QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED MARCH 31, 2022

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

(I.R.S. Employer

Identification No.)

Title of each class

Trading Symbol(s)

Name of each exchange on which  registered

INDEX

PART I.

Item 1.

Consolidated Financial Statements

Item 2.

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

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Item 4.

Controls and Procedures

PART II.

Item 1.

Legal Proceedings

Item 1A.

Risk Factors

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

Item 3.

Defaults Upon Senior Securities

Item 4.

Mine Safety Disclosures

Item 5.

Other Information

Item 6.

Exhibits

SIGNATURES

Financial Statements

Assets

Investments, at fair value (amortized cost of $946,391,430 and $885,880,524, respectively)

Cash and cash equivalents

Interest receivable

Deferred financing costs

Receivable for fund shares

Receivable for investments sold

Prepaid expenses

Prepaid directors’ fee

Total assets

Liabilities

Credit facility payable

Notes payable (net of unamortized discount of $20,661 and $21,813, respectively, and debt issuance costs of $399,273 and $673,583, respectively)

Secured borrowings

Distribution payable

Payable for Fund shares repurchased

Interest and borrowing expenses payable

Management fees payable

Incentive fee payable

Professional fees payable

Payable to Adviser

Administrator and custodian fees payable

Miscellaneous payable

Payable for investments purchased

Accrued expenses and other liabilities

Transfer agent fees payable

Total liabilities

Commitments and Contingencies (Note 6)

Net Assets

Common stock, par value $0.01 per share (200,000,000 shares authorized, 38,544,494 and 35,343,949 shares issued and outstanding at March 31, 2022 and December 31, 2021, respectively)

Paid-in capital in excess of par value

Distributable earnings (accumulated loss)

Total net assets of AB Private Credit Investors Corporation

Non-Controlling Interest in ABPCIC Equity Holdings, LLC

Total net assets

Total liabilities and net assets

Net asset value per share of AB Private Credit Investors Corporation

Investment Income:

Interest income, net of amortization/accretion

Payment-in-kind interest

Dividend income

Total investment income

Expenses:

Interest and borrowing expenses

Management fees

Income-based incentive fee

Professional fees

Collateral management fees

Administration and custodian fees

Insurance expenses

Directors’ fees

Transfer agent fees

Capital gains incentive fee

Other expenses

Total expenses

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

Waived collateral management fees

Waived management fees

Net expenses

Net investment income before taxes

Income tax expense, including excise tax

Net investment income after tax

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

Net realized gain (loss) from investments

Net change in unrealized appreciation (depreciation) on investments

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

Net increase in net assets resulting from operations

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

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

Net investment income per share (basic and diluted):

Net investment income per share (basic and diluted):

Earnings per share (basic and diluted):

Weighted average shares outstanding:

Net assets at December 31, 2021

Increase (decrease) in net assets resulting from operations:

Net investment income

Net realized gain (loss) on investments

Net change in unrealized appreciation (depreciation) on investments

Capital transactions:

Issuance of common stock

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

Issuance of common shares pursuant to distribution reinvestment plan

Repurchase of common stock

Distributions to stockholders

Total increase (decrease) for the three months ended March 31, 2022

Net assets at March 31, 2022

Distributions declared per share

Net assets at December 31, 2020

Increase (decrease) in net assets resulting from operations:

Net investment income

Net realized gain (loss) on investments

Net change in unrealized appreciation (depreciation) on investments

Capital transactions:

Issuance of common stock

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

Issuance of common shares pursuant to distribution reinvestment plan

Repurchase of common stock

Distributions to stockholders

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

Net assets at March 31, 2021

Distributions declared per share

Cash flows from operating activities

Net increase (decrease) in net assets resulting from operations

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

Purchases of investments

Payment-in-kind investments

Proceeds from sales of investments and principal repayments

Net realized (gain) loss on investments

Net change in unrealized (appreciation) depreciation on investments

Amortization of premium and accretion of discount, net

Amortization of discount, debt issuance and deferred financing costs

Increase (decrease) in operating assets and liabilities:

