AB Commercial Real Estate Private Debt Fund, LLC

Quarterly report

	For the Nine Months Ended September 30, 2024		For the Nine Months Ended September 30, 2023
Cash flows from operating activities
Net Income	$	22,905	$	12,600
Adjustments to reconcile net income to net cash provided by operating activities
Amortization of net loan fees and discount/premiums on loans receivable		(3,303)		(2,125)
Income from equity method investments		(2,695)		(4,939)
Distributions of earnings from equity method investments		2,886		3,772
Amortization of deferred financing costs		1,075		564
Provision for credit loss		1,378		1,286
Increase or decrease in operating assets and liabilities
(Increase) in accrued interest receivable		(2,083)		(1,345)
Decrease (increase) in other assets		83		(92)
Decrease in reimbursement receivable	—			759
Increase in related party payables and accrued expenses		819		25
Increase in reimbursement payable		55	—
(Decrease) increase in incentive fee payable		(899)		798
Increase in management fee payable		195		276
Increase in accounts payable and accrued expenses		69		899
Increase in other liabilities		26		55
Net cash provided by operating activities		20,511		12,533
Cash flows from investing activities
Origination and purchase of mortgage loan receivables		(235,175)		(282,714)
Repayment of mortgage loan receivables		67,776		—
Distributions from equity method investments in excess of earnings		2,444		6,560
Net cash (used for) investing activities		(164,955)		(276,154)
Cash flows from financing activities
Issuance of common units		60,527		86,550
Capital received in advance		—		82,644
Distributions paid		(24,630)		(11,824)
Credit facility borrowings		116,000		184,300
Credit facility paydowns		(116,000)		(141,100)
Repurchase agreement borrowings		139,256		30,100
Repurchase agreement paydowns		(48,530)		(1,808)
Note payable borrowings		3,624		125,628
Note payable paydowns		(3,794)		—
Deferred financing costs paid		(848)		(236)
Net cash provided by financing activities		125,605		354,254
Net (decrease) increase in cash and cash equivalents		(18,839)		90,633
Cash and cash equivalents, beginning of period		26,622		5,199
Cash and cash equivalents, end of period	$	7,783	$	95,832
Reconciliation of cash and cash equivalents and restricted cash
Cash and cash equivalents		7,783		13,188
Restricted cash		-		82,644
Cash and cash equivalents and restricted cash, end of period	$	7,783	$	95,832
Supplemental financing activities
Cash paid during the period for interest	$	27,643	$	16,480

	For the Three months Ended September 30,				For the Nine months Ended September 30,
	2024		2023		2024		2023(1)
Net interest income
Interest income net of amortization/accretion	$	21,022	$	12,287	$	56,347	$	30,079
Interest expense		(10,742)		(7,105)		(28,664)		(17,887)
Net interest income		10,280		5,182		27,683		12,192
Provision for credit losses		1,796		(410)		(1,378)		(1,286)
Net interest income after provision for credit losses		12,076		4,772		26,305		10,906
Operating Expenses:
Management fees (see Note 8)		1,236		621		3,315		1,539
Incentive fees (see Note 8)		648		385		2,070		1,067
Professional fees		343		268		982		900
Administration and custodian fees		491		74		1,301		202
Other expenses		5		4		10		40
Total operating expenses		2,723		1,352		7,678		3,748
Other Income:
Reimbursement - Investment Manager (see Note 8)		115		(47)		328		169
Income from equity method investments		1,031		1,589		2,695		4,939
Other income		357		195		1,255		334
Total other income		1,503		1,737		4,278		5,442
Net Income	$	10,856	$	5,157	$	22,905	$	12,600

Net income per unit (basic and diluted)	$	0.30	$	0.29	$	0.71	$	0.85
Weighted average units outstanding		36,191,199		18,024,113		32,321,950		14,897,713

