UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

☒	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED MARCH 31, 2025
☐	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 68,526,053 shares of common stock, $0.01 par value per share, outstanding as of May 15, 2025.

AB PRIVATE CREDIT INVESTORS CORPORATION

FORM 10-Q FOR THE QUARTER ENDED MARCH 31, 2025

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	87
Item 4.	Controls and Procedures	88
PART II.	OTHER INFORMATION	89
Item 1.	Legal Proceedings	89
Item 1A.	Risk Factors	89
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	89
Item 3.	Defaults Upon Senior Securities	89
Item 4.	Mine Safety Disclosures	89
Item 5.	Other Information	89
Item 6.	Exhibits	90
SIGNATURES		92

2

Item 1. Consolidated Financial Statements

AB Private Credit Investors Corporation

Consolidated Statements of Assets and Liabilities

	As of March 31, 2025 (Unaudited)			As of December 31, 2024
Assets
Investments, at fair value
Non-controlled/non-affiliated investments (amortized cost of $1,651,021,110 and $1,634,572,997, respectively)	$	1,643,178,599		$	1,629,513,317
Non-controlled affiliated investments (amortized cost of $2,024,756 and $2,024,756)		835,947			835,988
Total investments, at fair value (amortized cost of $1,653,045,866     and $1,636,597,753)		1,644,014,546			1,630,349,305
Cash and cash equivalents		115,010,610			52,178,854
Interest receivable		8,218,456			8,578,553
Receivable for investments sold		22,726			25,770
Receivable for fund shares		27,000			27,000
Deferred financing costs		3,190,357			2,835,743
Total assets	$	1,770,483,695		$	1,693,995,225
Liabilities
Notes payable (net of unamortized discount of $0 and $353,110, respectively, and debt issuance costs of $3,359,891 and $2,250,921, respectively)	$	534,640,109		$	544,145,969
Credit facility payable		546,750,000			502,250,000
Interest and borrowing expenses payable		9,518,618			11,991,564
Payable for fund shares repurchased		7,320,890			7,838,223
Distribution payable		6,329,814			6,097,343
Incentive fee payable		3,484,107			3,352,536
Management fees payable		5,634,969			5,451,281
Professional fees payable		817,964			574,434
Administrator and custodian fees payable		1,042,041			765,843
Payable to Adviser		528,702			1,191,952
Accrued expenses and other liabilities		202,571			107,033
Accrued tax liability		502,207			288,433
Payable for investments purchased		26,726			6,568
Transfer agent fees payable		38,370			37,384
Secured borrowings		-			2,845,117
Total Liabilities	$	1,116,837,088		$	1,086,943,680
Commitments and contingencies (see Note 6)
Net Assets
Common stock, par value $0.01 per share (200,000,000 shares authorized, 68,529,857 and 63,702,963 shares issued and outstanding at March 31, 2025 and December 31, 2024, respectively)		685,299			637,030
Paid-in capital in excess of par value		658,545,878			612,231,039
Distributable earnings (accumulated loss)		(5,651,123	)		(5,878,938	)
Total net assets of AB Private Credit Investors Corporation	$	653,580,054		$	606,989,131
Non-Controlling Interest in ABPCIC Equity Holdings, LLC	$	66,553		$	62,414
Total net assets	$	653,646,607		$	607,051,545
Total liabilities and net assets	$	1,770,483,695		$	1,693,995,225
Net asset value per share of AB Private Credit Investors Corporation	$	9.54		$	9.53

See notes to unaudited consolidated financial statements.

3

AB Private Credit Investors Corporation

Unaudited Consolidated Statements of Operations

	For the three months ended March 31,
Investment Income	2025			2024
From non-controlled/non-affiliated investments:
Interest income, net of amortization/accretion	$	43,400,550		$	39,600,232
Payment-in-kind interest		1,112,406			1,557,952
Dividend income		129,022			87,029
Total investment income		44,641,978			41,245,213
Expenses:
Interest and borrowing expenses	$	19,553,323			18,941,909
Management fees		5,634,969			4,646,517
Income-based incentive fee		3,484,107			3,241,756
Professional fees		834,209			548,045
Administration and custodian fees		334,487			182,492
Insurance expenses		115,500			131,363
Directors’ fees		52,438			129,454
Transfer agent fees		38,370			38,688
Other expenses		441,231			330,393
Total expenses		30,488,634			28,190,617
Net investment income before taxes		14,153,344			13,054,596
Income tax expense, including excise tax		216,883			87,570
Net investment income after tax		13,936,461			12,967,026
Net realized and change in unrealized gains (losses) on    investment transactions:
Net realized gain (loss) from:
Non-controlled/non-affiliated investments	$	3,014,227			37,339
Net change in unrealized appreciation (depreciation) from:
Non-controlled/non-affiliated investments		(2,782,831	)		6,407,381
Non-controlled affiliated investments		(41	)		198,734
Controlled affiliated investments		-			-
Net realized and change in unrealized gains (losses) on investment transactions		231,355			6,643,454
Net increase in net assets resulting from operations		14,167,816			19,610,480
Less: Net increase (decrease) in net assets resulting from    operations related to Non-Controlling Interest in ABPCIC    Equity Holdings, LLC	$	1,023		$	(1,331	)
Net increase in net assets resulting from operations related    to AB Private Credit Investors Corporation		14,166,793			19,611,811
Net investment income per share (basic and diluted):
Net investment income per share (basic and diluted):		0.21		$	0.24
Earnings per share (basic and diluted):		0.21			0.36
Weighted average shares outstanding:		66,558,706			55,172,112

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 December 31, 2024		63,702,963		$	637,030		$	612,231,039		$	(5,878,938	)	$	62,414		$	607,051,545
Increase (decrease) in net assets resulting    from operations:
Net investment income		-			-			-			13,936,629			(168	)		13,936,461
Net realized gain (loss) on investments		-			-			-			3,011,617			2,610			3,014,227
Net change in unrealized appreciation (depreciation)    on investments		-			-			-			(2,781,453	)		(1,419	)		(2,782,872	)
Capital transactions:																	-
Issuance of common stock		4,796,671			47,967			46,026,867			-			-			46,074,834
Contribution of non-controlling interest into ABPCIC    Equity Holdings, LLC											-			3,116			3,116
Issuance of common shares pursuant to distribution    reinvestment plan		797,757			7,977			7,601,187			-			-			7,609,164
Repurchase of common stock		(767,534	)		(7,675	)		(7,313,215	)		-			-			(7,320,890	)
Distributions to stockholders											(13,938,978	)		-			(13,938,978	)
Total increase (decrease) for the three months ended    March 31, 2025		4,826,894			48,269			46,314,839		$	227,815			4,139			46,595,062
Net assets at March 31, 2025		68,529,857		$	685,299		$	658,545,878		$	(5,651,123	)	$	66,553		$	653,646,607
Distributions declared per share	—			—			—			$	0.20		—			$	0.20

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

See notes to unaudited consolidated financial statements.

5

AB Private Credit Investors Corporation

Unaudited Consolidated Statements of Cash Flows

	Three months ended March 31, 2025			Three months ended March 31, 2024
Cash flows from operating activities
Net increase (decrease) in net assets resulting from operations	$	14,167,816		$	19,610,480
Adjustments to reconcile net increase (decrease) in net assets resulting    from operations to net cash provided by (used for) operating activities:
Purchases of investments		(136,597,769	)		(85,049,409	)
Payment-in-kind investments		(1,112,406	)		(1,557,952	)
Proceeds from sales of investments and principal repayments		126,983,497			18,576,670
Net realized (gain) loss on investments		(3,014,227	)		(37,339	)
Net change in unrealized (appreciation) depreciation on investments		2,782,872			(6,606,115	)
Amortization of premium and accretion of discount, net		(2,707,208	)		(1,343,240	)
Amortization of discount, debt issuance and deferred financing costs		1,292,006			949,415
Increase or decrease in operating assets and liabilities:
(Increase) decrease in receivable for investments sold		3,044			30,324
(Increase) decrease in interest receivable		360,097			(964,763	)
(Increase) decrease in prepaid expenses		-			(35,756	)
(Increase) decrease in payable for investments purchased		20,158			-
(Increase) decrease in management fees payable		183,688			166,982
Increase (decrease) in payable to Adviser		(663,250	)		(544,417	)
Increase (decrease) in administrator and custodian fees payable		276,198			(95,771	)
Increase (decrease) in professional fees payable		243,530			17,157
Increase (decrease) in accrued tax liability		213,774			81,848
Increase (decrease) in incentive fee payable		131,571			(127,376	)
Increase (decrease) in transfer agent fees payable		986			3,307
Increase (decrease) in interest and borrowing expenses payable		(2,472,946	)		(206,458	)
Increase (decrease) in accrued expenses and other liabilities		95,538			(6,417	)
Net cash provided by (used for) operating activities		186,969			(57,138,830	)
Cash flows from financing activities
Issuance of common stock		46,074,834			21,663,462
Repurchase of common stock		(7,838,223	)		(4,930,241	)
Distributions paid		(6,097,343	)		(5,740,909	)
Financing costs paid		(2,402,480	)		-
Borrowings on notes		163,000,000			-
Repayments of notes		(171,750,000	)		-
Borrowings on credit facility		177,500,000			49,450,000
Repayments of credit facility		(133,000,000	)		(18,000,000	)
Proceeds on secured borrowings		-			2,156,585
Repayments on secured borrowings		(2,845,117	)		(2,325,617	)
Contribution of Non-Controlling Interest into ABPCIC Equity Holdings, LLC		3,116			-
Net cash provided by (used for) financing activities		62,644,787			42,273,280
Net increase in (decrease) in cash		62,831,756			(14,865,550	)
Cash and cash equivalents, beginning of period		52,178,854			72,671,928
Cash and cash equivalents, end of period		115,010,610			57,806,378
Supplemental and non-cash financing activities
Cash paid during the period for interest	$	20,593,874		$	19,601,050
Issuance of common shares pursuant to distribution reinvestment plan		7,609,164		$	6,912,711
State taxes paid		3,109		$	5,722

See notes to unaudited consolidated financial statements.

6

AB Private Credit Investors Corporation

Unaudited Consolidated Schedule of Investments as of March 31, 2025

Portfolio Company	Industry	Facility Type	Interest	Maturity	Funded Par Amount		Cost			Fair Value			Tickmarks
Investments at Fair Value — 251.51%													(1)(2)(3)(4)(12)
U.S. Corporate Debt — 238.68%
1st Lien/Senior Secured Debt — 238.26%
123.Net, LLC	Digital Infrastructure & Services	Term Loan	8.54% (S + 4.25% )	7/19/2029		4,331,058		4,291,791			4,320,231		(15)
123.Net, LLC	Digital Infrastructure & Services	Delayed Draw Term Loan	8.55% (S + 4.25% )	7/19/2029		647,378		630,979			642,819		(6)
AAH Topco, LLC	Healthcare	Delayed Draw Term Loan	9.67% (S + 5.25%; 0.75% Floor)	12/22/2027		2,877,695		2,836,296			2,877,695		(6)(15)
AAH Topco, LLC	Healthcare	Delayed Draw Term Loan	— (S + 5.00%; 0.75% Floor)	12/22/2027		-		(16,089	)		(16,096	)	(6)(7)
AAH Topco, LLC	Healthcare	Term Loan	9.67% (S + 5.25%; 0.75% Floor)	12/22/2027		6,337,986		6,274,135			6,322,141		(15)
AAH Topco, LLC	Healthcare	Delayed Draw Term Loan	9.67% (S + 5.25%; 0.75% Floor)	12/22/2027		6,414,752		6,332,049			6,398,716		(15)
AAH Topco, LLC	Healthcare	Revolver	— (S + 5.25%; 0.75% Floor)	12/22/2027		-		(7,287	)		(1,968	)	(6)(7)
Admiral Buyer, Inc.	Software & Tech Services	Delayed Draw Term Loan	9.29% (S + 5.00%; 0.75% Floor)	12/6/2029		240,751		235,628			240,751		(6)(15)
Admiral Buyer, Inc.	Software & Tech Services	Term Loan	9.29% (S + 5.00%; 0.75% Floor)	12/6/2029		1,375,745		1,362,324			1,368,866		(15)
Admiral Buyer, Inc.	Software & Tech Services	Delayed Draw Term Loan	— (S + 5.00%; 0.75% Floor)	12/6/2029		-		(1,250	)		-		(6)(7)
Admiral Buyer, Inc.	Software & Tech Services	Term Loan	9.29% (S + 5.00%; 0.75% Floor)	12/6/2029		10,513,256		10,383,258			10,460,690		(15)
Admiral Buyer, Inc.	Software & Tech Services	Delayed Draw Term Loan	9.29% (S + 5.00%; 0.75% Floor)	12/6/2029		446,021		441,264			443,791		(15)
Admiral Buyer, Inc.	Software & Tech Services	Revolver	— (S + 5.00%; 0.75% Floor)	12/6/2029		-		(16,958	)		(7,008	)	(6)(7)
Airwavz Solutions Inc.	Digital Infrastructure & Services	Term Loan	10.19% (S + 5.75%; 1.00% Floor)	3/31/2027		3,469,532		3,444,783			3,460,858		(15)
Airwavz Solutions Inc.	Digital Infrastructure & Services	Delayed Draw Term Loan	10.19% (S + 5.75%; 1.00% Floor)	3/31/2027		2,168,458		2,154,484			2,163,036		(15)
Airwavz Solutions Inc.	Digital Infrastructure & Services	Revolver	— (S + 5.75%; 1.00% Floor)	3/31/2027		-		(3,092	)		(1,087	)	(6)(7)
Airwavz Solutions Inc.	Digital Infrastructure & Services	Delayed Draw Term Loan	10.19% (S + 5.75%; 1.00% Floor)	3/31/2027		3,459,046		3,417,997			3,450,398		(15)
Airwavz Solutions Inc.	Digital Infrastructure & Services	Delayed Draw Term Loan	— (S + 5.75%; 1.00% Floor)	3/31/2027		-		(21,102	)		-		(6)(7)
Amercare Royal LLC	Services	Term Loan	9.32% (S + 5.00%; 1.00% Floor)	9/10/2030		8,363,630		8,286,014			8,342,721		(15)
Amercare Royal LLC	Services	Revolver	9.32% (S + 5.00%; 1.00% Floor)	9/10/2030		1,040,310		1,028,783			1,037,205		(6)
Amercare Royal LLC	Services	Delayed Draw Term Loan	— (S + 5.00%; 1.00% Floor)	9/10/2030		-		-			-		(6)
Amercare Royal LLC	Services	Delayed Draw Term Loan	9.32% (S + 5.00%; 1.00% Floor)	9/10/2030		1,331,985		1,319,506			1,328,656		(15)
American Physician Partners, LLC	Healthcare	Term Loan	— (S + 6.75%; 1.00% Floor; 3.00% PIK)	6/30/2025		6,791,604		5,733,816			-		(16)
American Physician Partners, LLC	Healthcare	Revolver	— (S + 6.75%; 1.00% Floor; 3.50% PIK)	6/30/2025		346,322		345,024			-		(16)
American Physician Partners, LLC	Healthcare	Delayed Draw Term Loan	— (S + 6.75%; 1.00% Floor; 3.50% PIK)	6/30/2025		1,260,322		1,082,011			-		(16)
American Physician Partners, LLC	Healthcare	Term Loan	— (S + 6.75%; 1.00% Floor; 3.00% PIK)	6/30/2025		1,444,963		1,243,170			-		(16)
American Physician Partners, LLC	Healthcare	Delayed Draw Term Loan	— (S + 6.75%; 1.00% Floor; 3.50% PIK)	6/30/2025		949,042		817,051			-		(16)
American Physician Partners, LLC	Healthcare	Term Loan	— (S + 6.75%; 1.00% Floor; 3.00% PIK)	6/30/2025		2,682,124		2,278,901			-		(16)
Ampler QSR Holdings LLC	Consumer Non-Cyclical	Term Loan	10.16% (S + 5.75%; 2.00% Floor)	7/21/2027		595,843		584,825			595,843		(15)
Ampler QSR Holdings LLC	Consumer Non-Cyclical	Term Loan	10.17% (S + 5.75%; 2.00% Floor)	7/21/2027		12,065,482		11,965,292			12,065,482		(15)
AppViewX, Inc.	Software & Tech Services	Term Loan	9.46% (S + 5.25%; 0.75% Floor)	12/24/2031		14,773,116		14,630,313			14,625,385		(15)
AppViewX, Inc.	Software & Tech Services	Revolver	— (S + 5.25%; 0.75% Floor)	12/24/2031		-		(17,771	)		(18,466	)	(6)(7)
AppViewX, Inc.	Software & Tech Services	Delayed Draw Term Loan	— (S + 5.25%; 0.75% Floor)	12/24/2031		-		-			-		(6)
Artifact Bidco, Inc.	Software & Tech Services	Term Loan	8.79% (S + 4.50%; 0.50% Floor)	7/25/2031		4,018,743		3,981,595			4,018,743		(15)
Artifact Bidco, Inc.	Software & Tech Services	Delayed Draw Term Loan	— (S + 4.50%; 0.50% Floor)	7/25/2031		-		(4,435	)		-		(6)(7)
Artifact Bidco, Inc.	Software & Tech Services	Revolver	— (S + 4.50%; 0.50% Floor)	7/26/2030		-		(4,225	)		-		(6)(7)
Artifact Bidco, Inc.	Software & Tech Services	Revolver	— (S + 4.50%; 0.50% Floor)	7/26/2030		-		(2,067	)		-		(6)(7)
Avant Communications, LLC	Digital Infrastructure & Services	Term Loan	9.44% (S + 5.00%; 1.00% Floor)	11/30/2026		14,774,044		14,656,180			14,774,044		(15)
Avant Communications, LLC	Digital Infrastructure & Services	Revolver	— (S + 5.00%; 1.00% Floor)	11/30/2026		-		(3,852	)		-		(6)(7)
Azurite Intermediate Holdings, Inc.	Software & Tech Services	Term Loan	10.82% (S + 6.50%; 0.75% Floor)	3/19/2031		3,128,738		3,086,616			3,128,738		(15)
Azurite Intermediate Holdings, Inc.	Software & Tech Services	Revolver	— (S + 6.50%; 0.75% Floor)	3/19/2031		-		(14,581	)		-		(6)(7)
Azurite Intermediate Holdings, Inc.	Software & Tech Services	Delayed Draw Term Loan	10.82% (S + 6.50%; 0.75% Floor)	3/19/2031		7,110,768		7,017,443			7,110,768		(15)
Blink Holdings, Inc.	Consumer Non-Cyclical	Term Loan	— (S + 5.50%; 1.00% Floor)	6/30/2025		811,174		634,498			-		(16)
Blink Holdings, Inc.	Consumer Non-Cyclical	Delayed Draw Term Loan	— (S + 5.50%; 1.00% Floor)	6/30/2025		682,732		560,930			-		(16)
Blink Holdings, Inc.	Consumer Non-Cyclical	Delayed Draw Term Loan	— (S + 5.50%; 1.00% Floor)	6/30/2025		547,390		445,410			-		(16)

See notes to Unaudited Consolidated Financial Statements

7

AB Private Credit Investors Corporation

Unaudited Consolidated Schedule of Investments as of March 31, 2025

Portfolio Company	Industry	Facility Type	Interest	Maturity	Funded Par Amount			Cost			Fair Value			Tickmarks
Bonterra LLC	Software & Tech Services	Term Loan	9.29% (S + 5.00%; 0.75% Floor)	3/5/2032		9,876,778			9,778,734			9,778,010		(15)
Bonterra LLC	Software & Tech Services	Delayed Draw Term Loan	— (S + 5.00%; 0.75% Floor)	3/5/2032		-			(5,287	)		(5,339	)	(6)(7)
Bonterra LLC	Software & Tech Services	Revolver	9.29% (S + 5.00%; 0.75% Floor)	3/5/2032		174,146			163,546			163,468		(6)
Bridgepointe Technologies, LLC	Digital Infrastructure & Services	Term Loan	9.29% (S + 5.00%; 1.00% Floor)	12/31/2027		2,242,629			2,202,766			2,231,416		(15)
Bridgepointe Technologies, LLC	Digital Infrastructure & Services	Term Loan	9.29% (S + 5.00%; 1.00% Floor)	12/31/2027		1,022,738			1,003,364			1,017,625		(15)
Bridgepointe Technologies, LLC	Digital Infrastructure & Services	Delayed Draw Term Loan	9.29% (S + 5.00%; 1.00% Floor)	12/31/2027		2,066,243			2,025,846			2,055,912		(15)
Bridgepointe Technologies, LLC	Digital Infrastructure & Services	Delayed Draw Term Loan	9.29% (S + 5.00%; 1.00% Floor)	12/31/2027		2,516,588			2,471,924			2,516,588		(6)(15)
Bridgepointe Technologies, LLC	Digital Infrastructure & Services	Delayed Draw Term Loan	9.29% (S + 5.00%; 1.00% Floor)	12/31/2027		4,901,142			4,832,714			4,876,636		(15)
Bridgepointe Technologies, LLC	Digital Infrastructure & Services	Term Loan	9.29% (S + 5.00%; 1.00% Floor)	12/31/2027		4,645,685			4,598,273			4,622,456		(15)
Bridgepointe Technologies, LLC	Digital Infrastructure & Services	Delayed Draw Term Loan	9.29% (S + 5.00%; 1.00% Floor)	12/31/2027		2,703,105			2,691,123			2,689,589		(15)
Bridgepointe Technologies, LLC	Digital Infrastructure & Services	Delayed Draw Term Loan	9.29% (S + 5.00%; 1.00% Floor)	12/31/2027		3,800,004			3,776,220			3,781,004		(15)
Bridgepointe Technologies, LLC	Digital Infrastructure & Services	Revolver	— (S + 5.00%; 1.00% Floor)	12/31/2027		0			(7,220	)		(3,887	)	(6)(7)
Brightspot Buyer, Inc.	Software & Tech Services	Term Loan	10.91% (S + 6.50%; 0.75% Floor)	11/16/2027		1,448,598			1,427,911			1,423,248		(15)
Brightspot Buyer, Inc.	Software & Tech Services	Term Loan	10.91% (S + 6.50%; 0.75% Floor)	11/16/2027		5,215,571			5,168,922			5,124,299		(15)
Brightspot Buyer, Inc.	Software & Tech Services	Revolver	— (S + 6.50%; 0.75% Floor)	11/16/2027		(0	)		(6,257	)		(11,905	)	(6)(7)
BRP2 HOLD JONQUIL, INC.	Software & Tech Services	Revolver	9.54% (S + 5.25%; 0.75% Floor)	8/26/2030		316,941			299,392			316,941		(6)
BRP2 HOLD JONQUIL, INC.	Software & Tech Services	Delayed Draw Term Loan	9.54% (S + 5.25%; 0.75% Floor)	8/26/2030		411,247			394,889			411,247		(6)
BRP2 HOLD JONQUIL, INC.	Software & Tech Services	Term Loan	9.54% (S + 5.25%; 0.75% Floor)	8/26/2030		15,847,025			15,699,052			15,847,025		(15)
BSI2 Hold Nettle, LLC	Software & Tech Services	Term Loan	9.29% (S + 5.00%; 0.75% Floor)	6/30/2028		613,013			604,104			613,013		(15)
BSI2 Hold Nettle, LLC	Software & Tech Services	Term Loan	9.29% (S + 5.00%; 0.75% Floor)	6/30/2028		4,593,596			4,555,649			4,593,596		(15)
BSI2 Hold Nettle, LLC	Software & Tech Services	Revolver	9.30% (S + 5.00%; 0.75% Floor)	6/30/2028		265,015			260,112			265,015		(6)
Businessolver.com, Inc.	Software & Tech Services	Term Loan	9.89% (S + 5.50%; 0.75% Floor)	12/1/2027		7,158,564			7,125,757			7,158,564		(15)
Businessolver.com, Inc.	Software & Tech Services	Delayed Draw Term Loan	9.89% (S + 5.50%; 0.75% Floor)	12/1/2027		255,771			253,092			255,771		(6)
BV EMS Buyer, Inc	Healthcare	Term Loan	10.17% (S + 5.75%; 1.00% Floor)	11/23/2027		3,268,708			3,218,098			3,268,708		(15)
BV EMS Buyer, Inc	Healthcare	Revolver	10.17% (S + 5.75%; 1.00% Floor)	11/23/2027		219,561			215,023			219,561		(6)
BV EMS Buyer, Inc	Healthcare	Term Loan	10.17% (S + 5.75%; 1.00% Floor)	11/23/2027		3,441,119			3,385,597			3,441,119		(15)
BV EMS Buyer, Inc	Healthcare	Delayed Draw Term Loan	10.17% (S + 5.75%; 1.00% Floor)	11/23/2027		3,470,098			3,422,226			3,470,098		(15)
CallTower, Inc.	Digital Infrastructure & Services	Term Loan	8.92% (S + 4.50%; 2.00% Floor)	11/30/2028		4,915,849			4,823,335			4,915,849		(15)
CallTower, Inc.	Digital Infrastructure & Services	Delayed Draw Term Loan	— (S + 4.50%; 2.00% Floor)	11/30/2028		-			(18,366	)		-		(6)(7)
CallTower, Inc.	Digital Infrastructure & Services	Revolver	— (S + 4.50%; 2.00% Floor)	11/30/2028		-			(11,498	)		-		(6)(7)
Caregiver 2, Inc.	Healthcare	Term Loan	10.57% (S + 6.25%; 2.00% Floor)	7/2/2029		5,580,292			5,451,565			5,524,489		(15)
Caregiver 2, Inc.	Healthcare	Delayed Draw Term Loan	10.57% (S + 6.25%; 2.00% Floor)	7/2/2029		1,121,667			1,097,604			1,110,450		(15)
Cerifi, LLC	Services	Term Loan	10.17% (S + 5.75%; 1.00% Floor)	3/31/2028		15,703,329			15,530,915			15,546,296		(15)
Cerifi, LLC	Services	Revolver	10.17% (S + 5.75%; 1.00% Floor)	4/1/2027		1,107,792			1,097,905			1,096,714
Choice Health at Home, LLC	Healthcare	Term Loan	9.32% (S + 5.00%; 1.00% Floor)	6/30/2028		2,246,490			2,230,123			2,246,490		(15)
Choice Health at Home, LLC	Healthcare	Delayed Draw Term Loan	9.32% (S + 5.00%; 1.00% Floor)	6/30/2028		1,906,210			1,871,203			1,906,210		(6)(15)
CHV Holdings LLC	Digital Infrastructure & Services	Term Loan	13.17% (S + 4.00%; 1.00% Floor; 4.75% PIK)	3/27/2029		8,993,189			8,801,400			8,925,740		(15)
CHV Holdings LLC	Digital Infrastructure & Services	Revolver	— (S + 4.00%; 1.00% Floor; 4.75% PIK)	3/27/2029		-			(24,812	)		(9,312	)	(6)(7)
Coding Solutions Acquisition, Inc.	Healthcare	Term Loan	9.32% (S + 5.00%; 0.75% Floor)	8/7/2031		7,366,726			7,320,421			7,366,726		(15)
Coding Solutions Acquisition, Inc.	Healthcare	Delayed Draw Term Loan	— (S + 5.00%; 0.75% Floor)	8/7/2031		-			(13,549	)		-		(6)(7)
Coding Solutions Acquisition, Inc.	Healthcare	Revolver	9.31% (S + 5.00%; 0.75% Floor)	8/7/2031		615,432			605,837			615,432		(6)
Colo Holdings LLC	Digital Infrastructure & Services	Term Loan	20.50% (20.50% PIK)	3/27/2026		284,880			261,736			284,880
Community Based Care Acquisition, Inc.	Healthcare	Delayed Draw Term Loan	9.89% (S + 5.50%; 1.00% Floor)	9/16/2027		1,433,674			1,399,774			1,433,674		(6)(15)
Community Based Care Acquisition, Inc.	Healthcare	Delayed Draw Term Loan	9.64% (S + 5.25%; 1.00% Floor)	9/16/2027		2,095,349			2,078,855			2,090,111		(15)
Community Based Care Acquisition, Inc.	Healthcare	Term Loan	9.64% (S + 5.25%; 1.00% Floor)	9/16/2027		5,168,193			5,122,284			5,155,273		(15)
Community Based Care Acquisition, Inc.	Healthcare	Revolver	— (S + 5.25%; 1.00% Floor)	9/16/2027		-			(7,285	)		(2,160	)	(6)(7)

See notes to Unaudited Consolidated Financial Statements

8

AB Private Credit Investors Corporation

Unaudited Consolidated Schedule of Investments as of March 31, 2025

Portfolio Company	Industry	Facility Type	Interest	Maturity	Funded Par Amount			Cost			Fair Value			Tickmarks
Community Based Care Acquisition, Inc.	Healthcare	Delayed Draw Term Loan	9.89% (S + 5.50%; 1.00% Floor)	9/16/2027		2,878,339			2,848,202			2,878,339		(15)
Coretelligent Intermediate LLC	Digital Infrastructure & Services	Term Loan	10.14% (S + 5.75%; 1.00% Floor)	10/21/2027		7,768,164			7,717,334			7,010,768		(15)
Coretelligent Intermediate LLC	Digital Infrastructure & Services	Delayed Draw Term Loan	10.14% (S + 5.75%; 1.00% Floor)	10/21/2027		3,710,806			3,685,674			3,349,003		(15)
Coretelligent Intermediate LLC	Digital Infrastructure & Services	Revolver	11.13% (S + 5.75%; 1.00% Floor)	10/21/2027		1,203,100			1,194,552			1,079,624		(6)
Coupa Holdings, LLC	Software & Tech Services	Term Loan	9.54% (S + 5.25%; 0.75% Floor)	2/27/2030		10,538,190			10,328,180			10,538,190		(15)
Coupa Holdings, LLC	Software & Tech Services	Delayed Draw Term Loan	— (S + 5.25%; 0.75% Floor)	2/27/2030		-			(8,438	)		-		(6)(7)
Coupa Holdings, LLC	Software & Tech Services	Revolver	— (S + 5.25%; 0.75% Floor)	2/27/2029		-			(11,940	)		-		(6)(7)
Crewline Buyer, Inc.	Software & Tech Services	Term Loan	11.07% (S + 6.75%; 1.00% Floor)	11/8/2030		13,625,952			13,335,536			13,625,952		(15)
Crewline Buyer, Inc.	Software & Tech Services	Revolver	— (S + 6.75%; 1.00% Floor)	11/8/2030		-			(27,502	)		-		(6)(7)
DA Blocker Corp.	Software & Tech Services	Term Loan	9.04% (S + 4.75%; 0.75% Floor)	2/10/2032		15,103,993			14,955,134			14,952,953		(15)
DA Blocker Corp.	Software & Tech Services	Revolver	9.04% (S + 4.75%; 0.75% Floor)	2/10/2032		472,000			456,494			456,266		(6)
DA Blocker Corp.	Software & Tech Services	Delayed Draw Term Loan	— (S + 4.75%; 0.75% Floor)	2/10/2032		-			(23,136	)		(23,600	)	(6)(7)
Datacor, Inc.	Software & Tech Services	Term Loan	10.32% (S + 6.00%; 1.00% Floor)	3/13/2029		17,780,468			17,662,781			17,780,468		(15)
Datacor, Inc.	Software & Tech Services	Delayed Draw Term Loan	— (S + 6.00%; 1.00% Floor)	3/13/2029		-			(24,958	)		-		(6)(7)
Datacor, Inc.	Software & Tech Services	Revolver	10.32% (S + 6.00%; 1.00% Floor)	3/13/2029		307,778			294,650			307,778		(6)
Dearborn TopCo, LLC	Software & Tech Services	Revolver	— (S + 3.00%; 1.00% Floor)	5/22/2029		-			(11,737	)		(12,601	)	(6)(7)
Dearborn TopCo, LLC	Software & Tech Services	Term Loan	10.32% (S + 6.00%; 1.00% Floor)	5/22/2029		7,409,448			7,296,053			7,298,306		(15)
Delaware Valley Management Holdings, Inc.	Healthcare	Term Loan	— (S + 6.25%; 1.00% Floor)	1/30/2026		2,451,734			1,511,867			573,461		(5)(16)
Delaware Valley Management Holdings, Inc.	Healthcare	Revolver	— (S; 1.00% Floor)	1/30/2026		381,226			227,042			89,144		(5)(6)(16)
Delaware Valley Management Holdings, Inc.	Healthcare	Delayed Draw Term Loan	— (S; 1.00% Floor)	1/30/2026		483,017			120,253			112,978		(5)(16)
Delaware Valley Management Holdings, Inc.	Healthcare	Delayed Draw Term Loan	— (S; 1.00% Floor)	1/30/2026		258,077			165,594			60,364		(5)(16)
DeLorean Purchaser, Inc.	Software & Tech Services	Term Loan	9.04% (S + 4.75%; 0.75% Floor)	12/16/2031		16,065,460			15,831,870			15,864,641		(15)
DeLorean Purchaser, Inc.	Software & Tech Services	Revolver	— (S + 4.75%; 0.75% Floor)	12/16/2031		-			(34,644	)		(30,123	)	(6)(7)
Dispatchtrack, LLC	Software & Tech Services	Term Loan	8.92% (S + 4.50%; 1.00% Floor)	12/17/2026		9,849,936			9,807,596			9,849,936		(15)
Dispatchtrack, LLC	Software & Tech Services	Revolver	— (S + 4.50%; 1.00% Floor)	12/17/2026		-			(1,143	)		-		(6)(7)
Dorado Buyer LLC	Software & Tech Services	Term Loan	10.32% (S + 2.75%; 1.00% Floor; 3.25% PIK)	2/6/2030		6,449,885			6,353,367			6,304,763		(15)
Dorado Buyer LLC	Software & Tech Services	Delayed Draw Term Loan	— (S + 2.75%; 1.00% Floor)	2/6/2030		-			(15,144	)		(12,415	)	(6)(7)
Dorado Buyer LLC	Software & Tech Services	Revolver	10.32% (S + 2.75%; 1.00% Floor; 3.25% PIK)	2/6/2030		378,589			371,033			364,484		(6)
Duetto Research, Inc	Software & Tech Services	Term Loan	10.83% (S + 1.00%; 0.75% Floor; 5.50% PIK)	6/26/2030		14,755,233			14,447,460			14,681,457		(15)
Duetto Research, Inc	Software & Tech Services	Delayed Draw Term Loan	— (S + 1.00%; 0.75% Floor)	6/26/2030		-			(11,391	)		-		(6)(7)
Duetto Research, Inc	Software & Tech Services	Revolver	— (S + 1.00%; 0.75% Floor)	6/26/2030		-			(11,037	)		(5,044	)	(6)(7)
EET Buyer, Inc.	Software & Tech Services	Term Loan	9.04% (S + 4.75%; 0.75% Floor)	11/8/2027		5,024,251			4,955,332			5,024,251		(15)
EET Buyer, Inc.	Software & Tech Services	Delayed Draw Term Loan	— (S + 5.00%; 0.75% Floor)	11/8/2027		-			(3,501	)		-		(6)(7)
EET Buyer, Inc.	Software & Tech Services	Term Loan	9.04% (S + 4.75%; 0.75% Floor)	11/8/2027		6,700,699			6,640,255			6,700,699		(15)
EET Buyer, Inc.	Software & Tech Services	Revolver	— (S + 5.00%; 0.75% Floor)	11/8/2027		-			(11,131	)		-		(6)(7)
Einstein Parent, Inc.	Software & Tech Services	Revolver	— (S + 6.50%; 0.75% Floor)	1/22/2031		-			(20,661	)		(21,324	)	(6)(7)
Einstein Parent, Inc.	Software & Tech Services	Term Loan	10.79% (S + 6.50%; 0.75% Floor)	1/22/2031		10,306,433			10,105,067			10,100,304		(15)
Engage2Excel, Inc.	Services	Term Loan	10.71% (S + 6.50%; 1.00% Floor)	7/2/2029		7,463,645			7,367,220			7,444,986		(15)
Engage2Excel, Inc.	Services	Revolver	10.71% (S + 7.25%; 1.00% Floor)	7/2/2029		307,130			299,004			305,594		(6)
Enverus Holdings, Inc.	Software & Tech Services	Term Loan	9.82% (S + 5.50%; 0.75% Floor)	12/24/2029		9,005,474			8,895,854			9,005,474		(15)
Enverus Holdings, Inc.	Software & Tech Services	Revolver	— (S + 5.50%; 0.75% Floor)	12/24/2029		0			(7,967	)		0		(6)(7)
Enverus Holdings, Inc.	Software & Tech Services	Delayed Draw Term Loan	— (S + 5.50%; 0.75% Floor)	12/24/2029		(0	)		(997	)		(0	)	(6)(7)
Exterro, Inc.	Software & Tech Services	Term Loan	9.96% (S + 5.50%; 1.00% Floor)	6/1/2027		2,769,525			2,757,221			2,769,525		(15)
Exterro, Inc.	Software & Tech Services	Revolver	— (S + 5.50%; 1.00% Floor)	6/1/2027		0			(14,217	)		0		(6)(7)
Exterro, Inc.	Software & Tech Services	Term Loan	9.96% (S + 5.50%; 1.00% Floor)	6/1/2027		5,733,087			5,713,526			5,733,087		(15)
Exterro, Inc.	Software & Tech Services	Term Loan	9.96% (S + 5.50%; 1.00% Floor)	6/1/2027		6,237,900			6,201,510			6,237,900		(15)
Faithlife, LLC	Software & Tech Services	Term Loan	9.92% (S + 5.50%; 1.00% Floor)	9/18/2025		299,512			298,941			299,512		(15)

See notes to Unaudited Consolidated Financial Statements

9

AB Private Credit Investors Corporation

Unaudited Consolidated Schedule of Investments as of March 31, 2025

Portfolio Company	Industry	Facility Type	Interest	Maturity	Funded Par Amount		Cost			Fair Value			Tickmarks
Faithlife, LLC	Software & Tech Services	Delayed Draw Term Loan	9.92% (S + 5.50%; 1.00% Floor)	9/18/2025		697,435		696,112			697,435		(15)
Faithlife, LLC	Software & Tech Services	Revolver	— (S + 5.50%; 1.00% Floor)	9/18/2025		-		(526	)		-		(6)(7)
FH MD Buyer, Inc	Healthcare	Term Loan	9.43% (S + 5.00%; 0.75% Floor)	7/24/2028		5,340,880		5,312,625			5,314,176		(15)
Firebird Midco, Inc	Software & Tech Services	Term Loan	9.31% (S + 5.00%; 0.75% Floor)	7/18/2030		6,756,862		6,679,100			6,672,401		(15)
Firebird Midco, Inc	Software & Tech Services	Revolver	— (S + 5.00%; 0.75% Floor)	7/18/2030		-		(13,617	)		(15,357	)	(6)(7)
FirstDigital Communications, LLC	Digital Infrastructure & Services	Term Loan	8.68% (S + 4.25%; 0.75% Floor)	12/17/2026		13,441,153		13,343,997			13,071,521		(15)
FirstDigital Communications, LLC	Digital Infrastructure & Services	Term Loan	8.68% (S + 4.25%; 0.75% Floor)	12/17/2026		410,486		410,486			399,198		(15)
Foundation Risk Partners, Corp.	Financials	Term Loan	9.29% (S + 5.00%; 0.75% Floor)	10/29/2030		9,536,129		9,473,677			9,536,129		(15)
Foundation Risk Partners, Corp.	Financials	Delayed Draw Term Loan	9.29% (S + 5.00%; 0.75% Floor)	10/29/2030		2,074,032		2,065,284			2,074,032		(15)
Foundation Risk Partners, Corp.	Financials	Revolver	— (S + 5.00%; 0.75% Floor)	10/29/2029		-		(5,587	)		-		(6)(7)
Foundation Risk Partners, Corp.	Financials	Term Loan	9.29% (S + 5.00%; 0.75% Floor)	10/29/2030		769,443		763,017			769,443		(15)
Foundation Risk Partners, Corp.	Financials	Delayed Draw Term Loan	9.29% (S + 5.00%; 0.75% Floor)	10/29/2030		3,109,671		3,081,999			3,109,671		(15)
FULLSTEAM OPERATIONS, LLC	Software & Tech Services	Term Loan	12.71% (S + 8.25%; 1.00% Floor)	11/27/2029		7,423,938		7,246,799			7,423,938		(15)
FULLSTEAM OPERATIONS, LLC	Software & Tech Services	Delayed Draw Term Loan	12.71% (S + 8.25%; 1.00% Floor)	11/27/2029		2,336,204		2,279,826			2,336,204		(15)
FULLSTEAM OPERATIONS, LLC	Software & Tech Services	Delayed Draw Term Loan	12.71% (S + 8.25%; 1.00% Floor)	11/27/2029		1,038,313		1,013,066			1,030,526		(15)
FULLSTEAM OPERATIONS, LLC	Software & Tech Services	Revolver	— (S + 8.25%; 1.00% Floor)	11/27/2029		-		(9,734	)		-		(6)(7)
FULLSTEAM OPERATIONS, LLC	Software & Tech Services	Delayed Draw Term Loan	11.46% (S + 7.00%; 1.00% Floor)	11/27/2029		2,247,687		2,208,214			2,216,161		(6)(15)
FULLSTEAM OPERATIONS, LLC	Software & Tech Services	Delayed Draw Term Loan	11.46% (S + 7.00%; 1.00% Floor)	11/27/2029		706,249		695,527			698,368		(6)
FULLSTEAM OPERATIONS, LLC	Software & Tech Services	Delayed Draw Term Loan	— (S + 7.00%; 1.00% Floor)	11/27/2029		-		(19,299	)		(20,932	)	(6)(7)
FULLSTEAM OPERATIONS, LLC	Software & Tech Services	Delayed Draw Term Loan	— (S + 7.00%; 1.00% Floor)	11/27/2029		-		(2,144	)		(2,326	)	(6)(7)
Fusion Holding, Corp.	Software & Tech Services	Term Loan	10.54% (S + 6.25%; 0.75% Floor)	9/14/2029		16,514,922		16,274,266			16,143,336		(15)
Fusion Holding, Corp.	Software & Tech Services	Revolver	12.75% (S + 6.25%; 0.75% Floor)	9/15/2027		689,596		674,131			658,564		(6)
G Treasury SS LLC	Software & Tech Services	Term Loan	9.79% (S + 5.50%; 1.00% Floor)	6/29/2029		3,658,885		3,617,989			3,658,885		(15)
G Treasury SS LLC	Software & Tech Services	Delayed Draw Term Loan	9.79% (S + 5.50%; 1.00% Floor)	6/29/2029		1,920,915		1,899,275			1,920,915		(15)
G Treasury SS LLC	Software & Tech Services	Delayed Draw Term Loan	— (S + 5.50%; 1.00% Floor)	6/29/2029		-		(8,179	)		-		(6)(7)
G Treasury SS LLC	Software & Tech Services	Revolver	9.70% (S + 5.50%; 1.00% Floor)	6/29/2029		152,454		139,380			152,454		(6)
Galway Borrower LLC	Financials	Revolver	8.80% (S + 4.50%; 0.75% Floor)	9/29/2028		145,210		141,714			144,100		(6)
Galway Borrower LLC	Financials	Term Loan	8.79% (S + 4.50%; 0.75% Floor)	9/29/2028		3,771,048		3,771,048			3,761,621		(15)
Galway Borrower LLC	Financials	Delayed Draw Term Loan	8.79% (S + 4.50%; 0.75% Floor)	9/29/2028		77,921		77,921			77,921		(6)
GH PARENT HOLDINGS INC.	Services	Delayed Draw Term Loan	9.67% (S + 5.25%; 1.00% Floor)	5/4/2027		2,342,635		2,311,129			2,311,982		(6)(15)
GHA Buyer, Inc.	Healthcare	Term Loan	9.79% (S + 5.50%; 1.00% Floor)	6/24/2026		2,012,272		1,993,231			2,012,272		(15)
GHA Buyer, Inc.	Healthcare	Revolver	— (S + 5.50%; 1.00% Floor)	6/24/2026		-		(4,014	)		-		(6)(7)
GHA Buyer, Inc.	Healthcare	Term Loan	9.79% (S + 5.50%; 1.00% Floor)	6/24/2026		575,378		569,384			575,378		(15)
GHA Buyer, Inc.	Healthcare	Term Loan	9.79% (S + 5.50%; 1.00% Floor)	6/24/2026		5,506,675		5,484,386			5,506,675		(15)
GHA Buyer, Inc.	Healthcare	Term Loan	9.79% (S + 5.50%; 1.00% Floor)	6/24/2026		4,768,553		4,747,847			4,768,553		(15)
GHA Buyer, Inc.	Healthcare	Delayed Draw Term Loan	9.79% (S + 5.50%; 1.00% Floor)	6/24/2026		834,497		829,492			834,497		(15)
GHA Buyer, Inc.	Healthcare	Term Loan	9.79% (S + 5.50%; 1.00% Floor)	6/24/2026		747,199		744,561			747,199		(15)
Greenhouse Software, Inc.	Software & Tech Services	Term Loan	10.54% (S + 6.25%; 1.00% Floor)	9/1/2028		14,507,975		14,297,769			14,507,975		(15)
Greenhouse Software, Inc.	Software & Tech Services	Revolver	— (S + 6.25%; 1.00% Floor)	9/1/2028		-		(8,736	)		-		(6)(7)
Greenhouse Software, Inc.	Software & Tech Services	Term Loan	10.54% (S + 6.25%; 1.00% Floor)	9/1/2028		12,376,845		12,281,332			12,376,845		(15)
Greenhouse Software, Inc.	Software & Tech Services	Revolver	— (S + 6.25%; 1.00% Floor)	9/1/2028		-		(9,077	)		-		(6)(7)
Greenlight Intermediate II, Inc.	Digital Infrastructure & Services	Delayed Draw Term Loan	9.94% (S + 5.50%; 0.75% Floor)	6/1/2028		6,066,224		5,948,084			6,066,224		(6)(15)
Greenlight Intermediate II, Inc.	Digital Infrastructure & Services	Term Loan	9.94% (S + 5.50%; 0.75% Floor)	6/1/2028		5,331,605		5,270,675			5,331,605		(15)
Greenlight Intermediate II, Inc.	Digital Infrastructure & Services	Delayed Draw Term Loan	9.94% (S + 5.50%; 0.75% Floor)	6/1/2028		6,702,083		6,621,049			6,702,083		(15)
Gryphon-Redwood Acquisition LLC	Software & Tech Services	Term Loan	14.21% (S + 5.00%; 1.00% Floor; 5.00% PIK)	9/18/2028		3,926,951		3,879,058			3,809,143		(15)
Gryphon-Redwood Acquisition LLC	Software & Tech Services	Delayed Draw Term Loan	14.21% (S + 5.00%; 1.00% Floor; 5.00% PIK)	9/18/2028		1,683,541		1,623,705			1,633,035		(15)
GS AcquisitionCo, Inc.	Software & Tech Services	Term Loan	9.54% (S + 5.25%; 1.00% Floor)	5/25/2028		9,908,778		9,880,096			9,884,006		(15)

