AB Private Credit Investors 10-Q 2024 Q1 Quarterly report

falseQ1--12-310001634452TX0See consolidated schedule of investments for industry classifications. Certain investments that are measured at fair value using NAV have not been categorized in the fair value hierarchy. The fair value amounts presented in the table are intended to permit reconciliation of the fair value hierarchy to the amount presented in the consolidated statements of assets and liabilities.Unless otherwise indicated, all securities represent co-investments made with the Fund’s affiliates in accordance with the terms of the exemptive relief received from the U.S. Securities and Exchange Commission. See Note 3 “Related Party Transactions”.As of March 31, 2024, qualifying assets represented 97.50% 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.Position, or a portion thereof, has been segregated to collateralize ABPCIC Funding II, LLC.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 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. 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. SOFR loans may be subject to interest floors. As of March 31, 2024, rates for weekly 1M S, 3M S and 6M S are 5.32%, 5.35%, and 5.39%, respectively. As of March 31, 2024, the U.S. Prime rate was 8.50%. 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”.Position, or a portion thereof, has been segregated to collateralize ABPCI Direct Lending Fund CLO XIII Ltd..Position, or a portion thereof, has been segregated to collateralize ABPCI Direct Lending Fund CLO VI Ltd.Position, or a portion thereof, has been segregated to collateralize ABPCIC Funding IV, LLC.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.This investment has multiple reference rates or alternate base rates. The All-in interest rate shown is the weighted average interest rate in effect at March 31, 2024.. The investment is on non-accrual status. See Note 2 “Significant Accounting Policies.”Non-controlled affiliated investment. See Note 3 “Related Party Transactions”. 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”. Industry sectors have been updated with the addition of new sub-industries and moving some industries to relevant sub-industries. As of December 31, 2023, qualifying assets represented 97.29% 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. 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 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. 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. SOFR loans may be subject to interest floors. As of December 31, 2023, rates for weekly 1M S, 3M S and 6M S are 5.34%, 5.36% and 5.35%, respectively. As of December 31, 2023, the U.S. Prime rate was 8.50%. Positions considered non-qualified assets therefore excluded from the qualifying assets calculation as noted in footnote + above. Non-income producing investment. Securities exempt from registration under the Securities Act of 1933, and may be deemed to be “restricted securities”. As of March 31, 2024, the aggregate fair value of these securities is $18,711,670 or 3.51% of the Fund’s net assets. Position or portion thereof is held through a consolidated subsidiary. Categorized as Level 1 assets under the definition of ASC 820 fair value hierarchy.Included within ‘Cash and cash equivalents’ on the Consolidated Statements of Assets and Liabilities.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, 2023. Excluded from the ASC 820 fair value hierarchy as fair value is measured using the net asset value per share practical expedient.Aggregate gross unrealized appreciation for federal income tax purposes is $12,889,328; aggregate gross unrealized depreciation for federal income tax purposes is $31,169,850. Net unrealized depreciation is $18,280,522 based upon a tax cost basis of $1,329,401,106.The rate shown is the annualized seven-day yield as of December 31, 2023.Categorized as Level 2 assets under the definition of ASC 820 fair value hierarchy. Carrying value is net of unamortized discount and debt issuance costs. Unamortized discount and debt issuance costs associated with the Notes totaled $381,132 and $568,496, respectively, as of March 31, 2024 and are reflected on the consolidated statements of assets and liabilities.Carrying value is net of unamortized discount and debt issuance costs. Unamortized discount and debt issuance costs associated with the Notes totaled $390,381 and $700,469, respectively, as of December 31, 2023 and are reflected on the consolidated statements of assets and liabilities.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 $2,980,575 respectively, as of December 31, 2023 and are reflected on the consolidated statements of assets and liabilities.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 $2,756,971 respectively, as of March 31, 2024 and are reflected on the consolidated statements of assets and liabilities.Calculated as the amount of the stated interest and borrowing expenses divided by average borrowings during the period.Carrying value is net of unamortized discount and debt issuance costs. Unamortized discount and debt issuance costs associated with the Notes totaled $381,132 and $3,325,467 as of March 31, 2024 and are reflected on the consolidated statements of assets and liabilities.Carrying value is net of unamortized discount and debt issuance costs. Unamortized discount and debt issuance costs associated with the Notes totaled $390,381 and $3,681,044 as of December 31, 2023 and are reflected on the consolidated statements of assets and liabilities.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.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.The rate shown is the annualized seven-day yield as of March 31, 2024. Class D and Subordinated Notes are held by the Fund and have been eliminated in consolidation.Controlled affiliated investment. See Note 3 “Related Party Transactions”. Securities exempt from registration under the Securities Act of 1933, and may be deemed to be “restricted securities”. As of December 31, 2023, the aggregate fair value of these securities is $19,827,286 or 3.93% of the Fund’s net assets. The initial acquisition dates have been included for such securities. Class B-R, Class C-R and Subordinated Notes are held by the Fund and have been eliminated in consolidation. 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Sako and Partners Lower Holdings LLC | Services | Term Loan | 10.81% (S + 5.50%; 1.00% Floor) | 9/15/2028 2024-03-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Race Finco LLC | Digital Infrastructure & Services | Delayed Draw Term Loan | 12.46% (S + 7.00%; 1.00% Floor) | 01/10/2028 2023-12-31 0001634452 U.S. Common Stock - 1.49% | RCFN Parent, LP (Peoples Care) | LP Interests | Healthcare | 06/18/2021 2024-01-01 2024-03-31

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM

10-Q

(Mark One)

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED MARCH 31, 2024

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

COMMISSION FILE NUMBER:

814-01196

AB Private Credit Investors Corporation

(Exact name of registrant as specified in its charter)

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

405 Colorado Street, Suite 1500

Austin,

TX

78701

(Address of principal executive offices)

(512)

721-2900

(Registrant’s telephone number, including area code)

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

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
—		—

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of

Regulation S-T

(§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a

non-accelerated

filer, a smaller reporting company or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule

12b-2

of the Exchange Act.

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

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

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

12b-2

of the Exchange Act).  Yes  ☐ No  ☒

The issuer had

shares

of common stock, $0.01 par value per share, outstanding as of May 1

4

, 2024.

 

AB PRIVATE CREDIT INVESTORS CORPORATION

FORM 10-Q FOR THE QUARTER ENDED MARCH 31, 2024

Table of Contents

	INDEX	PAGE NO.
PART I.	FINANCIAL INFORMATION		3
Item 1.	Consolidated Financial Statements		3
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations		66
Item 3.	Quantitative and Qualitative Disclosures About Market Risk		81
Item 4.	Controls and Procedures		82
PART II.	OTHER INFORMATION		83
Item 1.	Legal Proceedings		83
Item 1A.	Risk Factors		83
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds		84
Item 3.	Defaults Upon Senior Securities		84
Item 4.	Mine Safety Disclosures		84
Item 5.	Other Information		84
Item 6.	Exhibits		85
SIGNATURES			86

2

Item 1. Consolidated Financial Statements

AB Private Credit Investors Corporation

Consolidated Statements of Assets and Liabilities

	As of March 31, 2024 (Unaudited)			As of December 31, 2023
Assets
Investments, at fair value
Non-controlled/non-affiliated investments (amortized cost of $1,394,134,863 and $1,324,506,471, respectively)	$	1,383,691,494		$	1,307,655,721
Non-controlled affiliated investments (amortized cost of $4,817,262 and $5,034,379, respectively)		3,446,480			3,464,863
Total investments, at fair value (amortized cost of $1,398,952,125 and $1,329,540,850, respectively)		1,387,137,974			1,311,120,584
Cash and cash equivalents		57,806,378			72,671,928
Interest receivable		9,409,782			8,445,019
Receivable for investments sold		16,803			47,127
Receivable for fund shares		22,497			18,000
Deferred financing costs		1,876,659			2,461,248
Prepaid expenses		35,756			—
Total assets	$	1,456,305,849		$	1,394,763,906
Liabilities
Notes payable (net of unamortized discount of $381,132 and $390,381, respectively, and debt issuance costs of $3,325,467 and $3,681,044, respectively)	$	543,043,406		$	542,678,575
Credit facility payable		342,950,000			311,500,000
Interest and borrowing expenses payable		12,572,878			12,779,336
Secured borrowings		2,143,751			2,325,617
Payable for fund shares repurchased		6,994,766			4,930,240
Management fees payable		4,646,517			4,479,535
Incentive fee payable		3,241,756			3,369,132
Distribution payable		6,056,751			5,740,909
Accrued tax liability		323,043			241,195
Payable to Adviser		613,859			1,158,276
Professional fees payable		513,446			496,289
Administrator and custodian fees payable		736,405			832,176
Accrued expenses and other liabilities		6,417			—
Transfer agent fees payable		38,688			35,381
Total liabilities	$	923,881,683		$	890,566,661
Commitments and Contingencies (Note 6)
Net Assets
Common stock, par value $0.01 per share (200,000,000 shares authorized, 56,653,056 and 54,364,707 shares issued and outstanding at March 31, 2024 and December 31, 2023, respectively)		566,530			543,647
Paid-in capital in excess of par value		545,842,911			524,279,891
Distributable earnings (accumulated loss)		(14,035,991	)		(20,678,340	)
Total net assets of AB Private Credit Investors Corporation	$	532,373,450		$	504,145,198
Non-Controlling Interest in ABPCIC Equity Holdings, LLC	$	50,716		$	52,047
Total net assets	$	532,424,166		$	504,197,245
Total liabilities and net assets	$	1,456,305,849		$	1,394,763,906
Net asset value per share of AB Private Credit Investors Corporation	$	9.40		$	9.27

3

AB Private Credit Investors Corporation

Unaudited Consolidated Statements of Operations

	For the Three Months Ended March 31,
	2024		2023
Investment Income:
From non-controlled/non-affiliated investments:
Interest income, net of amortization/accretion	$	39,600,232	$	29,238,830
Payment-in-kind interest		1,557,952		3,553,509
Dividend income		87,029		52,452
Total investment income		41,245,213		32,844,791
Expenses:
Interest and borrowing expenses		18,941,909		13,781,660
Management fees		4,646,517		3,938,904
Income-based incentive fee		3,241,756		2,754,604
Professional fees		548,045		515,313
Administration and custodian fees		182,492		264,455
Insurance expenses		131,363		135,986
Directors’ fees		129,454		69,875
Transfer agent fees		38,688		35,272
Other expenses		330,393		309,575
Total expenses		28,190,617		21,805,644
Net investment income before taxes		13,054,596		11,039,147
Income tax expense, including excise tax		87,570		17,301
Net investment income after tax		12,967,026		11,021,846
Net realized and change in unrealized gains (losses) on investment transactions:
Net realized gain (loss) from:
Non-controlled/non-affiliated investments		37,339		5,453
Net change in unrealized appreciation (depreciation) from:
Non-controlled/non-affiliated investments		6,407,381		4,522,412
Non-controlled affiliated investments		198,734		—
Net realized and change in unrealized gains (losses) on investment transactions		6,643,454		4,527,865
Net increase in net assets resulting from operations	$	19,610,480	$	15,549,711
Less: Net increase (decrease) in net assets resulting from operations related to Non-Controlling Interest in ABPCIC Equity Holdings, LLC	$	(1,331)	$	1,123
Net increase (decrease) in net assets resulting from operations related to AB Private Credit Investors Corporation	$	19,611,811	$	15,548,588
Net investment income per share (basic and diluted):
Net investment income per share (basic and diluted):	$	0.24	$	0.22
Earnings per share (basic and diluted):	$	0.36	$	0.31
Weighted average shares outstanding:		55,172,112		50,224,389

4

AB Private Credit Investors Corporation

Unaudited Consolidated Statements of Changes in Net Assets

	Shares			Par Amount			Paid in Capital in Excess of Par			Distributable Earnings			Non-Controlling Interest - ABPCIC Equity Holdings, LLC			Total Net Assets
Net assets at December 31, 2023		54,364,707		$	543,647		$	524,279,891		$	(20,678,340	)	$	52,047		$	504,197,245
Increase (decrease) in net assets resulting from operations:
Net investment income		—			—			—			12,966,558			468			12,967,026
Net realized gain (loss) on investments		—			—			—			37,339			—			37,339
Net change in unrealized appreciation (depreciation) on investments		—			—			—			6,607,914			(1,799	)		6,606,115
Capital transactions:
Issuance of common stock		2,297,080			22,970			21,644,989			—			—			21,667,959
Issuance of common shares pursuant to distribution reinvestment plan		735,551			7,356			6,905,355			—			—			6,912,711
Repurchase of common stock		(744,282	)		(7,443	)		(6,987,324	)		—			—			(6,994,767	)
Distributions to stockholders		—			—			—			(12,969,462	)		—			(12,969,462	)
Total increase (decrease) for the three months ended March 31, 2024		2,288,349			22,883			21,563,020			6,642,349			(1,331	)		28,226,921
Net assets at March 31, 2024		56,653,056		$	566,530		$	545,842,911		$	(14,035,991	)	$	50,716		$	532,424,166
Distributions declared per share		—		$	—		$	—		$	0.23		$	—		$	0.23

5

AB Private Credit Investors Corporation

Unaudited Consolidated Statements of Changes in Net Assets

	Shares			Par Amount			Paid in Capital in Excess of Par			Distributable Earnings			Non-Controlling Interest - ABPCIC Equity Holdings, LLC			Total Net Assets
Net assets at December 31, 2022		50,228,088		$	502,281		$	485,940,938		$	(29,599,112	)	$	34,386		$	456,878,493
Increase (decrease) in net assets resulting from operations:
Net investment income		—			—			—			11,022,469			(623	)		11,021,846
Net realized gain (loss) on investments		—			—			—			5,453			—			5,453
Net change in unrealized appreciation (depreciation) on investments		—			—			—			4,520,666			1,746			4,522,412
Capital transactions:
Issuance of common shares pursuant to distribution reinvestment plan		294,604			2,946			2,737,924			—			—			2,740,870
Repurchase of common stock		(627,518	)		(6,275	)		(5,831,718	)		—			—			(5,837,993	)
Distributions to stockholders		—			—			—			(5,139,617	)		—			(5,139,617	)
Total increase (decrease) for the three months ended March 31, 2023		(332,914	)		(3,329	)		(3,093,794	)		10,408,971			1,123			7,312,971
Net assets at March 31, 2023		49,895,174		$	498,952		$	482,847,144		$	(19,190,141	)	$	35,509		$	464,191,464
Distributions declared per share		—		$	—		$	—		$	0.10		$	—		$	0.10

6

AB Private Credit Investors Corporation

Unaudited Consolidated Statements of Cash Flows

	For the Three Months Ended March 31, 2024			For the Three Months Ended March 31, 2023
Cash flows from operating activities
Net increase (decrease) in net assets resulting from operations	$	19,610,480		$	15,549,711
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used for) operating activities:
Purchases of investments		(85,049,409	)		(61,547,585	)
Payment-in-kind investments		(1,557,952	)		(3,553,509	)
Proceeds from sales of investments and principal repayments		18,576,670			14,186,764
Net realized (gain) loss on investments		(37,339	)		(5,453	)
Net change in unrealized (appreciation) depreciation on investments		(6,606,115	)		(4,522,412	)
Amortization of premium and accretion of discount, net		(1,343,240	)		(1,384,372	)
Amortization of discount, debt issuance and deferred financing costs		949,415			773,483
Increase (decrease) in operating assets and liabilities:
(Increase) decrease in receivable for investments sold		30,324			5,005,431
(Increase) decrease in interest receivable		(964,763	)		(7,020,065	)
(Increase) decrease in prepaid expenses		(35,756	)		135,987
Increase (decrease) in payable for investments purchased		—			(1,990,087	)
Increase (decrease) in management fees payable		166,982			160,781
Increase (decrease) in payable to Adviser		(544,417	)		(285,621	)
Increase (decrease) in administrator and custodian fees payable		(95,771	)		(139,796	)
Increase (decrease) in professional fees payable		17,157			55,738
Increase (decrease) in accrued tax liability		81,848			17,301
Increase (decrease) in incentive fee payable		(127,376	)		219,669
Increase (decrease) in directors’ fees payable		—			69,875
Increase (decrease) in transfer agent fees payable		3,307			1,048
Increase (decrease) in interest and borrowing expenses payable		(206,458	)		1,091,719
Increase (decrease) in accrued expenses and other liabilities		(6,417	)		138,169
Net cash provided by (used for) operating activities		(57,138,830	)		(43,043,224	)
Cash flows from financing activities
Issuance of common stock		21,663,462			—
Repurchase of common stock		(4,930,241	)		(6,304,249	)
Distributions paid		(5,740,909	)		(8,912,530	)
Financing costs paid		—			(25,000	)
Borrowings on credit facility		49,450,000			106,000,000
Repayments of credit facility		(18,000,000	)		(34,000,000	)
Proceeds on secured borrowings		2,156,585			8,889,879
Repayments on secured borrowings		(2,325,617	)		(6,038,389	)
Net cash provided by (used for) financing activities		42,273,280			59,609,711
Net increase (decrease) in cash		(14,865,550	)		16,566,487
Cash and cash equivalents, beginning of period		72,671,928			48,785,985
Cash and cash equivalents, end of period	$	57,806,378		$	65,352,472
Supplemental and non-cash financing activities
Cash paid during the period for interest	$	19,601,050		$	11,978,272
Issuance of common shares pursuant to distribution reinvestment plan	$	6,912,711		$	2,740,870
State taxes paid	$	5,722		$	—

7

AB Private Credit Investors Corporation

Consolidated Schedule of Investments as of March 31, 2024

(Unaudited)

Portfolio Company

Industry

Facility Type

Interest

Maturity

Funded  Par Amount

Cost

Fair Value

Investments at Fair Value (++) + * # ^ - 260.53 %

US Corporate Debt - 249.73 %

1st Lien/Senior Secured Debt - 247.96 %

AEG Holding Company, Inc. (1)

Consumer Non-Cyclical

Delayed Draw Term Loan

10.93% (S + 5.50%; 1.00% Floor)

7/1/2024

$

1,032,157

$

1,031,363

$

1,032,157

AEG Holding Company, Inc. (2)

Consumer Non-Cyclical

Revolver

10.93% (S + 5.50%; 1.00% Floor)

7/1/2024

—

(1,012

)

—

AEG Holding Company, Inc. (1)

Consumer Non-Cyclical

Term Loan

10.93% (S + 5.50%; 1.00% Floor)

7/1/2024

5,435,078

5,430,738

5,435,077

AEG Holding Company, Inc. (3)

Consumer Non-Cyclical

Term Loan

10.93% (S + 5.50%; 1.00% Floor)

7/1/2024

1,796,114

1,794,239

1,796,114

Ampler QSR Holdings, LLC (3) (4)

Consumer Non-Cyclical

Term Loan

11.08% (S + 5.63%; 1.00% Floor)

7/21/2027

12,190,513

12,050,641

12,099,084

Blink Holdings, Inc. (1)

Consumer Non-Cyclical

Delayed Draw Term Loan

10.96% (S + 5.50%; 1.00% Floor)

11/8/2024

1,112,101

1,110,589

906,361

Blink Holdings, Inc. (1)

Consumer Non-Cyclical

Delayed Draw Term Loan

10.96% (S + 5.50%; 1.00% Floor)

11/8/2024

891,810

890,616

726,825

Blink Holdings, Inc. (1)

Consumer Non-Cyclical

Term Loan

10.96% (S + 5.50%; 1.00% Floor)

11/8/2024

1,554,420

1,552,291

1,266,852

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

Consumer Non-Cyclical

Term Loan

9.93% (S + 4.50%; 1.00% Floor)

11/17/2027

7,976,543

7,878,046

7,976,543

Mathnasium LLC (2)

Consumer Non-Cyclical

Revolver

10.46% (S + 5.00%; 0.75% Floor)

11/15/2027

217,608

209,592

217,608

Mathnasium LLC (1) (5)

Consumer Non-Cyclical

Term Loan

10.46% (S + 5.00%; 0.75% Floor)

11/15/2027

5,331,398

5,266,005

5,331,398

MMP Intermediate, LC (2) (6)

Consumer Non-Cyclical

Revolver

11.69% (S + 6.25%; 1.00% Floor)

2/15/2029

—

(6,473

)

(4,147

)

MMP Intermediate, LLC (1) (5)

Consumer Non-Cyclical

Term Loan

11.69% (S + 6.25%; 1.00% Floor)

2/15/2029

7,926,088

7,827,567

7,866,644

MMP Intermediate, LLC (1) (5)

Consumer Non-Cyclical

Term Loan

11.69% (S + 6.25%; 0.00% Floor)

4/30/2024

2,023,720

1,984,217

2,008,542

PF Growth Partners, LLC (1)

Consumer Non-Cyclical

Term Loan

10.48% (S + 5.00%; 1.00% Floor)

7/11/2025

115,639

114,155

115,348

PF Growth Partners, LLC (1)

Consumer Non-Cyclical

Term Loan

10.33% (S + 5.00%; 1.00% Floor)

7/11/2025

233,677

230,681

233,093

PF Growth Partners, LLC (1)

Consumer Non-Cyclical

Term Loan

10.48% (S + 5.00%; 1.00% Floor)

7/11/2025

1,945,408

1,940,547

1,940,544

TBG Food Acquisition Corp (1) (4)

Consumer Non-Cyclical

Delayed Draw Term Loan

9.69% (S + 4.25%; 0.75% Floor)

12/24/2027

263,366

261,704

262,049

TBG Food Acquisition Corp (2) (6)

Consumer Non-Cyclical

Revolver

9.69% (S + 4.25%; 0.75% Floor)

12/24/2027

—

(1,667

)

(1,320

)

TBG Food Acquisition Corp (1) (4)

Consumer Non-Cyclical

Term Loan

9.69% (S + 4.25%; 0.75% Floor)

12/24/2027

6,452,137

6,410,085

6,419,876

Airwavz Solutions, Inc. (2) (3)

Digital Infrastructure & Services

Delayed Draw Term Loan

10.96% (S + 5.50%; 1.00% Floor)

3/31/2027

2,863,376

2,799,235

2,811,313

Airwavz Solutions, Inc. (3) (5)

Digital Infrastructure & Services

Delayed Draw Term Loan

10.96% (S + 5.50%; 1.00% Floor)

3/31/2027

3,263,699

3,228,904

3,214,744

Airwavz Solutions, Inc. (2) (6)

Digital Infrastructure & Services

Revolver

10.96% (S + 5.50%; 1.00% Floor)

3/31/2027

—

(6,953

)

(9,791

)

Airwavz Solutions, Inc. (3)

Digital Infrastructure & Services

Term Loan

10.96% (S + 5.50%; 1.00% Floor)

3/31/2027

5,221,919

5,166,247

5,143,590

Avant Communications, LC (2) (6)

Digital Infrastructure & Services

Revolver

11.06% (S + 5.75%; 1.00% Floor)

11/30/2026

—

(6,152

)

—

Avant Communications, LLC (1) (4) (5)

Digital Infrastructure & Services

Term Loan

11.06% (S + 5.75%; 1.00% Floor)

11/30/2026

14,926,020

14,738,454

14,926,020

Bridgepointe Technologies, LLC (2) (6)

Digital Infrastructure & Services

Delayed Draw Term Loan

11.82% (S + 6.50%; 1.00% Floor)

12/31/2027

—

(53,262

)

(15,575

)

Bridgepointe Technologies, LLC (1) (3)  (5)

Digital Infrastructure & Services

Delayed Draw Term Loan

11.82% (S + 6.50%; 1.00% Floor)

12/31/2027

4,950,899

4,842,656

4,913,768

Bridgepointe Technologies, LLC (2) (3)

Digital Infrastructure & Services

Delayed Draw Term Loan

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

12/31/2027

2,730,901

2,714,427

2,710,419

Bridgepointe Technologies, LLC (1)  (5)

Digital Infrastructure & Services

Delayed Draw Term Loan

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

12/31/2027

3,838,879

3,795,811

3,810,087

Bridgepointe Technologies, LLC (2) (6)

Digital Infrastructure & Services

Revolver

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

12/31/2027

—

(9,817

)

(5,831

)

Bridgepointe Technologies, LLC (1)

Digital Infrastructure & Services

Term Loan

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

12/31/2027

1,033,122

1,006,624

1,025,373

Bridgepointe Technologies, LLC (1) (5)

Digital Infrastructure & Services

Term Loan

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

12/31/2027

4,693,578

4,630,327

4,658,376

Bridgepointe Technologies, LLC (1)  (5)

Digital Infrastructure & Services

Term Loan

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

12/31/2027

2,265,572

2,202,765

2,248,580

Coretelligent Intermediate LLC (1) (4) (5)

Digital Infrastructure & Services

Delayed Draw Term Loan

10.91% (S + 5.75%; 1.00% Floor)

10/21/2027

3,748,773

3,713,862

3,327,035

Coretelligent Intermediate LLC (2)

Digital Infrastructure & Services

Revolver

10.91% (S + 5.75%; 1.00% Floor)

10/21/2027

823,174

811,730

680,702

Coretelligent Intermediate LLC (1) (3) (5)

Digital Infrastructure & Services

Term Loan

10.91% (S + 5.75%; 1.00% Floor)

10/21/2027

7,848,455

7,777,504

6,965,504

See Notes to Consolidated Financial Statements

8

AB Private Credit Investors Corporation

Consolidated Schedule of Investments as of March 31, 2024 (continued)

(Unaudited)

Portfolio Company

Industry

Facility Type

Interest

Maturity

Funded  Par Amount

Cost

Fair Value

EvolveIP, LLC (5)

Digital Infrastructure & Services

Delayed Draw Term Loan

10.95% (S + 5.50%; 1.00% Floor)

6/7/2025

$

110,943

$

110,855

$

89,753

EvolveIP, LLC (5)

Digital Infrastructure & Services

Revolver

10.80% (S + 5.50%; 1.00% Floor)

6/7/2025

573,316

571,439

463,813

EvolveIP, LLC (1)

Digital Infrastructure & Services

Term Loan

10.95% (S + 5.50%; 1.00% Floor)

6/7/2025

6,423,570

6,402,616

5,196,668

Firstdigital Communications LLC (2)

Digital Infrastructure & Services

Revolver

9.69% (S + 4.25%; 0.75% Floor)

12/17/2026

412,549

395,037

317,345

Firstdigital Communications LLC (3) (5)

Digital Infrastructure & Services

Term Loan

9.69% (S + 4.25%; 0.75% Floor)

12/17/2026

13,577,611

13,427,814

12,762,954

FirstLight Holdco, Inc. (1) (5)

Digital Infrastructure & Services

Term Loan

9.44% (S + 4.00%; 1.00% Floor)

7/23/2025

6,086,767

6,009,098

6,041,116

Greenlight Intermediate II, Inc. (1) (5)

Digital Infrastructure & Services

Delayed Draw Term Loan

10.81% (S + 5.50%; 0.75% Floor)

6/1/2028

6,702,083

6,603,029

6,635,063

Greenlight Intermediate II, Inc. (1) (5)

Digital Infrastructure & Services

Term Loan

10.96% (S + 5.50%; 0.75% Floor)

6/1/2028

5,331,605

5,252,834

5,278,289

Greenlight Intermediate II, Inc. (2)  (6)

Digital Infrastructure & Services

Delayed Draw Term Loan

10.96% (S + 5.50%; 0.75% Floor)

6/1/2028

879,163

774,051

879,163

MBS Holdings, Inc. (2)

Digital Infrastructure & Services

Revolver

11.93% (S + 5.75%; 1.00% Floor)

4/16/2027

—

(10,088

)

(9,742

)

MBS Holdings, Inc. (5)

Digital Infrastructure & Services

Term Loan

11.93% (S + 6.50%; 1.00% Floor)

4/16/2027

785,172

765,384

785,172

MBS Holdings, Inc. (1) (3) (4) (5)

Digital Infrastructure & Services

Term Loan

11.18% (S + 5.75%; 1.00% Floor)

4/16/2027

10,231,699

10,124,004

10,129,382

MBS Holdings, Inc. (4)

Digital Infrastructure & Services

Term Loan

11.68% (S + 6.25%; 1.00% Floor)

4/16/2027

835,205

814,218

835,205

MSP Global Holdings, Inc. (2) (3)

Digital Infrastructure & Services

Delayed Draw Term Loan

10.34% (S + 4.75%; 1.00% Floor)

1/25/2027

607,075

597,974

599,487

MSP Global Holdings, Inc. (2) (6)

Digital Infrastructure & Services

Revolver

10.39% (S + 4.75%; 1.00% Floor)

1/25/2027

—

(8,468

)

(10,574

)

MSP Global Holdings, Inc. (3) (5)

Digital Infrastructure & Services

Term Loan

10.39% (S + 4.75%; 1.00% Floor)

1/25/2027

7,771,974

7,689,849

7,674,824

NI Topco, Inc (3)  (5)

Digital Infrastructure & Services

Term Loan

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

12/28/2028

7,033,569

6,926,143

7,033,568

NI Topco, Inc (1)

Digital Infrastructure & Services

Term Loan

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

12/28/2028

1,215,094

1,194,822

1,215,094

Race Finco LLC (2) (4) (6)

Digital Infrastructure & Services

Delayed Draw Term Loan

12.32% (S + 7.00%; 1.00% Floor)

1/9/2028

1,829,394

1,766,655

1,792,806

Race Finco LLC (2) (6)

Digital Infrastructure & Services

Revolver

12.43% (S + 7.00%; 1.00% Floor)

1/10/2028

—

(13,958

)

(15,245

)

Race Finco LLC (3) (5)

Digital Infrastructure & Services

Term Loan

12.43% (S + 7.00%; 1.00% Floor)

1/9/2028

4,878,384

4,766,665

4,756,425

SDC Atlas Acquistionco, LLC (1) (2) (5)

Digital Infrastructure & Services

Delayed Draw Term Loan

10.43% (S + 5.00%; 0.75% Floor)

8/25/2028

872,183

710,637

848,820

SDC Atlas Acquistionco, LLC (2) (6)

Digital Infrastructure & Services

Revolver

10.43% (S + 5.00%; 0.75% Floor)

8/25/2028

—

(10,764

)

(1,557

)

SDC Atlas Acquistionco, LLC (1) (4) (5)

Digital Infrastructure & Services

Term Loan

10.43% (S + 5.00%; 0.75% Floor)

8/25/2028

10,715,390

10,530,200

10,688,602

Single Digits, Inc. (4)

Digital Infrastructure & Services

Delayed Draw Term Loan

9.56% (S + 4.25%; 3.00% PIK; 1.00% Floor)

6/19/2026

620,992

618,673

540,263

Single Digits, Inc. (2) (6)

Digital Infrastructure & Services

Revolver

9.81% (S + 4.25%; 3.00% PIK; 1.00% Floor)

6/19/2026

-

(1,270

)

(54,099

)

Single Digits, Inc. (1)

Digital Infrastructure & Services

Term Loan

9.81% (S + 4.25%; 3.00% PIK; 1.00% Floor)

6/19/2026

2,906,781

2,894,005

2,528,900

Stratus Networks, Inc. (2) (3) (5)

Digital Infrastructure & Services

Delayed Draw Term Loan

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

12/15/2027

2,178,215

2,139,700

2,158,413

Stratus Networks, Inc. (2)

Digital Infrastructure & Services

Revolver

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

12/15/2027

—

(12,432

)

(14,851

)

Stratus Networks, Inc. (5)

Digital Infrastructure & Services

Term Loan

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

12/15/2027

7,920,781

7,815,588

7,801,970

Thrive Buyer, Inc. (1) (5)

Digital Infrastructure & Services

Delayed Draw Term Loan

11.46% (S + 6.00%; 1.00% Floor)

1/22/2027

8,153,323

8,066,955

8,153,322

Thrive Buyer, Inc. (2)

Digital Infrastructure & Services

Revolver

14.50% (S + 6.00%; 1.00% Floor)

1/22/2027

369,907

358,733

369,907

Thrive Buyer, Inc. (4)

Digital Infrastructure & Services

Term Loan

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

1/22/2027

1,195,340

1,165,770

1,195,340

Thrive Buyer, Inc. (1) (3) (5)

Digital Infrastructure & Services

Term Loan

11.46% (S + 6.00%; 1.00% Floor)

1/22/2027

11,615,865

11,501,425

11,615,865

Transtelco Holding, Inc (1) (3)

Digital Infrastructure & Services

Term Loan

10.81% (S + 5.50%; 1.00% Floor)

3/26/2026

8,503,727

8,360,931

8,418,690

Transtelco Holding, Inc. (1) (3) (5)

Digital Infrastructure & Services

Term Loan

11.06% (S + 5.75%; 0.50% Floor)

3/26/2026

4,613,481

4,598,057

4,601,948

See Notes to Consolidated Financial Statements

9

AB Private Credit Investors Corporation

Consolidated Schedule of Investments as of March 31, 2024 (continued)

(Unaudited)

Portfolio Company

Industry

Facility Type

Interest

Maturity

Funded  Par Amount

Cost

Fair Value

Transtelco Holding, Inc. (5)

Digital Infrastructure & Services

Term Loan

10.56% (S + 5.25%; 0.50% Floor)

3/26/2026

$

4,613,481

$

4,597,482

$

4,590,414

Accelerate Resources Operating, LLC (1) (5)

Energy

Delayed Draw Term Loan

11.43% (S + 6.00%; 1.00% Floor)

2/24/2027

1,857,823

1,826,929

1,857,823

Accelerate Resources Operating, LLC (2) (6)

Energy

Revolver

11.43% (S + 6.00%; 1.00% Floor)

2/24/2027

—

(2,705

)

—

Accelerate Resources Operating, LLC (3)

Energy

Term Loan

11.43% (S + 6.00%; 1.00% Floor)

2/24/2027

1,235,429

1,215,082

1,235,429

Accelerate Resources Operating, LLC (1) (5)

Energy

Term Loan

11.43% (S + 6.00%; 1.00% Floor)

2/24/2027

5,538,397

5,515,957

5,538,397

Foundation Risk Partners, Corp. (2) (3)

Financials

Delayed Draw Term Loan

11.41% (S + 6.00%; 0.75% Floor)

10/30/2028

3,141,400

3,107,032

3,141,400

Foundation Risk Partners, Corp. (3)

Financials

Delayed Draw Term Loan

11.41% (S + 6.00%; 0.75% Floor)

10/29/2028

2,095,404

2,084,368

2,095,404

Foundation Risk Partners, Corp. (2) (6)

Financials

Revolver

11.41% (S + 6.00%; 0.75% Floor)

10/29/2027

—

(7,748

)

—

Foundation Risk Partners, Corp. (1) (3) (5)

Financials

Term Loan

11.41% (S + 6.00%; 0.75% Floor)

10/29/2028

9,634,439

9,555,581

9,634,439

Foundation Risk Partners, Corp. (5)

Financials

Term Loan

11.41% (S + 6.00%; 0.75% Floor)

10/30/2028

777,375

769,105

777,375

Galway Borrower, LLC (2) (6)

Financials

Revolver

10.66% (S + 5.25%; 0.75% Floor)

9/29/2028

71,761

66,880

71,761

Galway Borrower, LLC (1) (5)

Financials

Term Loan

10.65% (S + 5.25%; 0.75% Floor)

9/29/2028

4,236,255

4,191,493

4,236,255

Galway Borrower, LLC (1) (5)

Financials

Delayed Draw Term Loan

10.66% (S + 5.00%; 0.75% Floor)

9/29/2028

—

(6,684

)

(6,891

)

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

Financials

Delayed Draw Term Loan

10.93% (S + 5.50%; 1.00% Floor)

11/24/2028

3,298,351

3,281,321

3,298,351

Higginbotham Insurance Agency, Inc. (1) (3) (5)

Financials

Term Loan

10.93% (S + 5.50%; 1.00% Floor)

11/24/2028

7,941,718

7,885,787

7,941,718

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

Financials

Delayed Draw Term Loan

11.44% (S + 6.00%; 0.75% Floor)

11/1/2028

1,241,071

1,225,795

1,234,866

Peter C. Foy & Associates Insurance Services, LLC (1) (3)

Financials

Delayed Draw Term Loan

11.44% (S + 6.00%; 0.75% Floor)

11/1/2028

5,854,871

5,815,263

5,825,597

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

Financials

Term Loan

11.44% (S + 6.00%; 0.75% Floor)

11/1/2028

495,957

490,547

493,477

Wealth Enhancement Group, LLC (2) (8)

Financials

Delayed Draw Term Loan

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

10/4/2027

1,295,152

1,291,651

1,295,152

Wealth Enhancement Group, LLC (1) (4) (5) (8)

Financials

Delayed Draw Term Loan

10.83% (S + 5.50%; 1.00% Floor)

10/4/2027

6,215,533

6,203,662

6,215,533

Wealth Enhancement Group, LLC (2) (6)

Financials

Revolver

5.75% (S + 5.50%; 1.00% Floor)

10/4/2027

—

(2,337

)

—

Wealth Enhancement Group, LLC (2) (8)

Financials

Delayed Draw Term Loan

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

10/4/2027

—

(12,997

)

—

AAH Topco, LLC (1) (4) (5) (8)

Healthcare

Delayed Draw Term Loan

10.92% (S + 5.50%; 0.75% Floor)

12/22/2027

6,480,285

6,367,900

6,350,679

AAH Topco, LLC (2) (6)

Healthcare

Revolver

10.93% (S + 5.50%; 0.75% Floor)

12/22/2027

—

(9,935

)

(15,745

)

AAH Topco, LLC (1) (3) (5)

Healthcare

Term Loan

10.93% (S + 5.50%; 0.75% Floor)

12/22/2027

6,403,495

6,316,310

6,275,425

AAH Topco, LLC (1) (2) (4) (6)

Healthcare

Delayed Draw Term Loan

11.43% (S + 6.00%; 0.75% Floor)

12/22/2027

562,324

528,223

554,291

American Physician Partners, LLC (1) (7)

Healthcare

Delayed Draw Term Loan

— (S + 6.75%; 3.50% PIK; 1.00% Floor)

6/28/2024

1,267,955

1,082,011

—

American Physician Partners, LLC (7)

