10-Q

Item 1. Consolidated Financial Statements

AB Private Lending Fund

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 $379,993,305 and $339,543,734, respectively)	$	376,027,383		$	339,286,700
Total investments, at fair value (amortized cost of $379,993,305 and $339,543,734, respectively)		376,027,383			339,286,700
Cash and cash equivalents		9,387,115			7,449,117
Deferred financing cost		1,243,253			898,887
Interest receivable		1,450,518			1,463,198
Due to/from Feeder		—			21,248
Prepaid expenses		33,674			—
Receivable for investments sold		1,780,931			449
Receivable due from Adviser		22,192			1,707,910
Total assets	$	389,945,066		$	350,827,509
Liabilities
Term loan payable (net of debt issuance costs of $799,234 and $577,856, respectively)	$	134,200,766		$	134,422,144
Credit facility payable		82,250,000			46,500,000
Income distribution payable		1,320,857			1,293,700
Interest and borrowing expenses payable		2,103,582			1,322,949
Professional fees payable		593,712			249,197
Management fees payable		506,638			2,650,101
Incentive fee payable		524,909			483,747
Due to/from Feeder		139,174			-
Accrued expenses and other liabilities		11,760			30,005
Administrator and custodian fees payable		474,014			363,794
Payable for investments purchased		5,288,716			495,938
Transfer agent fees payable		8,043			7,687
Directors’ fees payable		44,017			—
Total liabilities	$	227,466,188		$	187,819,262
Commitments and contingencies (see Note 6)
Net Assets
Common shares, par value $0.01 per share (unlimited shares authorized, 6,604,287 and 6,468,498 shares issued and outstanding at June 30, 2026 and December 31, 2025, respectively)		66,043			64,685
Paid-in capital in excess of par value		165,298,326			161,708,723
Distributable earnings (accumulated loss)		(2,885,491	)		1,234,839
Total net assets	$	162,478,878		$	163,008,247
Total liabilities and net assets	$	389,945,066		$	350,827,509
Net asset value per share	$	24.60		$	25.20

See Notes to Consolidated Financial Statements

AB Private Lending Fund

Consolidated Statements of Operations (Unaudited)


	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
Investment Income
From non-controlled/non-affiliated investments:
Interest income, net of amortization/accretion	$	8,612,772		$	7,006,888		$	16,658,926		$	14,274,108
Payment-in-kind interest		77,046			67,660			168,057			111,213
Dividend income		39,633			43,629			67,490			111,587
Total investment income		8,729,451			7,118,177			16,894,473			14,496,908
Expenses:
Interest and borrowing expenses		3,561,198			3,054,805			6,920,503			6,400,324
Offering costs		—			133,610			—			534,442
Income-based incentive fee		524,910			354,808			936,204			649,909
Other expenses		108,800			172,960			203,928			299,924
Management fees		506,638			381,133			1,022,648			746,266
Professional fees		326,589			325,136			941,403			976,872
Directors' fees		44,016			51,312			88,033			102,625
Trustees’ fees		15,157			9,895			25,657			20,277
Capital gains incentive fee		—			(67,859	)		—			(66,559	)
Administration and custodian fees		64,583			69,849			110,220			129,919
Transfer agent fees		8,043			5,802			16,311			11,765
Total expenses		5,159,934			4,491,451			10,264,907			9,805,764
Less: expenses reimbursed by the Adviser		(186,018	)		(538,876	)		(706,665	)		(1,554,031	)
Net expenses		4,973,916			3,952,575			9,558,242			8,251,733
Net investment income before taxes		3,755,535			3,165,602			7,336,231			6,245,175
Income tax expense, including excise tax		27,313			75,220			71,888			75,220
Net investment income		3,728,222			3,090,382			7,264,343			6,169,955
Net realized and change in unrealized gains (losses) on investment transactions:
Net realized gain (loss) from:
Non-controlled/non-affiliated investments		274,416			—			294,476			—
Net change in unrealized appreciation (depreciation) from:
Non-controlled/non-affiliated investments		(528,687	)		(542,863	)		(3,715,068	)		(532,466	)
Net realized and change in unrealized gains (losses) on investment transactions		(254,271	)		(542,863	)		(3,420,592	)		(532,466	)
Net increase in net assets resulting from operations		3,473,951			2,547,519			3,843,751			5,637,489
Net investment income per share (basic and diluted):
Net investment income per share (basic and diluted):	$	0.57		$	0.64		$	1.09		$	1.30
Earnings per share (basic and diluted):		0.53			0.53			0.58			1.19
Weighted average shares outstanding:		6,593,460			4,830,243			6,636,112			4,753,981

See Notes to Consolidated Financial Statements

AB Private Lending Fund

Consolidated Statements of Changes in Net Assets (Unaudited)


	Common Shares			Par Amount			Paid in Capital in Excess of Par			Distributable Earnings			Total Net Assets
Net assets at March 31, 2026		6,767,371		$	67,674		$	169,216,385		$	(2,403,370	)	$	166,880,689
Increase (decrease) in net assets resulting from operations:
Net investment income	—			—			—				3,728,222			3,728,222
Net realized gain (loss) on investments	—			—			—				274,416			274,416
Net change in unrealized appreciation (depreciation) on investments	—			—			—				(528,687	)		(528,687	)
Capital Transactions:
Issuance of common shares		16,487			165			406,776		—				406,941
Issuance of common shares pursuant to distribution reinvestment plan		24,205			242			597,651		—				597,893
Redemption of common shares, net of early repurchase deduction		(203,776	)		(2,038	)		(4,922,486	)		—			(4,924,524	)
Distributions to shareholders		—			—			—			(3,956,072	)		(3,956,072	)
Total increase (decrease) for the three months ended June 30, 2026		(163,084	)		(1,631	)		(3,918,059	)		(482,121	)		(4,401,811	)
Net assets at June 30, 2026		6,604,287		$	66,043		$	165,298,326		$	(2,885,491	)	$	162,478,878
Distributions declared per share		—			—			—			0.60			0.60

Net assets at December 31, 2025		6,468,498		$	64,685		$	161,708,723		$	1,234,839		$	163,008,247
Increase (decrease) in net assets resulting from operations:
Net investment income	—			—			—				7,264,343			7,264,343
Net realized gain (loss) on investments	—			—			—				294,476			294,476
Net change in unrealized appreciation (depreciation) on investments	—			—			—				(3,715,068	)		(3,715,068	)
Capital Transactions:
Issuance of common shares		293,500			2,935			7,365,789		—				7,368,724
Issuance of common shares pursuant to distribution reinvestment plan		46,065			461			1,146,300		—				1,146,761
Redemption of common shares, net of early repurchase deduction		(203,776	)		(2,038	)		(4,922,486	)	—				(4,924,524	)
Distributions to shareholders	—			—			—				(7,964,081	)		(7,964,081	)
Total increase (decrease) for the six months ended June 30, 2026		135,789			1,358			3,589,603			(4,120,330	)		(529,369	)
Net assets at June 30, 2026		6,604,287			66,043			165,298,326			(2,885,491	)		162,478,878
Distributions declared per share		—			—			—			1.20			1.20

See Notes to Consolidated Financial Statements

AB Private Lending Fund

Consolidated Statements of Changes in Net Assets (Unaudited)


	Common Shares		Par Amount		Paid in Capital in Excess of Par		Distributable Earnings			Total Net Assets
Net assets at March 31, 2025		4,698,131	$	46,982	$	116,447,216	$	2,598,728		$	119,092,926
Increase (decrease) in net assets resulting from operations:
Net investment income		—		—		—		3,090,382			3,090,382
Net realized gain (loss) on investments		—		—		—		—			—
Net change in unrealized appreciation (depreciation) on investments		—		—		—		(542,863	)		(542,863	)
Capital Transactions:
Issuance of common shares		387,186		3,872		9,796,128		—			9,800,000
Issuance of common shares pursuant to distribution reinvestment plan		6,724		67		170,174		—			170,241
Redemption of common shares		—		—		—		—			—
Distributions to shareholders		—		—		—		(3,070,641	)		(3,070,641	)
Total increase (decrease) for the three months ended June 30, 2025		393,910		3,939		9,966,302		(523,122	)		9,447,119
Net assets at June 30, 2025		5,092,041	$	50,921	$	126,413,518	$	2,075,606		$	128,540,045
Distributions declared per share		—		—		—		0.65			0.65

Net assets at December 31, 2024		4,595,221	$	45,953	$	113,839,437	$	2,640,686		$	116,526,076
Increase (decrease) in net assets resulting from operations:
Net investment income		—		—		—		6,169,955			6,169,955
Net realized gain (loss) on investments		—		—		—		—			—
Net change in unrealized appreciation (depreciation) on investments		—		—		—		(532,466	)		(532,466	)
Capital Transactions:
Issuance of common shares		485,798		4,858		12,295,142		—			12,300,000
Issuance of common shares pursuant to distribution reinvestment plan		11,022		110		278,939		—			279,049
Redemption of common shares		—		—		—		—			—
Distributions to shareholders		—		—		—		(6,202,569	)		(6,202,569	)
Total increase (decrease) for the six months ended June 30, 2025		496,820		4,968		12,574,081		(565,080	)		12,013,969
Net assets at June 30, 2025		5,092,041		50,921		126,413,518		2,075,606			128,540,045
Distributions declared per share		—		—		—		1.31			1.31

See Notes to Consolidated Financial Statements

AB Private Lending Fund

Consolidated Statements of Cash Flows (Unaudited)


	For the Six Months Ended June 30, 2026			For the Six Months Ended June 30, 2025
Cash flows from operating activities
Net increase (decrease) in net assets resulting from operations	$	3,843,751		$	5,637,489
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used for) operating activities:
Purchases of investments		(73,289,326	)		(27,148,777	)
Proceeds from sales of investments and principal repayments		33,812,690			37,825,202
Payment-in-kind investments		(261,070	)		(111,213	)
Net realized (gain) loss on investments		(294,476	)		—
Net change in unrealized (appreciation) depreciation on investments		3,715,068			532,466
Amortization of premium and accretion of discount, net		(423,569	)		(476,550	)
Amortization of debt issuance and deferred financing costs		900,133			724,038
Amortization of deferred offering costs		—			534,442
Increase or decrease in operating assets and liabilities:
(Increase) decrease in interest receivable		12,680			(82,853	)
(Increase) decrease in due to/from feeder		160,422			(21,248	)
(Increase) decrease in receivable for investments sold		(1,780,482	)		2,777
(Increase) decrease in prepaid expenses		(33,674	)		61,458
(Increase) decrease in receivable due from Adviser		1,685,718			(644,928	)
Increase (decrease) in interest and borrowing expenses payable		780,633			(302,950	)
Increase (decrease) in payable to Adviser		—			(148,778	)
Increase (decrease) in incentive fee payable		41,162			(330,888	)
Increase (decrease) in management fees payable		(2,143,463	)		746,266
Increase (decrease) in professional fees payable		344,515			31,980
Increase (decrease) in directors’ fees payable		44,017			—
Increase (decrease) in trustees’ fees payable		—			(51,314	)
Increase (decrease) in accrued expenses and other liabilities		(18,245	)		77,056
Increase (decrease) in administrator and custodian fees payable		110,220			129,919
Increase (decrease) in transfer agent fees payable		356			(8,658	)
Increase (decrease) payable for investments purchased		4,792,778			(1,938,188	)
Net cash provided by (used for) operating activities		(28,000,162	)		15,036,748
Cash flows from financing activities
Issuance of common shares		7,368,724			12,300,000
Distributions paid		(6,790,163	)		(4,910,204	)
Redemption of common shares, net of early repurchase deduction		(4,924,524	)		—
Financing costs paid		(1,465,877	)		(176,469	)
Borrowings on credit facilities		92,250,000			2,000,000
Repayments of credit facilities		(56,500,000	)		(39,000,000	)
Proceeds on term loans		—			10,000,000
Net cash provided by (used for) financing activities		29,938,160			(19,786,673	)
Net increase in (decrease) in cash		1,937,998			(4,749,925	)
Cash and cash equivalents, beginning of period		7,449,117			11,736,791
Cash and cash equivalents, end of period	$	9,387,115		$	6,986,866
Supplemental and non-cash financing activities
Cash paid during the period for interest	$	5,273,414		$	6,044,108
Issuance of common shares pursuant to distribution reinvestment plan	$	1,146,761		$	279,049

See Notes to Consolidated Financial Statements

AB Private Lending Fund

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 — 231.43%													(1)(2)(3)(4) (11)(14)
US Corporate Debt —227.65%
1st Lien/Senior Secured Debt — 227.28%
AAH Topco, LLC	Health Care Providers & Services	Delayed Draw	8.74% (S + 5.00%; 0.75% Floor)	12/22/2027		299,879		296,797			299,879		(5)
AAH Topco, LLC	Health Care Providers & Services	Term Loan	8.99% (S + 5.25%; 0.75% Floor)	12/22/2027		2,543,398		2,520,273			2,543,398
AAH Topco, LLC	Health Care Providers & Services	Delayed Draw	8.99% (S + 5.25%; 0.75% Floor)	12/22/2027		2,830,768		2,805,029			2,830,768
AAH Topco, LLC	Health Care Providers & Services	Revolver	— (S + 5.25%; 0.75% Floor)	12/22/2027		—		(2,313	)		—		(5)(6)
Admiral Buyer, Inc.	Financial Services	Delayed Draw	8.65% (S + 5.00%; 0.75% Floor)	12/6/2029		51,747		51,316			51,747		(5)
Admiral Buyer, Inc.	Financial Services	Term Loan	8.73% (S + 5.00%; 0.75% Floor)	12/6/2029		200,036		198,397			199,036
Admiral Buyer, Inc.	Financial Services	Delayed Draw	— (S + 5.00%; 0.75% Floor)	12/6/2029		—		(136	)		-		(5)(6)
Admiral Buyer, Inc.	Financial Services	Term Loan	8.73% (S + 5.00%; 0.75% Floor)	12/6/2029		3,934,861		3,899,357			3,915,187
Admiral Buyer, Inc.	Financial Services	Delayed Draw	8.66% (S + 5.00%; 0.75% Floor)	12/6/2029		198,423		196,420			197,431
Admiral Buyer, Inc.	Financial Services	Revolver	— (S + 5.00%; 0.75% Floor)	12/6/2029		—		(3,981	)		(2,438	)	(5)(6)
Ahead DB Holdings, LLC	IT Services	Term Loan	6.48% (S + 2.75%; 0.75% Floor)	2/1/2031		991,413		989,186			973,727		(9)
Alera Group, Inc.	Insurance	Term Loan	6.40% (S + 2.75%; 0.50% Floor)	5/30/2032		497,500		492,756			471,943		(9)
Alliant Holdings, L.P.	Insurance	Term Loan	6.15% (S + 2.50%)	9/19/2031		994,975		987,920			980,737		(9)
Amercare Royal LLC	Commercial Services & Supplies	Term Loan	8.64% (S + 5.00%; 1.00% Floor)	9/10/2030		995,544		987,838			980,611
Amercare Royal LLC	Commercial Services & Supplies	Revolver	8.64% (S + 5.00%; 1.00% Floor)	9/10/2030		106,685		105,587			104,439		(5)
Amercare Royal LLC	Commercial Services & Supplies	Delayed Draw	8.64% (S + 5.00%; 1.00% Floor)	9/10/2030		232,088		229,767			228,606
Amercare Royal LLC	Commercial Services & Supplies	Delayed Draw	8.64% (S + 5.00%; 1.00% Floor)	9/10/2030		158,550		157,354			156,171
Amivie Acquisition, Inc.	Health Care Providers & Services	Delayed Draw	— (S + 5.25%; 1.00% Floor)	9/16/2027		1,160,871		1,150,626			1,155,067
Amivie Acquisition, Inc.	Health Care Providers & Services	Delayed Draw	— (S + 5.25%; 1.00% Floor)	9/16/2027		-		(21,938	)		(3,656	)	(5)(6)
Amivie Acquisition, Inc.	Health Care Providers & Services	Delayed Draw	9.08% (S + 5.25%; 1.00% Floor)	9/16/2027		798,655		791,203			794,662
Amivie Acquisition, Inc.	Health Care Providers & Services	Term Loan	— (S + 5.25%; 1.00% Floor)	9/16/2027		2,090,416		2,073,667			2,079,964
Amivie Acquisition, Inc.	Health Care Providers & Services	Revolver	— (S + 5.25%; 1.00% Floor)	9/16/2027		-		(2,420	)		(1,664	)	(5)(6)
Amivie Acquisition, Inc.	Health Care Providers & Services	Delayed Draw	9.08% (S + 5.25%; 1.00% Floor)	9/16/2027		1,060,471		1,055,203			1,055,168
AppViewX, Inc.	Software	Term Loan	— (S + 5.25%; 0.75% Floor)	12/24/2031		797,342		790,678			775,415
AppViewX, Inc.	Software	Revolver	— (S + 5.25%; 0.75% Floor)	12/24/2031		-		(784	)		(2,741	)	(5)(6)

See Notes to Consolidated Financial Statements

AB Private Lending Fund

Unaudited Consolidated Schedule of Investments as of June 30, 2026


Portfolio Company	Industry	Facility Type	Interest	Maturity	Funded Par Amount		Cost			Fair Value			Tickmarks
AppViewX, Inc.	Software	Delayed Draw	— (S + 5.25%; 0.75% Floor)	12/24/2031		—		-			(1,802	)	(5)(6)
Aretec Group Inc	Financial Services	Term Loan	6.65% (S + 3.00%)	8/9/2030		995,000		993,890			992,174		(9)
Armor Holdco Inc	Financial Services	Term Loan	7.40% (S + 3.75%; 0.50% Floor)	12/10/2031		856,722		852,780			855,385		(9)
Ascend Learning LLC	Professional Services	Term Loan	6.65% (S + 3.00%; 0.50% Floor)	12/11/2028		989,975		989,975			964,127		(9)
Asurion, LLC	Wireless Telecommunication Services	Term Loan	7.90% (S + 4.25%)	8/19/2028		57,989		57,989			57,896		(9)
athenahealth Group Inc.	Health Care Technology	Term Loan	6.90% (S + 3.25%; 0.50% Floor)	2/16/2032		498,741		498,741			493,005		(9)
Azara Healthcare, LLC	Health Care Technology	Term Loan	10.23% (S + 3.00%; 0.75% Floor; 3.50% PIK)	5/13/2032		2,588,237		2,549,903			2,549,413
Azara Healthcare, LLC	Health Care Technology	Delayed Draw	— (S + 6.00%; 0.75% Floor)	5/13/2032		—		(9,178	)		(9,178	)	(5)(6)
Azara Healthcare, LLC	Health Care Technology	Revolver	— (S + 3.00%; 0.75% Floor)	5/13/2032		-		(5,796	)		(5,796	)	(5)(6)
Azurite Intermediate Holdings, Inc.	Software	Term Loan	9.64% (S + 6.00%; 0.75% Floor)	3/19/2031		917,453		906,900			896,811
Azurite Intermediate Holdings, Inc.	Software	Revolver	— (S + 6.00%; 0.75% Floor)	3/19/2031		-		(3,465	)		(7,526	)	(5)(6)
Azurite Intermediate Holdings, Inc.	Software	Delayed Draw	9.64% (S + 6.00%; 0.75% Floor)	3/19/2031		2,085,121		2,061,772			2,038,206
Bastille Buyer, Inc	Health Care Technology	Term Loan	9.16% (S + 5.50%; 0.75% Floor)	4/30/2032		3,746,369		3,691,659			3,690,174
Bastille Buyer, Inc	Health Care Technology	Revolver	— (S + 5.50%; 0.75% Floor)	4/30/2032		—		(10,217	)		(10,217	)	(5)(6)
Bastille Buyer, Inc	Health Care Technology	Delayed Draw	— (S + 5.50%; 0.75% Floor)	4/30/2032		—		(20,435	)		(20,435	)	(5)(6)
BHG Holdings, LLC	Health Care Providers & Services	Term Loan	9.16% (S + 5.50%; 0.75% Floor)	4/22/2032		1,837,067		1,808,964			1,818,696
BHG Holdings, LLC	Health Care Providers & Services	Delayed Draw	— (S + 5.25%; 0.75% Floor)	4/22/2032		-		(3,864	)		(1,323	)	(5)(6)
BHG Holdings, LLC	Health Care Providers & Services	Revolver	— (S + 5.25%; 0.75% Floor)	4/22/2032		-		(3,404	)		(2,334	)	(5)(6)
BMC Software Inc	Software	Term Loan	6.73% (S + 3.00%)	7/30/2031		494,987		493,626			444,459		(9)
Bonterra LLC	Diversified Consumer Services	Term Loan	8.48% (S + 4.75%; 0.75% Floor)	3/5/2032		814,000		807,020			805,860
Bonterra LLC	Diversified Consumer Services	Delayed Draw	8.48% (S + 4.75%; 0.75% Floor)	3/5/2032		88,667		87,942			87,780
Bonterra LLC	Diversified Consumer Services	Revolver	8.49% (S + 4.75%; 0.75% Floor)	3/5/2032		17,778		17,016			16,889		(5)
Bridgepointe Technologies, LLC	Technology Hardware, Storage & Peripherals	Term Loan	8.48% (S + 4.75%; 0.75% Floor)	4/18/2033		5,210,794		5,160,114			5,158,686
Bridgepointe Technologies, LLC	Technology Hardware, Storage & Peripherals	Delayed Draw	8.48% (S + 4.75%; 0.75% Floor)	4/18/2033		326,603		314,775			316,204		(5)
Bridgepointe Technologies, LLC	Technology Hardware, Storage & Peripherals	Revolver	— (S + 4.75%; 0.75% Floor)	4/18/2033		-		(6,797	)		(6,797	)	(5)(6)
Brightspot Buyer, Inc.	Media	Term Loan	10.26% (S + 6.50%; 0.75% Floor)	11/16/2027		345,334		341,929			339,291
Brightspot Buyer, Inc.	Media	Term Loan	10.26% (S + 6.50%; 0.75% Floor)	11/16/2027		1,704,996		1,688,183			1,675,159
Brightspot Buyer, Inc.	Media	Revolver	— (S + 6.50%; 0.75% Floor)	11/16/2027		33,610		31,808			30,081		(5)
BSI2 Hold Nettle, LLC	Real Estate Management & Development	Term Loan	— (S + 4.75%; 0.75% Floor)	6/30/2028		1,774,617		1,760,481			1,765,744
BSI2 Hold Nettle, LLC	Real Estate Management & Development	Revolver	— (S + 4.75%; 0.75% Floor)	6/30/2028		-		(1,739	)		(1,153	)	(5)(6)

See Notes to Consolidated Financial Statements

AB Private Lending Fund

Unaudited Consolidated Schedule of Investments as of June 30, 2026


Portfolio Company	Industry	Facility Type	Interest	Maturity	Funded Par Amount		Cost			Fair Value			Tickmarks
Businessolver.com, Inc.	Professional Services	Term Loan	8.23% (S + 4.50%; 0.75% Floor)	12/3/2032		3,917,064		3,915,194			3,838,722
Businessolver.com, Inc.	Professional Services	Delayed Draw	— (S + 4.50%; 0.75% Floor)	12/3/2032		-		(1,264	)		(9,630	)	(5)(6)
Businessolver.com, Inc.	Professional Services	Revolver	— (S + 4.50%; 0.75% Floor)	12/3/2032		—		(1,126	)		(4,902	)	(5)(6)
BV EMS Buyer, Inc	Health Care Technology	Term Loan	— (S + 5.25%; 1.00% Floor)	11/23/2027		948,798		938,600			948,798
BV EMS Buyer, Inc	Health Care Technology	Revolver	8.99% (S + 5.25%; 1.00% Floor)	11/23/2027		29,581		28,430			29,581		(5)
BV EMS Buyer, Inc	Health Care Technology	Term Loan	— (S + 5.25%; 1.00% Floor)	11/23/2027		190,212		188,934			190,212
BV EMS Buyer, Inc	Health Care Technology	Term Loan	8.99% (S + 5.25%; 1.00% Floor)	11/23/2027		374,486		371,597			374,486
BV EMS Buyer, Inc	Health Care Technology	Term Loan	— (S + 5.25%; 1.00% Floor)	11/23/2027		1,267,498		1,256,341			1,267,498
BV EMS Buyer, Inc	Health Care Technology	Delayed Draw	— (S + 5.25%; 1.00% Floor)	11/23/2027		1,278,405		1,267,234			1,278,405
Caregiver 2, Inc.	Health Care Providers & Services	Term Loan	9.87% (S + 6.25%; 2.00% Floor)	5/12/2028		72,379		70,569			72,379
Caregiver 2, Inc.	Health Care Providers & Services	Delayed Draw	— (S + 6.25%; 2.00% Floor)	5/12/2028		-		(905	)		-		(5)(6)
Cerifi, LLC	Financial Services	Term Loan	— (S + 5.75%; 1.00% Floor)	3/31/2028		2,553,248		2,508,251			2,457,501
Cerifi, LLC	Financial Services	Revolver	— (S + 5.75%; 1.00% Floor)	4/1/2027		137,122		135,734			131,980
Chariot Buyer LLC	Electrical Equipment	Term Loan	6.40% (S + 2.75%)	9/8/2032		594,000		594,000			593,863		(9)
Choice Health at Home, LLC	Health Care Providers & Services	Term Loan	— (S + 5.00%; 1.00% Floor)	6/30/2028		235,332		232,191			235,332
Clean Energy Future-Trumbull LLC	Electric Utilities	Term Loan	6.73% (S + 3.00%)	4/29/2033		130,000		129,675			130,163		(9)
Cloud Software Group Inc	Software	Term Loan	6.98% (S + 3.25%)	3/21/2031		498,744		468,660			435,777		(9)
Clydesdale Acquisition Holdings Inc	Containers & Packaging	Term Loan	6.82% (S + 3.17%; 0.50% Floor)	4/13/2029		1,000,000		1,000,784			981,130		(9)
Columbus McKinnon Corp/NY	Machinery	Term Loan	7.15% (S + 3.50%; 0.50% Floor)	2/3/2033		140,884		139,539			140,473		(9)
Contruent Intermediate Company	Construction & Engineering	Term Loan	— (S + 5.75%; 0.75% Floor)	11/14/2031		3,228,442		3,184,770			3,139,660
Contruent Intermediate Company	Construction & Engineering	Delayed Draw	9.41% (S + 5.75%; 0.75% Floor)	11/14/2031		74,503		74,503			64,258		(5)
Contruent Intermediate Company	Construction & Engineering	Revolver	— (S + 5.25%; 0.75% Floor)	11/14/2031		—		(3,342	)		(6,830	)	(5)(6)
CoreWeave Financing DDTL V, LLC	IT Services	Term Loan	8.15% (S + 4.50%)	11/15/2031		42,619		41,419			44,994		(5)(9)
Cotiviti Inc	Health Care Technology	Term Loan	6.40% (S + 2.75%)	5/1/2031		992,424		967,950			906,212		(9)
CPV Three Rivers LLC	Electric Utilities	Term Loan	6.48% (S + 2.75%)	4/15/2033		158,526		157,733			158,196		(9)
DA Blocker Corp.	Diversified Consumer Services	Term Loan	8.48% (S + 4.75%; 0.75% Floor)	2/10/2032		705,882		699,897			698,824		(7)
DA Blocker Corp.	Diversified Consumer Services	Revolver	— (S + 4.75%; 0.75% Floor)	2/10/2032		10,294		9,692			9,559		(5)(7)
DA Blocker Corp.	Diversified Consumer Services	Delayed Draw	— (S + 4.75%; 0.75% Floor)	2/10/2032		—		(891	)		-		(5)(6)(7)
Darktrace PLC	Software	Term Loan	6.98% (S + 3.25%)	10/9/2031		992,462		987,921			902,644		(9)
Datacor, Inc.	Chemicals	Term Loan	10.14% (S + 4.50%; 1.00% Floor; 2.00% PIK)	3/11/2030		7,049,771		7,046,131			6,996,897
Datacor, Inc.	Chemicals	Revolver	10.14% (S + 4.50%; 1.00% Floor; 2.00% PIK)	3/11/2030		48,346		46,415			46,276		(5)

See Notes to Consolidated Financial Statements

AB Private Lending Fund

Unaudited Consolidated Schedule of Investments as of June 30, 2026


Portfolio Company	Industry	Facility Type	Interest	Maturity	Funded Par Amount		Cost			Fair Value			Tickmarks
DeLorean Purchaser, Inc.	Health Care Technology	Term Loan	— (S + 4.75%; 0.75% Floor)	12/16/2031		858,696		848,012			845,815
DeLorean Purchaser, Inc.	Health Care Technology	Revolver	— (S + 4.75%; 0.75% Floor)	12/16/2031		-		(1,527	)		(1,957	)	(5)(6)
DG Investment Intermediate Holdings 2, Inc.	Commercial Services & Supplies	Term Loan	6.90% (S + 3.25%)	7/9/2032		507,450		507,450			508,084		(9)
Directv Financing LLC	Media	Term Loan	8.98% (S + 5.25%; 0.75% Floor)	8/2/2029		447,977		447,524			449,939		(9)
DLRdmv, LLC	Automobiles	Term Loan	8.87% (S + 5.25%; 1.00% Floor)	5/7/2032		862,324		854,620			862,324
DLRdmv, LLC	Automobiles	Delayed Draw	— (S + 5.25%; 1.00% Floor)	5/7/2032		-		(488	)		-		(5)(6)
DLRdmv, LLC	Automobiles	Revolver	— (S + 5.25%; 1.00% Floor)	5/7/2032		—		(974	)		-		(5)(6)
EET Buyer, Inc.	Construction & Engineering	Term Loan	9.14% (S + 5.50%; 0.75% Floor)	11/8/2029		1,325,896		1,323,067			1,302,693
EET Buyer, Inc.	Construction & Engineering	Term Loan	9.14% (S + 5.50%; 0.75% Floor)	11/8/2029		2,733,473		2,727,641			2,685,638
EET Buyer, Inc.	Construction & Engineering	Revolver	— (S + 5.50%; 0.75% Floor)	11/8/2029		-		(733	)		(6,647	)	(5)(6)
Einstein Parent, Inc.	Software	Revolver	— (S + 5.25%; 0.75% Floor)	1/22/2031		-		(1,433	)		(2,578	)	(5)(6)
Einstein Parent, Inc.	Software	Term Loan	8.91% (S + 5.25%; 0.75% Floor)	1/22/2031		906,250		891,338			881,328
Ensemble Health Partners Holdings, LLC	Health Care Technology	Term Loan	6.65% (S + 3.00%)	2/9/2033		500,000		499,402			497,875		(9)
Exterro, Inc.	Software	Revolver	— (S + 5.75%; 1.00% Floor)	6/1/2027		-		-			(6,239	)	(5)(6)
Exterro, Inc.	Software	Term Loan	— (S + 5.75%; 1.00% Floor)	6/1/2027		2,159,686		2,147,813			2,116,492
Exterro, Inc.	Software	Delayed Draw	— (S + 5.75%; 1.00% Floor)	6/1/2027		-		(1,862	)		(10,438	)	(5)(6)
Exterro, Inc.	Software	Term Loan	9.410% (S + 5.75%; 1.00% Floor)	6/1/2027		3,621,126		3,621,126			3,548,703
Firebird Midco, Inc	Automobiles	Term Loan	9.64% (S + 2.75%; 0.75% Floor; 3.25% PIK)	7/18/2030		411,287		405,159			406,146
First Advantage Holdings LLC	Professional Services	Term Loan	6.40% (S + 2.75%)	10/31/2031		488,177		475,973			481,289		(9)
FirstEnroll LLC	Insurance	Term Loan	8.39% (S + 4.75%; 1.00% Floor)	9/19/2031		6,143,682		6,061,061			6,020,808
FirstEnroll LLC	Insurance	Revolver	— (S + 4.75%; 1.00% Floor)	9/19/2031		-		(4,694	)		(7,180	)	(5)(6)
Focus Financial Partners, LLC	Financial Services	Term Loan	6.15% (S + 2.50%)	9/15/2031		497,494		496,323			484,808		(9)
Fortis 333 Inc	Chemicals	Term Loan	7.23% (S + 3.50%)	3/27/2032		464,643		461,159			462,901		(9)
Foundation Risk Partners, Corp.	Insurance	Term Loan	— (S + 4.75%; 0.75% Floor)	10/29/2030		4,054,566		4,054,566			4,044,429
Foundation Risk Partners, Corp.	Insurance	Delayed Draw	— (S + 4.75%; 0.75% Floor)	10/29/2030		881,841		881,841			879,637
Foundation Risk Partners, Corp.	Insurance	Revolver	8.48% (S + 4.75%; 0.75% Floor)	10/29/2029		153,699		153,699			152,581		(5)
Foundation Risk Partners, Corp.	Insurance	Term Loan	8.48% (S + 4.75%; 0.75% Floor)	10/29/2030		86,753		86,753			86,537
Foundation Risk Partners, Corp.	Insurance	Delayed Draw	8.48% (S + 4.75%; 0.75% Floor)	10/29/2030		350,657		350,657			349,781
Freeport LNG Investments LLLP	Energy Equipment & Services	Term Loan	6.98% (S + 3.25%)	2/11/2033		910,000		905,641			910,810		(9)

