AB Private Credit Investors 10-Q 2023 Q2 Quarterly report

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM

10-Q

(Mark One)

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED JUNE 30, 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.

Large accelerated filer	☐	Accelerated filer	☐
Non-accelerated filer	☒	Smaller reporting company	☐
Emerging Growth Company	☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act).  ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule

12b-2

of the Exchange Act).     Yes   ☐    No   ☒

The issuer

had 52,814,846.030 shares

of common stock, $0.01 par value per share, outstanding

as of August 14, 2023

.

AB PRIVATE CREDIT INVESTORS CORPORATION

FORM 10-Q FOR THE QUARTER ENDED JUNE 30, 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		59
Item 3.	Quantitative and Qualitative Disclosures About Market Risk		74
Item 4.	Controls and Procedures		75
PART II.	OTHER INFORMATION		75
Item 1.	Legal Proceedings		75
Item 1A.	Risk Factors		75
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds		76
Item 3.	Defaults Upon Senior Securities		76
Item 4.	Mine Safety Disclosures		76
Item 5.	Other Information		76
Item 6.	Exhibits		77
SIGNATURES			78

Item 1. Financial Statements

AB Private Credit Investors Corporation

Consolidated Statements of Assets and Liabilities

	As of June 30, 2023 (Unaudited)			As of December 31, 2022
Assets
Investments, at fair value
Non-controlled/non-affiliated investments (amortized cost of $1,253,961,795 and $1,146,231,264, respectively)	$	1,227,308,366		$	1,122,343,258
Non-controlled affiliated investments (amortized cost of $10 and $0)		—			—
Controlled affiliated investments (amortized cost of $0 and $0)		264,486			173,837
Total investments, at fair value (amortized cost of $1,253,961,805 and $1,146,231,264)		1,227,572,852			1,122,517,095
Cash and cash equivalents		76,104,236			48,785,985
Interest receivable		14,067,944			9,795,021
Deferred financing costs		1,367,187			1,146,619
Receivable for investments sold		422,829			6,428,709
Receivable for fund shares		135,376			2,834,026
Prepaid expenses		—			226,644
Prepaid directors’ fee		179			—
Total assets	$	1,319,670,603		$	1,191,734,099
Liabilities
Notes payable (net of unamortized discount of $408,664 and $414,624, respectively, and debt issuance costs of $4,400,013 and $1,229,809, respectively)	$	541,941,323		$	245,105,567
Credit facility payable		253,400,000			448,000,000
Payable for investments purchased		11,070,115			1,990,087
Interest and borrowing expenses payable		10,818,347			8,311,138
Distribution payable		4,849,521			8,909,055
Payable for fund shares repurchased		4,225,901			6,304,249
Management fees payable		4,204,038			3,778,123
Incentive fee payable		2,600,473			2,534,935
Payable to Adviser		1,114,370			1,347,210
Administrator and custodian fees payable		670,668			725,470
Professional fees payable		358,284			594,355
Accrued tax liability		320,348			1,303,918
Accrued expenses and other liabilities		232,846			—
Directors’ fees payable		45,329			—
Transfer agent fees payable		36,214			34,224
Secured borrowings		—			5,917,275
Total liabilities	$	835,887,777		$	734,855,606
Commitments and Contingencies (Note 6)
Net Assets
Common stock, par value $0.01 per share (200,000,000 shares authorized, 52,816,794 and 50,228,088 shares issued and outstanding at June 30, 2023 and December 31, 2022, respectively)		528,168			502,281
Paid-in capital in excess of par value		509,937,301			485,940,938
Distributable earnings (accumulated loss)		(26,718,668	)		(29,599,112	)
Total net assets of AB Private Credit Investors Corporation	$	483,746,801		$	456,844,107
Non-Controlling Interest in ABPCIC Equity Holdings, LLC	$	36,025		$	34,386
Total net assets	$	483,782,826		$	456,878,493
Total liabilities and net assets	$	1,319,670,603		$	1,191,734,099
Net asset value per share of AB Private Credit Investors Corporation	$	9.16		$	9.10

See Notes to Unaudited Consolidated Financial Statements

3

AB Private Credit Investors Corporation

Unaudited Consolidated Statements of Operations

	For the three months ended June 30,						For the six months ended June 30,
	2023			2022			2023			2022
Investment Income:
From non-controlled/non-affiliated investments:
Interest income, net of amortization/accretion	$	35,269,067		$	19,249,271		$	67,028,005		$	38,268,334
Payment-in-kind interest		662,830			605,426			1,696,231			1,199,825
Dividend income		355,306			17,027			407,758			25,614
From controlled affiliated investments:
Interest income, net of amortization/accretion		—			64,846			—			130,234
Total investment income		36,287,203			19,936,570			69,131,994			39,624,007
Expenses:
Interest and borrowing expenses		17,260,122			7,046,218			31,041,782			12,187,003
Management fees		4,204,038			3,391,227			8,142,942			6,794,019
Income-based incentive fee		2,600,473			951,206			5,355,077			2,883,145
Professional fees		681,896			339,678			1,197,209			816,658
Administration and custodian fees		294,109			245,103			558,564			468,340
Insurance expenses		135,986			155,509			271,972			308,748
Directors’ fees		69,875			50,000			139,750			100,000
Transfer agent fees		36,215			29,841			71,487			55,517
Collateral management fees		—			131,978			—			588,476
Capital gains incentive fee		—			(237,304	)		—			(784,037	)
Other expenses		368,384			331,513			677,959			631,138
Total expenses		25,651,098			12,434,969			47,456,742			24,049,007
Reimbursement payments to Adviser (See Note 3: Expense Support and Conditional Reimbursement Agreement)		—			—			—			259,263
Waived collateral management fees		—			(131,978	)		—			(588,476	)
Waived management fees		—			—			—			(283,566	)
Net expenses		25,651,098			12,302,991			47,456,742			23,436,228
Net investment income before taxes		10,636,105			7,633,579			21,675,252			16,187,779
Income tax expense, including excise tax		260,725			258,256			278,026			567,083
Net investment income after tax		10,375,380			7,375,323			21,397,226			15,620,696
Net realized and change in unrealized gains (losses) on investment transactions:
Net realized gain (loss) from:
Non-controlled/non-affiliated investments		(303,851	)		644,621			(298,398	)		816,953
Net change in unrealized appreciation (depreciation) from:
Non-controlled/non-affiliated investments		(7,287,835	)		(2,462,862	)		(2,765,423	)		(6,589,612	)
Non-controlled affiliated investments		(10	)		—			(10	)		—
Controlled affiliated investments		90,649			631,721			90,649			1,852,476
Net realized and change in unrealized gains (losses) on investment transactions		(7,501,047	)		(1,186,520	)		(2,973,182	)		(3,920,183	)
Net increase in net assets resulting from operations	$	2,874,333		$	6,188,803		$	18,424,044		$	11,700,513
Less: Net increase (decrease) in net assets resulting from operations related to Non-Controlling Interest in ABPCIC Equity Holdings, LLC	$	516		$	4,545		$	1,639		$	4,555
Net increase (decrease) in net assets resulting from operations related to AB Private Credit Investors Corporation	$	2,873,817		$	6,184,258		$	18,422,405		$	11,695,958
Net investment income per share (basic and diluted):
Net investment income per share (basic and diluted):	$	0.20		$	0.18		$	0.42		$	0.40
Earnings per share (basic and diluted):	$	0.06		$	0.15		$	0.36		$	0.30
Weighted average shares outstanding:		51,975,095			41,885,326			51,104,578			39,180,515

See Notes to Unaudited Consolidated Financial Statements

4

AB Private Credit Investors Corporation

Unaudited Consolidated Statements of Changes in Net Assets

	Common Stock
	Shares			Par Amount			Paid in Capital in Excess of Par			Distributable Earnings			Non-Controlling Interest - ABPCIC Equity Holdings, LLC			Total Net Assets
Net assets at March 31, 2023		49,895,174		$	498,952		$	482,847,144		$	(19,190,141	)	$	35,509		$	464,191,464
Increase (decrease) in net assets resulting from operations:
Net investment income		—			—			—			10,375,562			(182	)		10,375,380
Net realized gain (loss) on investments		—			—			—			(303,851	)		—			(303,851	)
Net change in unrealized appreciation (depreciation) on investments		—			—			—			(7,197,894	)		698			(7,197,196	)
Capital transactions:
Issuance of common stock		2,776,754			27,768			25,764,683			—			—			25,792,451
Issuance of common shares pursuant to distribution reinvestment plan		606,230			6,062			5,546,761			—			—			5,552,823
Repurchase of common stock		(461,364	)		(4,614	)		(4,221,287	)		—			—			(4,225,901	)
Distributions to stockholders		—			—			—			(10,402,344	)		—			(10,402,344	)
Total increase (decrease) for the three months ended June 30, 2023		2,921,620			29,216			27,090,157			(7,528,527	)		516			19,591,362
Net assets at June 30, 2023		52,816,794		$	528,168		$	509,937,301		$	(26,718,668	)	$	36,025		$	483,782,826
Distributions declared per share		—		$	—		$	—		$	0.20		$	—		$	0.20
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		—			—			—			21,398,031			(805	)		21,397,226
Net realized gain (loss) on investments		—			—			—			(298,398	)		—			(298,398	)
Net change in unrealized appreciation (depreciation) on investments		—			—			—			(2,677,228	)		2,444			(2,674,784	)
Capital transactions:
Issuance of common stock		2,776,754			27,768			25,764,683			—			—			25,792,451
Issuance of common shares pursuant to distribution reinvestment plan		900,834			9,008			8,284,685			—			—			8,293,693
Repurchase of common stock		(1,088,882	)		(10,889	)		(10,053,005	)		—			—			(10,063,894	)
Distributions to stockholders		—			—			—			(15,541,961	)		—			(15,541,961	)
Total increase (decrease) for the six months ended June 30, 2023		2,588,706			25,887			23,996,363			2,880,444			1,639			26,904,333
Net assets at June 30, 2023		52,816,794		$	528,168		$	509,937,301		$	(26,718,668	)	$	36,025		$	483,782,826
Distributions declared per share		—		$	—		$	—		$	0.30		$	—		$	0.30

See Notes to Unaudited Consolidated Financial Statements

5

AB Private Credit Investors Corporation

Unaudited Consolidated Statements of Changes in Net Assets

	Common Stock
	Shares			Par Amount			Paid in Capital in Excess of Par			Distributable Earnings			Non-Controlling Interest - ABPCIC Equity Holdings, LLC			Total Net Assets
Net assets at March 31, 2022		38,544,494		$	385,445		$	370,964,346		$	2,416,317		$	24,762		$	373,790,870
Increase (decrease) in net assets resulting from operations:
Net investment income		—			—			—			7,375,517			(194	)		7,375,323
Net realized gain (loss) on investments		—			—			—			644,621			—			644,621
Net change in unrealized appreciation (depreciation) on investments		—			—			—			(1,835,880	)		4,739			(1,831,141	)
Capital transactions:
Issuance of common stock		5,759,395			57,594			56,205,634			—			—			56,263,228
Contribution of non-controlling interest into ABPCIC Equity Holdings, LLC		—			—			—			—			1,345			1,345
Issuance of common shares pursuant to distribution reinvestment plan		360,978			3,609			3,497,119			—			—			3,500,728
Repurchase of common stock		(617,738	)		(6,177	)		(5,984,588	)		—			—			(5,990,765	)
Distributions to stockholders		—			—			—			(6,590,492	)		—			(6,590,492	)
Total increase (decrease) for the three months ended June 30, 2022		5,502,635			55,026			53,718,165			(406,234	)		5,890			53,372,847
Net assets at June 30, 2022		44,047,129		$	440,471		$	424,682,511		$	2,010,083		$	30,652		$	427,163,717
Distributions declared per share		—		$	—		$	—		$	0.15		$	—		$	0.15
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		—			—			—			15,621,084			(388	)		15,620,696
Net realized gain (loss) on investments		—			—			—			816,953			—			816,953
Net change in unrealized appreciation (depreciation) on investments		—			—			—			(4,742,079	)		4,943			(4,737,136	)
Capital transactions:
Issuance of common stock		8,854,641			88,546			86,858,682			—			—			86,947,228
Contribution of non-controlling interest into ABPCIC Equity Holdings, LLC		—			—			—			—			9,336			9,336
Issuance of common shares pursuant to distribution reinvestment plan		887,141			8,871			8,593,561			—			—			8,602,432
Repurchase of common stock		(1,038,602	)		(10,386	)		(10,061,749	)		—			—			(10,072,135	)
Distributions to stockholders		—			—			—			(16,300,337	)		—			(16,300,337	)
Total increase (decrease) for the six months ended June 30, 2022		8,703,180			87,031			85,390,494			(4,604,379	)		13,891			80,887,037
Net assets at June 30, 2022		44,047,129		$	440,471		$	424,682,511		$	2,010,083		$	30,652		$	427,163,717
Distributions declared per share		—		$	—		$	—		$	0.40		$	—		$	0.40

See Notes to Unaudited Consolidated Financial Statements

6

AB Private Credit Investors Corporation

Unaudited Consolidated Statements of Cash Flows

	Six Months Ended June 30, 2023			Six Months Ended June 30, 2022
Cash flows from operating activities
Net increase (decrease) in net assets resulting from operations	$	18,424,044		$	11,700,513
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used for) operating activities:
Purchases of investments		(151,475,757	)		(235,107,930	)
Payment-in-kind investments		(1,696,231	)		(1,199,825	)
Proceeds from sales of investments and principal repayments		48,240,929			98,587,876
Net realized (gain) loss on investments		298,398			(816,953	)
Net change in unrealized (appreciation) depreciation on investments		2,674,784			4,737,136
Amortization of premium and accretion of discount, net		(3,097,880	)		(3,309,963	)
Amortization of discount, debt issuance and deferred financing costs		2,135,003			2,706,070
Increase (decrease) in operating assets and liabilities:
(Increase) decrease in receivable for investments sold		6,005,880			508,158
(Increase) decrease in interest receivable		(4,272,923	)		(4,475,685	)
(Increase) decrease in prepaid directors’ fee		(179	)		25,869
(Increase) decrease in prepaid expenses		226,644			256,534
Increase (decrease) in payable for investments purchased		9,080,028			(9,637,245	)
Increase (decrease) in management fees payable		425,915			738,175
Increase (decrease) in payable to Adviser		(232,840	)		(1,018,719	)
Increase (decrease) in administrator and custodian fees payable		(54,802	)		308,177
Increase (decrease) in professional fees payable		(236,071	)		9,391
Increase (decrease) in accrued tax liability		(983,570	)		494,625
Increase (decrease) in incentive fee payable		65,538			721,820
Increase (decrease) in directors’ fees payable		45,329			—
Increase (decrease) in transfer agent fees payable		1,990			6,822
Increase (decrease) in interest and borrowing expenses payable		2,507,209			1,354,170
Increase (decrease) in accrued expenses and other liabilities		232,846			105,169
Net cash provided by (used for) operating activities		(71,685,716	)		(133,305,815	)
Cash flows from financing activities
Issuance of common stock		28,491,101			106,736,240
Contribution of Non-Controlling Interest into ABPCIC Equity Holdings, LLC		—			9,336
Repurchase of common stock		(12,142,242	)		(8,817,509	)
Distributions paid		(11,307,802	)		(6,949,041	)
Financing costs paid		(5,519,815	)		(2,041,238	)
Borrowings on notes		300,000,000			246,321,363
Repayments of notes		—			(213,150,000	)
Borrowings on credit facility		214,400,000			121,500,000
Repayments of credit facility		(409,000,000	)		(100,000,000	)
Proceeds on secured borrowings		8,889,878			6,092,153
Repayments on secured borrowings		(14,807,153	)		(10,228,115	)
Net cash provided by (used for) financing activities		99,003,967			139,473,189
Net increase (decrease) in cash		27,318,251			6,167,374
Cash and cash equivalents, beginning of period		48,785,985			54,489,043
Cash and cash equivalents, end of period	$	76,104,236		$	60,656,417
Supplemental and non-cash financing activities
Cash paid during the period for interest	$	25,856,860		$	7,866,430
Issuance of common shares pursuant to distribution reinvestment plan	$	8,293,693		$	8,602,432
State taxes paid	$	1,261,596		$	72,459

See Notes to Unaudited Consolidated Financial Statements

7

AB Private Credit Investors Corporation

Consolidated Schedule of Investments as of June 30, 2023

(Unaudited)

Portfolio Company

Industry

Facility Type

Interest

Maturity

Funded   Par Amount

Cost

Fair Value

Investments at Fair Value (++) + * # ^ - 253.74%

U.S. Corporate Debt- 243.32%

1st Lien/Senior Secured Debt- 241.16%

AmerCareRoyal, LLC (1)

Business Services

Delayed Draw Term Loan

11.73% (S + 6.50%; 0.50% PIK; 1.00% Floor)

11/25/2025

$

495,514

$

488,405

$

491,797

AmerCareRoyal, LLC (1) (2)

Business Services

Term Loan

11.73% (S + 6.50%; 0.50% PIK; 1.00% Floor)

11/25/2025

4,106,194

4,007,147

4,075,398

AmerCareRoyal, LLC (2) (3)

Business Services

Term Loan

11.73% (S + 6.50%; 0.50% PIK; 1.00% Floor)

11/25/2025

509,992

498,542

506,167

AmerCareRoyal, LLC (1) (4)

Business Services

Term Loan

11.79% (S + 6.50%; 0.50% PIK; 1.00% Floor)

11/25/2025

1,995,122

1,973,605

1,980,159

Cerifi, LLC (5)

Business Services

Revolver

10.96% (S + 5.75%; 1.00% Floor)

04/01/2027

369,264

351,908

349,877

Cerifi, LLC (2) (3) (4)

Business Services

Term Loan

11.00% (S + 5.75%; 1.00% Floor)

03/31/2028

15,985,824

15,721,199

15,706,072

Engage2Excel, Inc.