(Increase) decrease in receivable for investments sold

(Increase) decrease in interest receivable

(Increase) decrease in other assets

(Increase) decrease in prepaid directors’ fee

(Increase) decrease in prepaid expenses

Increase (decrease) in payable for investments purchased

Increase (decrease) in due to affiliate

Increase (decrease) in management fees payable

Increase (decrease) in payable to Adviser

Increase (decrease) in administrator and custodian fees payable

Increase (decrease) in professional fees payable

Increase (decrease) in miscellaneous payable

Increase (decrease) in incentive fee payable

Increase (decrease) in transfer agent fees payable

Increase (decrease) in interest and borrowing expenses payable

Increase (decrease) in accrued organization costs

Increase (decrease) in accrued expenses and other liabilities

Net cash provided by (used for) operating activities

Cash flows from financing activities

Issuance of common stock

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

Repurchase of common stock

Distributions paid

Financing costs paid

Borrowings on credit facility

Repayments of credit facility

Repayments on secured borrowings

Net cash provided by (used for) financing activities

Net increase (decrease) in cash

Cash and cash equivalents, beginning of period

Cash and cash equivalents, end of period

Supplemental and non-cash financing activities

Cash paid during the period for interest

Issuance of common shares pursuant to distribution reinvestment plan

State taxes paid

Portfolio Company

Industry

Facility Type

Interest

Maturity

AmerCareRoyal, LLC⁽¹⁾

AmerCareRoyal, LLC⁽²⁾

AmerCareRoyal, LLC⁽¹⁾

BEP Borrower Holdco,
LLC^{(2) (3)}

BEP Borrower Holdco,
LLC^{(4) (5)}

BEP Borrower Holdco,
LLC⁽¹⁾

Engage2Excel, Inc.^{(1) (4)}

Engage2Excel, Inc.⁽¹⁾

Engage2Excel, Inc.⁽¹⁾

Global Radar Holdings,
LLC^{(4) (5)}

Global Radar Holdings,
LLC^{(2) (3)}

Metametrics, Inc.^{(4) (5)}

Metametrics, Inc.^{(1) (2)}

MSM Acquisitions, Inc.⁽⁴⁾

MSM Acquisitions, Inc.⁽²⁾

MSM Acquisitions, Inc.⁽⁴⁾

MSM Acquisitions, Inc.^{(1) (2) (3)}

Rep Tec Intermediate Holdings,
Inc.^{(4) (5)}

Rep Tec Intermediate Holdings,
Inc.^{(1) (2) (3)}

Valcourt Holdings II, LLC^{(1) (4)}

Valcourt Holdings II, LLC⁽²⁾

Valcourt Holdings II, LLC⁽²⁾

Valcourt Holdings II, LLC^{(1) (2)}

AEG Holding Company, Inc.⁽¹⁾

AEG Holding Company, Inc.^{(4) (5)}

AEG Holding Company, Inc.⁽³⁾

AEG Holding Company, Inc.⁽¹⁾

Ampler QSR Holdings, LLC^{(2) (3)}

Blink Holdings, Inc.⁽¹⁾

Blink Holdings, Inc.

