AB Private Credit Investors 10Q 2023 Q1 Quarterly report

AB Private Credit Investors 10-Q2023 Q1 Quarterly report

Content analysis

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

0001634452 abpcic:UsCorporateDebtMember abpcic:SalisburyHouseLlcThreeMember abpcic:TermLoanMember abpcic:FirstLienSeniorSecuredDebtAt234.31Member abpcic:HealthcareAndHCITMember 2022-01-01 2022-12-31 0001634452 abpcic:FirstLienSeniorSecuredDebtAt234.31Member abpcic:HealthcareHcitMember abpcic:TermLoanMember abpcic:UsCorporateDebtMember abpcic:Caregiver2Inc.TwoMember 2022-12-31

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 MARCH 31, 2023

☐	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
—		—

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.

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 49,615,133.915 shares of common stock, $0.01 par value per share, outstanding as of

May 15, 2023.

AB PRIVATE CREDIT INVESTORS CORPORATION

FORM 10-Q FOR THE QUARTER ENDED March 31, 2023

Table of Contents


	INDEX	PAGE NO.
PART I.	FINANCIAL INFORMATION		3

Item 1.	Consolidated Financial Statements		3

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations		57

Item 3.	Quantitative and Qualitative Disclosures About Market Risk		70

Item 4.	Controls and Procedures		71

PART II.	OTHER INFORMATION		71

Item 1.	Legal Proceedings		71

Item 1A.	Risk Factors		71

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds		72

Item 3.	Defaults Upon Senior Securities		72

Item 4.	Mine Safety Disclosures		72

Item 5.	Other Information		72

Item 6.	Exhibits		72

SIGNATURES			73

Item 1.

Financial Statements

AB Private Credit Investors Corporation

Consolidated Statements of Assets and Liabilities


	As of March 31, 2023 (Unaudited)			As of December 31, 2022
Assets
Investments, at fair value
Non-controlled/non-affiliated investments (amortized cost of $1,198,535,419 and $1,146,231,264, respectively)	$	1,179,169,825		$	1,122,343,258
Controlled affiliated investments (amortized cost of $0 and $0)		173,837			173,837

Total investments, at fair value (amortized cost of $1,198,535,419 and $1,146,231,264)		1,179,343,662			1,122,517,095
Cash and cash equivalents		65,352,472			48,785,985
Interest receivable		16,815,086			9,795,021
Receivable for fund shares		2,834,026			2,834,026
Receivable for investments sold		1,423,278			6,428,709
Deferred financing costs		546,904			1,146,619
Prepaid expenses		90,657			226,644

Total assets	$	1,266,406,085		$	1,191,734,099

Liabilities
Credit facility payable	$	520,000,000		$	448,000,000
Notes payable (net of unamortized discount of $396,378 and $414,624, respectively, and debt issuance costs of $1,099,287 and $1,229,809, respectively)		245,254,335			245,105,567
Interest and borrowing expenses payable		9,402,857			8,311,138
Secured borrowings		8,768,765			5,917,275
Payable for fund shares repurchased		5,837,993			6,304,249
Management fees payable		3,938,904			3,778,123
Incentive fee payable		2,754,604			2,534,935
Distribution payable		2,395,272			8,909,055
Accrued tax liability		1,321,219			1,303,918
Payable to Adviser		1,061,589			1,347,210
Professional fees payable		650,093			594,355
Administrator and custodian fees payable		585,674			725,470
Accrued expenses and other liabilities		138,169			—
Directors’ fees payable		69,875			—
Transfer agent fees payable		35,272			34,224
Payable for investments purchased		—			1,990,087

Total liabilities	$	802,214,621		$	734,855,606

Commitments and Contingencies (Note 6)

Net Assets
Common stock, par value $0.01 per share (200,000,000 shares authorized, 49,895,174 and 50,228,088 shares issued and outstanding at March 31, 2023 and December 31, 2022, respectively)		498,952			502,281
Paid-in capital in excess of par value		482,847,144			485,940,938
Distributable earnings (accumulated loss)		(19,190,141	)		(29,599,112	)

Total net assets of AB Private Credit Investors Corporation	$	464,155,955		$	456,844,107

Non-Controlling Interest in ABPCIC Equity Holdings, LLC	$	35,509		$	34,386

Total net assets	$	464,191,464		$	456,878,493

Total liabilities and net assets	$	1,266,406,085		$	1,191,734,099

Net asset value per share of AB Private Credit Investors Corporation	$	9.30		$	9.10

See Notes to Unaudited Consolidated Financial Statements

Table of Contents

AB Private Credit Investors Corporation

Unaudited Consolidated Statements of Operations


	For the Three Months Ended March 31,
	2023		2022
Investment Income:
From non-controlled/non-affiliated investments:
Interest income, net of amortization/accretion	$	29,238,830	$	19,019,063
Payment-in-kind interest		3,553,509		594,399
Dividend income		52,452		8,587
From controlled affiliated investments:
Interest income, net of amortization/accretion		—		65,388

Total investment income		32,844,791		19,687,437

Expenses:
Interest and borrowing expenses		13,781,660		5,140,785
Management fees		3,938,904		3,402,792
Income-based incentive fee		2,754,604		1,931,939
Professional fees		515,313		476,980
Administration and custodian fees		264,455		223,237
Insurance expenses		135,986		153,239
Directors’ fees		69,875		50,000
Transfer agent fees		35,272		25,676
Collateral management fees		—		456,498
Capital gains incentive fee		—		(546,733	)
Other expenses		309,575		299,625

Total expenses		21,805,644		11,614,038
Reimbursement payments to Adviser (See Note 3: Expense Support and Conditional Reimbursement Agreement)		—		259,263
Waived collateral management fees		—		(456,498	)
Waived management fees		—		(283,566	)

Net expenses		21,805,644		11,133,237

Net investment income before taxes		11,039,147		8,554,200

Income tax expense, including excise tax		17,301		308,827

Net investment income after tax		11,021,846		8,245,373

Net realized and change in unrealized gains (losses) on investment transactions:
Net realized gain (loss) from:
Non-controlled/non-affiliated investments		5,453		172,332
Net change in unrealized appreciation (depreciation) from:
Non-controlled/non-affiliated investments		4,522,412		(4,126,750	)
Controlled affiliated investments		—		1,220,755

Net realized and change in unrealized gains (losses) on investment transactions		4,527,865		(2,733,663	)

Net increase in net assets resulting from operations	$	15,549,711	$	5,511,710

Less: Net increase (decrease) in net assets resulting from operations related to Non-Controlling Interest in ABPCIC Equity Holdings, LLC	$	1,123	$	10

Net increase (decrease) in net assets resulting from operations related to AB Private Credit Investors Corporation	$	15,548,588	$	5,511,700

Net investment income per share (basic and diluted):
Net investment income per share (basic and diluted):	$	0.22	$	0.23
Earnings per share (basic and diluted):	$	0.31	$	0.15
Weighted average shares outstanding:		50,224,389		36,411,259

See Notes to Unaudited Consolidated Financial Statements

Table of Contents

AB Private Credit Investors Corporation

Unaudited Consolidated Statements of Changes in Net Assets


	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 December 31, 2022		50,228,088		$	502,281		$	485,940,938		$	(29,599,112	)	$	34,386		$	456,878,493
Increase (decrease) in net assets resulting from operations:
Net investment income		—			—			—			11,022,469			(623	)		11,021,846
Net realized gain (loss) on investments		—			—			—			5,453			—			5,453
Net change in unrealized appreciation (depreciation) on investments		—			—			—			4,520,666			1,746			4,522,412
Capital transactions:
Issuance of common shares pursuant to distribution reinvestment plan		294,604			2,946			2,737,924			—			—			2,740,870
Repurchase of common stock		(627,518	)		(6,275	)		(5,831,718	)		—			—			(5,837,993	)
Distributions to stockholders		—			—			—			(5,139,617	)		—			(5,139,617	)

Total increase (decrease) for the three months ended March 31, 2023		(332,914	)		(3,329	)		(3,093,794	)		10,408,971			1,123			7,312,971

Net assets at March 31, 2023		49,895,174		$	498,952		$	482,847,144		$	(19,190,141	)	$	35,509		$	464,191,464

Distributions declared per share		—		$	—		$	—		$	0.10		$	—		$	0.10

See Notes to Unaudited Consolidated Financial Statements

Table of Contents

AB Private Credit Investors Corporation

Unaudited Consolidated Statements of Changes in Net Assets


	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 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		—			—			—			8,245,567			(194	)		8,245,373
Net realized gain (loss) on investments		—			—			—			172,332			—			172,332
Net change in unrealized appreciation (depreciation) on investments		—			—			—			(2,906,199	)		204			(2,905,995	)
Capital transactions:
Issuance of common stock		3,095,246			30,952			30,653,048			—			—			30,684,000
Contribution of non-controlling interest into ABPCIC Equity Holdings, LLC		—			—			—			—			7,991			7,991
Issuance of common shares pursuant to distribution reinvestment plan		526,163			5,262			5,096,442			—			—			5,101,704
Repurchase of common stock		(420,864	)		(4,209	)		(4,077,161	)		—			—			(4,081,370	)
Distributions to stockholders		—			—			—			(9,709,845	)		—			(9,709,845	)

Total increase (decrease) for the three months ended March 31, 2022		3,200,545			32,005			31,672,329			(4,198,145	)		8,001			27,514,190

Net assets at March 31, 2022		38,544,494		$	385,445		$	370,964,346		$	2,416,317		$	24,762		$	373,790,870

Distributions declared per share		—		$	—		$	—		$	0.25		$	—		$	0.25

See Notes to Unaudited Consolidated Financial Statements

Table of Contents

AB Private Credit Investors Corporation

Unaudited Consolidated Statements of Cash Flows


	Three Months Ended March 31, 2023			Three Months Ended March 31, 2022
Cash flows from operating activities
Net increase (decrease) in net assets resulting from operations	$	15,549,711		$	5,511,710

Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used for) operating activities:
Purchases of investments		(61,547,585	)		(88,226,756	)
Payment-in-kind investments		(3,553,509	)		(594,399	)
Proceeds from sales of investments and principal repayments		14,186,764			29,873,338
Net realized (gain) loss on investments		(5,453	)		(172,332	)
Net change in unrealized (appreciation) depreciation on investments		(4,522,412	)		2,905,995
Amortization of premium and accretion of discount, net		(1,384,372	)		(1,390,757	)
Amortization of discount, debt issuance and deferred financing costs		773,483			1,164,762

Increase (decrease) in operating assets and liabilities:
(Increase) decrease in receivable for investments sold		5,005,431			742,271
(Increase) decrease in interest receivable		(7,020,065	)		(809,212	)
(Increase) decrease in prepaid directors’ fee		—			63,025
(Increase) decrease in prepaid expenses		135,987			153,240
Increase (decrease) in payable for investments purchased		(1,990,087	)		(9,559,875	)
Increase (decrease) in management fees payable		160,781			466,174
Increase (decrease) in payable to Adviser		(285,621	)		(985,190	)
Increase (decrease) in administrator and custodian fees payable		(139,796	)		66,073
Increase (decrease) in professional fees payable		55,738			108,491
Increase (decrease) in accrued tax liability		17,301			307,227
Increase (decrease) in incentive fee payable		219,669			7,919
Increase (decrease) in directors’ fees payable		69,875			—
Increase (decrease) in transfer agent fees payable		1,048			2,657
Increase (decrease) in interest and borrowing expenses payable		1,091,719			358,679
Increase (decrease) in accrued expenses and other liabilities		138,169			33,955

Net cash provided by (used for) operating activities		(43,043,224	)		(59,973,005	)

Cash flows from financing activities
Issuance of common stock		—			51,068,587
Contribution of Non-Controlling Interest into ABPCIC Equity Holdings, LLC		—			7,991
Repurchase of common stock		(6,304,249	)		(4,736,139	)
Distributions paid		(8,912,530	)		(2,340,900	)
Financing costs paid		(25,000	)		(303,156	)
Borrowings on credit facility		106,000,000			88,000,000
Repayments of credit facility		(34,000,000	)		(60,000,000	)
Proceeds on secured borrowings		8,889,879			—
Repayments on secured borrowings		(6,038,389	)		(4,867,621	)

Net cash provided by (used for) financing activities		59,609,711			66,828,762

Net increase (decrease) in cash		16,566,487			6,855,757
Cash and cash equivalents, beginning of period		48,785,985			54,489,043

Cash and cash equivalents, end of period	$	65,352,472		$	61,344,800

Supplemental and non-cash financing activities
Cash paid during the period for interest	$	11,978,272		$	3,528,077
Issuance of common shares pursuant to distribution reinvestment plan	$	2,740,870		$	5,101,704
State taxes paid	$	—		$	1,600

See Notes to Unaudited Consolidated Financial Statements

Table of Contents

AB Private Credit Investors Corporation

Consolidated Schedule of Investments as of March 31, 2023

(Unaudited)

Portfolio Company

Industry

Facility Type

Interest

Maturity

Funded

Par Amount

Cost

Fair Value

Investments at Fair Value

- 254.06% (++) + * # ^

U.S. Corporate Debt

- 243.60%

1st Lien/Senior Secured Debt

- 241.34%

AmerCareRoyal, LLC

(1)

Business Services

Delayed Draw Term Loan

11.41% (S + 6.50%; 0.75% PIK; 1.00% Floor)

11/25/2025

496,070

488,705

491,109

AmerCareRoyal, LLC

(1) (2)

Business Services

Term Loan

11.35% (S + 6.50%; 0.75% PIK; 1.00% Floor)

11/25/2025

1,998,536

1,978,551

AmerCareRoyal, LLC

(1) (3)

Business Services

Term Loan

11.41% (S + 6.50%; 0.75% PIK; 1.00% Floor)

11/25/2025

4,111,647

4,046,954

4,070,530

AmerCareRoyal, LLC

(3)

Business Services

Term Loan

11.41% (S + 6.50%; 0.75% PIK; 1.00% Floor)

11/25/2025

510,571

498,708

505,465

Cerifi, LLC

(4) (5)

Business Services

Revolver

10.58% (S + 5.75%; 1.00% Floor)

04/01/2027

—

(18,476

)

(16,617

)

Cerifi, LLC

(2) (3)

Business Services

Term Loan

10.58% (S + 5.75%; 1.00% Floor)

03/31/2028

16,026,181

15,745,330

15,785,788

Engage2Excel, Inc.

Business Services

Revolver

12.25% (S + 7.25%; 1.00% Floor)

02/15/2024

379,732

374,997

372,137

Engage2Excel, Inc.

(1)

Business Services

Term Loan

12.21% (S + 7.25%; 1.00% Floor)

12/31/2023

1,032,074

1,024,372

1,011,432

Engage2Excel, Inc.

(1)

Business Services

Term Loan

12.21% (S + 7.25%; 1.00% Floor)

02/15/2024

2,973,815

2,951,741

2,914,338

Metametrics, Inc.

(4) (5)

Business Services

Revolver

10.00% (L + 5.00%; 1.00% Floor)

09/10/2025

—

(5,375

)

—

Metametrics, Inc.

(1) (3)

Business Services

Term Loan

10.00% (L + 5.00%; 1.00% Floor)

09/10/2025

4,731,059

4,687,741

4,731,059

MSM Acquisitions, Inc.

(3)

Business Services

Delayed Draw Term Loan

11.00% (L + 6.00%; 1.00% Floor)

12/09/2026

2,997,487

2,956,228

2,877,587

MSM Acquisitions, Inc.

Business Services

Delayed Draw Term Loan

11.00% (L + 6.00%; 1.00% Floor)

12/09/2026

367,319

365,895

354,463

MSM Acquisitions, Inc.

(4)

Business Services

Revolver

11.00% (L + 6.00%; 1.00% Floor)

12/09/2026

768,716

753,418

719,714

MSM Acquisitions, Inc.

(1) (2) (3)

Business Services

Term Loan

11.00% (L + 6.00%; 1.00% Floor)

12/09/2026

8,191,395

8,094,333

7,863,740

Rep Tec Intermediate Holdings, Inc.

(4)

Business Services

Revolver

11.66% (L + 6.50%; 1.00% Floor)

12/01/2027

302,547

294,169

282,816

Rep Tec Intermediate Holdings, Inc.

(1) (2) (3)

Business Services

Term Loan

11.66% (L + 6.50%; 1.00% Floor)

12/01/2027

14,531,915

14,370,743

14,168,617

Sako and Partners Lower Holdings LLC

(4)

Business Services

Delayed Draw Term Loan

11.04% (S + 6.00%; 1.00% Floor)

09/15/2028

1,915,899

1,856,376

1,898,152

Sako and Partners Lower Holdings LLC

(4)

Business Services

Revolver

11.05% (S + 6.00%; 1.00% Floor)

09/15/2028

337,369

303,337

315,617

Sako and Partners Lower Holdings LLC

(1) (2) (3)

Business Services

Term Loan

11.05% (S + 6.00%; 1.00% Floor)

09/15/2028

14,877,959

14,470,601

14,617,595

Valcourt Holdings II, LLC

(1)

Business Services

Delayed Draw Term Loan

10.36% (S + 5.25%; 1.00% Floor)

01/07/2027

1,708,503

1,689,777

1,708,503

Valcourt Holdings II, LLC

(3)

Business Services

Term Loan

10.30% (S + 5.25%; 1.00% Floor)

01/07/2027

2,634,460

2,599,057

2,634,460

Valcourt Holdings II, LLC

(1) (3)

Business Services

Term Loan

10.30% (S + 5.25%; 1.00% Floor)

01/07/2027

6,263,077

6,180,821

6,263,077

Valcourt Holdings II, LLC

(3)

Business Services

Term Loan

10.30% (S + 5.25%; 1.00% Floor)

01/07/2027

1,152,318

1,133,990

1,152,318

AEG Holding Company, Inc.

(1)

Consumer Discretionary

Delayed Draw Term Loan

10.35% (L + 5.50%; 1.00% Floor)

11/20/2023

1,042,993

1,040,449

1,042,993

AEG Holding Company, Inc.

(4)

Consumer Discretionary

Revolver

10.35% (L + 5.50%; 1.00% Floor)

11/20/2023

446,746

443,821

446,746

AEG Holding Company, Inc.

(2)

Consumer Discretionary

Term Loan

10.35% (L + 5.50%; 1.00% Floor)

11/20/2023

1,814,971

1,809,414

1,814,971

AEG Holding Company, Inc.

(1)

Consumer Discretionary

Term Loan

10.35% (L + 5.50%; 1.00% Floor)

11/20/2023

5,497,386

5,483,481

5,497,386

Ampler QSR Holdings, LLC

(2) (3)

Consumer

Non-Cyclical

Term Loan

11.02% (L + 5.875%; 1.00% Floor)

07/21/2027

12,315,544

12,136,697

11,545,822

Blink Holdings, Inc.

(1)

Consumer

Non-Cyclical

Delayed Draw Term Loan

13.66% (L + 5.50%; 3.00% PIK; 1.00% Floor)

11/08/2024

1,123,558

1,119,643

957,833

Blink Holdings, Inc.

Consumer

Non-Cyclical

Delayed Draw Term Loan

13.14% (L + 5.50%; 3.00% PIK; 1.00% Floor)

11/08/2024

901,308

898,142

768,365

Blink Holdings, Inc.

(1)

Consumer

Non-Cyclical

Term Loan

13.66% (L + 5.50%; 3.00% PIK; 1.00% Floor)

11/08/2024

1,571,191

1,565,686

1,339,440

Freddy’s Frozen Custard,
L.L.C

(4) (5)

Consumer

Non-Cyclical

Revolver

9.75% (L + 5.00%; 1.00% Floor)

03/03/2027

—

(3,410

)

—

Freddy’s Frozen Custard,
L.L.C

(2) (3)

Consumer

Non-Cyclical

Term Loan

9.75% (L + 5.00%; 1.00% Floor)

03/03/2027

4,844,108

4,803,850

4,844,108

Krispy Krunchy Foods, L.L.C

(3)

Consumer

Non-Cyclical

Term Loan

9.66% (S + 4.75%; 1.00% Floor)

11/17/2027

9,395,828

9,249,171

9,207,911

Mathnasium LLC

(4)

Consumer

Non-Cyclical

Revolver

10.13% (L + 5.00%; 0.75% Floor)

11/15/2027

87,043

76,895

75,619

Mathnasium LLC

(1) (3)

Consumer

Non-Cyclical

Term Loan

10.13% (L + 5.00%; 0.75% Floor)

11/15/2027

5,385,800

5,302,074

5,291,549

MMP Intermediate, LLC

(4) (5)

Consumer

Non-Cyclical

Revolver

10.67% (S + 5.75%; 1.00% Floor)

02/15/2027

—

(8,646

)

(16,586

)

MMP Intermediate, LLC

(1) (3)

Consumer

Non-Cyclical

Term Loan

10.67% (S + 5.75%; 1.00% Floor)

02/15/2027

8,189,533

8,057,405

7,943,847

PF Growth Partners, LLC

(1)

Consumer

Non-Cyclical

Term Loan

9.81% (S + 5.00%; 1.00% Floor)

07/11/2025

1,965,832

1,957,385

1,897,028

PF Growth Partners, LLC

(1)

Consumer

Non-Cyclical

Term Loan

9.81% (S + 5.00%; 1.00% Floor)

07/11/2025

117,139

114,554

113,039

PF Growth Partners, LLC

(1)

Consumer

Non-Cyclical

Term Loan

9.81% (S + 5.00%; 1.00% Floor)

07/11/2025

236,080

230,869

227,817

TBG Food Acquisition Corp

(4) (5)

Consumer

Non-Cyclical

Delayed Draw Term Loan

10.92% (L + 6.00%; 0.75% Floor)

12/25/2027

—

(8,392

)

(81,848

)

TBG Food Acquisition Corp

(4) (5)

Consumer

Non-Cyclical

Revolver

10.92% (L + 6.00%; 0.75% Floor)

12/25/2027

—

(2,098

)

(20,462

)

TBG Food Acquisition Corp

(1) (3)

Consumer

Non-Cyclical

Term Loan

10.92% (L + 6.00%; 0.75% Floor)

12/25/2027

6,518,143

6,466,300

6,012,987

Airwavz Solutions, Inc

(2) (4)

Digital Infrastructure & Services

Delayed Draw Term Loan

9.55% (S + 4.50%; 1.00% Floor)

03/31/2027

1,305,480

1,271,088

1,264,683

Airwavz Solutions, Inc

(4) (5)

Digital Infrastructure & Services

Revolver

9.55% (S + 4.50%; 1.00% Floor)

03/31/2027

—

(9,194

)

(11,423

)

See Notes to Unaudited Consolidated Financial Statements

Table of Contents

AB Private Credit Investors Corporation

Consolidated Schedule of Investments as of March 31, 2023 (continued)

(Unaudited)

Portfolio Company

Industry

Facility Type

Interest

Maturity

Funded

Par Amount

Cost

Fair Value

Airwavz Solutions, Inc

(2)

Digital Infrastructure & Services

Term Loan

9.55% (S + 4.50%; 1.00% Floor)

03/31/2027

5,221,919

5,148,368

5,130,535

Avant Communications,
LLC

(4) (5)

Digital Infrastructure & Services

Revolver

10.40% (S + 5.50%; 1.00% Floor)

11/30/2026

—

(8,388

)

—

Avant Communications,
LLC

(1) (3)

Digital Infrastructure & Services

Term Loan

10.40% (S + 5.50%; 1.00% Floor)

11/30/2026

11,197,723

11,021,444

11,197,723

Bridgepointe Technologies, LLC

(1) (4)

Digital Infrastructure & Services

Delayed Draw Term Loan

11.40% (S + 6.50%; 1.00% Floor)

12/31/2027

3,106,069

3,001,963

3,018,993

Bridgepointe Technologies, LLC

(2)

Digital Infrastructure & Services

Delayed Draw Term Loan

11.55% (S + 6.50%; 1.00% Floor)

12/31/2027

2,758,696

2,737,632

2,696,625

Bridgepointe Technologies, LLC

(1) (3)

Digital Infrastructure & Services

Delayed Draw Term Loan

11.38% (S + 6.50%; 1.00% Floor)

12/31/2027

3,877,753

3,833,899

3,790,504

Bridgepointe Technologies, LLC

(4) (5)

Digital Infrastructure & Services

Revolver

11.55% (S + 6.50%; 1.00% Floor)

12/31/2027

—

(12,371

)

(17,494

)

Bridgepointe Technologies, LLC

(1) (3)

Digital Infrastructure & Services

Term Loan

11.55% (S + 6.50%; 1.00% Floor)

12/31/2027

2,288,514

2,203,028

2,237,023

Bridgepointe Technologies, LLC

(1) (3)

Digital Infrastructure & Services

Term Loan

11.55% (S + 6.50%; 1.00% Floor)

12/31/2027

4,741,472

4,663,288

4,634,789

Coretelligent Intermediate LLC

(3) (4)

Digital Infrastructure & Services

Delayed Draw Term Loan

10.16% (L + 5.00%; 1.00% Floor)

10/21/2027

1,914,096

1,890,817

1,847,862

Coretelligent Intermediate LLC

(4)

Digital Infrastructure & Services

Revolver

12.00% (P + 4.00%; 1.00% Floor)

10/21/2027

94,982

80,431

69,653

Coretelligent Intermediate LLC

(1) (2) (3)

Digital Infrastructure & Services

Term Loan

10.16% (L + 5.00%; 1.00% Floor)

10/21/2027

7,928,746

7,837,647

7,770,171

EvolveIP, LLC

(3)

Digital Infrastructure & Services

Delayed Draw Term Loan

10.29% (S + 5.50%; 1.00% Floor)

06/07/2025

110,823

110,871

106,113

EvolveIP, LLC

(4) (6)

Digital Infrastructure & Services

Revolver

10.23% (S + 5.50%; 1.00% Floor)

06/07/2025

160,613

160,163

136,521

EvolveIP, LLC

(1)

Digital Infrastructure & Services

Term Loan

10.54% (S + 5.50%; 1.00% Floor)

06/07/2025

6,417,682

6,412,048

6,144,931

Fatbeam, LLC

Digital Infrastructure & Services

Revolver

10.97% (L + 6.25%; 1.00% Floor)

02/22/2026

643,849

635,333

642,239

Fatbeam, LLC

(2) (3)

Digital Infrastructure & Services

Term Loan

11.09% (L + 6.25%; 1.00% Floor)

02/22/2026

6,422,394

6,336,797

6,406,338

Firstdigital Communications LLC

(4)

Digital Infrastructure & Services

Revolver

9.13% (L + 4.25%; 0.75% Floor)

12/17/2026

412,549

388,782

349,080

Firstdigital Communications LLC

(2) (3)

Digital Infrastructure & Services

Term Loan

9.13% (L + 4.25%; 0.75% Floor)

12/17/2026

13,645,840

13,441,445

13,100,007

FirstLight Holdco, Inc.

(1) (3)

Digital Infrastructure & Services

Term Loan

9.13% (L + 4.00%; 1.00% Floor)

07/23/2025

6,148,719

6,011,875

5,902,770

Greenlight Intermediate II,
Inc.

(4)

Digital Infrastructure & Services

Delayed Draw Term Loan

10.42% (S + 5.50%; 0.75% Floor)

06/01/2028

1,182,721

1,108,774

1,182,721

Greenlight Intermediate II,
Inc.

(1) (3)

Digital Infrastructure & Services

Term Loan

10.54% (S + 5.50%; 0.75% Floor)

06/01/2028

5,331,605

5,234,720

5,304,947

MBS Holdings, Inc.

(4) (5)

Digital Infrastructure & Services

Revolver

10.59% (L + 5.75%; 1.00% Floor)

04/16/2027

—

(13,294

)

(34,096

)

MBS Holdings, Inc.

(1) (2) (3)

Digital Infrastructure & Services

Term Loan

10.59% (L + 5.75%; 1.00% Floor)

04/16/2027

10,336,910

10,195,845

9,975,118

MSP Global Holdings, Inc.

(2) (4)

Digital Infrastructure & Services

Delayed Draw Term Loan

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

01/25/2027

613,238

592,928

589,130

MSP Global Holdings, Inc.

(4) (5)

Digital Infrastructure & Services

Revolver

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

01/25/2027

—

(11,384

)

(16,919

)

MSP Global Holdings, Inc.

(2) (3)

Digital Infrastructure & Services

Term Loan

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

01/25/2027

7,851,280

7,742,546

7,694,254

NI Topco, Inc

(1)

Digital Infrastructure & Services

Term Loan

10.91% (L + 5.75%; 0.75% Floor)

12/28/2028

1,227,462

1,202,844

1,205,981

NI Topco, Inc

(2) (3)

Digital Infrastructure & Services

Term Loan

10.91% (L + 5.75%; 0.75% Floor)

12/28/2028

6,622,642

6,495,509

6,506,745

Race Finco LLC

(4) (5)

Digital Infrastructure & Services

Delayed Draw Term Loan

11.78% (S + 7.00%; 1.00% Floor)

01/10/2028

—

(52,468

)

(54,882

)

Race Finco LLC

(4) (5)

Digital Infrastructure & Services

Revolver

11.78% (S + 7.00%; 1.00% Floor)

01/10/2028

—

(17,495

)

(18,294

)

Race Finco LLC

(2) (3)

Digital Infrastructure & Services

Term Loan

11.78% (S + 7.00%; 1.00% Floor)

01/10/2028

4,878,384

4,738,424

4,732,033

Single Digits, Inc.

(3)

Digital Infrastructure & Services

Delayed Draw Term Loan

11.16% (S + 4.25%; 3.25% PIK; 1.00% Floor)

06/19/2026

602,002

600,340

516,216

Single Digits, Inc.

(4) (5)

Digital Infrastructure & Services

Revolver

11.16% (L + 6.00%; 0.50% PIK; 1.00% Floor)

06/19/2026

—

(610

)

(59,301

)

Single Digits, Inc.

(1)

Digital Infrastructure & Services

Term Loan

11.16% (S + 4.25%; 3.25% PIK; 1.00% Floor)

06/19/2026

3,231,321

3,221,516

2,770,857

Stratus Networks, Inc.

(2) (4)

Digital Infrastructure & Services

Delayed Draw Term Loan

9.69% (L + 4.50%; 1.00% Floor)

12/15/2027

858,085

820,071

828,382

Stratus Networks, Inc.

(4)

Digital Infrastructure & Services

Revolver

9.35% (L + 4.50%; 1.00% Floor)

12/15/2027

792,078

776,414

774,751

See Notes to Unaudited Consolidated Financial Statements

Table of Contents

AB Private Credit Investors Corporation

Consolidated Schedule of Investments as of March 31, 2023 (continued)

(Unaudited)

Portfolio Company

Industry

Facility Type

Interest

Maturity

Funded

Par Amount

Cost

Fair Value

Stratus Networks, Inc.

(3)

Digital Infrastructure & Services

Term Loan

9.35% (L + 4.50%; 1.00% Floor)

12/15/2027

7,920,781

7,791,516

7,782,168

Thrive Buyer, Inc.

(1) (3)

Digital Infrastructure & Services

Delayed Draw Term Loan

11.16% (L + 6.00%; 1.00% Floor)

01/22/2027

8,236,746

8,119,504

8,154,379

Thrive Buyer, Inc.

(4)

Digital Infrastructure & Services

Revolver

13.00% (P + 5.00%; 2.00% Floor)

01/22/2027

369,907

354,840

358,810

Thrive Buyer, Inc.

(1) (2) (3)

Digital Infrastructure & Services

Term Loan

11.16% (L + 6.00%; 1.00% Floor)

01/22/2027

11,735,551

11,580,184

11,618,196

Towerco IV Holdings,
LLC

(1) (3) (4)

Digital Infrastructure & Services

Delayed Draw Term Loan

8.92% (S + 4.00%; 1.00% Floor)

04/23/2026

18,094,038

17,908,276

17,776,414

Transtelco Holding, Inc

(1) (2)

Digital Infrastructure & Services

Term Loan

10.31% (S + 5.50%; 1.00% Floor)

03/26/2026

8,503,727

8,291,700

8,291,134

Transtelco Holding, Inc.

(1) (2) (3)

Digital Infrastructure & Services

Term Loan

10.91% (S + 5.75%; 0.50% Floor)

03/26/2026

4,661,043

4,638,366

4,626,085

Transtelco Holding, Inc.

(3)

Digital Infrastructure & Services

Term Loan

10.41% (S + 5.25%; 0.50% Floor)

03/26/2026

4,661,043

4,637,560

4,579,475

Accelerate Resources Operating, LLC

(4) (5)

Energy

Revolver

10.34% (L + 5.50%; 1.00% Floor)

02/24/2026

—

(4,093

)

—

Accelerate Resources Operating, LLC

(1)

Energy

Term Loan

10.34% (L + 5.50%; 1.00% Floor)

02/24/2026

3,577,596

3,542,382

3,577,596

Foundation Risk Partners,
Corp.

