10-Q
falseQ3--12-310001634452As of September 30, 2023, qualifying assets represented 97.48% of total assets. Under the 1940 Act we may not acquire any non-qualifying assets unless, at the time the acquisition is made, qualifying assets represent at least 70% of our total assets.Unless otherwise indicated, all securities are valued using significant unobservable inputs, which are categorized as Level 3 assets under the definition of Financial Accounting Standards Board’s Accounting Standards Codification 820 fair value hierarchy.Generally, the interest rate on floating interest rate investments is at benchmark rate plus spread. The borrower has an option to choose the benchmark rate, such as the London Interbank Offered Rate (“LIBOR”), Secured Overnight Financing Rate including adjustment, if any (“SOFR”) or the U.S. Prime rate. The spread may change based on the type of rate used. The terms in the Consolidated Schedule of Investments disclose the actual interest rate in effect as of the reporting period. LIBOR and SOFR loans are typically indexed to 30-day, 60-day, 90-day or 180-day rates (1M, 3M or 6M, respectively) at the borrower’s option. LIBOR and SOFR loans may be subject to interest floors. As of September 30, 2023, rates for weekly 1M L, 3M L 6M L, 1M S, 3M S and 6M S are 5.43%, 5.66%, 5.90%, 5.32%, 5.40% and 5.47%, respectively. As of September 30, 2023, the U.S. Prime rate was 8.50%.Position, or a portion thereof, has been segregated to collateralize ABPCIC Funding IV, LLC.Percentages are based on net assets.Unless otherwise indicated, all securities represent co-investments made with the Fund’s affiliates in accordance with the terms of the exemptive relief received from the U.S. Securities and Exchange Commission. See Note 3 “Related Party Transactions”. Certain previously disclosed industry classifications have been expanded to add additional sub-industries. Investments fitting into the new sub-industries have been reclassified accordingly.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”.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.Position, or a portion thereof, has been segregated to collateralize ABPCIC Funding II, LLC.Position, or a portion thereof, has been segregated to collateralize ABPCI Direct Lending Fund CLO XIII Ltd.Position, or a portion thereof, has been segregated to collateralize ABPCI Direct Lending Fund CLO VI Ltd. The investment is on non-accrual status. See Note 2 “Significant Accounting Policies.”Non-income producing investment.Positions considered non-qualified assets therefore excluded from the qualifying assets calculation as noted in footnote + above.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”.Position or portion thereof is held through a consolidated subsidiary.Controlled affiliated investment. See Note 3 “Related Party Transactions”.As of December 31, 2022, qualifying assets represented 96.90% of total assets. Under the 1940 Act we may not acquire any non-qualifying assets unless, at the time the acquisition is made, qualifying assets represent at least 70% of our total assets.Generally, the interest rate on floating interest rate investments is at benchmark rate plus spread. The borrower has an option to choose the benchmark rate, such as the London Interbank Offered Rate (“LIBOR”), Secured Overnight