AB Private Credit Investors 10-Q 2024 Q2 Quarterly report

0001634452 abpcic:PharmalogicHoldingsCorpMember abpcic:SixtyDaysOrLessFromTheTradeDebtMember 2024-06-30 0001634452 abpcic:RevolverMember abpcic:SeniorSecuredDebtFirstLienMember abpcic:TelcorBuyerIncMember 2023-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt |Greenhouse Software, Inc.|Software & Tech Services|Revolver|12.35% (S + 7.00%; 1.00% Floor)| 09/01/2028 One 2023-12-31

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM

10-Q

(Mark One)

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED JUNE 30 , 2024

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

COMMISSION FILE NUMBER:

814-01196

AB Private Credit Investors Corporation

(Exact name of registrant as specified in its charter)

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

405 Colorado Street, Suite 1500

Austin,

TX

78701

(Address of principal executive offices)

(512)

721-2900

(Registrant’s telephone number, including area code)

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

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

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

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

Regulation S-T

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

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

non-accelerated

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

12b-2

of the Exchange Act.

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

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

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

12b-2

of the Exchange Act). Yes ☐ No ☒

The issuer had 58,978,578

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

 

August 14, 2024.

AB PRIVATE CREDIT INVESTORS CORPORATION

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

Table of Contents

	INDEX	PAGE NO.
PART I.	FINANCIAL INFORMATION		3
Item 1.	Consolidated Financial Statements		3
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations		70
Item 3.	Quantitative and Qualitative Disclosures About Market Risk		85
Item 4.	Controls and Procedures		86
PART II.	OTHER INFORMATION		87
Item 1.	Legal Proceedings		87
Item 1A.	Risk Factors		87
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds		88
Item 3.	Defaults Upon Senior Securities		88
Item 4.	Mine Safety Disclosures		88
Item 5.	Other Information		88
Item 6.	Exhibits		89
SIGNATURES			90

2

Item 1. Consolidated Financial Statements

AB Private Credit Investors Corporation

Consolidated Statements of Assets and Liabilities

	As of June 30, 2024 (Unaudited)			As of December 31, 2023
Assets
Investments, at fair value
Non-controlled/non-affiliated investments (amortized cost of $1,487,646,350 and $1,324,506,471, respectively)	$	1,479,831,711		$	1,307,655,721
Non-controlled affiliated investments (amortized cost of $2,371,832 and $5,034,379)		1,126,367			3,464,863
Total investments, at fair value (amortized cost of $1,490,018,182 and $1,329,540,850)		1,480,958,078			1,311,120,584
Cash and cash equivalents		67,423,316			72,671,928
Interest receivable		9,503,999			8,445,019
Deferred financing costs		1,669,363			2,461,248
Receivable for fund shares		634,650			18,000
Receivable for investments sold		38,377			47,127
Total assets	$	1,560,227,783		$	1,394,763,906
Liabilities
Notes payable (net of unamortized discount of $371,871 and $390,381, respectively, and debt issuance costs of $2,969,890 and $3,681,044, respectively)	$	543,408,239		$	542,678,575
Credit facility payable		400,250,000			311,500,000
Secured Borrowings		18,011,556			2,325,617
Interest and borrowing expenses payable		13,277,047			12,779,336
Payable for fund shares repurchased		9,315,898			4,930,240
Distribution payable		6,031,499			5,740,909
Management fees payable		4,911,685			4,479,535
Incentive fee payable		3,250,337			3,369,132
Payable for investments purchased		1,950,927			—
Professional fees payable		831,923			496,289
Administrator and custodian fees payable		767,890			832,176
Payable to Adviser		620,594			1,158,276
Accrued tax liability		142,842			241,195
Accrued expenses and other liabilities		31,403			—
Transfer agent fees payable		27,837			35,381
Directors’ fees payable		18,563			—
Total Liabilities	$	1,002,848,240		$	890,566,661
Commitments and contingencies (see Note 6)
Net Assets
Common stock, par value $0.01 per share (200,000,000 shares authorized, 58,978,899 and 54,364,708 shares issued and outstanding at June 30, 2024 and December 31, 2023, respectively)		589,789			543,647
Paid-in capital in excess of par value		567,955,055			524,279,891
Distributable earnings (accumulated loss)		(11,214,651	)		(20,678,340	)
Total net assets of AB Private Credit Investors Corporation	$	557,330,193		$	504,145,198
Non-Controlling Interest in ABPCIC Equity Holdings, LLC		49,350		$	52,047
Total net assets	$	557,379,543		$	504,197,245
Total liabilities and net assets	$	1,560,227,783		$	1,394,763,906
Net asset value per share of AB Private Credit Investors Corporation	$	9.45		$	9.27

See notes to unaudited consolidated financial statements.

3

AB Private Credit Investors Corporation

Unaudited Consolidated Statements of Operations

	For the three months ended June 30,						For the six months ended June 30,
Investment Income	2024			2023			2024			2023
From non-controlled/non-affiliated investments:
Interest income, net of amortization/accretion	$	40,513,701		$	35,269,067		$	80,113,933		$	67,028,005
Payment-in-kind interest		2,109,355			662,830			3,667,307			1,696,231
Dividend income		211,800			355,306			298,829			407,758
Total investment income		42,834,856			36,287,203			84,080,069			69,131,994
Expenses:
Interest and borrowing expenses		19,893,019			17,260,122			38,834,928			31,041,782
Management fees		4,911,685			4,204,038			9,558,202			8,142,942
Income-based incentive fee		3,250,337			2,600,473			6,492,093			5,355,077
Professional fees		682,635			681,896			1,230,680			1,197,209
Administration and custodian fees		325,977			294,109			508,469			558,564
Insurance expenses		131,362			135,986			262,725			271,972
Directors’ fees		10,296			69,875			139,750			139,750
Transfer agent fees		27,837			36,215			66,525			71,487
Other expenses		508,626			368,384			839,019			677,959
Total expenses		29,741,774			25,651,098			57,932,391			47,456,742
Net investment income before taxes		13,093,082			10,636,105			26,147,678			21,675,252
Income tax expense, including excise tax		91,736			260,725			179,306			278,026
Net investment income after tax		13,001,346			10,375,380			25,968,372			21,397,226
Net realized and change in unrealized gains (losses) on investment transactions:
Net realized gain (loss) from:
Non-controlled/non-affiliated investments		64,234			(303,851	)		101,573			(298,398	)
Net change in unrealized appreciation (depreciation) from:
Non-controlled/non-affiliated investments		2,628,730			(7,287,835	)		9,036,111			(2,765,423	)
Non-controlled affiliated investments		125,317			(10	)		324,051			(10	)
Controlled affiliated investments		—			90,649			—			90,649
Net realized and change in unrealized gains (losses) on investment transactions		2,818,281			(7,501,047	)		9,461,735			(2,973,182	)
Net increase in net assets resulting from operations		15,819,627			2,874,333			35,430,107			18,424,044
Less: Net increase (decrease) in net assets resulting from operations related to Non-Controlling Interest in ABPCIC Equity Holdings, LLC	$	(1,366	)	$	516		$	(2,697	)	$	1,639
Net increase in net assets resulting from operations related to AB Private Credit Investors Corporation		15,820,993			2,873,817			35,432,804			18,422,405
Net investment income per share (basic and diluted):
Net investment income per share (basic and diluted):	$	0.23		$	0.20		$	0.46		$	0.42
Earnings per share (basic and diluted):		0.28			0.06			0.63			0.36
Weighted average shares outstanding:		57,211,424			51,975,095			56,191,768			51,104,578

See notes to unaudited consolidated financial statements.

4

AB Private Credit Investors Corporation

Unaudited Consolidated Statements of Changes in Net Assets

	Common Units
	Shares			Par Amount			Paid in Capital in Excess of Par			Distributable Earnings			Non-Controlling Interest - ABPCIC Equity Holdings, LLC			Total Net Assets
Net assets at March 31, 2024		56,653,056		$	566,530		$	545,842,911		$	(14,035,991	)	$	50,716		$	532,424,166
Increase (decrease) in net assets resulting from operations:
Net investment income		—			—			—			13,001,764			(418	)		13,001,346
Net realized gain (loss) on investments		—			—			—			64,234			—			64,234
Net change in unrealized appreciation (depreciation) on investments		—			—			—			2,754,995			(948	)		2,754,047
Capital transactions:
Issuance of common stock		2,574,268			25,743			24,457,404			—			—			24,483,147
Issuance of common shares pursuant to distribution reinvestment plan		737,332			7,373			6,960,780			—			—			6,968,153
Repurchase of common stock		(985,757	)		(9,857	)		(9,306,040	)		—			—			(9,315,897	)
Distributions to stockholders		—			—			—			(12,999,653	)		—			(12,999,653	)
Total increase (decrease) for the three months ended June 30, 2024		2,325,843			23,259			22,112,144			2,821,340			(1,366	)		24,955,377
Net assets at June 30, 2024		58,978,899		$	589,789		$	567,955,055		$	(11,214,651	)	$	49,350		$	557,379,543
Distributions declared per share		—			—			—		$	0.21			—		$	0.21
Net assets at December 31, 2023		54,364,707		$	543,647		$	524,279,891		$	(20,678,340	)	$	52,047		$	504,197,245
Increase (decrease) in net assets resulting from net investment income operations:
Net investment income		—			—			—			25,968,322			50			25,968,372
Net realized gain (loss) on investments		—			—			—			101,573			—			101,573
Net change in unrealized appreciation (depreciation) on investments		—			—			—			9,362,909			(2,747	)		9,360,162
Capital transactions:
Issuance of common stock		4,871,348			48,713			46,102,393			—			—			46,151,106
Issuance of common shares pursuant to distribution reinvestment plan		1,472,883			14,729			13,866,135			—			—			13,880,864
Repurchase of common stock		(1,730,039	)		(17,300	)		(16,293,364	)		—			—			(16,310,664	)
Distributions to stockholders		—			—			—			(25,969,115	)		—			(25,969,115	)
Total increase (decrease) for the six months ended June 30, 2024		4,614,192			46,142			43,675,164			9,463,689			(2,697	)		53,182,298
Net assets at June 30, 2024		58,978,899		$	589,789		$	567,955,055		$	(11,214,651	)	$	49,350		$	557,379,543
Distributions declared per share		—			—			—		$	0.44			—		$	0.44

See notes to unaudited consolidated financial statements.

5

	Common Units
	Shares			Par Amount			Paid in Capital in Excess of Par			Distributable Earnings			Non-Controlling Interest - ABPCIC Equity Holdings, LLC			Total Net Assets
Net assets at March 31, 2023		49,895,174		$	498,952		$	482,847,144		$	(19,190,141	)	$	35,509		$	464,191,464
Increase (decrease) in net assets resulting from operations:
Net investment income		—			—			—			10,375,562			(182	)		10,375,380
Net realized gain (loss) on investments		—			—			—			(303,851	)		—			(303,851	)
Net change in unrealized appreciation (depreciation) on investments		—			—			—			(7,197,894	)		698			(7,197,196	)
Capital transactions:
Issuance of common stock		2,776,754			27,768			25,764,683			—			—			25,792,451
Issuance of common shares pursuant to distribution reinvestment plan		606,230			6,062			5,546,761			—			—			5,552,823
Repurchase of common stock		(461,364	)		(4,614	)		(4,221,287	)		—			—			(4,225,901	)
Distributions to stockholders		—			—			—			(10,402,344	)		—			(10,402,344	)
Total increase (decrease) for the three months ended June 30, 2023		2,921,620			29,216			27,090,157			(7,528,527	)		516			19,591,362
Net assets at June 30, 2023		52,816,794		$	528,168		$	509,937,301		$	(26,718,668	)	$	36,025		$	483,782,826
Distributions declared per share		—			—			—		$	0.20			—		$	0.20
Net assets at December 31, 2022		50,228,088		$	502,281		$	485,940,938		$	(29,599,112	)	$	34,386		$	456,878,493
Increase (decrease) in net assets resulting from net investment income operations:
Net investment income		—			—			—			21,398,031			(805	)		21,397,226
Net realized gain (loss) on investments		—			—			—			(298,398	)		—			(298,398	)
Net change in unrealized appreciation (depreciation) on investments		—			—			—			(2,677,228	)		2,444			(2,674,784	)
Capital transactions:
Issuance of common stock		2,776,754			27,768			25,764,683			—			—			25,792,451
Issuance of common shares pursuant to distribution reinvestment plan		900,834			9,008			8,284,685			—			—			8,293,693
Repurchase of common stock		(1,088,882	)		(10,889	)		(10,053,005	)		—			—			(10,063,894	)
Distributions to stockholders		—			—			—			(15,541,961	)		—			(15,541,961	)
Total increase (decrease) for the six months ended June 30, 2023		2,588,706			25,887			23,996,363			2,880,444			1,639			26,904,333
Net assets at June 30, 2023		52,816,794		$	528,168		$	509,937,301		$	(26,718,668	)	$	36,025		$	483,782,826
Distributions declared per share		—			—			—		$	0.30			—		$	0.30

See notes to unaudited consolidated financial statements.

6

AB Private Credit Investors Corporation

Unaudited Consolidated Statements of Cash Flows

	Six months ended June 30, 2024			Six months ended June 30, 2023
Cash flows from operating activities
Net increase (decrease) in net assets resulting from operations	$	35,430,107		$	18,424,044
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used for) operating activities:
Purchases of investments		(210,401,755	)		(151,475,757	)
Payment-in-kind investments		(3,667,307	)		(1,696,231	)
Proceeds from sales of investments and principal repayments		56,415,037			48,240,929
Net realized (gain) loss on investments		(101,573	)		298,398
Net change in unrealized (appreciation) depreciation on investments		(9,360,162	)		2,674,784
Amortization of premium and accretion of discount, net		(2,721,734	)		(3,097,880	)
Amortization of discount, debt issuance and deferred financing costs		1,757,962			2,135,003
Increase or decrease in operating assets and liabilities:
(Increase) decrease in receivable for investments sold		8,750			6,005,880
(Increase) decrease in interest receivable		(1,058,980	)		(4,272,923	)
(Increase) decrease in prepaid directors’ fee		—			(179	)
(Increase) decrease in prepaid expenses		—			226,644
(Increase) decrease in payable for investments purchased		1,950,927			9,080,028
(Increase) decrease in management fees payable		432,150			425,915
(Increase) decrease in payable to Adviser		(537,682	)		(232,840	)
(Increase) decrease in administrator and custodian fees payable		(64,286	)		(54,802	)
(Increase) decrease in professional fees payable		335,634			(236,071	)
(Increase) decrease in accrued tax liability		(98,353	)		(983,570	)
(Increase) decrease in incentive fee payable		(118,795	)		65,538
Increase (decrease) in directors’ fees payable		18,563			45,329
(Increase) decrease in transfer agent fees payable		(7,544	)		1,990
(Increase) decrease in interest and borrowing expenses payable		497,711			2,507,209
Increase (decrease) in accrued expenses and other liabilities		31,403			232,846
Net cash provided by (used for) operating activities		(131,259,927	)		(71,685,716	)
Cash flows from financing activities
Issuance of common stock		45,534,456			28,491,101
Repurchase of common stock		(11,925,006	)		(12,142,242	)
Distributions paid		(11,797,661	)		(11,307,802	)
Financing costs paid		(236,413	)		(5,519,815	)
Borrowings on notes		—			300,000,000
Borrowings on credit facility		143,250,000			214,400,000
Repayments of credit facility		(54,500,000	)		(409,000,000	)
Proceeds on secured borrowings		20,666,689			8,889,878
Repayments on secured borrowings		(4,980,750	)		(14,807,153	)
Net cash provided by (used for) financing activities		126,011,315			99,003,967
Net increase in (decrease) in cash		(5,248,612	)		27,318,251
Cash and cash equivalents, beginning of period		72,671,928			48,785,985
Cash and cash equivalents, end of period	$	67,423,316		$	76,104,236
Supplemental and non-cash financing activities
Cash paid during the period for interest	$	35,953,776		$	25,856,860
Issuance of common shares pursuant to distribution reinvestment plan	$	13,880,864		$	8,293,693
State taxes paid	$	277,659		$	1,261,596

See notes to unaudited consolidated financial statements.

7

AB Private Credit Investors Corporation

Unaudited Consolidated Schedule of Investments as of June 30, 2024

Portfolio Company

Industry

Facility Type

Interest

Maturity

Funded Par Amount

Cost

Fair Value

Investments at Fair Value (++) + * # ^—265.70%

US Corporate Debt — 252.67%

1st Lien/Senior Secured Debt — 252.14%

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

Healthcare

Delayed Draw Term Loan

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

12/22/2027

1,364,238

1,325,369

1,364,238

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

Healthcare

Delayed Draw Term Loan

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

12/22/2027

6,463,902

6,358,885

6,383,103

AAH Topco, LLC (2) (6)

Healthcare

Revolver

11.45% (S + 5.50%; 0.75% Floor)

12/22/2027

—

(9,278

)

(9,841

)

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

Healthcare

Term Loan

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

12/22/2027

6,387,118

6,305,719

6,307,279

Accelerate Resources Operating, LLC (2) (6)

Energy

Revolver

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

2/24/2027

—

(2,351

)

—

Accelerate Resources Operating, LLC (1) (5)

Energy

Delayed Draw Term Loan

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

2/24/2027

1,830,799

1,802,829

1,830,799

Accelerate Resources Operating, LLC (1) (5)

Energy

Term Loan

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

2/24/2027

5,457,797

5,438,557

5,457,797

Accelerate Resources Operating, LLC (3)

Energy

Term Loan

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

2/24/2027

1,217,451

1,199,108

1,217,451

Activ Software Holdings, LLC (1) (3) (4) (5)

Software & Tech Services

Term Loan

11.58% (S + 6.00%; 1.00% Floor)

5/4/2027

7,867,150

7,789,968

7,867,150

Activ Software Holdings, LLC (2) (6)

Software & Tech Services

Revolver

11.65% (S + 6.00%; 1.00% Floor)

5/4/2027

—

(6,286

)

—

Activ Software Holdings, LLC (1)

Software & Tech Services

Term Loan

11.65% (S + 6.00%; 1.00% Floor)

5/4/2027

2,497,913

2,448,126

2,497,913

Activ Software Holdings, LLC (5)

Software & Tech Services

Delayed Draw Term Loan

11.66% (S + 6.00%; 1.00% Floor)

5/4/2027

624,478

612,011

624,478

Admiral Buyer, Inc (1) (4) (5)

Software & Tech Services

Term Loan

10.84% (S + 5.50%; 0.75% Floor)

5/8/2028

10,593,104

10,436,477

10,460,690

Admiral Buyer, Inc (2) (6)

Software & Tech Services

Revolver

10.84% (S + 5.50%; 0.75% Floor)

5/8/2028

—

(20,941

)

(17,519

)

Admiral Buyer, Inc

Software & Tech Services

Delayed Draw Term Loan

10.85% (S + 5.50%; 0.75% Floor)

5/8/2028

449,428

443,571

447,181

Airwavz Solutions, Inc. (2) (3) (4)

Digital Infrastructure & Services

Delayed Draw Term Loan

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

3/31/2027

3,774,448

3,708,768

3,774,448

Airwavz Solutions, Inc. (2) (6)

Digital Infrastructure & Services

Revolver

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

3/31/2027

—

(6,380

)

(3,264

)

Airwavz Solutions, Inc. (3)

Digital Infrastructure & Services

Term Loan

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

3/31/2027

5,221,919

5,170,824

5,195,809

Airwavz Solutions, Inc. (3) (5)

Digital Infrastructure & Services

Delayed Draw Term Loan

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

3/31/2027

3,263,699

3,231,764

3,247,381

AmerCareRoyal, LLC (4)

Services

Term Loan

12.48% (S + 6.50%; 0.50% PIK; 1.00% Floor)

11/25/2025

507,292

499,939

507,292

AmerCareRoyal, LLC (1) (3)

Services

Term Loan

12.48% (S + 6.50%; 0.50% PIK; 1.00% Floor)

11/25/2025

1,986,082

1,973,352

1,986,082

AmerCareRoyal, LLC (1) (5)

Services

Term Loan

12.48% (S + 6.50%; 0.50% PIK; 1.00% Floor)

11/25/2025

4,081,357

3,988,288

4,081,357

AmerCareRoyal, LLC (1)

Services

Delayed Draw Term Loan

12.48% (S + 6.50%; 0.50% PIK; 1.00% Floor)

11/25/2025

492,918

486,821

492,918

See notes to Unaudited Consolidated Financial Statements

8

AB Private Credit Investors Corporation

Unaudited Consolidated Schedule of Investments as of June 30, 20

2

4

Portfolio Company

Industry

Facility Type

Interest

Maturity

Funded Par Amount

Cost

Fair Value

American Physician Partners, LLC (7)

Healthcare

Term Loan

— (S + 6.75%; 3.50% PIK; 1.00% Floor)

12/31/2024

2,682,124

2,278,901

—

American Physician Partners, LLC (7)

Healthcare

Delayed Draw Term Loan

— (S + 6.75%; 3.50% PIK; 1.00% Floor)

12/31/2024

949,042

817,051

—

American Physician Partners, LLC (7)

Healthcare

Term Loan

— (S + 6.75%; 3.50% PIK; 1.00% Floor)

12/31/2024

6,791,604

5,733,816

—

American Physician Partners, LLC (1) (7)

Healthcare

Delayed Draw Term Loan

— (S + 6.75%; 3.50% PIK; 1.00% Floor)

12/31/2024

1,260,322

1,082,011

—

American Physician Partners, LLC (7)

Healthcare

Revolver

— (S + 6.75%; 3.50% PIK; 1.00% Floor)

12/31/2024

346,322

345,024

—

American Physician Partners, LLC (7)

Healthcare

Term Loan

— (S + 6.75%; 3.50% PIK; 1.00% Floor)

12/31/2024

1,444,963

1,243,170

—

American Physician Partners, LLC (7)

Healthcare

Term Loan

— (S + 6.75%; 3.50% PIK; 1.00% Floor)

12/31/2024

31,879

20,395

10,402

AMI US Holdings, Inc. (1) (4)

Software & Tech Services

Term Loan

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

10/1/2026

7,354,651

7,332,330

7,354,651

AMI US Holdings, Inc. (2) (6)

Software & Tech Services

Revolver

10.70% (S + 5.25%)