See Notes to Consolidated Financial Statements

AB Private Lending Fund

Unaudited Consolidated Schedule of Investments as of June 30, 2026


Portfolio Company	Industry	Facility Type	Interest	Maturity	Funded Par Amount		Cost			Fair Value			Tickmarks
FULLSTEAM OPERATIONS, LLC	Software	Term Loan	— (S + 5.25%; 0.75% Floor)	8/8/2031		4,589,741		4,549,098			4,486,472
FULLSTEAM OPERATIONS, LLC	Software	Delayed Draw	— (S + 5.25%; 0.75% Floor)	8/8/2031		—		(6,540	)		(26,774	)	(5)(6)
FULLSTEAM OPERATIONS, LLC	Software	Revolver	8.87% (S + 5.25%; 0.75% Floor)	8/8/2031		165,740		161,388			154,266		(5)
Fusion Holding, Corp.	Software	Term Loan	10.16% (S + 4.50%; 0.75% Floor; 2.00% PIK)	9/14/2029		5,452,138		5,452,138			5,043,228
Fusion Holding, Corp.	Software	Revolver	— (S + 6.25%; 0.75% Floor)	9/15/2028		126,169		126,169			91,984		(5)
Garnett Station Partners, LLC	Financial Services	Term Loan	9.17% (S + 5.50%; 2.00% Floor)	12/23/2031		1,655,330		1,628,319			1,626,361
Garnett Station Partners, LLC	Financial Services	Revolver	9.14% (S + 5.50%; 2.00% Floor)	12/23/2031		381,999		375,888			375,314
Grant Thornton Advisors Holdings LLC(Aka Turbo EMEA Holdings BV)	Professional Services	Term Loan	6.40% (S + 2.75%)	6/2/2031		497,487		497,487			472,563		(9)
Greenhouse Software, Inc.	Professional Services	Term Loan	— (S + 5.75%; 1.00% Floor)	9/1/2028		5,500,000		5,488,120			5,431,250
Greenlight Intermediate II, Inc.	Diversified Telecommunication Services	Delayed Draw	9.48% (S + 5.75%; 0.75% Floor)	6/1/2029		782,791		773,864			782,791		(5)
Greenlight Intermediate II, Inc.	Diversified Telecommunication Services	Term Loan	— (S + 5.75%; 0.75% Floor)	6/1/2029		2,436,811		2,424,025			2,430,719
Greenlight Intermediate II, Inc.	Diversified Telecommunication Services	Delayed Draw	9.48% (S + 5.75%; 0.75% Floor)	6/1/2029		3,063,189		3,047,253			3,055,531
GS AcquisitionCo, Inc.	Professional Services	Term Loan	8.98% (S + 5.25%; 1.00% Floor)	5/25/2028		778,811		777,003			730,135
GS AcquisitionCo, Inc.	Professional Services	Revolver	8.98% (S + 5.25%; 1.00% Floor)	5/25/2028		30,932		30,859			28,997		(5)
GS AcquisitionCo, Inc.	Professional Services	Delayed Draw	8.98% (S + 5.25%; 0.75% Floor)	5/25/2028		15,050		15,047			14,222
GTCR Everest Borrower LLC	Financial Services	Term Loan	6.23% (S + 2.50%)	9/5/2031		356,409		356,409			354,684		(9)
HIG Operations Holdings, INC	Insurance	Term Loan	— (S + 4.50%; 1.00% Floor)	6/11/2031		4,832,470		4,832,470			4,832,470
HireVue, Inc.	Professional Services	Term Loan	11.41% (S + 7.75%; 1.00% Floor)	5/3/2029		4,196,167		4,169,521			3,766,060
HireVue, Inc.	Professional Services	Revolver	— (S + 7.75%; 1.00% Floor)	5/3/2029		546,340		543,078			490,340
HireVue, Inc.	Professional Services	Delayed Draw	— (S + 7.75%; 1.00% Floor)	5/3/2029		272,760		272,760			198,155		(5)
HITRUST Services, LLC	Health Care Technology	Term Loan	8.23% (S + 4.50%; 0.75% Floor)	3/15/2032		809,524		802,546			805,476
HITRUST Services, LLC	Health Care Technology	Revolver	— (S + 4.50%; 0.75% Floor)	3/14/2031		-		(1,499	)		(952	)	(5)(6)
Honor HN Buyer, Inc.	Health Care Providers & Services	Delayed Draw	— (S + 5.75%; 1.00% Floor)	10/15/2027		92,469		91,316			92,469		(5)
Honor HN Buyer, Inc.	Health Care Providers & Services	Term Loan	9.63% (S + 5.75%; 1.00% Floor)	10/15/2027		1,035,250		1,035,250			1,035,250
Honor HN Buyer, Inc.	Health Care Providers & Services	Delayed Draw	9.63% (S + 5.75%; 1.00% Floor)	10/15/2027		653,078		653,078			653,078
Honor HN Buyer, Inc.	Health Care Providers & Services	Revolver	— (S + 5.75%; 1.00% Floor)	10/15/2027		-		-			-		(5)
Honor HN Buyer, Inc.	Health Care Providers & Services	Delayed Draw	9.63% (S + 5.75%; 1.00% Floor)	10/15/2027		974,495		972,888			974,495
Hopper Merger Sub Inc	Health Care Equipment & Supplies	Term Loan	5.90% (S + 2.25%)	4/7/2033		500,000		498,750			488,855		(9)
Hunter Communications & Technologies LLC	Diversified Telecommunication Services	Term Loan	8.39% (S + 4.75%; 0.75% Floor)	3/31/2032		2,520,285		2,496,140			2,495,082

See Notes to Consolidated Financial Statements

AB Private Lending Fund

Unaudited Consolidated Schedule of Investments as of June 30, 2026


Portfolio Company	Industry	Facility Type	Interest	Maturity	Funded Par Amount		Cost			Fair Value			Tickmarks
Hunter Communications & Technologies LLC	Diversified Telecommunication Services	Delayed Draw	— (S + 4.75%; 0.75% Floor)	3/31/2032		190,724		182,959			183,913		(5)
Hunter Communications & Technologies LLC	Diversified Telecommunication Services	Revolver	— (S + 4.75%; 0.75% Floor)	3/31/2032		-		(2,724	)		(2,724	)	(5)(6)
Hyscaleix Data Centers Holdings LLC	IT Services	Term Loan	9.14% (S + 5.50%; 1.00% Floor)	1/29/2031		2,587,829		2,551,672			2,555,481
Hyscaleix Data Centers Holdings LLC	IT Services	Revolver	— (S + 5.50%; 1.00% Floor)	1/29/2031		-		(4,807	)		(4,372	)	(5)(6)
Icon Parent Inc	Software	Term Loan	6.48% (S + 2.75%)	11/13/2031		497,478		483,341			464,396		(9)
Imprivata, Inc.	Software	Term Loan	7.40% (S + 3.75%; 0.50% Floor)	12/3/2029		500,000		495,000			499,380		(9)
Joink, LLC	Diversified Telecommunication Services	Revolver	— (S + 5.75%; 1.00% Floor)	10/4/2030		87,727		86,786			85,972
Joink, LLC	Diversified Telecommunication Services	Delayed Draw	9.39% (S + 5.75%; 1.00% Floor)	10/4/2030		825,433		815,507			807,534		(5)
Joink, LLC	Diversified Telecommunication Services	Term Loan	— (S + 5.75%; 1.00% Floor)	10/4/2030		1,231,096		1,216,954			1,206,474
Juniper Square, Inc.	Financial Services	Term Loan	9.39% (S + 5.75%; 0.75% Floor)	11/6/2031		5,405,405		5,356,005			5,378,378
Juniper Square, Inc.	Financial Services	Revolver	— (S + 5.75%; 0.75% Floor)	11/6/2031		—		(4,829	)		(2,703	)	(5)(6)
Juniper Square, Inc.	Financial Services	Delayed Draw	9.39% (S + 5.75%; 0.75% Floor)	11/6/2031		540,540		527,245			540,540		(5)
Juniper Square, Inc.	Financial Services	Delayed Draw	9.39% (S + 5.75%; 0.75% Floor)	11/6/2031		137,055		137,055			137,055		(5)
Jupiter Borrower Inc	Capital Markets	Term Loan	6.40% (S + 2.75%)	3/25/2033		320,000		318,400			319,334		(9)
Kaseya Inc.	Software	Term Loan	6.90% (S + 3.25%)	3/22/2032		497,481		473,200			382,782		(9)
KPA Parent Holdings, Inc	Automobiles	Term Loan	— (S + 4.50%; 0.75% Floor)	3/12/2032		813,241		806,639			803,076
KPA Parent Holdings, Inc	Automobiles	Delayed Draw	— (S + 4.50%; 0.75% Floor)	3/12/2032		—		(469	)		(797	)	(5)(6)
KPA Parent Holdings, Inc	Automobiles	Revolver	— (S + 4.50%; 0.75% Floor)	3/12/2032		-		(660	)		(1,006	)	(5)(6)
Labvantage Solutions Inc.	Pharmaceuticals	Revolver	— (S + 5.25%; 1.00% Floor)	12/23/2030		-		(1,030	)		(177	)	(5)(6)(7)
Last Dance Intermediate I(c), LLC	Diversified Telecommunication Services	Term Loan	8.89% (S + 5.25%; 0.75% Floor)	3/31/2031		661,017		652,364			661,017
Last Dance Intermediate I(c), LLC	Diversified Telecommunication Services	Delayed Draw	8.89% (S + 5.25%; 0.75% Floor)	3/31/2031		532,147		526,545			532,147
Last Dance Intermediate I(c), LLC	Diversified Telecommunication Services	Revolver	— (S + 5.25%; 0.75% Floor)	3/31/2031		-		(1,380	)		-		(5)(6)
Last Dance Intermediate I(c), LLC	Diversified Telecommunication Services	Term Loan	— (S + 5.25%; 0.75% Floor)	3/31/2031		669,450		663,552			669,450
Last Dance Intermediate I(c), LLC	Diversified Telecommunication Services	Delayed Draw	8.39% (S + 4.75%; 0.75% Floor)	3/31/2031		1,100,000		1,081,110			1,070,000		(5)
LeadVenture, Inc.	Automobile Components	Term Loan	8.73% (S + 5.00%; 0.75% Floor)	6/23/2032		4,285,285		4,227,920			4,135,300
LeadVenture, Inc.	Automobile Components	Delayed Draw	8.73% (S + 5.00%; 0.75% Floor)	6/23/2032		397,495		389,661			370,838		(5)
LeadVenture, Inc.	Automobile Components	Revolver	8.48% (S + 5.00%; 0.75% Floor)	6/23/2032		21,671		16,385			7,279		(5)
Level Data, LLC	Software	Term Loan	— (S + 5.50%; 0.75% Floor)	3/5/2031		1,009,161		1,000,565			983,932

See Notes to Consolidated Financial Statements

AB Private Lending Fund

Unaudited Consolidated Schedule of Investments as of June 30, 2026


Portfolio Company	Industry	Facility Type	Interest	Maturity	Funded Par Amount		Cost			Fair Value			Tickmarks
Level Data, LLC	Software	Delayed Draw	— (S + 5.50%; 0.75% Floor)	3/5/2031		—		(1,218	)		(6,202	)	(5)(6)
Level Data, LLC	Software	Revolver	9.18% (S + 5.50%; 0.75% Floor)	3/5/2031		77,519		76,609			74,612		(5)
Liberty Recycling Parent Inc	Automobile Components	Term Loan	7.40% (S + 3.75%)	12/17/2032		498,750		496,397			498,625		(9)
Lightspeed Buyer, Inc.	Health Care Technology	Term Loan	8.48% (S + 4.75%; 0.75% Floor)	2/6/2032		5,627,752		5,572,610			5,571,474
Lightspeed Buyer, Inc.	Health Care Technology	Delayed Draw	— (S + 4.75%; 0.75% Floor)	2/6/2032		-		(12,600	)		(12,600	)	(5)(6)
Lightspeed Buyer, Inc.	Health Care Technology	Revolver	— (S + 4.75%; 0.75% Floor)	2/6/2032		268,788		260,939			260,388		(5)
LivTech Purchaser, Inc.	Health Care Providers & Services	Term Loan	8.64% (S + 5.00%; 0.75% Floor)	11/24/2031		409,706		406,247			399,463
LivTech Purchaser, Inc.	Health Care Providers & Services	Delayed Draw	8.65% (S + 5.00%; 0.75% Floor)	11/24/2031		468,466		464,656			456,754
LivTech Purchaser, Inc.	Health Care Providers & Services	Revolver	— (S + 5.00%; 0.75% Floor)	11/24/2031		—		(911	)		(2,941	)	(5)(6)
Mastery Acquisition Corp.	Diversified Consumer Services	Term Loan	8.98% (S + 5.25%; 1.00% Floor)	9/7/2029		1,207,110		1,207,110			1,207,110
Mavenlink, Inc.	Professional Services	Term Loan	9.31% (S + 5.50%; 0.75% Floor)	6/1/2029		2,133,104		2,087,000			2,063,778
Mavenlink, Inc.	Professional Services	Revolver	— (S + 5.50%; 0.75% Floor)	6/1/2029		170,894		168,150			162,112		(5)
MBS Holdings, Inc.	Diversified Telecommunication Services	Term Loan	8.74% (S + 5.00%; 1.00% Floor)	4/16/2027		51,357		51,145			51,357
MBS Holdings, Inc.	Diversified Telecommunication Services	Term Loan	8.74% (S + 5.00%; 1.00% Floor)	4/16/2027		4,322,924		4,309,961			4,322,924
McKesson Medical-Surgical Top Holdings Inc	Health Care Equipment & Supplies	Term Loan	5.98% (S + 2.25%)	6/9/2032		300,000		298,500			299,751		(9)
Medical Management Resource Group, L.L.C.	Health Care Providers & Services	Term Loan	9.58% (S + 5.75%; 0.75% Floor)	9/30/2027		1,022,236		1,007,435			1,019,681
Medical Management Resource Group, L.L.C.	Health Care Providers & Services	Delayed Draw	— (S + 5.75%; 0.75% Floor)	9/30/2027		425,881		419,754			424,816
Medical Management Resource Group, L.L.C.	Health Care Providers & Services	Revolver	— (S + 5.75%; 0.75% Floor)	9/30/2026		-		(294	)		(194	)	(5)(6)
Mermaid Bidco Inc	Software	Term Loan	6.98% (S + 3.25%)	7/3/2031		498,731		485,016			482,108		(9)
Metropolis Technologies Inc	Commercial Services & Supplies	Term Loan	8.90% (S + 5.25%)	11/3/2032		995,000		985,942			976,762		(9)
Mist Holding Co.	Health Care Technology	Term Loan	— (S + 5.00%; 0.75% Floor)	12/23/2030		485,909		481,796			484,694
Mist Holding Co.	Health Care Technology	Delayed Draw	8.64% (S + 5.00%; 0.75% Floor)	12/23/2030		272,727		270,683			272,045
Mist Holding Co.	Health Care Technology	Revolver	— (S + 5.00%; 0.75% Floor)	12/23/2030		30,303		29,337			30,000		(5)
Mist Holding Co.	Health Care Technology	Delayed Draw	— (S + 5.25%; 0.75% Floor)	12/23/2030		-		(4,886	)		-		(5)(6)
MJH Healthcare Holdings LLC	Media	Term Loan	7.40% (S + 3.75%)	1/28/2029		997,500		968,932			950,119		(9)
MMP Intermediate, LLC	Hotels, Restaurants & Leisure	Term Loan	9.50% (S + 5.75%; 1.00% Floor)	2/15/2029		3,623,187		3,616,356			3,623,187
MMP Intermediate, LLC	Hotels, Restaurants & Leisure	Revolver	— (S + 5.75%; 1.00% Floor)	2/15/2029		-		(402	)		-		(5)(6)
Momentus Technologies, LLC	Leisure Products	Term Loan	8.41% (S + 4.75%; 1.00% Floor)	4/30/2029		306,996		304,327			302,391
Momentus Technologies, LLC	Leisure Products	Term Loan	8.41% (S + 4.75%; 1.00% Floor)	4/30/2029		718,841		716,614			708,059

See Notes to Consolidated Financial Statements

AB Private Lending Fund

Unaudited Consolidated Schedule of Investments as of June 30, 2026


Portfolio Company	Industry	Facility Type	Interest	Maturity	Funded Par Amount		Cost			Fair Value			Tickmarks
Momentus Technologies, LLC	Leisure Products	Delayed Draw	8.41% (S + 4.75%; 1.00% Floor)	4/30/2029		85,443		85,178			84,161
Momentus Technologies, LLC	Leisure Products	Delayed Draw	8.41% (S + 4.75%; 1.00% Floor)	4/30/2029		180,048		179,490			177,348
Momentus Technologies, LLC	Leisure Products	Term Loan	8.41% (S + 4.75%; 1.00% Floor)	4/30/2029		38,461		38,342			37,884
Momentus Technologies, LLC	Leisure Products	Delayed Draw	— (S + 4.75%; 1.00% Floor)	4/30/2029		121,943		121,565			120,114
Momentus Technologies, LLC	Leisure Products	Revolver	— (S + 4.75%; 1.00% Floor)	4/30/2029		—		(49	)		(263	)	(5)(6)
Moon Buyer, Inc.	Software	Term Loan	8.23% (S + 4.50%; 0.75% Floor)	4/21/2031		2,818,986		2,812,631			2,818,986
Moon Buyer, Inc.	Software	Delayed Draw	— (S + 4.50%; 0.75% Floor)	4/21/2031		260,318		259,734			260,318
MPH Acquisition Holdings LLC	Financial Services	Term Loan	7.48% (S + 3.75%; 0.50% Floor)	12/31/2030		494,987		490,676			495,195		(9)
Mr. Greens Intermediate, LLC	Food Products	Term Loan	— (S + 5.75%; 1.00% Floor)	5/1/2031		2,011,535		2,011,535			2,011,535
Mr. Greens Intermediate, LLC	Food Products	Delayed Draw	9.50% (S + 5.75%; 1.00% Floor)	5/1/2031		456,942		456,942			456,942		(5)
Mr. Greens Intermediate, LLC	Food Products	Revolver	— (S + 5.75%; 1.00% Floor)	5/1/2031		-		(738	)		-		(5)(6)
Mr. Greens Intermediate, LLC	Food Products	Term Loan	9.51% (S + 5.75%; 1.00% Floor)	5/1/2031		329,491		325,215			329,491
MSP Global Holdings, Inc.	Technology Hardware, Storage & Peripherals	Term Loan	9.24% (S + 5.50%; 1.00% Floor)	4/9/2029		1,580,037		1,560,499			1,536,586
MSP Global Holdings, Inc.	Technology Hardware, Storage & Peripherals	Term Loan	— (S + 5.50%; 1.00% Floor)	4/9/2029		3,268,511		3,227,431			3,178,627
MSP Global Holdings, Inc.	Technology Hardware, Storage & Peripherals	Delayed Draw	9.24% (S + 5.50%; 1.00% Floor)	4/9/2029		255,336		252,133			248,315
MSP Global Holdings, Inc.	Technology Hardware, Storage & Peripherals	Revolver	9.24% (S + 5.50%; 1.00% Floor)	4/9/2029		144,597		138,287			129,686		(5)
Nasuni Corporation	Software	Term Loan	8.73% (S + 5.00%; 0.75% Floor)	9/10/2030		1,515,838		1,499,670			1,508,259
Nasuni Corporation	Software	Revolver	— (S + 5.00%; 0.75% Floor)	9/10/2030		-		(3,333	)		(1,579	)	(5)(6)
Nasuni Corporation	Software	Term Loan	8.73% (S + 5.00%; 0.75% Floor)	9/10/2030		1,470,827		1,456,119			1,463,473
Navigate360, LLC	Diversified Consumer Services	Term Loan	9.24% (S + 5.50%; 1.00% Floor)	3/17/2028		309,723		308,420			297,335
Navigate360, LLC	Diversified Consumer Services	Delayed Draw	9.24% (S + 5.50%; 1.00% Floor)	3/17/2028		589,522		585,161			565,941
Navigate360, LLC	Diversified Consumer Services	Term Loan	— (S + 5.50%; 1.00% Floor)	3/17/2028		1,640,248		1,633,345			1,574,638
Navigate360, LLC	Diversified Consumer Services	Delayed Draw	9.24% (S + 5.50%; 1.00% Floor)	3/17/2028		750,990		746,949			720,950
Navigate360, LLC	Diversified Consumer Services	Revolver	— (S + 5.50%; 1.00% Floor)	3/17/2028		-		(985	)		(10,403	)	(5)(6)
Navigate360, LLC	Diversified Consumer Services	Term Loan	9.24% (S + 5.50%; 1.00% Floor)	3/17/2028		563,109		559,603			540,585
NC Topco, LLC	Financial Services	Term Loan	8.16% (S + 4.50%; 0.75% Floor)	9/1/2031		1,357,972		1,344,158			1,357,972
NC Topco, LLC	Financial Services	Revolver	— (S + 4.50%; 0.75% Floor)	9/1/2031		-		(1,156	)		-		(5)(6)
NC Topco, LLC	Financial Services	Delayed Draw	— (S + 4.50%; 0.75% Floor)	8/29/2031		389,342		386,465			389,342
Neptune Bidco US Inc.	Interactive Media and Services	Term Loan	8.73% (S + 5.00%; 0.50% Floor)	2/3/2033		1,000,000		995,197			990,830		(9)

See Notes to Consolidated Financial Statements

AB Private Lending Fund

Unaudited Consolidated Schedule of Investments as of June 30, 2026


Portfolio Company	Industry	Facility Type	Interest	Maturity	Funded Par Amount		Cost			Fair Value			Tickmarks
NEXUS BUYER LLC	Financial Services	Term Loan	7.15% (S + 3.50%)	7/31/2031		496,231		493,621			477,399		(9)
NMI Acquisitionco, Inc.	Financial Services	Term Loan	— (S + 4.50%; 0.75% Floor)	9/6/2028		2,371,899		2,331,936			2,348,180
NMI Acquisitionco, Inc.	Financial Services	Revolver	8.24% (S + 4.50%; 0.75% Floor)	9/6/2028		148,075		145,065			146,101		(5)
NMI Acquisitionco, Inc.	Financial Services	Term Loan	8.24% (S + 4.50%; 0.75% Floor)	9/6/2028		354,200		348,232			350,658
NMI Acquisitionco, Inc.	Financial Services	Term Loan	8.74% (S + 5.00%; 0.75% Floor)	9/6/2028		667,480		660,805			664,142
NMI Acquisitionco, Inc.	Financial Services	Term Loan	8.24% (S + 4.50%; 0.75% Floor)	9/6/2028		96,206		94,585			95,244
NMI Acquisitionco, Inc.	Financial Services	Term Loan	8.24% (S + 4.50%; 0.75% Floor)	9/6/2028		1,282,139		1,260,537			1,269,317
NMI Acquisitionco, Inc.	Financial Services	Delayed Draw	8.24% (S + 4.50%; 0.75% Floor)	9/6/2028		1,266,278		1,245,101			1,253,615
Nord Security Inc	Software	Term Loan	7.48% (S + 3.75%)	10/8/2032		498,750		491,269			496,256		(9)
Nouryon Finance BV	Chemicals	Term Loan	7.15% (S + 3.50%)	7/3/2031		500,000		497,500			499,585		(9)
Olympus Water US Holding Corp	Chemicals	Term Loan	6.90% (S + 3.25%)	11/3/2032		497,500		496,368			496,669		(9)
OneDigital Borrower LLC	Insurance	Term Loan	6.65% (S + 3.00%; 0.50% Floor)	7/2/2031		494,949		494,949			478,740		(9)
OPOC Acquisition, LLC	Insurance	Revolver	— (S + 4.75%; 1.00% Floor)	12/20/2030		-		(832	)		-		(5)(6)
OPOC Acquisition, LLC	Insurance	Delayed Draw	— (S + 4.75%; 1.00% Floor)	12/20/2030		37,011		35,790			37,011		(5)
OPOC Acquisition, LLC	Insurance	Term Loan	8.44% (S + 4.75%; 1.00% Floor)	12/20/2030		745,804		736,725			745,804
Orion US Finco	Capital Markets	Term Loan	7.15% (S + 3.50%)	10/8/2032		498,750		495,009			498,640		(9)
PAC Aviation International Inc	Aerospace & Defense	Term Loan	6.90% (S + 3.25%)	10/28/2030		497,500		493,095			492,993		(9)
Pace Health Companies, LLC	Health Care Providers & Services	Term Loan	9.13% (S + 5.25%; 1.00% Floor)	8/2/2027		2,738,603		2,738,603			2,738,603
Pace Health Companies, LLC	Health Care Providers & Services	Delayed Draw	— (S + 5.25%; 1.00% Floor)	8/2/2027		—		(4,354	)		—		(5)(6)
Pamlico Avant Holdings, L.P.	Diversified Telecommunication Services	Term Loan	7.98% (S + 4.25%; 0.75% Floor)	12/31/2032		7,075,852		7,009,982			7,022,783
Pamlico Avant Holdings, L.P.	Diversified Telecommunication Services	Revolver	— (S + 4.25%; 0.75% Floor)	12/31/2032		-		(8,937	)		(7,196	)	(5)(6)
Park River Holdings Inc	Distributors	Term Loan	8.15% (S + 4.50%; 0.75% Floor)	3/15/2031		500,000		498,750			498,850		(9)
Patriot Acquireco L.L.C.	Hotels, Restaurants & Leisure	Term Loan	8.16% (S + 4.50%; 0.75% Floor)	9/7/2032		6,256,088		6,199,099			6,193,527
Patriot Acquireco L.L.C.	Hotels, Restaurants & Leisure	Revolver	8.16% (S + 4.50%; 0.75% Floor)	9/3/2032		90,048		84,447			83,745		(5)
PHRG Intermediate LLC	Diversified Consumer Services	Term Loan	7.73% (S + 4.00%)	2/20/2032		495,000		492,754			491,164		(9)
Ping Identity Holding Corp.	Software	Term Loan	6.40% (S + 2.75%)	11/15/2032		997,500		995,186			970,069		(9)
Pinnacle Treatment Centers, Inc.	Health Care Providers & Services	Term Loan	9.41% (S + 5.75%; 1.00% Floor)	1/4/2027		909,160		909,160			861,429
Pinnacle Treatment Centers, Inc.	Health Care Providers & Services	Term Loan	9.41% (S + 5.75%; 1.00% Floor)	1/4/2027		69,253		69,253			65,617
Pinnacle Treatment Centers, Inc.	Health Care Providers & Services	Delayed Draw	9.41% (S + 5.75%; 1.00% Floor)	1/4/2027		76,474		76,474			72,459
Pinnacle Treatment Centers, Inc.	Health Care Providers & Services	Term Loan	9.41% (S + 5.75%; 1.00% Floor)	1/4/2027		36,758		36,758			34,828
Priority OnDemand Midco 2, L.P.	Health Care Providers & Services	Term Loan	9.18% (S + 5.25%; 1.00% Floor)	7/17/2028		3,130,747		3,130,747			3,130,747