Financing Rate including adjustment, if any (“SOFR”) or the U.S. Prime rate. The spread may change based on the type of rate used. The terms in the Consolidated Schedule of Investments disclose the actual interest rate in effect as of the reporting period. LIBOR and SOFR loans are typically indexed to 30-day, 60-day, 90-day or 180-day rates (1M, 3M or 6M, respectively) at the borrower’s option. LIBOR and SOFR loans may be subject to interest floors. As of December 31, 2022, rates for weekly 1M L, 3M L 6M L, 1M S, 3M S and 6M S are 4.39%, 4.73%, 5.15%, 4.42%, 4.73% and 4.98%, respectively. As of December 31, 2022, the U.S. Prime rate was 7.50%.Position, or a portion thereof, has been segregated to collateralize ABPCIC Funding III, LLC.This investment has multiple reference rates or alternate base rates. The All-in interest rate shown is the weighted average interest rate in effect at December 31, 2022.This investment has multiple reference rates or alternate base rates. The All-in interest rate shown is the weighted average interest rate in effect at September 30, 2023.Millin Purchaser LLC. has been renamed to Medsuite Purchaser, LLC in 2022. Securities exempt from registration under the Securities Act of 1933, and may be deemed to be “restricted securities”. As of September 30, 2023, the aggregate fair value of these securities is $20,683,486 or 4.11% of the Fund’s net assets. The initial acquisition dates have been included for such securities.As defined in the Investment Company Act, the investment is deemed to be a “controlled affiliated person” of the Fund because the Fund owns, either directly or indirectly, 25% or more of the portfolio company’s outstanding voting securities or has the power to exercise control over management or policies of such portfolio company. See Note 3 “Related Party Transactions”.Non-controlled affiliated investment. See Note 3 “Related Party Transactions”.TA/WEG Holdings, LLC has been renamed to Wealth Enhancement Group, LLC in 2022.See consolidated schedule of investments for industry classifications.Cybergrants Holdings, LLC has been renamed to Bonterra LLC in 2022.Carrying value is net of unamortized discount and debt issuance costs. Unamortized discount and debt issuance costs associated with the Notes totaled $399,530 and $4,040,529 as of September 30, 2023 and are reflected on the consolidated statements of assets and liabilities.Securities exempt from registration under the Securities Act of 1933, and may be deemed to be “restricted securities”. As of December 31, 2022, the aggregate fair value of these securities is $17,633,209 or 3.86% of the Fund’s net assets. The initial acquisition dates have been included for such securities.Excluded from the ASC 820 fair value hierarchy as fair value is measured using the net asset value per share practical expedient.The rate shown is the annualized seven-day yield as of December 31, 2022.Included within ‘Cash and cash equivalents’ on the Consolidated Statements of Assets and Liabilities.Categorized as Level 1 assets under the definition of ASC 820 fair value hierarchy.Aggregate gross unrealized appreciation for federal income tax purposes is $7,142,498; aggregate gross unrealized depreciation for federal income tax purposes is $30,898,346. Net unrealized depreciation is $23,755,848 based upon a