Business Services

Revolver

12.69% (S + 7.25%; 1.00% Floor)

02/15/2024

379,732

375,634

374,036

Engage2Excel, Inc. (1)

Business Services

Term Loan

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

12/31/2023

1,029,478

1,021,776

1,014,036

Engage2Excel, Inc. (1)

Business Services

Term Loan

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

02/15/2024

2,966,257

2,944,303

2,921,763

Metametrics, Inc. (5) (6)

Business Services

Revolver

10.32% (S + 5.00%; 1.00% Floor)

09/10/2025

—

(4,835

)

—

Metametrics, Inc. (1) (2)

Business Services

Term Loan

10.34% (S + 5.00%; 1.00% Floor)

09/10/2025

4,470,586

4,433,537

4,470,586

Mr. Greens Intermediate, LLC (5) (6)

Business Services

Delayed Draw Term Loan

11.51% (S + 6.25%; 1.00% Floor)

05/01/2029

—

(78,905

)

(78,905

)

Mr. Greens Intermediate, LLC (5) (6)

Business Services

Revolver

11.51% (S + 6.25%; 1.00% Floor)

05/01/2029

—

(30,726

)

(31,562

)

Mr. Greens Intermediate, LLC (2) (3)

Business Services

Term Loan

11.51% (S + 6.25%; 1.00% Floor)

05/01/2029

6,312,406

6,124,885

6,123,034

MSM Acquisitions, Inc.

Business Services

Delayed Draw Term Loan

11.26% (S + 6.00%; 1.00% Floor)

12/09/2026

366,391

365,065

349,903

MSM Acquisitions, Inc. (2)

Business Services

Delayed Draw Term Loan

11.26% (S + 6.00%; 1.00% Floor)

12/09/2026

2,989,830

2,951,116

2,855,288

MSM Acquisitions, Inc. (5)

Business Services

Revolver

11.26% (S + 6.00%; 1.00% Floor)

12/09/2026

998,412

984,125

943,285

MSM Acquisitions, Inc. (1) (2) (4)

Business Services

Term Loan

11.26% (S + 6.00%; 1.00% Floor)

12/09/2026

8,170,552

8,080,085

7,802,877

Rep Tec Intermediate Holdings, Inc. (5)

Business Services

Revolver

11.74% (S + 6.50%; 1.00% Floor)

12/01/2027

381,472

374,023

361,741

Rep Tec Intermediate Holdings, Inc. (1) (2) (4)

Business Services

Term Loan

11.89% (S + 6.50%; 1.00% Floor)

12/01/2027

14,495,043

14,350,879

14,132,667

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

Business Services

Delayed Draw Term Loan

11.39% (S + 6.00%; 1.00% Floor)

09/15/2028

1,908,086

1,850,458

1,863,815

Sako and Partners Lower Holdings LLC (5) (6)

Business Services

Revolver

11.39% (S + 6.00%; 1.00% Floor)

09/15/2028

—

(32,547

)

(24,859

)

Sako and Partners Lower Holdings LLC (1) (2) (3) (4)

Business Services

Term Loan

11.39% (S + 6.00%; 1.00% Floor)

09/15/2028

14,840,671

14,451,512

14,543,857

Valcourt Holdings II, LLC (1) (3)

Business Services

Delayed Draw Term Loan

10.64% (S + 5.25%; 1.00% Floor)

01/07/2027

1,704,190

1,685,774

1,704,190

Valcourt Holdings II, LLC (2)

Business Services

Term Loan

10.64% (S + 5.25%; 1.00% Floor)

01/07/2027

2,627,722

2,594,707

2,627,722

Valcourt Holdings II, LLC (1) (2)

Business Services

Term Loan

10.64% (S + 5.25%; 1.00% Floor)

01/07/2027

6,247,059

6,170,351

6,247,059

Valcourt Holdings II, LLC (2)

Business Services

Term Loan

10.64% (S + 5.25%; 1.00% Floor)

01/07/2027

1,149,408

1,132,314

1,149,408

AEG Holding Company, Inc. (1)

Consumer Non-Cyclical

Delayed Draw Term Loan

10.98% (S + 5.50%; 1.00% Floor)

07/01/2024

1,040,284

1,038,730

1,037,683

AEG Holding Company, Inc.

Consumer Non-Cyclical

Revolver

10.98% (S + 5.50%; 1.00% Floor)

07/01/2024

1,116,864

1,115,080

1,114,072

AEG Holding Company, Inc. (4)

Consumer Non-Cyclical

Term Loan

10.98% (S + 5.50%; 1.00% Floor)

07/01/2024

1,810,256

1,806,885

1,805,731

AEG Holding Company, Inc. (1)

Consumer Non-Cyclical

Term Loan

10.98% (S + 5.50%; 1.00% Floor)

07/01/2024

5,481,809

5,473,317

5,468,105

Ampler QSR Holdings, LLC (2) (3) (4)

Consumer Non-Cyclical

Term Loan

11.41% (L + 5.875%; 1.00% Floor)

07/21/2027

12,284,286

12,126,286

11,854,336

Blink Holdings, Inc.

Consumer Non-Cyclical

Delayed Draw Term Loan

13.89% (L + 5.50%; 3.00% PIK; 1.00% Floor)

11/08/2024

898,933

895,774

786,566

Blink Holdings, Inc. (1)

Consumer Non-Cyclical

Delayed Draw Term Loan

13.89% (L + 5.50%; 3.00% PIK; 1.00% Floor)

11/08/2024

1,121,039

1,117,716

980,909

Blink Holdings, Inc. (1)

Consumer Non-Cyclical

Term Loan

13.89% (L + 5.50%; 3.00% PIK; 1.00% Floor)

11/08/2024

1,566,998

1,562,325

1,371,123

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

Consumer Non-Cyclical

Term Loan

9.70% (S + 4.50%; 1.00% Floor)

11/17/2027

8,365,062

8,241,281

8,239,586

Mathnasium LLC (5)

Consumer Non-Cyclical

Revolver

10.24% (S + 5.00%; 0.75% Floor)

11/15/2027

87,043

77,426

75,619

Mathnasium LLC (1) (2)

Consumer Non-Cyclical

Term Loan

10.24% (S + 5.00%; 0.75% Floor)

11/15/2027

5,372,200

5,293,404

5,278,186

MMP Intermediate, LLC (5) (6)

Consumer Non-Cyclical

Revolver

10.97% (S + 5.75%; 1.00% Floor)

02/15/2027

—

(8,101

)

(15,204

)

MMP Intermediate, LLC (1) (2)

Consumer Non-Cyclical

Term Loan

10.97% (S + 5.75%; 1.00% Floor)

02/15/2027

7,986,902

7,865,304

7,767,262

PF Growth Partners, LLC (1)

Consumer Non-Cyclical

Term Loan

10.08% (S + 5.00%; 1.00% Floor)

07/11/2025

116,539

114,227

113,625

PF Growth Partners, LLC (1)

Consumer Non-Cyclical

Term Loan

10.10% (S + 5.00%; 1.00% Floor)

07/11/2025

235,479

230,809

229,592

PF Growth Partners, LLC (1)

Consumer Non-Cyclical

Term Loan

10.23% (S + 5.00%; 1.00% Floor)

07/11/2025

1,960,726

1,953,162

1,911,708

TBG Food Acquisition Corp (5) (6)

Consumer Non-Cyclical

Delayed Draw Term Loan

10.72% (S + 5.50%; 0.75% Floor)

12/25/2027

—

(7,961

)

(60,726

)

TBG Food Acquisition Corp (5) (6)

Consumer Non-Cyclical

Revolver

10.72% (S + 6.00%; 0.75% Floor)

12/25/2027

—

(1,990

)

(15,182

)

TBG Food Acquisition Corp (1) (3)

Consumer Non-Cyclical

Term Loan

10.72% (S + 5.50%; 0.75% Floor)

12/25/2027

6,501,641

6,463,852

6,127,797

Airwavz Solutions, Inc. (5) (6)

Digital Infrastructure & Services

Delayed Draw Term Loan

10.89% (S + 5.50%; 1.00% Floor)

03/31/2027

—

(51,257

)

(52,061

)

See Notes to Unaudited Consolidated Financial Statements

8

AB Private Credit Investors Corporation

Consolidated Schedule of Investments as of June 30, 2023 (continued)

(Unaudited)

Portfolio Company

Industry

Facility Type

Interest

Maturity

Funded   Par Amount

Cost

Fair Value

Airwavz Solutions, Inc. (4) (5)

Digital Infrastructure & Services

Delayed Draw Term Loan

10.89% (S + 5.50%; 1.00% Floor)

03/31/2027

$

2,610,959

$

2,570,183

$

2,553,845

Airwavz Solutions, Inc. (5) (6)

Digital Infrastructure & Services

Revolver

10.89% (S + 5.50%; 1.00% Floor)

03/31/2027

—

(8,636

)

(13,055

)

Airwavz Solutions, Inc. (4)

Digital Infrastructure & Services

Term Loan

10.89% (S + 5.50%; 1.00% Floor)

03/31/2027

5,221,919

5,152,835

5,117,480

Avant Communications, LLC (5) (6)

Digital Infrastructure & Services

Revolver

11.14% (S + 5.75%; 1.00% Floor)

11/30/2026

—

(7,830

)

(9,921

)

Avant Communications, LLC (1) (2) (3)

Digital Infrastructure & Services

Term Loan

11.14% (S + 5.75%; 1.00% Floor)

11/30/2026

15,040,002

14,801,432

14,776,802

Bridgepointe Technologies, LLC (4)

Digital Infrastructure & Services

Delayed Draw Term Loan

11.89% (S + 6.50%; 1.00% Floor)

12/31/2027

2,751,747

2,731,851

2,689,833

Bridgepointe Technologies, LLC (1) (2)

Digital Infrastructure & Services

Delayed Draw Term Loan

11.89% (S + 6.50%; 1.00% Floor)

12/31/2027

3,868,035

3,824,399

3,781,004

Bridgepointe Technologies, LLC (1) (2) (5)

Digital Infrastructure & Services

Delayed Draw Term Loan

11.74% (S + 6.50%; 1.00% Floor)

12/31/2027

3,544,961

3,439,229

3,445,446

Bridgepointe Technologies, LLC (5)

Digital Infrastructure & Services

Revolver

11.89% (S + 6.50%; 1.00% Floor)

12/31/2027

116,624

104,895

99,131

Bridgepointe Technologies, LLC (1) (2)

Digital Infrastructure & Services

Term Loan

11.89% (S + 6.50%; 1.00% Floor)

12/31/2027

4,729,498

4,654,991

4,623,085

Bridgepointe Technologies, LLC (1) (2)

Digital Infrastructure & Services

Term Loan

11.89% (S + 6.50%; 1.00% Floor)

12/31/2027

2,282,779

2,203,011

2,231,416

Coretelligent Intermediate LLC (2) (5)

Digital Infrastructure & Services

Delayed Draw Term Loan

10.84% (L + 5.50%; 1.00% Floor)

10/21/2027

1,909,275

1,887,267

1,824,225

Coretelligent Intermediate LLC (5)

Digital Infrastructure & Services

Revolver

12.75% (P + 4.50%; 1.00% Floor)

10/21/2027

63,321

49,545

31,661

Coretelligent Intermediate LLC (1) (2) (4)

Digital Infrastructure & Services

Term Loan

10.84% (L + 5.50%; 1.00% Floor)

10/21/2027

7,908,673

7,822,643

7,710,956

EvolveIP, LLC (2)

Digital Infrastructure & Services

Delayed Draw Term Loan

10.70% (S + 5.50%; 1.00% Floor)

06/07/2025

110,539

110,912

105,841

EvolveIP, LLC (5) (7)

Digital Infrastructure & Services

Revolver

10.72% (S + 5.50%; 1.00% Floor)

06/07/2025

472,390

469,348

448,298

EvolveIP, LLC (1)

Digital Infrastructure & Services

Term Loan

10.70% (S + 5.50%; 1.00% Floor)

06/07/2025

6,401,056

6,366,683

6,129,011

Firstdigital Communications LLC (5)

Digital Infrastructure & Services

Revolver

9.50% (L + 4.25%; 0.75% Floor)

12/17/2026

412,549

390,341

349,080

Firstdigital Communications LLC (2) (4)

Digital Infrastructure & Services

Term Loan

9.50% (L + 4.25%; 0.75% Floor)

12/17/2026

13,645,840

13,454,853

13,100,007

FirstLight Holdco, Inc. (1) (2)

Digital Infrastructure & Services

Term Loan

9.50% (S + 4.00%; 1.00% Floor)

07/23/2025

6,133,231

6,014,894

5,918,568

Greenlight Intermediate II, Inc. (2) (5)

Digital Infrastructure & Services

Delayed Draw Term Loan

10.74% (S + 5.50%; 0.75% Floor)

06/01/2028

2,365,441

2,284,697

2,365,441

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

Digital Infrastructure & Services

Term Loan

10.91% (S + 5.50%; 0.75% Floor)

06/01/2028

5,331,605

5,239,242

5,291,618

MBS Holdings, Inc. (5)

Digital Infrastructure & Services

Revolver

10.93% (S + 5.75%; 1.00% Floor)

04/16/2027

155,867

143,372

121,771

MBS Holdings, Inc. (1) (2) (3) (4)

Digital Infrastructure & Services

Term Loan

10.95% (S + 5.75%; 1.00% Floor)

04/16/2027

10,310,607

10,185,083

9,949,736

MSP Global Holdings, Inc. (4) (5)

Digital Infrastructure & Services

Delayed Draw Term Loan

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

01/25/2027

611,697

592,719

584,611

MSP Global Holdings, Inc. (5) (6)

Digital Infrastructure & Services

Revolver

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

01/25/2027

—

(10,653

)

(19,033

)

MSP Global Holdings, Inc. (2) (4)

Digital Infrastructure & Services

Term Loan

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

01/25/2027

7,831,454

7,729,314

7,655,246

NI Topco, Inc (2) (4)