Blink Holdings, Inc.⁽¹⁾

Captain D’s, Inc.^{(4) (5)}

Captain D’s, Inc.⁽¹⁾

Freddy’s Frozen Custard, L.L.C^{(4) (5)}

Freddy’s Frozen Custard, L.L.C^{(2) (3)}

Krispy Krunchy Foods, L.L.C^{(4) (5)}

Krispy Krunchy Foods, L.L.C^{(2) (3)}

Mathnasium LLC⁽⁴⁾

Mathnasium LLC^{(1) (2)}

MMP Intermediate, LLC^{(4) (5)}

MMP Intermediate, LLC^{(1) (2)}

PF Growth Partners, LLC⁽¹⁾

PF Growth Partners, LLC⁽¹⁾

PF Growth Partners, LLC⁽¹⁾

TBG Food Acquisition Corp^{(4) (5)}

TBG Food Acquisition Corp^{(4) (5)}

TBG Food Acquisition Corp^{(1) (2)}

5 Bars, LLC^{(4) (5)}

5 Bars, LLC^{(4) (5)}

5 Bars, LLC⁽³⁾

Portfolio Company

Industry

Facility Type

Interest

Maturity

Airwavz Solutions, Inc^{(4) (5)}

Airwavz Solutions, Inc^{(4) (5)}

Airwavz Solutions, Inc⁽³⁾

Avant Communications, LLC^{(4) (5)}

Avant Communications, LLC^{(1) (2)}

Bridgepointe Technologies, LLC^{(4) (5)}

Bridgepointe Technologies, LLC^{(3) (4)}

Bridgepointe Technologies, LLC^{(4) (5)}

Bridgepointe Technologies, LLC^{(1) (2)}

Coretelligent Intermediate LLC⁽⁴⁾

Coretelligent Intermediate LLC^{(4) (5)}

Coretelligent Intermediate LLC^{(1) (2) (3)}

EvolveIP, LLC

EvolveIP, LLC⁽⁴⁾

EvolveIP, LLC⁽¹⁾

Fatbeam, LLC^{(4) (5)}

Fatbeam, LLC

Fatbeam, LLC^{(2) (3)}

Firstdigital Communications LLC^{(4) (5)}

Firstdigital Communications LLC^{(2) (3)}

MBS Holdings, Inc.^{(4) (5)}

MBS Holdings, Inc.^{(1) (2) (3)}

MSP Global Holdings, Inc.^{(4) (5)}

MSP Global Holdings, Inc.⁽⁴⁾

MSP Global Holdings, Inc.^{(2) (3)}

NI Topco, Inc⁽⁴⁾

NI Topco, Inc^{(2) (3)}

Single Digits, Inc.⁽²⁾

Single Digits, Inc.^{(4) (5)}

Single Digits, Inc.⁽¹⁾

Stratus Networks, Inc.^{(4) (5) (6)}

Stratus Networks, Inc.^{(4) (6) (7)}

Stratus Networks, Inc.^{(2) (6)}

Thrive Buyer, Inc.^{(1) (2) (4)}

Thrive Buyer, Inc.^{(4) (5)}

Thrive Buyer, Inc.^{(1) (2) (3)}

Towerco IV Holdings, LLC^{(1) (2) (4)}

Portfolio Company

Industry

Facility Type

Interest

Maturity

Transtelco Holding, Inc.⁽²⁾

Transtelco Holding,
Inc.^{(1) (2) (3)}

Accelerate Resources Operating, LLC^{(4) (5)}

Accelerate Resources Operating, LLC⁽¹⁾

BEXP I OG, LLC^{(4) (5)}

BEXP I OG, LLC^{(4) (5)}

BEXP I OG, LLC⁽²⁾

Bowline Energy, LLC⁽¹⁾

Foundation Risk Partners,
Corp.^{(3) (4)}

Foundation Risk Partners,
Corp.^{(4) (5)}

Foundation Risk Partners,
Corp.^{(1) (2) (3)}

Galway Borrower, LLC^{(4) (8)}

Galway Borrower, LLC^{(4) (5)}

Galway Borrower, LLC^{(1) (2)}

Higginbotham Insurance Agency, Inc.^{(2) (4)}

Higginbotham Insurance Agency, Inc.^{(1) (2) (3)}

Peter C. Foy & Associates Insurance Services, LLC⁽⁴⁾

Purchasing Power, LLC⁽¹⁾

TA/WEG Holdings, LLC⁽⁴⁾

TA/WEG Holdings, LLC⁽⁴⁾

AAH Topco, LLC^{(4) (5)}

AAH Topco, LLC^{(4) (5)}

AAH Topco, LLC^{(1) (2) (3)}

American Physician Partners, LLC^{(1) (2)}

American Physician Partners, LLC⁽⁴⁾

American Physician Partners, LLC⁽²⁾

American Physician Partners, LLC⁽¹⁾

American Physician Partners, LLC^{(1) (2)}

Analogic Corporation⁽⁴⁾

Analogic Corporation^{(1) (3)}

AOM Acquisition, LLC.^{(4) (5)}

AOM Acquisition, LLC.^{(1) (2)}

BAART Programs, Inc.^{(4) (9)}

BAART Programs, Inc.^{(1) (2) (9)}

Caregiver 2, Inc.