Healthcare

Delayed Draw Term Loan

— (S + 6.75%; 3.50% PIK; 1.00% Floor)

6/28/2024

954,790

817,051

—

American Physician Partners, LLC (7)

Healthcare

Revolver

— (S + 6.75%; 3.50% PIK; 1.00% Floor)

6/28/2024

346,322

345,024

—

American Physician Partners, LLC (7)

Healthcare

Term Loan

— (S + 6.75%; 3.50% PIK; 1.00% Floor)

6/28/2024

6,834,836

5,733,816

—

American Physician Partners, LLC (7)

Healthcare

Term Loan

— (S + 6.75%; 3.50% PIK; 1.00% Floor)

6/28/2024

1,453,715

1,243,170

—

American Physician Partners, LLC (7)

Healthcare

Term Loan

— (S + 6.75%; 3.50% PIK; 1.00% Floor)

6/28/2024

2,698,369

2,278,901

—

American Physician Partners, LLC (7)

Healthcare

Term Loan

— (S + 6.75%; 3.50% PIK; 1.00% Floor)

6/28/2024

97,831

85,722

11,587

AOM Acquisition, LLC. (2) (6)

Healthcare

Revolver

10.96% (S + 5.50%; 1.00% Floor)

2/18/2027

—

(14,282

)

(12,186

)

AOM Acquisition, LLC. (1) (5)

Healthcare

Term Loan

10.96% (S + 5.50%; 1.00% Floor)

2/18/2027

6,158,526

6,082,480

6,096,941

AOM Acquisition, LLC. (1) (5)

Healthcare

Term Loan

10.96% (S + 5.50%; 1.00% Floor)

2/18/2027

6,756,995

6,601,654

6,689,425

BAART Programs, Inc. (1) (4)

Healthcare

Delayed Draw Term Loan

10.57% (S + 5.00%; 1.00% Floor)

6/11/2027

3,862,718

3,840,303

3,727,523

See Notes to Consolidated Financial Statements

10

AB Private Credit Investors Corporation

Consolidated Schedule of Investments as of March 31, 2024 (continued)

(Unaudited)

Portfolio Company

Industry

Facility Type

Interest

Maturity

Funded  Par Amount

Cost

Fair Value

BAART Programs, Inc. (1) (5)

Healthcare

Term Loan

10.57% (S + 5.00%; 1.00% Floor)

6/11/2027

$

4,661,969

$

4,638,311

$

4,498,800

BV EMS Buyer, Inc. (2) (4) (5)

Healthcare

Delayed Draw Term Loan

11.18% (S + 5.75%; 1.00% Floor)

11/23/2027

3,505,396

3,441,510

3,487,869

BV EMS Buyer, Inc. (4) (5)

Healthcare

Term Loan

11.08% (S + 5.75%; 1.00% Floor)

11/23/2027

3,476,615

3,401,054

3,459,232

Caregiver 2, Inc. (5)

Healthcare

Delayed Draw Term Loan

10.59% (S + 5.25%; 2.25% PIK; 1.00% Floor)

7/24/2025

1,507,691

1,490,942

1,420,998

Caregiver 2, Inc. (3)

Healthcare

Term Loan

10.59% (S + 5.25%; 2.25% PIK; 1.00% Floor)

7/24/2025

4,508,134

4,464,074

4,248,917

Caregiver 2, Inc. (3)

Healthcare

Term Loan

10.59% (S + 5.25%; 2.25% PIK; 1.00% Floor)

7/24/2025

647,064

640,740

609,858

Caregiver 2, Inc. (3)

Healthcare

Term Loan

10.59% (S + 5.25%; 2.25% PIK; 1.00% Floor)

7/24/2025

618,501

607,774

582,937

Choice Health At Home, LLC, (1)

Healthcare

Delayed Draw Term Loan

12.17% (S + 6.75%; 1.00% PIK; 1.00% Floor)

12/29/2026

947,505

941,899

923,817

Choice Health At Home, LLC, (1) (5)

Healthcare

Term Loan

12.17% (S + 6.75%; 1.00% PIK; 1.00% Floor)

12/29/2026

2,567,389

2,544,724

2,490,368

Coding Solutions Acquisition, Inc (3)

Healthcare

Delayed Draw Term Loan

10.83% (S + 5.50%; 0.75% Floor)

5/11/2028

1,650,846

1,627,811

1,617,829

Coding Solutions Acquisition, Inc (2)

Healthcare

Revolver

10.82% (S + 5.50%; 0.75% Floor)

5/11/2028

278,376

268,471

262,469

Coding Solutions Acquisition, Inc (3) (5)

Healthcare

Term Loan

10.83% (S + 5.50%; 0.75% Floor)

5/11/2028

5,447,505

5,371,792

5,338,555

Coding Solutions Acquisition, Inc. (2) (6)

Healthcare

Delayed Draw Term Loan

11.08% (S + 5.75%; 0.75% Floor)

5/11/2028

—

(31,021

)

(27,756

)

Coding Solutions Acquisition, Inc. (3)

Healthcare

Term Loan

11.08% (S + 5.75%; 0.75% Floor)

5/11/2028

774,794

757,452

767,046

Community Based Care Acquisition, Inc. (5)

Healthcare

Delayed Draw Term Loan

10.66% (S + 5.25%; 1.00% Floor)

9/16/2027

2,116,944

2,093,714

2,074,605

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

Healthcare

Delayed Draw Term Loan

10.91% (S + 5.50%; 1.00% Floor)

9/16/2027

1,039,337

998,332

1,003,000

Community Based Care Acquisition, Inc. (2)

Healthcare

Revolver

13.75% (S + 5.25%; 1.00% Floor)

9/16/2027

103,658

93,520

86,381

Community Based Care Acquisition, Inc. (1) (5)

Healthcare

Term Loan

10.66% (S + 5.25%; 1.00% Floor)

9/16/2027

5,221,750

5,157,875

5,117,315

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

Healthcare

Delayed Draw Term Loan

10.91% (S + 5.50%; 1.00% Floor)

9/16/2027

—

(33,102

)

(8,275

)

Delaware Valley Management Holdings, Inc.^^ (2) (7)

Healthcare

Delayed Draw Term Loan

0.00% (S + 6.25%; 1.00% Floor)

12/31/2024

780,727

488,175

455,264

Delaware Valley Management Holdings, Inc.^^ (7)

Healthcare

Delayed Draw Term Loan

0.00% (S + 6.25%; 1.00% Floor)

12/31/2024

428,229

350,988

249,743

Delaware Valley Management Holdings, Inc.^^ (7)

Healthcare

Revolver

0.00% (S + 6.25%; 1.00% Floor)

12/31/2024

632,570

530,347

368,915

Delaware Valley Management Holdings, Inc.^^ (7)

Healthcare

Term Loan

0.00% (S + 6.25%; 1.00% Floor)

12/31/2024

4,068,173

3,447,752

2,372,558

FH MD Buyer, Inc. (1) (5)

Healthcare

Term Loan

10.44% (S + 5.00%; 0.75% Floor)

7/22/2028

5,396,226

5,359,058

5,193,867

GHA Buyer, Inc. (4)

Healthcare

Delayed Draw Term Loan

9.96% (S + 4.50%; 3.75% PIK; 1.00% Floor)

6/24/2026

838,933

831,628

826,349

GHA Buyer, Inc. (2) (6)

Healthcare

Revolver

9.96% (S + 4.50%; 3.75% PIK; 1.00% Floor)

6/24/2026

—

(7,257

)

(14,266

)

GHA Buyer, Inc. (1) (4) (8)

Healthcare

Term Loan

9.96% (S + 4.50%; 3.75% PIK; 1.00% Floor)

6/24/2026

2,023,460

2,004,318

1,993,108

GHA Buyer, Inc. (1) (4)

Healthcare

Term Loan

9.96% (S + 4.50%; 3.75% PIK; 1.00% Floor)

6/24/2026

578,496

569,252

569,818

GHA Buyer, Inc. (1) (3) (4)

Healthcare

Term Loan

9.96% (S + 4.50%; 3.75% PIK; 1.00% Floor)

6/24/2026

5,537,286

5,497,599

5,454,227

GHA Buyer, Inc. (3)

Healthcare

Term Loan

9.96% (S + 4.50%; 3.75% PIK; 1.00% Floor)

6/24/2026

4,793,903

4,756,536

4,721,994

GHA Buyer, Inc. (1) (8)

Healthcare

Term Loan

9.96% (S + 4.50%; 3.75% PIK; 1.00% Floor)

6/24/2026

751,077

745,606

739,811

See Notes to Consolidated Financial Statements

11

AB Private Credit Investors Corporation

Consolidated Schedule of Investments as of March 31, 2024 (continued)

(Unaudited)

Portfolio Company

Industry

Facility Type

Interest

Maturity

Funded  Par Amount

Cost

Fair Value

Honor HN Buyer, Inc (4) (5)

Healthcare

Delayed Draw Term Loan

11.21% (S + 5.75%; 1.00% Floor)

10/15/2027

$

1,633,891

$

1,614,236

$

1,633,891

Honor HN Buyer, Inc (2) (4)

Healthcare

Delayed Draw Term Loan

11.46% (S + 5.75%; 1.00% Floor)

10/15/2027

1,444,052

1,417,038

1,444,052

Honor HN Buyer, Inc (2)

Healthcare

Revolver

13.25% (S + 5.75%; 1.00% Floor)

10/15/2027

38,012

34,383

38,012

Honor HN Buyer, Inc (1) (5)

Healthcare

Term Loan

11.21% (S + 5.75%; 1.00% Floor)

10/15/2027

2,583,820

2,552,788

2,583,820

Honor HN Buyer, Inc (2) (6)

Healthcare

Delayed Draw Term Loan

11.21% (S + 5.75%; 1.00% Floor)

10/15/2027

—

(57,043

)

—

Medical Management Resource Group, LLC (1)

Healthcare

Delayed Draw Term Loan

11.40% (S + 6.00%; 0.75% Floor)

9/30/2027

1,554,389

1,522,161

1,499,985

Medical Management Resource Group, LLC (2)

Healthcare

Revolver

11.40% (S + 6.00%; 0.75% Floor)

9/30/2026

177,192

173,969

166,118

Medical Management Resource Group, LLC (5)

Healthcare

Term Loan

11.40% (S + 6.00%; 0.75% Floor)

9/30/2027

3,763,757

3,719,043

3,632,025

Medsuite Purchaser, LLC (2) (6)

Healthcare

Revolver

10.18% (S + 4.75%; 1.00% Floor)

10/22/2026

—

(5,314

)

(1,701

)

Medsuite Purchaser, LLC (1) (5)

Healthcare

Term Loan

10.18% (S + 4.75%; 1.00% Floor)

10/22/2026

4,722,148

4,685,247

4,710,342

Pace Health Companies, LLC (2) (6)

Healthcare

Revolver

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

8/4/2025

—

(447

)

—

Pace Health Companies, LLC (1) (8)

Healthcare

Term Loan

11.70% (S + 6.25%; 1.00% Floor)

8/4/2025

5,074,486

5,070,398

5,074,486

Pinnacle Dermatology Management, LLC (1) (3) (5)

Healthcare

Delayed Draw Term Loan

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

12/8/2028

646,629

641,145

578,733

Pinnacle Dermatology Management, LLC (2)

Healthcare

Revolver

9.32% (S + 4.00%; 0.75% Floor)

12/8/2026

499,289

491,928

492,568

Pinnacle Dermatology Management, LLC (1) (3) (5)

Healthcare

Term Loan

11.17% (S + 5.75%; 0.75% Floor)

12/8/2028

5,538,088

5,448,176

4,956,588

Pinnacle Treatment Centers, Inc. (5)

Healthcare

Delayed Draw Term Loan

11.99% (S + 6.50%; 1.00% Floor)

1/2/2026

339,241

338,381

339,241

Pinnacle Treatment Centers, Inc. (2)

Healthcare

Revolver

11.93% (S + 6.50%; 1.00% Floor)

1/2/2026

219,716

218,829

219,716

Pinnacle Treatment Centers, Inc. (3)

Healthcare

Term Loan

11.99% (S + 6.50%; 1.00% Floor)

1/2/2026

146,067

145,245

146,067

Pinnacle Treatment Centers, Inc. (3)

Healthcare

Term Loan

11.99% (S + 6.50%; 1.00% Floor)

1/2/2026

283,196

279,450

283,196

Pinnacle Treatment Centers, Inc. (3) (5)

Healthcare

Term Loan

11.99% (S + 6.50%; 1.00% Floor)

1/2/2026

4,033,556

4,023,138

4,033,556

Priority Ondemand Midco 2,L.P (2)

Healthcare

Delayed Draw Term Loan

10.75% (S + 5.25%; 1.00% Floor)

7/17/2028

118,513

100,561

118,513

Priority Ondemand Midco 2,L.P (1) (5)

Healthcare

Term Loan

10.75% (S + 5.25%; 1.00% Floor)

7/17/2028

7,522,659

7,426,721

7,522,659

RCP Encore Acquisition, Inc. (7)

Healthcare

Term Loan

0.00% (S + 5.00%; 1.00% Floor)

6/7/2025

2,867,465

2,799,380

28,675

Redwood Family Care Network, Inc. (1) (3) (5)

Healthcare

Delayed Draw Term Loan

11.22% (S + 5.50%; 1.00% Floor)

6/18/2026

4,314,434

4,215,723

4,260,503

Redwood Family Care Network, Inc. (1) (5)

Healthcare

Delayed Draw Term Loan

10.82% (S + 5.50%; 1.00% Floor)

6/18/2026

5,756,210

5,704,166

5,684,257

Redwood Family Care Network, Inc. (2) (6)

Healthcare

Revolver

10.82% (S + 5.50%; 1.00% Floor)

6/18/2026

—

(5,326

)

(7,359

)

Redwood Family Care Network, Inc. (1) (3) (4) (5)

Healthcare

Term Loan

10.82% (S + 5.50%; 1.00% Floor)

6/18/2026

7,771,113

7,689,640

7,673,974

Salisbury House, LLC (1)

Healthcare

Delayed Draw Term Loan

11.21% (S + 5.75%; 1.00% Floor)

8/30/2025

573,149

565,043

573,149

Salisbury House, LLC (2) (6)

Healthcare

Revolver

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

8/30/2025

—

(5,836

)

—

Salisbury House, LLC (4)

Healthcare

Term Loan

11.21% (S + 5.75%; 1.00% Floor)

8/30/2025

991,797

977,771

991,796

Salisbury House, LLC (1)

Healthcare

Term Loan

11.21% (S + 5.75%; 1.00% Floor)

8/30/2025

1,222,017

1,210,518

1,222,017

Salisbury House, LLC (1) (5)

Healthcare

Term Loan

11.21% (S + 5.75%; 1.00% Floor)

8/30/2025

3,934,410

3,901,955

3,934,410

Salisbury House, LLC (1)

Healthcare

Term Loan

11.21% (S + 5.75%; 1.00% Floor)

8/30/2025

1,122,748

1,116,498

1,122,748

Salisbury House, LLC (1)

Healthcare

Term Loan

11.21% (S + 5.75%; 1.00% Floor)

8/29/2025

433,455

426,643

433,455

Salisbury House, LLC (2) (6)

Healthcare

Delayed Draw Term Loan

13.25% (S + 5.75%; 1.00% Floor)

8/29/2025

297,971

272,139

297,971

Sandstone Care Holdings, LLC (2) (5)

Healthcare

Delayed Draw Term Loan

10.93% (S + 5.50%; 1.00% Floor)

6/28/2028

99,116

89,987

99,116

Sandstone Care Holdings, LLC (2)

Healthcare

Revolver

10.91% (S + 5.50%; 1.00% Floor)

6/28/2028

400,467

388,663

400,467

See Notes to Consolidated Financial Statements

12

AB Private Credit Investors Corporation

Consolidated Schedule of Investments as of March 31, 2024 (continued)

(Unaudited)

Portfolio Company

Industry

Facility Type

Interest

Maturity

Funded  Par Amount

Cost

Fair Value

Sandstone Care Holdings, LLC (1) (3)

Healthcare

Term Loan

10.91% (S + 5.50%; 1.00% Floor)

6/28/2028

$

4,628,931

$

4,554,358

$

4,628,931

SCA Buyer, LLC (5)

Healthcare

Revolver

12.06% (S + 6.50%; 1.00% Floor)

1/20/2026

643,849

640,281

573,026

SCA Buyer, LLC (5)

Healthcare

Term Loan

12.07% (S + 6.50%; 1.00% Floor)

1/20/2026

3,747,201

3,725,701

3,335,009

Smile Brands, Inc. (1)

Healthcare

Delayed Draw Term Loan

9.90% (S + 4.50%; 0.75% Floor)

10/12/2027

476,824

476,140

427,949

Smile Brands, Inc. (2)

Healthcare

Revolver

9.90% (S + 4.50%; 0.75% Floor)

10/12/2027

92,657

91,626

66,540

Smile Brands, Inc. (1)

Healthcare

Term Loan

9.91% (S + 4.50%; 0.75% Floor)

10/12/2027

1,570,435

1,568,800

1,409,466

Spark DSO LLC (2)

Healthcare

Revolver

7.48% (S + 2.15%; 5.75% PIK; 1.00% Floor)

4/20/2026

256,239

250,092

233,432

Spark DSO LLC (1) (3) (4)

Healthcare

Term Loan

7.48% (S + 2.15%; 5.75% PIK; 1.00% Floor)

4/19/2026

6,632,545

6,583,904

6,450,151

The Center for Orthopedic and Research Excellence, Inc. (1) (5)

Healthcare

Delayed Draw Term Loan

11.71% (S + 6.25%; 1.00% Floor)

8/15/2025

1,127,060

1,124,751

1,121,425

The Center for Orthopedic and Research Excellence, Inc. (4) (5)

Healthcare

Delayed Draw Term Loan

11.71% (S + 6.25%; 1.00% Floor)

8/15/2025

1,713,344

1,703,210

1,704,777

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

Healthcare

Delayed Draw Term Loan

11.74% (S + 6.25%; 1.00% Floor)

8/15/2025

1,701,078

1,688,562

1,692,572

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

Healthcare

Revolver

11.71% (S + 6.25%; 1.00% Floor)

8/15/2025

241,686

238,776

238,234

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

Healthcare

Term Loan

11.71% (S + 6.25%; 1.00% Floor)

8/15/2025

3,191,725

3,167,773

3,175,766

The Center for Orthopedic and Research Excellence, Inc. (1) (3)

Healthcare

Term Loan

11.71% (S + 6.25%; 1.00% Floor)

8/15/2025

4,781,071

4,758,848

4,757,166

West Dermatology (2)

Healthcare

Delayed Draw Term Loan

12.24% (S + 6.75%; 1.00% Floor)

3/17/2028

1,489,436

1,453,039

1,349,495

West Dermatology (2)

Healthcare

Revolver

12.23% (S + 6.75%; 1.00% Floor)

3/17/2028

1,243,922

1,226,563

1,184,836

West Dermatology (1) (3) (4) (5)

Healthcare

Term Loan

12.72% (S + 6.75%; 1.00% Floor)

3/17/2028

11,265,013

11,096,830

10,729,925

AmerCareRoyal, LLC (1)

Services

Delayed Draw Term Loan

11.98% (S + 6.50%; 0.50% PIK; 1.00% Floor)

11/25/2025

493,611

487,262

493,611

AmerCareRoyal, LLC (1) (5)

Services

Term Loan

11.98% (S + 6.50%; 0.50% PIK; 1.00% Floor)

11/25/2025

4,087,953

3,993,051

4,087,953

AmerCareRoyal, LLC (4) (5)

Services

Term Loan

11.83% (S + 6.50%; 0.50% PIK; 1.00% Floor)

11/25/2025

508,012

499,539

508,012

AmerCareRoyal, LLC (1) (3)

Services

Term Loan

11.83% (S + 6.50%; 0.50% PIK; 1.00% Floor)

11/25/2025

1,988,592

1,974,087

1,988,592

Cerifi, LLC (2)

Services

Revolver

11.08% (S + 5.75%; 1.00% Floor)

4/1/2027

1,107,792

1,093,811

1,069,019

Cerifi, LLC (1) (3) (4) (5)

Services

Term Loan

11.18% (S + 5.75%; 1.00% Floor)

3/31/2028

15,864,755

15,638,261

15,309,489

Engage2Excel, Inc. (1)

Services

Revolver

11.82% (S + 6.50%; 1.00% Floor)

7/1/2024

379,732

376,416

377,833

Engage2Excel, Inc. (1)

Services

Term Loan

12.53% (S + 6.50%; 1.00% Floor)

7/1/2024

2,699,684

2,675,320

2,686,185

Engage2Excel, Inc. (1)

Services

Term Loan

11.82% (S + 6.50%; 1.00% Floor)

7/1/2024

937,040

928,429

932,355

Mr. Greens Intermediate, LLC (2) (6)

Services

Delayed Draw Term Loan

11.67% (S + 6.25%; 1.00% Floor)

5/1/2029

—

(67,366

)

—

Mr. Greens Intermediate, LLC (2) (6)

Services

Revolver

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

5/1/2029

—

(26,946

)

—

Mr. Greens Intermediate, LLC (4) (5)

Services

Term Loan

11.67% (S + 6.25%; 1.00% Floor)

5/1/2029

6,265,063

6,101,396

6,265,063

MSM Acquisitions, Inc. (5)

Services

Delayed Draw Term Loan

11.32% (S + 6.00%; 1.00% Floor)

12/9/2026

3,042,653

3,011,755

2,761,208

MSM Acquisitions, Inc. (5)

Services

Delayed Draw Term Loan

11.33% (S + 6.00%; 1.00% Floor)

12/9/2026

372,896

370,947

338,403

MSM Acquisitions, Inc. (2) (8)

Services

Revolver

11.32% (S + 6.00%; 1.00% Floor)

12/9/2026

946,358

909,118

830,491

MSM Acquisitions, Inc. (1) (3) (4) (5)

Services

Term Loan

11.34% (S + 6.00%; 1.00% Floor)

12/9/2026

8,315,151

8,244,408

7,546,000

Rep Tec Intermediate Holdings, Inc. (2) (6)

Business Services

Revolver

11.81% (S + 5.50%; 1.00% Floor)

12/1/2027

—

(9,726

)

—

See Notes to Consolidated Financial Statements

13

AB Private Credit Investors Corporation

Consolidated Schedule of Investments as of March 31, 2024 (continued)

(Unaudited)

Portfolio Company	Industry	Facility Type	Interest	Maturity		Funded  Par Amount		Cost			Fair Value
Rep Tec Intermediate Holdings, Inc. (1) (3) (5)	Business Services	Term Loan	11.81% (S + 5.50%; 1.00% Floor)		12/1/2027	$	11,575,289	$	11,500,252		$	11,575,289
Rep Tec Intermediate Holdings,Inc., (4)	Business Services	Term Loan	11.98% (S + 5.50%; 1.00% Floor)		12/1/2027		427,141		418,598			427,141
Sako and Partners Lower Holdings LLC (1) (5)	Services	Delayed Draw Term Loan	11.46% (S + 6.00%; 1.00% Floor)		9/15/2028		3,523,194		3,445,458			3,523,194
Sako and Partners Lower Holdings LLC (2) (6)	Services	Revolver	11.46% (S + 6.00%; 1.00% Floor)		9/15/2028		—		(28,034	)		—
Sako and Partners Lower Holdings LLC (1) (3 )(4) (5)	Services	Term Loan	11.46% (S + 6.00%; 1.00% Floor)		9/15/2028		14,728,806		14,395,297			14,728,806
Sako and Partners Lower Holdings LLC (2) (6)	Services	Delayed Draw Term Loan	10.81% (S + 5.50%; 1.00% Floor)		9/15/2028		—		(37,497	)		(9,891	)
Sako and Partners Lower Holdings LLC (5)	Services	Term Loan	10.81% (S + 5.50%; 1.00% Floor)		9/15/2028		1,695,528		1,663,023			1,674,334
Activ Software Holdings, LLC (5)	Software & Tech Services	Delayed Draw Term Loan	11.65% (S + 6.00%; 1.00% Floor)		5/4/2027		626,059		612,522			624,494
Activ Software Holdings, LLC (2) (6)	Software & Tech Services	Revolver	11.69% (S + 6.00%; 1.00% Floor)		5/4/2027		—		(6,831	)		(1,622	)
Activ Software Holdings, LLC (1) (3) (4) (5)	Software & Tech Services	Term Loan	11.69% (S + 6.00%; 1.00% Floor)		5/4/2027		7,887,427		7,803,658			7,867,708
Activ Software Holdings, LLC (1)	Software & Tech Services	Term Loan	11.69% (S + 6.00%; 1.00% Floor)		5/4/2027		2,504,237		2,450,076			2,497,977
Admiral Buyer, Inc (2) (6)	Software & Tech Services	Delayed Draw Term Loan	10.81% (S + 5.50%; 0.75% Floor)		5/8/2028		—		(3,115	)		(4,506	)
Admiral Buyer, Inc (2) (6)	Software & Tech Services	Revolver	10.81% (S + 5.50%; 0.75% Floor)		5/8/2028		—		(22,236	)		(24,527	)
Admiral Buyer, Inc (1) (4 ) (5)	Software & Tech Services	Term Loan	10.81% (S + 5.50%; 0.75% Floor)		5/8/2028		10,619,719		10,453,833			10,433,874
AMI US Holdings, Inc. (2) (6)	Software & Tech Services	Revolver	10.68% (S + 5.25%; 0.00% Floor)		10/1/2026		—		(26	)		—
AMI US Holdings, Inc. (1) (4)	Software & Tech Services	Term Loan	10.68% (S + 5.25%; 1.00% Floor)		10/1/2026		7,704,924		7,673,993			7,704,924
Avalara, Inc. (2) (6)	Software & Tech Services	Revolver	12.56% (S + 7.25%; 0.75% Floor)		10/19/2028		—		(20,425	)		—
Avalara, Inc. (1) (3) (4)	Software & Tech Services	Term Loan	12.56% (S + 7.25%; 0.75% Floor)		10/19/2028		10,653,748		10,449,564			10,653,748
Avetta, LLC (1) (4) (5)	Software & Tech Services	Term Loan	11.08% (S + 5.75%; 1.00% Floor)		10/18/2030		21,899,376		21,427,951			21,735,130
Avetta, LLC (2 ) (6)	Software & Tech Services	Revolver	11.08% (S + 5.75%; 1.00% Floor)		10/18/2029		—		(43,506	)		(15,642	)
Bonterra, LLC (2)	Software & Tech Services	Revolver	12.56% (S + 7.25%; 0.75% Floor)		9/8/2027		598,910		588,846			593,152
Bonterra, LLC (1) (4) (5)	Software & Tech Services	Term Loan	13.30% (S + 0.00%; 8.00% PIK; 0.75% Floor)		9/8/2027		2,804,652		2,769,309			2,804,652
Bonterra, LLC (1) (3) (4) (5)	Software & Tech Services	Term Loan	12.55% (S + 7.25%; 0.75% Floor)		9/8/2027		15,944,506		15,810,403			15,864,783
Brightspot Buyer, Inc (2) (6)	Software & Tech Services	Revolver	11.94% (S + 6.50%; 0.75% Floor)		11/16/2027		—		(8,359	)		(15,307	)
Brightspot Buyer, Inc (3)	Software & Tech Services	Term Loan	11.94% (S + 6.50%; 0.75% Floor)		11/16/2027		1,448,598		1,420,189			1,416,005
Brightspot Buyer, Inc (1) (3)	Software & Tech Services	Term Loan	11.94% (S + 6.50%; 0.75% Floor)		11/16/2027		5,215,571		5,151,456			5,098,221
BSI2 Hold Nettle, LLC (2) (6)	Software & Tech Services	Revolver	10.18% (S + 5.00%; 0.75% Floor)		6/30/2028		—		(6,329	)		(8,834	)
BSI2 Hold Nettle, LLC (3) (5)	Software & Tech Services	Term Loan	10.18% (S + 5.00%; 0.75% Floor)		6/30/2028		4,640,709		4,590,805			4,571,099
BSI2 Hold Nettle, LLC (3)	Software & Tech Services	Term Loan	10.19% (S + 5.00%; 0.75% Floor)		6/30/2028		619,221		607,518			609,933
BusinesSolver.com, Inc. (2)	Software & Tech Services	Delayed Draw Term Loan	10.91% (S + 5.50%; 0.75% Floor)		12/1/2027		258,361		254,732			258,361
BusinesSolver.com, Inc. (3) (5)	Software & Tech Services	Term Loan	10.91% (S + 5.50%; 0.75% Floor)		12/1/2027		7,232,364		7,187,351			7,232,364
Community Brands Parentco, LLC (2) (6)	Software & Tech Services	Revolver	10.93% (S + 5.50%; 0.75% Floor)		2/24/2028		—		(5,505	)		(3,129	)
Community Brands Parentco, LLC (1) (3) (5)	Software & Tech Services	Term Loan	10.93% (S + 5.50%; 0.75% Floor)		2/24/2028		6,950,678		6,854,077			6,898,548
Coupa Holdings,LLC (2) (6)	Software & Tech Services	Delayed Draw Term Loan	12.81% (S + 7.50%; 0.75 % Floor)		2/27/2030		—		(10,075	)		—
Coupa Holdings,LLC (2) (6)	Software & Tech Services	Revolver	12.81% (S + 7.50%; 0.75% Floor)		2/27/2029		—		(14,936	)		—
Coupa Holdings,LLC (1) (4) (5)	Software & Tech Services	Term Loan	12.81% (S + 7.50%; 0.75% Floor)		2/27/2030		10,617,824		10,376,799			10,617,824
Datacor, Inc. (4 ) (5)	Software & Tech Services	Delayed Draw Term Loan	10.83% (S + 5.50%; 1.00% Floor)		3/13/2029		—		(59,880	)		(44,910	)

See Notes to Consolidated Financial Statements

14

AB Private Credit Investors Corporation

Consolidated Schedule of Investments as of March 31, 2024 (continued)

(Unaudited)

Portfolio Company	Industry	Facility Type	Interest	Maturity		Funded  Par Amount		Cost			Fair Value
Datacor, Inc. (2)	Software & Tech Services	Revolver	10.83% (S + 5.50%; 1.00% Floor)		3/13/2029	$	—	$	(32,824	)	$	(30,778	)
Datacor, Inc. (1) (3) (4) (5)	Software & Tech Services	Term Loan	10.83% (S + 5.50%; 1.00% Floor)		3/13/2029		17,780,468		17,599,180			17,558,213
Dispatch Track, LLC (2) (6)	Software & Tech Services	Revolver	9.96% (S + 4.50%; 1.00% Floor)		12/17/2026		—		(666	)		(755	)
Dispatch Track, LLC (1) (5)	Software & Tech Services	Term Loan	9.93% (S + 4.50%; 1.00% Floor)		12/17/2026		9,849,936		9,823,275			9,825,312
EET Buyer, Inc. (2)	Software & Tech Services	Revolver	11.92% (S + 6.50%; 0.75% Floor)		11/8/2027		207,326		191,938			202,142
EET Buyer, Inc. (4)	Software & Tech Services	Term Loan	11.92% (S + 6.50%; 0.75% Floor)		11/8/2027		4,129,275		4,042,775			4,108,628
EET Buyer, Inc. (3) (4) (5)	Software & Tech Services	Term Loan	11.92% (S + 6.50%; 0.75% Floor)		11/8/2027		6,769,778		6,686,487			6,735,929
Exterro, Inc. (2)	Software & Tech Services	Revolver	10.99% (S + 5.50%; 1.00% Floor)		6/1/2027		—		(3,382	)		—
Exterro, Inc. (1)	Software & Tech Services	Term Loan	10.99% (S + 5.50%; 1.00% Floor)		6/1/2027		2,793,450		2,791,665			2,793,450
Exterro, Inc. (1) (4)	Software & Tech Services	Term Loan	10.99% (S + 5.50%; 1.00% Floor)		6/1/2027		5,793,915		5,764,281			5,793,915
Exterro, Inc. (1) (3) (5)	Software & Tech Services	Term Loan	10.99% (S + 5.50%; 1.00% Floor)		6/1/2027		6,237,900		6,231,257			6,237,900
Faithlife, LLC (1) (4)	Software & Tech Services	Delayed Draw Term Loan	10.91% (S + 5.50%; 1.00% Floor)		9/18/2025		704,681		700,460			704,681
Faithlife, LLC (2) (6)	Software & Tech Services	Revolver	10.91% (S + 5.50%; 1.00% Floor)		9/18/2025		—		(1,664	)		—
Faithlife, LLC (1) (4) (5)	Software & Tech Services	Term Loan	10.91% (S + 5.50%; 1.00% Floor)		9/18/2025		302,624		300,803			302,624
Fusion Holding Corp (2) (6)	Software & Tech Services	Revolver	11.56% (S + 6.25%; 0.75% Floor)		9/15/2027		—		(21,709	)		—
Fusion Holding Corp (1) (3) (4) (5)	Software & Tech Services	Term Loan	11.56% (S + 6.25%; 0.75% Floor)		9/14/2029		16,683,873		16,388,108			16,683,873
Fusion Risk Management, Inc. (2) (6)	Software & Tech Services	Revolver	8.83% (S + 3.50%; 3.75% PIK; 1.00% Floor)		5/22/2029		—		(14,490	)		(16,801	)
Fusion Risk Management, Inc. (3)	Software & Tech Services	Term Loan	8.83% (S + 3.50%; 3.75% PIK; 1.00% Floor)		5/22/2029		7,203,616		7,082,807			7,059,543
G Treasury SS, LLC (2) (6)	Software & Tech Services	Delayed Draw Term Loan	11.30% (S + 6.00%; 1.00% Floor)		6/29/2029		—		(16,085	)		(24,393	)
G Treasury SS, LLC (2) (6)	Software & Tech Services	Delayed Draw Term Loan	11.30% (S + 6.00%; 1.00% Floor)		6/29/2029		—		(10,053	)		(15,245	)
G Treasury SS, LLC (2) (6)	Software & Tech Services	Revolver	11.30% (S + 6.00%; 1.00% Floor)		6/29/2029		—		(16,097	)		(18,294	)
G Treasury SS, LLC (1) (3)	Software & Tech Services	Term Loan	11.30% (S + 6.00%; 1.00% Floor)		6/29/2029		3,658,885		3,610,164			3,585,708
Greenhouse Software, Inc. (2) (6)	Software & Tech Services	Revolver	12.31% (S + 7.00%; 1.00% Floor)		9/1/2028		—		(13,786	)		(6,161	)
Greenhouse Software, Inc. (2) (6)	Software & Tech Services	Revolver	12.31% (S + 7.00%; 1.00% Floor)		9/1/2028		—		(11,260	)		(3,022	)
Greenhouse Software, Inc. (3)	Software & Tech Services	Term Loan	12.31% (S + 7.00%; 1.00% Floor)		9/1/2028		12,376,845		12,237,198			12,314,961
Greenhouse Software, Inc. (1) (3) (4)	Software & Tech Services	Term Loan	12.31% (S + 7.00%; 1.00% Floor)		9/1/2028		14,507,975		14,237,725			14,435,435
Gryphon-Redwood Acquisition LLC (2) (4) (8)	Software & Tech Services	Delayed Draw Term Loan	15.23% (S + 4.00%; 6.00% PIK; 1.00% Floor)		9/16/2028		1,602,499		1,565,131			1,582,468
Gryphon-Redwood Acquisition LLC (1)	Software & Tech Services	Term Loan	9.35% (S + 4.00%; 6.00% PIK; 1.00% Floor)		9/16/2028		3,722,113		3,677,644			3,675,586
GS AcquisitionCo, Inc. (2) (6)	Software & Tech Services	Revolver	5.00% (S + 5.00%; 1.00% Floor)		5/25/2028		—		(1,308	)		(3,504	)
GS AcquisitionCo, Inc. (1) (3) (5)	Software & Tech Services	Term Loan	10.30% (S + 5.00%; 1.00% Floor)		5/25/2028		9,357,213		9,350,200			9,310,427
GS AcquisitionCo, Inc. (1) (3) (5)	Software & Tech Services	Delayed Draw Term Loan	10.30% (S + 5.00%; 0.75% Floor)		5/25/2028		—		(2,432	)		—
Hirevue, Inc. (2) (6)	Software & Tech Services	Revolver	12.57% (S + 7.25%; 1.00% Floor)		5/3/2029		329,235		294,077			312,774
Hirevue, Inc. (4) (5)	Software & Tech Services	Term Loan	12.56% (S + 7.25%; 1.00% Floor)		5/3/2029		12,901,908		12,613,867			12,772,889
Iodine Software, LLC (2) (6)	Software & Tech Services	Delayed Draw Term Loan	11.43% (S + 6.00%; 1.00% Floor)		5/19/2027		—		(29,645	)		—
Iodine Software, LLC (3) (5)	Software & Tech Services	Delayed Draw Term Loan	11.43% (S + 6.00%; 1.00% Floor)		5/19/2027		7,855,500		7,771,450			7,855,500

See Notes to Consolidated Financial Statements

15

AB Private Credit Investors Corporation

Consolidated Schedule of Investments as of March 31, 2024 (continued)

(Unaudited)

