4) (5)  (10)	Software & Tech Services	Revolver	8.50% (L + 7.50%; 1.00% Floor)	05/29/2024		—		(7,625	)		(4,362	)
Alphasense, Inc. (3) (10)	Software & Tech Services	Term Loan	8.50% (L + 7.50%; 1.00% Floor)	05/29/2024		7,269,628		7,206,103			7,233,279
AMI US Holdings, Inc. (4)	Software & Tech Services	Revolver	5.35% (L + 5.25%)	04/01/2024		437,842		427,443			437,842
AMI US Holdings, Inc. (1)	Software & Tech Services	Term Loan	6.25% (L + 5.25%; 1.00% Floor)	04/01/2025		8,090,225		7,993,780			8,090,225

See Notes to Unaudited Consolidated Financial Statements

20

Portfolio Company	Industry	Facility Type	Interest	Maturity		Funded   Par Amount		Cost			Fair Value
Arrowstream Acquisition Co., Inc. (4) (5)	Software & Tech Services	Revolver	7.50% (L + 6.50%; 1.00% Floor)		12/15/2025	$	—	$	(6,138	)	$	(2,897	)
Arrowstream Acquisition Co., Inc. (3)	Software & Tech Services	Term Loan	7.50% (L + 6.50%; 1.00% Floor)		12/15/2025		3,863,094		3,801,878			3,834,121
Avetta, LLC (4) (5)	Software & Tech Services	Revolver	7.25% (L + 6.25%; 1.00% Floor)		04/10/2024		—		(3,802	)		(1,236	)
Avetta, LLC (1) (3)	Software & Tech Services	Term Loan	7.25% (L + 6.25%; 1.00% Floor)		04/10/2024		3,220,374		3,175,362			3,212,323
Avetta, LLC (2)	Software & Tech Services	Term Loan	7.25% (L + 6.25%; 1.00% Floor)		04/10/2024		6,836,841		6,722,844			6,819,748
Avetta, LLC (1)	Software & Tech Services	Term Loan	7.25% (L + 6.25%; 1.00% Floor)		04/10/2024		4,239,624		4,196,267			4,229,025
Brightspot Buyer, Inc (4) (5)	Software & Tech Services	Revolver	6.50% (L + 5.75%; 0.75% Floor)		11/16/2027		—		(13,328	)		(13,606	)
Brightspot Buyer, Inc (2)	Software & Tech Services	Term Loan	6.50% (L + 5.75%; 0.75% Floor)		11/16/2027		5,215,571		5,113,388			5,111,260
BusinesSolver.com, Inc. (4) (5)	Software & Tech Services	Delayed Draw Term Loan	6.50% (L + 5.75%; 0.75% Floor)		12/01/2027		—		(9,824	)		(19,869	)
BusinesSolver.com, Inc. (2) (3)	Software & Tech Services	Term Loan	6.50% (L + 5.75%; 0.75% Floor)		12/01/2027		7,379,963		7,306,983			7,306,163
Cybergrants Holdings , LLC (4) (5)	Software & Tech Services	Delayed Draw Term Loan	7.25% (L + 6.50%; 0.75% Floor)		09/08/2027		—		(8,195	)		(11,518	)
Cybergrants Holdings, LLC (4) (5)	Software & Tech Services	Revolver	7.25% (L + 6.50%; 0.75% Floor)		09/08/2027		—		(16,393	)		(11,518	)
Cybergrants Holdings, LLC (1) (2)	Software & Tech Services	Term Loan	7.25% (L + 6.50%; 0.75% Floor)		09/08/2027		11,747,857		11,580,502			11,630,378
Datacor, Inc. (4) (5)	Software & Tech Services	Delayed Draw Term Loan	6.25% (L + 5.25%; 1.00% Floor)		12/29/2025		—		(28,023	)		—
Datacor, Inc. (4) (5)	Software & Tech Services	Revolver	6.25% (L + 5.25%; 1.00% Floor)		12/29/2025		—		(10,280	)		(3,219	)
Datacor, Inc. (1) (3)	Software & Tech Services	Term Loan	6.25% (L + 5.25%; 1.00% Floor)		12/29/2025		7,983,728		7,834,533			7,943,809
Degreed, Inc. (4) (5)	Software & Tech Services	Delayed Draw Term Loan	6.50% (L + 5.50%; 1.00% Floor)		05/31/2025		—		(5,693	)		(3,478	)
Degreed, Inc. (4) (5)	Software & Tech Services	Revolver	6.50% (L + 5.50%; 1.00% Floor)		05/31/2025		—		(2,169	)		(3,134	)
Degreed, Inc. (2)	Software & Tech Services	Term Loan	6.50% (L + 5.50%; 1.00% Floor)		05/31/2025		2,782,788		2,759,481			2,761,917
Degreed, Inc. (1) (3)	Software & Tech Services	Term Loan	6.50% (L + 5.50%; 1.00% Floor)		05/31/2025		5,153,024		5,097,775			5,114,376
Dispatch Track, LLC (4) (5)	Software & Tech Services	Revolver	5.50% (L + 4.50%; 1.00% Floor)		12/17/2026		—		(2,716	)		(755	)
Dispatch Track, LLC (1) (2)	Software & Tech Services	Term Loan	5.50% (L + 4.50%; 1.00% Floor)		12/17/2026		9,849,936		9,741,587			9,825,312
Drilling Info Holdings, Inc. (1)	Software & Tech Services	Term Loan	4.35% (L + 4.25%)		07/30/2025		3,326,513		3,317,966			3,318,197
Dude Solutions Holdings, Inc. (3)	Software & Tech Services	Term Loan	7.25% (L + 6.25%; 1.00% Floor)		06/13/2025		3,853,725		3,779,486			3,815,188
Dude Solutions Holdings, Inc. (3)	Software & Tech Services	Term Loan	7.25% (L + 6.25%; 1.00% Floor)		06/13/2025		530,072		519,517			524,771
EET Buyer, Inc. (4) (5)	Software & Tech Services	Revolver	6.50% (L + 5.75%; 0.75% Floor)		11/08/2027		—		(13,485	)		(13,816	)
EET Buyer, Inc. (2) (3)	Software & Tech Services	Term Loan	6.50% (L + 5.75%; 0.75% Floor)		11/08/2027		6,907,937		6,773,088			6,769,778
EnterpriseDB Corporation (4) (5)	Software & Tech Services	Revolver	6.75% (L + 3.00%; 2.75% PIK; 1.00% Floor)		06/22/2026		—		(12,616	)		(2,532	)
EnterpriseDB Corporation (1) (2)	Software & Tech Services	Term Loan	6.75% (L + 3.00%; 2.75% PIK; 1.00% Floor)		06/22/2026		6,277,267		6,157,445			6,261,574
EnterpriseDB Corporation (1) (2)  (3)	Software & Tech Services	Term Loan	6.75% (L + 3.00%; 2.75% PIK; 1.00% Floor)		06/22/2026		7,964,621		7,874,000			7,944,709
EnterpriseDB Corporation (1) (3)	Software & Tech Services	Term Loan	6.75% (L + 3.00%; 2.75% PIK; 1.00% Floor)		06/22/2026		4,563,807		4,488,855			4,552,398
Exterro, Inc. (4) (5)	Software & Tech Services	Revolver	6.50% (L + 5.50%; 1.00% Floor)		05/31/2024		—		(2,032	)		—
Exterro, Inc. (1) (2)	Software & Tech Services	Term Loan	6.50% (L + 5.50%; 1.00% Floor)		05/31/2024		5,809,123		5,732,506			5,809,123
Exterro, Inc. (2) (3)	Software & Tech Services	Term Loan	6.50% (L + 5.50%; 1.00% Floor)		05/31/2024		6,237,900		6,148,977			6,237,900
Exterro, Inc. (1)	Software & Tech Services	Term Loan	6.50% (L + 5.50%; 1.00% Floor)		05/31/2024		2,793,450		2,769,803			2,793,450
Faithlife, LLC (1) (2)  (4)	Software & Tech Services	Delayed Draw Term Loan	6.50% (L + 5.50%; 1.00% Floor)		09/18/2025		1,697,185		1,651,986			1,697,185
Faithlife, LLC (4) (5)	Software & Tech Services	Revolver	6.50% (L + 5.50%; 1.00% Floor)		09/18/2025		—		(4,165	)		—
Faithlife, LLC (1) (2)	Software & Tech Services	Term Loan	6.50% (L + 5.50%; 1.00% Floor)		09/18/2025		728,853		717,940			728,853
Genesis Acquisition Co. (3)	Software & Tech Services	Revolver	4.13% (L + 4.00%)		07/31/2024		202,400		195,642			196,834
Genesis Acquisition Co. (1) (2)	Software & Tech Services	Term Loan	4.13% (L + 4.00%)		07/31/2024		1,374,959		1,362,298			1,337,148
Greenhouse Software, Inc. (4) (5)	Software & Tech Services	Revolver	7.50% (L + 6.50%; 1.00% Floor)		03/01/2027		—		(23,993	)		(6,161	)
Greenhouse Software, Inc. (2) (3)	Software & Tech Services	Term Loan	7.50% (L + 6.50%; 1.00% Floor)		03/01/2027		12,376,845		12,133,927			12,314,961
GS AcquisitionCo, Inc. (4) (5)	Software & Tech Services	Delayed Draw Term Loan	6.75% (L + 5.75%; 1.00% Floor)		05/22/2026		—		(3,243	)		—
GS AcquisitionCo, Inc. (4)	Software & Tech Services	Revolver	6.75% (L + 5.75%; 1.00% Floor)		05/22/2026		216,932		213,702			214,648
GS AcquisitionCo, Inc. (1) (2)  (3)	Software & Tech Services	Term Loan	6.75% (L + 5.75%; 1.00% Floor)		05/22/2026		8,708,367		8,658,965			8,664,825
Iodine Software, LLC (2) (3)	Software & Tech Services	Delayed Draw Term Loan	7.50% (L + 6.50%; 1.00% Floor)		05/19/2027		9,058,308		8,894,669			9,058,308
Iodine Software, LLC (4) (5)	Software & Tech Services	Revolver	7.50% (L + 6.50%; 1.00% Floor)		05/19/2027		—		(22,107	)		—
Iodine Software, LLC (1) (2)	Software & Tech Services	Term Loan	7.50% (L + 6.50%; 1.00% Floor)		05/19/2027		6,013,669		5,905,362			6,013,669
Kaseya, Inc. (4)	Software & Tech Services	Delayed Draw Term Loan	7.50% (L + 5.50%; 1.00% PIK; 1.00% Floor)		05/02/2025		250,488		240,932			250,488
Kaseya, Inc. (2)	Software & Tech Services	Delayed Draw Term Loan	7.50% (L + 5.50%; 1.00% PIK; 1.00% Floor)		05/02/2025		553,854		550,163			553,854
Kaseya, Inc. (2)	Software & Tech Services	Delayed Draw Term Loan	7.50% (L + 5.50%; 1.00% PIK; 1.00% Floor)		05/02/2025		485,401		485,401			485,401
Kaseya, Inc. (4) (5)	Software & Tech Services	Revolver	7.50% (L + 5.50%; 1.00% Floor)		05/02/2025		—		(2,163	)		—
Kaseya, Inc. (1) (2)	Software & Tech Services	Term Loan	7.50% (L + 5.50%; 1.00% PIK; 1.00% Floor)		05/02/2025		1,266,793		1,246,533			1,266,793
Kaseya, Inc. (1) (2)  (3)	Software & Tech Services	Term Loan	7.50% (L + 5.50%; 1.00% PIK; 1.00% Floor)		05/02/2025		5,243,629		5,210,799			5,243,629
Mavenlink, Inc (4) (5)	Software & Tech Services	Revolver	6.75% (L + 6.00%; 0.75% Floor)		06/03/2027		—		(35,347	)		(35,796	)
Mavenlink, Inc (1) (2)  (3)	Software & Tech Services	Term Loan	6.75% (L + 6.00%; 0.75% Floor)		06/03/2027		15,034,451		14,737,540			14,733,762
Ministry Brands, LLC (2)	Software & Tech Services	Delayed Draw Term Loan	5.00% (L + 4.00%; 1.00% Floor)		12/02/2022		644,345		643,659			644,345
Ministry Brands, LLC (2)	Software & Tech Services	Term Loan	5.00% (L + 4.00%; 1.00% Floor)		12/02/2022		3,080,740		3,077,478			3,080,740
Moon Buyer, Inc. (4) (5)	Software & Tech Services	Delayed Draw Term Loan	5.75% (L + 4.75%; 1.00% Floor)		04/21/2027		—		(30,197	)		—
Moon Buyer, Inc. (4) (5)	Software & Tech Services	Revolver	5.75% (L + 4.75%; 1.00% Floor)		04/21/2027		—		(15,493	)		—
Moon Buyer, Inc. (1) (2)  (3)	Software & Tech Services	Term Loan	5.75% (L + 4.75%; 1.00% Floor)		04/21/2027		6,368,857		6,284,074			6,368,857

See Notes to Unaudited Consolidated Financial Statements

21

Portfolio Company	Industry	Facility Type	��                     Interest	Maturity		Funded   Par Amount		Cost			Fair Value
Netwrix Corporation And Concept Searching Inc. (2)	Software & Tech Services	Delayed Draw Term Loan	7.00% (L + 6.00%; 1.00% Floor)		09/30/2026	$	497,148	$	489,221		$	497,148
Netwrix Corporation And Concept Searching Inc. (1)	Software & Tech Services	Delayed Draw Term Loan	7.00% (L + 6.00%; 1.00% Floor)		09/30/2026		994,297		976,754			994,297
Netwrix Corporation And Concept Searching Inc. (4)	Software & Tech Services	Delayed Draw Term Loan	7.00% (L + 6.00%; 1.00% Floor)		09/30/2026		1,380,166		1,350,432			1,380,166
Netwrix Corporation And Concept Searching Inc. (4) (5)	Software & Tech Services	Revolver	7.00% (L + 6.00%; 1.00% Floor)		09/30/2026		—		(3,553	)		—
Netwrix Corporation And Concept Searching Inc. (1)	Software & Tech Services	Term Loan	7.00% (L + 6.00%; 1.00% Floor)		09/30/2026		1,648,855		1,613,573			1,648,855
Netwrix Corporation And Concept Searching Inc. (2)	Software & Tech Services	Term Loan	7.00% (L + 6.00%; 1.00% Floor)		09/30/2026		6,652,404		6,523,360			6,652,404
PerimeterX, Inc. (4) (5)	Software & Tech Services	Delayed Draw Term Loan	6.50% (L + 4.00%; 1.50% PIK; 1.00% Floor)		11/22/2024		—		(18,332	)		(10,754	)
PerimeterX, Inc. (4) (5)	Software & Tech Services	Delayed Draw Term Loan	6.50% (L + 4.00%; 1.50% PIK; 1.00% Floor)		11/22/2024		—		(5,880	)		(6,988	)
PerimeterX, Inc. (4) (5)	Software & Tech Services	Revolver	6.50% (L + 4.00%; 1.50% PIK; 1.00% Floor)		11/22/2024		—		(2,178	)		(2,795	)
PerimeterX, Inc. (3)	Software & Tech Services	Term Loan	6.50% (L + 4.00%; 1.50% PIK; 1.00% Floor)		11/22/2024		2,842,516		2,818,385			2,814,091
Ranger Buyer Inc (4)	Software & Tech Services	Revolver	7.00% (L + 6.25%; 0.75% Floor)		11/18/2027		239,847		215,862			215,862
Ranger Buyer Inc (1) (2)  (3)	Software & Tech Services	Term Loan	7.00% (L + 6.25%; 0.75% Floor)		11/18/2028		14,390,790		14,102,974			14,102,974
Sauce Labs, Inc. (4) (5)	Software & Tech Services	Delayed Draw Term Loan	6.50% (L + 5.50%; 1.00% Floor)		08/16/2027		—		(18,064	)		(24,034	)
Sauce Labs, Inc. (4) (5)	Software & Tech Services	Revolver	6.50% (L + 5.50%; 1.00% Floor)		08/16/2027		—		(24,093	)		(19,227	)
Sauce Labs, Inc. (2)	Software & Tech Services	Term Loan	6.50% (L + 5.50%; 1.00% Floor)		08/16/2027		5,127,286		5,024,740			5,050,376
SecureLink, Inc. (4) (5)	Software & Tech Services	Revolver	7.25% (L + 6.25%; 1.00% Floor)		10/01/2025		—		(4,950	)		—
SecureLink, Inc. (1) (2)	Software & Tech Services	Term Loan	7.25% (L + 6.25%; 1.00% Floor)		10/01/2025		2,938,404		2,900,881			2,938,404
SecureLink, Inc. (1)	Software & Tech Services	Term Loan	7.25% (L + 6.25%; 1.00% Floor)		10/01/2025		4,873,428		4,816,425			4,873,428
Sirsi Corporation (4) (5)	Software & Tech Services	Revolver	5.50% (L + 4.50%; 1.00% Floor)		03/15/2024		—		(3,852	)		(1,384	)
Sirsi Corporation (1) (2)	Software & Tech Services	Term Loan	5.50% (L + 4.50%; 1.00% Floor)		03/15/2024		7,326,840		7,272,820			7,308,523
Smartlinx Solutions, LLC (4) (5)	Software & Tech Services	Revolver	7.00% (L + 6.00%; 1.00% Floor)		03/04/2026		—		(3,648	)		(2,597	)
Smartlinx Solutions, LLC (1) (2)  (3)	Software & Tech Services	Term Loan	7.00% (L + 6.00%; 1.00% Floor)		03/04/2026		5,678,119		5,597,713			5,649,729
Streamsets, Inc. (4) (5)	Software & Tech Services	Revolver	6.75% (L + 5.00%; 0.75% PIK; 1.00% Floor)		11/25/2024		—		(6,816	)		(12,268	)
Streamsets, Inc. (3)	Software & Tech Services	Term Loan	6.75% (L + 5.00%; 0.75% PIK; 1.00% Floor)		11/25/2024		2,120,781		2,078,548			2,046,554
SugarCRM, Inc. (4) (5)	Software & Tech Services	Revolver	7.50% (L + 6.50%; 1.00% Floor)		07/31/2024		—		(2,407	)		—
SugarCRM, Inc. (1) (3)	Software & Tech Services	Term Loan	7.50% (L + 6.50%; 1.00% Floor)		07/31/2024		4,268,824		4,228,733			4,268,824
Sundance Group Holdings, Inc (4) (5)	Software & Tech Services	Delayed Draw Term Loan	7.75% (L + 6.75%; 1.00% Floor)		07/02/2027		—		(32,626	)		(26,604	)
Sundance Group Holdings, Inc (4)	Software & Tech Services	Revolver	7.75% (L + 6.75%; 1.00% Floor)		07/02/2027		425,670		399,558			404,387
Sundance Group Holdings, Inc (2) (3)	Software & Tech Services	Term Loan	7.75% (L + 6.75%; 1.00% Floor)		07/02/2027		11,824,177		11,606,577			11,646,815
Swiftpage, Inc. (4) (5)	Software & Tech Services	Revolver	6.50% (L + 5.50%; 1.00% Floor)		06/13/2023		—		(1,326	)		(1,690	)
Swiftpage, Inc. (2)	Software & Tech Services	Term Loan	6.50% (L + 5.50%; 1.00% Floor)		06/13/2023		2,446,093		2,432,907			2,427,747
Swiftpage, Inc. (2)	Software & Tech Services	Term Loan	6.50% (L + 5.50%; 1.00% Floor)		06/13/2023		225,154		223,434			223,465
Sysnet North America, Inc.	Software & Tech Services	Delayed Draw Term Loan	6.50% (L + 5.50%; 1.00% Floor)		12/01/2026		1,287,698		1,274,256			1,268,383
Sysnet North America, Inc. (1) (2)  (3)	Software & Tech Services	Term Loan	6.50% (L + 5.50%; 1.00% Floor)		12/01/2026		7,668,193		7,576,635			7,514,830
Telcor Buyer, Inc. (4) (5)	Software & Tech Services	Revolver	5.75% (L + 4.75%; 1.00% Floor)		08/20/2027		—		(4,106	)		(2,181	)
Telcor Buyer, Inc. (1) (2)	Software & Tech Services	Term Loan	5.75% (L + 4.75%; 1.00% Floor)		08/20/2027		9,304,625		9,173,236			9,234,840
Telesoft Holdings, LLC (4) (5)	Software & Tech Services	Revolver	6.75% (L + 5.75%; 1.00% Floor)		12/16/2025		—		(8,939	)		(2,984	)
Telesoft Holdings, LLC (2) (3)	Software & Tech Services	Term Loan	6.75% (L + 5.75%; 1.00% Floor)		12/16/2025		5,864,213		5,774,460			5,834,892
TRGRP, Inc. (4) (5)	Software & Tech Services	Revolver	8.00% (L + 4.50%; 2.50% PIK; 1.00% Floor)		11/01/2023		—		(2,462	)		—
TRGRP, Inc. (2)	Software & Tech Services	Term Loan	8.00% (L + 4.50%; 2.50% PIK; 1.00% Floor)		11/01/2023		2,333,710		2,292,698			2,333,710
TRGRP, Inc. (1)	Software & Tech Services	Term Loan	8.00% (L + 4.50%; 2.50% PIK; 1.00% Floor)		11/01/2023		1,110,872		1,101,354			1,110,872
TRGRP, Inc. (2) (3)	Software & Tech Services	Term Loan	8.00% (L + 4.50%; 2.50% PIK; 1.00% Floor)		11/01/2023		4,972,446		4,933,912			4,972,446
Ungerboeck Systems International, LLC	Software & Tech Services	Delayed Draw Term Loan	7.00% (L + 6.00%; 1.00% Floor)		04/30/2027		690,794		690,794			690,794
Ungerboeck Systems International, LLC (1)	Software & Tech Services	Delayed Draw Term Loan	6.75% (L + 5.75%; 1.00% Floor)		04/30/2027		322,391		318,018			322,391
Ungerboeck Systems International, LLC (4) (5)	Software & Tech Services	Revolver	6.75% (L + 5.75%; 1.00% Floor)		04/30/2027		—		(2,156	)		—
Ungerboeck Systems International, LLC (2) (3)	Software & Tech Services	Term Loan	6.75% (L + 5.75%; 1.00% Floor)		04/30/2027		2,717,277		2,680,448			2,717,277
Vectra AI, Inc. (4) (5)	Software & Tech Services	Delayed Draw Term Loan	6.75% (L + 5.75%; 1.00% Floor)		03/18/2026		—		(49,091	)		(58,190	)
Vectra AI, Inc. (4) (5)	Software & Tech Services	Revolver	6.75% (L + 5.75%; 1.00% Floor)		03/18/2026		—		(4,909	)		(5,819	)
Vectra AI, Inc. (2) (3)	Software & Tech Services	Term Loan	6.75% (L + 5.75%; 1.00% Floor)		03/18/2026		3,258,620		3,188,883			3,177,155
Velocity Purchaser Corporation (4) (5)	Software & Tech Services	Revolver	7.00% (L + 6.00%; 1.00% Floor)		12/01/2022		—		(728	)		—
Velocity Purchaser Corporation (1)	Software & Tech Services	Term Loan	7.00% (L + 6.00%; 1.00% Floor)		12/01/2022		647,042		643,783			647,042
Velocity Purchaser Corporation (1) (2)	Software & Tech Services	Term Loan	7.00% (L + 6.00%; 1.00% Floor)		12/01/2022		5,116,095		5,066,567			5,116,095

See Notes to Unaudited Consolidated Financial Statements

22

Portfolio Company	Industry	Facility Type	Interest	Maturity		Funded   Par Amount		Cost			Fair Value
Velocity Purchaser Corporation (1)	Software & Tech Services	Term Loan	7.00% (L + 6.00%; 1.00% Floor)		12/01/2022	$	2,601,503	$	2,590,901		$	2,601,503
Veracross LLC (4) (5)	Software & Tech Services	Delayed Draw Term Loan	8.50% (L + 2.00%; 5.50% PIK; 1.00% Floor)		12/28/2027		—		(16,659	)		(16,688	)
Veracross LLC (4) (5)	Software & Tech Services	Revolver	8.50% (L + 2.00%; 5.50% PIK; 1.00% Floor)		12/28/2027		—		(22,212	)		(22,251	)
Veracross LLC (3)	Software & Tech Services	Term Loan	8.50% (L + 2.00%; 5.50% PIK; 1.00% Floor)		12/28/2027		12,238,089		11,993,759			11,993,327
Dillon Logistics, Inc. (4) (11)	Transport & Logistics	Revolver	9.25% (P + 6.00%; 1.00% Floor)		12/11/2023		779,728		757,176			167,554
Dillon Logistics, Inc. (11)	Transport & Logistics	Term Loan	8.00% (L + 7.00%; 1.00% Floor)		12/11/2023		3,024,587		2,742,506			739,511
Dillon Logistics, Inc. (11)	Transport & Logistics	Term Loan	8.00% (L + 7.00%; 1.00% Floor)		12/11/2023		889,565		787,261			217,499
Total U.S. 1st Lien/Senior Secured Debt									833,353,917			834,232,033
2nd Lien/Junior Secured Debt—3.08%
Conterra Ultra Broadband Holdings, Inc. (1) (2)	Digital Infrastructure & Services	Term Loan	9.50% (L + 8.50%; 1.00% Floor)		04/30/2027		6,537,710		6,465,035			6,537,710
Brave Parent Holdings, Inc. (1)	Software & Tech Services	Term Loan	7.58% (L + 7.50%)		04/17/2026		1,230,107		1,212,535			1,230,107
Symplr Software, Inc. (1)	Software & Tech Services	Term Loan	8.625% (L + 7.875%; 0.75% Floor)		12/22/2028		2,909,482		2,857,031			2,909,482
Total U.S. 2nd Lien/Junior Secured Debt									10,534,601			10,677,299
Total U.S. Corporate Debt									843,888,518			844,909,332
Canadian Corporate Debt—5.24%
1st Lien/Senior Secured Debt—5.24%
McNairn Holdings Ltd. (1) (10)	Business Services	Term Loan	6.00% (L + 5.00%; 1.00% Floor)		11/25/2025		809,967		804,385			757,319
Syntax Systems Ltd (1) (2)  (10)	Digital Infrastructure & Services	Term Loan	6.25% (L + 5.50%; 0.75% Floor)		10/29/2028		8,862,389		8,774,869			8,773,765
Syntax Systems Ltd (4) (10)	Digital Infrastructure & Services	Revolver	6.25% (L + 5.50%; 0.75% Floor)		10/29/2026		425,812		416,408			416,075
Syntax Systems Ltd (4) (5)  (10)	Digital Infrastructure & Services	Delayed Draw Term Loan	6.25% (L + 5.50%; 0.75% Floor)		10/29/2028		—		(23,752	)		(24,341	)
Banneker V Acquisition, Inc. (2) (3)  (10)	Software & Tech Services	Term Loan	8.00% (L + 7.00%; 1.00% Floor)		12/04/2025		7,177,672		7,054,712			7,177,672
Banneker V Acquisition, Inc. (4) (5)  (10)	Software & Tech Services	Revolver	8.00% (L + 7.00%; 1.00% Floor)		12/04/2025		—		(4,095	)		—
Banneker V Acquisition, Inc. (2) (10)	Software & Tech Services	Delayed Draw Term Loan	8.00% (L + 7.00%; 1.00% Floor)		12/04/2025		1,034,605		1,018,253			1,034,605
Total Canadian 1st Lien/Senior Secured Debt									18,040,780			18,135,095
Total Canadian Corporate Debt									18,040,780			18,135,095
United Kingdom Corporate Debt—2.03%
1st Lien/Senior Secured Debt—2.03%
GlobalWebIndex Inc. (3) (4)	Software & Tech Services	Delayed Draw Term Loan	7.00% (L + 6.00%; 1.00% Floor)		12/30/2024	$	1,841,860	$	1,813,899		$	1,712,930
GlobalWebIndex Inc. (2) (3)	Software & Tech Services	Term Loan	7.00% (L + 6.00%; 1.00% Floor)		12/30/2024		5,525,580		5,361,193			5,332,185
Total United Kingdom 1st Lien/Senior Secured Debt									7,175,092			7,045,115
Total United Kingdom Corporate Debt									7,175,092			7,045,115
Portfolio Company	Class/Series	Industry				Shares		Cost			Fair Value
U.S. Preferred Stock—3.63%
Global Radar Holdings, LLC (12)	LLC Units	Business Services					125	$	367,615		$	549,041
Bowline Topco LLC (13) (14)	LLC Units	Energy					2,946,390		2,002,277			2,600,575
SBS Ultimate Holdings, LP (14)	Class A	Healthcare & HCIT					217,710		861,879			705,379
Concerto Health AI Solutions, LLC (14) (15)	Series B-1	Software & Tech Services					65,614		349,977			460,537
Streamsets, Inc. (14)	Series C-1	Software & Tech Services					109,518		295,512			301,406
Alphasense, Inc. (10) (14)	Series C	Software & Tech Services					23,961		369,843			371,362
Datarobot, Inc. (14)	Series F	Software & Tech Services					6,715		88,248			117,326
Datarobot, Inc. (14)	Series E	Software & Tech Services					38,190		289,278			570,282
Degreed, Inc. (14)	Series D	Software & Tech Services					16,943		278,308			278,308
Degreed, Inc. (14)	Series C-1	Software & Tech Services					43,819		278,541			718,478
Heap, Inc. (14)	Series D	Software & Tech Services					17,425		147,443			147,527
Heap, Inc. (14)	Series C	Software & Tech Services					189,617		696,351			1,444,013
Netskope, Inc. (14)	Series G	Software & Tech Services					36,144		302,536			400,047
PerimeterX, Inc. (14)	Series D	Software & Tech Services					282,034		838,601			870,048

