UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

FORM10-Q

 

 

(Mark One)

☒

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED SEPTEMBER 30, 2017MARCH 31, 2021

 

☐

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 47-5049745
(State of incorporation) 

(I.R.S. Employer

Identification No.)

1345 AvenuesAvenue of the Americas

New York, NY 10105

(Address of principal executive offices)

(212)969-1000

(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

———

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

Common Stock, par value $0.01 per share

(Title of Class)

 

 

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 and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of RegulationS-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).    Yes  ☐☒    No  ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, anon-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 Rule12b-2 of the Exchange Act.

 

Large accelerated filer ☐  Accelerated filer ☐
Non-accelerated filer ☒  (do not check if a smaller reporting company)  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 Rule12b-2 of the Exchange Act).    Yes  ☐    No  ☒

The issuer had 2,50026,819,755 shares of common stock, $0.01 par value per share, outstanding as of November 13, 2017.May 14, 2021.

 

 

 

AB PRIVATE CREDIT INVESTORS CORPORATION

FORM10-Q FOR THE QUARTER ENDED September 30, 2017March 31, 2021

Table of Contents

 

   

INDEX

  PAGE
NO.		 

PART I.

  FINANCIAL INFORMATION  3

Item 1.

  

Consolidated Financial Statements

   3
Statement of Assets and Liabilities as of September 30, 2017 (unaudited) and December 31, 20163
Statement of Operations for the three and nine months ended September 30, 2017 (unaudited)4 

Item 2.

  

Management’s Discussion and Analysis of Financial Condition and Results of Operations

   1151 

Item 3.

  

Quantitative and Qualitative Disclosures About Market Risk

   2071 

Item 4.

  

Controls and Procedures

   2071 

PART II.

  OTHER INFORMATION   2172 

Item 1.

  

Legal Proceedings

   2172 

Item 1A.

  

Risk Factors

   2172 

Item 2.

  

Unregistered Sales of Equity Securities and Use of Proceeds

   2173 

Item 3.

  

Defaults Upon Senior Securities

   2173 

Item 4.

  

Mine Safety Disclosures

   2173 

Item 5.

  

Other Information

   2173 

Item 6.

  

Exhibits

   2173 

SIGNATURESSIGNATURES.

    

Item 1.

Financial Statements

AB Private Credit Investors Corporation

Unaudited StatementConsolidated Statements of Assets and Liabilities

 

   

September 30,
2017

(unaudited)

   

December 31,

2016

 

ASSETS:

    

Cash

  $25,000   $1,000 

Expense Payment from Adviser

  $565,647   

Deferred Offering Cost

  $235,353   
  

 

 

   

 

 

 

Total Assets

  $826,000   $1,000 
  

 

 

   

 

 

 

LIABILITIES:

    

Organizational and Offering Expenses

  $703,000   

Professional Fees

  $98,000   
  

 

 

   

 

 

 

Total Liabilities

  $801,000   $0 
  

 

 

   

 

 

 

Net Assets

  $25,000   $1,000 

Composition of Net Assets:

    

Common Stock, $0.01 par value

  $25   $1 

Additional paid in capital

   24,975    999 
  

 

 

   

 

 

 
  $25,000   $1,000 
  

 

 

   

 

 

 

Shares

    

Net asset value per share
(2,500 and 100 shares of Common Stock issued and outstanding at September 30, 2017 and December 31, 2016, respectively)

  $10.00   $10.00 
   As of
March 31, 2021
(Unaudited)		  As of
December 31,
2020		 

Assets

 

Investments, at fair value (amortized cost of $587,129,877 and $539,228,460, respectively)

  $582,690,056  $533,035,030 

Cash and cash equivalents

   50,890,483   22,410,622 

Interest receivable

   2,342,436   2,264,308 

Deferred financing costs

   2,306,376   1,648,701 

Receivable for fund shares

   153,751   33,298,880 

Prepaid expenses

   146,334   292,668 

Receivable for investments sold

   25,355   80,413 

Other assets

   208   879 
  

 

 

  

 

 

 

Total assets

  $638,554,999  $593,031,501 
  

 

 

  

 

 

 

Liabilities

 

Notes payable (net of unamortized discount of $25,300 and $26,440, respectively, and debt issuance costs of $1,511,752 and $1,786,062, respectively)

  $211,612,948  $211,337,498 

Credit facility payable

   149,500,000   130,700,000 

Payable for Fund shares repurchased

   11,061,881   —   

Management fees payable

   3,419,518   1,533,338 

Incentive fee payable

   2,994,136   2,353,074 

Distribution payable

   2,190,454   1,541,994 

Payable to Adviser

   2,150,079   1,568,252 

Interest and borrowing expenses payable

   1,631,217   1,554,186 

Professional fees payable

   664,539   484,248 

Administrator and custodian fees payable

   299,220   136,170 

Transfer agent fees payable

   30,195   13,809 

Accrued expenses and other liabilities

   8,090   —   

Miscellaneous payable

   1,840   1,840 

Accrued organization costs

   —     106,510 

Secured borrowings

   —     18,870,856 

Due to Affiliate

   —     469,453 
  

 

 

  

 

 

 

Total liabilities

  $385,564,117  $370,671,228 
  

 

 

  

 

 

 

Commitments and Contingencies (Note 6)

 

Net Assets

 

Common stock, par value $0.01 per share (200,000,000 shares authorized, 26,833,819 and 23,775,222 shares issued and outstanding at March 31, 2021 and December 31, 2020, respectively)

   268,338   237,752 

Paid-in capital in excess of par value

   256,266,884   227,482,784 

Distributable earnings (accumulated loss)

   (3,547,413)   (5,360,904) 
  

 

 

  

 

 

 

Total net assets of AB Private Credit Investors Corporation

  $252,987,809  $222,359,632 
  

 

 

  

 

 

 

Non-Controlling Interest in ABPCIC Equity Holdings, LLC

  $3,073  $641 
  

 

 

  

 

 

 

Total net assets

  $252,990,882  $222,360,273 
  

 

 

  

 

 

 

Total liabilities and net assets

  $638,554,999  $593,031,501 
  

 

 

  

 

 

 

Net asset value per share of AB Private Credit Investors Corporation

  $9.43  $9.35 
  

 

 

  

 

 

 

See accompanying notesNotes to financial statements.Unaudited Consolidated Financial Statements

AB Private Credit Investors Corporation

Unaudited StatementConsolidated Statements of Operations

 

   Three Months
Ended
September 30, 2017		  Nine Months
Ended
September 30, 2017		 

Investment income

   

Total Investment Income

  $0  $0 

Operating expenses

   

Organizational and Offering Expenses

   467,647   467,647 

Directors’ Fees

   149,000   149,000 

Professional Fees

   385,500   385,500 

Total Operating Expenses

   1,002,147   1,002,147 
  

 

 

  

 

 

 

Expense Payment

   (1,002,147)   (1,002,147) 
  

 

 

  

 

 

 

Net Income

  $0  $0 
  

 

 

  

 

 

 
   For the Three Months Ended
March 31,		 
   2021  2020 

Investment Income:

 

Interest income, net of amortization/accretion

  $10,377,184  $7,052,300 

Payment-in-kind interest

   375,483   206,351 

Other fee income

   107,093   182,600 
  

 

 

  

 

 

 

Total investment income

   10,859,760   7,441,251 
  

 

 

  

 

 

 

Expenses:

 

Interest and borrowing expenses

   2,605,053   2,568,667 

Management fees

   2,069,181   1,352,351 

Income-based incentive fee

   641,062   769,023 

Professional fees

   549,052   547,269 

Collateral management fees

   454,343   459,059 

Administration and custodian fees

   163,051   91,783 

Insurance expenses

   146,334   67,596 

Directors’ fees

   50,000   50,000 

Transfer agent fees

   16,386   10,758 

Other expenses

   163,622   235,122 
  

 

 

  

 

 

 

Total expenses

   6,858,084   6,151,628 

Reimbursement payments to Adviser (See Note 3: Expense Support and Conditional Reimbursement Agreement)

   280,779   —   

Waived collateral management fees

   (454,343)   (459,059) 

Expense reimbursement from Adviser

   —     (89,757) 

Waived management fees

   (183,001)   (1,227,046) 

Waived incentive fees

   —     (486,784) 
  

 

 

  

 

 

 

Net expenses

   6,501,519   3,888,982 
  

 

 

  

 

 

 

Net investment income before taxes

   4,358,241   3,552,269 
  

 

 

  

 

 

 

Net investment income

   4,358,241   3,552,269 
  

 

 

  

 

 

 

Net realized and change in unrealized gains (losses) on investment transactions:

 

Net realized gain (loss) from investments

   59,470   (13,369) 

Net change in unrealized appreciation (depreciation) on investments

   1,753,609   (19,036,228) 
  

 

 

  

 

 

 

Net realized and change in unrealized gains (losses) on investment transactions

   1,813,079   (19,049,597) 
  

 

 

  

 

 

 

Net increase (decrease) in net assets resulting from operations

  $6,171,320  $(15,497,328) 
  

 

 

  

 

 

 

Less: Net increase (decrease) in net assets resulting from operations related to Non-Controlling Interest in ABPCIC Equity Holdings, LLC

  $(193)  $—   
  

 

 

  

 

 

 

Net increase (decrease) in net assets resulting from operations related to AB Private Credit Investors Corporation

  $6,171,513  $(15,497,328) 
  

 

 

  

 

 

 

Net investment income per share (basic and diluted):

 

Net investment income per share (basic and diluted):

  $0.16  $0.24 

Earnings per share (basic and diluted):

  $0.23  $(1.06) 

Weighted average shares outstanding:

   26,432,156   14,683,464 

See Notes to Unaudited Consolidated Financial Statements

AB Private Credit Investors Corporation

Unaudited Consolidated Statements of Changes in Net Assets

   Common Stock             
   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, 2020

   23,775,222  $237,752  $227,482,784  $(5,360,904)  $641  $222,360,273 

Increase (decrease) in net assets resulting from operations:

 

Net investment income

   —     —     —     4,358,498   (257)   4,358,241 

Net realized gain (loss) on investments

   —     —     —     59,470   —     59,470 

Net change in unrealized appreciation (depreciation) on investments

   —     —     —     1,753,545   64   1,753,609 

Capital transactions:

 

Issuance of common stock

   4,001,981   40,020   37,668,979   —     —     37,708,999 

Contribution of non-controlling interest into ABPCIC Equity Holdings, LLC

   —     —     —     —     2,625   2,625 

Issuance of common shares pursuant to distribution reinvestment plan

   229,904   2,299   2,165,269   —     —     2,167,568 

Repurchase of common stock

   (1,173,288)   (11,733)   (11,050,148)   —     —     (11,061,881) 

Distributions to stockholders

   —     —     —     (4,358,022)   —     (4,358,022) 
  

 

 

  

 

 

  

 

 

  

 

 

  

 

 

  

 

 

 

Total increase (decrease) for the three months ended March 31, 2021

   3,058,597   30,586   28,784,100   1,813,491   2,432   30,630,609 
  

 

 

  

 

 

  

 

 

  

 

 

  

 

 

  

 

 

 

Net assets at March 31, 2021

   26,833,819  $268,338  $256,266,884  $(3,547,413)  $3,073  $252,990,882 
  

 

 

  

 

 

  

 

 

  

 

 

  

 

 

  

 

 

 

Distributions declared per share

   —    $—    $—    $0.16  $—    $0.16 
  

 

 

  

 

 

  

 

 

  

 

 

  

 

 

  

 

 

 

See Notes to Unaudited Consolidated Financial Statements

AB Private Credit Investors Corporation

Unaudited Consolidated Statements of Changes in Net Assets

   Common Stock                
   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, 2019

   14,627,401   $146,274   $146,096,298   $(1,680,177)  $—   $144,562,395 

Increase (decrease) in net assets resulting from operations:

 

Net investment income

   —      —      —      3,552,269   —      3,552,269 

Net realized gain (loss) on investments

   —      —      —      (13,369)   —      (13,369) 

Net change in unrealized appreciation (depreciation) on investments

   —      —      —      (19,036,228)   —      (19,036,228) 

Capital transactions:

 

Issuance of common stock

   4,876,625    48,766    41,796,086    —     —      41,844,852 

Issuance of common shares pursuant to distribution reinvestment plan

   225,117    2,251    1,929,415    —     —      1,931,666 

Repurchase of common stock

   —      —      —      —     —      —   

Distributions to stockholders

   —      —      —      (3,551,533)   —      (3,551,533) 
  

 

 

   

 

 

   

 

 

   

 

 

  

 

 

   

 

 

 

Total increase (decrease) for the three months ended March 31, 2020

   5,101,742    51,017    43,725,501    (19,048,861)   —      24,727,657 
  

 

 

   

 

 

   

 

 

   

 

 

  

 

 

   

 

 

 

Net assets at March 31, 2020

   19,729,143   $197,291   $189,821,799   $(20,729,038)  $—     $169,290,052 
  

 

 

   

 

 

   

 

 

   

 

 

  

 

 

   

 

 

 

Distributions declared per share

   —     $—     $—     $0.24  $—     $0.24 
  

 

 

   

 

 

   

 

 

   

 

 

  

 

 

   

 

 

 

See Notes to Unaudited Consolidated Financial Statements

AB Private Credit Investors Corporation

Unaudited Consolidated Statements of Cash Flows

   Three Months
Ended
March 31, 2021		  Three Months
Ended
March 31, 2020		 

Cash flows from operating activities

 

Net increase (decrease) in net assets resulting from operations

  $6,171,320  $(15,497,328) 

Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used for) operating activities:

 

Purchases of investments

   (70,237,468)   (57,511,820) 

Payment-in-kind investments

   (375,483)   (206,351) 

Proceeds from sales of investments and principal repayments

   23,559,275   13,458,168 

Net realized (gain) loss on investments

   (59,470)   13,369 

Net change in unrealized (appreciation) depreciation on investments

   (1,753,609)   19,036,228 

Amortization of premium and accretion of discount, net

   (788,271)   (452,560) 

Amortization of discount, debt issuance and deferred financing costs

   492,785   396,314 

Increase (decrease) in operating assets and liabilities:

 

(Increase) decrease in receivable for investments sold

   55,058   212,441 

(Increase) decrease in interest receivable

   (78,128)   240,380 

(Increase) decrease in other assets

   671   —   

(Increase) decrease in prepaid expenses

   146,334   67,598 

Increase (decrease) in Due to affiliate

   (469,453)   —   

Increase (decrease) in management fees payable

   1,886,180   93,430 

Increase (decrease) in payable to Adviser

   581,827   121,330 

Increase (decrease) in administrator and custodian fees payable

   163,050   (127,657) 

Increase (decrease) in professional fees payable

   180,291   266,172 

Increase (decrease) in incentive fees payable

   641,062   282,239 

Increase (decrease) in directors’ fees payable

   —     50,000 

Increase (decrease) in transfer agent fees payable

   16,386   10,758 

Increase (decrease) in interest and borrowing expenses payable

   77,031   (1,647,346) 

Increase (decrease) in accrued organization and offering costs

   (106,510)   —   

Increase (decrease) in accrued expenses and other liabilities

   8,090   98,774 
  

 

 

  

 

 

 

Net cash provided by (used for) operating activities

   (39,889,032)   (41,095,861) 
  

 

 

  

 

 

 

Cash flows from financing activities

 

Issuance of common stock

   70,854,128   19,880,528 

Contribution of Non-Controlling Interest into ABPCIC Equity Holdings, LLC

   2,625   —   

Distributions paid

   (1,541,994)   (964,833) 

Financing costs paid

   (875,010)   —   

Borrowings on credit facility

   98,800,000   56,000,000 

Repayments of credit facility

   (80,000,000)   (32,500,000) 

Repayments on secured borrowings

   (18,870,856)   —   
  

 

 

  

 

 

 

Net cash provided by (used for) financing activities

   68,368,893   42,415,695 
  

 

 

  

 

 

 

Net increase (decrease) in cash

   28,479,861   1,319,834 

Cash and cash equivalents, beginning of period

   22,410,622   14,931,791 
  

 

 

  

 

 

 

Cash and cash equivalents, end of period

  $    50,890,483  $    16,251,625 
  

 

 

  

 

 

 

Supplemental and non-cash financing activities

 

Cash paid during the period for interest

  $1,951,874  $3,787,866 

Issuance of common shares pursuant to distribution reinvestment plan

  $2,167,568  $1,931,666 

See Notes to Unaudited Consolidated Financial Statements

AB Private Credit Investors Corporation

Consolidated Schedule of Investments as of March 31, 2021

(Unaudited)

Portfolio Company

 Industry Facility Type 

Interest

 Maturity  Funded
Par Amount		  Cost  Fair
Value		 
Investments at Fair Value —230.32% + * # ^ 
U.S. Corporate Debt —221.04% 
1st Lien/Senior Secured Debt —216.53% 

AmerCareRoyal, LLC(1) (2)

 Business Services Delayed Draw Term Loan 6.00% (L + 5.00%; 1.00% Floor)  11/25/2025  $—    $(5,932)  $—   

AmerCareRoyal, LLC

 Business Services Incremental Term Loan 6.00% (L + 5.00%; 1.00% Floor)  11/25/2025   542,188   536,954   542,188 

AmerCareRoyal, LLC(3)

 Business Services Term Loan 6.00% (L + 5.00%; 1.00% Floor)  11/25/2025   4,520,669   4,484,110   4,520,669 

BEP Borrower Holdco,
LLC(1) (2)

 Business Services Delayed Draw Term Loan
A		 5.25% (L + 4.25%; 1.00% Floor)  06/12/2024   —     (8,290)   (12,883) 

BEP Borrower Holdco,
LLC(1) (2)

 Business Services Revolver 5.25% (L + 4.25%; 1.00% Floor)  06/12/2024   —     (4,159)   (6,441) 

BEP Borrower Holdco,
LLC(3)

 Business Services Term Loan A 5.25% (L + 4.25%; 1.00% Floor)  06/12/2024   3,435,477   3,400,525   3,383,945 

Engage2Excel, Inc.(1) (3)

 Business Services Revolver 9.00% (L + 6.00%; 2.00% PIK; 1.00% Floor)  03/07/2023   260,459   257,325   245,266 

Engage2Excel, Inc.(3)

 Business Services Term Loan 9.00% (L + 6.00%; 2.00% PIK; 1.00% Floor)  03/07/2023   1,033,197   1,022,185   991,869 

Engage2Excel, Inc.(3)

 Business Services Term Loan 9.00% (L + 6.00%; 2.00% PIK; 1.00% Floor)  03/07/2023   2,977,672   2,950,751   2,858,565 

Foundation Risk Partners, Corp.(1) (2)

 Business Services First Lien Delayed Draw
Term Loan		 5.75% (L + 4.75%; 1.00% Floor)  11/10/2023   —     (26,765)   (29,328) 

Foundation Risk Partners, Corp.(4)

 Business Services First Lien Term Loan 5.75% (L + 4.75%; 1.00% Floor)  11/10/2023   1,950,284   1,912,629   1,911,279 

Global Radar Holdings,
LLC(1) (2)

 Business Services Revolver 8.00% (L + 7.00%; 1.00% Floor)  12/31/2025   —     (11,071)   (11,638) 

Global Radar Holdings, LLC(4) (5)

 Business Services Term Loan 8.00% (L + 7.00%; 1.00% Floor)  12/31/2025   6,384,859   6,262,365   6,257,162 

Higginbotham Insurance Agency, Inc.(1) (2)

 Business Services Delayed Draw Term Loan 6.50% (L + 5.75%; 0.75% Floor)  11/25/2026   —     (11,824)   (12,534) 

Higginbotham Insurance Agency, Inc.(4) (5)

 Business Services Term Loan 6.50% (L + 5.75%; 0.75% Floor)  11/25/2026   5,937,344   5,851,406   5,848,284 

Metametrics, Inc.(1) (2)

 Business Services Revolver 6.00% (L + 5.00%; 1.00% Floor)  09/10/2025   —     (9,700)   (6,512) 

Metametrics, Inc.(3) (5)

 Business Services Term Loan 6.00% (L + 5.00%; 1.00% Floor)  09/10/2025   5,425,654   5,340,543   5,371,397 

MSM Acquisitions, Inc.(1)

 Business Services Delayed Draw Term Loan 7.00% (L + 6.00%, 1.00% Floor)  12/09/2026   1,545,808   1,508,318   1,507,298 

MSM Acquisitions, Inc.(1) (2)

 Business Services Revolver 7.00% (L + 6.00%, 1.00% Floor)  12/09/2026   —     (23,262)   (24,501) 

MSM Acquisitions, Inc.(3) (4)

 Business Services Term Loan 7.00% (L + 6.00%, 1.00% Floor)  12/09/2026   7,331,895   7,191,419   7,185,258 

Rep Tec Intermediate Holdings, Inc.(5)

 Business Services Delayed Draw Term Loan 7.50% (L + 6.50%; 1.00% Floor)  06/19/2025   294,741   289,743   294,741 

Rep Tec Intermediate Holdings, Inc.(1) (2)

 Business Services Revolver 7.50% (L + 6.50%; 1.00% Floor)  06/19/2025   —     (7,498)   —   

Rep Tec Intermediate Holdings, Inc.(3) (4)

 Business Services Term Loan 7.50% (L + 6.50%; 1.00% Floor)  06/19/2025   5,071,636   4,991,008   5,071,636 

Valcourt Holdings II,
LLC(1) (2)

 Business Services Delayed Draw Term Loan 6.50% (L + 5.50%; 1.00% Floor)  01/07/2027   —     (33,215)   (34,501) 

Valcourt Holdings II, LLC

 Business Services Incremental Term Loan 6.50% (L + 5.50%; 1.00% Floor)  01/07/2027   2,688,362   2,635,013   2,634,594 

Valcourt Holdings II,
LLC(3) (5)

 Business Services Term Loan 6.50% (L + 5.50%; 1.00% Floor)  01/07/2027   6,391,221   6,264,420   6,263,397 

AEG Holding Company,
Inc.(3)

 Consumer Discretionary Delayed Draw Term Loan 6.50% (L + 5.50%; 1.00% Floor)  11/20/2023   1,064,666   1,054,682   1,043,372 

AEG Holding Company,
Inc.(4)

 Consumer Discretionary First Amendment Term
Loan		 6.50% (L + 5.50%; 1.00% Floor)  11/20/2023   1,852,684   1,829,492   1,815,631 

AEG Holding Company,
Inc.(1) (2)

 Consumer Discretionary Revolver 6.50% (L + 5.50%; 1.00% Floor)  11/20/2023   —     (11,619)   (22,337) 

AEG Holding Company,
Inc.(3)

 Consumer Discretionary Term Loan 6.50% (L + 5.50%; 1.00% Floor)  11/20/2023   6,028,365   5,969,721   5,907,797 

Blink Holdings, Inc.(3)

 Consumer Non-Cyclical Delayed Draw Term Loan 4.50% (L + 3.50%; 1.00% Floor)  11/08/2024   1,178,697   1,169,989   1,090,295 

Blink Holdings, Inc.

 Consumer Non-Cyclical Fifth Amendment
Delayed Draw Term Loan		 4.50% (L + 3.50%; 1.00% Floor)  11/08/2024   945,093   940,579   874,211 

Blink Holdings, Inc.(3)

 Consumer Non-Cyclical Term Loan 4.50% (L + 3.50%; 1.00% Floor)  11/08/2024   1,647,736   1,635,558   1,524,155 

Captain D’s, Inc.(1) (2)

 Consumer Non-Cyclical Revolver 5.50% (L + 4.50%; 1.00% Floor)  12/15/2023   —     (968)   (1,950) 

Captain D’s, Inc.(3)

 Consumer Non-Cyclical Term Loan 5.50% (L + 4.50%; 1.00% Floor)  12/15/2023   1,929,660   1,919,994   1,910,364 

Freddy’s Frozen Custard, L.L.C(1)

 Consumer Non-Cyclical Revolver 7.00% (L + 6.00%; 1.00% Floor)  03/03/2027   82,454   77,366   77,301 

Freddy’s Frozen Custard, L.L.C(4) (5)

 Consumer Non-Cyclical Term Loan 7.00% (L + 6.00%; 1.00% Floor)  03/03/2027   5,153,306   5,089,404   5,088,890 

GPS Hospitality Holding Company LLC(3)

 Consumer Non-Cyclical Term Loan B 4.45% (L + 4.25%)  12/08/2025   2,319,940   2,295,014   2,285,141 

PF Growth Partners, LLC(1)

 Consumer Non-Cyclical Delayed Draw Term Loan 8.00% (L + 7.00%, 1.00% Floor)  07/11/2025   119,241   116,629   112,051 

PF Growth Partners, LLC(3)

 Consumer Non-Cyclical Term Loan 8.00% (L + 7.00%, 1.00% Floor)  07/11/2025   2,006,681   1,991,509   1,966,547 

5 Bars, LLC(1) (2)

 Digital Infrastructure &
Services		 Delayed Draw Term Loan 6.00% (L + 4.00%; 2.00% Floor)  09/27/2024   —     (36,288)   —   

5 Bars, LLC(1) (2)

 Digital Infrastructure &
Services		 Revolver 6.00% (L + 4.00%; 2.00% Floor)  09/27/2024   —     (6,804)   —   

Portfolio Company

 Industry Facility Type 

Interest

 Maturity  Funded
Par Amount		  Cost  Fair Value 

5 Bars, LLC(4)

 Digital Infrastructure &
Services		 Term Loan 6.00% (L + 4.00%; 2.00% Floor)  09/27/2024  $4,742,121  $4,690,592  $4,742,121 

EvolveIP, LLC(1)

 Digital Infrastructure &
Services		 Delayed Draw Term Loan 6.75% (L + 5.75%; 1.00% Floor)  06/07/2023   113,090   106,013   111,201 

EvolveIP, LLC(1) (2)

 Digital Infrastructure &
Services		 Revolver 6.75% (L + 5.75%; 1.00% Floor)  06/07/2023   —     (5,293)   (1,417) 

EvolveIP, LLC(3)

 Digital Infrastructure &
Services		 Term Loan A 6.75% (L + 5.75%; 1.00% Floor)  06/07/2023   6,550,691   6,486,773   6,534,315 

Fatbeam, LLC(1) (2)

 Digital Infrastructure &
Services		 Delayed Draw Term Loan
1		 6.75% (L + 5.75%; 1.00% Floor)  02/22/2026   —     (35,481)   (36,216) 

Fatbeam, LLC(1) (2)

 Digital Infrastructure &
Services		 Delayed Draw Term Loan
2		 6.75% (L + 5.75%; 1.00% Floor)  02/22/2026   —     (35,481)   (36,216) 

Fatbeam, LLC(1) (2)

 Digital Infrastructure &
Services		 Revolver 6.75% (L + 5.75%; 1.00% Floor)  02/22/2026   —     (14,192)   (14,487) 

Fatbeam, LLC(4) (5)

 Digital Infrastructure &
Services		 Term Loan 6.75% (L + 5.75%; 1.00% Floor)  02/22/2026   6,438,490   6,295,475   6,293,624 

Fuze, Inc.(1) (4)

 Digital Infrastructure &
Services		 Delayed Draw Term Loan 8.50% (L + 6.50%; 2.00% Floor)  09/20/2024   777,531   311,594   766,905 

Fuze, Inc.(1) (2)

 Digital Infrastructure &
Services		 Revolver 8.50% (L + 6.50%; 2.00% Floor)  09/20/2024   —     (4,514)   (18,531) 

Fuze, Inc.(3) (4)

 Digital Infrastructure &
Services		 Term Loan 8.50% (L + 6.50%; 2.00% Floor)  09/20/2024   11,015,029   10,976,516   10,857,514 

Single Digits, Inc.(5)

 Digital Infrastructure &
Services		 Delayed Draw Term Loan 7.00% (L + 6.00%; 1.00% Floor)  12/21/2023   606,056   602,483   557,572 

Single Digits, Inc.(1) (2)

 Digital Infrastructure &
Services		 Revolver 7.00% (L + 6.00%; 1.00% Floor)  12/21/2023   —     (2,283)   (33,292) 

Single Digits, Inc.(3)

 Digital Infrastructure &
Services		 Term Loan 7.00% (L + 6.00%; 1.00% Floor)  12/21/2023   3,254,274   3,234,007   2,993,932 

Thrive Buyer, Inc(1) (5)

 Digital Infrastructure &
Services		 Delayed Draw Term Loan 7.00% (L + 6.00%; 1.00% Floor)  01/22/2027   300,334   257,956   256,785 

Thrive Buyer, Inc(1) (2)

 Digital Infrastructure &
Services		 Revolver 7.00% (L + 6.00%; 1.00% Floor)  01/22/2027   —     (14,557)   (15,017) 

Thrive Buyer, Inc(4) (5)

 Digital Infrastructure &
Services		 Term Loan 7.00% (L + 6.00%; 1.00% Floor)  01/22/2027   8,709,676   8,538,949   8,535,483 

Accelerate Resources Operating, LLC(1) (2)

 Energy Delayed Draw Term Loan 8.50% (L + 7.50%; 1.00% Floor)  02/24/2026   —     (27,298)   (49,772) 

Accelerate Resources Operating, LLC(1) (2)

 Energy Revolver 8.50% (L + 7.50%; 1.00% Floor)  02/24/2026   —     (6,824)   (12,443) 

Accelerate Resources Operating, LLC(3)

 Energy Term Loan 8.50% (L + 7.50%; 1.00% Floor)  02/24/2026   4,687,793   4,610,863   4,547,159 

BCP Raptor II, LLC(3)

 Energy 1st Lien Term Loan 4.86% (L + 4.75%)  11/03/2025   5,640,020   5,639,270   5,294,569 

Brazos Delaware II, LLC(3)

 Energy Term Loan B 4.11% (L + 4.00%)  05/21/2025   3,992,756   3,917,625   3,703,282 

Nine Point Energy, LLC(1)

 Energy DIP Delayed Draw Term
Loan		 9.00% (L + 8.00%, 1.00% Floor)  06/13/2021   292,250   292,250   292,250 

Nine Point Energy, LLC(3)

 Energy Term Loan 9.00% (L + 5.50%; 2.50% PIK; 1.00% Floor)  06/07/2024   5,655,715   5,574,508   4,773,424 

Edgewood Partners Holdings LLC(3)

 Financials Term Loan 5.25% (L + 4.25%; 1.00% Floor)  09/06/2024   5,551,259   5,513,038   5,495,746 

Purchasing Power, LLC(3)

 Financials Term Loan 8.25% (L + 7.25%; 1.00% Floor)  02/06/2024   2,585,412   2,556,252   2,540,167 

American Physician Partners, LLC(3) (5)

 Healthcare & HCIT Delayed Draw Term Loan 7.75% (L + 6.75%; 1.00% Floor)  12/21/2021   993,358   989,531   953,623 

American Physician Partners, LLC(1)

 Healthcare & HCIT Revolver 7.75% (L + 6.75%; 1.00% Floor)  12/21/2021   346,322   344,670   328,562 

American Physician Partners, LLC(3)

 Healthcare & HCIT Term Loan A 7.75% (L + 6.75%; 1.00% Floor)  12/21/2021   5,263,276   5,241,760   5,052,745 

American Physician Partners, LLC(5)

 Healthcare & HCIT Term Loan C 7.75% (L + 6.75%; 1.00% Floor)  12/21/2021   1,138,888   1,134,881   1,093,333 

American Physician Partners, LLC(3) (5)

 Healthcare & HCIT Term Loan D 7.75% (L + 6.75%; 1.00% Floor)  12/21/2021   2,113,991   2,018,913   2,029,432 

Analogic Corporation(1) (2)

 Healthcare & HCIT Revolver 6.25% (L + 5.25%; 1.00% Floor)  06/22/2023   —     (1,825)   (7,486) 

Analogic Corporation(3) (4)

 Healthcare & HCIT Term Loan 6.25% (L + 5.25%; 1.00% Floor)  06/24/2024   2,112,153   2,088,675   2,038,227 

Azurity Pharmaceuticals, Inc.(1) (2)

 Healthcare & HCIT Delayed Draw Term Loan 6.75% (L + 5.75%; 1.00% Floor)  03/21/2023   —     (4,367)   —   

Azurity Pharmaceuticals, Inc.(1) (2)

 Healthcare & HCIT Revolver 6.75% (L + 5.75%; 1.00% Floor)  03/21/2023   —     (4,367)   —   

Azurity Pharmaceuticals, Inc.(3) (5)

 Healthcare & HCIT Term Loan 6.75% (L + 5.75%; 1.00% Floor)  03/21/2023   7,146,422   7,077,714   7,146,422 

BK Medical Holding Company, Inc.(1) (2)

 Healthcare & HCIT Revolver 6.25% (L + 5.25%; 1.00% Floor)  06/22/2023   —     (2,110)   (8,848) 

BK Medical Holding Company, Inc.(4)

 Healthcare & HCIT Term Loan A 6.25% (L + 5.25%; 1.00% Floor)  06/22/2024   2,972,809   2,950,956   2,891,057 

Caregiver 2, Inc.(5)

 Healthcare & HCIT Third Amendment Term
Loan		 8.00% (L + 6.50%; 1.50% Floor)  07/24/2025   658,127   645,005   658,127 

Caregiver 2, Inc.(4)

 Healthcare & HCIT Term Loan 8.00% (L + 6.50%; 1.50% Floor)  07/24/2025   4,807,610   4,721,766   4,807,610 

Caregiver 2, Inc.(4)

 Healthcare & HCIT Term Loan 8.00% (L + 6.50%; 1.50% Floor)  07/24/2025   690,047   677,726   690,047 

Portfolio Company

 Industry Facility Type 

Interest

 Maturity  Funded
Par Amount		  Cost  Fair Value 

Coding Solutions Acquisition, Inc(1) (2)

 Healthcare & HCIT Delayed Draw Term Loan 7.00% (L + 6.00%; 1.00% Floor)  12/31/2026  $—    $(23,448)  $(24,440) 

Coding Solutions Acquisition, Inc(1)

 Healthcare & HCIT Revolver 7.00% (L + 6.00%; 1.00% Floor)  12/31/2025   19,397   17,182   17,069 

Coding Solutions Acquisition, Inc(4) (5)

 Healthcare & HCIT Term Loan 7.00% (L + 6.00%; 1.00% Floor)  12/31/2026   7,894,007   7,740,552   7,736,127 

Delaware Valley Management Holdings, Inc.(1) (2)

 Healthcare & HCIT Delayed Draw Term Loan 7.25% (L + 4.00%; 2.25% PIK; 1.00% Floor)  03/21/2024   —     (28,153)   (150,161) 

Delaware Valley Management Holdings, Inc.

 Healthcare & HCIT Revolver 7.25% (L + 4.00%; 2.25% PIK; 1.00% Floor)  03/21/2024   532,453   525,929   456,579 

Delaware Valley Management Holdings, Inc.