See Notes to Consolidated Financial Statements

AB Private Lending Fund

Unaudited Consolidated Schedule of Investments as of June 30, 2026


Portfolio Company	Industry	Facility Type	Interest	Maturity	Funded Par Amount		Cost			Fair Value			Tickmarks
Priority OnDemand Midco 2, L.P.	Health Care Providers & Services	Delayed Draw	— (S + 5.25%; 1.00% Floor)	7/17/2028		337,962		336,606			337,962		(5)
Quest Analytics Inc.	Health Care Technology	Term Loan	— (S + 4.25%; 0.50% Floor)	11/10/2032		6,164,609		6,135,593			6,087,552
Quest Analytics Inc.	Health Care Technology	Delayed Draw	— (S + 4.25%; 0.50% Floor)	11/10/2032		-		(6,232	)		(27,396	)	(5)(6)
Quest Analytics Inc.	Health Care Technology	Revolver	— (S + 4.25%; 0.50% Floor)	11/10/2032		-		(4,986	)		(13,698	)	(5)(6)
Quirch Foods Holdings, LLC	Food Products	Term Loan	10.18% (S + 6.50%; 1.00% Floor)	11/12/2030		4,336,374		4,296,335			4,293,010
Quirch Foods Holdings, LLC	Food Products	Delayed Draw	— (S + 6.50%; 1.00% Floor)	11/12/2030		-		(1,999	)		(2,249	)	(5)(6)
Rackspace Technology Global Inc	IT Services	Term Loan	9.90% (S + 6.25%; 0.75% Floor)	5/15/2028		497,455		491,237			507,405		(9)
Ranger Buyer, Inc.	Commercial Services & Supplies	Term Loan	— (S + 4.75%; 0.75% Floor)	11/20/2028		5,373,724		5,342,421			5,360,290
Ranger Buyer, Inc.	Commercial Services & Supplies	Revolver	— (S + 4.75%; 0.75% Floor)	11/18/2027		-		(1,432	)		(912	)	(5)(6)
Raven Acquisition Holdings LLC	Health Care Technology	Term Loan	6.65% (S + 3.00%)	11/19/2031		464,082		458,281			457,571		(9)
Raven Acquisition Holdings LLC	Health Care Technology	Term Loan	6.73% (S + 3.00%)	11/19/2031		—		(419	)		(471	)	(5)(6)(9)
Redwood Family Care Network, Inc.	Health Care Providers & Services	Term Loan	9.23% (S + 5.50%; 1.00% Floor)	6/20/2028		2,222,546		2,194,764			2,222,546
Redwood Family Care Network, Inc.	Health Care Providers & Services	Delayed Draw	9.23% (S + 5.50%; 1.00% Floor)	6/19/2028		1,943,380		1,933,846			1,943,380
Redwood Family Care Network, Inc.	Health Care Providers & Services	Delayed Draw	— (S + 5.50%; 1.00% Floor)	6/19/2028		1,207,637		1,196,066			1,207,637
Relativity Intermediate Holdco LLC	Software	Term Loan	6.40% (S + 2.75%)	1/30/2033		540,000		539,905			526,500		(9)
REP TEC Intermediate Holdings, Inc.	Professional Services	Term Loan	8.73% (S + 5.00%; 1.00% Floor)	5/30/2031		5,376,668		5,376,668			5,336,343
REP TEC Intermediate Holdings, Inc.	Professional Services	Revolver	— (S + 5.00%; 1.00% Floor)	5/30/2031		-		-			(727	)	(5)(6)
Ridge Trail US Bidco, Inc.	Capital Markets	Term Loan	8.23% (S + 4.50%; 0.75% Floor)	9/30/2031		767,124		757,852			767,124		(7)
Ridge Trail US Bidco, Inc.	Capital Markets	Delayed Draw	8.23% (S + 4.50%; 0.75% Floor)	9/30/2031		37,325		35,604			37,325		(5)(7)
Ridge Trail US Bidco, Inc.	Capital Markets	Revolver	— (S + 4.50%; 0.75% Floor)	3/30/2031		-		(998	)		-		(5)(6)(7)
Ryan, LLC	Professional Services	Term Loan	7.15% (S + 3.50%; 0.50% Floor)	11/5/2032		498,750		496,431			493,763		(9)
Saab Purchaser, Inc.	Banks	Term Loan	8.23% (S + 4.50%; 0.75% Floor)	11/12/2031		703,856		698,073			686,260
Saab Purchaser, Inc.	Banks	Delayed Draw	— (S + 4.50%; 0.75% Floor)	11/12/2031		190,053		188,589			185,302
Saab Purchaser, Inc.	Banks	Revolver	— (S + 4.75%; 0.75% Floor)	11/12/2031		—		(3,433	)		(10,086	)	(5)(6)
Saab Purchaser, Inc.	Banks	Term Loan	— (S + 4.50%; 0.75% Floor)	11/12/2031		2,384,615		2,363,158			2,325,000
Saab Purchaser, Inc.	Banks	Delayed Draw	— (S + 4.75%; 0.75% Floor)	11/12/2031		-		(10,105	)		(46,154	)	(5)(6)
Sako and Partners Lower Holdings LLC	Real Estate Management & Development	Term Loan	8.14% (S + 4.50%; 1.00% Floor)	9/15/2028		87,231		86,492			87,231
Sako and Partners Lower Holdings LLC	Real Estate Management & Development	Term Loan	— (S + 4.50%; 1.00% Floor)	9/15/2028		4,337,205		4,337,205			4,337,205
Sako and Partners Lower Holdings LLC	Real Estate Management & Development	Delayed Draw	8.14% (S + 4.50%; 1.00% Floor)	9/15/2028		1,037,590		1,037,590			1,037,590
Sako and Partners Lower Holdings LLC	Real Estate Management & Development	Revolver	— (S + 4.50%; 1.00% Floor)	9/15/2028		-		(115	)		-		(5)(6)
Salisbury House, LLC	Diversified Consumer Services	Term Loan	— (S + 0.75%; 0.75% Floor)	8/18/2032		7,057,471		6,991,928			7,057,471

See Notes to Consolidated Financial Statements

AB Private Lending Fund

Unaudited Consolidated Schedule of Investments as of June 30, 2026


Portfolio Company	Industry	Facility Type	Interest	Maturity	Funded Par Amount		Cost			Fair Value			Tickmarks
Salisbury House, LLC	Diversified Consumer Services	Delayed Draw	8.39% (S + 4.75%; 0.75% Floor)	8/18/2032		342,287		334,504			342,287		(5)
Salisbury House, LLC	Diversified Consumer Services	Revolver	— (S + 4.75%; 0.75% Floor)	8/18/2032		-		(8,353	)		-		(5)(6)
Sandstone Care Holdings, LLC	Health Care Providers & Services	Delayed Draw	— (S + 5.50%; 1.00% Floor)	6/28/2028		61,458		60,047			61,458		(15)
Sandstone Care Holdings, LLC	Health Care Providers & Services	Revolver	— (S + 5.50%; 0.00% Floor)	6/28/2028		2,332		-			2,332		(5)(15)
Sandstone Care Holdings, LLC	Health Care Providers & Services	Term Loan	— (S + 5.50%; 0.00% Floor)	6/28/2028		641,614		626,878			641,614		(15)
Sandstone Care Holdings, LLC	Health Care Providers & Services	Term Loan	— (S + 5.50%; 0.00% Floor)	6/28/2028		1,351,898		1,320,848			1,003,784		(15)
Sandstone Care Holdings, LLC	Health Care Providers & Services	Delayed Draw	— (S + 5.50%; 1.00% Floor)	6/28/2028		269,936		262,856			200,428		(15)
Sandstone Care Holdings, LLC	Health Care Providers & Services	Revolver	— (S + 5.50%; 0.00% Floor)	6/28/2028		245,800		240,154			182,506		(15)
Sauce Labs Inc	Software	Revolver	9.26% (S + 5.50%; 1.00% Floor)	8/16/2027		225,117		221,655			208,859		(5)
Sauce Labs Inc	Software	Revolver	9.76% (S + 5.50%; 1.00% Floor; 0.50% PIK)	8/16/2027		763,736		757,922			738,914
Sauce Labs Inc	Software	Term Loan	9.76% (S + 5.50%; 0.00% Floor; 0.50% PIK)	8/16/2027		2,935,773		2,912,282			2,840,361
Sauce Labs Inc	Software	Delayed Draw	9.76% (S + 5.50%; 0.00% Floor; 0.50% PIK)	8/16/2027		323,687		322,405			313,167
Second Nature Brands, Inc.	Real Estate Management & Development	Term Loan	9.84% (S + 6.00%; 0.00% Floor)	2/6/2031		800,375		790,451			788,369
Second Nature Brands, Inc.	Real Estate Management & Development	Revolver	— (S + 6.00%; 0.00% Floor)	2/6/2031		-		(1,032	)		(1,334	)	(5)(6)
Serrano Parent, LLC	Software	Term Loan	10.15% (S + 6.50%; 0.00% Floor)	5/13/2030		5,515,102		5,436,492			5,129,045
Serrano Parent, LLC	Software	Revolver	10.15% (S + 6.50%; 0.00% Floor)	5/13/2030		129,836		122,839			91,967		(5)
Slipstream IT, LLC	Software	Term Loan	8.14% (S + 4.50%; 0.75% Floor)	8/1/2031		3,088,863		3,061,663			3,088,863
Slipstream IT, LLC	Software	Delayed Draw	— (S + 4.50%; 0.75% Floor)	8/1/2031		-		(2,209	)		-		(5)(6)
Slipstream IT, LLC	Software	Revolver	— (S + 4.50%; 0.75% Floor)	8/1/2031		-		(4,410	)		-		(5)(6)
Soar Buyer, Inc.	Health Care Providers & Services	Term Loan	9.14% (S + 5.50%; 0.75% Floor)	5/20/2032		2,364,036		2,328,575			2,328,575
Soar Buyer, Inc.	Health Care Providers & Services	Delayed Draw	— (S + 5.50%; 0.75% Floor)	5/20/2032		—		(13,998	)		(13,998	)	(5)(6)
Soar Buyer, Inc.	Health Care Providers & Services	Revolver	— (S + 5.50%; 0.75% Floor)	5/20/2032		-		(5,599	)		(5,599	)	(5)(6)
Soladoc, LLC	Health Care Equipment & Supplies	Term Loan	8.94% (S + 5.00%; 0.75% Floor)	6/12/2028		2,304,698		2,259,040			2,241,318
Soladoc, LLC	Health Care Equipment & Supplies	Revolver	8.96% (S + 5.00%; 0.75% Floor)	6/12/2028		92,188		88,034			85,850		(5)
SP Motion Holdco Ltd	Energy Equipment & Services	Term Loan	6.15% (S + 2.50%)	6/24/2033		390,000		388,050			389,513		(9)
Starlight Parent LLC	Software	Term Loan	7.65% (S + 4.00%)	4/16/2032		498,744		438,645			415,828		(9)
Synechron Inc	IT Services	Term Loan	7.48% (S + 3.75%)	10/3/2031		496,231		490,797			462,324		(9)
Tau Buyer, LLC	Technology Hardware, Storage & Peripherals	Term Loan	8.73% (S + 2.50%; 0.75% Floor; 2.50% PIK)	2/2/2032		2,317,023		2,297,689			2,108,491
Tau Buyer, LLC	Technology Hardware, Storage & Peripherals	Delayed Draw	8.73% (S + 2.50%; 0.75% Floor; 2.50% PIK)	2/2/2032		531,908		528,087			484,036
Tau Buyer, LLC	Technology Hardware, Storage & Peripherals	Revolver	8.23% (S + 4.50%; 0.75% Floor)	2/2/2032		115,391		113,000			88,533		(5)
Tega MC Australia Holdings Pty Ltd	Metals & Mining	Term Loan	7.15% (S + 3.50%)	3/25/2033		420,000		415,800			421,840		(9)

See Notes to Consolidated Financial Statements

AB Private Lending Fund

Unaudited Consolidated Schedule of Investments as of June 30, 2026


Portfolio Company	Industry	Facility Type	Interest	Maturity	Funded Par Amount		Cost			Fair Value			Tickmarks
Telesoft Holdings, LLC	Diversified Telecommunication Services	Term Loan	9.99% (S + 6.25%; 0.00% Floor)	5/31/2027		1,393,541		1,393,541			1,386,573
The Center for Orthopedic and Research Excellence, Inc.	Health Care Providers & Services	Term Loan	9.81% (S + 6.00%; 0.00% Floor)	6/30/2028		952,360		952,360			952,360
The Center for Orthopedic and Research Excellence, Inc.	Health Care Providers & Services	Delayed Draw	9.81% (S + 6.00%; 1.00% Floor)	6/30/2028		224,588		224,376			224,588
The Center for Orthopedic and Research Excellence, Inc.	Health Care Providers & Services	Delayed Draw	9.81% (S + 6.00%; 0.00% Floor)	6/30/2028		361,744		361,402			361,744
The Center for Orthopedic and Research Excellence, Inc.	Health Care Providers & Services	Delayed Draw	9.81% (S + 6.00%; 0.00% Floor)	6/30/2028		399,115		398,738			399,115
The Center for Orthopedic and Research Excellence, Inc.	Health Care Providers & Services	Term Loan	9.79% (S + 6.00%; 0.00% Floor)	6/30/2028		748,639		748,639			748,639
TMA Buyer LLC	Software	Term Loan	8.66% (S + 5.00%; 0.75% Floor)	4/30/2031		1,656,708		1,642,703			1,631,858
TMA Buyer LLC	Software	Delayed Draw	8.66% (S + 5.00%; 0.75% Floor)	4/30/2031		435,517		431,877			428,985
TMA Buyer LLC	Software	Delayed Draw	— (S + 5.00%; 0.75% Floor)	4/30/2031		-		-			(675	)	(5)(6)
TMA Buyer LLC	Software	Revolver	— (S + 5.00%; 0.75% Floor)	4/30/2031		-		(1,408	)		(2,613	)	(5)(6)
Towerco IV Holdings, LLC	Diversified Telecommunication Services	Delayed Draw	6.75% (S + 3.00%; 0.00% Floor)	8/31/2029		7,201,603		7,201,603			7,201,601		(5)
Trident Technologies, LLC	Aerospace & Defense	Term Loan	8.23% (S + 4.50%)	2/6/2032		497,481		494,994			477,333		(9)
UFS, LLC	Banks	Term Loan	8.39% (S + 4.50%; 0.75% Floor)	10/14/2031		5,408,962		5,358,311			5,341,350
UFS, LLC	Banks	Revolver	— (S + 4.50%; 0.75% Floor)	10/14/2031		-		(3,126	)		(4,314	)	(5)(6)
Unlimited Technology Holdings, LLC	Health Care Technology	Term Loan	11.35% (S + 4.75%; 0.75% Floor; 2.87% PIK)	3/12/2032		885,650		881,903			867,937
Unlimited Technology Holdings, LLC	Health Care Technology	Revolver	— (S + 4.75%; 0.75% Floor)	3/12/2032		-		(481	)		(2,353	)	(5)(6)
Vectra AI, Inc.	Software	Revolver	— (S + 5.25%; 0.00% Floor)	3/2/2028		-		(711	)		(2,120	)	(5)(6)
Vectra AI, Inc.	Software	Term Loan	9.01% (S + 5.25%; 0.00% Floor)	3/2/2028		2,770,990		2,748,960			2,729,425

See Notes to Consolidated Financial Statements

AB Private Lending Fund

Unaudited Consolidated Schedule of Investments as of June 30, 2026


Portfolio Company	Industry	Facility Type	Interest	Maturity	Funded Par Amount		Cost			Fair Value			Tickmarks
Vectra AI, Inc.	Software	Delayed Draw	9.01% (S + 5.25%; 0.00% Floor)	3/2/2028		534,780		528,530			521,458		(5)
Vehlo Purchaser, LLC	Automobiles	Term Loan	8.89% (S + 5.25%; 0.75% Floor)	5/24/2028		458,078		455,308			453,497
Vehlo Purchaser, LLC	Automobiles	Term Loan	8.89% (S + 5.25%; 0.75% Floor)	5/24/2028		4,264,286		4,242,121			4,221,643
Vehlo Purchaser, LLC	Automobiles	Delayed Draw	8.89% (S + 5.25%; 0.75% Floor)	5/24/2028		1,184,524		1,178,413			1,172,679
Vehlo Purchaser, LLC	Automobiles	Revolver	— (S + 5.25%; 0.75% Floor)	5/24/2028		-		(3,060	)		(5,634	)	(5)(6)
Velocity Holdco III Inc.	Commercial Services & Supplies	Term Loan	9.26% (S + 5.50%; 1.00% Floor)	5/31/2029		4,402,195		4,402,195			4,402,195
Veracross LLC	Diversified Consumer Services	Delayed Draw	10.24% (S + 6.50%; 0.00% Floor)	12/28/2027		414,902		414,902			406,344		(5)
Veracross LLC	Diversified Consumer Services	Term Loan	10.24% (S + 6.50%; 1.00% Floor)	12/28/2027		5,207,834		5,170,238			5,155,756
Veracross LLC	Diversified Consumer Services	Delayed Draw	10.24% (S + 6.50%; 0.00% Floor)	12/28/2027		645,835		641,193			639,376
Veracross LLC	Diversified Consumer Services	Revolver	10.24% (S + 6.50%; 0.00% Floor)	12/28/2027		327,024		324,424			322,936		(5)
Visionary Buyer, LLC	Diversified Telecommunication Services	Term Loan	8.73% (S + 5.00%; 0.75% Floor)	3/21/2031		1,723,847		1,704,208			1,710,918
Visionary Buyer, LLC	Diversified Telecommunication Services	Delayed Draw	8.73% (S + 5.00%; 0.75% Floor)	3/21/2031		1,723,847		1,705,307			1,710,918
Visionary Buyer, LLC	Diversified Telecommunication Services	Revolver	— (S + 5.00%; 0.75% Floor)	3/21/2030		-		(4,120	)		(3,232	)	(5)(6)
Visionary Buyer, LLC	Diversified Telecommunication Services	Delayed Draw	8.73% (S + 5.00%; 00.75% Floor)	3/21/2031		610,000		603,591			607,500		(5)
VM Consolidated Inc	Electrical Equipment	Term Loan	5.65% (S + 2.00%)	10/1/2032		498,744		422,685			452,610		(9)
VS Buyer, LLC	Software	Term Loan	5.98% (S + 2.25%)	4/12/2031		496,250		491,734			475,780		(9)
Waldo Buyer, LLC	Diversified Telecommunication Services	Term Loan	8.23% (S + 4.50%; 0.75% Floor)	4/1/2033		4,941,979		4,894,150			4,892,559
Waldo Buyer, LLC	Diversified Telecommunication Services	Delayed Draw	— (S + 4.50%; 0.75% Floor)	4/1/2033		-		(7,060	)		(7,060	)	(5)(6)
Waldo Buyer, LLC	Diversified Telecommunication Services	Revolver	— (S + 4.50%; 0.75% Floor)	4/1/2033		-		(8,182	)		(8,472	)	(5)(6)
Wealth Enhancement Group, LLC	Financial Services	Delayed Draw	7.92% (S + 4.25%; 1.00% Floor)	10/2/2028		220,675		219,934			220,675		(5)
Wealth Enhancement Group, LLC	Financial Services	Delayed Draw	— (S + 4.25%; 0.00% Floor)	10/2/2028		-		(565	)		-		(5)(6)
Wealth Enhancement Group, LLC	Financial Services	Term Loan	7.94% (S + 4.25%; 0.00% Floor)	10/2/2028		2,339,528		2,339,528			2,339,528
Wealth Enhancement Group, LLC	Financial Services	Revolver	— (S + 4.25%; 0.00% Floor)	10/2/2028		—		(20	)		-		(5)(6)
Wealth Enhancement Group, LLC	Financial Services	Delayed Draw	7.94% (S + 4.25%; 0.00% Floor)	10/2/2028		518,193		518,193			518,193
Wolverine Seller Holdings, LLC	Commercial Services & Supplies	Term Loan	9.23% (S + 5.50%; 0.75% Floor)	1/17/2030		711,035		700,370			707,480
Zendesk, Inc.	Software	Delayed Draw	8.72% (S + 5.00%; 0.75% Floor)	11/22/2028		786,188		783,219			780,291
Zendesk, Inc.	Software	Revolver	— (S + 5.00%; 0.75% Floor)	11/22/2028		-		-			(3,733	)	(5)(6)
Zendesk, Inc.	Software	Term Loan	8.72% (S + 5.00%; 0.75% Floor)	11/22/2028		4,876,382		4,876,382			4,839,809
Zendesk, Inc.	Software	Delayed Draw	8.72% (S + 5.00%; 0.75% Floor)	11/22/2028		412,648		409,349			409,554
Total U.S. 1st Lien/Senior Secured Debt								373,063,966			369,288,619

See Notes to Consolidated Financial Statements

AB Private Lending Fund

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 — 0.37%
Symplr Software, Inc.	Health Care Technology	Term Loan	1.64% (S + 7.87%; 0.75% Floor)	12/22/2028		988,342		935,272		600,418
Total U.S. 2nd Lien/Junior Secured Debt								935,272		600,418
Total U.S. Corporate Debt								373,999,238		369,889,037

UK Corporate Debt — 0.86%
UK 1st Lien/Senior Secured Debt — 0.86%
Ardonagh Finco BV	Insurance	Term Loan	8.91% (S + 5.25%; 1.00% Floor)	2/15/2031		497,503		487,553		480,404	(9)
Labvantage Systems Limited	Pharmaceuticals	Term Loan	8.91% (S + 5.25%; 1.00% Floor)	12/23/2030		912,691		899,421		910,409	(7)
Total UK 1st Lien/Senior Secured Debt								1,386,974		1,390,813
Total UK Corporate Debt								1,386,974		1,390,813

Canadian Corporate Debt — 1.18%
Canadian 1st Lien/Senior Secured Debt — 1.18%
Garda World Security Corp	Commercial Services & Supplies	Term Loan	8.66% (S + 5.00%; 0.75% Floor)	2/1/2029		497,481		497,481		496,113	(9)
RevauAdvanced Underwriting Inc.	Insurance	Term Loan	8.66% (S + 5.00%; 0.75% Floor)	5/10/2032		1,382,306		1,370,238		1,340,837	(7)
RevauAdvanced Underwriting Inc.	Insurance	Delayed Draw	8.66% (S + 5.00%; 0.75% Floor)	5/10/2032		90,940		88,002		75,710	(5)(7)
Total Canada 1st Lien/Senior Secured Debt								1,955,721		1,912,660
Total Canadian Corporate Debt								1,955,721		1,912,660

Sweden Corporate Debt — 0.03%
Sweden 1st Lien/Senior Secured Debt — 0.03%
IGT Holding IV AB	Software	Term Loan	8.66% (S + 5.00%; 0.75% Floor)	9/1/2031		49,875		49,875		48,664	(9)
Total Sweden 1st Lien/Senior Secured Debt								49,875		48,664
Total Sweden Corporate Debt								49,875		48,664

See Notes to Consolidated Financial Statements

AB Private Lending Fund

Unaudited Consolidated Schedule of Investments as of June 30, 2026


Portfolio Company	Class/Series	Shares		Cost		Fair Value		Tickmarks
U.S. Investment Companies — 1.71%
AB EQUITY INVESTORS, L.P.	LP interest		2,601,497		2,601,497		2,786,209	(10)
Total U.S. Investment Companies					2,601,497		2,786,209

Total Investments — 231.43%					379,993,305		376,027,383

See Notes to Consolidated Financial Statements

AB Private Lending Fund

Unaudited Consolidated Schedule of Investments as of June 30, 2026


Portfolio Company	Yield	Shares		Cost		Fair value			Tickmarks
Cash Equivalents — 5.11%
US BANK MMDA GCTS	3.54%		6,200,183		6,200,183		6,200,183		(8)(12)(13)
STATE STREET INSTITUTIONAL US	3.55%		2,094,701		2,094,701		2,094,701		(8)(12)(13)
Total Cash Equivalents					8,294,884		8,294,884

Cash — 0.67%
US Dollar			1,092,231		1,092,231		1,092,231
Total Cash					1,092,231		1,092,231
TOTAL CASH AND CASH EQUIVALENTS					9,387,115		9,387,115
LIABILITIES IN EXCESS OF OTHER ASSETS — (137.21%)							(222,935,620	)
NET ASSETS — 100.00%							162,478,878

(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)

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”.

(6)

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

(7)

The investment is not a qualifying asset under Section 55(a) of the Investment Company Act of 1940, as amended (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 June 30, 2026, the aggregate fair value of these securities is $3,839,611 or 0.99% of the Fund’s total assets.

(8)

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

(9)

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

(10)

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.

(11)

Aggregate gross unrealized appreciation for federal income tax purposes is $983,306; aggregate gross unrealized depreciation for federal income tax purposes is $4,949,228. Net unrealized depreciation is $3,965,922. As of June 30, 2026, the cost basis of investments owned was substantially identical for both book and tax purposes.

(12)

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

(13)

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

(14)

Assets are pledged as collateral for the Credit Facilities (as defined below). See Note 4 “Borrowings.”

(15)

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

(16)

Non-income producing investment.

     P -   Prime

    

     PIK -   Payment-In-Kind

    

     S -   SOFR

    

See Notes to Consolidated Financial Statements

AB Private Lending Fund

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 — 208.14%													(1)(2)(3)(4)(12)
US Corporate Debt — 205.04%
1st Lien/Senior Secured Debt — 204.54%
AAH Topco, LLC	Health Care Providers & Services	Delayed Draw Term Loan	8.81% (S + 5.00%; 0.75% Floor)	12/22/2027		135,499		132,825			135,499		(6)(15)
AAH Topco, LLC	Health Care Providers & Services	Term Loan	9.06% (S + 5.25%; 0.75% Floor)	12/22/2027		2,556,714		2,526,466			2,556,714		(15)
AAH Topco, LLC	Health Care Providers & Services	Delayed Draw Term Loan	9.06% (S + 5.25%; 0.75% Floor)	12/22/2027		2,845,414		2,811,749			2,845,414		(15)
AAH Topco, LLC	Health Care Providers & Services	Revolver	— (S + 5.25%; 0.75% Floor)	12/22/2027		—		(3,084	)		—		(6)(7)(15)
Admiral Buyer, Inc.	Financial Services	Delayed Draw Term Loan	8.77% (S + 5.00%; 0.75% Floor)	12/6/2029		52,015		51,471			52,015		(6)(15)
Admiral Buyer, Inc.	Financial Services	Term Loan	8.67% (S + 5.00%; 0.75% Floor)	12/6/2029		201,049		199,349			200,044		(15)
Admiral Buyer, Inc.	Financial Services	Delayed Draw Term Loan	— (S + 5.00%; 0.75% Floor)	12/6/2029		—		(155	)		—		(6)(7)(15)
Admiral Buyer, Inc.	Financial Services	Term Loan	8.67% (S + 5.00%; 0.75% Floor)	12/6/2029		3,955,040		3,910,939			3,935,265		(15)
Admiral Buyer, Inc.	Financial Services	Delayed Draw Term Loan	8.73% (S + 5.00%; 0.75% Floor)	12/6/2029		199,454		196,963			198,457		(15)
Admiral Buyer, Inc.	Financial Services	Revolver	— (S + 5.00%; 0.75% Floor)	12/6/2029		—		(5,039	)		(2,438	)	(6)(7)(15)
Ahead DB Holdings, LLC	IT Services	Term Loan	6.16% (S + 2.50%; 0.75% Floor)	2/1/2031		997,494		995,046			995,449		(10)(15)
Amercare Royal, LLC	Commercial Services & Supplies	Term Loan	8.71% (S + 5.00%; 1.00% Floor)	9/10/2030		1,000,598		992,128			985,589		(15)
Amercare Royal, LLC	Commercial Services & Supplies	Revolver	8.71% (S + 5.00%; 1.00% Floor)	9/10/2030		54,279		53,068			52,033		(6)(15)
Amercare Royal, LLC	Commercial Services & Supplies	Delayed Draw Term Loan	— (S + 5.00%; 1.00% Floor)	9/10/2030		—		—			(2,321	)	(6)(7)(15)
Amercare Royal, LLC	Commercial Services & Supplies	Delayed Draw Term Loan	8.71% (S + 5.00%; 1.00% Floor)	9/10/2030		159,354		158,040			156,964		(15)
Amivie Acquisition, Inc.	Health Care Providers & Services	Delayed Draw Term Loan	9.02% (S + 5.25%; 0.75% Floor)	9/16/2027		1,093,791		1,083,181			1,093,791		(6)(15)
Amivie Acquisition, Inc.	Health Care Providers & Services	Delayed Draw Term Loan	9.02% (S + 5.25%; 1.00% Floor)	9/16/2027		802,825		794,037			802,825		(15)
Amivie Acquisition, Inc.	Health Care Providers & Services	Term Loan	9.02% (S + 5.25%; 1.00% Floor)	9/16/2027		2,101,389		2,078,263			2,101,389		(15)
Amivie Acquisition, Inc.	Health Care Providers & Services	Revolver	— (S + 5.25%; 1.00% Floor)	9/16/2027		—		(3,401	)		—		(6)(7)(15)
Amivie Acquisition, Inc.	Health Care Providers & Services	Delayed Draw Term Loan	9.02% (S + 5.25%; 1.00% Floor)	9/16/2027		1,065,904		1,058,620			1,065,904		(15)
AppViewX, Inc.	Software	Term Loan	9.12% (S + 5.25%; 0.75% Floor)	12/24/2031		797,342		790,229			789,369		(15)
AppViewX, Inc.	Software	Revolver	— (S + 5.25%; 0.75% Floor)	12/24/2031		—		(854	)		(997	)	(6)(7)(15)
AppViewX, Inc.	Software	Delayed Draw Term Loan	— (S + 5.25%; 0.75% Floor)	12/24/2031		—		—			—		(6)(15)
Aretec Group, Inc.	Financial Services	Term Loan	6.68% (S + 3.00%; 0.00% Floor)	8/9/2030		1,000,000		998,750			1,003,130		(10)(15)
ASCEND LEARNING, LLC	Professional Services	Term Loan	6.68% (S + 3.00%; 0.50% Floor)	12/11/2028		994,987		994,987			997,296		(10)(15)

See Notes to Consolidated Financial Statements

AB Private Lending Fund

Consolidated Schedule of Investments as of December 31, 2025


Portfolio Company	Industry	Facility Type	Interest	Maturity	Funded Par Amount		Cost			Fair Value			Tickmarks
ASURION CORPORATION	Wireless Telecommunication Services	Term Loan	8.03% (S + 4.35%; 0.00% Floor)	8/19/2028		489,867		489,867			490,480		(10)(15)
Azurite Intermediate Holdings, Inc.	Software	Term Loan	9.71% (S + 6.00%; 0.75% Floor)	3/19/2031		919,753		908,365			915,154		(15)
Azurite Intermediate Holdings, Inc.	Software	Revolver	— (S + 6.50%; 0.75% Floor)	3/19/2031		—		(3,822	)		(1,673	)	(6)(7)(15)
Azurite Intermediate Holdings, Inc.	Software	Delayed Draw Term Loan	9.71% (S + 6.00%; 0.75% Floor)	3/19/2031		2,090,347		2,065,037			2,079,896		(15)
BHG Holdings, LLC	Health Care Providers & Services	Term Loan	9.34% (S + 5.50%; 0.75% Floor)	4/22/2032		1,846,322		1,816,324			1,832,474		(15)
BHG Holdings, LLC	Health Care Providers & Services	Delayed Draw Term Loan	— (S + 5.25%; 0.75% Floor)	4/22/2032		—		(4,183	)		—		(6)(7)(15)
BHG Holdings, LLC	Health Care Providers & Services	Revolver	— (S + 5.25%; 0.75% Floor)	4/22/2032		—		(3,688	)		(1,750	)	(6)(7)(15)
Bonterra, LLC	Diversified Consumer Services	Term Loan	8.42% (S + 4.75%; 0.75% Floor)	3/5/2032		818,111		810,642			816,066		(15)
Bonterra, LLC	Diversified Consumer Services	Delayed Draw Term Loan	8.68% (S + 4.75%; 0.75% Floor)	3/5/2032		88,889		88,101			88,667		(15)
Bonterra, LLC	Diversified Consumer Services	Revolver	8.43% (S + 4.75%; 0.75% Floor)	3/5/2032		13,333		12,521			13,111		(6)(15)
BOOTS GROUP BIDCO LTD	Personal Care Products	Term Loan	7.18% (S + 3.50%; 0.00% Floor)	8/30/2032		190,000		189,542			190,870		(10)(15)
BOXER PARENT COMPANY INC	Software	Term Loan	6.66% (S + 3.00%; 0.00% Floor)	7/30/2031		497,494		496,016			495,807		(10)(15)
Bridgepointe Technologies, LLC	Technology Hardware, Storage & Peripherals	Term Loan	8.67% (S + 5.00%; 1.00% Floor)	12/31/2027		805,184		801,573			805,184		(15)
Bridgepointe Technologies, LLC	Technology Hardware, Storage & Peripherals	Delayed Draw Term Loan	8.67% (S + 5.00%; 1.00% Floor)	12/31/2027		1,810,954		1,802,939			1,810,954		(15)
Bridgepointe Technologies, LLC	Technology Hardware, Storage & Peripherals	Term Loan	8.67% (S + 5.00%; 1.00% Floor)	12/31/2027		1,161,328		1,156,121			1,161,328		(15)
Bridgepointe Technologies, LLC	Technology Hardware, Storage & Peripherals	Delayed Draw Term Loan	8.67% (S + 5.00%; 1.00% Floor)	12/31/2027		919,451		915,382			919,451		(15)
Bridgepointe Technologies, LLC	Technology Hardware, Storage & Peripherals	Delayed Draw Term Loan	8.67% (S + 5.00%; 1.00% Floor)	12/31/2027		705,615		702,492			705,615		(15)
Brightspot Buyer, Inc.	Media	Term Loan	10.42% (S + 6.50%; 0.75% Floor)	11/16/2027		345,334		340,826			340,154		(15)
Brightspot Buyer, Inc.	Media	Term Loan	10.42% (S + 6.50%; 0.75% Floor)	11/16/2027		1,704,996		1,682,739			1,679,421		(15)
Brightspot Buyer, Inc.	Media	Revolver	— (S + 6.50%; 0.75% Floor)	11/16/2027		—		(2,448	)		(3,025	)	(6)(7)(15)
BSI2 Hold Nettle, LLC	Real Estate Management & Development	Term Loan	8.42% (S + 4.75%; 0.75% Floor)	6/30/2028		1,783,836		1,766,538			1,783,836		(15)
BSI2 Hold Nettle, LLC	Real Estate Management & Development	Revolver	8.42% (S + 4.75%; 0.75% Floor)	6/30/2028		46,094		43,946			46,094		(6)(15)
Businessolver.com, Inc.	Professional Services	Term Loan	8.17% (S + 4.50%; 0.75% Floor)	12/3/2032		3,917,064		3,915,086			3,897,478		(15)
Businessolver.com, Inc.	Professional Services	Delayed Draw Term Loan	— (S + 4.50%; 0.75% Floor)	12/3/2032		—		(1,360	)		(1,375	)	(6)(7)(15)
Businessolver.com, Inc.	Professional Services	Revolver	— (S + 4.50%; 0.75% Floor)	12/3/2032		—		(1,212	)		(1,226	)	(6)(7)(15)
BV EMS Buyer, Inc.	Health Care Technology	Term Loan	9.06% (S + 5.25%; 1.00% Floor)	11/23/2027		953,638		942,607			953,638		(15)
BV EMS Buyer, Inc.	Health Care Technology	Revolver	9.06% (S + 5.25%; 1.00% Floor)	11/23/2027		66,557		64,959			66,557		(6)(15)
BV EMS Buyer, Inc.	Health Care Technology	Term Loan	9.06% (S + 5.25%; 1.00% Floor)	11/23/2027		191,170		189,259			191,170		(15)
BV EMS Buyer, Inc.	Health Care Technology	Term Loan	9.06% (S + 5.25%; 1.00% Floor)	11/23/2027		1,274,121		1,259,308			1,274,121		(15)
BV EMS Buyer, Inc.	Health Care Technology	Delayed Draw Term Loan	9.06% (S + 5.25%; 1.00% Floor)	11/23/2027		1,284,990		1,270,128			1,284,990		(15)

