10-Q

Item 1. Consolidated Financial Statements

AB Private Credit Investors Corporation

Consolidated Statements of Assets and Liabilities


	As of June 30, 2026 (Unaudited)			As of December 31, 2025
Assets
Investments, at fair value
Non-controlled/non-affiliated investments (amortized cost of $1,982,602,303 and $1,874,181,760, respectively)	$	1,942,854,673		$	1,860,510,569
Non-controlled affiliated investments (amortized cost of $2,030,867 and $2,030,867)		783,143			785,893
Total investments, at fair value (amortized cost of $1,984,633,170 and $1,876,212,627)		1,943,637,816			1,861,296,462
Cash and cash equivalents		81,300,624			105,808,043
Interest receivable		8,133,048			9,217,941
Receivable for investments sold		1,644,127			51,593
Deferred financing costs		4,279,183			4,569,276
Total assets	$	2,038,994,798		$	1,980,943,315
Liabilities
Notes payable (net of unamortized discount of $0 and $0, respectively, and debt issuance costs of $2,017,002 and $2,359,715, respectively)	$	535,982,998		$	535,640,285
Credit facility payable		716,250,000			680,000,000
Interest and borrowing expenses payable		15,108,116			9,210,053
Payable for fund shares repurchased		8,229,686			5,108,699
Distribution payable		6,865,008			7,261,023
Incentive fee payable		3,281,383			3,598,459
Management fees payable		6,024,569			6,362,763
Professional fees payable		790,703			711,194
Administrator and custodian fees payable		2,086,769			1,389,396
Payable to Adviser		775,686			909,726
Accrued expenses and other liabilities		23,870			30,312
Accrued tax liability		156,545			318,578
Payable for investments purchased		1,656,186			9,284
Directors’ fees payable		64,991			—
Transfer agent fees payable		44,445			44,812
Trustee fees payable		42,724			—
Total liabilities	$	1,297,383,679		$	1,250,594,584
Commitments and Contingencies (Note 6)
Net Assets
Common stock, par value $0.01 per share (200,000,000 shares authorized, 81,022,158 and 77,076,615 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively)		810,222			770,766
Paid-in capital in excess of par value		780,835,011			743,824,152
Distributable earnings (accumulated loss)		(40,120,625	)		(14,327,405	)
Total net assets of AB Private Credit Investors Corporation	$	741,524,608		$	730,267,513
Non-Controlling Interest in ABPCIC Equity Holdings, LLC	$	86,511		$	81,218
Total net assets	$	741,611,119		$	730,348,731
Total liabilities and net assets	$	2,038,994,798		$	1,980,943,315
Net asset value per share of AB Private Credit Investors Corporation	$	9.15		$	9.47

See Notes to Consolidated Financial Statements

AB Private Credit Investors Corporation

Consolidated Statements of Operations (Unaudited)


	For the three months ended June 30,						For the six months ended June 30,
	2026			2025			2026			2025
Investment Income:
From non-controlled/non-affiliated investments:
Interest income, net of amortization/accretion	$	43,664,799		$	41,823,014		$	87,197,463		$	85,223,564
Payment-in-kind interest		999,969			2,167,909			1,878,049			3,280,315
Dividend income		141,900			125,689			216,995			254,711
Total investment income		44,806,668			44,116,612			89,292,507			88,758,590
Expenses:
Interest and borrowing expenses	$	18,494,824		$	19,278,255		$	36,350,744		$	38,831,578
Management fees		6,024,569			5,830,989			12,158,496			11,465,958
Income-based incentive fee		3,281,383			3,442,968			6,852,077			6,927,075
Professional fees		683,308			606,887			1,510,497			1,441,096
Administration and custodian fees		299,911			342,779			758,980			677,266
Insurance expenses		45,278			115,500			45,278			231,000
Directors’ fees		64,992			52,437			129,983			104,875
Transfer agent fees		44,445			41,883			91,372			80,253
Trustee expense		94,750			—			189,500			—
Other expenses		291,976			471,848			574,453			913,079
Total expenses		29,325,436			30,183,546			58,661,380			60,672,180
Waived management fees		—			—			(271,957	)		—
Waived incentive fees		—			—			(245,475	)		—
Net total expenses		29,325,436			30,183,546			58,143,948			60,672,180
Net investment income before taxes		15,481,232			13,933,066			31,148,559			28,086,410
Income tax expense (benefit), including excise tax		(11,564	)		161,196			(20,264	)		378,079
Net investment income after tax		15,492,796			13,771,870			31,168,823			27,708,331
Net realized and change in unrealized gains (losses) on investment transactions:
Net realized gain (loss) from:
Non-controlled/non-affiliated investments		260,401			413,954			287,731			3,428,181
Net change in unrealized appreciation (depreciation) from:
Non-controlled/non-affiliated investments		(5,195,228	)		(3,768,104	)		(26,076,439	)		(6,550,935	)
Non-controlled affiliated investments		—			(39,319	)		(2,750	)		(39,360	)
Net realized and change in unrealized gains (losses) on investment transactions		(4,934,827	)		(3,393,469	)		(25,791,458	)		(3,162,114	)
Net increase (decrease) in net assets resulting from operations		10,557,969			10,378,401			5,377,365			24,546,217
Less: Net increase (decrease) in net assets resulting from operations related to Non-Controlling Interest in ABPCIC Equity Holdings, LLC	$	819		$	975		$	652		$	1,998
Net increase (decrease) in net assets resulting from operations related to AB Private Credit Investors Corporation		10,557,150			10,377,426			5,376,713			24,544,219
Net investment income per share (basic and diluted):
Net investment income per share (basic and diluted):	$	0.20		$	0.20		$	0.40		$	0.41
Earnings per share (basic and diluted):	$	0.13		$	0.15		$	0.07		$	0.36
Weighted average shares outstanding:		78,875,500			68,528,334			78,150,338			67,548,702

See Notes to Consolidated Financial Statements

AB Private Credit Investors Corporation

Consolidated Statements of Changes in Net Assets (Unaudited)


	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 March 31, 2026		77,788,164		$	777,882		$	750,749,358		$	(35,186,524	)	$	85,692		$	716,426,408
Increase (decrease) in net assets resulting from operations:
Net investment income		—			—			—			15,492,861			(65	)		15,492,796
Net realized gain (loss) on investments		—			—			—			260,401			—			260,401
Net change in unrealized appreciation (depreciation) on investments		—			—			—			(5,196,112	)		884			(5,195,228	)
Capital transactions:
Issuance of common stock		3,190,670			31,907			29,689,529			—			—			29,721,436
Contribution of non-controlling interest into ABPCIC Equity Holdings, LLC		—			—			—			—			—			—
Issuance of common shares pursuant to distribution reinvestment plan		942,429			9,424			8,616,819			—			—			8,626,243
Repurchase of common stock		(899,105	)		(8,991	)		(8,220,695	)		—			—			(8,229,686	)
Distributions to stockholders		—			—			—			(15,491,251	)		—			(15,491,251	)
Total increase (decrease) for the three months ended June 30, 2026		3,233,994			32,340			30,085,653			(4,934,101	)		819			25,184,711
Net assets at June 30, 2026		81,022,158		$	810,222		$	780,835,011		$	(40,120,625	)	$	86,511		$	741,611,119
Distributions declared per share	—			—			—			$	0.19		—			$	0.19

Net assets at December 31, 2025		77,076,615		$	770,766		$	743,824,152		$	(14,327,405	)	$	81,218		$	730,348,731
Increase (decrease) in net assets resulting from operations:
Net investment income		—			—			—			31,168,998			(175	)		31,168,823
Net realized gain (loss) on investments		—			—			—			287,731			—			287,731
Net change in unrealized appreciation (depreciation) on investments		—			—			—			(26,080,016	)		827			(26,079,189	)
Capital Transactions:
Issuance of common stock		4,156,274			41,563			38,952,042			—			—			38,993,605
Contribution of non-controlling interest into ABPCIC Equity Holdings, LLC		—			—			—			—			4,641			4,641
Issuance of common shares pursuant to distribution reinvestment plan		1,876,904			18,769			17,213,985			—			—			17,232,754
Repurchase of common stock		(2,087,635	)		(20,876	)		(19,155,168	)		—			—			(19,176,044	)
Distributions to stockholders		—			—			—			(31,169,933	)		—			(31,169,933	)
Total increase (decrease) for the six months ended June 30, 2026		3,945,543			39,456			37,010,859			(25,793,220	)		5,293			11,262,388
Net assets at June 30, 2026		81,022,158		$	810,222		$	780,835,011		$	(40,120,625	)	$	86,511		$	741,611,119
Distributions declared per share	—			—			—			$	0.39		—			$	0.39

See Notes to Consolidated Financial Statements

AB Private Credit Investors Corporation

Consolidated Statements of Changes in Net Assets (Unaudited)


	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 March 31, 2025		68,529,857		$	685,299		$	658,545,878		$	(5,651,123	)	$	66,553		$	653,646,607
Increase (decrease) in net assets resulting from operations:
Net investment income		—			—			—			13,772,273			(403	)		13,771,870
Net realized gain (loss) on investments		—			—			—			412,540			1,414			413,954
Net change in unrealized appreciation (depreciation) on investments		—			—			—			(3,807,387	)		(36	)		(3,807,423	)
Capital transactions:
Issuance of common stock		—			—			—			—			—			—
Contribution of non-controlling interest into ABPCIC Equity Holdings, LLC		—			—			—			—			4,437			4,437
Issuance of common shares pursuant to distribution reinvestment plan		797,761			7,978			7,561,799			—			—			7,569,777
Repurchase of common stock		(854,554	)		(8,546	)		(8,100,149	)		—			—			(8,108,695	)
Distributions to stockholders		—			—			—			(13,766,885	)		—			(13,766,885	)
Total increase (decrease) for the three months ended June 30, 2025		(56,793	)		(568	)		(538,350	)		(3,389,459	)		5,412			(3,922,965	)
Net assets at June 30, 2025		68,473,064		$	684,731		$	658,007,528		$	(9,040,582	)	$	71,965		$	649,723,642
Distributions declared per share	—			—			—			$	0.20		—			$	0.20

Net assets at December 31, 2024		63,702,963		$	637,030		$	612,231,039		$	(5,878,938	)	$	62,414		$	607,051,545
Increase (decrease) in net assets resulting from operations:
Net investment income		—			—			—			27,708,902			(571	)		27,708,331
Net realized gain (loss) on investments		—			—			—			3,424,157			4,024			3,428,181
Net change in unrealized appreciation (depreciation) on investments		—			—			—			(6,588,840	)		(1,455	)		(6,590,295	)
Capital transactions:																	-
Issuance of common stock		4,796,671			47,967			46,026,867			—			—			46,074,834
Contribution of non-controlling interest into ABPCIC Equity Holdings, LLC		—			—			—			—			7,553			7,553
Issuance of common shares pursuant to distribution reinvestment plan		1,595,518			15,955			15,162,986			—			—			15,178,941
Repurchase of common stock		(1,622,088	)		(16,221	)		(15,413,364	)		—			—			(15,429,585	)
Distributions to stockholders		—			—			—			(27,705,863	)		—			(27,705,863	)
Total increase (decrease) for the six months ended June 30, 2025		4,770,101			47,701			45,776,489			(3,161,644	)		9,551			42,672,097
Net assets at June 30, 2025		68,473,064		$	684,731		$	658,007,528		$	(9,040,582	)	$	71,965		$	649,723,642
Distributions declared per share	—			—			—			$	0.40		—			$	0.40

See Notes to Consolidated Financial Statements

AB Private Credit Investors Corporation

Consolidated Statements of Cash Flows (Unaudited)


	Six months ended June 30, 2026			Six months ended June 30, 2025
Cash flows from operating activities
Net increase (decrease) in net assets resulting from operations	$	5,377,365		$	24,546,217

Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used for) operating activities:
Purchases of investments		(175,692,215	)		(253,896,924	)
Payment-in-kind interest capitalized		(2,970,602	)		(3,275,973	)
Proceeds from sales of investments and principal repayments		73,397,427			152,632,031
Net realized (gain) loss on investments		(287,731	)		(3,428,181	)
Net change in unrealized (appreciation) depreciation on investments		26,079,189			6,590,295
Amortization of premium and accretion of discount, net		(2,867,422	)		(4,165,949	)
Amortization of discount, debt issuance and deferred financing costs		2,093,111			2,449,195

Increase (decrease) in operating assets and liabilities:
(Increase) decrease in receivable for investments sold		(1,592,534	)		5,875
(Increase) decrease in interest receivable		1,084,893			(354,504	)
Increase (decrease) in payable for investments purchased		1,646,902			38,859
Increase (decrease) in management fees payable		(338,194	)		379,709
Increase (decrease) in payable to Adviser		(134,040	)		(646,911	)
Increase (decrease) in administrator and custodian fees payable		697,373			578,364
Increase (decrease) in professional fees payable		79,509			541,875
Increase (decrease) in accrued tax liability		(162,033	)		(18,539	)
Increase (decrease) in incentive fee payable		(317,076	)		90,431
Increase (decrease) in directors’ fees payable		64,991			—
Increase (decrease) in transfer agent fees payable		(367	)		4,501
Increase (decrease) in trustee fees payable		42,724			—
Increase (decrease) in interest and borrowing expenses payable		5,898,063			(293,976	)
Increase (decrease) in accrued expenses and other liabilities		(6,442	)		114,020
Net cash provided by (used for) operating activities		(67,907,109	)		(78,109,585	)

Cash flows from financing activities
Issuance of common stock		38,993,605			46,074,834
Contribution of Non-Controlling Interest into ABPCIC Equity Holdings, LLC		4,641			7,553
Repurchase of common stock		(16,055,057	)		(15,159,114	)
Distributions paid		(14,333,194	)		(12,430,765	)
Financing costs paid		(1,460,305	)		(2,941,678	)
Borrowings on notes		—			163,000,000
Repayments of notes		—			(171,750,000	)
Borrowings on credit facility		257,250,000			321,050,000
Repayments of credit facility		(221,000,000	)		(239,500,000	)
Repayments on secured borrowings		—			(2,845,117	)
Net cash provided by (used for) financing activities		43,399,690			85,505,713
Net increase (decrease) in cash		(24,507,419	)		7,396,128
Cash and cash equivalents, beginning of period		105,808,043			52,178,854
Cash and cash equivalents, end of period	$	81,300,624		$	59,574,982

Supplemental and non-cash financing activities
Cash paid during the period for interest	$	27,829,025		$	36,414,261
Issuance of common shares pursuant to distribution reinvestment plan	$	17,232,754		$	15,178,941
State taxes paid	$	141,769		$	396,618

See Notes to Consolidated Financial Statements.

AB Private Credit Investors Corporation

Unaudited Consolidated Schedule of Investments as of June 30, 2026


Portfolio Company	Industry	Facility Type	Interest	Maturity	Funded Par Amount		Cost			Fair Value			Tickmarks
Investments at Fair Value — 262.09%													(1)(2)(3)(4)(12)
U.S. Corporate Debt — 247.94%
1st Lien/Senior Secured Debt — 247.68%
123.Net, LLC	Diversified Telecommunication Services	Term Loan	7.91% (S + 4.25%)	7/19/2029		4,331,058		4,302,370			4,287,748		(15)
123.Net, LLC	Diversified Telecommunication Services	Delayed Draw Term Loan	7.97% (S + 4.25%)	7/19/2029		1,823,601		1,811,678			1,805,365		(15)
AAH Topco, LLC	Health Care Providers & Services	Delayed Draw Term Loan	8.99% (S + 5.25%; 0.75% Floor)	12/22/2027		3,160,262		3,135,540			3,160,262		(15)
AAH Topco, LLC	Health Care Providers & Services	Delayed Draw Term Loan	8.74% (S + 5.00%; 0.75% Floor)	12/22/2027		2,036,626		2,015,990			2,036,626		(6)(15)
AAH Topco, LLC	Health Care Providers & Services	Term Loan	8.99% (S + 5.25%; 0.75% Floor)	12/22/2027		6,256,100		6,220,991			6,256,100		(15)
AAH Topco, LLC	Health Care Providers & Services	Delayed Draw Term Loan	8.99% (S + 5.25%; 0.75% Floor)	12/22/2027		6,332,837		6,287,464			6,332,837		(15)
AAH Topco, LLC	Health Care Providers & Services	Revolver	—% (S + 5.25%; 0.75% Floor)	12/22/2027		-		(3,966	)		-		(6)(7)
Admiral Buyer, Inc.	Financial Services	Delayed Draw Term Loan	8.65% (S + 5.00%; 0.75% Floor)	12/6/2029		429,286		425,697			429,286		(6)(15)
Admiral Buyer, Inc.	Financial Services	Term Loan	8.73% (S + 5.00%; 0.75% Floor)	12/6/2029		1,358,548		1,348,290			1,351,756		(15)
Admiral Buyer, Inc.	Financial Services	Delayed Draw Term Loan	—% (S + 5.00%; 0.75% Floor)	12/6/2029		-		(922	)		-		(6)(7)
Admiral Buyer, Inc.	Financial Services	Term Loan	8.73% (S + 5.00%; 0.75% Floor)	12/6/2029		10,380,177		10,298,298			10,328,276		(15)
Admiral Buyer, Inc.	Financial Services	Delayed Draw Term Loan	8.66% (S + 5.00%; 0.75% Floor)	12/6/2029		440,337		436,703			438,136		(15)
Admiral Buyer, Inc.	Financial Services	Revolver	—% (S + 5.00%; 0.75% Floor)	12/6/2029		-		(10,251	)		(7,008	)	(6)(7)
Airwavz Solutions Inc.	Diversified Telecommunication Services	Term Loan	9.06% (S + 5.25%; 1.00% Floor)	3/31/2027		3,469,532		3,460,182			3,469,532		(15)
Airwavz Solutions Inc.	Diversified Telecommunication Services	Delayed Draw Term Loan	9.06% (S + 5.25%; 1.00% Floor)	3/31/2027		2,168,458		2,163,128			2,168,458		(15)
Airwavz Solutions Inc.	Diversified Telecommunication Services	Revolver	—% (S + 5.25%; 1.00% Floor)	3/31/2027		-		(1,165	)		-		(6)(7)
Airwavz Solutions Inc.	Diversified Telecommunication Services	Delayed Draw Term Loan	9.06% (S + 5.25%; 1.00% Floor)	3/31/2027		3,459,046		3,443,428			3,459,046		(15)
Airwavz Solutions Inc.	Diversified Telecommunication Services	Delayed Draw Term Loan	9.06% (S + 5.25%; 1.00% Floor)	3/31/2027		2,197,621		2,182,795			2,197,621		(6)(15)
Amercare Royal LLC	Commercial Services & Supplies	Term Loan	8.64% (S + 5.00%; 1.00% Floor)	9/10/2030		8,258,822		8,196,567			8,134,940		(15)
Amercare Royal LLC	Commercial Services & Supplies	Revolver	8.64% (S + 5.00%; 1.00% Floor)	9/10/2030		885,040		875,677			866,408		(6)
Amercare Royal LLC	Commercial Services & Supplies	Delayed Draw Term Loan	8.64% (S + 5.00%; 1.00% Floor)	9/10/2030		1,925,351		1,906,097			1,896,470		(15)
Amercare Royal LLC	Commercial Services & Supplies	Delayed Draw Term Loan	8.64% (S + 5.00%; 1.00% Floor)	9/10/2030		1,315,294		1,305,274			1,295,565		(15)
American Physician Partners, LLC	Health Care Providers & Services	Term Loan	— (S + 6.75%; 1.00% Floor; 3.00% PIK)	12/31/2026		6,791,604		5,733,816			-		(16)
American Physician Partners, LLC	Health Care Providers & Services	Revolver	— (S + 6.75%; 1.00% Floor; 3.50% PIK)	12/31/2026		346,322		345,024			-		(16)
American Physician Partners, LLC	Health Care Providers & Services	Delayed Draw Term Loan	— (S + 6.75%; 1.00% Floor; 3.50% PIK)	12/31/2026		1,260,321		1,082,011			-		(16)
American Physician Partners, LLC	Health Care Providers & Services	Term Loan	— (S + 6.75%; 1.00% Floor; 3.00% PIK)	12/31/2026		1,444,963		1,243,170			-		(16)
American Physician Partners, LLC	Health Care Providers & Services	Delayed Draw Term Loan	— (S + 6.75%; 1.00% Floor; 3.50% PIK)	12/31/2026		949,042		817,051			-		(16)
American Physician Partners, LLC	Health Care Providers & Services	Term Loan	— (S + 6.75%; 1.00% Floor; 3.00% PIK)	12/31/2026		2,682,124		2,278,901			-		(16)
Amivie Acquisition, Inc.	Health Care Providers & Services	Delayed Draw Term Loan	9.08% (S + 5.25%; 1.00% Floor)	9/16/2027		3,270,956		3,246,695			3,254,602		(15)
Amivie Acquisition, Inc.	Health Care Providers & Services	Delayed Draw Term Loan	9.08% (S + 5.25%; 1.00% Floor)	9/16/2027		2,533,577		2,510,851			2,520,909		(15)
Amivie Acquisition, Inc.	Health Care Providers & Services	Delayed Draw Term Loan	9.08% (S + 5.25%; 1.00% Floor)	9/16/2027		2,068,355		2,059,958			2,058,013		(15)

See Notes to Consolidated Financial Statements

AB Private Credit Investors Corporation

Unaudited Consolidated Schedule of Investments as of June 30, 2026


Portfolio Company	Industry	Facility Type	Interest	Maturity	Funded Par Amount		Cost			Fair Value			Tickmarks
Amivie Acquisition, Inc.	Health Care Providers & Services	Term Loan	9.08% (S + 5.25%; 1.00% Floor)	9/16/2027		5,101,248		5,078,286			5,075,742		(15)
Amivie Acquisition, Inc.	Health Care Providers & Services	Revolver	—% (S + 5.25%; 1.00% Floor)	9/16/2027		-		(3,638	)		(4,319	)	(6)(7)
Amivie Acquisition, Inc.	Health Care Providers & Services	Delayed Draw Term Loan	9.08% (S + 5.25%; 1.00% Floor)	9/16/2027		2,841,938		2,827,092			2,827,729		(15)
Amivie Acquisition, Inc.	Health Care Providers & Services	Delayed Draw Term Loan	—% (S + 5.25%; 1.00% Floor)	9/16/2027		-		(91,368	)		(17,192	)	(6)(7)
AppViewX, Inc.	Software	Term Loan	8.99% (S + 5.25%; 0.75% Floor)	12/24/2031		14,773,116		14,654,883			14,366,856		(15)
AppViewX, Inc.	Software	Revolver	—% (S + 5.25%; 0.75% Floor)	12/24/2031		-		(14,529	)		(50,783	)	(6)(7)
AppViewX, Inc.	Software	Delayed Draw Term Loan	—% (S + 5.25%; 0.75% Floor)	12/24/2031		-		-			(33,393	)	(6)(7)
Artifact Bidco, Inc.	Industrial Conglomerates	Term Loan	7.88% (S + 4.15%; 0.50% Floor)	7/28/2031		4,018,743		3,987,616			4,018,743		(15)
Artifact Bidco, Inc.	Industrial Conglomerates	Delayed Draw Term Loan	—% (S + 4.15%; 0.50% Floor)	7/28/2031		-		(3,545	)		-		(6)(7)
Artifact Bidco, Inc.	Industrial Conglomerates	Revolver	—% (S + 4.15%; 0.50% Floor)	7/26/2030		-		(3,208	)		-		(6)(7)
Artifact Bidco, Inc.	Industrial Conglomerates	Revolver	—% (S + 4.15%; 0.50% Floor)	7/26/2030		-		(1,570	)		-		(6)(7)
Azara Healthcare, LLC	Health Care Technology	Term Loan	10.23% (S + 3.00%; 0.75% Floor; 3.50% PIK)	5/13/2032		12,169,750		11,992,143			11,987,203		(15)
Azara Healthcare, LLC	Health Care Technology	Delayed Draw Term Loan	10.23% (S + 3.00%; 0.75% Floor; 3.50% PIK)	5/13/2032		-		(43,153	)		(43,153	)	(6)(7)
Azara Healthcare, LLC	Health Care Technology	Revolver	10.23% (S + 3.00%; 0.75% Floor; 3.50% PIK)	5/13/2032		-		(26,641	)		(27,255	)	(6)(7)
Azurite Intermediate Holdings, Inc.	Software	Term Loan	10.23% (S + 3.00%; 0.75% Floor; 3.50% PIK)	3/19/2031		3,120,916		3,085,513			3,050,695		(15)
Azurite Intermediate Holdings, Inc.	Software	Revolver	10.23% (S + 3.00%; 0.75% Floor; 3.50% PIK)	3/19/2031		-		(11,557	)		(25,599	)	(6)(7)
Azurite Intermediate Holdings, Inc.	Software	Delayed Draw Term Loan	10.23% (S + 3.00%; 0.75% Floor; 3.50% PIK)	3/19/2031		7,092,991		7,014,558			6,933,399		(15)
Bastille Buyer, Inc	Health Care Technology	Term Loan	10.23% (S + 3.00%; 0.75% Floor; 3.50% PIK)	4/30/2032		8,807,613		8,679,235			8,675,498		(15)
Bastille Buyer, Inc	Health Care Technology	Revolver	10.23% (S + 3.00%; 0.75% Floor; 3.50% PIK)	4/30/2032		-		(23,341	)		(24,021	)	(6)(7)
Bastille Buyer, Inc	Health Care Technology	Delayed Draw Term Loan	10.23% (S + 3.00%; 0.75% Floor; 3.50% PIK)	4/30/2032		-		(46,683	)		(48,042	)	(6)(7)
BHG Holdings, LLC	Health Care Providers & Services	Term Loan	10.23% (S + 3.00%; 0.75% Floor; 3.50% PIK)	4/22/2032		12,741,374		12,546,325			12,613,960		(15)
BHG Holdings, LLC	Health Care Providers & Services	Delayed Draw Term Loan	10.23% (S + 3.00%; 0.75% Floor; 3.50% PIK)	4/22/2032		-		(26,799	)		(9,170	)	(6)(7)
BHG Holdings, LLC	Health Care Providers & Services	Revolver	10.23% (S + 3.00%; 0.75% Floor; 3.50% PIK)	4/22/2032		-		(23,608	)		(16,191	)	(6)(7)
Blink Holdings, Inc.	Hotels, Restaurants & Leisure	Term Loan	10.23% (S + 3.00%; 0.75% Floor; 3.50% PIK)	12/31/2026		921,297		592,339			-		(16)
Blink Holdings, Inc.	Hotels, Restaurants & Leisure	Delayed Draw Term Loan	10.23% (S + 3.00%; 0.75% Floor; 3.50% PIK)	12/31/2026		803,652		547,758			-		(16)
Blink Holdings, Inc.	Hotels, Restaurants & Leisure	Delayed Draw Term Loan	10.23% (S + 3.00%; 0.75% Floor; 3.50% PIK)	12/31/2026		644,339		435,555			-		(16)
Bonterra LLC	Diversified Consumer Services	Term Loan	10.23% (S + 3.00%; 0.75% Floor; 3.50% PIK)	3/5/2032		9,778,010		9,694,167			9,680,230		(15)
Bonterra LLC	Diversified Consumer Services	Delayed Draw Term Loan	10.23% (S + 3.00%; 0.75% Floor; 3.50% PIK)	3/5/2032		1,065,090		1,056,381			1,054,439
Bonterra LLC	Diversified Consumer Services	Revolver	10.23% (S + 3.00%; 0.75% Floor; 3.50% PIK)	3/5/2032		213,552		204,396			202,874		(6)
Bridgepointe Technologies, LLC	Technology Hardware, Storage & Peripherals	Term Loan	10.23% (S + 3.00%; 0.75% Floor; 3.50% PIK)	4/18/2033		13,564,687		13,429,040			13,429,040		(15)
Bridgepointe Technologies, LLC	Technology Hardware, Storage & Peripherals	Delayed Draw Term Loan	10.23% (S + 3.00%; 0.75% Floor; 3.50% PIK)	4/18/2033		850,211		820,276			823,141		(6)
Bridgepointe Technologies, LLC	Technology Hardware, Storage & Peripherals	Revolver	10.23% (S + 3.00%; 0.75% Floor; 3.50% PIK)	4/18/2033		-		(17,174	)		(17,693	)	(6)(7)
Brightspot Buyer, Inc.	Media	Term Loan	10.23% (S + 3.00%; 0.75% Floor; 3.50% PIK)	11/16/2027		1,448,598		1,437,656			1,423,248		(15)
Brightspot Buyer, Inc.	Media	Term Loan	10.23% (S + 3.00%; 0.75% Floor; 3.50% PIK)	11/16/2027		5,215,571		5,189,223			5,124,299		(15)
Brightspot Buyer, Inc.	Media	Revolver	10.23% (S + 3.00%; 0.75% Floor; 3.50% PIK)	11/16/2027		113,382		109,973			101,477		(6)
BRP2 HOLD JONQUIL, INC.	Construction & Engineering	Revolver	10.23% (S + 3.00%; 0.75% Floor; 3.50% PIK)	8/26/2030		253,552		239,352			115,683		(6)
BRP2 HOLD JONQUIL, INC.	Construction & Engineering	Delayed Draw Term Loan	10.23% (S + 3.00%; 0.75% Floor; 3.50% PIK)	8/26/2030		1,628,381		1,610,970			1,414,446		(6)(15)
BRP2 HOLD JONQUIL, INC.	Construction & Engineering	Term Loan	10.23% (S + 3.00%; 0.75% Floor; 3.50% PIK)	8/26/2030		15,847,025		15,727,236			14,698,116		(15)

See Notes to Consolidated Financial Statements

AB Private Credit Investors Corporation

Unaudited Consolidated Schedule of Investments as of June 30, 2026


Portfolio Company	Industry	Facility Type	Interest	Maturity	Funded Par Amount		Cost			Fair Value			Tickmarks
BSI2 Hold Nettle, LLC	Real Estate Management & Development	Term Loan	8.48% (S + 4.75%; 0.75% Floor)	6/30/2028		605,254		599,667			602,227		(15)
BSI2 Hold Nettle, LLC	Real Estate Management & Development	Term Loan	8.48% (S + 4.75%; 0.75% Floor)	6/30/2028		4,534,703		4,511,492			4,512,030		(15)
BSI2 Hold Nettle, LLC	Real Estate Management & Development	Revolver	—% (S + 4.75%; 0.75% Floor)	6/30/2028		-		(3,066	)		(2,945	)	(6)(7)
Businessolver.com, Inc.	Professional Services	Term Loan	8.23% (S + 4.50%; 0.75% Floor)	12/3/2032		9,108,880		9,104,666			8,926,703		(15)
Businessolver.com, Inc.	Professional Services	Delayed Draw Term Loan	—% (S + 4.50%; 0.75% Floor)	12/3/2032		-		(2,908	)		(22,175	)	(6)(7)
Businessolver.com, Inc.	Professional Services	Revolver	—% (S + 4.50%; 0.75% Floor)	12/3/2032		-		(2,590	)		(11,287	)	(6)(7)
BV EMS Buyer, Inc	Health Care Technology	Term Loan	8.99% (S + 5.25%; 1.00% Floor)	11/23/2027		3,227,540		3,199,801			3,227,540		(15)
BV EMS Buyer, Inc	Health Care Technology	Revolver	8.99% (S + 5.25%; 1.00% Floor)	11/23/2027		84,127		80,792			84,127		(6)
BV EMS Buyer, Inc	Health Care Technology	Term Loan	8.99% (S + 5.25%; 1.00% Floor)	11/23/2027		385,046		382,458			385,046		(15)
BV EMS Buyer, Inc	Health Care Technology	Term Loan	8.99% (S + 5.25%; 1.00% Floor)	11/23/2027		862,289		855,744			862,289		(15)
BV EMS Buyer, Inc	Health Care Technology	Term Loan	8.99% (S + 5.25%; 1.00% Floor)	11/23/2027		3,396,748		3,366,913			3,396,748		(15)
BV EMS Buyer, Inc	Health Care Technology	Delayed Draw Term Loan	8.99% (S + 5.25%; 1.00% Floor)	11/23/2027		3,425,975		3,399,809			3,425,975		(15)
Caregiver 2, Inc.	Health Care Providers & Services	Term Loan	9.87% (S + 6.25%; 2.00% Floor)	7/2/2029		5,510,188		5,415,559			5,303,555		(15)
Caregiver 2, Inc.	Health Care Providers & Services	Delayed Draw Term Loan	9.87% (S + 6.25%; 2.00% Floor)	7/2/2029		1,107,647		1,089,836			1,066,110		(15)
Caregiver 2, Inc.	Health Care Providers & Services	Term Loan	9.87% (S + 6.25%; 2.00% Floor)	5/12/2028		170,160		166,092			170,160		(15)
Caregiver 2, Inc.	Health Care Providers & Services	Delayed Draw Term Loan	—% (S + 6.25%; 2.00% Floor)	5/12/2028		-		(2,034	)		-		(6)(7)
Cerifi, LLC	Banks	Term Loan	9.49% (S + 5.75%; 1.00% Floor)	3/31/2028		15,501,547		15,398,905			14,920,239		(15)
Cerifi, LLC	Banks	Revolver	9.49% (S + 5.75%; 1.00% Floor)	4/1/2027		1,107,792		1,103,830			1,066,249
Choice Health at Home, LLC	Health Care Providers & Services	Term Loan	8.62% (S + 5.00%; 1.00% Floor)	6/30/2028		2,212,766		2,208,985			2,212,766		(15)
Choice Health at Home, LLC	Health Care Providers & Services	Delayed Draw Term Loan	8.62% (S + 5.00%; 1.00% Floor)	6/30/2028		3,112,439		3,099,457			3,112,439		(15)
Choice Health at Home, LLC	Health Care Providers & Services	Term Loan	8.62% (S + 5.00%; 1.00% Floor)	6/30/2028		541,875		534,648			541,875		(15)
CHV Holdings LLC	Technology Hardware, Storage & Peripherals	Term Loan	9.99% (S + 6.25%; 1.00% Floor)	3/27/2029		5,435,836		5,352,867			5,055,328		(15)
CHV Holdings LLC	Technology Hardware, Storage & Peripherals	Revolver	—% (S + 6.25%; 1.00% Floor)	3/27/2029		-		(17,041	)		(86,908	)	(6)(7)
Coding Solutions Acquisition, Inc.	Health Care Technology	Term Loan	8.64% (S + 5.00%; 0.75% Floor)	8/7/2031		8,077,963		8,036,607			8,017,378		(15)
Coding Solutions Acquisition, Inc.	Health Care Technology	Delayed Draw Term Loan	—% (S + 5.00%; 0.75% Floor)	8/7/2031		-		(4,539	)		(782	)	(6)(7)
Coding Solutions Acquisition, Inc.	Health Care Technology	Revolver	—% (S + 5.00%; 0.75% Floor)	8/7/2031		-		(7,734	)		(5,275	)	(6)(7)
Contruent Intermediate Company	Construction & Engineering	Term Loan	9.41% (S + 5.75%; 0.75% Floor)	11/14/2031		7,433,794		7,332,336			7,229,365		(15)
Contruent Intermediate Company	Construction & Engineering	Delayed Draw Term Loan	9.41% (S + 5.75%; 0.75% Floor)	11/14/2031		171,549		171,549			147,961		(6)
Contruent Intermediate Company	Construction & Engineering	Revolver	—% (S + 5.25%; 0.75% Floor)	11/14/2031		-		(7,694	)		(15,725	)	(6)(7)
Coretelligent Intermediate LLC	IT Services	Term Loan	9.51% (S + 5.50%; 1.00% Floor)	10/21/2027		6,891,073		6,867,049			6,477,609
Coretelligent Intermediate LLC	IT Services	Delayed Draw Term Loan	9.51% (S + 5.50%; 1.00% Floor)	10/21/2027		3,291,912		3,279,662			3,094,397		(15)
Coretelligent Intermediate LLC	IT Services	Revolver	10.58% (S + 5.50%; 1.00% Floor)	10/21/2027		886,495		881,927			810,509		(6)
Coupa Holdings, LLC	Software	Term Loan	8.91% (S + 5.25%; 0.75% Floor)	2/27/2030		10,405,467		10,239,694			10,405,467		(15)
Coupa Holdings, LLC	Software	Delayed Draw Term Loan	8.89% (S + 5.25%; 0.75% Floor)	2/27/2030		948,020		937,838			948,020
Coupa Holdings, LLC	Software	Revolver	8.89% (S + 5.25%; 0.75% Floor)	2/27/2029		483,927		475,762			483,927		(6)
Crewline Buyer, Inc.	IT Services	Term Loan	10.41% (S + 6.75%; 1.00% Floor)	11/8/2030		13,625,952		13,384,842			13,353,433		(15)

See Notes to Consolidated Financial Statements

AB Private Credit Investors Corporation

Unaudited Consolidated Schedule of Investments as of June 30, 2026


Portfolio Company	Industry	Facility Type	Interest	Maturity	Funded Par Amount		Cost			Fair Value			Tickmarks
Crewline Buyer, Inc.	IT Services	Revolver	—% (S + 6.75%; 1.00% Floor)	11/8/2030		-		(21,486	)		(27,330	)	(6)(7)
DA Blocker Corp.	Diversified Consumer Services	Term Loan	8.48% (S + 4.75%; 0.75% Floor)	2/10/2032		15,103,993		14,975,852			14,952,953		(8)(15)
DA Blocker Corp.	Diversified Consumer Services	Revolver	8.42% (S + 4.75%; 0.75% Floor)	2/10/2032		220,267		206,919			204,533		(6)(8)
DA Blocker Corp.	Diversified Consumer Services	Delayed Draw Term Loan	—% (S + 4.75%; 0.75% Floor)	2/10/2032		-		(18,931	)		-		(6)(7)(8)
Datacor, Inc.	Chemicals	Term Loan	10.14% (S + 4.50%; 1.00% Floor; 2.00% PIK)	3/11/2030		25,162,156		25,069,061			24,973,440		(15)
Datacor, Inc.	Chemicals	Delayed Draw Term Loan	—% (S + 6.00%; 1.00% Floor)	3/11/2030		-		(9,736	)		(15,793	)	(6)(7)
Datacor, Inc.	Chemicals	Revolver	10.14% (S + 4.50%; 1.00% Floor; 2.00% PIK)	3/11/2030		431,560		409,307			413,088		(6)
Dearborn TopCo, LLC	Software	Revolver	10.60% (S + 6.00%; 1.00% Floor)	5/22/2029		364,022		355,758			355,621		(6)
Dearborn TopCo, LLC	Software	Term Loan	9.66% (S + 6.00%; 1.00% Floor)	5/22/2029		7,409,448		7,323,130			7,335,353		(15)
Delaware Valley Management Holdings, Inc.	Health Care Providers & Services	Term Loan	—% (S + 6.25%; 1.00% Floor)	12/31/2026		2,793,660		1,511,867			537,221		(5)(16)
Delaware Valley Management Holdings, Inc.	Health Care Providers & Services	Revolver	—% (1.00% Floor)	12/31/2026		434,393		233,153			83,534		(5)(16)
Delaware Valley Management Holdings, Inc.	Health Care Providers & Services	Delayed Draw Term Loan	—% (1.00% Floor)	12/31/2026		550,380		120,253			105,838		(5)(16)
Delaware Valley Management Holdings, Inc.	Health Care Providers & Services	Delayed Draw Term Loan	—% (1.00% Floor)	12/31/2026		294,070		165,594			56,550		(5)(16)
DeLorean Purchaser, Inc.	Health Care Technology	Term Loan	8.48% (S + 4.75%; 0.75% Floor)	12/16/2031		15,864,642		15,667,762			15,626,672		(15)
DeLorean Purchaser, Inc.	Health Care Technology	Revolver	—% (S + 4.75%; 0.75% Floor)	12/16/2031		-		(28,203	)		(36,147	)	(6)(7)
Dispatchtrack, LLC	Air Freight & Logistics	Term Loan	8.24% (S + 4.50%; 1.00% Floor)	12/17/2026		9,849,936		9,838,424			9,849,936		(15)
Dispatchtrack, LLC	Air Freight & Logistics	Revolver	—% (S + 4.50%; 1.00% Floor)	12/17/2026		-		(311	)		-		(6)(7)
DLRdmv, LLC	Automobiles	Term Loan	8.87% (S + 5.25%; 1.00% Floor)	5/7/2032		5,980,838		5,928,372			5,980,838		(15)
DLRdmv, LLC	Automobiles	Delayed Draw Term Loan	—% (S + 5.25%; 1.00% Floor)	5/7/2032		-		(3,387	)		-		(6)(7)
DLRdmv, LLC	Automobiles	Revolver	—% (S + 5.25%; 1.00% Floor)	5/7/2032		-		(6,757	)		-		(6)(7)
Dorado Buyer LLC	Software	Term Loan	9.98% (S + 2.87%; 1.00% Floor; 3.37% PIK)	2/6/2030		6,729,067		6,650,054			6,476,727		(15)
Dorado Buyer LLC	Software	Delayed Draw Term Loan	9.98% (S + 2.87%; 1.00% Floor; 3.37% PIK)	2/6/2030		56,885		56,625			54,752
Dorado Buyer LLC	Software	Revolver	9.98% (S + 2.87%; 1.00% Floor; 3.37% PIK)	2/6/2030		394,976		389,349			370,853		(6)
Duetto Research, Inc	Hotels, Restaurants & Leisure	Term Loan	9.64% (S + 1.00%; 0.75% Floor; 5.00% PIK)	6/26/2030		15,762,913		15,494,506			15,329,433		(15)
Duetto Research, Inc	Hotels, Restaurants & Leisure	Revolver	—% (S + 1.00%; 0.75% Floor)	6/26/2030		-		(8,434	)		(27,743	)	(6)(7)
Eagan Parent, Inc	Professional Services	Term Loan	7.89% (S + 4.25%; 0.50% Floor)	9/8/2032		14,257,773		14,192,764			13,936,973		(15)
Eagan Parent, Inc	Professional Services	Delayed Draw Term Loan	—% (S + 4.25%; 0.50% Floor)	9/8/2032		-		(7,868	)		(71,289	)	(6)(7)
Eagan Parent, Inc	Professional Services	Revolver	—% (S + 4.25%; 0.50% Floor)	9/8/2032		-		(8,411	)		(42,773	)	(6)(7)
EET Buyer, Inc.	Construction & Engineering	Term Loan	9.14% (S + 5.50%; 0.75% Floor)	11/8/2029		4,960,491		4,922,626			4,873,683		(15)
EET Buyer, Inc.	Construction & Engineering	Delayed Draw Term Loan	9.14% (S + 5.50%; 0.75% Floor)	11/8/2029		1,506,006		1,502,651			1,482,451		(6)(15)
EET Buyer, Inc.	Construction & Engineering	Term Loan	9.14% (S + 5.50%; 0.75% Floor)	11/8/2029		6,614,350		6,582,541			6,498,598		(15)
EET Buyer, Inc.	Construction & Engineering	Revolver	—% (S + 5.50%; 0.75% Floor)	11/8/2029		-		(5,813	)		(18,141	)	(6)(7)
EET Buyer, Inc.	Construction & Engineering	Delayed Draw Term Loan	—% (S + 5.50%; 0.75% Floor)	11/8/2029		-		(9,300	)		(12,471	)	(6)(7)
Einstein Parent, Inc.	Software	Revolver	—% (S + 5.25%; 0.75% Floor)	1/22/2031		-		(16,294	)		(29,320	)	(6)(7)
Einstein Parent, Inc.	Software	Term Loan	8.91% (S + 5.25%; 0.75% Floor)	1/22/2031		10,306,433		10,138,326			10,023,006		(15)

