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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
FORM
10-Q
 
(Mark One)
☒
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED MARCH 31,SEPTEMBER 30, 2023
☐
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
COMMISSION FILE NUMBER:
814-01196
 
AB Private Credit Investors Corporation
(Exact name of registrant as specified in its charter)
 
Maryland
 
81-2491356
(State of incorporation)
 
(I.R.S. Employer
Identification No.)
1345 Avenue of the Americas
405 Colorado Street, Suite 1500
New York, NY 10105
Austin, Texas 78701
(Address of principal executive offices)
(212)
969-1000(Zip Code)
(512)
721-2900
(Registrant’s telephone number, including area code)
1345 Avenue of the Americas
New York, NY 10105
(Former address)
Securities registered pursuant to Section 12(b) of the Act:
 
Title of each class
 
Trading
Symbol(s)
 
Name of each exchange
on which registered
—
  
—
 
Indicate
by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.     Yes   ☒    No   ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of
Regulation S-T
(§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).     Yes   ☒    No   ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a
non-accelerated
filer, a smaller reporting company or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule
12b-2
of the Exchange Act.
Large accelerated filer ☐  Accelerated filer ☐
Non-accelerated
filer		 ☒  Smaller reporting company ☐
Emerging Growth Company ☒   
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act).  ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule
12b-2
of the Exchange Act).     Yes   ☐    No   ☒
The issuer had 49,615,133.91554,191,179.793 shares of common stock, $0.01 par value per share, outstanding as of November
May 15,14
, 2023.
 

AB PRIVATE CREDIT INVESTORS CORPORATION

FORM 10-Q FOR THE QUARTER ENDED March 31,SEPTEMBER 30, 2023

Table of Contents

 

  

INDEX

  PAGE
NO.		 

PART I.

 FINANCIAL INFORMATION   3 

Item 1.

 Consolidated Financial Statements   3 

Item 2.

 Management’s Discussion and Analysis of Financial Condition and Results of Operations   5762 

Item 3.

 Quantitative and Qualitative Disclosures About Market Risk   7075 

Item 4.

 Controls and Procedures   7176 

PART II.

 OTHER INFORMATION   7177 

Item 1.

 Legal Proceedings   7177 

Item 1A.

 Risk Factors   7177 

Item 2.

 Unregistered Sales of Equity Securities and Use of Proceeds   7278 

Item 3.

 Defaults Upon Senior Securities   7278 

Item 4.

 Mine Safety Disclosures   7278 

Item 5.

 Other Information   7278 

Item 6.

 Exhibits   7278 

SIGNATURES

    7379 

2

Item 1.
Financial Statements
AB Private Credit Investors Corporation
Consolidated Statements of Assets and Liabilities
 
   
As of
September 30,
2023 (Unaudited)
  
As of
December 31,
2022
 
Assets
 
Investments, at fair value
 
Non-controlled/non-affiliated
 
investments (amortized cost of $1,264,464,090 and $1,146,231,264, respectively)
  $1,246,207,175  $1,122,343,258 
Non-controlled
 
affiliated investments (amortized cost of $4,936,908 and $0)
   3,246,622   —   
Controlled affiliated investments (amortized cost of $0 and $0)
   264,486   173,837 
   
 
 
  
 
 
 
Total investments, at fair value (amortized cost of $1,269,400,998 and $1,146,231,264)
   1,249,718,283   1,122,517,095 
Cash and cash equivalents
   101,011,905   48,785,985 
Receivable for fund shares
   14,658,609   2,834,026 
Interest receivable
   7,230,238   9,795,021 
Deferred financing costs
   925,433   1,146,619 
Investment in underlying portfolios paid in advance
   540,832   —   
Receivable for investments sold
   340,909   6,428,709 
Prepaid expenses
   —     226,644 
   
 
 
  
 
 
 
Total assets
  $1,374,426,209  $1,191,734,099 
   
 
 
  
 
 
 
Liabilities
 
Notes payable (net of unamortized discount of $399,530 and $414,624, respectively, and debt issuance costs of $4,040,529 and $1,229,809, respectively)
  $542,309,941  $245,105,567 
Credit facility payable
   283,400,000   448,000,000 
Interest and borrowing expenses payable
   18,781,179   8,311,138 
Payable for fund shares repurchased
   8,409,635   6,304,249 
Distribution payable
   5,856,824   8,909,055 
Incentive fee payable
   5,726,295   2,534,935 
Management fees payable
   4,276,488   3,778,123 
Professional fees payable
   544,601   594,355 
Administrator and custodian fees payable
   500,209   725,470 
Payable to Adviser
   482,592   1,347,210 
Accrued expenses and other liabilities
   392,723   —   
Accrued tax liability
   185,657   1,303,918 
Payable for investments purchased
   133,470   1,990,087 
Directors’ fees payable
   69,696   —   
Transfer agent fees payable
   36,929   34,224 
Secured borrowings
   —     5,917,275 
   
 
 
  
 
 
 
Total liabilities
  $871,106,239  $734,855,606 
   
 
 
  
 
 
 
Commitments and Contingencies (Note 6)
 
 
Net Assets
 
Common stock, par value $0.01 per share (200,000,000 shares authorized, 54,193,205 and 50,228,088 shares issued and outstanding at September 30, 2023 and December 31, 2022, respectively)
   541,932   502,281 
Paid-in
 
capital in excess of par value
   522,706,967   485,940,938 
Distributable earnings (accumulated loss)
   (19,974,510)   (29,599,112) 
   
 
 
  
 
 
 
Total net assets of AB Private Credit Investors Corporation
  $503,274,389  $456,844,107 
   
 
 
  
 
 
 
Non-Controlling
 
Interest in ABPCIC Equity Holdings, LLC
  $45,581  $34,386 
   
 
 
  
 
 
 
Total net assets
  $503,319,970  $456,878,493 
   
 
 
  
 
 
 
Total liabilities and net assets
  $1,374,426,209  $1,191,734,099 
   
 
 
  
 
 
 
Net asset value per share of AB Private Credit Investors Corporation
  $9.29  $9.10 
   
 
 
  
 
 
 
   
As of
March 31,

2023

(Unaudited)
  
As of
December 31,

2022
 
Assets
 
Investments, at fair value         
Non-controlled/non-affiliated investments (amortized cost
 of $1,198,535,419 and $1,146,231,264, respectively)
  $1,179,169,825  $1,122,343,258 
Controlled affiliated investments (amortized cost of $0 and $0)   173,837   173,837 
          
Total investments, at fair value (amortized cost of $1,198,535,419 and $1,146,231,264)   1,179,343,662   1,122,517,095 
Cash and cash equivalents   65,352,472   48,785,985 
Interest receivable   16,815,086   9,795,021 
Receivable for fund shares   2,834,026   2,834,026 
Receivable for investments sold   1,423,278   6,428,709 
Deferred financing costs   546,904   1,146,619 
Prepaid expenses   90,657   226,644 
          
Total assets  $1,266,406,085  $1,191,734,099 
          
Liabilities
 
Credit facility payable  $520,000,000  $448,000,000 
Notes payable (net of unamortized discount of $396,378 and $414,624, respectively, and debt issuance costs of $1,099,287 and $1,229,809, respectively)   245,254,335   245,105,567 
Interest and borrowing expenses payable   9,402,857   8,311,138 
Secured borrowings   8,768,765   5,917,275 
Payable for fund shares repurchased   5,837,993   6,304,249 
Management fees payable   3,938,904   3,778,123 
Incentive fee payable   2,754,604   2,534,935 
Distribution payable   2,395,272   8,909,055 
Accrued tax liability   1,321,219   1,303,918 
Payable to Adviser   1,061,589   1,347,210 
Professional fees payable   650,093   594,355 
Administrator and custodian fees payable   585,674   725,470 
Accrued expenses and other liabilities   138,169   —   
Directors’ fees payable   69,875   —   
Transfer agent fees payable   35,272   34,224 
Payable for investments purchased   —     1,990,087 
          
Total liabilities  $802,214,621  $734,855,606 
          
Commitments and Contingencies (Note 6)
 
 
Net Assets
 
Common stock, par value $0.01 per share (200,000,000 shares authorized, 49,895,174 and 50,228,088 shares issued and outstanding at March 31, 2023 and December 31, 2022, respectively)   498,952   502,281 
Paid-in
capital in excess of par value
   482,847,144   485,940,938 
Distributable earnings (accumulated loss)   (19,190,141)   (29,599,112) 
          
Total net assets of AB Private Credit Investors Corporation  $464,155,955  $456,844,107 
          
Non-Controlling
Interest in ABPCIC Equity Holdings, LLC
  $35,509  $34,386 
          
Total net assets  $464,191,464  $456,878,493 

  
 
 
 
 
 
 
 
Total liabilities and net assets  $1,266,406,085  $1,191,734,099 
          
Net asset value per share of AB Private Credit Investors Corporation  $9.30  $9.10 
          
 
See Notes to Unaudited Consolidated Financial Statements
3
Table of Contents
AB Private Credit Investors Corporation
Unaudited Consolidated Statements of Operations
 
  
For the three months ended

September 30,
 
For the nine months ended

September 30,
 
  
For the Three Months Ended
March 31,
   
2023
 
2022
 
2023
 
2022
 
  
2023
   
2022
 
Investment Income:
Investment Income:
 
Investment Income:
 
From
non-controlled/non-affiliated
investments:
From
non-controlled/non-affiliated
investments:
 
From
non-controlled/non-affiliated
investments:
 
Interest income, net of amortization/accretion  $29,238,830   $19,019,063   $38,162,810   $23,571,953  $105,190,815  $61,840,287 
Payment-in-kind
interest
   3,553,509    594,399    276,379    332,901   1,972,610   1,532,726 
Dividend income   52,452    8,587    132,975    28,850   540,733   54,464 
From controlled affiliated investments:
From controlled affiliated investments:
 
From controlled affiliated investments:
 
Interest income, net of amortization/accretion   —      65,388    —      67,952   —     198,186 
                      
Total investment income
   32,844,791    19,687,437    38,572,164    24,001,656   107,704,158   63,625,663 
                      
Expenses:
Expenses:
 
Expenses:
 
Interest and borrowing expenses   13,781,660    5,140,785    17,167,795    8,935,088   48,209,577   21,122,091 
Management fees   3,938,904    3,402,792    4,276,488    3,644,259   12,419,430   10,438,278 
Income-based incentive fee   2,754,604    1,931,939    3,125,822    1,275,176   8,480,899   4,158,321 
Professional fees   515,313    476,980    413,128    392,050   1,610,337   1,208,708 
Administration and custodian fees   264,455    223,237    341,457    239,624   900,021   707,964 
Insurance expenses   135,986    153,239    161,246    180,760   433,218   489,508 
Directors’ fees   69,875    50,000    139,750    50,000   279,500   150,000 
Transfer agent fees   35,272    25,676    36,929    32,503   108,416   88,020 
Collateral management fees   —      456,498    —      —     —     588,476 
Capital gains incentive fee   —      (546,733)    —      (499,007)
 		  —     (1,283,044)
 
Other expenses   309,575    299,625    287,088    332,340   965,047   963,478 
                      
Total expenses   21,805,644    11,614,038    25,949,703    14,582,793   73,406,445   38,631,800 
Reimbursement payments to Adviser (See Note 3: Expense Support and Conditional Reimbursement Agreement)   —      259,263    —      —     —     259,263 
Waived collateral management fees   —      (456,498)    —      —     —     (588,476)
 
Waived management fees   —      (283,566)    —      —     —     (283,566)
 
                      
Net expenses   21,805,644    11,133,237    25,949,703    14,582,793   73,406,445   38,019,021 
                      
Net investment income before taxes   11,039,147    8,554,200    12,622,461    9,418,863   34,297,713   25,606,642 
                      
Income tax expense, including excise tax   17,301    308,827    96,092    382,072   374,118   949,155 
                      
Net investment income after tax   11,021,846    8,245,373    12,526,369    9,036,791   33,923,595   24,657,487 
                      
Net realized and change in unrealized gains (losses) on investment transactions:
Net realized and change in unrealized gains (losses) on investment transactions:
 
Net realized and change in unrealized gains (losses) on investment transactions:
 
Net realized gain (loss) from:Net realized gain (loss) from: Net realized gain (loss) from: 
Non-controlled/non-affiliated
investments
   5,453    172,332    14,243    842,514   (284,155)   1,659,467 
Net change in unrealized appreciation (depreciation) from:Net change in unrealized appreciation (depreciation) from:    
Non-controlled/non-affiliated
investments
   4,522,412    (4,126,750)    6,625,755   (11,368,856)   3,860,332   (17,958,468) 
Non-controlled
affiliated investments
   80,483   —     80,473   —   
Controlled affiliated investments   —      1,220,755    —     1,397,959   90,649   3,250,435 
        
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net realized and change in unrealized gains (losses) on investment transactions   4,527,865    (2,733,663)    6,720,481    (9,128,383)   3,747,299   (13,048,566) 
                      
Net increase in net assets resulting from operations
  $15,549,711   $5,511,710 
Net increase (decrease) in net assets resulting from operations  $19,246,850   $(91,592)  $37,670,894  $11,608,921 
                      
Less: Net increase (decrease) in net assets resulting from operations related to
Non-Controlling
Interest in ABPCIC Equity Holdings, LLC
  $1,123   $10   $1,418   $386  $3,057  $4,941 
                      
Net increase (decrease) in net assets resulting from operations related to AB Private Credit Investors Corporation
  $15,548,588   $5,511,700   $19,245,432   $(91,978)  $37,667,837  $11,603,980 
                      
Net investment income per share (basic and diluted):
Net investment income per share (basic and diluted):
 
Net investment income per share (basic and diluted):
 
Net investment income per share (basic and diluted):  $0.22   $0.23   $0.24   $0.21  $0.66  $0.60 
Earnings per share (basic and diluted):  $0.31   $0.15   $0.36   $(0.00)  $0.73  $0.28 
Weighted average shares outstanding:   50,224,389    36,411,259    52,831,675    44,069,253   51,686,603   40,828,002 
 
See Notes to Unaudited Consolidated Financial Statements
 
4
Table of Contents
AB Private Credit Investors Corporation
Unaudited Consolidated Statements of Changes in Net Assets
   
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, 2022
   50,228,088  $502,281  $485,940,938  $(29,599,112)  $34,386  $456,878,493 
Increase (decrease) in net assets resulting from operations:
 
Net investment income   —     —     —     11,022,469   (623)   11,021,846 
Net realized gain (loss) on investments   —     —     —     5,453   —     5,453 
Net change in unrealized appreciation (depreciation) on investments   —     —     —     4,520,666   1,746   4,522,412 
Capital transactions:
 
Issuance of common shares pursuant to distribution reinvestment plan   294,604   2,946   2,737,924   —     —     2,740,870 
Repurchase of common stock   (627,518)   (6,275)   (5,831,718)   —     —     (5,837,993) 
Distributions to stockholders   —     —     —     (5,139,617)   —     (5,139,617) 
                          
Total increase (decrease) for the three months ended March 31, 2023   (332,914)   (3,329)   (3,093,794)   10,408,971   1,123   7,312,971 
                          
Net assets at March 31, 2023
   49,895,174  $498,952  $482,847,144  $(19,190,141)  $35,509  $464,191,464 
                          
Distributions declared per share
   —    $—    $—    $0.10  $—    $0.10 
                          
See Notes to Unaudited Consolidated Financial Statements
5
Table of Contents
AB Private Credit Investors Corporation
Unaudited Consolidated Statements of Changes in Net Assets
 
            
  
Shares
 
Par Amount
 
Paid in Capital
in
Excess of Par
 
Distributable
Earnings
 
Non-Controlling

Interest -
ABPCIC
Equity
Holdings, LLC
 
Total
Net Assets
   
Common Stock
         
Net assets at December 31, 2021
   35,343,949  $353,440  $339,292,017  $6,614,462  $16,761  $346,276,680 
  
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 June 30, 2023
   52,816,794  $528,168  $509,937,301  $(26,718,668)  $36,025  $483,782,826 
Increase (decrease) in net assets resulting from operations:
Increase (decrease) in net assets resulting from operations:
 
Increase (decrease) in net assets resulting from operations:
 
Net investment income   —     —     —     8,245,567   (194)   8,245,373    —     —     —     12,526,559   (190)   12,526,369 
Net realized gain (loss) on investments   —     —     —     172,332   —     172,332    —     —     —     14,243   —     14,243 
Net change in unrealized appreciation (depreciation) on investments   —     —     —     (2,906,199)   204   (2,905,995)    —     —     —     6,704,630   1,608   6,706,238 
Capital transactions:
Capital transactions:
 
Capital transactions:
 
Issuance of common stock   3,095,246   30,952   30,653,048   —     —     30,684,000    1,566,471   15,664   14,532,952   —     —     14,548,616 
Contribution of
non-controlling
interest into ABPCIC Equity Holdings, LLC
   —     —     —     —     7,991   7,991    —     —     —     —     8,138   8,138 
Issuance of common shares pursuant to distribution reinvestment plan   526,163   5,262   5,096,442   —     —     5,101,704    715,418   7,155   6,637,294   —     —     6,644,449 
Repurchase of common stock   (420,864)   (4,209)   (4,077,161)   —     —     (4,081,370)    (905,478)   (9,055)   (8,400,580)   —     —     (8,409,635) 
Distributions to stockholders   —     —     —     (9,709,845)   —     (9,709,845)    —     —     —     (12,501,274)   —     (12,501,274) 
                                      
Total increase (decrease) for the three months ended March 31, 2022   3,200,545   32,005   31,672,329   (4,198,145)   8,001   27,514,190 
Total increase (decrease) for the three months ended September 30, 2023   1,376,411   13,764   12,769,666   6,744,158   9,556   19,537,144 
                                      
Net assets at March 31, 2022
   38,544,494  $385,445  $370,964,346  $2,416,317  $24,762  $373,790,870 
Net assets at September 30, 2023
   54,193,205  $541,932  $522,706,967  $(19,974,510)  $45,581  $503,319,970 
                                      
Distributions declared per share
   —    $—    $—    $0.25  $—    $0.25    —    $—    $—    $0.24  $—    $0.24 
                                      
Net assets at December 31, 2022
   50,228,088  $502,281  $485,940,938  $(29,599,112)  $34,386  $456,878,493 
Increase (decrease) in net assets resulting from operations:
Increase (decrease) in net assets resulting from operations:
 
Net investment income   —     —     —     33,924,590   (995)   33,923,595 
Net realized gain (loss) on investments   —     —     —     (284,155)   —     (284,155) 
Net change in unrealized appreciation (depreciation) on investments   —     —     —     4,027,402   4,052   4,031,454 
Capital transactions:
Capital transactions:
 
Issuance of common stock   4,343,225   43,432   40,297,635   —     —     40,341,067 
Contribution of
non-controlling
interest into ABPCIC Equity Holdings, LLC
   —     —     —     —     8,138   8,138 
Issuance of common shares pursuant to distribution reinvestment plan   1,616,252   16,163   14,921,979   —     —     14,938,142 
Repurchase of common stock   (1,994,360)   (19,944)   (18,453,585)   —     —     (18,473,529) 
Distributions to stockholders   —     —     —     (28,043,235)   —     (28,043,235) 
                   
Total increase (decrease) for the nine months ended September 30, 2023   3,965,117   39,651   36,766,029   9,624,602   11,195   46,441,477 
                   
Net assets at September 30, 2023
   54,193,205  $541,932  $522,706,967  $(19,974,510)  $45,581  $503,319,970 
                   
Distributions declared per share
   —    $—    $—    $0.54  $—    $0.54 
                   
See Notes to Unaudited Consolidated Financial Statements
5
Table of Contents
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 June 30, 2022
   44,047,129  $440,471  $424,682,511  $2,010,083  $30,652  $427,163,717 
Increase (decrease) in net assets resulting from operations:
 
Net investment income   —     —     —     9,036,998   (207)   9,036,791 
Net realized gain (loss) on investments   —     —     —     842,514   —     842,514 
Net change in unrealized appreciation (depreciation) on investments   —     —     —     (9,971,490)   593   (9,970,897) 
Capital transactions:
 
Issuance of common stock   1,926,590   19,266   18,286,993   —     —     18,306,259 
Issuance of common shares pursuant to distribution reinvestment plan   482,995   4,830   4,584,542   —     —     4,589,372 
Repurchase of common stock   (374,177)   (3,742)   (3,551,646)   —     —     (3,555,388) 
Distributions to stockholders   —     —     —     (8,539,011)   —     (8,539,011) 
                         
Total increase (decrease) for the three months ended September 30, 2022   2,035,408   20,354   19,319,889   (8,630,989)   386   10,709,640 
                         
Net assets at September 30, 2022
   46,082,537  $460,825  $444,002,400  $(6,620,906)  $31,038  $437,873,357 
                         
Distributions declared per share
   —    $—  $—  $0.20  $—  $0.20 
                         
Net assets at December 31, 2021
   35,343,949  $353,440  $339,292,017  $6,614,462  $16,761  $346,276,680 
Increase (decrease) in net assets resulting from operations:
 
Net investment income   —     —     —     24,658,082   (595)   24,657,487 
Net realized gain (loss) on investments   —     —     —     1,659,467   —     1,659,467 
Net change in unrealized appreciation (depreciation) on investments   —     —     —     (14,713,569)   5,536   (14,708,033) 
Capital transactions:
 
Issuance of common stock   10,781,231   107,812   105,145,675   —     —     105,253,487 
Contribution of
non-controlling
interest into ABPCIC Equity Holdings, LLC
   —     —     —     —     9,336   9,336 
Issuance of common shares pursuant to distribution reinvestment plan   1,370,136   13,701   13,178,103   —     —     13,191,804 
Repurchase of common stock   (1,412,779)   (14,128)   (13,613,395)   —     —     (13,627,523) 
Distributions to stockholders   —     —     —     (24,839,348)   —     (24,839,348) 
                         
Total increase (decrease) for the nine months ended September 30, 2022   10,738,588   107,385   104,710,383   (13,235,368)   14,277   91,596,677 
                         
Net assets at September 30, 2022
   46,082,537  $460,825  $444,002,400  $(6,620,906)  $31,038  $437,873,357 
                         
Distributions declared per share
   —    $—    $—    $0.60  $—    $0.60 
                         
 
See Notes to Unaudited Consolidated Financial Statements
 
6
Table of Contents
AB Private Credit Investors Corporation
Unaudited Consolidated Statements of Cash Flows
 
  
Three Months
Ended
March 31,

2023
 
Three Months
Ended
March 31,

2022
   
Nine Months Ended
September 30, 2023
 
Nine Months Ended
September 30, 2022
 
Cash flows from operating activities
Cash flows from operating activities
 
Cash flows from operating activities
 
Net increase (decrease) in net assets resulting from operations  $15,549,711  $5,511,710   $37,670,894  $11,608,921 
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used for)
operating activities:
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used for)
operating activities:
 
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash
provided by (used for) operating activities:
 
Purchases of investments   (61,547,585)   (88,226,756)    (215,295,165)   (336,125,554) 
Payment-in-kind
investments
   (3,553,509)   (594,399)    (1,972,610)   (1,532,726) 
Proceeds from sales of investments and principal repayments   14,186,764   29,873,338    98,278,139   150,869,120 
Net realized (gain) loss on investments   (5,453)   (172,332)    284,155   (1,659,467) 
Net change in unrealized (appreciation) depreciation on investments   (4,522,412)   2,905,995    (4,031,454)   14,708,033 
Amortization of premium and accretion of discount, net   (1,384,372)   (1,390,757)    (4,464,253)   (5,014,878) 
Amortization of discount, debt issuance and deferred financing costs   773,483   1,164,762    2,945,375   3,786,621 
Increase (decrease) in operating assets and liabilities:
Increase (decrease) in operating assets and liabilities:
 
Increase (decrease) in operating assets and liabilities:
 
(Increase) decrease in receivable for investments sold   5,005,431   742,271    6,087,800   (463,556) 
(Increase) decrease in interest receivable   (7,020,065)   (809,212)    2,564,783   (8,449,848) 
(Increase) decrease in investment in underlying portfolios paid in advance   (540,832)   —   
(Increase) decrease in prepaid directors’ fee   —     63,025    —     38,156 
(Increase) decrease in prepaid expenses   135,987   153,240    226,644   184,187 
Increase (decrease) in payable for investments purchased   (1,990,087)  (9,559,875)    (1,856,617)   (9,334,523) 
Increase (decrease) in management fees payable   160,781   466,174    498,365   991,207 
Increase (decrease) in payable to Adviser   (285,621)   (985,190)    (864,618)   (1,263,547) 
Increase (decrease) in administrator and custodian fees payable   (139,796)   66,073    (225,261)   (6,798) 
Increase (decrease) in professional fees payable   55,738   108,491    (49,754)   203,111 
Increase (decrease) in accrued tax liability   17,301   307,227    (1,118,261)   876,697 
Increase (decrease) in incentive fee payable   219,669   7,919    3,191,360   (1,385,156) 
Increase (decrease) in directors’ fees payable   69,875   —      69,696   —   
Increase (decrease) in transfer agent fees payable   1,048   2,657    2,705   9,484 
Increase (decrease) in insurance payable   —     208,859 
Increase (decrease) in interest and borrowing expenses payable   1,091,719   358,679    10,470,041   3,261,791 
Increase (decrease) in accrued expenses and other liabilities   138,169   33,955    392,723   106,149 
              
Net cash provided by (used for) operating activities   (43,043,224)   (59,973,005)    (67,736,145)   (178,383,717) 
              
Cash flows from financing activities
Cash flows from financing activities
 
Cash flows from financing activities
 
Issuance of common stock   —     51,068,587    28,516,484   106,740,491 
Contribution of
Non-Controlling
Interest into ABPCIC Equity Holdings, LLC
   —     7,991    8,138   9,336 
Repurchase of common stock   (6,304,249)   (4,736,139)    (16,368,143)   (14,808,274) 
Distributions paid   (8,912,530)   (2,340,900)    (16,157,324)   (10,044,046) 
Financing costs paid   (25,000)   (303,156)    (5,519,815)   (2,041,238) 
Borrowings on notes   300,000,000   246,321,363 
Repayments of notes   —     (213,150,000) 
Borrowings on credit facility   106,000,000   88,000,000    289,400,000   170,400,000 
Repayments of credit facility   (34,000,000)   (60,000,000)    (454,000,000)   (118,000,000) 
Proceeds on secured borrowings   8,889,879   —      8,889,878   10,264,355 
Repayments on secured borrowings   (6,038,389)   (4,867,621)    (14,807,153)   (16,357,206) 
              
Net cash provided by (used for) financing activities   59,609,711   66,828,762    119,962,065   159,334,781 
              
Net increase (decrease) in cash   16,566,487   6,855,757    52,225,920   (19,048,936) 
Cash and cash equivalents, beginning of period   48,785,985   54,489,043    48,785,985   54,489,043 
              
Cash and cash equivalents, end of period
  $65,352,472  $61,344,800   $101,011,905  $35,440,107 
              
Supplemental and
non-cash
financing activities
Supplemental and
non-cash
financing activities
 
Supplemental and
non-cash
financing activities
 
Cash paid during the period for interest  $11,978,272  $3,528,077   $34,223,362  $13,668,017 
Issuance of common shares pursuant to distribution reinvestment plan  $2,740,870  $5,101,704   $14,938,142  $13,191,804 
State taxes paid  $—    $1,600   $1,492,379  $72,458 
 
See Notes to Unaudited Consolidated Financial Statements
 
7
Table of Contents
AB Private Credit Investors Corporation
Consolidated Schedule of Investments as of March 31,September 30, 2023
(Unaudited)
 
Portfolio Company
 
            Industry            
 
    Facility Type    
 
                      Interest                      
 
  Maturity  
 
Funded

  Par Amount  
  
        Cost        
  
  Fair Value  
 
Investments at Fair Value
- 254.06% (++) + * # ^
 
 
U.S. Corporate Debt
- 243.60%
 
 
1st Lien/Senior Secured Debt
- 241.34%
 
AmerCareRoyal, LLC
(1)
 Business Services Delayed Draw Term Loan 11.41% (S + 6.50%; 0.75% PIK; 1.00% Floor) 11/25/2025 $496,070  $488,705  $491,109 
AmerCareRoyal, LLC
(1) (2)
 Business Services Term Loan 11.35% (S + 6.50%; 0.75% PIK; 1.00% Floor) 11/25/2025  1,998,536   1,978,551   1,978,551 
AmerCareRoyal, LLC
(1) (3)
 Business Services Term Loan 11.41% (S + 6.50%; 0.75% PIK; 1.00% Floor) 11/25/2025  4,111,647   4,046,954   4,070,530 
AmerCareRoyal, LLC
(3)
 Business Services Term Loan 11.41% (S + 6.50%; 0.75% PIK; 1.00% Floor) 11/25/2025  510,571   498,708   505,465 
Cerifi, LLC
(4) (5)
 Business Services Revolver 10.58% (S + 5.75%; 1.00% Floor) 04/01/2027  —     (18,476)   (16,617) 
Cerifi, LLC
(2) (3)
 Business Services Term Loan 10.58% (S + 5.75%; 1.00% Floor) 03/31/2028  16,026,181   15,745,330   15,785,788 
Engage2Excel, Inc. Business Services Revolver 12.25% (S + 7.25%; 1.00% Floor) 02/15/2024  379,732   374,997   372,137 
Engage2Excel, Inc.
(1)
 Business Services Term Loan 12.21% (S + 7.25%; 1.00% Floor) 12/31/2023  1,032,074   1,024,372   1,011,432 
Engage2Excel, Inc.
(1)
 Business Services Term Loan 12.21% (S + 7.25%; 1.00% Floor) 02/15/2024  2,973,815   2,951,741   2,914,338 
Metametrics, Inc.
(4) (5)
 Business Services Revolver 10.00% (L + 5.00%; 1.00% Floor) 09/10/2025  —     (5,375)   —   
Metametrics, Inc.
(1) (3)
 Business Services Term Loan 10.00% (L + 5.00%; 1.00% Floor) 09/10/2025  4,731,059   4,687,741   4,731,059 
MSM Acquisitions, Inc.
(3)
 Business Services Delayed Draw Term Loan 11.00% (L + 6.00%; 1.00% Floor) 12/09/2026  2,997,487   2,956,228   2,877,587 
MSM Acquisitions, Inc. Business Services Delayed Draw Term Loan 11.00% (L + 6.00%; 1.00% Floor) 12/09/2026  367,319   365,895   354,463 
MSM Acquisitions, Inc.
(4)
 Business Services Revolver 11.00% (L + 6.00%; 1.00% Floor) 12/09/2026  768,716   753,418   719,714 
MSM Acquisitions, Inc.
(1) (2) (3)
 Business Services Term Loan 11.00% (L + 6.00%; 1.00% Floor) 12/09/2026  8,191,395   8,094,333   7,863,740 
Rep Tec Intermediate Holdings, Inc.
(4)
 Business Services Revolver 11.66% (L + 6.50%; 1.00% Floor) 12/01/2027  302,547   294,169   282,816 
Rep Tec Intermediate Holdings, Inc.
(1) (2) (3)
 Business Services Term Loan 11.66% (L + 6.50%; 1.00% Floor) 12/01/2027  14,531,915   14,370,743   14,168,617 
Sako and Partners Lower Holdings LLC
(4)
 Business Services Delayed Draw Term Loan 11.04% (S + 6.00%; 1.00% Floor) 09/15/2028  1,915,899   1,856,376   1,898,152 
Sako and Partners Lower Holdings LLC
(4)
 Business Services Revolver 11.05% (S + 6.00%; 1.00% Floor) 09/15/2028  337,369   303,337   315,617 
Sako and Partners Lower Holdings LLC
(1) (2) (3)
 Business Services Term Loan 11.05% (S + 6.00%; 1.00% Floor) 09/15/2028  14,877,959   14,470,601   14,617,595 
Valcourt Holdings II, LLC
(1)
 Business Services Delayed Draw Term Loan 10.36% (S + 5.25%; 1.00% Floor) 01/07/2027  1,708,503   1,689,777   1,708,503 
Valcourt Holdings II, LLC
(3)
 Business Services Term Loan 10.30% (S + 5.25%; 1.00% Floor) 01/07/2027  2,634,460   2,599,057   2,634,460 
Valcourt Holdings II, LLC
(1) (3)
 Business Services Term Loan 10.30% (S + 5.25%; 1.00% Floor) 01/07/2027  6,263,077   6,180,821   6,263,077 
Valcourt Holdings II, LLC
(3)
 Business Services Term Loan 10.30% (S + 5.25%; 1.00% Floor) 01/07/2027  1,152,318   1,133,990   1,152,318 
AEG Holding Company, Inc.
(1)
 Consumer Discretionary Delayed Draw Term Loan 10.35% (L + 5.50%; 1.00% Floor) 11/20/2023  1,042,993   1,040,449   1,042,993 
AEG Holding Company, Inc.
(4)
 Consumer Discretionary Revolver 10.35% (L + 5.50%; 1.00% Floor) 11/20/2023  446,746   443,821   446,746 
AEG Holding Company, Inc.
(2)
 Consumer Discretionary Term Loan 10.35% (L + 5.50%; 1.00% Floor) 11/20/2023  1,814,971   1,809,414   1,814,971 
AEG Holding Company, Inc.
(1)
 Consumer Discretionary Term Loan 10.35% (L + 5.50%; 1.00% Floor) 11/20/2023  5,497,386   5,483,481   5,497,386 
Ampler QSR Holdings, LLC
(2) (3)
 Consumer
Non-Cyclical
 Term Loan 11.02% (L + 5.875%; 1.00% Floor) 07/21/2027  12,315,544   12,136,697   11,545,822 
Blink Holdings, Inc.
(1)
 Consumer
Non-Cyclical
 Delayed Draw Term Loan 13.66% (L + 5.50%; 3.00% PIK; 1.00% Floor) 11/08/2024  1,123,558   1,119,643   957,833 
Blink Holdings, Inc. Consumer
Non-Cyclical
 Delayed Draw Term Loan 13.14% (L + 5.50%; 3.00% PIK; 1.00% Floor) 11/08/2024  901,308   898,142   768,365 
Blink Holdings, Inc.
(1)
 Consumer
Non-Cyclical
 Term Loan 13.66% (L + 5.50%; 3.00% PIK; 1.00% Floor) 11/08/2024  1,571,191   1,565,686   1,339,440 
Freddy’s Frozen Custard,
L.L.C
(4) (5)
 Consumer
Non-Cyclical
 Revolver 9.75% (L + 5.00%; 1.00% Floor) 03/03/2027  —     (3,410)   —   
Freddy’s Frozen Custard,
L.L.C
(2) (3)
 Consumer
Non-Cyclical
 Term Loan 9.75% (L + 5.00%; 1.00% Floor) 03/03/2027  4,844,108   4,803,850   4,844,108 
Krispy Krunchy Foods, L.L.C
(3)
 Consumer
Non-Cyclical
 Term Loan 9.66% (S + 4.75%; 1.00% Floor) 11/17/2027  9,395,828   9,249,171   9,207,911 
Mathnasium LLC
(4)
 Consumer
Non-Cyclical
 Revolver 10.13% (L + 5.00%; 0.75% Floor) 11/15/2027  87,043   76,895   75,619 
Mathnasium LLC
(1) (3)
 Consumer
Non-Cyclical
 Term Loan 10.13% (L + 5.00%; 0.75% Floor) 11/15/2027  5,385,800   5,302,074   5,291,549 
MMP Intermediate, LLC
(4) (5)
 Consumer
Non-Cyclical
 Revolver 10.67% (S + 5.75%; 1.00% Floor) 02/15/2027  —     (8,646)   (16,586) 
MMP Intermediate, LLC
(1) (3)
 Consumer
Non-Cyclical
 Term Loan 10.67% (S + 5.75%; 1.00% Floor) 02/15/2027  8,189,533   8,057,405   7,943,847 
PF Growth Partners, LLC
(1)
 Consumer
Non-Cyclical
 Term Loan 9.81% (S + 5.00%; 1.00% Floor) 07/11/2025  1,965,832   1,957,385   1,897,028 
PF Growth Partners, LLC
(1)
 Consumer
Non-Cyclical
 Term Loan 9.81% (S + 5.00%; 1.00% Floor) 07/11/2025  117,139   114,554   113,039 
PF Growth Partners, LLC
(1)
 Consumer
Non-Cyclical
 Term Loan 9.81% (S + 5.00%; 1.00% Floor) 07/11/2025  236,080   230,869   227,817 
TBG Food Acquisition Corp
(4) (5)
 Consumer
Non-Cyclical
 Delayed Draw Term Loan 10.92% (L + 6.00%; 0.75% Floor) 12/25/2027  —     (8,392)   (81,848) 
TBG Food Acquisition Corp
(4) (5)
 Consumer
Non-Cyclical
 Revolver 10.92% (L + 6.00%; 0.75% Floor) 12/25/2027  —     (2,098)   (20,462) 
TBG Food Acquisition Corp
(1) (3)
 Consumer
Non-Cyclical
 Term Loan 10.92% (L + 6.00%; 0.75% Floor) 12/25/2027  6,518,143   6,466,300   6,012,987 
Airwavz Solutions, Inc
(2) (4)
 Digital Infrastructure & Services Delayed Draw Term Loan 9.55% (S + 4.50%; 1.00% Floor) 03/31/2027  1,305,480   1,271,088   1,264,683 
Airwavz Solutions, Inc
(4) (5)
 Digital Infrastructure & Services Revolver 9.55% (S + 4.50%; 1.00% Floor) 03/31/2027  —     (9,194)   (11,423) 
Portfolio Company
 
            Industry            
 
    Facility Type    
 
                      Interest                      
 
  Maturity  
 
Funded

  Par Amount  
  
        Cost        
  
  Fair Value  
 
Investments at Fair Value
(++) + * # ^
-
248.29
%
 
U.S. Corporate Debt
-
237.86
%
 
1st Lien/Senior Secured Debt
-
235.86
%
 
AEG Holding Company, Inc.
(1)
 Consumer
Non-Cyclical		 Delayed Draw Term Loan 11.17% (S + 5.75%; 1.00% Floor) 07/01/2024 $1,037,575  $1,037,018  $1,037,575 
AEG Holding Company, Inc.
(2)
 Consumer
Non-Cyclical		 Revolver 11.17% (S + 5.75%; 1.00% Floor) 07/01/2024  335,059   334,418   335,059 
AEG Holding Company, Inc.
(1)
 Consumer
Non-Cyclical		 Term Loan 11.17% (S + 5.75%; 1.00% Floor) 07/01/2024  5,466,232   5,463,191   5,466,232 
AEG Holding Company, Inc.
(3)
 Consumer
Non-Cyclical		 Term Loan 11.17% (S + 5.75%; 1.00% Floor) 07/01/2024  1,805,542   1,804,335   1,805,542 
Ampler QSR Holdings, LLC
(3) (4)
 Consumer
Non-Cyclical		 Term Loan 11.42% (S + 5.87%; 1.00% Floor) 07/21/2027  12,253,028   12,093,680   12,069,233 
Blink Holdings, Inc.
(1)
 Consumer
Non-Cyclical		 Delayed Draw Term Loan 11.04% (S + 5.50%; 3.00% PIK; 1.00% Floor) 11/08/2024  1,118,059   1,115,332   992,277 
Blink Holdings, Inc. Consumer
Non-Cyclical		 Delayed Draw Term Loan 11.04% (S + 5.50%; 3.00% PIK; 1.00% Floor) 11/08/2024  896,558   894,378   795,696 
Blink Holdings, Inc.
(1)
 Consumer
Non-Cyclical		 Term Loan 11.04% (S + 5.50%; 3.00% PIK; 1.00% Floor) 11/08/2024  1,562,805   1,558,966   1,386,990 
Krispy Krunchy Foods, L.L.C
(5)
 Consumer
Non-Cyclical		 Term Loan 9.92% (S + 4.50%; 1.00% Floor) 11/17/2027  8,103,406   7,990,073   8,062,889 
Mathnasium LLC
(2)
 Consumer
Non-Cyclical		 Revolver 10.37% (S + 5.00%; 0.75% Floor) 11/15/2027  76,163   67,075   68,003 
Mathnasium LLC
(1) (5)
 Consumer
Non-Cyclical		 Term Loan 10.51% (S + 5.00%; 0.75% Floor) 11/15/2027  5,358,599   5,284,003   5,291,617 
MMP Intermediate, LLC
(2) (6)
 Consumer
Non-Cyclical		 Revolver 11.18% (S + 5.75%; 1.00% Floor) 02/15/2027  —     (7,559)   (13,822) 
MMP Intermediate, LLC
(1) (5)
 Consumer
Non-Cyclical		 Term Loan 11.18% (S + 5.75%; 1.00% Floor) 02/15/2027  7,966,631   7,852,663   7,767,465 
PF Growth Partners, LLC
(1)
 Consumer
Non-Cyclical		 Term Loan 10.32% (S + 5.00%; 1.00% Floor) 07/11/2025  116,238   114,201   114,495 
PF Growth Partners, LLC
(1)
 Consumer
Non-Cyclical		 Term Loan 10.32% (S + 5.00%; 1.00% Floor) 07/11/2025  234,879   230,763   231,355 
PF Growth Partners, LLC
(1)
 Consumer
Non-Cyclical		 Term Loan 10.48% (S + 5.00%; 1.00% Floor) 07/11/2025  1,955,620   1,948,949   1,926,286 
TBG Food Acquisition Corp
(2) (6)
 Consumer
Non-Cyclical		 Delayed Draw Term Loan 10.18% (S + 4.75%; 0.75% Floor) 12/24/2027  —     (7,530)   (23,762) 
TBG Food Acquisition Corp
(2) (6)
 Consumer
Non-Cyclical		 Revolver 10.18% (S + 6.00%; 0.75% Floor) 12/24/2027  —     (1,883)   (5,941) 
TBG Food Acquisition Corp
(1) (4)
 Consumer
Non-Cyclical		 Term Loan 10.18% (S + 4.75%; 0.75% Floor) 12/24/2027  6,485,140   6,438,196   6,339,224 
Airwavz Solutions, Inc.
(2) (6)
 Digital Infrastructure & Services Delayed Draw Term Loan 11.04% (S + 5.50%; 1.00% Floor) 03/31/2027  —     (47,929)   (39,046) 
Airwavz Solutions, Inc.
(3) (5)
 Digital Infrastructure & Services Delayed Draw Term Loan 11.04% (S + 5.50%; 1.00% Floor) 03/31/2027  3,263,699   3,223,358   3,206,584 
Airwavz Solutions, Inc.
(2) (6)
 Digital Infrastructure & Services Revolver 11.04% (S + 5.50%; 1.00% Floor) 03/31/2027  —     (8,077)   (11,423) 
Airwavz Solutions, Inc.
(3)
 Digital Infrastructure & Services Term Loan 11.04% (S + 5.50%; 1.00% Floor) 03/31/2027  5,221,919   5,157,301   5,130,535 
Avant Communications, LLC
(2) (6)
 Digital Infrastructure & Services Revolver 11.29% (S + 5.75%; 1.00% Floor) 11/30/2026  —     (7,273)   (5,669) 
Avant Communications, LLC
(1) (4) (5)
 Digital Infrastructure & Services Term Loan 11.29% (S + 5.75%; 1.00% Floor) 11/30/2026  15,002,008   14,780,198   14,851,988 
Bridgepointe Technologies, LLC
(2) (6)
 Digital Infrastructure & Services Delayed Draw Term Loan 12.04% (S + 6.50%; 1.00% Floor) 12/31/2027  —     (60,073)   (46,724) 
Bridgepointe Technologies, LLC
(1) (3) (5)
 Digital Infrastructure & Services Delayed Draw Term Loan 12.04% (S + 6.50%; 1.00% Floor) 12/31/2027  4,975,778   4,860,916   4,863,823 
Bridgepointe Technologies, LLC
(2) (3)
 Digital Infrastructure & Services Delayed Draw Term Loan 12.04% (S + 6.50%; 1.00% Floor) 12/31/2027  2,744,798   2,726,050   2,683,040 
Bridgepointe Technologies, LLC
(1) (5)
 Digital Infrastructure & Services Delayed Draw Term Loan 12.04% (S + 6.50%; 1.00% Floor) 12/31/2027  3,858,316   3,814,865   3,771,504 
Bridgepointe Technologies, LLC
(2)
 Digital Infrastructure & Services Revolver 12.04% (S + 6.50%; 1.00% Floor) 12/31/2027  116,624   105,530   99,131 
Bridgepointe Technologies, LLC
(1)
 Digital Infrastructure & Services Term Loan 12.04% (S + 6.50%; 1.00% Floor) 12/31/2027  1,038,313   1,008,276   1,014,951 
Bridgepointe Technologies, LLC
(1) (5)
 Digital Infrastructure & Services Term Loan 12.04% (S + 6.50%; 1.00% Floor) 12/31/2027  4,717,525   4,646,741   4,611,381 
Bridgepointe Technologies, LLC
(1) (5)
 Digital Infrastructure & Services Term Loan 12.04% (S + 6.50%; 1.00% Floor) 12/31/2027  2,277,043   2,202,932   2,225,809 
Coretelligent Intermediate LLC
(1) (2) (4) (5)
 Digital Infrastructure & Services Delayed Draw Term Loan 10.99% (S + 5.50%; 1.00% Floor) 10/21/2027  3,775,054   3,735,101   3,690,053 
Coretelligent Intermediate LLC
(2)
 Digital Infrastructure & Services Revolver 13.00% (P + 4.50%; 1.00% Floor) 10/21/2027  316,605   303,604   284,945 
Coretelligent Intermediate LLC
(1) (3) (5)
 Digital Infrastructure & Services Term Loan 10.99% (S + 5.50%; 1.00% Floor) 10/21/2027  7,888,601   7,807,614   7,691,386 
EvolveIP, LLC
(5)
 Digital Infrastructure & Services Delayed Draw Term Loan 11.22% (S + 5.50%; 1.00% Floor) 06/07/2025  110,256   110,137   102,538 
EvolveIP, LLC Digital Infrastructure & Services Revolver 11.22% (S + 5.50%; 1.00% Floor) 06/07/2025  566,868   564,213   527,188 
EvolveIP, LLC
(1)
 Digital Infrastructure & Services Term Loan 11.22% (S + 5.50%; 1.00% Floor) 06/07/2025  6,364,108   6,334,282   5,918,620 
Firstdigital Communications LLC
(2)
 Digital Infrastructure & Services Revolver 9.68% (S + 4.25%; 0.75% Floor) 12/17/2026  412,549   391,902   337,179 
Firstdigital Communications LLC
(3) (5)
 Digital Infrastructure & Services Term Loan 9.68% (S + 4.25%; 0.75% Floor) 12/17/2026  13,645,840   13,468,278   12,997,663 
 
See Notes to Unaudited Consolidated Financial Statements
 
8
Table of Contents
AB Private Credit Investors Corporation
Consolidated Schedule of Investments as of March 31,September 30, 2023 (continued)
(Unaudited)
 
Portfolio Company
 
            Industry            
 
    Facility Type    
 
                      Interest                      
 
  Maturity  
 
Funded

  Par Amount  
  
        Cost        
  
  Fair Value  
 
Airwavz Solutions, Inc
(2)
 Digital Infrastructure & Services Term Loan 9.55% (S + 4.50%; 1.00% Floor) 03/31/2027 $5,221,919  $5,148,368  $5,130,535 
Avant Communications,
LLC
(4) (5)
 Digital Infrastructure & Services Revolver 10.40% (S + 5.50%; 1.00% Floor) 11/30/2026  —     (8,388)   —   
Avant Communications,
LLC
(1) (3)
 Digital Infrastructure & Services Term Loan 10.40% (S + 5.50%; 1.00% Floor) 11/30/2026  11,197,723   11,021,444   11,197,723 
Bridgepointe Technologies, LLC
(1) (4)
 Digital Infrastructure & Services Delayed Draw Term Loan 11.40% (S + 6.50%; 1.00% Floor) 12/31/2027  3,106,069   3,001,963   3,018,993 
Bridgepointe Technologies, LLC
(2)
 Digital Infrastructure & Services Delayed Draw Term Loan 11.55% (S + 6.50%; 1.00% Floor) 12/31/2027  2,758,696   2,737,632   2,696,625 
Bridgepointe Technologies, LLC
(1) (3)
 Digital Infrastructure & Services Delayed Draw Term Loan 11.38% (S + 6.50%; 1.00% Floor) 12/31/2027  3,877,753   3,833,899   3,790,504 
Bridgepointe Technologies, LLC
(4) (5)
 Digital Infrastructure & Services Revolver 11.55% (S + 6.50%; 1.00% Floor) 12/31/2027  —     (12,371)   (17,494) 
Bridgepointe Technologies, LLC
(1) (3)
 Digital Infrastructure & Services Term Loan 11.55% (S + 6.50%; 1.00% Floor) 12/31/2027  2,288,514   2,203,028   2,237,023 
Bridgepointe Technologies, LLC
(1) (3)
 Digital Infrastructure & Services Term Loan 11.55% (S + 6.50%; 1.00% Floor) 12/31/2027  4,741,472   4,663,288   4,634,789 
Coretelligent Intermediate LLC
(3) (4)
 Digital Infrastructure & Services Delayed Draw Term Loan 10.16% (L + 5.00%; 1.00% Floor) 10/21/2027  1,914,096   1,890,817   1,847,862 
Coretelligent Intermediate LLC
(4)
 Digital Infrastructure & Services Revolver 12.00% (P + 4.00%; 1.00% Floor) 10/21/2027  94,982   80,431   69,653 
Coretelligent Intermediate LLC
(1) (2) (3)
 Digital Infrastructure & Services Term Loan 10.16% (L + 5.00%; 1.00% Floor) 10/21/2027  7,928,746   7,837,647   7,770,171 
EvolveIP, LLC
(3)
 Digital Infrastructure & Services Delayed Draw Term Loan 10.29% (S + 5.50%; 1.00% Floor) 06/07/2025  110,823   110,871   106,113 
EvolveIP, LLC
(4) (6)
 Digital Infrastructure & Services Revolver 10.23% (S + 5.50%; 1.00% Floor) 06/07/2025  160,613   160,163   136,521 
EvolveIP, LLC
(1)
 Digital Infrastructure & Services Term Loan 10.54% (S + 5.50%; 1.00% Floor) 06/07/2025  6,417,682   6,412,048   6,144,931 
Fatbeam, LLC Digital Infrastructure & Services Revolver 10.97% (L + 6.25%; 1.00% Floor) 02/22/2026  643,849   635,333   642,239 
Fatbeam, LLC
(2) (3)
 Digital Infrastructure & Services Term Loan 11.09% (L + 6.25%; 1.00% Floor) 02/22/2026  6,422,394   6,336,797   6,406,338 
Firstdigital Communications LLC
(4)
 Digital Infrastructure & Services Revolver 9.13% (L + 4.25%; 0.75% Floor) 12/17/2026  412,549   388,782   349,080 
Firstdigital Communications LLC
(2) (3)
 Digital Infrastructure & Services Term Loan 9.13% (L + 4.25%; 0.75% Floor) 12/17/2026  13,645,840   13,441,445   13,100,007 
FirstLight Holdco, Inc.
(1) (3)
 Digital Infrastructure & Services Term Loan 9.13% (L + 4.00%; 1.00% Floor) 07/23/2025  6,148,719   6,011,875   5,902,770 
Greenlight Intermediate II,
Inc.
(4)
 Digital Infrastructure & Services Delayed Draw Term Loan 10.42% (S + 5.50%; 0.75% Floor) 06/01/2028  1,182,721   1,108,774   1,182,721 
Greenlight Intermediate II,
Inc.
(1) (3)
 Digital Infrastructure & Services Term Loan 10.54% (S + 5.50%; 0.75% Floor) 06/01/2028  5,331,605   5,234,720   5,304,947 
MBS Holdings, Inc.
(4) (5)
 Digital Infrastructure & Services Revolver 10.59% (L + 5.75%; 1.00% Floor) 04/16/2027  —     (13,294)   (34,096) 
MBS Holdings, Inc.
(1) (2) (3)
 Digital Infrastructure & Services Term Loan 10.59% (L + 5.75%; 1.00% Floor) 04/16/2027  10,336,910   10,195,845   9,975,118 
MSP Global Holdings, Inc.
(2) (4)
 Digital Infrastructure & Services Delayed Draw Term Loan 8.40% (S + 5.25%; 1.00% Floor) 01/25/2027  613,238   592,928   589,130 
MSP Global Holdings, Inc.
(4) (5)
 Digital Infrastructure & Services Revolver 8.40% (S + 5.25%; 1.00% Floor) 01/25/2027  —     (11,384)   (16,919) 
MSP Global Holdings, Inc.
(2) (3)
 Digital Infrastructure & Services Term Loan 8.40% (S + 5.25%; 1.00% Floor) 01/25/2027  7,851,280   7,742,546   7,694,254 
NI Topco, Inc
(1)
 Digital Infrastructure & Services Term Loan 10.91% (L + 5.75%; 0.75% Floor) 12/28/2028  1,227,462   1,202,844   1,205,981 
NI Topco, Inc
(2) (3)
 Digital Infrastructure & Services Term Loan 10.91% (L + 5.75%; 0.75% Floor) 12/28/2028  6,622,642   6,495,509   6,506,745 
Race Finco LLC
(4) (5)
 Digital Infrastructure & Services Delayed Draw Term Loan 11.78% (S + 7.00%; 1.00% Floor) 01/10/2028  —     (52,468)   (54,882) 
Race Finco LLC
(4) (5)
 Digital Infrastructure & Services Revolver 11.78% (S + 7.00%; 1.00% Floor) 01/10/2028  —     (17,495)   (18,294) 
Race Finco LLC
(2) (3)
 Digital Infrastructure & Services Term Loan 11.78% (S + 7.00%; 1.00% Floor) 01/10/2028  4,878,384   4,738,424   4,732,033 
Single Digits, Inc.
(3)
 Digital Infrastructure & Services Delayed Draw Term Loan 11.16% (S + 4.25%; 3.25% PIK; 1.00% Floor) 06/19/2026  602,002   600,340   516,216 
Single Digits, Inc.
(4) (5)
 Digital Infrastructure & Services Revolver 11.16% (L + 6.00%; 0.50% PIK; 1.00% Floor) 06/19/2026  —     (610)   (59,301) 
Single Digits, Inc.
(1)
 Digital Infrastructure & Services Term Loan 11.16% (S + 4.25%; 3.25% PIK; 1.00% Floor) 06/19/2026  3,231,321   3,221,516   2,770,857 
Stratus Networks, Inc.
(2) (4)
 Digital Infrastructure & Services Delayed Draw Term Loan 9.69% (L + 4.50%; 1.00% Floor) 12/15/2027  858,085   820,071   828,382 
Stratus Networks, Inc.
(4)
 Digital Infrastructure & Services Revolver 9.35% (L + 4.50%; 1.00% Floor) 12/15/2027  792,078   776,414   774,751 
Portfolio Company
 
            Industry            
 
    Facility Type    
 
                      Interest                      
 
  Maturity  
 
Funded

  Par Amount  
  
        Cost        
  
  Fair Value  
 
FirstLight Holdco, Inc.
(1) (5)
 Digital Infrastructure & Services Term Loan 9.50% (S + 4.00%; 1.00% Floor) 07/23/2025 $6,117,743  $6,010,509  $5,964,799 
Greenlight Intermediate II, Inc.
(2) (5)
 Digital Infrastructure & Services Delayed Draw Term Loan 10.96% (S + 5.50%; 0.75% Floor) 06/01/2028  5,125,123   5,027,113   5,091,612 
Greenlight Intermediate II, Inc.
(1) (5)
 Digital Infrastructure & Services Term Loan 11.07% (S + 5.50%; 0.75% Floor) 06/01/2028  5,331,605   5,243,767   5,291,618 
MBS Holdings, Inc.
(2)
 Digital Infrastructure & Services Revolver 11.17% (L + 5.75%; 1.00% Floor) 04/16/2027  155,867   144,171   131,513 
MBS Holdings, Inc.
(5)
 Digital Infrastructure & Services Term Loan 11.17% (S + 6.50%; 1.00% Floor) 04/16/2027  789,118   766,101   787,145 
MBS Holdings, Inc.
(1) (3) (4) (5)
 Digital Infrastructure & Services Term Loan 11.17% (S + 5.75%; 1.00% Floor) 04/16/2027  10,284,305   10,159,909   10,027,197 
MSP Global Holdings, Inc.
(2) (3)
 Digital Infrastructure & Services Delayed Draw Term Loan 10.79% (S + 5.25%; 1.00% Floor) 01/25/2027  610,157   592,496   595,128 
MSP Global Holdings, Inc.
(2) (6)
 Digital Infrastructure & Services Revolver 10.80% (S + 5.25%; 1.00% Floor) 01/25/2027  —     (9,926)   (10,574) 
MSP Global Holdings, Inc.
(3) (5)
 Digital Infrastructure & Services Term Loan 10.80% (S + 5.25%; 1.00% Floor) 01/25/2027  7,811,627   7,716,128   7,713,982 
NI Topco, Inc
(3) (5)
 Digital Infrastructure & Services Term Loan 10.99% (S + 5.50%; 0.75% Floor) 12/28/2028  6,589,194   6,471,842   6,556,248 
NI Topco, Inc
(1)
 Digital Infrastructure & Services Term Loan 10.99% (S + 5.50%; 0.75% Floor) 12/28/2028  1,221,278   1,198,837   1,215,172 
Race Finco LLC
(2) (6)
 Digital Infrastructure & Services Delayed Draw Term Loan 12.43% (S + 7.00%; 1.00% Floor) 01/10/2028  —     (47,134)   (36,588) 
Race Finco LLC
(2) (6)
 Digital Infrastructure & Services Revolver 12.43% (S + 7.00%; 1.00% Floor) 01/10/2028  —     (15,730)   (15,245) 
Race Finco LLC
(3) (5)
 Digital Infrastructure & Services Term Loan 12.43% (S + 7.00%; 1.00% Floor) 01/10/2028  4,878,384   4,752,556   4,756,425 
SDC Atlas Acquistionco, LLC
(2) (6)
 Digital Infrastructure & Services Delayed Draw Term Loan 10.92% (S + 5.50%; 0.75% Floor) 08/25/2028  —     (182,706)   (186,896) 
SDC Atlas Acquistionco, LLC
(2) (6)
 Digital Infrastructure & Services Revolver 10.92% (S + 5.50%; 0.75% Floor) 08/25/2028  —     (12,180)   (12,460) 
SDC Atlas Acquistionco, LLC
(1) (4) (5)
 Digital Infrastructure & Services Term Loan 10.92% (S + 5.50%; 0.75% Floor) 08/25/2028  10,715,390   10,505,888   10,501,082 
Single Digits, Inc.
(4)
 Digital Infrastructure & Services Delayed Draw Term Loan 12.90% (S + 4.25%; 3.00% PIK; 1.00% Floor) 06/19/2026  611,680   609,128   535,220 
Single Digits, Inc.
(2) (6)
 Digital Infrastructure & Services Revolver 9.90% (S + 4.25%; 3.00% PIK; 1.00% Floor) 06/19/2026  —     (189)   (52,019) 
Single Digits, Inc.
(1)
 Digital Infrastructure & Services Term Loan 9.90% (S + 4.25%; 3.00% PIK; 1.00% Floor) 06/19/2026  2,863,192   2,857,556   2,505,293 
Stratus Networks, Inc.
(2) (3) (5)
 Digital Infrastructure & Services Delayed Draw Term Loan 10.67% (S + 5.25%; 1.00% Floor) 12/15/2027  1,518,150   1,478,866   1,468,645 
Stratus Networks, Inc.
(2)
 Digital Infrastructure & Services Revolver 12.75% (P + 4.25%, 1.00% Floor) 12/15/2027  132,013   117,962   109,736 
Stratus Networks, Inc.
(5)
 Digital Infrastructure & Services Term Loan 10.67% (S + 5.25%; 1.00% Floor) 12/15/2027  7,920,781   7,803,403   7,742,564 
Thrive Buyer, Inc.
(1) (5)
 Digital Infrastructure & Services Delayed Draw Term Loan 11.54% (S + 6.00%; 1.00% Floor) 01/22/2027  8,195,029   8,093,305   8,195,029 
Thrive Buyer, Inc.
(2)
 Digital Infrastructure & Services Revolver 13.50% (P + 5.00%; 1.00% Floor) 01/22/2027  369,907   356,788   369,907 
Thrive Buyer, Inc.
(4)
 Digital Infrastructure & Services Term Loan 12.04% (S + 6.50%; 1.00% Floor) 01/22/2027  1,201,362   1,165,321   1,201,362 
Thrive Buyer, Inc.
(1) (3) (5)
 Digital Infrastructure & Services Term Loan 11.54% (S + 6.00%; 1.00% Floor) 01/22/2027  11,675,708   11,540,950   11,675,708 
Towerco IV Holdings, LLC
(1) (2) (4) (5)
 Digital Infrastructure & Services Delayed Draw Term Loan 9.42% (S + 4.00%; 1.00% Floor) 08/31/2028  17,686,199   17,608,954   17,322,721 
Transtelco Holding, Inc
(1) (3)
 Digital Infrastructure & Services Term Loan 10.90% (S + 5.50%; 1.00% Floor) 03/26/2026  8,503,727   8,326,050   8,312,393 
Transtelco Holding, Inc.
(1) (3) (5)
 Digital Infrastructure & Services Term Loan 11.15% (S + 5.75%; 0.50% Floor) 03/26/2026  4,661,043   4,641,814   4,626,085 
Transtelco Holding, Inc.
(5)
 Digital Infrastructure & Services Term Loan 10.65% (S + 5.25%; 0.50% Floor) 03/26/2026  4,661,043   4,641,152   4,579,475 
Accelerate Resources Operating, LLC
(1) (2)
 Energy Delayed Draw Term Loan 11.42% (S + 6.00%; 1.00% Floor) 02/24/2027  625,867   589,098   625,867 
Accelerate Resources Operating, LLC
(2) (6)
 Energy Revolver 11.42% (S + 6.00%; 1.00% Floor) 02/24/2027  —     (3,397)   —   
Accelerate Resources Operating, LLC
(3)
 Energy Term Loan 11.40% (S + 6.00%; 1.00% Floor) 02/24/2027  1,251,735   1,227,734   1,251,735 
Accelerate Resources Operating, LLC
(1) (5)
 Energy Term Loan 11.42% (S + 6.00%; 1.00% Floor) 02/24/2027  5,611,737   5,583,174   5,611,737 
Foundation Risk Partners, Corp.
(2) (3)
 Financials Delayed Draw Term Loan 11.49% (S + 6.00%; 0.75% Floor) 10/30/2028  2,271,863   2,239,635   2,208,784 
Foundation Risk Partners, Corp.
(3)
 Financials Delayed Draw Term Loan 11.49% (S + 6.00%; 0.75% Floor) 10/29/2028  2,106,090   2,093,956   2,058,703 
 
See Notes to Unaudited Consolidated Financial Statements
 
9
Table of Contents
AB Private Credit Investors Corporation
Consolidated Schedule of Investments as of March 31,September 30, 2023 (continued)
(Unaudited)
Portfolio Company
 
            Industry            
 
    Facility Type    
 
                      Interest                      
 
  Maturity  
 
Funded

  Par Amount  
  
        Cost        
  
  Fair Value  
 
Foundation Risk Partners, Corp.
(2) (6)
 Financials Revolver 11.49% (S + 6.00%; 0.75% Floor) 10/29/2027 $—    $(8,797)  $(23,356) 
Foundation Risk Partners, Corp.
(1) (3) (5)
 Financials Term Loan 11.49% (S + 6.00%; 0.75% Floor) 10/29/2028  9,683,595   9,596,032   9,465,714 
Foundation Risk Partners, Corp.
(5)
 Financials Term Loan 11.49% (S + 6.00%; 0.75% Floor) 10/30/2028  781,341   772,160   763,761 
Galway Borrower, LLC Financials Delayed Draw Term Loan 10.74% (S + 5.25%; 0.75% Floor) 09/29/2028  39,209   38,926   38,621 
Galway Borrower, LLC
(2) (6)
 Financials Revolver 10.74% (S + 5.25%; 0.75% Floor) 09/30/2027  —     (3,654)   (4,056) 
Galway Borrower, LLC
(1) (5)
 Financials Term Loan 10.74% (S + 5.25%; 0.75% Floor) 09/29/2028  4,218,746   4,168,824   4,155,464 
Higginbotham Insurance Agency,
Inc.
(1) (5)
 Financials Delayed Draw Term Loan 10.92% (S + 5.50%; 1.00% Floor) 11/24/2028  3,315,071   3,295,508   3,298,496 
Higginbotham Insurance Agency,
Inc.
(1) (3) (5)
 Financials Term Loan 10.92% (S + 5.50%; 1.00% Floor) 11/24/2028  7,982,341   7,916,663   7,942,429 
Peter C. Foy & Associates Insurance Services, LLC
(3)
 Financials Delayed Draw Term Loan 11.43% (S + 6.00%; 0.75% Floor) 11/01/2028  1,247,381   1,230,465   1,222,434 
Peter C. Foy & Associates Insurance Services, LLC
(1) (3)
 Financials Delayed Draw Term Loan 11.43% (S + 6.00%; 0.75% Floor) 11/01/2028  5,884,727   5,840,753   5,767,032 
Peter C. Foy & Associates Insurance Services, LLC
(1)
 Financials Term Loan 11.43% (S + 6.00%; 0.75% Floor) 11/01/2028  498,481   492,470   488,511 
RSC Acquisition, Inc.
(5)
 Financials Delayed Draw Term Loan 11.04% (S + 5.50%; 0.75% Floor) 10/30/2026  7,022,845   7,014,153   6,917,503 
Wealth Enhancement Group, LLC
(2)
 Financials Delayed Draw Term Loan 10.06% (S + 5.75%; 1.00% Floor) 10/04/2027  960,211   956,904   953,416 
Wealth Enhancement Group, LLC
(1) (4) (5)
 Financials Delayed Draw Term Loan 10.50% (S + 5.75%; 1.00% Floor) 10/04/2027  6,247,164   6,233,730   6,200,310 
Wealth Enhancement Group, LLC
(2) (6)
 Financials Revolver 10.50% (S + 5.75%; 1.00% Floor) 10/04/2027  —     (1,161)   (3,430) 
AAH Topco, LLC
(1) (2) (3) (4) (5)
 Healthcare Delayed Draw Term Loan 10.92% (S + 5.50%; 0.75% Floor) 12/22/2027  5,898,714   5,762,940   5,702,108 
AAH Topco, LLC
(2) (6)
 Healthcare Revolver 10.92% (S + 5.50%; 0.75% Floor) 12/22/2027  —     (11,222)   (23,618) 
AAH Topco, LLC
(1) (3) (5)
 Healthcare Term Loan 10.92% (S + 5.50%; 0.75% Floor) 12/22/2027  6,436,250   6,337,656   6,243,162 
American Physician Partners, LLC
(1) (7)
 Healthcare Delayed Draw Term Loan — (S + 6.75%; 3.50% PIK; 1.00% Floor) 12/29/2023  1,171,910   1,082,011   —   
American Physician Partners, LLC
(7)
 Healthcare Delayed Draw Term Loan — (S + 6.75%; 3.50% PIK; 1.00% Floor) 12/29/2023  882,467   817,051   —   
American Physician Partners, LLC
(7)
 Healthcare Revolver — (S + 6.75%; 3.50% PIK; 1.00% Floor) 12/29/2023  346,322   345,024   —   
American Physician Partners, LLC
(7)
 Healthcare Term Loan — (S + 6.75%; 3.50% PIK; 1.00% Floor) 12/29/2023  6,290,877   5,733,816   —   
American Physician Partners, LLC
(7)
 Healthcare Term Loan — (S + 6.75%; 3.50% PIK; 1.00% Floor) 12/29/2023  1,343,599   1,243,170   —   
American Physician Partners, LLC
(7)
 Healthcare Term Loan — (S + 6.75%; 3.50% PIK; 1.00% Floor) 12/29/2023  2,493,973   2,278,901   —   
American Physician Partners, LLC
(7)
 Healthcare Term Loan — (S + 6.75%; 3.50% PIK; 1.00% Floor) 12/29/2023  90,732   85,722   100,839 
AOM Acquisition, LLC.
(2) (6)
 Healthcare Revolver 10.29% (S + 4.75%; 1.00% Floor) 02/18/2027  —     (16,677)   —   
AOM Acquisition, LLC.
(1) (5)
 Healthcare Term Loan 10.29% (S + 4.75%; 1.00% Floor) 02/18/2027  6,158,526   6,070,857   6,158,526 
BAART Programs, Inc.
(1)
 Healthcare Delayed Draw Term Loan 10.65% (S + 5.00%, 1.00% Floor) 06/11/2027  3,882,438   3,856,464   3,746,553 
BAART Programs, Inc.
(1) (5)
 Healthcare Term Loan 10.65% (S + 5.00%; 1.00% Floor) 06/11/2027  4,685,933   4,658,574   4,521,925 
BV EMS Buyer, Inc.
(2) (5)
 Healthcare Delayed Draw Term Loan 11.17% (S + 5.75%; 1.00% Floor) 11/23/2027  1,812,705   1,760,865   1,759,923 
BV EMS Buyer, Inc.
(4) (5)
 Healthcare Term Loan 11.17% (S + 5.75%; 1.00% Floor) 11/23/2027  3,494,364   3,409,105   3,441,948 
Caregiver 2, Inc.
(5)
 Healthcare Delayed Draw Term Loan 12.98% (S + 5.25%; 2.25% PIK; 1.00% Floor) 07/24/2025  1,529,843   1,508,933   1,453,351 
Caregiver 2, Inc.
(3)
 Healthcare Term Loan 13.06% (S + 5.25%; 2.25% PIK; 1.00% Floor) 07/24/2025  4,579,880   4,525,785   4,350,886 
Caregiver 2, Inc.
(3)
 Healthcare Term Loan 13.06% (S + 5.25%; 2.25% PIK; 1.00% Floor) 07/24/2025  657,361   649,597   624,493 
Caregiver 2, Inc.
(5)
 Healthcare Term Loan 10.58% (S + 5.25%; 2.25% PIK; 1.00% Floor) 07/24/2025  627,887   617,279   596,493 
Choice Health At Home, LLC,
(1) (2)
 Healthcare Delayed Draw Term Loan 13.18% (S + 6.75%; 1.00% PIK; 1.00% Floor) 12/29/2026  949,314   933,401   881,222 
Choice Health At Home, LLC,
(1) (5)
 Healthcare Term Loan 12.18% (S + 6.75%; 1.00% PIK; 1.00% Floor) 12/29/2026  2,567,909   2,541,476   2,478,033 
Coding Solutions Acquisition, Inc Healthcare Delayed Draw Term Loan 10.82% (S + 5.50%; 0.75% Floor) 05/11/2028  1,655,420   1,640,699   1,597,481 
Coding Solutions Acquisition, Inc
(2)
 Healthcare Revolver 10.82% (S + 5.50%; 0.75% Floor) 05/11/2028  159,072   147,568   131,234 
Coding Solutions Acquisition, Inc
(3) (5)
 Healthcare Term Loan 10.82% (S + 5.50%; 0.75% Floor) 05/11/2028  5,475,158   5,390,174   5,283,527 
Coding Solutions Acquisition, Inc.
(2) (6)
 Healthcare Delayed Draw Term Loan 11.40% (S + 6.00%; 0.75% Floor) 05/11/2028  —     (34,656)   (69,391) 
 
Portfolio Company
 
            Industry            
 
    Facility Type    
 
                      Interest                      
 
  Maturity  
 
Funded

  Par Amount  
  
        Cost        
  
  Fair Value  
 
Stratus Networks, Inc.
(3)
 Digital Infrastructure & Services Term Loan 9.35% (L + 4.50%; 1.00% Floor) 12/15/2027 $7,920,781  $7,791,516  $7,782,168 
Thrive Buyer, Inc.
(1) (3)
 Digital Infrastructure & Services Delayed Draw Term Loan 11.16% (L + 6.00%; 1.00% Floor) 01/22/2027  8,236,746   8,119,504   8,154,379 
Thrive Buyer, Inc.
(4)
 Digital Infrastructure & Services Revolver 13.00% (P + 5.00%; 2.00% Floor) 01/22/2027  369,907   354,840   358,810 
Thrive Buyer, Inc.
(1) (2) (3)
 Digital Infrastructure & Services Term Loan 11.16% (L + 6.00%; 1.00% Floor) 01/22/2027  11,735,551   11,580,184   11,618,196 
Towerco IV Holdings,
LLC
(1) (3) (4)
 Digital Infrastructure & Services Delayed Draw Term Loan 8.92% (S + 4.00%; 1.00% Floor) 04/23/2026  18,094,038   17,908,276   17,776,414 
Transtelco Holding, Inc
(1) (2)
 Digital Infrastructure & Services Term Loan 10.31% (S + 5.50%; 1.00% Floor) 03/26/2026  8,503,727   8,291,700   8,291,134 
Transtelco Holding, Inc.
(1) (2) (3)
 Digital Infrastructure & Services Term Loan 10.91% (S + 5.75%; 0.50% Floor) 03/26/2026  4,661,043   4,638,366   4,626,085 
Transtelco Holding, Inc.
(3)
 Digital Infrastructure & Services Term Loan 10.41% (S + 5.25%; 0.50% Floor) 03/26/2026  4,661,043   4,637,560   4,579,475 
Accelerate Resources Operating, LLC
(4) (5)
 Energy Revolver 10.34% (L + 5.50%; 1.00% Floor) 02/24/2026  —     (4,093)   —   
Accelerate Resources Operating, LLC
(1)
 Energy Term Loan 10.34% (L + 5.50%; 1.00% Floor) 02/24/2026  3,577,596   3,542,382   3,577,596 
Foundation Risk Partners,
Corp.
(2) (4)
 Financials Delayed Draw Term Loan 11.00% (S + 6.00%; 0.75% Floor) 10/30/2028  1,884,714   1,851,554   1,718,635 
Foundation Risk Partners,
Corp.
(2)
 Financials Delayed Draw Term Loan 11.00% (S + 6.00%; 0.75% Floor) 10/29/2028  2,116,776   2,103,555   2,000,353 
Foundation Risk Partners,
Corp.
(4) (5)
 Financials Revolver 11.00% (S + 6.00%; 0.75% Floor) 10/29/2027  —     (9,841)   (57,093) 
Foundation Risk Partners,
Corp.
(3)
 Financials Term Loan 11.00% (S + 6.00%; 0.75% Floor) 10/30/2028  785,308   775,206   742,116 
Foundation Risk Partners,
Corp.
(1) (2) (3)
 Financials Term Loan 11.00% (S + 6.00%; 0.75% Floor) 10/29/2028  9,732,750   9,636,399   9,197,449 
Galway Borrower, LLC
(4) (5)
 Financials Delayed Draw Term Loan 10.41% (L + 5.25%; 0.75% Floor) 09/29/2028  —     (310)   (882) 
Galway Borrower, LLC
(4)
 Financials Revolver 10.41% (L + 5.25%; 0.75% Floor) 09/30/2027  58,138   54,044   49,350 
Galway Borrower, LLC
(1) (3)
 Financials Term Loan 10.41% (L + 5.25%; 0.75% Floor) 09/29/2028  4,240,250   4,186,071   4,102,442 
Higginbotham Insurance Agency, Inc.
(3) (4)
 Financials Delayed Draw Term Loan 10.09% (L + 5.25%; 0.75% Floor) 11/25/2026  2,137,394   2,119,578   2,112,405 
Higginbotham Insurance Agency, Inc.
(1) (2) (3)
 Financials Term Loan 10.09% (L + 5.25%; 0.75% Floor) 11/25/2026  8,022,963   7,947,731   7,942,733 
Peter C. Foy & Associates Insurance Services, LLC
(2)
 Financials Delayed Draw Term Loan 11.12% (S + 6.00%; 0.75% Floor) 11/01/2028  1,253,691   1,235,738   1,216,081 
Peter C. Foy & Associates Insurance Services, LLC
(1) (2)
 Financials Delayed Draw Term Loan 11.12% (S + 6.00%; 0.75% Floor) 11/01/2028  5,914,582   5,866,248   5,737,145 
Peter C. Foy & Associates Insurance Services, LLC
(1)
 Financials Term Loan 11.12% (S + 6.00%; 0.75% Floor) 11/01/2028  501,005   494,395   485,975 
RSC Acquisition, Inc.
(3)
 Financials Delayed Draw Term Loan 10.54% (S + 5.50%; 0.75% Floor) 11/02/2026  3,349,373   3,339,126   3,274,012 
RSC Acquisition, Inc.
(4)
 Financials Delayed Draw Term Loan 6.25% (S + 5.50%; 0.75% Floor) 10/30/2026  371,951   341,766   288,597 
Wealth Enhancement Group, LLC
(1) (3)
 Financials Delayed Draw Term Loan 11.01% (S + 6.25%; 1.00% Floor) 10/04/2027  6,278,795   6,264,315   6,168,916 
Wealth Enhancement Group, LLC
(4) (6)
 Financials Delayed Draw Term Loan 11.16% (S + 6.25%; 1.00% Floor) 10/04/2027  835,406   832,000   814,966 
Wealth Enhancement Group, LLC
(4) (5)
 Financials Revolver 11.01% (S + 6.25%; 1.00% Floor) 10/04/2027  —     (1,445)   (8,004) 
AAH Topco, LLC
(1) (2) (3) (4) (6)
 Healthcare & HCIT Delayed Draw Term Loan 10.21% (L + 5.50%; 0.75% Floor) 12/22/2027  4,831,387   4,686,763   4,616,098 
AAH Topco, LLC
(4) (5)
 Healthcare & HCIT Revolver 10.34% (L + 5.50%; 0.75% Floor) 12/22/2027  —     (12,505)   (27,555) 
AAH Topco, LLC
(1) (2) (3)
 Healthcare & HCIT Term Loan 10.34% (L + 5.50%; 0.75% Floor) 12/22/2027  6,469,004   6,358,921   6,242,589 
American Physician Partners, LLC
(1) (3) (7)
 Healthcare & HCIT Delayed Draw Term Loan — (S + 6.75%; 3.50% PIK; 1.00% Floor) 06/30/2023  1,084,315   1,077,762   805,104 
American Physician Partners, LLC
(7)
 Healthcare & HCIT Delayed Draw Term Loan — (S + 6.75%; 3.50% PIK; 1.00% Floor) 06/30/2023  651,469   651,469   651,469 
American Physician Partners, LLC
(6) (7)
 Healthcare & HCIT Revolver — (S + 6.75%; 3.50% PIK; 1.00% Floor) 06/30/2023  346,322   344,738   257,144 
American Physician Partners, LLC
(7)
 Healthcare & HCIT Term Loan — (S + 6.75%; 3.50% PIK; 1.00% Floor) 06/30/2023  1,243,170   1,220,261   923,054 
American Physician Partners, LLC
(7)
 Healthcare & HCIT Term Loan — (S + 6.75%; 3.50% PIK; 1.00% Floor) 06/30/2023  5,794,773   5,660,096   4,302,619 
American Physician Partners, LLC
(1) (7)
 Healthcare & HCIT Term Loan — (S + 6.75%; 3.50% PIK; 1.00% Floor) 06/30/2023  2,307,558   2,238,532   1,713,362 
Analogic Corporation
(4)
 Healthcare & HCIT Revolver 10.08% (L + 5.25%; 1.00% Floor) 06/22/2023  152,778   152,590   147,965 
Analogic Corporation
(1) (2)
 Healthcare & HCIT Term Loan 10.08% (L + 5.25%; 1.00% Floor) 06/22/2024  2,069,375   2,059,946   2,022,814 
AOM Acquisition, LLC.
(4) (5)
 Healthcare & HCIT Revolver 9.80% (S + 4.75%; 1.00% Floor) 02/18/2027  —     (19,079)   (6,093) 
AOM Acquisition, LLC.
(1) (3)
 Healthcare & HCIT Term Loan 9.80% (S + 4.75%; 1.00% Floor) 02/18/2027  7,052,170   6,938,730   7,016,909 
See Notes to Unaudited Consolidated Financial Statements
 
10
Table of Contents
AB Private Credit Investors Corporation
Consolidated Schedule of Investments as of March 31,September 30, 2023 (continued)
(Unaudited)
 