See notes to Unaudited Consolidated Financial Statements

10

AB Private Credit Investors Corporation

Unaudited Consolidated Schedule of Investments as of March 31, 2025

Portfolio Company	Industry	Facility Type	Interest	Maturity	Funded Par Amount		Cost			Fair Value			Tickmarks
GS AcquisitionCo, Inc.	Software & Tech Services	Revolver	— (S + 5.25%; 1.00% Floor)	5/25/2028		0		(3,417	)		(1,752	)	(6)(7)
GS AcquisitionCo, Inc.	Software & Tech Services	Delayed Draw Term Loan	9.54% (S + 5.25%; 0.75% Floor)	5/25/2028		71,252		70,642			71,252		(6)
Heartland PPC Buyer LLC	Services	Term Loan	9.54% (S + 5.25%; 0.75% Floor)	12/12/2029		5,595,244		5,504,013			5,553,280		(15)
Heartland PPC Buyer LLC	Services	Revolver	10.67% (S + 5.25%; 0.75% Floor)	12/12/2029		216,651		198,795			208,173		(6)
Heartland PPC Buyer LLC	Services	Delayed Draw Term Loan	9.54% (S + 5.25%; 0.75% Floor)	12/12/2029		1,164,259		1,147,052			1,164,259		(6)(15)
Higginbotham Insurance Agency, Inc.	Financials	Term Loan	8.83% (S + 4.50%; 1.00% Floor)	11/24/2028		11,127,312		11,127,312			11,099,493		(15)
HireVue, Inc.	Software & Tech Services	Term Loan	11.04% (S + 6.75%; 1.00% Floor)	5/3/2029		12,772,566		12,530,171			12,708,703		(15)
HireVue, Inc.	Software & Tech Services	Revolver	11.04% (S + 6.75%; 1.00% Floor)	5/3/2029		482,095		453,619			473,864		(6)
HITRUST Services, LLC	Services	Term Loan	9.03% (S + 4.75%; 0.75% Floor)	3/15/2032		10,281,308		10,179,022			10,178,495		(15)
HITRUST Services, LLC	Services	Revolver	— (S + 4.75%; 0.75% Floor)	3/14/2031		-		(23,998	)		(24,191	)	(6)(7)
Honor HN Buyer, Inc.	Healthcare	Delayed Draw Term Loan	10.19% (S + 5.75%; 1.00% Floor)	10/15/2027		2,419,173		2,362,004			2,419,173		(6)(15)
Honor HN Buyer, Inc.	Healthcare	Delayed Draw Term Loan	— (S + 5.75%; 1.00% Floor)	10/15/2027		-		(15,436	)		-		(6)(7)
Honor HN Buyer, Inc.	Healthcare	Term Loan	10.19% (S + 5.75%; 1.00% Floor)	10/15/2027		2,557,387		2,535,245			2,557,387		(15)
Honor HN Buyer, Inc.	Healthcare	Delayed Draw Term Loan	10.19% (S + 5.75%; 1.00% Floor)	10/15/2027		1,617,295		1,603,267			1,617,295		(15)
Honor HN Buyer, Inc.	Healthcare	Revolver	12.25% (S + 5.75%; 1.00% Floor)	10/15/2027		38,012		35,378			38,012		(6)
Honor HN Buyer, Inc.	Healthcare	Delayed Draw Term Loan	10.19% (S + 5.75%; 1.00% Floor)	10/15/2027		2,403,410		2,378,564			2,403,410		(15)
Iodine Software, LLC	Software & Tech Services	Term Loan	9.57% (S + 5.25%; 1.00% Floor)	5/19/2027		5,160,823		5,123,186			5,160,823		(15)
Iodine Software, LLC	Software & Tech Services	Delayed Draw Term Loan	9.57% (S + 5.25%; 1.00% Floor)	5/19/2027		7,774,930		7,714,139			7,774,930		(15)
Iodine Software, LLC	Software & Tech Services	Revolver	— (S + 5.25%; 1.00% Floor)	5/19/2027		-		(7,918	)		-		(6)(7)
Joink, LLC	Digital Infrastructure & Services	Revolver	— (S + 5.25%; 1.00% Floor)	10/4/2030		-		(10,052	)		(7,278	)	(6)(7)
Joink, LLC	Digital Infrastructure & Services	Delayed Draw Term Loan	9.56% (S + 5.25%; 1.00% Floor)	10/4/2030		722,302		658,671			701,090		(6)(15)
Joink, LLC	Digital Infrastructure & Services	Term Loan	9.56% (S + 5.25%; 1.00% Floor)	10/4/2030		10,212,907		10,070,756			10,110,778		(15)
JS Parent, Inc.	Software & Tech Services	Term Loan	9.04% (S + 4.75%; 0.75% Floor)	4/24/2031		5,432,363		5,407,822			5,432,363		(15)
JS Parent, Inc.	Software & Tech Services	Revolver	— (S + 4.75%; 0.75% Floor)	4/24/2031		-		(2,294	)		-		(6)(7)
Kalkomey Borrower, LLC	Services	Term Loan	9.54% (S + 5.25%; 1.00% Floor)	6/18/2031		9,108,909		8,978,752			9,017,820		(15)
Kalkomey Borrower, LLC	Services	Delayed Draw Term Loan	— (S + 5.25%; 1.00% Floor)	6/18/2031		-		(12,233	)		(4,577	)	(6)(7)
Kalkomey Borrower, LLC	Services	Revolver	— (S + 5.25%; 1.00% Floor)	6/18/2031		-		(19,581	)		(14,647	)	(6)(7)
KPA Parent Holdings, Inc	Software & Tech Services	Term Loan	9.07% (S + 4.75%; 0.75% Floor)	3/12/2032		10,361,803		10,258,829			10,258,185		(15)
KPA Parent Holdings, Inc	Software & Tech Services	Delayed Draw Term Loan	— (S + 4.75%; 0.75% Floor)	3/12/2032		-		(7,351	)		(7,401	)	(6)(7)
KPA Parent Holdings, Inc	Software & Tech Services	Revolver	— (S + 4.75%; 0.75% Floor)	3/12/2032		-		(10,291	)		(10,362	)	(6)(7)
Krispy Krunchy Foods, L.L.C.	Consumer Non-Cyclical	Term Loan	8.92% (S + 4.50%; 1.00% Floor)	11/17/2027		6,660,334		6,600,451			6,660,334		(15)
Level Data, LLC	Software & Tech Services	Term Loan	9.80% (S + 5.50%; 0.75% Floor)	3/5/2031		4,448,372		4,404,305			4,403,889		(15)
Level Data, LLC	Software & Tech Services	Delayed Draw Term Loan	— (S + 5.50%; 0.75% Floor)	3/5/2031		-		(11,880	)		(24,045	)	(6)(7)
Level Data, LLC	Software & Tech Services	Revolver	— (S + 5.50%; 0.75% Floor)	3/5/2031		-		(8,909	)		(9,017	)	(6)(7)
LivTech Purchaser, Inc.	Software & Tech Services	Term Loan	8.82% (S + 4.50%; 0.75% Floor)	11/24/2031		6,997,646		6,930,721			6,927,669		(15)
LivTech Purchaser, Inc.	Software & Tech Services	Delayed Draw Term Loan	— (S + 4.50%; 0.75% Floor)	11/24/2031		-		(38,008	)		(39,987	)	(6)(7)
LivTech Purchaser, Inc.	Software & Tech Services	Revolver	— (S + 4.50%; 0.75% Floor)	11/24/2031		-		(19,006	)		(19,993	)	(6)(7)
Lotus HPI Buyer, Inc	Healthcare	Term Loan	10.26% (S + 6.00%; 1.00% Floor)	1/21/2030		12,433,875		12,169,895			12,216,283		(15)
Lotus HPI Buyer, Inc	Healthcare	Delayed Draw Term Loan	— (S + 6.00%; 1.00% Floor)	1/21/2030		-		(37,878	)		(18,839	)	(6)(7)
Lotus HPI Buyer, Inc	Healthcare	Revolver	10.23% (S + 6.00%; 1.00% Floor)	1/21/2030		753,568		715,749			720,600		(6)
Magaya Corporation	Software & Tech Services	Term Loan	9.04% (S + 4.75%; 0.75% Floor)	7/26/2030		3,685,561		3,651,346			3,611,850		(15)
Magaya Corporation	Software & Tech Services	Delayed Draw Term Loan	9.04% (S + 4.75%; 0.75% Floor)	7/26/2030		142,200		130,652			105,344		(6)(15)
Magaya Corporation	Software & Tech Services	Revolver	11.25% (S + 4.75%; 0.75% Floor)	7/26/2030		276,417		267,983			257,989		(6)
Mastery Acquisition Corp.	Software & Tech Services	Term Loan	9.54% (S + 5.25%; 1.00% Floor)	9/7/2029		6,615,883		6,593,996			6,615,883		(15)
Mastery Acquisition Corp.	Software & Tech Services	Revolver	— (S + 5.25%; 1.00% Floor)	9/7/2029		-		(1,957	)		-		(6)(7)
Mastery Acquisition Corp.	Software & Tech Services	Delayed Draw Term Loan	— (S + 5.25%; 1.00% Floor)	9/7/2029		-		(4,997	)		-		(6)(7)
Mavenlink, Inc.	Software & Tech Services	Term Loan	10.69% (S + 2.00%; 0.75% Floor; 4.25% PIK)	6/3/2027		16,478,003		16,251,636			16,024,857		(15)
Mavenlink, Inc.	Software & Tech Services	Revolver	10.72% (S + 2.00%; 0.75% Floor; 4.25% PIK)	6/3/2027		1,560,259		1,544,994			1,507,508		(6)

See notes to Unaudited Consolidated Financial Statements

11

AB Private Credit Investors Corporation

Unaudited Consolidated Schedule of Investments as of March 31, 2025

Portfolio Company	Industry	Facility Type	Interest	Maturity	Funded Par Amount		Cost			Fair Value			Tickmarks
MBS Holdings, Inc.	Digital Infrastructure & Services	Revolver	— (S + 5.75%; 1.00% Floor)	4/16/2027		-		(6,784	)		(4,871	)	(6)(7)
MBS Holdings, Inc.	Digital Infrastructure & Services	Term Loan	10.85% (S + 6.50%; 1.00% Floor)	4/16/2027		777,281		764,043			775,338		(15)
MBS Holdings, Inc.	Digital Infrastructure & Services	Term Loan	10.60% (S + 6.25%; 1.00% Floor)	4/16/2027		826,832		812,071			824,765		(15)
MBS Holdings, Inc.	Digital Infrastructure & Services	Term Loan	10.10% (S + 5.75%; 1.00% Floor)	4/16/2027		10,126,489		10,053,102			10,075,857		(15)
MedBridge Holdings, LLC	Software & Tech Services	Term Loan	8.82% (S + 4.50%; 1.00% Floor)	12/23/2026		12,979,881		12,900,317			12,979,881		(15)
MedBridge Holdings, LLC	Software & Tech Services	Revolver	— (S + 4.50%; 1.00% Floor)	12/23/2026		-		(8,068	)		-		(6)(7)
MedBridge Holdings, LLC	Software & Tech Services	Term Loan	8.82% (S + 4.50%; 1.00% Floor)	12/23/2026		822,952		816,608			822,952		(15)
Medical Management Resource Group, L.L.C.	Healthcare	Term Loan	10.14% (S + 5.75%; 0.75% Floor)	9/30/2027		3,725,154		3,693,064			3,697,215		(15)
Medical Management Resource Group, L.L.C.	Healthcare	Delayed Draw Term Loan	10.14% (S + 5.75%; 0.75% Floor)	9/30/2027		1,538,568		1,515,643			1,527,029		(15)
Medical Management Resource Group, L.L.C.	Healthcare	Revolver	10.15% (S + 5.75%; 0.75% Floor)	9/30/2026		158,208		156,262			155,834		(6)
MedMark Services, Inc.	Healthcare	Term Loan	9.56% (S + 5.00%; 1.00% Floor)	6/11/2027		4,614,039		4,597,892			4,233,381		(15)
MedMark Services, Inc.	Healthcare	Delayed Draw Term Loan	9.56% (S + 5.00%; 1.00% Floor)	6/11/2027		3,823,278		3,807,948			3,507,857		(15)
Medsuite Purchaser, LLC (FKA Millin Purchaser, LLC)	Healthcare	Term Loan	9.42% (S + 5.00%; 1.00% Floor)	10/22/2026		7,714,591		7,663,079			7,676,018		(15)
Medsuite Purchaser, LLC (FKA Millin Purchaser, LLC)	Healthcare	Revolver	— (S + 5.00%; 1.00% Floor)	10/22/2026		-		(3,241	)		(3,402	)	(6)(7)
Medsuite Purchaser, LLC (FKA Millin Purchaser, LLC)	Healthcare	Delayed Draw Term Loan	9.42% (S + 5.00%; 1.00% Floor)	10/22/2026		1,310,127		1,283,265			1,310,127		(6)(15)
Mist Holding Co.	Software & Tech Services	Term Loan	9.54% (S + 5.25%; 0.75% Floor)	12/23/2030		4,836,131		4,789,436			4,787,769		(15)
Mist Holding Co.	Software & Tech Services	Delayed Draw Term Loan	— (S + 5.25%; 0.75% Floor)	12/23/2030		-		(12,965	)		(13,572	)	(6)(7)
Mist Holding Co.	Software & Tech Services	Delayed Draw Term Loan	— (S + 5.25%; 0.75% Floor)	12/23/2030		-		(5,712	)		(5,979	)	(6)(7)
Mist Holding Co.	Software & Tech Services	Revolver	9.55% (S + 5.25%; 0.75% Floor)	12/23/2030		301,598		289,951			289,534		(6)
MMP Intermediate, LLC	Consumer Non-Cyclical	Term Loan	10.18% (S + 5.75%; 1.00% Floor)	2/15/2029		2,003,483		1,971,160			2,003,483		(15)
MMP Intermediate, LLC	Consumer Non-Cyclical	Term Loan	10.18% (S + 5.75%; 1.00% Floor)	2/15/2029		7,845,003		7,777,075			7,845,003		(15)
MMP Intermediate, LLC	Consumer Non-Cyclical	Revolver	— (S + 6.25%; 1.00% Floor)	2/15/2029		-		(4,234	)		-		(6)(7)
Moon Buyer, Inc.	Software & Tech Services	Revolver	— (S + 4.75%; 0.75% Floor)	4/21/2031		-		(11,567	)		-		(6)(7)
Moon Buyer, Inc.	Software & Tech Services	Term Loan	9.06% (S + 4.75%; 0.75% Floor)	4/21/2031		16,213,888		16,094,257			16,213,888		(15)
Moon Buyer, Inc.	Software & Tech Services	Delayed Draw Term Loan	9.04% (S + 4.75%; 0.75% Floor)	4/21/2031		568,804		567,118			568,804		(15)
Mr. Greens Intermediate, LLC	Services	Term Loan	10.66% (S + 6.25%; 1.00% Floor)	5/1/2029		6,201,939		6,067,985			6,201,939		(15)
Mr. Greens Intermediate, LLC	Services	Delayed Draw Term Loan	10.65% (S + 6.25%; 1.00% Floor)	5/1/2029		283,348		228,905			283,348		(6)
Mr. Greens Intermediate, LLC	Services	Revolver	10.64% (S + 6.25%; 1.00% Floor)	5/1/2029		263,017		241,233			263,017		(6)
MSM Acquisitions, Inc.	Services	Term Loan	10.31% (S + 1.00%; 1.00% Floor; 2.50% PIK)	12/9/2026		8,336,082		8,283,035			7,356,592		(15)
MSM Acquisitions, Inc.	Services	Delayed Draw Term Loan	10.31% (S + 6.00%; 1.00% Floor)	12/9/2026		3,050,193		3,030,345			2,691,795		(15)
MSM Acquisitions, Inc.	Services	Revolver	12.81% (S + 1.00%; 1.00% Floor; 5.00% PIK)	12/9/2026		1,145,615		1,096,192			996,611		(6)
MSM Acquisitions, Inc.	Services	Delayed Draw Term Loan	10.31% (S + 6.00%; 1.00% Floor)	12/9/2026		373,863		372,304			329,934		(15)
MSP Global Holdings, Inc.	Digital Infrastructure & Services	Term Loan	10.14% (S + 5.50%; 1.00% Floor)	4/9/2029		8,709,433		8,561,939			8,687,659		(15)
MSP Global Holdings, Inc.	Digital Infrastructure & Services	Delayed Draw Term Loan	— (S + 5.50%; 1.00% Floor)	4/9/2029		-		(19,598	)		(3,030	)	(6)(7)
MSP Global Holdings, Inc.	Digital Infrastructure & Services	Term Loan	9.98% (S + 5.50%; 1.00% Floor)	4/9/2029		7,692,668		7,634,172			7,673,437		(15)
MSP Global Holdings, Inc.	Digital Infrastructure & Services	Delayed Draw Term Loan	9.91% (S + 5.50%; 1.00% Floor)	4/9/2029		600,912		595,066			599,410		(15)
MSP Global Holdings, Inc.	Digital Infrastructure & Services	Revolver	10.09% (S + 5.50%; 1.00% Floor)	4/9/2029		542,202		523,724			537,664		(6)
MyKaarma Acquisition LLC	Software & Tech Services	Term Loan	9.29% (S + 5.00%; 1.00% Floor)	3/21/2028		6,453,905		6,389,227			6,453,905		(15)
MyKaarma Acquisition LLC	Software & Tech Services	Revolver	— (S + 5.00%; 1.00% Floor)	3/21/2028		-		(5,947	)		-		(6)(7)
Nasuni Corporation	Software & Tech Services	Term Loan	10.04% (S + 5.75%; 0.75% Floor)	9/10/2030		12,575,067		12,395,172			12,417,879		(15)
Nasuni Corporation	Software & Tech Services	Revolver	— (S + 5.75%; 0.75% Floor)	9/10/2030		-		(35,705	)		(32,748	)	(6)(7)
Navigate360, LLC	Software & Tech Services	Term Loan	9.92% (S + 5.50%; 1.00% Floor)	3/17/2027		1,067,064		1,056,089			1,059,061		(15)
Navigate360, LLC	Software & Tech Services	Delayed Draw Term Loan	9.92% (S + 5.50%; 1.00% Floor)	3/17/2027		2,030,835		2,010,296			2,030,835		(15)
Navigate360, LLC	Software & Tech Services	Term Loan	9.92% (S + 5.50%; 1.00% Floor)	3/17/2027		4,102,757		4,067,469			4,071,986		(15)
Navigate360, LLC	Software & Tech Services	Delayed Draw Term Loan	9.92% (S + 5.50%; 1.00% Floor)	3/17/2027		1,767,388		1,757,299			1,754,132		(15)
Navigate360, LLC	Software & Tech Services	Revolver	— (S + 5.50%; 1.00% Floor)	3/17/2027	-			(4,945	)		(4,532	)	(6)(7)

See notes to Unaudited Consolidated Financial Statements

12

AB Private Credit Investors Corporation

Unaudited Consolidated Schedule of Investments as of March 31, 2025

Portfolio Company	Industry	Facility Type	Interest	Maturity	Funded Par Amount		Cost			Fair Value			Tickmarks
Navigate360, LLC	Software & Tech Services	Term Loan	9.92% (S + 5.50%; 1.00% Floor)	3/17/2027		2,214,687		2,192,507			2,198,077		(15)
NC Topco, LLC	Software & Tech Services	Term Loan	9.57% (S + 2.50%; 0.75% Floor; 2.75% PIK)	9/1/2031		11,353,312		11,249,802			11,268,162		(15)
NC Topco, LLC	Software & Tech Services	Revolver	— (S + 2.50%; 0.75% Floor; 2.75% PIK)	9/1/2031		-		(11,874	)		(9,690	)	(6)(7)
NC Topco, LLC	Software & Tech Services	Delayed Draw Term Loan	— (S + 2.50%; 0.75% Floor; 2.75% PIK)	8/29/2031		-		(14,840	)		(8,075	)	(6)(7)
Netwrix Corporation	Software & Tech Services	Term Loan	9.06% (S + 4.75%; 0.75% Floor)	6/11/2029		12,391,146		12,376,613			12,391,146		(15)
Netwrix Corporation	Software & Tech Services	Revolver	— (S + 4.75%; 0.75% Floor)	6/11/2029		-		(1,537	)		-		(6)(7)
Netwrix Corporation	Software & Tech Services	Delayed Draw Term Loan	9.06% (S + 4.75%; 0.75% Floor)	6/11/2029		48,179		36,450			48,179		(6)
Netwrix Corporation	Software & Tech Services	Term Loan	9.06% (S + 4.75%; 0.75% Floor)	6/11/2029		204,755		204,755			204,755		(15)
Next Holdco, LLC	Software & Tech Services	Term Loan	9.54% (S + 5.25%; 0.75% Floor)	11/12/2030		9,192,262		9,073,961			9,123,320		(15)
Next Holdco, LLC	Software & Tech Services	Revolver	— (S + 5.25%; 0.75% Floor)	11/9/2029		-		(10,335	)		(6,702	)	(6)(7)
Next Holdco, LLC	Software & Tech Services	Delayed Draw Term Loan	— (S + 5.25%; 0.75% Floor)	11/12/2030		-		(14,351	)		-		(6)(7)
NI Topco, Inc.	Digital Infrastructure & Services	Term Loan	11.25% (S + 4.75%; 0.75% Floor)	12/28/2028		6,961,798		6,875,079			6,961,798		(15)
NI Topco, Inc.	Digital Infrastructure & Services	Term Loan	11.25% (S + 4.75%; 0.75% Floor)	12/28/2028		1,202,727		1,186,795			1,202,727		(15)
OPOC Acquisition, LLC	Healthcare	Revolver	— (S + 5.00%; 1.00% Floor)	12/20/2030		-		(8,763	)		(7,575	)	(6)(7)
OPOC Acquisition, LLC	Healthcare	Delayed Draw Term Loan	— (S + 5.00%; 1.00% Floor)	12/20/2030		-		(10,844	)		(7,575	)	(6)(7)
OPOC Acquisition, LLC	Healthcare	Term Loan	9.35% (S + 5.00%; 1.00% Floor)	12/20/2030		6,544,665		6,449,922			6,462,857		(15)
Pace Health Companies, LLC	Healthcare	Term Loan	9.69% (S + 5.25%; 1.00% Floor)	8/3/2026		5,021,350		5,018,279			5,021,350		(15)
Pace Health Companies, LLC	Healthcare	Revolver	— (S + 5.25%; 1.00% Floor)	8/3/2026		-		(373	)		-		(6)(7)
Pace Health Companies, LLC	Healthcare	Term Loan	9.94% (S + 5.50%; 1.00% Floor)	8/3/2026		1,365,745		1,361,556			1,365,745		(15)
Pace Health Companies, LLC	Healthcare	Delayed Draw Term Loan	9.94% (S + 5.50%; 1.00% Floor)	8/3/2026		192,681		189,548			192,681		(6)
PDI TA Holdings, Inc	Software & Tech Services	Term Loan	9.79% (S + 5.50%; 0.75% Floor)	2/3/2031		10,446,645		10,376,537			10,420,528		(15)
PDI TA Holdings, Inc	Software & Tech Services	Revolver	9.78% (S + 5.50%; 0.75% Floor)	2/3/2031		125,810		117,915			123,451		(6)
PDI TA Holdings, Inc	Software & Tech Services	Delayed Draw Term Loan	9.79% (S + 5.50%; 0.75% Floor)	2/3/2031		952,365		948,382			949,984
Penn TRGRP Holdings LLC	Software & Tech Services	Term Loan	11.54% (S + 1.25%; 0.75% Floor; 6.00% PIK)	9/27/2030		7,390,971		7,250,744			7,390,971		(15)
Penn TRGRP Holdings LLC	Software & Tech Services	Revolver	— (S + 1.25%; 0.75% Floor; 6.00% PIK)	9/27/2030		-		(16,610	)		-		(6)(7)
Penn TRGRP Holdings LLC	Software & Tech Services	Delayed Draw Term Loan	11.54% (S + 1.25%; 0.75% Floor; 6.00% PIK)	9/27/2030		224,229		224,229			224,229		(6)
Peter C. Foy & Associates Insurance Services, LLC	Financials	Delayed Draw Term Loan	9.82% (S + 5.50%; 0.75% Floor)	11/1/2028		5,795,160		5,764,329			5,751,696		(15)
Peter C. Foy & Associates Insurance Services, LLC	Financials	Term Loan	9.82% (S + 5.50%; 0.75% Floor)	11/1/2028		490,909		486,701			487,227		(15)
Peter C. Foy & Associates Insurance Services, LLC	Financials	Delayed Draw Term Loan	9.82% (S + 5.50%; 0.75% Floor)	11/1/2028		1,228,451		1,216,565			1,219,238		(15)
Pharmalogic Holdings Corp	Healthcare	Term Loan	9.32% (S + 5.00%; 1.00% Floor)	6/21/2030		20,482,292		20,198,751			20,226,263		(15)
Pharmalogic Holdings Corp	Healthcare	Delayed Draw Term Loan	— (S + 5.00%; 1.00% Floor)	6/21/2030		-		(45,461	)		(17,337	)	(6)(7)
Pieper Memorial, LLC	Healthcare	Term Loan	10.17% (S + 5.75%; 1.00% Floor)	11/2/2027		2,046,409		2,019,971			2,046,409		(15)
Pieper Memorial, LLC	Healthcare	Delayed Draw Term Loan	10.17% (S + 5.75%; 1.00% Floor)	11/2/2027		3,539,699		3,489,603			3,539,699		(6)(15)
Ping Identity Holding Corp.	Software & Tech Services	Term Loan	9.04% (S + 4.75%; 0.75% Floor)	10/17/2029		11,973,278		11,770,535			11,973,278		(15)
Ping Identity Holding Corp.	Software & Tech Services	Revolver	— (S + 4.75%; 0.75% Floor)	10/17/2028		-		(18,033	)		-		(6)(7)
Pinnacle Treatment Centers, Inc.	Healthcare	Term Loan	10.06% (S + 5.75%; 1.00% Floor)	1/4/2027		5,096,859		5,083,363			5,045,891		(15)
Pinnacle Treatment Centers, Inc.	Healthcare	Revolver	12.00% (S + 5.75%; 1.00% Floor)	1/4/2027		158,175		156,087			152,023		(6)
Pinnacle Treatment Centers, Inc.	Healthcare	Term Loan	10.06% (S + 5.75%; 1.00% Floor)	1/4/2027		280,329		278,727			277,525		(15)
Pinnacle Treatment Centers, Inc.	Healthcare	Term Loan	10.06% (S + 5.75%; 1.00% Floor)	1/4/2027		379,695		376,944			375,898		(15)
Pinnacle Treatment Centers, Inc.	Healthcare	Delayed Draw Term Loan	10.06% (S + 5.75%; 1.00% Floor)	1/4/2027		335,726		335,359			332,368		(15)
Pinnacle Treatment Centers, Inc.	Healthcare	Term Loan	10.06% (S + 5.75%; 1.00% Floor)	1/4/2027		144,588		144,237			143,142		(15)
Priority OnDemand Midco 2, L.P.	Healthcare	Term Loan	9.74% (S + 5.25%; 1.00% Floor)	7/17/2028		7,446,480		7,373,270			7,446,480		(15)
Priority OnDemand Midco 2, L.P.	Healthcare	Delayed Draw Term Loan	9.76% (S + 5.25%; 1.00% Floor)	7/17/2028		177,026		162,874			177,026		(6)
QualDerm Partners, LLC	Healthcare	Term Loan	15.89% (S + 5.75%; 0.75% Floor; 5.25% PIK)	12/8/2028		5,761,903		5,518,750			5,171,308		(15)
QualDerm Partners, LLC	Healthcare	Delayed Draw Term Loan	15.90% (S + 5.75%; 0.75% Floor; 5.25% PIK)	12/8/2028		667,878		638,802			599,421
QualDerm Partners, LLC	Healthcare	Revolver	8.40% (S + 4.00%; 0.75% Floor)	12/8/2026		222,760		217,916			216,038		(6)
Race Finco, LLC	Digital Infrastructure & Services	Term Loan	10.07% (S + 5.75%; 1.00% Floor)	8/16/2029		9,178,206		9,040,497			8,971,696		(15)

See notes to Unaudited Consolidated Financial Statements

13

AB Private Credit Investors Corporation

Unaudited Consolidated Schedule of Investments as of March 31, 2025

Portfolio Company	Industry	Facility Type	Interest	Maturity	Funded Par Amount		Cost			Fair Value			Tickmarks
Race Finco, LLC	Digital Infrastructure & Services	Revolver	— (S + 5.75%; 1.00% Floor)	8/16/2029		-		(10,332	)		(13,720	)	(6)(7)
Race Finco, LLC	Digital Infrastructure & Services	Delayed Draw Term Loan	10.05% (S + 5.75%; 1.00% Floor)	8/16/2029		5,019,680		4,899,894			4,923,135		(6)(15)
Ranger Buyer, Inc.	Software & Tech Services	Term Loan	9.04% (S + 4.75%; 0.75% Floor)	11/20/2028		15,251,966		15,078,626			15,251,966		(15)
Ranger Buyer, Inc.	Software & Tech Services	Revolver	— (S + 4.75%; 0.75% Floor)	11/18/2027		-		(10,809	)		-		(6)(7)
RCP Encore Acquisition, Inc.	Healthcare	Term Loan	— (S + 5.00%; 1.00% Floor)	6/6/2025		2,852,633		2,784,836			28,526		(16)
Redwood Family Care Network, Inc.	Healthcare	Revolver	— (S + 5.50%; 1.00% Floor)	6/18/2026		-		(2,926	)		(1,472	)	(6)(7)
Redwood Family Care Network, Inc.	Healthcare	Term Loan	9.94% (S + 5.50%; 1.00% Floor)	6/18/2026		7,691,480		7,645,181			7,672,251		(15)
Redwood Family Care Network, Inc.	Healthcare	Delayed Draw Term Loan	9.94% (S + 5.50%; 1.00% Floor)	6/18/2026		5,697,339		5,668,878			5,683,096		(15)
Redwood Family Care Network, Inc.	Healthcare	Delayed Draw Term Loan	9.94% (S + 5.50%; 1.00% Floor)	6/18/2026		4,270,944		4,215,545			4,260,267		(15)
REP TEC Intermediate Holdings, Inc.	Services	Term Loan	9.79% (S + 5.50%; 1.00% Floor)	12/1/2027		11,882,114		11,866,225			11,882,114		(15)
REP TEC Intermediate Holdings, Inc.	Services	Revolver	— (S + 5.00%; 1.00% Floor)	12/1/2027		-		(1,736	)		-		(6)(7)
Ridge Trail US Bidco, Inc.	Digital Infrastructure & Services	Term Loan	8.79% (S + 4.50%; 0.75% Floor)	9/30/2031		6,444,660		6,353,104			6,428,548		(8)(15)
Ridge Trail US Bidco, Inc.	Digital Infrastructure & Services	Delayed Draw Term Loan	— (S + 4.75%; 0.75% Floor)	9/30/2031		-		(15,552	)		-		(6)(7)(8)
Ridge Trail US Bidco, Inc.	Digital Infrastructure & Services	Revolver	8.79% (S + 4.50%; 0.75% Floor)	3/30/2031		200,508		190,199			198,651		(6)(8)
Saab Purchaser, Inc.	Software & Tech Services	Term Loan	9.31% (S + 5.00%; 0.75% Floor)	11/12/2031		19,214,323		19,029,157			19,118,251		(15)
Saab Purchaser, Inc.	Software & Tech Services	Delayed Draw Term Loan	— (S + 5.00%; 0.75% Floor)	11/12/2031		-		(24,411	)		-		(6)(7)
Saab Purchaser, Inc.	Software & Tech Services	Revolver	— (S + 5.00%; 0.75% Floor)	11/12/2031		-		(24,414	)		(12,905	)	(6)(7)
Sako and Partners Lower Holdings LLC	Services	Delayed Draw Term Loan	— (S + 4.50%; 1.00% Floor)	9/15/2028		-		(29,218	)		-		(6)(7)
Sako and Partners Lower Holdings LLC	Services	Term Loan	8.79% (S + 4.50%; 1.00% Floor)	9/15/2028		1,678,573		1,652,325			1,670,180		(15)
Sako and Partners Lower Holdings LLC	Services	Term Loan	8.79% (S + 4.50%; 1.00% Floor)	9/15/2028		17,105,806		16,824,018			17,020,277		(15)
Sako and Partners Lower Holdings LLC	Services	Delayed Draw Term Loan	8.79% (S + 4.50%; 1.00% Floor)	9/15/2028		3,487,682		3,427,619			3,470,244		(15)
Sako and Partners Lower Holdings LLC	Services	Revolver	— (S + 4.50%; 1.00% Floor)	9/15/2028		0		(26,062	)		(8,794	)	(6)(7)
Salisbury House, LLC	Healthcare	Term Loan	10.19% (S + 5.75%; 1.00% Floor)	2/27/2026		981,829		977,744			981,829		(15)
Salisbury House, LLC	Healthcare	Delayed Draw Term Loan	10.19% (S + 5.75%; 1.00% Floor)	2/27/2026		567,417		557,026			567,417		(15)
Salisbury House, LLC	Healthcare	Term Loan	10.19% (S + 5.75%; 1.00% Floor)	2/27/2026		429,109		427,119			429,109		(15)
Salisbury House, LLC	Healthcare	Delayed Draw Term Loan	10.19% (S + 5.75%; 1.00% Floor)	2/27/2026		493,557		488,283			493,557		(15)
Salisbury House, LLC	Healthcare	Term Loan	10.19% (S + 5.75%; 1.00% Floor)	2/27/2026		3,934,410		3,924,811			3,934,410		(15)
Salisbury House, LLC	Healthcare	Revolver	10.18% (S + 5.75%; 1.00% Floor)	2/27/2026		256,841		254,246			256,841		(6)
Salisbury House, LLC	Healthcare	Term Loan	10.19% (S + 5.75%; 1.00% Floor)	2/27/2026		1,111,233		1,109,418			1,111,233		(15)
Salisbury House, LLC	Healthcare	Term Loan	10.19% (S + 5.75%; 1.00% Floor)	2/27/2026		1,209,611		1,206,268			1,209,611		(15)
Sandstone Care Holdings, LLC	Healthcare	Term Loan	9.81% (S + 5.50%; 1.00% Floor)	6/28/2028		4,581,817		4,524,440			4,123,636		(15)
Sandstone Care Holdings, LLC	Healthcare	Delayed Draw Term Loan	9.81% (S + 5.50%; 1.00% Floor)	6/28/2028		914,670		905,908			823,203		(15)
Sandstone Care Holdings, LLC	Healthcare	Revolver	9.81% (S + 5.50%; 1.00% Floor)	6/28/2028		824,492		815,194			742,042
Sapphire Software Buyer, Inc.	Software & Tech Services	Term Loan	9.71% (S + 2.50%; 0.75% Floor; 3.00% PIK)	9/30/2031		14,441,721		14,308,067			14,333,408		(15)
Sapphire Software Buyer, Inc.	Software & Tech Services	Revolver	— (S + 5.00%; 0.75% Floor)	9/30/2031		-		(16,045	)		(12,928	)	(6)(7)
Sauce Labs Inc	Software & Tech Services	Revolver	— (S + 5.50%; 1.00% Floor; 0.50% PIK)	8/16/2027		-		(10,379	)		(25,636	)	(6)(7)
Sauce Labs Inc	Software & Tech Services	Revolver	10.39% (S + 5.50%; 1.00% Floor; 0.50% PIK)	8/16/2027		1,947,064		1,931,460			1,908,123		(15)
Sauce Labs Inc	Software & Tech Services	Term Loan	10.39% (S + 5.50%; 1.00% Floor; 0.50% PIK)	8/16/2027		7,589,630		7,517,198			7,437,838		(15)
Sauce Labs Inc	Software & Tech Services	Delayed Draw Term Loan	10.39% (S + 5.50%; 1.00% Floor; 0.50% PIK)	8/16/2027		862,263		856,729			851,485		(15)
Saviynt, Inc.	Software & Tech Services	Term Loan	10.07% (S + 3.00%; 1.00% Floor; 2.75% PIK)	2/18/2030		19,812,070		19,532,232			19,812,070		(15)
Saviynt, Inc.	Software & Tech Services	Delayed Draw Term Loan	10.07% (S + 3.00%; 1.00% Floor; 2.75% PIK)	2/18/2030		6,332,063		6,240,834			6,332,063		(15)
Saviynt, Inc.	Software & Tech Services	Revolver	— (S + 3.00%; 1.00% Floor; 2.75% PIK)	2/18/2030		-		(7,316	)		-		(6)(7)
SCA Buyer, LLC	Healthcare	Revolver	11.05% (S + 6.50%; 1.00% Floor)	1/20/2027		646,427		642,231			593,097
SCA Buyer, LLC	Healthcare	Term Loan	11.05% (S + 6.50%; 1.00% Floor)	1/20/2027		4,323,167		4,292,583			3,966,506		(15)

See notes to Unaudited Consolidated Financial Statements

14

AB Private Credit Investors Corporation

Unaudited Consolidated Schedule of Investments as of March 31, 2025

Portfolio Company	Industry	Facility Type	Interest	Maturity	Funded Par Amount		Cost			Fair Value			Tickmarks
SDC Atlas Acquistionco, LLC	Digital Infrastructure & Services	Term Loan	9.92% (S + 5.50%; 0.75% Floor)	8/25/2028		10,715,390		10,579,797			10,581,448		(15)
SDC Atlas Acquistionco, LLC	Digital Infrastructure & Services	Delayed Draw Term Loan	9.92% (S + 5.50%; 0.75% Floor)	8/25/2028		1,868,963		1,749,825			1,752,153		(6)(15)
SDC Atlas Acquistionco, LLC	Digital Infrastructure & Services	Revolver	9.92% (S + 5.50%; 0.75% Floor)	8/25/2028		622,988		615,137			615,200
Second Nature Brands, Inc.	Software & Tech Services	Term Loan	10.26% (S + 6.00%; 1.00% Floor)	2/6/2031		5,477,782		5,397,127			5,395,616		(15)
Second Nature Brands, Inc.	Software & Tech Services	Revolver	— (S + 6.00%; 1.00% Floor)	2/6/2031		-		(8,910	)		(9,130	)	(6)(7)
Securonix, Inc	Software & Tech Services	Term Loan	12.04% (S + 7.00%; 0.75% Floor; 3.75% PIK)	4/5/2028		8,628,217		8,551,685			5,996,610		(15)
Securonix, Inc	Software & Tech Services	Revolver	11.29% (S + 7.00%; 0.75% Floor)	4/5/2028		34,660		20,929			23,892		(6)
Serrano Parent, LLC	Software & Tech Services	Term Loan	10.92% (S + 6.50%; 1.00% Floor)	5/13/2030		21,207,477		20,800,721			20,783,327		(15)
Serrano Parent, LLC	Software & Tech Services	Revolver	— (S + 6.50%; 1.00% Floor)	5/13/2030		-		(38,472	)		(41,720	)	(6)(7)
Single Digits, Inc.	Digital Infrastructure & Services	Term Loan	— (S + 4.25%; 1.00% Floor; 3.00% PIK)	6/22/2026		2,932,730		2,678,171			1,407,153		(16)
Single Digits, Inc.	Digital Infrastructure & Services	Delayed Draw Term Loan	— (S + 7.50%; 1.00% Floor)	6/22/2026		626,535		571,162			300,618		(16)
Single Digits, Inc.	Digital Infrastructure & Services	Revolver	— (S + 4.25%; 1.00% Floor)	6/22/2026		-		(1,220	)		-		(6)(7)(16)
Smile Brands, Inc.	Healthcare	Term Loan	12.89% (S + 6.00%; 0.75% Floor; 4.00% PIK)	10/12/2027		1,612,799		1,572,161			1,467,648
Smile Brands, Inc.	Healthcare	Revolver	14.78% (S + 6.00%; 4.50% Floor; 4.00% PIK)	10/12/2027		112,017		87,068			88,333		(6)
Smile Brands, Inc.	Healthcare	Delayed Draw Term Loan	10.38% (S + 4.50%; 0.75% Floor; 6.00% PIK)	10/12/2027		490,151		478,431			446,037
Socket Holdings Corporation	Digital Infrastructure & Services	Term Loan	9.57% (S + 5.25%; 0.75% Floor)	3/31/2031		8,442,703		8,316,062			8,316,062		(15)
Socket Holdings Corporation	Digital Infrastructure & Services	Delayed Draw Term Loan	— (S + 5.25%; 0.75% Floor)	3/31/2031		-		(21,648	)		(21,648	)	(6)(7)
Socket Holdings Corporation	Digital Infrastructure & Services	Revolver	— (S + 5.25%; 0.75% Floor)	3/31/2031		-		(10,824	)		(10,824	)	(6)(7)
Soladoc, LLC	Software & Tech Services	Term Loan	9.39% (S + 5.00%; 0.75% Floor)	6/12/2028		5,889,225		5,825,340			5,741,995		(15)
Soladoc, LLC	Software & Tech Services	Revolver	— (S + 5.00%; 0.75% Floor)	6/12/2028		-		(6,370	)		(14,723	)	(6)(7)
Spark DSO, LLC	Healthcare	Term Loan	12.21% (S + 3.75%; 1.00% Floor; 4.00% PIK)	4/20/2026		7,031,937		7,004,490			6,961,617		(15)
Spark DSO, LLC	Healthcare	Revolver	12.21% (S + 3.75%; 1.00% Floor; 4.00% PIK)	4/20/2026		271,669		268,509			263,376		(6)
Stratus Networks, Inc.	Digital Infrastructure & Services	Term Loan	8.67% (S + 4.25%; 1.00% Floor)	12/15/2028		7,920,781		7,841,654			7,881,177		(15)
Stratus Networks, Inc.	Digital Infrastructure & Services	Delayed Draw Term Loan	8.67% (S + 4.25%; 1.00% Floor)	12/15/2028		3,630,358		3,594,856			3,610,556		(6)(15)
Stratus Networks, Inc.	Digital Infrastructure & Services	Revolver	8.67% (S + 4.25%; 1.00% Floor)	12/15/2028		264,026		254,855			259,076		(6)
Stratus Networks, Inc.	Digital Infrastructure & Services	Delayed Draw Term Loan	— (S + 4.25%; 1.00% Floor)	12/15/2028		-		(22,355	)		-		(6)(7)
SugarCrm, Inc.	Software & Tech Services	Term Loan	9.42% (S + 5.00%; 1.00% Floor)	7/30/2027		4,268,824		4,247,529			4,226,136		(15)
SugarCrm, Inc.	Software & Tech Services	Revolver	— (S + 5.00%; 1.00% Floor)	7/30/2027		-		(1,185	)		(3,102	)	(6)(7)
SugarCrm, Inc.	Software & Tech Services	Term Loan	9.42% (S + 5.00%; 1.00% Floor)	7/30/2027		566,197		557,876			560,535		(15)
Sundance Group Holdings, Inc.	Software & Tech Services	Term Loan	9.04% (S + 4.75%; 1.00% Floor)	7/2/2029		19,926,265		19,926,265			19,926,265		(15)
Sundance Group Holdings, Inc.	Software & Tech Services	Revolver	9.04% (S + 4.75%; 1.00% Floor)	7/2/2029		1,022,169		1,010,714			1,022,169		(6)
Tau Buyer, LLC	Digital Infrastructure & Services	Term Loan	9.04% (S + 4.75%; 0.75% Floor)	2/2/2032		15,538,480		15,385,792			15,383,095		(15)
Tau Buyer, LLC	Digital Infrastructure & Services	Delayed Draw Term Loan	9.04% (S + 4.75%; 0.75% Floor)	2/2/2032		216,188		188,572			188,083		(6)
Tau Buyer, LLC	Digital Infrastructure & Services	Revolver	— (S + 4.75%; 0.75% Floor)	2/2/2032		-		(19,798	)		(20,268	)	(6)(7)
Telcor Buyer, Inc.	Software & Tech Services	Term Loan	8.64% (S + 4.25%; 1.00% Floor)	8/20/2027		6,709,669		6,668,682			6,709,669		(15)
Telcor Buyer, Inc.	Software & Tech Services	Revolver	— (S + 4.25%; 1.00% Floor)	8/20/2027		-		(1,769	)		-		(6)(7)
Telesoft Holdings, LLC	Software & Tech Services	Term Loan	10.17% (S + 5.75%; 1.00% Floor)	12/16/2026		5,670,231		5,652,287			5,641,880		(15)
Telesoft Holdings, LLC	Software & Tech Services	Revolver	10.17% (S + 5.75%; 1.00% Floor)	12/16/2026		139,269		137,641			136,285		(6)
The Center for Orthopedic and Research Excellence, Inc.	Healthcare	Term Loan	10.44% (S + 6.00%; 1.00% Floor)	12/31/2026		4,731,007		4,724,844			4,731,007		(15)
The Center for Orthopedic and Research Excellence, Inc.	Healthcare	Revolver	10.44% (S + 6.00%; 1.00% Floor)	12/31/2026		656,005		655,188			656,005		(6)
The Center for Orthopedic and Research Excellence, Inc.	Healthcare	Delayed Draw Term Loan	10.44% (S + 6.00%; 1.00% Floor)	12/31/2026		1,115,442		1,114,808			1,115,442		(15)
The Center for Orthopedic and Research Excellence, Inc.	Healthcare	Delayed Draw Term Loan	10.44% (S + 6.00%; 1.00% Floor)	12/31/2026		1,695,940		1,693,117			1,695,940		(15)
The Center for Orthopedic and Research Excellence, Inc.	Healthcare	Delayed Draw Term Loan	10.46% (S + 6.00%; 1.00% Floor)	12/31/2026		1,683,980		1,680,544			1,683,980		(15)
The Center for Orthopedic and Research Excellence, Inc.	Healthcare	Term Loan	10.47% (S + 6.00%; 1.00% Floor)	12/31/2026		3,159,239		3,152,748			3,159,239		(15)
ToolWatch Intermediate, LLC	Software & Tech Services	Term Loan	10.29% (S + 6.00%; 0.75% Floor)	7/31/2030		12,899,463		12,722,072			12,705,971		(15)
ToolWatch Intermediate, LLC	Software & Tech Services	Delayed Draw Term Loan	10.29% (S + 6.00%; 0.75% Floor)	7/31/2030		729,913		729,913			711,485		(6)

See notes to Unaudited Consolidated Financial Statements

15

AB Private Credit Investors Corporation

Unaudited Consolidated Schedule of Investments as of March 31, 2025

Portfolio Company	Industry	Facility Type	Interest	Maturity	Funded Par Amount			Cost			Fair Value			Tickmarks
ToolWatch Intermediate, LLC	Software & Tech Services	Revolver	— (S + 6.00%; 0.75% Floor)	7/31/2030		-			(16,450	)		(18,428	)	(6)(7)
Towerco IV Holdings, LLC	Digital Infrastructure & Services	Delayed Draw Term Loan	8.17% (S + 3.75%; 1.00% Floor)	8/31/2028		20,870,438			20,799,922			20,870,438		(6)(15)
Unanet, Inc	Software & Tech Services	Term Loan	9.57% (S + 5.25%; 0.75% Floor)	12/9/2030		12,003,044			11,852,470			11,822,998		(15)
Unanet, Inc	Software & Tech Services	Delayed Draw Term Loan	9.57% (S + 5.25%; 0.75% Floor)	12/9/2030		2,135,278			2,098,367			2,097,374		(6)(15)
Unanet, Inc	Software & Tech Services	Revolver	— (S + 5.25%; 0.75% Floor)	12/9/2030		-			(26,834	)		(30,954	)	(6)(7)
Unanet, Inc	Software & Tech Services	Delayed Draw Term Loan	— (S + 5.25%; 0.75% Floor)	12/9/2030		-			(3,823	)		(5,399	)	(6)(7)
Ungerboeck Systems International, LLC	Software & Tech Services	Term Loan	10.07% (S + 5.75%; 1.00% Floor)	4/30/2027		261,770			257,780			260,461		(15)
Ungerboeck Systems International, LLC	Software & Tech Services	Term Loan	10.07% (S + 5.75%; 1.00% Floor)	4/30/2027		302,867			299,552			301,353		(15)
Ungerboeck Systems International, LLC	Software & Tech Services	Term Loan	10.07% (S + 5.75%; 1.00% Floor)	4/30/2027		2,696,897			2,682,337			2,683,413		(15)
Ungerboeck Systems International, LLC	Software & Tech Services	Delayed Draw Term Loan	10.07% (S + 5.75%; 1.00% Floor)	4/30/2027		319,973			318,233			318,373		(15)
Ungerboeck Systems International, LLC	Software & Tech Services	Delayed Draw Term Loan	10.07% (S + 5.75%; 1.00% Floor)	4/30/2027		685,613			685,613			682,185		(15)
Ungerboeck Systems International, LLC	Software & Tech Services	Term Loan	10.07% (S + 5.75%; 1.00% Floor)	4/30/2027		135,360			134,151			134,683		(15)
Ungerboeck Systems International, LLC	Software & Tech Services	Delayed Draw Term Loan	10.07% (S + 5.75%; 1.00% Floor)	4/30/2027		473,760			471,429			471,391		(15)
Ungerboeck Systems International, LLC	Software & Tech Services	Revolver	— (S + 5.75%; 1.00% Floor)	4/30/2027		0			(1,464	)		(1,147	)	(6)(7)
Unlimited Technology Holdings, LLC	Healthcare	Term Loan	9.04% (S + 4.75%; 0.75% Floor)	3/12/2032		14,438,848			14,367,066			14,366,654		(15)
Unlimited Technology Holdings, LLC	Healthcare	Revolver	— (S + 4.75%; 0.75% Floor)	3/12/2032		-			(9,553	)		(9,626	)	(6)(7)
UpStack Holdco Inc.	Digital Infrastructure & Services	Revolver	9.36% (S + 5.00%; 0.75% Floor)	8/25/2031		207,720			199,272			203,104		(6)
UpStack Holdco Inc.	Digital Infrastructure & Services	Delayed Draw Term Loan	9.23% (S + 5.00%; 0.75% Floor)	8/25/2031		461,599			448,634			461,599		(6)(15)
UpStack Holdco Inc.	Digital Infrastructure & Services	Term Loan	9.32% (S + 5.00%; 0.75% Floor)	8/25/2031		6,000,793			5,944,590			5,970,789		(15)
Vectra AI, Inc.	Software & Tech Services	Revolver	— (S + 5.25%; 1.00% Floor)	3/2/2028		-			(7,860	)		(12,001	)	(6)(7)
Vectra AI, Inc.	Software & Tech Services	Term Loan	9.64% (S + 5.25%; 1.00% Floor)	3/2/2028		8,575,830			8,499,845			8,490,072		(15)
Vectra AI, Inc.	Software & Tech Services	Delayed Draw Term Loan	9.64% (S + 5.25%; 1.00% Floor)	3/2/2028		1,163,793			1,131,925			1,127,971		(6)(15)
Vehlo Purchaser, LLC	Software & Tech Services	Term Loan	9.57% (S + 5.25%; 0.75% Floor)	5/24/2028		2,006,737			1,987,011			2,006,737		(15)
Vehlo Purchaser, LLC	Software & Tech Services	Term Loan	9.57% (S + 5.25%; 0.75% Floor)	5/24/2028		20,877,300			20,709,364			20,877,300		(15)
Vehlo Purchaser, LLC	Software & Tech Services	Delayed Draw Term Loan	9.57% (S + 5.25%; 0.75% Floor)	5/24/2028		5,799,250			5,763,657			5,799,250		(15)
Vehlo Purchaser, LLC	Software & Tech Services	Revolver	— (S + 5.25%; 0.75% Floor)	5/24/2028		(0	)		(9,464	)		(0	)	(6)(7)
Venture Buyer LLC	Digital Infrastructure & Services	Term Loan	9.54% (S + 5.25%; 1.00% Floor)	3/1/2030		4,858,831			4,775,046			4,810,242		(15)
Venture Buyer LLC	Digital Infrastructure & Services	Delayed Draw Term Loan	— (S + 5.25%; 1.00% Floor)	3/1/2030		-			(8,293	)		-		(6)(7)
Venture Buyer LLC	Digital Infrastructure & Services	Revolver	9.57% (S + 5.25%; 1.00% Floor)	3/1/2030		50,441			37,990			42,875		(6)
Veracross LLC	Software & Tech Services	Delayed Draw Term Loan	10.92% (S + 6.50%; 1.00% Floor)	12/28/2027		192,693			192,693			192,693		(6)
Veracross LLC	Software & Tech Services	Term Loan	10.92% (S + 6.50%; 1.00% Floor)	12/28/2027		15,416,509			15,278,312			15,416,509		(15)
Veracross LLC	Software & Tech Services	Delayed Draw Term Loan	10.92% (S + 6.50%; 1.00% Floor)	12/28/2027		1,821,742			1,783,142			1,821,742		(15)
Veracross LLC	Software & Tech Services	Revolver	10.91% (S + 6.00%; 6.50% Floor)	12/28/2027		866,917			847,328			866,917		(6)
Vhagar Purchaser, LLC	Software & Tech Services	Term Loan	10.31% (S + 6.00%; 1.00% Floor)	6/11/2029		3,360,201			3,288,084			3,326,599		(15)
Vhagar Purchaser, LLC	Software & Tech Services	Delayed Draw Term Loan	10.31% (S + 6.00%; 1.00% Floor)	6/11/2029		168,010			158,182			168,010		(6)
Vhagar Purchaser, LLC	Software & Tech Services	Revolver	— (S + 6.00%; 1.00% Floor)	6/11/2029		-			(7,907	)		(3,734	)	(6)(7)
Visionary Buyer, LLC	Digital Infrastructure & Services	Term Loan	9.54% (S + 5.25%; 0.75% Floor)	3/21/2031		5,653,672			5,577,748			5,597,136		(15)
Visionary Buyer, LLC	Digital Infrastructure & Services	Delayed Draw Term Loan	9.54% (S + 5.25%; 0.75% Floor)	3/21/2031		3,750,269			3,689,341			3,707,867		(6)(15)
Visionary Buyer, LLC	Digital Infrastructure & Services	Revolver	— (S + 5.25%; 0.75% Floor)	3/21/2030		-			(17,596	)		(14,134	)	(6)(7)
Visionary Buyer, LLC	Digital Infrastructure & Services	Delayed Draw Term Loan	— (S + 5.25%; 0.75% Floor)	3/21/2031		-			(41,345	)		(41,345	)	(6)(7)
Wealth Enhancement Group, LLC	Financials	Delayed Draw Term Loan	9.30% (S + 5.00%; 1.00% Floor)	10/2/2028		1,754,888			1,737,636			1,754,888		(6)(15)
Wealth Enhancement Group, LLC	Financials	Delayed Draw Term Loan	— (S + 5.00%; 1.00% Floor)	10/2/2028		-			(4,089	)		-		(6)(7)
Wealth Enhancement Group, LLC	Financials	Delayed Draw Term Loan	9.30% (S + 5.00%; 1.00% Floor)	10/2/2028		6,141,507			6,132,896			6,141,507		(15)
Wealth Enhancement Group, LLC	Financials	Revolver	— (S + 5.00%; 1.00% Floor)	10/2/2028		(0	)		(978	)		(0	)	(6)(7)
Wealth Enhancement Group, LLC	Financials	Delayed Draw Term Loan	9.30% (S + 5.00%; 1.00% Floor)	10/2/2028		1,341,182			1,338,510			1,341,182		(15)
Webster Equity Partners III-A, L.P.	Financials	Delayed Draw Term Loan	15.16% (S + 3.50%; 2.00% Floor; 7.35% PIK)	4/1/2027		5,665,870			5,472,356			5,564,180		(6)(8)
West Dermatology Management Holdings, LLC	Healthcare	Term Loan	11.71% (S + 7.25%; 1.00% Floor)	3/17/2028		11,231,183			11,101,104			10,473,079		(15)