10/1/2026

—

(6,808

)

—

Ampler QSR Holdings, LLC (3) (4)

Consumer Non-Cyclical

Term Loan

11.11% (S + 5.63%; 1.00% Floor)

7/21/2027

12,159,255

12,028,987

12,128,857

AOM Acquisition, LLC. (2) (6)

Healthcare

Revolver

10.99% (S + 5.50%; 1.00% Floor)

2/18/2027

—

(13,054

)

(9,140

)

AOM Acquisition, LLC. (1) (5)

Healthcare

Term Loan

10.99% (S + 5.50%; 1.00% Floor)

2/18/2027

6,238,907

6,103,168

6,192,116

AOM Acquisition, LLC. (1) (5)

Healthcare

Term Loan

10.99% (S + 5.50%; 1.00% Floor)

2/18/2027

5,686,326

5,621,711

5,643,679

Avalara, Inc. (1) (3) (4)

Software & Tech Services

Term Loan

12.59% (S + 6.75%; 0.75% Floor)

10/19/2028

10,653,748

10,460,476

10,653,748

Avalara, Inc. (2) (6)

Software & Tech Services

Revolver

12.59% (S + 7.25%; 0.75% Floor)

10/19/2028

—

(19,321

)

—

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

Digital Infrastructure & Services

Term Loan

11.24% (S + 5.75%; 1.00% Floor)

11/30/2026

14,888,026

14,717,815

14,888,026

Avant Communications, LLC (2) (6)

Digital Infrastructure & Services

Revolver

11.24% (S + 5.75%; 1.00% Floor)

11/30/2026

—

(5,582

)

—

Avetta, LLC (1) (4) (5)

Software & Tech Services

Term Loan

11.10% (S + 5.75%; 1.00% Floor)

10/18/2030

21,844,627

21,386,754

21,844,627

Avetta, LLC (2) (6)

Software & Tech Services

Revolver

11.10% (S + 5.75%; 1.00% Floor)

10/18/2029

—

(41,598

)

—

Azurite Intermediate Holdings, Inc (4)

Software & Tech Services

Term Loan

11.85% (S + 6.50%; 0.75% Floor)

3/19/2031

3,128,738

3,083,046

3,081,807

Azurite Intermediate Holdings, Inc (1) (2) (5)

Software & Tech Services

Delayed Draw Term Loan

11.85% (S + 6.50%; 0.75% Floor)

3/19/2031

4,550,892

4,466,584

4,497,561

Azurite Intermediate Holdings, Inc (2) (6)

Software & Tech Services

Revolver

11.85% (S + 6.50%; 0.75% Floor)

3/19/2031

—

(16,404

)

(17,066

)

BAART Programs, Inc. (1) (4)

Healthcare

Delayed Draw Term Loan

10.60% (S + 5.00%; 1.00% Floor)

6/11/2027

3,852,858

3,832,217

3,718,008

BAART Programs, Inc. (1) (5)

Healthcare

Term Loan

10.60% (S + 5.00%; 1.00% Floor)

6/11/2027

4,649,986

4,628,244

4,487,237

Blink Holdings, Inc. (7)

Consumer Non-Cyclical

Delayed Draw Term Loan

— (S + 7.50%)

11/8/2024

889,435

888,753

547,002

Blink Holdings, Inc. (1) (7)

Consumer Non-Cyclical

Delayed Draw Term Loan

— (S + 5.50%; 1.00% Floor)

11/8/2024

1,109,120

1,108,273

682,108

Blink Holdings, Inc. (1) (7)

Consumer Non-Cyclical

Term Loan

— (S + 5.50%; 1.00% Floor)

11/8/2024

1,550,228

1,548,861

953,390

Bonterra, LLC (1) (3) (4) (5)

Software & Tech Services

Term Loan

12.59% (S + 7.25%; 0.75% Floor)

9/8/2027

15,944,506

15,819,566

15,904,644

Bonterra, LLC (2)

Software & Tech Services

Revolver

12.59% (S + 7.25%; 0.75% Floor)

9/8/2027

714,085

704,690

711,206

Bonterra, LLC

Software & Tech Services

Term Loan

12.59% (8.00% PIK; 0.75% Floor)

9/8/2027

2,898,956

2,771,390

2,898,956

See notes to Unaudited Consolidated Financial Statements

9

AB Private Credit Investors Corporation

Unaudited Consolidated Schedule of Investments as of June 30, 2024

Portfolio Company

Industry

Facility Type

Interest

Maturity

Funded Par Amount

Cost

Fair Value

Bridgepointe Technologies, LLC (2)

Digital Infrastructure & Services

Revolver

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

12/31/2027

272,123

262,951

260,460

Bridgepointe Technologies, LLC (2) (5)

Digital Infrastructure & Services

Delayed Draw Term Loan

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

12/31/2027

925,916

875,810

894,766

Bridgepointe Technologies, LLC (1)

Digital Infrastructure & Services

Term Loan

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

12/31/2027

1,030,526

1,005,800

1,015,068

Bridgepointe Technologies, LLC (1) (5)

Digital Infrastructure & Services

Term Loan

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

12/31/2027

4,681,605

4,622,212

4,611,381

Bridgepointe Technologies, LLC (1) (5)

Digital Infrastructure & Services

Delayed Draw Term Loan

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

12/31/2027

3,829,160

3,786,277

3,771,723

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

Digital Infrastructure & Services

Delayed Draw Term Loan

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

12/31/2027

4,938,460

4,833,575

4,864,383

Bridgepoint Technologies, LLC (1) (5)

Digital Infrastructure & Services

Term Loan

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

12/31/2027

2,259,836

2,202,759

2,225,939

Bridgepointe Technologies, LLC (3)

Digital Infrastructure & Services

Delayed Draw Term Loan

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

12/31/2027

2,723,951

2,708,628

2,683,092

Brightspot Buyer, Inc (2)

Software & Tech Services

Revolver

11.95% (S + 6.50%; 0.75% Floor)

11/16/2027

340,146

332,275

326,540

Brightspot Buyer, Inc (1) (3)

Software & Tech Services

Term Loan

11.95% (S + 6.50%; 0.75% Floor)

11/16/2027

5,215,571

5,155,779

5,111,260

Brightspot Buyer, Inc (3)

Software & Tech Services

Term Loan

11.95% (S + 6.50%; 0.75% Floor)

11/16/2027

1,448,598

1,422,104

1,419,626

BSI2 Hold Nettle, LLC (2)

Software & Tech Services

Revolver

10.27% (S + 5.00%; 0.75% Floor)

6/30/2028

117,785

111,801

108,951

BSI2 Hold Nettle, LLC (3) (5)

Software & Tech Services

Term Loan

10.27% (S + 5.00%; 0.75% Floor)

6/30/2028

4,628,931

4,582,031

4,559,497

BSI2 Hold Nettle, LLC (3)

Software & Tech Services

Term Loan

10.27% (S + 5.00%; 0.75% Floor)

6/30/2028

617,669

606,667

608,404

BusinesSolver.com, Inc. (2)

Software & Tech Services

Delayed Draw Term Loan

10.94% (S + 5.50%; 0.75% Floor)

12/1/2027

257,713

254,313

257,713

BusinesSolver.com, Inc. (3) (5)

Software & Tech Services

Term Loan

10.94% (S + 5.50%; 0.75% Floor)

12/1/2027

7,213,914

7,172,025

7,213,914

BV EMS Buyer, Inc. (4)

Healthcare

Term Loan

11.20% (S + 5.75%; 1.00% Floor)

11/23/2027

3,293,408

3,231,055

3,276,941

BV EMS Buyer, Inc. (4) (5)

Healthcare

Term Loan

11.20% (S + 5.75%; 1.00% Floor)

11/23/2027

3,467,741

3,397,221

3,450,402

BV EMS Buyer, Inc. (4) (5)

Healthcare

Delayed Draw Term Loan

11.20% (S + 5.75%; 1.00% Floor)

11/23/2027

3,496,572

3,436,624

3,479,089

BV EMS Buyer, Inc. (2)

Healthcare

Revolver

11.20% (S + 5.75%; 1.00% Floor)

11/23/2027

219,561

213,907

218,064

CallTower, Inc (1) (4) (5)

Digital Infrastructure & Services

Term Loan

11.70% (S + 6.25%; 3.00% Floor)

11/30/2028

4,953,185

4,842,334

4,953,185

CallTower, Inc (2) (6)

Digital Infrastructure & Services

Delayed Draw Term Loan

11.70% (S + 6.25%; 3.00% Floor)

11/30/2028

—

(22,072

)

—

CallTower, Inc (2) (6)

Digital Infrastructure & Services

Revolver

11.70% (S + 6.25%; 3.00% Floor)

11/30/2028

—

(13,804

)

—

Caregiver 2, Inc. (3)

Healthcare

Term Loan

10.75% (S + 5.25%; 2.25% PIK; 1.00% Floor)

7/24/2025

4,521,775

4,482,441

4,521,775

Caregiver 2, Inc. (3)

Healthcare

Term Loan

10.75% (S + 5.25%; 2.25% PIK; 1.00% Floor)

7/24/2025

649,021

643,376

649,021

See notes to Unaudited Consolidated Financial Statements

10

AB Private Credit Investors Corporation

Unaudited Consolidated Schedule of Investments as of June 30, 2024

Portfolio Company

Industry

Facility Type

Interest

Maturity

Funded Par Amount

Cost

Fair Value

Caregiver 2, Inc. (5)

Healthcare

Delayed Draw Term Loan

10.75% (S + 5.25%; 2.25% PIK; 1.00% Floor)

7/24/2025

1,512,436

1,497,657

1,512,436

Caregiver 2, Inc. (5)

Healthcare

Term Loan

10.75% (S + 5.25%; 2.50% PIK 1.00% Floor)

7/24/2025

620,418

610,157

620,418

Cerifi, LLC (1) (3) (4) (5)

Services

Term Loan

11.20% (S + 5.75%; 1.00% Floor)

3/31/2028

15,824,399

15,611,738

15,230,984

Cerifi, LLC

Services

Revolver

11.20% (S + 5.75%; 1.00% Floor)

4/1/2027

1,107,792

1,094,726

1,066,249

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

Healthcare

Term Loan

12.68% (S + 6.75%; 1.00% PIK; 1.00% Floor)

12/29/2026

2,563,921

2,543,220

2,499,823

Choice Health At Home, LLC, (1)

Healthcare

Delayed Draw Term Loan

12.68% (S + 6.75%; 1.00% PIK; 1.00% Floor)

12/29/2026

946,244

941,157

927,319

Colo Holdings, LLC (4)

Digital Infrastructure & Services

PIK Term Loan

14.20% (S + 4.00%; 4.75% PIK; 1.00% Floor)

3/27/2029

8,672,217

8,465,951

8,455,411

Colo Holdings, LLC (2) (6)

Digital Infrastructure & Services

PIK Revolver

14.20% (S + 4.00%; 4.75% PIK; 1.00% Floor)

3/27/2029

—

(29,475

)

(31,039

)

Colo Holdings, LLC

Digital Infrastructure & Services

PIK Bridge Term Loan

16.50%(16.50 % PIK)

3/27/2026

674,298

659,992

657,441

Coding Solutions Acquisition, Inc (2)

Healthcare

Revolver

10.85% (S + 5.50%; 0.75% Floor)

5/11/2028

278,376

269,227

266,445

Coding Solutions Acquisition, Inc (3) (5)

Healthcare

Term Loan

10.85% (S + 5.50%; 0.75% Floor)

5/11/2028

5,433,679

5,362,648

5,352,174

Coding Solutions Acquisition, Inc (3)

Healthcare

Delayed Draw Term Loan

10.85% (S + 5.50%; 0.75% Floor)

5/11/2028

1,646,705

1,625,094

1,622,005

Coding Solutions Acquisition, Inc. (3) (5)

Healthcare

Term Loan

10.85% (S + 5.75%; 0.75% Floor)

5/11/2028

2,710,949

2,675,801

2,690,617

Coding Solutions Acquisition, Inc. (2) (5) (6)

Healthcare

Delayed Draw Term Loan

10.85% (S + 5.75%; 0.75% Floor)

5/11/2028

—

(15,064

)

(6,245

)

Community Based Care Acquisition, Inc. (1) (2) (5)

Healthcare

Delayed Draw Term Loan

10.94% (S + 5.50%; 1.00% Floor)

9/16/2027

2,735,602

2,697,625

2,713,851

Community Based Care Acquisition, Inc. (2)

Healthcare

Revolver

10.94% (S + 5.25%; 1.00% Floor)

9/16/2027

103,658

94,212

90,701

Community Based Care Acquisition, Inc. (2) (6)

Healthcare

Delayed Draw Term Loan

10.94% (S + 5.50%; 1.00% Floor)

9/16/2027

—

(30,525

)

(16,551

)

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

Healthcare

Term Loan

10.94% (S + 5.25%; 1.00% Floor)

9/16/2027

5,208,361

5,148,903

5,130,235

Community Based Care Acquisition, Inc. (5)

Healthcare

Delayed Draw Term Loan

10.94% (S + 5.25%; 1.00% Floor)

9/16/2027

2,111,546

2,089,986

2,079,872

Community Brands Parentco, LLC (2) (6)

Software & Tech Services

Revolver

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

2/24/2028

—

(5,155

)

—

Community Brands Parentco, LLC (1) (3) (5)

Software & Tech Services

Term Loan

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

2/24/2028

6,932,947

6,842,169

6,932,947

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

Digital Infrastructure & Services

Delayed Draw Term Loan

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

10/21/2027

3,739,280

3,706,806

3,327,959

Coretelligent Intermediate LLC (2) (8)

Digital Infrastructure & Services

Revolver

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

10/21/2027

823,174

812,396

683,868

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

Digital Infrastructure & Services

Term Loan

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

10/21/2027

7,828,382

7,762,488

6,967,260

Coupa Holdings,LLC (1) (4) (5)

Software & Tech Services

Term Loan

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

2/27/2030

10,617,824

10,383,765

10,617,824

See notes to Unaudited Consolidated Financial Statements

11

AB Private Credit Investors Corporation

Unaudited Consolidated Schedule of Investments as of June 30, 2024

Portfolio Company	Industry	Facility Type	Interest	Maturity		Funded Par Amount		Cost			Fair Value
Coupa Holdings,LLC (2) (6)	Software & Tech Services	Delayed Draw Term Loan	10.83% (S + 5.50%; 0.75% Floor)		2/27/2030		—		(9,672	)		—
Coupa Holdings,LLC (2) (6)	Software & Tech Services	Revolver	10.83% (S + 5.50%; 0.75% Floor)		2/27/2029		—		(14,191	)		—
Crewline Buyer, Inc (1) (4) (5)	Software & Tech Services	Term Loan	12.09% (S + 6.75%; 1.00% Floor)		11/8/2030		13,118,364		12,812,958			13,118,364
Crewline Buyer, Inc (2) (6)	Software & Tech Services	Revolver	12.09% (S + 6.75%; 1.00% Floor)		11/8/2030		—		(31,115	)		—
Datacor, Inc. (1) (3) (4) (5)	Software & Tech Services	Term Loan	10.85% (S + 5.50%; 1.00% Floor)		3/13/2029		17,780,468		17,614,551			17,780,468
Datacor, Inc. (2) (6)	Software & Tech Services	Delayed Draw Term Loan	10.85% (S + 5.50%; 1.00% Floor)		3/13/2029		—		(50,106	)		—
Datacor, Inc. (2) (6)	Software & Tech Services	Revolver	10.85% (S + 5.50%; 1.00% Floor)		3/13/2029		—		(27,860	)		—
Delaware Valley Management Holdings, Inc.^^ (7)	Healthcare	Delayed Draw Term Loan	— (S + 6.25%; 1.00% Floor)		12/31/2024		261,819		186,699			81,321
Delaware Valley Management Holdings, Inc.^^ (7)	Healthcare	Term Loan	— (S + 6.25%; 1.00% Floor)		12/31/2024		2,487,280		1,750,859			772,549
Delaware Valley Management Holdings, Inc.^^ (2) (7)	Healthcare	Delayed Draw Term Loan	— (S + 6.25%; 1.00% Floor)		12/31/2024		490,020		168,552			152,278
Delaware Valley Management Holdings, Inc.^^ (2) (7)	Healthcare	Revolver	— (S + 6.25%; 1.00% Floor)		12/31/2024		386,753		265,722			120,219
Mr. Greens Intermediate, LLC (4) (5)	Services	Term Loan	11.68% (S + 6.25%; 1.00% Floor)		5/1/2029		6,249,282		6,092,971			6,249,282
Mr. Greens Intermediate, LLC (2) (6)	Services	Delayed Draw Term Loan	11.68% (S + 6.25%; 1.00% Floor)		5/1/2029		—		(64,185	)		—
Mr. Greens Intermediate, LLC (2) (6)	Services	Revolver	11.68% (S + 6.25%; 1.00% Floor)		5/1/2029		—		(25,674	)		—
Dispatch Track, LLC (2) (6)	Software & Tech Services	Revolver	9.95% (S + 4.50%; 1.00% Floor)		12/17/2026		—		(435	)		(755	)
Dispatch Track, LLC (1) (5)	Software & Tech Services	Term Loan	9.95% (S + 4.50%; 1.00% Floor)		12/17/2026		9,849,936		9,832,531			9,825,312
Dorado Buyer LLC (3) (4)	Software & Tech Services	Term Loan	11.10% (S + 2.25%; 3.25% PIK; 1.00% Floor)		2/6/2030		6,258,167		6,170,696			6,164,295
Dorado Buyer LLC (2) (6)	Software & Tech Services	Delayed Draw Term Loan	11.10% (S + 2.25%; 3.25% PIK; 1.00% Floor)		2/6/2030		—		(17,430	)		(18,623	)
Dorado Buyer LLC (2) (6)	Software & Tech Services	Revolver	11.10% (S + 2.25%; 1.00% Floor)		2/6/2030		—		(8,709	)		(9,312	)
Duetto Research, Inc (4)	Software & Tech Services	Term Loan	11.10% (S + 1.00%; 5.75% PIK; 0.75% Floor)		6/26/2030		14,123,481		13,947,174			13,946,938
Duetto Research, Inc (2) (6)	Software & Tech Services	Revolver	11.10% (S + 1.00%; 0.75% Floor)		6/26/2030		—		(12,593	)		(12,610	)
Duetto Research, Inc (2) (6)	Software & Tech Services	Delayed Draw Term Loan	11.10% (S + 1.00%; 0.75% Floor)		6/26/2030		—		(12,610	)		(12,610	)
EET Buyer, Inc. (3) (4) (5)	Software & Tech Services	Term Loan	10.33% (S + 5.00%; 0.75% Floor)		11/8/2027		6,752,508		6,674,937			6,735,627
EET Buyer, Inc. (4) (5)	Software & Tech Services	Term Loan	10.33% (S + 5.00%; 0.75% Floor)		11/8/2027		5,062,507		4,976,575			5,049,850
EET Buyer, Inc. (2) (6)	Software & Tech Services	Revolver	10.33% (S + 5.00%; 0.75% Floor)		11/8/2027		—		(14,329	)		(2,592	)
EET Buyer, Inc. (2) (6)	Software & Tech Services	Delayed Draw Term Loan	10.33% (S + 5.00%; 0.75% Floor)		11/8/2027		—		(4,509	)		—
Engage2Excel, Inc.	Services	Revolver	11.87% (S + 6.50%; 1.00% Floor)		7/1/2024		379,732		376,895			379,732
Engage2Excel, Inc. (1)	Services	Term Loan	11.87% (S + 6.50%; 1.00% Floor)		7/1/2024		934,445		926,742			934,445

See notes to Unaudited Consolidated Financial Statements

12

AB Private Credit Investors Corporation

Unaudited Consolidated Schedule of Investments as of June 30, 2024

Portfolio Company

Industry

Facility Type

Interest

Maturity

Funded Par Amount

Cost

Fair Value

Engage2Excel, Inc. (1)

Services

Term Loan

11.87% (S + 6.50%; 1.00% Floor)

7/1/2024

2,692,126

2,669,932

2,692,126

Enverus Holdings, Inc. (2) (6)

Software & Tech Services

Delayed Draw Term Loan

10.85% (S + 5.50%; 0.75% Floor)

12/24/2029

—

(3,030

)

—

Enverus Holdings, Inc. (2) (6)

Software & Tech Services

Revolver

10.85% (S + 5.50%; 0.75% Floor)

12/24/2029

—

(9,215

)

—

Enverus Holdings, Inc. (1) (5)

Software & Tech Services

Term Loan

10.85% (S + 5.50%; 0.75% Floor)

12/24/2029

8,798,198

8,674,747

8,798,198

EvolveIP, LLC

Digital Infrastructure & Services

Revolver

10.99% (S + 1.00%; 4.50% PIK; 1.00% Floor)

6/7/2025

586,390

571,864

495,089

EvolveIP, LLC (1)

Digital Infrastructure & Services

Term Loan

10.99% (S + 1.00%; 1.00% Floor)

6/7/2025

6,553,566

6,537,031

5,533,176

EvolveIP, LLC (5)

Digital Infrastructure & Services

Delayed Draw Term Loan

10.99% (S + 1.00%; 1.00% Floor)

6/7/2025

113,193

113,122

95,569

Exterro, Inc. (1) (4)

Software & Tech Services

Term Loan

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

6/1/2027

5,778,708

5,748,280

5,778,708

Exterro, Inc. (2) (6)

Software & Tech Services

Revolver

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

6/1/2027

—

(19,090

)

—

Exterro, Inc. (1) (3) (5)

Software & Tech Services

Term Loan

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

6/1/2027

6,237,900

6,189,494

6,237,900

Exterro, Inc. (1)

Software & Tech Services

Term Loan

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

6/1/2027

2,791,800

2,775,146

2,791,800

Faithlife, LLC (1) (4)

Software & Tech Services

Delayed Draw Term Loan

10.94% (S + 5.50%; 1.00% Floor)

9/18/2025

702,870

699,365

702,870

Faithlife, LLC (1) (4)

Software & Tech Services

Term Loan

10.94% (S + 5.50%; 1.00% Floor)

9/18/2025

301,846

300,334

301,846

Faithlife, LLC (2) (6)

Software & Tech Services

Revolver

10.94% (S + 5.50%; 1.00% Floor)