Portfolio Company	Industry	Facility Type	Interest	Maturity		Funded  Par Amount		Cost			Fair Value
Iodine Software, LLC (2) (6)	Software & Tech Services	Revolver	11.43% (S + 6.00%; 1.00% Floor)		5/19/2027	$	—	$	(11,607	)	$	—
Iodine Software, LLC (1) (5)	Software & Tech Services	Term Loan	11.43% (S + 6.00%; 1.00% Floor)		5/19/2027		5,214,568		5,158,980			5,214,568
Kaseya Inc. (2)	Software & Tech Services	Delayed Draw Term Loan	10.81% (S + 5.50%; 2.50% PIK; 0.75% Floor)		6/25/2029		39,429		31,796			39,429
Kaseya Inc. (2) (8)	Software & Tech Services	Revolver	10.83% (S + 5.50%; 2.50% PIK; 0.75% Floor)		6/25/2029		160,904		157,325			160,904
Kaseya Inc. (1) (4) (5)	Software & Tech Services	Term Loan	8.81% (S + 3.50%; 2.50% PIK; 0.75% Floor)		6/25/2029		10,664,395		10,545,616			10,664,395
Mavenlink, Inc. (2)	Software & Tech Services	Revolver	11.72% (S + 0.00%; 6.25% PIK; 0.75% Floor)		6/3/2027		1,469,404		1,448,365			1,423,720
Mavenlink, Inc. (1) (3) (4)	Software & Tech Services	Term Loan	11.72% (S + 0.00%; 6.25% PIK; 0.75% Floor)		6/3/2027		15,507,841		15,260,551			15,120,145
Medbridge Holdings, LLC (2) (6)	Software & Tech Services	Revolver	11.43% (S + 6.00%; 1.00% Floor)		12/23/2026		—		(12,705	)		(10,322	)
Medbridge Holdings, LLC (1) (3) (5)	Software & Tech Services	Term Loan	11.43% (S + 6.00%; 1.00% Floor)		12/23/2026		15,367,872		15,220,863			15,252,613
Medbridge Holdings, LLC (1)	Software & Tech Services	Term Loan	11.43% (S + 6.00%; 1.00% Floor)		12/23/2026		974,356		962,564			967,048
Metametrics, Inc. (2) (6)	Software & Tech Services	Revolver	10.41% (S + 5.00%; 1.00% Floor)		9/10/2025		—		(3,198	)		(4,884	)
Metametrics, Inc. (1) (5)	Software & Tech Services	Term Loan	10.41% (S + 5.00%; 1.00% Floor)		9/10/2025		3,385,281		3,366,336			3,359,892
Moon Buyer, Inc. (5)	Software & Tech Services	Delayed Draw Term Loan	10.16% (S + 4.75%; 1.00% Floor)		4/21/2027		574,623		572,099			570,313
Moon Buyer, Inc. (2) (6)	Software & Tech Services	Revolver	10.16% (S + 4.75%; 1.00% Floor)		4/21/2027		—		(9,067	)		(8,728	)
Moon Buyer, Inc. (1) (3) (4) (5)	Software & Tech Services	Term Loan	10.16% (S + 4.75%; 1.00% Floor)		4/21/2027		6,224,837		6,176,033			6,178,151
Mykaarma Acquisition LLC (2) (6)	Software & Tech Services	Revolver	8.53% (S + 3.00%; 3.75% PIK; 1.00% Floor)		3/21/2028		—		(7,928	)		—
Mykaarma Acquisition LLC (3) (5)	Software & Tech Services	Term Loan	8.53% (S + 3.00%; 3.75% PIK; 1.00% Floor)		3/21/2028		6,384,363		6,300,163			6,384,363
Navigate360, LLC (5)	Software & Tech Services	Delayed Draw Term Loan	11.43% (S + 6.00%; 1.00% Floor)		3/17/2027		1,785,515		1,770,178			1,758,732
Navigate360, LLC (2) (6)	Software & Tech Services	Revolver	13.50% (S + 6.00%; 1.00% Floor)		3/17/2027		—		(7,231	)		(9,064	)
Navigate360, LLC (4) (5)	Software & Tech Services	Term Loan	11.43% (S + 6.00%; 1.00% Floor)		3/17/2027		2,237,402		2,205,289			2,203,841
Navigate360, LLC (3)	Software & Tech Services	Term Loan	11.43% (S + 6.00%; 1.00% Floor)		3/17/2027		4,145,053		4,092,713			4,082,877
Navigate360, LLC (4)	Software & Tech Services	Term Loan	11.43% (S + 6.00%; 1.00% Floor)		3/17/2027		1,077,843		1,062,018			1,061,675
Navigate360, LLC (5)	Software & Tech Services	Delayed Draw Term Loan	11.43% (S + 6.00%; 1.00% Floor)		3/17/2027		—		(15,269	)		(30,539	)
Netwrix Corporation And Concept Searching Inc. (2) (6)	Software & Tech Services	Delayed Draw Term Loan	10.31% (S + 5.00%; 0.75% Floor)		6/11/2029		184,004		184,004			183,321
Netwrix Corporation And Concept Searching Inc. (2) (6)	Software & Tech Services	Revolver	10.31% (S + 5.00%; 0.75% Floor)		6/11/2029		—		(1,906	)		(3,874	)
Netwrix Corporation And Concept Searching Inc. (1) (4) (5)	Software & Tech Services	Term Loan	10.31% (S + 5.00%; 0.75% Floor)		6/11/2029		12,333,044		12,315,035			12,271,379
Netwrix Corporation And Concept Searching Inc. (2) (6)	Software & Tech Services	Delayed Draw Term Loan	10.31% (S + 5.25%; 0.75% Floor)		6/11/2029		—		(15,499	)		—
Penn TRGRP Holdings, LLC (2) (6)	Software & Tech Services	Revolver	12.07% (S + 1.75%; 6.00% PIK; 0.75% Floor)		9/27/2030		—		(19,619	)		—
Penn TRGRP Holdings, LLC (1) (3) (5)	Software & Tech Services	Term Loan	12.07% (S + 1.75%; 6.00% PIK; 0.75% Floor)		9/27/2030		7,061,153		6,933,606			7,061,153
Pieper Memorial, LLC (1) (2) (5)	Healthcare	Delayed Draw Term Loan	11.17% (S + 5.75%; 1.00% Floor)		11/2/2027		2,693,535		2,632,145			2,693,535
Pieper Memorial, LLC (4) (5)	Healthcare	Term Loan	11.17% (S + 5.75%; 1.00% Floor)		11/2/2027		2,067,132		2,030,319			2,061,964
Ping Identity Corporation (2) (6)	Software & Tech Services	Revolver	12.33% (S + 7.00%; 0.75% Floor)		10/17/2028		—		(23,054	)		—
Ping Identity Corporation (1) (3) (4)	Software & Tech Services	Term Loan	12.33% (S + 7.00%; 0.75% Floor)		10/17/2029		12,033,445		11,790,150			12,033,445

See Notes to Consolidated Financial Statements

16

AB Private Credit Investors Corporation

Consolidated Schedule of Investments as of March 31, 2024 (continued)

(Unaudited)

Portfolio Company	Industry	Facility Type	Interest	Maturity	Funded  Par Amount		Cost			Fair Value
Ranger Buyer, Inc. (2) (6)	Software & Tech Services	Revolver	10.68% (S + 5.25%; 0.75% Floor)	11/18/2027	$	—	$	(14,894	)	$	(11,992	)
Ranger Buyer, Inc. (1) (3) (5)	Software & Tech Services	Term Loan	10.68% (S + 5.25%; 0.75% Floor)	11/17/2028		14,102,974		13,900,745			13,961,945
Sauce Labs, Inc. (2)	Software & Tech Services	Delayed Draw Term Loan	11.41% (S + 5.50%; 0.50% PIK; 1.00% Floor)	8/16/2027		592,385		572,232			568,705
Sauce Labs, Inc. (3)	Software & Tech Services	Delayed Draw Term Loan	11.41% (S + 5.50%; 0.50% PIK; 1.00% Floor)	8/16/2027		1,937,198		1,915,141			1,898,454
Sauce Labs, Inc.( 2) (6)	Software & Tech Services	Revolver	11.41% (S + 5.50%; 0.50% PIK; 1.00% Floor)	8/16/2027		—		(14,702	)		(25,636	)
Sauce Labs, Inc. (3)	Software & Tech Services	Term Loan	10.91% (S + 5.50%; 0.50% PIK; 1.00% Floor)	8/16/2027		7,551,172		7,451,338			7,400,148
Saviynt, Inc. (2) (3) (4)	Software & Tech Services	Delayed Draw Term Loan	12.93% (S + 4.00%; 3.50% PIK; 1.00% Floor)	12/22/2027		3,123,812		2,993,696			3,015,788
Saviynt, Inc. (2) (6)	Software & Tech Services	Revolver	9.46% (S + 4.00%; 3.50% PIK; 1.00% Floor)	12/22/2027		—		(11,479	)		(10,671	)
Saviynt, Inc. (1) (3)	Software & Tech Services	Term Loan	12.93% (S + 4.00%; 3.50% PIK; 1.00% Floor)	12/22/2027		19,133,082		18,770,322			18,798,253
Securonix, Inc. (2) (6)	Software & Tech Services	Revolver	11.33% (S + 6.00%; 0.75% Floor)	4/5/2028		—		(18,252	)		(249,980	)
Securonix, Inc. (1) (3)	Software & Tech Services	Term Loan	11.33% (S + 6.00%; 0.75% Floor)	4/5/2028		8,546,314		8,444,920			7,157,538
Serrano Parent, LLC (2) (6)	Software & Tech Services	Revolver	11.81% (S + 6.50%; 1.00% Floor)	5/13/2030		—		(45,852	)		(41,720	)
Serrano Parent, LLC (1) (3) (4) (5)	Software & Tech Services	Term Loan	11.81% (S + 6.50%; 1.00% Floor)	5/13/2030		21,207,477		20,732,467			20,783,327
Sirsi Corporation (2) (6)	Software & Tech Services	Revolver	11.74% (S + 6.25%; 1.00% Floor)	3/15/2025		—		(1,370	)		—
Sirsi Corporation (1) (5)	Software & Tech Services	Term Loan	11.74% (S + 6.25%; 1.00% Floor)	3/15/2025		6,018,017		6,002,946			6,018,017
SIS Purchaser, Inc. (2) (6)	Software & Tech Services	Revolver	10.93% (S + 5.50%; 1.00% Floor)	10/15/2026		—		(8,770	)		(5,830	)
SIS Purchaser, Inc. (1) (3) (5)	Software & Tech Services	Term Loan	10.93% (S + 5.50%; 1.00% Floor)	10/15/2026		11,779,553		11,685,465			11,720,655
SIS Purchaser, Inc. (5)	Software & Tech Services	Term Loan	10.93% (S + 5.50%; 1.00% Floor)	10/15/2026		2,255,018		2,235,348			2,243,742
Soladoc, LLC (2) (6)	Software & Tech Services	Delayed Draw Term Loan	10.43% (S + 5.00%; 0.75% Floor)	6/12/2028		—		(16,655	)		(64,781	)
Soladoc, LLC (2) (6)	Software & Tech Services	Revolver	10.43% (S + 5.00%; 0.75% Floor)	6/12/2028		—		(8,340	)		(22,085	)
Soladoc, LLC ( 1) (3)	Software & Tech Services	Term Loan	10.43% (S + 5.00%; 0.75% Floor)	6/12/2028		5,889,225		5,805,794			5,668,379
SugarCRM, Inc. (2) (6)	Software & Tech Services	Revolver	11.43% (S + 6.00%; 1.00% Floor)	7/31/2024		—		(318	)		—
SugarCRM, Inc. (1) (3)	Software & Tech Services	Term Loan	11.43% (S + 6.00%; 1.00% Floor)	7/31/2024		4,268,824		4,263,090			4,268,824
Sundance Group Holdings, Inc. (3) (4)	Software & Tech Services	Delayed Draw Term Loan	11.67% (S + 6.25%; 1.00% Floor)	7/2/2027		3,547,253		3,508,012			3,538,385
Sundance Group Holdings, Inc. (2) (8)	Software & Tech Services	Revolver	11.66% (S + 6.25%; 1.00% Floor)	7/2/2027		709,451		693,759			705,903
Sundance Group Holdings, Inc. (4)	Software & Tech Services	Term Loan	11.69% (S + 6.25%; 1.00% Floor)	7/2/2027		463,790		453,808			462,631
Sundance Group Holdings, Inc. (1) (5)	Software & Tech Services	Term Loan	11.67% (S + 6.25%; 1.00% Floor)	7/2/2027		11,824,177		11,693,360			11,794,617
Sysnet North America, Inc. (1) (3) (5)	Software & Tech Services	Term Loan	11.46% (S + 6.00%; 1.00% Floor)	12/1/2026		8,749,178		8,691,368			8,749,178
Telcor Buyer, Inc. (2) (6)	Software & Tech Services	Revolver	9.58% (S + 4.25%; 1.00% Floor)	8/20/2027		—		(2,507	)		(727	)
Telcor Buyer, Inc. (1) (5)	Software & Tech Services	Term Loan	9.58% (S + 4.25%; 1.00% Floor)	8/20/2027		7,538,691		7,473,665			7,519,845
Telesoft Holdings, LLC (2)	Software & Tech Services	Revolver	11.18% (S + 5.75%; 1.00% Floor)	12/16/2025		29,843		25,934			26,859
Telesoft Holdings, LLC (3) (5)	Software & Tech Services	Term Loan	11.18% (S + 5.75%; 1.00% Floor)	12/16/2025		5,729,918		5,691,293			5,701,268
Unanet, Inc. (2) (4)	Software & Tech Services	Delayed Draw Term Loan	11.45% (S + 6.00%; 0.75% Floor)	12/8/2028		1,547,761		1,505,673			1,528,809
Unanet, Inc. (2) (6)	Software & Tech Services	Revolver	11.35% (S + 6.00%; 0.75% Floor)	12/8/2028		—		(19,874	)		(12,635	)

See Notes to Consolidated Financial Statements

17

AB Private Credit Investors Corporation

Consolidated Schedule of Investments as of March 31, 2024 (continued)

(Unaudited)

Portfolio Company	Industry	Facility Type	Interest	Maturity	Funded  Par Amount		Cost			Fair Value
Unanet, Inc. (3) (5)	Software & Tech Services	Term Loan	11.16% (S + 6.00%; 0.75% Floor)	12/8/2028	$	12,003,044	$	11,813,534		$	11,883,013
Ungerboeck Systems International, LLC (3)	Software & Tech Services	Delayed Draw Term Loan	11.94% (S + 6.50%; 1.00% Floor)	4/30/2027		477,340		473,876			472,566
Ungerboeck Systems International, LLC (1)	Software & Tech Services	Delayed Draw Term Loan	11.94% (S + 6.50%; 1.00% Floor)	4/30/2027		322,391		319,823			319,167
Ungerboeck Systems International, LLC (3)	Software & Tech Services	Delayed Draw Term Loan	11.94% (S + 6.50%; 1.00% Floor)	4/30/2027		690,794		690,794			683,886
Ungerboeck Systems International, LLC (2) (6)	Software & Tech Services	Revolver	11.93% (S + 6.50%; 1.00% Floor)	4/30/2027		61,170		59,007			58,876
Ungerboeck Systems International, LLC (3)	Software & Tech Services	Term Loan	11.94% (S + 6.50%; 1.00% Floor)	4/30/2027		263,748		258,113			261,111
Ungerboeck Systems International, LLC (3)	Software & Tech Services	Term Loan	11.94% (S + 6.50%; 1.00% Floor)	4/30/2027		136,383		134,587			135,019
Ungerboeck Systems International, LLC (1) (3)	Software & Tech Services	Term Loan	11.94% (S + 6.50%; 1.00% Floor)	4/30/2027		2,717,277		2,695,642			2,690,104
Vectra AI, Inc. (1)	Software & Tech Services	Delayed Draw Term Loan	11.68% (S + 6.25%; 1.00% Floor)	3/1/2028		1,163,793		1,149,791			1,143,427
Vectra AI, Inc. (2) (6)	Software & Tech Services	Revolver	11.68% (S + 6.25%; 1.00% Floor)	3/1/2028		—		(2,307	)		(4,073	)
Vectra AI, Inc. (1) (3) (4)	Software & Tech Services	Term Loan	11.68% (S + 6.25%; 1.00% Floor)	3/1/2028		5,552,870		5,479,505			5,455,695
Vehlo Purchaser, LLC (3) (4)	Software & Tech Services	Delayed Draw Term Loan	10.58% (S + 5.25%; 0.75% Floor)	5/24/2028		6,195,183		6,146,467			6,133,231
Vehlo Purchaser, LLC (2)	Software & Tech Services	Revolver	10.58% (S + 5.25%; 0.75% Floor)	5/24/2028		123,904		110,898			111,514
Vehlo Purchaser, LLC (1) (3) (5)	Software & Tech Services	Term Loan	10.58% (S + 5.25%; 0.75% Floor)	5/24/2028		22,302,658		22,068,470			22,079,632
Vehlo Purchaser, LLC (4)	Software & Tech Services	Term Loan	10.58% (S + 5.25%; 0.75% Floor)	05/24/28		2,143,743		2,116,946			2,122,305
Velocity Purchaser Corporation (2) (6)	Software & Tech Services	Revolver	11.96% (S + 7.00%; 1.00% Floor)	12/2/2024		—		(388	)		—
Velocity Purchaser Corporation (1)	Software & Tech Services	Term Loan	12.43% (S + 7.00%; 1.00% Floor)	12/1/2024		2,141,338		2,137,581			2,141,338
Velocity Purchaser Corporation (1)	Software & Tech Services	Term Loan	12.43% (S + 7.00%; 1.00% Floor)	12/1/2024		532,667		531,512			532,667
Velocity Purchaser Corporation (1) (5)	Software & Tech Services	Term Loan	12.43% (S + 7.00%; 1.00% Floor)	12/1/2024		4,229,879		4,215,371			4,229,879
Veracross LLC (1) (5)	Software & Tech Services	Delayed Draw Term Loan	7.43% (S + 2.00%; 4.50% PIK; 1.00% Floor)	12/28/2027		1,759,641		1,710,115			1,742,045
Veracross LLC (2) (6)	Software & Tech Services	Revolver	7.43% (S + 2.00%; 4.50% PIK; 1.00% Floor)	12/28/2027		—		(14,100	)		(11,126	)
Veracross LLC (3)	Software & Tech Services	Term Loan	7.43% (S + 2.00%; 4.50% PIK; 1.00% Floor)	12/28/2027		13,690,782		13,535,554			13,553,874
Vhagar Purchaser, LLC (4)	Software & Tech Services	Term Loan	12.08% (S + 6.75%; 1.00% Floor)	6/11/2029		3,360,201		3,272,404			3,267,795
Vhagar Purchaser, LLC. (2)	Software & Tech Services	Delayed Draw Term Loan	12.08% (S + 6.75%; 1.00% Floor)	6/11/2029		168,010		156,069			156,809
Vhagar Purchaser, LLC. (2) (6)	Software & Tech Services	Revolver	12.08% (S + 6.75%; 1.00% Floor)	6/11/2029		—		(9,755	)		(10,267	)
Zendesk, Inc. (2) (6)	Software & Tech Services	Delayed Draw Term Loan	6.25% (S + 6.25%; 0.75% Floor)	11/22/2028		—		(26,012	)		—
Zendesk, Inc. (2) (6)	Software & Tech Services	Revolver	6.25% (S + 6.25%; 0.75% Floor)	11/22/2028		—		(21,392	)		—
Zendesk, Inc. (1) (3) (5)	Software & Tech Services	Term Loan	11.57% (S + 6.25%; 0.75% Floor)	11/22/2028		13,681,445		13,464,641			13,681,445
Azurite Intermediate Holdings, Inc (4)	Software & Tech Services	Term Loan	11.83% (S + 6.50%; 0.75% Floor)	3/19/2031		3,128,738		3,081,807			3,081,807
Azurite Intermediate Holdings, Inc (4)	Software & Tech Services	Delayed Draw Term Loan	11.83% (S + 6.50%; 0.75% Floor)	3/19/2031		—		(53,331	)		(53,331	)
Azurite Intermediate Holdings, Inc (4)	Software & Tech Services	Revolver	11.83% (S + 6.50%; 0.75% Floor)	3/19/2031		—		(17,066	)		(17,066	)
CallTower, Inc (1) (4) (5)	Digital Infrastructure & Services	Term Loan	11.68% (S + 6.25%; 3.00% Floor)	11/30/2028		4,965,630		4,848,861			4,965,630
CallTower, Inc (2) (6)	Digital Infrastructure & Services	Delayed Draw Term Loan	11.68% (S + 6.25%; 3.00% Floor)	11/30/2028		—		(23,291	)		—
CallTower, Inc (2) (6)	Digital Infrastructure & Services	Revolver	11.68% (S + 6.25%; 3.00% Floor)	11/30/2028		—		(14,563	)		—
CHV Holdings LLC (4)	Digital Infrastructure & Services	PIK Term Loan	14.18% (S + 4.00%; 4.75% PIK; 1.00% Floor)	3/27/2029		8,566,666		8,353,070			8,352,500

See Notes to Consolidated Financial Statements

18

AB Private Credit Investors Corporation

Consolidated Schedule of Investments as of March 31, 2024 (continued)

(Unaudited)

Portfolio Company	Industry	Facility Type	Interest	Maturity	Funded  Par Amount		Cost			Fair Value
CHV Holdings LLC (4)	Digital Infrastructure & Services	PIK Revolver	14.18% (S + 4.00%; 4.75% PIK; 1.00% Floor)	3/27/2029	$	—	$	(30,956	)	$	(31,039	)
CHV Holdings LLC (4)	Digital Infrastructure & Services	PIK Bridge Term Loan	14.18% (S + 0.00%; 16.50% PIK; 0.00% Floor)	3/27/2026		647,016		630,950			630,840
Crewline Buyer, Inc (1) (4) (5)	Software & Tech Services	Term Loan	12.06% (S + 6.75%; 1.00% Floor)	11/8/2030		13,118,364		12,804,288			13,085,568
Crewline Buyer, Inc (2) (6)	Software & Tech Services	Revolver	12.06% (S + 6.75%; 1.00% Floor)	11/8/2030		—		(32,299	)		(3,416	)
Dorado Buyer LLC (3) (4)	Software & Tech Services	Term Loan	11.06% (S + 5.50%; 1.00% Floor)	2/6/2030		6,207,729		6,116,760			6,114,613
Dorado Buyer LLC (3) (4)	Software & Tech Services	Revolver	11.06% (S + 5.50%; 1.00% Floor)	2/6/2030		—		(9,093	)		(9,312	)
Dorado Buyer LLC (3) (4)	Software & Tech Services	Delayed Draw Term Loan	11.06% (S + 5.50%; 1.00% Floor)	2/6/2026		—		(18,184	)		(18,623	)
Fullsteam Operations LLC (4) (5)	Software & Tech Services	Delayed Draw Term Loan	13.57% (S + 8.25%; 1.00% Floor)	11/27/2029		1,466,172		1,412,099			1,466,172
Fullsteam Operations LLC (2) (4) (6)	Software & Tech Services	Delayed Draw Term Loan	13.73% (S + 8.25%; 1.00% Floor)	11/27/2029		287,094		268,301			287,094
Fullsteam Operations LLC (2) (6)	Software & Tech Services	Revolver	13.73% (S + 8.25%; 1.00% Floor)	11/27/2029		—		(11,782	)		—
Fullsteam Operations LLC (4) (5)	Software & Tech Services	Term Loan	13.73% (S + 8.25%; 1.00% Floor)	11/27/2029		7,423,938		7,213,304			7,423,938
Fullsteam Operations LLC (2) (4) (6)	Software & Tech Services	Delayed Draw Term Loan	13.73% (S + 7.00%; 1.00% Floor)	11/27/2029		—		(31,526	)		(58,848	)
Fullsteam Operations LLC (2) (4) (6)	Software & Tech Services	Delayed Draw Term Loan	13.73% (S + 7.00%; 1.00% Floor)	11/27/2029		—		(7,750	)		(14,712	)
Lotus HPI Buyer Inc (1) (4) (5)	Healthcare	Term Loan	11.37% (S + 6.25%; 1.00% Floor)	1/21/2030		12,559,470		12,253,420			12,245,483
Lotus HPI Buyer Inc (1) (4) (5)	Healthcare	Revolver	11.37% (S + 6.25%; 1.00% Floor)	1/21/2030		—		(45,615	)		(47,098	)
Lotus HPI Buyer Inc (1) (4) (5)	Healthcare	Delayed Draw Term Loan	11.37% (S + 6.25%; 1.00% Floor)	1/21/2030		—		(45,606	)		(47,098	)
Next Holdco, LLC (1) (4) (5)	Software & Tech Services	Term Loan	11.32% (S + 6.00%; 0.75% Floor)	11/12/2030		9,285,113		9,151,099			9,215,474
Next Holdco, LLC (2) (6)	Software & Tech Services	Delayed Draw Term Loan	11.32% (S + 6.00%; 0.75% Floor)	11/12/2030		—		(16,874	)		(17,856	)
Next Holdco, LLC (2) (6)	Software & Tech Services	Revolver	11.32% (S + 6.00%; 0.75% Floor)	11/9/2029		—		(12,544	)		(6,702	)
Pace Health Companies, LLC (4)	Healthcare	Term Loan	11.95% (S + 6.50%; 1.00% Floor)	8/2/2025		1,379,575		1,363,718			1,379,575
Pace Health Companies, LLC (2)	Healthcare	Delayed Draw Term Loan	11.70% (S + 6.50%; 1.00% Floor)	8/2/2025		194,632		182,465			194,632
PDI TA Holdings, Inc. (3) (4)	Software & Tech Services	Term Loan	10.83% (S + 5.50%; 0.75% Floor)	2/3/2031		8,318,357		8,236,811			8,235,174
PDI TA Holdings, Inc. (3) (4)	Software & Tech Services	Delayed Draw Term Loan	10.83% (S + 5.50%; 0.75% Floor)	2/3/2031		—		(15,768	)		(15,768	)
PDI TA Holdings, Inc. (3) (4)	Software & Tech Services	Revolver	10.83% (S + 5.50%; 0.75% Floor)	2/3/2031		—		(9,229	)		(9,436	)
Towerco IV Holdings, LLC (1) (2) (4) (5)	Digital Infrastructure & Services	Delayed Draw Term Loan	9.43% (S + 4.00%; 1.00% Floor)	8/31/2028		18,116,579		18,028,762			18,116,579
Your Part-Time Controller, LLC (4)	Services	Term Loan	10.83% (S + 5.50%; 1.00% Floor)	11/14/2029		6,890,439		6,761,011			6,890,439
Your Part-Time Controller, LLC (2) (6)	Services	Revolver	10.83% (S + 5.50%; 1.00% Floor)	11/14/2029		—		(11,785	)		—
Enverus Holdings, Inc. (2) (6)	Software & Tech Services	Delayed Draw Term Loan	10.83% (S + 5.50%; 0.75% Floor)	12/24/2029		—		(3,163	)		—
Enverus Holdings, Inc. (2) (6)	Software & Tech Services	Revolver	10.83% (S + 5.00%; 0.75% Floor)	12/24/2029		—		(9,628	)		(5,033	)
Enverus Holdings, Inc. (1) (5)	Software & Tech Services	Term Loan	10.83% (S + 5.50%; 0.75% Floor)	12/24/2029		8,820,249		8,692,458			8,754,097
Heartland PPC Buyer LLC (2) (4) (6)	Services	Delayed Draw Term Loan	11.06% (S + 5.75%; 0.75% Floor)	12/12/2029		170,730		151,053			170,730
Heartland PPC Buyer LLC (2) (6)	Services	Revolver	11.07% (S + 5.75%; 0.75% Floor)	12/12/2029		37,678		16,157			26,375
Heartland PPC Buyer LLC (1) (4) (5)	Services	Term Loan	11.05% (S + 5.75%; 0.75% Floor)	12/12/2029		5,651,762		5,543,463			5,595,244
Venture Buyer, LLC (4)	Digital Infrastructure & Services	Term Loan	10.58% (S + 5.25%; 1.00% Floor)	3/1/2030		4,907,910		4,811,025			4,809,752
Venture Buyer, LLC (4)	Digital Infrastructure & Services	Revolver	10.58% (S + 5.25%; 1.00% Floor)	3/1/2030		100,882		85,946			85,749
Venture Buyer, LLC (4)	Digital Infrastructure & Services	Delayed Draw Term Loan	10.58% (S + 5.25%; 1.00% Floor)	3/1/2030		—		(10,088	)		(10,088	)
Visionary Buyer LLC (4)	Digital Infrastructure & Services	Term Loan	10.58% (S + 5.25%; 0.75% Floor)	3/21/2031		5,653,672		5,568,867			5,568,867

See Notes to Consolidated Financial Statements

19

AB Private Credit Investors Corporation

Consolidated Schedule of Investments as of March 31, 2024 (continued)

(Unaudited)

Portfolio Company	Industry	Facility Type	Interest	Maturity	Funded  Par Amount		Cost			Fair Value
Visionary Buyer LLC (4)	Digital Infrastructure & Services	Delayed Draw Term Loan	10.58% (S + 5.25%; 0.75% Floor)	3/21/2031	$	—	$	(42,259	)	$	(42,403	)
Visionary Buyer LLC (4)	Digital Infrastructure & Services	Revolver	10.58% (S + 5.25%; 0.75% Floor)	3/21/2030		—		(21,117	)		(21,201	)
Wolverine Seller Holdings, LLC (1) (4) (5)	Services	Term Loan	10.57% (S + 5.25%; 0.75% Floor)	1/17/2030		6,704,348		6,574,598			6,570,261
Wolverine Seller Holdings, LLC (1) (4) (5)	Services	Revolver	10.57% (S + 5.25%; 0.75% Floor)	1/17/2030		—		(21,623	)		(22,348	)
Wolverine Seller Holdings, LLC (1) (4) (5)	Services	Delayed Draw Term Loan	10.57% (S + 5.25%; 0.75% Floor)	1/17/2030		—		(36,032	)		(37,246	)
Total U.S. 1st Lien/Senior Secured Debt								1,338,324,508			1,320,224,178
2nd Lien/Junior Secured Debt - 1.76%
Conterra Ultra Broadband Holdings, Inc. (1) (5)	Digital Infrastructure & Services	Term Loan	13.94% (S + 8.50%; 1.00% Floor)	4/30/2027		6,537,710		6,492,319			6,537,710
Symplr Software, Inc. (1) (4)	Software & Tech Services	Term Loan	13.29% (S + 7.88%; 0.75% Floor)	12/22/2028		3,130,634		3,091,041			2,856,704
Total U.S. 2nd Lien/Junior Secured Debt								9,583,360			9,394,414
Total U.S Corporate Debt								1,347,907,868			1,329,618,592
1st Lien/Senior Secured Debt - 4.53%
Syntax Systems Ltd (1) (5) (9)	Digital Infrastructure & Services	Term Loan	10.93% (S + 5.50%; 0.75% Floor)	10/29/2028		8,662,485		8,603,322			8,640,829
Syntax Systems Ltd (2) (9)	Digital Infrastructure & Services	Revolver	10.93% (S + 5.50%; 0.75% Floor)	10/29/2026		701,031		695,931			698,597
McNairn Holdings Ltd. (1) (9)	Services	Term Loan	11.98% (S + 6.50%; 0.50% PIK; 1.00% Floor)	11/25/2025		734,014		726,272			734,014
Banneker V Acquisition, Inc. (1) (3) (5) (9)	Software & Tech Services	Term Loan	11.83% (S + 6.50%; 1.00% Floor)	12/4/2025		13,258,433		13,104,114			13,059,557
Banneker V Acquisition, Inc. (2) (6) (9)	Software & Tech Services	Revolver	11.83% (S + 6.50%; 1.00% Floor)	12/4/2025		—		(11,624	)		(13,450	)
Banneker V Acquisition, Inc. (5) (9)	Software & Tech Services	Delayed Draw Term Loan	11.83% (S + 6.50%; 1.00% Floor)	12/4/2025		1,024,233		1,017,180			1,008,870
Total Canada 1st Lien/Senior Secured Debt								24,135,195			24,128,417
Total Canadian Corporate Debt								24,135,195			24,128,417

See Notes to Consolidated Financial Statements

20

AB Private Credit Investors Corporation

Consolidated Schedule of Investments as of March 31, 2024 (continued)

(Unaudited)

Portfolio Company	Class/Series	Industry		Initial Acquisition Date  (10)	Shares		Cost		Fair Value
U.S. Preferred Stock - 1.62%
Ntiva Investments, LLC (11)	Class A	Digital Infrastructure & Services				333,937	$	272,826	$	342,816
Alphasense, LLC (11)	Series C	Software & Tech Services		06/01/2021		23,961		369,843		642,384
Concerto HealthAI Solutions LLC (11) (12)	Series B-1	Software & Tech Services		12/23/2019		65,614		349,977		329,633
Datarobot, Inc. (11)	Series E	Software & Tech Services		08/30/2019		38,190		289,278		269,092
Datarobot, Inc. (11)	Series F	Software & Tech Services		10/27/2020		6,715		88,248		64,064
Degreed, Inc. (11)	Series C-1	Software & Tech Services		06/25/2019		43,819		278,541		241,439
Degreed, Inc. (11)	Series D	Software & Tech Services				16,943		278,308		232,617
Content Square SAS (11)	Series F	Software & Tech Services				24,472		206,755		206,715
Content Square SAS (11)	Earn Out	Software & Tech Services				2,027		8,561		-
Knockout Intermediate Holdings I, Inc. (Kaseya, Inc.) (11)	Perpetual	Software & Tech Services		06/23/2022		1,345		1,311,760		1,685,327
Netskope, Inc. (11)	Series G	Software & Tech Services		01/27/2020		36,144		302,536		399,858
Phenom People, Inc. (11)	Series C	Software & Tech Services		01/08/2020		35,055		220,610		416,522
Protoscale Rubrik, LLC (11)	Class B	Software & Tech Services		01/04/2019		25,397		598,212		640,967
Swyft Parent Holdings LP (11) (12)	Preferred Units	Software & Tech Services		02/07/2022		850,470		758,389		861,223
Symplr Software Intermediate Holdings, Inc. (11)	Series A	Software & Tech Services		11/30/2018		1,196		1,160,531		2,203,020
Vectra AI, Inc (11)	Series F	Software & Tech Services		05/28/2021		17,064		131,095		112,298
Total U.S. Preferred Stock								6,625,470		8,647,975
U.S. Common Stock - 1.49%
Content Square SAS (11)	Ordinary Shares	Software & Tech Services				75,889		416,757		416,758
Leeds FEG Investors, LLC (11)	Common Units	Consumer Non-Cyclical		11/08/2022		320		321,309		351,166
Freddy’s Acquisition, LP (Freddy’s Frozen Custard, LLC) (11)	LP Interests	Consumer Non-Cyclical		11/20/2017		72,483		72,483		159,197
8x8, Inc. (11) (13)	Common Units	Digital Infrastructure & Services				7,886		170,890		21,292
Pamlico Avant Holdings L.P. (11) (12)	LP Interests	Digital Infrastructure & Services				236,307		236,307		358,480
Ntiva Investments, LLC (11)	Class A	Digital Infrastructure & Services				333,937		61,110		88,996
NEPCORE Parent Holdings, LLC (11)	LP Interests	Digital Infrastructure & Services		10/21/2021		98		97,884		13,895
Neutral Connect, LLC (11)	LLC Units	Digital Infrastructure & Services		10/21/2021		396,513		439,931		223,933
Thrive Parent, LLC (11)	Class L	Digital Infrastructure & Services		01/22/2021		102,108		271,128		530,497
Advantage AVP Parent Holdings, L.P. (Medical Management Resource Group, LLC) (11)	Units	Healthcare		09/30/2021		34,492		34,492		26,429
American Outcomes Management, L.P. (11) (12)	Class A	Healthcare		02/17/2022		290,393		18,979		588,445
Community Based Care Holdings, LP (11)	Senior Common Units	Healthcare		01/03/2022		179		178,916		256,163
GSV MedSuite Investments, LLC (Millin Purchaser, LLC) (11)	Class A	Healthcare		03/31/2022		86,555		85,988		74,070
INH Group Holdings, LLC (11)	Class A	Healthcare		01/31/2019		484,552		484,552		—
RCFN Parent, LP (People’s Care) (11)	LP Interests	Healthcare		06/18/2021		77		78,284		80,741
REP Coinvest III AGP Blocker, L.P. (Agape Care Group) (11)	LP Interests	Healthcare		10/14/2021		590,203		590,203		1,028,684

See Notes to Consolidated Financial Statements

21

AB Private Credit Investors Corporation

Consolidated Schedule of Investments as of March 31, 2024 (continued)

(Unaudited)

Portfolio Company	Class/Series	Industry		Initial Acquisition Date  (10)	Shares		Cost		Fair Value
SBS Super Holdings, LLC^^  (11)	Class A	Healthcare		5/12/2023		21	$	—	$	—
SBS Super Holdings, LLC^^  (11)	Class B	Healthcare		5/12/2023		100		10		—
Brightspot Holdco, LLC (11)	Class A	Software & Tech Services		11/16/2021		433,207		433,207		459,879
GSV Vehlo Investments, LLC (Vehlo Purchaser, LLC) (11)	Class A	Software & Tech Services		05/24/2022		150,297		150,297		186,156
Singularity Topco LLC (11)		Software & Tech Services				329,116		953,133		590,379
Moon Topco, L.P. (Radiant Logic, Inc.) (11)	Class A	Software & Tech Services		04/21/2021		3,600		35,999		103,037
MyKaarma Holdings LP (11)	LP Interests	Software & Tech Services		03/21/2022		257,031		257,031		384,530
Coinvest YPTC Blocked Aggregator, L.P. (11)	LP Interests	Services				138,390		138,390		165,806
Ranger Lexipol Holdings, LLC (11)	Class A	Software & Tech Services		11/18/2021		433		355,837		479,740
Ranger Lexipol Holdings, LLC (11)	Class B	Software & Tech Services		11/18/2021		433		77,371		96,865
REP Coinvest III Tec, L.P. (American Safety Holdings Corp.) (11)	LP Interests	Services		06/18/2020		167,509		190,658		270,284
Stripe, Inc. (11)	Class B	Software & Tech Services				4,158		166,854		108,316
Swyft Parent Holdings LP (11) (12)	LP Interests	Software & Tech Services		02/07/2022		4,485		53,048		—
REP Coinvest III-A Omni, L.P. (Forward Air Corporation) (11)   (18)	Class A	Services		02/05/2021		193,770		53,301		114,324
REP RO Coinvest IV A Blocker (Road One) (11)	Class A	Services		12/28/2022		66,441,840		664,418		737,637
Total U.S. Common Stock								7,088,767		7,915,699
U.S. Warrants - 0.21%
Alphasense, LLC (9) (11)	Series B	Software & Tech Services		06/02/2020		40,394		35,185		783,304
Degreed, Inc., expire 04/11/2028 (11)	Series D	Software & Tech Services		04/11/2021		7,624		—		5,674
Degreed, Inc., expire 05/31/2026 (11)	Series C-1	Software & Tech Services		05/31/2019		26,294		46,823		49,149
Degreed, Inc., expire 08/18/2029 (11)	Common Shares	Software & Tech Services		08/18/2022		9,374		41,527		21,989
ScyllaDB, Inc., expire 09/08/2032 (11)	Series C-1	Software & Tech Services		09/08/2022		239,984		43,880		140,483
Vectra AI, Inc., expire 03/18/2031 (11)	Series F	Software & Tech Services		03/18/2021		35,156		58,190		91,351
Total U.S. Warrants								225,605		1,091,950
United Kingdom Warrants - 0.05%
GlobalWebIndex, Inc., expire 12/30/2027 (11)	Preferred Units	Software & Tech Services				11,776		159,859		280,479
Total United Kingdom Warrants								159,859		280,479
Portfolio Company	Class/Series				Shares		Cost		Fair value
U.S. Investment Companies - 2.90%
Orangewood WWB Co-Invest, L.P. (11) (14)	LP Interests					829,314	$	829,314	$	1,169,333
ORCP III Triton Co-Investors, L.P. (11) (14)	LP Interests					341,592		90,503		665,080
AB Equity Investors, L.P. (11) (14)	LP Interests					6,978,604		6,978,604		7,893,907
Falcon Co-Investment Partners, L.P. (11) (14)	LP Interests					819,285		819,285		820,104
GHP E Aggregator, LLC (11)) (14)	LLC Units					417,813		186,588		665,576

See Notes to Consolidated Financial Statements

22

AB Private Credit Investors Corporation

Consolidated Schedule of Investments as of March 31, 2024 (continued)

(Unaudited)

Portfolio Company	Class/Series				Shares		Cost		Fair value
GHP SPV 2, L.P. (11) (14)	LP Interests					271,942	$	271,942	$	275,477
Magenta Blocker Aggregator, LP (11) (14)	LP Interests					821,396		676,978		994,711
Palms Co-Investment Partners D, L.P. (11) (14)	LP Interests					261,450		261,450		261,450
CN CO-INVEST, LP (11) (14)	LP Interests					776,334		776,334		776,334
OSS SPV LP (11) (14)	LP Interests					277,533		277,533		277,533
GTCR A-1 Investors LP (11) (14)	LP Interests					1,100,000		1,100,000		1,100,000
SCP Resonatics Aggregator I, LLC (11) (14)	LLC Units					32,991		540,830		555,357
Total U.S. Investment Companies								12,809,361		15,454,862
TOTAL INVESTMENTS - 260.53%							$	1,398,952,125	$	1,387,137,974
Portfolio Company		Industry			Shares		Cost		Fair value
Cash Equivalents - 6.73%
Blackrock T Fund I (3) (5) (13) (16) (17)	Money Market	Money Market Portfolio				20,229,923	$	20,229,923	$	20,229,923
State Street Institutional US Government Money Market Fund (13) (16) (17)	Money Market	Money Market Portfolio				337,523		337,523		337,523
US Bank MMDA GCTS Money Market (1) (4) (13) (16) (17)	Money Market	Money Market Portfolio				15,284,213		15,284,213		15,284,213
Total Cash Equivalents								35,851,659		35,851,659
Cash - 4.12%
US DOLLAR  (16)	Cash	USD				21,954,719		21,954,719		21,954,719
Total Cash								21,954,719		21,954,719
TOTAL CASH AND CASH EQUIVALENTS								57,806,378		57,806,378
LIABILITIES IN EXCESS OF OTHER ASSETS - (171.38%)									$	(912,520,186	)
NET ASSETS - 100.00%									$	532,424,166

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

+ As of March 31, 2024, qualifying assets represented 97.50% 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 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. 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. SOFR loans may be subject to interest floors. As of March 31, 2024, rates for weekly 1M S, 3M S and 6M S are 5.32%, 5.35%, and 5.39%, respectively. As of March 31, 2024, the U.S. Prime rate was 8.50%.