(2) (4)

Financials

Delayed Draw Term Loan

11.00% (S + 6.00%; 0.75% Floor)

10/30/2028

1,884,714

1,851,554

1,718,635

Foundation Risk Partners,
Corp.

(2)

Financials

Delayed Draw Term Loan

11.00% (S + 6.00%; 0.75% Floor)

10/29/2028

2,116,776

2,103,555

2,000,353

Foundation Risk Partners,
Corp.

(4) (5)

Financials

Revolver

11.00% (S + 6.00%; 0.75% Floor)

10/29/2027

—

(9,841

)

(57,093

)

Foundation Risk Partners,
Corp.

(3)

Financials

Term Loan

11.00% (S + 6.00%; 0.75% Floor)

10/30/2028

785,308

775,206

742,116

Foundation Risk Partners,
Corp.

(1) (2) (3)

Financials

Term Loan

11.00% (S + 6.00%; 0.75% Floor)

10/29/2028

9,732,750

9,636,399

9,197,449

Galway Borrower, LLC

(4) (5)

Financials

Delayed Draw Term Loan

10.41% (L + 5.25%; 0.75% Floor)

09/29/2028

—

(310

)

(882

)

Galway Borrower, LLC

(4)

Financials

Revolver

10.41% (L + 5.25%; 0.75% Floor)

09/30/2027

58,138

54,044

49,350

Galway Borrower, LLC

(1) (3)

Financials

Term Loan

10.41% (L + 5.25%; 0.75% Floor)

09/29/2028

4,240,250

4,186,071

4,102,442

Higginbotham Insurance Agency, Inc.

(3) (4)

Financials

Delayed Draw Term Loan

10.09% (L + 5.25%; 0.75% Floor)

11/25/2026

2,137,394

2,119,578

2,112,405

Higginbotham Insurance Agency, Inc.

(1) (2) (3)

Financials

Term Loan

10.09% (L + 5.25%; 0.75% Floor)

11/25/2026

8,022,963

7,947,731

7,942,733

Peter C. Foy & Associates Insurance Services, LLC

(2)

Financials

Delayed Draw Term Loan

11.12% (S + 6.00%; 0.75% Floor)

11/01/2028

1,253,691

1,235,738

1,216,081

Peter C. Foy & Associates Insurance Services, LLC

(1) (2)

Financials

Delayed Draw Term Loan

11.12% (S + 6.00%; 0.75% Floor)

11/01/2028

5,914,582

5,866,248

5,737,145

Peter C. Foy & Associates Insurance Services, LLC

(1)

Financials

Term Loan

11.12% (S + 6.00%; 0.75% Floor)

11/01/2028

501,005

494,395

485,975

RSC Acquisition, Inc.

(3)

Financials

Delayed Draw Term Loan

10.54% (S + 5.50%; 0.75% Floor)

11/02/2026

3,349,373

3,339,126

3,274,012

RSC Acquisition, Inc.

(4)

Financials

Delayed Draw Term Loan

6.25% (S + 5.50%; 0.75% Floor)

10/30/2026

371,951

341,766

288,597

Wealth Enhancement Group, LLC

(1) (3)

Financials

Delayed Draw Term Loan

11.01% (S + 6.25%; 1.00% Floor)

10/04/2027

6,278,795

6,264,315

6,168,916

Wealth Enhancement Group, LLC

(4) (6)

Financials

Delayed Draw Term Loan

11.16% (S + 6.25%; 1.00% Floor)

10/04/2027

835,406

832,000

814,966

Wealth Enhancement Group, LLC

(4) (5)

Financials

Revolver

11.01% (S + 6.25%; 1.00% Floor)

10/04/2027

—

(1,445

)

(8,004

)

AAH Topco, LLC

(1) (2) (3) (4) (6)

Healthcare & HCIT

Delayed Draw Term Loan

10.21% (L + 5.50%; 0.75% Floor)

12/22/2027

4,831,387

4,686,763

4,616,098

AAH Topco, LLC

(4) (5)

Healthcare & HCIT

Revolver

10.34% (L + 5.50%; 0.75% Floor)

12/22/2027

—

(12,505

)

(27,555

)

AAH Topco, LLC

(1) (2) (3)

Healthcare & HCIT

Term Loan

10.34% (L + 5.50%; 0.75% Floor)

12/22/2027

6,469,004

6,358,921

6,242,589

American Physician Partners, LLC

(1) (3) (7)

Healthcare & HCIT

Delayed Draw Term Loan

— (S + 6.75%; 3.50% PIK; 1.00% Floor)

06/30/2023

1,084,315

1,077,762

805,104

American Physician Partners, LLC

(7)

Healthcare & HCIT

Delayed Draw Term Loan

— (S + 6.75%; 3.50% PIK; 1.00% Floor)

06/30/2023

651,469

American Physician Partners, LLC

(6) (7)

Healthcare & HCIT

Revolver

— (S + 6.75%; 3.50% PIK; 1.00% Floor)

06/30/2023

346,322

344,738

257,144

American Physician Partners, LLC

(7)

Healthcare & HCIT

Term Loan

— (S + 6.75%; 3.50% PIK; 1.00% Floor)

06/30/2023

1,243,170

1,220,261

923,054

American Physician Partners, LLC

(7)

Healthcare & HCIT

Term Loan

— (S + 6.75%; 3.50% PIK; 1.00% Floor)

06/30/2023

5,794,773

5,660,096

4,302,619

American Physician Partners, LLC

(1) (7)

Healthcare & HCIT

Term Loan

— (S + 6.75%; 3.50% PIK; 1.00% Floor)

06/30/2023

2,307,558

2,238,532

1,713,362

Analogic Corporation

(4)

Healthcare & HCIT

Revolver

10.08% (L + 5.25%; 1.00% Floor)

06/22/2023

152,778

152,590

147,965

Analogic Corporation

(1) (2)

Healthcare & HCIT

Term Loan

10.08% (L + 5.25%; 1.00% Floor)

06/22/2024

2,069,375

2,059,946

2,022,814

AOM Acquisition, LLC.

(4) (5)

Healthcare & HCIT

Revolver

9.80% (S + 4.75%; 1.00% Floor)

02/18/2027

—

(19,079

)

(6,093

)

AOM Acquisition, LLC.

(1) (3)

Healthcare & HCIT

Term Loan

9.80% (S + 4.75%; 1.00% Floor)

02/18/2027

7,052,170

6,938,730

7,016,909

See Notes to Unaudited Consolidated Financial Statements

Table of Contents

AB Private Credit Investors Corporation

Consolidated Schedule of Investments as of March 31, 2023 (continued)

(Unaudited)

Portfolio Company

Industry

Facility Type

Interest

Maturity

Funded

Par Amount

Cost

Fair Value

BAART Programs, Inc.

(1)

Healthcare & HCIT

Delayed Draw Term Loan

10.16% (L +

5.00

%; 1.00% Floor)

06/11/2027

3,904,356

3,874,780

3,728,660

BAART Programs, Inc.

(1) (3)

Healthcare & HCIT

Term Loan

10.16% (L + 5.00%; 1.00% Floor)

06/11/2027

4,709,898

4,678,760

4,497,952

BV EMS Buyer, Inc.

(3) (4)

Healthcare & HCIT

Delayed Draw Term Loan

10.61% (S + 5.75%; 1.00% Floor)

11/23/2027

1,821,823

1,764,018

1,724,806

BV EMS Buyer, Inc.

(3)

Healthcare & HCIT

Term Loan

10.61% (S + 5.75%; 1.00% Floor)

11/23/2027

3,512,112

3,417,118

3,415,529

Caregiver 2, Inc.

(3)

Healthcare & HCIT

Delayed Draw Term Loan

9.91% (L + 5.25%; 1.00% Floor)

07/24/2025

1,554,705

1,535,894

1,457,536

Caregiver 2, Inc.

(2)

Healthcare & HCIT

Term Loan

9.91% (L + 5.25%; 1.00% Floor)

07/24/2025

4,659,683

4,614,415

4,368,453

Caregiver 2, Inc.

(2)

Healthcare & HCIT

Term Loan

9.91% (L + 5.25%; 1.00% Floor)

07/24/2025

668,815

662,318

627,014

Caregiver 2, Inc.

(3)

Healthcare & HCIT

Term Loan

9.91% (L + 5.25%; 1.00% Floor)

07/24/2025

638,383

629,301

598,484

Choice Health At Home,
LLC,

(1) (4)

Healthcare & HCIT

Delayed Draw Term Loan

10.67% (L + 6.00%; 1.00% Floor)

12/29/2026

985,651

967,007

835,756

Choice Health At Home,
LLC,

(1) (3)

Healthcare & HCIT

Term Loan

10.67% (L + 6.00%; 1.00% Floor)

12/29/2026

2,670,963

2,639,639

2,483,995

Coding Solutions Acquisition, Inc

(4) (5)

Healthcare & HCIT

Delayed Draw Term Loan

10.31% (S + 5.50%; 0.75% Floor)

05/11/2028

—

(14,494

)

(49,689

)

Coding Solutions Acquisition, Inc

(4)

Healthcare & HCIT

Revolver

10.31% (S + 5.50%; 0.75% Floor)

05/11/2028

238,608

225,517

206,794

Coding Solutions Acquisition, Inc

(2) (3)

Healthcare & HCIT

Term Loan

10.31% (S + 5.50%; 0.75% Floor)

05/11/2028

5,502,810

5,408,520

5,282,697

Community Based Care Acquisition, Inc.

(4) (5)

Healthcare & HCIT

Delayed Draw Term Loan

10.25% (S + 5.75%; 1.00% Floor)

09/16/2027

—

(52,498

)

(80,083

)

Community Based Care Acquisition, Inc.

(3) (4)

Healthcare & HCIT

Delayed Draw Term Loan

10.25% (S + 5.25%; 1.00% Floor)

09/16/2027

2,028,994

1,999,975

1,948,809

Community Based Care Acquisition, Inc.

(4)

Healthcare & HCIT

Revolver

12.25% (P + 4.25%; 2.00% Floor)

09/16/2027

259,144

246,180

226,751

Community Based Care Acquisition, Inc.

(1) (3)

Healthcare & HCIT

Term Loan

10.25% (S + 5.25%; 1.00% Floor)

09/16/2027

5,275,306

5,194,163

5,077,482

Delaware Valley Management Holdings, Inc.

(7)

Healthcare & HCIT

Delayed Draw Term Loan

— (11.10% PIK; 1.00% Floor)

03/21/2024

380,240

353,686

238,601

Delaware Valley Management Holdings, Inc.

(4) (7)

Healthcare & HCIT

Delayed Draw Term Loan

— (11.10% PIK; 1.00% Floor)

03/21/2024

335,342

329,251

210,974

Delaware Valley Management Holdings, Inc.

(7)

Healthcare & HCIT

Revolver

— (11.10% PIK; 1.00% Floor)

03/21/2024

561,682

559,427

352,455

Delaware Valley Management Holdings, Inc.

(7)

Healthcare & HCIT

Term Loan

— (11.10% PIK; 1.00% Floor)

03/21/2024

3,612,279

3,597,130

2,266,705

FH MD Buyer, Inc.

(1) (3)

Healthcare & HCIT

Term Loan

9.84% (L + 5.00%; 0.75% Floor)

07/22/2028

5,451,572

5,405,457

5,274,396

GHA Buyer, Inc.

(3)

Healthcare & HCIT

Delayed Draw Term Loan

9.55% (S + 4.50%; 3.75% PIK; 1.00% Floor)

06/24/2026

815,950

808,160

781,272

GHA Buyer, Inc.

(4) (5)

Healthcare & HCIT

Revolver

13.30% (S + 4.50%; 3.25% PIK; 1.00% Floor)

06/24/2026

—

(3,334

)

(40,421

)

GHA Buyer, Inc.

(1)

Healthcare & HCIT

Term Loan

13.30% (S + 4.50%; 3.75% PIK; 1.00% Floor)

06/24/2026

562,705

556,769

538,790

GHA Buyer, Inc.

(1)

Healthcare & HCIT

Term Loan

13.30% (S + 4.50%; 3.75% PIK; 1.00% Floor)

06/24/2026

1,968,503

1,963,471

1,884,842

GHA Buyer, Inc.

(1) (2)

Healthcare & HCIT

Term Loan

13.30% (S + 4.50%; 3.75% PIK; 1.00% Floor)

06/24/2026

5,384,838

5,332,730

5,155,982

GHA Buyer, Inc.

(2)

Healthcare & HCIT

Term Loan

13.30% (S + 4.50%; 3.75% PIK; 1.00% Floor)

06/24/2026

4,662,572

4,613,202

4,464,413

GHA Buyer, Inc.

(1)

Healthcare & HCIT

Term Loan

13.30% (S + 4.50%; 3.75% PIK; 1.00% Floor)

06/24/2026

730,410

720,506

699,367

Honor HN Buyer, Inc

(4) (5)

Healthcare & HCIT

Delayed Draw Term Loan

10.80% (S + 6.00%; 1.00% Floor)

10/15/2027

—

(21,607

)

—

Honor HN Buyer, Inc

(3) (4)

Healthcare & HCIT

Delayed Draw Term Loan

10.80% (S + 5.75%; 1.00% Floor)

10/15/2027

760,747

742,306

760,747

Honor HN Buyer, Inc

(4) (5)

Healthcare & HCIT

Revolver

10.80% (S + 5.75%; 1.00% Floor)

10/15/2027

—

(4,628

)

—

Honor HN Buyer, Inc

(1) (3)

Healthcare & HCIT

Term Loan

10.80% (S + 5.75%; 1.00% Floor)

10/15/2027

2,610,253

2,570,381

2,610,253

Medbridge Holdings, LLC

(4) (5)

Healthcare & HCIT

Revolver

11.05% (S + 6.00%; 1.00% Floor)

12/23/2026

—

(17,264

)

(20,643

)

Medbridge Holdings, LLC

(1)

Healthcare & HCIT

Term Loan

11.05% (S + 6.00%; 1.00% Floor)

12/23/2026

974,356

958,380

959,741

Medbridge Holdings, LLC

(1) (3)

Healthcare & HCIT

Term Loan

11.05% (S + 6.00%; 1.00% Floor)

12/23/2026

15,367,872

15,169,478

15,137,353

Medical Management Resource Group, LLC

(1)

Healthcare & HCIT

Delayed Draw Term Loan

10.58% (L + 5.75%; 0.75% Floor)

09/30/2027

1,570,210

1,528,739

1,515,252

Medical Management Resource Group, LLC

(4)

Healthcare & HCIT

Revolver

12.75% (P + 4.75%; 1.75% Floor)

09/30/2026

126,566

122,093

115,491

Medical Management Resource Group, LLC

(3)

Healthcare & HCIT

Term Loan

10.58% (L + 5.75%; 0.75% Floor)

09/30/2027

3,802,359

3,744,787

3,669,277

Medsuite Purchaser, LLC

(4) (5)

Healthcare & HCIT

Delayed Draw Term Loan

9.80% (S + 4.75%; 1.00% Floor)

10/22/2026

—

(38,439

)

—

Medsuite Purchaser, LLC

(4) (5)

Healthcare & HCIT

Revolver

9.80% (S + 4.75%; 1.00% Floor)

10/22/2026

—

(7,330

)

(3,402

)

Medsuite Purchaser, LLC

(1) (3)

Healthcare & HCIT

Term Loan

9.80% (S + 4.75%; 1.00% Floor)

10/22/2026

4,770,456

4,719,066

4,746,604

OMH-HealthEdge

Holdings, LLC

(4) (5)

Healthcare & HCIT

Revolver

10.03% (L + 5.25%; 1.00% Floor)

10/24/2024

—

(3,280

)

—

OMH-HealthEdge

Holdings, LLC

(1)

Healthcare & HCIT

Term Loan

10.03% (L + 5.25%; 1.00% Floor)

10/24/2025

3,651,990

3,612,340

3,651,990

See Notes to Unaudited Consolidated Financial Statements

Table of Contents

AB Private Credit Investors Corporation

Consolidated Schedule of Investments as of March 31, 2023 (continued)

(Unaudited)

Portfolio Company

Industry

Facility Type

Interest

Maturity

Funded

Par Amount

Cost

Fair Value

OMH-HealthEdge

Holdings, LLC

(3)

Healthcare & HCIT

Term Loan

10.03% (L + 5.25%; 1.00% Floor)

10/24/2025

2,116,440

2,089,511

2,116,440

OMH-HealthEdge

Holdings, LLC

(3)

Healthcare & HCIT

Term Loan

10.03% (L + 5.25%; 1.00% Floor)

10/24/2025

961,210

945,806

961,210

Pace Health Companies,
LLC

(4) (5)

Healthcare & HCIT

Revolver

9.55% (L + 4.50%; 1.00% Floor)

08/02/2024

—

(1,733

)

(1,542

)

Pace Health Companies, LLC

(1)

Healthcare & HCIT

Term Loan

9.55% (L + 4.50%; 1.00% Floor)

08/02/2024

5,127,622

5,111,955

5,114,803

Pinnacle Dermatology Management, LLC

(4)

Healthcare & HCIT

Delayed Draw Term Loan

10.67% (S + 5.75%; 0.75% Floor)

12/08/2028

653,189

640,295

615,388

Pinnacle Dermatology Management, LLC

(4)

Healthcare & HCIT

Revolver

9.39% (P + 3.00%; 1.75% Floor)

12/08/2026

199,715

189,707

192,994

Pinnacle Dermatology Management, LLC

(1) (2) (3)

Healthcare & HCIT

Term Loan

11.05% (S + 5.75%; 0.75% Floor)

12/08/2028

5,594,592

5,485,204

5,398,781

Pinnacle Treatment Centers,
Inc.

(3)

Healthcare & HCIT

Delayed Draw Term Loan

11.79% (S + 6.75%; 1.00% Floor)

01/02/2026

342,757

341,405

335,045

Pinnacle Treatment Centers,
Inc.

(4)

Healthcare & HCIT

Revolver

13.50% (S + 6.75%; 1.00% Floor)

01/02/2026

131,829

130,448

125,238

Pinnacle Treatment Centers,
Inc.

(2)

Healthcare & HCIT

Term Loan

11.79% (S + 6.75%; 1.00% Floor)

01/02/2026

147,546

146,363

144,226

Pinnacle Treatment Centers,
Inc.

(2)

Healthcare & HCIT

Term Loan

11.79% (S + 6.75%; 1.00% Floor)

01/02/2026

286,064

280,196

279,628

Pinnacle Treatment Centers,
Inc.

(2) (3)

Healthcare & HCIT

Term Loan

11.79% (S + 6.75%; 1.00% Floor)

01/02/2026

4,075,572

4,059,201

3,983,872

Priority Ondemand Midco 2,L.P

(4) (5)

Healthcare & HCIT

Delayed Draw Term Loan

10.61% (S + 5.50%; 1.00% Floor)

07/17/2028

—

(21,073

)

(20,405

)

Priority Ondemand Midco 2,L.P

(1) (3)

Healthcare & HCIT

Term Loan

10.61% (S + 5.25%; 1.00% Floor)

07/17/2028

7,598,838

7,480,244

7,503,852

RCP Encore Acquisition, Inc.

(7)

Healthcare & HCIT

Term Loan

— (L + 5.00%; 1.00% Floor)

06/07/2025

3,328,678

3,239,445

33,287

Redwood Family Care Network, Inc.

(3) (4)

Healthcare & HCIT

Delayed Draw Term Loan

10.61% (S + 5.50%; 1.00% Floor)

06/18/2026

679,989

594,940

614,806

Redwood Family Care Network, Inc.

(1) (3)

Healthcare & HCIT

Delayed Draw Term Loan

10.61% (S + 5.50%; 1.00% Floor)

06/18/2026

5,815,080

5,740,255

5,727,854

Redwood Family Care Network, Inc.

(4) (5)

Healthcare & HCIT

Revolver

10.61% (S + 5.50%; 1.00% Floor)

06/18/2026

—

(7,663

)

(8,831

)

Redwood Family Care Network, Inc.

(2) (3)

Healthcare & HCIT

Term Loan

10.61% (S + 5.50%; 1.00% Floor)

06/18/2026

6,651,630

6,564,812

6,551,855

Salisbury House, LLC

(4) (5)

Healthcare & HCIT

Revolver

9.81% (S + 5.00%; 1.00% Floor)

08/30/2025

—

(5,567

)

(11,209

)

Salisbury House, LLC

(1)

Healthcare & HCIT

Term Loan

10.20% (S + 5.50%; 1.00% Floor)

08/30/2025

1,234,423

1,214,790

1,203,563

Salisbury House, LLC

(1)

Healthcare & HCIT

Term Loan

10.20% (S + 5.50%; 1.00% Floor)

08/30/2025

1,134,264

1,123,576

1,105,907

Salisbury House, LLC

(1) (3)

Healthcare & HCIT

Term Loan

10.57% (S + 5.50%; 1.00% Floor)

08/30/2025

3,934,410

3,880,078

3,836,049

Sandstone Care Holdings, LLC

(4)

Healthcare & HCIT

Delayed Draw Term Loan

10.30% (S + 5.50%; 1.00% Floor)

06/28/2028

100,117

88,903

76,560

Sandstone Care Holdings, LLC

(4)

Healthcare & HCIT

Revolver

10.28% (S + 5.50%; 1.00% Floor)

06/28/2028

194,344

179,867

169,610

Sandstone Care Holdings, LLC

(1) (2)

Healthcare & HCIT

Term Loan

10.28% (S + 5.50%; 1.00% Floor)

06/28/2028

4,676,045

4,583,718

4,535,763

SCA Buyer, LLC

(4)

Healthcare & HCIT

Revolver

11.38% (S + 6.50%; 1.00% Floor)

01/20/2026

386,309

380,811

354,117

SCA Buyer, LLC

(3)

Healthcare & HCIT

Term Loan

11.38% (S + 6.50%; 1.00% Floor)

01/20/2026

3,785,832

3,752,407

3,596,541

SIS Purchaser, Inc.

(4) (5)

Healthcare & HCIT

Revolver

11.00% (S + 6.00%; 1.00% Floor)

10/15/2026

—

(12,151

)

(26,234

)

SIS Purchaser, Inc.

(1) (2) (3)

Healthcare & HCIT

Term Loan

11.00% (S + 6.00%; 1.00% Floor)

10/15/2026

12,536,883

12,400,245

12,254,803

SIS Purchaser, Inc.

(3)

Healthcare & HCIT

Term Loan

11.00% (S + 6.00%; 1.00% Floor)

10/15/2026

2,399,850

2,370,954

2,345,853

Smile Brands, Inc.

(2)

Healthcare & HCIT

Delayed Draw Term Loan

9.33% (L + 4.50%; 0.75% Floor)

10/12/2025

481,727

480,453

441,985

Smile Brands, Inc.

(4) (6)

Healthcare & HCIT

Revolver

9.45% (L + 4.50%; 0.75% Floor)

10/12/2025

237,820

237,540

216,799

Smile Brands, Inc.

(1)

Healthcare & HCIT

Term Loan

9.33% (L + 4.50%; 0.75% Floor)

10/12/2025

1,586,584

1,582,011

1,455,690

Spark DSO LLC

(4)

Healthcare & HCIT

Revolver

11.32% (S + 6.65%; 1.00% Floor)

04/20/2026

248,796

236,665

207,330

Spark DSO LLC

(1) (2) (3)

Healthcare & HCIT

Term Loan

11.24% (S + 6.65%; 1.00% Floor)

04/19/2026

7,254,093

7,174,290

6,982,065

The Center for Orthopedic and Research Excellence,
Inc.

(1) (3)

Healthcare & HCIT

Delayed Draw Term Loan

10.33% (S + 5.50%; 1.00% Floor)

08/15/2025

1,138,679

1,134,744

1,115,905

The Center for Orthopedic and Research Excellence, Inc.

(4)

Healthcare & HCIT

Delayed Draw Term Loan

10.68% (S + 5.50%; 1.00% Floor)

08/15/2025

455,369

441,963

434,011

The Center for Orthopedic and Research Excellence,
Inc.

(3) (6)

Healthcare & HCIT

Delayed Draw Term Loan

10.68% (S + 5.50%; 1.00% Floor)

08/15/2025

1,730,747

1,713,698

1,696,132

The Center for Orthopedic and Research Excellence, Inc.

(4)

Healthcare & HCIT

Revolver

10.33% (S + 5.50%; 1.00% Floor)

08/15/2025

552,426

547,457

538,615

The Center for Orthopedic and Research Excellence,
Inc.

(1) (2)

Healthcare & HCIT

Term Loan

10.33% (S + 5.50%; 1.00% Floor)

08/15/2025

4,831,134

4,793,631

4,734,512

The Center for Orthopedic and Research Excellence, Inc.

(3)

Healthcare & HCIT

Term Loan

10.41% (S + 5.50%; 1.00% Floor)

08/15/2025

3,224,210

3,182,926

3,159,726

West Dermatology

(4) (5)

Healthcare & HCIT

Delayed Draw Term Loan

10.70% (S + 5.75%; 1.00% Floor)

03/17/2028

—

(32,331

)

(354,518

)

West Dermatology

(4) (5)

Healthcare & HCIT

Revolver

10.70% (S + 5.75%; 1.00% Floor)

03/17/2028

—

(21,569

)

(130,612

)

West Dermatology

(1) (2) (3)

Healthcare & HCIT

Term Loan

10.70% (S + 5.75%; 1.00% Floor)

03/17/2028

12,562,683

12,344,850

11,243,601

Activ Software Holdings, LLC

Software & Tech Services

Delayed Draw Term Loan

11.32% (S + 6.25%; 1.00% Floor)

05/04/2027

632,383

614,430

616,574

See Notes to Unaudited Consolidated Financial Statements

Table of Contents

AB Private Credit Investors Corporation

Consolidated Schedule of Investments as of March 31, 2023 (continued)

(Unaudited)


Portfolio Company	Industry	Facility Type	Interest	Maturity	Funded Par Amount		Cost			Fair Value
Activ Software Holdings, LLC (4) (5)	Software & Tech Services	Revolver	11.79% (L + 6.25%; 1.00% Floor)	05/04/2027	$	—	$	(8,966	)	$	(16,221	)
Activ Software Holdings, LLC (1)	Software & Tech Services	Term Loan	11.28% (S + 6.25%; 1.00% Floor)	05/04/2027		2,529,533		2,457,720			2,466,294
Activ Software Holdings, LLC (1) (2) (3)	Software & Tech Services	Term Loan	11.79% (L + 6.25%; 1.00% Floor)	05/04/2027		7,968,531		7,858,412			7,769,318
Admiral Buyer, Inc (4) (5)	Software & Tech Services	Delayed Draw Term Loan	10.40% (S + 5.50%; 0.75% Floor)	05/08/2028		—		(13,467	)		—
Admiral Buyer, Inc (4) (5)	Software & Tech Services	Revolver	10.40% (S + 5.50%; 0.75% Floor)	05/08/2028		—		(9,627	)		(4,224	)
Admiral Buyer, Inc (1) (3)	Software & Tech Services	Term Loan	10.40% (S + 5.50%; 0.75% Floor)	05/08/2028		5,827,997		5,728,379			5,784,287
AMI US Holdings, Inc. (4) (5)	Software & Tech Services	Revolver	10.16% (L + 5.25%)	04/01/2024		—		(4,741	)		—
AMI US Holdings, Inc. (1) (3)	Software & Tech Services	Term Loan	10.16% (L + 5.25%; 1.00% Floor)	04/01/2025		7,986,238		7,924,628			7,986,238
Avalara, Inc. (4) (5)	Software & Tech Services	Revolver	12.15% (S + 7.25%; 0.75% Floor)	10/19/2028		—		(24,712	)		(23,971	)
Avalara, Inc. (2) (3)	Software & Tech Services	Term Loan	12.15% (S + 7.25%; 0.75% Floor)	10/19/2028		10,653,748		10,406,626			10,414,038
Avetta, LLC (4) (5)	Software & Tech Services	Revolver	10.58% (L + 5.75%; 1.00% Floor)	04/10/2024		—		(1,724	)		(3,708	)
Avetta, LLC (1)	Software & Tech Services	Term Loan	10.58% (L + 5.75%; 1.00% Floor)	04/10/2024		4,185,130		4,164,874			4,153,741
Avetta, LLC (1) (2)	Software & Tech Services	Term Loan	10.58% (L + 5.75%; 1.00% Floor)	04/10/2024		3,178,660		3,157,637			3,154,820
Avetta, LLC (3)	Software & Tech Services	Term Loan	10.58% (L + 5.75%; 1.00% Floor)	04/10/2024		6,751,380		6,700,048			6,700,745
Bonterra, LLC (4) (5)	Software & Tech Services	Delayed Draw Term Loan	11.16% (L + 6.00%; 0.75% Floor)	09/08/2027		—		(16,124	)		(48,059	)
Bonterra, LLC (4)	Software & Tech Services	Revolver	11.16% (L + 6.00%; 0.75% Floor)	09/08/2027		1,133,230		1,120,336			1,104,436
Bonterra, LLC (1) (2) (3)	Software & Tech Services	Term Loan	11.16% (L + 6.00%; 0.75% Floor)	09/08/2027		15,595,728		15,425,770			15,205,835
Brightspot Buyer, Inc (4) (5)	Software & Tech Services	Revolver	11.75% (S + 6.75%; 0.75% Floor)	11/16/2027		—		(10,582	)		(15,307	)
Brightspot Buyer, Inc (2)	Software & Tech Services	Term Loan	11.73% (S + 6.75%; 0.75% Floor)	11/16/2027		1,448,598		1,412,694			1,416,005
Brightspot Buyer, Inc (3)	Software & Tech Services	Term Loan	11.75% (S + 6.75%; 0.75% Floor)	11/16/2027		5,215,571		5,134,444			5,098,221
BSI2 Hold Nettle, LLC (4) (5)	Software & Tech Services	Revolver	9.65% (S + 4.75%; 0.75% Floor)	06/30/2028		—		(7,763	)		(8,834	)
BSI2 Hold Nettle, LLC (2) (3)	Software & Tech Services	Term Loan	9.65% (S + 4.75%; 0.75% Floor)	06/30/2028		4,687,823		4,626,028			4,617,506
BusinesSolver.com, Inc. (4)	Software & Tech Services	Delayed Draw Term Loan	9.88% (L + 5.50%; 0.75% Floor)	12/01/2027		169,455		160,986			124,769
BusinesSolver.com, Inc. (2) (3)	Software & Tech Services	Term Loan	10.66% (L + 5.50%; 0.75% Floor)	12/01/2027		7,306,163		7,248,738			7,105,244
Certify, Inc (2)	Software & Tech Services	Delayed Draw Term Loan	10.34% (L + 5.50%; 1.00% Floor)	02/28/2024		479,627		478,020			477,229
Certify, Inc	Software & Tech Services	Delayed Draw Term Loan	10.34% (L + 5.50%; 1.00% Floor)	02/28/2024		399,689		398,142			397,691
Certify, Inc (4)	Software & Tech Services	Revolver	10.34% (L + 5.50%; 1.00% Floor)	02/28/2024		39,969		39,866			39,170
Certify, Inc (1) (2) (3)	Software & Tech Services	Term Loan	10.34% (L + 5.50%; 1.00% Floor)	02/28/2024		3,916,954		3,901,793			3,897,370
Community Brands Parentco, LLC (4) (5)	Software & Tech Services	Delayed Draw Term Loan	10.66% (S + 5.75%; 0.75% Floor)	02/24/2028		—		(6,858	)		(18,774	)
Community Brands Parentco, LLC (4) (5)	Software & Tech Services	Revolver	10.66% (S + 5.75%; 0.75% Floor)	02/24/2028		—		(6,865	)		(13,559	)
Community Brands Parentco, LLC (1) (3)	Software & Tech Services	Term Loan	10.66% (S + 5.75%; 0.75% Floor)	02/24/2028		7,021,603		6,902,840			6,793,401
Coupa Holdings,LLC (4) (5)	Software & Tech Services	Delayed Draw Term Loan	12.29% (S + 7.50%; 0.75% Floor)	02/27/2030		—		(11,850	)		(11,850	)
Coupa Holdings,LLC (4) (5)	Software & Tech Services	Revolver	12.29% (S + 7.50%; 0.75% Floor)	02/27/2029		—		(18,147	)		(18,147	)
Coupa Holdings,LLC (3)	Software & Tech Services	Term Loan	12.29% (S + 7.50%; 0.75% Floor)	02/27/2030		10,617,824		10,352,378			10,352,378
Datacor, Inc. (4)	Software & Tech Services	Delayed Draw Term Loan	10.56% (S + 5.75%; 1.00% Floor)	12/29/2025		1,113,561		1,087,348			1,088,109
Datacor, Inc. (4) (5)	Software & Tech Services	Revolver	10.56% (S + 5.75%; 1.00% Floor)	12/29/2025		—		(7,045	)		(12,877	)
Datacor, Inc. (1) (2) (3)	Software & Tech Services	Term Loan	10.56% (S + 5.75%; 1.00% Floor)	12/29/2025		13,841,011		13,631,763			13,564,191
Degreed, Inc. (4) (5)	Software & Tech Services	Delayed Draw Term Loan	11.41% (S + 5.50%; 1.00% PIK; 1.00% Floor)	05/29/2026		—		(11,091	)		(23,129	)
Degreed, Inc. (4) (5)	Software & Tech Services	Delayed Draw Term Loan	11.41% (S + 5.50%; 1.00% PIK; 1.00% Floor)	05/29/2026		—		(3,637	)		(31,306	)
Degreed, Inc. (4) (5)	Software & Tech Services	Revolver	11.41% (S + 5.50%; 1.00% PIK; 1.00% Floor)	05/29/2026		—		(1,386	)		(11,490	)
Degreed, Inc. (1) (2)	Software & Tech Services	Term Loan	11.41% (S + 5.50%; 1.00% PIK; 1.00% Floor)	05/29/2026		5,185,318		5,157,264			5,042,722
Degreed, Inc. (3)	Software & Tech Services	Term Loan	11.41% (S + 5.50%; 1.00% PIK; 1.00% Floor)	05/29/2026		2,800,228		2,785,327			2,723,222
Dispatch Track, LLC (4) (5)	Software & Tech Services	Revolver	9.36% (S + 4.50%; 1.00% Floor)	12/17/2026		—		(1,583	)		(2,264	)
Dispatch Track, LLC (1) (3)	Software & Tech Services	Term Loan	9.36% (S + 4.50%; 1.00% Floor)	12/17/2026		9,849,936		9,786,728			9,776,062
Drilling Info Holdings, Inc. (1)	Software & Tech Services	Term Loan	9.09% (L + 4.25%)	07/30/2025		3,283,581		3,277,888			3,242,536
EET Buyer, Inc. (4) (5)	Software & Tech Services	Revolver	10.26% (L + 5.25%; 0.75% Floor)	11/08/2027		—		(10,695	)		(15,543	)
EET Buyer, Inc. (2) (3)	Software & Tech Services	Term Loan	10.26% (L + 5.25%; 0.75% Floor)	11/08/2027		6,838,858		6,732,985			6,684,983
Exterro, Inc. (4)	Software & Tech Services	Revolver	10.75% (P + 4.50%; 1.00% Floor)	05/31/2024		369,281		346,229			369,281
Exterro, Inc. (1) (3)	Software & Tech Services	Term Loan	10.56% (S + 5.50%; 1.00% Floor)	05/31/2024		5,809,123		5,757,916			5,809,123
Exterro, Inc. (1)	Software & Tech Services	Term Loan	10.56% (S + 5.50%; 1.00% Floor)	05/31/2024		2,793,450		2,781,500			2,793,450
Exterro, Inc. (2) (3)	Software & Tech Services	Term Loan	10.56% (S + 5.50%; 1.00% Floor)	05/31/2024		6,237,900		6,193,406			6,237,900
Faithlife, LLC (1) (3)	Software & Tech Services	Delayed Draw Term Loan	10.50% (S + 5.50%; 1.00% Floor)	09/18/2025		708,304		701,358			708,304
Faithlife, LLC (4) (5)	Software & Tech Services	Revolver	10.50% (S + 5.50%; 1.00% Floor)	09/18/2025		—		(2,780	)		—
Faithlife, LLC (1) (3)	Software & Tech Services	Term Loan	10.50% (S + 5.50%; 1.00% Floor)	09/18/2025		304,180		301,131			304,180
Fusion Holding Corp (4) (5)	Software & Tech Services	Revolver	11.15% (S + 6.25%; 0.75% Floor)	09/15/2027		—		(27,750	)		(31,032	)
Fusion Holding Corp (1) (2) (3)	Software & Tech Services	Term Loan	11.15% (S + 6.25%; 0.75% Floor)	09/15/2029		16,852,823		16,489,410			16,473,635