See Notes to Consolidated Financial Statements

AB Private Credit Investors Corporation

Unaudited Consolidated Schedule of Investments as of June 30, 2026


Portfolio Company	Industry	Facility Type	Interest	Maturity	Funded Par Amount		Cost			Fair Value			Tickmarks
Engage2Excel, Inc.	Professional Services	Term Loan	10.99% (S + 7.25%; 1.00% Floor)	7/2/2029		6,632,474		6,570,194			6,532,987		(15)
Engage2Excel, Inc.	Professional Services	Revolver	11.85% (S + 7.25%; 1.00% Floor)	7/2/2029		429,982		423,868			420,768		(6)
Exterro, Inc.	Software	Term Loan	9.41% (S + 5.75%; 1.00% Floor)	6/1/2027		2,721,081		2,715,837			2,666,659		(15)
Exterro, Inc.	Software	Revolver	—% (S + 5.75%; 1.00% Floor)	6/1/2027		-		(6,066	)		(22,157	)	(6)(7)
Exterro, Inc.	Software	Term Loan	9.41% (S + 5.75%; 1.00% Floor)	6/1/2027		5,633,620		5,631,923			5,520,948		(15)
Exterro, Inc.	Software	Term Loan	9.41% (S + 5.75%; 1.00% Floor)	6/1/2027		4,371,851		4,347,694			4,284,414		(15)
Exterro, Inc.	Software	Delayed Draw Term Loan	—% (S + 5.75%; 1.00% Floor)	6/1/2027		-		(3,768	)		(21,130	)	(6)(7)
Exterro, Inc.	Software	Term Loan	9.41% (S + 5.75%; 1.00% Floor)	6/1/2027		6,212,406		6,196,420			6,088,158		(15)
Firebird Midco, Inc	Automobiles	Term Loan	9.14% (S + 2.50%; 0.75% Floor; 3.00% PIK)	7/18/2030		6,859,420		6,797,617			6,756,529		(15)
Firebird Midco, Inc	Automobiles	Revolver	8.64% (S + 5.00%; 0.75% Floor)	7/18/2030		307,130		296,650			288,702		(6)
Firebird Midco, Inc	Automobiles	Term Loan	9.64% (S + 2.75%; 0.75% Floor; 3.25% PIK)	7/18/2030		966,925		952,517			954,838		(15)
FirstDigital Communications, LLC	Diversified Telecommunication Services	Term Loan	8.50% (S + 4.25%; 0.75% Floor; 0.50% PIK)	12/17/2026		13,312,578		13,284,599			13,212,734		(15)
FirstDigital Communications, LLC	Diversified Telecommunication Services	Term Loan	8.50% (S + 4.25%; 0.75% Floor; 0.50% PIK)	12/17/2026		406,612		406,555			403,562		(15)
FirstDigital Communications, LLC	Diversified Telecommunication Services	Term Loan	—% (0.75% Floor)	12/17/2026		34,453		-			34,195		(15)
FirstEnroll LLC	Insurance	Term Loan	8.39% (S + 4.75%; 1.00% Floor)	9/19/2031		12,436,653		12,269,260			12,187,920		(15)
FirstEnroll LLC	Insurance	Revolver	—% (S + 4.75%; 1.00% Floor)	9/19/2031		-		(9,502	)		(14,534	)	(6)(7)
Foundation Risk Partners, Corp.	Insurance	Term Loan	8.48% (S + 4.75%; 0.75% Floor)	10/29/2030		9,413,240		9,368,969			9,389,707		(15)
Foundation Risk Partners, Corp.	Insurance	Delayed Draw Term Loan	8.48% (S + 4.75%; 0.75% Floor)	10/29/2030		2,047,317		2,033,555			2,042,199		(15)
Foundation Risk Partners, Corp.	Insurance	Revolver	8.48% (S + 4.75%; 0.75% Floor)	10/29/2029		356,834		353,945			354,239		(6)
Foundation Risk Partners, Corp.	Insurance	Term Loan	8.48% (S + 4.75%; 0.75% Floor)	10/29/2030		759,527		755,368			757,628		(15)
Foundation Risk Partners, Corp.	Insurance	Delayed Draw Term Loan	8.48% (S + 4.75%; 0.75% Floor)	10/29/2030		3,070,009		3,049,871			3,062,334		(15)
Fullsteam Operations, LLC	Diversified Consumer Services	Term Loan	8.89% (S + 5.25%; 0.75% Floor)	8/8/2031		10,017,013		9,928,447			9,791,630		(15)
Fullsteam Operations, LLC	Diversified Consumer Services	Delayed Draw Term Loan	—% (S + 5.25%; 0.75% Floor)	8/8/2031		-		(14,272	)		(58,433	)	(6)(7)
Fullsteam Operations, LLC	Diversified Consumer Services	Revolver	8.87% (S + 5.25%; 0.75% Floor)	8/8/2031		361,725		352,228			336,683		(6)
Fusion Holding, Corp.	Software	Term Loan	10.16% (S + 4.50%; 0.75% Floor; 2.00% PIK)	9/14/2029		16,538,687		16,363,246			15,298,286		(15)
Fusion Holding, Corp.	Software	Revolver	12.96% (S + 6.25%; 0.75% Floor)	9/15/2028		382,726		375,078			279,028		(6)
Garnett Station Partners, LLC	Financial Services	Term Loan	9.17% (S + 5.50%; 2.00% Floor)	12/23/2031		3,811,554		3,750,689			3,744,852
Garnett Station Partners, LLC	Financial Services	Revolver	9.14% (S + 5.50%; 2.00% Floor)	12/23/2031		879,589		865,544			864,197
GH Parent Holdings Inc.	Real Estate Management & Development	Delayed Draw Term Loan	8.89% (S + 5.25%; 1.00% Floor)	5/4/2029		6,048,159		6,029,039			5,927,196		(15)
GH Parent Holdings Inc.	Real Estate Management & Development	Delayed Draw Term Loan	8.89% (S + 5.25%; 1.00% Floor)	5/4/2029		1,075,770		1,065,830			1,053,319		(6)(15)
Greenhouse Software, Inc.	Professional Services	Term Loan	9.48% (S + 5.75%; 1.00% Floor)	9/1/2028		14,507,975		14,371,976			14,326,625		(15)
Greenhouse Software, Inc.	Professional Services	Revolver	—% (S + 5.75%; 1.00% Floor)	9/1/2028		-		(5,578	)		(7,556	)	(6)(7)
Greenhouse Software, Inc.	Professional Services	Term Loan	9.48% (S + 5.75%; 1.00% Floor)	9/1/2028		12,376,845		12,318,934			12,222,134		(15)
Greenhouse Software, Inc.	Professional Services	Revolver	—% (S + 5.75%; 1.00% Floor)	9/1/2028		-		(3,184	)		(15,403	)	(6)(7)
Greenlight Intermediate II, Inc.	Diversified Telecommunication Services	Delayed Draw Term Loan	9.48% (S + 5.75%; 0.75% Floor)	6/1/2029		10,549,955		10,454,166			10,523,580		(15)

See Notes to Consolidated Financial Statements

AB Private Credit Investors Corporation

Unaudited Consolidated Schedule of Investments as of June 30, 2026


Portfolio Company	Industry	Facility Type	Interest	Maturity	Funded Par Amount		Cost			Fair Value			Tickmarks
Greenlight Intermediate II, Inc.	Diversified Telecommunication Services	Delayed Draw Term Loan	9.48% (S + 5.75%; 0.75% Floor)	6/1/2029		3,416,853		3,376,742			3,416,853		(6)(15)
Greenlight Intermediate II, Inc.	Diversified Telecommunication Services	Term Loan	9.48% (S + 5.75%; 0.75% Floor)	6/1/2029		5,331,605		5,293,450			5,318,276		(15)
Greenlight Intermediate II, Inc.	Diversified Telecommunication Services	Delayed Draw Term Loan	9.48% (S + 5.75%; 0.75% Floor)	6/1/2029		6,702,083		6,651,752			6,685,328		(15)
Gryphon-Redwood Acquisition LLC	Software	Term Loan	13.68% (S + 5.00%; 1.00% Floor; 5.00% PIK)	9/18/2028		4,093,191		4,059,089			3,960,162
Gryphon-Redwood Acquisition LLC	Software	Delayed Draw Term Loan	13.68% (S + 5.00%; 1.00% Floor; 5.00% PIK)	9/18/2028		1,751,825		1,704,163			1,694,891
GS AcquisitionCo, Inc.	Professional Services	Term Loan	8.98% (S + 5.25%; 1.00% Floor)	5/25/2028		9,778,361		9,760,897			9,167,214		(15)
GS AcquisitionCo, Inc.	Professional Services	Revolver	8.98% (S + 5.25%; 1.00% Floor)	5/25/2028		700,319		698,124			656,518		(6)
GS AcquisitionCo, Inc.	Professional Services	Delayed Draw Term Loan	8.98% (S + 5.25%; 0.75% Floor)	5/25/2028		118,694		118,557			112,165
Heartland PPC Buyer LLC	Commercial Services & Supplies	Term Loan	8.48% (S + 4.75%; 0.75% Floor)	12/12/2029		5,524,597		5,454,401			5,455,539		(15)
Heartland PPC Buyer LLC	Commercial Services & Supplies	Revolver	9.37% (S + 4.75%; 0.75% Floor)	12/12/2029		525,618		510,053			508,019		(6)
Heartland PPC Buyer LLC	Commercial Services & Supplies	Delayed Draw Term Loan	8.48% (S + 4.75%; 0.75% Floor)	12/12/2029		1,858,383		1,843,638			1,835,153		(15)
Heartland PPC Buyer LLC	Commercial Services & Supplies	Delayed Draw Term Loan	8.48% (S + 4.75%; 0.75% Floor)	12/12/2029		33,738		25,289			18,994		(6)
Heartland PPC Buyer LLC	Commercial Services & Supplies	Term Loan	8.48% (S + 4.75%; 0.75% Floor)	12/12/2029		607,561		602,427			599,967
HIG Operations Holdings, INC	Insurance	Term Loan	8.14% (S + 4.50%; 1.00% Floor)	6/11/2031		10,988,220		10,988,220			10,988,220		(15)
HireVue, Inc.	Professional Services	Term Loan	11.41% (S + 7.75%; 1.00% Floor)	5/3/2029		12,740,713		12,562,406			11,434,790		(15)
HireVue, Inc.	Professional Services	Revolver	11.49% (S + 7.75%; 1.00% Floor)	5/3/2029		1,663,006		1,643,009			1,492,548
HireVue, Inc.	Professional Services	Delayed Draw Term Loan	11.49% (S + 7.75%; 1.00% Floor)	5/3/2029		828,412		828,412			601,828		(6)
HITRUST Services, LLC	Health Care Technology	Term Loan	8.23% (S + 4.50%; 0.75% Floor)	3/15/2032		10,281,308		10,193,010			10,229,901		(15)
HITRUST Services, LLC	Health Care Technology	Revolver	—% (S + 4.50%; 0.75% Floor)	3/14/2031		-		(19,046	)		(12,096	)	(6)(7)
Honor HN Buyer, Inc.	Health Care Providers & Services	Delayed Draw Term Loan	9.63% (S + 5.75%; 1.00% Floor)	10/15/2027		6,212,871		6,167,303			6,212,871		(15)
Honor HN Buyer, Inc.	Health Care Providers & Services	Delayed Draw Term Loan	9.63% (S + 5.75%; 1.00% Floor)	10/15/2027		767,105		757,541			767,105		(6)
Honor HN Buyer, Inc.	Health Care Providers & Services	Term Loan	9.63% (S + 5.75%; 1.00% Floor)	10/15/2027		2,524,346		2,512,973			2,524,346		(15)
Honor HN Buyer, Inc.	Health Care Providers & Services	Delayed Draw Term Loan	9.63% (S + 5.75%; 1.00% Floor)	10/15/2027		1,596,550		1,589,456			1,596,550		(15)
Honor HN Buyer, Inc.	Health Care Providers & Services	Revolver	—% (S + 5.75%; 1.00% Floor)	10/15/2027		-		(1,358	)		-		(6)(7)
Honor HN Buyer, Inc.	Health Care Providers & Services	Delayed Draw Term Loan	9.63% (S + 5.75%; 1.00% Floor)	10/15/2027		2,372,947		2,359,745			2,372,947		(15)
Hunter Communications & Technologies LLC	Diversified Telecommunication Services	Term Loan	8.39% (S + 4.75%; 0.75% Floor)	3/31/2032		5,925,121		5,865,870			5,865,870		(15)
Hunter Communications & Technologies LLC	Diversified Telecommunication Services	Delayed Draw Term Loan	8.39% (S + 4.75%; 0.75% Floor)	3/31/2032		448,388		430,132			432,374		(6)(15)
Hunter Communications & Technologies LLC	Diversified Telecommunication Services	Revolver	—% (S + 4.75%; 0.75% Floor)	3/31/2032		-		(6,137	)		(6,406	)	(6)(7)
Hyscaleix Data Centers Holdings LLC	IT Services	Term Loan	9.14% (S + 5.50%; 1.00% Floor)	1/29/2031		5,958,721		5,875,468			5,884,237		(15)
Hyscaleix Data Centers Holdings LLC	IT Services	Revolver	—% (S + 5.50%; 1.00% Floor)	1/29/2031		-		(11,068	)		(10,065	)	(6)(7)
Joink, LLC	Diversified Telecommunication Services	Revolver	9.39% (S + 5.75%; 1.00% Floor)	10/4/2030		727,761		719,927			713,205
Joink, LLC	Diversified Telecommunication Services	Delayed Draw Term Loan	9.39% (S + 5.75%; 1.00% Floor)	10/4/2030		6,847,621		6,762,893			6,699,132		(6)(15)
Joink, LLC	Diversified Telecommunication Services	Term Loan	9.39% (S + 5.75%; 1.00% Floor)	10/4/2030		10,212,907		10,098,644			10,008,649		(15)
JS Parent, Inc.	Software	Term Loan	8.41% (S + 4.75%; 0.75% Floor)	4/24/2031		5,364,117		5,343,740			5,350,707		(15)

See Notes to Consolidated Financial Statements

AB Private Credit Investors Corporation

Unaudited Consolidated Schedule of Investments as of June 30, 2026


Portfolio Company	Industry	Facility Type	Interest	Maturity	Funded Par Amount		Cost			Fair Value			Tickmarks
JS Parent, Inc.	Software	Revolver	—% (S + 4.75%; 0.75% Floor)	4/24/2031		-		(1,828	)		(1,321	)	(6)(7)
Juniper Square, Inc.	Financial Services	Term Loan	9.39% (S + 5.75%; 0.75% Floor)	11/6/2031		12,035,566		11,926,456			11,975,388		(15)
Juniper Square, Inc.	Financial Services	Revolver	—% (S + 5.75%; 0.75% Floor)	11/6/2031		-		(10,734	)		(6,018	)	(6)(7)
Juniper Square, Inc.	Financial Services	Delayed Draw Term Loan	9.39% (S + 5.75%; 0.75% Floor)	11/6/2031		1,203,557		1,173,811			1,203,557		(6)(15)
Juniper Square, Inc.	Financial Services	Delayed Draw Term Loan	9.39% (S + 5.75%; 0.75% Floor)	11/6/2031		305,163		305,163			305,163		(6)
Kalkomey Borrower, LLC	Leisure Products	Term Loan	8.48% (S + 4.75%; 1.00% Floor)	6/18/2031		8,994,476		8,886,261			8,904,531		(15)
Kalkomey Borrower, LLC	Leisure Products	Revolver	—% (S + 4.75%; 1.00% Floor)	6/18/2031		-		(15,736	)		(14,647	)	(6)(7)
KPA Parent Holdings, Inc	Automobiles	Term Loan	8.14% (S + 4.50%; 0.75% Floor)	3/12/2032		10,473,119		10,387,834			10,342,205		(15)
KPA Parent Holdings, Inc	Automobiles	Delayed Draw Term Loan	—% (S + 4.50%; 0.75% Floor)	3/12/2032		-		(6,071	)		(10,267	)	(6)(7)
KPA Parent Holdings, Inc	Automobiles	Revolver	—% (S + 4.50%; 0.75% Floor)	3/12/2032		-		(8,503	)		(12,952	)	(6)(7)
Krispy Krunchy Foods, L.L.C.	Food Products	Term Loan	8.24% (S + 4.50%; 1.00% Floor)	11/17/2027		4,400,578		4,379,641			4,400,578		(15)
Labvantage Solutions Inc.	Pharmaceuticals	Revolver	—% (S + 5.25%; 1.00% Floor)	12/23/2030		-		(22,049	)		(3,806	)	(6)(7)(8)
Last Dance Intermediate I(c), LLC	Diversified Telecommunication Services	Term Loan	8.89% (S + 5.25%; 0.75% Floor)	3/31/2031		8,442,703		8,336,956			8,442,703		(15)
Last Dance Intermediate I(c), LLC	Diversified Telecommunication Services	Delayed Draw Term Loan	8.89% (S + 5.25%; 0.75% Floor)	3/31/2031		6,668,434		6,600,290			6,668,434		(15)
Last Dance Intermediate I(c), LLC	Diversified Telecommunication Services	Revolver	—% (S + 5.25%; 0.75% Floor)	3/31/2031		-		(17,273	)		-		(6)(7)
Last Dance Intermediate I(c), LLC	Diversified Telecommunication Services	Term Loan	8.89% (S + 5.25%; 0.75% Floor)	3/31/2031		8,221,280		8,151,515			8,221,280		(15)
Last Dance Intermediate I(c), LLC	Diversified Telecommunication Services	Delayed Draw Term Loan	8.39% (S + 4.75%; 0.75% Floor)	3/31/2031		1,634,264		1,606,262			1,589,693		(6)
LeadVenture, Inc.	Automobile Components	Term Loan	8.73% (S + 5.00%; 0.75% Floor)	6/23/2032		19,175,585		18,918,874			18,504,440		(15)
LeadVenture, Inc.	Automobile Components	Delayed Draw Term Loan	8.73% (S + 5.00%; 0.75% Floor)	6/23/2032		1,778,690		1,743,635			1,659,407		(6)
LeadVenture, Inc.	Automobile Components	Revolver	8.48% (S + 5.00%; 0.75% Floor)	6/23/2032		96,974		73,316			32,572		(6)
Level Data, LLC	Software	Term Loan	9.16% (S + 5.50%; 0.75% Floor)	3/5/2031		7,468,997		7,407,149			7,282,273		(15)
Level Data, LLC	Software	Delayed Draw Term Loan	—% (S + 5.50%; 0.75% Floor)	3/5/2031		-		(9,440	)		(48,091	)	(6)(7)
Level Data, LLC	Software	Revolver	9.18% (S + 5.50%; 0.75% Floor)	3/5/2031		601,131		594,053			578,589		(6)
Lightspeed Buyer, Inc.	Health Care Technology	Term Loan	8.48% (S + 4.75%; 0.75% Floor)	2/6/2032		12,958,433		12,830,944			12,828,849		(15)
Lightspeed Buyer, Inc.	Health Care Technology	Delayed Draw Term Loan	—% (S + 4.75%; 0.75% Floor)	2/6/2032		-		(27,091	)		(29,011	)	(6)(7)
Lightspeed Buyer, Inc.	Health Care Technology	Revolver	8.39% (S + 4.75%; 0.75% Floor)	2/6/2032		618,910		600,849			599,569		(6)
LivTech Purchaser, Inc.	Health Care Providers & Services	Term Loan	8.64% (S + 5.00%; 0.75% Floor)	11/24/2031		6,962,657		6,906,762			6,788,591		(15)
LivTech Purchaser, Inc.	Health Care Providers & Services	Delayed Draw Term Loan	8.65% (S + 5.00%; 0.75% Floor)	11/24/2031		7,961,241		7,897,503			7,762,210		(15)
LivTech Purchaser, Inc.	Health Care Providers & Services	Revolver	—% (S + 5.00%; 0.75% Floor)	11/24/2031		-		(15,542	)		(49,983	)	(6)(7)
Lotus HPI Buyer, Inc	Health Care Technology	Term Loan	10.09% (S + 6.25%; 1.00% Floor)	1/21/2030		12,276,882		12,070,975			10,619,503		(15)
Lotus HPI Buyer, Inc	Health Care Technology	Revolver	10.09% (S + 6.25%; 1.00% Floor)	1/21/2030		879,163		851,135			624,834		(6)
Magaya Corporation	Air Freight & Logistics	Term Loan	9.48% ( 0.75% Floor; 5.75% PIK)	7/26/2030		3,848,614		3,821,057			3,742,777		(15)
Magaya Corporation	Air Freight & Logistics	Delayed Draw Term Loan	9.48% ( 0.75% Floor; 5.75% PIK)	7/26/2030		148,491		139,610			93,066		(6)(15)
Magaya Corporation	Air Freight & Logistics	Revolver	11.5% ( 0.75% Floor; 4.75% PIK)	7/26/2030		784,891		778,040			758,915		(6)
Mastery Acquisition Corp.	Diversified Consumer Services	Term Loan	8.98% (S + 5.25%; 1.00% Floor)	9/7/2029		6,532,560		6,532,560			6,532,560		(15)
Mastery Acquisition Corp.	Diversified Consumer Services	Revolver	—% (S + 5.25%; 1.00% Floor)	9/7/2029		-		-			-		(6)

See Notes to Consolidated Financial Statements

AB Private Credit Investors Corporation

Unaudited Consolidated Schedule of Investments as of June 30, 2026


Portfolio Company	Industry	Facility Type	Interest	Maturity	Funded Par Amount		Cost			Fair Value			Tickmarks
Mavenlink, Inc.	Professional Services	Term Loan	9.31% (S + 5.50%; 0.75% Floor)	6/1/2029		12,997,483		12,877,607			12,575,065		(15)
Mavenlink, Inc.	Professional Services	Revolver	9.29% (S + 5.50%; 0.75% Floor)	6/1/2029		1,231,782		1,224,835			1,168,481		(6)
MBS Holdings, Inc.	Diversified Telecommunication Services	Revolver	8.72% (S + 5.00%; 1.00% Floor)	4/16/2027		194,834		192,187			194,834		(6)
MBS Holdings, Inc.	Diversified Telecommunication Services	Term Loan	8.74% (S + 5.00%; 1.00% Floor)	4/16/2027		767,417		762,288			767,417		(15)
MBS Holdings, Inc.	Diversified Telecommunication Services	Term Loan	8.74% (S + 5.00%; 1.00% Floor)	4/16/2027		816,366		810,294			816,366		(15)
MBS Holdings, Inc.	Diversified Telecommunication Services	Term Loan	8.74% (S + 5.00%; 1.00% Floor)	4/16/2027		356,195		354,725			356,195		(15)
MBS Holdings, Inc.	Diversified Telecommunication Services	Term Loan	8.74% (S + 5.00%; 1.00% Floor)	4/16/2027		9,994,976		9,965,870			9,994,976		(15)
MedBridge Holdings, LLC	Health Care Technology	Term Loan	8.14% (S + 4.50%; 1.00% Floor)	12/23/2026		9,879,052		9,861,453			9,879,052		(15)
MedBridge Holdings, LLC	Health Care Technology	Revolver	—% (S + 4.50%; 1.00% Floor)	12/23/2026		-		(2,244	)		-		(6)(7)
MedBridge Holdings, LLC	Health Care Technology	Term Loan	8.14% (S + 4.50%; 1.00% Floor)	12/23/2026		626,353		625,005			626,353		(15)
Medical Management Resource Group, L.L.C.	Health Care Providers & Services	Term Loan	9.58% (S + 5.75%; 0.75% Floor)	9/30/2027		3,676,901		3,655,984			3,667,709		(15)
Medical Management Resource Group, L.L.C.	Health Care Providers & Services	Delayed Draw Term Loan	9.58% (S + 5.75%; 0.75% Floor)	9/30/2027		1,518,792		1,507,368			1,514,995		(15)
Medical Management Resource Group, L.L.C.	Health Care Providers & Services	Revolver	—% (S + 5.75%; 0.75% Floor)	9/30/2026		-		(300	)		(728	)	(6)(7)
MedMark Services, Inc.	Health Care Providers & Services	Term Loan	—% (S + 5.00%; 1.00% Floor)	6/11/2027		4,625,067		4,589,747			3,688,491		(16)
MedMark Services, Inc.	Health Care Providers & Services	Delayed Draw Term Loan	—% (S + 5.00%; 1.00% Floor)	6/11/2027		3,832,485		3,801,678			3,056,407		(16)
Medsuite Purchaser, LLC (FKA Millin Purchaser, LLC)	Health Care Technology	Term Loan	8.74% (S + 5.00%; 1.00% Floor)	10/22/2026		7,616,061		7,605,889			7,597,020		(15)
Medsuite Purchaser, LLC (FKA Millin Purchaser, LLC)	Health Care Technology	Revolver	—% (S + 5.00%; 1.00% Floor)	10/22/2026		-		(645	)		(1,701	)	(6)(7)
Medsuite Purchaser, LLC (FKA Millin Purchaser, LLC)	Health Care Technology	Delayed Draw Term Loan	8.74% (S + 5.00%; 1.00% Floor)	10/22/2026		1,293,648		1,291,973			1,290,414		(15)
Mist Holding Co.	Health Care Technology	Term Loan	8.64% (S + 5.00%; 0.75% Floor)	12/23/2030		4,836,131		4,797,578			4,824,040		(15)
Mist Holding Co.	Health Care Technology	Delayed Draw Term Loan	8.64% (S + 5.00%; 0.75% Floor)	12/23/2030		2,714,386		2,693,997			2,707,600		(15)
Mist Holding Co.	Health Care Technology	Revolver	8.72% (S + 5.00%; 0.75% Floor)	12/23/2030		301,598		291,983			298,582		(6)
Mist Holding Co.	Health Care Technology	Delayed Draw Term Loan	—% (S + 5.25%; 0.75% Floor)	12/23/2030		-		(10,684	)		-		(6)(7)
MMP Intermediate, LLC	Hotels, Restaurants & Leisure	Term Loan	9.50% (S + 5.75%; 1.00% Floor)	2/15/2029		1,924,312		1,902,103			1,924,312		(15)
MMP Intermediate, LLC	Hotels, Restaurants & Leisure	Term Loan	9.50% (S + 5.75%; 1.00% Floor)	2/15/2029		7,532,756		7,504,865			7,532,756		(15)
MMP Intermediate, LLC	Hotels, Restaurants & Leisure	Revolver	—% (S + 5.75%; 1.00% Floor)	2/15/2029		-		(1,417	)		-		(6)(7)
Momentus Technologies, LLC	Leisure Products	Term Loan	8.41% (S + 4.75%; 1.00% Floor)	4/30/2029		258,473		256,783			254,596		(15)
Momentus Technologies, LLC	Leisure Products	Term Loan	8.41% (S + 4.75%; 1.00% Floor)	4/30/2029		299,053		297,650			294,567		(15)
Momentus Technologies, LLC	Leisure Products	Term Loan	8.41% (S + 4.75%; 1.00% Floor)	4/30/2029		706,887		700,851			696,284		(15)
Momentus Technologies, LLC	Leisure Products	Term Loan	8.41% (S + 4.75%; 1.00% Floor)	4/30/2029		2,662,931		2,657,140			2,622,987		(15)
Momentus Technologies, LLC	Leisure Products	Delayed Draw Term Loan	8.41% (S + 4.75%; 1.00% Floor)	4/30/2029		315,943		315,215			311,204		(15)
Momentus Technologies, LLC	Leisure Products	Delayed Draw Term Loan	8.41% (S + 4.75%; 1.00% Floor)	4/30/2029		676,978		676,978			666,823		(15)
Momentus Technologies, LLC	Leisure Products	Term Loan	8.41% (S + 4.75%; 1.00% Floor)	4/30/2029		133,655		133,174			131,650		(15)
Momentus Technologies, LLC	Leisure Products	Delayed Draw Term Loan	8.41% (S + 4.75%; 1.00% Floor)	4/30/2029		467,793		466,866			460,776		(15)
Momentus Technologies, LLC	Leisure Products	Revolver	—% (S + 4.75%; 1.00% Floor)	4/30/2029		-		(588	)		(3,441	)	(6)(7)

See Notes to Consolidated Financial Statements

AB Private Credit Investors Corporation

Unaudited Consolidated Schedule of Investments as of June 30, 2026


Portfolio Company	Industry	Facility Type	Interest	Maturity	Funded Par Amount		Cost			Fair Value			Tickmarks
Moon Buyer, Inc.	Software	Revolver	—% (S + 4.50%; 0.75% Floor)	4/21/2031		-		(4,701	)		-		(6)(7)
Moon Buyer, Inc.	Software	Term Loan	8.23% (S + 4.50%; 0.75% Floor)	4/21/2031		16,007,899		15,959,356			16,007,899		(15)
Moon Buyer, Inc.	Software	Delayed Draw Term Loan	8.23% (S + 4.50%; 0.75% Floor)	4/21/2031		561,530		560,873			561,530		(15)
Mr. Greens Intermediate, LLC	Food Products	Term Loan	9.51% (S + 5.75%; 1.00% Floor)	5/1/2031		6,122,918		6,027,433			6,122,918		(15)
Mr. Greens Intermediate, LLC	Food Products	Delayed Draw Term Loan	9.50% (S + 5.75%; 1.00% Floor)	5/1/2031		1,390,886		1,352,850			1,390,886		(6)
Mr. Greens Intermediate, LLC	Food Products	Revolver	—% (S + 5.75%; 1.00% Floor)	5/1/2031		-		(18,444	)		-		(6)(7)
Mr. Greens Intermediate, LLC	Food Products	Term Loan	9.51% (S + 5.75%; 1.00% Floor)	5/1/2031		1,438,216		1,419,767			1,438,216		(15)
Mr. Greens Intermediate, LLC	Food Products	Term Loan	8.98% (S + 5.75%; 1.00% Floor)	5/1/2031		582,751		571,355			582,751		(15)
Mr. Greens Intermediate, LLC	Food Products	Delayed Draw Term Loan	—% (S + 6.25%; 1.00% Floor)	5/1/2031		-		(13,220	)		-		(6)(7)
MSM Acquisitions, Inc.	Media	Term Loan	—% (S + 6.00%; 1.00% Floor)	12/9/2026		8,358,360		8,311,293			5,767,268		(16)
MSM Acquisitions, Inc.	Media	Delayed Draw Term Loan	—% (S + 6.00%; 1.00% Floor)	12/9/2026		3,058,224		3,052,983			2,110,175		(16)
MSM Acquisitions, Inc.	Media	Revolver	—% (S + 6.00%; 1.00% Floor)	12/9/2026		1,282,364		1,237,655			884,831		(16)
MSM Acquisitions, Inc.	Media	Delayed Draw Term Loan	—% (S + 6.00%; 1.00% Floor)	12/9/2026		374,890		374,350			258,674		(16)
MSP Global Holdings, Inc.	Technology Hardware, Storage & Peripherals	Term Loan	9.24% (S + 5.50%; 1.00% Floor)	4/9/2029		8,599,742		8,493,410			8,363,249		(15)
MSP Global Holdings, Inc.	Technology Hardware, Storage & Peripherals	Term Loan	9.24% (S + 5.50%; 1.00% Floor)	4/9/2029		7,593,536		7,562,238			7,384,714		(15)
MSP Global Holdings, Inc.	Technology Hardware, Storage & Peripherals	Delayed Draw Term Loan	9.24% (S + 5.50%; 1.00% Floor)	4/9/2029		593,208		591,393			576,895		(15)
MSP Global Holdings, Inc.	Technology Hardware, Storage & Peripherals	Revolver	9.24% (S + 5.50%; 1.00% Floor)	4/9/2029		484,109		478,196			434,185		(6)
MyKaarma Acquisition LLC	Automobiles	Term Loan	8.23% (S + 4.50%; 0.75% Floor)	12/24/2030		8,906,050		8,846,987			8,839,254		(15)
MyKaarma Acquisition LLC	Automobiles	Revolver	—% (S + 4.50%; 0.75% Floor)	12/24/2030		-		(6,906	)		(8,912	)	(6)(7)
Nasuni Corporation	Software	Term Loan	8.73% (S + 5.00%; 0.75% Floor)	9/10/2030		12,575,067		12,428,061			12,512,192		(15)
Nasuni Corporation	Software	Revolver	—% (S + 5.00%; 0.75% Floor)	9/10/2030		-		(27,647	)		(13,099	)	(6)(7)
Nasuni Corporation	Software	Term Loan	8.73% (S + 5.00%; 0.75% Floor)	9/10/2030		3,386,719		3,354,639			3,369,785		(15)
Navigate360, LLC	Diversified Consumer Services	Term Loan	9.24% (S + 5.50%; 1.00% Floor)	3/17/2028		1,053,591		1,049,382			1,011,448		(15)
Navigate360, LLC	Diversified Consumer Services	Delayed Draw Term Loan	9.24% (S + 5.50%; 1.00% Floor)	3/17/2028		2,005,386		1,997,835			1,925,171		(15)
Navigate360, LLC	Diversified Consumer Services	Term Loan	9.24% (S + 5.50%; 1.00% Floor)	3/17/2028		3,810,690		3,798,279			3,658,262		(15)
Navigate360, LLC	Diversified Consumer Services	Delayed Draw Term Loan	9.24% (S + 5.50%; 1.00% Floor)	3/17/2028		1,744,729		1,741,083			1,674,940		(15)
Navigate360, LLC	Diversified Consumer Services	Revolver	—% (S + 5.50%; 1.00% Floor)	3/17/2028		-		(1,864	)		(24,169	)	(6)(7)
Navigate360, LLC	Diversified Consumer Services	Term Loan	9.24% (S + 5.50%; 1.00% Floor)	3/17/2028		2,186,294		2,177,802			2,098,842		(15)
NC Topco, LLC	Banks	Term Loan	8.16% (S + 4.50%; 0.75% Floor)	9/1/2031		11,265,445		11,182,383			11,265,445		(15)
NC Topco, LLC	Banks	Revolver	—% (S + 4.50%; 0.75% Floor)	9/1/2031		-		(9,630	)		-		(6)(7)
NC Topco, LLC	Banks	Delayed Draw Term Loan	8.16% (S + 4.50%; 0.75% Floor)	8/29/2031		3,229,897		3,204,105			3,229,897		(15)
Netwrix Corporation	Software	Term Loan	8.39% (S + 4.75%; 0.75% Floor)	6/11/2029		12,233,192		12,222,927			11,713,281		(15)
Netwrix Corporation	Software	Revolver	—% (S + 4.75%; 0.75% Floor)	6/11/2029		-		(1,078	)		(32,927	)	(6)(7)
Netwrix Corporation	Software	Delayed Draw Term Loan	8.14% (S + 4.75%; 0.75% Floor)	6/11/2029		87,586		83,033			56,718		(6)
Netwrix Corporation	Software	Term Loan	8.39% (S + 4.75%; 0.75% Floor)	6/11/2029		202,178		202,178			193,585		(15)

See Notes to Consolidated Financial Statements

AB Private Credit Investors Corporation

Unaudited Consolidated Schedule of Investments as of June 30, 2026


Portfolio Company	Industry	Facility Type	Interest	Maturity	Funded Par Amount		Cost			Fair Value			Tickmarks
Next Holdco, LLC	Health Care Technology	Term Loan	8.89% (S + 5.25%; 0.75% Floor)	11/12/2030		9,076,198		8,979,435			8,871,983		(15)
Next Holdco, LLC	Health Care Technology	Revolver	—% (S + 5.25%; 0.75% Floor)	11/9/2029		-		(7,567	)		(20,105	)	(6)(7)
NMI Acquisitionco, Inc.	Financial Services	Term Loan	8.74% (S + 5.00%; 0.75% Floor)	9/6/2028		3,466,507		3,433,771			3,449,175		(15)
OPOC Acquisition, LLC	Insurance	Revolver	—% (S + 4.75%; 1.00% Floor)	12/20/2030		-		(7,214	)		-		(6)(7)
OPOC Acquisition, LLC	Insurance	Delayed Draw Term Loan	8.44% (S + 4.75%; 1.00% Floor)	12/20/2030		320,719		310,402			320,719		(6)
OPOC Acquisition, LLC	Insurance	Term Loan	8.44% (S + 4.75%; 1.00% Floor)	12/20/2030		6,462,857		6,385,839			6,462,857		(15)
Pace Health Companies, LLC	Health Care Providers & Services	Term Loan	9.13% (S + 5.25%; 1.00% Floor)	8/2/2027		4,954,930		4,954,930			4,954,930		(15)
Pace Health Companies, LLC	Health Care Providers & Services	Revolver	—% (S + 5.25%; 1.00% Floor)	8/2/2027		-		-			-		(6)
Pace Health Companies, LLC	Health Care Providers & Services	Term Loan	9.38% (S + 5.50%; 1.00% Floor)	8/2/2027		1,348,457		1,348,457			1,348,457		(15)
Pace Health Companies, LLC	Health Care Providers & Services	Delayed Draw Term Loan	9.13% (S + 5.25%; 1.00% Floor)	8/2/2027		190,242		190,242			190,242		(6)
Pace Health Companies, LLC	Health Care Providers & Services	Delayed Draw Term Loan	—% (S + 5.25%; 1.00% Floor)	8/2/2027		-		(9,522	)		-		(6)(7)
Pamlico Avant Holdings, L.P.	Diversified Telecommunication Services	Term Loan	7.98% (S + 4.25%; 0.75% Floor)	12/31/2032		16,292,821		16,139,857			16,170,625		(15)
Pamlico Avant Holdings, L.P.	Diversified Telecommunication Services	Revolver	—% (S + 4.25%; 0.75% Floor)	12/31/2032		-		(20,520	)		(16,569	)	(6)(7)
Patriot Acquireco L.L.C.	Hotels, Restaurants & Leisure	Term Loan	8.16% (S + 4.50%; 0.75% Floor)	9/7/2032		12,664,199		12,549,808			12,537,557		(15)
Patriot Acquireco L.L.C.	Hotels, Restaurants & Leisure	Revolver	8.16% (S + 4.50%; 0.75% Floor)	9/3/2032		182,284		170,945			169,524		(6)
PDI TA Holdings, Inc	Specialty Retail	Term Loan	9.66% (S + 3.50%; 0.75% Floor; 2.50% PIK)	2/3/2031		11,722,174		11,666,060			11,223,981		(15)
PDI TA Holdings, Inc	Specialty Retail	Revolver	9.16% (S + 5.50%; 0.75% Floor)	2/3/2031		943,575		937,350			903,473
Penn TRGRP Holdings LLC	Capital Markets	Term Loan	11.48% (S + 1.75%; 0.75% Floor; 6.00% PIK)	9/27/2030		7,281,746		7,170,662			6,863,046		(15)
Penn TRGRP Holdings LLC	Capital Markets	Revolver	10.48% (S + 6.75%; 0.75% Floor; 6.00% PIK)	9/27/2030		738,041		725,200			677,416		(6)
Penn TRGRP Holdings LLC	Capital Markets	Delayed Draw Term Loan	11.48% (S + 1.75%; 0.75% Floor; 6.00% PIK)	9/27/2030		810,484		810,484			749,503		(6)(15)
Pharmalogic Holdings Corp	Pharmaceuticals	Term Loan	8.64% (S + 5.00%; 1.00% Floor)	6/21/2030		20,224,329		19,999,588			20,123,207		(15)
Pharmalogic Holdings Corp	Pharmaceuticals	Delayed Draw Term Loan	8.64% (S + 5.00%; 1.00% Floor)	6/21/2030		4,831,690		4,772,441			4,814,410		(6)(15)
Pieper Memorial, LLC	Health Care Providers & Services	Term Loan	8.62% (S + 5.00%; 1.00% Floor)	11/2/2028		2,020,505		2,006,884			2,010,402		(15)
Pieper Memorial, LLC	Health Care Providers & Services	Delayed Draw Term Loan	8.62% (S + 5.00%; 1.00% Floor)	11/2/2028		6,833,145		6,788,217			6,796,685		(6)(15)
Pieper Memorial, LLC	Health Care Providers & Services	Term Loan	8.62% (S + 5.00%; 1.00% Floor)	11/2/2028		996,924		990,462			991,939		(15)
Pieper Memorial, LLC	Health Care Providers & Services	Delayed Draw Term Loan	—% (S + 5.00%; 1.00% Floor)	11/2/2028		-		(36,153	)		-		(6)(7)
Pieper Memorial, LLC	Health Care Providers & Services	Revolver	—% (S + 5.00%; 1.00% Floor)	11/2/2028		-		(7,713	)		(4,934	)	(6)(7)
Pinnacle Treatment Centers, Inc.	Health Care Providers & Services	Term Loan	9.41% (S + 5.75%; 1.00% Floor)	1/4/2027		5,029,795		5,035,147			4,765,731		(15)
Pinnacle Treatment Centers, Inc.	Health Care Providers & Services	Revolver	11.39% (S + 5.75%; 1.00% Floor)	1/4/2027		246,049		246,049			213,755		(6)
Pinnacle Treatment Centers, Inc.	Health Care Providers & Services	Term Loan	9.41% (S + 5.75%; 1.00% Floor)	1/4/2027		276,744		276,744			262,215		(15)
Pinnacle Treatment Centers, Inc.	Health Care Providers & Services	Term Loan	9.41% (S + 5.75%; 1.00% Floor)	1/4/2027		374,913		374,076			355,230		(15)
Pinnacle Treatment Centers, Inc.	Health Care Providers & Services	Delayed Draw Term Loan	9.41% (S + 5.75%; 1.00% Floor)	1/4/2027		331,331		331,331			313,936		(15)
Pinnacle Treatment Centers, Inc.	Health Care Providers & Services	Term Loan	9.41% (S + 5.75%; 1.00% Floor)	1/4/2027		142,739		142,739			135,245		(15)
Point Quest Group, Inc	Health Care Providers & Services	Term Loan	8.48% (S + 4.75%; 0.75% Floor)	11/13/2031		17,159,518		17,002,660			16,987,922		(15)
Point Quest Group, Inc	Health Care Providers & Services	Delayed Draw Term Loan	8.48% (S + 4.75%; 0.75% Floor)	11/13/2031		344,053		330,827			337,522		(6)

See Notes to Consolidated Financial Statements

AB Private Credit Investors Corporation

Unaudited Consolidated Schedule of Investments as of June 30, 2026


Portfolio Company	Industry	Facility Type	Interest	Maturity	Funded Par Amount		Cost			Fair Value			Tickmarks
Point Quest Group, Inc	Health Care Providers & Services	Revolver	—% (S + 4.75%; 0.75% Floor)	11/13/2031		-		(14,025	)		(15,678	)	(6)(7)
Priority OnDemand Midco 2, L.P.	Health Care Equipment & Supplies	Term Loan	9.18% (S + 5.25%; 1.00% Floor)	7/17/2028		7,351,257		7,306,101			7,351,257		(15)
Priority OnDemand Midco 2, L.P.	Health Care Equipment & Supplies	Delayed Draw Term Loan	9.18% (S + 5.25%; 1.00% Floor)	7/17/2028		793,565		782,819			793,565		(6)
QualDerm Partners, LLC	Health Care Providers & Services	Term Loan	9.51% (S + 5.75%; 0.75% Floor)	12/8/2028		5,921,121		5,806,816			5,639,867		(15)
QualDerm Partners, LLC	Health Care Providers & Services	Delayed Draw Term Loan	9.51% (S + 5.75%; 0.75% Floor)	12/8/2028		686,155		655,955			653,562
QualDerm Partners, LLC	Health Care Providers & Services	Revolver	9.83% (S + 4.00%; 0.75% Floor)	12/8/2028		376,387		375,060			369,666		(6)
Quest Analytics Inc.	Health Care Technology	Term Loan	7.98% (S + 4.25%; 0.50% Floor)	11/10/2032		15,505,772		15,435,046			15,311,950		(15)
Quest Analytics Inc.	Health Care Technology	Delayed Draw Term Loan	—% (S + 4.25%; 0.50% Floor)	11/10/2032		-		(15,389	)		(68,908	)	(6)(7)
Quest Analytics Inc.	Health Care Technology	Revolver	—% (S + 4.25%; 0.50% Floor)	11/10/2032		-		(12,311	)		(34,454	)	(6)(7)
Quirch Foods Holdings, LLC	Food Products	Term Loan	10.18% (S + 6.50%; 1.00% Floor)	11/12/2030		9,984,913		9,895,669			9,885,063		(15)
Quirch Foods Holdings, LLC	Food Products	Delayed Draw Term Loan	—% (S + 6.50%; 1.00% Floor)	11/12/2030		-		(4,590	)		(5,178	)	(6)(7)
Race Finco, LLC	Diversified Telecommunication Services	Term Loan	9.39% (S + 5.75%; 1.00% Floor)	8/16/2029		9,178,206		9,095,528			9,017,587		(15)
Race Finco, LLC	Diversified Telecommunication Services	Revolver	—% (S + 5.75%; 1.00% Floor)	8/16/2029		-		(5,733	)		(10,671	)	(6)(7)
Race Finco, LLC	Diversified Telecommunication Services	Delayed Draw Term Loan	9.39% (S + 5.75%; 1.00% Floor)	8/16/2029		8,308,128		8,220,505			8,147,219		(6)(15)
Ranger Buyer, Inc.	Commercial Services & Supplies	Term Loan	8.48% (S + 4.75%; 0.75% Floor)	11/20/2028		15,055,839		14,938,360			15,018,199		(15)
Ranger Buyer, Inc.	Commercial Services & Supplies	Revolver	—% (S + 4.75%; 0.75% Floor)	11/18/2027		-		(5,704	)		(2,998	)	(6)(7)
RCP Encore Acquisition, Inc.	Health Care Providers & Services	Term Loan	—% (S + 5.00%; 1.00% Floor)	12/31/2026		2,830,530		2,763,163			28,305		(16)
Redwood Family Care Network, Inc.	Health Care Providers & Services	Revolver	—% (S + 5.50%; 1.00% Floor)	6/19/2028		-		(11,774	)		-		(6)(7)
Redwood Family Care Network, Inc.	Health Care Providers & Services	Term Loan	9.23% (S + 5.50%; 1.00% Floor)	6/20/2028		10,166,916		10,088,817			10,166,916		(15)
Redwood Family Care Network, Inc.	Health Care Providers & Services	Delayed Draw Term Loan	9.23% (S + 5.50%; 1.00% Floor)	6/19/2028		5,623,751		5,530,673			5,623,751		(15)
Redwood Family Care Network, Inc.	Health Care Providers & Services	Delayed Draw Term Loan	9.23% (S + 5.50%; 1.00% Floor)	6/19/2028		4,216,583		4,139,370			4,216,583		(15)
REP TEC Intermediate Holdings, Inc.	Professional Services	Term Loan	8.73% (S + 5.00%; 1.00% Floor)	5/30/2031		20,757,581		20,657,577			20,601,899		(15)
REP TEC Intermediate Holdings, Inc.	Professional Services	Revolver	—% (S + 5.00%; 1.00% Floor)	5/30/2031		-		(12,377	)		(18,385	)	(6)(7)
Ridge Trail US Bidco, Inc.	Capital Markets	Term Loan	8.23% (S + 4.50%; 0.75% Floor)	9/30/2031		6,363,900		6,287,087			6,363,900		(8)(15)
Ridge Trail US Bidco, Inc.	Capital Markets	Delayed Draw Term Loan	8.23% (S + 4.50%; 0.75% Floor)	9/30/2031		309,640		295,232			309,640		(6)(8)
Ridge Trail US Bidco, Inc.	Capital Markets	Revolver	—% (S + 4.50%; 0.75% Floor)	3/30/2031		-		(8,225	)		-		(6)(7)(8)
Saab Purchaser, Inc.	Banks	Term Loan	8.23% (S + 4.50%; 0.75% Floor)	11/12/2031		18,974,144		18,817,831			18,499,790		(15)
Saab Purchaser, Inc.	Banks	Delayed Draw Term Loan	8.23% (S + 4.50%; 0.75% Floor)	11/12/2031		5,123,342		5,082,728			4,995,258		(15)
Saab Purchaser, Inc.	Banks	Revolver	—% (S + 4.75%; 0.75% Floor)	11/12/2031		-		(20,918	)		(67,483	)	(6)(7)
Saab Purchaser, Inc.	Banks	Term Loan	8.23% (S + 4.50%; 0.75% Floor)	11/12/2031		916,717		908,458			893,799		(15)
Saab Purchaser, Inc.	Banks	Delayed Draw Term Loan	—% (S + 4.75%; 0.75% Floor)	11/12/2031		-		(3,885	)		(17,743	)	(6)(7)
Sako and Partners Lower Holdings LLC	Real Estate Management & Development	Delayed Draw Term Loan	8.14% (S + 4.50%; 1.00% Floor)	9/15/2028		3,912,008		3,873,377			3,912,008		(15)
Sako and Partners Lower Holdings LLC	Real Estate Management & Development	Term Loan	8.14% (S + 4.50%; 1.00% Floor)	9/15/2028		1,657,379		1,640,137			1,657,379		(15)
Sako and Partners Lower Holdings LLC	Real Estate Management & Development	Term Loan	8.14% (S + 4.50%; 1.00% Floor)	9/15/2028		380,761		377,941			380,761		(15)
Sako and Partners Lower Holdings LLC	Real Estate Management & Development	Term Loan	8.14% (S + 4.50%; 1.00% Floor)	9/15/2028		16,887,550		16,704,568			16,887,550		(15)