 Healthcare & HCIT Term Loan 7.25% (L + 4.00%; 2.25% PIK; 1.00% Floor)  03/21/2024   3,475,353   3,431,607   2,980,115 

Ethos Veterinary Health LLC(1) (3)

 Healthcare & HCIT Delayed Draw Term Loan 4.86% (L + 4.75%)  05/15/2026   1,067,934   1,052,328   1,067,934 

Ethos Veterinary Health LLC(3)

 Healthcare & HCIT Term Loan 4.86% (L + 4.75%)  05/15/2026   2,285,855   2,267,909   2,285,855 

FH MD Buyer, Inc(3) (4)

 Healthcare & HCIT Term Loan 6.75% (L + 5.75%; 1.00% Floor)  10/31/2026   5,411,071   5,292,727   5,356,961 

GHA Buyer, Inc.(3)

 Healthcare & HCIT 3rd Amendment Term
Loan		 8.00% (L + 6.00%; 2.00% Floor)  06/24/2025   563,779   554,537   563,779 

GHA Buyer, Inc.(3) (4)

 Healthcare & HCIT 4th Amendment Term
Loan		 8.00% (L + 6.00%; 2.00% Floor)  06/24/2025   5,394,557   5,301,354   5,394,557 

GHA Buyer, Inc.(1) (5)

 Healthcare & HCIT Fifth Amendment
Delayed Draw Term loan		 8.00% (L + 6.00%; 2.00% Floor)  06/24/2025   817,339   801,407   817,339 

GHA Buyer, Inc.(4)

 Healthcare & HCIT Fifth Amendment Term
Loan		 8.00% (L + 6.00%; 2.00% Floor)  06/24/2025   4,670,508   4,582,248   4,670,508 

GHA Buyer, Inc.(1) (2)

 Healthcare & HCIT Revolver 8.00% (L + 6.00%; 2.00% Floor)  06/24/2025   —     (15,120)   —   

GHA Buyer, Inc.(3)

 Healthcare & HCIT Term Loan 8.00% (L + 6.00%; 2.00% Floor)  06/24/2025   1,972,817   1,950,906   1,972,817 

INH Buyer, Inc.(1) (2)

 Healthcare & HCIT Revolver 7.00% (L + 6.00%, 1.00% Floor)  01/31/2024   —     (1,815)   (3,088) 

INH Buyer, Inc.(3)

 Healthcare & HCIT Term Loan 7.00% (L + 6.00%, 1.00% Floor)  01/31/2025   8,571,697   8,481,168   8,443,122 

Kindeva Drug Delivery L.P.(1)

 Healthcare & HCIT Revolver 7.00% (L + 6.00%; 1.00% Floor)  05/01/2025   433,597   403,956   397,464 

Kindeva Drug Delivery L.P.(3) (4)

 Healthcare & HCIT Term Loan 7.00% (L + 6.00%; 1.00% Floor)  05/01/2026   15,779,302   15,434,604   15,384,819 

Medbridge Holdings, LLC(3) (5)

 Healthcare & HCIT Initial Term Loan 8.00% (L + 7.00%, 1.00% Floor)  12/23/2026   15,367,872   15,072,562   15,060,514 

Medbridge Holdings, LLC(1) (2)

 Healthcare & HCIT Revolver 8.00% (L + 7.00%, 1.00% Floor)  12/23/2026   —     (26,306)   (27,525) 

OMH-HealthEdge Holdings, LLC

 Healthcare & HCIT 1st Amendment
Incremental Term Loan		 6.25% (L + 5.25%; 1.00% Floor)  10/24/2025   2,159,743   2,111,615   2,138,146 

OMH-HealthEdge Holdings, LLC(1) (2)

 Healthcare & HCIT Revolver 6.25% (L + 5.25%; 1.00% Floor)  10/24/2024   —     (7,405)   (4,587) 

OMH-HealthEdge Holdings, LLC(3)

 Healthcare & HCIT Term Loan 6.25% (L + 5.25%; 1.00% Floor)  10/24/2025   3,727,679   3,660,623   3,690,402 

Pace Health Companies, LLC(1) (2)

 Healthcare & HCIT Revolver 5.50% (L + 4.50%; 1.00% Floor)  08/02/2024   —     (4,256)   (6,167) 

Pace Health Companies, LLC(3)

 Healthcare & HCIT Term Loan 5.50% (L + 4.50%; 1.00% Floor)  08/02/2024   5,312,561   5,274,544   5,259,435 

Pinnacle Dermatology Management, LLC(1) (5)

 Healthcare & HCIT Delayed Draw Term Loan 5.25% (L + 4.25%; 1.00% Floor)  05/18/2023   2,280,367   2,243,059   2,199,409 

Pinnacle Dermatology Management, LLC(1) (2)

 Healthcare & HCIT Revolver 5.25% (L + 4.25%; 1.00% Floor)  05/18/2023   —     (2,785)   (6,455) 

Pinnacle Dermatology Management, LLC(3)

 Healthcare & HCIT Term Loan 5.25% (L + 4.25%; 1.00% Floor)  05/18/2023   5,367,287   5,304,004   5,259,941 

Pinnacle Treatment Centers, Inc.(5)

 Healthcare & HCIT Delayed Draw Term Loan
2		 6.75% (L + 5.75%; 1.00% Floor)  12/31/2022   349,787   347,335   349,787 

Pinnacle Treatment Centers, Inc.(1) (2)

 Healthcare & HCIT Seventh Amendment
Delayed Draw Term Loan		 6.75% (L + 5.75%; 1.00% Floor)  12/31/2022   —     (2,135)   —   

Pinnacle Treatment Centers, Inc.(1) (2)

 Healthcare & HCIT Seventh Amendment
Revolver		 6.75% (L + 5.75%; 1.00% Floor)  12/31/2022   —     (2,244)   —   

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

 Healthcare & HCIT Seventh Amendment
Term Loan		 6.75% (L + 5.75%; 1.00% Floor)  12/31/2022   4,128,092   4,102,827   4,128,092 

Platinum Dermatology Partners, LLC(6)

 Healthcare & HCIT General Delayed Draw
Term Loan		 10.25% (L + 3.00%; 6.25% PIK; 1.00% Floor)  01/03/2023   1,499,536   1,475,854   1,197,229 

Platinum Dermatology Partners, LLC(7)

 Healthcare & HCIT Revolver 11.50% (P + 2.00%; 6.25% PIK; 1.00% Floor)  01/03/2023   525,149   515,735   419,279 

Platinum Dermatology Partners, LLC

 Healthcare & HCIT Specified Delayed Draw
Term Loan		 11.50% (P + 2.00%; 6.25% PIK; 1.00% Floor)  01/03/2023   2,064,214   2,030,958   1,648,069 

Platinum Dermatology Partners, LLC

 Healthcare & HCIT Term Loan 10.25% (L + 3.00%; 6.25% PIK; 1.00% Floor)  01/03/2023   3,281,991   3,219,373   2,620,342 

RCP Encore Acquisition, Inc.(3)

 Healthcare & HCIT Term Loan 6.00% (L + 5.00%; 1.00% Floor)  06/09/2025   3,468,095   3,442,458   3,320,701 

Salisbury House, LLC(1) (2)

 Healthcare & HCIT Revolver 6.00% (L + 5.00%; 1.00% Floor)  08/30/2025   —     (10,030)   (11,209) 

Salisbury House, LLC(3) (4)

 Healthcare & HCIT Term Loan A1 6.50% (L + 5.50%; 1.00% Floor)  08/30/2025   3,934,410   3,839,706   3,836,049 

SCA Buyer, LLC(5)

 Healthcare & HCIT Term Loan 7.50% (L + 6.50%; 1.00% Floor)  01/20/2026   3,863,094   3,805,406   3,805,148 

SCA Buyer, LLC(1)

 Healthcare & HCIT Revolver 7.50% (L + 6.50%; 1.00% Floor)  01/20/2026   128,770   119,470   119,112 

SIS Purchaser, Inc.(1) (2)

 Healthcare & HCIT Revolver 7.00% (L + 6.00%; 1.00% Floor)  10/15/2026   —     (18,869)   (20,404) 

SIS Purchaser, Inc.(3) (4) (5)

 Healthcare & HCIT Term Loan 7.00% (L + 6.00%; 1.00% Floor)  10/15/2026   12,793,392   12,582,878   12,569,508 

Smile Brands, Inc.(4)

 Healthcare & HCIT Delayed Draw Term Loan 5.39% (L + 5.17%; 0.21% Floor)  10/12/2024   491,690   488,725   483,085 

Smile Brands, Inc.(1) (2)

 Healthcare & HCIT Revolver 6.17% (L + 5.17%; 1.00% Floor)  09/30/2024   —     (1,314)   (4,459) 

Smile Brands, Inc.(3)

 Healthcare & HCIT Term Loan 5.39% (L + 5.17%; 0.21% Floor)  10/12/2024   1,618,985   1,608,892   1,590,652 

Portfolio Company

 Industry Facility Type 

Interest

 Maturity  Funded
Par Amount		  Cost  Fair
Value		 

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

 Healthcare & HCIT Delayed Draw Term Loan 6.75% (L + 5.75%, 1.00% Floor)  08/15/2025  $576,594  $561,024  $556,416 

The Center for Orthopedic and Research Excellence,
Inc.(1) (2)

 Healthcare & HCIT Revolver 6.75% (L + 5.75%, 1.00% Floor)  08/15/2025   —     (8,988)   (12,084) 

The Center for Orthopedic and Research Excellence,
Inc.(3) (4)

 Healthcare & HCIT Term Loan 6.75% (L + 5.75%, 1.00% Floor)  08/15/2025   4,931,262   4,864,888   4,844,965 

Theranest, LLC(3) (4)

 Healthcare & HCIT Delayed Draw Term Loan 6.00% (L + 5.00%; 1.00% Floor)  07/24/2023   2,736,748   2,707,861   2,736,748 

Theranest, LLC(1) (2)

 Healthcare & HCIT Revolver 6.00% (L + 5.00%; 1.00% Floor)  07/24/2023   —     (4,013)   —   

Theranest, LLC(3)

 Healthcare & HCIT Term Loan 6.00% (L + 5.00%; 1.00% Floor)  07/24/2023   2,962,500   2,932,714   2,962,500 

Women’s Health USA,
Inc.(3) (4)

 Healthcare & HCIT Desert Term Loan 8.75% (L + 7.75%; 1.00% Floor)  10/09/2023   4,106,492   4,051,968   4,047,358 

Women’s Health USA, Inc.(1)

 Healthcare & HCIT Revolver 8.75% (L + 7.75%; 1.00% Floor)  10/09/2023   122,908   120,947   120,713 

ZBS Alliance Animal Health, LLC(3) (4)

 Healthcare & HCIT Delayed Draw Term Loan 6.75% (L + 5.75%, 1.00% Floor)  11/08/2025   3,056,995   3,009,756   2,995,855 

ZBS Alliance Animal Health, LLC(1)

 Healthcare & HCIT First Amendment
Delayed Draw Term Loan		 6.75% (L + 5.75%, 1.00% Floor)  11/08/2025   860,483   846,321   815,407 

ZBS Alliance Animal Health, LLC(1) (2)

 Healthcare & HCIT Revolver 6.75% (L + 5.75%, 1.00% Floor)  11/08/2025   —     (10,776)   (13,607) 

ZBS Alliance Animal Health, LLC(3)

 Healthcare & HCIT Term Loan 6.75% (L + 5.75%, 1.00% Floor)  11/08/2025   2,687,343   2,644,393   2,633,596 

Alphasense, Inc.(1) (2) (8)

 Software & Tech
Services		 Delayed Draw Term Loan 8.00% (L + 7.00%; 1.00% Floor)  05/29/2024   —     (17,828)   —   

Alphasense, Inc.(1) (2) (8)

 Software & Tech
Services		 Revolver 8.00% (L + 7.00%; 1.00% Floor)  05/29/2024   —     (9,952)   —   

Alphasense, Inc.(4) (8)

 Software & Tech
Services		 Term Loan 8.00% (L + 7.00%; 1.00% Floor)  05/29/2024   7,269,628   7,186,713   7,269,628 

AMI US Holdings, Inc.(1)

 Software & Tech
Services		 Revolver 5.61% (L + 5.50%)  04/01/2024   788,116   774,423   771,696 

AMI US Holdings, Inc.(3)

 Software & Tech
Services		 Term Loan 6.50% (L + 5.50%; 1.00% Floor)  04/01/2025   8,152,617   8,035,998   8,030,328 

Arrowstream Acquisition Co., Inc.(1) (2)

 Software & Tech
Services		 Revolver 7.50% (L + 6.50%; 1.00% Floor)  12/15/2025   —     (7,281)   (7,726) 

Arrowstream Acquisition Co., Inc.(4)

 Software & Tech
Services		 Term Loan 7.50% (L + 6.50%; 1.00% Floor)  12/15/2025   3,863,094   3,790,334   3,785,832 

Avetta, LLC(1) (2)

 Software & Tech
Services		 Revolver 6.25% (L + 5.25%; 1.00% Floor)  04/10/2024   —     (5,046)   (9,888) 

Avetta, LLC(3) (4)

 Software & Tech
Services		 Term Loan 6.25% (L + 5.25%; 1.00% Floor)  04/10/2024   3,245,403   3,186,642   3,180,495 

Avetta, LLC(3)

 Software & Tech
Services		 Term Loan B 6.25% (L + 5.25%; 1.00% Floor)  04/10/2024   4,272,320   4,215,731   4,186,874 

Businesssolver.com, Inc.(3)

 Software & Tech
Services		 Delayed Draw Term Loan 8.50% (L + 7.50%; 1.00% Floor)  05/15/2023   388,235   386,124   388,235 

Businesssolver.com, Inc.(4)

 Software & Tech
Services		 First Amendment Term
Loan		 8.50% (L + 7.50%; 1.00% Floor)  05/15/2023   1,390,037   1,371,333   1,390,037 

Businesssolver.com, Inc.(1) (2)

 Software & Tech
Services		 Revolver 8.50% (L + 7.50%; 1.00% Floor)  05/15/2023   —     (2,863)   —   

Businesssolver.com,
Inc.(3) (4) (5)

 Software & Tech
Services		 Term Loan 8.50% (L + 7.50%; 1.00% Floor)  05/15/2023   9,703,535   9,617,947   9,703,535 

Datacor Holdings, Inc.(1) (2)

 Software & Tech
Services		 First Lien Delayed Draw
Term Loan		 6.25% (L + 5.25%; 1.00% Floor)  12/26/2025   —     (24,814)   (25,754) 

Datacor Holdings, Inc.(1) (2)

 Software & Tech
Services		 Revolver 6.25% (L + 5.25%; 1.00% Floor)  12/26/2025   —     (12,215)   (12,877) 

Datacor Holdings, Inc.(3) (4)

 Software & Tech
Services		 Term Loan 6.25% (L + 5.25%; 1.00% Floor)  12/26/2025   6,180,951   6,045,939   6,041,879 

Degreed, Inc.

 Software & Tech
Services		 3rd Amendment Term
Loan		 6.50% (L + 5.50%; 1.00% Floor)  05/31/2025   2,782,788   2,755,103   2,754,960 

Degreed, Inc.(1) (2)

 Software & Tech
Services		 Delayed Draw Term Loan 6.50% (L + 5.50%; 1.00% Floor)  05/31/2025   —     (6,921)   (6,957) 

Degreed, Inc.(4)

 Software & Tech
Services		 Revolver 6.50% (L + 5.50%; 1.00% Floor)  05/31/2025   417,813   415,146   413,635 

Degreed, Inc.(3) (4)

 Software & Tech
Services		 Term Loan 6.50% (L + 5.50%; 1.00% Floor)  05/31/2025   5,153,024   5,137,680   5,101,494 

Dispatch Track, LLC(1) (2)

 Software & Tech
Services		 Revolver 5.50% (L + 4.50%; 1.00% Floor)  12/17/2024   —     (3,390)   (3,019) 

Dispatch Track, LLC(3)

 Software & Tech
Services		 Term Loan 5.50% (L + 4.50%; 1.00% Floor)  12/17/2024   6,038,593   5,970,800   5,978,207 

Drilling Info Holdings, Inc.(3)

 Software & Tech
Services		 Term Loan 4.36% (L + 4.25%)  07/30/2025   3,352,272   3,342,068   3,301,988 

Dude Solutions Holdings,
Inc.(4)

 Software & Tech
Services		 2nd Amendment
Incremental Term Loan		 8.50% (L + 7.50%; 1.00% Floor)  06/13/2025   3,878,023   3,794,464   3,790,768 

EnterpriseDB Corporation(1) (2)

 Software & Tech
Services		 Revolver 8.25% (L + 6.00%; 0.50% PIK; 1.75% Floor)  06/21/2024   —     (9,046)   (3,482) 

EnterpriseDB Corporation(3) (4) (5)

 Software & Tech
Services		 Term Loan 8.25% (L + 6.00%; 0.50% PIK; 1.75% Floor)  06/21/2024   7,894,336   7,787,539   7,854,864 

EnterpriseDB Corporation(3) (4)

 Software & Tech
Services		 Third Amendment Term
Loan		 8.25% (L + 6.00%; 0.50% PIK; 1.75% Floor)  06/21/2024   4,523,533   4,439,168   4,500,916 

Exterro, Inc.(3) (5)

 Software & Tech
Services		 1st Amendment Term
Loan		 6.50% (L + 5.50%; 1.00% Floor)  05/31/2024   5,809,123   5,717,873   5,780,077 

Exterro, Inc.(4) (5)

 Software & Tech
Services		 2nd Amendment Term
Loan		 6.50% (L + 5.50%; 1.00% Floor)  05/31/2024   6,567,902   6,447,685   6,535,062 

Exterro, Inc.(1) (2)

 Software & Tech
Services		 Revolver 6.50% (L + 5.50%; 1.00% Floor)  05/31/2024   —     (2,658)   (1,237) 

Exterro, Inc.(3)

 Software & Tech
Services		 Term Loan 6.50% (L + 5.50%; 1.00% Floor)  05/31/2024   2,793,450   2,763,276   2,779,483 

Faithlife, LLC(1) (3) (5)

 Software & Tech
Services		 Delayed Draw Term Loan 7.00% (L + 6.00%; 1.00% Floor)  09/18/2025   1,705,713   1,651,413   1,705,713 

Faithlife, LLC(1) (2)

 Software & Tech
Services		 Revolver 7.00% (L + 6.00%; 1.00% Floor)  09/18/2025   —     (4,992)   —   

Faithlife, LLC(3) (5)

 Software & Tech
Services		 Term Loan 7.00% (L + 6.00%; 1.00% Floor)  09/18/2025   732,515   719,392   732,515 

Finalsite Holdings, Inc.(1) (2)

 Software & Tech
Services		 Revolver 7.50% (L + 6.50%; 1.00% Floor)  09/25/2024   —     (2,595)   (4,430) 

Finalsite Holdings, Inc.(3)

 Software & Tech
Services		 Term Loan 7.50% (L + 6.50%; 1.00% Floor)  09/25/2024   4,001,842   3,953,314   3,931,809 

Genesis Acquisition Co.(5)

 Software & Tech
Services		 Delayed Draw Term Loan 4.20% (L + 4.00%)  07/31/2024   40,091   39,865   36,784 

Portfolio Company

 Industry Facility Type 

Interest

 Maturity  Funded
Par Amount		  Cost  Fair
Value		 

Genesis Acquisition Co.(4)

 Software & Tech
Services		 Revolver 4.20% (L + 4.00%)  07/31/2024  $202,400  $200,096  $185,702 

Genesis Acquisition Co.(3)

 Software & Tech
Services		 Term Loan 4.20% (L + 4.00%)  07/31/2024   1,345,495   1,329,398   1,234,492 

Greenhouse Software, Inc.(1) (2)

 Software & Tech
Services		 Revolver 7.50% (L + 6.50%; 1.00% Floor)  03/01/2027   —     (27,351)   (27,726) 

Greenhouse Software, Inc.(4) (5)

 Software & Tech
Services		 Term Loan 7.50% (L + 6.50%; 1.00% Floor)  03/01/2027   12,376,845   12,100,398   12,098,366 

GS AcquisitionCo, Inc.(4)

 Software & Tech
Services		 Delayed Draw Term
Loan 4		 6.75% (L + 5.75%; 1.00% Floor)  05/24/2024   1,426,452   1,426,452   1,405,055 

GS AcquisitionCo, Inc.(3)

 Software & Tech
Services		 Fifth Supplemental
Term Loan		 6.75% (L + 5.75%; 1.00% Floor)  05/24/2024   820,965   809,527   808,651 

GS AcquisitionCo, Inc.(1) (2)

 Software & Tech
Services		 Fourth
Supplemental
Delayed Draw Term
Loan		 6.75% (L + 5.75%; 1.00% Floor)  05/24/2024   —     (3,446)   (3,741) 

GS AcquisitionCo, Inc.(1)

 Software & Tech
Services		 Revolver 6.75% (L + 5.75%; 1.00% Floor)  05/24/2024   170,185   166,870   164,441 

GS AcquisitionCo, Inc.(4)

 Software & Tech
Services		 Second
Supplemental
Delayed Draw Term
Loan		 6.75% (L + 5.75%; 1.00% Floor)  05/24/2024   695,326   688,559   684,896 

GS AcquisitionCo, Inc.(3) (4)

 Software & Tech
Services		 Term Loan 6.75% (L + 5.75%; 1.00% Floor)  05/24/2024   3,517,738   3,486,769   3,464,972 

Kaseya Inc.(1)

 Software & Tech
Services		 Delayed Draw Term
Loan		 8.00% (L + 4.00%; 3.00% PIK; 1.00% Floor)  05/02/2025   192,480   187,882   186,946 

Kaseya Inc.(5)

 Software & Tech
Services		 Delayed Draw Term
Loan		 8.00% (L + 4.00%; 3.00% PIK; 1.00% Floor)  05/02/2025   541,577   537,073   536,161 

Kaseya Inc.(1)

 Software & Tech
Services		 Revolver 7.50% (L + 6.50%; 1.00% Floor)  05/02/2025   184,235   181,613   180,475 

Kaseya Inc.(3) (4) (5)

 Software & Tech
Services		 Term Loan 8.00% (L + 4.00%; 3.00% PIK; 1.00% Floor)  05/02/2025   5,127,396   5,088,162   5,076,122 

Lexipol, LLC(1)

 Software & Tech
Services		 Delayed Draw Term
Loan		 6.75% (L + 5.75%; 1.00% Floor)  10/08/2025   1,379,476   1,355,497   1,354,058 

Lexipol, LLC(3)

 Software & Tech
Services		 Term Loan A 6.75% (L + 5.75%; 1.00% Floor)  10/08/2025   6,243,945   6,143,391   6,134,676 

Ministry Brands, LLC(3) (5)

 Software & Tech
Services		 Delayed Draw Term
Loan		 5.00% (L + 4.00%; 1.00% Floor)  12/02/2022   649,331   647,916   634,721 

Ministry Brands, LLC(5)

 Software & Tech
Services		 Term Loan 5.00% (L + 4.00%; 1.00% Floor)  12/02/2022   3,104,742   3,098,780   3,034,885 

Netwrix Corporation And Concept Searching Inc.(5)

 Software & Tech
Services		 First Amendment
Last Out Term Loan		 9.08% (L + 8.08%; 1.00% Floor)  09/30/2026   6,702,674   6,552,806   6,544,491 

Netwrix Corporation And Concept Searching Inc.(3)

 Software & Tech
Services		 Last Out Term Loan 10.00% (L + 9.00%; 1.00% Floor)  09/30/2026   1,661,346   1,620,377   1,622,138 

Netwrix Corporation And Concept Searching Inc.(5)

 Software & Tech
Services		 Primary Delayed
Draw Term Loan		 7.25% (L + 6.25%; 1.00% Floor)  09/30/2026   500,905   491,696   490,887 

Netwrix Corporation And Concept Searching Inc.(1) (2)

 Software & Tech
Services		 Revolver 7.50% (L + 6.50%; 1.00% Floor)  09/30/2026   —     (4,102)   (5,413) 

Netwrix Corporation And Concept Searching Inc.

 Software & Tech
Services		 Supplemental
Delayed Draw Term
Loan		 7.50% (L + 6.50%; 1.00% Floor)  09/30/2026   1,001,811   983,392   981,774 

Netwrix Corporation And Concept Searching Inc.(1) (2)

 Software & Tech
Services		 Tranche 2 Delayed
Draw Term Loan		 7.50% (L + 6.50%; 1.00% Floor)  09/30/2026   —     (24,255)   (49,721) 

PerimeterX, Inc.(1) (2)

 Software & Tech
Services		 Delayed Draw Term
Loan		 6.50% (L + 4.00%; 1.50% PIK; 1.00% Floor)  11/22/2024   —     (6,634)   (6,988) 

PerimeterX, Inc.(4)

 Software & Tech
Services		 Initial Term Loan 6.50% (L + 4.00%; 1.50% PIK; 1.00% Floor)  11/22/2024   2,809,451   2,782,699   2,781,356 

PerimeterX, Inc.(1) (2)

 Software & Tech
Services		 Revolver 6.50% (L + 4.00%; 1.50% PIK; 1.00% Floor)  11/22/2024   —     (2,598)   (2,795) 

Real Capital Analytics, Inc.(3) (4)

 Software & Tech
Services		 First Supplemental
Term Loan		 5.00% (L + 4.00%, 1.00% Floor)  10/02/2024   3,019,297   3,008,069   3,019,297 

Real Capital Analytics, Inc.(1) (2)

 Software & Tech
Services		 Revolver 5.00% (L + 4.00%, 1.00% Floor)  10/02/2024   —     (2,524)   —   

Real Capital Analytics, Inc.(3)

 Software & Tech
Services		 Term Loan 5.00% (L + 4.00%, 1.00% Floor)  10/02/2024   4,863,178   4,845,283   4,863,178 

SecureLink, Inc(3)

 Software & Tech
Services		 Initial Term Loan 6.50% (L + 5.50%; 1.00% Floor)  10/01/2025   4,910,348   4,842,992   4,836,693 

SecureLink, Inc(1) (2)

 Software & Tech
Services		 Revolver 6.50% (L + 5.50%; 1.00% Floor)  10/01/2025   —     (5,938)   (6,593) 

Sirsi Corporation(1) (2)

 Software & Tech
Services		 Revolver 5.75% (L + 4.75%; 1.00% Floor)  03/15/2024   —     (5,100)   (6,922) 

Sirsi Corporation(3) (5)

 Software & Tech
Services		 Term Loan 5.75% (L + 4.75%; 1.00% Floor)  03/15/2024   8,345,047   8,264,064   8,240,734 

Smartlinx Solutions, LLC(1) (2)

 Software & Tech
Services		 Revolver 7.00% (L + 6.00%; 1.00% Floor)  03/04/2026   —     (4,289)   (9,974) 

Smartlinx Solutions, LLC(3) (4) (5)

 Software & Tech
Services		 Term Loan 7.00% (L + 6.00%; 1.00% Floor)  03/04/2026   5,721,464   5,623,170   5,611,612 

Streamsets, Inc.(1) (2)

 Software & Tech
Services		 Revolver 6.75% (L + 5.00%; 0.75% PIK; 1.00% Floor)  11/25/2024   —     (8,546)   (9,349) 

Streamsets, Inc.(4)

 Software & Tech
Services		 Term Loan 6.75% (L + 5.00%; 0.75% PIK; 1.00% Floor)  11/25/2024   2,108,406   2,056,621   2,052,173 

SugarCRM, Inc.(1) (2)

 Software & Tech
Services		 Revolver 7.50% (L + 6.50%; 1.00% Floor)  07/31/2024   —     (3,262)   —   

SugarCRM, Inc.(3) (4)

 Software & Tech
Services		 Term Loan 7.50% (L + 6.50%; 1.00% Floor)  07/31/2024   4,268,824   4,218,610   4,268,824 

Swiftpage, Inc.(1) (2)

 Software & Tech
Services		 Revolver 6.50% (L + 5.50%; 1.00% Floor)  06/13/2023   —     (2,170)   (7,886) 

Swiftpage, Inc.(5)

 Software & Tech
Services		 Term Loan 6.50% (L + 5.50%; 1.00% Floor)  06/13/2023   2,465,104   2,445,381   2,378,825 

Swiftpage, Inc.(4) (5)

 Software & Tech
Services		 Term Loan A 6.50% (L + 5.50%; 1.00% Floor)  06/13/2023   226,895   224,724   218,954 

Sysnet North America, Inc(1) (2)

 Software & Tech
Services		 Delayed Draw Term
Loan B1		 6.50% (L + 5.50%; 1.00% Floor)  12/01/2026   —     (27,774)   (57,946) 

Sysnet North America, Inc(3) (4) (5)

 Software & Tech
Services		 Term Loan B 1 6.50% (L + 5.50%; 1.00% Floor)  12/01/2026   5,137,915   5,063,186   5,060,847 

Telesoft Holdings, LLC(1) (2)

 Software & Tech
Services		 Revolver 6.75% (L + 5.75%, 1.00% Floor)  12/16/2025   —     (10,605)   (8,953) 

Telesoft Holdings, LLC(4) (5)

 Software & Tech
Services		 Term Loan 6.75% (L + 5.75%, 1.00% Floor)  12/16/2025   5,908,978   5,801,892   5,820,343 

TRGRP, Inc.(5)

 Software & Tech
Services		 Incremental Term
Loan		 8.00% (L + 4.50%; 2.50% PIK; 1.00% Floor)  11/01/2023   2,306,732   2,261,130   2,260,597 

TRGRP, Inc.(3)

 Software & Tech
Services		 Incremental Term
Loan		 8.00% (L + 4.50%; 2.50% PIK; 1.00% Floor)  11/01/2023   1,097,763   1,084,555   1,075,808 

Portfolio Company

 Industry Facility Type 

Interest

 Maturity  Funded
Par Amount		  Cost  Fair
Value		 

TRGRP, Inc.(1) (2)

 Software & Tech
Services		 Revolver 8.00% (L + 4.50%; 2.50% PIK; 1.00% Floor)  11/01/2023  $—    $(3,460)  $(6,667) 

TRGRP, Inc.(3) (4) (5)

 Software & Tech
Services		 Term Loan 8.00% (L + 4.50%; 2.50% PIK; 1.00% Floor)  11/01/2023   4,913,243   4,858,712   4,814,978 

Vectra AI, Inc(1) (2)

 Software & Tech
Services		 Delayed Draw Term
Loan		 6.75% (L + 5.75%, 1.00% Floor)  03/18/2026   —     (58,190)   (58,190) 

Vectra AI, Inc(4)

 Software & Tech
Services		 Initial Term Loan 6.75% (L + 5.75%, 1.00% Floor)  03/18/2026   3,258,620   3,177,155   3,177,155 

Vectra AI, Inc(1) (2)

 Software & Tech
Services		 Revolver 6.75% (L + 5.75%, 1.00% Floor)  03/18/2026   —     (5,819)   (5,819) 

Velocity Purchaser Corporation(1) (2)

 Software & Tech
Services		 Revolver 7.00% (L + 6.00%; 1.00% Floor)  12/01/2022   —     (1,323)   —   

Velocity Purchaser Corporation(3)

 Software & Tech
Services		 Term Loan 7.00% (L + 6.00%; 1.00% Floor)  12/01/2022   2,655,701   2,636,543   2,655,701 

Velocity Purchaser Corporation(3)

 Software & Tech
Services		 Term Loan 7.00% (L + 6.00%; 1.00% Floor)  12/01/2022   660,247   654,363   660,247 

Velocity Purchaser Corporation(3) (5)

 Software & Tech
Services		 Third Amendment
Term Loan		 7.00% (L + 6.00%; 1.00% Floor)  12/01/2022   5,154,853   5,066,117   5,154,853 

Watermark Insights,
LLC(3)

 Software & Tech
Services		 Delayed Draw Term
Loan		 5.75% (L + 4.75%, 1.00% Floor)  06/07/2024   323,727   322,384   316,443 

Watermark Insights,
LLC(3)

 Software & Tech
Services		 Term Loan 5.75% (L + 4.75%, 1.00% Floor)  06/07/2024   2,579,549   2,564,670   2,521,509 

Dillon Logistics,
Inc.(1)(9)

 Transport &
Logistics		 Revolver 8.00% (L + 7.00%; 1.00% Floor)  12/11/2023   350,149   346,551   127,314 

Dillon Logistics, Inc.(9)

 Transport &
Logistics		 Term Loan A 8.00% (L + 7.00%; 1.00% Floor)  12/11/2023   2,851,148   2,737,165   1,288,719 

Dillon Logistics, Inc.(9)

 Transport &
Logistics		 Term Loan B 8.00% (L + 7.00%; 1.00% Floor)  12/11/2023   838,554   793,183   379,027 

OSG Bulk Ships, Inc.(3)

 Transport &
Logistics		 Term Loan 5.12% (L + 5.00%)  12/21/2023   5,044,073   5,007,192   4,943,192 
      

 

 

  

 

 

 

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

   553,797,126   547,790,553 

2nd Lien/Junior Secured Debt —4.51%

 

Foundation Risk Partners, Corp.(1) (2)

 Business
Services		 2nd Lien Delayed
Draw Term Loan		 9.50% (L + 8.50%; 1.00% Floor)  11/10/2024   —     (14,700)   (14,140) 

Foundation Risk Partners, Corp.(3)

 Business
Services		 2nd Lien Term
Loan		 9.50% (L + 8.50%; 1.00% Floor)  11/10/2024   837,931   817,613   819,078 

Conterra Ultra Broadband Holdings, Inc.(3) (5)

 Digital
Infrastructure &
Services		 2nd Lien Term
Loan		 9.00% (L + 8.00%; 1.00% Floor)  04/30/2027   6,537,710   6,456,768   6,537,710 

Brave Parent Holdings, Inc.(3)

 Software & Tech
Services		 2nd Lien Term
Loan		 7.61% (L + 7.50%)  04/17/2026   1,230,107   1,209,554   1,202,429 

Symplr Software, Inc.(3)

 Software & Tech
Services		 2nd Lien Term
Loan		 8.63% (L + 7.875%; 0.75% Floor)  12/22/2028   2,909,482   2,852,797   2,851,293 
      

 

 

  

 

 

 

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

   11,322,032   11,396,370 
      

 

 

  

 

 

 

Total U.S. Corporate Debt

   565,119,158   559,186,923 

Canadian Corporate Debt —2.32%

 

1st Lien/Senior Secured Debt —2.32%

 

McNairn Holdings
Ltd.(3) (8)

 Business
Services		 Term Loan 6.00% (L + 5.00%; 1.00% Floor)  11/25/2025   837,736   830,961   837,736 

Banneker V Acquisition, Inc.(4) (8)

 Software & Tech
Services		 Term Loan 7.00% (L + 6.00%; 1.00% Floor)  12/04/2025   5,160,060   5,062,322   5,056,859 

Banneker V Acquisition, Inc.(1) (2) (8)

 Software & Tech
Services		 Revolver 7.00% (L + 6.00%; 1.00% Floor)  12/04/2025   —     (4,865)   (5,186) 

Banneker V Acquisition, Inc.(1) (2) (8)

 Software & Tech
Services		 Delayed Draw Term
Loan		 7.00% (L + 6.00%; 1.00% Floor)  12/04/2025   —     (19,458)   (20,744) 
      

 

 

  

 

 

 

Total Canadian 1st Lien/Senior Secured Debt

   5,868,960   5,868,665 
      

 

 

  

 

 

 

Total Canadian Corporate Debt

   5,868,960   5,868,665 

United Kingdom Corporate Debt —2.08%

 

1st Lien/Senior Secured Debt —2.08%

 

GlobalWebIndex
Inc.(1) (2)

 Software & Tech
Services		 Delayed Draw Term
Loan		 7.00% (L + 6.00%; 1.00% Floor)  12/30/2024   —     (34,560)   (36,837) 

GlobalWebIndex
Inc.(4) (5)

 Software & Tech
Services		 Term Loan 7.00% (L + 6.00%; 1.00% Floor)  12/30/2024   5,525,580   5,321,429   5,307,319 
      

 

 

  

 

 

 

Total United Kingdom 1st Lien/Senior Secured Debt

   5,286,869   5,270,482 
      

 

 

  

 

 

 

Total United Kingdom Corporate Debt

   5,286,869   5,270,482 

Portfolio Company

   Industry  Shares  Cost  Fair
Value		 

U.S. Preferred Stock —3.23%

 

Global Radar Holdings, LLC(10) (11)

  Business Services   125  $367,615  $367,618 

SBS Ultimate Holdings, LP(10)

  Healthcare & HCIT  217,710   861,879   620,472 

Concerto, LLC(10) (12)

  
Software & Tech
Services		 
  65,614   349,977   392,372 

Datarobot, Inc.(10)

  
Software & Tech
Services		 
 		  38,190   289,278   501,892 

Datarobot, Inc.(10)

  
Software & Tech
Services		 
 		  6,715   88,248   88,248 

Degreed, Inc.(10)

  
Software & Tech
Services		 
 		  43,819   278,541   518,379 

Heap(10)

  
Software & Tech
Services		 
 		  189,617   696,351   696,351 

Netskope, Inc.(10)

  
Software & Tech
Services		 
 		  36,144   302,536   332,886 

PerimeterX, Inc.(10)

  
Software & Tech
Services		 
 		  282,034   838,601   838,600 

Portfolio Company

 Industry Shares  Cost  Fair
Value		 

Phenom People, Inc.(10)

 Software & Tech Services  35,055  $220,610  $704,606 

Protoscale Rubrik(10)

 Software & Tech Services  25,397   598,212   598,201 

Punchh(10)

 Software & Tech Services  24,262   275,337   275,337 

Samsara Networks, Inc.(10)

 Software & Tech Services  33,451   369,998   369,999 

Streamsets, Inc.(10)

 Software & Tech Services  109,518   295,512   295,512 

Symplr Software Intermediate Holdings, Inc.(10)

 Software & Tech Services  1,196   1,160,532   1,573,848 
   

 

 

  

 

 

 

Total U.S. Preferred Stock

 

  6,993,227   8,174,321 

U.S. Common Stock - 1.44%

 

Leeds FEG Investors, LLC(10)

 Consumer Discretionary  320   321,309   350,846 

Freddy’s Acquisition, LP(10)

 Consumer Non-Cyclical  72,483   72,483   72,483 

Nestle Waters(10) (13)

 Consumer Non-Cyclical  341,592   341,592   341,592 

Neutral Connect, LLC(10) (14)

 Digital Infrastructure &
Services		  396,513   439,931   406,704 

Thrive Buyer, Inc(10)

 Digital Infrastructure &
Services		  88,980   222,450   222,450 

Nine Point Energy, LLC(10)

 Energy  3,567,059   —     —   

Health Platforms Group(10)

 Healthcare & HCIT  16,502   —     —   

Healthcare Services Acquisition(8) (10)

 Healthcare & HCIT  15,183   46   46 

Healthcare Services Acquisition(8) (10) (15)

 Healthcare & HCIT  28,158   281,580   282,143 

INH Group Holdings(10)

 Healthcare & HCIT  484,552   484,552   775,283 

Aggregator, LLC(10)

 Software & Tech Services  417,813   417,813   852,338 

American Safety Holdings Corp.(10) (16)

 Software & Tech Services  130,824   130,824   143,906 

Omni Logistics, LLC(10) (17)

 Transport & Logistics  193,770   193,770   193,770 
   

 

 

  

 

 

 

Total U.S. Common Stock

 

  2,906,350   3,641,561 

U.S. Warrants —0.15%

 

Fuze, Inc., expire 09/20/2029(10)

 Digital Infrastructure &
Services		  196,328   615,168   —   

Healthcare Services Acquisition, expire 12/31/2027(8) (10)

 Healthcare & HCIT  14,079   —     —   

Healthcare Services Acquisition, expire 12/31/2027(8) (10)

 Healthcare & HCIT  23,721   23,721   14,944 

SBS Ultimate Holdings, LP, expire 09/18/2030(10)

 Healthcare & HCIT  17,419   —     —   

Alphasense, LLC, expire 05/29/2027(8) (10)

 Software & Tech Services  38,346   35,185   154,916 

Degreed, Inc., expire 05/31/2026(10)

 Software & Tech Services  26,294   46,823   143,828 

Streamsets, Inc., expire 11/25/2027(10)

 Software & Tech Services  23,382   16,367   16,367 

Vectra AI, Inc., expire 03/18/2031(10)

 Software & Tech Services  35,156   58,190   58,190 
   

 

 

  

 

 

 

Total U.S. Warrants

 

  795,454   388,245 

United Kingdom Warrants —0.06%

 

GlobalWebIndex, Inc., expire 12/30/2027(10)

 Software & Tech Services  8,832   159,859   159,859 
   

 

 

  

 

 

 

Total United Kingdom Warrants

 

  159,859   159,859 

TOTAL INVESTMENTS - 230.32%(18)

 

 $ 587,129,877  $582,690,056 
   

 

 

  

 

 

 

Cash Equivalents —1.92%

 

U.S. Investment Companies —1.92%

 

Blackrock T Fund I(15) (19)

 Money Market Portfolio
0.01% (20)		  4,854,867   4,854,867   4,854,867 
   

 

 

  

 

 

 

Total U.S. Investment Companies

 

  4,854,867   4,854,867 
   

 

 

  

 

 

 

Total Cash Equivalents

 

  4,854,867   4,854,867 

LIABILITIES IN EXCESS OF OTHER ASSETS —(132.24%)

 

 $ (334,554,041) 
    

 

 

 

NET ASSETS—100.00%

 

 $ 252,990,882 
    

 

 

 

+

As of March 31, 2021, qualifying assets represented 97.12% of total assets. Under the 1940 Act we may not acquire any non-qualifying assets unless, at the time the acquisition is made, qualifying assets represent at least 70% of our total assets.