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

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

(2)  Position or 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”.

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

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

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

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

(8)  This investment has multiple reference rates or alternate base rates. The   All-in   interest rate shown is the weighted average interest rate in effect at March 31, 2024..

(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 March 31, 2024, the aggregate fair value of these securities is $18,711,670 or 3.51% of the Fund’s net assets.

(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 $22,737,691; aggregate gross unrealized depreciation for federal income tax purposes is $34,551,845. Net unrealized depreciation is $11,814,154. As of March 31, 2024, the cost basis of investments owned was substantially identical for both book and tax purposes.

(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 March 31, 2024.

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

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

See Notes to Consolidated Financial Statements

23

AB Private Credit Investors Corporation

Consolidated Schedule of Investments as of December 31, 2023

Portfolio Company

Industry

Facility Type

Interest

Maturity

Funded  Par Amount

Cost

Fair Value

Investments at Fair Value (++) + * # ^ - 260.04%

U.S. Corporate Debt - 249.12%

1st Lien/Senior Secured Debt - 247.29%

AEG Holding Company, Inc. (1)

Consumer Non-Cyclical

Delayed Draw Term Loan

10.96% (S + 5.50%; 1.00% Floor)

07/01/2024

$

1,034,866

$

1,033,291

$

1,034,866

AEG Holding Company, Inc. (2)

Consumer Non-Cyclical

Revolver

10.96% (S + 5.50%; 1.00% Floor)

07/01/2024

167,530

165,528

167,530

AEG Holding Company, Inc. (1)

Consumer Non-Cyclical

Term Loan

10.96% (S + 5.50%; 1.00% Floor)

07/01/2024

5,450,655

5,442,046

5,450,655

AEG Holding Company, Inc. (3)

Consumer Non-Cyclical

Term Loan

10.96% (S + 5.50%; 1.00% Floor)

07/01/2024

1,800,828

1,797,150

1,800,828

Ampler QSR Holdings, LLC (3) (4)

Consumer Non-Cyclical

Term Loan

11.37% (S + 5.88%; 1.00% Floor)

07/21/2027

12,221,771

12,071,928

12,099,553

Blink Holdings, Inc. (1)

Consumer Non-Cyclical

Delayed Draw Term Loan

11.00% (S + 5.50%; 1.00% Floor)

11/08/2024

1,115,079

1,112,966

900,427

Blink Holdings, Inc. (1)

Consumer Non-Cyclical

Delayed Draw Term Loan

11.00% (S + 5.50%; 1.00% Floor)

11/08/2024

894,184

892,497

722,054

Blink Holdings, Inc. (1)

Consumer Non-Cyclical

Term Loan

11.00% (S + 5.50%; 1.00% Floor)

11/08/2024

1,558,613

1,555,642

1,258,580

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

Consumer Non-Cyclical

Term Loan

9.86% (S + 4.50%; 1.00% Floor)

11/17/2027

8,000,330

7,894,993

8,000,330

Mathnasium LLC (2)

Consumer Non-Cyclical

Revolver

10.53% (S + 5.00%; 0.75% Floor)

11/15/2027

119,684

111,130

113,157

Mathnasium LLC (1) (5)

Consumer Non-Cyclical

Term Loan

10.53% (S + 5.00%; 0.75% Floor)

11/15/2027

5,344,999

5,274,961

5,291,549

MMP Intermediate, LLC (2) (6)

Consumer Non-Cyclical

Revolver

11.22% (S + 5.75%; 1.00% Floor)

02/15/2027

—

(7,019

)

(11,058

)

MMP Intermediate, LLC (1) (5)

Consumer Non-Cyclical

Term Loan

11.22% (S + 5.75%; 1.00% Floor)

02/15/2027

7,946,360

7,840,062

7,787,432

PF Growth Partners, LLC (1)

Consumer Non-Cyclical

Term Loan

10.36% (S + 5.00%; 1.00% Floor)

07/11/2025

115,938

114,174

114,778

PF Growth Partners, LLC (1)

Consumer Non-Cyclical

Term Loan

10.36% (S + 5.00%; 1.00% Floor)

07/11/2025

234,278

230,715

231,935

PF Growth Partners, LLC (1)

Consumer Non-Cyclical

Term Loan

10.48% (S + 5.00%; 1.00% Floor)

07/11/2025

1,950,514

1,944,733

1,931,009

TBG Food Acquisition Corp

Consumer Non-Cyclical

Delayed Draw Term Loan

10.22% (S + 4.75%; 0.75% Floor)

12/24/2027

264,026

262,269

262,706

TBG Food Acquisition Corp (2) (6)

Consumer Non-Cyclical

Revolver

10.22% (S + 4.75%; 0.75% Floor)

12/24/2027

—

(1,776

)

(1,320

)

TBG Food Acquisition Corp (1) (4)

Consumer Non-Cyclical

Term Loan

10.22% (S + 4.75%; 0.75% Floor)

12/24/2027

6,468,638

6,424,101

6,436,295

Airwavz Solutions, Inc. (2) (3)

Digital Infrastructure & Services

Delayed Draw Term Loan

11.00% (S + 5.50%; 1.00% Floor)

03/31/2027

1,561,841

1,503,863

1,535,810

Airwavz Solutions, Inc. (3) (5)

Digital Infrastructure & Services

Delayed Draw Term Loan

11.00% (S + 5.50%; 1.00% Floor)

03/31/2027

3,263,699

3,226,124

3,214,744

Airwavz Solutions, Inc. (2) (6)

Digital Infrastructure & Services

Revolver

11.00% (S + 5.50%; 1.00% Floor)

03/31/2027

—

(7,515

)

(9,791

)

Airwavz Solutions, Inc. (3)

Digital Infrastructure & Services

Term Loan

11.00% (S + 5.50%; 1.00% Floor)

03/31/2027

5,221,919

5,161,799

5,143,590

Avant Communications, LLC (2) (6)

Digital Infrastructure & Services

Revolver

11.25% (S + 5.75%; 1.00% Floor)

11/30/2026

—

(6,713

)

(5,669

)

Avant Communications, LLC (1) (4) (5)

Digital Infrastructure & Services

Term Loan

11.25% (S + 5.75%; 1.00% Floor)

11/30/2026

14,964,014

14,759,433

14,814,374

Bridgepointe Technologies, LLC (2) (6)

Digital Infrastructure & Services

Delayed Draw Term Loan

12.00% (S + 6.50%; 1.00% Floor)

12/31/2027

—

(56,698

)

(36,341

)

Bridgepointe Technologies, LLC (1) (3) (5)

Digital Infrastructure & Services

Delayed Draw Term Loan

12.00% (S + 6.50%; 1.00% Floor)

12/31/2027

4,963,339

4,851,785

4,876,480

Bridgepointe Technologies, LLC (2) (3)

Digital Infrastructure & Services

Delayed Draw Term Loan

12.00% (S + 6.50%; 1.00% Floor)

12/31/2027

2,737,849

2,720,239

2,689,937

Bridgepointe Technologies, LLC (1) (5)

Digital Infrastructure & Services

Delayed Draw Term Loan

12.00% (S + 6.50%; 1.00% Floor)

12/31/2027

3,848,597

3,805,340

3,781,247

Bridgepointe Technologies, LLC (2) (6)

Digital Infrastructure & Services

Revolver

12.00% (S + 6.50%; 1.00% Floor)

12/31/2027

—

(10,460

)

(13,606

)

Bridgepointe Technologies, LLC (1)

Digital Infrastructure & Services

Term Loan

12.00% (S + 6.50%; 1.00% Floor)

12/31/2027

1,035,717

1,007,439

1,017,592

Bridgepointe Technologies, LLC (1) (5)

Digital Infrastructure & Services

Term Loan

12.00% (S + 6.50%; 1.00% Floor)

12/31/2027

4,705,552

4,638,473

4,623,204

Bridgepointe Technologies, LLC (1) (5)

Digital Infrastructure & Services

Term Loan

12.00% (S + 6.50%; 1.00% Floor)

12/31/2027

2,271,307

2,202,825

2,231,559

Coretelligent Intermediate LLC (1) (4) (5)

Digital Infrastructure & Services

Delayed Draw Term Loan

10.96% (S + 5.50%; 1.00% Floor)

10/21/2027

3,758,263

3,720,885

3,420,019

Coretelligent Intermediate LLC (2)

Digital Infrastructure & Services

Revolver

10.96% (S + 5.50%; 1.00% Floor)

10/21/2027

569,889

557,666

455,911

Coretelligent Intermediate LLC (1) (3) (5)

Digital Infrastructure & Services

Term Loan

10.96% (S + 5.50%; 1.00% Floor)

10/21/2027

7,868,528

7,792,584

7,160,360

EvolveIP, LLC (5)

Digital Infrastructure & Services

Delayed Draw Term Loan

11.22% (S + 5.50%; 1.00% Floor)

06/07/2025

109,972

109,872

90,727

EvolveIP, LLC

Digital Infrastructure & Services

Revolver

10.85% (S + 5.50%; 1.00% Floor)

06/07/2025

566,868

564,601

467,666

See Notes to Consolidated Financial Statements

24

AB Private Credit Investors Corporation

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

Portfolio Company

Industry

Facility Type

Interest

Maturity

Funded  Par Amount

Cost

Fair Value

EvolveIP, LLC (1)

Digital Infrastructure & Services

Term Loan

11.22% (S + 5.50%; 1.00% Floor)

06/07/2025

$

6,364,108

$

6,338,638

$

5,250,389

Firstdigital Communications LLC (2)

Digital Infrastructure & Services

Revolver

9.72% (S + 4.25%; 0.75% Floor)

12/17/2026

412,549

393,465

305,445

Firstdigital Communications LLC (3) (5)

Digital Infrastructure & Services

Term Loan

9.72% (S + 4.25%; 0.75% Floor)

12/17/2026

13,611,726

13,448,014

12,692,934

FirstLight Holdco, Inc. (1) (5)

Digital Infrastructure & Services

Term Loan

9.47% (S + 4.00%; 1.00% Floor)

07/23/2025

6,102,255

6,009,648

5,995,466

Greenlight Intermediate II, Inc. (1) (5)

Digital Infrastructure & Services

Delayed Draw Term Loan

11.00% (S + 5.50%; 0.75% Floor)

06/01/2028

6,702,083

6,597,371

6,601,552

Greenlight Intermediate II, Inc. (1) (5)

Digital Infrastructure & Services

Term Loan

11.00% (S + 5.50%; 0.75% Floor)

06/01/2028

5,331,605

5,248,303

5,238,302

Greenlight Intermediate II, Inc. (2) (6)

Digital Infrastructure & Services

Delayed Draw Term Loan

11.00% (S + 5.50%; 0.75% Floor)

06/01/2028

—

(102,654

)

(79,125

)

MBS Holdings, Inc. (2)

Digital Infrastructure & Services

Revolver

11.21% (S + 5.75%; 1.00% Floor)

04/16/2027

584,502

573,609

565,019

MBS Holdings, Inc. (5)

Digital Infrastructure & Services

Term Loan

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

04/16/2027

787,145

765,753

787,145

MBS Holdings, Inc. (1) (3)  (4) (5)

Digital Infrastructure & Services

Term Loan

11.21% (S + 5.75%; 1.00% Floor)

04/16/2027

10,258,002

10,141,972

10,052,842

MBS Holdings, Inc. (4)

Digital Infrastructure & Services

Term Loan

11.71% (S + 6.25%; 1.00% Floor)

04/16/2027

837,298

814,856

831,018

MSP Global Holdings, Inc. (2) (3)

Digital Infrastructure & Services

Delayed Draw Term Loan

10.79% (S + 4.75%; 1.00% Floor)

01/25/2027

608,616

592,267

596,608

MSP Global Holdings, Inc. (2) (6)

Digital Infrastructure & Services

Revolver

10.80% (S + 4.75%; 1.00% Floor)

01/25/2027

—

(9,202

)

(8,459

)

MSP Global Holdings, Inc. (3) (5)

Digital Infrastructure & Services

Term Loan

10.80% (S + 4.75%; 1.00% Floor)

01/25/2027

7,791,801

7,702,935

7,713,883

NI Topco, Inc (3) (5)

Digital Infrastructure & Services

Term Loan

10.95% (S + 5.50%; 0.75% Floor)

12/28/2028

6,572,470

6,460,040

6,556,039

NI Topco, Inc (1)

Digital Infrastructure & Services

Term Loan

10.95% (S + 5.50%; 0.75% Floor)

12/28/2028

1,218,186

1,196,826

1,215,141

Race Finco LLC (2) (6)

Digital Infrastructure & Services

Delayed Draw Term Loan

12.46% (S + 7.00%; 1.00% Floor)

01/10/2028

—

(44,482

)

(36,588

)

Race Finco LLC (2) (6)

Digital Infrastructure & Services

Revolver

12.46% (S + 7.00%; 1.00% Floor)

01/10/2028

—

(14,851

)

(15,245

)

Race Finco LLC (3) (5)

Digital Infrastructure & Services

Term Loan

12.46% (S + 7.00%; 1.00% Floor)

01/10/2028

4,878,384

4,759,589

4,756,425

SDC Atlas Acquistionco, LLC (2)

Digital Infrastructure & Services

Delayed Draw Term Loan

10.96% (S + 5.50%; 0.75% Floor)

08/25/2028

498,390

326,291

241,408

SDC Atlas Acquistionco, LLC (2) (6)

Digital Infrastructure & Services

Revolver

10.96% (S + 5.50%; 0.75% Floor)

08/25/2028

—

(11,473

)

(17,132

)

SDC Atlas Acquistionco, LLC (1) (4) (5)

Digital Infrastructure & Services

Term Loan

10.96% (S + 5.50%; 0.75% Floor)

08/25/2028

10,715,390

10,518,050

10,420,717

Single Digits, Inc. (4)

Digital Infrastructure & Services

Delayed Draw Term Loan

9.61% (S + 4.25%; 3.00% PIK; 1.00% Floor)

06/19/2026

616,318

613,881

536,197

Single Digits, Inc. (2) (6)

Digital Infrastructure & Services

Revolver

9.85% (S + 4.25%; 3.00% PIK; 1.00% Floor)

06/19/2026

—

(1,411

)

(54,099

)

Single Digits, Inc. (1)

Digital Infrastructure & Services

Term Loan

9.85% (S + 4.25%; 3.00% PIK; 1.00% Floor)

06/19/2026

2,884,904

2,871,166

2,509,867

Stratus Networks, Inc. (2) (3) (5)

Digital Infrastructure & Services

Delayed Draw Term Loan

10.96% (S + 5.50%; 1.00% Floor)

12/15/2027

1,848,182

1,806,398

1,768,975

Stratus Networks, Inc. (2)

Digital Infrastructure & Services

Revolver

13.00% (S + 5.50%; 1.00% Floor)

12/15/2027

132,013

118,769

102,310

Stratus Networks, Inc. (5)

Digital Infrastructure & Services

Term Loan

10.96% (S + 5.50%; 1.00% Floor)

12/15/2027

7,920,781

7,809,446

7,683,158

Thrive Buyer, Inc. (1) (5)

Digital Infrastructure & Services

Delayed Draw Term Loan

11.50% (S + 6.00%; 1.00% Floor)

01/22/2027

8,174,176

8,080,114

8,174,176

Thrive Buyer, Inc. (2)

Digital Infrastructure & Services

Revolver

13.50% (S + 6.00%; 1.00% Floor)

01/22/2027

369,907

357,755

369,907

Thrive Buyer, Inc. (4)

Digital Infrastructure & Services

Term Loan

12.00% (S + 6.50%; 1.00% Floor)

01/22/2027

1,198,351

1,166,534

1,198,351

Thrive Buyer, Inc. (1) (3) (5)

Digital Infrastructure & Services

Term Loan

11.45% (S + 6.00%; 1.00% Floor)

01/22/2027

11,645,786

11,521,198

11,645,786

Transtelco Holding, Inc. (1) (3)

Digital Infrastructure & Services

Term Loan

10.86% (S + 5.50%; 1.00% Floor)

03/26/2026

8,503,727

8,343,566

8,354,912

Transtelco Holding, Inc. (1) (3) (5)

Digital Infrastructure & Services

Term Loan

11.11% (S + 5.75%; 0.50% Floor)

03/26/2026

4,661,043

4,643,615

4,637,738

Transtelco Holding, Inc. (5)

Digital Infrastructure & Services

Term Loan

10.61% (S + 5.25%; 0.50% Floor)

03/26/2026

4,661,043

4,643,025

4,602,780

Accelerate Resources Operating, LLC (1) (5)

Energy

Delayed Draw Term Loan

11.46% (S + 6.00%; 1.00% Floor)

02/24/2027

1,875,252

1,841,664

1,875,252

Accelerate Resources Operating, LLC (2) (6)

Energy

Revolver

11.46% (S + 6.00%; 1.00% Floor)

02/24/2027

—

(3,052

)

—

Accelerate Resources Operating, LLC (3)

Energy

Term Loan

11.46% (S + 6.00%; 1.00% Floor)

02/24/2027

1,247,027

1,224,796

1,247,027

See Notes to Consolidated Financial Statements

25

AB Private Credit Investors Corporation

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

Portfolio Company

Industry

Facility Type

Interest

Maturity

Funded  Par Amount

Cost

Fair Value

Accelerate Resources Operating, LLC (1) (5)

Energy

Term Loan

11.46% (S + 6.00%; 1.00% Floor)

02/24/2027

$

5,590,471

$

5,564,908

$

5,590,471

Foundation Risk Partners, Corp. (2) (3)

Financials

Delayed Draw Term Loan

11.45% (S + 6.00%; 0.75% Floor)

10/30/2028

2,702,417

2,669,008

2,694,546

Foundation Risk Partners, Corp. (3)

Financials

Delayed Draw Term Loan

11.45% (S + 6.00%; 0.75% Floor)

10/29/2028

2,100,747

2,089,175

2,090,243

Foundation Risk Partners, Corp. (2) (6)

Financials

Revolver

11.45% (S + 6.00%; 0.75% Floor)

10/29/2027

—

(8,273

)

(5,190

)

Foundation Risk Partners, Corp. (1) (3) (5)

Financials

Term Loan

11.45% (S + 6.00%; 0.75% Floor)

10/29/2028

9,659,017

9,575,834

9,610,722

Foundation Risk Partners, Corp. (5)

Financials

Term Loan

11.45% (S + 6.00%; 0.75% Floor)

10/30/2028

779,358

770,636

775,461

Galway Borrower, LLC (2) (6)

Financials

Revolver

10.70% (S + 5.25%; 0.75% Floor)

09/30/2027

—

(3,432

)

(3,380

)

Galway Borrower, LLC (1) (5)

Financials

Term Loan

10.70% (S + 5.25%; 0.75% Floor)

09/29/2028

4,247,105

4,199,769

4,194,016

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

Financials

Delayed Draw Term Loan

10.96% (S + 5.50%; 1.00% Floor)

11/24/2028

3,306,711

3,288,415

3,265,377

Higginbotham Insurance Agency, Inc. (1) (3) (5)

Financials

Term Loan

10.96% (S + 5.50%; 1.00% Floor)

11/24/2028

7,962,029

7,901,195

7,862,504

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

Financials

Delayed Draw Term Loan

11.47% (S + 6.00%; 0.75% Floor)

11/01/2028

1,244,226

1,228,144

1,222,452

Peter C. Foy & Associates Insurance Services, LLC (1)  (3)

Financials

Delayed Draw Term Loan

11.47% (S + 6.00%; 0.75% Floor)

11/01/2028

5,869,799

5,828,010

5,767,077

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

Financials

Term Loan

11.47% (S + 6.00%; 0.75% Floor)

11/01/2028

497,219

491,508

488,518

RSC Acquisition, Inc. (5) (8)

Financials

Delayed Draw Term Loan

10.51% (S + 5.50%; 0.75% Floor)

11/01/2029

—

8

—

Wealth Enhancement Group, LLC (2) (8)

Financials

Delayed Draw Term Loan

10.51% (S + 5.75%; 1.00% Floor)

10/04/2027

1,149,975

1,146,513

1,149,975

Wealth Enhancement Group, LLC (1) (4)  (5) (8)

Financials

Delayed Draw Term Loan

10.51% (S + 5.75%; 1.00% Floor)

10/04/2027

6,231,349

6,218,699

6,215,770

Wealth Enhancement Group, LLC (2) (6)

Financials

Revolver

11.23% (S + 5.75%; 1.00% Floor)

10/04/2027

—

(1,018

)

(1,143

)

AAH Topco, LLC (1) (3)  (4) (5)

Healthcare

Delayed Draw Term Loan

10.96% (S + 5.50%; 0.75% Floor)

12/22/2027

6,496,668

6,376,783

6,269,285

AAH Topco, LLC (2) (6)

Healthcare

Revolver

10.96% (S + 5.50%; 0.75% Floor)

12/22/2027

—

(10,581

)

(27,555

)

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

Healthcare

Term Loan

10.96% (S + 5.50%; 0.75% Floor)

12/22/2027

6,419,872

6,326,970

6,195,177

AAH Topco, LLC (2) (6)

Healthcare

Delayed Draw Term Loan

10.96% (S + 6.00%; 0.75% Floor)

12/22/2027

—

(30,909

)

(64,266

)

American Physician Partners, LLC (1) (7)

Healthcare

Delayed Draw Term Loan

—(S + 6.75%; 3.00% PIK; 1.00% Floor)

03/29/2024

1,218,972

1,082,011

—

American Physician Partners, LLC (7)

Healthcare

Delayed Draw Term Loan

—(S + 6.75%; 3.00% PIK; 1.00% Floor)

03/29/2024

917,905

817,051

—

American Physician Partners, LLC (7)

Healthcare

Revolver

—(S + 6.75%; 3.00% PIK; 1.00% Floor)

03/29/2024

346,322

345,024

—

American Physician Partners, LLC (7)

Healthcare

Term Loan

—(S + 6.75%; 3.00% PIK; 1.00% Floor)

03/29/2024

6,557,417

5,733,816

—

American Physician Partners, LLC (7)

Healthcare

Term Loan

—(S + 6.75%; 3.00% PIK; 1.00% Floor)

03/29/2024

1,397,556

1,243,170

—

American Physician Partners, LLC (7)

Healthcare

Term Loan

—(S + 6.75%; 3.00% PIK; 1.00% Floor)

03/29/2024

2,594,127

2,278,901

—

American Physician Partners, LLC (7)

Healthcare

Term Loan

—(S + 6.75%; 3.00% PIK; 1.00% Floor)

03/29/2024

94,376

85,722

176,105

AOM Acquisition, LLC. (2) (6)

Healthcare

Revolver

11.00% (S + 5.50%; 1.00% Floor)

02/18/2027

—

(15,484

)

(30,465

)

AOM Acquisition, LLC. (1) (5)

Healthcare

Term Loan

11.00% (S + 5.50%; 1.00% Floor)

02/18/2027

6,158,526

6,076,628

6,004,563

AOM Acquisition, LLC. (1) (5)

Healthcare

Term Loan

11.03% (S + 5.50%; 1.00% Floor)

02/18/2027

6,756,995

6,593,422

6,588,070

BAART Programs, Inc. (1) (4)

Healthcare

Delayed Draw Term Loan

10.61% (S + 5.00%; 1.00% Floor)

06/11/2027

3,872,578

3,848,400

3,746,719

BAART Programs, Inc. (1) (5)

Healthcare

Term Loan

10.61% (S + 5.00%; 1.00% Floor)

06/11/2027

4,673,951

4,648,481

4,522,047

BV EMS Buyer, Inc. (2)  (5)

Healthcare

Delayed Draw Term Loan

11.21% (S + 5.75%; 1.00% Floor)

11/23/2027

1,808,145

1,759,391

1,773,003

BV EMS Buyer, Inc. (4)  (5)

Healthcare

Term Loan

11.21% (S + 5.75%; 1.00% Floor)

11/23/2027

3,485,489

3,405,062

3,450,635

Caregiver 2, Inc. (5)

Healthcare

Delayed Draw Term Loan

10.78% (S + 5.25%; 2.25% PIK; 1.00% Floor)

07/24/2025

1,518,798

1,499,991

1,427,670

Caregiver 2, Inc. (3)

Healthcare

Term Loan

10.78% (S + 5.25%; 2.25% PIK; 1.00% Floor)

07/24/2025

4,544,108

4,495,089

4,271,462

Caregiver 2, Inc. (3)

Healthcare

Term Loan

10.78% (S + 5.25%; 2.25% PIK; 1.00% Floor)

07/24/2025

652,228

645,192

613,094

See Notes to Consolidated Financial Statements

26

AB Private Credit Investors Corporation

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

Portfolio Company

Industry

Facility Type

Interest

Maturity

Funded  Par Amount

Cost

Fair Value

Caregiver 2, Inc. (5)

Healthcare

Term Loan

10.78% (S + 5.25%; 2.25% PIK; 1.00% Floor)

07/24/2025

$

623,207

$

611,943

$

585,815

Choice Health At Home, LLC, (1)

Healthcare

Delayed Draw Term Loan

13.19% (S + 6.75%; 1.00% PIK; 1.00% Floor)

12/29/2026

947,582

941,462

923,892

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

Healthcare

Term Loan

12.19% (S + 6.75%; 1.00% PIK; 1.00% Floor)

12/29/2026

2,567,650

2,543,079

2,490,620

Coding Solutions Acquisition, Inc (3)

Healthcare

Delayed Draw Term Loan

11.11% (S + 5.75%; 0.75% Floor)

05/11/2028

1,654,987

1,630,547

1,601,199

Coding Solutions Acquisition, Inc (2)

Healthcare

Revolver

11.12% (S + 5.75%; 0.75% Floor)

05/11/2028

278,376

267,672

252,527

Coding Solutions Acquisition, Inc (3) (5)

Healthcare

Term Loan

11.11% (S + 5.75%; 0.75% Floor)

05/11/2028

5,461,331

5,381,001

5,283,838

Coding Solutions Acquisition, Inc. (2) (6)

Healthcare

Delayed Draw Term Loan

11.36% (S + 6.00%; 0.75% Floor)

05/11/2028

—

(32,854

)

(62,452

)

Coding Solutions Acquisition, Inc. (3)

Healthcare

Term Loan

11.36% (S + 6.00%; 0.75% Floor)

05/11/2028

776,740

758,347

759,264

Community Based Care Acquisition, Inc. (5)

Healthcare

Delayed Draw Term Loan

10.70% (S + 5.25%; 1.00% Floor)

09/16/2027

2,122,343

2,097,467

2,095,814

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

Healthcare

Delayed Draw Term Loan

10.95% (S + 5.50%; 1.00% Floor)

09/16/2027

971,352

927,443

942,256

Community Based Care Acquisition, Inc. (2)

Healthcare

Revolver

12.75% (S + 5.25%; 1.00% Floor)

09/16/2027

172,763

161,913

161,965

Community Based Care Acquisition, Inc. (1)  (5)

Healthcare

Term Loan

10.70% (S + 5.25%; 1.00% Floor)

09/16/2027

5,235,139

5,166,929

5,169,700

Delaware Valley Management Holdings, Inc.^^^  (2)  (7)

Healthcare

Delayed Draw Term Loan

— (S + 6.25%; 1.00% Floor)

03/21/2024

758,350

699,417

432,387

Delaware Valley Management Holdings, Inc.^^^ (7)

Healthcare

Delayed Draw Term Loan

— (S + 6.25%; 1.00% Floor)

03/21/2024

415,955

350,988

237,136

Delaware Valley Management Holdings, Inc.^^^ (7)

Healthcare

Revolver

— (S + 6.25%; 1.00% Floor)

03/21/2024

614,439

536,212

350,292

Delaware Valley Management Holdings, Inc.^^^ (7)

Healthcare

Term Loan

— (S + 6.25%; 1.00% Floor)

03/21/2024

3,951,571

3,447,752

2,252,790

FH MD Buyer, Inc. (1) (5)

Healthcare

Term Loan

10.47% (S + 5.00%; 0.75% Floor)

07/22/2028

5,410,062

5,370,677

5,139,559

GHA Buyer, Inc. (4)

Healthcare

Delayed Draw Term Loan

13.75% (S + 4.50%; 3.75% PIK; 1.00% Floor)

06/24/2026

833,170

825,300

818,590

GHA Buyer, Inc. (2) (6)

Healthcare

Revolver

13.75% (S + 4.50%; 3.25% PIK; 1.00% Floor)

06/24/2026

—

(8,055

)

(16,644

)

GHA Buyer, Inc. (1) (4) (8)

Healthcare

Term Loan

10.51% (S + 4.50%; 3.75% PIK; 1.00% Floor)

06/24/2026

2,009,682

2,009,434

1,974,513

GHA Buyer, Inc. (1) (4)

Healthcare

Term Loan

13.75% (S + 4.50%; 3.75% PIK; 1.00% Floor)

06/24/2026

574,537

564,852

564,482

GHA Buyer, Inc. (1) (3) (4)

Healthcare

Term Loan

10.00% (S + 4.50%; 3.75% PIK; 1.00% Floor)

06/24/2026

5,499,321

5,455,345

5,403,083

GHA Buyer, Inc. (3)

Healthcare

Term Loan

10.00% (S + 4.50%; 3.75% PIK; 1.00% Floor)

06/24/2026

4,760,974

4,719,307

4,677,657

GHA Buyer, Inc. (1) (8)

Healthcare

Term Loan

10.51% (S + 4.50%; 3.75% PIK; 1.00% Floor)

06/24/2026

745,895

739,317

732,842

Honor HN Buyer, Inc (4) (5)

Healthcare

Delayed Draw Term Loan

11.25% (S + 5.75%; 1.00% Floor)

10/15/2027

1,638,040

1,616,995

1,638,040

Honor HN Buyer, Inc (2) (4)

Healthcare

Delayed Draw Term Loan

11.50% (S + 6.00%; 1.00% Floor)

10/15/2027

1,447,693

1,418,792

1,447,693

Honor HN Buyer, Inc (2)

Healthcare

Revolver

13.25% (S + 5.75%; 1.00% Floor)

10/15/2027

38,012

34,132

38,012

Honor HN Buyer, Inc (1) (5)

Healthcare

Term Loan

11.25% (S + 5.75%; 1.00% Floor)

10/15/2027

2,590,429

2,557,202

2,590,429

Honor HN Buyer, Inc (2) (6)

Healthcare

Delayed Draw Term Loan

11.25% (S + 5.75%; 1.00% Floor)

10/15/2027

—

(60,951

)

—

Medical Management Resource Group, LLC (1)

Healthcare

Delayed Draw Term Loan

11.45% (S + 6.00%; 0.75% Floor)

09/30/2027

1,558,344

1,523,862

1,496,010

Medical Management Resource Group, LLC (2)

Healthcare

Revolver

11.45% (S + 6.00%; 0.75% Floor)

09/30/2026

177,192

173,656

164,536

Medical Management Resource Group, LLC (5)

Healthcare

Term Loan

11.45% (S + 6.00%; 0.75% Floor)

09/30/2027

3,773,407

3,725,518

3,622,471

Medsuite Purchaser, LLC (2) (6)

Healthcare

Revolver

10.21% (S + 4.75%; 1.00% Floor)

10/22/2026

—

(5,820

)

(5,103

)

Medsuite Purchaser, LLC (1) (5)

Healthcare

Term Loan

10.21% (S + 4.75%; 1.00% Floor)

10/22/2026

4,734,225

4,693,730

4,698,718

Pace Health Companies, LLC (2) (6)

Healthcare

Revolver

9.89% (S + 6.25%; 1.00% Floor)

08/02/2025

—

(771

)

—

Pace Health Companies, LLC (1) (8)

Healthcare

Term Loan

10.51% (S + 6.25%; 1.00% Floor)

08/02/2025

5,087,770

5,080,798

5,087,770

Pinnacle Dermatology Management, LLC

Healthcare

Delayed Draw Term Loan

11.29% (S + 5.75%; 0.75% Floor)

12/08/2028

648,269

642,487

573,718

Pinnacle Dermatology Management, LLC (2)

Healthcare

Revolver

9.50% (S + 4.00%; 0.75% Floor)

12/08/2026

499,289

491,262

492,568

See Notes to Consolidated Financial Statements

27

AB Private Credit Investors Corporation

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

Portfolio Company

Industry

Facility Type

Interest

Maturity

Funded  Par Amount

Cost

Fair Value

Pinnacle Dermatology Management, LLC (1) (3) (5)

Healthcare

Term Loan

11.23% (S + 5.75%; 0.75% Floor)

12/08/2028

$

5,552,214

$

5,457,513

$

4,913,709

Pinnacle Treatment Centers, Inc. (5)

Healthcare

Delayed Draw Term Loan

11.95% (S + 6.50%; 1.00% Floor)

01/02/2026

340,120

339,138

333,318

Pinnacle Treatment Centers, Inc. (2)

Healthcare

Revolver

11.86% (S + 6.50%; 1.00% Floor)

01/02/2026

219,716

218,704

213,856

Pinnacle Treatment Centers, Inc. (3)

Healthcare

Term Loan

11.95% (S + 6.50%; 1.00% Floor)

01/02/2026

146,437

145,498

143,508

Pinnacle Treatment Centers, Inc. (3)

Healthcare

Term Loan

11.95% (S + 6.50%; 1.00% Floor)

01/02/2026

283,913

279,638

278,235

Pinnacle Treatment Centers, Inc. (3) (5)

Healthcare

Term Loan

11.95% (S + 6.50%; 1.00% Floor)

01/02/2026

4,044,060

4,032,163

3,963,179

Priority Ondemand Midco 2,L.P (2)

Healthcare

Delayed Draw Term Loan

10.80% (S + 5.25%; 1.00% Floor)

07/17/2028

118,812

99,841

118,812

Priority Ondemand Midco 2,L.P (1) (5)

Healthcare

Term Loan

10.80% (S + 5.25%; 1.00% Floor)

07/17/2028

7,541,704

7,440,125

7,541,704

RCP Encore Acquisition, Inc. (7)

Healthcare

Term Loan

— (S + 5.00%; 1.00% Floor)

06/07/2025

2,868,874

2,800,761

28,689

Redwood Family Care Network, Inc. (1) (3) (5)

Healthcare

Delayed Draw Term Loan

11.22% (S + 5.50%; 1.00% Floor)

06/18/2026

4,325,306

4,216,128

4,271,240

Redwood Family Care Network, Inc. (1) (5)

Healthcare

Delayed Draw Term Loan

11.22% (S + 5.50%; 1.00% Floor)

06/18/2026

5,770,927

5,712,858

5,698,791

Redwood Family Care Network, Inc. (2) (6)

Healthcare

Revolver

11.22% (S + 5.50%; 1.00% Floor)

06/18/2026

—

(5,913

)

(7,359

)

Redwood Family Care Network, Inc. (1)  (3)  (4)  (5)

Healthcare

Term Loan

11.00% (S + 5.50%; 1.00% Floor)

06/18/2026

7,791,021

7,700,748

7,693,633

Salisbury House, LLC

Healthcare

Delayed Draw Term Loan

11.28% (S + 5.75%; 1.00% Floor)

08/29/2025

573,149

563,642

573,149

Salisbury House, LLC (2) (6)

Healthcare

Revolver

13.25% (S + 5.75%; 1.00% Floor)

08/30/2025

—

(6,848

)

(3,049

)

Salisbury House, LLC (4)

Healthcare

Term Loan

11.28% (S + 5.75%; 1.00% Floor)

08/29/2025

994,289

977,850

989,317

Salisbury House, LLC (1)

Healthcare

Term Loan

11.28% (S + 5.75%; 1.00% Floor)

08/30/2025

1,225,119

1,211,635

1,218,993

Salisbury House, LLC (1) (5)

Healthcare

Term Loan

11.28% (S + 5.75%; 1.00% Floor)

08/30/2025

3,934,410

3,896,458

3,914,738

Salisbury House, LLC (1)

Healthcare

Term Loan

11.28% (S + 5.75%; 1.00% Floor)

08/30/2025

1,125,627

1,118,295

1,119,999

Salisbury House, LLC (1)

Healthcare

Term Loan

11.27% (S + 5.75%; 1.00% Floor)

08/29/2025

434,541

426,500

432,368

Salisbury House, LLC (2) (6)

Healthcare

Delayed Draw Term Loan

11.27% (S + 5.75%; 1.00% Floor)

08/29/2025

—

(27,560

)

—

Sandstone Care Holdings, LLC (2) (5)

Healthcare

Delayed Draw Term Loan

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

06/28/2028

99,366

89,714

99,366

Sandstone Care Holdings, LLC (2)

Healthcare

Revolver

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

06/28/2028

135,452

122,976

135,452

Sandstone Care Holdings, LLC (1) (3)

Healthcare

Term Loan

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

06/28/2028

4,640,709

4,561,732

4,640,709

SCA Buyer, LLC

Healthcare

Revolver

12.15% (S + 6.50%; 1.00% Floor)

01/20/2026

643,849

639,795

603,608

SCA Buyer, LLC (5)

Healthcare

Term Loan

12.14% (S + 6.50%; 1.00% Floor)

01/20/2026

3,756,859

3,732,404

3,522,055

Smile Brands, Inc.