tax cost basis of $1,146,272,943.The rate shown is the annualized seven-day yield as of September 30, 2023.Aggregate gross unrealized appreciation for federal income tax purposes is $12,681,567; aggregate gross unrealized depreciation for federal income tax purposes is $32,364,282. Net unrealized depreciation is $19,682,715 based upon a tax cost basis of $1,269,941,830.Gross additions may include increases in the cost basis of investments resulting from new portfolio investments, PIK, the accretion of discounts, the exchange of one or more existing securities for one or more new securities and the movement of an existing portfolio company into this category from a different category. Gross reductions may include decreases in the cost basis of investments resulting from principal collections related to investment repayments or sales, the exchange of one or more existing securities for one or more new securities and the movement of an existing portfolio company out of this category into a different category.MedMark Services, Inc. has been renamed to BAART Programs, Inc. in 2022.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.Carrying value is net of unamortized discount and debt issuance costs. Unamortized discount and debt issuance costs associated with the VI Notes totaled $414,624 and $1,229,809, respectively, as of December 31, 2022 and are reflected on the consolidated statements of assets and liabilities. Carrying value is net of unamortized discount and debt issuance costs. Unamortized discount and debt issuance costs associated with the VI Notes totaled $399,530 and $833,892, respectively, as of September 30, 2023 and are reflected on the consolidated statements of assets and liabilities.Carrying value is net of unamortized discount and debt issuance costs. Unamortized discount and debt issuance costs associated with the XIII Notes totaled $0 and $3,206,637, respectively, as of September 30, 2023 and are reflected on the consolidated statements of assets and liabilities. Weighted averages are calculated based on fair value of investments.Net of $2,724,958 of which tendered shareholders have been released in 2023. Saturn Borrower Inc. has been renamed to Stratus Networks, Inc. in 2022.Calculated as the amount of the stated interest and borrowing expenses divided by average borrowings during the period. Carrying value is net of unamortized discount and debt issuance costs. Unamortized discount and debt issuance costs associated with the Notes totaled $414,624 and $1,229,809 as of December 31, 2022 and are reflected on the consolidated statements of assets and liabilities. 0001634452 2023-01-01 2023-09-30 0001634452 2023-11-14 0001634452 2022-01-01 2022-09-30 0001634452 2022-09-30 0001634452 2023-09-30 0001634452 2022-12-31 0001634452 2022-07-01 2022-09-30 0001634452 2023-07-01 2023-09-30 0001634452 2022-01-01 2022-12-31 0001634452 2021-12-31 0001634452 2022-06-30 0001634452 2023-06-30 0001634452 abpcic:NonControlledAffiliatedInvestmentsMember 2023-09-30 0001634452 us-gaap:InvestmentsMember 2023-09-30 0001634452 abpcic:ControlledAffiliatedInvestmentsMember 2023-09-30 0001634452 us-gaap:RelatedPartyMember 2023-09-30 0001634452 srt:OfficerMember 2023-09-30 0001634452 abpcic:CreditAgreementMember abpcic:JoinderAndThirdAmendmentToTheRevolvingCreditAgreementMember