Portfolio Company
 
            Industry            
 
    Facility Type    
 
                      Interest                      
 
  Maturity  
 
Funded

  Par Amount  
  
        Cost        
  
  Fair Value  
 
BAART Programs, Inc.
(1)
 Healthcare & HCIT Delayed Draw Term Loan 
10.16% (L +
5.00
%; 1.00% Floor)
 06/11/2027 $3,904,356  $3,874,780  $3,728,660 
BAART Programs, Inc.
(1) (3)
 Healthcare & HCIT Term Loan 10.16% (L + 5.00%; 1.00% Floor) 06/11/2027  4,709,898   4,678,760   4,497,952 
BV EMS Buyer, Inc.
(3) (4)
 Healthcare & HCIT Delayed Draw Term Loan 10.61% (S + 5.75%; 1.00% Floor) 11/23/2027  1,821,823   1,764,018   1,724,806 
BV EMS Buyer, Inc.
(3)
 Healthcare & HCIT Term Loan 10.61% (S + 5.75%; 1.00% Floor) 11/23/2027  3,512,112   3,417,118   3,415,529 
Caregiver 2, Inc.
(3)
 Healthcare & HCIT Delayed Draw Term Loan 9.91% (L + 5.25%; 1.00% Floor) 07/24/2025  1,554,705   1,535,894   1,457,536 
Caregiver 2, Inc.
(2)
 Healthcare & HCIT Term Loan 9.91% (L + 5.25%; 1.00% Floor) 07/24/2025  4,659,683   4,614,415   4,368,453 
Caregiver 2, Inc.
(2)
 Healthcare & HCIT Term Loan 9.91% (L + 5.25%; 1.00% Floor) 07/24/2025  668,815   662,318   627,014 
Caregiver 2, Inc.
(3)
 Healthcare & HCIT Term Loan 9.91% (L + 5.25%; 1.00% Floor) 07/24/2025  638,383   629,301   598,484 
Choice Health At Home,
LLC,
(1) (4)
 Healthcare & HCIT Delayed Draw Term Loan 10.67% (L + 6.00%; 1.00% Floor) 12/29/2026  985,651   967,007   835,756 
Choice Health At Home,
LLC,
(1) (3)
 Healthcare & HCIT Term Loan 10.67% (L + 6.00%; 1.00% Floor) 12/29/2026  2,670,963   2,639,639   2,483,995 
Coding Solutions Acquisition, Inc
(4) (5)
 Healthcare & HCIT Delayed Draw Term Loan 10.31% (S + 5.50%; 0.75% Floor) 05/11/2028  —     (14,494)   (49,689) 
Coding Solutions Acquisition, Inc
(4)
 Healthcare & HCIT Revolver 10.31% (S + 5.50%; 0.75% Floor) 05/11/2028  238,608   225,517   206,794 
Coding Solutions Acquisition, Inc
(2) (3)
 Healthcare & HCIT Term Loan 10.31% (S + 5.50%; 0.75% Floor) 05/11/2028  5,502,810   5,408,520   5,282,697 
Community Based Care Acquisition, Inc.
(4) (5)
 Healthcare & HCIT Delayed Draw Term Loan 10.25% (S + 5.75%; 1.00% Floor) 09/16/2027  —     (52,498)   (80,083) 
Community Based Care Acquisition, Inc.
(3) (4)
 Healthcare & HCIT Delayed Draw Term Loan 10.25% (S + 5.25%; 1.00% Floor) 09/16/2027  2,028,994   1,999,975   1,948,809 
Community Based Care Acquisition, Inc.
(4)
 Healthcare & HCIT Revolver 12.25% (P + 4.25%; 2.00% Floor) 09/16/2027  259,144   246,180   226,751 
Community Based Care Acquisition, Inc.
(1) (3)
 Healthcare & HCIT Term Loan 10.25% (S + 5.25%; 1.00% Floor) 09/16/2027  5,275,306   5,194,163   5,077,482 
Delaware Valley Management Holdings, Inc.
(7)
 Healthcare & HCIT Delayed Draw Term Loan — (11.10% PIK; 1.00% Floor) 03/21/2024  380,240   353,686   238,601 
Delaware Valley Management Holdings, Inc.
(4) (7)
 Healthcare & HCIT Delayed Draw Term Loan — (11.10% PIK; 1.00% Floor) 03/21/2024  335,342   329,251   210,974 
Delaware Valley Management Holdings, Inc.
(7)
 Healthcare & HCIT Revolver — (11.10% PIK; 1.00% Floor) 03/21/2024  561,682   559,427   352,455 
Delaware Valley Management Holdings, Inc.
(7)
 Healthcare & HCIT Term Loan — (11.10% PIK; 1.00% Floor) 03/21/2024  3,612,279   3,597,130   2,266,705 
FH MD Buyer, Inc.
(1) (3)
 Healthcare & HCIT Term Loan 9.84% (L + 5.00%; 0.75% Floor) 07/22/2028  5,451,572   5,405,457   5,274,396 
GHA Buyer, Inc.
(3)
 Healthcare & HCIT Delayed Draw Term Loan 9.55% (S + 4.50%; 3.75% PIK; 1.00% Floor) 06/24/2026  815,950   808,160   781,272 
GHA Buyer, Inc.
(4) (5)
 Healthcare & HCIT Revolver 13.30% (S + 4.50%; 3.25% PIK; 1.00% Floor) 06/24/2026  —     (3,334)   (40,421) 
GHA Buyer, Inc.
(1)
 Healthcare & HCIT Term Loan 13.30% (S + 4.50%; 3.75% PIK; 1.00% Floor) 06/24/2026  562,705   556,769   538,790 
GHA Buyer, Inc.
(1)
 Healthcare & HCIT Term Loan 13.30% (S + 4.50%; 3.75% PIK; 1.00% Floor) 06/24/2026  1,968,503   1,963,471   1,884,842 
GHA Buyer, Inc.
(1) (2)
 Healthcare & HCIT Term Loan 13.30% (S + 4.50%; 3.75% PIK; 1.00% Floor) 06/24/2026  5,384,838   5,332,730   5,155,982 
GHA Buyer, Inc.
(2)
 Healthcare & HCIT Term Loan 13.30% (S + 4.50%; 3.75% PIK; 1.00% Floor) 06/24/2026  4,662,572   4,613,202   4,464,413 
GHA Buyer, Inc.
(1)
 Healthcare & HCIT Term Loan 13.30% (S + 4.50%; 3.75% PIK; 1.00% Floor) 06/24/2026  730,410   720,506   699,367 
Honor HN Buyer, Inc
(4) (5)
 Healthcare & HCIT Delayed Draw Term Loan 10.80% (S + 6.00%; 1.00% Floor) 10/15/2027  —     (21,607)   —   
Honor HN Buyer, Inc
(3) (4)
 Healthcare & HCIT Delayed Draw Term Loan 10.80% (S + 5.75%; 1.00% Floor) 10/15/2027  760,747   742,306   760,747 
Honor HN Buyer, Inc
(4) (5)
 Healthcare & HCIT Revolver 10.80% (S + 5.75%; 1.00% Floor) 10/15/2027  —     (4,628)   —   
Honor HN Buyer, Inc
(1) (3)
 Healthcare & HCIT Term Loan 10.80% (S + 5.75%; 1.00% Floor) 10/15/2027  2,610,253   2,570,381   2,610,253 
Medbridge Holdings, LLC
(4) (5)
 Healthcare & HCIT Revolver 11.05% (S + 6.00%; 1.00% Floor) 12/23/2026  —     (17,264)   (20,643) 
Medbridge Holdings, LLC
(1)
 Healthcare & HCIT Term Loan 11.05% (S + 6.00%; 1.00% Floor) 12/23/2026  974,356   958,380   959,741 
Medbridge Holdings, LLC
(1) (3)
 Healthcare & HCIT Term Loan 11.05% (S + 6.00%; 1.00% Floor) 12/23/2026  15,367,872   15,169,478   15,137,353 
Medical Management Resource Group, LLC
(1)
 Healthcare & HCIT Delayed Draw Term Loan 10.58% (L + 5.75%; 0.75% Floor) 09/30/2027  1,570,210   1,528,739   1,515,252 
Medical Management Resource Group, LLC
(4)
 Healthcare & HCIT Revolver 12.75% (P + 4.75%; 1.75% Floor) 09/30/2026  126,566   122,093   115,491 
Medical Management Resource Group, LLC
(3)
 Healthcare & HCIT Term Loan 10.58% (L + 5.75%; 0.75% Floor) 09/30/2027  3,802,359   3,744,787   3,669,277 
Medsuite Purchaser, LLC
(4) (5)
 Healthcare & HCIT Delayed Draw Term Loan 9.80% (S + 4.75%; 1.00% Floor) 10/22/2026  —     (38,439)   —   
Medsuite Purchaser, LLC
(4) (5)
 Healthcare & HCIT Revolver 9.80% (S + 4.75%; 1.00% Floor) 10/22/2026  —     (7,330)   (3,402) 
Medsuite Purchaser, LLC
(1) (3)
 Healthcare & HCIT Term Loan 9.80% (S + 4.75%; 1.00% Floor) 10/22/2026  4,770,456   4,719,066   4,746,604 
OMH-HealthEdge
Holdings, LLC
(4) (5)
 Healthcare & HCIT Revolver 10.03% (L + 5.25%; 1.00% Floor) 10/24/2024  —     (3,280)   —   
OMH-HealthEdge
Holdings, LLC
(1)
 Healthcare & HCIT Term Loan 10.03% (L + 5.25%; 1.00% Floor) 10/24/2025  3,651,990   3,612,340   3,651,990 
Portfolio Company
 
            Industry            
 
    Facility Type    
 
                      Interest                      
 
  Maturity  
 
Funded

  Par Amount  
  
        Cost        
  
  Fair Value  
 
Coding Solutions Acquisition, Inc.
(3)
 Healthcare Term Loan 11.40% (S + 6.00%; 0.75% Floor) 05/11/2028 $778,687  $759,242  $759,220 
Community Based Care Acquisition, Inc.
(5)
 Healthcare Delayed Draw Term Loan 10.74% (S + 5.25%; 1.00% Floor) 09/16/2027  2,127,738   2,101,193   2,095,822 
Community Based Care Acquisition,
Inc.
(2) (5)
 Healthcare Delayed Draw Term Loan 11.04% (S + 5.50%; 1.00% Floor) 09/16/2027  973,786   926,959   944,666 
Community Based Care Acquisition,
Inc.
(2) (6)
 Healthcare Revolver 10.74% (S + 5.25%; 1.00% Floor) 09/16/2027  —     (11,562)   (12,957) 
Community Based Care Acquisition,
Inc.
(1) (5)
 Healthcare Term Loan 10.67% (S + 5.25%; 1.00% Floor) 09/16/2027  5,248,528   5,175,941   5,169,800 
Delaware Valley Management Holdings, Inc.
^^^(2) (7)
 Healthcare Delayed Draw Term Loan —  (S + 6.25%
,
 1.00% Floor)		 03/21/2024  601,414   562,428   358,977 
Delaware Valley Management Holdings, Inc.
^^^(7)
 Healthcare Delayed Draw Term Loan —  (S + 6.25%
,
 1.00% Floor)		 03/21/2024  403,913   354,753   241,096 
Delaware Valley Management Holdings, Inc.
^^^(7)
 Healthcare Revolver —  (S + 6.25%
,
 1.00% Floor)		 03/21/2024  596,651   536,195   356,141 
Delaware Valley Management Holdings, Inc.
^^^(7)
 Healthcare Term Loan —  (S + 6.25%
,
 1.00% Floor)		 03/21/2024  3,837,172   3,483,522   2,290,408 
FH MD Buyer, Inc.
(1) (5)
 Healthcare Term Loan 10.43% (S + 5.00%; 0.75% Floor) 07/22/2028  5,423,899   5,382,280   5,125,584 
GHA Buyer, Inc.
(4)
 Healthcare Delayed Draw Term Loan 10.04% (S + 4.50%; 3.75% PIK; 1.00% Floor) 06/24/2026  827,376   818,967   810,829 
GHA Buyer, Inc.
(2) (6)
 Healthcare Revolver 10.04% (S + 4.50%; 3.25% PIK; 1.00% Floor) 06/24/2026  —     (360)   (19,022) 
GHA Buyer, Inc.
(1)
 Healthcare Term Loan 10.04% (S + 4.50%; 3.75% PIK; 1.00% Floor) 06/24/2026  1,995,826   1,995,285   1,955,910 
GHA Buyer, Inc.
(1)
 Healthcare Term Loan 10.04% (S + 4.50%; 3.75% PIK; 1.00% Floor) 06/24/2026  570,555   565,435   559,144 
GHA Buyer, Inc.
(1) (3)
 Healthcare Term Loan 10.04% (S + 4.50%; 3.75% PIK; 1.00% Floor) 06/24/2026  5,460,104   5,419,042   5,350,902 
GHA Buyer, Inc.
(3)
 Healthcare Term Loan 10.04% (S + 4.50%; 3.75% PIK; 1.00% Floor) 06/24/2026  4,727,863   4,688,955   4,633,306 
GHA Buyer, Inc.
(1)
 Healthcare Term Loan 10.04% (S + 4.50%; 3.75% PIK; 1.00% Floor) 06/24/2026  740,684   733,002   725,871 
Honor HN Buyer, Inc
(4) (5)
 Healthcare Delayed Draw Term Loan 11.29% (S + 5.75%; 1.00% Floor) 10/15/2027  1,642,189   1,619,744   1,642,189 
Honor HN Buyer, Inc
(2) (4)
 Healthcare Delayed Draw Term Loan 11.54% (S + 6.00%; 1.00% Floor) 10/15/2027  1,010,639   983,344   1,010,639 
Honor HN Buyer, Inc
(2)
 Healthcare Revolver 13.25% (P + 4.75%; 1.00% Floor) 10/15/2027  38,012   33,882   38,012 
Honor HN Buyer, Inc
(1) (5)
 Healthcare Term Loan 11.29% (S + 5.75%; 1.00% Floor) 10/15/2027  2,597,037   2,561,598   2,597,037 
Medical Management Resource Group, LLC
(1)
 Healthcare Delayed Draw Term Loan 11.21% (S + 5.75%; 0.75% Floor) 09/30/2027  1,562,299   1,525,455   1,511,524 
Medical Management Resource Group, LLC
(2)
 Healthcare Revolver 11.27% (S + 5.75%; 0.75% Floor) 09/30/2026  113,909   110,059   103,626 
Medical Management Resource Group, LLC
(5)
 Healthcare Term Loan 11.52% (S + 5.75%; 0.75% Floor) 09/30/2027  3,783,058   3,731,943   3,660,109 
Medsuite Purchaser, LLC
(2) (6)
 Healthcare Delayed Draw Term Loan 10.17% (S + 4.75%; 1.00% Floor) 10/22/2026  —     (33,157)   (17,861) 
Medsuite Purchaser, LLC
(2) (6)
 Healthcare Revolver 10.17% (S + 4.75%; 1.00% Floor) 10/22/2026  —     (6,325)   (6,804) 
Medsuite Purchaser, LLC
(1) (5)
 Healthcare Term Loan 10.17% (S + 4.75%; 1.00% Floor) 10/22/2026  4,746,302   4,702,181   4,698,839 
OMH-HealthEdge
Holdings, LLC
(2) (6)
 Healthcare Revolver 12.75% (P + 4.25%) 10/24/2024  —     (2,241)   —   
OMH-HealthEdge
Holdings, LLC
(1)
 Healthcare Term Loan 12.75% (P + 4.25%) 10/24/2025  3,633,067   3,600,700   3,633,067 
OMH-HealthEdge
Holdings, LLC
(5)
 Healthcare Term Loan 12.75% (P + 4.25%) 10/24/2025  2,105,614   2,083,945   2,105,614 
OMH-HealthEdge
Holdings, LLC
(5)
 Healthcare Term Loan 12.75% (P + 4.25%) 10/24/2025  956,356   943,955   956,356 
Pace Health Companies, LLC
(2) (6)
 Healthcare Revolver 9.89% (S + 4.50%; 1.00% Floor) 08/02/2025  —     (1,090)   —   
Pace Health Companies, LLC
(1)
 Healthcare Term Loan 9.89% (S + 4.50%; 1.00% Floor) 08/02/2025  5,101,054   5,091,168   5,101,054 
Pinnacle Dermatology Management, LLC
(2)
 Healthcare Delayed Draw Term Loan 11.09% (S + 5.75%; 0.75% Floor) 12/08/2028  649,909   638,148   587,072 
Pinnacle Dermatology Management,
LLC
(2) (8)
 Healthcare Revolver 11.50% (S + 4.00%; 0.75% Floor) 12/08/2026  460,882   452,193   454,161 
Pinnacle Dermatology Management,
LLC
(1) (3) (5)
 Healthcare Term Loan 11.25% (S + 5.75%; 0.75% Floor) 12/08/2028  5,566,340   5,466,723   5,260,191 
Pinnacle Treatment Centers, Inc.
(5)
 Healthcare Delayed Draw Term Loan 12.32% (S + 6.75%; 1.00% Floor) 01/02/2026  340,999   339,896   333,326 
Pinnacle Treatment Centers, Inc.
(2)
 Healthcare Revolver 12.29% (S + 6.75%; 1.00% Floor) 01/02/2026  249,011   247,876   242,420 
Pinnacle Treatment Centers, Inc.
(3)
 Healthcare Term Loan 12.32% (S + 6.75%; 1.00% Floor) 01/02/2026  146,807   145,751   143,503 
Pinnacle Treatment Centers, Inc.
(3)
 Healthcare Term Loan 12.32% (S + 6.75%; 1.00% Floor) 01/02/2026  284,630   279,828   278,226 
 
See Notes to Unaudited Consolidated Financial Statements
 
11
Table of Contents
AB Private Credit Investors Corporation
Consolidated Schedule of Investments as of March 31,September 30, 2023 (continued)
(Unaudited)
 
Portfolio Company
 
            Industry            
 
    Facility Type    
 
                      Interest                      
 
  Maturity  
 
Funded

  Par Amount  
  
        Cost        
  
  Fair Value  
 
OMH-HealthEdge
Holdings, LLC
(3)
 Healthcare & HCIT Term Loan 10.03% (L + 5.25%; 1.00% Floor) 10/24/2025 $2,116,440  $2,089,511  $2,116,440 
OMH-HealthEdge
Holdings, LLC
(3)
 Healthcare & HCIT Term Loan 10.03% (L + 5.25%; 1.00% Floor) 10/24/2025  961,210   945,806   961,210 
Pace Health Companies,
LLC
(4) (5)
 Healthcare & HCIT Revolver 9.55% (L + 4.50%; 1.00% Floor) 08/02/2024  —     (1,733)   (1,542) 
Pace Health Companies, LLC
(1)
 Healthcare & HCIT Term Loan 9.55% (L + 4.50%; 1.00% Floor) 08/02/2024  5,127,622   5,111,955   5,114,803 
Pinnacle Dermatology Management, LLC
(4)
 Healthcare & HCIT Delayed Draw Term Loan 10.67% (S + 5.75%; 0.75% Floor) 12/08/2028  653,189   640,295   615,388 
Pinnacle Dermatology Management, LLC
(4)
 Healthcare & HCIT Revolver 9.39% (P + 3.00%; 1.75% Floor) 12/08/2026  199,715   189,707   192,994 
Pinnacle Dermatology Management, LLC
(1) (2) (3)
 Healthcare & HCIT Term Loan 11.05% (S + 5.75%; 0.75% Floor) 12/08/2028  5,594,592   5,485,204   5,398,781 
Pinnacle Treatment Centers,
Inc.
(3)
 Healthcare & HCIT Delayed Draw Term Loan 11.79% (S + 6.75%; 1.00% Floor) 01/02/2026  342,757   341,405   335,045 
Pinnacle Treatment Centers,
Inc.
(4)
 Healthcare & HCIT Revolver 13.50% (S + 6.75%; 1.00% Floor) 01/02/2026  131,829   130,448   125,238 
Pinnacle Treatment Centers,
Inc.
(2)
 Healthcare & HCIT Term Loan 11.79% (S + 6.75%; 1.00% Floor) 01/02/2026  147,546   146,363   144,226 
Pinnacle Treatment Centers,
Inc.
(2)
 Healthcare & HCIT Term Loan 11.79% (S + 6.75%; 1.00% Floor) 01/02/2026  286,064   280,196   279,628 
Pinnacle Treatment Centers,
Inc.
(2) (3)
 Healthcare & HCIT Term Loan 11.79% (S + 6.75%; 1.00% Floor) 01/02/2026  4,075,572   4,059,201   3,983,872 
Priority Ondemand Midco 2,L.P
(4) (5)
 Healthcare & HCIT Delayed Draw Term Loan 10.61% (S + 5.50%; 1.00% Floor) 07/17/2028  —     (21,073)   (20,405) 
Priority Ondemand Midco 2,L.P
(1) (3)
 Healthcare & HCIT Term Loan 10.61% (S + 5.25%; 1.00% Floor) 07/17/2028  7,598,838   7,480,244   7,503,852 
RCP Encore Acquisition, Inc.
(7)
 Healthcare & HCIT Term Loan — (L + 5.00%; 1.00% Floor) 06/07/2025  3,328,678   3,239,445   33,287 
Redwood Family Care Network, Inc.
(3) (4)
 Healthcare & HCIT Delayed Draw Term Loan 10.61% (S + 5.50%; 1.00% Floor) 06/18/2026  679,989   594,940   614,806 
Redwood Family Care Network, Inc.
(1) (3)
 Healthcare & HCIT Delayed Draw Term Loan 10.61% (S + 5.50%; 1.00% Floor) 06/18/2026  5,815,080   5,740,255   5,727,854 
Redwood Family Care Network, Inc.
(4) (5)
 Healthcare & HCIT Revolver 10.61% (S + 5.50%; 1.00% Floor) 06/18/2026  —     (7,663)   (8,831) 
Redwood Family Care Network, Inc.
(2) (3)
 Healthcare & HCIT Term Loan 10.61% (S + 5.50%; 1.00% Floor) 06/18/2026  6,651,630   6,564,812   6,551,855 
Salisbury House, LLC
(4) (5)
 Healthcare & HCIT Revolver 9.81% (S + 5.00%; 1.00% Floor) 08/30/2025  —     (5,567)   (11,209) 
Salisbury House, LLC
(1)
 Healthcare & HCIT Term Loan 10.20% (S + 5.50%; 1.00% Floor) 08/30/2025  1,234,423   1,214,790   1,203,563 
Salisbury House, LLC
(1)
 Healthcare & HCIT Term Loan 10.20% (S + 5.50%; 1.00% Floor) 08/30/2025  1,134,264   1,123,576   1,105,907 
Salisbury House, LLC
(1) (3)
 Healthcare & HCIT Term Loan 10.57% (S + 5.50%; 1.00% Floor) 08/30/2025  3,934,410   3,880,078   3,836,049 
Sandstone Care Holdings, LLC
(4)
 Healthcare & HCIT Delayed Draw Term Loan 10.30% (S + 5.50%; 1.00% Floor) 06/28/2028  100,117   88,903   76,560 
Sandstone Care Holdings, LLC
(4)
 Healthcare & HCIT Revolver 10.28% (S + 5.50%; 1.00% Floor) 06/28/2028  194,344   179,867   169,610 
Sandstone Care Holdings, LLC
(1) (2)
 Healthcare & HCIT Term Loan 10.28% (S + 5.50%; 1.00% Floor) 06/28/2028  4,676,045   4,583,718   4,535,763 
SCA Buyer, LLC
(4)
 Healthcare & HCIT Revolver 11.38% (S + 6.50%; 1.00% Floor) 01/20/2026  386,309   380,811   354,117 
SCA Buyer, LLC
(3)
 Healthcare & HCIT Term Loan 11.38% (S + 6.50%; 1.00% Floor) 01/20/2026  3,785,832   3,752,407   3,596,541 
SIS Purchaser, Inc.
(4) (5)
 Healthcare & HCIT Revolver 11.00% (S + 6.00%; 1.00% Floor) 10/15/2026  —     (12,151)   (26,234) 
SIS Purchaser, Inc.
(1) (2) (3)
 Healthcare & HCIT Term Loan 11.00% (S + 6.00%; 1.00% Floor) 10/15/2026  12,536,883   12,400,245   12,254,803 
SIS Purchaser, Inc.
(3)
 Healthcare & HCIT Term Loan 11.00% (S + 6.00%; 1.00% Floor) 10/15/2026  2,399,850   2,370,954   2,345,853 
Smile Brands, Inc.
(2)
 Healthcare & HCIT Delayed Draw Term Loan 9.33% (L + 4.50%; 0.75% Floor) 10/12/2025  481,727   480,453   441,985 
Smile Brands, Inc.
(4) (6)
 Healthcare & HCIT Revolver 9.45% (L + 4.50%; 0.75% Floor) 10/12/2025  237,820   237,540   216,799 
Smile Brands, Inc.
(1)
 Healthcare & HCIT Term Loan 9.33% (L + 4.50%; 0.75% Floor) 10/12/2025  1,586,584   1,582,011   1,455,690 
Spark DSO LLC
(4)
 Healthcare & HCIT Revolver 11.32% (S + 6.65%; 1.00% Floor) 04/20/2026  248,796   236,665   207,330 
Spark DSO LLC
(1) (2) (3)
 Healthcare & HCIT Term Loan 11.24% (S + 6.65%; 1.00% Floor) 04/19/2026  7,254,093   7,174,290   6,982,065 
The Center for Orthopedic and Research Excellence,
Inc.
(1) (3)
 Healthcare & HCIT Delayed Draw Term Loan 10.33% (S + 5.50%; 1.00% Floor) 08/15/2025  1,138,679   1,134,744   1,115,905 
The Center for Orthopedic and Research Excellence, Inc.
(4)
 Healthcare & HCIT Delayed Draw Term Loan 10.68% (S + 5.50%; 1.00% Floor) 08/15/2025  455,369   441,963   434,011 
The Center for Orthopedic and Research Excellence,
Inc.
(3) (6)
 Healthcare & HCIT Delayed Draw Term Loan 10.68% (S + 5.50%; 1.00% Floor) 08/15/2025  1,730,747   1,713,698   1,696,132 
The Center for Orthopedic and Research Excellence, Inc.
(4)
 Healthcare & HCIT Revolver 10.33% (S + 5.50%; 1.00% Floor) 08/15/2025  552,426   547,457   538,615 
The Center for Orthopedic and Research Excellence,
Inc.
(1) (2)
 Healthcare & HCIT Term Loan 10.33% (S + 5.50%; 1.00% Floor) 08/15/2025  4,831,134   4,793,631   4,734,512 
The Center for Orthopedic and Research Excellence, Inc.
(3)
 Healthcare & HCIT Term Loan 10.41% (S + 5.50%; 1.00% Floor) 08/15/2025  3,224,210   3,182,926   3,159,726 
West Dermatology
(4) (5)
 Healthcare & HCIT Delayed Draw Term Loan 10.70% (S + 5.75%; 1.00% Floor) 03/17/2028  —     (32,331)   (354,518) 
West Dermatology
(4) (5)
 Healthcare & HCIT Revolver 10.70% (S + 5.75%; 1.00% Floor) 03/17/2028  —     (21,569)   (130,612) 
West Dermatology
(1) (2) (3)
 Healthcare & HCIT Term Loan 10.70% (S + 5.75%; 1.00% Floor) 03/17/2028  12,562,683   12,344,850   11,243,601 
Activ Software Holdings, LLC Software & Tech Services Delayed Draw Term Loan 11.32% (S + 6.25%; 1.00% Floor) 05/04/2027  632,383   614,430   616,574 
Portfolio Company
 
            Industry            
 
    Facility Type    
 
                      Interest                      
 
  Maturity  
 
Funded

  Par Amount  
  
        Cost        
  
  Fair Value  
 
Pinnacle Treatment Centers, Inc.
(3) (5)
 Healthcare Term Loan 12.32% (S + 6.75%; 1.00% Floor) 01/02/2026 $4,054,564  $4,041,204  $3,963,336 
Priority Ondemand Midco 2,L.P
(2)
 Healthcare Delayed Draw Term Loan 10.67% (S + 5.25%; 1.00% Floor) 07/17/2028  119,111   99,135   119,111 
Priority Ondemand Midco 2,L.P
(1) (5)
 Healthcare Term Loan 10.84% (S + 5.25%; 1.00% Floor) 07/17/2028  7,560,749   7,453,547   7,560,749 
RCP Encore Acquisition,
Inc.
(7)
 Healthcare Term Loan — (
S
+ 5.00%; 1.00% Floor)		 06/07/2025  2,880,208   2,811,875   28,802 
Redwood Family Care Network,
Inc.
(2) (3) (5)
 Healthcare Delayed Draw Term Loan 10.90% (S + 5.50%; 1.00% Floor) 06/18/2026  2,758,133   2,655,433   2,725,611 
Redwood Family Care Network,
Inc.
(1) (5)
 Healthcare Delayed Draw Term Loan 11.22% (S + 5.50%; 1.00% Floor) 06/18/2026  5,785,645   5,721,681   5,698,860 
Redwood Family Care Network, Inc.
(2) (6)
 Healthcare Revolver 11.22% (S + 5.50%; 1.00% Floor) 06/18/2026  —     (6,497)   (8,831) 
Redwood Family Care Network,
Inc.
(3) (4) (5)
 Healthcare Term Loan 11.22% (S + 5.50%; 1.00% Floor) 06/18/2026  6,617,779   6,544,157   6,518,513 
Salisbury House, LLC
(2) (6)
 Healthcare Delayed Draw Term Loan 11.29% (S + 5.75%; 1.00% Floor) 08/29/2025  —     (5,453)   (1,433) 
Salisbury House, LLC
(2)
 Healthcare Revolver 13.25% (P + 4.75%, 1.00% Floor) 08/30/2025  119,558   115,123   113,954 
Salisbury House, LLC
(4)
 Healthcare Term Loan 11.29% (S + 5.75%; 1.00% Floor) 08/29/2025  996,780   977,809   984,321 
Salisbury House, LLC
(1)
 Healthcare Term Loan 11.03% (S + 5.75%; 1.00% Floor) 08/30/2025  1,228,220   1,212,674   1,212,868 
Salisbury House, LLC
(1) (5)
 Healthcare Term Loan 11.03% (S + 5.75%; 1.00% Floor) 08/30/2025  3,934,410   3,890,931   3,885,230 
Salisbury House, LLC
(1)
 Healthcare Term Loan 11.03% (S + 5.75%; 1.00% Floor) 08/30/2025  1,128,506   1,120,050   1,114,400 
Sandstone Care Holdings, LLC
(2) (5)
 Healthcare Delayed Draw Term Loan 11.01% (S + 5.50%; 1.00% Floor) 06/28/2028  99,616   89,444   99,616 
Sandstone Care Holdings, LLC
(2)
 Healthcare Revolver 10.97% (S + 5.50%; 1.00% Floor) 06/28/2028  135,452   122,308   133,391 
Sandstone Care Holdings, LLC
(1) (3)
 Healthcare Term Loan 10.97% (S + 5.50%; 1.00% Floor) 06/28/2028  4,652,488   4,569,126   4,640,857 
SCA Buyer, LLC
(2)
 Healthcare Revolver 12.13% (S + 6.50%; 1.00% Floor) 01/20/2026  579,464   574,931   556,929 
SCA Buyer, LLC
(5)
 Healthcare Term Loan 11.96% (S + 6.50%; 1.00% Floor) 01/20/2026  3,766,517   3,739,130   3,634,689 
Smile Brands, Inc. Healthcare Delayed Draw Term Loan 9.97% (S + 4.50%; 0.75% Floor) 10/12/2025  479,275   478,366   426,555 
Smile Brands, Inc.
(2) (8)
 Healthcare Revolver 9.99% (P + 3.50%; 0.75% Floor) 10/12/2025  237,820   237,803   209,792 
Smile Brands, Inc.
(1)
 Healthcare Term Loan 9.97% (S + 4.50%; 0.75% Floor) 10/12/2025  1,578,509   1,575,397   1,404,873 
Spark DSO LLC
(2)
 Healthcare Revolver 7.40% (S + 2.15%; 5.75% PIK; 1.00% Floor) 04/20/2026  248,915   241,294   209,522 
Spark DSO LLC
(1) (3) (4)
 Healthcare Term Loan 13.15% (S + 2.15%; 5.75% PIK; 1.00% Floor) 04/19/2026  6,442,969   6,383,172   6,136,928 
The Center for Orthopedic and Research Excellence, Inc.
(1) (5)
 Healthcare Delayed Draw Term Loan 11.02% (S + 6.00%; 1.00% Floor) 08/15/2025  1,132,870   1,129,753   1,130,037 
The Center for Orthopedic and Research Excellence, Inc.
(4) (5)
 Healthcare Delayed Draw Term Loan 11.02% (S + 6.00%; 1.00% Floor) 08/15/2025  1,722,046   1,708,458   1,717,740 
The Center for Orthopedic and Research Excellence, Inc.
(2) (3)
 Healthcare Delayed Draw Term Loan 11.55% (S + 6.00%; 1.00% Floor) 08/15/2025  1,436,015   1,420,601   1,436,015 
The Center for Orthopedic and Research Excellence, Inc.
(2) (6)
 Healthcare Revolver 11.52% (S + 6.00%; 1.00% Floor) 08/15/2025  —     (3,939)   (1,726) 
The Center for Orthopedic and Research Excellence, Inc.
(5)
 Healthcare Term Loan 11.01% (S + 6.00%; 1.00% Floor) 08/15/2025  3,207,967   3,175,424   3,199,948 
The Center for Orthopedic and Research Excellence, Inc.
(1) (3)
 Healthcare Term Loan 11.52% (S + 6.00%; 1.00% Floor) 08/15/2025  4,806,103   4,776,201   4,794,087 
West Dermatology
(2) (6)
 Healthcare Delayed Draw Term Loan 12.77% (S + 7.25%; 1.00% Floor) 03/17/2028  —     (29,189)   (223,906) 
West Dermatology
(2)
 Healthcare Revolver 12.77% (S + 7.25%; 1.00% Floor) 03/17/2028  507,551   488,070   420,477 
West Dermatology
(1) (3) (4) (5)
 Healthcare Term Loan 12.67% (S + 7.25%; 1.00% Floor) 03/17/2028  11,328,143   11,144,756   10,535,173 
AmerCareRoyal, LLC
(1)
 Services Delayed Draw Term Loan 11.98% (S + 6.50%; 0.50% PIK; 1.00% Floor) 11/25/2025  494,975   488,118   494,975 
AmerCareRoyal, LLC
(1) (5)
 Services Term Loan 11.98% (S + 6.50%; 0.50% PIK; 1.00% Floor) 11/25/2025  4,100,950   4,002,424   4,100,950 
AmerCareRoyal, LLC
(4) (5)
 Services Term Loan 11.98% (S + 6.50%; 0.50% PIK; 1.00% Floor) 11/25/2025  509,430   499,479   509,430 
AmerCareRoyal, LLC
(1) (3)
 Services Term Loan 11.98% (S + 6.50%; 0.50% PIK; 1.00% Floor) 11/25/2025  1,993,521   1,971,762   1,993,521 
Cerifi, LLC
(2)
 Services Revolver 11.17% (S + 5.75%; 1.00% Floor) 04/01/2027  369,264   353,028   352,647 
Cerifi, LLC
(3) (4) (5)
 Services Term Loan 11.18% (S + 5.75%; 1.00% Floor) 03/31/2028  15,945,468   15,691,816   15,706,286 
Dillon Logistics, Inc.
(7)
 Services Revolver — (P + 6.00%; 2.00% Floor) 12/11/2023  912,327   777,003   —   
Dillon Logistics, Inc.
(7)
 Services Term Loan — (P + 6.00%; 2.00% Floor) 12/11/2023  3,132,077   2,555,566   —   
Engage2Excel, Inc. Services Revolver 12.69% (S + 7.25%; 1.00% Floor) 02/15/2024  379,732   376,266   377,833 
Engage2Excel, Inc.
(1)
 Services Term Loan 12.74% (S + 7.25%; 1.00% Floor) 02/15/2024  2,958,699   2,891,089   2,943,906 
Engage2Excel, Inc.
(1)
 Services Term Loan 12.74% (S + 7.25%; 1.00% Floor) 02/15/2024  1,026,883   1,019,180   1,021,748 
Mr. Greens Intermediate, LLC
(2) (6)
 Services Delayed Draw Term Loan 11.68% (S + 6.25%; 1.00% Floor) 05/01/2029  —     (78,905)   (52,603) 
Mr. Greens Intermediate, LLC
(2) (6)
 Services Revolver 11.68% (S + 6.25%; 1.00% Floor) 05/01/2029  —     (29,479)   (21,041) 
Mr. Greens Intermediate, LLC
(4) (5)
 Services Term Loan 11.68% (S + 6.25%; 1.00% Floor) 05/01/2029  6,296,625   6,118,657   6,170,692 
 
See Notes to Unaudited Consolidated Financial Statements
 
12
Table of Contents
AB Private Credit Investors Corporation
Consolidated Schedule of Investments as of March 31,September 30, 2023 (continued)
(Unaudited)
 
Portfolio Company
 
            Industry            
 
    Facility Type    
 
                      Interest                      
 
  Maturity  
 
Funded

  Par Amount  
  
        Cost        
  
  Fair Value  
 
Activ Software Holdings, LLC
(4) (5)
 Software & Tech Services Revolver 11.79% (L + 6.25%; 1.00% Floor) 05/04/2027 $—    $(8,966)  $(16,221) 
Activ Software Holdings, LLC
(1)
 Software & Tech Services Term Loan 11.28% (S + 6.25%; 1.00% Floor) 05/04/2027  2,529,533   2,457,720   2,466,294 
Activ Software Holdings, LLC
(1) (2) (3)
 Software & Tech Services Term Loan 11.79% (L + 6.25%; 1.00% Floor) 05/04/2027  7,968,531   7,858,412   7,769,318 
Admiral Buyer, Inc
(4) (5)
 Software & Tech Services Delayed Draw Term Loan 10.40% (S + 5.50%; 0.75% Floor) 05/08/2028  —     (13,467)   —   
Admiral Buyer, Inc
(4) (5)
 Software & Tech Services Revolver 10.40% (S + 5.50%; 0.75% Floor) 05/08/2028  —     (9,627)   (4,224) 
Admiral Buyer, Inc
(1) (3)
 Software & Tech Services Term Loan 10.40% (S + 5.50%; 0.75% Floor) 05/08/2028  5,827,997   5,728,379   5,784,287 
AMI US Holdings, Inc.
(4) (5)
 Software & Tech Services Revolver 10.16% (L + 5.25%) 04/01/2024  —     (4,741)   —   
AMI US Holdings, Inc.
(1) (3)
 Software & Tech Services Term Loan 10.16% (L + 5.25%; 1.00% Floor) 04/01/2025  7,986,238   7,924,628   7,986,238 
Avalara, Inc.
(4) (5)
 Software & Tech Services Revolver 12.15% (S + 7.25%; 0.75% Floor) 10/19/2028  —     (24,712)   (23,971) 
Avalara, Inc.
(2) (3)
 Software & Tech Services Term Loan 12.15% (S + 7.25%; 0.75% Floor) 10/19/2028  10,653,748   10,406,626   10,414,038 
Avetta, LLC
(4) (5)
 Software & Tech Services Revolver 10.58% (L + 5.75%; 1.00% Floor) 04/10/2024  —     (1,724)   (3,708) 
Avetta, LLC
(1)
 Software & Tech Services Term Loan 10.58% (L + 5.75%; 1.00% Floor) 04/10/2024  4,185,130   4,164,874   4,153,741 
Avetta, LLC
(1) (2)
 Software & Tech Services Term Loan 10.58% (L + 5.75%; 1.00% Floor) 04/10/2024  3,178,660   3,157,637   3,154,820 
Avetta, LLC
(3)
 Software & Tech Services Term Loan 10.58% (L + 5.75%; 1.00% Floor) 04/10/2024  6,751,380   6,700,048   6,700,745 
Bonterra, LLC
(4) (5)
 Software & Tech Services Delayed Draw Term Loan 11.16% (L + 6.00%; 0.75% Floor) 09/08/2027  —     (16,124)   (48,059) 
Bonterra, LLC
(4)
 Software & Tech Services Revolver 11.16% (L + 6.00%; 0.75% Floor) 09/08/2027  1,133,230   1,120,336   1,104,436 
Bonterra, LLC
(1) (2) (3)
 Software & Tech Services Term Loan 11.16% (L + 6.00%; 0.75% Floor) 09/08/2027  15,595,728   15,425,770   15,205,835 
Brightspot Buyer, Inc
(4) (5)
 Software & Tech Services Revolver 11.75% (S + 6.75%; 0.75% Floor) 11/16/2027  —     (10,582)   (15,307) 
Brightspot Buyer, Inc
(2)
 Software & Tech Services Term Loan 11.73% (S + 6.75%; 0.75% Floor) 11/16/2027  1,448,598   1,412,694   1,416,005 
Brightspot Buyer, Inc
(3)
 Software & Tech Services Term Loan 11.75% (S + 6.75%; 0.75% Floor) 11/16/2027  5,215,571   5,134,444   5,098,221 
BSI2 Hold Nettle, LLC
(4) (5)
 Software & Tech Services Revolver 9.65% (S + 4.75%; 0.75% Floor) 06/30/2028  —     (7,763)   (8,834) 
BSI2 Hold Nettle, LLC
(2) (3)
 Software & Tech Services Term Loan 9.65% (S + 4.75%; 0.75% Floor) 06/30/2028  4,687,823   4,626,028   4,617,506 
BusinesSolver.com, Inc.
(4)
 Software & Tech Services Delayed Draw Term Loan 9.88% (L + 5.50%; 0.75% Floor) 12/01/2027  169,455   160,986   124,769 
BusinesSolver.com, Inc.
(2) (3)
 Software & Tech Services Term Loan 10.66% (L + 5.50%; 0.75% Floor) 12/01/2027  7,306,163   7,248,738   7,105,244 
Certify, Inc
(2)
 Software & Tech Services Delayed Draw Term Loan 10.34% (L + 5.50%; 1.00% Floor) 02/28/2024  479,627   478,020   477,229 
Certify, Inc Software & Tech Services Delayed Draw Term Loan 10.34% (L + 5.50%; 1.00% Floor) 02/28/2024  399,689   398,142   397,691 
Certify, Inc
(4)
 Software & Tech Services Revolver 10.34% (L + 5.50%; 1.00% Floor) 02/28/2024  39,969   39,866   39,170 
Certify, Inc
(1) (2) (3)
 Software & Tech Services Term Loan 10.34% (L + 5.50%; 1.00% Floor) 02/28/2024  3,916,954   3,901,793   3,897,370 
Community Brands Parentco, LLC
(4) (5)
 Software & Tech Services Delayed Draw Term Loan 10.66% (S + 5.75%; 0.75% Floor) 02/24/2028  —     (6,858)   (18,774) 
Community Brands Parentco, LLC
(4) (5)
 Software & Tech Services Revolver 10.66% (S + 5.75%; 0.75% Floor) 02/24/2028  —     (6,865)   (13,559) 
Community Brands Parentco, LLC
(1) (3)
 Software & Tech Services Term Loan 10.66% (S + 5.75%; 0.75% Floor) 02/24/2028  7,021,603   6,902,840   6,793,401 
Coupa Holdings,LLC
(4) (5)
 Software & Tech Services Delayed Draw Term Loan 12.29% (S + 7.50%; 0.75% Floor) 02/27/2030  —     (11,850)   (11,850) 
Coupa Holdings,LLC
(4) (5)
 Software & Tech Services Revolver 12.29% (S + 7.50%; 0.75% Floor) 02/27/2029  —     (18,147)   (18,147) 
Coupa Holdings,LLC
(3)
 Software & Tech Services Term Loan 12.29% (S + 7.50%; 0.75% Floor) 02/27/2030  10,617,824   10,352,378   10,352,378 
Datacor, Inc.
(4)
 Software & Tech Services Delayed Draw Term Loan 10.56% (S + 5.75%; 1.00% Floor) 12/29/2025  1,113,561   1,087,348   1,088,109 
Datacor, Inc.
(4) (5)
 Software & Tech Services Revolver 10.56% (S + 5.75%; 1.00% Floor) 12/29/2025  —     (7,045)   (12,877) 
Datacor, Inc.
(1) (2) (3)
 Software & Tech Services Term Loan 10.56% (S + 5.75%; 1.00% Floor) 12/29/2025  13,841,011   13,631,763   13,564,191 
Degreed, Inc.
(4) (5)
 Software & Tech Services Delayed Draw Term Loan 11.41% (S + 5.50%; 1.00% PIK; 1.00% Floor) 05/29/2026  —     (11,091)   (23,129) 
Degreed, Inc.
(4) (5)
 Software & Tech Services Delayed Draw Term Loan 11.41% (S + 5.50%; 1.00% PIK; 1.00% Floor) 05/29/2026  —     (3,637)   (31,306) 
Degreed, Inc.
(4) (5)
 Software & Tech Services Revolver 11.41% (S + 5.50%; 1.00% PIK; 1.00% Floor) 05/29/2026  —     (1,386)   (11,490) 
Degreed, Inc.
(1) (2)
 Software & Tech Services Term Loan 11.41% (S + 5.50%; 1.00% PIK; 1.00% Floor) 05/29/2026  5,185,318   5,157,264   5,042,722 
Degreed, Inc.
(3)
 Software & Tech Services Term Loan 11.41% (S + 5.50%; 1.00% PIK; 1.00% Floor) 05/29/2026  2,800,228   2,785,327   2,723,222 
Dispatch Track, LLC
(4) (5)
 Software & Tech Services Revolver 9.36% (S + 4.50%; 1.00% Floor) 12/17/2026  —     (1,583)   (2,264) 
Dispatch Track, LLC
(1) (3)
 Software & Tech Services Term Loan 9.36% (S + 4.50%; 1.00% Floor) 12/17/2026  9,849,936   9,786,728   9,776,062 
Drilling Info Holdings, Inc.
(1)
 Software & Tech Services Term Loan 9.09% (L + 4.25%) 07/30/2025  3,283,581   3,277,888   3,242,536 
EET Buyer, Inc.
(4) (5)
 Software & Tech Services Revolver 10.26% (L + 5.25%; 0.75% Floor) 11/08/2027  —     (10,695)   (15,543) 
EET Buyer, Inc.
(2) (3)
 Software & Tech Services Term Loan 10.26% (L + 5.25%; 0.75% Floor) 11/08/2027  6,838,858   6,732,985   6,684,983 
Exterro, Inc.
(4)
 Software & Tech Services Revolver 10.75% (P + 4.50%; 1.00% Floor) 05/31/2024  369,281   346,229   369,281 
Exterro, Inc.
(1) (3)
 Software & Tech Services Term Loan 10.56% (S + 5.50%; 1.00% Floor) 05/31/2024  5,809,123   5,757,916   5,809,123 
Exterro, Inc.
(1)
 Software & Tech Services Term Loan 10.56% (S + 5.50%; 1.00% Floor) 05/31/2024  2,793,450   2,781,500   2,793,450 
Exterro, Inc.
(2) (3)
 Software & Tech Services Term Loan 10.56% (S + 5.50%; 1.00% Floor) 05/31/2024  6,237,900   6,193,406   6,237,900 
Faithlife, LLC
(1) (3)
 Software & Tech Services Delayed Draw Term Loan 10.50% (S + 5.50%; 1.00% Floor) 09/18/2025  708,304   701,358   708,304 
Faithlife, LLC
(4) (5)
 Software & Tech Services Revolver 10.50% (S + 5.50%; 1.00% Floor) 09/18/2025  —     (2,780)   —   
Faithlife, LLC
(1) (3)
 Software & Tech Services Term Loan 10.50% (S + 5.50%; 1.00% Floor) 09/18/2025  304,180   301,131   304,180 
Fusion Holding Corp
(4) (5)
 Software & Tech Services Revolver 11.15% (S + 6.25%; 0.75% Floor) 09/15/2027  —     (27,750)   (31,032) 
Fusion Holding Corp
(1) (2) (3)
 Software & Tech Services Term Loan 11.15% (S + 6.25%; 0.75% Floor) 09/15/2029  16,852,823   16,489,410   16,473,635 
Portfolio Company
 
            Industry            
 
    Facility Type    
 
                      Interest                      
 
  Maturity  
 
Funded

  Par Amount  
  
        Cost        
  
  Fair Value  
 
MSM Acquisitions, Inc.
(5)
 Services Delayed Draw Term Loan 11.50% (S + 6.00%; 1.00% Floor) 12/09/2026 $2,982,173  $2,946,049  $2,773,421 
MSM Acquisitions, Inc.
(5)
 Services Delayed Draw Term Loan 11.50% (S + 6.00%; 1.00% Floor) 12/09/2026  365,463   364,235   339,881 
MSM Acquisitions, Inc.
(8)
 Services Revolver 11.50% (S + 6.00%; 1.00% Floor) 12/09/2026  1,225,045   1,211,770   1,139,292 
MSM Acquisitions, Inc.
(1) (3) (5)
 Services Term Loan 11.50% (S + 6.00%; 1.00% Floor) 12/09/2026  8,149,709   8,065,820   7,579,229 
Rep Tec Intermediate Holdings, Inc.
(2) (8)
 Services Revolver 14.00% (P + 5.50%; 1.00% Floor) 12/01/2027  486,706   480,188   474,867 
Rep Tec Intermediate Holdings, Inc.
(1) (3) (5)
 Services Term Loan 12.04% (S + 6.50%; 1.00% Floor) 12/01/2027  14,458,172   14,331,624   14,241,299 
Sako and Partners Lower Holdings
LLC
(2) (5)
 Services Delayed Draw Term Loan 11.54% (S + 6.00%; 1.00% Floor) 09/15/2028  1,903,292   1,849,193   1,903,292 
Sako and Partners Lower Holdings
LLC
(2) (6)
 Services Revolver 11.54% (S + 6.00%; 1.00% Floor) 09/15/2028  —     (31,058)   (6,215) 
Sako and Partners Lower Holdings
LLC
(1) (3) (4) (5)
 Services Term Loan 11.54% (S + 6.00%; 1.00% Floor) 09/15/2028  14,803,383   14,432,901   14,729,366 
Valcourt Holdings II, LLC
(1) (4)
 Services Delayed Draw Term Loan 10.81% (S + 5.25%; 1.00% Floor) 01/07/2027  1,699,877   1,681,603   1,699,877 
Valcourt Holdings II, LLC
(5)
 Services Term Loan 10.79% (S + 5.25%; 1.00% Floor) 01/07/2027  2,620,984   2,590,324   2,620,984 
Valcourt Holdings II, LLC
(1) (5)
 Services Term Loan 10.79% (S + 5.25%; 1.00% Floor) 01/07/2027  6,231,040   6,159,805   6,231,040 
Valcourt Holdings II, LLC
(5)
 Services Term Loan 10.79% (S + 5.25%; 1.00% Floor) 01/07/2027  1,146,498   1,130,622   1,146,498 
Activ Software Holdings, LLC
(5)
 Software & Tech Services Delayed Draw Term Loan 11.90% (S + 6.25%; 1.00% Floor) 05/04/2027  629,221   613,472   618,210 
Activ Software Holdings, LLC
(2) (6)
 Software & Tech Services Revolver 11.79% (L + 6.25%; 1.00% Floor) 05/04/2027  —     (7,905)   (11,355) 
Activ Software Holdings, LLC
(1) (3) (4) (5)
 Software & Tech Services Term Loan 11.79% (L + 6.25%; 1.00% Floor) 05/04/2027  7,927,979   7,830,993   7,789,239 
Activ Software Holdings, LLC
(1)
 Software & Tech Services Term Loan 11.90% (S + 6.25%; 1.00% Floor) 05/04/2027  2,516,885   2,453,881   2,472,839 
Admiral Buyer, Inc
(2) (6)
 Software & Tech Services Delayed Draw Term Loan 10.89% (S + 5.50%; 0.75% Floor) 05/08/2028  —     (12,192)   —   
Admiral Buyer, Inc
(2) (6)
 Software & Tech Services Revolver 10.89% (S + 5.50%; 0.75% Floor) 05/08/2028  —     (8,719)   —   
Admiral Buyer, Inc
(1) (4) (5)
 Software & Tech Services Term Loan 10.89% (S + 5.50%; 0.75% Floor) 05/08/2028  5,798,710   5,708,394   5,798,710 
AMI US Holdings, Inc.
(2)
 Software & Tech Services Revolver 10.67% (S + 5.25%) 04/01/2025  131,353   128,946   131,353 
AMI US Holdings, Inc.
(1) (4)
 Software & Tech Services Term Loan 10.67% (S + 5.25%; 1.00% Floor) 04/01/2025  7,944,643   7,897,575   7,944,643 
Avalara, Inc.
(2) (6)
 Software & Tech Services Revolver 12.64% (S + 7.25%; 0.75% Floor) 10/19/2028  —     (22,576)   —   
Avalara, Inc.
(1) (3)
 Software & Tech Services Term Loan 12.64% (S + 7.25%; 0.75% Floor) 10/19/2028  10,653,748   10,428,176   10,653,748 
Avetta, LLC
(2) (6)
 Software & Tech Services Revolver 10.72% (S + 5.25%, 1.00% Floor) 04/10/2024  —     (889)   (1,236) 
Avetta, LLC
(1) (3)
 Software & Tech Services Term Loan 10.72% (S + 5.25%, 1.00% Floor) 04/10/2024  3,161,974   3,151,010   3,154,069 
Avetta, LLC
(1)
 Software & Tech Services Term Loan 10.72% (S + 5.25%, 1.00% Floor) 04/10/2024  4,163,332   4,152,767   4,152,924 
Avetta, LLC
(5)
 Software & Tech Services Term Loan 10.72% (S + 5.25%, 1.00% Floor) 04/10/2024  6,717,196   6,690,803   6,700,403 
Bonterra, LLC
(2) (6
)
 Software & Tech Services Revolver 12.79% (S + 7.25%; 0.75% Floor) 09/08/2027  —     (11,489)   (20,156) 
Bonterra, LLC Software & Tech Services Term Loan 13.40% (8.00% 
P
IK;
0.75% Floor)		 09/08/2027  2,623,369   2,584,019   2,623,369 
Bonterra, LLC
(1) (3) (4) (5)
 Software & Tech Services Term Loan 12.79% (S + 7.25%; 0.75% Floor) 09/08/2027  15,944,506   15,792,307   15,665,477 
Brightspot Buyer, Inc
(2) (6)
 Software & Tech Services Revolver 11.99% (S + 6.50%; 0.75% Floor) 11/16/2027  —     (9,477)   (17,007) 
Brightspot Buyer, Inc
(3)
 Software & Tech Services Term Loan 11.99% (S + 6.50%; 0.75% Floor) 11/16/2027  1,448,598   1,416,432   1,412,383 
Brightspot Buyer, Inc
(1) (3)
 Software & Tech Services Term Loan 11.99% (S + 6.50%; 0.75% Floor) 11/16/2027  5,215,571   5,142,922   5,085,182 
BSI2 Hold Nettle, LLC
(2)
 Software & Tech Services Revolver 10.07% (S + 4.75%; 0.75% Floor) 06/30/2028  294,461   287,414   284,155 
BSI2 Hold Nettle, LLC
(3) (5)
 Software & Tech Services Term Loan 10.09% (S + 4.75%; 0.75% Floor) 06/30/2028  4,664,266   4,608,451   4,582,642 
BusinesSolver.com, Inc.
(2)
 Software & Tech Services Delayed Draw Term Loan 10.99% (S + 5.50%; 0.75% Floor) 12/01/2027  168,604   161,026   168,604 
BusinesSolver.com, Inc.
(3) (5)
 Software & Tech Services Term Loan 10.99% (S + 5.50%; 0.75% Floor) 12/01/2027  7,269,263   7,218,080   7,251,090 
Community Brands Parentco, LLC
(2) (6)
 Software & Tech Services Delayed Draw Term Loan 11.02% (S + 5.50%; 0.75% Floor) 02/24/2028  —     (6,175)   (8,344) 
Community Brands Parentco, LLC
(2) (6)
 Software & Tech Services Revolver 11.02% (S + 5.50%; 0.75% Floor) 02/24/2028  —     (6,183)   (8,344) 
Community Brands Parentco, LLC
(1) (5)
 Software & Tech Services Term Loan 11.02% (S + 5.50%; 0.75% Floor) 02/24/2028  6,986,141   6,878,338   6,846,418 
Coupa Holdings,LLC
(2) (6)
 Software & Tech Services Delayed Draw Term Loan 12.82% (S + 7.50%; 0.75% Floor) 02/27/2030  —     (11,850)   —   
Coupa Holdings,LLC
(2) (6)
 Software & Tech Services Revolver 12.82% (S + 7.50%; 0.75% Floor) 02/27/2029  —     (18,147)   (1,815) 
Coupa Holdings,LLC
(1) (4) (5)
 Software & Tech Services Term Loan 12.82% (S + 7.50%; 0.75% Floor) 02/27/2030  10,617,824   10,360,131   10,591,279 
Datacor, Inc.
(4) (5)
 Software & Tech Services Delayed Draw Term Loan 11.17% (S + 5.75%; 1.00% Floor) 12/29/2025  2,545,283   2,516,025   2,507,104 
Datacor, Inc.
(2) (6)
 Software & Tech Services Revolver 11.17% (S + 5.75%; 1.00% Floor) 12/29/2025  —     (5,742)   (9,658) 
Datacor, Inc.
(1) (3) (5)
 Software & Tech Services Term Loan 11.17% (S + 5.75%; 1.00% Floor) 12/29/2025  14,277,103   14,081,683   14,062,946 
Degreed, Inc.
(2) (6)
 Software & Tech Services Delayed Draw Term Loan 10.92% (S + 5.50%; 1.00% PIK; 1.00% Floor) 05/29/2026  —     (9,375)   (19,825) 
Degreed, Inc.
(2) (6)
 Software & Tech Services Revolver 10.92% (S + 5.50%; 1.50% PIK; 1.00% Floor) 05/29/2026  —     (1,070)   (10,445) 
Degreed, Inc.
(3)
 Software & Tech Services Term Loan 10.92% (S + 5.50%; 1.50% PIK; 1.00% Floor) 05/29/2026  5,220,417   5,203,825   5,089,906 
Degreed, Inc.
(3)
 Software & Tech Services Term Loan 10.92% (S + 5.50%; 1.50% PIK; 1.00% Floor) 05/29/2026  2,819,182   2,804,623   2,748,703 
Dispatch Track, LLC
(2) (6)
 Software & Tech Services Revolver 9.92% (S + 4.50%; 1.00% Floor) 12/17/2026  —     (1,126)   (2,264) 
Dispatch Track, LLC
(1) (5)
 Software & Tech Services Term Loan 9.92% (S + 4.50%; 1.00% Floor) 12/17/2026  9,849,936   9,804,985   9,776,062 
 
See Notes to Unaudited Consolidated Financial Statements
 
13
Table of Contents
AB Private Credit Investors Corporation
Consolidated Schedule of Investments as of March 31,September 30, 2023 (continued)
(Unaudited)
 
Portfolio Company
 
            Industry            
 
    Facility Type    
 
                      Interest                      
 
  Maturity  
 
Funded

  Par Amount  
  
        Cost        
  
  Fair Value  
 
Fusion Risk Management Inc
(4)
(5)
 Software & Tech Services Revolver 8.14% (S + 6.50%; 1.00% Floor) 08/30/2028 $—    $(17,385)  $(25,585) 
Fusion Risk Management Inc
(1)
(2)
 Software & Tech Services Term Loan 8.14% (S + 3.25%; 3.50% PIK; 1.00% Floor) 08/30/2028  8,680,053   8,506,198   8,419,651 
Genesis Acquisition Co.
(2)
 Software & Tech Services Revolver 8.96% (L + 3.75%) 07/31/2024  202,400   201,466   198,352 
Genesis Acquisition Co.
(1) (3)
 Software & Tech Services Term Loan 9.46% (L + 3.75%) 07/31/2024  1,357,246   1,350,535   1,330,101 
Greenhouse Software, Inc.
(4)
 Software & Tech Services Revolver 11.74% (S + 7.00%; 1.00% Floor) 09/01/2028  169,260   155,563   158,681 
Greenhouse Software, Inc.
(4)
 Software & Tech Services Revolver 11.74% (S + 7.00%; 1.00% Floor) 09/01/2028  345,030   326,676   323,466 
Greenhouse Software,
Inc.
(1) (2) (3)
 Software & Tech Services Term Loan 11.90% (S + 7.00%; 1.00% Floor) 09/01/2028  14,507,975   14,179,254   14,254,085 
Greenhouse Software,
Inc.
(2) (3)
 Software & Tech Services Term Loan 11.90% (S + 7.00%; 1.00% Floor) 09/01/2028  12,376,845   12,191,019   12,160,250 
Gryphon-Redwood Acquisition LLC
(4) (5)
 Software & Tech Services Delayed Draw Term Loan 14.90% (S + 4.00%; 6.00% PIK; 1.00% Floor) 09/16/2028  —     (25,329)   (27,755) 
Gryphon-Redwood Acquisition LLC
(1)
 Software & Tech Services Term Loan 14.90% (S + 4.00%; 6.00% PIK; 1.00% Floor) 09/16/2028  3,566,170   3,511,040   3,503,762 
GS AcquisitionCo, Inc.
(4) (5)
 Software & Tech Services Revolver 10.80% (S + 5.75%; 1.00% Floor) 05/22/2026  —     (1,585)   (14,843) 
GS AcquisitionCo,
Inc.
(1) (2) (3)
 Software & Tech Services Term Loan 10.80% (S + 5.75%; 1.00% Floor) 05/22/2026  9,454,712   9,428,749   9,147,434 
Iodine Software, LLC
(4) (5)
 Software & Tech Services Delayed Draw Term Loan 10.91% (S + 7.00%; 1.00% Floor) 05/19/2027  —     (38,804)   —   
Iodine Software, LLC
(2) (3)
 Software & Tech Services Delayed Draw Term Loan 10.91% (S + 6.00%; 1.00% Floor) 05/19/2027  7,936,069   7,825,053   7,836,868 
Iodine Software, LLC
(4) (5)
 Software & Tech Services Revolver 10.91% (S + 6.00%; 1.00% Floor) 05/19/2027  —     (15,188)   (13,613) 
Iodine Software, LLC
(1) (3)
 Software & Tech Services Term Loan 10.91% (S + 6.00%; 1.00% Floor) 05/19/2027  5,268,312   5,194,840   5,202,459 
Kaseya Inc.
(4) (5)
 Software & Tech Services Delayed Draw Term Loan 10.65% (S + 5.75%; 0.75% Floor) 06/25/2029  —     (8,514)   (12,736) 
Kaseya Inc.
(4) (5)
 Software & Tech Services Revolver 10.65% (S + 5.75%; 0.75% Floor) 06/25/2029  —     (4,255)   (17,511) 
Kaseya Inc.
(1) (3)
 Software & Tech Services Term Loan 10.65% (S + 5.75%; 0.75% Floor) 06/25/2029  10,506,804   10,366,321   10,217,867 
Mavenlink, Inc.
(4)
 Software & Tech Services Revolver 10.17% (L + 5.50%; 0.75% Floor) 06/03/2027  715,926   688,483   680,130 
Mavenlink, Inc.
(1) (2) (3)
 Software & Tech Services Term Loan 10.34% (L + 5.50%; 0.75% Floor) 06/03/2027  15,034,451   14,803,928   14,733,762 
Moon Buyer, Inc. Software & Tech Services Delayed Draw Term Loan 9.49% (L + 4.75%; 1.00% Floor) 04/21/2027  580,442   577,086   577,539 
Moon Buyer, Inc.
(4) (5)
 Software & Tech Services Revolver 9.75% (S + 4.75%; 1.00% Floor) 04/21/2027  —     (11,941)   (5,819) 
Moon Buyer, Inc.
(1) (2) (3)
 Software & Tech Services Term Loan 9.75% (S + 4.75%; 1.00% Floor) 04/21/2027  6,288,846   6,224,280   6,257,402 
Mykaarma Acquisition LLC
(4) (5)
 Software & Tech Services Revolver 8.00% (S + 3.00%; 3.75% PIK; 1.00% Floor) 03/21/2028  —     (9,870)   (10,381) 
Mykaarma Acquisition LLC
(2) (3)
 Software & Tech Services Term Loan 8.00% (S + 3.00%; 3.75% PIK; 1.00% Floor) 03/21/2028  6,160,929   6,058,994   6,053,113 
Navigate360, LLC
(3)
 Software & Tech Services Delayed Draw Term Loan 10.83% (S + 6.00%; 1.00% Floor) 03/17/2027  1,803,642   1,783,102   1,776,587 
Navigate360, LLC Software & Tech Services Revolver 10.93% (S + 6.00%; 1.00% Floor) 03/17/2027  604,235   594,621   595,172 
Navigate360, LLC
(3)
 Software & Tech Services Term Loan 10.83% (S + 6.00%; 1.00% Floor) 03/17/2027  2,260,117   2,218,896   2,226,215 
Navigate360, LLC
(2)
 Software & Tech Services Term Loan 10.83% (S + 6.00%; 1.00% Floor) 03/17/2027  4,187,349   4,118,916   4,124,539 
Netwrix Corporation And Concept Searching
Inc.
(4) (5)
 Software & Tech Services Delayed Draw Term Loan 10.12% (S + 5.00%; 0.75% Floor) 06/11/2029  —     (3,467)   (14,691) 
Netwrix Corporation And Concept Searching Inc.
(4)
 Software & Tech Services Revolver 9.90% (S + 5.00%; 0.75% Floor) 06/11/2029  193,689   191,428   187,878 
Netwrix Corporation And Concept Searching
Inc.
(1) (3)
 Software & Tech Services Term Loan 10.12% (S + 5.00%; 0.75% Floor) 06/11/2029  9,766,394   9,744,822   9,693,146 
Ping Identity
Corporation
(4) (5)
 Software & Tech Services Revolver 11.76% (S + 7.00%; 0.75% Floor) 10/17/2028  —     (27,898)   (27,075) 
Ping Identity
Corporation
(1) (2) (3)
 Software & Tech Services Term Loan 11.76% (S + 7.00%; 0.75% Floor) 10/17/2029  12,033,445   11,751,242   11,762,693 
Ranger Buyer, Inc.
(4) (5)
 Software & Tech Services Revolver 10.41% (S + 5.50%; 0.75% Floor) 11/18/2027  —     (18,774)   (26,983) 
Ranger Buyer, Inc.
(1) (2) (3)
 Software & Tech Services Term Loan 10.41% (S + 5.50%; 0.75% Floor) 11/17/2028  14,246,882   14,007,032   13,926,327 
Sauce Labs, Inc.
(4) (5)
 Software & Tech Services Delayed Draw Term Loan 10.78% (S + 5.50%; 0.50% PIK; 1.00% Floor) 08/16/2027  —     (20,741)   (29,594) 
Sauce Labs, Inc.
(2)
 Software & Tech Services Delayed Draw Term Loan 10.78% (S + 5.50%; 0.50% PIK; 1.00% Floor) 08/16/2027  1,927,408   1,899,063   1,884,042 
Sauce Labs, Inc.
(4) (5)
 Software & Tech Services Revolver 10.78% (S + 5.50%; 1.00% Floor) 08/16/2027  —     (18,909)   (28,841) 
Sauce Labs, Inc.
(2) (3)
 Software & Tech Services Term Loan 10.78% (S + 5.50%; 0.50% PIK; 1.00% Floor) 08/16/2027  7,513,013   7,392,736   7,343,970 
Saviynt, Inc.
(4) (5)
 Software & Tech Services Delayed Draw Term Loan 8.91% (S + 4.00%; 3.50% PIK; 1.00% Floor) 12/22/2027  —     (144,356)   (137,205) 
Saviynt, Inc.
(4) (5)
 Software & Tech Services Revolver 8.91% (S + 4.00%; 3.50% PIK; 1.00% Floor) 12/22/2027  —     (14,436)   (13,720) 
Saviynt, Inc.
(2) (3)
 Software & Tech Services Term Loan 8.91% (S + 4.00%; 3.50% PIK; 1.00% Floor) 12/22/2027  18,470,580   18,022,196   18,054,992 
ScyllaDB, Inc.
(4) (5)
 Software & Tech Services Delayed Draw Term Loan 11.24% (S + 6.50%; 1.00% Floor) 09/08/2027  —     (2,940)   (4,956) 
ScyllaDB, Inc.
(4) (5)
 Software & Tech Services Revolver 11.24% (S + 6.50%; 1.00% Floor) 09/08/2027  —     (2,352)   (3,304) 
ScyllaDB, Inc.
(2)
 Software & Tech Services Term Loan 11.24% (S + 6.50%; 1.00% Floor) 09/08/2027  2,643,348   2,580,716   2,610,306 
Securonix, Inc.
(4) (5)
 Software & Tech Services Revolver 11.10% (S + 6.50%; 0.75% Floor) 04/05/2028  —     (22,627)   (80,763) 
Securonix, Inc.
(2) (3)
 Software & Tech Services Term Loan 11.10% (S + 6.50%; 0.75% Floor) 04/05/2028  8,546,314   8,420,612   8,097,633 
Sirsi Corporation
(4) (5)
 Software & Tech Services Revolver 9.34% (L + 4.50%; 1.00% Floor) 03/15/2024  —     (1,707)   (1,384) 
Sirsi Corporation
(1) (3)
 Software & Tech Services Term Loan 9.34% (L + 4.50%; 1.00% Floor) 03/15/2024  6,520,150   6,498,630   6,503,850 
Smartlinx Solutions, LLC Software & Tech Services Revolver 10.62% (L + 5.75%; 1.00% Floor) 03/04/2026  519,484   516,909   516,886 
Smartlinx Solutions, LLC
(2)
 Software & Tech Services Term Loan 10.91% (L + 5.75%; 1.00% Floor) 03/04/2026  491,897   483,947   491,897 
Smartlinx Solutions,
LLC
(1) (2) (3)
 Software & Tech Services Term Loan 10.91% (L + 5.75%; 1.00% Floor) 03/04/2026  5,605,879   5,549,798   5,591,864 
Portfolio Company
 
            Industry            
 
    Facility Type    
 
                      Interest                      
 
  Maturity  
 
Funded

  Par Amount  
  
        Cost        
  
  Fair Value  
 
Drilling Info Holdings, Inc.
(1)
 Software & Tech Services Term Loan 9.67% (S + 4.25%) 07/30/2025 $3,266,408  $3,261,895  $3,250,076 
EET Buyer, Inc.
(2)
 Software & Tech Services Revolver 12.03% (S + 6.50%; 0.75% Floor) 11/08/2027  207,326   189,873   181,410 
EET Buyer, Inc.
(4)
 Software & Tech Services Term Loan 11.97% (S + 6.50%; 0.75% Floor) 11/08/2027  4,150,025   4,053,649   4,046,274 
EET Buyer, Inc.
(3) (4) (5)
 Software & Tech Services Term Loan 11.97% (S + 6.50%; 0.75% Floor) 11/08/2027  6,804,318   6,709,732   6,634,210 
Exterro, Inc.
(2)
 Software & Tech Services Revolver 13.00% (P + 4.50%; 1.00% Floor) 05/31/2024  369,281   356,014   369,281 
Exterro, Inc.
(1)
 Software & Tech Services Term Loan 11.06% (S + 5.50%; 1.00% Floor) 05/31/2024  2,793,450   2,786,490   2,793,450 
Exterro, Inc.
(1) (4)
 Software & Tech Services Term Loan 11.06% (S + 5.50%; 1.00% Floor) 05/31/2024  5,809,123   5,768,486   5,809,123 
Exterro, Inc.
(1) (3) (5)
 Software & Tech Services Term Loan 11.06% (S + 5.50%; 1.00% Floor) 05/31/2024  6,237,900   6,212,175   6,237,900 
Faithlife, LLC
(1) (4)
 Software & Tech Services Delayed Draw Term Loan 10.99% (S + 5.50%; 1.00% Floor) 09/18/2025  708,304   702,766   708,304 
Faithlife, LLC
(2) (6)
 Software & Tech Services Revolver 10.99% (S + 5.50%; 1.00% Floor) 09/18/2025  —     (2,226)   —   
Faithlife, LLC
(1) (4) (5)
 Software & Tech Services Term Loan 10.99% (S + 5.50%; 1.00% Floor) 09/18/2025  304,180   301,740   304,180 
Fusion Holding Corp
(2) (6)
 Software & Tech Services Revolver 11.59% (S + 6.25%; 0.75% Floor) 09/15/2027  —     (24,755)   (13,792) 
Fusion Holding Corp
(1) (3) (4) (5)
 Software & Tech Services Term Loan 11.59% (S + 6.25%; 0.75% Floor) 09/15/2029  16,768,348 �� 16,444,999   16,600,665 
Fusion Risk Management, Inc.
(2) (6)
 Software & Tech Services Revolver 12.63% (S + 3.50%; 1.00% Floor) 05/22/2029  —     (15,841)   (14,701) 
Fusion Risk Management, Inc.
(3)
 Software & Tech Services Term Loan 12.63% (S + 3.50%; 1.00% Floor) 05/22/2029  7,067,506   6,935,501   6,943,825 
G Treasury SS, LLC
(2) (6)
 Software & Tech Services Delayed Draw Term Loan 11.40% (S + 6.00%; 1.00% Floor) 06/29/2029  —     (17,556)   (24,393) 
G Treasury SS, LLC
(2) (6)
 Software & Tech Services Delayed Draw Term Loan 11.40% (S + 6.00%; 1.00% Floor) 06/29/2029  —     (10,973)   (15,245) 
G Treasury SS, LLC
(2) (6)
 Software & Tech Services Revolver 11.40% (S + 6.00%; 1.00% Floor) 06/29/2029  —     (17,561)   (18,294) 
G Treasury SS, LLC
(1) (3)
 Software & Tech Services Term Loan 11.40% (S + 6.00%; 1.00% Floor) 06/29/2029  3,658,885   3,605,606   3,585,708 
Genesis Acquisition Co.
(3)
 Software & Tech Services Revolver 10.39% (S + 5.00%; 1.00% Floor) 07/31/2025  202,400   201,814   202,400 
Genesis Acquisition Co.
(1) (5)
 Software & Tech Services Term Loan 10.39% (S + 5.00%; 1.00% Floor) 07/31/2025  3,641,484   3,614,227   3,641,484 
Genesis Acquisition Co.
(5)
 Software & Tech Services Term Loan 10.39% (S + 5.00%; 1.00% Floor) 07/31/2025  342,628   339,202   342,628 
Greenhouse Software, Inc.
(2) (6)
 Software & Tech Services Revolver 12.39% (S + 7.00%; 1.00% Floor) 09/01/2028  —     (16,086)   (12,323) 
Greenhouse Software, Inc.
(2) (6)
 Software & Tech Services Revolver 12.39% (S + 7.00%; 1.00% Floor) 09/01/2028  —     (12,487)   (6,045) 
Greenhouse Software, Inc.
(3)
 Software & Tech Services Term Loan 12.39% (S + 7.00%; 1.00% Floor) 09/01/2028  12,376,845   12,214,046   12,253,076 
Greenhouse Software, Inc.
(1) (3) (4)
 Software & Tech Services Term Loan 12.39% (S + 7.00%; 1.00% Floor) 09/01/2028  14,507,975   14,208,362   14,362,895 
Gryphon-Redwood Acquisition LLC
(2)
 Software & Tech Services Delayed Draw Term Loan 9.48% (S + 4.00%; 6.00% PIK; 1.00% Floor) 09/16/2028  436,152   413,048   428,222 
Gryphon-Redwood Acquisition LLC
(1)
 Software & Tech Services Term Loan 9.39% (S + 4.00%; 6.00% PIK; 1.00% Floor) 09/16/2028  3,657,685   3,607,650   3,639,397 
GS AcquisitionCo, Inc.
(2) (6)
 Software & Tech Services Revolver 11.29% (S + 5.75%; 1.00% Floor) 05/22/2026  —     (906)   (7,992) 
GS AcquisitionCo, Inc.
(1) (3) (5)
 Software & Tech Services Term Loan 11.29% (S + 5.75%; 1.00% Floor) 05/22/2026  9,405,963   9,389,512   9,241,358 
Hirevue, Inc.
(2) (6)
 Software & Tech Services Revolver 12.34% (S + 7.25%; 1.00% Floor) 05/03/2029  —     (38,467)   (28,808) 
Hirevue, Inc.
(4) (5)
 Software & Tech Services Term Loan 12.34% (S + 7.25%; 1.00% Floor) 05/03/2029  12,934,244   12,618,447   12,707,894 
Iodine Software, LLC
(2) (6)
 Software & Tech Services Delayed Draw Term Loan 11.42% (S + 6.00%; 1.00% Floor) 05/19/2027  —     (34,247)   —   
Iodine Software, LLC
(3) (5)
 Software & Tech Services Delayed Draw Term Loan 11.42% (S + 6.00%; 1.00% Floor) 05/19/2027  7,895,784   7,798,287   7,895,784 
Iodine Software, LLC
(2) (6)
 Software & Tech Services Revolver 11.42% (S + 6.00%; 1.00% Floor) 05/19/2027  —     (13,406)   —   
Iodine Software, LLC
(1) (5)
 Software & Tech Services Term Loan 11.42% (S + 6.00%; 1.00% Floor) 05/19/2027  5,241,440   5,176,916   5,241,440 
Kaseya Inc.
(2)
 Software & Tech Services Delayed Draw Term Loan 9.12% (S + 3.75%; 2.50% PIK; 0.75% Floor) 06/25/2029  38,930   30,846   37,337 
Kaseya Inc.
(2)
 Software & Tech Services Revolver 9.07% (S + 3.75%; 2.50% PIK; 0.75% Floor) 06/25/2029  160,213   156,294   153,835 
Kaseya Inc.
(1) (4) (5)
 Software & Tech Services Term Loan 9.12% (S + 3.75%; 2.50% PIK; 0.75% Floor) 06/25/2029  10,529,423   10,399,744   10,424,128 
Mavenlink, Inc.
(2)
 Software & Tech Services Revolver 10.98% (S + 5.50%; 0.75% Floor) 06/03/2027  1,252,871   1,228,622   1,217,075 
Mavenlink, Inc.
(1) (3) (4)
 Software & Tech Services Term Loan 11.02% (S + 5.50%; 0.75% Floor) 06/03/2027  15,034,451   14,830,807   14,733,762 
Medbridge Holdings, LLC
(2) (6)
 Software & Tech Services Revolver 11.54% (S + 6.00%; 1.00% Floor) 12/23/2026  —     (14,986)   (20,643) 
Medbridge Holdings, LLC
(1) (3) (5)
 Software & Tech Services Term Loan 11.54% (S + 6.00%; 1.00% Floor) 12/23/2026  15,367,872   15,195,098   15,137,353 
Medbridge Holdings, LLC
(1)
 Software & Tech Services Term Loan 11.54% (S + 6.00%; 1.00% Floor) 12/23/2026  974,356   960,467   959,741 
Metametrics, Inc.
(2) (6)
 Software & Tech Services Revolver 10.49% (S + 5.00%; 1.00% Floor) 09/10/2025  —     (4,293)   —   
Metametrics, Inc.
(1) (5)
 Software & Tech Services Term Loan 10.49% (S + 5.00%; 1.00% Floor) 09/10/2025  3,949,640   3,920,371   3,949,640 
Moon Buyer, Inc.
(5)
 Software & Tech Services Delayed Draw Term Loan 10.24% (S + 4.75%; 1.00% Floor) 04/21/2027  577,532   574,595   544,324 
Moon Buyer, Inc.
(2)
 Software & Tech Services Revolver 10.14% (S + 4.75%; 1.00% Floor) 04/21/2027  465,517   455,009   398,599 
Moon Buyer, Inc.
(1) (3) (4) (5)
 Software & Tech Services Term Loan 10.24% (S + 4.75%; 1.00% Floor) 04/21/2027  6,256,842   6,200,192   5,897,073 
Mykaarma Acquisition LLC
(2) (6)
 Software & Tech Services Revolver 7.75% (S + 3.00%; 3.75% PIK; 1.00% Floor) 03/21/2028  —     (8,906)   (4,449) 
Mykaarma Acquisition LLC
(3) (5)
 Software & Tech Services Term Loan 7.75% (S + 3.00%; 3.75% PIK; 1.00% Floor) 03/21/2028  6,279,579   6,186,147   6,232,482 
Navigate360, LLC
(5)
 Software & Tech Services Delayed Draw Term Loan 11.43% (S + 6.00%; 1.00% Floor) 03/17/2027  1,794,578   1,776,639   1,772,146 
Navigate360, LLC
(2)
 Software & Tech Services Revolver 11.42% (S + 6.00%; 1.00% Floor) 03/17/2027  120,847   112,416   113,294 
Navigate360, LLC
(4) (5)
 Software & Tech Services Term Loan 11.43% (S + 6.00%; 1.00% Floor) 03/17/2027  2,248,760   2,212,037   2,220,650 
Navigate360, LLC
(3)
 Software & Tech Services Term Loan 11.42% (S + 6.00%; 1.00% Floor) 03/17/2027  4,166,201   4,105,716   4,114,124 
Netwrix Corporation And Concept Searching Inc.
(2) (6)
 Software & Tech Services Delayed Draw Term Loan 10.47% (S + 5.00%; 0.75% Floor) 06/11/2029  —     (3,026)   (28,124) 
Netwrix Corporation And Concept Searching Inc.
(2)
 Software & Tech Services Revolver 10.47% (S + 5.00%; 0.75% Floor) 06/11/2029  193,689   191,605   184,004 
 