See Notes to Unaudited Consolidated Financial Statements

Table of Contents

AB Private Credit Investors Corporation

Consolidated Schedule of Investments as of March 31, 2023 (continued)

(Unaudited)


Portfolio Company	Industry	Facility Type	Interest	Maturity	Funded Par Amount		Cost			Fair Value
Fusion Risk Management Inc (4) (5)	Software & Tech Services	Revolver	8.14% (S + 6.50%; 1.00% Floor)	08/30/2028	$	—	$	(17,385	)	$	(25,585	)
Fusion Risk Management Inc (1) (2)	Software & Tech Services	Term Loan	8.14% (S + 3.25%; 3.50% PIK; 1.00% Floor)	08/30/2028		8,680,053		8,506,198			8,419,651
Genesis Acquisition Co. (2)	Software & Tech Services	Revolver	8.96% (L + 3.75%)	07/31/2024		202,400		201,466			198,352
Genesis Acquisition Co. (1) (3)	Software & Tech Services	Term Loan	9.46% (L + 3.75%)	07/31/2024		1,357,246		1,350,535			1,330,101
Greenhouse Software, Inc. (4)	Software & Tech Services	Revolver	11.74% (S + 7.00%; 1.00% Floor)	09/01/2028		169,260		155,563			158,681
Greenhouse Software, Inc. (4)	Software & Tech Services	Revolver	11.74% (S + 7.00%; 1.00% Floor)	09/01/2028		345,030		326,676			323,466
Greenhouse Software, Inc. (1) (2) (3)	Software & Tech Services	Term Loan	11.90% (S + 7.00%; 1.00% Floor)	09/01/2028		14,507,975		14,179,254			14,254,085
Greenhouse Software, Inc. (2) (3)	Software & Tech Services	Term Loan	11.90% (S + 7.00%; 1.00% Floor)	09/01/2028		12,376,845		12,191,019			12,160,250
Gryphon-Redwood Acquisition LLC (4) (5)	Software & Tech Services	Delayed Draw Term Loan	14.90% (S + 4.00%; 6.00% PIK; 1.00% Floor)	09/16/2028		—		(25,329	)		(27,755	)
Gryphon-Redwood Acquisition LLC (1)	Software & Tech Services	Term Loan	14.90% (S + 4.00%; 6.00% PIK; 1.00% Floor)	09/16/2028		3,566,170		3,511,040			3,503,762
GS AcquisitionCo, Inc. (4) (5)	Software & Tech Services	Revolver	10.80% (S + 5.75%; 1.00% Floor)	05/22/2026		—		(1,585	)		(14,843	)
GS AcquisitionCo, Inc. (1) (2) (3)	Software & Tech Services	Term Loan	10.80% (S + 5.75%; 1.00% Floor)	05/22/2026		9,454,712		9,428,749			9,147,434
Iodine Software, LLC (4) (5)	Software & Tech Services	Delayed Draw Term Loan	10.91% (S + 7.00%; 1.00% Floor)	05/19/2027		—		(38,804	)		—
Iodine Software, LLC (2) (3)	Software & Tech Services	Delayed Draw Term Loan	10.91% (S + 6.00%; 1.00% Floor)	05/19/2027		7,936,069		7,825,053			7,836,868
Iodine Software, LLC (4) (5)	Software & Tech Services	Revolver	10.91% (S + 6.00%; 1.00% Floor)	05/19/2027		—		(15,188	)		(13,613	)
Iodine Software, LLC (1) (3)	Software & Tech Services	Term Loan	10.91% (S + 6.00%; 1.00% Floor)	05/19/2027		5,268,312		5,194,840			5,202,459
Kaseya Inc. (4) (5)	Software & Tech Services	Delayed Draw Term Loan	10.65% (S + 5.75%; 0.75% Floor)	06/25/2029		—		(8,514	)		(12,736	)
Kaseya Inc. (4) (5)	Software & Tech Services	Revolver	10.65% (S + 5.75%; 0.75% Floor)	06/25/2029		—		(4,255	)		(17,511	)
Kaseya Inc. (1) (3)	Software & Tech Services	Term Loan	10.65% (S + 5.75%; 0.75% Floor)	06/25/2029		10,506,804		10,366,321			10,217,867
Mavenlink, Inc. (4)	Software & Tech Services	Revolver	10.17% (L + 5.50%; 0.75% Floor)	06/03/2027		715,926		688,483			680,130
Mavenlink, Inc. (1) (2) (3)	Software & Tech Services	Term Loan	10.34% (L + 5.50%; 0.75% Floor)	06/03/2027		15,034,451		14,803,928			14,733,762
Moon Buyer, Inc.	Software & Tech Services	Delayed Draw Term Loan	9.49% (L + 4.75%; 1.00% Floor)	04/21/2027		580,442		577,086			577,539
Moon Buyer, Inc. (4) (5)	Software & Tech Services	Revolver	9.75% (S + 4.75%; 1.00% Floor)	04/21/2027		—		(11,941	)		(5,819	)
Moon Buyer, Inc. (1) (2) (3)	Software & Tech Services	Term Loan	9.75% (S + 4.75%; 1.00% Floor)	04/21/2027		6,288,846		6,224,280			6,257,402
Mykaarma Acquisition LLC (4) (5)	Software & Tech Services	Revolver	8.00% (S + 3.00%; 3.75% PIK; 1.00% Floor)	03/21/2028		—		(9,870	)		(10,381	)
Mykaarma Acquisition LLC (2) (3)	Software & Tech Services	Term Loan	8.00% (S + 3.00%; 3.75% PIK; 1.00% Floor)	03/21/2028		6,160,929		6,058,994			6,053,113
Navigate360, LLC (3)	Software & Tech Services	Delayed Draw Term Loan	10.83% (S + 6.00%; 1.00% Floor)	03/17/2027		1,803,642		1,783,102			1,776,587
Navigate360, LLC	Software & Tech Services	Revolver	10.93% (S + 6.00%; 1.00% Floor)	03/17/2027		604,235		594,621			595,172
Navigate360, LLC (3)	Software & Tech Services	Term Loan	10.83% (S + 6.00%; 1.00% Floor)	03/17/2027		2,260,117		2,218,896			2,226,215
Navigate360, LLC (2)	Software & Tech Services	Term Loan	10.83% (S + 6.00%; 1.00% Floor)	03/17/2027		4,187,349		4,118,916			4,124,539
Netwrix Corporation And Concept Searching Inc. (4) (5)	Software & Tech Services	Delayed Draw Term Loan	10.12% (S + 5.00%; 0.75% Floor)	06/11/2029		—		(3,467	)		(14,691	)
Netwrix Corporation And Concept Searching Inc. (4)	Software & Tech Services	Revolver	9.90% (S + 5.00%; 0.75% Floor)	06/11/2029		193,689		191,428			187,878
Netwrix Corporation And Concept Searching Inc. (1) (3)	Software & Tech Services	Term Loan	10.12% (S + 5.00%; 0.75% Floor)	06/11/2029		9,766,394		9,744,822			9,693,146
Ping Identity Corporation (4) (5)	Software & Tech Services	Revolver	11.76% (S + 7.00%; 0.75% Floor)	10/17/2028		—		(27,898	)		(27,075	)
Ping Identity Corporation (1) (2) (3)	Software & Tech Services	Term Loan	11.76% (S + 7.00%; 0.75% Floor)	10/17/2029		12,033,445		11,751,242			11,762,693
Ranger Buyer, Inc. (4) (5)	Software & Tech Services	Revolver	10.41% (S + 5.50%; 0.75% Floor)	11/18/2027		—		(18,774	)		(26,983	)
Ranger Buyer, Inc. (1) (2) (3)	Software & Tech Services	Term Loan	10.41% (S + 5.50%; 0.75% Floor)	11/17/2028		14,246,882		14,007,032			13,926,327
Sauce Labs, Inc. (4) (5)	Software & Tech Services	Delayed Draw Term Loan	10.78% (S + 5.50%; 0.50% PIK; 1.00% Floor)	08/16/2027		—		(20,741	)		(29,594	)
Sauce Labs, Inc. (2)	Software & Tech Services	Delayed Draw Term Loan	10.78% (S + 5.50%; 0.50% PIK; 1.00% Floor)	08/16/2027		1,927,408		1,899,063			1,884,042
Sauce Labs, Inc. (4) (5)	Software & Tech Services	Revolver	10.78% (S + 5.50%; 1.00% Floor)	08/16/2027		—		(18,909	)		(28,841	)
Sauce Labs, Inc. (2) (3)	Software & Tech Services	Term Loan	10.78% (S + 5.50%; 0.50% PIK; 1.00% Floor)	08/16/2027		7,513,013		7,392,736			7,343,970
Saviynt, Inc. (4) (5)	Software & Tech Services	Delayed Draw Term Loan	8.91% (S + 4.00%; 3.50% PIK; 1.00% Floor)	12/22/2027		—		(144,356	)		(137,205	)
Saviynt, Inc. (4) (5)	Software & Tech Services	Revolver	8.91% (S + 4.00%; 3.50% PIK; 1.00% Floor)	12/22/2027		—		(14,436	)		(13,720	)
Saviynt, Inc. (2) (3)	Software & Tech Services	Term Loan	8.91% (S + 4.00%; 3.50% PIK; 1.00% Floor)	12/22/2027		18,470,580		18,022,196			18,054,992
ScyllaDB, Inc. (4) (5)	Software & Tech Services	Delayed Draw Term Loan	11.24% (S + 6.50%; 1.00% Floor)	09/08/2027		—		(2,940	)		(4,956	)
ScyllaDB, Inc. (4) (5)	Software & Tech Services	Revolver	11.24% (S + 6.50%; 1.00% Floor)	09/08/2027		—		(2,352	)		(3,304	)
ScyllaDB, Inc. (2)	Software & Tech Services	Term Loan	11.24% (S + 6.50%; 1.00% Floor)	09/08/2027		2,643,348		2,580,716			2,610,306
Securonix, Inc. (4) (5)	Software & Tech Services	Revolver	11.10% (S + 6.50%; 0.75% Floor)	04/05/2028		—		(22,627	)		(80,763	)
Securonix, Inc. (2) (3)	Software & Tech Services	Term Loan	11.10% (S + 6.50%; 0.75% Floor)	04/05/2028		8,546,314		8,420,612			8,097,633
Sirsi Corporation (4) (5)	Software & Tech Services	Revolver	9.34% (L + 4.50%; 1.00% Floor)	03/15/2024		—		(1,707	)		(1,384	)
Sirsi Corporation (1) (3)	Software & Tech Services	Term Loan	9.34% (L + 4.50%; 1.00% Floor)	03/15/2024		6,520,150		6,498,630			6,503,850
Smartlinx Solutions, LLC	Software & Tech Services	Revolver	10.62% (L + 5.75%; 1.00% Floor)	03/04/2026		519,484		516,909			516,886
Smartlinx Solutions, LLC (2)	Software & Tech Services	Term Loan	10.91% (L + 5.75%; 1.00% Floor)	03/04/2026		491,897		483,947			491,897
Smartlinx Solutions, LLC (1) (2) (3)	Software & Tech Services	Term Loan	10.91% (L + 5.75%; 1.00% Floor)	03/04/2026		5,605,879		5,549,798			5,591,864

See Notes to Unaudited Consolidated Financial Statements

Table of Contents

AB Private Credit Investors Corporation

Consolidated Schedule of Investments as of March 31, 2023 (continued)

(Unaudited)


Portfolio Company	Industry	Facility Type	Interest	Maturity	Funded Par Amount		Cost			Fair Value
Soladoc, LLC (4) (5)	Software & Tech Services	Delayed Draw Term Loan	10.07% (S + 5.25%; 0.75% Floor)	06/12/2028	$	—	$	(20,483	)	$	(53,003	)
Soladoc, LLC (4) (5)	Software & Tech Services	Revolver	10.07% (S + 5.25%; 0.75% Floor)	06/12/2028		—		(10,248	)		(19,140	)
Soladoc, LLC (1) (3)	Software & Tech Services	Term Loan	10.07% (S + 5.25%; 0.75% Floor)	06/12/2028		5,889,225		5,786,742			5,697,825
SugarCRM, Inc. (4) (5)	Software & Tech Services	Revolver	11.34% (L + 6.50%; 1.00% Floor)	07/31/2024		—		(1,250	)		(3,878	)
SugarCRM, Inc. (1) (2)	Software & Tech Services	Term Loan	11.34% (L + 6.50%; 1.00% Floor)	07/31/2024		4,268,824		4,247,034			4,215,464
Sundance Group Holdings, Inc. (2)	Software & Tech Services	Delayed Draw Term Loan	11.09% (S + 6.25%; 1.00% Floor)	07/02/2027		3,547,253		3,496,221			3,467,440
Sundance Group Holdings, Inc. (4)	Software & Tech Services	Revolver	11.18% (S + 6.25%; 1.00% Floor)	07/02/2027		141,890		121,537			109,965
Sundance Group Holdings, Inc.	Software & Tech Services	Term Loan	%10.95% (S + 6.25%; 1.00% Floor)	07/02/2027		463,790		450,771			453,355
Sundance Group Holdings, Inc. (2) (3)	Software & Tech Services	Term Loan	10.95% (S + 6.25%; 1.00% Floor)	07/02/2027		11,824,177		11,654,566			11,558,133
Swiftpage, Inc. (4) (5)	Software & Tech Services	Revolver	10.41% (S + 5.50%; 1.00% Floor)	06/13/2023		—		(184	)		(2,253	)
Swiftpage, Inc. (3)	Software & Tech Services	Term Loan	10.41% (S + 5.50%; 1.00% Floor)	06/13/2023		2,414,408		2,412,546			2,390,263
Swiftpage, Inc. (3)	Software & Tech Services	Term Loan	10.41% (S + 5.50%; 1.00% Floor)	06/13/2023		222,253		222,009			220,030
Sysnet North America, Inc. (1) (2) (3)	Software & Tech Services	Term Loan	11.50% (P + 5.00%; 1.00% Floor)	12/01/2026		8,839,609		8,771,731			8,751,213
Telcor Buyer, Inc. (4) (5)	Software & Tech Services	Revolver	9.64% (L + 4.50%; 1.00% Floor)	08/20/2027		—		(3,223	)		(8,723	)
Telcor Buyer, Inc. (1) (3)	Software & Tech Services	Term Loan	9.64% (L + 4.50%; 1.00% Floor)	08/20/2027		9,149,548		9,048,139			8,875,062
Telesoft Holdings, LLC (4)	Software & Tech Services	Revolver	10.59% (L + 5.75%; 1.00% Floor)	12/16/2025		59,687		53,532			49,241
Telesoft Holdings, LLC (2) (3)	Software & Tech Services	Term Loan	10.59% (L + 5.75%; 1.00% Floor)	12/16/2025		5,789,605		5,728,411			5,688,287
TRGRP, Inc. (4)	Software & Tech Services	Revolver	11.50% (P + 3.50%; 2.50% PIK; 1.00% Floor)	11/01/2023		90,555		89,767			90,555
TRGRP, Inc. (1)	Software & Tech Services	Term Loan	12.05% (L + 4.50%; 2.50% PIK; 1.00% Floor)	11/01/2023		1,133,019		1,129,907			1,133,019
TRGRP, Inc. (2) (3)	Software & Tech Services	Term Loan	9.55% (L + 4.50%; 2.50% PIK; 1.00% Floor)	11/01/2023		5,072,483		5,051,163			5,072,483
TRGRP, Inc. (3)	Software & Tech Services	Term Loan	9.55% (L + 4.50%; 2.50% PIK; 1.00% Floor)	11/01/2023		2,379,280		2,369,021			2,379,280
Unanet, Inc. (4) (5)	Software & Tech Services	Delayed Draw Term Loan	10.97% (S + 6.25%; 0.75% Floor)	12/08/2028		—		(36,005	)		(18,952	)
Unanet, Inc. (4) (5)	Software & Tech Services	Revolver	10.97% (S + 6.25%; 0.75% Floor)	12/08/2028		—		(25,270	)		(18,952	)
Unanet, Inc. (2) (3)	Software & Tech Services	Term Loan	10.97% (S + 6.25%; 0.75% Floor)	12/08/2028		12,003,044		11,774,955			11,822,998
Ungerboeck Systems International, LLC (2) (4)	Software & Tech Services	Delayed Draw Term Loan	11.60% (L + 6.50%; 1.00% Floor)	04/30/2027		272,766		268,487			265,605
Ungerboeck Systems International, LLC (1)	Software & Tech Services	Delayed Draw Term Loan	11.45% (L + 6.50%; 1.00% Floor)	04/30/2027		322,391		319,016			315,943
Ungerboeck Systems International, LLC (2)	Software & Tech Services	Delayed Draw Term Loan	11.45% (L + 6.50%; 1.00% Floor)	04/30/2027		690,794		690,794			676,978
Ungerboeck Systems International, LLC (4)	Software & Tech Services	Revolver	11.35% (L + 6.50%; 1.00% Floor)	04/30/2027		48,936		46,094			44,348
Ungerboeck Systems International, LLC (2)	Software & Tech Services	Term Loan	11.47% (L + 6.50%; 1.00% Floor)	04/30/2027		136,383		133,937			133,655
Ungerboeck Systems International, LLC (2) (3)	Software & Tech Services	Term Loan	11.45% (L + 6.50%; 1.00% Floor)	04/30/2027		2,717,277		2,688,857			2,662,931
Vectra AI, Inc. (1) (6)	Software & Tech Services	Delayed Draw Term Loan	11.13% (S + 6.25%; 1.00% Floor)	03/02/2028		1,163,793		1,146,556			1,140,517
Vectra AI, Inc. (4) (5)	Software & Tech Services	Revolver	11.20% (S + 6.25%; 1.00% Floor)	03/02/2028		—		(3,465	)		(4,655	)
Vectra AI, Inc. (2) (3)	Software & Tech Services	Term Loan	11.20% (S + 6.25%; 1.00% Floor)	03/02/2028		5,552,870		5,456,619			5,441,813
Vehlo Purchaser, LLC (2) (3)	Software & Tech Services	Delayed Draw Term Loan	9.98% (S + 5.00%; 0.75% Floor)	05/24/2028		6,195,183		6,136,266			6,086,767
Vehlo Purchaser, LLC	Software & Tech Services	Revolver	9.88% (S + 5.00%; 0.75% Floor)	05/24/2028		1,239,037		1,223,011			1,217,353
Vehlo Purchaser, LLC (1) (2) (3)	Software & Tech Services	Term Loan	10.05% (S + 5.00%; 0.75% Floor)	05/24/2028		22,302,658		22,014,205			21,912,362
Velocity Purchaser Corporation (4) (5)	Software & Tech Services	Revolver	10.83% (S + 6.00%; 1.00% Floor)	12/01/2023		—		(445	)		—
Velocity Purchaser Corporation (1)	Software & Tech Services	Term Loan	10.83% (S + 6.00%; 1.00% Floor)	12/01/2023		600,106		598,523			600,106
Velocity Purchaser Corporation (1)	Software & Tech Services	Term Loan	10.83% (S + 6.00%; 1.00% Floor)	12/01/2023		2,412,446		2,407,294			2,412,446
Velocity Purchaser Corporation (1) (3)	Software & Tech Services	Term Loan	10.83% (S + 6.00%; 1.00% Floor)	12/01/2023		4,765,411		4,743,707			4,765,411
Veracross LLC (1) (4)	Software & Tech Services	Delayed Draw Term Loan	11.82% (S + 2.00%; 5.00% PIK; 1.00% Floor)	12/28/2027		1,401,817		1,367,117			1,364,269
Veracross LLC (4) (5)	Software & Tech Services	Revolver	7.05% (S + 2.00%; 5.00% PIK; 1.00% Floor)	12/28/2027		—		(17,731	)		(25,032	)
Veracross LLC (2)	Software & Tech Services	Term Loan	7.05% (S + 2.00%; 5.00% PIK; 1.00% Floor)	12/28/2027		13,069,637		12,874,573			12,775,570
Zendesk, Inc. (4) (5)	Software & Tech Services	Delayed Draw Term Loan	11.88% (S + 6.50%; 0.75% Floor)	11/22/2028		—		(31,404	)		—
Zendesk, Inc. (4) (5)	Software & Tech Services	Revolver	11.88% (S + 6.50%; 0.75% Floor)	11/22/2028		—		(25,855	)		(13,726	)
Zendesk, Inc. (2) (3)	Software & Tech Services	Term Loan	11.88% (S + 3.50%; 3.50% PIK; 0.75% Floor)	11/22/2028		13,334,101		13,082,937			13,200,760
Dillon Logistics, Inc. (7)	Transport & Logistics	Revolver	— (P + 6.00%; 1.00% Floor)	12/11/2023		856,909		774,692			—

See Notes to Unaudited Consolidated Financial Statements

Table of Contents

AB Private Credit Investors Corporation

Consolidated Schedule of Investments as of March 31, 2023 (continued)

(Unaudited)


Portfolio Company	Industry	Facility Type	Interest	Maturity	Funded Par Amount		Cost			Fair Value
Dillon Logistics, Inc. (7)	Transport & Logistics	Term Loan	— (L + 7.00%; 1.00% Floor)	12/11/2023	$	2,941,825	$	2,546,794		$	30,307

Total U.S. 1st Lien/Senior Secured Debt								1,143,249,575			1,120,293,597

2nd Lien/Junior Secured Debt - 2.26%
Conterra Ultra Broadband Holdings, Inc. (1) (3)	Digital Infrastructure & Services	Term Loan	13.18% (L + 8.50%; 1.00% Floor)	04/30/2027		6,537,710		6,479,700			6,521,366
Brave Parent H olding s, Inc. (1)	Software & Tech Services	Term Loan	12.34% (L + 7.50%)	04/17/2026		1,230,107		1,217,538			1,208,580
Symplr Software, Inc. (1) (3)	Software & Tech Services	Term Loan	12.65% (S + 7.88%; 0.75% Floor)	12/22/2028		3,130,634		3,084,789			2,770,611

Total U.S. 2nd Lien/Junior Secured Debt								10,782,027			10,500,557

Total U.S. Corporate Debt								1,154,031,602			1,130,794,154

Canadian Corporate Debt - 5.06%

1st Lien/Senior Secured Debt - 5.06%
McNairn Holdings Ltd. (1) (8)	Business Services	Term Loan	11.41% (S + 6.50%; 0.75% PIK; 1.00% Floor)	11/25/2025		738,337		729,318			730,953
Syntax Sys tems Ltd (1) (3) (8)	Digital Infrastructure & Services	Term Loan	10.59% (L + 5.75%; 0.75% Floor)	10/29/2028		8,751,331		8,679,873			8,357,521
Syntax Systems Ltd (4) (8)	Digital Infrastructure & Services	Revolver	10.59% (L + 5.75%; 0.75% Floor)	10/29/2026		649,103		642,079			605,289
Syntax Systems Ltd (4) (5) (8)	Digital Infrastructure & Services	Delayed Draw Term Loan	10.59% (L + 5.75%; 0.75% Floor)	10/29/2028		—		(19,549	)		(109,536	)
Banneker V Acquisition, Inc. (1) (2) (3) (6) (8)	Software & Tech Services	Term Loan	11.84% (S + 7.50%; 1.00% Floor)	12/04/2025		13,258,433		13,022,310			12,926,973
Banneker V Acquisition, Inc. (4) (5) (8)	Software & Tech Services	Revolver	11.84% (S + 7.50%; 1.00% Floor)	12/04/2025		—		(18,744	)		(22,417	)
Banneker V Acquisition, Inc. (3) (8)	Software & Tech Services	Delayed Draw Term Loan	12.41% (S + 7.50%; 1.00% Floor)	12/04/2025		1,024,233		1,013,096			998,627

Total Canadian 1st Lien/Senior Secured Debt								24,048,383			23,487,410

Total Canadian Corporate Debt								24,048,383			23,487,410


Portfolio Company	Class/Series	Industry	Initial Acquisition Date (9)	Shares		Cost		Fair Value
U.S. Preferred Stock - 2.03%
Ntiva Investments, LLC (MSP Global Holdings, Inc) (10)	Class A	Digital Infrastructure & Services	01/24/2022		333,937	$	272,826	$	296,732
Bowline Topco LLC ^^ (10) (11)	LLC Units	Energy	08/09/2021		2,946,390		—		173,837
SBS Ultimate Holdings, LP (10)	Class A	Healthcare & HCIT	09/18/2020		217,710		861,879		—
Alphasense, Inc. (8) (10)	Series C	Software & Tech Services	06/01/2021		23,961		369,843		517,451
Concerto Health AI Solutions, LLC (10) (11)	Series B-1	Software & Tech Services	12/23/2019		65,614		349,977		351,434
Datarobot, Inc. (10)	Series E	Software & Tech Services	08/30/2019		38,190		289,278		317,586
Datarobot, Inc. (10)	Series F	Software & Tech Services	10/27/2020		6,715		88,248		72,647
Degreed, Inc. (10)	Series C-1	Software & Tech Services	06/25/2019		43,819		278,541		375,220
Degreed, Inc. (10)	Series D	Software & Tech Services	04/30/2021		16,943		278,308		263,007
Heap, Inc. (10)	Series C	Software & Tech Services	05/21/2019		189,617		696,352		1,033,815
Heap, Inc. (10)	Series D	Software & Tech Services	11/24/2021		17,425		147,443		148,758
Knockout Intermed iate Holdings I, Inc. (Kaseya, Inc.) (10)	Perpetual	Software & Tech Services	06/23/2022		1,345		1,311,760		1,428,318
Netskope, Inc. (10)	Series G	Software & Tech Services	01/27/2020		36,144		302,536		382,208
Phenom People, Inc. (10)	Series C	Software & Tech Services	01/08/2020		35,055		220,610		452,152
Protoscale Rubrik, LLC (10)	Class B	Software & Tech Services	01/04/2019		25,397		598,212		685,504
Swyft Parent Holdings LP (10) (11)	LP Interests	Software & Tech Services	02/07/2022		850,470		758,389		865,539
Symplr Software Intermediate Holdings, Inc. (10)	Series A	Software & Tech Services	11/30/2018		1,196		1,160,532		1,936,454
Vectra AI, Inc (10)	Series F	Software & Tech Services	05/28/2021		17,064		131,095		110,279

Total U.S. Preferred Stock							8,115,829		9,410,941

See Notes to Unaudited Consolidated Financial Statements

Table of Contents

AB Private Credit Investors Corporation

Consolidated Schedule of Investments as of March 31, 2023 (continued)

(Unaudited)


Portfolio Company	Class/Series	Industry		Initial Acquisition Date (9)	Shares		Cost		Fair Value
U.S. Common Stock - 1.90%
Global Radar Holdings, LLC (10) (11)	Earn Out	Business Services		11/08/2022		125	$	—	$	—
AEG Holding Co mpan y, Inc. (10)	Class A	Consumer Discretionary		11/20/2017		320		321,309		314,419
Freddy’s Acquisition, LP (Freddy’s Frozen Custard, LLC) (10)	LP Interests	Consumer Non-Cyclical	��	03/03/2021		72,483		72,483		134,131
8x8, Inc. (8) (10) (12)	Common Units	Digital Infrastructure & Services				7,886		170,890		32,885
Avant Communications, LLC (10) (11)	Class A	Digital Infrastructure & Services		11/30/2021		236,307		236,307		308,501
MSP Global Holdings, Inc. (10)	Class A	Digital Infrastructure & Services		01/24/2022		333,937		61,110		77,736
NEPCORE Parent Holdings, LLC (10)	Class A	Digital Infrastructure & Services		10/21/2021		98		97,884		93,292
Nepcore Parent Holdings, LLC (Coretelligent Intermediate, LLC) (10)	LLC Units	Digital Infrastructure & Services		10/21/2021		396,513		439,931		337,007
Race Hometown Purchaser, LLC (10)	Class A	Digital Infrastructure & Services		01/09/2023		705,827		705,827		705,309
Thrive Parent, LLC (10)	Class L	Digital Infrastructure & Services		01/22/2021		100,219		263,195		418,515
Advantage AVP Parent Holdings, L.P. (Medical Management Resource Group, LLC) (10)	Class B	Healthcare & HCIT		09/30/2021		34,492		34,492		38,270
American Outcomes Management, L.P. (10) (11)	Class A	Healthcare & HCIT		02/17/2022		290,393		290,393		507,422
Community Based Care Holdings, LP (10)	LP Interests	Healthcare & HCIT		01/03/2022		179		178,916		189,363
GSV MedSuite Investments, LLC (Millin Purchaser, LLC) (10)	Class A	Healthcare & HCIT		03/31/2022		86,555		86,555		77,989
Health Platform Group, Inc (10)	Earn Out	Healthcare & HCIT		10/31/2020		16,502		—		—
INH Group Holdings, Inc. (10)	Class A	Healthcare & HCIT		01/31/2019		484,552		484,552		7,227
RCFN Parent, LP (People’s Care) (10)	Class A	Healthcare & HCIT		06/18/2021		77		78,284		91,844
REP Coinvest III AGP Blocker, L.P. (Agape Care Group) (10)	LP Interests	Healthcare & HCIT		10/14/2021		590,203		590,203		938,933
Brightspot Holdco, LLC (10)	LLC Units	Software & Tech Services		11/16/2021		433,207		433,207		436,801
GSV Vehlo Investments, LLC (Vehlo Purchaser, LLC) (10)	Class A	Software & Tech Services		05/24/2022		150,297		150,297		160,591
Human Security (10)	Common Shares	Software & Tech Services		07/29/2022		329,116		953,133		920,228
Moon Topco, L.P. (Radiant Logic, Inc.) (10)	Class A	Software & Tech Services		04/21/2021		3,600		35,999		51,351
Mykaarma Acquisition LLC (10)	Class A	Software & Tech Services		03/21/2022		257,031		257,031		283,338
Ranger Lexipol Holdings, LLC (10)	Class A	Software & Tech Services		11/18/2021		433		355,837		417,885
Ranger Lexipol Holdings, LLC (10)	Class B	Software & Tech Services		11/18/2021		433		77,371		166,703
REP Coinvest III Tec, L.P. (American Safety Holdings Corp.) (10)	LP Interests	Software & Tech Services		06/18/2020		167,509		190,658		258,928
Samsara Networks, Inc. (8) (10) (12)	Class A	Software & Tech Services				33,451		369,998		659,654
Stripe, Inc. (10)	Class B	Software & Tech Services		05/17/2021		4,158		166,854		83,202
Swyft Parent Holdings LP (10) (11)	LP Interests	Software & Tech Services		02/07/2022		4,485		53,049		90,029
REP Coinvest III-A Omni, L.P. (Omni Logistics, LLC) (10)	LP Interests	Transport & Logistics		02/05/2021		193,770		53,301		371,508
REP RO Coinvest IV A Blocker (Road One) (10)	Class A	Transport & Logistics		12/28/2022		66,441,840		664,418		664,418