abpcic:HsbcMember 2023-09-30 0001634452 abpcic:AmendmentTwoToTheLoanAndFinancingAgreementMember abpcic:SynovusCreditFacilityMember abpcic:SynovusBankSpecialityFinanceDivisionMember us-gaap:RevolvingCreditFacilityMember 2023-09-30 0001634452 abpcic:NatixisCreditFacilityMember abpcic:NatixisMember us-gaap:RevolvingCreditFacilityMember abpcic:AmendementToTheCreditAgreementFourMember 2023-09-30 0001634452 abpcic:NotesPayableMember 2023-09-30 0001634452 abpcic:OrdinaryShareMember 2023-09-30 0001634452 us-gaap:NotesPayableOtherPayablesMember 2023-09-30 0001634452 abpcic:TwentyninethmarchtwothousandandtwentythreeMember 2023-09-30 0001634452 abpcic:TwentyEightJuneTwoThousandAndTwentyThreeMember 2023-09-30 0001634452 abpcic:TwentySevenSeptemberTwoThousandAndTwentyThreeMember 2023-09-30 0001634452 abpcic:AdvisoryAgreementMember 2023-09-30 0001634452 abpcic:TransferAgentFeesMember us-gaap:RelatedPartyMember 2023-09-30 0001634452 abpcic:CapitalGainsIncentiveFeeMember us-gaap:RelatedPartyMember 2023-09-30 0001634452 srt:MaximumMember 2023-09-30 0001634452 srt:MinimumMember 2023-09-30 0001634452 abpcic:DatacorIncMember us-gaap:RevolvingCreditFacilityMember abpcic:SeniorSecuredDebtFirstLienMember 2023-09-30 0001634452 abpcic:DegreedIncMember abpcic:DelayedDrawTermLoanOneMember abpcic:SeniorSecuredDebtFirstLienMember 2023-09-30 0001634452 us-gaap:RevolvingCreditFacilityMember abpcic:FoundationRiskPartnersCorpMember abpcic:SeniorSecuredDebtFirstLienMember 2023-09-30 0001634452 abpcic:SeniorSecuredDebtFirstLienMember abpcic:IodineSoftwareLlcMember us-gaap:RevolvingCreditFacilityMember 2023-09-30 0001634452 abpcic:SeniorSecuredDebtFirstLienMember abpcic:NavigateThreeHundredAndSixtyLLCMember us-gaap:RevolvingCreditFacilityMember 2023-09-30 0001634452 us-gaap:RevolvingCreditFacilityMember abpcic:PennTRGRPHoldingsLLCMember abpcic:SeniorSecuredDebtFirstLienMember 2023-09-30 0001634452 abpcic:SalisburyHouseLLCMember abpcic:SeniorSecuredDebtFirstLienMember us-gaap:RevolvingCreditFacilityMember 2023-09-30 0001634452 abpcic:DelayedDrawTermLoanMember abpcic:SDCAtlasAcquistioncoLLCMember abpcic:SeniorSecuredDebtFirstLienMember 2023-09-30 0001634452 us-gaap:RevolvingCreditFacilityMember abpcic:SDCAtlasAcquistioncoLLCMember abpcic:SeniorSecuredDebtFirstLienMember 2023-09-30 0001634452 abpcic:TowercoFourHoldingsLLCMember abpcic:DelayedDrawTermLoanOneMember abpcic:SeniorSecuredDebtFirstLienMember 2023-09-30 0001634452 abpcic:MSPGlobalHoldingsIncMember abpcic:SeniorSecuredDebtFirstLienMember us-gaap:RevolvingCreditFacilityMember 2023-09-30 0001634452 abpcic:MSPGlobalHoldingsIncMember abpcic:SeniorSecuredDebtFirstLienMember abpcic:DelayedDrawTermLoanMember 2023-09-30 0001634452 abpcic:MrGreensIntermediateLlcMember abpcic:SeniorSecuredDebtFirstLienMember us-gaap:RevolvingCreditFacilityMember 2023-09-30 0001634452 abpcic:PingIdentityCorporationMember us-gaap:RevolvingCreditFacilityMember abpcic:SeniorSecuredDebtFirstLienMember 2023-09-30 0001634452 abpcic:PinnacleDermatologyManagementLLCMember abpcic:SeniorSecuredDebtFirstLienMember abpcic:DelayedDrawTermLoanMember 2023-09-30 0001634452 abpcic:PinnacleDermatologyManagementLLCMember abpcic:SeniorSecuredDebtFirstLienMember us-gaap:RevolvingCreditFacilityMember 2023-09-30 0001634452 abpcic:PinnacleTreatmentCentersIncMember us-gaap:RevolvingCreditFacilityMember