*

Unless otherwise indicated, all securities are valued using significant unobservable inputs, which are categorized as Level 3 assets under the definition of Financial Accounting Standards Board’s Accounting Standards Codification 820 fair value hierarchy.

#

Percentages are based on net assets.

^

Generally, the interest rate on floating interest rate investments is at benchmark rate plus spread. The borrower has an option to choose the benchmark rate, such as the London Interbank Offered Rate (“LIBOR”) or the U.S. Prime rate. The spread may change based on the type of rate used. The terms in the Consolidated Schedule of Investments disclose the actual interest rate in effect as of the reporting period. LIBOR loans are typically indexed to 30-day, 60-day, 90-day or 180-day LIBOR rates (1M L, 2M L, 3M L or 6M L, respectively) at the borrower’s option. LIBOR loans may be subject to interest floors. As of March 31, 2021, rates for weekly 1M L, 2M L, 3M L and 6M L are 0.11%, 0.13%, 0.19% and 0.21%, respectively. As of March 31, 2021, the U.S. Prime rate was 3.25%.

(1)

Position or portion thereof is an unfunded loan commitment, and no interest is being earned on the unfunded portion. The unfunded loan commitment may be subject to a commitment termination date, that may expire prior to the maturity date stated. See Note 6 “Commitments and Contingencies”.

(2)

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.

(3)

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

(4)

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

(5)

Position, or a portion thereof, has been segregated to collateralize ABPCIC Funding III, LLC.

(6)

$309,132 of the funded par amount accrues interest at 11.50% (P + 2.00%; 6.25% PIK; 1.00% Floor).

(7)

$130,216 of the funded par amount accrues interest at 10.25% (L + 3.00%; 6.25% PIK; 1.00% Floor).

(8)

Positions considered non-qualified assets therefore excluded from the qualifying assets calculation as noted in footnote + above.

(9)

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

(10)

Non-income producing investment.

(11)

Position or portion thereof is held by Global Radar Acquisition Holdings, LLC which is held by ABPCIC Global Radar LLC

(12)

Concerto, LLC is held through ABPCIC Concerto Holdings LLC.

(13)

Position or portion thereof is held by ORCP III Triton Co-Investors, L.P. which is held by ABPCIC Equity Holdings, LLC.

(14)

Neutral Connect, LLC is held through ABPCIC NC Holdings LLC.

(15)

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

(16)

Position or portion thereof is held by REP Coinvest II Tec, LP which is held by ABPCIC Equity Holdings, LLC.

(17)

Position or portion thereof is held by REP Coinvest III-A Omni, L.P. which is held by ABPCIC Equity Holdings, LLC.

(18)

Aggregate gross unrealized appreciation for federal income tax purposes is $4,797,558; aggregate gross unrealized depreciation for federal income tax purposes is $9,237,379. Net unrealized depreciation is $4,439,821 based upon a tax cost basis of $587,129,877.

(19)

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

(20)

The rate shown is the annualized seven-day yield as of March 31, 2021.

L-LIBOR
P-Prime
PIK-Payment-In-Kind

AB Private Credit Investors Corporation

Consolidated Schedule of Investments as of December 31, 2020

Portfolio Company

  Industry  Facility Type  

Interest

  Maturity   Funded
Par Amount		   Cost  Fair Value 
Investments at Fair Value —239.72% + * # ^ 
U.S. Corporate Debt —229.94% 
1st Lien/Senior Secured Debt —224.81% 

Amercareroyal, LLC(1)

  Business Services  Term Loan  6.00% (L + 5.00%; 1.00% Floor)   11/25/2025   $4,532,375   $4,494,065  $4,487,051 

BEP Borrower Holdco, LLC(2) (3)

  Business Services  Delayed Draw Term
Loan A		  5.25% (L + 4.25%; 1.00% Floor)   06/12/2024    —      (8,923)   (19,325) 

BEP Borrower Holdco, LLC(2) (3)

  Business Services  Revolver  5.25% (L + 4.25%; 1.00% Floor)   06/12/2024    —      (4,477)   (4,295) 

BEP Borrower Holdco, LLC(1)

  Business Services  Term Loan A  5.25% (L + 4.25%; 1.00% Floor)   06/12/2024    3,435,477    3,398,119   3,383,945 

Edgewood Partners Holdings LLC(1)

  Business Services  Term Loan  5.25% (L + 4.25%; 1.00% Floor)   09/06/2024    5,565,603    5,524,826   5,509,947 

Global Radar Holdings, LLC(2) (3)

  Business Services  Revolver  8.00% (L + 7.00%; 1.00% Floor)   12/31/2025    —      (11,637)   (11,637) 

Global Radar Holdings, LLC(4)

  Business Services  Term Loan  8.00% (L + 7.00%; 1.00% Floor)   12/31/2025    6,400,861    6,272,844   6,272,844 

Metametrics, Inc.(2) (3)

  Business Services  Revolver  6.25% (L + 5.25%; 1.00% Floor)   09/10/2025    —      (10,230)   (13,024) 

Metametrics, Inc.(1)

  Business Services  Term Loan  6.25% (L + 5.25%; 1.00% Floor)   09/10/2025    5,425,654    5,336,647   5,317,140 

MSM Acquisitions, Inc.(2) (3)

  Business Services  Delayed Draw Term
Loan		  7.00% (L + 6.00%, 1.00% Floor)   12/09/2026    —      (15,154)   (15,313) 

MSM Acquisitions, Inc.(2) (3)

  Business Services  Revolver  7.00% (L + 6.00%, 1.00% Floor)   12/09/2026    —      (24,249)   (24,501) 

MSM Acquisitions, Inc.(1) (4)

  Business Services  Term Loan  7.00% (L + 6.00%, 1.00% Floor)   12/09/2026    7,350,271    7,204,523   7,203,266 

Single Digits, Inc.

  Business Services  Delayed Draw Term
Loan		  7.00% (L + 6.00%; 1.00% Floor)   12/21/2023    607,575    603,967   558,969 

Single Digits, Inc.(2) (3)

  Business Services  Revolver  7.00% (L + 6.00%; 1.00% Floor)   12/21/2023    —      (2,489)   (33,292) 

Single Digits, Inc.(1)

  Business Services  Term Loan  7.00% (L + 6.00%; 1.00% Floor)   12/21/2023    3,262,597    3,240,552   3,001,589 

Smile Brands, Inc.(4)

  Business Services  Delayed Draw Term
Loan		  5.42% (L + 5.17%; 0.21% Floor)   10/12/2024    493,072    489,895   484,443 

Smile Brands, Inc.(2) (3)

  Business Services  Revolver  6.17% (L + 5.17%; 1.00% Floor)   10/12/2023    —      (1,439)   (4,459) 

Smile Brands, Inc.(1)

  Business Services  Term Loan  5.42% (L + 5.17%; 0.21% Floor)   10/12/2024    1,623,125    1,612,386   1,594,721 

Blink Holdings, Inc.(1)

  Consumer Non-Cyclical  Delayed Draw Term
Loan		  4.50% (L + 3.50%; 1.00% Floor)   11/08/2024    1,178,697    1,169,455   1,090,295 

Blink Holdings, Inc.

  Consumer Non-Cyclical  Delayed Draw Term
Loan		  4.50% (L + 3.50%; 1.00% Floor)   11/08/2024    945,093    939,402   874,211 

Blink Holdings, Inc.(1)

  Consumer Non-Cyclical  Term Loan  4.50% (L + 3.50%; 1.00% Floor)   11/08/2024    1,647,736    1,634,821   1,524,155 

Captain D’s, Inc.(2)

  Consumer Non-Cyclical  Revolver  5.50% (L + 4.50%; 1.00% Floor)   12/15/2023    144,787    143,730   142,826 

Captain D’s, Inc.(1)

  Consumer Non-Cyclical  Term Loan  5.50% (L + 4.50%; 1.00% Floor)   12/15/2023    1,929,660    1,919,188   1,910,364 

GPS Hospitality Holding Company LLC(1)

  Consumer Non-Cyclical  Term Loan B  4.47% (L + 4.25%)   12/08/2025    2,322,145    2,296,073   2,240,870 

PF Growth Partners, LLC(2)

  Consumer Non-Cyclical  Delayed Draw Term
Loan		  8.00% (L + 7.00%, 1.00% Floor)   07/11/2025    119,542    116,781   112,345 

PF Growth Partners, LLC(1)

  Consumer Non-Cyclical  Term Loan  8.00% (L + 7.00%, 1.00% Floor)   07/11/2025    2,011,787    1,995,817   1,971,551 

5 Bars, LLC(2) (3)

  Digital Infrastructure &
Services		  Delayed Draw Term
Loan		  6.00% (L + 4.00%; 2.00% Floor)   09/27/2024    —      (38,832)   —   

5 Bars, LLC(2) (3)

  Digital Infrastructure &
Services		  Revolver  6.00% (L + 4.00%; 2.00% Floor)   09/27/2024    —      (7,281)   —   

5 Bars, LLC(4)

  Digital Infrastructure &
Services		  Term Loan  6.00% (L + 4.00%; 2.00% Floor)   09/27/2024    4,742,121    4,687,586   4,742,121 

EvolveIP, LLC(2)

  Digital Infrastructure &
Services		  Delayed Draw Term
Loan		  6.75% (L + 5.75%; 1.00% Floor)   06/07/2023    113,373    105,505   102,036 

EvolveIP, LLC(2) (3)

  Digital Infrastructure &
Services		  Revolver  6.75% (L + 5.75%; 1.00% Floor)   06/07/2023    —      (5,886)   (8,503) 

EvolveIP, LLC(1)

  Digital Infrastructure &
Services		  Term Loan A  6.75% (L + 5.75%; 1.00% Floor)   06/07/2023    6,567,317    6,496,610   6,468,808 

Fuze, Inc.(2) (4)

  Digital Infrastructure &
Services		  Delayed Draw Term
Loan		  8.50% (L + 6.50%; 2.00% Floor)   09/20/2024    777,532    280,941   766,905 

Fuze, Inc.(2) (3)

  Digital Infrastructure &
Services		  Revolver  8.50% (L + 6.50%; 2.00% Floor)   09/20/2024    —      (4,833)   (18,531) 

Fuze, Inc.(1) (4)

  Digital Infrastructure &
Services		  Term Loan  8.50% (L + 6.50%; 2.00% Floor)   09/20/2024    11,015,029    10,973,819   10,857,514 

Star2star Communications, LLC(2) (3)

  Digital Infrastructure &
Services		  Delayed Draw Term
Loan		  6.50% (L + 5.50%; 1.00% Floor)   03/13/2025    —      (10,811)   —   

Star2star Communications, LLC(2) (3)

  Digital Infrastructure &
Services		  Revolver  6.50% (L + 5.50%; 1.00% Floor)   03/13/2025    —      (16,217)   —   

Star2star Communications, LLC(1) (4)

  Digital Infrastructure &
Services		  Term Loan  6.50% (L + 5.50%; 1.00% Floor)   03/13/2025    5,404,057    5,312,392   5,404,057 

AEG Holding Company, Inc.(1)

  Education  Delayed Draw Term
Loan		  6.50% (L + 5.50%; 1.00% Floor)   11/20/2023    1,067,375    1,056,524   1,046,027 

AEG Holding Company, Inc.(2) (3)

  Education  Revolver  6.50% (L + 5.50%; 1.00% Floor)   11/20/2023    —      (12,646)   (22,337) 

AEG Holding Company, Inc.(4)

  Education  Term Loan  6.50% (L + 5.50%; 1.00% Floor)   11/20/2023    1,857,399    1,832,000   1,820,251 

AEG Holding Company, Inc.(1)

  Education  Term Loan  6.50% (L + 5.50%; 1.00% Floor)   11/20/2023    6,043,942    5,980,204   5,923,063 

Accelerate Resources Operating, LLC(2) (3)

  Energy  Delayed Draw Term
Loan		  8.50% (L + 7.50%; 1.00% Floor)   02/24/2026    —      (28,622)   (49,772) 

Accelerate Resources Operating, LLC(2) (3)

  Energy  Revolver  8.50% (L + 7.50%; 1.00% Floor)   02/24/2026    —      (7,155)   (12,443) 

Portfolio Company

  Industry  Facility Type  

Interest

  Maturity   Funded
Par Amount		   Cost  Fair Value 

Accelerate Resources Operating, LLC(1)

  Energy  Term Loan  8.50% (L + 7.50%; 1.00% Floor)   02/24/2026   $4,989,614   $4,903,754  $4,839,925 

BCP Raptor II, LLC(1)

  Energy  Term Loan  4.90% (L + 4.75%)   11/03/2025    5,654,641    5,653,854   4,891,264 

Brazos Delaware II, LLC(1)

  Energy  Term Loan B  4.16% (L + 4.00%)   05/21/2025    4,003,380    3,924,100   3,462,923 

Nine Point Energy, LLC(2) (3)

  Energy  Delayed Draw Term Loan  9.00% (L + 5.50%; 2.50% PIK; 1.00% Floor)   06/07/2024    —      (4,707)   (42,656) 

Nine Point Energy, LLC

  Energy  Term Loan  9.00% (L + 5.50%; 2.50% PIK; 1.00% Floor)   06/07/2024    5,737,924    5,651,856   4,991,994 

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

  Financials  First Lien
Delayed Draw Term Loan		  5.75% (L + 4.75%; 1.00% Floor)   11/10/2023    —      (29,327)   (29,327) 

Foundation Risk Partners, Corp.(4)

  Financials  First Lien Term Loan  5.75% (L + 4.75%; 1.00% Floor)   11/10/2023    1,955,172    1,916,069   1,916,069 

Higginbotham Insurance Agency, Inc.(2) (3)

  Financials  Delayed Draw Term Loan  6.50% (L + 5.75%; 0.75% Floor)   11/25/2026    —      (12,328)   (12,535) 

Higginbotham Insurance Agency, Inc.(5)

  Financials  Term Loan  6.50% (L + 5.75%; 0.75% Floor)   11/25/2026    5,937,344    5,849,538   5,848,284 

American Physician Partners, LLC(1)

  Healthcare & HCIT  Delayed Draw Term Loan  7.75% (L + 6.75%; 1.00% Floor)   12/21/2021    1,004,457    999,314   964,278 

American Physician Partners, LLC(2)

  Healthcare & HCIT  Revolver  7.75% (L + 6.75%; 1.00% Floor)   12/21/2021    346,322    344,112   328,562 

American Physician Partners, LLC(1)

  Healthcare & HCIT  Term Loan A  7.75% (L + 6.75%; 1.00% Floor)   12/21/2021    5,322,083    5,293,112   5,109,200 

American Physician Partners, LLC

  Healthcare & HCIT  Term Loan C  7.75% (L + 6.75%; 1.00% Floor)   12/21/2021    1,151,613    1,146,211   1,105,549 

American Physician Partners, LLC(1)

  Healthcare & HCIT  Term Loan D  7.75% (L + 6.75%; 1.00% Floor)   12/21/2021    2,137,611    2,009,807   2,052,107 

Analogic Corporation(2) (3)

  Healthcare & HCIT  Revolver  6.25% (L + 5.25%; 1.00% Floor)   06/22/2023    —      (2,024)   (7,486) 

Analogic Corporation(1) (4)

  Healthcare & HCIT  Term Loan  6.25% (L + 5.25%; 1.00% Floor)   06/24/2024    2,117,500    2,092,383   2,043,387 

Azurity Pharmaceuticals, Inc.(2) (3) (4) (6)

  Healthcare & HCIT  Delayed Draw Term Loan  6.75% (L + 5.75%; 1.00% Floor)   03/21/2023    —      (4,912)   (9,659) 

Azurity Pharmaceuticals, Inc.(2) (3) (4) (6)

  Healthcare & HCIT  Revolver  6.75% (L + 5.75%; 1.00% Floor)   03/21/2023    —      (4,912)   (9,659) 

Azurity Pharmaceuticals, Inc.(1) (4) (6)

  Healthcare & HCIT  Term Loan  6.75% (L + 5.75%; 1.00% Floor)   03/21/2023    7,182,884    7,105,941   7,039,226 

BK Medical Holding Company, Inc.(2) (3)

  Healthcare & HCIT  Revolver  6.25% (L + 5.25%; 1.00% Floor)   06/22/2023    —      (2,342)   (12,870) 

BK Medical Holding Company, Inc.(4)

  Healthcare & HCIT  Term Loan A  6.25% (L + 5.25%; 1.00% Floor)   06/22/2024    2,980,316    2,956,762   2,861,104 

Caregiver 2, Inc.(4)

  Healthcare & HCIT  Term Loan  8.50% (L + 6.50%; 2.00% Floor)   07/24/2025    4,869,246    4,777,466   4,771,861 

Caregiver 2, Inc.(4)

  Healthcare & HCIT  Term Loan  8.50% (L + 6.50%; 2.00% Floor)   07/24/2025    698,894    685,721   684,916 

Coding Solutions Acquisition, Inc(2) (3)

  Healthcare & HCIT  Delayed Draw Term Loan  7.00% (L + 6.00%; 1.00% Floor)   12/31/2026    —      (24,440)   (24,440) 

Coding Solutions Acquisition, Inc(2)

  Healthcare & HCIT  Revolver  7.00% (L + 6.00%; 1.00% Floor)   12/31/2025    19,396    17,069   17,069 

Coding Solutions Acquisition, Inc(4)

  Healthcare & HCIT  Term Loan  7.00% (L + 6.00%; 1.00% Floor)   12/31/2026    7,913,792    7,755,516   7,755,516 

Delaware Valley Management Holdings, Inc.(2) (3)

  Healthcare & HCIT  Delayed Draw Term Loan  7.25% (L + 4.00%; 2.25% PIK; 1.00% Floor)   03/21/2024    —      (30,445)   (160,698) 

Delaware Valley Management Holdings, Inc.

  Healthcare & HCIT  Revolver  7.25% (L + 4.00%; 2.25% PIK; 1.00% Floor)   03/21/2024    529,343    522,326   448,618 

Delaware Valley Management Holdings, Inc.

  Healthcare & HCIT  Term Loan  7.25% (L + 4.00%; 2.25% PIK; 1.00% Floor)   03/21/2024    3,455,055    3,409,119   2,928,159 

Ethos Veterinary Health LLC(1) (2)

  Healthcare & HCIT  Delayed Draw Term Loan  4.90% (L + 4.75%)   05/15/2026    1,067,933    1,051,553   1,058,398 

Ethos Veterinary Health LLC(1)

  Healthcare & HCIT  Term Loan  4.90% (L + 4.75%)   05/15/2026    2,291,671    2,272,956   2,280,213 

FH MD Buyer, Inc(1) (4)

  Healthcare & HCIT  Term Loan  6.75% (L + 5.75%; 1.00% Floor)   10/31/2026    4,758,403    4,642,290   4,639,443 

Portfolio Company

  Industry  Facility Type  

Interest

  Maturity   Funded
Par Amount		   Cost  Fair Value 

GHA Buyer, Inc.(2)

  Healthcare & HCIT  Fifth Amendment
Delayed Draw Term
loan		  8.00% (L + 6.00%; 2.00% Floor)   06/24/2025   $819,387   $802,507  $819,387 

GHA Buyer, Inc.(2) (3)

  Healthcare & HCIT  Revolver  8.00% (L + 6.00%; 2.00% Floor)   06/24/2025    —      (16,560)   —   

GHA Buyer, Inc.(4)

  Healthcare & HCIT  Term Loan  8.00% (L + 6.00%; 2.00% Floor)   06/24/2025    4,682,214    4,589,427   4,682,214 

GHA Buyer, Inc.(1)

  Healthcare & HCIT  Term Loan  8.00% (L + 6.00%; 2.00% Floor)   06/24/2025    1,977,880    1,954,014   1,977,880 

GHA Buyer, Inc.(1) (4)

  Healthcare & HCIT  Term Loan  8.00% (L + 6.00%; 2.00% Floor)   06/24/2025    5,408,146    5,310,809   5,408,146 

GHA Buyer, Inc.(1)

  Healthcare & HCIT  Term Loan  8.00% (L + 6.00%; 2.00% Floor)   06/24/2025    565,207    555,552   565,207 

INH Buyer, Inc.(2) (3)

  Healthcare & HCIT  Revolver  7.00% (L + 6.00%, 1.00% Floor)   01/31/2024    —      (1,962)   (3,088) 

INH Buyer, Inc.(1)

  Healthcare & HCIT  Term Loan  7.00% (L + 6.00%, 1.00% Floor)   01/31/2025    8,593,414    8,497,744   8,464,513 

Kindeva Drug Delivery L.P.(2) (3)

  Healthcare & HCIT  Revolver  7.00% (L + 6.00%; 1.00% Floor)   05/01/2025    —      (31,405)   (36,133) 

Kindeva Drug Delivery L.P.(1) (4)

  Healthcare & HCIT  Term Loan  7.00% (L + 6.00%; 1.00% Floor)   05/01/2026    15,819,048    15,463,256   15,423,572 

OMH-HealthEdge Holdings, LLC(2) (3)

  Healthcare & HCIT  Revolver  6.25% (L + 5.25%; 1.00% Floor)   10/24/2024    —      (7,910)   (10,322) 

OMH-HealthEdge Holdings, LLC(1)

  Healthcare & HCIT  Term Loan  6.25% (L + 5.25%; 1.00% Floor)   10/24/2025    3,737,140    3,666,904   3,653,054 

Pace Health Companies, LLC(2) (3)

  Healthcare & HCIT  Revolver  5.50% (L + 4.50%; 1.00% Floor)   08/02/2024    —      (4,542)   (6,167) 

Pace Health Companies, LLC(1)

  Healthcare & HCIT  Term Loan  5.50% (L + 4.50%; 1.00% Floor)   08/02/2024    5,358,969    5,318,091   5,305,379 

Pinnacle Dermatology Management, LLC(2)

  Healthcare & HCIT  Delayed Draw Term
Loan		  5.25% (L + 4.25%; 1.00% Floor)   05/18/2023    2,280,367    2,238,882   2,199,409 

Pinnacle Dermatology Management, LLC(2) (3)

  Healthcare & HCIT  Revolver  5.25% (L + 4.25%; 1.00% Floor)   05/18/2023    —      (3,106)   (6,455) 

Pinnacle Dermatology Management, LLC(1)

  Healthcare & HCIT  Term Loan  5.25% (L + 4.25%; 1.00% Floor)   05/18/2023    5,380,911    5,310,665   5,273,293 

Pinnacle Treatment Centers, Inc.(2) (3)

  Healthcare & HCIT  Delayed Draw Term
Loan		  7.25% (L + 6.25%; 1.00% Floor)   12/31/2022    —      (2,434)   (2,343) 

Pinnacle Treatment Centers, Inc.

  Healthcare & HCIT  Delayed Draw Term
Loan 2		  7.25% (L + 6.25%; 1.00% Floor)   12/31/2022    350,666    348,199   347,160 

Pinnacle Treatment Centers, Inc.(2) (3)

  Healthcare & HCIT  Revolver  7.25% (L + 6.25%; 1.00% Floor)   12/31/2022    —      (2,387)   (2,929) 

Pinnacle Treatment Centers, Inc.(4)

  Healthcare & HCIT  Term Loan  7.25% (L + 6.25%; 1.00% Floor)   12/31/2022    4,128,092    4,099,904   4,086,812 

Platinum Dermatology Partners, LLC(7)

  Healthcare & HCIT  General Delayed
Draw Term Loan		  9.25% (L + 3.00%; 5.25% PIK; 1.00% Floor)   01/03/2023    1,478,951    1,453,814   1,196,915 

Platinum Dermatology Partners, LLC(8)

  Healthcare & HCIT  Revolver  10.50% (P + 2.00%; 5.25% PIK; 1.00% Floor)   01/03/2023    518,062    508,152   419,267 

Platinum Dermatology Partners, LLC

  Healthcare & HCIT  Specified Delayed
Draw Term Loan		  10.50% (P + 2.00%; 5.25% PIK; 1.00% Floor)   01/03/2023    2,036,183    2,000,944   1,647,883 

Platinum Dermatology Partners, LLC

  Healthcare & HCIT  Term Loan  9.25% (L + 3.00%; 5.25% PIK; 1.00% Floor)   01/03/2023    3,238,540    3,172,757   2,620,951 

RCP Encore Acquisition, Inc.(1)

  Healthcare & HCIT  Term Loan  5.75% (L + 4.75%; 1.00% Floor)   06/09/2025    3,934,668    3,904,130   3,767,444 

Salisbury House, LLC(2) (3)

  Healthcare & HCIT  Revolver  6.00% (L + 5.00%; 1.00% Floor)   08/30/2025    —      (10,572)   (11,209) 

Salisbury House, LLC(1) (4)

  Healthcare & HCIT  Term Loan A1  6.50% (L + 5.50%; 1.00% Floor)   08/30/2025    5,366,661    5,239,533   5,232,494 

SIS Purchaser, Inc.(2) (3)

  Healthcare & HCIT  Revolver  7.00% (L + 6.00%; 1.00% Floor)   10/15/2026    —      (19,692)   (20,405) 

SIS Purchaser, Inc.(1) (4)

  Healthcare & HCIT  Term Loan  7.00% (L + 6.00%; 1.00% Floor)   10/15/2026    12,825,456    12,606,394   12,601,010 

The Center for Orthopedic and Research Excellence, Inc.(2) (9)

  Healthcare & HCIT  Delayed Draw Term
Loan		  6.25% (L + 5.25%; 1.00% Floor)   08/15/2025    577,458    561,028   557,270 

The Center for Orthopedic and Research Excellence, Inc.(2) (3)

  Healthcare & HCIT  Revolver  6.25% (L + 5.25%; 1.00% Floor)   08/15/2025    —      (9,474)   (12,084) 

Portfolio Company

 Industry Facility Type 

Interest

 Maturity  Funded
Par Amount		  Cost  Fair
Value		 

The Center for Orthopedic and Research Excellence, Inc.(1) (4)

 Healthcare & HCIT Term Loan 6.25% (L + 5.25%; 1.00% Floor)  08/15/2025  $4,943,778  $4,873,997  $4,857,261 

Theranest, LLC(1) (4)

 Healthcare & HCIT Delayed
Draw Term Loan		 6.00% (L + 5.00%; 1.00% Floor)  07/24/2023   2,743,641   2,711,689   2,675,050 

Theranest, LLC(2) (3)

 Healthcare & HCIT Revolver 6.00% (L + 5.00%; 1.00% Floor)  07/24/2023   —     (4,438)   (10,714) 

Theranest, LLC(1)

 Healthcare & HCIT Term Loan 6.00% (L + 5.00%; 1.00% Floor)  07/24/2023   2,970,000   2,937,217   2,895,750 

Women’s Health USA, Inc.(2) (3)

 Healthcare & HCIT Revolver 8.75% (L + 7.75%; 1.00% Floor)  10/09/2023   —     (2,150)   (2,195) 

Women’s Health USA, Inc.(1) (4)

 Healthcare & HCIT Term Loan 8.75% (L + 7.75%; 1.00% Floor)  10/09/2023   4,116,949   4,057,490   4,056,430 

ZBS Alliance Animal Health,
LLC(1) (4)

 Healthcare & HCIT Delayed Draw
Term Loan		 6.25% (L + 5.25%; 1.00% Floor)  11/08/2025   3,056,995   3,007,287   2,995,855 

ZBS Alliance Animal Health,
LLC(2) (3)

 Healthcare & HCIT First Amendment
Delayed Draw
Term Loan		 6.25% (L + 5.25%; 1.00% Floor)  11/08/2025   —     (14,900)   (45,076) 

ZBS Alliance Animal Health,
LLC(2)

 Healthcare & HCIT Revolver 6.25% (L + 5.25%; 1.00% Floor)  11/08/2025   453,560   442,268   439,953 

ZBS Alliance Animal Health,
LLC(1)

 Healthcare & HCIT Term Loan 6.25% (L + 5.25%; 1.00% Floor)  11/08/2025   2,694,147   2,649,100   2,640,264 

Alphasense, Inc.(2) (3) (11)

 Software & Tech
Services		 Delayed Draw
Term Loan		 8.00% (L + 7.00%; 1.00% Floor)  05/29/2024   —     (19,224)   —   

Alphasense, Inc.(2) (3) (11)

 Software & Tech
Services		 Revolver 8.00% (L + 7.00%; 1.00% Floor)  05/29/2024   —     (10,717)   —   

Alphasense, Inc.(4) (11)

 Software & Tech
Services		 Term Loan 8.00% (L + 7.00%; 1.00% Floor)  05/29/2024   7,269,628   7,180,336   7,269,628 

AMI US Holdings, Inc.(2)

 Software & Tech
Services		 Revolver 5.65% (L + 5.50%)  04/01/2024   788,116   773,369   771,697 

AMI US Holdings, Inc.(1)

 Software & Tech
Services		 Term Loan 6.50% (L + 5.50%; 1.00% Floor)  04/01/2025   8,173,415   8,050,411   8,050,814 

Arrowstream Acquisition Co.,
Inc.(2) (3)

 Software & Tech
Services		 Revolver 7.50% (L + 6.50%; 1.00% Floor)  12/15/2025   —     (7,655)   (7,726) 

Arrowstream Acquisition Co.,
Inc.(4)

 Software & Tech
Services		 Term Loan 7.50% (L + 6.50%; 1.00% Floor)  12/15/2025   3,863,094   3,786,548   3,785,832 

Avetta, LLC(2) (3)

 Software & Tech
Services		 Revolver 6.25% (L + 5.25%; 1.00% Floor)  04/10/2024   —     (5,453)   (9,888) 

Avetta, LLC(1) (4)

 Software & Tech
Services		 Term Loan 6.25% (L + 5.25%; 1.00% Floor)  04/10/2024   3,253,746   3,190,633   3,188,671 

Avetta, LLC(1)

 Software & Tech
Services		 Term Loan B 6.25% (L + 5.25%; 1.00% Floor)  04/10/2024   4,283,219   4,222,444   4,197,555 

Businesssolver.com, Inc.(1)

 Software & Tech
Services		 Delayed Draw
Term Loan		 8.50% (L + 7.50%; 1.00% Floor)  05/15/2023   388,235   385,900   388,235 

Businesssolver.com, Inc.(2) (3)

 Software & Tech
Services		 Revolver 8.50% (L + 7.50%; 1.00% Floor)  05/15/2023   —     (3,180)   —   

Businesssolver.com, Inc.(1) (4) (5)

 Software & Tech
Services		 Term Loan 8.50% (L + 7.50%; 1.00% Floor)  05/15/2023   9,703,535   9,608,867   9,703,535 

Businesssolver.com, Inc.(4)

 Software & Tech
Services		 Term Loan 8.50% (L + 7.50%; 1.00% Floor)  05/15/2023   1,390,037   1,369,183   1,390,037 

Datacor Holdings, Inc.(2) (3)

 Software & Tech
Services		 First Lien
Delayed Draw
Term Loan		 6.25% (L + 5.25%; 1.00% Floor)  12/26/2025   —     (25,714)   (25,754) 

Datacor Holdings, Inc.(2) (3)

 Software & Tech
Services		 Revolver 6.25% (L + 5.25%; 1.00% Floor)  12/26/2025   —     (12,849)   (12,877) 

Datacor Holdings, Inc.(1) (4)

 Software & Tech
Services		 Term Loan 6.25% (L + 5.25%; 1.00% Floor)  12/26/2025   6,180,951   6,042,052   6,041,879 

Degreed, Inc.(4)

 Software & Tech
Services		 Delayed Draw
Term Loan		 7.35% (L + 6.35%; 1.00% Floor)  05/31/2024   2,924,689   2,865,519   2,924,689 

Degreed, Inc.(4)

 Software & Tech
Services		 Revolver 7.35% (L + 6.35%; 1.00% Floor)  05/31/2024   417,813   414,941   417,813 

Degreed, Inc.(1) (4)

 Software & Tech
Services		 Term Loan 7.35% (L + 6.35%; 1.00% Floor)  05/31/2024   2,228,335   2,211,944   2,228,335 

Dispatch Track, LLC(2) (3)

 Software & Tech
Services		 Revolver 5.50% (L + 4.50%; 1.00% Floor)  12/17/2024   —     (3,610)   (3,020) 

Dispatch Track, LLC(1)

 Software & Tech
Services		 Term Loan 5.50% (L + 4.50%; 1.00% Floor)  12/17/2024   6,038,593   5,966,394   5,978,207 

Drilling Info Holdings, Inc.(1)

 Software & Tech
Services		 Term Loan 4.40% (L + 4.25%)  07/30/2025   3,360,865   3,350,124   3,310,452 

Portfolio Company

 Industry Facility Type 

Interest

 Maturity  Funded
Par Amount		  Cost  Fair
Value		 

Dude Solutions Holdings, Inc.(4)

 Software & Tech
Services		 Term Loan 8.50% (L + 7.50%; 1.00% Floor)  06/13/2025  $3,882,883  $3,796,420  $3,795,518 

E2open LLC(2)

 Software & Tech
Services		 Revolver 6.75% (L + 5.75%; 1.00% Floor)  11/26/2024   238,713   235,653   238,713 

E2open LLC(1)

 Software & Tech
Services		 Term Loan 6.75% (L + 5.75%; 1.00% Floor)  11/26/2024   4,895,325   4,843,685   4,895,325 

Engage2Excel, Inc.(1) (2)

 Software & Tech
Services		 Revolver 9.00% (L + 6.00%; 2.00% PIK; 1.00% Floor)  03/07/2023   259,141   255,648   244,002 

Engage2Excel, Inc.(1)

 Software & Tech
Services		 Term Loan 9.00% (L + 6.00%; 2.00% PIK; 1.00% Floor)  03/07/2023   1,030,639   1,018,322   989,413 

Engage2Excel, Inc.(1)

 Software & Tech
Services		 Term Loan 9.00% (L + 6.00%; 2.00% PIK; 1.00% Floor)  03/07/2023   2,970,378   2,940,272   2,851,562 

EnterpriseDB Corporation(2) (3)

 Software & Tech
Services		 Revolver 7.75% (L + 5.50%; 0.50% PIK; 1.75% Floor)  06/21/2024   —     (9,730)   (6,964) 

EnterpriseDB Corporation(1) (4)

 Software & Tech
Services		 Term Loan 7.75% (L + 5.50%; 0.50% PIK; 1.75% Floor)  06/21/2024   7,884,480   7,770,371   7,805,636 

EnterpriseDB Corporation(1) (4)

 Software & Tech
Services		 Term Loan 7.75% (L + 5.50%; 0.50% PIK; 1.75% Floor)  06/21/2024   4,517,886   4,430,433   4,472,707 

Exterro, Inc.(2) (3)

 Software & Tech
Services		 Revolver 6.50% (L + 5.50%; 1.00% Floor)  05/31/2024   —     (2,863)   (1,238) 

Exterro, Inc.(4)

 Software & Tech
Services		 Term Loan 6.50% (L + 5.50%; 1.00% Floor)  05/31/2024   6,584,363   6,455,464   6,551,441 

Exterro, Inc.(1)

 Software & Tech
Services		 Term Loan 6.50% (L + 5.50%; 1.00% Floor)  05/31/2024   5,809,123   5,714,227   5,780,077 

Exterro, Inc.(1)

 Software & Tech
Services		 Term Loan 6.50% (L + 5.50%; 1.00% Floor)  05/31/2024   2,793,450   2,761,205   2,779,483 

Faithlife, LLC(1) (2)

 Software & Tech
Services		 Delayed Draw Term Loan 7.00% (L + 6.00%; 1.00% Floor)  09/18/2025   1,705,713   1,649,597   1,645,019 

Faithlife, LLC(2) (3)

 Software & Tech
Services		 Revolver 7.00% (L + 6.00%; 1.00% Floor)  09/18/2025   —     (5,267)   (5,581) 

Faithlife, LLC(1)

 Software & Tech
Services		 Term Loan 7.00% (L + 6.00%; 1.00% Floor)  09/18/2025   732,515   718,688   717,865 

Finalsite Holdings, Inc.(2) (3)

 Software & Tech
Services		 Revolver 6.00% (L + 5.00%; 1.00% Floor)  09/25/2024   —     (2,778)   (4,430) 

Finalsite Holdings, Inc.(1)

 Software & Tech
Services		 Term Loan 6.00% (L + 5.00%; 1.00% Floor)  09/25/2024   3,299,280   3,260,625   3,241,542 

Genesis Acquisition Co.