Total U.S. Common Stock								7,873,484		8,837,479
U.S. Warrants - 0.19%
SBS Ultimate Holdings, LP, expire 09/18/2030 (10)	Class A	Healthcare & HCIT		09/18/2020		17,419		—		—
Alphasense, Inc., expire 05/29/2027 (8) (10)	Series B	Software & Tech Services		06/02/2020		40,394		35,185		574,052
Degreed, Inc., expire 04/11/2028 (10)	Series D	Software & Tech Services		04/11/2021		7,624		—		18,936
Degreed, Inc., expire 05/31/2026 (10)	Series C -1	Software & Tech Services		05/31/2019		26,294		46,823		118,877
Degreed, Inc., expire 08/18/2029 (10)	Common Shares	Software & Tech Services		08/18/2022		9,374		—		48,893
ScyllaDB, Inc., expire 09/08/2032 (10)	Series C-1	Software & Tech Services		09/08/2022		239,984		43,880		39,829
Vectra AI, Inc., expire 03/18/2031 (10)	Series F	Software & Tech Services		03/18/2021		35,156		58,189		83,150

Total U.S. Warrants								184,077		883,737
United Kingdom Warrants - 0.05%
GlobalWebIndex, Inc., expire 12/30/2027 (10)	Preferred Units	Software & Tech Services		12/30/2020		8,832		159,859		$212,964


Total United Kingdom Warrants								159,859		212,964

See Notes to Unaudited Consolidated Financial Statements

Table of Contents

AB Private Credit Investors Corporation

Consolidated Schedule of Investments as of March 31, 2023 (continued)

(Unaudited)


Portfolio Company	Class/Series			Shares		Cost		Fair Value
Investment Companies - 1.23%
Orangewood WWB Co-Invest, L.P. (10) (13)	LP Interests				829,314	$	829,314	$	995,177
ORCP III Triton Co-Investors, L.P. (10) (13)	LP Interests				341,592		98,394		420,500
AB Equity Investors, L.P. (10) (13)	LP Interests				984,786		984,786		1,153,127
Falcon Co-Investment Partners, L.P. (10) (13)	LP Interests				812,734		812,734		813,547
GHP E Aggregator, LLC (10) (13)	LLC Units				417,813		186,588		618,363
GHP SPV 2, L.P. (8) (10) (13)	LP Interests				271,942		271,942		262,968
Magenta Blocker Aggregator, LP (10) (13)	Class A				821,396		676,978		1,191,846
Palms Co-Investment Partners, L.P. (10) (13)	LP Interests				261,449		261,449		261,449

Total Investment Companies							4,122,185		5,716,977
TOTAL INVESTMENTS - 254.06% (14)						$	1,198,535,419	$	1,179,343,662


Portfolio Company		Industry		Shares		Cost		Fair Value
Cash Equivalents - 11.77%

U.S. Investment Companies - 11.77 %
Blackrock T Fund I (12) (15)	Money Market	Money Market Portfolio	4.70% (16)		54,222,698	$	54,222,698	$	54,222,698
State Street Institutional US Government Money Market Fund (12) (15)	Money Market	Money Market Portfolio	4.70% (16)		407,419		407,419		407,419

Total U.S. Investment Companies							54,630,117		54,630,117

Total Cash Equivalents							54,630,117		54,630,117

LIABILITIES IN EXCESS OF OTHER ASSETS - (165.83%)								$	(769,782,315	)

NET ASSETS - 100.00%								$	464,191,464

(++)	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 March 31, 2023, qualifying assets represented 96.52% 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

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 March 31, 2023, rates for weekly 1M L, 3M L 6M L, 1M S, 3M S and 6M S are 4.86%, 5.19%, 5.31%, 4.80%, 4.91% and 4.90%, respectively. As of March 31, 2023, the U.S. Prime rate was 8.00%.

^^	Controlled affiliated investment. See Note 3 “Related Party Transactions”.

(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 II, LLC.

(3)	Position, or a portion thereof, has been segregated to collateralize ABPCIC Funding III, 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)	This investment has multiple reference rates or alternate base rates. The All-in interest rate shown is the weighted average interest rate in effect at March 31, 2023.

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

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

(9)

Securities exempt from registration under the Securities Act of 1933, and may be deemed to be “restricted securities”. As of March 31, 2023, the aggregate fair value of these securities is $18,652,582 or 4.02% of the Fund’s net assets. The initial acquisition dates have been included for such securities.

(10)	Non-income producing investment.

(11)	Position or portion thereof is held through a consolidated subsidiary.

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

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

(14)	Aggregate gross unrealized appreciation for federal income tax purposes is $8,894,947; aggregate gross unrealized depreciation for federal income tax purposes is $28,086,704. Net unrealized depreciation is $19,191,757 based upon a tax cost basis of $1,198,535,419.

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

(16)	The rate shown is the annualized seven-day yield as of March 31, 2023.


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

See Notes to Unaudited Consolidated Financial Statements

Table of Contents

AB Private Credit Investors Corporation

Consolidated Schedule of Investments as of December 31, 2022

Portfolio Company

Industry

Facility Type

Interest

Maturity

Funded

Par Amount

Cost

Fair Value

Investments at Fair Value

—245.69% (++) + * # ^

U.S. Corporate Debt

—236.64%

1st Lien/Senior Secured Debt

—234.31%

AmerCareRoyal, LLC

(1)

Business Services

Delayed Draw Term Loan

9.98% (S + 5.00%; 0.50% PIK; 1.00% Floor)

11/25/2025

496,745

489,122

488,052

AmerCareRoyal, LLC

(2)

Business Services

Term Loan

9.98% (L + 5.00%; 0.50% PIK; 1.00% Floor)

11/25/2025

511,273

499,144

502,326

AmerCareRoyal, LLC

(1)

Business Services

Term Loan

9.98% (L + 5.00%; 0.50% PIK; 1.00% Floor)

11/25/2025

4,118,091

4,014,301

4,046,024

Cerifi, LLC

(3) (4)

Business Services

Revolver

10.07% (S + 5.75%; 1.00% Floor)

04/01/2027

—

(19,595

)

(33,234

)

Cerifi, LLC

(2) (5)

Business Services

Term Loan

10.07% (S + 5.75%; 1.00% Floor)

03/31/2028

16,066,537

15,771,511

15,584,541

Engage2Excel, Inc.

(3) (6)

Business Services

Revolver

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

03/07/2023

351,629

350,588

341,095

Engage2Excel, Inc.

(1)

Business Services

Term Loan

11.98% (L + 7.25%; 1.00% Floor)

03/07/2023

1,026,967

1,025,881

998,726

Engage2Excel, Inc.

(1)

Business Services

Term Loan

11.98% (L + 7.25%; 1.00% Floor)

03/07/2023

2,959,179

2,956,519

2,877,801

Metametrics, Inc.

(3)

Business Services

Revolver

9.77% (L + 5.00%; 1.00% Floor)

09/10/2025

130,237

124,316

122,097

Metametrics, Inc.

(1) (2)

Business Services

Term Loan

9.73% (L + 5.00%; 1.00% Floor)

09/10/2025

4,731,059

4,683,677

4,671,920

MSM Acquisitions, Inc.

(3)

Business Services

Delayed Draw Term Loan

10.75% (L + 6.00%; 1.00% Floor)

12/09/2026

368,247

355,038

240,389

MSM Acquisitions, Inc.

(2)

Business Services

Delayed Draw Term Loan

10.75% (L + 6.00%; 1.00% Floor)

12/09/2026

3,005,143

2,961,347

2,869,912

MSM Acquisitions, Inc.

(3) (6)

Business Services

Revolver

12.50% (P + 5.00%; 1.00% Floor)

12/09/2026

569,646

553,338

514,519

MSM Acquisitions,

Inc.

(1) (2) (5)

Business Services

Term Loan

10.75% (L + 6.00%; 1.00% Floor)

12/09/2026

8,212,239

8,108,554

7,842,688

Rep Tec Intermediate Holdings, Inc.

(3)

Business Services

Revolver

11.23% (L + 6.50%; 1.00% Floor)

12/01/2027

302,547

293,240

276,896

Rep Tec Intermediate Holdings, Inc.

(1) (2) (5)

Business Services

Term Loan

11.23% (L + 6.50%; 1.00% Floor)

12/01/2027

14,568,787

14,390,788

14,095,301

Sako and Partners Lower Holdings LLC

(3)

Business Services

Delayed Draw Term Loan

10.73% (S + 6.00%; 1.00% Floor)

09/15/2028

710,250

649,364

665,859

Sako and Partners Lower Holdings LLC

(3)

Business Services

Revolver

10.73% (S + 6.00%; 1.00% Floor)

09/15/2028

337,369

301,842

303,188

Sako and Partners Lower Holdings LLC

(1) (2) (5)

Business Services

Term Loan

10.73% (S + 6.00%; 1.00% Floor)

09/15/2028

14,915,247

14,488,923

14,505,078

Valcourt Holdings II,

LLC

(1) (3)

Business Services

Delayed Draw Term Loan

9.87% (S + 5.25%; 1.00% Floor)

01/07/2027

1,436,481

1,416,480

1,436,481

Valcourt Holdings II, LLC

(2)

Business Services

Term Loan

9.98% (S + 5.25%; 1.00% Floor)

01/07/2027

2,641,197

2,603,425

2,641,197

Valcourt Holdings II,

LLC

(1) (2)

Business Services

Term Loan

9.98% (S + 5.25%; 1.00% Floor)

01/07/2027

6,279,095

6,191,332

6,279,095

Valcourt Holdings II, LLC

(2)

Business Services

Term Loan

9.98% (S + 5.25%; 1.00% Floor)

01/07/2027

1,155,228

1,135,675

1,155,228

AEG Holding Company,

Inc.

(1)

Consumer Discretionary

Delayed Draw Term Loan

10.23% (L + 5.50%; 1.00% Floor)

11/20/2023

1,045,702

1,042,174

1,045,702

AEG Holding Company,

Inc.

(3)

Consumer Discretionary

Revolver

9.89% (L + 5.50%; 1.00% Floor)

11/20/2023

446,746

442,684

446,746

AEG Holding Company,

Inc.

(1)

Consumer Discretionary

Term Loan

10.23% (L + 5.50%; 1.00% Floor)

11/20/2023

5,512,963

5,493,673

5,512,963

AEG Holding Company,

Inc.

(5)

Consumer Discretionary

Term Loan

10.23% (L + 5.50%; 1.00% Floor)

11/20/2023

1,819,685

1,811,922

1,819,685

Ampler QSR Holdings,

LLC

(2) (5)

Consumer Non-Cyclical

Term Loan

10.60% (L + 5.875%; 1.00% Floor)

07/21/2027

12,346,801

12,157,380

11,451,658

Blink Holdings, Inc.

Consumer Non-Cyclical

Delayed Draw Term Loan

12.73% (L + 5.50%; 2.50% PIK; 1.00% Floor)

11/08/2024

906,057

902,381

776,944

Blink Holdings, Inc.

(1)

Consumer Non-Cyclical

Delayed Draw Term Loan

12.73% (L + 5.50%; 2.50% PIK; 1.00% Floor)

11/08/2024

1,129,978

1,125,457

968,956

Blink Holdings, Inc.

(1)

Consumer Non-Cyclical

Term Loan

12.73% (L + 5.50%; 2.50% PIK; 1.00% Floor)

11/08/2024

1,579,576

1,573,226

1,354,486

Freddy’s Frozen Custard, L.L.C

(3) (4)

Consumer Non-Cyclical

Revolver

9.73% (L + 5.00%; 1.00% Floor)

03/03/2027

—

(3,622

)

(4,123

)

Freddy’s Frozen Custard, L.L.C

(2) (5)

Consumer Non-Cyclical

Term Loan

9.73% (L + 5.00%; 1.00% Floor)

03/03/2027

4,856,991

4,814,117

4,808,421

Krispy Krunchy Foods, L.L.C

(2)

Consumer Non-Cyclical

Term Loan

9.17% (S + 4.75%; 1.00% Floor)

11/17/2027

9,419,615

9,264,858

9,066,379

Mathnasium LLC

(3)

Consumer Non-Cyclical

Revolver

10.13% (L + 5.00%; 0.75% Floor)

11/15/2027

87,043

76,360

72,355

Mathnasium LLC

(1) (2)

Consumer Non-Cyclical

Term Loan

10.13% (L + 5.00%; 0.75% Floor)

11/15/2027

5,399,401

5,311,094

5,277,914

MMP Intermediate, LLC

(3) (4)

Consumer Non-Cyclical

Revolver

10.13% (L + 5.75%; 1.00% Floor)

02/15/2027

—

(9,184

)

(19,351

)

MMP Intermediate, LLC

(1) (2)

Consumer Non-Cyclical

Term Loan

10.13% (L + 5.75%; 1.00% Floor)

02/15/2027

8,210,266

8,070,540

7,922,907

PF Growth Partners, LLC

(1)

Consumer Non-Cyclical

Term Loan

9.32% (S + 5.00%; 1.00% Floor)

07/11/2025

236,681

230,929

227,214

PF Growth Partners, LLC

(1)

Consumer Non-Cyclical

Term Loan

9.48% (S + 5.00%; 1.00% Floor)

07/11/2025

117,139

114,293

112,454

PF Growth Partners, LLC

(1)

Consumer Non-Cyclical

Term Loan

9.48% (S + 5.00%; 1.00% Floor)

07/11/2025

1,970,938

1,961,608

1,892,101

TBG Food Acquisition

Corp

(3) (4)

Consumer Non-Cyclical

Delayed Draw Term Loan

10.39% (L + 6.00%; 0.75% Floor)

12/25/2027

—

(8,824

)

(84,488

)

TBG Food Acquisition

Corp

(3) (4)

Consumer Non-Cyclical

Revolver

10.39% (L + 6.00%; 0.75% Floor)

12/25/2027

—

(2,206

)

(21,122

)

TBG Food Acquisition

Corp

(1) (2)

Consumer Non-Cyclical

Term Loan

10.39% (L + 6.00%; 0.75% Floor)

12/25/2027

6,534,645

6,480,001

6,011,873

5 Bars, LLC

(3)

Digital Infrastructure & Services

Delayed Draw Term Loan

8.99% (L + 4.75%; 1.00% Floor)

09/27/2024

603,543

585,333

594,921

5 Bars, LLC

(3) (4)

Digital Infrastructure & Services

Revolver

9.14% (L + 4.75%; 1.00% Floor)

09/27/2024

—

(3,414

)

(1,617

)

5 Bars, LLC

(5)

Digital Infrastructure & Services

Term Loan

9.14% (L + 4.75%; 1.00% Floor)

09/27/2024

4,742,121

4,715,064

4,730,266

See Notes to Consolidated Financial Statements

Table of Contents

AB Private Credit Investors Corporation

Consolidated Schedule of Investments as of December 31, 2022 (continued)


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	9.23% (S + 4.50%; 1.00% Floor)	03/31/2027	$	—	$	(27,846	)	$	(40,796	)
Airwavz Solutions, Inc (3) (4)	Digital Infrastructure & Services	Revolver	9.23% (S + 4.50%; 1.00% Floor)	03/31/2027		—		(9,752	)		(13,055	)
Airwavz Solutions, Inc (5)	Digital Infrastructure & Services	Term Loan	9.23% (S + 4.50%; 1.00% Floor)	03/31/2027		5,221,919		5,143,907			5,117,480
Avant Communications, LLC (3) (4)	Digital Infrastructure & Services	Revolver	10.23% (S + 5.50%; 1.00% Floor)	11/30/2026		—		(8,944	)		—
Avant Communications, LLC (1) (2)	Digital Infrastructure & Services	Term Loan	10.23% (S + 5.50%; 1.00% Floor)	11/30/2026		11,226,016		11,037,593			11,226,016
Bridgepointe Technologies, LLC (1) (3)	Digital Infrastructure & Services	Delayed Draw Term Loan	10.33% (S + 6.50%; 1.00% Floor)	12/31/2027		2,867,063		2,762,979			2,730,229
Bridgepointe Technologies, LLC (1) (2) (6)	Digital Infrastructure & Services	Delayed Draw Term Loan	10.48% (S + 6.50%; 1.00% Floor)	12/31/2027		3,887,472		3,843,407			3,751,411
Bridgepointe Technologies, LLC (5)	Digital Infrastructure & Services	Delayed Draw Term Loan	10.48% (S + 6.50%; 1.00% Floor)	12/31/2027		2,765,645		2,743,404			2,661,933
Bridgepointe Technologies, LLC (3) (4)	Digital Infrastructure & Services	Revolver	10.48% (S + 6.50%; 1.00% Floor)	12/31/2027		—		(13,012	)		(29,156	)
Bridgepointe Technologies, LLC (1) (2)	Digital Infrastructure & Services	Term Loan	10.33% (S + 6.50%; 1.00% Floor)	12/31/2027		2,294,250		2,203,018			2,208,215
Bridgepointe Technologies, LLC (1) (2)	Digital Infrastructure & Services	Term Loan	10.48% (S + 6.50%; 1.00% Floor)	12/31/2027		4,753,445		4,671,568			4,575,191
Coretelligent Intermediate LLC (2) (3)	Digital Infrastructure & Services	Delayed Draw Term Loan	10.23% (L + 5.50%; 1.00% Floor)	10/21/2027		1,918,917		1,894,363			1,824,177
Coretelligent Intermediate LLC (3)	Digital Infrastructure & Services	Revolver	12.00% (P + 4.50%; 1.00% Floor)	10/21/2027		126,642		111,317			91,816
Coretelligent Intermediate LLC (1) (2) (5)	Digital Infrastructure & Services	Term Loan	10.23% (L + 5.50%; 1.00% Floor)	10/21/2027		7,948,819		7,852,631			7,730,226
EvolveIP, LLC	Digital Infrastructure & Services	Delayed Draw Term Loan	10.54% (S + 5.50%; 1.00% Floor)	06/07/2025		111,106		110,897			108,051
EvolveIP, LLC (3)	Digital Infrastructure & Services	Revolver	10.23% (S + 5.50%; 1.00% Floor)	06/07/2025		148,331		147,270			132,742
EvolveIP, LLC (1)	Digital Infrastructure & Services	Term Loan	10.54% (S + 5.50%; 1.00% Floor)	06/07/2025		6,434,309		6,420,987			6,257,365
Fatbeam, LLC (3) (4)	Digital Infrastructure & Services	Delayed Draw Term Loan	10.14% (L + 5.75%; 1.00% Floor)	02/22/2026		—		(23,079	)		(8,048	)
Fatbeam, LLC	Digital Infrastructure & Services	Revolver	9.97% (L + 5.75%; 1.00% Floor)	02/22/2026		643,849		634,618			640,630
Fatbeam, LLC (2) (5)	Digital Infrastructure & Services	Term Loan	10.14% (L + 5.75%; 1.00% Floor)	02/22/2026		6,438,490		6,345,468			6,406,298
Firstdigital Communications LLC (3)	Digital Infrastructure & Services	Revolver	8.69% (L + 4.25%; 0.75% Floor)	12/17/2026		412,549		387,223			345,113
Firstdigital Communications LLC (2) (5)	Digital Infrastructure & Services	Term Loan	8.69% (L + 4.25%; 0.75% Floor)	12/17/2026		13,645,840		13,428,040			13,065,892
FirstLight Holdco, Inc. (1) (2)	Digital Infrastructure & Services	Term Loan	8.38% (L + 4.00%; 1.00% Floor)	07/23/2025		6,195,183		6,042,729			5,947,376
Greenlight Intermediate II, Inc. (3) (4)	Digital Infrastructure & Services	Delayed Draw Term Loan	10.05% (S + 5.50%; 0.75% Floor)	06/01/2028		—		(66,688	)		(50,266	)
Greenlight Intermediate II, Inc. (1) (2)	Digital Infrastructure & Services	Term Loan	10.05% (S + 5.50%; 0.75% Floor)	06/01/2028		5,331,605		5,230,201			5,238,302
MBS Holdings, Inc. (3) (4)	Digital Infrastructure & Services	Revolver	10.13% (L + 5.75%; 1.00% Floor)	04/16/2027		—		(14,092	)		(38,967	)
MBS Holdings, Inc. (1) (2) (5)	Digital Infrastructure & Services	Term Loan	10.13% (L + 5.75%; 1.00% Floor)	04/16/2027		10,363,212		10,213,299			9,948,684
MSP Global Holdings, Inc. (3) (5)	Digital Infrastructure & Services	Delayed Draw Term Loan	8.40% (S + 5.25%; 1.00% Floor)	01/25/2027		614,779		593,150			572,537
MSP Global Holdings, Inc. (3) (4)	Digital Infrastructure & Services	Revolver	8.40% (S + 5.25%; 1.00% Floor)	01/25/2027		—		(12,111	)		(29,608	)
MSP Global Holdings, Inc. (2) (5)	Digital Infrastructure & Services	Term Loan	8.40% (S + 5.25%; 1.00% Floor)	01/25/2027		7,871,107		7,755,826			7,595,618
NI Topco, Inc (1)	Digital Infrastructure & Services	Term Loan	10.48% (L + 5.75%; 0.75% Floor)	12/28/2028		1,230,554		1,204,841			1,190,561
NI Topco, Inc (2) (5)	Digital Infrastructure & Services	Term Loan	10.48% (L + 5.75%; 0.75% Floor)	12/28/2028		6,639,365		6,507,375			6,423,586
Single Digits, Inc. (2)	Digital Infrastructure & Services	Delayed Draw Term Loan	11.73% (L + 6.00%; 0.50% PIK; 1.00% Floor)	12/21/2023		599,248		597,286			507,863
Single Digits, Inc. (3) (4)	Digital Infrastructure & Services	Revolver	11.23% (L + 6.00%; 0.50% PIK; 1.00% Floor)	12/21/2023		—		(821	)		(63,463	)
Single Digits, Inc. (1)	Digital Infrastructure & Services	Term Loan	11.23% (L + 6.00%; 0.50% PIK; 1.00% Floor)	12/21/2023		3,208,390		3,196,684			2,719,110
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		294,377			270,627
Stratus Networks, Inc. (3) (7)	Digital Infrastructure & Services	Revolver	9.64% (L + 5.25%; 1.00% Floor)	12/15/2027		976,896		960,427			952,144

See Notes to Consolidated Financial Statements

Table of Contents

AB Private Credit Investors Corporation

Consolidated Schedule of Investments as of December 31, 2022 (continued)

Portfolio Company

Industry

Facility Type

Interest

Maturity

Funded

Par Amount

Cost

Fair Value

Stratus Networks, Inc.

(2) (7)

Digital Infrastructure & Services

Term Loan

9.64% (L + 5.25%; 1.00% Floor)

12/15/2027

7,920,781

7,785,668

7,722,762

Thrive Buyer, Inc.

(1) (2)

Digital Infrastructure & Services

Delayed Draw Term Loan

10.73% (L + 6.00%; 1.00% Floor)

01/22/2027

8,257,588

8,132,628

8,133,724

Thrive Buyer, Inc.

(3)

Digital Infrastructure & Services

Revolver

12.50% (P + 5.00%; 2.00% Floor)

01/22/2027

147,963

131,922

131,317

Thrive Buyer, Inc.

(1) (2) (5)

Digital Infrastructure & Services

Term Loan

10.73% (L + 6.00%; 1.00% Floor)

01/22/2027

11,765,473

11,599,744

11,588,991

Towerco IV Holdings, LLC

(1) (2) (3) (6)

Digital Infrastructure & Services

Delayed Draw Term Loan

8.69% (S + 4.25%; 1.00% Floor)

04/23/2026

18,094,038

17,893,436

17,776,414

Transtelco Holding, Inc.

(2)

Digital Infrastructure & Services

Term Loan

9.98% (L + 5.25%; 0.50% Floor)

03/26/2026

4,708,605

4,683,094

4,508,489

Transtelco Holding,

Inc.

(1) (2) (5)

Digital Infrastructure & Services

Term Loan

10.48% (L + 5.75%; 0.50% Floor)

03/26/2026

4,708,605

4,683,985

4,567,347

Accelerate Resources Operating, LLC

(3) (4)

Energy

Revolver

9.88% (L + 5.50%; 1.00% Floor)

02/24/2026

—

(4,437

)

—

Accelerate Resources Operating, LLC

(1)

Energy

Term Loan

9.88% (L + 5.50%; 1.00% Floor)

02/24/2026

3,684,022

3,644,714

3,684,022

Foundation Risk Partners, Corp.

(3)

Financials

Delayed Draw Term Loan

10.68% (S + 6.00%; 0.75% Floor)

10/30/2028

1,889,450

1,855,507

1,841,927

Foundation Risk Partners, Corp.

(5)

Financials

Delayed Draw Term Loan

10.68% (S + 6.00%; 0.75% Floor)

10/29/2028

2,122,119

2,108,360

2,084,982

Foundation Risk Partners, Corp.

(3)

Financials

Revolver

10.32% (S + 6.00%; 0.75% Floor)

10/29/2027

427,437

417,074

409,271

Foundation Risk Partners, Corp.

(2)

Financials

Term Loan

10.68% (S + 6.00%; 0.75% Floor)

10/30/2028

787,291

776,726

773,513

Foundation Risk Partners, Corp.

(1) (2) (5)

Financials

Term Loan

10.68% (S + 6.00%; 0.75% Floor)

10/29/2028

9,757,328

9,656,553

9,586,574

Galway Borrower, LLC

(3) (4)

Financials

Delayed Draw Term Loan

9.98% (L + 5.25%; 0.75% Floor)

09/29/2028

—

(324

)

(1,274

)

Galway Borrower, LLC

(3) (4)

Financials

Revolver

9.98% (L + 5.25%; 0.75% Floor)

09/30/2027

—

(4,314

)

(11,492

)

Galway Borrower, LLC

(1) (2)

Financials

Term Loan

9.98% (L + 5.25%; 0.75% Floor)

09/29/2028

4,251,002

4,193,362

4,070,335

Higginbotham Insurance Agency, Inc.

(2) (3)

Financials

Delayed Draw Term Loan

9.63% (L + 5.25%; 0.75% Floor)

11/25/2026

1,418,215

1,400,872

1,376,500

Higginbotham Insurance Agency, Inc.

(1) (2) (5)

Financials

Term Loan

9.63% (L + 5.25%; 0.75% Floor)

11/25/2026

8,043,274

7,963,283

7,922,625

Peter C. Foy & Associates Insurance Services, LLC

(3) (5)

Financials

Delayed Draw Term Loan

11.12% (S + 6.00%; 0.75% Floor)

11/01/2028

1,094,089

1,075,743

1,037,605

Peter C. Foy & Associates Insurance Services, LLC

(1) (5)

Financials

Delayed Draw Term Loan

11.12% (S + 6.00%; 0.75% Floor)

11/01/2028

5,929,510

5,878,970

5,662,682

Peter C. Foy & Associates Insurance Services, LLC

(1)

Financials

Term Loan

11.12% (S + 6.00%; 0.75% Floor)

11/01/2028

502,267

495,352

479,665

RSC Acquisition, Inc.

Financials

Delayed Draw Term Loan

10.05% (S + 5.50%; 0.75% Floor)

11/02/2026

1,858,816

1,847,931

1,798,405

RSC Acquisition, Inc.

(3)

Financials

Delayed Draw Term Loan

10.78% (S + 5.50%; 0.75% Floor)

10/30/2026

208,293

163,003

39,176

Wealth Enhancement Group, LLC

(1) (8)

Financials

Delayed Draw Term Loan

9.41% (S + 6.00%; 1.00% Floor)

10/04/2027

6,294,610

6,279,281

6,184,455

Wealth Enhancement Group, LLC

(3) (8)

Financials

Delayed Draw Term Loan

10.31% (S + 6.00%; 1.00% Floor)

10/04/2027

644,865

641,740

624,421

Wealth Enhancement Group, LLC

(3) (4) (8)

Financials

Revolver

9.41% (S + 6.00%; 1.00% Floor)

10/04/2027

—

(1,587

)

(8,004

)

AAH Topco, LLC

(1) (2) (3) (5)

Healthcare & HCIT

Delayed Draw Term Loan

9.79% (L + 5.50%; 0.75% Floor)

12/22/2027

3,495,723

3,353,967

3,262,208

AAH Topco, LLC

(3) (4)

Healthcare & HCIT

Revolver

9.89% (L + 5.50%; 0.75% Floor)

12/22/2027

—

(13,145

)

(31,491

)

AAH Topco, LLC

(1) (2) (5)

Healthcare & HCIT

Term Loan

9.89% (L + 5.50%; 0.75% Floor)

12/22/2027

6,485,381

6,369,535

6,225,966

American Physician Partners, LLC

(3)

Healthcare & HCIT

Delayed Draw Term Loan

14.67% (S + 6.75%; 3.50% PIK; 1.00% Floor)

02/15/2023

210,956

207,763

198,310

American Physician Partners, LLC

(1) (2)

Healthcare & HCIT

Delayed Draw Term Loan

14.67% (S + 6.75%; 3.50% PIK; 1.00% Floor)

02/15/2023

1,044,619

1,033,760

885,314

American Physician Partners, LLC

(3)

Healthcare & HCIT

Revolver

14.67% (S + 6.75%; 3.50% PIK; 1.00% Floor)

02/15/2023

346,322

344,287

278,612

American Physician Partners, LLC

Healthcare & HCIT

Term Loan

14.67% (S + 6.75%; 3.50% PIK; 1.00% Floor)

02/15/2023

5,569,954

5,360,739

4,720,536

American Physician Partners, LLC

(1) (2)

Healthcare & HCIT

Term Loan

14.67% (S + 6.75%; 3.50% PIK; 1.00% Floor)

02/15/2023

2,223,081

2,143,812

1,884,061

American Physician Partners, LLC

(2)

Healthcare & HCIT

Term Loan

14.67% (S + 6.75%; 3.50% PIK; 1.00% Floor)

02/15/2023

1,197,659

1,156,370

1,015,016

Analogic Corporation

(3)

Healthcare & HCIT

Revolver

9.66% (L + 5.25%; 1.00% Floor)

06/22/2023

189,444

189,049

181,958

Analogic Corporation

(1) (5)

Healthcare & HCIT

Term Loan

9.66% (L + 5.25%; 1.00% Floor)

06/22/2024

2,074,722

2,063,433

2,002,107

AOM Acquisition,

LLC.

(3) (4)

Healthcare & HCIT

Revolver

9.48% (S + 4.75%; 1.00% Floor)

02/18/2027

—

(20,267

)

(9,140

)

AOM Acquisition,

LLC.

(1) (2)

Healthcare & HCIT

Term Loan

9.48% (S + 4.75%; 1.00% Floor)

02/18/2027

7,052,170

6,932,469

6,999,279

BAART Programs,

Inc.

(1) (3) (9)

Healthcare & HCIT

Delayed Draw Term Loan

9.73% (L + 5.00%; 1.00% Floor)

06/11/2027

3,913,117

3,859,734

3,596,122

BAART Programs,

Inc.