Caregiver 2, Inc.⁽³⁾

Caregiver 2, Inc.⁽³⁾

Caregiver 2, Inc.⁽²⁾

Choice Health At Home,
LLC,^{(4) (5)}

Choice Health At Home,
LLC,^{(1) (2)}

Coding Solutions Acquisition, Inc.^{(4) (5)}

Coding Solutions Acquisition, Inc.⁽⁴⁾

Coding Solutions Acquisition, Inc.^{(2) (3)}

Community Based Care Acquisition, Inc.⁽⁴⁾

Community Based Care Acquisition, Inc.^{(4) (10)}

Community Based Care Acquisition, Inc.^{(1) (2)}

Portfolio Company

Industry

Facility Type

Interest

Maturity

Delaware Valley Management Holdings, Inc.^{(4) (5)}

Delaware Valley Management Holdings, Inc.

Delaware Valley Management Holdings, Inc.

Ethos Veterinary Health, LLC⁽¹⁾

Ethos Veterinary Health, LLC⁽¹⁾

FH MD Buyer, Inc.^{(1) (2)}

GHA Buyer, Inc.⁽²⁾

GHA Buyer, Inc.⁽⁴⁾

GHA Buyer, Inc.⁽¹⁾

GHA Buyer, Inc.^{(1) (3)}

GHA Buyer, Inc.⁽³⁾

GHA Buyer, Inc.⁽¹⁾

GHA Buyer, Inc.⁽¹⁾

Honor HN Buyer, Inc⁽⁴⁾

Honor HN Buyer, Inc^{(4) (5)}

Honor HN Buyer, Inc^{(1) (2)}

Kindeva Drug Delivery L.P.⁽⁴⁾

Kindeva Drug Delivery L.P.^{(1) (2) (3)}

Medbridge Holdings, LLC⁽⁴⁾

Medbridge Holdings, LLC^{(1) (2)}

Medical Management Resource Group, LLC^{(4) (5)}

Medical Management Resource Group, LLC^{(4) (5)}

Medical Management Resource Group, LLC⁽²⁾

Medsuite Purchaser, LLC^{(4) (5) (11)}

Medsuite Purchaser, LLC^{(4) (5) (11)}

Medsuite Purchaser, LLC^{(4) (5) (11)}

Medsuite Purchaser, LLC^{(1) (2) (11)}

OMH-HealthEdge Holdings, LLC^{(4) (5)}

OMH-HealthEdge Holdings, LLC⁽²⁾

OMH-HealthEdge Holdings, LLC⁽²⁾

OMH-HealthEdge Holdings, LLC⁽¹⁾

Pace Health Companies, LLC^{(4) (5)}

Pace Health Companies, LLC⁽¹⁾

PAW Midco, Inc.

Pinnacle Dermatology Management, LLC^{(4) (5)}

Pinnacle Dermatology Management, LLC^{(4) (12)}

Pinnacle Dermatology Management, LLC^{(1) (2) (3)}

Pinnacle Treatment Centers, Inc.⁽²⁾

Pinnacle Treatment Centers, Inc.^{(4) (5)}

Pinnacle Treatment Centers, Inc.^{(2) (3)}

Platinum Dermatology Partners, LLC⁽¹³⁾

Platinum Dermatology Partners, LLC⁽¹⁾

Platinum Dermatology Partners, LLC⁽¹⁴⁾

Platinum Dermatology Partners, LLC⁽¹⁾