 Software & Tech
Services		 Delayed Draw Term Loan 4.22% (L + 4.00%)  07/31/2024   40,193   39,949   36,877 

Genesis Acquisition Co.(4)

 Software & Tech
Services		 Revolver 4.22% (L + 4.00%)  07/31/2024   202,400   199,929   185,702 

Genesis Acquisition Co.(1)

 Software & Tech
Services		 Term Loan 4.22% (L + 4.00%)  07/31/2024   1,348,936   1,331,729   1,237,649 

GS AcquisitionCo, Inc.(4)

 Software & Tech
Services		 Delayed Draw Term Loan 6.75% (L + 5.75%; 1.00% Floor)  05/24/2024   697,073   689,765   686,617 

GS AcquisitionCo, Inc.(4)

 Software & Tech
Services		 Delayed Draw Term Loan 6.75% (L + 5.75%; 1.00% Floor)  05/24/2024   1,430,055   1,430,055   1,408,604 

GS AcquisitionCo, Inc.(1)

 Software & Tech
Services		 Fifth Supplemental Term
Loan		 6.75% (L + 5.75%; 1.00% Floor)  05/24/2024   823,023   810,749   810,677 

GS AcquisitionCo, Inc.(2) (3)

 Software & Tech
Services		 Fourth Supplemental
Delayed Draw Term Loan		 6.75% (L + 5.75%; 1.00% Floor)  05/24/2024   —     (3,717)   (3,741) 

GS AcquisitionCo, Inc.(2) (3)

 Software & Tech
Services		 Revolver 6.75% (L + 5.75%; 1.00% Floor)  05/24/2024   —     (3,559)   (5,743) 

GS AcquisitionCo, Inc.(1) (4)

 Software & Tech
Services		 Term Loan 6.75% (L + 5.75%; 1.00% Floor)  05/24/2024   3,526,700   3,493,436   3,473,799 

Kaseya Inc.(2) (3) (10)

 Software & Tech
Services		 Delayed Draw Term Loan 8.00% (L + 4.00%; 3.00% PIK; 1.00% Floor)  05/02/2025   —     (4,197)   (6,015) 

Kaseya Inc.(10)

 Software & Tech
Services		 Delayed Draw Term Loan 8.00% (L + 4.00%; 3.00% PIK; 1.00% Floor)  05/02/2025   539,265   534,498   528,480 

Kaseya Inc.(2) (10)

 Software & Tech
Services		 Revolver 7.50% (L + 6.50%; 1.00% Floor)  05/02/2025   184,235   181,464   176,716 

Kaseya Inc.(1) (4) (10)

 Software & Tech
Services		 Term Loan 8.00% (L + 4.00%; 3.00% PIK; 1.00% Floor)  05/02/2025   5,087,721   5,046,461   4,985,967 

Lexipol, LLC(1)

 Software & Tech
Services		 Delayed Draw Term Loan 6.75% (L + 5.75%; 1.00% Floor)  10/08/2025   1,382,942   1,357,778   1,357,464 

Lexipol, LLC(1)

 Software & Tech
Services		 Term Loan A 6.75% (L + 5.75%; 1.00% Floor)  10/08/2025   6,259,633   6,154,275   6,150,089 

Medbridge Holdings, LLC(1) (5)

 Software & Tech
Services		 Initial Term Loan 8.00% (L + 7.00%, 1.00% Floor)  12/23/2026   15,367,872   15,061,604   15,060,514 

Medbridge Holdings, LLC(2) (3)

 Software & Tech
Services		 Revolver 8.00% (L + 7.00%, 1.00% Floor)  12/23/2026   —     (27,413)   (27,524) 

Portfolio Company

 Industry Facility Type 

Interest

 Maturity  Funded
Par Amount		  Cost  Fair
Value		 

Ministry Brands, LLC(1)

 Software & Tech
Services		 Delayed Draw Term Loan 5.00% (L + 4.00%; 1.00% Floor)  12/02/2022  $650,993  $649,558  $636,346 

Ministry Brands, LLC(1)

 Software & Tech
Services		 Term Loan 5.00% (L + 4.00%; 1.00% Floor)  12/02/2022   3,112,742   3,105,923   3,042,705 

Netwrix Corporation And Concept Searching Inc.(2) (3)

 Software & Tech
Services		 Delayed Draw Term Loan 7.25% (L + 6.25%; 1.00% Floor)  09/30/2026   —     (19,215)   (23,794) 

Netwrix Corporation And Concept Searching Inc.

 Software & Tech
Services		 First Amendment First
Out Term Loan		 4.50% (L + 3.50%; 1.00% Floor)  09/30/2026   2,807,645   2,769,039   2,769,039 

Netwrix Corporation And Concept Searching Inc.

 Software & Tech
Services		 First Amendment Last
Out Term Loan		 9.08% (L + 8.08%; 1.00% Floor)  09/30/2026   7,175,092   7,014,042   7,014,042 

Netwrix Corporation And Concept Searching Inc.(1)

 Software & Tech
Services		 Last Out Term Loan 10.00% (L + 9.00%; 1.00% Floor)  09/30/2026   1,665,510   1,622,670   1,625,954 

Netwrix Corporation And Concept Searching Inc.

 Software & Tech
Services		 Primary Delayed Draw
Term Loan		 7.25% (L + 6.25%; 1.00% Floor)  09/30/2026   500,905   491,298   489,009 

Netwrix Corporation And Concept Searching Inc.(2) (3)

 Software & Tech
Services		 Revolver 7.25% (L + 6.25%; 1.00% Floor)  09/30/2026   —     (4,284)   (3,956) 

PerimeterX, Inc.(2) (3)

 Software & Tech
Services		 Delayed Draw Term Loan 5.00% (L + 4.00%; 1.00% Floor)  11/22/2024   —     (6,883)   (6,989) 

PerimeterX, Inc.(2) (3)

 Software & Tech
Services		 Revolver 5.00% (L + 4.00%; 1.00% Floor)  11/22/2024   —     (2,737)   (2,795) 

PerimeterX, Inc.(4)

 Software & Tech
Services		 Term Loan 5.00% (L + 4.00%; 1.00% Floor)  11/22/2024   2,798,825   2,771,229   2,770,837 

Purchasing Power, LLC(1)

 Software & Tech
Services		 Term Loan 8.25% (L + 7.25%; 1.00% Floor)  02/06/2024   2,624,201   2,592,378   2,571,717 

Real Capital Analytics, Inc.(2) (3)

 Software & Tech
Services		 Revolver 6.00% (L + 5.00%, 1.00% Floor)  10/02/2024   —     (2,683)   —   

Real Capital Analytics, Inc.(1) (4)

 Software & Tech
Services		 Term Loan 6.00% (L + 5.00%; 1.00% Floor)  10/02/2024   3,019,297   3,007,315   3,019,297 

Real Capital Analytics, Inc.(1)

 Software & Tech
Services		 Term Loan 6.00% (L + 5.00%, 1.00% Floor)  10/02/2024   4,863,178   4,844,190   4,863,178 

Rep Tec Intermediate Holdings, Inc.(2) (3)

 Software & Tech
Services		 Delayed Draw Term Loan 7.50% (L + 6.50%; 1.00% Floor)  06/19/2025   —     (23,772)   —   

Rep Tec Intermediate Holdings, Inc.(2) (3)

 Software & Tech
Services		 Revolver 7.50% (L + 6.50%; 1.00% Floor)  06/19/2025   —     (7,924)   —   

Rep Tec Intermediate Holdings, Inc.(4)

 Software & Tech
Services		 Term Loan 7.50% (L + 6.50%; 1.00% Floor)  06/19/2025   4,164,398   4,089,771   4,164,398 

SecureLink, Inc(1)

 Software & Tech
Services		 Initial Term Loan 6.50% (L + 5.50%; 1.00% Floor)  10/01/2025   4,922,655   4,852,007   4,848,815 

SecureLink, Inc(2) (3)

 Software & Tech
Services		 Revolver 6.50% (L + 5.50%; 1.00% Floor)  10/01/2025   —     (6,262)   (6,593) 

Sirsi Corporation(2) (3)

 Software & Tech
Services		 Revolver 5.75% (L + 4.75%; 1.00% Floor)  03/15/2024   —     (5,503)   (6,921) 

Sirsi Corporation(1)

 Software & Tech
Services		 Term Loan 5.75% (L + 4.75%; 1.00% Floor)  03/15/2024   8,449,581   8,361,442   8,343,961 

Smartlinx Solutions, LLC(2) (3)

 Software & Tech
Services		 Revolver 7.00% (L + 6.00%; 1.00% Floor)  03/04/2026   —     (4,498)   (9,974) 

Smartlinx Solutions, LLC(1) (4)

 Software & Tech
Services		 Term Loan 7.00% (L + 6.00%; 1.00% Floor)  03/04/2026   5,735,912   5,635,853   5,625,782 

Streamsets, Inc.(2) (3)

 Software & Tech
Services		 Revolver 6.75% (L + 5.00%; 0.75% PIK; 1.00% Floor)  11/25/2024   —     (9,115)   (9,737) 

Streamsets, Inc.(4)

 Software & Tech
Services		 Term Loan 6.75% (L + 5.00%; 0.75% PIK; 1.00% Floor)  11/25/2024   2,103,146   2,048,309   2,044,721 

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

 Software & Tech
Services		 Revolver 7.50% (L + 6.50%; 1.00% Floor)  07/31/2024   —     (3,326)   —   

SugarCRM, Inc.(1) (4)

 Software & Tech
Services		 Term Loan 7.50% (L + 6.50%; 1.00% Floor)  07/31/2024   4,268,824   4,215,403   4,268,824 

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

 Software & Tech
Services		 Revolver 7.50% (L + 6.50%; 1.00% Floor)  06/13/2023   —     (2,232)   (7,887) 

Swiftpage, Inc.(4)

 Software & Tech
Services		 Term Loan 7.50% (L + 6.50%; 1.00% Floor)  06/13/2023   2,471,441   2,445,531   2,384,940 

Swiftpage, Inc.(4)

 Software & Tech
Services		 Term Loan A 7.50% (L + 6.50%; 1.00% Floor)  06/13/2023   227,475   224,713   219,514 

Sysnet North America, Inc(2) (3)

 Software & Tech
Services		 Delayed Draw Term Loan
B1		 6.50% (L + 5.50%; 1.00% Floor)  12/01/2026   —     (28,973)   (57,946) 

Portfolio Company

 Industry Facility Type 

Interest

 Maturity  Funded
Par Amount		  Cost  Fair Value 

Sysnet North America, Inc(1) (4)

 Software & Tech Services Term Loan 6.50% (L + 5.50%; 1.00% Floor)  12/01/2026  $5,150,792  $5,073,530  $5,073,530 

Telesoft Holdings, LLC(2) (3)

 Software & Tech Services Revolver 6.75% (L + 5.75%, 1.00% Floor)  12/16/2025   —     (11,150)   (13,429) 

Telesoft Holdings, LLC(4)

 Software & Tech Services Term Loan 6.75% (L + 5.75%, 1.00% Floor)  12/16/2025   5,923,900   5,811,092   5,790,612 

TRGRP, Inc.(2) (3)

 Software & Tech Services Revolver 8.00% (L + 4.50%; 2.50% PIK; 1.00% Floor)  11/01/2023   —     (3,789)   (6,666) 

TRGRP, Inc.(1)

 Software & Tech Services Term Loan 8.00% (L + 4.50%; 2.50% PIK; 1.00% Floor)  11/01/2023   1,093,574   1,079,177   1,071,703 

TRGRP, Inc.(1) (4)

 Software & Tech Services Term Loan 8.00% (L + 4.50%; 2.50% PIK; 1.00% Floor)  11/01/2023   4,894,320   4,836,011   4,796,433 

Velocity Purchaser Corporation(2) (3)

 Software & Tech Services Revolver 7.00% (L + 6.00%; 1.00% Floor)  12/01/2022   —     (1,518)   —   

Velocity Purchaser Corporation(1)

 Software & Tech Services Term Loan 7.00% (L + 6.00%; 1.00% Floor)  12/01/2022   660,247   653,553   660,247 

Velocity Purchaser Corporation(1)

 Software & Tech Services Term Loan 7.00% (L + 6.00%; 1.00% Floor)  12/01/2022   2,655,701   2,633,903   2,655,701 

Velocity Purchaser Corporation(1)

 Software & Tech Services Third Amendment Term Loan 7.00% (L + 6.00%; 1.00% Floor)  12/01/2022   5,167,773   5,066,540   5,167,773 

Watermark Insights, LLC(1)

 Software & Tech Services Delayed Draw Term Loan 5.00% (L + 4.00%; 1.00% Floor)  06/07/2024   324,557   323,118   317,255 

Watermark Insights, LLC(1)

 Software & Tech Services Term Loan 5.00% (L + 4.00%; 1.00% Floor)  06/07/2024   2,586,180   2,570,238   2,527,991 

Dillon Logistics, Inc.(2)

 Transport & Logistics Revolver 8.00% (L + 7.00%; 1.00% Floor)  12/11/2023   191,523   187,627   (28,059) 

Dillon Logistics, Inc.

 Transport & Logistics Term Loan A 8.00% (L + 7.00%; 1.00% Floor)  12/11/2023   2,797,528   2,681,107   1,286,863 

Dillon Logistics, Inc.

 Transport & Logistics Term Loan B 8.00% (L + 7.00%; 1.00% Floor)  12/11/2023   822,784   776,708   378,481 

OSG Bulk Ships,
Inc.(1)

 Transport & Logistics Term Loan 5.16% (L + 5.00%)  12/21/2023   5,169,932   5,129,012   5,066,533 
      

 

 

  

 

 

 

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

    506,794,869   499,889,111 

2nd Lien/Junior Secured Debt —5.13%

 

Brave Parent Holdings, Inc.(1)

 Energy Term Loan 7.65% (L + 7.50%)  04/17/2026   1,230,107   1,208,583   1,202,429 

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

 Financials 2nd Lien Delayed Draw Term
Loan		 9.50% (L + 8.50%; 1.00% Floor)  11/10/2024   —     (15,711)   (14,140) 

Foundation Risk Partners, Corp.(1)

 Financials 2nd Lien Term Loan 9.50% (L + 8.50%; 1.00% Floor)  11/10/2024   837,931   816,996   819,077 

Conterra Ultra Broadband Holdings, Inc.(1)

 Software & Tech Services Term Loan 9.00% (L + 8.00%; 1.00% Floor)  04/30/2027   6,537,710   6,454,358   6,537,710 

Symplr Software,
Inc.(1)

 Software & Tech Services 2nd Lien Term Loan 8.625% (L + 7.875%; 0.75% Floor)  12/22/2028   2,909,482   2,851,443   2,851,293 
      

 

 

  

 

 

 

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

    11,315,669   11,396,369 
      

 

 

  

 

 

 

Total U.S. Corporate Debt

    518,110,538   511,285,480 

Canadian Corporate Debt —2.64%

 

1st Lien/Senior Secured Debt —2.64%

 

McNairn Holdings Ltd.(1) (4) (11) (12)

 Business Services Term Loan 6.00% (L + 5.00%; 1.00% Floor)  11/25/2025   839,851   832,752   831,453 

Banneker V Acquisition,
Inc.(2) (3) (11)

 Software & Tech Services Delayed Draw Term Loan 7.00% (L + 6.00%; 1.00% Floor)  12/04/2025   —     (20,464)   (20,744) 

Banneker V Acquisition,
Inc.(2) (3) (11)

 Software & Tech Services Revolver 7.00% (L + 6.00%; 1.00% Floor)  12/04/2025   —     (5,117)   (5,186) 

Banneker V Acquisition, Inc.(4) (11)

 Software & Tech Services Term Loan 7.00% (L + 6.00%; 1.00% Floor)  12/04/2025   5,173,025   5,070,718   5,069,565 
      

 

 

  

 

 

 

Total Canadian 1st Lien/Senior Secured Debt

    5,877,889   5,875,088 
      

 

 

  

 

 

 

Total Canadian Corporate Debt

    5,877,889   5,875,088 

United Kingdom Corporate Debt —2.44%

 

1st Lien/Senior Secured Debt —2.44%

 

GlobalWebIndex
Inc.(2) (3)

 Software & Tech Services Delayed Draw Term Loan 7.00% (L + 6.00%; 1.00% Floor)  12/30/2024   —     (36,837)   (36,837) 

GlobalWebIndex
Inc.(4)

 Software & Tech Services Term Loan 7.00% (L + 6.00%; 1.00% Floor)  12/30/2024   5,525,580   5,470,324   5,470,324 
      

 

 

  

 

 

 
       

Total United Kingdom 1st Lien/Senior Secured Debt

    5,433,487   5,433,487 
      

 

 

  

 

 

 

Total United Kingdom Corporate Debt

     5,433,487   5,433,487 

Portfolio Company

  Industry             Shares  Cost  Fair Value 

U.S. Preferred Stock —3.37%

 

Global Radar Holdings, LLC(13) (14)

  Business Services        125  $367,615  $367,618 

Concerto, LLC(13) (15)

  Healthcare & HCIT        65,614   349,977   349,977 

SBS Ultimate Holdings, LP(13)

  Healthcare & HCIT        217,710   861,879   620,472 

Datarobot, Inc.(13)

  Software & Tech Services        38,190   289,278   501,892 

Datarobot, Inc.(13)

  Software & Tech Services        6,715   88,248   88,248 

Degreed, Inc.(13)

  Software & Tech Services        43,819   278,541   438,190 

Heap(13)

  Software & Tech Services        189,617   696,351   696,351 

Netskope, Inc.(13)

  Software & Tech Services        36,144   302,536   302,536 

PerimeterX, Inc.(13)

  Software & Tech Services        282,034   838,601   838,601 

Phenom People, Inc.(13)

  Software & Tech Services        35,055   220,610   220,612 

Protoscale Rubrik(13)

  Software & Tech Services        25,397   598,212   598,201 

Punchh(13)

  Software & Tech Services        24,262   275,337   275,337 

Samsara Networks, Inc.(13)

  Software & Tech Services        33,451   369,998   369,998 

Streamsets, Inc.(13)

  Software & Tech Services        109,518   295,512   295,512 

Symplr Software Intermediate Holdings, Inc.(13)

  Software & Tech Services        1,196   1,160,532   1,532,404 
          

 

 

  

 

 

 

Total U.S. Preferred Stock

         6,993,227   7,495,949 

U.S. Common Stock - 1.20%

 

Neutral Connect, LLC(13) (16)

  Digital Infrastructure &
Services		        396,513   439,931   406,704 

Leeds FEG Investors, LLC(13)

  Education        320   321,309   341,595 

Nine Point Energy, LLC(13)

  Energy        3,567,059   —     —   

Health Platforms Group(13)

  Healthcare & HCIT        16,502   —     —   

Healthcare Services Acquisition(11) (13)

  Healthcare & HCIT        15,183   46   46 

Healthcare Services Acquisition(11) (13) (17)

  Healthcare & HCIT        28,158   281,580   287,775 

INH Group Holdings(13)

  Healthcare & HCIT        484,552   484,552   760,746 

Aggregator, LLC(13)

  Software & Tech Services        417,813   417,813   735,350 

American Safety Holdings Corp.(13) (18)

  Software & Tech Services        130,824   130,824   130,824 
          

 

 

  

 

 

 

Total U.S. Common Stock

         2,076,055   2,663,040 

U.S. Warrants —0.13%

 

Fuze, Inc., expire 09/20/2029(13)

  Digital Infrastructure &
Services		        196,328   615,168   11,505 

Healthcare Services Acquisition, expire
12/31/2027(11) (13)

  Healthcare & HCIT        14,079   —     —   

Healthcare Services Acquisition, expire
12/31/2027(11) (13)

  Healthcare & HCIT        23,721   23,721   23,721 

SBS Ultimate Holdings, LP, expire
09/18/2030(13)

  Healthcare & HCIT        17,419   —     —   

Alphasense, LLC, expire 05/29/2027(11) (13)

  Software & Tech Services        38,346   35,185   134,593 

Degreed, Inc., expire 05/31/2026(13)

  Software & Tech Services        26,294   46,823   95,800 

Streamsets, Inc., expire 11/25/2027(13)

  Software & Tech Services        23,382   16,367   16,367 
          

 

 

  

 

 

 

Total U.S. Warrants

         737,264   281,986 

Portfolio Company

  

Industry

            Shares  Cost  Fair
Value		 

United Kingdom Warrants —0.00%

 

GlobalWebIndex, Inc., expire 12/30/2027(13)

  Software & Tech Services       8,832  $—    $—   
         

 

 

  

 

 

 

Total United Kingdom Warrants

 

      —     —   

TOTAL INVESTMENTS—239.72%(19)

 

     $539,228,460  $533,035,030 
         

 

 

  

 

 

 

Cash Equivalents — 3.16%

 

U.S. Investment Companies —3.16%

 

Blackrock T Fund I(17) (20)

  Money Market Portfolio   0.01%(21)      7,022,133  $7,022,133  $7,022,133 
         

 

 

  

 

 

 

Total U.S. Investment Companies

 

      7,022,133   7,022,133 
         

 

 

  

 

 

 

Total Cash Equivalents

 

      7,022,133   7,022,133 
         

 

 

  

 

 

 

LIABILITIES IN EXCESS OF OTHER ASSETS —(142.87%)

 

      $(317,696,890) 
          

 

 

 

NET ASSETS—100.00%

 

      $222,360,273 
          

 

 

 

+

As of December 31, 2020, qualifying assets represented 96.99% of total assets. Under the 1940 Act we may not acquire any non-qualifying assets unless, at the time the acquisition is made, qualifying assets represent at least 70% of our total assets.

*

Unless otherwise indicated, all securities are valued using significant unobservable inputs, which are categorized as Level 3 assets under the definition of Financial Accounting Standards Board’s Accounting Standards Codification 820 fair value hierarchy.

#

Percentages are based on net assets.

^

Generally, the interest rate on floating interest rate investments is at benchmark rate plus spread. The borrower has an option to choose the benchmark rate, such as the London Interbank Offered Rate (“LIBOR”) or the U.S. Prime rate. The spread may change based on the type of rate used. The terms in the Consolidated Schedule of Investments disclose the actual interest rate in effect as of the reporting period. LIBOR loans are typically indexed to 30-day, 60-day, 90-day or 180-day LIBOR rates (1M L, 2M L, 3M L or 6M L, respectively) at the borrower’s option. LIBOR loans may be subject to interest floors. As of December 31, 2020, rates for weekly 1M L, 2M L, 3M L and 6M L are 0.15%, 0.19%, 0.23% and 0.26%, respectively. As of December 31, 2020, the U.S. Prime rate was 3.25%.

(1)

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

(2)

Position or portion thereof is an unfunded loan commitment, and no interest is being earned on the unfunded portion. The unfunded loan commitment may be subject to a commitment termination date that may expire prior to the maturity date stated. See Note 6 “Commitments and Contingencies”.

(3)

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.

(4)

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

(5)

Portion of security pledged as collateral for Secured Borrowings of the Fund.

(6)

CutisPharma, Inc. has been renamed to Azurity Pharmaceuticals, Inc. in 2020.

(7)

$304,934 of the funded par amount accrues interest at 10.50% (P + 2.00%; 5.25% PIK; 1.00% Floor).

(8)

$128,492 of the funded par amount accrues interest at 9.25% (L + 3.00%; 5.25% PIK; 1.00% Floor).

(9)

$233,055 of the funded par amount accrues interest at 7.50% (P + 4.25%; 1.00% Floor).

(10)

Rhode Holdings, Inc. has been renamed to Kaseya Inc. in 2020.

(11)

Positions considered non-qualified assets therefore excluded from the qualifying assets calculation as noted in footnote + above.

(12)

JHMCRN Holdings, Inc. has been renamed to McNairn Holdings Ltd. in 2020.

(13)

Non-income producing investment.

(14)

Position or portion thereof is held by Global Radar Acquisition Holdings, LLC which is held by ABPCIC Global Radar LLC

(15)

Concerto, LLC is held through ABPCIC Concerto Holdings LLC.

(16)

Neutral Connect, LLC is held through ABPCIC NC Holdings LLC.

(17)

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

(18)

Position or portion thereof is held by REP Coinvest II Tec, LP which is held by ABPCIC Equity Holdings, LLC.

(19)

Aggregate gross unrealized appreciation for federal income tax purposes is $6,674,968; aggregate gross unrealized depreciation for federal income tax purposes is $13,046,945. Net unrealized depreciation is $6,371,977 based upon a tax cost basis of $539,407,008.

(20)

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

(21)

The rate shown is the annualized seven-day yield as of December 31, 2020.

L-LIBOR
P-Prime
PIK-Payment-In-Kind

AB Private Credit Investors Corporation

Notes to Unaudited Consolidated Financial Statements

March 31, 2021

1. Organization

AB Private Credit Investors Corporation (the “Fund”“Fund,” “we,” “our,” and “us”), an externally managed,non-diversified, closed-end,non-diversified management investment company that iselected 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”).

Prior to 2017, there were no significant operations other than the sale and issuance of 100 shares of common stock of the Fund, par value $0.01 (“Shares”), on June 27, 2016, at an aggregate purchase price of $1,000 ($10.00 per Share) to the Adviser. The sale of Shares was approved by the unanimous consent of the Fund’s Board of Directors (the “Board”). In addition, prior to commencing operations in 2017, on May 26, 2017, the Fund issued and sold an additional 2,400 Shares at an aggregate purchase price of $24,000 ($10.00 per Share) to the Adviser. That sale was also approved by the unanimous consent of the Fund’s Board.

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 of the Fund’s common stockShares pursuant to a subscription agreement entered into with the Fund. Investors will be required to fund drawdowns to purchase shares of the Fund’s common stockShares up to the amount of their respective Capital Commitment on anas-needed basis each time the Fund delivers a capital draw-down notice to its investors. The Fund anticipates commencing its loan origination and investment activities contemporaneously with the initial drawdown from investors in the initial Private Offering.

As of September 30, 2017, no significant operations other than the sale and issuance of (i) 100 shares of common stock, par value $0.01, on June 27, 2016, at an aggregate purchase price of $1,000 ($10.00 per share) and (ii) 2,400 shares of common stock, par value $0.01, on May 26, 2017 to AB Private Credit Investors LLC, the Fund’s external investment adviser (the “Adviser”) have occurred. The sale of common shares was approved by the unanimous consent of the Fund’s board of directors on both occasions.

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 the Fund’s common shares. Under the terms of the Subscription Agreements, investors are required to fund drawdowns to purchase the Fund’s common shares up to the amount of their respective Capital Commitments on anas-needed basis upon the issuance of a capital drawn-down notice.Shares. At September 30, 2017March 31, 2021, the Fund had total Capital Commitments of $70,928,060,$456,870,158, of which 100%44% is unfunded. Capital Commitments may be drawn down by the Fund on a pro rata basis, as needed (includingfollow-on investments), for paying the Fund’s expenses, including fees under the Amended and Restated Advisory Agreement (as defined below), and/or maintaining a reserve account for the payment of future expenses or liabilities.

There were no operating activities from February 6, 2015 to November 15, 2017. As of September 30, 2017,described above, the Fund had notcompleted its Initial Closing on September 29, 2017, and commenced significant operational or investment activities.

operations on November 15, 2017 by issuing its first Capital Call (as defined below) on December 1, 2017. The Fund’s fiscal year ends on December 31.

On December 19, 2018, the Adviser established ABPCIC Funding I LLC (“ABPCIC Funding”), a Delaware limited liability company. ABPCIC Funding is 100% owned by the Fund and is consolidated in the Fund’s consolidated financial statements commencing from the date of its formation.

On June 14, 2019, the Adviser established ABPCI Direct Lending Fund CLO VI Ltd (“CLO VI”), an exempted company incorporated with limited liability under the laws of the Cayman Islands. CLO VI is 100% owned by the Fund and is consolidated in the Fund’s consolidated financial statements.

On August 9, 2019, ABPCIC Funding and CLO VI entered into a merger agreement, pursuant to which ABPCIC Funding has agreed to merge with and into CLO VI, with CLO VI as the surviving entity. CLO VI issued Class B, Class C and Subordinated Notes to the Fund through AB PCI Direct Lending Fund CLO VI Depositor LLC, a wholly-owned subsidiary of the Fund established on August 9, 2019.

On September 25, 2019, the Fund established ABPCIC NC Holdings LLC (“ABPCIC NC”), through which the Fund made an investment. ABPCIC NC is 100% owned by the Fund and is consolidated in the Fund’s consolidated financial statements commencing from the date of its formation.

On December 17, 2019, the Fund established ABPCIC Concerto Holdings LLC (“ABPCIC Concerto”), through which the Fund made an investment. ABPCIC Concerto is 100% owned by the Fund and is consolidated in the Fund’s consolidated financial statements commencing from the date of its formation.

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

On July 30, 2020, the Adviser established ABPCIC Funding II LLC (“ABPCIC Funding II”), a Delaware limited liability company. ABPCIC Funding II is 100% owned by the Fund and is consolidated in the Fund’s consolidated financial statements commencing from the date of its formation.

On December 28, 2020, the Adviser established ABPCIC Global Radar, LLC (“ABPCIC Global Radar”), through which the Fund made an investment. ABPCIC Global Radar is 100% owned by the Fund and is consolidated in the Fund’s consolidated financial statements commencing from the date of its formation.

On February 11, 2021, the Adviser established ABPCIC Funding III LLC (“ABPCIC Funding III”), a Delaware limited liability company. ABPCIC Funding III is 100% owned by the Fund and is consolidated in the Fund’s consolidated financial statements commencing from the date of its formation.

2. Significant Accounting Policies

The Fund is an investment company under accounting principles generally accepted in the United States of America (“U.S. GAAP”) and follows the accounting and reporting guidance applicable to investment companies in the Financial Accounting Standards Board (“FASB”) ASCAccounting Standards Codification (“ASC”) 946,Financial Services – Investment Companies. ActualThe 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 financial position and results could differ from those estimates.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 conformity with U.S. GAAP, which requiresthat currency.

Consolidation

The Fund will generally consolidate any wholly or substantially owned subsidiary when the usedesign and purpose of estimatesthe subsidiary is to act as an extension of the Fund’s investment operations and assumptions that affectto facilitate the reported amountsexecution of the Fund’s investment strategy. Accordingly, the Fund consolidated the results of its subsidiaries (ABPCIC Funding, CLO VI, ABPCIC NC, ABPCIC Concerto, ABPCICE, ABPCIC Funding II, ABPCIC Funding III and disclosuresABPCIC Global Radar) in theits consolidated financial statements. ActualThe 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.

Reclassifications

Certain prior period amounts have been reclassified to conform to the current presentation, with no significant effect on our financial condition, results of operations or cash flows.

Cash and results could differ from these estimates, and such differences could be material.Cash Equivalents

The following is a summary of significant accounting policies followed by the Fund.

Cash consists of demand deposits.deposits and money market accounts. Cash is carried at cost, which approximates fair value. 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, 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 intendsmay earn various fees during the life of the loans. Such fees include, but are not limited to, electsyndication, 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.