See Notes to Unaudited Consolidated Financial Statements
 
14
Table of Contents
AB Private Credit Investors Corporation
Consolidated Schedule of Investments as of March 31,September 30, 2023 (continued)
(Unaudited)
 
Portfolio Company
 
            Industry            
 
    Facility Type    
 
                      Interest                      
 
  Maturity  
 
Funded

  Par Amount  
  
        Cost        
  
  Fair Value  
 
Soladoc, LLC
(4) (5)
 Software & Tech Services Delayed Draw Term Loan 10.07% (S + 5.25%; 0.75% Floor) 06/12/2028 $—    $(20,483)  $(53,003) 
Soladoc, LLC
(4) (5)
 Software & Tech Services Revolver 10.07% (S + 5.25%; 0.75% Floor) 06/12/2028  —     (10,248)   (19,140) 
Soladoc, LLC
(1) (3)
 Software & Tech Services Term Loan 10.07% (S + 5.25%; 0.75% Floor) 06/12/2028  5,889,225   5,786,742   5,697,825 
SugarCRM, Inc.
(4) (5)
 Software & Tech Services Revolver 11.34% (L + 6.50%; 1.00% Floor) 07/31/2024  —     (1,250)   (3,878) 
SugarCRM, Inc.
(1) (2)
 Software & Tech Services Term Loan 11.34% (L + 6.50%; 1.00% Floor) 07/31/2024  4,268,824   4,247,034   4,215,464 
Sundance Group Holdings, Inc.
(2)
 Software & Tech Services Delayed Draw Term Loan 11.09% (S + 6.25%; 1.00% Floor) 07/02/2027  3,547,253   3,496,221   3,467,440 
Sundance Group Holdings, Inc.
(4)
 Software & Tech Services Revolver 11.18% (S + 6.25%; 1.00% Floor) 07/02/2027  141,890   121,537   109,965 
Sundance Group Holdings, Inc. Software & Tech Services Term Loan %10.95% (S + 6.25%; 1.00% Floor) 07/02/2027  463,790   450,771   453,355 
Sundance Group Holdings, Inc.
(2) (3)
 Software & Tech Services Term Loan 10.95% (S + 6.25%; 1.00% Floor) 07/02/2027  11,824,177   11,654,566   11,558,133 
Swiftpage, Inc.
(4) (5)
 Software & Tech Services Revolver 10.41% (S + 5.50%; 1.00% Floor) 06/13/2023  —     (184)   (2,253) 
Swiftpage, Inc.
(3)
 Software & Tech Services Term Loan 10.41% (S + 5.50%; 1.00% Floor) 06/13/2023  2,414,408   2,412,546   2,390,263 
Swiftpage, Inc.
(3)
 Software & Tech Services Term Loan 10.41% (S + 5.50%; 1.00% Floor) 06/13/2023  222,253   222,009   220,030 
Sysnet North America,
Inc.
(1) (2) (3)
 Software & Tech Services Term Loan 11.50% (P + 5.00%; 1.00% Floor) 12/01/2026  8,839,609   8,771,731   8,751,213 
Telcor Buyer, Inc.
(4) (5)
 Software & Tech Services Revolver 9.64% (L + 4.50%; 1.00% Floor) 08/20/2027  —     (3,223)   (8,723) 
Telcor Buyer, Inc.
(1) (3)
 Software & Tech Services Term Loan 9.64% (L + 4.50%; 1.00% Floor) 08/20/2027  9,149,548   9,048,139   8,875,062 
Telesoft Holdings, LLC
(4)
 Software & Tech Services Revolver 10.59% (L + 5.75%; 1.00% Floor) 12/16/2025  59,687   53,532   49,241 
Telesoft Holdings, LLC
(2) (3)
 Software & Tech Services Term Loan 10.59% (L + 5.75%; 1.00% Floor) 12/16/2025  5,789,605   5,728,411   5,688,287 
TRGRP, Inc.
(4)
 Software & Tech Services Revolver 11.50% (P + 3.50%; 2.50% PIK; 1.00% Floor) 11/01/2023  90,555   89,767   90,555 
TRGRP, Inc.
(1)
 Software & Tech Services Term Loan 12.05% (L + 4.50%; 2.50% PIK; 1.00% Floor) 11/01/2023  1,133,019   1,129,907   1,133,019 
TRGRP, Inc.
(2) (3)
 Software & Tech Services Term Loan 9.55% (L + 4.50%; 2.50% PIK; 1.00% Floor) 11/01/2023  5,072,483   5,051,163   5,072,483 
TRGRP, Inc.
(3)
 Software & Tech Services Term Loan 9.55% (L + 4.50%; 2.50% PIK; 1.00% Floor) 11/01/2023  2,379,280   2,369,021   2,379,280 
Unanet, Inc.
(4) (5)
 Software & Tech Services Delayed Draw Term Loan 10.97% (S + 6.25%; 0.75% Floor) 12/08/2028  —     (36,005)   (18,952) 
Unanet, Inc.
(4) (5)
 Software & Tech Services Revolver 10.97% (S + 6.25%; 0.75% Floor) 12/08/2028  —     (25,270)   (18,952) 
Unanet, Inc.
(2) (3)
 Software & Tech Services Term Loan 10.97% (S + 6.25%; 0.75% Floor) 12/08/2028  12,003,044   11,774,955   11,822,998 
Ungerboeck Systems International, LLC
(2) (4)
 Software & Tech Services Delayed Draw Term Loan 11.60% (L + 6.50%; 1.00% Floor) 04/30/2027  272,766   268,487   265,605 
Ungerboeck Systems International, LLC
(1)
 Software & Tech Services Delayed Draw Term Loan 11.45% (L + 6.50%; 1.00% Floor) 04/30/2027  322,391   319,016   315,943 
Ungerboeck Systems International, LLC
(2)
 Software & Tech Services Delayed Draw Term Loan 11.45% (L + 6.50%; 1.00% Floor) 04/30/2027  690,794   690,794   676,978 
Ungerboeck Systems International, LLC
(4)
 Software & Tech Services Revolver 11.35% (L + 6.50%; 1.00% Floor) 04/30/2027  48,936   46,094   44,348 
Ungerboeck Systems International, LLC
(2)
 Software & Tech Services Term Loan 11.47% (L + 6.50%; 1.00% Floor) 04/30/2027  136,383   133,937   133,655 
Ungerboeck Systems International, LLC
(2) (3)
 Software & Tech Services Term Loan 11.45% (L + 6.50%; 1.00% Floor) 04/30/2027  2,717,277   2,688,857   2,662,931 
Vectra AI, Inc.
(1) (6)
 Software & Tech Services Delayed Draw Term Loan 11.13% (S + 6.25%; 1.00% Floor) 03/02/2028  1,163,793   1,146,556   1,140,517 
Vectra AI, Inc.
(4) (5)
 Software & Tech Services Revolver 11.20% (S + 6.25%; 1.00% Floor) 03/02/2028  —     (3,465)   (4,655) 
Vectra AI, Inc.
(2) (3)
 Software & Tech Services Term Loan 11.20% (S + 6.25%; 1.00% Floor) 03/02/2028  5,552,870   5,456,619   5,441,813 
Vehlo Purchaser, LLC
(2) (3)
 Software & Tech Services Delayed Draw Term Loan 9.98% (S + 5.00%; 0.75% Floor) 05/24/2028  6,195,183   6,136,266   6,086,767 
Vehlo Purchaser, LLC Software & Tech Services Revolver 9.88% (S + 5.00%; 0.75% Floor) 05/24/2028  1,239,037   1,223,011   1,217,353 
Vehlo Purchaser, LLC
(1) (2) (3)
 Software & Tech Services Term Loan 10.05% (S + 5.00%; 0.75% Floor) 05/24/2028  22,302,658   22,014,205   21,912,362 
Velocity Purchaser Corporation
(4) (5)
 Software & Tech Services Revolver 10.83% (S + 6.00%; 1.00% Floor) 12/01/2023  —     (445)   —   
Velocity Purchaser Corporation
(1)
 Software & Tech Services Term Loan 10.83% (S + 6.00%; 1.00% Floor) 12/01/2023  600,106   598,523   600,106 
Velocity Purchaser Corporation
(1)
 Software & Tech Services Term Loan 10.83% (S + 6.00%; 1.00% Floor) 12/01/2023  2,412,446   2,407,294   2,412,446 
Velocity Purchaser Corporation
(1) (3)
 Software & Tech Services Term Loan 10.83% (S + 6.00%; 1.00% Floor) 12/01/2023  4,765,411   4,743,707   4,765,411 
Veracross LLC
(1) (4)
 Software & Tech Services Delayed Draw Term Loan 11.82% (S + 2.00%; 5.00% PIK; 1.00% Floor) 12/28/2027  1,401,817   1,367,117   1,364,269 
Veracross LLC
(4) (5)
 Software & Tech Services Revolver 7.05% (S + 2.00%; 5.00% PIK; 1.00% Floor) 12/28/2027  —     (17,731)   (25,032) 
Veracross LLC
(2)
 Software & Tech Services Term Loan 7.05% (S + 2.00%; 5.00% PIK; 1.00% Floor) 12/28/2027  13,069,637   12,874,573   12,775,570 
Zendesk, Inc.
(4) (5)
 Software & Tech Services Delayed Draw Term Loan 11.88% (S + 6.50%; 0.75% Floor) 11/22/2028  —     (31,404)   —   
Zendesk, Inc.
(4) (5)
 Software & Tech Services Revolver 11.88% (S + 6.50%; 0.75% Floor) 11/22/2028  —     (25,855)   (13,726) 
Zendesk, Inc.
(2) (3)
 Software & Tech Services Term Loan 11.88% (S + 3.50%; 3.50% PIK; 0.75% Floor) 11/22/2028  13,334,101   13,082,937   13,200,760 
Dillon Logistics, Inc.
(7)
 Transport & Logistics Revolver — (P + 6.00%; 1.00% Floor) 12/11/2023  856,909   774,692   —   
Portfolio Company
 
            Industry            
 
    Facility Type    
 
                      Interest                      
 
  Maturity  
 
Funded

  Par Amount  
  
        Cost        
  
  Fair Value  
 
Netwrix Corporation And Concept Searching Inc.
(1) (4) (5)
 Software & Tech Services Term Loan 10.35% (S + 5.00%; 0.75% Floor) 06/11/2029 $9,843,351  $9,823,570  $9,720,309 
Penn TRGRP Holdings, LLC
(2) (6)
 Software & Tech Services Revolver 13.14% (S + 1.75%; 6.00% PIK; 0.75% Floor) 09/27/2030  —     (21,071)   (21,087) 
Penn TRGRP Holdings, LLC
(1) (3) (5)
 Software & Tech Services Term Loan 13.14% (S + 1.75%; 6.00% PIK; 0.75% Floor) 09/27/2030  6,852,866   6,715,913   6,715,809 
Ping Identity Corporation
(2) (6)
 Software & Tech Services Revolver 12.32% (S + 7.00%; 0.75% Floor) 10/17/2028  —     (25,484)   —   
Ping Identity Corporation
(1) (3) (4) (5)
 Software & Tech Services Term Loan 12.32% (S + 7.00%; 0.75% Floor) 10/17/2029  12,033,445   11,770,643   12,033,445 
Ranger Buyer, Inc.
(2) (6)
 Software & Tech Services Revolver 10.92% (S + 5.50%; 0.75% Floor) 11/18/2027  —     (16,848)   (29,981) 
Ranger Buyer, Inc.
(1) (3) (5)
 Software & Tech Services Term Loan 10.92% (S + 5.25%; 0.75% Floor) 11/17/2028  14,174,928   13,953,662   13,820,555 
Sauce Labs, Inc.
(2) (6)
 Software & Tech Services Delayed Draw Term Loan 11.47% (S + 5.50%; 0.50% PIK; 1.00% Floor) 08/16/2027  —     (18,423)   (23,675) 
Sauce Labs, Inc.
(3)
 Software & Tech Services Delayed Draw Term Loan 11.47% (S + 5.50%; 0.50% PIK; 1.00% Floor) 08/16/2027  1,932,257   1,907,069   1,893,611 
Sauce Labs, Inc.
(2) (6)
 Software & Tech Services Revolver 10.97% (S + 5.50%; 1.00% Floor) 08/16/2027  —     (16,802)   (25,636) 
Sauce Labs, Inc.
(3)
 Software & Tech Services Term Loan 10.97% (S + 5.50%; 0.50% PIK; 1.00% Floor) 08/16/2027  7,531,911   7,418,786   7,381,273 
Saviynt, Inc.
(2)
 Software & Tech Services Delayed Draw Term Loan 12.92% (S + 4.00%; 3.50% PIK; 1.00% Floor) 12/22/2027  2,464,498   2,327,606   2,342,032 
Saviynt, Inc.
(2) (6)
 Software & Tech Services Revolver 12.92% (S + 4.00%; 3.50% PIK; 1.00% Floor) 12/22/2027  —     (12,961)   (12,196) 
Saviynt, Inc.
(1) (3)
 Software & Tech Services Term Loan 9.42% (S + 4.00%; 3.50% PIK; 1.00% Floor) 12/22/2027  18,799,824   18,395,661   18,423,828 
Securonix, Inc.
(2) (6)
 Software & Tech Services Revolver 11.27% (S + 6.50%; 0.75% Floor) 04/05/2028  —     (20,446)   (88,454) 
Securonix, Inc.
(1) (3)
 Software & Tech Services Term Loan 11.27% (S + 6.50%; 0.75% Floor) 04/05/2028  8,546,314   8,432,796   8,054,901 
Serrano Parent, LLC
(2) (6)
 Software & Tech Services Revolver 11.87% (S + 6.50%; 1.00% Floor) 05/13/2030  —     (49,421)   (41,720) 
Serrano Parent, LLC
(1) (3) (4) (5)
 Software & Tech Services Term Loan 11.87% (S + 6.50%; 1.00% Floor) 05/13/2030  21,207,477   20,701,022   20,783,327 
Sirsi Corporation
(2) (6)
 Software & Tech Services Revolver 9.92% (S + 4.50%; 1.00% Floor) 03/15/2024  —     (828)   (1,384) 
Sirsi Corporation
(1) (5)
 Software & Tech Services Term Loan 9.92% (S + 4.50%; 1.00% Floor) 03/15/2024  6,377,949   6,367,697   6,362,004 
SIS Purchaser, Inc.
(2) (6)
 Software & Tech Services Revolver 10.92% (S + 5.50%; 1.00% Floor) 10/15/2026  —     (10,463)   (14,574) 
SIS Purchaser, Inc.
(1) (3) (5)
 Software & Tech Services Term Loan 10.92% (S + 5.50%; 1.00% Floor) 10/15/2026  12,059,543   11,945,538   11,908,799 
SIS Purchaser, Inc.
(5)
 Software & Tech Services Term Loan 10.92% (S + 5.50%; 1.00% Floor) 10/15/2026  2,308,569   2,284,601   2,279,712 
Soladoc, LLC
(2) (6)
 Software & Tech Services Delayed Draw Term Loan 10.62% (S + 5.25%; 0.75% Floor) 06/12/2028  —     (18,572)   (47,114) 
Soladoc, LLC
(2) (6)
 Software & Tech Services Revolver 10.62% (S + 5.25%; 0.75% Floor) 06/12/2028  —     (9,296)   (17,668) 
Soladoc, LLC
(1) (3)
 Software & Tech Services Term Loan 10.62% (S + 5.25%; 0.75% Floor) 06/12/2028  5,889,225   5,796,270   5,712,548 
SugarCRM, Inc.
(2) (6)
 Software & Tech Services Revolver 11.92% (S + 6.50%; 1.00% Floor) 07/31/2024  —     (783)   —   
SugarCRM, Inc.
(1) (3)
 Software & Tech Services Term Loan 11.92% (S + 6.50%; 1.00% Floor) 07/31/2024  4,268,824   4,254,926   4,268,824 
Sundance Group Holdings, Inc.
(3) (4)
 Software & Tech Services Delayed Draw Term Loan 11.73% (S + 6.25%; 1.00% Floor) 07/02/2027  3,547,253   3,502,194   3,520,649 
Sundance Group Holdings, Inc.
(2)
 Software & Tech Services Revolver 11.71% (S + 6.25%; 1.00% Floor) 07/02/2027  756,747   738,720   746,106 
Sundance Group Holdings, Inc.
(4)
 Software & Tech Services Term Loan 11.77% (S + 6.25%; 1.00% Floor) 07/02/2027  463,790   452,331   460,312 
Sundance Group Holdings, Inc.
(1) (5)
 Software & Tech Services Term Loan 11.72% (S + 6.25%; 1.00% Floor) 07/02/2027  11,824,177   11,673,965   11,735,496 
Swiftpage, Inc.
(2) (6)
 Software & Tech Services Revolver 11.92% (S + 6.50%; 1.00% Floor) 12/13/2023  —     (154)   (2,253) 
Swiftpage, Inc.
(4)
 Software & Tech Services Term Loan 11.92% (S + 6.50%; 1.00% Floor) 12/13/2023  2,401,733   2,400,194   2,377,716 
Swiftpage, Inc.
(4)
 Software & Tech Services Term Loan 11.92% (S + 6.50%; 1.00% Floor) 12/13/2023  221,092   221,046   218,881 
Sysnet North America, Inc.
(1) (3) (5)
 Software & Tech Services Term Loan 11.50% (S + 6.00%; 1.00% Floor) 12/01/2026  8,794,394   8,727,269   8,684,464 
Telcor Buyer, Inc.
(2) (6)
 Software & Tech Services Revolver 9.69% (S + 4.25%; 1.00% Floor) 08/20/2027  —     (2,864)   (4,362) 
Telcor Buyer, Inc.
(1) (5)
 Software & Tech Services Term Loan 9.69% (S + 4.25%; 1.00% Floor) 08/20/2027  7,897,953   7,820,164   7,779,484 
Telesoft Holdings, LLC
(2) (8)
 Software & Tech Services Revolver 13.25% (S + 5.75%; 1.00% Floor) 12/16/2025  55,708   50,675   43,770 
Telesoft Holdings, LLC
(3) (5)
 Software & Tech Services Term Loan 11.17% (S + 5.75%; 1.00% Floor) 12/16/2025  5,759,761   5,709,914   5,644,566 
Unanet, Inc.
(2) (6)
 Software & Tech Services Delayed Draw Term Loan 11.35% (S + 6.00%; 0.75% Floor) 12/08/2028  —     (32,945)   (9,476) 
Unanet, Inc.
(2) (6)
 Software & Tech Services Revolver 11.35% (S + 6.00%; 0.75% Floor) 12/08/2028  —     (25,270)   (15,793) 
Unanet, Inc.
(3) (5)
 Software & Tech Services Term Loan 11.35% (S + 6.00%; 0.75% Floor) 12/08/2028  12,003,044   11,794,253   11,853,006 
Ungerboeck Systems International, LLC
(3)
 Software & Tech Services Delayed Draw Term Loan 11.92% (S + 6.50%; 1.00% Floor) 04/30/2027  477,340   473,331   468,986 
Ungerboeck Systems International, LLC
(1)
 Software & Tech Services Delayed Draw Term Loan 12.02% (S + 6.50%; 1.00% Floor) 04/30/2027  322,391   319,417   316,749 
Ungerboeck Systems International, LLC
(3)
 Software & Tech Services Delayed Draw Term Loan 12.02% (S + 6.50%; 1.00% Floor) 04/30/2027  690,794   690,794   678,705 
Ungerboeck Systems International,
LLC
(2) (6)
 Software & Tech Services Revolver 12.02% (S + 6.50%; 1.00% Floor) 04/30/2027  —     (2,505)   (4,014) 
Ungerboeck Systems International, LLC Software & Tech Services Term Loan 11.97% (S + 6.50%; 1.00% Floor) 04/30/2027  263,748   257,154   259,133 
Ungerboeck Systems International, LLC
(3)
 Software & Tech Services Term Loan 12.00% (S + 6.50%; 1.00% Floor) 04/30/2027  136,383   134,306   133,996 
Ungerboeck Systems International,
LLC
(1) (3)
 Software & Tech Services Term Loan 12.02% (S + 6.50%; 1.00% Floor) 04/30/2027  2,717,277   2,692,234   2,669,724 
 
See Notes to Unaudited Consolidated Financial Statements
 
15
Table of Contents
AB Private Credit Investors Corporation
Consolidated Schedule of Investments as of March 31,September 30, 2023 (continued)
(Unaudited)
 
Portfolio Company
 
            Industry            
 
    Facility Type    
 
                      Interest                      
 
  Maturity  
 
Funded

  Par Amount  
  
        Cost        
  
  Fair Value  
 
Dillon Logistics,
Inc.
(7)
 Transport & Logistics Term Loan — (L + 7.00%; 1.00% Floor) 12/11/2023 $2,941,825  $2,546,794  $30,307 
             
Total U.S. 1st Lien/Senior Secured Debt
 
 
 
1,143,249,575
 
 
 
1,120,293,597
 
2nd Lien/Junior Secured Debt
- 2.26%
 
Conterra Ultra Broadband Holdings,
Inc.
(1) (3)
 
Digital Infrastructure &
Services
 Term Loan 13.18% (L + 8.50%; 1.00% Floor) 04/30/2027  6,537,710   6,479,700   6,521,366 
Brave Parent H
olding
s,
Inc.
(1)
 Software & Tech Services Term Loan 12.34% (L + 7.50%) 04/17/2026  1,230,107   1,217,538   1,208,580 
Symplr Software,
Inc.
(1) (3)
 Software & Tech Services Term Loan 12.65% (S + 7.88%; 0.75% Floor) 12/22/2028  3,130,634   3,084,789   2,770,611 
             
Total U.S. 2nd Lien/Junior Secured Debt
  
 
10,782,027
 
 
 
10,500,557
 
             
Total U.S. Corporate Debt
  
 
1,154,031,602
 
 
 
1,130,794,154
 
Canadian Corporate Debt
- 5.06%
 
1st Lien/Senior Secured Debt
- 5.06%
 
McNairn Holdings
Ltd.
(1) (8)
 Business Services Term Loan 11.41% (S + 6.50%; 0.75% PIK; 1.00% Floor) 11/25/2025  738,337   729,318   730,953 
Syntax Sys
tems

Ltd
(1) (3) (8)
 
Digital Infrastructure &
Services
 Term Loan 10.59% (L + 5.75%; 0.75% Floor) 10/29/2028  8,751,331   8,679,873   8,357,521 
Syntax Systems
Ltd
(4) (8)
 
Digital Infrastructure &
Services
 Revolver 10.59% (L + 5.75%; 0.75% Floor) 10/29/2026  649,103   642,079   605,289 
Syntax Systems Ltd
(4) (5) (8)
 
Digital Infrastructure &
Services
 Delayed Draw Term Loan 10.59% (L + 5.75%; 0.75% Floor) 10/29/2028  —     (19,549)   (109,536) 
Banneker V Acquisition,
Inc.
(1) (2) (3) (6) (8)
 Software & Tech Services Term Loan 11.84% (S + 7.50%; 1.00% Floor) 12/04/2025  13,258,433   13,022,310   12,926,973 
Banneker V Acquisition,
Inc.
(4) (5) (8)
 Software & Tech Services Revolver 11.84% (S + 7.50%; 1.00% Floor) 12/04/2025  —     (18,744)   (22,417) 
Banneker V Acquisition,
Inc.
(3) (8)
 Software & Tech Services Delayed Draw Term Loan 12.41% (S + 7.50%; 1.00% Floor) 12/04/2025  1,024,233   1,013,096   998,627 
             
Total Canadian 1st Lien/Senior Secured Debt
 
 
 
24,048,383
 
 
 
23,487,410
 
             
Total Canadian Corporate Debt
 
 
 
24,048,383
 
 
 
23,487,410
 
Portfolio Company
 
            Industry            
 
    Facility Type    
 
                      Interest                      
 
  Maturity  
 
Funded

  Par Amount  
  
        Cost        
  
  Fair Value  
 
Vectra AI, Inc.
(1)
 Software & Tech Services Delayed Draw Term Loan 
11.68
% (S + 6.25%; 1.00% Floor)		 03/02/2028 $1,163,793  $1,148,060  $1,143,427 
Vectra AI, Inc.
(2) (6)
 Software & Tech Services Revolver 
11.68
% (S + 6.25%; 1.00% Floor)		 03/02/2028  —     (2,889)   (4,073) 
Vectra AI, Inc.
(1) (3) (4)
 Software & Tech Services Term Loan 
11.82
% (S + 6.25%; 1.00% Floor)		 03/02/2028  5,552,870   5,467,770   5,455,695 
Vehlo Purchaser, LLC
(3) (4)
 Software & Tech Services Delayed Draw Term Loan 
10.50
% (S + 5.00%; 0.75% Floor)		 05/24/2028  6,195,183   6,141,345   6,086,767 
Vehlo Purchaser, LLC
(2)
 Software & Tech Services Revolver 
10.43
% (S + 5.00%; 0.75% Floor)		 05/24/2028  247,807   233,285   226,124 
Vehlo Purchaser, LLC
(1) (3) (5)
 Software & Tech Services Term Loan 
10.51
% (S + 5.00%; 0.75% Floor)		 05/24/2028  22,302,658   22,041,496   21,912,362 
Velocity Purchaser Corporation
(2) (6)
 Software & Tech Services Revolver 
12.02
% (S + 6.50%; 1.00% Floor)		 12/02/2024  —     (113)   —   
Velocity Purchaser Corporation
(1)
 Software & Tech Services Term Loan 
12.02
% (S + 6.50%; 1.00% Floor)		 12/02/2024  2,320,884   2,319,625   2,320,884 
Velocity Purchaser Corporation
(1)
 Software & Tech Services Term Loan 
12.02
% (S + 6.50%; 1.00% Floor)		 12/02/2024  577,329   576,942   577,329 
Velocity Purchaser Corporation
(1) (5)
 Software & Tech Services Term Loan 
12.02
% (S + 6.50%; 1.00% Floor)		 12/02/2024  4,584,544   4,579,234   4,584,544 
Veracross LLC
(1) (5)
 Software & Tech Services Delayed Draw Term Loan 
12.52
% (S + 2.00%; 4.50% PIK;
1.00
% Floor)		 12/28/2027  1,707,975   1,673,930   1,678,085 
Veracross LLC
(2) (6)
 Software & Tech Services Revolver 
12.04
% (S + 2.00%; 4.50% PIK;
1.00
% Floor)		 12/28/2027  —     (15,919)   (19,470) 
Veracross LLC
(3)
 Software & Tech Services Term Loan 
12.04
% (S + 2.00%; 4.50% PIK;
1.00
% Floor)		 12/28/2027  13,385,649   13,210,517   13,151,400 
Vhagar Purchaser, LLC
(4)
 Software & Tech Services Term Loan 
12.24
% (S + 7.00%; 1.00% Floor)		 06/11/2029  3,360,201   3,264,364   3,267,795 
Vhagar Purchaser, LLC.
(2)
 Software & Tech Services Delayed Draw Term Loan 12.37% (S + 7.00%; 1.00% Floor) 06/11/2029  168,010   154,969   156,809 
Vhagar Purchaser, LLC.
(2) (6)
 Software & Tech Services Revolver 12.24% (S + 7.00%; 1.00% Floor) 06/11/2029  —     (10,649)   (10,267) 
Zendesk, Inc.
(2) (6)
 Software & Tech Services Delayed Draw Term Loan 8.90% (S + 3.50%; 3.25% PIK; 0.75% Floor) 11/22/2028  —     (28,720)   —   
Zendesk, Inc.
(2) (6)
 Software & Tech Services Revolver 8.90% (S + 3.50%; 3.25% PIK; 0.75% Floor) 11/22/2028  —     (23,638)   (13,726) 
Zendesk, Inc.
(1) (3) (5)
 Software & Tech Services Term Loan 8.90% (S + 3.50%; 3.25% PIK; 0.75% Floor) 11/22/2028  13,568,749   13,330,241   13,433,062 
             
Total U.S. 1st Lien/Senior Secured Debt
 
 
 
1,212,330,431
 
 
 
1,187,155,007
 
2nd Lien/Junior Secured Debt
- 2.00%
 
Conterra Ultra Broadband Holdings,
Inc.
(1) (5)
 Digital Infrastructure & Services Term Loan 13.92% (S + 8.50%; 1.00% Floor) 04/30/2027  6,537,710   6,485,886   6,096,415 
Brave Parent Holdings, Inc.
(1)
 Software & Tech Services Term Loan 12.97% (S + 7.50%) 04/17/2026  1,230,107   1,219,557   1,202,429 
Symplr Software, Inc.
(1) (4)
 Software & Tech Services Term Loan 13.34% (S + 7.88%; 0.75% Floor) 12/22/2028  3,130,634   3,088,065   2,794,091 
             
Total U.S. 2nd Lien/Junior Secured Debt
  
 
10,793,508
 
 
 
10,092,935
 
             
Total U.S. Corporate Debt
  
 
1,223,123,939
 
 
 
1,197,247,942
 
Canadian Corporate Debt
- 4.69%
 
1st Lien/Senior Secured Debt
- 4.69%
 
Syntax Systems Ltd
(1) (5) (9)
 Digital Infrastructure & Services Term Loan 11.17% (S + 5.75%) 10/29/2028  8,706,908   8,641,587   8,380,399 
Syntax Systems Ltd
(2) (9)
 Digital Infrastructure & Services Revolver 11.17% (S + 5.75%; 0.75% Floor) 10/29/2026  649,103   643,038   612,591 
Syntax Systems Ltd
(2) (6) (9)
 Digital Infrastructure & Services Delayed Draw Term Loan 11.17% (S + 5.75%) 10/29/2028  —     (17,855)   (91,280) 
McNairn Holdings Ltd.
(1) (9)
 Services Term Loan 11.98% (S + 6.50%; 0.50% PIK; 1.00% Floor) 11/25/2025  736,375   727,987   736,375 
Banneker V Acquisition, Inc.
(1) (3) (5) (9)
 Software & Tech Services Term Loan 12.92% (S + 7.50%; 1.00% Floor) 12/04/2025  13,258,433   13,046,981   12,993,265 
Banneker V Acquisition, Inc.
(2) (6) (9)
 Software & Tech Services Revolver 12.92% (S + 7.50%; 1.00% Floor) 12/04/2025  —     (18,225)   (17,934) 
Banneker V Acquisition, Inc.
(5) (9)
 Software & Tech Services Delayed Draw Term Loan 12.92% (S + 7.50%; 1.00% Floor) 12/04/2025  1,024,233   1,015,138   1,003,749 
             
Total Canadian 1st Lien/Senior Secured Debt
 
 
 
24,038,651
 
 
 
23,617,165
 
             
Total Canadian Corporate Debt
 
 
 
24,038,651
 
 
 
23,617,165
 
 
Portfolio Company
 
Class/Series
 
        Industry        
 
                                                    
 
Initial Acquisition Date
 (9)
 
      Shares      
  
        Cost        
  
   Fair Value   
 
U.S. Preferred Stock
-
2.03%
       
Ntiva Investments, LLC (MSP Global Holdings, Inc)
(10)
 Class A Digital Infrastructure & Services  01/24/2022  333,937  $272,826  $296,732 
Bowline Topco
LLC
^^ (10) (11)
 LLC Units Energy  08/09/2021  2,946,390   —     173,837 
SBS Ultimate Holdings, LP
(10)
 Class A Healthcare & HCIT  09/18/2020  217,710   861,879   —   
Alphasense, Inc.
(8) (10)
 Series C Software & Tech Services  06/01/2021  23,961   369,843   517,451 
Concerto Health AI Solutions, LLC
(10) (11)
 Series
B-1
 Software & Tech Services  12/23/2019  65,614   349,977   351,434 
Datarobot, Inc.
(10)
 Series E Software & Tech Services  08/30/2019  38,190   289,278   317,586 
Datarobot, Inc.
(10)
 Series F Software & Tech Services  10/27/2020  6,715   88,248   72,647 
Degreed, Inc.
(10)
 Series
C-1
 Software & Tech Services  06/25/2019  43,819   278,541   375,220 
Degreed, Inc.
(10)
 Series D Software & Tech Services  04/30/2021  16,943   278,308   263,007 
Heap, Inc.
(10)
 Series C Software & Tech Services  05/21/2019  189,617   696,352   1,033,815 
Heap, Inc.
(10)
 Series D Software & Tech Services  11/24/2021  17,425   147,443   148,758 
Knockout
Intermed
iate Holdings I, Inc. (Kaseya, Inc.)
(10)
 Perpetual Software & Tech Services  06/23/2022  1,345   1,311,760   1,428,318 
Netskope, Inc.
(10)
 Series G Software & Tech Services  01/27/2020  36,144   302,536   382,208 
Phenom People, Inc.
(10)
 Series C Software & Tech Services  01/08/2020  35,055   220,610   452,152 
Protoscale Rubrik, LLC
(10)
 Class B Software & Tech Services  01/04/2019  25,397   598,212   685,504 
Swyft Parent Holdings
LP
(10) (11)
 LP Interests Software & Tech Services  02/07/2022  850,470   758,389   865,539 
Symplr Software Intermediate Holdings, Inc.
(10)
 Series A Software & Tech Services  11/30/2018  1,196   1,160,532   1,936,454 
Vectra AI, Inc
(10)
 Series F Software & Tech Services  05/28/2021  17,064   131,095   110,279 
             
Total U.S. Preferred Stock
   
 
8,115,829
 
 
 
9,410,941
 
Portfolio Company
 
Class/Series
 
        Industry        
 
                                                    
 
Initial Acquisition
Date 
(10)
 
      Shares      
  
        Cost        
  
   Fair Value   
 
U.S. Preferred Stock
- 1.91%
 
Ntiva Investments, LLC (MSP Global Holdings, Inc)
(11)
 Class A Digital Infrastructure & Services  01/24/2022  333,937  $272,826  $316,996 
Bowline Topco LLC
^^ (11) (12)
 LLC Units Energy  08/09/2021  2,946,390   —     264,486 
Alphasense, Inc.
(9) (11)
 Series C Software & Tech Services  06/01/2021  23,961   369,843   631,999 
Concerto Health AI Solutions, LLC
(11) (12)
 Series
B-1
 Software & Tech Services  12/23/2019  65,614   349,977   360,537 
 
See Notes to Unaudited Consolidated Financial Statements
 
16
Table of Contents
AB Private Credit Investors Corporation
Consolidated Schedule of Investments as of March 31,September 30, 2023 (continued)
(Unaudited)
 
Portfolio Company
 
Class/Series
 
        Industry        
 
                                                    
 
Initial Acquisition Date
 (9)
 
      Shares      
  
        Cost        
  
   Fair Value   
 
U.S. Common Stock
- 1.90%
                  
Global Radar Holdings,
LLC
(10) (11)
 Earn Out Business Services   11/08/2022  125  $—    $—   
AEG Holding Co
mpan
y, Inc.
(10)
 Class A Consumer Discretionary   11/20/2017  320   321,309   314,419 
Freddy’s Acquisition, LP (Freddy’s Frozen Custard, LLC)
(10)
 LP Interests Consumer Non-Cyclical  ��03/03/2021  72,483   72,483   134,131 
8x8, Inc.
(8) (10) (12)
 Common Units Digital Infrastructure & Services      7,886   170,890   32,885 
Avant Communications, LLC
(10) (11)
 Class A Digital Infrastructure & Services   11/30/2021  236,307   236,307   308,501 
MSP Global Holdings,
Inc.
(10)
 Class A Digital Infrastructure & Services   01/24/2022  333,937   61,110   77,736 
NEPCORE Parent Holdings, LLC
(10)
 Class A Digital Infrastructure & Services   10/21/2021  98   97,884   93,292 
Nepcore Parent Holdings,
LLC (Coretelligent Intermediate,
LLC)
(10)
 LLC Units Digital Infrastructure & Services   10/21/2021  396,513   439,931   337,007 
Race Hometown Purchaser, LLC
(10)
 Class A Digital Infrastructure & Services   01/09/2023  705,827   705,827   705,309 
Thrive Parent, LLC
(10)
 Class L Digital Infrastructure & Services   01/22/2021  100,219   263,195   418,515 
Advantage AVP Parent Holdings, L.P. (Medical Management Resource Group,
LLC)
(10)
 Class B Healthcare & HCIT   09/30/2021  34,492   34,492   38,270 
American Outcomes Management,
L.P.
(10) (11)
 Class A Healthcare & HCIT   02/17/2022  290,393   290,393   507,422 
Community Based Care Holdings, LP
(10)
 LP Interests Healthcare & HCIT   01/03/2022  179   178,916   189,363 
GSV MedSuite Investments, LLC (Millin Purchaser, LLC)
(10)
 Class A Healthcare & HCIT   03/31/2022  86,555   86,555   77,989 
Health
Platform
Group, Inc
(10)
 Earn Out Healthcare & HCIT   10/31/2020  16,502   —     —   
INH Group Holdings,
Inc.
(10)
 Class A Healthcare & HCIT   01/31/2019  484,552   484,552   7,227 
RCFN Parent, LP (People’s Care)
(10)
 Class A Healthcare & HCIT   06/18/2021  77   78,284   91,844 
REP Coinvest III AGP Blocker, L.P. (Agape Care Group)
(10)
 LP Interests Healthcare & HCIT   10/14/2021  590,203   590,203   938,933 
Brightspot Holdco, LLC
(10)
 LLC Units Software & Tech Services   11/16/2021  433,207   433,207   436,801 
GSV Vehlo Investments,
LLC (Vehlo Purchaser, LLC)
(10)
 Class A Software & Tech Services   05/24/2022  150,297   150,297   160,591 
Human Security
(10)
 Common Shares Software & Tech Services   07/29/2022  329,116   953,133   920,228 
Moon Topco, L.P. (Radiant Logic,
Inc.)
(10)
 Class A Software & Tech Services   04/21/2021  3,600   35,999   51,351 
Mykaarma Acquisition
LLC
(10)
 Class A Software & Tech Services   03/21/2022  257,031   257,031   283,338 
Ranger Lexipol Holdings, LLC
(10)
 Class A Software & Tech Services   11/18/2021  433   355,837   417,885 
Ranger Lexipol Holdings, LLC
(10)
 Class B Software & Tech Services   11/18/2021  433   77,371   166,703 
REP Coinvest III Tec, L.P. (American Safety Holdings Corp.)
(10)
 LP Interests Software & Tech Services   06/18/2020  167,509   190,658   258,928 
Samsara Networks,
Inc.
(8) (10) (12)
 Class A Software & Tech Services      33,451   369,998   659,654 
Stripe, Inc.
(10)
 Class B Software & Tech Services   05/17/2021  4,158   166,854   83,202 
Swyft Parent Holdings LP
(10) (11)
 LP Interests Software & Tech Services   02/07/2022  4,485   53,049   90,029 
REP Coinvest
III-A
Omni,
L.P. (Omni Logistics,
LLC)
(10)
 LP Interests Transport & Logistics   02/05/2021  193,770   53,301   371,508 
REP RO Coinvest IV A Blocker (Road
One)
(10)
 Class A Transport & Logistics   12/28/2022  66,441,840   664,418   664,418 
                     
Total U.S. Common Stock
           
 
7,873,484
 
 
 
8,837,479
 
U.S. Warrants
- 0.19%
                  
SBS Ultimate Holdings, LP, expire 09/18/2030
(10)
 Class A Healthcare & HCIT   09/18/2020  17,419   —     —   
Alphasense, Inc., expire 05/29/2027
(8) (10)
 Series B Software & Tech Services   06/02/2020  40,394   35,185   574,052 
Degreed, Inc., expire 04/11/2028
(10)
 Series D Software & Tech Services   04/11/2021  7,624   —     18,936 
Degreed, Inc., expire 05/31/2026
(10)
 Series C -1 Software & Tech Services   05/31/2019  26,294   46,823   118,877 
Degreed, Inc., expire 08/18/2029
(10)
 Common Shares Software & Tech Services   08/18/2022  9,374   —     48,893 
ScyllaDB, Inc., expire 09/08/2032
(10)
 Series C-1 Software & Tech Services   09/08/2022  239,984   43,880   39,829 
Vectra AI, Inc., expire 03/18/2031
(10)
 Series F Software & Tech Services   03/18/2021  35,156   58,189   83,150 
                     
Total U.S. Warrants
           
 
184,077
 
 
 
883,737
 
United Kingdom Warrants
- 0.05%
                  
GlobalWebIndex, Inc., expire 12/30/2027
(10)
 Preferred Units Software & Tech Services   12/30/2020  8,832   159,859   $212,964 
                     
       
Total United Kingdom Warrants
           
 
159,859
 
 
 
212,964
 
Portfolio Company
 
Class/Series
 
        Industry        
 
                                                    
 
Initial Acquisition
Date 
(10)
 
      Shares      
  
        Cost        
  
   Fair Value   
 
Datarobot, Inc.
(11)
 Series E Software & Tech Services  08/30/2019  38,190  $289,278  $263,337 
Datarobot, Inc.
(11)
 Series F Software & Tech Services  10/27/2020  6,715   88,248   62,978 
Degreed, Inc.
(11)
 Series
C-1
 Software & Tech Services  06/25/2019  43,819   278,541   342,114 
Degreed, Inc.
(11)
 Series D Software & Tech Services  04/30/2021  16,943   278,308   258,210 
Heap, Inc.
(11)
 Series C Software & Tech Services  05/21/2019  189,617   696,352   848,035 
Heap, Inc.
(11)
 Series D Software & Tech Services  11/24/2021  17,425   147,443   147,443 
Knockout Intermediate
Holdings I, Inc. (Kaseya,
Inc.)
(11)
 Perpetual Software & Tech Services  06/23/2022  1,345   1,311,760   1,529,250 
Netskope, Inc.
(11)
 Series G Software & Tech Services  01/27/2020  36,144   302,536   397,122 
Phenom People, Inc.
(11)
 Series C Software & Tech Services  01/08/2020  35,055   220,610   401,539 
Protoscale Rubrik, LLC
(11)
 Class B Software & Tech Services  01/04/2019  25,397   598,212   674,350 
Swyft Parent Holdings LP
(11)
(12)
 LP Interests Software & Tech Services  02/07/2022  850,470   758,389   918,052 
Symplr Software Intermediate Holdings, Inc.
(11)
 Series A Software & Tech Services  11/30/2018  1,196   1,160,532   2,077,310 
Vectra AI, Inc
(11)
 Series F Software & Tech Services  05/28/2021  17,064   131,095   105,857 
             
Total U.S. Preferred Stock
    
 
7,253,950
 
 
 
9,599,615
 
U.S. Common Stock
- 1.93%
             
Global Radar Holdings,
LLC
(11) (12)
 Earn Out Busines
s Se
rvices		  11/08/2022  125   —     —   
AEG Holding Company, Inc.
(11)
 Class A Consumer Discretionary  11/20/2017  320   321,309   288,247 
Freddy’s Acquisition, LP (Freddy’s Frozen Custard, LLC)
(11)
 LP Interests Consumer
Non-Cyclical
  03/03/2021  72,483   72,483   139,477 
8x8, Inc.
(11) (13)
 Common Units Digital Infrastructure & Services    7,886   170,890   19,873 
Avant Communications,
LLC
(11) (12)
 Class A Digital Infrastructure & Services  11/30/2021  236,307   236,307   345,114 
MSP Global Holdings, Inc.
(11)
 Class A Digital Infrastructure & Services  01/24/2022  333,937   61,110   74,794 
NEPCORE Parent Holdings, LLC
(11)
 Class A Digital Infrastructure & Services  10/21/2021  98   97,884   83,335 
Neutral Connect, LLC
(11)
 LLC Units Digital Infrastructure & Services  10/21/2021  396,513   439,931   282,579 
Race Hometown Purchaser, LLC
(11)
 Class A Digital Infrastructure & Services  01/09/2023  705,827   705,827   796,190 
Thrive Parent, LLC
(11)
 Class L Digital Infrastructure & Services  01/22/2021  102,108   271,128   468,351 
Advantage AVP Parent
Holdings, L.P. (Medical
Management Resource
Group, LLC)
(11)
 Class B Healthcare  09/30/2021  34,492   34,492   35,018 
American Outcomes Management, L.P.
(11) (12)
 Class A Healthcare  02/17/2022  290,393   290,393   639,171 
Community Based Care Holdings, LP
(11)
 LP Interests Healthcare  01/03/2022  179   178,916   257,554 
GSV MedSuite Investments, LLC (Millin Purchaser,
LLC)
(11)
 Class A Healthcare  03/31/2022  86,555   86,555   77,715 
Health Platform Group, Inc
(11)
 Earn Out Healthcare  10/31/2020  16,502   —     —   
INH Group Holdings, Inc.
(11)
 Class A Healthcare  01/31/2019  484,552   484,552   9,786 
RCFN Parent, LP (People’s
Care)
(11)
 Class A Healthcare  06/18/2021  77   78,284   79,290 
ADT Commercial Co Invest
(9)(11)
 LP
Interests
 Specialty RMR   09/29/2023  1,100,000  $1,100,000  $1,100,000 
REP Coinvest III AGP Blocker, L.P. (Agape Care Group)
(11)
 LP Interests Healthcare & HCIT  10/14/2021  590,203   590,203   990,093 
SBS Super Holdings, LLC
^^^
(11)
 Class A Healthcare & HCIT  05/12/2023  21   —     —   
SBS Super Holdings, LLC
^^^
(11)
 Class B Healthcare & HCIT  05/12/2023  100   10   —   
Brightspot Holdco, LLC
(11)
 LLC Units Software & Tech Services  11/16/2021  433,207   433,207   468,499 
GSV Vehlo Investments, LLC (Vehlo Purchaser, LLC)
(11)
 Class A Software & Tech Services  05/24/2022  150,297   150,297   176,188 
Human Security
(11)
 Common Shares Software & Tech Services  07/29/2022  329,116   953,133   900,887 
Moon Topco, L.P. (Radiant Logic, Inc.)
(11)
 Class A Software & Tech Services  04/21/2021  3,600   35,999   30,256 
Mykaarma Acquisition LLC
(11)
 Class A Software & Tech Services  03/21/2022  257,031   257,031   331,640 
Ranger Lexipol Holdings, LLC
(11)
 Class A Software & Tech Services  11/18/2021  433   355,837   448,138 
Ranger Lexipol Holdings, LLC
(11)
 Class B Software & Tech Services  11/18/2021  433   77,371   120,395 
REP Coinvest III Tec, L.P. (American Safety Holdings Corp.)
(11)
 LP Interests Software & Tech Services  06/18/2020  167,509   190,658   268,085 
Stripe, Inc.
(11)
 Class B Software & Tech Services  05/17/2021  4,158   166,854   84,283 
Swyft Parent Holdings LP
(11)
(12)
 LP Interests Software & Tech Services  02/07/2022  4,485   53,049   44,927 
REP Coinvest
III-A
Omni, L.P. (Omni Logistics, LLC)
(11)
 LP Interests Transport & Logistics  02/05/2021  193,770   53,301   316,012 
REP RO Coinvest IV A Blocker (Road One)
(11)
 Class A Transport & Logistics  12/28/2022  66,441,840   664,418   844,144 
             
Total U.S. Common Stock
    
 
8,611,429
 
 
 
9,720,041
 
U.S. Warrants
-
0.22
%
             
Alphasense, Inc., expire 05/29/2027
(9) (11)
 Series B Software & Tech Services  06/02/2020  40,394   35,185   765,709 
Degreed, Inc., expire 04/11/2028
(11)
 Series D Software & Tech Services  04/11/2021  7,624   —     12,739 
Degreed, Inc
., expire 05/31/2026
(11)
 Series C
-1
 Software & Tech Services  05/31/2019  26,294   46,823   93,276 
Degreed, Inc., expire 08/18/2029
(11)
 Common Shares Software & Tech Services  08/18/2022  9,374   —     39,812 
ScyllaDB, Inc., expire 09/08/2032
(9)(11)
 
Series
C-1
 
Software 
& Tech Services		  09/08/2022  239,984   43,880   98,079 
Vectra AI, Inc., expire 03/18/2031
(11)
 Series F Software & Tech Services  03/18/2021  35,156   58,189   80,644 
             
Total U.S. Warrants
    
 
184,077
 
 
 
1,090,259
 
United Kingdom Warrants
-
0.06
%
             
GlobalWebIndex, Inc., expire 12/30/2027
(11)
 Preferred Units Software & Tech Services  12/30/2020  11,776   159,859   293,444 
             
Total United Kingdom Warrants
    
 
159,859
 
 
 
293,444
 
 
See Notes to Unaudited Consolidated Financial Statements
 
17
Table of Contents
AB Private Credit Investors Corporation
Consolidated Schedule of Investments as of March 31,September 30, 2023 (continued)
(Unaudited)
 
Portfolio Company
 
Class/Series
       
  Shares   
  
Cost
  
   Fair Value   
 
Investment Companies
- 1.23%
                  
Orangewood WWB Co-Invest,

L.P.
(10) (13)
 LP Interests        829,314  $829,314  $995,177 
ORCP III Triton
Co-Investors,

L.P.
(10) (13)
 LP Interests        341,592   98,394   420,500 
AB Equity Investors,
L.P.
(10) (13)
 LP Interests        984,786   984,786   1,153,127 
Falcon
Co-Investment
Partners, L.P.
(10) (13)
 LP Interests        812,734   812,734   813,547 
GHP E Aggregator,
LLC
(10) (13)
 LLC Units        417,813   186,588   618,363 
GHP SPV 2,
L.P.
(8) (10) (13)
 LP Interests        271,942   271,942   262,968 
Magenta Blocker Aggregator,
LP
(10) (13)
 Class A        821,396   676,978   1,191,846 
Palms
Co-Investment
Partners, L.P.
(10) (13)
 LP Interests        261,449   261,449   261,449 
                     
Total Investment Companies
           
 
4,122,185
 
 
 
5,716,977
 
TOTAL INVESTMENTS - 254.06%
(14)
           
$
1,198,535,419
 
 
$
1,179,343,662
 
                     
        
Portfolio Company
   
Industry
     
Shares
  
Cost
  
Fair Value
 
Cash Equivalents
- 11.77%
                    
       
U.S. Investment Companies
-
11.77
%
                  
Blackrock T
Fund I
(12) (15)
 Money Market Money Market Portfolio 4.70%
(16)
    54,222,698  $54,222,698  $54,222,698 
State Street Institutional US Government Money Market Fund
(12) (15)
 Money Market Money Market Portfolio 4.70%
(16)
    407,419   407,419   407,419 
                     
Total U.S. Investment Companies
           
 
54,630,117
 
 
 
54,630,117
 
                     
Total Cash Equivalents
           
 
54,630,117
 
 
 
54,630,117
 
        
LIABILITIES IN EXCESS OF OTHER ASSETS - (165.83%)
                 
$
(769,782,315
) 
                     
NET ASSETS - 100.00%
                 
$
464,191,464
 
                     
Portfolio
Company
 
Class/Series
 
        Industry        
 
                                                    
 
Initial Acquisition
Date 
(10)
 
      Shares      
  
        Cost        
  
   Fair Value   
 
U.S. Investment Companies
—
1.62
%
 
Orangewood WWB
Co-Invest,
L.P.
(11) (14)
 LP Interests     829,314  $829,314  $1,127,867 
ORCP III Triton
Co-Investors,

L.P.
(11) (14)
 LP Interests     341,592   98,394   731,690 
AB Equity Investors,
L.P.
(11) (14)
 LP Interests     2,891,694   2,891,694   3,282,191 
Falcon
Co-Investment
Partners, L.P.
(11) (14)
 LP Interests     812,734   812,734   813,547 
GHP E Aggregator, LLC
(11) (14)
 LLC Units     417,813   186,588   643,432 
GHP SPV 2,
L.P.
(9) (11) (14)
 LP Interests     271,942   271,942   273,574 
Magenta Blocker Aggregator, LP
(11) (14)
 Class A     821,396   676,978   1,016,067 
Palms
Co-Investment
Partners, L.P.
(11) (14)
 LP Interests     261,449   261,449   261,449 
             
      
 
6,029,093
 
 
 
8,149,817
 
             
Total U.S. Investment Companies
    
 
6,029,093
 
 
 
8,149,817
 
TOTAL INVESTMENTS - 248.29%
(15)
    
$
1,269,400,998
 
 
$
1,249,718,283
 
             
Portfolio
Company
   
Industry
 
                    
 
                                            
 
Shares
  
Cost
  
Fair Value
 
Cash Equivalents
 
- 8.72%
      
U.S. Investment Companies - 8.72%
      
Blackrock T Fund I
(13)
(16)
 Money Market Money Market Portfolio  5.23%
(17)
  28,332,270  $28,332,270  $28,332,270 
State Street Institutional
US Government
Money Market
Fund
(13) (16)
 Money Market Money Market Portfolio  5.29%
(17)
  15,543,179   15,543,179   15,543,179 
             
Total U.S. Investment Companies
    
 
43,875,449
 
 
 
43,875,449
 
           
Total Cash Equivalents
    
 
43,875,449
 
 
 
43,875,449
 
LIABILITIES IN EXCESS OF OTHER ASSETS - (157.01%)
     
$
(790,273,762
) 
        
NET ASSETS - 100.00%
     
$
503,319,970
 
          
 
(++) 
Unless otherwise indicated, all securities represent
co-investments
made with the Fund’s affiliates in accordance with the terms of the exemptive relief received from the U.S. Securities and Exchange Commission. See Note 3 “Related Party Transactions”. Certain previously disclosed industry classifications have been expanded to add additional sub-
industries
. Investments fitting into the new sub-industries have been reclassified accordingly.
+ 
As of March 31,September 30, 2023, qualifying assets represented 96.52%97.48% 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”), Secured Overnight Financing Rate including adjustment, if any (“SOFR”) or the U.S. Prime rate. The spread may change based on the type of rate used. The terms in the Consolidated Schedule of Investments disclose the actual interest rate in effect as of the reporting period. LIBOR and SOFR loans are typically indexed to
30-day,
60-day,
90-day
or
180-day
rates (1M, 3M or 6M, respectively) at the borrower’s option. LIBOR and SOFR loans may be subject to interest floors. As of March 31,September 30, 2023, rates for weekly 1M L, 3M L 6M L, 1M S, 3M S and 6M S are 4.86%5.43%, 5.19%5.66%, 5.31%5.90%, 4.80%5.32%, 4.91%5.40% and 4.90%5.47%, respectively. As of March 31,September 30, 2023, the U.S. Prime rate was 8.00%8.50%.
^^  Controlled affiliated investment. See Note 3 “Related Party Transactions”.
^^^ 
Non-controlled
affiliated investment. See Note 3 “Related Party Transactions”.
(1)  Position, or a portion thereof, has been segregated to collateralize ABPCI Direct Lending Fund CLO VI Ltd.
(2) Position, or a portion thereof, has been segregated to collateralize ABPCIC Funding II, LLC.
(3) Position, or a portion thereof, has been segregated to collateralize ABPCIC Funding III, LLC.
(4)  Position or portion thereof is an unfunded loan commitment, and no interest is being earned on the unfunded portion. The unfunded loan commitment may be subject to a commitment termination date, that may expire prior to the maturity date stated. See Note 6 “Commitments and Contingencies”.
(3) Position, or a portion thereof, has been segregated to collateralize ABPCIC Funding II, LLC.
(4) Position, or a portion thereof, has been segregated to collateralize ABPCIC Funding IV, LLC.
(5)Position, or a portion thereof, has been segregated to collateralize ABPCI Direct Lending Fund CLO XIII Ltd.
(6)   The negative cost is the result of the capitalized discount being greater than the principal amount outstanding on the loan. The negative fair value is the result of the capitalized discount on the loan.
(6)(7) The investment is on
non-accrual
status. See Note 2 “Significant Accounting Policies.”
(8) This investment has multiple reference rates or alternate base rates. The
All-in
interest rate shown is the weighted average interest rate in effect at March 31,September 30, 2023.
(7)(9) 
The investment is on
non-accrual
status. See Note 2 “Significant Accounting Policies.”
(8)  
Positions considered
non-qualified
assets therefore excluded from the qualifying assets calculation as noted in footnote + above.
(9)(10)   Securities exempt from registration under the Securities Act of 1933, and may be deemed to be “restricted securities”. As of March 31,September 30, 2023, the aggregate fair value of these securities is $18,652,582$20,683,486 or 4.02%4.11% of the Fund’s net assets. The initial acquisition dates have been included for such securities.
(10)(11) 
Non-income
producing investment.
(11)(12)   Position or portion thereof is held through a consolidated subsidiary.
(12)(13)   Categorized as Level 1 assets under the definition of ASC 820 fair value hierarchy.
(13)(14)   Excluded from the ASC 820 fair value hierarchy as fair value is measured using the net asset value per share practical expedient.
(14)(15)   Aggregate gross unrealized appreciation for federal income tax purposes is $8,894,947;$12,681,567; aggregate gross unrealized depreciation for federal income tax purposes is $28,086,704.$32,364,282. Net unrealized depreciation is $19,191,757$19,682,715 based upon a tax cost basis of $1,198,535,419.$1,269,400,998.
(15)(16)   Included within ‘Cash and cash equivalents’ on the Consolidated Statements of Assets and Liabilities.
(16)(17) 
The rate shown is the annualized
seven-day
yield as of March 31,September 30, 2023.
 
L - LIBOR
P - Prime
PIK - 
Payment-In-Kind
S - SOFR
 
See Notes to Unaudited Consolidated Financial Statements
 
18
Table of Contents
AB Private Credit Investors Corporation
Consolidated Schedule of Investments as of December 31, 2022
 
Portfolio Company
 
            Industry            
 
        Facility Type        
 
                        Interest                    
 
  Maturity  
 
Funded

  Par Amount  
  
      Cost      
  
  Fair Value  
 
Investments at Fair Value
—245.69% (++) + * # ^
 
 
U.S. Corporate Debt
—236.64%
 
 
1st Lien/Senior Secured Debt
—234.31%
 
 
AmerCareRoyal, LLC
(1)
 Business Services Delayed Draw Term Loan 9.98% (S + 5.00%; 0.50% PIK; 1.00% Floor) 11/25/2025 $496,745  $489,122  $488,052 
AmerCareRoyal, LLC
(2)
 Business Services Term Loan 9.98% (L + 5.00%; 0.50% PIK; 1.00% Floor) 11/25/2025  511,273   499,144   502,326 
AmerCareRoyal, LLC
(1)
 Business Services Term Loan 9.98% (L + 5.00%; 0.50% PIK; 1.00% Floor) 11/25/2025  4,118,091   4,014,301   4,046,024 
Cerifi, LLC
(3) (4)
 Business Services Revolver 10.07% (S + 5.75%; 1.00% Floor) 04/01/2027  —     (19,595)   (33,234) 
Cerifi, LLC
(2) (5)
 Business Services Term Loan 10.07% (S + 5.75%; 1.00% Floor) 03/31/2028  16,066,537   15,771,511   15,584,541 
Engage2Excel, Inc.
(3) (6)
 Business Services Revolver 10.63% (L + 7.25%; 1.00% Floor) 03/07/2023  351,629   350,588   341,095 
Engage2Excel, Inc.
(1)
 Business Services Term Loan 11.98% (L + 7.25%; 1.00% Floor) 03/07/2023  1,026,967   1,025,881   998,726 
Engage2Excel, Inc.
(1)
 Business Services Term Loan 11.98% (L + 7.25%; 1.00% Floor) 03/07/2023  2,959,179   2,956,519   2,877,801 
Metametrics, Inc.
(3)
 Business Services Revolver 9.77% (L + 5.00%; 1.00% Floor) 09/10/2025  130,237   124,316   122,097 
Metametrics, Inc.
(1) (2)
 Business Services Term Loan 9.73% (L + 5.00%; 1.00% Floor) 09/10/2025  4,731,059   4,683,677   4,671,920 
MSM Acquisitions, Inc.
(3)
 Business Services Delayed Draw Term Loan 10.75% (L + 6.00%; 1.00% Floor) 12/09/2026  368,247   355,038   240,389 
MSM Acquisitions, Inc.
(2)
 Business Services Delayed Draw Term Loan 10.75% (L + 6.00%; 1.00% Floor) 12/09/2026  3,005,143   2,961,347   2,869,912 
MSM Acquisitions, Inc.
(3) (6)
 Business Services Revolver 12.50% (P + 5.00%; 1.00% Floor) 12/09/2026  569,646   553,338   514,519 
MSM Acquisitions,
Inc.
(1) (2) (5)
 Business Services Term Loan 10.75% (L + 6.00%; 1.00% Floor) 12/09/2026  8,212,239   8,108,554   7,842,688 
Rep Tec Intermediate Holdings, Inc.
(3)
 Business Services Revolver 11.23% (L + 6.50%; 1.00% Floor) 12/01/2027  302,547   293,240   276,896 
Rep Tec Intermediate Holdings, Inc.
(1) (2) (5)
 Business Services Term Loan 11.23% (L + 6.50%; 1.00% Floor) 12/01/2027  14,568,787   14,390,788   14,095,301 
Sako and Partners Lower Holdings LLC
(3)
 Business Services Delayed Draw Term Loan 10.73% (S + 6.00%; 1.00% Floor) 09/15/2028  710,250   649,364   665,859 
Sako and Partners Lower Holdings LLC
(3)
 Business Services Revolver 10.73% (S + 6.00%; 1.00% Floor) 09/15/2028  337,369   301,842   303,188 
Sako and Partners Lower Holdings LLC
(1) (2) (5)
 Business Services Term Loan 10.73% (S + 6.00%; 1.00% Floor) 09/15/2028  14,915,247   14,488,923   14,505,078 
Valcourt Holdings II,
LLC
(1) (3)
 Business Services Delayed Draw Term Loan 9.87% (S + 5.25%; 1.00% Floor) 01/07/2027  1,436,481   1,416,480   1,436,481 
Valcourt Holdings II, LLC
(2)
 Business Services Term Loan 9.98% (S + 5.25%; 1.00% Floor) 01/07/2027  2,641,197   2,603,425   2,641,197 
Valcourt Holdings II,
LLC
(1) (2)
 Business Services Term Loan 9.98% (S + 5.25%; 1.00% Floor) 01/07/2027  6,279,095   6,191,332   6,279,095 
Valcourt Holdings II, LLC
(2)
 Business Services Term Loan 9.98% (S + 5.25%; 1.00% Floor) 01/07/2027  1,155,228   1,135,675   1,155,228 
AEG Holding Company,
Inc.
(1)
 Consumer Discretionary Delayed Draw Term Loan 10.23% (L + 5.50%; 1.00% Floor) 11/20/2023  1,045,702   1,042,174   1,045,702 
AEG Holding Company,
Inc.
(3)
 Consumer Discretionary Revolver 9.89% (L + 5.50%; 1.00% Floor) 11/20/2023  446,746   442,684   446,746 
AEG Holding Company,
Inc.
(1)
 Consumer Discretionary Term Loan 10.23% (L + 5.50%; 1.00% Floor) 11/20/2023  5,512,963   5,493,673   5,512,963 
AEG Holding Company,
Inc.
(5)
 Consumer Discretionary Term Loan 10.23% (L + 5.50%; 1.00% Floor) 11/20/2023  1,819,685   1,811,922   1,819,685 
Ampler QSR Holdings,
LLC
(2) (5)
 Consumer Non-Cyclical Term Loan 10.60% (L + 5.875%; 1.00% Floor) 07/21/2027  12,346,801   12,157,380   11,451,658 
Blink Holdings, Inc.
 Consumer Non-Cyclical Delayed Draw Term Loan 12.73% (L + 5.50%; 2.50% PIK; 1.00% Floor) 11/08/2024  906,057   902,381   776,944 
Blink Holdings, Inc.
(1)
 Consumer Non-Cyclical Delayed Draw Term Loan 12.73% (L + 5.50%; 2.50% PIK; 1.00% Floor) 11/08/2024  1,129,978   1,125,457   968,956 
Blink Holdings, Inc.
(1)
 Consumer Non-Cyclical Term Loan 12.73% (L + 5.50%; 2.50% PIK; 1.00% Floor) 11/08/2024  1,579,576   1,573,226   1,354,486 
Freddy’s Frozen Custard, L.L.C
(3) (4)
 Consumer Non-Cyclical Revolver 9.73% (L + 5.00%; 1.00% Floor) 03/03/2027  —     (3,622)   (4,123) 
Freddy’s Frozen Custard, L.L.C
(2) (5)
 Consumer Non-Cyclical Term Loan 9.73% (L + 5.00%; 1.00% Floor) 03/03/2027  4,856,991   4,814,117   4,808,421 
Krispy Krunchy Foods, L.L.C
(2)
 Consumer Non-Cyclical Term Loan 9.17% (S + 4.75%; 1.00% Floor) 11/17/2027  9,419,615   9,264,858   9,066,379 
Mathnasium LLC
(3)
 Consumer Non-Cyclical Revolver 10.13% (L + 5.00%; 0.75% Floor) 11/15/2027  87,043   76,360   72,355 
Mathnasium LLC
(1) (2)
 Consumer Non-Cyclical Term Loan 10.13% (L + 5.00%; 0.75% Floor) 11/15/2027  5,399,401   5,311,094   5,277,914 
MMP Intermediate, LLC
(3) (4)
 Consumer Non-Cyclical Revolver 10.13% (L + 5.75%; 1.00% Floor) 02/15/2027  —     (9,184)   (19,351) 
MMP Intermediate, LLC
(1) (2)
 Consumer Non-Cyclical Term Loan 10.13% (L + 5.75%; 1.00% Floor) 02/15/2027  8,210,266   8,070,540   7,922,907 
PF Growth Partners, LLC
(1)
 Consumer Non-Cyclical Term Loan 9.32% (S + 5.00%; 1.00% Floor) 07/11/2025  236,681   230,929   227,214 
PF Growth Partners, LLC
(1)
 Consumer Non-Cyclical Term Loan 9.48% (S + 5.00%; 1.00% Floor) 07/11/2025  117,139   114,293   112,454 
PF Growth Partners, LLC
(1)
 Consumer Non-Cyclical Term Loan 9.48% (S + 5.00%; 1.00% Floor) 07/11/2025  1,970,938   1,961,608   1,892,101 
TBG Food Acquisition
Corp
(3) (4)
 Consumer Non-Cyclical Delayed Draw Term Loan 10.39% (L + 6.00%; 0.75% Floor) 12/25/2027  —     (8,824)   (84,488) 
TBG Food Acquisition
Corp
(3) (4)
 Consumer Non-Cyclical Revolver 10.39% (L + 6.00%; 0.75% Floor) 12/25/2027  —     (2,206)   (21,122) 
TBG Food Acquisition
Corp
(1) (2)
 Consumer Non-Cyclical Term Loan 10.39% (L + 6.00%; 0.75% Floor) 12/25/2027  6,534,645   6,480,001   6,011,873 
5 Bars, LLC
(3)
 Digital Infrastructure & Services Delayed Draw Term Loan 8.99% (L + 4.75%; 1.00% Floor) 09/27/2024  603,543   585,333   594,921 
5 Bars, LLC
(3) (4)
 Digital Infrastructure & Services Revolver 9.14% (L + 4.75%; 1.00% Floor) 09/27/2024  —     (3,414)   (1,617) 
5 Bars, LLC
(5)
 Digital Infrastructure & Services Term Loan 9.14% (L + 4.75%; 1.00% Floor) 09/27/2024  4,742,121   4,715,064   4,730,266 
Portfolio Company
 
            Industry            
 
    Facility Type    
 
                      Interest                      
 
  Maturity  
 
Funded

  Par Amount  
  
        Cost        
  
  Fair Value  
 
Investments at Fair Value
—245.69% (++) + * # ^
 
U.S. Corporate Debt
—236.64%
 
1st Lien/Senior Secured Debt
—234.31%
 
AmerCareRoyal, LLC
(1)
 Business Services Delayed Draw Term Loan 9.98% (S + 5.00%; 0.50% PIK; 1.00% Floor) 11/25/2025 $496,745  $489,122  $488,052 
AmerCareRoyal, LLC
(2)
 Business Services Term Loan 9.98% (L + 5.00%; 0.50% PIK; 1.00% Floor) 11/25/2025  511,273   499,144   502,326 
AmerCareRoyal, LLC
(1)
 Business Services Term Loan 9.98% (L + 5.00%; 0.50% PIK; 1.00% Floor) 11/25/2025  4,118,091   4,014,301   4,046,024 
Cerifi, LLC
(3) (4)
 Business Services Revolver 10.07% (S + 5.75%; 1.00% Floor) 04/01/2027  —     (19,595)   (33,234) 
Cerifi, LLC
(2) (5)
 Business Services Term Loan 10.07% (S + 5.75%; 1.00% Floor) 03/31/2028  16,066,537   15,771,511   15,584,541 
Engage2Excel, Inc.
(3) (6)
 Business Services Revolver 10.63% (L + 7.25%; 1.00% Floor) 03/07/2023  351,629   350,588   341,095 
Engage2Excel, Inc.
(1)
 Business Services Term Loan 11.98% (L + 7.25%; 1.00% Floor) 03/07/2023  1,026,967   1,025,881   998,726 
Engage2Excel, Inc.
(1)
 Business Services Term Loan 11.98% (L + 7.25%; 1.00% Floor) 03/07/2023  2,959,179   2,956,519   2,877,801 
Metametrics, Inc.
(3)
 Business Services Revolver 9.77% (L + 5.00%; 1.00% Floor) 09/10/2025  130,237   124,316   122,097 
Metametrics, Inc.
(1) (2)
 Business Services Term Loan 9.73% (L + 5.00%; 1.00% Floor) 09/10/2025  4,731,059   4,683,677   4,671,920 
MSM Acquisitions, Inc.
(3)
 Business Services Delayed Draw Term Loan 10.75% (L + 6.00%; 1.00% Floor) 12/09/2026  368,247   355,038   240,389 
MSM Acquisitions, Inc.
(2)
 Business Services Delayed Draw Term Loan 10.75% (L + 6.00%; 1.00% Floor) 12/09/2026  3,005,143   2,961,347   2,869,912 
MSM Acquisitions, Inc.
(3) (6)
 Business Services Revolver 12.50% (P + 5.00%; 1.00% Floor) 12/09/2026  569,646   553,338   514,519 
MSM Acquisitions, Inc.
(1) (2) (5)
 Business Services Term Loan 10.75% (L + 6.00%; 1.00% Floor) 12/09/2026  8,212,239   8,108,554   7,842,688 
Rep Tec Intermediate Holdings, Inc.
(3)
 Business Services Revolver 11.23% (L + 6.50%; 1.00% Floor) 12/01/2027  302,547   293,240   276,896 
Rep Tec Intermediate Holdings, Inc.
(1) (2) (5)
 Business Services Term Loan 11.23% (L + 6.50%; 1.00% Floor) 12/01/2027  14,568,787   14,390,788   14,095,301 
Sako and Partners Lower Holdings LLC
(3)
 Business Services Delayed Draw Term Loan 10.73% (S + 6.00%; 1.00% Floor) 09/15/2028  710,250   649,364   665,859 
Sako and Partners Lower Holdings LLC
(3)
 Business Services Revolver 10.73% (S + 6.00%; 1.00% Floor) 09/15/2028  337,369   301,842   303,188 
Sako and Partners Lower Holdings LLC
(1) (2) (5)
 Business Services Term Loan 10.73% (S + 6.00%; 1.00% Floor) 09/15/2028  14,915,247   14,488,923   14,505,078 
Valcourt Holdings II, LLC
(1) (3)
 Business Services Delayed Draw Term Loan 9.87% (S + 5.25%; 1.00% Floor) 01/07/2027  1,436,481   1,416,480   1,436,481 
Valcourt Holdings II, LLC
(2)
 Business Services Term Loan 9.98% (S + 5.25%; 1.00% Floor) 01/07/2027  2,641,197   2,603,425   2,641,197 
Valcourt Holdings II, LLC
(1) (2)
 Business Services Term Loan 9.98% (S + 5.25%; 1.00% Floor) 01/07/2027  6,279,095   6,191,332   6,279,095 
Valcourt Holdings II, LLC
(2)
 Business Services Term Loan 9.98% (S + 5.25%; 1.00% Floor) 01/07/2027  1,155,228   1,135,675   1,155,228 
AEG Holding Company, Inc.
(1)
 Consumer Discretionary Delayed Draw Term Loan 10.23% (L + 5.50%; 1.00% Floor) 11/20/2023  1,045,702   1,042,174   1,045,702 
AEG Holding Company, Inc.
(3)
 Consumer Discretionary Revolver 9.89% (L + 5.50%; 1.00% Floor) 11/20/2023  446,746   442,684   446,746 
AEG Holding Company, Inc.
(1)
 Consumer Discretionary Term Loan 10.23% (L + 5.50%; 1.00% Floor) 11/20/2023  5,512,963   5,493,673   5,512,963 
AEG Holding Company, Inc.
(5)
 Consumer Discretionary Term Loan 10.23% (L + 5.50%; 1.00% Floor) 11/20/2023  1,819,685   1,811,922   1,819,685 
Ampler QSR Holdings, LLC
(2) (5)
 Consumer
Non-Cyclical
 Term Loan 10.60% (L + 5.875%; 1.00% Floor) 07/21/2027  12,346,801   12,157,380   11,451,658 
Blink Holdings, Inc. Consumer
Non-Cyclical
 Delayed Draw Term Loan 12.73% (L + 5.50%; 2.50% PIK; 1.00% Floor) 11/08/2024  906,057   902,381   776,944 
Blink Holdings, Inc.
(1)
 Consumer
Non-Cyclical
 Delayed Draw Term Loan 12.73% (L + 5.50%; 2.50% PIK; 1.00% Floor) 11/08/2024  1,129,978   1,125,457   968,956 
Blink Holdings, Inc.
(1)
 Consumer
Non-Cyclical
 Term Loan 12.73% (L + 5.50%; 2.50% PIK; 1.00% Floor) 11/08/2024  1,579,576   1,573,226   1,354,486 
Freddy’s Frozen Custard,
L.L.C
(3) (4)
 Consumer
Non-Cyclical
 Revolver 9.73% (L + 5.00%; 1.00% Floor) 03/03/2027  —     (3,622)   (4,123) 
Freddy’s Frozen Custard,
L.L.C
(2) (5)
 Consumer
Non-Cyclical
 Term Loan 9.73% (L + 5.00%; 1.00% Floor) 03/03/2027  4,856,991   4,814,117   4,808,421 
Krispy Krunchy Foods, L.L.C
(2)
 Consumer
Non-Cyclical
 Term Loan 9.17% (S + 4.75%; 1.00% Floor) 11/17/2027  9,419,615   9,264,858   9,066,379 
Mathnasium LLC(3) Consumer
Non-Cyclical
 Revolver 10.13% (L + 5.00%; 0.75% Floor) 11/15/2027  87,043   76,360   72,355 
Mathnasium LLC
(1) (2)
 Consumer
Non-Cyclical
 Term Loan 10.13% (L + 5.00%; 0.75% Floor) 11/15/2027  5,399,401   5,311,094   5,277,914 
 
See Notes to Unaudited Consolidated Financial Statements
 
19
Table of Contents
AB Private Credit Investors Corporation
Consolidated Schedule of Investments as of December 31, 2022 (continued)
 
Portfolio Company
 
            Industry            
 
        Facility Type        
 
                        Interest                    
 
  Maturity  
 
Funded

  Par Amount  
  
      Cost      
  
  Fair Value  
 
Airwavz Solutions,
Inc
(3) (4)
 Digital Infrastructure & Services Delayed Draw Term Loan 9.23% (S + 4.50%; 1.00% Floor) 03/31/2027 $—    $(27,846)  $(40,796) 
Airwavz Solutions,
Inc
(3) (4)
 Digital Infrastructure & Services Revolver 9.23% (S + 4.50%; 1.00% Floor) 03/31/2027  —     (9,752)   (13,055) 
Airwavz Solutions, Inc
(5)
 Digital Infrastructure & Services Term Loan 9.23% (S + 4.50%; 1.00% Floor) 03/31/2027  5,221,919   5,143,907   5,117,480 
Avant Communications,
LLC
(3) (4)
 Digital Infrastructure & Services Revolver 10.23% (S + 5.50%; 1.00% Floor) 11/30/2026  —     (8,944)   —   
Avant Communications,
LLC
(1) (2)
 Digital Infrastructure & Services Term Loan 10.23% (S + 5.50%; 1.00% Floor) 11/30/2026  11,226,016   11,037,593   11,226,016 
Bridgepointe Technologies, LLC
(1) (3)
 Digital Infrastructure & Services Delayed Draw Term Loan 10.33% (S + 6.50%; 1.00% Floor) 12/31/2027  2,867,063   2,762,979   2,730,229 
Bridgepointe Technologies, LLC
(1) (2) (6)
 Digital Infrastructure & Services Delayed Draw Term Loan 10.48% (S + 6.50%; 1.00% Floor) 12/31/2027  3,887,472   3,843,407   3,751,411 
Bridgepointe Technologies, LLC
(5)
 Digital Infrastructure & Services Delayed Draw Term Loan 10.48% (S + 6.50%; 1.00% Floor) 12/31/2027  2,765,645   2,743,404   2,661,933 
Bridgepointe Technologies, LLC
(3) (4)
 Digital Infrastructure & Services Revolver 10.48% (S + 6.50%; 1.00% Floor) 12/31/2027  —     (13,012)   (29,156) 
Bridgepointe Technologies, LLC
(1) (2)
 Digital Infrastructure & Services Term Loan 10.33% (S + 6.50%; 1.00% Floor) 12/31/2027  2,294,250   2,203,018   2,208,215 
Bridgepointe Technologies, LLC
(1) (2)
 Digital Infrastructure & Services Term Loan 10.48% (S + 6.50%; 1.00% Floor) 12/31/2027  4,753,445   4,671,568   4,575,191 
Coretelligent Intermediate LLC
(2) (3)
 Digital Infrastructure & Services Delayed Draw Term Loan 10.23% (L + 5.50%; 1.00% Floor) 10/21/2027  1,918,917   1,894,363   1,824,177 
Coretelligent Intermediate LLC
(3)
 Digital Infrastructure & Services Revolver 12.00% (P + 4.50%; 1.00% Floor) 10/21/2027  126,642   111,317   91,816 
Coretelligent Intermediate LLC
(1) (2) (5)
 Digital Infrastructure & Services Term Loan 10.23% (L + 5.50%; 1.00% Floor) 10/21/2027  7,948,819   7,852,631   7,730,226 
EvolveIP, LLC
 Digital Infrastructure & Services Delayed Draw Term Loan 10.54% (S + 5.50%; 1.00% Floor) 06/07/2025  111,106   110,897   108,051 
EvolveIP, LLC
(3)
 Digital Infrastructure & Services Revolver 10.23% (S + 5.50%; 1.00% Floor) 06/07/2025  148,331   147,270   132,742 
EvolveIP, LLC
(1)
 Digital Infrastructure & Services Term Loan 10.54% (S + 5.50%; 1.00% Floor) 06/07/2025  6,434,309   6,420,987   6,257,365 
Fatbeam, LLC
(3) (4)
 Digital Infrastructure & Services Delayed Draw Term Loan 10.14% (L + 5.75%; 1.00% Floor) 02/22/2026  —     (23,079)   (8,048) 
Fatbeam, LLC
 Digital Infrastructure & Services Revolver 9.97% (L + 5.75%; 1.00% Floor) 02/22/2026  643,849   634,618   640,630 
Fatbeam, LLC
(2) (5)
 Digital Infrastructure & Services Term Loan 10.14% (L + 5.75%; 1.00% Floor) 02/22/2026  6,438,490   6,345,468   6,406,298 
Firstdigital Communications LLC
(3)
 Digital Infrastructure & Services Revolver 8.69% (L + 4.25%; 0.75% Floor) 12/17/2026  412,549   387,223   345,113 
Firstdigital Communications LLC
(2) (5)
 Digital Infrastructure & Services Term Loan 8.69% (L + 4.25%; 0.75% Floor) 12/17/2026  13,645,840   13,428,040   13,065,892 
FirstLight Holdco, Inc.
(1) (2)
 Digital Infrastructure & Services Term Loan 8.38% (L + 4.00%; 1.00% Floor) 07/23/2025  6,195,183   6,042,729   5,947,376 
Greenlight Intermediate II,
Inc.
(3) (4)
 Digital Infrastructure & Services Delayed Draw Term Loan 10.05% (S + 5.50%; 0.75% Floor) 06/01/2028  —     (66,688)   (50,266) 
Greenlight Intermediate II,
Inc.
(1) (2)
 Digital Infrastructure & Services Term Loan 10.05% (S + 5.50%; 0.75% Floor) 06/01/2028  5,331,605   5,230,201   5,238,302 
MBS Holdings, Inc.
(3) (4)
 Digital Infrastructure & Services Revolver 10.13% (L + 5.75%; 1.00% Floor) 04/16/2027  —     (14,092)   (38,967) 
MBS Holdings, Inc.
(1) (2) (5)
 Digital Infrastructure & Services Term Loan 10.13% (L + 5.75%; 1.00% Floor) 04/16/2027  10,363,212   10,213,299   9,948,684 
MSP Global Holdings, Inc.
(3) (5)
 Digital Infrastructure & Services Delayed Draw Term Loan 8.40% (S + 5.25%; 1.00% Floor) 01/25/2027  614,779   593,150   572,537 
MSP Global Holdings, Inc.
(3) (4)
 Digital Infrastructure & Services Revolver 8.40% (S + 5.25%; 1.00% Floor) 01/25/2027  —     (12,111)   (29,608) 
MSP Global Holdings, Inc.
(2) (5)
 Digital Infrastructure & Services Term Loan 8.40% (S + 5.25%; 1.00% Floor) 01/25/2027  7,871,107   7,755,826   7,595,618 
NI Topco, Inc
(1)
 Digital Infrastructure & Services Term Loan 10.48% (L + 5.75%; 0.75% Floor) 12/28/2028  1,230,554   1,204,841   1,190,561 
NI Topco, Inc
(2) (5)
 Digital Infrastructure & Services Term Loan 10.48% (L + 5.75%; 0.75% Floor) 12/28/2028  6,639,365   6,507,375   6,423,586 
Single Digits, Inc.
(2)
 Digital Infrastructure & Services Delayed Draw Term Loan 11.73% (L + 6.00%; 0.50% PIK; 1.00% Floor) 12/21/2023  599,248   597,286   507,863 
Single Digits, Inc.
(3) (4)
 Digital Infrastructure & Services Revolver 11.23% (L + 6.00%; 0.50% PIK; 1.00% Floor) 12/21/2023  —     (821)   (63,463) 
Single Digits, Inc.
(1)
 Digital Infrastructure & Services Term Loan 11.23% (L + 6.00%; 0.50% PIK; 1.00% Floor) 12/21/2023  3,208,390   3,196,684   2,719,110 
Stratus Networks, Inc.
(3) (7)
 Digital Infrastructure & Services Delayed Draw Term Loan 8.65% (L + 5.25%; 1.00% Floor) 12/15/2027  330,033   294,377   270,627 
Stratus Networks, Inc.
(3) (7)
 Digital Infrastructure & Services Revolver 9.64% (L + 5.25%; 1.00% Floor) 12/15/2027  976,896   960,427   952,144 
Portfolio Company
 