See notes to Unaudited Consolidated Financial Statements

16

AB Private Credit Investors Corporation

Unaudited Consolidated Schedule of Investments as of March 31, 2025

Portfolio Company	Industry	Facility Type	Interest	Maturity	Funded Par Amount		Cost			Fair Value		Tickmarks
West Dermatology Management Holdings, LLC	Healthcare	Delayed Draw Term Loan	13.59% (S + 7.25%; 1.00% Floor; 1.87% PIK)	3/17/2028		1,501,925		1,490,761			1,415,565
West Dermatology Management Holdings, LLC	Healthcare	Revolver	11.70% (S + 7.25%; 1.00% Floor)	3/17/2028		1,253,284		1,234,686			1,168,687
Wolverine Seller Holdings, LLC	Services	Term Loan	9.04% (S + 4.75%; 0.75% Floor)	1/17/2030		6,637,304		6,530,368			6,637,304	(15)
Wolverine Seller Holdings, LLC	Services	Delayed Draw Term Loan	9.04% (S + 4.75%; 0.75% Floor)	1/17/2030		1,099,215		1,059,354			1,099,215	(6)(15)
Wolverine Seller Holdings, LLC	Services	Revolver	— (S + 4.75%; 0.75% Floor)	1/17/2030		-		(17,918	)		-	(6)(7)
Your Part-Time Controller, LLC	Services	Term Loan	9.82% (S + 5.50%; 1.00% Floor)	11/14/2029		6,821,362		6,714,223			6,821,356	(15)
Your Part-Time Controller, LLC	Services	Revolver	— (S + 5.50%; 1.00% Floor)	11/14/2029		-		(9,705	)		-	(6)(7)
Zendesk, Inc.	Software & Tech Services	Delayed Draw Term Loan	— (S + 5.00%; 0.75% Floor)	11/22/2028		-		-			-	(6)
Zendesk, Inc.	Software & Tech Services	Revolver	— (S + 5.00%; 0.75% Floor)	11/22/2028		-		-			-	(6)
Zendesk, Inc.	Software & Tech Services	Term Loan	9.30% (S + 5.00%; 0.75% Floor)	11/22/2028		13,614,775		13,614,775			13,614,775	(15)
Total U.S. 1st Lien/Senior Secured Debt								1,575,609,835			1,557,405,786
2nd Lien/Junior Secured Debt — 0.42%
Symplr Software, Inc.	Software & Tech Services	Term Loan	12.26% (S + 7.87%; 0.75% Floor)	12/22/2028		3,130,634		3,097,553			2,715,825	(15)
Total U.S. 2nd Lien/Junior Secured Debt								3,097,553			2,715,825
Total U.S Corporate Debt								1,578,707,388			1,560,121,611
Canada Corporate Debt — 1.49%
1st Lien/Senior Secured Canadian Debt — 1.49%
Syntax Systems Ltd.	Digital Infrastructure & Services	Term Loan	10.01% (S + 5.00%; 0.75% Floor)	10/30/2028		8,563,364		8,516,887			8,541,956	(8)(15)
Syntax Systems Ltd.	Digital Infrastructure & Services	Term Loan	9.95% (S + 5.00%; 0.75% Floor)	10/27/2028		1,191,387		1,186,908			1,188,409	(8)(15)
Total Canadian 1st Lien/Senior Secured Debt								9,703,795			9,730,365
Total Canadian Corporate Debt								9,703,795			9,730,365
Luxembourg Corporate Debt — 1.54%
1st Lien/Senior Secured Luxembourg Debt — 1.54%
SumUp Holdings Luxembourg	Software & Tech Services	Delayed Draw Term Loan	10.82% (S + 6.50%; 1.50% Floor)	5/23/2031		10,088,201		9,996,880			10,088,201	(6)(8)(15)
Total Luxembourg 1st Lien/Senior Secured Debt								9,996,880			10,088,201
Total Luxembourg Corporate Debt								9,996,880			10,088,201
United Kingdom Corporate Debt — 3.06%
1st Lien/Senior Secured United Kingdom Debt — 3.06%
Labvantage Solutions Inc.	Software & Tech Services	Revolver	9.55% (S + 5.25%; 1.00% Floor)	12/23/2030		570,941		544,150			548,103	(6)(8)
Labvantage Systems Limited	Software & Tech Services	Term Loan	9.54% (S + 5.25%; 1.00% Floor)	12/23/2030		19,768,898		19,420,711			19,472,365	(8)(15)
Total United Kingdom 1st Lien/Senior Secured Debt								19,964,861			20,020,468
Total United Kingdom Corporate Debt								19,964,861			20,020,468

Portfolio Company	Class/Series	Industry	Initial Acquisition Date (10)	Shares		Cost		Fair Value		Tickmarks
U.S. Preferred Stock — 1.14%										(18)
Alphasense, LLC	Series C Preferred	Software & Tech Services	6/1/2021		23,961		369,843		808,501	(8)
Concerto HealthAI Solutions LLC	Series B-1 Preferred	Software & Tech Services	12/23/2019		65,614		349,977		277,078
Datarobot, Inc.	Series E	Software & Tech Services	8/31/2019		38,190		289,278		216,685
Datarobot, Inc.	Series F	Software & Tech Services	10/27/2020		6,715		88,248		53,539
Degreed, Inc.	Series C-1 Preferred	Software & Tech Services	6/19/2019		43,819		278,541		219,949
Degreed, Inc.	Series D Preferred	Software & Tech Services	4/30/2021		16,943		278,308		227,061
Knockout Intermediate Holdings I Inc.	Perpetual Preferred Stock	Software & Tech Services	6/23/2022		848		826,407		1,226,452
Netskope, Inc.	Series G Preferred	Software & Tech Services	1/27/2020		36,144		302,536		448,766
Ntiva Investments, LLC	Series A Preferred Shares	Digital Infrastructure & Services	1/24/2022		333,937		272,826		332,977
Phenom People, Inc.	Series C Preferred	Software & Tech Services	1/10/2020		35,055		220,610		528,639
Swyft Parent Holdings LP	Preferred Units	Services	2/7/2022		850,470		758,389		853,912
Symplr Software Intermediate Holdings, Inc.	Series A Preferred Shares	Software & Tech Services	11/30/2018		1,196		1,160,531		2,131,748
Vectra AI, Inc.	Series F Preferred	Software & Tech Services	5/28/2021		17,064		131,095		116,250
Total U.S. Preferred Stock							5,326,589		7,441,557

See notes to Unaudited Consolidated Financial Statements

17

AB Private Credit Investors Corporation

Unaudited Consolidated Schedule of Investments as of March 31, 2025

Portfolio Company	Class/Series	Industry	Initial Acquisition Date (10)	Shares		Cost		Fair Value		Tickmark
France Preferred Stock — 0.03%										(18)
Content Square SAS	Series F Preferred	Software & Tech Services	11/30/2023		24,472		206,755		206,715	(8)
Total France Preferred Stock							206,755		206,715
U.S. Common Stock — 1.34%										(18)
Advantage AVP Parent Holdings, L.P.	Units	Healthcare	9/24/2021		34,492		34,492		30,911
Artemis Investor Holdings, LLC	Class A Units	Services	1/22/2021		38,551		385,509		371,999
Brightspot Holdco, LLC	Non-Voting Common Units	Software & Tech Services	11/16/2021		433,207		433,207		412,565
CN CO-INVEST, LP	Units	Digital Infrastructure & Services	10/31/2023		776,334		776,334		719,786
VISTERRA CL SERVICES HOLD, LLC	Common Units	Services	3/31/2025		405,787		628,970		628,970
Coinvest YPTC Blocked Aggregator, L.P.	Class A-1 Units	Services	11/14/2021		138,390		138,390		225,150
Community Based Care Holdings, LP	Senior Common Units	Healthcare	1/3/2022		180		179,861		424,167
Freddy's Acquisition	Units	Consumer Non-Cyclical	3/3/2021		72,483		72,483		166,001
GSV Medsuite Investments, LLC	Class A Units	Healthcare	12/22/2021		86,555		85,705		72,827
GSV Vehlo Investments, LLC	Class A Units	Software & Tech Services	5/20/2022		150,297		150,297		195,883
INH Group Holdings, LLC	Common Units	Healthcare	1/31/2019		484,552		484,552		-
Leeds FEG Investors, LLC	Class A Units	Consumer Non-Cyclical	11/20/2017		320		321,309		340,061
Moon Topco, L.P.	Units	Software & Tech Services	4/19/2021		3,600		35,999		179,112
MyKaarma Holdings LP	Class A Common Units	Software & Tech Services	3/18/2022		257,031		257,031		614,782
NEPCORE Parent Holdings LLC	Units	Digital Infrastructure & Services	10/21/2021		98		97,884		12,362
Neutral Connect, LLC	Units	Digital Infrastructure & Services	9/27/2019		396,513		439,931		202,469
Ntiva Investments, LLC	Class A Preferred Units	Digital Infrastructure & Services	1/24/2022		333,937		61,110		71,629
Pamlico Avant Holdings L.P.	Class A Units	Digital Infrastructure & Services	12/1/2021		236,307		236,307		489,955
Ranger Lexipol Holdings, LLC	Class A-1 Units	Software & Tech Services	11/18/2021		437		359,487		476,676
Ranger Lexipol Holdings, LLC	Class B Units	Software & Tech Services	11/18/2021		433		77,371		127,337
REP Coinvest III AGP Blocker, L.P.	Units	Healthcare	10/14/2021		590,203		590,203		1,435,803
REP COINVEST III OMNI, L.P.	Units	Services	2/4/2021		193,770		53,301		81,383	(17)
REP Coinvest III TEC, L.P.	Class A Units	Services	6/18/2020		167,509		190,658		248,021
REP RO Coinvest IV-A, L.P.	Class A Units	Services	12/28/2022		66,441,840		664,418		448,416
RFCN Parent, LP	Class A Units	Healthcare	6/18/2021		77		78,284		82,161
SBS Super Holdings, LLC	Class A Voting Units	Healthcare	5/12/2023		21		-		-	(5)
SBS Super Holdings, LLC	Class B Non-Voting Units	Healthcare	5/12/2023		100		10		-	(5)
Singularity Topco LLC	Common Units	Software & Tech Services	9/30/2022		329,116		953,133		523,568
Stripe, Inc.	Class B Common Stock	Software & Tech Services	5/17/2021		4,158		166,854		149,293
Swyft Parent Holdings LP	Common Units	Services	2/7/2022		4,485		53,048		-
Total U.S. Common Stock							8,006,138		8,731,287

See notes to Unaudited Consolidated Financial Statements

18

AB Private Credit Investors Corporation

Unaudited Consolidated Schedule of Investments as of March 31, 2025

Portfolio Company	Class/Series	Industry	Initial Acquisition Date (10)	Shares		Cost		Fair Value		Tickmark
France Common Stock — 0.06%										(18)
Content Square SAS	Ordinary Shares	Software & Tech Services	11/30/2023		75,889		416,757		416,758	(8)
Total France Common Stock							416,757		416,758
Luxembourg Common Stock — 0.12%										(18)
Astorg VIII Co-Invest Acturis	Limited Partnership Interests	Software & Tech Services	10/18/2024		770,000		843,179		770,434	(8)
Total Luxembourg Common Stock							843,179		770,434
U.S. Warrants — 0.22%										(18)
Alphasense, LLC	Series B Warrants	Software & Tech Services	6/2/2020		40,394		35,185		1,080,824	(8)
Degreed, Inc.	Series C-1 Warrants	Software & Tech Services	5/31/2019		26,294		46,823		35,756
Degreed, Inc.	Series D Warrants	Software & Tech Services	4/11/2021		7,624		-		3,358
Degreed, Inc.	Common Warrants	Software & Tech Services	8/31/2022		9,374		41,527		16,791
Scylla DB Ltd	Series C-1 Warrants	Software & Tech Services	9/9/2022		239,984		43,880		186,423
Vectra AI, Inc.	Warrants	Software & Tech Services	3/18/2021		35,156		58,190		95,797
Total U.S. Warrants							225,605		1,418,949
United Kingdom Warrants — 0.04%										(18)
Global WebIndex Holdings Limited	Warrants	Software & Tech Services	12/30/2020		11,776		159,859		281,338
Total United Kingdom Warrants							159,859		281,338
France Warrants — 0.00%										(18)
Content Square SAS	Indemnity Series F Shares Warrants	Software & Tech Services	11/30/2023		2,027		8,561		-	(8)
Total France Warrants							8,561		-

Portfolio Company	Class/Series	Industry	Shares		Cost		Fair value		Tickmark
U.S. Investment Companies — 3.75%									(11)
AB EQUITY INVESTORS, L.P.	LP Interests			15,045,548		14,377,675		17,327,339
Falcon Co-Investment Partners, L.P.	Units			843,500		843,500		844,343
GHP E AGGREGATOR, LLC	Units			417,813		186,588		737,439
GHP-EIP Aggregator, LLC	Common Units			51,191		174,608		-
GTCR A-1 Investors LP	Units			1,100,000		1,100,000		1,100,000	(8)
Magenta Blocker Aggregator LP	Units			821,396		676,978		1,186,096
Orangewood WWB Co-Invest, L.P.	Units			829,314		786,428		1,326,902
ORCP III TRITON CO-INVESTORS, L.P.	Units			341,592		-		621,780
OSS SPV LP	Units			277,533		259,500		499,559
Palms Co-Investment Partners D, L.P.	Units			261,450		261,450		295,438
SCP-RESONETICS AGGREGATOR I, LLC	Class A Preferred Units			541		368,990		551,333
SCP-RESONETICS AGGREGATOR I, LLC	Class B Common Units			32,450		171,840		4,024
Total U.S. Investment Companies						19,207,557		24,494,253
Canada Investment Companies — 0.04%									(18)
GHP SPV-2, L.P.	Units					271,942		292,610	(8)(11)
Total Canada Investment Companies						271,942		292,610
Total Investments — 251.51%						1,653,045,866		1,644,014,546

Portfolio Company	Yield	Shares		Cost		Fair value			Tickmark
Cash Equivalents — 14.50%									(13)
Blackrock T Fund I	4.22%		64,748,480		64,748,480		64,748,480		(9)(14)(15)
State Street Institutional US Government	4.30%		927,804		927,804		927,804		(9)(14)
US Bank MMDA GCTS	3.73%		29,074,598		29,074,598		29,074,598		(9)(14)(15)
Total Cash Equivalents					94,750,882		94,750,882
Cash — 3.10%
US Dollar					20,259,728		20,259,728		(13)
Total Cash					20,259,728		20,259,728
TOTAL CASH AND CASH EQUIVALENTS					115,010,610		115,010,610
LIABILITIES IN EXCESS OF OTHER ASSETS — (169.11%)							(1,105,378,549	)
NET ASSETS — 100.00%							653,646,607

(1)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”.

See notes to Unaudited Consolidated Financial Statements

19

AB Private Credit Investors Corporation

Unaudited Consolidated Schedule of Investments as of March 31, 2025

(2)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.

(3)Percentages are based on net assets

(4)Generally, the interest rate on floating interest rate investments is at benchmark rate plus spread, subject to an interest rate floor. The borrower has an option to choose the benchmark rate, such as the Secured Overnight Financing Rate including adjustment, if any (“S”) or the U.S. Prime Rate (“P”). 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. S loans are typically indexed to 30-day, 90-day or 180-day rates (1M, 3M or 6M, respectively) at the borrower’s option. As of March 31, 2025, rates for 1M S, 3M S and 6M S are 4.32%, 4.29%, and 4.19%, respectively. As of March 31, 2025, the P was 7.50%. For investments with multiple reference rates or alternate base rates, the interest rate shown is the weighted average interest rate in effect at March 31, 2025.

(5)Non-controlled affiliated investment. See Note 3 “Related Party Transactions”.

(6)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 7 “Commitments and Contingencies”.

(7)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.

(8)The investment is not a qualifying asset under Section 55(a) of the 1940 Act. The Fund may not acquire any non-qualifying asset unless, at the time of acquisition, qualifying assets represent at least 70% of the Fund’s total assets. As of March 31, 2025, the aggregate fair value of these securities is $56,706,255 or 3.20% of the Fund’s total assets.

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

(10)Securities exempt from registration under the Securities Act of 1933, and may be deemed to be “restricted securities”. As of March 31, 2025, the aggregate fair value of these securities is $19,267,038 or 2.95% of the Fund’s net assets. The initial acquisition dates have been included for such securities

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

(12)Aggregate gross unrealized depreciation for federal income tax purposes is $31,009,701; aggregate gross unrealized appreciation for federal income tax purposes is $21,978,381. Net unrealized depreciation is $9,031,320. As of March 31, 2025, the cost basis of investments owned was substantially identical for both book and tax purposes

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

(14)The rate shown is the annualized seven-day yield as of March 31, 2025.

(15)Position or Portion thereof are pledged as collateral for the Collateralized Loan Obligations or Credit Facilities (as defined below). See Note 4 “Borrowings.”

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

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

(18)Non-income producing investment.

P - Prime

PIK - Payment-In-Kind

S - SOFR

See notes to Unaudited Consolidated Financial Statements

20

AB Private Credit Investors Corporation

Consolidated Schedule of Investments as of December 31, 2024

Portfolio Company	Industry	Facility Type	Interest	Maturity	Funded Par Amount		Cost			Fair Value			Tickmarks
Investments at Fair Value 268.57%													(1)(2)(3)(4)
US Corporate Debt 255.48%
1st Lien/Senior Secured Debt 255.01%
123.Net, LLC	Digital Infrastructure & Services	Term Loan	8.86% (S + 4.25%)	7/19/2029		4,331,058		4,288,833			4,287,748		(15)
123.Net, LLC	Digital Infrastructure & Services	Delayed Draw Term Loan	8.57% (S + 4.25%)	7/19/2029		300,894		283,574			282,658		(6)
AAH Topco, LLC	Healthcare	Delayed Draw Term Loan	9.71% (S + 5.25%; 0.75% Floor)	12/22/2027		2,160,730		2,121,383			2,128,680		(6)(15)
AAH Topco, LLC	Healthcare	Term Loan	9.70% (S + 5.25%; 0.75% Floor)	12/22/2027		6,354,363		6,284,751			6,259,048		(15)
AAH Topco, LLC	Healthcare	Delayed Draw Term Loan	9.70% (S + 5.25%; 0.75% Floor)	12/22/2027		6,431,136		6,341,046			6,334,669		(15)
AAH Topco, LLC	Healthcare	Revolver	— (S + 5.25%; 0.75% Floor)	12/22/2027		-		(7,940	)		(11,809	)	(6)(7)
Admiral Buyer, Inc.	Software & Tech Services	Delayed Draw Term Loan	9.85% (S + 5.50%; 0.75% Floor)	5/8/2028		241,364		235,307			241,364		(6)(15)
Admiral Buyer, Inc.	Software & Tech Services	Term Loan	9.82% (S + 5.50%; 0.75% Floor)	5/8/2028		10,539,872		10,400,939			10,539,872		(15)
Admiral Buyer, Inc.	Software & Tech Services	Delayed Draw Term Loan	9.89% (S + 5.50%; 0.75% Floor)	5/8/2028		447,161		442,084			447,161
Admiral Buyer, Inc.	Software & Tech Services	Revolver	— (S + 5.50%; 0.75% Floor)	5/8/2028		-		(18,272	)		-		(6)(7)
Airwavz Solutions Inc.	Digital Infrastructure & Services	Term Loan	10.48% (S + 5.75%; 1.00% Floor)	3/31/2027		5,208,864		5,167,185			5,143,753		(15)
Airwavz Solutions Inc.	Digital Infrastructure & Services	Delayed Draw Term Loan	10.48% (S + 5.75%; 1.00% Floor)	3/31/2027		3,255,540		3,229,481			3,214,846		(15)
Airwavz Solutions Inc.	Digital Infrastructure & Services	Revolver	— (S + 5.75%; 1.00% Floor)	3/31/2027		-		(5,211	)		(8,159	)	(6)(7)
Airwavz Solutions Inc.	Digital Infrastructure & Services	Delayed Draw Term Loan	10.48% (S + 5.75%; 1.00% Floor)	3/31/2027		5,193,120		5,130,384			5,128,206		(15)
Airwavz Solutions Inc.	Digital Infrastructure & Services	Delayed Draw Term Loan	— (S + 5.75%; 1.00% Floor)	3/31/2027		-		(38,069	)		(25,379	)	(6)(7)
Amercare Royal LLC	Services	Term Loan	9.35% (S + 5.00%; 1.00% Floor)	9/10/2030		8,384,591		8,300,745			8,342,668		(15)
Amercare Royal LLC	Services	Revolver	9.35% (S + 5.00%; 1.00% Floor)	9/10/2030		1,040,311		1,027,889			1,034,100		(6)
Amercare Royal LLC	Services	Delayed Draw Term Loan	— (S + 5.00%; 1.00% Floor)	9/10/2030		-		-			-		(6)
Amercare Royal LLC	Services	Delayed Draw Term Loan	9.35% (S + 5.00%; 1.00% Floor)	9/10/2030		1,335,324		1,321,971			1,328,647		(15)
American Physician Partners, LLC	Healthcare	Term Loan	— (S + 6.75%; 1.00% Floor; 3.00% PIK)	1/31/2025		6,791,604		5,733,816			-		(16)
American Physician Partners, LLC	Healthcare	Revolver	— (S + 6.75%; 1.00% Floor; 3.50% PIK)	1/31/2025		346,322		345,024			-		(16)
American Physician Partners, LLC	Healthcare	Delayed Draw Term Loan	— (S + 6.75%; 1.00% Floor; 3.50% PIK)	1/31/2025		1,260,322		1,082,011			-		(15)(16)
American Physician Partners, LLC	Healthcare	Term Loan	— (S + 6.75%; 1.00% Floor; 3.00% PIK)	1/31/2025		1,444,963		1,243,170			-		(16)
American Physician Partners, LLC	Healthcare	Delayed Draw Term Loan	— (S + 6.75%; 1.00% Floor; 3.50% PIK)	1/31/2025		949,042		817,051			-		(16)
American Physician Partners, LLC	Healthcare	Delayed Draw Term Loan	— (S + 6.75%; 1.00% Floor; 3.50% PIK)	1/31/2025		31,879		20,395			10,403		(16)
American Physician Partners, LLC	Healthcare	Term Loan	— (S + 6.75%; 1.00% Floor; 3.00% PIK)	1/31/2025		2,682,124		2,278,901			-		(16)
Ampler QSR Holdings LLC	Consumer Non-Cyclical	Term Loan	10.20% (S + 5.75%; 1.00% Floor)	7/21/2027		12,096,740		11,967,066			12,096,740		(15)
AOM Acquisition, LLC	Healthcare	Term Loan	9.97% (S + 5.50%; 1.00% Floor)	2/18/2027		5,351,851		5,301,923			5,351,851		(15)
AOM Acquisition, LLC	Healthcare	Revolver	— (S + 5.50%; 1.00% Floor)	2/18/2027		-		(10,569	)		-		(6)(7)
AOM Acquisition, LLC	Healthcare	Term Loan	9.97% (S + 5.50%; 1.00% Floor)	2/18/2027		5,871,929		5,759,025			5,871,929		(15)
AppViewX, Inc.	Software & Tech Services	Term Loan	9.57% (S + 5.25%; 0.75% Floor)	12/24/2031		14,773,116		14,625,721			14,625,385		(15)
AppViewX, Inc.	Software & Tech Services	Revolver	— (S + 5.25%; 0.75% Floor)	12/24/2031		-		(18,467	)		(18,467	)	(6)(7)
AppViewX, Inc.	Software & Tech Services	Delayed Draw Term Loan	— (S + 5.25%; 0.75% Floor)	12/24/2031		-		-			-		(6)
Artifact Bidco, Inc.	Software & Tech Services	Term Loan	8.82% (S + 4.50%; 0.50% Floor)	7/25/2031		4,018,743		3,978,556			4,018,743		(15)
Artifact Bidco, Inc.	Software & Tech Services	Delayed Draw Term Loan	— (S + 4.50%; 0.50% Floor)	7/25/2031		-		(4,918	)		-		(6)(7)
Artifact Bidco, Inc.	Software & Tech Services	Revolver	— (S + 4.50%; 0.50% Floor)	7/26/2030		-		(4,778	)		-		(6)(7)
Artifact Bidco, Inc.	Software & Tech Services	Revolver	— (S + 4.50%; 0.50% Floor)	7/26/2030		-		(2,338	)		-		(6)(7)
Avalara, Inc.	Software & Tech Services	Term Loan	10.57% (S + 6.25%; 0.75% Floor)	10/19/2028		10,653,748		10,482,723			10,653,748		(15)
Avalara, Inc.	Software & Tech Services	Revolver	— (S + 0.25%; 0.75% Floor)	10/19/2028		-		(17,076	)		-		(6)(7)
Avant Communications, LLC	Digital Infrastructure & Services	Term Loan	9.47% (S + 5.00%; 1.00% Floor)	11/30/2026		14,812,038		14,676,906			14,812,038		(15)
Avant Communications, LLC	Digital Infrastructure & Services	Revolver	— (S + 5.00%; 1.00% Floor)	11/30/2026		-		(4,419	)		-		(6)(7)
Azurite Intermediate Holdings, Inc.	Software & Tech Services	Term Loan	10.85% (S + 6.50%; 0.75% Floor)	3/19/2031		3,128,738		3,085,420			3,128,738		(15)
Azurite Intermediate Holdings, Inc.	Software & Tech Services	Revolver	— (S + 6.50%; 0.75% Floor)	3/19/2031		-		(15,177	)		-		(6)(7)
Azurite Intermediate Holdings, Inc.	Software & Tech Services	Delayed Draw Term Loan	10.85% (S + 6.50%; 0.75% Floor)	3/19/2031		7,110,768		7,014,439			7,110,768		(15)
Blink Holdings, Inc.	Consumer Non-Cyclical	Term Loan	— (S + 5.50%; 1.00% Floor)	3/31/2025		866,384		720,271			-		(16)
Blink Holdings, Inc.	Consumer Non-Cyclical	Delayed Draw Term Loan	— (S + 5.50%; 1.00% Floor)	3/31/2025		755,824		636,060			-		(16)

See notes to Unaudited Consolidated Financial Statements

21

AB Private Credit Investors Corporation

Consolidated Schedule of Investments as of December 31, 2024

Portfolio Company	Industry	Facility Type	Interest	Maturity	Funded Par Amount		Cost			Fair Value			Tickmarks
Blink Holdings, Inc.	Consumer Non-Cyclical	Delayed Draw Term Loan	— (S + 5.50%; 1.00% Floor)	3/31/2025		606,108		505,154			-		(16)
Bonterra LLC	Software & Tech Services	Term Loan	12.07% (S; 0.75% Floor; 12.07% PIK)	9/8/2027		3,093,998		2,970,467			3,093,998
Bonterra LLC	Software & Tech Services	Term Loan	11.42% (S + 7.00%; 0.75% Floor)	9/8/2027		606,467		597,370			604,951		(15)
Bonterra LLC	Software & Tech Services	Term Loan	11.32% (S + 7.00%; 0.75% Floor)	9/8/2027		15,944,506		15,836,363			15,904,644		(15)
Bonterra LLC	Software & Tech Services	Revolver	11.32% (S + 7.00%; 0.75% Floor)	9/8/2027		737,121		729,154			734,241		(6)
Bridgepointe Technologies, LLC	Digital Infrastructure & Services	Term Loan	9.32% (S + 5.00%; 1.00% Floor)	12/31/2027		2,248,365		2,202,816			2,231,502		(15)
Bridgepointe Technologies, LLC	Digital Infrastructure & Services	Term Loan	9.32% (S + 5.00%; 1.00% Floor)	12/31/2027		1,025,334		1,004,194			1,012,517		(15)
Bridgepointe Technologies, LLC	Digital Infrastructure & Services	Delayed Draw Term Loan	9.32% (S + 5.00%; 1.00% Floor)	12/31/2027		2,071,434		2,021,869			2,045,542		(15)
Bridgepointe Technologies, LLC	Digital Infrastructure & Services	Delayed Draw Term Loan	9.32% (S + 5.00%; 1.00% Floor)	12/31/2027		1,589,098		1,546,220			1,527,672		(6)(15)
Bridgepointe Technologies, LLC	Digital Infrastructure & Services	Delayed Draw Term Loan	9.32% (S + 5.00%; 1.00% Floor)	12/31/2027		4,913,581		4,815,239			4,852,161		(15)
Bridgepointe Technologies, LLC	Digital Infrastructure & Services	Term Loan	9.32% (S + 5.00%; 1.00% Floor)	12/31/2027		4,657,658		4,606,224			4,599,437		(15)
Bridgepointe Technologies, LLC	Digital Infrastructure & Services	Delayed Draw Term Loan	9.32% (S + 5.00%; 1.00% Floor)	12/31/2027		2,710,054		2,696,971			2,676,178		(15)
Bridgepointe Technologies, LLC	Digital Infrastructure & Services	Delayed Draw Term Loan	9.32% (S + 5.00%; 1.00% Floor)	12/31/2027		3,809,723		3,767,197			3,762,101		(15)
Bridgepointe Technologies, LLC	Digital Infrastructure & Services	Revolver	— (S + 5.00%; 1.00% Floor)	12/31/2027		-		(7,865	)		(9,718	)	(6)(7)
Brightspot Buyer, Inc.	Software & Tech Services	Term Loan	11.11% (S + 6.50%; 0.75% Floor)	11/16/2027		1,448,598		1,425,994			1,426,869		(15)
Brightspot Buyer, Inc.	Software & Tech Services	Term Loan	11.11% (S + 6.50%; 0.75% Floor)	11/16/2027		5,215,571		5,164,587			5,137,338		(15)
Brightspot Buyer, Inc.	Software & Tech Services	Revolver	— (S + 6.50%; 0.75% Floor)	11/16/2027		-		(6,796	)		(10,204	)	(6)(7)
BRP2 HOLD JONQUIL, INC.	Software & Tech Services	Revolver	9.82% (S + 5.50%; 0.75% Floor)	8/26/2030		316,941		297,925			297,925		(6)
BRP2 HOLD JONQUIL, INC.	Software & Tech Services	Delayed Draw Term Loan	— (S + 5.50%; 0.75% Floor)	8/26/2030		-		(15,847	)		(31,694	)	(6)(7)
BRP2 HOLD JONQUIL, INC.	Software & Tech Services	Term Loan	9.82% (S + 5.50%; 0.75% Floor)	8/26/2030		15,847,025		15,688,555			15,688,555		(15)
BSI2 Hold Nettle, LLC	Software & Tech Services	Term Loan	9.32% (S + 5.00%; 0.75% Floor)	6/30/2028		614,565		604,966			614,565		(15)
BSI2 Hold Nettle, LLC	Software & Tech Services	Term Loan	9.32% (S + 5.00%; 0.75% Floor)	6/30/2028		4,605,374		4,564,477			4,605,374		(15)
BSI2 Hold Nettle, LLC	Software & Tech Services	Revolver	9.74% (S + 5.00%; 0.75% Floor)	6/30/2028		265,016		259,753			265,016		(6)
Businessolver.com, Inc.	Software & Tech Services	Term Loan	9.92% (S + 5.50%; 0.75% Floor)	12/1/2027		7,177,014		7,140,009			7,177,014		(15)
Businessolver.com, Inc.	Software & Tech Services	Delayed Draw Term Loan	9.92% (S + 5.50%; 0.75% Floor)	12/1/2027		256,418		253,502			256,418		(6)
BV EMS Buyer, Inc	Healthcare	Term Loan	10.20% (S + 5.75%; 1.00% Floor)	11/23/2027		3,276,941		3,222,695			3,276,941		(15)
BV EMS Buyer, Inc	Healthcare	Revolver	10.20% (S + 5.75%; 1.00% Floor)	11/23/2027		219,561		214,648			219,561		(6)
BV EMS Buyer, Inc	Healthcare	Term Loan	10.20% (S + 5.75%; 1.00% Floor)	11/23/2027		3,449,993		3,389,464			3,449,993		(15)
BV EMS Buyer, Inc	Healthcare	Delayed Draw Term Loan	10.20% (S + 5.75%; 1.00% Floor)	11/23/2027		3,478,922		3,427,219			3,478,922		(15)
CallTower, Inc.	Digital Infrastructure & Services	Term Loan	10.70% (S + 4.50%; 2.00% Floor)	11/30/2028		4,928,295		4,827,959			4,928,295		(15)
CallTower, Inc.	Digital Infrastructure & Services	Delayed Draw Term Loan	— (S + 4.50%; 2.00% Floor)	11/30/2028		-		(19,581	)		-		(6)(7)
CallTower, Inc.	Digital Infrastructure & Services	Revolver	— (S + 4.50%; 2.00% Floor)	11/30/2028		-		(12,254	)		-		(6)(7)
Caregiver 2, Inc.	Healthcare	Term Loan	10.78% (S + 6.25%; 2.00% Floor)	7/2/2029		5,594,313		5,457,149			5,314,597		(15)
Caregiver 2, Inc.	Healthcare	Delayed Draw Term Loan	— (S + 6.25%; 2.00% Floor)	7/2/2029		-		(12,647	)		(44,867	)	(6)(7)
Cerifi, LLC	Services	Term Loan	10.20% (S + 5.75%; 1.00% Floor)	3/31/2028		15,743,686		15,555,834			15,664,967		(15)
Cerifi, LLC	Services	Revolver	10.20% (S + 5.75%; 1.00% Floor)	4/1/2027		1,107,792		1,096,847			1,102,253
Choice Health at Home, LLC	Healthcare	Term Loan	9.53% (S + 5.00%; 1.00% Floor)	6/30/2028		2,253,235		2,236,185			2,253,235		(15)
Choice Health at Home, LLC	Healthcare	Delayed Draw Term Loan	9.53% (S + 5.00%; 1.00% Floor)	6/30/2028		831,615		804,005			831,615		(6)(15)
CHV Holdings LLC	Digital Infrastructure & Services	Term Loan	13.20% (S + 4.00%; 1.00% Floor; 4.75% PIK)	3/27/2029		8,887,235		8,697,441			8,776,144		(15)
CHV Holdings LLC	Digital Infrastructure & Services	Revolver	— (S + 4.00%; 1.00% Floor; 4.75% PIK)	3/27/2029		-		(26,337	)		(15,519	)	(6)(7)
Coding Solutions Acquisition, Inc.	Healthcare	Term Loan	9.24% (S + 5.00%; 0.75% Floor)	8/7/2031		7,385,189		7,335,251			7,385,189		(15)
Coding Solutions Acquisition, Inc.	Healthcare	Delayed Draw Term Loan	— (S + 5.00%; 0.75% Floor)	8/7/2031		-		(14,238	)		-		(6)(7)
Coding Solutions Acquisition, Inc.	Healthcare	Revolver	9.31% (S + 5.00%; 0.75% Floor)	8/7/2031		615,432		605,469			615,432		(6)
Colo Holdings LLC	Digital Infrastructure & Services	Term Loan	20.50% (20.50% PIK)	3/27/2026		673,703		643,498			673,703
Community Based Care Acquisition, Inc.	Healthcare	Delayed Draw Term Loan	9.92% (S + 5.50%; 1.00% Floor)	9/16/2027		1,437,277		1,398,699			1,437,277		(6)(15)

See notes to Unaudited Consolidated Financial Statements

22

AB Private Credit Investors Corporation

Consolidated Schedule of Investments as of December 31, 2024

Portfolio Company	Industry	Facility Type	Interest	Maturity	Funded Par Amount		Cost			Fair Value			Tickmarks
Community Based Care Acquisition, Inc.	Healthcare	Delayed Draw Term Loan	9.67% (S + 5.25%; 1.00% Floor)	9/16/2027		2,100,748		2,082,597			2,090,244		(15)
Community Based Care Acquisition, Inc.	Healthcare	Term Loan	9.67% (S + 5.25%; 1.00% Floor)	9/16/2027		5,181,582		5,131,222			5,155,674		(15)
Community Based Care Acquisition, Inc.	Healthcare	Revolver	— (S + 5.25%; 1.00% Floor)	9/16/2027		-		(7,995	)		(4,319	)	(6)(7)
Community Based Care Acquisition, Inc.	Healthcare	Delayed Draw Term Loan	9.92% (S + 5.50%; 1.00% Floor)	9/16/2027		2,885,620		2,852,208			2,878,406		(15)
Coretelligent Intermediate LLC	Digital Infrastructure & Services	Term Loan	10.43% (S + 5.75%; 1.00% Floor)	10/21/2027		7,788,237		7,732,587			7,067,825		(15)
Coretelligent Intermediate LLC	Digital Infrastructure & Services	Delayed Draw Term Loan	10.43% (S + 5.75%; 1.00% Floor)	10/21/2027		3,720,298		3,692,802			3,376,170		(15)
Coretelligent Intermediate LLC	Digital Infrastructure & Services	Revolver	11.27% (S + 5.75%; 1.00% Floor)	10/21/2027		1,203,100		1,193,812			1,085,956		(6)
Coupa Holdings, LLC	Software & Tech Services	Term Loan	9.83% (S + 5.25%; 0.75% Floor)	2/27/2030		10,564,735		10,346,239			10,564,735		(15)
Coupa Holdings, LLC	Software & Tech Services	Delayed Draw Term Loan	— (S + 5.50%; 0.75% Floor)	2/27/2030		-		(8,842	)		-		(6)(7)
Coupa Holdings, LLC	Software & Tech Services	Revolver	— (S + 5.50%; 0.75% Floor)	2/27/2029		-		(12,677	)		-		(6)(7)
Crewline Buyer, Inc.	Software & Tech Services	Term Loan	11.10% (S + 6.75%; 1.00% Floor)	11/8/2030		13,625,952		13,325,709			13,625,952		(15)
Crewline Buyer, Inc.	Software & Tech Services	Revolver	— (S + 6.75%; 1.00% Floor)	11/8/2030		-		(28,692	)		-		(6)(7)
Datacor, Inc.	Software & Tech Services	Term Loan	10.35% (S + 6.00%; 1.00% Floor)	3/13/2029		17,780,468		17,638,938			17,780,468		(15)
Datacor, Inc.	Software & Tech Services	Delayed Draw Term Loan	— (S + 6.00%; 1.00% Floor)	3/13/2029		-		(33,217	)		-		(6)(7)
Datacor, Inc.	Software & Tech Services	Revolver	10.35% (S + 6.00%; 1.00% Floor)	3/13/2029		307,778		289,813			307,778		(6)
Dearborn TopCo, LLC	Software & Tech Services	Revolver	— (S + 3.00%; 1.00% Floor)	5/22/2029		-		(12,421	)		(12,601	)	(6)(7)
Dearborn TopCo, LLC	Software & Tech Services	Term Loan	10.82% (S + 6.00%; 1.00% Floor)	5/22/2029		7,409,448		7,286,917			7,298,306		(15)
Delaware Valley Management Holdings, Inc.	Healthcare	Term Loan	— (S + 6.25%; 1.00% Floor)	1/30/2026		2,387,413		1,511,867			573,457		(5)(16)
Delaware Valley Management Holdings, Inc.	Healthcare	Revolver	— (S; 1.00% Floor)	1/30/2026		371,224		227,042			89,190		(5)(6)(16)
Delaware Valley Management Holdings, Inc.	Healthcare	Delayed Draw Term Loan	— (S; 1.00% Floor)	1/30/2026		470,345		120,253			112,977		(5)(16)
Delaware Valley Management Holdings, Inc.	Healthcare	Delayed Draw Term Loan	— (S; 1.00% Floor)	1/30/2026		251,307		165,594			60,364		(5)(16)
DeLorean Purchaser, Inc.	Software & Tech Services	Term Loan	9.07% (S + 4.75%; 0.75% Floor)	12/16/2031		16,065,460		15,824,478			15,824,478
DeLorean Purchaser, Inc.	Software & Tech Services	Revolver	— (S + 4.75%; 0.75% Floor)	12/16/2031		-		(36,147	)		(36,147	)	(7)
Dispatchtrack, LLC	Software & Tech Services	Term Loan	8.95% (S + 4.50%; 1.00% Floor)	12/17/2026		9,849,936		9,801,546			9,849,936		(15)
Dispatchtrack, LLC	Software & Tech Services	Revolver	— (S + 4.50%; 1.00% Floor)	12/17/2026		-		(1,307	)		-		(6)(7)
Dorado Buyer LLC	Software & Tech Services	Term Loan	10.78% (S + 2.87%; 1.00% Floor; 3.37% PIK)	2/6/2030		6,363,671		6,261,044			6,284,125		(15)
Dorado Buyer LLC	Software & Tech Services	Delayed Draw Term Loan	— (S + 2.87%; 1.00% Floor)	2/6/2030		-		(15,896	)		(12,416	)	(6)(7)
Dorado Buyer LLC	Software & Tech Services	Revolver	10.79% (S + 2.87%; 1.00% Floor; 3.37% PIK)	2/6/2030		373,506		365,571			365,733		(6)
Duetto Research, Inc	Software & Tech Services	Term Loan	11.11% (S + 1.00%; 0.75% Floor; 5.75% PIK)	6/26/2030		14,551,882		14,240,952			14,479,123		(15)
Duetto Research, Inc	Software & Tech Services	Delayed Draw Term Loan	— (S + 1.00%; 0.75% Floor)	6/26/2030		-		(12,610	)		-		(6)(7)
Duetto Research, Inc	Software & Tech Services	Revolver	— (S + 1.00%; 0.75% Floor)	6/26/2030		-		(11,547	)		(5,044	)	(6)(7)
EET Buyer, Inc.	Software & Tech Services	Term Loan	9.27% (S + 4.75%; 0.75% Floor)	11/8/2027		5,037,003		4,961,672			5,037,003		(15)
EET Buyer, Inc.	Software & Tech Services	Delayed Draw Term Loan	— (S + 5.00%; 0.75% Floor)	11/8/2027		-		(3,833	)		-		(6)(7)
EET Buyer, Inc.	Software & Tech Services	Term Loan	9.27% (S + 4.75%; 0.75% Floor)	11/8/2027		6,717,969		6,651,907			6,717,969		(15)
EET Buyer, Inc.	Software & Tech Services	Revolver	— (S + 5.00%; 0.75% Floor)	11/8/2027		-		(12,184	)		-		(6)(7)
Engage2Excel, Inc.	Services	Term Loan	10.74% (S + 6.50%; 1.00% Floor)	7/2/2029		7,483,992		7,382,196			7,409,152		(15)
Engage2Excel, Inc.	Services	Revolver	11.74% (S + 6.50%; 1.00% Floor)	7/2/2029		429,982		420,768			423,840		(6)
Enverus Holdings, Inc.	Software & Tech Services	Term Loan	9.85% (S + 5.50%; 0.75% Floor)	12/24/2029		8,754,097		8,639,824			8,754,097		(15)
Enverus Holdings, Inc.	Software & Tech Services	Revolver	9.85% (S + 5.50%; 0.75% Floor)	12/24/2029		19,991		11,614			19,991		(6)
Enverus Holdings, Inc.	Software & Tech Services	Delayed Draw Term Loan	— (S + 5.50%; 0.75% Floor)	12/24/2029		-		(2,756	)		-		(6)(7)
Exterro, Inc.	Software & Tech Services	Term Loan	10.11% (S + 5.50%; 1.00% Floor)	6/1/2027		2,776,950		2,763,225			2,776,950		(15)
Exterro, Inc.	Software & Tech Services	Revolver	— (S + 5.50%; 1.00% Floor)	6/1/2027		-		(15,817	)		-		(6)(7)
Exterro, Inc.	Software & Tech Services	Term Loan	10.11% (S + 5.50%; 1.00% Floor)	6/1/2027		5,748,294		5,725,103			5,748,294		(15)
Exterro, Inc.	Software & Tech Services	Term Loan	10.11% (S + 5.50%; 1.00% Floor)	6/1/2027		6,237,900		6,195,843			6,237,900		(15)
Faithlife, LLC	Software & Tech Services	Term Loan	9.95% (S + 5.50%; 1.00% Floor)	9/18/2025		300,290		299,412			300,290		(15)

See notes to Unaudited Consolidated Financial Statements

23

AB Private Credit Investors Corporation

Consolidated Schedule of Investments as of December 31, 2024

Portfolio Company	Industry	Facility Type	Interest	Maturity	Funded Par Amount		Cost			Fair Value			Tickmarks
Faithlife, LLC	Software & Tech Services	Delayed Draw Term Loan	9.95% (S + 5.50%; 1.00% Floor)	9/18/2025		699,247		697,212			699,247		(15)
Faithlife, LLC	Software & Tech Services	Revolver	— (S + 5.50%; 1.00% Floor)	9/18/2025		-		(807	)		-		(6)(7)
FH MD Buyer, Inc	Healthcare	Term Loan	9.47% (S + 5.00%; 0.75% Floor)	7/24/2028		5,354,717		5,324,287			5,327,943		(15)
Firebird Midco, Inc	Software & Tech Services	Term Loan	9.37% (S + 5.00%; 0.75% Floor)	7/18/2030		6,756,862		6,674,464			6,672,401		(15)
Firebird Midco, Inc	Software & Tech Services	Revolver	— (S + 5.00%; 0.75% Floor)	7/18/2030		-		(14,233	)		(15,356	)	(6)(7)
FirstDigital Communications, LLC	Digital Infrastructure & Services	Term Loan	8.72% (S + 4.25%; 0.75% Floor)	12/17/2026		13,475,267		13,356,522			13,003,633		(15)
FirstDigital Communications, LLC	Digital Infrastructure & Services	Term Loan	8.72% (S + 4.25%; 0.75% Floor)	12/17/2026		411,517		411,517			397,114		(15)
Foundation Risk Partners, Corp.	Financials	Term Loan	9.57% (S + 5.25%; 0.75% Floor)	10/29/2030		9,560,706		9,494,530			9,560,706		(15)
Foundation Risk Partners, Corp.	Financials	Delayed Draw Term Loan	9.57% (S + 5.25%; 0.75% Floor)	10/29/2030		2,079,375		2,070,060			2,079,375		(15)
Foundation Risk Partners, Corp.	Financials	Revolver	— (S + 5.25%; 0.75% Floor)	10/29/2029		-		(6,118	)		-		(6)(7)
Foundation Risk Partners, Corp.	Financials	Term Loan	9.57% (S + 5.25%; 0.75% Floor)	10/29/2030		771,426		764,549			771,426		(15)
Foundation Risk Partners, Corp.	Financials	Delayed Draw Term Loan	9.57% (S + 5.25%; 0.75% Floor)	10/29/2030		3,117,603		3,088,477			3,117,603		(15)
Fullsteam Operations, LLC	Software & Tech Services	Term Loan	12.91% (S + 8.25%; 1.00% Floor)	11/27/2029		7,423,938		7,234,589			7,423,938		(15)
Fullsteam Operations, LLC	Software & Tech Services	Delayed Draw Term Loan	12.91% (S + 8.25%; 1.00% Floor)	11/27/2029		2,336,204		2,277,425			2,336,204		(15)
Fullsteam Operations, LLC	Software & Tech Services	Delayed Draw Term Loan	12.91% (S + 8.25%; 1.00% Floor)	11/27/2029		1,038,313		1,011,102			1,033,121		(15)
Fullsteam Operations, LLC	Software & Tech Services	Revolver	— (S + 8.25%; 1.00% Floor)	11/27/2029		-		(10,241	)		-		(6)(7)
Fullsteam Operations, LLC	Software & Tech Services	Delayed Draw Term Loan	11.64% (S + 7.00%; 1.00% Floor)	11/27/2029		389,776		360,302			368,759		(6)
Fullsteam Operations, LLC	Software & Tech Services	Delayed Draw Term Loan	11.66% (S + 7.00%; 1.00% Floor)	11/27/2029		297,414		288,762			292,160		(6)