See Notes to Unaudited Consolidated Financial Statements

23

Portfolio Company	Class/Series	Industry	Shares		Cost		Fair Value
Phenom People, Inc. (14)	Series C	Software & Tech Services		35,055	$	220,610	$	552,848
Protoscale Rubrik, LLC (14)	Class B	Software & Tech Services		25,397		598,212		635,044
Symplr Software Intermediate Holdings, Inc. (14)	Series A	Software & Tech Services		1,196		1,160,532		1,718,402
Vectra AI, Inc (14)	Series F	Software & Tech Services		17,064		131,095		123,291
Total U.S. Preferred Stock						9,276,858		12,563,914
U.S. Common Stock—1.71%
Leeds FEG Investors, LLC (14)	Class A	Consumer Discretionary		320	$	321,309	$	290,338
Pacific Bells, LLC (14) (16)	LP Interests	Consumer Non-Cyclical		802,902		802,902		802,902
Freddy’s Frozen Custard, LLC (14) (28)	LP Interests	Consumer Non-Cyclical		72,483		72,483		108,415
Avant Communications, LLC (14) (18)	Class A	Digital Infrastructure & Services		220,542		220,542		220,542
Avant Communications, LLC. (14) (18)	Class A Capital	Digital Infrastructure & Services		220,542		—		—
NEPCORE Parent Holdings, LLC (14)	Class A	Digital Infrastructure & Services		82		81,530		81,530
Neutral Connect, LLC (14) (19)	LLC Units	Digital Infrastructure & Services		396,513		439,931		439,931
Thrive Parent, LLC (14)	Class L	Digital Infrastructure & Services		100,219		263,195		307,955
Agape Care Group (14) (20)	LP Interests	Healthcare & HCIT		590,203		590,203		590,203
Health Platform Group, Inc. (14)	Earn Out	Healthcare & HCIT		16,502		—		—
Healthcare Services Acquisition (10) (14)	Class B	Healthcare & HCIT		15,183		46		46
Healthcare Services Acquisition (10) (14) (21)	Class A	Healthcare & HCIT		28,158		281,580		279,891
INH Group Holdings, Inc. (14)	Class A	Healthcare & HCIT		484,552		484,552		315,872
Medical Management Resource Group, LLC (14) (22)	Class B	Healthcare & HCIT		34,492		34,492		34,321
Millin Purchaser LLC (14) (29)	Class A	Healthcare & HCIT		86,555		86,555		86,555
Redwood Family Care Network, Inc. (14)	Class A	Healthcare & HCIT		66		66,000		76,527
American Safety Holdings Corp. (14) (23)	LP Interests	Software & Tech Services		167,509		190,658		270,241
Brightspot Holdco, LLC (14)	LLC Units	Software & Tech Services		433,207		433,207		433,207
Moon Topco L.P. (14)	Class A	Software & Tech Services		36		35,999		40,471
Ranger Lexipol Holdings, LLC (14)	Class A	Software & Tech Services		433		433,207		433,207
Ranger Lexipol Holdings, LLC (14)	Class B	Software & Tech Services		433		—		—
Samsara Networks, Inc. (10) (14) (21)	Class A	Software & Tech Services		33,451		369,998		940,308
Stripe, Inc. (14)	Class B	Software & Tech Services		4,158		166,854		163,472
Total U.S. Common Stock						5,375,243		5,915,934
U.S. Warrants—0.26%
Fuze, Inc., expire 04/26/2031 (14)	Series A	Digital Infrastructure & Services		613,241		—		227,619
Healthcare Services Acquisition, expire 12/31/2027 (10) (14)	Class B	Healthcare & HCIT		14,079		—		—
Healthcare Services Acquisition, expire 12/31/2027 (10) (14) (21)	Class A	Healthcare & HCIT		23,721		23,721		12,335
SBS Ultimate Holdings, LP, expire 09/18/2030 (14)	Class A	Healthcare & HCIT		17,419		—		—
Alphasense, Inc., expire 05/29/2027 (10) (14)	Series B	Software & Tech Services		38,346		35,185		206,363
Alphasense, Inc., expire 12/22/2027 (10) (14)	Series C	Software & Tech Services		2,049		—		12,235
Degreed, Inc., expire 04/11/2028 (14)	Series D	Software & Tech Services		7,624		—		38,358
Degreed, Inc., expire 05/31/2026 (14)	Series C-1	Software & Tech Services		26,294		46,823		279,001
PerimeterX, Inc., expire 12/31/2031 (14)	Series D	Software & Tech Services		10,850		7,595		7,595
Streamsets, Inc., expire 11/25/2027 (14)	Series C-1	Software & Tech Services		23,382		16,367		15,965
Vectra AI, Inc., expire 03/18/2031 (14)	Series F	Software & Tech Services		35,156		58,190		100,824
Total U.S. Warrants						187,881		900,295
United Kingdom Warrants—0.07%
GlobalWebIndex, Inc., expire 12/30/2027 (14)	Preferred Units	Software & Tech Services		8,832		159,859		223,583
Total United Kingdom Warrants						159,859		223,583
Investment Companies - 0.83%
GHP E Aggregator, LLC (14) (17)	LLC Units			417,813	$	417,813	$	1,282,685
GHP SPV 2, L.P. (10) (14) (17) (24)	LP Interests			244,920		244,920		244,920
Magenta Blocker Aggregator, L.P. (14) (17) (24)	Class A			821,396		821,396		835,432
ORCP III Triton Co-Investors, L.P. (14) (17) (24)	LP Interests			341,592		98,394		98,394
REP Coinvest III-A-Omni L.P. (17) (24)	LP Interests			193,770		193,770		426,294
Total Investment Companies						1,776,293		2,887,725
TOTAL INVESTMENTS—257.77% (28)					$	885,880,524	$	892,580,993

See Notes to Unaudit

e

d Consolidated Financial Statements

24

Portfolio Company	Industry	Facility Type	Interest	Maturity	Funded   Par Amount		Cost		Fair Value
Cash Equivalents—4.95%
U.S. Investment Companies—4.95%
Blackrock T Fund I (23) (29)	Money Market	Money Market Portfolio	0.01% (30)			17,156,786	$	17,156,786	$	17,156,786
Total U.S. Investment Companies								17,156,786		17,156,786
Total Cash Equivalents								17,156,786		17,156,786
LIABILITIES IN EXCESS OF OTHER ASSETS—(162.72%)									$	(563,461,099	)
NET ASSETS—100.00%									$	346,276,680

(++)  Unless otherwise indicated, all securities represent co-investments made with the Company’s affiliates in accordance with the terms of the exemptive relief received from the U.S. Securities and Exchange Commission. See Note 3 “Related Party Transactions”.

+  As of December 31, 2021, qualifying assets represented 96.32% of total assets. Under the 1940 Act we may not acquire any non-qualifying assets unless, at the time the acquisition is made, qualifying assets represent at least 70% of our total assets.

*  Unless otherwise indicated, all securities are valued using significant unobservable inputs, which are categorized as Level 3 assets under the definition of Financial Accounting Standards Board’s Accounting Standards Codification 820 fair value hierarchy.

#  Percentages are based on net assets.

^  Generally, the interest rate on floating interest rate investments is at benchmark rate plus spread. The borrower has an option to choose the benchmark rate, such as the London Interbank Offered Rate (“LIBOR”) or the U.S. Prime rate. The spread may change based on the type of rate used. The terms in the Consolidated Schedule of Investments disclose the actual interest rate in effect as of the reporting period. LIBOR loans are typically indexed to 30-day, 60-day, 90-day or 180-day LIBOR rates (1M L, 2M L, 3M L or 6M L, respectively) at the borrower’s option. LIBOR loans may be subject to interest floors. As of December 31, 2021, rates for weekly 1M L, 2M L, 3M L and 6M L are 0.10%, 0.15%, 0.21% and 0.34%, respectively. As of December 31, 2021, the U.S. Prime rate was 3.25%.

(1)  Position, or a portion thereof, has been segregated to collateralize ABPCI Direct Lending Fund CLO VI Ltd.

(2)  Position, or a portion thereof, has been segregated to collateralize ABPCIC Funding III, LLC.

(3)  Position, or a portion thereof, has been segregated to collateralize ABPCIC Funding II, LLC.

(4)  Position or portion thereof is an unfunded loan commitment, and no interest is being earned on the unfunded portion. The unfunded loan commitment may be subject to a commitment termination date, that may expire prior to the maturity date stated. See Note 6 “Commitments and Contingencies”.

(5)  The negative cost is the result of the capitalized discount being greater than the principal amount outstanding on the loan. The negative fair value is the result of the capitalized discount on the loan.

(6)  $86,381 of the funded par amount accrues interest at 6.50% (L + 5.50%; 1.00% Floor).

(7)  $320,329 of the funded par amount accrues interest at 9.50% (P + 5.25%; 1.00% PIK; 2.00% Floor).

(8)  $135,993 of the funded par amount accrues interest at 8.25% (L + 6.25%; 1.00% PIK; 1.00% Floor).

(9)  $138,106 of the funded par amount accrues interest at 8.00% (P + 4.75%; 2.00% Floor).

(10)  Positions considered non-qualified assets therefore excluded from the qualifying assets calculation as noted in footnote + above.

(11)  The investment is on non-accrual status. See Note 2 “Significant Accounting Policies.”

(12)  Position or portion thereof is held by Global Radar Acquisition Holdings, LLC which is held by ABPCIC Global Radar LLC, an affiliate of the Fund.

(13)  Bowline Topco LLC is held through ABPCIC BE Holdings, LLC, an affiliate of the Fund.

(14)  Non-income producing investment.

(15)  Concerto Health AI Solutions, LLC is held through ABPCIC Concerto Holdings LLC, an affiliate of the Fund.

(16)  Position or portion thereof is held by Orangewood WWB Co-Invest, L.P. which is held by ABPCIC Equity Holdings, LLC.

(17)  Excluded from the ASC 820 fair value hierarchy as fair value is measured using the net asset value per share practical expedient.

( 18 )   Position or portion thereof is held by Pamlico Avant Holdings L.P. which is held by ABPCIC Avant, LLC, an affiliate of the Fund.

(1 9 )   Neutral Connect, LLC is held through ABPCIC NC Holdings LLC, an affiliate of the Fund.

(2 0 )   Position or portion thereof is held by REP Coinvest III AGP Blocker, L.P. which is held by ABPCIC Equity Holdings, LLC.

(2 1 )   Categorized as Level 1 assets under the definition of ASC 820 fair value hierarchy.

(2 2 )   Medical Management Resource Group, LLC is held through Advantage AVP Parent Holdings, L.P.

(2 3 )   Position or portion thereof is held by REP Coinvest III Tec, L.P. which is held by ABPCIC Equity Holdings, LLC.

(2 4 )   Held by ABPCIC Equity Holdings, LLC. 

(2 5 )   Aggregate gross unrealized appreciation for federal income tax purposes is $14,943,797; aggregate gross unrealized depreciation for federal income tax purposes is $8,243,328. Net unrealized appreciation is $6,700,469 based upon a tax cost basis of $885,880,524.

(2 6 )   Included within ‘Cash and cash equivalents’ on the Consolidated Statements of Assets and Liabilities.

( 2 7 )   The rate shown is the annualized seven-day yield as of December 31, 2021.

( 2 8 )   Position or portion thereof is held by Freddy’s Acquisition, LP.

( 29 )   Position or portion thereof is held by GSV MedSuite Investments, LLC.

L	-	LIBOR
P	-	Prime
PIK	-	Payment-In-Kind

See Notes to Unaudited Consolidated Financial Statements

25

AB Private Credit Investors Corporation

Notes to Unaudited Consolidated Financial Statements

September 30, 2022

1. Organization

AB Private Credit Investors Corporation (the “Fund,” “we,” “our,” and “us”), an externally managed,

non-diversified,

closed-end,

management investment company that elected to be regulated as a business development company (“BDC”) under the Investment Company Act of 1940, as amended (the “1940 Act”), was incorporated under the laws of the state of Maryland on February 6, 2015. The Fund was formed to invest in primary-issue middle-market credit opportunities that are directly sourced and privately negotiated. AB Private Credit Investors LLC serves as the Fund’s external investment adviser (the “Adviser”).

Prior to 2017, there were no significant operations other than the sale and issuance of 100 shares of common stock of the Fund, par value $0.01 (“Shares”), on June 27, 2016, at an aggregate purchase price of $1,000 ($10.00 per Share) to the Adviser. The sale of Shares was approved by the unanimous consent of the Fund’s Board of Directors (the “Board”). In addition, prior to commencing operations in 2017, on May 26, 2017, the Fund issued and sold an additional 2,400 Shares at an aggregate purchase price of $24,000 ($10.00 per Share) to the Adviser. That sale was also approved by the unanimous consent of the Fund’s Board.

The Fund is conducting private offerings (each a “Private Offering”) of its common stock to investors in reliance on an exemption from the registration requirements of the Securities Act of 1933, as amended (the “Securities Act”). At the closing of any Private Offering, each investor will make a capital commitment (a “Capital Commitment”) to purchase Shares pursuant to a subscription agreement entered into with the Fund. All investors will be committed to the Fund for at least three years from the date of their initial Capital Commitment, subject to the terms described in the Fund’s Private Placement Memorandum. Investors will be required to fund drawdowns to purchase Shares up to the amount of their respective Capital Commitment on an

as-needed

basis each time the Fund delivers a capital draw-down notice to its investors.

On September 29, 2017, the Fund completed the initial closing (“Initial Closing”) of its Private Offering after entering into subscription agreements (collectively, the “Subscription Agreements”) with several investors, providing for the private placement of Shares. At September 30, 2022, the Fund had total Capital Commitments of $557,540,164, of which 17% is unfunded. Capital Commitments may be drawn down by the Fund on a pro rata basis, as needed (including

follow-on

investments), for paying the Fund’s expenses, including fees under the Amended and Restated Advisory Agreement (as defined below), and/or maintaining a reserve account for the payment of future expenses or liabilities.

There were no operating activities from February 6, 2015 to November 15, 2017. As described above, the Fund completed its Initial Closing on September 29, 2017, and commenced operations on November 15, 2017 by issuing its first capital call on December 1, 2017. The Fund’s fiscal year ends on December 31.

On June 14, 2019, the Adviser established ABPCI Direct Lending Fund CLO VI Ltd (“CLO VI”), an exempted company incorporated with limited liability under the laws of the Cayman Islands. CLO VI is 100% owned by the Fund and is consolidated in the Fund’s consolidated financial statements. CLO VI issued Class B, Class C and Subordinated Notes to the Fund through AB PCI Direct Lending Fund CLO VI Depositor LLC, a wholly-owned subsidiary of the Fund established on August 9, 2019.

On February 7, 2020, the Fund and an affiliate of Abbott Capital Management, LLC (“Abbott”) became members of, ABPCIC Equity Holdings, LLC (“ABPCICE”), a Delaware limited liability company and a special purpose vehicle designed to invest in private equity investments sourced by Abbott. The Fund is the managing member and owns 100% of the Class L Units and 93% of the Class A Units of ABPCICE. As a result, the Fund consolidates ABPCICE in its consolidated financial statements and records a

non-controlling

interest of the equity interests in ABPCICE not held by the Fund.

On July 30, 2020 and February 11, 2021, the Adviser established ABPCIC Funding II LLC (“ABPCIC Funding II”) and ABPCIC Funding III LLC (“ABPCIC Funding III”), respectively, Delaware limited liability companies. ABPCIC Funding II and ABPCIC Funding III are 100% owned by the Fund and are consolidated in the Fund’s consolidated financial statements commencing from the date of their formation.

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The Adviser has established certain consolidated subsidiaries that are subject to U.S. federal and state corporate level income taxes to hold certain equity or equity-like investments in portfolio companies.

2. Significant Accounting Policies

The Fund is an investment company under accounting principles generally accepted in the United States of America (“GAAP”) and follows the accounting and reporting guidance applicable to investment companies in the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 946,

Financial Services – Investment Companies.

The Fund has prepared the consolidated financial statements and related financial information pursuant to the requirements for reporting on Form

10-Q

and Articles 6 and 10 of Regulation

S-X.

Accordingly, we have not included in this quarterly report all of the information and notes required by GAAP for annual financial statements. In the opinion of management, the unaudited financial information for the interim period presented in this report reflects all normal and recurring adjustments necessary for a fair statement of financial position and results from operations. Operating results for interim periods are not necessarily indicative of operating results for an entire year.

The functional currency of the Fund is U.S. dollars and these consolidated financial statements have been prepared in that currency.

Consolidation

The Fund will generally consolidate any wholly or substantially owned subsidiary when the design and purpose of the subsidiary is to act as an extension of the Fund’s investment operations and to facilitate the execution of the Fund’s investment strategy. Accordingly, the Fund consolidated the results of its wholly or substantially owned subsidiaries in its consolidated financial statements. The portion of net assets that is attributable to

non-controlling

interest in ABPCICE is presented as

“Non-Controlling

Interest in ABPCIC Equity Holdings, LLC”, a component of total equity, on the Fund’s consolidated statements of assets and liabilities. All intercompany balances and transactions have been eliminated in consolidation.

Reclassifications

Certain prior period amounts have been reclassified to conform to the current presentation, with no significant effect on our financial condition, results of operations or cash flows.

Valuation of Investment Companies

Investments in investment companies are valued at fair value. Fair values are generally determined utilizing the net asset value (“NAV”) supplied by, or on behalf of, management of each investment company, which is net of management and incentive fees or allocations charged by the investment company and is in accordance with the “practical expedient”, as defined by ASC 820. NAVs received by, or on behalf of, management of each investment company are based on the fair value of the investment company’s underlying investments in accordance with policies established by management of each investment company, as described in each of their financial statements and offering memorandum.

Cash and Cash Equivalents

Cash consists of demand deposits and money market accounts. Cash is carried at cost, which approximates fair value. The Fund maintains deposits of its cash with financial institutions, and, at times, cash held in bank accounts may exceed the Federal Deposit Insurance Corporation insured limit. The Fund considers all highly liquid investments, with original maturities of less than ninety days, as cash equivalents.

Revenue Recognition

Investment transactions are recorded on a trade-date basis. Interest income is recognized on an accrual basis. Interest income on debt instruments is accrued and recognized for those issuers who are currently paying in full or expected to pay in full. For those issuers who are in default or expected to default, interest is not accrued and is only recognized when received. Generally, when interest and/or principal payments on a loan become past due, or if the Fund otherwise does not expect the borrower to be able to service its debt and other obligations, the Fund will place the loan on

non-accrual

status and will cease recognizing interest income on that loan for financial reporting purposes until all principal and interest have been brought current through payment or due to restructuring such that the interest income is deemed to be collectible. The Fund generally restores

non-accrual

loans to accrual status when past due principal and interest is paid and, in the management’s judgment, is likely to remain current. Interest income and

27

expense include discounts accreted and premiums amortized on certain debt instruments as determined in good faith by the Adviser and calculated using the effective interest method. Loan origination fees, original issue discounts and market discounts or premiums are capitalized as part of the underlying cost of the investments and accreted or amortized over the life of the investment as interest income.

Realized gains and losses on investment transactions are determined on the specific identification method.

Certain investments in debt securities may contain a contractual

payment-in-kind

(“PIK”) interest provision. The PIK provisions generally feature the obligation, or the option, at each interest payment date of making interest payments in (i) cash, (ii) additional debt or (iii) a combination of cash and additional debt. PIK interest, computed at the contractual rate specified in the investment’s credit agreement, is accrued as interest income and recorded as interest receivable up to the interest payment date. On the interest payment date, the accrued interest receivable attributable to PIK is added to the principal balance of the investment. When additional debt is received on the interest payment date, it typically has the same terms, including maturity dates and interest rates, as the original loan. PIK interest generally becomes due on the investment’s maturity date or call date.

The Fund may earn various fees during the life of the loans. Such fees include, but are not limited to, syndication, commitment, administration, prepayment and amendment fees, some of which are paid to the Fund on an ongoing basis. These fees and any other income are recognized as earned. Upon prepayment of a loan or debt security, any prepayment premiums, unamortized upfront loan origination fees and unamortized discounts are recorded as interest income.

Costs associated with entering into an investment are included in the cost of the investment, and any costs incurred relating to an unconsummated investment are expensed.

Distributions received from an equity interest, limited liability company or a limited partnership investment are evaluated to determine if the distribution should be recorded as dividend income or a return of capital.

Non-Accrual

Investments

Investments are placed on

non-accrual

status when it is probable that principal, interest or dividends will not be collected according to the contractual terms. Accrued interest or dividends generally are reversed when an investment is placed on

non-accrual

status. Interest or dividend payments received on

non-accrual

investments may be recognized as income or applied to principal depending upon management’s judgment.

Non-accrual

investments are restored to accrual status when past due principal and interest or dividends are paid and, in management’s judgment, principal and interest or dividend payments are likely to remain current. The Fund may make exceptions to this treatment if an investment has sufficient collateral value and is in the process of collection. As of September 30, 2022, the Fund had certain investments held in three portfolio companies on

non-accrual

status, which represented 0.97% and 0.28% of the total investments (excluding investments in cash equivalents, if any) at amortized cost and at fair value. As of December 31, 2021, the Fund had certain investments held in one portfolio company on

non-accrual

status, which represented 0.48% and 0.13% of the total investments (excluding investments in cash equivalents, if any) at amortized cost and at fair value.

Credit Facility Related Costs, Expenses and Deferred Financing Costs

The Revolving Credit Facilities (as defined in Note 4) are recorded at carrying value, which approximates fair value. Interest expense and unused commitment fees on the Revolving Credit Facilities are recorded on an accrual basis. Unused commitment fees are included in interest and borrowing expenses in the consolidated statements of operations. Deferred financing costs include capitalized expenses related to the closing of the Revolving Credit Facilities. Amortization of deferred financing costs is computed on the straight-line basis over the contractual term. The amortization of such costs is included in interest and borrowing expenses in the consolidated statements of operations, with any unamortized amounts included in deferred financing costs on the consolidated statements of assets and liabilities.

Notes Payable Related Costs, Expenses and Unamortized Debt Issuance Costs

The Notes (as defined in Note 4) are recorded at carrying value. Interest expense on notes payable is recorded on an accrual basis. Debt issuance costs relating to notes payable are amortized on a straight-line basis over the contractual term and included in interest and borrowing expenses in the consolidated statements of operations. The unamortized debt issuance costs are included as a direct reduction of the carrying value of the notes payable (i.e. a contra liability).

Upon early termination or partial principal pay down of the Notes, the unamortized costs related to the Notes are accelerated into interest and borrowing expenses on the Fund’s consolidated statements of operations.    

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Secured Borrowings

The Fund may finance the purchase of certain investments through

sale/buy-back

agreements. In a

sale/buy-back

agreement, the Fund enters into a trade to sell an investment and contemporaneously enters into a trade to buy the same investment back on a specified date in the future with the same counterparty. The Fund uses

sale/buy-back

agreements as a short-term financing alternative to its existing Revolving Credit Facilities. The Fund accounts for its

sale/buy-back

agreements (the “Secured Borrowings”) as secured borrowings and continues to present the investment as an asset and the obligation to return the cash received as a liability within secured borrowings on the consolidated statements of assets and liabilities. Interest income earned on investments pledged under

sale/buy-back

agreements and financing charges associated with the

sale/buy-back

agreements are included within interest income and interest and borrowing expenses, respectively, on the consolidated statements of operations. Accrued interest receivable on investments and accrued financing charges on the

sale/buy-back

agreements are included within interest receivable and interest and borrowing expenses payable, respectively, on the consolidated statements of assets and liabilities.

Income Taxes

ASC 740, “Accounting for Uncertainty in Income Taxes” (“ASC 740”) provides guidance on the accounting for and disclosure of uncertainty in tax positions. ASC 740 requires the evaluation of tax positions taken or expected to be taken in the course of preparing the Fund’s tax returns to determine whether the tax positions are

“more-likely-than-not”

of being sustained by the applicable tax authority. Tax positions deemed to meet the

more-likely-than-not

threshold are recorded as a tax benefit or expense in the current year. Based on its analysis of its tax position for all open tax years (the current and prior two years), the Fund has concluded that it does not have any uncertain tax positions that met the recognition or measurement criteria of ASC 740. Such open tax years remain subject to examination and adjustment by tax authorities.

The Fund has elected to be treated and intends to continue to be treated for federal income tax purposes as a regulated investment company (“RIC”) under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”). So long as the Fund is able to maintain its status as a RIC, it intends not to be subject to U.S. federal income tax on the portion of its taxable income and gains distributed to stockholders, if any. To qualify for RIC tax treatment, the Fund is required to distribute at least 90% of its investment company taxable income annually, meet diversification and income requirements quarterly, meet gross income requirements annually and file Form

1120-RIC,

as provided by the Code. In order for the Fund not to be subject to U.S. federal excise taxes, it must distribute annually an amount at least equal to the sum of (i) 98% of its net ordinary income (taking into account certain deferrals and elections) for the calendar year, (ii) 98.2% of its capital gains in excess of capital losses for the

one-year

period ending on October 31 of the calendar year and (iii) any net ordinary income and capital gains in excess of capital losses for preceding years that were not distributed during such years. The Fund, at its discretion, may carry forward taxable income in excess of calendar year dividends and pay a 4% nondeductible U.S. federal excise tax on this income. The Fund will accrue excise tax on estimated undistributed taxable income as required. For the three and nine months ended September 30, 2022, the Fund accrued excise taxes of $0 and $0, respectively. For the three and nine months ended September 30, 2021, the Fund accrued excise taxes of $0 and $0, respectively. As of September 30, 2022, and December 31, 2021, $0 and $0, respectively, of accrued excise taxes remained payable. For the three and nine months ended September 30, 2022, the Fund accrued income taxes of $382,072 and $949,155, respectively. For the three and nine months ended September 30, 2021, the Fund accrued income taxes of $300 and $78,497, respectively. As of September 30, 2022, and December 31, 2021, $1,076,697 and $200,000, respectively, of accrued income taxes remained payable.

The Fund may be subject to taxes imposed by countries in which the Fund invests. Such taxes are generally based on income and/or capital gains earned or repatriated. Taxes are accrued and applied to net investment income, net realized gains and net unrealized gain (loss) as such income and/or gains are earned.