See Notes to Consolidated Financial Statements

AB Private Lending Fund

Consolidated Schedule of Investments as of December 31, 2025


Portfolio Company	Industry	Facility Type	Interest	Maturity	Funded Par Amount		Cost			Fair Value			Tickmarks
CD+R HYDRA BUYER INC	Machinery	Term Loan	7.78% (S + 4.10%; 0.00% Floor)	3/25/2031		994,937		987,902			993,693		(10)(15)
Cerifi, LLC	Banks	Term Loan	9.56% (S + 5.75%; 1.00% Floor)	3/31/2028		2,566,499		2,510,046			2,515,169		(15)
Cerifi, LLC	Banks	Revolver	9.56% (S + 5.75%; 1.00% Floor)	4/1/2027		137,122		134,878			134,379		(15)
CHAMBERLAIN GROUP INC	Electrical Equipment	Term Loan	6.43% (S + 2.75%; 0.00% Floor)	9/8/2032		597,000		597,000			597,872		(10)(15)
CLYDESDALE ACQ HOLDINGS INC.	Containers & Packaging	Term Loan	6.86% (S + 3.17%; 0.50% Floor)	4/13/2029		1,000,000		1,001,000			1,000,170		(10)(15)
Contruent Intermediate Company	Construction & Engineering	Term Loan	9.50% (S + 5.75%; 0.75% Floor)	11/14/2031		3,228,442		3,180,772			3,180,015		(15)
Contruent Intermediate Company	Construction & Engineering	Delayed Draw Term Loan	— (S + 5.25%; 0.75% Floor)	11/14/2031		—		—			—		(6)(15)
Contruent Intermediate Company	Construction & Engineering	Revolver	— (S + 5.25%; 0.75% Floor)	11/14/2031		—		(3,645	)		(3,725	)	(6)(7)(15)
Cotiviti, Inc.	Health Care Technology	Term Loan	6.43% (S + 2.75%; 0.00% Floor)	5/1/2031		997,475		970,044			956,748		(10)(15)
DA Blocker Corp.	Diversified Consumer Services	Term Loan	8.42% (S + 4.75%; 0.75% Floor )	2/10/2032		705,882		699,498			700,588		(8)(15)
DA Blocker Corp.	Diversified Consumer Services	Revolver	— (S + 4.75%; 0.75% Floor)	2/10/2032		—		(650	)		(551	)	(6)(7)(8)(15)
DA Blocker Corp.	Diversified Consumer Services	Delayed Draw Term Loan	— (S + 4.75%; 0.75% Floor)	2/10/2032		—		(967	)		—		(6)(7)(8)(15)
Darktrace Finco US LLC	Software	Term Loan	6.91% (S + 3.25%; 0.00% Floor)	10/9/2031		997,487		992,500			1,000,520		(10)(15)
Datacor, Inc.	Chemicals	Term Loan	10.21% (S + 4.50%; 1.00% Floor; 2.00% PIK)	3/13/2029		5,580,915		5,577,276			5,580,915		(15)
Datacor, Inc.	Chemicals	Delayed Draw Term Loan	10.21% (S + 4.50%; 1.00% Floor; 2.00% PIK)	3/13/2029		1,398,379		1,398,379			1,398,379		(15)
Datacor, Inc.	Chemicals	Revolver	10.21% (S + 4.50%; 1.00% Floor; 2.00% PIK)	3/13/2029		87,068		87,068			87,068		(6)(15)
Deep Blue Operating I LLC	Oil, Gas & Consumable Fuels	Term Loan	6.43% (S + 2.75%; 0.00% Floor)	10/1/2032		610,000		608,475			611,397		(10)(15)
DeLorean Purchaser, Inc.	Health Care Technology	Term Loan	8.42% (S + 4.75%; 0.75% Floor)	12/16/2031		863,043		851,566			858,728		(15)
DeLorean Purchaser, Inc.	Health Care Technology	Revolver	— (S + 4.75%; 0.75% Floor)	12/16/2031		—		(1,666	)		(652	)	(6)(7)(15)
DG Investment Intermediate Holdings 2, Inc.	Commercial Services & Supplies	Term Loan	7.43% (S + 3.75%; 0.00% Floor)	7/9/2032		510,000		510,000			510,000		(10)(15)
DIRECTV FINANCING LLC	Media	Term Loan	9.17% (S + 5.51%; 0.75% Floor)	8/2/2029		473,988		473,432			475,036		(10)(15)
DLRdmv, LLC	Automobiles	Term Loan	9.02% (S + 5.25%; 1.00% Floor)	5/7/2032		866,680		858,600			862,346		(15)
DLRdmv, LLC	Automobiles	Delayed Draw Term Loan	— (S + 5.25%; 1.00% Floor)	5/7/2032		—		(529	)		—		(6)(7)(15)
DLRdmv, LLC	Automobiles	Revolver	— (S + 5.25%; 1.00% Floor)	5/7/2032		—		(1,056	)		(581	)	(6)(7)(15)
EET Buyer, Inc.	Construction & Engineering	Term Loan	8.59% (S + 4.75%; 0.75% Floor)	11/8/2027		1,332,713		1,328,916			1,322,718		(15)
EET Buyer, Inc.	Construction & Engineering	Term Loan	8.59% (S + 4.75%; 0.75% Floor)	11/8/2027		2,747,747		2,739,920			2,727,139		(15)
EET Buyer, Inc.	Construction & Engineering	Revolver	— (S + 5.00%; 0.75% Floor)	11/8/2027		—		(1,002	)		(2,848	)	(6)(7)(15)
Einstein Parent, Inc.	Software	Revolver	— (S + 6.50%; 0.75% Floor)	1/22/2031		—		(1,587	)		(2,109	)	(6)(7)(15)
Einstein Parent, Inc.	Software	Term Loan	10.35% (S + 6.50%; 0.75% Floor)	1/22/2031		906,250		890,112			885,859		(15)
EMBECTA CORP	Health Care Equipment & Supplies	Term Loan	6.68% (S + 3.00%; 0.50% Floor)	3/30/2029		430,382		429,231			430,829		(10)(15)

See Notes to Consolidated Financial Statements

AB Private Lending Fund

Consolidated Schedule of Investments as of December 31, 2025


Portfolio Company	Industry	Facility Type	Interest	Maturity	Funded Par Amount		Cost			Fair Value			Tickmarks
EMRLD BORROWER LP	Electrical Equipment	Term Loan	5.82% (S + 2.25%; 0.00% Floor)	5/31/2030		417,900		416,929			418,715		(10)(15)
EMRLD BORROWER LP	Electrical Equipment	Term Loan	5.91% (S + 2.25%; 0.00% Floor)	8/4/2031		577,100		575,734			577,948		(10)(15)
Exterro, Inc.	Software	Revolver	— (S + 5.25%; 1.00% Floor)	6/1/2027		—		—			—		(6)(15)
Exterro, Inc.	Software	Term Loan	9.02% (S + 5.25%; 1.00% Floor)	6/1/2027		2,170,566		2,152,537			2,170,566		(15)
Exterro, Inc.	Software	Delayed Draw Term Loan	— (S + 5.25%; 1.00% Floor)	6/1/2027		—		(2,860	)		—		(6)(7)(15)
Exterro, Inc.	Software	Term Loan	9.02% (S + 5.25%; 1.00% Floor)	6/1/2027		3,621,126		3,621,126			3,621,126		(15)
FirstEnroll LLC	Insurance	Term Loan	8.46% (S + 4.75%; 1.00% Floor)	9/19/2031		6,174,554		6,084,700			6,112,809		(15)
FirstEnroll LLC	Insurance	Revolver	— (S + 4.75%; 1.00% Floor)	9/19/2031		—		(5,132	)		(3,590	)	(6)(7)(15)
Foundation Risk Partners, Corp.	Insurance	Term Loan	8.42% (S + 4.75%; 0.75% Floor)	10/29/2030		4,075,738		4,075,738			4,075,738		(15)
Foundation Risk Partners, Corp.	Insurance	Delayed Draw Term Loan	5.50% (S + 4.75%; 0.75% Floor)	10/29/2030		886,444		886,444			886,444		(15)
Foundation Risk Partners, Corp.	Insurance	Revolver	8.42% (S + 4.75%; 0.75% Floor)	10/29/2029		111,782		111,782			111,782		(6)(15)
Foundation Risk Partners, Corp.	Insurance	Term Loan	8.42% (S + 4.75%; 0.75% Floor)	10/29/2030		87,206		87,206			87,206		(15)
Foundation Risk Partners, Corp.	Insurance	Delayed Draw Term Loan	5.50% (S + 4.75%; 0.75% Floor)	10/29/2030		352,469		352,469			352,469		(15)
FULLSTEAM OPERATIONS, LLC	Diversified Consumer Services	Term Loan	9.11% (S + 5.25%; 0.75% Floor)	8/8/2031		4,589,741		4,546,083			4,555,318		(15)
FULLSTEAM OPERATIONS, LLC	Diversified Consumer Services	Delayed Draw Term Loan	— (S + 5.25%; 0.75% Floor)	8/8/2031		—		(7,159	)		(7,650	)	(6)(7)(15)
FULLSTEAM OPERATIONS, LLC	Diversified Consumer Services	Revolver	— (S + 5.25%; 0.75% Floor)	8/8/2031		—		(4,768	)		(3,825	)	(6)(7)(15)
Fusion Holding, Corp.	Software	Term Loan	9.92% (S + 6.25%; 0.75% Floor)	9/14/2029		5,402,532		5,402,532			5,172,924		(15)
Fusion Holding, Corp.	Software	Revolver	2.% (S + 5.25%; 0.75% Floor)	9/15/2027		250,065		250,065			230,742		(6)(15)
Garnett Station Partners, LLC	Financial Services	Term Loan	9.18% (S + 5.50%; 2.00% Floor)	12/23/2031		1,655,330		1,626,361			1,626,361		(15)
Garnett Station Partners, LLC	Financial Services	Revolver	9.18% (S + 5.50%; 2.00% Floor)	12/23/2031		381,999		375,314			375,314		(15)
Greenhouse Software, Inc.	Professional Services	Term Loan	9.42% (S + 5.75%; 1.00% Floor)	9/1/2028		5,500,000		5,485,784			5,500,000		(15)
Greenlight Intermediate II, Inc.	Diversified Telecommunication Services	Delayed Draw Term Loan	9.42% (S + 5.75%; 0.75% Floor)	6/1/2029		279,568		271,354			271,581		(6)(15)
Greenlight Intermediate II, Inc.	Diversified Telecommunication Services	Term Loan	9.42% (S + 5.75%; 0.75% Floor)	6/1/2029		2,436,811		2,421,126			2,412,443		(15)
Greenlight Intermediate II, Inc.	Diversified Telecommunication Services	Delayed Draw Term Loan	9.42% (S + 5.75%; 0.75% Floor)	6/1/2029		3,063,189		3,043,565			3,032,557		(15)
GS AcquisitionCo, Inc.	Professional Services	Term Loan	8.92% (S + 5.25%; 1.00% Floor)	5/25/2028		782,965		780,727			777,093		(15)
GS AcquisitionCo, Inc.	Professional Services	Revolver	8.92% (S + 5.25%; 1.00% Floor)	5/25/2028		11,465		11,373			11,233		(6)(15)
GS AcquisitionCo, Inc.	Professional Services	Delayed Draw Term Loan	8.92% (S + 5.25%; 0.75% Floor)	5/25/2028		15,126		15,116			15,126		(6)(15)
GTCR EVEREST BORROWER LLC	Financial Services	Term Loan	6.43% (S + 2.75%; 0.00% Floor)	9/5/2031		358,200		357,777			359,393		(10)(15)
HIG Operations Holdings, INC	Insurance	Term Loan	8.21% (S + 4.50%; 1.00% Floor)	6/11/2031		4,856,815		4,856,815			4,856,815		(15)

See Notes to Consolidated Financial Statements

AB Private Lending Fund

Consolidated Schedule of Investments as of December 31, 2025


Portfolio Company	Industry	Facility Type	Interest	Maturity	Funded Par Amount		Cost			Fair Value			Tickmarks
HireVue, Inc.	Professional Services	Term Loan	10.59% (S + 6.75%; 1.00% Floor)	5/3/2029		4,174,708		4,144,130			3,788,548		(15)
HireVue, Inc.	Professional Services	Revolver	10.56% (S + 6.75%; 1.00% Floor)	5/3/2029		540,811		537,041			490,786		(15)
HITRUST Services, LLC	Health Care Technology	Term Loan	8.17% (S + 4.50%; 0.75% Floor)	3/15/2032		809,524		802,108			801,429		(15)
HITRUST Services, LLC	Health Care Technology	Revolver	— (S + 4.50%; 0.75% Floor)	3/14/2031		—		(1,655	)		(1,905	)	(6)(7)(15)
Honor HN Buyer, Inc.	Health Care Providers & Services	Delayed Draw Term Loan	— (S + 5.75%; 1.00% Floor)	10/15/2027		—		(1,315	)		—		(6)(7)(15)
Honor HN Buyer, Inc.	Health Care Providers & Services	Term Loan	9.57% (S + 5.75%; 1.00% Floor)	10/15/2027		1,040,670		1,040,670			1,040,670		(15)
Honor HN Buyer, Inc.	Health Care Providers & Services	Delayed Draw Term Loan	9.57% (S + 5.75%; 1.00% Floor)	10/15/2027		656,472		656,472			656,472		(15)
Honor HN Buyer, Inc.	Health Care Providers & Services	Revolver	11.50% (S + 5.75%; 1.00% Floor)	10/15/2027		14,643		14,643			14,643		(6)(15)
Honor HN Buyer, Inc.	Health Care Providers & Services	Delayed Draw Term Loan	9.57% (S + 5.75%; 1.00% Floor)	10/15/2027		979,499		977,316			979,499		(15)
Joink, LLC	Diversified Telecommunication Services	Revolver	— (S + 5.00%; 1.00% Floor)	10/4/2030		—		(1,048	)		(658	)	(6)(7)(15)
Joink, LLC	Diversified Telecommunication Services	Delayed Draw Term Loan	8.71% (S + 5.00%; 1.00% Floor)	10/4/2030		562,254		552,775			557,140		(6)(15)
Joink, LLC	Diversified Telecommunication Services	Term Loan	8.71% (S + 5.00%; 1.00% Floor)	10/4/2030		1,231,096		1,215,641			1,221,863		(15)
Juniper Square, Inc.	Financial Services	Term Loan	8.53% (S + 4.75%; 0.75% Floor)	11/6/2031		5,405,405		5,351,351			5,351,351		(15)
Juniper Square, Inc.	Financial Services	Revolver	— (S + 4.75%; 0.75% Floor)	11/6/2031		—		(5,406	)		(5,406	)	(6)(7)(15)
Juniper Square, Inc.	Financial Services	Delayed Draw Term Loan	— (S + 4.75%; 0.75% Floor)	11/6/2031		—		(12,162	)		(12,162	)	(6)(7)(15)
Juniper Square, Inc.	Financial Services	Delayed Draw Term Loan	— (S + 4.75%; 0.75% Floor)	11/6/2031		—		—			—		(6)(15)
KPA Parent Holdings, Inc	Automobiles	Term Loan	8.21% (S + 4.50%; 0.75% Floor)	3/12/2032		804,598		797,441			804,598		(15)
KPA Parent Holdings, Inc	Automobiles	Delayed Draw Term Loan	— (S + 4.50%; 0.75% Floor)	3/12/2032		—		(511	)		—		(6)(7)(15)
KPA Parent Holdings, Inc	Automobiles	Revolver	— (S + 4.50%; 0.75% Floor)	3/12/2032		—		(716	)		—		(6)(7)(15)
Last Dance Intermediate I©, LLC	Diversified Telecommunication Services	Term Loan	8.96% (S + 5.25%; 0.75% Floor)	3/31/2031		661,017		652,065			659,364		(15)
Last Dance Intermediate I©, LLC	Diversified Telecommunication Services	Delayed Draw Term Loan	8.96% (S + 5.25%; 0.75% Floor)	3/31/2031		144,195		140,455			144,195		(6)(15)
Last Dance Intermediate I©, LLC	Diversified Telecommunication Services	Revolver	— (S + 5.25%; 0.75% Floor)	3/31/2031		—		(1,521	)		(343	)	(6)(7)(15)
Last Dance Intermediate I©, LLC	Diversified Telecommunication Services	Term Loan	8.96% (S + 5.25%; 0.75% Floor)	3/31/2031		669,450		663,311			667,777		(15)
LeadVenture, Inc.	Automobile Components	Term Loan	8.92% (S + 4.75%; 0.75% Floor)	6/23/2032		4,306,873		4,245,753			4,306,873		(15)
LeadVenture, Inc.	Automobile Components	Delayed Draw Term Loan	8.92% (S + 4.75%; 0.75% Floor)	6/23/2032		270,717		263,122			270,717		(6)(15)
LeadVenture, Inc.	Automobile Components	Revolver	8.57% (S + 4.75%; 0.75% Floor)	6/23/2032		82,241		76,525			82,241		(6)(15)
Level Data, LLC	Software	Term Loan	9.32% (S + 5.50%; 0.75% Floor)	3/5/2031		1,009,161		999,854			999,069		(15)
Level Data, LLC	Software	Delayed Draw Term Loan	— (S + 5.50%; 0.75% Floor)	3/5/2031		—		(1,343	)		(1,551	)	(6)(7)(15)
Level Data, LLC	Software	Revolver	9.32% (S + 5.50%; 0.75% Floor)	3/5/2031		62,015		61,010			60,852		(6)(15)

See Notes to Consolidated Financial Statements

AB Private Lending Fund

Consolidated Schedule of Investments as of December 31, 2025


Portfolio Company	Industry	Facility Type	Interest	Maturity	Funded Par Amount		Cost			Fair Value			Tickmarks
LIBERTY TIRE RECYCL HOLDCO LLC	Automobile Components	Term Loan	7.43% (S + 3.75%; 0.00% Floor)	10/28/2030		500,000		497,500			500,000		(10)(15)
LivTech Purchaser, Inc.	Health Care Providers & Services	Term Loan	8.67% (S + 5.00%; 0.75% Floor)	11/24/2031		411,765		408,143			408,676		(15)
LivTech Purchaser, Inc.	Health Care Providers & Services	Delayed Draw Term Loan	8.85% (S + 5.00%; 0.75% Floor)	11/24/2031		378,353		374,646			374,824		(6)(15)
LivTech Purchaser, Inc.	Health Care Providers & Services	Revolver	— (S + 5.00%; 0.75% Floor)	11/24/2031		—		(993	)		(882	)	(6)(7)(15)
Mastery Acquisition Corp.	Diversified Consumer Services	Term Loan	8.92% (S + 5.25%; 1.00% Floor)	9/7/2029		1,213,268		1,213,268			1,213,268		(15)
Mavenlink, Inc.	Professional Services	Term Loan	9.49% (S + 5.50%; 0.75% Floor)	6/1/2029		2,133,104		2,073,939			2,079,777		(15)
Mavenlink, Inc.	Professional Services	Revolver	9.36% (S + 5.50%; 0.75% Floor)	6/1/2029		170,894		167,111			164,139		(6)(15)
MBS Holdings, Inc.	Diversified Telecommunication Services	Term Loan	8.92% (S + 5.00%; 1.00% Floor)	4/16/2027		51,617		51,278			51,488		(15)
MBS Holdings, Inc.	Diversified Telecommunication Services	Term Loan	8.92% (S + 5.00%; 1.00% Floor)	4/16/2027		4,345,676		4,325,023			4,334,812		(15)
MediaLab Solutions, LLC	Health Care Technology	Term Loan	8.71% (S + 5.00%; 0.75% Floor)	8/11/2031		3,595,958		3,561,787			3,559,998		(15)
MediaLab Solutions, LLC	Health Care Technology	Revolver	— (S + 5.00%; 0.75% Floor)	8/11/2031		—		(3,302	)		(3,528	)	(6)(7)(15)
Medical Management Resource Group, L.L.C.	Health Care Providers & Services	Term Loan	9.52% (S + 5.75%; 0.75% Floor)	9/30/2027		1,027,602		1,007,402			1,017,326		(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		428,099		419,725			423,818		(15)
Medical Management Resource Group, L.L.C.	Health Care Providers & Services	Revolver	9.53% (S + 5.75%; 0.75% Floor)	9/30/2026		33,647		32,702			32,806		(6)(15)
Metropolis Technologies, Inc.	Commercial Services & Supplies	Term Loan	8.93% (S + 5.25%; 0.00% Floor)	11/3/2032		1,000,000		990,209			990,000		(10)(15)
Mist Holding Co.	Health Care Technology	Term Loan	8.92% (S + 5.25%; 0.75% Floor)	12/23/2030		485,909		481,698			485,909		(15)
Mist Holding Co.	Health Care Technology	Delayed Draw Term Loan	9.09% (S + 5.25%; 0.75% Floor)	12/23/2030		272,727		270,459			272,727		(15)
Mist Holding Co.	Health Care Technology	Revolver	8.93% (S + 5.25%; 0.75% Floor)	12/23/2030		30,303		29,253			30,303		(6)(15)
Mist Holding Co.	Health Care Technology	Delayed Draw Term Loan	— (S + 5.25%; 0.75% Floor)	12/23/2030		—		(5,420	)		—		(6)(7)(15)
MJH HEALTHCARE HOLDINGS LLC	Media	Term Loan	7.43% (S + 3.75%; 0.00% Floor)	12/18/2032		1,000,000		965,000			915,000		(10)(15)
MMP Intermediate, LLC	Hotels, Restaurants & Leisure	Term Loan	9.58% (S + 5.75%; 1.00% Floor)	2/15/2029		3,698,327		3,686,121			3,698,327		(15)
MMP Intermediate, LLC	Hotels, Restaurants & Leisure	Revolver	— (S + 6.25%; 1.00% Floor)	2/15/2029		—		(722	)		—		(6)(7)(15)
Moon Buyer, Inc.	Software	Term Loan	8.42% (S + 4.75%; 0.75% Floor)	4/21/2031		2,833,823		2,823,740			2,833,823		(15)
Moon Buyer, Inc.	Software	Delayed Draw Term Loan	8.42% (S + 4.75%; 0.75% Floor)	4/21/2031		261,667		260,739			261,667		(15)
MPH ACQUISITION HOLDINGS LLC	Financial Services	Term Loan	7.41% (S + 3.75%; 0.50% Floor)	12/31/2030		497,494		492,769			497,742		(10)(15)
Mr. Greens Intermediate, LLC	Food Products	Term Loan	9.70% (S + 5.75%; 1.00% Floor)	5/1/2031		2,021,919		2,021,919			2,021,919		(15)
Mr. Greens Intermediate, LLC	Food Products	Delayed Draw Term Loan	9.71% (S + 5.75%; 1.00% Floor)	5/1/2031		178,579		178,579			178,579		(6)(15)
Mr. Greens Intermediate, LLC	Food Products	Revolver	9.65% (S + 5.75%; 1.00% Floor)	5/1/2031		164,878		164,012			164,878		(6)(15)
Mr. Greens Intermediate, LLC	Food Products	Term Loan	9.70% (S + 5.75%; 1.00% Floor)	5/1/2031		331,156		326,523			331,156		(15)

See Notes to Consolidated Financial Statements

AB Private Lending Fund

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	Term Loan	9.31% (S + 5.50%; 1.00% Floor)	4/9/2029		1,588,099		1,565,370			1,564,277		(15)
MSP Global Holdings, Inc.	Technology Hardware, Storage & Peripherals	Delayed Draw Term Loan	— (S + 5.50%; 1.00% Floor)	4/9/2029		—		(2,981	)		(3,340	)	(6)(7)(15)
MSP Global Holdings, Inc.	Technology Hardware, Storage & Peripherals	Term Loan	9.49% (S + 5.50%; 1.00% Floor)	4/9/2029		3,285,579		3,238,165			3,236,296		(15)
MSP Global Holdings, Inc.	Technology Hardware, Storage & Peripherals	Delayed Draw Term Loan	9.31% (S + 5.50%; 1.00% Floor)	4/9/2029		256,663		252,965			252,813		(15)
MSP Global Holdings, Inc.	Technology Hardware, Storage & Peripherals	Revolver	9.31% (S + 5.50%; 1.00% Floor)	4/9/2029		180,023		172,641			171,890		(6)(15)
Nasuni Corporation	Software	Term Loan	8.67% (S + 5.00%; 0.75% Floor)	9/10/2030		1,515,838		1,497,817			1,496,890		(15)
Nasuni Corporation	Software	Revolver	— (S + 5.00%; 0.75% Floor)	9/10/2030		—		(3,720	)		(3,948	)	(6)(7)(15)
Navigate360, LLC	Diversified Consumer Services	Term Loan	9.31% (S + 5.50%; 1.00% Floor)	3/17/2027		311,308		309,178			309,751		(15)
Navigate360, LLC	Diversified Consumer Services	Delayed Draw Term Loan	9.31% (S + 5.50%; 1.00% Floor)	3/17/2027		592,514		586,865			589,552		(15)
Navigate360, LLC	Diversified Consumer Services	Term Loan	9.31% (S + 5.50%; 1.00% Floor)	3/17/2027		1,648,813		1,637,491			1,640,569		(15)
Navigate360, LLC	Diversified Consumer Services	Delayed Draw Term Loan	9.31% (S + 5.50%; 1.00% Floor)	3/17/2027		754,891		749,726			751,116		(15)
Navigate360, LLC	Diversified Consumer Services	Revolver	— (S + 5.50%; 1.00% Floor)	3/17/2027		—		(1,667	)		(1,300	)	(6)(7)(15)
Navigate360, LLC	Diversified Consumer Services	Term Loan	9.31% (S + 5.50%; 1.00% Floor)	3/17/2027		566,034		562,162			563,204		(15)
NC Topco, LLC	Banks	Term Loan	8.21% (S + 4.50%; 0.75% Floor)	9/1/2031		1,364,721		1,350,026			1,364,721		(15)
NC Topco, LLC	Banks	Revolver	— (S + 4.50%; 0.75% Floor)	9/1/2031		—		(1,265	)		—		(6)(7)(15)
NC Topco, LLC	Banks	Delayed Draw Term Loan	— (S + 2.50%; 0.75% Floor)	8/29/2031		—		(1,575	)		—		(6)(7)(15)
Nexus Buyer LLC	Financial Services	Term Loan	7.18% (S + 3.50%; 0.00% Floor)	7/31/2031		498,744		495,938			491,317		(10)(15)
NMI Acquisitionco, Inc.	Financial Services	Term Loan	8.31% (S + 4.50%; 0.75% Floor)	9/6/2028		2,384,896		2,336,881			2,367,009		(15)
NMI Acquisitionco, Inc.	Financial Services	Revolver	— (S + 4.50%; 0.75% Floor)	9/6/2028		—		(3,682	)		(1,480	)	(6)(7)(15)
NMI Acquisitionco, Inc.	Financial Services	Term Loan	8.31% (S + 4.50%; 0.75% Floor)	9/6/2028		356,130		348,960			353,459		(15)
NMI Acquisitionco, Inc.	Financial Services	Term Loan	8.31% (S + 4.50%; 0.75% Floor)	9/6/2028		96,714		94,767			95,988		(15)
NMI Acquisitionco, Inc.	Financial Services	Term Loan	8.31% (S + 4.50%; 0.75% Floor)	9/6/2028		1,288,851		1,262,903			1,279,185		(15)
NMI Acquisitionco, Inc.	Financial Services	Delayed Draw Term Loan	8.31% (S + 4.50%; 0.75% Floor)	9/6/2028		1,272,859		1,247,375			1,263,313		(15)
OLYMPUS WATER US HOLDING CORP	Chemicals	Term Loan	6.93% (S + 3.25%; 0.00% Floor)	11/3/2032		500,000		498,776			496,565		(10)(15)
ONEDIGITAL BORROWER LLC	Insurance	Term Loan	6.68% (S + 3.00%; 0.50% Floor)	7/2/2031		497,475		497,475			498,107		(10)(15)
OPOC Acquisition, LLC	Insurance	Revolver	— (S + 5.00%; 1.00% Floor)	12/20/2030		—		(906	)		(699	)	(6)(7)(15)
OPOC Acquisition, LLC	Insurance	Delayed Draw Term Loan	8.87% (S + 5.00%; 1.00% Floor)	12/20/2030		20,979		19,759			20,542		(6)(15)
OPOC Acquisition, LLC	Insurance	Term Loan	8.98% (S + 5.00%; 1.00% Floor)	12/20/2030		749,580		739,648			742,085		(15)
Orbit Private Holdings I Ltd	Financial Services	Term Loan	7.43% (S + 3.75%; 0.50% Floor)	12/10/2031		861,022		856,717			863,984		(10)(15)