See notes to Unaudited Consolidated Financial Statements

24

AB Private Credit Investors Corporation

Consolidated Schedule of Investments as of December 31, 2024

Portfolio Company	Industry	Facility Type	Interest	Maturity	Funded Par Amount		Cost			Fair Value			Tickmarks
Fullsteam Operations, LLC	Software & Tech Services	Delayed Draw Term Loan	— (S + 7.00%; 1.00% Floor)	11/27/2029		-		(20,932	)		(13,955	)	(6)(7)
Fullsteam Operations, LLC	Software & Tech Services	Delayed Draw Term Loan	— (S + 7.00%; 1.00% Floor)	11/27/2029		-		(2,325	)		(1,550	)	(6)(7)
Fusion Holding, Corp.	Software & Tech Services	Term Loan	10.57% (S + 6.25%; 0.75% Floor)	9/14/2029		16,557,160		16,303,082			16,101,838		(15)
Fusion Holding, Corp.	Software & Tech Services	Revolver	— (S + 6.25%; 0.75% Floor)	9/15/2027		-		(17,007	)		(37,928	)	(6)(7)
G Treasury SS LLC	Software & Tech Services	Term Loan	9.82% (S + 5.50%; 1.00% Floor)	6/29/2029		3,658,885		3,615,478			3,658,885		(15)
G Treasury SS LLC	Software & Tech Services	Delayed Draw Term Loan	9.82% (S + 5.50%; 1.00% Floor)	6/29/2029		1,916,113		1,892,069			1,916,113		(15)
G Treasury SS LLC	Software & Tech Services	Delayed Draw Term Loan	— (S + 5.50%; 1.00% Floor)	6/29/2029		-		(8,646	)		-		(6)(7)
G Treasury SS LLC	Software & Tech Services	Revolver	— (S + 5.50%; 1.00% Floor)	6/29/2029		-		(13,823	)		-		(6)(7)
Galway Borrower LLC	Financials	Revolver	8.82% (S + 4.50%; 0.75% Floor)	9/29/2028		37,147		33,310			34,926		(6)
Galway Borrower LLC	Financials	Term Loan	8.82% (S + 4.50%; 0.75% Floor)	9/29/2028		3,781,612		3,781,612			3,762,704		(15)
Galway Borrower LLC	Financials	Delayed Draw Term Loan	8.82% (S + 4.50%; 0.75% Floor)	9/29/2028		24,809		24,809			24,809		(6)
GH Parent Holdings Inc.	Services	Delayed Draw Term Loan	9.70% (S + 5.25%; 1.00% Floor)	5/4/2027		2,348,521		2,311,968			2,302,497		(6)(15)
GHA Buyer, Inc.	Healthcare	Term Loan	9.82% (S + 5.50%; 1.00% Floor)	6/24/2026		2,017,335		1,998,269			2,012,292		(15)
GHA Buyer, Inc.	Healthcare	Revolver	— (S + 5.50%; 1.00% Floor)	6/24/2026		-		(4,817	)		(2,378	)	(6)(7)
GHA Buyer, Inc.	Healthcare	Term Loan	9.82% (S + 5.50%; 1.00% Floor)	6/24/2026		576,805		568,129			575,363		(15)
GHA Buyer, Inc.	Healthcare	Term Loan	9.82% (S + 5.50%; 1.00% Floor)	6/24/2026		5,520,263		5,493,756			5,506,463		(15)
GHA Buyer, Inc.	Healthcare	Term Loan	9.82% (S + 5.50%; 1.00% Floor)	6/24/2026		4,780,259		4,755,549			4,768,308		(15)
GHA Buyer, Inc.	Healthcare	Delayed Draw Term Loan	9.82% (S + 5.50%; 1.00% Floor)	6/24/2026		836,545		831,003			834,454		(15)
GHA Buyer, Inc.	Healthcare	Term Loan	9.82% (S + 5.50%; 1.00% Floor)	6/24/2026		749,009		745,046			747,137		(15)
Greenhouse Software, Inc.	Software & Tech Services	Term Loan	10.57% (S + 6.25%; 1.00% Floor)	9/1/2028		14,507,975		14,282,957			14,507,975		(15)
Greenhouse Software, Inc.	Software & Tech Services	Revolver	— (S + 6.25%; 1.00% Floor)	9/1/2028		-		(9,357	)		-		(6)(7)
Greenhouse Software, Inc.	Software & Tech Services	Term Loan	10.57% (S + 6.25%; 1.00% Floor)	9/1/2028		12,376,845		12,269,197			12,376,845		(15)
Greenhouse Software, Inc.	Software & Tech Services	Revolver	— (S + 6.25%; 1.00% Floor)	9/1/2028		-		(10,236	)		-		(6)(7)
Greenlight Intermediate II, Inc.	Digital Infrastructure & Services	Delayed Draw Term Loan	9.97% (S + 5.50%; 0.75% Floor)	6/1/2028		2,549,573		2,449,671			2,549,573		(6)(15)
Greenlight Intermediate II, Inc.	Digital Infrastructure & Services	Term Loan	9.97% (S + 5.50%; 0.75% Floor)	6/1/2028		5,331,605		5,263,219			5,331,605		(15)
Greenlight Intermediate II, Inc.	Digital Infrastructure & Services	Delayed Draw Term Loan	9.97% (S + 5.50%; 0.75% Floor)	6/1/2028		6,702,083		6,617,273			6,702,083		(15)
Gryphon-Redwood Acquisition LLC	Software & Tech Services	Term Loan	14.35% (S + 5.00%; 1.00% Floor; 5.00% PIK)	9/18/2028		3,878,271		3,841,219			3,761,923		(15)
Gryphon-Redwood Acquisition LLC	Software & Tech Services	Delayed Draw Term Loan	14.35% (S + 5.00%; 1.00% Floor; 5.00% PIK)	9/18/2028		16,666,767		1,596,525			1,616,675		(15)
GS AcquisitionCo, Inc.	Software & Tech Services	Term Loan	9.57% (S + 5.25%; 1.00% Floor)	5/25/2028		9,934,861		9,903,968			9,910,024		(15)
GS AcquisitionCo, Inc.	Software & Tech Services	Revolver	— (S + 5.25%; 1.00% Floor)	5/25/2028		-		(3,576	)		(1,752	)	(6)(7)
GS AcquisitionCo, Inc.	Software & Tech Services	Delayed Draw Term Loan	9.57% (S + 5.25%; 0.75% Floor)	5/25/2028		71,431		70,773			71,431		(6)
Heartland PPC Buyer LLC	Services	Term Loan	9.57% (S + 5.25%; 0.75% Floor)	12/12/2029		5,609,373		5,513,961			5,553,280		(15)
Heartland PPC Buyer LLC	Services	Revolver	9.64% (S + 5.25%; 0.75% Floor)	12/12/2029		124,338		105,574			113,035		(6)
Heartland PPC Buyer LLC	Services	Delayed Draw Term Loan	9.66% (S + 5.25%; 0.75% Floor)	12/12/2029		1,167,183		1,149,191			1,162,480		(6)(15)
Higginbotham Insurance Agency, Inc.	Financials	Term Loan	8.86% (S + 4.50%; 1.00% Floor)	11/24/2028		11,155,340		11,155,340			11,071,675		(15)
HireVue, Inc.	Software & Tech Services	Term Loan	11.33% (S + 6.75%; 1.00% Floor)	5/3/2029		12,804,901		12,550,842			12,676,852		(15)
HireVue, Inc.	Software & Tech Services	Revolver	11.29% (S + 6.75%; 1.00% Floor)	5/3/2029		1,046,497		1,016,358			1,030,036		(6)
Honor HN Buyer, Inc.	Healthcare	Delayed Draw Term Loan	10.22% (S + 5.75%; 1.00% Floor)	10/15/2027		2,425,267		2,362,834			2,425,267		(6)(15)
Honor HN Buyer, Inc.	Healthcare	Delayed Draw Term Loan	— (S + 5.75%; 1.00% Floor)	10/15/2027		-		(18,194	)		-		(6)(7)
Honor HN Buyer, Inc.	Healthcare	Term Loan	10.22% (S + 5.75%; 1.00% Floor)	10/15/2027		2,563,996		2,539,676			2,563,996		(15)
Honor HN Buyer, Inc.	Healthcare	Delayed Draw Term Loan	10.22% (S + 5.75%; 1.00% Floor)	10/15/2027		1,621,444		1,606,038			1,621,444		(15)
Honor HN Buyer, Inc.	Healthcare	Revolver	12.25% (S + 5.75%; 1.00% Floor)	10/15/2027		38,012		35,131			38,012		(6)
Honor HN Buyer, Inc.	Healthcare	Delayed Draw Term Loan	10.22% (S + 5.75%; 1.00% Floor)	10/15/2027		2,409,525		2,380,923			2,409,525		(15)
Iodine Software, LLC	Software & Tech Services	Term Loan	9.60% (S + 5.25%; 1.00% Floor)	5/19/2027		5,174,260		5,132,194			5,174,260		(15)
Iodine Software, LLC	Software & Tech Services	Delayed Draw Term Loan	9.60% (S + 5.25%; 1.00% Floor)	5/19/2027		7,795,073		7,725,418			7,795,073		(15)
Iodine Software, LLC	Software & Tech Services	Revolver	— (S + 5.25%; 1.00% Floor)	5/19/2027		-		(8,832	)		-		(6)(7)
Joink, LLC	Digital Infrastructure & Services	Revolver	— (S + 5.25%; 1.00% Floor)	10/4/2030		-		(10,487	)		(10,917	)	(6)(7)
Joink, LLC	Digital Infrastructure & Services	Delayed Draw Term Loan	— (S + 5.25%; 1.00% Floor)	10/4/2030		-		(61,163	)		(63,679	)	(6)(7)
Joink, LLC	Digital Infrastructure & Services	Term Loan	9.77% (S + 5.25%; 1.00% Floor)	10/4/2030		10,212,907		10,065,743			10,059,713		(15)
JS Parent, Inc.	Software & Tech Services	Term Loan	9.58% (S + 5.00%; 0.75% Floor)	4/24/2031		5,446,012		5,420,697			5,446,012		(15)
JS Parent, Inc.	Software & Tech Services	Revolver	— (S + 5.00%; 0.75% Floor)	4/24/2031		-		(2,386	)		-		(6)(7)

See notes to Unaudited Consolidated Financial Statements

25

AB Private Credit Investors Corporation

Consolidated Schedule of Investments as of December 31, 2024

Portfolio Company	Industry	Facility Type	Interest	Maturity	Funded Par Amount		Cost			Fair Value			Tickmarks
Kalkomey Borrower, LLC	Services	Term Loan	9.57% (S + 5.25%; 1.00% Floor)	6/18/2031		9,131,796		8,995,383			9,040,478		(15)
Kalkomey Borrower, LLC	Services	Delayed Draw Term Loan	— (S + 5.25%; 1.00% Floor)	6/18/2031		-		(12,706	)		(4,578	)	(6)(7)
Kalkomey Borrower, LLC	Services	Revolver	— (S + 5.25%; 1.00% Floor)	6/18/2031		-		(20,335	)		(14,647	)	(6)(7)
Kaseya Inc.	Software & Tech Services	Delayed Draw Term Loan	10.08% (S + 5.50%; 0.75% Floor)	6/25/2029		163,600		157,007			163,600		(6)
Kaseya Inc.	Software & Tech Services	Revolver	9.82% (S + 5.50%; 0.75% Floor)	6/25/2029		160,904		157,810			160,904		(6)
Kaseya Inc.	Software & Tech Services	Term Loan	10.08% (S + 5.50%; 0.75% Floor)	6/25/2029		10,678,513		10,576,768			10,678,513		(15)
Krispy Krunchy Foods, L.L.C.	Consumer Non-Cyclical	Term Loan	8.95% (S + 4.50%; 1.00% Floor)	11/17/2027		7,239,149		7,168,042			7,239,149		(15)
Labvantage Solutions Inc.	Software & Tech Services	Revolver	9.58% (S + 5.25%; 1.00% Floor)	12/23/2030		570,941		543,178			548,103		(6)(8)
Labvantage Systems Limited	Software & Tech Services	Term Loan	9.60% (S + 5.25%; 1.00% Floor)	12/23/2030		19,818,444		19,457,015			19,521,168		(8)(15)
LivTech Purchaser, Inc.	Software & Tech Services	Term Loan	9.01% (S + 4.50%; 0.75% Floor)	11/24/2031		6,997,646		6,928,731			6,927,669		(15)
LivTech Purchaser, Inc.	Software & Tech Services	Delayed Draw Term Loan	— (S + 4.50%; 0.75% Floor)	11/24/2031		-		(39,378	)		(39,986	)	(6)(7)
LivTech Purchaser, Inc.	Software & Tech Services	Revolver	— (S + 4.50%; 0.75% Floor)	11/24/2031		-		(19,689	)		(19,993	)	(6)(7)
Lotus HPI Buyer, Inc	Healthcare	Term Loan	11.13% (S + 6.00%; 1.00% Floor)	1/21/2030		12,465,274		12,190,384			12,247,132		(15)
Lotus HPI Buyer, Inc	Healthcare	Delayed Draw Term Loan	— (S + 6.00%; 1.00% Floor)	1/21/2030		-		(39,802	)		(18,839	)	(6)(7)
Lotus HPI Buyer, Inc	Healthcare	Revolver	— (S + 6.00%; 1.00% Floor)	1/21/2030		-		(39,754	)		(32,969	)	(6)(7)
Magaya Corporation	Software & Tech Services	Term Loan	9.10% (S + 4.75%; 0.75% Floor)	7/26/2030		3,685,561		3,648,705			3,648,705		(15)
Magaya Corporation	Software & Tech Services	Delayed Draw Term Loan	— (S + 4.75%; 0.75% Floor)	7/26/2030		-		(12,286	)		(12,286	)	(6)(7)
Magaya Corporation	Software & Tech Services	Revolver	— (S + 4.75%; 0.75% Floor)	7/26/2030		-		(9,214	)		(9,214	)	(6)(7)
Mastery Acquisition Corp.	Software & Tech Services	Term Loan	9.49% (S + 5.25%; 1.00% Floor)	9/7/2029		6,632,548		6,598,556			6,632,548		(15)
Mastery Acquisition Corp.	Software & Tech Services	Revolver	— (S + 5.25%; 1.00% Floor)	9/7/2029		-		(3,052	)		-		(6)(7)
Mastery Acquisition Corp.	Software & Tech Services	Delayed Draw Term Loan	— (S + 5.25%; 1.00% Floor)	9/7/2029		-		(5,272	)		-		(6)(7)
Mavenlink, Inc.	Software & Tech Services	Term Loan	11.17% (S + 2.00%; 0.75% Floor; 4.50% PIK)	6/3/2027		16,261,632		16,055,840			15,814,438		(15)
Mavenlink, Inc.	Software & Tech Services	Revolver	11.03% (S + 2.00%; 0.75% Floor; 4.50% PIK)	6/3/2027		1,542,779		1,525,976			1,490,508		(6)
MBS Holdings, Inc.	Digital Infrastructure & Services	Revolver	10.24% (S + 5.75%; 1.00% Floor)	4/16/2027		116,900		109,303			116,900		(6)
MBS Holdings, Inc.	Digital Infrastructure & Services	Term Loan	11.34% (S + 6.50%; 1.00% Floor)	4/16/2027		779,254		764,411			779,254		(15)
MBS Holdings, Inc.	Digital Infrastructure & Services	Term Loan	11.09% (S + 6.25%; 1.00% Floor)	4/16/2027		828,925		812,589			828,925		(15)
MBS Holdings, Inc.	Digital Infrastructure & Services	Term Loan	10.59% (S + 5.75%; 1.00% Floor)	4/16/2027		10,152,792		10,071,055			10,152,792		(15)
MedBridge Holdings, LLC	Software & Tech Services	Term Loan	8.85% (S + 4.50%; 1.00% Floor)	12/23/2026		13,592,035		13,495,277			13,592,035		(15)
MedBridge Holdings, LLC	Software & Tech Services	Revolver	— (S + 4.50%; 1.00% Floor)	12/23/2026		-		(9,214	)		-		(6)(7)
MedBridge Holdings, LLC	Software & Tech Services	Term Loan	8.85% (S + 4.50%; 1.00% Floor)	12/23/2026		861,764		854,182			861,764		(15)
Medical Management Resource Group, L.L.C.	Healthcare	Term Loan	10.42% (S + 6.00%; 0.75% Floor)	9/30/2027		3,734,805		3,697,916			3,688,120		(15)
Medical Management Resource Group, L.L.C.	Healthcare	Delayed Draw Term Loan	10.42% (S + 6.00%; 0.75% Floor)	9/30/2027		1,542,523		1,517,318			1,523,242		(15)
Medical Management Resource Group, L.L.C.	Healthcare	Revolver	10.42% (S + 6.00%; 0.75% Floor)	9/30/2026		202,506		200,245			198,551		(6)
MedMark Services, Inc.	Healthcare	Term Loan	9.59% (S + 5.00%; 1.00% Floor)	6/11/2027		4,626,021		4,608,033			4,394,720		(15)
MedMark Services, Inc.	Healthcare	Delayed Draw Term Loan	9.59% (S + 5.00%; 1.00% Floor)	6/11/2027		3,833,138		3,816,060			3,641,481		(15)
Medsuite Purchaser, LLC (FKA Millin Purchaser, LLC)	Healthcare	Term Loan	9.45% (S + 5.00%; 1.00% Floor)	10/22/2026		7,734,297		7,674,616			7,618,282		(15)
Medsuite Purchaser, LLC (FKA Millin Purchaser, LLC)	Healthcare	Revolver	— (S + 5.00%; 1.00% Floor)	10/22/2026		-		(3,751	)		(10,206	)	(6)(7)
Medsuite Purchaser, LLC (FKA Millin Purchaser, LLC)	Healthcare	Delayed Draw Term Loan	9.45% (S + 5.00%; 1.00% Floor)	10/22/2026		1,313,422		1,281,226			1,270,749		(6)(15)
Mist Holding Co.	Software & Tech Services	Term Loan	9.60% (S + 5.25%; 0.75% Floor)	12/23/2030		4,836,131		4,787,769			4,787,769		(15)

See notes to Unaudited Consolidated Financial Statements

26

AB Private Credit Investors Corporation

Consolidated Schedule of Investments as of December 31, 2024

Portfolio Company	Industry	Facility Type	Interest	Maturity	Funded Par Amount		Cost			Fair Value			Tickmarks
Mist Holding Co.	Software & Tech Services	Delayed Draw Term Loan	— (S + 5.25%; 0.75% Floor)	12/23/2030		-		(13,572	)		(13,572	)	(6)(7)
Mist Holding Co.	Software & Tech Services	Delayed Draw Term Loan	— (S + 5.25%; 0.75% Floor)	12/23/2030		-		(5,979	)		(5,979	)	(6)(7)
Mist Holding Co.	Software & Tech Services	Revolver	9.58% (S + 5.25%; 0.75% Floor)	12/23/2030		301,599		289,535			289,535		(6)
MMP Intermediate, LLC	Consumer Non-Cyclical	Term Loan	10.22% (S + 5.75%; 1.00% Floor)	2/15/2029		2,008,542		1,974,434			2,003,521		(15)
MMP Intermediate, LLC	Consumer Non-Cyclical	Term Loan	10.22% (S + 5.75%; 1.00% Floor)	2/15/2029		7,865,274		7,788,693			7,845,611		(15)
MMP Intermediate, LLC	Consumer Non-Cyclical	Revolver	— (S + 6.25%; 1.00% Floor)	2/15/2029		-		(4,785	)		(1,382	)	(6)(7)
Moon Buyer, Inc.	Software & Tech Services	Revolver	— (S + 5.00%; 0.75% Floor)	4/21/2031		-		(13,145	)		(13,345	)	(6)(7)
Moon Buyer, Inc.	Software & Tech Services	Term Loan	9.42% (S + 5.00%; 0.75% Floor)	4/21/2031		16,255,086		16,122,215			16,133,173		(15)
Moon Buyer, Inc.	Software & Tech Services	Delayed Draw Term Loan	9.32% (S + 5.00%; 0.75% Floor)	4/21/2031		570,259		568,368			565,982		(15)
Mr. Greens Intermediate, LLC	Services	Term Loan	10.74% (S + 6.25%; 1.00% Floor)	5/1/2029		6,217,720		6,068,217			6,217,720		(15)
Mr. Greens Intermediate, LLC	Services	Delayed Draw Term Loan	— (S + 6.25%; 1.00% Floor)	5/1/2029		-		(57,664	)		-		(6)(7)
Mr. Greens Intermediate, LLC	Services	Revolver	— (S + 6.25%; 1.00% Floor)	5/1/2029		-		(23,067	)		-		(6)(7)
MSM Acquisitions, Inc.	Services	Term Loan	10.51% (S + 6.00%; 1.00% Floor)	12/9/2026		8,252,621		8,201,710			7,324,202		(15)
MSM Acquisitions, Inc.	Services	Delayed Draw Term Loan	10.51% (S + 6.00%; 1.00% Floor)	12/9/2026		3,019,684		2,997,057			2,679,969		(15)
MSM Acquisitions, Inc.	Services	Revolver	10.65% (S + 6.00%; 1.00% Floor)	12/9/2026		1,252,619		1,217,829			1,111,700
MSM Acquisitions, Inc.	Services	Delayed Draw Term Loan	10.51% (S + 6.00%; 1.00% Floor)	12/9/2026		370,113		368,458			328,475		(15)
MSP Global Holdings, Inc.	Digital Infrastructure & Services	Term Loan	10.14% (S + 5.50%; 1.00% Floor)	4/9/2029		8,731,371		8,576,853			8,709,542		(15)
MSP Global Holdings, Inc.	Digital Infrastructure & Services	Delayed Draw Term Loan	— (S + 5.50%; 1.00% Floor)	4/9/2029		-		(20,771	)		(3,030	)	(6)(7)
MSP Global Holdings, Inc.	Digital Infrastructure & Services	Term Loan	9.95% (S + 5.50%; 1.00% Floor)	4/9/2029		7,712,495		7,647,473			7,693,214		(15)
MSP Global Holdings, Inc.	Digital Infrastructure & Services	Delayed Draw Term Loan	11.00% (S + 5.50%; 1.00% Floor)	4/9/2029		602,453		595,806			600,946		(15)
MSP Global Holdings, Inc.	Digital Infrastructure & Services	Revolver	10.14% (S + 5.50%; 1.00% Floor)	4/9/2029		421,175		400,293			416,637		(6)
MyKaarma Acquisition LLC	Software & Tech Services	Term Loan	9.32% (S + 5.00%; 1.00% Floor)	3/21/2028		6,468,735		6,389,564			6,468,735		(15)
MyKaarma Acquisition LLC	Software & Tech Services	Revolver	— (S + 3.00%; 1.00% Floor)	3/21/2028		-		(6,437	)		-		(6)(7)
Nasuni Corporation	Software & Tech Services	Term Loan	10.17% (S + 5.75%; 0.75% Floor)	9/10/2030		12,575,067		12,386,441			12,386,441		(15)
Nasuni Corporation	Software & Tech Services	Revolver	— (S + 5.75%; 0.75% Floor)	9/10/2030		-		(39,297	)		(39,297	)	(6)(7)
Navigate360, LLC	Software & Tech Services	Term Loan	10.20% (S + 5.75%; 1.00% Floor)	3/17/2027		1,069,759		1,057,546			1,061,736		(15)
Navigate360, LLC	Software & Tech Services	Delayed Draw Term Loan	— (S + 5.75%; 1.00% Floor)	3/17/2027		-		(11,155	)		-		(6)(7)
Navigate360, LLC	Software & Tech Services	Term Loan	10.20% (S + 5.75%; 1.00% Floor)	3/17/2027		4,113,331		4,073,803			4,082,481		(15)
Navigate360, LLC	Software & Tech Services	Delayed Draw Term Loan	10.20% (S + 5.75%; 1.00% Floor)	3/17/2027		1,771,920		1,760,545			1,758,630		(15)
Navigate360, LLC	Software & Tech Services	Revolver	— (S + 5.75%; 1.00% Floor)	3/17/2027		-		(5,526	)		(4,532	)	(6)(7)
Navigate360, LLC	Software & Tech Services	Term Loan	10.20% (S + 5.75%; 1.00% Floor)	3/17/2027		2,220,366		2,195,673			2,203,713		(15)
NC Topco, LLC	Software & Tech Services	Term Loan	9.60% (S + 2.50%; 0.75% Floor; 2.75% PIK)	9/1/2031		11,303,415		11,195,839			11,218,640		(15)
NC Topco, LLC	Software & Tech Services	Revolver	— (S + 2.50%; 0.75% Floor; 2.75% PIK)	9/1/2031		-		(12,314	)		(9,690	)	(6)(7)
NC Topco, LLC	Software & Tech Services	Delayed Draw Term Loan	— (S + 2.50%; 0.75% Floor; 2.75% PIK)	8/29/2031		-		(15,390	)		(24,224	)	(6)(7)
Netwrix Corporation	Software & Tech Services	Term Loan	9.26% (S + 4.75%; 0.75% Floor)	6/11/2029		12,422,736		12,407,060			12,422,736		(15)
Netwrix Corporation	Software & Tech Services	Revolver	— (S + 4.75%; 0.75% Floor)	6/11/2029		-		(1,627	)		-		(6)(7)

See notes to Unaudited Consolidated Financial Statements

27

AB Private Credit Investors Corporation

Consolidated Schedule of Investments as of December 31, 2024

Portfolio Company	Industry	Facility Type	Interest	Maturity	Funded Par Amount		Cost			Fair Value			Tickmarks
Next Holdco, LLC	Software & Tech Services	Term Loan	10.27% (S + 5.75%; 0.75% Floor)	11/12/2030		9,215,474		9,093,168			9,215,474		(15)
Next Holdco, LLC	Software & Tech Services	Revolver	— (S + 5.75%; 0.75% Floor)	11/9/2029		-		(10,883	)		-		(6)(7)
Next Holdco, LLC	Software & Tech Services	Delayed Draw Term Loan	— (S + 5.75%; 0.75% Floor)	11/12/2030		-		(14,976	)		-		(6)(7)
NI Topco, Inc.	Digital Infrastructure & Services	Term Loan	9.07% (S + 4.75%; 0.75% Floor)	12/28/2028		6,979,740		6,885,544			6,979,740		(15)
NI Topco, Inc.	Digital Infrastructure & Services	Term Loan	9.07% (S + 4.75%; 0.75% Floor)	12/28/2028		1,205,819		1,188,817			1,205,819		(15)
OPOC Acquisition, LLC	Healthcare	Revolver	9.35% (S + 5.00%; 1.00% Floor)	12/20/2030		60,598		51,509			51,509		(6)
OPOC Acquisition, LLC	Healthcare	Delayed Draw Term Loan	— (S + 5.00%; 1.00% Floor)	12/20/2030		-		(11,363	)		(11,363	)	(6)(7)
OPOC Acquisition, LLC	Healthcare	Term Loan	9.35% (S + 5.00%; 1.00% Floor)	12/20/2030		6,544,665		6,446,618			6,446,495		(15)
Pace Health Companies, LLC	Healthcare	Term Loan	9.72% (S + 5.25%; 1.00% Floor)	8/3/2026		5,034,634		5,027,374			5,034,634		(15)
Pace Health Companies, LLC	Healthcare	Revolver	— (S + 5.25%; 1.00% Floor)	8/3/2026		-		(638	)		-		(6)(7)
Pace Health Companies, LLC	Healthcare	Term Loan	9.97% (S + 5.50%; 1.00% Floor)	8/3/2026		1,369,203		1,362,013			1,369,203		(15)
Pace Health Companies, LLC	Healthcare	Delayed Draw Term Loan	9.97% (S + 5.50%; 1.00% Floor)	8/3/2026		193,169		187,768			193,169		(6)
PDI TA Holdings, Inc	Software & Tech Services	Term Loan	10.08% (S + 5.50%; 0.75% Floor)	2/3/2031		9,268,297		9,195,466			9,221,956		(15)
PDI TA Holdings, Inc	Software & Tech Services	Revolver	— (S + 5.25%; 0.75% Floor)	2/3/2031		-		(8,224	)		(4,718	)	(6)(7)
PDI TA Holdings, Inc	Software & Tech Services	Delayed Draw Term Loan	9.99% (S + 5.50%; 0.75% Floor)	2/3/2031		1,204,647		1,195,250			1,204,647		(6)
Penn TRGRP Holdings LLC	Software & Tech Services	Term Loan	12.07% (S + 1.75%; 0.75% Floor; 6.00% PIK)	9/27/2030		7,281,745		7,135,814			7,281,745		(15)
Penn TRGRP Holdings LLC	Software & Tech Services	Revolver	— (S + 1.75%; 0.75% Floor; 6.00% PIK)	9/27/2030		-		(17,351	)		-		(6)(7)
Penn TRGRP Holdings LLC	Software & Tech Services	Delayed Draw Term Loan	12.07% (S + 1.75%; 0.75% Floor; 6.00% PIK)	9/27/2030		111,653		111,653			111,653		(6)
Peter C. Foy & Associates Insurance Services, LLC	Financials	Delayed Draw Term Loan	9.82% (S + 5.50%; 0.75% Floor)	11/1/2028		5,810,088		5,777,093			5,795,563		(15)
Peter C. Foy & Associates Insurance Services, LLC	Financials	Term Loan	9.82% (S + 5.50%; 0.75% Floor)	11/1/2028		492,171		487,666			490,941		(15)
Peter C. Foy & Associates Insurance Services, LLC	Financials	Delayed Draw Term Loan	9.82% (S + 5.50%; 0.75% Floor)	11/1/2028		1,231,606		1,218,289			1,228,527		(15)
Pharmalogic Holdings Corp	Healthcare	Term Loan	9.35% (S + 5.00%; 1.00% Floor)	6/21/2030		20,533,885		20,225,876			20,174,542		(15)
Pharmalogic Holdings Corp	Healthcare	Delayed Draw Term Loan	— (S + 5.00%; 1.00% Floor)	6/21/2030		-		(47,550	)		(69,346	)	(6)(7)
Pieper Memorial, LLC	Healthcare	Term Loan	10.63% (S + 6.00%; 1.00% Floor)	11/2/2027		2,051,589		2,022,592			2,051,589		(15)
Pieper Memorial, LLC	Healthcare	Delayed Draw Term Loan	10.63% (S + 6.00%; 1.00% Floor)	11/2/2027		3,547,619		3,492,869			3,547,619		(6)(15)
Ping Identity Holding Corp.	Software & Tech Services	Term Loan	9.07% (S + 4.75%; 0.75% Floor)	10/17/2029		12,003,362		11,787,673			12,003,362		(15)
Ping Identity Holding Corp.	Software & Tech Services	Revolver	— (S + 4.75%; 0.75% Floor)	10/17/2028		-		(19,269	)		-		(6)(7)
Pinnacle Dermatology Management, LLC	Healthcare	Term Loan	10.27% (S + 5.75%; 0.75% Floor)	12/8/2028		5,509,835		5,424,963			4,917,528		(15)
Pinnacle Dermatology Management, LLC	Healthcare	Delayed Draw Term Loan	10.38% (S + 5.75%; 0.75% Floor)	12/8/2028		643,349		638,557			574,189
Pinnacle Dermatology Management, LLC	Healthcare	Revolver	8.98% (S + 4.00%; 0.75% Floor)	12/8/2026		537,696		532,199			530,974
Pinnacle Treatment Centers, Inc.	Healthcare	Term Loan	10.01% (S + 5.50%; 1.00% Floor)	1/4/2027		5,110,272		5,092,743			5,084,721		(15)
Pinnacle Treatment Centers, Inc.	Healthcare	Revolver	11.75% (S + 5.50%; 1.00% Floor)	1/4/2027		140,600		137,572			137,524		(6)
Pinnacle Treatment Centers, Inc.	Healthcare	Term Loan	10.01% (S + 5.50%; 1.00% Floor)	1/4/2027		281,046		277,849			279,640		(15)
Pinnacle Treatment Centers, Inc.	Healthcare	Term Loan	10.01% (S + 5.50%; 1.00% Floor)	1/4/2027		380,652		376,845			378,748		(15)
Pinnacle Treatment Centers, Inc.	Healthcare	Delayed Draw Term Loan	10.01% (S + 5.50%; 1.00% Floor)	1/4/2027		336,605		336,116			334,922		(15)
Pinnacle Treatment Centers, Inc.	Healthcare	Term Loan	10.01% (S + 5.50%; 1.00% Floor)	1/4/2027		144,958		144,490			144,233		(15)

See notes to Unaudited Consolidated Financial Statements

28

AB Private Credit Investors Corporation

Consolidated Schedule of Investments as of December 31, 2024

Portfolio Company	Industry	Facility Type	Interest	Maturity	Funded Par Amount			Cost			Fair Value			Tickmarks
Priority OnDemand Midco 2, L.P.	Healthcare	Term Loan	9.77% (S + 5.25%; 1.00% Floor)	7/17/2028		7,465,525			7,386,715			7,465,525		(15)
Priority OnDemand Midco 2, L.P.	Healthcare	Delayed Draw Term Loan	9.77% (S + 5.25%; 1.00% Floor)	7/17/2028		117,614			102,736			117,614		(6)
Race Finco, LLC	Digital Infrastructure & Services	Term Loan	10.12% (S + 5.75%; 1.00% Floor)	8/16/2029		9,178,206			9,027,903			8,971,696		(15)
Race Finco, LLC	Digital Infrastructure & Services	Revolver	— (S + 5.75%; 1.00% Floor)	8/16/2029		-			(11,235	)		(13,720	)	(6)(7)
Race Finco, LLC	Digital Infrastructure & Services	Delayed Draw Term Loan	10.10% (S + 5.75%; 1.00% Floor)	8/16/2029		1,829,395			1,717,321			1,732,849		(6)(15)
Ranger Buyer, Inc.	Software & Tech Services	Term Loan	9.07% (S + 4.75%; 0.75% Floor)	11/20/2028		15,291,191			15,105,896			15,291,191		(15)
Ranger Buyer, Inc.	Software & Tech Services	Revolver	— (S + 4.75%; 0.75% Floor)	11/18/2027		-			(11,820	)		-		(6)(7)
RCP Encore Acquisition, Inc.	Healthcare	Term Loan	— (S + 5.00%; 1.00% Floor)	6/6/2025		2,861,633			2,793,661			28,616		(16)
Redwood Family Care Network, Inc.	Healthcare	Revolver	— (S + 5.50%; 1.00% Floor)	6/18/2026		-			(3,519	)		(1,472	)	(6)(7)
Redwood Family Care Network, Inc.	Healthcare	Term Loan	9.97% (S + 5.50%; 1.00% Floor)	6/18/2026		7,711,388			7,645,959			7,692,110		(15)
Redwood Family Care Network, Inc.	Healthcare	Delayed Draw Term Loan	9.97% (S + 5.50%; 1.00% Floor)	6/18/2026		5,712,057			5,677,763			5,697,777		(15)
Redwood Family Care Network, Inc.	Healthcare	Delayed Draw Term Loan	9.97% (S + 5.50%; 1.00% Floor)	6/18/2026		4,281,817			4,213,403			4,271,112		(15)
REP TEC Intermediate Holdings, Inc.	Services	Term Loan	9.82% (S + 5.50%; 1.00% Floor)	12/1/2027		11,912,193			11,883,010			11,912,193		(15)
REP TEC Intermediate Holdings, Inc.	Services	Revolver	— (S + 5.00%; 1.00% Floor)	12/1/2027		-			(3,715	)		-		(6)(7)
Ridge Trail US Bidco, Inc.	Digital Infrastructure & Services	Term Loan	8.82% (S + 4.50%; 0.75% Floor)	9/30/2031		6,460,812			6,365,194			6,363,900		(8)(15)
Ridge Trail US Bidco, Inc.	Digital Infrastructure & Services	Delayed Draw Term Loan	— (S + 4.75%; 0.75% Floor)	9/30/2031		(0	)		(16,121	)		(16,709	)	(6)(7)(8)
Ridge Trail US Bidco, Inc.	Digital Infrastructure & Services	Revolver	8.85% (S + 4.50%; 0.75% Floor)	3/30/2031		200,508			189,791			189,369		(6)(8)
Saab Purchaser, Inc.	Software & Tech Services	Term Loan	9.52% (S + 5.00%; 0.75% Floor)	11/12/2031		19,214,323			19,022,180			19,022,180		(15)
Saab Purchaser, Inc.	Software & Tech Services	Delayed Draw Term Loan	— (S + 5.00%; 0.75% Floor)	11/12/2031		-			(25,810	)		(25,810	)	(6)(7)
Saab Purchaser, Inc.	Software & Tech Services	Revolver	— (S + 5.00%; 0.75% Floor)	11/12/2031		-			(25,810	)		(25,810	)	(6)(7)
Sako and Partners Lower Holdings LLC	Services	Delayed Draw Term Loan	— (S + 4.50%; 1.00% Floor)	9/15/2028		-			(31,266	)		-		(6)(7)
Sako and Partners Lower Holdings LLC	Services	Term Loan	8.82% (S + 4.50%; 1.00% Floor)	9/15/2028		1,682,812			1,654,986			1,670,191		(15)
Sako and Partners Lower Holdings LLC	Services	Term Loan	8.82% (S + 4.50%; 1.00% Floor)	9/15/2028		17,149,457			16,848,791			17,020,837		(15)
Sako and Partners Lower Holdings LLC	Services	Delayed Draw Term Loan	8.82% (S + 4.50%; 1.00% Floor)	9/15/2028		3,496,560			3,432,154			3,470,336		(15)
Sako and Partners Lower Holdings LLC	Services	Revolver	— (S + 4.50%; 1.00% Floor)	9/15/2028		-			(27,898	)		(13,192	)	(6)(7)
Salisbury House, LLC	Healthcare	Term Loan	10.48% (S + 5.75%; 1.00% Floor)	2/27/2026		984,321			977,792			984,321		(15)
Salisbury House, LLC	Healthcare	Delayed Draw Term Loan	10.48% (S + 5.75%; 1.00% Floor)	2/27/2026		568,850			557,473			568,850
Salisbury House, LLC	Healthcare	Term Loan	10.48% (S + 5.75%; 1.00% Floor)	2/27/2026		430,196			427,015			430,196		(15)
Salisbury House, LLC	Healthcare	Delayed Draw Term Loan	10.48% (S + 5.75%; 1.00% Floor)	2/27/2026		494,802			489,027			494,802
Salisbury House, LLC	Healthcare	Term Loan	10.48% (S + 5.75%; 1.00% Floor)	2/27/2026		3,934,410			3,919,134			3,934,410		(15)
Salisbury House, LLC	Healthcare	Revolver	10.47% (S + 5.75%; 1.00% Floor)	2/27/2026		353,156			349,021			353,156		(6)
Salisbury House, LLC	Healthcare	Term Loan	10.48% (S + 5.75%; 1.00% Floor)	2/27/2026		1,114,112			1,111,209			1,114,112		(15)
Salisbury House, LLC	Healthcare	Term Loan	10.48% (S + 5.75%; 1.00% Floor)	2/27/2026		1,212,713			1,207,367			1,212,713		(15)
Sandstone Care Holdings, LLC	Healthcare	Term Loan	10.18% (S + 5.50%; 1.00% Floor)	6/28/2028		4,593,596			4,529,732			4,111,268		(15)
Sandstone Care Holdings, LLC	Healthcare	Delayed Draw Term Loan	10.42% (S + 5.50%; 1.00% Floor)	6/28/2028		916,975			907,015			820,692		(15)
Sandstone Care Holdings, LLC	Healthcare	Revolver	10.10% (S + 5.50%; 1.00% Floor)	6/28/2028		824,492			814,550			737,920

See notes to Unaudited Consolidated Financial Statements

29

AB Private Credit Investors Corporation

Consolidated Schedule of Investments as of December 31, 2024

Portfolio Company	Industry	Facility Type	Interest	Maturity	Funded Par Amount		Cost			Fair Value			Tickmarks
Sapphire Software Buyer, Inc.	Software & Tech Services	Term Loan	9.74% (S + 5.00%; 0.75% Floor; 3.00% PIK)	9/30/2031		14,334,215		14,196,964			14,190,872		(15)
Sapphire Software Buyer, Inc.	Software & Tech Services	Revolver	— (S + 5.00%; 0.75% Floor)	9/30/2031		-		(16,632	)		(17,238	)	(6)(7)
Sauce Labs Inc	Software & Tech Services	Revolver	— (S + 5.50%; 1.00% Floor)	8/16/2027		-		(11,443	)		(28,841	)	(6)(7)
Sauce Labs Inc	Software & Tech Services	Revolver	10.68% (S + 5.50%; 1.00% Floor; 0.50% PIK)	8/16/2027		1,944,579		1,927,386			1,900,826		(15)
Sauce Labs Inc	Software & Tech Services	Term Loan	10.68% (S + 5.50%; 1.00% Floor; 0.50% PIK)	8/16/2027		7,579,945		7,500,763			7,409,396		(15)
Sauce Labs Inc	Software & Tech Services	Delayed Draw Term Loan	10.68% (S + 5.50%; 1.00% Floor; 0.50% PIK)	8/16/2027		861,163		843,857			831,532		(6)(15)
Saviynt, Inc.	Software & Tech Services	Term Loan	11.95% (S + 4.00%; 1.00% Floor; 3.50% PIK)	12/22/2027		19,656,461		19,354,757			19,607,319		(15)
Saviynt, Inc.	Software & Tech Services	Delayed Draw Term Loan	11.95% (S + 4.00%; 1.00% Floor; 3.50% PIK)	12/22/2027		6,282,329		6,173,842			6,266,623		(15)
Saviynt, Inc.	Software & Tech Services	Revolver	— (S + 4.00%; 1.00% Floor)	12/22/2027		-		(9,180	)		(1,524	)	(6)(7)
SCA Buyer, LLC	Healthcare	Revolver	11.33% (S + 6.50%; 1.00% Floor)	1/20/2027		646,427		643,352			591,481
SCA Buyer, LLC	Healthcare	Term Loan	11.32% (S + 6.50%; 1.00% Floor)	1/20/2027		4,333,547		4,300,140			3,965,196		(15)
SDC Atlas Acquistionco, LLC	Digital Infrastructure & Services	Term Loan	9.95% (S + 5.50%; 0.75% Floor)	8/25/2028		10,715,390		10,567,634			10,635,025		(15)
SDC Atlas Acquistionco, LLC	Digital Infrastructure & Services	Delayed Draw Term Loan	9.95% (S + 5.50%; 0.75% Floor)	8/25/2028		1,868,963		1,739,485			1,798,877		(6)(15)
SDC Atlas Acquistionco, LLC	Digital Infrastructure & Services	Revolver	9.95% (S + 5.50%; 0.75% Floor)	8/25/2028		622,988		614,418			618,315
Securonix, Inc	Software & Tech Services	Term Loan	12.33% (S + 4.00%; 0.75% Floor; 3.75% PIK)	4/5/2028		8,546,314		8,463,714			7,114,807		(15)
Securonix, Inc	Software & Tech Services	Revolver	11.58% (S + 7.00%; 0.75% Floor)	4/5/2028		34,660		19,817			(223,012	)	(6)(7)
Serrano Parent, LLC	Software & Tech Services	Term Loan	10.92% (S + 6.50%; 1.00% Floor)	5/13/2030		21,207,477		20,780,135			20,783,327		(15)
Serrano Parent, LLC	Software & Tech Services	Revolver	— (S + 6.50%; 1.00% Floor)	5/13/2030		-		(40,298	)		(41,719	)	(6)(7)
Single Digits, Inc.	Digital Infrastructure & Services	Term Loan	— (S + 4.25%; 1.00% Floor; 3.00% PIK)	6/22/2026		2,932,730		2,709,917			1,686,320		(15)(16)
Single Digits, Inc.	Digital Infrastructure & Services	Delayed Draw Term Loan	— (S + 7.50%; 1.00% Floor)	6/22/2026		626,535		578,624			360,258		(15)(16)
Single Digits, Inc.	Digital Infrastructure & Services	Revolver	— (S + 4.25%; 1.00% Floor)	6/22/2026		-		(842	)		-		(6)(7)(16)
Smile Brands, Inc.	Healthcare	Term Loan	12.68% (S + 4.50%; 0.75% Floor; 3.50% PIK)	10/12/2027		1,595,348		1,574,819			1,435,813		(15)
Smile Brands, Inc.	Healthcare	Revolver	15.35% (S + 4.50%; 0.75% Floor; 4.00% PIK)	10/12/2027		244,469		216,252			217,829		(6)
Smile Brands, Inc.	Healthcare	Delayed Draw Term Loan	13.16% (S + 4.50%; 0.75% Floor; 4.00% PIK)	10/12/2027		484,816		479,064			436,335
Soladoc, LLC	Software & Tech Services	Term Loan	9.39% (S + 5.00%; 0.75% Floor)	6/12/2028		5,889,225		5,820,508			5,697,825		(15)
Soladoc, LLC	Software & Tech Services	Revolver	— (S + 5.00%; 0.75% Floor)	6/12/2028		-		(6,857	)		(19,140	)	(6)(7)
Spark DSO, LLC	Healthcare	Term Loan	12.49% (S + 2.15%; 1.00% Floor; 5.75% PIK)	4/20/2026		6,930,713		6,897,472			6,826,752		(15)
Spark DSO, LLC	Healthcare	Revolver	12.49% (S + 2.15%; 1.00% Floor; 5.75% PIK)	4/20/2026		267,759		255,456			255,319		(6)
Stratus Networks, Inc.	Digital Infrastructure & Services	Term Loan	8.70% (S + 4.25%; 1.00% Floor)	12/15/2028		7,920,781		7,835,060			7,881,177		(15)
Stratus Networks, Inc.	Digital Infrastructure & Services	Delayed Draw Term Loan	8.70% (S + 4.25%; 1.00% Floor)	12/15/2028		3,630,358		3,591,796			3,620,457		(6)(15)
Stratus Networks, Inc.	Digital Infrastructure & Services	Revolver	— (S + 4.25%; 1.00% Floor)	12/15/2028		-		(9,983	)		(4,951	)	(6)(7)
Stratus Networks, Inc.	Digital Infrastructure & Services	Delayed Draw Term Loan	— (S + 4.25%; 1.00% Floor)	12/15/2028		-		(23,815	)		-		(6)(7)
SugarCrm, Inc.	Software & Tech Services	Term Loan	9.70% (S + 5.25%; 1.00% Floor)	7/30/2027		4,268,824		4,245,326			4,226,136		(15)
SugarCrm, Inc.	Software & Tech Services	Revolver	— (S + 5.00%; 1.00% Floor)	7/30/2027		-		(1,309	)		(3,102	)	(6)(7)
SugarCrm, Inc.	Software & Tech Services	Term Loan	9.70% (S + 5.25%; 1.00% Floor)	7/30/2027		566,197		557,012			560,535		(15)