See Notes to Consolidated Financial Statements

AB Private Credit Investors Corporation

Unaudited Consolidated Schedule of Investments as of June 30, 2026


Portfolio Company	Industry	Facility Type	Interest	Maturity	Funded Par Amount		Cost			Fair Value			Tickmarks
Sako and Partners Lower Holdings LLC	Real Estate Management & Development	Delayed Draw Term Loan	8.14% (S + 4.50%; 1.00% Floor)	9/15/2028		3,443,291		3,405,038			3,443,291		(15)
Sako and Partners Lower Holdings LLC	Real Estate Management & Development	Revolver	—% (S + 4.50%; 1.00% Floor)	9/15/2028		-		(17,252	)		-		(6)(7)
Salisbury House, LLC	Diversified Consumer Services	Term Loan	8.39% (S + 4.75%; 0.75% Floor)	8/18/2032		15,402,782		15,262,949			15,402,782		(15)
Salisbury House, LLC	Diversified Consumer Services	Delayed Draw Term Loan	8.39% (S + 4.75%; 0.75% Floor)	8/18/2032		747,033		730,048			747,033		(6)
Salisbury House, LLC	Diversified Consumer Services	Revolver	—% (S + 4.75%; 0.75% Floor)	8/18/2032		-		(18,230	)		-		(6)(7)
Sandstone Care Holdings, LLC	Health Care Providers & Services	Delayed Draw Term Loan	—% (S + 5.50%; 1.00% Floor)	6/28/2028		157,046		153,439			157,046		(16)
Sandstone Care Holdings, LLC	Health Care Providers & Services	Term Loan	—% (S + 5.50%; 1.00% Floor)	6/28/2028		3,454,522		3,346,551			2,564,983		(16)
Sandstone Care Holdings, LLC	Health Care Providers & Services	Delayed Draw Term Loan	—% (S + 5.50%; 1.00% Floor)	6/28/2028		689,772		669,418			512,155		(15)(16)
Sandstone Care Holdings, LLC	Health Care Providers & Services	Revolver	—% (S + 5.50%; 1.00% Floor)	6/28/2028		628,095		608,734			466,361		(16)
Sandstone Care Holdings, LLC	Health Care Providers & Services	Revolver	—% (S + 5.50%; 1.00% Floor)	6/28/2028		5,961		39			5,961		(6)(16)
Sandstone Care Holdings, LLC	Health Care Providers & Services	Term Loan	—% (S + 5.50%; 1.00% Floor)	6/28/2028		1,639,524		1,601,869			1,639,524		(16)
Sapphire Software Buyer, Inc.	Software	Term Loan	8.73% (S + 5.00%; 0.75% Floor)	9/30/2031		14,263,907		14,154,017			13,443,732		(15)
Sapphire Software Buyer, Inc.	Software	Revolver	—% (S + 5.00%; 0.75% Floor)	9/30/2031		-		(13,053	)		(99,116	)	(6)(7)
Sauce Labs Inc	Software	Revolver	9.26% (S + 5.50%; 1.00% Floor)	8/16/2027		576,820		571,876			535,160		(6)
Sauce Labs Inc	Software	Delayed Draw Term Loan	9.76% (S + 5.50%; 1.00% Floor; 0.50% PIK)	8/16/2027		1,959,372		1,951,917			1,895,693		(15)
Sauce Labs Inc	Software	Term Loan	9.76% (S + 5.50%; 1.00% Floor; 0.50% PIK)	8/16/2027		7,637,608		7,599,282			7,389,386		(15)
Sauce Labs Inc	Software	Delayed Draw Term Loan	9.76% (S + 5.50%; 1.00% Floor; 0.50% PIK)	8/16/2027		867,714		864,942			839,513		(15)
Saviynt, Inc.	Software	Term Loan	9.39% (S + 3.00%; 1.00% Floor; 2.75% PIK)	2/18/2030		20,513,522		20,347,451			20,513,522		(15)
Saviynt, Inc.	Software	Delayed Draw Term Loan	9.39% (S + 3.00%; 1.00% Floor; 2.75% PIK)	2/18/2030		6,556,251		6,503,177			6,556,251		(15)
Saviynt, Inc.	Software	Revolver	—% (S + 3.00%; 1.00% Floor)	2/18/2030		-		(3,984	)		-		(6)(7)
SCA Buyer, LLC	Pharmaceuticals	Term Loan	—% (S + 6.50%; 1.00% Floor)	1/20/2027		309,168		307,975			309,168		(16)
SCA Buyer, LLC	Pharmaceuticals	Revolver	—% (S + 6.50%; 1.00% Floor)	1/20/2027		649,663		643,814			230,630		(16)
SCA Buyer, LLC	Pharmaceuticals	Term Loan	—% (S + 6.50%; 1.00% Floor)	1/20/2027		3,978,961		3,937,641			1,412,531		(16)
SDC Atlas Acquistionco, LLC	Diversified Telecommunication Services	Term Loan	9.24% (S + 5.50%; 0.75% Floor)	8/25/2028		10,715,390		10,640,787			10,527,871		(15)
SDC Atlas Acquistionco, LLC	Diversified Telecommunication Services	Delayed Draw Term Loan	9.24% (S + 5.50%; 0.75% Floor)	8/25/2028		1,868,963		1,802,526			1,705,429		(6)(15)
SDC Atlas Acquistionco, LLC	Diversified Telecommunication Services	Revolver	9.24% (S + 5.50%; 0.75% Floor)	8/25/2028		622,988		618,793			612,086
Second Nature Brands, Inc.	Real Estate Management & Development	Term Loan	9.84% (S + 6.00%; 1.00% Floor)	2/6/2031		5,477,782		5,410,520			5,395,616		(15)
Second Nature Brands, Inc.	Real Estate Management & Development	Revolver	—% (S + 6.00%; 1.00% Floor)	2/6/2031		-		(7,059	)		(9,130	)	(6)(7)
Securonix, Inc	Software	Term Loan	11.92% (S + 4.00%; 0.75% Floor; 3.75% PIK)	4/5/2029		9,044,985		8,983,528			6,828,963
Securonix, Inc	Software	Revolver	10.66% (S + 7.00%; 0.75% Floor)	4/5/2029		512,779		504,704			135,886		(6)
Serrano Parent, LLC	Software	Term Loan	10.15% (S + 6.50%; 1.00% Floor)	5/13/2030		21,265,710		20,945,432			19,777,110		(15)
Serrano Parent, LLC	Software	Revolver	10.15% (S + 6.50%; 1.00% Floor)	5/13/2030		500,636		471,401			354,617		(6)
Single Digits, Inc.	Technology Hardware, Storage & Peripherals	Term Loan	— (S + 4.25%; 1.00% Floor; 3.00% PIK)	9/30/2026		3,162,179		2,580,446			512,273		(16)
Single Digits, Inc.	Technology Hardware, Storage & Peripherals	Delayed Draw Term Loan	—% (S + 7.50%; 1.00% Floor)	9/30/2026		675,554		550,284			109,440		(16)
Single Digits, Inc.	Technology Hardware, Storage & Peripherals	Revolver	—% (S + 7.50%; 1.00% Floor)	9/30/2026		-		(2,155	)		-		(6)(7)(16)

See Notes to Consolidated Financial Statements

AB Private Credit Investors Corporation

Unaudited Consolidated Schedule of Investments as of June 30, 2026


Portfolio Company	Industry	Facility Type	Interest	Maturity	Funded Par Amount		Cost			Fair Value			Tickmarks
Slipstream IT, LLC	Software	Term Loan	8.14% (S + 4.50%; 0.75% Floor)	8/1/2031		6,741,378		6,682,096			6,741,378		(15)
Slipstream IT, LLC	Software	Delayed Draw Term Loan	—% (S + 4.50%; 0.75% Floor)	8/1/2031		-		(4,821	)		-		(6)(7)
Slipstream IT, LLC	Software	Revolver	—% (S + 4.50%; 0.75% Floor)	8/1/2031		-		(9,624	)		-		(6)(7)
Smile Brands, Inc.	Health Care Providers & Services	Term Loan	11.15% (S + 4.50%; 0.75% Floor; 1.50% PIK)	7/12/2029		1,665,271		1,627,778			1,332,217
Smile Brands, Inc.	Health Care Providers & Services	Revolver	10.49% (S + 5.00%; 0.75% Floor; 1.50% PIK)	7/12/2029		127,546		99,966			73,775		(6)
Smile Brands, Inc.	Health Care Providers & Services	Delayed Draw Term Loan	9.82% (S + 4.50%; 0.75% Floor; 1.50% PIK)	7/12/2029		505,882		486,968			404,705
Soar Buyer, Inc.	Health Care Providers & Services	Term Loan	9.14% (S + 5.50%; 0.75% Floor)	5/20/2032		11,115,568		10,952,039			10,948,834		(15)
Soar Buyer, Inc.	Health Care Providers & Services	Delayed Draw Term Loan	—% (S + 5.50%; 0.75% Floor)	5/20/2032		-		(64,551	)		(65,816	)	(6)(7)
Soar Buyer, Inc.	Health Care Providers & Services	Revolver	—% (S + 5.50%; 0.75% Floor)	5/20/2032		-		(25,820	)		(26,326	)	(6)(7)
Soladoc, LLC	Health Care Equipment & Supplies	Term Loan	8.94% (S + 5.00%; 0.75% Floor)	6/12/2028		5,889,225		5,849,524			5,727,272		(15)
Soladoc, LLC	Health Care Equipment & Supplies	Revolver	8.96% (S + 5.00%; 0.75% Floor)	6/12/2028		235,569		231,668			219,374		(6)
Stratus Networks, Inc.	Diversified Telecommunication Services	Term Loan	8.24% (S + 4.50%; 1.00% Floor)	12/15/2028		7,920,781		7,876,450			7,881,177		(15)
Stratus Networks, Inc.	Diversified Telecommunication Services	Delayed Draw Term Loan	8.24% (S + 4.50%; 1.00% Floor)	12/15/2028		3,960,391		3,938,645			3,940,589		(15)
Stratus Networks, Inc.	Diversified Telecommunication Services	Revolver	—% (S + 4.50%; 1.00% Floor)	12/15/2028		-		(5,005	)		(4,950	)	(6)(7)
Stratus Networks, Inc.	Diversified Telecommunication Services	Delayed Draw Term Loan	8.24% (S + 4.50%; 1.00% Floor)	12/15/2028		1,277,895		1,257,978			1,277,895		(6)(15)
SugarCrm, Inc.	Software	Term Loan	8.74% (S + 5.00%; 1.00% Floor)	7/30/2027		4,141,341		4,131,637			4,099,927		(15)
SugarCrm, Inc.	Software	Revolver	—% (S + 5.00%; 1.00% Floor)	7/30/2027		-		(551	)		(3,102	)	(6)(7)
SugarCrm, Inc.	Software	Term Loan	8.74% (S + 5.00%; 1.00% Floor)	7/30/2027		401,941		399,129			397,921		(15)
Sundance Group Holdings, Inc.	Software	Term Loan	8.48% (S + 4.75%; 1.00% Floor)	7/2/2029		19,675,935		19,675,935			19,626,745		(15)
Sundance Group Holdings, Inc.	Software	Revolver	8.48% (S + 4.75%; 1.00% Floor)	7/2/2029		192,019		181,727			184,219		(6)
Sundance Group Holdings, Inc.	Software	Term Loan	8.48% (S + 4.75%; 1.00% Floor)	7/2/2029		3,721,816		3,702,482			3,712,512		(15)
Sundance Group Holdings, Inc.	Software	Term Loan	8.48% (S + 4.75%; 1.00% Floor)	7/2/2029		5,161,112		5,149,753			5,148,209		(15)
Tau Buyer, LLC	Technology Hardware, Storage & Peripherals	Term Loan	8.73% (S + 2.50%; 0.75% Floor; 2.50% PIK)	2/2/2032		15,736,087		15,604,777			14,319,839		(15)
Tau Buyer, LLC	Technology Hardware, Storage & Peripherals	Delayed Draw Term Loan	8.73% (S + 2.50%; 0.75% Floor; 2.50% PIK)	2/2/2032		3,612,458		3,589,474			3,287,337		(15)
Tau Buyer, LLC	Technology Hardware, Storage & Peripherals	Revolver	8.23% (S + 4.50%; 0.75% Floor)	2/2/2032		783,680		767,442			601,272		(6)
Telesoft Holdings, LLC	Diversified Telecommunication Services	Term Loan	9.99% (S + 6.25%; 1.00% Floor)	5/31/2027		5,595,623		5,589,052			5,567,645		(15)
Telesoft Holdings, LLC	Diversified Telecommunication Services	Revolver	9.92% (S + 6.25%; 1.00% Floor)	5/31/2027		109,426		109,426			106,441		(6)
The Center for Orthopedic and Research Excellence, Inc.	Health Care Providers & Services	Term Loan	9.81% (S + 6.00%; 1.00% Floor)	6/30/2028		4,668,428		4,663,837			4,668,428		(15)
The Center for Orthopedic and Research Excellence, Inc.	Health Care Providers & Services	Revolver	9.82% (S + 6.00%; 1.00% Floor)	6/30/2028		621,479		620,629			621,479		(6)
The Center for Orthopedic and Research Excellence, Inc.	Health Care Providers & Services	Delayed Draw Term Loan	9.81% (S + 6.00%; 1.00% Floor)	6/30/2028		1,100,920		1,100,320			1,100,920		(15)
The Center for Orthopedic and Research Excellence, Inc.	Health Care Providers & Services	Delayed Draw Term Loan	9.81% (S + 6.00%; 1.00% Floor)	6/30/2028		1,674,185		1,673,237			1,674,185		(15)
The Center for Orthopedic and Research Excellence, Inc.	Health Care Providers & Services	Delayed Draw Term Loan	9.81% (S + 6.00%; 1.00% Floor)	6/30/2028		1,662,608		1,662,608			1,662,608		(15)
The Center for Orthopedic and Research Excellence, Inc.	Health Care Providers & Services	Term Loan	9.79% (S + 6.00%; 1.00% Floor)	6/30/2028		3,118,632		3,112,658			3,118,632		(15)
TMA Buyer LLC	Software	Term Loan	8.66% (S + 5.00%; 0.75% Floor)	4/30/2031		11,490,458		11,393,255			11,318,101		(15)
TMA Buyer LLC	Software	Delayed Draw Term Loan	8.66% (S + 5.00%; 0.75% Floor)	4/30/2031		3,020,625		2,995,377			2,975,316		(15)

See Notes to Consolidated Financial Statements

AB Private Credit Investors Corporation

Unaudited Consolidated Schedule of Investments as of June 30, 2026


Portfolio Company	Industry	Facility Type	Interest	Maturity	Funded Par Amount		Cost			Fair Value			Tickmarks
TMA Buyer LLC	Software	Delayed Draw Term Loan	—% (S + 5.00%; 0.75% Floor)	4/30/2031		-		-			(4,682	)	(6)(7)
TMA Buyer LLC	Software	Revolver	—% (S + 5.00%; 0.75% Floor)	4/30/2031		-		(9,767	)		(18,124	)	(6)(7)
ToolWatch Intermediate, LLC	Construction & Engineering	Term Loan	9.16% (S + 5.50%; 0.75% Floor)	7/31/2030		12,899,463		12,755,358			12,738,220		(15)
ToolWatch Intermediate, LLC	Construction & Engineering	Delayed Draw Term Loan	9.16% (S + 5.50%; 0.75% Floor)	7/31/2030		1,228,520		1,228,520			1,213,164		(15)
ToolWatch Intermediate, LLC	Construction & Engineering	Revolver	—% (S + 5.50%; 0.75% Floor)	7/31/2030		-		(12,689	)		(15,357	)	(6)(7)
Towerco IV Holdings, LLC	Diversified Telecommunication Services	Delayed Draw Term Loan	6.75% (S + 3.00%; 1.00% Floor)	8/31/2029		25,020,920		24,973,820			25,025,219		(6)(15)
UFS, LLC	Banks	Term Loan	8.39% (S + 4.50%; 7.50% Floor)	10/14/2031		10,949,361		10,850,207			10,812,494		(15)
UFS, LLC	Banks	Revolver	—% (S + 4.50%; 7.50% Floor)	10/14/2031		-		(6,211	)		(8,734	)	(6)(7)
Unanet, Inc	Software	Term Loan	8.94% (S + 5.25%; 0.75% Floor)	12/9/2030		12,003,044		11,901,017			11,792,990		(15)
Unanet, Inc	Software	Delayed Draw Term Loan	8.94% (S + 5.25%; 0.75% Floor)	12/9/2030		2,703,844		2,676,717			2,646,987		(6)(15)
Unanet, Inc	Software	Revolver	—% (S + 5.25%; 0.75% Floor)	12/9/2030		-		(18,013	)		(36,113	)	(6)(7)
Unanet, Inc	Software	Delayed Draw Term Loan	—% (S + 5.25%; 0.75% Floor)	12/9/2030		-		(3,004	)		(6,749	)	(6)(7)
Unlimited Technology Holdings, LLC	Health Care Technology	Term Loan	11.35% (S + 4.75%; 0.75% Floor; 2.87% PIK)	3/12/2032		14,494,786		14,433,482			14,204,891		(15)
Unlimited Technology Holdings, LLC	Health Care Technology	Revolver	—% (S + 4.75%; 0.75% Floor)	3/12/2032		-		(7,864	)		(38,504	)	(6)(7)
UpStack Holdco Inc.	Technology Hardware, Storage & Peripherals	Revolver	8.64% (S + 5.00%; 0.75% Floor)	8/25/2031		346,200		339,367			339,276		(6)
UpStack Holdco Inc.	Technology Hardware, Storage & Peripherals	Delayed Draw Term Loan	8.69% (S + 5.00%; 0.75% Floor)	8/25/2031		844,727		832,201			833,187		(6)(15)
UpStack Holdco Inc.	Technology Hardware, Storage & Peripherals	Term Loan	8.62% (S + 5.00%; 0.75% Floor)	8/25/2031		6,000,793		5,953,070			5,955,787		(15)
Vectra AI, Inc.	Software	Revolver	—% (S + 5.25%; 1.00% Floor)	3/2/2028		-		-			(18,002	)	(6)(7)
Vectra AI, Inc.	Software	Term Loan	9.01% (S + 5.25%; 1.00% Floor)	3/2/2028		8,575,830		8,554,427			8,447,193		(15)
Vectra AI, Inc.	Software	Delayed Draw Term Loan	9.01% (S + 5.25%; 1.00% Floor)	3/2/2028		1,163,793		1,145,067			1,110,061		(6)(15)
Vehlo Purchaser, LLC	Automobiles	Term Loan	8.89% (S + 5.25%; 0.75% Floor)	5/24/2028		1,996,703		1,984,098			1,976,736		(15)
Vehlo Purchaser, LLC	Automobiles	Term Loan	8.89% (S + 5.25%; 0.75% Floor)	5/24/2028		512,257		509,157			507,135		(15)
Vehlo Purchaser, LLC	Automobiles	Term Loan	8.89% (S + 5.25%; 0.75% Floor)	5/24/2028		20,772,914		20,670,404			20,565,185		(15)
Vehlo Purchaser, LLC	Automobiles	Delayed Draw Term Loan	8.89% (S + 5.25%; 0.75% Floor)	5/24/2028		5,770,254		5,747,715			5,712,551		(15)
Vehlo Purchaser, LLC	Automobiles	Revolver	—% (S + 5.25%; 0.75% Floor)	5/24/2028		-		(8,053	)		(15,237	)	(6)(7)
Venture Buyer LLC	Professional Services	Term Loan	8.91% (S + 5.25%; 1.00% Floor)	3/1/2030		4,797,482		4,732,338			4,785,488		(15)
Venture Buyer LLC	Professional Services	Delayed Draw Term Loan	8.91% (S + 5.25%; 1.00% Floor)	3/1/2030		174,337		167,074			171,820		(6)
Venture Buyer LLC	Professional Services	Revolver	8.86% (S + 5.25%; 1.00% Floor)	3/1/2030		75,662		66,354			73,770		(6)
Veracross LLC	Diversified Consumer Services	Delayed Draw Term Loan	10.24% (S + 6.50%; 1.00% Floor)	12/28/2027		1,257,026		1,257,026			1,231,100		(6)(15)
Veracross LLC	Diversified Consumer Services	Term Loan	10.24% (S + 6.50%; 1.00% Floor)	12/28/2027		15,416,509		15,336,304			15,262,344		(15)
Veracross LLC	Diversified Consumer Services	Delayed Draw Term Loan	10.24% (S + 6.50%; 1.00% Floor)	12/28/2027		1,821,742		1,799,335			1,803,524		(15)
Veracross LLC	Diversified Consumer Services	Revolver	10.24% (S + 6.50%; 1.00% Floor)	12/28/2027		1,387,067		1,376,110			1,369,729		(6)
Vhagar Purchaser, LLC	Hotels, Restaurants & Leisure	Revolver	—% (S + 5.50%; 1.00% Floor)	6/11/2029		-		(5,587	)		(5,600	)	(6)(7)
Vhagar Purchaser, LLC	Hotels, Restaurants & Leisure	Term Loan	9.19% (S + 5.50%; 1.00% Floor)	6/11/2031		1,873,375		1,849,099			1,845,274		(15)
Vhagar Purchaser, LLC	Hotels, Restaurants & Leisure	Delayed Draw Term Loan	—% (S + 5.50%; 1.00% Floor)	6/11/2031		-		(5,809	)		-		(6)(7)

See Notes to Consolidated Financial Statements

AB Private Credit Investors Corporation

Unaudited Consolidated Schedule of Investments as of June 30, 2026


Portfolio Company	Industry	Facility Type	Interest	Maturity	Funded Par Amount		Cost			Fair Value			Tickmarks
Vhagar Purchaser, LLC	Hotels, Restaurants & Leisure	Term Loan	9.19% (S + 5.50%; 1.00% Floor)	6/11/2031		4,106,912		4,095,443			4,045,309		(15)
Visionary Buyer, LLC	Diversified Telecommunication Services	Term Loan	8.73% (S + 5.00%; 0.75% Floor)	3/21/2031		5,653,672		5,590,248			5,611,270		(15)
Visionary Buyer, LLC	Diversified Telecommunication Services	Delayed Draw Term Loan	8.73% (S + 5.00%; 0.75% Floor)	3/21/2031		5,653,672		5,592,826			5,611,270		(15)
Visionary Buyer, LLC	Diversified Telecommunication Services	Revolver	—% (S + 5.00%; 0.75% Floor)	3/21/2030		-		(13,193	)		(10,601	)	(6)(7)
Visionary Buyer, LLC	Diversified Telecommunication Services	Delayed Draw Term Loan	8.73% (S + 5.00%; 0.75% Floor)	3/21/2031		5,044,147		4,990,319			5,023,474		(6)(15)
Waldo Buyer, LLC	Diversified Telecommunication Services	Term Loan	8.23% (S + 4.50%; 0.75% Floor)	4/1/2033		11,379,375		11,268,771			11,265,581		(15)
Waldo Buyer, LLC	Diversified Telecommunication Services	Delayed Draw Term Loan	—% (S + 4.50%; 0.75% Floor)	4/1/2033		-		(15,677	)		(16,256	)	(6)(7)
Waldo Buyer, LLC	Diversified Telecommunication Services	Revolver	—% (S + 4.50%; 0.75% Floor)	4/1/2033		-		(18,813	)		(19,508	)	(6)(7)
Wealth Enhancement Group, LLC	Financial Services	Delayed Draw Term Loan	7.94% (S + 4.25%; 1.00% Floor)	10/2/2028		1,855,144		1,845,501			1,855,144		(15)
Wealth Enhancement Group, LLC	Financial Services	Delayed Draw Term Loan	7.92% (S + 4.25%; 1.00% Floor)	10/2/2028		1,498,714		1,493,816			1,498,714		(6)
Wealth Enhancement Group, LLC	Financial Services	Delayed Draw Term Loan	—% (S + 4.25%; 1.00% Floor)	10/2/2028		-		(1,141	)		-		(6)(7)
Wealth Enhancement Group, LLC	Financial Services	Delayed Draw Term Loan	7.94% (S + 4.25%; 1.00% Floor)	10/2/2028		6,073,194		6,067,051			6,073,194		(15)
Wealth Enhancement Group, LLC	Financial Services	Revolver	—% (S + 4.25%; 1.00% Floor)	10/2/2028		-		-			-		(6)
Wealth Enhancement Group, LLC	Financial Services	Delayed Draw Term Loan	7.94% (S + 4.25%; 1.00% Floor)	10/2/2028		1,324,145		1,322,747			1,324,145		(15)
West Dermatology Management Holdings, LLC	Health Care Providers & Services	Term Loan	10.06% (S + 6.25%; 1.00% Floor)	3/17/2028		11,073,361		10,992,685			10,713,477		(15)
West Dermatology Management Holdings, LLC	Health Care Providers & Services	Delayed Draw Term Loan	10.05% (S + 6.25%; 1.00% Floor)	3/17/2028		1,483,151		1,476,546			1,434,949
West Dermatology Management Holdings, LLC	Health Care Providers & Services	Revolver	10.06% (S + 6.25%; 1.00% Floor)	3/17/2028		1,253,284		1,239,912			1,212,552
Wolverine Seller Holdings, LLC	Commercial Services & Supplies	Term Loan	9.23% (S + 5.50%; 0.75% Floor)	1/17/2030		6,553,500		6,474,014			6,520,732		(15)
Wolverine Seller Holdings, LLC	Commercial Services & Supplies	Delayed Draw Term Loan	9.23% (S + 5.50%; 0.75% Floor)	1/17/2030		3,691,004		3,645,313			3,672,549		(15)
Wolverine Seller Holdings, LLC	Commercial Services & Supplies	Revolver	9.23% (S + 5.50%; 0.75% Floor)	1/17/2030		491,205		471,336			481,622		(6)
Wolverine Seller Holdings, LLC	Commercial Services & Supplies	Delayed Draw Term Loan	9.23% (S + 5.50%; 0.75% Floor)	1/17/2030		2,596,190		2,557,813			2,580,228		(6)(15)
Wolverine Seller Holdings, LLC	Commercial Services & Supplies	Term Loan	9.23% (S + 5.50%; 0.75% Floor)	1/17/2030		3,343,249		3,295,355			3,326,533
Your Part-Time Controller, LLC	Professional Services	Term Loan	8.14% (S + 4.50%; 1.00% Floor)	11/14/2029		12,419,765		12,291,015			12,419,765		(15)
Your Part-Time Controller, LLC	Professional Services	Revolver	—% (S + 4.50%; 1.00% Floor)	11/14/2029		-		(9,815	)		-		(6)(7)
Zendesk, Inc.	Software	Delayed Draw Term Loan	8.72% (S + 5.00%; 0.75% Floor)	11/22/2028		2,168,150		2,160,335			2,151,889		(15)
Zendesk, Inc.	Software	Revolver	—% (S + 5.00%; 0.75% Floor)	11/22/2028		-		-			(10,295	)	(6)(7)
Zendesk, Inc.	Software	Term Loan	8.72% (S + 5.00%; 0.75% Floor)	11/22/2028		13,448,099		13,448,099			13,347,238		(15)
Zendesk, Inc.	Software	Delayed Draw Term Loan	8.72% (S + 5.00%; 0.75% Floor)	11/22/2028		1,138,003		1,128,904			1,129,468
Total U.S. 1st Lien/Senior Secured Debt								1,887,718,809			1,836,790,629

See Notes to Consolidated Financial Statements

AB Private Credit Investors Corporation

Unaudited Consolidated Schedule of Investments as of June 30, 2026


Portfolio Company	Industry	Facility Type	Interest	Maturity	Funded Par Amount		Cost		Fair Value		Tickmarks
2nd Lien/Junior Secured Debt — 0.26%
Symplr Software, Inc.	Health Care Technology	Term Loan	11.63% (S + 7.87%; 0.75% Floor)	12/22/2028		3,130,634		3,107,049		1,901,860
Total U.S. 2nd Lien/Junior Secured Debt								3,107,049		1,901,860
Total U.S. Corporate Debt								1,890,825,858		1,838,692,489

Canada Corporate Debt — 2.60%
1st Lien/Senior Secured Debt — 2.60%
RevauAdvanced Underwriting Inc.	Insurance	Term Loan	8.64% (S + 5.00%; 0.75% Floor)	5/10/2032		9,587,283		9,503,554		9,299,664	(8)(15)
RevauAdvanced Underwriting Inc.	Insurance	Delayed Draw Term Loan	10.47% (S + 5.00%; 0.75% Floor)	5/10/2032		630,737		610,361		525,105	(6)(8)(15)
Syntax Systems Ltd.	Industrial Conglomerates	Term Loan	8.49% (S + 4.75%; 0.75% Floor)	10/27/2028		8,439,464		8,408,968		8,312,872	(8)(15)
Syntax Systems Ltd.	Industrial Conglomerates	Term Loan	8.49% (S + 4.75%; 0.75% Floor)	10/30/2028		1,176,376		1,173,335		1,158,730	(8)(15)
Total Canadian 1st Lien/Senior Secured Debt								19,696,218		19,296,371
Total Canadian Corporate Debt								19,696,218		19,296,371

Luxembourg Corporate Debt — 1.36%
1st Lien/Senior Secured Debt — 1.36%
SumUp Holdings Luxembourg	Specialty Retail	Delayed Draw Term Loan	9.16% (S + 5.50%; 1.50% Floor)	5/23/2031		10,088,201		10,029,582		10,088,201	(8)(15)
Total Luxembourg 1st Lien/Senior Secured Debt								10,029,582		10,088,201
Total Luxembourg Corporate Debt								10,029,582		10,088,201

United Kingdom Corporate Debt — 2.63%
1st Lien/Senior Secured Debt — 2.63%
Labvantage Systems Limited	Pharmaceuticals	Term Loan	8.91% (S + 5.25%; 1.00% Floor)	12/23/2030		19,523,019		19,238,710		19,474,212	(8)(15)
Total United Kingdom 1st Lien/Senior Secured Debt								19,238,710		19,474,212
Total United Kingdom Corporate Debt								19,238,710		19,474,212

See Notes to Consolidated Financial Statements

AB Private Credit Investors Corporation

Unaudited Consolidated Schedule of Investments as of June 30, 2026


Portfolio Company	Class/Series	Industry	Initial Acquisition Date (10)	Shares		Cost		Fair Value		Tickmarks
U.S. Preferred Stock — 1.00%										(18)
Alphasense, LLC	Series C Preferred	Capital Markets	6/1/2021		119,806		369,843		1,823,109	(8)
Avant NewCo Holdings, L.P.	Class A Units	Diversified Telecommunication Services	12/31/2025		375,804		375,804		479,454
Concerto HealthAI Solutions LLC	Series B-1 Preferred	Health Care Providers & Services	12/23/2019		65,614		349,977		194,467
Datarobot, Inc.	Series E	Software	8/31/2019		38,190		289,278		66,794
Datarobot, Inc.	Series F	Software	10/27/2020		6,715		88,248		20,001
Degreed, Inc.	Series C-1 Preferred	Professional Services	6/19/2019		43,819		278,541		164,228
Degreed, Inc.	Series D Preferred	Professional Services	4/30/2021		16,943		278,308		236,955
Knockout Intermediate Holdings I Inc.	Perpetual Preferred Stock	Software	6/23/2022		738		719,791		1,078,770
Ntiva Investments, LLC	Class A Preferred Units	Technology Hardware, Storage & Peripherals	1/24/2022		333,937		272,826		365,890
Phenom People, Inc.	Series C Preferred	Professional Services	1/10/2020		35,055		220,610		584,365
Raken Topco, LP	Class A Preferred Units	Construction & Engineering	8/29/2025		66,435		66,435		57,308	(8)
Swyft Parent Holdings LP	Preferred Units	Software	2/7/2022		850,470		758,389		434,810
Symplr Software Intermediate Holdings, Inc.	Series A Preferred Shares	Health Care Technology	11/30/2018		1,196		1,160,531		1,783,467
Vectra AI, Inc.	Series F Preferred	Software	5/28/2021		17,064		131,095		132,175
Total U.S. Preferred Stock							5,359,676		7,421,793

France Preferred Stock — 0.03%
Content Square SAS	Series F Preferred	Software	11/30/2023		27,976		206,755		202,781	(8)
Total France Preferred Stock							206,755		202,781

U.S. Common Stock — 0.99%
Advantage AVP Parent Holdings, L.P.	Units	Health Care Providers & Services	9/24/2021		34,492		34,492		31,215
Artemis Investor Holdings, LLC	Class A Units	Leisure Products	1/22/2021		38,551		385,509		384,691	(8)
Brightspot Holdco, LLC	Non-Voting Common Units	Media	11/16/2021		433,207		433,207		272,472
CL Services Acquisition, LLC	Common Units	Commercial Services & Supplies	3/31/2025		405,787		628,970		894,406	(8)
CN Co-Invest, LP	Units	IT Services	10/31/2023		811,572		811,572		919,511	(11)
Coinvest YPTC Blocked Aggregator, L.P.	Class A-1 Units	Professional Services	11/14/2021		138,390		138,390		262,713
Community Based Care Holdings, LP	Senior Common Units	Health Care Providers & Services	1/3/2022		180		179,861		390,244
GSV Medsuite Investments, LLC	Class A Units	Health Care Technology	12/22/2021		86,555		85,705		72,617
GSV Vehlo Investments, LLC	Class A Units	Automobiles	5/20/2022		150,297		119,998		155,247
Leeds FEG Investors, LLC	Class A Units	Diversified Consumer Services	11/20/2017		320		321,309		231,821
Moon Topco, L.P.	Units	Software	4/19/2021		1,772		17,719		58,463
MyKaarma Holdings LP	Class A Common Units	Automobiles	3/18/2022		257,031		257,031		316,689
Nepcore Parent Holdings LLC	Units	IT Services	10/21/2021		98		97,884		-
Netskope, Inc.	Class B Common Stock	Software	1/27/2020		36,144		686,736		395,415	(9)
Neutral Connect, LLC	Units	Wireless Telecommunication Services	9/27/2019		396,513		439,931		87,261
NP/AB Care Holdings, L.P.	Class A Units	Health Care Providers & Services	12/17/2025		939		938,815		942,484	(8)
Ntiva Investments, LLC	Class A Common Units	Technology Hardware, Storage & Peripherals	1/24/2022		333,937		61,110		19,507
Ranger Lexipol Holdings, LLC	Class A-1 Units	Commercial Services & Supplies	11/18/2021		437		359,487		550,257
Ranger Lexipol Holdings, LLC	Class B Units	Commercial Services & Supplies	11/18/2021		434		77,470		57,724
REP AOM Holdings, LLC	Class A Units	Pharmaceuticals	2/15/2022		290,393		-		1,443
REP Coinvest III AGP Blocker, L.P.	Earn Out	Health Care Providers & Services	10/14/2021		32,293		-		5,748
REP Coinvest III OMNI, L.P.	Units	Air Freight & Logistics	2/4/2021		193,770		53,301		54,256	(17)
REP Coinvest III TEC, L.P.	Class A Units	Professional Services	6/18/2020		167,509		190,658		109,528
REP RO Coinvest IV-A, L.P.	Class A Units	Transportation Infrastructure	12/28/2022		66,441,840		664,418		234,340
RFCN Parent, LP	Class A Units	Health Care Providers & Services	6/18/2021		77		78,284		141,418
SBS Super Holdings, LLC	Class A Voting Units	Health Care Providers & Services	5/12/2023		21		-		-	(5)
SBS Super Holdings, LLC	Class B Non-Voting Units	Health Care Providers & Services	5/12/2023		100		10		-	(5)
Singularity Topco LLC	Common Units	Software	9/30/2022		337,841		953,133		487,865
Stripe, Inc.	Class B Common Stock	Financial Services	5/17/2021		4,158		166,854		270,686
Swyft Parent Holdings LP	Common Units	Software	2/7/2022		4,485		53,048		-
Total U.S. Common Stock							8,234,902		7,348,021

See Notes to Consolidated Financial Statements

AB Private Credit Investors Corporation

Unaudited Consolidated Schedule of Investments as of June 30, 2026


Portfolio Company	Class/Series	Industry	Initial Acquisition Date (10)			Shares		Cost		Fair Value			Tickmarks
France Common Stock — 0.05%
Content Square SAS	Ordinary Shares	Software	11/30/2023				78,527		416,757		370,053		(8)
Total France Common Stock									416,757		370,053

Luxembourg Common Stock — 0.14%
Astorg VIII Co-Invest Acturis	Limited Partnership Interests	Software	10/18/2024				770,000		843,179		1,042,897		(8)
Total Luxembourg Common Stock									843,179		1,042,897

U.S. Warrants — 0.40%
Alphasense, LLC	Series B Warrants	Capital Markets	6/2/2020				201,972		35,185		2,805,409		(8)
Degreed, Inc.	Series D Warrants	Professional Services	4/11/2021				7,624		-		197
Degreed, Inc.	Common Warrants	Professional Services	8/31/2022				9,374		41,527		4,214
Scylla DB Ltd	Series C-1 Warrants	Technology Hardware, Storage & Peripherals	9/9/2022				239,984		43,880		91,538
Vectra AI, Inc.	Warrants	Software	3/18/2021				35,156		58,190		73,703
Total U.S. Warrants									178,782		2,975,061

United Kingdom Warrants — 0.02%
Global WebIndex Holdings Limited	Warrants	Software	12/30/2020				11,776		159,859		166,278
Total United Kingdom Warrants									159,859		166,278

France Warrants — 0.00%
Content Square SAS	Indemnity Series F Shares Warrants	Software	11/30/2023				2,027		8,561		-		(8)
Total France Warrants									8,561		-

Portfolio Company	Class/Series					Shares		Cost		Fair Value			Tickmarks
U.S. Investment Companies — 4.88%													(8)(18)
AB Equity Investors, L.P.	LP Interests						23,118,808		23,118,808		27,490,172		(11)
Falcon Co-Investment Partners, L.P.	Units						855,252		855,252		861,238		(11)
GHP E AGGREGATOR, LLC	Units						417,813		186,587		1,014,449		(11)
GHP-EIP Aggregator, LLC	Common Units						50,957		174,608		-
Greylion Slpstm Holdings LP	Limited Partnership Interests						605,989		605,989		654,468		(11)
GTCR A-1 Investors LP	Units						1,100,000		1,100,000		1,650,000		(11)
Magenta Blocker Aggregator LP	Units						821,396		676,978		837,003		(11)
Orangewood WWB Co-Invest, L.P.	Units						829,314		731,695		1,492,765		(11)
ORCP III TRITON CO-INVESTORS, L.P.	Units						341,592		-		-		(11)
OSS SPV LP	Units						393,055		381,076		589,583		(11)
Palms Co-Investment Partners D, L.P.	Units						261,450		261,450		295,438		(11)
QCS Co-Invest Aggregator, L.P.	Units						529,116		529,116		603,192		(11)
SCP-RESONETICS AGGREGATOR I, LLC	Class A Preferred Units						541		368,990		679,894		(11)
SCP-RESONETICS AGGREGATOR I, LLC	Class B Common Units						32,450		171,840		34,397		(11)
Total U.S. Investment Companies									29,162,389		36,202,599

Canada Investment Companies — 0.05%
GHP SPV-2, L.P.	Units						271,942		271,942		357,060		(8)(11)
Total Canada Investment Companies									271,942		357,060

Total Investments — (262.09%)									1,984,633,170		1,943,637,816

Portfolio Company			Yield			Shares		Cost		Fair Value			Tickmarks
Cash Equivalents — 8.69%													(9)(13)(14)
Blackrock T Fund INST				3.54	%		15,410,455		15,410,455		15,410,455		(15)
State Street Institutional US Government Money Market Fund				3.58	%		8,509,462		8,509,462		8,509,462
US Bank MMDA GCTS				3.00	%		40,516,341		40,516,341		40,516,341		(15)
Total Cash Equivalents									64,436,258		64,436,258

Cash — 2.27%
US Dollar									16,864,366		16,864,366		(13)
Total Cash									16,864,366		16,864,366
TOTAL CASH AND CASH EQUIVALENTS									81,300,624		81,300,624
LIABILITIES IN EXCESS OF OTHER ASSETS — (173.05%)										$	(1,283,327,321	)
NET ASSETS—100.00%										$	741,611,119

(1)

Unless otherwise indicated, all securities represent co-investments made with the Fund’s affiliates in accordance with the terms of the exemptive relief received from the U.S. Securities and Exchange Commission. See Note 3 “Related Party Transactions”.

(2)

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

(3)

Percentages are based on net assets.

(4)

Generally, the interest rate on floating interest rate investments is at benchmark rate plus spread, subject to an interest rate floor. The borrower has an option to choose the benchmark rate, such as the Secured Overnight Financing Rate including adjustment, if any (“S”) or the U.S. Prime Rate (“P”). The spread may change based on the type of rate used. The terms in the Consolidated Schedule of Investments disclose the actual interest rate in effect as of the reporting period. S loans are typically indexed to 30-day, 90-day or 180-day rates (1M, 3M or 6M, respectively) at the borrower’s option. As of June 30, 2026, rates for 1M S, 3M S and 6M S are 3.65%, 3.73%, and 3.85%, respectively. As of June 30, 2026, the P was 6.75%. For investments with multiple reference rates or alternate base rates, the interest rate shown is the weighted average interest rate in effect at June 30, 2026.

(5)

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

(6)

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

(7)

The negative cost is the result of the capitalized discount being greater than the principal amount outstanding on the loan. The negative fair value is the result of the capitalized discount on the loan.