            Industry            
 
    Facility Type    
 
                      Interest                      
 
  Maturity  
 
Funded

  Par Amount  
  
        Cost        
  
  Fair Value  
 
MMP Intermediate,
LLC
(3) (4)
 Consumer
Non-Cyclical
 Revolver 
10.13
% (L + 5.75%;
1.00
% Floor)		 02/15/2027 $ —    $(9,184)  $(19,351) 
MMP Intermediate,
LLC
(1) (2)
 Consumer
Non-Cyclical
 Term Loan 10.13% (L + 5.75%; 1.00% Floor) 02/15/2027  8,210,266   8,070,540   7,922,907 
PF Growth Partners, LLC
(1)
 Consumer
Non-Cyclical
 Term Loan 9.32% (S + 5.00%; 1.00% Floor) 07/11/2025  236,681   230,929   227,214 
PF Growth Partners, LLC
(1)
 Consumer
Non-Cyclical
 Term Loan 9.48% (S + 5.00%; 1.00% Floor) 07/11/2025  117,139   114,293   112,454 
PF Growth Partners, LLC
(1)
 Consumer
Non-Cyclical
 Term Loan 9.48% (S + 5.00%; 1.00% Floor) 07/11/2025  1,970,938   1,961,608   1,892,101 
TBG Food Acquisition Corp
(3) (4)
 Consumer
Non-Cyclical
 Delayed Draw Term Loan 10.39% (L + 6.00%; 0.75% Floor) 12/25/2027  —     (8,824)   (84,488) 
TBG Food Acquisition Corp
(3) (4)
 Consumer
Non-Cyclical
 Revolver 10.39% (L + 6.00%; 0.75% Floor) 12/25/2027  —     (2,206)   (21,122) 
TBG Food Acquisition Corp
(1) (2)
 Consumer
Non-Cyclical
 Term Loan 10.39% (L + 6.00%; 0.75% Floor) 12/25/2027  6,534,645   6,480,001   6,011,873 
5 Bars, LLC
(3)
 Digital Infrastructure & Services Delayed Draw Term Loan 8.99% (L + 4.75%; 1.00% Floor) 09/27/2024  603,543   585,333   594,921 
5 Bars, LLC
(3) (4)
 Digital Infrastructure & Services Revolver 9.14% (L + 4.75%; 1.00% Floor) 09/27/2024  —     (3,414)   (1,617) 
5 Bars, LLC
(5)
 Digital Infrastructure & Services Term Loan 9.14% (L + 4.75%; 1.00% Floor) 09/27/2024  4,742,121   4,715,064   4,730,266 
Airwavz Solutions, Inc
(3) (4)
 Digital Infrastructure & Services Delayed Draw Term Loan 9.23% (S + 4.50%; 1.00% Floor) 03/31/2027  —     (27,846)   (40,796) 
Airwavz Solutions, Inc
(3) (4)
 Digital Infrastructure & Services Revolver 9.23% (S + 4.50%; 1.00% Floor) 03/31/2027  —     (9,752)   (13,055) 
Airwavz Solutions, Inc
(5)
 Digital Infrastructure & Services Term Loan 9.23% (S + 4.50%; 1.00% Floor) 03/31/2027  5,221,919   5,143,907   5,117,480 
Avant Communications, LLC
(3) (4)
 Digital Infrastructure & Services Revolver 10.23% (S + 5.50%; 1.00% Floor) 11/30/2026  —     (8,944)   —   
Avant Communications, LLC
(1) (2)
 Digital Infrastructure & Services Term Loan 10.23% (S + 5.50%; 1.00% Floor) 11/30/2026  11,226,016   11,037,593   11,226,016 
Bridgepointe Technologies, LLC
(1) (3)
 Digital Infrastructure & Services Delayed Draw Term Loan 10.33% (S + 6.50%; 1.00% Floor) 12/31/2027  2,867,063   2,762,979   2,730,229 
Bridgepointe Technologies, LLC
(1) (2) (6)
 Digital Infrastructure & Services Delayed Draw Term Loan 10.48% (S + 6.50%; 1.00% Floor) 12/31/2027  3,887,472   3,843,407   3,751,411 
Bridgepointe Technologies, LLC
(5)
 Digital Infrastructure & Services Delayed Draw Term Loan 10.48% (S + 6.50%; 1.00% Floor) 12/31/2027  2,765,645   2,743,404   2,661,933 
Bridgepointe Technologies, LLC
(3) (4)
 Digital Infrastructure & Services Revolver 10.48% (S + 6.50%; 1.00% Floor) 12/31/2027  —     (13,012)   (29,156) 
Bridgepointe Technologies, LLC
(1) (2)
 Digital Infrastructure & Services Term Loan 10.33% (S + 6.50%; 1.00% Floor) 12/31/2027  2,294,250   2,203,018   2,208,215 
Bridgepointe Technologies, LLC
(1) (2)
 Digital Infrastructure & Services Term Loan 10.48% (S + 6.50%; 1.00% Floor) 12/31/2027  4,753,445   4,671,568   4,575,191 
Coretelligent Intermediate LLC
(2) (3)
 Digital Infrastructure & Services Delayed Draw Term Loan 10.23% (L + 5.50%; 1.00% Floor) 10/21/2027  1,918,917   1,894,363   1,824,177 
Coretelligent Intermediate LLC
(3)
 Digital Infrastructure & Services Revolver 12.00% (P + 4.50%; 1.00% Floor) 10/21/2027  126,642   111,317   91,816 
Coretelligent Intermediate LLC
(1) (2) (5)
 Digital Infrastructure & Services Term Loan 10.23% (L + 5.50%; 1.00% Floor) 10/21/2027  7,948,819   7,852,631   7,730,226 
EvolveIP, LLC Digital Infrastructure & Services Delayed Draw Term Loan 10.54% (S + 5.50%; 1.00% Floor) 06/07/2025  111,106   110,897   108,051 
EvolveIP, LLC
(3)
 Digital Infrastructure & Services Revolver 10.23% (S + 5.50%; 1.00% Floor) 06/07/2025  148,331   147,270   132,742 
EvolveIP, LLC
(1)
 Digital Infrastructure & Services Term Loan 10.54% (S + 5.50%; 1.00% Floor) 06/07/2025  6,434,309   6,420,987   6,257,365 
Fatbeam, LLC
(3) (4)
 Digital Infrastructure & Services Delayed Draw Term Loan 10.14% (L + 5.75%; 1.00% Floor) 02/22/2026  —     (23,079)   (8,048) 
Fatbeam, LLC Digital Infrastructure & Services Revolver 9.97% (L + 5.75%; 1.00% Floor) 02/22/2026  643,849   634,618   640,630 
Fatbeam, LLC
(2) (5)
 Digital Infrastructure & Services Term Loan 10.14% (L + 5.75%; 1.00% Floor) 02/22/2026  6,438,490   6,345,468   6,406,298 
Firstdigital Communications LLC
(3)
 Digital Infrastructure & Services Revolver 8.69% (L + 4.25%; 0.75% Floor) 12/17/2026  412,549   387,223   345,113 
Firstdigital Communications LLC
(2) (5)
 Digital Infrastructure & Services Term Loan 8.69% (L + 4.25%; 0.75% Floor) 12/17/2026  13,645,840   13,428,040   13,065,892 
FirstLight Holdco, Inc.
(1) (2)
 Digital Infrastructure & Services Term Loan 8.38% (L +
4.00
%; 1.00% Floor)		 07/23/2025  6,195,183   6,042,729   5,947,376 
Greenlight Intermediate II, Inc.
(3) (4)
 Digital Infrastructure & Services Delayed Draw Term Loan 10.05% (S + 5.50%; 0.75% Floor) 06/01/2028  —     (66,688)   (50,266) 
Greenlight Intermediate II, Inc.
(1) (2)
 Digital Infrastructure & Services Term Loan 10.05% (S + 5.50%; 0.75% Floor) 06/01/2028  5,331,605   5,230,201   5,238,302 
MBS Holdings, Inc.
(3) (4)
 Digital Infrastructure & Services Revolver 10.13% (L + 5.75%; 1.00% Floor) 04/16/2027  —     (14,092)   (38,967) 
MBS Holdings, Inc.
(1) (2) (5)
 Digital Infrastructure & Services Term Loan 10.13% (L + 5.75%; 1.00% Floor) 04/16/2027  10,363,212   10,213,299   9,948,684 
MSP Global Holdings,
Inc.
(3) (5)
 Digital Infrastructure & Services Delayed Draw Term Loan 8.40% (S + 5.25%; 1.00% Floor) 01/25/2027  614,779   593,150   572,537 
 
See Notes to Unaudited Consolidated Financial Statements
 
20
Table of Contents
AB Private Credit Investors Corporation
Consolidated Schedule of Investments as of December 31, 2022 (continued)
 
Portfolio Company
 
            Industry            
 
        Facility Type        
 
                        Interest                    
 
  Maturity  
 
Funded

  Par Amount  
  
      Cost      
  
  Fair Value  
 
Stratus Networks, Inc.
(2) (7)
 Digital Infrastructure & Services Term Loan 9.64% (L + 5.25%; 1.00% Floor) 12/15/2027 $7,920,781  $7,785,668  $7,722,762 
Thrive Buyer, Inc.
(1) (2)
 Digital Infrastructure & Services Delayed Draw Term Loan 10.73% (L + 6.00%; 1.00% Floor) 01/22/2027  8,257,588   8,132,628   8,133,724 
Thrive Buyer, Inc.
(3)
 Digital Infrastructure & Services Revolver 12.50% (P + 5.00%; 2.00% Floor) 01/22/2027  147,963   131,922   131,317 
Thrive Buyer, Inc.
(1) (2) (5)
 Digital Infrastructure & Services Term Loan 10.73% (L + 6.00%; 1.00% Floor) 01/22/2027  11,765,473   11,599,744   11,588,991 
Towerco IV Holdings, LLC
(1) (2) (3) (6)
 Digital Infrastructure & Services Delayed Draw Term Loan 8.69% (S + 4.25%; 1.00% Floor) 04/23/2026  18,094,038   17,893,436   17,776,414 
Transtelco Holding, Inc.
(2)
 Digital Infrastructure & Services Term Loan 9.98% (L + 5.25%; 0.50% Floor) 03/26/2026  4,708,605   4,683,094   4,508,489 
Transtelco Holding,
Inc.
(1) (2) (5)
 Digital Infrastructure & Services Term Loan 10.48% (L + 5.75%; 0.50% Floor) 03/26/2026  4,708,605   4,683,985   4,567,347 
Accelerate Resources Operating, LLC
(3) (4)
 Energy Revolver 9.88% (L + 5.50%; 1.00% Floor) 02/24/2026  —     (4,437)   —   
Accelerate Resources Operating, LLC
(1)
 Energy Term Loan 9.88% (L + 5.50%; 1.00% Floor) 02/24/2026  3,684,022   3,644,714   3,684,022 
Foundation Risk Partners, Corp.
(3)
 Financials Delayed Draw Term Loan 10.68% (S + 6.00%; 0.75% Floor) 10/30/2028  1,889,450   1,855,507   1,841,927 
Foundation Risk Partners, Corp.
(5)
 Financials Delayed Draw Term Loan 10.68% (S + 6.00%; 0.75% Floor) 10/29/2028  2,122,119   2,108,360   2,084,982 
Foundation Risk Partners, Corp.
(3)
 Financials Revolver 10.32% (S + 6.00%; 0.75% Floor) 10/29/2027  427,437   417,074   409,271 
Foundation Risk Partners, Corp.
(2)
 Financials Term Loan 10.68% (S + 6.00%; 0.75% Floor) 10/30/2028  787,291   776,726   773,513 
Foundation Risk Partners, Corp.
(1) (2) (5)
 Financials Term Loan 10.68% (S + 6.00%; 0.75% Floor) 10/29/2028  9,757,328   9,656,553   9,586,574 
Galway Borrower, LLC
(3) (4)
 Financials Delayed Draw Term Loan 9.98% (L + 5.25%; 0.75% Floor) 09/29/2028  —     (324)   (1,274) 
Galway Borrower, LLC
(3) (4)
 Financials Revolver 9.98% (L + 5.25%; 0.75% Floor) 09/30/2027  —     (4,314)   (11,492) 
Galway Borrower, LLC
(1) (2)
 Financials Term Loan 9.98% (L + 5.25%; 0.75% Floor) 09/29/2028  4,251,002   4,193,362   4,070,335 
Higginbotham Insurance Agency, Inc.
(2) (3)
 Financials Delayed Draw Term Loan 9.63% (L + 5.25%; 0.75% Floor) 11/25/2026  1,418,215   1,400,872   1,376,500 
Higginbotham Insurance Agency, Inc.
(1) (2) (5)
 Financials Term Loan 9.63% (L + 5.25%; 0.75% Floor) 11/25/2026  8,043,274   7,963,283   7,922,625 
Peter C. Foy & Associates Insurance Services, LLC
(3) (5)
 Financials Delayed Draw Term Loan 11.12% (S + 6.00%; 0.75% Floor) 11/01/2028  1,094,089   1,075,743   1,037,605 
Peter C. Foy & Associates Insurance Services, LLC
(1) (5)
 Financials Delayed Draw Term Loan 11.12% (S + 6.00%; 0.75% Floor) 11/01/2028  5,929,510   5,878,970   5,662,682 
Peter C. Foy & Associates Insurance Services, LLC
(1)
 Financials Term Loan 11.12% (S + 6.00%; 0.75% Floor) 11/01/2028  502,267   495,352   479,665 
RSC Acquisition, Inc.
 Financials Delayed Draw Term Loan 10.05% (S + 5.50%; 0.75% Floor) 11/02/2026  1,858,816   1,847,931   1,798,405 
RSC Acquisition, Inc.
(3)
 Financials Delayed Draw Term Loan 10.78% (S + 5.50%; 0.75% Floor) 10/30/2026  208,293   163,003   39,176 
Wealth Enhancement Group, LLC
(1) (8)
 Financials Delayed Draw Term Loan 9.41% (S + 6.00%; 1.00% Floor) 10/04/2027  6,294,610   6,279,281   6,184,455 
Wealth Enhancement Group, LLC
(3) (8)
 Financials Delayed Draw Term Loan 10.31% (S + 6.00%; 1.00% Floor) 10/04/2027  644,865   641,740   624,421 
Wealth Enhancement Group, LLC
(3) (4) (8)
 Financials Revolver 9.41% (S + 6.00%; 1.00% Floor) 10/04/2027  —     (1,587)   (8,004) 
AAH Topco, LLC
(1) (2) (3) (5)
 Healthcare & HCIT Delayed Draw Term Loan 9.79% (L + 5.50%; 0.75% Floor) 12/22/2027  3,495,723   3,353,967   3,262,208 
AAH Topco, LLC
(3) (4)
 Healthcare & HCIT Revolver 9.89% (L + 5.50%; 0.75% Floor) 12/22/2027  —     (13,145)   (31,491) 
AAH Topco, LLC
(1) (2) (5)
 Healthcare & HCIT Term Loan 9.89% (L + 5.50%; 0.75% Floor) 12/22/2027  6,485,381   6,369,535   6,225,966 
American Physician Partners, LLC
(3)
 Healthcare & HCIT Delayed Draw Term Loan 14.67% (S + 6.75%; 3.50% PIK; 1.00% Floor) 02/15/2023  210,956   207,763   198,310 
American Physician Partners, LLC
(1) (2)
 Healthcare & HCIT Delayed Draw Term Loan 14.67% (S + 6.75%; 3.50% PIK; 1.00% Floor) 02/15/2023  1,044,619   1,033,760   885,314 
American Physician Partners, LLC
(3)
 Healthcare & HCIT Revolver 14.67% (S + 6.75%; 3.50% PIK; 1.00% Floor) 02/15/2023  346,322   344,287   278,612 
American Physician Partners, LLC
 Healthcare & HCIT Term Loan 14.67% (S + 6.75%; 3.50% PIK; 1.00% Floor) 02/15/2023  5,569,954   5,360,739   4,720,536 
American Physician Partners, LLC
(1) (2)
 Healthcare & HCIT Term Loan 14.67% (S + 6.75%; 3.50% PIK; 1.00% Floor) 02/15/2023  2,223,081   2,143,812   1,884,061 
American Physician Partners, LLC
(2)
 Healthcare & HCIT Term Loan 14.67% (S + 6.75%; 3.50% PIK; 1.00% Floor) 02/15/2023  1,197,659   1,156,370   1,015,016 
Analogic Corporation
(3)
 Healthcare & HCIT Revolver 9.66% (L + 5.25%; 1.00% Floor) 06/22/2023  189,444   189,049   181,958 
Analogic Corporation
(1) (5)
 Healthcare & HCIT Term Loan 9.66% (L + 5.25%; 1.00% Floor) 06/22/2024  2,074,722   2,063,433   2,002,107 
AOM Acquisition,
LLC.
(3) (4)
 Healthcare & HCIT Revolver 9.48% (S + 4.75%; 1.00% Floor) 02/18/2027  —     (20,267)   (9,140) 
AOM Acquisition,
LLC.
(1) (2)
 Healthcare & HCIT Term Loan 9.48% (S + 4.75%; 1.00% Floor) 02/18/2027  7,052,170   6,932,469   6,999,279 
BAART Programs,
Inc.
(1) (3) (9)
 Healthcare & HCIT Delayed Draw Term Loan 9.73% (L + 5.00%; 1.00% Floor) 06/11/2027  3,913,117   3,859,734   3,596,122 
BAART Programs,
Inc.
(1) (2) (9)
 Healthcare & HCIT Term Loan 9.73% (L + 5.00%; 1.00% Floor) 06/11/2027  4,721,880   4,688,869   4,497,591 
Portfolio Company
 
            Industry            
 
    Facility Type    
 
                      Interest                      
 
  Maturity  
 
Funded

  Par Amount  
  
        Cost        
  
  Fair Value  
 
MSP Global Holdings, Inc.
(3) (4)
 Digital Infrastructure & Services Revolver 8.40% (S + 5.25%; 1.00% Floor) 01/25/2027 $—   $(12,111)  $(29,608) 
MSP Global Holdings, Inc.
(2) (5)
 Digital Infrastructure & Services Term Loan 8.40% (S + 5.25%; 1.00% Floor) 01/25/2027  7,871,107   7,755,826   7,595,618 
NI Topco, Inc
(1)
 Digital Infrastructure & Services Term Loan 10.48% (L + 5.75%; 0.75% Floor) 12/28/2028  1,230,554   1,204,841   1,190,561 
NI Topco, Inc
(2) (5)
 Digital Infrastructure & Services Term Loan 10.48% (L + 5.75%; 0.75% Floor) 12/28/2028  6,639,365   6,507,375   6,423,586 
Single Digits, Inc.
(2)
 Digital Infrastructure & Services Delayed Draw Term Loan 11.73% (L + 6.00%; 0.50% PIK; 1.00% Floor) 12/21/2023  599,248   597,286   507,863 
Single Digits, Inc.
(3) (4)
 Digital Infrastructure & Services Revolver 11.23% (L + 6.00%; 0.50% PIK; 1.00% Floor) 12/21/2023  —     (821)   (63,463) 
Single Digits, Inc.
(1)
 Digital Infrastructure & Services Term Loan 11.23% (L + 6.00%; 0.50% PIK; 1.00% Floor) 12/21/2023  3,208,390   3,196,684   2,719,110 
Stratus Networks, Inc.
(3) (7)
 Digital Infrastructure & Services Delayed Draw Term Loan 8.65% (L + 5.25%; 1.00% Floor) 12/15/2027  330,033   294,377   270,627 
Stratus Networks, Inc.
(3) (7)
 Digital Infrastructure & Services Revolver 9.64% (L + 5.25%; 1.00% Floor) 12/15/2027  976,896   960,427   952,144 
Stratus Networks, Inc.
(2) (7)
 Digital Infrastructure & Services Term Loan 9.64% (L + 5.25%; 1.00% Floor) 12/15/2027  7,920,781   7,785,668   7,722,762 
Thrive Buyer, Inc.
(1) (2)
 Digital Infrastructure & Services Delayed Draw Term Loan 10.73% (L + 6.00%; 1.00% Floor) 01/22/2027  8,257,588   8,132,628   8,133,724 
Thrive Buyer, Inc.
(3)
 Digital Infrastructure & Services Revolver 12.50% (P + 5.00%; 2.00% Floor) 01/22/2027  147,963   131,922   131,317 
Thrive Buyer, Inc.
(1) (2) (5)
 Digital Infrastructure & Services Term Loan 10.73% (L + 6.00%; 1.00% Floor) 01/22/2027  11,765,473   11,599,744   11,588,991 
Towerco IV Holdings, LLC
(1) (2) (3) (6)
 Digital Infrastructure & Services Delayed Draw Term Loan 8.69% (S + 4.25%; 1.00% Floor) 04/23/2026  18,094,038   17,893,436   17,776,414 
Transtelco Holding, Inc.
(2)
 Digital Infrastructure & Services Term Loan 9.98% (L + 5.25%; 0.50% Floor) 03/26/2026  4,708,605   4,683,094   4,508,489 
Transtelco Holding, Inc.
(1) (2) (5)
 Digital Infrastructure & Services Term Loan 10.48% (L + 5.75%; 0.50% Floor) 03/26/2026  4,708,605   4,683,985   4,567,347 
Accelerate Resources Operating, LLC
(3) (4)
 Energy Revolver 9.88% (L + 5.50%; 1.00% Floor) 02/24/2026  —     (4,437)   —   
Accelerate Resources Operating, LLC
(1)
 Energy Term Loan 9.88% (L + 5.50%; 1.00% Floor) 02/24/2026  3,684,022   3,644,714   3,684,022 
Foundation Risk Partners, Corp.
(3)
 Financials Delayed Draw Term Loan 10.68% (S + 6.00%; 0.75% Floor) 10/30/2028  1,889,450   1,855,507   1,841,927 
Foundation Risk Partners, Corp.
(5)
 Financials Delayed Draw Term Loan 10.68% (S + 6.00%; 0.75% Floor) 10/29/2028  2,122,119   2,108,360   2,084,982 
Foundation Risk Partners, Corp.
(3)
 Financials Revolver 10.32% (S + 6.00%; 0.75% Floor) 10/29/2027  427,437   417,074   409,271 
Foundation Risk Partners, Corp.
(2)
 Financials Term Loan 10.68% (S + 6.00%; 0.75% Floor) 10/30/2028  787,291   776,726   773,513 
Foundation Risk Partners, Corp.
(1) (2) (5)
 Financials Term Loan 10.68% (S + 6.00%; 0.75% Floor) 10/29/2028  9,757,328   9,656,553   9,586,574 
Galway Borrower, LLC
(3) (4)
 Financials Delayed Draw Term Loan 9.98% (L + 5.25%; 0.75% Floor) 09/29/2028  —     (324)   (1,274) 
Galway Borrower, LLC
(3) (4)
 Financials Revolver 9.98% (L + 5.25%; 0.75% Floor) 09/30/2027  —     (4,314)   (11,492) 
Galway Borrower, LLC
(1) (2)
 Financials Term Loan 9.98% (L + 5.25%; 0.75% Floor) 09/29/2028  4,251,002   4,193,362   4,070,335 
Higginbotham Insurance Agency, Inc.
(2) (3)
 Financials Delayed Draw Term Loan 9.63% (L + 5.25%; 0.75% Floor) 11/25/2026  1,418,215   1,400,872   1,376,500 
Higginbotham Insurance Agency,
Inc.
(1) (2) (5)
 Financials Term Loan 9.63% (L + 5.25%; 0.75% Floor) 11/25/2026  8,043,274   7,963,283   7,922,625 
Peter C. Foy & Associates Insurance Services, LLC
(3) (5)
 Financials Delayed Draw Term Loan 11.12% (S + 6.00%; 0.75% Floor) 11/01/2028  1,094,089   1,075,743   1,037,605 
Peter C. Foy & Associates Insurance Services, LLC
(1) (5)
 Financials Delayed Draw Term Loan 11.12% (S + 6.00%; 0.75% Floor) 11/01/2028  5,929,510   5,878,970   5,662,682 
Peter C. Foy & Associates Insurance Services, LLC
(1)
 Financials Term Loan 11.12% (S + 6.00%; 0.75% Floor) 11/01/2028  502,267   495,352   479,665 
RSC Acquisition, Inc. Financials Delayed Draw Term Loan 10.05% (S + 5.50%; 0.75% Floor) 11/02/2026  1,858,816   1,847,931   1,798,405 
RSC Acquisition, Inc.
(3)
 Financials Delayed Draw Term Loan 10.78% (S + 5.50%; 0.75% Floor) 10/30/2026  208,293   163,003   39,176 
Wealth Enhancement Group, LLC
(1) (8)
 Financials Delayed Draw Term Loan 9.41% (S + 6.00%; 1.00% Floor) 10/04/2027  6,294,610   6,279,281   6,184,455 
Wealth Enhancement Group, LLC
(3) (8)
 Financials Delayed Draw Term Loan 10.31% (S + 6.00%; 1.00% Floor) 10/04/2027  644,865   641,740   624,421 
Wealth Enhancement Group, LLC
(3) (4) (8)
 Financials Revolver 9.41% (S + 6.00%; 1.00% Floor) 10/04/2027  —     (1,587)   (8,004) 
AAH Topco, LLC
(1) (2) (3) (5)
 Healthcare & HCIT Delayed Draw Term Loan 9.79% (L + 5.50%; 0.75% Floor) 12/22/2027  3,495,723   3,353,967   3,262,208 
AAH Topco, LLC
(3) (4)
 Healthcare & HCIT Revolver 9.89% (L + 5.50%; 0.75% Floor) 12/22/2027  —     (13,145)   (31,491) 
AAH Topco, LLC
(1) (2) (5)
 Healthcare & HCIT Term Loan 9.89% (L + 5.50%; 0.75% Floor) 12/22/2027  6,485,381   6,369,535   6,225,966 
 
See Notes to Unaudited Consolidated Financial Statements
 
21
Table of Contents
AB Private Credit Investors Corporation
Consolidated Schedule of Investments as of December 31, 2022 (continued)
 
Portfolio Company
 
            Industry            
 
        Facility Type        
 
                        Interest                    
 
  Maturity  
 
Funded

  Par Amount  
  
      Cost      
  
  Fair Value  
 
BV EMS Buyer, Inc.
(3)
 Healthcare & HCIT Delayed Draw Term Loan 10.18% (S + 5.75%; 1.00% Floor) 11/23/2027 $764,792  $703,741  $641,249 
BV EMS Buyer, Inc.
(2)
 Healthcare & HCIT Term Loan 10.17% (S + 5.75%; 1.00% Floor) 11/23/2027  3,520,986   3,420,849   3,397,752 
Caregiver 2, Inc.
(2)
 Healthcare & HCIT Delayed Draw Term Loan 10.01% (L + 5.25%; 1.00% Floor) 07/24/2025  1,558,643   1,537,782   1,469,021 
Caregiver 2, Inc.
(5)
 Healthcare & HCIT Term Loan 10.01% (L + 5.25%; 1.00% Floor) 07/24/2025  4,672,010   4,621,799   4,403,370 
Caregiver 2, Inc.
(5)
 Healthcare & HCIT Term Loan 10.01% (L + 5.25%; 1.00% Floor) 07/24/2025  670,584   663,377   632,026 
Caregiver 2, Inc.
(2)
 Healthcare & HCIT Term Loan 9.69% (L + 5.25%; 1.00% Floor) 07/24/2025  640,028   630,459   603,227 
Choice Health At Home, LLC,
(1) (3)
 Healthcare & HCIT Delayed Draw Term Loan 10.14% (L + 6.00%; 1.00% Floor) 12/29/2026  988,121   968,239   895,779 
Choice Health At Home,
LLC,
(1) (2)
 Healthcare & HCIT Term Loan 10.14% (L + 6.00%; 1.00% Floor) 12/29/2026  2,677,708   2,644,479   2,557,211 
Coding Solutions Acquisition,
In
c
(3) (4)
 Healthcare & HCIT Delayed Draw Term Loan 9.82% (S + 5.50%; 0.75% Floor) 05/11/2028  —   (15,076)   (62,111) 
Coding Solutions Acquisition,
Inc
(3)
 Healthcare & HCIT Revolver 9.82% (S + 5.50%; 0.75% Floor) 05/11/2028  159,072   145,189   121,292 
Coding Solutions Acquisition, I
nc
(2) (5)
 Healthcare & HCIT Term Loan 9.82% (S + 5.50%; 0.75% Floor) 05/11/2028  5,516,636   5,417,625   5,254,596 
Community Based Care
Acquisition, Inc.
(2) (3)
 Healthcare & HCIT Delayed Draw Term Loan 9.93% (S + 5.25%; 1.00% Floor) 09/16/2027  2,034,120   2,003,449   1,948,384 
Community Based Care
Acquisition, Inc.
(3) (4)
 Healthcare & HCIT Delayed Draw Term Loan 9.93% (S + 5.75%; 1.00% Floor) 09/16/2027  —   (55,320)   (87,363) 
Community Based Care
Acquisition, Inc.
(3) (4)
 Healthcare & HCIT Revolver 9.93% (S + 5.25%; 1.00% Floor) 09/16/2027  —   (13,669)   (34,553) 
Community Based Care
Acquisition, Inc.
(1) (2)
 Healthcare & HCIT Term Loan 9.93% (S + 5.25%; 1.00% Floor) 09/16/2027  5,288,695   5,203,277   5,077,147 
Delaware Valley Management Holdings, Inc.
(10)
 Healthcare & HCIT Delayed Draw Term Loan — (L + 6.25%; 1.00% Floor) 03/21/2024  368,816   336,057   236,964 
Delaware Valley Management Holdings, Inc.
(3) (4) (10)
 Healthcare & HCIT Delayed Draw Term Loan — (L + 6.25%; 1.00% Floor) 03/21/2024  65,913   58,267   (178,955) 
Delaware Valley Management Holdings, Inc.
(10)
 Healthcare & HCIT Revolver — (L + 6.25%; 1.00% Floor) 03/21/2024  537,691   534,876   345,466 
Delaware Valley Management Holdings, Inc.
(10)
 Healthcare & HCIT Term Loan — (L + 6.25%; 1.00% Floor) 03/21/2024  3,457,825   3,438,961   2,221,653 
FH MD Buyer, Inc.
(1) (2)
 Healthcare & HCIT Term Loan 9.38% (L + 5.00%; 0.75% Floor) 07/22/2028  5,465,408   5,417,025   5,246,792 
GHA Buyer, Inc.
(2)
 Healthcare & HCIT Delayed Draw Term Loan 12.98% (S + 4.50%; 3.75% PIK; 1.00% Floor) 06/24/2026  810,317   801,655   775,879 
GHA Buyer, Inc.
(3) (4)
 Healthcare & HCIT Revolver 12.98% (S + 4.50%; 3.75% PIK; 1.00% Floor) 06/24/2026  —   (4,821)   (40,421) 
GHA Buyer, Inc.
(1)
 Healthcare & HCIT Term Loan 12.98% (S + 4.50%; 3.75% PIK; 1.00% Floor) 06/24/2026  1,955,034   1,947,826   1,871,945 
GHA Buyer, Inc.
(1) (5)
 Healthcare & HCIT Term Loan 12.98% (S + 4.50%; 3.75% PIK; 1.00% Floor) 06/24/2026  5,347,734   5,290,225   5,120,455 
GHA Buyer, Inc.
(1)
 Healthcare & HCIT Term Loan 12.98% (S + 4.50%; 3.75% PIK; 1.00% Floor) 06/24/2026  725,344   714,335   694,517 
GHA Buyer, Inc.
(5)
 Healthcare & HCIT Term Loan 12.98% (S + 4.50%; 3.75% PIK; 1.00% Floor) 06/24/2026  4,630,385   4,575,902   4,433,594 
GHA Buyer, Inc.
(1)
 Healthcare & HCIT Term Loan 12.98% (S + 4.50%; 3.75% PIK; 1.00% Floor) 06/24/2026  558,835   552,492   535,085 
Honor HN Buyer, Inc
(3) (4)
 Healthcare & HCIT Delayed Draw Term Loan 10.48% (S + 6.00%; 1.00% Floor) 10/15/2027  —   (22,762)   — 
Honor HN Buyer, Inc
(2) (3)
 Healthcare & HCIT Delayed Draw Term Loan 10.48% (S + 5.75%; 1.00% Floor) 10/15/2027  762,672   743,223   758,541 
Honor HN Buyer, Inc
(3) (4)
 Healthcare & HCIT Revolver 10.48% (S + 5.75%; 1.00% Floor) 10/15/2027  —   (4,878)   (2,281) 
Honor HN Buyer, Inc
(1) (2)
 Healthcare & HCIT Term Loan 10.48% (S + 5.75%; 1.00% Floor) 10/15/2027  2,616,861   2,574,759   2,597,235 
Medbridge Holdings,
LLC
(3) (4)
 Healthcare & HCIT Revolver 10.73% (S + 6.00%; 1.00% Floor) 12/23/2026  —   (18,403)   (30,965) 
Medbridge Holdings, LLC
(1)
 Healthcare & HCIT Term Loan 10.73% (S + 6.00%; 1.00% Floor) 12/23/2026  974,356   957,337   952,433 
Medbridge Holdings,
LLC
(1) (2)
 Healthcare & HCIT Term Loan 10.73% (S + 6.00%; 1.00% Floor) 12/23/2026  15,367,872   15,156,980   15,022,094 
Medical Management Resource Group, LLC
(1)
 Healthcare & HCIT Delayed Draw Term Loan 9.83% (L + 5.75%; 0.75% Floor) 09/30/2027  1,574,165   1,530,370   1,515,134 
Medical Management Resource Group,
LLC
(3) (4)
 Healthcare & HCIT Revolver 10.16% (L + 5.75%; 0.75% Floor) 09/30/2026  —   (4,784)   (11,866) 
Medical Management Resource Group, LLC
(2)
 Healthcare & HCIT Term Loan 10.16% (L + 5.75%; 0.75% Floor) 09/30/2027  3,812,010   3,751,190   3,669,060 
Medsuite Purchaser,
LLC
(3) (4) (11)
 Healthcare & HCIT Delayed Draw Term Loan 9.48% (S + 4.75%; 1.00% Floor) 10/22/2026  —   (41,080)   — 
Medsuite Purchaser,
LLC
(3) (4) (11)
 Healthcare & HCIT Revolver 9.48% (S + 4.75%; 1.00% Floor) 10/22/2026  —   (7,832)   (5,103) 
Medsuite Purchaser,
LLC
(1) (2) (11)
 Healthcare & HCIT Term Loan 9.48% (S + 4.75%; 1.00% Floor) 10/22/2026  4,782,533   4,727,484   4,746,664 
OMH-HealthEdge
Holdings,
LLC
(3) (4)
 Healthcare & HCIT Revolver 10.03% (L + 5.25%; 1.00% Floor) 10/24/2024  —   (3,799)   (1,147) 
OMH-HealthEdge
Holdings,
LLC
(2)
 Healthcare & HCIT Term Loan 10.03% (L + 5.25%; 1.00% Floor) 10/24/2025  2,121,853   2,092,279   2,116,548 
OMH-HealthEdge
Holdings,
LLC
(2)
 Healthcare & HCIT Term Loan 10.03% (L + 5.25%; 1.00% Floor) 10/24/2025  963,638   946,724   961,229 
Portfolio Company
 
            Industry            
 
    Facility Type    
 
                      Interest                      
 
  Maturity  
 
Funded

  Par Amount  
  
        Cost        
  
  Fair Value  
 
American Physician Partners, LLC
(3)
 Healthcare & HCIT Delayed Draw Term Loan 14.67% (S + 6.75%; 3.50% PIK; 1.00% Floor) 02/15/2023 $210,956  $207,763  $198,310 
American Physician Partners, LLC
(1) (2)
 Healthcare & HCIT Delayed Draw Term Loan 14.67% (S + 6.75%; 3.50% PIK; 1.00% Floor) 02/15/2023  1,044,619   1,033,760   885,314 
American Physician Partners, LLC
(3)
 Healthcare & HCIT Revolver 14.67% (S + 6.75%; 3.50% PIK; 1.00% Floor) 02/15/2023  346,322   344,287   278,612 
American Physician Partners, LLC Healthcare & HCIT Term Loan 14.67% (S + 6.75%; 3.50% PIK; 1.00% Floor) 02/15/2023  5,569,954   5,360,739   4,720,536 
American Physician Partners, LLC
(1) (2)
 Healthcare & HCIT Term Loan 14.67% (S + 6.75%; 3.50% PIK; 1.00% Floor) 02/15/2023  2,223,081   2,143,812   1,884,061 
American Physician Partners, LLC
(2)
 Healthcare & HCIT Term Loan 14.67% (S + 6.75%; 3.50% PIK; 1.00% Floor) 02/15/2023  1,197,659   1,156,370   1,015,016 
Analogic Corporation
(3)
 Healthcare & HCIT Revolver 9.66% (L + 5.25%; 1.00% Floor) 06/22/2023  189,444   189,049   181,958 
Analogic Corporation
(1) (5)
 Healthcare & HCIT Term Loan 9.66% (L + 5.25%; 1.00% Floor) 06/22/2024  2,074,722   2,063,433   2,002,107 
AOM Acquisition, LLC.
(3) (4)
 Healthcare & HCIT Revolver 9.48% (S + 4.75%; 1.00% Floor) 02/18/2027  —     (20,267)   (9,140) 
AOM Acquisition, LLC.
(1) (2)
 Healthcare & HCIT Term Loan 9.48% (S + 4.75%; 1.00% Floor) 02/18/2027  7,052,170   6,932,469   6,999,279 
BAART Programs, Inc.
(1) (3) (9)
 Healthcare & HCIT Delayed Draw Term Loan 9.73% (L + 5.00%; 1.00% Floor) 06/11/2027  3,913,117   3,859,734   3,596,122 
BAART Programs, Inc.
(1) (2) (9)
 Healthcare & HCIT Term Loan 9.73% (L + 5.00%; 1.00% Floor) 06/11/2027  4,721,880   4,688,869   4,497,591 
BV EMS Buyer, Inc.
(3)
 Healthcare & HCIT Delayed Draw Term Loan 10.18% (S + 5.75%; 1.00% Floor) 11/23/2027  764,792   703,741   641,249 
BV EMS Buyer, Inc.
(2)
 Healthcare & HCIT Term Loan 10.17% (S + 5.75%; 1.00% Floor) 11/23/2027  3,520,986   3,420,849   3,397,752 
Caregiver 2, Inc.
(2)
 Healthcare & HCIT Delayed Draw Term Loan 10.01% (L + 5.25%; 1.00% Floor) 07/24/2025  1,558,643   1,537,782   1,469,021 
Caregiver 2, Inc.
(5)
 Healthcare & HCIT Term Loan 10.01% (L + 5.25%; 1.00% Floor) 07/24/2025  4,672,010   4,621,799   4,403,370 
Caregiver 2, Inc.
(5)
 Healthcare & HCIT Term Loan 10.01% (L + 5.25%; 1.00% Floor) 07/24/2025  670,584   663,377   632,026 
Caregiver 2, Inc.
(2)
 Healthcare & HCIT Term Loan 9.69% (L + 5.25%; 1.00% Floor) 07/24/2025  640,028   630,459   603,227 
Choice Health At Home, LLC,
(1) (3)
 Healthcare & HCIT Delayed Draw Term Loan 10.14% (L + 6.00%; 1.00% Floor) 12/29/2026  988,121   968,239   895,779 
Choice Health At Home, LLC,
(1) (2)
 Healthcare & HCIT Term Loan 10.14% (L + 6.00%; 1.00% Floor) 12/29/2026  2,677,708   2,644,479   2,557,211 
Coding Solutions Acquisition, Inc
(3) (4)
 Healthcare & HCIT Delayed Draw Term Loan 9.82% (S + 5.50%; 0.75% Floor) 05/11/2028  —     (15,076)   (62,111) 
Coding Solutions Acquisition, Inc
(3)
 Healthcare & HCIT Revolver 9.82% (S + 5.50%; 0.75% Floor) 05/11/2028  159,072   145,189   121,292 
Coding Solutions Acquisition, Inc
(2) (5)
 Healthcare & HCIT Term Loan 9.82% (S + 5.50%; 0.75% Floor) 05/11/2028  5,516,636   5,417,625   5,254,596 
Community Based Care Acquisition,
Inc.
(2) (3)
 Healthcare & HCIT Delayed Draw Term Loan 9.93% (S + 5.25%; 1.00% Floor) 09/16/2027  2,034,120   2,003,449   1,948,384 
Community Based Care Acquisition,
Inc.
(3) (4)
 Healthcare & HCIT Delayed Draw Term Loan 9.93% (S + 5.75%; 1.00% Floor) 09/16/2027  —     (55,320)   (87,363) 
Community Based Care Acquisition,
Inc.
(3) (4)
 Healthcare & HCIT Revolver 9.93% (S + 5.25%; 1.00% Floor) 09/16/2027  —     (13,669)   (34,553) 
Community Based Care Acquisition,
Inc.
(1) (2)
 Healthcare & HCIT Term Loan 9.93% (S + 5.25%; 1.00% Floor) 09/16/2027  5,288,695   5,203,277   5,077,147 
Delaware Valley Management Holdings, Inc.
(10)
 Healthcare & HCIT Delayed Draw Term Loan — (L + 6.25%; 1.00% Floor) 03/21/2024  368,816   336,057   236,964 
Delaware Valley Management Holdings, Inc.
(3) (4) (10)
 Healthcare & HCIT Delayed Draw Term Loan — (L + 6.25%; 1.00% Floor) 03/21/2024  65,913   58,267   (178,955) 
Delaware Valley Management Holdings, Inc.
(10)
 Healthcare & HCIT Revolver — (L + 6.25%; 1.00% Floor) 03/21/2024  537,691   534,876   345,466 
Delaware Valley Management Holdings, Inc.
(10)
 Healthcare & HCIT Term Loan — (L + 6.25%; 1.00% Floor) 03/21/2024  3,457,825   3,438,961   2,221,653 
FH MD Buyer, Inc.
(1) (2)
 Healthcare & HCIT Term Loan 9.38% (L + 5.00%; 0.75% Floor) 07/22/2028  5,465,408   5,417,025   5,246,792 
GHA Buyer, Inc.
(2)
 Healthcare & HCIT Delayed Draw Term Loan 12.98% (S + 4.50%; 3.75% PIK; 1.00% Floor) 06/24/2026  810,317   801,655   775,879 
GHA Buyer, Inc.
(3) (4)
 Healthcare & HCIT Revolver 12.98% (S + 4.50%; 3.75% PIK; 1.00% Floor) 06/24/2026  —     (4,821)   (40,421) 
GHA Buyer, Inc.
(1)
 Healthcare & HCIT Term Loan 12.98% (S + 4.50%; 3.75% PIK; 1.00% Floor) 06/24/2026  1,955,034   1,947,826   1,871,945 
GHA Buyer, Inc.
(1) (5)
 Healthcare & HCIT Term Loan 12.98% (S + 4.50%; 3.75% PIK; 1.00% Floor) 06/24/2026  5,347,734   5,290,225   5,120,455 
GHA Buyer, Inc.
(1)
 Healthcare & HCIT Term Loan 12.98% (S + 4.50%; 3.75% PIK; 1.00% Floor) 06/24/2026  725,344   714,335   694,517 
GHA Buyer, Inc.
(5)
 Healthcare & HCIT Term Loan 12.98% (S + 4.50%; 3.75% PIK; 1.00% Floor) 06/24/2026  4,630,385   4,575,902   4,433,594 
GHA Buyer, Inc.
(1)
 Healthcare & HCIT Term Loan 12.98% (S + 4.50%; 3.75% PIK; 1.00% Floor) 06/24/2026  558,835   552,492   535,085 
 
See Notes to Unaudited Consolidated Financial Statements
 
22
Table of Contents
AB Private Credit Investors Corporation
Consolidated Schedule of Investments as of December 31, 2022 (continued)
 
Portfolio Company
 
            Industry            
 
        Facility Type        
 
                        Interest                    
 
  Maturity  
 
Funded

  Par Amount  
  
      Cost      
  
  Fair Value  
 
                  
OMH-HealthEdge
Holdings, LLC
(1)
 Healthcare & HCIT Term Loan 10.03% (L + 5.25%; 1.00% Floor) 10/24/2025 $3,661,451  $3,618,231  $3,652,297 
Pace Health Companies, LLC
(3) (4)
 Healthcare & HCIT Revolver 9.23% (L + 4.50%; 1.00% Floor) 08/02/2024  —     (2,053)   (1,542) 
Pace Health Companies, LLC
(1)
 Healthcare & HCIT Term Loan 9.23% (L + 4.50%; 1.00% Floor) 08/02/2024  5,140,906   5,122,407   5,128,053 
Pinnacle Dermatology Management, LLC
(3)
 Healthcare & HCIT Delayed Draw Term Loan 10.55% (S + 5.75%; 0.75% Floor) 12/08/2028  462,795   449,342   421,791 
Pinnacle Dermatology Management, LLC
(3) (6)
 Healthcare & HCIT Revolver 8.74% (L + 4.00%; 0.75% Floor) 12/08/2026  153,627   142,959   146,906 
Pinnacle Dermatology Management,
LLC
(1) (2) (5)
 Healthcare & HCIT Term Loan 9.50% (L + 5.75%; 0.75% Floor) 12/08/2028  5,608,718   5,494,471   5,356,325 
Pinnacle Treatment Centers, Inc.
(2)
 Healthcare & HCIT Delayed Draw Term Loan 10.57% (L + 6.50%; 1.00% Floor) 01/02/2026  343,635   342,065   335,904 
Pinnacle Treatment Centers, Inc.
(3) (4)
 Healthcare & HCIT Revolver 10.57% (L + 6.50%; 1.00% Floor) 01/02/2026  —     (1,223)   (6,591) 
Pinnacle Treatment Centers, Inc.
(5)
 Healthcare & HCIT Term Loan 10.57% (L + 6.50%; 1.00% Floor) 01/02/2026  286,781   280,374   280,329 
Pinnacle Treatment Centers, Inc.
 Healthcare & HCIT Term Loan 10.57% (L + 6.50%; 1.00% Floor) 01/02/2026  147,916   147,916   144,588 
Pinnacle Treatment Centers, Inc.
(2) (5)
 Healthcare & HCIT Term Loan 10.57% (L + 6.50%; 1.00% Floor) 01/02/2026  4,086,076   4,086,076   3,994,140 
Priority Ondemand Midco 2,L.P
(3) (4)
 Healthcare & HCIT Delayed Draw Term Loan 10.26% (S + 5.50%; 1.00% Floor) 07/17/2028  —     (22,041)   (30,472) 
Priority Ondemand Midco 2,L.P
(1) (2)
 Healthcare & HCIT Term Loan 10.26% (S + 5.50%; 1.00% Floor) 07/17/2028  7,617,883   7,493,551   7,465,525 
RCP Encore Acquisition, Inc.
(10)
 Healthcare & HCIT Term Loan — (L + 5.00%; 1.00% Floor) 06/07/2025  3,328,678   3,230,584   33,287 
Redwood Family Care Network, Inc.
(3)
 Healthcare & HCIT Delayed Draw Term Loan 10.23% (S + 5.50%; 1.00% Floor) 06/18/2026  681,697   590,071   573,016 
Redwood Family Care Network, Inc.
(1)
 Healthcare & HCIT Delayed Draw Term Loan 10.23% (S + 5.50%; 1.00% Floor) 06/18/2026  5,829,798   5,748,005   5,684,053 
Redwood Family Care Network, Inc.
(3) (4)
 Healthcare & HCIT Revolver 10.23% (S + 5.50%; 1.00% Floor) 06/18/2026  —     (8,245)   (14,718) 
Redwood Family Care Network, Inc.
(5)
 Healthcare & HCIT Term Loan 10.23% (S + 5.50%; 1.00% Floor) 06/18/2026  6,668,555   6,575,155   6,501,841 
Salisbury House, LLC
(3)
 Healthcare & HCIT Revolver 9.24% (S + 5.00%; 1.00% Floor) 08/30/2025  179,337   173,206   162,524 
Salisbury House, LLC
(1) (2)
 Healthcare & HCIT Term Loan 10.20% (S + 5.50%; 1.00% Floor) 08/30/2025  3,934,410   3,874,710   3,786,869 
Salisbury House, LLC
(1)
 Healthcare & HCIT Term Loan 10.20% (S + 5.50%; 1.00% Floor) 08/30/2025  1,237,525   1,215,852   1,191,118 
Salisbury House, LLC
(1)
 Healthcare & HCIT Term Loan 10.20% (S + 5.50%; 1.00% Floor) 08/30/2025  1,137,143   1,125,353   1,094,500 
Sandstone Care Holdings, LLC
(3) (4)
 Healthcare & HCIT Delayed Draw Term Loan 9.69% (S + 5.50%; 1.00% Floor) 06/28/2028  —     (10,812)   (26,502) 
Sandstone Care Holdings, LLC
(3)
 Healthcare & HCIT Revolver 9.69% (S + 5.50%; 1.00% Floor) 06/28/2028  235,569   220,425   208,773 
Sandstone Care Holdings, LLC
(1) (5)
 Healthcare & HCIT Term Loan 9.69% (S + 5.50%; 1.00% Floor) 06/28/2028  4,687,823   4,591,008   4,535,469 
SCA Buyer, LLC
(3)
 Healthcare & HCIT Revolver 11.38% (S + 6.50%; 1.00% Floor) 01/20/2026  386,309   380,329   360,555 
SCA Buyer, LLC
(2)
 Healthcare & HCIT Term Loan 11.38% (S + 6.50%; 1.00% Floor) 01/20/2026  3,795,490   3,759,075   3,643,671 
SIS Purchaser, Inc.
(3) (4)
 Healthcare & HCIT Revolver 10.39% (L + 6.00%; 1.00% Floor) 10/15/2026  —     (12,996)   (37,893) 
SIS Purchaser, Inc.
(2)
 Healthcare & HCIT Term Loan 10.39% (L + 6.00%; 1.00% Floor) 10/15/2026  2,405,941   2,374,979   2,327,748 
SIS Purchaser, Inc.
(1) (2) (5)
 Healthcare & HCIT Term Loan 10.39% (L + 6.00%; 1.00% Floor) 10/15/2026  12,568,947   12,422,981   12,160,456 
Smile Brands, Inc.
(5)
 Healthcare & HCIT Delayed Draw Term Loan 7.87% (L + 4.50%; 0.75% Floor) 10/12/2025  482,953   481,469   445,524 
Smile Brands, Inc.
(3)
 Healthcare & HCIT Revolver 11.00% (P + 3.50%; 0.75% Floor) 10/12/2025  88,025   87,613   68,277 
Smile Brands, Inc.
(1)
 Healthcare & HCIT Term Loan 7.87% (L + 4.50%; 0.75% Floor) 10/12/2025  1,590,621   1,585,335   1,467,348 
Spark DSO LLC
(3) (4)
 Healthcare & HCIT Revolver 9.99% (L + 6.25%; 1.00% Floor) 04/20/2026  —     (13,111)   (38,702) 
Spark DSO LLC
(1) (2) (5)
 Healthcare & HCIT Term Loan 9.99% (L + 6.25%; 1.00% Floor) 04/19/2026  7,274,395   7,188,032   7,019,791 
The Center for Orthopedic and Research Excellence, Inc.
(3)
 Healthcare & HCIT Delayed Draw Term Loan 10.18% (S + 5.50%; 1.00% Floor) 08/15/2025  456,510   441,385   430,864 
The Center for Orthopedic and Research Excellence, Inc.
(2) (6)
 Healthcare & HCIT Delayed Draw Term Loan 10.18% (S + 6.00%; 1.00% Floor) 08/15/2025  1,735,098   1,716,275   1,700,396 
The Center for Orthopedic and Research Excellence, Inc.
(1) (2)
 Healthcare & HCIT Delayed Draw Term Loan 10.24% (S + 6.00%; 1.00% Floor) 08/15/2025  1,141,583   1,137,251   1,113,044 
The Center for Orthopedic and Research Excellence, Inc.
(3)
 Healthcare & HCIT Revolver 10.56% (S + 6.00%; 1.00% Floor) 08/15/2025  552,426   546,948   535,162 
The Center for Orthopedic and Research Excellence, Inc.
(2)
 Healthcare & HCIT Term Loan 10.41% (S + 6.00%; 1.00% Floor) 08/15/2025  3,232,332   3,186,733   3,151,523 
The Center for Orthopedic and Research Excellence, Inc.
(1) (5)
 Healthcare & HCIT Term Loan 10.24% (S + 6.00%; 1.00% Floor) 08/15/2025  4,843,650   4,802,458   4,722,559 
West Dermatology
(3) (4)
 Healthcare & HCIT Delayed Draw Term Loan 10.17% (S + 5.75%; 1.00% Floor) 03/17/2028  —     (33,915)   (522,447) 
West Dermatology
(3) (4)
 Healthcare & HCIT Revolver 10.17% (S + 5.75%; 1.00% Floor) 03/17/2028  —     (22,620)   (186,588) 
West Dermatology
(1) (2) (5)
 Healthcare & HCIT Term Loan 10.17% (S + 5.75%; 1.00% Floor) 03/17/2028  12,594,247   12,365,225   10,705,110 
Activ Software Holdings, LLC
(3) (4)
 Software & Tech Services Revolver 11.79% (L + 6.25%; 1.00% Floor) 05/04/2027  —     (9,501)   (21,087) 
Activ Software Holdings, LLC
(1) (2) (5)
 Software & Tech Services Term Loan 11.79% (L + 6.25%; 1.00% Floor) 05/04/2027  7,988,807   7,871,886   7,729,171 
Admiral Buyer, Inc
(3) (4)
 Software & Tech Services Delayed Draw Term Loan 10.08% (S + 5.50%; 0.75% Floor) 05/08/2028  —     (14,110)   (15,770) 
Portfolio Company
 
            Industry            
 
    Facility Type    
 
                      Interest                      
 
  Maturity  
 
Funded

  Par Amount  
  
        Cost        
  
  Fair Value  
 
Honor HN Buyer, Inc
(3) (4)
 Healthcare & HCIT Delayed Draw Term Loan 10.48% (S + 6.00%; 1.00% Floor) 10/15/2027 $—    $(22,762)  $—   
Honor HN Buyer, Inc
(2) (3)
 Healthcare & HCIT Delayed Draw Term Loan 10.48% (S + 5.75%; 1.00% Floor) 10/15/2027  762,672   743,223   758,541 
Honor HN Buyer, Inc
(3) (4)
 Healthcare & HCIT Revolver 10.48% (S + 5.75%; 1.00% Floor) 10/15/2027  —     (4,878)   (2,281) 
Honor HN Buyer, Inc
(1) (2)
 Healthcare & HCIT Term Loan 10.48% (S + 5.75%; 1.00% Floor) 10/15/2027  2,616,861   2,574,759   2,597,235 
Medbridge Holdings,
LLC
(3) (4)
 Healthcare & HCIT Revolver 10.73% (S + 6.00%; 1.00% Floor) 12/23/2026  —     (18,403)   (30,965) 
Medbridge Holdings, LLC
(1)
 Healthcare & HCIT Term Loan 10.73% (S + 6.00%; 1.00% Floor) 12/23/2026  974,356   957,337   952,433 
Medbridge Holdings, LLC
(1) (2)
 Healthcare & HCIT Term Loan 10.73% (S + 6.00%; 1.00% Floor) 12/23/2026  15,367,872   15,156,980   15,022,094 
Medical Management Resource Group,
LLC
(1)
 Healthcare & HCIT Delayed Draw Term Loan 9.83% (L + 5.75%; 0.75% Floor) 09/30/2027  1,574,165   1,530,370   1,515,134 
Medical Management Resource Group,
LLC
(3) (4)
 Healthcare & HCIT Revolver 10.16% (L + 5.75%; 0.75% Floor) 09/30/2026  —     (4,784)   (11,866) 
Medical Management Resource Group,
LLC
(2)
 Healthcare & HCIT Term Loan 10.16% (L + 5.75%; 0.75% Floor) 09/30/2027  3,812,010   3,751,190   3,669,060 
Medsuite Purchaser,
LLC
(3) (4) (11)
 Healthcare & HCIT Delayed Draw Term Loan 9.48% (S + 4.75%; 1.00% Floor) 10/22/2026  —     (41,080)   —   
Medsuite Purchaser,
LLC
(3) (4) (11)
 Healthcare & HCIT Revolver 9.48% (S + 4.75%; 1.00% Floor) 10/22/2026  —     (7,832)   (5,103) 
Medsuite Purchaser,
LLC
(1) (2) (11)
 Healthcare & HCIT Term Loan 9.48% (S + 4.75%; 1.00% Floor) 10/22/2026  4,782,533   4,727,484   4,746,664 
OMH-HealthEdge
Holdings,
LLC
(3) (4)
 Healthcare & HCIT Revolver 10.03% (L + 5.25%; 1.00% Floor) 10/24/2024  —     (3,799)   (1,147) 
OMH-HealthEdge
Holdings, LLC
(2)
 Healthcare & HCIT Term Loan 10.03% (L + 5.25%; 1.00% Floor) 10/24/2025  2,121,853   2,092,279   2,116,548 
OMH-HealthEdge
Holdings, LLC
(2)
 Healthcare & HCIT Term Loan 10.03% (L + 5.25%; 1.00% Floor) 10/24/2025  963,638   946,724   961,229 
OMH-HealthEdge
Holdings, LLC
(1)
 Healthcare & HCIT Term Loan 10.03% (L + 5.25%; 1.00% Floor) 10/24/2025  3,661,451   3,618,231   3,652,297 
Pace Health Companies, LLC
(3) (4)
 Healthcare & HCIT Revolver 9.23% (L + 4.50%; 1.00% Floor) 08/02/2024  —     (2,053)   (1,542) 
Pace Health Companies, LLC
(1)
 Healthcare & HCIT Term Loan 9.23% (L + 4.50%; 1.00% Floor) 08/02/2024  5,140,906   5,122,407   5,128,053 
Pinnacle Dermatology Management, LLC
(3)
 Healthcare & HCIT Delayed Draw Term Loan 10.55% (S + 5.75%; 0.75% Floor) 12/08/2028  462,795   449,342   421,791 
Pinnacle Dermatology Management, LLC
(3)
(6)
 Healthcare & HCIT Revolver 8.74% (L + 4.00%; 0.75% Floor) 12/08/2026  153,627   142,959   146,906 
Pinnacle Dermatology Management, LLC
(1)
(2) (5)
 Healthcare & HCIT Term Loan 9.50% (L + 5.75%; 0.75% Floor) 12/08/2028  5,608,718   5,494,471   5,356,325 
Pinnacle Treatment Centers,
Inc.
(2)
 Healthcare & HCIT Delayed Draw Term Loan 10.57% (L + 6.50%; 1.00% Floor) 01/02/2026  343,635   342,065   335,904 
Pinnacle Treatment Centers,
Inc.
(3) (4)
 Healthcare & HCIT Revolver 10.57% (L + 6.50%; 1.00% Floor) 01/02/2026  —     (1,223)   (6,591) 
Pinnacle Treatment Centers,
Inc.
(5)
 Healthcare & HCIT Term Loan 10.57% (L + 6.50%; 1.00% Floor) 01/02/2026  286,781   280,374   280,329 
Pinnacle Treatment Centers, Inc. Healthcare & HCIT Term Loan 10.57% (L + 6.50%; 1.00% Floor) 01/02/2026  147,916   147,916   144,588 
Pinnacle Treatment Centers,
Inc.
(2) (5)
 Healthcare & HCIT Term Loan 10.57% (L + 6.50%; 1.00% Floor) 01/02/2026  4,086,076   4,086,076   3,994,140 
Priority Ondemand Midco 2,L.P
(3) (4)
 Healthcare & HCIT Delayed Draw Term Loan 10.26% (S + 5.50%; 1.00% Floor) 07/17/2028  —     (22,041)   (30,472) 
Priority Ondemand Midco 2,L.P
(1) (2)
 Healthcare & HCIT Term Loan 10.26% (S + 5.50%; 1.00% Floor) 07/17/2028  7,617,883   7,493,551   7,465,525 
RCP Encore Acquisition,
Inc.
(10)
 Healthcare & HCIT Term Loan — (L + 5.00%; 1.00% Floor) 06/07/2025  3,328,678   3,230,584   33,287 
Redwood Family Care Network, Inc.
(3)
 Healthcare & HCIT Delayed Draw Term Loan 10.23% (S + 5.50%; 1.00% Floor) 06/18/2026  681,697   590,071   573,016 
Redwood Family Care Network, Inc.
(1)
 Healthcare & HCIT Delayed Draw Term Loan 10.23% (S + 5.50%; 1.00% Floor) 06/18/2026  5,829,798   5,748,005   5,684,053 
Redwood Family Care Network, Inc.
(3) (4)
 Healthcare & HCIT Revolver 10.23% (S + 5.50%; 1.00% Floor) 06/18/2026  —     (8,245)   (14,718) 
Redwood Family Care Network, Inc.
(5)
 Healthcare & HCIT Term Loan 10.23% (S + 5.50%; 1.00% Floor) 06/18/2026  6,668,555   6,575,155   6,501,841 
Salisbury House, LLC
(3)
 Healthcare & HCIT Revolver 9.24% (S + 5.00%; 1.00% Floor) 08/30/2025  179,337   173,206   162,524 
Salisbury House, LLC
(1) (2)
 Healthcare & HCIT Term Loan 10.20% (S + 5.50%; 1.00% Floor) 08/30/2025  3,934,410   3,874,710   3,786,869 
Salisbury House, LLC
(1)
 Healthcare & HCIT Term Loan 10.20% (S + 5.50%; 1.00% Floor) 08/30/2025  1,237,525   1,215,852   1,191,118 
Salisbury House, LLC(1) Healthcare & HCIT Term Loan 10.20% (S + 5.50%; 1.00% Floor) 08/30/2025  1,137,143   1,125,353   1,094,500 
 
See Notes to Unaudited Consolidated Financial Statements
 
23
Table of Contents
AB Private Credit Investors Corporation
Consolidated Schedule of Investments as of December 31, 2022 (continued)
 
Portfolio Company
 
            Industry            
 
        Facility Type        
 
                        Interest                    
 
  Maturity  
 
Funded

  Par Amount  
  
      Cost      
  
  Fair Value  
 
                  
Admiral Buyer, Inc
(3) (4)
 Software & Tech Services Revolver 10.08% (S + 5.50%; 0.75% Floor) 05/08/2028 $—    $(10,084)  $(11,264) 
Admiral Buyer, Inc
(1)
 Software & Tech Services Term Loan 10.08% (S + 5.50%; 0.75% Floor) 05/08/2028  5,842,640   5,738,028   5,725,787 
AMI US Holdings, Inc.
(3) (4)
 Software & Tech Services Revolver 9.63% (L + 5.25%) 04/01/2024  —     (5,893)   —   
AMI US Holdings, Inc.
(1)
 Software & Tech Services Term Loan 9.63% (L + 5.25%; 1.00% Floor) 04/01/2025  8,007,035   7,938,572   8,007,035 
Avalara, Inc.
(3) (4)
 Software & Tech Services Revolver 11.83% (S + 7.25%; 0.75% Floor) 10/19/2028  —     (25,767)   (26,634) 
Avalara, Inc.
(2) (5)
 Software & Tech Services Term Loan 11.83% (S + 7.25%; 0.75% Floor) 10/19/2028  10,653,748   10,396,078   10,387,404 
Avetta, LLC
(3) (4)
 Software & Tech Services Revolver 10.16% (L + 5.75%; 1.00% Floor) 04/10/2024  —     (2,142)   (2,472) 
Avetta, LLC
(2)
 Software & Tech Services Term Loan 10.16% (L + 5.75%; 1.00% Floor) 04/10/2024  6,768,472   6,704,614   6,734,630 
Avetta, LLC
(1)
 Software & Tech Services Term Loan 10.16% (L + 5.75%; 1.00% Floor) 04/10/2024  4,196,029   4,171,041   4,175,049 
Avetta, LLC
(1) (5)
 Software & Tech Services Term Loan 10.16% (L + 5.75%; 1.00% Floor) 04/10/2024  3,187,003   3,161,068   3,171,068 
Bonterra, LLC
(3) (4) (12)
 Software & Tech Services Delayed Draw Term Loan 10.98% (L + 6.25%; 0.75% Floor) 09/08/2027  —     (17,010)   (68,655) 
Bonterra, LLC
(3) (12)
 Software & Tech Services Revolver 10.98% (L + 6.25%; 0.75% Floor) 09/08/2027  428,359   414,759   390,927 
Bonterra, LLC
(1) (2) (5) (12)
 Software & Tech Services Term Loan 10.98% (L + 6.25%; 0.75% Floor) 09/08/2027  15,595,728   15,416,612   15,088,867 
Brightspot Buyer, Inc
(3) (4)
 Software & Tech Services Revolver 10.18% (S + 5.50%; 0.75% Floor) 11/16/2027  —     (11,138)   (20,409) 
Brightspot Buyer, Inc
(2)
 Software & Tech Services Term Loan 10.18% (S + 5.50%; 0.75% Floor) 11/16/2027  5,215,571   5,130,177   5,059,104 
BSI2 Hold Nettle, LLC
(3) (4)
 Software & Tech Services Revolver 9.54% (S + 4.75%; 0.75% Floor) 06/30/2028  —     (8,123)   (10,306) 
BSI2 Hold Nettle, LLC
(2) (5)
 Software & Tech Services Term Loan 9.54% (S + 4.75%; 0.75% Floor) 06/30/2028  4,699,602   4,634,781   4,617,359 
BusinesSolver.com, Inc.
(3)
 Software & Tech Services Delayed Draw Term Loan 9.88% (L + 5.50%; 0.75% Floor) 12/01/2027  169,881   160,968   120,219 
BusinesSolver.com, Inc.
(2) (5)
 Software & Tech Services Term Loan 10.23% (L + 5.50%; 0.75% Floor) 12/01/2027  7,324,613   7,264,046   7,104,875 
Certify, Inc
 Software & Tech Services Delayed Draw Term Loan 9.89% (L + 5.50%; 1.00% Floor) 02/28/2024  399,689   397,724   396,692 
Certify, Inc
(5)
 Software & Tech Services Delayed Draw Term Loan 9.89% (L + 5.50%; 1.00% Floor) 02/28/2024  479,627   477,590   476,030 
Certify, Inc
(3)
 Software & Tech Services Revolver 9.89% (L + 5.50%; 1.00% Floor) 02/28/2024  39,969   39,838   38,770 
Certify, Inc
(1) (2) (5)
 Software & Tech Services Term Loan 9.89% (L + 5.50%; 1.00% Floor) 02/28/2024  3,916,954   3,897,691   3,887,577 
Community Brands Parentco, LLC
(3) (4)
 Software & Tech Services Delayed Draw Term Loan 10.17% (S + 5.75%; 0.75% Floor) 02/24/2028  —     (7,196)   (27,118) 
Community Brands Parentco, LLC
(3) (4)
 Software & Tech Services Revolver 10.17% (S + 5.75%; 0.75% Floor) 02/24/2028  —     (7,201)   (17,731) 
Community Brands Parentco, LLC
(1) (2)
 Software & Tech Services Term Loan 10.17% (S + 5.75%; 0.75% Floor) 02/24/2028  7,039,335   6,915,224   6,740,163 
Datacor, Inc.
(3)
 Software & Tech Services Delayed Draw Term Loan 10.09% (S + 5.75%; 1.00% Floor) 12/29/2025  1,113,561   1,084,969   1,100,835 
Datacor, Inc.
(3) (4)
 Software & Tech Services Revolver 10.33% (S + 5.75%; 1.00% Floor) 12/29/2025  —     (7,696)   (9,658) 
Datacor, Inc.
(1) (2) (5)
 Software & Tech Services Term Loan 10.33% (S + 5.75%; 1.00% Floor) 12/29/2025  13,841,011   13,618,560   13,633,396 
Degreed, Inc.
(3) (4)
 Software & Tech Services Delayed Draw Term Loan 10.92% (S + 5.50%; 1.00% PIK; 1.00% Floor) 05/29/2026  —     (4,052)   (34,785) 
Degreed, Inc.
(3) (4)
 Software & Tech Services Delayed Draw Term Loan 10.92% (S + 5.50%; 1.00% PIK; 1.00% Floor) 05/29/2026  —     (11,955)   (26,433) 
Degreed, Inc.
(3) (4)
 Software & Tech Services Revolver 10.92% (S + 5.50%; 1.00% PIK; 1.00% Floor) 05/29/2026  —     (1,544)   (12,534) 
Degreed, Inc.
(2)
 Software & Tech Services Term Loan 10.92% (S + 5.50%; 1.00% PIK; 1.00% Floor) 05/29/2026  2,793,161   2,776,565   2,709,367 
Degreed, Inc.
(1) (5)
 Software & Tech Services Term Loan 10.92% (S + 5.50%; 1.00% PIK; 1.00% Floor) 05/29/2026  5,172,233   5,138,480   5,017,066 
Dispatch Track, LLC
(3) (4)
 Software & Tech Services Revolver 8.86% (L + 4.50%; 1.00% Floor) 12/17/2026  —     (1,812)   (3,019) 
Dispatch Track, LLC
(1) (2)
 Software & Tech Services Term Loan 8.86% (L + 4.50%; 1.00% Floor) 12/17/2026  9,849,936   9,777,608   9,751,437 
Drilling Info Holdings, Inc.
(1)
 Software & Tech Services Term Loan 8.63% (L + 4.25%) 07/30/2025  3,292,167   3,285,890   3,226,324 
EET Buyer, Inc.
(3) (4)
 Software & Tech Services Revolver 10.26% (L + 5.25%; 0.75% Floor) 11/08/2027  —     (11,261)   (13,816) 
EET Buyer, Inc.
(2) (5)
 Software & Tech Services Term Loan 10.26% (L + 5.25%; 0.75% Floor) 11/08/2027  6,856,127   6,744,365   6,719,005 
Exterro, Inc.
(3) (4)
 Software & Tech Services Revolver 10.27% (L + 5.50%; 1.00% Floor) 05/31/2024  —     (1,197)   (1,238) 
Exterro, Inc.
(2) (5)
 Software & Tech Services Term Loan 10.27% (L + 5.50%; 1.00% Floor) 05/31/2024  6,237,900   6,184,219   6,206,710 
Exterro, Inc.
(1) (2)
 Software & Tech Services Term Loan 10.27% (L + 5.50%; 1.00% Floor) 05/31/2024  5,809,123   5,752,695   5,780,077 
Exterro, Inc.
(1)
 Software & Tech Services Term Loan 10.27% (L + 5.50%; 1.00% Floor) 05/31/2024  2,793,450   2,779,059   2,779,483 
Faithlife, LLC
(1) (2)
 Software & Tech Services Delayed Draw Term Loan 10.68% (S + 6.00%; 1.00% Floor) 09/18/2025  708,304   700,650   708,304 
Faithlife, LLC
(3) (4)
 Software & Tech Services Revolver 10.68% (S + 6.00%; 1.00% Floor) 09/18/2025  —     (3,059)   —   
Faithlife, LLC
(1) (2)
 Software & Tech Services Term Loan 10.68% (S + 6.00%; 1.00% Floor) 09/18/2025  304,180   300,827   304,180 
Fusion Holding Corp
(3) (4)
 Software & Tech Services Revolver 10.78% (S + 6.25%; 0.75% Floor) 09/15/2027  —     (29,257)   (34,480) 
Fusion Holding Corp
(1) (2) (5)
 Software & Tech Services Term Loan 10.78% (S + 6.25%; 0.75% Floor) 09/15/2029  16,895,061   16,530,288   16,472,685 
Fusion Risk Management Inc
(3) (4)
 Software & Tech Services Revolver 11.40% (S + 6.50%; 1.00% Floor) 08/30/2028  —     (18,154)   (29,850) 
Fusion Risk Management Inc
(1) (5)
 Software & Tech Services Term Loan 11.40% (S + 6.50%; 1.00% Floor) 08/30/2028  8,610,210   8,428,666   8,308,852 
Genesis Acquisition Co.
(5)
 Software & Tech Services Revolver 8.48% (L + 3.75%) 07/31/2024  202,400   201,292   196,834 
Genesis Acquisition Co.
(1) (2)
 Software & Tech Services Term Loan 7.92% (L + 3.75%) 07/31/2024  1,360,788   1,352,870   1,323,367 
Greenhouse Software, Inc.
(3) (4)
 Software & Tech Services Revolver 11.58% (S + 7.00%; 1.00% Floor) 09/01/2028  —     (19,492)   (30,806) 
Greenhouse Software, Inc.
(3) (4)
 Software & Tech Services Revolver 11.58% (S + 7.00%; 1.00% Floor) 09/01/2028  —     (14,303)   (15,112) 
Greenhouse Software, Inc.
(2) (5)
 Software & Tech Services Term Loan 11.58% (S + 7.00%; 1.00% Floor) 09/01/2028  12,376,845   12,179,502   12,067,424 
Greenhouse Software,
Inc.
(1) (2) (5)
 Software & Tech Services Term Loan 11.58% (S + 7.00%; 1.00% Floor) 09/01/2028  14,507,975   14,164,695   14,145,275 
Gryphon-Redwood Acquisition LLC
(3)
(4)
 Software & Tech Services Delayed Draw Term Loan 14.58% (S + 4.00%; 6.00% PIK; 1.00% Floor) 09/16/2028  —     (26,449)   (35,685) 
Portfolio Company
 