See notes to Unaudited Consolidated Financial Statements

30

AB Private Credit Investors Corporation

Consolidated Schedule of Investments as of December 31, 2024

Portfolio Company	Industry	Facility Type	Interest	Maturity	Funded Par Amount		Cost			Fair Value			Tickmarks
Sundance Group Holdings, Inc.	Software & Tech Services	Term Loan	9.07% (S + 4.75%; 1.00% Floor)	7/2/2029		19,976,331		19,976,331			19,976,331		(15)
Sundance Group Holdings, Inc.	Software & Tech Services	Revolver	9.07% (S + 4.75%; 1.00% Floor)	7/2/2029		1,112,360		1,100,252			1,112,360		(6)
Telcor Buyer, Inc.	Software & Tech Services	Term Loan	8.70% (S + 4.25%; 1.00% Floor)	8/20/2027		7,073,460		7,025,868			7,073,460		(15)
Telcor Buyer, Inc.	Software & Tech Services	Revolver	— (S + 4.25%; 1.00% Floor)	8/20/2027		-		(1,950	)		-		(6)(7)
Telesoft Holdings, LLC	Software & Tech Services	Term Loan	10.20% (S + 5.75%; 1.00% Floor)	12/16/2026		5,685,153		5,663,139			5,656,727		(15)
Telesoft Holdings, LLC	Software & Tech Services	Revolver	10.18% (S + 5.75%; 1.00% Floor)	12/16/2026		149,216		147,023			146,232		(6)
The Center for Orthopedic and Research Excellence, Inc.	Healthcare	Term Loan	10.73% (S + 6.00%; 1.00% Floor)	8/15/2025		4,743,523		4,733,351			4,743,523		(15)
The Center for Orthopedic and Research Excellence, Inc.	Healthcare	Revolver	10.76% (S + 6.00%; 1.00% Floor)	8/15/2025		552,426		551,081			552,426		(6)
The Center for Orthopedic and Research Excellence, Inc.	Healthcare	Delayed Draw Term Loan	10.73% (S + 6.00%; 1.00% Floor)	8/15/2025		1,118,347		1,117,298			1,118,347		(15)
The Center for Orthopedic and Research Excellence, Inc.	Healthcare	Delayed Draw Term Loan	10.73% (S + 6.00%; 1.00% Floor)	8/15/2025		1,700,291		1,695,637			1,700,291		(15)
The Center for Orthopedic and Research Excellence, Inc.	Healthcare	Delayed Draw Term Loan	10.66% (S + 6.00%; 1.00% Floor)	8/15/2025		1,688,254		1,682,571			1,688,254		(15)
The Center for Orthopedic and Research Excellence, Inc.	Healthcare	Term Loan	10.67% (S + 6.00%; 1.00% Floor)	8/15/2025		3,167,360		3,156,597			3,167,360		(15)
Thrive Buyer, Inc.	Digital Infrastructure & Services	Term Loan	10.97% (S + 6.50%; 1.00% Floor)	1/22/2027		1,186,308		1,163,838			1,198,171		(15)
Thrive Buyer, Inc.	Digital Infrastructure & Services	Term Loan	9.47% (S + 5.00%; 1.00% Floor)	1/22/2027		2,169,060		2,136,524			2,169,060		(15)
Thrive Buyer, Inc.	Digital Infrastructure & Services	Term Loan	9.22% (S + 4.75%; 1.00% Floor)	1/22/2027		1,552,161		1,531,363			1,552,161		(15)
Thrive Buyer, Inc.	Digital Infrastructure & Services	Revolver	11.73% (S + 6.00%; 1.00% Floor)	1/22/2027		739,815		731,453			739,815		(6)
Thrive Buyer, Inc.	Digital Infrastructure & Services	Delayed Draw Term Loan	10.47% (S + 6.00%; 1.00% Floor)	1/22/2027		8,090,784		8,027,781			8,090,784		(15)
Thrive Buyer, Inc.	Digital Infrastructure & Services	Term Loan	10.47% (S + 6.00%; 1.00% Floor)	1/22/2027		11,526,100		11,439,393			11,526,100		(15)
ToolWatch Intermediate, LLC	Software & Tech Services	Term Loan	10.58% (S + 6.00%; 0.75% Floor)	7/31/2030		12,899,463		12,705,971			12,705,971		(15)
ToolWatch Intermediate, LLC	Software & Tech Services	Delayed Draw Term Loan	10.58% (S + 6.00%; 0.75% Floor)	7/31/2030		370,929		370,929			352,502		(6)
ToolWatch Intermediate, LLC	Software & Tech Services	Revolver	— (S + 6.00%; 0.75% Floor)	7/31/2030		-		(17,186	)		(18,427	)	(6)(7)
Towerco IV Holdings, LLC	Digital Infrastructure & Services	Delayed Draw Term Loan	8.21% (S + 3.75%; 1.00% Floor)	8/31/2028		20,328,272		20,253,407			20,328,272		(6)(15)
Transtelco Holding, Inc.	Digital Infrastructure & Services	Term Loan	9.82% (S + 5.50%; 1.00% Floor)	3/26/2026		8,503,727		8,408,459			8,461,208		(15)
Transtelco Holding, Inc.	Digital Infrastructure & Services	Term Loan	10.58% (S + 6.25%; 0.50% Floor)	3/26/2026		4,613,481		4,603,676			4,601,948		(15)
Transtelco Holding, Inc.	Digital Infrastructure & Services	Term Loan	10.61% (S + 5.75%; 0.50% Floor)	3/26/2026		4,613,481		4,603,363			4,590,414		(15)
Unanet, Inc	Software & Tech Services	Term Loan	10.51% (S + 5.25%; 0.75% Floor)	12/9/2030		12,003,044		11,841,068			11,822,998		(15)
Unanet, Inc	Software & Tech Services	Delayed Draw Term Loan	9.80% (S + 5.25%; 0.75% Floor)	12/9/2030		1,850,997		1,813,569			1,813,092		(6)(15)
Unanet, Inc	Software & Tech Services	Revolver	— (S + 5.25%; 0.75% Floor)	12/9/2030		-		(28,550	)		(30,954	)	(6)(7)
Unanet, Inc	Software & Tech Services	Delayed Draw Term Loan	— (S + 5.25%; 0.75% Floor)	12/9/2030		-		(3,984	)		(5,400	)	(6)(7)
Ungerboeck Systems International, LLC	Software & Tech Services	Term Loan	10.26% (S + 5.75%; 1.00% Floor)	4/30/2027		262,429		258,017			261,117		(15)
Ungerboeck Systems International, LLC	Software & Tech Services	Term Loan	10.26% (S + 5.75%; 1.00% Floor)	4/30/2027		303,630		299,963			302,112		(15)
Ungerboeck Systems International, LLC	Software & Tech Services	Term Loan	10.26% (S + 5.75%; 1.00% Floor)	4/30/2027		2,703,690		2,687,374			2,690,172		(15)
Ungerboeck Systems International, LLC	Software & Tech Services	Delayed Draw Term Loan	10.26% (S + 5.75%; 1.00% Floor)	4/30/2027		320,779		318,842			319,175		(15)
Ungerboeck Systems International, LLC	Software & Tech Services	Delayed Draw Term Loan	10.26% (S + 5.75%; 1.00% Floor)	4/30/2027		687,340		687,340			683,903		(15)
Ungerboeck Systems International, LLC	Software & Tech Services	Term Loan	10.26% (S + 5.75%; 1.00% Floor)	4/30/2027		135,701		134,346			135,022		(15)
Ungerboeck Systems International, LLC	Software & Tech Services	Delayed Draw Term Loan	10.26% (S + 5.75%; 1.00% Floor)	4/30/2027		474,953		472,342			472,578		(15)

See notes to Unaudited Consolidated Financial Statements

31

AB Private Credit Investors Corporation

Consolidated Schedule of Investments as of December 31, 2024

Portfolio Company	Industry	Facility Type	Interest	Maturity	Funded Par Amount			Cost			Fair Value			Tickmarks
Ungerboeck Systems International, LLC	Software & Tech Services	Revolver	— (S + 5.75%; 1.00% Floor)	4/30/2027		-			(1,637	)		(1,147	)	(6)(7)
UpStack Holdco Inc.	Digital Infrastructure & Services	Revolver	9.38% (S + 5.00%; 0.75% Floor)	8/25/2031		138,480			129,248			133,864		(6)
UpStack Holdco Inc.	Digital Infrastructure & Services	Delayed Draw Term Loan	— (S + 5.00%; 0.75% Floor)	8/25/2031		-			(11,540	)		-		(6)(7)
UpStack Holdco Inc.	Digital Infrastructure & Services	Term Loan	9.52% (S + 5.00%; 0.75% Floor)	8/25/2031		6,000,793			5,940,785			5,970,789		(15)
Vectra AI, Inc.	Software & Tech Services	Revolver	— (S + 5.25%; 1.00% Floor)	3/2/2028		-			(9,872	)		(12,001	)	(6)(7)
Vectra AI, Inc.	Software & Tech Services	Term Loan	9.97% (S + 5.25%; 1.00% Floor)	3/2/2028		8,575,830			8,490,164			8,490,072		(15)
Vectra AI, Inc.	Software & Tech Services	Delayed Draw Term Loan	9.98% (S + 5.25%; 1.00% Floor)	3/2/2028		1,163,793			1,128,630			1,127,972		(6)(15)
Vehlo Purchaser, LLC	Software & Tech Services	Term Loan	9.69% (S + 5.25%; 0.75% Floor)	5/24/2028		2,006,737			1,985,713			2,006,737		(15)
Vehlo Purchaser, LLC	Software & Tech Services	Term Loan	9.60% (S + 5.25%; 0.75% Floor)	5/24/2028		20,877,300			20,694,752			20,877,300		(15)
Vehlo Purchaser, LLC	Software & Tech Services	Delayed Draw Term Loan	9.58% (S + 5.25%; 0.75% Floor)	5/24/2028		5,799,250			5,761,113			5,799,250		(15)
Vehlo Purchaser, LLC	Software & Tech Services	Revolver	— (S + 5.25%; 0.75% Floor)	5/24/2028		-			(10,154	)		-		(6)(7)
Venture Buyer LLC	Digital Infrastructure & Services	Term Loan	9.83% (S + 5.25%; 1.00% Floor)	3/1/2030		4,871,100			4,784,022			4,822,389		(15)
Venture Buyer LLC	Digital Infrastructure & Services	Delayed Draw Term Loan	— (S + 5.25%; 1.00% Floor)	3/1/2030		-			(8,705	)		-		(6)(7)
Venture Buyer LLC	Digital Infrastructure & Services	Revolver	9.69% (S + 5.25%; 1.00% Floor)	3/1/2030		60,529			47,462			52,963		(6)
Veracross LLC	Software & Tech Services	Term Loan	10.95% (S + 2.00%; 1.00% Floor; 4.50% PIK)	12/28/2027		14,173,949			14,049,535			14,173,949		(15)
Veracross LLC	Software & Tech Services	Delayed Draw Term Loan	10.95% (S + 2.00%; 1.00% Floor; 4.50% PIK)	12/28/2027		1,821,742			1,780,094			1,821,742		(15)
Veracross LLC	Software & Tech Services	Revolver	10.95% (S + 2.00%; 1.00% Floor; 4.50% PIK)	12/28/2027		620,978			609,537			620,978		(6)
Vhagar Purchaser, LLC	Software & Tech Services	Term Loan	10.59% (S + 6.00%; 1.00% Floor)	6/11/2029		3,360,201			3,282,681			3,326,599		(15)
Vhagar Purchaser, LLC	Software & Tech Services	Delayed Draw Term Loan	10.59% (S + 6.00%; 1.00% Floor)	6/11/2029		168,010			157,649			168,010		(6)
Vhagar Purchaser, LLC	Software & Tech Services	Revolver	— (S + 6.00%; 1.00% Floor)	6/11/2029		-			(8,363	)		(3,734	)	(6)(7)
Visionary Buyer, LLC	Digital Infrastructure & Services	Term Loan	9.57% (S + 5.25%; 0.75% Floor)	3/21/2031		5,653,672			5,575,636			5,639,538		(15)
Visionary Buyer, LLC	Digital Infrastructure & Services	Delayed Draw Term Loan	9.76% (S + 5.25%; 0.75% Floor)	3/21/2031		1,978,785			1,927,123			1,978,785		(6)(15)
Visionary Buyer, LLC	Digital Infrastructure & Services	Revolver	— (S + 5.25%; 0.75% Floor)	3/21/2030		(0	)		(18,464	)		(3,533	)	(6)(7)
Wealth Enhancement Group, LLC	Financials	Delayed Draw Term Loan	9.44% (S + 5.00%; 1.00% Floor)	10/2/2028		1,348,447			1,334,244			1,348,447		(6)
Wealth Enhancement Group, LLC	Financials	Delayed Draw Term Loan	— (S + 5.00%; 1.00% Floor)	10/2/2028		-			(4,382	)		-		(6)(7)
Wealth Enhancement Group, LLC	Financials	Term Loan	9.55% (S + 5.00%; 1.00% Floor)	10/2/2028		6,168,087			6,158,130			6,168,087		(15)
Wealth Enhancement Group, LLC	Financials	Revolver	— (S + 5.00%; 1.00% Floor)	10/2/2028		-			(1,459	)		-		(6)(7)
Wealth Enhancement Group, LLC	Financials	Delayed Draw Term Loan	9.55% (S + 5.00%; 1.00% Floor)	10/2/2028		1,344,589			1,341,293			1,344,589		(15)
Webster Equity Partners III-A, L.P.	Financials	Delayed Draw Term Loan	15.44% (S + 3.50%; 2.00% Floor; 7.35% PIK)	4/1/2027		5,444,483			5,241,318			5,361,051		(6)(8)
West Dermatology Management Holdings, LLC	Healthcare	Term Loan	11.91% (S + 7.25%; 1.00% Floor)	3/17/2028		11,262,748			11,104,647			10,361,728		(15)
West Dermatology Management Holdings, LLC	Healthcare	Delayed Draw Term Loan	11.86% (S + 7.25%; 1.00% Floor)	3/17/2028		1,501,925			1,471,787			1,258,549		(6)
West Dermatology Management Holdings, LLC	Healthcare	Revolver	11.95% (S + 7.25%; 1.00% Floor)	3/17/2028		1,253,284			1,233,753			1,153,021
Wolverine Seller Holdings, LLC	Services	Term Loan	9.32% (S + 5.00%; 0.75% Floor)	1/17/2030		6,654,065			6,541,636			6,654,065		(15)
Wolverine Seller Holdings, LLC	Services	Delayed Draw Term Loan	9.32% (S + 5.00%; 0.75% Floor)	1/17/2030		579,219			542,608			579,219		(6)(15)
Wolverine Seller Holdings, LLC	Services	Revolver	— (S + 5.00%; 0.75% Floor)	1/17/2030		-			(18,837	)		-		(6)(7)
Your Part-Time Controller, LLC	Services	Term Loan	9.85% (S + 5.50%; 1.00% Floor)	11/14/2029		6,838,632			6,723,303			6,838,632		(15)
Your Part-Time Controller, LLC	Services	Revolver	— (S + 5.50%; 1.00% Floor)	11/14/2029		-			(10,221	)		-		(6)(7)
Zendesk, Inc.	Software & Tech Services	Delayed Draw Term Loan	— (S + 5.00%; 0.75% Floor)	11/22/2028		-			-			-		(6)
Zendesk, Inc.	Software & Tech Services	Revolver	— (S + 5.00%; 0.75% Floor)	11/22/2028		-			-			-		(6)
Zendesk, Inc.	Software & Tech Services	Term Loan	9.32% (S + 5.00%; 0.75% Floor)	11/22/2028		13,648,111			13,648,111			13,648,111		(15)
Total U.S. 1st Lien/Senior Secured Debt									1,565,171,913			1,548,035,015

See notes to Unaudited Consolidated Financial Statements

32

AB Private Credit Investors Corporation

Consolidated Schedule of Investments as of December 31, 2024

Portfolio Company	Industry	Facility Type	Interest	Maturity	Funded Par Amount		Cost		Fair Value		Tickmarks
2nd Lien/Junior Secured Debt 0.47%
Symplr Software, Inc.	Software & Tech Services	Term Loan	12.56% (S + 7.87%; 0.75% Floor)	12/22/2028		3,130,634		3,095,849		2,825,397	(15)
Total U.S. 2nd Lien/Junior Secured Debt								3,095,849		2,825,397
Total U.S. Corporate Debt								1,568,267,762		1,550,860,412
Canadian Corporate Debt 3.98%
Canadian 1st Lien/Senior Secured Debt 3.98%
Syntax Systems Ltd.	Digital Infrastructure & Services	Term Loan	9.45% (S + 5.00%; 0.75% Floor)	10/27/2028		8,588,145		8,538,539		8,588,145	(8)(15)
Syntax Systems Ltd.	Digital Infrastructure & Services	Term Loan	9.49% (S + 5.00%; 0.75% Floor)	10/30/2028		1,194,390		1,189,403		1,194,390	(8)(15)
Versaterm Public Safety Inc.	Software & Tech Services	Term Loan	10.70% (S + 6.25%; 1.00% Floor)	12/4/2025		13,258,433		13,167,854		13,258,433	(8)(15)
Versaterm Public Safety Inc.	Software & Tech Services	Delayed Draw Term Loan	10.70% (S + 6.25%; 1.00% Floor)	12/4/2025		1,024,233		1,019,406		1,024,233	(8)(15)
Versaterm Public Safety Inc.	Software & Tech Services	Revolver	12.75% (S + 6.25%; 1.00% Floor)	12/4/2025		119,558		112,997		119,558	(6)(8)
Total Canadian 1st Lien/Senior Secured Debt								24,028,199		24,184,759
Total Canadian Corporate Debt								24,028,199		24,184,759
Luxembourg Corporate Debt 1.66%
Luxembourg 1st Lien/Senior Secured Debt 1.66%
SumUp Holdings Luxembourg	Software & Tech Services	Delayed Draw Term Loan	11.01% (S + 6.50%; 1.50% Floor)	5/23/2031		10,088,201		9,994,079		10,088,201	(6)(8)(15)
Total Luxembourg 1st Lien/Senior Secured Debt								9,994,079		10,088,201
Total Luxembourg Corporate Debt								9,994,079		10,088,201

See notes to Unaudited Consolidated Financial Statements

33

AB Private Credit Investors Corporation

Consolidated Schedule of Investments as of December 31, 2024

Portfolio Company	Industry	Facility Type	Interest	Maturity		Funded Par Amount		Cost		Fair Value
U.S. Preferred Stock 1.29%										(18)
Alphasense, LLC	Series C Preferred	Software & Tech Services	6/1/2021		23,961		369,843		802,769	(8)
Concerto HealthAI Solutions LLC	Series B-1 Preferred	Software & Tech Services	12/23/2019		65,614		349,977		274,087
Datarobot, Inc.	Series E	Software & Tech Services	8/31/2019		38,190		289,278		219,083
Datarobot, Inc.	Series F	Software & Tech Services	10/27/2020		6,715		88,248		54,861
Degreed, Inc.	Series C-1 Preferred	Software & Tech Services	6/19/2019		43,819		278,541		220,981
Degreed, Inc.	Series D Preferred	Software & Tech Services	4/30/2021		16,943		278,308		217,184
Knockout Intermediate Holdings I Inc.	Perpetual Preferred Stock	Software & Tech Services	6/23/2022		1,345		1,311,760		1,835,648
Netskope, Inc.	Series G Preferred	Software & Tech Services	1/27/2020		36,144		302,536		448,362
Ntiva Investments, LLC	Class A Preferred Units	Digital Infrastructure & Services	1/24/2022		333,937		272,826		321,471
Phenom People, Inc.	Series C Preferred	Software & Tech Services	1/10/2020		35,055		220,610		528,568
Swyft Parent Holdings LP	Preferred Units	Software & Tech Services	2/7/2022		850,470		758,389		603,899
Symplr Software Intermediate Holdings, Inc.	Series A Preferred Shares	Software & Tech Services	11/30/2018		1,196		1,160,531		2,179,320
Vectra AI, Inc.	Series F Preferred	Software & Tech Services	5/28/2021		17,064		131,095		115,780
Total U.S. Preferred Stock							5,811,942		7,822,013
France Preferred Stock 0.03%										(18)
Content Square SAS	Series F Preferred	Software & Tech Services	11/30/2023		24,472		206,755		206,715	(8)
Total France Preferred Stock							206,755		206,715
										(18)
US Common Stock 1.63%
Advantage AVP Parent Holdings, L.P.	Units	Healthcare	9/24/2021		34,492		34,492		28,002
Artemis Investor Holdings, LLC	Class A Units	Services	1/22/2021		38,551		385,509		394,187
Brightspot Holdco, LLC	Non-Voting Common Units	Software & Tech Services	11/16/2021		433,207		433,207		473,156
Coinvest YPTC Blocked Aggregator, L.P.	Class A-1 Units	Services	11/14/2021		138,390		138,390		213,195
CN Co-Invest, LP	Units	Digital Infrastructure & Services	10/31/2023		776,334		776,334		719,786
Community Based Care Holdings, LP	Senior Common Units	Healthcare	1/3/2022		180		179,861		375,960
Freddy's Acquisition	Units	Consumer Non-Cyclical	3/3/2021		72,483		72,483		162,168
GSV Medsuite Investments, LLC	Class A Units	Healthcare	12/22/2021		86,555		85,705		65,189
GSV Vehlo Investments, LLC	Class A Units	Software & Tech Services	5/20/2022		150,297		150,297		198,062
INH Group Holdings, LLC	Common Units	Healthcare	1/31/2019		484,552		484,552		-
Leeds FEG Investors, LLC	Class A Units	Consumer Non-Cyclical	11/20/2017		320		321,309		296,473
Moon Topco, L.P.	Units	Software & Tech Services	4/19/2021		3,600		35,999		97,600
MyKaarma Holdings LP	Class A Common Units	Software & Tech Services	3/18/2022		257,031		257,031		575,776
NEPCORE Parent Holdings LLC	Units	Digital Infrastructure & Services	10/21/2021		98		97,884		19,567
Neutral Connect, LLC	Units	Digital Infrastructure & Services	9/27/2019		396,513		439,931		199,947
Ntiva Investments, LLC	Class A Common Units	Digital Infrastructure & Services	1/24/2022		333,937		61,110		97,343
Pamlico Avant Holdings L.P.	Class A Units	Digital Infrastructure & Services	12/1/2021		236,307		236,307		458,919
Ranger Lexipol Holdings, LLC	Class A-1 Units	Software & Tech Services	11/18/2021		437		359,487		462,231
Ranger Lexipol Holdings, LLC	Class B Units	Software & Tech Services	11/18/2021		433		77,371		137,766
REP AOM Holdings, LLC	Class A Units	Healthcare	2/15/2022		290,393		18,979		1,187,009
REP Coinvest III AGP Blocker, L.P.	Units	Healthcare	10/14/2021		590,203		590,203		1,351,261
REP COINVEST III OMNI, L.P.	Units	Services	2/4/2021		193,770		53,301		131,764
REP Coinvest III TEC, L.P.	Class A Units	Services	6/18/2020		167,509		190,658		261,131
REP RO Coinvest IV-A, L.P.	Class A Units	Services	12/28/2022		66,441,840		664,418		522,632
RFCN Parent, LP	Class A Units	Healthcare	6/18/2021		77		78,284		90,965
SBS Super Holdings, LLC	Class A Voting Units	Healthcare	5/12/2023		21		-		-	(5)
SBS Super Holdings, LLC	Class B Non-Voting Units	Healthcare	5/12/2023		100		10		-	(5)
Singularity Topco LLC	Common Units	Software & Tech Services	9/30/2022		329,116		953,133		518,296
Stripe, Inc.	Class B Common Stock	Software & Tech Services	5/17/2021		4,158		166,854		119,085
Swyft Parent Holdings LP	Common Units	Software & Tech Services	2/7/2022		4,485		53,048		-
Thrive Parent, LLC	Class L Units	Digital Infrastructure & Services	1/22/2021		102,108		271,128		756,921
Total U.S. Common Stock							7,667,275		9,914,391
France Common Stock 0.07%
Content Square SAS	Ordinary Shares	Software & Tech Services	11/30/2023		75,889		416,757		416,758	(8)
Total France Common Stock							416,757		416,758
Luxembourg Common Stock 0.13%
Astorg VIII Co-Invest Acturis	Limited Partnership Interests	Software & Tech Services	10/18/2024		770,000		843,179		796,988	(8)
Total Luxembourg Common Stock							843,179		796,988

See notes to Unaudited Consolidated Financial Statements

34

AB Private Credit Investors Corporation

Consolidated Schedule of Investments as of December 31, 2024

Portfolio Company	Industry	Facility Type	Interest			Maturity		Funded Par Amount		Cost			Fair Value
U.S. Warrants 0.23%													(18)
Alphasense, LLC	Series B Warrants	Software & Tech Services	6/2/2020				40,394		35,185		1,073,591		(8)
Degreed, Inc.	Series C-1 Warrants	Software & Tech Services	5/31/2019				26,294		46,823		38,580
Degreed, Inc.	Series D Warrants	Software & Tech Services	4/11/2021				7,624		-		3,784
Degreed, Inc.	Common Warrants	Software & Tech Services	8/31/2022				9,374		41,527		17,959
Scylla DB Ltd	Series C-1 Warrants	Software & Tech Services	9/9/2022				239,984		43,880		187,094
Vectra AI, Inc.	Warrants	Software & Tech Services	3/18/2021				35,156		58,190		96,278
Total U.S. Warrants									225,605		1,417,286
United Kingdom Warrants 0.05%
Global WebIndex Holdings Limited	Warrants	Software & Tech Services	12/30/2020				11,776		159,859		286,071
Total United Kingdom Warrants									159,859		286,071
French Warrants 0.00%
Content Square SAS	Indemnity Series F Shares Warrants	Software & Tech Services	11/30/2023				2,027		8,561		-		(8)
Total French Warrants									8,561		-
Portfolio Company	Class/Series					Shares		Cost		Fair Value			Tickmarks
U.S. Investment Companies 3.97%
AB Equity Investors, L.P.	LP Interests						13,872,011		13,872,011		16,441,109		(11)
Falcon Co-Investment Partners, L.P.	Units						837,445		837,445		838,282		(11)
GHP E AGGREGATOR, LLC	Units						417,813		186,588		704,014		(11)
GHP-EIP Aggregator, LLC	Common Units						51,191		174,608		-		(11)
GTCR A-1 Investors LP	Units						1,100,000		1,100,000		1,100,000		(8)(11)
Magenta Blocker Aggregator LP	Units						821,396		676,978		1,183,632		(11)
Orangewood WWB Co-Invest, L.P.	Units						829,314		786,428		1,302,023		(11)
ORCP III Triton Co-Investors, L.P.	Units						341,592		-		1,153,215		(11)
OSS SPV LP	Units						277,533		259,500		499,559		(11)
Palms Co-Investment Partners D, L.P.	Units						261,450		261,450		295,438		(11)
SCP-RESONETICS AGGREGATOR I, LLC	Class A Preferred Units						541		368,990		551,333		(11)
SCP-RESONETICS AGGREGATOR I, LLC	Class B Common Units						32,450		171,840		4,024		(11)
Total U.S. Investment Companies									18,695,838		24,072,629
Canadian Investment Companies 0.05%													(18)
GHP SPV-2, L.P.	Units						271,942		271,942		283,082		(8)(11)
Total Canadian Investment Companies									271,942		283,082
Total Investments									1,636,597,753		1,630,349,305
Portfolio Company			Yield			Shares		Cost		Fair Value			Tickmarks
Cash Equivalents 7.41%													(13)
Blackrock T Fund I				4.34	%		16,728,975		16,728,975		16,728,975		(9)(14)(15)
State Street Institutional US Government Money Market Fund				4.42	%		7,922,941		7,922,941		7,922,941		(9)(14)
US Bank MMDA GCTS Money Market				3.73	%		20,306,417		20,306,417		20,306,417		(9)(14)(15)
Total Cash Equivalents									44,958,333		44,958,333
Cash 1.19%
US Dollar									7,220,521		7,220,521		(13)
Total Cash									7,220,521		7,220,521
Total Cash and Cash Equivalents									52,178,854		52,178,854
LIABILITIES IN EXCESS OF OTHER ASSETS — (177.17%)										$	(1,075,476,614	)
NET ASSETS—100.00%										$	607,051,545

(1)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”.

(2)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.

(3)Percentages are based on net assets.

(4)Generally, the interest rate on floating interest rate investments is at benchmark rate plus spread, subject to an interest rate floor. The borrower has an option to choose the benchmark rate, such as the Secured Overnight Financing Rate including adjustment, if any (“S”) or the U.S. Prime Rate (“P”). 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. S loans are typically indexed to 30-day, 90-day or 180-day rates (1M, 3M or 6M, respectively) at the borrower’s option. As of December 31, 2024, rates for 1M S, 3M S and 6M S are 4.33% ,4.31%, and 4.25%, respectively. As of December 31,

See notes to Unaudited Consolidated Financial Statements

35

AB Private Credit Investors Corporation

Consolidated Schedule of Investments as of December 31, 2024

2024, the P was 7.50%. For investments with multiple reference rates or alternate base rates, the interest rate shown is the weighted average interest rate in effect at December 31, 2024.

(5)Non-controlled affiliated investment. See Note 3 “Related Party Transactions”.

(6)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 7 “Commitments and Contingencies”.

(7)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.

(8)The investment is not a qualifying asset under Section 55(a) of the 1940 Act. The Fund may not acquire any non-qualifying asset unless, at the time of acquisition, qualifying assets represent at least 70% of the Fund’s total assets. As of December 31, 2024, the aggregate fair value of these securities is $70,919,755 or 4.19% of the Fund’s total assets.

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

(10)Securities exempt from registration under the Securities Act of 1933, and may be deemed to be “restricted securities”. As of December 31, 2024, the aggregate fair value of these securities is $20,860,222 or 3.44% of the Fund’s net assets.

(11)Excluded from the ASC 820 fair value hierarchy as fair value is measured using the net asset value ("NAV") as a practical expedient. Underlying investments are private equity entities generally created to aggregate capital for a single investment, with the exception of AB Equity Investors, L.P., which invests in multiple investments. These investments are generally not redeemable.

(12)Aggregate gross unrealized appreciation for federal income tax purposes is $24,814,625; aggregate gross unrealized depreciation for federal income tax purposes is $30,678,312. Net unrealized depreciation is $5,873,687. As of December 31, 2024, the cost basis of investments owned was substantially identical for both book and tax purposes

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

(14)The rate shown is the annualized seven-day yield as of December 31, 2024.

(15)Position or Portion thereof are pledged as collateral for the Collateralized Loan Obligations or Credit Facilities (as defined below). See Note 4 “Borrowings.”

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

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

(18)Non-income producing investment, unless otherwise noted.

P - Prime

PIK - Payment-In-Kind

S - SOFR

See notes to Unaudited Consolidated Financial Statements

36

AB Private Credit Investors Corporation

Notes to Unaudited Consolidated Financial Statements

March 31, 2025

1. Organization

AB Private Credit Investors Corporation (the “Fund,” “we,” “our,” and “us”), an externally managed, non-diversified, closed-end, management investment company that elected to be regulated as a business development company (“BDC”) under the Investment Company Act of 1940, as amended (the “1940 Act”), was incorporated under the laws of the state of Maryland on February 6, 2015. The Fund was formed to invest in primary-issue middle-market credit opportunities that are directly sourced and privately negotiated. AB Private Credit Investors LLC serves as the Fund’s external investment adviser (the “Adviser”).

The Fund is conducting private offerings (each a “Private Offering”) of its common stock to investors in reliance on an exemption from the registration requirements of the Securities Act of 1933, as amended (the “Securities Act”). At the closing of any Private Offering, each investor will make a capital commitment (a “Capital Commitment”) to purchase Shares pursuant to a subscription agreement entered into with the Fund. All investors will be committed to the Fund for at least three years from the date of their initial Capital Commitment, subject to the terms described in the Fund’s Private Placement Memorandum. Investors will be required to fund drawdowns to purchase Shares up to the amount of their respective Capital Commitment on an as-needed basis each time the Fund delivers a capital draw-down notice to its investors.

On September 29, 2017, the Fund completed the initial closing (“Initial Closing”) of its Private Offering after entering into subscription agreements (collectively, the “Subscription Agreements”) with several investors, providing for the private placement of Shares. The total Capital Commitments of investors in the Fund as of March 31, 2025 is of $736,929,106, of which 22% or $161,323,887 is unfunded. Capital Commitments may be drawn down by the Fund on a pro rata basis, as needed (including follow-on investments), for paying the Fund’s expenses, including fees under the Second Amended and Restated Advisory Agreement (as defined below), and/or maintaining a reserve account for the payment of future expenses or liabilities.

The Fund’s fiscal year ends on December 31.

On February 7, 2020, the Fund and an affiliate of Abbott Capital Management, LLC (“Abbott”) became members of ABPCIC Equity Holdings, LLC (“ABPCICE”), a Delaware limited liability company and a special purpose vehicle designed to invest in private equity investments sourced by Abbott. The Fund is the managing member and owns 100% of the Class L Units and 93% of the Class A Units of ABPCICE. As a result, the Fund consolidates ABPCICE in its consolidated financial statements and records a non-controlling interest of the equity interests in ABPCICE not held by the Fund.

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

2. Summary of Significant Accounting Policies

Basis of Financial Statement Presentation

The Fund is an investment company under accounting principles generally accepted in the United States of America (“GAAP”) and follows the accounting and reporting guidance applicable to investment companies in the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 946, Financial Services – Investment Companies. The Fund has prepared the consolidated financial statements and related financial information pursuant to the requirements for reporting on Form 10-Q and Articles 6 and 10 of Regulation S-X. Accordingly, we have not included in this quarterly report all of the information and notes required by GAAP for annual financial statements. In the opinion of management, the unaudited financial information for the interim period presented in this report reflects all normal and recurring adjustments necessary for a fair statement of the periods presented and results from operations. Operating results for interim periods are not necessarily indicative of operating results for an entire year.

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

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Consolidation

The Fund will generally consolidate any wholly or substantially owned subsidiary when the design and purpose of the subsidiary is to act as an extension of the Fund’s investment operations and to facilitate the execution of the Fund’s investment strategy. Accordingly, the Fund consolidated the results of its wholly or substantially owned subsidiaries in its consolidated financial statements. The portion of net assets that is attributable to non-controlling interest in ABPCICE is presented as “Non-Controlling Interest in ABPCIC Equity Holdings, LLC”, a component of total equity, on the Fund’s consolidated statements of assets and liabilities. All intercompany balances and transactions have been eliminated in consolidation.

Valuation of Investment Companies

Investments in investment companies are valued at fair value. Fair values are generally determined utilizing the net asset value (“NAV”) supplied by, or on behalf of, management of each investment company, which is net of management and incentive fees or allocations charged by the investment company and is in accordance with the “practical expedient”, as defined by ASC 820. NAVs received by, or on behalf of, management of each investment company are based on the fair value of the investment company’s underlying investments in accordance with policies established by management of each investment company, as described in each of their financial statements and offering memorandum.

Cash and Cash Equivalents

Cash consists of demand deposits and money market accounts. The Fund maintains deposits of its cash with financial institutions, and, at times, cash held in bank accounts may exceed the Federal Deposit Insurance Corporation insured limit. The Fund considers all highly liquid investments, with original maturities of less than ninety days and money market mutual funds as cash equivalents.

Revenue Recognition

Investment transactions are recorded on a trade-date basis. Interest income is recognized on an accrual basis. Interest income on debt instruments is accrued and recognized for those issuers who are currently paying in full or expected to pay in full. For those issuers who are in default or expected to default, interest is not accrued and is only recognized when received. Generally, when interest and/or principal payments on a loan become past due, or if the Fund otherwise does not expect the borrower to be able to service its debt and other obligations, the Fund will place the loan on non-accrual status and will cease recognizing interest income on that loan for financial reporting purposes until all principal and interest have been brought current through payment or due to restructuring such that the interest income is deemed to be collectible. The Fund generally restores non-accrual loans to accrual status when past due principal and interest is paid and, in the management’s judgment, is likely to remain current. Interest income and expense include discounts accreted and premiums amortized on certain debt instruments as determined in good faith by the Adviser and calculated using the effective interest method. Loan origination fees, original issue discounts and market discounts or premiums are capitalized as part of the underlying cost of the investments and accreted or amortized over the life of the investment as interest income.

Realized gains and losses on investment transactions are determined on the specific identification method.

Certain investments in debt securities may contain a contractual payment-in-kind (“PIK”) interest provision. The PIK provisions generally feature the obligation, or the option, at each interest payment date of making interest payments in (i) cash, (ii) additional debt or (iii) a combination of cash and additional debt. PIK interest, computed at the contractual rate specified in the investment’s credit agreement, is accrued as interest income and recorded as interest receivable up to the interest payment date. On the interest payment date, the accrued interest receivable attributable to PIK is added to the principal balance of the investment. When additional debt is received on the interest payment date, it typically has the same terms, including maturity dates and interest rates, as the original loan. PIK interest generally becomes due on the investment’s maturity date or call date.

The Fund may earn various fees during the life of the loans. Such fees include, but are not limited to, syndication, commitment, administration, prepayment and amendment fees, some of which are paid to the Fund on an ongoing basis. These fees and any other income are recognized as earned. Upon prepayment of a loan or debt security, any prepayment premiums, unamortized up-front loan origination fees and unamortized discounts are recorded as interest income.

Costs associated with entering into an investment are included in the cost of the investment, and any costs incurred relating to an unconsummated investment are expensed.

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Distributions received from an equity interest, limited liability company or a limited partnership investment are evaluated to determine if the distribution should be recorded as dividend income or a return of capital.

Investment Transactions

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

Non-Accrual Investments

Investments are placed on non-accrual status when it is probable that principal, interest or dividends will not be collected according to the contractual terms. Accrued interest or dividends generally are reversed when an investment is placed on non-accrual status. Interest or dividend payments received on non-accrual investments may be recognized as income or applied to principal depending upon management’s judgment. Non-accrual investments are restored to accrual status when past due principal and interest or dividends are paid and, in management’s judgment, principal and interest or dividend payments are likely to remain current. The Fund may make exceptions to this treatment if an investment has sufficient collateral value and is in the process of collection. As of March 31, 2025, the Fund had certain investments held in five portfolio companies on non-accrual status, which represented 1.28% and 0.16% of the total investments (excluding investments in cash equivalents, if any) at amortized cost and at fair value, respectively. As of December 31, 2024, the Fund had certain investments held in five portfolio companies on non-accrual status, which represented 1.31% and 0.18% of the total investments (excluding investments in cash equivalents, if any) at amortized cost and at fair value, respectively.

Credit Facility Related Costs, Expenses and Deferred Financing Costs

The Credit Facilities (as defined in Note 4) are recorded at carrying value, which approximates fair value due to floating interest rates that are based on an index plus spread, which is typically consistent with those demanded in the market. The estimate of the fair value of the Credit Facilities would be classified as Level 3. Interest expense and unused commitment fees on the Credit Facilities are recorded on an accrual basis. Unused commitment fees are included in interest and borrowing expenses in the consolidated statements of operations. Deferred financing costs include capitalized expenses related to the closing of the Credit Facilities. Amortization of deferred financing costs is computed on the straight-line basis over the contractual term. The amortization of such costs is included in interest and borrowing expenses in the consolidated statements of operations, with any unamortized amounts included in deferred financing costs on the consolidated statements of assets and liabilities.

Notes Payable Related Costs, Expenses and Unamortized Debt Issuance Costs

The Notes (as defined in Note 4) are recorded at carrying value. Interest expense on notes payable is recorded on an accrual basis. Debt issuance costs relating to notes payable are amortized on a straight-line basis over the contractual term and included in interest and borrowing expenses in the consolidated statements of operations. The unamortized debt issuance costs are included as a direct reduction of the carrying value of the notes payable (i.e. a contra liability).

Upon early termination or partial principal pay down of the Notes, the unamortized costs related to the Notes are accelerated into interest and borrowing expenses on the Fund’s consolidated statements of operations.

Secured Borrowings

The Fund may finance the purchase of certain investments through sale/buy-back agreements. In a sale/buy-back agreement, the Fund enters into a trade to sell an investment and contemporaneously enters into a trade to buy the same investment back on a specified date in the future with the same counterparty. The Fund uses sale/buy-back agreements as a short-term financing alternative to its existing Credit Facilities. The Fund accounts for its sale/buy-back agreements (the “Secured Borrowings”) as secured borrowings and continues to present the investment as an asset and the obligation to return the cash received as a liability within secured borrowings on the consolidated statements of assets and liabilities. Interest income earned on investments pledged under sale/buy-back agreements and financing charges associated with the sale/buy-back agreements are included within interest income and interest and borrowing expenses, respectively, on the consolidated statements of operations. Accrued interest receivable on investments and accrued financing charges on the sale/buy-back agreements are included within interest receivable and interest and borrowing expenses payable, respectively, on the consolidated statements of assets and liabilities. The fair value of the Fund's secured borrowings approximates the carrying value due to the short-term maturities of generally 120 days or less. The estimate of the fair value of the Secured Borrowings would be classified as Level 2.

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Income Taxes

ASC 740, “Accounting for Uncertainty in Income Taxes” (“ASC 740”) provides guidance on the accounting for and disclosure of uncertainty in tax positions. ASC 740 requires the evaluation of tax positions taken or expected to be taken in the course of preparing the Fund’s tax returns to determine whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authority. Tax positions deemed to meet the more-likely-than-not threshold are recorded as a tax benefit or expense in the current year. Based on its analysis of its tax position for all open tax years (the current and prior two years), the Fund has concluded that it does not have any uncertain tax positions that met the recognition or measurement criteria of ASC 740. Such open tax years remain subject to examination and adjustment by tax authorities.

The Fund has elected to be treated and intends to continue to be treated for federal income tax purposes as a regulated investment company (“RIC”) under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”). So long as the Fund is able to maintain its status as a RIC, it intends not to be subject to U.S. federal income tax on the portion of its taxable income and gains distributed to stockholders, if any. To qualify for RIC tax treatment, the Fund is required to distribute at least 90% of its investment company taxable income annually, meet diversification and income requirements quarterly, meet gross income requirements annually and file Form 1120-RIC, as provided by the Code. In order for the Fund not to be subject to U.S. federal excise taxes, it must distribute annually an amount at least equal to the sum of (i) 98% of its net ordinary income (taking into account certain deferrals and elections) for the calendar year, (ii) 98.2% of its capital gains in excess of capital losses for the one-year period ending on October 31 of the calendar year and (iii) any net ordinary income and capital gains in excess of capital losses for preceding years that were not distributed during such years. The Fund, at its discretion, may carry forward taxable income in excess of calendar year dividends and pay a 4% nondeductible U.S. federal excise tax on this income. The Fund will accrue excise tax on estimated undistributed taxable income as required. As of March 31, 2025 and December 31, 2024, the Fund had no excise tax payable.

The Fund may be subject to taxes imposed by countries in which the Fund invests. Such taxes are generally based on income and/or capital gains earned or repatriated. Taxes are accrued and applied to net investment income, net realized gains and net unrealized gain (loss) as such income and/or gains are earned.

The Fund remains subject to examination by U.S. federal and state jurisdictions, as well as international jurisdictions, and upon completion of these examinations (if undertaken by the taxing jurisdiction) tax adjustments may be necessary and retroactive to all open tax years.

Certain of the Fund’s consolidated subsidiaries are subject to U.S. federal and state corporate-level income taxes.

For the three months ended March 31, 2025 and 2024, the Fund accrued income taxes of $216,883 and $87,570, respectively. As of March 31, 2025, and December 31, 2024, $502,207 and $288,433, respectively, of accrued income taxes remained payable.

Use of Estimates

The preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities, if any, at the date of the consolidated financial statements, and the reported amounts of revenues and expenses recorded during the reporting period. Actual results could differ from those estimates and such differences could be material.

Distributions

Distributions from net investment income and net realized capital gains are determined in accordance with U.S. federal income tax regulations, which may differ from those amounts determined in accordance with GAAP. These book/tax differences are either temporary or permanent in nature. To the extent these differences are permanent they are charged or credited to paid-in capital in excess of par or distributable earnings, as appropriate, in the period that the differences arise. Temporary and permanent differences are primarily attributable to differences in the tax treatment of certain loans and the tax characterization of income and non-deductible expenses. These differences are generally determined in conjunction with the preparation of the Fund’s annual RIC tax return. Distributions to common stockholders are recorded on the ex-dividend date. The amount to be paid out as a distribution is determined by the Board each quarter and is generally based upon the earnings estimated by the Adviser. The Fund may pay distributions to its stockholders in a year in excess of its net ordinary income and capital gains for that year and, accordingly, a portion of such distributions may constitute a return of capital for U.S. federal income tax purposes. The Fund may pay distributions in excess of its taxable net investment income. This excess would be a tax-free return of capital in the period and reduce the stockholder’s tax basis in its Shares. The Fund intends to timely distribute to its stockholders substantially all of its annual taxable income for each year, except that the Fund may retain certain net capital gains for reinvestment and, depending upon the level of the Fund’s taxable income earned in a year, the Fund may choose to carry forward taxable income for distribution in the following year and pay any applicable U.S.

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federal excise tax. The specific tax characteristics of the Fund’s distributions will be reported to stockholders after the end of the calendar year. All distributions will be subject to available funds, and no assurance can be given that the Fund will be able to declare such distributions in future periods.

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

Segment Reporting

The Fund represents a single operating segment. An operating segment is defined in U.S. GAAP as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity’s chief operating decision maker (“CODM”) to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The Fund’s Chief Financial Officer is the CODM. The CODM monitors the operating results of the Fund as a whole and the pre-determined Fund’s long term investment strategy, which is executed by the Fund management group. The qualitative and quantitative information contained within the financial statements is used by the CODM to assess the segments performance versus the Fund’s comparative benchmark and to make resource allocation decisions. Segment assets are reflected on the consolidated statement of assets and liabilities and segment expenses are listed on the consolidated statement of operations.

3. Related Party Transactions

Advisory Agreement

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

On March 24, 2022, the Fund entered into the second amended and restated investment advisory agreement (the “Second Amended and Restated Advisory Agreement”), which replaced the Amended and Restated Advisory Agreement. Under the Second Amended and Restated Advisory Agreement, effective upon its adoption, the base management fee is calculated at an annual rate of 1.375%, in addition to the incentive fee described in the following paragraphs.

For the three months ended March 31, 2025 and 2024, the Fund incurred a management fee of $5,634,969 and $4,646,517, respectively. As of March 31, 2025, and December 31, 2024, $5,634,969 and $5,451,281, respectively, of accrued management fee remained payable.

The Fund also pays the Adviser an incentive fee that provides the Adviser with a share of the income that the Adviser generates for the Fund. The incentive fee consists of an income-based incentive fee component and a capital-gains component, which are largely independent of each other, with the result that one component may be payable even if the other is not.

Income-Based Incentive Fee: The income-based incentive fee is calculated and payable quarterly in arrears based on the Fund’s net investment income prior to any deductions with respect to such income-based incentive fees and capital gains incentive fees (“Pre-incentive Fee Net Investment Income” or “PIFNII”) for the quarter, as further described below. PIFNII means interest income, dividend income and any other income (including any other fees, such as commitment, origination, structuring, diligence, managerial and consulting fees or other fees the Fund receives from portfolio companies) that the Fund accrues during the fiscal quarter, minus the Fund’s operating expenses for the quarter (including the base management fee, expenses payable under the administration agreement (the “Administration Agreement”) the Fund has entered into with State Street Bank and Trust (the “Administrator”), and any interest expense and dividends paid on any issued and outstanding indebtedness or preferred stock, respectively, but excluding, for avoidance of doubt, the income-based incentive fee, as well as the capital gains incentive fee (described below), accrued under GAAP). PIFNII also includes, in the case of investments with a deferred interest feature (such as original issue discount, debt instruments with pay-in-kind interest and zero-coupon securities), accrued income that the Fund has not yet received in cash. The

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Adviser is not under any obligation to reimburse the Fund for any part of the income-based incentive fees it received that was based on accrued interest that the Fund never actually received.

PIFNII does not include any realized capital gains, realized capital losses or unrealized capital appreciation or depreciation. Because of the structure of the income-based incentive fee, it is possible that the Fund may accrue such income-based incentive fee in a quarter where the Fund incurs a net loss. For example, if the Fund receives PIFNII in excess of a hurdle rate (as defined below) for a quarter, the Fund will accrue the applicable income-based incentive fee even if the Fund has incurred a realized and/or unrealized capital loss in that quarter. However, cash payment of the income-based incentive fee may be deferred in this situation, subject to the restrictions detailed at the end of this section.

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

Description of Quarterly Incentive Fee Calculations

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

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

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

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

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

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

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

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

For the three months ended March 31, 2025 and 2024, the Fund incurred income-based incentive fees of $3,484,107 and $3,241,756, respectively. As of March 31, 2025 and December 31, 2024, $3,484,107 and $3,352,536, respectively, of accrued income-based incentive fees remained payable.

The capital gains fee shall be determined and payable in arrears as of the end of each calendar year (or upon termination of this Agreement as set forth below), and will equal 20.0% of the Fund’s aggregate cumulative realized capital gains, if any, from the date of the Fund’s election to be regulated as a BDC through the end of each calendar year, computed net of all aggregate cumulative realized capital losses and aggregate cumulative unrealized capital depreciation, less the aggregate amount of any previously paid capital gain incentive fees, with respect to each of the investments in the Fund’s portfolio. The Fund’s “aggregate cumulative realized capital gains” will not include any unrealized appreciation. The capital gains fee is not subject to any minimum return to stockholders. If such amount is negative, then no capital gains fee will be payable for such year. In the event that the Second Amended and Restated

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Advisory Agreement shall terminate as of a date that is not a calendar year end, the termination date shall be treated as though it were a calendar year end for purposes of calculating and paying a capital gains fee.

While the capital gains fee to be paid is determined above, GAAP requires such fee to be accrued as if the Fund were to be terminated and liquidated at period end hypothetical liquidation. There was no capital gains incentive fee under GAAP recognized for the three months ended March 31, 2025 and 2024. As of March 31, 2025 and December 31, 2024, $0 and $0, respectively, of capital gains incentive fee remained payable.

The amount of capital gains incentive fee expense related to a hypothetical liquidation of the portfolio (and assuming no other changes in realized or unrealized gains and losses) would only become payable to the Adviser in the event of a complete liquidation of the Fund’s portfolio as of period end and the termination of the Second Amended and Restated Advisory Agreement on such date. Also, it should be noted that the capital gains incentive fee expense fluctuates with the Fund’s overall investment results.