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. Nonaccrual 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, 2021, the Fund had certain investments held in one portfolio company on non-accrual status, which represented 0.31% and 0.67% of the total investments (excluding investments in cash equivalents, if any) at amortized cost and at fair value. As of December 31, 2020, the Fund had no investments on non-accrual status.

Credit Facility Related Costs, Expenses and Deferred Financing Costs

The Revolving Credit Facilities (as defined in Note 4) are recorded at carrying value, which approximates fair value. Interest expense and unused commitment fees on the Revolving Credit Facilities are recorded on an accrual basis. Unused commitment fees are included in interest and borrowing expenses in the consolidated statements of operations. Deferred financing costs include capitalized expenses related to the closing of the Revolving Credit Facilities. Amortization of deferred financing costs is computed on the straight-line basis over the contractual term. The amortization of such costs is included in interest and borrowing expenses in the consolidated statements of operations, with any unamortized amounts included in deferred financing costs on the consolidated statements of assets and liabilities.

Notes Payable Related Costs, Expenses and Unamortized Debt Issuance Costs

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

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

Secured Borrowings

The Fund may finance the purchase of certain investments through sale/buy-back agreements. In a sale/buy-back agreement, the Fund enters into a trade to sell an investment and contemporaneously enters into a trade to buy the same investment back on a specified date in the future with the same counterparty. The Fund uses sale/buy-back agreements as a short-term financing alternative

to its existing Revolving Credit Facilities. The Fund accounts for its sale/buy-back agreements (the “Secured Borrowings”) as secured borrowings and continues to present the investment as an asset and the obligation to return the cash received as a liability within secured borrowings on the consolidated statements of assets and liabilities. Interest income earned on investments pledged under sale/buy-back agreements and financing charges associated with the sale/buy-back agreements are included within interest income and interest and borrowing expenses, respectively, on the consolidated statements of operations. Accrued interest receivable on investments and accrued financing charges on the sale/buy-back agreements are included within interest receivable and interest and borrowing expenses payable, respectively, on the consolidated statements of assets and liabilities.

Income Taxes

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

The Fund has elected to be treated and intends to continue to be treated for federal income tax purposes as a regulated investment company (“RIC”) under Subchapter M of the Internal Revenue Code of 1986, as amended.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 Form1120-RIC, as definedprovided by the Internal Revenue 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. For the three months ended March 31, 2021 and March 31, 2020, the Fund accrued excise taxes of $0 and $0, respectively. As of March 31, 2021, and December 31, 2020, $0 and $0, respectively, of accrued excise taxes remained payable.

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

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

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

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

Recent Accounting Pronouncements

In the normal course of business, the Fund enters into general business contracts that contain a variety of representations and warranties and which may provide for indemnification. The Fund’s maximum exposure under these arrangements is unknown. However, the Fund expects the risk of material loss to be remote and no amounts have been recorded in the financial statement for such arrangements.

In November 2016,March 2020, the FASB issued ASUAccounting Standards Update 2016-18,2020-04,Statement of Cash Flows Reference Rate Reform (Topic 230)848): Restricted Cash (a ConsensusFacilitation of the Emerging Issues Task Force)(“Effects of Reference Rate Reform on Financial Reporting (“ASU2016-18”2020-04”),. which requires thatThis update provides optional expedients and exceptions for applying GAAP to contract modifications, hedging relationships, and other transactions affected by reference rate reform, if certain criteria are met. The amendments in this update are optional and effective from March 12, 2020 through December 31, 2022. Management is currently evaluating whether to employ the statement of cash flows explainoptional expedients or exceptions in ASU 2020-04, and have not used the change duringexpedients or exceptions for the period in the total of cash, cash equivalents, and amounts generally describes as restricted cash or restricted cash equivalents. ASU2016-18 is effective for annual reporting periods beginning after December 15, 2017, including interim periods within those fiscal years, with early adoption permitted.

Management does not believe this accounting standard, which is not yet effective, if currently adopted, would have a material effect on the accompanying financial statements. The Adviser is assessing the impact this accounting standard will have once the Fund commences investment activities.three months ended March 31, 2021.

3. Agreements and Related Party Transactions

Advisory Agreement

On July 5, 2017,November 13, 2019, the Fund’s board of directors approvedFund entered into the investmentAmended 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 will beis 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 will beis 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. The base management fee for any partial month or quarter will beis appropriately prorated. For the three months ended March 31, 2021, the Fund incurred a management fee of $2,069,181, of which $183,001 was voluntarily waived by the Adviser. For the three months ended March 31, 2020, the Fund incurred a management fee of $1,352,351, of which $1,227,046 was voluntarily waived by the Adviser. As of March 31, 2021, and December 31, 2020, $3,419,518 and $1,533,338, respectively, of accrued management fee remained payable.

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

Income-Based Incentive Fee: The income-based incentive fee is calculated and payable quarterly in arrears based on the Fund’s net investment income prior to any deductions with respect to such income-based incentive fees and capital gains incentive fees(“Pre-incentive Fee Net Investment Income” or “PIFNII”) for the quarter, as further described below.Pre-incentive fee net investment income 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”) we have entered into with State Street Bank and Trust Company (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 accrued under U.S. GAAP).Pre-incentive fee net investment income PIFNII also includes, in the case of investments with a deferred interest feature (such as original issue discount, debt instruments with pay in kindpay-in-kind interest and zero couponzero-coupon securities), accrued income that the Fund has not yet received in cash. The Adviser is not under any obligation to reimburse the Fund for any part of the income-based incentive fees it received that was based on accrued interest that the Fund never actually received.

Pre-incentive Fee Net Investment Income

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 receivesPre-incentive Fee Net Investment Income 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.

Pre-incentive Fee Net Investment Income,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) atas of the endfirst day of each month during the course of the immediately preceding fiscalcalendar quarter, will be compared to various “hurdle rates,” with the income-based incentive fee rate of return increasing at each hurdle rate.

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Description of Quarterly Incentive Fee Calculations

We payThe Fund pays the Adviser an income-based incentive fee with respect toPre-incentive Fee Net Investment Income PIFNII in each calendar quarter as follows:

 

No income-based incentive fee in any calendar quarter in whichPre-incentive Fee Net Investment Income PIFNII does not exceed 1.5% per quarter (approximately 6%(6% per annum), the “6% Hurdle Rate”;

 

100% ofPre-incentive Fee Net Investment Income PIFNII with respect to that portion of suchPre-incentive Fee Net Investment Income, 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 ofPre-incentive Fee Net Investment Income 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 thePre-incentive Fee Net Investment Income 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 ofPre-incentive Fee Net Investment Income, 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 thePre-incentive Fee Net Investment Income PIFNII until the amount ofPre-incentive Fee Net Investment Income PIFNII exceeds 1.94%, approximately 7.78% per annum; and

100% ofPre-incentive Fee Net Investment Income PIFNII with respect to that portion of suchPre-incentive Fee Net Investment Income, 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 ofPre-incentive Fee Net Investment Income 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 thePre-incentive Fee Net Investment Income 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 ofPre-incentive Fee Net Investment Income, 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 thePre-incentive Fee Net Investment Income PIFNII until the amount ofPre-incentive Fee Net Investment Income PIFNII exceeds 2.06%2.35%, approximately 9.41% per annum; and

 

100% ofPre-incentive Fee Net Investment Income PIFNII with respect to that portion of suchPre-incentive Fee Net Investment Income, 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 ofPre-incentive Fee Net Investment Income 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 thePre-incentive Fee Net Investment Income 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 ofPre-incentive Fee Net Investment Income, PIFNII, if any, that exceeds 2.50% in any calendar quarter.

For the three months ended March 31, 2021, the Fund incurred income-based incentive fees of $641,062. For the three months ended March 31, 2020, the Fund incurred income-based incentive fees of $769,023, of which $486,784 was voluntarily waived by the Adviser. As of March 31, 2021 and December 31, 2020, $2,994,136, and $2,353,074, respectively, of accrued income-based incentive fees remained payable.

Capital Gains Incentive Fee: The capital gains incentive fee is determined and payable at the end of each fiscal year as 17.5%20% of aggregate cumulative realized capital gains from the date of the Fund’s election to be regulated as a BDC through the end of that year, computed net of all aggregate cumulative realized capital losses and aggregate cumulative unrealized depreciation through the end of such year, less the aggregate amount of any previously paid capital gain incentive fees. For the foregoing purpose, “aggregate cumulative realized capital gains” will not include any unrealized appreciation. It should be noted, however, that the Fund will accrue an incentive fee for accounting purposes taking into account any unrealized appreciation in accordance with U.S. GAAP. For accounting purposes only, in orderwe are required under GAAP to reflect the theoretical capital gains incentive fee that would be payable foraccrue a given period as if all unrealized gains were realized, the Fund will accrue ahypothetical capital gains incentive fee based upon net realized gains and unrealized depreciation for that calendar year (in accordance with the terms of the Amended and Restated Advisory Agreement), plus unrealized appreciation on investments held at the end of the period. The accrual of this hypothetical capital gains incentive fee assumes all unrealized capital gain and loss is realized in order to reflect a hypothetical capital gains incentive fee that would be payable to the Adviser at each measurement date.

The capital gains incentive fee is not subject to any minimum return to stockholders. If such amount is negative, then no capital gains incentive fee will be payable for such year. Additionally, if the Amended and Restated Advisory Agreement is terminated as of a date that is not a calendar year end, the termination date will be treated as though it were a calendar year end for purposes of calculating and paying the capital gains incentive fee.

Since inception, no capital gains incentive fees have been incurred or are payable as of March 31, 2021 and December 31, 2020.

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

The Fund will defer cash payment of any income-based incentive fee and/or any capital gains incentive fee otherwise earned by the Adviser if during the most recent four full fiscal quarter periodperiods ending on or prior to the date such payment is to be made, the sum of (a) thepre-incentive fee net investment income, 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 Amended and Restated Advisory Agreement.

Administration Agreement and Expense Reimbursement Agreement

We have 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 our 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 us with clerical, bookkeeping, recordkeeping and other administrative services. We will reimburse the Adviser an amount equal to our allocable portion (subject to the review of our Board) of its overhead resulting from its obligations under the Expense Reimbursement Agreement, including the allocable portion of the cost of our 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 in the Expense Support and Conditional Reimbursement Agreement,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 AdvisorAdviser 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 shareholderstockholder 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. The calculation of average net assets will be consistent with such periodic calculations of average net assets in the Fund’s financial statements.

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 a365- day year) of regular cash distributions per shareShare exclusive of returns of capital, distribution rate reductions due to distribution and shareholder 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 Advisory Agreement, or (b) the board of directors of the Fund makes 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 September 30, 2017, the amount of Expense Payments provided by the Adviser since inception is $1,002,147. Management believes that a Reimbursement Payment by the Fund to the Adviser were not probable under the terms of the Expense Support Agreement as of September 30, 2017. The following table reflects the Expense Payments that may be subject to reimbursement pursuant to the Expense Agreement:

For the Quarter Ended

  Amount of
Expense
Support		   Effective Rate
of Distribution
per Share(1)		   Reimbursement
Eligibility
Expiration		   Percentage
limit(2)		 

September 30, 2017

  $1,002,147    n/a    September 30, 2020    0.00% 
  

 

 

       

Total

  $1,002,147       
  

 

 

       

(1)The effective rate of distribution per share is expressed as a percentage equal to the projected annualized distribution amount as of the end of the applicable period (which is calculated by annualizing the regular weekly cash distributions per share as of such date without compounding), divided by the Fund’s gross offering price per share as of such date.
(2)Represents 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.

Transfer Agency Agreement

On September 26, 2017, the Fund and AllianceBernstein 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.

4. Organizational and Offering Expenses

Organization costs include, among other things, the cost of organizing as a Maryland corporation, including the cost of legal services and other fees pertaining to the Fund’s organization, all of which are expensed as incurred. Offering costs include, among other things, legal fees and other costs pertaining to the preparation of the Fund’s private placement memorandum and other offering documents, including travel-related expenses. As of September 30, 2017, total organization expenses incurred amounted to $467,000. Offering expenses, which are being deferred, totaled $236,000, which is being amortized on a straight line basis over a one year period starting from September 29, 2017.

For the quarter ended September 30, 2017, the Adviser had reimbursed the above expenses as part of its Expense Payment, amounting to $467,647.

5. Fund Expenses

As of September 30, 2017, the Adviser and its affiliates have incurred expenses of approximately $534,500 on behalf of the Fund in relation to professional fees for insurance, legal, audit and tax services and board of directors’ compensation costs.

For the quarter ended September 30, 2017, the Adviser had reimbursed the above expenses as part of its Expense Payment, amounting to $534,500.

6. Net Assets

In connection with its formation, the Fund has the authority to issue 200,000,000 shares of the Fund’s common stock, par value $0.01 per share.

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 the Fund’s common shares. Under the terms of the Subscription Agreements, investors are required to fund drawdowns to purchase the Fund’s common shares up to the amount of their respective Capital Commitments on anas-needed basis upon the issuance of a capital drawn-down notice. At September 30, 2017 the Fund had total Capital Commitments of $70,928,060, of which 100% is unfunded. The minimum Capital Commitment of an investor is $50,000. The Fund, 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 (includingfollow-on investments), for paying the Fund’s expenses, including fees under the Advisory Agreement, and/or maintaining a reserve account for the payment of future expenses or liabilities.

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

Forward-Looking Statements

This Quarterly Report on Form10-Q 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 us, our current and prospective portfolio investments, our industry, our beliefs and opinions, and our 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 our 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 our portfolio companies’ ability to continue to operate, which could lead to the loss of some or all of our investments in such portfolio companies;

such an economic downturn could disproportionately impact the companies that we intend to target for investment, potentially causing us 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 our lending and investment activities;

interest rate volatility could adversely affect our results, particularly if we elect to use leverage as part of our investment strategy;

our future operating results;

our business prospects and the prospects of our portfolio companies;

our contractual arrangements and relationships with third parties;

the ability of our portfolio companies to achieve their objectives;

competition with other entities and our affiliates for investment opportunities;

the speculative and illiquid nature of our investments;

the use of borrowed money to finance a portion of our investments;

the adequacy of our financing sources and working capital;

the loss of key personnel;

the timing of cash flows, if any, from the operations of our portfolio companies;

the ability of the Adviser to locate suitable investments for us and to monitor and administer our investments;

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

our ability to qualify and maintain our 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 we identify under “Item 1A. Risk Factors” of our Annual Report on Form10-K for the fiscal year ended December 31, 2016.

Although we believe 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 us that our plans and objectives will be achieved. These risks and uncertainties include those described or identified in the section entitled “Item 1A. Risk Factors” of Annual Report on Form10-K for the fiscal year ended December 31, 2016 and elsewhere in this report. These forward-looking statements apply only as of the date of this report. Moreover, we assume no duty and do not undertake to update the forward-looking statements.

The following analysis of our financial condition and results of operations should be read in conjunction with our financial statements and the related notes thereto contained elsewhere in this Quarterly Report on Form10-Q.

Overview

AB Private Credit Investors Corporation (the “Fund”) was formed on February 6, 2015 as a corporation under the laws of the State of Maryland. We are currently in the development stage and have not commenced investment operations. Since inception, there has been no investment or operational activity. In conjunction with our formation, we issued and sold (i) 100 shares of common stock, par value $0.01, on June 27, 2016, at an aggregate purchase price of $1,000 ($10.00 per share) and (ii) 2,400 shares of common stock, par value $0.01, on May 26, 2017 to AB Private Credit Investors LLC.

On October 6, 2016 we filed with the Securities and Exchange Commission (the “SEC”) an election to be treated as a BDC under the Investment Company Act of 1940, as amended (the “1940 Act”). We also intend to elect to be treated, and intend to qualify annually thereafter, as a RIC under Subchapter M of the Code for U.S. federal income tax purposes. While we intend to elect to be treated as a RIC as soon as practicable, we may have difficulty satisfying the asset diversification requirements as we deploy initial capital and build our portfolio. To the extent that we have net taxable income prior to our qualification as RIC, we will be subject to U.S. federal income tax on such income. As a BDC and a RIC, respectively, we are and will be required to comply with various regulatory requirements, such as the requirement to invest at least 70% of our assets in “qualifying assets,” source of income limitations, asset diversification requirements, and the requirement to distribute annually at least 90% of our taxable income andtax-exempt interest.

Our investment activities are managed by our external investment adviser, AB Private Credit Investors LLC (the “Adviser”), an investment adviser that is registered under the Investment Advisers Act of 1940, as amended. We intend to enter into an administration agreement (the “Administration Agreement”) with a third party administrator (the “Administrator”), pursuant to which the Administrator will provide the administrative services necessary for us to operate.

We are an “emerging growth company,” as defined in the Jumpstart Our Business Startups Act of 2012. We will remain an emerging growth company for up to five years following an initial public offering, if any, although if the market value of our common stock that is held bynon-affiliates exceeds $700 million as of any June 30 before that time, we would cease to be an emerging growth company as of the following December 31. For so long as we remain an emerging growth company under the JOBS Act, we will be subject to reduced public company reporting requirements.

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 of the Fund’s common stock pursuant to a subscription agreement entered into with the Fund. Investors will be required to fund drawdowns to purchase shares of the Fund’s common stock up to the amount of their respective Capital Commitment on anas-needed basis each time the Fund delivers a notice to its investors. The Fund anticipates commencing its loan origination and investment activities contemporaneously with the initial drawdown from investors in the initial Private Offering.

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, including the Adviser, providing for the private placement of the Fund’s common shares. Under the terms of the Subscription Agreements, investors are required to fund drawdowns to purchase the Fund’s common shares up to the amount of their respective Capital Commitments on anas-needed basis upon the issuance of a capital drawn-down notice. At September 30, 2017 the Fund had total Capital Commitments of $70,928,060, of which 100% is unfunded. Capital Commitments may be drawn down by the Fund on a pro rata basis, as needed (includingfollow-on investments), for paying the Fund’s expenses, including fees under the Advisory Agreement, and/or maintaining a reserve account for the payment of future expenses or liabilities.

Portfolio and Investment Activity

As of September 30, 2017 and December 31, 2016, we have not commenced investment activities.

Results of Operations

As of September 30, 2017, we completed the Initial Closing of our Private Offering but had not commenced any significant operational or investment activities. As of December 31, 2016, we had not completed the Initial Closing of our private offering or commenced any operational or investment activities. Therefore, no results of operations are reported.

Revenues

Our 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. We intend to primarily invest in middle market businesses based in the United States. We expect that the primary use of proceeds by the companies in which we invest will be for leveraged buyouts, recapitalizations, mergers and acquisitions and growth capital.

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

Expenses

Expenses for the three and nine months ended September 30, 2017 were as follows:

Expenses for the three and nine months ended September 30, 2017, were $1,002,147, which consisted of $467,647 in organizational and offering expenses, $149,000 in directors’ fees, and $385,500 in professional fees.

Pursuant to the Expense Support and Conditional Reimbursement Agreement, our Adviser provided expense support of $1,002,147, reducing our expenses to $0.00. See “Item 1. – Notes to Financial Statements – Note 3. Agreements and Related Party Transactions – Expense Support and Conditional Reimbursement Agreement.”

Organization and Offering Costs

As of September 30, 2017, the Adviser and its affiliates have incurred or expect to incur organizational costs of approximately $467,000 and offering costs of approximately $236,000 on behalf of the Fund.

Organization costs include, among other things, the cost of organizing as a Maryland corporation, including the cost of legal services, directors’ fees and other fees, including travel-related expenses, pertaining to our organization, all of which are expensed as incurred. Offering costs include, among other things, legal fees and other costs pertaining to the preparation of our private placement memorandum and other offering documents. Offering costs are being deferred and will be amortized on a straight line basis over aone-year period starting from September 29, 2017.

Pursuant to the Expense Support and Conditional Reimbursement Agreement, our Adviser provided expense support of $467,000 and $236,000 for our organizational costs and offering costs, respectively, reducing our organizational costs and offering costs to $0.00. See “Item 1. – Notes to Financial Statements – Note 3. Agreements and Related Party Transactions – Expense Support and Conditional Reimbursement Agreement.”

Operating Expenses

Under the Advisory Agreement, our primary operating expenses include the payment of fees to the Adviser our allocable portion of overhead expenses under the Expense Reimbursement Agreement (as defined below) and other operating costs described below. We bear all otherout-of-pocket costs and expenses of our 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 our 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 our financing strategy) and legal affairs for us and in providing administrative services, monitoring our investments and performing due diligence on our prospective portfolio companies or otherwise relating to, or associated with, evaluating and making investments;

interest payable on debt, if any, incurred to finance our investments;

sales and purchases of our common stock and other securities;

base management fees and incentive fees payable to the Adviser;

transfer agent and custodial fees;

��

federal and state registration fees;

all costs of registration and listing our 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;

our 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; and

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

Financial Condition, Liquidity and Capital Resources

We expect to generate cash primarily from (i) the net proceeds of the Private Offering, (ii) cash flows from our operations, (iii) any financing arrangements we may enter into in the future and (iv) any future offerings of our equity or debt securities. We may fund a portion of our investments through borrowings from banks, or other large global institutions such as insurance companies, and issuances of senior securities.

Our primary use of funds from a credit facility will be investments in portfolio companies, cash distributions to holders of our common stock and the payment of operating expenses.

In the future, we may also securitize or finance a portion of our investments with a special purpose vehicle. If we undertake a securitization transaction, we will consolidate our allocable portion of the debt of any securitization subsidiary on our financial statements, and include such debt in our 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 September 30, 2017, taken together with our uncalled Capital Commitments of $70,928,060, is expected to be sufficient for our investing activities and to conduct our operations in the near term. As of September 30, 2017, we had $25,000 in cash and cash equivalents. During the nine months ended September 30, 2017, we used no cash for operating activities, as the Fund had not yet begun investment activities.

Equity Activity

In connection with our formation, we have the authority to issue 200,000,000 shares of common stock at a $0.01 per share par value.

On June 27, 2016, we issued 100 shares of our common stock to the Adviser, for an aggregate purchase price of $1,000. On May 26, 2017, we issued 2,400 shares of our common stock to the Adviser, for an aggregate purchase price of $24,000. We have not had any other equity transactions as of September 30, 2017 and December 31, 2016.

Contractual Obligations

As of September 30, 2017 and December 31, 2016, we have not commenced operations.

We have entered into the Advisory Agreement with the Adviser in accordance with the 1940 Act. Under the Advisory Agreement, the Adviser is responsible for sourcing, reviewing and structuring investment opportunities for us, underwriting and conducting diligence on our investments and monitoring our investment portfolio on an ongoing basis. For these services, we will pay (i) a base management fee equal to 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 and (ii) an incentive fee based on our performance. The cost of both the base management fee and the incentive fee will ultimately be borne by our stockholders. We have 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 our 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 us with clerical, bookkeeping, recordkeeping and other administrative services. We will reimburse the Adviser an amount equal to our allocable portion (subject to the review of our Board) of its overhead resulting from its obligations under the Expense Reimbursement Agreement, including the allocable portion of the cost of our Chief Compliance Officer and Chief Financial Officer and their respective staffs. Stockholder approval is not required to amend the Administration Agreement or the Expense Reimbursement Agreement.

If any of the contractual obligations discussed above are terminated, our costs under any new agreements that we enter into may increase. In addition, we would likely incur significant time and expense in locating alternative parties to provide the services we receive under the Advisory Agreement, the Administration Agreement and the Expense Reimbursement Agreement. Any new investment advisory agreement would also be subject to approval by our stockholders.

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 in the Expense Support and Conditional Reimbursement Agreement, 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 Advisor reimbursed the Operating Expenses that are the subject of the repayment, subject to Sections 2(b) and 2(c) as applicable. 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 shareholder 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. The calculation of average net assets will be consistent with such periodic calculations of average net assets in the Fund’s financial statements.

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 a365-day year) of regular cash distributions per share exclusive of returns of capital, distribution rate reductions due to distribution and shareholderstockholder 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 InvestmentAmended and Restated Advisory Agreement, or (b) the Board of the Fund makesmaking 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, 2021, the amount of Expense Payments provided by the Adviser since inception is $4,874,139. The following table reflects the Expense Payments that may be subject to reimbursement pursuant to the Expense Agreement:

For the Quarters Ended

  Amount of
Expense Support		   Amount of
Reimbursement
Payment		   Amount of
Unreimbursed
Expense
Support		   Effective Rate of
Distribution
per Share (1)		  Reimbursement Eligibility
Expiration		   Percentage
Limit (2)		 

September 30, 2017

  $1,002,147   $1,002,147   $—      n/a   September 30, 2020    1.5% 

December 31, 2017

   1,027,398    1,027,398    —      n/a   December 31, 2020    1.5% 

March 31, 2018

   503,592    503,592    —      n/a   March 31, 2021    1.5% 

June 30, 2018

   1,086,482    294,658    791,824    4.787%   June 30, 2021    1.0% 

September 30, 2018

   462,465    —      462,465    4.715%   September 30, 2021    1.0% 

December 31, 2018

   254,742    —      254,742    6.762%   December 31, 2021    1.0% 

March 31, 2019

   156,418    —      156,418    5.599%   March 31, 2022    1.0% 

June 30, 2019

   259,263    —      259,263    6.057%   June 30, 2022    1.0% 

September 30, 2019

   31,875    —      31,875    5.154%   September 30, 2022    1.0% 

December 31, 2019

   —      —      —      6.423%   December 31, 2022    1.0% 

March 31, 2020

   89,757    —      89,757    10.17%   March 31, 2023    1.0% 

June 30, 2020

   —      —      —      5.662%   June 30, 2023    1.5% 

September 30, 2020

   —      —      —      6.063%   September 30, 2023    1.5% 

December 31, 2020

   —      —      —      6.266%   December 31, 2023    1.5% 

March 31, 2021

   —      —      —      6.241%   March 31, 2024    1.0% 
  

 

 

   

 

 

   

 

 

      

Total

  $4,874,139   $2,827,795   $2,046,344      
  

 

 

   

 

 

   

 

 

      

(1)

The effective rate of distribution per Share is expressed as a percentage equal to the projected annualized distribution amount as of the end of the applicable period (which is calculated by annualizing the regular quarterly cash distributions per Share as of such date without compounding), divided by the Fund’s gross offering price per Share as of such date.

(2)

Represents 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.

Transfer Agency Agreement

On September 26, 2017, the Fund and AllianceBernstein 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, 2021 and March 31, 2020, the Fund accrued $16,386 and $10,758 in transfer agent fees, respectively. As of March 31, 2021 and December 31, 2020, $30,195 and $13,809, respectively, of accrued transfer agent fees remained payable.

4. Borrowings

Credit Facilities

On November 15, 2017, the Fund entered into a credit agreement (the “HSBC Credit Agreement”) to establish a revolving credit facility (the “HSBC Credit Facility”) with HSBC Bank USA, National Association (“HSBC”) as administrative agent (the “HSBC Administrative Agent”). The maximum commitment amount (the “HSBC Maximum Commitment”) under the HSBC Credit Facility was initially $30 million and may be increased in a minimum amount of $10 million and in $5 million increments thereof with the consent of HSBC or reduced upon request of the Fund. As of January 31, 2019, the Fund has increased the HSBC Maximum

Commitment to $50 million. So long as no request for borrowing is outstanding, the Fund may terminate the lenders’ commitments (the “Commitments”) or reduce the HSBC Maximum Commitment by giving prior irrevocable written notice to the HSBC Administrative Agent. Any reduction of the HSBC Maximum Commitment shall be in an amount equal to $10 million or multiples thereof; and in no event shall a reduction by the Fund reduce the Commitments to $35 million or less (in each case, except for a termination of all the Commitments). Proceeds under the HSBC Credit Agreement may be used for any purpose permitted under the Fund’s organizational documents, including general corporate purposes such as the making of investments. The HSBC Credit Agreement contains certain customary covenants and events of default, with customary cure and notice provisions. As of March 31, 2021, the Fund is in compliance with these covenants. The Fund’s obligations under the HSBC Credit Agreement are secured by the Capital Commitments and Capital Contributions (as defined below).

Borrowings under the HSBC Credit Agreement bear interest, at the Fund’s election at the time of drawdown, at a rate per annum equal to (i) with respect to LIBOR Rate Loans (as defined in the HSBC Credit Agreement), Adjusted LIBOR (as defined in the HSBC Credit Agreement) for the applicable Interest Period (as defined in the HSBC Credit Agreement); and (ii) with respect to Reference Rate Loans (as defined in the HSBC Credit Agreement), the greatest of: (x) the rate of interest per annum publicly announced from time to time by HSBC as its prime rate, (y) the rate per annum equal to the weighted average of the rates on overnight Federal funds transactions with members of the Federal Reserve System arranged by Federal funds brokers on such day, plus two hundred basis points (2.00%), provided that if such rate is not so published for any day that is a Business Day (as defined in the HSBC Credit Agreement), the average of the quotation for such day on such transactions received by the HSBC Administrative Agent, from three (3) Federal funds brokers of recognized standing selected by the HSBC Administrative Agent and, upon request of Borrowers (as defined in the HSBC Credit Agreement), with notice of such quotations to the Borrowers and (z) except during any period of time during which LIBOR is unavailable, one-month Adjusted LIBOR plus one hundred ninety basis points (1.90%). The Fund will also pay an unused commitment fee of 35 basis points (0.35%) on any unused commitments.

On November 10, 2020, the Fund entered into an amendment to the HSBC Credit Agreement (the “HSBC Credit Agreement Amendment”) concerning the HSBC Credit Facility. The HSBC Credit Agreement Amendment (i) extended the maturity date of the HSBC Credit Facility from November 11, 2020 to November 9, 2021, and (ii) inserted a provision permitting the Fund and the HSBC Administrative Agent to, upon the occurrence of certain conditions, amend the HSBC Credit Agreement to replace references to LIBOR with references to an alternate benchmark rate that may include a forward-looking rate based on the Secured Overnight Financing Rate or another alternate benchmark rate subject to certain conditions. The Fund has an option to extend the maturity date for up to one additional term not longer than 364 days, subject to the following conditions: (i) each of the Lenders (as defined in the HSBC Credit Agreement) and the HSBC Administrative Agent consents to the extension in their sole discretion; (ii) the Fund has paid an extension fee to the HSBC Administrative Agent for the benefit of the extending Lenders consenting to such extension in an amount agreed to by the HSBC Administrative Agent and the Borrowers at the time of the extension and as set forth in the applicable extension request; (iii) no potential default or event of default has occurred and is continuing on the date on which notice is given in accordance with the following clause (iv) or on November 9, 2021; and (iv) the Fund has delivered an extension request to the HSBC Administrative Agent not more than one hundred twenty (120) days or less than forty-five (45) days prior to November 9, 2021.

On October 15, 2020, ABPCIC Funding II entered into a revolving credit facility (the “Synovus Credit Facility”) with Synovus Bank, Specialty Finance Division (“Synovus”), as facility agent, and U.S. Bank, 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”).

The Synovus Credit Facility provides for borrowings in an aggregate amount up to $100,000,000. Borrowings under the Synovus Credit Facility bear interest based on an annual adjusted LIBOR for the relevant interest period or the applicable replacement thereto provided, plus an applicable spread. Interest is payable quarterly in arrears. Any amounts borrowed under the Synovus Credit Facility will mature, and all accrued and unpaid interest thereunder will be due and payable, on the earlier of (i) October 15, 2025 (or such later date mutually agreed to by ABPCIC Funding II and Synovus) or (ii) upon certain events which result in accelerated maturity under the agreements establishing the Synovus Credit Facility. Borrowing under the Synovus Credit Facility is subject to certain restrictions contained in the 1940 Act.

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

All of the collateral pledged to the lenders by ABPCIC Funding II under the Synovus Credit Facility is held in the custody of the Synovus Collateral Custodian or the Synovus Securities Intermediary. The Synovus Collateral Custodian will maintain and perform certain custodial services with respect to the collateral pledged to support the Synovus Credit Facility. As compensation for the services rendered by U.S. Bank in its capacities as Synovus Collateral Custodian and Synovus Collateral Agent, ABPCIC Funding II will pay U.S. Bank, on a quarterly basis, customary fee amounts and reimburse U.S. Bank for its reasonable out-of-pocket expenses. The Synovus Credit Facility contains certain customary covenants and events of default, with customary cure and notice provisions. As of March 31, 2021, the Fund is in compliance with these covenants.

On March 24, 2021, ABPCIC Funding III entered into a warehouse financing transaction (the “Natixis Credit Facility,” and together with the HSBC Credit Facility and the Synovus Credit Facility, the “Revolving Credit Facilities”) with Natixis, New York Branch, as administrative agent (in such capacity, the “Natixis Administrative Agent”) and U.S. Bank, as collateral agent (in such capacity, the “Natixis Collateral Agent”), collateral administrator (in such capacity, the “Natixis Collateral Administrator”) and custodian (in such capacity, the “Natixis Custodian”). In connection with the Natixis Credit Facility, ABPCIC Funding III entered into, among other agreements, (i) the credit agreement (the “Natixis Credit Agreement”) among ABPCIC Funding III, the lenders referred to therein, the Natixis Administrative Agent, the Natixis Collateral Agent, the Natixis Collateral Administrator and the Natixis Custodian, (ii) the account control agreement (the “Natixis Account Control Agreement”) among ABPCIC Funding III, as debtor, the Natixis Collateral Agent, as secured party, and U.S. Bank National Association, as securities intermediary (in such capacity, the “Natixis Securities Intermediary”), (iii) the collateral management agreement (the “Natixis Collateral Management Agreement”), between ABPCIC Funding III and the Adviser, as collateral manager (in such capacity, the “Natixis Collateral Manager”), (iv) the collateral administration agreement (the “Natixis Collateral Administration Agreement”), among ABPCIC Funding III, the Natixis Collateral Manager and the Natixis Collateral Administrator and (v) the master loan sale and contribution agreement (the “Natixis Transfer Agreement”) between ABPCIC Funding III and the Fund.

The Natixis Credit Facility provides for borrowings in an aggregate amount up to $100,000,000. Borrowings under the Natixis Credit Agreement will bear interest based on an annual adjusted LIBOR for the relevant interest period or the applicable replacement thereto provided for in the Natixis Credit Agreement, in each case, plus an applicable spread. Interest is payable quarterly in arrears. Any amounts borrowed under the Natixis Credit Agreement will mature, and all accrued and unpaid interest thereunder will be due and payable, on the earlier of (i) March 24, 2031 (or such later date mutually agreed to by ABPCIC Funding III and the Natixis Administrative Agent) or (ii) upon certain other events which result in accelerated maturity under the Natixis Credit Facility. Borrowing under the Natixis Credit Facility is subject to certain restrictions contained in the 1940 Act.

Borrowings under the Natixis Credit Agreement are secured by all of the assets held by ABPCIC Funding III. Pursuant to the Natixis Collateral Management Agreement, the Natixis Collateral Manager will perform certain duties with respect to the purchase and management of the assets securing the Natixis Credit Facility. The Natixis Collateral Manager will not receive a fee for these services so long as the Adviser or an affiliate thereof continues providing such services. ABPCIC Funding III will reimburse the expenses incurred by the Natixis Collateral Manager in the performance of its obligations under the Natixis Collateral Management Agreement other than any ordinary overhead expenses, which shall not be reimbursed. ABPCIC Funding III has made customary representations and warranties under the Natixis Collateral Management Agreement and is required to comply with various covenants, reporting requirements and other customary requirements for similar credit facilities.