            Industry            
 
    Facility Type    
 
                      Interest                      
 
  Maturity  
 
Funded

  Par Amount  
  
        Cost        
  
  Fair Value  
 
Sandstone Care Holdings, LLC
(3) (4)
 Healthcare & HCIT Delayed Draw Term Loan 9.69% (S + 5.50%; 1.00% Floor) 06/28/2028 $—   $(10,812)  $(26,502) 
Sandstone Care Holdings, LLC
(3)
 Healthcare & HCIT Revolver 9.69% (S + 5.50%; 1.00% Floor) 06/28/2028  235,569   220,425   208,773 
Sandstone Care Holdings, LLC
(1) (5)
 Healthcare & HCIT Term Loan 9.69% (S + 5.50%; 1.00% Floor) 06/28/2028  4,687,823   4,591,008   4,535,469 
SCA Buyer, LLC
(3)
 Healthcare & HCIT Revolver 11.38% (S + 6.50%; 1.00% Floor) 01/20/2026  386,309   380,329   360,555 
SCA Buyer, LLC
(2)
 Healthcare & HCIT Term Loan 11.38% (S + 6.50%; 1.00% Floor) 01/20/2026  3,795,490   3,759,075   3,643,671 
SIS Purchaser, Inc.
(3) (4)
 Healthcare & HCIT Revolver 10.39% (L + 6.00%; 1.00% Floor) 10/15/2026  —     (12,996)   (37,893) 
SIS Purchaser, Inc.
(2)
 Healthcare & HCIT Term Loan 10.39% (L + 6.00%; 1.00% Floor) 10/15/2026  2,405,941   2,374,979   2,327,748 
SIS Purchaser, Inc.
(1) (2) (5)
 Healthcare & HCIT Term Loan 10.39% (L + 6.00%; 1.00% Floor) 10/15/2026  12,568,947   12,422,981   12,160,456 
Smile Brands, Inc.
(5)
 Healthcare & HCIT Delayed Draw Term Loan 7.87% (L + 4.50%; 0.75% Floor) 10/12/2025  482,953   481,469   445,524 
Smile Brands, Inc.
(3)
 Healthcare & HCIT Revolver 11.00% (P + 3.50%; 0.75% Floor) 10/12/2025  88,025   87,613   68,277 
Smile Brands, Inc.
(1)
 Healthcare & HCIT Term Loan 7.87% (L + 4.50%; 0.75% Floor) 10/12/2025  1,590,621   1,585,335   1,467,348 
Spark DSO LLC
(3) (4)
 Healthcare & HCIT Revolver 9.99% (L + 6.25%; 1.00% Floor) 04/20/2026  —     (13,111)   (38,702) 
Spark DSO LLC
(1) (2) (5)
 Healthcare & HCIT Term Loan 9.99% (L + 6.25%; 1.00% Floor) 04/19/2026  7,274,395   7,188,032   7,019,791 
The Center for Orthopedic and Research Excellence, Inc.
(3)
 Healthcare & HCIT Delayed Draw Term Loan 10.18% (S + 5.50%; 1.00% Floor) 08/15/2025  456,510   441,385   430,864 
The Center for Orthopedic and Research Excellence, Inc.
(2) (6)
 Healthcare & HCIT Delayed Draw Term Loan 10.18% (S + 6.00%; 1.00% Floor) 08/15/2025  1,735,098   1,716,275   1,700,396 
The Center for Orthopedic and Research Excellence, Inc.
(1) (2)
 Healthcare & HCIT Delayed Draw Term Loan 10.24% (S + 6.00%; 1.00% Floor) 08/15/2025  1,141,583   1,137,251   1,113,044 
The Center for Orthopedic and Research Excellence, Inc.
(3)
 Healthcare & HCIT Revolver 10.56% (S + 6.00%; 1.00% Floor) 08/15/2025  552,426   546,948   535,162 
The Center for Orthopedic and Research Excellence, Inc.
(2)
 Healthcare & HCIT Term Loan 10.41% (S + 6.00%; 1.00% Floor) 08/15/2025  3,232,332   3,186,733   3,151,523 
The Center for Orthopedic and Research Excellence, Inc.
(1) (5)
 Healthcare & HCIT Term Loan 10.24% (S + 6.00%; 1.00% Floor) 08/15/2025  4,843,650   4,802,458   4,722,559 
West Dermatology
(3) (4)
 Healthcare & HCIT Delayed Draw Term Loan 10.17% (S + 5.75%; 1.00% Floor) 03/17/2028  —     (33,915)   (522,447) 
West Dermatology
(3) (4)
 Healthcare & HCIT Revolver 10.17% (S + 5.75%; 1.00% Floor) 03/17/2028  —     (22,620)   (186,588) 
West Dermatology
(1)
(2) (5)
 Healthcare & HCIT Term Loan 10.17% (S + 5.75%; 1.00% Floor) 03/17/2028  12,594,247   12,365,225   10,705,110 
Activ Software Holdings, LLC
(3) (4)
 Software & Tech Services Revolver 11.79% (L + 6.25%; 1.00% Floor) 05/04/2027  —     (9,501)   (21,087) 
Activ Software Holdings, LLC
(1) (2) (5)
 Software & Tech Services Term Loan 11.79% (L + 6.25%; 1.00% Floor) 05/04/2027  7,988,807   7,871,886   7,729,171 
Admiral Buyer, Inc
(3) (4)
 Software & Tech Services Delayed Draw Term Loan 10.08% (S + 5.50%; 0.75% Floor) 05/08/2028  —     (14,110)   (15,770) 
Admiral Buyer, Inc
(3) (4)
 Software & Tech Services Revolver 10.08% (S + 5.50%; 0.75% Floor) 05/08/2028  —     (10,084)   (11,264) 
Admiral Buyer, Inc
(1)
 Software & Tech Services Term Loan 10.08% (S + 5.50%; 0.75% Floor) 05/08/2028  5,842,640   5,738,028   5,725,787 
AMI US Holdings, Inc.
(3) (4)
 Software & Tech Services Revolver 9.63% (L + 5.25%) 04/01/2024  —     (5,893)   —   
AMI US Holdings, Inc.
(1)
 Software & Tech Services Term Loan 9.63% (L + 5.25%; 1.00% Floor) 04/01/2025  8,007,035   7,938,572   8,007,035 
Avalara, Inc.
(3) (4)
 Software & Tech Services Revolver 11.83% (S + 7.25%; 0.75% Floor) 10/19/2028  —     (25,767)   (26,634) 
Avalara, Inc.
(2) (5)
 Software & Tech Services Term Loan 11.83% (S + 7.25%; 0.75% Floor) 10/19/2028  10,653,748   10,396,078   10,387,404 
Avetta, LLC
(3) (4)
 Software & Tech Services Revolver 10.16% (L + 5.75%; 1.00% Floor) 04/10/2024  —     (2,142)   (2,472) 
Avetta, LLC
(2)
 Software & Tech Services Term Loan 10.16% (L + 5.75%; 1.00% Floor) 04/10/2024  6,768,472   6,704,614   6,734,630 
Avetta, LLC
(1)
 Software & Tech Services Term Loan 10.16% (L + 5.75%; 1.00% Floor) 04/10/2024  4,196,029   4,171,041   4,175,049 
Avetta, LLC
(1) (5)
 Software & Tech Services Term Loan 10.16% (L + 5.75%; 1.00% Floor) 04/10/2024  3,187,003   3,161,068   3,171,068 
Bonterra, LLC
(3) (4) (12)
 Software & Tech Services Delayed Draw Term Loan 10.98% (L + 6.25%; 0.75% Floor) 09/08/2027  —     (17,010)   (68,655) 
Bonterra, LLC
(3) (12)
 Software & Tech Services Revolver 10.98% (L + 6.25%; 0.75% Floor) 09/08/2027  428,359   414,759   390,927 
Bonterra, LLC
(1) (2) (5) (12)
 Software & Tech Services Term Loan 10.98% (L + 6.25%; 0.75% Floor) 09/08/2027  15,595,728   15,416,612   15,088,867 
 
See Notes to Unaudited Consolidated Financial Statements
 
24
Table of Contents
AB Private Credit Investors Corporation
Consolidated Schedule of Investments as of December 31, 2022 (continued)
 
Portfolio Company
 
            Industry            
 
        Facility Type        
 
                        Interest                    
 
  Maturity  
 
Funded

  Par Amount  
  
      Cost      
  
  Fair Value  
 
                  
Gryphon-Redwood Acquisition LLC
(1)
 Software & Tech Services Term Loan 14.58% (S + 4.00%; 6.00% PIK; 1.00% Floor) 09/16/2028 $3,521,435  $3,463,723  $3,442,202 
GS AcquisitionCo, Inc.
(3) (4)
 Software & Tech Services Revolver 9.92% (L + 5.75%; 1.00% Floor) 05/22/2026  —     (1,923)   (18,268) 
GS AcquisitionCo,
Inc.
(1) (2) (5) (6)
 Software & Tech Services Term Loan 9.92% (L + 5.75%; 1.00% Floor) 05/22/2026  9,479,087   9,448,353   9,099,923 
Iodine Software, LLC
(3) (4)
 Software & Tech Services Delayed Draw Term Loan 11.42% (S + 7.00%; 1.00% Floor) 05/19/2027  —     (41,099)   (25,771) 
Iodine Software, LLC
(2) (5)
 Software & Tech Services Delayed Draw Term Loan 11.42% (S + 7.00%; 1.00% Floor) 05/19/2027  7,956,211   7,838,340   7,797,087 
Iodine Software, LLC
(3) (4)
 Software & Tech Services Revolver 11.42% (S + 7.00%; 1.00% Floor) 05/19/2027  —     (16,085)   (21,781) 
Iodine Software, LLC
(1) (2)
 Software & Tech Services Term Loan 11.42% (S + 7.00%; 1.00% Floor) 05/19/2027  5,281,749   5,203,738   5,176,114 
Kaseya Inc.
(3) (4)
 Software & Tech Services Delayed Draw Term Loan 10.33% (S + 5.75%; 0.75% Floor) 06/25/2029  —     (8,852)   (19,103) 
Kaseya Inc.
(3) (4)
 Software & Tech Services Revolver 10.33% (S + 5.75%; 0.75% Floor) 06/25/2029  —     (4,425)   (23,879) 
Kaseya Inc.
(1) (2)
 Software & Tech Services Term Loan 10.33% (S + 5.75%; 0.75% Floor) 06/25/2029  10,506,804   10,360,743   10,112,799 
Mavenlink, Inc.
(3)
 Software & Tech Services Revolver 9.89% (L + 5.75%; 0.75% Floor) 06/03/2027  357,963   328,924   308,743 
Mavenlink, Inc.
(1) (2) (5)
 Software & Tech Services Term Loan 9.14% (L + 5.75%; 0.75% Floor) 06/03/2027  15,034,451   14,790,523   14,621,004 
Moon Buyer, Inc.
 Software & Tech Services Delayed Draw Term Loan 9.49% (L + 4.75%; 1.00% Floor) 04/21/2027  581,896   578,330   580,442 
Moon Buyer, Inc.
(3) (4)
 Software & Tech Services Revolver 9.48% (L + 4.75%; 1.00% Floor) 04/21/2027  —     (12,657)   (2,909) 
Moon Buyer, Inc.
(1) (2) (5)
 Software & Tech Services Term Loan 9.48% (L + 4.75%; 1.00% Floor) 04/21/2027  6,304,848   6,236,280   6,289,086 
Mykaarma Acquisition LLC
(3) (4)
 Software & Tech Services Revolver 10.88% (S + 3.00%; 3.75% PIK; 1.00% Floor) 03/21/2028  —     (10,357)   (16,313) 
Mykaarma Acquisition LLC
(2) (5)
 Software & Tech Services Term Loan 10.88% (S + 3.00%; 3.75% PIK; 1.00% Floor) 03/21/2028  6,103,707   5,997,612   5,935,855 
Navigate360, LLC
(2)
 Software & Tech Services Delayed Draw Term Loan 10.33% (S + 6.00%; 1.00% Floor) 03/17/2027  1,808,174   1,786,326   1,772,010 
Navigate360, LLC
(3) (4)
 Software & Tech Services Revolver 10.33% (S + 6.00%; 1.00% Floor) 03/17/2027  —     (10,211)   (12,085) 
Navigate360, LLC
(2)
 Software & Tech Services Term Loan 10.33% (S + 6.00%; 1.00% Floor) 03/17/2027  2,265,796   2,221,961   2,220,480 
Navigate360, LLC
(5)
 Software & Tech Services Term Loan 10.33% (S + 6.00%; 1.00% Floor) 03/17/2027  4,197,924   4,125,548   4,113,965 
Netwrix Corporation And Concept Searching Inc.
(3)
 Software & Tech Services Delayed Draw Term Loan 9.70% (S + 5.00%; 0.75% Floor) 06/11/2029  548,139   543,652   521,729 
Netwrix Corporation And Concept Searching
Inc.
(3) (4)
 Software & Tech Services Revolver 9.70% (S + 5.00%; 0.75% Floor) 06/11/2029  —     (2,349)   (7,748) 
Netwrix Corporation And Concept Searching
Inc.
(1) (2)
 Software & Tech Services Term Loan 9.70% (S + 5.00%; 0.75% Floor) 06/11/2029  9,204,116   9,181,651   9,112,075 
Ping Identity
Corporation
(3) (4)
 Software & Tech Services Revolver 11.32% (S + 7.00%; 0.75% Floor) 10/17/2028  —     (29,103)   (30,084) 
Ping Identity
Corporation
(1) (2) (5)
 Software & Tech Services Term Loan 11.32% (S + 7.00%; 0.75% Floor) 10/17/2029  12,033,445   11,741,078   11,732,609 
Ranger Buyer, Inc.
(3) (4)
 Software & Tech Services Revolver 9.88% (L + 5.50%; 0.75% Floor) 11/18/2027  —     (19,742)   (29,981) 
Ranger Buyer, Inc.
(1) (2) (5)
 Software & Tech Services Term Loan 9.88% (L + 5.50%; 0.75% Floor) 11/17/2028  14,282,859   14,033,779   13,925,788 
Sauce Labs, Inc.
(3) (4)
 Software & Tech Services Delayed Draw Term Loan 10.31% (S + 5.50%; 0.50% PIK; 1.00% Floor) 08/16/2027  —     (21,889)   (35,512) 
Sauce Labs, Inc.
(5)
 Software & Tech Services Delayed Draw Term Loan 10.31% (S + 5.50%; 0.50% PIK; 1.00% Floor) 08/16/2027  1,925,189   1,895,279   1,877,059 
Sauce Labs, Inc.
(3) (4)
 Software & Tech Services Revolver 10.31% (S + 5.50%; 1.00% Floor) 08/16/2027  —     (19,953)   (32,046) 
Sauce Labs, Inc.
(2) (5)
 Software & Tech Services Term Loan 10.31% (S + 5.50%; 0.50% PIK; 1.00% Floor) 08/16/2027  7,504,362   7,377,979   7,316,753 
Saviynt, Inc.
(3) (4)
 Software & Tech Services Delayed Draw Term Loan 11.42% (S + 7.00%; 1.00% Floor) 12/22/2027  —     (151,721)   (152,450) 
Saviynt, Inc.
(3) (4)
 Software & Tech Services Revolver 11.42% (S + 7.00%; 1.00% Floor) 12/22/2027  —     (15,172)   (15,245) 
Saviynt, Inc.
(2) (5)
 Software & Tech Services Term Loan 11.42% (S + 7.00%; 1.00% Floor) 12/22/2027  18,293,942   17,838,779   17,836,593 
ScyllaDB, Inc.
(3) (4)
 Software & Tech Services Delayed Draw Term Loan 10.82% (S + 6.50%; 1.00% Floor) 09/08/2027  —     (3,101)   (8,260) 
ScyllaDB, Inc.
(3) (4)
 Software & Tech Services Revolver 10.82% (S + 6.50%; 1.00% Floor) 09/08/2027  —     (2,481)   (4,626) 
ScyllaDB, Inc.
(5)
 Software & Tech Services Term Loan 10.82% (S + 6.50%; 1.00% Floor) 09/08/2027  2,643,348   2,577,310   2,597,089 
Securonix, Inc.
(3) (4)
 Software & Tech Services Revolver 10.10% (S + 6.50%; 0.75% Floor) 04/05/2028  —     (23,716)   (69,225) 
Securonix, Inc.
(2) (5)
 Software & Tech Services Term Loan 10.10% (S + 6.50%; 0.75% Floor) 04/05/2028  8,546,314   8,414,561   8,161,730 
Sirsi Corporation
(3) (4)
 Software & Tech Services Revolver 8.88% (L + 4.50%; 1.00% Floor) 03/15/2024  —     (2,145)   (2,769) 
Sirsi Corporation
(1) (2)
 Software & Tech Services Term Loan 8.88% (L + 4.50%; 1.00% Floor) 03/15/2024  6,591,250   6,563,978   6,558,294 
Smartlinx Solutions, LLC
(3)
 Software & Tech Services Revolver 10.48% (L + 5.75%; 1.00% Floor) 03/04/2026  129,871   127,080   114,286 
Smartlinx Solutions, LLC
 Software & Tech Services Term Loan 10.48% (L + 5.75%; 1.00% Floor) 03/04/2026  493,137   484,961   478,342 
Smartlinx Solutions, LLC
(1) (2) (5)
 Software & Tech Services Term Loan 10.48% (L + 5.75%; 1.00% Floor) 03/04/2026  5,620,327   5,559,389   5,451,717 
Soladoc, LLC
(3) (4)
 Software & Tech Services Delayed Draw Term Loan 10.07% (S + 5.25%; 0.75% Floor) 06/12/2028  —     (21,438)   (53,003) 
Soladoc, LLC
(3) (4)
 Software & Tech Services Revolver 10.07% (S + 5.25%; 0.75% Floor) 06/12/2028  —     (10,724)   (19,140) 
Soladoc, LLC
(1) (2)
 Software & Tech Services Term Loan 10.07% (S + 5.25%; 0.75% Floor) 06/12/2028  5,889,225   5,781,986   5,697,825 
SugarCRM, Inc.
(3) (4)
 Software & Tech Services Revolver 10.88% (L + 6.50%; 1.00% Floor) 07/31/2024  —     (1,483)   (4,654) 
SugarCRM, Inc.
(1) (5)
 Software & Tech Services Term Loan 10.88% (L + 6.50%; 1.00% Floor) 07/31/2024  4,268,824   4,243,198   4,204,792 
Sundance Group Holdings, Inc.
(5)
 Software & Tech Services Delayed Draw Term Loan 10.75% (S + 6.25%; 1.00% Floor) 07/02/2027  3,547,253   3,493,454   3,449,704 
Sundance Group Holdings, Inc.
(3) (4)
 Software & Tech Services Revolver 10.75% (S + 6.25%; 1.00% Floor) 07/02/2027  —     (21,522)   (39,020) 
Portfolio Company
 
            Industry            
 
    Facility Type    
 
                      Interest                      
 
  Maturity  
 
Funded

  Par Amount  
  
        Cost        
  
  Fair Value  
 
Brightspot Buyer, Inc
(3) (4)
 Software & Tech Services Revolver 10.18% (S + 5.50%; 0.75% Floor) 11/16/2027 $—   $(11,138)  $(20,409) 
Brightspot Buyer, Inc
(2)
 Software & Tech Services Term Loan 10.18% (S + 5.50%; 0.75% Floor) 11/16/2027  5,215,571   5,130,177   5,059,104 
BSI2 Hold Nettle, LLC
(3) (4)
 Software & Tech Services Revolver 9.54% (S + 4.75%; 0.75% Floor) 06/30/2028  —     (8,123)   (10,306) 
BSI2 Hold Nettle, LLC
(2) (5)
 Software & Tech Services Term Loan 9.54% (S + 4.75%; 0.75% Floor) 06/30/2028  4,699,602   4,634,781   4,617,359 
BusinesSolver.com, Inc.
(3)
 Software & Tech Services Delayed Draw Term Loan 9.88% (L + 5.50%; 0.75% Floor) 12/01/2027  169,881   160,968   120,219 
BusinesSolver.com, Inc.
(2) (5)
 Software & Tech Services Term Loan 10.23% (L + 5.50%; 0.75% Floor) 12/01/2027  7,324,613   7,264,046   7,104,875 
Certify, Inc Software & Tech Services Delayed Draw Term Loan 9.89% (L + 5.50%; 1.00% Floor) 02/28/2024  399,689   397,724   396,692 
Certify, Inc
(5)
 Software & Tech Services Delayed Draw Term Loan 9.89% (L + 5.50%; 1.00% Floor) 02/28/2024  479,627   477,590   476,030 
Certify, Inc
(3)
 Software & Tech Services Revolver 9.89% (L + 5.50%; 1.00% Floor) 02/28/2024  39,969   39,838   38,770 
Certify, Inc
(1) (2) (5)
 Software & Tech Services Term Loan 9.89% (L + 5.50%; 1.00% Floor) 02/28/2024  3,916,954   3,897,691   3,887,577 
Community Brands Parentco, LLC
(3) (4)
 Software & Tech Services Delayed Draw Term Loan 10.17% (S + 5.75%; 0.75% Floor) 02/24/2028  —     (7,196)   (27,118) 
Community Brands Parentco, LLC
(3) (4)
 Software & Tech Services Revolver 10.17% (S + 5.75%; 0.75% Floor) 02/24/2028  —     (7,201)   (17,731) 
Community Brands Parentco, LLC
(1) (2)
 Software & Tech Services Term Loan 10.17% (S + 5.75%; 0.75% Floor) 02/24/2028  7,039,335   6,915,224   6,740,163 
Datacor, Inc.
(3)
 Software & Tech Services Delayed Draw Term Loan 10.09% (S + 5.75%; 1.00% Floor) 12/29/2025  1,113,561   1,084,969   1,100,835 
Datacor, Inc.
(3) (4)
 Software & Tech Services Revolver 10.33% (S + 5.75%; 1.00% Floor) 12/29/2025  —     (7,696)   (9,658) 
Datacor, Inc.
(1) (2) (5)
 Software & Tech Services Term Loan 10.33% (S + 5.75%; 1.00% Floor) 12/29/2025  13,841,011   13,618,560   13,633,396 
Degreed, Inc.
(3) (4)
 Software & Tech Services Delayed Draw Term Loan 10.92% (S + 5.50%; 1.00% PIK; 1.00% Floor) 05/29/2026  —     (4,052)   (34,785) 
Degreed, Inc.
(3) (4)
 Software & Tech Services Delayed Draw Term Loan 10.92% (S + 5.50%; 1.00% PIK; 1.00% Floor) 05/29/2026  —     (11,955)   (26,433) 
Degreed, Inc.
(3) (4)
 Software & Tech Services Revolver 10.92% (S + 5.50%; 1.00% PIK; 1.00% Floor) 05/29/2026  —     (1,544)   (12,534) 
Degreed, Inc.
(2)
 Software & Tech Services Term Loan 10.92% (S + 5.50%; 1.00% PIK; 1.00% Floor) 05/29/2026  2,793,161   2,776,565   2,709,367 
Degreed, Inc.
(1) (5)
 Software & Tech Services Term Loan 10.92% (S + 5.50%; 1.00% PIK; 1.00% Floor) 05/29/2026  5,172,233   5,138,480   5,017,066 
Dispatch Track, LLC
(3) (4)
 Software & Tech Services Revolver 8.86% (L + 4.50%; 1.00% Floor) 12/17/2026  —     (1,812)   (3,019) 
Dispatch Track, LLC
(1) (2)
 Software & Tech Services Term Loan 8.86% (L + 4.50%; 1.00% Floor) 12/17/2026  9,849,936   9,777,608   9,751,437 
Drilling Info Holdings, Inc.
(1)
 Software & Tech Services Term Loan 8.63% (L + 4.25%) 07/30/2025  3,292,167   3,285,890   3,226,324 
EET Buyer, Inc.
(3) (4)
 Software & Tech Services Revolver 10.26% (L + 5.25%; 0.75% Floor) 11/08/2027  —     (11,261)   (13,816) 
EET Buyer, Inc.
(2) (5)
 Software & Tech Services Term Loan 10.26% (L + 5.25%; 0.75% Floor) 11/08/2027  6,856,127   6,744,365   6,719,005 
Exterro, Inc.
(3) (4)
 Software & Tech Services Revolver 10.27% (L + 5.50%; 1.00% Floor) 05/31/2024  —     (1,197)   (1,238) 
Exterro, Inc.
(2) (5)
 Software & Tech Services Term Loan 10.27% (L + 5.50%; 1.00% Floor) 05/31/2024  6,237,900   6,184,219   6,206,710 
Exterro, Inc.
(1) (2)
 Software & Tech Services Term Loan 10.27% (L + 5.50%; 1.00% Floor) 05/31/2024  5,809,123   5,752,695   5,780,077 
Exterro, Inc.
(1)
 Software & Tech Services Term Loan 10.27% (L + 5.50%; 1.00% Floor) 05/31/2024  2,793,450   2,779,059   2,779,483 
Faithlife, LLC
(1) (2)
 Software & Tech Services Delayed Draw Term Loan 10.68% (S + 6.00%; 1.00% Floor) 09/18/2025  708,304   700,650   708,304 
Faithlife, LLC
(3) (4)
 Software & Tech Services Revolver 10.68% (S + 6.00%; 1.00% Floor) 09/18/2025  —     (3,059)   —   
Faithlife, LLC
(1) (2)
 Software & Tech Services Term Loan 10.68% (S + 6.00%; 1.00% Floor) 09/18/2025  304,180   300,827   304,180 
Fusion Holding Corp
(3) (4)
 Software & Tech Services Revolver 10.78% (S + 6.25%; 0.75% Floor) 09/15/2027  —     (29,257)   (34,480) 
Fusion Holding
Corp
(1) (2) (5)
 Software & Tech Services Term Loan 10.78% (S + 6.25%; 0.75% Floor) 09/15/2029  16,895,061   16,530,288   16,472,685 
Fusion Risk Management
Inc
(3) (4)
 Software & Tech Services Revolver 11.40% (S + 6.50%; 1.00% Floor) 08/30/2028  —     (18,154)   (29,850) 
Fusion Risk Management
Inc
(1) (5)
 Software & Tech Services Term Loan 11.40% (S + 6.50%; 1.00% Floor) 08/30/2028  8,610,210   8,428,666   8,308,852 
Genesis Acquisition
Co.
(5)
 Software & Tech Services Revolver 8.48% (L + 3.75%) 07/31/2024  202,400   201,292   196,834 
Genesis Acquisition
Co.
(1) (2)
 Software & Tech Services Term Loan 7.92% (L + 3.75%) 07/31/2024  1,360,788   1,352,870   1,323,367 
Greenhouse Software,
Inc.
(3) (4)
 Software & Tech Services Revolver 11.58% (S + 7.00%; 1.00% Floor) 09/01/2028  —     (19,492)   (30,806) 
 
See Notes to Unaudited Consolidated Financial Statements
 
25
Table of Contents
AB Private Credit Investors Corporation
Consolidated Schedule of Investments as of December 31, 2022 (continued)
 
Portfolio Company
 
            Industry            
 
        Facility Type        
 
                        Interest                    
 
  Maturity  
 
Funded

  Par Amount  
  
      Cost      
  
  Fair Value  
 
                  
Sundance Group Holdings, Inc.
(2) (5)
 Software & Tech Services Term Loan 10.75% (S + 6.25%; 1.00% Floor) 07/02/2027 $11,824,177  $11,644,830  $11,499,012 
Sundance Group Holdings, Inc.
 Software & Tech Services Term Loan 10.93% (S + 6.25%; 1.00% Floor) 07/02/2027  463,790   450,131   451,036 
Swiftpage, Inc.
(3) (4)
 Software & Tech Services Revolver 10.92% (S + 6.50%; 1.00% Floor) 06/13/2023  —     (414)   (9,576) 
Swiftpage, Inc.
(2)
 Software & Tech Services Term Loan 10.92% (S + 6.50%; 1.00% Floor) 06/13/2023  222,833   222,285   213,363 
Swiftpage, Inc.
(2)
 Software & Tech Services Term Loan 10.92% (S + 6.50%; 1.00% Floor) 06/13/2023  2,420,745   2,416,550   2,317,863 
Sysnet North America, Inc.
(1) (2) (5)
 Software & Tech Services Term Loan 11.50% (L + 5.00%; 1.00% Floor) 12/01/2026  8,862,217   8,790,246   8,552,039 
Telcor Buyer, Inc.
(3) (4)
 Software & Tech Services Revolver 9.64% (L + 4.50%; 1.00% Floor) 08/20/2027  —     (3,400)   (7,996) 
Telcor Buyer, Inc.
(1) (2)
 Software & Tech Services Term Loan 9.64% (L + 4.50%; 1.00% Floor) 08/20/2027  9,304,625   9,195,815   9,048,748 
Telesoft Holdings, LLC
(3)
 Software & Tech Services Revolver 10.14% (L + 5.75%; 1.00% Floor) 12/16/2025  49,739   43,024   36,309 
Telesoft Holdings,
LLC
(2) (5)
 Software & Tech Services Term Loan 10.13% (L + 5.75%; 1.00% Floor) 12/16/2025  5,804,526   5,737,622   5,673,924 
TRGRP, Inc.
(3) (4)
 Software & Tech Services Revolver 11.73% (L + 4.50%; 2.50% PIK; 1.00% Floor) 11/01/2023  —     (1,126)   —   
TRGRP, Inc.
(2) (5)
 Software & Tech Services Term Loan 11.73% (L + 4.50%; 2.50% PIK; 1.00% Floor) 11/01/2023  5,052,223   5,025,591   5,052,223 
TRGRP, Inc.
(2)
 Software & Tech Services Term Loan 11.73% (L + 4.50%; 2.50% PIK; 1.00% Floor) 11/01/2023  2,370,051   2,355,364   2,370,051 
TRGRP, Inc.
(1)
 Software & Tech Services Term Loan 11.73% (L + 4.50%; 2.50% PIK; 1.00% Floor) 11/01/2023  1,128,534   1,124,106   1,128,534 
Unanet, Inc.
(3) (4)
 Software & Tech Services Delayed Draw Term Loan 10.97% (S + 6.25%; 0.75% Floor) 12/08/2028  —     (37,535)   (37,904) 
Unanet, Inc.
(3) (4)
 Software & Tech Services Revolver 10.97% (S + 6.25%; 0.75% Floor) 12/08/2028  —     (25,270)   (25,270) 
Unanet, Inc.
(2) (5)
 Software & Tech Services Term Loan 10.97% (S + 6.25%; 0.75% Floor) 12/08/2028  12,003,044   11,764,925   11,762,983 
Ungerboeck Systems International, LLC
(3)
 Software & Tech Services Delayed Draw Term Loan 11.22% (L + 6.50%; 1.00% Floor) 04/30/2027  272,766   268,398   267,992 
Ungerboeck Systems International, LLC
(5)
 Software & Tech Services Delayed Draw Term Loan 11.23% (L + 6.50%; 1.00% Floor) 04/30/2027  690,794   690,794   676,978 
Ungerboeck Systems International, LLC
(1)
 Software & Tech Services Delayed Draw Term Loan 11.23% (L + 6.50%; 1.00% Floor) 04/30/2027  322,391   318,814   315,943 
Ungerboeck Systems International,
LLC
(3) (4)
 Software & Tech Services Revolver 11.23% (L + 6.50%; 1.00% Floor) 04/30/2027  —     (3,012)   (4,588) 
Ungerboeck Systems International, LLC
 Software & Tech Services Term Loan 11.28% (L + 6.50%; 1.00% Floor) 04/30/2027  136,383   133,886   133,655 
Ungerboeck Systems International,
LLC
(2) (5)
 Software & Tech Services Term Loan 11.23% (L + 6.50%; 1.00% Floor) 04/30/2027  2,717,277   2,687,154   2,662,931 
Vectra AI, Inc.
(3) (4)
 Software & Tech Services Delayed Draw Term Loan 10.49% (L + 5.75%; 1.00% Floor) 03/18/2026  —     (18,778)   (34,914) 
Vectra AI, Inc.
(3) (4)
 Software & Tech Services Revolver 10.49% (L + 5.75%; 1.00% Floor) 03/18/2026  —     (3,756)   (6,983) 
Vectra AI, Inc.
(2) (5)
 Software & Tech Services Term Loan 10.49% (L + 5.75%; 1.00% Floor) 03/18/2026  3,258,620   3,204,291   3,160,862 
Vehlo Purchaser,
LLC
(2) (5)
 Software & Tech Services Delayed Draw Term Loan 9.98% (S + 5.00%; 0.75% Floor) 05/24/2028  6,195,183   6,133,560   6,148,719 
Vehlo Purchaser,
LLC
(3) (4)
 Software & Tech Services Revolver 9.69% (S + 5.00%; 0.75% Floor) 05/24/2028  —     (16,782)   (18,586) 
Vehlo Purchaser,
LLC
(1) (2) (5)
 Software & Tech Services Term Loan 9.69% (S + 5.00%; 0.75% Floor) 05/24/2028  22,302,658   22,000,883   21,968,118 
Velocity Purchaser Corporation
(3) (4)
 Software & Tech Services Revolver 10.24% (S + 6.00%; 1.00% Floor) 12/01/2023  —     (611)   (483) 
Velocity Purchaser Corporation
(1)
 Software & Tech Services Term Loan 10.24% (S + 6.00%; 1.00% Floor) 12/01/2023  2,412,446   2,405,375   2,406,415 
Velocity Purchaser Corporation
(1) (2)
 Software & Tech Services Term Loan 10.24% (S + 6.00%; 1.00% Floor) 12/01/2023  4,765,411   4,735,630   4,753,497 
Velocity Purchaser Corporation
(1)
 Software & Tech Services Term Loan 10.24% (S + 6.00%; 1.00% Floor) 12/01/2023  600,106   597,933   598,605 
Veracross LLC
(3) (4)
 Software & Tech Services Delayed Draw Term Loan 11.23% (S + 2.00%; 5.00% PIK; 1.00% Floor) 12/28/2027  —     (13,965)   (37,549) 
Veracross LLC
(3) (4)
 Software & Tech Services Revolver 11.23% (S + 2.00%; 5.00% PIK; 1.00% Floor) 12/28/2027  —     (18,636)   (36,158) 
Veracross LLC
(5)
 Software & Tech Services Term Loan 11.23% (S + 2.00%; 5.00% PIK; 1.00% Floor) 12/28/2027  12,906,513   12,701,489   12,487,052 
Zendesk, Inc.
(3) (4)
 Software & Tech Services Delayed Draw Term Loan 11.04% (S + 6.50%; 0.75% Floor) 11/22/2028  —     (32,741)   (33,335) 
Zendesk, Inc.
(3) (4)
 Software & Tech Services Revolver 11.04% (S + 6.50%; 0.75% Floor) 11/22/2028  —     (26,961)   (27,453) 
Zendesk, Inc.
(2) (5)
 Software & Tech Services Term Loan 11.04% (S + 6.50%; 0.75% Floor) 11/22/2028  13,334,101   13,072,194   13,067,419 
Dillon
Log
istics, Inc.
(10)
 Transport & Logistics Revolver — (P + 6.00%; 1.00% Floor)
12/11/2023  834,642   750,748   54,586 
Dillon Logistics,
Inc
.
(10)
 Transport & Logistics Term Loan — (L + 7.00%; 1.00% Floor)12/11/2023  3,079,544   2,673,820   201,402 
                     
Total U.S. 1st Lien/Senior Secured Debt
       
 
1,097,596,835
 
 
 
1,070,520,769
 
 
2nd Lien/Junior Secured Debt
—2.33%
 
Conterra Ultra Broadband Holdings, Inc.
(1) (2)
 Digital Infrastructure & Services Term Loan 13.01% (L + 8.50%; 1.00% Floor) 04/30/2027  6,537,710   6,476,655   6,521,366 
Brave Parent Holdings, Inc.
(1)
 Software & Tech Services Term Loan 11.88% (L + 7.50%) 04/17/2026  1,230,107   1,216,529   1,199,354 
Symplr Software,
Inc.
(1) (2)
 Software & Tech Services Term Loan 12.07% (S + 7.88%; 0.75% Floor) 12/22/2028  3,130,634   3,083,175   2,919,316 
                     
Total U.S. 2nd Lien/Junior Secured Debt
       
 
10,776,359
 
 
 
10,640,036
 
          
Total U.S. Corporate Debt
       
 
1,108,373,194
 
 
 
1,081,160,805
 
Portfolio Company
 
            Industry            
 
    Facility Type    
 
                      Interest                      
 
  Maturity  
 
Funded

  Par Amount  
  
        Cost        
  
  Fair Value  
 
Greenhouse Software,
Inc.
(3) (4)
 Software & Tech Services Revolver 11.58% (S + 7.00%; 1.00% Floor) 09/01/2028 $—    $(14,303)  $(15,112) 
Greenhouse Software,
Inc.
(2) (5)
 Software & Tech Services Term Loan 11.58% (S + 7.00%; 1.00% Floor) 09/01/2028  12,376,845   12,179,502   12,067,424 
Greenhouse Software,
Inc.
(1) (2) (5)
 Software & Tech Services Term Loan 11.58% (S + 7.00%; 1.00% Floor) 09/01/2028  14,507,975   14,164,695   14,145,275 
Gryphon-Redwood Acquisition LLC
(3) (4)
 Software & Tech Services Delayed Draw Term Loan 14.58% (S + 4.00%; 6.00% PIK; 1.00% Floor) 09/16/2028  —     (26,449)   (35,685) 
Gryphon-Redwood Acquisition LLC
(1)
 Software & Tech Services Term Loan 14.58% (S + 4.00%; 6.00% PIK; 1.00% Floor) 09/16/2028  3,521,435   3,463,723   3,442,202 
GS AcquisitionCo, Inc.
(3) (4)
 Software & Tech Services Revolver 9.92% (L + 5.75%; 1.00% Floor) 05/22/2026  —     (1,923)   (18,268) 
GS AcquisitionCo,
Inc.
(1) (2) (5) (6)
 Software & Tech Services Term Loan 9.92% (L + 5.75%; 1.00% Floor) 05/22/2026  9,479,087   9,448,353   9,099,923 
Iodine Software, LLC
(3) (4)
 Software & Tech Services Delayed Draw Term Loan 11.42% (S + 7.00%; 1.00% Floor) 05/19/2027  —     (41,099)   (25,771) 
Iodine Software, LLC
(2) (5)
 Software & Tech Services Delayed Draw Term Loan 11.42% (S + 7.00%; 1.00% Floor) 05/19/2027  7,956,211   7,838,340   7,797,087 
Iodine Software, LLC
(3) (4)
 Software & Tech Services Revolver 11.42% (S + 7.00%; 1.00% Floor) 05/19/2027  —     (16,085)   (21,781) 
Iodine Software, LLC
(1) (2)
 Software & Tech Services Term Loan 11.42% (S + 7.00%; 1.00% Floor) 05/19/2027  5,281,749   5,203,738   5,176,114 
Kaseya Inc.
(3) (4)
 Software & Tech Services Delayed Draw Term Loan 10.33% (S + 5.75%; 0.75% Floor) 06/25/2029  —     (8,852)   (19,103) 
Kaseya Inc.
(3) (4)
 Software & Tech Services Revolver 10.33% (S + 5.75%; 0.75% Floor) 06/25/2029  —     (4,425)   (23,879) 
Kaseya Inc.
(1) (2)
 Software & Tech Services Term Loan 10.33% (S + 5.75%; 0.75% Floor) 06/25/2029  10,506,804   10,360,743   10,112,799 
Mavenlink, Inc.
(3)
 Software & Tech Services Revolver 9.89% (L + 5.75%; 0.75% Floor) 06/03/2027  357,963   328,924   308,743 
Mavenlink, Inc.
(1) (2) (5)
 Software & Tech Services Term Loan 9.14% (L + 5.75%; 0.75% Floor) 06/03/2027  15,034,451   14,790,523   14,621,004 
Moon Buyer, Inc. Software & Tech Services Delayed Draw Term Loan 9.49% (L + 4.75%; 1.00% Floor) 04/21/2027  581,896   578,330   580,442 
Moon Buyer, Inc.
(3) (4)
 Software & Tech Services Revolver 9.48% (L + 4.75%; 1.00% Floor) 04/21/2027  —     (12,657)   (2,909) 
Moon Buyer, Inc.
(1) (2) (5)
 Software & Tech Services Term Loan 9.48% (L + 4.75%; 1.00% Floor) 04/21/2027  6,304,848   6,236,280   6,289,086 
Mykaarma Acquisition
LLC
(3) (4)
 Software & Tech Services Revolver 10.88% (S + 3.00%; 3.75% PIK; 1.00% Floor) 03/21/2028  —     (10,357)   (16,313) 
Mykaarma Acquisition
LLC
(2) (5)
 Software & Tech Services Term Loan 10.88% (S + 3.00%; 3.75% PIK; 1.00% Floor) 03/21/2028  6,103,707   5,997,612   5,935,855 
Navigate360, LLC
(2)
 Software & Tech Services Delayed Draw Term Loan 10.33% (S + 6.00%; 1.00% Floor) 03/17/2027  1,808,174   1,786,326   1,772,010 
Navigate360, LLC
(3) (4)
 Software & Tech Services Revolver 10.33% (S + 6.00%; 1.00% Floor) 03/17/2027  —     (10,211)   (12,085) 
Navigate360, LLC
(2)
 Software & Tech Services Term Loan 10.33% (S + 6.00%; 1.00% Floor) 03/17/2027  2,265,796   2,221,961   2,220,480 
Navigate360, LLC
(5)
 Software & Tech Services Term Loan 10.33% (S + 6.00%; 1.00% Floor) 03/17/2027  4,197,924   4,125,548   4,113,965 
Netwrix Corporation And Concept Searching Inc.
(3)
 Software & Tech Services Delayed Draw Term Loan 9.70% (S + 5.00%; 0.75% Floor) 06/11/2029  548,139   543,652   521,729 
Netwrix Corporation And Concept Searching
Inc.
(3) (4)
 Software & Tech Services Revolver 9.70% (S + 5.00%; 0.75% Floor) 06/11/2029  —     (2,349)   (7,748) 
Netwrix Corporation And Concept Searching
Inc.
(1) (2)
 Software & Tech Services Term Loan 9.70% (S + 5.00%; 0.75% Floor) 06/11/2029  9,204,116   9,181,651   9,112,075 
Ping Identity
Corporation
(3) (4)
 Software & Tech Services Revolver 11.32% (S + 7.00%; 0.75% Floor) 10/17/2028  —     (29,103)   (30,084) 
Ping Identity
Corporation
(1) (2) (5)
 Software & Tech Services Term Loan 11.32% (S + 7.00%; 0.75% Floor) 10/17/2029  12,033,445   11,741,078   11,732,609 
Ranger Buyer, Inc.
(3) (4)
 Software & Tech Services Revolver 9.88% (L + 5.50%; 0.75% Floor) 11/18/2027  —     (19,742)   (29,981) 
Ranger Buyer, Inc.
(1) (2) (5)
 Software & Tech Services Term Loan 9.88% (L + 5.50%; 0.75% Floor) 11/17/2028  14,282,859   14,033,779   13,925,788 
Sauce Labs, Inc.
(3) (4)
 Software & Tech Services Delayed Draw Term Loan 10.31% (S + 5.50%; 0.50% PIK; 1.00% Floor) 08/16/2027  —     (21,889)   (35,512) 
Sauce Labs, Inc.
(5)
 Software & Tech Services Delayed Draw Term Loan 10.31% (S + 5.50%; 0.50% PIK; 1.00% Floor) 08/16/2027  1,925,189   1,895,279   1,877,059 
Sauce Labs, Inc.
(3) (4)
 Software & Tech Services Revolver 10.31% (S + 5.50%; 1.00% Floor) 08/16/2027  —     (19,953)   (32,046) 
Sauce Labs, Inc.
(2) (5)
 Software & Tech Services Term Loan 10.31% (S + 5.50%; 0.50% PIK; 1.00% Floor) 08/16/2027  7,504,362   7,377,979   7,316,753 
Saviynt, Inc.
(3) (4)
 Software & Tech Services Delayed Draw Term Loan 11.42% (S + 7.00%; 1.00% Floor) 12/22/2027  —     (151,721)   (152,450) 
Saviynt, Inc.
(3) (4)
 Software & Tech Services Revolver 11.42% (S + 7.00%; 1.00% Floor) 12/22/2027  —     (15,172)   (15,245) 
 
See Notes to Unaudited Consolidated Financial Statements
 
26
Table of Contents
AB Private Credit Investors Corporation
Consolidated Schedule of Investments as of December 31, 2022 (continued)
 
Portfolio Company
 
            Industry            
 
        Facility Type        
 
                        Interest                    
 
  Maturity  
 
Funded

  Par Amount  
  
      Cost      
  
  Fair Value  
 
                  
C
anadian Corporate Debt - 
3.87
%
1st Lien/Senior Secured Debt -
3.87%
McNairn Holdings
Ltd.
(1) (13)
 Business Services Term Loan 9.98% (L + 5.00%; 0.50% PIK; 1.00% Floor) 11/25/2025 $739,507  $730,174  $726,566 
Syntax Systems
Ltd
(1) (2) (13)
 Digital Infrastructure & Services Term Loan 10.13% (L + 5.75%; 0.75% Floor) 10/29/2028  8,773,543   8,699,024   8,334,866 
Syntax Systems
Ltd
(3) (13)
 Digital Infrastructure & Services Revolver 10.04% (L + 5.75%; 0.75% Floor) 10/29/2026  649,103   641,599   600,420 
Syntax Systems
Ltd
(3) (4) (13)
 Digital Infrastructure & Services Delayed Draw Term Loan 10.13% (L + 5.50%; 0.75% Floor) 10/29/2028  —     (20,396)   (121,707) 
Banneker V Acquisition, Inc.
(2) (5) (13)
 Software & Tech Services Term Loan 10.39% (L + 6.00%; 1.00% Floor) 12/04/2025  7,105,235   7,011,398   7,105,235 
Banneker V Acquisition, Inc.
(3) (4) (13)
 Software & Tech Services Revolver 10.39% (L + 6.00%; 1.00% Floor) 12/04/2025  —     (3,068)   —   
Banneker V Acquisition, Inc.
(2) (13)
 Software & Tech Services Delayed Draw Term Loan 10.39% (L + 6.00%; 1.00% Floor) 12/04/2025  1,024,233   1,012,076   1,024,233 
                     
Total Canadian 1st Lien/Senior Secured Debt
       
 
18,070,807
 
 
 
17,669,613
 
                     
Total Canadian Corporate Debt
       
 
18,070,807
 
 
 
17,669,613
 
Portfolio Company
 
            Industry            
 
    Facility Type    
 
                      Interest                      
 
  Maturity  
 
Funded

  Par Amount  
  
        Cost        
  
  Fair Value  
 
Saviynt, Inc.
(2) (5)
 Software & Tech Services Term Loan 11.42% (S + 7.00%; 1.00% Floor) 12/22/2027 $18,293,942  $17,838,779  $17,836,593 
ScyllaDB, Inc.
(3) (4)
 Software & Tech Services Delayed Draw Term Loan 10.82% (S + 6.50%; 1.00% Floor) 09/08/2027  —     (3,101)   (8,260) 
ScyllaDB, Inc.
(3) (4)
 Software & Tech Services Revolver 10.82% (S + 6.50%; 1.00% Floor) 09/08/2027  —     (2,481)   (4,626) 
ScyllaDB, Inc.
(5)
 Software & Tech Services Term Loan 10.82% (S + 6.50%; 1.00% Floor) 09/08/2027  2,643,348   2,577,310   2,597,089 
Securonix, Inc.
(3) (4)
 Software & Tech Services Revolver 10.10% (S + 6.50%; 0.75% Floor) 04/05/2028  —     (23,716)   (69,225) 
Securonix, Inc.
(2) (5)
 Software & Tech Services Term Loan 10.10% (S + 6.50%; 0.75% Floor) 04/05/2028  8,546,314   8,414,561   8,161,730 
Sirsi Corporation
(3) (4)
 Software & Tech Services Revolver 8.88% (L + 4.50%; 1.00% Floor) 03/15/2024  —     (2,145)   (2,769) 
Sirsi Corporation
(1) (2)
 Software & Tech Services Term Loan 8.88% (L + 4.50%; 1.00% Floor) 03/15/2024  6,591,250   6,563,978   6,558,294 
Smartlinx Solutions, LLC
(3)
 Software & Tech Services Revolver 10.48% (L + 5.75%; 1.00% Floor) 03/04/2026  129,871   127,080   114,286 
Smartlinx Solutions, LLC Software & Tech Services Term Loan 10.48% (L + 5.75%; 1.00% Floor) 03/04/2026  493,137   484,961   478,342 
Smartlinx Solutions,
LLC
(1) (2) (5)
 Software & Tech Services Term Loan 10.48% (L + 5.75%; 1.00% Floor) 03/04/2026  5,620,327   5,559,389   5,451,717 
Soladoc, LLC
(3) (4)
 Software & Tech Services Delayed Draw Term Loan 10.07% (S + 5.25%; 0.75% Floor) 06/12/2028  —     (21,438)   (53,003) 
Soladoc, LLC
(3) (4)
 Software & Tech Services Revolver 10.07% (S + 5.25%; 0.75% Floor) 06/12/2028  —     (10,724)   (19,140) 
Soladoc, LLC
(1) (2)
 Software & Tech Services Term Loan 10.07% (S + 5.25%; 0.75% Floor) 06/12/2028  5,889,225   5,781,986   5,697,825 
SugarCRM, Inc.
(3) (4)
 Software & Tech Services Revolver 10.88% (L + 6.50%; 1.00% Floor) 07/31/2024  —     (1,483)   (4,654) 
SugarCRM, Inc.
(1) (5)
 Software & Tech Services Term Loan 10.88% (L + 6.50%; 1.00% Floor) 07/31/2024  4,268,824   4,243,198   4,204,792 
Sundance Group Holdings,
Inc.
(5)
 Software & Tech Services Delayed Draw Term Loan 10.75% (S + 6.25%; 1.00% Floor) 07/02/2027  3,547,253   3,493,454   3,449,704 
Sundance Group Holdings,
Inc.
(3) (4)
 Software & Tech Services Revolver 10.75% (S + 6.25%; 1.00% Floor) 07/02/2027  —     (21,522)   (39,020) 
Sundance Group Holdings,
Inc.
(2) (5)
 Software & Tech Services Term Loan 10.75% (S + 6.25%; 1.00% Floor) 07/02/2027  11,824,177   11,644,830   11,499,012 
Sundance Group Holdings, Inc. Software & Tech Services Term Loan 10.93% (S + 6.25%; 1.00% Floor) 07/02/2027  463,790   450,131   451,036 
Swiftpage, Inc.
(3) (4)
 Software & Tech Services Revolver 10.92% (S + 6.50%; 1.00% Floor) 06/13/2023  —     (414)   (9,576) 
Swiftpage, Inc.
(2)
 Software & Tech Services Term Loan 10.92% (S + 6.50%; 1.00% Floor) 06/13/2023  222,833   222,285   213,363 
Swiftpage, Inc.
(2)
 Software & Tech Services Term Loan 10.92% (S + 6.50%; 1.00% Floor) 06/13/2023  2,420,745   2,416,550   2,317,863 
Sysnet North America,
Inc.
(1) (2) (5)
 Software & Tech Services Term Loan 11.50% (L + 5.00%; 1.00% Floor) 12/01/2026  8,862,217   8,790,246   8,552,039 
Telcor Buyer, Inc.
(3) (4)
 Software & Tech Services Revolver 9.64% (L + 4.50%; 1.00% Floor) 08/20/2027  —     (3,400)   (7,996) 
Telcor Buyer, Inc.
(1) (2)
 Software & Tech Services Term Loan 9.64% (L + 4.50%; 1.00% Floor) 08/20/2027  9,304,625   9,195,815   9,048,748 
Telesoft Holdings, LLC
(3)
 Software & Tech Services Revolver 10.14% (L + 5.75%; 1.00% Floor) 12/16/2025  49,739   43,024   36,309 
Telesoft Holdings, LLC
(2) (5)
 Software & Tech Services Term Loan 10.13% (L + 5.75%; 1.00% Floor) 12/16/2025  5,804,526   5,737,622   5,673,924 
TRGRP, Inc.
(3) (4)
 Software & Tech Services Revolver 11.73% (L + 4.50%; 2.50% PIK; 1.00% Floor) 11/01/2023  —     (1,126)   —   
TRGRP, Inc.
(2) (5)
 Software & Tech Services Term Loan 11.73% (L + 4.50%; 2.50% PIK; 1.00% Floor) 11/01/2023  5,052,223   5,025,591   5,052,223 
TRGRP, Inc.
(2)
 Software & Tech Services Term Loan 11.73% (L + 4.50%; 2.50% PIK; 1.00% Floor) 11/01/2023  2,370,051   2,355,364   2,370,051 
TRGRP, Inc.
(1)
 Software & Tech Services Term Loan 11.73% (L + 4.50%; 2.50% PIK; 1.00% Floor) 11/01/2023  1,128,534   1,124,106   1,128,534 
Unanet, Inc.
(3) (4)
 Software & Tech Services Delayed Draw Term Loan 10.97% (S + 6.25%; 0.75% Floor) 12/08/2028  —     (37,535)   (37,904) 
Unanet, Inc.
(3) (4)
 Software & Tech Services Revolver 10.97% (S + 6.25%; 0.75% Floor) 12/08/2028  —     (25,270)   (25,270) 
Unanet, Inc.
(2) (5)
 Software & Tech Services Term Loan 10.97% (S + 6.25%; 0.75% Floor) 12/08/2028  12,003,044   11,764,925   11,762,983 
Ungerboeck Systems International, LLC
(3)
 Software & Tech Services Delayed Draw Term Loan 11.22% (L + 6.50%; 1.00% Floor) 04/30/2027  272,766   268,398   267,992 
Ungerboeck Systems International, LLC
(5)
 Software & Tech Services Delayed Draw Term Loan 11.23% (L + 6.50%; 1.00% Floor) 04/30/2027  690,794   690,794   676,978 
Ungerboeck Systems International, LLC
(1)
 Software & Tech Services Delayed Draw Term Loan 11.23% (L + 6.50%; 1.00% Floor) 04/30/2027  322,391   318,814   315,943 
Ungerboeck Systems International, LLC
(3) (4)
 Software & Tech Services Revolver 11.23% (L + 6.50%; 1.00% Floor) 04/30/2027  —     (3,012)   (4,588) 
 
Portfolio Company
 
        Class/Series        
 
            Industry            
   
    Initial Acquisition Date 
(14)
   
 
      Shares      
  
      Cost      
  
  Fair Value  
 
U.S. Preferred Stock—2.02%
                 
U
.S. Preferred Stock - 
2.02%
                
Ntiva Investments, LLC (MSP Global Holdings, Inc)
(15)
 Class A Digital Infrastructure & Services   01/24/2022  333,937  $272,826  $234,701 
Bowline Topco
LLC
^^(15) (16)
 LLC Units Energy   08/09/2021  2,946,390   —     173,837 
SBS Ultimate Holdings, LP
(15)
 Class A Healthcare & HCIT   09/18/2020  217,710   861,878   266 
Alphasense, Inc.
(13) (15)
 Series C Software & Tech Services   06/01/2021  23,961   369,843   474,027 
Concerto Health AI Solutions, LLC
(15) (16)
 Series B-1 Software & Tech Services   12/23/2019  65,614   349,977   351,172 
Datarobot, Inc.
(15)
 Series F Software & Tech Services   10/27/2020  6,715   88,248   80,863 
Datarobot, Inc.
(15)
 Series E Software & Tech Services   08/30/2019  38,190   289,278   364,025 
Degreed, Inc.
(15)
 Series D Software & Tech Services   04/30/2021  16,943   278,308   260,465 
Degreed, Inc.
(15)
 Series C-1 Software & Tech Services   06/25/2019  43,819   278,541   358,800 
Heap, Inc.
(15)
 Series D Software & Tech Services   11/24/2021  17,425   147,443   148,351 
Heap, Inc.
(15)
 Series C Software & Tech Services   05/21/2019  189,617   696,351   1,032,478 
Knockout Intermediate Holdings I, Inc. (Kaseya, Inc.)
(15)
 Perpetual Software & Tech Services   06/23/2022  1,345   1,311,760   1,377,730 
Netskope, Inc.
(15)
 Series G Software & Tech Services   01/27/2020  36,144   302,536   377,701 
Phenom People, Inc.
(15)
 Series C Software & Tech Services   01/08/2020  35,055   220,610   444,061 
Protoscale Rubrik, LLC
(15)
 Class B Software & Tech Services   01/04/2019  25,397   598,212   687,828 
Swyft Parent Holdings LP
(15) (16)
 LP Interests Software & Tech Services   02/07/2022  850,470   811,438   840,825 
Symplr Software Intermediate Holdings, Inc.
(15)
 Series A Software & Tech Services   11/30/2018  1,196   1,160,532   1,901,763 
Vectra AI, Inc
(15)
 Series F Software & Tech Services   05/28/2021  17,064   131,095   109,329 
                     
Total U.S. Preferred Stock
         
 
8,168,876
 
 
 
9,218,222
 
 
U.S. Common Stock - 
1.71%
 
Global Radar Holdings, LLC
(15) (16)
 Earn Out Business Services   11/08/2022  125  $—    $2,179 
AEG Holding Company, Inc.
(15)
 Class A Consumer Discretionary   11/20/2017  320   321,309   338,179 
Freddy’s Acquisition, LP (Freddy’s Frozen Custard, LLC)
(15)
 LP Interests Consumer Non-Cyclical   03/03/2021  72,483   72,483   122,100 
8x8, Inc.
(13) (15) (17)
 Common Units Digital Infrastructure & Services      7,886   170,890   34,068 
Avant Communications, LLC
(15) (16)
 Class A Digital Infrastructure & Services   11/30/2021  236,307   236,307   300,030 
NEPCORE Parent Holdings, LLC
(15)
 Class A Digital Infrastructure & Services   10/21/2021  95   95,249   74,585 
See Notes to Unaudited Consolidated Financial Statements
 
27
Table of Contents
AB Private Credit Investors Corporation
Consolidated Schedule of Investments as of December 31, 2022 (continued)
 
Portfolio Company
 
            Industry            
 
    Facility Type    
 
                      Interest                      
 
  Maturity  
 
Funded

  Par Amount  
  
        Cost        
  
  Fair Value  
 
Ungerboeck Systems International, LLC Software & Tech Services Term Loan 11.28% (L + 6.50%; 1.00% Floor) 04/30/2027 $136,383  $133,886  $133,655 
Ungerboeck Systems International, LLC
(2) (5)
 Software & Tech Services Term Loan 11.23% (L + 6.50%; 1.00% Floor) 04/30/2027  2,717,277   2,687,154   2,662,931 
Vectra AI, Inc.
(3) (4)
 Software & Tech Services Delayed Draw Term Loan 10.49% (L + 5.75%; 1.00% Floor) 03/18/2026  —     (18,778)   (34,914) 
Vectra AI, Inc.
(3) (4)
 Software & Tech Services Revolver 10.49% (L + 5.75%; 1.00% Floor) 03/18/2026  —     (3,756)   (6,983) 
Vectra AI, Inc.
(2) (5)
 Software & Tech Services Term Loan 10.49% (L + 5.75%; 1.00% Floor) 03/18/2026  3,258,620   3,204,291   3,160,862 
Vehlo Purchaser,
LLC
(2) (5)
 Software & Tech Services Delayed Draw Term Loan 9.98% (S + 5.00%; 0.75% Floor) 05/24/2028  6,195,183   6,133,560   6,148,719 
Vehlo Purchaser,
LLC
(3) (4)
 Software & Tech Services Revolver 9.69% (S + 5.00%; 0.75% Floor) 05/24/2028  —     (16,782)   (18,586) 
Vehlo Purchaser,
LLC
(1) (2) (5)
 Software & Tech Services Term Loan 9.69% (S + 5.00%; 0.75% Floor) 05/24/2028  22,302,658   22,000,883   21,968,118 
Velocity Purchaser Corporation
(3) (4)
 Software & Tech Services Revolver 10.24% (S + 6.00%; 1.00% Floor) 12/01/2023  —     (611)   (483) 
Velocity Purchaser Corporation
(1)
 Software & Tech Services Term Loan 10.24% (S + 6.00%; 1.00% Floor) 12/01/2023  2,412,446   2,405,375   2,406,415 
Velocity Purchaser Corporation
(1) (2)
 Software & Tech Services Term Loan 10.24% (S + 6.00%; 1.00% Floor) 12/01/2023  4,765,411   4,735,630   4,753,497 
Velocity Purchaser Corporation
(1)
 Software & Tech Services Term Loan 10.24% (S + 6.00%; 1.00% Floor) 12/01/2023  600,106   597,933   598,605 
Veracross LLC
(3) (4)
 Software & Tech Services Delayed Draw Term Loan 11.23% (S + 2.00%; 5.00% PIK; 1.00% Floor) 12/28/2027  —     (13,965)   (37,549) 
Veracross LLC
(3) (4)
 Software & Tech Services Revolver 11.23% (S + 2.00%; 5.00% PIK; 1.00% Floor) 12/28/2027  —     (18,636)   (36,158) 
Veracross LLC
(5)
 Software & Tech Services Term Loan 11.23% (S + 2.00%; 5.00% PIK; 1.00% Floor) 12/28/2027  12,906,513   12,701,489   12,487,052 
Zendesk, Inc.
(3) (4)
 Software & Tech Services Delayed Draw Term Loan 11.04% (S + 6.50%; 0.75% Floor) 11/22/2028  —     (32,741)   (33,335) 
Zendesk, Inc.
(3) (4)
 Software & Tech Services Revolver 11.04% (S + 6.50%; 0.75% Floor) 11/22/2028  —     (26,961)   (27,453) 
Zendesk, Inc.
(2) (5)
 Software & Tech Services Term Loan 11.04% (S + 6.50%; 0.75% Floor) 11/22/2028  13,334,101   13,072,194   13,067,419 
Dillon Logistics, Inc.
(10)
 Transport & Logistics Revolver — (P + 6.00%; 1.00% Floor) 12/11/2023  834,642   750,748   54,586 
Dillon Logistics, Inc.
(10)
 Transport & Logistics Term Loan — (L + 7.00%; 1.00% Floor) 12/11/2023  3,079,544   2,673,820   201,402 
             
Total U.S. 1st Lien/Senior Secured Debt
   
 
1,097,596,835
 
 
 
1,070,520,769
 
2nd Lien/Junior Secured Debt
- 2.33%
 
Conterra Ultra Broadband Holdings,
Inc.
(1) (2)
 Digital Infrastructure & Services Term Loan 13.01% (L + 8.50%; 1.00% Floor) 04/30/2027  6,537,710   6,476,655   6,521,366 
Brave Parent Holdings,
Inc.
(1)
 Software & Tech Services Term Loan 11.88% (L + 7.50%) 04/17/2026  1,230,107   1,216,529   1,199,354 
Symplr Software,
Inc.
(1) (2)
 Software & Tech Services Term Loan 12.07% (S + 7.88%; 0.75% Floor) 12/22/2028  3,130,634   3,083,175   2,919,316 
             
Total U.S. 2nd Lien/Junior Secured Debt
   
 
10,776,359
 
 
 
10,640,036
 
             
Total U.S. Corporate Debt
   
 
1,108,373,194
 
 
 
1,081,160,805
 
Canadian Corporate Debt - 3.87%
 
1st Lien/Senior Secured Debt
- 3.87%
 
McNairn Holdings
Ltd.
(1) (13)
 Business Services Term Loan 9.98% (L + 5.00%; 0.50% PIK; 1.00% Floor) 11/25/2025 $739,507  $730,174  $726,566 
Syntax Systems
Ltd
(1) (2) (13)
 Digital Infrastructure & Services Term Loan 10.13% (L + 5.75%; 0.75% Floor) 10/29/2028  8,773,543   8,699,024   8,334,866 
Syntax Systems
Ltd
(3) (13)
 Digital Infrastructure & Services Revolver 10.04% (L + 5.75%; 0.75% Floor) 10/29/2026  649,103   641,599   600,420 
Syntax Systems
Ltd
(3) (4) (13)
 Digital Infrastructure & Services Delayed Draw Term Loan 10.13% (L + 5.50%; 0.75% Floor) 10/29/2028  —     (20,396)   (121,707) 
Banneker V Acquisition,
Inc.
(2) (5) (13)
 Software & Tech Services Term Loan 10.39% (L + 6.00%; 1.00% Floor) 12/04/2025  7,105,235   7,011,398   7,105,235 
Banneker V Acquisition,
Inc.
(3) (4) (13)
 Software & Tech Services Revolver 10.39% (L + 6.00%; 1.00% Floor) 12/04/2025  —     (3,068)   —   
Banneker V Acquisition,
Inc.
(2) (13)
 Software & Tech Services Delayed Draw Term Loan 10.39% (L + 6.00%; 1.00% Floor) 12/04/2025  1,024,233   1,012,076   1,024,233 
             
Total Canadian 1st Lien/Senior Secured Debt
   
 
18,070,807
 
 
 
17,669,613
 
             
Total Canadian Corporate Debt
   
 
18,070,807
 
 
 
17,669,613
 
Portfolio Company
 
Class/Series
 
 
        Industry        
 
                                
 
Initial Acquisition Date 
(14)
 
Shares
  
Cost
  
Fair
Value
 
                  
Nepcore Parent Holdings, LLC (Coretelligent Intermediate, LLC)
(15)
 LLC Units Digital Infrastructure & Services   10/21/2021  396,513   439,932  $332,454 
Ntiva Investments, LLC (MSP Global Holdings, Inc)
(15)
 Class A Digital Infrastructure & Services   01/24/2022  333,937   61,111   52,571 
Thrive Parent, LLC
(15)
 Class L Digital Infrastructure & Services   01/22/2021  100,219   263,195   406,456 
Advantage AVP Parent Holdings, L.P. (Medical Management Resource Group, LLC)
(15)
 Class B Healthcare & HCIT   09/30/2021  34,492   34,492   38,533 
American Outcomes Management,
L.P.
(15) (16)
 Class A Healthcare & HCIT   02/17/2022  290,393   290,393   515,299 
Community Based Care Holdings, LP
(15)
 LP Interests Healthcare & HCIT   01/03/2022  179   178,916   191,113 
GSV MedSuite Investments, LLC (Millin Purchaser, LLC)
(15)
 Class A Healthcare & HCIT   03/31/2022  86,555   86,555   81,204 
Health Platform Group, Inc
(15)
 Earn Out Healthcare & HCIT   10/31/2020  16,502   —     —   
INH Group Holdings, Inc.
(15)
 Class A Healthcare & HCIT   01/31/2019  484,552   484,552   6,249 
RCFN Parent, LP (People’s Care)
(15)
 Class A Healthcare & HCIT   06/18/2021  77   78,284   83,644 
REP Coinvest III AGP Blocker, L.P. (Agape Care Group)
(15)
 LP Interests Healthcare & HCIT   10/14/2021  590,203   590,203   830,544 
Brightspot Holdco, LLC
(15)
 LLC Units Software & Tech Services   11/16/2021  433,207   433,207   427,682 
GSV Vehlo Investments, LLC (Vehlo Purchaser, LLC)
(15)
 Class A Software & Tech Services   05/24/2022  150,297   150,297   162,814 
Human Security
(15)
 Common Shares Software & Tech Services   07/29/2022  339,568   953,134   953,127 
Moon Topco, L.P. (Radiant Logic, Inc.)
(15)
 Class A Software & Tech Services   04/21/2021  3,600   35,999   55,819 
Mykaarma Acquisition LLC
(15)
 Class A Software & Tech Services   03/21/2022  257,031   257,031   277,758 
Ranger Lexipol Holdings, LLC
(15)
 Class B Software & Tech Services   11/18/2021  433   —     175,219 
Ranger Lexipol Holdings, LLC
(15)
 Class A Software & Tech Services   11/18/2021  433   433,207   404,565 
REP Coinvest III Tec, L.P. (American Safety Holdings Corp.)
(15)
 LP Interests Software & Tech Services   06/18/2020  167,509   190,658   253,338 
Samsara Networks, Inc.
(13) (15) (17)
 Class A Software & Tech Services     33,451   369,998   415,796 
Stripe, Inc.
(15)
 Class B Software & Tech Services   05/17/2021  4,158   166,854   123,181 
Swyft Parent Holdings LP
(15) (16)
 LP Interests Software & Tech Services   02/07/2022  4,485   —     76,262 
REP Coinvest
III-A
Omni, L.P. (Omni Logistics, LLC)
(15)
 LP Interests Transport & Logistics   02/05/2021  193,770   120,614   471,569 
REP RO Coinvest IV A Blocker
(Road One)
(15)
 Class A Transport & Logistics   12/28/2022  66,441,840   664,418   664,418 
                     
Total U.S. Common Stock
             
 
7,179,288
 
 
 
7,870,756
 
 
U.S. Warrants - 
0.17%
 
SBS Ultimate Holdings, LP, expire
09/18/2030
(
15
)
 Class A Healthcare & HCIT   09/18/2020  17,419   —     —   
Alphasense, Inc., expire 05/29/2027
(1
3
) (
15
)
 Series B Software & Tech Services   06/02/2020  40,394   35,185   480,369 
Degreed, Inc., expire 04/11/2028
(1
5
)
 Series D Software & Tech Services   04/11/2021  7,624   —     17,163 
Degreed, Inc., expire 05/31/2026
(1
5
)
 Series C -1 Software & Tech Services   05/31/2019  26,294   46,823   109,950 
Degreed, Inc., expire 08/18/2029
(1
5
)
 Common Shares Software & Tech Services   08/18/2022  9,374   —     45,483 
ScyllaDB, Inc., expire 09/08/2032
(1
5
)
 Series C-1 Software & Tech Services   09/08/2022  239,984   43,880   44,046 
Vectra AI, Inc., expire 03/18/2031
(1
5
)
 Series F Software & Tech Services   03/18/2021  35,156   58,189   79,903 
                     
Total U.S. Warrants
             
 
184,077
 
 
 
776,914
 
United Kingdom Warrants - 
0.05%
 
GlobalWebIndex, Inc., expire 12/30/2027
(
15
)
 Preferred Units Software & Tech Services      8,832   159,859   217,181 
                     
Total United Kingdom Warrants
             
 
159,859
 
 
 
217,181
 

Portfolio Company
 
Class/Series
 
        
 
                                
   
Shares
  
Cost
  
Fair Value
 
                  
U.S. Investment Companies
- 1.22%
 
  
Orangewood WWB
Co-Invest,
L.P.
(15) (18)
 LP Interests     829,314  $829,314  $829,314 
ORCP III Triton
Co-Investors,
L.P.
(15) (18)
 LP Interests     341,592   98,394   420,500 
AB Equity Investors, L.P.
(15) (18)
 LP Interests     984,786   984,786   1,307,429 
 
Portfolio Company
 
        Class/Series        
 
            Industry            
   
    Initial Acquisition Date 
(14)
   
 
      Shares      
  
      Cost      
  
  Fair Value  
 
                  
U.S. Preferred Stock
- 2.02%
      
Ntiva Investments, LLC (MSP Global Holdings, Inc)
(15)
 Class A Digital Infrastructure & Services  01/24/2022  333,937  $272,826  $234,701 
Bowline Topco
LLC^^
(15) (16)
 LLC Units Energy  08/09/2021  2,946,390   —     173,837 
See Notes to Unaudited Consolidated Financial Statements
 
28
Table of Contents
AB Private Credit Investors Corporation
Consolidated Schedule of Investments as of December 31, 2022 (continued)
Portfolio Company
 
        Class/Series        
 
            Industry            
   
    Initial Acquisition Date 
(14)
   
 
      Shares      
  
      Cost      
  
  Fair Value  
 
                  
SBS Ultimate Holdings, LP(15) Class A Healthcare & HCIT  09/18/2020  217,710  $861,878  $266 
Alphasense, Inc.
(13) (15)
 Series C Software & Tech Services  06/01/2021  23,961   369,843   474,027 
Concerto Health AI Solutions, LLC
(15) (16)
 Series
B-1
 Software & Tech Services  12/23/2019  65,614   349,977   351,172 
Datarobot, Inc.
(15)
 Series F Software & Tech Services  10/27/2020  6,715   88,248   80,863 
Datarobot, Inc.
(15)
 Series E Software & Tech Services  08/30/2019  38,190   289,278   364,025 
Degreed, Inc.
(15)
 Series D Software & Tech Services  04/30/2021  16,943   278,308   260,465 
Degreed, Inc.
(15)
 Series
C-1
 Software & Tech Services  06/25/2019  43,819   278,541   358,800 
Heap, Inc.
(15)
 Series D Software & Tech Services  11/24/2021  17,425   147,443   148,351 
Heap, Inc.
(15)
 Series C Software & Tech Services  05/21/2019  189,617   696,351   1,032,478 
Knockout Intermediate Holdings I, Inc.
(Kaseya, Inc.)
(15)
 Perpetual Software & Tech Services  06/23/2022  1,345   1,311,760   1,377,730 
Netskope, Inc.
(15)
 Series G Software & Tech Services  01/27/2020  36,144   302,536   377,701 
Phenom People, Inc.
(15)
 Series C Software & Tech Services  01/08/2020  35,055   220,610   444,061 
Protoscale Rubrik,
LLC
(15)
 Class B Software & Tech Services  01/04/2019  25,397   598,212   687,828 
Swyft Parent Holdings LP
(15)
(16)
 LP Interests Software & Tech Services  02/07/2022  850,470   811,438   840,825 
Symplr Software Intermediate Holdings, Inc.
(15)
 Series A Software & Tech Services  11/30/2018  1,196   1,160,532   1,901,763 
Vectra AI, Inc
(15)
 Series F Software & Tech Services  05/28/2021  17,064   131,095   109,329 
             
Total U.S. Preferred Stock
    
 
8,168,876
 
 
 
9,218,222
 
U.S. Common Stock
- 1.71%
 
Global Radar Holdings,
LLC
(15) (16)
 Earn Out Business Services  11/08/2022  125   —     2,179 
AEG Holding Company, Inc.
(15)
 Class A Consumer Discretionary  11/20/2017  320   321,309   338,179 
Freddy’s Acquisition, LP (Freddy’s Frozen
Custard, LLC)
(15)
 LP Interests Consumer
Non-Cyclical
  03/03/2021  72,483   72,483   122,100 
8x8, Inc.
(13) (15) (17)
 Common Units Digital Infrastructure & Services    7,886   170,890   34,068 
Avant Communications,
LLC
(15) (16)
 Class A Digital Infrastructure & Services  11/30/2021  236,307   236,307   300,030 
NEPCORE Parent Holdings, LLC
(15)
 Class A Digital Infrastructure & Services  10/21/2021  95   95,249   74,585 
Nepcore Parent Holdings, LLC (Coretelligent Intermediate,
LLC)
(15)
 LLC Units Digital Infrastructure & Services  10/21/2021  396,513   439,932   332,454 
Ntiva Investments, LLC (MSP Global Holdings, Inc)
(15)
 Class A Digital Infrastructure & Services  01/24/2022  333,937   61,111   52,571 
Thrive Parent, LLC
(15)
 Class L Digital Infrastructure & Services  01/22/2021  100,219   263,195   406,456 
Advantage AVP Parent Holdings, L.P. (Medical Management Resource Group, LLC)
(15)
 Class B Healthcare & HCIT  09/30/2021  34,492   34,492   38,533 
American Outcomes Management,
L.P.
(15)(16)
 Class A Healthcare & HCIT  02/17/2022  290,393   290,393   515,299 
Community Based Care Holdings,
LP
(15)
 LP Interests Healthcare & HCIT  01/03/2022  179   178,916   191,113 
See Notes to Unaudited Consolidated Financial Statements
29
Table of Contents
AB Private Credit Investors Corporation
Consolidated Schedule of Investments as of December 31, 2022 (continued)
Portfolio Company
 
        Class/Series        
 
            Industry            
   
    Initial Acquisition Date 
(14)
   
 
      Shares      
  
      Cost      
  
  Fair Value  
 
                  
GSV MedSuite Investments, LLC (Millin Purchaser,
LLC)
(15)
 Class A Healthcare & HCIT  03/31/2022  86,555  $86,555  $81,204 
Health Platform Group, Inc(15) Earn Out Healthcare & HCIT  10/31/2020  16,502   —     —   
INH Group Holdings, Inc.
(15)
 Class A Healthcare & HCIT  01/31/2019  484,552   484,552   6,249 
RCFN Parent, LP
(People’s Care)
(15)
 Class A Healthcare & HCIT  06/18/2021  77   78,284   83,644 
REP Coinvest III AGP Blocker, L.P. (Agape Care Group)
(15)
 LP Interests Healthcare & HCIT  10/14/2021  590,203   590,203   830,544 
Brightspot Holdco,
LLC
(15)
 LLC Units Software & Tech Services  11/16/2021  433,207   433,207   427,682 
GSV Vehlo Investments, LLC (Vehlo Purchaser, LLC)
(15)
 Class A Software & Tech Services  05/24/2022  150,297   150,297   162,814 
Human Security
(15)
 Common Shares Software & Tech Services  07/29/2022  339,568   953,134   953,127 
Moon Topco, L.P.
(Radiant Logic, Inc.)
(15)
 Class A Software & Tech Services  04/21/2021  3,600   35,999   55,819 
Mykaarma Acquisition LLC
(15)
 Class A Software & Tech Services  03/21/2022  257,031   257,031   277,758 
Ranger Lexipol Holdings, LLC
(15)
 Class B Software & Tech Services  
11/18/202
1		  433   —     175,219 
Ranger Lexipol Holdings, LLC
(15)
 Class A Software & Tech Services  11/18/2021  433   433,207   404,565 
REP Coinvest III Tec, L.P. (American Safety Holdings Corp.)
(15)
 LP Interests Software & Tech Services  06/18/2020  167,509   190,658   253,338 
Samsara Networks, Inc.
(13) (15) (17)
 Class A Software & Tech Services    33,451   369,998   415,796 
Stripe, Inc.
(15)
 Class B Software & Tech Services  05/17/2021  4,158   166,854   123,181 
Swyft Parent Holdings LP
(15) (16)
 LP Interests Software & Tech Services  02/07/2022  4,485   —     76,262 
REP Coinvest
III-A
Omni,
L.P. (Omni Logistics,
LLC)
(15)
 LP Interests Transport & Logistics  02/05/2021  193,770   120,614   471,569 
REP RO Coinvest IV A Blocker (Road One)
(15)
 Class A Transport & Logistics  12/28/2022  66,441,840   664,418   664,418 
             
Total U.S. Common Stock
    
 
7,179,288
 
 
 
7,870,756
 
U.S. Warrants
- 0.17%
 
SBS Ultimate Holdings,
LP, expire
09/18/2030
(15)
 Class A Healthcare & HCIT  09/18/2020  17,419   —     —   
Alphasense, Inc., expire 05/29/2027
(13) (15)
 Series B Software & Tech Services  06/02/2020  40,394   35,185   480,369 
Degreed, Inc., expire 04/11/2028
(15)
 Series D Software & Tech Services  04/11/2021  7,624   —     17,163 
Degreed, Inc., expire 05/31/2026
(15)
 Series C
-1
 Software & Tech Services  05/31/2019  26,294   46,823   109,950 
Degreed, Inc., expire 08/18/2029
(15)
 Common Shares Software & Tech Services  08/18/2022  9,374   —     45,483 
ScyllaDB, Inc., expire 09/08/2032
(15)
 Series
C-1
 Software & Tech Services  09/08/2022  239,984   43,880   44,046 
Vectra AI, Inc., expire 03/18/2031
(15)
 Series F Software & Tech Services  03/18/2021  35,156   58,189   79,903 
             
Total U.S. Warrants
    
 
184,077
 
 
 
776,914
 
United Kingdom Warrants
- 0.05%
 
GlobalWebIndex, Inc., expire 12/30/2027
(15)
 Preferred Units Software & Tech Services    8,832   159,859   217,181 
             
Total United Kingdom Warrants
    
 
159,859
 
 
 
217,181
 
Portfolio Company
 
        Class/Series        
 
                    
 
                        
 
                                  
 
      Shares      
  
      Cost      
  
Fair Value  
 
U.S. Investment Companies
-
1.22
%
 
Orangewood WWB
Co-Invest,

L.P.
(15) (18)
 LP Interests     829,314  $829,314  $829,314 
ORCP III Triton
Co-Investors,

L.P.
(15) (18)
 LP Interests     341,592   98,394   420,500 
AB Equity Investors,
L.P.
(15) (18)
 LP Interests     984,786   984,786   1,307,429 
Portfolio Company
 
Class/Series
 
        
 
                        
   
Shares
  
Cost
  
Fair Value
 
Falcon
Co-Investment
Partners,
L.P.
(15) (18)
 LP Interests     812,734  $812,734  $813,547 
GHP E Aggregator,
LLC
(15) (18)
 LLC Units     417,813   186,588   614,185 
GHP SPV 2, L.P.
(13) (15)
(18)
 LP Interests     244,920   244,920   230,225 
See Notes to Unaudited Consolidated Financial Statements
30
Portfolio Company
 
Class/Series
 
        
 
                                
   
Shares
  
Cost
  
Fair Value
 
Falcon
Co-Investment
Partners, L.P.
(15) (18)
 LP Interests        812,734   812,734  $813,547 
GHP E Aggregator, LLC
(15) (18)
 LLC Units        417,813   186,588   614,185 
GHP SPV 2, L.P.
(13) (15) (18)
 LP Interests        244,920   244,920   230,225 
Magenta Blocker Aggregator, LP
(15) (18)
 Class A        821,396   676,978   1,126,955 
Palms
Co-Investment
Partners, L.P.
(15) (18)
 LP Interests        261,449   261,449   261,449 
                     
Total U.S. Investment Companies
             
 
4,095,163
 
 
 
5,603,604
 
   
TOTAL INVESTMENTS - 
245.69%
(
19
)
 
 
$
 1,146,231,264
 
 
$
 1,122,517,095
 
          
        
Portfolio Company
   
Industry
     
Shares
  
Cost
  
Fair Value
 
Cash Equivalents - 
6.34%
 
U.S. Investment Companies - 
6.34%
 
Blackrock T Fund I
(17) (20)
 Money Market Money Market Portfolio 4.03%
(
21
)
    14,121,193  $14,121,193  $14,121,193 
State Street Institutional US Government Money Market Fund
(17) (20)
 Money Market Money Market Portfolio 4.12%
(
21
)
    14,850,792   14,850,792   14,850,792 
                     
Total U.S. Investment Companies
 
 
 
28,971,985
 
 
 
28,971,985
 
          
Total Cash Equivalents
 
 
 
28,971,985
 
 
 
28,971,985
 
LIABILITIES IN EXCESS OF OTHER ASSETS - 
(152.03%)
 
 
$
(694,610,587
) 
NET ASSETS - 
100.00%
 
 
$
456,878,493
 
                     
Table of Contents
AB Private Credit Investors Corporation
Consolidated Schedule of Investments as of December 31, 2022 (continued)
                  
Portfolio Company
 
        Class/Series        
 
                    
 
                        
 
                                  
 
      Shares      
  
      Cost      
  
Fair Value  
 
Magenta Blocker Aggregator, LP
(15) (18)
 Class A     821,396  $676,978  $1,126,955 
Palms
Co-Investment
Partners, L.P.
(15) (18)
 LP Interests     261,449   261,449   261,449 
             
Total U.S. Investment Companies
     
 
4,095,163
 
 
 
5,603,604
 
TOTAL INVESTMENTS - 245.69%
(19)
 
 
$
1,146,231,264
 
 
$
1,122,517,095
 
        
Portfolio Company
   
Industry
     
Shares
  
Cost
  
Fair Value
 
Cash Equivalents
- 6.34%
 
U.S. Investment Companies
- 6.34%
 
Blackrock T Fund I
(17) (20)
 Money Market Money Market Portfolio  4.03% (21)  14,121,193  $14,121,193  $14,121,193 
State Street Institutional US Government Money Market Fund
(17) (20)
 Money Market Money Market Portfolio  4.12% (21)  14,850,792   14,850,792   14,850,792 
             
Total U.S. Investment Companies
 
 
 
28,971,985
 
 
 
28,971,985
 
             
Total Cash Equivalents
 
 
 
28,971,985
 
 
 
28,971,985
 
LIABILITIES IN EXCESS OF OTHER ASSETS - (152.03%)
 
 
$
(694,610,587
) 
NET ASSETS - 100.00%
 
 
$
456,878,493
 
          
 
(++) 
Unless otherwise indicated, all securities represent
co-investments
made with the Fund’s affiliates in accordance with the terms of the exemptive relief received from the U.S. Securities and Exchange Commission. See Note 3 “Related Party Transactions”.
+ 
As of December 31, 2022, qualifying assets represented 96.90% 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”), Secured Overnight Financing Rate including adjustment, if any (“SOFR”) or the U.S. Prime rate. The spread may change based on the type of rate used. The terms in the Consolidated Schedule of Investments disclose the actual interest rate in effect as of the reporting period. LIBOR and SOFR loans are typically indexed to
30-day,
60-day,
90-day
or
180-day
rates (1M, 3M or 6M, respectively) at the borrower’s option. LIBOR and SOFR loans may be subject to interest floors. As of December 31, 2022, rates for weekly 1M L, 3M L 6M L, 1M S, 3M S and 6M S are 4.39%, 4.73%, 5.15%, 4.42%, 4.73% and 4.98%, respectively. As of December 31, 2022, the U.S. Prime rate was 7.50%.
^^ As defined in the Investment Company Act, the investment is deemed to be a “controlled affiliated person” of the Fund because the Fund owns, either directly or indirectly, 25% or more of the portfolio company’s outstanding voting securities or has the power to exercise control over management or policies of such portfolio company. See Note 3 “Related Party Transactions”.
(1) Position, or a portion thereof, has been segregated to collateralize ABPCI Direct Lending Fund CLO VI Ltd.
(2) Position, or a portion thereof, has been segregated to collateralize ABPCIC Funding III, LLC.
(3) 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”.
(4) 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.
(5) Position, or a portion thereof, has been segregated to collateralize ABPCIC Funding II, LLC.
(6)
This investment has multiple reference rates or alternate base rates. The
All-in
interest rate shown is the weighted average interest rate in effect at MarchDecember 31, 2023.
2022.
(7)
Saturn Borrower Inc. has been renamed to Stratus Networks, Inc. in 2022.
(8)
TA/WEG Holdings, LLC has been renamed to Wealth Enhancement Group, LLC in 2022.
(
9
)
(9) 		MedMark Services, Inc. has been renamed to BAART Programs, Inc. in 2022.
(1
0
)
(10) 
The investment is on
non-accrual
status. See Note 2 “Significant Accounting Policies.”
(1
1
)
(11) 		Millin Purchaser LLC. has been renamed to Medsuite Purchaser, LLC in 2022.
(12)
Cybergrants Holdings, LLC has been renamed to Bonterra LLC in 2022.
(13)
Positions considered
non-qualified
assets therefore excluded from the qualifying assets calculation as noted in footnote + above.
(
14
)
(14) 		Securities exempt from registration under the Securities Act of 1933, and may be deemed to be “restricted securities”. As of December 31, 2022, the aggregate fair value of these securities is $17,633,209 or 3.86% of the Fund’s net assets. The initial acquisition dates have been included for such securities.
(15)
Non-income
producing investment.
(16)
Position or portion thereof is held through a consolidated subsidiary.
(17)
Categorized as Level 1 assets under the definition of ASC 820 fair value hierarchy.
(18)
Excluded from the ASC 820 fair value hierarchy as fair value is measured using the net asset value per share practical expedient.
(
19
)
(19) 		Aggregate gross unrealized appreciation for federal income tax purposes is $7,142,498; aggregate gross unrealized depreciation for federal income tax purposes is $30,898,346. Net unrealized depreciation is $23,755,848 based upon a tax cost basis of $1,146,272,943.
(
20
)
(20) 		Included within ‘Cash and cash equivalents’ on the Consolidated Statements of Assets and Liabilities.
(
21
)
(21) 
The rate shown is the annualized
seven-day
yield as of December 31, 2022.
 