(8)

The investment is not a qualifying asset under Section 55(a) of the Investment Company Act of 1940, as amended (“1940 Act”). The Fund may not acquire any non-qualifying asset unless, at the time of acquisition, qualifying assets represent at least 70% of the Fund’s total assets. As of June 30, 2026, the aggregate fair value of these securities was $115,768,801 or 5.68% of the Fund’s total assets.

(9)

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

(10)

Securities exempt from registration under the Securities Act of 1933, and may be deemed to be “restricted securities”. As of June 30, 2026, the aggregate fair value of these securities was $19,526,884 or 2.63% of the Fund’s net assets.

(11)

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

(12)

Aggregate gross unrealized appreciation for federal income tax purposes is $19,590,850; aggregate gross unrealized depreciation for federal income tax purposes is $60,586,204. Net unrealized depreciation is $40,995,354. As of June 30, 2026, the cost basis of investments owned was substantially identical for both book and tax purposes.

(13)

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

(14)

The rate shown is the annualized seven-day yield as of June 30, 2026.

(15)

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

(16)

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

(17)

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

(18)

Non-income producing investment, unless otherwise noted.

P - Prime

PIK - Payment-In-Kind

S - SOFR

See Notes to Consolidated Financial Statements

AB Private Credit Investors Corporation

Consolidated Schedule of Investments as of December 31, 2025


Portfolio Company	Industry	Facility Type	Interest	Maturity	Funded Par Amount		Cost			Fair Value			Tickmarks
Investments at Fair Value — 254.85%													(1)(2)(3)(4)(12)
U.S. Corporate Debt — 240.45%
1st Lien/Senior Secured Debt — 240.10%
123.Net, LLC	Diversified Telecommunication Services	Term Loan	8.10% (S + 4.25%)	7/19/2029		4,331,058		4,298,072			4,276,920		(15)
123.Net, LLC	Diversified Telecommunication Services	Delayed Draw Term Loan	8.02% (S + 4.25%)	7/19/2029		1,201,297		1,187,540			1,178,502		(6)(15)
AAH Topco, LLC	Health Care Providers & Services	Delayed Draw Term Loan	9.06% (S + 5.25%; 0.75% Floor)	12/22/2027		3,176,329		3,143,908			3,176,329		(15)
AAH Topco, LLC	Health Care Providers & Services	Delayed Draw Term Loan	8.81% (S + 5.00%; 0.75% Floor)	12/22/2027		920,245		902,190			920,245		(6)(15)
AAH Topco, LLC	Health Care Providers & Services	Term Loan	9.06% (S + 5.25%; 0.75% Floor)	12/22/2027		6,288,854		6,240,242			6,288,854		(15)
AAH Topco, LLC	Health Care Providers & Services	Delayed Draw Term Loan	9.06% (S + 5.25%; 0.75% Floor)	12/22/2027		6,365,603		6,305,145			6,365,603		(15)
AAH Topco, LLC	Health Care Providers & Services	Revolver	—% (S + 5.25%; 0.75% Floor)	12/22/2027		-		(5,291	)		-		(6)(7)
Admiral Buyer, Inc.	Financial Services	Delayed Draw Term Loan	8.77% (S + 5.00%; 0.75% Floor)	12/6/2029		431,509		426,979			431,509		(6)(15)
Admiral Buyer, Inc.	Financial Services	Term Loan	8.67% (S + 5.00%; 0.75% Floor)	12/6/2029		1,365,427		1,353,879			1,358,600		(15)
Admiral Buyer, Inc.	Financial Services	Delayed Draw Term Loan	—% (S + 5.00%; 0.75% Floor)	12/6/2029		-		(1,053	)		-		(6)(7)
Admiral Buyer, Inc.	Financial Services	Term Loan	8.67% (S + 5.00%; 0.75% Floor)	12/6/2029		10,433,409		10,331,728			10,381,242		(15)
Admiral Buyer, Inc.	Financial Services	Delayed Draw Term Loan	8.73% (S + 5.00%; 0.75% Floor)	12/6/2029		442,625		438,533			440,411		(15)
Admiral Buyer, Inc.	Financial Services	Revolver	—% (S + 5.00%; 0.75% Floor)	12/6/2029		-		(12,942	)		(7,008	)	(6)(7)
Airwavz Solutions Inc.	Diversified Telecommunication Services	Term Loan	9.06% (S + 5.25%; 1.00% Floor)	3/31/2027		3,469,532		3,454,037			3,469,532		(15)
Airwavz Solutions Inc.	Diversified Telecommunication Services	Delayed Draw Term Loan	9.06% (S + 5.25%; 1.00% Floor)	3/31/2027		2,168,458		2,159,710			2,168,458		(15)
Airwavz Solutions Inc.	Diversified Telecommunication Services	Revolver	—% (S + 5.25%; 1.00% Floor)	3/31/2027		-		(1,932	)		-		(6)(7)
Airwavz Solutions Inc.	Diversified Telecommunication Services	Delayed Draw Term Loan	9.06% (S + 5.25%; 1.00% Floor)	3/31/2027		3,459,046		3,433,182			3,459,046		(15)
Airwavz Solutions Inc.	Diversified Telecommunication Services	Delayed Draw Term Loan	9.06% (S + 5.25%; 1.00% Floor)	3/31/2027		1,605,954		1,585,483			1,605,954		(6)(15)
Amercare Royal LLC	Commercial Services & Supplies	Term Loan	8.71% (S + 5.00%; 1.00% Floor)	9/10/2030		8,300,745		8,232,242			8,176,234		(15)
Amercare Royal LLC	Commercial Services & Supplies	Revolver	8.71% (S + 5.00%; 1.00% Floor)	9/10/2030		450,284		440,032			431,651		(6)
Amercare Royal LLC	Commercial Services & Supplies	Delayed Draw Term Loan	—% (S + 5.00%; 1.00% Floor)	9/10/2030		-		-			(19,254	)	(6)(7)
Amercare Royal LLC	Commercial Services & Supplies	Delayed Draw Term Loan	8.71% (S + 5.00%; 1.00% Floor)	9/10/2030		1,321,971		1,310,950			1,302,141		(15)
American Physician Partners, LLC	Health Care Providers & Services	Term Loan	— (S + 6.75%; 1.00% Floor; 3.00% PIK)	3/31/2026		6,791,604		5,733,816			-		(16)
American Physician Partners, LLC	Health Care Providers & Services	Revolver	— (S + 6.75%; 1.00% Floor; 3.50% PIK)	3/31/2026		346,322		345,024			-		(16)
American Physician Partners, LLC	Health Care Providers & Services	Delayed Draw Term Loan	— (S + 6.75%; 1.00% Floor; 3.50% PIK)	3/31/2026		1,260,321		1,082,011			-		(16)
American Physician Partners, LLC	Health Care Providers & Services	Term Loan	— (S + 6.75%; 1.00% Floor; 3.00% PIK)	3/31/2026		1,444,963		1,243,170			-		(16)
American Physician Partners, LLC	Health Care Providers & Services	Delayed Draw Term Loan	— (S + 6.75%; 1.00% Floor; 3.50% PIK)	3/31/2026		949,042		817,051			-		(16)
American Physician Partners, LLC	Health Care Providers & Services	Term Loan	— (S + 6.75%; 1.00% Floor; 3.00% PIK)	3/31/2026		2,682,124		2,278,901			-		(16)
Amivie Acquisition, Inc.	Health Care Providers & Services	Delayed Draw Term Loan	9.02% (S + 5.25%; 1.00% Floor)	9/16/2027		3,287,507		3,254,015			3,287,507		(15)
Amivie Acquisition, Inc.	Health Care Providers & Services	Delayed Draw Term Loan	9.02% (S + 5.25%; 0.75% Floor)	9/16/2027		2,387,175		2,363,792			2,387,175		(6)(15)
Amivie Acquisition, Inc.	Health Care Providers & Services	Delayed Draw Term Loan	9.02% (S + 5.25%; 1.00% Floor)	9/16/2027		2,079,153		2,067,457			2,079,153		(15)
Amivie Acquisition, Inc.	Health Care Providers & Services	Term Loan	9.02% (S + 5.25%; 1.00% Floor)	9/16/2027		5,128,026		5,095,867			5,128,026		(15)
Amivie Acquisition, Inc.	Health Care Providers & Services	Revolver	—% (S + 5.25%; 1.00% Floor)	9/16/2027		-		(5,099	)		-		(6)(7)

See Notes to Consolidated Financial Statements

AB Private Credit Investors Corporation

Consolidated Schedule of Investments as of December 31, 2025


Portfolio Company	Industry	Facility Type	Interest	Maturity	Funded Par Amount		Cost			Fair Value			Tickmarks
Amivie Acquisition, Inc.	Health Care Providers & Services	Delayed Draw Term Loan	9.02% (S + 5.25%; 1.00% Floor)	9/16/2027		2,856,499		2,835,579			2,856,499		(15)
AppViewX, Inc.	Software	Term Loan	9.12% (S + 5.25%; 0.75% Floor)	12/24/2031		14,773,116		14,644,550			14,625,385		(15)
AppViewX, Inc.	Software	Revolver	—% (S + 5.25%; 0.75% Floor)	12/24/2031		-		(15,822	)		(18,466	)	(6)(7)
AppViewX, Inc.	Software	Delayed Draw Term Loan	—% (S + 5.25%; 0.75% Floor)	12/24/2031		-		-			-		(6)
Artifact Bidco, Inc.	Industrial Conglomerates	Term Loan	7.82% (S + 4.15%; 0.50% Floor)	7/28/2031		4,018,743		3,985,135			4,018,743		(15)
Artifact Bidco, Inc.	Industrial Conglomerates	Delayed Draw Term Loan	—% (S + 4.15%; 0.50% Floor)	7/28/2031		-		(3,900	)		-		(6)(7)
Artifact Bidco, Inc.	Industrial Conglomerates	Revolver	—% (S + 4.15%; 0.50% Floor)	7/26/2030		-		(3,614	)		-		(6)(7)
Artifact Bidco, Inc.	Industrial Conglomerates	Revolver	—% (S + 4.15%; 0.50% Floor)	7/26/2030		-		(1,769	)		-		(6)(7)
Azurite Intermediate Holdings, Inc.	Software	Term Loan	9.71% (S + 6.00%; 0.75% Floor)	3/19/2031		3,128,738		3,090,503			3,113,094		(15)
Azurite Intermediate Holdings, Inc.	Software	Revolver	—% (S + 6.00%; 0.75% Floor)	3/19/2031		-		(12,759	)		(5,689	)	(6)(7)
Azurite Intermediate Holdings, Inc.	Software	Delayed Draw Term Loan	9.71% (S + 6.00%; 0.75% Floor)	3/19/2031		7,110,768		7,026,063			7,075,214		(15)
BHG Holdings, LLC	Health Care Providers & Services	Term Loan	9.34% (S + 5.50%; 0.75% Floor)	4/22/2032		12,805,562		12,597,443			12,709,521		(15)
BHG Holdings, LLC	Health Care Providers & Services	Delayed Draw Term Loan	—% (S + 5.50%; 0.75% Floor)	4/22/2032		-		(29,012	)		-		(6)(7)
BHG Holdings, LLC	Health Care Providers & Services	Revolver	—% (S + 5.50%; 0.75% Floor)	4/22/2032		-		(25,581	)		(12,143	)	(6)(7)
Blink Holdings, Inc.	Hotels, Restaurants & Leisure	Term Loan	—% (S + 5.50%; 1.00% Floor)	3/31/2026		873,971		602,258			-		(16)
Blink Holdings, Inc.	Hotels, Restaurants & Leisure	Delayed Draw Term Loan	—% (S + 5.50%; 1.00% Floor)	3/31/2026		753,961		548,638			-		(16)
Blink Holdings, Inc.	Hotels, Restaurants & Leisure	Delayed Draw Term Loan	—% (S + 5.50%; 1.00% Floor)	3/31/2026		611,618		435,555			-		(16)
Bonterra LLC	Diversified Consumer Services	Term Loan	8.42% (S + 4.75%; 0.75% Floor)	3/5/2032		9,827,394		9,737,678			9,802,825		(15)
Bonterra LLC	Diversified Consumer Services	Delayed Draw Term Loan	8.68% (S + 4.75%; 0.75% Floor)	3/5/2032		1,067,760		1,058,295			1,065,090
Bonterra LLC	Diversified Consumer Services	Revolver	8.43% (S + 4.75%; 0.75% Floor)	3/5/2032		160,164		150,416			157,495		(6)
Bridgepointe Technologies, LLC	Technology Hardware, Storage & Peripherals	Term Loan	8.67% (S + 5.00%; 1.00% Floor)	12/31/2027		2,225,422		2,202,683			2,225,422		(15)
Bridgepointe Technologies, LLC	Technology Hardware, Storage & Peripherals	Term Loan	8.67% (S + 5.00%; 1.00% Floor)	12/31/2027		1,014,951		1,000,888			1,014,951		(15)
Bridgepointe Technologies, LLC	Technology Hardware, Storage & Peripherals	Delayed Draw Term Loan	8.67% (S + 5.00%; 1.00% Floor)	12/31/2027		2,050,668		2,019,979			2,050,668		(15)
Bridgepointe Technologies, LLC	Technology Hardware, Storage & Peripherals	Delayed Draw Term Loan	8.67% (S + 5.00%; 1.00% Floor)	12/31/2027		4,901,796		4,855,424			4,901,796		(15)
Bridgepointe Technologies, LLC	Technology Hardware, Storage & Peripherals	Delayed Draw Term Loan	8.67% (S + 5.00%; 1.00% Floor)	12/31/2027		951,077		943,136			951,077		(6)(15)
Bridgepointe Technologies, LLC	Technology Hardware, Storage & Peripherals	Delayed Draw Term Loan	—% (S + 5.00%; 1.00% Floor)	12/31/2027		-		(3,863	)		-		(6)(7)
Bridgepointe Technologies, LLC	Technology Hardware, Storage & Peripherals	Delayed Draw Term Loan	8.67% (S + 5.00%; 1.00% Floor)	12/31/2027		4,863,823		4,813,856			4,863,823		(15)
Bridgepointe Technologies, LLC	Technology Hardware, Storage & Peripherals	Term Loan	8.67% (S + 5.00%; 1.00% Floor)	12/31/2027		4,609,764		4,574,505			4,609,764		(15)
Bridgepointe Technologies, LLC	Technology Hardware, Storage & Peripherals	Delayed Draw Term Loan	8.67% (S + 5.00%; 1.00% Floor)	12/31/2027		2,682,258		2,673,580			2,682,258		(15)
Bridgepointe Technologies, LLC	Technology Hardware, Storage & Peripherals	Delayed Draw Term Loan	8.67% (S + 5.00%; 1.00% Floor)	12/31/2027		3,770,848		3,753,606			3,770,848		(15)
Bridgepointe Technologies, LLC	Technology Hardware, Storage & Peripherals	Revolver	—% (S + 5.00%; 1.00% Floor)	12/31/2027		-		(5,263	)		-		(6)(7)
Brightspot Buyer, Inc.	Media	Term Loan	10.42% (S + 6.50%; 0.75% Floor)	11/16/2027		1,448,598		1,433,749			1,426,869		(15)
Brightspot Buyer, Inc.	Media	Term Loan	10.42% (S + 6.50%; 0.75% Floor)	11/16/2027		5,215,571		5,180,607			5,137,338		(15)
Brightspot Buyer, Inc.	Media	Revolver	—% (S + 6.50%; 0.75% Floor)	11/16/2027		-		(4,572	)		(10,204	)	(6)(7)
BRP2 HOLD JONQUIL, INC.	Construction & Engineering	Revolver	9.18% (S + 5.50%; 0.75% Floor)	8/26/2030		380,329		364,745			351,804		(6)
BRP2 HOLD JONQUIL, INC.	Construction & Engineering	Delayed Draw Term Loan	9.17% (S + 5.50%; 0.75% Floor)	8/26/2030		810,785		795,237			787,014		(6)(15)
BRP2 HOLD JONQUIL, INC.	Construction & Engineering	Term Loan	9.17% (S + 5.50%; 0.75% Floor)	8/26/2030		15,847,025		15,715,599			15,609,320		(15)

See Notes to Consolidated Financial Statements

AB Private Credit Investors Corporation

Consolidated Schedule of Investments as of December 31, 2025


Portfolio Company	Industry	Facility Type	Interest	Maturity	Funded Par Amount		Cost			Fair Value			Tickmarks
BSI2 Hold Nettle, LLC	Real Estate Management & Development	Term Loan	8.42% (S + 4.75%; 0.75% Floor)	6/30/2028		608,357		600,992			608,357		(15)
BSI2 Hold Nettle, LLC	Real Estate Management & Development	Term Loan	8.42% (S + 4.75%; 0.75% Floor)	6/30/2028		4,558,260		4,529,178			4,558,260		(15)
BSI2 Hold Nettle, LLC	Real Estate Management & Development	Revolver	8.42% (S + 4.75%; 0.75% Floor)	6/30/2028		117,784		113,976			117,784		(6)
Businessolver.com, Inc.	Professional Services	Term Loan	8.17% (S + 4.50%; 0.75% Floor)	12/3/2032		9,108,880		9,104,341			9,063,336		(15)
Businessolver.com, Inc.	Professional Services	Delayed Draw Term Loan	—% (S + 4.50%; 0.75% Floor)	12/3/2032		-		(3,132	)		(3,168	)	(6)(7)
Businessolver.com, Inc.	Professional Services	Revolver	—% (S + 4.50%; 0.75% Floor)	12/3/2032		-		(2,790	)		(2,822	)	(6)(7)
BV EMS Buyer, Inc	Health Care Technology	Term Loan	9.06% (S + 5.25%; 1.00% Floor)	11/23/2027		3,244,007		3,207,102			3,244,007		(15)
BV EMS Buyer, Inc	Health Care Technology	Revolver	9.06% (S + 5.25%; 1.00% Floor)	11/23/2027		189,287		184,722			189,287		(6)
BV EMS Buyer, Inc	Health Care Technology	Term Loan	9.06% (S + 5.25%; 1.00% Floor)	11/23/2027		386,986		383,318			386,986		(15)
BV EMS Buyer, Inc	Health Care Technology	Term Loan	9.06% (S + 5.25%; 1.00% Floor)	11/23/2027		3,414,496		3,374,303			3,414,496		(15)
BV EMS Buyer, Inc	Health Care Technology	Delayed Draw Term Loan	9.06% (S + 5.25%; 1.00% Floor)	11/23/2027		3,443,624		3,408,270			3,443,624		(15)
CallTower, Inc.	Diversified Telecommunication Services	Term Loan	8.31% (S + 4.50%; 1.00% Floor)	11/30/2028		4,878,514		4,804,521			4,878,514		(15)
CallTower, Inc.	Diversified Telecommunication Services	Revolver	—% (S + 4.50%; 1.00% Floor)	11/30/2028		-		(9,179	)		-		(6)(7)
Caregiver 2, Inc.	Health Care Providers & Services	Term Loan	10.11% (S + 6.25%; 2.00% Floor)	7/2/2029		5,538,229		5,429,679			5,455,156		(15)
Caregiver 2, Inc.	Health Care Providers & Services	Delayed Draw Term Loan	10.11% (S + 6.25%; 2.00% Floor)	7/2/2029		1,113,255		1,092,683			1,096,556		(15)
Cerifi, LLC	Banks	Term Loan	9.56% (S + 5.75%; 1.00% Floor)	3/31/2028		15,582,260		15,451,717			15,270,615		(15)
Cerifi, LLC	Banks	Revolver	9.56% (S + 5.75%; 1.00% Floor)	4/1/2027		1,107,792		1,101,382			1,085,636
Choice Health at Home, LLC	Health Care Providers & Services	Term Loan	8.86% (S + 5.00%; 1.00% Floor)	6/30/2028		2,226,255		2,218,761			2,220,690		(15)
Choice Health at Home, LLC	Health Care Providers & Services	Delayed Draw Term Loan	8.86% (S + 5.00%; 1.00% Floor)	6/30/2028		2,245,487		2,224,280			2,245,487		(6)(15)
CHV Holdings LLC	Technology Hardware, Storage & Peripherals	Term Loan	12.56% (S + 4.00%; 1.00% Floor; 4.75% PIK)	3/27/2029		5,416,969		5,322,217			5,416,969		(15)
CHV Holdings LLC	Technology Hardware, Storage & Peripherals	Revolver	— (S + 4.00%; 1.00% Floor; 4.75% PIK)	3/27/2029		-		(20,136	)		-		(6)(7)
Coding Solutions Acquisition, Inc.	Health Care Technology	Term Loan	8.71% (S + 5.00%; 0.75% Floor)	8/7/2031		8,118,968		8,074,113			8,118,968		(15)
Coding Solutions Acquisition, Inc.	Health Care Technology	Delayed Draw Term Loan	—% (S + 5.00%; 0.75% Floor)	8/7/2031		-		(4,977	)		-		(6)(7)
Coding Solutions Acquisition, Inc.	Health Care Technology	Revolver	—% (S + 5.00%; 0.75% Floor)	8/7/2031		-		(8,481	)		-		(6)(7)
Contruent Intermediate Company	Construction & Engineering	Term Loan	9.50% (S + 5.75%; 0.75% Floor)	11/14/2031		7,433,794		7,324,730			7,322,287		(15)
Contruent Intermediate Company	Construction & Engineering	Delayed Draw Term Loan	—% (S + 5.75%; 0.75% Floor)	11/14/2031		-		-			-		(6)
Contruent Intermediate Company	Construction & Engineering	Revolver	—% (S + 5.75%; 0.75% Floor)	11/14/2031		-		(8,577	)		(8,577	)	(6)(7)
Coretelligent Intermediate LLC	IT Services	Term Loan	9.69% (S + 5.75%; 1.00% Floor)	10/21/2027		6,891,073		6,858,670			6,512,064		(15)
Coretelligent Intermediate LLC	IT Services	Delayed Draw Term Loan	9.69% (S + 5.75%; 1.00% Floor)	10/21/2027		3,291,912		3,275,385			3,110,857		(15)
Coretelligent Intermediate LLC	IT Services	Revolver	10.86% (S + 5.75%; 1.00% Floor)	10/21/2027		886,495		880,302			816,842		(6)
Coupa Holdings, LLC	Software	Term Loan	9.09% (S + 5.25%; 0.75% Floor)	2/27/2030		10,458,556		10,274,550			10,458,556		(15)
Coupa Holdings, LLC	Software	Delayed Draw Term Loan	—% (S + 5.25%; 0.75% Floor)	2/27/2030		-		(7,186	)		-		(6)(7)
Coupa Holdings, LLC	Software	Revolver	—% (S + 5.25%; 0.75% Floor)	2/27/2029		-		(9,670	)		-		(6)(7)
Crewline Buyer, Inc.	IT Services	Term Loan	10.59% (S + 6.75%; 1.00% Floor)	11/8/2030		13,625,952		13,364,293			13,625,952		(15)
Crewline Buyer, Inc.	IT Services	Revolver	—% (S + 6.75%; 1.00% Floor)	11/8/2030		-		(23,890	)		-		(6)(7)

See Notes to Consolidated Financial Statements

AB Private Credit Investors Corporation

Consolidated Schedule of Investments as of December 31, 2025


Portfolio Company	Industry	Facility Type	Interest	Maturity	Funded Par Amount		Cost			Fair Value			Tickmarks
DA Blocker Corp.	Diversified Consumer Services	Term Loan	8.42% (S + 4.75%; 0.75% Floor)	2/10/2032		15,103,993		14,967,323			14,990,713		(8)(15)
DA Blocker Corp.	Diversified Consumer Services	Revolver	—% (S + 4.75%; 0.75% Floor)	2/10/2032		-		(14,236	)		(11,800	)	(6)(7)(8)
DA Blocker Corp.	Diversified Consumer Services	Delayed Draw Term Loan	—% (S + 4.75%; 0.75% Floor)	2/10/2032		-		(20,605	)		-		(6)(7)(8)
Datacor, Inc.	Chemicals	Term Loan	10.21% (S + 4.50%; 1.00% Floor; 2.00% PIK)	3/13/2029		18,042,052		17,972,673			18,042,052		(15)
Datacor, Inc.	Chemicals	Delayed Draw Term Loan	10.21% (S + 4.50%; 1.00% Floor; 2.00% PIK)	3/13/2029		6,071,492		6,043,081			6,071,492		(15)
Datacor, Inc.	Chemicals	Revolver	10.21% (S + 4.50%; 1.00% Floor; 2.00% PIK)	3/13/2029		777,223		775,550			777,223		(6)
Dearborn TopCo, LLC	Software	Revolver	9.71% (S + 6.00%; 1.00% Floor)	5/22/2029		224,013		214,358			221,913		(6)
Dearborn TopCo, LLC	Software	Term Loan	9.82% (S + 6.00%; 1.00% Floor)	5/22/2029		7,409,448		7,312,074			7,390,924		(15)
Delaware Valley Management Holdings, Inc.	Health Care Providers & Services	Term Loan	—% (S + 6.25%; 1.00% Floor)	3/31/2026		2,657,013		1,511,867			539,108		(5)(16)
Delaware Valley Management Holdings, Inc.	Health Care Providers & Services	Revolver	—% (S + 0.00%; 1.00% Floor)	3/31/2026		413,145		233,153			83,827		(5)(16)
Delaware Valley Management Holdings, Inc.	Health Care Providers & Services	Delayed Draw Term Loan	—% (S + 0.00%; 1.00% Floor)	3/31/2026		523,459		120,253			106,210		(5)(16)
Delaware Valley Management Holdings, Inc.	Health Care Providers & Services	Delayed Draw Term Loan	—% (S + 0.00%; 1.00% Floor)	3/31/2026		279,686		165,594			56,748		(5)(16)
DeLorean Purchaser, Inc.	Health Care Technology	Term Loan	8.42% (S + 4.75%; 0.75% Floor)	12/16/2031		15,944,969		15,733,118			15,865,244		(15)
DeLorean Purchaser, Inc.	Health Care Technology	Revolver	—% (S + 4.75%; 0.75% Floor)	12/16/2031		-		(30,775	)		(12,049	)	(6)(7)
Dispatchtrack, LLC	Air Freight & Logistics	Term Loan	8.31% (S + 4.50%; 1.00% Floor)	12/17/2026		9,849,936		9,826,103			9,849,936		(15)
Dispatchtrack, LLC	Air Freight & Logistics	Revolver	—% (S + 4.50%; 1.00% Floor)	12/17/2026		-		(643	)		-		(6)(7)
DLRdmv, LLC	Automobiles	Term Loan	9.02% (S + 5.25%; 1.00% Floor)	5/7/2032		6,011,044		5,954,839			5,980,989		(15)
DLRdmv, LLC	Automobiles	Delayed Draw Term Loan	—% (S + 5.25%; 1.00% Floor)	5/7/2032		-		(3,666	)		-		(6)(7)
DLRdmv, LLC	Automobiles	Revolver	—% (S + 5.25%; 1.00% Floor)	5/7/2032		-		(7,321	)		(4,028	)	(6)(7)
Dorado Buyer LLC	Software	Term Loan	9.92% (S + 2.87%; 1.00% Floor; 3.37% PIK)	2/6/2030		6,616,320		6,530,161			6,417,830		(15)
Dorado Buyer LLC	Software	Delayed Draw Term Loan	9.95% (S + 2.87%; 1.00% Floor; 3.37% PIK)	2/6/2030		55,870		42,739			43,454		(6)
Dorado Buyer LLC	Software	Revolver	9.92% (S + 2.87%; 1.00% Floor; 3.37% PIK)	2/6/2030		388,359		381,960			369,259		(6)
Duetto Research, Inc	Hotels, Restaurants & Leisure	Term Loan	9.97% (S + 1.00%; 0.75% Floor; 5.25% PIK)	6/26/2030		15,368,998		15,084,703			15,215,308		(15)
Duetto Research, Inc	Hotels, Restaurants & Leisure	Delayed Draw Term Loan	—% (S + 1.00%; 0.75% Floor)	6/26/2030		-		(10,098	)		(10,088	)	(6)(7)
Duetto Research, Inc	Hotels, Restaurants & Leisure	Revolver	—% (S + 1.00%; 0.75% Floor)	6/26/2030		-		(9,474	)		(10,088	)	(6)(7)
EAGAN PARENT, INC	Professional Services	Term Loan	7.98% (S + 4.25%; 0.50% Floor)	9/8/2032		14,257,773		14,188,899			14,186,484		(15)
EAGAN PARENT, INC	Professional Services	Delayed Draw Term Loan	—% (S + 4.25%; 0.50% Floor)	9/8/2032		-		(8,497	)		(8,911	)	(6)(7)
EAGAN PARENT, INC	Professional Services	Revolver	—% (S + 4.25%; 0.50% Floor)	9/8/2032		-		(9,071	)		(9,505	)	(6)(7)
EET Buyer, Inc.	Construction & Engineering	Term Loan	9.09% (S + 5.25%; 0.75% Floor)	11/8/2027		4,985,995		4,935,335			4,948,600		(15)
EET Buyer, Inc.	Construction & Engineering	Delayed Draw Term Loan	9.09% (S + 5.25%; 0.75% Floor)	11/8/2027		1,513,574		1,508,380			1,499,384		(6)(15)
EET Buyer, Inc.	Construction & Engineering	Term Loan	9.09% (S + 5.25%; 0.75% Floor)	11/8/2027		6,648,889		6,605,593			6,599,023		(15)
EET Buyer, Inc.	Construction & Engineering	Revolver	—% (S + 5.25%; 0.75% Floor)	11/8/2027		-		(7,937	)		(7,775	)	(6)(7)
Einstein Parent, Inc.	Software	Revolver	—% (S + 6.50%; 0.75% Floor)	1/22/2031		-		(18,042	)		(23,989	)	(6)(7)
Einstein Parent, Inc.	Software	Term Loan	10.35% (S + 6.50%; 0.75% Floor)	1/22/2031		10,306,433		10,124,488			10,074,538		(15)
Engage2Excel, Inc.	Professional Services	Term Loan	10.37% (S + 6.50%; 1.00% Floor)	7/2/2029		7,402,603		7,322,463			7,347,083		(15)

See Notes to Consolidated Financial Statements

AB Private Credit Investors Corporation

Consolidated Schedule of Investments as of December 31, 2025


Portfolio Company	Industry	Facility Type	Interest	Maturity	Funded Par Amount		Cost			Fair Value			Tickmarks
Engage2Excel, Inc.	Professional Services	Revolver	11.19% (S + 6.50%; 1.00% Floor)	7/2/2029		429,982		423,029			425,375		(6)
Exterro, Inc.	Software	Term Loan	9.02% (S + 5.25%; 1.00% Floor)	6/1/2027		2,735,931		2,727,746			2,735,931		(15)
Exterro, Inc.	Software	Revolver	—% (S + 5.25%; 1.00% Floor)	6/1/2027		-		(9,322	)		-		(6)(7)
Exterro, Inc.	Software	Term Loan	9.02% (S + 5.25%; 1.00% Floor)	6/1/2027		5,664,034		5,655,770			5,664,034		(15)
Exterro, Inc.	Software	Term Loan	9.02% (S + 5.25%; 1.00% Floor)	6/1/2027		4,393,876		4,357,322			4,393,876		(15)
Exterro, Inc.	Software	Delayed Draw Term Loan	—% (S + 5.25%; 1.00% Floor)	6/1/2027		-		(5,789	)		-		(6)(7)
Exterro, Inc.	Software	Term Loan	9.02% (S + 5.25%; 1.00% Floor)	6/1/2027		6,212,406		6,188,165			6,212,406		(15)
Firebird Midco, Inc	Automobiles	Term Loan	8.71% (S + 5.00%; 0.75% Floor)	7/18/2030		6,756,862		6,688,531			6,672,401		(15)
Firebird Midco, Inc	Automobiles	Revolver	—% (S + 5.00%; 0.75% Floor)	7/18/2030		-		(11,737	)		(15,357	)	(6)(7)
FirstDigital Communications, LLC	Diversified Telecommunication Services	Term Loan	8.33% (S + 4.25%; 0.75% Floor; 0.25% PIK)	12/17/2026		13,347,355		13,292,460			13,147,144		(15)
FirstDigital Communications, LLC	Diversified Telecommunication Services	Term Loan	8.33% (S + 4.25%; 0.75% Floor; 0.25% PIK)	12/17/2026		407,596		407,596			401,482		(15)
FirstDigital Communications, LLC	Diversified Telecommunication Services	Term Loan	—% (S + 0.00%; 0.75% Floor)	12/17/2026		34,453		-			33,937		(15)
FirstEnroll LLC	Insurance	Term Loan	8.46% (S + 4.75%; 1.00% Floor)	9/19/2031		12,499,149		12,318,613			12,374,158		(15)
FirstEnroll LLC	Insurance	Revolver	—% (S + 4.75%; 1.00% Floor)	9/19/2031		-		(10,388	)		(7,267	)	(6)(7)
Foundation Risk Partners, Corp.	Insurance	Term Loan	8.42% (S + 4.75%; 0.75% Floor)	10/29/2030		9,462,396		9,410,880			9,462,396		(15)
Foundation Risk Partners, Corp.	Insurance	Delayed Draw Term Loan	5.5% (S + 4.75%; 0.75% Floor)	10/29/2030		2,058,003		2,050,954			2,058,003		(15)
Foundation Risk Partners, Corp.	Insurance	Revolver	8.42% (S + 4.75%; 0.75% Floor)	10/29/2029		259,516		255,552			259,516		(6)
Foundation Risk Partners, Corp.	Insurance	Term Loan	8.42% (S + 4.75%; 0.75% Floor)	10/29/2030		763,493		758,436			763,493		(15)
Foundation Risk Partners, Corp.	Insurance	Delayed Draw Term Loan	5.5% (S + 4.75%; 0.75% Floor)	10/29/2030		3,085,874		3,062,613			3,085,874		(15)
FULLSTEAM OPERATIONS, LLC	Diversified Consumer Services	Term Loan	9.11% (S + 5.25%; 0.75% Floor)	8/8/2031		10,017,013		9,921,879			9,941,885		(15)
FULLSTEAM OPERATIONS, LLC	Diversified Consumer Services	Delayed Draw Term Loan	—% (S + 5.25%; 0.75% Floor)	8/8/2031		-		(15,624	)		(16,695	)	(6)(7)
FULLSTEAM OPERATIONS, LLC	Diversified Consumer Services	Revolver	—% (S + 5.25%; 0.75% Floor)	8/8/2031		-		(10,408	)		(8,348	)	(6)(7)
Fusion Holding, Corp.	Software	Term Loan	9.92% (S + 6.25%; 0.75% Floor)	9/14/2029		16,388,209		16,187,431			15,691,710		(15)
Fusion Holding, Corp.	Software	Revolver	12% (S + 5.25%; 0.75% Floor)	9/15/2027		758,556		747,794			699,940		(6)
Galway Borrower LLC	Insurance	Revolver	8.18% (S + 4.50%; 0.75% Floor)	9/29/2028		77,670		75,220			76,560		(6)
Galway Borrower LLC	Insurance	Term Loan	8.17% (S + 4.50%; 0.75% Floor)	9/29/2028		3,739,358		3,739,358			3,730,009		(15)
Galway Borrower LLC	Insurance	Delayed Draw Term Loan	8.17% (S + 4.50%; 0.75% Floor)	9/29/2028		281,142		280,849			281,142		(6)
Garnett Station Partners, LLC	Financial Services	Term Loan	9.18% (S + 5.50%; 2.00% Floor)	12/23/2031		3,811,554		3,745,128			3,744,852
Garnett Station Partners, LLC	Financial Services	Revolver	9.18% (S + 5.50%; 2.00% Floor)	12/23/2031		879,589		864,260			864,197
GH PARENT HOLDINGS INC.	Real Estate Management & Development	Delayed Draw Term Loan	8.96% (S + 5.25%; 1.00% Floor)	5/4/2029		6,078,872		6,049,006			6,018,083		(15)
GH PARENT HOLDINGS INC.	Real Estate Management & Development	Delayed Draw Term Loan	8.96% (S + 5.25%; 1.00% Floor)	5/4/2029		179,069		172,050			171,559		(6)(15)
Greenhouse Software, Inc.	Professional Services	Term Loan	9.42% (S + 5.75%; 1.00% Floor)	9/1/2028		14,507,975		14,342,245			14,507,975		(15)
Greenhouse Software, Inc.	Professional Services	Revolver	—% (S + 5.75%; 1.00% Floor)	9/1/2028		-		(6,834	)		-		(6)(7)
Greenhouse Software, Inc.	Professional Services	Term Loan	9.42% (S + 5.75%; 1.00% Floor)	9/1/2028		12,376,845		12,307,164			12,376,845		(15)
Greenhouse Software, Inc.	Professional Services	Revolver	—% (S + 5.75%; 1.00% Floor)	9/1/2028		-		(5,528	)		-		(6)(7)

See Notes to Consolidated Financial Statements

AB Private Credit Investors Corporation

Consolidated Schedule of Investments as of December 31, 2025


Portfolio Company	Industry	Facility Type	Interest	Maturity	Funded Par Amount		Cost			Fair Value			Tickmarks
Greenlight Intermediate II, Inc.	Diversified Telecommunication Services	Delayed Draw Term Loan	9.42% (S + 5.75%; 0.75% Floor)	6/1/2029		10,549,955		10,432,122			10,444,455		(15)
Greenlight Intermediate II, Inc.	Diversified Telecommunication Services	Delayed Draw Term Loan	9.42% (S + 5.75%; 0.75% Floor)	6/1/2029		1,220,305		1,184,017			1,185,439		(6)
Greenlight Intermediate II, Inc.	Diversified Telecommunication Services	Term Loan	9.42% (S + 5.75%; 0.75% Floor)	6/1/2029		5,331,605		5,284,209			5,278,289		(15)
Greenlight Intermediate II, Inc.	Diversified Telecommunication Services	Delayed Draw Term Loan	9.42% (S + 5.75%; 0.75% Floor)	6/1/2029		6,702,083		6,639,450			6,635,063		(15)
Gryphon-Redwood Acquisition LLC	Software	Term Loan	13.78% (S + 5.00%; 1.00% Floor; 5.00% PIK)	9/18/2028		4,008,474		3,965,284			3,858,157
Gryphon-Redwood Acquisition LLC	Software	Delayed Draw Term Loan	13.78% (S + 5.00%; 1.00% Floor; 5.00% PIK)	9/18/2028		1,716,063		1,661,876			1,651,711
GS AcquisitionCo, Inc.	Professional Services	Term Loan	8.92% (S + 5.25%; 1.00% Floor)	5/25/2028		9,830,528		9,808,566			9,756,799		(15)
GS AcquisitionCo, Inc.	Professional Services	Revolver	8.92% (S + 5.25%; 1.00% Floor)	5/25/2028		259,564		256,862			254,308		(6)
GS AcquisitionCo, Inc.	Professional Services	Delayed Draw Term Loan	8.92% (S + 5.25%; 0.75% Floor)	5/25/2028		119,296		118,831			119,296		(6)
Heartland PPC Buyer LLC	Commercial Services & Supplies	Term Loan	8.42% (S + 4.75%; 0.75% Floor)	12/12/2029		5,552,856		5,474,327			5,497,327		(15)
Heartland PPC Buyer LLC	Commercial Services & Supplies	Revolver	10.5% (S + 4.75%; 0.75% Floor)	12/12/2029		18,772		927			4,693		(6)
Heartland PPC Buyer LLC	Commercial Services & Supplies	Delayed Draw Term Loan	8.45% (S + 4.75%; 0.75% Floor)	12/12/2029		1,867,803		1,851,274			1,849,125		(15)
Heartland PPC Buyer LLC	Commercial Services & Supplies	Delayed Draw Term Loan	8.48% (S + 4.75%; 0.75% Floor)	12/12/2029		33,908		24,243			24,078		(6)
Heartland PPC Buyer LLC	Commercial Services & Supplies	Term Loan	8.42% (S + 4.75%; 0.75% Floor)	12/12/2029		610,615		604,713			604,508
HIG Operations Holdings, INC	Insurance	Term Loan	8.21% (S + 4.50%; 1.00% Floor)	6/11/2031		11,043,577		11,043,577			11,043,577		(15)
HireVue, Inc.	Professional Services	Term Loan	10.59% (S + 6.75%; 1.00% Floor)	5/3/2029		12,675,559		12,469,519			11,503,070		(15)
HireVue, Inc.	Professional Services	Revolver	10.56% (S + 6.75%; 1.00% Floor)	5/3/2029		1,646,176		1,622,780			1,493,905
HITRUST Services, LLC	Health Care Technology	Term Loan	8.17% (S + 4.50%; 0.75% Floor)	3/15/2032		10,281,308		10,187,278			10,178,495		(15)
HITRUST Services, LLC	Health Care Technology	Revolver	—% (S + 4.50%; 0.75% Floor)	3/14/2031		-		(21,016	)		(24,191	)	(6)(7)
Honor HN Buyer, Inc.	Health Care Providers & Services	Delayed Draw Term Loan	9.57% (S + 5.75%; 1.00% Floor)	10/15/2027		3,908,646		3,860,702			3,908,646		(6)(15)
Honor HN Buyer, Inc.	Health Care Providers & Services	Delayed Draw Term Loan	—% (S + 5.75%; 1.00% Floor)	10/15/2027		-		(10,904	)		-		(6)(7)
Honor HN Buyer, Inc.	Health Care Providers & Services	Term Loan	9.57% (S + 5.75%; 1.00% Floor)	10/15/2027		2,537,563		2,521,889			2,537,563		(15)
Honor HN Buyer, Inc.	Health Care Providers & Services	Delayed Draw Term Loan	9.57% (S + 5.75%; 1.00% Floor)	10/15/2027		1,604,848		1,595,007			1,604,848		(15)
Honor HN Buyer, Inc.	Health Care Providers & Services	Revolver	11.5% (S + 5.75%; 1.00% Floor)	10/15/2027		38,012		36,143			38,012		(6)
Honor HN Buyer, Inc.	Health Care Providers & Services	Delayed Draw Term Loan	9.57% (S + 5.75%; 1.00% Floor)	10/15/2027		2,385,132		2,367,181			2,385,132		(15)
Joink, LLC	Diversified Telecommunication Services	Revolver	—% (S + 5.00%; 1.00% Floor)	10/4/2030		-		(8,719	)		(5,458	)	(6)(7)
Joink, LLC	Diversified Telecommunication Services	Delayed Draw Term Loan	8.71% (S + 5.00%; 1.00% Floor)	10/4/2030		4,664,339		4,584,971			4,621,914		(6)(15)
Joink, LLC	Diversified Telecommunication Services	Term Loan	8.71% (S + 5.00%; 1.00% Floor)	10/4/2030		10,212,907		10,087,562			10,136,310		(15)
JS Parent, Inc.	Software	Term Loan	8.59% (S + 4.75%; 0.75% Floor)	4/24/2031		5,391,415		5,369,338			5,391,415		(15)
JS Parent, Inc.	Software	Revolver	—% (S + 4.75%; 0.75% Floor)	4/24/2031		-		(2,014	)		-		(6)(7)
Juniper Square, Inc.	Financial Services	Term Loan	8.53% (S + 4.75%; 0.75% Floor)	11/6/2031		12,035,566		11,916,280			11,915,210		(15)
Juniper Square, Inc.	Financial Services	Revolver	—% (S + 4.75%; 0.75% Floor)	11/6/2031		-		(11,728	)		(12,036	)	(6)(7)
Juniper Square, Inc.	Financial Services	Delayed Draw Term Loan	—% (S + 4.75%; 0.75% Floor)	11/6/2031		-		(26,388	)		(27,080	)	(6)(7)
Juniper Square, Inc.	Financial Services	Delayed Draw Term Loan	—% (S + 4.75%; 0.75% Floor)	11/6/2031		-		-			-		(6)
Kalkomey Borrower, LLC	Leisure Products	Term Loan	8.67% (S + 5.00%; 1.00% Floor)	6/18/2031		9,040,249		8,923,164			8,949,847		(15)