9/18/2025

—

(1,385

)

—

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

Healthcare

Term Loan

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

7/22/2028

5,382,389

5,347,463

5,315,110

Firstdigital Communications LLC (2)

Digital Infrastructure & Services

Revolver

9.70% (S + 4.25%; 0.75% Floor)

12/17/2026

412,549

396,557

333,212

Firstdigital Communications LLC (3) (5)

Digital Infrastructure & Services

Term Loan

11.75% (S + 4.25%; 0.75% Floor)

12/17/2026

13,543,497

13,407,753

12,866,322

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

Financials

Revolver

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

10/29/2029

—

(7,211

)

(2,595

)

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

Financials

Term Loan

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

10/29/2030

9,609,862

9,535,405

9,585,837

Foundation Risk Partners, Corp. (3)

Financials

Delayed Draw Term Loan

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

10/29/2030

2,090,061

2,079,590

2,084,836

Foundation Risk Partners, Corp. (3)

Financials

Delayed Draw Term Loan

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

10/29/2030

3,133,468

3,100,959

3,125,634

Foundation Risk Partners, Corp. (5)

Financials

Term Loan

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

10/29/2030

775,392

767,584

773,454

Fullsteam Operations LLC (4) (5)

Software & Tech Services

Term Loan

13.74% (S + 8.25%; 1.00% Floor)

11/27/2029

7,423,938

7,222,230

7,423,938

Fullsteam Operations LLC (2) (3) (4) (5)

Software & Tech Services

Delayed Draw Term Loan

13.74% (S + 8.25%; 1.00% Floor)

11/27/2029

1,761,053

1,705,116

1,761,053

Fullsteam Operations LLC (2) (4)

Software & Tech Services

Delayed Draw Term Loan

13.74% (S + 8.25%; 1.00% Floor)

11/27/2029

611,200

588,628

611,200

Fullsteam Operations LLC (2) (6)

Software & Tech Services

Revolver

13.74% (S + 8.25%; 1.00% Floor)

11/27/2029

—

(11,272

)

—

Fullsteam Operations LLC (2) (6)

Software & Tech Services

Delayed Draw Term Loan

13.74% (S + 7.00%; 1.00% Floor)

11/27/2029

—

(29,676

)

(50,441

)

Fullsteam Operations LLC (2) (6)

Software & Tech Services

Delayed Draw Term Loan

13.74% (S + 7.00%; 1.00% Floor)

11/27/2029

—

(7,419

)

(12,610

)

Fusion Holding Corp (1) (3) (4) (5)

Software & Tech Services

Term Loan

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

9/14/2029

16,641,635

16,359,589

16,308,803

See notes to Unaudited Consolidated Financial Statements

13

AB Private Credit Investors Corporation

Unaudited Consolidated Schedule of Investments as of June 30, 2024

Portfolio Company	Industry	Facility Type	Interest	Maturity		Funded Par Amount		Cost			Fair Value
Fusion Holding Corp (2)	Software & Tech Services	Revolver	11.59% (S + 6.25%; 0.75% Floor)		9/15/2027		344,798		324,629			317,214
Fusion Risk Management, Inc. (2) (6)	Software & Tech Services	Revolver	12.58% (S + 3.50%; 1.00% Floor)		5/22/2029		—		(13,810	)		(10,501	)
Fusion Risk Management, Inc. (3)	Software & Tech Services	Term Loan	12.58% (S + 3.50%; 3.75% PIK 1.00% Floor)		5/22/2029		7,271,149		7,156,052			7,180,260
G Treasury SS, LLC (2) (6)	Software & Tech Services	Revolver	11.34% (S + 6.00%; 1.00% Floor)		6/29/2029		—		(15,342	)		(16,008	)
G Treasury SS, LLC (2) (6)	Software & Tech Services	Delayed Draw Term Loan	11.34% (S + 6.00%; 1.00% Floor)		6/29/2029		—		(15,342	)		(18,294	)
G Treasury SS, LLC (2) (6)	Software & Tech Services	Delayed Draw Term Loan	11.34% (S + 6.00%; 1.00% Floor)		6/29/2029		—		(9,589	)		(11,434	)
G Treasury SS, LLC (1) (3)	Software & Tech Services	Term Loan	11.34% (S + 6.00%; 1.00% Floor)		6/29/2029		3,658,885		3,612,266			3,594,855
Galway Borrower, LLC (1) (5)	Financials	Term Loan	10.69% (S + 5.25%; 0.75% Floor)		9/29/2028		4,225,405		4,183,176			4,225,405
Galway Borrower, LLC (2)	Financials	Revolver	10.69% (S + 5.25%; 0.75% Floor)		9/29/2028		60,954		56,417			60,954
Galway Borrower, LLC (2) (6)	Financials	Delayed Draw Term Loan	10.69% (S + 5.00%; 0.75% Floor)		9/29/2028		—		(6,319	)		—
GH Parent Holdings Inc. (2) (6)	Services	Delayed Draw Term Loan	0.50% (S + 5.50%; 1.00% Floor)		5/4/2027		—		(30,626	)		(30,713	)
GHA Buyer, Inc. (4)	Healthcare	Term Loan	10.84% (S + 5.50%; 1.00% Floor)		6/24/2026		2,027,461		2,008,344			1,997,049
GHA Buyer, Inc. (1) (4)	Healthcare	Term Loan	10.84% (S + 5.50%; 1.00% Floor)		6/24/2026		579,660		570,846			570,965
GHA Buyer, Inc. (3) (4)	Healthcare	Term Loan	10.84% (S + 5.50%; 1.00% Floor)		6/24/2026		5,547,440		5,512,113			5,464,228
GHA Buyer, Inc. (4)	Healthcare	Delayed Draw Term Loan	10.84% (S + 5.50%; 1.00% Floor)		6/24/2026		840,642		833,901			828,033
GHA Buyer, Inc. (2) (6)	Healthcare	Revolver	10.84% (S + 5.50%; 1.00% Floor)		6/24/2026		—		(6,458	)		(14,266	)
GHA Buyer, Inc. (1)	Healthcare	Term Loan	10.84% (S + 5.50%; 1.00% Floor)		6/24/2026		752,631		748,262			741,341
GHA Buyer, Inc. (3)	Healthcare	Term Loan	10.84% (S + 5.50%; 1.00% Floor)		6/24/2026		4,803,670		4,770,405			4,731,615
Greenhouse Software, Inc. (1) (3) (4)	Software & Tech Services	Term Loan	11.59% (S + 6.25%; 1.00% Floor)		9/1/2028		14,507,975		14,252,488			14,507,975
Greenhouse Software, Inc. (2) (6)	Software & Tech Services	Revolver	11.59% (S + 6.25%; 1.00% Floor)		9/1/2028		—		(12,626	)		—
Greenhouse Software, Inc. (2) (6)	Software & Tech Services	Revolver	11.59% (S + 6.25%; 1.00% Floor)		9/1/2028		—		(10,637	)		—
Greenhouse Software, Inc. (3)	Software & Tech Services	Term Loan	11.59% (S + 6.25%; 1.00% Floor)		9/1/2028		12,376,845		12,248,926			12,376,845
Greenlight Intermediate II, Inc. (2) (4)	Digital Infrastructure & Services	Delayed Draw Term Loan	10.99% (S + 5.50%; 0.75% Floor)		6/1/2028		2,549,572		2,435,808			2,549,572
Greenlight Intermediate II, Inc. (1) (5)	Digital Infrastructure & Services	Term Loan	10.99% (S + 5.50%; 0.75% Floor)		6/1/2028		5,331,605		5,257,425			5,304,947
Greenlight Intermediate II, Inc. (1) (5)	Digital Infrastructure & Services	Delayed Draw Term Loan	10.99% (S + 5.50%; 0.75% Floor)		6/1/2028		6,702,083		6,608,807			6,668,573
Gryphon-Redwood Acquisition LLC (4)	Software & Tech Services	Delayed Draw Term Loan	15.35% (S + 4.00%; 6.00% PIK; 1.00% Floor)		9/16/2028		1,627,015		1,575,789			1,598,542
Gryphon-Redwood Acquisition LLC (1)	Software & Tech Services	Term Loan	15.30% (S + 4.00%; 6.00% PIK; 1.00% Floor)		9/16/2028		3,769,766		3,727,749			3,703,795
GS AcquisitionCo, Inc. (2)	Software & Tech Services	Revolver	10.59% (S + 5.25%; 1.00% Floor)		5/25/2028		93,443		89,530			89,939

See notes to Unaudited Consolidated Financial Statements

14

AB Private Credit Investors Corporation

Unaudited Consolidated Schedule of Investments as of June 30, 2024

Portfolio Company

Industry

Facility Type

Interest

Maturity

Funded Par Amount

Cost

Fair Value

GS AcquisitionCo, Inc. (2)

Software & Tech Services

Delayed Draw Term Loan

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

5/25/2028

52,015

49,725

47,133

GS AcquisitionCo, Inc .(1) (3) (5)

Software & Tech Services

Term Loan

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

5/25/2028

9,332,838

9,297,418

9,286,174

Heartland PPC Buyer LLC (2) (4)

Services

Delayed Draw Term Loan

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

12/12/2029

411,869

392,934

411,869

Heartland PPC Buyer LLC (1) (4) (5)

Services

Term Loan

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

12/12/2029

5,637,632

5,533,667

5,581,256

Heartland PPC Buyer LLC (2) (8)

Services

Revolver

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

12/12/2029

282,588

261,967

271,284

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

Financials

Delayed Draw Term Loan

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

11/24/2028

3,289,991

3,274,265

3,289,991

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

Financials

Term Loan

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

11/24/2028

7,921,407

7,870,481

7,921,407

Hirevue, Inc. (4) (5)

Software & Tech Services

Term Loan

12.58% (S + 7.25%; 1.00% Floor)

5/3/2029

12,869,572

12,592,478

12,773,051

Hirevue, Inc. (2)

Software & Tech Services

Revolver

12.59% (S + 7.25%; 1.00% Floor)

5/3/2029

211,651

178,131

199,305

Honor HN Buyer, Inc. (4) (5)

Healthcare

Delayed Draw Term Loan

11.24% (S + 5.75%; 1.00% Floor)

10/15/2027

1,629,742

1,611,488

1,629,742

Honor HN Buyer, Inc (2) (4)

Healthcare

Delayed Draw Term Loan

11.24% (S + 5.75%; 1.00% Floor)

10/15/2027

1,796,948

1,769,349

1,796,948

Honor HN Buyer, Inc (2)

Healthcare

Delayed Draw Term Loan

11.24% (S + 5.75%; 1.00% Floor)

10/15/2027

2,430,257

2,356,572

2,430,257

Honor HN Buyer, Inc (2)

Healthcare

Revolver

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

10/15/2027

38,012

34,624

38,012

Honor HN Buyer, Inc (1) (5)

Healthcare

Term Loan

11.24% (S + 5.75%; 1.00% Floor)

10/15/2027

2,577,212

2,548,395

2,577,212

Iodine Software, LLC (2) (6)

Software & Tech Services

Revolver

10.60% (S + 5.25%; 1.00% Floor)

5/19/2027

—

(10,692

)

—

Iodine Software, LLC (2) (6)

Software & Tech Services

Delayed Draw Term Loan

10.60% (S + 5.25%; 1.00% Floor)

5/19/2027

—

(27,306

)

—

Iodine Software, LLC (1) (5)

Software & Tech Services

Term Loan

10.60% (S + 5.25%; 1.00% Floor)

5/19/2027

5,201,132

5,150,104

5,201,132

Iodine Software, LLC (3) (5)

Software & Tech Services

Delayed Draw Term Loan

10.60% (S + 5.25%; 1.00% Floor)

5/19/2027

7,835,357

7,758,109

7,835,357

JS Parent Inc (4)

Software & Tech Services

Term Loan

10.33% (S + 5.00%; 0.75% Floor)

4/24/2031

5,459,661

5,432,858

5,432,363

JS Parent Inc (2) (6)

Software & Tech Services

Revolver

10.33% (S + 5.00%; 0.75% Floor)

4/24/2031

—

(2,575

)

(2,642

)

Kalkomey Borrower LLC (1) (4)

Services

Term Loan

10.60% (S + 5.25%; 1.00% Floor)

6/18/2031

9,154,683

9,017,487

9,017,362

Kalkomey Borrower LLC (2) (6)

Services

Revolver

10.60% (S + 5.25%; 1.00% Floor)

6/18/2031

—

(21,880

)

(21,971

)

Kalkomey Borrower LLC (2) (6)

Services

Delayed Draw Term Loan

10.60% (S + 5.25%; 1.00% Floor)

6/18/2031

—

(13,675

)

(13,732

)

Kaseya Inc. (1) (4) (5)

Software & Tech Services

Term Loan

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

6/25/2029

10,731,047

10,617,797

10,731,047

Kaseya Inc. (2)

Software & Tech Services

Revolver

10.84% (S + 5.50%; 0.75% Floor)

6/25/2029

160,904

157,479

160,904

Kaseya Inc. (2)

Software & Tech Services

Delayed Draw Term Loan

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

6/25/2029

71,267

63,971

71,267

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

Consumer Non-Cyclical

Term Loan

9.95% (S + 4.50%; 1.00% Floor)

11/17/2027

7,897,253

7,806,844

7,897,253

Lotus HPI Buyer Inc (1) (4) (5)

Healthcare

Term Loan

11.37% (S + 6.25%; 1.00% Floor)

1/21/2030

12,528,071

12,231,865

12,340,150

Lotus HPI Buyer Inc (2) (6)

Healthcare

Revolver

11.37% (S + 6.25%; 1.00% Floor)

1/21/2030

—

(43,668

)

(28,259

)

Lotus HPI Buyer Inc (2) (6)

Healthcare

Delayed Draw Term Loan

11.37% (S + 6.25%; 1.00% Floor)

1/21/2030

—

(43,691

)

(9,420

)

See notes to Unaudited Consolidated Financial Statements

15

AB Private Credit Investors Corporation

Unaudited Consolidated Schedule of Investments as of June 30, 2024

Portfolio Company

Industry

Facility Type

Interest

Maturity

Funded Par Amount

Cost

Fair Value

Mastery Acquisition Corp. (2) (6)

Software & Tech Services

Revolver

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

9/7/2029

—

(5,304

)

—

Mastery Acquisition Corp. (2) (6)

Software & Tech Services

Delayed Draw Term Loan

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

9/7/2029

—

(17,513

)

—

Mastery Acquisition Corp. (2) (6)

Software & Tech Services

Delayed Draw Term Loan

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

9/7/2029

—

(5,838

)

—

Mastery Acquisition Corp. (1) (5)

Software & Tech Services

Term Loan

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

9/7/2029

6,665,877

6,607,135

6,665,877

Mathnasium LLC (2)

Consumer Non-Cyclical

Revolver

10.50% (S + 5.00%; 0.75% Floor)

11/15/2027

348,173

340,648

348,173

Mathnasium LLC (1) (5)

Consumer Non-Cyclical

Term Loan

10.50% (S + 5.00%; 0.75% Floor)

11/15/2027

5,317,798

5,256,879

5,317,798

Mavenlink, Inc. (1) (3) (4)

Software & Tech Services

Term Loan

11.73% (S; 6.25% PIK; 0.75% Floor)

6/3/2027

15,750,151

15,516,491

15,435,148

Mavenlink, Inc.( 2)

Software & Tech Services

Revolver

11.73% (S; 6.25% PIK;  0.75% Floor)

6/3/2027

1,493,450

1,473,732

1,456,422

MBS Holdings, Inc. (4)

Digital Infrastructure & Services

Term Loan

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

4/16/2027

833,112

813,621

833,112

MBS Holdings, Inc. (1) (3) (4) (5)

Digital Infrastructure & Services

Term Loan

11.20% (S + 5.75%; 1.00% Floor)

4/16/2027

10,205,397

10,106,197

10,154,370

MBS Holdings, Inc. (2) (6)

Digital Infrastructure & Services

Revolver

11.20% (S + 5.75%; 1.00% Floor)

4/16/2027

—

(9,269

)

(4,871

)

MBS Holdings, Inc. (5)

Digital Infrastructure & Services

Term Loan

11.95% (S + 6.50%; 1.00% Floor)

4/16/2027

783,200

765,045

783,200

Medbridge Holdings, LLC (2) (6)

Software & Tech Services

Revolver

9.95% (S + 4.50%; 1.00% Floor)

12/23/2026

—

(11,560

)

(10,322

)

Medbridge Holdings, LLC (1)

Software & Tech Services

Term Loan

9.95% (S + 4.50%; 1.00% Floor)

12/23/2026

971,920

961,207

964,631

Medbridge Holdings, LLC (1) (3) (5)

Software & Tech Services

Term Loan

9.95% (S + 4.50%; 1.00% Floor)

12/23/2026

15,329,452

15,195,904

15,214,481

Medical Management Resource Group, LLC (2)

Healthcare

Revolver

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

9/30/2026

177,192

174,284

167,700

Medical Management Resource Group, LLC (1)

Healthcare

Delayed Draw Term Loan

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

9/30/2027

1,550,434

1,520,564

1,503,921

Medical Management Resource Group, LLC (5)

Healthcare

Term Loan

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

9/30/2027

3,754,106

3,712,640

3,641,483

Medsuite Purchaser, LLC (2)

Healthcare

Delayed Draw Term Loan

10.45% (S + 5.00%; 1.00% Floor)

10/22/2026

622,518

587,903

601,158

Medsuite Purchaser, LLC (2) (6)

Healthcare

Revolver

10.45% (S + 5.00%; 1.00% Floor)

10/22/2026

—

(4,800

)

(8,505

)

Medsuite Purchaser, LLC (1) (5)

Healthcare

Term Loan

10.45% (S + 5.00%; 1.00% Floor)

10/22/2026

7,773,709

7,697,186

7,676,537

MMP Intermediate, LLC (4)

Consumer Non-Cyclical

Term Loan

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

2/15/2029

2,018,660

1,981,133

2,003,521

MMP Intermediate, LLC (2) (6)

Consumer Non-Cyclical

Revolver

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

2/15/2029

—

(5,915

)

(4,147

)

MMP Intermediate, LL C(1) (5)

Consumer Non-Cyclical

Term Loan

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

2/15/2029

7,905,817

7,815,294

7,846,523

Moon Buyer, Inc. (1) (3) (4) (5)

Software & Tech Services

Term Loan

10.19% (S + 4.75%; 1.00% Floor)

4/21/2027

6,208,835

6,163,990

6,208,835

Moon Buyer, Inc. (2)

Software & Tech Services

Revolver

10.19% (S + 4.75%; 1.00% Floor)

4/21/2027

640,086

631,674

640,086

Moon Buyer, Inc. (5)

Software & Tech Services

Delayed Draw Term Loan

10.19% (S + 4.75%; 1.00% Floor)

4/21/2027

573,168

570,854

573,168

See notes to Unaudited Consolidated Financial Statements

16

AB Private Credit Investors Corporation

Unaudited Consolidated Schedule of Investments as of June 30, 2024

Portfolio Company

Industry

Facility Type

Interest

Maturity

Funded Par Amount

Cost

Fair Value

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

Services

Term Loan

11.35% (S + 6.00%; 5.00% PIK; 1.00% Floor)

12/9/2026

8,294,308

8,230,008

7,527,085

MSM Acquisitions, Inc. (2)

Services

Revolver

11.35% (S + 6.00%; 1.00% Floor)

12/9/2026

1,099,489

1,062,993

983,621

MSM Acquisitions, Inc. (5)

Services

Delayed Draw Term Loan

11.35% (S + 6.00%; 5.00% PIK; 1.00% Floor)

12/9/2026

371,968

370,117

337,561

MSM Acquisitions, Inc. (5)

Services

Delayed Draw Term Loan

11.35% (S + 6.00%; 5.00% PIK; 1.00% Floor)

12/9/2026

3,034,997

3,006,790

2,754,260

MSP Global Holdings,Inc. (1) (4)

Digital Infrastructure & Services

Term Loan

11.04% (S + 5.50%; 1.00% Floor)

4/9/2029

8,775,247

8,605,798

8,621,680

MSP Global Holdings, Inc. (2)

Digital Infrastructure & Services

Revolver

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

4/9/2029

663,229

637,534

631,460

MSP Global Holdings,Inc (2) (6)

Digital Infrastructure & Services

Delayed Draw Term Loan

11.04% (S + 5.50%; 1.00% Floor)

4/9/2029

—

(23,181

)

(21,207

)

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

Digital Infrastructure & Services

Term Loan

11.08% (S + 5.50%; 1.00% Floor)

4/9/2029

7,752,148

7,677,017

7,616,485

MSP Global Holdings, Inc. (3)

Digital Infrastructure & Services

Delayed Draw Term Loan

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

4/9/2029

605,534

597,248

594,937

Mykaarma Acquisition LLC (2) (6)

Software & Tech Services

Revolver

8.53% (S + 3.00%; 3.75% PIK; 1.00% Floor)

3/21/2028

—

(7,441

)

—

Mykaarma Acquisition LLC (3) (5)

Software & Tech Services

Term Loan

8.53% (S + 3.00%; 3.75% PIK; 1.00% Floor)

3/21/2028

6,435,383

6,355,848

6,435,383

Navigate360, LLC (4)

Software & Tech Services

Term Loan

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

3/17/2027

1,075,148

1,060,454

1,056,333

Navigate360, LLC (4) (5)

Software & Tech Services

Term Loan

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

3/17/2027

2,231,723

2,201,994

2,192,668

Navigate360, LLC (2)

Software & Tech Services

Revolver

11.44% (S + 6.00%; 1.00% Floor)

3/17/2027

422,965

416,266

412,391

Navigate360, LLC (2) (6)

Software & Tech Services

Delayed Draw Term Loan

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

3/17/2027

—

(13,708

)

(35,629

)

Navigate360, LLC (3)

Software & Tech Services

Term Loan

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

3/17/2027

4,134,479

4,086,324

4,062,126

Navigate360, LLC (5)

Software & Tech Services

Delayed Draw Term Loan

11.44% (S + 6.00%; 1.00% Floor)

3/17/2027

1,780,983

1,766,953

1,749,816

Netwrix Corporation And Concept Searching Inc. (1)(4) (5)

Software & Tech Services

Term Loan

10.35% (S + 5.00%; 0.75% Floor)

6/11/2029

12,485,918

12,468,801

12,485,918

Netwrix Corporation And Concept Searching Inc. (2) (6)

Software & Tech Services

Revolver

10.35% (S + 5.00%; 0.75% Floor)

6/11/2029

—

(1,814

)

—

Netwrix Corporation And Concept Searching Inc.