abpcic:SeniorSecuredDebtFirstLienMember 2023-09-30 0001634452 abpcic:PriorityOndemandMidco2LPMember abpcic:SeniorSecuredDebtFirstLienMember abpcic:DelayedDrawTermLoanMember 2023-09-30 0001634452 abpcic:DelayedDrawTermLoanMember abpcic:SeniorSecuredDebtFirstLienMember abpcic:RaceFincoLlcThreeMember 2023-09-30 0001634452 us-gaap:RevolvingCreditFacilityMember abpcic:SeniorSecuredDebtFirstLienMember abpcic:RaceFincoLlcThreeMember 2023-09-30 0001634452 abpcic:NetwrixCorporationAndConceptSearchingIncMember abpcic:SeniorSecuredDebtFirstLienMember us-gaap:RevolvingCreditFacilityMember 2023-09-30 0001634452 abpcic:OMHHealthEdgeHoldingsLLCMember abpcic:SeniorSecuredDebtFirstLienMember us-gaap:RevolvingCreditFacilityMember 2023-09-30 0001634452 abpcic:PaceHealthCompaniesLLCMember abpcic:SeniorSecuredDebtFirstLienMember us-gaap:RevolvingCreditFacilityMember 2023-09-30 0001634452 abpcic:NetwrixCorporationAndConceptSearchingIncMember abpcic:DelayedDrawTermLoanMember abpcic:SeniorSecuredDebtFirstLienMember 2023-09-30 0001634452 abpcic:MykaarmaAcquisitionLlcMember abpcic:SeniorSecuredDebtFirstLienMember us-gaap:RevolvingCreditFacilityMember 2023-09-30 0001634452 us-gaap:RevolvingCreditFacilityMember abpcic:SeniorSecuredDebtFirstLienMember abpcic:TelesoftHoldingsLLCMember 2023-09-30 0001634452 us-gaap:RevolvingCreditFacilityMember abpcic:UnanetInc.Member abpcic:SeniorSecuredDebtFirstLienMember 2023-09-30 0001634452 abpcic:DelayedDrawTermLoanMember abpcic:UnanetInc.Member abpcic:SeniorSecuredDebtFirstLienMember 2023-09-30 0001634452 abpcic:MetametricsIncMember abpcic:SeniorSecuredDebtFirstLienMember us-gaap:RevolvingCreditFacilityMember 2023-09-30 0001634452 abpcic:MMPIntermediateLLCMember abpcic:SeniorSecuredDebtFirstLienMember us-gaap:RevolvingCreditFacilityMember 2023-09-30 0001634452 abpcic:MoonBuyerIncMember us-gaap:RevolvingCreditFacilityMember abpcic:SeniorSecuredDebtFirstLienMember 2023-09-30 0001634452 abpcic:MrGreensIntermediateLlcMember abpcic:SeniorSecuredDebtFirstLienMember abpcic:DelayedDrawTermLoanMember 2023-09-30 0001634452 abpcic:SeniorSecuredDebtFirstLienMember abpcic:DelayedDrawTermLoanMember abpcic:MedsuitePurchaserLLCMember 2023-09-30 0001634452 abpcic:MedsuitePurchaserLLCMember abpcic:SeniorSecuredDebtFirstLienMember us-gaap:RevolvingCreditFacilityMember 2023-09-30 0001634452 abpcic:MedicalManagementResourceGroupLlcMember us-gaap:RevolvingCreditFacilityMember abpcic:SeniorSecuredDebtFirstLienMember 2023-09-30 0001634452 abpcic:DelayedDrawTermLoanMember abpcic:SeniorSecuredDebtFirstLienMember abpcic:KaseyaIncMember 2023-09-30 0001634452 us-gaap:RevolvingCreditFacilityMember abpcic:SeniorSecuredDebtFirstLienMember abpcic:KaseyaIncMember 2023-09-30 0001634452 us-gaap:RevolvingCreditFacilityMember abpcic:SeniorSecuredDebtFirstLienMember abpcic:MathnasiumLLCMember 2023-09-30 0001634452 us-gaap:RevolvingCreditFacilityMember abpcic:SeniorSecuredDebtFirstLienMember abpcic:MavelinkIncMember 2023-09-30 0001634452 us-gaap:RevolvingCreditFacilityMember abpcic:SeniorSecuredDebtFirstLienMember abpcic:MBSHoldingsIncMember 2023-09-30 0001634452 abpcic:DelayedDrawTermLoanOneMember abpcic:SeniorSecuredDebtFirstLienMember abpcic:HonorHNBuyerIncMember 2023-09-30 0001634452 us-gaap:RevolvingCreditFacilityMember abpcic:SeniorSecuredDebtFirstLienMember abpcic:HonorHNBuyerIncMember 2023-09-30 