Digital Infrastructure & Services

Term Loan

11.09% (S + 5.75%; 0.75% Floor)

12/28/2028

6,605,918

6,483,624

6,539,859

NI Topco, Inc (1)

Digital Infrastructure & Services

Term Loan

11.09% (S + 5.75%; 0.75% Floor)

12/28/2028

1,224,370

1,200,843

1,212,126

Race Finco LLC (5) (6)

Digital Infrastructure & Services

Delayed Draw Term Loan

12.07% (S + 7.00%; 1.00% Floor)

01/10/2028

—

(49,789

)

(45,735

)

Race Finco LLC (5) (6)

Digital Infrastructure & Services

Revolver

12.07% (S + 7.00%; 1.00% Floor)

01/10/2028

—

(16,609

)

(16,769

)

Race Finco LLC (2) (4)

Digital Infrastructure & Services

Term Loan

12.07% (S + 7.00%; 1.00% Floor)

01/10/2028

4,878,384

4,745,517

4,744,229

Single Digits, Inc. (3)

Digital Infrastructure & Services

Delayed Draw Term Loan

9.75% (S + 4.25%; 3.25% PIK; 1.00% Floor)

06/19/2026

606,963

608,532

531,093

Single Digits, Inc. (5) (6)

Digital Infrastructure & Services

Revolver

9.75% (S + 4.25%; 3.25% PIK; 1.00% Floor)

06/19/2026

—

(400

)

(52,019

)

Single Digits, Inc. (1)

Digital Infrastructure & Services

Term Loan

9.75% (S + 4.25%; 3.25% PIK; 1.00% Floor)

06/19/2026

2,841,114

2,833,741

2,485,975

Stratus Networks, Inc. (2) (4) (5)

Digital Infrastructure & Services

Delayed Draw Term Loan

10.45% (S + 5.25%; 1.00% Floor)

12/15/2027

1,518,150

1,477,033

1,488,447

Stratus Networks, Inc. (5)

Digital Infrastructure & Services

Revolver

10.45% (S + 5.25%; 1.00% Floor)

12/15/2027

792,078

777,220

774,751

See Notes to Unaudited Consolidated Financial Statements

9

AB Private Credit Investors Corporation

Consolidated Schedule of Investments as of June 30, 2023 (continued)

(Unaudited)

Portfolio Company

Industry

Facility Type

Interest

Maturity

Funded   Par Amount

Cost

Fair Value

Stratus Networks, Inc. (2)

Digital Infrastructure & Services

Term Loan

10.45% (S + 5.25%; 1.00% Floor)

12/15/2027

$

7,920,781

$

7,797,393

$

7,782,168

Thrive Buyer, Inc. (1) (2)

Digital Infrastructure & Services

Delayed Draw Term Loan

11.39% (S + 6.00%; 1.00% Floor)

01/22/2027

8,215,882

8,106,444

8,154,263

Thrive Buyer, Inc. (5)

Digital Infrastructure & Services

Revolver

13.25% (P + 5.00%; 2.00% Floor)

01/22/2027

369,907

355,819

361,585

Thrive Buyer, Inc. (3)

Digital Infrastructure & Services

Term Loan

11.89% (S + 6.50%; 1.00% Floor)

01/22/2027

1,204,373

1,168,242

1,204,373

Thrive Buyer, Inc. (1) (2) (4)

Digital Infrastructure & Services

Term Loan

11.39% (S + 6.00%; 1.00% Floor)

01/22/2027

11,705,630

11,560,629

11,617,837

Towerco IV Holdings, LLC (1) (2) (3) (5)

Digital Infrastructure & Services

Delayed Draw Term Loan

9.22% (S + 4.00%; 1.00% Floor)

04/23/2026

19,360,162

19,190,410

19,042,538

Transtelco Holding, Inc (1) (4)

Digital Infrastructure & Services

Term Loan

10.74% (S + 5.50%; 1.00% Floor)

03/26/2026

8,503,727

8,308,868

8,312,393

Transtelco Holding, Inc. (1) (2) (4)

Digital Infrastructure & Services

Term Loan

10.99% (S + 5.75%; 0.50% Floor)

03/26/2026

4,661,043

4,640,088

4,626,085

Transtelco Holding, Inc. (2)

Digital Infrastructure & Services

Term Loan

10.49% (S + 5.25%; 0.50% Floor)

03/26/2026

4,661,043

4,639,354

4,579,475

Accelerate Resources Operating, LLC (5) (6)

Energy

Revolver

10.70% (S + 5.50%; 1.00% Floor)

02/24/2027

—

(3,745

)

—

Accelerate Resources Operating, LLC (1)

Energy

Term Loan

10.70% (S + 5.50%; 1.00% Floor)

02/24/2027

3,505,062

3,473,500

3,505,062

Foundation Risk Partners, Corp. (4)

Financials

Delayed Draw Term Loan

11.59% (S + 6.25%; 0.75% Floor)

10/29/2028

2,111,433

2,098,755

2,042,811

Foundation Risk Partners, Corp. (4) (5)

Financials

Delayed Draw Term Loan

11.59% (S + 6.25%; 0.75% Floor)

10/30/2028

1,879,978

1,846,889

1,785,218

Foundation Risk Partners, Corp. (5) (6)

Financials

Revolver

11.59% (S + 6.25%; 0.75% Floor)

10/29/2027

—

(9,320

)

(33,737

)

Foundation Risk Partners, Corp. (1) (2) (4)

Financials

Term Loan

11.59% (S + 6.25%; 0.75% Floor)

10/29/2028

9,708,172

9,616,226

9,392,657

Foundation Risk Partners, Corp. (2)

Financials

Term Loan

11.59% (S + 6.25%; 0.75% Floor)

10/30/2028

783,324

773,684

757,866

Galway Borrower, LLC (5) (6)

Financials

Delayed Draw Term Loan

10.59% (S + 5.25%; 0.75% Floor)

09/29/2028

—

(297

)

(980

)

Galway Borrower, LLC (5) (6)

Financials

Revolver

10.59% (S + 5.25%; 0.75% Floor)

09/30/2027

—

(3,874

)

(9,464

)

Galway Borrower, LLC (1) (2)

Financials

Term Loan

10.59% (S + 5.25%; 0.75% Floor)

09/29/2028

4,229,498

4,179,246

4,081,465

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

Financials

Delayed Draw Term Loan

10.45% (S + 5.25%; 1.00% Floor)

11/25/2026

3,323,432

3,302,907

3,290,197

Higginbotham Insurance Agency, Inc. (1) (2) (4)

Financials

Term Loan

10.45% (S + 5.25%; 1.00% Floor)

11/25/2026

8,002,652

7,932,186

7,922,625

Peter C. Foy & Associates Insurance Services, LLC (1) (4)

Financials

Delayed Draw Term Loan

11.22% (S + 6.00%; 0.75% Floor)

11/01/2028

5,899,654

5,853,508

5,693,166

Peter C. Foy & Associates Insurance Services, LLC (4)

Financials

Delayed Draw Term Loan

11.22% (S + 6.00%; 0.75% Floor)

11/01/2028

1,250,536

1,234,225

1,206,768

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

Financials

Term Loan

11.22% (S + 6.00%; 0.75% Floor)

11/01/2028

499,743

493,434

482,252

RSC Acquisition, Inc. (5)

Financials

Delayed Draw Term Loan

10.89% (S + 5.50%; 0.75% Floor)

10/30/2026

983,811

971,131

942,059

RSC Acquisition, Inc. (2)

Financials

Delayed Draw Term Loan

10.91% (S + 5.50%; 0.75% Floor)

10/30/2026

5,370,453

5,360,438

5,236,191

Wealth Enhancement Group, LLC (1) (2) (3)

Financials

Delayed Draw Term Loan

11.28% (S + 6.25%; 1.00% Floor)

10/04/2027

6,262,979

6,252,854

6,169,035

Wealth Enhancement Group, LLC (5)

Financials

Delayed Draw Term Loan

10.56% (S + 6.25%; 1.00% Floor)

10/04/2027

962,300

958,806

945,287

Wealth Enhancement Group, LLC (5) (6)

Financials

Revolver

11.28% (S + 6.25%; 1.00% Floor)

10/04/2027

—

(1,303

)

(6,861

)

AAH Topco, LLC (1) (2) (3) (4) (5)

Healthcare & HCIT

Delayed Draw Term Loan

10.69% (S + 5.50%; 0.75% Floor)

12/22/2027

5,912,559

5,771,403

5,572,308

AAH Topco, LLC (5) (6)

Healthcare & HCIT

Revolver

10.70% (S + 5.50%; 0.75% Floor)

12/22/2027

—

(11,864

)

(39,364

)

AAH Topco, LLC (1) (2) (4)

Healthcare & HCIT

Term Loan

10.70% (S + 5.50%; 0.75% Floor)

12/22/2027

6,452,627

6,348,285

6,129,995

American Physician Partners, LLC (1) (2) (8)

Healthcare & HCIT

Delayed Draw Term Loan

— (S + 6.75%; 3.50% PIK; 1.00% Floor)

09/30/2023

1,126,889

1,084,517

3,279

American Physician Partners, LLC (8)

Healthcare & HCIT

Delayed Draw Term Loan

— (S + 6.75%; 3.50% PIK; 1.00% Floor)

09/30/2023

848,566

820,005

225,820

American Physician Partners, LLC (8)

Healthcare & HCIT

Revolver

— (S + 6.75%; 3.50% PIK; 1.00% Floor)

09/30/2023

346,322

345,024

1,008

American Physician Partners, LLC (8)

Healthcare & HCIT

Term Loan

— (S + 6.75%; 3.50% PIK; 1.00% Floor)

06/30/2023

87,247

86,687

43,687

American Physician Partners, LLC (8)

Healthcare & HCIT

Term Loan

— (S + 6.75%; 3.50% PIK; 1.00% Floor)

09/30/2023

1,291,983

1,250,593

—

American Physician Partners, LLC (1) (8)

Healthcare & HCIT

Term Loan

— (S + 6.75%; 3.50% PIK; 1.00% Floor)

09/30/2023

2,398,163

2,245,758

—

American Physician Partners, LLC (8)

Healthcare & HCIT

Term Loan

— (S + 6.75%; 3.50% PIK; 1.00% Floor)

09/30/2023

6,035,900

5,733,816

—

Analogic Corporation (5) (7)

Healthcare & HCIT

Revolver

10.45% (S + 5.25%; 1.00% Floor)

06/24/2024

158,428

158,428

157,359

See Notes to Unaudited Consolidated Financial Statements

10

AB Private Credit Investors Corporation

Consolidated Schedule of Investments as of June 30, 2023 (continued)

(Unaudited)

Portfolio Company

Industry

Facility Type

Interest

Maturity

Funded   Par Amount

Cost

Fair Value

Analogic Corporation (1) (4)

Healthcare & HCIT

Term Loan

10.45% (S + 5.25%; 1.00% Floor)

06/22/2024

$

2,064,028

$

2,056,456

$

2,053,708

AOM Acquisition, LLC. (5) (6)

Healthcare & HCIT

Revolver

10.14% (S + 4.75%; 1.00% Floor)

02/18/2027

—

(17,875

)

(3,047

)

AOM Acquisition, LLC. (1) (2)

Healthcare & HCIT

Term Loan

10.14% (S + 4.75%; 1.00% Floor)

02/18/2027

6,158,526

6,065,137

6,143,130

BAART Programs, Inc. (1)

Healthcare & HCIT

Delayed Draw Term Loan

10.50% (L + 5.00%; 1.00% Floor)

06/11/2027

3,895,596

3,867,800

3,720,294

BAART Programs, Inc. (1) (2)

Healthcare & HCIT

Term Loan

10.50% (S + 5.00%; 1.00% Floor)

06/11/2027

4,697,916

4,668,662

4,486,509

BV EMS Buyer, Inc. (2) (5)

Healthcare & HCIT

Delayed Draw Term Loan

10.94% (S + 5.75%; 1.00% Floor)

11/23/2027

1,817,264

1,764,360

1,729,181

BV EMS Buyer, Inc. (2) (3)

Healthcare & HCIT

Term Loan

10.95% (S + 5.75%; 1.00% Floor)

11/23/2027

3,503,238

3,413,224

3,415,657

Caregiver 2, Inc. (2)

Healthcare & HCIT

Delayed Draw Term Loan

10.68% (S + 5.25%; 2.25% PIK; 1.00% Floor)

07/24/2025

1,541,496

1,518,428

1,452,860

Caregiver 2, Inc. (4)

Healthcare & HCIT

Term Loan

10.68% (S + 5.25%; 2.25% PIK; 1.00% Floor)

07/24/2025

4,617,464

4,577,572

4,351,960

Caregiver 2, Inc. (4)

Healthcare & HCIT

Term Loan

10.68% (S + 5.25%; 2.25% PIK; 1.00% Floor)

07/24/2025

662,755

654,242

624,647

Caregiver 2, Inc. (2)

Healthcare & HCIT

Term Loan

10.68% (S + 5.25%; 2.25% PIK; 1.00% Floor)

07/24/2025

632,817

621,650

596,430

Choice Health At Home, LLC, (1) (5) (7)

Healthcare & HCIT

Delayed Draw Term Loan

13.02% (L + 6.75%; 1.00% PIK; 1.00% Floor)

12/29/2026

949,361

932,235

835,871

Choice Health At Home, LLC, (1) (2)

Healthcare & HCIT

Term Loan

12.02% (L + 6.75%; 1.00% PIK; 1.00% Floor)

12/29/2026

2,568,097

2,539,792

2,426,852

Coding Solutions Acquisition, Inc (5)

Healthcare & HCIT

Delayed Draw Term Loan

10.58% (S + 5.50%; 0.75% Floor)

05/11/2028

173,516

158,144

123,827

Coding Solutions Acquisition, Inc (5)

Healthcare & HCIT

Revolver

10.60% (S + 5.50%; 0.75% Floor)

05/11/2028

159,072

146,775

127,258

Coding Solutions Acquisition, Inc (2) (4)

Healthcare & HCIT

Term Loan

10.60% (S + 5.50%; 0.75% Floor)

05/11/2028

5,488,984

5,399,368

5,269,424

Community Based Care Acquisition, Inc. (2) (5)

Healthcare & HCIT

Delayed Draw Term Loan

10.59% (S + 5.25%; 1.00% Floor)

09/16/2027

2,023,869

1,997,496

1,981,206

Community Based Care Acquisition, Inc. (5) (6)

Healthcare & HCIT

Delayed Draw Term Loan

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

09/16/2027

—

(49,667

)

(36,401

)

Community Based Care Acquisition, Inc. (5) (6)

Healthcare & HCIT

Revolver

10.59% (S + 5.25%; 1.00% Floor)

09/16/2027

—

(12,264

)

(17,276

)

Community Based Care Acquisition, Inc. (1) (2)

Healthcare & HCIT

Term Loan

10.59% (S + 5.25%; 1.00% Floor)

09/16/2027

5,261,917

5,185,052

5,156,679

Delaware Valley Management Holdings, Inc. (8)

Healthcare & HCIT

Delayed Draw Term Loan

— (11.50% PIK; 1.00% Floor)

03/21/2024

392,298

348,770

247,540

Delaware Valley Management Holdings, Inc. (5) (8)

Healthcare & HCIT

Delayed Draw Term Loan

— (11.50% PIK; 1.00% Floor)

03/21/2024

558,273

535,558

352,261

Delaware Valley Management Holdings, Inc. (8)

Healthcare & HCIT

Revolver

— (11.50% PIK; 1.00% Floor)

03/21/2024

579,494

541,505

365,661

Delaware Valley Management Holdings, Inc. (8)

Healthcare & HCIT

Term Loan

— (11.50% PIK; 1.00% Floor)

03/21/2024

3,726,832

3,446,462

2,351,631

FH MD Buyer, Inc. (1) (2)

Healthcare & HCIT

Term Loan

10.22% (S + 5.11%; 0.75% Floor)

07/22/2028

5,437,735

5,396,567

4,893,962

GHA Buyer, Inc. (3)