The Fund remains subject to examination by U.S. federal and state jurisdictions, as well as international jurisdictions, and upon completion of these examinations (if undertaken by the taxing jurisdiction) tax adjustments may be necessary and retroactive to all open tax years.

Certain of the Fund’s consolidated subsidiaries are subject to U.S. federal and state corporate-level income taxes.

Use of Estimates

The preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities, if any, at the date of the consolidated financial statements, and the reported amounts of revenues and expenses recorded during the reporting period. Actual results could differ from those estimates and such differences could be material.

29

Distributions

Distributions from net investment income and net realized capital gains are determined in accordance with U.S. federal income tax regulations, which may differ from those amounts determined in accordance with GAAP. The Fund may pay distributions in excess of its taxable net investment income. This excess would be a

tax-free

return of capital in the period and reduce the stockholder’s tax basis in its Shares. These book/tax differences are either temporary or permanent in nature. To the extent these differences are permanent they are charged or credited to

paid-in

capital in excess of par, accumulated undistributed net investment income or accumulated net realized gain (loss), as appropriate, in the period that the differences arise. Temporary and permanent differences are primarily attributable to differences in the tax treatment of certain loans and the tax characterization of income and

non-deductible

expenses. These differences are generally determined in conjunction with the preparation of the Fund’s annual RIC tax return. Distributions to common stockholders are recorded on the

ex-dividend

date. The amount to be paid out as a distribution is determined by the Board each quarter and is generally based upon the earnings estimated by the Adviser. The Fund may pay distributions to its stockholders in a year in excess of its net ordinary income and capital gains for that year and, accordingly, a portion of such distributions may constitute a return of capital for U.S. federal income tax purposes. The Fund intends to timely distribute to its stockholders substantially all of its annual taxable income for each year, except that the Fund may retain certain net capital gains for reinvestment and, depending upon the level of the Fund’s taxable income earned in a year, the Fund may choose to carry forward taxable income for distribution in the following year and pay any applicable U.S. federal excise tax. The specific tax characteristics of the Fund’s distributions will be reported to stockholders after the end of the calendar year. All distributions will be subject to available funds, and no assurance can be given that the Fund will be able to declare such distributions in future periods.

The Fund has adopted a dividend reinvestment plan that provides for stockholders to receive dividends or other distributions declared by the Board in cash unless a stockholder elects to “opt in” to the dividend reinvestment plan. As a result, if the Board declares a cash distribution, then the stockholders who have “opted in” to the dividend reinvestment plan will have their cash distributions automatically reinvested in additional Shares, rather than receiving the cash distribution.

Recent Accounting Pronouncements

In January 2021, the Financial Accounting Standards Board issued Accounting Standards Update

No. 2021-01

(“ASU

2021-01”),

“Reference Rate Reform (Topic 848)”. ASU

2021-01

is an update of ASU

2020-04,

which is in response to concerns about structural risks of interbank offered rates, and particularly the risk of cessation of LIBOR, regulators have undertaken reference rate reform initiatives to identify alternative reference rates that are more observable or transaction based and less susceptible to manipulation. ASU

2020-04

provides optional guidance for a limited period of time to ease the potential burden in accounting for (or recognizing the effects of) reference rate reform on financial reporting. ASU

2020-04

is elective and applies to all entities, subject to meeting certain criteria, that have contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. The ASU

2021-01

update clarifies that certain optional expedients and exceptions in Topic 848 for contract modifications and hedge accounting apply to derivatives that are affected by the discounting transition. The amendments in this update are effective immediately through December 31, 2022, for all entities. Management does not expect ASU

2021-01

to have a material impact on the financial statements.

3. Related Party Transactions

Advisory Agreement

On November 13, 2019, the Fund entered into the amended and restated advisory agreement (the “Amended and Restated Advisory Agreement”), replacing the advisory agreement the Fund entered into with the Adviser on July 27, 2017 (the “Advisory Agreement”), pursuant to which the Fund will pay the Adviser, quarterly in arrears, a base management fee calculated at an annual rate of 1.50%. The base management fee is calculated based on a percentage of the average outstanding assets of the Fund (which equals the gross value of equity and debt instruments, including investments made utilizing leverage), excluding cash and cash equivalents, during such fiscal quarter. The average outstanding assets is calculated by taking the average of the amount of assets of the Fund at the beginning and end of each month that occurs during the calculation period. The base management fee is calculated and paid quarterly in arrears but will be accrued monthly by the Fund over the fiscal quarter for which such base management fee is paid.

On March 24, 2022, the Fund entered in to the second amended and restated investment advisory agreement (the “Second Amended and Restated Advisory Agreement”), replacing the Amended and Restated Advisory Agreement pursuant to which effective March 24, 2022 the base management fee shall be calculated at an annual rate of 1.375%. On March 24, 2022, the Fund and the Adviser also entered into a fee waiver letter pursuant to which the Adviser has agreed to waive a portion of the management fee in excess of the base management fee calculated at the reduced annual rate of 1.375% for the period January 1, 2022 through March 24, 2022.

For the three and nine months ended September 30, 2022, the Fund incurred a management fee of $3,644,259 and $10,438,278, respectively, of which $0 and $283,566, respectively, were waived by the Adviser. For the three and nine months ended

3

0

September 30, 2021, the Fund incurred a management fee of $2,633,349 and $7,068,507, respectively, of which $448,807 and $830,042, respectively, were voluntarily waived by the Adviser. As of September 30, 2022 and December 31, 2021, $3,644,259 and $2,653,052, respectively, of accrued management fee remained payable.

The Fund will also pay the Adviser an incentive fee that provides the Adviser with a share of the income that the Adviser generates for the Fund. The incentive fee will consist of an income-based incentive fee component and a capital-gains component, which are largely independent of each other, with the result that one component may be payable even if the other is not.

Income-Based Incentive Fee: The income-based incentive fee is calculated and payable quarterly in arrears based on the Fund’s net investment income prior to any deductions with respect to such income-based incentive fees and capital gains incentive fees

(“Pre-incentive

Fee Net Investment Income” or “PIFNII”) for the quarter, as further described below. PIFNII means interest income, dividend income and any other income (including any other fees, such as commitment, origination, structuring, diligence, managerial and consulting fees or other fees the Fund receives from portfolio companies) that the Fund accrues during the fiscal quarter, minus the Fund’s operating expenses for the quarter (including the base management fee, expenses payable under the administration agreement (the “Administration Agreement”) we have entered into with State Street Bank and Trust (the “Administrator”), and any interest expense and dividends paid on any issued and outstanding indebtedness or preferred stock, respectively, but excluding, for avoidance of doubt, the income-based incentive fee, as well as the capital gains incentive fee (described below), accrued under GAAP). PIFNII also includes, in the case of investments with a deferred interest feature (such as original issue discount, debt instruments with

pay-in-kind

interest and

zero-coupon

securities), accrued income that the Fund has not yet received in cash. The Adviser is not under any obligation to reimburse the Fund for any part of the income-based incentive fees it received that was based on accrued interest that the Fund never actually received.

PIFNII does not include any realized capital gains, realized capital losses or unrealized capital appreciation or depreciation. Because of the structure of the income-based incentive fee, it is possible that the Fund may accrue such income-based incentive fee in a quarter where the Fund incurs a net loss. For example, if the Fund receives PIFNII in excess of a hurdle rate (as defined below) for a quarter, the Fund will accrue the applicable income-based incentive fee even if the Fund has incurred a realized and/or unrealized capital loss in that quarter. However, cash payment of the income-based incentive fee may be deferred in this situation, subject to the restrictions detailed at the end of this section.

PIFNII, expressed as a rate of return on the average value of the Fund’s net assets (defined as total assets, less indebtedness and before taking into account any incentive fees payable during the period) as of the first day of each month during the course of the immediately preceding calendar quarter, will be compared to various “hurdle rates,” with the income-based incentive fee rate of return increasing at each hurdle rate.

Description of Quarterly Incentive Fee Calculations

The Fund pays the Adviser an income-based incentive fee with respect to PIFNII in each calendar quarter as follows:

• No income-based incentive fee in any calendar quarter in which PIFNII does not exceed 1.5% per quarter (6% per annum), the “6% Hurdle Rate”;

• 100% of PIFNII with respect to that portion of such PIFNII, if any, that exceeds the 6% Hurdle Rate but is less than 1.67% in any calendar quarter (the “6% Catch-up Cap”), approximately 6.67% per annum. This portion of PIFNII (which exceeds the 6% Hurdle Rate but is less than the 6% Catch-up Cap) is referred to as the “6% Catch-up.” The 6% Catch-up is meant to provide the Adviser with 10.0% of the PIFNII as if hurdle rate did not apply if this net investment income exceeded 1.67% but was less than 1.94% in any calendar quarter; and

• 10.0% of the amount of PIFNII, if any, that exceeds the 6% Catch-up Cap, but is less than 1.94% (the “7% Hurdle Rate”), approximately 7.78% per annum. The 7% Hurdle Rate is meant to limit the Adviser to 10% of the PIFNII until the amount of PIFNII exceeds 1.94%, approximately 7.78% per annum; and

• 100% of PIFNII with respect to that portion of such PIFNII, if any, that exceeds the 7% Hurdle Rate but is less than 2.06% in any calendar quarter (the “7% Catch-up Cap”), approximately 8.24% per annum. This portion of PIFNII (which exceeds the 7% Hurdle Rate but is less than the 7% Catch-up Cap) is referred to as the “7% Catch-up.” The 7% Catch-up is meant to provide the Adviser with 15.0% of the PIFNII as if a hurdle rate did not apply if this net investment income exceeded 2.06% but was less than 2.35% in any calendar quarter; and

• 15.0% of the amount of PIFNII, if any, that exceeds the 7% Catch-up Cap, but is less than 2.35% (the “8% Hurdle Rate”, approximately 9.41% per annum). The 8% Hurdle Rate is meant to limit the Adviser to 15% of the PIFNII until the amount of PIFNII exceeds 2.35%, approximately 9.41% per annum; and

3

1

• 100% of PIFNII with respect to that portion of such PIFNII, if any, that exceeds the 8% Hurdle Rate but is less than 2.50% in any calendar quarter (the “8% Catch-up Cap”), approximately 10% per annum. This portion of PIFNII (which exceeds the 8% Hurdle Rate but is less than the 8% Catch-up cap) is referred to as the “8% Catch-up”. The 8% Catch-up is meant to provide the Adviser with 20.0% of the PIFNII as if a hurdle rate did not apply if this net investment income exceeded 2.50% in any calendar quarter; and

• 20.0% of the amount of PIFNII, if any, that exceeds 2.50% in any calendar quarter.

For the three and nine months ended September 30, 2022, the Fund incurred income-based incentive fees of $1,275,176 and $4,158,321, respectively. For the three and nine months ended September 30, 2021, the Fund incurred income-based incentive fees of $876,623 and $2,273,106, respectively. As of September 30, 2022 and December 31, 2021, $1,275,176 and $1,377,288, respectively, of accrued income-based incentive fees remained payable.

The capital gains fee shall be determined and payable in arrears as of the end of each calendar year (or upon termination of this Agreement as set forth below), and will equal 20.0% of the Company’s aggregate cumulative realized capital gains, if any, from the date of the Company’s election to be regulated as a BDC through the end of each calendar year, computed net of all aggregate cumulative realized capital losses and aggregate cumulative unrealized capital depreciation, less the aggregate amount of any previously paid capital gain Incentive Fees, with respect to each of the investments in the Company’s portfolio. The Company’s “aggregate cumulative realized capital gains” will not include any unrealized appreciation. The capital gains fee is not subject to any minimum return to stockholders. If such amount is negative, then no Capital Gains Fee will be payable for such year. In the event that this Agreement shall terminate as of a date that is not a calendar year end, the termination date shall be treated as though it were a calendar year end for purposes of calculating and paying a Capital Gains Fee.

For the three and nine months ended September 30, 2022, the Fund reduced the previously recognized capital gains incentive fee under GAAP by $(499,007) and $(1,283,044), respectively, which was not realized. There was no capital gains incentive fee under GAAP recognized for the three and nine months ended September 30, 2021. As of September 30, 2022 and December 31, 2021, $0 and $1,283,044, respectively, of capital gains incentive fee remained payable.

The amount of capital gains incentive fee expense related to a hypothetical liquidation of the portfolio (and assuming no other changes in realized or unrealized gains and losses) would only become payable to the Adviser in the event of a complete liquidation of the Fund’s portfolio as of period end and the termination of the Amended and Restated Advisory Agreement on such date. Also, it should be noted that the capital gains incentive fee expense fluctuates with the Fund’s overall investment results.

The Fund will defer cash payment of any income-based incentive fee and/or any capital gains incentive fee otherwise earned by the Adviser if during the most recent four full fiscal quarter periods ending on or prior to the date such payment is to be made, the sum of (a) the PIFNII, and (b) the realized capital gain / loss and (c) unrealized capital appreciation/ depreciation expressed as a rate of return on the value of our net assets, is less than 6.0%. Any such deferred fees are carried over for payment in subsequent calculation periods to the extent such payment is payable under the Amended and Restated Advisory Agreement.

Administration Agreement and Expense Reimbursement Agreement

We have entered into the Administration Agreement with the Administrator and a separate expense reimbursement agreement with the Adviser (the “Expense Reimbursement Agreement”) under which any allocable portion of the cost of our Chief Compliance Officer and Chief Financial Officer and their respective staffs will be reimbursed by the Fund. Under the Administration Agreement, the Administrator will be responsible for providing us with clerical, bookkeeping, recordkeeping and other administrative services. We will reimburse the Adviser an amount equal to our allocable portion (subject to the review of our Board) of its overhead resulting from its obligations under the Expense Reimbursement Agreement, including the allocable portion of the cost of our Chief Compliance Officer and Chief Financial Officer and their respective staffs.

Expense Support and Conditional Reimbursement Agreement

On September 29, 2017, the Fund and the Adviser entered into an agreement (the “Expense Support and Conditional Reimbursement Agreement”) to limit certain of the Fund’s Operating Expenses, as defined below, to no more than 1.5% of the Fund’s average quarterly gross assets. To achieve this percentage limitation, the Adviser has agreed to reimburse the Fund for certain Operating Expenses on a quarterly basis (any such payment by the Adviser, an “Expense Payment”) and the Fund has agreed to later repay such amounts (any such payment by the Fund, a “Reimbursement Payment”), pursuant to the terms of the Expense Support and Conditional Reimbursement Agreement. The actual percentage of Operating Expenses paid by the Fund in any quarter after deducting any Expense Payment, as a percentage of the Fund’s average quarterly gross assets, is referred to as the “Percentage Limit.”

3

2

Any Expense Payment by the Adviser pursuant to the Expense Support and Conditional Reimbursement Agreement will be subject to repayment by the Fund on a quarterly basis within the three years following the fiscal quarter of the Fund in which the Operating Expenses were paid or absorbed, if the total Operating Expenses for the current quarter, including Reimbursement Payments, expressed as a percentage of the Fund’s average gross assets during such quarter is less than the then-current Percentage Limit, if any, and the Percentage Limit that was in effect at the time when the Adviser reimbursed the Operating Expenses that are the subject of the repayment, subject to certain provisions of the Expense Support and Conditional Reimbursement Agreement, as described below. For purposes of the Expense Support and Conditional Reimbursement Agreement, “Operating Expenses” means the Fund’s Total Operating Expenses (as defined below), excluding base management fees, incentive fees, distribution and stockholder servicing fees, financing fees and costs, interest expense, brokerage commissions and extraordinary expenses and “Total Operating Expenses” means all of the Fund’s operating costs and expenses incurred, as determined in accordance with generally accepted accounting principles for investment companies.

However, no Reimbursement Payment for any quarter will be made if: (1) the Effective Rate of Distributions Per Share (as defined below) declared by the Fund at the time of such Reimbursement Payment is less than or equal to the Effective Rate of Distributions Per Share at the time the Expense Payment was made to which such Reimbursement Payment relates, or (2) the Fund’s Operating Expense Ratio at the time of such Reimbursement Payment is greater than or equal to the Operating Expense Ratio (as defined below) at the time the Expense Payment was made to which such Reimbursement Payment relates. For purposes of the Expense Support and Conditional Reimbursement Agreement, “Effective Rate of Distributions Per Share” means the annualized rate (based on a

365-

day year) of regular cash distributions per Share exclusive of returns of capital, distribution rate reductions due to distribution and stockholder fees, and declared special dividends or special distributions, if any. The “Operating Expense Ratio” is calculated by dividing Operating Expenses in any quarter by the Fund’s average net assets in such quarter.

The specific amount of expenses paid by the Adviser, if any, will be determined at the end of each quarter. The Fund or the Adviser may terminate the Expense Support and Conditional Reimbursement Agreement at any time, with or without notice. The Expense Support and Conditional Reimbursement Agreement will automatically terminate in the event of (a) the termination of the Amended and Restated Advisory Agreement, or (b) the Board of the Fund making a determination to dissolve or liquidate the Fund. Upon termination of the Expense Support and Conditional Reimbursement Agreement, the Fund will be required to fund any Expense Payments, subject to the aforementioned requirements per the Expense Support and Conditional Reimbursement Agreement, that have not been reimbursed by the Fund to the Adviser.

As of September 30, 2022, the amount of Expense Payments provided by the Adviser since inception is $4,874,139. The following table reflects the Expense Payments that may be subject to reimbursement pursuant to the Expense Agreement:

For the Quarters Ended	Amount of Expense Support		Amount of Reimbursement Payment		Amount of Unreimbursed Expense Support		Effective Rate of Distribution per Share (1)		Reimbursement Eligibility Expiration		Percentage Limit (2)
September 30, 2017	$	1,002,147	$	1,002,147	$	—		n/a		September 30, 2020		1.5	%
December 31, 2017		1,027,398		1,027,398		—		n/a		December 31, 2020		1.5	%
March 31, 2018		503,592		503,592		—		n/a		March 31, 2021		1.5	%
June 30, 2018		1,086,482		755,992		330,490		4.787%		June 30, 2021		1.0	%
September 30, 2018		462,465		462,465		—		4.715%		September 30, 2021		1.0	%
December 31, 2018		254,742		—		254,742		6.762%		December 31, 2021		1.0	%
March 31, 2019		156,418		156,418		—		5.599%		March 31, 2022		1.0	%
June 30, 2019		259,263		259,263		—		6.057%		June 30, 2022		1.0	%
September 30, 2019		31,875		31,875		—		5.154%		September 30, 2022		1.0	%
December 31, 2019		—		—		—		6.423%		December 31, 2022		1.0	%
March 31, 2020		89,757		—		89,757		10.170%		March 31, 2023		1.0	%
June 30, 2020		—		—		—		5.662%		June 30, 2023		1.5	%
September 30, 2020		—		—		—		6.063%		September 30, 2023		1.5	%
December 31, 2020		—		—		—		6.266%		December 31, 2023		1.5	%
March 31, 2021		—		—		—		6.241%		March 31, 2024		1.0	%
June 30, 2021		—		—		—		6.219%		June 30, 2024		1.0	%
September 30, 2021		—		—		—		6.503%		September 30, 2024		1.0	%
December 31, 2021		—		—		—		5.706%		December 31, 2024		1.0	%
March 31, 2022		—		—		—		9.483%		March 31, 2025		1.0	%
June 30, 2022		—		—		—		5.815%		June 30, 2025		1.0	%
September 30, 2022		—		—		—		7.590%		September 30, 2025		1.0	%
Total	$	4,874,139	$	4,199,150	$	674,989

(1) The effective rate of distribution per Share is expressed as a percentage equal to the projected annualized distribution amount as of the end of the applicable period (which is calculated by annualizing the regular quarterly cash distributions per Share as of such date without compounding), divided by the Fund’s gross offering price per Share as of such date.

33

(2) Represents the actual percentage of Operating Expenses paid by the Fund in any quarter after deducting any Expense Payment, as a percentage of the Fund’s average quarterly gross assets.

34

Transfer Agency Agreement

On September 26, 2017, the Fund and Alliance Bernstein Investor Services, Inc. (“ABIS”), an affiliate of the Fund, entered into an agreement pursuant to which ABIS will provide transfer agent services to the Fund. The Fund bears the expenses related to the agreement with ABIS.

For the three and nine months ended September 30, 2022, the Fund accrued $32,503 and $88,020, respectively, in transfer agent fees. For the three and nine months ended September 30, 2021, the Fund accrued $20,455 and $56,190, respectively, in transfer agent fees. As of September 30, 2022 and December 31, 2021, $32,503 and $23,019, respectively, of accrued transfer agent fees remained payable.

Co-investment

Activity

The Fund may be prohibited under the 1940 Act from participating in certain transactions with its affiliates without prior approval of the directors who are not interested persons, and in some cases, the prior approval of the SEC. The Fund, the Adviser and certain of their affiliates have been granted exemptive relief by the SEC for the Fund to

co-invest

with other funds managed by the Adviser or its affiliates in a manner consistent with the Fund’s investment objective, positions, policies, strategies and restrictions as well as regulatory requirements and other pertinent factors. Pursuant to such exemptive relief, the Fund generally is permitted to

co-invest

with certain of its affiliates if a “required majority” (as defined in Section 57(o) of the 1940 Act) of the Board make certain conclusions in connection with a

co-investment

transaction, including that (1) the terms of the transaction, including the consideration to be paid, are reasonable and fair to the Fund and its shareholders and do not involve overreaching of the Fund or its shareholders on the part of any person concerned, (2) the transaction is consistent with the interests of the Fund’s shareholders and is consistent with its investment objective and strategies, (3) the investment by its affiliates would not disadvantage the Fund, and the Fund’s participation would not be on a basis different from or less advantageous than that on which its affiliates are investing and (4) the proposed investment by the Fund would not benefit the Adviser or its affiliates or any affiliated person of any of them (other than the parties to the transaction), except to the extent permitted by the exemptive relief and applicable law, including the limitations set forth in Section 57(k) of the 1940 Act. As a result of exemptive relief, there could be significant overlap in the Fund’s investment portfolio and the investment portfolio of other funds managed by the Adviser or its affiliates that could avail themselves of the exemptive relief and that have an investment objective similar to the Fund’s.

4. Borrowings

Credit Facilities

HSBC Credit Facility

On November 15, 2017, the Fund entered into a credit agreement (the “HSBC Credit Agreement”) to establish a revolving credit facility (the “HSBC Credit Facility”) with HSBC Bank USA, National Association (“HSBC”) as administrative agent (the “HSBC Administrative Agent”). The maximum commitment amount (the “HSBC Maximum Commitment”) under the HSBC Credit Facility was initially $30 million and may be increased in a minimum amount of $10 million and in $5 million increments thereof with the consent of HSBC or reduced upon request of the Fund. As of January 31, 2019, the Fund has increased the HSBC Maximum Commitment to $50 million. So long as no request for borrowing is outstanding, the Fund may terminate the lenders’ commitments (the “Commitments”) or reduce the HSBC Maximum Commitment by giving prior irrevocable written notice to the HSBC Administrative Agent. Any reduction of the HSBC Maximum Commitment shall be in an amount equal to $10 million or multiples thereof; and in no event shall a reduction by the Fund reduce the Commitments to $35 million or less (in each defined terms to says HSBC case, except for a termination of all the Commitments).

Borrowings under the HSBC Credit Agreement bear interest, at the Fund’s election at the time of drawdown, at a rate per annum equal to (i) with respect to LIBOR Rate Loans (as defined in the HSBC Credit Agreement), Adjusted LIBOR (as defined in the HSBC Credit Agreement) for the applicable Interest Period (as defined in the HSBC Credit Agreement); and (ii) with respect to Reference Rate Loans (as defined in the HSBC Credit Agreement), the greatest of: (x) the rate of interest per annum publicly announced from time to time by HSBC as its prime rate, (y) the rate per annum equal to the weighted average of the rates on overnight Federal funds transactions with members of the Federal Reserve System arranged by Federal funds brokers on such day, plus two hundred basis points (2.00%), provided that if such rate is not so published for any day that is a Business Day (as defined in the HSBC Credit Agreement), the average of the quotation for such day on such transactions received by the HSBC Administrative Agent, from three (3) Federal funds brokers of recognized standing selected by the HSBC Administrative Agent and, upon request of Borrowers (as defined in the HSBC Credit Agreement), with notice of such quotations to the Borrowers and (z) except during any period of time during which LIBOR is unavailable,

one-month

Adjusted LIBOR plus one hundred ninety basis points (1.90%). The Fund will also pay an unused commitment fee of 35 basis points (0.35%) on any unused commitments.

35

On November 10, 2020, the Fund entered into an amendment to the HSBC Credit Agreement (the “HSBC Credit Agreement Amendment”) concerning the HSBC Credit Facility. The HSBC Credit Agreement Amendment (i) extended the maturity date of the HSBC Credit Facility from November 11, 2020 to November 9, 2021, and (ii) inserted a provision permitting the Fund and the HSBC Administrative Agent to, upon the occurrence of certain conditions, amend the HSBC Credit Agreement to replace references to LIBOR with references to an alternate benchmark rate that may include a forward-looking rate based on the Secured Overnight Financing Rate or another alternate benchmark rate subject to certain conditions.

On July 8, 2021, the Fund terminated the HSBC Credit Agreement and all outstanding loans thereunder were repaid and all obligations thereunder were released and terminated. Concurrent with the termination of the HSBC Credit Agreement, the Fund entered into Joinder and Third Amendment to Revolving Credit Agreement (the “HSBC Joinder”), with HSBC as administrative agent and a lender, and each of the parties listed thereto, pursuant to which the Fund became party to a subscription financing facility (the “2021 HSBC Credit Facility”) evidenced by Revolving Credit Agreement, dated as of June 14, 2019 (as amended, restated, supplemented or otherwise modified from time to time, the “2021 HSBC Credit Agreemen

t

”), by and among

AB-Abbott

Private Equity Investors 2019 (Delaware) Fund L.P., an affiliate of the Fund, as initial borrower,

AB-Abbott

Private Equity Investors G.P. L.P., an affiliate of the Fund, as initial general partner, the banks and financial institutions from time to time party thereto as lenders, and HSBC as administrative agent. The Fund Group Facility Sublimit (as defined in the 2021 HSBC Credit Agreement) applicable to the Fund under the 2021 HSBC Credit Facility is $33 million. Borrowings under the 2021 HSBC Credit Facility bear interest at a rate per annum equal to (i) with respect to SOFR Loans, Adjusted Term SOFR (as defined in the 2021 HSBC Credit Agreement) plus the Applicable Margin (as defined in the 2021 HSBC Credit Agreement) for the applicable Interest Period (as defined in the 2021 HSBC Credit Agreement) and (ii) with respect to Reference Rate Loans (as defined in the 2021 HSBC Credit Agreement), the Reference Rate (as defined in the 2021 HSBC Credit Agreement) in effect from day to day. The Fund will also pay an unused commitment fee of 0.35%. Proceeds under the 2021 HSBC Credit Agreement may be used for any purpose permitted under the Fund’s organizational documents, including general corporate purposes such as the making of investments. The 2021 HSBC Credit Agreement contains certain customary covenants and events of default, with customary cure and notice provisions. As of September 30, 2022, the Fund is in compliance with these covenants. The Fund’s obligations under the 2021 HSBC Credit Agreement are secured by the Capital Commitments and capital contributions.

On June 10, 2022, the Fund entered into an amendment to the 2021 HSBC Credit Agreement (the “2021 HSBC Credit Agreement Amendment”) concerning the 2021 HSBC Credit Facility. The 2021 HSBC Credit Agreement Amendment extended the maturity date of the 2021 HSBC Credit Facility from June 10, 2022 to June 9, 2023.