0001634452 abpcic:DelayedDrawTermLoanOneMember abpcic:SeniorSecuredDebtFirstLienMember abpcic:IodineSoftwareLlcMember 2023-09-30 0001634452 us-gaap:RevolvingCreditFacilityMember abpcic:SeniorSecuredDebtFirstLienMember abpcic:HirevueIncMember 2023-09-30 0001634452 us-gaap:RevolvingCreditFacilityMember abpcic:SeniorSecuredDebtFirstLienMember abpcic:MedbridgeHoldingsLLCMember 2023-09-30 0001634452 us-gaap:RevolvingCreditFacilityMember abpcic:AirwavzSolutionsIncMember abpcic:SeniorSecuredDebtFirstLienMember 2023-09-30 0001634452 abpcic:AMIUSHoldingsIncMember abpcic:SeniorSecuredDebtFirstLienMember us-gaap:RevolvingCreditFacilityMember 2023-09-30 0001634452 abpcic:SeniorSecuredDebtFirstLienMember us-gaap:RevolvingCreditFacilityMember abpcic:AvalaraInc.Member 2023-09-30 0001634452 abpcic:SeniorSecuredDebtFirstLienMember us-gaap:RevolvingCreditFacilityMember abpcic:AOMAcquisitionLLCMember 2023-09-30 0001634452 us-gaap:RevolvingCreditFacilityMember abpcic:SeniorSecuredDebtFirstLienMember abpcic:EETBuyerIncMember 2023-09-30 0001634452 us-gaap:RevolvingCreditFacilityMember abpcic:SeniorSecuredDebtFirstLienMember abpcic:DispatachTrackLLCMember 2023-09-30 0001634452 abpcic:DegreedIncMember us-gaap:RevolvingCreditFacilityMember abpcic:SeniorSecuredDebtFirstLienMember 2023-09-30 0001634452 abpcic:SeniorSecuredDebtFirstLienMember us-gaap:RevolvingCreditFacilityMember abpcic:BonterraLLCMember 2023-09-30 0001634452 abpcic:StratusNetworksIncThreeMember abpcic:SeniorSecuredDebtFirstLienMember abpcic:DelayedDrawTermLoanMember 2023-09-30 0001634452 abpcic:SeniorSecuredDebtFirstLienMember abpcic:SparkDSOLLCMember us-gaap:RevolvingCreditFacilityMember 2023-09-30 0001634452 abpcic:SoladocLlcMember abpcic:SeniorSecuredDebtFirstLienMember us-gaap:RevolvingCreditFacilityMember 2023-09-30 0001634452 abpcic:SoladocLlcMember abpcic:SeniorSecuredDebtFirstLienMember abpcic:DelayedDrawTermLoanMember 2023-09-30 0001634452 abpcic:SeniorSecuredDebtFirstLienMember us-gaap:RevolvingCreditFacilityMember abpcic:SyntaxSystemsLimitedMember 2023-09-30 0001634452 abpcic:DelawareValleyManagementHoldingsIncMember abpcic:DelayedDrawTermLoanOneMember 2023-09-30 0001634452 abpcic:SeniorSecuredDebtFirstLienMember abpcic:RedwoodFamilyCareNetworkIncMember us-gaap:RevolvingCreditFacilityMember 2023-09-30 0001634452 abpcic:RedwoodFamilyCareNetworkIncMember abpcic:DelayedDrawTermLoanMember abpcic:SeniorSecuredDebtFirstLienMember 2023-09-30 0001634452 abpcic:RangerBuyerIncMember abpcic:SeniorSecuredDebtFirstLienMember us-gaap:RevolvingCreditFacilityMember 2023-09-30 0001634452 abpcic:SeniorSecuredDebtFirstLienMember abpcic:DelayedDrawTermLoanOneMember abpcic:GTreasurySSLLCMember 2023-09-30 0001634452 abpcic:SeniorSecuredDebtFirstLienMember abpcic:DelayedDrawTermLoanMember abpcic:GTreasurySSLLCMember 2023-09-30 0001634452 abpcic:RevolvingCreditFacilityOneMember abpcic:SeniorSecuredDebtFirstLienMember abpcic:FusionRiskManagementIncMember 2023-09-30 0001634452 us-gaap:RevolvingCreditFacilityMember abpcic:SeniorSecuredDebtFirstLienMember abpcic:FusionHoldingCorpMember 2023-09-30 0001634452 abpcic:SandstoneCareHoldingsLLCMember abpcic:SeniorSecuredDebtFirstLienMember abpcic:DelayedDrawTermLoanMember 2023-09-30 0001634452 abpcic:DelayedDrawTermLoanMember abpcic:SeniorSecuredDebtFirstLienMember abpcic:SalisburyHouseLLCMember 