Healthcare

Delayed Draw Term Loan

9.98% (S + 4.50%; 0.75% Floor)

10/12/2027

478,050

477,254

423,074

Smile Brands, Inc. (2)

Healthcare

Revolver

9.98% (S + 4.50%; 0.75% Floor)

10/12/2027

92,657

91,555

63,355

Smile Brands, Inc. (1)

Healthcare

Term Loan

9.98% (S + 4.50%; 0.75% Floor)

10/12/2027

1,574,472

1,572,111

1,393,408

Spark DSO LLC (2)

Healthcare

Revolver

7.54% (S + 2.15%; 5.75% PIK; 1.00% Floor)

04/20/2026

252,550

245,668

223,524

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

Healthcare

Term Loan

7.54% (S + 2.15%; 5.75% PIK; 1.00% Floor)

04/19/2026

6,537,070

6,482,860

6,308,273

The Center for Orthopedic and Research Excellence, Inc. (1) (5)

Healthcare

Delayed Draw Term Loan

11.53% (S + 6.00%; 1.00% Floor)

08/15/2025

1,129,965

1,127,258

1,124,315

The Center for Orthopedic and Research Excellence, Inc. (4) (5)

Healthcare

Delayed Draw Term Loan

11.53% (S + 6.00%; 1.00% Floor)

08/15/2025

1,717,695

1,705,854

1,709,106

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

Healthcare

Delayed Draw Term Loan

11.54% (S + 6.00%; 1.00% Floor)

08/15/2025

1,704,784

1,690,066

1,696,260

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

Healthcare

Revolver

13.50% (S + 6.00%; 1.00% Floor)

08/15/2025

17,263

13,836

13,811

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

Healthcare

Term Loan

11.53% (S + 6.00%; 1.00% Floor)

08/15/2025

3,199,846

3,171,614

3,183,847

The Center for Orthopedic and Research Excellence, Inc. (1) (3)

Healthcare

Term Loan

11.53% (S + 6.00%; 1.00% Floor)

08/15/2025

4,793,587

4,767,499

4,769,619

West Dermatology (2)

Healthcare

Delayed Draw Term Loan

12.78% (S + 7.25%; 1.00% Floor)

03/17/2028

1,489,436

1,450,810

1,312,177

West Dermatology (2)

Healthcare

Revolver

12.79% (S + 7.25%; 1.00% Floor)

03/17/2028

958,473

940,053

886,948

West Dermatology (1) (3)  (4) (5)

Healthcare

Term Loan

12.71% (S + 7.25%; 1.00% Floor)

03/17/2028

11,296,578

11,128,125

10,647,025

AmerCareRoyal, LLC (1)

Business Services

Delayed Draw Term Loan

11.98% (S + 6.50%; 0.50% PIK; 1.00% Floor)

11/25/2025

494,290

487,686

494,290

AmerCareRoyal, LLC (1) (5)

Business Services

Term Loan

11.98% (S + 6.50%; 0.50% PIK; 1.00% Floor)

11/25/2025

4,094,427

3,997,707

4,094,427

AmerCareRoyal, LLC (4) (5)

Business Services

Term Loan

11.98% (S + 6.50%; 0.50% PIK; 1.00% Floor)

11/25/2025

508,718

499,164

508,718

AmerCareRoyal, LLC (1) (3)

Business Services

Term Loan

11.98% (S + 6.50%; 0.50% PIK; 1.00% Floor)

11/25/2025

1,991,045

1,974,802

1,991,045

Cerifi, LLC (2)

Business Services

Revolver

11.21% (S + 5.75%; 1.00% Floor)

04/01/2027

738,528

723,419

721,911

Cerifi, LLC (1) (3)  (4) (5)

Business Services

Term Loan

11.21% (S + 5.75%; 1.00% Floor)

03/31/2028

15,905,111

15,665,118

15,666,535

Engage2Excel, Inc.

Business Services

Revolver

11.78% (S + 6.50%; 1.00% Floor)

07/01/2024

379,732

376,898

374,036

Engage2Excel, Inc. (1)

Business Services

Term Loan

11.78% (S + 6.50%; 1.00% Floor)

07/01/2024

2,707,241

2,683,728

2,666,633

Engage2Excel, Inc. (1)

Business Services

Term Loan

11.78% (S + 6.50%; 1.00% Floor)

07/01/2024

939,636

931,462

925,541

Mr. Greens Intermediate, LLC (2) (6)

Business Services

Delayed Draw Term Loan

11.70% (S + 6.25%; 1.00% Floor)

05/01/2029

—

(70,542

)

(19,726

)

Mr. Greens Intermediate, LLC (2) (6)

Business Services

Revolver

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

05/01/2029

—

(28,217

)

(7,891

)

Mr. Greens Intermediate, LLC (4) (5)

Business Services

Term Loan

11.70% (S + 6.25%; 1.00% Floor)

05/01/2029

6,280,844

6,110,020

6,233,738

MSM Acquisitions, Inc. (5)

Business Services

Delayed Draw Term Loan

11.50% (S + 1.00%; 5.00% PIK; 1.00% Floor)

12/09/2026

3,012,208

2,978,739

2,741,109

MSM Acquisitions, Inc. (5)

Business Services

Delayed Draw Term Loan

11.50% (S + 1.00%; 5.00% PIK; 1.00% Floor)

12/09/2026

368,241

367,112

335,099

MSM Acquisitions, Inc. (2) (8)

Business Services

Revolver

10.51% (S + 1.00%; 5.00% PIK; 1.00% Floor)

12/09/2026

1,071,915

1,059,652

961,660

MSM Acquisitions, Inc. (1) (3)  (4) (5)

Business Services

Term Loan

11.50% (S + 1.00%; 5.00% PIK; 1.00% Floor)

12/09/2026

8,231,869

8,154,681

7,491,001

Rep Tec Intermediate Holdings, Inc. (2) (6)

Business Services

Revolver

12.00% (S + 5.50%; 1.00% Floor)

12/01/2027

—

(11,682

)

(5,498

)

Rep Tec Intermediate Holdings, Inc. (1) (3) (5)

Business Services

Term Loan

12.00% (S + 6.50%; 1.00% Floor)

12/01/2027

11,604,300

11,514,426

11,546,279

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

Business Services

Delayed Draw Term Loan

11.50% (S + 6.00%; 1.00% Floor)

09/15/2028

3,532,073

3,468,222

3,525,820

Sako and Partners Lower Holdings LLC (2) (6)

Business Services

Revolver

11.50% (S + 6.00%; 1.00% Floor)

09/15/2028

—

(29,545

)

(6,215

)

Sako and Partners Lower Holdings LLC (1) (3) (4) (5)

Business Services

Term Loan

11.50% (S + 6.00%; 1.00% Floor)

09/15/2028

14,766,094

14,414,199

14,692,264

Sako and Partners Lower Holdings LLC (2) (6)

Business Services

Delayed Draw Term Loan

11.50% (S + 5.50%; 1.00% Floor)

09/15/2028

—

(39,562

)

(39,562

)

See Notes to Consolidated Financial Statements

28

AB Private Credit Investors Corporation

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

Portfolio Company	Industry	Facility Type	Interest	Maturity	Funded  Par Amount		Cost			Fair Value
Sako and Partners Lower Holdings LLC (5)	Business Services	Term Loan	11.50% (S + 5.50%; 1.00% Floor)	09/15/2028	$	1,695,528	$	1,661,618		$	1,661,618
Activ Software Holdings, LLC (5)	Software & Tech Services	Delayed Draw Term Loan	11.65% (S + 6.25%; 1.00% Floor)	05/04/2027		627,640		613,003			624,502
Activ Software Holdings, LLC (2)  (6)	Software & Tech Services	Revolver	11.94% (S + 6.25%; 1.00% Floor)	05/04/2027		—		(7,370	)		(3,244	)
Activ Software Holdings, LLC (1) (3)  (4) (5)	Software & Tech Services	Term Loan	11.94% (S + 6.25%; 1.00% Floor)	05/04/2027		7,907,703		7,817,344			7,868,164
Activ Software Holdings, LLC (1)	Software & Tech Services	Term Loan	11.90% (S + 6.25%; 1.00% Floor)	05/04/2027		2,510,561		2,451,997			2,498,008
Admiral Buyer, Inc (2) (6)	Software & Tech Services	Delayed Draw Term Loan	10.85% (S + 5.50%; 0.75% Floor)	05/08/2028		—		(11,550	)		—
Admiral Buyer, Inc (2) (6)	Software & Tech Services	Revolver	10.85% (S + 5.50%; 0.75% Floor)	05/08/2028		—		(8,262	)		—
Admiral Buyer, Inc (1)  (4)  (5)	Software & Tech Services	Term Loan	10.85% (S + 5.50%; 0.75% Floor)	05/08/2028		5,784,067		5,698,400			5,784,067
AMI US Holdings, Inc. (2) (6)	Software & Tech Services	Revolver	10.71% (S + 5.25%; 0.00% Floor)	04/01/2025		—		(1,216	)		—
AMI US Holdings, Inc. (1) (4)	Software & Tech Services	Term Loan	10.71% (S + 5.25%; 1.00% Floor)	04/01/2025		7,923,845		7,884,633			7,923,845
Avalara, Inc. (2) (6)	Software & Tech Services	Revolver	12.60% (S + 7.25%; 0.75% Floor)	10/19/2028		—		(21,501	)		—
Avalara, Inc. (1) (3) (4)	Software & Tech Services	Term Loan	12.60% (S + 7.25%; 0.75% Floor)	10/19/2028		10,653,748		10,438,912			10,653,748
Avetta, LLC (1) (4) (5)	Software & Tech Services	Term Loan	11.15% (S + 5.75%; 1.00% Floor)	10/18/2030		21,899,376		21,416,141			21,406,640
Avetta, LLC (2) (6)	Software & Tech Services	Revolver	11.15% (S + 5.75%; 1.00% Floor)	10/18/2029		—		(45,405	)		(46,927	)
Bonterra, LLC (2)	Software & Tech Services	Revolver	7.25% (S + 7.25%; 0.75% Floor)	09/08/2027		345,525		334,749			328,249
Bonterra, LLC	Software & Tech Services	Term Loan	12.35% (S + 0.00%; 8.00% PIK; 0.75% Floor)	09/08/2027		2,713,108		2,675,770			2,713,108
Bonterra, LLC (1) (3)  (4) (5)	Software & Tech Services	Term Loan	12.60% (S + 7.25%; 0.75% Floor)	09/08/2027		15,944,506		15,801,371			15,705,338
Brightspot Buyer, Inc (2) (6)	Software & Tech Services	Revolver	11.96% (S + 6.50%; 0.75% Floor)	11/16/2027		—		(8,921	)		(17,007	)
Brightspot Buyer, Inc (3)	Software & Tech Services	Term Loan	11.96% (S + 6.50%; 0.75% Floor)	11/16/2027		1,448,598		1,418,312			1,412,383
Brightspot Buyer, Inc (1) (3)	Software & Tech Services	Term Loan	11.96% (S + 6.50%; 0.75% Floor)	11/16/2027		5,215,571		5,147,185			5,085,182
BSI2 Hold Nettle, LLC (2) (6)	Software & Tech Services	Revolver	10.18% (S + 5.00%; 0.75% Floor)	06/30/2028		—		(6,691	)		(8,834	)
BSI2 Hold Nettle, LLC (3) (5)	Software & Tech Services	Term Loan	10.18% (S + 5.00%; 0.75% Floor)	06/30/2028		4,652,488		4,599,653			4,582,701
BSI2 Hold Nettle, LLC (3)	Software & Tech Services	Term Loan	10.19% (S + 5.00%; 0.75% Floor)	06/30/2028		620,773		608,394			611,461
BusinesSolver.com, Inc. (2)	Software & Tech Services	Delayed Draw Term Loan	10.96% (S + 5.50%; 0.75% Floor)	12/01/2027		168,178		164,311			165,487
BusinesSolver.com, Inc. (3) (5)	Software & Tech Services	Term Loan	10.96% (S + 5.50%; 0.75% Floor)	12/01/2027		7,250,814		7,202,733			7,232,686
Community Brands Parentco, LLC (2) (6)	Software & Tech Services	Delayed Draw Term Loan	10.96% (S + 5.50%; 0.75% Floor)	02/24/2028		—		(5,836	)		(6,258	)
Community Brands Parentco, LLC (2) (6)	Software & Tech Services	Revolver	10.96% (S + 5.50%; 0.75% Floor)	02/24/2028		—		(5,845	)		(7,301	)
Community Brands Parentco, LLC (1) (3) (5)	Software & Tech Services	Term Loan	10.96% (S + 5.50%; 0.75% Floor)	02/24/2028		6,968,409		6,866,195			6,846,462
Coupa Holdings,LLC (2) (6)	Software & Tech Services	Delayed Draw Term Loan	12.86% (S + 7.50%; 0.75% Floor)	02/27/2030		—		(10,483	)		—
Coupa Holdings,LLC (2) (6)	Software & Tech Services	Revolver	12.86% (S + 7.50%; 0.75% Floor)	02/27/2029		—		(15,673	)		(1,815	)
Coupa Holdings,LLC (1) (4) (5)	Software & Tech Services	Term Loan	12.86% (S + 7.50%; 0.75% Floor)	02/27/2030		10,617,824		10,370,153			10,591,279
Datacor, Inc. (4) (5)	Software & Tech Services	Delayed Draw Term Loan	11.21% (S + 5.75%; 1.00% Floor)	12/29/2025		2,545,283		2,518,898			2,513,467
Datacor, Inc. (2)	Software & Tech Services	Revolver	11.21% (S + 5.75%; 1.00% Floor)	12/29/2025		442,618		425,112			426,810
Datacor, Inc. (1) (3) (5)	Software & Tech Services	Term Loan	11.21% (S + 5.75%; 1.00% Floor)	12/29/2025		14,277,103		14,095,804			14,098,639
Degreed, Inc. (2) (6)	Software & Tech Services	Delayed Draw Term Loan	10.96% (S + 5.50%; 1.00 % PIK; 1.00% Floor)	05/29/2026		—		(50,032	)		(29,738	)
Degreed, Inc. (2) (6)	Software & Tech Services	Revolver	10.96% (S + 5.50%; 1.00 % PIK; 1.00% Floor)	05/29/2026		—		(912	)		(13,579	)
Degreed, Inc. (3)	Software & Tech Services	Term Loan	10.96% (S + 5.50%; 1.50 % PIK; 1.00% Floor)	05/29/2026		5,240,236		5,229,641			5,069,928
Degreed, Inc. (3)	Software & Tech Services	Term Loan	12.46% (S + 5.50%; 1.50 % PIK; 1.00% Floor)	05/29/2026		2,829,885		2,816,471			2,737,914
Dispatch Track, LLC (2) (6)	Software & Tech Services	Revolver	9.96% (S + 4.50%; 1.00% Floor)	12/17/2026		—		(897	)		(1,510	)
Dispatch Track, LLC (1) (5)	Software & Tech Services	Term Loan	9.96% (S + 4.50%; 1.00% Floor)	12/17/2026		9,849,936		9,814,127			9,800,687
EET Buyer, Inc. (2)	Software & Tech Services	Revolver	12.03% (S + 6.50%; 0.75% Floor)	11/08/2027		207,326		190,901			191,776
EET Buyer, Inc. (4)	Software & Tech Services	Term Loan	11.97% (S + 6.50%; 0.75% Floor)	11/08/2027		4,139,650		4,048,102			4,077,555
EET Buyer, Inc. (3) (4) (5)	Software & Tech Services	Term Loan	11.97% (S + 6.50%; 0.75% Floor)	11/08/2027		6,787,048		6,698,121			6,685,242
Exterro, Inc. (2)	Software & Tech Services	Revolver	13.00% (S + 5.50%; 1.00% Floor)	06/01/2027		369,281		360,934			369,281
Exterro, Inc. (1)	Software & Tech Services	Term Loan	11.03% (S + 5.50%; 1.00% Floor)	06/01/2027		2,793,450		2,789,044			2,793,450
Exterro, Inc. (1) (4)	Software & Tech Services	Term Loan	11.03% (S + 5.50%; 1.00% Floor)	06/01/2027		5,809,123		5,773,848			5,809,122
Exterro, Inc. (1) (3) (5)	Software & Tech Services	Term Loan	11.03% (S + 5.50%; 1.00% Floor)	06/01/2027		6,237,900		6,221,684			6,237,900
Faithlife, LLC (1) (4)	Software & Tech Services	Delayed Draw Term Loan	10.95% (S + 5.50%; 1.00% Floor)	09/18/2025		706,493		701,549			706,493
Faithlife, LLC (2) (6)	Software & Tech Services	Revolver	10.95% (S + 5.50%; 1.00% Floor)	09/18/2025		—		(1,945	)		—
Faithlife, LLC (1)  (4)  (5)	Software & Tech Services	Term Loan	10.95% (S + 5.50%; 1.00% Floor)	09/18/2025		303,402		301,275			303,402
Fusion Holding Corp (2) (6)	Software & Tech Services	Revolver	11.72% (S + 6.25%; 0.75% Floor)	09/15/2027		—		(23,232	)		(6,896	)
Fusion Holding Corp (1) (3)  (4)  (5)	Software & Tech Services	Term Loan	11.72% (S + 6.25%; 0.75% Floor)	09/15/2029		16,726,111		16,416,902			16,642,480
Fusion Risk Management, Inc. (2) (6)	Software & Tech Services	Revolver	8.87% (S + 3.50%; 3.75% PIK; 1.00% Floor)	05/22/2029		—		(15,169	)		(16,801	)
Fusion Risk Management, Inc. (3)	Software & Tech Services	Term Loan	8.87% (S + 3.50%; 3.75% PIK; 1.00% Floor)	05/22/2029		7,135,236		7,008,832			6,992,531
G Treasury SS, LLC (2) (6)	Software & Tech Services	Delayed Draw Term Loan	11.35% (S + 6.00%; 1.00% Floor)	06/29/2029		—		(16,826	)		(24,393	)
G Treasury SS, LLC (2) (6)	Software & Tech Services	Delayed Draw Term Loan	11.35% (S + 6.00%; 1.00% Floor)	06/29/2029		—		(10,516	)		(15,245	)
G Treasury SS, LLC (2) (6)	Software & Tech Services	Revolver	11.35% (S + 6.00%; 1.00% Floor)	06/29/2029		—		(16,835	)		(18,294	)

See Notes to Consolidated Financial Statements

29

AB Private Credit Investors Corporation

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

Portfolio Company	Industry	Facility Type	Interest	Maturity	Funded  Par Amount		Cost			Fair Value
G Treasury SS, LLC (1) (3)	Software & Tech Services	Term Loan	11.35% (S + 6.00%; 1.00% Floor)	06/29/2029	$	3,649,738	$	3,599,124		$	3,576,743
Genesis Acquisition Co. (3)	Software & Tech Services	Revolver	10.35% (S + 5.00%; 1.00% Floor)	07/31/2025		202,400		201,987			202,400
Genesis Acquisition Co. (1) (5)	Software & Tech Services	Term Loan	10.35% (S + 5.00%; 1.00% Floor)	07/31/2025		3,631,930		3,616,293			3,631,930
Genesis Acquisition Co. (5)	Software & Tech Services	Term Loan	10.35% (S + 5.00%; 1.00% Floor)	07/31/2025		341,770		338,869			341,770
Greenhouse Software, Inc. (2) (6)	Software & Tech Services	Revolver	12.35% (S + 7.00%; 1.00% Floor)	09/01/2028		—		(14,935	)		(12,323	)
Greenhouse Software, Inc. (2) (6)	Software & Tech Services	Revolver	12.35% (S + 7.00%; 1.00% Floor)	09/01/2028		—		(11,873	)		(6,045	)
Greenhouse Software, Inc. (3)	Software & Tech Services	Term Loan	12.35% (S + 7.00%; 1.00% Floor)	09/01/2028		12,376,845		12,225,693			12,253,076
Greenhouse Software, Inc. (1) (3) (4)	Software & Tech Services	Term Loan	12.35% (S + 7.00%; 1.00% Floor)	09/01/2028		14,507,975		14,223,098			14,362,895
Gryphon-Redwood Acquisition LLC (2)  (4)  (8)	Software & Tech Services	Delayed Draw Term Loan	10.51% (S + 4.00%; 6.00% PIK; 1.00% Floor)	09/16/2028		1,075,181		1,053,232			1,067,251
Gryphon-Redwood Acquisition LLC (1)	Software & Tech Services	Term Loan	9.35% (S + 4.00%; 6.00% PIK; 1.00% Floor)	09/16/2028		3,704,487		3,657,019			3,685,964
GS AcquisitionCo, Inc. (2)  (6)	Software & Tech Services	Revolver	5.50% (S + 5.50%; 1.00% Floor)	05/22/2026		—		(562	)		(5,709	)
GS AcquisitionCo, Inc. (1) (3) (5)	Software & Tech Services	Term Loan	11.00% (S + 5.50%; 1.00% Floor)	05/22/2026		9,381,588		9,369,931			9,264,318
Hirevue, Inc. (2) (6)	Software & Tech Services	Revolver	12.63% (S + 7.25%; 1.00% Floor)	05/03/2029		—		(36,819	)		(28,808	)
Hirevue, Inc. (4) (5)	Software & Tech Services	Term Loan	12.63% (S + 7.25%; 1.00% Floor)	05/03/2029		12,934,244		12,635,647			12,707,894
Iodine Software, LLC (2) (6)	Software & Tech Services	Delayed Draw Term Loan	11.50% (S + 6.00%; 1.00% Floor)	05/19/2027		—		(31,957	)		—
Iodine Software, LLC (3) (5)	Software & Tech Services	Delayed Draw Term Loan	11.50% (S + 6.00%; 1.00% Floor)	05/19/2027		7,875,642		7,784,890			7,875,642
Iodine Software, LLC (2) (6)	Software & Tech Services	Revolver	11.50% (S + 6.00%; 1.00% Floor)	05/19/2027		—		(12,511	)		—
Iodine Software, LLC (1) (5)	Software & Tech Services	Term Loan	11.50% (S + 6.00%; 1.00% Floor)	05/19/2027		5,228,004		5,167,945			5,228,004
Kaseya Inc. (2)	Software & Tech Services	Delayed Draw Term Loan	8.88% (S + 3.50%; 2.50% PIK; 0.75% Floor)	06/25/2029		39,178		31,195			39,178
Kaseya Inc. (2) (8)	Software & Tech Services	Revolver	10.51% (S + 5.50%; 2.50% PIK; 0.75% Floor)	06/25/2029		160,904		157,154			157,711
Kaseya Inc. (1) (4) (5)	Software & Tech Services	Term Loan	8.88% (S + 3.50%; 2.50% PIK; 0.75% Floor)	06/25/2029		10,596,694		10,472,462			10,543,710
Mavenlink, Inc. (2)	Software & Tech Services	Revolver	11.76% (S + 0.00%; 0.75% Floor)	06/03/2027		1,446,026		1,423,378			1,409,946
Mavenlink, Inc. (1) (3) (4)	Software & Tech Services	Term Loan	11.77% (S + 0.00%; 6.25% PIK; 0.75% Floor)	06/03/2027		15,264,979		15,074,764			14,959,680
Medbridge Holdings, LLC (2) (6)	Software & Tech Services	Revolver	11.50% (S + 6.00%; 1.00% Floor)	12/23/2026		—		(13,848	)		(17,203	)
Medbridge Holdings, LLC (1) (3) (5)	Software & Tech Services	Term Loan	11.50% (S + 6.00%; 1.00% Floor)	12/23/2026		15,367,872		15,207,981			15,175,773
Medbridge Holdings, LLC (1)	Software & Tech Services	Term Loan	11.50% (S + 6.00%; 1.00% Floor)	12/23/2026		974,356		961,512			962,176
Metametrics, Inc. (2) (6)	Software & Tech Services	Revolver	10.47% (S + 5.00%; 1.00% Floor)	09/10/2025		—		(3,745	)		—
Metametrics, Inc. (1) (5)	Software & Tech Services	Term Loan	10.45% (S + 5.00%; 1.00% Floor)	09/10/2025		3,472,106		3,449,523			3,472,106
Moon Buyer, Inc. (5)	Software & Tech Services	Delayed Draw Term Loan	10.20% (S + 4.75%; 1.00% Floor)	04/21/2027		576,078		573,348			568,876
Moon Buyer, Inc. (2) (6)	Software & Tech Services	Revolver	10.22% (S + 4.75%; 1.00% Floor)	04/21/2027		—		(9,788	)		(14,547	)
Moon Buyer, Inc. (1) (3)  (4) (5)	Software & Tech Services	Term Loan	10.20% (S + 4.75%; 1.00% Floor)	04/21/2027		6,240,840		6,188,125			6,162,829
Mykaarma Acquisition LLC (2) (6)	Software & Tech Services	Revolver	8.38% (S + 3.00%; 3.75% PIK; 1.00% Floor)	03/21/2028		—		(8,417	)		(4,449	)
Mykaarma Acquisition LLC (3) (5)	Software & Tech Services	Term Loan	8.38% (S + 3.00%; 3.75% PIK; 1.00% Floor)	03/21/2028		6,339,104		6,250,126			6,291,561
Navigate360, LLC (5)	Software & Tech Services	Delayed Draw Term Loan	11.21% (S + 5.75%; 1.00% Floor)	03/17/2027		1,790,047		1,773,419			1,767,671
Navigate360, LLC (2) (6)	Software & Tech Services	Revolver	11.21% (S + 5.75%; 1.00% Floor)	03/17/2027		—		(7,831	)		(7,553	)
Navigate360, LLC (4) (5)	Software & Tech Services	Term Loan	11.21% (S + 5.75%; 1.00% Floor)	03/17/2027		2,243,081		2,208,661			2,215,042
Navigate360, LLC (3)	Software & Tech Services	Term Loan	11.21% (S + 5.75%; 1.00% Floor)	03/17/2027		4,155,627		4,099,241			4,103,682
Netwrix Corporation And Concept Searching Inc. (2) (6)	Software & Tech Services	Delayed Draw Term Loan	10.39% (S + 5.00%; 0.75% Floor)	06/11/2029		—		(2,817	)		(27,504	)
Netwrix Corporation And Concept Searching Inc. (2) (6)	Software & Tech Services	Revolver	10.39% (S + 5.00%; 0.75% Floor)	06/11/2029		—		(1,995	)		(9,684	)
Netwrix Corporation And Concept Searching Inc. (1) (4) (5)	Software & Tech Services	Term Loan	10.39% (S + 5.00%; 0.75% Floor)	06/11/2029		9,880,549		9,861,658			9,757,042
Netwrix Corporation And Concept Searching Inc. (2) (6)	Software & Tech Services	Delayed Draw Term Loan	10.39% (S + 5.25%; 0.75% Floor)	06/11/2029		—		(16,061	)		(4,656	)
Penn TRGRP Holdings, LLC (2) (6)	Software & Tech Services	Revolver	13.14% (S + 1.75%; 6.00% PIK; 0.75% Floor)	09/27/2030		—		(20,348	)		(15,815	)
Penn TRGRP Holdings, LLC (1)  (3)  (5)	Software & Tech Services	Term Loan	13.14% (S + 1.75%; 6.00% PIK; 0.75% Floor)	09/27/2030		6,956,801		6,824,545			6,852,449
Pieper Memorial, LLC (1)  (2) (5)	Healthcare	Delayed Draw Term Loan	11.44% (S + 6.00%; 1.00% Floor)	11/02/2027		2,700,286		2,634,630			2,631,284
Pieper Memorial, LLC (4)  (5)	Healthcare	Term Loan	11.44% (S + 6.00%; 1.00% Floor)	11/02/2027		2,072,313		2,032,917			2,030,866
Ping Identity Corporation (2) (6)	Software & Tech Services	Revolver	12.36% (S + 7.00%; 0.75% Floor)	10/17/2028		—		(24,270	)		—
Ping Identity Corporation (1)  (3)  (4) (5)	Software & Tech Services	Term Loan	12.36% (S + 7.00%; 0.75% Floor)	10/17/2029		12,033,445		11,780,422			12,033,445
Ranger Buyer, Inc. (2) (6)	Software & Tech Services	Revolver	10.71% (S + 5.25%; 0.75% Floor)	11/18/2027		—		(15,877	)		(20,987	)
Ranger Buyer, Inc. (1) (3) (5)	Software & Tech Services	Term Loan	10.71% (S + 5.25%; 0.75% Floor)	11/17/2028		14,138,951		13,927,148			13,891,520
Sauce Labs, Inc. (2)	Software & Tech Services	Delayed Draw Term Loan	11.49% (S + 5.50%; 0.50% PIK; 1.00% Floor)	08/16/2027		591,875		570,275			568,200
Sauce Labs, Inc. (3)	Software & Tech Services	Delayed Draw Term Loan	11.48% (S + 5.50%; 0.50% PIK; 1.00% Floor)	08/16/2027		1,934,726		1,911,106			1,896,031
Sauce Labs, Inc. (2) (6)	Software & Tech Services	Revolver	11.48% (S + 5.50%; 1.00% Floor)	08/16/2027		—		(15,757	)		(25,636	)
Sauce Labs, Inc. (3)	Software & Tech Services	Term Loan	10.98% (S + 5.50%; 0.05% PIK; 1.00% Floor)	08/16/2027		7,541,536		7,435,065			7,390,705
Saviynt, Inc. (2) (3) (4)	Software & Tech Services	Delayed Draw Term Loan	12.96% (S + 4.00%; 3.50% PIK; 1.00% Floor)	12/22/2027		3,096,164		2,959,098			2,973,261

See Notes to Consolidated Financial Statements

30

AB Private Credit Investors Corporation

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

Portfolio Company	Industry	Facility Type	Interest	Maturity	Funded  Par Amount		Cost			Fair Value
Saviynt, Inc. (2) (6)	Software & Tech Services	Revolver	9.46% (S + 4.00%; 3.50% PIK; 1.00% Floor)	12/22/2027	$	—	$	(12,222	)	$	(12,196	)
Saviynt, Inc. (1) (3)	Software & Tech Services	Term Loan	9.46% (S + 4.00%; 3.50% PIK; 1.00% Floor)	12/22/2027		18,966,641		18,584,633			18,587,308
Securonix, Inc. (2) (6)	Software & Tech Services	Revolver	11.41% (S + 6.00%; 0.75% Floor)	04/05/2028		—		(19,349	)		(173,063	)
Securonix, Inc. (1) (3)	Software & Tech Services	Term Loan	11.41% (S + 6.00%; 0.75% Floor)	04/05/2028		8,546,314		8,438,887			7,584,854
Serrano Parent, LLC (2) (6)	Software & Tech Services	Revolver	11.88% (S + 6.50%; 1.00% Floor)	05/13/2030		—		(47,644	)		(41,720	)
Serrano Parent, LLC (1) (3)  (4) (5)	Software & Tech Services	Term Loan	11.88% (S + 6.50%; 1.00% Floor)	05/13/2030		21,207,477		20,716,642			20,783,327
Sirsi Corporation (2) (6)	Software & Tech Services	Revolver	11.71% (S + 6.25%; 1.00% Floor)	03/15/2025		—		(377	)		—
Sirsi Corporation (1) (5)	Software & Tech Services	Term Loan	11.71% (S + 6.25%; 1.00% Floor)	03/15/2025		6,018,017		6,013,615			6,018,017
SIS Purchaser, Inc. (2) (6)	Software & Tech Services	Revolver	10.96% (S + 5.50%; 1.00% Floor)	10/15/2026		—		(9,617	)		(11,660	)
SIS Purchaser, Inc. (1) (3) (5)	Software & Tech Services	Term Loan	10.96% (S + 5.50%; 1.00% Floor)	10/15/2026		11,811,617		11,708,637			11,693,501
SIS Purchaser, Inc. (5)	Software & Tech Services	Term Loan	10.96% (S + 5.50%; 1.00% Floor)	10/15/2026		2,261,109		2,239,519			2,238,497
Soladoc, LLC (2) (6)	Software & Tech Services	Delayed Draw Term Loan	10.43% (S + 5.00%; 0.75% Floor)	06/12/2028		—		(17,615	)		(64,781	)
Soladoc, LLC (2) (6)	Software & Tech Services	Revolver	10.43% (S + 5.00%; 0.75% Floor)	06/12/2028		—		(8,820	)		(22,085	)
Soladoc, LLC (1) (3)	Software & Tech Services	Term Loan	10.43% (S + 5.00%; 0.75% Floor)	06/12/2028		5,889,225		5,801,038			5,668,379
SugarCRM, Inc. (2) (6)	Software & Tech Services	Revolver	11.96% (S + 6.50%; 1.00% Floor)	07/31/2024		—		(551	)		—
SugarCRM, Inc. (1) (3)	Software & Tech Services	Term Loan	11.96% (S + 6.50%; 1.00% Floor)	07/31/2024		4,268,824		4,258,942			4,268,824
Sundance Group Holdings, Inc. (3) (4)	Software & Tech Services	Delayed Draw Term Loan	11.72% (S + 6.25%; 1.00% Floor)	07/02/2027		3,547,253		3,505,087			3,520,649
Sundance Group Holdings, Inc. (2) (8)	Software & Tech Services	Revolver	10.51% (S + 6.25%; 1.00% Floor)	07/02/2027		709,451		692,581			698,809
Sundance Group Holdings, Inc. (4)	Software & Tech Services	Term Loan	11.74% (S + 6.25%; 1.00% Floor)	07/02/2027		463,790		453,063			460,312
Sundance Group Holdings, Inc. (1) (5)	Software & Tech Services	Term Loan	11.73% (S + 6.25%; 1.00% Floor)	07/02/2027		11,824,177		11,683,610			11,735,496
Sysnet North America, Inc. (1) (3) (5)	Software & Tech Services	Term Loan	11.50% (S + 6.00%; 1.00% Floor)	12/01/2026		8,771,786		8,709,334			8,684,068
Telcor Buyer, Inc. (2) (6)	Software & Tech Services	Revolver	9.72% (S + 4.25%; 1.00% Floor)	08/20/2027		—		(2,686	)		(2,908	)
Telcor Buyer, Inc. (1) (5)	Software & Tech Services	Term Loan	9.72% (S + 4.25%; 1.00% Floor)	08/20/2027		7,874,692		7,802,059			7,795,945
Telesoft Holdings, LLC (2)	Software & Tech Services	Revolver	11.21% (S + 5.75%; 1.00% Floor)	12/16/2025		85,551		81,079			75,106
Telesoft Holdings, LLC (3) (5)	Software & Tech Services	Term Loan	11.21% (S + 5.75%; 1.00% Floor)	12/16/2025		5,744,840		5,700,632			5,644,305
Unanet, Inc. (2) (4)	Software & Tech Services	Delayed Draw Term Loan	11.45% (S + 6.00%; 0.75% Floor)	12/08/2028		1,547,761		1,503,508			1,528,809
Unanet, Inc. (2) (6)	Software & Tech Services	Revolver	11.35% (S + 6.00%; 0.75% Floor)	12/08/2028		—		(20,905	)		(12,635	)
Unanet, Inc. (3) (5)	Software & Tech Services	Term Loan	11.35% (S + 6.00%; 0.75% Floor)	12/08/2028		12,003,044		11,803,922			11,883,013
Ungerboeck Systems International, LLC (3)	Software & Tech Services	Delayed Draw Term Loan	12.00% (S + 6.50%; 1.00% Floor)	04/30/2027		477,340		473,604			470,180
Ungerboeck Systems International, LLC (1)	Software & Tech Services	Delayed Draw Term Loan	12.00% (S + 6.50%; 1.00% Floor)	04/30/2027		322,391		319,620			317,555
Ungerboeck Systems International, LLC (3)	Software & Tech Services	Delayed Draw Term Loan	12.00% (S + 6.50%; 1.00% Floor)	04/30/2027		690,794		690,794			680,432
Ungerboeck Systems International, LLC (2) (6)	Software & Tech Services	Revolver	12.00% (S + 6.50%; 1.00% Floor)	04/30/2027		—		(2,335	)		(3,441	)
Ungerboeck Systems International, LLC	Software & Tech Services	Term Loan	12.00% (S + 6.50%; 1.00% Floor)	04/30/2027		263,748		257,746			259,792
Ungerboeck Systems International, LLC (3)	Software & Tech Services	Term Loan	12.00% (S + 6.50%; 1.00% Floor)	04/30/2027		136,383		134,447			134,337
Ungerboeck Systems International, LLC (1)  (3)	Software & Tech Services	Term Loan	12.00% (S + 6.50%; 1.00% Floor)	04/30/2027		2,717,277		2,693,939			2,676,518
Vectra AI, Inc. (1)	Software & Tech Services	Delayed Draw Term Loan	11.71% (S + 6.25%; 1.00% Floor)	03/02/2028		1,163,793		1,148,926			1,143,427
Vectra AI, Inc. (2) (6)	Software & Tech Services	Revolver	11.71% (S + 6.25%; 1.00% Floor)	03/02/2028		—		(2,598	)		(4,073	)
Vectra AI, Inc. (1) (3) (4)	Software & Tech Services	Term Loan	11.82% (S + 6.25%; 1.00% Floor)	03/02/2028		5,552,870		5,473,638			5,455,695
Vehlo Purchaser, LLC (3) (4)	Software & Tech Services	Delayed Draw Term Loan	10.55% (S + 5.00%; 0.75% Floor)	05/24/2028		6,195,183		6,143,886			6,086,767
Vehlo Purchaser, LLC (2)	Software & Tech Services	Revolver	10.46% (S + 5.00%; 0.75% Floor)	05/24/2028		123,904		110,136			102,220
Vehlo Purchaser, LLC (1) (3) (5)	Software & Tech Services	Term Loan	10.54% (S + 5.00%; 0.75% Floor)	05/24/2028		22,302,658		22,054,831			21,912,362
Velocity Purchaser Corporation (2) (6)	Software & Tech Services	Revolver	11.96% (S + 6.50%; 1.00% Floor)	12/02/2024		—		(530	)		—
Velocity Purchaser Corporation (1)	Software & Tech Services	Term Loan	11.96% (S + 6.50%; 1.00% Floor)	12/02/2024		2,141,338		2,136,197			2,141,338
Velocity Purchaser Corporation (1)	Software & Tech Services	Term Loan	11.96% (S + 6.50%; 1.00% Floor)	12/02/2024		532,667		531,087			532,666
Velocity Purchaser Corporation (1) (5)	Software & Tech Services	Term Loan	11.96% (S + 6.50%; 1.00% Floor)	12/02/2024		4,229,879		4,210,048			4,229,879
Veracross LLC (1) (5)	Software & Tech Services	Delayed Draw Term Loan	12.38% (S + 2.00%; 4.50% PIK; 1.00% Floor)	12/28/2027		1,727,307		1,675,853			1,697,079
Veracross LLC (2) (6)	Software & Tech Services	Revolver	12.38% (S + 2.00%; 4.50% PIK; 1.00% Floor)	12/28/2027		—		(15,012	)		(19,470	)
Veracross LLC (3)	Software & Tech Services	Term Loan	7.46% (S + 2.00%; 4.50% PIK; 1.00% Floor)	12/28/2027		13,537,910		13,372,753			13,300,997
Vhagar Purchaser, LLC (4)	Software & Tech Services	Term Loan	12.39% (S + 7.00%; 1.00% Floor)	06/11/2029		3,360,201		3,268,372			3,259,395
Vhagar Purchaser, LLC. (2)	Software & Tech Services	Delayed Draw Term Loan	12.39% (S + 7.00%; 1.00% Floor)	06/11/2029		168,010		155,518			154,943
Vhagar Purchaser, LLC. (2) (6)	Software & Tech Services	Revolver	12.39% (S + 7.00%; 1.00% Floor)	06/11/2029		—		(10,203	)		(11,201	)