(1) (2) (9)

Healthcare & HCIT

Term Loan

9.73% (L + 5.00%; 1.00% Floor)

06/11/2027

4,721,880

4,688,869

4,497,591

See Notes to Consolidated Financial Statements

Table of Contents

AB Private Credit Investors Corporation

Consolidated Schedule of Investments as of December 31, 2022 (continued)


Portfolio Company	Industry	Facility Type	Interest	Maturity	Funded Par Amount		Cost			Fair Value

BV EMS Buyer, Inc. (3)	Healthcare & HCIT	Delayed Draw Term Loan	10.18% (S + 5.75%; 1.00% Floor)	11/23/2027	$	764,792	$	703,741		$	641,249
BV EMS Buyer, Inc. (2)	Healthcare & HCIT	Term Loan	10.17% (S + 5.75%; 1.00% Floor)	11/23/2027		3,520,986		3,420,849			3,397,752
Caregiver 2, Inc. (2)	Healthcare & HCIT	Delayed Draw Term Loan	10.01% (L + 5.25%; 1.00% Floor)	07/24/2025		1,558,643		1,537,782			1,469,021
Caregiver 2, Inc. (5)	Healthcare & HCIT	Term Loan	10.01% (L + 5.25%; 1.00% Floor)	07/24/2025		4,672,010		4,621,799			4,403,370
Caregiver 2, Inc. (5)	Healthcare & HCIT	Term Loan	10.01% (L + 5.25%; 1.00% Floor)	07/24/2025		670,584		663,377			632,026
Caregiver 2, Inc. (2)	Healthcare & HCIT	Term Loan	9.69% (L + 5.25%; 1.00% Floor)	07/24/2025		640,028		630,459			603,227
Choice Health At Home, LLC, (1) (3)	Healthcare & HCIT	Delayed Draw Term Loan	10.14% (L + 6.00%; 1.00% Floor)	12/29/2026		988,121		968,239			895,779
Choice Health At Home, LLC, (1) (2)	Healthcare & HCIT	Term Loan	10.14% (L + 6.00%; 1.00% Floor)	12/29/2026		2,677,708		2,644,479			2,557,211
Coding Solutions Acquisition, In c (3) (4)	Healthcare & HCIT	Delayed Draw Term Loan	9.82% (S + 5.50%; 0.75% Floor)	05/11/2028		—		(15,076	)		(62,111	)
Coding Solutions Acquisition, Inc (3)	Healthcare & HCIT	Revolver	9.82% (S + 5.50%; 0.75% Floor)	05/11/2028		159,072		145,189			121,292
Coding Solutions Acquisition, I nc (2) (5)	Healthcare & HCIT	Term Loan	9.82% (S + 5.50%; 0.75% Floor)	05/11/2028		5,516,636		5,417,625			5,254,596
Community Based Care Acquisition, Inc. (2) (3)	Healthcare & HCIT	Delayed Draw Term Loan	9.93% (S + 5.25%; 1.00% Floor)	09/16/2027		2,034,120		2,003,449			1,948,384
Community Based Care Acquisition, Inc. (3) (4)	Healthcare & HCIT	Delayed Draw Term Loan	9.93% (S + 5.75%; 1.00% Floor)	09/16/2027		—		(55,320	)		(87,363	)
Community Based Care Acquisition, Inc. (3) (4)	Healthcare & HCIT	Revolver	9.93% (S + 5.25%; 1.00% Floor)	09/16/2027		—		(13,669	)		(34,553	)
Community Based Care Acquisition, Inc. (1) (2)	Healthcare & HCIT	Term Loan	9.93% (S + 5.25%; 1.00% Floor)	09/16/2027		5,288,695		5,203,277			5,077,147
Delaware Valley Management Holdings, Inc. (10)	Healthcare & HCIT	Delayed Draw Term Loan	— (L + 6.25%; 1.00% Floor)	03/21/2024		368,816		336,057			236,964
Delaware Valley Management Holdings, Inc. (3) (4) (10)	Healthcare & HCIT	Delayed Draw Term Loan	— (L + 6.25%; 1.00% Floor)	03/21/2024		65,913		58,267			(178,955	)
Delaware Valley Management Holdings, Inc. (10)	Healthcare & HCIT	Revolver	— (L + 6.25%; 1.00% Floor)	03/21/2024		537,691		534,876			345,466
Delaware Valley Management Holdings, Inc. (10)	Healthcare & HCIT	Term Loan	— (L + 6.25%; 1.00% Floor)	03/21/2024		3,457,825		3,438,961			2,221,653
FH MD Buyer, Inc. (1) (2)	Healthcare & HCIT	Term Loan	9.38% (L + 5.00%; 0.75% Floor)	07/22/2028		5,465,408		5,417,025			5,246,792
GHA Buyer, Inc. (2)	Healthcare & HCIT	Delayed Draw Term Loan	12.98% (S + 4.50%; 3.75% PIK; 1.00% Floor)	06/24/2026		810,317		801,655			775,879
GHA Buyer, Inc. (3) (4)	Healthcare & HCIT	Revolver	12.98% (S + 4.50%; 3.75% PIK; 1.00% Floor)	06/24/2026		—		(4,821	)		(40,421	)
GHA Buyer, Inc. (1)	Healthcare & HCIT	Term Loan	12.98% (S + 4.50%; 3.75% PIK; 1.00% Floor)	06/24/2026		1,955,034		1,947,826			1,871,945
GHA Buyer, Inc. (1) (5)	Healthcare & HCIT	Term Loan	12.98% (S + 4.50%; 3.75% PIK; 1.00% Floor)	06/24/2026		5,347,734		5,290,225			5,120,455
GHA Buyer, Inc. (1)	Healthcare & HCIT	Term Loan	12.98% (S + 4.50%; 3.75% PIK; 1.00% Floor)	06/24/2026		725,344		714,335			694,517
GHA Buyer, Inc. (5)	Healthcare & HCIT	Term Loan	12.98% (S + 4.50%; 3.75% PIK; 1.00% Floor)	06/24/2026		4,630,385		4,575,902			4,433,594
GHA Buyer, Inc. (1)	Healthcare & HCIT	Term Loan	12.98% (S + 4.50%; 3.75% PIK; 1.00% Floor)	06/24/2026		558,835		552,492			535,085
Honor HN Buyer, Inc (3) (4)	Healthcare & HCIT	Delayed Draw Term Loan	10.48% (S + 6.00%; 1.00% Floor)	10/15/2027		—		(22,762	)		—
Honor HN Buyer, Inc (2) (3)	Healthcare & HCIT	Delayed Draw Term Loan	10.48% (S + 5.75%; 1.00% Floor)	10/15/2027		762,672		743,223			758,541
Honor HN Buyer, Inc (3) (4)	Healthcare & HCIT	Revolver	10.48% (S + 5.75%; 1.00% Floor)	10/15/2027		—		(4,878	)		(2,281	)
Honor HN Buyer, Inc (1) (2)	Healthcare & HCIT	Term Loan	10.48% (S + 5.75%; 1.00% Floor)	10/15/2027		2,616,861		2,574,759			2,597,235
Medbridge Holdings, LLC (3) (4)	Healthcare & HCIT	Revolver	10.73% (S + 6.00%; 1.00% Floor)	12/23/2026		—		(18,403	)		(30,965	)
Medbridge Holdings, LLC (1)	Healthcare & HCIT	Term Loan	10.73% (S + 6.00%; 1.00% Floor)	12/23/2026		974,356		957,337			952,433
Medbridge Holdings, LLC (1) (2)	Healthcare & HCIT	Term Loan	10.73% (S + 6.00%; 1.00% Floor)	12/23/2026		15,367,872		15,156,980			15,022,094
Medical Management Resource Group, LLC (1)	Healthcare & HCIT	Delayed Draw Term Loan	9.83% (L + 5.75%; 0.75% Floor)	09/30/2027		1,574,165		1,530,370			1,515,134
Medical Management Resource Group, LLC (3) (4)	Healthcare & HCIT	Revolver	10.16% (L + 5.75%; 0.75% Floor)	09/30/2026		—		(4,784	)		(11,866	)
Medical Management Resource Group, LLC (2)	Healthcare & HCIT	Term Loan	10.16% (L + 5.75%; 0.75% Floor)	09/30/2027		3,812,010		3,751,190			3,669,060
Medsuite Purchaser, LLC (3) (4) (11)	Healthcare & HCIT	Delayed Draw Term Loan	9.48% (S + 4.75%; 1.00% Floor)	10/22/2026		—		(41,080	)		—
Medsuite Purchaser, LLC (3) (4) (11)	Healthcare & HCIT	Revolver	9.48% (S + 4.75%; 1.00% Floor)	10/22/2026		—		(7,832	)		(5,103	)
Medsuite Purchaser, LLC (1) (2) (11)	Healthcare & HCIT	Term Loan	9.48% (S + 4.75%; 1.00% Floor)	10/22/2026		4,782,533		4,727,484			4,746,664
OMH-HealthEdge Holdings, LLC (3) (4)	Healthcare & HCIT	Revolver	10.03% (L + 5.25%; 1.00% Floor)	10/24/2024		—		(3,799	)		(1,147	)
OMH-HealthEdge Holdings, LLC (2)	Healthcare & HCIT	Term Loan	10.03% (L + 5.25%; 1.00% Floor)	10/24/2025		2,121,853		2,092,279			2,116,548
OMH-HealthEdge Holdings, LLC (2)	Healthcare & HCIT	Term Loan	10.03% (L + 5.25%; 1.00% Floor)	10/24/2025		963,638		946,724			961,229

See Notes to Consolidated Financial Statements

Table of Contents

AB Private Credit Investors Corporation

Consolidated Schedule of Investments as of December 31, 2022 (continued)


Portfolio Company	Industry	Facility Type	Interest	Maturity	Funded Par Amount		Cost			Fair Value


OMH-HealthEdge Holdings, LLC (1)	Healthcare & HCIT	Term Loan	10.03% (L + 5.25%; 1.00% Floor)	10/24/2025	$	3,661,451	$	3,618,231		$	3,652,297
Pace Health Companies, LLC (3) (4)	Healthcare & HCIT	Revolver	9.23% (L + 4.50%; 1.00% Floor)	08/02/2024		—		(2,053	)		(1,542	)
Pace Health Companies, LLC (1)	Healthcare & HCIT	Term Loan	9.23% (L + 4.50%; 1.00% Floor)	08/02/2024		5,140,906		5,122,407			5,128,053
Pinnacle Dermatology Management, LLC (3)	Healthcare & HCIT	Delayed Draw Term Loan	10.55% (S + 5.75%; 0.75% Floor)	12/08/2028		462,795		449,342			421,791
Pinnacle Dermatology Management, LLC (3) (6)	Healthcare & HCIT	Revolver	8.74% (L + 4.00%; 0.75% Floor)	12/08/2026		153,627		142,959			146,906
Pinnacle Dermatology Management, LLC (1) (2) (5)	Healthcare & HCIT	Term Loan	9.50% (L + 5.75%; 0.75% Floor)	12/08/2028		5,608,718		5,494,471			5,356,325
Pinnacle Treatment Centers, Inc. (2)	Healthcare & HCIT	Delayed Draw Term Loan	10.57% (L + 6.50%; 1.00% Floor)	01/02/2026		343,635		342,065			335,904
Pinnacle Treatment Centers, Inc. (3) (4)	Healthcare & HCIT	Revolver	10.57% (L + 6.50%; 1.00% Floor)	01/02/2026		—		(1,223	)		(6,591	)
Pinnacle Treatment Centers, Inc. (5)	Healthcare & HCIT	Term Loan	10.57% (L + 6.50%; 1.00% Floor)	01/02/2026		286,781		280,374			280,329
Pinnacle Treatment Centers, Inc.	Healthcare & HCIT	Term Loan	10.57% (L + 6.50%; 1.00% Floor)	01/02/2026		147,916		147,916			144,588
Pinnacle Treatment Centers, Inc. (2) (5)	Healthcare & HCIT	Term Loan	10.57% (L + 6.50%; 1.00% Floor)	01/02/2026		4,086,076		4,086,076			3,994,140
Priority Ondemand Midco 2,L.P (3) (4)	Healthcare & HCIT	Delayed Draw Term Loan	10.26% (S + 5.50%; 1.00% Floor)	07/17/2028		—		(22,041	)		(30,472	)
Priority Ondemand Midco 2,L.P (1) (2)	Healthcare & HCIT	Term Loan	10.26% (S + 5.50%; 1.00% Floor)	07/17/2028		7,617,883		7,493,551			7,465,525
RCP Encore Acquisition, Inc. (10)	Healthcare & HCIT	Term Loan	— (L + 5.00%; 1.00% Floor)	06/07/2025		3,328,678		3,230,584			33,287
Redwood Family Care Network, Inc. (3)	Healthcare & HCIT	Delayed Draw Term Loan	10.23% (S + 5.50%; 1.00% Floor)	06/18/2026		681,697		590,071			573,016
Redwood Family Care Network, Inc. (1)	Healthcare & HCIT	Delayed Draw Term Loan	10.23% (S + 5.50%; 1.00% Floor)	06/18/2026		5,829,798		5,748,005			5,684,053
Redwood Family Care Network, Inc. (3) (4)	Healthcare & HCIT	Revolver	10.23% (S + 5.50%; 1.00% Floor)	06/18/2026		—		(8,245	)		(14,718	)
Redwood Family Care Network, Inc. (5)	Healthcare & HCIT	Term Loan	10.23% (S + 5.50%; 1.00% Floor)	06/18/2026		6,668,555		6,575,155			6,501,841
Salisbury House, LLC (3)	Healthcare & HCIT	Revolver	9.24% (S + 5.00%; 1.00% Floor)	08/30/2025		179,337		173,206			162,524
Salisbury House, LLC (1) (2)	Healthcare & HCIT	Term Loan	10.20% (S + 5.50%; 1.00% Floor)	08/30/2025		3,934,410		3,874,710			3,786,869
Salisbury House, LLC (1)	Healthcare & HCIT	Term Loan	10.20% (S + 5.50%; 1.00% Floor)	08/30/2025		1,237,525		1,215,852			1,191,118
Salisbury House, LLC (1)	Healthcare & HCIT	Term Loan	10.20% (S + 5.50%; 1.00% Floor)	08/30/2025		1,137,143		1,125,353			1,094,500
Sandstone Care Holdings, LLC (3) (4)	Healthcare & HCIT	Delayed Draw Term Loan	9.69% (S + 5.50%; 1.00% Floor)	06/28/2028		—		(10,812	)		(26,502	)
Sandstone Care Holdings, LLC (3)	Healthcare & HCIT	Revolver	9.69% (S + 5.50%; 1.00% Floor)	06/28/2028		235,569		220,425			208,773
Sandstone Care Holdings, LLC (1) (5)	Healthcare & HCIT	Term Loan	9.69% (S + 5.50%; 1.00% Floor)	06/28/2028		4,687,823		4,591,008			4,535,469
SCA Buyer, LLC (3)	Healthcare & HCIT	Revolver	11.38% (S + 6.50%; 1.00% Floor)	01/20/2026		386,309		380,329			360,555
SCA Buyer, LLC (2)	Healthcare & HCIT	Term Loan	11.38% (S + 6.50%; 1.00% Floor)	01/20/2026		3,795,490		3,759,075			3,643,671
SIS Purchaser, Inc. (3) (4)	Healthcare & HCIT	Revolver	10.39% (L + 6.00%; 1.00% Floor)	10/15/2026		—		(12,996	)		(37,893	)
SIS Purchaser, Inc. (2)	Healthcare & HCIT	Term Loan	10.39% (L + 6.00%; 1.00% Floor)	10/15/2026		2,405,941		2,374,979			2,327,748
SIS Purchaser, Inc. (1) (2) (5)	Healthcare & HCIT	Term Loan	10.39% (L + 6.00%; 1.00% Floor)	10/15/2026		12,568,947		12,422,981			12,160,456
Smile Brands, Inc. (5)	Healthcare & HCIT	Delayed Draw Term Loan	7.87% (L + 4.50%; 0.75% Floor)	10/12/2025		482,953		481,469			445,524
Smile Brands, Inc. (3)	Healthcare & HCIT	Revolver	11.00% (P + 3.50%; 0.75% Floor)	10/12/2025		88,025		87,613			68,277
Smile Brands, Inc. (1)	Healthcare & HCIT	Term Loan	7.87% (L + 4.50%; 0.75% Floor)	10/12/2025		1,590,621		1,585,335			1,467,348
Spark DSO LLC (3) (4)	Healthcare & HCIT	Revolver	9.99% (L + 6.25%; 1.00% Floor)	04/20/2026		—		(13,111	)		(38,702	)
Spark DSO LLC (1) (2) (5)	Healthcare & HCIT	Term Loan	9.99% (L + 6.25%; 1.00% Floor)	04/19/2026		7,274,395		7,188,032			7,019,791
The Center for Orthopedic and Research Excellence, Inc. (3)	Healthcare & HCIT	Delayed Draw Term Loan	10.18% (S + 5.50%; 1.00% Floor)	08/15/2025		456,510		441,385			430,864
The Center for Orthopedic and Research Excellence, Inc. (2) (6)	Healthcare & HCIT	Delayed Draw Term Loan	10.18% (S + 6.00%; 1.00% Floor)	08/15/2025		1,735,098		1,716,275			1,700,396
The Center for Orthopedic and Research Excellence, Inc. (1) (2)	Healthcare & HCIT	Delayed Draw Term Loan	10.24% (S + 6.00%; 1.00% Floor)	08/15/2025		1,141,583		1,137,251			1,113,044
The Center for Orthopedic and Research Excellence, Inc. (3)	Healthcare & HCIT	Revolver	10.56% (S + 6.00%; 1.00% Floor)	08/15/2025		552,426		546,948			535,162
The Center for Orthopedic and Research Excellence, Inc. (2)	Healthcare & HCIT	Term Loan	10.41% (S + 6.00%; 1.00% Floor)	08/15/2025		3,232,332		3,186,733			3,151,523
The Center for Orthopedic and Research Excellence, Inc. (1) (5)	Healthcare & HCIT	Term Loan	10.24% (S + 6.00%; 1.00% Floor)	08/15/2025		4,843,650		4,802,458			4,722,559
West Dermatology (3) (4)	Healthcare & HCIT	Delayed Draw Term Loan	10.17% (S + 5.75%; 1.00% Floor)	03/17/2028		—		(33,915	)		(522,447	)
West Dermatology (3) (4)	Healthcare & HCIT	Revolver	10.17% (S + 5.75%; 1.00% Floor)	03/17/2028		—		(22,620	)		(186,588	)
West Dermatology (1) (2) (5)	Healthcare & HCIT	Term Loan	10.17% (S + 5.75%; 1.00% Floor)	03/17/2028		12,594,247		12,365,225			10,705,110
Activ Software Holdings, LLC (3) (4)	Software & Tech Services	Revolver	11.79% (L + 6.25%; 1.00% Floor)	05/04/2027		—		(9,501	)		(21,087	)
Activ Software Holdings, LLC (1) (2) (5)	Software & Tech Services	Term Loan	11.79% (L + 6.25%; 1.00% Floor)	05/04/2027		7,988,807		7,871,886			7,729,171
Admiral Buyer, Inc (3) (4)	Software & Tech Services	Delayed Draw Term Loan	10.08% (S + 5.50%; 0.75% Floor)	05/08/2028		—		(14,110	)		(15,770	)

See Notes to Consolidated Financial Statements

Table of Contents

AB Private Credit Investors Corporation

Consolidated Schedule of Investments as of December 31, 2022 (continued)


Portfolio Company	Industry	Facility Type	Interest	Maturity	Funded Par Amount		Cost			Fair Value

Admiral Buyer, Inc (3) (4)	Software & Tech Services	Revolver	10.08% (S + 5.50%; 0.75% Floor)	05/08/2028	$	—	$	(10,084	)	$	(11,264	)
Admiral Buyer, Inc (1)	Software & Tech Services	Term Loan	10.08% (S + 5.50%; 0.75% Floor)	05/08/2028		5,842,640		5,738,028			5,725,787
AMI US Holdings, Inc. (3) (4)	Software & Tech Services	Revolver	9.63% (L + 5.25%)	04/01/2024		—		(5,893	)		—
AMI US Holdings, Inc. (1)	Software & Tech Services	Term Loan	9.63% (L + 5.25%; 1.00% Floor)	04/01/2025		8,007,035		7,938,572			8,007,035
Avalara, Inc. (3) (4)	Software & Tech Services	Revolver	11.83% (S + 7.25%; 0.75% Floor)	10/19/2028		—		(25,767	)		(26,634	)
Avalara, Inc. (2) (5)	Software & Tech Services	Term Loan	11.83% (S + 7.25%; 0.75% Floor)	10/19/2028		10,653,748		10,396,078			10,387,404
Avetta, LLC (3) (4)	Software & Tech Services	Revolver	10.16% (L + 5.75%; 1.00% Floor)	04/10/2024		—		(2,142	)		(2,472	)
Avetta, LLC (2)	Software & Tech Services	Term Loan	10.16% (L + 5.75%; 1.00% Floor)	04/10/2024		6,768,472		6,704,614			6,734,630
Avetta, LLC (1)	Software & Tech Services	Term Loan	10.16% (L + 5.75%; 1.00% Floor)	04/10/2024		4,196,029		4,171,041			4,175,049
Avetta, LLC (1) (5)	Software & Tech Services	Term Loan	10.16% (L + 5.75%; 1.00% Floor)	04/10/2024		3,187,003		3,161,068			3,171,068
Bonterra, LLC (3) (4) (12)	Software & Tech Services	Delayed Draw Term Loan	10.98% (L + 6.25%; 0.75% Floor)	09/08/2027		—		(17,010	)		(68,655	)
Bonterra, LLC (3) (12)	Software & Tech Services	Revolver	10.98% (L + 6.25%; 0.75% Floor)	09/08/2027		428,359		414,759			390,927
Bonterra, LLC (1) (2) (5) (12)	Software & Tech Services	Term Loan	10.98% (L + 6.25%; 0.75% Floor)	09/08/2027		15,595,728		15,416,612			15,088,867
Brightspot Buyer, Inc (3) (4)	Software & Tech Services	Revolver	10.18% (S + 5.50%; 0.75% Floor)	11/16/2027		—		(11,138	)		(20,409	)
Brightspot Buyer, Inc (2)	Software & Tech Services	Term Loan	10.18% (S + 5.50%; 0.75% Floor)	11/16/2027		5,215,571		5,130,177			5,059,104
BSI2 Hold Nettle, LLC (3) (4)	Software & Tech Services	Revolver	9.54% (S + 4.75%; 0.75% Floor)	06/30/2028		—		(8,123	)		(10,306	)
BSI2 Hold Nettle, LLC (2) (5)	Software & Tech Services	Term Loan	9.54% (S + 4.75%; 0.75% Floor)	06/30/2028		4,699,602		4,634,781			4,617,359
BusinesSolver.com, Inc. (3)	Software & Tech Services	Delayed Draw Term Loan	9.88% (L + 5.50%; 0.75% Floor)	12/01/2027		169,881		160,968			120,219
BusinesSolver.com, Inc. (2) (5)	Software & Tech Services	Term Loan	10.23% (L + 5.50%; 0.75% Floor)	12/01/2027		7,324,613		7,264,046			7,104,875
Certify, Inc	Software & Tech Services	Delayed Draw Term Loan	9.89% (L + 5.50%; 1.00% Floor)	02/28/2024		399,689		397,724			396,692
Certify, Inc (5)	Software & Tech Services	Delayed Draw Term Loan	9.89% (L + 5.50%; 1.00% Floor)	02/28/2024		479,627		477,590			476,030
Certify, Inc (3)	Software & Tech Services	Revolver	9.89% (L + 5.50%; 1.00% Floor)	02/28/2024		39,969		39,838			38,770
Certify, Inc (1) (2) (5)	Software & Tech Services	Term Loan	9.89% (L + 5.50%; 1.00% Floor)	02/28/2024		3,916,954		3,897,691			3,887,577
Community Brands Parentco, LLC (3) (4)	Software & Tech Services	Delayed Draw Term Loan	10.17% (S + 5.75%; 0.75% Floor)	02/24/2028		—		(7,196	)		(27,118	)
Community Brands Parentco, LLC (3) (4)	Software & Tech Services	Revolver	10.17% (S + 5.75%; 0.75% Floor)	02/24/2028		—		(7,201	)		(17,731	)
Community Brands Parentco, LLC (1) (2)	Software & Tech Services	Term Loan	10.17% (S + 5.75%; 0.75% Floor)	02/24/2028		7,039,335		6,915,224			6,740,163
Datacor, Inc. (3)	Software & Tech Services	Delayed Draw Term Loan	10.09% (S + 5.75%; 1.00% Floor)	12/29/2025		1,113,561		1,084,969			1,100,835
Datacor, Inc. (3) (4)	Software & Tech Services	Revolver	10.33% (S + 5.75%; 1.00% Floor)	12/29/2025		—		(7,696	)		(9,658	)
Datacor, Inc. (1) (2) (5)	Software & Tech Services	Term Loan	10.33% (S + 5.75%; 1.00% Floor)	12/29/2025		13,841,011		13,618,560			13,633,396
Degreed, Inc. (3) (4)	Software & Tech Services	Delayed Draw Term Loan	10.92% (S + 5.50%; 1.00% PIK; 1.00% Floor)	05/29/2026		—		(4,052	)		(34,785	)
Degreed, Inc. (3) (4)	Software & Tech Services	Delayed Draw Term Loan	10.92% (S + 5.50%; 1.00% PIK; 1.00% Floor)	05/29/2026		—		(11,955	)		(26,433	)
Degreed, Inc. (3) (4)	Software & Tech Services	Revolver	10.92% (S + 5.50%; 1.00% PIK; 1.00% Floor)	05/29/2026		—		(1,544	)		(12,534	)
Degreed, Inc. (2)	Software & Tech Services	Term Loan	10.92% (S + 5.50%; 1.00% PIK; 1.00% Floor)	05/29/2026		2,793,161		2,776,565			2,709,367
Degreed, Inc. (1) (5)	Software & Tech Services	Term Loan	10.92% (S + 5.50%; 1.00% PIK; 1.00% Floor)	05/29/2026		5,172,233		5,138,480			5,017,066
Dispatch Track, LLC (3) (4)	Software & Tech Services	Revolver	8.86% (L + 4.50%; 1.00% Floor)	12/17/2026		—		(1,812	)		(3,019	)
Dispatch Track, LLC (1) (2)	Software & Tech Services	Term Loan	8.86% (L + 4.50%; 1.00% Floor)	12/17/2026		9,849,936		9,777,608			9,751,437
Drilling Info Holdings, Inc. (1)	Software & Tech Services	Term Loan	8.63% (L + 4.25%)	07/30/2025		3,292,167		3,285,890			3,226,324
EET Buyer, Inc. (3) (4)	Software & Tech Services	Revolver	10.26% (L + 5.25%; 0.75% Floor)	11/08/2027		—		(11,261	)		(13,816	)
EET Buyer, Inc. (2) (5)	Software & Tech Services	Term Loan	10.26% (L + 5.25%; 0.75% Floor)	11/08/2027		6,856,127		6,744,365			6,719,005
Exterro, Inc. (3) (4)	Software & Tech Services	Revolver	10.27% (L + 5.50%; 1.00% Floor)	05/31/2024		—		(1,197	)		(1,238	)
Exterro, Inc. (2) (5)	Software & Tech Services	Term Loan	10.27% (L + 5.50%; 1.00% Floor)	05/31/2024		6,237,900		6,184,219			6,206,710
Exterro, Inc. (1) (2)	Software & Tech Services	Term Loan	10.27% (L + 5.50%; 1.00% Floor)	05/31/2024		5,809,123		5,752,695			5,780,077
Exterro, Inc. (1)	Software & Tech Services	Term Loan	10.27% (L + 5.50%; 1.00% Floor)	05/31/2024		2,793,450		2,779,059			2,779,483
Faithlife, LLC (1) (2)	Software & Tech Services	Delayed Draw Term Loan	10.68% (S + 6.00%; 1.00% Floor)	09/18/2025		708,304		700,650			708,304
Faithlife, LLC (3) (4)	Software & Tech Services	Revolver	10.68% (S + 6.00%; 1.00% Floor)	09/18/2025		—		(3,059	)		—
Faithlife, LLC (1) (2)	Software & Tech Services	Term Loan	10.68% (S + 6.00%; 1.00% Floor)	09/18/2025		304,180		300,827			304,180
Fusion Holding Corp (3) (4)	Software & Tech Services	Revolver	10.78% (S + 6.25%; 0.75% Floor)	09/15/2027		—		(29,257	)		(34,480	)
Fusion Holding Corp (1) (2) (5)	Software & Tech Services	Term Loan	10.78% (S + 6.25%; 0.75% Floor)	09/15/2029		16,895,061		16,530,288			16,472,685
Fusion Risk Management Inc (3) (4)	Software & Tech Services	Revolver	11.40% (S + 6.50%; 1.00% Floor)	08/30/2028		—		(18,154	)		(29,850	)
Fusion Risk Management Inc (1) (5)	Software & Tech Services	Term Loan	11.40% (S + 6.50%; 1.00% Floor)	08/30/2028		8,610,210		8,428,666			8,308,852
Genesis Acquisition Co. (5)	Software & Tech Services	Revolver	8.48% (L + 3.75%)	07/31/2024		202,400		201,292			196,834
Genesis Acquisition Co. (1) (2)	Software & Tech Services	Term Loan	7.92% (L + 3.75%)	07/31/2024		1,360,788		1,352,870			1,323,367
Greenhouse Software, Inc. (3) (4)	Software & Tech Services	Revolver	11.58% (S + 7.00%; 1.00% Floor)	09/01/2028		—		(19,492	)		(30,806	)
Greenhouse Software, Inc. (3) (4)	Software & Tech Services	Revolver	11.58% (S + 7.00%; 1.00% Floor)	09/01/2028		—		(14,303	)		(15,112	)
Greenhouse Software, Inc. (2) (5)	Software & Tech Services	Term Loan	11.58% (S + 7.00%; 1.00% Floor)	09/01/2028		12,376,845		12,179,502			12,067,424
Greenhouse Software, Inc. (1) (2) (5)	Software & Tech Services	Term Loan	11.58% (S + 7.00%; 1.00% Floor)	09/01/2028		14,507,975		14,164,695			14,145,275
Gryphon-Redwood Acquisition LLC (3) (4)	Software & Tech Services	Delayed Draw Term Loan	14.58% (S + 4.00%; 6.00% PIK; 1.00% Floor)	09/16/2028		—		(26,449	)		(35,685	)

See Notes to Consolidated Financial Statements

Table of Contents

AB Private Credit Investors Corporation

Consolidated Schedule of Investments as of December 31, 2022 (continued)


Portfolio Company	Industry	Facility Type	Interest	Maturity	Funded Par Amount		Cost			Fair Value