See Notes to Consolidated Financial Statements

AB Private Credit Investors Corporation

Consolidated Schedule of Investments as of December 31, 2025


Portfolio Company	Industry	Facility Type	Interest	Maturity	Funded Par Amount		Cost			Fair Value			Tickmarks
Kalkomey Borrower, LLC	Leisure Products	Delayed Draw Term Loan	—% (S + 5.00%; 1.00% Floor)	6/18/2031		-		(10,786	)		(9,155	)	(6)(7)
Kalkomey Borrower, LLC	Leisure Products	Revolver	—% (S + 5.00%; 1.00% Floor)	6/18/2031		-		(17,272	)		(14,647	)	(6)(7)
KPA Parent Holdings, Inc	Automobiles	Term Loan	8.21% (S + 4.50%; 0.75% Floor)	3/12/2032		10,361,803		10,269,566			10,361,803		(15)
KPA Parent Holdings, Inc	Automobiles	Delayed Draw Term Loan	—% (S + 4.50%; 0.75% Floor)	3/12/2032		-		(6,581	)		-		(6)(7)
KPA Parent Holdings, Inc	Automobiles	Revolver	—% (S + 4.50%; 0.75% Floor)	3/12/2032		-		(9,216	)		-		(6)(7)
Krispy Krunchy Foods, L.L.C.	Food Products	Term Loan	8.31% (S + 4.50%; 1.00% Floor)	11/17/2027		4,686,021		4,655,764			4,686,021		(15)
Last Dance Intermediate I(c), LLC	Diversified Telecommunication Services	Term Loan	8.96% (S + 5.25%; 0.75% Floor)	3/31/2031		8,442,703		8,328,138			8,421,596		(15)
Last Dance Intermediate I(c), LLC	Diversified Telecommunication Services	Delayed Draw Term Loan	8.96% (S + 5.25%; 0.75% Floor)	3/31/2031		1,806,930		1,759,963			1,806,930		(6)(15)
Last Dance Intermediate I(c), LLC	Diversified Telecommunication Services	Revolver	—% (S + 5.25%; 0.75% Floor)	3/31/2031		-		(19,044	)		(4,301	)	(6)(7)
Last Dance Intermediate I(c), LLC	Diversified Telecommunication Services	Term Loan	8.96% (S + 5.25%; 0.75% Floor)	3/31/2031		8,221,280		8,145,891			8,200,727		(15)
LeadVenture, Inc.	Automobile Components	Term Loan	8.92% (S + 4.75%; 0.75% Floor)	6/23/2032		19,272,188		18,998,692			19,272,188		(15)
LeadVenture, Inc.	Automobile Components	Delayed Draw Term Loan	8.92% (S + 4.75%; 0.75% Floor)	6/23/2032		1,211,395		1,177,409			1,211,395		(6)
LeadVenture, Inc.	Automobile Components	Revolver	8.57% (S + 4.75%; 0.75% Floor)	6/23/2032		368,009		342,430			368,009		(6)
Level Data, LLC	Software	Term Loan	9.32% (S + 5.50%; 0.75% Floor)	3/5/2031		7,468,997		7,402,012			7,394,307		(15)
Level Data, LLC	Software	Delayed Draw Term Loan	—% (S + 5.50%; 0.75% Floor)	3/5/2031		-		(10,411	)		(12,023	)	(6)(7)
Level Data, LLC	Software	Revolver	9.32% (S + 5.50%; 0.75% Floor)	3/5/2031		480,905		473,018			471,888		(6)(15)
LivTech Purchaser, Inc.	Health Care Providers & Services	Term Loan	8.67% (S + 5.00%; 0.75% Floor)	11/24/2031		6,997,646		6,937,083			6,945,163		(15)
LivTech Purchaser, Inc.	Health Care Providers & Services	Delayed Draw Term Loan	8.85% (S + 5.00%; 0.75% Floor)	11/24/2031		6,429,837		6,367,534			6,369,857		(6)(15)
LivTech Purchaser, Inc.	Health Care Providers & Services	Revolver	—% (S + 5.00%; 0.75% Floor)	11/24/2031		-		(16,930	)		(14,995	)	(6)(7)
Lotus HPI Buyer, Inc	Health Care Technology	Term Loan	10.46% (S + 6.25%; 1.00% Floor)	1/21/2030		12,339,679		12,109,751			10,889,767		(15)
Lotus HPI Buyer, Inc	Health Care Technology	Delayed Draw Term Loan	—% (S + 6.25%; 1.00% Floor)	1/21/2030		-		(32,038	)		(395,623	)	(6)(7)
Lotus HPI Buyer, Inc	Health Care Technology	Revolver	10.23% (S + 6.25%; 1.00% Floor)	1/21/2030		1,883,921		1,851,966			1,662,560
Magaya Corporation	Air Freight & Logistics	Term Loan	9.42% (S + 0.00%; 0.75% Floor; 5.75% PIK)	7/26/2030		3,739,718		3,709,431			3,664,924		(15)
Magaya Corporation	Air Freight & Logistics	Delayed Draw Term Loan	9.42% (S + 0.00%; 0.75% Floor; 5.75% PIK)	7/26/2030		144,290		134,338			107,403		(6)(15)
Magaya Corporation	Air Freight & Logistics	Revolver	11.5% (S + 0.00%; 0.75% Floor; 4.75% PIK)	7/26/2030		682,497		674,985			663,933		(6)
Mastery Acquisition Corp.	Diversified Consumer Services	Term Loan	8.92% (S + 5.25%; 1.00% Floor)	9/7/2029		6,565,889		6,565,889			6,565,889		(15)
Mastery Acquisition Corp.	Diversified Consumer Services	Revolver	—% (S + 5.25%; 1.00% Floor)	9/7/2029		-		-			-		(6)
Mastery Acquisition Corp.	Diversified Consumer Services	Delayed Draw Term Loan	—% (S + 5.25%; 1.00% Floor)	9/7/2029		-		(4,158	)		-		(6)(7)
Mavenlink, Inc.	Professional Services	Term Loan	9.49% (S + 5.50%; 0.75% Floor)	6/1/2029		12,997,483		12,847,519			12,672,546		(15)
Mavenlink, Inc.	Professional Services	Revolver	9.36% (S + 5.50%; 0.75% Floor)	6/1/2029		1,231,782		1,221,403			1,183,089		(6)
MBS Holdings, Inc.	Diversified Telecommunication Services	Revolver	—% (S + 5.00%; 1.00% Floor)	4/16/2027		-		(4,295	)		(2,435	)	(6)(7)
MBS Holdings, Inc.	Diversified Telecommunication Services	Term Loan	8.92% (S + 5.00%; 1.00% Floor)	4/16/2027		771,363		763,015			769,434		(15)
MBS Holdings, Inc.	Diversified Telecommunication Services	Term Loan	8.92% (S + 5.00%; 1.00% Floor)	4/16/2027		820,552		810,903			818,501		(15)
MBS Holdings, Inc.	Diversified Telecommunication Services	Term Loan	8.92% (S + 5.00%; 1.00% Floor)	4/16/2027		357,998		355,648			357,103		(15)
MBS Holdings, Inc.	Diversified Telecommunication Services	Term Loan	8.92% (S + 5.00%; 1.00% Floor)	4/16/2027		10,047,581		10,000,685			10,022,462		(15)

See Notes to Consolidated Financial Statements

AB Private Credit Investors Corporation

Consolidated Schedule of Investments as of December 31, 2025


Portfolio Company	Industry	Facility Type	Interest	Maturity	Funded Par Amount		Cost			Fair Value			Tickmarks
MedBridge Holdings, LLC	Health Care Technology	Term Loan	8.21% (S + 4.50%; 1.00% Floor)	12/23/2026		11,917,944		11,874,730			11,917,944		(15)
MedBridge Holdings, LLC	Health Care Technology	Revolver	—% (S + 4.50%; 1.00% Floor)	12/23/2026		-		(4,568	)		-		(6)(7)
MedBridge Holdings, LLC	Health Care Technology	Term Loan	8.21% (S + 4.50%; 1.00% Floor)	12/23/2026		755,623		752,317			755,623		(15)
MediaLab Solutions, LLC	Health Care Technology	Term Loan	8.71% (S + 5.00%; 0.75% Floor)	8/11/2031		7,848,102		7,773,416			7,769,621		(15)
MediaLab Solutions, LLC	Health Care Technology	Revolver	—% (S + 5.00%; 0.75% Floor)	8/11/2031		-		(7,206	)		(7,698	)	(6)(7)
Medical Management Resource Group, L.L.C.	Health Care Providers & Services	Term Loan	9.52% (S + 5.75%; 0.75% Floor)	9/30/2027		3,696,202		3,673,387			3,659,240		(15)
Medical Management Resource Group, L.L.C.	Health Care Providers & Services	Delayed Draw Term Loan	9.52% (S + 5.75%; 0.75% Floor)	9/30/2027		1,526,702		1,510,720			1,511,435		(15)
Medical Management Resource Group, L.L.C.	Health Care Providers & Services	Revolver	9.53% (S + 5.75%; 0.75% Floor)	9/30/2026		126,566		125,593			123,402		(6)
MedMark Services, Inc.	Health Care Providers & Services	Term Loan	—% (S + 5.00%; 1.00% Floor)	6/11/2027		4,602,056		4,589,747			3,831,212		(16)
MedMark Services, Inc.	Health Care Providers & Services	Delayed Draw Term Loan	—% (S + 5.00%; 1.00% Floor)	6/11/2027		3,813,418		3,801,678			3,174,670		(16)
Medsuite Purchaser, LLC (FKA Millin Purchaser, LLC)	Health Care Technology	Term Loan	8.81% (S + 5.00%; 1.00% Floor)	10/22/2026		7,655,473		7,628,652			7,636,334		(15)
Medsuite Purchaser, LLC (FKA Millin Purchaser, LLC)	Health Care Technology	Revolver	—% (S + 5.00%; 1.00% Floor)	10/22/2026		-		(1,680	)		(1,701	)	(6)(7)
Medsuite Purchaser, LLC (FKA Millin Purchaser, LLC)	Health Care Technology	Delayed Draw Term Loan	8.81% (S + 5.00%; 1.00% Floor)	10/22/2026		1,300,240		1,295,901			1,296,989		(15)
Mist Holding Co.	Health Care Technology	Term Loan	8.92% (S + 5.25%; 0.75% Floor)	12/23/2030		4,836,131		4,794,218			4,836,131		(15)
Mist Holding Co.	Health Care Technology	Delayed Draw Term Loan	9.09% (S + 5.25%; 0.75% Floor)	12/23/2030		2,714,386		2,691,793			2,714,386		(15)
Mist Holding Co.	Health Care Technology	Revolver	8.93% (S + 5.25%; 0.75% Floor)	12/23/2030		301,598		291,145			301,598		(6)
Mist Holding Co.	Health Care Technology	Delayed Draw Term Loan	—% (S + 5.25%; 0.75% Floor)	12/23/2030		-		(11,838	)		-		(6)(7)
MMP Intermediate, LLC	Hotels, Restaurants & Leisure	Term Loan	9.58% (S + 5.75%; 1.00% Floor)	2/15/2029		1,963,984		1,937,543			1,963,984		(15)
MMP Intermediate, LLC	Hotels, Restaurants & Leisure	Term Loan	9.58% (S + 5.75%; 1.00% Floor)	2/15/2029		7,688,974		7,644,888			7,688,974		(15)
MMP Intermediate, LLC	Hotels, Restaurants & Leisure	Revolver	—% (S + 5.75%; 1.00% Floor)	2/15/2029		-		(2,542	)		-		(6)(7)
Moon Buyer, Inc.	Software	Revolver	—% (S + 4.75%; 0.75% Floor)	4/21/2031		-		(7,489	)		-		(6)(7)
Moon Buyer, Inc.	Software	Term Loan	8.42% (S + 4.75%; 0.75% Floor)	4/21/2031		16,090,295		16,012,920			16,090,295		(15)
Moon Buyer, Inc.	Software	Delayed Draw Term Loan	8.42% (S + 4.75%; 0.75% Floor)	4/21/2031		564,440		563,375			564,440		(15)
Mr. Greens Intermediate, LLC	Food Products	Term Loan	9.70% (S + 5.75%; 1.00% Floor)	5/1/2031		6,154,526		6,043,437			6,154,526		(15)
Mr. Greens Intermediate, LLC	Food Products	Delayed Draw Term Loan	9.71% (S + 5.75%; 1.00% Floor)	5/1/2031		543,577		498,951			543,577		(6)
Mr. Greens Intermediate, LLC	Food Products	Revolver	9.65% (S + 5.75%; 1.00% Floor)	5/1/2031		537,047		515,420			537,047		(6)
Mr. Greens Intermediate, LLC	Food Products	Term Loan	9.70% (S + 5.75%; 1.00% Floor)	5/1/2031		1,445,480		1,425,377			1,445,480		(15)
MSM Acquisitions, Inc.	Media	Term Loan	9.82% (S + 6.00%; 1.00% Floor)	12/9/2026		8,377,385		8,330,168			6,890,399		(15)
MSM Acquisitions, Inc.	Media	Delayed Draw Term Loan	9.82% (S + 6.00%; 1.00% Floor)	12/9/2026		3,065,881		3,052,582			2,521,687
MSM Acquisitions, Inc.	Media	Revolver	9.81% (S + 6.00%; 1.00% Floor)	12/9/2026		1,282,363		1,235,703			1,054,744
MSM Acquisitions, Inc.	Media	Delayed Draw Term Loan	9.82% (S + 6.00%; 1.00% Floor)	12/9/2026		375,818		374,481			309,110
MSP Global Holdings, Inc.	Technology Hardware, Storage & Peripherals	Term Loan	9.31% (S + 5.50%; 1.00% Floor)	4/9/2029		8,643,618		8,520,616			8,513,964		(15)
MSP Global Holdings, Inc.	Technology Hardware, Storage & Peripherals	Delayed Draw Term Loan	—% (S + 5.50%; 1.00% Floor)	4/9/2029		-		(15,992	)		(18,178	)	(6)(7)
MSP Global Holdings, Inc.	Technology Hardware, Storage & Peripherals	Term Loan	9.49% (S + 5.50%; 1.00% Floor)	4/9/2029		7,633,189		7,590,831			7,518,691		(15)

See Notes to Consolidated Financial Statements

AB Private Credit Investors Corporation

Consolidated Schedule of Investments as of December 31, 2025


Portfolio Company	Industry	Facility Type	Interest	Maturity	Funded Par Amount		Cost			Fair Value			Tickmarks
MSP Global Holdings, Inc.	Technology Hardware, Storage & Peripherals	Delayed Draw Term Loan	9.31% (S + 5.50%; 1.00% Floor)	4/9/2029		596,289		592,870			587,345		(15)
MSP Global Holdings, Inc.	Technology Hardware, Storage & Peripherals	Revolver	9.31% (S + 5.50%; 1.00% Floor)	4/9/2029		602,716		591,696			575,485		(6)
MyKaarma Acquisition LLC	Automobiles	Term Loan	8.35% (S + 4.50%; 0.75% Floor)	12/24/2030		8,906,050		8,835,700			8,906,050		(15)
MyKaarma Acquisition LLC	Automobiles	Revolver	—% (S + 4.50%; 0.75% Floor)	12/24/2030		-		(8,918	)		-		(6)(7)
Nasuni Corporation	Software	Term Loan	8.67% (S + 5.00%; 0.75% Floor)	9/10/2030		12,575,067		12,414,034			12,417,879		(15)
Nasuni Corporation	Software	Revolver	—% (S + 5.00%; 0.75% Floor)	9/10/2030		-		(30,853	)		(32,748	)	(6)(7)
Navigate360, LLC	Diversified Consumer Services	Term Loan	9.31% (S + 5.50%; 1.00% Floor)	3/17/2027		1,058,980		1,051,993			1,053,686		(15)
Navigate360, LLC	Diversified Consumer Services	Delayed Draw Term Loan	9.31% (S + 5.50%; 1.00% Floor)	3/17/2027		2,015,566		2,002,990			2,005,488		(15)
Navigate360, LLC	Diversified Consumer Services	Term Loan	9.31% (S + 5.50%; 1.00% Floor)	3/17/2027		3,830,589		3,808,334			3,811,436		(15)
Navigate360, LLC	Diversified Consumer Services	Delayed Draw Term Loan	9.31% (S + 5.50%; 1.00% Floor)	3/17/2027		1,753,792		1,747,596			1,745,024		(15)
Navigate360, LLC	Diversified Consumer Services	Revolver	—% (S + 5.50%; 1.00% Floor)	3/17/2027		-		(3,115	)		(3,021	)	(6)(7)
Navigate360, LLC	Diversified Consumer Services	Term Loan	9.31% (S + 5.50%; 1.00% Floor)	3/17/2027		2,197,651		2,183,545			2,186,663		(15)
NC Topco, LLC	Banks	Term Loan	8.21% (S + 4.50%; 0.75% Floor)	9/1/2031		11,321,430		11,230,277			11,321,430		(15)
NC Topco, LLC	Banks	Revolver	—% (S + 4.50%; 0.75% Floor)	9/1/2031		-		(10,524	)		-		(6)(7)
NC Topco, LLC	Banks	Delayed Draw Term Loan	—% (S + 4.50%; 0.75% Floor)	8/29/2031		-		(13,149	)		-		(6)(7)
Netwrix Corporation	Software	Term Loan	8.58% (S + 4.50%; 0.75% Floor)	6/11/2029		12,296,373		12,284,404			12,265,633		(15)
Netwrix Corporation	Software	Revolver	—% (S + 4.50%; 0.75% Floor)	6/11/2029		-		(1,261	)		(1,937	)	(6)(7)
Netwrix Corporation	Software	Delayed Draw Term Loan	8.32% (S + 4.50%; 0.75% Floor)	6/11/2029		88,028		82,963			88,028		(6)
Netwrix Corporation	Software	Term Loan	8.32% (S + 4.50%; 0.75% Floor)	6/11/2029		203,209		203,209			202,701		(15)
Next Holdco, LLC	Health Care Technology	Term Loan	9.09% (S + 5.25%; 0.75% Floor)	11/12/2030		9,122,623		9,017,001			8,962,977		(15)
Next Holdco, LLC	Health Care Technology	Revolver	—% (S + 5.25%; 0.75% Floor)	11/9/2029		-		(8,673	)		(15,637	)	(6)(7)
OPOC Acquisition, LLC	Insurance	Revolver	—% (S + 5.00%; 1.00% Floor)	12/20/2030		-		(7,852	)		(6,060	)	(6)(7)
OPOC Acquisition, LLC	Insurance	Delayed Draw Term Loan	8.87% (S + 5.00%; 1.00% Floor)	12/20/2030		181,796		171,219			178,009		(6)
OPOC Acquisition, LLC	Insurance	Term Loan	8.98% (S + 5.00%; 1.00% Floor)	12/20/2030		6,495,580		6,411,326			6,430,624		(15)
Pace Health Companies, LLC	Health Care Providers & Services	Term Loan	9.07% (S + 5.25%; 1.00% Floor)	8/2/2027		4,981,498		4,981,498			4,981,498		(15)
Pace Health Companies, LLC	Health Care Providers & Services	Revolver	—% (S + 5.25%; 1.00% Floor)	8/2/2027		-		-			-		(6)
Pace Health Companies, LLC	Health Care Providers & Services	Term Loan	9.32% (S + 5.50%; 1.00% Floor)	8/2/2027		1,355,372		1,355,372			1,355,372		(15)
Pace Health Companies, LLC	Health Care Providers & Services	Delayed Draw Term Loan	9.07% (S + 5.25%; 1.00% Floor)	8/2/2027		191,217		191,217			191,217		(6)
Pace Health Companies, LLC	Health Care Providers & Services	Delayed Draw Term Loan	—% (S + 5.25%; 1.00% Floor)	8/2/2027		-		(13,834	)		-		(6)(7)
Pamlico Avant Holdings, L.P.	Diversified Telecommunication Services	Term Loan	8.17% (S + 4.50%; 0.75% Floor)	12/31/2032		16,333,655		16,170,344			16,170,319		(15)
Pamlico Avant Holdings, L.P.	Diversified Telecommunication Services	Revolver	8.17% (S + 4.50%; 0.75% Floor)	12/31/2032		220,924		198,840			198,832		(6)
Patriot Acquireco L.L.C.	Hotels, Restaurants & Leisure	Term Loan	8.17% (S + 4.50%; 0.75% Floor)	9/7/2032		12,727,998		12,605,577			12,600,718		(15)
Patriot Acquireco L.L.C.	Hotels, Restaurants & Leisure	Revolver	8.17% (S + 4.50%; 0.75% Floor)	9/3/2032		255,198		243,003			242,438		(6)
PDI TA Holdings, Inc	Specialty Retail	Term Loan	9.34% (S + 5.50%; 0.75% Floor)	2/3/2031		11,708,397		11,646,648			11,532,771		(15)
PDI TA Holdings, Inc	Specialty Retail	Revolver	9.33% (S + 5.50%; 0.75% Floor)	2/3/2031		691,955		685,062			677,801		(6)

See Notes to Consolidated Financial Statements

AB Private Credit Investors Corporation

Consolidated Schedule of Investments as of December 31, 2025


Portfolio Company	Industry	Facility Type	Interest	Maturity	Funded Par Amount		Cost			Fair Value			Tickmarks
Penn TRGRP Holdings LLC	Capital Markets	Term Loan	11.42% (S + 1.75%; 0.75% Floor; 6.00% PIK)	9/27/2030		7,281,745		7,159,739			6,954,066		(15)
Penn TRGRP Holdings LLC	Capital Markets	Revolver	16.42% (S + 6.75%; 0.75% Floor; 6.00% PIK)	9/27/2030		579,890		565,549			532,444		(6)
Penn TRGRP Holdings LLC	Capital Markets	Delayed Draw Term Loan	11.42% (S + 1.75%; 0.75% Floor; 6.00% PIK)	9/27/2030		571,783		571,783			524,058		(6)(15)
Pharmalogic Holdings Corp	Pharmaceuticals	Term Loan	8.71% (S + 5.00%; 1.00% Floor)	6/21/2030		20,327,514		20,078,854			20,327,514		(15)
Pharmalogic Holdings Corp	Pharmaceuticals	Delayed Draw Term Loan	8.71% (S + 5.00%; 1.00% Floor)	6/21/2030		1,386,922		1,340,029			1,386,922		(6)(15)
Pieper Memorial, LLC	Health Care Providers & Services	Term Loan	8.86% (S + 5.00%; 1.00% Floor)	11/2/2028		2,030,866		2,012,151			2,030,866		(15)
Pieper Memorial, LLC	Health Care Providers & Services	Delayed Draw Term Loan	8.86% (S + 5.00%; 1.00% Floor)	11/2/2028		6,860,976		6,799,453			6,860,976		(6)(15)
Pieper Memorial, LLC	Health Care Providers & Services	Term Loan	8.86% (S + 5.00%; 1.00% Floor)	11/2/2028		1,001,946		993,236			1,001,946		(15)
Pieper Memorial, LLC	Health Care Providers & Services	Delayed Draw Term Loan	—% (S + 5.00%; 1.00% Floor)	11/2/2028		-		(43,806	)		-		(6)(7)
Pieper Memorial, LLC	Health Care Providers & Services	Revolver	—% (S + 5.00%; 1.00% Floor)	11/2/2028		-		(9,345	)		-		(6)(7)
Pinnacle Treatment Centers, Inc.	Health Care Providers & Services	Term Loan	9.66% (S + 5.75%; 1.00% Floor)	1/4/2027		5,056,621		5,049,532			4,942,847		(15)
Pinnacle Treatment Centers, Inc.	Health Care Providers & Services	Revolver	11.74% (S + 5.75%; 1.00% Floor)	1/4/2027		210,900		210,892			197,059		(6)
Pinnacle Treatment Centers, Inc.	Health Care Providers & Services	Term Loan	9.66% (S + 5.75%; 1.00% Floor)	1/4/2027		278,178		278,172			271,919		(15)
Pinnacle Treatment Centers, Inc.	Health Care Providers & Services	Term Loan	9.66% (S + 5.75%; 1.00% Floor)	1/4/2027		376,826		375,199			368,347		(15)
Pinnacle Treatment Centers, Inc.	Health Care Providers & Services	Delayed Draw Term Loan	9.57% (S + 5.75%; 1.00% Floor)	1/4/2027		333,089		333,094			325,595		(15)
Pinnacle Treatment Centers, Inc.	Health Care Providers & Services	Term Loan	9.57% (S + 5.75%; 1.00% Floor)	1/4/2027		143,478		143,477			140,250		(15)
Point Quest Group, Inc	Health Care Providers & Services	Term Loan	8.59% (S + 4.75%; 0.75% Floor)	11/13/2031		17,245,746		17,074,525			17,073,289		(15)
Point Quest Group, Inc	Health Care Providers & Services	Delayed Draw Term Loan	—% (S + 4.75%; 0.75% Floor)	11/13/2031		-		(12,771	)		(13,065	)	(6)(7)
Point Quest Group, Inc	Health Care Providers & Services	Revolver	—% (S + 4.75%; 0.75% Floor)	11/13/2031		-		(15,326	)		(15,678	)	(6)(7)
Priority OnDemand Midco 2, L.P.	Health Care Equipment & Supplies	Term Loan	9.13% (S + 5.25%; 1.00% Floor)	7/17/2028		7,389,346		7,333,022			7,389,346		(15)
Priority OnDemand Midco 2, L.P.	Health Care Equipment & Supplies	Delayed Draw Term Loan	9.13% (S + 5.25%; 1.00% Floor)	7/17/2028		175,695		164,718			175,695		(6)
QualDerm Partners, LLC	Health Care Providers & Services	Term Loan	9.83% (S + 3.25%; 0.75% Floor; 2.75% PIK)	12/8/2028		5,921,121		5,794,258			5,565,853		(15)
QualDerm Partners, LLC	Health Care Providers & Services	Delayed Draw Term Loan	12.01% (S + 6.00%; 0.75% Floor; 2.75% PIK)	12/8/2028		686,155		655,400			644,985
QualDerm Partners, LLC	Health Care Providers & Services	Revolver	8.05% (S + 4.00%; 0.75% Floor)	12/8/2026		115,220		112,444			108,499		(6)
Quest Analytics Inc.	Health Care Technology	Term Loan	8.11% (S + 4.25%; 0.50% Floor)	11/10/2032		15,505,772		15,429,312			15,428,243		(15)
Quest Analytics Inc.	Health Care Technology	Delayed Draw Term Loan	—% (S + 4.25%; 0.50% Floor)	11/10/2032		-		(16,817	)		(17,227	)	(6)(7)
Quest Analytics Inc.	Health Care Technology	Revolver	—% (S + 4.25%; 0.50% Floor)	11/10/2032		-		(13,453	)		(13,782	)	(6)(7)
Quirch Foods Holdings, LLC	Food Products	Term Loan	10.34% (S + 6.50%; 1.00% Floor)	11/12/2030		10,009,937		9,910,917			9,909,838		(15)
Quirch Foods Holdings, LLC	Food Products	Delayed Draw Term Loan	—% (S + 6.50%; 1.00% Floor)	11/12/2030		-		(5,111	)		(5,178	)	(6)(7)
Race Finco, LLC	Diversified Telecommunication Services	Term Loan	9.55% (S + 5.75%; 1.00% Floor)	8/16/2029		9,178,206		9,074,184			8,994,641		(15)
Race Finco, LLC	Diversified Telecommunication Services	Revolver	—% (S + 5.75%; 1.00% Floor)	8/16/2029		-		(7,581	)		(12,196	)	(6)(7)
Race Finco, LLC	Diversified Telecommunication Services	Delayed Draw Term Loan	9.46% (S + 5.75%; 1.00% Floor)	8/16/2029		5,019,680		4,925,466			4,890,953		(6)(15)
Ranger Buyer, Inc.	Commercial Services & Supplies	Term Loan	8.42% (S + 4.75%; 0.75% Floor)	11/20/2028		15,134,289		14,994,092			15,134,289		(15)
Ranger Buyer, Inc.	Commercial Services & Supplies	Revolver	—% (S + 4.75%; 0.75% Floor)	11/18/2027		-		(7,745	)		-		(6)(7)
RCP Encore Acquisition, Inc.	Health Care Providers & Services	Term Loan	—% (S + 5.00%; 1.00% Floor)	3/31/2026		2,835,239		2,767,781			28,352		(16)

See Notes to Consolidated Financial Statements

AB Private Credit Investors Corporation

Consolidated Schedule of Investments as of December 31, 2025


Portfolio Company	Industry	Facility Type	Interest	Maturity	Funded Par Amount		Cost			Fair Value			Tickmarks
Redwood Family Care Network, Inc.	Health Care Providers & Services	Revolver	—% (S + 5.50%; 1.00% Floor)	6/19/2028		-		(1,116	)		-		(6)(7)
Redwood Family Care Network, Inc.	Health Care Providers & Services	Term Loan	9.17% (S + 5.50%; 1.00% Floor)	6/20/2028		10,181,806		10,148,577			10,181,806		(15)
Redwood Family Care Network, Inc.	Health Care Providers & Services	Delayed Draw Term Loan	9.17% (S + 5.50%; 1.00% Floor)	6/19/2028		5,653,186		5,642,393			5,653,186		(15)
Redwood Family Care Network, Inc.	Health Care Providers & Services	Delayed Draw Term Loan	9.17% (S + 5.50%; 1.00% Floor)	6/19/2028		4,238,327		4,216,247			4,238,327		(15)
REP TEC Intermediate Holdings, Inc.	Professional Services	Term Loan	8.42% (S + 4.75%; 1.00% Floor)	5/30/2031		20,862,153		20,729,349			20,809,998		(15)
REP TEC Intermediate Holdings, Inc.	Professional Services	Revolver	—% (S + 4.75%; 1.00% Floor)	5/30/2031		-		(14,505	)		(6,128	)	(6)(7)
Ridge Trail US Bidco, Inc.	Capital Markets	Term Loan	8.37% (S + 4.50%; 0.75% Floor)	9/30/2031		6,396,204		6,313,403			6,396,204		(8)(15)
Ridge Trail US Bidco, Inc.	Capital Markets	Delayed Draw Term Loan	—% (S + 4.50%; 0.75% Floor)	9/30/2031		-		(13,806	)		-		(6)(7)(8)
Ridge Trail US Bidco, Inc.	Capital Markets	Revolver	8.37% (S + 4.50%; 0.75% Floor)	3/30/2031		200,508		191,452			200,508		(6)(8)
Saab Purchaser, Inc.	Banks	Term Loan	8.42% (S + 4.75%; 0.75% Floor)	11/12/2031		19,070,216		18,902,117			19,070,216		(15)
Saab Purchaser, Inc.	Banks	Delayed Draw Term Loan	8.42% (S + 4.75%; 0.75% Floor)	11/12/2031		5,149,152		5,103,897			5,149,152		(15)
Saab Purchaser, Inc.	Banks	Revolver	—% (S + 4.75%; 0.75% Floor)	11/12/2031		-		(22,823	)		-		(6)(7)
Saab Purchaser, Inc.	Banks	Term Loan	8.42% (S + 4.75%; 0.75% Floor)	11/12/2031		916,717		907,871			916,717		(15)
Saab Purchaser, Inc.	Banks	Delayed Draw Term Loan	—% (S + 4.75%; 0.75% Floor)	11/12/2031		-		(4,239	)		-		(6)(7)
Sako and Partners Lower Holdings LLC	Real Estate Management & Development	Delayed Draw Term Loan	8.17% (S + 4.50%; 1.00% Floor)	9/15/2028		3,931,789		3,885,277			3,931,789		(15)
Sako and Partners Lower Holdings LLC	Real Estate Management & Development	Term Loan	8.17% (S + 4.50%; 1.00% Floor)	9/15/2028		1,665,857		1,644,410			1,665,857		(15)
Sako and Partners Lower Holdings LLC	Real Estate Management & Development	Term Loan	8.17% (S + 4.50%; 1.00% Floor)	9/15/2028		382,674		379,264			382,674		(15)
Sako and Partners Lower Holdings LLC	Real Estate Management & Development	Term Loan	8.17% (S + 4.50%; 1.00% Floor)	9/15/2028		16,974,853		16,752,715			16,974,853		(15)
Sako and Partners Lower Holdings LLC	Real Estate Management & Development	Delayed Draw Term Loan	8.17% (S + 4.50%; 1.00% Floor)	9/15/2028		3,461,048		3,414,151			3,461,048		(15)
Sako and Partners Lower Holdings LLC	Real Estate Management & Development	Revolver	8.20% (S + 4.50%; 1.00% Floor)	9/15/2028		475,730		454,656			475,730		(6)
Salisbury House, LLC	Diversified Consumer Services	Term Loan	8.72% (S + 5.00%; 0.75% Floor)	8/18/2032		15,480,183		15,331,333			15,325,381		(15)
Salisbury House, LLC	Diversified Consumer Services	Delayed Draw Term Loan	—% (S + 5.00%; 0.75% Floor)	8/18/2032		-		(14,770	)		-		(6)(7)
Salisbury House, LLC	Diversified Consumer Services	Revolver	8.71% (S + 5.00%; 0.75% Floor)	8/18/2032		311,264		291,586			290,513		(6)
Sandstone Care Holdings, LLC	Health Care Providers & Services	Delayed Draw Term Loan	9.39% (S + 5.50%; 1.00% Floor)	6/28/2028		373,690		373,690			373,690		(6)
Sandstone Care Holdings, LLC	Health Care Providers & Services	Term Loan	9.27% (S + 5.50%; 1.00% Floor)	6/28/2028		4,546,482		4,501,723			3,944,073		(15)
Sandstone Care Holdings, LLC	Health Care Providers & Services	Delayed Draw Term Loan	9.27% (S + 5.50%; 1.00% Floor)	6/28/2028		907,758		901,019			787,480		(15)
Sandstone Care Holdings, LLC	Health Care Providers & Services	Revolver	9.27% (S + 5.50%; 1.00% Floor)	6/28/2028		824,492		817,195			715,246
Sapphire Software Buyer, Inc.	Software	Term Loan	8.87% (S + 5.00%; 0.75% Floor)	9/30/2031		14,335,033		14,215,419			14,227,520		(15)
Sapphire Software Buyer, Inc.	Software	Revolver	—% (S + 5.00%; 0.75% Floor)	9/30/2031		-		(14,246	)		(12,928	)	(6)(7)
Sauce Labs Inc	Software	Revolver	— (S + 5.50%; 1.00% Floor; 0.5% PIK)	8/16/2027		-		(7,113	)		(35,250	)	(6)(7)
Sauce Labs Inc	Software	Delayed Draw Term Loan	9.94% (S + 5.50%; 1.00% Floor; 0.5% PIK)	8/16/2027		1,954,456		1,943,742			1,900,708		(15)
Sauce Labs Inc	Software	Term Loan	9.94% (S + 5.50%; 1.00% Floor; 0.5% PIK)	8/16/2027		7,618,444		7,565,991			7,408,937		(15)
Sauce Labs Inc	Software	Delayed Draw Term Loan	9.94% (S + 5.50%; 1.00% Floor; 0.5% PIK)	8/16/2027		865,537		861,623			841,735		(15)
Saviynt, Inc.	Software	Term Loan	9.46% (S + 3.00%; 1.00% Floor; 2.75% PIK)	2/18/2030		20,232,168		20,019,909			20,232,168		(15)
Saviynt, Inc.	Software	Delayed Draw Term Loan	9.46% (S + 3.00%; 1.00% Floor; 2.75% PIK)	2/18/2030		6,466,329		6,399,672			6,466,329		(15)

See Notes to Consolidated Financial Statements

AB Private Credit Investors Corporation

Consolidated Schedule of Investments as of December 31, 2025


Portfolio Company	Industry	Facility Type	Interest	Maturity	Funded Par Amount		Cost			Fair Value			Tickmarks
Saviynt, Inc.	Software	Revolver	— (S + 3.00%; 1.00% Floor; 2.75% PIK)	2/18/2030		-		(5,314	)		-		(6)(7)
SCA Buyer, LLC	Pharmaceuticals	Term Loan	10.60% (S + 6.50%; 1.00% Floor)	1/20/2027		310,733		309,184			310,733
SCA Buyer, LLC	Pharmaceuticals	Revolver	10.59% (S + 6.50%; 1.00% Floor)	1/20/2027		649,663		643,710			532,009
SCA Buyer, LLC	Pharmaceuticals	Term Loan	10.60% (S + 6.50%; 1.00% Floor)	1/20/2027		3,999,720		3,964,716			3,275,371
SDC Atlas Acquistionco, LLC	Diversified Telecommunication Services	Term Loan	8.81% (S + 5.00%; 0.75% Floor)	8/25/2028		10,715,390		10,616,342			10,527,871		(15)
SDC Atlas Acquistionco, LLC	Diversified Telecommunication Services	Delayed Draw Term Loan	8.81% (S + 5.00%; 0.75% Floor)	8/25/2028		1,868,963		1,781,462			1,705,429		(6)(15)
SDC Atlas Acquistionco, LLC	Diversified Telecommunication Services	Revolver	8.81% (S + 5.00%; 0.75% Floor)	8/25/2028		622,988		617,334			612,086
Second Nature Brands, Inc.	Real Estate Management & Development	Term Loan	10.10% (S + 6.00%; 1.00% Floor)	2/6/2031		5,477,782		5,404,974			5,436,699		(15)
Second Nature Brands, Inc.	Real Estate Management & Development	Revolver	—% (S + 6.00%; 1.00% Floor)	2/6/2031		-		(7,800	)		(4,565	)	(6)(7)
Securonix, Inc	Software	Term Loan	11.18% (S + 3.50%; 0.75% Floor; 3.75% PIK)	4/5/2029		8,875,915		8,808,544			7,011,972		(15)
Securonix, Inc	Software	Revolver	—% (S + 3.50%; 0.75% Floor)	4/5/2029		-		(10,328	)		(323,051	)	(6)(7)
Serrano Parent, LLC	Software	Term Loan	10.36% (S + 6.50%; 1.00% Floor)	5/13/2030		21,207,477		20,852,609			20,253,140		(15)
Serrano Parent, LLC	Software	Revolver	—% (S + 6.50%; 1.00% Floor)	5/13/2030		-		(32,928	)		(93,869	)	(6)(7)
Single Digits, Inc.	Technology Hardware, Storage & Peripherals	Term Loan	— (S + 4.25%; 1.00% Floor; 3.00% PIK)	6/22/2026		3,162,179		2,580,446			1,017,526		(16)
Single Digits, Inc.	Technology Hardware, Storage & Peripherals	Delayed Draw Term Loan	—% (S + 7.50%; 1.00% Floor)	6/22/2026		675,554		550,284			217,380		(16)
Single Digits, Inc.	Technology Hardware, Storage & Peripherals	Revolver	—% (S + 4.25%; 1.00% Floor)	6/22/2026		-		(1,624	)		-		(6)(7)(16)
Slipstream IT, LLC	Software	Term Loan	8.21% (S + 4.50%; 0.75% Floor)	8/1/2031		6,775,340		6,711,228			6,707,587		(15)
Slipstream IT, LLC	Software	Delayed Draw Term Loan	—% (S + 4.50%; 0.75% Floor)	8/1/2031		-		(5,280	)		(5,660	)	(6)(7)
Slipstream IT, LLC	Software	Revolver	—% (S + 4.50%; 0.75% Floor)	8/1/2031		-		(10,550	)		(11,321	)	(6)(7)
Smile Brands, Inc.	Health Care Providers & Services	Term Loan	9.94% (S + 6.00%; 0.75% Floor; 1.50% PIK)	10/12/2027		1,647,334		1,606,175			1,478,482
Smile Brands, Inc.	Health Care Providers & Services	Revolver	9.93% (S + 6.00%; 0.75% Floor; 1.50% PIK)	10/12/2027		249,904		222,174			222,627		(6)
Smile Brands, Inc.	Health Care Providers & Services	Delayed Draw Term Loan	9.93% (S + 6.00%; 0.75% Floor; 1.50% PIK)	10/12/2027		500,444		481,414			449,148
Soladoc, LLC	Health Care Equipment & Supplies	Term Loan	8.76% (S + 5.00%; 0.75% Floor)	6/12/2028		5,889,225		5,840,129			5,771,441		(15)
Soladoc, LLC	Health Care Equipment & Supplies	Revolver	—% (S + 5.00%; 0.75% Floor)	6/12/2028		-		(4,886	)		(11,778	)	(6)(7)
Stratus Networks, Inc.	Diversified Telecommunication Services	Term Loan	8.31% (S + 4.50%; 1.00% Floor)	12/15/2028		7,920,781		7,862,257			7,900,979		(15)
Stratus Networks, Inc.	Diversified Telecommunication Services	Delayed Draw Term Loan	8.31% (S + 4.50%; 1.00% Floor)	12/15/2028		3,960,391		3,931,732			3,950,490		(15)
Stratus Networks, Inc.	Diversified Telecommunication Services	Revolver	—% (S + 4.50%; 1.00% Floor)	12/15/2028		-		(6,676	)		(2,475	)	(6)(7)
Stratus Networks, Inc.	Diversified Telecommunication Services	Delayed Draw Term Loan	8.31% (S + 4.50%; 1.00% Floor)	12/15/2028		830,632		808,449			830,632		(6)(15)
SugarCrm, Inc.	Software	Term Loan	9.26% (S + 5.00%; 1.00% Floor)	7/30/2027		4,268,824		4,254,293			4,247,480		(15)
SugarCrm, Inc.	Software	Revolver	—% (S + 5.00%; 1.00% Floor)	7/30/2027		-		(804	)		(1,551	)	(6)(7)
SugarCrm, Inc.	Software	Term Loan	9.26% (S + 5.00%; 1.00% Floor)	7/30/2027		566,197		560,390			563,366		(15)
Sundance Group Holdings, Inc.	Software	Term Loan	8.17% (S + 4.50%; 1.00% Floor)	7/2/2029		19,776,067		19,776,067			19,726,627		(15)
Sundance Group Holdings, Inc.	Software	Revolver	8.17% (S + 4.50%; 1.00% Floor)	7/2/2029		508,079		498,366			501,314		(6)(15)
Tau Buyer, LLC	Technology Hardware, Storage & Peripherals	Term Loan	8.17% (S + 4.75%; 0.75% Floor)	2/2/2032		15,538,480		15,398,353			15,499,634		(15)
Tau Buyer, LLC	Technology Hardware, Storage & Peripherals	Delayed Draw Term Loan	8.42% (S + 4.75%; 0.75% Floor)	2/2/2032		3,567,095		3,526,638			3,567,095		(6)(15)