See Notes to Consolidated Financial Statements

31

AB Private Credit Investors Corporation

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

Portfolio Company	Industry	Facility Type	Interest	Maturity	Funded  Par Amount		Cost			Fair Value
Zendesk, Inc. (2) (6)	Software & Tech Services	Delayed Draw Term Loan	6.25% (S + 6.25%; 0.75% Floor)	11/22/2028	$	—	$	(27,372	)	$	—
Zendesk, Inc. (2) (6)	Software & Tech Services	Revolver	6.25% (S + 6.25%; 0.75% Floor)	11/22/2028		—		(22,519	)		(3,432	)
Zendesk, Inc. (1) (3) (5)	Software & Tech Services	Term Loan	8.36% (S + 6.25%; 3.25% PIK; 0.75% Floor)	11/22/2028		13,681,445		13,453,800			13,647,242
Fullsteam Operations LLC (4) (5)	Digital Infrastructure & Services	Term Loan	11.79% (S + 6.25%; 3.00% Floor)	11/30/2028		4,978,075		4,855,464			4,853,623
Next Holdco, LLC (1) (4) (5)	Digital Infrastructure & Services	Delayed Draw Term Loan	11.79% (S + 6.25%; 3.00% Floor)	11/30/2028		—		(24,495	)		(24,890	)
Next Holdco, LLC (2) (6)	Digital Infrastructure & Services	Revolver	11.79% (S + 6.25%; 3.00% Floor)	11/30/2028		—		(15,310	)		(15,556	)
Next Holdco, LLC (2) (6)	Software & Tech Services	Term Loan	12.10% (S + 6.75%; 1.00% Floor)	11/08/2030		13,118,364		12,795,384			12,790,405
Pace Health Companies, LLC (4)	Software & Tech Services	Revolver	12.10% (S + 6.75%; 1.00% Floor)	11/08/2030		—		(33,485	)		(34,162	)
Pace Health Companies, LLC (2)	Software & Tech Services	Delayed Draw Term Loan	13.76% (S + 8.25%; 1.00% Floor)	11/27/2029		707,091		662,122			672,048
Towerco IV Holdings, LLC (1) (2)  (4) (5)	Software & Tech Services	Delayed Draw Term Loan	13.76% (S + 8.25%; 1.00% Floor)	11/27/2029		—		(15,347	)		(15,575	)
Your Part-Time Controller, LLC (4)	Software & Tech Services	Revolver	13.76% (S + 8.25%; 1.00% Floor)	11/27/2029		—		(12,279	)		(12,460	)
Your Part-Time Controller, LLC (2) (6)	Software & Tech Services	Term Loan	13.78% (S + 8.25%; 1.00% Floor)	11/27/2029		7,423,938		7,204,446			7,201,220
Enverus Holdings, Inc. (2) (6)	Software & Tech Services	Term Loan	11.37% (S + 6.00%; 0.75% Floor)	11/12/2030		9,285,113		9,147,753			9,145,836
Enverus Holdings, Inc. (2) (6)	Software & Tech Services	Delayed Draw Term Loan	11.37% (S + 6.00%; 0.75% Floor)	11/12/2030		—		(17,499	)		(17,856	)
Enverus Holdings, Inc.	Software & Tech Services	Revolver	11.37% (S + 6.00%; 0.75% Floor)	11/09/2029		—		(13,091	)		(13,403	)
Heartland PPC Buyer LLC (2) (6)	Healthcare	Term Loan	12.05% (S + 6.50%; 1.00% Floor)	08/02/2025		1,383,033		1,364,426			1,383,033
Heartland PPC Buyer LLC (2) (6)	Healthcare	Delayed Draw Term Loan	12.05% (S + 6.50%; 1.00% Floor)	08/02/2025		195,120		180,661			195,120
Heartland PPC Buyer LLC (1) (4) (5)	Digital Infrastructure & Services	Delayed Draw Term Loan	9.71% (S + 4.25%; 1.00% Floor)	08/31/2028		17,672,017		17,596,763			17,429,698
Your Part-Time Controller, LLC	Business Services	Term Loan	11.36% (S + 6.00%; 1.00% Floor)	11/14/2029		6,907,709		6,772,375			6,769,554
Your Part-Time Controller, LLC	Business Services	Revolver	11.36% (S + 6.00%; 1.00% Floor)	11/14/2029		—		(12,299	)		(12,559	)
Enverus Holdings, Inc.	Software & Tech Services	Delayed Draw Term Loan	10.86% (S + 5.50%; 0.75% Floor)	12/24/2029		—		(3,296	)		(3,308	)
Enverus Holdings, Inc.	Software & Tech Services	Revolver	10.86% (S + 5.50%; 0.75% Floor)	12/24/2029		—		(10,031	)		(10,067	)
Enverus Holdings, Inc.	Software & Tech Services	Term Loan	10.86% (S + 5.50%; 0.75% Floor)	12/24/2029		8,820,249		8,688,410			8,687,945
Heartland PPC Buyer LLC	Business Services	Delayed Draw Term Loan	11.35% (S + 5.75%; 0.75% Floor)	10/12/2029		—		(18,708	)		(18,839	)
Heartland PPC Buyer LLC	Business Services	Revolver	11.35% (S + 5.75%; 0.75% Floor)	10/12/2029		—		(22,428	)		(22,607	)
Heartland PPC Buyer LLC	Business Services	Term Loan	11.35% (S + 5.75%; 0.75% Floor)	12/12/2029		5,651,762		5,539,510			5,538,726
Total U.S. 1st Lien/Senior Secured Debt								1,270,618,569			1,246,838,945
2nd Lien/Junior Secured Debt - 1.83%
Conterra Ultra Broadband Holdings, Inc. (1) (5)	Digital Infrastructure & Services	Term Loan	13.96% (S + 8.50%; 1.00% Floor)	04/30/2027		6,537,710		6,489,084			6,521,366
Symplr Software, Inc. (1) (4)	Software & Tech Services	Term Loan	13.36% (S + 7.88%; 0.75% Floor)	12/22/2028		3,130,634		3,089,537			2,684,519
Total U.S. 2nd Lien/Junior Secured Debt								9,578,621			9,205,885
Total U.S. Corporate Debt								1,280,197,190			1,256,044,830
Canadian Corporate Debt - 4.74%
1st Lien/Senior Secured Debt - 4.74%
Syntax Systems Ltd (1) (5) (9)	Digital Infrastructure & Services	Term Loan	10.96% (S + 5.50%; 0.75% Floor)	10/29/2028		8,684,697		8,622,463			8,619,561
Syntax Systems Ltd (2) (9)	Digital Infrastructure & Services	Revolver	10.96% (S + 5.50%; 0.75% Floor)	10/29/2026		597,175		591,592			589,872
McNairn Holdings Ltd. (1) (9)	Business Services	Term Loan	11.98% (S + 6.50%; 0.50% PIK; 1.00% Floor)	11/25/2025		735,190		727,122			735,190
Banneker V Acquisition, Inc. (1) (3)  (5) (9)	Software & Tech Services	Term Loan	12.96% (S + 7.00%; 1.00% Floor)	12/04/2025		13,258,433		13,083,544			12,993,265
Banneker V Acquisition, Inc. (2) (6) (9)	Software & Tech Services	Revolver	12.96% (S + 7.00%; 1.00% Floor)	12/04/2025		—		(13,323	)		(17,934	)
Banneker V Acquisition, Inc. (5) (9)	Software & Tech Services	Delayed Draw Term Loan	12.96% (S + 7.00%; 1.00% Floor)	12/04/2025		1,024,233		1,016,162			1,003,748
Total Canadian 1st Lien/Senior Secured Debt								24,027,560			23,923,702
Total Canadian Corporate Debt								24,027,560			23,923,702

See Notes to Consolidated Financial Statements

32

AB Private Credit Investors Corporation

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

Portfolio Company	Class/Series	Industry	Initial Acquisition Date  (10)	Shares		Cost		Fair Value
U.S. Preferred Stock - 1.74%
MSP Global Holdings, Inc. (11)	Class A	Digital Infrastructure & Services	01/24/2022		333,937	$	272,826	$	327,690
Bowline Topco LLC ^^  (11) (12)	LLC Units	Energy	08/09/2021		2,946,390		—		—
Alphasense, Inc. (9) (11)	Series C	Software & Tech Services	06/01/2021		23,961		369,843		632,053
Concerto Health AI Solutions, LLC (11)  (12)	Series B-1	Software & Tech Services	12/23/2019		65,614		349,977		327,029
Datarobot, Inc. (11)	Series E	Software & Tech Services	08/30/2019		38,190		289,278		263,363
Datarobot, Inc. (11)	Series F	Software & Tech Services	10/27/2020		6,715		88,248		62,997
Degreed, Inc. (11)	Series C-1	Software & Tech Services	06/25/2019		43,819		278,541		241,557
Degreed, Inc. (11)	Series D	Software & Tech Services			16,943		278,308		231,450
Content Square SAS (11)	Series F	Software & Tech Services			24,472		206,755		206,715
Content Square SAS (11)	Earn Out	Software & Tech Services			2,027		8,561		—
Knockout Intermediate Holdings I, Inc. (Kaseya, Inc.) (11)	Perpetual	Software & Tech Services	06/23/2022		1,345		1,311,760		1,576,537
Netskope, Inc. (11)	Series G	Software & Tech Services	01/27/2020		36,144		302,536		399,649
Phenom People, Inc. (11)	Series C	Software & Tech Services	01/08/2020		35,055		220,610		395,180
Protoscale Rubrik, LLC (11)	Class B	Software & Tech Services	01/04/2019		25,397		598,212		640,415
Swyft Parent Holdings LP (11) (12)	Preferred Units	Software & Tech Services	02/07/2022		850,470		758,389		943,224
Symplr Software Intermediate Holdings, Inc. (11)	Series A	Software & Tech Services	11/30/2018		1,196		1,160,532		2,056,192
Vectra AI, Inc (11)	Series F	Software & Tech Services	05/28/2021		17,064		131,095		104,619
SCP Resonatics Aggregator I, LLC (11)	Class A	Healthcare			541		368,990		368,990
Total U.S. Preferred Stock							6,994,461		8,777,660
U.S. Common Stock - 2.00%
Content Square SAS (11)	Ordinary Shares	Software & Tech Services			75,889		416,757		416,758
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		252,213
Freddy’s Acquisition, LP (Freddy’s Frozen Custard, LLC) (11)	LP Interests	Consumer Non-Cyclical	03/03/2021		72,483		72,483		143,917
8x8, Inc. (9)  (11) (13)	Common Units	Digital Infrastructure & Services			7,886		170,890		29,809
Avant Communications, LLC (11) (12)	Class A	Digital Infrastructure & Services	11/30/2021		236,307		236,307		344,264
MSP Global Holdings, Inc. (11)	Class A	Digital Infrastructure & Services	01/24/2022		333,937		61,110		86,110
NEPCORE Parent Holdings, LLC (11)	LP Interests	Digital Infrastructure & Services	10/21/2021		98		97,884		30,933
Neutral Connect, LLC (11)	LLC Units	Digital Infrastructure & Services	10/21/2021		396,513		439,932		227,344
Thrive Parent, LLC (11)	Class L	Digital Infrastructure & Services	01/22/2021		102,108		271,128		486,246
Advantage AVP Parent Holdings, L.P. (Medical Management Resource Group, LLC) (11)	Units	Healthcare	09/30/2021		34,492		34,492		28,007
American Outcomes Management, L.P. (11)  (12)	Class A	Healthcare	02/17/2022		290,393		18,979		454,404
Community Based Care Holdings, LP (11)	Senior Common Units	Healthcare	01/03/2022		179		178,916		245,905
GSV MedSuite Investments, LLC (Millin Purchaser, LLC) (11)	Class A	Healthcare	03/31/2022		86,555		86,555		73,611
Health Platform Group, Inc (11)	Earn Out	Healthcare	10/31/2020		16,502		—		4,455
INH Group Holdings, Inc. (11)	Class A	Healthcare	01/31/2019		484,552		484,552		9,135
RCFN Parent, LP (People’s Care) (11)	LP Interests	Healthcare	06/18/2021		77		78,284		80,825
REP Coinvest III AGP Blocker, L.P. (Agape Care Group) (11)	LP Interests	Healthcare	10/14/2021		590,203		590,203		1,021,579
SBS Super Holdings, LLC ^^^  (11)	Class A	Healthcare	05/12/2023		21		—		—
SBS Super Holdings, LLC ^^^  (11)	Class B	Healthcare	05/12/2023		100		10		—
Brightspot Holdco, LLC (11)	Class A	Software & Tech Services	11/16/2021		433,207		433,207		450,807
GSV Vehlo Investments, LLC (Vehlo Purchaser, LLC) (11)	Class A	Software & Tech Services	05/24/2022		150,297		150,297		179,340
Human Security (11)	Class A	Software & Tech Services	07/29/2022		329,116		953,134		639,114
Moon Topco, L.P. (Radiant Logic, Inc.) (11)	Class A	Software & Tech Services	04/21/2021		3,600		35,999		54,330
Mykaarma Acquisition LLC (11)	LP Interests	Software & Tech Services	03/21/2022		257,031		257,031		340,890
Pamlico Part Time (11)	LP Interests	Software & Tech Services			138,390		138,390		138,390
Ranger Lexipol Holdings, LLC (11)	Class A	Software & Tech Services	11/18/2021		433		355,837		464,789
Ranger Lexipol Holdings, LLC (11)	Class B	Software & Tech Services	11/18/2021		433		77,371		105,986
REP Coinvest III Tec, L.P. (American Safety Holdings Corp.) (11)	LP Interests	Software & Tech Services	06/18/2020		167,509		190,658		267,689
Servpro, LLC (11)	LP Interests	Business Services			277,533		277,533		277,533
Stripe, Inc. (11)	Class B	Software & Tech Services			4,158		166,854		94,948
Swyft Parent Holdings LP (11) (12)	LP Interests	Software & Tech Services	02/07/2022		4,485		53,049		48,549
SCP Resonatics Aggregator I, LLC (11)	Class B	Healthcare			32,450		171,840		171,840
ADT Commercial Co Invest (9) (11)	LP Interests	Healthcare	09/29/2023		1,100,000		1,100,000		1,100,000
REP Coinvest III-A Omni, L.P. (Omni Logistics, LLC) (11)	LP Interests	Transport & Logistics	02/05/2021		193,770		53,301		263,971

See Notes to Consolidated Financial Statements

33

AB Private Credit Investors Corporation

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

Portfolio Company	Class/Series	Industry	Initial Acquisition Date  (10)	Shares		Cost		Fair Value
REP RO Coinvest IV A Blocker (Road One) (11)	Class A	Transport & Logistics	12/28/2022		66,441,840	$	664,418	$	759,364
Consortium Networks, LLC (11)	LP Interests	Software & Tech Services			776,334		776,334		776,334
Total U.S. Common Stock							9,415,044		10,069,389
U.S. Warrants - 0.20%
Alphasense, Inc., expire 05/29/2027 (9)  (11)	Series B	Software & Tech Services	06/02/2020		40,394		35,185		765,510
Degreed, Inc., expire 04/11/2028 (11)	Series D	Software & Tech Services	04/11/2021		7,624		—		5,736
Degreed, Inc., expire 05/31/2026 (11)	Series C -1	Software & Tech Services	05/31/2019		26,294		46,823		49,501
Degreed, Inc., expire 08/18/2029 (11)	Common Shares	Software & Tech Services	08/18/2022		9,374		41,527		22,124
ScyllaDB, Inc., expire 09/08/2032 (9)(11)	Series C-1	Software & Tech Services	09/08/2022		239,984		43,880		98,162
Vectra AI, Inc., expire 03/18/2031 (11)	Series F	Software & Tech Services	03/18/2021		35,156		58,189		77,654
Total U.S. Warrants							225,605		1,018,687
United Kingdom Warrants - 0.05%
GlobalWebIndex, Inc., expire 12/30/2027 (11)	Preferred Units	Software & Tech Services	12/30/2020		11,776		159,859		272,172
Total United Kingdom Warrants							159,859		272,172
Portfolio Company	Class/Series			Shares		Cost		Fair Value
U.S. Investment Companies - 2.18%
Orangewood WWB Co-Invest, L.P. (11)  (14)	LP Interests				829,314	$	829,314	$	1,127,867
ORCP III Triton Co-Investors, L.P. (11) (14)	LP Interests				341,592		98,394		789,761
AB Equity Investors, L.P. (11) (14)	LP Interests				5,377,887		5,377,887		6,064,911
Falcon Co-Investment Partners, L.P. (11) (14)	LP Interests				818,579		818,579		819,397
GHP E Aggregator, LLC (11) (14)	LLC Units				417,813		186,588		666,829
GHP SPV 2, L.P. (9) (11) (14)	LP Interests				271,942		271,942		267,863
Magenta Blocker Aggregator, LP (11) (14)	LP Interests				821,397		676,978		1,016,067
Palms Co-Investment Partners, L.P. (11) (14)	LP Interests				261,449		261,449		261,449
							8,521,131		11,014,144
Total U.S. Investment Companies							8,521,131		11,014,144
TOTAL INVESTMENTS - 260.04% (15)						$	1,329,540,850	$	1,311,120,584
Portfolio Company		Industry		Shares		Cost		Fair Value
Cash Equivalents - 11.35%
Blackrock T Fund I (13) (16)	Money Market	Money Market Portfolio	5.26% (17)		29,297,280	$	29,297,280	$	29,297,280
State Street Institutional US Government Money Market Fund (13) (16)	Money Market	Money Market Portfolio	5.23% (17)		5,594,935		5,594,935		5,594,935
US Bank MMDA GCTS Money Market Fund (13)(16)	Money Market	Money Market Portfolio	4.75% (17)		22,338,035		22,338,035		22,338,035
Total Cash Equivalents							57,230,250		57,230,250
Cash - 3.06%
US Dollar	Cash	USD			15,441,678		15,441,678		15,441,678
Total Cash							15,441,678		15,441,678
Total Cash and Cash Equivalents							72,671,928		72,671,928
LIABILITIES IN EXCESS OF OTHER ASSETS - ( 174.45 %)								$	(879,595,267	)
NET ASSETS - 100.00%								$	504,197,245

(++)  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”. Industry sectors have been updated with the addition of new sub-industries and moving some industries to relevant sub-industries.

+  As of December 31, 2023, qualifying assets represented 97.29% 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 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. 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. SOFR loans may be subject to interest floors. As of December 31, 2023, rates for weekly 1M S, 3M S and 6M S are 5.34%, 5.36% and 5.35%, respectively. As of December 31, 2023, the U.S. Prime rate was 8.50%.

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

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

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

(2)  Position or 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”.

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

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

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

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

(8)  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, 2023.

See Notes to Consolidated Financial Statements

34

AB Private Credit Investors Corporation

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

(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 December 31, 2023, the aggregate fair value of these securities is $19,827,286 or 3.93% 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 $12,889,328; aggregate gross unrealized depreciation for federal income tax purposes is $31,169,850. Net unrealized depreciation is $18,280,522 based upon a tax cost basis of $1,329,401,106.

(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 December 31, 2023.

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

See Notes to Consolidated Financial Statements

35

AB Private Credit Investors Corporation

Notes to Unaudited Consolidated Financial Statements

March 31, 2024

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 March 31, 2024, the Fund had total Capital Commitments of $671,704,159, of which 17% or $111,680,290 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 ABPCI 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.

36

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 presentation of the statement of financial position and results from operations. Operating results for interim periods are not necessarily indicative of operating results for an entire year.

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

Consolidation

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

non-controlling

interest in ABPCICE is presented as

“Non-Controlling

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

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. 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.

37

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.

Investment Transactions

Investment transactions are accounted for on trade date. Realized gains (losses) on investments sold are recorded on the basis of specific identification method for both consolidated financial statement and U.S. federal income tax purposes. Payable for investments purchased and receivable for investments sold on the consolidated statements of assets and liabilities, if any, represents the cost of purchases and proceeds from sales of investment securities, respectively, for trades that have been executed but not yet settled.

Non-Accrual

Investments

Investments are placed on

non-accrual

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

non-accrual

status. Interest or dividend payments received on

non-accrual

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

Non-accrual

investments are restored to accrual status when past due principal and interest or dividends are paid and, in management’s judgment, principal and interest or dividend payments are likely to remain current. The Fund may make exceptions to this treatment if an investment has sufficient collateral value and is in the process of collection. As of March 31, 2024, the Fund had certain investments held in three portfolio companies on

non-accrual

status, which represented 1.37% and 0.25% of the total investments (excluding investments in cash equivalents, if any) at amortized cost and at fair value, respectively. As of December 31, 2023, the Fund had certain investments held in three portfolio companies on

non-accrual

status, which represented 1.46% and 0.27% of the total investments (excluding investments in cash equivalents, if any) at amortized cost and at fair value, respectively.

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

38

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

sale/buy-back

agreements and financing charges associated with the

sale/buy-back

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

sale/buy-back

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

Income Taxes

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

“more-likely-than-not”

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

more-likely-than-not

threshold are recorded as a tax benefit or expense in the current year. Based on its analysis of its tax position for all open tax years (the current and prior two years), the Fund has concluded that it does not have

a

ny uncertain tax positions that met the recognition or measurement criteria of ASC 740. Such open tax years remain subject to examination and adjustment by tax authorities.

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

1120-RIC,

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

one-year

period ending on October 31 of the calendar year and (iii) any net ordinary income and capital gains in excess of capital losses for preceding years that were not distributed during such years. The Fund, at its discretion, may carry forward taxable income in excess of calendar year dividends and pay a 4% nondeductible U.S. federal excise tax on this income. The Fund will accrue excise tax on estimated undistributed taxable income as required. As of March 31, 2024, and December 31, 2023, $0 and $0, respectively, of accrued excise taxes remained payable. For the three months ended March 31, 2024 and 2023, the Fund accrued income taxes of $87,570 and $17,301, respectively. As of March 31, 2024 and December 31, 2023, $323,043 and $241,195, 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. 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

39

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 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. The Fund intends to timely distribute to its stockholders substantially all of its annual taxable income for each year, except that the Fund may retain certain net capital gains for reinvestment and, depending upon the level of the Fund’s taxable income earned in a year, the Fund may choose to carry forward taxable income for distribution in the following year and pay any applicable U.S. federal excise tax. The specific tax characteristics of the Fund’s distributions will be reported to stockholders after the end of the calendar year. All distributions will be subject to available funds, and no assurance can be given that the Fund will be able to declare such distributions in future periods.

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

3. Related Party Transactions

Advisory Agreement

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

On March 24, 2022, the Fund entered into the second amended and restated investment advisory 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%.

For the three months ended March 31, 2024, the Fund incurred a management fee of $4,646,517. For the three months ended March 31, 2023, the Fund incurred a management fee of $3,938,904. As of March 31, 2024, and December 31, 2023, $

4,646,517

and $4,479,535, 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.

40

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

Description of Quarterly Incentive Fee Calculations

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

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

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

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

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

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

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

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

For the three months ended March 31, 2024 and March 31, 2023, the Fund incurred income-based incentive fees of $3,241,756 and $2,754,604, respectively. As of March 31, 2024 and December 31, 2023, $3,241,756, and $3,369,132, 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 the Second Amended and Restated Advisory Agreement shall terminate as of a date that is not a calendar year end, the termination date shall be treated as though it were a calendar year end for purposes of calculating and paying a capital gains fee.

While the capital gains fee to be paid is determined above, GAAP requires such fee to be accrued as if the Fund were to be terminated and liquidated at period end hypothetical liquidation. There was no capital gains incentive fee under GAAP recognized for the three months ended March 31, 2024 and March 31, 2023. As of March 31, 2024 and December 31, 2023, $0 and $0, respectively, of capital gains incentive fee remained payable.

41

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 Second 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 its allocable portion (subject to the review of the Fund’s 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.

42

Transfer Agency Agreement

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

For the three months ended March 31, 2024 and March 31, 2023, the Fund accrued $38,688 and $35,272, respectively, in transfer agent fees. As of March 31, 2024 and December 31, 2023, $38,688 and $35,381, 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.

43

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 SB
For the Three Months Ended March 31, 2024
Non-Controlled Affiliates
SBS Super Holdings, LLC (Class B Units)	$	—	$	—	$	—		$	—	$	—	$	—	$	—
Delaware Valley Management Holdings, Inc.		237,136		—		—			—		12,607		249,743	$	—
Delaware Valley Management Holdings, Inc.		624,645		—		(211,251	)		—		41,870		455,264		—
Delaware Valley Management Holdings, Inc.		350,292		—		(5,866	)		—		24,489		368,915		—
Delaware Valley Management Holdings, Inc.		2,252,790		—		—			—		119,768		2,372,558		—
	$	3,464,863	$	—	$	(217,117	)	$	—	$	198,734	$	3,446,480	$	—
For the Three Months Ended March 31, 2023
Controlled Affiliates
Bowline Topco LLC	$	173,837	$	—	$	—		$	—	$	—	$	173,837	$	—
	$	173,837	$	—	$	—		$	—	$	—	$	173,837	$	—

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

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

4. Borrowings

Credit Facilities

HSBC Credit Facility

On July 8, 2021, the Fund entered into Joinder and Third Amendment to Revolving Credit Agreement (the “HSBC Joinder”), with HSBC as administrative agent and a lender, and each of the parties listed thereto, pursuant to which the Fund became party to a subscription financing facility (the “2021 HSBC Credit Facility”) evidenced by Revolving Credit Agreement, dated as of June 14, 2019 (as amended, restated, supplemented or otherwise modified from time to time, the “2021 HSBC Credit Agreement”), by and among

AB-Abbott

Private Equity Investors 2019 (Delaware) Fund L.P.,

AB-Abbott

Private Equity Investors 2020 (Delaware) Fund L.P.,

AB-Abbott

Private Equity Solutions 2021 (Delaware) Fund L.P., AB Private Credit Investors Middle Market Direct Lending Fund L.P.,

AB-Abbott

Private Equity Solutions 2022 (Delaware), affiliates of the Fund, the banks and financial institutions from time to time party thereto as lenders, and HSBC as administrative agent.” The Fund Group Facility Sublimit (as defined in the 2021 HSBC Credit Agreement) applicable to the Fund under the 2021 HSBC Credit Facility is $50 million. Borrowings under the 2021 HSBC Credit Facility bear interest at a rate per annum equal to (i) with respect to SOFR Loans, Adjusted Term SOFR (as defined in the 2021 HSBC Credit Agreement) plus the Applicable Margin (as defined in the 2021 HSBC Credit Agreement) for the applicable Interest Period (as defined in the 2021 HSBC Credit Agreement) and (ii) with respect to Reference Rate Loans (as defined in the 2021 HSBC Credit Agreement), the Reference Rate (as defined in the 2021 HSBC Credit Agreement) in effect from day to day. The Fund will also pay an unused commitment fee of 0.35%. Proceeds under the 2021 HSBC Credit Agreement may be used for any purpose permitted under the Fund’s organizational documents, including general corporate purposes such as the making of investments. The 2021 HSBC Credit Agreement contains certain customary covenants and events of default, with customary cure and notice provisions. As of March 31, 2024, 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.

44

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, (ii) temporarily reduced the 2021 HSBC Credit Facility’s maximum commitment from $200,000,000 to $135,000,000 until June 7, 2024 and (iii) reduced the Fund’s sublimit commitment from $33,000,000 to $31,000,000.

On November 15, 2023, the Fund entered into Amendment No. 10 to the 2021 HSBC Credit Agreement. The 2021 HSBC Credit Agreement Amendment No. 10 (i) temporarily increased the 2021 HSBC Credit Facility’s maximum commitment from $135,000,000 to $200,000,000 until February 13, 2024, (ii) temporarily increased the Fund’s facility sublimit from $31,000,000 to $40,000,000 until February 13, 2024, after which the Fund’s facility sublimit reduced from $40,000,000 to $30,000,000 until June 7, 2024.

Synovus Credit Facility

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

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

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

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.

45

The Synovus Credit Facility contains certain customary covenants and events of default, with customary cure and notice provisions. As of March 31, 2024, 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. On July 1, 2021, ABPCIC Funding III entered into an amendment to the Natixis Credit Agreement providing for, among other things, an upsize of the aggregate principal amount of the commitments under the Natixis Credit Agreement from $100,000,000 to $150,000,000. On November 5, 2021, pursuant to an amendment to Natixis Credit Agreement, the Fund increased the commitment of the existing lender by $75,000,000 from $150,000,000 to $225,000,000. On March 4, 2022, pursuant to Amendment No 4 to the Natixis Credit Agreement, ABPCIC Funding III increased the commitment by $25,000,000 from $225,000,000 to $250,000,000. On May 27, 2022, pursuant to Amendment No. 5 to the Natixis Credit Agreement, ABPCIC Funding III increased the commitment by $50,000,000 from $250,000,000 to $300,000,000. The 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”) and 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 March 31, 2024, the Fund is in compliance with these covenants.

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.

46

The Fund’s outstanding borrowings through the Revolving Credit Facilities as of March 31, 2024 were as follows:

	Aggregate Borrowing Amount Committed		Outstanding Borrowing		Amount Available		Carrying Value
HSBC	$	30,000,000	$	—	$	30,000,000	$	—
Synovus		200,000,000		198,000,000		2,000,000		198,000,000
Natixis		200,000,000		144,950,000		55,050,000		144,950,000
Total	$	430,000,000	$	342,950,000	$	87,050,000	$	342,950,000

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

	Aggregate Borrowing Amount Committed		Outstanding Borrowing		Amount Available		Carrying Value
HSBC	$	40,000,000	$	8,000,000	$	32,000,000	$	8,000,000
Synovus		200,000,000		198,000,000		2,000,000		198,000,000
Natixis		200,000,000		105,500,000		94,500,000		105,500,000
Total	$	440,000,000	$	311,500,000	$	128,500,000	$	311,500,000

As of March 31, 2024 and December 31, 2023, deferred financing costs were $1,876,659 and $2,461,248, 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.

The CLO VI Transaction was executed through a private placement and the notes offered (the “VI Notes”) that remain outstanding as of March 31, 2024 and December 31, 2023 were as follows:

	March 31, 2024
	Principal Amount		Interest Rate			Carrying Value (1)
Class A-1-R Senior Secured Floating Rate Note (“Class A-1-R”)	$	98,250,000		S + 1.83	%	$	97,642,557
Class A-1-L Senior Secured Floating Rate Loan (“Class A-1-L”)	$	75,000,000		S + 1.83	%	$	74,827,177
Class A-1-F Senior Secured Fixed Rate Note (“Class A-1-F”)	$	30,000,000		4.305	%	$	29,930,869
Class A-2-R Senior Secured Floating Rate Note (“Class A-2-R”)	$	43,500,000		S + 2.25	%	$	43,399,774
Class B-R Secured Deferrable Floating Rate Note (“Class B-R”)	$	19,250,000		S + 3.10	%	$	—	*
Class C-R Secured Deferrable Floating Rate Note (“Class C-R”)	$	20,125,000		S + 4.15	%	$	—	*
Subordinated Notes	$	61,320,000		N/A		$	—	*

* Class B-R, Class C-R and Subordinated Notes are held by the Fund and have been eliminated in consolidation.

(1) Carrying value is net of unamortized discount and debt issuance costs. Unamortized discount and debt issuance costs associated with the Notes totaled $381,132 and $568,496, respectively, as of March 31, 2024 and are reflected on the consolidated statements of assets and liabilities.

47

	December 31, 2023
	Principal Amount		Interest Rate			Carrying Value (1)
Class A-1-R Senior Secured Floating Rate Note (“Class A-1-R”)	$	98,250,000		S + 1.83	%	$	97,580,763
Class A-1-L Senior Secured Floating Rate Loan (“Class A-1-L”)	$	75,000,000		S + 1.83	%	$	74,787,057
Class A-1-F Senior Secured Fixed Rate Note (“Class A-1-F”)	$	30,000,000		4.305	%	$	29,914,823
Class A-2-R Senior Secured Floating Rate Note (“Class A-2-R”)	$	43,500,000		S + 2.25	%	$	43,376,507
Class B-R Secured Deferrable Floating Rate Note (“Class B-R”)	$	19,250,000		S + 3.10	%	$	—	*
Class C-R Secured Deferrable Floating Rate Note (“Class C-R”)	$	20,125,000		S + 4.15	%	$	—	*
Subordinated Notes	$	61,320,000		N/A		$	—	*

* Class B-R, Class C-R and Subordinated Notes are held by the Fund and have been eliminated in consolidation.

(1) Carrying value is net of unamortized discount and debt issuance costs. Unamortized discount and debt issuance costs associated with the Notes totaled $390,381 and $700,469, respectively, as of December 31, 2023 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 Notes are the secured obligations 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 are not expected to 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. 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 and as such, for the three months ended March 31, 2024, and March 31, 2023 the Fund did not incur any collateral management fees.

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 is 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 March 31, 2024, and December 31, 2023 were as follows:

	March 31, 2024
	Principal Amount		Interest Rate			Carrying Value (1)
Class A Senior Secured Floating Rate Note (“Class A”)	$	228,000,000		S + 2.60	%	$	225,904,701
Class B Senior Secured Floating Rate Note (“Class B”)	$	36,000,000		S + 3.65	%	$	35,669,164
Class C Secured Deferrable Floating Rate Note (“Class C”)	$	36,000,000		S + 4.55	%	$	35,669,164
Class D Secured Deferrable Floating Rate Note (“Class D”)	$	28,000,000		S + 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 $2,756,971 respectively, as of March 31, 2024 and are reflected on the consolidated statements of assets and liabilities.