	For the Three months Ended Setpember 30,				For the Nine months Ended September 30,
	2024		2023		2024		2023(1)
Net interest income
Interest income net of amortization/accretion	$	21,022	$	12,287	$	56,347	$	30,079
Interest expense		(10,742)		(7,105)		(28,664)		(17,887)
Net interest income		10,280		5,182		27,683		12,192
Provision for credit losses		1,796		(410)		(1,378)		(1,286)
Net interest income after provision for credit losses		12,076		4,772		26,305		10,906
Operating Expenses:
Management fees (see Note 8)		1,236		621		3,315		1,539
Incentive fees (see Note 8)		648		385		2,070		1,067
Professional fees		343		268		982		900
Administration and custodian fees		491		74		1,301		202
Other expenses		5		4		10		40
Total operating expenses		2,723		1,352		7,678		3,748
Other Income:
Reimbursement - Investment Manager (see Note 8)		115		(47)		328		169
Income from equity method investments		1,031		1,589		2,695		4,939
Other income		357		195		1,255		334
Total other income		1,503		1,737		4,278		5,442
Net Income	$	10,856	$	5,157	$	22,905	$	12,600

Net income per unit (basic and diluted)	$	0.30	$	0.29	$	0.71	$	0.85
Weighted average units outstanding		36,191,199		18,024,113		32,321,950		14,897,713

	As of September 30, 2024 (Unaudited)		As of December 31, 2023
Assets
Loan receivables held for investment, net, at amortized cost
Mortgage loans receivable	$	845,913	$	675,211
Allowance for credit losses		(6,653)		(5,275)
Equity method investments		44,616		47,251
Cash and cash equivalents		7,783		26,622
Accrued interest receivable		5,833		3,750
Other assets		28		111
Deferred financing costs, net		1,291		1,519
Total assets	$	898,811	$	749,189
Liabilities and Members’ Capital
Liabilities
Repurchase agreement	$	277,671	$	186,945
Notes payable		259,246		259,417
Distribution payable		9,025		8,233
Related party payables and accrued expenses (See Note 8)		960		141
Reimbursement payable (see Note 8)		55		—
Incentive fee payable (see Note 8)		648		1,547
Management fee payable (see Note 8)		1,236		1,041
Accounts payable and accrued expenses		2,642		2,573
Other liabilities		134		108
Total liabilities	$	551,617	$	460,005
Commitments and contingencies (see Note 10)
Members’ capital
Common units (36,364,835 and 30,006,873 units issued and outstanding at September 30, 2024 and December 31, 2023)	$	355,142	$	294,615
Distributions in excess of earnings		(7,948)		(5,431)
Total member’s capital		347,194		289,184
Total liabilities and members’ capital	$	898,811	$	749,189

	As of June 30, 2024 (Unaudited)			As of December 31, 2023
Assets		Loan receivables held for investments, net, at amortized cost		Mortgage loans receivable		$	844,011		$	675,211
Allowance for credit losses		(8,448)			(5,275)
Equity method investments		44,325			47,251
Cash and cash equivalents		6,878			26,622
Accrued interest receivable		4,706			3,750
Other assets		48			111
Reimbursement receivable (see Note 8)		170			—
Deferred financing costs, net		1,682			1,519

Total assets	$	893,372		$	749,189

Liabilities and Members’ Capital		Liabilities		Credit facility		$	51,000		$	—
Repurchase agreement		275,281			186,945
Notes payable		259,417			259,417
Distribution payable		8,254			8,233
Related party payables and accrued expenses (See Note 8)		620			141
Incentive fee payable (see Note 8)		2,969			1,547
Management fee payable (see Note 8)		1,046			1,041
Accounts payable and accrued expenses		3,610			2,573
Other liabilities		352			108

Total liabilities	$	602,549		$	460,005

Commitments and contingencies (see Note 10)		—			—
Members’ capital		Common units (30,633,187 and 30,006,873 units issued and outstanding at June 30, 2024 and December 31, 2023)	$	300,602			$	294,615
Distributions in excess of earnings		(9,779)			(5,431)

Total member’s capital		290,823			289,184
Total liabilities and members’ capital	$	893,372		$	749,189

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