Software & Tech Services

Delayed Draw Term Loan

10.35% (S + 5.00%; 0.75% Floor)

6/11/2029

—

—

—

Netwrix Corporation And Concept Searching Inc. (2)

Software & Tech Services

Delayed Draw Term Loan

10.60% (S + 5.25%; 0.75% Floor)

6/11/2029

29,797

14,874

29,797

Next Holdco, LLC (1) (4) (5)

Software & Tech Services

Term Loan

11.33% (S + 6.00%; 0.75% Floor)

11/12/2030

9,261,900

9,131,663

9,238,745

Next Holdco, LLC (2) (6)

Software & Tech Services

Revolver

11.33% (S + 6.00%; 0.75% Floor)

11/9/2029

—

(11,999

)

(2,234

)

Next Holdco, LLC (2) (6)

Software & Tech Services

Delayed Draw Term Loan

11.33% (S + 6.00%; 0.75% Floor)

11/12/2030

—

(16,251

)

(5,952

)

See notes to Unaudited Consolidated Financial Statements

17

AB Private Credit Investors Corporation

Unaudited Consolidated Schedule of Investments as of June 30, 2024

Portfolio Company

Industry

Facility Type

Interest

Maturity

Funded Par Amount

Cost

Fair Value

NI Topco, Inc (3) (4) (5)

Digital Infrastructure & Services

Term Loan

10.94% (S + 5.50%; 0.75% Floor)

12/28/2028

7,015,626

6,913,280

7,015,626

NI Topco, Inc (1)

Digital Infrastructure & Services

Term Loan

10.94% (S + 5.50%; 0.75% Floor)

12/28/2028

1,212,002

1,192,802

1,212,002

Pace Health Companies, LLC (4)

Healthcare

Term Loan

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

8/3/2026

1,376,118

1,363,044

1,376,118

Pace Health Companies, LLC (2) (6)

Healthcare

Revolver

6.75% (S + 6.25%; 1.00% Floor)

8/3/2026

—

(122

)

—

Pace Health Companies, LLC (2)

Healthcare

Delayed Draw Term Loan

10.99% (S + 6.50%; 1.00% Floor)

8/3/2026

194,144

184,155

194,144

Pace Health Companies, LLC (1)

Healthcare

Term Loan

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

8/3/2026

5,061,202

5,060,093

5,061,202

PDI TA Holdings, Inc. (3) (4)

Software & Tech Services

Term Loan

10.83% (S + 5.25%; 0.75% Floor)

2/3/2031

8,318,357

8,239,692

8,297,561

PDI TA Holdings, Inc. (2) (6)

Software & Tech Services

Revolver

10.83% (S + 5.25%; 0.75% Floor)

2/3/2031

—

(8,895

)

(2,359

)

PDI TA Holdings, Inc. (2)

Software & Tech Services

Delayed Draw Term Loan

10.6% (S + 5.25%; 0.75% Floor)

2/3/2031

996,514

981,653

988,630

Penn TRGRP Holdings, LLC (2) (6)

Software & Tech Services

Revolver

13.05% (S + 1.75%; 6.00% PIK; 0.75% Floor)

9/27/2030

—

(18,873

)

—

Penn TRGRP Holdings, LLC (1) (3) (5)

Software & Tech Services

Term Loan

13.05% (S + 1.75%; 6.00% PIK; 0.75% Floor)

9/27/2030

7,169,424

7,046,645

7,169,424

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

Financials

Delayed Draw Term Loan

10.85% (S + 5.50%; 0.75% Floor)

11/1/2028

5,839,943

5,802,516

5,796,144

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

Financials

Term Loan

10.85% (S + 5.50%; 0.75% Floor)

11/1/2028

494,695

489,583

490,985

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

Financials

Delayed Draw Term Loan

10.85% (S + 5.50%; 0.75% Floor)

11/1/2028

1,237,916

1,223,487

1,228,632

PF Growth Partners, LLC (1)

Consumer Non-Cyclical

Term Loan

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

7/11/2025

115,337

114,135

115,337

PF Growth Partners, LLC (1)

Consumer Non-Cyclical

Term Loan

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

7/11/2025

233,077

230,648

233,077

PF Growth Partners, LLC (1)

Consumer Non-Cyclical

Term Loan

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

7/11/2025

1,940,302

1,936,361

1,940,302

Pharmalogic Holdings Corp. (1) (4) (5)

Healthcare

Term Loan

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

6/20/2030

23,800,816

23,443,804

23,443,804

Pharmalogic Holdings Corp. (2) (6)

Healthcare

Delayed Draw Term Loan

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

6/20/2030

—

(60,093

)

(60,306

)

Pieper Memorial, LLC (4) (5)

Healthcare

Term Loan

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

11/2/2027

2,061,951

2,027,711

2,061,951

Pieper Memorial, LLC (1) (2) (5)

Healthcare

Delayed Draw Term Loan

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

11/2/2027

2,965,717

2,906,230

2,965,717

Ping Identity Corporation (1) (3) (4) (5)

Software & Tech Services

Term Loan

12.35% (S + 7.00%; 0.75% Floor)

10/17/2029

12,033,445

11,800,164

12,033,445

Ping Identity Corporation (2) (6)

Software & Tech Services

Revolver

12.35% (S + 7.00%; 0.75% Floor)

10/17/2028

—

(21,806

)

—

Pinnacle Dermatology Management, LLC

Healthcare

Delayed Draw Term Loan

11.18% (S + 5.75%; 0.75% Floor)

12/8/2028

644,989

639,708

580,490

Pinnacle Dermatology Management, LLC (2) (8)

Healthcare

Revolver

11.5% (S + 4.00%; 0.75% Floor)

12/8/2026

499,289

492,502

492,568

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

Healthcare

Term Loan

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

12/8/2028

5,523,962

5,438,873

4,971,565

Pinnacle Treatment Centers, Inc. (4)

Healthcare

Term Loan

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

1/4/2027

382,564

378,739

378,739

See notes to Unaudited Consolidated Financial Statements

18

AB Private Credit Investors Corporation

Unaudited Consolidated Schedule of Investments as of June 30, 2024

Portfolio Company

Industry

Facility Type

Interest

Maturity

Funded Par Amount

Cost

Fair Value

Pinnacle Treatment Centers, Inc. (3) (4) (5)

Healthcare

Term Loan

11.93% (S + 5.50%; 1.00% Floor)

1/4/2027

5,137,098

5,117,048

5,085,727

Pinnacle Treatment Centers, Inc. (2) (6)

Healthcare

Revolver

11.94% (S + 5.50%; 1.00% Floor)

1/4/2027

—

(3,973

)

(6,151

)

Pinnacle Treatment Centers, Inc. (3)

Healthcare

Term Loan

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

1/4/2027

282,480

279,271

279,655

Pinnacle Treatment Centers, Inc. (3)

Healthcare

Term Loan

11.93% (S + 5.50%; 1.00% Floor)

1/4/2027

145,697

144,996

144,240

Pinnacle Treatment Centers, Inc. (5)

Healthcare

Delayed Draw Term Loan

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

1/4/2027

338,362

337,626

334,979

Priority Ondemand Midco 2,L.P (2)

Healthcare

Delayed Draw Term Loan

10.79% (S + 5.25%; 1.00% Floor)

7/17/2028

118,213

101,293

118,213

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

Healthcare

Term Loan

10.79% (S + 5.25%; 1.00% Floor)

7/17/2028

7,503,614

7,413,491

7,503,614

Race Finco LLC (2) (4)

Digital Infrastructure & Services

Delayed Draw Term Loan

12.45% (S + 7.00%; 1.00% Floor)

1/9/2028

1,829,394

1,770,700

1,801,954

Race Finco LLC (2) (6)

Digital Infrastructure & Services

Revolver

12.44% (S + 7.00%; 1.00% Floor)

1/10/2028

—

(13,061

)

(13,720

)

Race Finco LLC (3) (5)

Digital Infrastructure & Services

Term Loan

12.44% (S + 7.00%; 1.00% Floor)

1/9/2028

4,878,384

4,773,912

4,768,621

Ranger Buyer, Inc. (2) (6)

Software & Tech Services

Revolver

10.69% (S + 5.25%; 0.75% Floor)

11/18/2027

—

(13,873

)

(2,998

)

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

Software & Tech Services

Term Loan

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

11/17/2028

14,066,997

13,874,543

14,031,830

RCP Encore Acquisition, Inc. (7)

Healthcare

Term Loan

—  (S + 5.00%; 1.00% Floor)

6/7/2025

2,861,633

2,793,661

28,616

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

Healthcare

Term Loan

10.99% (S + 5.50%; 1.00% Floor)

6/18/2026

7,751,205

7,678,200

7,673,693

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

Healthcare

Revolver

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

6/18/2026

—

(4,732

)

(5,887

)

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

Healthcare

Delayed Draw Term Loan

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

6/18/2026

4,303,562

4,215,374

4,260,526

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

Healthcare

Delayed Draw Term Loan

10.99% (S + 5.50%; 1.00% Floor)

6/18/2026

5,741,492

5,695,325

5,684,077

Rep Tec Intermediate Holdings,Inc., (4)

Business Services

Term Loan

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

12/1/2027

426,073

418,068

426,073

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

Business Services

Revolver

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

12/1/2027

—

(7,755

)

—

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

Business Services

Term Loan

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

12/1/2027

11,546,279

11,485,921

11,546,279

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

Services

Term Loan

11.49% (S + 6.00%; 1.00% Floor)

9/15/2028

14,691,518

14,376,533

14,691,518

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

Services

Revolver

11.49% (S + 6.00%; 1.00% Floor)

9/15/2028

—

(26,498

)

—

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

Services

Delayed Draw Term Loan

11.49% (S + 6.00%; 1.00% Floor)

9/15/2028

—

(35,467

)

—

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

Services

Delayed Draw Term Loan

11.49% (S + 6.00%; 1.00% Floor)

9/15/2028

3,514,316

3,440,953

3,514,316

Sako and Partners Lower Holdings LLC (5)

Services

Term Loan

11.49% (S + 5.50%; 1.00% Floor)

9/15/2028

1,691,290

1,660,299

1,691,290

Salisbury House, LLC (4)

Healthcare

Term Loan

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

8/30/2025

989,305

977,785

989,305

Salisbury House, LLC

Healthcare

Delayed Draw Term Loan

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

8/30/2025

571,716

564,931

571,716

Salisbury House, LLC (2) (6)

Healthcare

Revolver

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

8/30/2025

—

(4,831

)

—

See notes to Unaudited Consolidated Financial Statements

19

AB Private Credit Investors Corporation

Unaudited Consolidated Schedule of Investments as of June 30, 2024

Portfolio Company

Industry

Facility Type

Interest

Maturity

Funded Par Amount

Cost

Fair Value

Salisbury House, LLC (2)

Healthcare

Delayed Draw Term Loan

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

8/29/2025

497,292

474,621

497,292

Salisbury House, LLC (1)

Healthcare

Term Loan

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

8/29/2025

432,368

426,758

432,368

Salisbury House, LLC (1)

Healthcare

Term Loan

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

8/30/2025

1,218,916

1,209,475

1,218,916

Salisbury House, LLC (1) (5)

Healthcare

Term Loan

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

8/30/2025

3,934,410

3,907,555

3,934,410

Salisbury House, LLC (1)

Healthcare

Term Loan

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

8/30/2025

1,119,870

1,114,740

1,119,870

Sandstone Care Holdings, LLC (2) (5)

Healthcare

Delayed Draw Term Loan

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

6/28/2028

452,219

441,202

452,219

Sandstone Care Holdings, LLC (2)

Healthcare

Revolver

10.94% (S + 5.50%; 1.00% Floor)

6/28/2028

400,467

389,240

400,467

Sandstone Care Holdings, LLC (1) (3)

Healthcare

Term Loan

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

6/28/2028

4,617,153

4,547,030

4,617,153

Sauce Labs, Inc. (2) (3)

Software & Tech Services

Delayed Draw Term Loan

10.93% (S + 5.50%; 0.50% PIK; 1.00% Floor)

8/16/2027

593,125

574,435

557,594

Sauce Labs, Inc. (2) (6)

Software & Tech Services

Revolver

11.43% (S + 5.50%; 1.00% Floor)

8/16/2027

—

(13,624

)

(32,046

)

Sauce Labs, Inc. (3)

Software & Tech Services

Delayed Draw Term Loan

11.43% (S + 5.50%; 0.50% PIK; 1.00% Floor)

8/16/2027

1,939,619

1,919,176

1,891,129

Sauce Labs, Inc. (3)

Software & Tech Services

Term Loan

11.43% (S + 5.50%; 0.50% PIK; 1.00% Floor)

8/16/2027

7,560,611

7,467,625

7,371,596

Saviynt, Inc. (2) (3) (4)

Software & Tech Services

Delayed Draw Term Loan

12.94% (S + 4.00%; 3.50% PIK; 1.00% Floor)

12/22/2027

3,761,634

3,639,000

3,653,119

Saviynt, Inc. (2) (6)

Software & Tech Services

Revolver

12.94% (S + 4.00%; 3.50% PIK; 1.00% Floor)

12/22/2027

—

(10,722

)

(10,671

)

Saviynt, Inc. (1) (3)

Software & Tech Services

Term Loan

12.94% (S + 4.00%; 3.50% PIK; 1.00% Floor)

12/22/2027

19,304,727

18,964,518

18,966,894

SCA Buyer, LLC (4) (5)

Healthcare

Term Loan

12.09% (S + 6.50%; 1.00% Floor)

1/20/2027

4,025,917

4,000,625

3,593,131

SCA Buyer, LLC (2)

Healthcare

Revolver

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

1/20/2027

233,395

230,301

164,181

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

Digital Infrastructure & Services

Term Loan

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

8/25/2028

10,715,390

10,542,468

10,635,025

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

Digital Infrastructure & Services

Delayed Draw Term Loan

8.96% (S + 5.50%; 0.75% Floor)

8/25/2028

1,495,171

1,344,240

1,425,085

SDC Atlas Acquistionco, LLC (2) (6)

Digital Infrastructure & Services

Revolver

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

8/25/2028

—

(10,042

)

(4,672

)

Securonix, Inc. (2) (6)

Software & Tech Services

Revolver

12.31% (S + 7.00%; 0.75% Floor)

4/5/2028

34,660

17,531

(219,166

)

Securonix, Inc. (1) (3)

Software & Tech Services

Term Loan

12.31% (S + 7.00%; 0.75% Floor)

4/5/2028

8,546,314

8,451,108

7,136,172

Serrano Parent, LLC (1) (3) (4) (5)

Software & Tech Services

Term Loan

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

5/13/2030

21,207,477

20,748,601

20,783,327

Serrano Parent, LLC (2) (6)

Software & Tech Services

Revolver

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

5/13/2030

—

(44,016

)

(41,720

)

Single Digits, Inc. (4)

Digital Infrastructure & Services

Delayed Draw Term Loan

12.84% (S + 4.25%; 3.00% PIK; 1.00% Floor)

6/19/2026

625,701

623,501

497,432

See notes to Unaudited Consolidated Financial Statements

20

AB Private Credit Investors Corporation

Unaudited Consolidated Schedule of Investments as of June 30, 2024

Portfolio Company

Industry

Facility Type

Interest

Maturity

Funded Par Amount

Cost

Fair Value

Single Digits, Inc. (2) (6)

Digital Infrastructure & Services

Revolver

12.84% (S + 4.25%; 3.00% PIK; 1.00% Floor)

6/19/2026

—

(1,130

)

(85,310

)

Single Digits, Inc. (1)

Digital Infrastructure & Services

Term Loan

12.84% (S + 4.25%; 3.00% PIK; 1.00% Floor)

6/19/2026

2,928,824

2,917,011

2,328,415

Sirsi Corporation (2) (6)

Software & Tech Services

Revolver

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

3/15/2025

—

(1,018

)

—

Sirsi Corporation (1) (5)

Software & Tech Services

Term Loan

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

3/15/2025

6,018,017

6,006,826

6,018,017

SIS Purchaser, Inc. (2) (6)

Software & Tech Services

Revolver

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

10/15/2026

—

(7,918

)

—

SIS Purchaser, Inc. (1) (3) (5)

Software & Tech Services

Term Loan

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

10/15/2026

11,747,490

11,662,522

11,747,490

SIS Purchaser, Inc. (5)

Software & Tech Services

Term Loan

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

10/15/2026

2,248,927

2,231,219

2,248,927

Smile Brands, Inc. (2) (8)

Healthcare

Revolver

10.93% (S + 4.50%; 1.00% PIK; 0.75% Floor)

10/12/2027

109,408

92,641

87,027

Smile Brands, Inc.

Healthcare

Delayed Draw Term Loan

10.93% (S + 4.50%; 1.00% PIK; 0.75% Floor)

10/12/2027

478,588

474,942

436,711

Smile Brands, Inc. (1)

Healthcare

Term Loan

10.93% (S + 4.50%; 1.00% PIK; 0.75% Floor)

10/12/2027

1,574,569

1,565,532

1,436,794

Soladoc, LLC (2) (6)

Software & Tech Services

Revolver

10.42% (S + 5.00%; 0.75% Floor)

6/12/2028

—

(7,851

)

(20,612

)

Soladoc, LLC (1) (3)

Software & Tech Services

Term Loan

10.42% (S + 5.00%; 0.75% Floor)

6/12/2028

5,889,225

5,810,631

5,683,102

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

Healthcare

Term Loan

13.21% (S + 2.15%; 5.75% PIK; 1.00% Floor)

4/19/2026

6,730,485

6,687,589

6,579,049

Spark DSO LLC (2)

Healthcare

Revolver

13.21% (S + 2.15%; 5.75% PIK; 1.00% Floor)

4/20/2026

260,105

254,678

241,415

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

Digital Infrastructure & Services

Delayed Draw Term Loan

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

12/15/2027

2,838,280

2,798,213

2,768,973

Stratus Networks, Inc. (2) (6)

Digital Infrastructure & Services

Revolver

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

12/15/2027

—

(11,637

)

(22,277

)

Stratus Networks, Inc. (5)

Digital Infrastructure & Services

Term Loan

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

12/15/2027

7,920,781

7,821,898

7,742,564

SugarCRM, Inc. (2) (6)

Software & Tech Services

Revolver

11.43% (S + 5.00%; 1.00% Floor)

7/30/2027

—

(83

)

(5,429

)

SugarCRM Inc. (1)

Software & Tech Services

Term Loan

10.45% (S + 5.00%; 1.00% Floor)

7/31/2027

566,197

555,254

556,289

SugarCRM, Inc. (1) (3)

Software & Tech Services

Term Loan

10.45% (S + 5.00%; 1.00% Floor)

7/30/2027

4,268,824

4,267,335

4,194,120

Sundance Group Holdings, Inc. (3) (4)

Software & Tech Services

Delayed Draw Term Loan

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

7/2/2027

3,547,253

3,510,975

3,547,253

Sundance Group Holdings, Inc. (4)

Software & Tech Services

Term Loan

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

7/2/2027

463,790

454,553

463,790

Sundance Group Holdings, Inc. (2)

Software & Tech Services

Revolver

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

7/2/2027

851,341

836,689

851,341

Sundance Group Holdings, Inc. (1) (5)

Software & Tech Services

Term Loan

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

7/2/2027

11,824,177

11,703,238

11,824,177

Sysnet North America, Inc. (1) (3) (5)

Software & Tech Services

Term Loan

11.49% (S + 6.00%; 1.00% Floor)

12/1/2026

8,726,571

8,673,425

8,726,571

TBG Food Acquisition Corp (1) (4)

Consumer Non-Cyclical

Term Loan

9.71% (S + 4.25%; 0.75% Floor)

12/24/2027

6,435,635

6,396,061

6,403,457

TBG Food Acquisition Corp

Consumer Non-Cyclical

Delayed Draw Term Loan

9.71% (S + 4.25%; 0.75% Floor)

12/24/2027

262,706

261,132

261,392

See notes to Unaudited Consolidated Financial Statements

21

AB Private Credit Investors Corporation

Unaudited Consolidated Schedule of Investments as of June 30, 2024

Portfolio Company

Industry

Facility Type

Interest

Maturity

Funded Par Amount

Cost

Fair Value

TBG Food Acquisition Corp (2) (6)

Consumer Non-Cyclical

Revolver

9.71% (S + 4.25%; 0.75% Floor)

12/24/2027

—

(1,559

)

(1,320

)

Telcor Buyer, Inc. (2) (6)

Software & Tech Services

Revolver

9.68% (S + 4.25%, 1.00% Floor)

8/20/2027

—

(2,322

)

(727

)

Telcor Buyer, Inc. (1) (5)

Software & Tech Services

Term Loan

9.68% (S + 4.25%; 1.00% Floor)

8/20/2027

7,486,999

7,427,124

7,468,281

Telesoft Holdings, LLC (2)

Software & Tech Services

Revolver

11.20% (S + 5.75%; 1.00% Floor)

12/16/2026

109,426

106,077

106,441

Telesoft Holdings, LLC (3) (5)

Software & Tech Services

Term Loan

11.20% (S + 5.75%; 1.00% Floor)

12/16/2026

5,714,996

5,682,088

5,686,421

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

Healthcare

Delayed Draw Term Loan

11.73% (S + 6.25%; 1.00% Floor)

8/15/2025

1,708,993

1,700,651

1,704,720

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

Healthcare

Revolver

11.73% (S + 6.25%; 1.00% Floor)

8/15/2025

336,634

334,229

334,908

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

Healthcare

Delayed Draw Term Loan

11.75% (S + 6.25%; 1.00% Floor)

8/15/2025

1,696,803

1,686,536

1,692,561

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

Healthcare

Term Loan

11.73% (S + 6.25%; 1.00% Floor)

8/15/2025

4,768,555

4,750,277

4,756,634

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

Healthcare

Delayed Draw Term Loan

11.73% (S + 6.25%; 1.00% Floor)

8/15/2025

1,124,156

1,122,263

1,121,345

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

Healthcare

Term Loan

11.73% (S + 6.25%; 1.00% Floor)