Synovus Credit Facility

On October 15, 2020, ABPCIC Funding II entered into a revolving credit facility (the “Synovus Credit Facility”) with Synovus Bank, Specialty Finance Division (“Synovus”), as facility agent, and U.S. Bank, National Association (“U.S. Bank”), as collateral agent (in such capacity, the “Synovus Collateral Agent”), collateral custodian (in such capacity, the “Synovus Collateral Custodian”) and securities intermediary (in such capacity, the “Synovus Securities Intermediary”). On April 16, 2021, pursuant to an amendment to the loan financing and servicing agreement (the “Synovus Loan Agreement”), the Fund increased the commitment of the existing lender by $20,000,000 from $100,000,000 to $120,000,000 and added WebBank as an additional lender with a commitment of $30,000,000.

On December 31, 2021, pursuant to an amendment to the Synovus Loan Agreement, ABPCIC Funding II added Axos Bank as an additional lender with a commitment of $50,000,000.

The Synovus Credit Facility provides for borrowings in an aggregate amount up to $200,000,000. Borrowings under the Synovus Credit Facility bear interest based on an annual adjusted LIBOR for the relevant interest period or the applicable replacement thereto provided, plus an applicable spread. Interest is payable quarterly in arrears. Any amounts borrowed under the Synovus Credit Facility will mature, and all accrued and unpaid interest thereunder will be due and payable, on the earlier of (i) October 15, 2025 (or such later date mutually agreed to by ABPCIC Funding II and Synovus) or (ii) upon certain events which result in accelerated maturity under the agreements establishing the Synovus Credit Facility. Borrowing under the Synovus Credit Facility is subject to certain restrictions contained in the 1940 Act.

Borrowings under the Synovus Credit Facility are secured by all of the assets held by ABPCIC Funding II. Pursuant to the agreements establishing the Synovus Credit Facility, the Adviser will perform certain duties with respect to the purchase and management of the assets securing the Synovus Credit Facility. The Adviser will not receive a fee for these services so long as the Adviser or an affiliate thereof continues providing such services. ABPCIC Funding II will reimburse all reasonable expenses, disbursements and advances incurred or made by the Adviser in the performance of its obligations relating to the Synovus Credit Facility.

36

All

of the collateral pledged to the lenders by ABPCIC Funding II under the Synovus Credit Facility is held in the custody of the Synovus Collateral Custodian or the Synovus Securities Intermediary. The Synovus Collateral Custodian will maintain and perform certain custodial services with respect to the collateral pledged to support the Synovus Credit Facility. As compensation for the services rendered by U.S. Bank in its capacities as Synovus Collateral Custodian and Synovus Collateral Agent, ABPCIC Funding II will pay U.S. Bank, on a quarterly basis, customary fee amounts and reimburse U.S. Bank for its reasonable

out-of-pocket

expenses. The Synovus Credit Facility contains certain customary covenants and events of default, with customary cure and notice provisions. As of September 30, 2022, the Fund is in compliance with these covenants.

On September 22, 2022, ABPCIC Funding II entered into an amendment to the Synovus Loan Agreement providing for, among other things, the replacement of LIBOR with term SOFR.

Natixis Credit Facility

On March 24, 2021, ABPCIC Funding III entered into a warehouse financing transaction (the “Natixis Credit Facility,” and together with the HSBC Credit Facility, the 2021 HSBC Credit Facility and the Synovus Credit Facility, the “Revolving Credit Facilities”) with Natixis, New York Branch, as administrative agent (in such capacity, the “Natixis Administrative Agent”) and U.S. Bank, as collateral agent (in such capacity, the “Natixis Collateral Agent”), collateral administrator (in such capacity, the “Natixis Collateral Administrator”) and custodian (in such capacity, the “Natixis Custodian”). In connection with the Natixis Credit Facility, ABPCIC Funding III entered into, among other agreements, (i) the credit agreement (the “Natixis Credit Agreement”) among ABPCIC Funding III, the lenders referred to therein, the Natixis Administrative Agent, the Natixis Collateral Agent, the Natixis Collateral Administrator and the Natixis Custodian, (ii) the account control agreement (the “Natixis Account Control Agreement”) among ABPCIC Funding III, as debtor, the Natixis Collateral Agent, as secured party, and U.S. Bank National Association, as securities intermediary (in such capacity, the “Natixis Securities Intermediary”), (iii) the collateral management agreement (the “Natixis Collateral Management Agreement”), between ABPCIC Funding III and the Adviser, as collateral manager (in such capacity, the “Natixis Collateral Manager”), (iv) the collateral administration agreement (the “Natixis Collateral Administration Agreement”), among ABPCIC Funding III, the Natixis Collateral Manager and the Natixis Collateral Administrator and (v) the master loan sale and contribution agreement between ABPCIC Funding III and the Fund.

On July 1, 2021, ABPCIC Funding III entered into an amendment to the Natixis Credit Agreement providing for, among other things, an upsize of the aggregate principal amount of the commitments under the Natixis Credit Agreement from $100,000,000 to $150,000,000. On November 5, 2021, pursuant to an amendment to Natixis Credit Agreement, the Fund increased the commitment of the existing lender by $75,000,000 from $150,000,000 to $225,000,000. On March 4, 2022, pursuant to Amendment No 4 to the Natixis Credit Agreement, ABPCIC Funding III increased the commitment by $25,000,000 from $225,000,000 to $250,000,000.

 On May 27, 2022, pursuant to

Amendment No. 5 to the

 Natixis Credit Agreement, ABPCIC Funding III increased the commitment by $50,000,000 from $250,000,000 to $300,000,000.

The Natixis Credit Facility provides for borrowings in an aggregate amount up to $300,000,000. Borrowings under the Natixis Credit Agreement will bear interest based on an annual adjusted SOFR for the relevant interest period plus an applicable spread. Interest is payable quarterly in arrears. Any amounts borrowed under the Natixis Credit Agreement will mature, and all accrued and unpaid interest thereunder will be due and payable, on the earlier of (i) March 24, 2031 (or such later date mutually agreed to by ABPCIC Funding III and the Natixis Administrative Agent) or (ii) upon certain other events which result in accelerated maturity under the Natixis Credit Facility. Borrowing under the Natixis Credit Facility is subject to certain restrictions contained in the 1940 Act.

Borrowings under the Natixis Credit Agreement are secured by all of the assets held by ABPCIC Funding III. Pursuant to the Natixis Collateral Management Agreement, the Natixis Collateral Manager will perform certain duties with respect to the purchase and management of the assets securing the Natixis Credit Facility. The Natixis Collateral Manager will not receive a fee for these services so long as the Adviser or an affiliate thereof continues providing such services. ABPCIC Funding III will reimburse the expenses incurred by the Natixis Collateral Manager in the performance of its obligations under the Natixis Collateral Management Agreement other than any ordinary overhead expenses, which shall not be reimbursed. ABPCIC Funding III has made customary representations and warranties under the Natixis Collateral Management Agreement and is required to comply with various covenants, reporting requirements and other customary requirements for similar credit facilities. As of September 30, 2022, the Fund is in compliance with these covenants.

All

o

f the collateral pledged to the lenders by ABPCIC Funding III under the Natixis Credit Agreement is held in the custody of the Natixis Custodian under the Natixis Account Control Agreement. The Natixis Collateral Administrator will maintain and perform certain collateral administration services with respect to the collateral pursuant to the Natixis Collateral Administration Agreement. As compensation for the services rendered by the Natixis Collateral Administrator, ABPCIC Funding III will pay the Natixis Collateral Administrator, on a quarterly basis, customary fee amounts and reimburse the Natixis Collateral Administrator for its reasonable

out-of-pocket

expenses. The Natixis Collateral Administration Agreement and the obligations of the Natixis Collateral Administrator will continue until the earlier of (i) the liquidation of the collateral and the final distribution of the proceeds of such liquidation, (ii) the date on which all obligations have been paid in full or (iii) the termination of the Natixis Collateral Management Agreement.

On September 30, 2022, ABPCIC Funding III entered into an amendment to the Natixis Credit Agreement providing for, among other things, the extension of the reinvestment period to March 24, 2023.

37

The Fund’s outstanding borrowings through the Revolving Credit Facilities as of September 30, 2022 were as follows:

	Aggregate Borrowing Amount Committed		Outstanding Borrowing		Amount Available		Carrying Value
HSBC	$	33,000,000	$	15,000,000	$	18,000,000	$	15,000,000
Synovus		200,000,000		165,400,000		34,600,000		165,400,000
Natixis		300,000,000		252,600,000		47,400,000		252,600,000
Total	$	533,000,000	$	433,000,000	$	100,000,000	$	433,000,000

The Fund’s outstanding borrowings through the Revolving Credit Facilities as of December 31, 2021 were as follows:

	Aggregate Borrowing Amount Committed		Outstanding Borrowing		Amount Available		Carrying Value
HSBC	$	50,000,000	$	40,000,000	$	10,000,000	$	40,000,000
Synovus		200,000,000		147,300,000		52,700,000		147,300,000
Natixis		225,000,000		193,300,000		31,700,000		193,300,000
Total	$	475,000,000	$	380,600,000	$	94,400,000	$	380,600,000

As of September 30, 2022 and December 31, 2021, deferred financing costs were $1,001,644 and $3,438,175, respectively, which remain to be amortized, and are reflected on the consolidated statements of assets and liabilities.

Collateralized Loan Obligations

On August 9, 2019, CLO VI (the “Issuer”) and ABPCI Direct Lending Fund CLO VI LLC, a limited liability company organized under the laws of the State of Delaware (the

“Co-Issuer,”

and together with the Issuer, the

“Co-Issuers”),

each a newly formed special purpose vehicle, completed a $300,500,000 term debt securitization (the “CLO Transaction”). The stated reinvestment date

wa

s August 9, 2022.

The CLO VI indenture was refinanced under terms of the first supplemental indenture dated April 28, 2022 among the Issuer and U.S. Bank National Association, as trustee. As a result of the refinancing, the outstanding notes under the indenture dated August 9, 2019 in the amount of $300,500,000 were paid off, and the unamortized debt discount and debt issuance costs were accelerated into interest and borrowing expenses on the consolidated statements of operations. The Issuer issued new notes as listed below.

The CLO Transaction was executed through a private placement and the notes offered (the “Notes”) that remain outstanding as of September 30, 2022 and December 31, 2021 were as follows:

	September 30, 2022
	Principal Amount		Interest Rate			Carrying Value (1)
Class A-1-R Senior Secured Floating Rate Note (“Class A-1-R”)	$	98,250,000		S + 1.83	%	$	97,255,348
Class A-1-L Senior Secured Floating Rate Note (“Class A-1-L”)	$	75,000,000		S + 1.83	%	$	74,585,578
Class A-1-F Senior Secured Fixed Rate Note (“Class A-1-F”)	$	30,000,000		4.305	%	$	29,834,231
Class A-2-R Senior Secured Deferrable Floating Rate (“Class A-2-R”)	$	43,500,000		S + 2.25	%	$	43,259,662
Class B-R Senior Secured Deferrable Floating Rate (“Class B-R”)	$	19,250,000		S + 3.10	%	$	—	*
Class C-R Secured Deferrable Floating Rate Note (“Class C-R”)	$	20,125,000		S + 4.15	%	$	—	*
Subordinated Notes	$	61,320,000		N/A		$	—	*

* Class B-R, Class C-R and Subordinated Notes have been eliminated in consolidation.

38

(1) Carrying value is net of unamortized discount and debt issuance costs. Unamortized discount and debt issuance costs associated with the Notes totaled $451,950 and $1,363,231, respectively, as of September 30, 2022 and are reflected on the consolidated statements of assets and liabilities.

	December 31, 2021
	Principal Amount		Interest Rate			Carrying Value (1)
Class A-1 Senior Secured Floating Rate Note (“Class A-1”)	$	178,200,000		L + 1.73	%	$	177,636,864
Class A-2A Senior Secured Floating Rate Note (“Class A-2A”)	$	25,000,000		L + 2.45	%	$	24,920,997
Class A-2B Senior Secured Fixed Rate Note (“Class A-2B”)	$	9,950,000		4.23	%	$	9,896,743
Class B Secured Deferrable Floating Rate Note (“Class B”)	$	16,400,000		L + 3.40	%	$	—	*
Class C Secured Deferrable Floating Rate Note (“Class C”)	$	17,350,000		L + 4.40	%	$	—	*
Subordinated Notes	$	53,600,000		N/A		$	—	*

* Class B, Class C and Subordinated Notes have been eliminated in consolidation.

(1) Carrying value is net of unamortized discount and debt issuance costs. Unamortized discount and debt issuance costs associated with the Notes totaled $21,813 and $673,583, respectively, as of December 31, 2021 and are reflected on the consolidated statements of assets and liabilities.

The CLO VI indenture provides that the holders of the Notes are to receive quarterly interest payments, in arrears, on the 27th day in January, April, July and October of each year, commencing in July 2022. The Notes will mature on April 27, 2034.

The Notes are the secured obligations of the

Co-Issuers,

and the indenture governing the Notes includes customary covenants and events of default. The Notes have not been, and will not be, registered under the Securities Act or any state securities or “blue sky” laws and may not be offered or sold in the United States absent registration with the Securities and Exchange Commission or an applicable exemption from registration.

The Adviser serves as collateral manager to the Issuer pursuant to a collateral management agreement between the Adviser and the Issuer (the “CLO Collateral Management Agreement”). For so long as the Adviser serves as collateral manager to the Issuer, the Adviser will elect to irrevocably waive any base management fee or subordinated interest to which it may be entitled under the CLO Collateral Management Agreement. For the three and nine months ended September 30, 2022, the Fund incurred collateral management fees of $0 and $588,476, respectively, which were voluntarily waived by the Adviser. For the three and nine months ended September 30, 2021, the Fund incurred collateral management fees of $464,717 and $1,378,975, respectively, which were voluntarily waived by the Adviser.

 Pursuant to a new CLO notes

issuance, a collateral

 management fee is no longer charged as long as the Adviser serves as a collateral manager.

Secured Borrowings

From time to time, the Fund may engage in

sale/buy-back

agreements, with Macquarie US Trading LLC (the “Macquarie Sale/Buy Back”), which are a type of secured borrowing. The amount, interest rate and terms of these agreements will be individually negotiated on a

transaction-by-transaction

basis. Each borrowing is secured by an interest in an underlying asset which is participated or assigned to the

sale/buy-back

counterparty for the duration of the agreement.

As of September 30, 2022, Secured Borrowings pursuant to the Macquarie

Sale/Buy-Back

were $4,135,264. As of December 31, 2021, Secured Borrowings pursuant to the Macquarie

Sale/Buy-Back

were $10,228,115, with a maturity of less than thirty days.

39

Secured Borrowings outstanding as of September 30, 2022 were as follows:

Loan Name	Trade Date		Maturity Date	bps Daily Rate		Amount
Fusion Risk Management, Inc.		08/30/2022	32 days or less from trade date		1.73	$	977,500
Priority Ondemand Midco 2, L.P.		09/13/2022	18 days or less from trade date		1.81		1,197,764
Soladoc , LLC		09/16/2022	15 days or less from trade date		1.88		1,960,000
						$	4,135,264

Secured Borrowings outstanding as of December 31, 2021 were as follows:

Loan Name	Trade Date		Maturity Date	bps Daily Rate		Amount
PAW Midco, Inc.		12/28/2021	60 days or less from trade date		1.03	$	5,328,115
Veracross LLC		12/28/2021	60 days or less from trade date		1.03		4,900,000
						$	10,228,115

As of September 30, 2022 and December 31, 2021 total outstanding borrowings under the Revolving Credit Facilities, Notes and Secured Borrowings were $682,070,083 and $603,282,719, respectively.

For the three and nine months ended September 30, 2022 and September 30, 2021, the components of interest and other debt expenses related to the borrowings were as follows:

	For the three months ended September 30,						For the nine months ended September 30,
	2022			2021			2022			2021
Interest and borrowing expenses	$	7,684,139		$	2,906,893		$	16,885,073		$	7,482,064
Commitment fees		170,398			117,944			450,397			277,805
Amortization of discount, debt issuance and deferred financing costs		1,080,551			773,178			3,786,621			1,905,402
Total	$	8,935,088		$	3,798,015		$	21,122,091		$	9,665,271
Weighted average interest rate (1)		4.65	%		2.49	%		3.60	%		2.50	%
Average outstanding balance	$	656,301,827		$	463,169,565		$	627,445,522		$	399,802,275

(1) Calculated as the amount of the stated interest and borrowing expenses divided by average borrowings during the period.

5. Fair Value Measurement

In accordance with ASC 820, fair value is defined as the price that the Fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. ASC 820 also establishes a framework for measuring fair value and a three-level hierarchy for fair value measurements based upon the transparency of inputs to the valuation of an asset or liability. Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability as of the reporting date.

Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Fund. Unobservable inputs reflect the Fund’s own assumptions about the assumptions that market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. Each investment is assigned a level based upon the observability of the inputs which are significant to the overall valuation.

The three-tier hierarchy of inputs is summarized below:

• Level 1 – Quoted prices in active markets for identical investments.

• Level 2 – Other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.).

• Level 3 – Significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments at the reporting date).

The level in the fair value hierarchy within which the fair value measurement is categorized in its entirety is determined on the basis of the lowest level input that is significant to the fair value measurement in its entirety. For this purpose, the significance of an input is assessed against the fair value measurement in its entirety. If a fair value measurement uses observable inputs that require significant adjustment based on unobservable inputs, that measurement is a Level 3 measurement. If a fair value measurement uses price data vendors or observable market price quotations, that measurement is a Level 2 measurement. Assessing the significance of a particular input to the fair value measurement in its entirety requires judgment, considering factors specific to the asset or liability.

4

0

The determination of what constitutes “observable” requires significant judgment by the Fund. The Fund considers observable data to be that market data that is readily available, regularly distributed or updated, reliable and verifiable, not proprietary, and provided by independent sources that are actively involved in the relevant market.

For certain investments, the Fund uses the net asset value of these investments as a practical expedient to determine their fair value. Due to the uncertainty inherent in valuing such positions, their estimated values could differ significantly from the values that could have been used had a ready market for such positions existed.

Valuation of Investments

Pursuant to the amended SEC Rule

2a-5

of the 1940 Act, the Board designated the Advis

e

r as the Fund’s “valuation designee.” In this capacity, the Adviser is responsible, among other things, for making all fair value determinations relating to the Fund’s portfolio investments, subject to the Board’s oversight. Investments are valued at fair value as determined in good faith by our Adviser, as valuation designee, based on input of management, the audit committee and independent valuation firms that have been engaged to assist in the valuation of each portfolio investment without a readily available market quotation under a valuation policy. The Adviser principally carries out its fair value responsibilities through its Valuation

Sub-Committee.

This valuation process is conducted at the end of each fiscal quarter.

The fair values of loan investments based upon pricing data vendors or observable market price quotations are generally categorized as Level 2; however, those priced using models with significant unobservable inputs are categorized as Level 3.

In determining the fair value of the Fund’s Level 3 debt and equity positions, the Adviser and the independent valuation firms use the following factors where relevant: loan to value (“LTV”) based on an enterprise value determined using the original purchase price, public equity comparable, recent M&A transaction, and a discounted cash flow (“DCF”) analysis, and yields from comparable loans, comparable high yield bonds, high yield indexes and loan indexes (“comparable yields”).

Due to the inherent uncertainty of valuations, however, estimated fair values may differ from the values that would have been used had a readily available market for the securities existed and the differences could be material.

The following tables summarize the valuation of the Fund’s investments as of September 30, 2022:

Assets*	Level 1		Level 2		Level 3		Total
Cash Equivalents
Investment Companies	$	17,420,745	$	—	$	—	$	17,420,745
Total assets	$	17,420,745	$	—	$	—	$	17,420,745
Assets*	Level 1		Level 2		Level 3		Total
1st Lien/Senior Secured Debt	$	—	$	—	$	1,031,007,629	$	1,031,007,629
2nd Lien/Junior Secured Debt		—		—		10,711,184		10,711,184
Preferred Stock		—		—		15,656,559		15,656,559
Common Stock		710,288		—		6,733,847		7,444,135
Warrants		712		—		1,225,513		1,226,225
Total	$	711,000	$	—	$	1,065,334,732	$	1,066,045,732
Investments valued at NAV as a practical expedient #								5,290,733
Total assets #							$	1,071,336,465

* See consolidated schedule of investments for industry classifications.

# Certain investments that are measured at fair value using NAV have not been categorized in the fair value hierarchy. The fair value amounts presented in the table are intended to permit reconciliation of the fair value hierarchy to the amount presented in the consolidated statements of assets and liabilities.

4

1

The following table summarizes the valuation of the Fund’s investments as of December 31, 2021:

Assets*	Level 1		Level 2		Level 3		Total
Cash Equivalents
Investment Companies	$	17,156,786	$	—	$	—	$	17,156,786
Total assets	$	17,156,786	$	—	$	—	$	17,156,786
Assets*	Level 1		Level 2		Level 3		Total
1st Lien/Senior Secured Debt	$	—	$	—	$	859,412,243	$	859,412,243
2nd Lien/Junior Secured Debt		—		—		10,677,299		10,677,299
Preferred Stock		—		—		12,563,914		12,563,914
Common Stock		1,220,199		—		4,695,735		5,915,934
Warrants		12,335		—		1,111,543		1,123,878
Total	$	1,232,534	$	—	$	888,460,734	$	889,693,268
Investments valued at NAV as a practical expedient #								2,887,725
Total assets #							$	892,580,993

* See consolidated schedule of investments for industry classifications.

# Certain investments that are measured at fair value using NAV have not been categorized in the fair value hierarchy. The fair value amounts presented in the table are intended to permit reconciliation of the fair value hierarchy to the amount presented in the consolidated statements of assets and liabilities.

The following is a reconciliation of Level 3 assets for the nine months ended September 30, 2022:

	1st Lien/Senior Secured Debt			2nd Lien/Junior Secured Debt			Common Stock			Preferred Stock			Warrants			Total
Balance as of December 31, 2021	$	859,412,243		$	10,677,299		$	4,695,735		$	12,563,914		$	1,111,543		$	888,460,734
Purchases (including PIK)		331,900,039			220,044			2,261,336			2,123,199			43,880			336,548,498
Sales and principal payments		(148,725,290	)		—			(159,711	)		(1,874,407	)		(299,962	)		(151,059,370	)
Realized Gain (Loss)		120,709			—			—			740,293			275,999			1,137,001
Net Amortization of Premium/Discount		4,998,725			16,156			—			—			—			5,014,881
Transfers In		—			—			426,294			—			—			426,294
Transfers Out		—			—			(802,902	)		—			—			(802,902	)
Net Change in Unrealized Appreciation (Depreciation)		(16,698,797	)		(202,315	)		313,095			2,103,560			94,053			(14,390,404	)
Balance as of September 30, 2022	$	1,031,007,629		$	10,711,184		$	6,733,847		$	15,656,559		$	1,225,513		$	1,065,334,732
Change in Unrealized Appreciation (Depreciation) for Investments Still Held	$	(13,900,334	)	$	(161,004	)	$	105,382		$	2,109,455		$	321,269		$	(11,525,232	)

For the nine months ended September 30, 2022, amounts of $426,294 of Common Stock were transferred into Level 3 from Investments valued at NAV as a practical expedient due to the decreased transparency of the price inputs used in the valuation of these positions. Further amounts of $802,902 of Common Stock were transferred out of Level 3 but into no other level; these positions are now valued using their net asset values as a practical expedient and therefore are excluded from levels 1, 2 or 3.

The following is a reconciliation of Level 3 assets for the year ended December 31, 2021:

	1st Lien/Senior Secured Debt			2nd Lien/Junior Secured Debt			Common Stock			Preferred Stock			Warrants			Total
Balance as of January 1, 2021	$	511,197,686		$	11,396,369		$	2,375,265		$	7,495,949		$	281,986		$	532,747,255
Purchases (including PIK)		522,278,127			—			3,629,491			2,928,966			225,644			529,062,228
Sales and principal payments		(176,063,522	)		(837,931	)		(439,932	)		(837,355	)		—			(178,178,740	)
Realized Gain (Loss)		(502,569	)		—			157,444			192,020			(615,168	)		(768,273	)
Net Amortization of Premium/Discount		4,329,462			56,863			—			—			—			4,386,325
Transfers In		—			—			—			—			—			—
Transfers Out		(8,354,187	)		—			(735,350	)		—			(23,721	)		(9,113,258	)
Net Change in Unrealized Appreciation (Depreciation)		6,527,246			61,998			(291,183	)		2,784,334			1,242,802			10,325,197
Balance as of September 30, 2022	$	859,412,243		$	10,677,299		$	4,695,735		$	12,563,914		$	1,111,543		$	888,460,734
Change in Unrealized Appreciation (Depreciation) for Investments Still Held	$	5,536,736		$	65,651		$	(324,409	)	$	2,784,334		$	639,140		$	8,701,452

4

2

For the year ended December 31, 2021, amounts of $8,354,187 of 1st Lien/Senior Secured Debt were transferred out of Level 3 to Level 2 due to the improved transparency of the price inputs used in the valuation of these positions. Amounts of $23,721 of Warrants were transferred out of Level 3 to Level 1 as readily observable prices are now available for these positions. Further amounts of $735,350 of Common Stock were transferred out of Level 3 but into no other level; these positions are now valued using their net asset values as a practical expedient and therefore are excluded from levels 1, 2 or 3. There were no transfers into Level 3.

The following tables present the ranges of significant unobservable inputs used to value the Fund’s Level 3 investments as of September 30, 2022 and December 31, 2021, respectively. These ranges represent the significant unobservable inputs that were used in the valuation of each type of investment. These inputs are not representative of the inputs that could have been used in the valuation of any one investment. Accordingly, the ranges of inputs presented below do not represent uncertainty in, or possible ranges of, fair value measurements of the Fund’s Level 3 investments.

	Fair Value as of September 30, 2022		Valuation Techniques		Unobservable Input	Range/Input (Weighted Average) (1)	Impact to Valuation from an Increase in Input
Assets:
1st Lien/Senior Secured Debt	$	951,488,417		Market Yield Analysis	Market Yield	8.2% - 21.3% (10.2%)		Decrease
		5,667,567		Market Approach	EBITDA Multiple	0.0x – 6.0x (1.8x)		Increase
		279,599		Liquidation Value	Asset Value	N/A		Increase
		17,369,324		Expected Repayment	Redemption Price	N/A		N/A
		56,202,722		Recent Purchase	Purchase Price	N/A		N/A
2nd Lien/Junior Secured Debt		10,711,184		Market Yield Analysis	Market Yield	12.3% - 13.7% (13.2%)		Decrease
Common Stock		4,509,096		Market Approach	EBITDA Multiple	8.0x – 33.4x (15.8x)		Increase
		841,437		Market Approach	Revenue Multiple	6.5x – 36.1x (11.9x)		Increase
		430,141		Market Approach	Network Cashflow Multiple	34.0x		Increase
		953,173		Recent Purchase	Purchase Price	N/A		N/A
Preferred Stock		1,543,662		Market Approach	EBITDA Multiple	0.5x - 23.0x (21.0x)		Increase
		5,021,006		Market Approach	Revenue Multiple	4.5x -15.0x ( 10.2 x)		Increase
		2,671,885		Market Yield Analysis	Dividend Yield	12% - 15.5% (14.4% )		Increase
		6,420,006		Expected Repayment	Redemption Price	N/A		N/A
Warrants		95,523		Market Approach	EBITDA Multiple	0.5x - 9.0x (9.0x)		Increase
		1,086,110		Market Approach	Revenue Multiple	9.1x – 17.5x (12.2x)		Increase
		43,880		Recent Purchase	Purchase Price	N/A		N/A
Total Assets	$	1,065,334,732

(1)  Weighted averages are calculated based on fair value of investments.