L -  LIBOR
P -  Prime
PIK -  
Payment-In-Kind
S -  SOFR
See Notes to Unaudited Consolidated Financial Statements
31
29
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AB Private Credit Investors Corporation
Notes to Unaudited Consolidated Financial Statements
March 31,September 30, 2023
1. Organization
AB Private Credit Investors Corporation (the “Fund,” “we,” “our,” and “us”), an externally managed,
non-diversified,
closed-end,
management investment company that elected to be regulated as a business development company (“BDC”) under the Investment Company Act of 1940, as amended (the “1940 Act”), was incorporated under the laws of the state of Maryland on February 6, 2015. The Fund was formed to invest in primary-issue middle-market credit opportunities that are directly sourced and privately negotiated. AB Private Credit Investors LLC serves as the Fund’s external investment adviser (the “Adviser”).
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 pursuant to a subscription agreement entered into with the Fund. All investors will be committed to the Fund for at least three years from the date of their initial Capital Commitment, subject to the terms described in the Fund’s Private Placement Memorandum. Investors will be required to fund drawdowns to purchase Shares up to the amount of their respective Capital Commitment on an
as-needed
basis each time the Fund delivers a capital draw-down notice to its investors.
On September 29, 2017, the Fund completed the initial closing (“Initial Closing”) of its Private Offering after entering into subscription agreements (collectively, the “Subscription Agreements”) with several investors, providing for the private placement of Shares. As of March 31,September 30, 2023, the Fund had total Capital Commitments of $594,505,663,$629,019,653, of which 17%
14% or $99,216,798$90,663,743 is unfunded. Capital Commitments may be drawn down by the Fund on a pro rata basis, as needed (including
follow-on
investments), for paying the Fund’s expenses, including fees under the Amended and Restated Advisory Agreement (as defined below), and/or maintaining a reserve account for the payment of future expenses or liabilities.
There were no operating activities from February 6, 2015 to November 15, 2017. As described above, the Fund completed its Initial Closing on September 29, 2017, and commenced operations on November 15, 2017 by issuing its first capital call on December 1, 2017. The Fund’s fiscal year ends on December 31.
On June 14, 2019, the Adviser established ABPCI Direct Lending Fund CLO VI Ltd (“CLO VI”), an exempted company incorporated with limited liability under the laws of the Cayman Islands. CLO VI is 100% owned by the Fund and is consolidated in the Fund’s consolidated financial statements. CLO VI issued
Class B, B-R
Notes,
Class CC-R
Notes and Subordinated Notes to the Fund through AB PCI Direct Lending Fund CLO VI Depositor LLC, a wholly-owned subsidiary of the Fund established on August 9,June 28, 2019.
On February 7, 2020, the Fund and an affiliate of Abbott Capital Management, LLC (“Abbott”) became members of, ABPCIC Equity Holdings, LLC (“ABPCICE”), a Delaware limited liability company and a special purpose vehicle designed to invest in private equity investments sourced by Abbott. The Fund is the managing member and owns 100% of the Class L Units and 93% of the Class A Units of ABPCICE. As a result, the Fund consolidates ABPCICE in its consolidated financial statements and records a
non-controlling
interest of the equity interests in ABPCICE not held by the Fund.
On July 30, 2020, February 11, 2021 and January 13, 2023, the Adviser established ABPCIC Funding II LLC (“ABPCIC Funding II”), ABPCIC Funding III LLC (“ABPCIC Funding III”) and ABPCIC Funding IV LLC (“ABPCIC Funding IV”), respectively, Delaware limited liability companies. ABPCIC Funding II, ABPCIC Funding III and ABPCIC Funding IV
are 100%
owned by the Fund and are consolidated in the Fund’s consolidated financial statements commencing from the date of their formation.
On January 5, 2023, the Adviser established ABPCICABPCI Direct Lending Fund CLO XIII LTD (“CLO XIII”), a Delawareprivate company limited liability company.by shares incorporated under the laws of Jersey. CLO VIIIXIII is
100% owned by the Fund
and is consolidated in the Fund’s consolidated financial statements commencing from the date of
its
formation.
CLO XIII issued Class D Notes and Subordinated Notes to the Fund through ABPCI Direct Lending Fund CLO XIII Depositor LLC, a wholly-owned subsidiary of the Fund established on April 3, 2023.
The Adviser has established certain additional consolidated subsidiaries that are subject to U.S. federal and state corporate level income taxes to hold certain equity or equity-like investments in portfolio companies.
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2. Significant Accounting Policies
The Fund is an investment company under accounting principles generally accepted in the United States of America (“GAAP”) and follows the accounting and reporting guidance applicable to investment companies in the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 946,
Financial Services – Investment Companies.
The Fund has prepared the consolidated financial statements and related financial information pursuant to the requirements for reporting on Form
10-Q
and Articles 6 and 10 of Regulation
S-X.
Accordingly, we have not included in this quarterly report all of the information and notes required by GAAP for annual financial statements. In the opinion of management, the unaudited financial information for the interim period presented in this report reflects all normal and recurring adjustments necessary for a fair statement of financial position and results from operations. Operating results for interim periods are not necessarily indicative of operating results for an entire year.
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The functional currency of the Fund is U.S. dollars and these consolidated financial statements have been prepared in that currency.
Consolidation
The Fund will generally consolidate any wholly or substantially owned subsidiary when the design and purpose of the subsidiary is to act as an extension of the Fund’s investment operations and to facilitate the execution of the Fund’s investment strategy. Accordingly, the Fund consolidated the results of its wholly or substantially owned subsidiaries in its consolidated financial statements. The portion of net assets that is attributable to
non-controlling
interest in ABPCICE is presented as
“Non-Controlling
Interest in ABPCIC Equity Holdings, LLC”, a component of total equity, on the Fund’s consolidated statements of assets and liabilities. All intercompany balances and transactions have been eliminated in consolidation.
Reclassifications
Certain prior period amountspreviously disclosed industry classifications have been expanded to add
additional
sub-industries. Investments fitting into the new sub-industries have been reclassified to conform to the current presentation, with no significant effect on our financial condition, results of operations or cash flows.accordingly.
Valuation of Investment Companies
Investments in investment companies are valued at fair value. Fair values are generally determined utilizing the net asset value (“NAV”) supplied by, or on behalf of, management of each investment company, which is net of management and incentive fees or allocations charged by the investment company and is in accordance with the “practical expedient”, as defined by ASC 820. NAVs received by, or on behalf of, management of each investment company are based on the fair value of the investment company’s underlying investments in accordance with policies established by management of each investment company, as described in each of their financial statements and offering memorandum.
Cash and Cash Equivalents
Cash consists of demand deposits and money market accounts. 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 and money market mutual funds as cash equivalents.
Revenue Recognition
Investment transactions are recorded on a trade-date basis. Interest income is recognized on an accrual basis. Interest income on debt instruments is accrued and recognized for those issuers who are currently paying in full or expected to pay in full. For those issuers who are in default or expected to default, interest is not accrued and is only recognized when received. Generally, when interest and/or principal payments on a loan become past due, or if the Fund otherwise does not expect the borrower to be able to service its debt and other obligations, the Fund will place the loan on
non-accrual
status and will cease recognizing interest income on that loan for financial reporting purposes until all principal and interest have been brought current through payment or due to restructuring such that the interest income is deemed to be collectible. The Fund generally restores
non-accrual
loans to accrual status when past due principal and interest is paid and, in the management’s judgment, is likely to remain current. Interest income and expense include discounts accreted and premiums amortized on certain debt instruments as determined in good faith by the Adviser and calculated using the effective interest method. Loan origination fees, original issue discounts and market discounts or premiums are capitalized as part of the underlying cost of the investments and accreted or amortized over the life of the investment as interest income.
Realized gains and losses on investment transactions are determined on the specific identification method.
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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
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interest payment date, the accrued interest receivable attributable to PIK is added to the principal balance of the investment. When additional debt is received on the interest payment date, it typically has the same terms, including maturity dates and interest rates, as the original loan. PIK interest generally becomes due on the investment’s maturity date or call date.
The Fund may earn various fees during the life of the loans. Such fees include, but are not limited to, syndication, commitment, administration, prepayment and amendment fees, some of which are paid to the Fund on an ongoing basis. These fees and any other income are recognized as earned. Upon prepayment of a loan or debt security, any prepayment premiums, unamortized upfront loan origination fees and unamortized discounts are recorded as interest income.
Costs associated with entering into an investment are included in the cost of the investment, and any costs incurred relating to an unconsummated investment are expensed.
Distributions received from an equity interest, limited liability company or a limited partnership investment are evaluated to determine if the distribution should be recorded as dividend income or a return of capital.
Investment Transactions
Investment transactions are accounted for on trade date. Realized gains (losses) on investments sold are recorded on the basis of specific identification method for both consolidated financial statement and U.S. federal income tax purposes. Payable for investments purchased and receivable for investments sold on the Consolidated Statements of Assets and Liabilities, if any, represents the cost of purchases and proceeds from sales of investment securities, respectively, for trades that have been executed but not yet settled.
Non-Accrual
Investments
Investments are placed on
non-accrual
status when it is probable that principal, interest or dividends will not be collected according to the contractual terms. Accrued interest or dividends generally are reversed when an investment is placed on
non-accrual
status. Interest or dividend payments received on
non-accrual
investments may be recognized as income or applied to principal depending upon management’s judgment.
Non-accrual
investments are restored to accrual status when past due principal and interest or dividends are paid and, in management’s judgment, principal and interest or dividend payments are likely to remain current. The Fund may make exceptions to this treatment if an investment has sufficient collateral value and is in the process of collection. As of March 31,September 30, 2023, the Fund had certain investments held in four portfolio companies on
non-accrual
status, which represented 1.89%1.79% and 1.00%0.27% of the total investments (excluding investments in cash equivalents, if any) at amortized cost and at fair value. As of December 31, 2022, the Fund had certain investments held in three portfolio companies on
non-accrual
status, which represented 0.96% and 0.26% of the total investments (excluding investments in cash equivalents, if any) at amortized cost and at fair value.
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.    
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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.
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2
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Income Taxes
ASC 740, “Accounting for Uncertainty in Income Taxes” (“ASC 740”) provides guidance on the accounting for and disclosure of uncertainty in tax positions. ASC 740 requires the evaluation of tax positions taken or expected to be taken in the course of preparing the Fund’s tax returns to determine whether the tax positions are
“more-likely-than-not”
of being sustained by the applicable tax authority. Tax positions deemed to meet the
more-likely-than-not
threshold are recorded as a tax benefit or expense in the current year. Based on its analysis of its tax position for all open tax years (the current and prior two years), the Fund has concluded that it does not have any uncertain tax positions that met the recognition or measurement criteria of ASC 740. Such open tax years remain subject to examination and adjustment by tax authorities.
The Fund has elected to be treated and intends to continue to be treated for federal income tax purposes as a regulated investment company (“RIC”) under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”). So long as the Fund is able to maintain its status as a RIC, it intends not to be subject to U.S. federal income tax on the portion of its taxable income and gains distributed to stockholders, if any. To qualify for RIC tax treatment, the Fund is required to distribute at least 90% of its investment company taxable income annually, meet diversification and income requirements quarterly, meet gross income requirements annually and file Form
1120-RIC,
as provided by the Code. In order for the Fund not to be subject to U.S. federal excise taxes, it must distribute annually an amount at least equal to the sum of (i) 98% of its net ordinary income (taking into account certain deferrals and elections) for the calendar year, (ii) 98.2% of its capital gains in excess of capital losses for the
one-year
period ending on October 31 of the calendar year and (iii) any net ordinary income and capital gains in excess of capital losses for preceding years that were not distributed during such years. The Fund, at its discretion, may carry forward taxable income in excess of calendar year dividends and pay a 4% nondeductible U.S. federal excise tax on this income. The Fund will accrue excise tax on estimated undistributed taxable income as required. As of March 31,September 30, 2023, and December 31, 2022, $0 and $0, respectively, of accrued excise taxes remained payable. For the three and nine months ended March 31,September 30, 2023, the Fund accrued income taxes of $96,092 and $374,118, respectively. For the three and nine months ended September 30, 2022, the Fund accrued income taxes of $17,301$382,072 and $308,827,$949,155, respectively. As of March 31,September 30, 2023 and December 31, 2022, $1,321,219$185,657 and $1,303,918, respectively, of accrued income 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.
Certain of the Fund’s consolidated subsidiaries are subject to U.S. federal and state corporate-level income taxes.
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.
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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 or distributable earnings, as appropriate, in the period that the differences arise. Temporary and permanent differences are primarily attributable to differences in the tax treatment of certain loans and the tax characterization of income and
non-deductible
expenses. These differences are generally determined in conjunction with the preparation of the Fund’s annual RIC tax return. Distributions to common stockholders are recorded on the
ex-dividend
date. The amount to be paid out as a distribution is determined by the Board each quarter and is generally based upon the earnings estimated by the Adviser. The Fund may pay distributions to its stockholders in a year in excess of its net ordinary income and capital gains for that year and, accordingly, a portion of such distributions may constitute a return of capital for U.S. federal income tax purposes.
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The Fund intends to timely distribute to its stockholders substantially all of its annual taxable income for each year, except that the Fund may retain certain net capital gains for reinvestment and, depending upon the level of the Fund’s taxable income earned in a year, the Fund may choose to carry forward taxable income for distribution in the following year and pay any applicable U.S. federal excise tax. The specific tax characteristics of the Fund’s distributions will be reported to stockholders after the end of the calendar year. All distributions will be subject to available funds, and no assurance can be given that the Fund will be able to declare such distributions in future periods.
The Fund has adopted a dividend reinvestment plan that provides for stockholders to receive dividends or other distributions declared by the Board in cash unless a stockholder elects to “opt in” to the dividend reinvestment plan. As a result, if the Board declares a cash distribution, then the stockholders who have “opted in” to the dividend reinvestment plan will have their cash distributions automatically reinvested in additional Shares, rather than receiving the cash distribution.
3. Related Party Transactions
Advisory Agreement
On November 13, 2019, the Fund entered into the amended and restated advisory agreement (the “Amended and Restated Advisory Agreement”), replacing the advisory agreement the Fund entered into with the Adviser on July 27, 2017 (the “Advisory Agreement”), pursuant to which the Fund will pay the Adviser, quarterly in arrears, a base management fee calculated at an annual rate of 1.50%. The base management fee is calculated based on a percentage of the average outstanding assets of the Fund (which equals the gross value of equity and debt instruments, including investments made utilizing leverage), excluding cash and cash equivalents, during such fiscal quarter. The average outstanding assets is calculated by taking the average of the amount of assets of the Fund at the beginning and end of each month that occurs during the calculation period. The base management fee is calculated and paid quarterly in arrears but will be accrued monthly by the Fund over the fiscal quarter for which such base management fee is paid.
On March 24, 2022, the Fund entered into the second amended and restated investment advisory
agree
ment agreement (the “Second Amended and Restated Advisory Agreement”), replacing the Amended and Restated Advisory Agreement pursuant to which effective March 24, 2022 the base management fee shall be calculated at an annual rate of 1.375%. On March 24, 2022, the Fund and the Adviser also entered into a fee waiver letter pursuant to which the Adviser has agreed to waive a portion of the management fee in excess of the base management fee calculated at the reduced annual rate of 1.375% for the period January 1, 2022 through March 24, 2022.
For the three and nine months ended March 31,September 30, 2023, the Fund incurred a management fee of $3,938,904.$4,276,488 and $12,419,430, respectively. For the three and nine months ended March 31,September 30, 2022, the Fund incurred a management fee of $3,402,792,$3,644,259 and $10,438,278, respectively, of which $0 and $283,566, wasrespectively, were voluntarily waived by the Adviser. As of March 31,September 30, 2023 and December 31, 2022, $3,938,904$4,276,488 and $3,778,123, 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. 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 havethe Fund has entered into with State Street Bank and Trust (the “Administrator”), and any interest expense and dividends paid on any issued and outstanding indebtedness or preferred stock, respectively, but excluding, for avoidance of doubt, the income-based incentive fee, as well as the capital gains incentive fee (described
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(described below), accrued under GAAP). PIFNII also includes, in the case of investments with a deferred interest feature (such as original issue discount, debt instruments with
pay-in-kind
interest and
zero-coupon
securities), accrued income that the Fund has not yet received in cash. The Adviser is not under any obligation to reimburse the Fund for any part of the income-based incentive fees it received that was based on accrued interest that the Fund never actually received.
PIFNII does not include any realized capital gains, realized capital losses or unrealized capital appreciation or depreciation. Because of the structure of the income-based incentive fee, it is possible that the Fund may accrue such income-based incentive fee in a quarter where the Fund incurs a net loss. For example, if the Fund receives PIFNII in excess of a hurdle rate (as defined below) for a quarter, the Fund will accrue the applicable income-based incentive fee even if the Fund has incurred a realized and/or unrealized capital loss in that quarter. However, cash payment of the income-based incentive fee may be deferred in this situation, subject to the restrictions detailed at the end of this section.
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4
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PIFNII, expressed as a rate of return on the average value of the Fund’s net assets (defined as total assets, less indebtedness and before taking into account any incentive fees payable during the period) as of the first day of each month during the course of the immediately preceding calendar quarter, will be compared to various “hurdle rates,” with the income-based incentive fee rate of return increasing at each hurdle rate.
Description of Quarterly Incentive Fee Calculations
The Fund pays the Adviser an income-based incentive fee with respect to PIFNII in each calendar quarter as follows:
 
No income-based incentive fee in any calendar quarter in which PIFNII does not exceed 1.5% per quarter (6% per annum), the “6% Hurdle Rate”;
 
100% of PIFNII with respect to that portion of such PIFNII, if any, that exceeds the 6% Hurdle Rate but is less than 1.67% in any calendar quarter (the “6%
Catch-up
Cap”), approximately 6.67% per annum. This portion of PIFNII (which exceeds the 6% Hurdle Rate but is less than the 6%
Catch-up
Cap) is referred to as the “6%
Catch-up.”
The 6%
Catch-up
is meant to provide the Adviser with 10.0% of the PIFNII as if hurdle rate did not apply if this net investment income exceeded 1.67% but was less than 1.94% in any calendar quarter; and
 
10.0% of the amount of PIFNII, if any, that exceeds the 6%
Catch-up
Cap, but is less than 1.94% (the “7% Hurdle Rate”), approximately 7.78% per annum. The 7% Hurdle Rate is meant to limit the Adviser to 10% of the PIFNII until the amount of PIFNII exceeds 1.94%, approximately 7.78% per annum; and
 
100% of PIFNII with respect to that portion of such PIFNII, if any, that exceeds the 7% Hurdle Rate but is less than 2.06% in any calendar quarter (the “7%
Catch-up
Cap”), approximately 8.24% per annum. This portion of PIFNII (which exceeds the 7% Hurdle Rate but is less than the 7%
Catch-up
Cap) is referred to as the “7%
Catch-up.”
The 7%
Catch-up
is meant to provide the Adviser with 15.0% of the PIFNII as if a hurdle rate did not apply if this net investment income exceeded 2.06% but was less than 2.35% in any calendar quarter; and
 
15.0% of the amount of PIFNII, if any, that exceeds the 7%
Catch-up
Cap, but is less than 2.35% (the “8% Hurdle Rate”, approximately 9.41% per annum). The 8% Hurdle Rate is meant to limit the Adviser to 15% of the PIFNII until the amount of PIFNII exceeds 2.35%, approximately 9.41% per annum; and
 
100% of PIFNII with respect to that portion of such PIFNII, if any, that exceeds the 8% Hurdle Rate but is less than 2.50% in any calendar quarter (the “8%
Catch-up
Cap”), approximately 10% per annum. This portion of PIFNII (which exceeds the 8% Hurdle Rate but is less than the 8%
Catch-up
cap) is referred to as the “8%
Catch-up”.
The 8%
Catch-up
is meant to provide the Adviser with 20.0% of the PIFNII as if a hurdle rate did not apply if this net investment income exceeded 2.50% in any calendar quarter; and
 
20.0% of the amount of PIFNII, if any, that exceeds 2.50% in any calendar quarter.
For the three and nine months ended March 31,September 30, 2023, the Fund incurred income-based incentive fees of $3,125,822 and March 31,$8,480,899, respectively. For the three and nine months ended September 30, 2022, the Fund incurred income – basedincome-based incentive fees of $2,754,604$1,275,176 and $1,931,939,$4,158,321, respectively. As of March 31,September 30, 2023 and December 31, 2022, $2,754,604,$5,726,295 and $2,534,935, respectively, of accrued income-based incentive fees remained payable.
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The capital gains fee shall be determined and payable in arrears as of the end of each calendar year (or upon termination of this Agreement as set forth below), and will equal 20.0% of the Fund’s aggregate cumulative realized capital gains, if any, from the date of the Fund’s election to be regulated as a BDC through the end of each calendar year, computed net of all aggregate cumulative realized capital losses and aggregate cumulative unrealized capital depreciation, less the aggregate amount of any previously paid capital gain Incentive Fees,incentive fees, with respect to each of the investments in the Company’sFund’s portfolio. The Company’sFund’s “aggregate cumulative realized capital gains” will not include any unrealized appreciation. The capital gains fee is not subject to any minimum return to stockholders. If such amount is negative, then no Capital Gains Feecapital gains fee will be payable for such year. In the event that this Agreement shall terminate as of a date that is not a calendar year end, the termination date shall be treated as though it were a calendar year end for purposes of calculating and paying a Capital Gains Fee.capital gains fee.
While the capital gains fee to be paid is determined above, GAAP requires such fee to be accrued as if the Fund were to be terminated and liquidated at period end hypothetical liquidation. There
was no capital gains incentive fee under GAAP recognized for the three and nine months ended March 31,September 30, 2023. For the three and nine months
ended
March 31, September 30, 2022, the Fund reduced the previously recognized capital gains incentive fee under GAAP by $(546,733)$(499,007) and $(1,283,044), which was not realized. As of March 31,September 30, 2023 and December 31, 2022, $0 and $0, respectively, of capital gains incentive fee remained payable.
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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 periods ending on or prior to the date such payment is to be made, the sum of (a) the PIFNII, and (b) the realized capital gain / loss and (c) unrealized capital appreciation/ depreciation expressed as a rate of return on the value of our net assets, is less than 6.0%. Any such deferred fees are carried over for payment in subsequent calculation periods to the extent such payment is payable under the Amended and Restated Advisory Agreement.
Administration Agreement and Expense Reimbursement Agreement
We haveThe Fund has entered into the Administration Agreement with the Administrator and a separate expense reimbursement agreement with the Adviser (the “Expense Reimbursement Agreement”) under which any allocable portion of the cost of ourits 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 usthe Fund with clerical, bookkeeping, recordkeeping and other administrative services. WeThe Fund will reimburse the Adviser an amount equal to ourthe Fund’s allocable portion (subject to the review of ourits Board) of its overhead resulting from its obligations under the Expense Reimbursement Agreement, including the allocable portion of the cost of ourits Chief Compliance Officer and Chief Financial Officer and their respective staffs.
Expense Support and Conditional Reimbursement Agreement
On September 29, 2017, the Fund and the Adviser entered into an agreement (the “Expense Support and Conditional Reimbursement Agreement”) to limit certain of the Fund’s Operating Expenses, as defined below, to no more than 1.5% of the Fund’s average quarterly gross assets. To achieve this percentage limitation, the Adviser has agreed to reimburse the Fund for certain Operating Expenses on a quarterly basis (any such payment by the Adviser, an “Expense Payment”) and the Fund has agreed to later repay such amounts (any such payment by the Fund, a “Reimbursement Payment”), pursuant to the terms of the Expense Support and Conditional Reimbursement Agreement. The actual percentage of Operating Expenses paid by the Fund in any quarter after deducting any Expense Payment, as a percentage of the Fund’s average quarterly gross assets, is referred to as the “Percentage Limit.”
Any Expense Payment by the Adviser pursuant to the Expense Support and Conditional Reimbursement Agreement will be subject to repayment by the Fund on a quarterly basis within the three years following the fiscal quarter of the Fund in which the Operating Expenses were paid or absorbed, if the total Operating Expenses for the current quarter, including Reimbursement Payments, expressed as a percentage of the Fund’s average gross assets during such quarter is less than the then-current Percentage Limit, if any, and the Percentage Limit that was in effect at the time when the Adviser reimbursed the Operating Expenses that are the subject of the repayment, subject to certain provisions of the Expense Support and Conditional Reimbursement Agreement, as described below. For purposes of the Expense Support and Conditional Reimbursement Agreement, “Operating Expenses” means the Fund’s Total Operating Expenses (as defined below), excluding base management fees, incentive fees, distribution and stockholder servicing fees, financing fees and costs, interest expense, brokerage commissions and extraordinary expenses and “Total Operating Expenses” means all of the Fund’s operating costs and expenses incurred, as determined in accordance with generally accepted accounting principles for investment companies.
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However, no Reimbursement Payment for any quarter will be made if: (1) the Effective Rate of Distributions Per Share (as defined below) declared by the Fund at the time of such Reimbursement Payment is less than or equal to the Effective Rate of Distributions Per Share at the time the Expense Payment was made to which such Reimbursement Payment relates, or (2) the Fund’s Operating Expense Ratio at the time of such Reimbursement Payment is greater than or equal to the Operating Expense Ratio (as defined below) at the time the Expense Payment was made to which such Reimbursement Payment relates. For purposes of the Expense Support and Conditional Reimbursement Agreement, “Effective Rate of Distributions Per Share” means the annualized rate (based on a
365-
day year) of regular cash distributions per Share exclusive of returns of capital, distribution rate reductions due to distribution and stockholder fees, and declared special dividends or special distributions, if any. The “Operating Expense Ratio” is calculated by dividing Operating Expenses in any quarter by the Fund’s average net assets in such quarter.
The specific amount of expenses paid by the Adviser, if any, will be determined at the end of each quarter. The Fund or the Adviser may terminate the Expense Support and Conditional Reimbursement Agreement at any time, with or without notice. The Expense Support and Conditional Reimbursement Agreement will automatically terminate in the event of (a) the termination of the Amended and Restated Advisory Agreement, or (b) the Board of the Fund making a determination to dissolve or liquidate the Fund. Upon termination of the Expense Support and Conditional Reimbursement Agreement, the Fund will be required to fund any Expense Payments, subject to the aforementioned requirements per the Expense Support and Conditional Reimbursement Agreement, that have not been reimbursed by the Fund to the Adviser.
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Transfer Agency Agreement
On September 26, 2017, the Fund and Alliance Bernstein Investor Services, Inc. (“ABIS”), an affiliate of the Fund, entered into an agreement pursuant to which ABIS will provide transfer agent services to the Fund. The Fund bears the expenses related to the agreement with ABIS.
For the three and nine months ended March 31,September 30, 2023, the Fund accrued $36,929 and March 31,$108,416, respectively, in transfer agent fees. For the three and nine months ended September 30, 2022, the Fund accrued $35,272$32,503 and $25,676,$88,020, respectively, in transfer agent fees. As of March 31,September 30, 2023 and December 31, 2022, $35,272$36,929 and $34,224, respectively, of accrued transfer agent fees remained payable.
Co-investment
Activity
The Fund may be prohibited under the 1940 Act from participating in certain transactions with its affiliates without prior approval of the directors who are not interested persons, and in some cases, the prior approval of the SEC. The Fund, the Adviser and certain of their affiliates have been granted exemptive relief by the SEC for the Fund to
co-invest
with other funds managed by the Adviser or its affiliates in a manner consistent with the Fund’s investment objective, positions, policies, strategies and restrictions as well as regulatory requirements and other pertinent factors. Pursuant to such exemptive relief, the Fund generally is permitted to
co-invest
with certain of its affiliates if a “required majority” (as defined in Section 57(o) of the 1940 Act) of the Board make certain conclusions in connection with a
co-investment
transaction, including that (1) the terms of the transaction, including the consideration to be paid, are reasonable and fair to the Fund and its shareholders and do not involve overreaching of the Fund or its shareholders on the part of any person concerned, (2) the transaction is consistent with the interests of the Fund’s shareholders and is consistent with its investment objective and strategies, (3) the investment by its affiliates would not disadvantage the Fund, and the Fund’s participation would not be on a basis different from or less advantageous than that on which its affiliates are investing and (4) the proposed investment by the Fund would not benefit the Adviser or its affiliates or any affiliated person of any of them (other than the parties to the transaction), except to the extent permitted by the exemptive relief and applicable law, including the limitations set forth in Section 57(k) of the 1940 Act. As a result of exemptive relief, there could be significant overlap in the Fund’s investment portfolio and the investment portfolio of other funds managed by the Adviser or its affiliates that could avail themselves of the exemptive relief and that have an investment objective similar to the Fund’s.
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Affiliates
As defined in the Investment Company Act, the investment is deemed to be a “controlled affiliated person” of the Fund because the Fund owns, either directly or indirectly, 25% or more of the portfolio company’s outstanding voting securities or has the power to exercise control over management or policies of such portfolio company. The table below presents the Fund’s affiliated investments:
39
   
Beginning
Fair Value
Balance
   
Gross
Additions
(1)
   
Gross
Reductions
(2)
  
Net Realized
Gain/Loss
   
Net Change in
Unrealized
Appreciation
(Depreciation)
  
Ending Fair
Value
Balance
   
Dividend,
Interest, PIK
and Other
Income
 
For the Three Months Ended March 31, 2023
 
                            
Controlled Affiliates
                                 
Bowline Topco LLC  $173,837   $—     $—    $—     $—    $173,837   $—   
                                  
   $173,837   $—     $—    $—     $—    $173,837   $—   
For the Three Months Ended March 31, 2022
 
                            
Controlled Affiliates
                                 
Bowline Energy, LLC  $3,501,384   $3,051   $(60,128)  $—     $(3,051)  $3,441,256   $65,388 
Bowline Topco LLC   2,600,575    —      —     —      1,223,806   3,824,381    —   
                                  
   $6,101,959   $3,051   $(60,128) $—     $1,220,755  $7,265,637   $65,388 
   
Beginning
Fair Value
Balance
   
Gross
Additions
(1)
   
Gross
Reductions
(2)
  
Net Realized

Gain/Loss
   
Net Change in
Unrealized
Appreciation
(Depreciation)
  
Ending
Fair Value
Balance
   
Dividend,
Interest, PIK
and Other
Income
 
For the Nine Months Ended September 30, 2023
 
        
Non-Controlled
Affiliates
 
          
SBS Super Holdings, LLC (Class B Units)
  $—     $10   $—    $—     $(10)  $—     $—   
Delaware Valley Management Holdings, Inc.
   —      239,668    —     —      1,428   241,096    —   
Delaware Valley Management Holdings, Inc.
   —      444,151    —     —      (85,174)   358,977    —   
Delaware Valley Management Holdings, Inc.
   —      329,223    —     —      26,918   356,141    —   
Delaware Valley Management Holdings, Inc.
   —      2,153,097    —     —      137,311   2,290,408    —   
  
 
 
   
 
 
   
 
 
  
 
 
   
 
 
  
 
 
   
 
 
 
Total
Non-Controlled
Affiliates
  $—     $3,166,149   $—    $—     $80,473  $3,246,622   $—   
Controlled Affiliates
            
Bowline Topco LLC
  $173,837   $—     $—    $—     $90,649  $264,486   $—   
  
 
 
   
 
 
   
 
 
  
 
 
   
 
 
  
 
 
   
 
 
 
Total Controlled Affiliates
  $173,837   $—     $—    $—     $90,649  $264,486   $—   
  
 
 
   
 
 
   
 
 
  
 
 
   
 
 
  
 
 
   
 
 
 
Total Affiliates
  $173,837   $3,166,149   $—    $—     $171,122  $3,511,108   $—   
For the Nine Months Ended September 30, 2022
 
        
Controlled Affiliates
 
          
Bowline Energy, LLC
  $3,501,384   $11,981   $(587,378)  $—     $17,159  $2,943,146   $198,186 
Bowline Topco LLC
   2,600,575    —      —     —      3,233,276   5,833,851    —   
  
 
 
   
 
 
   
 
 
  
 
 
   
 
 
  
 
 
   
 
 
 
Total Controlled Affiliates
  $6,101,959   $11,981   $(587,378)  $—     $3,250,435  $8,776,997   $198,186 
  
 
 
   
 
 
   
 
 
  
 
 
   
 
 
  
 
 
   
 
 
 
Total Affiliates
  $6,101,959   $11,981   $(587,378)  $—     $3,250,435  $8,776,997   $198,186 

(1)Gross additions may include increases in the cost basis of investments resulting from new portfolio investments, PIK, the accretion of discounts, the exchange of one or more existing securities for one or more new securities and the movement of an existing portfolio company into this category from a different category.
(2)Gross reductions may include decreases in the cost basis of investments resulting from principal collections related to investment repayments or sales, the exchange of one or more existing securities for one or more new securities and the movement of an existing portfolio company out of this category into a different category.
4. Borrowings
Credit Facilities
HSBCSecured 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 FacilityFacilities. 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 (the “Code”). So long as the Fund is able to maintain its status as a RIC, it intends not to be subject to U.S. federal income tax on the portion of its taxable income and gains distributed to stockholders, if any. To qualify for RIC tax treatment, the Fund is required to distribute at least 90% of its investment company taxable income annually, meet diversification and income requirements quarterly, meet gross income requirements annually and file Form
1120-RIC,
as provided by the Code. In order for the Fund not to be subject to U.S. federal excise taxes, it must distribute annually an amount at least equal to the sum of (i) 98% of its net ordinary income (taking into account certain deferrals and elections) for the calendar year, (ii) 98.2% of its capital gains in excess of capital losses for the
one-year
period ending on October 31 of the calendar year and (iii) any net ordinary income and capital gains in excess of capital losses for preceding years that were not distributed during such years. The Fund, at its discretion, may carry forward taxable income in excess of calendar year dividends and pay a 4% nondeductible U.S. federal excise tax on this income. The Fund will accrue excise tax on estimated undistributed taxable income as required. As of September 30, 2023, and December 31, 2022, $0 and $0, respectively, of accrued excise taxes remained payable. For the three and nine months ended September 30, 2023, the Fund accrued income taxes of $96,092 and $374,118, respectively. For the three and nine months ended September 30, 2022, the Fund accrued income taxes of $382,072 and $949,155, respectively. As of September 30, 2023 and December 31, 2022, $185,657 and $1,303,918, respectively, of accrued income 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.
Certain of the Fund’s consolidated subsidiaries are subject to U.S. federal and state corporate-level income taxes.
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.
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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 or distributable earnings, as appropriate, in the period that the differences arise. Temporary and permanent differences are primarily attributable to differences in the tax treatment of certain loans and the tax characterization of income and
non-deductible
expenses. These differences are generally determined in conjunction with the preparation of the Fund’s annual RIC tax return. Distributions to common stockholders are recorded on the
ex-dividend
date. The amount to be paid out as a distribution is determined by the Board each quarter and is generally based upon the earnings estimated by the Adviser. The Fund may pay distributions to its stockholders in a year in excess of its net ordinary income and capital gains for that year and, accordingly, a portion of such distributions may constitute a return of capital for U.S. federal income tax purposes. The Fund intends to timely distribute to its stockholders substantially all of its annual taxable income for each year, except that the Fund may retain certain net capital gains for reinvestment and, depending upon the level of the Fund’s taxable income earned in a year, the Fund may choose to carry forward taxable income for distribution in the following year and pay any applicable U.S. federal excise tax. The specific tax characteristics of the Fund’s distributions will be reported to stockholders after the end of the calendar year. All distributions will be subject to available funds, and no assurance can be given that the Fund will be able to declare such distributions in future periods.
The Fund has adopted a dividend reinvestment plan that provides for stockholders to receive dividends or other distributions declared by the Board in cash unless a stockholder elects to “opt in” to the dividend reinvestment plan. As a result, if the Board declares a cash distribution, then the stockholders who have “opted in” to the dividend reinvestment plan will have their cash distributions automatically reinvested in additional Shares, rather than receiving the cash distribution.
3. Related Party Transactions
Advisory Agreement
On July 8, 2021,November 13, 2019, the Fund entered into Joinderthe amended and Third Amendment to Revolving Credit Agreementrestated advisory agreement (the “HSBC Joinder”“Amended and Restated Advisory Agreement”), replacing the advisory agreement the Fund entered into with HSBC as administrative agent and a lender, and each of the parties listed thereto,Adviser on July 27, 2017 (the “Advisory Agreement”), pursuant to which the Fund became party towill pay the Adviser, quarterly in arrears, a subscription financing facility (the “2021 HSBC Credit Facility”) evidenced by Revolving Credit Agreement, dated asbase management fee calculated at an annual rate of June 14, 2019 (as amended, restated, supplemented or otherwise modified from time to time,1.50%. The base management fee is calculated based on a percentage of the “2021 HSBC Credit Agreement”), by and among AB-Abbott Private Equity Investors 2019 (Delaware) Fund L.P., AB-Abbott Private Equity Investors 2020 (Delaware) Fund L.P., AB-Abbott Private Equity Solutions 2021 (Delaware) Fund L.P., AB Private Credit Investors Middle Market Direct Lending Fund L.P., AB-Abbott Private Equity Solutions 2022 (Delaware), affiliatesaverage outstanding assets of the Fund (which equals the banksgross value of equity and financial institutions from time to time party thereto as lenders,debt instruments, including investments made utilizing leverage), excluding cash and HSBC as administrative agent.”cash equivalents, during such fiscal quarter. The Fund Group Facility Sublimit (as defined inaverage outstanding assets is calculated by taking the 2021 HSBC Credit Agreement) applicable toaverage of the amount of assets of the Fund underat the 2021 HSBC Credit Facilitybeginning and end of each month that occurs during the calculation period. The base management fee is $
50 million. Borrowings undercalculated and paid quarterly in arrears but will be accrued monthly by the 2021 HSBC Credit Facility bear interestFund over the fiscal quarter for which such base management fee is paid.
On March 24, 2022, the Fund entered into the second amended and restated investment advisory agreement (the “Second Amended and Restated Advisory Agreement”), replacing the Amended and Restated Advisory Agreement pursuant to which effective March 24, 2022 the base management fee shall be calculated at an annual rate of 1.375%. On March 24, 2022, the Fund and the Adviser also entered into a fee waiver letter pursuant to which the Adviser has agreed to waive a portion of the management fee in excess of the base management fee calculated at the reduced annual rate per annum equal to (i) with respect to SOFR Loans, Adjusted Term SOFR (as defined in the 2021 HSBC Credit Agreement) plus the Applicable Margin (as defined in the 2021 HSBC Credit Agreement)of 1.375% for the applicable Interest Period (as defined inperiod January 1, 2022 through March 24, 2022.
For the 2021 HSBC Credit Agreement)three and (ii) with respect to Reference Rate Loans (as defined innine months ended September 30, 2023, the 2021 HSBC Credit Agreement),Fund incurred a management fee of $4,276,488 and $12,419,430, respectively. For the Reference Rate (as defined inthree and nine months ended September 30, 2022, the 2021 HSBC Credit Agreement) in effect from day to day. Fund incurred a management fee of $3,644,259 and $10,438,278, respectively, of which $0 and $283,566, respectively, were voluntarily waived by the Adviser. As of September 30, 2023 and December 31, 2022, $4,276,488 and $3,778,123, respectively, of accrued management fee remained payable.
The Fund will also pay the Adviser an unusedincentive 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. 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, of 0.35%.
Proceedsexpenses payable under the 2021 HSBC Credit Agreement may be usedadministration agreement (the “Administration Agreement”) the Fund has entered into with State Street Bank and Trust (the “Administrator”), and any interest expense and dividends paid on any issued and outstanding indebtedness or preferred stock, respectively, but excluding, for any purpose permitted underavoidance of doubt, the Fund’s organizational documents, including general corporate purposes suchincome-based incentive fee, as well as the making of investments. The 2021 HSBC Credit Agreement contains certain customary covenants and events of default, with customary cure and notice provisions. As of March 31, 2023, the Fund is in compliance with these covenants. The Fund’s obligations under the 2021 HSBC Credit Agreement are secured by the Capital Commitments and capital contributions.gains incentive fee
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(described below), accrued under GAAP). PIFNII also includes, in the case of investments with a deferred interest feature (such as original issue discount, debt instruments with
pay-in-kind
interest and
zero-coupon
securities), accrued income that the Fund has not yet received in cash. The Adviser is not under any obligation to reimburse the Fund for any part of the income-based incentive fees it received that was based on accrued interest that the Fund never actually received.
PIFNII does not include any realized capital gains, realized capital losses or unrealized capital appreciation or depreciation. Because of the structure of the income-based incentive fee, it is possible that the Fund may accrue such income-based incentive fee in a quarter where the Fund incurs a net loss. For example, if the Fund receives PIFNII in excess of a hurdle rate (as defined below) for a quarter, the Fund will accrue the applicable income-based incentive fee even if the Fund has incurred a realized and/or unrealized capital loss in that quarter. However, cash payment of the income-based incentive fee may be deferred in this situation, subject to the restrictions detailed at the end of this section.
PIFNII, expressed as a rate of return on the average value of the Fund’s net assets (defined as total assets, less indebtedness and before taking into account any incentive fees payable during the period) as of the first day of each month during the course of the immediately preceding calendar quarter, will be compared to various “hurdle rates,” with the income-based incentive fee rate of return increasing at each hurdle rate.
Description of Quarterly Incentive Fee Calculations
The Fund pays the Adviser an income-based incentive fee with respect to PIFNII in each calendar quarter as follows:
No income-based incentive fee in any calendar quarter in which PIFNII does not exceed 1.5% per quarter (6% per annum), the “6% Hurdle Rate”;
100% of PIFNII with respect to that portion of such PIFNII, if any, that exceeds the 6% Hurdle Rate but is less than 1.67% in any calendar quarter (the “6%
Catch-up
Cap”), approximately 6.67% per annum. This portion of PIFNII (which exceeds the 6% Hurdle Rate but is less than the 6%
Catch-up
Cap) is referred to as the “6%
Catch-up.”
The 6%
Catch-up
is meant to provide the Adviser with 10.0% of the PIFNII as if hurdle rate did not apply if this net investment income exceeded 1.67% but was less than 1.94% in any calendar quarter; and
10.0% of the amount of PIFNII, if any, that exceeds the 6%
Catch-up
Cap, but is less than 1.94% (the “7% Hurdle Rate”), approximately 7.78% per annum. The 7% Hurdle Rate is meant to limit the Adviser to 10% of the PIFNII until the amount of PIFNII exceeds 1.94%, approximately 7.78% per annum; and
100% of PIFNII with respect to that portion of such PIFNII, if any, that exceeds the 7% Hurdle Rate but is less than 2.06% in any calendar quarter (the “7%
Catch-up
Cap”), approximately 8.24% per annum. This portion of PIFNII (which exceeds the 7% Hurdle Rate but is less than the 7%
Catch-up
Cap) is referred to as the “7%
Catch-up.”
The 7%
Catch-up
is meant to provide the Adviser with 15.0% of the PIFNII as if a hurdle rate did not apply if this net investment income exceeded 2.06% but was less than 2.35% in any calendar quarter; and
15.0% of the amount of PIFNII, if any, that exceeds the 7%
Catch-up
Cap, but is less than 2.35% (the “8% Hurdle Rate”, approximately 9.41% per annum). The 8% Hurdle Rate is meant to limit the Adviser to 15% of the PIFNII until the amount of PIFNII exceeds 2.35%, approximately 9.41% per annum; and
100% of PIFNII with respect to that portion of such PIFNII, if any, that exceeds the 8% Hurdle Rate but is less than 2.50% in any calendar quarter (the “8%
Catch-up
Cap”), approximately 10% per annum. This portion of PIFNII (which exceeds the 8% Hurdle Rate but is less than the 8%
Catch-up
cap) is referred to as the “8%
Catch-up”.
The 8%
Catch-up
is meant to provide the Adviser with 20.0% of the PIFNII as if a hurdle rate did not apply if this net investment income exceeded 2.50% in any calendar quarter; and
20.0% of the amount of PIFNII, if any, that exceeds 2.50% in any calendar quarter.
For the three and nine months ended September 30, 2023, the Fund incurred income-based incentive fees of $3,125,822 and $8,480,899, respectively. For the three and nine months ended September 30, 2022, the Fund incurred income-based incentive fees of $1,275,176 and $4,158,321, respectively. As of September 30, 2023 and December 31, 2022, $5,726,295 and $2,534,935, respectively, of accrued income-based incentive fees remained payable.
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The capital gains fee shall be determined and payable in arrears as of the end of each calendar year (or upon termination of this Agreement as set forth below), and will equal 20.0% of the Fund’s aggregate cumulative realized capital gains, if any, from the date of the Fund’s election to be regulated as a BDC through the end of each calendar year, computed net of all aggregate cumulative realized capital losses and aggregate cumulative unrealized capital depreciation, less the aggregate amount of any previously paid capital gain incentive fees, with respect to each of the investments in the Fund’s portfolio. The Fund’s “aggregate cumulative realized capital gains” will not include any unrealized appreciation. The capital gains fee is not subject to any minimum return to stockholders. If such amount is negative, then no capital gains fee will be payable for such year. In the event that this Agreement shall terminate as of a date that is not a calendar year end, the termination date shall be treated as though it were a calendar year end for purposes of calculating and paying a capital gains fee.
While the capital gains fee to be paid is determined above, GAAP requires such fee to be accrued as if the Fund were to be terminated and liquidated at period end hypothetical liquidation. There was no capital gains incentive fee under GAAP recognized for the three and nine months ended September 30, 2023. For the three and nine months ended September 30, 2022, the Fund reduced the previously recognized capital gains incentive fee under GAAP by $(499,007) and $(1,283,044), which was not realized. As of September 30, 2023 and December 31, 2022, $0 and $0, respectively, of capital gains incentive fee remained payable.
The amount of capital gains incentive fee expense related to a hypothetical liquidation of the portfolio (and assuming no other changes in realized or unrealized gains and losses) would only become payable to the Adviser in the event of a complete liquidation of the Fund’s portfolio as of period end and the termination of the Amended and Restated Advisory Agreement on such date. Also, it should be noted that the capital gains incentive fee expense fluctuates with the Fund’s overall investment results.
The Fund will defer cash payment of any income-based incentive fee and/or any capital gains incentive fee otherwise earned by the Adviser if during the most recent four full fiscal quarter periods ending on or prior to the date such payment is to be made, the sum of (a) the PIFNII, and (b) the realized capital gain / loss and (c) unrealized capital appreciation/ depreciation expressed as a rate of return on the value of our net assets, is less than 6.0%. Any such deferred fees are carried over for payment in subsequent calculation periods to the extent such payment is payable under the Amended and Restated Advisory Agreement.
Administration Agreement and Expense Reimbursement Agreement
The Fund has entered into the Administration Agreement with the Administrator and a separate expense reimbursement agreement with the Adviser (the “Expense Reimbursement Agreement”) under which any allocable portion of the cost of its Chief Compliance Officer and Chief Financial Officer and their respective staffs will be reimbursed by the Fund. Under the Administration Agreement, the Administrator will be responsible for providing the Fund with clerical, bookkeeping, recordkeeping and other administrative services. The Fund will reimburse the Adviser an amount equal to the Fund’s allocable portion (subject to the review of its Board) of its overhead resulting from its obligations under the Expense Reimbursement Agreement, including the allocable portion of the cost of its Chief Compliance Officer and Chief Financial Officer and their respective staffs.
Expense Support and Conditional Reimbursement Agreement
On June 10, 2022,September 29, 2017, the Fund and the Adviser entered into an agreement (the “Expense Support and Conditional Reimbursement Agreement”) to limit certain of the Fund’s Operating Expenses, as defined below, to no more than 1.5% of the Fund’s average quarterly gross assets. To achieve this percentage limitation, the Adviser has agreed to reimburse the Fund for certain Operating Expenses on a quarterly basis (any such payment by the Adviser, an “Expense Payment”) and the Fund has agreed to later repay such amounts (any such payment by the Fund, a “Reimbursement Payment”), pursuant to the terms of the Expense Support and Conditional Reimbursement Agreement. The actual percentage of Operating Expenses paid by the Fund in any quarter after deducting any Expense Payment, as a percentage of the Fund’s average quarterly gross assets, is referred to as the “Percentage Limit.”
Any Expense Payment by the Adviser pursuant to the Expense Support and Conditional Reimbursement Agreement will be subject to repayment by the Fund on a quarterly basis within the three years following the fiscal quarter of the Fund in which the Operating Expenses were paid or absorbed, if the total Operating Expenses for the current quarter, including Reimbursement Payments, expressed as a percentage of the Fund’s average gross assets during such quarter is less than the then-current Percentage Limit, if any, and the Percentage Limit that was in effect at the time when the Adviser reimbursed the Operating Expenses that are the subject of the repayment, subject to certain provisions of the Expense Support and Conditional Reimbursement Agreement, as described below. For purposes of the Expense Support and Conditional Reimbursement Agreement, “Operating Expenses” means the Fund’s Total Operating Expenses (as defined below), excluding base management fees, incentive fees, distribution and stockholder servicing fees, financing fees and costs, interest expense, brokerage commissions and extraordinary expenses and “Total Operating Expenses” means all of the Fund’s operating costs and expenses incurred, as determined in accordance with generally accepted accounting principles for investment companies.
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Table of Contents
However, no Reimbursement Payment for any quarter will be made if: (1) the Effective Rate of Distributions Per Share (as defined below) declared by the Fund at the time of such Reimbursement Payment is less than or equal to the Effective Rate of Distributions Per Share at the time the Expense Payment was made to which such Reimbursement Payment relates, or (2) the Fund’s Operating Expense Ratio at the time of such Reimbursement Payment is greater than or equal to the Operating Expense Ratio (as defined below) at the time the Expense Payment was made to which such Reimbursement Payment relates. For purposes of the Expense Support and Conditional Reimbursement Agreement, “Effective Rate of Distributions Per Share” means the annualized rate (based on a
365-
day year) of regular cash distributions per Share exclusive of returns of capital, distribution rate reductions due to distribution and stockholder fees, and declared special dividends or special distributions, if any. The “Operating Expense Ratio” is calculated by dividing Operating Expenses in any quarter by the Fund’s average net assets in such quarter.
The specific amount of expenses paid by the Adviser, if any, will be determined at the end of each quarter. The Fund or the Adviser may terminate the Expense Support and Conditional Reimbursement Agreement at any time, with or without notice. The Expense Support and Conditional Reimbursement Agreement will automatically terminate in the event of (a) the termination of the Amended and Restated Advisory Agreement, or (b) the Board of the Fund making a determination to dissolve or liquidate the Fund. Upon termination of the Expense Support and Conditional Reimbursement Agreement, the Fund will be required to fund any Expense Payments, subject to the aforementioned requirements per the Expense Support and Conditional Reimbursement Agreement, that have not been reimbursed by the Fund to the Adviser.
Transfer Agency Agreement
On September 26, 2017, the Fund and Alliance Bernstein Investor Services, Inc. (“ABIS”), an affiliate of the Fund, entered into amendment no. 6an agreement pursuant to which ABIS will provide transfer agent services to the 2021 HSBC Credit Agreement.Fund. The 2021 HSBC Credit Agreement Amendment no. 6 (i) extendedFund bears the maturity date of the 2021 HSBC Credit Facility from June 10, 2022 to June 9, 2023 and (ii) reduced the Fund’s sublimit commitment from $50,000,000 to $33,000,000.
On November 10, 2022, the Fund entered into amendment no. 7expenses related to the 2021 HSBC Credit Agreement. The 2021 HSBC Credit Agreement Amendment no. 7 (i) temporarily increasedagreement with ABIS.
For the 2021 HSBC Credit Facility’s maximum commitment from $135,000,000 to $200,000,000 until March 31, 2023 (the “Temporary Increase Maturity Date”)three and (ii) temporarily increased the Fund’s sublimit commitment from $33,000,000 to $50,000,000 until the Temporary Increase Maturity Date.
On Marchnine months ended September 30, 2023, the Fund entered into amendment no. 8accrued $36,929 and $108,416, respectively, in transfer agent fees. For the three and nine months ended September 30, 2022, the Fund accrued $32,503 and $88,020, respectively, in transfer agent fees. As of September 30, 2023 and December 31, 2022, $36,929 and $34,224, respectively, of accrued transfer agent fees remained payable.
Co-investment
Activity
The Fund may be prohibited under the 1940 Act from participating in certain transactions with its affiliates without prior approval of the directors who are not interested persons, and in some cases, the prior approval of the SEC. The Fund, the Adviser and certain of their affiliates have been granted exemptive relief by the SEC for the Fund to
co-invest
with other funds managed by the Adviser or its affiliates in a manner consistent with the Fund’s investment objective, positions, policies, strategies and restrictions as well as regulatory requirements and other pertinent factors. Pursuant to such exemptive relief, the Fund generally is permitted to
co-invest
with certain of its affiliates if a “required majority” (as defined in Section 57(o) of the 1940 Act) of the Board make certain conclusions in connection with a
co-investment
transaction, including that (1) the terms of the transaction, including the consideration to be paid, are reasonable and fair to the 2021 HSBC Credit Agreement. The 2021 HSBC Credit Agreement Amendment no. 8 extendedFund and its shareholders and do not involve overreaching of the
Temporary
Increase Maturity Date Fund or its shareholders on the part of any person concerned, (2) the transaction is consistent with the interests of the Fund’s shareholders and is consistent with its investment objective and strategies, (3) the investment by its affiliates would not disadvantage the Fund, and the Fund’s participation would not be on a basis different from March 31, 2023 until June 9, 2023.
Synovus Credit Facility
On October 15, 2020, ABPCIC Funding II entered into a revolving credit facility (the “Synovus Credit Facility”) with Synovus Bank, Specialty Finance Division (“Synovus”), as facility agent,or less advantageous than that on which its affiliates are investing and U.S. Bank, National Association (“U.S. Bank”), as collateral agent (in such capacity,(4) the “Synovus Collateral Agent”), collateral custodian (in such capacity,proposed investment by the “Synovus Collateral Custodian”) and securities intermediary (in such capacity,Fund would not benefit the “Synovus Securities Intermediary”). On April 16, 2021, pursuant to an amendmentAdviser or its affiliates or any affiliated person of any of them (other than the parties to the loan financing and servicing agreement (the “Synovus Loan Agreement”)transaction), the Fund increased the commitment of the existing lender by $20,000,000 from $100,000,000 to $120,000,000 and added WebBank as an additional lender with a commitment of $30,000,000.
On December 31, 2021, pursuant to an amendmentexcept to the Synovus Loan Agreement, ABPCIC Funding II added Axos Bank as an additional lender with a commitmentextent permitted by the exemptive relief and applicable law, including the limitations set forth in Section 57(k) of $50,000,000.
The Synovus Credit Facility provides for borrowings in an aggregate amount up to $200,000,000. Borrowings under the
Synovus Credit Facility bear interest based on an annual adjusted SOFR for the relevant interest period, plus an applicable spread. Interest is payable quarterly in arrears. Any amounts borrowed under the Synovus Credit Facility will mature, and all accrued and unpaid interest thereunder will be due and payable, on the
earlier of (i) October 15, 2025 (or such later date mutually agreed to by ABPCIC Funding II and Synovus) or (ii) upon certain events which result in accelerated maturity under the agreements establishing the Synovus Credit Facility. Borrowing under the Synovus Credit Facility is subject to certain restrictions contained in the 1940 Act. As a result of exemptive relief, there could be significant overlap in the Fund’s investment portfolio and the investment portfolio of other funds managed by the Adviser or its affiliates that could avail themselves of the exemptive relief and that have an investment objective similar to the Fund’s.
Affiliates
As defined in the Investment Company Act, the investment is deemed to be a “controlled affiliated person” of the Fund because the Fund owns, either directly or indirectly, 25% or more of the portfolio company’s outstanding voting securities or has the power to exercise control over management or policies of such portfolio company. The table below presents the Fund’s affiliated investments:
 
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Table of Contents
   
Beginning
Fair Value
Balance
   
Gross
Additions
(1)
   
Gross
Reductions
(2)
  
Net Realized

Gain/Loss
   
Net Change in
Unrealized
Appreciation
(Depreciation)
  
Ending
Fair Value
Balance
   
Dividend,
Interest, PIK
and Other
Income
 
For the Nine Months Ended September 30, 2023
 
        
Non-Controlled
Affiliates
 
          
SBS Super Holdings, LLC (Class B Units)
  $—     $10   $—    $—     $(10)  $—     $—   
Delaware Valley Management Holdings, Inc.
   —      239,668    —     —      1,428   241,096    —   
Delaware Valley Management Holdings, Inc.
   —      444,151    —     —      (85,174)   358,977    —   
Delaware Valley Management Holdings, Inc.
   —      329,223    —     —      26,918   356,141    —   
Delaware Valley Management Holdings, Inc.
   —      2,153,097    —     —      137,311   2,290,408    —   
  
 
 
   
 
 
   
 
 
  
 
 
   
 
 
  
 
 
   
 
 
 
Total
Non-Controlled
Affiliates
  $—     $3,166,149   $—    $—     $80,473  $3,246,622   $—   
Controlled Affiliates
            
Bowline Topco LLC
  $173,837   $—     $—    $—     $90,649  $264,486   $—   
  
 
 
   
 
 
   
 
 
  
 
 
   
 
 
  
 
 
   
 
 
 
Total Controlled Affiliates
  $173,837   $—     $—    $—     $90,649  $264,486   $—   
  
 
 
   
 
 
   
 
 
  
 
 
   
 
 
  
 
 
   
 
 
 
Total Affiliates
  $173,837   $3,166,149   $—    $—     $171,122  $3,511,108   $—   
For the Nine Months Ended September 30, 2022
 
        
Controlled Affiliates
 
          
Bowline Energy, LLC
  $3,501,384   $11,981   $(587,378)  $—     $17,159  $2,943,146   $198,186 
Bowline Topco LLC
   2,600,575    —      —     —      3,233,276   5,833,851    —   
  
 
 
   
 
 
   
 
 
  
 
 
   
 
 
  
 
 
   
 
 
 
Total Controlled Affiliates
  $6,101,959   $11,981   $(587,378)  $—     $3,250,435  $8,776,997   $198,186 
  
 
 
   
 
 
   
 
 
  
 
 
   
 
 
  
 
 
   
 
 
 
Total Affiliates
  $6,101,959   $11,981   $(587,378)  $—     $3,250,435  $8,776,997   $198,186 
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, 2023, the Fund is in compliance with these covenants.
Natixis Credit Facility
On March 24, 2021, ABPCIC Funding III entered into a warehouse financing transaction (the “Natixis Credit Facility,” and together with the 2021 HSBC Credit Facility and the Synovus Credit Facility, the “Revolving Credit Facilities”) with Natixis, New York Branch, as administrative agent (in such capacity, the “Natixis Administrative Agent”) and U.S. Bank, 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 between ABPCIC Funding III and the Fund.
On July 1, 2021, ABPCIC Funding III entered into an amendment to the Natixis Credit Agreement providing for, among other things, an upsize of the aggregate principal amount of the commitments under the Natixis Credit Agreement from $100,000,000 to $150,000,000. On November 5, 2021, pursuant to an amendment to Natixis Credit Agreement, the Fund increased the commitment of the existing lender by $75,000,000 from $150,000,000 to $225,000,000. On March 4, 2022, pursuant to Amendment No 4 to the Natixis Credit Agreement, ABPCIC Funding III increased the commitment by $25,000,000 from $225,000,000 to $250,000,000. On May 27, 2022, pursuant to Amendment No. 5 to the Natixis Credit Agreement, ABPCIC Funding III increased the commitment by $50,000,000 from $250,000,000 to $300,000,000. On September 30, 2022, pursuant to Amendment No. 6 to the Natixis Credit Agreement, the Reinvestment Period (as defined in the Natixis Credit Agreement) outside date was extended from 18 months after the Closing Date (as defined in the Natixis Credit Agreement) to 24 months after the Closing Date.
The Natixis Credit Facility provides for borrowings in an aggregate amount up to $300,000,000. Borrowings under the Natixis Credit Agreement will bear interest based on an annual adjusted SOFR for the relevant interest period plus an applicable spread. Interest is payable quarterly in arrears. Any amounts borrowed under the Natixis Credit Agreement will mature, and all accrued and unpaid interest thereunder will be due and payable, on the earlier of (i)
 maturity date
 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. As of March 31, 2023, the Fund is in compliance with these covenants.
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0
Table of Contents
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 reinvestment period of ABPCIC Funding III has expired on March 24, 2023. On May 3, 2023, CLO XIII completed a $
395,000,000
term debt securitization. ABPCIC Funding III merged with CLO XIII as part of the transaction closing.
The Fund’s outstanding borrowings through the Revolving Credit Facilities as of March 31, 2023 were as follows:
   
Aggregate Borrowing

Amount Committed
   
Outstanding

Borrowing
   
Amount

Available
   
Carrying

Value
 
HSBC  $50,000,000   $28,000,000   $22,000,000   $28,000,000 
Synovus   200,000,000    192,000,000    8,000,000    192,000,000 
Natixis   300,000,000    300,000,000    —      300,000,000 
                     
Total
  $550,000,000   $520,000,000   $30,000,000   $520,000,000 
                     
The Fund’s outstanding borrowings through the Revolving Credit Facilities as of December 31, 2022 were as follows:
   
Aggregate Borrowing

Amount Committed
   
Outstanding

Borrowing
   
Amount

Available
   
Carrying

Value
 
HSBC  $50,000,000   $—     $50,000,000   $—   
Synovus   200,000,000    180,000,000    20,000,000    180,000,000 
Natixis   300,000,000    268,000,000    32,000,000    268,000,000 
                     
Total
  $550,000,000   $448,000,000   $102,000,000   $448,000,000 
                     
As of March 31, 2023 and December 31, 2022, deferred financing costs were $546,904 and $1,146,619, 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 was August 9, 2022.
The CLO VI indenture was refinanced under terms of the first supplemental indenture dated April 28, 2022 among the Issuer and U.S. Bank National Association, as trustee. As a result of the refinancing, the outstanding notes under the indenture dated August 9, 2019 in the amount of $300,500,000 were paid off, and the unamortized debt discount and debt issuance costs were accelerated into interest and borrowing expenses on the consolidated statements of operations. The Issuer issued new notes as listed below.
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1
Table of Contents
The CLO Transaction was executed through a private placement and the notes offered (the “Notes”) that remain outstanding as of March 31, 2023 and December 31, 2022 were as follows:
                                                                            
   
March 31, 2023
 
   
Principal
Amount
   
Interest Rate
  
Carrying
Value
(1)
 
Class A-1-R
Senior Secured Floating Rate Note
(“Class A-1-R”)
  $98,250,000    S + 1.83%  $97,415,995 
Class A-1-L
Senior Secured Floating Rate Note
(“Class A-1-L”)
  $75,000,000    S + 1.83%  $74,665,817 
Class A-1-F
Senior Secured Fixed Rate Note
(“Class A-1-F”)
  $30,000,000    4.305%  $29,866,327 
Class A-2-R
Senior Secured Deferrable Floating Rate
(“Class A-2-R”)
  $43,500,000    S + 2.25%  $43,306,196 
Class B-R
Senior Secured Deferrable Floating Rate
(“Class B-R”)
  $19,250,000    S + 3.10%  $—  * 
Class C-R
Secured Deferrable Floating Rate Note
(“Class C-R”)
  $20,125,000    S + 4.15%  $—  * 
Subordinated Notes  $61,320,000    N/A  $—  * 
*(1)
Class
B-R,
Class C-R
Gross additions may include increases in the cost basis of investments resulting from new portfolio investments, PIK, the accretion of discounts, the exchange of one or more existing securities for one or more new securities and Subordinated Notes are held by the Fund and have been eliminated in consolidation.
movement of an existing portfolio company into this category from a different category.
(1)(2)Carrying value is netGross reductions may include decreases in the cost basis of unamortized discountinvestments resulting from principal collections related to investment repayments or sales, the exchange of one or more existing securities for one or more new securities and debt issuance costs. Unamortized discount and debt issuance costs associated with the Notes totaled $396,378 and $1,099,287, respectively, asmovement of March 31, 2023 and are reflected on the consolidated statementsan existing portfolio company out of assets and liabilities.this category into a different category.
                                                                            
   
December 31, 2022
 
   
Principal
Amount
   
Interest Rate
  
Carrying
Value
(1)
 
Class A-1-R
Senior Secured Floating Rate Note
(“Class A-1-R”)
  $98,250,000    S + 1.83%  $97,345,789 
Class A-1-L
Senior Secured Floating Rate Note
(“Class A-1-L”)
  $75,000,000    S + 1.83%  $74,626,138 
Class A-1-F
Senior Secured Fixed Rate Note
(“Class A-1-F”)
  $30,000,000    4.305%  $29,850,455 
Class A-2-R
Senior Secured Deferrable Floating Rate
(“Class A-2-R”)
  $43,500,000    S + 2.25%  $43,283,185 
Class B-R
Senior Secured Deferrable Floating Rate
(“Class B-R”)
  $19,250,000    S + 3.10%  $—  * 
Class C-R
Secured Deferrable Floating Rate Note
(“Class C-R”)
  $20,125,000    S + 4.15%  $—  * 
Subordinated Notes  $61,320,000    N/A  $—  * 
*
Class
B-R,
Class C-R
and Subordinated Notes are held by the Fund and have been eliminated in consolidation.
(1)Carrying value is net of unamortized discount and debt issuance costs. Unamortized discount and debt issuance costs associated with the Notes totaled $414,624 and $1,229,809, respectively, as of December 31, 2022 and are reflected on the consolidated statements of assets and liabilities.
The CLO VI indenture provides that the holders of the Notes are to receive quarterly interest payments, in arrears, on the 27th day in January, April, July and October of each year, commencing in July 2022. The Notes will mature on April 27, 2034.
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, 2023, the Fund did not incur any collateral management fees. For the three months ended March 31, 2022, the Fund incurred collateral management fees of $456,498, which was voluntarily waived by the Adviser. Pursuant to a new CLO notes issuance, a collateral management fee is no longer charged as long as the Adviser serves as a collateral manager.
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2
4. Borrowings
Credit Facilities
Table of Contents
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 (the “Code”). So long as the Fund is able to maintain its status as a RIC, it intends not to be subject to U.S. federal income tax on the portion of its taxable income and gains distributed to stockholders, if any. To qualify for RIC tax treatment, the Fund is required to distribute at least 90% of its investment company taxable income annually, meet diversification and income requirements quarterly, meet gross income requirements annually and file Form
1120-RIC,
as provided by the Code. In order for the Fund not to be subject to U.S. federal excise taxes, it must distribute annually an amount at least equal to the sum of (i) 98% of its net ordinary income (taking into account certain deferrals and elections) for the calendar year, (ii) 98.2% of its capital gains in excess of capital losses for the
one-year
period ending on October 31 of the calendar year and (iii) any net ordinary income and capital gains in excess of capital losses for preceding years that were not distributed during such years. The Fund, at its discretion, may carry forward taxable income in excess of calendar year dividends and pay a 4% nondeductible U.S. federal excise tax on this income. The Fund will accrue excise tax on estimated undistributed taxable income as required. As of September 30, 2023, and December 31, 2022, $0 and $0, respectively, of accrued excise taxes remained payable. For the three and nine months ended September 30, 2023, the Fund accrued income taxes of $96,092 and $374,118, respectively. For the three and nine months ended September 30, 2022, the Fund accrued income taxes of $382,072 and $949,155, respectively. As of September 30, 2023 and December 31, 2022, $185,657 and $1,303,918, respectively, of accrued income 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.
Certain of the Fund’s consolidated subsidiaries are subject to U.S. federal and state corporate-level income taxes.
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.
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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 or distributable earnings, as appropriate, in the period that the differences arise. Temporary and permanent differences are primarily attributable to differences in the tax treatment of certain loans and the tax characterization of income and
non-deductible
expenses. These differences are generally determined in conjunction with the preparation of the Fund’s annual RIC tax return. Distributions to common stockholders are recorded on the
ex-dividend
date. The amount to be paid out as a distribution is determined by the Board each quarter and is generally based upon the earnings estimated by the Adviser. The Fund may pay distributions to its stockholders in a year in excess of its net ordinary income and capital gains for that year and, accordingly, a portion of such distributions may constitute a return of capital for U.S. federal income tax purposes. The Fund intends to timely distribute to its stockholders substantially all of its annual taxable income for each year, except that the Fund may retain certain net capital gains for reinvestment and, depending upon the level of the Fund’s taxable income earned in a year, the Fund may choose to carry forward taxable income for distribution in the following year and pay any applicable U.S. federal excise tax. The specific tax characteristics of the Fund’s distributions will be reported to stockholders after the end of the calendar year. All distributions will be subject to available funds, and no assurance can be given that the Fund will be able to declare such distributions in future periods.
The Fund has adopted a dividend reinvestment plan that provides for stockholders to receive dividends or other distributions declared by the Board in cash unless a stockholder elects to “opt in” to the dividend reinvestment plan. As a result, if the Board declares a cash distribution, then the stockholders who have “opted in” to the dividend reinvestment plan will have their cash distributions automatically reinvested in additional Shares, rather than receiving the cash distribution.
3. Related Party Transactions
Advisory Agreement
On November 13, 2019, the Fund entered into the amended and restated advisory agreement (the “Amended and Restated Advisory Agreement”), replacing the advisory agreement the Fund entered into with the Adviser on July 27, 2017 (the “Advisory Agreement”), pursuant to which the Fund will pay the Adviser, quarterly in arrears, a base management fee calculated at an annual rate of 1.50%. The base management fee is calculated based on a percentage of the average outstanding assets of the Fund (which equals the gross value of equity and debt instruments, including investments made utilizing leverage), excluding cash and cash equivalents, during such fiscal quarter. The average outstanding assets is calculated by taking the average of the amount of assets of the Fund at the beginning and end of each month that occurs during the calculation period. The base management fee is calculated and paid quarterly in arrears but will be accrued monthly by the Fund over the fiscal quarter for which such base management fee is paid.
On March 24, 2022, the Fund entered into the second amended and restated investment advisory agreement (the “Second Amended and Restated Advisory Agreement”), replacing the Amended and Restated Advisory Agreement pursuant to which effective March 24, 2022 the base management fee shall be calculated at an annual rate of 1.375%. On March 24, 2022, the Fund and the Adviser also entered into a fee waiver letter pursuant to which the Adviser has agreed to waive a portion of the management fee in excess of the base management fee calculated at the reduced annual rate of 1.375% for the period January 1, 2022 through March 24, 2022.
For the three and nine months ended September 30, 2023, the Fund incurred a management fee of $4,276,488 and $12,419,430, respectively. For the three and nine months ended September 30, 2022, the Fund incurred a management fee of $3,644,259 and $10,438,278, respectively, of which $0 and $283,566, respectively, were voluntarily waived by the Adviser. As of September 30, 2023 and December 31, 2022, $4,276,488 and $3,778,123, 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. PIFNII means interest income, dividend income and any other income (including any other fees, such as commitment, origination, structuring, diligence, managerial and consulting fees or other fees the Fund receives from portfolio companies) that the Fund accrues during the fiscal quarter, minus the Fund’s operating expenses for the quarter (including the base management fee, expenses payable under the administration agreement (the “Administration Agreement”) the Fund has entered into with State Street Bank and Trust (the “Administrator”), and any interest expense and dividends paid on any issued and outstanding indebtedness or preferred stock, respectively, but excluding, for avoidance of doubt, the income-based incentive fee, as well as the capital gains incentive fee
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(described below), accrued under GAAP). PIFNII also includes, in the case of investments with a deferred interest feature (such as original issue discount, debt instruments with
pay-in-kind
interest and
zero-coupon
securities), accrued income that the Fund has not yet received in cash. The Adviser is not under any obligation to reimburse the Fund for any part of the income-based incentive fees it received that was based on accrued interest that the Fund never actually received.
PIFNII does not include any realized capital gains, realized capital losses or unrealized capital appreciation or depreciation. Because of the structure of the income-based incentive fee, it is possible that the Fund may accrue such income-based incentive fee in a quarter where the Fund incurs a net loss. For example, if the Fund receives PIFNII in excess of a hurdle rate (as defined below) for a quarter, the Fund will accrue the applicable income-based incentive fee even if the Fund has incurred a realized and/or unrealized capital loss in that quarter. However, cash payment of the income-based incentive fee may be deferred in this situation, subject to the restrictions detailed at the end of this section.
PIFNII, expressed as a rate of return on the average value of the Fund’s net assets (defined as total assets, less indebtedness and before taking into account any incentive fees payable during the period) as of the first day of each month during the course of the immediately preceding calendar quarter, will be compared to various “hurdle rates,” with the income-based incentive fee rate of return increasing at each hurdle rate.
Description of Quarterly Incentive Fee Calculations
The Fund pays the Adviser an income-based incentive fee with respect to PIFNII in each calendar quarter as follows:
No income-based incentive fee in any calendar quarter in which PIFNII does not exceed 1.5% per quarter (6% per annum), the “6% Hurdle Rate”;
100% of PIFNII with respect to that portion of such PIFNII, if any, that exceeds the 6% Hurdle Rate but is less than 1.67% in any calendar quarter (the “6%
Catch-up
Cap”), approximately 6.67% per annum. This portion of PIFNII (which exceeds the 6% Hurdle Rate but is less than the 6%
Catch-up
Cap) is referred to as the “6%
Catch-up.”
The 6%
Catch-up
is meant to provide the Adviser with 10.0% of the PIFNII as if hurdle rate did not apply if this net investment income exceeded 1.67% but was less than 1.94% in any calendar quarter; and
10.0% of the amount of PIFNII, if any, that exceeds the 6%
Catch-up
Cap, but is less than 1.94% (the “7% Hurdle Rate”), approximately 7.78% per annum. The 7% Hurdle Rate is meant to limit the Adviser to 10% of the PIFNII until the amount of PIFNII exceeds 1.94%, approximately 7.78% per annum; and
100% of PIFNII with respect to that portion of such PIFNII, if any, that exceeds the 7% Hurdle Rate but is less than 2.06% in any calendar quarter (the “7%
Catch-up
Cap”), approximately 8.24% per annum. This portion of PIFNII (which exceeds the 7% Hurdle Rate but is less than the 7%
Catch-up
Cap) is referred to as the “7%
Catch-up.”
The 7%
Catch-up
is meant to provide the Adviser with 15.0% of the PIFNII as if a hurdle rate did not apply if this net investment income exceeded 2.06% but was less than 2.35% in any calendar quarter; and
15.0% of the amount of PIFNII, if any, that exceeds the 7%
Catch-up
Cap, but is less than 2.35% (the “8% Hurdle Rate”, approximately 9.41% per annum). The 8% Hurdle Rate is meant to limit the Adviser to 15% of the PIFNII until the amount of PIFNII exceeds 2.35%, approximately 9.41% per annum; and
100% of PIFNII with respect to that portion of such PIFNII, if any, that exceeds the 8% Hurdle Rate but is less than 2.50% in any calendar quarter (the “8%
Catch-up
Cap”), approximately 10% per annum. This portion of PIFNII (which exceeds the 8% Hurdle Rate but is less than the 8%
Catch-up
cap) is referred to as the “8%
Catch-up”.
The 8%
Catch-up
is meant to provide the Adviser with 20.0% of the PIFNII as if a hurdle rate did not apply if this net investment income exceeded 2.50% in any calendar quarter; and
20.0% of the amount of PIFNII, if any, that exceeds 2.50% in any calendar quarter.
For the three and nine months ended September 30, 2023, the Fund incurred income-based incentive fees of $3,125,822 and $8,480,899, respectively. For the three and nine months ended September 30, 2022, the Fund incurred income-based incentive fees of $1,275,176 and $4,158,321, respectively. As of September 30, 2023 and December 31, 2022, $5,726,295 and $2,534,935, respectively, of accrued income-based incentive fees remained payable.
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The capital gains fee shall be determined and payable in arrears as of the end of each calendar year (or upon termination of this Agreement as set forth below), and will equal 20.0% of the Fund’s aggregate cumulative realized capital gains, if any, from the date of the Fund’s election to be regulated as a BDC through the end of each calendar year, computed net of all aggregate cumulative realized capital losses and aggregate cumulative unrealized capital depreciation, less the aggregate amount of any previously paid capital gain incentive fees, with respect to each of the investments in the Fund’s portfolio. The Fund’s “aggregate cumulative realized capital gains” will not include any unrealized appreciation. The capital gains fee is not subject to any minimum return to stockholders. If such amount is negative, then no capital gains fee will be payable for such year. In the event that this Agreement shall terminate as of a date that is not a calendar year end, the termination date shall be treated as though it were a calendar year end for purposes of calculating and paying a capital gains fee.
While the capital gains fee to be paid is determined above, GAAP requires such fee to be accrued as if the Fund were to be terminated and liquidated at period end hypothetical liquidation. There was no capital gains incentive fee under GAAP recognized for the three and nine months ended September 30, 2023. For the three and nine months ended September 30, 2022, the Fund reduced the previously recognized capital gains incentive fee under GAAP by $(499,007) and $(1,283,044), which was not realized. As of September 30, 2023 and December 31, 2022, $0 and $0, respectively, of capital gains incentive fee remained payable.
The amount of capital gains incentive fee expense related to a hypothetical liquidation of the portfolio (and assuming no other changes in realized or unrealized gains and losses) would only become payable to the Adviser in the event of a complete liquidation of the Fund’s portfolio as of period end and the termination of the Amended and Restated Advisory Agreement on such date. Also, it should be noted that the capital gains incentive fee expense fluctuates with the Fund’s overall investment results.
The Fund will defer cash payment of any income-based incentive fee and/or any capital gains incentive fee otherwise earned by the Adviser if during the most recent four full fiscal quarter periods ending on or prior to the date such payment is to be made, the sum of (a) the PIFNII, and (b) the realized capital gain / loss and (c) unrealized capital appreciation/ depreciation expressed as a rate of return on the value of our net assets, is less than 6.0%. Any such deferred fees are carried over for payment in subsequent calculation periods to the extent such payment is payable under the Amended and Restated Advisory Agreement.
Administration Agreement and Expense Reimbursement Agreement
The Fund has entered into the Administration Agreement with the Administrator and a separate expense reimbursement agreement with the Adviser (the “Expense Reimbursement Agreement”) under which any allocable portion of the cost of its Chief Compliance Officer and Chief Financial Officer and their respective staffs will be reimbursed by the Fund. Under the Administration Agreement, the Administrator will be responsible for providing the Fund with clerical, bookkeeping, recordkeeping and other administrative services. The Fund will reimburse the Adviser an amount equal to the Fund’s allocable portion (subject to the review of its Board) of its overhead resulting from its obligations under the Expense Reimbursement Agreement, including the allocable portion of the cost of its Chief Compliance Officer and Chief Financial Officer and their respective staffs.
Expense Support and Conditional Reimbursement Agreement
On September 29, 2017, the Fund and the Adviser entered into an agreement (the “Expense Support and Conditional Reimbursement Agreement”) to limit certain of the Fund’s Operating Expenses, as defined below, to no more than 1.5% of the Fund’s average quarterly gross assets. To achieve this percentage limitation, the Adviser has agreed to reimburse the Fund for certain Operating Expenses on a quarterly basis (any such payment by the Adviser, an “Expense Payment”) and the Fund has agreed to later repay such amounts (any such payment by the Fund, a “Reimbursement Payment”), pursuant to the terms of the Expense Support and Conditional Reimbursement Agreement. The actual percentage of Operating Expenses paid by the Fund in any quarter after deducting any Expense Payment, as a percentage of the Fund’s average quarterly gross assets, is referred to as the “Percentage Limit.”
Any Expense Payment by the Adviser pursuant to the Expense Support and Conditional Reimbursement Agreement will be subject to repayment by the Fund on a quarterly basis within the three years following the fiscal quarter of the Fund in which the Operating Expenses were paid or absorbed, if the total Operating Expenses for the current quarter, including Reimbursement Payments, expressed as a percentage of the Fund’s average gross assets during such quarter is less than the then-current Percentage Limit, if any, and the Percentage Limit that was in effect at the time when the Adviser reimbursed the Operating Expenses that are the subject of the repayment, subject to certain provisions of the Expense Support and Conditional Reimbursement Agreement, as described below. For purposes of the Expense Support and Conditional Reimbursement Agreement, “Operating Expenses” means the Fund’s Total Operating Expenses (as defined below), excluding base management fees, incentive fees, distribution and stockholder servicing fees, financing fees and costs, interest expense, brokerage commissions and extraordinary expenses and “Total Operating Expenses” means all of the Fund’s operating costs and expenses incurred, as determined in accordance with generally accepted accounting principles for investment companies.
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However, no Reimbursement Payment for any quarter will be made if: (1) the Effective Rate of Distributions Per Share (as defined below) declared by the Fund at the time of such Reimbursement Payment is less than or equal to the Effective Rate of Distributions Per Share at the time the Expense Payment was made to which such Reimbursement Payment relates, or (2) the Fund’s Operating Expense Ratio at the time of such Reimbursement Payment is greater than or equal to the Operating Expense Ratio (as defined below) at the time the Expense Payment was made to which such Reimbursement Payment relates. For purposes of the Expense Support and Conditional Reimbursement Agreement, “Effective Rate of Distributions Per Share” means the annualized rate (based on a
365-
day year) of regular cash distributions per Share exclusive of returns of capital, distribution rate reductions due to distribution and stockholder fees, and declared special dividends or special distributions, if any. The “Operating Expense Ratio” is calculated by dividing Operating Expenses in any quarter by the Fund’s average net assets in such quarter.
The specific amount of expenses paid by the Adviser, if any, will be determined at the end of each quarter. The Fund or the Adviser may terminate the Expense Support and Conditional Reimbursement Agreement at any time, with or without notice. The Expense Support and Conditional Reimbursement Agreement will automatically terminate in the event of (a) the termination of the Amended and Restated Advisory Agreement, or (b) the Board of the Fund making a determination to dissolve or liquidate the Fund. Upon termination of the Expense Support and Conditional Reimbursement Agreement, the Fund will be required to fund any Expense Payments, subject to the aforementioned requirements per the Expense Support and Conditional Reimbursement Agreement, that have not been reimbursed by the Fund to the Adviser.
Transfer Agency Agreement
On September 26, 2017, the Fund and Alliance Bernstein Investor Services, Inc. (“ABIS”), an affiliate of the Fund, entered into an agreement pursuant to which ABIS will provide transfer agent services to the Fund. The Fund bears the expenses related to the agreement with ABIS.
For the three and nine months ended September 30, 2023, the Fund accrued $36,929 and $108,416, respectively, in transfer agent fees. For the three and nine months ended September 30, 2022, the Fund accrued $32,503 and $88,020, respectively, in transfer agent fees. As of September 30, 2023 and December 31, 2022, $36,929 and $34,224, respectively, of accrued transfer agent fees remained payable.
Co-investment
Activity
The Fund may be prohibited under the 1940 Act from participating in certain transactions with its affiliates without prior approval of the directors who are not interested persons, and in some cases, the prior approval of the SEC. The Fund, the Adviser and certain of their affiliates have been granted exemptive relief by the SEC for the Fund to
co-invest
with other funds managed by the Adviser or its affiliates in a manner consistent with the Fund’s investment objective, positions, policies, strategies and restrictions as well as regulatory requirements and other pertinent factors. Pursuant to such exemptive relief, the Fund generally is permitted to
co-invest
with certain of its affiliates if a “required majority” (as defined in Section 57(o) of the 1940 Act) of the Board make certain conclusions in connection with a
co-investment
transaction, including that (1) the terms of the transaction, including the consideration to be paid, are reasonable and fair to the Fund and its shareholders and do not involve overreaching of the Fund or its shareholders on the part of any person concerned, (2) the transaction is consistent with the interests of the Fund’s shareholders and is consistent with its investment objective and strategies, (3) the investment by its affiliates would not disadvantage the Fund, and the Fund’s participation would not be on a basis different from or less advantageous than that on which its affiliates are investing and (4) the proposed investment by the Fund would not benefit the Adviser or its affiliates or any affiliated person of any of them (other than the parties to the transaction), except to the extent permitted by the exemptive relief and applicable law, including the limitations set forth in Section 57(k) of the 1940 Act. As a result of exemptive relief, there could be significant overlap in the Fund’s investment portfolio and the investment portfolio of other funds managed by the Adviser or its affiliates that could avail themselves of the exemptive relief and that have an investment objective similar to the Fund’s.
Affiliates
As defined in the Investment Company Act, the investment is deemed to be a “controlled affiliated person” of the Fund because the Fund owns, either directly or indirectly, 25% or more of the portfolio company’s outstanding voting securities or has the power to exercise control over management or policies of such portfolio company. The table below presents the Fund’s affiliated investments:
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Beginning
Fair Value
Balance
   