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

The Fund’s outstanding borrowings through the Revolving Credit Facilities as of March 31, 2021 were as follows:

   Aggregate Borrowing
Amount Committed		   Outstanding
Borrowing		   Amount
Available		   Carrying
Value		 

HSBC

  $50,000,000   $—     $50,000,000   $—   

Synovus

   100,000,000    89,700,000    10,300,000    89,700,000 

Natixis

   100,000,000    59,800,000    40,200,000    59,800,000 
  

 

 

   

 

 

   

 

 

   

 

 

 

Total

  $250,000,000   $149,500,000   $100,500,000   $149,500,000 
  

 

 

   

 

 

   

 

 

   

 

 

 

The Fund’s outstanding borrowings through the Revolving Credit Facilities as of December 31, 2020 were as follows:

   Aggregate Borrowing
Amount Committed		   Outstanding
Borrowing		   Amount
Available		   Carrying
Value		 

HSBC

  $50,000,000   $46,000,000   $4,000,000   $46,000,000 

Synovus

   100,000,000    84,700,000    15,300,000    84,700,000 
  

 

 

   

 

 

   

 

 

   

 

 

 

Total

  $150,000,000   $130,700,000   $19,300,000   $130,700,000 
  

 

 

   

 

 

   

 

 

   

 

 

 

As of March 31, 2021 and December 31, 2020, deferred financing costs were $2,306,376 and $1,648,701, respectively, which remain to be amortized, and are reflected on the consolidated statements of assets and liabilities.

Collateralized Loan Obligations

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

The CLO Transaction was executed through a private placement and the notes offered (the “Notes”) that remain outstanding as of March 31, 2021 and December 31, 2020 were as follows:

March 31, 2021 
   Principal
Amount		   Interest
Rate		  Carrying
Value(1)		 

Class A-1 Senior Secured Floating Rate Note (“Class A-1”)

  $178,200,000    L + 1.73%  $176,935,979 

Class A-2A Senior Secured Floating Rate Note (“Class A-2A”)

  $25,000,000    L + 2.45%  $24,822,668 

Class A-2B Senior Secured Fixed Rate Note (“Class A-2B”)

  $9,950,000    4.23%  $9,854,301 

Class B Secured Deferrable Floating Rate Note (“Class B”)

  $16,400,000    L + 3.40%  $—  * 

Class C Secured Deferrable Floating Rate Note (“Class C”)

  $17,350,000    L + 4.40%  $—  * 

Subordinated Notes

  $53,600,000    N/A  $—  * 

*

Class B, Class C and Subordinated Notes 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 $25,300 and $1,511,752, respectively, as of March 31, 2021 and are reflected on the consolidated statements of assets and liabilities.

December 31, 2020 
   Principal
Amount		   Interest
Rate		  Carrying
Value(1)		 

Class A-1 Senior Secured Floating Rate Note (“Class A-1”)

  $178,200,000    L + 1.73%  $176,706,612 

Class A-2A Senior Secured Floating Rate Note (“Class A-2A”)

  $25,000,000   ��L + 2.45%  $24,790,490 

Class A-2B Senior Secured Fixed Rate Note (“Class A-2B”)

  $9,950,000    4.23%  $9,840,396 

Class B Secured Deferrable Floating Rate Note (“Class B”)

  $16,400,000    L + 3.40%  $—  * 

Class C Secured Deferrable Floating Rate Note (“Class C”)

  $17,350,000    L + 4.40%  $—  * 

Subordinated Notes

  $53,600,000    N/A  $—  * 

*

Class B, Class C and Subordinated Notes 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 $26,440 and $1,786,062, respectively, as of December 31, 2020 and are reflected on the consolidated statements of assets and liabilities.

The Notes are scheduled to mature on August 9, 2030.

The CLO VI indenture provides that the holders of the CLO VI Class A-1, Class A-2A, Class A-2B, Class B and Class C Notes are to receive quarterly interest payments, in arrears, on the 20th day in January, April, July and October of each year, commencing in August 2019.

The Notes are the secured obligations of the Co-Issuers, and the indenture governing the Notes includes customary covenants and events of default. The 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 Issuer pursuant to a collateral management agreement between the Adviser and the Issuer (the “CLO Collateral Management Agreement”). For so long as the Adviser serves as collateral manager to the Issuer, the Adviser will elect to irrevocably waive any base management fee or subordinated interest to which it may be entitled under the CLO Collateral Management Agreement. For the three months ended March 31, 2021, the Fund incurred a collateral management fee of $454,343, which was voluntarily waived by the Adviser. For the three months ended March 31, 2020, the Fund incurred a collateral management fee of $459,059, which was voluntarily waived by the Adviser.

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.

On September 29, 2020, the Fund entered into a sale/buy-back agreement with Macquarie US Trading LLC (“Macquarie”), and pursuant to the agreement, the Fund assigned certain assets to Macquarie, with a corresponding repurchase obligation at an agreed-upon price within 30 days after the sale date (the “Macquarie Sale/Buy-Back”). The Macquarie Sale/Buy-Back had a funding cost of 1.25 bps per day and was not subject to any additional fees. On January 14, 2021, the Fund repurchased the assets it assigned to Macquarie pursuant to the Macquarie Sale/Buy-Back. As of March 31, 2021, Secured Borrowings pursuant to the Macquarie Sale/Buy-Back were $0. As of December 31, 2020, Secured Borrowings pursuant to the Macquarie Sale/Buy-Back were $18,870,856, with a maturity of less than thirty days. Interest expense and amortization of deferred financing costs on Secured Borrowings for the three months ended March 31, 2021 were $30,665 and $15,421, respectively.

There were no Secured Borrowings outstanding as of March 31, 2021.

Secured Borrowings outstanding as of December 31, 2020 were as follows:

Loan Name

  Trade Date   

Maturity Date

  bps Daily Rate   Amount 

Businessolver.com, Inc.

   12/23/2020   60 days or less from trade date   1.25   $5,312,058 

Medbridge Holdings, LLC

   12/23/2020   60 days or less from trade date   1.25    7,710,514 

Higginbotham Insurance Agency, Inc.

   12/23/2020   60 days or less from trade date   1.25    5,848,284 
        

 

 

 
        $18,870,856 

As of March 31, 2021 and December 31, 2020, outstanding borrowings under the Revolving Credit Facilities, Notes and Secured Borrowings were $361,112,948 and $360,908,354, respectively.

For the three months ended March 31, 2021 and March 31, 2020, the components of interest and other debt expenses related to the borrowings were as follows:

   

For the three months ended

March 31,

 
   2021  2020 

Interest and borrowing expenses

  $2,069,551  $2,144,095 

Commitment fees

   42,717   28,258 

Amortization of debt issuance and deferred financing costs

   492,785   396,314 
  

 

 

  

 

 

 

Total

  $2,605,053  $2,568,667 
  

 

 

  

 

 

 

Weighted average interest rate (1)

   2.52%   3.73% 

Average outstanding balance

  $333,224,679  $231,210,440 

(1)

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

5. Fair Value Measurement

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

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

The three-tier hierarchy of inputs is summarized below:

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

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

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

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

Valuation of Investments

Investments are valued at fair value as determined in good faith by our Board, 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 at least once during a trailing twelve-month period under a valuation policy and a consistently applied valuation process. This valuation process is conducted at the end of each fiscal quarter.

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

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

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

The following tables summarize the valuation of the Fund’s investments as of March 31, 2021:

Assets*

  Level 1   Level 2   Level 3   Total 

Cash Equivalents

        

Investment Companies

  $4,854,867   $—     $—     $4,854,867 
  

 

 

   

 

 

   

 

 

   

 

 

 

Total assets

  $4,854,867   $—     $—     $4,854,867 
  

 

 

   

 

 

   

 

 

   

 

 

 

Assets*

  Level 1   Level 2   Level 3   Total 

1st Lien/Senior Secured Debt

  $—     $—     $558,929,700   $558,929,700 

2nd Lien/Junior Secured Debt

   —      —      11,396,370    11,396,370 

U.S. Preferred Stock

   —      —      8,174,321    8,174,321 

U.S. Common Stock

   282,143    —      3,359,418    3,641,561 

Warrants

   —      —      548,104    548,104 
  

 

 

   

 

 

   

 

 

   

 

 

 

Total assets

  $282,143   $—     $582,407,913   $582,690,056 
  

 

 

   

 

 

   

 

 

   

 

 

 

*

See consolidated schedule of investments for industry classifications.

The following table summarizes the valuation of the Fund’s investments as of December 31, 2020:

Assets*

  Level 1   Level 2   Level 3   Total 

Cash Equivalents

        

Investment Companies

  $7,022,133   $—     $—     $7,022,133 
  

 

 

   

 

 

   

 

 

   

 

 

 

Total assets

  $7,022,133   $—     $—     $7,022,133 
  

 

 

   

 

 

   

 

 

   

 

 

 

Assets*

  Level 1   Level 2   Level 3   Total 

1st Lien/Senior Secured Debt

  $—     $—     $511,197,686   $511,197,686 

2nd Lien/Junior Secured Debt

   —      —      11,396,369    11,396,369 

U.S. Preferred Stock

   —      —      7,495,949    7,495,949 

U.S. Common Stock

   287,775    —      2,375,265    2,663,040 

Warrants

   —      —      281,986    281,986 
  

 

 

   

 

 

   

 

 

   

 

 

 

Total assets

  $287,775   $—     $532,747,255   $533,035,030 
  

 

 

   

 

 

   

 

 

   

 

 

 

*

See consolidated schedule of investments for industry classifications.

The following is a reconciliation of Level 3 assets for the three months ended March 31, 2021:

   1st Lien/Senior
Secured Debt		  2nd Lien/
Junior
Secured
Debt		  U.S. Common
Stock		   U.S. Preferred
Stock		   Warrants   Total 

Balance as of January 1, 2021

  $511,197,686  $11,396,369  $2,375,265   $7,495,949   $281,986   $532,747,255 

Purchases (including PIK)

   69,564,607   —     830,295      218,049    70,612,951 

Sales and principal payments

   (23,559,275)   —     —      —      —      (23,559,275) 

Realized Gain (Loss)

   59,470   —     —      —      —      59,470 

Net Amortization of Premium/Discount

   781,908   6,363     —      —      —      788,271 

Transfers In

   —     —   —      —      —      —   

Transfers Out

   —     —     —      —      —      —   

Net Change in Unrealized Appreciation (Depreciation)

   885,304   (6,362)   153,858    678,372    48,069    1,759,241 
  

 

 

  

 

 

  

 

 

   

 

 

   

 

 

   

 

 

 

Balance as of March 31, 2021

  $558,929,700  $11,396,370  $3,359,418   $8,174,321   $548,104   $582,407,913 
  

 

 

  

 

 

  

 

 

   

 

 

   

 

 

   

 

 

 

Change in Unrealized Appreciation (Depreciation) for Investments Still Held

  $1,092,986  $(6,362)  $153,858   $678,372   $48,069   $1,966,923 

For the three months ended March 31, 2021, there were no transfers to or from Level 3.

The following is a reconciliation of Level 3 assets for the year ended December 31, 2020:

   1st Lien/Senior
Secured Debt		  2nd Lien/
Junior
Secured
Debt		   U.S. Common
Stock		   U.S. Preferred
Stock		  U.S.
Warrants		  Total 

Balance as of January 1, 2020

  $318,300,993  $7,620,547   $1,518,353   $4,861,847  $631,366  $332,933,106 

Purchases (including PIK)

   279,269,615   3,652,564    170,276    2,573,882   105,898   285,772,235 

Sales and principal payments

   (95,946,474)   —      —      (777,440)   —     (96,723,914) 

Realized Gain (Loss)

   20,809   —      —      548,560   —     569,369 

Net Amortization of Premium/Discount

   2,441,903   13,547    —      —     —     2,455,450 

Transfers In

   12,092,212   —      —      —     —     12,092,212 

Transfers Out

   —     —      —      —     —     —   

Net Change in Unrealized Appreciation (Depreciation)

   (4,981,372)   109,711    686,636    289,100   (455,278)   (4,351,203) 
  

 

 

  

 

 

   

 

 

   

 

 

  

 

 

  

 

 

 

Balance as of December 31, 2020

  $511,197,686  $11,396,369   $2,375,265   $7,495,949  $281,986  $532,747,255 
  

 

 

  

 

 

   

 

 

   

 

 

  

 

 

  

 

 

 

Change in Unrealized Appreciation (Depreciation) for Investments Still Held

  $(5,261,160)  $109,711   $686,636   $289,100  $(455,278)  $(4,630,991) 

For the year ended December 31, 2020, there were transfers of $12,092,212 from Level 2 to Level 3 fair value measurements for the Fund due to lack of observability and liquidity. There were no transfers from Level 3.

The following tables present the ranges of significant unobservable inputs used to value the Fund’s Level 3 investments as of March 31, 2021 and December 31, 2020, respectively. These ranges represent the significant unobservable inputs that were used in the valuation of each type of investment. These inputs are not representative of the inputs that could have been used in the valuation of any one investment. Accordingly, the ranges of inputs presented below do not represent uncertainty in, or possible ranges of, fair value measurements of the Fund’s Level 3 investments.

   Fair Value
as of
March 31, 2021		   

Valuation

Techniques

  

Unobservable

Input

  

Range

(Weighted

Average) (1)

  

Impact to

Valuation from

an Increase in

Input

Assets:

          

1st Lien/Senior Secured Debt

  $431,702,229   Market Yield Analysis  Market Yield  

5.0%-19.9%

(8.0%)

  Decrease
   1,795,060   Asset Value  Asset Value  N/A  Increase
   12,739,625   Expected Repayment  Redemption Price  N/A  Increase
   8,997,851   Recent Transaction  Transaction Price  N/A  N/A
   103,694,935   Recent Purchase  Purchase Price  N/A  N/A

2nd Lien/Junior Secured Debt

   8,545,077   Market Yield Analysis  Market Yield  

8.5%-10.2%

(9.0%)

  Decrease
   2,851,293   Recent Purchase  Purchase Price  N/A  N/A

U.S. Common Stock

   1,270,036   Market Approach  EBITDA Multiple  

10.0x-16.0x

(14.1x)

  Increase
   852,338   Market Approach  Recurring Revenue Multiple  5.0x  Increase
   406,750   Recent Transaction  Transaction Price  N/A  N/A
   830,294   Recent Purchase  Purchase Price  N/A  N/A

U.S. Preferred Stock

   2,194,320   Market Approach  EBITDA Multiple  

8.0x-19.9x

(16.5x)

  Increase
   1,939,988   Market Approach  Revenue Multiple  

8.3x-21.0x

(12.0x)

  Increase
   704,606   Recent Transaction  Transaction Price  N/A  N/A
   3,335,407   Recent Purchase  Purchase Price  N/A  N/A

Warrants

   298,744   Market Approach  Revenue Multiple  10.7x-13.2x (11.9x)  Increase
   249,360   Recent Purchase  Purchase Price  N/A  N/A
  

 

 

         

Total Assets

  $582,407,913         

(1)

Weighted averages are calculated based on fair value of investments.

   Fair Value
as of
December 31, 2020		   

Valuation

Techniques

  

Unobservable

Input

  

Range

(Weighted

Average) (1)

  

Impact to

Valuation from

an Increase in

Input

Assets:

          
1st Lien/Senior Secured Debt  $329,808,025   Market Yield Analysis  Market Yield  5.0%-18.5%(7.8%)  Decrease
   6,586,623   Market Approach  EBITDA Multiple  1.9x-10.2x(4.0x)  Increase
   10,538,095   Expected Repayment  Redemption Price  N/A  Increase
   13,914,273   Recent Transaction  Transaction Price  N/A  N/A
   150,350,670   Recent Purchase  Purchase Price  N/A  N/A

2nd Lien/Junior Secured Debt

   7,740,139   Market Yield Analysis  Market Yield  8.6%-9.0%(8.9%)  Decrease
   3,656,230   Recent Purchase  Purchase Price  N/A  N/A

U.S. Common Stock

   1,233,165   Market Approach  EBITDA Multiple  10.0x-16.0x(14.1x)  Increase
   735,350   Market Approach  Recurring Revenue Multiple  5.0x  Increase
   406,750   Recent Transaction  Transaction Price  N/A  N/A

U.S. Preferred Stock

   2,751,077   Market Approach  EBITDA Multiple  8.3x-13.6x(11.8x)  Increase
   2,214,811   Market Approach  Revenue Multiple  8.9x-23.1x(13.5x)  Increase
   438,190   Recent Transaction  Transaction Price  N/A  N/A
   2,091,871   Recent Purchase  Purchase Price  N/A  N/A

Warrants

   146,098   Market Approach  Revenue Multiple  4.5x-10.7x(10.2x)  Increase
   95,800   Recent Transaction  Transaction Price  N/A  N/A
   40,088   Recent Purchase  Purchase Price  N/A  N/A
  

 

 

         

Total Assets

  $532,747,255         

(1)

Weighted averages are calculated based on fair value of investments.

Financial Instruments Disclosed, But Not Carried, At Fair Value

The following table presents the carrying value and fair value of the Fund’s financial liabilities disclosed, but not carried, at fair value as of March 31, 2021 and the level of each financial liability within the fair value hierarchy.

   Carrying   Fair             
   Value (1)   Value   Level 1   Level 2   Level 3 

Class A-1 Senior Secured Notes

  $176,935,979   $179,488,921   $—     $—     $179,488,921 

Class A-2A Senior Secured Notes

   24,822,668    25,586,325    —      —      25,586,325 

Class A-2B Senior Secured Notes

   9,854,301    10,469,639    —      —      10,469,639 
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total

  $211,612,948   $215,544,885   $—     $—     $215,544,885 

(1)

Carrying value is net of unamortized discount and debt issuance costs. Unamortized discount and debt issuance costs associated with the Notes totaled $25,300 and $1,511,752 as of March 31, 2021 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, 2020 and the level of each financial liability within the fair value hierarchy.

   Carrying
Value (1)		   Fair
Value		   Level 1   Level 2   Level 3 

Class A-1 Senior Secured Notes

  $176,706,612   $178,352,361   $—     $—     $178,352,361 

Class A-2A Senior Secured Notes

   24,790,490    25,361,000    —      —      25,361,000 

Class A-2B Senior Secured Notes

   9,840,396    10,639,316    —      —      10,639,316 
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total

  $211,337,498   $214,352,677   $—     $—     $214,352,677 
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

(1)

Carrying value is net of unamortized discount and debt issuance costs. Unamortized discount and debt issuance costs associated with the Notes totaled $26,440 and $1,786,062 as of December 31, 2020 and are reflected on the consolidated statements of assets and liabilities.

6. Commitments & Contingencies

Commitments

The Fund may enter into commitments to fund investments. As of March 31, 2021, the Adviser believed that the Fund had adequate financial resources to satisfy its unfunded commitments. The amounts associated with unfunded commitments to provide funds to portfolio companies are not recorded in the Fund’s consolidated statements of assets and liabilities. Since these commitments and the associated amounts may expire without being drawn upon, the total commitment amount does not necessarily represent a future cash requirement. The Fund had the following unfunded commitments by investment types as of March 31, 2021:

Investment

Type

  

Facility

Type

  Commitment
Expiration Date (1)		   Unfunded
Commitment (2)		   Fair
Value (3)		 

1st Lien/Senior Secured Debt

        

5 Bars, LLC

  Delayed Draw Term Loan   09/27/2022   $3,448,816   $—   

5 Bars, LLC

  Revolver   09/27/2024    646,653    —   

Accelerate Resources Operating, LLC

  Delayed Draw Term Loan   08/24/2021    1,659,057    (49,772) 

Accelerate Resources Operating, LLC

  Revolver   02/24/2026    414,764    (12,443) 

AEG Holding Company, Inc.

  Revolver   11/20/2023    1,116,864    (22,337) 

Alphasense, Inc.

  Delayed Draw Term Loan   12/22/2021    1,937,915    —   

Alphasense, Inc.

  Revolver   05/29/2024    872,355    —   

AmerCareRoyal, LLC

  Delayed Draw Term Loan   10/26/2021    614,480    —   

American Physician Partners, LLC

  Revolver   12/21/2021    97,681    (3,907) 

AMI US Holdings, Inc.

  Revolver   04/01/2024    306,489    (4,598) 

Analogic Corporation

  Revolver   06/22/2023    213,889    (7,486) 

Arrowstream Acquisition Co., Inc.

  Revolver   12/15/2025    386,309    (7,726) 

Avetta, LLC

  Revolver   04/10/2024    494,396    (9,888) 

Azurity Pharmaceuticals, Inc.

  Delayed Draw Term Loan   05/17/2021    482,932    —   

Azurity Pharmaceuticals, Inc.

  Revolver   03/21/2023    482,932    —   

Banneker V Acquisition, Inc.

  Delayed Draw Term Loan   12/04/2021    1,037,198    (20,744) 

Banneker V Acquisition, Inc.

  Revolver   12/04/2025    259,300    (5,186) 

BEP Borrower Holdco, LLC

  Delayed Draw Term Loan A   06/12/2021    1,288,304    (12,883) 

BEP Borrower Holdco, LLC

  Revolver   06/12/2024    429,435    (6,442) 

BK Medical Holding Company, Inc.

  Revolver   06/22/2023    321,733    (8,848) 

Businesssolver.com, Inc.

  Revolver   05/15/2023    323,529    —   

Captain D’s, Inc.

  Revolver   12/15/2023    195,053    (1,950) 

Coding Solutions Acquisition, Inc

  Delayed Draw Term Loan   12/31/2022    2,443,965    (24,440) 

Coding Solutions Acquisition, Inc

  Revolver   12/31/2025    96,983    (1,940) 

Investment

Type

  

Facility

Type

  Commitment
Expiration Date (1)		   Unfunded
Commitment (2)		   Fair
Value (3)		 

Datacor Holdings, Inc.

  First Lien Delayed Draw Term Loan   12/28/2022    2,575,396    (25,754) 

Datacor Holdings, Inc.

  Revolver   12/26/2025    643,849    (12,877) 

Degreed, Inc.

  Delayed Draw Term Loan   03/24/2023    1,391,394    (6,957) 

Delaware Valley Management Holdings, Inc.

  Delayed Draw Term Loan   09/18/2022    1,053,759    (150,161) 

Dillon Logistics, Inc.

  Revolver   12/11/2023    56,484    (30,953) 

Dispatch Track, LLC

  Revolver   12/17/2024    301,930    (3,019) 

EnterpriseDB Corporation

  Revolver   06/21/2024    696,355    (3,482) 

Ethos Veterinary Health LLC

  Delayed Draw Term Loan   05/17/2021    839,091    —   

EvolveIP, LLC

  Delayed Draw Term Loan   11/26/2021    642,451    (1,606) 

EvolveIP, LLC

  Revolver   06/07/2023    566,868    (1,417) 

Exterro, Inc.

  Revolver   05/31/2024    247,500    (1,237) 

Faithlife, LLC

  Delayed Draw Term Loan   09/19/2022    1,328,991    —   

Faithlife, LLC

  Revolver   09/18/2025    279,053    —   

Fatbeam, LLC

  Delayed Draw Term Loan 1   02/22/2022    1,609,623    (36,216) 

Fatbeam, LLC

  Delayed Draw Term Loan 2   02/22/2023    1,609,623    (36,216) 

Fatbeam, LLC

  Revolver   02/22/2026    643,849    (14,487) 

Finalsite Holdings, Inc.

  Revolver   09/25/2024    253,142    (4,430) 

Foundation Risk Partners, Corp.

  First Lien Delayed Draw Term Loan   12/30/2022    2,932,758    (29,328) 

Freddy’s Frozen Custard, L.L.C

  Revolver   03/03/2027    329,816    (4,122) 

Fuze, Inc.

  Delayed Draw Term Loan   09/20/2021    1,814,240    (7,438) 

Fuze, Inc.

  Revolver   09/20/2024    1,295,886    (18,531) 

GHA Buyer, Inc.

  Fifth Amendment Delayed Draw Term loan   12/14/2021    58,528    —   

GHA Buyer, Inc.

  Revolver   06/24/2025    951,077    —   

Global Radar Holdings, LLC

  Revolver   12/31/2025    581,896    (11,638) 

GlobalWebIndex Inc.

  Delayed Draw Term Loan   12/30/2021    3,683,720    (36,837) 

Greenhouse Software, Inc.

  Revolver   03/01/2027    1,232,251    (27,726) 

GS AcquisitionCo, Inc.

  Fourth Supplemental Delayed Draw Term Loan   12/02/2021    498,802    (3,741) 

GS AcquisitionCo, Inc.

  Revolver   05/24/2024    212,731    (3,191) 

Higginbotham Insurance Agency, Inc.

  Delayed Draw Term Loan   11/25/2022    1,671,253    (12,534) 

INH Buyer, Inc.

  Revolver   01/31/2024    205,858    (3,088) 

Kaseya Inc.

  Delayed Draw Term Loan   03/04/2022    288,720    (3,320) 

Kaseya Inc.

  Revolver   05/02/2025    191,755    (1,918) 

Kindeva Drug Delivery L.P.

  Revolver   05/01/2025    1,011,725    (25,293) 

Lexipol, LLC

  Delayed Draw Term Loan   07/08/2021    72,969    (1,277) 

Medbridge Holdings, LLC

  Revolver   12/23/2026    1,376,227    (27,525) 

Metametrics, Inc.

  Revolver   09/10/2025    651,183    (6,512) 

MSM Acquisitions, Inc.

  Delayed Draw Term Loan   06/09/2022    1,512,931    (19,048) 

MSM Acquisitions, Inc.

  Revolver   12/09/2026    1,225,045    (24,501) 

Netwrix Corporation And Concept Searching Inc.

  Revolver   09/30/2026    166,551    (5,413) 

Netwrix Corporation And Concept Searching Inc.

  Tranche 2 Delayed Draw Term Loan   03/23/2022    2,486,046    (49,721) 

Investment

Type

  

Facility

Type

  Commitment
Expiration Date (1)		   Unfunded
Commitment (2)		   Fair Value (3) 

Nine Point Energy, LLC

  

DIP Delayed Draw Term Loan

   07/08/2021    109,375    —   

OMH-HealthEdge Holdings, LLC

  

Revolver

   10/24/2024    458,721    (4,587) 

Pace Health Companies, LLC

  

Revolver

   08/02/2024    616,682    (6,167) 

PerimeterX, Inc.

  

Delayed Draw Term Loan

   05/23/2022    698,833    (6,988) 

PerimeterX, Inc.

  

Revolver

   11/22/2024    279,533    (2,795) 

PF Growth Partners, LLC

  

Delayed Draw Term Loan

   07/11/2021    240,285    (4,805) 

Pinnacle Dermatology Management, LLC

  

Delayed Draw Term Loan

   10/31/2021    1,767,548    (35,351) 

Pinnacle Dermatology Management, LLC

  

Revolver

   05/18/2023    322,749    (6,455) 

Pinnacle Treatment Centers, Inc.

  Seventh Amendment Delayed Draw Term Loan   01/17/2022    234,363    —   

Pinnacle Treatment Centers, Inc.

  

Seventh Amendment Revolver

   12/31/2022    292,954    —   

Real Capital Analytics, Inc.

  

Revolver

   10/02/2024    694,740    —   

Rep Tec Intermediate Holdings, Inc.

  

Revolver

   06/19/2025    442,112    —   

Salisbury House, LLC

  

Revolver

   08/30/2025    448,343    (11,209) 

SCA Buyer, LLC

  

Revolver

   01/20/2026    515,079    (7,726) 

SecureLink, Inc

  

Revolver

   10/01/2025    439,523    (6,593) 

Single Digits, Inc.

  

Revolver

   12/21/2023    416,148    (33,292) 

Sirsi Corporation

  

Revolver

   03/15/2024    553,741    (6,922) 

SIS Purchaser, Inc.

  

Revolver

   10/15/2026    1,165,951    (20,404) 

Smartlinx Solutions, LLC

  

Revolver

   03/04/2026    519,484    (9,974) 

Smile Brands, Inc.

  

Revolver

   09/30/2024    254,808    (4,459) 

Streamsets, Inc.

  

Revolver

   11/25/2024    350,524    (9,349) 

SugarCRM, Inc.

  

Revolver

   07/31/2024    310,244    —   

Swiftpage, Inc.

  

Revolver

   06/13/2023    225,317    (7,886) 

Sysnet North America, Inc

  

Delayed Draw Term Loan B1

   12/30/2021    3,863,094    (57,946) 

Telesoft Holdings, LLC

  

Revolver

   12/16/2025    596,866    (8,953) 

The Center for Orthopedic and Research Excellence, Inc.

  

Delayed Draw Term Loan

   08/15/2021    1,148,009    (13,432) 

The Center for Orthopedic and Research Excellence, Inc.

  

Revolver

   08/15/2025    690,532    (12,084) 

Theranest, LLC

  

Revolver

   07/24/2023    428,571    —   

Thrive Buyer, Inc

  

Delayed Draw Term Loan

   01/22/2023    1,877,085    (37,542) 

Thrive Buyer, Inc

  

Revolver

   01/22/2027    750,834    (15,017) 

TRGRP, Inc.

  

Revolver

   11/01/2023    333,333    (6,667) 

Valcourt Holdings II, LLC

  

Delayed Draw Term Loan

   01/07/2023    1,725,026    (34,501) 

Vectra AI, Inc

  

Delayed Draw Term Loan

   03/18/2023    2,327,586    (58,190) 

Vectra AI, Inc

  

Revolver

   03/18/2026    232,759    (5,819) 

Velocity Purchaser Corporation

  

Revolver

   12/01/2022    193,237    —   

Women’s Health USA, Inc.

  

Revolver

   10/09/2023    52,675    (659) 

ZBS Alliance Animal Health, LLC

  First Amendment Delayed Draw Term Loan   10/19/2022    1,393,289    (27,866) 

ZBS Alliance Animal Health, LLC

  

Revolver

   11/08/2025    680,340    (13,607) 
      

 

 

   

 

 

 

Total 1st Lien/Senior Secured Debt

       86,412,651    (1,329,349) 
      

 

 

   

 

 

 

Foundation Risk Partners, Corp.

  

2nd Lien Delayed Draw Term Loan

   12/30/2022    1,256,896    (14,140) 
      

 

 

   

 

 

 

Total 2nd Lien/Senior Secured Debt

       1,256,896    (14,140) 
      

 

 

   

 

 

 

Total

      $87,669,547   $(1,343,489) 
      

 

 

   

 

 

 

The Fund had the following unfunded commitments by investment types as of December 31, 2020:

Investment

Type    

  

Facility

Type

  Commitment
Expiration Date (1)		   Unfunded
Commitment (2)		   Fair
Value (3)		 

1st Lien/Senior Secured Debt

        

5 Bars, LLC

  Delayed Draw Term Loan   09/27/2022   $3,448,816   $—   

5 Bars, LLC

  Revolver   09/27/2024    646,653    —   

Accelerate Resources Operating, LLC

  Delayed Draw Term Loan   08/24/2021    1,659,057    (49,772) 

Accelerate Resources Operating, LLC

  Revolver   02/24/2026    414,764    (12,443) 

AEG Holding Company, Inc.

  Revolver   11/20/2023    1,116,864    (22,337) 

Alphasense, Inc.

  Delayed Draw Term Loan   12/22/2021    1,937,915    —   

Alphasense, Inc.

  Revolver   05/29/2024    872,355    —   

American Physician Partners, LLC

  Revolver   12/21/2021    97,681    (3,907) 

AMI US Holdings, Inc.

  Revolver   04/01/2024    306,489    (4,597) 

Analogic Corporation

  Revolver   06/22/2023    213,889    (7,486) 

Arrowstream Acquisition Co., Inc.

  Revolver   12/15/2025    386,309    (7,726) 

Avetta, LLC

  Revolver   04/10/2024    494,396    (9,888) 

Azurity Pharmaceuticals, Inc.

  Delayed Draw Term Loan   05/17/2021    482,932    (9,659) 

Azurity Pharmaceuticals, Inc.

  Revolver   03/21/2023    482,932    (9,659) 

Banneker V Acquisition, Inc.

  Delayed Draw Term Loan   12/04/2021    1,037,198    (20,744) 

Banneker V Acquisition, Inc.

  Revolver   12/04/2025    259,300    (5,186) 

BEP Borrower Holdco, LLC

  Delayed Draw Term Loan A   06/12/2021    1,288,304    (19,325) 

BEP Borrower Holdco, LLC

  Revolver   06/12/2024    429,435    (4,295) 

BK Medical Holding Company, Inc.

  Revolver   06/22/2023    321,733    (12,870) 

Businesssolver.com, Inc.

  Revolver   05/15/2023    323,529    —   

Captain D’s, Inc.

  Revolver   12/15/2023    51,331    (513) 

Coding Solutions Acquisition, Inc

  Delayed Draw Term Loan   12/31/2022    2,443,965    (24,440) 

Coding Solutions Acquisition, Inc

  Revolver   12/31/2025    96,983    (1,939) 

Datacor Holdings, Inc.

  Revolver   12/26/2025    643,849    (12,877) 

Datacor Holdings, Inc.

  First Lien Delayed Draw Term Loan   12/28/2022    2,575,396    (25,754) 

Delaware Valley Management Holdings, Inc.

  Delayed Draw Term Loan   03/21/2021    1,053,759    (160,698) 

Dillon Logistics, Inc.

  Revolver   12/11/2023    215,110    (116,160) 

Dispatch Track, LLC

  Revolver   12/17/2024    301,930    (3,020) 

E2open LLC

  Revolver   11/26/2024    72,652    —   

Engage2Excel, Inc.

  Revolver   03/07/2023    119,353    (4,774) 

EnterpriseDB Corporation

  Revolver   06/21/2024    696,355    (6,964) 

Ethos Veterinary Health LLC

  Delayed Draw Term Loan   05/17/2021    839,091    (4,195) 

EvolveIP, LLC

  Delayed Draw Term Loan   11/26/2021    642,451    (9,636) 

EvolveIP, LLC

  Revolver   06/07/2023    566,868    (8,503) 

Exterro, Inc.

  Revolver   05/31/2024    247,500    (1,238) 

Faithlife, LLC

  Delayed Draw Term Loan   09/19/2022    1,328,991    (26,580) 

Faithlife, LLC

  Revolver   09/18/2025    279,053    (5,581) 

Finalsite Holdings, Inc.

  Revolver   09/25/2024    253,142    (4,430) 

Investment

Type

  

Facility

Type

  Commitment
Expiration Date (1)		   Unfunded
Commitment (2)		   Fair
Value (3)		 

Foundation Risk Partners, Corp.

  First Lien Delayed Draw Term Loan   12/30/2022    2,932,758    (29,327) 

Fuze, Inc.

  Delayed Draw Term Loan   09/20/2021    1,814,240    (7,439) 

Fuze, Inc.

  Revolver   09/20/2024    1,295,886    (18,531) 

GHA Buyer, Inc.

  Fifth Amendment Delayed Draw Term loan   12/14/2021    58,528    —   

GHA Buyer, Inc.

  Revolver   06/24/2025    951,077    —   

Global Radar Holdings, LLC

  Revolver   12/31/2025    581,896    (11,637) 

GlobalWebIndex Inc.

  Delayed Draw Term Loan   12/30/2021    3,683,720    (36,837) 

GS AcquisitionCo, Inc.

  Fourth Delayed Draw Term Loan   12/02/2021    498,802    (3,741) 

GS AcquisitionCo, Inc.

  Revolver   05/24/2024    382,916    (5,743) 

Higginbotham Insurance Agency, Inc.

  Delayed Draw Term Loan   11/25/2022    1,671,253    (12,535) 

INH Buyer, Inc.

  Revolver   01/31/2024    205,858    (3,088) 

Kaseya Inc.

  Delayed Draw Term Loan   03/04/2022    481,201    (6,015) 

Kaseya Inc.

  Revolver   05/02/2025    191,755    (3,835) 

Kindeva Drug Delivery L.P.

  Revolver   05/01/2025    1,445,322    (36,133) 

Medbridge Holdings, LLC

  Revolver   12/23/2026    1,376,227    (27,524) 

Metametrics, Inc.

  Revolver   09/10/2025    651,183    (13,024) 

MSM Acquisitions, Inc.

  Delayed Draw Term Loan   06/09/2022    3,062,613    (15,313) 

MSM Acquisitions, Inc.

  Revolver   12/09/2026    1,225,045    (24,501) 

Netwrix Corporation And Concept Searching Inc.

  Revolver   09/30/2026    166,551    (3,956) 

Netwrix Corporation And Concept Searching Inc.