The Fund will defer cash payment of any income-based incentive fee and/or any capital gains incentive fee otherwise earned by the Adviser if during the most recent four full fiscal quarter periods ending on or prior to the date such payment is to be made, the sum of (a) the PIFNII, and (b) the realized capital gain / loss and (c) unrealized capital appreciation/ depreciation expressed as a rate of return on the value of our net assets, is less than 6.0%. Any such deferred fees are carried over for payment in subsequent calculation periods to the extent such payment is payable under the Second Amended and Restated Advisory Agreement.

Administration Agreement and Expense Reimbursement Agreement

The Fund has entered into the Administration Agreement with the Administrator and a separate expense reimbursement agreement with the Adviser (the “Expense Reimbursement Agreement”) under which any allocable portion of the cost of the Fund's Chief Compliance Officer and Chief Financial Officer and their respective staffs will be reimbursed by the Fund. Under the Administration Agreement, the Administrator will be responsible for providing the Fund with clerical, bookkeeping, record keeping and other administrative services. The Fund will reimburse the Adviser an amount equal to the Fund’s allocable portion (subject to the review of its Board) of the Fund's overhead resulting from the Fund's obligations under the Expense Reimbursement Agreement,including the allocable portion of the cost of the Fund's Chief Compliance Officer and Chief Financial Officer and their respective staffs.

Expense Support and Conditional Reimbursement Agreement

On September 29, 2017, the Fund and the Adviser entered into an agreement (the “Expense Support and Conditional Reimbursement Agreement”) to limit certain of the Fund’s Operating Expenses, as defined below, to no more than 1.5% of the Fund’s average quarterly gross assets. To achieve this percentage limitation, the Adviser has agreed to reimburse the Fund for certain Operating Expenses on a quarterly basis (any such payment by the Adviser, an “Expense Payment”) and the Fund has agreed to later repay such amounts (any such payment by the Fund, a “Reimbursement Payment”), pursuant to the terms of the Expense Support and Conditional Reimbursement Agreement. The actual percentage of Operating Expenses paid by the Fund in any quarter after deducting any Expense Payment, as a percentage of the Fund’s average quarterly gross assets, is referred to as the “Percentage Limit.”

Any Expense Payment by the Adviser pursuant to the Expense Support and Conditional Reimbursement Agreement will be subject to repayment by the Fund on a quarterly basis within the three years following the fiscal quarter of the Fund in which the Operating Expenses were paid or absorbed, if the total Operating Expenses for the current quarter, including Reimbursement Payments, expressed as a percentage of the Fund’s average gross assets during such quarter is less than the then-current Percentage Limit, if any, and the Percentage Limit that was in effect at the time when the Adviser reimbursed the Operating Expenses that are the subject of the repayment, subject to certain provisions of the Expense Support and Conditional Reimbursement Agreement, as described below. For purposes of the Expense Support and Conditional Reimbursement Agreement, “Operating Expenses” means the Fund’s Total Operating Expenses (as defined below), excluding base management fees, incentive fees, distribution and stockholder servicing fees, financing fees and costs, interest expense, brokerage commissions and extraordinary expenses and “Total Operating Expenses” means all of the Fund’s operating costs and expenses incurred, as determined in accordance with generally accepted accounting principles for investment companies.

However, no Reimbursement Payment for any quarter will be made if: (1) the Effective Rate of Distributions Per Share (as defined below) declared by the Fund at the time of such Reimbursement Payment is less than or equal to the Effective Rate of Distributions Per Share at the time the Expense Payment was made to which such Reimbursement Payment relates, or (2) the Fund’s Operating Expense Ratio at the time of such Reimbursement Payment is greater than or equal to the Operating Expense Ratio (as defined below) at the time the Expense Payment was made to which such Reimbursement Payment relates. For purposes of the Expense Support and Conditional Reimbursement Agreement, “Effective Rate of Distributions Per Share” means the annualized rate (based on a 365- day year) of regular cash distributions per Share exclusive of returns of capital, distribution rate reductions due to

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distribution and stockholder fees, and declared special dividends or special distributions, if any. The “Operating Expense Ratio” is calculated by dividing Operating Expenses in any quarter by the Fund’s average net assets in such quarter.

The specific amount of expenses paid by the Adviser, if any, will be determined at the end of each quarter. The Fund or the Adviser may terminate the Expense Support and Conditional Reimbursement Agreement at any time, with or without notice. The Expense Support and Conditional Reimbursement Agreement will automatically terminate in the event of (a) the termination of the Second Amended and Restated Advisory Agreement, or (b) the Board of the Fund making a determination to dissolve or liquidate the Fund. Upon termination of the Expense Support and Conditional Reimbursement Agreement, the Fund will be required to fund any Expense Payments, subject to the aforementioned requirements per the Expense Support and Conditional Reimbursement Agreement, that have not been reimbursed by the Fund to the Adviser.

As of March 31, 2025, the amount of Expense Payments provided by the Adviser since inception is $4,874,139, of which $4,199,150 has been reimbursed. The remainder is no longer subject to reimbursement.

The Fund has not received expense support from the Adviser since 2020 and has not made reimbursement payments since 2022.

Transfer Agency Agreement

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

For the three months ended March 31, 2025 and 2024, the Fund accrued $38,370 and $38,688, respectively, in transfer agent fees. As of March 31, 2025 and December 31, 2024, $38,370 and $37,384, respectively, of accrued transfer agent fees remained payable.

Co-investment Activity

The Fund may be prohibited under the 1940 Act from participating in certain transactions with its affiliates without prior approval of the directors who are not interested persons, and in some cases, the prior approval of the SEC. The Fund, the Adviser and certain of their affiliates have been granted exemptive relief by the SEC for the Fund to co-invest with other funds managed by the Adviser or its affiliates in a manner consistent with the Fund’s investment objective, positions, policies, strategies and restrictions as well as regulatory requirements and other pertinent factors. Pursuant to such exemptive relief, the Fund generally is permitted to co-invest with certain of its affiliates if a “required majority” (as defined in Section 57(o) of the 1940 Act) of the Board make certain conclusions in connection with a co-investment transaction, including that (1) the terms of the transaction, including the consideration to be paid, are reasonable and fair to the Fund and its shareholders and do not involve overreaching of the Fund or its shareholders on the part of any person concerned, (2) the transaction is consistent with the interests of the Fund’s shareholders and is consistent with its investment objective and strategies, (3) the investment by its affiliates would not disadvantage the Fund, and the Fund’s participation would not be on a basis different from or less advantageous than that on which its affiliates are investing and (4) the proposed investment by the Fund would not benefit the Adviser or its affiliates or any affiliated person of any of them (other than the parties to the transaction), except to the extent permitted by the exemptive relief and applicable law, including the limitations set forth in Section 57(k) of the 1940 Act. As a result of exemptive relief, there could be significant overlap in the Fund’s investment portfolio and the investment portfolio of other funds managed by the Adviser or its affiliates that could avail themselves of the exemptive relief and that have an investment objective similar to the Fund’s.

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Affiliates

As defined in the Investment Company Act, an investment is deemed to be a “controlled affiliated person” of the Fund because the Fund owns, either directly or indirectly, 25% or more of the portfolio company’s outstanding voting securities or has the power to exercise control over management or policies of such portfolio company. As defined in the Investment Company Act an investment is deemed to be an “affiliated person” of the Fund because the Fund owns, either directly or indirectly, 5% or more of the portfolio company’s outstanding voting securities. The table below presents the Fund’s affiliated investments:

	Beginning Fair Value Balance		Gross Additions(1)		Gross Reductions(2)		Net Realized Gain/Loss		Net Change in Unrealized Appreciation (Depreciation)			Ending Fair Value Balance		Dividend, Interest, PIK and Other Income
For the three Months Ended March 31, 2025
Non-Controlled Affiliates
SBS Super Holdings, LLC    (Class B Units)	$	—	$	—	$	—	$	—	$	—		$	—	$	—
Delaware Valley Management    Holdings, Inc.		60,364		—		—		—		—			60,364		—
Delaware Valley Management    Holdings, Inc.		112,997								(19	)		112,978		—
Delaware Valley Management    Holdings, Inc.		89,190								(46	)		89,144		—
Delaware Valley Management    Holdings, Inc.		573,437								24			573,461		—
Total Non-Controlled Affiliates	$	835,988	$	—	$	—	$	—	$	(41	)	$	835,947	$	—

	Beginning Fair Value Balance		Gross Additions(1)		Gross Reductions(2)			Net Realized Gain/Loss		Net Change in Unrealized Appreciation (Depreciation)		Ending Fair Value Balance		Dividend, Interest, PIK and Other Income
For the three Months Ended March 31, 2024
Non-Controlled Affiliates
SBS Super Holdings, LLC    (Class B Units)	$	-	$	-	$	-		$	-	$	-		-	$	-
Delaware Valley Management    Holdings, Inc.		237,136		-		-			-		12,607		249,743		-
Delaware Valley Management    Holdings, Inc.		624,645		-		(211,251	)		-		41,870		455,264		-
Delaware Valley Management    Holdings, Inc.		350,292		-		(5,866	)		-		24,489		368,915		-
Delaware Valley Management    Holdings, Inc.		2,252,790		-		-			-		119,768		2,372,558		-
Total Non-Controlled Affiliates	$	3,464,863	$	-	$	(217,117	)	$	-	$	198,734	$	3,446,480	$	-

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

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

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4. Borrowings

Credit Facilities

HSBC Credit Facility

On July 8, 2021, the Fund entered into Joinder and Third Amendment to Revolving Credit Agreement (the “HSBC Joinder”), with HSBC as administrative agent and a lender, and each of the parties listed thereto, pursuant to which the Fund became party to a subscription financing facility (the “2021 HSBC Credit Facility”) evidenced by Revolving Credit Agreement, dated as of June 14, 2019 (as amended, restated, supplemented or otherwise modified from time to time, the “2021 HSBC Credit Agreement”), by and among AB-Abbott Private Equity Investors 2019 (Delaware) Fund L.P., AB-Abbott Private Equity Investors 2020 (Delaware) Fund L.P., AB-Abbott Private Equity Solutions 2021 (Delaware) Fund L.P., AB Private Credit Investors Middle Market Direct Lending Fund L.P., AB-Abbott Private Equity Solutions 2022 (Delaware), affiliates of the Fund, the banks and financial institutions from time to time party thereto as lenders, and HSBC as administrative agent. The Fund has entered into a number of amendments to the 2021 HSBC Credit Facility through February 14, 2025, the latest details of which are reflected in the notes below.

Borrowings under the 2021 HSBC Credit Facility bear interest at a rate per annum equal to (i) with respect to SOFR Loans, Adjusted Term SOFR (as defined in the 2021 HSBC Credit Agreement) plus a spread of 3.00% per annum for the applicable Interest Period (as defined in the 2021 HSBC Credit Agreement) and (ii) with respect to Reference Rate Loans (as defined in the 2021 HSBC Credit Agreement), the Reference Rate (as defined in the 2021 HSBC Credit Agreement) in effect from day to day. The Fund will also pay an unused commitment fee of (x) with respect to any day on which the Principal Obligations (as defined in the 2021 HSBC Credit Agreement) are then-currently greater than 66% of the Maximum Commitment (as defined in the 2021 HSBC Credit Agreement), 0.35% per annum, (y) with respect to any day on which the Principal Obligations are then-currently less than or equal to 66% and greater than thirty-three percent 33% of the Maximum Commitment, 0.50% per annum and (z) with respect to any day on which the Principal Obligations are then-currently less than or equal to 33% of the Maximum Commitment, 1.00% per annum.

As of March 31, 2025, the maximum commitment under the 2021 HSBC Credit Facility is $250,000,000, and the Fund’s facility sublimit is $40,000,000. Proceeds under the 2021 HSBC Credit Agreement may be used for any purpose permitted under the Fund’s organizational documents, including general corporate purposes such as the making of investments. Any amounts borrowed under the 2021 HSBC Credit Facility will mature, and all accrued and unpaid interest thereunder will be due and payable on June 6, 2025. The 2021 HSBC Credit Agreement contains certain customary covenants and events of default, with customary cure and notice provisions. The Fund’s obligations under the 2021 HSBC Credit Agreement are secured by the Capital Commitments and capital contributions.

Synovus Credit Facility

On October 15, 2020, ABPCIC Funding II LLC, a Delaware limited liability company and wholly-owned subsidiary of the Fund (“ABPCIC Funding II”), entered into a revolving credit facility (the “Synovus Credit Facility”) with Synovus Bank, Specialty Finance Division (“Synovus”), as facility agent, and U.S. Bank, National Association (“U.S. Bank”), as collateral agent (in such capacity, the “Synovus Collateral Agent”), collateral custodian (in such capacity, the “Synovus Collateral Custodian”) and securities intermediary (in such capacity, the “Synovus Securities Intermediary”). ABPCIC Funding II has entered into a number of amendments of the Synovus Credit Facility through December 20, 2024, the latest details of which are reflected in the notes below.

As of March 31, 2025, the Synovus Credit Facility provides for borrowings in an aggregate amount up to $200,000,000. Borrowings under the Synovus Credit Facility bear interest based on SOFR for the relevant interest period, plus a spread of 2.50% per annum. Interest is payable quarterly in arrears. Any amounts borrowed under the Synovus Credit Facility will mature, and all accrued and unpaid interest thereunder will be due and payable, on the earlier of (i) December 20, 2027 or (ii) upon certain events which result in accelerated maturity under the agreements establishing the Synovus Credit Facility. The availability period with respect to the revolving commitments under the Synovus Credit Facility will terminate on December 20, 2026. Borrowing under the Synovus Credit Facility is subject to certain restrictions contained in the 1940 Act.

Borrowings under the Synovus Credit Facility are secured by all of the assets held by ABPCIC Funding II. Pursuant to the agreements establishing the Synovus Credit Facility, the Adviser will perform certain duties with respect to the purchase and management of the assets securing the Synovus Credit Facility. The Adviser will not receive a fee for these services so long as the Adviser or an affiliate thereof continues providing such services. ABPCIC Funding II will reimburse all reasonable expenses, disbursements and advances incurred or made by the Adviser in the performance of its obligations relating to the Synovus Credit Facility.

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

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will pay U.S. Bank, on a quarterly basis, customary fee amounts and reimburse U.S. Bank for its reasonable out-of-pocket expenses. The Synovus Credit Facility contains certain customary covenants and events of default, with customary cure and notice provisions.

Natixis Credit Facility

On April 21, 2023, ABPCIC Funding IV LLC, a Delaware limited liability company and wholly-owned subsidiary of the Fund (“ABPCIC Funding IV”), entered into a warehouse financing transaction (the “Natixis Credit Facility”) with Natixis, New York Branch, as administrative agent and U.S. Bank Trust Company, National Association, as collateral agent and collateral administrator. ABPCIC Funding IV has entered into a number of amendments of the Natixis Credit Facility through October 17, 2024, the latest details of which are reflected in the notes below.

As of March 31, 2025, the Natixis Credit Facility provides for a total commitment amount of up to $200,000,000, which is split between the Class A-R Loans and the Swingline Loans, on a revolving basis, and in the case of the Class A-T Loans, on a term basis. The total Class A-R commitment as of the closing date is $175,000,000, and the total Class A-T commitment as of the closing date is $25,000,000. Amounts drawn under the Natixis Credit Facility will bear interest at either the Term SOFR Reference Rate, or the weighted average of the Commercial Paper Rate, the Liquidity Funding Rate and the Credit Funding Rate (each as defined in the Natixis Credit Agreement, the “Applicable Rate”), in each case, plus a margin. As of March 31, 2025, advances used to finance the purchase or origination of any eligible loans under the Natixis Credit Facility bear interest at the Applicable Rate plus a spread of 2.25%. The availability period with respect to the revolving commitments under the Natixis Credit Facility will terminate on April 21, 2025.

The Natixis Credit Facility is secured by ABPCIC Funding IV’s right, title and interest in the pledged collateral, which includes (but is not limited to): all collateral loans; the custodial accounts, the eligible accounts, and the eligible investments; cash, money, securities, reserves and other property of ABPCIC Funding IV; all related property; and certain agreements entered into in connection with the Natixis Credit Facility. The stated maturity date of the Natixis Credit Facility is April 21, 2033.

As of March 31, 2025, the Natixis Credit Facility includes customary covenants, including certain limitations on the incurrence by ABPCIC Funding IV of additional indebtedness, as well as customary events of default.

MUFG Credit Facility

On September 19, 2024, ABPCIC Funding V LLC, a Delaware limited liability company and wholly-owned subsidiary of the Fund ("ABPCIC Funding V"), entered into a warehouse financing transaction (the “MUFG Credit Facility”).

In connection with the MUFG Credit Facility, ABPCIC Funding V entered into, among other agreements, (i) the credit agreement (the “MUFG Credit Agreement”), among ABPCIC Funding V, MUFG Bank, Ltd., as lender, the other lenders party thereto from time to time, MUFG Bank, Ltd., as administrative agent, U.S. Bank Trust Company, National Association, as collateral agent (in such capacity, the “MUFG Collateral Agent”) and collateral administrator (in such capacity, the “MUFG Collateral Administrator”), and U.S. Bank National Association, as document custodian, (ii) the control agreement, among ABPCIC Funding V, as debtor, the MUFG Collateral Agent, as secured party, and U.S. Bank National Association, as securities intermediary (in such capacity, the “MUFG Securities Intermediary”), (iii) the collateral management agreement (the “MUFG Collateral Management Agreement”), between ABPCIC Funding V and the Adviser, as collateral manager (in such capacity, the “MUFG Collateral Manager”), (iv) the collateral administration agreement (the “MUFG Collateral Administration Agreement”), among ABPCIC Funding V, the MUFG Collateral Manager and the MUFG Collateral Administrator and (v) the master loan sale and contribution agreement between the Fund, as seller, and ABPCIC Funding V, as buyer.

As of March 31, 2025, the MUFG Credit Agreement provides for borrowings in an aggregate amount up to $150,000,000. Borrowings under the MUFG Credit Agreement will bear interest based on the term standard overnight financing rate for the relevant interest period or the applicable replacement thereto provided for in the MUFG Credit Agreement, in each case, plus an applicable spread of 2.10% per annum or 2.60% per annum for borrowings utilized for certain purchases. Interest is payable quarterly in arrears. Any amounts borrowed under the MUFG Credit Agreement will mature, and all accrued and unpaid interest thereunder will be due and payable, on the earlier of (i) September 19, 2029 or (ii) upon certain other events which result in accelerated maturity under the MUFG Credit Facility. The availability period with respect to the revolving commitments under the MUFG Credit Facility will terminate on September 19, 2026. Borrowing under the MUFG Credit Facility is subject to certain restrictions contained in the 1940 Act.

Borrowings under the MUFG Credit Agreement are secured by all of the assets held by ABPCIC Funding V. Pursuant to the MUFG Collateral Management Agreement, the MUFG Collateral Manager will perform certain duties with respect to the purchase and management of the assets securing the MUFG Credit Facility. The MUFG Collateral Manager has elected to waive any fees that

47

would otherwise be payable under the MUFG Credit Agreement and the MUFG Collateral Management Agreement. ABPCIC Funding V will reimburse the expenses incurred by the MUFG Collateral Manager in the performance of its obligations under the MUFG Collateral Management Agreement other than any ordinary overhead expenses, which shall not be reimbursed. ABPCIC Funding V has made customary representations and warranties under the MUFG Collateral Management Agreement and is required to comply with various covenants, reporting requirements and other customary requirements for similar credit facilities.

All of the collateral pledged to the lenders by ABPCIC Funding V under the MUFG Credit Agreement is held in the custody of the MUFG Securities Intermediary under the MUFG Control Agreement. The MUFG Collateral Administrator will maintain and perform certain collateral administration services with respect to the collateral pursuant to the MUFG Collateral Administration Agreement. As compensation for the services rendered by the MUFG Collateral Administrator, ABPCIC Funding V will pay the MUFG Collateral Administrator, on a quarterly basis, customary fee amounts and reimburse the MUFG Collateral Administrator for its reasonable out-of-pocket expenses. The MUFG Collateral Administration Agreement and the obligations of the MUFG Collateral Administrator will continue until the earlier of (i) the liquidation of the collateral and the final distribution of the proceeds of such liquidation, (ii) the date on which all obligations have been paid in full or (iii) the termination of the MUFG Collateral Management Agreement.

NatWest Credit Facility

On March 21, 2025, ABPCIC Funding VI LLC (“ABPCIC Funding VI”), a wholly-owned subsidiary of the Fund, entered into a warehouse financing transaction (the “NatWest Credit Facility” and together with the 2021 HSBC Credit Facility, the Synovus Credit Facility, the Natixis Credit Facility and the MUFG Credit Facility, the “Credit Facilities”). In connection with the NatWest Credit Facility, ABPCIC Funding VI entered into, among other agreements, (i) the facility agreement (the “NatWest Facility Agreement”), among AB Private Credit Investors LLC, as collateral manager (in such capacity, the “NatWest Collateral Manager”), ABPCIC Funding VI, each of the lenders from time to time party thereto, NatWest Markets Plc, as lead lender (in such capacity, the “NatWest Lead Lender”), U.S. Bank Trust Company, National Association, as collateral agent (in such capacity, the “NatWest Collateral Agent”), U.S. Bank National Association, as document custodian (in such capacity, the “NatWest Document Custodian”), and Alter Domus (US) LLC, as loan agent, (ii) the securities account control agreement (the “NatWest Securities Account Control Agreement”), among ABPCIC Funding VI, as debtor, the NatWest Collateral Manager, the NatWest Lead Lender, the NatWest Collateral Agent, and U.S. Bank National Association, as securities intermediary (in such capacity, the “NatWest Securities Intermediary”), (iii) the purchase and sale agreement (the “NatWest Transfer Agreement”) between the Fund, as seller, and ABPCIC Funding VI, as buyer, and (iv) the pledge agreement (the “NatWest Pledge Agreement”), between the Fund, as pledgor, and the NatWest Collateral Agent.

The NatWest Facility Agreement provides for borrowings in an aggregate amount up to $75,000,000. Borrowings under the NatWest Facility Agreement will bear interest based on the term standard overnight financing rate for the relevant interest period or the applicable replacement thereto provided for in the NatWest Facility Agreement, in each case, plus 2.10%. Interest is payable quarterly in arrears. Any amounts borrowed under the NatWest Facility Agreement will mature, and all accrued and unpaid interest thereunder will be due and payable, on the earlier of (i) March 21, 2032 or (ii) upon certain other events which result in accelerated maturity under the NatWest Facility Agreement. Borrowing under the NatWest Credit Facility is subject to certain restrictions contained in the 1940 Act.

Borrowings under the NatWest Facility Agreement are secured by all of the assets held by ABPCIC Funding VI as well as all of the Fund’s equity interests in ABPCIC Funding VI, which are pledged by the Fund to the NatWest Collateral Agent pursuant to the NatWest Pledge Agreement. Pursuant to the NatWest Facility Agreement, the NatWest Collateral Manager will perform certain duties with respect to the purchase and management of the assets securing the NatWest Credit Facility. The NatWest Collateral Manager has elected to waive any fees that would otherwise be payable under the NatWest Facility Agreement. ABPCIC Funding VI will reimburse the expenses incurred by the NatWest Collateral Manager in the performance of its obligations under the NatWest Facility Agreement other than any ordinary overhead expenses, which shall not be reimbursed. ABPCIC Funding VI has made customary representations and warranties under the NatWest Facility Agreement and is required to comply with various covenants, reporting requirements and other customary requirements for similar credit facilities.

All of the collateral pledged by ABPCIC Funding VI to the NatWest Collateral Agent for the benefit of the secured parties under the NatWest Facility Agreement is held in the custody of the NatWest Document Custodian under the NatWest Facility Agreement or the NatWest Securities Intermediary under the NatWest Securities Account Control Agreement. The NatWest Collateral Agent will maintain and perform certain collateral administration services with respect to the collateral pursuant to the NatWest Facility Agreement. As compensation for the services rendered by the NatWest Collateral Agent, ABPCIC Funding VI will pay the NatWest Collateral Agent, on a quarterly basis, customary fee amounts and reimburse the NatWest Collateral Agent for its reasonable out-of-pocket expenses.

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Concurrently with the closing of the NatWest Credit Facility, the Fund contributed and/or sold certain assets to ABPCIC Funding VI pursuant to the NatWest Transfer Agreement, and the Fund expects to continue to contribute and/or sell assets to ABPCIC Funding VI pursuant to the NatWest Transfer Agreement in the future. The Fund may, but shall not be required to, repurchase and/or substitute certain assets previously transferred to ABPCIC Funding VI subject to the conditions specified in the NatWest Transfer Agreement and the NatWest Facility Agreement.

The Fund incurred certain customary fees, costs and expenses in connection with the closing of the NatWest Credit Facility.

The Fund’s outstanding borrowings through the Credit Facilities as of March 31, 2025 were as follows:

	Aggregate Borrowing Amount Committed		Outstanding Borrowing		Amount Available		Carrying Value
HSBC	$	40,000,000	$	30,000,000	$	10,000,000	$	30,000,000
Synovus		200,000,000		200,000,000		-		200,000,000
Natixis		200,000,000		150,000,000		50,000,000		150,000,000
MUFG		150,000,000		120,250,000		29,750,000		120,250,000
NatWest		75,000,000		46,500,000		28,500,000		46,500,000
Total	$	665,000,000	$	546,750,000	$	118,250,000	$	546,750,000

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

	Aggregate Borrowing Amount Committed		Outstanding Borrowing		Amount Available		Carrying Value
HSBC	$	40,000,000	$	10,000,000	$	30,000,000	$	10,000,000
Synovus		200,000,000		188,250,000		11,750,000		188,250,000
Natixis		200,000,000		200,000,000		-		200,000,000
MUFG		150,000,000		104,000,000		46,000,000		104,000,000
Total	$	590,000,000	$	502,250,000	$	87,750,000	$	502,250,000

As of March 31, 2025 and December 31, 2024, deferred financing costs were $3,190,357 and $2,835,743, respectively, which remain to be amortized, and are reflected on the consolidated statements of assets and liabilities.

Collateralized Loan Obligations

CLO VI

On August 9, 2019, ABPCI Direct Lending Fund CLO VI Ltd (“CLO VI”), an exempted company incorporated with limited liability under the laws of the Cayman Islands (the “VI Issuer”), and ABPCI Direct Lending Fund CLO VI LLC, a limited liability company organized under the laws of the State of Delaware (the “VI Co-Issuer,” and together with the VI Issuer, the “VI Co-Issuers”), each a newly formed special purpose vehicle, completed a $300,500,000 term debt securitization (the “CLO VI Transaction”). The stated reinvestment date was August 9, 2022.

The CLO VI indenture was refinanced under terms of the first supplemental indenture dated April 28, 2022 among the VI Issuer and U.S. Bank National Association, as trustee. As a result of the refinancing, the outstanding notes (other than the Subordinated Notes) under the indenture dated August 9, 2019 in the amount of $246,900,000 were paid off, and the unamortized debt discount and debt issuance costs were accelerated into interest and borrowing expenses on the consolidated statements of operations. The VI Issuer issued new notes as listed below, as well as additional Subordinated Notes in the amount of $7,720,000.

On March 5, 2025, the VI Co-Issuers executed that certain amended and restated indenture by and among the VI Co-Issuers and U.S. Bank Trust Company, National Association (the “Refinancing CLO Transaction”) to redeem all of the outstanding VI Notes issued by the VI Co-Issuers pursuant to that certain original indenture, dated as of August 9, 2019, as amended by that certain First Supplemental Indenture, dated as of April 28, 2022 and that certain Second Supplemental Indenture, dated as of March 8, 2024, with the proceeds from the private placement of new Debt offered by the VI Co-Issuers in the Refinancing CLO Transaction (the “Refinancing Debt”). The Refinancing Debt is secured by a diversified portfolio of the VI Co-Issuers consisting primarily of middle

49

market loans and participation interests in middle market loans and may also include some broadly syndicated loans. The Refinancing Debt consists of: (i) $103,000,000 of Class A-1-RR Senior Secured Floating Rate Notes, which bear interest at three-months SOFR plus 1.40% per annum; (ii) $100,000,000 of Class A-1L-R Senior Secured Floating Rate Loans, which bear interest at three-months SOFR plus 1.40% per annum; (iii) $14,000,000 of Class A-2-RR Senior Secured Floating Rate Notes, which bear interest at three-months SOFR plus 1.60% per annum; (iv) $21,000,000 of Class B-RR Senior Secured Floating Rate Notes, which bear interest at SOFR plus 1.70% per annum; (v) $28,000,000 of Class C-RR Secured Deferrable Floating Rate Notes, which bear interest at SOFR plus 2.00% per annum; and (vi) $18,980,000 of additional Subordinated Notes, which do not bear interest. In addition, $61,320,000 of Subordinated Notes previously issued by the VI Issuer will remain outstanding as of the closing date of the Refinancing CLO Transaction. The Refinancing Debt is scheduled to mature on January 27, 2037.

In a series of contemporaneous transactions on the closing date of the Refinancing CLO Transaction, (i) the VI Issuer, with the proceeds from the issuance of the Refinancing Debt (including the issuance of all $28,000,000 of the Class C-RR Notes and all $18,980,000 of the additional Subordinated Notes to ABPCI Direct Lending Fund CLO VI Depositor LLC, a wholly-owned subsidiary of the Fund), redeemed all of the outstanding VI Notes, and (ii) the VI Issuer made any other payments due in connection with the repayment of the VI Notes and paid any other fees and expenses expected to be paid as of such date.

The Refinancing Debt is the secured obligation of the VI Co-Issuers, and the indenture governing the Refinancing Debt includes customary covenants and events of default. The Refinancing Debt has not been, and will not be, registered under the Securities Act or any state securities or “blue sky” laws and may not be offered or sold in the United States absent registration with the SEC or an applicable exemption from registration.

The Adviser serves as collateral manager to the VI Issuer pursuant to the CLO VI Collateral Management Agreement, which was amended and restated on the closing date of the Refinancing CLO Transaction. For so long as the Adviser serves as collateral manager to the VI Issuer, the Adviser will elect to receive $0 as any base management fee or subordinated interest to which it may be entitled under the CLO VI Collateral Management Agreement.

The CLO VI Transaction was executed through a private placement and the notes offered (the “VI Notes”) that remain outstanding as of March 31, 2025 and December 31, 2024 were as follows:

	March 31, 2025
	Principal Amount		Interest Rate	Carrying Value(1)
Class A-1-RR Senior Secured Floating Rate Note (“Class A-1-RR”)	$	103,000,000	S + 1.40%	$	102,350,929
Class A-1-LR Senior Secured Floating Rate Note (“Class A-1-LR”)	$	100,000,000	S + 1.40%	$	99,369,834
Class A-2-RR Senior Secured Deferrable Floating Rate (“Class A-2-RR”)	$	14,000,000	S + 1.60%	$	13,911,777
Class B-RR Senior Secured Deferrable Floating Rate (“Class B-RR”)	$	21,000,000	S + 1.70%	$	20,867,665
Class C-RR Secured Deferrable Floating Rate Note (“Class C-RR”)	$	28,000,000	S + 2.00%	$	-	*
Subordinated Notes	$	80,300,000	N/A	$	-	*

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

(1)Carrying value is net of unamortized discount and debt issuance costs. Unamortized discount and debt issuance costs associated with the Notes totaled $0 and $1,499,796 respectively, as of March 31, 2025 and are reflected on the consolidated statements of assets and liabilities.

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	December 31, 2024
	Principal Amount		Interest Rate	Carrying Value(1)
Class A-1-R Senior Secured Floating Rate Note (“Class A-1-R”)	$	98,250,000	S + 1.83%	$	98,041,837
Class A-1-L Senior Secured Floating Rate Note (“Class A-1-L”)	$	75,000,000	S + 1.83%	$	74,841,098
Class A-1-F Senior Secured Fixed Rate Note (“Class A-1-F”)	$	30,000,000	4.305%	$	29,936,439
Class A-2-R Senior Secured Deferrable Floating Rate (“Class A-2-R”)	$	43,500,000	S + 2.25%	$	43,407,837
Class B-R Senior Secured Deferrable Floating Rate (“Class B-R”)	$	19,250,000	S + 3.10%	$	-	*
Class C-R Secured Deferrable Floating Rate Note (“Class C-R”)	$	20,125,000	S + 4.15%	$	-	*
Subordinated Notes	$	61,320,000	N/A	$	-	*

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

(1)Carrying value is net of unamortized discount and debt issuance costs. Unamortized discount and debt issuance costs associated with the Notes totaled $353,110 and $169,679, respectively, as of December 31, 2024 and are reflected on the consolidated statements of assets and liabilities.

The CLO VI indenture provides that the holders of the VI Notes are to receive quarterly interest payments, in arrears, on the 27th day in January, April, July and October of each year.

CLO XIII

On May 3, 2023, ABPCI Direct Lending Fund CLO XIII LTD (“CLO XIII”), a private company limited by shares incorporated under the laws of Jersey (the “XIII Issuer”), ABPCI Direct Lending Fund CLO XIII LLC, a limited liability company organized under the laws of the State of Delaware (the “XIII Co-Issuer,” and together with the XIII Issuer, the “XIII Co-Issuers”), ABPCI Direct Lending Fund CLO XIII First Static Subsidiary Ltd (the “First Static Subsidiary”) and ABPCI Direct Lending Fund CLO XIII Second Static Subsidiary Ltd (the “Second Static Subsidiary” and together with the First Static Subsidiary, the “Static Subsidiaries”, and together with the XIII Co-Issuers, the “XIII Issuer Entities”), each a newly formed special purpose vehicle, completed a $395,000,000 term debt securitization (the “CLO XIII Transaction”). The stated reinvestment date is April 27, 2027.

The CLO XIII Transaction was executed through a private placement and the notes offered (the “XIII Notes”) that remain outstanding as of March 31, 2025, and December 31, 2024 were as follows:

	March 31, 2025
	Principal Amount		Interest Rate	Carrying Value(1)
Class A Senior Secured Floating Rate Note (“Class A”)	$	228,000,000	S + 2.60%	$	226,586,328
Class B Senior Secured Floating Rate Note (“Class B”)	$	36,000,000	S + 3.65%	$	35,776,788
Class C Secured Deferrable Floating Rate Note (“Class C”)	$	36,000,000	S + 4.55%	$	35,776,788
Class D Secured Deferrable Floating Rate Note (“Class D”)	$	28,000,000	S + 6.90%	$	-	*
Subordinated Notes	$	67,000,000	N/A	$	-	*

* Class D and Subordinated Notes are held by the Fund and have been eliminated in consolidation.

(1)Carrying value is net of unamortized discount and debt issuance costs. Unamortized discount and debt issuance costs associated with the XIII Notes totaled $0 and $1,860,095 respectively, as of March 31, 2025 and are reflected on the consolidated statements of assets and liabilities.

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	December 31, 2024
	Principal Amount		Interest Rate	Carrying Value(1)
Class A Senior Secured Floating Rate Note (“Class A”)	$	228,000,000	S + 2.60%	$	226,418,256
Class B Senior Secured Floating Rate Note (“Class B”)	$	36,000,000	S + 3.65%	$	35,750,251
Class C Secured Deferrable Floating Rate Note (“Class C”)	$	36,000,000	S + 4.55%	$	35,750,251
Class D Secured Deferrable Floating Rate Note (“Class D”)	$	28,000,000	S + 6.90%	$	-	*
Subordinated Notes	$	67,000,000	N/A	$	-	*

* Class D and Subordinated Notes are held by the Fund and have been eliminated in consolidation.

(1)Carrying value is net of unamortized discount and debt issuance costs. Unamortized discount and debt issuance costs associated with the XIII Notes totaled $0 and $2,081,242 respectively, as of December 31, 2024 and are reflected on the consolidated statements of assets and liabilities.

The CLO XIII indenture provides that the holders of the XIII Notes are to receive quarterly interest payments, in arrears, on the 27th day in January, April, July and October of each year, commencing in October 2023. The XIII Notes will mature on April 27, 2035.

The XIII Notes are the secured obligations of the XIII Issuer Entities, and the indenture governing the XIII Notes includes customary covenants and events of default. The XIII Notes have not been, and will not be, registered under the Securities Act or any state securities or “blue sky” laws and may not be offered or sold in the United States absent registration with the Securities and Exchange Commission or an applicable exemption from registration.

The Adviser serves as collateral manager to the XIII Issuer pursuant to a collateral management agreement between the Adviser and the XIII Issuer (the “CLO XIII Collateral Management Agreement”). For so long as the Adviser serves as collateral manager to the XIII Issuer, a collateral management fee shall not be charged.

Secured Borrowings

From time to time, the Fund may engage in sale/buy-back agreements, with Macquarie US Trading LLC (the “Macquarie Sale/Buy Back”), which are a type of secured borrowing. The amount, interest rate and terms of these agreements will be individually negotiated on a transaction-by-transaction basis. Each borrowing is secured by an interest in an underlying asset which is participated or assigned to the sale/buy-back counterparty for the duration of the agreement.

As of March 31, 2025 there were no outstanding secured borrowings.

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

Loan Name	Trade Date	Maturity Date	bps Daily Rate		Amount
Bonterra LLC	9/6/2024	120 days or less from trade date		2.37	$	2,319,165
Colo Holdings, LLC	9/5/2024	120 days or less from trade date		2.37		525,952
					$	2,845,117

As of March 31, 2025 and December 31, 2024, total outstanding borrowings, net of unamortized discount and debt issuance costs, under the Credit Facilities, Notes, and Secured Borrowings were $1,081,390,109 and $1,049,241,086, respectively.

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Interest Expense on Borrowings

For the three months ended March 31, 2025 and 2024, the components of interest and other debt expenses related to the borrowings were as follows:

	For the three months ended March 31,
	2025			2024
Interest and borrowing expenses	$	18,166,989		$	17,384,960
Commitment fees		94,328			213,709
Amortization of discount, debt issuance and    deferred financing costs		1,292,006			1,343,240
Total	$	19,553,323		$	18,941,909
Weighted average interest rate(1)		6.91	%		8.03	%
Average outstanding balance	$	1,066,388,318		$	870,764,980

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

5. Fair Value Measurement

The Fund conducts the valuation of its investments, upon which the Fund's NAV is based, at all times consistent with GAAP and the 1940 Act. The Fund values its investments in accordance with ASC 820, which defines fair value as the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the applicable measurement date. ASC 820 prioritizes the use of observable market prices or values derived from such prices over entity-specific inputs. Additional information regarding the fair value hierarchy of ASC 820 follows below. Due to the inherent uncertainties of valuation, certain estimated fair values may differ significantly from the values that would have been realized had a ready market for these investments existed, and these differences could be material.

ASC 820 specifies a hierarchy of valuation techniques based on whether the inputs to those valuation techniques are observable or unobservable. ASC 820 also provides guidance regarding a fair value hierarchy, which prioritizes information used to measure fair value and the effect of fair value measurements on earnings, and provides for enhanced disclosures determined by the level within the hierarchy of information used in the valuation. In accordance with ASC 820, these inputs are summarized in the three levels listed below:

•Level 1 - Valuations are based on unadjusted, quoted prices in active markets for identical assets or liabilities that are accessible at the measurement date.

•Level 2 - Valuations are based on quoted prices in markets that are not active or for which all significant inputs are observable, either directly or indirectly.

•Level 3 - Valuations based on inputs that are unobservable and significant to the overall fair value measurement.

In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, an investment’s level within the fair value hierarchy is based on the lowest level of observable input that is significant to the fair value measurement. The assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the investment.

Pursuant to the amended SEC Rule 2a-5 of the 1940 Act, the Board designated the Adviser as the Fund’s “valuation designee.” In this capacity, the Adviser is responsible, among other things, for making all fair value determinations relating to the Fund’s portfolio investments, subject to the Board’s oversight.

Active, publicly traded instruments are classified as Level 1 and their values are generally based on quoted market prices, even if both the market’s normal daily trading volume is not sufficient to absorb the quantity held and placing orders to sell the position in a single transaction might affect the quoted price.

The Fund’s valuation policy considers the fact that no ready market may exist for many of the securities in which it invests and that fair value for its investments must be determined using unobservable inputs.

Investments that are listed or traded on an exchange and are freely transferrable are valued at either the closing price (in the case of securities and futures) or the mean of the closing bid and offer (in the case of options) on the principal exchange on which the

53

investment is listed or traded. Investments for which other market quotations are readily available will typically be valued at those market quotations. To validate market quotations, the Fund uses a number of factors to determine if the quotations are representative of fair value, including the source and number of the quotations. Where it is possible to obtain reliable, independent market quotations from a third party vendor, the Fund will use these quotations to determine the value of its investments. The Fund utilizes mid-market pricing (i.e., mid-point of average bid and ask prices) to value these investments. The Adviser obtains these market quotations from independent pricing services, if available; otherwise from at least two principal market makers or primary market dealers. To assess the continuing appropriateness of pricing sources and methodologies, the Adviser regularly performs price verification procedures and issues challenges as necessary to independent pricing services or brokers, and any differences are reviewed in accordance with the valuation procedures. The Adviser does not adjust the prices unless it has a reason to believe market quotations are not reflective of the fair value of an investment.

Where prices or inputs are not available, or, in the judgment of the Adviser, not reliable, valuation approaches based on the facts and circumstances of the particular investment will be utilized. Securities that are not publicly traded or whose market prices are not readily available, as is the case for a substantial portion of the Fund’s investments, are valued at fair value as determined in good faith pursuant to procedures adopted by, and under the oversight of, the Board, based on, among other things, the input of the Adviser and independent third-party valuation firms engaged at the direction of the Board to review the Fund’s investments. These valuation approaches involve some level of management estimation and judgment, the degree of which is dependent on the price transparency for the investments or market and the investments’ complexity. The Board may modify the Fund’s valuation procedures from time to time.

With respect to the quarterly valuation of investments, the Fund undertakes a multi-step valuation process each quarter in connection with determining the fair value of its investments for which reliable market quotations are not readily available as of the last calendar day of each quarter, which includes, among other procedures, the following:

•The valuation process begins with each loan being preliminarily valued by the Adviser’s Fair Value Committee (the “ Fair Value Committee”) in conjunction with the Adviser’s investment professionals responsible for each portfolio investment;

•An independent valuation firm is engaged to prepare quarter-end valuations for the majority of investments, as determined by the Adviser. The independent valuation firm undertakes a full analysis of the investments and provides a range of values on such investments to the Adviser. The independent valuation firm also provides analyses to support their valuation methodology and calculations;

•For investments not valued by an independent valuation firm, the Adviser will determine the valuation and the independent valuation firm will provide a positive assurance;

•The Adviser’s Fair Value Committee reviews each valuation recommendation to confirm they have been calculated in accordance with the valuation policy and to ensure the valuations are reasonable; and

•The Audit Committee reviews the valuation recommendations made by the Adviser’s Fair Value Committee, including the independent valuation firms’ quarterly valuations, and once approved, recommends them for approval by the Board.

As part of the valuation process, the Fund will take into account relevant factors in determining the fair value of its investments for which reliable market quotations are not readily available, many of which are loans, including and in combination, as relevant, of: (i) the estimated enterprise value of a portfolio company, generally based on an analysis of discounted cash flows, publicly traded comparable companies and comparable transactions, (ii) the nature and realizable value of any collateral, (iii) the portfolio company’s ability to make payments based on its earnings and cash flow, (iv) the markets in which the portfolio company does business, and (v) overall changes in the interest rate environment and the credit markets that may affect the price at which similar investments may be made in the future. When an external event such as a purchase transaction, public offering or subsequent equity or debt sale occurs, the Fair Value Committee or its delegates will consider whether the pricing indicated by the external event corroborates its valuation.

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

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

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The following table summarizes the valuation of the Fund’s investments as of March 31, 2025:

Assets*	Level 1		Level 2		Level 3		Total
Cash Equivalents
Money Market Funds	$	94,750,882	$	-	$	-	$	94,750,882
Total Cash Equivalents	$	94,750,882	$	-	$	-	$	94,750,882
Assets*	Level 1		Level 2		Level 3		Total
1st Lien/Senior Secured Debt	$	-	$	-	$	1,597,244,820	$	1,597,244,820
2nd Lien/Junior Secured Debt		-		-		2,715,825		2,715,825
Preferred Stock		-		-		7,648,272		7,648,272
Common Stock		-		81,383		9,837,096		9,918,479
Warrants		-		-		1,700,287		1,700,287
Total	$	-	$	81,383	$	1,619,146,300	$	1,619,227,683
Investments valued at NAV as a practical    expedient#							$	24,786,863
Total assets#							$	1,644,014,546

* See consolidated schedule of investments for industry classifications.

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

The following table summarizes the valuation of the Fund’s investments as of December 31, 2024:

Assets*	Level 1		Level 2		Level 3		Total
Cash Equivalents
Money Market Funds	$	44,958,333	$	-	$	-	$	44,958,333
Total Cash Equivalents	$	44,958,333	$	-	$	-	$	44,958,333
Assets*	Level 1		Level 2		Level 3		Total
1st Lien/Senior Secured Debt	$	-	$	-	$	1,582,307,975	$	1,582,307,975
2nd Lien/Junior Secured Debt		-		-		2,825,397		2,825,397
Preferred Stock		-		-		8,028,728		8,028,728
Common Stock		-		131,764		10,996,373		11,128,137
Warrants		-		-		1,703,357		1,703,357
Total	$	-	$	131,764	$	1,605,861,830	$	1,605,993,594
Investments valued at NAV as a practical    expedient#								24,355,711
Total assets#							$	1,630,349,305

* See consolidated schedule of investments for industry classifications.

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

55

The following is a reconciliation of Level 3 assets for the three months ended March 31, 2025:

	1st Lien/Senior Secured Debt			2nd Lien/Junior Secured Debt			Preferred Stock			Common Stock and LP Interests			Warrants			Total
Balance as of January 1, 2025		1,582,307,975			2,825,397			8,028,728			10,996,373			1,703,357			1,605,861,830
Purchases (including PIK)		136,569,061			-			-			628,970			-			137,198,031
Sales and principal payments		(123,243,144	)		-			(720,296	)		(2,487,297	)		-			(126,450,737	)
Realized Gain (Loss)		49,342			-			234,943			2,197,190			-			2,481,475
Net Amortization of    Premium/Discount		2,705,086			1,704			-			-			-			2,706,790
Transfers Out					-			-			-			-			-
Net Change in Unrealized    Appreciation (Depreciation)		(1,143,500	)		(111,276	)		104,897			(1,498,140	)		(3,070	)		(2,651,089	)
Balance as of March 31, 2025		1,597,244,820			2,715,825			7,648,272			9,837,096			1,700,287			1,619,146,300
Change in Unrealized    Appreciation (Depreciation)    for Investments Still Held		91,135			(111,276	)		93,391			207,951			(3,071	)		278,130

For the three months ended March 31, 2025, there were no transfers into or out of Level 3.

The following is a reconciliation of Level 3 assets for the year ended December 31, 2024:

	1st Lien/Senior Secured Debt			2nd Lien/ Junior Secured Debt			Preferred Stock			Common Stock			Warrants		Total
Balance as of January 1, 2024	$	1,270,762,647		$	9,205,885		$	8,777,660		$	10,039,580		$	1,290,859	$	1,300,076,631
Purchases (including PIK)		513,442,490			-			-			1,232,430			-		514,674,920
Sales and principal payments		(216,214,013	)		(6,537,711	)		(771,864	)		-			-		(223,523,588	)
Realized Gain (Loss)		733,497			-			173,651			-			-		907,148
Net Amortization of    Premium/Discount		6,586,088			54,939			-			-			-		6,641,027
Transfers Out		-			-			(368,990	)		(1,813,344	)		-		(2,182,334	)
Net Change in Unrealized    Appreciation (Depreciation)		6,997,266			102,284			218,271			1,537,707			412,498		9,268,026
Balance as of    December 31, 2024	$	1,582,307,975		$	2,825,397		$	8,028,728		$	10,996,373		$	1,703,357	$	1,605,861,830
Change in Unrealized    Appreciation (Depreciation)    for Investments Still Held	$	5,470,146		$	134,565		$	260,473		$	1,542,159		$	412,498	$	12,454,985

For the year ended December 31, 2024, there were no transfers into Level 3.

For the year ended December 31, 2024, there were transfers out of Level 3 into Level 2 of $263,971. Transfers out of Level 3 are due to an increase in the quantity and reliability of broker quotes obtained. Further amounts of $1,918,363 of Common Stock and Preferred Stock were transferred out of Level 3 as these positions are now valued using their net asset values as a practical expedient and therefore are excluded from Levels 1, 2, or 3.

The following tables present the ranges of significant unobservable inputs used to value the Fund’s Level 3 investments as of March 31, 2025 and December 31, 2024, respectively. These ranges represent the significant unobservable inputs that were used in the valuation of each type of investment. These inputs are not representative of the inputs that could have been used in the valuation of any one investment. Accordingly, the ranges of inputs presented below do not represent uncertainty in, or possible ranges of, fair value measurements of the Fund’s Level 3 investments.