See Notes to Consolidated Financial Statements

AB Private Credit Investors Corporation

Consolidated Schedule of Investments as of December 31, 2025


Portfolio Company	Industry	Facility Type	Interest	Maturity	Funded Par Amount		Cost			Fair Value			Tickmarks
Tau Buyer, LLC	Technology Hardware, Storage & Peripherals	Revolver	8.40% (S + 4.75%; 0.75% Floor)	2/2/2032		324,281		306,621			319,214		(6)
Telcor Buyer, Inc.	Health Care Technology	Term Loan	8.06% (S + 4.25%; 1.00% Floor)	8/20/2027		6,203,083		6,177,017			6,203,083		(15)
Telcor Buyer, Inc.	Health Care Technology	Revolver	—% (S + 4.25%; 1.00% Floor)	8/20/2027		-		(1,213	)		-		(6)(7)
Telesoft Holdings, LLC	Diversified Telecommunication Services	Term Loan	9.56% (S + 5.75%; 1.00% Floor)	12/16/2026		5,625,466		5,611,900			5,611,403		(15)
Telesoft Holdings, LLC	Diversified Telecommunication Services	Revolver	9.56% (S + 5.75%; 1.00% Floor)	12/16/2026		89,530		88,902			88,038		(6)
The Center for Orthopedic and Research Excellence, Inc.	Health Care Providers & Services	Term Loan	9.99% (S + 6.00%; 1.00% Floor)	12/31/2026		4,693,460		4,684,233			4,693,460		(15)
The Center for Orthopedic and Research Excellence, Inc.	Health Care Providers & Services	Revolver	9.95% (S + 6.00%; 1.00% Floor)	12/31/2026		328,003		326,303			328,003		(6)
The Center for Orthopedic and Research Excellence, Inc.	Health Care Providers & Services	Delayed Draw Term Loan	9.99% (S + 6.00%; 1.00% Floor)	12/31/2026		1,106,729		1,105,513			1,106,729		(15)
The Center for Orthopedic and Research Excellence, Inc.	Health Care Providers & Services	Delayed Draw Term Loan	9.99% (S + 6.00%; 1.00% Floor)	12/31/2026		1,682,887		1,680,982			1,682,887		(15)
The Center for Orthopedic and Research Excellence, Inc.	Health Care Providers & Services	Delayed Draw Term Loan	9.97% (S + 6.00%; 1.00% Floor)	12/31/2026		1,671,157		1,671,157			1,671,157		(15)
The Center for Orthopedic and Research Excellence, Inc.	Health Care Providers & Services	Term Loan	10.02% (S + 6.00%; 1.00% Floor)	12/31/2026		3,134,875		3,122,874			3,134,875		(15)
TMA Buyer LLC	Software	Term Loan	8.82% (S + 5.00%; 0.75% Floor)	4/30/2031		11,490,458		11,385,473			11,375,553		(15)
TMA Buyer LLC	Software	Delayed Draw Term Loan	8.82% (S + 5.00%; 0.75% Floor)	4/30/2031		3,020,625		2,993,359			3,005,522		(15)
TMA Buyer LLC	Software	Delayed Draw Term Loan	—% (S + 5.00%; 0.75% Floor)	4/30/2031		-		-			-		(6)
TMA Buyer LLC	Software	Revolver	—% (S + 5.00%; 0.75% Floor)	4/30/2031		-		(10,754	)		(12,083	)	(6)(7)
ToolWatch Intermediate, LLC	Construction & Engineering	Term Loan	9.34% (S + 5.50%; 0.75% Floor)	7/31/2030		12,899,463		12,741,567			12,834,966		(15)
ToolWatch Intermediate, LLC	Construction & Engineering	Delayed Draw Term Loan	9.34% (S + 5.50%; 0.75% Floor)	7/31/2030		1,228,520		1,228,520			1,222,384		(15)
ToolWatch Intermediate, LLC	Construction & Engineering	Revolver	—% (S + 5.50%; 0.75% Floor)	7/31/2030		-		(14,195	)		(6,143	)	(6)(7)
Towerco IV Holdings, LLC	Diversified Telecommunication Services	Delayed Draw Term Loan	7.58% (S + 3.75%; 1.00% Floor)	8/31/2028		21,954,771		21,898,002			21,954,771		(6)(15)
UFS, LLC	Banks	Term Loan	8.50% (S + 4.75%; 7.50% Floor)	10/14/2031		11,004,383		10,897,460			10,894,339		(15)
UFS, LLC	Banks	Revolver	8.50% (S + 4.75%; 7.50% Floor)	10/14/2031		174,673		167,686			167,686		(6)
Unanet, Inc	Software	Term Loan	9.23% (S + 5.25%; 0.75% Floor)	12/9/2030		12,003,044		11,881,047			11,822,998		(15)
Unanet, Inc	Software	Delayed Draw Term Loan	9.23% (S + 5.25%; 0.75% Floor)	12/9/2030		2,703,844		2,671,372			2,665,939		(6)(15)
Unanet, Inc	Software	Revolver	—% (S + 5.25%; 0.75% Floor)	12/9/2030		-		(21,554	)		(30,954	)	(6)(7)
Unanet, Inc	Software	Delayed Draw Term Loan	—% (S + 5.25%; 0.75% Floor)	12/9/2030		-		(3,331	)		(5,399	)	(6)(7)
Ungerboeck Systems International, LLC	Leisure Products	Term Loan	9.04% (S + 5.25%; 1.00% Floor)	4/30/2029		259,792		257,152			259,792		(15)
Ungerboeck Systems International, LLC	Leisure Products	Term Loan	9.04% (S + 5.25%; 1.00% Floor)	4/30/2029		300,579		298,387			300,579		(15)
Ungerboeck Systems International, LLC	Leisure Products	Term Loan	9.04% (S + 5.25%; 1.00% Floor)	4/30/2029		2,676,518		2,667,244			2,676,518		(15)
Ungerboeck Systems International, LLC	Leisure Products	Delayed Draw Term Loan	9.04% (S + 5.25%; 1.00% Floor)	4/30/2029		317,555		316,413			317,555		(15)
Ungerboeck Systems International, LLC	Leisure Products	Delayed Draw Term Loan	9.04% (S + 5.25%; 1.00% Floor)	4/30/2029		680,432		680,432			680,432		(15)
Ungerboeck Systems International, LLC	Leisure Products	Term Loan	9.04% (S + 5.25%; 1.00% Floor)	4/30/2029		134,337		133,567			134,337		(15)
Ungerboeck Systems International, LLC	Leisure Products	Delayed Draw Term Loan	9.04% (S + 5.25%; 1.00% Floor)	4/30/2027		470,180		468,696			470,180		(15)
Ungerboeck Systems International, LLC	Leisure Products	Revolver	—% (S + 5.25%; 1.00% Floor)	4/30/2029		-		(938	)		-		(6)(7)
Unlimited Technology Holdings, LLC	Health Care Technology	Term Loan	8.17% (S + 4.50%; 0.75% Floor)	3/12/2032		14,366,654		14,301,020			14,366,654		(15)
Unlimited Technology Holdings, LLC	Health Care Technology	Revolver	—% (S + 4.50%; 0.75% Floor)	3/12/2032		-		(8,536	)		-		(6)(7)

See Notes to Consolidated Financial Statements

AB Private Credit Investors Corporation

Consolidated Schedule of Investments as of December 31, 2025


Portfolio Company	Industry	Facility Type	Interest	Maturity	Funded Par Amount		Cost			Fair Value			Tickmarks
UpStack Holdco Inc.	Technology Hardware, Storage & Peripherals	Revolver	9.06% (S + 5.00%; 0.75% Floor)	8/25/2031		230,800		223,325			230,800		(6)
UpStack Holdco Inc.	Technology Hardware, Storage & Peripherals	Delayed Draw Term Loan	8.86% (S + 5.00%; 0.75% Floor)	8/25/2031		844,727		831,278			844,727		(6)(15)
UpStack Holdco Inc.	Technology Hardware, Storage & Peripherals	Term Loan	9.04% (S + 5.00%; 0.75% Floor)	8/25/2031		6,000,793		5,949,592			6,000,793		(15)
Vectra AI, Inc.	Software	Revolver	—% (S + 5.25%; 1.00% Floor)	3/2/2028		-		(1,720	)		(12,001	)	(6)(7)
Vectra AI, Inc.	Software	Term Loan	9.20% (S + 5.25%; 1.00% Floor)	3/2/2028		8,575,830		8,539,571			8,490,072		(15)
Vectra AI, Inc.	Software	Delayed Draw Term Loan	9.20% (S + 5.25%; 1.00% Floor)	3/2/2028		1,163,793		1,139,774			1,127,971		(6)(15)
Vehlo Purchaser, LLC	Automobiles	Term Loan	8.96% (S + 5.50%; 0.75% Floor)	5/24/2028		2,006,737		1,991,140			2,006,737		(15)
Vehlo Purchaser, LLC	Automobiles	Term Loan	9.22% (S + 5.50%; 0.75% Floor)	5/24/2028		514,831		510,970			514,831		(15)
Vehlo Purchaser, LLC	Automobiles	Term Loan	8.96% (S + 5.50%; 0.75% Floor)	5/24/2028		20,877,300		20,748,140			20,877,300		(15)
Vehlo Purchaser, LLC	Automobiles	Delayed Draw Term Loan	9.21% (S + 5.50%; 0.75% Floor)	5/24/2028		5,799,250		5,771,328			5,799,250		(15)
Vehlo Purchaser, LLC	Automobiles	Revolver	—% (S + 5.50%; 0.75% Floor)	5/24/2028		-		(10,059	)		-		(6)(7)
Venture Buyer LLC	Professional Services	Term Loan	8.96% (S + 5.25%; 1.00% Floor)	3/1/2030		4,822,021		4,749,302			4,785,856		(15)
Venture Buyer LLC	Professional Services	Delayed Draw Term Loan	9.11% (S + 5.25%; 1.00% Floor)	3/1/2030		175,219		166,964			175,219		(6)
Venture Buyer LLC	Professional Services	Revolver	—% (S + 5.25%; 1.00% Floor)	3/1/2030		-		(10,567	)		(5,675	)	(6)(7)
Veracross LLC	Diversified Consumer Services	Delayed Draw Term Loan	10.31% (S + 6.50%; 1.00% Floor)	12/28/2027		820,058		820,058			820,058		(6)(15)
Veracross LLC	Diversified Consumer Services	Term Loan	10.31% (S + 6.50%; 1.00% Floor)	12/28/2027		15,416,509		15,312,266			15,416,509		(15)
Veracross LLC	Diversified Consumer Services	Delayed Draw Term Loan	10.31% (S + 6.50%; 1.00% Floor)	12/28/2027		1,821,742		1,791,648			1,821,742		(15)
Veracross LLC	Diversified Consumer Services	Revolver	10.31% (S + 6.50%; 1.00% Floor)	12/28/2027		346,767		332,318			346,767		(6)
Vhagar Purchaser, LLC	Hotels, Restaurants & Leisure	Revolver	—% (S + 5.50%; 1.00% Floor)	6/11/2029		-		(6,513	)		(1,867	)	(6)(7)
Vhagar Purchaser, LLC	Hotels, Restaurants & Leisure	Term Loan	9.48% (S + 5.50%; 1.00% Floor)	6/11/2031		1,873,375		1,847,254			1,864,008		(15)
Vhagar Purchaser, LLC	Hotels, Restaurants & Leisure	Delayed Draw Term Loan	—% (S + 5.50%; 1.00% Floor)	6/11/2031		-		(6,375	)		-		(6)(7)
Vhagar Purchaser, LLC	Hotels, Restaurants & Leisure	Term Loan	9.48% (S + 5.50%; 1.00% Floor)	6/11/2031		4,106,912		4,094,576			4,086,378		(15)
Visionary Buyer, LLC	Diversified Telecommunication Services	Term Loan	9.17% (S + 5.50%; 0.75% Floor)	3/21/2031		5,653,672		5,585,156			5,625,404		(15)
Visionary Buyer, LLC	Diversified Telecommunication Services	Delayed Draw Term Loan	9.17% (S + 5.50%; 0.75% Floor)	3/21/2031		5,653,672		5,587,913			5,625,404		(15)
Visionary Buyer, LLC	Diversified Telecommunication Services	Revolver	—% (S + 5.50%; 0.75% Floor)	3/21/2030		-		(14,943	)		(7,067	)	(6)(7)
Visionary Buyer, LLC	Diversified Telecommunication Services	Delayed Draw Term Loan	9.17% (S + 5.50%; 0.75% Floor)	3/21/2031		909,600		869,246			909,600		(6)(15)
Wealth Enhancement Group, LLC	Financial Services	Delayed Draw Term Loan	8.48% (S + 4.50%; 1.00% Floor)	10/2/2028		1,864,539		1,852,973			1,864,539		(15)
Wealth Enhancement Group, LLC	Financial Services	Delayed Draw Term Loan	8.36% (S + 4.50%; 1.00% Floor)	10/2/2028		712,389		706,861			712,389		(6)
Wealth Enhancement Group, LLC	Financial Services	Delayed Draw Term Loan	—% (S + 4.50%; 1.00% Floor)	10/2/2028		-		(1,390	)		-		(6)(7)
Wealth Enhancement Group, LLC	Financial Services	Delayed Draw Term Loan	8.48% (S + 4.50%; 1.00% Floor)	10/2/2028		6,104,825		6,098,682			6,104,825		(15)
Wealth Enhancement Group, LLC	Financial Services	Revolver	—% (S + 4.50%; 1.00% Floor)	10/2/2028		-		-			-		(6)
Wealth Enhancement Group, LLC	Financial Services	Delayed Draw Term Loan	8.48% (S + 4.50%; 1.00% Floor)	10/2/2028		1,330,960		1,329,044			1,330,960		(15)
West Dermatology Management Holdings, LLC	Health Care Providers & Services	Term Loan	10.22% (S + 6.25%; 1.00% Floor)	3/17/2028		11,136,490		11,035,917			10,718,872		(15)
West Dermatology Management Holdings, LLC	Health Care Providers & Services	Delayed Draw Term Loan	10.17% (S + 6.25%; 1.00% Floor)	3/17/2028		1,490,661		1,482,217			1,434,761

See Notes to Consolidated Financial Statements

AB Private Credit Investors Corporation

Consolidated Schedule of Investments as of December 31, 2025


Portfolio Company	Industry	Facility Type	Interest	Maturity	Funded Par Amount		Cost			Fair Value			Tickmarks
West Dermatology Management Holdings, LLC	Health Care Providers & Services	Revolver	10.25% (S + 6.25%; 1.00% Floor)	3/17/2028		1,253,284		1,237,742			1,206,286
Wolverine Seller Holdings, LLC	Commercial Services & Supplies	Term Loan	8.42% (S + 4.75%; 0.75% Floor)	1/17/2030		6,587,022		6,496,584			6,570,554		(15)
Wolverine Seller Holdings, LLC	Commercial Services & Supplies	Delayed Draw Term Loan	8.42% (S + 4.75%; 0.75% Floor)	1/17/2030		3,709,627		3,656,811			3,700,353		(15)
Wolverine Seller Holdings, LLC	Commercial Services & Supplies	Revolver	8.42% (S + 4.75%; 0.75% Floor)	1/17/2030		306,657		283,532			301,865		(6)
Wolverine Seller Holdings, LLC	Commercial Services & Supplies	Delayed Draw Term Loan	8.42% (S + 4.75%; 0.75% Floor)	1/17/2030		1,094,924		1,057,481			1,094,924		(6)(15)
Your Part-Time Controller, LLC	Professional Services	Term Loan	8.21% (S + 4.50%; 1.00% Floor)	11/14/2029		12,482,942		12,335,844			12,420,527		(15)
Your Part-Time Controller, LLC	Professional Services	Revolver	—% (S + 4.50%; 1.00% Floor)	11/14/2029		-		(11,256	)		(4,805	)	(6)(7)
Zendesk, Inc.	Software	Delayed Draw Term Loan	8.68% (S + 5.00%; 0.75% Floor)	11/22/2028		2,179,099		2,169,449			2,179,099		(15)
Zendesk, Inc.	Software	Revolver	—% (S + 5.00%; 0.75% Floor)	11/22/2028		-		-			-		(6)
Zendesk, Inc.	Software	Term Loan	8.68% (S + 5.00%; 0.75% Floor)	11/22/2028		13,514,769		13,514,769			13,514,769		(15)
Zendesk, Inc.	Software	Delayed Draw Term Loan	—% (S + 5.00%; 0.75% Floor)	11/22/2028		-		(11,437	)		-		(6)(7)
Total U.S. 1st Lien/Senior Secured Debt								1,780,097,169			1,753,574,042

See Notes to Consolidated Financial Statements

AB Private Credit Investors Corporation

Consolidated Schedule of Investments as of December 31, 2025


Portfolio Company	Industry	Facility Type	Interest	Maturity	Funded Par Amount		Cost			Fair Value			Tickmarks
2nd Lien/Junior Secured Debt — 0.35%
Symplr Software, Inc.	Health Care Technology	Term Loan	11.81% (S + 7.87%; 0.75% Floor)	12/22/2028		3,130,634		3,101,516			2,574,947
Total U.S. 2nd Lien/Junior Secured Debt								3,101,516			2,574,947
Total U.S. Corporate Debt								1,783,198,685			1,756,148,989

Canada Corporate Debt — 2.62%
Canadian 1st Lien/Senior Secured Debt — 2.62%
RevauAdvanced Underwriting Inc.	Insurance	Term Loan	8.46% (S + 4.75%; 0.75% Floor)	5/10/2032		9,635,703		9,546,142			9,539,346		(8)(15)
RevauAdvanced Underwriting Inc.	Insurance	Delayed Draw Term Loan	8.46% (S + 4.75%; 0.75% Floor)	5/10/2032		84,155		64,561			63,012		(6)(8)(15)
Syntax Systems Ltd.	Industrial Conglomerates	Term Loan	8.81% (S + 5.00%; 0.75% Floor)	10/27/2028		8,489,024		8,452,147			8,340,466		(8)(15)
Syntax Systems Ltd.	Industrial Conglomerates	Term Loan	8.82% (S + 5.00%; 0.75% Floor)	10/30/2028		1,182,381		1,178,753			1,161,689		(8)(15)
Total Canadian 1st Lien/Senior Secured Debt								19,241,603			19,104,513
Total Canadian Corporate Debt								19,241,603			19,104,513

Luxembourg Corporate Debt — 1.38%
1st Lien/Senior Secured Debt — 1.38%
SumUp Holdings Luxembourg	Specialty Retail	Delayed Draw Term Loan	9.82% (S + 6.00%; 1.50% Floor)	5/23/2031		10,088,201		10,025,193			10,088,201		(8)(15)
Total Luxembourg 1st Lien/Senior Secured Debt								10,025,193			10,088,201
Total Luxembourg Corporate Debt								10,025,193			10,088,201

United Kingdom Corporate Debt — 2.66%
1st Lien/Senior Secured Debt — 2.66%
Labvantage Solutions Inc.	Pharmaceuticals	Revolver	—% (S + 5.25%; 1.00% Floor)	12/23/2030		-		(24,007	)		(11,419	)	(6)(7)(8)
Labvantage Systems Limited	Pharmaceuticals	Term Loan	9.10% (S + 5.25%; 1.00% Floor)	12/23/2030		19,621,002		19,310,544			19,473,844		(8)(15)
Total United Kingdom 1st Lien/Senior Secured Debt								19,286,537			19,462,425
Total United Kingdom Corporate Debt								19,286,537			19,462,425

See Notes to Consolidated Financial Statements

AB Private Credit Investors Corporation

Consolidated Schedule of Investments as of December 31, 2025


Portfolio Company	Class/Series	Industry	Initial Acquisition Date (10)	Shares		Cost		Fair Value		Tickmarks
U.S. Preferred Stock — 1.08%										(18)
Alphasense, LLC	Series C Preferred	Capital Markets	6/1/2021		119,806		369,843		1,062,686	(8)
Avant NewCo Holdings, L.P.	Class A Units	Diversified Telecommunication Services	12/31/2025		375,804		375,804		375,804
Concerto HealthAI Solutions LLC	Series B-1 Preferred	Health Care Providers & Services	12/23/2019		65,614		349,977		266,200
Datarobot, Inc.	Series E	Software	8/31/2019		38,190		289,278		158,120
Datarobot, Inc.	Series F	Software	10/27/2020		6,715		88,248		42,915
Degreed, Inc.	Series C-1 Preferred	Professional Services	6/19/2019		43,819		278,541		232,945
Degreed, Inc.	Series D Preferred	Professional Services	4/30/2021		16,943		278,308		247,248
Knockout Intermediate Holdings I Inc.	Perpetual Preferred Stock	Software	6/23/2022		738		719,791		1,183,155
Ntiva Investments, LLC	Class A Preferred Units	Technology Hardware, Storage & Peripherals	1/24/2022		333,937		272,826		350,966
Phenom People, Inc.	Series C Preferred	Professional Services	1/10/2020		35,055		220,610		631,399
Raken Topco, LP	Class A Preferred Units	Construction & Engineering	8/29/2025		66,435		66,435		66,435	(8)
Swyft Parent Holdings LP	Preferred Units	Software	2/7/2022		850,470		758,389		1,065,958
Symplr Software Intermediate Holdings, Inc.	Series A Preferred Shares	Health Care Technology	11/30/2018		1,196		1,160,531		2,072,936
Vectra AI, Inc.	Series F Preferred	Software	5/28/2021		17,064		131,095		135,355
Total U.S. Preferred Stock							5,359,676		7,892,122

France Preferred Stock — 0.03%										(18)
Content Square SAS	Series F Preferred	Software	11/30/2023		27,976		206,755		236,313	(8)
Total France Preferred Stock							206,755		236,313

U.S. Common Stock — 1.15%										(18)
Advantage AVP Parent Holdings, L.P.	Units	Health Care Providers & Services	9/24/2021		34,492		34,492		30,529
Artemis Investor Holdings, LLC	Class A Units	Leisure Products	1/22/2021		38,551		385,509		386,310	(8)
Brightspot Holdco, LLC	Non-Voting Common Units	Media	11/16/2021		433,207		433,207		354,384
CL Services Acquisition, LLC	Common Units	Commercial Services & Supplies	3/31/2025		405,787		628,970		969,291	(8)
CN CO-INVEST, LP	Units	IT Services	10/31/2023		811,572		811,572		818,894
Coinvest YPTC Blocked Aggregator, L.P.	Class A-1 Units	Professional Services	11/14/2021		138,390		138,390		260,780
Community Based Care Holdings, LP	Senior Common Units	Health Care Providers & Services	1/3/2022		180		179,861		558,708
GSV Medsuite Investments, LLC	Class A Units	Health Care Technology	12/22/2021		86,555		85,705		74,322
GSV Vehlo Investments, LLC	Class A Units	Automobiles	5/20/2022		150,297		150,297		195,689
Leeds FEG Investors, LLC	Class A Units	Diversified Consumer Services	11/20/2017		320		321,309		252,426
Moon Topco, L.P.	Units	Software	4/19/2021		1,772		17,719		66,317
MyKaarma Holdings LP	Class A Common Units	Automobiles	3/18/2022		257,031		257,031		383,519
NEPCORE Parent Holdings LLC	Units	IT Services	10/21/2021		98		97,884		-
Netskope, Inc.	Class B Common Stock	Software	1/27/2020		36,144		686,736		821,553	(9)
Neutral Connect, LLC	Units	Wireless Telecommunication Services	9/27/2019		396,513		439,931		161,369
NP/AB Care Holdings, L.P.	Class A Units	Health Care Providers & Services	12/17/2025		939		938,815		954,467	(8)
Ntiva Investments, LLC	Class A Common Units	Technology Hardware, Storage & Peripherals	1/24/2022		333,937		61,110		45,215
Ranger Lexipol Holdings, LLC	Class A-1 Units	Commercial Services & Supplies	11/18/2021		437		359,487		527,494
Ranger Lexipol Holdings, LLC	Class B Units	Commercial Services & Supplies	11/18/2021		434		77,470		111,563
REP AOM Holdings, LLC	Class A Units	Pharmaceuticals	2/15/2022		290,393		-		1,452
REP Coinvest III AGP Blocker, L.P.	Earn Out	Health Care Providers & Services	10/14/2021		32,293		-		8,073
REP COINVEST III OMNI, L.P.	Units	Air Freight & Logistics	2/4/2021		193,770		53,301		102,698	(17)
REP Coinvest III TEC, L.P.	Class A Units	Professional Services	6/18/2020		167,509		190,658		185,290
REP RO Coinvest IV-A, L.P.	Class A Units	Transportation Infrastructure	12/28/2022		66,441,840		664,418		285,035
RFCN Parent, LP	Class A Units	Health Care Providers & Services	6/18/2021		77		78,284		122,530
SBS Super Holdings, LLC	Class A Voting Units	Health Care Providers & Services	5/12/2023		21		-		-	(5)
SBS Super Holdings, LLC	Class B Non-Voting Units	Health Care Providers & Services	5/12/2023		100		10		-	(5)
Singularity Topco LLC	Common Units	Software	9/30/2022		337,841		953,133		544,686
Stripe, Inc.	Class B Common Stock	Financial Services	5/17/2021		4,158		166,854		171,725
Swyft Parent Holdings LP	Common Units	Software	2/7/2022		4,485		53,048		-
Total U.S. Common Stock							8,265,201		8,394,319

France Common Stock — 0.06%										(18)
Content Square SAS	Ordinary Shares	Software	11/30/2023		78,527		416,757		431,245	(8)
Total France Common Stock							416,757		431,245

See Notes to Consolidated Financial Statements

AB Private Credit Investors Corporation

Consolidated Schedule of Investments as of December 31, 2025


Portfolio Company	Class/Series	Industry	Initial Acquisition Date (10)			Shares		Cost		Fair Value			Tickmarks
Luxembourg Common Stock — 0.15%													(18)
Astorg VIII Co-Invest Acturis	Limited Partnership Interests	Software	10/18/2024				770,000		843,179		1,113,419		(8)
Total Luxembourg Common Stock									843,179		1,113,419

U.S. Warrants — 0.25%													(18)
Alphasense, LLC	Series B Warrants	Capital Markets	6/2/2020				201,972		35,185		1,509,865		(8)
Degreed, Inc.	Series C-1 Warrants	Professional Services	5/31/2019				26,294		46,823		28,847
Degreed, Inc.	Series D Warrants	Professional Services	4/11/2021				7,624		-		1,932
Degreed, Inc.	Common Warrants	Professional Services	8/31/2022				9,374		41,527		14,369
Scylla DB Ltd	Series C-1 Warrants	Technology Hardware, Storage & Peripherals	9/9/2022				239,984		43,880		144,142
Vectra AI, Inc.	Warrants	Software	3/18/2021				35,156		58,190		121,797
Total U.S. Warrants									225,605		1,820,952

United Kingdom Warrants — 0.04%													(18)
Global WebIndex Holdings Limited	Warrants	Software	12/30/2020				11,776		159,859		281,148
Total United Kingdom Warrants									159,859		281,148

France Warrants — 0.00%													(18)
Content Square SAS	Indemnity Series F Shares Warrants	Software	11/30/2023				2,027		8,561		-		(8)
Total France Warrants									8,561		-

Portfolio Company	Class/Series					Shares		Cost		Fair Value			Tickmarks
U.S. Investment Companies — 4.93%													(8)(18)
AB EQUITY INVESTORS, L.P.	LP Interests						22,615,250		22,615,250		27,595,076		(11)
Falcon Co-Investment Partners, L.P.	Units						849,577		849,577		850,426		(11)
GHP E AGGREGATOR, LLC	Units						417,813		186,588		942,042		(11)
GHP-EIP Aggregator, LLC	Common Units						50,957		174,608		-
Greylion Slpstm Holdings LP	Limited Partnership Interests						605,989		605,989		617,488
GTCR A-1 Investors LP	Units						1,100,000		1,100,000		1,320,000		(11)
Magenta Blocker Aggregator LP	Units						821,396		676,978		977,461		(11)
Orangewood WWB Co-Invest, L.P.	Units						829,314		781,612		1,434,713		(11)
ORCP III TRITON CO-INVESTORS, L.P.	Units						341,592		-		-		(11)
OSS SPV LP	Units						393,055		381,076		581,721		(11)
Palms Co-Investment Partners D, L.P.	Units						261,450		261,450		295,438		(11)
QCS Co-Invest Aggregator, L.P.	Units						529,116		529,116		652,400		(11)
SCP-RESONETICS AGGREGATOR I, LLC	Class B Common Units						32,450		171,840		34,397		(11)
SCP-RESONETICS AGGREGATOR I, LLC	Class A Preferred Units						541		368,990		674,112		(11)
Total U.S. Investment Companies									28,703,074		35,975,274

Canada Investment Companies — 0.05%													(18)
GHP SPV-2, L.P.	Units						271,942		271,942		347,542		(8)(11)
Total Canada Investment Companies									271,942		347,542

Total Investments — (254.85%)									1,876,212,627		1,861,296,462

Portfolio Company			Yield			Shares		Cost		Fair Value			Tickmarks
Cash Equivalents — 11.20%													(13)
BLACKROCK T FUND INST				4.34	%		12,327,286		12,327,286		12,327,286		(9)(14)(15)
State Street Institutional US Government Money Market Fund				4.42	%		3,077,289		3,077,289		3,077,289		(9)(14)
US BANK MMDA GCTS				3.73	%		66,394,741		66,394,741		66,394,741		(9)(14)(15)
Total Cash Equivalents									81,799,316		81,799,316

Cash — 3.29%
US Dollar									24,008,727		24,008,727		(13)
Total Cash									24,008,727		24,008,727
TOTAL CASH AND CASH EQUIVALENTS									105,808,043		105,808,043
LIABILITIES IN EXCESS OF OTHER ASSETS — (169.34%)										$	(1,236,755,774	)
NET ASSETS—100.00%										$	730,348,731

(1)

(2)

(3)

Percentages are based on net assets.

(4)

Generally, the interest rate on floating interest rate investments is at benchmark rate plus spread, subject to an interest rate floor. The borrower has an option to choose the benchmark rate, such as the Secured Overnight Financing Rate including adjustment, if any (“S”) or the U.S. Prime Rate (“P”). The spread may change based on the type of rate used. The terms in the Consolidated Schedule of Investments disclose the actual interest rate in effect as of the reporting period. S loans are typically indexed to 30-day, 90-day or 180-day rates (1M, 3M or 6M, respectively) at the borrower’s option. As of December 31, 2025, rates for 1M S, 3M S and 6M S are 3.69%, 3.65%, and 3.57%, respectively. As of December 31, 2025, the P was 6.75%. For investments with multiple reference rates or alternate base rates, the interest rate shown is the weighted average interest rate in effect at December 31, 2025.

(5)

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

(6)

(7)

(8)

The investment is not a qualifying asset under Section 55(a) of the 1940 Act. The Fund may not acquire any non-qualifying asset unless, at the time of acquisition, qualifying assets represent at least 70% of the Fund’s total assets. As of December 31, 2025, the aggregate fair value of these securities is $113,283,611 or 5.72% of the Fund’s total assets.

(9)

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

(10)

Securities exempt from registration under the Securities Act of 1933, and may be deemed to be “restricted securities”. As of December 31, 2025, the aggregate fair value of these securities is $20,169,518 or 2.76% of the Fund’s net assets.

(11)

(12)

Aggregate gross unrealized appreciation for federal income tax purposes is $23,273,406; aggregate gross unrealized depreciation for federal income tax purposes is $37,581,247. Net unrealized depreciation is $14,307,841. As of December 31, 2025, the cost basis of investments owned was substantially identical for both book and tax purposes.

(13)

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

(14)

The rate shown is the annualized seven-day yield as of December 31, 2025.

(15)

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

(16)

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

(17)

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

(18)

Non-income producing investment, unless otherwise noted.

P - Prime

PIK - Payment-In-Kind

S - SOFR

See Notes to Consolidated Financial Statements

AB Private Credit Investors Corporation

Notes to Unaudited Consolidated Financial Statements June 30, 2026

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 1940 Act, was incorporated under the laws of the state of Maryland on February 6, 2015. The Fund was formed to invest in primary-issue middle-market credit opportunities that are directly sourced and privately negotiated. AB Private Credit Investors LLC serves as the Fund’s external investment adviser (the “Adviser”).

The Fund is conducting private offerings (each a “Private Offering”) of its common stock to investors in reliance on an exemption from the registration requirements of the Securities Act of 1933, as amended (the “Securities Act”). At the closing of any Private Offering, each investor will make a capital commitment (a “Capital Commitment”) to purchase its common stock (“Shares”) pursuant to a subscription agreement entered into with the Fund. All investors are 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 are required to fund drawdowns to purchase Shares up to the amount of their respective Capital Commitment on an as-needed basis each time the Fund delivers a capital draw-down notice to its investors.

On September 29, 2017, the Fund completed the initial closing (“Initial Closing”) of its Private Offering after entering into subscription agreements (collectively, the “Subscription Agreements”) with several investors, providing for the private placement of Shares. The total Capital Commitments of investors in the Fund as of June 30, 2026 was $803,757,855 of which 19% or $151,065,080 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 Third Amended and Restated Advisory Agreement (as defined below), and/or maintaining a reserve account for the payment of future expenses or liabilities.

The Fund’s fiscal year ends on December 31.

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

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

2. Summary of Significant Accounting Policies

Basis of Financial Statement Presentation

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

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

Consolidation

The Fund will generally consolidate any wholly or substantially owned subsidiary when the design and purpose of the subsidiary is to act as an extension of the Fund’s investment operations and to facilitate the execution of the Fund’s investment strategy. Accordingly, the Fund consolidated the results of its wholly or substantially owned subsidiaries in its consolidated financial

statements. The portion of net assets that is attributable to non-controlling interest in ABPCICE is presented as “Non-Controlling Interest in ABPCIC Equity Holdings, LLC”, a component of total equity, on the Fund’s consolidated statements of assets and liabilities. All intercompany balances and transactions have been eliminated in consolidation.

Valuation of Investment Companies

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

Cash and Cash Equivalents

Cash and cash equivalents are defined as cash and U.S. government securities and investment grade debt instruments maturing within three months of purchase of such instrument by the Fund. Cash consists of demand deposits and money market accounts. The Fund maintains deposits of its cash with financial institutions, and, at times, cash held in bank accounts may exceed the Federal Deposit Insurance Corporation insured limit. The Fund considers overnight sweep accounts, all highly liquid investments, with original maturities of less than ninety days and money market mutual funds as cash equivalents.

Revenue Recognition

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

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

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

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

Interest income includes cash interest, payment-in-kind interest and fees earned in connection with the Company's investment activities, including agency, amendment, structuring and prepayment fees.

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 (loss), realized gain (loss), or return of capital.

Investment Transactions

Investment transactions are accounted for on the 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 June 30, 2026, the Fund had certain investments held in nine portfolio companies on non-accrual status, which represented 2.70% and 1.26% of the total investments (excluding investments in cash equivalents, if any) at amortized cost and at fair value, respectively. As of December 31, 2025, the Fund had certain investments held in six portfolio companies on non-accrual status, which represented 1.57% and 0.49% of the total investments (excluding investments in cash equivalents, if any) at amortized cost and at fair value, respectively.

Credit Facility Related Costs, Expenses and Deferred Financing Costs

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

Notes Payable Related Costs, Expenses and Unamortized Debt Issuance Costs

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

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

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 (unless an election is made by the Fund to use its own taxable 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 June 30, 2026, and December 31, 2025, no accrued excise tax 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.

For the three months ended June 30, 2026 and 2025, the Fund accrued income taxes of $(11,564) and $161,196, respectively. For the six months ended June 30, 2026 and 2025, the Fund accrued income taxes of $(20,264) and $378,079, respectively. As of June 30, 2026 and 2025, $156,545 and $318,578 of accrued income taxes remained payable, respectively.

Use of Estimates

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

Distributions

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

Segment Reporting

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

Change in Presentation

Effective as of June 30, 2026, the Fund changed the industry classification framework used to group its investments within the consolidated schedule of investments and related disclosures from an internally developed classification system to the Global Industry Classification Standard (GICS), jointly developed by MSCI Inc. and S&P Dow Jones Indices LLC. The Fund believes the GICS framework enhances comparability with industry peers and provides investors with a more widely recognized basis for evaluating portfolio composition and industry concentration.

This change constitutes a reclassification of presentation only and does not represent a change in accounting principle. It has no effect on the Fund’s net asset value, financial position, results of operations, cash flows, or the fair value of any individual investment. Prior period industry groupings, including those presented in the Fund’s Annual Report on Form 10-K for the year ended December 31, 2025, have been reclassified to conform to the current period presentation.

3. Related Party Transactions

Advisory Agreement

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 and the advisory agreement the Fund entered into with the Adviser on November 13, 2019 and July 27, 2017, respectively, pursuant to which the Fund will pay the Adviser, quarterly in arrears, a base management fee calculated at an annual rate of 1.375%, in addition to the incentive fee described in the following paragraphs. 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 February 10, 2026, the Fund entered into the third amended and restated investment advisory agreement (the “Third Amended and Restated Advisory Agreement”), replacing the Second Amended and Restated Advisory Agreement, pursuant to which the Fund will pay the Adviser, quarterly in arrears, a base management fee calculated at an annual rate of 1.25% of the average outstanding assets of the Fund, in addition to the incentive fee described in the following paragraphs. The Income‑Based Incentive Fee was amended to provide for a maximum rate of 17.5% of PIFNII (as defined below) by amending the rates as follows: (x) the 8% Catch‑Up Cap equals the portion of the Pre‑Incentive Fee Net Investment Income, if any, that exceeds the 8% Hurdle Rate but is less than 2.42% in any calendar quarter (approximately 9.7% per annum), and (y) 17.5% of the amount of Pre‑incentive Fee Net Investment Income, if any, that exceeds 2.42% in any calendar quarter. In addition, the Capital Gains Fee equals 17.5% of the Fund’s aggregate cumulative realized capital gains, if any.

On February 10, 2026, the Fund and the Adviser also entered into a fee waiver letter that retroactively applies the reduced fee rates set forth in the Third Amended and Restated Advisory Agreement from January 1, 2026 through February 10, 2026. Under this agreement, the Adviser has agreed to waive the portion of the base management fee, income-based incentive fee, and capital gains fee equal to the difference in the respective management and incentive fee rates between the Second Amended and Restated Advisory Agreement and the Third Amended and Restated Advisory Agreement during the waived period.

On March 26, 2026, Equitable Holdings, Inc. (“Equitable”), the indirect owner of the Adviser, entered into an Agreement and Plan of Merger with Corebridge Financial, Inc. to combine their businesses (the “Merger”). The closing of the Merger may constitute a change of control of the Adviser, which would result in the automatic termination of the Third Amended and Restated Advisory Agreement pursuant to Section 15 of the 1940 Act. At an in-person meeting of the Board of Directors of the Fund (the “Board”) held on May 7, 2026, the Board, including a majority of the independent directors of the Board, approved a new investment advisory

agreement with the Adviser (the “Proposed Advisory Agreement”) and recommended that stockholders of the Fund vote to approve the Proposed Advisory Agreement at the annual meeting of stockholders held on August 3, 2026, and adjourned to September 15, 2026. The Proposed Advisory Agreement is identical in all material respects to the Third Amended and Restated Advisory Agreement, except for its effective and termination dates. At the same meeting, the Board also approved an interim advisory agreement with the Adviser, to be effective only in the event that the change of control occurs prior to stockholder approval of the Proposed Advisory Agreement.

For the three and six months ended June 30, 2026, the Fund incurred a management fee of $6,024,569 and $12,158,496, respectively. For the three and six months ended June 30, 2025, the Fund incurred a management fee of $5,830,989 and $11,465,958, respectively. The Adviser waived management fees of $0 and $271,957 for the three and six months ended June 30, 2026, respectively. No management fees were waived by the Adviser for the three and six months ended June 30, 2025, respectively. As of June 30, 2026 and December 31, 2025, $6,024,569 and $6,362,763, respectively, of accrued management fee remained payable.

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

Income-Based Incentive Fee: The income-based incentive fee is calculated and payable quarterly in arrears based on the Fund’s net investment income prior to any deductions with respect to such income-based incentive fees and capital gains incentive fees (“Pre-incentive Fee Net Investment Income” or “PIFNII”) for the quarter, as further described below. PIFNII means interest income, dividend income and any other income (including any other fees, such as commitment, origination, structuring, diligence, managerial and consulting fees or other fees the Fund receives from portfolio companies) that the Fund accrues during the fiscal quarter, minus the Fund’s operating expenses for the quarter (including the base management fee, expenses payable under the administration agreement (the “Administration Agreement”) the Fund has entered into with State Street Bank and Trust (the “Administrator”), and any interest expense and dividends paid on any issued and outstanding indebtedness or preferred stock, respectively, but excluding, for avoidance of doubt, the income-based incentive fee, as well as the capital gains incentive fee (described below), accrued under GAAP). PIFNII also includes, in the case of investments with a deferred interest feature (such as original issue discount, debt instruments with pay-in-kind interest and zero-coupon securities), accrued income that the Fund has not yet received in cash. The 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 the 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 the 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 2.42% in any calendar quarter (the “8% Catch-up Cap”), approximately 9.70% 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 17.50% of the PIFNII as if a hurdle rate did not apply if this net investment income exceeded 2.42% in any calendar quarter; and

•

17.5% of the amount of PIFNII, if any, that exceeds 2.42% in any calendar quarter.

For the three and six months ended June 30, 2026, the Fund incurred income-based incentive fees of $3,281,383 and $6,852,077, respectively. For the three and six months ended June 30, 2025, the Fund incurred income-based incentive fees of $3,442,968 and $6,927,075, respectively. During the three and six months ended June 30, 2026, the Adviser waived income‑based incentive fees of $0 and $245,475, respectively. No incentive fees were waived during the three and six months ended June 30, 2025, respectively. As of June 30, 2026 and 2025, $3,281,383 and $3,598,459, respectively, of accrued income-based incentive fees remained payable.

The capital gains fee shall be determined and payable in arrears as of the end of each calendar year (or upon termination of this Agreement as set forth below), and will equal 17.5% of the Fund’s aggregate cumulative realized capital gains, if any, from the date of the Fund’s election to be regulated as a BDC through the end of each calendar year, computed net of all aggregate cumulative realized capital losses and aggregate cumulative unrealized capital depreciation, less the aggregate amount of any previously paid capital gain incentive fees, with respect to each of the investments in the Fund’s portfolio. The Fund’s “aggregate cumulative realized capital gains” will not include any unrealized appreciation. The capital gains fee is not subject to any minimum return to stockholders. If such amount is negative, then no capital gains fee will be payable for such year. In the event that the Third Amended and Restated Advisory Agreement shall terminate as of a date that is not a calendar year end, the termination date shall be treated as though it were a calendar year end for purposes of calculating and paying a capital gains fee.

While the capital gains fee to be paid is determined above, GAAP requires such fee to be accrued as if the Fund were to be terminated and liquidated at period end hypothetical liquidation. There was no capital gains incentive fee under GAAP recognized for the three and six months ended June 30, 2026 and 2025. As of June 30, 2026 and December 31, 2025, no 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 Third 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 Third Amended and Restated Advisory Agreement.

Administration Agreement and Expense Reimbursement Agreement

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

Expense Support and Conditional Reimbursement Agreement

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

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

However, no Reimbursement Payment for any quarter will be made if: (1) the Effective Rate of Distributions Per Share (as defined below) declared by the Fund at the time of such Reimbursement Payment is less than or equal to the Effective Rate of Distributions Per Share at the time the Expense Payment was made to which such Reimbursement Payment relates, or (2) the Fund’s Operating Expense Ratio at the time of such Reimbursement Payment is greater than or equal to the Operating Expense Ratio (as defined below) at the time the Expense Payment was made to which such Reimbursement Payment relates. For purposes of the Expense Support and Conditional Reimbursement Agreement, “Effective Rate of Distributions Per Share” means the annualized rate (based on a 365- day year) of regular cash distributions per Share exclusive of returns of capital, distribution rate reductions due to 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 Third Amended and Restated Advisory Agreement, or (b) the Board of the Fund making a determination to dissolve or liquidate the Fund. Upon termination of the Expense Support and Conditional Reimbursement Agreement, the Fund will be required to fund any Expense Payments, subject to the aforementioned requirements per the Expense Support and Conditional Reimbursement Agreement, that have not been reimbursed by the Fund to the Adviser.

As of June 30, 2026, the amount of Expense Payments provided by the Adviser since inception is $4,874,139, of which $4,199,150 has been reimbursed. The remainder is no longer subject to reimbursement. The Fund has not received expense support from the Adviser since 2020 and has not made reimbursement payments since 2022.

Transfer Agency Agreement

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

For the three and six months ended June 30, 2026, the Fund accrued $44,445 and $91,372, respectively, in transfer agent fees. For the three and six months ended June 30, 2025, the Fund recorded $41,883 and $80,253, respectively, in transfer agent fees. As of June 30, 2026 and December 31, 2025, $44,445 and $44,812, 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 makes certain conclusions in connection with certain co-investment transactions, including that (1) the terms of the transaction, including the consideration to be paid, are reasonable and fair to the Fund and its stockholders and do not involve overreaching of the Fund or its stockholders on the part of any person concerned, (2) the transaction is consistent with the interests of the Fund’s stockholders and its policy as recited in its filings with the SEC, and, (3) the Fund’s directors record in their minutes and preserve in their records a description of the transaction, their findings, the information or materials upon which their findings were based, and the basis for their findings. 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, an investment is deemed to be a “controlled affiliated person” of the Fund because the Fund owns, either directly or indirectly, 25% or more of the portfolio company’s outstanding voting securities or has the power to exercise control over management or policies of such portfolio company. As defined in the Investment Company Act an investment is deemed to be an “affiliated person” of the Fund because the Fund owns, either directly or indirectly, 5% or more of the portfolio company’s outstanding voting securities. The table below presents the Fund’s affiliated investments:


	Loan Type	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 six months ended June 30, 2026
Non-Controlled Affiliates
SBS Super Holdings, LLC (Class A and Class B Units)	Common Stocks	$	—	$	—	$	—	$	—	$	—		$	—	$	—
Delaware Valley Management Holdings, Inc.	Term Loan		539,108		—		—		—		(1,887	)		537,221		—
Delaware Valley Management Holdings, Inc.	Delayed Draw Term Loan		106,210		—		—		—		(372	)		105,838		—
Delaware Valley Management Holdings, Inc.	Revolver		83,827		—		—		—		(293	)		83,534		—
Delaware Valley Management Holdings, Inc.	Delayed Draw Term Loan		56,748		—		—		—		(198	)		56,550		—
Total Non-Controlled Affiliates		$	785,893	$	—	$	—	$	—	$	(2,750	)	$	783,143	$	—


	Loan Type	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 six months ended June 30, 2025
Non-Controlled Affiliates
SBS Super Holdings, LLC (Class A and Class B Units)	Common Stocks	$	—	$	—	$	—	$	—	$	—		$	—	$	—
Delaware Valley Management Holdings, Inc.	Delayed Draw Term Loan		60,364		2,415		—		—		(2,839	)		59,940		—
Delaware Valley Management Holdings, Inc.	Delayed Draw Term Loan		112,997		4,520		—		—		(5,313	)		112,184		—
Delaware Valley Management Holdings, Inc.	Revolver		89,190		3,568		—		—		(4,236	)		88,522		—
Delaware Valley Management Holdings, Inc.	Term Loan		573,437		22,944		—		—		(26,972	)		569,429		—
Total Non-Controlled Affiliates		$	835,988	$	33,447	$	—	$	—	$	(39,360	)	$	830,075	$	—

(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

Borrowings under the Credit Facilities are subject to certain restrictions contained in the 1940 Act.

HSBC Credit Facility

On July 8, 2021, the Fund entered into the 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) Fund L.P., affiliates of the Fund, the banks and financial institutions from time to time party thereto as lenders, and HSBC as administrative agent. The Fund has entered into a number of amendments to the 2021 HSBC Credit Facility through April 22, 2026, the latest details of which are reflected in the notes below.