Healthcare & HCIT

Delayed Draw Term Loan

9.89% (S + 4.50%; 3.75% PIK; 1.00% Floor)

06/24/2026

821,636

814,165

790,825

GHA Buyer, Inc. (5) (6)

Healthcare & HCIT

Revolver

9.89% (S + 4.50%; 3.25% PIK; 1.00% Floor)

06/24/2026

—

(1,847

)

(35,665

)

GHA Buyer, Inc. (1)

Healthcare & HCIT

Term Loan

13.64% (S + 4.50%; 3.75% PIK; 1.00% Floor)

06/24/2026

566,612

561,084

545,364

GHA Buyer, Inc. (1) (4)

Healthcare & HCIT

Term Loan

9.89% (S + 4.50%; 3.75% PIK; 1.00% Floor)

06/24/2026

5,422,293

5,375,632

5,218,957

GHA Buyer, Inc. (1)

Healthcare & HCIT

Term Loan

13.64% (S + 4.50%; 3.75% PIK; 1.00% Floor)

06/24/2026

1,982,100

1,979,311

1,907,772

GHA Buyer, Inc. (4)

Healthcare & HCIT

Term Loan

9.89% (S + 4.50%; 3.75% PIK; 1.00% Floor)

06/24/2026

4,695,064

4,650,852

4,518,999

GHA Buyer, Inc. (1)

Healthcare & HCIT

Term Loan

9.89% (S + 4.50%; 3.75% PIK; 1.00% Floor)

06/24/2026

735,523

726,731

707,940

Honor HN Buyer, Inc (2) (3) (7)

Healthcare & HCIT

Delayed Draw Term Loan

10.95% (S + 5.75%; 1.00% Floor)

10/15/2027

1,648,563

1,624,391

1,648,563

Honor HN Buyer, Inc (3) (5)

Healthcare & HCIT

Delayed Draw Term Loan

11.20% (S + 6.00%; 1.00% Floor)

10/15/2027

1,013,178

984,055

1,013,178

Honor HN Buyer, Inc (5)

Healthcare & HCIT

Revolver

13.00% (P + 4.75%; 1.00% Floor)

10/15/2027

38,012

33,633

38,012

Honor HN Buyer, Inc (1) (2)

Healthcare & HCIT

Term Loan

11.14% (S + 5.75%; 1.00% Floor)

10/15/2027

2,603,645

2,565,994

2,603,645

Medbridge Holdings, LLC (5) (6)

Healthcare & HCIT

Revolver

11.39% (S + 6.00%; 1.00% Floor)

12/23/2026

—

(16,124

)

(20,643

)

Medbridge Holdings, LLC (1) (2) (4)

Healthcare & HCIT

Term Loan

11.39% (S + 6.00%; 1.00% Floor)

12/23/2026

15,367,872

15,180,955

15,137,353

Medbridge Holdings, LLC (1)

Healthcare & HCIT

Term Loan

11.39% (S + 6.00%; 1.00% Floor)

12/23/2026

974,356

959,422

959,741

Medical Management Resource Group, LLC (1) (7)

Healthcare & HCIT

Delayed Draw Term Loan

10.89% (S + 5.75%; 0.75% Floor)

09/30/2027

1,566,254

1,527,103

1,495,773

Medical Management Resource Group, LLC (5)

Healthcare & HCIT

Revolver

10.95% (S + 5.75%; 0.75% Floor)

09/30/2026

126,566

122,404

112,327

Medical Management Resource Group, LLC (2)

Healthcare & HCIT

Term Loan

10.95% (S + 5.75%; 0.75% Floor)

09/30/2027

3,792,709

3,738,373

3,622,037

Medsuite Purchaser, LLC (5) (6)

Healthcare & HCIT

Delayed Draw Term Loan

9.95% (S + 4.75%; 1.00% Floor)

10/22/2026

—

(35,798

)

—

Medsuite Purchaser, LLC (5) (6)

Healthcare & HCIT

Revolver

9.95% (S + 4.75%; 1.00% Floor)

10/22/2026

—

(6,827

)

(1,701

)

See Notes to Unaudited Consolidated Financial Statements

11

AB Private Credit Investors Corporation

Consolidated Schedule of Investments as of June 30, 2023 (continued)

(Unaudited)

Portfolio Company

Industry

Facility Type

Interest

Maturity

Funded   Par Amount

Cost

Fair Value

Medsuite Purchaser, LLC (1) (2)

Healthcare & HCIT

Term Loan

9.95% (S + 4.75%; 1.00% Floor)

10/22/2026

$

4,758,379

$

4,710,632

$

4,746,483

OMH-HealthEdge Holdings, LLC (5) (6)

Healthcare & HCIT

Revolver

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

10/24/2024

—

(2,760

)

—

OMH-HealthEdge Holdings, LLC (1)

Healthcare & HCIT

Term Loan

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

10/24/2025

3,642,529

3,606,515

3,642,529

OMH-HealthEdge Holdings, LLC (2)

Healthcare & HCIT

Term Loan

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

10/24/2025

2,111,027

2,086,734

2,111,027

OMH-HealthEdge Holdings, LLC (2)

Healthcare & HCIT

Term Loan

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

10/24/2025

958,783

944,884

958,783

Pace Health Companies, LLC (5) (6)

Healthcare & HCIT

Revolver

6.75% (S + 4.50%; 1.00% Floor)

08/02/2024

—

(1,411

)

—

Pace Health Companies, LLC (1)

Healthcare & HCIT

Term Loan

9.89% (S + 4.50%; 1.00% Floor)

08/02/2024

5,114,338

5,101,539

5,114,338

Pinnacle Dermatology Management, LLC (5)

Healthcare & HCIT

Delayed Draw Term Loan

11.19% (S + 5.75%; 0.75% Floor)

12/08/2028

651,549

639,219

591,776

Pinnacle Dermatology Management, LLC (5)

Healthcare & HCIT

Revolver

9.49% (P + 3.00%)

12/08/2026

322,617

313,268

315,896

Pinnacle Dermatology Management, LLC (1) (2) (4)

Healthcare & HCIT

Term Loan

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

12/08/2028

5,580,466

5,475,966

5,287,491

Pinnacle Treatment Centers, Inc. (2)

Healthcare & HCIT

Delayed Draw Term Loan

12.16% (S + 6.75%; 1.00% Floor)

01/02/2026

341,878

340,651

335,040

Pinnacle Treatment Centers, Inc. (5)

Healthcare & HCIT

Revolver

12.16% (S + 6.75%; 1.00% Floor)

01/02/2026

146,477

145,220

140,618

Pinnacle Treatment Centers, Inc. (2) (4)

Healthcare & HCIT

Term Loan

12.16% (S + 6.75%; 1.00% Floor)

01/02/2026

4,065,068

4,050,206

3,983,767

Pinnacle Treatment Centers, Inc. (4)

Healthcare & HCIT

Term Loan

12.16% (S + 6.75%; 1.00% Floor)

01/02/2026

147,176

146,280

144,233

Pinnacle Treatment Centers, Inc. (4)

Healthcare & HCIT

Term Loan

12.16% (S + 6.75%; 1.00% Floor)

01/02/2026

285,347

280,015

279,640

Priority Ondemand Midco 2,L.P (5)

Healthcare & HCIT

Delayed Draw Term Loan

10.59% (S + 5.25%; 1.00% Floor)

07/17/2028

119,410

98,427

105,808

Priority Ondemand Midco 2,L.P (1) (2)

Healthcare & HCIT

Term Loan

10.69% (S + 5.25%; 1.00% Floor)

07/17/2028

7,579,793

7,466,892

7,485,046

RCP Encore Acquisition, Inc. (8)

Healthcare & HCIT

Term Loan

— (L + 5.00%; 1.00% Floor)

06/07/2025

3,328,678

3,248,433

33,287

Redwood Family Care Network, Inc. (2) (5)

Healthcare & HCIT

Delayed Draw Term Loan

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

06/18/2026

963,354

881,540

919,923

Redwood Family Care Network, Inc. (1) (2)

Healthcare & HCIT

Delayed Draw Term Loan

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

06/18/2026

5,800,363

5,732,804

5,698,856

Redwood Family Care Network, Inc. (5) (6)

Healthcare & HCIT

Revolver

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

06/18/2026

—

(7,081

)

(10,302

)

Redwood Family Care Network, Inc. (2) (3) (4)

Healthcare & HCIT

Term Loan

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

06/18/2026

6,634,705

6,554,111

6,518,597

Salisbury House, LLC (5) (6)

Healthcare & HCIT

Revolver

10.78% (S + 5.00%; 1.00% Floor)

08/30/2025

—

(5,002

)

(11,209

)

Salisbury House, LLC (1) (2)

Healthcare & HCIT

Term Loan

10.78% (S + 5.50%; 1.00% Floor)

08/30/2025

3,934,410

3,885,484

3,836,049

Salisbury House, LLC (1)

Healthcare & HCIT

Term Loan

10.78% (S + 5.50%; 1.00% Floor)

08/30/2025

1,131,385

1,121,807

1,103,100

Salisbury House, LLC (1)

Healthcare & HCIT

Term Loan

10.78% (S + 5.50%; 1.00% Floor)

08/30/2025

1,231,322

1,213,721

1,200,539

Sandstone Care Holdings, LLC (2) (5)

Healthcare & HCIT

Delayed Draw Term Loan

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

06/28/2028

99,867

89,216

99,867

Sandstone Care Holdings, LLC (5)

Healthcare & HCIT

Revolver

10.65% (S + 5.50%; 1.00% Floor)

06/28/2028

194,344

180,533

190,222

Sandstone Care Holdings, LLC (1) (4)

Healthcare & HCIT

Term Loan

10.65% (S + 5.50%; 1.00% Floor)

06/28/2028

4,664,266

4,576,406

4,640,945

SCA Buyer, LLC (5)

Healthcare & HCIT

Revolver

11.96% (S + 6.50%; 1.00% Floor)

01/20/2026

515,079

510,065

487,716

SCA Buyer, LLC (2)

Healthcare & HCIT

Term Loan

11.96% (S + 6.50%; 1.00% Floor)

01/20/2026

3,776,175

3,745,772

3,615,687

SIS Purchaser, Inc. (5) (6)

Healthcare & HCIT

Revolver

11.20% (S + 6.00%; 1.00% Floor)

10/15/2026

—

(11,307

)

(20,404

)

SIS Purchaser, Inc. (1) (2) (4)

Healthcare & HCIT

Term Loan

11.20% (S + 6.00%; 1.00% Floor)

10/15/2026

12,073,170

11,950,300

11,861,889

SIS Purchaser, Inc. (2)

Healthcare & HCIT

Term Loan

11.20% (S + 6.00%; 1.00% Floor)

10/15/2026

2,311,084

2,285,173

2,270,640

Smile Brands, Inc. (4)

Healthcare & HCIT

Delayed Draw Term Loan

9.65% (S + 4.50%; 0.75% Floor)

10/12/2025

480,501

479,436

439,659

Smile Brands, Inc. (5)

Healthcare & HCIT

Revolver

9.82% (P + 3.50%; 1.00% Floor)

10/12/2025

237,820

237,671

216,162

Smile Brands, Inc. (1)

Healthcare & HCIT

Term Loan

9.65% (S + 4.50%; 0.75% Floor)

10/12/2025

1,582,547

1,578,701

1,448,030

Spark DSO LLC (5)

Healthcare & HCIT

Revolver

12.29% (S + 7.25%; 1.00% Floor)

04/20/2026

248,796

237,644

185,215

Spark DSO LLC (1) (3) (4)

Healthcare & HCIT

Term Loan

12.29% (S + 6.65%; 1.00% Floor)

04/19/2026

7,233,791

7,163,041

6,817,848

Telcor Buyer, Inc. (5) (6)

Healthcare & HCIT

Revolver

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

08/20/2027

—

(3,043

)

(5,815

)

Telcor Buyer, Inc. (1) (2)

Healthcare & HCIT

Term Loan

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

08/20/2027

7,921,215

7,838,320

7,762,790

The Center for Orthopedic and Research Excellence, Inc. (2) (3)

Healthcare & HCIT

Delayed Draw Term Loan

10.90% (S + 5.50%; 1.00% Floor)

08/15/2025

1,726,397

1,711,625

1,696,185

The Center for Orthopedic and Research Excellence, Inc. (5)

Healthcare & HCIT

Delayed Draw Term Loan

10.90% (S + 5.50%; 1.00% Floor)

08/15/2025

531,168

518,741

514,093

The Center for Orthopedic and Research Excellence, Inc. (1) (2)

Healthcare & HCIT

Delayed Draw Term Loan

10.70% (S + 5.50%; 1.00% Floor)

08/15/2025

1,135,774

1,132,247

1,115,898

The Center for Orthopedic and Research Excellence, Inc. (5)

Healthcare & HCIT

Revolver

10.70% (S + 5.50%; 1.00% Floor)

08/15/2025

552,426

547,973

540,341

The Center for Orthopedic and Research Excellence, Inc. (2)

Healthcare & HCIT

Term Loan

10.74% (S + 5.50%; 1.00% Floor)

08/15/2025

3,216,089

3,179,195

3,159,807

The Center for Orthopedic and Research Excellence, Inc. (1) (4)

Healthcare & HCIT

Term Loan

10.70% (S + 5.50%; 1.00% Floor)

08/15/2025

4,818,619

4,784,912

4,734,293

See Notes to Unaudited Consolidated Financial Statements

12

AB Private Credit Investors Corporation

Consolidated Schedule of Investments as of June 30, 2023 (continued)

(Unaudited)