Gross
Additions
(1)
   
Gross
Reductions
(2)
  
Net Realized

Gain/Loss
   
Net Change in
Unrealized
Appreciation
(Depreciation)
  
Ending
Fair Value
Balance
   
Dividend,
Interest, PIK
and Other
Income
 
For the Nine Months Ended September 30, 2023
 
        
Non-Controlled
Affiliates
 
          
SBS Super Holdings, LLC (Class B Units)
  $—     $10   $—    $—     $(10)  $—     $—   
Delaware Valley Management Holdings, Inc.
   —      239,668    —     —      1,428   241,096    —   
Delaware Valley Management Holdings, Inc.
   —      444,151    —     —      (85,174)   358,977    —   
Delaware Valley Management Holdings, Inc.
   —      329,223    —     —      26,918   356,141    —   
Delaware Valley Management Holdings, Inc.
   —      2,153,097    —     —      137,311   2,290,408    —   
  
 
 
   
 
 
   
 
 
  
 
 
   
 
 
  
 
 
   
 
 
 
Total
Non-Controlled
Affiliates
  $—     $3,166,149   $—    $—     $80,473  $3,246,622   $—   
Controlled Affiliates
            
Bowline Topco LLC
  $173,837   $—     $—    $—     $90,649  $264,486   $—   
  
 
 
   
 
 
   
 
 
  
 
 
   
 
 
  
 
 
   
 
 
 
Total Controlled Affiliates
  $173,837   $—     $—    $—     $90,649  $264,486   $—   
  
 
 
   
 
 
   
 
 
  
 
 
   
 
 
  
 
 
   
 
 
 
Total Affiliates
  $173,837   $3,166,149   $—    $—     $171,122  $3,511,108   $—   
For the Nine Months Ended September 30, 2022
 
        
Controlled Affiliates
 
          
Bowline Energy, LLC
  $3,501,384   $11,981   $(587,378)  $—     $17,159  $2,943,146   $198,186 
Bowline Topco LLC
   2,600,575    —      —     —      3,233,276   5,833,851    —   
  
 
 
   
 
 
   
 
 
  
 
 
   
 
 
  
 
 
   
 
 
 
Total Controlled Affiliates
  $6,101,959   $11,981   $(587,378)  $—     $3,250,435  $8,776,997   $198,186 
  
 
 
   
 
 
   
 
 
  
 
 
   
 
 
  
 
 
   
 
 
 
Total Affiliates
  $6,101,959   $11,981   $(587,378)  $—     $3,250,435  $8,776,997   $198,186 

(1)Gross additions may include increases in the cost basis of investments resulting from new portfolio investments, PIK, the accretion of discounts, the exchange of one or more existing securities for one or more new securities and the movement of an existing portfolio company into this category from a different category.
(2)Gross reductions may include decreases in the cost basis of investments resulting from principal collections related to investment repayments or sales, the exchange of one or more existing securities for one or more new securities and the movement of an existing portfolio company out of this category into a different category.
4. Borrowings
Credit Facilities
HSBC Credit Facility
On July 8, 2021, the Fund entered into Joinder and Third Amendment to Revolving Credit Agreement (the “HSBC Joinder”), with HSBC as administrative agent and a lender, and each of the parties listed thereto, pursuant to which the Fund became party to a subscription financing facility (the “2021 HSBC Credit Facility”) evidenced by Revolving Credit Agreement, dated as of June 14, 2019 (as amended, restated, supplemented or otherwise modified from time to time, the “2021 HSBC Credit Agreement”), by and among
AB-Abbott
Private Equity Investors 2019 (Delaware) Fund L.P.,
AB-Abbott
Private Equity Investors 2020 (Delaware) Fund L.P.,
AB-Abbott
Private Equity Solutions 2021 (Delaware) Fund L.P., AB Private Credit Investors Middle Market Direct Lending Fund L.P.,
AB-Abbott
Private Equity Solutions 2022 (Delaware), affiliates of the Fund, the banks and financial institutions from time to time party thereto as lenders, and HSBC as administrative agent. The Fund Group Facility Sublimit (as defined in the 2021 HSBC Credit Agreement) applicable to the Fund under the 2021 HSBC Credit Facility is $50 million. Borrowings under the 2021 HSBC Credit Facility bear interest at a rate per annum equal to (i) with respect to SOFR Loans, Adjusted Term SOFR (as defined in the 2021 HSBC Credit Agreement) plus the Applicable Margin (as defined in the 2021 HSBC Credit Agreement) for the applicable Interest Period (as defined in the 2021 HSBC Credit Agreement) and (ii) with respect to Reference Rate Loans (as defined in the 2021 HSBC Credit Agreement), the Reference Rate (as defined in the 2021 HSBC Credit Agreement) in effect from day to day. The Fund will also pay an unused commitment fee of 0.35%. Proceeds under the 2021 HSBC Credit Agreement may be used for any purpose permitted under the Fund’s organizational documents, including general corporate purposes such as the making of investments. The 2021 HSBC Credit Agreement contains certain customary covenants and events of default, with customary cure and notice provisions. As of September 30, 2023, the Fund is in compliance with these covenants. The Fund’s obligations under the 2021 HSBC Credit Agreement are secured by the Capital Commitments and capital contributions.
On June 10, 2022, the Fund entered into amendment no. 6 to the 2021 HSBC Credit Agreement. The 2021 HSBC Credit Agreement Amendment no. 6 (i) extended the maturity date of the 2021 HSBC Credit Facility from June 10, 2022 to June 9, 2023 and (ii) reduced the Fund’s sublimit commitment from $50,000,000 to $33,000,000.
On November 10, 2022, the Fund entered into amendment no. 7 to the 2021 HSBC Credit Agreement. The 2021 HSBC Credit Agreement Amendment no. 7 (i) temporarily increased the 2021 HSBC Credit Facility’s maximum commitment from $135,000,000 to $200,000,000 until March 31, 2023 (the “Temporary Increase Maturity Date”) and (ii) temporarily increased the Fund’s sublimit commitment from $33,000,000 to $50,000,000 until the Temporary Increase Maturity Date.
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On March 30, 2023, the Fund entered into amendment no. 8 to the 2021 HSBC Credit Agreement. The 2021 HSBC Credit Agreement Amendment no. 8 extended the Temporary Increase Maturity Date from March 31, 2023 until June 9, 2023.
On June 9, 2023, the Fund entered into amendment no. 9 to the 2021 HSBC Credit Agreement. The 2021 HSBC Credit Agreement Amendment no. 9 (i) extended the maturity date of the 2021 HSBC Credit Facility from June 9, 2023 to June 7, 2024 and (ii) reduced the Fund’s sublimit commitment from $33,000,000 to $31,000,000.
Synovus Credit Facility
On October 15, 2020, ABPCIC Funding II entered into a revolving credit facility (the “Synovus Credit Facility”) with Synovus Bank, Specialty Finance Division (“Synovus”), as facility agent, and U.S. Bank, National Association (“U.S. Bank”), as collateral agent (in such capacity, the “Synovus Collateral Agent”), collateral custodian (in such capacity, the “Synovus Collateral Custodian”) and securities intermediary (in such capacity, the “Synovus Securities Intermediary”). On April 16, 2021, pursuant to an amendment to the loan financing and servicing agreement (the “Synovus Loan Agreement”), the Fund increased the commitment of the existing lender by $20,000,000 from $100,000,000 to $120,000,000 and added WebBank as an additional lender with a commitment of $30,000,000.
On December 31, 2021, pursuant to an amendment to the Synovus Loan Agreement, ABPCIC Funding II added Axos Bank as an additional lender with a commitment of $50,000,000.
The Synovus Credit Facility provides for borrowings in an aggregate amount up to $200,000,000. Borrowings under the Synovus Credit Facility bear interest based on an annual adjusted SOFR for the relevant interest period, plus an applicable spread. Interest is payable quarterly in arrears. Any amounts borrowed under the Synovus Credit Facility will mature, and all accrued and unpaid interest thereunder will be due and payable, on the earlier of (i) October 15, 2025 (or such later date mutually agreed to by ABPCIC Funding II and Synovus) or (ii) upon certain events which result in accelerated maturity under the agreements establishing the Synovus Credit Facility. Borrowing under the Synovus Credit Facility is subject to certain restrictions contained in the 1940 Act.
Borrowings under the Synovus Credit Facility are secured by all of the assets held by ABPCIC Funding II. Pursuant to the agreements establishing the Synovus Credit Facility, the Adviser will perform certain duties with respect to the purchase and management of the assets securing the Synovus Credit Facility. The Adviser will not receive a fee for these services so long as the Adviser or an affiliate thereof continues providing such services. ABPCIC Funding II will reimburse all reasonable expenses, disbursements and advances incurred or made by the Adviser in the performance of its obligations relating to the Synovus Credit Facility.
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 September 30, 2023, the Fund is in compliance with these covenants.
Natixis Credit Facility
On March 24, 2021, ABPCIC Funding III entered into a warehouse financing transaction (the “2021 Natixis Credit Facility”) with Natixis, New York Branch, as administrative agent and U.S. Bank as collateral agent, collateral administrator and custodian. The reinvestment period of ABPCIC Funding III expired on March 24, 2023. On May 3, 2023, ABPCIC Funding III merged with CLO XIII (the “ABPCIC Funding III Merger”) as part of the closing of the CLO XIII Transaction (as defined below). The 2021 Natixis Credit Facility was terminated in connection with the ABPCIC Funding III Merger.
On April 21, 2023, ABPCIC Funding IV entered into a warehouse financing transaction (the “Natixis Credit Facility,” and together with the 2021 HSBC Credit Facility and the Synovus Credit Facility, the “Revolving Credit Facilities”) with Natixis, New York Branch, as administrative agent (in such capacity, the “Natixis Administrative Agent”) and U.S. Bank Trust Company, National Association, as collateral agent (in such capacity, the “Natixis Collateral Agent”) and collateral administrator (in such capacity, the “Natixis Collateral Administrator”). In connection with the Natixis Credit Facility, ABPCIC Funding IV entered into, among other agreements, (i) the credit agreement (the “Natixis Credit Agreement”) among ABPCIC Funding IV, the lenders referred to therein, the Natixis Administrative Agent, the Natixis Collateral Agent and the Natixis Collateral Administrator, (ii) the account control agreement
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(the “Natixis Account Control Agreement”) among ABPCIC Funding IV, as debtor, the Natixis Collateral Agent, as secured party, and U.S. Bank National Association, as securities intermediary (in such capacity, the “Natixis Securities Intermediary”), (iii) the collateral management agreement (the “Natixis Collateral Management Agreement”), between ABPCIC Funding IV and the Adviser, as collateral manager (in such capacity, the “Natixis Collateral Manager”), (iv) the collateral administration agreement (the “Natixis Collateral Administration Agreement”), among ABPCIC Funding IV, the Natixis Collateral Manager and the Natixis Collateral Administrator and (v) the master loan sale and contribution agreement between ABPCIC Funding IV and the Fund.
The Natixis Credit Agreement provides for borrowings in an aggregate amount up to $200,000,000. Borrowings under the Natixis Credit Agreement will bear interest based on an adjusted term standard overnight financing rate for the relevant interest period or the applicable replacement thereto provided for in the Natixis Credit Agreement, in each case, plus an applicable spread. Interest is payable quarterly in arrears. Any amounts borrowed under the Natixis Credit Agreement will mature, and all accrued and unpaid interest thereunder will be due and payable, on the earlier of (i) April 21, 2033 (or such later date mutually agreed to by ABPCIC Funding IV and the Natixis Administrative Agent) or (ii) upon certain other events which result in accelerated maturity under the Natixis Credit Facility. Borrowing under the Natixis Credit Facility is subject to certain restrictions contained in the 1940 Act.
Borrowings under the Natixis Credit Agreement are secured by all of the assets held by ABPCIC Funding IV. Pursuant to the Natixis Collateral Management Agreement, the Natixis Collateral Manager will perform certain duties with respect to the purchase and management of the assets securing the Natixis Credit Facility. There is no collateral management fee charged as long as Advisor serves as a collateral manager. ABPCIC Funding IV will reimburse the expenses incurred by the Natixis Collateral Manager in the performance of its obligations under the Natixis Collateral Management Agreement other than any ordinary overhead expenses, which shall not be reimbursed. ABPCIC Funding IV has made customary representations and warranties under the Natixis Collateral Management Agreement and is required to comply with various covenants, reporting requirements and other customary requirements for similar credit facilities. As of September 30, 2023, the Fund is in compliance with these covenants.
All of the collateral pledged to the lenders by ABPCIC Funding IV under the Natixis Credit Agreement is held in the custody of the Natixis Securities Intermediary under the Natixis Account Control Agreement. The Natixis Collateral Administrator will maintain and perform certain collateral administration services with respect to the collateral pursuant to the Natixis Collateral Administration Agreement. As compensation for the services rendered by the Natixis Collateral Administrator, ABPCIC Funding IV will pay the Natixis Collateral Administrator, on a quarterly basis, customary fee amounts and reimburse the Natixis Collateral Administrator for its reasonable
out-of-pocket
expenses. The Natixis Collateral Administration Agreement and the obligations of the Natixis Collateral Administrator will continue until the earlier of (i) the liquidation of the collateral and the final distribution of the proceeds of such liquidation, (ii) the date on which all obligations have been paid in full or (iii) the termination of the Natixis Collateral Management Agreement.
The Fund’s outstanding borrowings through the Revolving Credit Facilities as of September 30, 2023 were as follows:
   
Aggregate Borrowing

Amount Committed
   
Outstanding

Borrowing
   
Amount

Available
   
Carrying

Value
 
HSBC  $31,000,000   $15,000,000   $16,000,000   $15,000,000 
Synovus   200,000,000    200,000,000    —      200,000,000 
Natixis   200,000,000    68,400,000    131,600,000    68,400,000 
                    
Total
  $431,000,000   $283,400,000   $147,600,000   $283,400,000 
                    
The Fund’s outstanding borrowings through the Revolving Credit Facilities as of December 31, 2022 were as follows:
   
Aggregate Borrowing

Amount Committed
   
Outstanding

Borrowing
   
Amount

Available
   
Carrying

Value
 
HSBC  $50,000,000   $—     $50,000,000   $—   
Synovus   200,000,000    180,000,000    20,000,000    180,000,000 
Natixis   300,000,000    268,000,000    32,000,000    268,000,000 
                    
Total
  $550,000,000   $448,000,000   $102,000,000   $448,000,000 
                    
As of September 30, 2023 and December 31, 2022, deferred financing costs were $925,433 and $1,146,619, respectively, which remain to be amortized, and are reflected on the consolidated statements of assets and liabilities.
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Collateralized Loan Obligations
CLO VI
On August 9, 2019, CLO VI (the “VI Issuer”) and ABPCI Direct Lending Fund CLO VI LLC, a limited liability company organized under the laws of the State of Delaware (the “VI
Co-Issuer,”
and together with the VI Issuer, the “VI
Co-Issuers”),
each a newly formed special purpose vehicle, completed a $300,500,000 term debt securitization (the “CLO VI Transaction”). The stated reinvestment date was August 9, 2022.
The CLO VI indenture was refinanced under terms of the first supplemental indenture dated April 28, 2022 among the VI Issuer and U.S. Bank National Association, as trustee. As a result of the refinancing, the outstanding notes (other than the Subordinated Notes) under the indenture dated August 9, 2019 in the amount of $246,900,000 were paid off, and the unamortized debt discount and debt issuance costs were accelerated into interest and borrowing expenses on the consolidated statements of operations. The VI Issuer issued new notes as listed below, as well as additional Subordinated Notes in the amount of $7,720,000.
The CLO VI Transaction was executed through a private placement and the notes offered (the “VI Notes”) that remain outstanding as of September 30, 2023 and December 31, 2022 were as follows:
   
September 30, 2023
 
   
Principal
Amount
   
Interest Rate
  
Carrying
Value
(1)
 
Class A-1-R
Senior Secured Floating Rate Note
(“Class A-1-R”)
  $98,250,000    Term SOFR + 1.83%  $97,518,497 
Class A-1-L
Senior Secured Floating Rate Loan
(“Class A-1-L”)
  $75,000,000    Term SOFR + 1.83%  $74,746,497 
Class A-1-F
Senior Secured Fixed Rate Note
(“Class A-1-F”)
  $30,000,000    4.305%  $29,898,599 
Class A-2-R
Senior Secured Floating Rate Note
(“Class A-2-R”)
  $43,500,000    Term SOFR + 2.25%  $43,352,985 
Class B-R
Secured Deferrable Floating Rate Note
(“Class B-R”)
  $19,250,000    Term SOFR + 3.10%  $—  * 
Class C-R
Secured Deferrable Floating Rate Note
(“Class C-R”)
  $20,125,000    Term SOFR + 4.15%  $—  * 
Subordinated Notes  $61,320,000    N/A  $—  * 
*
Class
B-R,
Class C-R
and Subordinated Notes are held by the Fund and have been eliminated in consolidation.
(1)Carrying value is net of unamortized discount and debt issuance costs. Unamortized discount and debt issuance costs associated with the VI Notes totaled $399,530 and $833,892, respectively, as of September 30, 2023 and are reflected on the consolidated statements of assets and liabilities.
   
December 31, 2022
 
   
Principal
Amount
   
Interest Rate
  
Carrying
Value
(1)
 
Class A-1-R
Senior Secured Floating Rate Note
(“Class A-1-R”)
  $98,250,000    Term SOFR + 1.83%  $97,345,789 
Class A-1-L
Senior Secured Floating Rate Loan
(“Class A-1-L”)
  $75,000,000    Term SOFR + 1.83%  $74,626,138 
Class A-1-F
Senior Secured Fixed Rate Note
(“Class A-1-F”)
  $30,000,000    4.305%  $29,850,455 
Class A-2-R
Senior Secured Floating Rate Note
(“Class A-2-R”)
  $43,500,000    Term SOFR + 2.25%  $43,283,185 
Class B-R
Secured Deferrable Floating Rate Note
(“Class B-R”)
  $19,250,000    Term SOFR + 3.10%  $—  * 
Class C-R
Secured Deferrable Floating Rate Note
(“Class C-R”)
  $20,125,000    Term SOFR + 4.15%  $—  * 
Subordinated Notes  $61,320,000    N/A  $—  * 
*
Class
B-R,
Class C-R
and Subordinated Notes are held by the Fund and have been eliminated in consolidation.
(1)Carrying value is net of unamortized discount and debt issuance costs. Unamortized discount and debt issuance costs associated with the VI Notes totaled $414,624 and $1,229,809, respectively, as of December 31, 2022 and are reflected on the consolidated statements of assets and liabilities.
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The CLO VI indenture provides that the holders of the VI Notes are to receive quarterly interest payments, in arrears, on the 27th day in January, April, July and October of each year, commencing in July 2022. The VI Notes will mature on April 27, 2034.
The VI Notes are the secured obligations of the VI
Co-Issuers,
and the indenture governing the VI Notes includes customary covenants and events of default. The VI Notes have not been, and will not be, registered under the Securities Act or any state securities or “blue sky” laws and may not be offered or sold in the United States absent registration with the Securities and Exchange Commission or an applicable exemption from registration.
The Adviser serves as collateral manager to the VI Issuer pursuant to a collateral management agreement between the Adviser and the VI Issuer (the “CLO VI Collateral Management Agreement”). For so long as the Adviser serves as collateral manager to the VI Issuer, the Adviser will elect to irrevocably waive any base management fee or subordinated interest to which it may be entitled under the CLO VI Collateral Management Agreement. For the three and nine months ended September 30, 2023, the Fund did not incur any collateral management fees. For the three and nine months ended September 30, 2022, the Fund incurred collateral management fees of $0 and $588,476, respectively, which were voluntarily waived by the Adviser. Pursuant to a new CLO notes issuance, a collateral management fee is no longer charged as long as the Adviser serves as a collateral manager.
CLO XIII
On May 3, 2023, CLO XIII (the “XIII Issuer”), ABPCI Direct Lending Fund CLO XIII LLC, a limited liability company organized under the laws of the State of Delaware (the “XIII
Co-Issuer,”
and together with the XIII Issuer, the “XIII
Co-Issuers”),
ABPCI Direct Lending Fund CLO XIII First Static Subsidiary Ltd (the “First Static Subsidiary”) and ABPCI Direct Lending Fund CLO XIII Second Static Subsidiary Ltd (the “Second Static Subsidiary” and together with the First Static Subsidiary, the “Static Subsidiaries”, and together with the XIII
Co-Issuers,
the “XIII Issuer Entities”), each a newly formed special purpose vehicle, completed a $395,000,000 term debt securitization (the “CLO XIII Transaction”). The stated reinvestment date was April 27, 2027.
The CLO XIII Transaction was executed through a private placement and the notes offered (the “XIII Notes”) that remain outstanding as of September 30, 2023 were as follows:
   
September 30, 2023
 
   
Principal
Amount
   
Interest Rate
  
Carrying
Value
(1)
 
Class A Senior Secured Floating Rate Note (“Class A”)  $228,000,000    Term SOFR + 2.60%  $225,562,955 
Class B Senior Secured Floating Rate Note (“Class B”)  $36,000,000    Term SOFR + 3.65%  $35,615,204 
Class C Secured Deferrable Floating Rate Note (“Class C”)  $36,000,000    Term SOFR + 4.55%  $35,615,204 
Class D Secured Deferrable Floating Rate Note (“Class D”)  $28,000,000    Term SOFR + 6.90%  $—  * 
Subordinated Notes  $67,000,000    N/A  $—  * 
*Class D and Subordinated Notes are held by the Fund and have been eliminated in consolidation.
(1)Carrying value is net of unamortized discount and debt issuance costs. Unamortized discount and debt issuance costs associated with the XIII Notes totaled $0 and $3,206,637, respectively, as of September 30, 2023 and are reflected on the consolidated statements of assets and liabilities.
The CLO XIII indenture provides that the holders of the XIII Notes are to receive quarterly interest payments, in arrears, on the 27th day in January, April, July and October of each year, commencing in October 2023. The XIII Notes will mature on April 27, 2035.
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The XIII Notes are the secured obligations of the XIII Issuer Entities, and the indenture governing the XIII Notes includes customary covenants and events of default. The XIII Notes have not been, and will not be, registered under the Securities Act or any state securities or “blue sky” laws and may not be offered or sold in the United States absent registration with the Securities and Exchange Commission or an applicable exemption from registration.
The Adviser serves as collateral manager to the XIII Issuer pursuant to a collateral management agreement between the Adviser and the XIII Issuer (the “CLO XIII Collateral Management Agreement”). For so long as the Adviser serves as collateral manager to the XIII Issuer, a collateral management fee shall not be charged.
Secured Borrowings
From time to time, the Fund may engage in
sale/buy-back
agreements, with Macquarie US Trading LLC (the “Macquarie Sale/Buy Back”), which are a type of secured borrowing. The amount, interest rate and terms of these agreements will be individually negotiated on a
transaction-by-transaction
basis. Each borrowing is secured by an interest in an underlying asset which is participated or assigned to the
sale/buy-back
counterparty for the duration of the agreement.
There were no Secured Borrowings outstanding as of March 31, 2023, were as follows:September 30, 2023.
Loan Name
 Trade Date  
Maturity Date
 bps Daily Rate  Amount 
Coupa Software Incorporated  2/28/2023  25 days or less from trade date  2.34  $8,768,765 
               
            $8,768,765 
               
Secured Borrowings outstanding as of December 31, 2022, were as follows:
 
Loan Name Trade Date Maturity Date bps Daily Rate Amount  Trade Date Maturity Date bps Daily Rate Amount 
Saviynt, Inc.  12/22/2022  90 days or less from trade date  2.27  $5,917,275   12/22/2022  90 days or less from trade date  2.27  $5,917,275 
         
 $5,917,275     $5,917,275 
         
As of March 31,September 30, 2023 and December 31, 2022 total outstanding borrowings, net of unamortized discount and debt issuance costs, under the Revolving Credit Facilities, Notes, and Secured Borrowings were $774,023,100$825,709,941 and $699,022,842, respectively.
Interest Expense on Borrowings
For the three and nine months ended March 31,September 30, 2023 and March 31,September 30, 2022, the
components
of interest and other debt expenses related to the borrowings were as follows:
 
  
For the three months ended
   
For the three months ended
September 30,
 
For the nine months ended
September 30,
 
  
March 31, 2023
 
March 31, 2022
   
2023
 
2022
 
2023
 
2022
 
Interest and borrowing expenses  $12,921,645  $3,844,607   $16,145,115  $7,684,139  $44,806,513  $16,885,073 
Commitment fees   86,532   131,416    212,308   170,398   457,689   450,397 
Amortization of discount, debt issuance and deferred financing costs   773,483   1,164,762    810,372   1,080,551   2,945,375   3,786,621 
                    
Total  $13,781,660  $5,140,785   $17,167,795  $8,935,088  $48,209,577  $21,122,091 
                    
Weighted average interest rate
(1)
   7.23%   2.65%    7.98%   4.65%   7.67%   3.60% 
Average outstanding balance  $724,943,300  $587,636,262   $802,867,391  $656,301,827  $781,454,410  $627,445,522 
 
(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.
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The three-tier hierarchy of inputs is summarized below:
 
Level 1 – Quoted prices in active markets for identical investments.
 
Level 2 – Other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.).
 
Level 3 – Significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments at the reporting date).
The level in the fair value hierarchy within which the fair value measurement is categorized in its entirety is determined on the basis of the lowest level input that is significant to the fair value measurement in its entirety. For this purpose, the significance of an input is assessed against the fair value measurement in its entirety. If a fair value measurement uses observable inputs that require significant adjustment based on unobservable inputs, that measurement is a Level 3 measurement. If a fair value measurement uses price data vendors or observable market price quotations, that measurement is usually a Level 2 measurement. Assessing the significance of a particular input to the fair value measurement in its entirety requires judgment, considering factors specific to the asset or liability.
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The determination of what constitutes “observable” requires significant judgment by the Fund. The Fund considers observable data to be that market data that is readily available, regularly distributed or updated, reliable and verifiable, not proprietary, and provided by independent sources that are actively involved in the relevant market.
For certain investments, the Fund uses the net asset value of these investments as a practical expedient to determine their fair value. Due to the uncertainty inherent in valuing such positions, their estimated values could differ significantly from the values that could have been used had a ready market for such positions existed.
Valuation of Investments
Pursuant to the amended SEC Rule
2a-5
of the 1940 Act, the Board designated the Adviser as the Fund’s “valuation designee.” In this capacity, the Adviser is responsible, among other things, for making all fair value determinations relating to the Fund’s portfolio investments, subject to the Board’s oversight. Investments are valued at fair value as determined in good faith by our Adviser, as valuation designee, based on input of management, the audit committee and independent valuation firms that have been engaged to assist in the valuation of each portfolio investment without a readily available market quotation under a valuation policy. The Adviser principally carries out its fair value responsibilities through its Valuation
Sub-Committee.
This valuation process is conducted at the end of each fiscal quarter.
The fair values of loan investments based upon pricing data vendors or observable market price quotations are generally categorized as Level 2; however, those priced using models with significant unobservable inputs are categorized as Level 3.
In determining the fair value of the Fund’s Level 3 debt and equity positions, the Adviser and the independent valuation firms use the following factors where relevant: loan to value (“LTV”) based on an enterprise value determined using the original purchase price, public equity comparable, recent M&A transaction, and a discounted cash flow (“DCF”) analysis, and yields from comparable loans, comparable high yield bonds, high yield indexes and loan indexes (“comparable yields”).
Due to the inherent uncertainty of valuations, however, estimated fair values may differ from the values that would have been used had a readily available market for the securities existed and the differences could be material.
The following tables summarizetable summarizes the valuation of the Fund’s investments as of March 31,September 30, 2023:
 
Assets*
  
Level 1
   
Level 2
   
Level 3
   
Total
   
Level 1
   
Level 2
   
Level 3
   
Total
 
Cash Equivalents                    
Investment Companies  $54,630,117   $—     $—     $54,630,117   $43,875,449   $—     $—     $43,875,449 
                                
Total Cash Equivalents
  $54,630,117   $—     $—     $54,630,117   $43,875,449   $—     $—     $43,875,449 
                                
 
Assets*
  
Level 1
   
Level 2
   
Level 3
   
Total
   
Level 1
   
Level 2
   
Level 3
   
Total
 
1st Lien/Senior Secured Debt  $—     $—     $ 1,143,781,007   $ 1,143,781,007   $—     $—     $1,210,772,172   $1,210,772,172 
2nd Lien/Junior Secured Debt   —      —      10,500,557    10,500,557    —      —      10,092,935    10,092,935 
Preferred Stock   —      —      9,410,941    9,410,941    —      —      9,599,615    9,599,615 
Common Stock   692,539    —      8,144,940    8,837,479    19,873    —      9,700,168    9,720,041 
Warrants   —      —      1,096,701    1,096,701    —      —      1,383,703    1,383,703 
                                
Total
  $692,539   $—     $1,172,934,146   $1,173,626,685   $19,873   $—     $1,241,548,593   $1,241,568,466 
                                
Investments valued at NAV as a practical expedient
#
            5,716,977          8,149,817 
                       
Total assets
#
           $1,179,343,662         $1,249,718,283 
                       
 
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*See consolidated schedule of investments for industry classifications.
#Certain investments that are measured at fair value using NAV have not been categorized in the fair value hierarchy. The fair value amounts presented in the table are intended to permit reconciliation of the fair value hierarchy to the amount presented in the consolidated statements of assets and liabilities.
The following table summarizes the valuation of the Fund’s investments as of December 31, 2022:
 
Assets*
  
Level 1
   
Level 2
   
Level 3
   
Total
   
Level 1
   
Level 2
   
Level 3
   
Total
 
Cash Equivalents                    
Investment Companies  $28,971,985   $—     $—     $28,971,985   $28,971,985   $—     $—     $28,971,985 
                                
Total
Cash Equivalents
  $28,971,985   $—     $—     $28,971,985   $28,971,985   $—     $—     $28,971,985 
                                
 
Assets*
  
Level 1
   
Level 2
   
Level 3
   
Total
   
Level 1
   
Level 2
   
Level 3
   
Total
 
1st Lien/Senior Secured Debt  $—     $—     $1,088,190,382   $1,088,190,382   $—     $—     $1,088,190,382   $1,088,190,382 
2nd Lien/Junior Secured Debt   —      —      10,640,036    10,640,036    —      —      10,640,036    10,640,036 
Preferred Stock   —      —      9,218,222    9,218,222    —      —      9,218,222    9,218,222 
Common Stock   449,864    —      7,420,892    7,870,756    449,864    —      7,420,892    7,870,756 
Warrants   —    —      994,095    994,095    —      —      994,095    994,095 
                                
Total
  $449,864   $—     $1,116,463,627   $1,116,913,491   $449,864   $—     $1,116,463,627   $1,116,913,491 
                                
Investments valued at NAV as a practical expedient
#
            5,603,604          5,603,604 
                       
Total assets
#
           $1,122,517,095         $1,122,517,095 
                       
 
*See consolidated schedule of investments for industry classifications.
#Certain investments that are measured at fair value using NAV have not been categorized in the fair value hierarchy. The fair value amounts presented in the table are intended to permit reconciliation of the fair value hierarchy to the amount presented in the consolidated statements of assets and liabilities.
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Table of Contents
The following is a reconciliation of Level 3 assets for the threenine months ended March 31,September 30, 2023:
 
  
1st

Lien/Senior
Secured

Debt
  
2nd

Lien/Junior

Secured Debt
  
Preferred

Stock
  
Common

Stock
  
Warrants
  
Total
 
Balance as of January 1, 2023 $1,088,190,382  $10,640,036  $9,218,222  $7,420,892  $994,095  $1,116,463,627 
Purchases (including PIK)  64,396,126   —     —   725,512   —     65,121,638 
Sales and principal payments  (14,144,514)   —     (53,047)   (36,769)  —     (14,234,330) 
Realized Gain (Loss)  —     —     —   5,453   —     5,453 
Net Amortization of Premium/Discount  1,378,704   5,668   —     —     —     1,384,372 
Transfers In  —     —     —     —     —     —   
Transfers Out  —     —     —     —     —     —   
Net Change in Unrealized Appreciation (Depreciation)  3,960,309   (145,147)   245,766   29,852   102,606   4,193,386 
                         
Balance as of March 31, 2023 $ 1,143,781,007  $ 10,500,557  $ 9,410,941  $ 8,144,940  $ 1,096,701  $ 1,172,934,146 
                         
Change in Unrealized Appreciation (Depreciation) for Investments Still Held $4,080,070  $(145,148)  $246,034  $32,030  $102,606  $4,315,592 
  
1st

Lien/Senior

Secured

Debt
  
2nd

Lien/Junior

Secured Debt
  
Preferred

Stock
  
Common

Stock
  
Warrants
  
Total
 
Balance as of January 1, 2023 $ 1,088,190,382  $ 10,640,036  $ 9,218,222  $ 7,420,892  $994,095  $ 1,116,463,627 
Purchases (including PIK)  214,769,462   —     —   1,869,444   —     216,638,906 
Sales and principal payments  (98,550,287)   —     (53,047)   (72,758)   —     (98,676,092) 
Realized Gain (Loss)  35,161   —     (861,879)   5,453   —     (821,265) 
Net Amortization of Premium/Discount  4,447,104   17,149   —     —     —     4,464,253 
Transfers In  —     —     —��    —     —     —   
Transfers Out  —     —     —     —     —     —   
Net Change in Unrealized Appreciation (Depreciation)  1,880,350   (564,250)   1,296,319   477,137   389,608   3,479,164 
                        
Balance as of September 30, 2023 $1,210,772,172  $10,092,935  $9,599,615  $9,700,168  $ 1,383,703  $1,241,548,593 
                        
Change in Unrealized Appreciation (Depreciation) for Investments Still Held $1,493,753  
(564,250)  $434,709  $477,137  $389,608  $2,230,957 
For the threenine months ended March 31,September 30, 2023, there were no transfers into or out of Level 3.
The following is a reconciliation of Level 3 assets for the year ended December 31, 2022:
 
  
1st

Lien/Senior

Secured

Debt
  
2nd

Lien/Junior

Secured Debt
  
Preferred

Stock
  
Common

Stock
  
Warrants
  
Total
 
Balance as of January 1, 2022 $859,412,243  $10,677,299  $12,563,914  $4,695,735  $1,111,543  $888,460,734 
Purchases (including PIK)  447,434,086   220,045   2,396,024   2,683,623   43,880   452,777,658 
Sales and principal payments  (196,946,622)   —     (8,919,847)  (159,711)  (299,962)   (206,326,142) 
Realized Gain (Loss)  (19,544)   —     5,415,842   (46)  275,999   5,672,251 
Net Amortization of Premium/Discount  6,629,933   21,713   —   —     —     6,651,646 
Transfers In  —   —   —   426,294   —     426,294 
Transfers Out  —   —   —   (802,902)  —     (802,902) 
Net Change in Unrealized Appreciation
(Depreciation)		  (28,319,714)   (279,021)   (2,237,711)  577,899   (137,365)   (30,395,912) 
                         
Balance as of December 31, 2022 $ 1,088,190,382  $ 10,640,036  $ 9,218,222  $7,420,892  $994,095  $ 1,116,463,627 
                         
Change in Unrealized Appreciation (Depreciation)
 
for
Investments Still Held
 $(25,834,883)  $(279,021)  $(2,018,945) $577,899  $89,851  $(27,465,099) 

4
5
47
Table of Contents
  
1st

Lien/Senior

Secured

Debt
  
2nd

Lien/Junior

Secured Debt
  
Preferred

Stock
  
Common

Stock
  
Warrants
  
Total
 
Balance as of January 1, 2022 $859,412,243  $10,677,299  $12,563,914  $4,695,735  $1,111,543  $888,460,734 
Purchases (including PIK)  447,434,086   220,045   2,396,024   2,683,623   43,880   452,777,658 
Sales and principal payments  (196,946,622)   —     (8,919,847)   (159,711)   (299,962)   (206,326,142) 
Realized Gain (Loss)  (19,544)   —     5,415,842   (46)   275,999   5,672,251 
Net Amortization of Premium/Discount  6,629,933   21,713   —     —     —     6,651,646 
Transfers In  —     —     —     426,294   —     426,294 
Transfers Out  —     —     —     (802,902)   —     (802,902) 
Net Change in Unrealized Appreciation (Depreciation)  (28,319,714)   (279,021)   (2,237,711)   577,899   (137,365)   (30,395,912) 
                         
Balance as of December 31, 2022 $ 1,088,190,382  $ 10,640,036  $9,218,222  $ 7,420,892  $994,095  $ 1,116,463,627 
                         
Change in Unrealized Appreciation (Depreciation) for Investments Still Held $(25,834,883)  $(279,021)  $(2,018,945)  $577,899  $89,851  $(27,465,099) 
For the year ended December 31, 2022, amounts of $426,294 of Common Stock were transferred into Level 3 from Investments valued at net asset value as a practical expedient due to the decreased transparency of the price inputs used in the valuation of these positions. Further, amounts of $802,902 of Common Stock were transferred out of Level 3 as these positions are now valued using their net asset values as a practical expedient and therefore are excluded from levels 1, 2 or 3.
The following tables present the ranges of significant unobservable inputs used to value the Fund’s Level 3 investments as of March 31,September 30, 2023 and December 31, 2022, 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,
2023
  
Valuation
Techniques
  
Unobservable
Input
  
Range/Input (Weighted
Average)
(1)
  
Impact to
Valuation from an
Increase in Input
Assets:
          
1st Lien/Senior Secured Debt
  1,112,170,580  Market Yield Analysis  Market Yield  
9.5% - 24.5%
 
(11.7%)
  Decrease
  4,877,395  Market Approach  EBITDA Multiple  
4.6x - 15.8x
 
(15.7x)
  Increase
  11,721,487  Market Approach  Revenue Multiple  
0.5x - 0.6x
 
(0.6x)
  Increase
  30,307  
Liquidation
Value
  Asset Value  N/A  Increase
  14,981,238  Recent Purchase  Purchase Price  N/A  N/A
2nd Lien/Junior Secured Debt
  
10,500,557
  Market Yield Analysis  Market Yield  
13.8% - 16.1%
 
(14.4%)
  Decrease
Common Stock
  4,128,934  Market Approach  EBITDA Multiple  
8.3x - 30.0x
 
(14.0x)
  Increase
  971,159  Market Approach  Revenue Multiple  
0.8x - 36.1x
 
(9.7x)
  Increase
  337,007  Market Approach  Network Cashflow Multiple  
31.0x
  Increase
  417,885  Market Approach  Dividend Yield  
14.3%
  Decrease
  2,289,955  Recent Purchase  Purchase Price  
N/A
  N/A
Preferred Stock
  4,710,061  Market Approach  Revenue Multiple  
0.5x - 11.0x
 
(8.0x)
  Increase
  4,527,043  Market Yield Analysis  Dividend Yield  
12.5% - 18.9%
 
(16.2%)
  Decrease
  173,837  Expected Repayment  Redemption Price  
N/A
  N/A
Warrants
  1,096,701  
Market Approach
  
Revenue Multiple
  
 
0.5x - 8.5x
 
(7.9x)
  Increase
Total Assets
  1,172,934,146        

(1)
Fair Value as of
September 30, 2023
Valuation Techniques
Unobservable
Input
Range/Input (Weighted
Average)
(1)
Impact to Valuation
from an Increase in
Input
Assets:
1st Lien/Senior Secured Debt$    1,197,094,183Market Yield AnalysisMarket Yield9.4% - 22.5% (11.7%)Decrease
129,641Liquidation ValueRecovery Rate1.0% - 3.5% (2.9%)Increase
3,246,622Recent TransactionTransaction PriceN/AN/A
10,301,726Recent PurchasePurchase PriceN/AN/A
2nd Lien/Junior Secured Debt10,092,935Market Yield AnalysisMarket Yield14.2% - 16.7% (16.2%)Decrease
Common Stock5,965,020Market ApproachEBITDA Multiple8.3x - 32.5x (16.8x)Increase
2,001,539Market ApproachRevenue Multiple0.7x - 12.0x (9.2x)Increase
317,597Market ApproachNetwork Cashflow Multiple15.0x - 23.3x (22.3x)Increase
316,012Recent TransactionTransaction PriceN/AN/A
1,100,000Recent PurchasePurchase PriceN/AN/A
Preferred Stock6,022,771Market ApproachRevenue Multiple4.5x - 10.5x (8.0x)Increase
3,312,358Market Yield AnalysisDividend Yield12.5% - 19.0% (16.8%)Decrease
264,486Expected RepaymentRedemption PriceN/AN/A
Warrants1,383,703Market ApproachRevenue Multiple5.6x - 9.4x (8.4x)Increase
Total Assets$    1,241,548,593
(1) Weighted averages are calculated based on fair value of investments.
48
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6
Table of Contents
  
Fair Value as of
December 31,
2022
  
Valuation
Techniques
  
Unobservable
Input
  
Range/Input
(Weighted
Average)
(1)
  
Impact to
Valuation from an
Increase in Input
  
Fair Value as of
December
31, 2022
  
Valuation
Techniques
  
Unobservable
Input
  
Range/Input (Weighted
Average)
(1)
  
Impact to
Valuation from an
Increase in Input
Assets:                              
1st Lien/Senior Secured Debt  1,017,673,836  Market Yield Analysis  Market Yield  9.1% - 24.5% (11.5%)  Decrease  $    1,017,673,836  Market Yield Analysis  Market Yield  9.1% - 24.5% (11.5%)  Decrease
  3,196,797  Market Approach  EBITDA Multiple  4.6x - 10.0x (9.9x)  Increase  3,196,797  Market Approach  EBITDA Multiple  4.6x - 10.0x (9.9x)  Increase
  2,625,128  Market Approach  Revenue Multiple  0.5x  Increase  2,625,128  Market Approach  Revenue Multiple  0.5x  Increase
  255,988  Liquidition Value  Asset Value  N/A  Increase  255,988  Liquidation Value  Asset Value  N/A  Increase
  64,438,633  Recent Purchase  Purchase Price  N/A  N/A  64,438,633  Recent Purchase  Purchase Price  N/A  N/A
2nd Lien/Junior Secured Debt  10,640,036  Market Yield Analysis  Market Yield  13.7% - 14.6% (14.3%)  Decrease  10,640,036  Market Yield Analysis  Market Yield  13.7% - 14.6% (14.3%)  Decrease
Common Stock  4,066,465  Market Approach  EBITDA Multiple  8.0x - 30.0x (13.5x)  Increase  4,066,465  Market Approach  EBITDA Multiple  8.0x - 30.0x (13.5x)  Increase
  997,684  Market Approach  Revenue Multiple  0.8x - 36.1x (10.8x)  Increase  997,684  Market Approach  Revenue Multiple  0.8x - 36.1x (10.8x)  Increase
  332,454  Market Approach  Network Cashflow Multiple  33.0x  Increase  332,454  Market Approach  Network Cashflow Multiple  33.0x  Increase
  404,565  Market Approach  Dividend Yield  14.3%  Decrease  404,565  Market Approach  Dividend Yield  14.3%  Decrease
  1,619,724  Recent Purchase  Purchase Price  N/A  N/A  1,619,724  Recent Purchase  Purchase Price  N/A  N/A
Preferred Stock  4,689,366  Market Approach  Revenue Multiple  0.5x - 12.0x (8.2x)  Increase  4,689,366  Market Approach  Revenue Multiple  0.5x - 12.0x (8.2x)  Increase
  4,355,019  Market Yield Analysis  Dividend Yield  12.5% - 17.5% (15.6%)  Decrease  4,355,019  Market Yield Analysis  Dividend Yield  12.5% - 17.5% (15.6%)  Decrease
  173,837  Expected Repayment  Redemption Price  N/A  N/A  173,837  Expected Repayment  Redemption Price  N/A  N/A
Warrants  994,095  Market Approach  Revenue Multiple  0.5x - 8.5x (8.2x)  Increase  994,095  Market Approach  Revenue Multiple  0.5x - 8.5x (8.2x)  Increase
               
Total Assets  1,116,463,627              $    1,116,463,627            
 
(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,September 30, 2023 and the level of each financial liability within the fair value hierarchy.
49
   
Carrying

Value
(1)
   
Fair

Value
   
Level 1
   
Level 2
   
Level 3
 
Class A-1-R
Senior Secured Floating Rate Note
  $97,415,995   $96,285,000   $—     $—     $96,285,000 
Class A-1-L
Senior Secured Floating Rate Note
   74,665,817    73,500,000    —      —      73,500,000 
Class A-1-F
Senior Secured Fixed Rate Note
   29,866,327    28,725,000    —      —      28,725,000 
Class A-2-R
Senior Secured Deferrable Floating Rate
   43,306,196    41,433,750    —      —      41,433,750 
                          
Total  $245,254,335   $239,943,750   $—     $—     $239,943,750 
                          
Table of Contents
   
Carrying

Value
(1)
   
Fair

Value
   
Level 1
   
Level 2
   
Level 3
 
Class A-1-R
Senior Secured Floating Rate Note
  $97,518,497   $97,021,875   $—     $—     $97,021,875 
Class A-1-L
Senior Secured Floating Rate Note
   74,746,497    74,062,500    —      —      74,062,500 
Class A-1-F
Senior Secured Fixed Rate Note
   29,898,599    27,675,000    —      —      27,675,000 
Class A-2-R
Senior Secured Deferrable Floating Rate
   43,352,985    41,760,000    —      —      41,760,000 
Class A Note   225,562,955    230,280,000    —      —      230,280,000 
Class B Note   35,615,204    36,360,000    —      —      36,360,000 
Class C Note   35,615,204    36,810,000    —      —      36,810,000 
                         
Total  $542,309,941   $543,969,375   $—     $—     $543,969,375 
                         
 
(1)Carrying value is net of unamortized discount and debt issuance costs. Unamortized discount and debt issuance costs associated with the Notes totaled $396,378$399,530 and $1,099,287$4,040,529 as of March 31,September 30, 2023 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, 2022 and the level of each financial liability within the fair value hierarchy.
 
   
Carrying

Value
(1)
   
Fair

Value
   
Level 1
   
Level 2
   
Level 3
 
Class A-1-R
Senior Secured Floating Rate Note
  $97,345,789   $96,039,375   $—     $—     $96,039,375 
Class A-1-L
Senior Secured Floating Rate Note
   74,626,138    73,312,500    —      —      73,312,500 
Class A-1-F
Senior Secured Fixed Rate Note
   29,850,455    28,275,000    —      —      28,275,000 
Class A-2-R
Senior Secured Deferrable Floating Rate
   43,283,185    41,216,250    —      —      41,216,250 
                         
Total  $245,105,567   $238,843,125   $—     $—     $238,843,125 
                         
 
(1)Carrying value is net of unamortized discount and debt issuance costs. Unamortized discount and debt issuance costs associated with the Notes totaled $414,624 and $1,229,809 as of December 31, 2022 and are reflected on the consolidated statements of assets and liabilities.
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Table of Contents
The Revolving Credit Facilities and Secured Borrowings are recorded at carrying value, which approximates fair value.
6. Comm
itmen
tsCommitments & Contingencies
Commitments
The Fund may enter into commitments to fund investments. As of March 31,September 30, 2023 and December 31, 2022 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,September 30, 2023 and December 31, 2022:
 
      
03/31/2023
  
12/31/2022
 
Investment Type
 
Facility Type
 
Commitment
Expiration
Date (1)
 
Unfunded
Commitment
(2)
  
Fair Value
(3)
  
Unfunded
Commitment
(2)
  
Fair Value
(3)
 
1st Lien/Senior Secured Debt 5 Bars, LLC Delayed Draw Term Loan 02/28/2023  —     —     2,845,273   (7,113) 
5 Bars, LLC Revolver 09/27/2024  —     —     646,653   (1,617) 
AAH Topco, LLC Delayed Draw Term Loan 12/22/2023  2,344,916   (70,347)   3,689,335   (119,903) 
AAH Topco, LLC Revolver 12/22/2027  787,273   (27,555)   787,273   (31,491) 
Accelerate Resources Operating, LLC Revolver 02/24/2026  414,764   —     414,764   —   
Activ Software Holdings, LLC Revolver 05/04/2027  648,837   (16,221)   648,837   (21,087) 
Admiral Buyer, Inc Delayed Draw Term Loan 05/06/2024  1,576,961   —     1,576,961   (15,770) 
Admiral Buyer, Inc Revolver 05/08/2028  563,200   (4,224)   563,200   (11,264) 
AEG Holding Company, Inc. Revolver 11/20/2023  670,119   —     670,119   —   
Airwavz Solutions, Inc Delayed Draw Term Loan 03/31/2024  1,958,219   (24,478)   3,263,699   (40,796) 
Airwavz Solutions, Inc Revolver 03/31/2027  652,740   (11,423)   652,740   (13,055) 
American Physician Partners, LLC Revolver 02/15/2023  —     —     97,681   (14,896) 
American Physician Partners, LLC Delayed Draw Term Loan 02/15/2023  —     —     421,339   (8,427) 
AMI US Holdings, Inc. Revolver 04/01/2024  1,094,605   —     1,094,605   —   
Analogic Corporation Revolver 06/22/2023  61,111   (1,375)   24,444   (856) 
AOM Acquisition, LLC. Revolver 02/18/2027  1,218,605   (6,093)   1,218,605   (9,140) 
Avalara, Inc. Revolver 10/19/2028  1,065,375   (23,971)   1,065,375   (26,634) 
Avant Communications, LLC Revolver 11/30/2026  566,910   —     566,910   —   
Avetta, LLC Revolver 04/10/2024  494,396   (3,708)   494,396   (2,472) 
BAART Programs, Inc. Delayed Draw Term Loan 06/11/2023  —     —     2,750,974   (130,671) 
Banneker V Acquisition, Inc. Revolver 12/04/2025  896,683   (22,417)   259,300   —   
Bonterra, LLC Delayed Draw Term Loan 09/08/2023  2,746,215   (48,059)   2,746,215   (68,655) 
Bonterra, LLC Revolver 09/08/2027  18,521   (463)   723,392   (23,510) 
Bridgepointe Technologies, LLC Delayed Draw Term Loan 09/23/2024  1,869,709   (32,720)   2,108,716   (57,990) 
Bridgepointe Technologies, LLC Revolver 12/31/2027  777,494   (17,494)   777,494   (29,156) 
Brightspot Buyer, Inc Revolver 11/16/2027  680,292   (15,307)   680,292   (20,409) 
                                                                                                                              
      
09/30/2023
  
12/31/2022
 
Investment Type
 
Facility Type
 
Commitment
Expiration
Date (1)
 
Unfunded
Commitment
(2)
  
Fair Value
(3)
  
Unfunded
Commitment
(2)
  
Fair
 
Value
(3)
 
1st Lien/Senior Secured Debt 5 Bars, LLC Delayed Draw Term Loan 02/28/2023 $—    $—    $2,845,273  $(7,113) 
5 Bars, LLC Revolver 09/27/2024  —     —     646,653   (1,617) 
AAH Topco, LLC Delayed Draw Term Loan 12/22/2023  1,250,622   (34,392)   3,689,335   (119,903) 
 
4
8
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Table of Contents
BSI2 Hold Nettle, LLC Revolver 06/30/2028  588,922   (8,834)   588,922   (10,306) 
BusinesSolver.com, Inc. Delayed Draw Term Loan 12/01/2023  1,816,606   (40,874)   1,816,606   (45,415) 
BV EMS Buyer, Inc. Delayed Draw Term Loan 03/21/2024  1,706,075   (46,917)   2,765,018   (96,776) 
Cerifi, LLC Revolver 04/01/2027  1,107,792   (16,617)   1,107,792   (33,234) 
Certify, Inc Revolver 02/28/2024  119,907   (600)   119,907   (899) 
Choice Health At Home, LLC, Delayed Draw Term Loan 12/29/2023  1,320,427   (85,828)   1,320,427   (52,817) 
Coding Solutions Acquisition, Inc Delayed Draw Term Loan 05/10/2024  1,656,288   (49,689)   1,656,288   (62,111) 
Coding Solutions Acquisition, Inc Revolver 05/11/2028  556,752   (22,270)   636,288   (30,224) 
Community Based Care Acquisition, Inc. Delayed Draw Term Loan 09/16/2023  109,272   (4,098)   109,272   (4,371) 
Community Based Care Acquisition, Inc. Delayed Draw Term Loan 03/29/2024  2,912,094   (80,083)   2,912,094   (87,363) 
Community Based Care Acquisition, Inc. Revolver 09/16/2027  604,669   (22,675)   863,813   (34,553) 
Community Brands Parentco, LLC Delayed Draw Term Loan 02/24/2024  834,415   (18,774)   834,415   (27,118) 
Community Brands Parentco, LLC Revolver 02/24/2028  417,208   (13,559)   417,208   (17,731) 
Coretelligent Intermediate LLC Delayed Draw Term Loan 10/21/2023  1,870,703   (32,737)   1,870,703   (46,768) 
Coretelligent Intermediate LLC Revolver 10/21/2027  1,171,440   (23,429)   1,139,779   (31,344) 
Coupa Holdings,LLC Delayed Draw Term Loan 08/27/2024  948,020   (11,850)   —     —   
Coupa Holdings,LLC Revolver 02/27/2029  725,890   (18,147)   —     —   
Datacor, Inc. Delayed Draw Term Loan 03/31/2024  1,431,722   (14,317)   1,431,722   (7,159) 
Datacor, Inc. Revolver 12/29/2025  643,849   (12,877)   643,849   (9,658) 
Degreed, Inc. Delayed Draw Term Loan 08/18/2023  1,391,394   (31,306)   1,391,394   (34,785) 
Degreed, Inc. Delayed Draw Term Loan 08/18/2024  1,321,674   (23,129)   1,321,674   (26,433) 
Degreed, Inc. Revolver 05/29/2026  417,813   (11,490)   417,813   (12,534) 
Delaware Valley Management Holdings, Inc. Delayed Draw Term Loan 09/18/2023  355,591   (64,006)   619,031   (221,304) 
Dispatch Track, LLC Revolver 12/17/2026  301,930   (2,264)   301,930   (3,019) 
EET Buyer, Inc. Revolver 11/08/2027  690,794   (15,543)   690,794   (13,816) 
Engage2Excel, Inc. Revolver 03/07/2023  —     —     31,409   (864) 
EvolveIP, LLC Revolver 06/07/2025  406,256   (17,266)   418,538   (11,510) 
Exterro, Inc. Revolver 05/31/2024  738,562   —     247,500   (1,238) 
Faithlife, LLC Revolver 09/18/2025  279,053   —     279,053   —   
Fatbeam, LLC Delayed Draw Term Loan 02/22/2023  —     —     1,609,623   (8,048) 
Firstdigital Communications LLC Revolver 12/17/2026  1,174,177   (46,967)   1,174,177   (49,903) 
Foundation Risk Partners, Corp. Delayed Draw Term Loan 04/14/2024  1,278,703   (67,132)   1,278,703   (19,181) 
Foundation Risk Partners, Corp. Revolver 10/29/2027  1,038,062   (57,093)   610,625   (10,686) 
Freddy’s Frozen Custard, L.L.C Revolver 03/03/2027  412,270   —     412,270   (4,123) 
Fusion Holding Corp Revolver 09/15/2027  1,379,193   (31,032)   1,379,193   (34,480) 
Fusion Risk Management Inc Revolver 08/30/2028  852,848   (25,585)   852,848   (29,850) 
Galway Borrower, LLC Delayed Draw Term Loan 09/29/2023  39,209   (882)   39,209   (1,274) 
                                                                                                                              
AAH Topco, LLC Revolver 12/22/2027  787,273   (23,618)   787,273   (31,491) 
Accelerate Resources Operating, LLC Delayed Draw Term Loan 01/20/2025  1,254,872   —     —     —   
Accelerate Resources Operating, LLC Revolver 02/24/2026  —     —     414,764   —   
Accelerate Resources Operating, LLC Revolver 02/24/2027  665,739   —     —     —   
Activ Software Holdings, LLC Revolver 05/04/2027  648,837   (11,355)   648,837   (21,087) 
Admiral Buyer, Inc Delayed Draw Term Loan 05/06/2024  1,576,961   —     1,576,961   (15,770) 
Admiral Buyer, Inc Revolver 05/08/2028  563,200   —     563,200   (11,264) 
AEG Holding Company, Inc. Revolver 11/20/2023  —     —     670,119   —   
AEG Holding Company, Inc. Revolver 07/01/2024  781,805   —     —     —   
Airwavz Solutions, Inc. Delayed Draw Term Loan 03/31/2024  5,206,136   (39,046)   3,263,699   (40,796) 
Airwavz Solutions, Inc. Revolver 03/31/2027  652,740   (11,423)   652,740   (13,055) 
American Physician Partners, LLC Revolver 02/15/2023  —     —     97,681   (14,896) 
American Physician Partners, LLC Delayed Draw Term Loan 02/15/2023  —     —     421,339   (8,427) 
AMI US Holdings, Inc. Revolver 04/01/2024  —     —     1,094,605   —   
AMI US Holdings, Inc. Revolver 04/01/2025  963,252   —     —     —   
Analogic Corporation Revolver 06/22/2023  —     —     24,444   (856) 
AOM Acquisition, LLC. Revolver 02/18/2027  1,218,605   —     1,218,605   (9,140) 
Avalara, Inc. Revolver 10/19/2028  1,065,375   —     1,065,375   (26,634) 
Avant Communications, LLC Revolver 11/30/2026  566,910   (5,669)   566,910   —   
Avetta, LLC Revolver 04/10/2024  494,396   (1,236)   494,396   (2,472) 
BAART Programs, Inc. Delayed Draw Term Loan 06/11/2023  —     —     2,750,974   (130,671) 
Banneker V Acquisition, Inc. Revolver 12/04/2025  896,683   (17,934)   259,300   —   
Bonterra, LLC Delayed Draw Term Loan 09/08/2023  —     —     2,746,215   (68,655) 
Bonterra, LLC Revolver 09/08/2027  1,151,751   (20,156)   723,392   (23,510) 
Bridgepointe Technologies, LLC Delayed Draw Term Loan 09/23/2024  —     —     2,108,716   (57,990) 
Bridgepointe Technologies, LLC Delayed Draw Term Loan 04/01/2025  2,076,626   (46,724)   —     —   
Bridgepointe Technologies, LLC Revolver 12/31/2027  660,870   (14,870)   777,494   (29,156) 
Brightspot Buyer, Inc Revolver 11/16/2027  680,292   (17,007)   680,292   (20,409) 
 
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Table of Contents
Galway Borrower, LLC Revolver 09/30/2027  212,272   (6,899)   270,410   (11,492) 
GHA Buyer, Inc. Revolver 06/24/2026  951,077   (40,421)   951,077   (40,421) 
Greenhouse Software, Inc. Revolver 09/01/2028  887,221   (15,526)   1,232,251   (30,806) 
Greenhouse Software, Inc. Revolver 09/01/2028  435,239   (7,617)   604,499   (15,112) 
Greenlight Intermediate II, Inc. Delayed Draw Term Loan 05/30/2025  5,519,363   —     6,702,083   (50,266) 
Gryphon-Redwood Acquisition LLC Delayed Draw Term Loan 09/16/2024  1,586,009   (27,755)   1,586,009   (35,685) 
GS AcquisitionCo, Inc. Revolver 05/22/2026  456,698   (14,843)   456,698   (18,268) 
Higginbotham Insurance Agency, Inc. Delayed Draw Term Loan 12/22/2023  1,194,398   (8,958)   1,918,951   (23,987) 
Honor HN Buyer, Inc Delayed Draw Term Loan 10/16/2023  889,740   —     889,740   (2,224) 
Honor HN Buyer, Inc Delayed Draw Term Loan 08/26/2024  2,437,025   —     2,437,025   —   
Honor HN Buyer, Inc Revolver 10/15/2027  304,093   —     304,093   (2,281) 
Iodine Software, LLC Delayed Draw Term Loan 10/18/2023  3,436,155   —     3,436,155   (25,771) 
Iodine Software, LLC Revolver 05/19/2027  1,089,030   (13,613)   1,089,030   (21,781) 
Kaseya Inc. Delayed Draw Term Loan 06/24/2024  636,776   (12,736)   636,776   (19,103) 
Kaseya Inc. Revolver 06/25/2029  636,776   (17,511)   636,776   (23,879) 
Mathnasium LLC Revolver 11/15/2027  565,781   (9,901)   565,781   (12,730) 
Mavenlink, Inc. Revolver 06/03/2027  1,073,889   (21,478)   1,431,852   (39,376) 
MBS Holdings, Inc. Revolver 04/16/2027  974,169   (34,096)   974,169   (38,967) 
Medbridge Holdings, LLC Revolver 12/23/2026  1,376,227   (20,643)   1,376,227   (30,965) 
Medical Management Resource Group, LLC Revolver 09/30/2026  189,849   (6,645)   316,415   (11,866) 
Medsuite Purchaser, LLC Delayed Draw Term Loan 10/23/2023  7,144,203   —     7,144,203   —   
Medsuite Purchaser, LLC Revolver 10/22/2026  680,400   (3,402)   680,400   (5,103) 
Metametrics, Inc. Revolver 09/10/2025  651,183   —     520,946   (6,512) 
MMP Intermediate, LLC Revolver 02/15/2027  552,880   (16,586)   552,880   (19,351) 
Moon Buyer, Inc. Revolver 04/21/2027  1,163,793   (5,819)   1,163,793   (2,909) 
MSM Acquisitions, Inc. Delayed Draw Term Loan 01/30/2023  —     —     2,828,188   (113,128) 
MSM Acquisitions, Inc. Revolver 12/09/2026  456,329   (18,253)   655,399   (29,493) 
MSP Global Holdings, Inc. Delayed Draw Term Loan 01/24/2024  592,150   (11,843)   592,150   (20,725) 
MSP Global Holdings, Inc. Revolver 01/25/2027  845,929   (16,919)   845,929   (29,608) 
Mykaarma Acquisition LLC Revolver 03/21/2028  593,215   (10,381)   593,215   (16,313) 
Navigate360, LLC Revolver 03/17/2027  —     —     604,235   (12,085) 
Netwrix Corporation And Concept Searching Inc. Delayed Draw Term Loan 06/10/2024  2,938,257   (14,691)   2,973,121   (22,298) 
Netwrix Corporation And Concept Searching Inc. Revolver 06/11/2029  581,066   (4,358)   774,755   (7,748) 
OMH-HealthEdge
Holdings, LLC
 Revolver 10/24/2024  458,721   —     458,721   (1,147) 
Pace Health Companies, LLC Revolver 08/02/2024  616,682   (1,542)   616,682   (1,542) 
Peter C. Foy & Associates Insurance Services, LLC Delayed Draw Term Loan 12/15/2023  —     —     161,112   (7,250) 
5
0
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Ping Identity Corporation Revolver 10/17/2028  1,203,344   (27,075)   1,203,344   (30,084) 
Pinnacle Dermatology Management, LLC Delayed Draw Term Loan 12/08/2023  606,828   (18,205)   798,862   (25,963) 
Pinnacle Dermatology Management, LLC Revolver 12/08/2026  337,980   (4,225)   384,068   (4,801) 
Pinnacle Treatment Centers, Inc. Revolver 01/02/2026  161,125   (3,625)   292,954   (6,591) 
Priority Ondemand Midco 2,L.P Delayed Draw Term Loan 07/15/2024  2,720,672   (20,405)   2,720,672   (30,472) 
Race Finco LLC Delayed Draw Term Loan 01/09/2025  3,658,788   (54,882)   —     —   
Race Finco LLC Revolver 01/09/2028  609,798   (18,294)   —     —   
Ranger Buyer, Inc. Revolver 11/18/2027  1,199,233   (26,983)   1,199,232   (29,981) 
Redwood Family Care Network, Inc. Delayed Draw Term Loan 04/15/2024  3,665,540   (54,983)   3,665,540   (91,638) 
Redwood Family Care Network, Inc. Revolver 06/18/2026  588,705   (8,831)   588,705   (14,718) 
Rep Tec Intermediate Holdings, Inc. Revolver 12/01/2027  486,706   (12,168)   486,706   (15,818) 
RSC Acquisition, Inc. Delayed Draw Term Loan 05/31/2024  3,332,682   (74,985)   4,995,303   (162,347) 
Sako and Partners Lower Holdings LLC Delayed Draw Term Loan 09/16/2024  1,633,575   (8,168)   2,840,999   (35,512) 
Sako and Partners Lower Holdings LLC Revolver 09/15/2028  905,569   (15,847)   905,569   (24,903) 
Salisbury House, LLC Revolver 08/30/2025  448,343   (11,209)   269,006   (10,088) 
Sandstone Care Holdings, LLC Delayed Draw Term Loan 06/28/2024  1,077,728   (21,555)   1,177,845   (26,502) 
Sandstone Care Holdings, LLC Revolver 06/28/2028  630,147   (18,904)   588,923   (19,140) 
Sauce Labs, Inc. Delayed Draw Term Loan 02/09/2024  2,367,499   (29,594)   2,367,499   (35,512) 
Sauce Labs, Inc. Revolver 08/16/2027  1,281,821   (28,841)   1,281,821   (32,046) 
Saviynt, Inc. Delayed Draw Term Loan 12/22/2024  6,097,981   (137,205)   6,097,981   (152,450) 
Saviynt, Inc. Revolver 12/22/2027  609,798   (13,720)   609,798   (15,245) 
SCA Buyer, LLC Revolver 01/20/2026  257,540   (12,877)   257,540   (10,302) 
ScyllaDB, Inc. Delayed Draw Term Loan 03/08/2024  660,837   (4,956)   660,837   (8,260) 
ScyllaDB, Inc. Revolver 09/08/2027  264,335   (3,304)   264,335   (4,626) 
Securonix, Inc. Revolver 04/05/2028  1,538,337   (80,763)   1,538,337   (69,225) 
Single Digits, Inc. Revolver 12/21/2023  416,149   (59,301)   416,149   (63,463) 
Sirsi Corporation Revolver 03/15/2024  553,741   (1,384)   553,741   (2,769) 
SIS Purchaser, Inc. Revolver 10/15/2026  1,165,950   (26,234)   1,165,950   (37,893) 
Smartlinx Solutions, LLC Revolver 03/04/2026  —     —     389,613   (11,688) 
Smile Brands, Inc. Revolver 10/12/2025  —     —     166,783   (12,926) 
Smile Brands, Inc. Revolver    16,987   (1,401)   —     —   
Soladoc, LLC Delayed Draw Term Loan 06/10/2024  2,355,690   (53,003)   2,355,690   (53,003) 
Soladoc, LLC Revolver 06/12/2028  588,922   (19,140)   588,922   (19,140) 
Spark DSO LLC Revolver 04/20/2026  856,964   (32,136)   1,105,760   (38,702) 
Stratus Networks, Inc. Delayed Draw Term Loan 12/15/2023  3,102,306   (23,267)   3,630,358   (54,455) 
Stratus Networks, Inc. Revolver 12/15/2027  198,019   (3,465)   13,201   (330) 
SugarCRM, Inc. Revolver 07/31/2024  310,244   (3,878)   310,244   (4,654) 
Sundance Group Holdings, Inc. Revolver 07/02/2027  1,277,011   (28,733)   1,418,901   (39,020) 
                                                                                                                              
BSI2 Hold Nettle, LLC Revolver 06/30/2028  294,461   (5,153)   588,922   (10,306) 
BusinesSolver.com, Inc. Delayed Draw Term Loan 12/01/2023  1,816,606   —     1,816,606   (45,415) 
BV EMS Buyer, Inc. Delayed Draw Term Loan 03/21/2024  1,706,075   (25,591)   2,765,018   (96,776) 
Cerifi, LLC Revolver 04/01/2027  738,528   (11,078)   1,107,792   (33,234) 
Certify, Inc Revolver 02/28/2024  —     —     119,907   (899) 
Choice Health At Home, LLC, Delayed Draw Term Loan 12/29/2023  1,320,430   (39,613)   1,320,427   (52,817) 
Coding Solutions Acquisition, Inc Delayed Draw Term Loan 05/10/2024  —     —     1,656,288   (62,111) 
Coding Solutions Acquisition, Inc Revolver 05/11/2028  636,288   (22,270)   636,288   (30,224) 
Coding Solutions Acquisition, Inc. Delayed Draw Term Loan 09/29/2025  2,775,643   (69,391)   —     —   
Community Based Care Acquisition, Inc. Delayed Draw Term Loan 09/16/2023  —     —     109,272   (4,371) 
Community Based Care Acquisition, Inc. Delayed Draw Term Loan 03/29/2024  1,938,307   (19,383)   2,912,094   (87,363) 
Community Based Care Acquisition, Inc. Revolver 09/16/2027  863,813   (12,957)   863,813   (34,553) 
Community Brands Parentco, LLC Delayed Draw Term Loan 02/24/2024  834,415   (8,344)   834,415   (27,118) 
Community Brands Parentco, LLC Revolver 02/24/2028  417,208   (8,344)   417,208   (17,731) 
Coretelligent Intermediate LLC Delayed Draw Term Loan 10/21/2023  2,732   (61)   1,870,703   (46,768) 
Coretelligent Intermediate LLC Revolver 10/21/2027  949,816   (23,745)   1,139,779   (31,344) 
Coupa Holdings,LLC Delayed Draw Term Loan 08/27/2024  948,020   —     —     —   
Coupa Holdings,LLC Revolver 02/27/2029  725,890   (1,815)   —     —   
Datacor, Inc. Delayed Draw Term Loan 03/31/2024  —     —     1,431,722   (7,159) 
Datacor, Inc. Revolver 12/29/2025  643,849   (9,658)   643,849   (9,658) 
Degreed, Inc. Delayed Draw Term Loan 08/18/2023  —     —     1,391,394   (34,785) 
Degreed, Inc. Delayed Draw Term Loan 08/16/2024  1,321,674   (19,825)   —     —   
Degreed, Inc. Delayed Draw Term Loan 08/18/2024  —     —     1,321,674   (26,433) 
 