Gryphon-Redwood Acquisition LLC (1)	Software & Tech Services	Term Loan	14.58% (S + 4.00%; 6.00% PIK; 1.00% Floor)	09/16/2028	$	3,521,435	$	3,463,723		$	3,442,202
GS AcquisitionCo, Inc. (3) (4)	Software & Tech Services	Revolver	9.92% (L + 5.75%; 1.00% Floor)	05/22/2026		—		(1,923	)		(18,268	)
GS AcquisitionCo, Inc. (1) (2) (5) (6)	Software & Tech Services	Term Loan	9.92% (L + 5.75%; 1.00% Floor)	05/22/2026		9,479,087		9,448,353			9,099,923
Iodine Software, LLC (3) (4)	Software & Tech Services	Delayed Draw Term Loan	11.42% (S + 7.00%; 1.00% Floor)	05/19/2027		—		(41,099	)		(25,771	)
Iodine Software, LLC (2) (5)	Software & Tech Services	Delayed Draw Term Loan	11.42% (S + 7.00%; 1.00% Floor)	05/19/2027		7,956,211		7,838,340			7,797,087
Iodine Software, LLC (3) (4)	Software & Tech Services	Revolver	11.42% (S + 7.00%; 1.00% Floor)	05/19/2027		—		(16,085	)		(21,781	)
Iodine Software, LLC (1) (2)	Software & Tech Services	Term Loan	11.42% (S + 7.00%; 1.00% Floor)	05/19/2027		5,281,749		5,203,738			5,176,114
Kaseya Inc. (3) (4)	Software & Tech Services	Delayed Draw Term Loan	10.33% (S + 5.75%; 0.75% Floor)	06/25/2029		—		(8,852	)		(19,103	)
Kaseya Inc. (3) (4)	Software & Tech Services	Revolver	10.33% (S + 5.75%; 0.75% Floor)	06/25/2029		—		(4,425	)		(23,879	)
Kaseya Inc. (1) (2)	Software & Tech Services	Term Loan	10.33% (S + 5.75%; 0.75% Floor)	06/25/2029		10,506,804		10,360,743			10,112,799
Mavenlink, Inc. (3)	Software & Tech Services	Revolver	9.89% (L + 5.75%; 0.75% Floor)	06/03/2027		357,963		328,924			308,743
Mavenlink, Inc. (1) (2) (5)	Software & Tech Services	Term Loan	9.14% (L + 5.75%; 0.75% Floor)	06/03/2027		15,034,451		14,790,523			14,621,004
Moon Buyer, Inc.	Software & Tech Services	Delayed Draw Term Loan	9.49% (L + 4.75%; 1.00% Floor)	04/21/2027		581,896		578,330			580,442
Moon Buyer, Inc. (3) (4)	Software & Tech Services	Revolver	9.48% (L + 4.75%; 1.00% Floor)	04/21/2027		—		(12,657	)		(2,909	)
Moon Buyer, Inc. (1) (2) (5)	Software & Tech Services	Term Loan	9.48% (L + 4.75%; 1.00% Floor)	04/21/2027		6,304,848		6,236,280			6,289,086
Mykaarma Acquisition LLC (3) (4)	Software & Tech Services	Revolver	10.88% (S + 3.00%; 3.75% PIK; 1.00% Floor)	03/21/2028		—		(10,357	)		(16,313	)
Mykaarma Acquisition LLC (2) (5)	Software & Tech Services	Term Loan	10.88% (S + 3.00%; 3.75% PIK; 1.00% Floor)	03/21/2028		6,103,707		5,997,612			5,935,855
Navigate360, LLC (2)	Software & Tech Services	Delayed Draw Term Loan	10.33% (S + 6.00%; 1.00% Floor)	03/17/2027		1,808,174		1,786,326			1,772,010
Navigate360, LLC (3) (4)	Software & Tech Services	Revolver	10.33% (S + 6.00%; 1.00% Floor)	03/17/2027		—		(10,211	)		(12,085	)
Navigate360, LLC (2)	Software & Tech Services	Term Loan	10.33% (S + 6.00%; 1.00% Floor)	03/17/2027		2,265,796		2,221,961			2,220,480
Navigate360, LLC (5)	Software & Tech Services	Term Loan	10.33% (S + 6.00%; 1.00% Floor)	03/17/2027		4,197,924		4,125,548			4,113,965
Netwrix Corporation And Concept Searching Inc. (3)	Software & Tech Services	Delayed Draw Term Loan	9.70% (S + 5.00%; 0.75% Floor)	06/11/2029		548,139		543,652			521,729
Netwrix Corporation And Concept Searching Inc. (3) (4)	Software & Tech Services	Revolver	9.70% (S + 5.00%; 0.75% Floor)	06/11/2029		—		(2,349	)		(7,748	)
Netwrix Corporation And Concept Searching Inc. (1) (2)	Software & Tech Services	Term Loan	9.70% (S + 5.00%; 0.75% Floor)	06/11/2029		9,204,116		9,181,651			9,112,075
Ping Identity Corporation (3) (4)	Software & Tech Services	Revolver	11.32% (S + 7.00%; 0.75% Floor)	10/17/2028		—		(29,103	)		(30,084	)
Ping Identity Corporation (1) (2) (5)	Software & Tech Services	Term Loan	11.32% (S + 7.00%; 0.75% Floor)	10/17/2029		12,033,445		11,741,078			11,732,609
Ranger Buyer, Inc. (3) (4)	Software & Tech Services	Revolver	9.88% (L + 5.50%; 0.75% Floor)	11/18/2027		—		(19,742	)		(29,981	)
Ranger Buyer, Inc. (1) (2) (5)	Software & Tech Services	Term Loan	9.88% (L + 5.50%; 0.75% Floor)	11/17/2028		14,282,859		14,033,779			13,925,788
Sauce Labs, Inc. (3) (4)	Software & Tech Services	Delayed Draw Term Loan	10.31% (S + 5.50%; 0.50% PIK; 1.00% Floor)	08/16/2027		—		(21,889	)		(35,512	)
Sauce Labs, Inc. (5)	Software & Tech Services	Delayed Draw Term Loan	10.31% (S + 5.50%; 0.50% PIK; 1.00% Floor)	08/16/2027		1,925,189		1,895,279			1,877,059
Sauce Labs, Inc. (3) (4)	Software & Tech Services	Revolver	10.31% (S + 5.50%; 1.00% Floor)	08/16/2027		—		(19,953	)		(32,046	)
Sauce Labs, Inc. (2) (5)	Software & Tech Services	Term Loan	10.31% (S + 5.50%; 0.50% PIK; 1.00% Floor)	08/16/2027		7,504,362		7,377,979			7,316,753
Saviynt, Inc. (3) (4)	Software & Tech Services	Delayed Draw Term Loan	11.42% (S + 7.00%; 1.00% Floor)	12/22/2027		—		(151,721	)		(152,450	)
Saviynt, Inc. (3) (4)	Software & Tech Services	Revolver	11.42% (S + 7.00%; 1.00% Floor)	12/22/2027		—		(15,172	)		(15,245	)
Saviynt, Inc. (2) (5)	Software & Tech Services	Term Loan	11.42% (S + 7.00%; 1.00% Floor)	12/22/2027		18,293,942		17,838,779			17,836,593
ScyllaDB, Inc. (3) (4)	Software & Tech Services	Delayed Draw Term Loan	10.82% (S + 6.50%; 1.00% Floor)	09/08/2027		—		(3,101	)		(8,260	)
ScyllaDB, Inc. (3) (4)	Software & Tech Services	Revolver	10.82% (S + 6.50%; 1.00% Floor)	09/08/2027		—		(2,481	)		(4,626	)
ScyllaDB, Inc. (5)	Software & Tech Services	Term Loan	10.82% (S + 6.50%; 1.00% Floor)	09/08/2027		2,643,348		2,577,310			2,597,089
Securonix, Inc. (3) (4)	Software & Tech Services	Revolver	10.10% (S + 6.50%; 0.75% Floor)	04/05/2028		—		(23,716	)		(69,225	)
Securonix, Inc. (2) (5)	Software & Tech Services	Term Loan	10.10% (S + 6.50%; 0.75% Floor)	04/05/2028		8,546,314		8,414,561			8,161,730
Sirsi Corporation (3) (4)	Software & Tech Services	Revolver	8.88% (L + 4.50%; 1.00% Floor)	03/15/2024		—		(2,145	)		(2,769	)
Sirsi Corporation (1) (2)	Software & Tech Services	Term Loan	8.88% (L + 4.50%; 1.00% Floor)	03/15/2024		6,591,250		6,563,978			6,558,294
Smartlinx Solutions, LLC (3)	Software & Tech Services	Revolver	10.48% (L + 5.75%; 1.00% Floor)	03/04/2026		129,871		127,080			114,286
Smartlinx Solutions, LLC	Software & Tech Services	Term Loan	10.48% (L + 5.75%; 1.00% Floor)	03/04/2026		493,137		484,961			478,342
Smartlinx Solutions, LLC (1) (2) (5)	Software & Tech Services	Term Loan	10.48% (L + 5.75%; 1.00% Floor)	03/04/2026		5,620,327		5,559,389			5,451,717
Soladoc, LLC (3) (4)	Software & Tech Services	Delayed Draw Term Loan	10.07% (S + 5.25%; 0.75% Floor)	06/12/2028		—		(21,438	)		(53,003	)
Soladoc, LLC (3) (4)	Software & Tech Services	Revolver	10.07% (S + 5.25%; 0.75% Floor)	06/12/2028		—		(10,724	)		(19,140	)
Soladoc, LLC (1) (2)	Software & Tech Services	Term Loan	10.07% (S + 5.25%; 0.75% Floor)	06/12/2028		5,889,225		5,781,986			5,697,825
SugarCRM, Inc. (3) (4)	Software & Tech Services	Revolver	10.88% (L + 6.50%; 1.00% Floor)	07/31/2024		—		(1,483	)		(4,654	)
SugarCRM, Inc. (1) (5)	Software & Tech Services	Term Loan	10.88% (L + 6.50%; 1.00% Floor)	07/31/2024		4,268,824		4,243,198			4,204,792
Sundance Group Holdings, Inc. (5)	Software & Tech Services	Delayed Draw Term Loan	10.75% (S + 6.25%; 1.00% Floor)	07/02/2027		3,547,253		3,493,454			3,449,704
Sundance Group Holdings, Inc. (3) (4)	Software & Tech Services	Revolver	10.75% (S + 6.25%; 1.00% Floor)	07/02/2027		—		(21,522	)		(39,020	)

See Notes to Consolidated Financial Statements

Table of Contents

AB Private Credit Investors Corporation

Consolidated Schedule of Investments as of December 31, 2022 (continued)


Portfolio Company	Industry	Facility Type	Interest	Maturity	Funded Par Amount		Cost			Fair Value

Sundance Group Holdings, Inc. (2) (5)	Software & Tech Services	Term Loan	10.75% (S + 6.25%; 1.00% Floor)	07/02/2027	$	11,824,177	$	11,644,830		$	11,499,012
Sundance Group Holdings, Inc.	Software & Tech Services	Term Loan	10.93% (S + 6.25%; 1.00% Floor)	07/02/2027		463,790		450,131			451,036
Swiftpage, Inc. (3) (4)	Software & Tech Services	Revolver	10.92% (S + 6.50%; 1.00% Floor)	06/13/2023		—		(414	)		(9,576	)
Swiftpage, Inc. (2)	Software & Tech Services	Term Loan	10.92% (S + 6.50%; 1.00% Floor)	06/13/2023		222,833		222,285			213,363
Swiftpage, Inc. (2)	Software & Tech Services	Term Loan	10.92% (S + 6.50%; 1.00% Floor)	06/13/2023		2,420,745		2,416,550			2,317,863
Sysnet North America, Inc. (1) (2) (5)	Software & Tech Services	Term Loan	11.50% (L + 5.00%; 1.00% Floor)	12/01/2026		8,862,217		8,790,246			8,552,039
Telcor Buyer, Inc. (3) (4)	Software & Tech Services	Revolver	9.64% (L + 4.50%; 1.00% Floor)	08/20/2027		—		(3,400	)		(7,996	)
Telcor Buyer, Inc. (1) (2)	Software & Tech Services	Term Loan	9.64% (L + 4.50%; 1.00% Floor)	08/20/2027		9,304,625		9,195,815			9,048,748
Telesoft Holdings, LLC (3)	Software & Tech Services	Revolver	10.14% (L + 5.75%; 1.00% Floor)	12/16/2025		49,739		43,024			36,309
Telesoft Holdings, LLC (2) (5)	Software & Tech Services	Term Loan	10.13% (L + 5.75%; 1.00% Floor)	12/16/2025		5,804,526		5,737,622			5,673,924
TRGRP, Inc. (3) (4)	Software & Tech Services	Revolver	11.73% (L + 4.50%; 2.50% PIK; 1.00% Floor)	11/01/2023		—		(1,126	)		—
TRGRP, Inc. (2) (5)	Software & Tech Services	Term Loan	11.73% (L + 4.50%; 2.50% PIK; 1.00% Floor)	11/01/2023		5,052,223		5,025,591			5,052,223
TRGRP, Inc. (2)	Software & Tech Services	Term Loan	11.73% (L + 4.50%; 2.50% PIK; 1.00% Floor)	11/01/2023		2,370,051		2,355,364			2,370,051
TRGRP, Inc. (1)	Software & Tech Services	Term Loan	11.73% (L + 4.50%; 2.50% PIK; 1.00% Floor)	11/01/2023		1,128,534		1,124,106			1,128,534
Unanet, Inc. (3) (4)	Software & Tech Services	Delayed Draw Term Loan	10.97% (S + 6.25%; 0.75% Floor)	12/08/2028		—		(37,535	)		(37,904	)
Unanet, Inc. (3) (4)	Software & Tech Services	Revolver	10.97% (S + 6.25%; 0.75% Floor)	12/08/2028		—		(25,270	)		(25,270	)
Unanet, Inc. (2) (5)	Software & Tech Services	Term Loan	10.97% (S + 6.25%; 0.75% Floor)	12/08/2028		12,003,044		11,764,925			11,762,983
Ungerboeck Systems International, LLC (3)	Software & Tech Services	Delayed Draw Term Loan	11.22% (L + 6.50%; 1.00% Floor)	04/30/2027		272,766		268,398			267,992
Ungerboeck Systems International, LLC (5)	Software & Tech Services	Delayed Draw Term Loan	11.23% (L + 6.50%; 1.00% Floor)	04/30/2027		690,794		690,794			676,978
Ungerboeck Systems International, LLC (1)	Software & Tech Services	Delayed Draw Term Loan	11.23% (L + 6.50%; 1.00% Floor)	04/30/2027		322,391		318,814			315,943
Ungerboeck Systems International, LLC (3) (4)	Software & Tech Services	Revolver	11.23% (L + 6.50%; 1.00% Floor)	04/30/2027		—		(3,012	)		(4,588	)
Ungerboeck Systems International, LLC	Software & Tech Services	Term Loan	11.28% (L + 6.50%; 1.00% Floor)	04/30/2027		136,383		133,886			133,655
Ungerboeck Systems International, LLC (2) (5)	Software & Tech Services	Term Loan	11.23% (L + 6.50%; 1.00% Floor)	04/30/2027		2,717,277		2,687,154			2,662,931
Vectra AI, Inc. (3) (4)	Software & Tech Services	Delayed Draw Term Loan	10.49% (L + 5.75%; 1.00% Floor)	03/18/2026		—		(18,778	)		(34,914	)
Vectra AI, Inc. (3) (4)	Software & Tech Services	Revolver	10.49% (L + 5.75%; 1.00% Floor)	03/18/2026		—		(3,756	)		(6,983	)
Vectra AI, Inc. (2) (5)	Software & Tech Services	Term Loan	10.49% (L + 5.75%; 1.00% Floor)	03/18/2026		3,258,620		3,204,291			3,160,862
Vehlo Purchaser, LLC (2) (5)	Software & Tech Services	Delayed Draw Term Loan	9.98% (S + 5.00%; 0.75% Floor)	05/24/2028		6,195,183		6,133,560			6,148,719
Vehlo Purchaser, LLC (3) (4)	Software & Tech Services	Revolver	9.69% (S + 5.00%; 0.75% Floor)	05/24/2028		—		(16,782	)		(18,586	)
Vehlo Purchaser, LLC (1) (2) (5)	Software & Tech Services	Term Loan	9.69% (S + 5.00%; 0.75% Floor)	05/24/2028		22,302,658		22,000,883			21,968,118
Velocity Purchaser Corporation (3) (4)	Software & Tech Services	Revolver	10.24% (S + 6.00%; 1.00% Floor)	12/01/2023		—		(611	)		(483	)
Velocity Purchaser Corporation (1)	Software & Tech Services	Term Loan	10.24% (S + 6.00%; 1.00% Floor)	12/01/2023		2,412,446		2,405,375			2,406,415
Velocity Purchaser Corporation (1) (2)	Software & Tech Services	Term Loan	10.24% (S + 6.00%; 1.00% Floor)	12/01/2023		4,765,411		4,735,630			4,753,497
Velocity Purchaser Corporation (1)	Software & Tech Services	Term Loan	10.24% (S + 6.00%; 1.00% Floor)	12/01/2023		600,106		597,933			598,605
Veracross LLC (3) (4)	Software & Tech Services	Delayed Draw Term Loan	11.23% (S + 2.00%; 5.00% PIK; 1.00% Floor)	12/28/2027		—		(13,965	)		(37,549	)
Veracross LLC (3) (4)	Software & Tech Services	Revolver	11.23% (S + 2.00%; 5.00% PIK; 1.00% Floor)	12/28/2027		—		(18,636	)		(36,158	)
Veracross LLC (5)	Software & Tech Services	Term Loan	11.23% (S + 2.00%; 5.00% PIK; 1.00% Floor)	12/28/2027		12,906,513		12,701,489			12,487,052
Zendesk, Inc. (3) (4)	Software & Tech Services	Delayed Draw Term Loan	11.04% (S + 6.50%; 0.75% Floor)	11/22/2028		—		(32,741	)		(33,335	)
Zendesk, Inc. (3) (4)	Software & Tech Services	Revolver	11.04% (S + 6.50%; 0.75% Floor)	11/22/2028		—		(26,961	)		(27,453	)
Zendesk, Inc. (2) (5)	Software & Tech Services	Term Loan	11.04% (S + 6.50%; 0.75% Floor)	11/22/2028		13,334,101		13,072,194			13,067,419
Dillon Log istics, Inc. (10)	Transport & Logistics	Revolver	— (P + 6.00%; 1.00% Floor)	12/11/2023		834,642		750,748			54,586
Dillon Logistics, Inc . (10)	Transport & Logistics	Term Loan	— (L + 7.00%; 1.00% Floor)	12/11/2023		3,079,544		2,673,820			201,402

Total U.S. 1st Lien/Senior Secured Debt								1,097,596,835			1,070,520,769

2nd Lien/Junior Secured Debt —2.33%
Conterra Ultra Broadband Holdings, Inc. (1) (2)	Digital Infrastructure & Services	Term Loan	13.01% (L + 8.50%; 1.00% Floor)	04/30/2027		6,537,710		6,476,655			6,521,366
Brave Parent Holdings, Inc. (1)	Software & Tech Services	Term Loan	11.88% (L + 7.50%)	04/17/2026		1,230,107		1,216,529			1,199,354
Symplr Software, Inc. (1) (2)	Software & Tech Services	Term Loan	12.07% (S + 7.88%; 0.75% Floor)	12/22/2028		3,130,634		3,083,175			2,919,316

Total U.S. 2nd Lien/Junior Secured Debt								10,776,359			10,640,036

Total U.S. Corporate Debt								1,108,373,194			1,081,160,805

See Notes to Consolidated Financial Statements

Table of Contents

AB Private Credit Investors Corporation

Consolidated Schedule of Investments as of December 31, 2022 (continued)

Portfolio Company

Industry

Facility Type

Interest

Maturity

Funded

Par Amount

Cost

Fair Value

anadian Corporate Debt -

3.87

1st Lien/Senior Secured Debt -

3.87%

McNairn Holdings
Ltd.

(1) (13)

Business Services

Term Loan

9.98% (L + 5.00%; 0.50% PIK; 1.00% Floor)

11/25/2025

739,507

730,174

726,566

Syntax Systems
Ltd

(1) (2) (13)

Digital Infrastructure & Services

Term Loan

10.13% (L + 5.75%; 0.75% Floor)

10/29/2028

8,773,543

8,699,024

8,334,866

Syntax Systems
Ltd

(3) (13)

Digital Infrastructure & Services

Revolver

10.04% (L + 5.75%; 0.75% Floor)

10/29/2026

649,103

641,599

600,420

Syntax Systems
Ltd

(3) (4) (13)

Digital Infrastructure & Services

Delayed Draw Term Loan

10.13% (L + 5.50%; 0.75% Floor)

10/29/2028

—

(20,396

)

(121,707

)

Banneker V Acquisition, Inc.

(2) (5) (13)

Software & Tech Services

Term Loan

10.39% (L + 6.00%; 1.00% Floor)

12/04/2025

7,105,235

7,011,398

7,105,235

Banneker V Acquisition, Inc.

(3) (4) (13)

Software & Tech Services

Revolver

10.39% (L + 6.00%; 1.00% Floor)

12/04/2025

—

(3,068

)

—

Banneker V Acquisition, Inc.

(2) (13)

Software & Tech Services

Delayed Draw Term Loan

10.39% (L + 6.00%; 1.00% Floor)

12/04/2025

1,024,233

1,012,076

1,024,233

Total Canadian 1st Lien/Senior Secured Debt

18,070,807

17,669,613

Total Canadian Corporate Debt

18,070,807

17,669,613



Portfolio Company	Class/Series	Industry	Initial Acquisition Date (14)	Shares		Cost		Fair Value
U.S. Preferred Stock—2.02%
U .S. Preferred Stock - 2.02%
Ntiva Investments, LLC (MSP Global Holdings, Inc) (15)	Class A	Digital Infrastructure & Services	01/24/2022		333,937	$	272,826	$	234,701
Bowline Topco LLC ^^(15) (16)	LLC Units	Energy	08/09/2021		2,946,390		—		173,837
SBS Ultimate Holdings, LP (15)	Class A	Healthcare & HCIT	09/18/2020		217,710		861,878		266
Alphasense, Inc. (13) (15)	Series C	Software & Tech Services	06/01/2021		23,961		369,843		474,027
Concerto Health AI Solutions, LLC (15) (16)	Series B-1	Software & Tech Services	12/23/2019		65,614		349,977		351,172
Datarobot, Inc. (15)	Series F	Software & Tech Services	10/27/2020		6,715		88,248		80,863
Datarobot, Inc. (15)	Series E	Software & Tech Services	08/30/2019		38,190		289,278		364,025
Degreed, Inc. (15)	Series D	Software & Tech Services	04/30/2021		16,943		278,308		260,465
Degreed, Inc. (15)	Series C-1	Software & Tech Services	06/25/2019		43,819		278,541		358,800
Heap, Inc. (15)	Series D	Software & Tech Services	11/24/2021		17,425		147,443		148,351
Heap, Inc. (15)	Series C	Software & Tech Services	05/21/2019		189,617		696,351		1,032,478
Knockout Intermediate Holdings I, Inc. (Kaseya, Inc.) (15)	Perpetual	Software & Tech Services	06/23/2022		1,345		1,311,760		1,377,730
Netskope, Inc. (15)	Series G	Software & Tech Services	01/27/2020		36,144		302,536		377,701
Phenom People, Inc. (15)	Series C	Software & Tech Services	01/08/2020		35,055		220,610		444,061
Protoscale Rubrik, LLC (15)	Class B	Software & Tech Services	01/04/2019		25,397		598,212		687,828
Swyft Parent Holdings LP (15) (16)	LP Interests	Software & Tech Services	02/07/2022		850,470		811,438		840,825
Symplr Software Intermediate Holdings, Inc. (15)	Series A	Software & Tech Services	11/30/2018		1,196		1,160,532		1,901,763
Vectra AI, Inc (15)	Series F	Software & Tech Services	05/28/2021		17,064		131,095		109,329

Total U.S. Preferred Stock							8,168,876		9,218,222

U.S. Common Stock - 1.71%
Global Radar Holdings, LLC (15) (16)	Earn Out	Business Services	11/08/2022		125	$	—	$	2,179
AEG Holding Company, Inc. (15)	Class A	Consumer Discretionary	11/20/2017		320		321,309		338,179
Freddy’s Acquisition, LP (Freddy’s Frozen Custard, LLC) (15)	LP Interests	Consumer Non-Cyclical	03/03/2021		72,483		72,483		122,100
8x8, Inc. (13) (15) (17)	Common Units	Digital Infrastructure & Services			7,886		170,890		34,068
Avant Communications, LLC (15) (16)	Class A	Digital Infrastructure & Services	11/30/2021		236,307		236,307		300,030
NEPCORE Parent Holdings, LLC (15)	Class A	Digital Infrastructure & Services	10/21/2021		95		95,249		74,585

See Notes to Consolidated Financial Statements

Table of Contents

AB Private Credit Investors Corporation

Consolidated Schedule of Investments as of December 31, 2022 (continued)



Portfolio Company	Class/Series	Industry	Initial Acquisition Date (14)	Shares		Cost		Fair Value

Nepcore Parent Holdings, LLC (Coretelligent Intermediate, LLC) (15)	LLC Units	Digital Infrastructure & Services	10/21/2021		396,513		439,932	$	332,454
Ntiva Investments, LLC (MSP Global Holdings, Inc) (15)	Class A	Digital Infrastructure & Services	01/24/2022		333,937		61,111		52,571
Thrive Parent, LLC (15)	Class L	Digital Infrastructure & Services	01/22/2021		100,219		263,195		406,456
Advantage AVP Parent Holdings, L.P. (Medical Management Resource Group, LLC) (15)	Class B	Healthcare & HCIT	09/30/2021		34,492		34,492		38,533
American Outcomes Management, L.P. (15) (16)	Class A	Healthcare & HCIT	02/17/2022		290,393		290,393		515,299
Community Based Care Holdings, LP (15)	LP Interests	Healthcare & HCIT	01/03/2022		179		178,916		191,113
GSV MedSuite Investments, LLC (Millin Purchaser, LLC) (15)	Class A	Healthcare & HCIT	03/31/2022		86,555		86,555		81,204
Health Platform Group, Inc (15)	Earn Out	Healthcare & HCIT	10/31/2020		16,502		—		—
INH Group Holdings, Inc. (15)	Class A	Healthcare & HCIT	01/31/2019		484,552		484,552		6,249
RCFN Parent, LP (People’s Care) (15)	Class A	Healthcare & HCIT	06/18/2021		77		78,284		83,644
REP Coinvest III AGP Blocker, L.P. (Agape Care Group) (15)	LP Interests	Healthcare & HCIT	10/14/2021		590,203		590,203		830,544
Brightspot Holdco, LLC (15)	LLC Units	Software & Tech Services	11/16/2021		433,207		433,207		427,682
GSV Vehlo Investments, LLC (Vehlo Purchaser, LLC) (15)	Class A	Software & Tech Services	05/24/2022		150,297		150,297		162,814
Human Security (15)	Common Shares	Software & Tech Services	07/29/2022		339,568		953,134		953,127
Moon Topco, L.P. (Radiant Logic, Inc.) (15)	Class A	Software & Tech Services	04/21/2021		3,600		35,999		55,819
Mykaarma Acquisition LLC (15)	Class A	Software & Tech Services	03/21/2022		257,031		257,031		277,758
Ranger Lexipol Holdings, LLC (15)	Class B	Software & Tech Services	11/18/2021		433		—		175,219
Ranger Lexipol Holdings, LLC (15)	Class A	Software & Tech Services	11/18/2021		433		433,207		404,565
REP Coinvest III Tec, L.P. (American Safety Holdings Corp.) (15)	LP Interests	Software & Tech Services	06/18/2020		167,509		190,658		253,338
Samsara Networks, Inc. (13) (15) (17)	Class A	Software & Tech Services			33,451		369,998		415,796
Stripe, Inc. (15)	Class B	Software & Tech Services	05/17/2021		4,158		166,854		123,181
Swyft Parent Holdings LP (15) (16)	LP Interests	Software & Tech Services	02/07/2022		4,485		—		76,262
REP Coinvest III-A Omni, L.P. (Omni Logistics, LLC) (15)	LP Interests	Transport & Logistics	02/05/2021		193,770		120,614		471,569
REP RO Coinvest IV A Blocker (Road One) (15)	Class A	Transport & Logistics	12/28/2022		66,441,840		664,418		664,418

Total U.S. Common Stock							7,179,288		7,870,756

U.S. Warrants - 0.17%
SBS Ultimate Holdings, LP, expire 09/18/2030 ( 15 )	Class A	Healthcare & HCIT	09/18/2020		17,419		—		—
Alphasense, Inc., expire 05/29/2027 (1 3 ) ( 15 )	Series B	Software & Tech Services	06/02/2020		40,394		35,185		480,369
Degreed, Inc., expire 04/11/2028 (1 5 )	Series D	Software & Tech Services	04/11/2021		7,624		—		17,163
Degreed, Inc., expire 05/31/2026 (1 5 )	Series C -1	Software & Tech Services	05/31/2019		26,294		46,823		109,950
Degreed, Inc., expire 08/18/2029 (1 5 )	Common Shares	Software & Tech Services	08/18/2022		9,374		—		45,483
ScyllaDB, Inc., expire 09/08/2032 (1 5 )	Series C-1	Software & Tech Services	09/08/2022		239,984		43,880		44,046
Vectra AI, Inc., expire 03/18/2031 (1 5 )	Series F	Software & Tech Services	03/18/2021		35,156		58,189		79,903

Total U.S. Warrants							184,077		776,914
United Kingdom Warrants - 0.05%
GlobalWebIndex, Inc., expire 12/30/2027 ( 15 )	Preferred Units	Software & Tech Services			8,832		159,859		217,181

Total United Kingdom Warrants							159,859		217,181



Portfolio Company	Class/Series	Shares		Cost		Fair Value

U.S. Investment Companies - 1.22%
Orangewood WWB Co-Invest, L.P. (15) (18)	LP Interests		829,314	$	829,314	$	829,314
ORCP III Triton Co-Investors, L.P. (15) (18)	LP Interests		341,592		98,394		420,500
AB Equity Investors, L.P. (15) (18)	LP Interests		984,786		984,786		1,307,429

See Notes to Consolidated Financial Statements

Table of Contents

AB Private Credit Investors Corporation

Consolidated Schedule of Investments as of December 31, 2022 (continued)



Portfolio Company	Class/Series			Shares		Cost		Fair Value
Falcon Co-Investment Partners, L.P. (15) (18)	LP Interests				812,734		812,734	$	813,547
GHP E Aggregator, LLC (15) (18)	LLC Units				417,813		186,588		614,185
GHP SPV 2, L.P. (13) (15) (18)	LP Interests				244,920		244,920		230,225
Magenta Blocker Aggregator, LP (15) (18)	Class A				821,396		676,978		1,126,955
Palms Co-Investment Partners, L.P. (15) (18)	LP Interests				261,449		261,449		261,449

Total U.S. Investment Companies							4,095,163		5,603,604

TOTAL INVESTMENTS - 245.69% ( 19 )						$	1,146,231,264	$	1,122,517,095


Portfolio Company		Industry		Shares		Cost		Fair Value
Cash Equivalents - 6.34%
U.S. Investment Companies - 6.34%
Blackrock T Fund I (17) (20)	Money Market	Money Market Portfolio	4.03% ( 21 )		14,121,193	$	14,121,193	$	14,121,193
State Street Institutional US Government Money Market Fund (17) (20)	Money Market	Money Market Portfolio	4.12% ( 21 )		14,850,792		14,850,792		14,850,792

Total U.S. Investment Companies							28,971,985		28,971,985

Total Cash Equivalents							28,971,985		28,971,985
LIABILITIES IN EXCESS OF OTHER ASSETS - (152.03%)								$	(694,610,587	)
NET ASSETS - 100.00%								$	456,878,493

(++)	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 December 31, 2022, qualifying assets represented 96.90% 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.

30-day,

60-day,

90-day

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 December 31, 2022, rates for weekly 1M L, 3M L 6M L, 1M S, 3M S and 6M S are 4.39%, 4.73%, 5.15%, 4.42%, 4.73% and 4.98%, respectively. As of December 31, 2022, the U.S. Prime rate was 7.50%.

As defined in the Investment Company Act, the investment is deemed to be a “controlled affiliated person” of the Fund because the Fund owns, either directly or indirectly, 25% or more of the portfolio company’s outstanding voting securities or has the power to exercise control over management or policies of such portfolio company. See Note 3 “Related Party Transactions”.

(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)	This investment has multiple reference rates or alternate base rates. The All-in interest rate shown is the weighted average interest rate in effect at March 31, 2023.

(7)	Saturn Borrower Inc. has been renamed to Stratus Networks, Inc. in 2022.

(8)	TA/WEG Holdings, LLC has been renamed to Wealth Enhancement Group, LLC in 2022.

(

)

MedMark Services, Inc. has been renamed to BAART Programs, Inc. in 2022.

)

The investment is on

non-accrual

status. See Note 2 “Significant Accounting Policies.”

)

Millin Purchaser LLC. has been renamed to Medsuite Purchaser, LLC in 2022.

(12)	Cybergrants Holdings, LLC has been renamed to Bonterra LLC in 2022.

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

(

)

Securities exempt from registration under the Securities Act of 1933, and may be deemed to be “restricted securities”. As of December 31, 2022, the aggregate fair value of these securities is $17,633,209 or 3.86% of the Fund’s net assets. The initial acquisition dates have been included for such securities.

(15)	Non-income producing investment.

(16)	Position or portion thereof is held through a consolidated subsidiary.

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

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

(

)

Aggregate gross unrealized appreciation for federal income tax purposes is $7,142,498; aggregate gross unrealized depreciation for federal income tax purposes is $30,898,346. Net unrealized depreciation is $23,755,848 based upon a tax cost basis of $1,146,272,943.

(

)

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

(

)

The rate shown is the annualized

seven-day

yield as of December 31, 2022.


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

See Notes to Consolidated Financial Statements

Table of Contents

AB Private Credit Investors Corporation

Notes to Unaudited Consolidated Financial Statements

March 31, 2023

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. As of March 31, 2023, the Fund had total Capital Commitments of $594,505,663, of which 17%

or $99,216,798 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, February 11, 2021 and January 13, 2023, the Adviser established ABPCIC Funding II LLC (“ABPCIC Funding II”), ABPCIC Funding III LLC (“ABPCIC Funding III”) and ABPCIC Funding IV LLC (“ABPCIC Funding IV”), respectively, Delaware limited liability companies. ABPCIC Funding II, ABPCIC Funding III and ABPCIC Funding IV

are 100%

owned by the Fund and are consolidated in the Fund’s consolidated financial statements commencing from the date of their formation.