Portfolio Company	Industry	Facility Type	Interest	Maturity	Funded   Par Amount		Cost			Fair Value
West Dermatology (5) (6)	Healthcare & HCIT	Delayed Draw Term Loan	12.90% (S + 7.25%; 1.00% Floor)	03/17/2028	$	—	$	(30,762	)	$	(279,883	)
West Dermatology (5) (6)	Healthcare & HCIT	Revolver	12.90% (S + 7.25%; 1.00% Floor)	03/17/2028		—		(20,526	)		(105,733	)
West Dermatology (1) (2) (3) (4)	Healthcare & HCIT	Term Loan	12.90% (S + 7.25%; 1.00% Floor)	03/17/2028		11,305,471		11,180,596			10,344,506
Activ Software Holdings, LLC	Software & Tech Services	Delayed Draw Term Loan	11.32% (S + 6.25%; 1.00% Floor)	05/04/2027		630,802		613,949			611,878
Activ Software Holdings, LLC (5) (6)	Software & Tech Services	Revolver	11.79% (L + 6.25%; 1.00% Floor)	05/04/2027		—		(8,435	)		(19,465	)
Activ Software Holdings, LLC (1)	Software & Tech Services	Term Loan	11.28% (S + 6.25%; 1.00% Floor)	05/04/2027		2,523,209		2,455,796			2,447,512
Activ Software Holdings, LLC (1) (2) (3) (4)	Software & Tech Services	Term Loan	11.79% (L + 6.25%; 1.00% Floor)	05/04/2027		7,948,255		7,847,571			7,709,807
Admiral Buyer, Inc (5) (6)	Software & Tech Services	Delayed Draw Term Loan	10.74% (S + 5.50%; 0.75% Floor)	05/08/2028		—		(12,828	)		—
Admiral Buyer, Inc (5) (6)	Software & Tech Services	Revolver	10.74% (S + 5.50%; 0.75% Floor)	05/08/2028		—		(9,172	)		—
Admiral Buyer, Inc (1) (2) (3)	Software & Tech Services	Term Loan	10.74% (S + 5.50%; 0.75% Floor)	05/08/2028		5,813,353		5,718,319			5,813,353
AMI US Holdings, Inc. (5)	Software & Tech Services	Revolver	10.45% (S + 5.25%)	04/01/2024		131,353		127,779			131,353
AMI US Holdings, Inc. (1) (3)	Software & Tech Services	Term Loan	10.45% (S + 5.25%; 1.00% Floor)	04/01/2025		7,965,440		7,908,426			7,965,440
Avalara, Inc. (5) (6)	Software & Tech Services	Revolver	12.49% (S + 7.25%; 0.75% Floor)	10/19/2028		—		(23,644	)		(21,308	)
Avalara, Inc. (1) (4)	Software & Tech Services	Term Loan	12.49% (S + 7.25%; 0.75% Floor)	10/19/2028		10,653,748		10,417,287			10,440,673
Avetta, LLC (5) (6)	Software & Tech Services	Revolver	11.02% (L + 5.75%; 1.00% Floor)	04/10/2024		—		(1,306	)		(4,944	)
Avetta, LLC (1)	Software & Tech Services	Term Loan	11.02% (L + 5.75%; 1.00% Floor)	04/10/2024		4,174,231		4,158,825			4,132,489
Avetta, LLC (1) (4)	Software & Tech Services	Term Loan	11.02% (L + 5.75%; 1.00% Floor)	04/10/2024		3,170,317		3,154,328			3,138,613
Avetta, LLC (2)	Software & Tech Services	Term Loan	11.02% (L + 5.75%; 1.00% Floor)	04/10/2024		6,734,288		6,695,455			6,666,945
Bonterra, LLC (5) (6)	Software & Tech Services	Delayed Draw Term Loan	11.79% (L + 6.25%; 0.75% Floor)	09/08/2027		—		(13,522	)		(42,354	)
Bonterra, LLC (5)	Software & Tech Services	Revolver	11.79% (L + 6.25%; 0.75% Floor)	09/08/2027		1,133,230		1,121,037			1,104,436
Bonterra, LLC (1) (2) (3) (4)	Software & Tech Services	Term Loan	11.79% (L + 6.25%; 0.75% Floor)	09/08/2027		15,921,710		15,761,898			15,523,667
Brightspot Buyer, Inc (5) (6)	Software & Tech Services	Revolver	11.84% (S + 6.50%; 0.75% Floor)	11/16/2027		—		(10,028	)		(17,007	)
Brightspot Buyer, Inc (1) (4)	Software & Tech Services	Term Loan	11.84% (S + 6.50%; 0.75% Floor)	11/16/2027		5,215,571		5,140,116			5,085,182
Brightspot Buyer, Inc (4)	Software & Tech Services	Term Loan	11.84% (S + 6.75%; 0.75% Floor)	11/16/2027		1,448,598		1,414,570			1,412,383
BSI2 Hold Nettle, LLC (5)	Software & Tech Services	Revolver	9.84% (S + 4.75%; 0.75% Floor)	06/30/2028		294,461		287,058			284,155
BSI2 Hold Nettle, LLC (2) (4)	Software & Tech Services	Term Loan	10.09% (S + 4.75%; 0.75% Floor)	06/30/2028		4,676,045		4,617,261			4,594,214
BusinesSolver.com, Inc. (5)	Software & Tech Services	Delayed Draw Term Loan	10.84% (S + 5.50%; 0.75% Floor)	12/01/2027		169,030		161,003			134,281
BusinesSolver.com, Inc. (2) (4)	Software & Tech Services	Term Loan	10.84% (S + 5.50%; 0.75% Floor)	12/01/2027		7,287,713		7,233,416			7,123,740
Certify, Inc (4)	Software & Tech Services	Delayed Draw Term Loan	10.70% (S + 5.50%; 1.00% Floor)	02/28/2024		479,627		478,462			479,627
Certify, Inc	Software & Tech Services	Delayed Draw Term Loan	10.70% (S + 5.50%; 1.00% Floor)	02/28/2024		399,689		398,567			399,689
Certify, Inc (5)	Software & Tech Services	Revolver	10.70% (S + 5.50%; 1.00% Floor)	02/28/2024		39,969		39,895			39,969
Certify, Inc (1) (4)	Software & Tech Services	Term Loan	10.70% (S + 5.50%; 1.00% Floor)	02/28/2024		3,916,954		3,906,265			3,916,954
Community Brands Parentco, LLC (5) (6)	Software & Tech Services	Delayed Draw Term Loan	10.70% (S + 5.50%; 0.75% Floor)	02/24/2028		—		(6,516	)		(20,860	)
Community Brands Parentco, LLC (5) (6)	Software & Tech Services	Revolver	10.70% (S + 5.50%; 0.75% Floor)	02/24/2028		—		(6,523	)		(14,602	)
Community Brands Parentco, LLC (1) (2)	Software & Tech Services	Term Loan	10.70% (S + 5.50%; 0.75% Floor)	02/24/2028		7,003,872		6,890,583			6,758,737
Coupa Holdings, LLC (5) (6)	Software & Tech Services	Delayed Draw Term Loan	12.60% (S + 7.50%; 0.75% Floor)	02/27/2030		—		(11,850	)		(11,850	)
Coupa Holdings, LLC (5) (6)	Software & Tech Services	Revolver	12.60% (S + 7.50%; 0.75% Floor)	02/27/2029		—		(18,147	)		(18,147	)
Coupa Holdings, LLC (1) (2) (3)	Software & Tech Services	Term Loan	12.60% (S + 7.50%; 0.75% Floor)	02/27/2030		10,617,824		10,355,560			10,352,378
Datacor, Inc. (2) (5)	Software & Tech Services	Delayed Draw Term Loan	10.85% (S + 5.75%; 1.00% Floor)	12/29/2025		1,113,561		1,089,441			1,081,745
Datacor, Inc. (5) (6)	Software & Tech Services	Revolver	10.85% (S + 5.75%; 1.00% Floor)	12/29/2025		—		(6,393	)		(14,487	)
Datacor, Inc. (1) (2) (4)	Software & Tech Services	Term Loan	10.85% (S + 5.75%; 1.00% Floor)	12/29/2025		13,841,011		13,645,023			13,529,588
Degreed, Inc. (5) (6)	Software & Tech Services	Delayed Draw Term Loan	12.20% (S + 5.50%; 1.50% PIK; 1.00% Floor)	05/29/2026		—		(3,222	)		(31,306	)
Degreed, Inc. (5) (6)	Software & Tech Services	Delayed Draw Term Loan	12.20% (S + 5.50%; 1.00% PIK; 1.00% Floor)	05/29/2026		—		(10,230	)		(23,129	)
Degreed, Inc. (5) (6)	Software & Tech Services	Revolver	12.20% (S + 5.50%; 1.50% PIK; 1.00% Floor)	05/29/2026		—		(1,228	)		(11,490	)
Degreed, Inc. (4)	Software & Tech Services	Term Loan	12.20% (S + 5.50%; 1.50% PIK; 1.00% Floor)	05/29/2026		2,808,520		2,798,438			2,731,286
Degreed, Inc. (4)	Software & Tech Services	Term Loan	12.20% (S + 5.50%; 1.50% PIK; 1.00% Floor)	05/29/2026		5,200,673		5,179,473			5,057,654
Dispatch Track, LLC (5) (6)	Software & Tech Services	Revolver	9.69% (S + 4.50%; 1.00% Floor)	12/17/2026		—		(1,355	)		(3,019	)
Dispatch Track, LLC (1) (2)	Software & Tech Services	Term Loan	9.69% (S + 4.50%; 1.00% Floor)	12/17/2026		9,849,936		9,795,851			9,751,437
Drilling Info Holdings, Inc. (1)	Software & Tech Services	Term Loan	9.45% (S + 4.25%)	07/30/2025		3,274,994		3,269,890			3,234,057
EET Buyer, Inc. (5) (6)	Software & Tech Services	Revolver	11.67% (S + 6.50%; 0.75% Floor)	11/08/2027		—		(18,471	)		(28,507	)
EET Buyer, Inc. (3)	Software & Tech Services	Term Loan	11.67% (S + 6.50%; 0.75% Floor)	11/08/2027		4,150,025		4,049,237			4,035,899
EET Buyer, Inc. (2) (3) (4)	Software & Tech Services	Term Loan	11.67% (S + 6.50%; 0.75% Floor)	11/08/2027		6,821,588		6,721,882			6,633,994
Exterro, Inc. (5)	Software & Tech Services	Revolver	12.75% (P + 4.50%; 1.00% Floor)	05/31/2024		369,281		351,114			369,281
Exterro, Inc. (1)	Software & Tech Services	Term Loan	10.93% (S + 5.50%; 1.00% Floor)	05/31/2024		2,793,450		2,783,968			2,793,450
Exterro, Inc. (1) (2) (4)	Software & Tech Services	Term Loan	10.93% (S + 5.50%; 1.00% Floor)	05/31/2024		6,237,900		6,200,464			6,237,900
Exterro, Inc. (1) (2)	Software & Tech Services	Term Loan	10.93% (S + 5.50%; 1.00% Floor)	05/31/2024		5,809,123		5,763,168			5,809,123

See Notes to Unaudited Consolidated Financial Statements

13

AB Private Credit Investors Corporation

Consolidated Schedule of Investments as of June 30, 2023 (continued)

(Unaudited)

Portfolio Company	Industry	Facility Type	Interest	Maturity	Funded   Par Amount		Cost			Fair Value
Faithlife, LLC (1) (2)	Software & Tech Services	Delayed Draw Term Loan	10.84% (S + 5.50%; 1.00% Floor)	09/18/2025	$	708,304	$	702,061		$	708,304
Faithlife, LLC (5) (6)	Software & Tech Services	Revolver	10.84% (S + 5.50%; 1.00% Floor)	09/18/2025		—		(2,503	)		—
Faithlife, LLC (1) (2)	Software & Tech Services	Term Loan	10.84% (S + 5.50%; 1.00% Floor)	09/18/2025		304,180		301,433			304,180
Fusion Holding Corp (5) (6)	Software & Tech Services	Revolver	11.59% (S + 6.25%; 0.75% Floor)	09/15/2027		—		(26,255	)		(20,688	)
Fusion Holding Corp (1) (2) (3) (4)	Software & Tech Services	Term Loan	11.59% (S + 6.25%; 0.75% Floor)	09/15/2029		16,810,586		16,460,552			16,558,427
Fusion Risk Management, Inc. (5) (6)	Software & Tech Services	Revolver	12.13% (S + 7.00%; 1.00% Floor)	05/22/2029		—		(16,508	)		(16,801	)
Fusion Risk Management, Inc. (4)	Software & Tech Services	Term Loan	12.13% (S + 7.00%; 1.00% Floor)	05/22/2029		7,000,419		6,862,854			6,860,410
G Treasury SS, LLC (5) (6)	Software & Tech Services	Delayed Draw Term Loan	11.23% (S + 6.00%; 1.00% Floor)	06/29/2029		—		(18,286	)		(18,294	)
G Treasury SS, LLC (5) (6)	Software & Tech Services	Delayed Draw Term Loan	11.23% (S + 6.00%; 1.00% Floor)	06/29/2029		—		(11,429	)		(11,434	)
G Treasury SS, LLC (5) (6)	Software & Tech Services	Revolver	11.23% (S + 6.00%; 1.00% Floor)	06/29/2029		—		(18,286	)		(18,294	)
G Treasury SS, LLC (1) (4)	Software & Tech Services	Term Loan	11.23% (S + 6.00%; 1.00% Floor)	06/29/2029		3,658,885		3,604,020			3,619,002
Genesis Acquisition Co. (4)	Software & Tech Services	Revolver	10.24% (S + 5.00%; 1.00% Floor)	07/31/2025		202,400		201,640			200,376
Genesis Acquisition Co.	Software & Tech Services	Term Loan	10.24% (S + 5.00%; 1.00% Floor)	07/31/2025		343,487		340,052			340,052
Genesis Acquisition Co. (1) (2)	Software & Tech Services	Term Loan	10.24% (S + 5.00%; 1.00% Floor)	07/31/2025		3,651,039		3,622,528			3,614,528
Greenhouse Software, Inc. (5) (6)	Software & Tech Services	Revolver	12.24% (S + 7.00%; 1.00% Floor)	09/01/2028		—		(17,223	)		(21,564	)
Greenhouse Software, Inc. (5) (6)	Software & Tech Services	Revolver	12.24% (S + 7.00%; 1.00% Floor)	09/01/2028		—		(13,094	)		(10,579	)
Greenhouse Software, Inc. (4)	Software & Tech Services	Term Loan	12.24% (S + 7.00%; 1.00% Floor)	09/01/2028		12,376,845		12,202,693			12,160,250
Greenhouse Software, Inc. (1) (4)	Software & Tech Services	Term Loan	12.24% (S + 7.00%; 1.00% Floor)	09/01/2028		14,507,975		14,192,551			14,254,085
Gryphon-Redwood Acquisition LLC (5) (6)	Software & Tech Services	Delayed Draw Term Loan	9.24% (S + 4.00%; 6.00% PIK; 1.00% Floor)	09/16/2028		—		(24,218	)		(11,895	)
Gryphon-Redwood Acquisition LLC (1)	Software & Tech Services	Term Loan	9.24% (S + 4.00%; 6.00% PIK; 1.00% Floor)	09/16/2028		3,611,583		3,559,003			3,584,496
GS AcquisitionCo, Inc. (5)	Software & Tech Services	Revolver	11.14% (S + 5.75%; 1.00% Floor)	05/22/2026		152,233		150,987			137,390
GS AcquisitionCo, Inc. (1) (2) (4)	Software & Tech Services	Term Loan	11.14% (S + 5.75%; 1.00% Floor)	05/22/2026		9,430,337		9,409,133			9,123,851
Hirevue, Inc. (5) (6)	Software & Tech Services	Revolver	12.34% (S + 7.25%; 1.00% Floor)	05/03/2029		—		(40,097	)		(41,154	)
Hirevue, Inc. (2) (3)	Software & Tech Services	Term Loan	12.34% (S + 7.25%; 1.00% Floor)	05/03/2029		12,934,244		12,613,861			12,610,888
Iodine Software, LLC (5) (6)	Software & Tech Services	Delayed Draw Term Loan	11.20% (S + 7.00%; 1.00% Floor)	05/19/2027		—		(36,520	)		—
Iodine Software, LLC (2) (4)	Software & Tech Services	Delayed Draw Term Loan	11.20% (S + 6.00%; 1.00% Floor)	05/19/2027		7,915,927		7,811,704			7,816,978
Iodine Software, LLC (5) (6)	Software & Tech Services	Revolver	11.20% (S + 6.00%; 1.00% Floor)	05/19/2027		—		(14,295	)		(13,613	)
Iodine Software, LLC (1) (2)	Software & Tech Services	Term Loan	11.20% (S + 6.00%; 1.00% Floor)	05/19/2027		5,254,876		5,185,900			5,189,190
Kaseya Inc. (5)	Software & Tech Services	Delayed Draw Term Loan	8.86% (S + 3.75%; 2.50% PIK; 0.75% Floor)	06/25/2029		38,843		30,415			22,924
Kaseya Inc. (5)	Software & Tech Services	Revolver	8.86% (S + 3.75%; 2.50% PIK; 0.75% Floor)	06/25/2029		159,194		155,107			138,499
Kaseya Inc. (1) (2) (3)	Software & Tech Services	Term Loan	8.85% (S + 5.75%; 0.75% Floor)	06/25/2029		10,506,804		10,375,930			10,165,333
Mavenlink, Inc. (5)	Software & Tech Services	Revolver	10.80% (S + 5.50%; 0.75% Floor)	06/03/2027		715,926		690,080			680,130
Mavenlink, Inc. (1) (4)	Software & Tech Services	Term Loan	10.82% (L + 5.50%; 0.75% Floor)	06/03/2027		15,034,451		14,812,119			14,733,762
Moon Buyer, Inc. (2)	Software & Tech Services	Delayed Draw Term Loan	10.34% (S + 5.00%; 1.00% Floor)	04/21/2027		578,987		575,820			551,485
Moon Buyer, Inc. (5)	Software & Tech Services	Revolver	10.39% (S + 5.00%; 1.00% Floor)	04/21/2027		465,517		454,293			410,237
Moon Buyer, Inc. (1) (2) (3) (4)	Software & Tech Services	Term Loan	10.34% (S + 5.00%; 1.00% Floor)	04/21/2027		6,272,844		6,211,550			5,974,884
Mykaarma Acquisition LLC (5) (6)	Software & Tech Services	Revolver	8.00% (S + 3.00%; 3.75% PIK; 1.00% Floor)	03/21/2028		—		(9,388	)		(8,898	)
Mykaarma Acquisition LLC (2) (4)	Software & Tech Services	Term Loan	8.00% (S + 3.00%; 3.75% PIK; 1.00% Floor)	03/21/2028		6,219,971		6,122,277			6,126,672
Navigate360, LLC (2)	Software & Tech Services	Delayed Draw Term Loan	11.25% (S + 6.00%; 1.00% Floor)	03/17/2027		1,799,110		1,779,872			1,776,621
Navigate360, LLC	Software & Tech Services	Revolver	11.19% (S + 6.00%; 1.00% Floor)	03/17/2027		604,235		595,212			596,682
Navigate360, LLC (4)	Software & Tech Services	Term Loan	11.25% (S + 6.00%; 1.00% Floor)	03/17/2027		4,176,775		4,112,314			4,124,566
Navigate360, LLC (2) (3)	Software & Tech Services	Term Loan	11.25% (S + 6.00%; 1.00% Floor)	03/17/2027		2,254,438		2,215,221			2,226,258
Netwrix Corporation And Concept Searching Inc. (5) (6)	Software & Tech Services	Delayed Draw Term Loan	10.20% (S + 5.00%; 0.75% Floor)	06/11/2029		—		(3,201	)		(21,340	)
Netwrix Corporation And Concept Searching Inc. (5)	Software & Tech Services	Revolver	10.24% (S + 5.00%; 0.75% Floor)	06/11/2029		193,689		191,517			185,941
Netwrix Corporation And Concept Searching Inc. (1) (2) (3)	Software & Tech Services	Term Loan	10.30% (S + 5.00%; 0.75% Floor)	06/11/2029		9,834,984		9,814,576			9,736,634
Ping Identity Corporation (5) (6)	Software & Tech Services	Revolver	12.08% (S + 7.00%; 0.75% Floor)	10/17/2028		—		(26,691	)		(24,067	)
Ping Identity Corporation (1) (2) (3) (4)	Software & Tech Services	Term Loan	12.08% (S + 7.00%; 0.75% Floor)	10/17/2029		12,033,445		11,760,941			11,792,776
Ranger Buyer, Inc. (5) (6)	Software & Tech Services	Revolver	10.45% (S + 5.50%; 0.75% Floor)	11/18/2027		—		(17,810	)		(26,983	)
Ranger Buyer, Inc. (1) (2) (4)	Software & Tech Services	Term Loan	10.45% (S + 5.25%; 0.75% Floor)	11/17/2028		14,210,905		13,980,325			13,891,160
Sauce Labs, Inc. (4)	Software & Tech Services	Delayed Draw Term Loan	11.15% (S + 5.50%; 0.50% PIK; 1.00% Floor)	08/16/2027		1,929,737		1,902,975			1,886,318
Sauce Labs, Inc. (5) (6)	Software & Tech Services	Delayed Draw Term Loan	10.65% (S + 5.50%; 0.50% PIK; 1.00% Floor)	08/16/2027		—		(19,579	)		(29,594	)
Sauce Labs, Inc. (5) (6)	Software & Tech Services	Revolver	10.65% (S + 5.50%; 0.50% PIK; 1.00% Floor)	08/16/2027		—		(17,853	)		(28,841	)
Sauce Labs, Inc. (4)	Software & Tech Services	Term Loan	10.65% (S + 5.50%; 0.50% PIK; 1.00% Floor)	08/16/2027		7,522,091		7,403,841			7,352,844