8/15/2025

3,183,603

3,164,045

3,175,644

Thrive Buyer, Inc. (4)

Digital Infrastructure & Services

Term Loan

12.% (S + 6.50%; 1.00% Floor)

1/22/2027

1,192,329

1,165,034

1,192,329

Thrive Buyer, Inc. (2)

Digital Infrastructure & Services

Revolver

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

1 /22/2027

369,907

359,625

369,907

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

Digital Infrastructure & Services

Term Loan

11.49% (S + 6.00%; 1.00% Floor)

1/22/2027

11,585,943

11,481,851

11,585,943

Thrive Buyer, Inc. (1) (5)

Digital Infrastructure & Services

Delayed Draw Term Loan

11.49% (S + 6.00%; 1.00% Floor)

1/22/2027

8,132,469

8,053,855

8,132,469

Towerco IV Holdings, LLC (1) (2) (4) (5)

Digital Infrastructure & Services

Delayed Draw Term Loan

9.45% (S + 4.00%; 1.00% Floor)

8/31/2028

18,701,774

18,618,119

18,701,774

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

Digital Infrastructure & Services

Term Loan

11.85% (S + 6.25%; 0.50% Floor)

3/26/2026

4,613,481

4,599,841

4,613,481

Transtelco Holding, Inc (1) (3)

Digital Infrastructure & Services

Term Loan

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

3/26/2026

8,503,727

8,378,566

8,503,727

Transtelco Holding, Inc. (5)

Digital Infrastructure & Services

Term Loan

11.35% (S + 5.75%; 0.50% Floor)

3/26/2026

4,613,481

4,599,395

4,601,948

Unanet, Inc. (2) (4)

Software & Tech Services

Delayed Draw Term Loan

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

12/8/2028

1,547,761

1,507,867

1,538,285

Unanet, Inc. (2)

Software & Tech Services

Revolver

11.33% (S + 6.00%; 0.75% Floor)

12/8/2028

189,522

170,624

180,045

Unanet, Inc. (3) (5)

Software & Tech Services

Term Loan

11.16% (S + 6.00%; 0.75% Floor)

12/8/2028

12,003,044

11,823,374

11,913,021

See notes to Unaudited Consolidated Financial Statements

22

AB Private Credit Investors Corporation

Unaudited Consolidated Schedule of Investments as of June 30, 2024

Portfolio Company

Industry

Facility Type

Interest

Maturity

Funded Par Amount

Cost

Fair Value

Ungerboeck Systems International, LLC (4)

Software & Tech Services

Term Loan

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

4/30/2027

305,156

300,792

302,105

Ungerboeck Systems International, LLC (2) (6)

Software & Tech Services

Revolver

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

4/30/2027

—

(1,990

)

(2,294

)

Ungerboeck Systems International, LLC (1) (3)

Software & Tech Services

Term Loan

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

4/30/2027

2,717,277

2,697,363

2,690,104

Ungerboeck Systems International, LLC (1)

Software & Tech Services

Delayed Draw Term Loan

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

4/30/2027

322,391

320,026

319,167

Ungerboeck Systems International, LLC (3)

Software & Tech Services

Delayed Draw Term Loan

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

4/30/2027

690,794

690,794

683,886

Ungerboeck Systems International, LLC (3)

Software & Tech Services

Term Loan

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

4/30/2027

136,383

134,730

135,019

Ungerboeck Systems International, LLC (3)

Software & Tech Services

Term Loan

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

4/30/2027

263,748

258,495

261,111

Ungerboeck Systems International, LLC (3)

Software & Tech Services

Delayed Draw Term Loan

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

4/30/2027

477,340

474,152

472,566

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

5,485,468

5,469,577

Vectra AI, Inc. (2) (6)

Software & Tech Services

Revolver

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

3/1/2028

—

(2,020

)

(3,491

)

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

1,150,654

1,146,336

Vehlo Purchaser, LLC (4)

Software & Tech Services

Term Loan

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

5/24/2028

2,006,737

1,983,173

1,991,686

Vehlo Purchaser, LLC (3) (4)

Software & Tech Services

Delayed Draw Term Loan

10.58% (S + 5.25%; 0.75% Floor)

5/24/2028

5,799,250

5,756,039

5,755,756

Vehlo Purchaser, LLC (2)

Software & Tech Services

Revolver

10.58% (S + 5.25%; 0.75% Floor)

5/24/2028

347,955

336,420

339,256

Vehlo Purchaser, LLC (1) (3) (5)

Software & Tech Services

Term Loan

10.58% (S + 5.25%; 0.75% Floor)

5/24/2028

20,877,300

20,670,972

20,720,721

Velocity Purchaser Corporation (2) (6)

Software & Tech Services

Revolver

12.45% (S + 7.00%; 1.00% Floor)

12/2/2024

—

(245

)

—

Velocity Purchaser Corporation (1)

Software & Tech Services

Term Loan

12.45% (S + 7.00%; 1.00% Floor)

12/1/2024

532,667

531,938

532,667

Velocity Purchaser Corporation (1) (5)

Software & Tech Services

Term Loan

12.45% (S + 7.00%; 1.00% Floor)

12/1/2024

4,229,879

4,220,726

4,229,879

Velocity Purchaser Corporation (1)

Software & Tech Services

Term Loan

12.45% (S + 7.00%; 1.00% Floor)

12/1/2024

2,141,338

2,138,967

2,141,338

Venture Buyer, LLC (4)

Digital Infrastructure & Services

Term Loan

10.57% (S + 5.25%; 1.00% Floor)

3/1/2030

4,895,640

4,801,800

4,797,727

Venture Buyer, LLC (2)

Digital Infrastructure & Services

Revolver

10.57% (S + 5.25%; 1.00% Floor)

3/1/2030

100,882

86,543

85,749

Venture Buyer, LLC (2) (6)

Digital Infrastructure & Services

Delayed Draw Term Loan

10.57% (S + 5.25%; 1.00% Floor)

3/1/2030

—

(9,544

)

(10,088

)

Veracross LLC (2)

Software & Tech Services

Revolver

11.95% (S + 2.00%; 4.50% PIK; 1.00% Floor)

12/28/2027

671,292

658,032

660,129

Veracross LLC (1) (3) (5)

Software & Tech Services

Delayed Draw Term Loan

11.95% (S + 2.00%; 4.50% PIK; 1.00% Floor)

12/28/2027

1,779,955

1,732,100

1,762,155

Veracross LLC (3)

Software & Tech Services

Term Loan

11.95% (S + 2.00%; 4.00% PIK; 1.00% Floor)

12/28/2027

13,848,829

13,703,751

13,710,341

Vhagar Purchaser, LLC (4)

Software & Tech Services

Term Loan

12.05% (S + 6.75%; 1.00% Floor)

6/11/2029

3,360,201

3,276,442

3,276,196

Vhagar Purchaser, LLC. (2)

Software & Tech Services

Delayed Draw Term Loan

12.05% (S + 6.75%; 1.00% Floor)

6/11/2029

168,010

156,570

158,676

Vhagar Purchaser, LLC. (2) (6)

Software & Tech Services

Revolver

12.05% (S + 6.75%; 1.00% Floor)

6/11/2029

—

(9,296

)

(9,334

)

See notes to Unaudited Consolidated Financial Statements

23

AB Private Credit Investors Corporation

Unaudited Consolidated Schedule of Investments as of June 30, 2024

Portfolio Company

Industry

Facility Type

Interest

Maturity

Funded Par Amount

Cost

Fair Value

Visionary Buyer LLC (4)

Digital Infrastructure & Services

Term Loan

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

3/21/2031

5,653,672

5,571,170

5,583,001

Visionary Buyer LLC (2) (6)

Digital Infrastructure & Services

Delayed Draw Term Loan

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

3/21/2031

—

(40,804

)

(70,671

)

Visionary Buyer LLC (2) (6)

Digital Infrastructure & Services

Revolver

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

3/21/2030

—

(20,252

)

(17,668

)

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

Financials

Delayed Draw Term Loan

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

10/4/2027

6,199,718

6,188,649

6,199,718

Wealth Enhancement Group, LLC (2) (6)

Financials

Revolver

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

10/4/2027

—

(1,953

)

—

Wealth Enhancement Group, LLC

Financials

Delayed Draw Term Loan

10.73% (S + 5.50%; 1.00% Floor)

10/4/2027

1,351,256

1,347,867

1,351,256

Wealth Enhancement Group, LLC (2)

Financials

Delayed Draw Term Loan

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

10/4/2027

297,703

284,673

297,703

Webster Equity Partners III-A, L.P. (2) (9)

Financials

Delayed Draw Term Loan

16.15% (S + 3.50%; 7.35% PIK; 2.00% Floor)

4/1/2027

3,655,675

3,537,575

3,528,627

West Dermatology (1) (3) (4)

Healthcare

Term Loan

13.12% (S + 5.75%; 1.88% PIK; 1.00% Floor)

3/17/2028

11,271,815

11,112,942

10,764,584

West Dermatology (2)

Healthcare

Delayed Draw Term Loan

13.12% (S + 5.75%; 1.88% PIK; 1.00% Floor)

3/17/2028

1,494,763

1,460,314

1,363,964

West Dermatology

Healthcare

Revolver

13.13% (S + 5.75%; 1.87% PIK; 1.00% Floor)

3/17/2028

1,246,316

1,227,300

1,190,231

Wolverine Seller Holdings, LLC (1) (4) (5)

Services

Term Loan

10.57% (S + 5.25%; 0.75% Floor)

1/17/2030

6,687,587

6,563,704

6,670,868

Wolverine Seller Holdings, LLC (2) (6)

Services

Revolver

10.60% (S + 5.25%; 0.75% Floor)

1/17/2030

—

(20,697

)

(2,793

)

Wolverine Seller Holdings, LLC (2)

Services

Delayed Draw Term Loan

10.60% (S + 5.25%; 0.75% Floor)

1/17/2030

297,971

260,692

297,971

Your Part-Time Controller, LLC (4)

Services

Term Loan

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

11/14/2029

6,873,170

6,749,601

6,873,170

Your Part-Time Controller, LLC (2) (6)

Services

Revolver

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

11/14/2029

—

(11,272

)

—

Zendesk, Inc. (2) (6)

Software & Tech Services

Revolver

11.60% (S + 6.25%; 0.75% Floor)

11/22/2028

—

(20,247

)

—

Zendesk, Inc. (2) (6)

Software & Tech Services

Delayed Draw Term Loan

11.60% (S + 6.25%; 0.75% Floor)

11/22/2028

—

(24,651

)

—

Zendesk, Inc. (1) (3) (5)

Software & Tech Services

Term Loan

11.60% (S + 6.25%; 0.75% Floor)

11/22/2028

13,681,445

13,475,674

13,681,424

Total U.S. 1st Lien/Senior Secured Debt

1,422,033,250

1,405,372,655

2nd Lien/Junior Secured Debt — 0.53 %

Symplr Software, Inc. (4)

Software & Tech Services

Term Loan

13.31% (S + 7.87%; 0.75% Floor)

12/22/2028

3,130,634

3,092,554

2,966,276

Total U.S. 2nd Lien/Junior Secured Debt

3,092,554

2,966,276

Total U.S Corporate Debt

1,425,125,804

1,408,338,931

Canadian Corporate Debt — 4.34%

1st Lien/Senior Secured Debt — 4.34 %

Banneker V Acquisition, Inc. (2) (9)

Software & Tech Services

Revolver

11.95% (S + 6.50%; 1.00% Floor)

12/4/2025

119,558

109,547

106,107

Banneker V Acquisition, Inc. (1) (3) (9)

Software & Tech Services

Term Loan

11.95% (S + 6.50%; 1.00% Floor)

12/4/2025

13,258,433

13,125,307

13,059,557

See notes to Unaudited Consolidated Financial Statements

24

AB Private Credit Investors Corporation

Unaudited Consolidated Schedule of Investments as of June 30, 2024

Portfolio Company	Industry	Facility Type	Interest	Maturity		Funded Par Amount		Cost		Fair Value
Banneker V Acquisition, Inc. (3) (9)	Software & Tech Services	Delayed Draw Term Loan	11.95% (S + 6.50%; 1.00% Floor)		12/4/2025		1,024,233		1,018,222		1,008,870
McNairn Holdings Ltd. (1) (9)	Services	Term Loan	12.48% (S + 6.50%; 0.50% PIK; 1.00% Floor)		11/25/2025		732,816		725,401		732,816
Syntax Systems Ltd (1) (9) (5)	Digital Infrastructure & Services	Term Loan	10.45% (S + 5.00%; 0.75% Floor)		10/29/2028		8,637,705		8,581,750		8,551,328
Syntax Systems Ltd (9)	Digital Infrastructure & Services	Revolver	10.45% (S + 5.25%; 1.00% Floor)		10/29/2026		—		39		—
Syntax Systems Ltd (9)	Digital Infrastructure & Services	Term Loan	10.45% (S + 5.00%; 0.75% Floor)		10/29/2028		699,279		699,279		692,286
Total Canada 1st Lien/Senior Secured Debt									24,259,545		24,150,964
Total Canadian Corporate Debt									24,259,545		24,150,964
Luxembourg Corporate Debt — 1.79%
1st Lien/Senior Secured Debt — 1.79 %
Sumup Holdings Luxembourg (2) (4) (9)	Software & Tech Services	Delayed Draw Term Loan	11.83% (S + 6.50%; 1.50% Floor)		4/22/2031		10,088,201		9,988,427		9,962,098
Total Luxembourg 1st Lien/Senior Secured Debt									9,988,427		9,962,098
Total Luxembourg Corporate Debt									9,988,427		9,962,098

Portfolio Company	Class/Series	Industry	Initial Acquisition Date (10)		Shares		Cost		Fair Value
U.S. Preferred Stock — 1.54 %
Alphasense, LLC (9) (11)	Series C	Software & Tech Services		6/1/2021		23,961		369,843		808,402
Concerto HealthAI Solutions LLC (11)	Series B-1	Software & Tech Services		12/23/2019		65,614		349,977		313,940
Datarobot, Inc. (11)	Series F	Software & Tech Services		10/27/2020		6,715		88,248		59,034
Datarobot, Inc. (11)	Series E	Software & Tech Services		8/31/2019		38,190		289,278		242,464
Degreed, Inc. (11)	Series D	Software & Tech Services		4/30/2021		16,943		278,308		196,757
Degreed, Inc. (11)	Series C-1	Software & Tech Services		6/19/2019		43,819		278,541		196,037
Knockout Intermediate Holdings I, Inc. (Kaseya, Inc.) (11)	Perpetual	Software & Tech Services		6/23/2022		1,345		1,311,760		1,751,827
Netskope, Inc. (11)	Series G	Software & Tech Services		1/27/2020		36,144		302,536		417,184
Ntiva Investments, LLC (11)	Class A	Digital Infrastructure & Services		1/24/2022		333,937		272,826		283,348
Phenom People, Inc. (11)	Series C	Software & Tech Services		1/10/2020		35,055		220,610		430,511
Protoscale Rubrik, LLC (11) (18)	Class B	Software & Tech Services		1/4/2019		25,397		598,212		700,805
Swyft Parent Holdings LP (11) (12)	Preferred Units	Software & Tech Services		2/7/2022		850,470		758,389		798,007
Symplr Software Intermediate Holdings, Inc. (11)	Series A	Software & Tech Services		11/30/2018		1,196		1,160,531		2,270,492

See notes to Unaudited Consolidated Financial Statements

25

AB Private Credit Investors Corporation

Unaudited Consolidated Schedule of Investments as of June 30, 2024

Portfolio Company	Class/Series	Industry	Initial Acquisition Date (10)		Shares		Cost		Fair Value
Vectra AI, Inc (11)	Series F	Software & Tech Services		5/28/2021		17,064		131,095		110,913
Total U.S. Preferred Stock								6,410,154		8,579,721
France Preferred Stock — 0.04%
Content Square SAS (9) (11)	Series F	Software & Tech Services		11/30/2023		24,472		206,755		206,715
Total France Preferred Stock								206,755		206,715
U.S. Common Stock — 1.39%
Advantage AVP Parent Holdings, L.P. (Medical Management Resource Group, LLC) (11)	Units	Healthcare		9/24/2021		34,492		34,492		25,525
REP AOM Holdings, LLC (11) (12)	Class A.	Healthcare		2/17/2022		290,393		18,979		668,963
Brightspot Holdco, LLC (11)	Class A Common Units	Software & Tech Services		11/16/2021		433,207		433,207		459,926
Coinvest YPTC Blocked Aggregator, L.P. (11)	LP Interests	Services		11/14/2021		138,390		138,390		178,832
Community Based Care Holdings, LP (11)	Senior Common Units	Healthcare		1/3/2022		180		179,861		266,055
Freddy’s Acquisition, LP (Freddy’s Frozen Custard, LLC) (11)	LP Interests	Consumer Non-Cyclical		3/3/2021		72,483		72,483		155,668
GSV MedSuite Investments, LLC (Millin Purchaser, LLC) (11)	Class A	Healthcare		12/22/2021		86,555		85,705		65,628
GSV Vehlo Investments, LLC (Vehlo Purchaser, LLC) (11)	Class A	Software & Tech Services		5/20/2022		150,297		150,297		181,384
INH Group Holdings, LLC (11)	Class A	Healthcare		1/31/2019		484,552		484,552		—
Leeds FEG Investors, LLC (11)	Class A	Consumer Non-Cyclical		11/20/2017		320		321,309		253,667
Moon Topco, L.P. (Radiant Logic, Inc.) (11)	Class A	Software & Tech Services		4/19/2021		3,600		35,999		108,404
Ntiva Investments, LLC (11)	Class A	Digital Infrastructure & Services		1/24/2022		333,937		61,110		115,158
MyKaarma Holdings LP (11)	LP Interests	Software & Tech Services		3/18/2022		257,031		257,031		438,553
NEPCORE Parent Holdings, LLC (11)	LP Interests	Digital Infrastructure & Services		10/21/2021		98		97,884		10,992
Neutral Connect, LLC (11) (12)	LLC Units	Digital Infrastructure & Services		9/27/2019		396,513		439,931		213,802
Pamlico Avant Holdings L.P. (11) (12)	Class A	Digital Infrastructure & Services		12/1/2021		236,307		236,307		372,777

See notes to Unaudited Consolidated Financial Statements

26

AB Private Credit Investors Corporation

Unaudited Consolidated Schedule of Investments as of June 30, 2024

Portfolio Company	Class/Series	Industry	Initial Acquisition Date (10)		Shares		Cost		Fair Value
Ranger Lexipol Holdings, LLC (11)	Class B	Software & Tech Services		11/18/2021		433		77,371		92,335
Ranger Lexipol Holdings, LLC (11)	Class A	Software & Tech Services		11/18/2021		433		355,837		494,957
RCFN Parent, LP (People’s Care) (11)	LP Interests	Healthcare		6/18/2021		77		78,284		82,071
REP Coinvest III-A Omni, L.P. (Omni Logistics, LLC) (11) (12) (18)	LP Interests	Services		2/4/2021		193,770		53,301		69,757
REP Coinvest III AGP Blocker, L.P. (Agape Care Group) (11) (12)	LP Interests	Healthcare		10/14/2021		590,203		590,203		1,063,771
REP Coinvest III Tec, L.P. (American Safety Holdings Corp.) (11) (12)	LP Interests	Services		6/18/2020		167,509		190,658		263,265
REP RO Coinvest IV A Blocker (Road One) (11) (12)	Class A	Services		12/28/2022		66,441,840		664,418		545,355
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		—
Singularity Topco LLC (11)	Class A Common Units	Software & Tech Services		9/30/2022		329,116		953,133		592,218
Stripe, Inc. (11)	Class B	Software & Tech Services		5/17/2021		4,158		166,854		109,189
Swyft Parent Holdings LP (11) (12)	LP Interests	Software & Tech Services		2/7/2022		4,485		53,048		—
Thrive Parent, LLC (11)	Class L	Digital Infrastructure & Services		1/22/2021		102,108		271,128		531,531
Artemis Investor Holdings, LLC (11) (12)	Class A	Services		6/17/2024		38,551		385,509		385,509
8x8, Inc. (9) (11) (13)	Common Units	Digital Infrastructure & Services				9,871		170,890		21,914
Total U.S. Common Stock								7,058,181		7,767,206
France Common Stock — 0.07%
Content Square SAS (9) (11)	Ordinary Shares	Software & Tech Services		11/30/2023		75,889		416,757		416,758
Total France Common Stock								416,757		416,758
U.S. Warrants — 0.25%
Alphasense, LLC (9) (11)	Series B	Software & Tech Services		6/2/2020		40,394		35,185		1,086,243
Degreed, Inc., expire 04/11/2028 (11)	Series D	Software & Tech Services		4/11/2021		7,624		—		3,727
Degreed, Inc., expire 05/31/2026 (11)	Series C-1	Software & Tech Services		5/31/2019		26,294		46,823		35,625
Degreed, Inc., expire 08/18/2029 (11)	Common Shares	Software & Tech Services		8/31/2022		9,374		41,527		16,332
Scylla DB Ltd, expire 09/08/2032 (9) (11)	Secries C-1	Software & Tech Services		9/9/2022		239,984		43,880		156,602
Vectra AI, Inc., expire 03/18/2031 (11)	Series F	Software & Tech Services		3/18/2021		35,156		58,190		90,079
Total U.S. Warrants								225,605		1,388,608

See notes to Unaudited Consolidated Financial Statements

27

AB Private Credit Investors Corporation

Unaudited Consolidated Schedule of Investments as of June 30, 2024

Portfolio Company	Class/Series	Industry	Initial Acquisition Date (10)		Shares		Cost		Fair Value
United Kingdom Warrants — 0.05%
Global WebIndex Holdings Ltd, expire 12/30/2027 (11)	Preferred Units	Software & Tech Services		12/30/2020		11,776		159,859		293,250
Total United Kingdom Warrants								159,859		293,250
France Warrants — 0.00%
Content Square SAS (11)	Indemnity Series F Shares Warrants	Software & Tech Services		11/30/2023		2,027		8,561		—
Total France Warrants								8,561		—
Portfolio Company	Class/Series				Shares		Cost		Fair value
U.S. Investment Companies —3.56%
AB Equity Investors, L.P. (11) (14)	LP Interests	Investment Companies				9,621,584		10,328,559		11,950,499
CN CO-INVEST, LP (11) (12)	LP Interests	Digital Infrastructure & Services				776,334		776,334		779,698
Falcon Co-Investment Partners, L.P. (11)(12)(14)	LP Interests	Healthcare				828,052		828,052		828,880
GHP E Aggregator, LLC (11) (14)	LLC Units	Software & Tech Services				417,813		186,588		689,391
GHP SPV 2, L.P. (9) (11 )(12) (14)	LP Interests	Software & Tech Services				271,942		271,942		277,381
GTCR A-1 Investors LP. (9) (11 )(12) (14)	LP Interests	Specialty RMR				1,100,000		1,100,000		1,100,000
Magenta Blocker Aggregator, LP (11) (12) (14)	LP Interests	Software & Tech Services				821,396		676,978		994,711
Orangewood WWB Co-Invest, L.P. (11) (12) (14)	LP Interests	Consumer Non-Cyclical				829,314		829,314		1,161,040
ORCP III Triton Co-Investors, L.P. (11) (12) (14)	LP Interests	Consumer Non-Cyclical				341,592		90,503		805,132
OSS SPV LP. (11) (12) (14)	LP Interests	Services				277,533		267,984		416,300
Palms Co-Investment Partners D, L.P. (11) (12) (14)	LP Interests	Software & Tech Services				261,450		261,450		295,438
SCP Resonatics Aggregator I, LLC (11) (12) (14)	Class A	Healthcare				541		368,990		551,333
SCP Resonatics Aggregator I, LLC (11) (12) (14)	Class B	Healthcare				32,450		171,840		4,024
Total U.S. Investment Companies								16,158,534		19,853,827
TOTAL INVESTMENTS - 265.70%								1,490,018,182		1,480,958,078
Portfolio Company		Industry			Shares		Cost		Fair value
Cash Equivalents — 6.09%
Blackrock T Fund I (3) (5) (16) (17)	Money Market	Money Market Portfolio				18,550,354		18,550,354		18,550,354
State Street Institutional US Government Money Market Fund (12) (16) (17)	Money Market	Money Market Portfolio				335,592		335,592		335,592
US Bank MMDA GCTS Money Market (1) (4) (16) (17)	Money Market	Money Market Portfolio				15,038,823		15,038,823		15,038,823
Total Cash Equivalents								33,924,769		33,924,769
Cash — 6.01%
US Dollar	Cash	USD				33,498,547		33,498,547		33,498,547
Total Cash								33,498,547		33,498,547
TOTAL CASH AND CASH EQUIVALENTS								67,423,316		67,423,316
LIABILITIES IN EXCESS OF OTHER ASSETS — (177.80%)									$	(991,001,851	)
NET ASSETS — 100.00%									$	557,379,543

See notes to Unaudited Consolidated Financial Statements

28

AB Private Credit Investors Corporation

Unaudited Consolidated Schedule of Investments as of June 30, 2024

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

+ As of June 30, 2024, qualifying assets represented 96.62% 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 end 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 June 30, 2024, rates for weekly 1M S, 3M S and 6M S are 5.34%, 5.35%, and 5.39%, respectively. As of June 30, 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 June 30, 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 June 30, 2024, the aggregate fair value of these securities is $18,630,344 or 3.34% 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 $20,685,479; aggregate gross unrealized depreciation for federal income tax purposes is $29,745,583. Net unrealized depreciation is $9,060,104. As of June 30, 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 June 30, 2024.