4

3

	Fair Value as of December 31, 2021		Valuation Techniques	Unobservable Input	Range/Input (Weighted Average) (1)	Impact to Valuation from an Increase in Input
Assets:
1st Lien/Senior Secured Debt	$	665,565,654	Market Yield Analysis	Market Yield	4.7% - 14.6% (7.7%)		Decrease
		4,888,622	Market Approach	EBITDA Multiple	3.5x - 7.7x (4.7x)		Increase
		1,124,564	Liquidation Value	Asset Value	N/A		Increase
		187,833,403	Recent Purchase	Purchase Price	N/A		N/A
2nd Lien/Junior Secured Debt		10,677,299	Market Yield Analysis	Market Yield	8.5% - 10.2% (9.7%)		Decrease
Common Stock		1,444,140	Market Approach	EBITDA Multiple	8.0x - 16.0x (13.1x)		Increase
		163,472	Market Approach	Revenue Multiple	36.1x		Increase
		439,931	Market Approach	Network Cashflow Multiple	37.5x		Increase
		2,648,192	Recent Purchase	Purchase Price	N/A		N/A
Preferred Stock		3,854,995	Market Approach	EBITDA Multiple	3.5x - 10.0x (5.2x)		Increase
		6,990,517	Market Approach	Revenue Multiple	4.4x - 20.0x (12.9x)		Increase
		1,718,402	Market Yield Analysis	Dividend Yield	11.5%		Increase
Warrants		1,103,948	Market Approach	Revenue Multiple	1.9x - 18.0x (10.3x)		Increase
		7,595	Recent Purchase	Purchase Price	N/A		N/A
Total Assets	$	888,460,734

(1)  Weighted averages are calculated based on fair value of investments.

Financial Instruments Disclosed, But Not Carried, At Fair Value

The following table presents the carrying value and fair value of the Fund’s financial liabilities disclosed, but not carried, at fair value as of September 30, 2022 and the level of each financial liability within the fair value hierarchy.

	Carrying Value (1)		Fair Value		Level 1		Level 2		Level 3
Class A-1-R Senior Secured Floating Rate Note	$	97,255,348	$	96,039,375	$	—	$	—	$	96,039,375
Class A-1-L Senior Secured Floating Rate Note		74,585,578		73,312,500		—		—		73,312,500
Class A-1-F Senior Secured Fixed Rate Note		29,834,231		29,250,000		—		—		29,250,000
Class A-2-R Senior Secured Deferrable Floating Rate		43,259,662		41,107,500		—		—		41,107,500
Total	$	244,934,819	$	239,709,375	$	—	$	—	$	239,709,375

(1) Carrying value is net of unamortized discount and debt issuance costs. Unamortized discount and debt issuance costs associated with the Notes totaled $451,950 and $1,363,231 as of September 30, 2022 and are reflected on the consolidated statements of assets and liabilities.

44

The following table presents the carrying value and fair value of the Fund’s financial liabilities disclosed, but not carried, at fair value as of December 31, 2021 and the level of each financial liability within the fair value hierarchy.

	Carrying Value (1)		Fair Value		Level 1		Level 2		Level 3
Class A-1 Senior Secured Notes	$	177,636,864	$	179,091,000	$	—	$	—	$	179,091,000
Class A-2A Senior Secured Notes		24,920,997		25,500,000		—		—		25,500,000
Class A-2B Senior Secured Notes		9,896,743		10,298,250		—		—		10,298,250
Total	$	212,454,604	$	214,889,250	$	—	$	—	$	214,889,250

(1) Carrying value is net of unamortized discount and debt issuance costs. Unamortized discount and debt issuance costs associated with the Notes totaled $21,813 and $673,583 as of December 31, 2021 and are reflected on the consolidated statements of assets and liabilities.

The Revolving Credit Facilities and Secured Borrowings are recorded at carrying value, which approximates fair value.

6. Commitments & Contingencies

Commitments

The Fund may enter into commitments to fund investments. As of September 30, 2022, the Adviser believed that the Fund had adequate financial resources to satisfy its unfunded commitments. The amounts associated with unfunded commitments to provide funds to portfolio companies are not recorded in the Fund’s consolidated statements of assets and liabilities. Since these commitments and the associated amounts may expire without being drawn upon, the total commitment amount does not necessarily represent a future cash requirement. The Fund had the following unfunded commitments by investment types as of September 30, 2022 and December 31, 2021:

			9/30/2022					12/31/2021
Investment Type	Facility Type	Commitment Expiration Date (1)	Unfunded Commitment (2)		Fair Value (3)			Unfunded Commitment (2)		Fair Value (3)
1st Lien/Senior Secured Debt
5 Bars, LLC	Delayed Draw Term Loan	09/27/2022	$	—	$	—		$	3,448,816	$	—
5 Bars, LLC	Delayed Draw Term Loan	12/31/2022		3,448,816		—			—		—
5 Bars, LLC	Revolver	09/27/2024		646,653		—			646,653		—
AAH Topco, LLC	Delayed Draw Term Loan	12/22/2023		4,783,628		(95,673	)		8,108,576		(162,172	)
AAH Topco, LLC	Revolver	12/22/2027		787,273		(21,650	)		787,273		(7,873	)
Accelerate Resources Operating, LLC	Revolver	02/24/2026		414,764		—			414,764		—
Activ Software Holdings, LLC	Revolver	05/04/2027		648,837		(16,221	)		648,837		(3,244	)
Admiral Buyer, Inc	Delayed Draw Term Loan	05/06/2024		1,576,961		(11,827	)		—		—
Admiral Buyer, Inc	Revolver	05/08/2028		563,200		(9,856	)		—		—
AEG Holding Company, Inc.	Revolver	11/20/2023		614,275		—			1,116,864		—
Airwavz Solutions, Inc	Delayed Draw Term Loan	03/31/2024		3,263,699		(24,478	)		—		—
Airwavz Solutions, Inc	Revolver	03/31/2027		652,740		(9,791	)		—		—
Alphasense, Inc.	Revolver	05/29/2024		—		—			872,355		(4,362	)
American Physician Partners, LLC	Revolver	07/21/2022		—		—			97,681		—
American Physician Partners, LLC	Revolver	10/31/2022		97,681		(3,370	)		—		—
AMI US Holdings, Inc.	Revolver	04/01/2024		1,094,605		—			656,763		—
Analogic Corporation	Revolver	06/22/2023		36,667		(1,833	)		91,667		(2,979	)
AOM Acquisition, LLC.	Revolver	02/18/2027		1,218,605		(6,093	)		—		—
Arrowstream Acquisition Co., Inc.	Revolver	12/15/2025		—		—			386,309		(2,897	)
Avant Communications, LLC	Revolver	11/30/2026		566,910		—			566,910		(11,338	)
Avetta, LLC	Revolver	04/10/2024		494,396		(2,472	)		494,396		(1,236	)
BAART Programs, Inc.	Delayed Draw Term Loan	06/11/2023		2,750,974		(96,284	)		—		—
Banneker V Acquisition, Inc.	Revolver	12/04/2025		259,300		(1,297	)		259,300		—
BEP Borrower Holdco, LLC	Revolver	06/12/2024		—		—			429,435		—
BEXP I OG, LLC	Term Loan	12/31/2022		1,781,035		—			—		—
BEXP I OG, LLC	Revolver	01/25/2027		254,434		—			—		—
Bonterra, LLC	Delayed Draw Term Loan	09/08/2023		3,316,125		(33,161	)		—		—
Bonterra, LLC	Revolver	09/08/2027		449,091		(7,859	)		—		—

45

Bridgepointe Technologies, LLC	Delayed Draw Term Loan	06/30/2022	—	—		2,779,542	(55,591	)
Bridgepointe Technologies, LLC	Delayed Draw Term Loan	12/30/2022	2,887,488	—		—	—
Bridgepointe Technologies, LLC	Delayed Draw Term Loan	12/31/2023	—	—		3,887,472	(77,749	)
Bridgepointe Technologies, LLC	Delayed Draw Term Loan	09/23/2024	4,975,778	—		—	—
Bridgepointe Technologies, LLC	Revolver	12/31/2027	777,494	—		777,494	(15,550	)
Brightspot Buyer, Inc	Revolver	11/16/2027	680,292	(13,606	)	680,292	(13,606	)
BSI2 Hold Nettle, LLC	Revolver	06/30/2028	588,923	(7,362	)	—	—
BusinesSolver.com, Inc.	Delayed Draw Term Loan	12/01/2023	1,986,913	(39,738	)	1,986,913	(19,869	)
BV EMS Buyer, Inc.	Delayed Draw Term Loan	03/21/2024	3,529,811	(105,894	)	—	—
Captain D’s, Inc.	Revolver	12/15/2023	—	—		195,053	—
Caregiver 2, Inc.	Delayed Draw Term Loan	03/10/2023	—	—		270,904	(4,741	)
Cerifi, LLC	Revolver	04/01/2027	844,800	(12,672	)	—	—
Certify, Inc	Delayed Draw Term Loan	01/21/2024	239,814	(1,199	)	—	—
Certify, Inc	Revolver	02/28/2024	119,907	(600	)	—	—
Choice Health At Home, LLC,	Delayed Draw Term Loan	12/29/2023	1,320,427	(29,710	)	—	—
Choice Health At Home, LLC,	Delayed Draw Term Loan	12/29/2026	—	—		2,308,549	(34,628	)
Coding Solutions Acquisition, Inc	Delayed Draw Term Loan	05/10/2024	1,656,288	(37,266	)	—	—
Coding Solutions Acquisition, Inc	Revolver	05/11/2028	676,056	(21,972	)	—	—
Coding Solutions Acquisition, Inc.	Delayed Draw Term Loan	12/31/2022	—	—		2,443,965	(18,330	)
Coding Solutions Acquisition, Inc.	Revolver	12/31/2025	—	—		46,552	(349	)
Community Based Care Acquisition, Inc.	Delayed Draw Term Loan	09/16/2023	109,272	(3,005	)	1,854,175	—
Community Based Care Acquisition, Inc.	Delayed Draw Term Loan	03/29/2024	2,912,094	(80,083	)	—	—
Community Based Care Acquisition, Inc.	Revolver	09/16/2027	863,813	(23,755	)	388,716	(2,915	)
Community Brands Parentco, LLC	Delayed Draw Term Loan	02/24/2024	834,415	(12,516	)	—	—
Community Brands Parentco, LLC	Revolver	02/24/2028	417,208	(10,430	)	—	—
Coretelligent Intermediate LLC	Delayed Draw Term Loan	10/21/2023	1,870,703	—		3,799,263	—
Coretelligent Intermediate LLC	Revolver	10/21/2027	1,266,421	—		1,266,421	(18,996	)
Cybergrants Holdings, LLC	Delayed Draw Term Loan	09/08/2023	—	—		1,151,751	(11,518	)
Cybergrants Holdings, LLC	Revolver	09/08/2027	—	—		1,151,751	(11,518	)
Datacor, Inc.	Delayed Draw Term Loan	03/31/2024	2,545,283	(6,363	)	2,545,283	—
Datacor, Inc.	Revolver	12/29/2025	643,849	(1,610	)	643,849	(3,219	)
Degreed, Inc.	Delayed Draw Term Loan	03/24/2023	—	—		1,391,394	(3,478	)
Degreed, Inc.	Delayed Draw Term Loan	08/18/2023	1,391,394	(20,871	)	—	—
Degreed, Inc.	Delayed Draw Term Loan	08/18/2024	1,321,674	(13,217	)	—	—
Degreed, Inc.	Revolver	05/31/2025	—	—		417,813	(3,134	)
Degreed, Inc.	Revolver	05/29/2026	417,813	(8,356	)	—	—
Delaware Valley Management Holdings, Inc.	Delayed Draw Term Loan	09/18/2022	—	—		1,053,759	(121,182	)
Delaware Valley Management Holdings, Inc.	Delayed Draw Term Loan	09/18/2023	210,752	(61,645	)	—	—
Delaware Valley Management Holdings, Inc.	Delayed Draw Term Loan	09/18/2023	843,008	(246,580	)	—	—
Dillon Logistics, Inc.	Revolver	12/11/2023	—	—		30,562	(23,089	)
Dispatch Track, LLC	Revolver	12/17/2026	301,930	(2,264	)	301,930	(755	)
EET Buyer, Inc.	Revolver	11/08/2027	690,794	(12,089	)	690,794	(13,816	)

46

Engage2Excel, Inc.	Revolver	03/07/2023	70,581	(1,059	)	9,423	(94	)
EnterpriseDB Corporation	Revolver	06/22/2026	—	—		1,012,902	(2,532	)
EvolveIP, LLC	Revolver	06/07/2025	—	—		510,182	(2,551	)
EvolveIP, LLC	Revolver	06/09/2025	418,538	(10,463	)	—	—
Exterro, Inc.	Revolver	05/31/2024	—	—		247,500	—
Faithlife, LLC	Delayed Draw Term Loan	09/19/2022	—	—		1,328,991	—
Faithlife, LLC	Delayed Draw Term Loan	01/18/2023	1,328,991	—		—	—
Faithlife, LLC	Revolver	09/18/2025	279,053	—		279,053	—
Fatbeam, LLC	Delayed Draw Term Loan	02/22/2022	—	—		1,609,623	(64,385	)
Fatbeam, LLC	Delayed Draw Term Loan	02/22/2023	1,609,623	—		1,609,623	(64,385	)
Fatbeam, LLC	Revolver	02/22/2026	—	—		386,309	(15,452	)
Firstdigital Communications LLC	Revolver	12/17/2026	1,174,177	(35,225	)	1,586,726	(31,735	)
Foundation Risk Partners, Corp.	Delayed Draw Term Loan	10/29/2023	—	—		915,937	(6,870	)
Foundation Risk Partners, Corp.	Delayed Draw Term Loan	04/14/2024	1,805,414	(22,568	)	—	—
Foundation Risk Partners, Corp.	Revolver	10/29/2027	983,106	(17,204	)	1,038,062	(12,976	)
Freddy’s Frozen Custard, L.L.C	Revolver	03/03/2027	412,270	(1,031	)	412,270	—
Fusion Holding Corp	Revolver	09/14/2027	1,379,193	(31,032	)	—	—
Fusion Risk Management Inc	Revolver	08/30/2028	852,848	(19,189	)	—	—
Fuze, Inc.	Revolver	09/20/2024	—	—		1,111,471	29,436
Galway Borrower, LLC	Delayed Draw Term Loan	09/29/2023	212,948	(3,194	)	—	—
Galway Borrower, LLC	Delayed Draw Term Loan	09/30/2023	—	—		567,862	(5,679	)
Galway Borrower, LLC	Revolver	09/30/2027	270,410	(6,760	)	270,410	(5,408	)
GHA Buyer, Inc.	Revolver	06/24/2025	79,256	(3,567	)	634,051	—
Global Radar Holdings, LLC	Revolver	12/31/2025	116,379	—		116,379	—
GlobalWebIndex Inc.	Delayed Draw Term Loan	12/30/2022	—	—		1,841,860	(64,465	)
Greenhouse Software, Inc.	Revolver	03/01/2027	—	—		1,232,251	(6,161	)
Greenhouse Software, Inc.	Revolver	09/01/2028	1,232,251	(30,806	)	—	—
Greenhouse Software, Inc.	Revolver	09/01/2028	604,499	(15,112	)	—	—
Greenlight Intermediate II, Inc.	Delayed Draw Term Loan	05/30/2025	6,702,083	(33,510	)	—	—
Gryphon-Redwood Acquisition LLC	Delayed Draw Term Loan	09/16/2024	1,586,009	(27,755	)	—	—
GS AcquisitionCo, Inc.	Delayed Draw Term Loan	11/02/2023	576,721	(14,418	)	1,344,054	—
GS AcquisitionCo, Inc.	Revolver	05/22/2026	137,009	(4,453	)	239,766	(1,199	)
Higginbotham Insurance Agency, Inc.	Delayed Draw Term Loan	12/22/2023	2,875,919	(14,380	)	—	—
Higginbotham Insurance Agency, Inc.	Delayed Draw Term Loan	12/23/2023	—	—		2,935,369	(16,438	)
Honor HN Buyer, Inc	Delayed Draw Term Loan	10/15/2023	—	—		1,659,616	(16,596	)
Honor HN Buyer, Inc	Delayed Draw Term Loan	10/16/2023	889,740	(8,897	)	—	—
Honor HN Buyer, Inc	Delayed Draw Term Loan	08/26/2024	2,437,025	(12,185	)	—	—
Honor HN Buyer, Inc	Revolver	10/15/2027	304,093	(4,561	)	304,093	(6,082	)
Iodine Software, LLC	Revolver	05/19/2027	1,227,453	(12,275	)	1,227,453	—
Kaseya Inc.	Delayed Draw Term Loan	06/24/2024	636,776	(7,960	)	—	—
Kaseya Inc.	Revolver	06/25/2029	636,776	(12,736	)	—	—
Kaseya, Inc.	Delayed Draw Term Loan	09/08/2023	—	—		345,912	—
Kaseya, Inc.	Revolver	05/02/2025	—	—		375,990	—
Kindeva Drug Delivery L.P.	Revolver	05/01/2025	202,345	(22,258	)	757,349	(24,614	)
Krispy Krunchy Foods, L.L.C	Revolver	11/17/2027	—	—		974,884	(19,498	)
Mathnasium LLC	Revolver	11/15/2027	565,781	(9,901	)	565,781	(11,315	)
Mavenlink, Inc.	Revolver	06/03/2027	1,789,816	(22,373	)	1,789,816	(35,796	)

47

MBS Holdings, Inc.	Revolver	04/16/2027	974,169	(26,790	)	974,169	(4,871	)
Medbridge Holdings, LLC	Revolver	12/23/2026	1,376,227	(24,084	)	917,485	—
Medical Management Resource Group, LLC	Delayed Draw Term Loan	09/30/2023	—	—		1,582,075	(11,866	)
Medical Management Resource Group, LLC	Revolver	09/30/2026	316,415	(8,701	)	316,415	(5,537	)
MedMark Services, Inc.	Delayed Draw Term Loan	06/11/2023	—	—		4,853,121	(48,531	)
Medsuite Purchaser, LLC	Delayed Draw Term Loan	10/23/2023	7,144,203	(17,861	)	—	—
Medsuite Purchaser, LLC	Revolver	10/22/2026	680,400	(5,103	)	—	—
Metametrics, Inc.	Revolver	09/10/2025	651,183	(6,512	)	390,710	—
Millin Purchaser LLC	Delayed Draw Term Loan	02/22/2022	—	—		1,632,961	(12,247	)
Millin Purchaser LLC	Delayed Draw Term Loan	10/22/2023	—	—		7,144,203	(53,582	)
Millin Purchaser LLC	Revolver	10/22/2026	—	—		680,400	(10,206	)
MMP Intermediate, LLC	Revolver	02/15/2027	552,880	(13,822	)	—	—
Moon Buyer, Inc.	Delayed Draw Term Loan	10/21/2022	4,538,792	—		4,538,792	—
Moon Buyer, Inc.	Revolver	04/21/2027	1,163,793	—		1,163,793	—
MSM Acquisitions, Inc.	Delayed Draw Term Loan	01/30/2023	2,828,188	(77,775	)	3,199,307	—
MSM Acquisitions, Inc.	Revolver	12/09/2026	762,591	(24,784	)	1,111,729	(5,559	)
MSP Global Holdings, Inc.	Delayed Draw Term Loan	01/24/2024	592,150	(13,323	)	—	—
MSP Global Holdings, Inc.	Revolver	01/25/2027	604,235	(13,595	)	—	—
Mykaarma Acquisition LLC	Revolver	03/21/2028	593,215	(8,898	)	—	—
Navigate360, LLC	Delayed Draw Term Loan	03/17/2024	1,812,705	(4,532	)	—	—
Navigate360, LLC	Revolver	03/17/2027	604,235	(7,553	)	—	—
Netwrix Corporation And Concept Searching Inc.	Delayed Draw Term Loan	03/23/2022	—	—		1,103,804	—
Netwrix Corporation And Concept Searching Inc.	Delayed Draw Term Loan	06/10/2024	4,133,315	(20,667	)	—	—
Netwrix Corporation And Concept Searching Inc.	Revolver	09/30/2026	—	—		166,551	—
Netwrix Corporation And Concept Searching Inc.	Revolver	06/11/2029	774,755	(5,811	)	—	—
NI Topco, Inc	Revolver	12/28/2026	—	—		549,052	(12,354	)
OMH-HealthEdge Holdings, LLC	Revolver	10/24/2024	458,721	—		458,721	(2,294	)
Pace Health Companies, LLC	Revolver	08/02/2024	616,682	(1,542	)	616,682	—
PerimeterX, Inc.	Delayed Draw Term Loan	05/23/2022	—	—		698,833	(6,988	)
PerimeterX, Inc.	Delayed Draw Term Loan	07/01/2023	—	—		1,075,406	(10,754	)
PerimeterX, Inc.	Revolver	11/22/2024	—	—		279,533	(2,795	)
Peter C. Foy & Associates Insurance Services, LLC	Delayed Draw Term Loan	12/15/2023	289,834	(4,348	)	—	—
Pinnacle Dermatology Management, LLC	Delayed Draw Term Loan	12/08/2023	1,262,816	(37,885	)	1,536,273	(38,407	)
Pinnacle Dermatology Management, LLC	Revolver	12/08/2026	384,068	(4,801	)	537,696	(6,721	)
Pinnacle Treatment Centers, Inc.	Delayed Draw Term Loan	01/17/2022	—	—		234,363	—
Pinnacle Treatment Centers, Inc.	Revolver	12/31/2022	109,858	—		292,954	—
Priority Ondemand Midco 2,L.P	Delayed Draw Term Loan	07/15/2024	2,720,672	(47,612	)	—	—
Ranger Buyer, Inc.	Revolver	11/18/2027	1,079,309	(13,491	)	959,386	(19,188	)
Redwood Family Care Network, Inc.	Delayed Draw Term Loan	12/18/2022	2,484,335	(18,633	)	2,484,335	(6,211	)
Redwood Family Care Network, Inc.	Revolver	06/18/2026	588,705	(7,359	)	588,705	(1,472	)
Rep Tec Intermediate Holdings, Inc.	Revolver	12/01/2027	670,865	(15,094	)	789,253	—
RSC Acquisition, Inc.	Delayed Draw Term Loan	05/31/2024	5,698,289	(56,982	)	—	—
Sako and Partners Lower Holdings LLC	Delayed Draw Term Loan	09/16/2024	3,551,249	(53,269	)	—	—

48

Sako and Partners Lower Holdings LLC	Revolver	09/15/2028	905,569	(27,167	)	—	—
Salisbury House, LLC	Revolver	08/29/2025	269,006	(6,053	)	—	—
Salisbury House, LLC	Revolver	08/30/2025	—	—		448,343	(6,725	)
Sandstone Care Holdings, LLC	Delayed Draw Term Loan	06/28/2024	1,177,845	(14,723	)	—	—
Sandstone Care Holdings, LLC	Revolver	06/28/2028	706,707	(15,901	)	—	—
Saturn Borrower Inc	Delayed Draw Term Loan	12/15/2023	—	—		3,960,391	(79,208	)
Saturn Borrower Inc	Revolver	12/15/2027	—	—		745,874	(14,918	)
Sauce Labs Inc	Delayed Draw Term Loan	02/09/2024	2,367,500	(23,675	)	—	—
Sauce Labs, Inc.	Delayed Draw Term Loan	02/12/2023	—	—		1,922,732	(24,034	)
Sauce Labs, Inc.	Revolver	08/16/2027	1,281,821	(25,636	)	1,281,821	(19,227	)
SCA Buyer, LLC	Revolver	01/20/2026	257,540	(9,014	)	386,309	(966	)
ScyllaDB, Inc.	Delayed Draw Term Loan	03/08/2024	660,837	(10,038	)	—	—
ScyllaDB, Inc.	Revolver	09/08/2027	264,335	(5,337	)	—	—
SecureLink, Inc.	Revolver	10/01/2025	—	—		439,523	—
Securonix, Inc.	Revolver	04/05/2028	1,538,337	(34,613	)	—	—
Single Digits, Inc.	Revolver	12/21/2023	416,149	(39,534	)	416,149	(4,161	)
Sirsi Corporation	Revolver	03/15/2024	553,741	(2,769	)	553,741	(1,384	)
SIS Purchaser, Inc.	Revolver	10/15/2026	1,165,951	(32,064	)	1,165,951	—
Smartlinx Solutions, LLC	Revolver	03/04/2026	519,484	(7,792	)	519,484	(2,597	)
Smile Brands, Inc.	Revolver	10/12/2025	—	—		240,909	(2,409	)
Smile Brands, Inc.	Revolver	10/13/2025	254,808	(6,370	)	—	—
Soladoc, LLC	Delayed Draw Term Loan	06/10/2024	2,355,690	(35,335	)	—	—
Soladoc, LLC	Revolver	06/12/2028	588,923	(14,723	)	—	—
Spark DSO LLC	Delayed Draw Term Loan	02/09/2023	1,842,933	(78,325	)	—	—
Spark DSO LLC	Revolver	04/20/2026	1,105,760	(46,995	)	—	—
Stratus Networks, Inc.	Delayed Draw Term Loan	12/15/2023	3,630,358	(63,531	)	—	—
Stratus Networks, Inc.	Revolver	12/15/2027	13,201	(363	)	—	—
Streamsets, Inc.	Revolver	11/25/2024	—	—		350,524	(12,268	)
SugarCRM, Inc.	Revolver	07/31/2024	310,244	(2,327	)	310,244	—
Sundance Group Holdings, Inc	Delayed Draw Term Loan	07/02/2023	3,547,253	(26,604	)	3,547,253	(26,604	)
Sundance Group Holdings, Inc	Revolver	07/02/2027	449,319	(7,863	)	993,231	(14,898	)
Swiftpage, Inc.	Revolver	06/13/2023	225,317	(11,829	)	225,317	(1,690	)
Syntax Systems Ltd	Delayed Draw Term Loan	10/29/2023	—	—		2,434,137	(24,341	)
Syntax Systems Ltd	Delayed Draw Term Loan	10/30/2023	2,434,137	(60,853	)	—	—
Syntax Systems Ltd	Revolver	10/29/2026	324,552	(8,114	)	547,843	(5,479	)
TA/WEG Holdings, LLC	Delayed Draw Term Loan	08/13/2022	—	—		2,962,646	—
TA/WEG Holdings, LLC	Revolver	10/04/2027	—	—		233,655	—
TBG Food Acquisition Corp	Delayed Draw Term Loan	12/25/2023	1,056,104	(73,927	)	1,056,104	(10,561	)
TBG Food Acquisition Corp	Revolver	12/25/2027	264,026	(18,482	)	264,026	(2,640	)
Telcor Buyer, Inc.	Revolver	08/20/2027	290,770	(6,542	)	290,770	(2,181	)
Telesoft Holdings, LLC	Revolver	12/16/2025	596,866	(2,984	)	596,866	(2,984	)
The Center for Orthopedic and Research Excellence, Inc.	Delayed Draw Term Loan	10/01/2023	835,378	(18,796	)	1,441,028	(3,603	)
The Center for Orthopedic and Research Excellence, Inc.	Delayed Draw Term Loan	03/31/2024	1,709,776	(29,921	)	—	—
The Center for Orthopedic and Research Excellence, Inc.	Revolver	08/15/2025	138,106	(3,798	)	379,793	(1,899	)
Thrive Buyer, Inc.	Delayed Draw Term Loan	06/30/2023	—	—		3,625,292	(9,063	)
Thrive Buyer, Inc.	Delayed Draw Term Loan	03/01/2024	357,454	(2,681	)	—	—
Thrive Buyer, Inc.	Revolver	01/22/2027	961,759	(7,213	)	1,109,722	(2,774	)
Towerco IV Holdings, LLC	Delayed Draw Term Loan	10/23/2023	4,800,806	(60,010	)	3,383,145	(33,831	)

49

TRGRP, Inc.	Revolver	11/01/2023		333,333		—			333,333		—
Ungerboeck Systems International, LLC	Delayed Draw Term Loan	08/02/2023		477,340		(1,193	)		—		—
Ungerboeck Systems International, LLC	Revolver	04/30/2027		229,387		(2,867	)		161,196		—
Valcourt Holdings II, LLC	Delayed Draw Term Loan	01/07/2023		—		—			1,093,174		—
Valcourt Holdings II, LLC	Delayed Draw Term Loan	01/09/2023		279,947		—			—		—
Vectra AI, Inc.	Delayed Draw Term Loan	03/18/2023		1,163,793		(26,185	)		2,327,586		(58,190	)
Vectra AI, Inc.	Revolver	03/18/2026		232,759		(5,237	)		232,759		(5,819	)
Vehlo Purchaser, LLC	Delayed Draw Term Loan	05/24/2024		6,195,183		(15,488	)		—		—
Vehlo Purchaser, LLC	Revolver	05/24/2028		1,239,037		(12,390	)		—		—
Velocity Purchaser Corporation	Revolver	12/01/2022		—		—			193,237		—
Velocity Purchaser Corporation	Revolver	12/01/2023		193,237		—			—		—
Veracross LLC	Delayed Draw Term Loan	12/28/2023		1,668,830		(12,516	)		1,668,830		(16,688	)
Veracross LLC	Revolver	12/28/2027		1,112,554		(19,470	)		1,112,554		(22,251	)
Wealth Enhancement Group, LLC	Delayed Draw Term Loan	05/02/2024		1,254,684		—			—		—
Wealth Enhancement Group, LLC	Revolver	10/04/2027		457,366		(1,143	)		—		—
West Dermatology	Delayed Draw Term Loan	06/17/2024		3,731,767		(317,200	)		—		—
West Dermatology	Revolver	03/17/2028		1,243,922		(118,173	)		—		—
Total			$	210,052,521	$	(3,434,131	)	$	164,163,963	$	(1,707,905	)

(1) Commitments are generally subject to borrowers meeting certain criteria such as compliance with covenants and certain operational metrics. These amounts may remain outstanding until the commitment period of an applicable loan expires, which may be shorter than its maturity.