See Notes to Unaudited Consolidated Financial Statements

14

AB Private Credit Investors Corporation

Consolidated Schedule of Investments as of June 30, 2023 (continued)

(Unaudited)

Portfolio Company	Industry	Facility Type	Interest	Maturity	Funded   Par Amount		Cost			Fair Value
Saviynt, Inc. (5)	Software & Tech Services	Delayed Draw Term Loan	12.70% (S + 4.00%; 3.50% PIK; 1.00% Floor)	12/22/2027	$	1,836,331	$	1,699,341		$	1,698,970
Saviynt, Inc. (5) (6)	Software & Tech Services	Revolver	12.70% (S + 4.00%; 3.50% PIK; 1.00% Floor)	12/22/2027		—		(13,699	)		(13,720	)
Saviynt, Inc. (1) (4)	Software & Tech Services	Term Loan	9.20% (S + 4.00%; 3.50% PIK; 1.00% Floor)	12/22/2027		18,634,474		18,208,685			18,215,199
ScyllaDB, Inc. (5) (6)	Software & Tech Services	Delayed Draw Term Loan	11.59% (S + 6.50%; 1.00% Floor)	09/08/2027		—		(2,779	)		(4,956	)
ScyllaDB, Inc. (5) (6)	Software & Tech Services	Revolver	11.59% (S + 6.50%; 1.00% Floor)	09/08/2027		—		(2,224	)		(3,304	)
ScyllaDB, Inc. (4)	Software & Tech Services	Term Loan	11.59% (S + 6.50%; 1.00% Floor)	09/08/2027		2,643,348		2,584,099			2,610,306
Securonix, Inc. (5) (6)	Software & Tech Services	Revolver	11.42% (S + 6.50%; 0.75% Floor)	04/05/2028		—		(21,536	)		(84,609	)
Securonix, Inc. (1) (4)	Software & Tech Services	Term Loan	11.42% (S + 6.50%; 0.75% Floor)	04/05/2028		8,546,314		8,427,943			8,076,267
Serrano Parent, LLC (5) (6)	Software & Tech Services	Revolver	11.59% (S + 6.50%; 1.00% Floor)	05/13/2030		—		(51,182	)		(52,150	)
Serrano Parent, LLC (1) (2) (3) (4)	Software & Tech Services	Term Loan	11.59% (S + 6.50%; 1.00% Floor)	05/13/2030		21,207,477		20,685,707			20,677,290
Sirsi Corporation (5) (6)	Software & Tech Services	Revolver	9.70% (S + 4.50%; 1.00% Floor)	03/15/2024		—		(1,269	)		(1,384	)
Sirsi Corporation (1) (2)	Software & Tech Services	Term Loan	9.70% (S + 4.50%; 1.00% Floor)	03/15/2024	��	6,449,050		6,433,206			6,432,927
Smartlinx Solutions, LLC (7)	Software & Tech Services	Revolver	10.50% (S + 5.25%; 1.00% Floor)	03/04/2026		519,484		517,124			519,484
Smartlinx Solutions, LLC (1) (2) (4)	Software & Tech Services	Term Loan	10.35% (S + 5.25%; 1.00% Floor)	03/04/2026		5,591,430		5,540,152			5,591,430
Smartlinx Solutions, LLC (4)	Software & Tech Services	Term Loan	10.35% (S + 5.25%; 1.00% Floor)	03/04/2026		490,658		482,745			493,112
Soladoc, LLC (5) (6)	Software & Tech Services	Delayed Draw Term Loan	10.62% (S + 5.25%; 0.75% Floor)	06/12/2028		—		(19,528	)		(53,003	)
Soladoc, LLC (5) (6)	Software & Tech Services	Revolver	10.62% (S + 5.25%; 0.75% Floor)	06/12/2028		—		(9,773	)		(19,140	)
Soladoc, LLC (1) (4)	Software & Tech Services	Term Loan	10.62% (S + 5.25%; 0.75% Floor)	06/12/2028		5,889,225		5,793,730			5,697,825
SugarCRM, Inc. (5) (6)	Software & Tech Services	Revolver	11.70% (S + 6.50%; 1.00% Floor)	07/31/2024		—		(1,016	)		(3,102	)
SugarCRM, Inc. (1) (4)	Software & Tech Services	Term Loan	11.70% (S + 6.50%; 1.00% Floor)	07/31/2024		4,268,824		4,250,945			4,226,136
Sundance Group Holdings, Inc. (3) (4)	Software & Tech Services	Delayed Draw Term Loan	11.44% (S + 6.25%; 1.00% Floor)	07/02/2027		3,547,253		3,500,578			3,494,044
Sundance Group Holdings, Inc. (5)	Software & Tech Services	Revolver	11.52% (S + 6.25%; 1.00% Floor)	07/02/2027		331,077		311,892			309,793
Sundance Group Holdings, Inc. (3)	Software & Tech Services	Term Loan	11.61% (S + 6.25%; 1.00% Floor)	07/02/2027		463,790		451,584			456,833
Sundance Group Holdings, Inc. (1) (2)	Software & Tech Services	Term Loan	11.41% (S + 6.25%; 1.00% Floor)	07/02/2027		11,824,177		11,666,124			11,646,815
Swiftpage, Inc. (5) (6)	Software & Tech Services	Revolver	11.70% (S + 6.50%; 1.00% Floor)	12/13/2023		—		(343	)		(3,943	)
Swiftpage, Inc. (3)	Software & Tech Services	Term Loan	11.70% (S + 6.50%; 1.00% Floor)	12/13/2023		221,672		222,130			217,793
Swiftpage, Inc. (2) (3)	Software & Tech Services	Term Loan	11.70% (S + 6.50%; 1.00% Floor)	12/13/2023		2,408,071		2,413,543			2,365,929
Sysnet North America, Inc. (1) (2) (4)	Software & Tech Services	Term Loan	11.50% (S + 6.00%; 1.00% Floor)	12/01/2026		8,817,002		8,753,843			8,640,662
Telesoft Holdings, LLC (5) (7)	Software & Tech Services	Revolver	10.95% (P + 4.75%)	12/16/2025		115,394		109,801			101,965
Telesoft Holdings, LLC (2) (4)	Software & Tech Services	Term Loan	10.95% (S + 5.75%; 1.00% Floor)	12/16/2025		5,774,683		5,719,174			5,644,753
TRGRP, Inc. (5)	Software & Tech Services	Revolver	12.39% (S + 4.50%; 2.50% PIK; 1.00% Floor)	06/10/2024		33,333		32,881			33,333
TRGRP, Inc. (2) (4)	Software & Tech Services	Term Loan	9.89% (S + 4.50%; 2.50% PIK; 1.00% Floor)	06/10/2024		5,092,872		5,076,884			5,092,872
TRGRP, Inc. (1)	Software & Tech Services	Term Loan	9.89% (L + 4.50%; 2.50% PIK; 1.00% Floor)	06/10/2024		1,137,533		1,135,745			1,137,533
TRGRP, Inc. (2)	Software & Tech Services	Term Loan	9.89% (L + 4.50%; 2.50% PIK; 1.00% Floor)	06/10/2024		2,388,568		2,382,693			2,388,568
Unanet, Inc. (5) (6)	Software & Tech Services	Delayed Draw Term Loan	10.97% (S + 6.25%; 0.75% Floor)	12/08/2028		—		(34,475	)		(18,952	)
Unanet, Inc. (5) (6)	Software & Tech Services	Revolver	10.97% (S + 6.25%; 0.75% Floor)	12/08/2028		—		(25,270	)		(18,952	)
Unanet, Inc. (2) (4)	Software & Tech Services	Term Loan	10.97% (S + 6.25%; 0.75% Floor)	12/08/2028		12,003,044		11,784,600			11,822,998
Ungerboeck Systems International, LLC (1)	Software & Tech Services	Delayed Draw Term Loan	11.86% (S + 6.50%; 1.00% Floor)	04/30/2027		322,391		319,217			316,749
Ungerboeck Systems International, LLC (4)	Software & Tech Services	Delayed Draw Term Loan	11.86% (S + 6.50%; 1.00% Floor)	04/30/2027		690,794		690,794			678,705
Ungerboeck Systems International, LLC (4) (5) (7)	Software & Tech Services	Delayed Draw Term Loan	11.83% (L + 6.50%; 1.00% Floor)	04/30/2027		432,770		428,491			424,416
Ungerboeck Systems International, LLC (5)	Software & Tech Services	Revolver	11.70% (S + 6.50%; 1.00% Floor)	04/30/2027		48,936		46,263			44,922
Ungerboeck Systems International, LLC (1) (4)	Software & Tech Services	Term Loan	11.86% (S + 6.50%; 1.00% Floor)	04/30/2027		2,717,277		2,690,974			2,669,724
Ungerboeck Systems International, LLC (4)	Software & Tech Services	Term Loan	11.89% (S + 6.50%; 1.00% Floor)	04/30/2027		136,383		133,937			133,996
Vectra AI, Inc. (1)	Software & Tech Services	Delayed Draw Term Loan	11.50% (S + 6.25%; 1.00% Floor)	03/02/2028		1,163,793		1,148,427			1,140,517
Vectra AI, Inc. (5) (6)	Software & Tech Services	Revolver	11.56% (S + 6.25%; 1.00% Floor)	03/02/2028		—		(3,177	)		(4,655	)
Vectra AI, Inc. (1) (4)	Software & Tech Services	Term Loan	11.56% (S + 6.25%; 1.00% Floor)	03/02/2028		5,552,870		5,463,921			5,441,813
Vehlo Purchaser, LLC (3) (4)	Software & Tech Services	Delayed Draw Term Loan	10.18% (S + 5.00%; 0.75% Floor)	05/24/2028		6,195,183		6,139,590			6,086,767
Vehlo Purchaser, LLC (5)	Software & Tech Services	Revolver	10.25% (S + 5.00%; 0.75% Floor)	05/24/2028		247,807		232,536			226,124
Vehlo Purchaser, LLC (1) (2) (4)	Software & Tech Services	Term Loan	10.18% (S + 5.00%; 0.75% Floor)	05/24/2028		22,302,658		22,026,713			21,912,362
Velocity Purchaser Corporation (5) (6)	Software & Tech Services	Revolver	11.70% (S + 6.50%; 1.00% Floor)	12/02/2024		—		(279	)		—
Velocity Purchaser Corporation (1)	Software & Tech Services	Term Loan	11.70% (S + 6.50%; 1.00% Floor)	12/02/2024		577,329		576,374			577,329

See Notes to Unaudited Consolidated Financial Statements

15

AB Private Credit Investors Corporation

Consolidated Schedule of Investments as of June 30, 2023 (continued)

(Unaudited)