56

	Fair Value as of  March 31, 2025		Valuation Techniques	Unobservable Input	Range/Input (Weighted Average)(1)	Impact to Valuation from an Increase in Input
Assets:
1st Lien/Senior Secured Debt	$	1,484,907,768	Market Yield Analysis	Market Yield	8.0% - 25.1% (9.9%)	Decrease
		1,707,771	Market Approach	EBITDA Multiple	4.7x	Increase
		6,020,502	Market Approach	Revenue Multiple	2.0x	Increase
		28,526	Liquidation Value	AssetValue	N/A	Increase
		835,946	Recent Transaction	Transaction Price	N/A	N/A
		103,744,307	Recent Purchase	Purchase Price	N/A	N/A
2nd Lien/Junior Secured Debt		2,715,825	Market Yield Analysis	Market Yield	17.8%	Decrease
Common Stock		6,513,698	Market Approach	EBITDA Multiple	7.3x - 25.0x (15.8x)	Increase
		2,075,201	Market Approach	Revenue Multiple	0.3x - 21.8x (9.4x)	Increase
		202,469	Market Approach	Other Cashflow Multiple	15.9x	Increase
		628,970	Recent Purchase	Purchase Price	N/A	N/A
		416,758	Recent Transaction	Transaction Price	N/A	N/A
Preferred Stock		2,985,661	Market Approach	EBITDA Multiple	12.5x - 15.8x (14.8x)	Increase
		2,896,467	Market Approach	Revenue Multiple	3.0x - 9.3x (6.9x)	Increase
		1,559,429	Market Yield Analysis	Market Yield	14.8%	Decrease
		206,715	Recent Transaction	Transaction Price	N/A	N/A
Warrants		1,700,287	Market Approach	Revenue Multiple	4.8x - 7.4x (7.1x)	Increase
Total Assets	$	1,619,146,300

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

	Fair Value as of December 31, 2024		Valuation Techniques	Unobservable Input	Range/Input (Weighted Average)(1)	Impact to Valuation from an Increase in Input
Assets:
1st Lien/Senior Secured Debt	$	1,430,997,418	Market Yield Analysis	Market Yield	8.3% - 25.6% (10.4%)	Decrease
	$	2,046,578	Market Approach	EBITDA Multiple	5.8X	Increase
	$	39,019	Liquidation Value	Asset Value	N/A	Increase
	$	25,276,091	Expected Repayment	Redemption Price	N/A	Increase
	$	835,988	Recent Transaction	Transaction Price	N/A	N/A
	$	123,112,881	Recent Purchase	Purchase Price	N/A	N/A
2nd Lien/Junior Secured Debt	$	2,825,397	Market Yield Analysis	Market Yield	0.163	Decrease
Common Stock	$	6,479,153	Market Approach	EBITDA Multiple	7.3x - 25.0x (13.4x)	Increase
	$	1,884,375	Market Approach	Revenue Multiple	0.3x - 15.0x (8.0x)	Increase
	$	756,921	Expected Repayment	Redemption Price	N/A	Increase
	$	416,758	Recent Transaction	Transaction Price	N/A	N/A
	$	199,947	Market Approach	Other Cashflow Multiple	16.0x	Increase
	$	462,231	Market Yield Analysis	Market Yield	13.6%	Decrease
	$	796,988	Recent Purchase	Purchase Price	N/A	Increase
Preferred Stock	$	603,899	Market Approach	EBITDA Multiple	13.0x	Increase
	$	2,881,675	Market Approach	Revenue Multiple	3.0x - 9.3x (7.1x)	Increase
	$	4,336,439	Market Yield Analysis	Market Yield	15.0 % - 19.6% (17.3%)	Decrease
	$	206,715	Recent Transaction	Transaction Price	N/A	N/A
Warrants	$	1,703,357	Market Approach	Revenue Multiple	5.0x - 8.1x (7.6x)	Increase
Total Assets	$	1,605,861,830

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

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Financial Instruments Disclosed, But Not Carried, At Fair Value

The following table presents the carrying value and fair value of the Fund’s financial liabilities disclosed, but not carried, at fair value as of March 31, 2025 and the level of each financial liability within the fair value hierarchy.

	Carrying Value (1)		Fair Value		Level 1		Level 2		Level 3
CLO VI Class A-1-R Senior Secured Floating    Rate Note	$	102,350,929	$	104,030,000	$	-	$	-	$	104,030,000
CLO VI Class A-1-L Senior Secured Floating    Rate Note		99,369,834		101,000,000		-		-		101,000,000
CLO VI Class A-1-F Senior Secured Fixed Rate    Note		13,911,777		14,175,000		-		-		14,175,000
CLO VI Class A-2-R Senior Secured Deferrable    Floating Rate		20,867,665		21,262,500		-		-		21,262,500
CLO XIII Class A Senior Secured Floating Rate    Note (“Class A”)		226,586,328		229,710,000		-		-		229,710,000
CLO XIII Class B Senior Secured Floating Rate    Note (“Class B”)		35,776,788		36,450,000		-		-		36,450,000
CLO XIII Class C Secured Deferrable Floating    Rate (“Class C”)		35,776,788		36,540,000		-		-		36,540,000
Total	$	534,640,109	$	543,167,500	$	-	$	-	$	543,167,500

(1)Carrying value is net of unamortized discount and debt issuance costs. Unamortized discount and debt issuance costs associated with the Notes totaled $0 and $3,359,891, respectively, as of March 31, 2025 and are reflected on the consolidated statements of assets and liabilities.

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

	Carrying Value (1)		Fair Value		Level 1		Level 2		Level 3
CLO VI Class A-1-R Senior Secured Floating    Rate Note	$	98,041,837	$	99,478,125	$	-	$	-	$	99,478,125
CLO VI Class A-1-L Senior Secured Floating    Rate Note		74,841,098		75,937,500		-		-		75,937,500
CLO VI Class A-1-F Senior Secured Fixed    Rate Note		29,936,439		29,550,000		-		-		29,550,000
CLO VI Class A-2-R Senior Secured    Deferrable Floating Rate		43,407,837		44,696,250		-		-		44,696,250
CLO XIII Class A Senior Secured Floating    Rate Note (“Class A”)		226,418,256		229,710,000		-		-		229,710,000
CLO XIII Class B Senior Secured Floating Rate    Note (“Class B”)		35,750,251		36,540,000		-		-		36,540,000
CLO XIII Class C Secured Deferrable Floating    Rate (“Class C”)		35,750,251		36,630,000		-		-		36,630,000
Total	$	544,145,969	$	552,541,875	$	-	$	-	$	552,541,875

(1)Carrying value is net of unamortized discount and debt issuance costs. Unamortized discount and debt issuance costs associated with the Notes totaled $353,110 and $2,250,921 as of December 31, 2024 and are reflected on the consolidated statements of assets and liabilities.

The Credit Facilities and Secured Borrowings are recorded at carrying value, which approximates fair value.

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6. Commitments & Contingencies

Commitments

The Fund may enter into commitments to fund investments. As of March 31, 2025 and December 31, 2024 the Adviser believed that the Fund had adequate financial resources to satisfy its unfunded commitments. Since these commitments and the associated amounts may expire without being drawn upon, the total commitment amount does not necessarily represent a future cash requirement. The Fund had the following unfunded commitments by investment types as of March 31, 2025 and December 31, 2024:

			3/31/2025					12/31/2024
Investment Type	Facility Type	Commitment Expiration Date (1)	Unfunded Commitment (2)		Fair Value (3)			Unfunded Commitment (2)		Fair Value (3)
123.Net, LLC	Delayed Draw Term Loan	7/19/2029		1,176,223		(2,941	)		1,522,707		(15,227	)
AAH Topco, LLC	Delayed Draw Term Loan	12/22/2027		321,328		-			1,044,316		(10,443	)
AAH Topco, LLC	Delayed Draw Term Loan	3/31/2031		3,219,171		(16,096	)		-		-
AAH Topco, LLC	Revolver	12/22/2027		787,273		(1,968	)		787,273		(11,809	)
Admiral Buyer, Inc.	Revolver	5/8/2028		1,401,522		(7,008	)		1,401,522		-
Admiral Buyer, Inc.	Delayed Draw Term Loan	5/8/2028		727,761		-			727,761		-
Admiral Buyer, Inc.	Delayed Draw Term Loan	12/6/2029		257,534		-			-		-
Airwavz Solutions Inc.	Delayed Draw Term Loan	3/31/2027		3,380,955		-			5,075,881		(25,379	)
Airwavz Solutions Inc.	Revolver	3/31/2027		434,778		(1,087	)		652,740		(8,159	)
Amercare Royal LLC	Revolver	9/3/2030		201,851		(505	)		201,851		(1,009	)
Amercare Royal LLC	Delayed Draw Term Loan	9/3/2030		1,925,351		-			1,925,351		-
AOM Acquisition, LLC.	Revolver	7/19/2029		-		-			1,218,605		-
AppViewX, Inc.	Revolver	12/24/2031		1,846,640		(18,466	)		1,846,640		(18,466	)
AppViewX, Inc.	Delayed Draw Term Loan	12/24/2031		1,908,194		-			1,908,194		-
Artifact Bidco, Inc.	Delayed Draw Term Loan	5/22/2031		983,608		-			983,608		-
Artifact Bidco, Inc.	Revolver	5/22/2030		477,753		-			477,753		-
Artifact Bidco, Inc.	Revolver	5/22/2030		233,786		-			233,786		-
Avalara, Inc	Revolver	7/19/2029		-		-			1,065,375		-
Avant Communications, LLC	Revolver	11/30/2026		566,910		-			566,910		-
Azurite Intermediate Holdings, Inc.	Revolver	2/28/2031		1,137,723		-			1,137,723		-
Banneker V Acquisition, Inc.	Revolver	7/19/2029		-		-			777,125		-
Bonterra LLC	Delayed Draw Term Loan	3/5/2032		1,067,760		(5,339	)		-		-
Bonterra LLC	Revolver	3/5/2032		893,614		(8,936	)		-		-
Bonterra LLC	Revolver	7/19/2029		-		-			414,630		(1,037	)
Bridgepointe Technologies, LLC	Delayed Draw Term Loan	12/31/2027		2,397,493		-			3,324,983		(41,562	)
Bridgepointe Technologies, LLC	Delayed Draw Term Loan	12/31/2027		-		-			-		-
Bridgepointe Technologies, LLC	Revolver	12/31/2027		777,494		(3,887	)		777,494		(9,719	)

59

			3/31/2025					12/31/2024
Investment Type	Facility Type	Commitment Expiration Date (1)	Unfunded Commitment (2)		Fair Value (3)			Unfunded Commitment (2)		Fair Value (3)
Brightspot Buyer, Inc.	Revolver	11/16/2027		680,292		(11,905	)		680,292		(10,204	)
BRP2 HOLD JONQUIL, INC.	Revolver	8/1/2030		1,584,702		-			1,584,702		(15,847	)
BRP2 HOLD JONQUIL, INC.	Delayed Draw Term Loan	8/1/2030		2,758,158		-			3,169,405		(31,694	)
BSI2 Hold Nettle, LLC	Revolver	6/30/2028		323,907		-			323,907		-
Businessolver.com, Inc.	Delayed Draw Term Loan	12/1/2027		817,473		-			817,473		-
BV EMS Buyer, Inc	Revolver	11/23/2027		79,840		-			79,840		-
CallTower, Inc.	Delayed Draw Term Loan	11/30/2028		1,991,230		-			1,991,230		-
CallTower, Inc.	Revolver	11/30/2028		622,259		-			622,259		-
Caregiver 2, Inc.	Delayed Draw Term Loan	6/26/2029		-		-			1,121,667		(44,867	)
Choice Health at Home, LLC	Delayed Draw Term Loan	12/29/2026		1,230,932		-			2,307,997		-
CHV Holdings LLC	Revolver	3/1/2029		1,241,546		(9,312	)		1,241,546		(15,519	)
Coding Solutions Acquisition, Inc.	Delayed Draw Term Loan	7/1/2031		1,125,362		-			1,125,362		-
Coding Solutions Acquisition, Inc.	Revolver	7/1/2031		87,919		-			87,919		-
Community Based Care Acquisition, Inc.	Revolver	9/16/2027		863,813		(2,160	)		863,813		(4,319	)
Community Based Care Acquisition, Inc.	Delayed Draw Term Loan	9/16/2027		1,869,312		-			1,869,312		-
Coretelligent Intermediate LLC	Revolver	10/21/2027		63,321		(6,174	)		63,321		(5,857	)
Coupa Holdings, LLC	Delayed Draw Term Loan	2/27/2030		948,020		-			948,020		-
Coupa Holdings, LLC	Revolver	2/27/2029		725,890		-			725,890		-
Crewline Buyer, Inc.	Revolver	11/8/2030		1,366,496		-			1,366,496		-
DA Blocker Corp.	Revolver	2/13/2032		1,101,333		(11,013	)		-		-
DA Blocker Corp.	Delayed Draw Term Loan	2/13/2032		4,719,998		(23,600	)		-		-
Datacor, Inc.	Delayed Draw Term Loan	12/29/2025		5,988,015		-			5,988,015		-
Datacor, Inc.	Revolver	12/1/2025		2,154,447		-			2,154,447		-
Dearborn TopCo, LLC	Revolver	5/22/2029		840,050		(12,601	)		840,050		(12,601	)
Delaware Valley Management Holdings, Inc.	Revolver	1/30/2026		293,952		(127,164	)		293,952		(124,636	)
DeLorean Purchaser, Inc.	Revolver	11/3/2031		2,409,819		(30,123	)		2,409,819		(36,147	)
Dispatchtrack, LLC	Revolver	12/17/2026		301,930		-			301,930		-

60

			3/31/2025					12/31/2024
Investment Type	Facility Type	Commitment Expiration Date (1)	Unfunded Commitment (2)		Fair Value (3)			Unfunded Commitment (2)		Fair Value (3)
Dorado Buyer LLC	Revolver	2/1/2030		248,309		(5,587	)		248,309		(3,104	)
Dorado Buyer LLC	Delayed Draw Term Loan	2/1/2030		2,483,092		(12,415	)		2,483,092		(12,415	)
Duetto Research, Inc	Delayed Draw Term Loan	6/3/2030		2,017,640		-			2,017,640		-
Duetto Research, Inc	Revolver	6/3/2030		1,008,820		(5,044	)		1,008,820		(5,044	)
EET Buyer, Inc.	Delayed Draw Term Loan	11/8/2027		1,891,968		-			1,891,968		-
EET Buyer, Inc.	Revolver	11/8/2027		1,036,629		-			1,036,629		-
Einstein Parent, Inc.	Revolver	1/21/2031		1,066,183		(21,324	)		-		-
Engage2Excel, Inc.	Revolver	7/1/2029		307,130		(768	)		184,278		(1,843	)
Enverus Holdings, Inc.	Delayed Draw Term Loan	12/22/2029		167,585		-			441,012		-
Enverus Holdings, Inc.	Revolver	12/22/2029		671,106		-			651,115		-
Exterro, Inc.	Revolver	6/1/2027		1,107,844		-			1,107,844		-
Faithlife, LLC	Revolver	9/18/2025		279,053		-			279,053		-
Firebird Midco, Inc	Revolver	7/18/2030		1,228,520		(15,357	)		1,228,520		(15,357	)
Foundation Risk Partners, Corp.	Revolver	10/29/2027		1,038,062		-			1,038,062		-
FULLSTEAM OPERATIONS, LLC	Revolver	11/27/2029		415,325		-			415,325		-
FULLSTEAM OPERATIONS, LLC	Delayed Draw Term Loan	11/27/2029		1,955,730		(14,668	)		3,813,641		(19,068	)
FULLSTEAM OPERATIONS, LLC	Delayed Draw Term Loan	11/27/2029		344,605		(2,585	)		753,440		(3,767	)
FULLSTEAM OPERATIONS, LLC	Delayed Draw Term Loan	11/27/2029		2,790,966		(20,932	)		2,790,966		(13,955	)
FULLSTEAM OPERATIONS, LLC	Delayed Draw Term Loan	11/27/2029		310,107		(2,326	)		310,107		(1,551	)
Fusion Holding, Corp.	Revolver	9/15/2027		689,596		(15,516	)		1,379,193		(37,928	)
G Treasury SS LLC	Delayed Draw Term Loan	7/3/2029		2,042,878		-			2,042,878		-
G Treasury SS LLC	Revolver	7/3/2029		762,268		-			914,721		-
Galway Borrower LLC	Revolver	9/30/2027		298,862		(747	)		406,925		(2,035	)
Galway Borrower LLC	Delayed Draw Term Loan	9/29/2028		1,300,289		-			1,353,462		-
GH PARENT HOLDINGS INC.	Delayed Draw Term Loan	5/4/2027		3,787,938		(18,940	)		3,787,938		(28,410	)
GHA Buyer, Inc.	Revolver	6/24/2026		951,077		-			951,077		(2,378	)
Greenhouse Software, Inc.	Revolver	3/1/2027		1,232,251		-			1,232,251		-
Greenhouse Software, Inc.	Revolver	9/1/2028		604,499		-			604,499		-
Greenlight Intermediate II, Inc.	Delayed Draw Term Loan	6/1/2028		4,483,731		-			8,000,382		-
GS AcquisitionCo, Inc.	Revolver	5/25/2028		700,823		(1,752	)		700,823		(1,752	)
GS AcquisitionCo, Inc.	Delayed Draw Term Loan	5/25/2028		250,635		-			250,635		-
Heartland PPC Buyer LLC	Revolver	12/3/2029		913,701		(6,853	)		1,006,014		(10,060	)

61

			3/31/2025					12/31/2024
Investment Type	Facility Type	Commitment Expiration Date (1)	Unfunded Commitment (2)		Fair Value (3)			Unfunded Commitment (2)		Fair Value (3)
Heartland PPC Buyer LLC	Delayed Draw Term Loan	12/12/2029		714,077		-			714,077		(1,785	)
HireVue, Inc.	Revolver	5/3/2029		1,164,082		(5,820	)		599,679		(5,997	)
HITRUST Services, LLC	Revolver	3/14/2031		2,419,131		(24,191	)		-		-
Honor HN Buyer, Inc.	Delayed Draw Term Loan	10/15/2027		3,842,299		-			3,842,299		-
Honor HN Buyer, Inc.	Revolver	10/15/2027		266,081		-			266,081		-
Honor HN Buyer, Inc.	Delayed Draw Term Loan	10/15/2027		3,638,803		-			3,638,803		-
Iodine Software, LLC	Revolver	5/19/2027		1,089,030		-			1,089,030		-
Joink, LLC	Revolver	10/4/2030		727,761		(7,278	)		727,761		(10,916	)
Joink, LLC	Delayed Draw Term Loan	10/4/2030		7,762,780		(19,407	)		8,490,540		(63,679	)
JS Parent, Inc.	Revolver	4/24/2031		528,354		-			528,354		-
Kalkomey Borrower, LLC	Delayed Draw Term Loan	6/3/2031		1,830,937		(4,577	)		1,830,937		(4,577	)
Kalkomey Borrower, LLC	Revolver	6/3/2031		1,464,749		(14,647	)		1,464,749		(14,647	)
Kaseya Inc.	Delayed Draw Term Loan	7/19/2029		-		-			473,761		-
Kaseya Inc.	Revolver	7/19/2029		-		-			477,582		-
KPA Parent Holdings, Inc	Delayed Draw Term Loan	3/12/2032		1,480,258		(7,401	)		-		-
KPA Parent Holdings, Inc	Revolver	3/12/2032		1,036,180		(10,362	)		-		-
Labvantage Solutions Inc.	Revolver	11/22/2030		951,568		(14,274	)		951,568		(14,274	)
Level Data, LLC	Delayed Draw Term Loan	3/3/2031		2,404,526		(24,045	)		-		-
Level Data, LLC	Revolver	3/3/2031		901,697		(9,017	)		-		-
LivTech Purchaser, Inc.	Delayed Draw Term Loan	11/24/2031		7,997,309		(39,987	)		7,997,309		(39,987	)
LivTech Purchaser, Inc.	Revolver	11/24/2031		1,999,327		(19,993	)		1,999,327		(19,993	)
Lotus HPI Buyer, Inc	Delayed Draw Term Loan	1/2/2030		3,767,841		(18,839	)		3,767,841		(18,839	)
Lotus HPI Buyer, Inc	Revolver	1/2/2030		1,130,352		(19,781	)		1,883,921		(32,969	)
Magaya Corporation	Delayed Draw Term Loan	7/1/2030		2,314,841		(34,723	)		2,457,041		(12,285	)
Magaya Corporation	Revolver	7/1/2030		644,973		(12,899	)		921,390		(9,214	)
Mastery Acquisition Corp.	Delayed Draw Term Loan	9/7/2029		802,394		-			802,394		-
Mastery Acquisition Corp.	Revolver	9/10/2025		851,781		-			851,781		-
Mavenlink, Inc.	Revolver	6/3/2027		357,963		(9,844	)		357,963		(9,844	)
MBS Holdings, Inc.	Revolver	4/16/2027		974,169		(4,871	)		857,269		-
MedBridge Holdings, LLC	Revolver	12/23/2026		1,376,227		-			1,376,227		-
Medical Management Resource Group, L.L.C.	Revolver	9/30/2026		158,208		(1,187	)		113,909		(1,424	)
Medsuite Purchaser, LLC (FKA Millin Purchaser, LLC)	Delayed Draw Term Loan	10/22/2026		2,953,911		-			2,953,911		(29,539	)

62

			3/31/2025					12/31/2024
Investment Type	Facility Type	Commitment Expiration Date (1)	Unfunded Commitment (2)		Fair Value (3)			Unfunded Commitment (2)		Fair Value (3)
Medsuite Purchaser, LLC (FKA Millin Purchaser, LLC)	Revolver	10/22/2026		680,400		(3,402	)		680,400		(10,206	)
Mist Holding Co.	Delayed Draw Term Loan	12/18/2030		2,714,386		(13,572	)		2,714,386		(13,572	)
Mist Holding Co.	Delayed Draw Term Loan	12/18/2030		1,195,838		(5,979	)		1,195,838		(5,979	)
Mist Holding Co.	Revolver	12/18/2030		904,795		(9,048	)		904,795		(9,048	)
MMP Intermediate, LLC	Revolver	2/15/2027		552,880		-			552,880		(1,382	)
Moon Buyer, Inc.	Revolver	4/21/2027		1,779,259		-			1,779,259		(13,344	)
Mr. Greens Intermediate, LLC	Delayed Draw Term Loan	5/1/2029		2,346,111		-			2,630,169		-
Mr. Greens Intermediate, LLC	Revolver	5/1/2029		789,051		-			1,052,068		-
MSM Acquisitions, Inc.	Revolver	12/9/2026		122,505		(14,394	)		-		-
MSP Global Holdings, Inc.	Delayed Draw Term Loan	4/1/2029		1,211,850		(3,030	)		1,211,850		(3,030	)
MSP Global Holdings, Inc.	Revolver	1/24/2027		1,273,207		(3,183	)		1,394,234		(3,486	)
MyKaarma Acquisition LLC	Revolver	3/21/2028		593,215		-			593,215		-
Nasuni Corporation	Revolver	9/10/2030		2,619,806		(32,748	)		2,619,806		(39,297	)
Navigate360, LLC	Revolver	3/17/2027		604,235		(4,532	)		604,235		(4,532	)
Navigate360, LLC	Delayed Draw Term Loan	3/17/2027		-		-			2,035,925		-
NC Topco, LLC	Revolver	8/30/2031		1,291,959		(9,690	)		1,291,959		(9,690	)
NC Topco, LLC	Delayed Draw Term Loan	8/30/2031		3,229,897		(8,075	)		3,229,897		(24,224	)
Netwrix Corporation	Revolver	6/1/2029		774,755		-			774,755		-
Netwrix Corporation	Delayed Draw Term Loan	11/18/2030		1,608,279		-			1,626,914		-
Next Holdco, LLC	Revolver	11/9/2029		893,559		(6,702	)		893,559		-
Next Holdco, LLC	Delayed Draw Term Loan	11/9/2030		2,380,798		-			2,380,798		-
OPOC Acquisition, LLC	Revolver	12/2/2030		605,987		(7,575	)		545,389		(8,181	)
OPOC Acquisition, LLC	Delayed Draw Term Loan	12/2/2030		1,514,969		(7,575	)		1,514,969		(11,362	)
Pace Health Companies, LLC	Revolver	8/4/2025		616,682		-			616,682		-
Pace Health Companies, LLC	Delayed Draw Term Loan	8/2/2025		888,879		-			888,879		-
PDI TA Holdings, Inc	Revolver	1/29/2031		817,765		(2,044	)		943,575		(4,718	)
PDI TA Holdings, Inc	Delayed Draw Term Loan	1/29/2031		-		-			952,365		-
Penn TRGRP Holdings LLC	Revolver	8/30/2030		1,054,345		-			1,054,345		-
Penn TRGRP Holdings LLC	Delayed Draw Term Loan	9/27/2030		308,165		-			419,066		-
Pharmalogic Holdings Corp	Delayed Draw Term Loan	6/20/2030		6,934,611		(17,337	)		6,934,611		(69,346	)
Pieper Memorial, LLC	Delayed Draw Term Loan	11/2/2027		632,098		-			632,098		-
Ping Identity Holding Corp.	Revolver	10/17/2028		1,203,345		-			1,203,345		-

63

			3/31/2025					12/31/2024
Investment Type	Facility Type	Commitment Expiration Date (1)	Unfunded Commitment (2)		Fair Value (3)			Unfunded Commitment (2)		Fair Value (3)
Pinnacle Treatment Centers, Inc.	Revolver	1/2/2026		456,949		(4,569	)		474,524		(2,373	)
Priority OnDemand Midco 2, L.P.	Delayed Draw Term Loan	7/15/2028		2,541,108		-			2,600,963		-
QualDerm Partners, LLC	Revolver	12/8/2026		314,936		(3,937	)		-		-
Race Finco, LLC	Revolver	1/10/2028		609,798		(13,720	)		609,798		(13,720	)
Race Finco, LLC	Delayed Draw Term Loan	1/9/2028		7,853,011		(58,898	)		11,043,296		(82,825	)
Ranger Buyer, Inc.	Revolver	11/18/2027		1,199,233		-			1,199,233		-
Redwood Family Care Network, Inc.	Revolver	6/18/2026		588,705		(1,472	)		588,705		(1,472	)
REP TEC Intermediate Holdings, Inc.	Revolver	6/19/2025		1,099,640		-			1,099,640		-
Ridge Trail US Bidco, Inc.	Delayed Draw Term Loan	9/30/2031		2,227,866		-			2,227,866		(16,709	)
Ridge Trail US Bidco, Inc.	Revolver	3/31/2031		542,114		(1,355	)		542,114		(8,132	)
Saab Purchaser, Inc.	Delayed Draw Term Loan	11/12/2031		5,162,057		-			5,162,057		(25,810	)
Saab Purchaser, Inc.	Revolver	11/12/2031		2,581,028		(12,905	)		2,581,028		(25,810	)
Sako and Partners Lower Holdings LLC	Revolver	9/15/2028		1,758,865		(8,794	)		1,758,865		(13,191	)
Sako and Partners Lower Holdings LLC	Delayed Draw Term Loan	9/15/2028		3,956,233		-			3,956,233		-
Salisbury House, LLC	Revolver	8/30/2025		545,787		-			449,472		-
Sapphire Software Buyer, Inc.	Revolver	9/30/2031		1,723,759		(12,928	)		1,723,759		(17,238	)
Sauce Labs Inc	Revolver	8/16/2027		1,281,821		(25,636	)		1,281,821		(28,841	)
Sauce Labs Inc	Delayed Draw Term Loan	8/16/2027		-		-			1,509,281		(18,866	)
Saviynt, Inc.	Revolver	12/22/2027		609,798		-			609,798		(1,525	)
SDC Atlas Acquistionco, LLC	Delayed Draw Term Loan	11/30/2027		7,475,854		(93,448	)		7,475,854		(56,069	)
Second Nature Brands, Inc.	Revolver	2/6/2031		608,642		(9,130	)	—		—
Securonix, Inc	Revolver	4/5/2028		1,503,677		(10,526	)		1,503,677		(251,866	)
Serrano Parent, LLC	Revolver	5/13/2030		2,085,981		(41,720	)		2,085,981		(41,720	)
Single Digits, Inc.	Revolver	6/19/2026		416,149		-			416,149		-
Smile Brands, Inc.	Revolver	10/12/2027		151,134		(13,602	)		21,927		(2,193	)
Socket Holdings Corporation	Delayed Draw Term Loan	3/31/2031		3,463,673		(21,648	)		-		-
Socket Holdings Corporation	Revolver	3/31/2031		865,918		(10,824	)		-		-
Soladoc, LLC	Revolver	6/12/2028		588,923		(14,723	)		588,923		(19,140	)
Spark DSO, LLC	Revolver	4/19/2026		557,650		(5,577	)		561,561		(8,423	)
Stratus Networks, Inc.	Delayed Draw Term Loan	12/15/2028		3,833,685		-			3,833,685		-
Stratus Networks, Inc.	Delayed Draw Term Loan	12/15/2027		330,033		(1,650	)		330,033		(825	)
Stratus Networks, Inc.	Revolver	12/15/2027		726,072		(3,630	)		990,098		(4,950	)
SugarCrm, Inc.	Revolver	7/30/2027		310,244		(3,102	)		310,244		(3,102	)
SumUp Holdings Luxembourg	Delayed Draw Term Loan	4/22/2031		2,522,050		-			2,522,050		-
Sundance Group Holdings, Inc.	Revolver	7/2/2029		1,683,575		-			1,593,384		-
Tau Buyer, LLC	Delayed Draw Term Loan	1/31/2032		5,188,501		(26,980	)		-		-

64

			3/31/2025					12/31/2024
Investment Type	Facility Type	Commitment Expiration Date (1)	Unfunded Commitment (2)		Fair Value (3)			Unfunded Commitment (2)			Fair Value (3)
Tau Buyer, LLC	Revolver	1/31/2032		2,026,758		(20,268	)		-	-		-
Telcor Buyer, Inc.	Revolver	8/20/2027		290,770		-			290,770			-
Telesoft Holdings, LLC	Revolver	12/16/2025		457,598		(2,288	)		447,650			(2,238	)
The Center for Orthopedic and Research Excellence, Inc.	Revolver	8/15/2025		34,527		-			138,106			-
Thrive Buyer, Inc	Revolver	7/19/2029		-		-			369,907			-
ToolWatch Intermediate, LLC	Delayed Draw Term Loan	7/31/2030		498,607		(7,479	)		857,591			(12,864	)
ToolWatch Intermediate, LLC	Revolver	7/31/2030		1,228,520		(18,428	)		1,228,520			(18,428	)
Towerco IV Holdings, LLC	Delayed Draw Term Loan	8/31/2028		3,361,430		-			3,903,596			-
Unanet, Inc	Delayed Draw Term Loan	12/8/2028		1,655,157		(16,552	)		1,939,439			(19,394	)
Unanet, Inc	Revolver	12/8/2028		2,063,584		(30,954	)		2,063,584			(30,954	)
Unanet, Inc	Delayed Draw Term Loan	12/9/2030		539,918		(5,399	)		539,918			(5,399	)
Ungerboeck Systems International, LLC	Revolver	4/30/2027		229,387		(1,147	)		229,387			(1,147	)
Unlimited Technology Holdings, LLC	Revolver	3/11/2032		1,925,180		(9,626	)		-			-
UpStack Holdco Inc.	Revolver	9/1/2031		715,479		(3,577	)		784,719			(3,924	)
UpStack Holdco Inc.	Delayed Draw Term Loan	8/25/2031		1,846,398		-			2,307,997			-
Vectra AI, Inc.	Revolver	3/18/2026		1,200,106		(12,001	)		1,200,106			(12,001	)
Vectra AI, Inc.	Delayed Draw Term Loan	3/1/2028		2,418,368		(24,184	)		2,418,368			(24,184	)
Vehlo Purchaser, LLC	Revolver	5/24/2028		1,159,850		-			1,159,850			-
Venture Buyer LLC	Revolver	2/1/2030		706,174		(7,062	)		696,086			(6,961	)
Venture Buyer LLC	Delayed Draw Term Loan	2/1/2030		1,008,820		-			1,008,820			-
Veracross LLC	Revolver	12/28/2027		866,917		-			500,649			-
Veracross LLC	Delayed Draw Term Loan	12/28/2027		2,399,924		-			-			-
Vhagar Purchaser, LLC	Delayed Draw Term Loan	6/11/2029		578,701		-			578,701			-
Vhagar Purchaser, LLC	Revolver	6/11/2029		373,356		(3,734	)		373,356			(3,734	)
Visionary Buyer, LLC	Delayed Draw Term Loan	3/3/2031		1,903,403		(14,276	)		3,674,887			-
Visionary Buyer, LLC	Revolver	3/1/2030		1,413,418		(14,134	)		1,413,418			(3,534	)
Visionary Buyer, LLC	Delayed Draw Term Loan	3/21/2031		8,269,093		(41,345	)		-	-		-
Wealth Enhancement Group, LLC	Delayed Draw Term Loan	10/2/2028		1,752,555		-			1,752,555			-
Wealth Enhancement Group, LLC	Delayed Draw Term Loan	1/30/2026		122,114		-			529,905			-
Wealth Enhancement Group, LLC	Revolver	10/2/2025		623,162		-			623,162			-
Webster Equity Partners III-A, L.P.	Delayed Draw Term Loan	3/28/2027		1,113,492		(16,702	)		1,230,052			(15,376	)
West Dermatology Management Holdings, LLC	Delayed Draw Term Loan	3/17/2028		-		-			2,242,331			(145,752	)
Wolverine Seller Holdings, LLC	Delayed Draw Term Loan	1/1/2030		2,622,143		-			3,143,594			-
Wolverine Seller Holdings, LLC	Revolver	1/1/2030		1,117,391		-			1,117,391			-
Your Part-Time Controller, LLC	Revolver	11/1/2029		627,974		-			627,974			-
Zendesk, Inc.	Delayed Draw Term Loan	6/3/2027		3,333,525		-			3,333,525			-
Zendesk, Inc.	Revolver	11/22/2028		1,372,628		-			1,372,628			-
				319,618,096		(1,547,058	)		308,439,840			(2,075,224	)

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

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

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

The Fund had the following unfunded commitment for its equity investments, including investment companies, as of March 31, 2025 and December 31, 2024:

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	3/31/2025		12/31/2024
Investment	Unfunded Commitment		Unfunded Commitment
Community Based Care Holdings, LP	$	59,890	$	59,890
Falcon Co-Investment Partners, L.P.		284,129		284,129
GHP SPV-2, L.P.		34,208		34,208
GTCR A-1 Investors LP		220,000		220,000
AB Equity Investors, L.P.		94,721		94,721
Orangewood WWB Co-Invest, L.P.		25,668		25,668
OSS SPV LP		115,522		115,522
REP COINVEST III OMNI, L.P.		13,325		13,325
REP RO Coinvest IV-A, L.P.		1,661		1,661
Total	$	849,124	$	849,124

Contingencies

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

7. Net Assets

Equity Issuance

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

On September 29, 2017, the Fund completed its Initial Closing after entering into Subscription Agreements with several investors, including the Adviser, providing for the private placement of Shares. Under the terms of the Subscription Agreements, investors are required to fund drawdowns to purchase Shares up to the amount of their respective Capital Commitments on an as-needed basis upon the issuance of a capital draw-down notice. The total Capital Commitments of investors in the Fund as of March 31, 2025 is $736,929,106, of which 22% is unfunded. The total Capital Commitments of investors in the Fund as of December 31, 2024 is $720,877,746, of which 26% is unfunded. The minimum Capital Commitment of an investor is $50,000. The Adviser, however, may waive the minimum Capital Commitment at its discretion.

Capital Commitments may be drawn down by the Fund on a pro rata basis, as needed (including for follow-on investments), for paying the Fund’s expenses, including fees under the Second Amended and Restated Advisory Agreement, and/or maintaining a reserve account for the payment of future expenses or liabilities. The following table summarizes the total Shares issued and amount received related to capital drawdowns delivered pursuant to the Subscription Agreements during the three months ended March 31, 2025 and 2024:

	For the three months ended March 31, 2025				For the three months ended March 31, 2024
Quarter Ended	Shares		Amount		Shares		Amount
March 31		4,796,671	$	46,074,834		2,297,080	$	21,667,959
Total capital drawdowns		4,796,671	$	46,074,834		2,297,080	$	21,667,959

Distributions

The following tables reflect the distributions declared on Shares during the three months ended March 31, 2025 and 2024:

Date Declared	Record Date	Payment Date	Amount Per Share		Dollar Amount
3/27/2025	3/27/2025	4/24/2025	$	0.20	$	13,938,978
					$	13,938,978

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

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Dividend Reinvestment Plan

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

The following tables summarize Shares distributed pursuant to the DRIP during the three months ended March 31, 2025 and 2024 to stockholders who opted into the DRIP:

Date Declared	Record Date	Reinvestment Date	Shares		Dollar Amount
3/27/2025	3/27/2025	3/31/2025		797,757	$	7,609,164
				797,757	$	7,609,164

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

General Tender Program

Beginning with the quarter ended March 31, 2021, the Fund began to conduct quarterly general tender offers (each, a “General Tender,” and collectively, the “General Tender Program”), at the Board’s discretion, in accordance with the requirements of Rule 13e-4 under the Exchange Act and the 1940 Act, to allow each of its stockholders to tender Shares at a specific per Share price (the “Purchase Price”) based on the Fund’s net asset value as of the last date of the quarter in which the General Tender is conducted. The Fund intends to conduct each General Tender to repurchase up to a certain percentage of the weighted average of the number of Shares outstanding during the three-month period prior to the quarter in which the General Tender is conducted. The General Tender Program includes numerous restrictions that limit stockholders’ ability to sell their Shares.

The following table summarizes share repurchases completed during the three months ended March 31, 2025:

Quarter Ended	Repurchase Date	Total Number of Shares Offered to Repurchase		Total Number of Shares Repurchased		Total Consideration		No. of Shares Repurchased/ Total Offer			Price Paid Per Share
March 31	February 28, 2025		1,594,397		767,534	$	7,320,890		48	%	$	9.54

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

Quarter Ended	Repurchase Date	Total Number of Shares Offered to Repurchase		Total Number of Shares Repurchased		Total Consideration		No. of Shares Repurchased/ Total Offer			Price Paid Per Share
March 31	March 1, 2024		1,354,873		744,282	$	6,994,766		55	%	$	9.40

8. Earnings Per Share

The following information sets forth the computation of basic and diluted earnings per Share for the three months ended March 31, 2025 and 2024:

	For the three months ended March 31,
	2025		2024
Net increase (decrease) in net assets from operations	$	14,166,793	$	19,611,811
Weighted average common shares outstanding		66,558,706		55,172,112
Earnings per common share-basic and diluted	$	0.21	$	0.36

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9. Financial Highlights

Below is the schedule of financial highlights of the Fund For the three months ended March 31, 2025 and 2024:

	For the three months ended March 31, 2025			For the three months ended March 31, 2024
Per Share Data:(1)(2)
Net asset value, beginning of period	$	9.53		$	9.27
Net investment income (loss)		0.20			0.24
Net realized and unrealized gains (losses) on    investments		0.01			0.12
Net increase (decrease) in net assets resulting    from operations		0.21			0.36
Distributions to stockholders(1)		(0.20	)		(0.23	)
Net asset value, end of period	$	9.54		$	9.40
Shares outstanding, end of period		68,529,857			56,653,056
Total return at net asset value before incentive    fees(3)(4)		2.76	%		4.42	%
Total return at net asset value after incentive    fees(3)(4)		2.23	%		3.80	%
Ratio/Supplemental Data:(2)
Net assets, end of period	$	653,580,054		$	532,373,450
Ratio of total expenses to weighted average net    assets(5)		18.07	%		20.06	%
Ratio of net investment income (loss) to weighted average net assets(5)		10.66	%		11.95	%
Ratio of interest and credit facility expenses to    weighted average net assets(5)		12.58	%		14.70	%
Ratio of incentive fees to weighted average net    assets(4)		0.55	%		0.63	%
Portfolio turnover rate(4)		7.75	%		1.38	%
Asset coverage ratio(6)		160	%		160	%

(1)The per share data was derived by using the weighted average shares outstanding during the applicable period except for distributions recorded which reflects the actual amount per share of the applicable period

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

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

(4)Not annualized.

(5)Annualized, except for incentive fees.

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

10. Subsequent Events

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

Sixteenth Amendment to 2021 HSBC Credit Facility

On May 6, 2025, the Fund entered into an amendment (the "Sixteenth Amendment") to the 2021 HSBC Credit Facility. The Sixteenth Amendment, among other changes, (i) increased the 2021 HSBC Credit Facility's maximum commitment to $350,000,000; (ii) increased the Fund's facility sublimit to $60,000,000; and (iii) extended the maturity date of the 2021 HSBC Credit Facility from June 6, 2025 to May 5, 2026.

Third Amendment to Natixis Credit Facility

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On April 21, 2025, the Fund entered into an amendment (the “Third Natixis Amendment”) to the Natixis Credit Facility. The Third Natixis Amendment, among other changes, (i) extended the reinvestment period to October 21, 2025 and (ii) extended the maturity date of the Natixis Credit Facility to October 21, 2033.

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

Forward-Looking Statements

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

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

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

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

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

•the Fund’s future operating results;

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

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

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

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

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

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

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

•the loss of key personnel;

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

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

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

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

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

•the other risks, uncertainties and other factors the Fund identifies under “Risk Factors” of its Annual Report on Form 10-K for the fiscal year ended December 31, 2024.

Although the Fund believes that the assumptions on which these forward-looking statements are based are reasonable, any of those assumptions could prove to be inaccurate, and as a result, the forward-looking statements based on those assumptions also could be inaccurate. In light of these and other uncertainties, the inclusion of a projection or forward-looking statement in this report should not be regarded as a representation by the Fund that the Fund’s plans and objectives will be achieved. These risks and uncertainties include those described or identified in the section entitled “Item 1A. Risk Factors” of the Annual Report on Form 10-K for the fiscal year ended December 31, 2024, and elsewhere in this report. These forward-looking statements apply only as of the date of this report. Moreover, the Fund assumes no duty and does not undertake to update the forward-looking statements. The forward-looking

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statements and projections contained in this Quarterly Report are excluded from the safe harbor protection provided by Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) because the Fund is an investment company.

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

Overview

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

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

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

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

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

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

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

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

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

The Private Offering

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

71

investor’s remaining capital commitment (“Remaining Commitment”), at a per Share price equal to the net asset value per Share subject to any adjustments. Pursuant to the Private Offering, the Fund’s initial closing occurred on September 29, 2017.

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

Revenues

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

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

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

Expenses

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

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

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

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

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

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

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

•transfer agent and custodial fees;

•federal and state registration fees;

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

•U.S. federal, state and local taxes;

•independent directors’ fees and expenses;

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

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

72

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

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

•marketing expenses; and

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

Activity

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

	For the Three Months Ended March 31, 2025				For the Three Months Ended March 31, 2024
Investments in Portfolio Companies	$	(109,596,245	)	(1)	$	(68,481,246	)	(2)
Draw Downs against Revolvers and Delayed Draw Term Loans		(28,113,930	)			(16,568,163	)
Principal Repayments		118,692,496		(3)		18,576,670		(4)
Sales		8,291,001				-
Net Repayments (Investments)	$	(10,726,678	)		$	(66,472,739	)

(1)Includes investments in 30 portfolio companies.

(2)Includes investments in 20 portfolio companies.

(3)Includes $5,446,332 in revolver and delayed draw term paydowns.

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

The following table shows the composition of the investment portfolio and associated yield data as of March 31, 2025:

	As of March 31, 2025
	Amortized Cost		Percentage of Total			Fair Value		Percentage of Total			Weighted Average Yield(1)
First Lien Senior Secured Debt	$	1,615,275,371		91.37	%	$	1,597,244,820		90.81	%		10.28	%
Second Lien Junior Secured Debt		3,097,553		0.18	%		2,715,825		0.15	%		19.23	%
Preferred Stock		5,533,344		0.31	%		7,648,272		0.43	%		-
Common Stock		9,266,074		0.52	%		9,918,479		0.56	%		-
Investment companies		19,479,499		1.10	%		24,786,863		1.41	%		-
Warrants		394,025		0.02	%		1,700,287		0.10	%		-
Cash and cash equivalents		115,010,610		6.50	%		115,010,610		6.54	%		-
Total	$	1,768,056,476		100.00	%	$	1,759,025,156		100.00	%

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

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

	As of December 31, 2024
	Amortized Cost		Percentage of Total			Fair Value		Percentage of Total			Weighted Average Yield(1)
First Lien Senior Secured Debt	$	1,599,194,191		94.70	%	$	1,582,307,975		94.04	%		10.51	%
Second Lien Junior Secured Debt		3,095,849		0.18	%		2,825,397		0.17	%		17.52	%
Preferred Stock		6,018,697		0.36	%		8,028,728		0.48	%		-
Common Stock		8,927,211		0.53	%		11,128,137		0.66	%		-
Investment companies		18,967,780		1.12	%		24,355,711		1.45	%		-
Warrants		394,025		0.02	%		1,703,357		0.10	%		-
Cash and cash equivalents		52,178,854		3.09	%		52,178,854		3.10	%
Total	$	1,688,776,607		100.00	%	$	1,682,528,159		100.00	%

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

The following table presents certain selected financial information regarding the debt investments in the Fund’s portfolio as of March 31, 2025 and December 31, 2024:

	As of March 31, 2025			As of December 31, 2024
Number of portfolio companies		210			208
Percentage of debt bearing a floating rate(1)		100	%		100	%
Percentage of debt bearing a fixed rate(1)		-	%		-	%

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

The following table shows the amortized cost and fair value of the Fund’s performing and non-accrual debt investments as of March 31, 2025:

	As of March 31, 2025
	Amortized Cost		Percentage at Amortized Cost			Fair Value		Percentage at Fair Value
Performing	$	1,597,174,408		98.69	%	$	1,597,388,401		99.84	%
Non-accrual		21,198,516		1.31	%		2,572,244		0.16	%
Total	$	1,618,372,924		100.00	%	$	1,599,960,645		100.00	%

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

	As of December 31, 2024
	Amortized Cost		Percentage at Amortized Cost			Fair Value		Percentage at Fair Value
Performing	$	1,580,802,069		98.66	%	$	1,582,211,786		99.82	%
Non-accrual		21,487,969		1.34	%		2,921,585		0.18	%
Total	$	1,602,290,038		100.00	%	$	1,585,133,371		100	%

Generally, when interest and/or principal payments on a loan become past due, or if the Fund otherwise does not expect the borrower to be able to service its debt and other obligations, the Fund will place the loan on non-accrual status and will cease recognizing interest income on that loan for financial reporting purposes until all principal and interest have been brought current through payment or due to restructuring such that the interest income is deemed to be collectible. The Fund generally restores non-accrual loans to accrual status when past due principal and interest is paid and, in the management’s judgment, is likely to remain current. As of March 31, 2025 the Fund had seventeen investments, across three issuers, that were on non-accrual status. As of December 31, 2024, the Fund had nineteen investments, with three issuers that were on non-accrual status.

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The following tables show the composition of the investment portfolio (excluding cash and cash equivalents) by industry, at amortized cost and fair value as of March 31, 2025 and December 31, 2024 (with corresponding percentage of total portfolio investments):

	As of March 31, 2025
	Amortized Cost		Percentage of Total			Fair Value		Percentage of Total
Consumer Non-Cyclical	$	30,929,199		1.87	%	$	29,676,207		1.81	%
Digital Infrastructure & Services		283,037,152		17.12	%		281,778,470		17.14	%
Financials		52,640,311		3.18	%		52,832,328		3.21	%
Software & Tech Services		848,802,827		51.35	%		853,554,196		51.92	%
Healthcare & HCIT		284,782,405		17.23	%		268,320,733		16.32	%
Investment Companies		19,479,499		1.18	%		24,786,863		1.51	%
Services		133,374,473		8.07	%		133,065,749		8.09	%
	$	1,653,045,866		100.00	%	$	1,644,014,546		100.00	%

	As of December 31, 2024
	Amortized Cost		Percentage of Total			Fair Value		Percentage of Total
Business Services	$	11,879,295		0.73	%	$	11,912,193		0.73	%
Consumer Non-Cyclical		31,148,727		1.90	%		29,642,280		1.82	%
Digital Infrastructure & Services		295,258,555		18.04	%		294,907,619		18.09	%
Financials		51,958,761		3.17	%		52,160,429		3.20	%
Software & Tech Services		839,988,662		51.33	%		846,266,226		51.91	%
Healthcare		278,386,614		17.01	%		262,241,611		16.08	%
Investment Companies		18,967,780		1.16	%		24,355,711		1.49	%
Services		109,009,359		6.66	%		108,863,236		6.68	%
	$	1,636,597,753		100.00	%	$	1,630,349,305		100.00	%

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

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

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

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

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

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

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Results of Operations

The following is a summary of the Fund’s operating results for the three months ended March 31, 2025 and 2024:

	For the three months ended March 31,
	2025		2024
Total investment income	$	44,641,978	$	41,245,213
Total expenses		30,488,634		28,190,617
Net investment income before taxes		14,153,344		13,054,596
Income tax expense, including excise tax		216,883		87,570
Net investment income after tax		13,936,461		12,967,026
Net realized and change in unrealized appreciation (depreciation)    on investments		231,355		6,643,454
Net increase in net assets resulting from operations		14,167,816		19,610,480
Less: Net increase (decrease) in net assets resulting from    operations related to Non- Controlling Interest in ABPCIC    Equity Holdings, LLC		1,023		(1,331	)
Net increase in net assets resulting from operations related to    AB Private Credit Investors Corporation	$	14,166,793	$	19,661,811

Investment Income

During the three months ended March 31, 2025, the Fund’s investment income was comprised of $43,400,550 of interest income, which includes $2,354,092 from the net amortization of premium and accretion of discounts, $1,112,406 of payment-in-kind interest, and $129,022 of dividend income. During the three months ended March 31, 2024, the Fund’s investment income was comprised of $39,600,232 of interest income, which includes $1,343,240 from the net amortization of premium and accretion of discounts, $1,557,952 of payment-in-kind interest, and $87,029 of dividend income. The increase in net investment income during the three months ended March 31, 2025 compared to the three months ended March 31, 2024 can primarily be attributed to an increase in gross assets.