(2) Net of capitalized fees, expenses and original issue discount (“OID”).

(3) A negative fair value was reflected as investments, at fair value in the consolidated statements of assets and liabilities. The negative fair value is the result of the capitalized discount on the loan.

Contingencies

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

7. Net Assets

Equity Issuance

In connection with its formation, the Fund has the authority to issue 200,000,000 Shares.

On September 29, 2017, the Fund completed its Initial Closing after entering into Subscription Agreements with several investors, including the Adviser, providing for the private placement of Shares. Under the terms of the Subscription Agreements, investors are required to fund drawdowns to purchase Shares up to the amount of their respective Capital Commitments on an

as-needed

basis upon the issuance of a capital draw-down notice. At September 30, 2022 the Fund had total Capital Commitments of $557,540,164, of which 17% is unfunded. At December 31, 2021, the Fund had total Capital Commitments of $471,572,464, of which 25% was unfunded. The minimum Capital Commitment of an investor is $50,000. The Adviser, however, may waive the minimum Capital Commitment at its discretion.

Capital Commitments may be drawn down by the Fund on a pro rata basis, as needed (including for

follow-on

investments), for paying the Fund’s expenses, including fees under the Amended and Restated Advisory Agreement, and/or maintaining a reserve account for the payment of future expenses or liabilities.

5

0

The following table summarizes the total Shares issued and amount received related to capital drawdowns delivered pursuant to the Subscription Agreements during the nine months ended September 30, 2022 and September 30, 2021:

	For the nine months ended September 30, 2022				For the nine months ended September 30, 2021
Quarter Ended	Shares		Amount		Shares		Amount
March 31		3,095,246	$	30,684,000		4,001,981	$	37,708,999
June 30		5,759,395	$	56,263,228		1,637,964	$	15,687,764
September 30		1,926,590	$	18,306,259		1,632,591	$	15,930,053
Total capital drawdowns		10,781,231	$	105,253,487		7,272,536	$	69,326,816

Distributions

The following tables reflect the distributions declared on Shares during the nine months ended September 30, 2022 and September 30, 2021:

Date Declared	Record Date		Payment Date		Amount Per Share		Dollar Amount
3/29/2022		3/29/2022		4/28/2022	$	0.25	$	9,709,845
6/28/2022		6/28/2022		7/27/2022	$	0.15	$	6,590,492
9/28/2022		9/28/2022		10/24/2022	$	0.20	$	8,539,011
							$	24,839,348

Date Declared	Record Date		Payment Date		Amount Per Share		Dollar Amount
3/29/2021		3/29/2021		4/28/2021	$	0.16	$	4,358,022
6/28/2021		6/28/2021		7/22/2021	$	0.16	$	4,555,484
9/28//2021		9/28/2021		10/26/2021	$	0.17	$	4,942,950
							$	13,856,456

Dividend Reinvestment Plan

On September 26, 2017, the Fund adopted a dividend reinvestment plan, which was amended and restated on November 11, 2021 (the “DRIP”). Pursuant to the DRIP (both before and after it was amended), stockholders receive dividends or other distributions in cash unless a stockholder elects to reinvest his or her dividends and other distributions. As a result of adopting the DRIP, if the Board authorizes, and the Fund declares, a cash dividend or distribution, stockholders who have opted into the DRIP will have their cash dividends or distributions automatically reinvested in additional Shares, rather than receiving cash.

The following tables summarize Shares distributed pursuant to the DRIP during the nine months ended September 30, 2022 and September 30, 2021 to stockholders who opted into the DRIP:

Date Declared	Record Date		Reinvestment Date		Shares		Dollar Amount
3/29/2022		3/29/2022		3/31/2022		526,163	$	5,101,704
6/28/2022		6/28/2022		6/30/2022		360,978	$	3,500,728
9/28/2022		9/28/2022		9/30/2022		482,995	$	4,589,372
						1,370,136	$	13,191,804

Date Declared	Record Date		Reinvestment Date		Shares		Dollar Amount
3/29/2021		3/29/2021		3/31/2021		229,904	$	2,167,568
6/28/2021		6/28/2021		6/30/2021		241,688	$	2,332,651
9/28/2021		9/28/2021		9/30/2021		265,157	$	2,587,811
						736,749	$	7,088,030

General Tender Program

Beginning with the quarter ended March 31, 2021, the Fund began to conduct quarterly general tender offers (each, a “General Tender,” and collectively, the “General Tender Program”), at the Board’s discretion, in accordance with the requirements of

5

1

Rule

13e-4

under the Exchange Act and the 1940 Act, to allow each of its stockholders to tender Shares at a specific per Share price (the “Purchase Price”) based on the Fund’s net asset value as of the last date of the quarter in which the General Tender is conducted. The Fund intends to conduct each General Tender to repurchase up to a certain percentage of the weighted average of the number of Shares outstanding during the three-month period prior to the quarter in which the General Tender is conducted. The General Tender Program includes numerous restrictions that limit stockholders’ ability to sell their Shares.

On February 25, 2022, the Fund commenced a General Tender (the “Q1 2022 Tender Offer”) for up to 795,163.70 Shares (the “Q1 2022 Tender Offer Cap”) tendered prior to March 31, 2022. Stockholders who tendered Shares in the Q1 2022 Tender Offer received, at the expiration of the Q1 2022 Tender Offer,

a non-interest bearing, non-transferable promissory

note entitling such stockholders to an amount in cash equal to the number of Shares accepted for purchase multiplied by the Purchase Price. The Purchase Price for the Q1 2022 Tender Offer was $9.70 per Share and the Q1 2022 Tender Offer expired on March 31, 2022.

On May 27, 2022, the Fund commenced a General Tender (the “Q2 2022 Tender Offer”) for up to 911,141.27 Shares (the “Q2 2022 Tender Offer Cap”) tendered prior to June 30, 2022. Stockholders who tendered Shares in the Q2 2022 Tender Offer received, at the expiration of the Q2 2022 Tender Offer,

a non-interest bearing, non-transferable promissory

note entitling such stockholders to an amount in cash equal to the number of Shares accepted for purchase multiplied by the Purchase Price. The Purchase Price for the Q2 2022 Tender Offer was $9.70 per Share and the Q2 2022 Tender Offer expired on June 30, 2022.

On August 26, 2022, the Fund commenced a General Tender (the “Q3 2022 Tender Offer”) for up to 1,047,133.15 Shares (the “Q3 2022 Tender Offer Cap”) tendered prior to September 30, 2022. Stockholders who tendered Shares in the Q3 2022 Tender Offer received, at the expiration of the Q3 2022 Tender Offer, a

non-interest

bearing,

non-transferable

promissory note entitling such stockholders to an amount in cash equal to the number of Shares accepted for purchase multiplied by the Purchase Price. The Purchase Price for the Q3 2022 Tender Offer was $9.50 per Share and the Q3 2022 Tender Offer expired on September 30, 2022.

On February 26, 2021, the Fund commenced a General Tender (the “Q1 2021 Tender Offer”) for up to 502,190.45 Shares (the “Q1 2021 Tender Offer Cap”) tendered prior to March 31, 2021 (the “Initial Expiration Date”). As a result of the number of Shares tendered to the Fund prior to the Initial Expiration Date, the Fund extended the Q1 2021 Tender Offer and increased the Q1 2021 Tender Offer Cap to 2,083,220 Shares. Stockholders who tendered Shares in the Q1 2021 Tender Offer received, at the expiration of the Q1 2021 Tender Offer, a

non-interest

bearing,

non-transferable

promissory note entitling such stockholders to an amount in cash equal to the number of Shares accepted for purchase multiplied by the Purchase Price. The Purchase Price for the Q1 2021 Tender Offer was $9.43 per Share and the Q1 2021 Tender Offer expired on April 16, 2021.

On May 28, 2021, the Fund commenced a General Tender (the “Q2 2021 Tender Offer”) for up to 1,321,607.81 Shares (the “Q2 2021 Tender Offer Cap”) tendered prior to June 30, 2021. Stockholders who tendered Shares in the Q2 2021 Tender Offer received, at the expiration of the Q2 2021 Tender Offer, a

non-interest

bearing,

non-transferable

promissory note entitling such stockholders to an amount in cash equal to the number of Shares accepted for purchase multiplied by the Purchase Price. The Purchase Price for the Q2 2021 Tender Offer was $9.65 per Share and the Q2 2021 Tender Offer expired on June 30, 2021.

On August 27, 2021, the Fund commenced a General Tender (the “Q3 2021 Tender Offer”) for up to 684,540.65 Shares (the “Q3 2021 Tender Offer Cap”) tendered prior to September 30, 2021. Stockholders who tendered Shares in the Q3 2021 Tender Offer received, at the expiration of the Q3 2021 Tender Offer, a

non-interest

bearing,

non-transferable

promissory note entitling such stockholders to an amount in cash equal to the number of Shares accepted for purchase multiplied by the Purchase Price. The Purchase Price for the Q3 2021 Tender Offer was $9.76 per Share and the Q3 2021 Tender Offer expired on September 30, 2021.

The following table summarizes Shares purchased during the nine months ended September 30, 2022:

Quarter Ended	Payment Date		Shares		Dollar Amount
March 31		May 10, 2022		420,864	$	4,081,370
June 30		August 10, 2022		617,738	$	5,990,765
September 30		November 10, 2022		374,177	$	3,555,388
				1,412,779	$	13,627,523

The following table summarizes Shares purchased during the nine months ended September 30, 2021:

Quarter Ended	Payment Date		Shares		Dollar Amount
March 31		May 6, 2021		1,173,288	$	11,061,881
June 30		August 9, 2021		1,162,555	$	11,220,395
September 30		November 9, 2021		887,497	$	8,661,434
				3,223,340	$	30,943,710

5

2

8. Earnings Per Share

The following information sets forth the computation of basic and diluted earnings per Share for the three and nine months ended September 30, 2022 and September 30, 2021:

	For the three months ended September 30,					For the nine months ended September 30,
	2022			2021		2022		2021
Net increase (decrease) in net assets from operations	$	(91,978	)	$	7,911,569	$	11,603,980	$	24,755,158
Weighted average common shares outstanding		44,069,253			28,094,084		40,828,002		27,308,710
Earnings per common share-basic and diluted	$	(0.00	)	$	0.28	$	0.28	$	0.91

9. Financial Highlights

Below is the schedule of financial highlights of the Fund for the nine months ended September 30, 2022 and September 30, 2021:

	For the nine months ended September 30, 2022			For the nine months ended September 30, 2021
Per Share Data: (1)(2)
Net asset value, beginning of period	$	9.80		$	9.35
Net investment income (loss)		0.60			0.51
Net realized and unrealized gains (losses) on investments		(0.30	)		0.39
Net increase (decrease) in net assets resulting from operations		0.30			0.90
Distributions to stockholders (3)		(0.60	)		(0.49	)
Net asset value, end of period	$	9.50		$	9.76
Shares outstanding, end of period		46,082,537			28,561,167
Total return at net asset value before incentive fees (4)(5)		3.87	%		10.56	%
Total return at net asset value after incentive fees (4)(5)		3.14	%		9.72	%
Ratio/Supplemental Data:
Net assets, end of period	$	437,842,319		$	278,729,470
Ratio of total expenses to weighted average net assets (6)		12.94	%		11.93	%
Ratio of net expenses to weighted average net assets (6)(7)		12.73	%		11.37	%
Ratio of net investment income (loss) before waivers to weighted average net assets (6)		8.44	%		7.26	%
Ratio of net investment income (loss) after waivers to weighted average net assets (6)(7)		8.65	%		7.83	%
Ratio of interest and credit facility expenses to weighted average net assets (6)		7.10	%		5.04	%
Ratio of incentive fees to weighted average net assets (5)		0.72	%		0.89	%
Portfolio turnover rate (5)		15.43	%		18.56	%
Asset coverage ratio (8)		164	%		158	%

(1) The per share data was derived by using the weighted average shares outstanding during the applicable period.

(2) Ratios calculated with Net Assets excluding the Non-Controlling Interest.

(3) The per share data for distributions is the actual amount of distributions paid or payable per share of common stock outstanding during the entire period.

(4) Total return based on NAV is calculated as the change in NAV per share during the respective periods, assuming dividends and distributions, if any, are reinvested in accordance with the Fund’s dividend reinvestment plan.

(5) Not annualized.

(6) Annualized, except for professional fees, directors’ fees and incentive fees.

(7) For the nine months ended September 30, 2022 and September 30, 2021, the Adviser voluntarily waived collateral management fees. Additionally, the Adviser received reimbursement payments from the Fund as per the Expense Support and Conditional Reimbursement Agreement. The ratios include the effects of the voluntary waived expenses of 0.20% and 1.15% for the nine months ended September 30, 2022 and September 30, 2021, respectively.

(8) Asset coverage ratio is equal to (i) the sum of (A) net assets at end of period and (B) debt outstanding at end of period, divided by (ii) total debt outstanding at the end of the period.

10. Subsequent Events

Subsequent events after the consolidated statements of assets and liabilities date have been evaluated through the date the consolidated financial statements were issued. The Fund has concluded that there are no events requiring adjustment or disclosure in the consolidated financial statements other than below.

On October 21, 2022, the Fund called capital of $35,279,903 from its investors due November 1, 2022.

5

3

On November 10, 2022, the Fund entered into an amendment to the 2021 HSBC Credit Agreement (the “Second Amendment to the 2021 HSBC Credit Agreement”) concerning the 2021 HSBC Credit Facility. The Second Amendment to the 2021 HSBC Credit Agreement temporarily increased the HSBC Credit Facility’s maximum commitment from $135,000,000 to $200,000,000 until March 31, 2023 (the “Temporary Increase Maturity Date”). The Second Amendment to the 2021 HSBC Credit Agreement also temporarily increased the Fund’s sublimit commitment from $33,000,000 to $50,000,000 until the Temporary Increase Maturity Date.

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

Forward-Looking Statements

This Quarterly Report on Form 10-Q (this “Quarterly Report”) contains forward-looking statements that involve substantial risks and uncertainties. Such statements involve known and unknown risks, uncertainties and other factors, and undue reliance should not be placed thereon. These forward-looking statements are not historical facts, but rather are based on current expectations, estimates and projections about the Fund, its current and prospective portfolio investments, its industry, its beliefs and opinions, and its assumptions. Words such as “anticipates,” “expects,” “intends,” “plans,” “will,” “may,” “continue,” “believes,” “seeks,” “estimates,” “would,” “could,” “should,” “targets,” “projects,” “outlook,” “potential,” “predicts” and variations of these words and similar expressions are intended to identify forward-looking statements. These statements are not guarantees of future performance and are subject to risks, uncertainties and other factors, some of which are beyond the Fund’s control and difficult to predict and could cause actual results to differ materially from those expressed or forecasted in the forward-looking statements, including without limitation:

• an economic downturn could impair the Fund’s portfolio companies’ ability to continue to operate, which could lead to the loss of some or all of the Fund’s investments in such portfolio companies;

• such an economic downturn could disproportionately impact the companies that the Fund intends to target for investment, potentially causing the Fund to experience a decrease in investment opportunities and diminished demand for capital from these companies;

• pandemics or other serious public health events, such as the global outbreak of a strain of the coronavirus, commonly known as “COVID-19”;

• a contraction of available credit and/or an inability to access the equity markets could impair the Fund’s lending and investment activities;

• interest rate volatility could adversely affect the Fund’s results, particularly if the Fund elects to use leverage as part of its investment strategy;

• the Fund’s future operating results;

• the Fund’s business prospects and the prospects of the Fund’s portfolio companies;

• the Fund’s contractual arrangements and relationships with third parties;

• the ability of the Fund’s portfolio companies to achieve their objectives;

• competition with other entities and the Fund’s affiliates for investment opportunities;

• the speculative and illiquid nature of the Fund’s investments;

• the use of borrowed money to finance a portion of the Fund’s investments;

• the adequacy of the Fund’s financing sources and working capital;

• the loss of key personnel;

• the timing of cash flows, if any, from the operations of the Fund’s portfolio companies;

• the ability of the Adviser to locate suitable investments for the Fund and to monitor and administer the Fund’s investments;

• the ability of the Adviser to attract and retain highly talented professionals;

• the Fund’s ability to qualify and maintain its qualification as a regulated investment company (“RIC”) under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”), and as a business development company (“BDC”);

• the effect of legal, tax and regulatory changes; and

54

• the other risks, uncertainties and other factors the Fund identifies under “Risk Factors” of its Annual Report on Form 10-K for the fiscal year ended December 31, 2021.

Although the Fund believes that the assumptions on which these forward-looking statements are based are reasonable, any of those assumptions could prove to be inaccurate, and as a result, the forward-looking statements based on those assumptions also could be inaccurate. In light of these and other uncertainties, the inclusion of a projection or forward-looking statement in this report should not be regarded as a representation by the Fund that the Fund’s plans and objectives will be achieved. These risks and uncertainties include those described or identified in the section entitled “Item 1A. Risk Factors” of the Annual Report on Form 10-K for the fiscal year ended December 31, 2021, and elsewhere in this report. These forward-looking statements apply only as of the date of this report. Moreover, the Fund assumes no duty and does not undertake to update the forward-looking statements. The forward-looking statements and projections contained in this Quarterly Report are excluded from the safe harbor protection provided by Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) because the Fund is an investment company.

The following analysis of the Fund’s financial condition and results of operations should be read in conjunction with the Fund’s financial statements and the related notes thereto contained elsewhere in this Quarterly Report.

Overview

The Fund was formed on February 6, 2015 as a corporation under the laws of the State of Maryland. The Fund is structured as an externally managed, non-diversified, closed-end management investment company. The Fund was formed to invest primarily in primary-issue middle-market credit opportunities that are directly sourced and privately negotiated. The Fund commenced investment operations on November 15, 2017. The Fund is advised by AB Private Credit Investors LLC (the “Adviser”), which is registered with the Securities and Exchange Commission (“SEC”) under the Investment Advisers Act of 1940, as amended. The Adviser is responsible for sourcing potential investments, conducting due diligence on prospective investments, analyzing investment opportunities, structuring investments and monitoring the Fund’s portfolio on an ongoing basis. State Street Bank and Trust Company (the “Administrator”) provides the administrative services necessary for the Fund to operate.

The Fund has elected to be treated as a BDC under the 1940 Act. The Fund has also elected to be treated and intends to qualify annually as a RIC under Subchapter M of the Code for U.S. federal income tax purposes. As a BDC and a RIC, respectively, the Fund is and will be required to comply with various regulatory requirements, such as the requirement to invest at least 70% of its assets in “qualifying assets,” source of income limitations, asset diversification requirements, and the requirement to distribute annually at least 90% of its taxable income and tax exempt interest.

The Fund is an “emerging growth company,” as defined in the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”). The Fund will remain an emerging growth company for up to five years following its initial public offering, if any, although if the market value of its common stock that is held by non-affiliates exceeds $700 million as of any June 30 before that time, the Fund would cease to be an emerging growth company as of the following December 31. For so long as the Fund remains an emerging growth company under the JOBS Act, it will be subject to reduced public company reporting requirements.

Effects of COVID-19 on the Fund’s Results of Operations

The outbreak of COVID-19 and its variants has resulted in numerous deaths, adversely impacted global commercial activity, and contributed to significant volatility in certain equity and debt markets. In response to the COVID-19 pandemic, many countries, including the U.S., reacted by instituting quarantines and ordering the closure of offices, businesses, schools, retail stores and other public venues, which has interrupted or slowed supply chains worldwide among other consequences. As of the date of this Quarterly Report, businesses largely have reopened aided by the continued administration of vaccines, the loosening of government restrictions, and individuals’ increasing comfort with living with the risk of the illness. The ultimate extent of the impact of the COVID-19 outbreak on the global economy and the financial performance of the Fund’s current and future investments will continue to depend on future developments, including the duration and spread of the virus, any related advisories and restrictions, and secondary impacts of the business disruptions, all of which are highly uncertain and cannot be predicted. Adverse impacts on the Fund’s investments may have a material adverse impact on the Fund’s future net investment income, the fair value of the Fund’s portfolio investments, the Fund’s financial condition and results of operations and the financial condition of the Fund’s portfolio companies.

As of September 30, 2022, the Fund was in compliance with its asset coverage requirements under the 1940 Act. In addition, the Fund was not in default of any of the covenants under the Revolving Credit Facilities as of September 30, 2022. However, any increase in unrealized depreciation of the Fund’s investment portfolio or further significant reductions in the Fund’s net asset value as a result of the effects of the COVID-19 pandemic or otherwise may increase the risk of breaching the relevant covenants and requirements.

55

The Fund will continue to monitor the rapidly evolving situation surrounding the COVID-19 pandemic and guidance from U.S. and international authorities, including federal, state and local public health authorities, and may take additional actions based on their recommendations. Given the dynamic nature of this situation, the Fund cannot reasonably estimate the impact of COVID-19 on its financial condition, results of operations or cash flows in the future.

The Private Offering

The Fund enters into separate subscription agreements with investors providing for the private placement of its common stock (the “Shares”) in reliance on exemptions from the registration requirements of the Securities. Each investor makes a Capital Commitment to purchase Shares pursuant to a subscription agreement. Investors are required to make capital contributions to purchase Shares each time the Fund delivers a capital call notice, which is issued based on the Fund’s anticipated investment activities and capital needs, delivered at least 10 business days prior to the required funding date, provided that investors may fund such requirements sooner than the deadline as agreed between the Fund and the investor. Generally, purchases of the Fund’s Shares are made pro rata in accordance with each investor’s Capital Commitment, in an amount not to exceed each investor’s remaining capital commitment, at a per-Share price equal to the net asset value per share of the Fund’s common stock subject to any adjustments. Pursuant to the Private Offering, the Fund’s initial closing occurred on September 29, 2017.

The Fund may accept additional Capital Commitments quarterly (“Subsequent Closings”) from new investors as well as existing investors that wish to increase their commitment and shareholding in the Fund. These Subsequent Closings are expected to occur on a calendar-quarter end based on investor interest as well as the state of the market and the Fund’s capacity to invest the additional capital in a reasonable period. Each Capital Commitment is for the life of the Fund or for a shorter period based on the investor’s liquidation election, subject to the Fund’s receipt of exemptive relief that would permit stockholders to liquidate their investments pursuant to transactions that are currently prohibited by the 1940 Act and would require an SEC order in order to be established.

Revenues

The Fund’s investment objective is to generate current income and prioritize capital preservation through a portfolio that primarily invests in directly-sourced, privately-negotiated, secured, middle market loans. The Fund intends to primarily invest in middle market businesses based in the United States. The Fund expects that the primary use of proceeds by the companies in which the Fund invests will be for leveraged buyouts, recapitalizations, mergers and acquisitions and growth capital.

The Fund will seek to build its portfolio in a defensive manner that minimizes cyclical and correlated risks across individual names and sector verticals by targeting companies with strong underlying business models and durable intrinsic value.

The Fund will primarily hold secured loans, which encompass traditional first lien, unitranche and second lien loans, but may also invest in mezzanine, structured preferred stock and non-control equity co-investment opportunities. The Fund will seek to deliver attractive risk adjusted returns with lower volatility and low correlation relative to the public credit markets. The Adviser believes the Fund’s flexibility to invest across the capital structure and liquidity spectrum will allow the Fund to optimize investor risk-adjusted returns.

Expenses

Under the Amended and Restated Advisory Agreement, the Fund’s primary operating expenses will include the payment of fees to the Adviser, the Fund’s allocable portion of overhead expenses under the Expense Reimbursement Agreement and other operating costs described below. The Fund bears all other out-of-pocket costs and expenses of the Fund’s operations and transactions, including those relating to:

• reasonable and documented organization and offering expenses to the extent reimbursement of such expenses is included in any future agreement with the Adviser;

• calculating the Fund’s net asset value (including the cost and expenses of any independent valuation firm);

• fees and expenses payable to third parties, including agents, consultants or other advisers, in connection with monitoring financial (including advising with respect to the Fund’s financing strategy) and legal affairs for the Fund and in providing administrative services, monitoring the Fund’s investments and performing due diligence on the Fund’s prospective portfolio companies or otherwise relating to, or associated with, evaluating and making investments;

• interest payable on debt, if any, incurred to finance the Fund’s investments;

• sales and purchases of the Fund’s common stock and other securities;

• base management fees and incentive fees payable to the Adviser;

56

• transfer agent and custodial fees;

• federal and state registration fees;

• all costs of registration and listing the Fund’s securities on any securities exchange;

• U.S. federal, state and local taxes;

• independent directors’ fees and expenses;

• costs of preparing and filing reports or other documents required by the SEC, the Financial Industry Regulatory Authority or other regulators;

• costs of any reports, proxy statements or other notices to stockholders, including printing costs;

• the Fund’s allocable portion of any fidelity bond, directors’ and officers’ errors and omissions liability insurance, and any other insurance premiums;

• direct costs and expenses of administration, including printing, mailing, long distance telephone, copying, secretarial and other staff, independent auditors and outside legal costs; and

• all other expenses incurred by the Fund, the Administrator or the Adviser in connection with administering the Fund’s business, including payments under the Administration Agreement and payments under the Expense Reimbursement Agreement based on the Fund’s allocable portion of the Adviser’s overhead in performing its obligations under the Expense Reimbursement Agreement, including the allocable portion of the cost of the Fund’s Chief Compliance Officer and Chief Financial Officer and their respective staffs.

Effects of Geopolitical Events and Economic Policy on the Fund’s Results of Operation

Various social and geopolitical factors in the United States and around the world, such as ongoing trade tensions between the U.S. and China or the Russia-Ukraine conflict, may give rise to increased macroeconomic volatility and uncertainty. The Adviser does not believe the current macroeconomic factors have a direct material impact on the Fund’s investments, although the Fund’s investments may be at-risk of indirect impacts such as supply chain disruptions, inflationary pressures, or other related factors.

The U.S. Federal Reserve and other central banks recently have raised certain interest rates and have guided to further increases. As a result, base rates (e.g., LIBOR, SOFR) on which the Fund’s loans are anchored have risen. An increase in base rates to levels that exceed the base rate floors, which are prevalent in most loans, will increase the interest cost to existing borrowers and consequently, the Fund’s gross investment income. However, in the event of continued rate increases above the base rate floor, borrowers may be challenged to service the regular interest burden on the loans.