48

	December 31, 2023
	Principal Amount		Interest Rate			Carrying Value (1)
Class A Senior Secured Floating Rate Note (“Class A”)	$	228,000,000		S + 2.60	%	$	225,734,763
Class B Senior Secured Floating Rate Note (“Class B”)	$	36,000,000		S + 3.65	%	$	35,642,331
Class C Secured Deferrable Floating Rate Note (“Class C”)	$	36,000,000		S + 4.55	%	$	35,642,331
Class D Secured Deferrable Floating Rate Note (“Class D”)	$	28,000,000		S + 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 $2,980,575 respectively, as of December 31, 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.

Secured Borrowings outstanding as of March 31, 2024 were as follows :

Loan Name	Trade Date		Maturity Date	bps Daily Rate		Amount
Bonterra LLC.		1/2/2024	90 days or less from trade date		2.49	$	2,143,751
						$	2,143,751

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

Loan Name	Trade Date	Maturity Date	bps Daily Rate		Amount
Saviynt, Inc.	10/23/2023	90 days or less from trade date		2.27	$	2,325,617
					$	2,325,617

As of March 31, 2024 and December 31, 2023, total outstanding borrowings, net of unamortized discount and debt issuance costs, under the Revolving Credit Facilities, Notes, and Secured Borrowings were $888,137,157 and $856,504,192, respectively.

49

Interest Expense on Borrowings

For the three months ended March 31, 2024 and March 31, 2023, the components of interest and other debt expenses related to the borrowings were as follows:

	For the three months ended
	March 31, 2024			March 31, 2023
Interest and borrowing expenses	$	17,384,960		$	12,921,645
Commitment fees		213,709			86,532
Amortization of discount, debt issuance and deferred financing costs		1,343,240			773,483
Total	$	18,941,909		$	13,781,660
Weighted average interest rate (1)		8.03	%		7.23	%
Average outstanding balance	$	870,764,980		$	724,943,300

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

5. Fair Value Measurement

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

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

The three-tier hierarchy of inputs is summarized below:

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

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

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

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

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

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

Valuation of Investments

Pursuant to the amended SEC Rule

2a-5

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

Sub-Committee.

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

50

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

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

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

The following tables summarizes the valuation of the Fund’s investments as of March 31, 2024:

Assets*	Level 1		Level 2		Level 3		Total
Cash Equivalents
Investment Companies	$	35,851,659	$	—	$	—	$	35,851,659
Total Cash Equivalents	$	35,851,659	$	—	$	—	$	35,851,659
Assets*
1st Lien/Senior Secured Debt	$	—	$	—	$	1,344,352,595	$	1,344,352,595
2nd Lien/Junior Secured Debt		—		—		9,394,414		9,394,414
Preferred Stock		—		—		8,647,975		8,647,975
Common Stock		21,292		114,324		7,780,083		7,915,669
Warrants		—		—		1,372,429		1,372,429
Total	$	21,292	$	114,324	$	1,371,547,496	$	1,371,683,112
Investments valued at NAV as a practical expedient #								15,454,862
Total assets #							$	1,387,137,974

* See consolidated schedule of investments for industry classifications.

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

The following tables summarizes the valuation of the Fund’s investments as of December 31, 2023:

Assets*	Level 1		Level 2		Level 3		Total
Cash Equivalents
Investment Companies	$	57,230,250	$	—	$	—	$	57,230,250
Total Cash Equivalents	$	57,230,250	$	—	$	—	$	57,230,250
Assets*
1st Lien/Senior Secured Debt	$	—	$	—	$	1,270,762,647	$	1,270,762,647
2nd Lien/Junior Secured Debt		—		—		9,205,885		9,205,885
Preferred Stock		—		—		8,777,660		8,777,660
Common Stock		29,809		—		10,039,580		10,069,389
Warrants		—		—		1,290,859		1,290,859
Total	$	29,809	$	—	$	1,300,076,631	$	1,300,106,440
Investments valued at NAV as a practical expedient #								11,014,144
Total assets #							$	1,311,120,584

* See consolidated schedule of investments for industry classifications.

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

51

The following is a reconciliation of Level 3 assets for the three months ended March 31, 2024:

	1st Lien/Senior Secured Debt		2nd Lien/Junior Secured Debt		Preferred Stock		Common Stock		Warrants		Total
Balance as of January 1, 2024	$	1,270,762,647	$	9,205,885	$	8,777,660	$	10,039,580	$	1,290,859	$	1,300,076,631
Purchases (including PIK)		85,014,404		—		—		—		—		85,014,404
Sales and principal payments		(18,576,670)		—		—		—		—		(18,576,670)
Realized Gain (Loss)		37,339		—		—		—		—		37,339
Net Amortization of Premium/Discount		1,338,501		4,739		—		—		—		1,343,240
Transfers In		—		—		—		—		—		—
Transfers Out		—		—		(368,990)		(2,589,678)		—		(2,958,668)
Net Change in Unrealized Appreciation (Depreciation)		5,776,374		183,790		239,305		330,181		81,570		6,611,220
Balance as of March 31, 2024	$	1,344,352,595	$	9,394,414	$	8,647,975	$	7,780,083	$	1,372,429	$	1,371,547,496
Change in Unrealized Appreciation (Depreciation) for Investments Still Held	$	5,542,028	$	183,790	$	239,305	$	306,045	$	81,570	$	6,352,738

For the three months ended March 31, 2024, there were no transfers into Level 3.

For the three months ended March 31, 2024, there were transfers out of Level 3 into Level 2 of $263,971. Transfers out of Level 3 are due to an increase in the quantity and reliability of broker quotes obtained.

Further amounts of $2,694,697 of Common Stock 

and Preferred Stock 

were

transferred out of Level 3 as these positions are now valued using their net asset values as a practical expedient and therefore are excluded from levels 1, 2 or 3.

The following is a reconciliation of Level 3 assets for the year ended December 31, 2023:

	1st Lien/Senior Secured Debt		2nd Lien/Junior Secured Debt		Preferred Stock		Common Stock		Warrants		Total
Balance as of January 1, 2023	$	1,088,190,382	$	10,640,036	$	9,218,222	$	7,420,892	$	994,095	$	1,116,463,627
Purchases (including PIK)		331,961,677		—		307,380		2,953,033		41,528		335,263,618
Sales and principal payments		(155,742,027)		(1,230,106)		(838,348)		(344,961)		—		(158,155,442)
Realized Gain (Loss)		(3,284,325)		—		(652,009)		6,244		—		(3,930,090)
Net Amortization of Premium/Discount		6,043,162		32,368		—		—		—		6,075,530
Transfers In		—		—		—		—		—		—
Transfers Out		—		—		—		—		—		—
Net Change in Unrealized Appreciation (Depreciation)		3,593,778		(236,413)		742,415		4,372		255,236		4,359,388
Balance as of December 31, 2023	$	1,270,762,647	$	9,205,885	$	8,777,660	$	10,039,580	$	1,290,859	$	1,300,076,631
Change in Unrealized Appreciation (Depreciation) for Investments Still Held	$	(31,790)	$	(253,588)	$	217,846	$	4,372	$	255,236	$	192,076

52

For the year ended December 31, 2023, there were no transfers into or out of Level 3.    

The following tables present the ranges of significant unobservable inputs used to value the Fund’s Level 3 investments as of March 31, 2024 and December 31, 2023, respectively. These ranges represent the significant unobservable inputs that were used in the valuation of each type of investment. These inputs are not representative of the inputs that could have been used in the valuation of any one investment. Accordingly, the ranges of inputs presented below do not represent uncertainty in, or possible ranges of, fair value measurements of the Fund’s

Level 3 investments.

	Fair Value as of March 31, 2024		Valuation Techniques	Unobservable Input	Range/Input (Weighted Average) (1)	Impact to Valuation from an Increase in Input
Assets:
1st Lien/Senior Secured Debt	$	1,279,802,630	Market Yield Analysis	Market Yield	0.0% - 25.0% (11.2%)	Decrease
		5,750,234	Market Approach	EBITDA Multiple	8.3x	Increase
		28,675	Liquidation Value	Recovery Rate	1%	Increase
		11,587	Liquidation Value	Bankruptcy Costs	N/A	N/A
		3,446,480	Recent Transaction	Transaction Price	N/A	N/A
		55,312,989	Recent Purchase	Purchase Price	N/A	N/A
2nd Lien/Junior Secured Debt		2,856,704	Market Yield Analysis	Market Yield	15.6%	Decrease
		6,537,710	Expected Repayment	Redemption Price	N/A	N/A
Preferred Stock		861,223	Market Approach	EBITDA Multiple	13.0x	Increase
		3,348,874	Market Approach	Revenue Multiple	4.0x - 10.3x (6.7x)	Increase
		4,231,163	Market Yield Analysis	Dividend Yield	14.0% - 19.2% (17.2%)	Decrease
		206,715	Recent Transaction	Transaction Price	N/A	N/A
Common Stock		5,410,132	Market Approach	EBITDA Multiple	8.5x - 26.5x (14.4x)	Increase
		1,729,260	Market Approach	Revenue Multiple	0.5x - 11.9x (7.8x)	Increase
		223,933	Market Approach	Cashflow Multiple	19.5x	Increase
		416,758	Recent Transaction	Transaction Price	N/A	N/A
Warrants		1,372,429	Market Approach	Revenue Multiple	5.5x - 8.0x (7.5x)	Increase
Total Assets	$	1,371,547,496

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

	Fair Value as of December 31, 2023		Valuation Techniques	Unobservable Input	Range/Input (Weighted Average) (1)	Impact to Valuation from an Increase in Input
Assets:
1st Lien/Senior Secured Debt	$	1,179,503960	Market Yield Analysis	Market Yield	9.3% - 24.5% (11.6%)	Decrease
		5,808,782	Market Approach	EBITDA Multiple	7.3x	Increase
		28,689	Liquidation Value	Recovery Rate	1%	Increase
		176,105	Liquidation Value	Bankruptcy Costs	N/A	Increase
		85,245,111	Recent Purchase	Purchase Price	N/A	N/A
2nd Lien/Junior Secured Debt		9,205,885	Market Yield Analysis	Market Yield	16.6% - 17.7% (16.9%)	Decrease
Preferred Stock		399,649	Market Approach	EBITDA Multiple	10.0x	Increase
		2,898,663	Market Approach	Revenue Multiple	4.0x - 10.0x (6.4x)	Increase
		4,903,643	Market Yield Analysis	Dividend Yield	11/1% - 21.3% (12.5%)	Increase
		575,705	Recent Purchase	Purchase Price	N/A	N/A
Common Stock		4,948,721	Market Approach	EBITDA Multiple	8.5x - 26.5x (14.2x)	Increase
		1,941,578	Market Approach	Revenue Multiple	0.7x - 20.0x (9.0x)	Increase
		4,455	Expected Repayment	Redemption Price	N/A	Increase
		3,144,826	Recent Purchase	Purchase Price	N/A	N/A
Warrants		1,290,859	Market Approach	Revenue Multiple	5.2x - 8.6x (7.8x)	Increase
Total Assets	$	1,300,076,631

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

53

Financial Instruments Disclosed, But Not Carried, At Fair Value

The following table presents the carrying value and fair value of the Fund’s financial liabilities disclosed, but not carried, at fair value as of March 31, 2024 and the level of each financial liability within the fair value hierarchy.

	Carrying Value (1)		Fair Value		Level 1		Level 2		Level 3
Class A-1-R Senior Secured Floating Rate Note (“Class A-1-R”)	$	97,642,557	$	98,004,375	$	—	$	—	$	98,004,375
Class A-1-L Senior Secured Floating Rate Loan (“Class A-1-L)”		74,827,177		74,812,500		—		—		74,812,500
Class A-1-F Senior Secured Fixed Rate Note (“Class A-1-F)”		29,930,869		28,350,000		—		—		28,350,000
Class A-2-R Senior Secured Floating Rate Note (“Class A-2-R”)		43,399,774		43,065,000		—		—		43,065,000
Class A Senior Secured Floating Rate Note (“Class A”)		225,904,701		233,700,000		—		—		233,700,000
Class B Senior Secured Floating Rate Note (“Class B”)		35,669,164		37,620,000		—		—		37,620,000
Class C Secured Deferrable Floating Rate (“Class C”)		35,669,164		37,620,000		—		—		37,620,000
Total	$	543,043,406	$	553,171,875	$	—	$	—	$	553,171,875

(1) Carrying value is net of unamortized discount and debt issuance costs. Unamortized discount and debt issuance costs associated with the Notes totaled $381,132 and $3,325,467 as of March 31, 2024 and are reflected on the consolidated statements of assets and liabilities.

The following table presents the carrying value and fair value of the Fund’s financial liabilities disclosed, but not carried, at fair value as of December 31, 2023 and the level of each financial liability within the fair value hierarchy.

	Carrying Value (1)		Fair Value		Level 1		Level 2		Level 3
Class A-1-R Senior Secured Floating Rate Note (“Class A-1-R”)	$	97,580,763	$	96,776,250	$	—	$	—	$	96,776,250
Class A-1-L Senior Secured Floating Rate Loan (“Class A-1-L)”		74,787,057		73,875,000		—		—		73,875,000
Class A-1-F Senior Secured Fixed Rate Note (“Class A-1-F)”		29,914,823		27,825,000		—		—		27,825,000
Class A-2-R Senior Secured Floating Rate Note (“Class A-2-R”)		43,376,507		41,868,750		—		—		41,868,750
Class A Senior Secured Floating Rate Note (“Class A”)		225,734,763		228,570,000		—		—		228,570,000
Class B Senior Secured Floating Rate Note (“Class B”)		35,642,331		36,360,000		—		—		36,360,000
Class C Secured Deferrable Floating Rate (“Class C”)		35,642,331		36,450,000		—		—		36,450,000
Total	$	542,678,575	$	541,725,000	$	—	$	—	$	541,725,000

(1) Carrying value is net of unamortized discount and debt issuance costs. Unamortized discount and debt issuance costs associated with the Notes totaled $390,381 and $3,681,044 as of December 31, 2023 and are reflected on the consolidated statements of assets and liabilities.

54

6. Commitments & Contingencies

Commitments

The Fund may enter into commitments to fund investments. As of March 31, 2024 and December 31, 2023 the Adviser believed that the Fund had adequate financial resources to satisfy its unfunded commitments. The amounts associated with unfunded commitments to provide funds to portfolio companies are not recorded in the Fund’s consolidated statements of assets and liabilities. Since these commitments and the associated amounts may expire without being drawn upon, the total commitment amount does not necessarily represent a future cash requirement. The Fund had the following unfunded commitments by investment types as of March 31, 2024 and December 31, 2023,:

55

			03/31/2024					12/31/2023
Investment Type	Facility Type	Commitment Expiration Date  (1)	Unfunded Commitment  (2)		Fair Value  (3)			Unfunded Commitment  (2)		Fair Value  (3)
1st Lien/Senior Secured Debt
AAH Topco, LLC	Delayed Draw Term Loan	12/22/2027		2,650,956		(6,627	)		3,213,280		(64,266	)
AAH Topco, LLC	Revolver	12/22/2027		787,273		(15,745	)		787,273		(27,555	)
Accelerate Resources Operating, LLC	Revolver	2/24/2027		665,739		—			665,739		—
Activ Software Holdings, LLC	Revolver	5/4/2027		648,837		(1,622	)		648,837		(3,244	)
Admiral Buyer, Inc.	Delayed Draw Term Loan	5/6/2024		450,560		(4,506	)		1,576,961		—
Admiral Buyer, Inc.	Revolver	5/8/2028		1,401,522		(24,527	)		563,200		—
AEG Holding Company, Inc.	Revolver	7/1/2024		1,116,864		—			949,335		—
Airwavz Solutions, Inc.	Delayed Draw Term Loan	3/31/2027		2,342,761		(23,428	)		3,644,295		(18,221	)
Airwavz Solutions, Inc.	Revolver	3/31/2027		652,740		(9,791	)		652,740		(9,791	)
AMI US Holdings, Inc.	Revolver	10/1/2026		1,094,605		—			1,094,605		—
AOM Acquisition, LLC	Revolver	2/18/2027		1,218,605		(12,186	)		1,218,605		(30,465	)
Avalara, Inc.	Revolver	10/19/2028		1,065,375		—			1,065,375		—
Avant Communications, LLC	Revolver	11/30/2026		566,910		—			566,910		(5,669	)
Avetta, LLC	Revolver	10/18/2029		2,085,655		(15,642	)		2,085,655		(46,927	)
Azurite Intermediate Holdings, Inc.	Delayed Draw Term Loan	3/19/2031		7,110,768		(53,331	)		—		—
Azurite Intermediate Holdings, Inc.	Revolver	3/19/2031		1,137,723		(17,066	)		—		—
Banneker V Acquisition, Inc.	Revolver	12/4/2025		896,683		(13,450	)		896,683		(17,934	)
Bonterra, LLC	Revolver	9/8/2027		552,840		(2,764	)		806,225		(12,093	)
Bridgepointe Technologies, LLC	Delayed Draw Term Loan	12/31/2027		2,076,626		(15,575	)		2,076,626		(36,341	)
Bridgepointe Technologies, LLC	Revolver	12/31/2027		777,494		(5,831	)		777,494		(13,606	)
Brightspot Buyer, Inc.	Revolver	11/16/2027		680,292		(15,307	)		680,292		(17,007	)
BSI2 Hold Nettle, LLC	Revolver	6/30/2028		588,923		(8,834	)		588,923		(8,834	)
BusinesSolver.com, Inc.	Delayed Draw Term Loan	12/1/2027		817,473		—			908,303		(2,271	)
BV EMS Buyer, Inc.	Delayed Draw Term Loan	3/21/2024		—		—			1,706,075		(17,061	)
CallTower, Inc.	Delayed Draw Term Loan	12/1/2025		1,991,230		—			1,991,230		(24,890	)
CallTower, Inc.	Revolver	11/30/2028		622,259		—			622,259		(15,556	)
Cerifi, LLC	Revolver	4/1/2027		—		—			369,264		(5,539	)
CHV Holdings LLC	PIK Revolver	3/1/2029		1,241,546		(31,039	)		—		—
Coding Solutions Acquisition, Inc.	Revolver	5/11/2028		516,984		(10,340	)		516,984		(16,802	)

56

			03/31/2024					12/31/2023
Investment Type	Facility Type	Commitment Expiration Date  (1)	Unfunded Commitment  (2)		Fair Value  (3)			Unfunded Commitment  (2)		Fair Value  (3)
Coding Solutions Acquisition, Inc.	Delayed Draw Term Loan	5/11/2028		2,775,643		(27,756	)		2,775,643		(62,452	)
Community Based Care Acquisition, Inc.	Delayed Draw Term Loan	3/30/2024		—		—			1,938,307		(19,383	)
Community Based Care Acquisition, Inc.	Revolver	9/16/2027		760,155		(15,203	)		691,050		(8,638	)
Community Based Care Acquisition, Inc.	Draw Term Loan Tranche B	9/16/2027		1,867,711		(23,346	)		—		—
Community Based Care Acquisition, Inc.	Draw Term Loan Tranche C	9/16/2027		3,310,191		(8,275	)		—		—
Community Brands Parentco, LLC	Delayed Draw Term Loan	2/24/2024		—		—			834,415		(6,258	)
Community Brands Parentco, LLC	Revolver	2/24/2028		417,208		(3,129	)		417,208		(7,301	)
Coretelligent Intermediate LLC	Revolver	10/21/2027		443,247		(49,865	)		696,532		(62,688	)
Coupa Holdings,LLC	Revolver	8/27/2024		725,890		—			948,020		—
Coupa Holdings,LLC	Delayed Draw Term Loan	2/27/2029		948,020		—			725,890		(1,815	)
Crewline Buyer, Inc.	Revolver	11/8/2030		1,366,496		(3,416	)		1,366,496		(34,162	)
Datacor, Inc.	Delayed Draw Term Loan	12/29/2025		5,988,015		(44,910	)		—		—
Datacor, Inc.	Revolver	12/29/2025		2,462,225		(30,778	)		822,004		(10,275	)
Degreed, Inc.	Delayed Draw Term Loan	8/16/2024		—		—			1,321,674		(29,738	)
Degreed, Inc.	Revolver	5/29/2026		—		—			417,813		(13,579	)
Delaware ValleyManagement Holdings, Inc.	Delayed Draw Term Loan	12/31/2024		192,258		(64,310	)		192,258		(65,925	)
Demeter Merger Sub LLC	Delayed Draw Term Loan	5/1/2029		2,630,169		—			—		—
Demeter Merger Sub LLC	Revolver	5/1/2029		1,052,068		—			—		—
Dispatch Track, LLC	Revolver	12/17/2026		301,930		(755	)		301,930		(1,510	)
Dorado Buyer LLC	Delayed Draw Term Loan	2/1/2030		2,483,092		(18,623	)		—		—
Dorado Buyer LLC	Revolver	2/1/2030		620,773		(9,312	)		—		—
EET Buyer, Inc.	Revolver	11/8/2027		829,303		(4,147	)		829,303		(12,440	)
Enverus Holdings, Inc.	Delayed Draw Term Loan	12/24/2029		441,012		—			441,012		(3,308	)
Enverus Holdings, Inc.	Revolver	12/24/2029		671,106		(5,033	)		671,106		(10,067	)
Exterro, Inc.	Revolver	6/1/2027		—		—			738,562		—
Exterro, Inc.	Revolver	5/31/2024		1,107,844		—			—		—
Faithlife, LLC	Revolver	9/18/2025		279,053		—			279,053		—
Firstdigital Communications LLC	Revolver	12/17/2026		1,174,177		(70,451	)		1,174,177		(79,257	)
Foundation Risk Partners, Corp.	Delayed Draw Term Loan	4/15/2024		—		—			445,801		(1,115	)
Foundation Risk Partners, Corp.	Revolver	10/29/2027		1,038,062		—			1,038,062		(5,190	)
Fullsteam Operations LLC	Revolver	11/27/2029		415,325		—			415,325		(12,460	)

57

			03/31/2024					12/31/2023
Investment Type	Facility Type	Commitment Expiration Date  (1)	Unfunded Commitment  (2)		Fair Value  (3)			Unfunded Commitment  (2)		Fair Value  (3)
Fullsteam Operations LLC	Delayed Draw Term Loan	11/27/2027		—		—			1,629,113		(24,437	)
Fullsteam Operations LLC	Delayed Draw Term Loan	11/27/2025		—		—			1,038,313		(15,575	)
Fullsteam Operations LLC	Delayed Draw Term Loan	11/27/2029		870,033		—			—		—
Fullsteam Operations LLC	Delayed Draw Term Loan	11/27/2029		751,219		—			—		—
Fullsteam Operations LLC	Delayed Draw Term Loan	11/27/2029		4,203,417		(58,848	)		—		—
Fullsteam Operations LLC	Delayed Draw Term Loan	11/27/2029		1,050,854		(14,712	)		—		—
Fusion Holding Corp.	Revolver	9/15/2027		1,379,193		—			1,379,193		(6,896	)
Fusion Risk Management Inc.	Revolver	5/22/2029		840,050		(16,801	)		840,050		(16,801	)
G Treasury SS, LLC	Delayed Draw Term Loan	6/29/2029		2,439,257		(24,393	)		2,439,257		(24,393	)
G Treasury SS, LLC	Delayed Draw Term Loan	6/29/2029		1,524,536		(15,245	)		1,524,536		(15,245	)
G Treasury SS, LLC	Revolver	6/29/2029		914,721		(18,294	)		914,721		(18,294	)
Galway Borrower, LLC	Delayed Draw Term Loan	9/29/2028		1,378,271		(6,891	)		—		—
Galway Borrower, LLC	Revolver	9/29/2028		372,311		—			270,410		(3,380	)
GHA Buyer, Inc.	Revolver	6/24/2026		951,077		(14,266	)		951,077		(16,644	)
Greenhouse Software, Inc.	Revolver	9/1/2028		604,499		(3,022	)		604,499		(6,045	)
Greenhouse Software, Inc.	Revolver	9/1/2028		1,232,251		(6,161	)		1,232,251		(12,323	)
Greenlight Intermediate II, Inc.	Delayed Draw Term Loan	6/1/2028		9,670,792		—			10,549,955		(79,125	)
Gryphon-Redwood Acquisition LLC	Delayed Draw Term Loan	9/16/2024		—		—			510,828		(2,554	)
GS AcquisitionCo, Inc.	Revolver	5/25/2028		700,823		(3,504	)		456,698		(5,709	)
GS AcquisitionCo, Inc.	Delayed Draw Term Loan	5/25/2028		976,499		—			—		—
Heartland PPC Buyer LLC	Revolver	12/12/2029		1,092,674		(10,927	)		1,130,352		(22,607	)
Heartland PPC Buyer LLC	Delayed Draw Term Loan	12/12/2029		1,713,190		—			1,883,921		(18,839	)
Hirevue, Inc.	Revolver	5/3/2029		1,316,941		(13,169	)		1,646,176		(28,808	)
Honor HN Buyer, Inc.	Delayed Draw Term Loan	10/15/2027		6,279,735		—			6,279,735		—
Honor HN Buyer, Inc.	Delayed Draw Term Loan	10/15/2027		980,612		—			980,612		—
Honor HN Buyer, Inc.	Revolver	10/15/2027		266,081		—			266,081		—
Iodine Software, LLC	Delayed Draw Term Loan	10/18/2024		3,436,155		—			3,436,155		—
Iodine Software, LLC	Revolver	5/19/2027		1,089,030		—			1,089,030		—
Kaseya Inc.	Delayed Draw Term Loan	6/25/2029		597,933		—			597,933		—
Kaseya Inc.	Revolver	6/25/2029		477,582		—			477,582		(2,388	)
Lotus HPI Buyer Inc.	Delayed Draw Term Loan	1/2/2030		3,767,841		(47,098	)		—		—

58

			03/31/2024					12/31/2023
Investment Type	Facility Type	Commitment Expiration Date  (1)	Unfunded Commitment  (2)		Fair Value  (3)			Unfunded Commitment  (2)		Fair Value  (3)
Lotus HPI Buyer Inc.	Revolver	1/2/2030		1,883,921		(47,098	)		—		—
Mathnasium LLC	Revolver	11/15/2027		435,216		-			533,140		(5,331	)
Mavenlink, Inc.	Revolver	6/3/2027		357,963		(8,949	)		357,963		(7,159	)
MBS Holdings, Inc.	Revolver	4/16/2027		974,169		(9,742	)		389,668		(7,793	)
Medbridge Holdings, LLC	Revolver	12/23/2026		1,376,227		(10,322	)		1,376,227		(17,203	)
Medical Management Resource Group, LLC	Revolver	9/30/2026		139,223		(4,873	)		139,223		(5,569	)
Medsuite Purchaser, LLC	Revolver	10/22/2026		680,400		(1,701	)		680,400		(5,103	)
Metametrics, Inc.	Revolver	9/10/2025		651,183		(4,884	)		651,183		—
MMP Intermediate, LLC	Revolver	2/15/2027		552,880		(4,147	)		552,880		(11,058	)
Moon Buyer, Inc.	Revolver	4/21/2027		1,163,793		(8,728	)		1,163,793		(14,547	)
Mr. Greens Intermediate,LLC	Delayed Draw Term Loan	11/1/2024		—		—			2,630,169		(19,726	)
Mr. Greens Intermediate, LLC	Revolver	5/1/2029		—		—			1,052,068		(7,891	)
MSM Acquisitions, Inc.	Revolver	12/9/2026		306,261		(28,329	)		153,131		(13,782	)
MSP Global Holdings, Inc.	Delayed Draw Term Loan	1/24/2024		—		—			592,150		(5,922	)
MSP Global Holdings, Inc.	Revolver	1/25/2027		845,929		(10,574	)		845,929		(8,459	)
Mykaarma Acquisition LLC	Revolver	3/21/2028		593,215		—			593,215		(4,449	)
Navigate360, LLC	Revolver	3/17/2027		604,235		(9,064	)		604,235		(7,553	)
Navigate360, LLC	Delayed Draw Term Loan	3/17/2027		2,035,925		(30,539	)		—		—
Netwrix Corporation And Concept Searching Inc.	Delayed Draw Term Loan	6/11/2029		1,862,319		—			1,862,319		(4,656	)
Netwrix Corporation And Concept Searching Inc.	Delayed Draw Term Loan	6/11/2029		89,097		(223	)		2,750,379		(27,504	)
Netwrix Corporation And Concept Searching Inc.	Revolver	6/11/2029		774,755		(3,874	)		774,755		(9,684	)
Next Holdco, LLC	Delayed Draw Term Loan	11/7/2025		2,380,798		(17,856	)		2,380,798		(17,856	)
Next Holdco, LLC	Revolver	11/9/2029		893,559		(6,702	)		893,559		(13,403	)
Pace Health Companies, LLC	Delayed Draw Term Loan	8/2/2025		888,879		—			888,879		—
Pace Health Companies, LLC	Revolver	8/2/2024		616,682		—			616,682		—
Penn TRGRP Holdings, LLC	Revolver	9/27/2030		1,054,345		—			1,054,345		(15,815	)
PDI TA Holdings, Inc.	2024 Delayed Draw Term Loan	2/3/2031		3,153,526		(15,768	)		—		—
PDI TA Holdings, Inc.	2024 Revolver	2/3/2031		943,575		(9,436	)		—		—
Pieper Memorial, LLC	Delayed Draw Term Loan	11/2/2027		1,507,136		—			1,507,136		(24,717	)
Ping Identity Corporation	Revolver	10/17/2028		1,203,345		—			1,203,345		—
Pinnacle Dermatology Management, LLC	Delayed Draw Term Loan	12/8/2026		38,407		(480	)		—		—

59

			03/31/2024					12/31/2023
Investment Type	Facility Type	Commitment Expiration Date  (1)	Unfunded Commitment  (2)		Fair Value  (3)			Unfunded Commitment  (2)		Fair Value  (3)
Pinnacle Dermatology Management, LLC	Revolver	12/8/2026		—		—			38,407		(480	)
Pinnacle Treatment Centers, Inc.	Revolver	1/2/2026		73,239		—			73,239		(1,465	)
Priority Ondemand Midco 2,L.P	Delayed Draw Term Loan	7/15/2024		2,600,963		—			2,600,963		—
Race Finco LLC	Revolver	1/9/2028		—		—			609,798		(15,245	)
Race Finco LLC	Delayed Draw Term Loan	1/9/2028		1,829,394		(18,294	)		3,658,788		(36,588	)
Race Finco LLC	Revolver	1/10/2028		609,798		(15,245	)		—		—
Ranger Buyer, Inc.	Revolver	11/18/2027		1,199,233		(11,992	)		1,199,233		(20,987	)
Redwood Family Care Network, Inc.	Revolver	6/18/2026		588,705		(7,359	)		588,705		(7,359	)
Rep Tec Intermediate Holdings, Inc.	Revolver	12/1/2027		1,099,640		—			1,099,640		(5,498	)
Sako and Partners Lower Holdings LLC	Delayed Draw Term Loan	9/15/2028		3,956,233		(9,891	)		3,956,233		(39,562	)
Sako and Partners Lower Holdings LLC	Revolver	9/15/2028		1,242,937		—			1,242,937		(6,215	)
Salisbury House, LLC	Delayed Draw Term Loan	8/29/2025		2,681,739		—			2,979,710		—
Salisbury House, LLC	Revolver	8/30/2025		609,744		—			609,744		(3,049	)
Sandstone Care Holdings, LLC	Delayed Draw Term Loan	6/28/2028		1,077,728		—			1,077,728		—
Sandstone Care Holdings, LLC	Revolver	6/28/2028		424,024		—			689,039		—
Sauce Labs, Inc.	Delayed Draw Term Loan	8/16/2027		1,775,625		(17,756	)		1,775,625		(17,756	)
Sauce Labs, Inc.	Revolver	8/16/2027		1,281,821		(25,636	)		1,281,821		(25,636	)
Saviynt, Inc.	Delayed Draw Term Loan	12/22/2027		3,048,990		(53,357	)		3,048,990		(60,980	)
Saviynt, Inc.	Revolver	12/22/2027		609,798		(10,671	)		609,798		(12,196	)
SDC Atlas Acquistionco, LLC	Delayed Draw Term Loan	8/25/2028		8,472,634		(21,182	)		8,846,427		(243,277	)
SDC Atlas Acquistionco, LLC	Revolver	8/25/2028		622,988		(1,557	)		622,988		(17,132	)
Securonix, Inc.	Revolver	4/5/2028		1,538,337		(249,980	)		1,538,337		(173,063	)
Serrano Parent, LLC	Revolver	5/13/2030		2,085,981		(41,720	)		2,085,981		(41,720	)
Single Digits, Inc.	Revolver	6/19/2026		416,149		(54,099	)		416,149		(54,099	)
Sirsi Corporation	Revolver	3/15/2025		553,741		—			553,741		—
SIS Purchaser, Inc.	Revolver	10/15/2026		1,165,951		(5,830	)		1,165,951		(11,660	)
Smile Brands, Inc.	Revolver	10/12/2027		162,150		(16,620	)		162,150		(18,647	)
Soladoc, LLC	Delayed Draw Term Loan	6/12/2028		2,355,690		(64,781	)		2,355,690		(64,781	)
Soladoc, LLC	Revolver	6/12/2028		588,923		(22,085	)		588,923		(22,085	)
Spark DSO LLC	Revolver	4/20/2026		573,081		(15,760	)		576,769		(20,187	)
Stratus Networks, Inc.	Delayed Draw Term Loan	12/15/2027		1,782,176		(8,911	)		2,112,208		(42,244	)

60

			03/31/2024					12/31/2023
Investment Type	Facility Type	Commitment Expiration Date  (1)	Unfunded Commitment  (2)		Fair Value  (3)			Unfunded Commitment  (2)		Fair Value  (3)
Stratus Networks, Inc.	Revolver	12/15/2027		990,098		(14,851	)		858,085		(25,743	)
SugarCRM, Inc.	Revolver	7/31/2024		310,244		—			310,244		—
Sundance Group Holdings, Inc.	Revolver	7/2/2027		709,451		(1,774	)		709,451		(5,321	)
Syntax Systems Ltd.	Revolver	10/29/2026		272,623		(682	)		376,480		(2,824	)
TBG Food Acquisition Corp.	Revolver	12/27/2027		—		—			264,026		(1,320	)
TBG Food Acquisition Corp.	Revolver	12/24/2027		264,026		(1,320	)		—		—
Telcor Buyer, Inc.	Revolver	8/20/2027		290,770		(727	)		290,770		(2,908	)
Telesoft Holdings, LLC	Revolver	12/16/2025		567,023		(2,835	)		511,316		(8,948	)
The Center for Orthopedic and Research Excellence, Inc.	Revolver	8/15/2025		448,846		(2,244	)		673,269		(3,366	)
Thrive Buyer, Inc.	Revolver	1/22/2027		739,815		—			739,815		—
Towerco IV Holdings, LLC	Delayed Draw Term Loan	3/2/2026		6,115,290		—			6,559,852		(65,599	)
Unanet, Inc.	Delayed Draw Term Loan	12/8/2028		2,242,674		(11,213	)		2,242,674		(11,213	)
Unanet, Inc.	Revolver	12/8/2028		1,263,478		(12,635	)		1,263,478		(12,635	)
Ungerboeck Systems International, LLC	Revolver	4/30/2027		168,217		(1,682	)		229,387		(3,441	)
Vectra AI, Inc.	Revolver	3/1/2028		232,759		(4,073	)		232,759		(4,073	)
Vehlo Purchaser, LLC	Revolver	5/24/2028		1,115,133		(11,151	)		1,115,133		(19,515	)
Velocity Purchaser Corporation	Revolver	12/2/2024		193,237		—			193,237		—
Venture Buyer, LLC	Delayed Draw Term Loan	3/1/2030		1,008,820		(10,088	)		—		—
Venture Buyer, LLC	Revolver	2/1/2030		655,733		(13,115	)		—		—
Veracross LLC	Revolver	12/28/2027		1,112,554		(11,126	)		1,112,554		(19,470	)
Vhagar Purchaser, LLC	Delayed Draw Term Loan	6/11/2029		578,701		(8,681	)		578,701		(10,127	)
Vhagar Purchaser, LLC	Revolver	6/11/2029		373,356		(10,267	)		373,356		(11,201	)
Visionary Buyer LLC	Delayed Draw Term Loan	3/3/2031		5,653,672		(42,403	)		—		—
Visionary Buyer LLC	Revolver	3/1/2030		1,413,418		(21,201	)		—		—
Wealth Enhancement Group, LLC	Delayed Draw Term Loan	5/2/2024		58,996		—			206,583		—
Wealth Enhancement Group, LLC	Delayed Draw Term Loan	10/4/2027		1,879,096		—			—		—
Wealth Enhancement Group, LLC	Revolver	10/4/2027		564,743		—			457,366		(1,143	)
West Dermatology	Delayed Draw Term Loan	3/31/2025		—		—			2,242,331		(106,511	)
West Dermatology	Revolver	3/17/2028		2,242,331		(84,087	)		285,449		(16,413	)
Wolverine Seller Holdings, LLC	Delayed Draw Term Loan	1/1/2030		3,724,638		(37,246	)		—		—
Wolverine Seller Holdings, LLC	Revolver	1/1/2030		1,117,391		(22,348	)		—		—

61

			03/31/2024				12/31/2023
Investment Type	Facility Type	Commitment Expiration Date  (1)	Unfunded Commitment  (2)		Fair Value  (3)		Unfunded Commitment  (2)		Fair Value  (3)
Your Part-Time Controller, LLC	Revolver	11/14/2029		627,974		—		627,974		(12,559	)
Zendesk, Inc.	Delayed Draw Term Loan	11/22/2028		3,333,525		—		3,333,525		—
Zendesk, Inc.	Revolver	11/22/2028		1,372,628		—		1,372,628		(3,432	)
Total				235,613,428		(2,152,015)		193,857,013		(2,726,549	)

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

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

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

Contingencies

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

7. Net Assets

Equity Issuance

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

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

as-needed

basis upon the issuance of a capital draw-down notice. At March 31, 2024, the Fund had total Capital Commitments of $671,704,159, of which 17% or $111,680,290 is unfunded. At December 31, 2023 the Fund had total Capital Commitments of $648,591,916, of which 17% or $110,236,006 is unfunded. The minimum Capital Commitment of an investor is $50,000. The Adviser, however, may waive the minimum Capital Commitment at its discretion.

