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)