Portfolio Company	Industry	Facility Type	Interest	Maturity	Funded   Par Amount		Cost			Fair Value
Velocity Purchaser Corporation (1) (2)	Software & Tech Services	Term Loan	11.70% (S + 6.50%; 1.00% Floor)	12/02/2024	$	4,584,544	$	4,571,441		$	4,584,544
Velocity Purchaser Corporation (1)	Software & Tech Services	Term Loan	11.70% (S + 6.50%; 1.00% Floor)	12/02/2024		2,320,884		2,317,776			2,320,884
Veracross LLC (1)	Software & Tech Services	Delayed Draw Term Loan	12.20% (S + 2.00%; 5.00% PIK; 1.00% Floor)	12/28/2027		1,685,964		1,652,623			1,652,244
Veracross LLC (5) (6)	Software & Tech Services	Revolver	7.39% (S + 2.00%; 4.75% PIK; 1.00% Floor)	12/28/2027		—		(16,825	)		(22,251	)
Veracross LLC (4)	Software & Tech Services	Term Loan	7.39% (S + 2.00%; 4.75% PIK; 1.00% Floor)	12/28/2027		13,230,829		13,045,725			12,966,213
Vhagar Purchaser, LLC (3)	Software & Tech Services	Term Loan	12.24% (S + 7.00%; 1.00% Floor)	06/11/2029		3,360,201		3,260,363			3,259,395
Vhagar Purchaser, LLC. (5) (6)	Software & Tech Services	Delayed Draw Term Loan	12.24% (S + 7.00%; 1.00% Floor)	06/11/2029		—		(11,092	)		(11,201	)
Vhagar Purchaser, LLC. (5) (6)	Software & Tech Services	Revolver	12.24% (S + 7.00%; 1.00% Floor)	06/11/2029		—		(11,093	)		(11,201	)
Zendesk, Inc. (5) (6)	Software & Tech Services	Delayed Draw Term Loan	8.75% (S + 3.50%; 3.50% PIK; 0.75% Floor)	11/22/2028		—		(30,058	)		(8,334	)
Zendesk, Inc. (5) (6)	Software & Tech Services	Revolver	8.75% (S + 3.50%; 3.50% PIK; 0.75% Floor)	11/22/2028		—		(24,744	)		(17,158	)
Zendesk, Inc. (1) (2) (4)	Software & Tech Services	Term Loan	8.75% (S + 3.50%; 3.50% PIK; 0.75% Floor)	11/22/2028		13,450,775		13,200,739			13,282,640
Dillon Logistics, Inc. (8)	Transport & Logistics	Revolver	— (P + 6.00%; 2.00% Floor)	12/11/2023		880,789		776,403			—
Dillon Logistics, Inc. (8)	Transport & Logistics	Term Loan	— (P + 6.00%; 2.00% Floor)	12/11/2023		3,023,808		2,553,023			—
Total U.S. 1st Lien/Senior Secured Debt								1,198,345,811			1,166,694,872
2nd Lien/Junior Secured Debt- 2.16%
Conterra Ultra Broadband Holdings, Inc. (1) (2)	Digital Infrastructure & Services	Term Loan	13.71% (S + 8.50%; 1.00% Floor)	04/30/2027		6,537,710		6,482,784			6,488,678
Symplr Software, Inc. (1) (3)	Healthcare & HCIT	Term Loan	13.02% (S + 7.88%; 0.75% Floor)	12/22/2028		3,130,634		3,086,999			2,778,438
Brave Parent Holdings, Inc. (1)	Software & Tech Services	Term Loan	12.95% (S + 7.50%)	04/17/2026		1,230,107		1,218,548			1,168,601
Total U.S. 2nd Lien/Junior Secured Debt								10,788,331			10,435,717
Total U.S. Corporate Debt								1,209,134,142			1,177,130,589
Canadian Corporate Debt- 4.95%
1st Lien/Senior Secured Debt- 4.95%
McNairn Holdings Ltd. (1) (9)	Business Services	Term Loan	11.73% (S + 6.50%; 0.50% PIK; 1.00% Floor)	11/25/2025		737,343		728,639			731,813
Syntax Systems Ltd (1) (2) (9)	Digital Infrastructure & Services	Term Loan	10.94% (L + 5.75%; 0.75% Floor)	10/29/2028		8,729,120		8,660,732			8,336,309
Syntax Systems Ltd (5) (9)	Digital Infrastructure & Services	Revolver	10.94% (L + 5.75%; 0.75% Floor)	10/29/2026		649,103		642,559			605,289
Syntax Systems Ltd (5) (6) (9)	Digital Infrastructure & Services	Delayed Draw Term Loan	10.94% (L + 5.75%; 0.75% Floor)	10/29/2028		—		(18,702	)		(109,536	)
Banneker V Acquisition, Inc. (1) (2) (4) (9)	Software & Tech Services	Term Loan	12.70% (S + 7.50%; 1.00% Floor)	12/04/2025		13,258,433		13,034,565			12,926,972
Banneker V Acquisition, Inc. (5) (9)	Software & Tech Services	Revolver	12.74% (S + 7.50%; 1.00% Floor)	12/04/2025		478,231		459,746			455,814
Banneker V Acquisition, Inc. (2) (9)	Software & Tech Services	Delayed Draw Term Loan	12.70% (S + 7.50%; 1.00% Floor)	12/04/2025		1,024,233		1,014,117			998,627
Total Canadian 1st Lien/Senior Secured Debt								24,521,656			23,945,288
Total Canadian Corporate Debt								24,521,656			23,945,288

Portfolio Company	Class/Series	Industry	Initial Acquisition Date  (10)	Shares		Cost		Fair Value
U.S. Preferred Stock- 2.02%
Ntiva Investments, LLC (MSP Global Holdings, Inc) (11)	Class A	Digital Infrastructure & Services	01/24/2022		333,937	$	272,826	$	306,649
Bowline Topco LLC ^^ (11) (12)	LLC Units	Energy	08/09/2021		2,946,390		—		264,486
Alphasense, Inc. (9) (11)	Series C	Software & Tech Services	06/01/2021		23,961		369,843		633,076
Concerto Health AI Solutions, LLC (11) (12)	Series B-1	Software & Tech Services	12/23/2019		65,614		349,977		353,458
Datarobot, Inc. (11)	Series F	Software & Tech Services	10/27/2020		6,715		88,248		74,963
Datarobot, Inc. (11)	Series E	Software & Tech Services	08/30/2019		38,190		289,278		329,334
Degreed, Inc. (11)	Series D	Software & Tech Services	04/30/2021		16,943		278,308		268,519
Degreed, Inc. (11)	Series C-1	Software & Tech Services	06/25/2019		43,819		278,541		372,505
Heap, Inc. (11)	Series C	Software & Tech Services	05/21/2019		189,617		696,352		1,022,572
Heap, Inc. (11)	Series D	Software & Tech Services	11/24/2021		17,425		147,443		148,936
Knockout Intermediate Holdings I, Inc. (Kaseya, Inc.) (11)	Perpetual	Software & Tech Services	06/23/2022		1,345		1,311,760		1,485,833
Netskope, Inc. (11)	Series G	Software & Tech Services	01/27/2020		36,144		302,536		394,625
Phenom People, Inc. (11)	Series C	Software & Tech Services	01/08/2020		35,055		220,610		431,871
Protoscale Rubrik, LLC (11)	Class B	Software & Tech Services	01/04/2019		25,397		598,212		676,994
Swyft Parent Holdings LP (11) (12)	LP Interests	Software & Tech Services	02/07/2022		850,470		758,389		891,266

See Notes to Unaudited Consolidated Financial Statements

16

AB Private Credit Investors Corporation

Consolidated Schedule of Investments as of June 30, 2023 (continued)

(Unaudited)

Portfolio Company	Class/Series		Industry	Initial Acquisition Date  (10)	Shares		Cost		Fair Value
Symplr Software Intermediate Holdings, Inc. (11)	Series A		Software & Tech Services	11/30/2018		1,196	$	1,160,532	$	2,007,282
Vectra AI, Inc (11)	Series F		Software & Tech Services	05/28/2021		17,064		131,095		104,677
Total U.S. Preferred Stock								7,253,950		9,767,046
U.S. Common Stock- 1.74%
Global Radar Holdings, LLC (11) (12)	Earn Out		Business Services	11/08/2022		125		—		—
AEG Holding Company, Inc. (11)	Class A		Consumer Discretionary	11/20/2017		320		321,309		253,510
Freddy’s Acquisition, LP (Freddy’s Frozen Custard, LLC) (11)	LP Interests		Consumer Non-Cyclical	03/03/2021		72,483		72,483		134,437
8x8, Inc. (9) (11) (13)	Common Units		Digital Infrastructure & Services			7,886		170,890		33,358
Avant Communications, LLC (11) (12)	Class A		Digital Infrastructure & Services	11/30/2021		236,307		236,307		340,852
MSP Global Holdings, Inc. (11)	Class A		Digital Infrastructure & Services	01/24/2022		333,937		61,110		65,863
NEPCORE Parent Holdings, LLC (11)	Class A		Digital Infrastructure & Services	10/21/2021		98		97,884		74,828
Neutral Connect, LLC (11)	LLC Units		Digital Infrastructure & Services	10/21/2021		396,513		439,931		331,734
Race Hometown Purchaser, LLC (11)	Class A		Digital Infrastructure & Services	01/09/2023		705,827		705,827		750,196
Thrive Parent, LLC (11)	Class L		Digital Infrastructure & Services	01/22/2021		102,108		271,128		460,584
Advantage AVP Parent Holdings, L.P. (Medical Management Resource Group, LLC) (11)	Class B		Healthcare & HCIT	09/30/2021		34,492		34,492		35,735
American Outcomes Management, L.P. (11) (12)	Class A		Healthcare & HCIT	02/17/2022		290,393		290,393		549,550
Community Based Care Holdings, LP (11)	LP Interests		Healthcare & HCIT	01/03/2022		179		178,916		224,553
GSV MedSuite Investments, LLC (Millin Purchaser, LLC) (11)	Class A		Healthcare & HCIT	03/31/2022		86,555		86,555		85,077
INH Group Holdings, Inc. (11)	Class A		Healthcare & HCIT	01/31/2019		484,552		484,552		8,229
RCFN Parent, LP (People’s Care) (11)	Class A		Healthcare & HCIT	06/18/2021		77		78,284		81,006
REP Coinvest III AGP Blocker, L.P. (Agape Care Group) (11)	LP Interests		Healthcare & HCIT	10/14/2021		590,203		590,203		960,517
SBS Super Holdings, LLC ^^^ (11)	Class A		Healthcare & HCIT	05/12/2023		21		—		—
SBS Super Holdings, LLC ^^^ (11)	Class B		Healthcare & HCIT	05/12/2023		100		10		—
Brightspot Holdco, LLC (11)	LLC Units		Software & Tech Services	11/16/2021		433,207		433,207		459,468
GSV Vehlo Investments, LLC (Vehlo Purchaser, LLC) (11)	Class A		Software & Tech Services	05/24/2022		150,297		150,297		165,054
Human Security (11)	Common Shares		Software & Tech Services	07/29/2022		329,116		953,133		908,762
Moon Topco, L.P. (Radiant Logic, Inc.) (11)	Class A		Software & Tech Services	04/21/2021		3,600		35,999		36,603
Mykaarma Acquisition LLC (11)	Class A		Software & Tech Services	03/21/2022		257,031		257,031		302,245
Ranger Lexipol Holdings, LLC (11)	Class A		Software & Tech Services	11/18/2021		433		355,837		433,875
Ranger Lexipol Holdings, LLC (11)	Class B		Software & Tech Services	11/18/2021		433		77,371		172,446
REP Coinvest III Tec, L.P. (American Safety Holdings Corp.) (11)	LP Interests		Software & Tech Services	06/18/2020		167,509		190,658		260,283
Stripe, Inc. (11)	Class B		Software & Tech Services	05/17/2021		4,158		166,854		84,179
Swyft Parent Holdings LP (11) (12)	LP Interests		Software & Tech Services	02/07/2022		4,485		53,049		68,233
REP Coinvest III-A Omni, L.P. (Omni Logistics, LLC) (11)	LP Interests		Transport & Logistics	02/05/2021		193,770		53,301		281,012
REP RO Coinvest IV A Blocker (Road One) (11)	Class A		Transport & Logistics	12/28/2022		66,441,840		664,418		865,804
Total U.S. Common Stock								7,511,429		8,427,993
U.S. Warrants- 0.23%
Alphasense, Inc., expire 05/29/2027 (9) (11)	Series B		Software & Tech Services	06/02/2020		40,394		35,185		761,733
Degreed, Inc., expire 04/11/2028 (11)	Series D		Software & Tech Services	04/11/2021		7,624		—		15,082
Degreed, Inc., expire 05/31/2026 (11)	Series C -1		Software & Tech Services	05/31/2019		26,294		46,823		107,168
Degreed, Inc., expire 08/18/2029 (11)	Common Shares		Software & Tech Services	08/18/2022		9,374		—		45,253
ScyllaDB, Inc., expire 09/08/2032 (11)	Series C-1		Software & Tech Services	09/08/2022		239,984		43,880		87,088
Vectra AI, Inc., expire 03/18/2031 (11)	Series F		Software & Tech Services	03/18/2021		35,156		58,189		76,767
Total U.S. Warrants								184,077		1,093,091
United Kingdom Warrants- 0.06%
GlobalWebIndex, Inc., expire 12/30/2027 (11)	Preferred Units		Software & Tech Services	12/30/2020		11,776		159,859		294,721
		��
Total United Kingdom Warrants								159,859		294,721
Portfolio Company	Class/Series				Shares		Cost		Fair Value
Investment Companies- 1.43%
Orangewood WWB Co-Invest, L.P. (11) (14)	LP Interests					829,314	$	829,314	$	995,177
ORCP III Triton Co-Investors, L.P. (11) (14)	LP Interests					341,592		98,394		591,296
AB Equity Investors, L.P. (11) (14)	LP Interests					2,059,293		2,059,292		2,337,165
Falcon Co-Investment Partners, L.P. (11) (14)	LP Interests					812,734		812,734		813,547
GHP E Aggregator, LLC (11) (14)	LLC Units					417,813		186,588		626,719
GHP SPV 2, L.P. (9) (11) (14)	LP Interests					271,942		271,942		272,703
Magenta Blocker Aggregator, LP (11) (14)	Class A					821,396		676,978		1,016,067

See Notes to Unaudited Consolidated Financial Statements

17

AB Private Credit Investors Corporation

Consolidated Schedule of Investments as of June 30, 2023 (continued)

(Unaudited)

Portfolio Company	Class/Series						Shares		Cost		Fair Value
Palms Co-Investment Partners, L.P. (11) (14)		LP Interests						261,450	$	261,450	$	261,450
										5,196,692		6,914,124
Total Investment Companies										5,196,692		6,914,124
TOTAL INVESTMENTS - 253.7 5 % (15)									$	1,253,961,805	$	1,227,572,852
Portfolio Company			Industry				Shares		Cost		Fair Value
Cash Equivalents- 7.66%
U.S. Investment Companies- 7.66%
Blackrock T Fund I (13) (16)		Money Market		Money Market Portfolio	4.98	% (17)		29,934,343	$	29,934,343	$	29,934,343
State Street Institutional US Government Money Market Fund (13) (16)		Money Market		Money Market Portfolio	5.03	% (17)		7,129,923		7,129,923		7,129,923
Total U.S. Investment Companies										37,064,266		37,064,266
Total Cash Equivalents										37,064,266		37,064,266
LIABILITIES IN EXCESS OF OTHER ASSETS - (161.41%)											$	(780,854,292	)
NET ASSETS - 100.00%											$	483,782,826

(++)  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 June 30, 2023, qualifying assets represented 96.79% of total assets. Under the 1940 Act we may not acquire any non-qualifying assets unless, at the time the acquisition is made, qualifying assets represent at least 70% of our total assets.

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

#  Percentages are based on net assets.

^  Generally, the interest rate on floating interest rate investments is at benchmark rate plus spread. The borrower has an option to choose the benchmark rate, such as the London Interbank Offered Rate (“LIBOR”), Secured Overnight Financing Rate including adjustment, if any (“SOFR”) or the U.S. Prime rate. The spread may change based on the type of rate used. The terms in the Consolidated Schedule of Investments disclose the actual interest rate in effect as of the reporting period. LIBOR and SOFR loans are typically indexed to 30-day, 60-day, 90-day or 180-day rates (1M, 3M or 6M, respectively) at the borrower’s option. LIBOR and SOFR loans may be subject to interest floors. As of June 30, 2023, rates for weekly 1M L, 3M L 6M L, 1M S, 3M S and 6M S are 5.22%, 5.55%, 5.76%, 5.14%, 5.27% and 5.39%, respectively. As of June 30, 2023, the U.S. Prime rate was 8.25%.

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

^^^  Non-controlled affiliated investment. See Note 3 “Related Party Transactions”.

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

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

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

(5)  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”.

(6)  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.

(7)  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 June 30, 2023.

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

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

(10)  Securities exempt from registration under the Securities Act of 1933, and may be deemed to be “restricted securities”. As of June 30, 2023, the aggregate fair value of these securities is $19,549,493 or 4.04% of the Fund’s net assets. The initial acquisition dates have been included for such securities.

(11)  Non-income producing investment.

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

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

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

(15)  Aggregate gross unrealized appreciation for federal income tax purposes is $9,521,439; aggregate gross unrealized depreciation for federal income tax purposes is $35,910,392. Net unrealized depreciation is $26,388,953 based upon a tax cost basis of $1,253,961,805.