Inflation may adversely affect the Fund’s investments in a number of ways. Certain of the Fund’s portfolio companies are in industries that may be impacted by inflationary pressures on the cost of goods or services. If such portfolio companies are unable to pass along cost increases to their customers or effect offsetting cost savings, the incremental costs related to inflation could adversely affect their earnings and ultimately their ability to pay interest and principal on the Fund’s loans. This dynamic may be further exacerbated with an increase in interest rates rise in response to the inflation. Any fundamental impact to the Fund’s portfolio companies due to inflation or rising rates could adversely impact the fair value of those investments, thereby potentially resulting in future realized or unrealized losses.

Portfolio and Investment Activity

The following table presents certain information regarding the Fund’s portfolio and investment activity:

	For the Three Months Ended September 30, 2022			For the Three Months Ended September 30, 2021			For the Nine Months Ended September 30, 2022			For the Nine Months Ended September 30, 2021
Investments in Portfolio Companies	$	(78,016,704	)(1)	$	(89,042,124	)(2)	$	(275,887,703	)(3)	$	(233,851,475	)(4)
Draw Downs against Revolvers and Delayed Draw Term Loans		(23,000,920	)		(13,777,724	)		(60,237,851	)		(54,385,918	)
Principal Repayments		49,236,275	(5)		35,971,943	(6)		140,474,269	(7)		80,933,895	(8)
Sales		3,044,969			11,873,610			10,394,851			35,267,460
Net Repayments (Investments)	$	(48,736,380	)	$	(54,974,295	)	$	(185,256,434	)	$	(172,036,038	)

⁽¹⁾  Includes investments in 12 portfolio companies.

57

⁽²⁾  Includes investments in 24 portfolio companies.

⁽³⁾  Includes investments in 54 portfolio companies.

⁽⁴⁾  Includes investments in 52 portfolio companies.

⁽⁵⁾ Includes $3,016,147 in revolver and delayed draw term payments.

⁽⁶⁾ Includes $3,010,887 in revolver and delayed draw term payments.

⁽⁷⁾ Includes $8,965,586 in revolver and delayed draw term payments.

⁽⁸⁾ Includes $6,925,843 in revolver and delayed draw term payments.

The following table shows the composition of the investment portfolio and associated yield data as of September 30, 2022:

	As of September 30, 2022
	Amortized Cost		Percentage of Total			Fair Value		Percentage of Total			Weighted Average Yield(1)
First Lien Senior Secured Debt	$	1,046,863,972		93.91	%	$	1,031,007,629		93.16	%		9.13	%
Second Lien Junior Secured Debt		10,770,801		0.97			10,711,184		0.97			10.48	%
Preferred Stock		10,265,943		0.92			15,656,559		1.41			—
Common Stock		7,038,626		0.63			7,444,135		0.67			—
Warrants		367,657		0.03			1,226,225		0.11			—
Investment Companies		4,037,030		0.36			5,290,733		0.48			—
Cash and cash equivalents		35,440,107		3.18			35,440,107		3.20			—
Total	$	1,114,784,136		100	%	$	1,106,776,572		100	%

⁽¹⁾  Based upon the par value of the Fund’s debt investments.

The following table shows the composition of the investment portfolio and associated yield data as of December 31, 2021:

	As of December 31, 2021
	Amortized Cost		Percentage of Total			Fair Value		Percentage of Total			Weighted Average Yield(1)
First Lien Senior Secured Debt	$	858,569,789		91.30	%	$	859,412,243		90.75	%		6.87	%
Second Lien Junior Secured Debt		10,534,601		1.12			10,677,299		1.13			9.04	%
Preferred Stock		9,276,858		0.99			12,563,914		1.33			—
Common Stock		5,375,243		0.57			5,915,934		0.62			—
Warrants		347,740		0.04			1,123,878		0.12			—
Investment Companies		1,776,293		0.19			2,887,725		0.30			—
Cash and cash equivalents		54,489,043		5.80			54,489,043		5.75			—
Total	$	940,369,567		100	%	$	947,070,036		100	%

⁽¹⁾  Based upon the par value of the Fund’s debt investments.

The following table presents certain selected financial information regarding the debt investments in the Fund’s portfolio as of September 30, 2022 and December 31, 2021:

	As of September 30, 2022			As of December 31, 2021
Number of portfolio companies		180			151
Percentage of debt bearing a floating rate(1)		100.00	%		100.00	%
Percentage of debt bearing a fixed rate(1)		0.00	%		0.00	%

⁽¹⁾  Measured on a fair value basis and excluding equity securities.

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The following table shows the amortized cost and fair value of the Fund’s performing and non-accrual debt investments as of September 30, 2022:

	As of September 30, 2022
	Amortized Cost		Percentage at Amortized Cost			Fair Value		Percentage at Fair Value
Performing	$	1,047,158,445		99.01	%	$	1,038,714,793		99.71	%
Non-accrual		10,476,328		0.99	%		3,004,020		0.29	%
Total	$	1,057,634,773		100	%	$	1,041,718,813		100	%

The following table shows the amortized cost and fair value of the Fund’s performing and non-accrual debt investments as of December 31, 2021:

	As of December 31, 2021
	Amortized Cost		Percentage at Amortized Cost			Fair Value		Percentage at Fair Value
Performing	$	864,817,447		99.52	%	$	868,964,978		99.87	%
Non-accrual		4,286,943		0.48	%		1,124,564		0.13	%
Total	$	869,104,390		100	%	$	870,089,542		100	%

Generally, when interest and/or principal payments on a loan become past due, or if the Fund otherwise does not expect the borrower to be able to service its debt and other obligations, the Fund will place the loan on non-accrual status and will cease recognizing interest income on that loan for financial reporting purposes until all principal and interest have been brought current through payment or due to restructuring such that the interest income is deemed to be collectible. The Fund generally restores non-accrual loans to accrual status when past due principal and interest is paid and, in the management’s judgment, is likely to remain current. As of September 30, 2022, the Fund had seven investments, across three issuers, that were on non-accrual status. As of December 31, 2021, the Fund had three investments, with one issuer, that were on non-accrual status.

The following tables show the composition of the investment portfolio (excluding cash and cash equivalents) by industry, at amortized cost and fair value as of September 30, 2022 and December 31, 2021 (with corresponding percentage of total portfolio investments):

	As of September 30, 2022
	Amortized Cost		Percentage of Total			Fair Value		Percentage of Total
Business Services	$	84,793,199		7.86	%	$	84,715,203		7.91	%
Consumer Discretionary		9,181,089		0.85			9,208,592		0.86
Consumer Non-Cyclical		52,343,957		4.85			50,594,335		4.72
Digital Infrastructure & Services		180,577,192		16.73			180,020,264		16.80
Energy		11,921,182		1.10			15,982,221		1.49
Financials		41,445,327		3.84			41,251,647		3.85
Healthcare & HCIT		246,838,008		22.87			235,872,877		22.02
Investment Companies		4,037,030		0.37			5,290,733		0.49
Software & Tech Services		444,759,773		41.21			447,621,943		41.79
Transport & Logistics		3,447,272		0.32			778,650		0.07
	$	1,079,344,029		100	%	$	1,071,336,465		100	%

	As of December 31, 2021
	Amortized Cost		Percentage of Total			Fair Value		Percentage of Total
Business Services	$	62,680,825		7.08	%	$	63,308,037		7.09	%
Consumer Discretionary		8,853,961		1.00			8,896,144		1.00
Consumer Non-Cyclical		49,345,952		5.57			49,025,905		5.49
Digital Infrastructure & Services		144,135,884		16.27			147,187,636		16.49
Energy		9,634,235		1.09			10,335,624		1.16
Financial Services		28,629,622		3.23			28,663,648		3.21
Healthcare & HCIT		204,484,590		23.08			202,451,176		22.68
Investment Companies		1,776,293		0.20			2,887,725		0.32
Software & Tech Services		372,052,219		42.00			378,700,534		42.43
Transport & Logistics		4,286,943		0.48			1,124,564		0.13
	$	885,880,524		100	%	$	892,580,993		100	%

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The Adviser monitors the Fund’s portfolio companies on an ongoing basis. It monitors the financial trends of each portfolio company to determine if they are meeting their respective business plans and to assess the appropriate course of action for each company. The Adviser has several methods of evaluating and monitoring the performance and fair value of the Fund’s investments, which may include the following:

• assessment of success in adhering to the portfolio company’s business plan and compliance with covenants;

• periodic or regular contact with portfolio company management and, if appropriate, the financial or strategic sponsor to discuss financial position, requirements and accomplishments;

• comparisons to the Fund’s other portfolio companies in the industry, if any;

• attendance at and participation in board meetings or presentations by portfolio companies; and

• review of monthly and quarterly consolidated financial statements and financial projections of portfolio companies.

Results of Operations

The following is a summary of the Fund’s operating results for the three and nine months ended September 30, 2022 and September 30, 2021:

	For the Three Months Ended September 30, 2022			For the Three Months Ended September 30, 2021			For the Nine Months Ended September 30, 2022			For the Nine Months Ended September 30, 2021
Total investment income	$	24,001,656		$	13,575,797		$	63,625,663		$	36,834,985
Total expenses		14,582,793			9,003,814			38,631,800			23,824,600
Reimbursement payments to Adviser		—			538,189			259,263			1,280,302
Waived collateral management fees		—			(464,717	)		(588,476	)		(1,378,975	)
Waived management fees		—			(448,807	)		(283,566	)		(830,042	)
Net investment income before taxes		9,418,863			4,947,318			25,606,642			13,939,100
Income tax expense, including excise tax		382,072			300			949,155			78,497
Net investment income after tax		9,036,791			4,947,018			24,657,487			13,860,603
Net realized and change in unrealized appreciation (depreciation) on investments		(9,128,383	)		2,964,819			(13,048,566	)		10,894,835
Net increase (decrease) in net assets resulting from operations		(91,592	)		7,911,837			11,608,921			24,755,438
Less: Net increase (decrease) in net assets resulting from operations related to Non-Controlling Interest in ABPCIC Equity Holdings, LLC		386			268			4,941			280
Net increase (decrease) in net assets resulting from operations related to AB Private Credit Investors Corporation	$	(91,978	)	$	7,911,569		$	11,603,980		$	24,755,158

Investment Income

During the three months ended September 30, 2022, the Fund’s investment income was comprised of $23,639,905 of interest income, which includes $1,704,915 of the net amortization of premium and accretion of discounts, $332,901 of payment-in-kind interest, and $28,850 of dividend income. During the three months ended September 30, 2021, the Fund’s investment income was comprised of $13,138,603 of interest income, which includes $915,074 of the net amortization of premium and accretion of discounts,

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$374,624 of payment-in-kind interest, and $62,570 of dividend income. The increase in net investment income during the three months ended September 30, 2022, compared to the three months ended September 30, 2021, can primarily be attributed to an increase in gross assets.

During the nine months ended September 30, 2022, the Fund’s investment income was comprised of $62,038,473 of interest income, which includes $5,014,878 of the net amortization of premium and accretion of discounts, $1,532,726 of payment-in-kind interest, and $54,464 of dividend income. During the nine months ended September 30, 2021, the Fund’s investment income was comprised of $35,692,183 of interest income, which includes $2,595,561 of the net amortization of premium and accretion of discounts, $1,080,232 of payment-in-kind interest, and $62,570 of dividend income. The increase in net investment income during the nine months ended September 30, 2022, compared to the nine months ended September 30, 2021, can primarily be attributed to an increase in gross assets.

Operating Expenses

The following is a summary of the Fund’s operating expenses for the three and nine months ended September 30, 2022 and September 30, 2021:

	For the Three Months Ended September 30, 2022			For the Three Months Ended September 30, 2021			For the Nine Months Ended September 30, 2022			For the Nine Months Ended September 30, 2021
Interest and borrowing expenses	$	8,935,088		$	3,798,015		$	21,122,091		$	9,665,271
Management fees		3,644,259			2,633,349			10,438,278			7,068,507
Income-based incentive fee		1,275,176			876,623			4,158,321			2,273,106
Professional fees		392,050			484,133			1,208,708			1,547,856
Administration and custodian fees		239,624			185,508			707,964			526,395
Collateral management fees		—			464,717			588,476			1,378,975
Insurance expenses		180,760			140,901			489,508			476,757
Directors’ fees		50,000			50,000			150,000			150,000
Transfer agent fees		32,503			20,455			88,020			56,190
Capital gains incentive fee		(499,007	)		—			(1,283,044	)		—
Other expenses		332,340			350,113			963,478			681,543
Total expenses		14,582,793			9,003,814			38,631,800			23,824,600
Reimbursement payments to Adviser		—			538,189			259,263			1,280,302
Waived collateral management fees		—			(464,717	)		(588,476	)		(1,378,975	)
Waived management fees		—			(448,807	)		(283,566	)		(830,042	)
Income tax expense, including excise tax		382,072			300			949,155			78,497
Net expenses	$	14,964,865		$	8,628,779		$	38,968,176		$	22,974,382

Interest and Borrowing Expenses

Interest and borrowing expenses includes interest, amortization of debt issuance and deferred financing costs, upfront commitment fees and unused fees on the unused portion of the Revolving Credit Facilities, Secured Borrowings and the Notes issued in the CLO Transaction. As of September 30, 2022, there were outstanding balances of $15,000,000, $165,400,000 and $252,600,000 on the 2021 HSBC Credit Facility, Synovus Credit Facility and the Natixis Credit Facility, respectively, and an outstanding balance of $4,135,264 in Secured Borrowings.

As of December 31, 2021, there were outstanding balances of $40,000,000, $147,300,000, and $193,300,000 on the 2021 HSBC Credit Facility, Synovus Credit Facility, and the Natixis Credit Facility, respectively, and an outstanding balance of $10,228,115 in Secured Borrowings.

The outstanding amount on the Notes is $244,934,819 net of unamortized discount and debt issuance costs as of September 30, 2022. The outstanding amount on the Notes was $212,454,604, net of unamortized discount and debt issuance costs as of December 31, 2021.

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Interest and borrowing expenses for the three months ended September 30, 2022 and September 30, 2021 were $8,935,088 and $3,798,015, respectively. The weighted average interest rate (excluding deferred upfront financing costs and unused fees) on the Fund’s debt outstanding was 4.65% and 2.49% for the three months ended September 30, 2022 and September 30, 2021, respectively. The increase in interest and borrowing expenses during the three months ended September 30, 2022, compared to the three months ended September 30, 2021 can primarily be attributed to an increase in debt outstanding and interest rates.

Interest and borrowing expenses for the nine months ended September 30, 2022 and September 30, 2021, were $21,122,091 and $9,665,271, respectively. The weighted average interest rate (excluding deferred upfront financing costs and unused fees) on the Fund’s debt outstanding was 3.60% and 2.50% for the nine months ended September 30, 2022 and September 30, 2021, respectively. The increase in interest and borrowing expenses during the nine months ended September 30, 2022 compared to the nine months ended September 30, 2021 can primarily be attributed to an increase in debt outstanding and interest rates.

Management Fee

The gross management fee expenses for the three months ended September 30, 2022 and September 30, 2021 were $3,644,259 and $2,633,349, respectively. The increase in the management fee for the three months ended September 30, 2022, was a result of the increase in average gross assets during this period, which are the basis used to calculate management fees. For the three months ended September 30, 2022 and September 30, 2021, the Adviser waived management fees of $0 and $448,807, respectively.

The gross management fee expenses for the nine months ended September 30, 2022 and September 30, 2021 were $10,438,278 and $7,068,507, respectively. The increase in the management fee for the nine months ended September 30, 2022, was a result of the increase in average gross assets during this period, which are the basis used to calculate management fees. For the nine months ended September 30, 2022 and September 30, 2021, the Adviser waived management fees of $283,566 and $830,042, respectively.

Fund Expenses

For the three months ended September 30, 2022, the Fund incurred $14,582,793 of expenses in relation to interest and borrowing expenses, management fees, incentive fees, professional fees, administration and custodian fees, insurance expenses, directors’ fees, transfer agent fees, and other expenses. The Fund incurred $382,072 of tax expense.

For the three months ended September 30, 2021, the Fund incurred $9,003,814 of expenses in relation to professional fees, directors’ fees, collateral management fees, management fees, incentive fees, insurance expenses, interest and borrowing expenses, transfer agent fees, other fees, and administration and custodian fees. Additionally, $538,189 was reimbursed by the Fund to the Adviser and its affiliates. Further, $448,807 of management fees and $464,717 of collateral management fees were waived by the Adviser. The Fund incurred $300 of tax expense.

For the nine months ended September 30, 2022, the Fund incurred $38,631,800 of expenses in relation to interest and borrowing expenses, management fees, incentive fees, professional fees, administration and custodian fees, insurance expenses, directors’ fees, collateral management fees, transfer agent fees, and other expenses. Additionally, $259,263 was reimbursed by the Fund to the Adviser and its affiliates. Further, $283,566 of management fees and $588,476 of collateral management fees were waived by the Adviser. The Fund incurred $949,155 of tax expense.

For the nine months ended September 30, 2021, the Fund incurred $23,824,600 of expenses in relation to professional fees, directors’ fees, collateral management fees, management fees, incentive fees, insurance expenses, interest and borrowing expenses, transfer agent fees, other fees, and administration and custodian fees. Additionally, $1,280,302 was reimbursed by the Fund to the Adviser and its affiliates. Further, $830,042 of management fees and $1,378,975 of collateral management fees were waived by the Adviser. The fund incurred $78,497 of tax expense.

Net Realized Gain (Loss) on Investments

During the three months ended September 30, 2022, the Fund had principal repayments and sales which resulted in $842,514 of net realized gain. During the nine months ended September 30, 2022, the Fund had principal repayments and sales which resulted in $1,659,467 of net realized gain.

During the three months ended September 30, 2021, the Fund had principal repayments and sales which resulted in $515,755 of net realized loss. During the nine months ended September 30, 2021, the Fund had principal repayments and sales which resulted in $901,820 of net realized loss.

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Net Change in Unrealized Appreciation (Depreciation) on Investments

During the three months ended September 30, 2022, the Fund had $9,970,897 in net change in unrealized depreciation on $1,079,344,029 of investments in 180 portfolio companies. Net change in unrealized depreciation for the three months ended September 30, 2022, resulted from a broad portfolio decline due to a decline in loan market secondary prices, widening primary issue credit spreads, and the underperformance of certain portfolio company investments. This unrealized depreciation was partially offset by unrealized appreciation on certain debt and equity positions due to company performance or expectation of near-term repayment at par.

During the three months ended September 30, 2021, the Fund had $3,480,574 in net change in unrealized appreciation on $714,038,471 of investments in 127 portfolio companies. Unrealized appreciation for the three months ended September 30, 2021, resulted from an increase in fair value, primarily driven by improving market conditions.

During the nine months ended September 30, 2022, the Fund had $14,708,033 in net change in unrealized depreciation on $1,079,344,029 of investments in 180 portfolio companies. Net change in unrealized depreciation for the nine months ended September 30, 2022, resulted from a broad portfolio decline due to a decline in loan market secondary prices, widening primary issue credit spreads, and the underperformance of certain portfolio company investments. This unrealized depreciation was partially offset by unrealized appreciation on certain debt and equity positions due to company performance or expectation of near-term repayment at par.

During the nine months ended September 30, 2021, the Fund had $11,796,655 in net change in unrealized appreciation on $714,038,471 of investments in 127 portfolio companies. Unrealized appreciation for the nine months ended September 30, 2021, resulted from an increase in fair value, primarily driven by improving market conditions.

Net Increase (Decrease) in Net Assets Resulting from Operations

For the three months ended September 30, 2022 and 2021, the net increase (decrease) in net assets resulting from operations was $(91,592) and $7,911,837, respectively. Based on the weighted average shares of common stock outstanding for the three months ended September 30, 2022 and 2021, the Fund’s per share net increase (decrease) in net assets resulting from operations was $(0.00) and $0.28, respectively.

For the nine months ended September 30, 2022 and 2021, the net increase in net assets resulting from operations was $11,608,921 and $24,755,438, respectively. Based on the weighted average shares of common stock outstanding for the nine months ended September 30, 2022 and 2021, the Fund’s per share net increase in net assets resulting from operations was $0.28 and $0.91, respectively.

Cash Flows

For the nine months ended September 30, 2022, cash decreased by $19,048,936. During the same period, the Fund used $178,383,717 in operating activities, primarily as a result of net purchases of investments. During the nine months ended September 30, 2022, the Fund generated $159,334,781 from financing activities, primarily from issuance of common stock and net borrowings on the Revolving Credit Facilities and refinance of the CLO Notes.

For the nine months ended September 30, 2021, cash increased by $26,084,338. During the same period, the Fund used $161,175,982 in operating activities, primarily as a result of net purchases of investments. During the nine months ended September 30, 2021, the Fund generated $187,260,320 from financing activities, primarily from issuance of common stock and net borrowings on the Revolving Credit Facilities.

Hedging

The Fund may enter into currency hedging contracts, interest rate hedging agreements such as futures, options, swaps and forward contracts, and credit hedging contracts, such as credit default swaps. However, no assurance can be given that such hedging transactions will be entered into or, if they are, that they will be effective. For the nine months ended September 30, 2022 and September 30, 2021, the Fund did not enter into any hedging contracts.

Financial Condition, Liquidity and Capital Resources

At September 30, 2022 and December 31, 2021, the Fund had $35,440,107 and $48,494,960 in cash and cash equivalents, respectively. The Fund expects to generate cash primarily from (i) the net proceeds of the Private Offering, (ii) cash flows from the Fund’s operations, (iii) any financing arrangements now existing or that the Fund may enter into in the future and (iv) any future offerings of the Fund’s equity or debt securities. The Fund may fund a portion of its investments through borrowings from banks, or other large global institutions such as insurance companies, and issuances of senior securities.

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The Fund’s primary use of funds from a credit facility will be investments in portfolio companies, cash distributions to holders of its common stock and the payment of operating expenses.

In the future, the Fund may also securitize or finance a portion of its investments with a special purpose vehicle. If the Fund undertakes a securitization transaction, the Fund will consolidate its allocable portion of the debt of any securitization subsidiary on its financial statements, and include such debt in the Fund’s calculation of the asset coverage test, if and to the extent required pursuant to the guidance of the staff of the SEC.

Cash and cash equivalents as of September 30, 2022, taken together with the Fund’s uncalled Capital Commitments of $97,540,201 and $18,000,000 undrawn amount on the 2021 HSBC Credit Facility, $34,600,000 undrawn amount on the Synovus Credit Facility and $47,400,000 undrawn amount on the Natixis Credit Facility, is expected to be sufficient for the Fund’s investing activities and to conduct the Fund’s operations for at least the next twelve months.

As of September 30, 2022, the Fund has unfunded commitments to fund future investments in the amount of $210,052,521, and contractual obligations in the form of Revolving Credit Facilities of $433,000,000 and Notes of $244,934,819.

This “Financial Condition, Liquidity and Capital Resources” section should be read in conjunction with “Effects of COVID-19 on the Fund’s Results of Operations” above.

Equity Activity

The Fund has the authority to issue 200,000,000 Shares.

The Fund has entered into Subscription Agreements with investors providing for the private placement of Shares. Under the terms of the Subscription Agreements, investors are required to fund drawdowns to purchase Shares up to the amount of their respective Capital Commitments on an as-needed basis upon the issuance of a capital draw down notice. As of September 30, 2022, the Fund received Capital Commitments of $557,540,164. Inception to September 30, 2022, the Fund received Capital Contributions to the Fund of $459,999,963. Proceeds from the issuances of Shares in respect of drawdown notices described below were used for investing activities and for other general corporate purposes.

Consistent with the Fund’s offering documents, beginning with the quarter ending March 31, 2021, the Fund was required to begin conducting quarterly General Tenders. Pursuant to the General Tender Program, at the Board’s discretion and in accordance with the requirements of Rule 13e-4 under the Exchange Act and the 1940 Act, each stockholder is given the opportunity to tender Shares at a specific Purchase Price based on the Fund’s net asset value as of the last date of the quarter in which the General Tender is conducted. The Fund intends to conduct each General Tender to repurchase up to a certain percentage of the weighted average of the number of Shares outstanding during the three-month period prior to the quarter in which the General Tender is conducted, as determined by the Board. The General Tender Program includes numerous restrictions that limit stockholders’ ability to sell their Shares.

On February 25, 2022, the Fund commenced the Q1 2022 Tender Offer for up to 795,163.70 Shares. The Purchase Price for the Q1 2022 Tender Offer was $9.70 per Share and the Q1 2022 Tender Offer expired on March 31, 2022. On May 27, 2022, the Fund commenced the Q2 2022 Tender Offer for up to 911,141.27 Shares. The Purchase Price for the Q2 2022 Tender Offer was $9.70 per Share and the Q2 2022 Tender Offer expired on June 30, 2022. On August 26, 2022, the Fund commenced the Q3 2022 Tender Offer for up to 1,047,133.15 Shares. The Purchase Price for the Q3 2022 Tender Offer was $9.50 per Share and the Q3 2022 Tender Offer expired on September 30, 2022.

On February 26, 2021, the Fund commenced the Q1 2021 Tender Offer for up to 502,190.45 Shares (the “Q1 2021 Tender Offer Cap”) tendered prior to March 31, 2021 (the “Initial Expiration Date”). As a result of the number of Shares tendered to the Fund prior to the Initial Expiration Date, the Fund extended the Q1 2021 Tender Offer and increased the Q1 2021 Tender Offer Cap to 2,083,220 Shares. The Purchase Price for the Q1 2021 Tender Offer was $9.43 per Share and the Q1 2021 Tender Offer expired on April 16, 2021. On May 28, 2021, the Fund commenced the Q2 2021 Tender Offer for up to 1,321,607.81 Shares. The Purchase Price for the Q2 2021 Tender Offer was $9.65 per Share and the Q2 2021 Tender Offer expired on June 30, 2021. On August 27, 2021, the Fund commenced the Q3 2021 Tender Offer for up to 684,540.65 Shares. The Purchase Price for the Q3 2021 Tender Offer was $9.76 per Share and the Q3 2021 Tender Offer expired on September 30, 2021.

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Stockholders who tendered Shares in the Q1 2022 Tender Offer, Q2 2022 Tender Offer, Q3 2022 Tender Offer, Q1 2021 Tender Offer, Q2 2021 Tender Offer, and Q3 2021 Tender Offer received a non-interest bearing, non-transferable promissory note entitling such stockholders to an amount in cash equal to the number of Shares accepted for purchase multiplied by the applicable Purchase Price.

The following is a summary of the Fund’s equity activity for the three and nine months ended September 30, 2022 and September 30, 2021.

	For the Three Months Ended September 30, 2022		For the Three Months Ended September 30, 2021		For the Nine Months Ended September 30, 2022		For the Nine Months Ended September 30, 2021
Capital Commitments	$	24,237,563	$	6,506,366	$	109,282,965	$	40,204,464
Capital Commitments rescinded due to participation in General Tender Program		7,635,000		8,239,350		23,315,265		26,744,350
Dividend reinvestments	$	4,589,372	$	2,587,811	$	13,191,804	$	7,088,030
Shares issued to investors under DRIP		482,995		265,157		1,370,136		736,749
Value of capital drawdown notices	$	18,306,259	$	15,930,053	$	105,253,487	$	69,326,816
Shares issued to investors under capital drawdown notices		1,926,590		1,632,591		10,781,231		7,272,536
Value of Shares purchased in General Tender Program	$	3,555,388	$	8,661,434	$	13,627,523	$	30,943,710
Shares purchased in General Tender Offer		374,177		887,497		1,412,779		3,223,340

Distributions

Distributions to stockholders are recorded on the record date. To the extent that the Fund has income available, the Fund intends to distribute quarterly distributions to its stockholders. The Fund’s quarterly distributions, if any, will be determined by the Board. Any distributions to the Fund’s stockholders will be declared out of assets legally available for distribution.