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

P - Prime

PIK -

Payment-In-Kind

S - SOFR

29

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

30

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

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

31

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

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

32

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

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

33

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

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

34

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
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

35

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
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

36

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
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

37

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
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	)

See Notes to Consolidated Financial Statements

38

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
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

39

AB Private Credit Investors Corporation

Consolidated Schedule of Investments as of December 31, 2023

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

40

AB Private Credit Investors Corporation

Consolidated Schedule of Investments as of December 31, 2023

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

41

AB Private Credit Investors Corporation

Consolidated Schedule of Investments as of December 31, 2023

(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

42

AB Private Credit Investors Corporation

Notes to Unaudited Consolidated Financial Statements

June 30, 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 June 30, 2024, the Fund had total Capital Commitments of $690,233,884, of which 15% or $105,720,487 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.

43

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.

44

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 June 30, 2024, the Fund had certain investments held in four portfolio companies on

non-accrual

status, which represented 1.36% and 0.23% 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

45

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

sale/buy-back

agreements and financing charges associated with the

sale/buy-back

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

sale/buy-back

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

Income Taxes

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

“more-likely-than-not”

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

more-likely-than-not

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

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

1120-RIC,

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

one-year

period ending on October 31 of the calendar year and (iii) any net ordinary income and capital gains in excess of capital losses for preceding years that were not distributed during such years. The Fund, at its discretion, may carry forward taxable income in excess of calendar year dividends and pay a 4% nondeductible U.S. federal excise tax on this income. The Fund will accrue excise tax on estimated undistributed taxable income as required.

As of June 30, 2024, and December 31, 2023, the Fund had no excise tax.

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.

For the three and six months ended June 30, 2024, the Fund accrued income taxes of $

91,736

and $

179,306

, respectively. For the three and six months ended June 30, 2023, the Fund accrued income taxes of $

260,725

and

278,026

, respectively. As of June 30, 2024, and December 31, 2023, $

142,842

and $

241,195

, respectively, of accrued income taxes remained payable.

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

46

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 and six months ended June 30, 2024, the Fund incurred a management fee of $4,911,685 and $9,558,202, respectively. For the three and six months ended June 30, 2023, the Fund incurred a management fee of $4,204,038 and $8,142,942, respectively. As of June 30, 2024, and December 31, 2023, $4,911,685 and $4,479,535, respectively, of accrued management fee remained payable.

The Fund also pays 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 consists 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.

47

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

Description of Quarterly Incentive Fee Calculations

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

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

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

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

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

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

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

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

For the three and six months ended June 30, 2024, the Fund incurred income-based incentive fees of $3,250,337 and $6,492,093, respectively. For the three and six months ended June 30, 2023, the Fund incurred income-based incentive fees of $2,600,473 and $5,355,077, respectively. As of June 30, 2024 and December 31, 2023, $3,250,337, 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 and six months ended June 30, 2024 and June 30, 2023. As of June 30, 2024 and December 31, 2023, $0 and $0, respectively, of capital gains incentive fee remained payable.

48

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 Second 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 Second Amended and Restated Advisory Agreement, or (b) the Board of the Fund making a determination to dissolve or liquidate the Fund. Upon termination of the Expense Support and Conditional Reimbursement Agreement, the Fund will be required to fund any Expense Payments, subject to the aforementioned requirements per the Expense Support and Conditional Reimbursement Agreement, that have not been reimbursed by the Fund to the Adviser. As of June 30, 2024, there was no expense support provided and no reimbursement payments were made.

49

Transfer Agency Agreement

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

For the three and six months ended June 30, 2024, the Fund accrued $27,837 and $66,525, respectively, in transfer agent fees. For the three and six months ended June 30, 2023, the Fund accrued $36,215 and $71,487, respectively, in transfer agent fees. As of June 30, 2024 and December 31, 2023, $27,837 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.

Affiliates

As defined in the Investment Company Act, an 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. As defined in the Investment Company Act an investment is deemed to be an “affiliated person” of the Fund because the Fund owns, either directly or indirectly,

5

% or more of the portfolio company’s outstanding voting securities. The table below presents the Fund’s affiliated investments:

50

	Beginning Fair Value Balance		Gross Additions (1)		Gross Reductions (2)			Net Realized Gain/Loss		Net Change in Unrealized Appreciation (Depreciation)			Ending Fair Value Balance		Dividend, Interest, PIK and Other Income
For the Six Months Ended June 30, 2024
Non-Controlled Affiliates
SBS Super Holdings, LLC (Class B Units)	$	—	$	—	$	—		$	—	$	—		$	—	$	—
Delaware Valley Management Holdings, Inc.		237,136		—		(164,289	)		—		8,474			81,321		—
Delaware Valley Management Holdings, Inc.		624,645				(530,875	)				58,508			152,278		—
Delaware Valley Management Holdings, Inc.		350,292		—		(270,490	)		—		40,417			120,219		—
Delaware Valley Management Holdings, Inc.		2,252,790		—		(1,696,893	)		—		216,652			772,549		—
	$	3,464,863	$	—	$	(2,662,547	)	$	—	$	324,051		$	1,126,367	$	—
For the Six Months Ended June 30, 2023
Non-Controlled Affiliates
SBS Super Holdings, LLC (Class B Units)	$	—	$	10	$	—		$	—	$	(10	)	$	—	$	—
Controlled Affiliates
Bowline Topco LLC	$	173,837	$	—	$	—		$	—	$	90,649		$	264,486	$	—
	$	173,837	$	10	$	—		$	—	$	90,639		$	264,486	$	—

(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

51

(as defined in the 2021 HSBC Credit Agreement) plus the Applicable Margin (as defined in the 2021 HSBC Credit Agreement) for the applicable Interest Period (as defined in the 2021 HSBC Credit Agreement) and (ii) with respect to Reference Rate Loans (as defined in the 2021 HSBC Credit Agreement), the Reference Rate (as defined in the 2021 HSBC Credit Agreement) in effect from day to day. The Fund will also pay an unused commitment fee of 0.35%. Proceeds under the 2021 HSBC Credit Agreement may be used for any purpose permitted under the Fund’s organizational documents, including general corporate purposes such as the making of investments. The 2021 HSBC Credit Agreement contains certain customary covenants and events of default, with customary cure and notice provisions. As of June 30, 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.

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 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.

On May 24, 2024, the Fund entered into a Fund Group Facility Sublimit Adjustment Letter (the “May Adjustment Letter”) among the borrowers under the 2021 HSBC Credit Facility. The May Adjustment Letter reduced the Fund’s fund group facility sublimit under the 2021 HSBC Credit Facility from $30,000,000 to $10,000,000.

On June 6, 2024, the Fund entered into Amendment No. 12 to the 2021 HSBC Credit Agreement. The 2021 HSBC Credit Agreement Amendment No. 12 extended the maturity date of the 2021 HSBC Credit Facility from June 7, 2024 to June 6, 2025.

On June 17, 2024, the Fund entered into a second Fund Group Facility Sublimit Adjustment Letter (the “June Adjustment Letter”) among the borrowers under the 2021 HSBC Credit Facility. The June Adjustment Letter increased the Fund’s fund group facility sublimit under the 2021 HSBC Credit Facility from $10,000,000 to $30,000,000.

Synovus Credit Facility

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

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

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.

52

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

out-of-pocket

expenses. The Synovus Credit Facility contains certain customary covenants and events of default, with customary cure and notice provisions. As of June 30, 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 June 30, 2024, the Fund is in compliance with these covenants.

53

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

out-of-pocket

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

The Fund’s outstanding borrowings through the Revolving Credit Facilities as of June 30, 2024 were as follows:

	Aggregate Borrowing Amount Committed		Outstanding Borrowing		Amount Available		Carrying Value
HSBC	$	30,000,000	$	21,000,000	$	9,000,000	$	21,000,000
Synovus		200,000,000		200,000,000		—		200,000,000
Natixis		200,000,000		179,250,000		20,750,000		179,250,000
Total	$	430,000,000	$	400,250,000	$	29,750,000	$	400,250,000

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 June 30, 2024 and December 31, 2023, deferred financing costs were $1,669,363 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 June 30, 2024 and December 31, 2023 were as follows:

	June 30, 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	%	$	97,704,316
Class A-1-L Senior Secured Floating Rate Loan (“Class A-1-L”)	$	75,000,000		S + 1.83	%	$	74,867,318
Class A-1-F Senior Secured Fixed Rate Note (“Class A-1-F”)	$	30,000,000		4.305	%	$	29,946,927
Class A-2-R Senior Secured Floating Rate Note (“Class A-2-R”)	$	43,500,000		S + 2.25	%	$	43,423,044
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		$	—	*

54

* 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 $371,871 and $436,524 respectively, as of June 30, 2024 and are reflected on the consolidated statements of assets and liabilities.

	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 and six months ended June 30, 2024, and June 30, 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 June 30, 2024, and December 31, 2023 were as follows:

	June 30, 2024
	Principal Amount		Interest Rate			Carrying Value (1)
Class A Senior Secured Floating Rate Note (“Class A”)	$	228,000,000		S + 2.60	%	$	226,074,642
Class B Senior Secured Floating Rate Note (“Class B”)	$	36,000,000		S + 3.65	%	$	35,695,996
Class C Secured Deferrable Floating Rate Note (“Class C”)	$	36,000,000		S + 4.55	%	$	35,695,996
Class D Secured Deferrable Floating Rate Note (“Class D”)	$	28,000,000		S + 6.90	%	$	—	*
Subordinated Notes	$	67,000,000		N/A		$	—	*

55

* 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 $2,533,366 respectively, as of June 30, 2024 and are reflected on the consolidated statements of assets and liabilities.

	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 June 30, 2024 were as follows :

Loan Name	Trade Date		Maturity Date	bps Daily Rate		Amount
Webster Equity Partners III-A, L.P.		4/2/2024	120 days or less from trade date		2.48	$	2,325,056
Pharmalogic Holdings Corp.		6/21/2024	60 days or less from trade date		2.50		5,811,500
Duetto Research, Inc		6/27/2024	90 days or less from trade date		2.49		9,875,000
						$	18,011,556

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 June 30, 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 $961,669,795 and $856,504,192, respectively.

56

Interest Expense on Borrowings

For the three and six months ended June 30, 2024, and June 30, 2023, the components of interest and other debt expenses related to the borrowings were as follows:

	For the three months ended June 30,						For the six months ended June 30,
	2024			2023			2024			2023
Interest and borrowing expenses	$	19,341,334		$	15,739,753		$	36,726,294		$	28,661,398
Commitment fees		136,963			158,849			350,672			245,381
Amortization of discount, debt issuance and deferred financing costs		414,722			1,361,520			1,757,962			2,135,003
Total	$	19,893,019		$	17,260,122		$	38,834,928		$	31,041,782
Weighted average interest rate (1)		8.69	%		7.74	%		8.73	%		7.50	%
Average outstanding balance	$	918,021,766		$	815,524,585		$	894,419,416		$	770,484,167

(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.

57

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 June 30, 2024:

Assets*	Level 1		Level 2		Level 3		Total
Cash Equivalents
Investment Companies	$	33,924,769	$	—	$	—	$	33,924,769
Total Cash Equivalents	$	33,924,769	$	—	$	—	$	33,924,769
Assets*
1st Lien/Senior Secured Debt	$	—	$	—	$	1,439,485,717	$	1,439,485,717
2nd Lien/Junior Secured Debt		—		—		2,966,276		2,966,276
Preferred Stock		—		700,805		8,085,631		8,786,436
Common Stock and LP Interests		21,914		69,757		8,871,991		8,963,662
Warrants		—		—		1,681,858		1,681,858
Total	$	21,914	$	770,562	$	1,461,091,473	$	1,461,883,949
Investments valued at NAV as a practical expedient#								19,074,129
Total assets#							$	1,480,958,078

* 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.

58

The following is a reconciliation of Level 3 assets for the six months ended June 30, 2024:

	1st Lien/Senior Secured Debt			2nd Lien/Junior Secured Debt			Preferred Stock			Common Stock and LP Interests			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)		208,733,116			—			—			381,148			—	$	209,114,264
Sales and principal payments		(49,883,725	)		(6,537,710	)		—			—			—		(56,421,435	)
Realized Gain (Loss)		101,572			—			—			—			—		101,572
Net Amortization of Premium/Discount		2,689,790			51,644			—			—			—	$	2,741,434
Transfers Out		—			—			(1,009,405	)		(1,813,344	)		—		(2,822,749	)
Net Change in Unrealized Appreciation (Depreciation)		7,082,317			246,457			317,376			264,607			390,999		8,301,756
Balance as of June 30, 2024	$	1,439,485,717		$	2,966,276		$	8,085,631		$	8,871,991		$	1,681,858	$	1,461,091,473
Change in Unrealized Appreciation (Depreciation) for Investments Still Held		6,815,323			278,739			317,376			264,607			390,999		8,067,044

For the six months ended June 30, 2024, there were no transfers into Level 3.

For the six months ended June 30, 2024, there were transfers out of Level 3 into Level 2 of $904,386. Transfers out of Level 3 are due to an increase in the quantity and reliability of broker quotes obtained.

Further amounts of $1,918,363 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

59

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 June 30, 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 June 30, 2024		Valuation Techniques		Unobservable Input		Range/Input (Weighted Average)(1)	Impact to Valuation from an Increase in Input
Assets:
1st Lien/Senior Secured Debt	$	1,362,096,853		Market Yield Analysis		Market Yield	8.8% - 25.6% (11.2%)	Decrease
		8,864,371		Market Approach		EBITDA Multiple	6.0x - 8.5x (7.7x)	Increase
		2,182,500		Market Approach		Revenue Multiple	0.8x	Increase
		10,402		Liquidation Value		Asset Value	N/A	Increase
		28,616		Liquidation Value		Recovery Rate	1.0%	Increase
		1,126,367		Recent Transaction		Transaction Price	N/A	N/A
		65,176,608		Recent Purchase		Purchase Price	N/A	N/A
2nd Lien		2,966,276		Market Yield Analysis		Market Yield	14.9%	Decrease
Preferred Stock		798,007		Market Approach		EBITDA Multiple	13.0x	Increase
		2,775,242		Market Approach		Revenue Multiple	3.8x - 12.9x (8.6x)	Increase
		4,305,667		Market Yield Analysis		Market Yield	15.6% - 18.5% (17.2%)	Decrease
		206,715		Recent Transaction		Transaction Price	N/A	N/A
Common Stock		5,294,954		Market Approach		EBITDA Multiple	8.5x - 26.5x (14.6x)	Increase
		1,781,270		Market Approach		Revenue Multiple	0.5x - 8.5x (7.3x)	Increase
		213,802		Market Approach		Other Cashflow Multiple	19.5x	Increase
		416,758		Recent Transaction		Transaction Price	N/A	N/A
		385,509		Recent Purchase		Purchase Price	N/A	N/A
Warrants		1,681,858		Market Approach		Revenue Multiple	5.0x - 12.9x (10.7x)	Increase
Limited Partnership Interests		779,698		Market Approach		EBITDA Multiple	9.0x	Increase
Total Assets	$	1,461,091,473

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

60

	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%)	Decrease
		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.

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 June 30, 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”)	$	97,704,316	$	99,478,125	$	—	$	—	$	99,478,125
Class A-1-L Senior Secured Floating Rate Loan (“Class A-1-L”)		74,867,318		75,937,500		—		—		75,937,500
Class A-1-F Senior Secured Fixed Rate Note (“Class A-1-F”)		29,946,927		28,875,000		—		—		28,875,000
Class A-2-R Senior Secured Floating Rate Note (“Class A-2-R”)		43,423,044		44,587,500		—		—		44,587,500
Class A Senior Secured Floating Rate Note (“Class A”)		226,074,642		230,850,000		—		—		230,850,000
Class B Senior Secured Floating Rate Note (“Class B”)		35,695,996		36,810,000		—		—		36,810,000
Class C Secured Deferrable Floating Rate (“Class C”)		35,695,996		36,900,000		—		—		36,900,000
Total	$	543,408,239	$	553,438,125	$	—	$	—	$	553,438,125

(1) Carrying value is net of unamortized discount and debt issuance costs. Unamortized discount and debt issuance costs associated with the Notes totaled $371,871 and $2,969,890, respectively, as of June 30, 2024 and are reflected on the consolidated statements of assets and liabilities.

61

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, respectively, as of December 31, 2023 and are reflected on the consolidated statements of assets and liabilities.