See Notes to Consolidated Financial Statements

AB Private Lending Fund

Consolidated Schedule of Investments as of December 31, 2025


Portfolio Company	Industry	Facility Type	Interest	Maturity	Funded Par Amount		Cost			Fair Value			Tickmarks
Pace Health Companies, LLC	Health Care Providers & Services	Term Loan	9.07% (S + 5.25%; 1.00% Floor)	8/2/2027		2,753,287		2,753,287			2,753,287		(15)
Pace Health Companies, LLC	Health Care Providers & Services	Delayed Draw Term Loan	— (S + 5.25%; 1.00% Floor)	8/2/2027		—		(6,333	)		—		(6)(7)(15)
Pamlico Avant Holdings, L.P.	Diversified Telecommunication Services	Term Loan	8.17% (S + 4.50%; 0.75% Floor)	12/31/2032		7,093,586		7,022,671			7,022,650		(15)
Pamlico Avant Holdings, L.P.	Diversified Telecommunication Services	Revolver	8.17% (S + 4.50%; 0.75% Floor)	12/31/2032		95,946		86,351			86,351		(6)(15)
Patriot Acquireco L.L.C.	Hotels, Restaurants & Leisure	Term Loan	8.17% (S + 4.50%; 0.75% Floor)	9/7/2032		6,287,605		6,226,926			6,224,729		(15)
Patriot Acquireco L.L.C.	Hotels, Restaurants & Leisure	Revolver	8.17% (S + 4.50%; 0.75% Floor)	9/3/2032		126,067		120,043			119,764		(6)(15)
PHOENIX AVIATION CAPITAL LLC	Aerospace & Defense	Term Loan	6.93% (S + 3.25%; 0.00% Floor)	11/5/2032		500,000		495,000			494,690		(10)(15)
PHRG INTERMEDIATE LLC	Diversified Consumer Services	Term Loan	7.57% (S + 4.00%; 0.00% Floor)	2/20/2032		497,500		495,013			493,769		(10)(15)
Ping Identity Holding Corp.	Software	Term Loan	6.43% (S + 2.75%; 0.00% Floor)	11/15/2032		1,000,000		997,500			1,001,250		(10)(15)
Pinnacle Treatment Centers, Inc.	Health Care Providers & Services	Term Loan	9.66% (S + 5.75%; 1.00% Floor)	1/4/2027		914,009		914,009			893,443		(15)
Pinnacle Treatment Centers, Inc.	Health Care Providers & Services	Term Loan	9.66% (S + 5.75%; 1.00% Floor)	1/4/2027		69,611		69,611			68,045		(15)
Pinnacle Treatment Centers, Inc.	Health Care Providers & Services	Delayed Draw Term Loan	9.57% (S + 5.75%; 1.00% Floor)	1/4/2027		76,880		76,880			75,150		(15)
Pinnacle Treatment Centers, Inc.	Health Care Providers & Services	Term Loan	9.57% (S + 5.75%; 1.00% Floor)	1/4/2027		36,948		36,948			36,117		(15)
Priority OnDemand Midco 2, L.P.	Health Care Equipment & Supplies	Term Loan	9.13% (S + 5.25%; 1.00% Floor)	7/17/2028		3,146,968		3,146,968			3,146,968		(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		74,824		74,679			74,824		(6)(15)
Prism Bidco, Inc.	Health Care Technology	Term Loan	8.68% (S + 5.00%; 0.00% Floor)	10/15/2032		360,000		342,000			346,500		(10)(15)
Quest Analytics Inc.	Health Care Technology	Term Loan	8.11% (S + 4.25%; 0.50% Floor)	11/10/2032		6,164,609		6,133,786			6,133,786		(15)
Quest Analytics Inc.	Health Care Technology	Delayed Draw Term Loan	— (S + 4.25%; 0.50% Floor)	11/10/2032		—		(6,849	)		(6,849	)	(6)(7)(15)
Quest Analytics Inc.	Health Care Technology	Revolver	— (S + 4.25%; 0.50% Floor)	11/10/2032		—		(5,479	)		(5,479	)	(6)(7)(15)
QUIDELORTHO CORP	Health Care Equipment & Supplies	Term Loan	7.68% (S + 4.00%; 0.00% Floor)	8/20/2032		498,750		489,206			498,127		(10)(15)
Quirch Foods Holdings, LLC	Food Products	Term Loan	10.34% (S + 6.50%; 1.00% Floor)	11/12/2030		4,347,242		4,303,770			4,303,770		(15)
Quirch Foods Holdings, LLC	Food Products	Delayed Draw Term Loan	— (S + 6.50%; 1.00% Floor)	11/12/2030		—		(2,221	)		(2,249	)	(6)(7)(15)
Ranger Buyer, Inc.	Commercial Services & Supplies	Term Loan	8.42% (S + 4.75%; 0.75% Floor)	11/20/2028		5,401,786		5,364,673			5,401,786		(15)
Ranger Buyer, Inc.	Commercial Services & Supplies	Revolver	— (S + 4.75%; 0.75% Floor)	11/18/2027		—		(1,945	)		—		(6)(7)(15)
Redwood Family Care Network, Inc.	Health Care Providers & Services	Term Loan	9.17% (S + 5.50%; 1.00% Floor)	6/20/2028		2,234,243		2,227,633			2,234,243		(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		1,953,552		1,947,959			1,953,552		(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		1,213,865		1,210,296			1,213,865		(15)
REP TEC Intermediate Holdings, Inc.	Professional Services	Term Loan	8.42% (S + 4.75%; 1.00% Floor)	5/30/2031		5,403,755		5,403,755			5,390,245		(15)
REP TEC Intermediate Holdings, Inc.	Professional Services	Revolver	— (S + 4.75%; 1.00% Floor)	5/30/2031		—		—			(242	)	(6)(7)(15)

See Notes to Consolidated Financial Statements

AB Private Lending Fund

Consolidated Schedule of Investments as of December 31, 2025


Portfolio Company	Industry	Facility Type	Interest	Maturity	Funded Par Amount		Cost			Fair Value			Tickmarks
Ridge Trail US Bidco, Inc.	Capital Markets	Term Loan	8.37% (S + 4.50%; 0.75% Floor)	9/30/2031		771,018		761,026			771,018		(8)(15)
Ridge Trail US Bidco, Inc.	Capital Markets	Delayed Draw Term Loan	— (S + 4.75%; 0.75% Floor)	9/30/2031		—		(1,654	)		—		(6)(7)(8)(15)
Ridge Trail US Bidco, Inc.	Capital Markets	Revolver	8.37% (S + 4.50%; 0.75% Floor)	3/30/2031		24,170		23,073			24,170		(6)(8)(15)
RYAN LLC	Professional Services	Term Loan	7.18% (S + 3.50%; 0.00% Floor)	1/28/2029		500,000		497,500			492,915		(10)(15)
Saab Purchaser, Inc.	Banks	Term Loan	8.42% (S + 4.75%; 0.75% Floor)	11/12/2031		707,420		701,203			707,420		(15)
Saab Purchaser, Inc.	Banks	Delayed Draw Term Loan	8.42% (S + 4.75%; 0.75% Floor)	11/12/2031		191,011		189,405			191,011		(15)
Saab Purchaser, Inc.	Banks	Revolver	— (S + 4.75%; 0.75% Floor)	11/12/2031		—		(3,745	)		—		(6)(7)(15)
Saab Purchaser, Inc.	Banks	Term Loan	8.42% (S + 4.75%; 0.75% Floor)	11/12/2031		2,384,615		2,361,603			2,384,615		(15)
Saab Purchaser, Inc.	Banks	Delayed Draw Term Loan	— (S + 4.75%; 0.75% Floor)	11/12/2031		—		(11,026	)		—		(6)(7)(15)
Sako and Partners Lower Holdings LLC	Real Estate Management & Development	Term Loan	8.17% (S + 4.50%; 1.00% Floor)	9/15/2028		87,670		86,383			87,670		(15)
Sako and Partners Lower Holdings LLC	Real Estate Management & Development	Term Loan	8.17% (S + 4.50%; 1.00% Floor)	9/15/2028		4,359,678		4,359,678			4,359,678		(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		1,042,941		1,042,941			1,042,941		(15)
Sako and Partners Lower Holdings LLC	Real Estate Management & Development	Revolver	8.20% (S + 4.50%; 1.00% Floor)	9/15/2028		101,602		101,461			101,602		(6)(15)
Salisbury House, LLC	Diversified Consumer Services	Term Loan	8.72% (S + 5.00%; 0.75% Floor)	8/18/2032		7,092,936		7,023,025			7,022,006		(15)
Salisbury House, LLC	Diversified Consumer Services	Delayed Draw Term Loan	— (S + 5.00%; 0.75% Floor)	8/18/2032		—		(6,768	)		—		(6)(7)(15)
Salisbury House, LLC	Diversified Consumer Services	Revolver	8.71% (S + 5.00%; 0.75% Floor)	8/18/2032		142,620		133,603			133,112		(6)(15)
Sandstone Care Holdings, LLC	Health Care Providers & Services	Delayed Draw Term Loan	9.39% (S + 5.50%; 1.00% Floor)	6/28/2028		146,241		146,241			146,241		(6)(15)
Sandstone Care Holdings, LLC	Health Care Providers & Services	Term Loan	9.27% (S + 5.50%; 1.00% Floor)	6/28/2028		1,779,226		1,779,226			1,543,479		(15)
Sandstone Care Holdings, LLC	Health Care Providers & Services	Delayed Draw Term Loan	9.27% (S + 5.50%; 1.00% Floor)	6/28/2028		355,243		353,895			308,174		(15)
Sandstone Care Holdings, LLC	Health Care Providers & Services	Revolver	9.27% (S + 5.50%; 1.00% Floor)	6/28/2028		322,658		322,658			279,906		(15)
Sauce Labs Inc	Software	Revolver	— (S + 5.50%; 1.00% Floor)	8/16/2027		—		(4,979	)		(13,757	)	(6)(7)(15)
Sauce Labs Inc	Software	Delayed Draw Term Loan	9.94% (S + 5.50%; 1.00% Floor; 0.50% PIK)	8/16/2027		761,819		753,663			740,869		(15)
Sauce Labs Inc	Software	Term Loan	9.94% (S + 5.50%; 1.00% Floor; 0.50% PIK)	8/16/2027		2,928,407		2,893,819			2,847,876		(15)
Sauce Labs Inc	Software	Delayed Draw Term Loan	9.94% (S + 5.50%; 1.00% Floor; 0.50% PIK)	8/16/2027		322,875		321,049			313,996		(15)
Second Nature Brands, Inc.	Real Estate Management & Development	Term Loan	10.10% (S + 6.00%; 1.00% Floor)	2/6/2031		800,375		789,632			794,372		(15)
Second Nature Brands, Inc.	Real Estate Management & Development	Revolver	— (S + 6.00%; 1.00% Floor)	2/6/2031		—		(1,140	)		(667	)	(6)(7)(15)
Serrano Parent, LLC	Software	Term Loan	10.36% (S + 6.50%; 1.00% Floor)	5/13/2030		5,500,000		5,413,496			5,252,500		(15)
Serrano Parent, LLC	Software	Revolver	— (S + 6.50%; 1.00% Floor)	5/13/2030		—		(7,882	)		(24,345	)	(6)(7)(15)
Slipstream IT, LLC	Software	Term Loan	8.21% (S + 4.50%; 0.75% Floor)	8/1/2031		3,104,424		3,075,048			3,073,380		(15)
Slipstream IT, LLC	Software	Delayed Draw Term Loan	— (S + 4.50%; 0.75% Floor)	8/1/2031		—		(2,419	)		(2,594	)	(6)(7)(15)
Slipstream IT, LLC	Software	Revolver	— (S + 4.50%; 0.75% Floor)	8/1/2031		—		(4,834	)		(5,187	)	(6)(7)(15)

See Notes to Consolidated Financial Statements

AB Private Lending Fund

Consolidated Schedule of Investments as of December 31, 2025


Portfolio Company	Industry	Facility Type	Interest	Maturity	Funded Par Amount		Cost			Fair Value			Tickmarks
Soladoc, LLC	Health Care Equipment & Supplies	Term Loan	8.76% (S + 5.00%; 0.75% Floor)	6/12/2028		2,304,698		2,248,755			2,258,604		(15)
Soladoc, LLC	Health Care Equipment & Supplies	Revolver	— (S + 5.00%; 0.75% Floor)	6/12/2028		—		(5,195	)		(4,610	)	(6)(7)(15)
Synechron, Inc.	IT Services	Term Loan	7.41% (S + 3.75%; 0.00% Floor)	10/3/2031		498,744		492,709			495,003		(10)(15)
Tau Buyer, LLC	Technology Hardware, Storage & Peripherals	Term Loan	8.17% (S + 4.75%; 0.75% Floor)	2/2/2032		2,287,927		2,267,295			2,282,207		(15)
Tau Buyer, LLC	Technology Hardware, Storage & Peripherals	Delayed Draw Term Loan	8.42% (S + 4.75%; 0.75% Floor)	2/2/2032		525,229		519,273			525,229		(6)(15)
Tau Buyer, LLC	Technology Hardware, Storage & Peripherals	Revolver	8.40% (S + 4.75%; 0.75% Floor)	2/2/2032		47,748		45,148			47,002		(6)(15)
Telcor Buyer, Inc.	Health Care Technology	Term Loan	8.06% (S + 4.25%; 1.00% Floor)	8/20/2027		2,596,300		2,592,839			2,596,300		(15)
Telcor Buyer, Inc.	Health Care Technology	Revolver	— (S + 4.25%; 1.00% Floor)	8/20/2027		—		(141	)		—		(6)(7)(15)
Telesoft Holdings, LLC	Diversified Telecommunication Services	Term Loan	9.56% (S + 5.75%; 1.00% Floor)	12/16/2026		1,400,973		1,400,992			1,397,471		(15)
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		957,467		957,467			957,467		(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		225,773		225,346			225,773		(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		363,625		362,937			363,625		(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		401,167		400,409			401,167		(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		752,538		752,538			752,538		(15)
TKO WORLDWIDE HOLDINGS LLC.	Entertainment	Term Loan	5.66% (S + 2.00%; 0.00% Floor)	11/21/2031		497,500		496,312			499,500		(10)(15)
TMA Buyer LLC	Software	Term Loan	8.82% (S + 5.00%; 0.75% Floor)	4/30/2031		1,656,708		1,641,586			1,640,141		(15)
TMA Buyer LLC	Software	Delayed Draw Term Loan	8.82% (S + 5.00%; 0.75% Floor)	4/30/2031		435,517		431,586			433,340		(15)
TMA Buyer LLC	Software	Delayed Draw Term Loan	— (S + 5.00%; 0.75% Floor)	4/30/2031		—		—			—		(6)(15)
TMA Buyer LLC	Software	Revolver	— (S + 5.00%; 0.75% Floor)	4/30/2031		—		(1,551	)		(1,742	)	(6)(7)(15)
Towerco IV Holdings, LLC	Diversified Telecommunication Services	Delayed Draw Term Loan	7.58% (S + 3.75%; 1.00% Floor)	8/31/2028		6,267,225		6,267,225			6,267,225		(6)(15)
UFS, LLC	Banks	Term Loan	8.50% (S + 4.75%; 0.75% Floor)	10/14/2031		5,436,143		5,383,323			5,381,781		(15)
UFS, LLC	Banks	Revolver	8.50% (S + 4.75%; 0.75% Floor)	10/14/2031		86,288		82,934			82,836		(6)(15)
Ungerboeck Systems International, LLC	Leisure Products	Term Loan	9.04% (S + 5.25%; 1.00% Floor)	4/30/2029		722,509		719,020			722,509		(15)
Ungerboeck Systems International, LLC	Leisure Products	Delayed Draw Term Loan	9.04% (S + 5.25%; 1.00% Floor)	4/30/2029		85,879		85,464			85,879		(15)
Ungerboeck Systems International, LLC	Leisure Products	Delayed Draw Term Loan	9.04% (S + 5.25%; 1.00% Floor)	4/30/2029		180,967		180,093			180,967		(15)
Ungerboeck Systems International, LLC	Leisure Products	Term Loan	9.04% (S + 5.25%; 1.00% Floor)	4/30/2029		38,657		38,928			38,657		(15)
Ungerboeck Systems International, LLC	Leisure Products	Delayed Draw Term Loan	9.04% (S + 5.25%; 1.00% Floor)	4/30/2027		122,565		121,973			122,565		(15)
Ungerboeck Systems International, LLC	Leisure Products	Revolver	— (S + 5.25%; 1.00% Floor)	4/30/2029		—		(78	)		—		(6)(7)(15)
UNIVISION COMMUNICATIONS INC.	Media	Term Loan	7.30% (S + 3.61%; 0.50% Floor)	1/31/2029		489,994		488,105			488,308		(10)(15)
Unlimited Technology Holdings, LLC	Health Care Technology	Term Loan	8.17% (S + 4.50%; 0.75% Floor)	3/12/2032		877,941		873,930			877,941		(15)
Unlimited Technology Holdings, LLC	Health Care Technology	Revolver	— (S + 4.50%; 0.75% Floor)	3/12/2032		—		(522	)		—		(6)(7)(15)

See Notes to Consolidated Financial Statements

AB Private Lending Fund

Consolidated Schedule of Investments as of December 31, 2025


Portfolio Company	Industry	Facility Type	Interest	Maturity	Funded Par Amount		Cost			Fair Value			Tickmarks
Vectra AI, Inc.	Software	Revolver	— (S + 5.25%; 1.00% Floor)	3/2/2028		—		(920	)		(1,414	)	(6)(7)(15)
Vectra AI, Inc.	Software	Term Loan	9.20% (S + 5.25%; 1.00% Floor)	3/2/2028		2,770,990		2,741,476			2,743,280		(15)
Vectra AI, Inc.	Software	Delayed Draw Term Loan	9.20% (S + 5.25%; 1.00% Floor)	3/2/2028		534,780		526,802			525,899		(6)(15)
Vehlo Purchaser, LLC	Automobiles	Term Loan	9.22% (S + 5.50%; 0.75% Floor)	5/24/2028		460,379		456,934			460,379		(15)
Vehlo Purchaser, LLC	Automobiles	Term Loan	8.96% (S + 5.50%; 0.75% Floor)	5/24/2028		4,285,714		4,258,285			4,285,714		(15)
Vehlo Purchaser, LLC	Automobiles	Delayed Draw Term Loan	9.21% (S + 5.50%; 0.75% Floor)	5/24/2028		1,190,476		1,182,897			1,190,476		(15)
Vehlo Purchaser, LLC	Automobiles	Revolver	— (S + 5.50%; 0.75% Floor)	5/24/2028		—		(3,857	)		—		(6)(7)(15)
Velocity Holdco III Inc.	Commercial Services & Supplies	Term Loan	9.42% (S + 5.50%; 1.00% Floor)	5/31/2029		4,425,365		4,425,365			4,425,365		(15)
Veracross LLC	Diversified Consumer Services	Delayed Draw Term Loan	10.31% (S + 6.50%; 1.00% Floor)	12/28/2027		270,673		270,673			270,673		(6)(15)
Veracross LLC	Diversified Consumer Services	Term Loan	10.31% (S + 6.50%; 1.00% Floor)	12/28/2027		5,207,834		5,162,986			5,207,834		(15)
Veracross LLC	Diversified Consumer Services	Delayed Draw Term Loan	10.31% (S + 6.50%; 1.00% Floor)	12/28/2027		645,835		640,320			645,835		(15)
Veracross LLC	Diversified Consumer Services	Revolver	10.31% (S + 6.50%; 1.00% Floor)	12/28/2027		81,756		78,498			81,756		(6)(15)
VESTIS CORPORATION	Commercial Services & Supplies	Term Loan	5.91% (S + 2.25%; 0.00% Floor)	2/22/2031		1,000,000		952,614			912,500		(10)(15)
Visionary Buyer, LLC	Diversified Telecommunication Services	Term Loan	9.17% (S + 5.50%; 0.75% Floor)	3/21/2031		1,723,847		1,702,660			1,715,228		(15)
Visionary Buyer, LLC	Diversified Telecommunication Services	Delayed Draw Term Loan	9.17% (S + 5.50%; 0.75% Floor)	3/21/2031		1,723,847		1,703,798			1,715,228		(15)
Visionary Buyer, LLC	Diversified Telecommunication Services	Revolver	— (S + 5.50%; 0.75% Floor)	3/21/2030		—		(4,660	)		(2,155	)	(6)(7)(15)
Visionary Buyer, LLC	Diversified Telecommunication Services	Delayed Draw Term Loan	9.17% (S + 5.50%; 0.75% Floor)	3/21/2031		110,000		105,132			110,000		(6)(15)
VS Buyer, LLC	Software	Term Loan	5.91% (S + 2.25%; 0.00% Floor)	4/12/2031		498,750		493,763			499,997		(10)(15)
Wealth Enhancement Group, LLC	Financial Services	Delayed Draw Term Loan	8.36% (S + 4.50%; 1.00% Floor)	10/2/2028		104,894		104,220			104,894		(6)(15)
Wealth Enhancement Group, LLC	Financial Services	Delayed Draw Term Loan	— (S + 4.50%; 1.00% Floor)	10/2/2028		—		(687	)		—		(6)(7)(15)

See Notes to Consolidated Financial Statements

AB Private Lending Fund

Consolidated Schedule of Investments as of December 31, 2025


Portfolio Company	Industry	Facility Type	Interest	Maturity	Funded Par Amount		Cost			Fair Value		Tickmarks
Wealth Enhancement Group, LLC	Financial Services	Delayed Draw Term Loan	8.48% (S + 4.50%; 1.00% Floor)	10/2/2028		2,351,713		2,351,713			2,351,713	(15)
Wealth Enhancement Group, LLC	Financial Services	Revolver	— (S + 4.50%; 1.00% Floor)	10/2/2028		—		(28	)		—	(6)(7)(15)
Wealth Enhancement Group, LLC	Financial Services	Delayed Draw Term Loan	8.48% (S + 4.50%; 1.00% Floor)	10/2/2028		520,860		520,860			520,860	(15)
Zendesk, Inc.	Software	Delayed Draw Term Loan	8.68% (S + 5.00%; 0.75% Floor)	11/22/2028		790,158		784,963			790,158	(15)
Zendesk, Inc.	Software	Revolver	— (S + 5.00%; 0.75% Floor)	11/22/2028		—		—			—	(6)(15)
Zendesk, Inc.	Software	Term Loan	8.68% (S + 5.00%; 0.75% Floor)	11/22/2028		4,900,557		4,900,557			4,900,557	(15)
Zendesk, Inc.	Software	Delayed Draw Term Loan	— (S + 5.00%; 0.75% Floor)	11/22/2028		—		(4,147	)		—	(6)(7)(15)
Total U.S. 1st Lien/Senior Secured Debt								333,836,592			333,424,031

See Notes to Consolidated Financial Statements

AB Private Lending Fund

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 — 0.50%
Symplr Software, Inc.	Health Care Technology	Term Loan	11.81% (S + 7.87%; 0.75% Floor)	12/22/2028		988,342		926,748			812,911		(15)
Total U.S. 2nd Lien/Junior Secured Debt								926,748			812,911
Total U.S Corporate Debt								334,763,340			334,236,942

UK Corporate Debt — 0.56%
UK 1st Lien/Senior Secured Debt — 0.56%
Labvantage Systems Limited	Pharmaceuticals	Term Loan	9.10% (S + 5.25%; 1.00% Floor)	12/23/2030		917,271		902,759			910,392		(8)(15)
Labvantage Solutions Inc.	Pharmaceuticals	Revolver	— (S + 5.25%; 1.00% Floor)	12/23/2030		—		(1,122	)		(533	)	(6)(7)(8)(15)
Total UK 1st Lien/Senior Secured Debt								901,637			909,859
Total UK Corporate Debt								901,637			909,859

Canadian Corporate Debt — 0.85%
Canadian 1st Lien/Senior Secured Debt — 0.85%
RevauAdvanced Underwriting Inc.	Insurance	Term Loan	8.46% (S + 4.75%; 0.75% Floor)	5/10/2032		1,389,287		1,376,374			1,375,395		(8)(15)
RevauAdvanced Underwriting Inc.	Insurance	Delayed Draw Term Loan	8.46% (S + 4.75%; 0.75% Floor)	5/10/2032		12,133		9,308			9,085		(6)(8)(15)
Total Canada 1st Lien/Senior Secured Debt								1,385,682			1,384,480
Total Canadian Corporate Debt								1,385,682			1,384,480

See Notes to Consolidated Financial Statements

AB Private Lending Fund

Consolidated Schedule of Investments as of December 31, 2025


Portfolio Company	Class/Series	Shares		Cost		Fair Value		Tickmarks
U.S. Investment Companies — 1.69%
AB EQUITY INVESTORS, L.P.	LP Interests		2,493,075		2,493,075		2,755,419	(8)(11)(16)
Total U.S. Investment Companies					2,493,075		2,755,419

Total Investments — 208.14%					339,543,734		339,286,700

See Notes to Consolidated Financial Statements

AB Private Lending Fund

Consolidated Schedule of Investments as of December 31, 2025


Portfolio Company	Yield	Shares		Cost		Fair value			Tickmarks
Cash Equivalents — 2.86%
US BANK MMDA GCTS	3.73%		4,663,819		4,663,819		4,663,819		(9)(13)(14)
Total Cash Equivalents					4,663,819		4,663,819

Cash — 1.71%
US Dollar			2,785,298		2,785,298	2,785,298			(13)
Total Cash					2,785,298		2,785,298
TOTAL CASH AND CASH EQUIVALENTS					7,449,117		7,449,117
LIABILITIES IN EXCESS OF OTHER ASSETS — (112.71%)							(183,727,570	)
NET ASSETS — 100.00%							163,008,247

(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)

Not used.

(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 $6,544,983 or 1.87% of the Fund’s total assets.

(9)

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

(10)

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

(11)

(12)

Aggregate gross unrealized appreciation for federal income tax purposes is $1,353,306; aggregate gross unrealized depreciation for federal income tax purposes is $1,610,340. Net unrealized depreciation is $257,034. 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)

Assets are pledged as collateral for the Credit Facilities (as defined below). See Note 4 “Borrowings.”

(16)

Non-income producing investment.

     P -   Prime

    

     PIK -   Payment-In-Kind

    

     S -   SOFR

    

See Notes to Consolidated Financial Statements

AB Private Lending Fund

Notes to Unaudited Consolidated Financial Statements

June 30, 2026

Organization

AB Private Lending Fund (the “Fund”) is a non-diversified, closed-end management investment company formed as a Delaware statutory trust on June 8, 2023 (“Inception”). The Fund has elected to be regulated as a Business Development Company (“BDC”) under the Investment Company Act of 1940, as amended (the “1940 Act”). The Fund has elected to be treated for federal income tax purposes, and intends to qualify annually, as a regulated investment company (“RIC”) as defined under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”). The Fund is externally managed by AB Private Credit Investors LLC (“AB-PCI” or the “Adviser”), which is registered as an investment adviser with the U.S. Securities and Exchange Commission (the “SEC”) and an affiliate of AllianceBernstein L.P. (“AB”) and its subsidiaries. The Fund commenced operations on April 30, 2024.

The Fund’s investment objective is to generate attractive risk adjusted returns, predominantly in the form of current income, with select investments exhibiting the ability to capture long-term capital appreciation. The portfolio is expected to consist primarily of directly originated, privately negotiated corporate loans to borrowers in the U.S. middle market, typically involving a private equity backed issuer, and in more limited instances, venture capital supported or independently owned issuers. The Fund seeks to additionally invest in broadly syndicated loans and bonds from private and public issuers to facilitate the immediate deployment of investors’ capital subscriptions, maintain liquidity requirements, and for opportunistic purposes.

Private credit investments will principally rank senior in terms of liquidation priority and will mainly take the form of directly originated first lien, stretch senior and unitranche loans, along with some second lien loans, as well as broadly syndicated loans, club deals (generally investments made by a small group of investment firms) and other debt and equity securities of private U.S. middle-market companies, including equity co-investments, although the actual mix of instruments pursued will vary over time depending on the Fund’s views on how best to optimize risk-adjusted returns.

The Fund’s investment strategy will also target a minority liquid allocation to primarily broadly syndicated loans and corporate high yield bonds. The Fund intends to use these investments to facilitate the immediate deployment of investors’ capital subscriptions, to provide liquidity for its share repurchase program in the normal course, and to contribute to investment returns and income generation. When market conditions create compelling return opportunities, the Fund may also invest on an opportunistic basis in a variety of publicly traded credit securities, subject to compliance with BDC requirements to invest at least 70% of assets in eligible portfolio companies.

The Fund is offering on a continuous basis up to $1.0 billion of its common shares of beneficial interest (“Common Shares”) pursuant to an offering registered with the SEC (the “Offering”). The Fund is offering to sell any combination of three classes of Common Shares, Class S shares, Class D shares, and Class I shares, with a dollar value up to the maximum offering amount. The share classes have different ongoing distribution and/or shareholder servicing fees. The purchase price per share for each class of Common Shares equals the net asset value (“NAV”) per share as of the effective date of the monthly share purchase date. The Offering is a “best efforts” offering, which means that AllianceBernstein Investments, Inc., the Fund’s managing dealer (the “Managing Dealer”) for the Offering, will use its best efforts to sell shares, but it is not obligated to purchase or sell any specific amount of shares in the Offering. As of June 30, 2026, the Fund has only issued Class I shares.

The Fund has the authority to issue an unlimited number of Common Shares, $0.01 per share par value. On April 30, 2024, AB contributed $10,000 of capital to the Fund. In exchange for this contribution, AB received 400 Common Shares at a purchase price of $25 per Common Share. On May 1, 2024, immediately prior to the acquisition of the Initial Portfolio (as defined in Note 9), the Fund redeemed all of the Common Shares issued to AB and repaid AB $10,000 and the Fund issued 4,400,000 Class I shares at $25.00 per share to an affiliate of the Adviser.

The Fund’s fiscal year ends on December 31.

AB Lend Cayman Feeder Fund, LP (the “Feeder”), is a Cayman Islands exempted limited partnership incorporated on August 7, 2024 which commenced operations on September 1, 2024. The Feeder was set up to facilitate investing into the Fund by certain investors and invests substantially all of its investable assets into the Fund.

ABPLF SPV I LLC (“ABPLF”), a Delaware limited liability company formed during the year ended December 31, 2024, is 100% owned by the Fund and is consolidated in the Fund’s consolidated financial statements commencing from the date of its formation.

Summary of Significant Accounting Policies

Basis of 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 Financial Accounting Standards Board (“FASB”) 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, the Fund has not included in this Quarterly Report all the information and notes required by GAAP for annual financial statements. In the opinion of management, the unaudited financial information for the interim periods presented in this report reflects all normal and recurring adjustments necessary for a fair statement of the periods presented. 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. All intercompany balances and transactions have been eliminated in consolidation.

As of June 30, 2026, the Fund’s only consolidated subsidiary was ABPLF.

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 upfront 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, 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 six investments with one portfolio company on non-accrual status, which represented 0.67% and 0.56% 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 did not have any non-accrual investments.

Credit Facility Related Costs, Expenses, Deferred Financing Costs and Unamortized Debt Issuance 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 within the fair value hierarchy. 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. Debt issuance costs relating to the term loans provided by the Credit Facilities 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 Credit Facilities (i.e., a contra liability).