Borrowings under the 2021 HSBC Credit Facility bear interest at a rate per annum equal to (i) with respect to SOFR Loans, Adjusted Term SOFR (as defined in the 2021 HSBC Credit Agreement) plus a spread of 2.10% per annum for the applicable Interest Period (as defined in the 2021 HSBC Credit Agreement) and (ii) with respect to Reference Rate Loans (as defined in the 2021 HSBC Credit Agreement), the Reference Rate (as defined in the 2021 HSBC Credit Agreement) in effect from day to day. The Fund will also pay an unused commitment fee of (x) with respect to any day on which the Principal Obligations (as defined in the 2021 HSBC Credit Agreement) are then-currently greater than 66% of the Maximum Commitment (as defined in the 2021 HSBC Credit Agreement), 0.35% per annum, (y) with respect to any day on which the Principal Obligations are then-currently less than or equal to 66% and greater than 33% of the Maximum Commitment, 0.50% per annum and (z) with respect to any day on which the Principal Obligations are then-currently less than or equal to 33% of the Maximum Commitment, 1.00% per annum.

On March 23, 2026, the Fund entered into an amendment, which among other changes, (i) created an alternative currency temporary increase tranche, which reallocated the dollar equivalent of $115,000,000 of the $450,000,000 maximum commitment to be used for loans made in Canadian Dollars, Sterling, Euros, Australian Dollars, Japanese Yen, Swedish Krona or any other currency requested by the Fund and approved by each applicable lender, in its sole discretion, under the 2021 HSBC Credit Facility until December 7, 2026 (the “Stated Maturity Date”), (ii) incorporated an alternative currency sublimit of 50.0% of the available commitment and (iii) decreased the Fund’s facility sublimit from $42,000,000 to $35,000,000 until the Stated Maturity Date.

On April 22, 2026, the Fund entered into an amendment, which among other changes, increased the Fund’s facility sublimit from $35,000,000 to $42,000,000 until the Stated Maturity Date.

As of June 30, 2026, the maximum commitment under the 2021 HSBC Credit Facility was $450,000,000, and the Fund’s facility sublimit was $42,000,000. Proceeds under the 2021 HSBC Credit Agreement may be used for any purpose permitted under the Fund’s organizational documents, including general corporate purposes such as the making of investments. Any amounts borrowed under the 2021 HSBC Credit Facility will mature, and all accrued and unpaid interest thereunder will be due and payable on December 7, 2026. The 2021 HSBC Credit Agreement contains certain customary covenants and events of default, with customary cure and notice provisions. The Fund’s obligations under the 2021 HSBC Credit Agreement are secured by the Capital Commitments and capital contributions.

Synovus Credit Facility

On October 15, 2020, ABPCIC Funding II LLC, a Delaware limited liability company and wholly-owned subsidiary of the Fund (“ABPCIC Funding II”), entered into a revolving credit facility (the “Synovus Credit Facility”) with Synovus Bank, Specialty Finance Division (“Synovus”), as facility agent, and U.S. Bank, National Association (“U.S. Bank”), as collateral agent (in such capacity, the “Synovus Collateral Agent”), collateral custodian (in such capacity, the “Synovus Collateral Custodian”) and securities intermediary (in such capacity, the “Synovus Securities Intermediary”). ABPCIC Funding II has entered into a number of amendments to the Synovus Credit Facility through February 6, 2026, the latest details of which are reflected in the notes below.

On February 6, 2026, ABPCIC Funding II entered into the fourth amendment (the “Fourth Synovus Credit Facility Amendment”) to the Loan Financing and Sale Agreement. The Fourth Synovus Credit Facility Amendment, among other changes, (i) decreased the applicable margin to 2.10% per annum, (ii) decreased the facility amount to $150,000,000, (iii) extended the facility termination date to February 6, 2031 and (iv) extended the revolving period to February 6, 2029.

As of June 30, 2026, the Synovus Credit Facility provides for borrowings in an aggregate amount up to $150,000,000. Borrowings under the Synovus Credit Facility bear interest based on SOFR for the relevant interest period, plus a spread of 2.10% per annum. Interest is payable quarterly in arrears. Any amounts borrowed under the Synovus Credit Facility will mature, and all accrued and unpaid interest thereunder will be due and payable, on the earlier of (i) February 6, 2031 or (ii) upon certain events which result in accelerated maturity under the agreements establishing the Synovus Credit Facility. The availability period with respect to the revolving commitments under the Synovus Credit Facility will terminate on February 6, 2029.

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.

Natixis Credit Facility

On April 21, 2023, ABPCI Private Funding II LLC (“ABPCI Private Funding II”), formerly known as ABPCIC Funding IV LLC, a Delaware limited liability company and wholly-owned subsidiary of the Fund, entered into a warehouse financing transaction (the “Natixis Credit Facility”) with Natixis, New York Branch, as administrative agent and U.S. Bank Trust Company, National Association, as collateral agent and collateral administrator. ABPCI Private Funding II has entered into a number of amendments to the Natixis Credit Facility through December 18, 2025, the latest details of which are reflected in the notes below.

Pursuant to its terms, the Natixis Credit Facility provided for a total commitment amount of up to $325,000,000, which was split between the Class A-R Loans and the Swingline Loans, on a revolving basis, and in the case of the Class A-D1 Loans and Class A-D2 Loans, on a term basis. The total Class A-R commitment as of the closing date is $65,000,000, the total Class A-D1 commitment as of the closing date is $216,000,000 and the total Class A-D2 commitment as of the closing date is $44,000,000. Amounts drawn under the Natixis Credit Facility will bear interest at either the Term SOFR Reference Rate, or the weighted average of the Commercial Paper Rate, the Liquidity Funding Rate and the Credit Funding Rate (each as defined in the Natixis Credit Agreement, the “Applicable Rate”), in each case, plus a margin. Advances used to finance the purchase or origination of any eligible loans under the Natixis Credit Facility bear interest at the Applicable Rate plus an applicable spread, which for the Class A-R Loans is 1.57% per annum, the Class A-D1 Loans is 1.51% per annum and the Class A-D2 Loans is 1.84% per annum. The availability period with respect to the revolving commitments under the Natixis Credit Facility will terminate on December 18, 2028.

The Natixis Credit Facility is secured by ABPCI Private Funding II’s right, title and interest in the pledged collateral, which includes (but is not limited to): all collateral loans; the custodial accounts, the eligible accounts, and the eligible investments; cash, money, securities, reserves and other property of ABPCI Private Funding II; all related property; and certain agreements entered into in connection with the Natixis Credit Facility. The stated maturity date of the Natixis Credit Facility is December 18, 2036.

The Natixis Credit Facility includes customary covenants, including certain limitations on the incurrence by ABPCI Private Funding II of additional indebtedness, as well as customary events of default.

MUFG Credit Facility

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

In connection with the MUFG Credit Facility, ABPCIC Funding V entered into, among other agreements, (i) the credit agreement (the “MUFG Credit Agreement”), among ABPCIC Funding V, MUFG Bank, Ltd., as lender, the other lenders party thereto from time to time, MUFG Bank, Ltd., as administrative agent, U.S. Bank Trust Company, National Association, as collateral agent (in such capacity, the “MUFG Collateral Agent”) and collateral administrator (in such capacity, the “MUFG Collateral Administrator”), and U.S. Bank National Association, as document custodian, (ii) the control agreement (the “MUFG Control Agreement”), among ABPCIC Funding V, as debtor, the MUFG Collateral Agent, as secured party, and U.S. Bank National Association, as securities

intermediary (in such capacity, the “MUFG Securities Intermediary”), (iii) the collateral management agreement (the “MUFG Collateral Management Agreement”), between ABPCIC Funding V and the Adviser, as collateral manager (in such capacity, the “MUFG Collateral Manager”), (iv) the collateral administration agreement (the “MUFG Collateral Administration Agreement”), among ABPCIC Funding V, the MUFG Collateral Manager and the MUFG Collateral Administrator and (v) the master loan sale and contribution agreement between the Fund, as seller, and ABPCIC Funding V, as buyer. The MUFG Credit Agreement provides for borrowings in an aggregate amount up to $150,000,000 with an option to increase aggregate commitments by $50,000,000.

On May 11, 2026, ABPCIC Funding V exercised this option and, with the consent of the administrative agent and the lenders, the commitments of the lenders under the MUFG Credit Agreement were increased from $150,000,000 to $200,000,000.

As of June 30, 2026, the MUFG Credit Agreement provides for borrowings in an aggregate amount up to $200,000,000. Borrowings under the MUFG Credit Agreement will bear interest based on the term standard overnight financing rate for the relevant interest period or the applicable replacement thereto provided for in the MUFG Credit Agreement, in each case, plus an applicable spread of 2.10% per annum or 2.60% per annum for borrowings utilized for certain purchases. Interest is payable quarterly in arrears. Any amounts borrowed under the MUFG Credit Agreement will mature, and all accrued and unpaid interest thereunder will be due and payable, on the earlier of (i) September 19, 2029 or (ii) upon certain other events which result in accelerated maturity under the MUFG Credit Facility. The availability period with respect to the revolving commitments under the MUFG Credit Facility will terminate on September 19, 2026.

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

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

NatWest Credit Facility

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

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

on March 21, 2028.

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

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

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

Scotia Credit Facility

On November 7, 2025, the Fund entered into a Senior Secured Credit Agreement with The Bank of Nova Scotia, as the administrative agent, and the lenders and issuing banks party thereto from time to time (the “Scotia Credit Facility” and together with the 2021 HSBC Credit Facility, the Synovus Credit Facility, the Natixis Credit Facility, the MUFG Credit Facility and the NatWest Credit Facility, the “Credit Facilities”). On February 19, 2026 (the “Scotia Credit Facility First Amendment Date”), the Scotia Credit Facility was amended to, among other things, increase the total facility amount. The following describes the terms of the Scotia Credit Facility as modified through the Scotia Credit Facility First Amendment Date.

The Scotia Credit Facility is expected to be guaranteed by certain of the Fund’s domestic subsidiaries that are formed or acquired by the Fund in the future (collectively, the “Guarantors”). Proceeds of the Scotia Credit Facility may be used for general corporate purposes, including the funding of portfolio investments.

The Scotia Credit Facility provides for a revolving credit facility in an initial amount of up to $100,000,000, subject to availability under the borrowing base, which is based on the Fund’s portfolio investments and other outstanding indebtedness. The Scotia Credit Facility is secured by a perfected first-priority interest in substantially all of the portfolio investments held by the Fund and each Guarantor, subject to certain exceptions. The amount available for borrowing under the Scotia Credit Facility is reduced by any standby letters of credit issued through the Scotia Credit Facility. Amounts drawn under the Scotia Credit Facility in U.S. dollars will bear interest at either (i) term SOFR plus a margin of 1.950% or 2.050% per annum, subject to certain conditions, or (ii) the alternate base rate plus a margin of 0.950% or 1.050% per annum, subject to certain conditions.

The Scotia Credit Facility will mature on November 6, 2026. The maturity date of the Scotia Credit Facility may be extended for one-year terms subject to the consent of the Fund and the Lenders, and in addition may be extended for one year on a committed basis subject only to the consent of the Fund and satisfaction of customary extension conditions.

Borrowings under the Credit Facilities are subject to certain restrictions contained in the 1940 Act. The Fund’s outstanding borrowings through the Credit Facilities as of June 30, 2026 were as follows:


	Aggregate Borrowing Amount Committed		Outstanding Borrowing		Amount Available		Carrying Value
HSBC	$	42,000,000	$	15,000,000	$	27,000,000	$	15,000,000
Synovus		150,000,000		150,000,000		—		150,000,000
Natixis		325,000,000		266,250,000		58,750,000		266,250,000
MUFG		200,000,000		150,000,000		50,000,000		150,000,000
NatWest		75,000,000		75,000,000		—		75,000,000
Scotia		100,000,000		60,000,000		40,000,000		60,000,000
Total	$	892,000,000	$	716,250,000	$	175,750,000	$	716,250,000

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


	Aggregate Borrowing Amount Committed		Outstanding Borrowing		Amount Available		Carrying Value
HSBC	$	42,000,000	$	—	$	42,000,000	$	—
Synovus		200,000,000		190,000,000		10,000,000		190,000,000
Natixis		325,000,000		235,000,000		90,000,000		235,000,000
MUFG		150,000,000		150,000,000		—		150,000,000
NatWest		75,000,000		75,000,000		—		75,000,000
Scotia		50,000,000		30,000,000		20,000,000		30,000,000
Total	$	842,000,000	$	680,000,000	$	162,000,000	$	680,000,000

As of June 30, 2026 and December 31, 2025, deferred financing costs were $4,279,183 and $4,569,276, respectively, which remain to be amortized, and are reflected on the consolidated statements of assets and liabilities.

Collateralized Loan Obligations

CLO VI

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

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

On March 5, 2025, the VI Co-Issuers executed that certain amended and restated indenture by and among the VI Co-Issuers and U.S. Bank Trust Company, National Association (the “Refinancing CLO Transaction”) to redeem all of the outstanding VI Notes issued by the VI Co-Issuers pursuant to that certain original indenture, dated as of August 9, 2019, as amended by that certain First Supplemental Indenture, dated as of April 28, 2022 and that certain Second Supplemental Indenture, dated as of March 8, 2024, with the proceeds from the private placement of new Debt offered by the VI Co-Issuers in the Refinancing CLO Transaction (the “Refinancing Debt”). The Refinancing Debt is secured by the portfolio of the VI Co-Issuers. The Refinancing Debt consists of: (i) $103,000,000 of Class A-1-RR Senior Secured Floating Rate Notes, which bear interest at three-months SOFR plus 1.40% per annum; (ii) $100,000,000 of Class A-1-LR Senior Secured Floating Rate Loans, which bear interest at three-months SOFR plus 1.40% per annum; (iii) $14,000,000 of Class A-2-RR Senior Secured Floating Rate Notes, which bear interest at three-months SOFR plus 1.60% per annum; (iv) $21,000,000 of Class B-RR Senior Secured Floating Rate Notes, which bear interest at SOFR plus 1.70% per annum; (v) $28,000,000 of Class C-RR Secured Deferrable Floating Rate Notes, which bear interest at SOFR plus 2.00% per annum; and (vi)

$18,980,000 of additional Subordinated Notes, which do not bear interest. In addition, $61,320,000 of Subordinated Notes previously issued by the VI Issuer will remain outstanding as of the closing date of the Refinancing CLO Transaction. The Refinancing Debt is scheduled to mature on January 27, 2037.

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

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

The CLO VI Transaction was executed through a private placement and the notes offered (the “VI Notes”) that remain outstanding as of June 30, 2026 and December 31, 2025 were as follows:


	June 30, 2026
	Principal Amount		Interest Rate	Carrying Value(1)
Class A-1-RR Senior Secured Floating Rate Note (“Class A-1-RR”)	$	103,000,000	S + 1.40%	$	102,574,062
Class A-1-LR Senior Secured Floating Rate Loan (“Class A-1-LR”)	$	100,000,000	S + 1.40%	$	99,586,467
Class A-2-RR Senior Secured Floating Rate (“Class A-2-RR”)	$	14,000,000	S + 1.60%	$	13,942,105
Class B-RR Senior Secured Floating Rate (“Class B-RR”)	$	21,000,000	S + 1.70%	$	20,913,158
Class C-RR Secured Deferrable Floating Rate Note (“Class C-RR”)	$	28,000,000	S + 2.00%	$	—	*
Subordinated Notes	$	80,300,000	N/A	$	—	*

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

(1)

Carrying value is net of unamortized discount and debt issuance costs. Unamortized discount and debt issuance costs associated with the Notes totaled $0 and $984,208, respectively, as of June 30, 2026 and are reflected on the consolidated statements of assets and liabilities.


	December 31, 2025
	Principal Amount		Interest Rate	Carrying Value(1)
Class A-1-RR Senior Secured Floating Rate Note (“Class A-1-RR”)	$	103,000,000	S + 1.40%	$	102,492,220
Class A-1-LR Senior Secured Floating Rate Loan (“Class A-1-LR”)	$	100,000,000	S + 1.40%	$	99,507,009
Class A-2-RR Senior Secured Floating Rate (“Class A-2-RR”)	$	14,000,000	S + 1.60%	$	13,930,982
Class B-RR Senior Secured Floating Rate (“Class B-RR”)	$	21,000,000	S + 1.70%	$	20,896,472
Class C-RR Secured Deferrable Floating Rate Note (“Class C-RR”)	$	28,000,000	S + 2.00%	$	—	*
Subordinated Notes	$	80,300,000	N/A	$	—	*

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

(1)

Carrying value is net of unamortized discount and debt issuance costs. Unamortized discount and debt issuance costs associated with the Notes totaled $0 and $1,173,317, respectively, as of December 31, 2025 and are reflected on the consolidated statements of assets and liabilities.

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

CLO XIII

On May 3, 2023, ABPCI Direct Lending Fund CLO XIII LTD (“CLO XIII”), a private company limited by shares incorporated under the laws of Jersey (the “XIII Issuer”), ABPCI Direct Lending Fund CLO XIII LLC, a limited liability company organized under the laws of the State of Delaware (the “XIII Co-Issuer,” and together with the XIII Issuer, the “XIII Co-Issuers”), ABPCI Direct Lending Fund CLO XIII First Static Subsidiary Ltd (the “First Static Subsidiary”) and ABPCI Direct Lending Fund CLO XIII Second Static Subsidiary Ltd (the “Second Static Subsidiary” and together with the First Static Subsidiary, the “Static Subsidiaries”, and

together with the XIII Co-Issuers, the “XIII Issuer Entities”), each a newly formed special purpose vehicle, completed a $395,000,000 term debt securitization (the “CLO XIII Transaction”). The stated reinvestment date is April 27, 2027, which was extended to October 27, 2029 through the first supplemental indenture on October 21, 2025.

The CLO XIII Transaction was executed through a private placement and the notes offered (the “XIII Notes”) that remain outstanding as of June 30, 2026, and December 31, 2025 were as follows:


	June 30, 2026
	Principal Amount		Interest Rate	Carrying Value(1)
Class A Senior Secured Floating Rate Note (“Class A”)	$	228,000,000	S + 1.45%	$	227,215,076
Class B Senior Secured Floating Rate Note (“Class B”)	$	36,000,000	S + 1.80%	$	35,876,065
Class C Secured Deferrable Floating Rate Note (“Class C”)	$	36,000,000	S + 2.20%	$	35,876,065
Class D Secured Deferrable Floating Rate Note (“Class D”)	$	28,000,000	S + 3.25%	$	—	*
Subordinated Notes	$	67,000,000	N/A	$	—	*

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

(1) Carrying value is net of unamortized discount and debt issuance costs. Unamortized discount and debt issuance costs associated with the XIII Notes totaled $0 and $1,032,794 respectively, as of June 30, 2026 and are reflected on the consolidated statements of assets and liabilities.


	December 31, 2025
	Principal Amount		Interest Rate	Carrying Value(1)
Class A Senior Secured Floating Rate Note (“Class A”)	$	228,000,000	S + 1.45%	$	227,098,338
Class B Senior Secured Floating Rate Note (“Class B”)	$	36,000,000	S + 1.80%	$	35,857,632
Class C Secured Deferrable Floating Rate Note (“Class C”)	$	36,000,000	S + 2.20%	$	35,857,632
Class D Secured Deferrable Floating Rate Note (“Class D”)	$	28,000,000	S + 3.25%	$	—	*
Subordinated Notes	$	67,000,000	N/A	$	—	*

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

(1)

Carrying value is net of unamortized discount and debt issuance costs. Unamortized discount and debt issuance costs associated with the XIII Notes totaled $0 and $1,186,398 respectively, as of December 31, 2025 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 October 27, 2037.

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.

As of June 30, 2026 and December 31, 2025, total outstanding borrowings, net of unamortized discount and debt issuance costs, under the Credit Facilities and Notes were $1,252,232,998 and $1,215,640,285, respectively.

Interest Expense on Borrowings

For the three and six months ended June 30, 2026 and 2025, the components of interest and other debt expenses related to the borrowings were as follows:


	For the three months ended June 30,						For the six months ended June 30,
	2026			2025			2026			2025
Interest and borrowing expenses	$	17,076,355		$	17,908,211		$	33,630,037		$	36,075,200
Commitment fees		288,556			212,855			627,596			307,183
Amortization of discount, debt issuance and deferred financing costs		1,129,913			1,157,189			2,093,111			2,449,195
Total		18,494,824			19,278,255			36,350,744			38,831,578
Weighted average interest rate(1)		5.50	%		6.66	%		5.52	%		6.78	%
Average outstanding balance	$	1,245,793,956		$	1,078,403,846		$	1,227,830,110		$	1,072,429,274

(1)

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

5. Fair Value Measurement

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

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

•

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

•

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

•

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

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

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

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

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

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

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

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

•

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

•

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

•

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

•

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

•

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

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

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

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

The following table summarizes the valuation of the Fund’s investments as of June 30, 2026:


Assets*	Level 1		Level 2		Level 3		Total
Cash Equivalents
Money Market Funds	$	64,436,258	$	—	$	—	$	64,436,258
Total Cash Equivalents	$	64,436,258	$	—	$	—	$	64,436,258

Assets*	Level 1		Level 2		Level 3		Total
1st Lien/Senior Secured Debt	$	—	$	—	$	1,885,649,413	$	1,885,649,413
2nd Lien/Junior Secured Debt		—		—		1,901,860		1,901,860
Preferred Stock		—		—		7,624,574		7,624,574
Common Stocks and LP Interests		395,415		54,256		7,391,789		7,841,460
Warrants		—		—		3,141,339		3,141,339
Total	$	395,415	$	54,256	$	1,905,708,975	$	1,906,158,646
Investments valued at NAV as a practical expedient#								37,479,170
Total investments#	$	395,415	$	54,256	$	1,905,708,975	$	1,943,637,816

* 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, 2025:


Assets*	Level 1		Level 2		Level 3		Total
Cash Equivalents
Money Market Funds	$	81,799,316	$	—	$	—	$	81,799,316
Total Cash Equivalents	$	81,799,316	$	—	$	—	$	81,799,316

Assets*	Level 1		Level 2		Level 3		Total
1st Lien/Senior Secured Debt	$	—	$	—	$	1,802,229,181	$	1,802,229,181
2nd Lien/Junior Secured Debt		—		—		2,574,947		2,574,947
Preferred Stock		—		—		8,128,435		8,128,435
Common Stocks and LP Interests		821,553		102,698		9,632,220		10,556,471
Warrants		—		—		2,102,100		2,102,100
Total	$	821,553	$	102,698	$	1,824,666,883	$	1,825,591,134
Investments valued at NAV as a practical expedient#								35,705,328
Total investments#	$	821,553	$	102,698	$	1,824,666,883	$	1,861,296,462

* See consolidated schedule of investments for industry classifications.

The following is a reconciliation of Level 3 Assets for the six months ended June 30, 2026:


	1st Lien/Senior Secured Debt			2nd Lien/ Junior Secured Debt			Preferred Stock			Common Stocks and LP Interests			Warrants			Total
Balance as of January 1, 2026	$	1,802,229,181		$	2,574,947		$	8,128,435		$	9,632,220		$	2,102,100		$	1,824,666,883
Purchases (including PIK)		178,034,667			—			—			(30,298	)		—			178,004,369
Sales and principal payments		(72,899,114	)		—			—			—			—			(72,899,114	)
Realized Gain (Loss)		39,676			—			—			—			(46,823	)		(7,147	)
Net Amortization of Premium/Discount		2,860,607			5,532			—			—			—			2,866,139
Transfers Out		—			—			—			(1,436,382	)		—			(1,436,382	)
Net Change in Unrealized Appreciation (Depreciation)		(24,615,604	)		(678,619	)		(503,861	)		(773,751	)		1,086,062			(25,485,773	)
Balance as of June 30, 2026	$	1,885,649,413		$	1,901,860		$	7,624,574		$	7,391,789		$	3,141,339		$	1,905,708,975
Change in Unrealized Appreciation (Depreciation) for Investments Still Held	$	(24,632,238	)	$	(678,620	)	$	(503,861	)	$	(773,750	)	$	1,068,086			(25,520,383	)

For the six months ended June 30, 2026, there were no transfers into Level 3. For the six months ended June 30, 2026, there were transfers out of Level 3 of $1,436,382 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 is a reconciliation of Level 3 Assets for the year ended December 31, 2025:


	1st Lien/Senior Secured Debt			2nd Lien/ Junior Secured Debt			Preferred Stock			Common Stocks and LP Interests			Warrants		Total
Balance as of January 1, 2025	$	1,582,307,975		$	2,825,397		$	8,028,728		$	10,996,373		$	1,703,357	$	1,605,861,830
Purchases (including PIK)		525,816,354		—				442,239			2,209,112		—			528,467,705
Sales and principal payments		(304,780,076	)	—				(1,575,208	)		(5,352,470	)	—			(311,707,754	)
Realized Gain (Loss)		163,320		—				680,703			3,660,538		—			4,504,561
Net Amortization of Premium/Discount		8,256,314			5,667		—			—			—			8,261,981
Transfers Out	—			—			—			—			—		—
Net Change in Unrealized Appreciation (Depreciation)		(9,534,706	)		(256,117	)		551,973			(1,881,333	)		398,743		(10,721,440	)
Balance as of December 31, 2025	$	1,802,229,181		$	2,574,947		$	8,128,435		$	9,632,220		$	2,102,100	$	1,824,666,883
Change in Unrealized Appreciation (Depreciation) for Investments Still Held	$	(6,933,652	)	$	(256,117	)	$	697,799		$	(1,567,794	)	$	398,743	$	(7,661,021	)

For the year ended December 31, 2025, there were no transfers into Level 3.

The following tables present the ranges of significant unobservable inputs used to value the Fund’s Level 3 investments as of June 30, 2026 and December 31, 2025, 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
 June 30, 2026

         Valuation
Techniques

         Unobservable
Input

         Range/Input
(Weighted
Average)(1)

         Impact to
Valuation from an
Increase in Input

         Assets:

1st Lien/Senior Secured Debt

1,804,140,660

Market Yield Analysis

Market Yield

7.9% - 25.5% (10.3%)

Decrease

57,011,387

Recent Purchase

Purchase Price

N/A

N/A

15,765,846

Market Approach

EBITDA Multiple

5.8x - 7.0x (6.6x)

Increase

7,298,359

Market Approach

Revenue Multiple

0.7x - 0.9x (0.7x)

Increase

783,143

Recent Transaction

Transaction Price

N/A

N/A

650,018

Liquidation Value

Recovery Rate

1.0% - 16.2% (15.5%)

Increase

2nd Lien/Junior Secured Debt

1,901,860

Market Yield Analysis

Market Yield

34.6%

Decrease

Common Stocks and LP Interests

4,970,852

Market Approach

EBITDA Multiple

6.8x - 20.0x (13.8x)

Increase

1,406,175

Market Approach

Revenue Multiple

5.0x - 22.0x (9.9x)

Increase

550,257

Market Yield Analysis

Market Yield

14.6%

Decrease

370,053

Discounted transaction price

Illiquidity Discount

20.0%

Decrease

87,261

Market Approach

NCF Multiple

14.1x

Increase

7,191

Expected Repayment

Escrow Valuation

N/A

N/A

Preferred Stock

1,280,154

Market Approach

EBITDA Multiple

8.0x - 18.8x (13.2x)

Increase

3,279,402

Market Approach

Revenue Multiple

2.0x - 12.0x (8.7x)

Increase

2,862,237

Market Yield Analysis

Market Yield

21.9% - 37.1% (31.4%)

Decrease

202,781

Discounted transaction price

Illiquidity Discount

20.0%

Decrease

Warrants

3,141,339

Market Approach

Revenue Multiple

3.0x - 12.0x (11.3x)

Increase

Total Assets

1,905,708,975

(1)

Weighted averages are calculated based on fair value of investments.

          
         Fair Value as of
December 31,
2025

         Valuation
Techniques

         Unobservable
Input

         Range/Input
(Weighted
Average)(1)

         Impact to
Valuation from an
Increase in Input

         Assets:

1st Lien/Senior Secured Debt

1,684,703,626

Market Yield Analysis

Market Yield

7.4% - 20.0% (9.2%)

Decrease

93,576,469

Recent Purchase

Purchase Price

N/A

N/A

21,899,935

Market Approach

EBITDA Multiple

6.5x - 13.9x (9.1x)

Increase

1,263,258

Liquidation Value

Recovery Rate

1.0% - 32.2% (31.5%)

Increase

785,893

Recent Transaction

Transaction Price

N/A

N/A

2nd Lien/Junior Secured Debt

2,574,947

Market Yield Analysis

Market Yield

20.8%

Decrease

Common Stocks and LP Interests

6,027,489

Market Approach

EBITDA Multiple

6.8x - 24.3x (15.1x)

Increase

1,520,631

Market Approach

Revenue Multiple

6.0x - 21.0x (9.4x)

Increase

954,467

Recent Purchase

Purchase Price

N/A

N/A

527,494

Market Yield Analysis

Market Yield

13.6%

Decrease

431,245

Discounted transaction price

Illiquidity Discount

20.0%

Decrease

161,369

Market Approach

NCF Multiple

15.7x

Increase

9,525

Expected Repayment

Escrow Valuation

N/A

N/A

Preferred Stock

2,843,303

Market Approach

Revenue Multiple

3.0x - 8.0x (6.5x)

Increase

2,624,917

Market Approach

EBITDA Multiple

10.5x - 23.0x (17.2x)

Increase

2,423,902

Market Yield Analysis

Market Yield

17.4% - 26.8% (25.4%)

Decrease

236,313

Discounted transaction price

Illiquidity Discount

20.0%

Decrease

Warrants

2,102,100

Market Approach

Revenue Multiple

4.5x - 8.0x (7.6x)

Increase

Total Assets

1,824,666,883

(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 June 30, 2026 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-RR Senior Secured Floating Rate Note (“Class A-1-RR”)	$	102,574,062	$	103,901,250	$	—	$	—	$	103,901,250
Class A-1-LR Senior Secured Floating Rate Loan (“Class A-1-LR”)		99,586,467		100,875,000		—		—		100,875,000
Class A-2-RR Senior Secured Floating Rate Note (“Class A-2-RR”)		13,942,105		14,140,000		—		—		14,140,000
Class B-RR Senior Secured Floating Rate Note (“Class B-RR”)		20,913,158		21,105,000		—		—		21,105,000
CLO XIII Class A Senior Secured Floating Rate Note (“Class A”)		227,215,076		230,280,000		—		—		230,280,000
CLO XIII Class B Senior Secured Floating Rate Note (“Class B”)		35,876,065		36,270,000		—		—		36,270,000
CLO XIII Class C Secured Deferrable Floating Rate Note (“Class C”)		35,876,065		36,630,000		—		—		36,630,000
Total	$	535,982,998	$	543,201,250	$	—	$	—	$	543,201,250

(1)

Carrying value is net of unamortized discount and debt issuance costs. Unamortized discount and debt issuance costs associated with the Notes totaled $0 and $2,017,002, respectively as of June 30, 2026 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, 2025 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-RR Senior Secured Floating Rate Note (“Class A-1-RR”)	$	102,492,220	$	104,030,000	$	—	$	—	$	104,030,000
Class A-1-LR Senior Secured Floating Rate Loan (“Class A-1-LR”)		99,507,009		101,000,000		—		—		101,000,000
Class A-2-RR Senior Secured Floating Rate Note (“Class A-2-RR”)		13,930,982		14,175,000		—		—		14,175,000
Class B-RR Senior Secured Floating Rate Note (“Class B-RR”)		20,896,472		21,262,500		—		—		21,262,500
CLO XIII Class A Senior Secured Floating Rate Note (“Class A”)		227,098,338		230,280,000		—		—		230,280,000
CLO XIII Class B Senior Secured Floating Rate Note (“Class B”)		35,857,632		36,450,000		—		—		36,450,000
CLO XIII Class C Secured Deferrable Floating Rate Note (“Class C”)		35,857,632		36,900,000		—		—		36,900,000
Total	$	535,640,285	$	544,097,500	$	—	$	—	$	544,097,500

(1)

Carrying value is net of unamortized discount and debt issuance costs. Unamortized discount and debt issuance costs associated with the Notes totaled $0 and $2,359,715 as of December 31, 2025 and are reflected on the consolidated statements of assets and liabilities.

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

6. Commitments and Contingencies

Commitments

The Fund may enter into commitments to fund investments. As of June 30, 2026 and December 31, 2025 the Adviser believed that the Fund had adequate financial resources to satisfy its unfunded commitments. Since these commitments and the associated amounts may expire without being drawn upon, the total commitment amount does not necessarily represent a future cash requirement. The Fund had the following unfunded commitments by investment types as of June 30, 2026 and December 31, 2025:


			6/30/2026					12/31/2025
Investment Type	Facility Type	Commitment Expiration Date (1)	Unfunded Commitment (2)		Fair Value (3)			Unfunded Commitment (2)		Fair Value (3)
123.Net, LLC	Delayed Draw Term Loan	7/19/2026		-		-			622,304		(7,779	)
AAH Topco, LLC	Delayed Draw Term Loan	3/31/2027		1,175,782		-			2,298,207		-
AAH Topco, LLC	Revolver	12/22/2027		787,273		-			787,273		-
Admiral Buyer, Inc.	Delayed Draw Term Loan	8/17/2026		533,691		-			533,691		-
Admiral Buyer, Inc.	Delayed Draw Term Loan	2/8/2027		257,534		-			257,534		-
Admiral Buyer, Inc.	Revolver	12/6/2029		1,401,522		(7,008	)		1,401,522		(7,008	)
Airwavz Solutions Inc.	Revolver	3/31/2027		434,778		-			434,778		-
Airwavz Solutions Inc.	Delayed Draw Term Loan	12/31/2026		1,183,334		-			1,775,001		-
Amercare Royal LLC	Revolver	9/10/2030		357,121		(5,357	)		791,878		(11,878	)
Amercare Royal LLC	Delayed Draw Term Loan	9/10/2026		-		-			1,925,351		(19,254	)
Amivie Acquisition, Inc.	Delayed Draw Term Loan	7/23/2027		-		-			158,346		-
Amivie Acquisition, Inc.	Revolver	9/16/2027		863,813		(4,319	)		863,813		-
Amivie Acquisition, Inc.	Delayed Draw Term Loan	5/5/2027		3,438,375		(17,192	)		-		-
AppViewX, Inc.	Revolver	12/24/2031		1,846,640		(50,783	)		1,846,640		(18,466	)
AppViewX, Inc.	Delayed Draw Term Loan	3/31/2027		1,908,194		(33,393	)		1,908,194		-
Artifact Bidco, Inc.	Delayed Draw Term Loan	7/26/2027		983,608		-			983,608		-
Artifact Bidco, Inc.	Revolver	7/26/2030		477,753		-			477,753		-
Artifact Bidco, Inc.	Revolver	7/26/2030		233,786		-			233,786		-
Azara Healthcare, LLC	Delayed Draw Term Loan	5/15/2028		5,753,780		(43,153	)		-		-
Azara Healthcare, LLC	Revolver	5/13/2032		1,816,983		(27,255	)		-		-
Azurite Intermediate Holdings, Inc.	Revolver	3/19/2031		1,137,723		(25,599	)		1,137,723		(5,689	)
Bastille Buyer, Inc	Revolver	4/30/2032		1,601,384		(24,021	)		-		-
Bastille Buyer, Inc	Delayed Draw Term Loan	4/30/2029		6,405,536		(48,042	)		-		-
BHG Holdings, LLC	Delayed Draw Term Loan	4/22/2027		3,667,902		(9,170	)		3,667,902		-
BHG Holdings, LLC	Revolver	4/22/2032		1,619,055		(16,191	)		1,619,055		(12,143	)
Bonterra LLC	Revolver	3/5/2032		854,208		(8,542	)		907,596		(2,269	)
Bridgepointe Technologies, LLC	Delayed Draw Term Loan	7/3/2026		-		-			961,130		-


			6/30/2026					12/31/2025
Investment Type	Facility Type	Commitment Expiration Date (1)	Unfunded Commitment (2)		Fair Value (3)			Unfunded Commitment (2)		Fair Value (3)
Bridgepointe Technologies, LLC	Revolver	12/31/2027		-		-			777,494		-
Bridgepointe Technologies, LLC	Delayed Draw Term Loan	7/3/2026		-		-			10,053		-
Bridgepointe Technologies, LLC	Delayed Draw Term Loan	4/17/2028		4,457,710		(22,734	)		-		-
Bridgepointe Technologies, LLC	Revolver	4/18/2033		1,769,307		(17,693	)		-		-
Brightspot Buyer, Inc.	Revolver	11/16/2027		566,910		(9,921	)		680,292		(10,204	)
BRP2 HOLD JONQUIL, INC.	Revolver	8/26/2030		1,648,091		(119,487	)		1,521,314		(22,820	)
BRP2 HOLD JONQUIL, INC.	Delayed Draw Term Loan	8/26/2026		1,541,024		(104,019	)		2,358,620		(17,690	)
BSI2 Hold Nettle, LLC	Revolver	6/30/2028		588,923		(2,945	)		471,138		-
Businessolver.com, Inc.	Delayed Draw Term Loan	12/3/2027		1,267,138		(22,175	)		1,267,138		(3,168	)
Businessolver.com, Inc.	Revolver	12/3/2032		564,347		(11,287	)		564,347		(2,822	)
BV EMS Buyer, Inc	Revolver	11/23/2027		336,510		-			231,350		-
CallTower, Inc.	Revolver	11/30/2028		-		-			622,259		-
Caregiver 2, Inc.	Delayed Draw Term Loan	5/12/2028		170,160		-			-		-
Choice Health at Home, LLC	Delayed Draw Term Loan	10/23/2026		-		-			878,578		-
CHV Holdings LLC	Revolver	3/27/2029		1,241,546		(86,908	)		1,241,546		-
Coding Solutions Acquisition, Inc.	Delayed Draw Term Loan	8/7/2026		312,991		(782	)		312,991		-
Coding Solutions Acquisition, Inc.	Revolver	8/7/2031		703,351		(5,275	)		703,351		-
Contruent Intermediate Company	Delayed Draw Term Loan	11/12/2027		686,196		(18,870	)		857,745		-
Contruent Intermediate Company	Revolver	11/14/2031		571,830		(15,725	)		571,830		(8,577	)
Coretelligent Intermediate LLC	Revolver	10/21/2027		379,926		(22,796	)		379,926		(20,896	)
Coupa Holdings, LLC	Delayed Draw Term Loan	6/3/2027		-		-			948,020		-
Coupa Holdings, LLC	Revolver	2/27/2029		241,963		-			725,890		-
Crewline Buyer, Inc.	Revolver	11/8/2030		1,366,496		(27,330	)		1,366,496		-
DA Blocker Corp.	Revolver	2/10/2032		1,353,066		(13,531	)		1,573,333		(11,800	)
DA Blocker Corp.	Delayed Draw Term Loan	2/10/2027		4,719,998		-			4,719,998		-
Datacor, Inc.	Delayed Draw Term Loan	3/10/2028		2,105,709		(15,793	)		-		-
Datacor, Inc.	Revolver	3/11/2030		2,031,336		(15,235	)		1,692,780		-
Dearborn TopCo, LLC	Revolver	5/22/2029		476,028		(4,760	)		616,037		(1,540	)
DeLorean Purchaser, Inc.	Revolver	12/16/2031		2,409,819		(36,147	)		2,409,819		(12,049	)
Dispatchtrack, LLC	Revolver	12/17/2026		301,930		-			301,930		-
DLRdmv, LLC	Delayed Draw Term Loan	5/7/2027		805,500		-			805,500		-
DLRdmv, LLC	Revolver	5/7/2032		805,500		-			805,500		(4,027	)
Dorado Buyer LLC	Revolver	2/6/2030		248,309		(9,312	)		248,308		(7,449	)
Dorado Buyer LLC	Delayed Draw Term Loan	2/6/2026		-		-			2,427,222		(12,136	)
Duetto Research, Inc	Delayed Draw Term Loan	6/26/2026		-		-			2,017,640		(10,088	)
Duetto Research, Inc	Revolver	6/26/2030		1,008,820		(27,743	)		1,008,820		(10,088	)
EAGAN PARENT, INC	Delayed Draw Term Loan	9/10/2027		3,564,443		(71,289	)		3,564,443		(8,911	)
EAGAN PARENT, INC	Revolver	9/8/2032		1,901,036		(42,773	)		1,901,036		(9,505	)
EET Buyer, Inc.	Delayed Draw Term Loan	1/29/2027		378,394		(4,730	)		378,394		(2,838	)


			6/30/2026					12/31/2025
Investment Type	Facility Type	Commitment Expiration Date (1)	Unfunded Commitment (2)		Fair Value (3)			Unfunded Commitment (2)		Fair Value (3)
EET Buyer, Inc.	Revolver	11/8/2029		1,036,629		(18,141	)		1,036,629		(7,775	)
EET Buyer, Inc.	Delayed Draw Term Loan	6/23/2028		1,247,125		(12,471	)		-		-
Einstein Parent, Inc.	Revolver	1/22/2031		1,066,183		(29,320	)		1,066,183		(23,989	)
Engage2Excel, Inc.	Revolver	7/2/2029		184,278		(2,764	)		184,278		(1,382	)
Exterro, Inc.	Revolver	6/1/2027		1,107,844		(22,157	)		1,107,844		-
Exterro, Inc.	Delayed Draw Term Loan	9/10/2026		1,408,670		(21,130	)		1,408,670		-
Firebird Midco, Inc	Revolver	7/18/2030		921,390		(13,821	)		1,228,520		(15,356	)
FirstEnroll LLC	Revolver	9/19/2031		726,695		(14,534	)		726,695		(7,267	)
Foundation Risk Partners, Corp.	Revolver	10/29/2029		681,228		(1,703	)		778,547		-
Fullsteam Operations, LLC	Delayed Draw Term Loan	8/6/2027		3,339,004		(58,433	)		3,339,004		(16,695	)
Fullsteam Operations, LLC	Revolver	8/8/2031		751,276		(16,904	)		1,113,001		(8,348	)
Fusion Holding, Corp.	Revolver	9/15/2028		999,915		(74,994	)		620,637		(26,377	)
Galway Borrower LLC	Revolver	9/29/2028		-		-			366,401		(916	)
Galway Borrower LLC	Delayed Draw Term Loan	2/6/2026		-		-			1,095,753		-
GH Parent Holdings Inc.	Delayed Draw Term Loan	4/23/2027		420,986		(6,315	)		1,323,099		(6,615	)
Greenhouse Software, Inc.	Revolver	9/1/2028		604,499		(7,556	)		604,499		-
Greenhouse Software, Inc.	Revolver	9/1/2028		1,232,251		(15,403	)		1,232,251		-
Greenlight Intermediate II, Inc.	Delayed Draw Term Loan	7/2/2027		3,556,317		-			5,752,865		(28,764	)
GS AcquisitionCo, Inc.	Revolver	5/25/2028		504		(32	)		441,259		(3,309	)
GS AcquisitionCo, Inc.	Delayed Draw Term Loan	3/26/2026		-		-			201,810		-
Heartland PPC Buyer LLC	Revolver	12/12/2029		882,287		(11,029	)		1,389,132		(13,891	)
Heartland PPC Buyer LLC	Delayed Draw Term Loan	11/12/2027		1,932,086		(14,491	)		1,932,086		(9,660	)
HireVue, Inc.	Delayed Draw Term Loan	1/29/2027		1,382,168		(141,672	)		-		-
HITRUST Services, LLC	Revolver	3/14/2031		2,419,131		(12,096	)		2,419,131		(24,191	)
Honor HN Buyer, Inc.	Delayed Draw Term Loan	5/18/2026		-		-			2,330,767		-
Honor HN Buyer, Inc.	Delayed Draw Term Loan	10/15/2026		2,869,775		-			3,638,803		-
Honor HN Buyer, Inc.	Revolver	10/15/2027		304,093		-			266,081		-
Hunter Communications & Technologies LLC	Delayed Draw Term Loan	3/31/2028		2,754,381		(13,772	)		-		-
Hunter Communications & Technologies LLC	Revolver	3/31/2032		640,554		(6,406	)		-		-
Hyscaleix Data Centers Holdings LLC	Revolver	1/29/2031		805,233		(10,065	)		-		-
Joink, LLC	Revolver	10/4/2030		-		-			727,761		(5,458	)
Joink, LLC	Delayed Draw Term Loan	4/2/2027		1,637,461		(28,656	)		3,820,743		(19,104	)
JS Parent, Inc.	Revolver	4/24/2031		528,354		(1,321	)		528,354		-
Juniper Square, Inc.	Revolver	11/6/2031		1,203,557		(6,018	)		1,203,557		(12,036	)
Juniper Square, Inc.	Delayed Draw Term Loan	11/8/2027		4,212,448		-			5,416,005		(27,080	)
Juniper Square, Inc.	Delayed Draw Term Loan	11/6/2028		3,305,507		-			3,610,670		-