Operating Expenses

The following is a summary of the Fund’s operating expenses for the three months ended March 31, 2025 and 2024:

	For the three months ended March 31,
	2025		2024
Interest and borrowing expenses	$	19,553,323	$	18,941,909
Management fees		5,634,969		4,646,517
Income-based incentive fee		3,484,107		3,241,756
Professional fees		834,209		548,045
Administration and custodian fees		334,487		182,492
Insurance expenses		115,500		131,363
Directors’ fees		52,438		129,454
Transfer agent fees		38,370		38,688
Other expenses		441,231		330,393
Total expenses		30,488,634		28,190,617
Income tax expense, including excise tax		216,883		87,570
Total expenses	$	30,705,517	$	28,278,187

Interest and Borrowing Expenses

Interest and borrowing expenses include interest, amortization of debt issuance and deferred financing costs, upfront commitment fees and unused fees on the unused portion of the Credit Facilities, Secured Borrowings and the Notes issued in the CLO Transaction.

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Interest and borrowing expenses for the three months ended March 31, 2025 and 2024 were $19,553,323 and $18,941,909, respectively. The weighted average interest rate (excluding deferred upfront financing costs and unused fees) on the Fund’s debt outstanding was 6.91% and 8.03% for the three months ended March 31, 2025 and 2024, respectively. The increase in interest and borrowing expenses during the three months ended March 31, 2025, compared to the three months ended March 31, 2024 can primarily be attributed to an increase in debt outstanding.

Management Fee

The gross management fee expenses for the three months ended March 31, 2025 and 2024 were $5,634,969 and $4,646,517, respectively. The increase in the management fee for the three months ended March 31, 2025 was a result of the increase in average gross assets during this period, which are the basis used to calculate management fees.

Net Realized Gain (Loss) on Investments

During the three months ended March 31, 2025, restructurings and sales of assets resulted in $3,014,227 of net realized gain.

During the three months ended March 31, 2024, restructurings resulted in $37,339 of net realized gain.

Net Change in Unrealized Appreciation (Depreciation) on Investments

During the three months ended March 31, 2025, the Fund had $2,782,872 in net change in unrealized depreciation on $1,644,014,546 of investments in 210 portfolio companies. Net change in unrealized depreciation for the three months ended March 31, 2025, resulted from a decrease in fair value, primarily due to negative valuation adjustments on level 3 securities.

During the three months ended March 31, 2024, the Fund had $6,606,115 in net change in unrealized appreciation on $1,398,952,125 of investments in 201 portfolio companies. Net change in unrealized appreciation for the three months ended March 31, 2024, resulted from an increase in fair value, primarily due to positive valuation adjustments on level 3 securities.

Net Increase (Decrease) in Net Assets Resulting from Operations

For the three months ended March 31, 2025 and 2024, the net increase in net assets resulting from operations was $14,167,816 and $19,610,480, respectively. Based on the weighted average shares of common stock outstanding for the three months ended March 31, 2025 and 2024, the Fund’s per share net increase in net assets resulting from operations was $0.21 and $0.36, respectively.

Cash Flows

For the three months March 31, 2025, cash increased by $62,831,756. During the same period, the Fund generated $186,969 in operating activities, primarily as a result of the increase in net assets resulting from operations, partially offset by the net purchases of investments. During the three months ended March 31, 2025, the Fund generated $62,644,787 from financing activities, primarily from net borrowings on the Notes and Credit Facilities and Issuance of Common Stock.

For the three months ended March 31, 2024, cash decreased by $14,865,550. During the same period, the Fund used $57,138,830 in operating activities, primarily as a result of net purchases of investments. During the three months ended March 31, 2024, the Fund generated $42,273,280 from financing activities, primarily from net borrowings on the Revolving Credit Facilities and Issuance of Common Stock.

Hedging

The Fund may enter into currency hedging contracts, interest rate hedging agreements such as futures, options, swaps and forward contracts, and credit hedging contracts, such as credit default swaps. However, no assurance can be given that such hedging transactions will be entered into or, if they are, that they will be effective. For the three months ended March 31, 2025 and 2024, the Fund did not enter into any hedging contracts.

Financial Condition, Liquidity and Capital Resources

As of March 31, 2025, and December 31, 2024, the Fund had $115,010,610 and $52,178,854 in cash and cash equivalents, respectively. The Fund expects to generate cash primarily from (i) the net proceeds of the Private Offering, (ii) cash flows from the Fund’s operations, (iii) any financing arrangements now existing or that the Fund may enter into in the future and (iv) any future

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offerings of the Fund’s equity or debt securities. The Fund may fund a portion of its investments through borrowings from banks, or other large global institutions such as insurance companies, and issuances of senior securities.

The Fund’s primary use of funds from a credit facility will be investments in portfolio companies, cash distributions to holders of its common stock and the payment of operating expenses.

In the future, the Fund may also securitize or finance a portion of its investments with a special purpose vehicle. If the Fund undertakes a securitization transaction, the Fund will consolidate its allocable portion of the debt of any securitization subsidiary on its financial statements, and include such debt in the Fund’s calculation of the asset coverage test, if and to the extent required pursuant to the guidance of the staff of the SEC.

Cash and cash equivalents as of March 31, 2025, taken together with the Fund’s uncalled Capital Commitments of $161,323,887 and $118,250,000 of the total available under the Credit Facilities, is expected to be sufficient for the Fund’s investing activities and to conduct the Fund’s operations for at least the next twelve months.

As of March 31, 2025, the Fund has unfunded commitments to fund future investments in the amount of $319,618,096, and contractual obligations in the form of Credit Facilities of $546,750,000, Notes of $534,640,109 and Secured Borrowings of $0.

Equity Activity

The Fund has the authority to issue 200,000,000 Shares.

The Fund has entered into Subscription Agreements with investors providing for the private placement of Shares. Under the terms of the Subscription Agreements, investors are required to fund drawdowns to purchase Shares up to the amount of their respective Capital Commitments on an as-needed basis upon the issuance of a capital draw down notice. As of March 31, 2025, the Fund received Capital Commitments of $736,929,106. Inception to March 31, 2025, the Fund received Capital Contributions to the Fund of $575,605,219. Proceeds from the issuances of Shares in respect of drawdown notices described below were used for investing activities and for other general corporate purposes.

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

As part of the General Tender Program, the Fund repurchased, 767,534 and 744,282 shares for $7,320,890 and $6,994,767 for the three months ended March 31, 2025 and 2024, respectively.

For further details, see “Note 7. Net Assets,” to the Fund’s consolidated financial statements.

Stockholders who tendered Shares in the Q1 2025 Tender Offer and Q1 2024 Tender Offer received a non-interest bearing, non-transferable promissory note entitling such stockholders to an amount in cash equal to the number of Shares accepted for purchase multiplied by the applicable Purchase Price.

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The following is a summary of the Fund’s equity activity for the three months ended March 31, 2025 and 2024.

	For the Three Months Ended March 31, 2025		For the Three Months Ended March 31, 2024
Capital Commitments and Commitment Reductions	$	23,557,474	$	29,615,643
Capital Commitments rescinded due to participation in General    Tender Program and Commitment Reductions	$	7,506,114	$	6,503,400
Dividend reinvestments	$	7,609,164	$	6,912,711
Shares issued to investors under DRIP		797,757		735,551
Value of capital drawdown notices	$	46,074,834	$	21,667,959
Shares issued to investors under capital drawdown notices		4,796,671		2,297,080
Value of Shares purchased in General Tender Program	$	7,320,890	$	6,994,767
Shares purchased in General Tender Offer		767,534		744,282

Distributions

Distributions to stockholders are recorded on the record date. To the extent that the Fund has income available, the Fund intends to distribute quarterly distributions to its stockholders. The Fund’s quarterly distributions, if any, will be determined by the Board. Any distributions to the Fund’s stockholders will be declared out of assets legally available for distribution.

The following table summarizes distributions declared during the three months ended March 31, 2025:

Date Declared	Record Date	Payment Date	Amount Per Share		Dollar Amount
3/27/2025	3/27/2025	4/24/2025	$	0.20	$	13,938,978
					$	13,938,978

The following table summarizes distributions declared during the three months ended March 31, 2024:

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

The federal income tax characterization of distributions declared and paid for the fiscal year will be determined at fiscal year-end based upon the Fund’s investment company taxable income for the full fiscal year and distributions paid during the full year. For the three months ended March 31, 2025, all of the Fund’s distributions to stockholders were attributable to ordinary income. The character of distributions for federal income tax purposes are determined in accordance with income tax regulations which may differ from GAAP. Stockholders should read any written disclosure accompanying a distribution payment carefully and should not assume that the source of any distribution is only ordinary income or gains.

To the extent the Fund’s taxable earnings fall below the total amount of its distributions paid for that fiscal year, a portion of those distributions may be deemed a return of capital to the Fund’s stockholders for U.S. federal income tax purposes. Thus, the source of a distribution to stockholders may be the original capital invested by the stockholder rather than the Fund’s income or gains.

For the three months ended March 31, 2025, all of the Fund’s distributions to stockholders were attributable to ordinary income. The character of distributions for federal income tax purposes are determined in accordance with income tax regulations which may differ from GAAP. Stockholders should read any written disclosure accompanying a distribution payment carefully and should not assume that the source of any distribution is only ordinary income or gains.

Co-investment Exemptive Order

On August 6, 2018, the SEC granted the Fund relief sought in a new exemptive application that expands the co-investment exemptive relief previously granted to the Fund in October 2016 to allow the Fund to co-invest in portfolio companies with Affiliated Funds in a manner consistent with its investment objective, positions, policies, strategies and restrictions as well as regulatory requirements and other pertinent factors, subject to compliance with the Order. Pursuant to the Order, the Fund is permitted to co-invest with Affiliated Funds, which the new exemptive relief defines to include affiliated managed accounts, if, among other things, a “required majority” (as defined in Section 57(o) of the 1940 Act) of the Fund’s independent directors make certain conclusions in

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connection with a co-investment transaction, including that (1) the terms of the transactions, including the consideration to be paid, are reasonable and fair to the Fund and the Fund’s stockholders and do not involve overreaching in respect of the Fund or the Fund’s stockholders on the part of any person concerned, and (2) the transaction is consistent with the interests of the Fund’s stockholders and is consistent with the Fund’s investment objective and strategies. The Fund intends to co-invest with Affiliated Funds, subject to the conditions included in the Order.

Credit Facilities

2021 HSBC Credit Facility

On November 15, 2017, the Fund entered into the HSBC Credit Agreement to establish the HSBC Credit Facility with the HSBC Administrative Agent and any other lender that became a party to the HSBC Credit Agreement in accordance with the terms of the HSBC Credit Agreement, as lenders. The Fund amended and restated the HSBC Credit Agreement on January 31, 2019, and on July 8, 2021, the Fund terminated the HSBC Credit Agreement and all outstanding loans thereunder were repaid and all obligations thereunder were released and terminated. Concurrent with the termination of the HSBC Credit Agreement, the Fund entered into the HSBC Joinder, pursuant to which the Fund became a party to the 2021 HSBC Credit Facility evidenced by the 2021 HSBC Credit Agreement. As of March 31, 2025, the Fund’s fund group facility sublimit under the 2021 HSBC Credit Facility was $40,000,000.

As of March 31, 2025, the Fund had $30,000,000 outstanding on the 2021 HSBC Credit Facility and the Fund was in compliance with the terms of the 2021 HSBC Credit Facility. As of December 31, 2024, the Fund had $10,000,000 outstanding on the 2021 HSBC Credit Facility.

For further details, see “Note 4. Borrowings,” to the Fund’s consolidated financial statements.

Synovus Credit Facility

On October 15, 2020, ABPCIC Funding II LLC, a Delaware limited liability company and wholly-owned subsidiary of the Fund (“ABPCIC Funding II”), entered into a revolving credit facility (the “Synovus Credit Facility”) with Synovus Bank, Specialty Finance Division, as facility agent, and U.S. Bank, National Association, as collateral, collateral custodian and securities intermediary. As of March 31, 2025, the Synovus Credit Facility provides for borrowings in an aggregate amount up to $200,000,000.

Borrowings of ABPCIC Funding II are considered borrowings by the Fund for purposes of complying with the asset coverage requirements under the 1940 Act applicable to business development companies. As of March 31, 2025, the Fund had $200,000,000 outstanding on the Synovus Credit Facility and the Fund was in compliance with the terms of the Synovus Credit Facility. As of December 31, 2024, the Fund had $188,250,000 outstanding on the Synovus Credit Facility and the Fund was in compliance with the terms of the Synovus Credit Facility.

For further details, see “Note 4. Borrowings,” to the Fund’s consolidated financial statements.

Natixis Credit Facility

On April 21, 2023, ABPCIC Funding IV LLC, a Delaware limited liability company and wholly-owned subsidiary of the Fund (“ABPCIC Funding IV”), entered into a warehouse financing transaction (the “Natixis Credit Facility”) with Natixis, New York Branch, as administrative agent and U.S. Bank Trust Company, National Association, as collateral and collateral administrator. The Natixis Credit Facility provides for a total commitment amount of up to $200,000,000, which is split between the Class A-R Loans and the Swingline Loans, on a revolving basis, and in the case of the Class A-T Loans, on a term basis. The total Class A-R commitment as of the closing date is $175,000,000, and the total Class A-T commitment as of the closing date is $25,000,000. Amounts drawn under the Natixis Credit Facility will bear interest at either the Term SOFR Reference Rate, or the weighted average of the Commercial Paper Rate, the Liquidity Funding Rate and the Credit Funding Rate (each as defined in the Natixis Credit Agreement, the “Applicable Rate”), in each case, plus a margin. As of March 31, 2025, advances used to finance the purchase or origination of any eligible loans under the Natixis Credit Facility bear interest at the Applicable Rate plus a spread of 2.25%. The availability period with respect to the revolving commitments under the Natixis Credit Facility will terminate on April 21, 2025.

As of March 31, 2025, the Fund had $150,000,000 outstanding on the Natixis Credit Facility and the Fund was in compliance with the terms of the Natixis Credit Facility. As of December 31, 2024, the Fund had $200,000,000 outstanding on the Natixis Credit Facility and the Fund was in compliance with the terms of the Natixis Credit Facility.

For further details, see “Note 4. Borrowings,” to the Fund’s consolidated financial statements.

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MUFG Credit Facility

On September 19, 2024, ABPCIC Funding V entered into a warehouse financing transaction (the “MUFG Credit Facility”). In connection with the MUFG Credit Facility, ABPCIC Funding V entered into, among other agreements, (i) the credit agreement (the “MUFG Credit Agreement”), among ABPCIC Funding V, MUFG Bank, Ltd., as lender, the other lenders party thereto from time to time, MUFG Bank, Ltd., as administrative agent, U.S. Bank Trust Company, National Association, as collateral agent (in such capacity, the “MUFG Collateral Agent”) and collateral administrator (in such capacity, the “MUFG Collateral Administrator”), and U.S. Bank National Association, as document custodian, (ii) the account control agreement, among ABPCIC Funding V, as debtor, the MUFG Collateral Agent, as secured party, and U.S. Bank National Association, as securities intermediary, (iii) the collateral management agreement, between ABPCIC Funding V and the Adviser, as collateral manager (in such capacity, the “MUFG Collateral Manager”), (iv) the collateral administration agreement, among ABPCIC Funding V, the MUFG Collateral Manager and the MUFG Collateral Administrator and (v) the master loan sale and contribution agreement between the Fund, as seller, and ABPCIC Funding V, as buyer. The MUFG Credit Agreement provides for borrowings in an aggregate amount up to $150,000,000.

As of March 31, 2025, the Fund had $120,250,000 outstanding on the MUFG Credit Facility and the Fund was in compliance with the terms of the MUFG Credit Facility. As of December 31, 2024, the Fund had $104,000,000 outstanding on the MUFG Credit Facility and the Fund was in compliance with the terms of the MUFG Credit Facility.

For further details, see “Note 4. Borrowings,” to the Fund’s consolidated financial statements.

NatWest Credit Facility

On March 21, 2025, ABPCIC Funding VI LLC (“ABPCIC Funding VI”), a wholly-owned subsidiary of the Fund, entered into a warehouse financing transaction (the “NatWest Credit Facility” and together with the and together with the 2021 HSBC Credit Facility, the Synovus Credit Facility, the Natixis Credit Facility and the MUFG Credit Facility, the “Credit Facilities”). In connection with the NatWest Credit Facility, ABPCIC Funding VI entered into, among other agreements, (i) the facility agreement (the “NatWest Facility Agreement”), among AB Private Credit Investors LLC, as collateral manager (in such capacity, the “NatWest Collateral Manager”), ABPCIC Funding VI, each of the lenders from time to time party thereto, NatWest Markets Plc, as lead lender (in such capacity, the “NatWest Lead Lender”), U.S. Bank Trust Company, National Association, as collateral agent (in such capacity, the “NatWest Collateral Agent”), U.S. Bank National Association, as document custodian, and Alter Domus (US) LLC, as loan agent, (ii) the securities account control agreement, among ABPCIC Funding VI, as debtor, the NatWest Collateral Manager, the NatWest Lead Lender, the NatWest Collateral Agent, and U.S. Bank National Association, as securities intermediary, (iii) the purchase and sale agreement between the Fund, as seller, and ABPCIC Funding VI, as buyer, and (iv) the pledge agreement, between the Fund, as pledgor, and the NatWest Collateral Agent. The NatWest Facility Agreement provides for borrowings in an aggregate amount up to $75,000,000.

As of March 31, 2025, the Fund had $46,500,000 outstanding on the NatWest Credit Facility and the Fund was in compliance with the terms of the NatWest Credit Facility.

For further details, see “Note 4. Borrowings,” to the Fund’s consolidated financial statements.

Secured Borrowings

From time to time, the Fund may engage in sale/buy-back agreements, which are a type of secured borrowing. The amount, interest rate and terms of these agreements will be individually negotiated on a transaction-by-transaction basis. Each borrowing is secured by an interest in an underlying asset which is participated or assigned to the sale/buy-back counterparty for the duration of the agreement.

Outstanding Secured Borrowings pursuant to the Macquarie Sale/Buy-Back was $0 and $2,845,117 as of March 31, 2025, and December 31, 2024, respectively.

For further details, see “Note 4. Borrowings,” to the Fund’s consolidated financial statements.

Debt Securitization

On August 9, 2019, ABPCI Direct Lending Fund CLO VI Ltd (the “VI Issuer”), an exempted company incorporated with limited liability under the laws of the Cayman Islands and a wholly-owned subsidiary of the Fund, and ABPCI Direct Lending Fund CLO VI LLC, a limited liability company organized under the laws of the State of Delaware (the “VI Co-Issuer,” and together with the VI Issuer, the “VI Co-Issuers”), each a newly formed special purpose vehicle, completed a $300,500,000 term debt securitization (the “CLO VI Transaction. The stated reinvestment date was August 9, 2022.

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The CLO VI indenture was refinanced under the terms of the first supplement indenture dated April 28, 2022 among the VI Issuer and U.S. Bank National Association, as trustee. As a result of the refinancing, the outstanding notes (other than the Subordinated Notes) under the indenture dated August 9, 2019 in the amount of $246,900,000 were paid off, and the unamortized debt discount and debt issuance costs were accelerated into interest and borrowing expenses on the consolidated statements of operations. The VI Issuer issued new notes as listed below, as well as additional Subordinated Notes in the amount of $7,720,000. The VI Issuer issued new notes, collectively, the “CLO VI Notes.”

The CLO VI Notes that remain outstanding as of March 31, 2025 were (i) $98,250,000 of Class A-1-R Senior Secured Floating Rate Notes, which bear interest at three-months Secured Overnight Financing Rate (“Term SOFR”) plus 1.83% per annum; (ii) $75,000,000 of Class A-1-L Senior Secured Floating Rate Notes, which bear interest at Term SOFR plus 1.83% per annum; (iii) $30,000,000 of Class A-1-F Senior Secured Fixed Rate Notes, which bear interest at 4.305% per annum; (iv) $43,500,000 of Class A-2-R Senior Secured Deferrable Floating Rate Notes, which bear interest at Term SOFR plus 2.25% per annum; (v) $19,250,000 of Class B-R Senior Secured Deferrable Floating Rate Notes, which bear interest at Term SOFR plus 3.10% per annum; and (vi) $20,125,000 of Class C-R Senior Secured Deferrable Floating Rate Notes, which bear interest at Term SOFR plus 4.15% per annum. The CLO VI Notes are scheduled to mature on April 27, 2034.

The CLO VI Notes are the secured obligations of the VI Co-Issuers, and the indenture governing the CLO VI Notes includes customary covenants and events of default. The CLO VI Notes have not been, and will not be, registered under the Securities Act or any state securities or “blue sky” laws and may not be offered or sold in the United States absent registration with the Securities and Exchange Commission or an applicable exemption from registration.

The Adviser serves as collateral manager to the VI Issuer pursuant to a collateral management agreement between the Adviser and the VI Issuer (the “CLO VI Collateral Management Agreement”). For so long as the Adviser serves as collateral manager to the VI Issuer, the Adviser will elect to irrevocably waive any base management fee or subordinated interest to which it may be entitled under the CLO VI Collateral Management Agreement. Pursuant to a new CLO notes issuance, collateral management fee is no longer charged as long as the Adviser serves as a collateral manager.

On March 5, 2025, the VI Co-Issuers executed that certain amended and restated indenture by and among the VI Co-Issuers and U.S. Bank Trust Company, National Association (the “Refinancing CLO Transaction”) to redeem all of the outstanding VI Notes issued by the VI Co-Issuers pursuant to that certain original indenture, dated as of August 9, 2019, as amended by that certain First Supplemental Indenture, dated as of April 28, 2022 and that certain Second Supplemental Indenture, dated as of March 8, 2024, with the proceeds from the private placement of new Debt offered by the VI Co-Issuers in the Refinancing CLO Transaction (the “Refinancing Debt”). The Refinancing Debt is secured by a diversified portfolio of the VI Co-Issuers consisting primarily of middle market loans and participation interests in middle market loans and may also include some broadly syndicated loans. The Refinancing Debt consists of: (i) $103,000,000 of Class A-1-RR Senior Secured Floating Rate Notes, which bear interest at three-months SOFR plus 1.40% per annum; (ii) $100,000,000 of Class A-1L-R Senior Secured Floating Rate Loans, which bear interest at three-months SOFR plus 1.40% per annum; (iii) $14,000,000 of Class A-2-RR Senior Secured Floating Rate Notes, which bear interest at three- months SOFR plus 1.60% per annum; (iv) $21,000,000 of Class B-RR Senior Secured Floating Rate Notes, which bear interest at SOFR plus 1.70% per annum; (v) $28,000,000 of Class C-RR Secured Deferrable Floating Rate Notes, which bear interest at SOFR plus 2.00% per annum; and (vi) $18,980,000 of additional Subordinated Notes, which do not bear interest. In addition, $61,320,000 of Subordinated Notes previously issued by the VI Issuer will remain outstanding as of the closing date of the Refinancing CLO Transaction. The Refinancing Debt is scheduled to mature on January 27, 2037.

In a series of contemporaneous transactions on the closing date of the Refinancing CLO Transaction, (i) the VI Issuer, with the proceeds from the issuance of the Refinancing Debt (including the issuance of all $28,000,000 of the Class C-RR Notes and all $18,980,000 of the additional Subordinated Notes to ABPCI Direct Lending Fund CLO VI Depositor LLC, a wholly-owned subsidiary of the Fund), redeemed all of the outstanding VI Notes, and (ii) the VI Issuer made any other payments due in connection with the repayment of the VI Notes and paid any other fees and expenses expected to be paid as of such date.

The Refinancing Debt is the secured obligation of the VI Co-Issuers, and the indenture governing the Refinancing Debt includes customary covenants and events of default. The Refinancing Debt has not been, and will not be, registered under the Securities Act or any state securities or “blue sky” laws and may not be offered or sold in the United States absent registration with the SEC or an applicable exemption from registration.

The Adviser serves as collateral manager to the VI Issuer pursuant to the CLO VI Collateral Management Agreement, which was amended and restated on the closing date of the Refinancing CLO Transaction. For so long as the Adviser serves as collateral manager to the VI Issuer, the Adviser will elect to receive $0 as any base management fee or subordinated interest to which it may be entitled under the CLO VI Collateral Management Agreement.

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On May 3, 2023, ABPCI Direct Lending Fund CLO XIII LTD (“CLO XIII” or the “XIII Issuer”), a private company limited by shares incorporated under the laws of Jersey and a wholly-owned subsidiary of the Fund, and ABPCI Direct Lending Fund CLO XIII LLC, a limited liability company organized under the laws of the State of Delaware (the “XIII Co-Issuer,” and together with the XIII Issuer, the “XIII Co-Issuers”), ABPCI Direct Lending Fund CLO XIII First Static Subsidiary Ltd (the “First Static Subsidiary”) and ABPCI Direct Lending Fund CLO XIII Second Static Subsidiary Ltd (the “Second Static Subsidiary” and together with the First Static Subsidiary, the “Static Subsidiaries”, and together with the XIII Co-Issuers, the “XIII Issuer Entities”), each a newly formed special purpose vehicle, completed a $395,000,000 term debt securitization (the “CLO XIII Transaction”). The stated reinvestment date is April 27, 2027.

The CLO XIII Transaction was executed through a private placement and the notes offered (the “CLO XIII Notes”) that remain outstanding as of March 31, 2025 were (i) $228,000,000 of Class A Senior Secured Floating Rate Notes, which bear interest at Term SOFR plus 2.60% per annum; (ii) $36,000,000 of Class B Senior Secured Floating Rate Notes, which bear interest at Term SOFR plus 3.65% per annum; (iii) $36,000,000 of Class C Secured Deferrable Floating Rate Notes, which bear interest at Term SOFR plus 4.55% per annum; (iv) $28,000,000 of Class D Secured Deferrable Floating Rate Notes, which bear interest at Term SOFR plus 6.90% per annum; and (v) $67,000,000 of Subordinated Notes. The CLO XIII Notes are scheduled to mature on April 27, 2035.

The CLO XIII Notes are the secured obligations of the XIII Issuer Entities, and the indenture governing the CLO XIII Notes includes customary covenants and events of default. The CLO XIII Notes have not been, and will not be, registered under the Securities Act or any state securities or “blue sky” laws and may not be offered or sold in the United States absent registration with the Securities and Exchange Commission or an applicable exemption from registration.

The Adviser serves as collateral manager to the XIII Issuer pursuant to a collateral management agreement between the Adviser and the XIII Issuer. For so long as the Adviser serves as collateral manager to the XIII Issuer, a collateral management fee shall not be charged.

For further details, see “Note 4. Borrowings,” to the Fund’s consolidated financial statements.

Co-investment Exemptive Order

On August 6, 2018, the SEC granted the Fund relief sought in a new exemptive application that expands the co-investment exemptive relief previously granted to the Fund in October 2016 to allow the Fund to co-invest in portfolio companies with Affiliated Funds in a manner consistent with its investment objective, positions, policies, strategies and restrictions as well as regulatory requirements and other pertinent factors, subject to compliance with the Order. Pursuant to the Order, the Fund is permitted to co-invest with Affiliated Funds, which the new exemptive relief defines to include affiliated managed accounts, if, among other things, a “required majority” (as defined in Section 57(o) of the 1940 Act) of the Fund’s independent directors make certain conclusions in connection with a co-investment transaction, including that (1) the terms of the transactions, including the consideration to be paid, are reasonable and fair to the Fund and the Fund’s stockholders and do not involve overreaching in respect of the Fund or the Fund’s stockholders on the part of any person concerned, and (2) the transaction is consistent with the interests of the Fund’s stockholders and is consistent with the Fund’s investment objective and strategies. The Fund intends to co-invest with Affiliated Funds, subject to the conditions included in the Order.

Asset Coverage

In accordance with the 1940 Act, the Fund has historically only been allowed to borrow amounts such that its “asset coverage,” as defined in the 1940 Act, is at least 200% after such borrowing, permitting the Fund to borrow up to one dollar for investment purposes for every one dollar of investor equity. “Asset coverage” generally refers to a company’s total assets, less all liabilities and indebtedness not represented by “senior securities,” as defined in the 1940 Act, divided by total senior securities representing indebtedness and, if applicable, preferred stock. “Senior securities” for this purpose includes borrowings from banks or other lenders, debt securities and preferred stock.

On March 23, 2018, the SBCAA was signed into law. The SBCAA, among other things, modifies the applicable provisions of the 1940 Act to reduce the required asset coverage ratio applicable to BDCs from 200% to 150% subject to certain approval, time and disclosure requirements (including either stockholder approval or approval of a majority of the directors who are not interested persons of the BDC and who have no financial interest in the proposal). On July 5, 2018, the Board voted to approve the adoption of the reduced asset coverage ratio and separately recommended that Investors approve the reduced asset coverage requirements at the 2018 annual meeting of stockholders. On September 26, 2018, at the Fund’s 2018 annual meeting of stockholders, the Fund’s stockholders approved the reduction of the required minimum asset coverage ratio applicable to the Fund from 200% to 150%, which took effect on September 27, 2018. This reduction in the required minimum asset coverage ratio increases the amount of debt that the

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Fund is permitted to incur, permitting the Fund to borrow up to two dollars for investment purposes for every one dollar of investor equity.

As of March 31, 2025, and December 31, 2024, the Fund had total senior securities of $1,081,390,109 and $1,050,938,941, respectively, consisting of borrowings under the Credit Facilities, secured borrowings and the Notes, and had asset coverage ratios of 160% and 158%, respectively.

Critical Accounting Policies

Valuation of Investments

The Fund measures the value of its investments at fair value accordance with Accounting Standards Codification Topic 820, Fair Value Measurements and Disclosure, or “ASC Topic 820,” issued by the Financial Accounting Standards Board, or “FASB.” Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.

Pursuant to the amended SEC Rule 2a-5 of the 1940 Act, the Board designated the Adviser as the Fund’s “valuation designee.” In this capacity, the Adviser is responsible, among other things, for making all fair value determinations relating to the Fund’s portfolio investments, subject to the Board’s oversight. Investments are valued at fair value as determined in good faith by our Adviser, as valuation designee, based on input of management, the audit committee and independent valuation firms that have been engaged to assist in the valuation of each portfolio investment without a readily available market quotation under a valuation policy. The Adviser principally carries out its fair value responsibilities through its Valuation Sub-Committee. This valuation process is conducted at the end of each fiscal quarter.

The audit committee of the Board (the “Audit Committee”) is also responsible for assisting the Adviser, as valuation designee in valuing investments that are not publicly traded or for which current market values are not readily available. Investments for which market quotations are readily available are valued using market quotations, which are generally obtained from independent pricing services, broker-dealers or market makers. With respect to portfolio investments for which market quotations are not readily available, the Adviser, as valuation designee and its senior investment team and independent valuation firms, is responsible for determining in good faith the fair value in accordance with the valuation policy approved by the Board. If more than one valuation method is used to measure fair value, the results are evaluated and weighted, as appropriate, considering the reasonableness of the range indicated by those results. The Fund considers a range of fair values based upon the valuation techniques utilized and selects the value within that range that was most representative of fair value based on current market conditions as well as other factors the Adviser’s senior investment team considers relevant.

ASC Topic 820 specifies a hierarchy of valuation techniques based on whether the inputs to those valuation techniques are observable or unobservable. ASC Topic 820 also provides guidance regarding a fair value hierarchy, which prioritizes information used to measure fair value and the effect of fair value measurements on earnings and provides for enhanced disclosures determined by the level within the hierarchy of information used in the valuation. In accordance with ASC Topic 820, these inputs are summarized in the three levels listed below:

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

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

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

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

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

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Because of the inherent uncertainty of valuation for all fair value investments and interests, the Board’s determination of fair value may differ from the values that would have been used had a ready market existed, or that could have been (or will be) realized in an actual sale, and such differences could be material.

The value of any investment on any valuation date is intended to represent the fair value of such investment on such date based upon the amount at which the investment could be exchanged between willing parties, other than in a forced liquidation sale, and reflects the Board’s determination of fair value using the methodology described herein. Any valuation of an investment may not reflect the actual amount received by the Fund upon the liquidation of such investment.

The Fund’s investments will be primarily loans made to middle-market companies. These investments are mostly considered Level 3 assets under ASC Topic 820 because there is not usually a known or accessible market or market indices for these types of debt instruments and, thus, the Adviser’s senior investment team must estimate the fair value of these investment securities based on models utilizing unobservable inputs.

Revenue Recognition

Investment transactions are recorded on a trade-date basis. Interest income is recognized on an accrual basis. Interest income on debt instruments is accrued and recognized for those issuers who are currently paying in full or expected to pay in full. For those issuers who are in default or expected to default, interest is not accrued and is only recognized when received. Generally, when interest and/or principal payments on a loan become past due, or if the Fund otherwise does not expect the borrower to be able to service its debt and other obligations, the Fund will place the loan on non-accrual status and will cease recognizing interest income on that loan for financial reporting purposes until all principal and interest have been brought current through payment or due to restructuring such that the interest income is deemed to be collectible. The Fund generally restores non-accrual loans to accrual status when past due principal and interest is paid and, in the management’s judgment, is likely to remain current. Interest income and expense include discounts accreted and premiums amortized on certain debt instruments as determined in good faith by the Adviser and calculated using the effective interest method. Loan origination fees, original issue discounts and market discounts or premiums are capitalized as part of the underlying cost of the investments and accreted or amortized over the life of the investment as interest income.

Realized gains and losses on investment transactions are determined on the specific identification method.

Certain investments in debt securities may contain a contractual payment-in-kind (“PIK”) interest provision. The PIK provisions generally feature the obligation, or the option, at each interest payment date of making interest payments in (i) cash, (ii) additional debt or (iii) a combination of cash and additional debt. PIK interest, computed at the contractual rate specified in the investment’s credit agreement, is accrued as interest income and recorded as interest receivable up to the interest payment date. On the interest payment date, the accrued interest receivable attributable to PIK is added to the principal balance of the investment. When additional debt is received on the interest payment date, it typically has the same terms, including maturity dates and interest rates, as the original loan. PIK interest generally becomes due on the investment’s maturity date or call date.

The Fund may earn various fees during the life of the loans. Such fees include, but are not limited to, syndication, commitment, administration, prepayment and amendment fees, some of which are paid to the Fund on an ongoing basis. These fees and any other income are recognized as earned. Upon prepayment of a loan or debt security, any prepayment premiums, unamortized up-front loan origination fees and unamortized discounts are recorded as interest income.

Costs associated with entering into an investment are included in the cost of the investment, and any costs incurred relating to an unconsummated investment are expensed.

Distributions received from an equity interest, limited liability company or a limited partnership investment are evaluated to determine if the distribution should be recorded as dividend income or a return of capital

Management and Incentive Fees

The Fund will accrue for the base management fee and incentive fee. The accrual for the incentive fee includes the recognition of the incentive fee on unrealized capital gains, even though such incentive fee is neither earned nor payable to the Adviser until the gains are both realized and in excess of unrealized depreciation on investments. The amount of capital gains incentive fee expense related to the hypothetical liquidation of the portfolio (and assuming no other changes in realized or unrealized gains and losses) would only become payable to the Adviser in the event of a complete liquidation of the Fund’s portfolio as of period end and the termination of the Second Amended and Restated Advisory Agreement on such date. Also, it should be noted that the capital gains incentive fee expense fluctuates with the Fund’s overall investment results.

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Federal Income Taxes

The Fund has elected to be treated, and to qualify annually, as a RIC under Subchapter M of the Code. Generally, a RIC is not subject to federal income taxes on distributed income and gains if it distributes at least 90% of its net ordinary income and net short-term capital gains in excess of its net long-term capital losses, if any, to its stockholders. The Fund intends to distribute sufficient dividends to maintain its RIC status each year and the Fund does not anticipate paying any material federal income taxes in the future.

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Item 3. Quantitative and Qualitative Disclosures About Market Risk

The Fund is subject to financial market risks, including changes in interest rates. To the extent that the Fund borrows money to make investments, the Fund’s net investment income is dependent upon the difference between the rate at which the Fund borrows funds and the rate at which the Fund invests these funds. In periods of rising interest rates, the Fund’s cost of funds would increase, which may reduce the Fund’s net investment income. Because the Fund expects that most of its investments will bear interest at floating rates, the Fund anticipates that an increase in interest rates would have a corresponding increase in the Fund’s interest income that would eventually offset any increase in the Fund’s cost of funds and, thus, net investment income would not be reduced significantly. The timing of interest rate resets on the Fund’s investments and the Fund’s debt may differ leading to a temporary increase or decrease in net investment income. However, there can be no assurance that a significant change in market interest rates will not have an adverse effect on the Fund’s net investment income. In addition, U.S. and global capital markets and credit markets have experienced a higher level of stress due to rising inflation, which has resulted in an increase in the level of volatility across such markets and a general decline in the value of the securities held by the Fund.

The Fund will generally invest in illiquid loans and securities including debt and equity securities of middle-market companies. Because the Fund expects that there will not be a readily available market for many of the investments in the Fund’s portfolio, the Fund expects to value many of its portfolio investments at fair value as determined in good faith by the Board using a documented valuation policy and a consistently applied valuation process. Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of the Fund’s investments may differ significantly from the values that would have been used had a readily available market value existed for such investments, and the differences could be material.

In connection with rising inflation, the U.S. Federal Reserve and other central banks have increased interest rates. A prolonged increase in interest rates could result in an increase in the Fund’s non-performing assets and a decrease in the value of its portfolio because the portfolio companies paying interest at such increasing floating rates may be unable to meet higher payment obligations. In periods of rising interest rates, the Fund’s cost of funds would increase, which, if not matched with the rising interest rates of its performing floating-rate assets, could result in a decrease in its net investment income. Incurring additional leverage will magnify the impact of an increase to the Fund’s cost of funds. A decrease in interest rates may reduce net income, because new investments may be made at lower rates despite the increased demand for the Fund’s capital that the decrease in interest rates may produce.

Assuming that the consolidated statement of assets and liabilities as of March 31, 2025, were to remain constant and that the Fund took no actions to alter its existing interest rate sensitivity, the following table shows the annualized impact of hypothetical base rate changes in interest rates.

Change in Interest Rates	Increase (Decrease) in Interest Income			Increase (Decrease) in Interest Expense			Net Increase (Decrease) in Net Investment Income
Down 25 basis points		(4,106,366	)		(2,776,567	)		(1,329,799	)
Down 100 basis points		(16,425,464	)		(11,011,912	)		(5,413,552	)
Down 200 basis points		(32,850,927	)		(21,419,412	)		(11,431,515	)
Down 300 basis points		(49,041,728	)		(31,826,912	)		(17,214,816	)
Up 100 basis points		16,425,464			9,903,088			6,522,376
Up 200 basis points		32,850,927			20,410,588			12,440,340
Up 300 basis points		49,276,391			30,918,088			18,358,303

The above outcomes are estimates based on models that use assumptions, and such assumptions may not hold true should any of the listed scenarios occur. The table should be read in conjunction with the “Forward-Looking Statements” section to this quarterly report.

In addition, although the Fund does not currently intend to make investments that are denominated in a foreign currency, to the extent it does, the Fund will be subject to risks associated with changes in currency exchange rates. These risks include the possibility of significant fluctuations in the foreign currency markets, the imposition or modification of foreign exchange controls and potential illiquidity in the secondary market. These risks will vary depending upon the currency or currencies involved.

The Fund may hedge against interest rate and currency exchange rate fluctuations by using standard hedging instruments such as futures, options and forward contracts subject to the requirements of the 1940 Act. While hedging activities may insulate the Fund against adverse changes in interest rates, they may also limit the Fund’s ability to participate in benefits of lower interest rates with respect to the Fund’s portfolio of investments with fixed interest rates.

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Item 4. Controls and Procedures

As of the end of the period covered by this report, the Fund carried out an evaluation, under the supervision and with the participation of the Fund’s management, including the Fund’s Chief Executive Officer and Chief Financial Officer, of the effectiveness of the design and operation of the Fund’s disclosure controls and procedures (as defined in Rule 13a-15(e) and 15d-15(e) under the Exchange Act). Based on that evaluation, the Fund’s Chief Executive Officer and Chief Financial Officer have concluded that the Fund’s current disclosure controls and procedures are effective in timely alerting them to material information relating to the Fund that is required to be disclosed by the Fund in the reports it files or submits under the Exchange Act.

There have been no changes in the Fund’s internal control over financial reporting that occurred during the Fund’s most recently completed fiscal quarter that have materially affected, or are reasonably likely to materially affect, the Fund’s internal control over financial reporting.

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PART II. OTHER INFORMATION

Item 1. Legal Proceedings

The Fund is not currently subject to any material legal proceedings, nor, to the Fund’s knowledge, is any material legal proceeding threatened against the Fund. From time to time, the Fund may be a party to certain legal proceedings in the ordinary course of business, including proceedings relating to the enforcement of the Fund’s rights under contracts with its portfolio companies. The Fund’s business is also subject to extensive regulation, which may result in regulatory proceedings against the Fund. While the outcome of these legal proceedings cannot be predicted with certainty, the Fund does not expect that these proceedings will have a material effect upon its financial condition or results of operations.

Item 1A. Risk Factors

In addition to the other information set forth in this report, you should carefully consider the factors discussed in Part I, “Item 1A. Risk Factors” in the Fund’s Annual Report on Form 10-K for the fiscal year ended December 31, 2024, which could materially affect the Fund’s business, financial condition and/or operating results. The risks described in the Fund’s Annual Report on Form 10-K are not the only risks the Fund faces. Additional risks and uncertainties that are not currently known to the Fund or that the Fund currently deems to be immaterial also may materially adversely affect the Fund’s business, financial condition and/or operating results. During the three months ended March 31, 2025, there have been no material changes from the risk factors set forth in the Fund’s Annual Report on Form 10-K for the year ended December 31, 2024.

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

Except as previously reported by the Fund on its current reports on Form 8-K, the Fund did not sell any securities during the period covered by this Quarterly Report that were not registered under the Securities Act.

Item 3. Defaults Upon Senior Securities

None.

Item 4. Mine Safety Disclosure

Not applicable.

Item 5. Other Information

Insider Trading Arrangements and Policies

During the fiscal quarter ended March 31, 2025, none of the Fund’s directors or officers adopted or terminated any contract, instruction or written plan for the purchase or sale of the Fund’s securities to satisfy the affirmative defense conditions of Exchange Act Rule 10b5-1(c) or any “non-Rule 10b5-1 trading arrangement.”

Third Amendment to Natixis Credit Facility

On April 21, 2025, the Fund entered into an amendment (the “Third Natixis Amendment”) to the Natixis Credit Facility. The Third Natixis Amendment, among other changes, (i) extended the reinvestment period to October 21, 2025 and (ii) extended the maturity date of the Natixis Credit Facility to October 21, 2033.

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Item 6. Exhibits

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

10.1	Fifteenth Amendment to Revolving Credit Agreement, dated as of February 14, 2025, by and among AB-Abbott Private Equity Investors 2019 (Delaware) Fund L.P., AB-Abbott Private Equity Investors 2020 (Delaware) Fund L.P., AB-Abbott Private Equity Solutions 2021 (Delaware) Fund L.P., AB Private Credit Investors Middle Market Direct Lending Fund, L.P., the Fund, AB-Abbott Private Equity Solutions 2022 (Delaware) Fund L.P., AB-Abbott Private Equity Solutions 2023 (Delaware) Fund L.P. and AB-Abbott Private Equity Solutions 2024 (Delaware) Fund L.P., as borrowers, AB-Abbott Private Equity Investors G.P. L.P., AB-Abbott Private Equity Investors 2020 G.P. L.P., AB-Abbott Private Equity Solutions 2021 G.P. L.P., AB Private Credit Investors Middle Market Direct Lending G.P. L.P., AB-Abbott Private Equity Solutions 2022 G.P. L.P., AB-Abbott Private Equity Solutions 2023 G.P. L.P. and AB-Abbott Private Equity Solutions 2024 G.P. L.P., as general partners, the banks and financial institutions from time to time party thereto as lenders and HSBC Bank USA, National Association as the administrative agent for the secured parties and a lender document custodian (incorporated by reference to Exhibit 10.1 to the Fund’s Current Report on Form 8-K (File No. 814-01196) filed on February 18, 2025).
10.2	Amended and Restated Indenture, by and among ABPCI Direct Lending Fund CLO VI Ltd, as issuer, ABPCI Direct Lending Fund CLO VI LLC, as co-issuer and U.S. Bank Trust Company, National Association, as trustee, dated as of March 5, 2025 (incorporated by reference to Exhibit 10.1 to the Fund’s Current Report on Form 8-K (File No. 814-01196) filed on March 12, 2025).
10.3	Facility Agreement, dated as of March 21, 2025, among AB Private Credit Investors LLC, as collateral manager, ABPCIC Funding VI LLC, as borrower, each of the lenders from time to time party thereto, NatWest Markets Plc, as lead lender, U.S. Bank Trust Company, National Association, as collateral agent, U.S. Bank National Association, as document custodian, and Alter Domus (US) LLC, as loan agent (incorporated by reference to Exhibit 10.1 to the Fund’s Current Report on Form 8-K (File No. 814-01196) filed on March 27, 2025).
10.4	Securities Account Control Agreement, dated as of March 21, 2025, among ABPCIC Funding VI LLC, as debtor, AB Private Credit Investors LLC, as collateral manager, NatWest Markets Plc, as lead lender, U.S. Bank Trust Company, National Association, as collateral agent, and U.S. Bank National Association, as securities intermediary (incorporated by reference to Exhibit 10.2 to the Fund’s Current Report on Form 8-K (File No. 814-01196) filed on March 27, 2025).
10.5	Purchase and Sale Agreement, dated as of March 21, 2025, by and between AB Private Credit Investors Corporation, as seller, and ABPCIC Funding VI LLC, as buyer (incorporated by reference to Exhibit 10.3 to the Fund’s Current Report on Form 8-K (File No. 814-01196) filed on March 27, 2025).
10.6	Pledge Agreement, dated as of March 21, 2025, by and between AB Private Credit Investors Corporation, as pledgor, and U.S. Bank Trust Company, National Association, as collateral agent (incorporated by reference to Exhibit 10.4 to the Fund’s Current Report on Form 8-K (File No. 814-01196) filed on March 27, 2025).
10.7	Sixteenth Amendment to Revolving Credit Agreement, dated as of May 6, 2025, by and among AB-Abbott Private Equity Investors 2019 (Delaware) Fund L.P., AB-Abbott Private Equity Investors 2020 (Delaware) Fund L.P.,AB-Abbott Private Equity Solutions 2021 (Delaware) Fund L.P., AB Private Credit Investors Middle Market Direct Lending Fund, L.P., the Fund, AB-Abbott Private Equity Solutions 2022 (Delaware) Fund L.P., AB-Abbott Private Equity Solutions 2023 (Delaware) Fund L.P., AB-Abbott Private Equity Solutions 2024 (Delaware) Fund L.P. and AB-Abbott Private Equity Solutions 2025 (Delaware) Fund L.P., as borrowers, AB-Abbott Private Equity Investors G.P.L.P., AB-Abbott Private Equity Investors 2020 G.P. L.P., AB-Abbott Private Equity Solutions 2021 G.P. L.P., AB Private Credit Investors Middle Market Direct Lending G.P. L.P., AB-Abbott Private Equity Solutions 2022 G.P. L.P.,AB-Abbott Private Equity Solutions 2023 G.P. L.P., AB-Abbott Private Equity Solutions 2024 G.P. L.P. and AB-Abbott Private Equity Solutions 2025 G.P. L.P., as general partners, the banks and financial institutions from time to time party thereto as lenders and HSBC Bank USA, National Association as the administrative agent for the secured parties and a lender (incorporated by reference to Exhibit 10.1 to the Fund’s Current Report on Form 8-K (File No. 814-01196) filed on May 14, 2025).
10.8	Third Amendment to Credit Agreement, dated as of April 21, 2025, among ABPCIC Funding IV LLC, as borrower, Natixis, New York Branch, as administrative agent, U.S. Bank Trust Company, National Association, as collateral agent and collateral administrator, and the lenders signatory thereto.*
10.9	Third Amendment to Loan Financing and Sale Agreement, dated as of December 20, 2024, among ABPCIC Funding II LLC, as borrower, Synovus Bank, Specialty Finance Division, as facility agent, U.S. Bank Trust Company, National Association, as collateral agent, U.S. Bank National Association, as collateral custodian, AB Private Credit Investors LLC, as servicer, AB Private Credit Investors Corporation, as equity holder, and the lenders signatory thereto.*

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31.1	Certification of Chief Executive Officer pursuant to Rule 13a-14 of the Securities Exchange Act of 1934, as amended.*
31.2	Certification of Chief Financial Officer pursuant to Rule 13a-14 of the Securities Exchange Act of 1934, as amended.*
32.1	Certification of Chief Executive Officer and Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, as amended.*
101.INS	Inline XBRL Instance Document—the instance document does not appear in the Interactive Data File as its XBRL tags are embedded within the Inline XBRL document*
101.SCH	Inline XBRL Taxonomy Extension Schema With Embedded Linkbase Document*
101.CAL	Inline XBRL Taxonomy Calculation Linkbase Document*

101.DEF Inline XBRL Taxonomy Extension Definition Linkbase Document*

101.LAB Inline XBRL Taxonomy Label Linkbase Document*

101.PRE Inline XBRL Taxonomy Presentation Linkbase Document*

104 Cover Page formatted in Inline XBRL and contained in Exhibit 101*

* Filed herewith

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

		AB PRIVATE CREDIT INVESTORS CORPORATION
Date: May 15, 2025	By:	/s/ J. Brent Humphries
		J. Brent Humphries
		President and Chief Executive Officer
		(Principal Executive Officer)
Date: May 15, 2025	By:	/s/ Wesley Raper
		Wesley Raper
		Chief Financial Officer and Treasurer
		(Principal Financial and Accounting Officer)

92