552
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Degreed, Inc. Revolver 05/29/2026  417,813   (10,445)   417,813   (12,534) 
Delaware Valley Management Holdings, Inc. Delayed Draw Term Loan 09/18/2023  —     —   619,031   (221,304) 
Delaware Valley Management Holdings, Inc. Delayed Draw Term Loan 03/21/2024  329,247   (85,769)   —     —   
Dispatch Track, LLC Revolver 12/17/2026  301,930   (2,264)   301,930   (3,019) 
EET Buyer, Inc. Revolver 11/08/2027  829,303   (20,733)   690,794   (13,816) 
Engage2Excel, Inc. Revolver 03/07/2023  —     —     31,409   (864) 
EvolveIP, LLC Revolver 06/07/2025  —     —     418,538   (11,510) 
Exterro, Inc. Revolver 05/31/2024  738,562   —     247,500   (1,238) 
Faithlife, LLC Revolver 09/18/2025  279,053   —     279,053   —   
Fatbeam, LLC Delayed Draw Term Loan 02/22/2023  —     —     1,609,623   (8,048) 
Firstdigital Communications LLC Revolver 12/17/2026  1,174,177   (55,773)   1,174,177   (49,903) 
Foundation Risk Partners, Corp. Delayed Draw Term Loan 04/14/2024  —     —     1,278,703   (19,181) 
Foundation Risk Partners, Corp. Delayed Draw Term Loan 04/15/2024  882,083   (17,642)   —     —   
Foundation Risk Partners, Corp. Revolver 10/29/2027  1,038,062   (23,356)   610,625   (10,686) 
Freddy’s Frozen Custard, L.L.C Revolver 03/03/2027  —     —     412,270   (4,123) 
Fusion Holding Corp Revolver 09/15/2027  1,379,193   (13,792)   1,379,193   (34,480) 
Fusion Risk Management Inc Revolver 08/30/2028  —     —     852,848   (29,850) 
Fusion Risk Management, Inc. Revolver 05/22/2029  840,050   (14,701)   —     —   
G Treasury SS, LLC Delayed Draw Term Loan 01/02/2024  2,439,257   (24,393)   —     —   
G Treasury SS, LLC Delayed Draw Term Loan 06/30/2025  1,524,536   (15,245)   —     —   
G Treasury SS, LLC Revolver 06/29/2029  914,721   (18,294)   —     —   
Galway Borrower, LLC Delayed Draw Term Loan 09/29/2023  —     —     39,209   (1,274) 
Galway Borrower, LLC Revolver 09/30/2027  270,410   (4,056)   270,410   (11,492) 
GHA Buyer, Inc. Revolver 06/24/2026  951,077   (19,022)   951,077   (40,421) 
Greenhouse Software, Inc. Revolver 09/01/2028  1,232,251   (12,323)   1,232,251   (30,806) 
Greenhouse Software, Inc. Revolver 09/01/2028  604,499   (6,045)   604,499   (15,112) 
Greenlight Intermediate II, Inc. Delayed Draw Term Loan 05/30/2025  1,576,961   (7,885)   6,702,083   (50,266) 
Gryphon-Redwood Acquisition LLC Delayed Draw Term Loan 09/16/2024  1,149,856   (5,749)   1,586,009   (35,685) 
GS AcquisitionCo, Inc. Revolver 05/22/2026  456,698   (7,992)   456,698   (18,268) 
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Swiftpage, Inc. Revolver 06/13/2023  225,317   (2,253)   225,317   (9,576) 
Syntax Systems Ltd Delayed Draw Term Loan 10/30/2023  2,434,137   (109,536)   2,434,137   (121,707) 
Syntax Systems Ltd Revolver 10/29/2026  324,552   (14,605)   324,552   (16,228) 
TBG Food Acquisition Corp Delayed Draw Term Loan 12/25/2023  1,056,104   (81,848)   1,056,104   (84,488) 
TBG Food Acquisition Corp Revolver 12/25/2027  264,026   (20,462)   264,026   (21,122) 
Telcor Buyer, Inc. Revolver 08/20/2027  290,770   (8,723)   290,770   (7,996) 
Telesoft Holdings, LLC Revolver 12/16/2025  537,180   (9,401)   547,128   (12,310) 
The Center for Orthopedic and Research Excellence, Inc. Delayed Draw Term Loan 03/31/2024  1,253,266   (15,666)   1,253,266   (18,799) 
The Center for Orthopedic and Research Excellence, Inc. Revolver 08/15/2025  138,106   (2,762)   138,106   (3,453) 
Thrive Buyer, Inc. Revolver 01/22/2027  739,815   (7,398)   961,759   (14,426) 
Towerco IV Holdings, LLC Delayed Draw Term Loan 10/23/2023  3,080,902   (46,214)   3,080,902   (46,214) 
TRGRP, Inc. Revolver 11/01/2023  242,779   —     333,333   —   
Unanet, Inc. Delayed Draw Term Loan 12/09/2024  3,790,435   (18,952)   3,790,435   (37,904) 
Unanet, Inc. Revolver 12/08/2028  1,263,478   (18,952)   1,263,478   (25,270) 
Ungerboeck Systems International, LLC Delayed Draw Term Loan 08/02/2023  204,574   (3,069)   204,574   (2,046) 
Ungerboeck Systems International, LLC Revolver 04/30/2027  180,451   (3,609)   229,387   (4,588) 
Valcourt Holdings II, LLC Delayed Draw Term Loan 01/09/2023  —     —     279,947   —   
Vectra AI, Inc. Delayed Draw Term Loan 03/18/2023  —     —     1,163,793   (34,914) 
Vectra AI, Inc. Revolver 03/18/2026  232,759   (4,655)   232,759   (6,983) 
Vehlo Purchaser, LLC Revolver 05/24/2028  —     —     1,239,037   (18,586) 
Velocity Purchaser Corporation Revolver 12/01/2023  193,237   —     193,237   (483) 
Veracross LLC Delayed Draw Term Loan 12/28/2023  267,013   (6,008)   1,668,830   (37,549) 
Veracross LLC Revolver 12/28/2027  1,112,553   (25,032)   1,112,554   (36,158) 
Wealth Enhancement Group, LLC Delayed Draw Term Loan 05/02/2024  527,263   (7,909)   718,075   (10,771) 
Wealth Enhancement Group, LLC Revolver 10/04/2027  457,366   (8,004)   457,366   (8,004) 
West Dermatology Delayed Draw Term Loan 06/17/2024  3,731,767   (354,518)   3,731,767   (522,447) 
West Dermatology Revolver 03/17/2028  1,243,922   (130,612)   1,243,922   (186,588) 
Zendesk, Inc. Delayed Draw Term Loan 11/22/2024  3,333,525   —     3,333,525   (33,335) 
Zendesk, Inc. Revolver 11/22/2028  1,372,628   (13,726)   1,372,628   (27,453) 
                     
Total     $171,537,939  $(3,483,621)  $193,536,127  $(5,029,664) 
                     
                                                                                                                              
Higginbotham Insurance Agency, Inc. Delayed Draw Term Loan 12/22/2023  —     —     1,918,951   (23,987) 
Hirevue, Inc. Revolver 05/03/2029  1,646,176   (28,808)   —     —   
Honor HN Buyer, Inc Delayed Draw Term Loan 10/16/2023  —     —     889,740   (2,224) 
Honor HN Buyer, Inc Delayed Draw Term Loan 08/26/2024  1,421,307   —     2,437,025   —   
Honor HN Buyer, Inc Revolver 10/15/2027  266,081   —     304,093   (2,281) 
Iodine Software, LLC Delayed Draw Term Loan 10/18/2023  —     —     3,436,155   (25,771) 
Iodine Software, LLC Delayed Draw Term Loan 10/18/2024  3,436,155   —     —     —   
Iodine Software, LLC Revolver 05/19/2027  1,089,030   —     1,089,030   (21,781) 
Kaseya Inc. Delayed Draw Term Loan 06/24/2024  597,933   (1,495)   636,776   (19,103) 
Kaseya Inc. Revolver 06/25/2029  477,582   (4,776)   636,776   (23,879) 
Mathnasium LLC Revolver 11/15/2027  576,661   (7,208)   565,781   (12,730) 
Mavenlink, Inc. Revolver 06/03/2027  536,945   (10,739)   1,431,852   (39,376) 
MBS Holdings, Inc. Revolver 04/16/2027  818,302   (20,458)   974,169   (38,967) 
Medbridge Holdings, LLC Revolver 12/23/2026  1,376,227   (20,643)   1,376,227   (30,965) 
Medical Management Resource Group, LLC Revolver 09/30/2026  202,506   (6,581)   316,415   (11,866) 
Medsuite Purchaser, LLC Delayed Draw Term Loan 10/23/2023  7,144,203   (17,861)   7,144,203   —   
Medsuite Purchaser, LLC Revolver 10/22/2026  680,400   (6,804)   680,400   (5,103) 
Metametrics, Inc. Revolver 09/10/2025  651,183   —     520,946   (6,512) 
MMP Intermediate, LLC Revolver 02/15/2027  552,880   (13,822)   552,880   (19,351) 
Moon Buyer, Inc. Revolver 04/21/2027  698,276   (40,151)   1,163,793   (2,909) 
Mr. Greens Intermediate, LLC Delayed Draw Term Loan 11/01/2024  2,630,169   (52,603)   —     —   
Mr. Greens Intermediate, LLC Revolver 05/01/2029  1,052,068   (21,041)   —     —   
MSM Acquisitions, Inc. Delayed Draw Term Loan 01/30/2023  —     —     2,828,188   (113,128) 
MSM Acquisitions, Inc. Revolver 12/09/2026  — ��   —     655,399   (29,493) 
MSP Global Holdings, Inc. Delayed Draw Term Loan 01/24/2024  592,150   (7,402)   592,150   (20,725) 
MSP Global Holdings, Inc. Revolver 01/25/2027  845,929   (10,574)   845,929   (29,608) 
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Mykaarma Acquisition LLC Revolver 03/21/2028  593,215   (4,449)   593,215   (16,313) 
Navigate360, LLC Revolver 03/17/2027  483,388   (6,042)   604,235   (12,085) 
Netwrix Corporation And Concept Searching Inc. Delayed Draw Term Loan 06/10/2024  2,812,359   (28,124)   2,973,121   (22,298) 
Netwrix Corporation And Concept Searching Inc. Revolver 06/11/2029  581,066   (7,263)   774,755   (7,748) 
OMH-HealthEdge
Holdings, LLC
 Revolver 10/24/2024  458,721   —     458,721   (1,147) 
Pace Health Companies, LLC Revolver 08/02/2025  616,682   —     616,682   (1,542) 
Penn TRGRP Holdings, LLC Revolver 09/30/2024  1,054,345   (21,087)   —     —   
Peter C. Foy & Associates Insurance Services, LLC Delayed Draw Term Loan 12/15/2023  —     —     161,112   (7,250) 
Ping Identity Corporation Revolver 10/17/2028  1,203,344   —     1,203,344   (30,084) 
Pinnacle Dermatology Management, LLC Delayed Draw Term Loan 12/08/2023  606,828   (30,341)   798,862   (25,963) 
Pinnacle Dermatology Management, LLC Revolver 12/08/2026  76,814   (960)   384,068   (4,801) 
Pinnacle Treatment Centers, Inc. Revolver 01/02/2026  43,943   (989)   292,954   (6,591) 
Priority Ondemand Midco 2,L.P Delayed Draw Term Loan 07/15/2024  2,600,963   —     2,720,672   (30,472) 
Race Finco LLC Delayed Draw Term Loan 01/09/2025  3,658,788   (36,588)   —     —   
Race Finco LLC Revolver 01/10/2028  609,798   (15,245)   —     —   
Ranger Buyer, Inc. Revolver 11/18/2027  1,199,233   (29,981)   1,199,232   (29,981) 
Redwood Family Care Network, Inc. Delayed Draw Term Loan 04/15/2024  1,578,046   (11,835)   3,665,540   (91,638) 
Redwood Family Care Network, Inc. Revolver 06/18/2026  588,705   (8,831)   588,705   (14,718) 
Rep Tec Intermediate Holdings, Inc. Revolver 12/01/2027  302,547   (4,538)   486,706   (15,818) 
RSC Acquisition, Inc. Delayed Draw Term Loan 05/31/2024  —     —     4,995,303   (162,347) 
Sako and Partners Lower Holdings LLC Delayed Draw Term Loan 09/16/2024  1,633,575   —     2,840,999   (35,512) 
Sako and Partners Lower Holdings LLC Revolver 09/15/2028  1,242,937   (6,215)   905,569   (24,903) 
Salisbury House, LLC Delayed Draw Term Loan 10/31/2023  573,149   (1,433)   —     —   
Salisbury House, LLC Revolver 08/29/2025  328,785   (4,110)   —     —   
Salisbury House, LLC Revolver 08/30/2025  —     —     269,006   (10,088) 
Sandstone Care Holdings, LLC Delayed Draw Term Loan 06/28/2024  1,077,728   —     1,177,845   (26,502) 
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Sandstone Care Holdings, LLC Revolver 06/28/2028  689,039   (1,723)   588,923   (19,140) 
Sauce Labs, Inc. Delayed Draw Term Loan 02/09/2024  2,367,499   (23,675)   2,367,499   (35,512) 
Sauce Labs, Inc. Revolver 08/16/2027  1,281,821   (25,636)   1,281,821   (32,046) 
Saviynt, Inc. Delayed Draw Term Loan 12/22/2024  3,658,788   (73,176)   6,097,981   (152,450) 
Saviynt, Inc. Revolver 12/22/2027  609,798   (12,196)   609,798   (15,245) 
SCA Buyer, LLC Revolver 01/20/2026  64,385   (2,253)   257,540   (10,302) 
ScyllaDB, Inc. Delayed Draw Term Loan 03/08/2024  —     —     660,837   (8,260) 
ScyllaDB, Inc. Revolver 09/08/2027  —     —     264,335   (4,626) 
SDC Atlas Acquistionco, LLC Delayed Draw Term Loan 08/25/2025  9,344,817   (186,896)   —     —   
SDC Atlas Acquistionco, LLC Revolver 08/25/2028  622,988   (12,460)   —     —   
Securonix, Inc. Revolver 04/05/2028  1,538,337   (88,454)   1,538,337   (69,225) 
Serrano Parent, LLC Revolver 05/13/2030  2,085,981   (41,720)   —     —   
Single Digits, Inc. Revolver 12/21/2023  —     —     416,149   (63,463) 
Single Digits, Inc. Revolver 06/19/2026  416,149   (52,019)   —     —   
Sirsi Corporation Revolver 03/15/2024  553,741   (1,384)   553,741   (2,769) 
SIS Purchaser, Inc. Revolver 10/15/2026  1,165,950   (14,574)   1,165,950   (37,893) 
Smartlinx Solutions, LLC Revolver 03/04/2026  —     —     389,613   (11,688) 
Smile Brands, Inc. Revolver 10/12/2025  16,987   (1,869)   166,783   (12,926) 
Soladoc, LLC Delayed Draw Term Loan 06/10/2024  2,355,690   (47,114)   2,355,690   (53,003) 
Soladoc, LLC Revolver 06/12/2028  588,923   (17,668)   588,922   (19,140) 
Spark DSO LLC Revolver 04/20/2026  580,405   (27,569)   1,105,760   (38,702) 
Stratus Networks, Inc. Delayed Draw Term Loan 12/15/2023  2,442,241   (30,528)   3,630,358   (54,455) 
Stratus Networks, Inc. Revolver 12/15/2027  858,085   (19,307)   13,201   (330) 
SugarCRM, Inc. Revolver 07/31/2024  310,244   —     310,244   (4,654) 
Sundance Group Holdings, Inc. Revolver 07/02/2027  662,154   (4,966)   1,418,901   (39,020) 
Swiftpage, Inc. Revolver 06/13/2023  —     —     225,317   (9,576) 
Swiftpage, Inc. Revolver 12/13/2023  225,317   (2,253)   —     —   
Syntax Systems Ltd Delayed Draw Term Loan 10/30/2023  2,434,137   (91,280)   2,434,137   (121,707) 
Syntax Systems Ltd Revolver 10/29/2026  324,552   (12,171)   324,552   (16,228) 
TBG Food Acquisition Corp Delayed Draw Term Loan 12/22/2023  —     —     1,056,104   (84,488) 
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TBG Food Acquisition Corp Delayed Draw Term Loan 12/24/2023  1,056,104   (23,762)   —     —   
TBG Food Acquisition Corp Revolver 12/24/2027  264,026   (5,941)   264,026   (21,122) 
Telcor Buyer, Inc. Revolver 08/20/2027  290,770   (4,362)   290,770   (7,996) 
Telesoft Holdings, LLC Revolver 12/16/2025  541,159   (10,823)   547,128   (12,310) 
The Center for Orthopedic and Research Excellence, Inc. Delayed Draw Term Loan 03/31/2024  270,145   —     1,253,266   (18,799) 
The Center for Orthopedic and Research Excellence, Inc. Revolver 08/15/2025  690,532   (1,726)   138,106   (3,453) 
Thrive Buyer, Inc. Revolver 01/22/2027  739,815   —     961,759   (14,426) 
Towerco IV Holdings, LLC Delayed Draw Term Loan 10/23/2023  —     —     3,080,902   (46,214) 
Towerco IV Holdings, LLC Delayed Draw Term Loan 03/02/2026  6,545,669   (98,185)   —     —   
TRGRP, Inc. Revolver 11/01/2023  —     —     333,333   —   
Unanet, Inc. Delayed Draw Term Loan 12/09/2024  3,790,435   (9,476)   3,790,435   (37,904) 
Unanet, Inc. Revolver 12/08/2028  1,263,478   (15,793)   1,263,478   (25,270) 
Ungerboeck Systems International, LLC Delayed Draw Term Loan 08/02/2023  —     —     204,574   (2,046) 
Ungerboeck Systems International, LLC Revolver 04/30/2027  229,387   (4,014)   229,387   (4,588) 
Valcourt Holdings II, LLC Delayed Draw Term Loan 01/09/2023  —     —     279,947   —   
Vectra AI, Inc. Delayed Draw Term Loan 03/18/2023  —     —     1,163,793   (34,914) 
Vectra AI, Inc. Revolver 03/18/2026  —     —     232,759   (6,983) 
Vectra AI, Inc. Revolver 03/02/2028  232,759   (4,073)   —     —   
Vehlo Purchaser, LLC Revolver 05/24/2028  991,229   (17,347)   1,239,037   (18,586) 
Velocity Purchaser Corporation Revolver 12/01/2023  —     —     193,237   (483) 
Velocity Purchaser Corporation Revolver 12/02/2024  193,237   —     —     —   
Veracross LLC Delayed Draw Term Loan 12/28/2023  —     —     1,668,830   (37,549) 
Veracross LLC Revolver 12/28/2027  1,112,553   (19,470)   1,112,554   (36,158) 
Vhagar Purchaser, LLC. Delayed Draw Term Loan 06/09/2025  578,701   (8,681)   —     —   
Vhagar Purchaser, LLC. Revolver 06/11/2029  373,356   (10,267)   —     —   
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Wealth Enhancement Group, LLC Delayed Draw Term Loan 05/02/2024  398,757   (1,994)   718,075   (10,771) 
Wealth Enhancement Group, LLC Revolver 10/04/2027  457,366   (3,430)   457,366   (8,004) 
West Dermatology Delayed Draw Term Loan 06/17/2024  —     —     3,731,767   (522,447) 
West Dermatology Delayed Draw Term Loan 03/31/2025  3,731,767   (223,906)   —     —   
West Dermatology Revolver 03/17/2028  736,371   (51,546)   1,243,922   (186,588) 
Zendesk, Inc. Delayed Draw Term Loan 11/22/2024  3,333,525   —     3,333,525   (33,335) 
Zendesk, Inc. Revolver 11/22/2028  1,372,628   (13,726)   1,372,628   (27,453) 
                     
Total     $176,035,358  $(2,694,547)  $193,536,127  $(5,029,664) 
                     
 
(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.
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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,September 30, 2023 the Fund had total Capital Commitments of $594,505,663,$629,019,653, of which 17%
14% or $99,216,798 
$90,663,743 is unfunded. At December 31, 2022, the Fund had total Capital Commitments of $572,772,226, of which 14%
or $77,483,361
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 threenine months ended March 31,September 30, 2023 and March 31, 2022:September 30,
2022
:
 
  
For the three months ended

March 31, 2023
   
For the three months ended

March 31, 2022
   For the nine months ended
September 30, 2023		   
For the nine months ended

September 30, 2022
 
Quarter Ended
  
Shares
   
Amount
   
Shares
   
Amount
   Shares   Amount   Shares   Amount 
March 31   —      —      3,095,246   $30,684,000    —      —      3,095,246   $30,684,000 
June 30   2,776,754    $25,792,451*    5,759,395   $56,263,228 
September 30   1,566,471    $14,548,616    1,926,590   $18,306,259 
                                
Total capital drawdowns   —      —      3,095,246   $30,684,000    4,343,225    $40,341,067    10,781,231   $105,253,487 
                                
*
Net of $2,724,958 of which tendered shareholders have been released in 2023.
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Distributions
The following tables reflect the distributions declared on Shares during the threenine months ended March 31,September 30, 2023 and March 31,September 30, 2022:
 
Date Declared
  
Record Date
   
Payment Date
   
Amount Per Share
   
Dollar Amount
   
Record Date
   
Payment

Date
   
Amount Per Share
   
Dollar

Amount
 
3/29/2023   3/29/2023    4/25/2023   $0.10   $5,139,617    3/29/2023    4/25/2023   $0.10   $5,139,617 
6/28/2023   6/28/2023    7/24/2023   $0.20   $10,402,344 
9/27/2023   9/27/2023    10/23/2023   $0.24   $12,501,274 
                          
           $5,139,617            $28,043,235 
                          
 
Date Declared
  
Record Date
   
Payment Date
   
Amount Per Share
   
Dollar Amount
   
Record Date
   
Payment

Date
   
Amount Per Share
   
Dollar

Amount
 
3/29/2022   3/29/2022    4/28/2022   $0.25   $9,709,845    3/29/2022    4/28/2022   $0.25   $9,709,845 
6/28/2022   6/28/2022    7/27/2022   $0.15   $6,590,492 
9/28/2022   9/28/2022    10/24/2022   $0.20   $8,539,011 
                          
           $9,709,845            $24,839,348 
                          
Dividend Reinvestment Plan
On September 26, 2017, the Fund adopted a dividend reinvestment plan, which was amended and restated on November 11, 2021 (the “DRIP”). Pursuant to the DRIP (both before and after it was amended), stockholders receive dividends or other distributions in cash unless a stockholder elects to reinvest his or her dividends and other distributions. As a result of adopting the DRIP, if the Board authorizes, and the Fund declares, a cash dividend or distribution, stockholders who have opted into the DRIP will have their cash dividends or distributions automatically reinvested in additional Shares, rather than receiving cash.
The following tables summarize Shares distributed pursuant to the DRIP during the threenine months ended March 31,September 30, 2023 and March 31,September 30, 2022 to stockholders who opted into the DRIP:
 
Date Declared
  
Record Date
   
Reinvestment Date
   
Shares
   
Dollar Amount
   
Record Date
   
Reinvestment Date
   
Shares
   
Dollar

Amount
 
3/29/2023   3/29/2023    3/31/2023    294,604   $2,740,870    3/29/2023    3/31/2023    294,604   $2,740,870 
6/28/2023   6/28/2023    6/30/2023    606,230   $5,552,823 
9/27/2023   9/27/2023    9/30/2023    715,418   $6,644,449 
                            
         294,604   $2,740,870          1,616,252   $14,938,142 
                            
 
Date Declared
  
Record Date
   
Reinvestment Date
   
Shares
   
Dollar Amount
 
3/29/2022
   3/29/2022    3/31/2022    526,163   $5,101,704 
                     
              526,163   $5,101,704 
                     
5
3
Table of Contents
Date Declared
  
Record Date
   
Reinvestment Date
   
Shares
   
Dollar

Amount
 
3/29/2022   3/29/2022    3/31/2022    526,163   $5,101,704 
6/28/2022   6/28/2022    6/30/2022    360,978   $3,500,728 
9/28/2022   9/28/2022    9/30/2022    482,995   $4,589,372 
                     
              1,370,136   $13,191,804 
                     
General Tender Program
Beginning with the quarter ended March 31, 2021, the Fund began to conduct quarterly general tender offers (each, a “General Tender,” and collectively, the “General Tender Program”), at the Board’s discretion, in accordance with the requirements of Rule
13e-4
under the Exchange Act and the 1940 Act, to allow each of its stockholders to tender Shares at a specific per Share price (the “Purchase Price”) based on the Fund’s net asset value as of the last date of the quarter in which the General Tender is conducted. The Fund intends to conduct each General Tender to repurchase up to a certain percentage of the weighted average of the number of Shares outstanding during the three-month period prior to the quarter in which the General Tender is conducted. The General Tender Program includes numerous restrictions that limit stockholders’ ability to sell their Shares.
The following table summarizes share repurchases completed during the threenine months ended March 31,September 30, 2023:
 
Quarter Ended
  
Repurchase Date
  
Total Number of
Shares Offered
to Repurchase
   
Total Number of
Shares
Repurchased
   
Total
Consideration
   
No. of Shares
Repurchased/
Total Offer
   
Price Paid
Per Share
 
March 31  February 24, 2023   1,215,454    627,518   $5,837,993    52%   $9.30 
59
Table of Contents
Quarter Ended
  
Repurchase Date
  
Total Number of
Shares Offered
to Repurchase
   
Total Number of
Shares
Repurchased
   
Total
Consideration
   
No. of Shares
Repurchased/
Total Offer
   
Price Paid
Per Share
 
March 31  February 24, 2023   1,215,454    627,518   $5,837,993    52%   $9.30 
June 30  May 26, 2023   1,255,610    461,364   $4,225,901    37%   $9.16 
September 30  August 25, 2023   1,299,377    905,478   $8,409,635    70%   $9.29 
The following table summarizes share repurchases completed during the threenine months ended
March
 31, September 30, 2022:    
 
Quarter Ended
  
Repurchase Date
  
Total Number of
Shares Offered
to Repurchase
   
Total Number of
Shares
Repurchased
   
Total
Consideration
   
No. of Shares
Repurchased/
Total Offer
   
Price Paid
Per Share
   
Repurchase Date
  
Total Number of
Shares Offered
to Repurchase
   
Total Number of
Shares
Repurchased
   
Total
Consideration
   
No. of Shares
Repurchased/
Total Offer
   
Price Paid
Per Share
 
March 31  February 25, 2022   795,164    420,864   $4,081,370    53%   $9.70   February 25, 2022   795,164    420,864   $4,081,370    53%   $9.70 
June 30  May 27, 2022   911,141    617,738   $5,990,765    68%   $9.70 
September 30  August 26, 2022   1,047,133    374,177   $3,555,389    36%   $9.50 
8. Earnings Per Share
The following information sets forth the computation of basic and diluted earnings per Share for the three and nine months ended March 31,September 30, 2023 and March 31,September 30, 2022:
 
   
For the three months ended
March 31,
 
   
2023
   
2022
 
Net increase (decrease) in net assets from operations  $15,548,588   $5,511,700 
Weighted average common shares outstanding   50,224,389    36,411,259 
Earnings per common share-basic and diluted  $0.31   $0.15 
5
4
Table of Contents
   
For the three months ended
September 30,
   
For the nine months ended
September 30,
 
   
2023
   
2022
   
2023
   
2022
 
Net increase (decrease) in net assets from operations  $19,245,432   $(91,978)   $37,667,837   $11,603,980 
Weighted average common shares outstanding   52,831,675    44,069,253    51,686,603    40,828,002 
Earnings per common share-basic and diluted  $0.36   $(0.00)   $0.73   $0.28 
9. Financial Highlights
Below is the schedule of financial highlights of the Fund for the threenine months ended March 31,September 30, 2023 and March 31,September 30, 2022:

 
                                                                                      
 
For the three months

ended March 31,

2023
 
For the three months

ended March 31,

2022
   
For the nine months ended

September 30, 2023
 
For the nine months ended

September 30, 2022
 
Per Share Data:
(1)(2)
  
Per Share Data:
(1)(2)
 
Net asset value, beginning of period $9.10  $9.80   $9.10  $9.80 
Net investment income (loss)  0.22   0.23    0.66   0.60 
Net realized and unrealized gains (losses) on investments  0.08   (0.08)    0.07   (0.30) 
             
Net increase (decrease) in net assets resulting from operations  0.30   0.15    0.73   0.30 
             
Distributions to stockholders
(3)
  (0.10)   (0.25)    (0.54)   (0.60) 
             
Net asset value, end of period $9.30  $9.70   $9.29  $9.50 
Shares outstanding, end of period  49,895,174   38,544,494    54,193,205   46,082,537 
Total return at net asset value before incentive fees
(4)(5)
  4.01%   1.95%    9.96%   3.87% 
Total return at net asset value after incentive fees
(4)(5)
  3.41%   1.57%    8.15%   3.14% 
Ratio/Supplemental Data:
(2)
 
Ratio/Supplemental Data:
Ratio/Supplemental Data:
 
Net assets, end of period $464,155,955  $373,766,108   $503,274,389  $437,842,319 
Ratio of total expenses to weighted average net assets
(6)
  17.00%   11.81%    19.98%   12.94% 
Ratio of net expenses to weighted average net assets
(6)
  17.00%   11.17%
(7)
 		   19.98%   12.73
%
(7)
 
Ratio of net investment income (loss) before waivers to weighted average net assets
(6)
  11.92%   10.37% 
Ratio of net investment income (loss) after waivers to weighted average net assets
(6)
  11.92%   11.01%
(7)
 
Ratio of interest and credit facility expenses to weighted average net assets
(6)
  12.14%   5.79% 
Ratio of incentive fees to weighted average net assets
(5)
  0.60%   0.38% 
Portfolio turnover rate
(5)
  1.23%   3.26% 
Asset coverage ratio
(8)
  160%   160% 
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Table of Contents
                                                                                             
Ratio of net investment income (loss) before waivers to weighted average net assets
(6)
   10.26%   8.44% 
Ratio of net investment income (loss) after waivers to weighted average net assets
(6)
   10.26%   8.65
%
(7)
 
Ratio of interest and credit facility expenses to weighted average net assets
(6)
   13.54%   7.10% 
Ratio of incentive fees to weighted average net assets
(5)
   1.78%   0.72% 
Portfolio turnover rate
(5)
   8.15%   15.43% 
Asset coverage ratio
(8)
   161%   164% 
(1)The per share data was derived by using the weighted average shares outstanding during the applicable period.
(2)
Ratios calculated with Net Assets excluding the
Non-Controlling
Interest.
(3)The per share data for distributions is the actual amount of distributions paid or payable per share of common stock outstanding during the entire period.
(4)Total return based on NAV is calculated as the change in NAV per share during the respective periods, assuming dividends and distributions, if any, are reinvested in accordance with the Fund’s dividend reinvestment plan.
(5)Not annualized.
(6)Annualized, except for professional fees, directors’ fees and incentive fees.
(7)
For the threenine months ended March 31,September 30, 2022, the Adviser voluntarily waived a portion of their management fees incentive fees, and collateral management fees. Additionally, the Adviser also reimbursedreceived reimbursement payments from 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
 0.51%
0.20%, for the threenine months ended March 31, 2023 and March 31, 2022, respectively. 
September 30, 2022.
(8)Asset coverage ratio is equal to (i) the sum of (A) net assets at end of period and (B) debt outstanding at end of period, divided by (ii) total debt outstanding at the end of the period.
10. Subsequent Events
Subsequent events after the consolidated statements of assets and liabilities date have been evaluated through the date the consolidated financial statements were issued. The Fund has concluded that there are no events requiring adjustment or disclosure in the consolidated financial statements other than below.statements.
On April 20, 2023 the Fund called capital of $28,517,409 from its investors due May 1, 2023.
On April 21, 2023, ABPCIC Funding IV entered into a revolving credit facility with Natixis Bank, Specialty Finance Division, as facility agent, and U.S. Bank, as collateral agent, collateral custodian and securities intermediary. The revolving credit facility provides for borrowings in an aggregate amount up to $200,000,000. Borrowings under the revolving credit facility will bear interest based on an annual adjusted SOFR for the relevant interest period or the applicable replacement thereto provided, plus an applicable spread. Borrowings under the revolving credit facility will be secured by all of the assets held by ABPCIC Funding IV.
On May 3, 2023 CLO XIII LLC completed a $395,000,000 debt securitization. CLO XIII LLC issued notes listed below among the issuer and U.S Bank National Association, as trustee.
 
Note
  Type   Principal
Amount		   Interest Rate 
Class A
   Senior Secured Floating Rate   $228,000,000    S + 2.60% 
Class B
   Senior Secured Floating Rate   $36,000,000    S + 3.65% 
Class C
   Senior Secured Floating Rate   $36,000,000    S + 4.55% 
Class D
   Senior Secured Floating Rate   $28,000,000    S + 6.90% 
Subordinated Notes
    $67,000,000    N/A 
    
 
 
   
    $395,000,000   
The
CLO XIII indenture provides that the holders of the CLO XIII Notes are to receive quarterly interest payments, in arrears, on the 27th day in January, April, July and October of each year, commencing in October 2023. The CLO XIII Notes will mature on April 27, 2035.


5
561

Item 2.

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

Forward-Looking Statements

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

 

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

 

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

 

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

 

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

 

the Fund’s future operating results;

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

the loss of key personnel;

 

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

 

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

 

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

 

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

 

the effect of legal, tax and regulatory changes; and

 

 • 

the other risks, uncertainties and other factors the Fund identifies under “Risk Factors” of its Annual Report on Form 10-K for the fiscal year ended December 31, 2022.

Although the Fund believes that the assumptions on which these forward-looking statements are based are reasonable, any of those assumptions could prove to be inaccurate, and as a result, the forward-looking statements based on those assumptions also could be inaccurate. In light of these and other uncertainties, the inclusion of a projection or forward-looking statement in this report should not be regarded as a representation by the Fund that the Fund’s plans and objectives will be achieved. These risks and uncertainties include those described or identified in the section entitled “Item 1A. Risk Factors” of the Annual Report on Form 10-K for the fiscal year ended December 31, 2022, 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.

57

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.

62

Overview

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

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

The Fund is an “emerging growth company,” as defined in the Jumpstart Our Business Startups Act 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 JuneSeptember 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.

The Private Offering

The Fund enters into separate subscription agreements (each, a “Subscription Agreement,” and collectively, the “Subscription Agreements”) with investors providing for the private placement of its common stock (the “Shares”) in reliance on exemptions from the registration requirements of the Securities Act (such offering, the “Private Offering”). Each investor makes a capital commitment (a “Capital Commitment”) to purchase Shares pursuant to a Subscription Agreement. Investors are required to make capital contributions (“Capital Contributions”) to purchase Shares each time the Fund delivers a capital call notice, which is issued based on the Fund’s anticipated investment activities and capital needs, delivered at least 10 business days prior to the required funding date, provided that investors may fund such requirements sooner than the deadline as agreed between the Fund and the investor. Generally, purchases of Shares are made pro rata in accordance with each investor’s Capital Commitment, in an amount not to exceed each investor’s remaining capital commitment (“Remaining Commitment”), at a per Share price equal to the net asset value per Share subject to any adjustments. Pursuant to the Private Offering, the Fund’s initial closing occurred on September 29, 2017.

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

Revenues

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

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

58

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.

63

Expenses

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

 

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

 

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

 

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

 

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

 

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

 

base management fees and incentive fees payable to the Adviser;

 

transfer agent and custodial fees;

 

federal and state registration fees;

 

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

 

U.S. federal, state and local taxes;

 

independent directors’ fees and expenses;

 

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

 

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

 

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

 

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

 

marketing expenses; and

 

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

59

Activity

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

 

  For the Three
Months Ended
March 31, 2023		 For the Three
Months Ended
March 31, 2022		   For the Three
Months Ended
September 30, 2023		 For the Three
Months Ended
September 30, 2022		 For the Nine
Months Ended
September 30, 2023		 For the Nine
Months Ended
September 30, 2022		 

Investments in Portfolio Companies

  $(38,018,534)(1)  $(74,262,180)(2)   $(44,227,454)(1)  $(78,016,704)(2)  $(151,039,096)(3)  $(275,887,703)(4) 

Draw Downs against Revolvers and Delayed Draw Term Loans

   (23,529,051)   (13,964,576)    (19,591,954)   (23,000,920)   (64,256,069)   (60,237,851) 

Principal Repayments

   14,186,764(3)   27,485,721(4)    49,925,524(5)   49,236,275(6)   97,248,418(7)   140,474,269(8) 

Sales

   —     2,387,617    111,686   3,044,969   1,029,721   10,394,851 
  

 

  

 

   

 

  

 

  

 

  

 

 

Net Repayments (Investments)

  $(47,360,821)  $(58,353,418)   $(13,782,198)  $(48,736,380)  $(117,017,026)  $(185,256,434) 
  

 

  

 

   

 

  

 

  

 

  

 

 

 

(1) 

Includes investments in 185 portfolio companies.

(2) 

Includes investments in 2220 portfolio companies.

(3) 

Includes $3,416,988investments in revolver and delayed draw term paydowns.36 portfolio companies.

(4) 

Includes $1,699,247investments in 42 portfolio companies.

(5)

Includes $5,922,831 in revolver and delayed draw term paydowns.payments.

(6)

Includes $4,250,192 in revolver and delayed draw term payments.

(7)

Includes $14,109,153 in revolver and delayed draw term payments.

(8)

Includes $5,949,439 in revolver and delayed draw term payments.

64

The following table shows the composition of the investment portfolio and associated yield data as of March 31,September 30, 2023:

 

  As of March 31, 2023   As of September 30, 2023 
  Amortized Cost   Percentage of
Total		 Fair Value   Percentage of
Total		 Weighted
Average
Yield(1)		   Amortized Cost   Percentage of
Total		 Fair Value   Percentage of
Total		 Weighted
Average
Yield(1)		 

First Lien Senior Secured Debt

  $1,167,297,958    92.36%  $1,143,781,007    91.89%   10.68%   $1,236,369,082    90.22%  $1,210,772,172    89.64%   11.16% 

Second Lien Junior Secured Debt

   10,782,027    0.85   10,500,557    0.84   13.07%    10,793,508    0.79   10,092,935    0.75   13.78 

Preferred Stock

   8,115,829    0.64   9,410,941    0.76   —      7,253,950    0.53   9,599,615    0.71   —   

Common Stock

   7,873,484    0.62   8,837,479    0.71   —      8,611,429    0.63   9,720,041    0.72   —   

Investment Companies

   4,122,185    0.33   5,716,977    0.46   —      6,029,093    0.44   8,149,817    0.60   —   

Warrants

   343,936    0.03   1,096,701    0.09   —      343,936    0.03   1,383,703    0.10   —   

Cash and cash equivalents

   65,352,472    5.17   65,352,472    5.25   —      101,011,905    7.36   101,011,905    7.48   —   
  

 

   

 

  

 

   

 

    

 

   

 

  

 

   

 

  

Total

  $1,263,887,891    100%  $1,244,696,134    100%    $1,370,412,903    100%  $1,350,730,188    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, 2022:

 

   As of December 31, 2022 
   Amortized Cost   Percentage of
Total		  Fair Value   Percentage of
Total		  Weighted
Average
Yield(1)		 

First Lien Senior Secured Debt

  $1,115,667,642    93.36%  $1,088,190,382    92.90%   10.44% 

Second Lien Junior Secured Debt

   10,776,359    0.90   10,640,036    0.91   12.76% 

Preferred Stock

   8,168,876    0.69   9,218,222    0.79   —   

Common Stock

   7,179,288    0.60   7,870,756    0.67   —   

Investment Companies

   4,095,163    0.34   5,603,604    0.48   —   

Warrants

   343,936    0.03   994,095    0.08   —   

Cash and cash equivalents

   48,785,985    4.08   48,785,985    4.17   —   
  

 

 

   

 

 

  

 

 

   

 

 

  

Total

  $1,195,017,249    100%  $1,171,303,080    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,September 30, 2023 and December 31, 2022:

 

  As of
March 31, 2023		 As of
December 31, 2022		   As of
September 30, 2023		 As of
December 31, 2022		 

Number of portfolio companies

   189   179    190   179 

Percentage of debt bearing a floating rate(1)

   100%   100% 

Percentage of debt bearing a fixed rate(1)

   0%   0% 

Percentage of debt bearing a floating rate(1)

   100%   100% 

Percentage of debt bearing a fixed rate(1)

   0%   0% 

 

(1) 

Measured on a fair value basis and excluding equity securities.

 

6065

The following table shows the amortized cost and fair value of the Fund’s performing and non-accrual debt investments as of March 31,September 30, 2023:

 

  As of March 31, 2023   As of September 30, 2023 
  Amortized Cost   Percentage at
Amortized Cost		 Fair Value   Percentage at
Fair Value		   Amortized Cost   Percentage at
Amortized Cost		 Fair Value   Percentage at
Fair Value		 

Performing

  $1,155,486,702    98.08%  $1,142,496,483    98.98%   $1,224,495,553    98.18%  $1,217,488,844    99.72% 

Non-accrual

   22,593,283    1.92   11,785,081    1.02    22,667,037    1.82   3,376,263    0.28 
  

 

   

 

  

 

   

 

   

 

   

 

  

 

   

 

 

Total

  $1,178,079,985    100%  $1,154,281,564    100%   $1,247,162,590    100%  $1,220,865,107    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, 2022:

 

   As of December 31, 2022 
   Amortized Cost   Percentage at
Amortized Cost		  Fair Value   Percentage at
Fair Value		 

Performing

  $1,115,420,688    99.02%  $1,095,916,015    99.73% 

Non-accrual

   11,023,313    0.98   2,914,403    0.27 
  

 

 

   

 

 

  

 

 

   

 

 

 

Total

  $1,126,444,001    100%  $1,098,830,418    100% 
  

 

 

   

 

 

  

 

 

   

 

 

 

Generally, when interest and/or principal payments on a loan become past due, or if the Fund otherwise does not expect the borrower to be able to service its debt and other obligations, the Fund will place the loan on non-accrual status and will cease recognizing interest income on that loan for financial reporting purposes until all principal and interest have been brought current through payment or due to restructuring such that the interest income is deemed to be collectible. The Fund generally restores non-accrual loans to accrual status when past due principal and interest is paid and, in the management’s judgment, is likely to remain current. As of March 31,September 30, 2023 the Fund had thirteenfourteen investments, across four issuers, that were on non-accrual status. As of December 31, 2022, the Fund had seven investments, with three issuers that were on non-accrual status.

The following table showstables show the composition of the investment portfolio (excluding cash and cash equivalents) by industry, at amortized cost and fair value as of March 31,September 30, 2023 and December 31, 2022 (with corresponding percentage of total portfolio investments):

 

  As of March 31, 2023   As of September 30, 2023 
Amortized Cost   Percentage of
Total		 Fair Value   Percentage of
Total		  Amortized Cost   Percentage of
Total		 Fair Value   Percentage of
Total		 

Business Services

  $87,571,311    7.31%  $87,431,404    7.42% 

Consumer Discretionary

   9,098,474    0.76   9,116,515    0.77   $321,309    0.02%  $288,247    0.02% 

Consumer Non-Cyclical

   52,028,608    4.34   50,240,600    4.26    54,282,752    4.28   53,785,890    4.30 

Digital Infrastructure & Services

   201,143,665    16.78   199,146,564    16.89    220,689,206    17.39   218,253,090    17.46 

Energy

   3,538,289    0.30   3,751,433    0.32    7,396,609    0.58   7,753,825    0.62 

Financials

   47,036,130    3.92   45,785,196    3.88    51,876,567    4.09   51,450,336    4.12 

Healthcare & HCIT

   235,848,865    19.68   222,688,577    18.88 

Healthcare

   209,537,546    16.51  ��191,121,807    15.29 

Investment Companies

   4,122,185    0.34   5,716,977    0.48    6,029,093    0.47   8,149,817    0.65 

Services

   92,577,067    7.29   89,207,550    7.14 

Software & Tech Services

   554,108,687    46.23   554,400,163    47.01    624,873,130    49.23   627,447,565    50.21 

Specialty RMR

   1,100,000    0.09   1,100,000    0.09 

Transport & Logistics

   4,039,205    0.34   1,066,233    0.09    717,719    0.05   1,160,156    0.10 
  

 

   

 

  

 

   

 

   

 

   

 

  

 

   

 

 
  $1,198,535,419    100%  $1,179,343,662    100%   $ 1,269,400,998    100%  $1,249,718,283    100% 
  

 

   

 

  

 

   

 

   

 

   

 

  

 

   

 

 

   As of December 31, 2022 
  Amortized Cost   Percentage of
Total		  Fair Value   Percentage of
Total		 

Services

  $84,074,984    7.33%  $83,153,924    7.41% 

Consumer Discretionary

   9,111,762    0.79   9,163,275    0.82 

Consumer Non-Cyclical

   52,130,891    4.55   49,936,678    4.45 

Digital Infrastructure & Services

   189,702,392    16.55   186,488,258    16.61 

Energy

   3,640,277    0.32   3,857,859    0.34 

Financial Services

   44,747,532    3.90   43,871,366    3.91 

Healthcare & HCIT

   231,062,290    20.16   217,504,759    19.38 

Investment Companies

   4,095,163    0.36   5,603,604    0.50 

Software & Tech Services

   523,456,373    45.67   521,545,397    46.46 

Transport & Logistics

   4,209,600    0.37   1,391,975    0.12 
  

 

 

   

 

 

  

 

 

   

 

 

 
  $1,146,231,264    100%  $1,122,517,095    100% 
  

 

 

   

 

 

  

 

 

   

 

 

 

 

6166

   As of December 31, 2022 
  Amortized Cost   Percentage of
Total		  Fair Value   Percentage of
Total		 

Business Services

  $84,074,984    7.33%  $83,153,924    7.41% 

Consumer Discretionary

   9,111,762    0.79   9,163,275    0.82 

Consumer Non-Cyclical

   52,130,891    4.55   49,936,678    4.45 

Digital Infrastructure & Services

   189,702,392    16.55   186,488,258    16.61 

Energy

   3,640,277    0.32   3,857,859    0.34 

Financial Services

   44,747,532    3.90   43,871,366    3.91 

Healthcare & HCIT

   231,062,290    20.16   217,504,759    19.38 

Investment Companies

   4,095,163    0.36   5,603,604    0.50 

Software & Tech Services

   523,456,373    45.67   521,545,397    46.46 

Transport & Logistics

   4,209,600    0.37   1,391,975    0.12 
  

 

 

   

 

 

  

 

 

   

 

 

 
  $1,146,231,264    100%  $1,122,517,095    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 three and nine months ended March 31,September 30, 2023 and March 31,September 30, 2022:

 

   For the
Three Months
Ended
March 31,
2023		   For the
Three Months
Ended
March 31,
2022		 

Total investment income

  $32,844,791   $19,687,437 

Total expenses

   21,805,644    11,614,038 
  

 

 

   

 

 

 

Expense reimbursement to Adviser

   —      259,263 

Waived collateral management fees

   —      (456,498) 

Waived management fees

   —      (283,566) 
  

 

 

   

 

 

 

Net investment income before taxes

   11,039,147    8,554,200 

Income tax expense, including excise tax

   17,301    308,827 
  

 

 

   

 

 

 

Net investment income after tax

   11,021,846    8,245,373 

Net realized and change in unrealized appreciation (depreciation) on investments

   4,527,865    (2,733,663) 
  

 

 

   

 

 

 

Net increase in net assets resulting from operations

  $15,549,711   $5,511,710 

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

  $1,123   $10 
  

 

 

   

 

 

 

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

  $15,548,588   $5,511,700 
  

 

 

   

 

 

 

62

   For the
Three Months
Ended
September 30, 2023		   For the
Three Months
Ended
September 30, 2022		   For the
Nine Months
Ended
September 30, 2023		   For the
Nine Months
Ended
September 30, 2022		 

Total investment income

  $38,572,164   $24,001,656   $107,704,158   $63,625,663 

Total expenses

   25,949,703    14,582,793    73,406,445    38,631,800 
  

 

 

   

 

 

   

 

 

   

 

 

 

Reimbursement payments to Adviser

   —      —      —      259,263 

Waived collateral management fees

   —      —      —      (588,476) 

Waived management fees

   —      —      —      (283,566) 
  

 

 

   

 

 

   

 

 

   

 

 

 

Net investment income before taxes

   12,622,461    9,418,863    34,297,713    25,606,642 

Income tax expense, including excise tax

   96,092    382,072    374,118    949,155 
  

 

 

   

 

 

   

 

 

   

 

 

 

Net investment income after tax

   12,526,369    9,036,791    33,923,595    24,657,487 

Net realized and change in unrealized appreciation (depreciation) on investments

   6,720,481    (9,128,383)    3,747,299    (13,048,566) 
  

 

 

   

 

 

   

 

 

   

 

 

 

Net increase (decrease) in net assets resulting from operations

   19,246,850    (91,592)    37,670,894    11,608,921 

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

   1,418    386    3,057    4,941 
  

 

 

   

 

 

   

 

 

   

 

 

 

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

  $19,245,432   $(91,978)   $37,667,837   $11,603,980 
  

 

 

   

 

 

   

 

 

   

 

 

 

Investment Income

During the three months ended March 31,September 30, 2023, the Fund’s investment income was comprised of $29,238,830$38,162,810 of interest income, which includes $1,384,372$1,366,373 from the net amortization of premium and accretion of discounts, $3,553,509$276,379 of payment-in-kind interest, and $52,452$132,975 of dividend income. During the three months ended September 30, 2022, the Fund’s investment income was comprised of $23,639,905 of interest income, which includes $1,704,915 of the net amortization of premium and accretion of discounts, $332,901 of payment-in-kind interest, and $28,850 of dividend income. The increase in net investment income during the three months ended March 31,September 30, 2023, compared to the three months ended March 31,September 30, 2022, can primarily be attributed to an increase in gross assets and interest rates.

67

During the threenine months ended March 31, 2022,September 30, 2023, the Fund’s investment income was comprised of $19,084,451$105,190,815 of interest income, which includes $1,390,757$4,464,253 from the net amortization of premium and accretion of discounts, and $594,399$1,972,610 of payment-in-kind interest, and $8,587$540,733 of dividend income. During the nine months ended September 30, 2022, the Fund’s investment income was comprised of $62,038,473 of interest income, which includes $5,014,878 of the net amortization of premium and accretion of discounts, $1,532,726 of payment-in-kind interest, and $54,464 of dividend income. The increase in net investment income during the nine months ended September 30, 2023, compared to the nine months ended September 30, 2022, can primarily be attributed to an increase in gross assets and interest rates.

Operating Expenses

The following is a summary of the Fund’s operating expenses for the three and nine months ended March 31,September 30, 2023 and March 31,September 30, 2022:

 

  For the
Three Months
Ended
March 31,
2023		   For the
Three Months
Ended
March 31,
2022		   For the
Three Months
Ended
September 30, 2023		   For the
Three Months
Ended
September 30, 2022		   For the
Nine Months
Ended
September 30, 2023		   For the
Nine Months
Ended
September 30, 2022		 

Interest and borrowing expenses

  $13,781,660   $5,140,785   $17,167,795   $8,935,088   $48,209,577   $21,122,091 

Management fees

   3,938,904    3,402,792    4,276,488    3,644,259    12,419,430    10,438,278 

Income-based incentive fee

   2,754,604    1,931,939    3,125,822    1,275,176    8,480,899    4,158,321 

Professional fees

   515,313    476,980    413,128    392,050    1,610,337    1,208,708 

Collateral management fees

   —      456,498 

Administration and custodian fees

   264,455    223,237    341,457    239,624    900,021    707,964 

Insurance expenses

   135,986    153,239    161,246    180,760    433,218    489,508 

Directors’ fees

   69,875    50,000    139,750    50,000    279,500    150,000 

Transfer agent fees

   35,272    25,676    36,929    32,503    108,416    88,020 

Collateral management fees

   —      —      —      588,476 

Capital gains incentive fee

   —      (546,733)    —      (499,007)    —      (1,283,044) 

Other expenses

   309,575    299,625    287,088    332,340    965,047    963,478 
  

 

   

 

   

 

   

 

   

 

   

 

 

Total expenses

   21,805,644    11,614,038    25,949,703    14,582,793    73,406,445    38,631,800 

Reimbursement payments to Adviser

   —      259,263   —      —      —      259,263 

Waived collateral management fees

   —      (456,498)    —      —      —      (588,476) 

Waived management fees

   —      (283,566)    —      —      —      (283,566) 

Income tax expense, including excise tax

   17,301    308,827   96,092    382,072    374,118    949,155 
  

 

   

 

   

 

   

 

   

 

   

 

 

Net expenses

  $21,822,945   $11,442,064   $26,045,795   $14,964,865   $73,780,563   $38,968,176 
  

 

   

 

   

 

   

 

   

 

   

 

 

Interest and Borrowing Expenses

Interest and borrowing expenses include interest, amortization of debt issuance and deferred financing costs, upfront commitment fees and unused fees on the unused portion of the Revolving Credit Facilities, Secured Borrowings and the Notes issued in the CLO Transaction. As of March 31,September 30, 2023, there were outstanding balances of $28,000,000, $192,000,000$15,000,000, $200,000,000 and $300,000,000$68,400,000 on the 2021 HSBC Credit Facility, Synovus Credit Facility and the Natixis Credit Facility, respectively, and an outstanding balance of $8,768,765$0 in Secured Borrowings.

As of December 31, 2022, there were outstanding balances of $ 0,$0, $180,000,000, and $268,000,000 on the 2021 HSBC Credit Facility, Synovus Credit Facility, and the 2021 Natixis Credit Facility, respectively, and an outstanding balance of $5,917,275 in Secured Borrowings.

The outstanding amount on the Notes is $245,254,335$542,309,941 net of unamortized discount and debt issuance costs as of March 31,September 30, 2023. The outstanding amount on the Notes was $245,105,567 net of unamortized discount and debt issuance costs as of December 31, 2022.

Interest and borrowing expenses for the three months ended March 31,September 30, 2023 and March 31,September 30, 2022 were $13,781,660$17,167,795 and $5,140,785,$8,935,088, respectively. The weighted average interest rate (excluding deferred upfront financing costs and unused fees) on the Fund’s debt outstanding was 7.23%7.98% and 2.65%4.65% for the three months ended March 31,September 30, 2023 and March 31,September 30, 2022, respectively. The increase in interest and borrowing expenses during the three months ended March 31,September 30, 2023 compared to the three months ended March 31,September 30, 2022 can primarily be attributed to an increase in debt outstanding and interest rates.

Interest and borrowing expenses for the nine months ended September 30, 2023 and September 30, 2022 were $48,209,577 and $21,122,091, respectively. The weighted average interest rate (excluding deferred upfront financing costs and unused fees) on the Fund’s debt outstanding was 7.67% and 3.60% for the nine months ended September 30, 2023 and September 30, 2022, respectively. The increase in interest and borrowing expenses during the nine months ended September 30, 2023 compared to the nine months ended September 30, 2022 can primarily be attributed to an increase in debt outstanding and interest rates.

 

6368

Management Fee

The gross management fee expenses for the three months ended March 31,September 30, 2023 and March 31,September 30, 2022 were $3,938,904$4,276,488 and $3,402,792,$3,644,259, respectively. The increase in the management fee for the three months ended March 31,September 30, 2023 was a result of the increase in average gross assets during this period, which are the basis used to calculate management fees.

The gross management fee expenses for the nine months ended September 30, 2023 and September 30, 2022 were $12,419,430 and $10,438,278, respectively. The increase in the management fee for the nine months ended September 30, 2023 was a result of the increase in average gross assets during this period, which are the basis used to calculate management fees. For the threenine months ended March 31,September 30, 2023 and March 31,September 30, 2022, the Adviser waived management fees of $0 and $283,566, respectively.

Fund Expenses

For the three months ended March 31,September 30, 2023, the Fund incurred $21,805,644$25,949,703 of expenses in relation to interest and borrowing expenses, management fees, incentive fees, professional fees, administration and custodian fees, insurance expenses, directors’ fees, and other expenses. The Fund incurred $17,301$96,092 of tax expense.

For the three months ended March 31,September 30, 2022, the Fund incurred $11,614,038$14,582,793 of expenses in relation to interest and borrowing expenses, management fees, incentive fees, professional fees, administration and custodian fees, insurance expenses, directors’ fees, collateral management fees, transfer agent fees, and other expenses. The Fund incurred $382,072 of tax expense.

For the nine months ended September 30, 2023, the Fund incurred $73,406,445 of expenses in relation to interest and borrowing expenses, management fees, incentive fees, professional fees, administration and custodian fees, insurance expenses, directors’ fees, transfer agent fees, and other expenses. The Fund incurred $374,118 of tax expense.

For the nine months ended September 30, 2022, the Fund incurred $38,631,800 of expenses in relation to interest and borrowing expenses, management fees, incentive fees, professional fees, administration and custodian fees, insurance expenses, directors’ fees, collateral management fees, transfer agent fees, and other expenses. Additionally, $259,263 was reimbursed by the Fund to the Adviser and its affiliates. Further, $283,566 of management fees and $456,498$588,476 of collateral management fees were waived by the Adviser. The Fund incurred $308,827$949,155 of tax expense.

Net Realized Gain (Loss) on Investments

During the three months ended March 31,September 30, 2023, the Fund had restructuring which resulted in $14,243 of net realized gain. During the nine months ended September 30, 2023, the Fund had principal repayments and sales which resulted in 5,453$284,155 of net realized gain.loss.

During the three months ended March 31,September 30, 2022, the Fund had principal repayments and sales which resulted in $172,332$842,514 of net realized gain. During the nine months ended September 30, 2022, the Fund had principal repayments and sales which resulted in $1,659,467 of net realized gain.

Net Change in Unrealized Appreciation (Depreciation) on Investments

During the three months ended March 31,September 30, 2023, the Fund had $4,522,412$6,706,238 in net change in unrealized appreciation on $1,198,535,419$1,269,400,998 of investments in 189190 portfolio companies. UnrealizedNet change in unrealized appreciation for the three months ended March 31,September 30, 2023, resulted from an increase in fair value, primarily due to positive valuation adjustments on level 3 securities.

During the three months ended March 31,September 30, 2022, the Fund had $2,905,995$9,970,897 in net change in unrealized depreciation on $946,391,430$1,079,344,029 of investments in 165180 portfolio companies. Net change in unrealized depreciation for the three months ended March 31,September 30, 2022, resulted from a broad portfolio decline due to a decline in loan market secondary prices and widening primary issue credit spreads. This depreciation was partially offset by gains on debt and equity positions marked up due to company performance or expectation of near-term repayment at par.

During the nine months ended September 30, 2023, the Fund had $4,031,454 in net change in unrealized appreciation on $1,269,400,998 of investments in 190 portfolio companies. Net change in unrealized appreciation for the nine months ended September 30, 2023, resulted from an increase in fair value, primarily due to positive valuation adjustments on level 3 securities.

During the nine months ended September 30, 2022, the Fund had $14,708,033 in net change in unrealized depreciation on $1,079,344,029 of investments in 180 portfolio companies. Net change in unrealized depreciation for the nine months ended September 30, 2022, resulted from a broad portfolio decline due to a decline in loan market secondary prices and widening primary issue credit spreads as well as a reclass of prior unrealized gain to investment income from a large prepayment fee on one investment. This depreciation was partially offset by gains on debt and equity positions marked up due to company performance or expectation of near-term repayment at par.

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Net Increase (Decrease) in Net Assets Resulting from Operations

For the three months ended March 31,September 30, 2023 and March 31, 2022, the net increase (decrease) in net assets resulting from operations was $15,549,711and $5,511,710,$19,246,850 and $(91,592), respectively. Based on the weighted average shares of common stock outstanding for the three months ended March 31,September 30, 2023 and March 31,2022, the Fund’s per share net increase (decrease) in net assets resulting from operations was $0.36 and $(0.00), respectively.

For the nine months ended September 30, 2023 and 2022, the net increase in net assets resulting from operations was $37,670,894 and $11,608,921, respectively. Based on the weighted average shares of common stock outstanding for the nine months ended September 30, 2023 and 2022, the Fund’s per share net increase in net assets resulting from operations was $0.31$0.73 and $0.15,$0.28, respectively.

Cash Flows

For the threenine months ended March 31,September 30, 2023, cash increased by $16,566,487.$52,225,920. During the same period, the Fund used $43,043,224$67,736,145 in operating activities, primarily as a result of net purchases of investments. During the threenine months ended March 31,September 30, 2023, the Fund generated $59,609,711$119,962,065 from financing activities, primarily from net borrowings on the Revolving Credit Facilities.issuance of common stock and issuance of new CLO Notes.

For the threenine months ended March 31,September 30, 2022, cash increaseddecreased by $6,855,757.$19,048,936. During the same period, the Fund used $59,973,005$178,383,717 in operating activities, primarily as a result of net purchases of investments. During the threenine months ended March 31,September 30, 2022, the Fund generated $66,828,762$159,334,781 from financing activities, primarily from issuance of common stock, and net borrowings on the Revolving Credit Facilities.Facilities and refinance of the CLO Notes.

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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 threenine months ended March 31,September 30, 2023 and March 31,September 30, 2022, the Fund did not enter into any hedging contracts.

Financial Condition, Liquidity and Capital Resources

As of March 31,September 30, 2023, and December 31, 2022, the Fund had $65,352,472$101,011,905 and $48,785,985 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 March 31,September 30, 2023, taken together with the Fund’s uncalled Capital Commitments of $99,216,798$90,663,743 and $22,000,000$16,000,000 undrawn amount on the 2021 HSBC Credit Facility and $8,000,000$131,600,000 undrawn amount on the SynovusNatixis 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,September 30, 2023, the Fund has unfunded commitments to fund future investments in the amount of $171,537,939,$176,035,358, and contractual obligations in the form of Revolving Credit Facilities of $520,000,000$283,400,000 and Notes of $245,254,335.$542,309,941.

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,September 30, 2023, the Fund received Capital Commitments of $594,505,663.$629,019,653. Inception to March 31,September 30, 2023, the Fund received Capital Contributions to the Fund of $495,288,865.$538,355,910. Proceeds from the issuances of Shares in respect of drawdown notices described below were used for investing activities and for other general corporate purposes.

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

On February 24, 2023, the Fund commenced the Q1 2023 Tender Offer for up to 1,215,453.851,215,454 Shares. The Purchase Price for the Q1 2023 Tender Offer was $9.30 per Share and the Q1 2023 Tender Offer expired on March 31, 2023. On May 26, 2023, the Fund commenced the Q2 2023 Tender Offer for up to 1,255,610 Shares. The Purchase Price for the Q2 2023 Tender Offer was $9.16 per Share and the Q2 2023 Tender Offer expired on June 30, 2023. On August 25, 2023, the Fund commenced the Q3 2023 Tender Offer for up to 1,299,377 Shares. The Purchase Price for the Q2 2023 Tender Offer was $9.29 per Share and the Q3 2023 Tender Offer expired on September 30,2023.

On February 25, 2022, the Fund commenced the Q1 2022 Tender Offer for up to 795,164.70795,164 Shares. The Purchase Price for the Q1 2022 Tender Offer was $9.70 per Share and the Q1 2022 Tender Offer expired on March 31, 2022. On May 27, 2022, the Fund commenced the Q2 2022 Tender Offer for up to 911,141 Shares. The Purchase Price for the Q2 2022 Tender Offer was $9.70 per Share and the Q2 2022 Tender Offer expired on June 30, 2022. On August 26, 2022, the Fund commenced the Q3 2022 Tender Offer for up to 1,047,133 Shares. The Purchase Price for the Q3 2022 Tender Offer was $9.50 per Share and the Q3 2022 Tender Offer expired on September 30, 2022.

Stockholders who tendered Shares in the Q1 2023 Tender Offer, Q2 2023 Tender Offer, Q3 2023 Tender Offer, Q1 2022 Tender Offer, Q2 2022 Tender Offer, and Q1Q3 2022 Tender Offer received a non-interest bearing, non-transferable promissory note entitling such stockholders to an amount in cash equal to the number of Shares accepted for purchase multiplied by the applicable Purchase Price.

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The following is a summary of the Fund’s equity activity for the three and nine months ended March 31,September 30, 2023 and March 31,September 30, 2022.

 

  For the Three
Months
Ended
March 31,
2023		   For the Three
Months
Ended
March 31,
2022		   For the Three
Months
Ended
September 30, 2023		   For the Three
Months
Ended
September 30, 2022		   For the Nine
Months
Ended
September 30, 2023		   For the Nine
Months
Ended
September 30, 2022		 

Capital Commitments

  $26,549,633   $50,603,350   $24,823,409   $24,237,563   $74,400,283   $109,282,965 

Capital Commitments rescinded due to participation in General Tender Program

  $4,186,196   $7,115,200   $7,773,910   $7,635,000   $18,152,856   $23,315,265 

Dividend reinvestments

  $2,740,870   $5,101,704   $6,644,449   $4,589,372   $14,938,142   $13,191,804 

Shares issued to investors under DRIP

   294,604    526,163    715,418    482,995    1,616,252    1,370,136 

Value of capital drawdown notices

  $—     $30,684,000   $14,548,616   $18,306,259   $40,341,067   $105,253,487 

Shares issued to investors under capital drawdown notices

   —      3,095,246    1,566,471    1,926,590    4,343,225    10,781,231 

Value of Shares purchased in General Tender Program

  $5,837,993   $4,081,370   $8,409,635   $3,555,388   $18,473,529   $13,627,523 

Shares purchased in General Tender Offer

   627,518    420,864    905,478    374,177    1,994,360    1,412,779 

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, 2023:

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Date Declared

  Record Date   Payment Date   Amount Per Share   Total Distributions 

March 29, 2023

   March 29, 2023    April 25, 2023   $0.10   $5,139,617 
      

 

 

   

 

 

 

Total distributions declared

      $0.10   $5,139,617 
      

 

 

   

 

 

 

The following table summarizes distributions declared during the threenine months ended March 31,September 30, 2023:

Date Declared

  Record Date   Payment Date   Amount Per Share   Total Distributions 

March 29, 2023

   March 29, 2023    April 25, 2023   $0.10   $5,139,617 

June 28, 2023

   June 28, 2023    July 24, 2023    0.20    10,402,344 

September 28, 2023

   September 27, 2023    October 23, 2023    0.24    12,501,274 
      

 

 

   

 

 

 

Total distributions declared

      $0.54   $28,043,235 
      

 

 

   

 

 

 

The following table summarizes distributions declared during the nine months ended September 30, 2022:

 

Date Declared

  Record Date   Payment Date   Amount Per Share   Total Distributions   Record Date   Payment Date   Amount Per Share   Total Distributions 

March 29, 2022

   March 29, 2022    April 28, 2022   $0.25   $9,709,845    March 29, 2022    April 28, 2022   $0.25   $9,709,845 

June 28, 2022

   June 28, 2022    July 27, 2022    0.15    6,590,492 

September 28, 2022

   September 28, 2022    October 24, 2022    0.20    8,539,011 
      

 

   

 

       

 

   

 

 

Total distributions declared

      $0.25   $9,709,845        0.60   $24,839,348 
      

 

   

 

       

 

   

 

 

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 threenine months ended March 31,September 30, 2023, all of the Fund’s distributions to stockholders were attributable to ordinary income. The character of distributions for federal income tax purposes are determined in accordance with income tax regulations which may differ from GAAP. Stockholders should read any written disclosure accompanying a distribution payment carefully and should not assume that the source of any distribution is only ordinary income or gains.

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

For the threenine months ended March 31,September 30, 2023, all of the Fund’s distributions to stockholders were attributable to ordinary income. The character of distributions for federal income tax purposes are determined in accordance with income tax regulations which may differ from GAAP. Stockholders should read any written disclosure accompanying a distribution payment carefully and should not assume that the source of any distribution is only ordinary income or gains.

Co-investment Exemptive Order

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

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

Revolving Credit Facilities

2021 HSBC Credit Facility

On July 8, 2021, the Fund entered into the HSBC Joinder, pursuant to which the Fund became a party to the 2021 HSBC Credit Facility evidenced by the 2021 HSBC Credit Agreement. As of March 31,September 30, 2023, the Fund had $28,000,000$15,000,000 outstanding on the 2021 HSBC Credit Facility and the Fund was in compliance with the terms of the 2021 HSBC Credit Facility. As of December 31, 2022, the Fund had $0 outstanding on the 2021 HSBC Credit Facility and the Fund was in compliance with the terms of the 2021 HSBC Credit Facility.

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

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Synovus Credit Facility

On October 15, 2020, ABPCIC Funding II entered into the Synovus Credit Facility. In connection with the Synovus Credit Facility, ABPCIC Funding II entered into, among other agreements, (i) the Synovus Loan Agreement, (ii) the securities account control agreement (the “Synovus Control Agreement”), by and among ABPCIC Funding II, the Synovus Collateral Agent and the Synovus Securities Intermediary and (iii) the amended and restated sale and contribution agreement (the “Synovus Transfer Agreement”) by and between the Fund, as seller, and ABPCIC Funding II, as purchaser.

Borrowings of ABPCIC Funding II are considered borrowings by the Fund for purposes of complying with the asset coverage requirements under the 1940 Act applicable to business development companies. As of March 31,September 30, 2023, the Fund had $192,000,000$200,000,000 outstanding on the Synovus Credit Facility and the Fund was in compliance with the terms of the Synovus Credit Facility. As of December 31, 2022, the FudFund had $180,000,000 outstanding on the Synovus Credit Facility and the Fund was in compliance with the terms of the Synovus Credit Facility.

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

Natixis Credit Facility

On March 24, 2021,April 21, 2023, ABPCIC Funding IIIIV 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. On March 4, 2022, pursuant to Amendment No 4 to the Natixis Credit Agreement, ABPCIC Funding III increased the commitment by $25,000,000 from $225,000,000 to $250,000,000. As of March 31,September 30, 2023, the Fund had $300,000,000$68,400,000 outstanding on the Natixis Credit Facility and the Fund was in compliance with the terms of the Natixis Credit Facility.

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

2021 Natixis Credit Facility

On March 24, 2021, ABPCIC Funding III entered into the 2021 Natixis Credit Facility. As of September 30, 2023, the Fund had $0 outstanding on the Natixis Credit Facility. As of December 31, 2022, the Fund had $268,000,000 outstanding on the 2021 Natixis Credit Facility. The 2021 Natixis Credit Facility and the Fund was terminated in complianceconnection with the terms of the Natixis Credit Facility.ABPCIC Funding III Merger.

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

Secured Borrowings

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

Outstanding Secured Borrowings pursuant to the Macquarie Sale/Buy-Back was $8,768,765$0 and $5,917,275 as of March 31,September 30, 2023 and December 31, 2022, respectively.

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

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Debt Securitization

On August 9, 2019, the Issuer and theVI Co-Issuer,Co-Issuers each a newly formed special purpose vehicle, completed the CLO VI Transaction. The Notes offered byOn April 28, 2022, the Co-IssuersCLO VI indenture was refinanced under terms of the first supplemental indenture among the VI Issuer and U.S. Bank National Association, as trustee. As a result of the refinancing, the outstanding notes (other than the Subordinated Notes) under the indenture dated August 9, 2019 in the amount of $246,900,000 were paid off, and the unamortized debt discount and debt issuance costs were accelerated into interest and borrowing expenses on the consolidated statements of operations (the “CLO VI Refinancing”). The CLO TransactionVI Refinancing was executed through a private placement of: (i) $98,250,000 of Class A-1-R Senior Secured Floating Rate Notes, which bear interest at Term SOFR plus 1.83% per annum; (ii) $75,000,000 of Class A-1L Senior Secured Floating Rate Loans, which bear interest at Term SOFR plus 1.83% per annum; (iii) $30,000,000 of Class A-1F Senior Secured Fixed Rate Notes, which bear interest at 4.305% per annum; (iv) $43,550,000 of Class A-2-R Senior Secured Floating Rate Notes, which bear interest at Term SOFR plus 2.25% per annum; (v) $19,250,000 of Class B-R Secured Deferrable Floating Rate Notes, which bear interest at Term SOFR plus 3.10% per annum; and (vi) $20,125,000 of Class C-R Secured Deferrable Floating Rate Notes, which bear interest at Term SOFR plus 4.15% per annum, as well as Subordinated Notes in the amount of $61,320,000. The VI Notes are secured by a diversified portfolio ofscheduled to mature on April 27, 2034.

On May 3, 2023, the Co-Issuers consisting primarily of middle market loans and participation interests in middle market loans and may also include some broadly syndicated loans.XIII Issuer Entities completed the CLO XIII Transaction. The CLO Transaction was executed through a private placement of: (i) $178,200,000$228,000,000 of Class A-1A Senior Secured Floating Rate Notes, which bear interest at three-months LIBORTerm SOFR plus 1.73% 2.60% per annum;annum; (ii) $25,000,000$36,000,000 of Class A-2AB Senior Secured Floating Rate Notes, which bear interest at LIBORTerm SOFR plus 2.45% 3.65% per annum;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$36,000,000 of Class C Secured Deferrable Floating Rate Notes, which bear interest at LIBORTerm SOFR plus 4.40% 4.55% per annum.annum; (iv) $28,000,000 of Class D Secured Deferrable Floating Rate Notes, which bear interest at Term SOFR plus 6.90% per annum; and (v) $67,000,000 of subordinated notes. The XIII Notes are scheduled to mature on August 9, 2030.April 27, 2035.

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The VI Notes are the secured obligations of the VI Co-Issuers, and the indentureXIII Notes are the secured obligations of the XIII Issuer Entities. The indentures governing the VI Notes includesand the XIII Notes each include customary covenants and events of default. The VI Notes and the XIII 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 SECSecurities and Exchange Commission or an applicable exemption from registration.

The Adviser serves as collateral manager to the VI Issuer and the XIII Issuer pursuant to the CLO VI Collateral Management Agreement.Agreement and the CLO XIII Collateral Management Agreement, respectively. For so long as the Adviser serves as collateral manager to the VI Issuer, a collateral management fee shall not be charged under the CLO VI Collateral Management Agreement, and for so long as the Adviser will electserves as collateral manager to irrevocably waive any basethe XIII Issuer, a collateral management fee or subordinated interest to which it mayshall not be entitledcharged under the CLO XIII Collateral Management Agreement.

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

Asset Coverage

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

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

As of March 31,September 30, 2023, and December 31, 2022, the Fund had total senior securities of $775,518,765$830,150,000 and $700,313,290, respectively, consisting of borrowings under the Revolving Credit Facilities, secured borrowings and the Notes, and had asset coverage ratios of 160%161% and 165%, respectively.

Critical Accounting Policies

Valuation of Investments

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

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

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

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

 

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

 

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

 

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

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

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

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

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

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

Management and Incentive Fees

The Fund will accrue for the base management fee and incentive fee. The accrual for the incentive fee includes the recognition of the incentive fee on unrealized capital gains, even though such incentive fee is neither earned nor payable to the Adviser until the gains are both realized and in excess of unrealized depreciation on investments. The amount of capital gains incentive fee expense related to the hypothetical liquidation of the portfolio (and assuming no other changes in realized or unrealized gains and losses) would only become payable to the Adviser in the event of a complete liquidation of the Fund’s portfolio as of period end and the termination of the 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.

69

Federal Income Taxes

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

 

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

The Fund is subject to financial market risks, including changes in interest rates. To the extent that the Fund borrows money to make investments, the Fund’s net investment income is dependent upon the difference between the rate at which the Fund borrows funds and the rate at which the Fund invests these funds. In periods of rising interest rates, the Fund’s cost of funds would increase, which may reduce the Fund’s net investment income. Because the Fund expects that most of its investments will bear interest at floating rates, the Fund anticipates that an increase in interest rates would have a corresponding increase in the Fund’s interest income that would likely eventually offset any increase in the Fund’s cost of funds and, thus, net investment income would not be reduced.reduced significantly. The timing of interest rate resets on the Fund’s investments and the Fund’s debt may differ leading to a temporary increase or decrease in net investment income. However, there can be no assurance that a significant change in market interest rates will not have an adverse effect on the Fund’s net investment income. In addition, U.S. and global capital markets and credit markets have experienced a higher level of stress due to the global COVID-19 pandemic and rising inflation, which has resulted in an increase in the level of volatility across such markets and a general decline in the value of the securities held by the Fund.

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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 and rising inflation, the U.S. Federal Reserve and other central banks have reduced certainincreased interest rates and LIBOR has decreased.rates. A prolonged reductionincrease in interest rates will reducecould result in an increase in the Fund’s gross investment incomenon-performing assets and a decrease in the value of its portfolio because the portfolio companies paying interest at such increasing floating rates may be unable to meet higher payment obligations. In periods of rising interest rates, the Fund’s cost of funds would increase, which, if not matched with the rising interest rates of its performing floating-rate assets, could result in a decrease in the Fund’sits net investment income if such decreases in LIBOR are not offset by a correspondingincome. Incurring additional leverage will magnify the impact of an 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 acost of funds. A decrease in interest rates may reduce net income, because new investments may be made at lower rates despite the interest rate ofincreased demand for the Fund’s floatingcapital that the decrease in interest rate liabilities tied to LIBOR.rates may produce.

Assuming that the consolidated statement of assets and liabilities as of March 31,September 30, 2023, 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		   Increase (Decrease) in
Interest Income		   Increase (Decrease) in
Interest Expense		   Net Increase (Decrease) in
Net Investment Income		 

Down 25 basis points

  $(2,954,278)   $(1,841,875)   $(1,112,403)   $(3,106,918)   $(1,962,875)   $(1,144,043) 

Up 100 basis points

   11,817,114    7,367,500    4,449,614    12,427,673    5,610,331    6,817,342 

Up 200 basis points

   23,634,228    14,735,000    8,899,228    24,855,345    15,703,000    9,152,345 

Up 300 basis points

   35,451,342    22,102,500    13,348,842    37,283,018    23,554,500    13,728,518 

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

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

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

 

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Item 4.

Controls and Procedures

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

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

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PART II. OTHER INFORMATION

 

Item 1.

Legal Proceedings

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

 

Item 1A.

Risk Factors

In addition to the other information set forth in this report, you should carefully consider the factors discussed in Part I, “Item 1A. Risk Factors” in the Fund’s Annual Report on Form 10-K for the fiscal year ended December 31, 2022, which could materially affect the Fund’s business, financial condition and/or operating results. The risks described in the Fund’s Annual Report on Form 10-K are not the only risks the Fund faces. Additional risks and uncertainties that are not currently known to the Fund or that the Fund currently deems to be immaterial also may materially adversely affect the Fund’s business, financial condition and/or operating results. During the threenine months ended March 31,September 30, 2023, there have been no material changes from the risk factors set forth in the Fund’s Annual Report on Form 10-K for the year ended December 31, 2022, 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.

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The following table illustrates the effect of leverage on returns from an investment in the Shares assuming that the Fund employs leverage such that the Fund’s asset coverage equals (1) the Fund’s actual asset coverage as of March 31,September 30, 2023 and (2) 150%, each at various annual returns, net of expenses and as of March 31,September 30, 2023.

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%    (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, 2023(1)

   (42.2)%   (28.1)%   (13.9)%   0.2%   14.4% 

Corresponding net return to holders of common stock assuming actual asset coverage as of September 30, 2023(1)

   (40.8)%   (27.1)%   (13.5)%   0.2%   13.8% 

Corresponding net return to holders of common stock assuming 150% asset coverage(2)

   (45.2)%   (30.2)%   (15.2)%   (0.2)%   14.8%    (45.6)%   (30.6)%   (15.6)%   (0.6)%   14.4% 
  

 

  

 

  

 

  

 

  

 

   

 

  

 

  

 

  

 

  

 

 

 

(1) 

Assumes $1,266$1,374 million in total portfolio assets, $802$871 million in debt outstanding, $464$503 million in net assets, and an average cost of funds of 7.6%7.79%. Actual interest payments may be different.

(2) 

Assumes $1,266$1,374 million in total portfolio assets, $844$916 million in debt outstanding, $422$458 million in net assets, and an average cost of funds of 7.6%7.79%. Actual interest payments may be different.

 

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Table of Contents
Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

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

Item 3.

Defaults Upon Senior Securities

None.

Item 4.

Mine Safety Disclosure

Not applicable.

Item 5.

Other Information

None.

Insider Trading Arrangements and
Policies
.
During the fiscal quarter ended September 30, 2023, none of the Fund’s directors or officers adopted or terminated any contract, instruction or written plan for the purchase or sale of the Fund’s securities to satisfy the affirmative defense conditions of Exchange Act Rule 10b5-1(c) or any “non-Rule 10b5-1 trading arrangement.”
Item 6.

Exhibits

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

10.1Eighth Amendment to Revolving Credit Agreement, dated as of March 31, 2023, by and among AB-Abbott Private Equity Investors 2019 (Delaware) Fund L.P., AB-Abbott Private Equity Investors 2020 (Delaware) Fund L.P., AB-Abbott Private Equity Solutions 2021 (Delaware) Fund L.P., AB Private Credit Investors Middle Market Direct Lending Fund, L.P., AB Private Credit Investors Corporation and AB-Abbott Private Equity Solutions 2022 (Delaware) Fund L.P., as borrowers, AB-Abbott Private Equity Investors G.P. L.P., AB-Abbott Private Equity Investors 2020 G.P. L.P., AB-Abbott Private Equity Solutions 2021 G.P. L.P., AB Private Credit Investors Middle Market Direct Lending G.P. L.P. and AB-Abbott Private Equity Solutions 2022 G.P. L.P., as general partners, the banks and financial institutions from time to time party thereto as lenders and HSBC Bank USA, National Association as the administrative agent for the secured parties and a lender.*
31.1  Certification of Chief Executive Officer pursuant to Rule 13a-14 of the Securities Exchange Act of 1934, as amended.*
31.2  Certification of Chief Financial Officer pursuant to Rule 13a-14 of the Securities Exchange Act of 1934, as amended.*
32.1  Certification of Chief Executive Officer and Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, as amended.*
101.INS  XBRL Instance Document—the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the XBRL document*
101.SCH  Inline XBRL Taxonomy Extension Schema Document*
101.CAL  Inline XBRL Taxonomy Calculation Linkbase Document*
101.DEF  Inline XBRL Taxonomy Extension Definition Linkbase Document*
101.LAB  Inline XBRL Taxonomy Label Linkbase Document*
101.PRE  Inline XBRL Taxonomy Presentation Linkbase Document*
104  Cover Page Interactive Data File (formatted in Inline XBRL and contained in Exhibit 101)*

*

Filed herewith

72

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SIGNATURES

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

 

  

AB PRIVATE CREDIT INVESTORS CORPORATION

Date: May 15,November 14, 2023

 

By:

 

/s/ J. Brent Humphries

  J. Brent Humphries
  President and Chief Executive Officer
  (Principal Executive Officer)

Date:May 15, November 14, 2023

 

By:

 

/s/ Wesley Raper

  Wesley Raper
  Chief Financial Officer and Treasurer
  (Principal Financial and Accounting Officer)

79