6. Commitments & Contingencies

Commitments

The Fund may enter into commitments to fund investments. As of June 30, 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 June 30, 2024 and December 31, 2023:

			6/30/2024					12/31/2023
Investment Type	Facility Type	Commitment Expiration Date (1)	Unfunded Commitment  (2)		Fair Value  (3)			Unfunded Commitment  (1)		Fair Value  (1)
AAH Topco, LLC	Revolver	12/22/2027		787,273		(9,841	)		787,273		(27,555	)
AAH Topco, LLC	Delayed Draw Term Loan	11/1/2025		1,847,636		—			3,213,280		(64,266	)
Accelerate Resources Operating, LLC	Revolver	2/24/2027		665,739		—			665,739		—
Activ Software Holdings, LLC	Revolver	5/4/2027		648,837		—			648,837		(3,244	)
Admiral Buyer, Inc	Revolver	5/8/2028		1,401,522		(17,519	)		563,200		—
Admiral Buyer, Inc	Delayed Draw Term Loan	5/6/2024		—		—			1,576,961		—
AEG Holding Company, Inc.	Revolver	7/1/2024		—		—			949,335		—
Airwavz Solutions, Inc.	Revolver	3/31/2027		652,740		(3,264	)		652,740		(9,791	)
Airwavz Solutions, Inc.	Delayed Draw Term Loan	9/30/2024		1,431,687		—			3,644,295		(18,221	)
AMI US Holdings, Inc.	Revolver	10/1/2026		1,094,605		—			1,094,605		—
AOM Acquisition, LLC.	Revolver	2/18/2027		1,218,605		(9,140	)		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		—			2,085,655		(46,927	)
Azurite Intermediate Holdings, Inc	Delayed Draw Term Loan	3/30/2026		2,559,876		(19,199	)		—		—
Azurite Intermediate Holdings, Inc	Revolver	3/19/2031		1,137,723		(17,066	)		—		—
Banneker V Acquisition, Inc.	Revolver	12/4/2025		777,125		(11,657	)		896,683		(17,934	)
Bonterra, LLC	Revolver	9/8/2027		437,665		(1,094	)		806,225		(12,093	)
Bridgepointe Technologies, LLC	Revolver	12/31/2027		505,371		(7,581	)		777,494		(13,606	)
Bridgepointe Technologies, LLC	Delayed Draw Term Loan	4/1/2025		1,150,710		(17,261	)		2,076,626		(36,341	)
Brightspot Buyer, Inc	Revolver	11/16/2027		340,146		(6,803	)		680,292		(17,007	)

62

			6/30/2024					12/31/2023
Investment Type	Facility Type	Commitment Expiration Date (1)	Unfunded Commitment  (2)		Fair Value  (3)			Unfunded Commitment  (1)		Fair Value  (1)
BSI2 Hold Nettle, LLC	Revolver	6/30/2028		471,138		(7,067	)		588,923		(8,834	)
BusinesSolver.com, Inc.	Delayed Draw Term Loan	12/1/2024		817,473		—			908,303		(2,271	)
BV EMS Buyer, Inc.	Revolver	11/23/2027		79,840		(399	)		—		—
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	)
Coding Solutions Acquisition, Inc	Revolver	5/11/2028		516,984		(7,755	)		516,984		(16,802	)
Coding Solutions Acquisition, Inc.	Delayed Draw Term Loan	9/29/2025		832,693		(6,245	)		2,775,643		(62,452	)
Colo Holdings, LLC	PIK Revolver	3/27/2029		1,241,546		(31,039	)		—		—
Community Based Care Acquisition, Inc.	Delayed Draw Term Loan	9/30/2024		164,577		(1,234	)		—		—
Community Based Care Acquisition, Inc.	Revolver	9/16/2027		760,155		(11,402	)		691,050		(8,638	)
Community Based Care Acquisition, Inc.	Delayed Draw Term Loan	3/19/2026		3,310,191		(16,551	)		—		—
Community Based Care Holdings, LP	Delayed Draw Term Loan	3/30/2024		—		—			1,938,307		(19,383	)
Community Brands Parentco, LLC	Revolver	2/24/2028		417,208		—			417,208		(7,301	)
Community Brands Parentco, LLC	Delayed Draw Term Loan	2/24/2024		—		—			834,415		(6,258	)
Coretelligent Intermediate LLC	Revolver	10/21/2027		443,247		(48,757	)		696,532		(62,688	)
Coupa Holdings,LLC	Delayed Draw Term Loan	8/27/2025		948,020		—			725,890		(1,815	)
Coupa Holdings,LLC	Revolver	2/27/2029		725,890		—			948,020		—
Crewline Buyer, Inc	Revolver	11/8/2030		1,366,496		—			1,366,496		(34,162	)
Datacor, Inc.	Delayed Draw Term Loan	3/13/2026		5,988,015		—			—		—
Datacor, Inc.	Revolver	3/13/2029		2,462,225		—			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 Valley Management Holdings, Inc.	Revolver	12/31/2024		259,388		(106,998	)		—		—
Delaware Valley Management Holdings, Inc.	Delayed Draw Term Loan	12/31/2024		171,183		(87,440	)		192,258		(65,925	)
Dispatch Track, LLC	Revolver	12/17/2026		301,930		(755	)		301,930		(1,510	)
Dorado Buyer LLC	Revolver	2/6/2030		620,773		(9,312	)		—		—
Dorado Buyer LLC	Delayed Draw Term Loan	2/6/2026		2,483,092		(18,623	)		—		—
Duetto Research, Inc	Delayed Draw Term Loan	6/3/2026		2,017,640		(12,610	)		—		—
Duetto Research, Inc	Revolver	6/26/2030		1,008,820		(12,610	)		—		—
EET Buyer, Inc.	Revolver	11/8/2027		1,036,629		(2,592	)		829,303		(12,440	)
EET Buyer, Inc.	Delayed Draw Term Loan	4/29/2026		1,891,968		—			—		—
Enverus Holdings, Inc.	Delayed Draw Term Loan	12/22/2025		441,012		—			441,012		(3,308	)
Enverus Holdings, Inc.	Revolver	12/24/2029		671,106		—			671,106		(10,067	)
Exterro, Inc.	Revolver	6/1/2027		1,107,844		—			738,562		—
Faithlife, LLC	Revolver	9/18/2025		279,053		—			279,053		—
Firstdigital Communications LLC	Revolver	12/17/2026		1,174,177		(58,709	)		1,174,177		(79,257	)
Foundation Risk Partners, Corp.	Revolver	10/29/2029		1,038,062		(2,595	)		1,038,062		(5,190	)
Foundation Risk Partners, Corp.	Delayed Draw Term Loan	4/15/2024		—		—			445,801		(1,115	)
Fullsteam Operations LLC	Revolver	11/27/2029		415,325		—			415,325		(12,460	)
Fullsteam Operations LLC	Delayed Draw Term Loan	5/27/2025		575,152		—			—		—
Fullsteam Operations LLC	Delayed Draw Term Loan	11/27/2025		427,113		—			—		—
Fullsteam Operations LLC	Delayed Draw Term Loan	8/25/2025		4,203,417		(50,441	)		—		—
Fullsteam Operations LLC	Delayed Draw Term Loan	2/23/2026		1,050,854		(12,610	)		—		—
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	)
Fusion Holding Corp	Revolver	9/15/2027		1,034,394		(20,688	)		1,379,193		(6,896	)
Fusion Risk Management, Inc.	Revolver	5/22/2029		840,050		(10,501	)		840,050		(16,801	)
G Treasury SS, LLC	Revolver	6/29/2029		914,721		(16,008	)		914,721		(18,294	)
G Treasury SS, LLC	Delayed Draw Term Loan	9/30/2024		2,439,257		(18,294	)		2,439,257		(24,393	)
G Treasury SS, LLC	Delayed Draw Term Loan	6/30/2025		1,524,536		(11,434	)		1,524,536		(15,245	)
Galway Borrower, LLC	Revolver	9/29/2028		383,117		—			270,410		(3,380	)

63

			6/30/2024					12/31/2023
Investment Type	Facility Type	Commitment Expiration Date (1)	Unfunded Commitment  (2)		Fair Value  (3)			Unfunded Commitment  (1)		Fair Value  (1)
Galway Borrower, LLC	Delayed Draw Term Loan	2/6/2026		1,378,271		—			—		—
GH Parent Holdings Inc	Delayed Draw Term Loan	6/29/2026		6,142,602		(30,713	)		—		—
GHA Buyer, Inc.	Revolver	6/24/2026		951,077		(14,266	)		951,077		(16,644	)
Greenhouse Software, Inc.	Revolver	9/1/2028		604,499		—			604,499		(6,045	)
Greenhouse Software, Inc.	Revolver	9/1/2028		1,232,251		—			1,232,251		(12,323	)
Greenlight Intermediate II, Inc.	Delayed Draw Term Loan	5/30/2025		8,000,382		—			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		607,380		(3,037	)		456,698		(5,709	)
GS AcquisitionCo, Inc.	Delayed Draw Term Loan	3/26/2026		924,419		(4,622	)		—		—
Heartland PPC Buyer LLC	Revolver	12/12/2029		847,764		(8,478	)		1,130,352		(22,607	)
Heartland PPC Buyer LLC	Delayed Draw Term Loan	12/12/2025		1,471,625		—			1,883,921		(18,839	)
Hirevue, Inc.	Revolver	5/3/2029		1,434,525		(10,759	)		1,646,176		(28,808	)
Honor HN Buyer, Inc	Delayed Draw Term Loan	8/26/2024		623,182		—			980,612		—
Honor HN Buyer, Inc	Revolver	10/15/2027		266,081		—			266,081		—
Honor HN Buyer, Inc	Delayed Draw Term Loan	11/17/2025		3,849,478		—			6,279,735		—
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		—
JS Parent Inc	Revolver	4/24/2031		528,354		(2,642	)		—		—
Kalkomey Borrower LLC	Revolver	6/18/2031		1,464,749		(21,971	)		—		—
Kalkomey Borrower LLC	Delayed Draw Term Loan	6/3/2026		1,830,937		(13,732	)		—		—
Kaseya Inc.	Delayed Draw Term Loan	6/23/2025		566,094		—			597,933		—
Kaseya Inc.	Revolver	6/25/2029		477,582		—			477,582		(2,388	)
Lotus HPI Buyer Inc	Revolver	1/21/2030		1,883,921		(28,259	)		—		—
Lotus HPI Buyer Inc	Delayed Draw Term Loan	1/19/2026		3,767,841		(9,420	)		—		—
Mastery Acquisition Corp	Delayed Draw Term Loan	10/30/2024		2,407,182		—			—		—
Mastery Acquisition Corp	Delayed Draw Term Loan	4/30/2026		802,394		—			—		—
Mastery Acquisition Corp.	Revolver	9/7/2029		851,781		—			651,183		—
Mathnasium LLC	Revolver	11/15/2027		304,651		—			533,140		(5,331	)
Mavenlink, Inc.	Revolver	6/3/2027		357,963		(7,159	)		357,963		(7,159	)
MBS Holdings, Inc.	Revolver	4/16/2027		974,169		(4,871	)		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		(4,177	)		139,223		(5,569	)
Medsuite Purchaser, LLC	Revolver	10/22/2026		680,400		(8,505	)		680,400		(5,103	)
Medsuite Purchaser, LLC	Delayed Draw Term Loan	10/22/2026		3,649,667		(18,248	)		—		—
MMP Intermediate, LLC	Revolver	2/15/2029		552,880		(4,147	)		552,880		(11,058	)
Moon Buyer, Inc.	Revolver	4/21/2027		523,707		—			1,163,793		(14,547	)
Mr. Greens Intermediate, LLC	Delayed Draw Term Loan	11/1/2024		2,630,169		—			—		—
Mr. Greens Intermediate, LLC	Revolver	5/1/2029		1,052,068		—			1,052,068		(7,891	)
Mr. Greens Intermediate, LLC	Delayed Draw Term Loan	11/1/2024		—		—			2,630,169		(19,726	)
MSM Acquisitions, Inc.	Revolver	12/9/2026		153,131		(14,165	)		153,131		(13,782	)
MSP Global Holdings, Inc.	Revolver	4/9/2029		1,152,180		(20,163	)		845,929		(8,459	)
MSP Global Holdings,Inc	Delayed Draw Term Loan	4/8/2026		1,211,850		(21,207	)		—		—
MSP Global Holdings, Inc.	Delayed Draw Term Loan	1/24/2024		—		—			592,150		(5,922	)
Mykaarma Acquisition LLC	Revolver	3/21/2028		593,215		—			593,215		(4,449	)
Navigate360, LLC	Revolver	3/17/2027		181,270		(3,172	)		604,235		(7,553	)
Navigate360, LLC	Delayed Draw Term Loan	3/6/2025		2,035,925		(35,629	)		—		—
Netwrix Corporation And Concept Searching Inc.	Delayed Draw Term Loan	6/10/2024		—		—			2,750,379		(27,504	)
Netwrix Corporation And Concept Searching Inc.	Revolver	6/11/2029		774,755		—			774,755		(9,684	)
Netwrix Corporation And Concept Searching Inc.	Delayed Draw Term Loan	11/21/2025		1,832,522		—			1,862,319		(4,656	)
Next Holdco, LLC	Delayed Draw Term Loan	11/7/2025		2,380,798		(5,952	)		2,380,798		(17,856	)
Next Holdco, LLC	Revolver	11/9/2029		893,559		(2,234	)		893,559		(13,403	)
Pace Health Companies, LLC	Revolver	8/3/2026		616,682		—			616,682		—
Pace Health Companies, LLC	Delayed Draw Term Loan	10/17/2025		888,879		—			888,879		—
PDI TA Holdings, Inc.	Delayed Draw Term Loan	2/1/2026		2,157,012		(5,393	)		—		—
PDI TA Holdings, Inc.	Revolver	2/3/2031		943,575		(2,359	)		—		—

64

			6/30/2024					12/31/2023
Investment Type	Facility Type	Commitment Expiration Date (1)	Unfunded Commitment  (2)		Fair Value  (3)			Unfunded Commitment  (1)		Fair Value  (1)
Penn TRGRP Holdings, LLC	Revolver	9/27/2030		1,054,345		—			1,054,345		(15,815	)
Pharmalogic Holdings Corp.	Delayed Draw Term Loan	6/20/2026		8,040,816		(60,306	)		—		—
Pieper Memorial, LLC	Delayed Draw Term Loan	9/26/2025		1,228,204		—			1,507,136		(24,717	)
Ping Identity Corporation	Revolver	10/17/2028		1,203,345		—			1,203,345		—
Pinnacle Dermatology Management, LLC	Revolver	12/8/2026		38,407		(480	)		38,407		(480	)
Pinnacle Treatment Centers, Inc.	Revolver	1/4/2027		615,124		(6,151	)		73,239		(1,465	)
Priority Ondemand Midco 2,L.P	Delayed Draw Term Loan	7/15/2026		2,600,963		—			2,600,963		—
Race Finco LLC	Delayed Draw Term Loan	1/9/2025		1,829,394		(13,720	)		3,658,788		(36,588	)
Race Finco LLC	Revolver	1/10/2028		609,798		(13,720	)		609,798		(15,245	)
Ranger Buyer, Inc.	Revolver	11/18/2027		1,199,233		(2,998	)		1,199,233		(20,987	)
Redwood Family Care Network, Inc.	Revolver	6/18/2026		588,705		(5,887	)		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	Revolver	9/15/2028		1,242,937		—			1,242,937		(6,215	)
Sako and Partners Lower Holdings LLC	Delayed Draw Term Loan	11/24/2025		3,956,233		—			3,956,233		(39,562	)
Salisbury House, LLC	Revolver	8/29/2025		609,744		—			609,744		(3,049	)
Salisbury House, LLC	Delayed Draw Term Loan	11/30/2024		2,481,673		—			2,979,710		—
Sandstone Care Holdings, LLC	Revolver	6/28/2028		424,024		—			689,039		—
Sandstone Care Holdings, LLC	Delayed Draw Term Loan	6/28/2025		724,375		—			1,077,728		—
Sauce Labs, Inc.	Delayed Draw Term Loan	2/10/2025		1,775,625		(26,634	)		1,775,625		(17,756	)
Sauce Labs, Inc.	Revolver	8/16/2027		1,281,821		(32,046	)		1,281,821		(25,636	)
Saviynt, Inc.	Delayed Draw Term Loan	12/22/2024		2,439,192		(42,686	)		3,048,990		(60,980	)
Saviynt, Inc.	Revolver	12/22/2027		609,798		(10,671	)		609,798		(12,196	)
SCA Buyer, LLC	Revolver	1/20/2027		410,454		(44,124	)		—		—
SDC Atlas Acquistionco, LLC	Delayed Draw Term Loan	8/25/2025		7,849,646		(58,872	)		8,846,427		(243,277	)
SDC Atlas Acquistionco, LLC	Revolver	8/25/2028		622,988		(4,672	)		622,988		(17,132	)
Securonix, Inc.	Revolver	4/5/2028		1,503,677		(248,107	)		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		(85,310	)		416,149		(54,099	)
Sirsi Corporation	Revolver	3/15/2025		553,741		—			553,741		—
SIS Purchaser, Inc.	Revolver	10/15/2026		1,165,951		—			1,165,951		(11,660	)
Smile Brands, Inc.	Revolver	10/12/2027		146,369		(12,807	)		162,150		(18,647	)
Soladoc, LLC	Revolver	6/12/2028		588,923		(20,612	)		588,923		(22,085	)
Soladoc, LLC	Delayed Draw Term Loan	6/10/2024		—		—			2,355,690		(64,781	)
Spark DSO LLC	Revolver	4/20/2026		570,578		(12,838	)		576,769		(20,187	)
Stratus Networks, Inc.	Delayed Draw Term Loan	12/15/2025		1,122,111		(19,637	)		2,112,208		(42,244	)
Stratus Networks, Inc.	Revolver	12/15/2027		990,098		(22,277	)		858,085		(25,743	)
SugarCRM, Inc.	Revolver	7/30/2027		310,244		(5,429	)		310,244		—
Sumup Holdings Luxembourg	Delayed Draw Term Loan	10/25/2025		2,522,050		(25,221	)		—		—
Sundance Group Holdings, Inc.	Revolver	7/2/2027		567,560		—			709,451		(5,321	)
Syntax Systems Ltd	Revolver	10/29/2026		—		—			376,480		(2,824	)
TBG Food Acquisition Corp	Revolver	12/24/2027		264,026		(1,320	)		264,026		(1,320	)
Telcor Buyer, Inc.	Revolver	8/20/2027		290,770		(727	)		290,770		(2,908	)
Telesoft Holdings, LLC²	Revolver	12/16/2026		487,441		(2,437	)		511,316		(8,948	)
The Center for Orthopedic and Research Excellence, Inc.	Revolver	8/15/2025		353,898		(885	)		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		5,530,095		—			6,559,852		(65,599	)
Unanet, Inc.	Delayed Draw Term Loan	12/9/2024		2,242,674		(5,607	)		2,242,674		(11,213	)
Unanet, Inc.	Revolver	12/8/2028		1,073,957		(8,055	)		1,263,478		(12,635	)
Ungerboeck Systems International, LLC	Revolver	4/30/2027		229,387		(2,294	)		229,387		(3,441	)
Vectra AI, Inc.	Revolver	3/1/2028		232,759		(3,491	)		232,759		(4,073	)
Vehlo Purchaser, LLC	Revolver	5/24/2028		811,895		(6,089	)		1,115,133		(19,515	)
Velocity Purchaser Corporation	Revolver	12/2/2024		193,237		—			193,237		—
Venture Buyer, LLC	Delayed Draw Term Loan	2/27/2026		1,008,820		(10,088	)		—		—
Venture Buyer, LLC	Revolver	3/1/2030		655,733		(13,115	)		—		—
Veracross LLC	Revolver	12/28/2027		445,021		(4,450	)		1,112,554		(19,470	)
Vhagar Purchaser, LLC	Delayed Draw Term Loan	6/9/2025		578,701		(7,234	)		578,701		(10,127	)
Vhagar Purchaser, LLC	Revolver	6/11/2029		373,356		(9,334	)		373,356		(11,201	)
Visionary Buyer LLC	Delayed Draw Term Loan	3/23/2026		5,653,672		(70,671	)		—		—
Visionary Buyer LLC	Revolver	3/21/2030		1,413,418		(17,668	)		—		—
Wealth Enhancement Group, LLC	Delayed Draw Term Loan	5/2/2024		—		—			206,583		—
Wealth Enhancement Group, LLC	Revolver	10/4/2027		564,743		—			457,366		(1,143	)

65

			6/30/2024					12/31/2023
Investment Type	Facility Type	Commitment Expiration Date (1)	Unfunded Commitment  (2)		Fair Value  (3)			Unfunded Commitment  (1)		Fair Value  (1)
Wealth Enhancement Group, LLC	Delayed Draw Term Loan	2/2/2026		1,581,394		—			—		—
Webster Equity Partners III-A, L.P.	Delayed Draw Term Loan	4/1/2025		2,859,574		(55,762	)		—		—
West Dermatology	Delayed Draw Term Loan	3/31/2025		2,242,331		(78,482	)		285,449		(16,413	)
West Dermatology	Delayed Draw Term Loan	3/31/2025		—		—			2,242,331		(106,511	)
Wolverine Seller Holdings, LLC	Revolver	1/17/2030		1,117,391		(2,793	)		—		—
Wolverine Seller Holdings, LLC	Delayed Draw Term Loan	1/17/2026		3,426,667		—			—		—
Your Part-Time Controller, LLC	Revolver	11/14/2029		627,974		—			627,974		(12,559	)
Zendesk, Inc.	Revolver	11/22/2028		1,372,628		—			1,372,628		(3,432	)
Zendesk, Inc.	Delayed Draw Term Loan	11/22/2024		3,333,525		—			3,333,525		—
Total				244,125,851		(2,136,123	)		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 June 30, 2024, the Fund had total Capital Commitments of $690,233,884, of which 15% or $105,720,487 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 Second Amended and Restated Advisory Agreement, and/or maintaining a reserve account for the payment of future expenses or liabilities. The following table summarizes the total Shares issued and amount received related to capital drawdowns delivered pursuant to the Subscription Agreements during the six months ended June 30, 2024 June 30, 2023:

	For the six months ended June 30, 2024				For the six months ended June 30, 2023
Quarter Ended	Shares		Amount		Shares		Amount
March 31		2,297,080	$	21,667,959		—		—
June 30		2,574,268	$	24,483,147		2,776,754	$	25,792,451
Total capital drawdowns		4,871,348	$	46,151,106		2,776,754	$	25,792,451

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Distributions

The following tables reflect the distributions declared on Shares during the six months ended June 30, 2024 and June 30, 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
6/26/2024		6/26/2024		7/22/2024	$	0.21	$	12,999,653
							$	25,969,115

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
6/28/2023		6/28/2023		7/24/2023	$	0.20	$	10,402,344
							$	15,541,961

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 six months ended June 30, 2024 and June 30, 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
6/26/2024		6/26/2024		6/28/2024		737,332	$	6,968,153
						1,472,883	$	13,880,864

Date Declared	Record Date		Reinvestment Date		Shares		Dollar Amount
3/29/2023		3/29/2023		3/31/2023		294,604	$	2,740,870
6/28/2023		6/28/2023		6/30/2023		606,230	$	5,552,823
						900,834	$	8,293,693

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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 six months ended June 30, 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
June 30	May 24, 2024		1,397,303		985,757	$	9,315,897	71%	$	9.45

The following table summarizes share repurchases completed during the six months ended June 30, 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
June 30	May 26, 2023		1,255,610		461,364	$	4,225,901		37	%	$	9.16

8. Earnings Per Share

The following information sets forth the computation of basic and diluted earnings per Share for the three and six months ended June 30, 2024 and June 30, 2023:

	For the three months ended June 30,				For the six months ended June 30,
	2024		2023		2024		2023
Net increase (decrease) in net assets from operations	$	15,820,993	$	2,873,817	$	35,432,804	$	18,422,405
Weighted average common shares outstanding		57,211,424		51,975,095		56,191,768		51,104,578
Earnings per common share-basic and diluted	$	0.28	$	0.06	$	0.63	$	0.36

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9. Financial Highlights

Below is the schedule of financial highlights of the Fund for the six months ended June 30, 2024 and June 30, 2023:

	For the six months ended June 30, 2024			For the six months ended June 30, 2023
Per Share Data: (1)(2)
Net asset value, beginning of period	$	9.27		$	9.10
Net investment income (loss)		0.46			0.42
Net realized and unrealized gains (losses) on investments		0.16			(0.06	)
Net increase (decrease) in net assets resulting from operations		0.62			0.36
Distributions to stockholders (3)		(0.44	)		(0.30	)
Net asset value, end of period	$	9.45		$	9.16
Shares outstanding, end of period		58,978,899			52,816,794
Total return at net asset value before incentive fees (4)(5)		8.08	%		5.15	%
Total return at net asset value after incentive fees (4)(5)		6.85	%		4.01	%
Ratio/Supplemental Data: (2)
Net assets, end of period	$	557,379,543		$	483,782,826
Ratio of total expenses to weighted average net assets (6)		20.75	%		19.14	%
Ratio of net expenses to weighted average net assets (6)		20.75	%		19.14	%
Ratio of net investment income (loss) before waivers to weighted average net assets (6)		11.06	%		10.69	%
Ratio of net investment income (loss) after waivers to weighted average net assets (6)		11.06	%		10.69	%
Ratio of interest and credit facility expenses to weighted average net assets (6)		14.69	%		13.40	%
Ratio of incentive fees to weighted average net assets (5)		1.22	%		1.15	%
Portfolio turnover rate (5)		4.08	%		4.07	%
Asset coverage ratio (7)		158	%		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.