  Delayed Draw Term Loan   09/30/2021    1,001,811    (23,794) 

Nine Point Energy, LLC

  Delayed Draw Term Loan   06/07/2021    328,125    (42,656) 

OMH-HealthEdge Holdings, LLC

  Revolver   10/24/2024    458,721    (10,322) 

Pace Health Companies, LLC

  Revolver   08/02/2024    616,682    (6,167) 

PerimeterX, Inc.

  Delayed Draw Term Loan   05/23/2022    698,833    (6,989) 

PerimeterX, Inc.

  Revolver   11/22/2024    279,533    (2,795) 

PF Growth Partners, LLC

  Delayed Draw Term Loan   07/11/2021    240,285    (4,806) 

Pinnacle Dermatology Management, LLC

  Delayed Draw Term Loan   10/31/2021    1,767,548    (35,351) 

Pinnacle Dermatology Management, LLC

  Revolver   05/18/2023    322,749    (6,455) 

Pinnacle Treatment Centers, Inc.

  Delayed Draw Term Loan   01/17/2022    234,363    (2,343) 

Pinnacle Treatment Centers, Inc.

  Revolver   12/31/2022    292,954    (2,929) 

Real Capital Analytics, Inc.

  Revolver   10/02/2024    694,740    —   

Rep Tec Intermediate Holdings, Inc.

  Delayed Draw Term Loan   03/19/2021    1,326,335    —   

Rep Tec Intermediate Holdings, Inc.

  Revolver   06/19/2025    442,112    —   

Salisbury House, LLC

  Revolver   08/30/2025    448,343    (11,209) 

SecureLink, Inc

  Revolver   10/01/2025    439,523    (6,593) 

Single Digits, Inc.

  Revolver   12/21/2023    416,148    (33,292) 

Sirsi Corporation

  Revolver   03/15/2024    553,741    (6,921) 

SIS Purchaser, Inc.

  Revolver   10/15/2026    1,165,951    (20,405) 

Smartlinx Solutions, LLC

  Revolver   03/04/2026    519,484    (9,974) 

Smile Brands, Inc.

  Revolver   10/12/2023    254,808    (4,459) 

Star2star Communications, LLC

  Delayed Draw Term Loan   03/11/2022    640,576    —   

Star2star Communications, LLC

  Revolver   03/13/2025    960,864    —   

Streamsets, Inc.

  Revolver   11/25/2024    350,524    (9,737) 

SugarCRM, Inc.

  Revolver   07/31/2024    310,244    —   

Swiftpage, Inc.

  Revolver   06/13/2023    225,317    (7,887) 

Sysnet North America, Inc

  Delayed Draw Term Loan B1   12/30/2021    3,863,094    (57,946) 

Investment

Type

  

Facility

Type

  Commitment
Expiration Date (1)		   Unfunded
Commitment (2)		   Fair
Value (3)		 

Telesoft Holdings, LLC

  Revolver   12/16/2025    596,866    (13,429) 

The Center for Orthopedic and Research Excellence, Inc.

  Delayed Draw Term Loan   08/15/2021    1,148,009    (13,432) 

The Center for Orthopedic and Research Excellence, Inc.

  Revolver   08/15/2025    690,532    (12,084) 

Theranest, LLC

  Revolver   07/24/2023    428,571    (10,714) 

TRGRP, Inc.

  Revolver   11/01/2023    333,333    (6,666) 

Velocity Purchaser Corporation

  Revolver   12/01/2022    193,237    —   

Women’s Health USA, Inc.

  Revolver   10/09/2023    175,583    (2,195) 

ZBS Alliance Animal Health, LLC

  First Amendment Delayed Draw Term Loan   10/19/2022    2,253,772    (45,076) 

ZBS Alliance Animal Health, LLC

  Revolver   11/08/2025    226,780    (4,536) 
      

 

 

   

 

 

 

Total 1st Lien/Senior Secured Debt

       76,225,252    (1,297,537) 
      

 

 

   

 

 

 

Foundation Risk Partners, Corp.

  2nd Lien Delayed Draw Term Loan   12/30/2022    1,256,896    (14,140) 
      

 

 

   

 

 

 

Total 2nd Lien/Senior Secured Debt

       1,256,896    (14,140) 
      

 

 

   

 

 

 

Total

      $77,482,148   $(1,311,677) 

(1)

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

(2)

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

(3)

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

Contingencies

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

7. Net Assets

Equity Issuance

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

On September 29, 2017, the Fund completed its Initial Closing after entering into Subscription Agreements with several investors, including the Adviser, providing for the private placement of Shares. Under the terms of the Subscription Agreements, investors are required to fund drawdowns to purchase Shares up to the amount of their respective Capital Commitments on an as-needed basis upon the issuance of a capital draw-down notice. At March 31, 2021 the Fund had total Capital Commitments of $456,870,158, of which 44% is unfunded. At December 31, 2020 the Fund had total Capital Commitments of $447,843,050, of which 52% was unfunded. The minimum Capital Commitment of an investor is $50,000. The Adviser, however, may waive the minimum Capital Commitment at its discretion.

Capital Commitments may be drawn down by the Fund on a pro rata basis, as needed (including for follow-on investments), for paying the Fund’s expenses, including fees under the Amended and Restated Advisory Agreement, and/or maintaining a reserve account for the payment of future expenses or liabilities.

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, 2021 and March 31, 2020:

   For the three months ended
March 31, 2021		   For the three months ended
March 31, 2020		 

Quarter Ended

  Shares   Amount   Shares   Amount 

March 31

   4,001,981   $37,708,999    4,876,625   $41,844,852 
  

 

 

   

 

 

   

 

 

   

 

 

 

Total capital drawdowns

   4,001,981   $37,708,999    4,876,625   $41,844,852 
  

 

 

   

 

 

   

 

 

   

 

 

 

Distributions

The following tables reflect the distributions declared on Shares during the three months ended March 31, 2021 and March 31, 2020:

Date Declared

 

Record Date

 

Payment Date

 

Amount Per Share

 

Dollar Amount

3/29/2021

 3/29/2021 4/28/2021 $0.16 $4,358,022
    

 

    $4,358,022
    

 

Date Declared

 

Record Date

 

Payment Date

 

Amount Per Share

 

Dollar Amount

3/27/2020

 3/27/2020 4/29/2020 $0.24 $3,551,533
    

 

    $3,551,533
    

 

Distribution Reinvestment Plan

On September 26, 2017, the Fund adopted a dividend reinvestment plan, which was amended and restated on August 6, 2018 (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, 2021 and March 31, 2020 to stockholders who opted into the DRIP:

Date Declared

 

Record Date

 

Reinvestment Date

 

Shares

 

Dollar Amount

3/29/2021

 3/29/2021 3/31/2021 229,904 $2,167,568
    

 

    $2,167,568
    

 

Date Declared

 

Record Date

 

Reinvestment Date

 

Shares

 

Dollar Amount

3/27/2020

 3/27/2020 3/31/2020 225,117 $1,931,666
    

 

    $1,931,666
    

 

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 on approximately 2.5% 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.

On February 26, 2021, the Fund commenced a General Tender (the “Q1 2021 Tender Offer”) for up to 502,190.45 Shares (the “Q1 2021 Tender Offer Cap”) tendered prior to March 31, 2021 (the “Initial Expiration Date”). As a result of the number of Shares tendered to the Fund prior to the Initial Expiration Date, the Fund extended the Q1 2021 Tender Offer and increased the Q1 2021 Tender Offer Cap to 2,083,220 Shares. Stockholders who tendered Shares in the Q1 2021 Tender Offer received, at the expiration of the Q1 2021 Tender Offer, 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 Purchase Price. The Purchase Price for the Q1 2021 Tender Offer was $9.43 per Share and the Q1 2021 Tender Offer expired on April 16, 2021. The following table summarizes Shares purchased during the Q1 2021 Tender Offer:

Payment Date

 

Shares

 

Dollar Amount

May 6, 2021

 1,173,288 $11,061,881

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, 2021 and March 31, 2020:

   For the three months ended
March 31,		 
   2021   2020 

Net increase (decrease) in net assets from operations

  $6,171,513   $(15,497,328) 

Weighted average common shares outstanding

   26,432,156    14,683,464 

Earnings per common share-basic and diluted

  $0.23   $(1.06) 

9. Financial Highlights

Below is the schedule of financial highlights of the Fund for the three months ended March 31, 2021 and March 31, 2020:

   For the three months
ended
March 31, 2021		  For the three months
ended
March 31, 2020		 

Per Share Data:(1)(2)

 

Net asset value, beginning of period

  $9.35  $9.88 

Net investment income (loss)

   0.16   0.24 

Net realized and unrealized gains (losses) on investments

   0.08   (1.30) 
  

 

 

  

 

 

 

Net increase (decrease) in net assets resulting from operations

   0.24   (1.06) 
  

 

 

  

 

 

 

Distributions to stockholders(3)

   (0.16)   (0.24) 
  

 

 

  

 

 

 

Net asset value, end of period

  $9.43  $8.58 

Shares outstanding, end of period

   26,833,819   19,729,143 

Total return at net asset value before incentive fees(4)(5)

   2.73%   (10.53)% 

Total return at net asset value after incentive fees(4)(5)

   2.49%   (10.72)% 

Ratio/Supplemental Data:(2)

 

Net assets, end of period

  $252,987,809  $169,290,052 

Ratio of total expenses to weighted average net assets(6)

   10.11%   13.08% 

Ratio of net expenses to weighted average net assets(6)(7)

   9.30%   8.32% 

Ratio of net investment income (loss) before waivers to weighted average net assets(6)

   8.42%   5.99% 

Ratio of net investment income (loss) after waivers to weighted average net assets(6)(7)

   9.23%   10.75% 

Ratio of interest and credit facility expenses to weighted average net assets(6)

   4.45%   6.58% 

Ratio of incentive fees to weighted average net assets(5)(8)

   0.27%   0.49% 

Portfolio turnover rate(5)

   4.23%   3.75% 

Asset coverage ratio(9)

   170%   167% 

(1)

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

(2)

Ratios calculated with Net Assets excluding the Non-Controlling Interest in ABPCICE.

(3)

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

(4)

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

(5)

Not annualized.

(6)

Annualized, except for professional fees, directors’ fees and incentive fees.

(7)

For the three months ended March 31, 2021 and March 31, 2020, the Adviser voluntarily waived a portion of their management fees, incentive fees, and collateral management fees. Additionally, the Adviser also reimbursed the Fund for operating expenses exceeding the percentage limit as per the Expense Support and Conditional Reimbursement Agreement. The ratios include the effects of the waived expenses of 1.09% and 4.63% for the three months ended March 31, 2021 and March 31, 2020, respectively.

(8)

Ratio of incentive fees to weighted average net assets calculated before the voluntary waiver of incentive fees by the Adviser.

(9)

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 financial statements were issued. The Fund has concluded that there are no events requiring adjustment or disclosure in the financial statements, other than as described below.

As described in Note 7, the Fund conducted the Q1 2021 Tender Offer, which expired on April 16, 2021. On April 20, 2021, the fund issued a promissory note in the amount of $11,061,881 to the stockholders who tendered Shares in the Q1 2021 Tender Offer. This promissory note was paid in full on May 6, 2021.

On April 16, 2021, pursuant to the Synovus Loan Agreement, the Fund (i) increased the commitment of the existing lender by $20,000,000 from $100,000,000 to $120,000,000 and (ii) added WebBank as an additional lender with a commitment of $30,000,000.

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;

pandemics or other serious public health events, such as the recent global outbreak of a novel strain of the coronavirus, commonly known as “COVID-19”;

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 its 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, 2020.

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 its 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, 2020 and elsewhere in this report. These forward-looking statements apply only as of the date of this report. Moreover, the Fund assumes no duty and does not undertake to update the forward-looking statements. The forward-looking statements and projections contained in this Quarterly Report are excluded from the safe harbor protection provided by Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) because the Fund is an investment company.

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

Overview

The Fund was formed on February 6, 2015 as a corporation under the laws of the State of Maryland. The Fund is structured as an externally managed, non-diversified, closed-end management investment company. The Fund was formed to invest primarily in primary-issue middle-market credit opportunities that are directly sourced and privately negotiated. The Fund commenced investment operations on November 15, 2017 (“Commencement”) by issuing its first Capital Call (as defined below) on December 1, 2017. 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 of 2012 (the “JOBS Act”). The Fund will remain an emerging growth company for up to five years following its initial public offering, if any, although if the market value of its common stock that is held by non-affiliates exceeds $700 million as of any June 30 before that time, the Fund would cease to be an emerging growth company as of the following December 31. For so long as the Fund remains an emerging growth company under the JOBS Act, it will be subject to reduced public company reporting requirements.

Effects of COVID-19 on the Fund’s Results of Operations

The rapid spread of COVID-19, a novel strain of coronavirus causing respiratory illness (“COVID-19”) has resulted in temporary closures of many corporate offices, retail stores, and manufacturing facilities and factories around the world, which could materially disrupt the demand for the Fund’s portfolio companies’ products and services. The World Health Organization (“WHO”) declared COVID-19 a global pandemic, and the WHO and governments have recommended, and in some cases, mandated, containment and mitigation measures worldwide. The COVID-19 pandemic has had a significant impact on the U.S. economy and supply chains worldwide have been interrupted, slowed or rendered inoperable, with an increasing number of individuals becoming ill, subject to quarantine, or otherwise unable to work and/or travel due to health reasons or governmental restrictions. Governmental mandates to control an outbreak may require forced shutdown of the Fund’s portfolio companies’ facilities for extended or indefinite periods. The extent of the impact of the COVID-19 outbreak on the financial performance of the Fund’s current and future investments will depend on future developments, including the duration and spread of the virus, related advisories and restrictions, and the health of the financial markets and economy as a result of COVID-19, all of which are highly uncertain and cannot be predicted. Adverse impacts on the Fund’s investments may have a material adverse impact on the Fund’s future net investment income, the fair value of the Fund’s portfolio investments, the Fund’s financial condition and results of operations and the financial condition of the Fund’s portfolio companies.

As of March 31, 2021, the Fund was in compliance with its asset coverage requirements under the 1940 Act. In addition, the Fund was not in default of any of the covenants under the Revolving Credit Facilities as of March 31, 2021. However, any increase in unrealized depreciation of the Fund’s investment portfolio or further significant reductions in the Fund’s net asset value as a result of the effects of the COVID-19 pandemic or otherwise may increase the risk of breaching the relevant covenants and requirements.

The Fund will continue to monitor the rapidly evolving situation surrounding the COVID-19 pandemic and guidance from U.S. and international authorities, including federal, state and local public health authorities, and may take additional actions based on their recommendations. Given the dynamic nature of this situation, the Fund cannot reasonably estimate the impact of COVID-19 on its financial condition, results of operations or cash flows in the future.

The Private Offering

The Fund enters into separate subscription agreements with investors providing for the private placement of Shares in reliance on exemptions from the registration requirements of the Securities Act. 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 (a “Capital Call”), which is issued based on the Fund’s anticipated investment activities and capital needs, delivered at least 10 business days prior to the required funding date, provided that investors may fund such requirements sooner than the deadline as agreed between the Fund and the investor. Generally, purchases of Shares are made pro rata in accordance with each investor’s Capital Commitment, in an amount not to exceed each investor’s remaining capital commitment (“Remaining Commitment”), at a per-Share price equal to the net asset value per Share subject to any adjustments. Pursuant to the Private Offering, the Fund’s initial closing of Capital Commitments occurred on September 30,29, 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 in 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 Amended and Restated Advisory Agreement, the Fund’s primary operating expenses will include the payment of fees to the Adviser, the Fund’s allocable portion of overhead expenses under the Expense Reimbursement Agreement and other operating costs described below. The Fund bears all other out-of-pocket costs and expenses of the Fund’s operations and transactions, including those relating to:

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

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

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

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

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

base management fees and incentive fees payable to the Adviser;

transfer agent and custodial fees;

federal and state registration fees;

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

U.S. federal, state and local taxes;

independent directors’ fees and expenses;

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

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

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

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

Portfolio and Investment Activity

During the three months ended March 31, 2021, the Fund invested $64,356,307 in 12 portfolio companies, $5,881,161 was drawn down against the revolvers and delayed draw term loans, and the Fund had $15,637,321 in aggregate amount of principal repayments, which includes $1,348,999 in revolver and delayed draw term loan paydowns, and $7,921,954 in sales, resulting in net investments of $46,678,193 for the period. During the three months ended March 31, 2021, the Fund had $375,483 in PIK interest.

During the three months ended March 31, 2020, the Fund invested $26,047,107 in 12 portfolio companies, $31,464,713 was drawn down against the revolvers and delayed draw term loans, and the Fund had $12,615,490 in aggregate amount of principal repayments, which includes $3,988,364 in revolver and delayed draw term loan paydowns, and $842,678 in sales, resulting in net investments of $44,053,652 for the period. During the three months ended March 31, 2020, the Fund had $206,351 in PIK interest.

The following table shows the composition of the investment portfolio and associated yield data as of March 31, 2021:

   As of March 31, 2021 
   Cost   Percentage of
Total Portfolio		  Fair Value   Percentage of
Total Portfolio		  Weighted
Average
Yield(1)		 

First Lien Senior Secured Debt

  $564,952,955    96.22%  $558,929,700    95.93%   8.27% 

Second Lien Junior Secured Debt

  $11,322,032    1.93%  $11,396,370    1.96%   9.51 

Preferred Stock

  $6,993,227    1.19%  $8,174,321    1.40%   0 

Common Stock

  $2,906,350    0.50%  $3,641,561    0.62%   0 

Warrants

  $955,313    0.16%  $548,104    0.09%   0 
  

 

 

   

 

 

  

 

 

   

 

 

  

 

 

 

Total

  $587,129,877    100%  $582,690,056    100%  
  

 

 

   

 

 

  

 

 

   

 

 

  

(1)

Based upon the par value of the Fund’s debt investments

The following table shows the composition of the investment portfolio and associated yield data as of December 31, 2020:

   As of December 31, 2020 
   Amortized Cost   Percentage of
Total Portfolio		  Fair Value   Percentage of
Total Portfolio		  Weighted
Average
Yield(1)		 

First Lien Senior Secured Debt

  $518,106,245    96.08%  $511,197,686    95.90%   8.50% 

Second Lien Junior Secured Debt

  $11,315,669    2.10%  $11,396,369    2.14%   10.04% 

Preferred Stock

  $6,993,227    1.30%  $7,495,949    1.41%   0 

Common Stock

  $2,076,055    0.38%  $2,663,040    0.50%   0 

Warrants

  $737,264    0.14%  $281,986    0.05%   0 
  

 

 

   

 

 

  

 

 

   

 

 

  

 

 

 

Total

  $539,228,460    100%  $533,035,030    100%  
  

 

 

   

 

 

  

 

 

   

 

 

  

(1)

Based upon the par value of the Fund’s debt investments

The following table presents certain selected financial information regarding the debt investments in the Fund’s portfolio as of March 31, 2021 and December 31, 2020:

   As of
March 31, 2021		  As of
December 31, 2020		 

Number of portfolio companies

   116   123 

Percentage of debt bearing a floating rate(1)

   100%   100% 

Percentage of debt bearing a fixed rate(1)

   0%   0% 

(1)

Measured on a fair value basis, and excludes 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, 2021:

   As of March 31, 2021 
   Amortized Cost   Percentage at
Amortized Cost		  Fair Value   Percentage at
Fair Value		 

Performing

  $572,398,089    99.33%  $568,531,009    99.69% 

Non-accrual

   3,876,899    0.67   1,795,060    0.31 
  

 

 

   

 

 

  

 

 

   

 

 

 

Total

  $576,274,988    100%  $570,326,069    100% 
  

 

 

   

 

 

  

 

 

   

 

 

 

The following table shows the amortized cost and fair value of the Fund’s performing and non-accrual debt investments as of December 31, 2020:

   As of December 31, 2020 
   Amortized Cost   Percentage at
Amortized Cost		  Fair Value   Percentage at
Fair Value		 

Performing

  $529,421,914    100%  $522,594,055    100% 

Non-accrual

   —      —     —      —   
  

 

 

   

 

 

  

 

 

   

 

 

 

Total

  $529,421,914    100%  $522,594,055    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.

The following table shows the amortized cost and fair value of the investment portfolio and cash and cash equivalents as of March 31, 2021:

   As of March 31, 2021 
   Amortized Cost   Percentage of
Total Portfolio		  Fair Value   Percentage of
Total Portfolio		 

First Lien Senior Secured Debt

  $564,952,955    88.54%  $558,929,700    88.22% 

Second Lien Junior Secured Debt

  $11,322,032    1.77%  $11,396,370    1.80% 

Preferred Stock

  $6,993,227    1.10%  $8,174,321    1.29% 

Common Stock

  $2,906,350    0.46%  $3,641,561    0.57% 

Warrants

  $955,313    0.15%  $548,104    0.09% 

Cash and cash equivalents

  $50,890,483    7.98%  $50,890,483    8.03% 
  

 

 

   

 

 

  

 

 

   

 

 

 

Total

  $638,020,360    100.00%  $633,580,539    100.00% 
  

 

 

   

 

 

  

 

 

   

 

 

 

The following table shows the amortized cost and fair value of the investment portfolio and cash and cash equivalents as of December 31, 2020:

   As of December 31, 2020 
   Amortized Cost   Percentage of
Total		  Fair Value   Percentage of
Total		 

First Lien Senior Secured Debt

  $518,106,245    92.25%  $511,197,686    92.03% 

Second Lien Junior Secured Debt

  $11,315,669    2.01%  $11,396,369    2.05% 

Preferred Stock

  $6,993,227    1.25%  $7,495,949    1.35% 

Common Stock

  $2,076,055    0.37%  $2,663,040    0.48% 

Warrants

  $737,264    0.14%  $281,986    0.05% 

Cash and cash equivalents

  $22,410,622    3.98%  $22,410,622    4.04% 
  

 

 

   

 

 

  

 

 

   

 

 

 

Total

  $561,639,082    100%  $555,445,652    100% 
  

 

 

   

 

 

  

 

 

   

 

 

 

The following table shows the composition of the investment portfolio by industry, at amortized cost and fair value as of March 31, 2021 (with corresponding percentage of total portfolio investments):

   As of March 31, 2021 
  Amortized Cost   Percentage of
Total Portfolio		  Fair Value   Percentage of
Total Portfolio		 

Business Services

  $56,758,487    9.67%  $56,759,502    9.74% 

Consumer Non-Cyclical

  $15,649,149    2.67%  $15,341,080    2.63% 

Digital Infrastructure & Services

  $49,079,782    8.36%  $48,661,140    8.35% 

Consumer Discretionary

  $9,163,585    1.56%  $9,095,309    1.56% 

Energy

  $20,000,394    3.41%  $18,548,469    3.18% 

Financials

  $8,069,290    1.37%  $8,035,913    1.38% 

Healthcare & HCIT

  $180,187,359    30.69%  $178,035,056    30.56% 

Software & Tech Services

  $239,143,970    40.72%  $241,281,565    41.41% 

Transport & Logistics

  $9,077,861    1.55%  $6,932,022    1.19% 
  

 

 

   

 

 

  

 

 

   

 

 

 
   587,129,877    100%  $582,690,056    100% 
  

 

 

   

 

 

  

 

 

   

 

 

 

The following table shows the composition of the investment portfolio by industry, at amortized cost and fair value as of December 31, 2020 (with corresponding percentage of total portfolio investments):

   As of December 31, 2020 
  Amortized Cost   Percentage of
Total		  Fair Value   Percentage of
Total		 

Business Services

  $39,299,593    7.29%  $38,887,140    7.30% 

Consumer Non-Cyclical

  $10,215,267    1.89%  $9,866,617    1.85% 

Digital Infrastructure & Services

  $28,828,092    5.35%  $28,732,616    5.39% 

Education

  $9,177,391    1.70%  $9,108,599    1.71% 

Energy

  $21,301,663    3.95%  $19,283,664    3.62% 

Financial Services

  $8,525,237    1.58%  $8,527,428    1.60% 

Healthcare & HCIT

  $157,164,560    29.15%  $154,546,234    28.99% 

Software & Tech Services

  $255,942,203    47.46%  $257,378,914    48.28% 

Transport & Logistics

  $8,774,454    1.63%  $6,703,818    1.26% 
  

 

 

   

 

 

  

 

 

   

 

 

 
  $539,228,460    100%  $533,035,030    100% 
  

 

 

   

 

 

  

 

 

   

 

 

 

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

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

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

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

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

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

Results of Operations

The following is a summary of the Fund’s operating results for the quarters ended March 31, 2021 and March 31, 2020:

   For the Three Months Ended
March 31,
2021		   For the Three Months Ended
March 31,
2020		 

Total investment income

  $10,859,760   $7,441,251 

Total expenses

   6,858,084    6,151,628 
  

 

 

   

 

 

 

Reimbursement payments to Adviser

   280,779    —   

Expense Reimbursement from Adviser

   —      (89,757) 

Waived Collateral Management Fee

   (454,343)    (459,059) 

Waived Management Fee

   (183,001)    (1,227,046) 

Waived Incentive Fees

   —      (486,784) 
  

 

 

   

 

 

 

Net investment income

   4,358,241    3,552,269 

Net realized and change in unrealized appreciation (depreciation) on investments

   1,813,079    (19,049,597) 

Net increase (decrease) in net assets resulting from operations

  $6,171,320   $(15,497,328) 

Less: Net increase (decrease) in net assets resulting from operations related to Non-Controlling Interest in ABPCIC Equity Holdings, LLC

  $(193)   $—   

Net increase (decrease) in net assets resulting from operations related to AB Private Credit Investors Corporation

  $6,171,513   $(15,497,328) 
  

 

 

   

 

 

 

Investment Income

During the three months ended March 31, 2021, the Fund’s investment income was comprised of $10,377,184 of interest income, which includes $788,271 from the net amortization of premium and accretion of discounts, $375,483 of payment-in-kind interest and other fee income of $107,093.

During the three months ended March 31, 2020, the Fund’s investment income was comprised of $7,052,300 of interest income, which included $452,560 from the net amortization of premium and accretion of discounts, $206,351 of payment-in-kind interest and other fee income of $182,600.

Operating Expenses

The following is a summary of the Fund’s operating expenses for the quarters ended March 31, 2021 and March 31, 2020:

   For the Three
Months
Ended
March 31,
2021		   For the Three
Months
Ended
March 31,
2020		 

Interest and borrowing expenses

  $2,605,053   $2,568,667 

Management fees

   2,069,181    1,352,351 

Professional fees

   549,052    547,269 

Collateral management fees

   454,343    459,059 

Income-based incentive fee

   641,062    769,023 

Administration and custodian fees

   163,051    91,783 

Insurance expenses

   146,334    67,596 

Directors’ fees

   50,000    50,000 

Transfer agent fees

   16,386    10,758 

Other expenses

   163,622    235,122 
  

 

 

   

 

 

 

Total expenses

   6,858,084    6,151,628 

Reimbursement payments to Adviser

   280,779    —   

Expense reimbursement from Adviser

   —      (89,757) 

Waived collateral management fees

   (454,343)    (459,059) 

Waived management fees

   (183,001)    (1,227,046) 

Waived incentive fees

   —      (486,784) 
  

 

 

   

 

 

 

Net expenses

  $6,501,519   $3,888,982 
  

 

 

   

 

 

 

Interest and Borrowing Expenses

Interest and borrowing expenses includes interest, amortization of debt issuance and deferred financing costs, upfront commitment fees and unused fees on the unused portion of the Revolving Credit Facilities, Secured Borrowings and the Notes issued in the CLO Transaction. The Fund first drew on the HSBC Credit Facility on November 15, 2017, the Adviser’sSynovus Credit Facility on October 15, 2020 and the Natixis Credit Facility on March 24, 2021. As of March 31, 2021, there were outstanding balances of $89,700,000 and $59,800,000 on the Synovus Credit Facility and the Natixis Credit Facility, respectively. As of December 31, 2020, there were outstanding balances of $46,000,000 and $84,700,000 on the HSBC Credit Facility and Synovus Credit Facility, respectively, and an outstanding balance of $18,870,856 in Secured Borrowings. The outstanding amount on the Notes is $211,612,948, net of unamortized discount and debt issuance costs as of March 31, 2021. The outstanding amount on the Notes was $211,337,498, net of unamortized discount and debt issuance costs as of December 31, 2020.

Interest and borrowing expenses for the three months ended March 31, 2021 and March 31, 2020 were $2,605,053 and $2,568,667, respectively. The weighted average interest rate (excluding deferred upfront financing costs and unused fees) on the Fund’s debt outstanding was 2.52% and 3.73% for the three months ended March 31, 2021 and March 31, 2020, respectively.

Management Fee

The gross management fee expenses for the three months ended March 31, 2021 and March 31, 2020 were $2,069,181 and $1,352,351, respectively. The increase in the management fee for the three months ended March 31, 2021 was a result of the increase in average gross assets during the period, which are the basis used to calculate management fees. For the three months ended March 31, 2021 and March 31, 2020, the Adviser waived management fees of $183,001 and $1,227,046, respectively.

Fund Expenses

For the three months ended March 31, 2021, the Fund incurred $6,858,084 of expenses in relation to professional fees, directors’ fees, collateral management fees, management fees, incentive fees, insurance expenses, interest and borrowing expenses, transfer agent fees, other fees, and administration and custodian fees. Additionally, $280,779 was reimbursed by the Fund to the Adviser and its affiliates. Further, $183,001 of management fees and $454,343 of collateral management fees were waived by the Adviser.

For the three months ended March 31, 2020, the Fund incurred $6,151,628 of expenses in relation to professional fees, directors’ fees, collateral management fees, management fees, incentive fees, insurance expenses, interest and borrowing expenses, transfer agent fees, other fees, and administration and custodian fees. The Fund was reimbursed by the Adviser and its affiliates fees in the amount of $89,757. Further, $1,227,046 of management fees, $486,784 of incentive fees and $459,059 of collateral management fees were waived by the Adviser.

Net Realized Gain (Loss) on Investments

During the three months ended March 31, 2021, the Fund had principal repayments of $15,637,321, which included $1,348,999 of revolver and delayed draw term loan paydowns, and $7,921,954 in sales, resulting in $59,470 of net realized gain.

During the three months ended March 31, 2020, the Fund had principal repayments of $12,615,490, which included $3,988,364 of revolver and delayed draw term loan paydowns, and $842,678 in sales, resulting in $13,369 of net realized loss.

Net Change in Unrealized Appreciation (Depreciation) on Investments

During the three months ended March 31, 2021, the Fund had $1,753,609 in net change in unrealized appreciation on $587,129,877 of investments in 121 portfolio companies. Unrealized appreciation for the three months ended March 31, 2021 resulted from an increase in fair value, primarily due to positive valuation adjustments on level 3 securities.

During the three months ended March 31, 2020, the Fund had $19,036,228 in net change in unrealized depreciation on $391,572,934 of investments in 90 portfolio companies. Unrealized depreciation for the three months ended March 31, 2020 was primarily due to the negative economic impact and the increased uncertainty caused by COVID-19.

Net Increase (Decrease) in Net Assets Resulting from Operations

For the three months ended March 31, 2021 and March 31, 2020, the net increase and decrease in net assets resulting from operations was $6,171,320 and $(15,497,328), respectively. Based on the weighted average Shares outstanding for the three months ended March 31, 2021 and March 31, 2020, the Fund’s per Share net increase and decrease in net assets resulting from operations was $0.23 and $(1.06), respectively.

Cash Flows

For the three months ended March 31, 2021, cash increased by $28,479,861. During the same period, the Fund used $39,889,032 in operating activities, primarily as a result of net purchases of investments. During the three months ended March 31, 2021, the Fund generated $68,363,893 from financing activities, primarily from net borrowings on the Natixis Credit Facility and issuance of Shares.

For the three months ended March 31, 2020, cash increased by $1,319,834. During the same period, the Fund used $41,095,861 in operating activities, primarily as a result of net purchases of investments. During the three months ended March 31, 2020, the Fund generated $42,415,695 from financing activities, primarily from issuance of common stock and net borrowings on the HSBC Credit Facility.

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, 2021 and March 31, 2020, the Fund did not enter into any hedging contracts.

Financial Condition, Liquidity and Capital Resources

At March 31, 2021, and December 31, 2020, the Fund had $50,890,483 and $22,410,622 in cash and cash equivalents, respectively. The Fund expects to generate cash primarily from (i) the net proceeds of the Private Offering, (ii) cash flows from the Fund’s operations, (iii) any financing arrangements now existing or that the Fund may enter into in the future and (iv) any future offerings of the Fund’s equity or debt securities. The Fund may fund a portion of its investments through borrowings from banks, or other large global institutions such as insurance companies, and issuances of senior securities.

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

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

Cash and cash equivalents as of the three months ended March 31, 2021, taken together with the Fund’s uncalled Capital Commitments of $202,341,994, $50,000,000 undrawn amount on the HSBC Credit Facility, $10,300,000 undrawn amount on the Synovus Credit Facility and $40,200,000 undrawn amount on the Natixis Credit Facility, is expected to be sufficient for the Fund’s investing activities and to conduct the Fund’s operations for at least the next twelve months. As of March 31, 2021, the Fund had $50,890,483 in cash and cash equivalents. During the three months ended March 31, 2021, the Fund used $39,889,032 for operating activities. This “Financial Condition, Liquidity and Capital Resources” section should be read in conjunction with “Effects of COVID-19 on the Fund’s Results of Operations” above.

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, 2021, the Fund received Capital Commitments of $456,870,158. Inception to March 31, 2021, the Fund received Capital Contributions to the Fund of $254,528,164. Proceeds from the issuances of Shares in respect of drawdown notices described below were used for investing activities and for other general corporate purposes.

For the three months ended March 31, 2021, the Fund received total Capital Commitments of $18,824,108, had $2,167,568 of dividend reinvestments and issued 229,904 Shares to investors that opted into the Fund’s dividend reinvestment plan, issued capital drawdown notices to its investors for an aggregate amount of $37,708,999 and issued 4,001,981 Shares to investors in respect of such capital drawdowns. In addition, during the three months ended March 31, 2021, the Fund launched the Q1 2021 Tender Offer, which expired on April 16, 2021, and in which Shares with a value of $11,061,881 were purchased by the Fund upon expiration. For the three months ended March 31, 2020, the Fund received total Capital Commitments of $20,827,965, had $1,931,666 of dividend reinvestments and issued 225,117 Shares to investors that opted into the Fund’s dividend reinvestment plan, issued capital drawdown notices to its investors for an aggregate amount of $41,844,852 and issued 4,876,625 Shares to investors in respect of such capital drawdowns.

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, 2021:

Date Declared

  Record Date   Payment Date   Amount Per Share  Total Distributions

March 29, 2021

   March 29, 2021    April 28, 2021   $0.16  $4,358,022
      

 

  

 

Total distributions declared

      $0.16  $4,358,022
      

 

  

 

The following table summarizes distributions declared during the three months ended March 31, 2020:

Date Declared

  Record Date   Payment Date   Amount Per Share  Total Distributions

March 27, 2020

   March 27, 2020    April 29, 2020   $0.24  $3,551,533
      

 

  

 

Total distributions declared

      $0.24  $3,551,533
      

 

  

 

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, 2021, the Fund distributed $4,358,022 to stockholders, all of which was 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, 2020, the Fund distributed $3,551,533 to stockholders, all of which was 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.

General Tender Program

Beginning with the quarter ended March 31, 2021, the Fund began to conduct quarterly General Tenders, 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 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 on approximately 2.5% 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.