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

follow-on

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

62

The following table summarizes the total Shares issued and amount received related to capital drawdowns delivered pursuant to the Subscription Agreements during the three months ended March 31, 2024 and March 31, 2023:

	For the three months ended March 31, 2024				For the three months ended March 31, 2023
Quarter Ended	Shares		Amount		Shares		Amount
March 31		2,297,080	$	21,667,959		—		—
Total capital drawdowns		2,297,080	$	21,667,959		—		—

Distributions

The following tables reflect the distributions declared on Shares during the three months ended March 31, 2024 and March 31, 2023:

Date Declared	Record Date		Payment Date		Amount Per Share		Dollar Amount
3/26/2024		3/26/2024		4/23/2024	$	0.23	$	12,969,462
							$	12,969,462

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

Dividend Reinvestment Plan

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

The following tables summarize Shares distributed pursuant to the DRIP during the three months ended March 31, 2024 and March 31, 2023 to stockholders who opted into the DRIP:

Date Declared	Record Date		Reinvestment Date		Shares		Dollar Amount
3/26/2024		3/26/2024		3/28/2024		735,551	$	6,912,711
						735,551	$	6,912,711

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

63

General Tender Program

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

13e-4

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

The following table summarizes share repurchases completed during the three months ended March 31, 2024:

Quarter Ended	Repurchase Date	Total Number of Shares Offered to Repurchase		Total Number of Shares Repurchased		Total Consideration		No. of Shares Repurchased/ Total Offer			Price Paid Per Share
March 31	March 01, 2024		1,354,873		744,282	$	6,994,767		55	%	$	9.40

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

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

8. Earnings Per Share

The following information sets forth the computation of basic and diluted earnings per Share for the three months ended March 31, 2024 and March 31, 2023:

	For the three months ended
	March 31, 2024		March 31, 2023
Net increase (decrease) in net assets from operations	$	19,611,811	$	15,548,588
Weighted average common shares outstanding		55,172,112		50,224,389
Earnings per common share-basic and diluted	$	0.36	$	0.31

64

9. Financial Highlights

Below is the schedule of financial highlights of the Fund for the three months ended March 31, 2024 and March 31, 2023:

	For the three months ended March 31, 2024			For the three months ended March 31, 2023
Per Share Data: (1)(2)
Net asset value, beginning of period	$	9.27		$	9.10
Net investment income (loss)		0.24			0.22
Net realized and unrealized gains (losses) on investments		0.12			0.08
Net increase (decrease) in net assets resulting from operations		0.36			0.30
Distributions to stockholders (3)		(0.23	)		(0.10	)
Net asset value, end of period	$	9.40		$	9.30
Shares outstanding, end of period		56,653,056			49,895,174
Total return at net asset value before incentive fees (4)(5)		4.42	%		4.01	%
Total return at net asset value after incentive fees (4)(5)		3.80	%		3.41	%
Ratio/Supplemental Data: (2)
Net assets, end of period	$	532,373,450		$	464,155,955
Ratio of total expenses to weighted average net assets (6)		20.06	%		17.00	%
Ratio of net expenses to weighted average net assets (6)		20.06	%		17.00	%
Ratio of net investment income (loss) before waivers to weighted average net assets (6)		11.95	%		11.92	%
Ratio of net investment income (loss) after waivers to weighted average net assets (6)		11.95	%		11.92	%
Ratio of interest and credit facility expenses to weighted average net assets (6)		14.70	%		12.14	%
Ratio of incentive fees to weighted average net assets (5)		0.63	%		0.60	%
Portfolio turnover rate (5)		1.38	%		1.23	%
Asset coverage ratio (7)		160	%		160	%

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

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

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

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

(5) Not annualized.

(6) Annualized, except for incentive fees.

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

10. Subsequent Events

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

65

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

Forward-Looking Statements

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

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

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

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

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

• the Fund’s future operating results;

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

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

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

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

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

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

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

• the loss of key personnel;

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

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

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

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

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

• the other risks, uncertainties and other factors the Fund identifies under “Risk Factors” of its Annual Report on Form 10-K for the fiscal year ended December 31, 2023.

Although the Fund believes that the assumptions on which these forward-looking statements are based are reasonable, any of those assumptions could prove to be inaccurate, and as a result, the forward-looking statements based on those assumptions also could be inaccurate. In light of these and other uncertainties, the inclusion of a projection or forward-looking statement in this report should

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not be regarded as a representation by the Fund that the Fund’s plans and objectives will be achieved. These risks and uncertainties include those described or identified in the section entitled “Item 1A. Risk Factors” of the Annual Report on Form 10-K for the fiscal year ended December 31, 2023, and elsewhere in this report. These forward-looking statements apply only as of the date of this report. Moreover, the Fund assumes no duty and does not undertake to update the forward-looking statements. The forward-looking statements and projections contained in this Quarterly Report are excluded from the safe harbor protection provided by Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) because the Fund is an investment company.

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

Overview

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

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

The Fund is an “emerging growth company,” as defined in the Jumpstart Our Business Startups Act (“JOBS Act”). For so long as the Fund remains an emerging growth company under the JOBS Act, the Fund will be subject to reduced public company reporting requirements. The Fund expects to remain an emerging growth company until the earliest of:

• the last day of the Fund’s fiscal year in which the fifth anniversary occurs of the date of the first sale of common equity securities pursuant to an effective registration statement;

• the end of the fiscal year in which the Fund’s total annual gross revenues first equal or exceed $1.235 billion;

• the date on which the Fund has, during the prior three-year period, issued more than $1.0 billion in non-convertible debt; and

• the last day of a fiscal year in which the Fund (1) has an aggregate worldwide market value of shares of its common stock held by non-affiliates of $700.0 million or more, computed at the end of each fiscal year as of the last business day of the Fund’s most recently completed second fiscal quarter and (2) has been an Exchange Act reporting company for at least one year (and filed at least one annual report under the Exchange Act).

Under the JOBS Act and the Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Dodd-Frank Act”), the Fund is exempt from the provisions of Section 404(b) of the Sarbanes-Oxley Act of 2002, which would require that the Fund’s independent registered public accounting firm provide an attestation report on the effectiveness of our internal control over financial reporting, until such time as the Fund ceases to be an emerging growth company and become an accelerated filer as defined in Rule 12b-2 under the Exchange Act. This may increase the risk that material weaknesses or other deficiencies in the Fund’s internal control over

financial reporting go undetected.

Under the JOBS Act, emerging growth companies can delay adopting new or revised accounting standards until such time as those standards apply to private companies. The Fund intends to take advantage of the extended transition period.

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The Private Offering

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

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

Revenues

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

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

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

Expenses

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

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

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

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

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

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

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

• transfer agent and custodial fees;

• federal and state registration fees;

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

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

• independent directors’ fees and expenses;

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

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

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

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

• marketing expenses; and

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

Activity

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

	For the Three Months Ended March 31, 2024			For the Three Months Ended March 31, 2023
Investments in Portfolio Companies	$	(68,481,246	)(1)	$	(38,018,534	)(2)
Draw Downs against Revolvers and Delayed Draw Term Loans		(16,568,163	)		(23,529,051	)
Principal Repayments		18,576,670	(3)		14,186,764	(4)
Sales		—			—
Net Repayments (Investments)	$	(66,472,740	)	$	(47,360,821	)

⁽¹⁾  Includes investments in 20 portfolio companies.

⁽²⁾  Includes investments in 18 portfolio companies.

⁽³⁾  Includes $3,673,328 in revolver and delayed draw term paydowns.

⁽⁴⁾  Includes $3,416,988 in revolver and delayed draw term paydowns.

The following table shows the composition of the investment portfolio and associated yield data as of March 31, 2024:

	As of March 31, 2024
	Amortized Cost		Percentage of Total			Fair Value		Percentage of Total			Weighted Average Yield(1)
First Lien Senior Secured Debt	$	1,362,459,703		93.53	%	$	1,344,352,595		93.04	%		11.03	%
Second Lien Junior Secured Debt		9,583,360		0.66			9,394,414		0.65			13.85	%
Preferred Stock		6,625,470		0.45			8,647,975		0.60			—
Common Stock		7,088,767		0.49			7,915,699		0.55			—
Investment Companies		12,809,361		0.88			15,454,862		1.07			—
Warrants		385,464		0.03			1,372,429		0.09			—
Cash and cash equivalents		57,806,378		3.96			57,806,378		4.00			—
Total	$	1,456,758,503		100	%	$	1,444,944,352		100	%

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

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

	As of December 31, 2023
	Amortized Cost		Percentage of Total			Fair Value		Percentage of Total			Weighted Average Yield(1)
First Lien Senior Secured Debt	$	1,294,646,129		92.33	%	$	1,270,762,647		91.83	%		10.51	%
Second Lien Junior Secured Debt		9,578,621		0.68			9,205,885		0.67			13.89	%
Preferred Stock		6,994,461		0.50			8,777,660		0.63			—
Common Stock		9,415,044		0.68			10,069,389		0.73			—
Investment Companies		8,521,131		0.61			11,014,144		0.80			—
Warrants		385,464		0.03			1,290,859		0.09			—
Cash and cash equivalents		72,671,928		5.18			72,671,928		5.25
Total	$	1,402,212,778		100	%	$	1,383,792,512		100	%

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

The following table presents certain selected financial information regarding the debt investments in the Fund’s portfolio as of March 31, 2024 and December 31, 2023:

	As of March 31, 2024			As of December 31, 2023
Number of portfolio companies		201			192
Percentage of debt bearing a floating rate(1)		100	%		100	%
Percentage of debt bearing a fixed rate(1)		0	%		0	%

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

The following table shows the amortized cost and fair value of the Fund’s performing and non-accrual debt investments as of March 31, 2024:

	As of March 31, 2024
	Amortized Cost		Percentage at Amortized Cost			Fair Value		Percentage at Fair Value
Performing	$	1,352,840,726		98.60	%	$	1,350,260,267		99.74	%
Non-accrual		19,202,337		1.40	%		3,486,742		0.26	%
Total	$	1,372,043,063		100	%	$	1,353,747,009		100	%

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

	As of December 31, 2023
	Amortized Cost		Percentage at Amortized Cost			Fair Value		Percentage at Fair Value
Performing	$	1,284,803,925		98.51	%	$	1,276,491,133		99.73	%
Non-accrual		19,420,825		1.49	%		3,477,399		0.27	%
Total	$	1,304,224,750		100	%	$	1,279,968,532		100	%

Generally, when interest and/or principal payments on a loan become past due, or if the Fund otherwise does not expect the borrower to be able to service its debt and other obligations, the Fund will place the loan on non-accrual status and will cease recognizing interest income on that loan for financial reporting purposes until all principal and interest have been brought current through payment or due to restructuring such that the interest income is deemed to be collectible. The Fund generally restores non-accrual loans to accrual status when past due principal and interest is paid and, in the management’s judgment, is likely to remain current. As of March 31, 2024 the Fund had thirteen investments, across four issuers, that were on non-accrual status. As of December 31, 2023, the Fund had twelve investments, with three issuers that were on non-accrual status.

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The following tables show the composition of the investment portfolio (excluding cash and cash equivalents) by industry, at amortized cost and fair value as of March 31, 2024 and December 31, 2023 (with corresponding percentage of total portfolio investments):

	As of March 31, 2024
	Amortized Cost		Percentage of Total			Fair Value		Percentage of Total
Business Services	$	11,909,124		0.85	%	$	12,002,430		0.87	%
Consumer Non-Cyclical		56,367,716		4.03			56,139,011		4.05
Digital Infrastructure & Services		254,372,880		18.18			252,179,058		18.18
Energy		8,555,263		0.61			8,631,649		0.62
Financial Services		45,938,719		3.28			46,254,437		3.33
Healthcare & HCIT		237,726,743		16.99			220,364,564		15.89
Investment Companies		12,809,361		0.92			15,454,862		1.11
Software & Tech Services		684,874,703		48.96			689,785,786		49.73
Services		86,397,616		6.18			86,326,177		6.22
	$	1,398,952,125		100	%	$	1,387,137,974		100	%

	As of December 31, 2023
	Amortized Cost		Percentage of Total			Fair Value		Percentage of Total
Business Services	$	90,152,210		6.79	%	$	89,819,830		6.85	%
Consumer Discretionary		321,309		0.02			252,213		0.02
Consumer Non-Cyclical		54,231,874		4.08			53,735,223		4.10
Digital Infrastructure & Services		230,592,770		17.34			227,041,215		17.32
Energy		8,628,316		0.65			8,712,750		0.66
Financial Services		45,394,191		3.41			45,326,948		3.46
Healthcare & HCIT		224,194,330		16.86			205,523,347		15.68
Investment Companies		7,814,562		0.59			10,130,654		0.77
Software & Tech Services		667,493,569		50.21			669,555,069		51.06
Transport & Logistics		717,719		0.05			1,023,335		0.08
	$	1,329,540,850		100	%	$	1,311,120,584		100	%

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

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

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

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

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

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

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Results of Operations

The following is a summary of the Fund’s operating results for the three months ended March 31, 2024 and March 31, 2023:

	For the Three Months Ended March 31, 2024			For the Three Months Ended March 31, 2023
Total investment income	$	41,245,213		$	32,844,791
Total expenses		28,190,617			21,805,644
Net investment income before taxes		13,054,596			11,039,147
Income tax expense, including excise tax		87,570			17,301
Net investment income after tax		12,967,026			11,021,846
Net realized and change in unrealized appreciation (depreciation) on investments		6,643,454			4,527,865
Net increase (decrease) in net assets resulting from operations	$	19,610,480		$	15,549,711
Less: Net increase (decrease) in net assets resulting from operations related to Non-Controlling Interest in ABPCIC Equity Holdings, LLC	$	(1,331	)	$	1,123
Net increase (decrease) in net assets resulting from operations related to AB Private Credit Investors Corporation	$	19,611,811		$	15,548,588

Investment Income

During the three months ended March 31, 2024, the Fund’s investment income was comprised of $39,600,232 of interest income, which includes $1,343,240 from the net amortization of premium and accretion of discounts, $1,557,952 of payment-in-kind interest, and $87,029 of dividend income. The increase in net investment income during the three months ended March 31, 2024, compared to the three months ended March 31, 2023, can primarily be attributed to an increase in gross assets and interest rates. During the three months ended March 31, 2023, the Fund’s investment income was comprised of $29,238,830 of interest income, which includes $1,384,372 from the net amortization of premium and accretion of discounts, $3,553,509 of payment-in-kind interest and $52,452 of dividend income.

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Operating Expenses

The following is a summary of the Fund’s operating expenses for the three months ended March 31, 2024 and March 31, 2023:

	For the Three Months Ended March 31, 2024		For the Three Months Ended March 31, 2023
Interest and borrowing expenses	$	18,941,909	$	13,781,660
Management fees		4,646,517		3,938,904
Income-based incentive fee		3,241,756		2,754,604
Professional fees		548,045		515,313
Administration and custodian fees		182,492		264,455
Insurance expenses		131,363		135,986
Directors’ fees		129,454		69,875
Transfer agent fees		38,688		35,272
Other expenses		330,393		309,575
Total expenses		28,190,617		21,805,644
Income tax expense, including excise tax		87,570		17,301
Net expenses	$	28,278,187	$	21,822,945

Interest and Borrowing Expenses

Interest and borrowing expenses include interest, amortization of debt issuance and deferred financing costs, upfront commitment fees and unused fees on the unused portion of the Revolving Credit Facilities, Secured Borrowings and the Notes issued in the CLO Transaction.

Interest and borrowing expenses for the three months ended March 31, 2024 and March 31, 2023 were $18,941,909 and $13,781,660, respectively. The weighted average interest rate (excluding deferred upfront financing costs and unused fees) on the Fund’s debt outstanding was 8.03% and 7.23% for the three months ended March 31, 2024 and March 31, 2023, respectively. The increase in interest and borrowing expenses during the three months ended March 31, 2024 compared to the three months ended March 31, 2023 can primarily be attributed to an increase in debt outstanding and interest rates.

Management Fee

The gross management fee expenses for the three months ended March 31, 2024 and March 31, 2023 were $4,646,517 and $3,938,904, respectively. The increase in the management fee for the three months ended March 31, 2024 was a result of the increase in average gross assets during this period, which are the basis used to calculate management fees.

Net Realized Gain (Loss) on Investments

During the three months ended March 31, 2024, the Fund had restructurings and principal paydowns which resulted in $37,339 of net realized gain.

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

Net Change in Unrealized Appreciation (Depreciation) on Investments

During the three months ended March 31, 2024, the Fund had $6,606,115 in net change in unrealized appreciation on $1,398,952,125 of investments in 201 portfolio companies. Net change in unrealized appreciation for the three months ended March 31, 2024, resulted from an increase in fair value, primarily due to positive valuation adjustments on level 3 securities.

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

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Net Increase (Decrease) in Net Assets Resulting from Operations

For the three months ended March 31, 2024 and March 31, 2023, the net increase in net assets resulting from operations was $19,610,480 and $15,549,711, respectively. Based on the weighted average shares of common stock outstanding for the three months ended March 31, 2024 and March 31, 2023, the Fund’s per share net increase in net assets resulting from operations was $0.36 and $0.31, respectively.

Cash Flows

For the three months ended March 31, 2024, cash decreased by $14,865,550. During the same period, the Fund used $57,138,830 in operating activities, primarily as a result of net purchases of investments. During the three months ended March 31, 2024, the Fund generated $42,273,280 from financing activities, primarily from net borrowings on the Revolving Credit Facilities and Issuance of Common Stock.

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

Hedging

The Fund may enter into currency hedging contracts, interest rate hedging agreements such as futures, options, swaps and forward contracts, and credit hedging contracts, such as credit default swaps. However, no assurance can be given that such hedging transactions will be entered into or, if they are, that they will be effective. For the three months ended March 31, 2024 and March 31, 2023, the Fund did not enter into any hedging contracts.

Financial Condition, Liquidity and Capital Resources

As of March 31, 2024, and December 31, 2023, the Fund had $57,806,378 and $72,671,928 in cash and cash equivalents, respectively. The Fund expects to generate cash primarily from (i) the net proceeds of the Private Offering, (ii) cash flows from the Fund’s operations, (iii) any financing arrangements now existing or that the Fund may enter into in the future and (iv) any future offerings of the Fund’s equity or debt securities. The Fund may fund a portion of its investments through borrowings from banks, or other large global institutions such as insurance companies, and issuances of senior securities.

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

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

Cash and cash equivalents as of March 31, 2024, taken together with the Fund’s uncalled Capital Commitments of $111,680,290 and $30,000,000 undrawn amount on the 2021 HSBC Credit Facility and $2,000,000 undrawn amount on the Synovus Credit Facility and $55,050,000 undrawn amount on the Natixis Credit Facility, is expected to be sufficient for the Fund’s investing activities and to conduct the Fund’s operations for at least the next twelve months.

As of March 31, 2024, the Fund has unfunded commitments to fund future investments in the amount of $235,613,428, and contractual obligations in the form of Revolving Credit Facilities of $342,950,000, Notes of $543,043,406 and Secured Borrowings of $2,143,751.

Equity Activity

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

The Fund has entered into Subscription Agreements with investors providing for the private placement of Shares. Under the terms of the Subscription Agreements, investors are required to fund drawdowns to purchase Shares up to the amount of their respective Capital Commitments on an as-needed basis upon the issuance of a capital draw down notice. As of March 31, 2024, the Fund received Capital Commitments of $671,704,159. Inception to March 31, 2024, the Fund received Capital Contributions to the Fund of $560,023,869. Proceeds from the issuances of Shares in respect of drawdown notices described below were used for investing activities and for other general corporate purposes.

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

On March 01, 2024, the Fund commenced the Q1 2024 Tender Offer for up to 1,354,873 Shares. The Purchase Price for the Q1 2024 Tender Offer was $9.40 per Share and the Q1 2024 Tender Offer expired on March 31, 2024.

On February 24, 2023, the Fund commenced the Q1 2023 Tender Offer for up to 1,215,454 Shares. The Purchase Price for the Q1 2023 Tender Offer was $9.30 per Share and the Q1 2023 Tender Offer expired on March 31, 2023.

Stockholders who tendered Shares in the Q1 2024 Tender Offer and Q1 2023 Tender Offer received a non-interest bearing, non-transferable promissory note entitling such stockholders to an amount in cash equal to the number of Shares accepted for purchase multiplied by the applicable Purchase Price.

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The following is a summary of the Fund’s equity activity for the three months ended March 31, 2024 and March 31, 2023.

	For the Three Months Ended March 31, 2024		For the Three Months Ended March 31, 2023
Capital Commitments and Commitment Reductions	$	29,615,643	$	26,549,633
Capital Commitments rescinded due to participation in General Tender Program and Commitment Reductions	$	6,503,400	$	4,186,196
Dividend reinvestments	$	6,912,711	$	2,740,870
Shares issued to investors under DRIP		735,551		294,604
Value of capital drawdown notices	$	21,667,959	$	—
Shares issued to investors under capital drawdown notices		2,297,080		—
Value of Shares purchased in General Tender Program	$	6,994,767	$	5,837,993
Shares purchased in General Tender Offer		744,282		627,518

Distributions

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

The following table summarizes distributions declared during the three months ended March 31, 2024:

Date Declared	Record Date		Payment Date		Amount Per Share		Total Distributions
March 26, 2024		March 26, 2024		April 23, 2023	$	0.23	$	12,969,462
Total distributions declared					$	0.23	$	12,969,462

The following table summarizes distributions declared during the three months ended March 31, 2023:

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

The federal income tax characterization of distributions declared and paid for the fiscal year will be determined at fiscal year-end based upon the Fund’s investment company taxable income for the full fiscal year and distributions paid during the full year. For the three months ended March 31, 2024, all of the Fund’s distributions to stockholders were attributable to ordinary income. The character of distributions for federal income tax purposes are determined in accordance with income tax regulations which may differ from GAAP. Stockholders should read any written disclosure accompanying a distribution payment carefully and should not assume that the source of any distribution is only ordinary income or gains.

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

For the three months ended March 31, 2024, all of the Fund’s distributions to stockholders were attributable to ordinary income. The character of distributions for federal income tax purposes are determined in accordance with income tax regulations which may differ from GAAP. Stockholders should read any written disclosure accompanying a distribution payment carefully and should not assume that the source of any distribution is only ordinary income or gains.

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Co-investment Exemptive Order

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

Revolving Credit Facilities

2021 HSBC Credit Facility

On November 15, 2017, the Fund entered into the HSBC Credit Agreement to establish the HSBC Credit Facility with the HSBC Administrative Agent and any other lender that became a party to the HSBC Credit Agreement in accordance with the terms of the HSBC Credit Agreement, as lenders. The Fund amended and restated the HSBC Credit Agreement on January 31, 2019, and on July 8, 2021, the Fund terminated the HSBC Credit Agreement and all outstanding loans thereunder were repaid and all obligations thereunder were released and terminated. Concurrent with the termination of the HSBC Credit Agreement, the Fund entered into the HSBC Joinder, pursuant to which the Fund became a party to the 2021 HSBC Credit Facility evidenced by the 2021 HSBC Credit Agreement. On June 9, 2023, Fund entered into an amendment (the “Ninth Amendment”) to the 2021 HSBC Credit Facility. The Ninth Amendment (i) extended the maturity date of the 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. On November 15, 2023, the Fund entered into an amendment (the “Tenth Amendment”) to the 2021 HSBC Credit Facility. The Tenth Amendment (i) temporarily increased the 2021 HSBC Credit Facility’s maximum commitment from $135,000,000 to $200,000,000 until February 13, 2024 (the “Temporary Increase Maturity Date”) and (ii) temporarily increased the Fund’s facility sublimit from $31,000,000 to $40,000,000 until the Temporary Increase Maturity Date and reduced from $40,000,000 to $30,000,000 until June 7, 2024.

As of March 31, 2024, the Fund had no outstanding balance on the 2021 HSBC Credit Facility and the Fund was in compliance with the terms of the 2021 HSBC Credit Facility. As of December 31, 2023, the Fund had $8,000,000 outstanding on the 2021 HSBC Credit Facility.

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

Synovus Credit Facility

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

Borrowings of ABPCIC Funding II are considered borrowings by the Fund for purposes of complying with the asset coverage requirements under the 1940 Act applicable to business development companies. As of March 31, 2024, the Fund had $198,000,000 outstanding on the Synovus Credit Facility and the Fund was in compliance with the terms of the Synovus Credit Facility. As of December 31, 2023, the Fund had $198,000,000 outstanding on the Synovus Credit Facility and the Fund was in compliance with the terms of the Synovus Credit Facility.

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

Natixis Credit Facility

On March 24, 2021, ABPCIC Funding III entered into 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 ABPCI Direct Lending Fund CLO XIII LTD (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.

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On April 21, 2023, ABPCIC Funding IV entered into the Natixis Credit Facility 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”) and 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 (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.

As of March 31, 2024, the Fund had $144,950,000 outstanding on the Natixis Credit Facility and the Fund was in compliance with the terms of the Natixis Credit Facility. As of December 31, 2023, the Fund had $105,500,000 outstanding on the Natixis Credit Facility and the Fund was in compliance with the terms of the Natixis Credit Facility.

The Natixis Credit Agreement provides for borrowings in an aggregate amount up to $200,000,000. Borrowings under the Natixis Credit Agreement 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 Natixis Credit Facility is subject to certain restrictions contained in the 1940 Act.

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

Secured Borrowings

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

Outstanding Secured Borrowings pursuant to the Macquarie Sale/Buy-Back was $2,143,751 and $2,325,617 as of March 31, 2024 and December 31, 2023, respectively.

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

Debt Securitization

On August 9, 2019, ABPCI Direct Lending Fund CLO VI Ltd (the “VI Issuer”), an exempted company incorporated with limited liability under the laws of the Cayman Islands and a wholly-owned subsidiary of the Fund, 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 the terms of the first supplement 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. The VI Issuer issued new notes, collectively, the “CLO VI Notes.”

The CLO VI Notes that remain outstanding as of March 31, 2024 were (i) $98,250,000 of Class A-1-R Senior Secured Floating Rate Notes, which bear interest at three-months Secured Overnight Financing Rate (“Term SOFR”) plus 1.83% per annum; (ii) $75,000,000 of Class A-1-L Senior Secured Floating Rate Notes, which bear interest at Term SOFR plus 1.83% per annum; (iii) $30,000,000 of Class A-1-F Senior Secured Fixed Rate Notes, which bear interest at 4.305% per annum; (iv) $43,500,000 of Class A-2-R Senior Secured Deferrable Floating Rate Notes, which bear interest at Term SOFR plus 2.25% per annum; (v) $19,250,000 of Class B-R Senior Secured Deferrable Floating Rate Notes, which bear interest at Term SOFR plus 3.10% per annum; and (vi) $20,125,000 of Class C-R Senior Secured Deferrable Floating Rate Notes, which bear interest at Term SOFR plus 4.15% per annum. The CLO VI Notes are scheduled to mature on April 27, 2034.

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The CLO VI Notes that remain outstanding as of December 31, 2023 were (i) $98,250,000 of Class A-1-R Senior Secured Floating Rate Notes, which bear interest at three-months Secured Overnight Financing Rate (“Term SOFR”) plus 1.83% per annum; (ii) $75,000,000 of Class A-1-L Senior Secured Floating Rate Notes, which bear interest at Term SOFR plus 1.83% per annum; (iii) $30,000,000 of Class A-1-F Senior Secured Fixed Rate Notes, which bear interest at 4.305% per annum; (iv) $43,500,000 of Class A-2-R Senior Secured Deferrable Floating Rate Notes, which bear interest at Term SOFR plus 2.25% per annum; and (v) $19,250,000 of Class B-R Senior Secured Deferrable Floating Rate Notes, which bear interest at Term SOFR plus 3.10% per annum; and (vi) $20,125,000 of Class C-R Senior Secured Deferrable Floating Rate Notes, which bear interest at Term SOFR plus 4.15% per annum. The CLO VI Notes are scheduled to mature on April 27, 2034.

The CLO VI Notes are the secured obligations of the VI Co-Issuers, and the indenture governing the CLO VI Notes includes customary covenants and events of default. The CLO 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. Pursuant to a new CLO notes issuance, collateral management fee is no longer charged as long as the Adviser serves as a collateral manager.

On May 3, 2023, ABPCI Direct Lending Fund CLO XIII LTD (“CLO XIII” or the “XIII Issuer”), a private company limited by shares incorporated under the laws of Jersey and a wholly-owned subsidiary of the Fund, and 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 is April 27, 2027.

The CLO XIII Transaction was executed through a private placement and the notes offered (the “CLO XIII Notes”) that remain outstanding as of December 31, 2023 were (i) $228,000,000 of Class A Senior Secured Floating Rate Notes, which bear interest at Term SOFR plus 2.60% per annum; (ii) $36,000,000 of Class B Senior Secured Floating Rate Notes, which bear interest at Term SOFR plus 3.65% per annum; (iii) $36,000,000 of Class C Secured Deferrable Floating Rate Notes, which bear interest at Term SOFR plus 4.55% per annum; (iv) $28,000,000 of Class D Secured Deferrable Floating Rate Notes, which bear interest at Term SOFR plus 6.90% per annum; and (v) $67,000,000 of Subordinated Notes. The CLO XIII Notes are scheduled to mature on April 27, 2035.

The CLO XIII Notes are the secured obligations of the XIII Issuer Entities, and the indenture governing the CLO XIII Notes includes customary covenants and events of default. The CLO 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. For so long as the Adviser serves as collateral manager to the XIII Issuer, a collateral management fee shall not be charged.

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

Co-investment Exemptive Order

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

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Asset Coverage

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

On March 23, 2018, the SBCAA was signed into law. The SBCAA, among other things, modifies the applicable provisions of the 1940 Act to reduce the required asset coverage ratio applicable to BDCs from 200% to 150% subject to certain approval, time and disclosure requirements (including either stockholder approval or approval of a majority of the directors who are not interested persons of the BDC and who have no financial interest in the proposal). On July 5, 2018, the Board voted to approve the adoption of the reduced asset coverage ratio and separately recommended that Investors approve the reduced asset coverage requirements at the 2018 annual meeting of stockholders. On September 26, 2018, at the Fund’s 2018 annual meeting of stockholders, the Fund’s stockholders approved the reduction of the required minimum asset coverage ratio applicable to the Fund from 200% to 150%, which took effect on September 27, 2018. This reduction in the required minimum asset coverage ratio increases the amount of debt that the Fund is permitted to incur, permitting the Fund to borrow up to two dollars for investment purposes for every one dollar of investor equity.

As of March 31, 2024, and December 31, 2023, the Fund had total senior securities of $891,843,756 and $860,575,617, respectively, consisting of borrowings under the Revolving Credit Facilities, secured borrowings and the Notes, and had asset coverage ratios of 160% and 159%, respectively.

Critical Accounting Policies

Valuation of Investments

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

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

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

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

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

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

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

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

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

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

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

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

Management and Incentive Fees

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

Federal Income Taxes

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

Item 3. Quantitative and Qualitative Disclosures About Market Risk

The Fund is subject to financial market risks, including changes in interest rates. To the extent that the Fund borrows money to make investments, the Fund’s net investment income is dependent upon the difference between the rate at which the Fund borrows funds and the rate at which the Fund invests these funds. In periods of rising interest rates, the Fund’s cost of funds would increase, which may reduce the Fund’s net investment income. Because the Fund expects that most of its investments will bear interest at floating rates, the Fund anticipates that an increase in interest rates would have a corresponding increase in the Fund’s interest income that would eventually offset any increase in the Fund’s cost of funds and, thus, net investment income would not be reduced

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significantly. The timing of interest rate resets on the Fund’s investments and the Fund’s debt may differ leading to a temporary increase or decrease in net investment income. However, there can be no assurance that a significant change in market interest rates will not have an adverse effect on the Fund’s net investment income. In addition, U.S. and global capital markets and credit markets have experienced a higher level of stress due to rising inflation, which has resulted in an increase in the level of volatility across such markets and a general decline in the value of the securities held by the Fund.

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

In connection with the COVID-19 pandemic and rising inflation, the U.S. Federal Reserve and other central banks have increased interest rates. A prolonged increase in interest rates could results in an increase in the Fund’s non-performing assets and a decrease in the value of its portfolio because the portfolio companies paying interest at such increasing floating rates may be unable to meet higher payment obligations. In periods of rising interest rates, the Fund’s cost of funds would increase, which, if not matched with the rising interest rates of its performing floating-rate assets, could result in a decrease in its net investment income. Incurring additional leverage will magnify the impact of an increase to the Fund’s cost of funds. A decrease in interest rates may reduce net income, because new investments may be made at lower rates despite the increased demand for the Fund’s capital that the decrease in interest rates may produce.

Assuming that the consolidated statement of assets and liabilities as of March 31, 2024, were to remain constant and that the Fund took no actions to alter its existing interest rate sensitivity, the following table shows the annualized impact of hypothetical base rate changes in interest rates.

Change in Interest Rates	Increase (Decrease) in Interest Income			Increase (Decrease) in Interest Expense			Net Increase (Decrease) in Net Investment Income
Down 25 basis points	$	(3,488,236	)	$	(2,149,250	)	$	(1,338,986	)
Up 100 basis points	$	13,952,945		$	6,321,948		$	7,630,997
Up 200 basis points	$	27,905,890		$	17,194,000		$	10,711,890
Up 300 basis points	$	41,858,835		$	25,791,000		$	16,067,835

The above outcomes are estimates based on models that use assumptions, and such assumptions may not hold true should any of the listed scenarios occur. The table should be read in conjunction with the “Forward-Looking Statements” section to this quarterly report.

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

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

Item 4. Controls and Procedures

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

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

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PART II. OTHER INFORMATION

Item 1. Legal Proceedings

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

Item 1A. Risk Factors

In addition to the other information set forth in this report, you should carefully consider the factors discussed in Part I, “Item 1A. Risk Factors” in the Fund’s Annual Report on

Form 10-K

for the fiscal year ended December 31, 2023, which could materially affect the Fund’s business, financial condition and/or operating results. The risks described in the Fund’s Annual Report on

Form 10-K

are not the only risks the Fund faces. Additional risks and uncertainties that are not currently known to the Fund or that the Fund currently deems to be immaterial also may materially adversely affect the Fund’s business, financial condition and/or operating results. During the three months ended March 31, 2024, there have been no material changes from the risk factors set forth in the Fund’s Annual Report on

Form 10-K

for the year ended December 31, 2023, except for the following.

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

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

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

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

The following table illustrates the effect of leverage on returns from an investment in the Shares assuming that the Fund employs leverage such that the Fund’s asset coverage equals (1) the Fund’s actual asset coverage as of March 31, 2024 and (2) 150%, each at various annual returns, net of expenses and as of March 31, 2024.

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

Assumed Return on the Fund’s Portfolio (net of expenses)	(10.00	)%	(5.00	)%	0.00	%	5.00	%	10.00	%
Corresponding net return to holders of common stock assuming actual asset coverage as of March 31, 2024 (1)	(41.6	)%	(27.9	)%	(14.2	)%	(0.5	)%	13.1	%
Corresponding net return to holders of common stock assuming 150% asset coverage (2)	(46.4	)%	(31.4	)%	(16.4	)%	(1.4	)%	(13.6	)%

(1)  Assumes $1,456.3 million in total portfolio assets, $923.9 million in debt outstanding, $532.4 million in net assets, and an average cost of funds of 8.19%. Actual interest payments may be different.

(2)  Assumes $1,456.3 million in total portfolio assets, $970.9 million in debt outstanding, $485.4 million in net assets, and an average cost of funds of 8.19%. Actual interest payments may be different.

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

Except as previously reported by the Fund on its current reports on Form

8-K,

the Fund did not sell any securities during the period covered by this Quarterly Report that were not registered under the Securities Act.

Item 3. Defaults Upon Senior Securities

None.

Item 4. Mine Safety Disclosure

Not applicable.

Item 5. Other Information

Insider Trading Arrangements and Policies

During the fiscal quarter ended March 31, 2024, none of

the Fund’s directors or officers adopted or terminated any contract, instruction or written plan for the purchase or sale of the Fund’s securities to satisfy the affirmative defense conditions of Exchange Act Rule

10b5-1(c)

or any

“non-Rule

10b5-1

trading arrangement.”

84

Item 6. Exhibits

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

31.1	Certification of Chief Executive Officer pursuant to Rule 13a-14 of the Securities Exchange Act of 1934, as amended.*
31.2	Certification of Chief Financial Officer pursuant to Rule 13a-14 of the Securities Exchange Act of 1934, as amended.*
32.1	Certification of Chief Executive Officer and Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, as amended.*
101.INS	XBRL Instance Document—the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the XBRL document*
101.SCH	Inline XBRL Taxonomy Extension Schema Document*
101.CAL	Inline XBRL Taxonomy Calculation Linkbase Document*
101.DEF	Inline XBRL Taxonomy Extension Definition Linkbase Document*
101.LAB	Inline XBRL Taxonomy Label Linkbase Document*
101.PRE	Inline XBRL Taxonomy Presentation Linkbase Document*
104	Cover Page Interactive Data File (formatted in Inline XBRL and contained in Exhibit 101)*

* Filed herewith

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

		AB PRIVATE CREDIT INVESTORS CORPORATION
Date: May 14, 2024	By:	/s/ J. Brent Humphries
		J. Brent Humphries
		President and Chief Executive Officer
		(Principal Executive Officer)
Date: May 14, 2024	By:	/s/ Wesley Raper
		Wesley Raper
		Chief Financial Officer and Treasurer
		(Principal Financial and Accounting Officer)