Upon early termination or partial principal pay down of the term loans provided by the Credit Facilities, the unamortized costs related to the Credit Facilities 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 year), 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 qualify annually for federal income tax purposes as a RIC under Subchapter M of the Code. So long as the Fund is able to maintain its status as a RIC, it will generally not be subject to U.S. federal income tax on the portion of its taxable income and gains distributed to its shareholders. To qualify and maintain qualification as a RIC, the Fund must, among other things, meet certain source-of-income and asset diversification requirements, and distribute at least 90% of its annual investment company taxable income, which is generally its net ordinary income plus the excess, if any, of realized net short-term capital gains over realized net long-term capital losses. In order for the Fund not to be subject to U.S. federal excise taxes, it must distribute annually an amount at least equal to the sum of (i) 98% of its net ordinary income (taking into account certain deferrals and elections) for the calendar year, (ii) 98.2% of its capital gains in excess of capital losses for the one-year period ending on October 31 of the calendar year and (iii) any net ordinary income and capital gains in excess of capital losses for preceding years that were not distributed during such years for which it paid no U.S. federal income taxes. The Fund, at its discretion, may carry forward taxable income in excess of calendar year dividends and pay a 4% nondeductible U.S. federal excise tax on this income. The Fund will accrue excise tax on estimated undistributed taxable income as required. For the three and six months ended June 30, 2026, the Fund had excise tax expense of $0 and $44,575, respectively. For the three and six months ended June 30, 2025, the Fund had no excise tax.

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

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

Use of Estimates

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

Distributions

Distributions from net investment income and net realized capital gains are determined in accordance with U.S. federal income tax regulations, which may differ from those amounts determined in accordance with GAAP. 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 determined in conjunction with the preparation of the Fund’s annual RIC tax return. Distributions to common shareholders are recorded on the ex-dividend date. The amount to be paid out as a distribution is determined by the Board of Trustees of the Fund (the “Board”) each month and is generally based upon the earnings estimated by the Adviser. The Fund may pay distributions to its shareholders 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. This excess would be a tax-free return of capital in the period and reduce the shareholder’s tax basis in its Common Shares. The Fund intends to timely distribute to its shareholders 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 shareholders 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 distribution reinvestment plan, pursuant to which the Fund will reinvest all cash dividends declared by the Board on behalf of its shareholders who do not elect to receive their dividends in cash. As a result, if the Board authorizes, and the Fund declares, a cash dividend or other distribution, then its shareholders who have not opted out of the distribution reinvestment plan will have their cash distributions (net of applicable withholding tax) automatically reinvested in additional shares, rather than receiving the cash dividend or other distribution. Distributions on fractional shares will be credited to each participating shareholder’s account to three decimal places.

Offering Cost and Organizational Expenses

Organization expenses include, among other things, the cost of incorporating the Fund and the cost of legal services and other fees pertaining to the Fund’s organization. These costs are expensed as incurred. For the three and six months ended June 30, 2026 and June 30, 2025, the Fund did not incur any organizational expenses.

The Fund’s offering expenses include, among other things, legal fees, registration fees and other costs pertaining to the preparation of the Fund’s registration statement (and any amendments or supplements thereto) relating to the Offering and associated marketing materials. For the three and six months ended June 30, 2026, the Fund incurred no offering expenses. For the three and six months ended June 30, 2025, the Fund incurred offering expenses of $133,610 and $534,442, respectively. As of each of June 30, 2026 and December 31, 2025, no offering costs were payable. Offering expenses are recorded as deferred offering costs on the statement of assets and liabilities and then will be subsequently amortized to expense on the Fund’s statement of operations over 12 months from the commencement of operations.

Segment Reporting

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

Recent Accounting Pronouncements

In November 2024, the FASB issued ASU 2024-03, Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (“ASU 2024-03”), which requires disaggregated disclosure of certain costs and expenses, including purchases of inventory, employee compensation, depreciation, amortization and depletion, within relevant income statement captions. ASU 2024-03 is effective for fiscal years beginning after December 15, 2026, and interim periods beginning with the first quarter ended March 31, 2028. Early adoption and retrospective application is permitted. The Fund is currently assessing the impact of this guidance, however, the Fund does not expect a material impact on its consolidated financial statements.

Related Party Transactions

Investment Advisory Agreement

On August 7, 2024, the Fund entered into an Amended and Restated Investment Advisory Agreement (the “Advisory Agreement”), replacing the materially identical prior investment advisory agreement between the Fund and the Adviser entered into on April 30, 2024, pursuant to which the Adviser manages the Fund on a day-to-day basis. The Adviser is responsible for determining the composition of the Fund’s portfolio, making investment decisions, monitoring the Fund’s investments, performing due diligence on prospective portfolio companies, exercising voting rights in respect of portfolio securities, obtaining and managing financing facilities and other forms of leverage and providing the Fund with such other investment advisory and related services as the Fund may, from time to time, reasonably require for the investment of capital. The Fund pays the Adviser a fee for its services under the Advisory Agreement consisting of two components, a management fee and an incentive fee. The cost of both the management fee and the incentive fee is ultimately borne by the shareholders. The management fee is payable monthly in arrears at an annual rate of 1.25% of the value of the Fund’s net assets as of the beginning of the first calendar day of the applicable month.

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 held on May 7, 2026, the Board, including a majority of the Independent Directors, approved a new investment advisory agreement with the Adviser (the “Proposed Advisory Agreement”) and recommended that shareholders of the Fund vote to approve the Proposed Advisory Agreement at the annual meeting of shareholders held on August 3, 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 (the “Interim Advisory Agreement”), to be effective only in the event that the change of control occurs prior to shareholder approval of the Proposed Advisory Agreement.

For the three and six months ended June 30, 2026, the Fund incurred management fees of $506,638 and $1,022,648, respectively. For the three and six months ended June 30, 2025, the Fund incurred management fees of $381,133 and $746,266, respectively. As of June 30, 2026 and December 31, 2025, $506,638 and $2,650,101, of accrued management fees remained payable, respectively.

Incentive Fee

The incentive fee consists of two components that are independent of each other, with the result that one component may be payable even if the other is not. A portion of the incentive fee is based on a percentage of the Fund’s income and a portion is based on a percentage of the Fund’s capital gains, each as described below.

Incentive Fee Based on Income

The portion based on the Fund’s income is based on Pre-Incentive Fee Net Investment Income Returns attributable to each class of the Fund’s Common Shares. “Pre-Incentive Fee Net Investment Income Returns” means dividends, cash interest or other distributions or other cash income and any third-party fees received from portfolio companies (such as upfront fees, commitment fees, origination fees, amendment fees, ticking fees and break-up fees, as well as prepayment premiums, but excluding fees for providing managerial assistance and fees earned by the Adviser or an affiliate in its capacity as an administrative agent, syndication agent, collateral agent, loan servicer or other similar capacity) accrued during the month, minus operating expenses for the month (including the management fee, taxes, any expenses payable under the Advisory Agreement and an administration agreement with the Fund’s administrator, any expense of securitizations, and interest expense or other financing fees and any dividends paid on preferred stock, but excluding the incentive fee and shareholder servicing and/or distribution fees). Pre-Incentive Fee Net Investment Income Returns includes, in the case of investments with a deferred interest feature (such as original issue discount, debt instruments with payment-in-kind (“PIK”) interest and zero-coupon securities), accrued income that the Fund has not yet received in cash. Pre-Incentive Fee Net Investment Income Returns do not include any realized capital gains, realized capital losses or unrealized capital appreciation or depreciation. The impact of expense support payments and recoupments are also excluded from Pre-Incentive Fee Net Investment Income Returns.

Pre-Incentive Fee Net Investment Income Returns, expressed as a rate of return on the value of the Fund’s net assets at the end of the immediately preceding quarter, are compared to a “hurdle rate” of return of 1.25% per quarter (5.0% annualized).

The Fund pays the Adviser an incentive fee quarterly in arrears with respect to the Fund’s Pre-Incentive Fee Net Investment Income Returns in each calendar quarter as follows:

•

No incentive fee based on Pre-Incentive Fee Net Investment Income Returns in any calendar quarter in which the Fund’s Pre-Incentive Fee Net Investment Income Returns attributable to the applicable share class do not exceed the hurdle rate of 1.25% per quarter (5.0% annualized);

•

100% of the dollar amount of the Fund’s Pre-Incentive Fee Net Investment Income Returns with respect to that portion of such Pre-Incentive Fee Net Investment Income Returns attributable to the applicable share class, if any, that exceeds the hurdle rate but is less than a rate of return of 1.43% (5.72% annualized). This portion of the Pre-Incentive Fee Net Investment Income Returns (which exceeds the hurdle rate but is less than 1.43%) is referred to as the “catch-up.” The “catch-up” is meant to provide the Adviser with approximately 12.5% of the Fund’s Pre-Incentive Fee Net Investment Income Returns as if a hurdle rate did not apply if this net investment income exceeds 1.43% in any calendar quarter; and

•

12.5% of the dollar amount of the Fund’s Pre-Incentive Fee Net Investment Income Returns attributable to the applicable share class, if any, that exceed a rate of return of 1.43% (5.72% annualized). This reflects that once the hurdle rate is reached and the catch-up is achieved, 12.5% of all Pre-Incentive Fee Net Investment Income Returns thereafter are allocated to the Adviser.

These calculations are pro-rated for any period of less than three months and adjusted for any share issuances or repurchases during the relevant quarter.

The Fund incurred income-based incentive fees for the three and six months ended June 30, 2026 of $524,910 and $936,204, respectively. The Fund incurred income-based incentive fees for the three and six months ended June 30, 2025 of $354,808 and $649,909, respectively.

Incentive Fee Based on Capital Gains

The second component of the incentive fee, the capital gains incentive fee, is payable at the end of each calendar year in arrears.

The amount payable equals:

•

12.5% of cumulative realized capital gains attributable to the applicable share class from Inception through the end of such calendar year, computed net of all realized capital losses and unrealized capital depreciation on a cumulative basis, less the aggregate amount of any previously paid incentive fee on capital gains as calculated in accordance with GAAP.

Each year, the fee paid for the capital gains incentive fee is net of the aggregate amount of any previously paid capital gains incentive fee by the applicable share class for all prior periods. The Fund accrues, but does not pay, a capital gains incentive fee with respect to unrealized appreciation because a capital gains incentive fee would be owed to the Adviser if the Fund were to sell the relevant investment and realize a capital gain. In no event will the capital gains incentive fee payable pursuant to the Advisory Agreement be in excess of the amount permitted by the Investment Advisers Act of 1940, as amended, including Section 205 thereof.

For purposes of computing the Fund’s incentive fee on income and the incentive fee on capital gains, the calculation methodology looks through derivative financial instruments or swaps as if the Fund owned the reference assets directly. The fees that are payable under the Advisory Agreement for any partial period will be appropriately prorated.

For the three and six months ended June 30, 2026, the Fund incurred no capital gain incentive fees, respectively. For the three and six months ended June 30, 2025, the Fund incurred capital gain incentive fee of $(67,859) and $(66,559), respectively.

As of June 30, 2026 and December 31, 2025, the incentive fees payable were $524,909 and $483,747, respectively.

Sub-Advisory Agreement

On August 7, 2024, the Adviser and AB (AB in its capacity as sub-adviser, “AB High Yield”) entered into an Investment Sub-Advisory Agreement (the “Sub-Advisory Agreement”), the terms of which provide AB High Yield with broad delegated authority to oversee the broadly syndicated loan and other liquid investment allocation. The Fund’s broadly syndicated loan and other liquid investments are managed by AB High Yield pursuant to the Sub-Advisory Agreement. The Adviser pays AB High Yield monthly in arrears, 25% of the management fee and 25% of the incentive fees pursuant to the Sub-Advisory Agreement.

Administration Agreement

On August 7, 2024, the Fund entered into an Administration Agreement with AB Private Credit Investors LLC (in its capacity as administrator, the “Administrator”). Under the terms of the Administration Agreement, the Administrator provides, or oversees the performance of, administrative and compliance services, including, but not limited to, maintaining financial records, overseeing the calculation of NAV, compliance monitoring (including diligence and oversight of the Fund’s other service providers), preparing reports to shareholders and reports filed with the SEC and other regulators, preparing materials and coordinating meetings of the Board, managing the payment of expenses, the payment and receipt of funds for investments and the performance of administrative and professional services rendered by others and providing office space, equipment and office services. The Fund reimburses the Administrator for the costs and expenses incurred by the Administrator in performing its obligations under the Administration Agreement. The Fund also is liable to reimburse the Administrator for the Fund’s allocable portion of compensation of the Administrator’s personnel, including but not limited to: (i) the Fund’s chief compliance officer, chief financial officer and their respective staffs; (ii) investor relations, legal, operations and other non-investment professionals at the Administrator that perform duties for the Fund; and (iii) any internal audit group personnel of the Administrator or any of its affiliates. The Administrator may defer or waive rights to be reimbursed for the costs and expenses noted above including the Fund’s allocable portion of compensation of the Administrator’s personnel, subject to the limitations described in the Administration Agreement. In addition, pursuant to the terms of the Administration Agreement, the Administrator may delegate its obligations under the Administration Agreement to an affiliate or to a third party and the Fund will reimburse the Administrator for any services performed for the Fund by such affiliate or third party. The Administrator hired a sub-administrator to assist in the provision of administrative services. The sub-administrator receives compensation for its sub-administrative services under a sub-administration agreement. For the three and six months ended June 30, 2026, the Fund incurred administration expense fees of $64,583 and $110,220, respectively. For the three and six months ended June 30, 2025, the Fund incurred administration expense fees of $69,849 and $129,919, respectively.

Costs and expenses of AB Private Credit Investors LLC in its capacity as both the Administrator and the Adviser that are eligible for reimbursement by the Fund are reasonably allocated to the Fund on the basis of time spent, assets under management, usage rates, proportionate holdings, a combination thereof or other reasonable methods determined by the Administrator. The Fund does not reimburse the Administrator for any services for which it receives a separate fee, or for (a) rent, depreciation, utilities, capital equipment or other administrative items and (b) salaries, fringe benefits, travel expenses and other administrative items incurred or allocated to any controlling person of the Administrator. Other than the expenses incurred under the sub-administration noted above, the Administrator does not charge the Fund any fees for its services as Administrator.

Managing Dealer Agreement

On August 7, 2024, the Fund entered into a Managing Dealer Agreement with AllianceBernstein Investments, Inc. (the “Managing Dealer”), pursuant to which the Managing Dealer has agreed to, among other things, manage the Fund’s relationships with third-party brokers engaged by the Managing Dealer to participate in the distribution of Common Shares, which are referred to as “participating brokers,” and financial advisers. The Managing Dealer also coordinates the Fund’s marketing and distribution efforts with participating brokers and their registered representatives with respect to communications related to the terms of the offering, the Fund’s investment strategies, material aspects of the Fund’s operations and subscription procedures. The Adviser may use its management fee revenues, as well as its past profits or its resources from any other source to pay the Managing Dealer for expenses incurred in connection with providing services intended to result in the sale of shares of the Fund and/or shareholder support services. The Fund does not pay referral or similar fees to the Managing Dealer or any accountants, attorneys or other persons in connection with the distribution of the Fund’s shares.

Under the terms of the Managing Dealer Agreement, the Managing Dealer serves as the managing dealer for the Fund’s Offering. The Managing Dealer is entitled to receive shareholder servicing and/or distribution fees monthly in arrears at a contractual rate of 0.85% per annum of the aggregate value of the Fund’s net assets attributable to Class S shares as of the beginning of the first calendar day of the month. The Managing Dealer is entitled to receive shareholder servicing fees monthly in arrears at a contractual rate of 0.25% per annum of the aggregate value of the Fund’s net assets attributable to Class D shares as of the beginning of the first calendar day of the month. No shareholder servicing and/or distribution fees will be paid with respect to Class I shares. The shareholder servicing and/or distribution fees are payable monthly in arrears. The shareholder servicing and/or distribution fees are payable to the Managing Dealer, but the Managing Dealer will reallow (pay) all or a portion of the shareholder servicing and/or distribution fees to participating brokers and servicing brokers for ongoing shareholder services performed by such brokers and will waive shareholder servicing and/or distribution fees to the extent a broker is not eligible to receive it for failure to provide such services.

The Managing Dealer will cease receiving the distribution and/or shareholder servicing fee on Class S shares and Class D shares upon the earlier to occur of the following: (i) a listing of Class I shares, (ii) the merger or consolidation of the Fund with or into another entity, or the sale or other disposition of all or substantially all of the Fund’s assets, or (iii) the date following the

completion of the primary portion of the Offering on which, in the aggregate, underwriting compensation from all sources in connection with such Offering is equal to 10% of the gross proceeds from such Offering.

In addition, at the end of the month in which the Managing Dealer in conjunction with the transfer agent determines that total transaction or other fees, including upfront placement fees or brokerage commissions, and shareholder servicing and/or distribution fees paid with respect to any single share held in a shareholder’s account would exceed, in the aggregate, 10% of the gross proceeds from the sale of such share (or a lower limit as determined by the Managing Dealer or the applicable broker), the Managing Dealer shall cease receiving the shareholder servicing and/or distribution fee on either (i) each such share that would exceed such limit or (ii) all Class S shares and Class D shares in such shareholder’s account. At the end of such month, the applicable Distribution Shares in such shareholder’s account will convert into a number of Class I shares (including any fractional shares), with an equivalent aggregate NAV.

Expense Support and Conditional Reimbursement Agreement

On October 28, 2024, the Fund entered into the Amended and Restated Expense Support and Conditional Reimbursement Agreement (as amended the “Expense Support Agreement”) with the Adviser. Pursuant to the Expense Support Agreement, the Adviser is obligated to advance the Fund’s Operating Expenses (as defined below) (each, a “Required Expense Payment”) to the extent that such expenses exceed 1.00% (on an annualized basis) of the Fund’s NAV. Any Required Expense Payment must be paid by the Adviser to the Fund in any combination of cash or other immediately available funds, and/or offset against amounts due from the Fund to the Adviser or its affiliates. For purposes hereof, “Operating Expenses” means all of the Fund’s operating costs and expenses incurred (including organization and offering expenses), as determined in accordance with GAAP for investment companies, less base management and incentive fees owed to the Adviser, shareholder servicing and/or distribution fees, and borrowing costs.

The Adviser may elect to pay certain additional expenses on the Fund’s behalf, provided that no portion of the payment will be used to pay any interest expense or distribution and/or shareholder servicing fees of the Fund (a “Voluntary Expense Payment”). Any Voluntary Expense Payment that the Adviser has committed to pay must be paid by the Adviser to the Fund in any combination of cash or other immediately available funds no later than forty-five days after such commitment was made in writing, and/or offset against amounts due from the Fund to the Adviser or its affiliates.

Following any calendar month in which Available Operating Funds (as defined below) exceed the cumulative distributions accrued to the Fund’s shareholders based on distributions declared with respect to record dates occurring in such calendar month (the amount of such excess being hereinafter referred to as “Excess Operating Funds”), the Fund shall pay such Excess Operating Funds, or a portion thereof, to the Adviser until such time as all Expense Payments made by the Adviser to the Fund within three years prior to the last business day of such calendar month have been reimbursed. Any payments required to be made by the Fund shall be referred to herein as a “Reimbursement Payment.” “Available Operating Funds” means the sum of (i) the Fund’s net investment company taxable income (including net short-term capital gains reduced by net long-term capital losses), (ii) the Fund’s net capital gains (including the excess of net long-term capital gains over net short-term capital losses) and (iii) dividends and other distributions paid to the Fund on account of investments in portfolio companies (to the extent such amounts listed in clause (iii) are not included under clauses (i) and (ii) above).

No Reimbursement Payment for any month shall be made if: (1) the Fund’s Operating Expense Ratio at the time of such Reimbursement Payment is greater than the Operating Expense Ratio at the time the Expense Payment was made to which such Reimbursement Payment relates, or (2) the Fund’s Operating Expense Ratio exceeds 1.00% (on an annualized basis). The “Operating Expense Ratio” is calculated by dividing Operating Expenses, by the Fund’s monthly average net assets.

The Fund’s obligation to make a Reimbursement Payment shall automatically become a liability of the Fund on the last business day of the applicable calendar month, except to the extent the Adviser has waived its right to receive such payment for the applicable month.

For the three and six months ended June 30, 2026, the Fund was entitled to reimbursements from the Adviser in the amount of $186,018 and $706,665. For the three and six months ended June 30, 2025, the Fund was entitled to reimbursements from the Adviser in the amount of $538,876 and $1,554,031, respectively. As of June 30, 2026 and December 31, 2025, reimbursement of $22,192 and $1,707,910 remains outstanding.

As of June 30, 2026, no reimbursement payments have been made. Cumulative expense support provided and unreimbursed Expense Payments were $7,044,785. During the six months ended June 30, 2026, $277,209 of expense waivers and reimbursements from the quarter ended June 30, 2023 expired and are no longer subject to recoupment. The following table

presents a summary of Expense Payments and the related Reimbursement Payments for the three and six months ended June 30, 2026 and 2025, respectively:


For the Month Ended	Amount of Expense Support		Amount of Reimbursement Payment		Amount of Unreimbursed Expense Support		Reimbursement Eligibility Expiration	Percentage Limit (1)
January 31, 2026		105,303		—		105,303	January 31, 2029		1.00	%
February 28, 2026		136,426		—		136,426	February 28, 2029		1.00	%
March 31, 2026		278,919		—		278,919	March 31, 2029		1.00	%
April 30, 2026		184		—		184	April 30, 2029		1.00	%
May 31, 2026		115,049		—		115,049	May 31, 2029		1.00	%
June 30, 2026		70,784		—		70,784	June 30, 2029		1.00	%
Total	$	706,665	$	—	$	706,665
January 31, 2025		278,634		—		278,634	January 31, 2028		1.00	%
February 28, 2025		268,655		—		268,655	February 29, 2028		1.00	%
March 31, 2025		467,865		—		467,865	March 31, 2028		1.00	%
April 30, 2025		286,605		—		286,605	April 30, 2028		1.00	%
May 31, 2025		101,842		—		101,842	May 31, 2028		1.00	%
June 30, 2025		150,430		—		150,430	June 30, 2028		1.00	%
Total	$	1,554,031	$	—	$	1,554,031

(1)

Represents the actual percentage of Operating Expenses paid by the Fund in any month after deducting any Expense Payment, as a percentage of the Fund’s average monthly net assets.

Transfer Agency Agreement

On August 7, 2024, the Fund and AllianceBernstein 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 incurred $8,043 and $16,311 in transfer agent fees, respectively. For the three and six months ended June 30, 2025 the Fund incurred $5,802 and $11,765, respectively, in transfer agent fees. As of June 30, 2026 and December 31, 2025, $8,043 and $7,687, of accrued transfer agent fees remained payable, respectively.

Amended and Restated Distribution Reinvestment Plan

Effective as of May 7, 2026, the Board of Trustees of the Fund approved an Amended and Restated Distribution Reinvestment Plan (the “DRP,” and, as amended and restated, the “Amended DRP”). The Amended DRP modifies participant terms such that a participant’s DRP enrollment will only be terminated with respect to shares actually repurchased in a tender offer, and not with respect to shares for which repurchase was requested but not completed. The Amended DRP also requires investors located in California to affirmatively opt in to participate. The Amended DRP first applies to the reinvestment of cash distributions paid on or after May 7, 2026.

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 trustees 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 a co-investment transaction, including that (1) the terms of the transaction, including the consideration to be paid, are reasonable and fair to the Fund and its shareholders and do not involve overreaching of the Fund or its shareholders by another participant in the co-investment transaction, (2) the transaction is consistent with the interests of the Fund’s shareholders and is consistent with its investment objective and strategies, (3) the investment by its affiliates would not disadvantage the Fund, and the Fund’s participation would not be on a basis different from or less advantageous than that on which its affiliates are investing and (4) the proposed investment by the Fund would not benefit the

Adviser or its affiliates or any affiliated person of any of them (other than the parties to the transaction), except to the extent permitted by the exemptive relief and applicable law, including the limitations set forth in Section 57(k) of the 1940 Act. As a result of exemptive relief, there could be significant overlap in the Fund’s investment portfolio and the investment portfolio of other funds managed by the Adviser or its affiliates that could avail themselves of the exemptive relief and that have an investment objective similar to the Fund’s.

Ownership by Affiliates

As of June 30, 2026, Equitable Financial Life Insurance Company, an affiliated insurance company owned by Equitable Holdings, Inc. owned 4,400,000 class I shares of the Fund. This represents 66.62% and 68.02% of the outstanding class I shares as of June 30, 2026 and December 31, 2025, respectively.

Borrowings

Credit Facilities

Scotia Credit Facility

On May 2, 2024, the Fund entered into a Senior Secured Credit Agreement with The Bank of Nova Scotia, as the administrative agent, and the lenders party thereto from time to time (the “Scotia Credit Facility”). On September 15, 2025 (the “Scotia Credit Facility First Amendment Date”), the Scotia Credit Facility was amended to, among other things, extend the availability period and the maturity date. 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 secured by a perfected first-priority interest in substantially all of the portfolio investments held by the Fund and certain subsidiaries that have been or will be formed or acquired by the Fund (collectively, the “Guarantors”), subject to certain exceptions, and includes a $30,000,000 sublimit for swingline loans, and is expected to be guaranteed by certain of the Fund’s domestic subsidiaries in existence as of the Scotia Credit Facility First Amendment Date. 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, in the aggregate, a total of outstanding term loans and revolving credit facility commitments in the principal amount of $125,000,000, which is comprised of (a) a term loan in a principal amount of $25,000,000 and (b) subject to availability under the borrowing base, which is based on the Fund’s portfolio investments and other outstanding indebtedness, a revolving credit facility in a principal amount of up to $100,000,000 (the revolving credit facility increased from $75,000,000 to $100,000,000 on the Scotia Credit Facility First Amendment Date). Maximum capacity under the Scotia Credit Facility may be increased to $400,000,000 through the exercise by the Fund of an uncommitted accordion feature through which existing and new lenders may, at their option, agree to provide additional financing.

The availability period with respect to the revolving credit facility under the Scotia Credit Facility will terminate on September 14, 2029 (the “Commitment Termination Date”) and the Scotia Credit Facility will mature on September 13, 2030 (the “Maturity Date”). During the period from the Commitment Termination Date to the Maturity Date, the Fund will be obligated to make mandatory prepayments under the Scotia Credit Facility out of the proceeds of certain asset sales and other recovery events and equity and debt issuances.

The Fund may borrow amounts in U.S. dollars or certain other permitted currencies. Amounts drawn under the Scotia Credit Facility in U.S. dollars bear interest at either (i) term SOFR plus margin of either 1.950% per annum or, if the gross borrowing base is greater than or equal to the product of 1.60 and the combined debt amount, 1.825% per annum, or (ii) the alternate base rate plus a margin of either 0.950% per annum or, if the gross borrowing base is greater than or equal to the product of 1.60 and the combined debt amount, 0.825% per annum. The Fund may elect either the term SOFR or alternate base rate at the time of drawdown, and loans denominated in U.S. dollars may be converted from one rate to another at any time at the Fund’s option, subject to certain conditions. Amounts drawn under the Scotia Credit Facility in other permitted currencies bear interest at the relevant rate specified therein plus an applicable margin (including any applicable credit spread adjustment). Following the Scotia Credit Facility First Amendment Date, the Fund also pays a fee of 0.325% on daily undrawn amounts under the Scotia Credit Facility.

The Scotia Credit Facility includes customary covenants, including certain limitations on the incurrence by the Fund of additional indebtedness and on the Fund’s ability to make distributions to its shareholders, or redeem, repurchase or retire Common Shares, upon the occurrence of certain events and certain financial covenants related to asset coverage and liquidity and other maintenance covenants, as well as customary events of default.

ABPLF Credit Facility

On May 2, 2024, ABPLF entered into a Credit Agreement with ABPLF as borrower, the Adviser, as collateral manager, the lenders from time to time parties thereto, The Bank of Nova Scotia, as administrative agent, U.S. Bank Trust Company, National Association, as collateral administrator and collateral agent, and U.S. Bank National Association, as custodian (the “ABPLF Credit Facility” and, together with the Scotia Credit Facility, the “Credit Facilities”). Pursuant to its terms, the ABPLF Credit Facility originally provided for a total commitment amount of up to $200,000,000, split between a total of $100,000,000 in commitments in the case of the Class A-R Loans and Swingline Loans, on a revolving basis, and a total of $100,000,000 in commitments in the case of the Class A-T Loans, on a term basis.

On February 24, 2025, ABPLF entered into an amendment (the “First ABPLF Credit Facility Amendment”) to the ABPLF Credit Facility. Among other changes, the First ABPLF Credit Facility Amendment, (i) increased the ABPLF Credit Facility’s maximum commitment for Class A-R Loans on a revolving basis from $100,000,000 to $110,000,000, and (ii) increased the ABPLF Credit Facility’s maximum commitment for Class A-T Loans on a term basis from $100,000,000 to $110,000,000.

On February 9, 2026, ABPLF entered into a second amendment (the “Second ABPLF Credit Facility Amendment”) to the ABPLF Credit Facility. The Second ABPLF Credit Facility Amendment, among other changes, (i) decreased the ABPLF Credit Facility’s applicable margin for Class A-R Loans and Class A-T Loans from 1.95% to 1.80% until the last day of the reinvestment period and from 2.45% to 2.30% after the last day of the reinvestment period, (ii) decreased the interest rate cap from 2.25% to 1.80% during the reinvestment period and from 2.45% to 2.30% after the end of the reinvestment period, (iii) extended the stated maturity date to February 9, 2035 and (iv) extended the reinvestment period to February 9, 2028.

Amounts drawn under the ABPLF Credit Facility, 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 ABPLF 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 ABPLF Credit Facility initially bear interest at the Applicable Rate plus a spread of 2.50%. From and after the date of the Second ABPLF Credit Facility Amendment to the last day of the reinvestment period, the applicable margin will be a spread of 1.80% plus 0.10% plus the additional administrative agent fees.

The ABPLF Credit Facility is secured by ABPLF’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 ABPLF; all related property; and certain agreements entered into in connection with the ABPLF Credit Facility.

The ABPLF Credit Facility includes customary covenants, including certain limitations on the incurrence by ABPLF of additional indebtedness, as well as customary events of default.

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
Scotia Credit Facility	$	100,000,000	$	12,000,000	$	88,000,000	$	12,000,000
Scotia Term Loan		25,000,000		25,000,000		—		25,000,000
ABPLF Credit Facility		110,000,000		70,250,000		39,750,000		70,250,000
ABPLF Term Loan		110,000,000		110,000,000		—		110,000,000
Total	$	345,000,000	$	217,250,000	$	127,750,000	$	217,250,000

As of June 30, 2026 deferred financing costs and debt issuance costs were $1,243,253 and $799,234, respectively, which remain to be amortized, and are reflected on the consolidated statements of assets and liabilities.

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
Scotia Credit Facility	$	100,000,000	$	34,500,000	$	65,500,000	$	34,500,000
Scotia Term Loan		25,000,000		25,000,000		—		25,000,000
ABPLF Credit Facility		110,000,000		12,000,000		98,000,000		12,000,000
ABPLF Term Loan		110,000,000		110,000,000		—		110,000,000
Total	$	345,000,000	$	181,500,000	$	163,500,000	$	181,500,000

As of December 31, 2025 deferred financing costs and debt issuance costs were $898,887 and $577,856, respectively, which remain to be amortized, and are reflected on the consolidated statements of assets and liabilities.