On February 26, 2021, the Fund commenced the Q1 2021 Tender Offer” for up to 502,190.45 Shares tendered prior to March 31, 2021. As a result of the number of Shares tendered to the Fund prior to the Initial Expiration Date, the Fund extended the Q1 2021 Tender Offer and increased the Q1 2021 Tender Offer Cap to 2,083,220 Shares. Stockholders who tendered Shares in the Q1 2021 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 Purchase Price. The Purchase Price for the Q1 2021 Tender Offer was $9.43 per Share and the Q1 2021 Tender Offer expired on April 16, 2021. The following table summarizes Shares purchased during the Q1 2021 Tender Offer:

Payment Date

  Shares   Dollar
Amount		 

May 6, 2021

   1,173,288   $11,061,881 

Contractual Obligations

The Fund has entered into certain contracts under which it has future commitments. Payments under the Amended and Restated Advisory Agreement with the Adviser consist of (i) a base management fee equal to 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 and (ii) an incentive fee based on the Fund’s performance. The cost of both the base management fee and the incentive fee will ultimately be borne by the Fund’s stockholders. Under the Administration Agreement, the Fund will reimburse the Adviser an amount equal to the Fund’s allocable portion (subject to the review of the Fund’s Board) of its overhead resulting from its obligations under the Expense Payment amountedReimbursement Agreement. Stockholder approval is not required to $1,002,147. amend the Administration Agreement or Expense Reimbursement Agreement. Any new investment advisory agreement would be subject to approval by the Fund’s stockholders.

The following table shows the Fund’s contractual obligations as of March 31, 2021:

   Payments Due by Period (Millions) 
   Total   Less Than
1 Year		   1 –3 Years   3 – 5 Years   More Than
5 Years		 

HSBC Credit Facility

  $—     $—     $—     $—     $—   

Synovus Credit Facility

  $89.7   $—     $—     $89.7   $—   

Natixis Credit Facility

  $59.8   $—     $—     $59.8   $—   

Class A-1 Senior Secured Floating Rate Note

  $178.2   $—     $—     $—     $178.2 

Class A-2A Senior Secured Floating Rate Note

  $25.0   $—     $—     $—     $25.0 

Class A-2B Senior Secured Floating Rate Note

  $9.95   $—     $—     $—     $9.95 

The following table shows the Fund’s contractual obligations as of December 31, 2020:

   Payments Due by Period (Millions) 
   Total   Less Than
1 Year		   1 –3 Years   3 – 5 Years   More Than
5 Years		 

HSBC Credit Facility

  $46.0   $46.0   $—     $—     $—   

Synovus Credit Facility

  $84.7   $—     $—     $84.7   $—   

Secured borrowings

  $18.9   $18.9   $—     $—     $—   

Class A-1 Senior Secured Floating Rate Note

  $178.2   $—     $—     $—     $178.2 

Class A-2A Senior Secured Floating Rate Note

  $25.0   $—     $—     $—     $25.0 

Class A-2B Senior Secured Floating Rate Note

  $9.95   $—     $—     $—     $9.95 

See “Item 1. – “Notes to Financial Statements – Note 3. Agreements4. Borrowings,” for a discussion of the terms of the Revolving Credit Facilities and Related Party Transactions – Expense Support and Conditional Reimbursement Agreement.”Notes.

Off-Balance Sheet Arrangements

WeAs of March 31, 2021 and December 31, 2020, the Fund had nounfunded Capital Commitments related to Subscription Agreements of $202,341,994 and $231,023,885, respectively.

The Fund may become a party to financial instruments with off-balance sheet arrangements asrisk in the normal course of December 31, 2016.

the Fund’s business to fund investments and to meet the financial needs of the Fund’s portfolio companies. These instruments may include commitments to extend credit and involve, to varying degrees, elements of liquidity and credit risk in excess of the amount recognized in the consolidated statements of assets and liabilities. As of September 30, 2017, weMarch 31, 2021, the Fund believed that it had $70,928,060 in total Capital Commitments from investors, all of whichadequate financial resources to satisfy its unfunded commitments. The Fund’s unfunded commitments to provide funds to portfolio companies were unfunded.as follows:

   As of 
Unfunded Commitments  March 31, 2021   December 31, 2020 

1st Lien/Senior Secured Debt

   86,412,651    76,225,252 

2nd Lien/Senior Secured Debt

   1,256,896    1,256,896 
  

 

 

   

 

 

 

Total

  $87,669,547   $77,482,148 
  

 

 

   

 

 

 

Co-investment Exemptive Order

On October 11, 2016,August 6, 2018, the SEC granted usthe Fund relief sought in ana new exemptive application that expands our abilitythe co-investment exemptive relief previously granted to the Fund in October 2016 to allow the Fund to co-invest in portfolio companies with certain of our affiliates managed by the Adviser (“Affiliated Funds”)Funds in a manner consistent with ourits investment objective, positions, policies, strategies and restrictions as well as regulatory requirements and other pertinent factors, subject to compliance with certain conditions (the “Order”).the Order. Pursuant to the Order, we arethe Fund is permitted toco-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 ourthe Fund’s independent directors make certain conclusions in connection with aco-investment transaction, including that (1) the terms of the transactions, including the consideration to be paid, are reasonable and fair to usthe Fund and ourthe Fund’s stockholders and do not involve overreaching in respect of usthe Fund or ourthe Fund’s stockholders on the part of any person concerned, and (2) the transaction is consistent with the interests of ourthe Fund’s stockholders and is consistent with ourthe Fund’s investment objective and strategies. We intendThe Fund intends toco-invest with Affiliated Funds, subject to the conditions included in the Order.

Credit Facilities

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 becomes a party to the HSBC Credit Agreement in accordance with the terms of the HSBC Credit Agreement, as lenders.

The initial HSBC Maximum Commitment was $30 million. The HSBC Maximum Commitment may be increased upon request of the Fund to an amount agreed upon by the Fund and the HSBC Administrative Agent. Such increase may be done in one or more requested increases, each in a minimum amount of $10 million and in $5 million increments thereof, or such lesser amount to be determined by the HSBC Administrative Agent, subject to certain terms and conditions. So long as no request for borrowing is outstanding, the Fund may terminate the Lenders’ (as defined in the HSBC Credit Agreement) commitments (the “HSBC Commitments”) or reduce the HSBC Maximum Commitment by giving prior irrevocable written notice to the HSBC Administrative Agent. Any reduction of the HSBC Maximum Commitment shall be in an amount equal to $10 million or multiples thereof; and in no event shall a reduction by the Fund reduce the Commitments to $35 million or less (in each case, except for a termination of all the HSBC Commitments). Proceeds under the HSBC Credit Facility may be used for any purpose permitted under the Fund’s organizational documents, including general corporate purposes such as the making of investments.

Borrowings under the HSBC Credit Facility bear interest, at the Fund’s election at the time of drawdown, at a rate per annum equal to (i) with respect to LIBOR Rate Loans (as defined in the HSBC Credit Agreement), Adjusted LIBOR (as defined in the HSBC Credit Agreement) for the applicable Interest Period (as defined in the HSBC Credit Agreement); and (ii) with respect to Reference Rate Loans (as defined in the HSBC Credit Agreement), the greatest of: (x) the rate of interest per annum publicly announced from time to time by the HSBC Administrative Agent as its prime rate, (y) the rate per annum equal to the weighted average of the rates on overnight Federal funds transactions with members of the Federal Reserve System arranged by Federal funds brokers on such day, plus two hundred basis points (2.00%), provided that if such rate is not so published for any day that is a Business Day (as defined in the HSBC Credit Agreement), the average of the quotation for such day on such transactions received by the HSBC Administrative Agent from three (3) Federal funds brokers of recognized standing selected by the HSBC Administrative Agent and, upon request of Borrowers, with notice of such quotations to the Borrowers (as defined in the HSBC Credit Agreement) and (z) except during any period of time during which LIBOR is unavailable, one-month Adjusted LIBOR plus one hundred ninety basis points (1.90%). The Fund will also pay an unused commitment fee of 35 basis points (0.35%) on any unused commitments.

On January 31, 2019, the Fund reduced its maximum available borrowings under the HSBC Credit Facility from $125 million to $50 million by giving notice to the HSBC Administrative Agent. Effective November 13, 2019, the Fund exercised its option to extend the maturity date of the HSBC Credit Facility to November 11, 2020. On November 10, 2020, the Fund entered into the HSBC Credit Agreement Amendment. The HSBC Credit Agreement Amendment (i) extended the maturity date of the HSBC Credit Facility from November 11, 2020 to November 9, 2021, and (ii) inserted a provision permitting the Fund and the HSBC Administrative Agent to, upon the occurrence of certain conditions, amend the HSBC Credit Agreement to replace references to LIBOR with references to an alternate benchmark rate that may include a forward-looking rate based on the secured overnight financing rate or another alternate benchmark rate subject to certain conditions.

The Fund has an option to extend the maturity date for up to one additional term not longer than 364 days, subject to the following conditions: (i) each of the Lenders and the HSBC Administrative Agent consents to the extension in their sole discretion, (ii) the Fund has paid an extension fee to the HSBC Administrative Agent for the benefit of the extending Lenders consenting to such extension in an amount agreed to by the HSBC Administrative Agent and the Borrowers at the time of the extension and as set forth in

the applicable extension request, (iii) no potential default or event of default has occurred and is continuing on the date on which notice is given in accordance with the following clause (iv) or on November 9, 2021; and (iv) the Fund has delivered an extension request to the HSBC Administrative Agent not more than one hundred twenty (120) days or less than forty-five (45) days prior to November 9, 2021.

Subject to certain terms and conditions, the HSBC Credit Facility is secured by a first priority, exclusive, perfected security interest and lien in and on all of the Fund’s right, title and interest, in, to and under, whether now existing or hereafter acquired or arising and wherever located (i) all of the Fund’s rights, titles, interests and privileges in and to the Capital Commitments, and the Capital Contributions made by its Investors, and all other rights, titles, interests, powers and privileges related to, appurtenant to or arising out of the Capital Commitments, (ii) all of the Fund’s rights, titles, interests, remedies, and privileges under the Constituent Documents (as defined in the HSBC Credit Agreement) (x) to issue and enforce Capital Calls and pending Capital Calls, (y) to receive and enforce Capital Contributions and (z) relating to Capital Calls, pending Capital Calls, Capital Commitments or Capital Contributions, and (iii) all proceeds of any and all of the foregoing.

The HSBC Credit Facility contains customary covenants and events of default (with customary cure and notice provisions).

As of March 31, 2021, the Fund had $0 outstanding on the HSBC Credit Facility and the Fund was in compliance with the terms of the HSBC Credit Facility. As of December 31, 2020, the Fund had $46,000,000 outstanding on the HSBC Credit Facility and the Fund was in compliance with the terms of the HSBC Credit Facility. The Fund intends to continue to utilize the HSBC Credit Facility on a revolving basis to fund investments and for other general corporate purposes.

For the three months ended March 31, 2021 and March 31, 2020, the components of interest expense related to the HSBC Credit Facility were as follows:

   For the Three Months Ended March 31, 
   2021   2020 

Interest and borrowing expenses

  $154,133   $145,023 

Unused facility fee

   21,486    —   

Amortization of deferred financing costs and upfront commitment fees

   36,885    46,904 
  

 

 

   

 

 

 

Total interest and borrowing expenses

  $212,504   $191,927 
  

 

 

   

 

 

 

Synovus Credit Facility

On October 15, 2020, ABPCIC Funding II entered into the Synovus Credit Facility. In connection with the Synovus Credit Facility, ABPCIC Funding II entered into, among other agreements, (i) the loan financing and servicing agreement (the “Synovus Loan Agreement”) with the Fund, as equityholder, the Adviser, as servicer (in such capacity, the “Synovus Servicer”), the lenders referred to therein, Synovus, as facility agent, and U.S. Bank, as collateral agent, collateral custodian and securities intermediary, (ii) the securities account control agreement (the “Synovus Control Agreement”), by and among ABPCIC Funding II, the Synovus Collateral Agent and the Synovus Securities Intermediary and (iii) the amended and restated sale and contribution agreement (the “Synovus Transfer Agreement”) by and between the Fund, as seller, and ABPCIC Funding II, as purchaser.

The Synovus Credit Facility provides for borrowings in an aggregate amount up to $100,000,000. Borrowings under the Synovus Loan Agreement bear interest based on an annual adjusted LIBOR for the relevant interest period or the applicable replacement thereto provided in the Synovus Loan Agreement, in each case, plus an applicable spread. Interest is payable quarterly in arrears. Any amounts borrowed under the Synovus Loan Agreement will mature, and all accrued and unpaid interest thereunder will be due and payable, on the earlier of (i) October 15, 2025 (or such later date mutually agreed to by ABPCIC Funding II and Synovus) or (ii) upon certain events which result in accelerated maturity under the Synovus Credit Facility. Borrowing under the Synovus Credit Facility is subject to certain restrictions contained in the 1940 Act.

Borrowings under the Synovus Loan Agreement are secured by all of the assets held by ABPCIC Funding II. Pursuant to the Synovus Loan Agreement, 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 under the Synovus Loan Agreement so long as the Adviser or an affiliate thereof remains the Synovus Servicer. ABPCIC Funding II will reimburse all reasonable expenses, disbursements and advances incurred or made by the Synovus Servicer in the performance of its obligations under the Synovus Loan Agreement. ABPCIC Funding II has made customary representations and warranties under the Synovus Loan 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 II under the Synovus Loan Agreement is held in the custody of the Synovus Collateral Custodian or the Synovus Securities Intermediary under the Synovus Control Agreement. The Synovus Collateral Custodian will maintain and perform certain custodial services with respect to the collateral pursuant to the Synovus Loan Agreement. As compensation for the services rendered by U.S. Bank in its capacities as Synovus Collateral Custodian and Synovus Collateral Agent, ABPCIC Funding II will pay U.S. Bank, on a quarterly basis, customary fee amounts and reimburse U.S. Bank for its reasonable out-of-pocket expenses.

On or prior to the closing of the Synovus Credit Facility, the Fund contributed and/or sold certain assets to ABPCIC Funding II pursuant to the Synovus Transfer Agreement, and the Fund expects to continue to contribute and/or sell assets to ABPCIC Funding II pursuant to the Synovus 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 II subject to the conditions specified in the Synovus Transfer Agreement and the Synovus Loan Agreement. As of March 31, 2021, the Fund had drawn $89,700,000 from the Synovus Credit Facility and the Fund was in compliance with the terms of the Synovus Credit Facility. As of December 31, 2020, the Fund had drawn $84,700,000 from the Synovus Credit Facility and the Fund was in compliance with the terms of the Synovus Credit Facility. The Fund intends to continue to utilize the Synovus Credit Facility on a revolving basis to fund investments and for other general corporate purposes

For the three months ended March 31, 2021 and March 31, 2020, the components of interest expense related to the Synovus Credit Facility were as follows:

   For the Three Months Ended March 31, 
   2021   2020 

Interest and borrowing expenses

  $703,535   $—   

Unused facility fee

   16,764    —   

Amortization of deferred financing costs and upfront commitment fees

   129,626    —   
  

 

 

   

 

 

 

Total interest and borrowing expenses

  $849,925   $—   
  

 

 

   

 

 

 

Natixis Credit Facility

On March 24, 2021, ABPCIC Funding III entered into the Natixis Credit Facility. In connection with the Natixis Credit Facility, ABPCIC Funding III entered into, among other agreements, (i) the Natixis Credit Agreement, (ii) the Natixis Account Control Agreement, (iii) the Natixis Collateral Management Agreement, (iv) the Natixis Collateral Administration Agreement and (v) the Natixis Transfer Agreement.

The Natixis Credit Agreement provides for borrowings in an aggregate amount up to $100,000,000. Borrowings under the Natixis Credit Agreement bear interest based on an annual adjusted LIBOR for the relevant interest period or the applicable replacement thereto provided for in the Natixis Credit Agreement, in each case, plus an applicable spread. Interest is payable quarterly in arrears. Any amounts borrowed under the Natixis Credit Agreement will mature, and all accrued and unpaid interest thereunder will be due and payable, on the earlier of (i) March 24, 2031 (or such later date mutually agreed to by ABPCIC Funding III and the Natixis Administrative Agent) or (ii) upon certain other events which result in accelerated maturity under the Natixis Credit Facility. Borrowing under the Natixis Credit Facility is subject to certain restrictions contained in the 1940 Act.

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

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

Concurrently with the closing of the Natixis Credit Facility, the Fund contributed and/or sold certain assets to ABPCIC Funding III pursuant to the Natixis Transfer Agreement, and the Fund expects to continue to contribute and/or sell assets to ABPCIC Funding III pursuant to the Natixis 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 III subject to the conditions specified in the Natixis Transfer Agreement and the Natixis Credit Agreement. As of March 31, 2021, the Fund had drawn $59,800,000 from the Natixis Credit Facility and the Fund was in compliance with the terms of the Natixis Credit Facility. The Fund intends to continue to utilize the Natixis Credit Facility on a revolving basis to fund investments and for other general corporate purposes.

For the three months ended March 31, 2021 and March 31, 2020, the components of interest expense related to the Natixis Credit Facility were as follows:

   For the Three Months Ended March 31, 
   2021   2020 

Interest and borrowing expenses

  $29,900   $—   

Unused facility fee

   4,467    —   

Amortization of deferred financing costs and upfront commitment fees

   12,393    —   
  

 

 

   

 

 

 

Total interest and borrowing expenses

  $46,760   $—   
  

 

 

   

 

 

 

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.

On September 29, 2020, the Fund entered into the Macquarie Sale/Buy-Back. The Macquarie Sale/Buy-Back had a funding cost of 1.25 bps per day and was not subject to any additional fees. On January 14, 2021, the Fund repurchased the assets it assigned to Macquarie pursuant to the Macquarie Sale/Buy-Back. As of March 31, 2021, Secured Borrowings pursuant to the Macquarie Sale/Buy-Back were $0. As of December 31, 2020, Secured Borrowings pursuant to the Macquarie Sale/Buy-Back were $18,870,856, with a maturity of less than thirty days. Interest expense and amortization of deferred financing costs on Secured Borrowings for the three months ended March 31, 2021 were $30,665 and $15,421, respectively.

There were no Secured Borrowings outstanding as of March 31, 2021.

Secured Borrowings outstanding as of December 31, 2020 with Macquarie were as follows:

Loan Name

  Trade Date   

Maturity Date

  bps Daily Rate   Amount 

Businessolver.com, Inc.

   12/23/2020   60 days or less from trade date   1.25   $5,312,058 

Medbridge Holdings, LLC

   12/23/2020   60 days or less from trade date   1.25    7,710,514 

Higginbotham Insurance Agency, Inc.

   12/23/2020   60 days or less from trade date   1.25    5,848,284 
        

 

 

 
        $18,870,856 

Debt Securitization

On August 9, 2019, the Issuer and the Co-Issuer, each a newly formed special purpose vehicle, completed the CLO Transaction. The Notes offered by the Co-Issuers in the CLO Transaction are secured by a diversified portfolio of the Co-Issuers consisting primarily of middle market loans and participation interests in middle market loans and may also include some broadly syndicated loans. The CLO Transaction was executed through a private placement of: (i) $178,200,000 of Class A-1 Senior Secured Floating Rate Notes, which bear interest at three-months LIBOR plus 1.73% per annum; (ii) $25,000,000 of Class A-2A Senior Secured Floating Rate Notes, which bear interest at LIBOR plus 2.45% per annum; (iii) $9,950,000 of Class A-2B Senior Secured Fixed Rate Notes, which bear interest at 4.23% per annum; (iv) $16,400,000 of Class B Secured Deferrable Floating Rate Notes, which bear interest at LIBOR plus 3.40% per annum; and (v) $17,350,000 of Class C Secured Deferrable Floating Rate Notes, which bear interest at LIBOR plus 4.40% per annum. The Notes are scheduled to mature on August 9, 2030.

The Notes are the secured obligations of the Co-Issuers, and the indenture governing the Notes includes customary covenants and events of default. The Notes have not been, and will not be, registered under the Securities Act, as amended, 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 Issuer pursuant to the Collateral Management Agreement. For so long as the Adviser serves as collateral manager to the Issuer, the Adviser will elect to irrevocably waive any base management fee or subordinated interest to which it may be entitled under the Collateral Management Agreement. For the period ended March 31, 2021, the Fund incurred a collateral management fee of $454,343, which was voluntarily waived by the Adviser.

The interest rate and outstanding borrowings under the Notes as of March 31, 2021 were as follows:

Notes

  Principal Amount   Interest rate at March 31, 2021 Carrying Value   Fair Value 

Class A-1

  $178,200,000   L+1.73% $176,935,979   $179,488,921 

Class A-2A

   25,000,000   L+2.45%  24,822,668    25,586,325 

Class A-2B

   9,950,000   4.23%  9,854,301    10,469,639 

Class B

   16,400,000   L+3.40%  0    0* 

Class C

   17,350,000   L+4.40%  0    0* 

Subordinated Notes

   53,600,000   N/A  0    0* 
  

 

 

    

 

 

   

 

 

 

Total

  $300,500,000    $211,612,948   $215,544,885 
  

 

 

    

 

 

   

 

 

 

*

Class B, Class C and Subordinated Notes have been eliminated in consolidation.

The interest rate and outstanding borrowings under the Notes as of December 31, 2020 were as follows:

Notes

  Principal Amount   Interest rate at December 31, 2020 Carrying Value   Fair Value 

Class A-1

  $178,200,000   L+1.73% $176,706,612    178,352,361 

Class A-2A

   25,000,000   L+2.45%  24,790,490    25,361,000 

Class A-2B

   9,950,000   4.23%  9,840,396    10,639,316 

Class B

   16,400,000   L+3.40%  0    0* 

Class C

   17,350,000   L+4.40%  0    0* 

Subordinated Notes

   53,600,000   N/A  0    0* 
  

 

 

    

 

 

   

 

 

 

Total

  $300,500,000    $211,337,498   $214,352,677 
  

 

 

    

 

 

   

 

 

 

*

Class B, Class C and Subordinated Notes have been eliminated in consolidation.

For the three months ended March 31, 2021 and March 31, 2020, the components of interest expense related to the Notes were as follows:

   For the three Months Ended
March 31		 
   2021   2020 

Interest and borrowing expenses

  $1,151,318   $1,999,072 

Amortization of debt issuance costs

   298,460    377,668 
  

 

 

   

 

 

 

Total interest and borrowing expenses

  $1,449,778   $2,376,740 
  

 

 

   

 

 

 

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 Small Business Credit Availability Act (the “SBCAA”) was signed into law. The SBCAA, among other things, modifies the applicable provisions of the 1940 Act to reduce the required asset coverage ratio applicable to BDCs from 200% to 150% subject to certain approval, time and disclosure requirements (including either stockholder approval or approval of a majority of the directors who are not interested persons of the BDC and who have no financial interest in the proposal). On July 5, 2018, the Board voted to approve the adoption of the reduced asset coverage ratio and separately recommended that Investors approve the reduced asset coverage requirements at the 2018 annual meeting of stockholders. On September 26, 2018, at the Fund’s 2018 annual meeting of stockholders, the Fund’s stockholders approved the reduction of the required minimum asset coverage ratio applicable to the Fund from 200% to 150%, which took effect on September 27, 2018. This reduction in the required minimum asset coverage ratio increases the amount of debt that the Fund is permitted to incur, permitting the Fund to borrow up to two dollars for investment purposes for every one dollar of investor equity.

As of March 31, 2021, and December 31, 2020, the Fund had total senior securities of $361,112,948 and $360,908,354, respectively, consisting of borrowings under the Revolving Credit Facilities and Notes, and had asset coverage ratios of 170% and 162%, respectively.

Critical Accounting Policies

Valuation of Investments

We measureThe Fund measures the value of ourits 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, (“FASB”).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.

The audit committee of ourthe Board (the “Audit Committee’Committee”) is also responsible for assisting ourthe Board 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, ourthe Board, with the assistance of the Adviser 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 ourthe 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. We considerThe Fund considers a range of fair values based upon the valuation techniques utilized and selectselects 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.

Our Board will make this fair value determination on a quarterly basis and any other time when a decision regarding the fair value of the portfolio investments is required. A determination of fair value involves subjective

judgments and estimates and depends on the facts and circumstances. Due to the inherent uncertainty of determining the fair value of portfolio investments that do not have a readily available market value, the fair value of the 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.

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—Valuations are based on quoted1 – Quoted prices in active markets for identical assets or liabilities that are accessible at the measurement date.investments.

 

Level 2—Valuations are based on2 – Other significant observable inputs (including quoted prices in markets that are not active or for which all significant inputs are observable, either directly or indirectly and model-based valuation techniques for which all significant inputs are observable.similar investments, interest rates, prepayment speeds, credit risk, etc.).

 

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

Level 3 assets and liabilities include financial instruments whose value is determined using pricing models incorporating significant– Significant unobservable inputs such as discounted cash flow models and other similar valuations techniques. The valuation of Level 3 assets and liabilities generally requires significant management judgment due to(including the inability to observe inputs to valuation.

In certain cases, the inputs used to measure fair value may fall into different levels ofFund’s own assumptions in determining the fair value hierarchy. In such cases, an investment’sof investments at the reporting date).

The level withinin the fair value hierarchy within which the fair value measurement is basedcategorized in its entirety is determined on the basis of the lowest level of observable 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. The assessment ofIf 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, and considersconsidering factors specific to the investment.asset or liability.

Under ASC Topic 820,

The determination of what constitutes “observable” requires significant judgment by the fair value measurement also assumesFund. The Fund considers observable data to be that the transaction to sell an asset occursmarket 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 principal market for the asset or, in the absence of a principal market, the most advantageous market for the asset, which may be a hypothetical market, and excludes transaction costs. The principal market for any asset is the market with the greatest volume and level of activity for such asset in which the reporting entity would or could sell or transfer the asset. In determining the principal market for an asset or liability under ASC Topic 820, it is assumed that the reporting entity has access to such market as of the measurement date. Market participants are defined as buyers and sellers in the principal or most advantageous market that are independent, knowledgeable and willing and able to transact.relevant market.

With respect to investments for which market quotations are not readily available, our Board will undertake a multi-step valuation process each quarter, as described below:

Our quarterly valuation process will begin with each portfolio company or investment being initially valued by the Adviser’s professionals that are responsible for the portfolio investment;

Preliminary valuation conclusions will then be documented and discussed with the Adviser’s senior investment team;

Our Audit Committee will then review these preliminary valuations;

At least once annually, the valuation for each portfolio investment will be reviewed by an independent valuation firm; and

Our Board will then discuss valuations and determine the fair value of each investment in our portfolio in good faith, based on the input of the Adviser, the respective independent valuation firms and the Audit Committee.

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.

OurThe 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.

SecurityInvestment Transactions, Realized/Unrealized Gains or Losses, and Income Recognition

SecurityInvestment transactions are recorded on a trade-date basis. We measureThe Fund measures realized gains or losses from the repayment or sale of investments using the specific identificationidentified cost method. The amortized cost basis of investments represents the original cost adjusted for the accretion/amortization of discounts and premiums and upfront loan origination fees. We reportThe Fund reports changes in fair value of investments that are measured at fair value as a component of net change in unrealized appreciation (depreciation) on investments in the consolidated statement of operations.

Interest income, adjusted for amortization of market premium and accretion of market discount, is recorded on an accrual basis to the extent that we expectthe Fund expects to collect such amounts. Original issue discount, principally representingInterest 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. Interest or dividend payments received on these non-accrual investments may be recognized as income or applied to principal depending upon management’s judgment. Nonaccrual 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 estimated fair valueprocess of detachable equity or warrants obtainedcollection. Interest income and expense include discounts accreted and premiums amortized on certain debt instruments as determined in conjunction with our debt investments,good faith by the Adviser and market discount or premium are capitalized and accreted or amortized into interest income over the life of the respective securitycalculated using the effective interest method. Loan origination fees, received in connection withoriginal issue discounts and market discounts or premiums are capitalized as part of the closing of investments are reported as unearned income which is included as amortizedunderlying cost of the investment; the unearned income from such fees isinvestments and accreted or amortized over the contractual life of the loan based on the effective interest method. Upon prepayment of a loan or debt security, any prepayment penalties, unamortized loan origination fees, and unamortized market discounts are recordedinvestment as interest income.

Management and Incentive Fees

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

Federal Income Taxes

We intend to electThe Fund has elected to be treated, and intend to qualify annually, thereafter, as a RIC under Subchapter M of the Code as soon as practicable.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. We intendThe Fund intends to distribute sufficient dividends to maintain ourits RIC status each year and we dothe Fund does not anticipate paying any material federal income taxes in the future.

Item 3.

Quantitative and Qualitative Disclosures aboutAbout Market Risk

As of September 30, 2017 and December 31, 2016, we had not commenced investment activities.

When investing commences, we will beThe Fund is subject to financial market risks, including changes in interest rates. To the extent that we borrowthe Fund borrows money to make investments, ourthe Fund’s net investment income will beis dependent upon the difference between the rate at which we borrowthe Fund borrows funds and the rate at which we investthe Fund invests these funds. In periods of rising interest rates, ourthe Fund’s cost of funds would increase, which may reduce ourthe Fund’s net investment income. Because we expectthe Fund expects that most of ourits investments will bear interest at floating rates, we anticipatethe Fund anticipates that an increase in interest rates would have a corresponding increase in ourthe Fund’s interest income that would likely offset any increase in ourthe Fund’s cost of funds and, thus, net investment income would not be reduced. However, there can be no assurance that a significant change in market interest rates will not have an adverse effect on ourthe 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 the global COVID-19 pandemic, which has resulted in an increase in the level of volatility across such markets and a general decline in the value of the securities held by the Fund.

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

In connection with the COVID-19 pandemic, the U.S. Federal Reserve and other central banks have reduced certain interest rates and LIBOR has decreased. A prolonged reduction in interest rates will reduce the Fund’s gross investment income and could result in a decrease in the Fund’s net investment income if such decreases in LIBOR are not offset by a corresponding increase in the spread over LIBOR that the Fund earns on any portfolio investments, a decrease in the Fund’s operating expenses, including with respect to the Fund’s income incentive fee, or a decrease in the interest rate of the Fund’s floating interest rate liabilities tied to LIBOR.

Assuming that the consolidated statement of assets and liabilities as of March 31, 2021, 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

  $(38,102)   $(1,064,390)   $(1,026,288) 

Up 100 basis points

   444,946    3,317,700    (2,872,754) 

Up 200 basis points

   5,749,188    6,844,700    (1,095,512) 

Up 300 basis points

   10,697,554    10,371,700    325,854 

In addition, although we dothe Fund does not currently intend to make investments that are denominated in a foreign currency, to the extent we do, weit 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.

WeThe 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 usthe Fund against adverse changes in interest rates, they may also limit ourthe Fund’s ability to participate in benefits of lower interest rates with respect to ourthe Fund’s portfolio of investments with fixed interest rates.

 

Item 4.

Controls and Procedures

As of the end of the period covered by this report, wethe Fund carried out an evaluation, under the supervision and with the participation of ourthe Fund’s management, including our Presidentthe Fund’s Chief Executive Officer and Chief Financial Officer, of the effectiveness of the design and operation of ourthe Fund’s disclosure controls and procedures (as defined in Rule13a-1513a-15(e) and 15d-15(e) under the Exchange Act). Based on that evaluation, our Presidentthe Fund’s Chief Executive Officer and Chief Financial Officer have concluded that ourthe Fund’s current disclosure controls and procedures are effective in timely alerting them to material information relating to usthe Fund that is required to be disclosed by usthe Fund in the reports we fileit files or submitsubmits under the Exchange Act.

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

PART II. OTHER INFORMATION

 

Item 1.

Legal Proceedings

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

 

Item 1A.

Risk Factors

As of September 30, 2017,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, 2020, 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 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, 2021, there have been no material changes from the risk factors set forth in ourthe Fund’s Annual Report on Form10-K for the year ended December 31, 2016.2020 except for the following.

The Small Business Credit Availability Act allows the Fund to incur additional leverage, which may increase the risk of investing with the Fund.

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

Increased leverage could increase the risks associated with investing in the Fund. For example, if the value of the Fund’s assets decreases, although the asset base and expected revenues would be larger because increased leverage would permit the Fund to acquire additional assets, leverage will cause the Fund’s net asset value to decline more sharply than it otherwise would have without leverage or with lower leverage. Similarly, any decrease in the Fund’s revenue would cause its net income to decline more sharply, on a relative basis, than it would have if the Fund had not borrowed or had borrowed less (although, as noted above, the Fund’s asset base and expected revenues would likely be larger). However, since the Fund already uses leverage in optimizing its investment portfolio, there are no material new risks associated with increased leverage other than the amount of the leverage.

If the Fund’s asset coverage ratio falls below the required limit, the Fund will not be able to incur additional debt until it is able to comply with the asset coverage ratio. This could have a material adverse effect on the Fund’s operations, and the Fund may not be able to make distributions to stockholders. The actual amount of leverage that the Fund employs will depend on the Board’s and the Adviser’s assessment of market and other factors at the time of any proposed borrowing. The Fund currently anticipates being able to obtain sufficient credit on acceptable terms, although the Fund can make no assurance that this will be the case or that it will remain such in the future.

The following table illustrates the effect of leverage on returns from an investment in Shares assuming that the Fund employs leverage such that the Fund’s asset coverage equals (1) the Fund’s actual asset coverage as of March 31, 2021 and (2) 150%, each at various annual returns, net of expenses and as of March 31, 2021.

The calculations in the tables below are hypothetical, and are provided for illustrative purposes only. Actual returns may be higher or lower than those appearing below.

Assumed Return on the Fund’s Portfolio (net of expenses)

   (10.00)%   (5.00)%   0.00%   5.00%   10.00% 
  

 

 

  

 

 

  

 

 

  

 

 

  

 

 

 

Corresponding net return to holders of common stock assuming actual asset coverage as of March 31, 2021(1)

   (30)%   (17.4)%   (4.8)%   7.8%   20.5% 

Corresponding net return to holders of common stock assuming 150% asset coverage(2)

   (36.3)%   (21.3)%   (6.3)%   8.7%   23.7% 
  

 

 

  

 

 

  

 

 

  

 

 

  

 

 

 

(1)

Assumes $638.6 million in total portfolio assets, $385.6 million in debt outstanding, $253 million in net assets, and an average cost of funds of 3.1%. Actual interest payments may be different.

(2)

Assumes $638.6 million in total portfolio assets, $425.7 million in debt outstanding, $212.9 million in net assets, and an average cost of funds of 3.1%. Actual interest payments may be different.

 

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

None.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

Not applicable.None.

 

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:

 

  3.1Articles of Incorporation(1)
  3.2Articles of Amendment(1)
  3.3Articles of Amendment and Restatement(3)
  3.4Bylaws(2)
10.1Investment Advisory Agreement between the Fund and the Adviser, dated July 27, 2017(3)
10.2License Agreement between the Fund and the Adviser, dated August 14, 2017(3)
10.3Form of Subscription Agreement*
10.4Expense Reimbursement Agreement, dated August 14, 2017(3)
10.5Administration Agreement, dated September 29, 2017(4)
10.6Custodian Agreement, dated September 29, 2017(4)
10.7Expense Support and Conditional Reimbursement Agreement, dated September 29, 2017(4)
10.8Dividend Reinvestment Plan, dated September 29, 2017(4)
31.1  Certification of Chief Executive Officer pursuant to Rule13a-14 of the Securities Exchange Act of 1934, as amended*
31.2  Certification of Chief Financial Officer pursuant to Rule13a-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*
32.2Certification of Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002*2002, as amended*

 

(1)Previously filed as an exhibit to the Registration Statement on Form 10 (FileNo. 000-55640) filed with the SEC on April 8, 2016.
(2)Previously filed as an exhibit to the Registration Statement on Form 10 (FileNo. 000-55640) filed with the SEC on July 1, 2016.
(3)Previously filed as an exhibit to the Fund’s quarterly report on Form10-Q (FileNo. 814-01196) filed with the SEC on August 14, 2017.
(4)Previously filed as an exhibit to the Fund’s current report on Form8-K (File No.814-01196 filed with the SEC on September 29, 2017.
*

Filed herewith

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: November 13, 2017May 14, 2021  By: 

/s/ J. Brent Humphries

   J. Brent Humphries
   President and Chief Executive Officer
   (Principal Executive Officer)
Date: November 13, 2017May 14, 2021  By: 

/s/ Wesley Raper

   Wesley Raper
   Chief Financial Officer and Treasurer
   (Principal Financial and Accounting Officer)