On January 5, 2023, the Adviser established ABPCIC Direct Lending Fund CLO XIII LTD (“CLO XIII”), a Delaware limited liability company. CLO VIII is

100% owned by the Fund

and is consolidated in the Fund’s consolidated financial statements commencing from the date of

its

formation.

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.

Table of Contents

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 and money market mutual funds 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 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.

Table of Contents

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 March 31, 2023, the Fund had certain investments held in four portfolio companies on

non-accrual

status, which represented 1.89% and 1.00% of the total investments (excluding investments in cash equivalents, if any) at amortized cost and at fair value. As of December 31, 2022, the Fund had certain investments held in three portfolio companies on

non-accrual

status, which represented 0.96% and 0.26% 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.

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.

Table of Contents

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. As of March 31, 2023, and December 31, 2022, $0 and $0, respectively, of accrued excise taxes remained payable. For the three months ended March 31, 2023 and 2022, the Fund accrued income taxes of $17,301 and $308,827, respectively. As of March 31, 2023 and December 31, 2022, $1,321,219 and $1,303,918, 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.

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 or distributable earnings, 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.

Table of Contents

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.

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 into the second amended and restated investment advisory

agree

ment (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 months ended March 31, 2023, the Fund incurred a management fee of $3,938,904. For the three months ended March 31, 2022, the Fund incurred a management fee of $3,402,792, of which $283,566 was voluntarily waived by the Adviser. As of March 31, 2023, and December 31, 2022, $3,938,904 and $3,778,123, 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.

Table of Contents

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

•

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 months ended March 31, 2023 and March 31, 2022, the Fund incurred income – based incentive fees of $2,754,604 and $1,931,939, respectively. As of March 31, 2023 and December 31, 2022, $2,754,604, and $2,534,935, 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 Fund’s aggregate cumulative realized capital gains, if any, from the date of the Fund’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.

While the capital gains fee to be paid is determined above, GAAP requires such fee to be accrued as if the Fund were to be terminated and liquidated at period end hypothetical liquidation. There

was no capital gains incentive fee under GAAP recognized for the three months ended March 31, 2023. For the three months

ended

March 31, 2022, the Fund reduced the previously recognized capital gains incentive fee under GAAP by $(546,733), which was not realized. As of March 31, 2023 and December 31, 2022, $0 and $0, respectively, of capital gains incentive fee remained payable.

Table of Contents

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.”

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.

Table of Contents

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 months ended March 31, 2023 and March 31, 2022, the Fund accrued $35,272 and $25,676, respectively, in transfer agent fees. As of March 31, 2023 and December 31, 2022, $35,272 and $34,224, 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.

Table of Contents

Affiliates


	Beginning Fair Value Balance		Gross Additions (1)		Gross Reductions (2)			Net Realized Gain/Loss		Net Change in Unrealized Appreciation (Depreciation)			Ending Fair Value Balance		Dividend, Interest, PIK and Other Income
For the Three Months Ended March 31, 2023
Controlled Affiliates
Bowline Topco LLC	$	173,837	$	—	$	—		$	—	$	—		$	173,837	$	—

	$	173,837	$	—	$	—		$	—	$	—		$	173,837	$	—
For the Three Months Ended March 31, 2022
Controlled Affiliates
Bowline Energy, LLC	$	3,501,384	$	3,051	$	(60,128	)	$	—	$	(3,051	)	$	3,441,256	$	65,388
Bowline Topco LLC		2,600,575		—		—			—		1,223,806			3,824,381		—

	$	6,101,959	$	3,051	$	(60,128	)	$	—	$	1,220,755		$	7,265,637	$	65,388

(1)

Gross additions may include increases in the cost basis of investments resulting from new portfolio investments, PIK, the accretion of discounts, the exchange of one or more existing securities for one or more new securities and the movement of an existing portfolio company into this category from a different category.

(2)

Gross reductions may include decreases in the cost basis of investments resulting from principal collections related to investment repayments or sales, the exchange of one or more existing securities for one or more new securities and the movement of an existing portfolio company out of this category into a different category.

4. Borrowings

Credit Facilities

HSBC Credit Facility

On July 8, 2021, 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 Agreement”), by and among AB-Abbott Private Equity Investors 2019 (Delaware) Fund L.P., AB-Abbott Private Equity Investors 2020 (Delaware) Fund L.P., AB-Abbott Private Equity Solutions 2021 (Delaware) Fund L.P., AB Private Credit Investors Middle Market Direct Lending Fund L.P., AB-Abbott Private Equity Solutions 2022 (Delaware), affiliates of the Fund, 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 $

50 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 March 31, 2023, 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.

Table of Contents

On June 10, 2022, the Fund entered into amendment no. 6 to the 2021 HSBC Credit Agreement. The 2021 HSBC Credit Agreement Amendment no. 6 (i) extended the maturity date of the 2021 HSBC Credit Facility from June 10, 2022 to June 9, 2023 and (ii) reduced the Fund’s sublimit commitment from $50,000,000 to $33,000,000.

On November 10, 2022, the Fund entered into amendment no. 7 to the 2021 HSBC Credit Agreement. The 2021 HSBC Credit Agreement Amendment no. 7 (i) temporarily increased the 2021 HSBC Credit Facility’s maximum commitment from $135,000,000 to $200,000,000 until March 31, 2023 (the “Temporary Increase Maturity Date”) and (ii) temporarily increased the Fund’s sublimit commitment from $33,000,000 to $50,000,000 until the Temporary Increase Maturity Date.

On March 30, 2023, the Fund entered into amendment no. 8 to the 2021 HSBC Credit Agreement. The 2021 HSBC Credit Agreement Amendment no. 8 extended the

Temporary

Increase Maturity Date from March 31, 2023 until 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 SOFR for the relevant interest period, 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.

Table of Contents

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.

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 March 31, 2023, the Fund is in compliance with these covenants.

Natixis Credit Facility

On March 24, 2021, ABPCIC Funding III entered into a warehouse financing transaction (the “Natixis Credit Facility,” and together with 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. On September 30, 2022, pursuant to Amendment No. 6 to the Natixis Credit Agreement, the Reinvestment Period (as defined in the Natixis Credit Agreement) outside date was extended from 18 months after the Closing Date (as defined in the Natixis Credit Agreement) to 24 months after the Closing Date.

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)

maturity date

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 March 31, 2023, the Fund is in compliance with these covenants.

Table of Contents

All of 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.

The reinvestment period of ABPCIC Funding III has expired on March 24, 2023. On May 3, 2023, CLO XIII completed a $

395,000,000

term debt securitization. ABPCIC Funding III merged with CLO XIII as part of the transaction closing.

The Fund’s outstanding borrowings through the Revolving Credit Facilities as of March 31, 2023 were as follows:


	Aggregate Borrowing Amount Committed		Outstanding Borrowing		Amount Available		Carrying Value
HSBC	$	50,000,000	$	28,000,000	$	22,000,000	$	28,000,000
Synovus		200,000,000		192,000,000		8,000,000		192,000,000
Natixis		300,000,000		300,000,000		—		300,000,000

Total	$	550,000,000	$	520,000,000	$	30,000,000	$	520,000,000

The Fund’s outstanding borrowings through the Revolving Credit Facilities as of December 31, 2022 were as follows:


	Aggregate Borrowing Amount Committed		Outstanding Borrowing		Amount Available		Carrying Value
HSBC	$	50,000,000	$	—	$	50,000,000	$	—
Synovus		200,000,000		180,000,000		20,000,000		180,000,000
Natixis		300,000,000		268,000,000		32,000,000		268,000,000

Total	$	550,000,000	$	448,000,000	$	102,000,000	$	448,000,000

As of March 31, 2023 and December 31, 2022, deferred financing costs were $546,904 and $1,146,619, 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 was 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.

Table of Contents

The CLO Transaction was executed through a private placement and the notes offered (the “Notes”) that remain outstanding as of March 31, 2023 and December 31, 2022 were as follows:


	March 31, 2023
	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	%	$	97,415,995
Class A-1-L Senior Secured Floating Rate Note (“Class A-1-L”)	$	75,000,000		S + 1.83	%	$	74,665,817
Class A-1-F Senior Secured Fixed Rate Note (“Class A-1-F”)	$	30,000,000		4.305	%	$	29,866,327
Class A-2-R Senior Secured Deferrable Floating Rate (“Class A-2-R”)	$	43,500,000		S + 2.25	%	$	43,306,196
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 are held by the Fund and 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 $396,378 and $1,099,287, respectively, as of March 31, 2023 and are reflected on the consolidated statements of assets and liabilities.


	December 31, 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	%	$	97,345,789
Class A-1-L Senior Secured Floating Rate Note (“Class A-1-L”)	$	75,000,000		S + 1.83	%	$	74,626,138
Class A-1-F Senior Secured Fixed Rate Note (“Class A-1-F”)	$	30,000,000		4.305	%	$	29,850,455
Class A-2-R Senior Secured Deferrable Floating Rate (“Class A-2-R”)	$	43,500,000		S + 2.25	%	$	43,283,185
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 are held by the Fund and 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 $414,624 and $1,229,809, respectively, as of December 31, 2022 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 months ended March 31, 2023, the Fund did not incur any collateral management fees. For the three months ended March 31, 2022, the Fund incurred collateral management fees of $456,498, which was 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.

Table of Contents

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.

Secured Borrowings outstanding as of March 31, 2023, were as follows:

Loan Name

Trade Date

Maturity Date

bps Daily Rate

Amount

Coupa Software Incorporated

2/28/2023

25 days or less from trade date

2.34

8,768,765

Secured Borrowings outstanding as of December 31, 2022, were as follows:

Loan Name

Trade Date

Maturity Date

bps Daily Rate

Amount

Saviynt, Inc.

12/22/2022

90 days or less from trade date

2.27

5,917,275

As of March 31, 2023 and December 31, 2022 total outstanding borrowings, net of unamortized discount and debt issuance costs, under the Revolving Credit Facilities, Notes, and Secured Borrowings were $774,023,100 and $699,022,842, respectively.

Interest Expense on Borrowings

For the three months ended March 31, 2023 and March 31, 2022, the components of interest and other debt expenses related to the borrowings were as follows:


	For the three months ended
	March 31, 2023			March 31, 2022
Interest and borrowing expenses	$	12,921,645		$	3,844,607
Commitment fees		86,532			131,416
Amortization of discount, debt issuance and deferred financing costs		773,483			1,164,762

Total	$	13,781,660		$	5,140,785

Weighted average interest rate (1)		7.23	%		2.65	%
Average outstanding balance	$	724,943,300		$	587,636,262

(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 usually 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.

Table of Contents

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 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 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 March 31, 2023:


Assets*	Level 1		Level 2		Level 3		Total
Cash Equivalents
Investment Companies	$	54,630,117	$	—	$	—	$	54,630,117

Total Cash Equivalents	$	54,630,117	$	—	$	—	$	54,630,117


Assets*	Level 1		Level 2		Level 3		Total
1st Lien/Senior Secured Debt	$	—	$	—	$	1,143,781,007	$	1,143,781,007
2nd Lien/Junior Secured Debt		—		—		10,500,557		10,500,557
Preferred Stock		—		—		9,410,941		9,410,941
Common Stock		692,539		—		8,144,940		8,837,479
Warrants		—		—		1,096,701		1,096,701

Total	$	692,539	$	—	$	1,172,934,146	$	1,173,626,685

Investments valued at NAV as a practical expedient #								5,716,977

Total assets #							$	1,179,343,662

*	See consolidated schedule of investments for industry classifications.

The following table summarizes the valuation of the Fund’s investments as of December 31, 2022:


Assets*	Level 1		Level 2		Level 3		Total
Cash Equivalents
Investment Companies	$	28,971,985	$	—	$	—	$	28,971,985

Total Cash Equivalents	$	28,971,985	$	—	$	—	$	28,971,985


Assets*	Level 1		Level 2		Level 3		Total
1st Lien/Senior Secured Debt	$	—	$	—	$	1,088,190,382	$	1,088,190,382
2nd Lien/Junior Secured Debt		—		—		10,640,036		10,640,036
Preferred Stock		—		—		9,218,222		9,218,222
Common Stock		449,864		—		7,420,892		7,870,756
Warrants		—		—		994,095		994,095

Total	$	449,864	$	—	$	1,116,463,627	$	1,116,913,491

Investments valued at NAV as a practical expedient #								5,603,604

Total assets #							$	1,122,517,095

*	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.

Table of Contents

The following is a reconciliation of Level 3 assets for the three months ended March 31, 2023:


	1st Lien/Senior Secured Debt			2nd Lien/Junior Secured Debt			Preferred Stock			Common Stock			Warrants		Total
Balance as of January 1, 2023	$	1,088,190,382		$	10,640,036		$	9,218,222		$	7,420,892		$	994,095	$	1,116,463,627
Purchases (including PIK)		64,396,126			—			—			725,512			—		65,121,638
Sales and principal payments		(14,144,514	)		—			(53,047	)		(36,769	)		—		(14,234,330	)
Realized Gain (Loss)		—			—			—			5,453			—		5,453
Net Amortization of Premium/Discount		1,378,704			5,668			—			—			—		1,384,372
Transfers In		—			—			—			—			—		—
Transfers Out		—			—			—			—			—		—
Net Change in Unrealized Appreciation (Depreciation)		3,960,309			(145,147	)		245,766			29,852			102,606		4,193,386

Balance as of March 31, 2023	$	1,143,781,007		$	10,500,557		$	9,410,941		$	8,144,940		$	1,096,701	$	1,172,934,146

Change in Unrealized Appreciation (Depreciation) for Investments Still Held	$	4,080,070		$	(145,148	)	$	246,034		$	32,030		$	102,606	$	4,315,592

For the three months ended March 31, 2023, there were no transfers into or out of Level 3.

The following is a reconciliation of Level 3 assets for the year ended December 31, 2022:


	1st Lien/Senior Secured Debt			2nd Lien/Junior Secured Debt			Preferred Stock			Common Stock			Warrants			Total
Balance as of January 1, 2022	$	859,412,243		$	10,677,299		$	12,563,914		$	4,695,735		$	1,111,543		$	888,460,734
Purchases (including PIK)		447,434,086			220,045			2,396,024			2,683,623			43,880			452,777,658
Sales and principal payments		(196,946,622	)		—			(8,919,847	)		(159,711	)		(299,962	)		(206,326,142	)
Realized Gain (Loss)		(19,544	)		—			5,415,842			(46	)		275,999			5,672,251
Net Amortization of Premium/Discount		6,629,933			21,713			—			—			—			6,651,646
Transfers In		—			—			—			426,294			—			426,294
Transfers Out		—			—			—			(802,902	)		—			(802,902	)
Net Change in Unrealized Appreciation (Depreciation)		(28,319,714	)		(279,021	)		(2,237,711	)		577,899			(137,365	)		(30,395,912	)

Balance as of December 31, 2022	$	1,088,190,382		$	10,640,036		$	9,218,222		$	7,420,892		$	994,095		$	1,116,463,627

Change in Unrealized Appreciation (Depreciation) for Investments Still Held	$	(25,834,883	)	$	(279,021	)	$	(2,018,945	)	$	577,899		$	89,851		$	(27,465,099	)

Table of Contents

For the year ended December 31, 2022, amounts of $426,294 of Common Stock were transferred into Level 3 from Investments valued at net asset value 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 as 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 tables present the ranges of significant unobservable inputs used to value the Fund’s Level 3 investments as of March 31, 2023 and December 31, 2022, 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 March 31, 2023	Valuation Techniques	Unobservable Input	Range/Input (Weighted Average) (1)	Impact to Valuation from an Increase in Input
Assets:
1st Lien/Senior Secured Debt	1,112,170,580	Market Yield Analysis	Market Yield	9.5% - 24.5% (11.7%)	Decrease
	4,877,395	Market Approach	EBITDA Multiple	4.6x - 15.8x (15.7x)	Increase
	11,721,487	Market Approach	Revenue Multiple	0.5x - 0.6x (0.6x)	Increase
	30,307	Liquidation Value	Asset Value	N/A	Increase
	14,981,238	Recent Purchase	Purchase Price	N/A	N/A
2nd Lien/Junior Secured Debt	10,500,557	Market Yield Analysis	Market Yield	13.8% - 16.1% (14.4%)	Decrease
Common Stock	4,128,934	Market Approach	EBITDA Multiple	8.3x - 30.0x (14.0x)	Increase
	971,159	Market Approach	Revenue Multiple	0.8x - 36.1x (9.7x)	Increase
	337,007	Market Approach	Network Cashflow Multiple	31.0x	Increase
	417,885	Market Approach	Dividend Yield	14.3%	Decrease
	2,289,955	Recent Purchase	Purchase Price	N/A	N/A
Preferred Stock	4,710,061	Market Approach	Revenue Multiple	0.5x - 11.0x (8.0x)	Increase
	4,527,043	Market Yield Analysis	Dividend Yield	12.5% - 18.9% (16.2%)	Decrease
	173,837	Expected Repayment	Redemption Price	N/A	N/A
Warrants	1,096,701	Market Approach	Revenue Multiple	0.5x - 8.5x (7.9x)	Increase
Total Assets	1,172,934,146

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

Table of Contents


	Fair Value as of December 31, 2022	Valuation Techniques	Unobservable Input	Range/Input (Weighted Average) (1)	Impact to Valuation from an Increase in Input
Assets:
1st Lien/Senior Secured Debt	1,017,673,836	Market Yield Analysis	Market Yield	9.1% - 24.5% (11.5%)	Decrease
	3,196,797	Market Approach	EBITDA Multiple	4.6x - 10.0x (9.9x)	Increase
	2,625,128	Market Approach	Revenue Multiple	0.5x	Increase
	255,988	Liquidition Value	Asset Value	N/A	Increase
	64,438,633	Recent Purchase	Purchase Price	N/A	N/A
2nd Lien/Junior Secured Debt	10,640,036	Market Yield Analysis	Market Yield	13.7% - 14.6% (14.3%)	Decrease
Common Stock	4,066,465	Market Approach	EBITDA Multiple	8.0x - 30.0x (13.5x)	Increase
	997,684	Market Approach	Revenue Multiple	0.8x - 36.1x (10.8x)	Increase
	332,454	Market Approach	Network Cashflow Multiple	33.0x	Increase
	404,565	Market Approach	Dividend Yield	14.3%	Decrease
	1,619,724	Recent Purchase	Purchase Price	N/A	N/A
Preferred Stock	4,689,366	Market Approach	Revenue Multiple	0.5x - 12.0x (8.2x)	Increase
	4,355,019	Market Yield Analysis	Dividend Yield	12.5% - 17.5% (15.6%)	Decrease
	173,837	Expected Repayment	Redemption Price	N/A	N/A
Warrants	994,095	Market Approach	Revenue Multiple	0.5x - 8.5x (8.2x)	Increase
Total Assets	1,116,463,627

(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 March 31, 2023 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	$	97,415,995	$	96,285,000	$	—	$	—	$	96,285,000
Class A-1-L Senior Secured Floating Rate Note		74,665,817		73,500,000		—		—		73,500,000
Class A-1-F Senior Secured Fixed Rate Note		29,866,327		28,725,000		—		—		28,725,000
Class A-2-R Senior Secured Deferrable Floating Rate		43,306,196		41,433,750		—		—		41,433,750

Total	$	245,254,335	$	239,943,750	$	—	$	—	$	239,943,750

(1)	Carrying value is net of unamortized discount and debt issuance costs. Unamortized discount and debt issuance costs associated with the Notes totaled $396,378 and $1,099,287 as of March 31, 2023 and are reflected on the consolidated statements of assets and liabilities.

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, 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	$	97,345,789	$	96,039,375	$	—	$	—	$	96,039,375
Class A-1-L Senior Secured Floating Rate Note		74,626,138		73,312,500		—		—		73,312,500
Class A-1-F Senior Secured Fixed Rate Note		29,850,455		28,275,000		—		—		28,275,000
Class A-2-R Senior Secured Deferrable Floating Rate		43,283,185		41,216,250		—		—		41,216,250

Total	$	245,105,567	$	238,843,125	$	—	$	—	$	238,843,125

(1)	Carrying value is net of unamortized discount and debt issuance costs. Unamortized discount and debt issuance costs associated with the Notes totaled $414,624 and $1,229,809 as of December 31, 2022 and are reflected on the consolidated statements of assets and liabilities.

Table of Contents

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

6. Comm

itmen

ts & Contingencies

Commitments

The Fund may enter into commitments to fund investments. As of March 31, 2023 and December 31, 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 March 31, 2023 and December 31, 2022:


			03/31/2023					12/31/2022
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	02/28/2023		—		—			2,845,273		(7,113	)
5 Bars, LLC	Revolver	09/27/2024		—		—			646,653		(1,617	)
AAH Topco, LLC	Delayed Draw Term Loan	12/22/2023		2,344,916		(70,347	)		3,689,335		(119,903	)
AAH Topco, LLC	Revolver	12/22/2027		787,273		(27,555	)		787,273		(31,491	)
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		(21,087	)
Admiral Buyer, Inc	Delayed Draw Term Loan	05/06/2024		1,576,961		—			1,576,961		(15,770	)
Admiral Buyer, Inc	Revolver	05/08/2028		563,200		(4,224	)		563,200		(11,264	)
AEG Holding Company, Inc.	Revolver	11/20/2023		670,119		—			670,119		—
Airwavz Solutions, Inc	Delayed Draw Term Loan	03/31/2024		1,958,219		(24,478	)		3,263,699		(40,796	)
Airwavz Solutions, Inc	Revolver	03/31/2027		652,740		(11,423	)		652,740		(13,055	)
American Physician Partners, LLC	Revolver	02/15/2023		—		—			97,681		(14,896	)
American Physician Partners, LLC	Delayed Draw Term Loan	02/15/2023		—		—			421,339		(8,427	)
AMI US Holdings, Inc.	Revolver	04/01/2024		1,094,605		—			1,094,605		—
Analogic Corporation	Revolver	06/22/2023		61,111		(1,375	)		24,444		(856	)
AOM Acquisition, LLC.	Revolver	02/18/2027		1,218,605		(6,093	)		1,218,605		(9,140	)
Avalara, Inc.	Revolver	10/19/2028		1,065,375		(23,971	)		1,065,375		(26,634	)
Avant Communications, LLC	Revolver	11/30/2026		566,910		—			566,910		—
Avetta, LLC	Revolver	04/10/2024		494,396		(3,708	)		494,396		(2,472	)
BAART Programs, Inc.	Delayed Draw Term Loan	06/11/2023		—		—			2,750,974		(130,671	)
Banneker V Acquisition, Inc.	Revolver	12/04/2025		896,683		(22,417	)		259,300		—
Bonterra, LLC	Delayed Draw Term Loan	09/08/2023		2,746,215		(48,059	)		2,746,215		(68,655	)
Bonterra, LLC	Revolver	09/08/2027		18,521		(463	)		723,392		(23,510	)
Bridgepointe Technologies, LLC	Delayed Draw Term Loan	09/23/2024		1,869,709		(32,720	)		2,108,716		(57,990	)
Bridgepointe Technologies, LLC	Revolver	12/31/2027		777,494		(17,494	)		777,494		(29,156	)
Brightspot Buyer, Inc	Revolver	11/16/2027		680,292		(15,307	)		680,292		(20,409	)

Table of Contents


BSI2 Hold Nettle, LLC	Revolver	06/30/2028	588,922	(8,834	)	588,922	(10,306	)
BusinesSolver.com, Inc.	Delayed Draw Term Loan	12/01/2023	1,816,606	(40,874	)	1,816,606	(45,415	)
BV EMS Buyer, Inc.	Delayed Draw Term Loan	03/21/2024	1,706,075	(46,917	)	2,765,018	(96,776	)
Cerifi, LLC	Revolver	04/01/2027	1,107,792	(16,617	)	1,107,792	(33,234	)
Certify, Inc	Revolver	02/28/2024	119,907	(600	)	119,907	(899	)
Choice Health At Home, LLC,	Delayed Draw Term Loan	12/29/2023	1,320,427	(85,828	)	1,320,427	(52,817	)
Coding Solutions Acquisition, Inc	Delayed Draw Term Loan	05/10/2024	1,656,288	(49,689	)	1,656,288	(62,111	)
Coding Solutions Acquisition, Inc	Revolver	05/11/2028	556,752	(22,270	)	636,288	(30,224	)
Community Based Care Acquisition, Inc.	Delayed Draw Term Loan	09/16/2023	109,272	(4,098	)	109,272	(4,371	)
Community Based Care Acquisition, Inc.	Delayed Draw Term Loan	03/29/2024	2,912,094	(80,083	)	2,912,094	(87,363	)
Community Based Care Acquisition, Inc.	Revolver	09/16/2027	604,669	(22,675	)	863,813	(34,553	)
Community Brands Parentco, LLC	Delayed Draw Term Loan	02/24/2024	834,415	(18,774	)	834,415	(27,118	)
Community Brands Parentco, LLC	Revolver	02/24/2028	417,208	(13,559	)	417,208	(17,731	)
Coretelligent Intermediate LLC	Delayed Draw Term Loan	10/21/2023	1,870,703	(32,737	)	1,870,703	(46,768	)
Coretelligent Intermediate LLC	Revolver	10/21/2027	1,171,440	(23,429	)	1,139,779	(31,344	)
Coupa Holdings,LLC	Delayed Draw Term Loan	08/27/2024	948,020	(11,850	)	—	—
Coupa Holdings,LLC	Revolver	02/27/2029	725,890	(18,147	)	—	—
Datacor, Inc.	Delayed Draw Term Loan	03/31/2024	1,431,722	(14,317	)	1,431,722	(7,159	)
Datacor, Inc.	Revolver	12/29/2025	643,849	(12,877	)	643,849	(9,658	)
Degreed, Inc.	Delayed Draw Term Loan	08/18/2023	1,391,394	(31,306	)	1,391,394	(34,785	)
Degreed, Inc.	Delayed Draw Term Loan	08/18/2024	1,321,674	(23,129	)	1,321,674	(26,433	)
Degreed, Inc.	Revolver	05/29/2026	417,813	(11,490	)	417,813	(12,534	)
Delaware Valley Management Holdings, Inc.	Delayed Draw Term Loan	09/18/2023	355,591	(64,006	)	619,031	(221,304	)
Dispatch Track, LLC	Revolver	12/17/2026	301,930	(2,264	)	301,930	(3,019	)
EET Buyer, Inc.	Revolver	11/08/2027	690,794	(15,543	)	690,794	(13,816	)
Engage2Excel, Inc.	Revolver	03/07/2023	—	—		31,409	(864	)
EvolveIP, LLC	Revolver	06/07/2025	406,256	(17,266	)	418,538	(11,510	)
Exterro, Inc.	Revolver	05/31/2024	738,562	—		247,500	(1,238	)
Faithlife, LLC	Revolver	09/18/2025	279,053	—		279,053	—
Fatbeam, LLC	Delayed Draw Term Loan	02/22/2023	—	—		1,609,623	(8,048	)
Firstdigital Communications LLC	Revolver	12/17/2026	1,174,177	(46,967	)	1,174,177	(49,903	)
Foundation Risk Partners, Corp.	Delayed Draw Term Loan	04/14/2024	1,278,703	(67,132	)	1,278,703	(19,181	)
Foundation Risk Partners, Corp.	Revolver	10/29/2027	1,038,062	(57,093	)	610,625	(10,686	)
Freddy’s Frozen Custard, L.L.C	Revolver	03/03/2027	412,270	—		412,270	(4,123	)
Fusion Holding Corp	Revolver	09/15/2027	1,379,193	(31,032	)	1,379,193	(34,480	)
Fusion Risk Management Inc	Revolver	08/30/2028	852,848	(25,585	)	852,848	(29,850	)
Galway Borrower, LLC	Delayed Draw Term Loan	09/29/2023	39,209	(882	)	39,209	(1,274	)

Table of Contents


Galway Borrower, LLC	Revolver	09/30/2027	212,272	(6,899	)	270,410	(11,492	)
GHA Buyer, Inc.	Revolver	06/24/2026	951,077	(40,421	)	951,077	(40,421	)
Greenhouse Software, Inc.	Revolver	09/01/2028	887,221	(15,526	)	1,232,251	(30,806	)
Greenhouse Software, Inc.	Revolver	09/01/2028	435,239	(7,617	)	604,499	(15,112	)
Greenlight Intermediate II, Inc.	Delayed Draw Term Loan	05/30/2025	5,519,363	—		6,702,083	(50,266	)
Gryphon-Redwood Acquisition LLC	Delayed Draw Term Loan	09/16/2024	1,586,009	(27,755	)	1,586,009	(35,685	)
GS AcquisitionCo, Inc.	Revolver	05/22/2026	456,698	(14,843	)	456,698	(18,268	)
Higginbotham Insurance Agency, Inc.	Delayed Draw Term Loan	12/22/2023	1,194,398	(8,958	)	1,918,951	(23,987	)
Honor HN Buyer, Inc	Delayed Draw Term Loan	10/16/2023	889,740	—		889,740	(2,224	)
Honor HN Buyer, Inc	Delayed Draw Term Loan	08/26/2024	2,437,025	—		2,437,025	—
Honor HN Buyer, Inc	Revolver	10/15/2027	304,093	—		304,093	(2,281	)
Iodine Software, LLC	Delayed Draw Term Loan	10/18/2023	3,436,155	—		3,436,155	(25,771	)
Iodine Software, LLC	Revolver	05/19/2027	1,089,030	(13,613	)	1,089,030	(21,781	)
Kaseya Inc.	Delayed Draw Term Loan	06/24/2024	636,776	(12,736	)	636,776	(19,103	)
Kaseya Inc.	Revolver	06/25/2029	636,776	(17,511	)	636,776	(23,879	)
Mathnasium LLC	Revolver	11/15/2027	565,781	(9,901	)	565,781	(12,730	)
Mavenlink, Inc.	Revolver	06/03/2027	1,073,889	(21,478	)	1,431,852	(39,376	)
MBS Holdings, Inc.	Revolver	04/16/2027	974,169	(34,096	)	974,169	(38,967	)
Medbridge Holdings, LLC	Revolver	12/23/2026	1,376,227	(20,643	)	1,376,227	(30,965	)
Medical Management Resource Group, LLC	Revolver	09/30/2026	189,849	(6,645	)	316,415	(11,866	)
Medsuite Purchaser, LLC	Delayed Draw Term Loan	10/23/2023	7,144,203	—		7,144,203	—
Medsuite Purchaser, LLC	Revolver	10/22/2026	680,400	(3,402	)	680,400	(5,103	)
Metametrics, Inc.	Revolver	09/10/2025	651,183	—		520,946	(6,512	)
MMP Intermediate, LLC	Revolver	02/15/2027	552,880	(16,586	)	552,880	(19,351	)
Moon Buyer, Inc.	Revolver	04/21/2027	1,163,793	(5,819	)	1,163,793	(2,909	)
MSM Acquisitions, Inc.	Delayed Draw Term Loan	01/30/2023	—	—		2,828,188	(113,128	)
MSM Acquisitions, Inc.	Revolver	12/09/2026	456,329	(18,253	)	655,399	(29,493	)
MSP Global Holdings, Inc.	Delayed Draw Term Loan	01/24/2024	592,150	(11,843	)	592,150	(20,725	)
MSP Global Holdings, Inc.	Revolver	01/25/2027	845,929	(16,919	)	845,929	(29,608	)
Mykaarma Acquisition LLC	Revolver	03/21/2028	593,215	(10,381	)	593,215	(16,313	)
Navigate360, LLC	Revolver	03/17/2027	—	—		604,235	(12,085	)
Netwrix Corporation And Concept Searching Inc.	Delayed Draw Term Loan	06/10/2024	2,938,257	(14,691	)	2,973,121	(22,298	)
Netwrix Corporation And Concept Searching Inc.	Revolver	06/11/2029	581,066	(4,358	)	774,755	(7,748	)
OMH-HealthEdge Holdings, LLC	Revolver	10/24/2024	458,721	—		458,721	(1,147	)
Pace Health Companies, LLC	Revolver	08/02/2024	616,682	(1,542	)	616,682	(1,542	)
Peter C. Foy & Associates Insurance Services, LLC	Delayed Draw Term Loan	12/15/2023	—	—		161,112	(7,250	)