The following table summarizes distributions declared during the nine months ended September 30, 2022:

Date Declared	Record Date		Payment Date		Amount Per Share		Total Distributions
March 29, 2022		March 29, 2022		April 28, 2022	$	0.25	$	9,709,845
June 28, 2022		June 28, 2022		July 27, 2022		0.15		6,590,492
September 28, 2022		September 28, 2022		October 24, 2022		0.20		8,539,011
Total distributions declared					$	0.60	$	24,839,348

The following table summarizes distributions declared during the nine months ended September 30, 2021:

Date Declared	Record Date		Payment Date		Amount Per Share		Total Distributions
March 29, 2021		March 29, 2021		April 28, 2021	$	0.16	$	4,358,022
June 28, 2021		June 28, 2021		July 22, 2021		0.16		4,555,484
September 28, 2021		September 28, 2021		October 26, 2021		0.17		4,942,950
Total distributions declared					$	0.49	$	13,856,456

The federal income tax characterization of distributions declared and paid for the fiscal year will be determined at fiscal year-end based upon the Fund’s investment company taxable income for the full fiscal year and distributions paid during the full year. For the nine months ended September 30, 2022, all of the Fund’s distributions to stockholders were attributable to ordinary income. The character of distributions for federal income tax purposes are determined in accordance with income tax regulations which may differ from GAAP. Stockholders should read any written disclosure accompanying a distribution payment carefully and should not assume that the source of any distribution is only ordinary income or gains.

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To the extent the Fund’s taxable earnings fall below the total amount of its distributions paid for that fiscal year, a portion of those distributions may be deemed a return of capital to the Fund’s stockholders for U.S. federal income tax purposes. Thus, the source of a distribution to stockholders may be the original capital invested by the stockholder rather than the Fund’s income or gains.

Co-investment Exemptive Order

On August 6, 2018, the SEC granted the Fund relief sought in a new exemptive application that expands the co-investment exemptive relief previously granted to the Fund in October 2016 to allow the Fund to co-invest in portfolio companies with Affiliated Funds in a manner consistent with its investment objective, positions, policies, strategies and restrictions as well as regulatory requirements and other pertinent factors, subject to compliance with the Order. Pursuant to the Order, the Fund is permitted to co-invest with Affiliated Funds, which the new exemptive relief defines to include affiliated managed accounts, if, among other things, a “required majority” (as defined in Section 57(o) of the 1940 Act) of the Fund’s independent directors make certain conclusions in connection with a co-investment transaction, including that (1) the terms of the transactions, including the consideration to be paid, are reasonable and fair to the Fund and the Fund’s stockholders and do not involve overreaching in respect of the Fund or the Fund’s stockholders on the part of any person concerned, and (2) the transaction is consistent with the interests of the Fund’s stockholders and is consistent with the Fund’s investment objective and strategies. The Fund intends to co-invest with Affiliated Funds, subject to the conditions included in the Order.

Revolving Credit Facilities

2021 HSBC Credit Facility

On November 15, 2017, the Fund entered into the HSBC Credit Agreement to establish the HSBC Credit Facility with the HSBC Administrative Agent and any other lender that becomes a party to the HSBC Credit Agreement in accordance with the terms of the HSBC Credit Agreement, as lenders. The Fund amended and restated the HSBC Credit Agreement on January 31, 2019, and on July 8, 2021, the Fund terminated the HSBC Credit Agreement and all outstanding loans thereunder were repaid and all obligations thereunder were released and terminated. Concurrent with the termination of the HSBC Credit Agreement, the Fund entered into the HSBC Joinder, pursuant to which the Fund became a party to the 2021 HSBC Credit Facility evidenced by the 2021 HSBC Credit Agreement. As of September 30, 2022, the Fund had $15,000,000 outstanding balance on the 2021 HSBC Credit Facility and the Fund was in compliance with the terms of the 2021 HSBC Credit Facility. As of December 31, 2021, the Fund had $40,000,000 outstanding on the 2021 HSBC Credit Facility and the Fund was in compliance with the terms of the 2021 HSBC Credit Facility.

For further details, see “Note 4. Borrowings,” to the Fund’s consolidated financial statements.

Synovus Credit Facility

On October 15, 2020, ABPCIC Funding II entered into the Synovus Credit Facility. In connection with the Synovus Credit Facility, ABPCIC Funding II entered into, among other agreements, (i) the Synovus Loan Agreement, (ii) the securities account control agreement (the “Synovus Control Agreement”), by and among ABPCIC Funding II, the Synovus Collateral Agent and the Synovus Securities Intermediary and (iii) the amended and restated sale and contribution agreement (the “Synovus Transfer Agreement”) by and between the Fund, as seller, and ABPCIC Funding II, as purchaser.

Borrowings of ABPCIC Funding II are considered borrowings by the Fund for purposes of complying with the asset coverage requirements under the 1940 Act applicable to business development companies. As of September 30, 2022, the Fund had $165,400,000 outstanding on the Synovus Credit Facility and the Fund was in compliance with the terms of the Synovus Credit Facility. As of December 31, 2021, the Fund had $147,300,000 outstanding on the Synovus Credit Facility and the Fund was in compliance with the terms of the Synovus Credit Facility.

For further details, see “Note 4. Borrowings,” to the Fund’s consolidated financial statements.

Natixis Credit Facility

On March 24, 2021, ABPCIC Funding III entered into the Natixis Credit Facility. In connection with the Natixis Credit Facility, ABPCIC Funding III entered into, among other agreements, (i) the Natixis Credit Agreement, (ii) the Natixis Account Control Agreement, (iii) the Natixis Collateral Management Agreement, (iv) the Natixis Collateral Administration Agreement and (v) the Natixis Transfer Agreement. On May 27, 2022, pursuant to Amendment No 5 to the Natixis Credit Agreement, ABPCIC Funding III increased the commitment by $50,000,000 from $250,000,000 to $300,000,000. As of September 30, 2022, the Fund had $252,600,000 outstanding on the Natixis Credit Facility and the Fund was in compliance with the terms of the Natixis Credit Facility. As of December 31, 2021, the Fund had $193,300,000 outstanding on the Natixis Credit Facility and the Fund was in compliance with the terms of the Natixis Credit Facility.

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For further details, see “Note 4. Borrowings,” to the Fund’s consolidated financial statements.

Secured Borrowings

From time to time, the Fund may engage in sale/buy-back agreements, which are a type of secured borrowing. The amount, interest rate and terms of these agreements will be individually negotiated on a transaction-by-transaction basis. Each borrowing is secured by an interest in an underlying asset which is participated or assigned to the sale/buy-back counterparty for the duration of the agreement.

Outstanding Secured Borrowings pursuant to the Macquarie Sale/Buy-Back was $4,135,264 and $10,228,115 as of September 30, 2022 and December 31, 2021, respectively.

For further details, see “Note 4. Borrowings,” to the Fund’s consolidated financial statements.

Debt Securitization

On August 9, 2019, the Issuer and the Co-Issuer, each a newly formed special purpose vehicle, completed the CLO Transaction. The Notes offered by the Co-Issuers in the CLO Transaction are secured by a diversified portfolio of the Co-Issuers consisting primarily of middle market loans and participation interests in middle market loans and may also include some broadly syndicated loans. On April 28, 2022 the Issuer indenture was refinanced among the Issuer and U.S. Bank National Association, as trustee. As a result of the refinancing, the outstanding notes dated August 9, 2019, in the amount of $300,500,000 were paid off. The Issuer issued new notes, collectively, the “CLO VI Notes.”

The CLO VI Notes that remain outstanding as of September 30 2022 were (i) $98,250,000 of Class A-1-R Senior Secured Floating Rate Notes, which bear interest at three-months Secured Overnight Financing Rate (SOFR) plus 1.83% per annum; (ii) $75,000,000 of Class A-1-L Senior Secured Floating Rate Notes, which bear interest at SOFR plus 1.83% per annum; (iii) $30,000,000 of Class A-1-F Senior Secured Fixed Rate Notes, which bear interest at 4.31% per annum; (iv) $43,500,000 of Class A-2-R Senior Secured Deferrable Floating Rate Notes, which bear interest at SOFR plus 2.25% per annum; and (v) $19,250,000 of Class B-R Senior Secured Deferrable Floating Rate Notes, which bear interest at SOFR plus 3.10% per annum; (vi) $20,125,000 of Class C-R Senior Secured Deferrable Floating Rate Notes, which bear interest at SOFR plus 4.15% per annum. The Notes are scheduled to mature on April 27, 2034.

The notes that remain outstanding as of December 31, 2021 were (i) $178,200,000 of Class A-1 Senior Secured Floating Rate Notes, which bear interest at three-months LIBOR plus 1.73% per annum; (ii) $25,000,000 of Class A-2A Senior Secured Floating Rate Notes, which bear interest at LIBOR plus 2.45% per annum; (iii) $9,950,000 of Class A-2B Senior Secured Fixed Rate Notes, which bear interest at 4.23% per annum; (iv) $16,400,000 of Class B Secured Deferrable Floating Rate Notes, which bear interest at LIBOR plus 3.40% per annum; and (v) $17,350,000 of Class C Secured Deferrable Floating Rate Notes, which bear interest at LIBOR plus 4.40% per annum.

The Notes are the secured obligations of the Co-Issuers, and the indenture governing the Notes includes customary covenants and events of default. The Notes have not been, and will not be, registered under the Securities Act, as amended, or any state securities or “blue sky” laws and may not be offered or sold in the United States absent registration with the SEC or an applicable exemption from registration.

The Adviser serves as collateral manager to the Issuer pursuant to a collateral management agreement between the Adviser and the Issuer (the “CLO Collateral Management Agreement”). For so long as the Adviser serves as collateral manager to the Issuer, the Adviser will elect to irrevocably waive any base management fee or subordinated interest to which it may be entitled under the CLO Collateral Management Agreement. Pursuant to a new CLO notes issuance, a collateral management fee is no longer charged as long as the Adviser serves as a collateral manager.

For further details, see “Note 4. Borrowings,” to the Fund’s consolidated financial statements.

Asset Coverage

In accordance with the 1940 Act, the Fund has historically only been allowed to borrow amounts such that its “asset coverage,” as defined in the 1940 Act, is at least 200% after such borrowing, permitting the Fund to borrow up to one dollar for investment purposes for every one dollar of investor equity. “Asset coverage” generally refers to a company’s total assets, less all liabilities and indebtedness not represented by “senior securities,” as defined in the 1940 Act, divided by total senior securities representing indebtedness and, if applicable, preferred stock. “Senior securities” for this purpose includes borrowings from banks or other lenders, debt securities and preferred stock.

On March 23, 2018, the SBCAA was signed into law. The SBCAA, among other things, modifies the applicable provisions of the 1940 Act to reduce the required asset coverage ratio applicable to BDCs from 200% to 150% subject to certain approval, time and

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disclosure requirements (including either stockholder approval or approval of a majority of the directors who are not interested persons of the BDC and who have no financial interest in the proposal). On July 5, 2018, the Board voted to approve the adoption of the reduced asset coverage ratio and separately recommended that Investors approve the reduced asset coverage requirements at the 2018 annual meeting of stockholders. On September 26, 2018, at the Fund’s 2018 annual meeting of stockholders, the Fund’s stockholders approved the reduction of the required minimum asset coverage ratio applicable to the Fund from 200% to 150%, which took effect on September 27, 2018. This reduction in the required minimum asset coverage ratio increases the amount of debt that the Fund is permitted to incur, permitting the Fund to borrow up to two dollars for investment purposes for every one dollar of investor equity.

As of September 30, 2022, and December 31, 2021, the Fund had total senior securities of $683,885,264 and $603,978,115, respectively, consisting of borrowings under the Revolving Credit Facilities, secured borrowings and the Notes, and had asset coverage ratios of 164% and 157%, respectively.

Critical Accounting Policies

Valuation of Investments

The Fund measures the value of its investments at fair value accordance with Accounting Standards Codification Topic 820, Fair Value Measurements and Disclosure, or “ASC Topic 820,” issued by the Financial Accounting Standards Board, or “FASB.” Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.

Pursuant to the amended SEC Rule 2a-5 of the 1940 Act, the Board designated the Adviser as the Fund’s “valuation designee.” In this capacity, the Adviser is responsible, among other things, for making all fair value determinations relating to the Fund’s portfolio investments, subject to the Board’s oversight. Investments are valued at fair value as determined in good faith by our Adviser, as valuation designee, based on input of management, the audit committee and independent valuation firms that have been engaged to assist in the valuation of each portfolio investment without a readily available market quotation under a valuation policy. The Adviser principally carries out its fair value responsibilities through its Valuation Sub-Committee. This valuation process is conducted at the end of each fiscal quarter.

The audit committee of the Board (the “Audit Committee”) is also responsible for assisting the Adviser, as valuation designee in valuing investments that are not publicly traded or for which current market values are not readily available. Investments for which market quotations are readily available are valued using market quotations, which are generally obtained from independent pricing services, broker-dealers or market makers. With respect to portfolio investments for which market quotations are not readily available, the Adviser, as valuation designee, and its senior investment team and independent valuation firms, is responsible for determining in good faith the fair value in accordance with the valuation policy approved by the Board. If more than one valuation method is used to measure fair value, the results are evaluated and weighted, as appropriate, considering the reasonableness of the range indicated by those results. The Fund considers a range of fair values based upon the valuation techniques utilized and selects the value within that range that was most representative of fair value based on current market conditions as well as other factors the Adviser’s senior investment team considers relevant.

ASC Topic 820 specifies a hierarchy of valuation techniques based on whether the inputs to those valuation techniques are observable or unobservable. ASC Topic 820 also provides guidance regarding a fair value hierarchy, which prioritizes information used to measure fair value and the effect of fair value measurements on earnings and provides for enhanced disclosures determined by the level within the hierarchy of information used in the valuation. In accordance with ASC Topic 820, these inputs are summarized in the three levels listed below:

• Level 1 – Quoted prices in active markets for identical investments.

• Level 2 – Other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.).

• Level 3 – Significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments at the reporting date).

The level in the fair value hierarchy within which the fair value measurement is categorized in its entirety is determined on the basis of the lowest level input that is significant to the fair value measurement in its entirety. For this purpose, the significance of an input is assessed against the fair value measurement in its entirety. If a fair value measurement uses observable inputs that require significant adjustment based on unobservable inputs, that measurement is a Level 3 measurement. If a fair value measurement uses price data vendors or observable market price quotations, that measurement is a Level 2 measurement. Assessing the significance of a particular input to the fair value measurement in its entirety requires judgment, considering factors specific to the asset or liability.

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The determination of what constitutes “observable” requires significant judgment by the Fund. The Fund considers observable data to be that market data that is readily available, regularly distributed or updated, reliable and verifiable, not proprietary, and provided by independent sources that are actively involved in the relevant market.

Because of the inherent uncertainty of valuation for all fair value investments and interests, the Board’s determination of fair value may differ from the values that would have been used had a ready market existed, or that could have been (or will be) realized in an actual sale, and such differences could be material.

The value of any investment on any valuation date is intended to represent the fair value of such investment on such date based upon the amount at which the investment could be exchanged between willing parties, other than in a forced liquidation sale, and reflects the Board’s determination of fair value using the methodology described herein. Any valuation of an investment may not reflect the actual amount received by the Fund upon the liquidation of such investment.

The Fund’s investments will be primarily loans made to middle-market companies. These investments are mostly considered Level 3 assets under ASC Topic 820 because there is not usually a known or accessible market or market indices for these types of debt instruments and, thus, the Adviser’s senior investment team must estimate the fair value of these investment securities based on models utilizing unobservable inputs.

Management and Incentive Fees

The Fund will accrue for the base management fee and incentive fee. The accrual for the incentive fee includes the recognition of the incentive fee on unrealized capital gains, even though such incentive fee is neither earned nor payable to the Adviser until the gains are both realized and in excess of unrealized depreciation on investments. The amount of capital gains incentive fee expense related to the hypothetical liquidation of the portfolio (and assuming no other changes in realized or unrealized gains and losses) would only become payable to the Adviser in the event of a complete liquidation of the Fund’s portfolio as of period end and the termination of the Amended and Restated Advisory Agreement on such date. Also, it should be noted that the capital gains incentive fee expense fluctuates with the Fund’s overall investment results.

Federal Income Taxes

The Fund has elected to be treated, and to qualify annually, as a RIC under Subchapter M of the Code. Generally, a RIC is not subject to federal income taxes on distributed income and gains if it distributes at least 90% of its net ordinary income and net short-term capital gains in excess of its net long-term capital losses, if any, to its stockholders. The Fund intends to distribute sufficient dividends to maintain its RIC status each year and the Fund does not anticipate paying any material federal income taxes in the future.

Item 3. Quantitative and Qualitative Disclosures About Market Risk

The Fund is subject to financial market risks, including changes in interest rates. To the extent that the Fund borrows money to make investments, the Fund’s net investment income is dependent upon the difference between the rate at which the Fund borrows funds and the rate at which the Fund invests these funds. In periods of rising interest rates, the Fund’s cost of funds would increase, which may reduce the Fund’s net investment income. Because the Fund expects that most of its investments will bear interest at floating rates, the Fund anticipates that an increase in interest rates would have a corresponding increase in the Fund’s interest income that would likely offset any increase in the Fund’s cost of funds and, thus, net investment income would not be reduced. However, there can be no assurance that a significant change in market interest rates will not have an adverse effect on the Fund’s net investment income. In addition, U.S. and global capital markets and credit markets have experienced a higher level of stress due to the global COVID-19 pandemic, which has resulted in an increase in the level of volatility across such markets and a general decline in the value of the securities held by the Fund.

The Fund will generally invest in illiquid loans and securities including debt and equity securities of middle-market companies. Because the Fund expects that there will not be a readily available market for many of the investments in the Fund’s portfolio, the Fund expects to value many of its portfolio investments at fair value as determined in good faith by the Board using a documented valuation policy and a consistently applied valuation process. 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 Fund’s investments may differ significantly from the values that would have been used had a readily available market value existed for such investments, and the differences could be material.

In connection with the COVID-19 pandemic, the U.S. Federal Reserve and other central banks have reduced certain interest rates and LIBOR has decreased. A prolonged reduction in interest rates will reduce the Fund’s gross investment income and could result in a decrease in the Fund’s net investment income if such decreases in LIBOR are not offset by a corresponding increase in the spread over LIBOR that the Fund earns on any portfolio investments, a decrease in the Fund’s operating expenses, including with respect to the Fund’s income incentive fee, or a decrease in the interest rate of the Fund’s floating interest rate liabilities tied to LIBOR.

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Assuming that the consolidated statement of assets and liabilities as of September 30, 2022, were to remain constant and that the Fund took no actions to alter its existing interest rate sensitivity, the following table shows the annualized impact of hypothetical base rate changes in interest rates.

Change in Interest Rates	Increase (Decrease) in Interest Income			Increase (Decrease) in Interest Expense			Net Increase (Decrease) in Net Investment Income
Down 25 basis points	$	(2,688,403	)	$	(1,624,375	)	$	(1,064,028	)
Up 100 basis points		10,753,611			6,497,500			4,256,111
Up 200 basis points		21,507,222			12,995,000			8,512,222
Up 300 basis points		32,260,833			19,492,500			12,768,333

In addition, although the Fund does not currently intend to make investments that are denominated in a foreign currency, to the extent it does, the Fund will be subject to risks associated with changes in currency exchange rates. These risks include the possibility of significant fluctuations in the foreign currency markets, the imposition or modification of foreign exchange controls and potential illiquidity in the secondary market. These risks will vary depending upon the currency or currencies involved.

The Fund may hedge against interest rate and currency exchange rate fluctuations by using standard hedging instruments such as futures, options and forward contracts subject to the requirements of the 1940 Act. While hedging activities may insulate the Fund against adverse changes in interest rates, they may also limit the Fund’s ability to participate in benefits of lower interest rates with respect to the Fund’s portfolio of investments with fixed interest rates.

Item 4. Controls and Procedures

As of the end of the period covered by this report, the Fund carried out an evaluation, under the supervision and with the participation of the Fund’s management, including the Fund’s Chief Executive Officer and Chief Financial Officer, of the effectiveness of the design and operation of the Fund’s disclosure controls and procedures (as defined in Rule 13a-15(e) and 15d-15(e) under the Exchange Act). Based on that evaluation, the Fund’s Chief Executive Officer and Chief Financial Officer have concluded that the Fund’s current disclosure controls and procedures are effective in timely alerting them to material information relating to the Fund that is required to be disclosed by the Fund in the reports it files or submits under the Exchange Act.

There have been no changes in the Fund’s internal control over financial reporting that occurred during the Fund’s most recently completed fiscal quarter that have materially affected, or are reasonably likely to materially affect, the Fund’s internal control over financial reporting.

PART II. OTHER INFORMATION

Item 1. Legal Proceedings

The Fund is not currently subject to any material legal proceedings, nor, to the Fund’s knowledge, is any material legal proceeding threatened against the Fund. From time to time, the Fund may be a party to certain legal proceedings in the ordinary course of business, including proceedings relating to the enforcement of the Fund’s rights under contracts with its portfolio companies. The Fund’s business is also subject to extensive regulation, which may result in regulatory proceedings against the Fund. While the outcome of these legal proceedings cannot be predicted with certainty, the Fund does not expect that these proceedings will have a material effect upon its financial condition or results of operations.

Item 1A. Risk Factors

In addition to the other information set forth in this report, you should carefully consider the factors discussed in Part I, “Item 1A. Risk Factors” in the Fund’s Annual Report on Form 10-K for the fiscal year ended December 31, 2021, which could materially affect the Fund’s business, financial condition and/or operating results. The risks described in the Fund’s Annual Report on Form 10-K are not the only risks the Fund faces. Additional risks and uncertainties that are not currently known to the Fund or that the Fund currently deems to be immaterial also may materially adversely affect the Fund’s business, financial condition and/or operating results. During the nine months ended September 30, 2022, there have been no material changes from the risk factors set forth in the Fund’s Annual Report on Form 10-K for the year ended December 31, 2021, except for the following.

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The Small Business Credit Availability Act allows the Fund to incur additional leverage, which may increase the risk of investing with the Fund.

On March 23, 2018, the SBCAA was signed into law. The SBCAA, among other things, modifies the applicable provisions of the 1940 Act to reduce the required asset coverage ratio applicable to BDCs from 200% to 150% subject to certain approval, time and disclosure requirements (including either stockholder approval or approval of a majority of the directors who are not interested persons of the BDC and who have no financial interest in the proposal). On July 5, 2018, the Board voted to approve the adoption of the reduced asset coverage ratio and separately recommended that Investors approve the reduced asset coverage requirements at the 2018 annual meeting of stockholders. On September 26, 2018, the Fund’s stockholders voted to approve the adoption of the reduced asset coverage ratio, effective September 27, 2018.

Increased leverage could increase the risks associated with investing in the Fund. For example, if the value of the Fund’s assets decreases, although the asset base and expected revenues would be larger because increased leverage would permit the Fund to acquire additional assets, leverage will cause the Fund’s net asset value to decline more sharply than it otherwise would have without leverage or with lower leverage. Similarly, any decrease in the Fund’s revenue would cause its net income to decline more sharply, on a relative basis, than it would have if the Fund had not borrowed or had borrowed less (although, as noted above, the Fund’s asset base and expected revenues would likely be larger). However, since the Fund already uses leverage in optimizing its investment portfolio, there are no material new risks associated with increased leverage other than the amount of the leverage.

If the Fund’s asset coverage ratio falls below the required limit, the Fund will not be able to incur additional debt until it is able to comply with the asset coverage ratio. This could have a material adverse effect on the Fund’s operations, and the Fund may not be able to make distributions to stockholders. The actual amount of leverage that the Fund employs will depend on the Board’s and the Adviser’s assessment of market and other factors at the time of any proposed borrowing. The Fund currently anticipates being able to obtain sufficient credit on acceptable terms, although the Fund can make no assurance that this will be the case or that it will remain such in the future.

The following table illustrates the effect of leverage on returns from an investment in the Shares assuming that the Fund employs leverage such that the Fund’s asset coverage equals (1) the Fund’s actual asset coverage as of September 30, 2022, and (2) 150%, each at various annual returns, net of expenses and as of September 30, 2022.

The calculations in the tables below are hypothetical, and are provided for illustrative purposes only. Actual returns may be higher or lower than those appearing below.

Assumed Return on the Fund’s Portfolio (net of expenses)	(10.00	)%	(5.00	)%	0.00	%	5.00	%	10.00	%
Corresponding net return to holders of common stock assuming actual asset coverage as of September 30, 2022(1)	(34.8	)%	(21.8	)%	(8.8	)%	4.3	%	17.3	%
Corresponding net return to holders of common stock assuming 150% asset coverage(2)	(40.9	)%	(25.9	)%	(10.9	)%	4.1	%	19.1	%

⁽¹⁾  Assumes $1,142.0 million in total portfolio assets, $704.1 million in debt outstanding, $437.9 million in net assets, and an average cost of funds of 5.45%. Actual interest payments may be different.

⁽²⁾ Assumes $1,142.0 million in total portfolio assets, $761.3 million in debt outstanding, $380.7 million in net assets, and an average cost of funds of 5.45%. Actual interest payments may be different.

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

Except as previously reported by the Fund on its current reports on Form 8-K, the Fund did not sell any securities during the period covered by this Quarterly Report that were not registered under the Securities Act.

Item 3. Defaults Upon Senior Securities

None.

Item 4. Mine Safety Disclosure

Not applicable.

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Item 5. Other Information

None.

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Item 6. Exhibits

The following exhibits are filed as part of this report or hereby incorporated by reference to exhibits previously filed with the SEC:

10.1	Amendment No. 1 to Loan Financing and Servicing Agreement, dated as of September 22, 2022, among ABPCIC Funding II LLC, as borrower, AB Private Credit Investors LLC, as servicer, AB Private Credit Investors Corporation, as equityholder, the lenders from time to time parties hereto, Synovus Bank, Specialty Finance Division, as facility agent and U.S. Bank Trust Company, National Association, as collateral agent, and U.S. Bank National Association, as collateral custodian and securities intermediary (incorporated by reference to Exhibit 10.1 to the Fund’s Current Report on Form 8-K (File No. 814-01196) filed on September 27, 2022).
10.2	Sixth Amendment to Credit Agreement, dated as of September 30, 2022, among ABPCIC Funding III LLC, as borrower, the lenders referred to therein, Natixis, New York Branch, as administrative agent, U.S. Bank Trust Company, National Association (as successor in interest to U.S. Bank National Association), as collateral agent and collateral administrator, and U.S. Bank National Association, as custodian (incorporated by reference to Exhibit 10.1 to the Fund’s Current Report on Form 8-K (File No. 814-01196) filed on October 4, 2022).
31.1	Certification of Chief Executive Officer pursuant to Rule 13a-14 of the Securities Exchange Act of 1934, as amended.*
31.2	Certification of Chief Financial Officer pursuant to Rule 13a-14 of the Securities Exchange Act of 1934, as amended.*
32.1	Certification of Chief Executive Officer and Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, as amended.*
101.INS	XBRL Instance Document—the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the XBRL document*
101.SCHS	Inline XBRL Taxonomy Extension Schema Document*
101.CAL	Inline XBRL Taxonomy Calculation Linkbase Document*
101.DEF	Inline XBRL Taxonomy Extension Definition Linkbase Document*
101.LAB	Inline XBRL Taxonomy Label Linkbase Document*
101.PRE	Inline XBRL Taxonomy Presentation Linkbase Document*
104	Cover Page Interactive Data File (formatted in 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, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

		AB PRIVATE CREDIT INVESTORS CORPORATION
Date: November 15, 2022	By:	/s/ J. Brent Humphries
		J. Brent Humphries
		President and Chief Executive Officer
		(Principal Executive Officer)
Date: November 15, 2022	By:	/s/ Wesley Raper
		Wesley Raper
		Chief Financial Officer and Treasurer
		(Principal Financial and Accounting Officer)