			6/30/2026					12/31/2025
Investment Type	Facility Type	Commitment Expiration Date (1)	Unfunded Commitment (2)		Fair Value (3)			Unfunded Commitment (2)		Fair Value (3)
Kalkomey Borrower, LLC	Delayed Draw Term Loan	6/18/2026		-		-			1,830,937		(9,155	)
Kalkomey Borrower, LLC	Revolver	6/18/2031		1,464,749		(14,647	)		1,464,749		(14,647	)
KPA Parent Holdings, Inc	Delayed Draw Term Loan	3/15/2027		1,368,942		(10,267	)		1,480,258		-
KPA Parent Holdings, Inc	Revolver	3/12/2032		1,036,180		(12,952	)		1,036,180		-
Labvantage Solutions Inc.	Revolver	11/23/2030		1,522,509		(3,806	)		1,522,509		(11,419	)
Last Dance Intermediate I(c), LLC	Delayed Draw Term Loan	6/30/2027		-		-			4,861,503		-
Last Dance Intermediate I(c), LLC	Revolver	3/31/2031		1,720,521		-			1,720,521		(4,301	)
Last Dance Intermediate I(c), LLC	Delayed Draw Term Loan	1/31/2028		2,822,819		(28,228	)		-		-
LeadVenture, Inc.	Delayed Draw Term Loan	6/23/2027		1,891,568		(61,476	)		2,465,662		-
LeadVenture, Inc.	Revolver	6/23/2032		1,743,073		(61,008	)		1,472,037		-
Level Data, LLC	Delayed Draw Term Loan	3/5/2027		2,404,526		(48,091	)		2,404,526		(12,023	)
Level Data, LLC	Revolver	3/5/2031		300,566		(7,514	)		420,792		(4,208	)
Lightspeed Buyer, Inc.	Delayed Draw Term Loan	2/7/2028		5,802,283		(29,011	)		-		-
Lightspeed Buyer, Inc.	Revolver	2/6/2032		1,315,184		(13,152	)		-		-
LivTech Purchaser, Inc.	Delayed Draw Term Loan	11/23/2026		-		-			1,567,473		(11,756	)
LivTech Purchaser, Inc.	Revolver	11/24/2031		1,999,327		(49,983	)		1,999,327		(14,995	)
Lotus HPI Buyer, Inc	Delayed Draw Term Loan	1/19/2026		-		-			3,767,841		(395,623	)
Lotus HPI Buyer, Inc	Revolver	1/21/2030		1,004,758		(135,642	)		-		-
Magaya Corporation	Delayed Draw Term Loan	7/24/2026		2,314,841		(52,084	)		2,314,841		(34,723	)
Magaya Corporation	Revolver	7/26/2030		159,708		(4,392	)		245,704		(4,914	)
Mastery Acquisition Corp.	Revolver	9/7/2029		851,781		-			851,781		-
Mastery Acquisition Corp.	Delayed Draw Term Loan	4/30/2026		-		-			802,394		-
Mavenlink, Inc.	Revolver	6/1/2029		715,926		(23,268	)		715,926		(17,898	)
MBS Holdings, Inc.	Revolver	4/16/2027		779,335		-			974,169		(2,435	)
MedBridge Holdings, LLC	Revolver	12/23/2026		1,376,227		-			1,376,227		-
MediaLab Solutions, LLC	Revolver	8/11/2031		-		-			769,796		(7,698	)
Medical Management Resource Group, L.L.C.	Revolver	9/30/2026		291,102		(728	)		189,849		(1,898	)
Medsuite Purchaser, LLC (FKA Millin Purchaser, LLC)	Revolver	10/22/2026		680,400		(1,701	)		680,400		(1,701	)
Mist Holding Co.	Revolver	12/23/2030		904,795		(2,262	)		904,795		-
Mist Holding Co.	Delayed Draw Term Loan	8/12/2028		2,547,120		-			2,547,120		-
MMP Intermediate, LLC	Revolver	2/15/2029		552,880		-			552,880		-
Momentus Technologies, LLC	Revolver	4/30/2029		229,387		(3,441	)		229,387		-
Moon Buyer, Inc.	Revolver	4/21/2031		1,779,259		-			1,779,259		-
Mr. Greens Intermediate, LLC	Delayed Draw Term Loan	8/2/2027		1,230,919		-			2,083,094		-
Mr. Greens Intermediate, LLC	Revolver	5/1/2031		1,342,616		-			805,570		-
Mr. Greens Intermediate, LLC	Delayed Draw Term Loan	8/2/2027		675,992		-			-		-


			6/30/2026					12/31/2025
Investment Type	Facility Type	Commitment Expiration Date (1)	Unfunded Commitment (2)		Fair Value (3)			Unfunded Commitment (2)		Fair Value (3)
MSP Global Holdings, Inc.	Delayed Draw Term Loan	4/8/2026		-		-			1,211,850		(18,178	)
MSP Global Holdings, Inc.	Revolver	4/9/2029		1,331,300		(36,611	)		1,212,693		(18,190	)
MyKaarma Acquisition LLC	Revolver	12/24/2030		1,188,307		(8,912	)		1,188,307		-
Nasuni Corporation	Revolver	9/10/2030		2,619,806		(13,099	)		2,619,806		(32,748	)
Navigate360, LLC	Revolver	3/17/2028		604,235		(24,169	)		604,235		(3,021	)
NC Topco, LLC	Revolver	9/1/2031		1,291,959		-			1,291,959		-
NC Topco, LLC	Delayed Draw Term Loan	8/31/2026		-		-			3,229,897		-
Netwrix Corporation	Revolver	6/11/2029		774,755		(32,927	)		774,755		(1,937	)
Netwrix Corporation	Delayed Draw Term Loan	12/16/2026		735,566		(27,584	)		735,566		-
Next Holdco, LLC	Revolver	11/9/2029		893,559		(20,105	)		893,559		(15,637	)
OPOC Acquisition, LLC	Revolver	12/20/2030		605,987		-			605,987		(6,060	)
OPOC Acquisition, LLC	Delayed Draw Term Loan	12/21/2026		1,193,795		-			1,333,172		(3,333	)
Pace Health Companies, LLC	Revolver	8/2/2027		616,682		-			616,682		-
Pace Health Companies, LLC	Delayed Draw Term Loan	6/2/2027		888,879		-			888,879		-
Pace Health Companies, LLC	Delayed Draw Term Loan	6/2/2027		1,708,092		-			1,708,092		-
Pamlico Avant Holdings, L.P.	Revolver	12/31/2032		2,209,241		(16,569	)		1,988,317		(19,883	)
Patriot Acquireco L.L.C.	Revolver	9/3/2032		1,093,706		(10,937	)		1,020,792		(10,208	)
PDI TA Holdings, Inc	Revolver	2/3/2031		-		-			251,620		(3,774	)
Penn TRGRP Holdings LLC	Revolver	9/27/2030		316,303		(18,187	)		474,455		(21,350	)
Penn TRGRP Holdings LLC	Delayed Draw Term Loan	9/27/2030		250,064		(14,379	)		488,766		(21,994	)
Pharmalogic Holdings Corp	Delayed Draw Term Loan	12/31/2026		2,080,383		(5,201	)		5,547,689		-
Pieper Memorial, LLC	Delayed Draw Term Loan	11/4/2027		458,852		(2,294	)		458,852		-
Pieper Memorial, LLC	Delayed Draw Term Loan	11/4/2027		9,251,733		-			9,251,740		-
Pieper Memorial, LLC	Revolver	11/2/2028		986,852		(4,934	)		986,852		-
Pinnacle Treatment Centers, Inc.	Revolver	1/4/2027		369,074		(19,376	)		404,224		(9,095	)
Point Quest Group, Inc	Delayed Draw Term Loan	11/15/2027		2,268,077		(5,670	)		2,612,992		(13,065	)
Point Quest Group, Inc	Revolver	11/13/2031		1,567,795		(15,678	)		1,567,795		(15,678	)
Priority OnDemand Midco 2, L.P.	Delayed Draw Term Loan	7/15/2026		1,920,795		-			2,541,108		-
QualDerm Partners, LLC	Revolver	12/8/2028		161,309		(2,016	)		422,475		(5,281	)
Quest Analytics Inc.	Delayed Draw Term Loan	11/10/2027		6,890,797		(68,908	)		6,890,797		(17,227	)
Quest Analytics Inc.	Revolver	11/10/2032		2,756,319		(34,454	)		2,756,319		(13,782	)
Quirch Foods Holdings, LLC	Delayed Draw Term Loan	11/12/2027		1,035,511		(5,178	)		1,035,511		(5,178	)
Race Finco, LLC	Revolver	8/16/2029		609,798		(10,671	)		609,798		(12,196	)
Race Finco, LLC	Delayed Draw Term Loan	8/17/2026		4,564,563		(57,057	)		7,853,011		(78,530	)
Ranger Buyer, Inc.	Revolver	11/18/2027		1,199,233		(2,998	)		1,199,233		-
Redwood Family Care Network, Inc.	Revolver	6/19/2028		588,705		-			588,705		-
REP TEC Intermediate Holdings, Inc.	Revolver	5/30/2031		2,451,325		(18,385	)		2,451,325		(6,128	)


			6/30/2026					12/31/2025
Investment Type	Facility Type	Commitment Expiration Date (1)	Unfunded Commitment (2)		Fair Value (3)			Unfunded Commitment (2)		Fair Value (3)
RevauAdvanced Underwriting Inc.	Delayed Draw Term Loan	5/7/2027		3,594,544		(89,864	)		4,144,298		(20,721	)
Ridge Trail US Bidco, Inc.	Delayed Draw Term Loan	3/30/2027		1,917,450		-			2,227,866		-
Ridge Trail US Bidco, Inc.	Revolver	3/30/2031		742,622		-			542,114		-
Saab Purchaser, Inc.	Revolver	11/12/2031		2,699,315		(67,483	)		2,699,315		-
Saab Purchaser, Inc.	Delayed Draw Term Loan	9/22/2027		887,146		(17,743	)		887,146		-
Sako and Partners Lower Holdings LLC	Revolver	9/15/2028		1,829,730		-			1,354,000		-
Salisbury House, LLC	Delayed Draw Term Loan	8/18/2027		2,365,604		-			3,112,637		-
Salisbury House, LLC	Revolver	8/18/2032		2,075,092		-			1,763,828		(17,638	)
Sandstone Care Holdings, LLC	Delayed Draw Term Loan	7/1/2026		-		-			156,340		-
Sandstone Care Holdings, LLC	Revolver	6/28/2028		1,177,845		-			-		-
Sapphire Software Buyer, Inc.	Revolver	9/30/2031		1,723,759		(99,116	)		1,723,759		(12,928	)
Sauce Labs Inc	Revolver	8/16/2027		705,002		(22,913	)		1,281,821		(35,250	)
Saviynt, Inc.	Revolver	2/18/2030		609,798		-			609,798		-
SDC Atlas Acquistionco, LLC	Delayed Draw Term Loan	8/20/2027		7,475,854		(130,827	)		7,475,854		(130,827	)
Second Nature Brands, Inc.	Revolver	2/6/2031		608,642		(9,130	)		608,642		(4,565	)
Securonix, Inc	Revolver	4/5/2029		1,025,558		(251,262	)		1,538,337		(323,051	)
Serrano Parent, LLC	Revolver	5/13/2030		1,585,346		(110,974	)		2,085,981		(93,869	)
Single Digits, Inc.	Revolver	9/30/2026		416,149		-			416,149		-
Slipstream IT, LLC	Delayed Draw Term Loan	8/2/2027		1,132,053		-			1,132,053		(5,660	)
Slipstream IT, LLC	Revolver	8/1/2031		1,132,053		-			1,132,053		(11,321	)
Smile Brands, Inc.	Revolver	7/12/2029		141,306		(28,261	)		16,215		(1,662	)
Soar Buyer, Inc.	Delayed Draw Term Loan	5/19/2028		8,775,448		(65,816	)		-		-
Soar Buyer, Inc.	Revolver	5/20/2032		1,755,090		(26,326	)		-		-
Soladoc, LLC	Revolver	6/12/2028		353,354		(9,717	)		588,923		(11,778	)
Stratus Networks, Inc.	Revolver	12/15/2028		990,098		(4,950	)		990,098		(2,475	)
Stratus Networks, Inc.	Delayed Draw Term Loan	12/23/2026		2,555,790		-			3,003,053		-
SugarCrm, Inc.	Revolver	7/30/2027		310,244		(3,102	)		310,244		(1,551	)
Sundance Group Holdings, Inc.	Revolver	7/2/2029		2,928,297		(7,321	)		2,197,666		(5,494	)
Tau Buyer, LLC	Delayed Draw Term Loan	2/1/2027		-		-			1,837,594		-
Tau Buyer, LLC	Revolver	2/2/2032		1,243,078		(111,877	)		1,702,477		(4,256	)
Telcor Buyer, Inc.	Revolver	8/20/2027		-		-			290,770		-
Telesoft Holdings, LLC	Revolver	5/31/2027		487,441		(2,437	)		507,336		(1,268	)
The Center for Orthopedic and Research Excellence, Inc.	Revolver	6/30/2028		69,053		-			362,529		-
TMA Buyer LLC	Delayed Draw Term Loan	4/30/2027		936,394		(4,682	)		936,394		-
TMA Buyer LLC	Revolver	4/30/2031		1,208,250		(18,124	)		1,208,250		(12,082	)
ToolWatch Intermediate, LLC	Revolver	7/31/2030		1,228,520		(15,356	)		1,228,520		(6,143	)
Towerco IV Holdings, LLC	Delayed Draw Term Loan	9/23/2028		1,289,903		-			2,277,098		-


			6/30/2026					12/31/2025
Investment Type	Facility Type	Commitment Expiration Date (1)	Unfunded Commitment (2)		Fair Value (3)			Unfunded Commitment (2)		Fair Value (3)
UFS, LLC	Revolver	10/10/2031		698,691		(8,734	)		524,018		(5,240	)
Unanet, Inc	Delayed Draw Term Loan	12/9/2026		1,086,591		(16,299	)		1,086,591		(10,866	)
Unanet, Inc	Revolver	12/9/2030		2,063,584		(36,113	)		2,063,584		(30,954	)
Unanet, Inc	Delayed Draw Term Loan	12/9/2026		539,918		(6,749	)		539,918		(5,399	)
Unlimited Technology Holdings, LLC	Revolver	3/12/2032		1,925,180		(38,504	)		1,925,180		-
UpStack Holdco Inc.	Revolver	8/25/2031		576,999		(4,327	)		692,399		-
UpStack Holdco Inc.	Delayed Draw Term Loan	8/24/2026		1,463,270		(7,316	)		1,463,270		-
Vectra AI, Inc.	Revolver	3/2/2028		1,200,106		(18,002	)		1,200,106		(12,001	)
Vectra AI, Inc.	Delayed Draw Term Loan	10/29/2026		2,418,368		(36,276	)		2,418,368		(24,184	)
Vehlo Purchaser, LLC	Revolver	5/24/2028		1,523,664		(15,237	)		1,523,664		-
Venture Buyer LLC	Revolver	3/1/2030		680,954		(1,702	)		756,615		(5,675	)
Venture Buyer LLC	Delayed Draw Term Loan	3/1/2027		832,277		(2,081	)		832,277		-
Veracross LLC	Delayed Draw Term Loan	12/28/2027		1,335,591		(13,356	)		1,772,559		-
Veracross LLC	Revolver	12/28/2027		346,767		(3,468	)		1,387,067		-
Vhagar Purchaser, LLC	Revolver	6/11/2029		373,356		(5,600	)		373,356		(1,867	)
Vhagar Purchaser, LLC	Delayed Draw Term Loan	6/5/2027		936,687		-			936,687		-
Visionary Buyer, LLC	Revolver	3/21/2030		1,413,418		(10,601	)		1,413,418		(7,067	)
Visionary Buyer, LLC	Delayed Draw Term Loan	3/31/2027		3,224,946		(8,062	)		7,359,493		-
Waldo Buyer, LLC	Delayed Draw Term Loan	4/3/2028		3,251,250		(16,256	)		-		-
Waldo Buyer, LLC	Revolver	4/1/2033		1,950,750		(19,507	)		-		-
Wealth Enhancement Group, LLC	Delayed Draw Term Loan	12/30/2026		250,893		-			1,039,688		-
Wealth Enhancement Group, LLC	Delayed Draw Term Loan	8/30/2027		624,893		-			624,893		-
Wealth Enhancement Group, LLC	Revolver	10/2/2028		623,162		-			623,162		-
Wolverine Seller Holdings, LLC	Revolver	1/17/2030		1,425,401		(7,127	)		1,609,949		(4,025	)
Wolverine Seller Holdings, LLC	Delayed Draw Term Loan	10/1/2027		3,788,278		(9,471	)		5,298,794		-
Your Part-Time Controller, LLC	Revolver	11/14/2029		960,980		-			960,980		(4,805	)
Zendesk, Inc.	Revolver	11/22/2028		1,372,628		(10,295	)		1,372,628		-
Zendesk, Inc.	Delayed Draw Term Loan	5/15/2026		-		-			1,143,721		-
			$	318,602,991	$	(4,042,805	)	$	326,912,123	$	(2,235,796	)

(1)

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

(2)

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

(3)

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

The Fund had the following unfunded commitment for its equity investments, including investment companies, as of June 30, 2026 and December 31, 2025:


	6/30/2026		12/31/2025
Investment	Unfunded Commitment		Unfunded Commitment
AB Equity Investors L.P.	$	553,649	$	784,521
CN Co-Invest, LP		35,238		35,238
Community Based Care Holdings, LP		59,890		59,890
Falcon Co-Investment Partners, L.P.		264,391		271,997
GHP SPV-2, L.P.		34,208		34,208
GTCR A-1 Investors LP		110,000		220,000
Orangewood WWB Co-Invest, L.P.		25,668		25,668
QCS Co-Invest Aggregator, L.P.		105,823		105,823
REP Coinvest III OMNI, L.P.		13,325		13,325
REP RO Coinvest IV-A, L.P.		1,661		1,661
Total	$	1,203,853	$	1,552,331

Contingencies

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

7. Net Assets

Equity Issuance

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

On September 29, 2017, the Fund completed its Initial Closing after entering into Subscription Agreements with several investors, including the Adviser, providing for the private placement of Shares. Under the terms of the Subscription Agreements, investors are required to fund drawdowns to purchase Shares up to the amount of their respective Capital Commitments on an as-needed basis upon the issuance of a capital draw-down notice. The total Capital Commitments of investors in the Fund as of June 30, 2026 was $803,757,855, of which 19% was unfunded. The total Capital Commitments of investors in the Fund as of December 31, 2025 was $775,624,993, of which 18% 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 Third Amended and Restated Advisory Agreement, and/or maintaining a reserve account for the payment of future expenses or liabilities. The following table summarizes the total Shares issued and amount received related to capital drawdowns delivered pursuant to the Subscription Agreements during the three and six months ended June 30, 2026 and 2025:


	For the six months ended June 30, 2026				For the six months ended June 30, 2025
Quarter Ended	Shares		Amount		Shares		Amount
March 31		965,604	$	9,272,169		4,796,671	$	46,074,834
June 30		3,190,670	$	29,721,436		—	$	—
Total capital drawdowns		4,156,274	$	38,993,605		4,796,671	$	46,074,834

Distributions

The following tables reflect the distributions declared on Shares during the three and six months ended June 30, 2026 and 2025:


Date Declared	Record Date	Payment Date	Amount Per Share		Dollar Amount
3/27/2026	3/27/2026	4/23/2026	$	0.20	$	15,678,682
6/26/2026	6/26/2026	7/22/2026	$	0.19	$	15,491,251
					$	31,169,933


Date Declared	Record Date	Payment Date	Amount Per Share		Dollar Amount
3/27/2025	3/27/2025	4/24/2025	$	0.20	$	13,938,978
6/26/2025	6/26/2025	7/17/2025	$	0.20	$	13,766,885
					$	27,705,863

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 (net of any applicable withholding tax), rather than receiving cash.

The following tables summarize Shares distributed pursuant to the DRIP during the six months ended June 30, 2026 and 2025 to stockholders who opted into the DRIP:


Date Declared	Record Date	Reinvestment Date	Shares		Dollar Amount
3/27/2026	3/27/2026	3/31/2026		934,475	$	8,606,511
6/26/2026	6/26/2026	6/30/2026		942,429	$	8,626,243
				1,876,904	$	17,232,754


Date Declared	Record Date	Reinvestment Date	Shares		Dollar Amount
3/27/2025	3/27/2025	3/31/2025		797,757	$	7,609,164
6/26/2025	6/26/2025	6/30/2025		797,761	$	7,569,777
				1,595,518	$	15,178,941

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 six months ended June 30, 2026:


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 27, 2026		1,861,300		1,188,530	$	10,946,358		64	%	$	9.21
June 30	May 29, 2026		1,935,428		899,105	$	8,229,686		46	%	$	9.15
					2,087,635	$	19,176,044

The following table summarizes share repurchases completed during the six months ended June 30, 2025:


Quarter Ended	Repurchase Date	Total Number of Shares Offered to Repurchase		Total Number of Shares Repurchased		Total Consideration		No. of Shares Repurchased/ Total Offer			Price Paid Per Share
March 31	February 28, 2025		1,594,397		767,534	$	7,320,890		48	%	$	9.54
June 30	May 23, 2025		1,663,968		854,554	$	8,108,695		51	%	$	9.49
					1,622,088	$	15,429,585

8. Earnings Per Share

The following information sets forth the computation of basic and diluted earnings per Share for the three and six months ended June 30, 2026 and 2025:


	For the three months ended June 30,				For the six months ended June 30,
	2026		2025		2026		2025
Net increase (decrease) in net assets from operations	$	10,557,150	$	10,377,426	$	5,376,713	$	24,544,219
Weighted average common shares outstanding		78,875,500		68,528,334		78,150,338		67,548,702
Earnings per common share-basic and diluted	$	0.13	$	0.15	$	0.07	$	0.36

9. Financial Highlights

Below is the schedule of financial highlights of the Fund for the six months ended June 30, 2026 and 2025.


Per Share Data:(1)	For the six months ended June 30, 2026			For the six months ended June 30, 2025
Net asset value, beginning of period	$	9.47		$	9.53
Net investment income (loss)		0.40			0.41
Net realized and unrealized gains (losses) on investments		(0.33	)		(0.05	)
Net increase (decrease) in net assets resulting from operations	$	0.07		$	0.36
Distributions to stockholders		(0.39	)		(0.40	)
Net asset value, end of period	$	9.15		$	9.49
Shares outstanding, end of period		81,022,158			68,473,064
Total return at net asset value before incentive fees(3)(4)		1.66	%		4.92	%
Total return at net asset value after incentive fees(3)(4)		0.77	%		3.85	%
Ratio/Supplemental Data(2)
Net assets, end of period	$	741,524,608		$	649,651,677
Ratio of total expenses to weighted average net assets(5)		15.32	%		18.11	%
Ratio of net expenses to weighted average net assets(5)(6)		15.25	%		18.11	%
Ratio of net investment income (loss) before waivers to weighted average net assets(5)		9.47	%		9.81	%
Ratio of net investment income (loss) after waivers to weighted average net assets(5)(6)		9.54	%		9.81	%
Ratio of interest and credit facility expenses to weighted average net assets(5)		10.09	%		12.21	%
Ratio of incentive fees to weighted average net assets(4)(8)		0.94	%		1.08	%
Portfolio turnover rate(4)		3.84	%		9.15	%
Asset coverage ratio(7)		159	%		158	%

(1)

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

(2)

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

(3)

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

(4)

Not annualized.

(5)

Annualized, except for incentive fees.

(6)

The Adviser voluntarily waived a portion of management fees and income-based incentive fees. The ratios include the effects of the voluntary waived expense of 0.07% and 0.00% for the six months ended June 30, 2026 and June 30, 2025.

(7)

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.

(8)

Ratio of incentive fees to weighted average net assets calculated before the voluntary waiver of incentive fees by the Adviser.

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.

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;

•

uncertainty surrounding the financial and political stability of the United States, the United Kingdom, the European Union, China, the Middle East, Latin America and the war between Russia and Ukraine;

•

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 loss of key personnel and 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, 2025.

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, 2025, and elsewhere in this report. These forward-looking statements apply only as of the date of this report. Moreover, the Fund assumes no duty and does not undertake to update the forward-looking statements. The forward-looking

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

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

Overview

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

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

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

•

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

•

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

•

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

•

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

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

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

The Private Offering

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

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

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

Revenues

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

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

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

Expenses

Under the Third 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 costs and expenses of any independent valuation firm);

•

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

•

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

•

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

•

base management fees and incentive fees payable to the Adviser;

•

transfer agent and custodial fees;

•

federal and state registration fees;

•

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

•

U.S. federal, state and local taxes;

•

independent directors’ fees and expenses;

•

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

•

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

•

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

•

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

•

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

Portfolio and Investment Activity

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


	For the Three Months Ended June 30, 2026				For the Three Months Ended June 30, 2025				For the Six Months Ended June 30, 2026				For the Six Months Ended June 30, 2025
Investments in Portfolio Companies	$	(67,552,095	)	(1)	$	(78,347,983	)	(2)	$	(111,355,004	)	(3)	$	(187,944,228	)	(4)
Draw Downs Against Revolvers and Delayed Draw Term Loans		(32,809,210	)			(41,114,233	)			(67,307,813	)			(69,228,163	)
Principal Repayments		50,667,991		(5)		25,287,846		(6)		71,952,575		(7)		143,980,342		(8)
Sales		1,407,891				360,688				1,444,851				8,651,689
Net Repayments (Investments)	$	(48,285,423	)		$	(93,813,682	)		$	(105,265,391	)		$	(104,540,360	)

(1)

Includes investments in 15 portfolio companies.

(2)

Includes investments in 21 portfolio companies.

(3)

Includes investments in 48 portfolio companies.

(4)

Includes investments in 51 portfolio companies.

(5)

Includes $4,613,695 in revolver and delayed draw term paydowns.

(6)

Includes $4,534,495 in revolver and delayed draw term paydowns.

(7)

Includes $11,903,574 in revolver and delayed draw term paydowns.

(8)

Includes $9,980,827 in revolver and delayed draw term paydowns.

The following table shows the composition of the investment portfolio and associated yield data as of June 30, 2026:


	As of June 30, 2026
	Amortized Cost		Percentage of Total			Fair Value		Percentage of Total			Weighted Average Yield(1)
First Lien Senior Secured Debt	$	1,936,683,319		93.74	%	$	1,885,649,413		93.12	%		9.61	%
Second Lien Junior Secured Debt		3,107,049		0.15	%		1,901,860		0.09	%		40.39	%
Preferred Stock		5,566,431		0.27	%		7,624,574		0.38	%
Common Stock		9,494,838		0.46	%		8,760,971		0.43	%
Investment companies		29,434,331		1.42	%		36,559,659		1.81	%
Warrants		347,202		0.02	%		3,141,339		0.16	%
Cash and cash equivalents		81,300,624		3.94	%		81,300,624		4.01	%
Total	$	2,065,933,794		100.00	%	$	2,024,938,440		100.00	%

(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, 2025:


	As of December 31, 2025
	Amortized Cost		Percentage of Total			Fair Value		Percentage of Total			Weighted Average Yield(1)
First Lien Senior Secured Debt	$	1,828,650,502		92.26	%	$	1,802,229,181		91.62	%		9.58	%
Second Lien Junior Secured Debt		3,101,516		0.16	%		2,574,947		0.13	%		21.56	%
Preferred Stock		5,566,431		0.28	%		8,128,435		0.41	%		—
Common Stock		9,525,137		0.48	%		9,938,983		0.51	%		—
Investment companies		28,975,016		1.46	%		36,322,816		1.85	%		—
Warrants		394,025		0.02	%		2,102,100		0.11	%		—
Cash and cash equivalents		105,808,043		5.34	%		105,808,043		5.37	%
Total	$	1,982,020,670		100.00	%	$	1,967,104,505		100.00	%

(1)

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

The following table presents certain selected financial information regarding the debt investments in the Fund’s portfolio as of June 30, 2026 and December 31, 2025:


	As of June 30, 2026			As of December 31, 2025
Number of portfolio companies		165			161
Percentage of debt bearing a floating rate(1)		100	%		100	%
Percentage of debt bearing a fixed rate(1)		—	%		—	%

(1)

Measured on a fair value basis, and excludes equity securities.

The following table shows the amortized cost and fair value of the Fund’s performing and non-accrual debt investments as of June 30, 2026:


	As of June 30, 2026
	Amortized Cost		Percentage at Amortized Cost			Fair Value		Percentage at Fair Value
Performing	$	1,886,154,952		97.23	%	$	1,863,053,907		98.70	%
Non-accrual		53,635,416		2.77	%		24,497,366		1.30	%
Total	$	1,939,790,368		100.00	%	$	1,887,551,273		100.00	%

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


	As of December 31, 2025
	Amortized Cost		Percentage at Amortized Cost			Fair Value		Percentage at Fair Value
Performing	$	1,802,346,415		98.39	%	$	1,795,749,095		99.50	%
Non-accrual		29,405,603		1.61	%		9,055,033		0.50	%
Total	$	1,831,752,018		100.00	%	$	1,804,804,128		100.00	%

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 June 30, 2026, the Fund had thirty-two investments, with nine issuers, that were on non-accrual status. As of December 31, 2025, the Fund had nineteen investments, with six issuers, that were on non-accrual status.

The following tables show the composition of the investment portfolio (excluding cash and cash equivalents) by industry, by GICS, at amortized cost and fair value as of June 30, 2026 and December 31, 2025 (with corresponding percentage of total portfolio investments):


	As of June 30, 2026
	Amortized Cost		Percentage of Total			Fair Value		Percentage of Total
Air Freight & Logistics	$	14,630,121		0.74	%	$	14,498,950		0.75	%
Automobile Components		20,735,825		1.05	%		20,196,419		1.04	%
Automobiles		62,458,703		3.15	%		62,348,541		3.21	%
Banks		66,507,803		3.35	%		65,589,211		3.37	%
Capital Markets		15,685,468		0.79	%		19,592,023		1.01	%
Chemicals		25,468,632		1.28	%		25,370,735		1.31	%
Commercial Services & Supplies		53,161,837		2.68	%		53,710,307		2.76	%
Construction & Engineering		52,104,078		2.63	%		50,407,301		2.59	%
Diversified Consumer Services		89,745,115		4.53	%		89,090,296		4.58	%
Diversified Telecommunication Services		235,466,517		11.86	%		235,639,297		12.12	%
Financial Services		44,837,343		2.26	%		45,098,643		2.32	%
Food Products		23,610,461		1.19	%		23,815,234		1.23	%
Health Care Equipment & Supplies		14,170,112		0.71	%		14,091,468		0.73	%
Health Care Providers & Services		230,431,789		11.61	%		211,449,941		10.88	%
Health Care Technology		162,294,168		8.18	%		159,571,507		8.21	%
Hotels, Restaurants & Leisure		45,121,174		2.27	%		43,350,822		2.23	%
Industrial Conglomerates		13,561,596		0.68	%		13,490,345		0.69	%
Insurance		55,612,628		2.80	%		55,376,058		2.85	%
Investment Companies		29,434,331		1.48	%		36,559,659		1.88	%
IT Services		31,165,850		1.57	%		30,502,301		1.57	%
Leisure Products		14,760,103		0.74	%		14,710,021		0.76	%
Media		20,146,340		1.02	%		15,942,444		0.82	%
Pharmaceuticals		48,878,120		2.46	%		46,361,795		2.39	%
Professional Services		135,705,910		6.84	%		132,800,873		6.83	%
Real Estate Management & Development		43,590,232		2.20	%		43,759,302		2.25	%
Software		344,325,646		17.35	%		335,379,770		17.26	%
Specialty Retail		22,632,992		1.14	%		22,215,655		1.14	%
Technology Hardware, Storage & Peripherals		67,285,927		3.39	%		62,397,297		3.21	%
Transportation Infrastructure		664,418		0.03	%		234,340		0.01	%
Wireless Telecommunication Services		439,931		0.02	%		87,261		0.00	%
	$	1,984,633,170		100.00	%	$	1,943,637,816		100.00	%


	As of December 31, 2025
	Amortized Cost		Percentage of Total			Fair Value		Percentage of Total
Air Freight & Logistics	$	14,397,515		0.77	%	$	14,388,894		0.77	%
Automobile Components		20,518,531		1.10	%		20,851,592		1.12	%
Automobiles		61,120,044		3.26	%		61,679,184		3.31	%
Banks		63,711,672		3.40	%		63,875,791		3.43	%
Capital Markets		15,193,148		0.81	%		17,179,831		0.92	%
Chemicals		24,791,304		1.32	%		24,890,767		1.34	%
Commercial Services & Supplies		45,485,390		2.42	%		46,280,836		2.49	%
Construction & Engineering		51,255,432		2.73	%		51,218,722		2.75	%
Diversified Consumer Services		87,313,540		4.66	%		87,559,726		4.70	%
Diversified Telecommunication Services		198,930,139		10.60	%		199,256,436		10.71	%
Financial Services		39,177,700		2.09	%		39,274,335		2.11	%
Food Products		23,044,755		1.23	%		23,271,311		1.25	%
Health Care Equipment & Supplies		13,332,983		0.71	%		13,324,704		0.72	%
Health Care Providers & Services		212,466,215		11.32	%		195,086,465		10.48	%
Health Care Technology		144,716,944		7.71	%		143,817,314		7.73	%
Hotels, Restaurants & Leisure		45,008,993		2.40	%		43,639,765		2.34	%
Industrial Conglomerates		13,606,752		0.73	%		13,520,898		0.73	%
Insurance		59,171,060		3.15	%		59,332,392		3.19	%
Investment Companies		28,975,016		1.54	%		36,322,816		1.95	%
IT Services		25,264,216		1.35	%		24,884,609		1.34	%
Leisure Products		14,101,568		0.75	%		14,151,748		0.76	%
Media		20,035,925		1.07	%		17,684,327		0.95	%
Pharmaceuticals		45,623,030		2.43	%		45,296,426		2.43	%
Professional Services		135,137,757		7.20	%		134,643,507		7.23	%
Real Estate Management & Development		43,392,849		2.31	%		43,798,128		2.35	%
Software		327,825,535		17.47	%		325,418,386		17.48	%
Specialty Retail		22,356,903		1.19	%		22,298,773		1.20	%
Technology Hardware, Storage & Peripherals		79,153,362		4.22	%		77,902,375		4.19	%
Transportation Infrastructure		664,418		0.04	%		285,035		0.02	%
Wireless Telecommunication Services		439,931		0.02	%		161,369		0.01	%
	$	1,876,212,627		100.00	%	$	1,861,296,462		100.00	%

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

•

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

•

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

•

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

•

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

•

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

Results of Operations

The following is a summary of the Fund’s operating results for the three and six months ended June 30, 2026 and 2025:


	For the three months ended June 30,						For the six months ended June 30,
	2026			2025			2026			2025
Total investment income	$	44,806,668		$	44,116,612		$	89,292,507		$	88,758,590
Total expenses		29,325,436			30,183,546			58,661,380			60,672,180
Waived management fees		—			—			(271,957	)		—
Waived incentive fees		—			—			(245,475	)		—
Net investment income before taxes		15,481,232			13,933,066			31,148,559			28,086,410
Income tax expense, including excise tax		(11,564	)		161,196			(20,264	)		378,079
Net investment income after tax		15,492,796			13,771,870			31,168,823			27,708,331
Net realized and change in unrealized appreciation (depreciation) on investments		(4,934,827	)		(3,393,469	)		(25,791,458	)		(3,162,114	)
Net increase (decrease) in net assets resulting from operations		10,557,969			10,378,401			5,377,365			24,546,217
Less: Net increase (decrease) in net assets resulting from operations related to Non-Controlling Interest in ABPCIC Equity Holdings, LLC		819			975			652			1,998
Net increase (decrease) in net assets resulting from operations related to AB Private Credit Investors Corporation	$	10,557,150		$	10,377,426		$	5,376,713		$	24,544,219

Investment Income

During the three months ended June 30, 2026, the Fund’s investment income was comprised of $43,664,799 of interest income, which includes $1,596,101 from the net amortization of premium and accretion of discounts, $999,969 of payment-in-kind interest, and $141,900 of dividend income. During the three months ended June 30, 2025, the Fund’s investment income was comprised of $41,823,014 of interest income, which includes $1,458,741 from the net amortization of premium and accretion of discounts, $2,167,909 of payment-in-kind interest, and $125,689 of dividend income. The increase in net investment income during the three months ended June 30, 2026 compared to the three months ended June 30, 2025 can primarily be attributed to an increase in gross assets and interest rates.

During the six months ended June 30, 2026, the Fund’s investment income was comprised of $87,197,463 of interest income, which includes $2,867,422 from the net amortization of premium and accretion of discounts, $1,878,049 of payment-in-kind interest, and $216,995 of dividend income. During the six months ended June 30, 2025, the Fund’s investment income was comprised of $85,223,564 of interest income, which includes $4,165,949 from the net amortization of premium and accretion of discounts, and $3,280,315 of payment-in-kind interest, and $254,711 of dividend income. The increase in net investment income during the six months ended June 30, 2026, compared to the six months ended June 30, 2025, 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 six months ended June 30, 2026 and 2025:


	For the three months ended June 30,					For the six months ended June 30,
	2026			2025		2026			2025
Interest and borrowing expenses	$	18,494,824		$	19,278,255	$	36,350,744		$	38,831,578
Management fees		6,024,569			5,830,989		12,158,496			11,465,958
Income-based incentive fee		3,281,383			3,442,968		6,852,077			6,927,075
Professional fees		683,308			606,887		1,510,497			1,441,096
Administration and custodian fees		299,911			342,779		758,980			677,266
Insurance expenses		45,278			115,500		45,278			231,000
Directors’ fees		64,992			52,437		129,983			104,875
Transfer agent fees		44,445			41,883		91,372			80,253
Other expenses		291,976			471,848		574,453			913,079
Trustee expense		94,750			—		189,500			—
Total expenses		29,325,436			30,183,546		58,661,380			60,672,180
Waived management fees		—			—		(271,957	)		—
Waived incentive fees		—			—		(245,475	)		—
Income tax expense, including excise tax		(11,564	)		161,196		(20,264	)		378,079
Net expenses	$	29,313,872		$	30,344,742	$	58,123,684		$	61,050,259

Interest and borrowing expenses

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

Interest and borrowing expenses for the three months ended June 30, 2026 and June 30, 2025 were $18,494,824 and $19,278,255, respectively. The weighted average interest rate (excluding deferred upfront financing costs and unused fees) on the Fund’s debt outstanding was 5.50% and 6.66% for the three months ended June 30, 2026 and June 30, 2025, respectively. The decrease in interest and borrowing expenses during the three months ended June 30, 2026 compared to the three months ended June 30, 2025 can primarily be attributed to a decrease in interest rates.

Interest and borrowing expenses for the six months ended June 30, 2026 and 2025 were $36,350,744 and $38,831,578, respectively. The weighted average interest rate (excluding deferred upfront financing costs and unused fees) on the Fund’s debt outstanding was 5.52% and 6.78% for the six months ended June 30, 2026 and 2025, respectively. The decrease in interest and borrowing expenses during the six months ended June 30, 2026, compared to the six months ended June 30, 2025 can primarily be attributed to a decrease in interest rates.

Management Fee

The gross management fee expenses for the three months ended June 30, 2026 and 2025 were $6,024,569 and $5,830,989, respectively. The increase in the management fee for the three months ended June 30, 2026 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 six months ended June 30, 2026 and June 30, 2025 were $12,158,496 and $11,465,958, respectively. The increase in the management fee for the six months ended June 30, 2026 was a result of the increase in average gross assets during this period, which are the basis used to calculate management fees.

Net Realized Gain (Loss) on Investments

During the three months ended June 30, 2026, the Fund had principal repayments and sales which resulted in $260,401 of net realized gain. During the six months ended June 30, 2026, the Fund had principal repayments and sales which resulted in $287,731 of net realized gain.


☒	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED JUNE 30, 2026

☐	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934


Large accelerated filer	☐	Accelerated filer	☐

Non-accelerated filer	☒	Smaller reporting company	☐

Emerging Growth Company	☒


	INDEX	PAGE NO.

PART I.	FINANCIAL INFORMATION	1

Item 1.	Consolidated Financial Statements	1

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	78

Item 3.	Quantitative and Qualitative Disclosures About Market Risk	97

Item 4.	Controls and Procedures	98

PART II.	OTHER INFORMATION	99

Item 1.	Legal Proceedings	99

Item 1A.	Risk Factors	99

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	99

Item 3.	Defaults Upon Senior Securities	99

Item 4.	Mine Safety Disclosures	99

Item 5.	Other Information	99

Item 6.	Exhibits	100

SIGNATURES


Change in Interest Rates	Increase (Decrease) in Interest Income			Increase (Decrease) in Interest Expense			Net Increase (Decrease) in Net Investment Income
Down 300 basis points	$	(56,173,488	)	$	(37,627,500	)	$	(18,545,988	)
Down 200 basis points	$	(39,232,222	)	$	(25,085,000	)	$	(14,147,222	)
Down 100 basis points	$	(19,631,394	)	$	(12,542,500	)	$	(7,088,894	)
Down 25 basis points	$	(4,907,849	)	$	(3,135,625	)	$	(1,772,224	)
Up 100 basis points	$	19,631,394		$	12,542,500		$	7,088,894
Up 200 basis points	$	39,262,788		$	25,085,000		$	14,177,788
Up 300 basis points	$	58,894,182		$	37,627,500		$	21,266,682


10.1	Nineteenth Amendment to Revolving Credit Agreement, dated as of April 22, 2026, by and among AB-Abbott Private Equity Investors 2019 (Delaware) Fund L.P., AB-Abbott Private Equity Investors 2020 (Delaware) Fund L.P., AB-Abbott Private Equity Solutions 2021(Delaware) Fund L.P., AB Private Credit Investors Middle Market Direct Lending Fund, L.P., the Fund, AB-Abbott Private Equity Solutions 2022 (Delaware) Fund L.P., AB-Abbott Private Equity Solutions 2023(Delaware) Fund L.P., AB-Abbott Private Equity Solutions 2024 (Delaware) Fund L.P., AB-Abbott Private Equity Solutions 2025 (Delaware) Fund L.P., AB Private Credit Investors Middle Market Direct Lending Fund II, L.P., AB-Abbott Private Equity Solutions 2026 (Delaware) Fund L.P. – Venture & Growth Equity Series and AB-Abbott Private Equity Solutions 2026 (Delaware) Fund L.P. – Diversified Series, as borrowers, AB-Abbott Private Equity Investors G.P. L.P., AB-Abbott Private Equity Investors 2020 G.P.L.P., AB-Abbott Private Equity Solutions 2021 G.P. L.P., AB Private Credit Investors Middle Market Direct Lending G.P. L.P., AB-Abbott Private Equity Solutions 2022 G.P. L.P., AB-Abbott Private Equity Solutions 2023 G.P.L.P., AB-Abbott Private Equity Solutions 2024 G.P. L.P., AB-Abbott Private Equity Solutions 2025 G.P. L.P., AB Private Credit Investors Middle Market Direct Lending G.P. L.P. and AB-Abbott Private Equity Solutions 2026 G.P.L.P., as general partners, the banks and financial institutions from time to time party thereto as lenders and HSBC Bank USA, National Association as the administrative agent for the secured parties and a lender (Incorporated by reference to Exhibit 10.1 to the Fund’s Current Report on Form 8-K filed with the SEC on April 27, 2026).



31.1	Certification of Chief Executive Officer pursuant to Rule 13a-14 of the Securities Exchange Act of 1934, as amended.*

31.2	Certification of Chief Financial Officer pursuant to Rule 13a-14 of the Securities Exchange Act of 1934, as amended.*

32.1	Certification of Chief Executive Officer and Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, as amended.*

101.INS	Inline XBRL Instance Document—the instance document does not appear in the Interactive Data File as its XBRL tags are embedded within the Inline XBRL document*

101.SCH	Inline XBRL Taxonomy Extension Schema With Embedded Linkbase Document*

101.CAL	Inline XBRL Taxonomy Calculation Linkbase Document*



101.DEF	Inline XBRL Taxonomy Extension Definition Linkbase Document*



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


		AB PRIVATE CREDIT INVESTORS CORPORATION

Date: August 14, 2026	By:	/s/ J. Brent Humphries
		J. Brent Humphries
		President and Chief Executive Officer
		(Principal Executive Officer)

Date: August 14, 2026	By:	/s/ Wesley Raper
		Wesley Raper
		Chief Financial Officer and Treasurer
		(Principal Financial and Accounting Officer)