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, 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
Interest and borrowing expenses	$	3,038,178		$	2,495,602		$	5,736,551		$	5,339,713
Commitment fees		123,997			185,195			283,819			336,573
Amortization of debt issuance and deferred financing costs		399,023			374,008			900,133			724,038
Total	$	3,561,198		$	3,054,805		$	6,920,503		$	6,400,324
Weighted average interest rate(1) (2)		5.64	%		6.44	%		5.70	%		6.61	%
Average outstanding balance(2)	$	216,134,615		$	155,508,242		$	203,013,812		$	163,004,144

(1)

Calculated as the annualized amount of the stated interest and borrowing expense divided by average borrowings for the period.

(2)

Calculated for the period from initial drawdowns of the Credit Facilities through June 30, 2026 and 2025, respectively.

Fair Value Measurement

The Fund determines the NAV for each class of shares each month as of the last day of each calendar month. The NAV per share for each class of shares is determined by dividing the value of total assets attributable to the class minus liabilities, including accrued fees and expenses, attributable to the class by the total number of Common Shares outstanding of the class at the date as of which the determination is made.

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

ASC 820 specifies a hierarchy of valuation techniques based on whether the inputs to those valuation techniques are observable or unobservable. ASC 820 also provides guidance regarding a fair value hierarchy, which prioritizes information used to measure fair value and the effect of fair value measurements on earnings, and provides for enhanced disclosures

determined by the level within the hierarchy of information used in the valuation. In accordance with ASC 820, these inputs are summarized in the three levels listed below:

•

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

•

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

•

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

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

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

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

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

Investments that are listed or traded on an exchange and are freely 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 it has 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.

When the Fund determines its NAV as of the last day of a month that is not also the last day of a calendar quarter, the Adviser’s valuation team will prepare preliminary fair value estimates for each investment consistent with the methodologies set forth in the valuation policy. If an individual asset for which reliable market quotations are not readily available is known by the Adviser’s valuation team to have experienced a significant observable change since the most recent quarter end, an independent valuation firm may from time-to-time be asked by the Adviser’s valuation team to provide an independent fair value range for such asset. The independent valuation firm will provide a final range of values for each such investment to the Adviser’s Fair Value Committee, along with analyses to support its valuation methodology and calculations.

A significant observable event generally refers to the material loss of physical assets, a payment default or payment deferral, a bankruptcy filing or a liquidity event relating to the interests held or the issuer.

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

In determining the fair value of the Fund’s Level 3 debt and equity positions, the Adviser and the independent valuation firms use the following factors where relevant: loan to value (“LTV”) based on an enterprise value determined using the original purchase price, public equity comparable, recent M&A transaction, and a discounted cash flow (“DCF”) analysis, and yields from comparable loans, comparable high yield bonds, high yield indexes and loan indexes (“comparable yields”). Due to the inherent uncertainty of valuations, however, estimated fair values may differ from the values that would have been used had a readily available market for the securities existed and the differences could be material.

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	$	8,294,884	$	—	$	—	$	8,294,884
Total Cash Equivalents	$	8,294,884	$	—	$	—	$	8,294,884

Assets*	Level 1		Level 2		Level 3		Total
1st Lien/Senior Secured Debt	$	—	$	33,503,537	$	339,137,219	$	372,640,756
2nd Lien/Junior Secured Debt	$	—	$	—	$	600,418	$	600,418
Total	$	—	$	33,503,537	$	339,737,637	$	373,241,174
Investments valued at NAV as a practical expedient#							$	2,786,209
Total Investments#	$	—	$	33,503,537	$	339,737,637	$	376,027,383

* 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	$	4,663,819	$	—	$	—	$	4,663,819
Total Cash Equivalents	$	4,663,819	$	—	$	—	$	4,663,819

Assets*	Level 1		Level 2		Level 3		Total
1st Lien/Senior Secured Debt	$	—	$	23,580,627	$	312,137,743	$	335,718,370
2nd Lien/Junior Secured Debt		—		—	$	812,911	$	812,911
Total	$	—	$	23,580,627	$	312,950,654	$	336,531,281
Investments valued at NAV as a practical expedient#							$	2,755,419
Total Investments#	$	—	$	23,580,627	$	312,950,654	$	339,286,700

* 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			Total
Balance as of January 1, 2026	$	312,137,743		$	812,911		$	312,950,654
Purchases (including capitalized PIK)		44,478,112			-			44,478,112
Sales and principal repayments		(15,022,038	)		-			(15,022,038	)
Realized gain		11,501			-			11,501
Net amortization of premium/discount		390,575			8,524			399,099
Net change in unrealized appreciation (depreciation)		(2,858,674	)		(221,017	)		(3,079,691	)
Balance as of June 30, 2026	$	339,137,219		$	600,418		$	339,737,637
Change in unrealized appreciation (depreciation) for investments still held		(2,833,421	)		(221,017	)		(3,054,438	)

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			Total
Balance as of January 1, 2025	$	274,935,685		$	891,979		$	275,827,664
Purchases (including capitalized PIK)		103,570,162			—			103,570,162
Sales and principal repayments		(66,307,724	)		—			(66,307,724	)
Realized gain		4,995			—			4,995
Net amortization of premium/discount		886,677			15,374			902,051
Net change in unrealized appreciation (depreciation)		(952,052	)		(94,442	)		(1,046,494	)
Balance as of December 31, 2025	$	312,137,743		$	812,911		$	312,950,654
Change in unrealized appreciation (depreciation) for investments still held		(884,692	)		(94,442	)		(979,134	)

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

318,124,659

Market Yield Analysis

Market Yield

8.1% - 17.4% (10.0%)

Decrease

1st Lien/Senior Secured Debt

18,920,438

Recent Purchase

Purchase Price

N/A

N/A

1st Lien/Senior Secured Debt

2,092,122

Market Approach

Revenue Multiple

0.7x

Increase

2nd Lien/Junior Secured Debt

600,418

Market Yield Analysis

Market Yield

34.6%

Decrease

Total Assets

339,737,637

(1)

Weighted averages are calculated based on fair value of investments.

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

278,629,398

Market Yield Analysis

Market Yield

7.5% - 16.5% (9.1%)

Decrease

1st Lien/Senior Secured Debt

33,508,345

Recent Purchase

Purchase Price

N/A

N/A

2nd Lien/Junior Secured Debt

812,911

Market Yield Analysis

Market Yield

20.8% - 20.8% (20.8%)

Decrease

Total Assets

312,950,654

(1)

Weighted averages are calculated based on fair value of investments.

Commitments and Contingencies

Commitments

The Fund may enter into commitments to fund investments. As of June 30, 2026, 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 Name	Facility Type	Commitment Expiration Date (1)	Unfunded Commitment (2)		Fair Value (3)			Unfunded Commitment (2)		Fair Value (3)
AAH TOPCO LLC	Revolver	12/22/2027		282,352		-			282,352		-
AAH TOPCO LLC	Delayed Draw	3/31/2027		173,125		-			338,394		-
ADMIRAL BUYER INC	Revolver	12/6/2029		487,579		(2,438	)		487,579		(2,438	)
ADMIRAL BUYER INC	Delayed Draw	8/17/2026		64,333		-			64,333		-
ADMIRAL BUYER INC	Delayed Draw	2/8/2027		37,920		-			37,920		-
AMERCAREROYAL LLC	Delayed Draw	9/10/2026		-		-			232,088		(2,321	)
AMERCAREROYAL LLC	Revolver	9/10/2030		43,049		(646	)		95,455		(1,432	)
AMIVIE ACQUISITION INC	Delayed Draw	5/5/2027		731,266		(3,656	)		-		-
AMIVIE ACQUISITION, INC.	Revolver	9/16/2027		332,760		(1,664	)		332,760		-
AMIVIE ACQUISITION, INC.	Delayed Draw	7/23/2027		-		-			72,553		-
APPVIEWX INC	Revolver	12/24/2031		99,668		(2,741	)		99,668		(997	)
APPVIEWX INC	Delayed Draw	3/31/2027		102,990		(1,802	)		102,990		-
AZARA HEALTHCARE LLC	Revolver	5/13/2032		386,432		(5,796	)		-		-
AZARA HEALTHCARE LLC	Delayed Draw	5/15/2028		1,223,702		(9,178	)		-		-
AZURITE INTERMEDIATE HOLD INC	Revolver	3/19/2031		334,456		(7,525	)		334,456		(1,672	)
BASTILLE BUYER INC	Delayed Draw	4/30/2029		2,724,632		(20,435	)		-		-
BASTILLE BUYER INC	Revolver	4/30/2032		681,158		(10,217	)		-		-
BHG HOLDINGS LLC	Revolver	4/22/2032		233,437		(2,334	)		233,437		(1,751	)
BHG HOLDINGS LLC	Delayed Draw	4/22/2027		528,843		(1,322	)		528,843		-
BONTERRA LLC	Revolver	3/5/2032		71,111		(711	)		75,556		(189	)
BRIDGEPOINTE TECHNOLOGIES LLC	Delayed Draw	4/17/2028		1,712,403		(8,733	)		-		-
BRIDGEPOINTE TECHNOLOGIES LLC	Revolver	4/18/2033		679,669		(6,797	)		-		-
BRIGHTSPOT BUYER INC	Revolver	11/16/2027		168,054		(2,941	)		201,664		(3,025	)
BSI2 HOLD NETTLE LLC	Revolver	6/30/2028		230,470		(1,152	)		184,376		-
BUSINESSOLVER COM INC	Delayed Draw	12/3/2027		550,308		(9,630	)		550,308		(1,376	)
BUSINESSOLVER COM INC	Revolver	12/3/2032		245,092		(4,902	)		245,092		(1,225	)
BV EMS BUYER INC	Revolver	11/23/2027		118,324		-			81,348		-
CAREGIVER 2 INC	Delayed Draw	5/12/2028		72,379		-			-		-


			6/30/2026					12/31/2025
Investment Name	Facility Type	Commitment Expiration Date (1)	Unfunded Commitment (2)		Fair Value (3)			Unfunded Commitment (2)		Fair Value (3)
CONTRUENT INTERMEDIATE COMPANY	Revolver	11/14/2031		248,342		(6,829	)		248,342		(3,725	)
CONTRUENT INTERMEDIATE COMPANY	Delayed Draw	11/12/2027		298,010		(8,195	)		372,513		-
COREWEAVE FINANCING DDTL V LLC	Delayed Draw	9/30/2026		77,381		1,531			-		-
DA BLOCKER CORP	Revolver	2/10/2032		63,235		(632	)		73,529		(551	)
DA BLOCKER CORP	Delayed Draw	2/10/2027		220,588		-			220,588		-
DATACOR HOLDINGS INC	Revolver	3/11/2030		227,560		(1,707	)		189,634		-
DELOREAN PURCHASER INC	Revolver	12/16/2031		130,435		(1,957	)		130,435		(652	)
DLRDMV LLC	Delayed Draw	5/7/2027		116,138		-			116,138		-
DLRDMV LLC	Revolver	5/7/2032		116,138		-			116,138		(581	)
EET BUYER INC	Revolver	11/8/2029		379,836		(6,647	)		379,836		(2,849	)
EINSTEIN PARENT INC	Revolver	1/22/2031		93,750		(2,578	)		93,750		(2,109	)
EXTERRO INC	Revolver	6/1/2027		311,967		(6,239	)		311,967		-
EXTERRO INC	Delayed Draw	9/10/2026		695,880		(10,438	)		695,880		-
FIRSTENROLL LLC	Revolver	9/19/2031		358,986		(7,180	)		358,986		(3,590	)
FOUNDATION RISK PARTNERS CORP	Revolver	10/29/2029		293,426		(734	)		335,343		-
FULLSTEAM OPERATIONS LLC	Delayed Draw	8/6/2027		1,529,914		(26,773	)		1,529,914		(7,650	)
FULLSTEAM OPERATIONS LLC	Revolver	8/8/2031		344,231		(7,745	)		509,971		(3,825	)
FUSION HOLDING CORP	Revolver	9/15/2028		329,632		(24,722	)		204,599		(8,695	)
GREENLIGHT INTERMEDIATE II INC	Delayed Draw	7/2/2027		814,743		-			1,317,966		(6,590	)
GS ACQUISITIONCO INC	Revolver	5/25/2028		22		(1	)		19,489		(146	)
GS ACQUISITIONCO INC	Delayed Draw	3/26/2026		-		-			25,589		-
HIREVUE INC	Delayed Draw	1/29/2027		455,087		(46,646	)		-		-
HITRUST SERVICES LLC	Revolver	3/14/2031		190,476		(952	)		190,476		(1,905	)
HONOR HN BUYER INC	Revolver	10/15/2027		117,143		-			102,500		-
HONOR HN BUYER INC	Delayed Draw	10/15/2026		345,932		-			438,633		-
HUNTER COMMNCATONS + TECH LLC	Delayed Draw	3/31/2028		1,171,592		(5,858	)		-		-
HUNTER COMMNCATONS + TECH LLC	Revolver	3/31/2032		272,463		(2,725	)		-		-
HYSCALEIX DATA CENTERS HLD LLC	Revolver	1/29/2031		349,707		(4,371	)		-		-
JOINK LLC	Delayed Draw	4/2/2027		197,385		(3,454	)		460,564		(2,303	)
JOINK LLC	Revolver	10/4/2030		-		-			87,727		(658	)


			6/30/2026					12/31/2025
Investment Name	Facility Type	Commitment Expiration Date (1)	Unfunded Commitment (2)		Fair Value (3)			Unfunded Commitment (2)		Fair Value (3)
JUNIPER SQUARE INC	Delayed Draw	11/6/2028		1,484,567		-			1,621,622		-
JUNIPER SQUARE INC	Revolver	11/6/2031		540,541		(2,703	)		540,541		(5,405	)
JUNIPER SQUARE INC	Delayed Draw	11/8/2027		1,891,892		-			2,432,432		(12,162	)
KPA PARENT HOLDINGS INC	Delayed Draw	3/15/2027		106,299		(797	)		114,943		-
KPA PARENT HOLDINGS INC	Revolver	3/12/2032		80,460		(1,006	)		80,460		-
LABVANTAGE SOLUTIONS INC	Revolver	11/23/2030		71,176		(178	)		71,176		(534	)
LAST DANCE INTERMEDIA I C LLC	Delayed Draw	1/31/2028		1,900,000		(19,000	)		-		-
LAST DANCE INTERMEDIATE II LLC	Delayed Draw	6/30/2027		-		-			387,952		-
LAST DANCE INTERMEDIATE I(c), LLC	Revolver	3/31/2031		137,386		-			137,386		(343	)
LEADVENTURE INC	Revolver	6/23/2032		389,535		(13,634	)		328,965		-
LEADVENTURE INC	Delayed Draw	6/23/2027		422,720		(13,738	)		551,017		-
LEVEL DATA LLC	Delayed Draw	3/5/2027		310,078		(6,202	)		310,078		(1,550	)
LEVEL DATA LLC	Revolver	3/5/2031		38,760		(969	)		54,264		(543	)
LIGHTSPEED BUYER INC	Delayed Draw	2/7/2028		2,519,889		(12,599	)		-		-
LIGHTSPEED BUYER INC	Revolver	2/6/2032		571,175		(5,712	)		-		-
LIVTECH PURCHASER INC	Revolver	11/24/2031		117,647		(2,941	)		117,647		(882	)
LIVTECH PURCHASER INC	Delayed Draw	11/23/2026		-		-			92,235		(692	)
MAVENLINK INC	Revolver	6/1/2029		99,325		(3,228	)		99,325		(2,483	)
MEDIALAB SOLUTIONS LLC	Revolver	8/11/2031		-		-			352,717		(3,527	)
MEDICAL MNGMNT RESRCE GRP LLC	Revolver	9/30/2026		77,389		(193	)		50,471		(505	)
MIST HOLDING CO	Revolver	12/23/2030		90,909		(227	)		90,909		-
MIST HOLDING CO	Delayed Draw	8/12/2028		1,167,077		-			1,167,077		-
MMP INTERMEDIATE LLC	Revolver	2/15/2029		237,978		-			237,978		-
MR. GREENS INTERMEDIATE, LLC	Delayed Draw	8/2/2027		404,388		-			684,350		-
MR. GREENS INTERMEDIATE, LLC	Revolver	5/1/2031		412,195		-			247,317		-
MSP GLOBAL HOLDINGS INC	Revolver	4/9/2029		397,642		(10,935	)		362,216		(5,433	)
MSP GLOBAL HOLDINGS INC	Delayed Draw	4/8/2026		-		-			222,654		(3,340	)
NASUNI CORPORATION	Revolver	9/10/2030		315,800		(1,579	)		315,800		(3,947	)
NAVIGATE360 LLC	Revolver	3/17/2028		260,083		(10,403	)		260,083		(1,300	)


			6/30/2026					12/31/2025
Investment Name	Facility Type	Commitment Expiration Date (1)	Unfunded Commitment (2)		Fair Value (3)			Unfunded Commitment (2)		Fair Value (3)
NC TOPCO, LLC	Revolver	9/1/2031		155,737		-			155,737		-
NC TOPCO, LLC	Delayed Draw	8/31/2026		-		-			389,342		-
NMI ACQUISITIONCO INC.	Revolver	9/6/2028		49,359		(494	)		197,434		(1,481	)
OPOC ACQUISITION LLC	Revolver	12/20/2030		69,930		-			69,930		(699	)
OPOC ACQUISITION LLC	Delayed Draw	12/21/2026		137,762		-			153,846		(385	)
PACE HEALTH COMPANIES, LLC	Delayed Draw	6/2/2027		782,633		-			782,638		-
PAMLICO AVANT HOLDINGS L P	Revolver	12/31/2032		959,457		(7,196	)		863,511		(8,635	)
PATRIOT ACQUIRECO LLC	Revolver	9/3/2032		540,288		(5,403	)		504,269		(5,043	)
PRIORITY ONDEMAND MID 2LP	Delayed Draw	7/15/2026		818,026		-			1,082,205		-
QUEST ANALYTICS LLC	Revolver	11/10/2032		1,095,826		(13,698	)		1,095,826		(5,479	)
QUEST ANALYTICS LLC	Delayed Draw	11/10/2027		2,739,565		(27,396	)		2,739,560		(6,849	)
QUIRCH FOODS HOLDINGS LLC	Delayed Draw	11/12/2027		449,715		(2,249	)		449,715		(2,249	)
RANGER BUYER INC	Revolver	11/18/2027		364,822		(912	)		364,822		-
RAVEN ACQUISITION HOLDINGS LLC	Delayed Draw	11/19/2026		33,568		(471	)		-		-
REP TEC INTERMEDIATE HLDGS INC	Revolver	5/30/2031		96,955		(727	)		96,955		(242	)
REVAU ADVCED UNDERWRITING INC	Delayed Draw	5/7/2027		518,266		(12,957	)		597,530		(2,988	)
RIDGE TRAIL US BIDCO INC	Revolver	3/30/2031		89,518		-			65,348		-
RIDGE TRAIL US BIDCO INC	Delayed Draw	3/30/2027		231,135		-			268,554		-
SAAB PURCHASER INC	Revolver	11/12/2031		403,437		(10,086	)		403,437		-
SAAB PURCHASER INC	Delayed Draw	9/22/2027		2,307,692		(46,154	)		2,307,692		-
SAKO AND PTNR LWR HLNGS LLC	Revolver	9/15/2028		390,778		-			289,176		-
SALISBURY HOUSE LLC	Delayed Draw	8/18/2027		1,083,907		-			1,426,194		-
SALISBURY HOUSE LLC	Revolver	8/18/2032		950,796		-			808,176		(8,082	)
SANDSTONE CARE HOLDINGS LLC	Revolver	6/28/2028		460,940		-			-		-
SANDSTONE CARE HOLDINGS LLC	Delayed Draw	7/1/2026		-		-			61,182		-
SAUCE LABS INC	Revolver	8/16/2027		275,143		(8,942	)		500,260		(13,757	)
SECOND NATURE BRANDS, INC.	Revolver	2/6/2031		88,931		(1,334	)		88,931		(667	)
SERRANO PARENT LLC	Revolver	5/13/2030		411,148		(28,780	)		540,984		(24,344	)
SLIPSTREAM IT LLC	Revolver	8/1/2031		518,701		-			518,701		(5,187	)


			6/30/2026					12/31/2025
Investment Name	Facility Type	Commitment Expiration Date (1)	Unfunded Commitment (2)		Fair Value (3)			Unfunded Commitment (2)		Fair Value (3)
SLIPSTREAM IT LLC	Delayed Draw	8/2/2027		518,701		-			518,701		(2,594	)
SOAR BUYER INC	Revolver	5/20/2032		373,269		(5,599	)		-		-
SOAR BUYER INC	Delayed Draw	5/19/2028		1,866,344		(13,998	)		-		-
SOLADOC LLC	Revolver	6/12/2028		138,282		(3,803	)		230,470		(4,609	)
TAU BUYER LLC	Revolver	2/2/2032		183,034		(16,473	)		250,677		(627	)
TAU BUYER LLC	Delayed Draw	2/1/2027		-		-			270,572		-
TELCOR BUYER INC	Revolver	8/20/2027		-		-			113,480		-
TMA BUYER LLC	Revolver	4/30/2031		174,207		(2,613	)		174,207		(1,742	)
TMA BUYER LLC	Delayed Draw	4/30/2027		135,010		(675	)		135,010		-
TOWERCO IV HOLDINGS LLC	Delayed Draw	9/23/2028		125,061		-			156,564		-
UFS LLC	Revolver	10/10/2031		345,152		(4,314	)		258,864		(2,589	)
UNGERBOECK SYS INTL LLC	Revolver	4/30/2029		17,560		(263	)		17,560		-
UNLIMITED TECHNOLOGY HOLDS LLC	Revolver	3/12/2032		117,647		(2,353	)		117,647		-
VECTRA AI INC	Delayed Draw	10/29/2026		353,355		(5,300	)		353,355		(3,534	)
VECTRA AI INC	Revolver	3/2/2028		141,342		(2,120	)		141,342		(1,413	)
VEHLO PURCHASER LLC	Revolver	5/24/2028		563,430		(5,634	)		563,430		-
VERACROSS LLC	Revolver	12/28/2027		81,756		(818	)		327,024		-
VERACROSS LLC	Delayed Draw	12/28/2027		440,833		(4,408	)		585,062		-
VISIONARY BUYER LLC	Revolver	3/21/2030		430,962		(3,232	)		430,962		(2,155	)
VISIONARY BUYER LLC	Delayed Draw	3/31/2027		390,000		(975	)		890,000		-
WALDO BUYER LLC	Delayed Draw	4/3/2028		1,411,994		(7,060	)		-		-
WALDO BUYER LLC	Revolver	4/1/2033		847,196		(8,472	)		-		-
WEALTH ENHANCEMENT GROUP LLC	Delayed Draw	12/30/2026		36,942		-			153,087		-
WEALTH ENHANCEMENT GROUP LLC	Delayed Draw	8/30/2027		308,696		-			308,696		-
WEALTH ENHANCEMENT GROUP, LLC	Revolver	10/2/2028		185,263		-			185,263		-
ZENDESK INC	Revolver	11/22/2028		497,725		(3,733	)		497,725		-
ZENDESK INC	Delayed Draw	5/15/2026		-		-			414,722		-
Total			$	61,818,218		(644,158	)	$	47,959,669	$	(210,251	)

(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(s) 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.	$	10,019	$	13,118
Total	$	10,019	$	13,118

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.

As of June 30, 2026 and December 31, 2025, the cumulative amount subject to recoupment by the Adviser under the Expense Support Agreement amounts to $6,767,576 and $6,338,120, respectively.

Net Assets

Transactions in Shares

The following table summarizes the total Common Shares issued and proceeds related to the Offering:


Share Issue Date	Shares Issued		Proceeds Received
For the Six Months Ended June 30, 2026
January 2, 2026		94,010	$	2,369,087
February 2, 2026		126,671	$	3,184,399
March 2, 2026		56,332	$	1,408,297
April 1, 2026		10,382	$	256,011
May 1, 2026		4,045	$	100,001
June 1, 2026		2,060	$	50,929
Total		293,500	$	7,368,724
For the Six Months Ended June 30, 2025
January 2, 2025		43,379	$	1,100,000
February 3, 2025		55,233	$	1,400,000
June 2, 2025		387,186	$	9,800,000
Total		485,798	$	12,300,000

Distributions

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

The following table summarizes distributions declared for the Fund’s Class I shares during the six months ended June 30, 2026:


Date Declared	Record Date	Payment Date	Amount Per Share		Dollar Amount
1/22/2026	1/30/2026	2/27/2026		0.20	$	1,313,869
2/20/2026	2/27/2026	3/31/2026		0.20		1,340,666
3/19/2026	3/31/2026	4/30/2026		0.20		1,353,474
4/20/2026	4/30/2026	5/29/2026		0.20	$	1,316,398
5/20/2026	5/29/2026	6/30/2026		0.20		1,318,817
6/18/2026	6/30/2026	7/31/2026		0.20		1,320,857
Total					$	7,964,081

The following table summarizes distributions declared for the Fund’s Class I shares during the six months ended June 30, 2025:


Date Declared	Record Date	Payment Date	Amount Per Share		Dollar Amount
1/22/2025	1/31/2025	2/28/2025	$	0.23	$	1,078,474
2/21/2025	2/28/2025	3/31/2025		0.23		1,102,112
3/21/2025	3/31/2025	4/30/2025		0.20		951,342
4/21/2025	4/30/2025	5/30/2025		0.23		1,100,796
5/20/2025	5/30/2025	6/30/2025		0.20		956,529
6/20/2025	6/30/2025	7/31/2025		0.20		1,013,316
Total					$	6,202,569

Distribution Reinvestment Plan

On May 30, 2024, the Fund adopted a distribution reinvestment plan. See Note 2 “Summary of Significant Accounting Policies–Distributions.”

The following table summarizes the total shares reinvested for the Fund’s Class I shares during the six months ended June 30, 2026:

         Date Declared

         Record Date

         Reinvestment Date

         Shares

         Dollar Amount

December 18, 2025

December 31, 2025

January 1, 2026

6,839

172,327

January 22, 2026

January 30, 2026

February 1, 2026

7,312

183,807

February 20, 2026

February 27, 2026

March 1, 2026

7,709

192,734

March 19, 2026

March 31, 2026

April 1, 2026

8,012

197,564

April 20, 2026

April 30, 2026

May 1, 2026

8,053

199,105

May 20, 2026

May 29, 2026

June 1, 2026

8,140

201,224

June 18, 2026

June 30, 2026

July 1, 2026

—

—

Total

46,065

1,146,761

The following table summarizes the total shares reinvested for the Fund’s Class I shares during the six months ended June 30, 2025:

         Date Declared

         Record Date

         Reinvestment Date

         Shares

         Dollar Amount

January 22, 2025

January 31, 2025

February 1, 2025

1,873

47,478

February 21, 2025

February 28, 2025

March 1, 2025

2,425

61,330

March 21, 2025

March 31, 2025

April 1, 2025

2,107

53,407

April 21, 2025

April 30, 2025

May 1, 2025

2,461

62,261

May 20, 2025

May 30, 2025

June 1, 2025

2,156

54,573

         June 20, 2025

         June 30, 2025

         July 1, 2025

         —

         —

Total

11,022

279,049

Share Repurchase Program

Beginning the first full calendar quarter following the date on which the Offering began, the Fund commenced a share repurchase program in which the Fund intends to repurchase, in each quarter, subject to the discretion of the Board, up to 5% of the Fund’s Common Shares outstanding (by number of shares) as of the close of the previous calendar quarter. The Board may amend, suspend or terminate the share repurchase program if it deems such action to be in the Fund’s best interest and the best interest of the Fund’s shareholders. As a result, share repurchases may not be available each quarter.

The Fund expects to repurchase shares pursuant to tender offers each quarter using a purchase price that will be disclosed in accordance with Securities Exchange Act of 1934, as amended (the “Exchange Act”), tender offer rules, except that shares that have not been outstanding for at least one year will be repurchased at 98% of such purchase price (an “Early Repurchase Deduction”). The one-year holding period is measured as of the subscription closing date immediately following the prospective repurchase date. The Early Repurchase Deduction may be waived in the case of repurchase requests arising from the death, divorce or qualified disability of the holder. The Early Repurchase Deduction will be retained by the Fund for the benefit of remaining shareholders.

The Fund intends to conduct the repurchase offers in accordance with the requirements of Rule 13e-4 promulgated under the Exchange Act and the 1940 Act. All shares purchased by the Fund pursuant to the terms of each tender offer will be retired and thereafter will be authorized and unissued shares.

During the three months ended June 30, 2026, the Fund recognized redemption fees of $100,501 in connection with shareholder repurchases conducted under its monthly tender offer program. Such fees, which are generally equal to 2% of the redemption proceeds for shares redeemed prior to satisfying the applicable holding period, were calculated based on the Fund's net asset value as of March 31, 2026. The redemption price and corresponding fee were determined using the previous quarter end valuation date. Redemption fees are retained by the Fund for the benefit of remaining shareholders. No redemption fees were recognized during the three months ended June 30, 2025.

The following table summarizes share repurchases completed during the six months ended June 30, 2026:


Six Months Ended	Repurchase Date	Total Number of Shares Offered to Repurchase		Total Number of Shares Repurchased		Total Consideration(1)		Early Repurchase Deduction			Net Consideration Paid		No. of Shares Repurchased/ Total Offer			Price Paid Per Share
June 30	4/29/2026		323,424		203,776	$	5,025,025	$	(100,501	)	$	4,924,524		63	%	$	24.66
					203,776	$	5,025,025	$	(100,501	)	$	4,924,524

(1) Amounts not inclusive of Early Repurchase Deduction.

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, 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
Net increase (decrease) in net assets from operations	$	3,473,951	$	2,547,519	$	3,843,751	$	5,637,489
Weighted average common shares outstanding		6,593,460		4,830,243		6,636,112		4,753,981
Earnings per common share-basic and diluted	$	0.53	$	0.53	$	0.58	$	1.19

Initial Portfolio

On May 1, 2024, the Fund acquired from Equitable Financial Life Insurance Company, an affiliated insurance company owned by Equitable Holdings, Inc. (the “Seller”), a select portfolio of directly originated, privately negotiated corporate loans to borrowers in the U.S. middle market (the “Initial Portfolio”). The Fund issued 4,400,000 Class I shares at $25.00 per share and used $171.3 million of $178.0 million total borrowings under the Scotia Credit Facility, to purchase the Initial Portfolio from the Seller for an aggregate purchase price of $281.3 million.

10. Financial Highlights

Below is the schedule of financial highlights of the Fund for Class I shares 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	$	25.20		$	25.36
Net investment income (loss)		1.09			1.30
Net realized and unrealized gains (losses) on investments		(0.49	)		(0.11	)
Net increase (decrease) in net assets resulting from operations	$	0.60		1.19
Distributions to shareholders		(1.20	)		(1.31	)
Net asset value, end of period	$	24.60		$	25.24
Shares outstanding, end of period		6,604,287			5,092,041
Total return at net asset value before incentive fees(2)(3)		3.01	%		5.29	%
Total return at net asset value after incentive fees(2)(3)		2.44	%		4.80	%
Ratio/Supplemental Data:
Net assets, end of period	$	162,478,878		$	128,540,045
Ratio of total expenses to weighted average net assets(4)		12.08	%		15.75	%
Ratio of net expenses to weighted average net assets(4)		11.22	%		13.48	%
Ratio of net investment income (loss) before waivers to weighted average net assets (4)		8.61	%		8.76	%
Ratio of net investment income (loss) after waivers to weighted average net assets(4)		9.47	%		11.02	%
Ratio of interest and credit facility expenses to weighted average net assets(4)		8.48	%		10.82	%
Ratio of incentive fees to weighted average net assets(3)		0.57	%		0.49	%
Portfolio turnover rate(3)		9.34	%		9.92	%
Asset coverage ratio(5)		175	%		188	%

(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 for the applicable period.