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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.

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Although the Fund believes that the assumptions on which these forward-looking statements are based are reasonable, any of those assumptions could prove to be inaccurate, and as a result, the forward-looking statements based on those assumptions also could be inaccurate. In light of these and other uncertainties, the inclusion of a projection or forward-looking statement in this report should not be regarded as a representation by the Fund that the Fund’s plans and objectives will be achieved. These risks and uncertainties include those described or identified in the section entitled “Item 1A. Risk Factors” of the Annual Report on Form 10-K for the fiscal year ended December 31, 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.

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,

71

provided that investors may fund such requirements sooner than the deadline as agreed between the Fund and the investor. Generally, purchases of Shares are made pro rata in accordance with each investor’s Capital Commitment, in an amount not to exceed each investor’s remaining capital commitment (“Remaining Commitment”), at a per Share price equal to the net asset value per Share subject to any adjustments. Pursuant to the Private Offering, the Fund’s initial closing occurred on September 29, 2017.

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

Revenues

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

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

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

Expenses

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

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

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

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

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

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

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

• transfer agent and custodial fees;

• federal and state registration fees;

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

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

• independent directors’ fees and expenses;

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

72

• 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 June 30, 2024			For the Three Months Ended June 30, 2023			For the Six Months Ended June 30, 2024			For the Six Months Ended June 30, 2023
Investments in Portfolio Companies	$	(94,623,911	)(1)	$	(68,793,108	)(2)	$	(163,105,157	)(3)	$	(106,811,642	)(4)
Draw Downs against Revolvers and Delayed Draw Term Loans		(31,341,363	)		(21,135,064	)		(47,909,526	)		(44,664,115	)
Principal Repayments		32,314,553	(5)		33,136,130	(6)		50,891,223	(7)		47,322,894	(8)
Sales		5,523,492			918, 035			5,523,492			918,035
Net Repayments (Investments)	$	(88,127,229	)	$	(55,874,007	)		(154,599,968	)	$	(103,234,828	)

⁽¹⁾  Includes investments in 21 portfolio companies.

⁽²⁾  Includes investments in 13 portfolio companies.

⁽³⁾  Includes investments in 21 portfolio companies.

⁽⁴⁾  Includes investments in 31 portfolio companies.

⁽⁵⁾  Includes $5,527,804 in revolver and delayed draw term paydowns.

⁽⁶⁾  Includes $4,769,334 in revolver and delayed draw term paydowns.

⁽⁷⁾  Includes $9,201,132 in revolver and delayed draw term paydowns.

⁽⁸⁾  Includes $8,186,322 in revolver and delayed draw term paydowns.

The following table shows the composition of the investment portfolio and associated yield data as of June 30, 2024:

	As of June 30, 2024
	Amortized Cost		Percentage of Total			Fair Value		Percentage of Total			Weighted Average Yield(1)
First Lien Senior Secured Debt	$	1,456,281,222		93.50	%		1,439,485,717		92.97	%		11.93	%
Second Lien Junior Secured Debt		3,092,554		0.20			2,966,276		0.19			15.89	%
Preferred Stock		6,616,909		0.42			8,786,436		0.57			—
Common Stock		7,474,938		0.48			8,183,964		0.53			—
Investment Companies		16,158,534		1.04			19,853,827		1.28			—
Warrants		394,025		0.03			1,681,858		0.11			—
Cash and cash equivalents		67,423,316		4.33			67,423,316		4.35
Total	$	1,557,441,498		100	%		1,548,381,394		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 June 30, 2024 and December 31, 2023:

	As of June 30, 2024			As of December 31, 2023
Number of portfolio companies		213			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 June 30, 2024:

	As of June 30, 2024
	Amortized Cost		Percentage at Amortized Cost			Fair Value		Percentage at Fair Value
Performing	$	1,439,142,028		98.61	%		1,439,104,108		99.77	%
Non-accrual	$	20,231,748		1.39	%		3,347,885		0.23	%
Total		1,459,373,776		100	%		1,442,451,993		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 June 30, 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 June 30, 2024 and December 31, 2023 (with corresponding percentage of total portfolio investments):

	As of June 30, 2024
	Amortized Cost		Percentage of Total			Fair Value		Percentage of Total
Business Services	$	11,896,234		0.80	%	$	11,972,352		0.82	%
Consumer Non-Cyclical		48,100,327		3.22			47,082,058		3.18
Digital Infrastructure & Services		256,936,712		17.24			254,431,405		17.18
Energy		8,438,143		0.57			8,506,047		0.57
Financials		49,726,744		3.34			49,957,988		3.37
Healthcare		273,925,171		18.38			257,898,773		17.41
Investment Companies		16,158,534		1.09			19,853,827		1.34
Software & Tech Services		728,268,193		48.88			734,905,405		49.62
Services		96,568,124		6.48			96,350,223		6.51
	$	1,490,018,182		100	%	$	1,480,958,078		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
Financials		45,394,191		3.41			45,326,948		3.46
Healthcare		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 and six months ended June 30, 2024 and June 30, 2023:

	For the three months ended June 30,						For the six months ended June 30,
	2024			2023			2024			2023
Total investment income	$	42,834,856		$	36,287,203		$	84,080,069		$	69,131,994
Total expenses		29,741,774			25,651,098			57,932,391			47,456,742
Net investment income before taxes		13,093,082			10,636,105			26,147,678			21,675,252
Income tax expense, including excise tax		91,736			260,725			179,306			278,026
Net investment income after tax		13,001,346			10,375,380			25,968,372			21,397,226
Net realized and change in unrealized appreciation (depreciation) on investments		2,818,281			(7,501,047	)		9,461,735			(2,973,182	)
Net increase in net assets resulting from operations		15,819,627			2,874,333			35,430,107			18,424,044
Less: Net increase (decrease) in net assets resulting from operations related to Non-Controlling Interest in ABPCIC Equity Holdings, LLC		(1,366	)		516			(2,697	)		1,639
Net increase in net assets resulting from operations related to AB Private Credit Investors Corporation	$	15,820,993		$	2,873,817			35,432,804		$	18,422,405

Investment Income

During the three months ended June 30, 2024, the Fund’s investment income was comprised of $40,513,701 of interest income, which includes $1,378,494 from the net amortization of premium and accretion of discounts, $2,109,355 of payment-in-kind interest, and $211,800 of dividend income. During the three months ended June 30, 2023, the Fund’s investment income was comprised of $35,269,067 of interest income, which includes $1,713,508 from the net amortization of premium and accretion of discounts, $662,830 of payment-in-kind interest, and $355,306 of dividend income. The increase in net investment income during the three months ended June 30, 2024 compared to the three months ended June 30, 2023 can primarily be attributed to an increase in gross assets and interest rates.

During the six months ended June 30, 2024, the Fund’s investment income was comprised of $80,113,933 of interest income, which includes $2,721,734 from the net amortization of premium and accretion of discounts, and $3,667,307 of payment-in-kind interest, and $298,829 of dividend income. During the six months ended June 30, 2023, the Fund’s investment income was comprised of $67,028,005 of interest income, which includes $3,097,880 of the net amortization of premium and accretion of discounts, $1,696,231 of payment-in-kind interest, and $407,758 of dividend income. The increase in net investment income during the six months ended June 30, 2024, compared to the six months ended June 30, 2023, can primarily be attributed to an increase in gross assets and interest rates.

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Operating Expenses

The following is a summary of the Fund’s operating expenses for the three and six months ended June 30, 2024 and June 30, 2023:

	For the three months ended June 30,				For the six months ended June 30,
	2024		2023		2024		2023
Interest and borrowing expenses	$	19,893,019	$	17,260,122	$	38,834,928	$	31,041,782
Management fees		4,911,685		4,204,038		9,558,202		8,142,942
Income-based incentive fee		3,250,337		2,600,473		6,492,093		5,355,077
Professional fees		682,635		681,896		1,230,680		1,197,209
Administration and custodian fees		325,977		294,109		508,469		558,564
Insurance expenses		131,362		135,986		262,725		271,972
Directors’ fees		10,296		69,875		139,750		139,750
Transfer agent fees		27,837		36,215		66,525		71,487
Other expenses		508,626		368,384		839,019		677,959
Total expenses		29,741,774		25,651,098		57,392,391		47,456,742
Income tax expense, including excise tax		91,736		260,725		179,306		278,026
Total expenses	$	29,833,510	$	25,911,823	$	58,111,697	$	47,734,768

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 June 30, 2024 and June 30, 2023 were $19,893,019 and $17,260,122, respectively. The weighted average interest rate (excluding deferred upfront financing costs and unused fees) on the Fund’s debt outstanding was 8.69% and 7.74% for the three months ended June 30, 2024 and June 30, 2023, respectively. The increase in interest and borrowing expenses during the three months ended June 30, 2024 compared to the three months ended June 30, 2023 can primarily be attributed to an increase in debt outstanding and interest rates.

Interest and borrowing expenses for the six months ended June 30, 2024 and June 30, 2023 were $38,834,928 and $31,041,782, respectively. The weighted average interest rate (excluding deferred upfront financing costs and unused fees) on the Fund’s debt outstanding was 8.73% and 7.50% for the six months ended June 30, 2024 and June 30, 2023, respectively. The increase in interest and borrowing expenses during the six months ended June 30, 2024 compared to the six months ended June 30, 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 June 30, 2024 and June 30, 2023 were $4,911,685 and $4,204,038, respectively. The increase in the management fee for the three months ended June 30, 2024 was a result of the increase in average gross assets during this period, which are the basis used to calculate management fees.

The gross management fee expenses for the six months ended June 30, 2024 and June 30, 2023 were $9,558,202 and $8,142,942, respectively. The increase in the management fee for the six months ended June 30, 2024 was a result of the increase in average gross assets during this period, which are the basis used to calculate management fees.

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Net Realized Gain (Loss) on Investments

During the three months ended June 30, 2024, the Fund had restructurings and sales which resulted in $64,233 of net realized gain. During the six months ended June 30, 2024, the Fund had restructurings and principal paydowns which resulted in $101,573 of net realized gain.

During the three months ended June 30, 2023, the Fund had restructurings and principal paydowns which resulted in $303,851 of net realized loss. During the six months ended June 30, 2023, the Fund had restructurings and principal paydowns which resulted in $298,398 of net realized loss.

Net Change in Unrealized Appreciation (Depreciation) on Investments

During the three months ended June 30, 2024, the Fund had $2,754,047 in net change in unrealized appreciation on $1,490,018,182 of investments in 213 portfolio companies. Net change in unrealized appreciation for the three months ended June 30, 2024, resulted from an increase in fair value, primarily due to positive valuation adjustments on level 3 securities.

During the three months ended June 30, 2023, the Fund had $7,197,196 in net change in unrealized depreciation on $1,253,961,805 of investments in 195 portfolio companies. Unrealized depreciation for the three months ended June 30, 2023, resulted from an decrease in fair value, primarily due to negative valuation adjustments on level 3 securities.

During the six months ended June 30, 2024, the Fund had $9,360,162 in net change in unrealized appreciation on $1,490,018,182 of investments in 213 portfolio companies. Net change in unrealized appreciation for the six months ended June 30, 2024, resulted from an increase in fair value, primarily due to positive valuation adjustments on level 3 securities.

During the six months ended June 30, 2023, the Fund had $2,674,784 in net change in unrealized depreciation on $1,253,961,805 of investments in 195 portfolio companies. Net change in unrealized depreciation for the six months ended June 30, 2023, resulted from a decrease in fair value, primarily due to negative valuation adjustments on debt securities, which were slightly offset by positive valuation adjustments on equity securities.

Net Increase (Decrease) in Net Assets Resulting from Operations

For the three months ended June 30, 2024 and 2023, the net increase in net assets resulting from operations was $15,819,627 and $2,874,333, respectively. Based on the weighted average shares of common stock outstanding for the three months ended June 30, 2024 and 2023, the Fund’s per share net increase in net assets resulting from operations was $0.28 and $0.06, respectively.

For the six months ended June 30, 2024 and 2023, the net increase in net assets resulting from operations was $35,430,107 and $18,424,044, respectively. Based on the weighted average shares of common stock outstanding for the six months ended June 30, 2024 and 2023, the Fund’s per share net increase in net assets resulting from operations was $0.63 and $0.36, respectively

Cash Flows

For the six months June 30, 2024, cash decreased by $5,248,612. During the same period, the Fund used $131,259,927 in operating activities, primarily as a result of net purchases of investments. During the six months ended June 30, 2024, the Fund generated $126,011,315 from financing activities, primarily from net borrowings on the Revolving Credit Facilities and Issuance of Common Stock.

For the six months ended June 30, 2023, cash increased by $27,318,251. During the same period, the Fund used $71,685,716 in operating activities, primarily as a result of net purchases of investments. During the six months ended June 30, 2023, the Fund generated $99,003,967 from financing activities, primarily from issuance of common stock and issuance of new CLO Notes.

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 six months ended June 30, 2024 and June 30, 2023, the Fund did not enter into any hedging contracts.

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Financial Condition, Liquidity and Capital Resources

As of June 30, 2024, and December 31, 2023, the Fund had $67,423,316 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 June 30, 2024, taken together with the Fund’s uncalled Capital Commitments of $105,720,487 and $9,000,000 undrawn amount on the 2021 HSBC Credit Facility and $20,750,000 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 June 30, 2024, the Fund has unfunded commitments to fund future investments in the amount of $244,125,851, and contractual obligations in the form of Revolving Credit Facilities of $400,250,000, Notes of $543,408,239 and Secured Borrowings of $18,011,556.

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 June 30, 2024, the Fund received Capital Commitments of $690,233,884. Inception to June 30, 2024, the Fund received Capital Contributions to the Fund of $584,513,397. Proceeds from the issuances of Shares in respect of drawdown notices described below were used for investing activities and for other general corporate purposes.

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

On May 24, 2024, the Fund commenced the Q2 2024 Tender Offer for up to 1,379,303 Shares. The Purchase Price for the Q2 2024 Tender Offer was $9.45 per Share and the Q2 2024 Tender Offer expired on June 30, 2024.

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. On May 26, 2023, the Fund commenced the Q2 2023 Tender Offer for up to 1,255,610 Shares. The Purchase Price for the Q2 2023 Tender Offer was $9.16 per Share and the Q2 2023 Tender Offer expired on June 30, 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 and six months ended June 30, 2024 and June 30, 2023.

	For the Three Months Ended June 30, 2024		For the Three Months Ended June 30, 2023		For the Six Months Ended June 30, 2024		For the Six Months Ended June 30, 2023
Capital Commitments and Commitment Reductions		23,409,725	$	23,027,241	$	53,025,368	$	49,576,874
Capital Commitments rescinded due to participation in General Tender Program and Commitment Reductions	$	4,880,000	$	5,562,750	$	11,383,400	$	10,378,946
Dividend reinvestments	$	6,968,153	$	5,552,823	$	13,880,864	$	8,293,693
Shares issued to investors under DRIP		737,332		606,230		1,472,883		900,384
Value of capital drawdown notices	$	24,483,147	$	25,792,451	$	46,151,106	$	25,792,451
Shares issued to investors under capital drawdown notices		2,574,268		2,776,754		4,871,348		2,776,754
Value of Shares purchased in General Tender Program	$	9,315,897	$	4,225,901	$	16,310,664	$	10,063,894
Shares purchased in General Tender Offer		985,757		461,364		1,730,039		1,088,882

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 six months ended June 30, 2024:

Date Declared	Record Date		Payment Date		Amount Per Share		Total Distributions
March 26, 2024		March 26, 2024		April 23, 2024	$	0.23	$	12,969,462
June 26, 2024		June 26, 2024		July 22, 2024	$	0.21	$	12,999,653
Total distributions declared							$	25,969,115

The following table summarizes distributions declared during the six months ended June 30, 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
June 28, 2023		June 28, 2023		July 24, 2023	$	0.20	$	10,402,344
Total distributions declared							$	15,541,961

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 six months ended June 30, 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.

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For the six months ended June 30, 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.

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. As of June 30, 2024, the Fund’s fund group facility sublimit under the 2021 HSBC Credit Facility was $30,000,000.

As of June 30, 2024, the Fund had $21,000,000 outstanding on the 2021 HSBC Credit Facility and the Fund was in compliance with the terms of the 2021 HSBC Credit Facility. As of December 31, 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 June 30, 2024, the Fund had $200,000,000 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 June 30, 2024, the Fund had $179,250,000 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 $18,011,556 and $2,325,617 as of June 30, 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 June 30, 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 June 30, 2024, and December 31, 2023, the Fund had total senior securities of $965,011,556 and $860,575,617, respectively, consisting of borrowings under the Revolving Credit Facilities, secured borrowings and the Notes, and had asset coverage ratios of 158% 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 Second 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

85

that would eventually offset any increase in the Fund’s cost of funds and, thus, net investment income would not be reduced 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 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 June 30, 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	$	(3,698,437	)	$	(2,187,500	)	$	(1,510,937	)
Up 100 basis points		14,793,748			8,750,000			6,043,748
Up 200 basis points		29,587,496			17,500,000			12,087,496
Up 300 basis points		4,4381,244			26,250,000			18, 131,244

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 and six months ended June 30, 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 June 30, 2024 and (2) 150%, each at various annual returns, net of expenses and as of June 30, 2024.

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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 June 30, 2024 (1)	(42.50	)%	(28.50	)%	(14.60	)%	(0.60	)%	13.40	%
Corresponding net return to holders of common stock assuming 150% asset coverage (2)	(46.20	)%	(31.20	)%	(16.20	)%	(1.20	)%	13.80	%

(1)  Assumes $1,560.0 million in total portfolio assets, $1,002.6 million in debt outstanding, $557.4 million in net assets, and an average cost of funds of 8.09%. Actual interest payments may be different.

(2)  Assumes $1,560.0 million in total portfolio assets, $1,040.0 million in debt outstanding, $520.0 million in net assets, and an average cost of funds of 8.09%. Actual interest payments may be different.

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

Except as previously reported by the Fund on its current reports on Form

8-K,

the Fund did not sell any securities during the period covered by this Quarterly Report that were not registered under the Securities Act.

Item 3. Defaults Upon Senior Securities

None.

Item 4. Mine Safety Disclosure

Not applicable.

Item 5. Other Information

Insider Trading Arrangements and Policies

During the fiscal quarter ended June 30, 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.”

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Item 6. Exhibits

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

10.1	Twelfth Amendment to Revolving Credit Agreement, dated as of June 6, 2024, 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., the Fund, AB-Abbott Private Equity Solutions 2022 (Delaware) Fund L.P., AB-Abbott Private Equity Solutions 2023 (Delaware) Fund L.P. and AB-Abbott Private Equity Solutions 2024 (Delaware) Fund L.P., as borrowers, AB-Abbott Private Equity Investors G.P. L.P., AB-Abbott Private Equity Investors 2020 G.P. L.P., AB-Abbott Private Equity Solutions 2021 G.P. L.P., AB Private Credit Investors Middle Market Direct Lending G.P. L.P., AB-Abbott Private Equity Solutions 2022 G.P. L.P., AB-Abbott Private Equity Solutions 2023 G.P. L.P. and AB-Abbott Private Equity Solutions 2024 G.P. L.P., as general partners, the banks and financial institutions from time to time party thereto as lenders and HSBC Bank USA, National Association as the administrative agent for the secured parties and a lender (incorporated by reference to Exhibit 10.1 to the Fund’s Current Report on Form 8-K (File No. 814-01196) filed on June 10, 2024).
10.2	Fund Group Facility Sublimit Adjustment Letter, dated as of May 24, 2024, by and among AB-Abbott Private Equity Investors 2019 (Delaware) Fund L.P., AB-Abbott Private Equity Investors 2020 (Delaware) Fund L.P., AB-Abbott Private Equity Solutions 2021 (Delaware) Fund L.P., AB Private Credit Investors Middle Market Direct Lending Fund, L.P., AB Private Credit Investors Corporation, AB-Abbott Private Equity Solutions 2022 (Delaware) Fund L.P., AB-Abbott Private Equity Solutions 2023 (Delaware) Fund L.P. and AB-Abbott Private Equity Solutions 2024 (Delaware) Fund L.P (incorporated by reference to Exhibit 10.1 to the Fund’s Current Report on Form 8-K (File No. 814-01196) filed on May 28, 2024).
10.3	Fund Group Facility Sublimit Adjustment Letter, dated as of June 17, 2024, by and among AB-Abbott Private Equity Investors 2019 (Delaware) Fund L.P., AB-Abbott Private Equity Investors 2020 (Delaware) Fund L.P., AB-Abbott Private Equity Solutions 2021 (Delaware) Fund L.P., AB Private Credit Investors Middle Market Direct Lending Fund, L.P., AB Private Credit Investors Corporation, AB-Abbott Private Equity Solutions 2022 (Delaware) Fund L.P., AB-Abbott Private Equity Solutions 2023 (Delaware) Fund L.P. and AB-Abbott Private Equity Solutions 2024 (Delaware) Fund L.P (incorporated by reference to Exhibit 10.1 to the Fund’s Current Report on Form 8-K (File No. 814-01196) filed on June 20, 2024).
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: August 14, 2024	By:	/s/ J. Brent Humphries
		J. Brent Humphries
		President and Chief Executive Officer
		(Principal Executive Officer)
Date: August 14, 2024	By:	/s/ Wesley Raper
		Wesley Raper
		Chief Financial Officer and Treasurer
		(Principal Financial and Accounting Officer)