Table of Contents


Ping Identity Corporation	Revolver	10/17/2028	1,203,344	(27,075	)	1,203,344	(30,084	)
Pinnacle Dermatology Management, LLC	Delayed Draw Term Loan	12/08/2023	606,828	(18,205	)	798,862	(25,963	)
Pinnacle Dermatology Management, LLC	Revolver	12/08/2026	337,980	(4,225	)	384,068	(4,801	)
Pinnacle Treatment Centers, Inc.	Revolver	01/02/2026	161,125	(3,625	)	292,954	(6,591	)
Priority Ondemand Midco 2,L.P	Delayed Draw Term Loan	07/15/2024	2,720,672	(20,405	)	2,720,672	(30,472	)
Race Finco LLC	Delayed Draw Term Loan	01/09/2025	3,658,788	(54,882	)	—	—
Race Finco LLC	Revolver	01/09/2028	609,798	(18,294	)	—	—
Ranger Buyer, Inc.	Revolver	11/18/2027	1,199,233	(26,983	)	1,199,232	(29,981	)
Redwood Family Care Network, Inc.	Delayed Draw Term Loan	04/15/2024	3,665,540	(54,983	)	3,665,540	(91,638	)
Redwood Family Care Network, Inc.	Revolver	06/18/2026	588,705	(8,831	)	588,705	(14,718	)
Rep Tec Intermediate Holdings, Inc.	Revolver	12/01/2027	486,706	(12,168	)	486,706	(15,818	)
RSC Acquisition, Inc.	Delayed Draw Term Loan	05/31/2024	3,332,682	(74,985	)	4,995,303	(162,347	)
Sako and Partners Lower Holdings LLC	Delayed Draw Term Loan	09/16/2024	1,633,575	(8,168	)	2,840,999	(35,512	)
Sako and Partners Lower Holdings LLC	Revolver	09/15/2028	905,569	(15,847	)	905,569	(24,903	)
Salisbury House, LLC	Revolver	08/30/2025	448,343	(11,209	)	269,006	(10,088	)
Sandstone Care Holdings, LLC	Delayed Draw Term Loan	06/28/2024	1,077,728	(21,555	)	1,177,845	(26,502	)
Sandstone Care Holdings, LLC	Revolver	06/28/2028	630,147	(18,904	)	588,923	(19,140	)
Sauce Labs, Inc.	Delayed Draw Term Loan	02/09/2024	2,367,499	(29,594	)	2,367,499	(35,512	)
Sauce Labs, Inc.	Revolver	08/16/2027	1,281,821	(28,841	)	1,281,821	(32,046	)
Saviynt, Inc.	Delayed Draw Term Loan	12/22/2024	6,097,981	(137,205	)	6,097,981	(152,450	)
Saviynt, Inc.	Revolver	12/22/2027	609,798	(13,720	)	609,798	(15,245	)
SCA Buyer, LLC	Revolver	01/20/2026	257,540	(12,877	)	257,540	(10,302	)
ScyllaDB, Inc.	Delayed Draw Term Loan	03/08/2024	660,837	(4,956	)	660,837	(8,260	)
ScyllaDB, Inc.	Revolver	09/08/2027	264,335	(3,304	)	264,335	(4,626	)
Securonix, Inc.	Revolver	04/05/2028	1,538,337	(80,763	)	1,538,337	(69,225	)
Single Digits, Inc.	Revolver	12/21/2023	416,149	(59,301	)	416,149	(63,463	)
Sirsi Corporation	Revolver	03/15/2024	553,741	(1,384	)	553,741	(2,769	)
SIS Purchaser, Inc.	Revolver	10/15/2026	1,165,950	(26,234	)	1,165,950	(37,893	)
Smartlinx Solutions, LLC	Revolver	03/04/2026	—	—		389,613	(11,688	)
Smile Brands, Inc.	Revolver	10/12/2025	—	—		166,783	(12,926	)
Smile Brands, Inc.	Revolver		16,987	(1,401	)	—	—
Soladoc, LLC	Delayed Draw Term Loan	06/10/2024	2,355,690	(53,003	)	2,355,690	(53,003	)
Soladoc, LLC	Revolver	06/12/2028	588,922	(19,140	)	588,922	(19,140	)
Spark DSO LLC	Revolver	04/20/2026	856,964	(32,136	)	1,105,760	(38,702	)
Stratus Networks, Inc.	Delayed Draw Term Loan	12/15/2023	3,102,306	(23,267	)	3,630,358	(54,455	)
Stratus Networks, Inc.	Revolver	12/15/2027	198,019	(3,465	)	13,201	(330	)
SugarCRM, Inc.	Revolver	07/31/2024	310,244	(3,878	)	310,244	(4,654	)
Sundance Group Holdings, Inc.	Revolver	07/02/2027	1,277,011	(28,733	)	1,418,901	(39,020	)

Table of Contents


Swiftpage, Inc.	Revolver	06/13/2023		225,317		(2,253	)		225,317		(9,576	)
Syntax Systems Ltd	Delayed Draw Term Loan	10/30/2023		2,434,137		(109,536	)		2,434,137		(121,707	)
Syntax Systems Ltd	Revolver	10/29/2026		324,552		(14,605	)		324,552		(16,228	)
TBG Food Acquisition Corp	Delayed Draw Term Loan	12/25/2023		1,056,104		(81,848	)		1,056,104		(84,488	)
TBG Food Acquisition Corp	Revolver	12/25/2027		264,026		(20,462	)		264,026		(21,122	)
Telcor Buyer, Inc.	Revolver	08/20/2027		290,770		(8,723	)		290,770		(7,996	)
Telesoft Holdings, LLC	Revolver	12/16/2025		537,180		(9,401	)		547,128		(12,310	)
The Center for Orthopedic and Research Excellence, Inc.	Delayed Draw Term Loan	03/31/2024		1,253,266		(15,666	)		1,253,266		(18,799	)
The Center for Orthopedic and Research Excellence, Inc.	Revolver	08/15/2025		138,106		(2,762	)		138,106		(3,453	)
Thrive Buyer, Inc.	Revolver	01/22/2027		739,815		(7,398	)		961,759		(14,426	)
Towerco IV Holdings, LLC	Delayed Draw Term Loan	10/23/2023		3,080,902		(46,214	)		3,080,902		(46,214	)
TRGRP, Inc.	Revolver	11/01/2023		242,779		—			333,333		—
Unanet, Inc.	Delayed Draw Term Loan	12/09/2024		3,790,435		(18,952	)		3,790,435		(37,904	)
Unanet, Inc.	Revolver	12/08/2028		1,263,478		(18,952	)		1,263,478		(25,270	)
Ungerboeck Systems International, LLC	Delayed Draw Term Loan	08/02/2023		204,574		(3,069	)		204,574		(2,046	)
Ungerboeck Systems International, LLC	Revolver	04/30/2027		180,451		(3,609	)		229,387		(4,588	)
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		(34,914	)
Vectra AI, Inc.	Revolver	03/18/2026		232,759		(4,655	)		232,759		(6,983	)
Vehlo Purchaser, LLC	Revolver	05/24/2028		—		—			1,239,037		(18,586	)
Velocity Purchaser Corporation	Revolver	12/01/2023		193,237		—			193,237		(483	)
Veracross LLC	Delayed Draw Term Loan	12/28/2023		267,013		(6,008	)		1,668,830		(37,549	)
Veracross LLC	Revolver	12/28/2027		1,112,553		(25,032	)		1,112,554		(36,158	)
Wealth Enhancement Group, LLC	Delayed Draw Term Loan	05/02/2024		527,263		(7,909	)		718,075		(10,771	)
Wealth Enhancement Group, LLC	Revolver	10/04/2027		457,366		(8,004	)		457,366		(8,004	)
West Dermatology	Delayed Draw Term Loan	06/17/2024		3,731,767		(354,518	)		3,731,767		(522,447	)
West Dermatology	Revolver	03/17/2028		1,243,922		(130,612	)		1,243,922		(186,588	)
Zendesk, Inc.	Delayed Draw Term Loan	11/22/2024		3,333,525		—			3,333,525		(33,335	)
Zendesk, Inc.	Revolver	11/22/2028		1,372,628		(13,726	)		1,372,628		(27,453	)

Total			$	171,537,939	$	(3,483,621	)	$	193,536,127	$	(5,029,664	)

(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.

Table of Contents

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 March 31, 2023 the Fund had total Capital Commitments of $594,505,663, of which 17%

or $99,216,798

is unfunded. At December 31, 2022, the Fund had total Capital Commitments of $572,772,226, of which 14%

or $77,483,361

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.

The following table summarizes the total Shares issued and amount received related to capital drawdowns delivered pursuant to the Subscription Agreements during the three months ended March 31, 2023 and March 31, 2022:


	For the three months ended March 31, 2023				For the three months ended March 31, 2022
Quarter Ended	Shares		Amount		Shares		Amount
March 31		—		—		3,095,246	$	30,684,000

Total capital drawdowns		—		—		3,095,246	$	30,684,000

Distributions

The following tables reflect the distributions declared on Shares during the three months ended March 31, 2023 and March 31, 2022:


Date Declared	Record Date		Payment Date		Amount Per Share		Dollar Amount
3/29/2023		3/29/2023		4/25/2023	$	0.10	$	5,139,617

							$	5,139,617


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

							$	9,709,845

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 three months ended March 31, 2023 and March 31, 2022 to stockholders who opted into the DRIP:


Date Declared	Record Date		Reinvestment Date		Shares		Dollar Amount
3/29/2023		3/29/2023		3/31/2023		294,604	$	2,740,870

						294,604	$	2,740,870


Date Declared	Record Date		Reinvestment Date		Shares		Dollar Amount
3/29/2022		3/29/2022		3/31/2022		526,163	$	5,101,704

						526,163	$	5,101,704

Table of Contents

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 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.

The following table summarizes share repurchases completed during the three months ended March 31, 2023:


Quarter Ended	Repurchase Date	Total Number of Shares Offered to Repurchase		Total Number of Shares Repurchased		Total Consideration		No. of Shares Repurchased/ Total Offer			Price Paid Per Share
March 31	February 24, 2023		1,215,454		627,518	$	5,837,993		52	%	$	9.30

The following table summarizes share repurchases completed during the three months ended

March

31, 2022:


Quarter Ended	Repurchase Date	Total Number of Shares Offered to Repurchase		Total Number of Shares Repurchased		Total Consideration		No. of Shares Repurchased/ Total Offer			Price Paid Per Share
March 31	February 25, 2022		795,164		420,864	$	4,081,370		53	%	$	9.70

8. Earnings Per Share

The following information sets forth the computation of basic and diluted earnings per Share for the three months ended March 31, 2023 and March 31, 2022:


	For the three months ended March 31,
	2023		2022
Net increase (decrease) in net assets from operations	$	15,548,588	$	5,511,700
Weighted average common shares outstanding		50,224,389		36,411,259
Earnings per common share-basic and diluted	$	0.31	$	0.15

Table of Contents

9. Financial Highlights

Below is the schedule of financial highlights of the Fund for the three months ended March 31, 2023 and March 31, 2022:


	For the three months ended March 31, 2023			For the three months ended March 31, 2022
Per Share Data: (1)(2)
Net asset value, beginning of period	$	9.10		$	9.80
Net investment income (loss)		0.22			0.23
Net realized and unrealized gains (losses) on investments		0.08			(0.08	)

Net increase (decrease) in net assets resulting from operations		0.30			0.15

Distributions to stockholders (3)		(0.10	)		(0.25	)

Net asset value, end of period	$	9.30		$	9.70
Shares outstanding, end of period		49,895,174			38,544,494
Total return at net asset value before incentive fees (4)(5)		4.01	%		1.95	%
Total return at net asset value after incentive fees (4)(5)		3.41	%		1.57	%

Ratio/Supplemental Data: (2)
Net assets, end of period	$	464,155,955		$	373,766,108
Ratio of total expenses to weighted average net assets (6)		17.00	%		11.81	%
Ratio of net expenses to weighted average net assets (6)		17.00	%		11.17	% (7)
Ratio of net investment income (loss) before waivers to weighted average net assets (6)		11.92	%		10.37	%
Ratio of net investment income (loss) after waivers to weighted average net assets (6)		11.92	%		11.01	% (7)
Ratio of interest and credit facility expenses to weighted average net assets (6)		12.14	%		5.79	%
Ratio of incentive fees to weighted average net assets (5)		0.60	%		0.38	%
Portfolio turnover rate (5)		1.23	%		3.26	%
Asset coverage ratio (8)		160	%		160	%

(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 three months ended March 31, 2022, the Adviser voluntarily waived a portion of their management fees, incentive fees, and collateral management fees. Additionally, the Adviser also reimbursed the Fund for operating expenses exceeding the percentage limit as per the Expense Support and Conditional Reimbursement Agreement. The ratios include the effects of the waived expenses of

0.51%

for the three months ended March 31, 2023 and March 31, 2022, 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 April 20, 2023 the Fund called capital of $28,517,409 from its investors due May 1, 2023.

On April 21, 2023, ABPCIC Funding IV entered into a revolving credit facility with Natixis Bank, Specialty Finance Division, as facility agent, and U.S. Bank, as collateral agent, collateral custodian and securities intermediary. The revolving credit facility provides for borrowings in an aggregate amount up to $200,000,000. Borrowings under the revolving credit facility will bear interest based on an annual adjusted SOFR for the relevant interest period or the applicable replacement thereto provided, plus an applicable spread. Borrowings under the revolving credit facility will be secured by all of the assets held by ABPCIC Funding IV.

On May 3, 2023 CLO XIII LLC completed a $395,000,000 debt securitization. CLO XIII LLC issued notes listed below among the issuer and U.S Bank National Association, as trustee.


Note	Type		Principal Amount		Interest Rate
Class A		Senior Secured Floating Rate	$	228,000,000		S + 2.60%
Class B		Senior Secured Floating Rate	$	36,000,000		S + 3.65%
Class C		Senior Secured Floating Rate	$	36,000,000		S + 4.55%
Class D		Senior Secured Floating Rate	$	28,000,000		S + 6.90%
Subordinated Notes			$	67,000,000		N/A

			$	395,000,000

The

CLO XIII indenture provides that the holders of the CLO XIII Notes are to receive quarterly interest payments, in arrears, on the 27th day in January, April, July and October of each year, commencing in October 2023. The CLO XIII Notes will mature on April 27, 2035.

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;

•

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

•

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, 2022.

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, 2022, 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 (“Commencement”). 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 “Advisers Act”). 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.

The Private Offering

The Fund enters into separate subscription agreements (each, a “Subscription Agreement,” and collectively, the “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 Act (such offering, the “Private Offering”). Each investor makes a capital commitment (a “Capital Commitment”) to purchase Shares pursuant to a Subscription Agreement. Investors are required to make capital contributions (“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 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 (“Remaining Commitment”), at a per Share price equal to the net asset value per Share 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 within 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 Second 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;

•

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;

•

marketing expenses; 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.

Activity

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


	For the Three Months Ended March 31, 2023			For the Three Months Ended March 31, 2022
Investments in Portfolio Companies	$	(38,018,534	)⁽¹⁾	$	(74,262,180	)⁽²⁾
Draw Downs against Revolvers and Delayed Draw Term Loans		(23,529,051	)		(13,964,576	)
Principal Repayments		14,186,764	⁽³⁾		27,485,721	⁽⁴⁾
Sales		—			2,387,617

Net Repayments (Investments)	$	(47,360,821	)	$	(58,353,418	)

⁽¹⁾	Includes investments in 18 portfolio companies.

⁽²⁾	Includes investments in 22 portfolio companies.

⁽³⁾	Includes $3,416,988 in revolver and delayed draw term paydowns.

⁽⁴⁾	Includes $1,699,247 in revolver and delayed draw term paydowns.

The following table shows the composition of the investment portfolio and associated yield data as of March 31, 2023:


	As of March 31, 2023
	Amortized Cost		Percentage of Total			Fair Value		Percentage of Total			Weighted Average Yield⁽¹⁾
First Lien Senior Secured Debt	$	1,167,297,958		92.36	%	$	1,143,781,007		91.89	%		10.68	%
Second Lien Junior Secured Debt		10,782,027		0.85			10,500,557		0.84			13.07	%
Preferred Stock		8,115,829		0.64			9,410,941		0.76			—
Common Stock		7,873,484		0.62			8,837,479		0.71			—
Investment Companies		4,122,185		0.33			5,716,977		0.46			—
Warrants		343,936		0.03			1,096,701		0.09			—
Cash and cash equivalents		65,352,472		5.17			65,352,472		5.25			—

Total	$	1,263,887,891		100	%	$	1,244,696,134		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, 2022:


	As of December 31, 2022
	Amortized Cost		Percentage of Total			Fair Value		Percentage of Total			Weighted Average Yield⁽¹⁾
First Lien Senior Secured Debt	$	1,115,667,642		93.36	%	$	1,088,190,382		92.90	%		10.44	%
Second Lien Junior Secured Debt		10,776,359		0.90			10,640,036		0.91			12.76	%
Preferred Stock		8,168,876		0.69			9,218,222		0.79			—
Common Stock		7,179,288		0.60			7,870,756		0.67			—
Investment Companies		4,095,163		0.34			5,603,604		0.48			—
Warrants		343,936		0.03			994,095		0.08			—
Cash and cash equivalents		48,785,985		4.08			48,785,985		4.17			—

Total	$	1,195,017,249		100	%	$	1,171,303,080		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 March 31, 2023 and December 31, 2022:


	As of March 31, 2023			As of December 31, 2022
Number of portfolio companies		189			179
Percentage of debt bearing a floating rate⁽¹⁾		100	%		100	%
Percentage of debt bearing a fixed rate⁽¹⁾		0	%		0	%

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

The following table shows the amortized cost and fair value of the Fund’s performing and non-accrual debt investments as of March 31, 2023:


	As of March 31, 2023
	Amortized Cost		Percentage at Amortized Cost			Fair Value		Percentage at Fair Value
Performing	$	1,155,486,702		98.08	%	$	1,142,496,483		98.98	%
Non-accrual		22,593,283		1.92			11,785,081		1.02

Total	$	1,178,079,985		100	%	$	1,154,281,564		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, 2022:


	As of December 31, 2022
	Amortized Cost		Percentage at Amortized Cost			Fair Value		Percentage at Fair Value
Performing	$	1,115,420,688		99.02	%	$	1,095,916,015		99.73	%
Non-accrual		11,023,313		0.98			2,914,403		0.27

Total	$	1,126,444,001		100	%	$	1,098,830,418		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 March 31, 2023 the Fund had thirteen investments, across four issuers, that were on non-accrual status. As of December 31, 2022, the Fund had seven investments, with three issuers that were on non-accrual status.

The following table shows the composition of the investment portfolio (excluding cash and cash equivalents) by industry, at amortized cost and fair value as of March 31, 2023 and December 31, 2022 (with corresponding percentage of total portfolio investments):


	As of March 31, 2023
	Amortized Cost		Percentage of Total			Fair Value		Percentage of Total
Business Services	$	87,571,311		7.31	%	$	87,431,404		7.42	%
Consumer Discretionary		9,098,474		0.76			9,116,515		0.77
Consumer Non-Cyclical		52,028,608		4.34			50,240,600		4.26
Digital Infrastructure & Services		201,143,665		16.78			199,146,564		16.89
Energy		3,538,289		0.30			3,751,433		0.32
Financials		47,036,130		3.92			45,785,196		3.88
Healthcare & HCIT		235,848,865		19.68			222,688,577		18.88
Investment Companies		4,122,185		0.34			5,716,977		0.48
Software & Tech Services		554,108,687		46.23			554,400,163		47.01
Transport & Logistics		4,039,205		0.34			1,066,233		0.09

	$	1,198,535,419		100	%	$	1,179,343,662		100	%


	As of December 31, 2022
	Amortized Cost		Percentage of Total			Fair Value		Percentage of Total
Business Services	$	84,074,984		7.33	%	$	83,153,924		7.41	%
Consumer Discretionary		9,111,762		0.79			9,163,275		0.82
Consumer Non-Cyclical		52,130,891		4.55			49,936,678		4.45
Digital Infrastructure & Services		189,702,392		16.55			186,488,258		16.61
Energy		3,640,277		0.32			3,857,859		0.34
Financial Services		44,747,532		3.90			43,871,366		3.91
Healthcare & HCIT		231,062,290		20.16			217,504,759		19.38
Investment Companies		4,095,163		0.36			5,603,604		0.50
Software & Tech Services		523,456,373		45.67			521,545,397		46.46
Transport & Logistics		4,209,600		0.37			1,391,975		0.12

	$	1,146,231,264		100	%	$	1,122,517,095		100	%

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 months ended March 31, 2023 and March 31, 2022:


	For the Three Months Ended March 31, 2023		For the Three Months Ended March 31, 2022
Total investment income	$	32,844,791	$	19,687,437
Total expenses		21,805,644		11,614,038

Expense reimbursement to Adviser		—		259,263
Waived collateral management fees		—		(456,498	)
Waived management fees		—		(283,566	)

Net investment income before taxes		11,039,147		8,554,200
Income tax expense, including excise tax		17,301		308,827

Net investment income after tax		11,021,846		8,245,373
Net realized and change in unrealized appreciation (depreciation) on investments		4,527,865		(2,733,663	)

Net increase in net assets resulting from operations	$	15,549,711	$	5,511,710
Less: Net increase (decrease) in net assets resulting from operations related to Non-Controlling Interest in ABPCIC Equity Holdings, LLC	$	1,123	$	10

Net increase (decrease) in net assets resulting from operations related to AB Private Credit Investors Corporation	$	15,548,588	$	5,511,700

Investment Income

During the three months ended March 31, 2023, the Fund’s investment income was comprised of $29,238,830 of interest income, which includes $1,384,372 from the net amortization of premium and accretion of discounts, $3,553,509 of payment-in-kind interest, and $52,452 of dividend income. The increase in net investment income during the three months ended March 31, 2023, compared to the three months ended March 31, 2022, can primarily be attributed to an increase in gross assets and interest rates.

During the three months ended March 31, 2022, the Fund’s investment income was comprised of $19,084,451 of interest income, which includes $1,390,757 from the net amortization of premium and accretion of discounts, and $594,399 of payment-in-kind interest, and $8,587 of dividend income.

Operating Expenses

The following is a summary of the Fund’s operating expenses for the three months ended March 31, 2023 and March 31, 2022:


	For the Three Months Ended March 31, 2023		For the Three Months Ended March 31, 2022
Interest and borrowing expenses	$	13,781,660	$	5,140,785
Management fees		3,938,904		3,402,792
Income-based incentive fee		2,754,604		1,931,939
Professional fees		515,313		476,980
Collateral management fees		—		456,498
Administration and custodian fees		264,455		223,237
Insurance expenses		135,986		153,239
Directors’ fees		69,875		50,000
Transfer agent fees		35,272		25,676
Capital gains incentive fee		—		(546,733	)
Other expenses		309,575		299,625

Total expenses		21,805,644		11,614,038
Reimbursement payments to Adviser		—		259,263
Waived collateral management fees		—		(456,498	)
Waived management fees		—		(283,566	)
Income tax expense, including excise tax		17,301		308,827

Net expenses	$	21,822,945	$	11,442,064

Interest and Borrowing Expenses

Interest and borrowing expenses include 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 March 31, 2023, there were outstanding balances of $28,000,000, $192,000,000 and $300,000,000 on the 2021 HSBC Credit Facility, Synovus Credit Facility and the Natixis Credit Facility, respectively, and an outstanding balance of $8,768,765 in Secured Borrowings.

As of December 31, 2022, there were outstanding balances of $ 0, $180,000,000, and $268,000,000 on the 2021 HSBC Credit Facility, Synovus Credit Facility, and the Natixis Credit Facility, respectively, and an outstanding balance of $5,917,275 in Secured Borrowings.

The outstanding amount on the Notes is $245,254,335 net of unamortized discount and debt issuance costs as of March 31, 2023. The outstanding amount on the Notes was $245,105,567 net of unamortized discount and debt issuance costs as of December 31, 2022.

Interest and borrowing expenses for the three months ended March 31, 2023 and March 31, 2022 were $13,781,660 and $5,140,785, respectively. The weighted average interest rate (excluding deferred upfront financing costs and unused fees) on the Fund’s debt outstanding was 7.23% and 2.65% for the three months ended March 31, 2023 and March 31, 2022, respectively. The increase in interest and borrowing expenses during the three months ended March 31, 2023 compared to the three months ended March 31, 2022 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 March 31, 2023 and March 31, 2022 were $3,938,904 and $3,402,792, respectively. The increase in the management fee for the three months ended March 31, 2023 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 March 31, 2023 and March 31, 2022, the Adviser waived management fees of $0 and $283,566, respectively.

Fund Expenses

For the three months ended March 31, 2023, the Fund incurred $21,805,644 of expenses in relation to interest and borrowing expenses, management fees, incentive fees, professional fees, administration and custodian fees, insurance expenses, directors’ fees, and other expenses. The Fund incurred $17,301 of tax expense.

For the three months ended March 31, 2022, the Fund incurred $11,614,038 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 $456,498 of collateral management fees were waived by the Adviser. The Fund incurred $308,827 of tax expense.

Net Realized Gain (Loss) on Investments

During the three months ended March 31, 2023, the Fund had principal repayments and sales which resulted in 5,453 of net realized gain.

During the three months ended March 31, 2022, the Fund had principal repayments and sales which resulted in $172,332 of net realized gain.

Net Change in Unrealized Appreciation (Depreciation) on Investments

During the three months ended March 31, 2023, the Fund had $4,522,412 in net change in unrealized appreciation on $1,198,535,419 of investments in 189 portfolio companies. Unrealized appreciation for the three months ended March 31, 2023, resulted from an increase in fair value, primarily due to positive valuation adjustments on level 3 securities.

During the three months ended March 31, 2022, the Fund had $2,905,995 in net change in unrealized depreciation on $946,391,430 of investments in 165 portfolio companies. Net change in unrealized depreciation for the three months ended March 31, 2022, resulted from a broad portfolio decline due to a decline in loan market secondary prices and widening primary issue credit spreads as well as a reclass of prior unrealized gain to investment income from a large prepayment fee on one investment. This depreciation was partially offset by gains on debt and equity positions marked up due to company performance or expectation of near-term repayment at par.

Net Increase (Decrease) in Net Assets Resulting from Operations

For the three months ended March 31, 2023 and March 31, 2022, the net increase in net assets resulting from operations was $15,549,711and $5,511,710, respectively. Based on the weighted average shares of common stock outstanding for the three months ended March 31, 2023 and March 31, 2022, the Fund’s per share net increase in net assets resulting from operations was $0.31 and $0.15, respectively.

Cash Flows

For the three months ended March 31, 2023, cash increased by $16,566,487. During the same period, the Fund used $43,043,224 in operating activities, primarily as a result of net purchases of investments. During the three months ended March 31, 2023, the Fund generated $59,609,711 from financing activities, primarily from net borrowings on the Revolving Credit Facilities.

For the three months ended March 31, 2022, cash increased by $6,855,757. During the same period, the Fund used $59,973,005 in operating activities, primarily as a result of net purchases of investments. During the three months ended March 31, 2022, the Fund generated $66,828,762 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 three months ended March 31, 2023 and March 31, 2022, the Fund did not enter into any hedging contracts.

Financial Condition, Liquidity and Capital Resources

As of March 31, 2023, and December 31, 2022, the Fund had $65,352,472 and $48,785,985 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.

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 March 31, 2023, taken together with the Fund’s uncalled Capital Commitments of $99,216,798 and $22,000,000 undrawn amount on the 2021 HSBC Credit Facility and $8,000,000 undrawn amount on the Synovus 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 March 31, 2023, the Fund has unfunded commitments to fund future investments in the amount of $171,537,939, and contractual obligations in the form of Revolving Credit Facilities of $520,000,000 and Notes of $245,254,335.

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 March 31, 2023, the Fund received Capital Commitments of $594,505,663. Inception to March 31, 2023, the Fund received Capital Contributions to the Fund of $495,288,865. 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 24, 2023, the Fund commenced the Q1 2023 Tender Offer for up to 1,215,453.85 Shares. The Purchase Price for the Q1 2023 Tender Offer was $9.30 per Share and the Q1 2023 Tender Offer expired on March 31, 2023.

On February 25, 2022, the Fund commenced the Q1 2022 Tender Offer for up to 795,164.70 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.

Stockholders who tendered Shares in the Q1 2023 Tender Offer and Q1 2022 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 months ended March 31, 2023 and March 31, 2022.


	For the Three Months Ended March 31, 2023		For the Three Months Ended March 31, 2022
Capital Commitments	$	26,549,633	$	50,603,350
Capital Commitments rescinded due to participation in General Tender Program	$	4,186,196	$	7,115,200
Dividend reinvestments	$	2,740,870	$	5,101,704
Shares issued to investors under DRIP		294,604		526,163
Value of capital drawdown notices	$	—	$	30,684,000
Shares issued to investors under capital drawdown notices		—		3,095,246
Value of Shares purchased in General Tender Program	$	5,837,993	$	4,081,370
Shares purchased in General Tender Offer		627,518		420,864

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 three months ended March 31, 2023:


Date Declared	Record Date		Payment Date		Amount Per Share		Total Distributions
March 29, 2023		March 29, 2023		April 25, 2023	$	0.10	$	5,139,617

Total distributions declared					$	0.10	$	5,139,617

The following table summarizes distributions declared during the three months ended March 31, 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

Total distributions declared					$	0.25	$	9,709,845

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 three months ended March 31, 2023, 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.

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.

For the three months ended March 31, 2023, 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.

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 July 8, 2021, 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 March 31, 2023, the Fund had $28,000,000 outstanding 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, 2022, the Fund had $0 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 March 31, 2023, the Fund had $192,000,000 outstanding on the Synovus Credit Facility and the Fund was in compliance with the terms of the Synovus Credit Facility. As of December 31, 2022, the Fud had $180,000,000 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 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. As of March 31, 2023, the Fund had $300,000,000 outstanding on the Natixis Credit Facility and the Fund was in compliance with the terms of the Natixis Credit Facility. As of December 31, 2022, the Fund had $268,000,000 outstanding on the Natixis Credit Facility and the Fund was in compliance with the terms of the Natixis Credit Facility.

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 $8,768,765 and $5,917,275 as of March 31, 2023 and December 31, 2022, 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. The CLO Transaction was executed through a private placement of: (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 scheduled to mature on August 9, 2030.

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 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 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 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 March 31, 2023, and December 31, 2022, the Fund had total senior securities of $775,518,765 and $700,313,290, respectively, consisting of borrowings under the Revolving Credit Facilities, secured borrowings and the Notes, and had asset coverage ratios of 160% and 165%, 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.

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.

Assuming that the consolidated statement of assets and liabilities as of March 31, 2023, 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	$	(2,954,278	)	$	(1,841,875	)	$	(1,112,403	)
Up 100 basis points		11,817,114			7,367,500			4,449,614
Up 200 basis points		23,634,228			14,735,000			8,899,228
Up 300 basis points		35,451,342			22,102,500			13,348,842

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, 2022, 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 three months ended March 31, 2023, 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, 2022, except for the following.

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 March 31, 2023 and (2) 150%, each at various annual returns, net of expenses and as of March 31, 2023.

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 March 31, 2023⁽¹⁾	(42.2	)%	(28.1	)%	(13.9	)%	0.2	%	14.4	%
Corresponding net return to holders of common stock assuming 150% asset coverage⁽²⁾	(45.2	)%	(30.2	)%	(15.2	)%	(0.2	)%	14.8	%

⁽¹⁾	Assumes $1,266 million in total portfolio assets, $802 million in debt outstanding, $464 million in net assets, and an average cost of funds of 7.6%. Actual interest payments may be different.

⁽²⁾	Assumes $1,266 million in total portfolio assets, $844 million in debt outstanding, $422 million in net assets, and an average cost of funds of 7.6%. 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.

Item 5.

Other Information

None.

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		Eighth Amendment to Revolving Credit Agreement, dated as of March 31, 2023, by and among AB-Abbott Private Equity Investors 2019 (Delaware) Fund L.P., AB-Abbott Private Equity Investors 2020 (Delaware) Fund L.P., AB-Abbott Private Equity Solutions 2021 (Delaware) Fund L.P., AB Private Credit Investors Middle Market Direct Lending Fund, L.P., AB Private Credit Investors Corporation and AB-Abbott Private Equity Solutions 2022 (Delaware) Fund L.P., as borrowers, AB-Abbott Private Equity Investors G.P. L.P., AB-Abbott Private Equity Investors 2020 G.P. L.P., AB-Abbott Private Equity Solutions 2021 G.P. L.P., AB Private Credit Investors Middle Market Direct Lending G.P. L.P. and AB-Abbott Private Equity Solutions 2022 G.P. L.P., as general partners, the banks and financial institutions from time to time party thereto as lenders and HSBC Bank USA, National Association as the administrative agent for the secured parties and a lender.*

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.SCH		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

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: May 15, 2023	By:	/s/ J. Brent Humphries
		J. Brent Humphries
		President and Chief Executive Officer
		(Principal Executive Officer)

Date: May 15, 2023	By:	/s/ Wesley Raper
		Wesley Raper
		Chief Financial Officer and Treasurer
		(Principal Financial and Accounting Officer)

Positive
Negative
Uncertain
Constraining
Legalese
Litigious
Readability	H.S. sophomore Bad

Large accelerated filer

Accelerated filer

Non-accelerated filer

Smaller reporting company

Emerging Growth Company