(2)

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 distribution reinvestment plan.

(3)

Not annualized.

(4)

Annualized, except for offering, incentive fees, and organizational expenses.

(5)

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.

11.

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 loss of key personnel and the ability of the Adviser and AB High Yield to attract and retain highly talented professionals;

•

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

•

the ability of the Adviser and AB High Yield (as defined below) to locate suitable investments for the Fund and to monitor and administer the Fund’s investments;

•

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 “Item 1A. Risk Factors” in 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 “Risk Factors” in the Fund’s Prospectus, 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 consolidated financial statements and the related notes thereto contained elsewhere in this Quarterly Report.

Overview

The Fund is an externally managed, non-diversified closed-end management investment company that has elected to be treated as a BDC under the 1940 Act. Formed as a Delaware statutory trust on June 8, 2023, the Fund is externally managed by AB Private Credit Investors LLC (the “Adviser” or “AB-PCI”), which is responsible for sourcing potential investments, conducting due diligence on prospective investments, analyzing investment opportunities, structuring investments and monitoring our portfolio on an ongoing basis. Our Adviser is registered as an investment adviser with the U.S. Securities and Exchange Commission (“SEC”). We also intend to elect to be treated, and intend to qualify annually thereafter, as a RIC under the Code.

Under the Fund’s Advisory Agreement (as defined below), the Fund has agreed to pay the Adviser an annual management fee as well as an incentive fee based on its investment performance. Also, under the Administration Agreement (as defined below), the Fund has agreed to reimburse the Adviser (in its capacity as administrator, the “Administrator”) for the allocable portion of expenses incurred by the Administrator in performing its obligations under the Administration Agreement. The Fund also will be liable to reimburse the Administrator for the Fund’s allocable portion of compensation of the Administrator’s personnel, including but not limited to the compensation and related expenses of the Fund’s chief compliance officer, chief financial officer and their respective staffs. The Administrator may defer or waive rights to be reimbursed for the costs and expenses noted above including the Fund’s allocable portion of compensation of the Administrator’s personnel. The Administrator will not charge the Fund any fees for its services as Administrator. AB-PCI and AB High Yield (as defined below) are both affiliates and subsidiaries of AB.

The Fund’s investment objective is to generate attractive risk-adjusted returns, predominantly in the form of current income, with select investments exhibiting the ability to capture long-term capital appreciation. The portfolio is expected to consist primarily of directly originated, privately negotiated corporate loans to borrowers in the U.S. middle market, typically involving a private equity backed issuer, and in more limited instances, venture capital supported or independently owned issuers. The Fund seeks to additionally invest in broadly syndicated loans and bonds from private and public issuers to facilitate the immediate deployment of investors’ capital subscriptions, maintain liquidity requirements, and for opportunistic purposes.

The Fund’s investment strategy focuses on directly originated, privately negotiated senior secured credit investments in primarily U.S.-based middle market companies. The Fund will primarily invest in businesses with enterprise values of $200.0 million to $2.0 billion and/or EBITDA between $10.0 million and $75.0 million, at the time of investment. The enterprise value of a company is defined as equity value, plus debt, less cash and is calculated based on a range of valuation techniques, including discounted cash flows, publicly traded comparable company analysis, and comparable transactions analysis. Calculations of EBITDA may be subject to various adjustments deemed appropriate by AB-PCI. Examples include, but are not limited to, non-cash expenses, non-recurring expenses, expected synergies or cost reductions, run-rate impact of new locations or assets, and acquisition or disposition related adjustments. The Fund may invest in larger or smaller companies if they operate in a sector where AB-PCI has expertise and/or exhibit credit characteristics consistent with our investment process, and where we believe an attractive relative risk-adjusted return can be generated for investors.

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.

Initial Portfolio

On May 1, 2024, shortly prior to our election to be regulated as a BDC, and in order to avoid the blind pool-aspects typically associated with the launch of a new fund, the Fund acquired from Equitable Financial Life Insurance Company, an affiliated insurance company owned by Equitable Holdings, Inc. (the “Seller”), a select portfolio of directly originated, privately negotiated corporate loans to borrowers in the U.S. middle market (the “Initial Portfolio”). The Fund issued 4,400,000 Class I shares at $25.00 per share and used $171.3 million of $178.0 million total borrowings under the Scotia Credit Facility (as defined below), to purchase the Initial Portfolio from the Seller for an aggregate purchase price of $281.3 million. The Fund purchased the Initial Portfolio pursuant to the terms of an Asset Purchase Agreement and a Subscription Agreement by and between us and the Seller.

The Initial Portfolio is comprised of performing U.S. dollar-denominated private credit investments that the Fund believes exhibit attractive risk-adjusted returns, diversification and qualities consistent with those prioritized by AB-PCI during the investment process. The investments and unfunded obligations in the Initial Portfolio are consistent with the Fund’s investment objectives, investment strategy and the investment requirements set forth under the 1940 Act and were selected using the same origination standards and selective investment approach that the Adviser employs for the Fund.

Investments

Under normal circumstances, the Fund will invest at least 80% of its total assets (net assets plus borrowings for investment purposes) in private credit and credit-related instruments issued by corporate issuers (including loans, notes, bonds and other corporate debt securities). If the Fund changes its 80% test, it will provide shareholders with at least 60 days’ prior notice of such change. The Fund’s level of investment activity (both the number of investments and the size of each investment) can and will vary substantially from period to period depending on many factors, including the amount of debt and equity capital available to private companies, the level of merger and acquisition activity for such companies, the general economic environment, trading prices of loans and other securities and the competitive environment for the types of investments we make.

Revenues

The Fund plans to generate revenue in the form of interest and fee income on debt investments, capital gains, and dividend income from our equity investments in our portfolio companies. The Fund’s senior and subordinated debt investments are expected to bear interest at a fixed or floating rate. Interest on debt securities is generally payable quarterly or semiannually. In some cases, some of the Fund’s investments may provide for deferred interest payments or PIK interest. The principal amount of the debt securities and any accrued but unpaid PIK interest generally will become due at the maturity date. In addition, the Fund may generate revenue in the form of commitment and other fees in connection with transactions. Original issue discounts and market discounts or premiums will be capitalized, and we will accrete or amortize such amounts as interest income. The Fund will record prepayment premiums on loans and debt securities as interest income. Dividend income, if any, will be recognized on an accrual basis to the extent that we expect to collect such amounts.

Expenses

Except as specifically provided below, all investment professionals and staff of the Adviser and AB (in its capacity as sub-adviser of the Fund, “AB High Yield”), when and to the extent engaged in providing investment advisory services to us, and the base compensation, bonus and benefits of such personnel allocable to such services, will be provided and paid for by the Adviser and the Sub-Adviser, as applicable. We will bear all other costs and expenses of our operations, administration and transactions, including, but

not limited to (a) investment advisory fees, including management fees and incentive fees, to the Adviser, pursuant to the Advisory Agreement, dated August 7, 2024, between the Fund and the Adviser (the “Advisory Agreement”), and to AB High Yield, pursuant to the Sub-Advisory Agreement, dated August 7, 2024, between the Adviser and AB High Yield; (b) the costs and expenses incurred by the Administrator in performing its administrative obligations under the Administration Agreement, dated August 7, 2024, by and between the Fund and the Administrator. We also will be liable to reimburse the Administrator for the Fund’s allocable portion of compensation of the Administrator’s personnel, including but not limited to: (i) the Fund’s chief compliance officer, chief financial officer and their respective staffs; (ii) investor relations, legal, operations and other non-investment professionals at the Administrator that perform duties for the Fund; and (iii) any internal audit group personnel of AB-PCI or any of its affiliates. The Administrator may defer or waive rights to be reimbursed for the costs and expenses noted above including the Fund’s allocable portion of compensation of the Administrator’s personnel; and (c) all other expenses of our operations, administrations and transactions.

From time to time, AB-PCI (in its capacity as the Adviser and the Administrator), AB High Yield or their affiliates may pay third-party providers of goods or services. We will reimburse AB-PCI (in its capacity as the Adviser and the Administrator), AB High Yield or such affiliates thereof for any such amounts paid on our behalf. From time to time, AB-PCI (in its capacity as the Adviser and the Administrator) and AB High Yield may defer or waive fees and/or rights to be reimbursed for expenses. All of the foregoing expenses will ultimately be borne by our shareholders, subject to the cap on organization and offering expenses described in “Item 1. Financial Statements-Notes to Financial Statements-Note 3. Related Party Transactions”.

Expense Support and Conditional Reimbursement Agreement

We have entered into an Amended and Restated Expense Support and Conditional Reimbursement Agreement with our Adviser. For additional information, see “Item 1. Financial Statements—Notes to Financial Statement—Note 3 Related Party Transactions – Expense Support and Conditional Reimbursement Agreement.”

Recent Developments

See “Item 1. Financial Statements—Notes to Financial Statement—Note 10. Subsequent Events” for a summary of recent developments.

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		(27,661,641	)	(1)	$	(11,699,269	)	(2)		(64,610,223	)	(3)	$	(21,526,905	)	(4)
Draw Downs against Revolvers and Delayed Draw Term Loan		(6,582,871	)			(3,941,513	)			(9,740,780	)			(6,056,658	)
Principal Repayments		10,383,580		(5)		13,391,794		(6)		15,689,388		(7)		37,825,202		(8)
Sales		17,290,917				—				18,123,303				—
Net Repayments (Investments)	$	(6,570,015	)		$	(2,248,988	)		$	(40,538,312	)		$	10,241,639

(1)

Includes investments in 27 portfolio companies.

(2)

Includes investments in 11 portfolio companies.

(3)

Includes investments in 88 portfolio companies.

(4)

Includes investments in 29 portfolio companies.

(5)

Includes $770,011 in revolver and delayed draw term paydowns.

(6)

Includes $81,760 in revolver and delayed draw term paydowns.

(7)

Includes $2,267,577 in revolver and delayed draw term paydowns.

(8)

Includes $735,319 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	$	376,456,536		96.95	%	$	372,640,756		96.96	%		9.32	%
Second Lien Junior Secured Debt		935,272		0.24	%		600,418		0.16	%		38.51	%
Investment Companies		2,601,497		0.67	%		2,786,209		0.72	%
Cash equivalents		8,294,884		2.14	%		8,294,884		2.16	%
Total	$	388,288,189		100.00	%	$	384,322,267		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	$	336,123,911		97.65	%	$	335,718,370		97.61	%		9.23	%
Second Lien Junior Secured Debt		926,748		0.27	%	$	812,911		0.24	%		20.22	%
Investment Companies		2,493,075		0.72	%	$	2,755,419		0.80	%
Cash equivalents		4,663,819		1.36	%	$	4,663,819		1.35	%
Total	$	344,207,553		100.00	%	$	343,950,519		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		169			132
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:


	Amortized Cost		Percentage of Total			Fair Value		Percentage of Total
Performing	$	374,881,025		99.33	%	$	371,149,052		99.44	%
Non-accrual	$	2,510,783		0.67	%	$	2,092,122		0.56	%
Total	$	377,391,808		100.00	%	$	373,241,174		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:


	Amortized Cost		Percentage of Total			Fair Value		Percentage of Total
Performing	$	337,050,659		100.00	%	$	336,531,281		100.00	%
Non-accrual	$	—		—	%	$	—		—	%
Total	$	337,050,659		100.00	%	$	336,531,281		100.00	%

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 six investments, with one portfolio company, that were on non-accrual status. As of June 30, 2025, the Fund did not have any non-accrual investments.

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 (with corresponding percentage of total portfolio investments):


	As of June 30, 2026
	Amortized Cost		Percentage of Total			Fair Value		Percentage of Total
Aerospace & Defense		988,089		0.26	%		970,326		0.26	%
Automobile Components		5,130,363		1.35	%		5,012,042		1.33	%
Automobiles		7,936,609		2.09	%		7,911,928		2.10	%
Banks		8,591,467		2.26	%		8,477,358		2.25	%
Capital Markets		1,605,867		0.42	%		1,622,423		0.43	%
Chemicals		8,547,573		2.25	%		8,502,328		2.26	%
Commercial Services & Supplies		13,914,973		3.66	%		13,919,839		3.70	%
Construction & Engineering		7,305,906		1.92	%		7,178,772		1.91	%
Containers & Packaging		1,000,784		0.26	%		981,130		0.26	%
Distributors		498,750		0.13	%		498,850		0.13	%
Diversified Consumer Services		21,021,869		5.53	%		20,930,402		5.57	%
Diversified Telecommunication Services		42,808,144		11.26	%		42,859,083		11.39	%
Electric Utilities		287,408		0.08	%		288,359		0.08	%
Electrical Equipment		1,016,685		0.27	%		1,046,473		0.28	%
Energy Equipment & Services		1,293,691		0.34	%		1,300,323		0.35	%
Financial Services		29,581,538		7.78	%		29,618,001		7.88	%
Food Products		7,087,290		1.87	%		7,088,729		1.89	%
Health Care Equipment & Supplies		3,144,324		0.83	%		3,115,774		0.83	%
Health Care Providers & Services		37,942,296		9.98	%		37,631,961		10.01	%
Health Care Technology		28,857,507		7.59	%		28,403,976		7.55	%
Hotels, Restaurants & Leisure		9,899,500		2.61	%		9,900,459		2.63	%
Insurance		21,109,454		5.56	%		20,970,249		5.58	%
Interactive Media and Services		995,197		0.26	%		990,830		0.26	%
Investment Companies		2,601,497		0.68	%		2,786,209		0.74	%
IT Services		4,559,504		1.20	%		4,539,559		1.21	%
Leisure Products		1,445,467		0.38	%		1,429,694		0.38	%
Machinery		139,539		0.04	%		140,473		0.04	%
Media		3,478,376		0.92	%		3,444,589		0.92	%
Metals & Mining		415,800		0.11	%		421,840		0.11	%
Pharmaceuticals		898,391		0.24	%		910,232		0.24	%
Professional Services		25,300,876		6.66	%		24,456,597		6.50	%
Real Estate Management & Development		8,009,333		2.11	%		8,013,652		2.13	%
Software		58,936,031		15.50	%		57,364,660		15.26	%
Technology Hardware, Storage & Peripherals		13,585,218		3.58	%		13,242,367		3.52	%
Wireless Telecommunication Services		57,989		0.02	%		57,896		0.02	%
	$	379,993,305		100.00	%	$	376,027,383		100.00	%

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 December 31, 2025 (with corresponding percentage of total portfolio investments):


	As of December 31, 2025
	Amortized Cost		Percentage of Total			Fair Value		Percentage of Total
Aerospace & Defense		495,000		0.15	%		494,690		0.15	%
Automobile Components		5,082,900		1.50	%		5,159,831		1.52	%
Automobiles		7,547,488		2.22	%		7,602,932		2.24	%
Banks		12,695,807		3.74	%		12,761,932		3.76	%
Capital Markets		782,445		0.23	%		795,188		0.23	%
Chemicals		7,561,499		2.23	%		7,562,927		2.23	%
Commercial Services & Supplies		13,444,152		3.96	%		13,431,916		3.96	%
Construction & Engineering		7,244,961		2.13	%		7,223,299		2.13	%
Containers & Packaging		1,001,000		0.29	%		1,000,170		0.30	%
Diversified Consumer Services		24,997,674		7.36	%		25,082,869		7.39	%
Diversified Telecommunication Services		31,618,193		9.31	%		31,664,217		9.33	%
Electrical Equipment		1,589,663		0.47	%		1,594,535		0.47	%
Entertainment		496,312		0.15	%		499,500		0.15	%
Financial Services		23,154,219		6.82	%		23,269,308		6.86	%
Food Products		6,992,582		2.06	%		6,998,053		2.06	%
Health Care Equipment & Supplies		6,383,644		1.88	%		6,404,742		1.89	%
Health Care Providers & Services		31,747,527		9.35	%		31,586,184		9.31	%
Health Care Technology		21,537,445		6.34	%		21,485,343		6.33	%
Hotels, Restaurants & Leisure		10,032,368		2.95	%		10,042,820		2.96	%
Insurance		19,091,680		5.62	%		19,124,188		5.64	%
Investment Companies		2,493,075		0.73	%		2,755,419		0.81	%
IT Services		1,487,755		0.44	%		1,490,452		0.44	%
Leisure Products		1,145,400		0.34	%		1,150,577		0.34	%
Machinery		987,902		0.29	%		993,693		0.29	%
Media		3,947,654		1.16	%		3,894,894		1.15	%
Oil, Gas & Consumable Fuels		608,475		0.18	%		611,397		0.18	%
Personal Care Products		189,542		0.06	%		190,870		0.06	%
Pharmaceuticals		901,637		0.27	%		909,859		0.27	%
Professional Services		24,023,977		7.08	%		23,601,793		6.96	%
Real Estate Management & Development		8,189,439		2.41	%		8,215,526		2.42	%
Software		48,146,069		14.18	%		47,718,190		14.06	%
Technology Hardware, Storage & Peripherals		13,436,383		3.96	%		13,478,906		3.97	%
Wireless Telecommunication Services		489,867		0.14	%		490,480		0.14	%
Total	$	339,543,734		100.00	%	$	339,286,700		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, 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
Total investment income	$	8,729,451		$	7,118,177		$	16,894,473		$	14,496,908
Total expenses		5,159,934			4,491,451			10,264,907			9,805,764
Less: expenses reimbursed by the Adviser		(186,018	)		(538,876	)		(706,665	)		(1,554,031	)
Income tax expense, including excise tax		27,313			75,220			71,888			75,220
Net investment income after tax		3,728,222			3,090,382			7,264,343			6,169,955
Net realized and change in unrealized gains (losses) on investment transactions:		274,416			—			294,476			—
Net realized gain (loss) from:
Net realized and change in unrealized appreciation and depreciation on investments		(528,687	)		(542,863	)		(3,715,068	)		(532,466	)
Net increase in net assets resulting from operations	$	3,473,951		$	2,547,519		$	3,843,751		$	5,637,489

Investment Income

For the three and six months ended June 30, 2026, the Fund’s investment income was comprised of $8,612,772 and $16,658,926 of interest income, which included $216,466 and $423,569 from the net amortization of premium and accretion of discounts, $77,046 and $168,057 of payment-in-kind interest, and $39,633 and $67,490 of dividend income, respectively. For the three and six months ended June 30, 2025, the Fund’s investment income was comprised of $7,006,888 and $ 14,274,108 of interest income, respectively.

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, 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
Interest and borrowing expenses	$	3,561,198	$	3,054,805		$	6,920,503	$	6,400,324
Offering fee expense		—		133,610			—		534,442
Income-based incentive fee	$	524,910		354,808		$	936,204		649,909
Other expenses	$	108,800		172,960		$	203,928		299,924
Management fees	$	506,638		381,133		$	1,022,648		746,266
Professional fees	$	326,589		325,136		$	941,403		976,872
Directors' Fees	$	44,016		51,312		$	88,033		102,625
Trustees’ fees	$	15,157		9,895		$	25,657		20,277
Capital gain incentive fee		—		(67,859	)		—		(66,559	)
Administration and custodian fees	$	64,583		69,849		$	110,220		129,919
Transfer agent fees	$	8,043		5,802		$	16,311		11,765
Total expenses		5,159,934		4,491,451			10,264,907		9,805,764
Income tax expense, including excise tax		27,313		75,220			71,888		75,220
Total expenses	$	5,187,247	$	4,566,671		$	10,336,795	$	9,880,984

Total operating expenses for the three and six months ended June 30, 2026, increased by approximately $532,068 and $322,728, respectively, compared to the three and six months ended June 30, 2025. The increase is attributable primarily to lower offering fee expenses, offset by higher management fees and income-based incentive fees.

Interest and Borrowing Expenses

Interest and borrowing expenses include interest, amortization of deferred financing costs, upfront commitment fees and unused fees on the unused portion of the Credit Facilities. Interest and borrowing expenses for the three and six months ended June 30, 2026 were $3,561,198 and $6,920,503, respectively. Interest and borrowing expenses for the three and six months ended June 30, 2025 were $3,054,805 and $6,400,324, respectively. The weighted average interest rate for the three and six months ended June 30, 2026 were 5.64% and 5.70%, respectively.

Management Fee

The gross management fee expenses for the three and six months ended June 30, 2026 were $506,638 and $1,022,648, respectively and for the three and six months ended June 30, 2025 were $381,133 and $746,266, respectively.

Net Change in Unrealized Appreciation (Depreciation) on Investments

For the three and six months ended June 30, 2026, the Fund had $528,687 and $3,715,068, respectively in net change in unrealized depreciation on $376,027,383 , of investments in 169 portfolio companies. Net change in unrealized depreciation for the period for the three and six months ended June 30, 2026, resulted from a decrease in fair value, primarily due to negative valuation adjustments on level 3 securities.

For the three and six months ended June 30, 2025, the Fund had $542,863 and $532,466, respectively in net change in unrealized depreciation on $269,156,378, of investments in 94 portfolio companies. Net change in unrealized depreciation for the three and six months ended June 30, 2025, resulted from an increase in fair value, primarily due to positive valuation adjustments on level 3 securities.

Net Increase (Decrease) in Net Assets Resulting from Operations

For the three and six months ended June 30, 2026, the net increase in net assets resulting from operations was $3,473,951 and $3,843,751, respectively. Based on the weighted average Common Shares outstanding for the three and six months ended June 30, 2026, the Fund’s per share net increase (decrease) in net assets resulting from operations was $0.53 and $0.58, respectively.

For the three and six months ended June 30, 2025, the net increase in net assets resulting from operations was $2,547,519 and $5,637,489, respectively. Based on the weighted average Common Shares outstanding for the three and six months ended June 30, 2025, the Fund’s per share net increase in net assets resulting from operations was $0.53 and $1.19, respectively.

Cash Flows

For the six months ended June 30, 2026, cash increased by $1,937,998. During the same period, the Fund used $28,000,162 in operating activities, primarily as a result of purchases of investments. During the six months ended June 30, 2026, the Fund generated $29,938,160 from financing activities, primarily from borrowings on Notes, and issuance of Shares.

For the six months ended June 30, 2025, cash decreased by $4,749,925. During the same period, cash used in operating activities was $15,036,748, primarily as a result of net purchases of investments. The Fund used $19,786,673 from financing activities, primarily from distributions paid, repayments of credit facilities and financing costs paid, offset by the issuance of Common Shares.

Hedging

The Fund may enter into interest rate, foreign exchange, and/or other derivative arrangements to hedge against interest rate, currency, and/or other credit related risks through the use of futures, options and forward contracts. These hedging activities will be subject to the applicable legal and regulatory compliance requirements; however, there can be no assurance any hedging strategy employed will be successful. The Fund may also seek to borrow capital in local currency as a means to hedging non-U.S. dollar denominated investments. For the six months ended June 30, 2026 and 2025, the Fund did not enter into any hedging contracts.

Financial Condition, Liquidity and Capital Resources

As of June 30, 2026, and December 31, 2025 the Fund had $9,387,115 and $7,449,117 in cash and cash equivalents, respectively. The Fund expects to generate cash primarily from (i) the net proceeds of the Offering, (ii) cash flows from the Fund’s operations, (iii) any financing arrangements now existing or that the Fund may enter into in the future and (iv) any future offerings of the Fund’s equity or debt securities. The Fund intends to sell its shares on a continuous monthly basis at a per share price equal to the then-current NAV per share.

The Fund’s primary uses of cash will be for (i) investments in portfolio companies and other investments, (ii) the cost of operations (including paying AB-PCI (in its capacity as the Adviser and the Administrator) or AB High Yield), (iii) cost of any borrowings or other financing arrangements and (iv) cash distributions to the holders of our Common Shares.

Cash and cash equivalents as of June 30, 2026, taken together with the Fund’s $127,750,000 undrawn amount on its Credit Facilities, is expected to be sufficient for the Fund’s investing activities and to conduct the Fund’s operations for at least the next twelve months.

A deterioration in economic conditions or any other negative economic developments could restrict our access to financing in the future. We may not be able to find new financing for future investments or liquidity needs and, even if we are able to obtain such financing, such financing may not be on as favorable terms as we have previously obtained. These factors may limit our ability to make new investments and adversely impact our results of operations.

As of June 30, 2026, the Fund has unfunded commitments to fund future investments in the amount of $61,818,218 and contractual obligations in the form of Credit Facilities of $217,250,000.

Equity Activity

The Fund can offer up to $1,000,000,000 of Common Shares in the Offering on a “best efforts” basis through Alliance Bernstein Investments, Inc., the Managing Dealer, a registered broker-dealer.

During the six months ended June 30, 2026, the Fund issued 293,500 Class I Shares for total proceeds of approximately $7,368,724.

Distributions and Distribution Reinvestment

The following table summarizes our distributions declared and payable per class of Common Shares for the three and six months ended June 30, 2026. The Fund declared $7,964,081 during the six months ended June 30, 2025.


Declaration Year	Class S Shares		Class D Shares		Class I shares
2026		—		—	$	7,964,081

Reinvestment	Amount		Shares
2026	$	1,146,761		46,065

With respect to distributions, the Fund has adopted an “opt out” distribution reinvestment plan for shareholders (other than shareholders residing in certain states that require an “opt in” plan). As a result, in the event of a declared cash distribution or other distribution, each shareholder that has not “opted out” of the distribution reinvestment plan will have their dividends or distributions automatically reinvested in additional shares (net of any applicable withholding tax) rather than receiving cash distributions. Shareholders who receive distributions in the form of shares will be subject to the same U.S. federal, state and local tax consequences as if they received cash distributions. Shareholders located in Alabama, Arkansas, Idaho, Kansas, Kentucky, Maine, Maryland, Massachusetts, Nebraska, New Jersey, North Carolina, Ohio, Oregon, Vermont and Washington, as well as those who are clients of certain participating brokers that do not permit automatic enrollment in our distribution reinvestment plan, will automatically receive their distributions in cash unless they elect to participate in our distribution reinvestment plan and have their cash distributions reinvested in additional Common Shares.

Sources of distributions, other than net investment income and realized gains on a U.S. GAAP basis, include required adjustments to U.S. GAAP net investment income in the current period to determine taxable income available for distributions. The following table reflects the sources of cash distributions on a U.S. GAAP basis that we declared on our Common Shares during the six months ended June 30, 2026:


	Six Months Ended June, 2026					Year Ended December 31, 2025
	Amount		Percentage			Amount		Percentage
Source of Distributions
Cash flows used in operating activities	$	3,843,751		100	%	$	12,085,915		100	%
Net gains from investment realizations		—		—	%		—		—	%
Indebtedness		—		—	%		—		—	%
Total sources of distributions	$	3,843,751		100	%	$	12,085,915		100	%

Year-to-date cash flows from operating activities	$	3,843,751		0	%	$	12,085,915		100	%

Share Repurchase Program

The Fund has commenced a share repurchase program in which the Fund may repurchase, in each quarter, at the discretion of the Board, up to 5% of the NAV of the Fund’s Common Shares outstanding (either by number of shares or aggregate NAV) as of the close of the previous calendar quarter. The Board may amend or suspend the share repurchase program at any time if in its reasonable judgment it deems such action to be in the best interest of shareholders, such as when a repurchase offer would place an undue burden on the Fund’s liquidity, adversely affect the Fund’s operations or risk having an adverse impact on the Fund that would outweigh the benefit of the repurchase offer. As a result, share repurchases may not be available each quarter. The Fund intends to conduct such repurchase offers in accordance with the requirements of Rule 13e-4 promulgated under the Exchange Act and the 1940 Act. All shares purchased pursuant to the terms of each tender offer will be retired and thereafter will be authorized and unissued shares.

Under the share repurchase plan, to the extent the Fund offers to repurchase shares in any particular quarter, it is expected to repurchase shares pursuant to tender offers using a purchase price equal to the NAV per share as of the last calendar day of the applicable quarter, except that shares that have not been outstanding for at least one year will be repurchased net of the Early Repurchase Deduction. The one-year holding period for the Early Repurchase Deduction is measured as of the subscription closing date immediately following the prospective repurchase date. The Early Repurchase Deduction may be waived in the case of repurchase requests arising from the death, divorce or qualified disability of the holder. The Early Repurchase Deduction will be retained by the Fund for the benefit of remaining shareholders across all shares.

During the three months ended June 30, 2026, the Fund recognized redemption fees of $100,501 in connection with shareholder repurchases conducted under its monthly tender offer program. Such fees, which are generally equal to 2% of the redemption proceeds for shares redeemed prior to satisfying the applicable holding period, were calculated based on the Fund's net asset value as of March 31, 2026. Although the related tender offer expired and was settled during April 2026, the redemption price and corresponding redemption fees were determined using the March 31, 2026 valuation date. Redemption fees are retained by the Fund for the benefit of remaining shareholders and are recorded as an increase to net assets. No redemption fees were recognized during the three months ended June 30, 2025.

The following table summarizes share repurchases completed during the six months ended June 30, 2026:


Six Months Ended	Repurchase Date	Total Number of Shares Offered to Repurchase		Total Number of Shares Repurchased		Total Consideration (1)		Early Repurchase Deduction			Net Consideration Paid		No. of Shares Repurchased/ Total Offer			Price Paid Per Share
June 30	4/29/2026		323,424		203,776	$	5,025,025	$	(100,501	)	$	4,924,524		63	%	$	24.66
					203,776	$	5,025,025	$	(100,501	)	$	4,924,524

(1) Amounts not inclusive of Early Repurchase Deduction.

For the six months ended June 30, 2025, there were no shares tendered.

Co-Investment Relief


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	61

Item 3.	Quantitative and Qualitative Disclosures About Market Risk	76

Item 4.	Controls and Procedures	77

PART II.	OTHER INFORMATION	77

Item 1.	Legal Proceedings	77

Item 1A.	Risk Factors	77

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	78

Item 3.	Defaults Upon Senior Securities	78

Item 4.	Mine Safety Disclosures	78

Item 5.	Other Information	78

Item 6.	Exhibits	79

SIGNATURES


☒	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


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	$	(9,930,375	)		(6,517,500	)		(3,412,875	)
Down 200 basis points	$	(6,919,334	)		(4,345,000	)		(2,574,334	)
Down 100 basis points	$	(3,462,476	)		(2,172,500	)		(1,289,976	)
Down 25 basis points	$	(865,619	)		(543,125	)		(322,494	)
Up 100 basis points	$	3,462,476			2,172,500			1,289,976
Up 200 basis points	$	6,924,951			4,345,000			2,579,951
Up 300 basis points	$	10,387,427			6,517,500			3,869,927


4.1	Amended and Restated Distribution Reinvestment Plan, effective as of May 7, 2026 (incorporated by reference to Exhibit 4.1 to the Fund’s Current Report on Form 8-K (File No. 814-01744) filed on May 8, 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*

101.LAB	Inline XBRL Taxonomy Label Linkbase Document*

101.PRE	Inline XBRL Taxonomy Presentation Linkbase Document*

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


		AB PRIVATE LENDING FUND

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
		(Principal Financial and Accounting Officer)