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

(17)  The rate shown is the annualized seven-day yield as of June 30, 2023.

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

See Notes to Unaudited Consolidated Financial Statements

18

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

See Notes to Unaudited Consolidated Financial Statements

19

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
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
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

See Notes to Unaudited Consolidated Financial Statements

20

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

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

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

See Notes to Unaudited Consolidated Financial Statements

21

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

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

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, Inc (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, Inc (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

See Notes to Unaudited Consolidated Financial Statements

22

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
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
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

See Notes to Unaudited Consolidated Financial Statements

23

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
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	)
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

See Notes to Unaudited Consolidated Financial Statements

24

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
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	)

See Notes to Unaudited Consolidated Financial Statements

25

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
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	)
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	)

See Notes to Unaudited Consolidated Financial Statements

26

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
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	)
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	)

See Notes to Unaudited Consolidated Financial Statements

27

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
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 Logistics, 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
Canadian 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%
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

See Notes to Unaudited Consolidated Financial Statements

28

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
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
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

See Notes to Unaudited Consolidated Financial Statements

29

AB Private Credit Investors Corporation

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

(Unaudited)

Portfolio Company	Class/Series	Industry	Initial Acquisition Date  (14)	Shares		Cost		Fair Value
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(13) (15)	Series B	Software & Tech Services	06/02/2020		40,394		35,185		480,369
Degreed, Inc., expire 04/11/2028 (15)	Series D	Software & Tech Services	04/11/2021		7,624		—		17,163
Degreed, Inc., expire 05/31/2026 (15)	Series C -1	Software & Tech Services	05/31/2019		26,294		46,823		109,950
Degreed, Inc., expire 08/18/2029 (15)	Common Shares	Software & Tech Services	08/18/2022		9,374		—		45,483
ScyllaDB, Inc., expire 09/08/2032 (15)	Series C-1	Software & Tech Services	09/08/2022		239,984		43,880		44,046
Vectra AI, Inc., expire 03/18/2031 (15)	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
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

See Notes to Unaudited Consolidated Financial Statements

30

AB Private Credit Investors Corporation

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

Portfolio Company	Class/Series			Shares		Cost		Fair Value
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.

^  Generally, the interest rate on floating interest rate investments is at benchmark rate plus spread. The borrower has an option to choose the benchmark rate, such as the London Interbank Offered Rate (“LIBOR”), Secured Overnight Financing Rate including adjustment, if any (“SOFR”) or the U.S. Prime rate. The spread may change based on the type of rate used. The terms in the Consolidated Schedule of Investments disclose the actual interest rate in effect as of the reporting period. LIBOR and SOFR loans are typically indexed to 30-day, 60-day, 90-day or 180-day rates (1M, 3M or 6M, respectively) at the borrower’s option. LIBOR and SOFR loans may be subject to interest floors. As of 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 December 31, 2022 .

(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.

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

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

(11)  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.

(14)  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.

(19)  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.

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

(21)  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 Unaudited Consolidated Financial Statements

31

AB Private Credit Investors Corporation

Notes to Unaudited Consolidated Financial Statements

June 30, 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”).

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 June 30, 2023, the Fund had total Capital Commitments of $611,970,154, of which 14% or $88,163,879 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.

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-R

Notes,

Class C-R

Notes 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 June 28, 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 private company limited by shares incorporated under the laws of Jersey. CLO XIII is 100% owned by the Fund and is consolidated in the Fund’s consolidated financial statements commencing from the date of its formation. CLO XIII issued Class D Notes and Subordinated Notes to the Fund through ABPCI Direct Lending Fund CLO XIII Depositor LLC, a wholly-owned subsidiary of the Fund established on April 3, 2023.

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

2. Significant Accounting Policies

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

Financial Services – Investment Companies.

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

10-Q

and Articles 6 and 10 of Regulation

S-X.

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

32

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.

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.

33

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 June 30, 2023, the Fund had certain investments held in four portfolio companies on

non-accrual

status, which represented 1.83% and 0.29% 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.

34

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 June 30, 2023, and December 31, 2022, $0 and $0, respectively, of accrued excise taxes remained payable. For the three and six months ended June 30, 2023, the Fund accrued income taxes of $260,725 and $278,026, respectively. For the three and six months ended June 30, 2022, the Fund accrued income taxes of $258,256 and $567,083, respectively. As of June 30, 2023 and December 31, 2022, $320,348 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. 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.

35

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

For the three and six months ended June 30, 2023, the Fund incurred a management fee of $4,204,038 and $8,142,942, respectively. For the three and six months ended June 30, 2022, the Fund incurred a management fee of $3,391,227 and $6,794,019, respectively, of which $0 and $283,566, respectively, were voluntarily waived by the Adviser. As of June 30, 2023 and December 31, 2022, $4,204,038 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”) the Fund has 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.

36

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 and six months ended June 30, 2023, the Fund incurred income-based incentive fees of $2,600,473 and $5,355,077, respectively. For the three and six months ended June 30, 2022, the Fund incurred income-based incentive fees of $951,206 and $2,883,145, respectively. As of June 30, 2023 and December 31, 2022, $2,600,473 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 Fund’s portfolio. The Fund’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 and six months ended June 30, 2023. For the three and six months ended June 30, 2022, the Fund reduced the previously recognized capital gains incentive fee under GAAP by $

(237,304

) and $(784,037), which was not realized. As of June 30, 2023 and December 31, 2022, $0 and $0, respectively, of capital gains incentive fee remained payable.

37

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

The Fund has 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 its 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 the Fund with clerical, bookkeeping, recordkeeping and other administrative services. The Fund will reimburse the Adviser an amount equal to the Fund’s allocable portion (subject to the review of its Board) of its overhead resulting from its obligations under the Expense Reimbursement Agreement, including the allocable portion of the cost of its 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.

38

Transfer Agency Agreement

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

For the three and six months ended June 30, 2023, the Fund accrued $36,215 and $71,487, respectively, in transfer agent fees. For the three and six months ended June 30, 2022, the Fund accrued $29,841 and $55,517, respectively, in transfer agent fees. As of June 30, 2023 and December 31, 2022, $36,214 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.

Affiliates

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. The table below presents the Fund’s affiliated investments:

	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 Six Months Ended June 30, 2023
Non-Controlled Affiliates
SBS Super Holdings, LLC (Class B Units)	$	—	$	10	$	—		$	—	$	(10	)	$	—	$	—
Controlled Affiliates
Bowline Topco LLC	$	173,837	$	—	$	—		$	—	$	90,649		$	264,486	$	—
	$	173,837	$	10	$	—		$	—	$	90,639		$	264,486	$	—
For the Six Months Ended June 30, 2022
Controlled Affiliates
Bowline Energy, LLC	$	3,501,384	$	6,012	$	(111,258	)	$	—	$	(6,012	)	$	3,390,126	$	130,234
Bowline Topco LLC		2,600,575		—		—			—		1,858,488			4,459,063		—
	$	6,101,959	$	6,012	$	(111,258	)	$	—	$	1,852,476		$	7,849,189	$	130,234

(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.

39

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

June 30

, 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.

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.

On June 9, 2023, the Fund entered into amendment no. 9 to the 2021 HSBC Credit Agreement. The 2021 HSBC Credit Agreement Amendment no. 9 (i) extended the maturity date of the 2021 HSBC Credit Facility from June 9, 2023 to June 7, 2024 and (ii) reduced the Fund’s sublimit commitment from $33,000,000 to $31,000,000.

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.

40

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.

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 June 30, 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 “2021 Natixis Credit Facility”) with Natixis, New York Branch, as administrative agent and U.S. Bank as collateral agent, collateral administrator and custodian. The reinvestment period of ABPCIC Funding III expired on March 24, 2023. On May 3, 2023, ABPCIC Funding III merged with CLO XIII (the “ABPCIC Funding III Merger”) as part of the closing of the CLO XIII Transaction (as defined below). The 2021 Natixis Credit Facility was terminated in connection with the ABPCIC Funding III Merger.

On April 21, 2023, ABPCIC Funding IV 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 Trust Company, National Association, as collateral agent (in such capacity, the “Natixis Collateral Agent”), collateral administrator (in such capacity, the “Natixis Collateral Administrator”). In connection with the Natixis Credit Facility, ABPCIC Funding IV entered into, among other agreements, (i) the credit agreement (the “Natixis Credit Agreement”) among ABPCIC Funding IV, the lenders referred to therein, the Natixis Administrative Agent, the Natixis Collateral Agent and the Natixis Collateral Administrator, (ii) the account control agreement (the “Natixis Account Control Agreement”) among ABPCIC Funding IV, 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 IV 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 IV, the Natixis Collateral Manager and the Natixis Collateral Administrator and (v) the master loan sale and contribution agreement between ABPCIC Funding IV and the Fund.

The Natixis Credit Agreement provides for borrowings in an aggregate amount up to $200,000,000. Borrowings under the Natixis Credit Agreement will bear interest based on an adjusted term standard overnight financing rate for the relevant interest period or the applicable replacement thereto provided for in the Natixis Credit Agreement, in each case, 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) April 21, 2033 (or such later date mutually agreed to by ABPCIC Funding IV 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 IV. 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. There is no collateral management fee charged as long as Advisor serves as a collateral manager. ABPCIC Funding IV 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 IV 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 June 30, 2023, the Fund is in compliance with these covenants.

41

All of the collateral pledged to the lenders by ABPCIC Funding IV under the Natixis Credit Agreement is held in the custody of the Natixis Securities Intermediary 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 IV 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 Fund’s outstanding borrowings through the Revolving Credit Facilities as of June 30, 2023 were as follows:

	Aggregate Borrowing Amount Committed		Outstanding Borrowing		Amount Available		Carrying Value
HSBC	$	31,000,000	$	—	$	31,000,000	$	—
Synovus		200,000,000		200,000,000		—		200,000,000
Natixis		200,000,000		53,400,000		146,600,000		53,400,000
Total	$	431,000,000	$	253,400,000	$	177,600,000	$	253,400,000

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 June 30, 2023 and December 31, 2022, deferred financing costs were $1,367,187 and $1,146,619, respectively, which remain to be amortized, and are reflected on the consolidated statements of assets and liabilities.

Collateralized Loan Obligations

CLO VI

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

Co-Issuer,”

and together with the VI Issuer, the “VI

Co-Issuers”),

each a newly formed special purpose vehicle, completed a $300,500,000 term debt securitization (the “CLO VI 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 VI Issuer and U.S. Bank National Association, as trustee. As a result of the refinancing, the outstanding notes (other than the Subordinated Notes) under the indenture dated August 9, 2019 in the amount of $246,900,000 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 VI Issuer issued new notes as listed below, as well as additional Subordinated Notes in the amount of $7,720,000.

42

The CLO VI Transaction was executed through a private placement and the notes offered (the “VI Notes”) that remain outstanding as of June 30, 2023 and December 31, 2022 were as follows:

	June 30, 2023
	Principal Amount		Interest Rate			Carrying Value (1)
Class A-1-R Senior Secured Floating Rate Note (“Class A-1-R”)	$	98,250,000		Term SOFR + 1.83	%	$	97,456,247
Class A-1-L Senior Secured Floating Rate Loan (“Class A-1-L”)	$	75,000,000		Term SOFR + 1.83	%	$	74,705,937
Class A-1-F Senior Secured Fixed Rate Note (“Class A-1-F”)	$	30,000,000		4.305	%	$	29,882,375
Class A-2-R Senior Secured Floating Rate Note (“Class A-2-R”)	$	43,500,000		Term SOFR + 2.25	%	$	43,329,463
Class B-R Secured Deferrable Floating Rate Note (“Class B-R”)	$	19,250,000		Term SOFR + 3.10	%	$	—	*
Class C-R Secured Deferrable Floating Rate Note (“Class C-R”)	$	20,125,000		Term SOFR + 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 VI Notes totaled $408,664 and $967,314, respectively, as of June 30, 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		Term SOFR + 1.83	%	$	97,345,789
Class A-1-L Senior Secured Floating Rate Loan (“Class A-1-L”)	$	75,000,000		Term SOFR + 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 Floating Rate Note (“Class A-2-R”)	$	43,500,000		Term SOFR + 2.25	%	$	43,283,185
Class B-R Secured Deferrable Floating Rate Note (“Class B-R”)	$	19,250,000		Term SOFR + 3.10	%	$	—	*
Class C-R Secured Deferrable Floating Rate Note (“Class C-R”)	$	20,125,000		Term SOFR + 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 VI 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 VI 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 VI Notes will mature on April 27, 2034.

The VI N

o

tes are the secured

o

bligations of the VI

Co-Issuers,

and the indenture governing the VI Notes includes customary covenants and events of default. The VI 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 VI Issuer pursuant to a collateral management agreement between the Adviser and the VI Issuer (the “CLO VI Collateral Management Agreement”). For so long as the Adviser serves as collateral manager to the VI Issuer, the Adviser will elect to irrevocably waive any base management fee or subordinated interest to which it may be entitled under the CLO VI Collateral Management Agreement. For the three and six months ended June 30, 2023, the Fund did not incur any collateral management fees. For the three and six months ended June 30, 2022, the Fund incurred collateral management fees of $131,978 and $588,476, respectively, which were voluntarily waived by the Adviser. Pursuant to a new CLO notes issuance, a collateral management fee is no longer charged as long as the Adviser serves as a collateral manager.

43

CLO XIII

On May 3, 2023, CLO XIII (the “XIII Issuer”), ABPCI Direct Lending Fund CLO XIII LLC, a limited liability company organized under the laws of the State of Delaware (the “XIII

Co-Issuer,”

and together with the XIII Issuer, the “XIII

Co-Issuers”),

ABPCI Direct Lending Fund CLO XIII First Static Subsidiary Ltd (the “First Static Subsidiary”) and ABPCI Direct Lending Fund CLO XIII Second Static Subsidiary Ltd (the “Second Static Subsidiary” and together with the First Static Subsidiary, the “Static Subsidiaries”, and together with the XIII

Co-Issuers,

the “XIII Issuer Entities”), each a newly formed special purpose vehicle, completed a $395,000,000 term debt securitization (the “CLO XIII Transaction”). The stated reinvestment date was April 27, 2027.

The CLO XIII Transaction was executed through a private placement and the notes offered (the “XIII Notes”) that remain outstanding as of June 30, 2023 were as follows:

	June 30, 2023
	Principal Amount		Interest Rate			Carrying Value (1)
Class A Senior Secured Floating Rate Note (“Class A”)	$	228,000,000		Term SOFR + 2.60	%	$	225,391,149
Class B Senior Secured Floating Rate Note (“Class B”)	$	36,000,000		Term SOFR + 3.65	%	$	35,588,076
Class C Secured Deferrable Floating Rate Note (“Class C”)	$	36,000,000		Term SOFR + 4.55	%	$	35,588,076
Class D Secured Deferrable Floating Rate Note (“Class D”)	$	28,000,000		Term SOFR + 6.90	%	$	—	*
Subordinated Notes	$	67,000,000		N/A		$	—	*

* Class D 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 XIII Notes totaled $0 and $3,432,699, respectively, as of June 30, 2023 and are reflected on the consolidated statements of assets and liabilities.

The CLO XIII indenture provides that the holders of the 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 XIII Notes will mature on April 27, 2035.

The XIII Notes are the secured obligations of the XIII Issuer Entities, and the indenture governing the XIII Notes includes customary covenants and events of default. The XIII 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 XIII Issuer pursuant to a collateral management agreement between the Adviser and the XIII Issuer (the “CLO XIII Collateral Management Agreement”). For so long as the Adviser serves as collateral manager to the XIII Issuer, a collateral management fee shall not be charged.

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.

There were no Secured Borrowings outstanding as of June 30, 2023.

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
						$	5,917,275

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As of June 30, 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 $795,341,323 and $699,022,842, respectively.

Interest Expense on Borrowings

For the three and six months ended June 30, 2023 and June 30, 2022, the components of interest and other debt expenses related to the borrowings were as follows:

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For the three months ended
June 30, For the six months ended
June 30,