2023-09-30 0001634452 us-gaap:RevolvingCreditFacilityMember abpcic:SakoAndPartnersLowerHoldingsLLCMember abpcic:SeniorSecuredDebtFirstLienMember 2023-09-30 0001634452 abpcic:SakoAndPartnersLowerHoldingsLLCMember abpcic:SeniorSecuredDebtFirstLienMember abpcic:DelayedDrawTermLoanMember 2023-09-30 0001634452 abpcic:SandstoneCareHoldingsLLCMember abpcic:SeniorSecuredDebtFirstLienMember us-gaap:RevolvingCreditFacilityMember 2023-09-30 0001634452 abpcic:SauceLabsIncMember abpcic:DelayedDrawTermLoanMember abpcic:SeniorSecuredDebtFirstLienMember 2023-09-30 0001634452 abpcic:SerranoParentLlcMember us-gaap:RevolvingCreditFacilityMember abpcic:SeniorSecuredDebtFirstLienMember 2023-09-30 0001634452 abpcic:SecuronixIncMember abpcic:SeniorSecuredDebtFirstLienMember us-gaap:RevolvingCreditFacilityMember 2023-09-30 0001634452 abpcic:SauceLabsIncMember us-gaap:RevolvingCreditFacilityMember abpcic:SeniorSecuredDebtFirstLienMember 2023-09-30 0001634452 abpcic:SirsiCorporationMember abpcic:SeniorSecuredDebtFirstLienMember us-gaap:RevolvingCreditFacilityMember 2023-09-30 0001634452 abpcic:SingleDigitsIncMember abpcic:RevolvingCreditFacilityOneMember abpcic:SeniorSecuredDebtFirstLienMember 2023-09-30 0001634452 abpcic:SmileBrandsIncMember us-gaap:RevolvingCreditFacilityMember abpcic:SeniorSecuredDebtFirstLienMember 2023-09-30 0001634452 abpcic:SISPurchaserIncMember abpcic:SeniorSecuredDebtFirstLienMember us-gaap:RevolvingCreditFacilityMember 2023-09-30 0001634452 abpcic:SCABuyerLLCMember abpcic:SeniorSecuredDebtFirstLienMember us-gaap:RevolvingCreditFacilityMember 2023-09-30 0001634452 abpcic:SeniorSecuredDebtFirstLienMember abpcic:SaviyntIncMember us-gaap:RevolvingCreditFacilityMember 2023-09-30 0001634452 abpcic:SeniorSecuredDebtFirstLienMember abpcic:SaviyntIncMember abpcic:DelayedDrawTermLoanMember 2023-09-30 0001634452 abpcic:SeniorSecuredDebtFirstLienMember us-gaap:RevolvingCreditFacilityMember abpcic:RepTecIntermediateHoldingsIncMember 2023-09-30 0001634452 abpcic:SyntaxSystemsLimitedMember abpcic:SeniorSecuredDebtFirstLienMember abpcic:DelayedDrawTermLoanMember 2023-09-30 0001634452 abpcic:SugarCRMIncMember abpcic:SeniorSecuredDebtFirstLienMember us-gaap:RevolvingCreditFacilityMember 2023-09-30 0001634452 abpcic:StratusNetworksIncThreeMember abpcic:SeniorSecuredDebtFirstLienMember us-gaap:RevolvingCreditFacilityMember 2023-09-30 0001634452 abpcic:SundanceGroupHoldingsIncMember us-gaap:RevolvingCreditFacilityMember abpcic:SeniorSecuredDebtFirstLienMember 2023-09-30 0001634452 abpcic:SwiftPageIncMember abpcic:RevolvingCreditFacilityOneMember abpcic:SeniorSecuredDebtFirstLienMember 2023-09-30 0001634452 abpcic:TBGFoodAcquisitionCorpMember abpcic:SeniorSecuredDebtFirstLienMember abpcic:DelayedDrawTermLoanOneMember 2023-09-30 0001634452 us-gaap:RevolvingCreditFacilityMember abpcic:SeniorSecuredDebtFirstLienMember abpcic:TelcorBuyerIncMember 2023-09-30 0001634452 abpcic:TBGFoodAcquisitionCorpMember abpcic:SeniorSecuredDebtFirstLienMember us-gaap:RevolvingCreditFacilityMember 2023-09-30 0001634452 us-gaap:RevolvingCreditFacilityMember abpcic:SeniorSecuredDebtFirstLienMember abpcic:TheCenterForOrthopedicAndResearchExcellenceIncMember 2023-09-30 0001634452 abpcic:DelayedDrawTermLoanMember abpcic:SeniorSecuredDebtFirstLienMember abpcic:TheCenterForOrthopedicAndResearchExcellenceIncMember 2023-09-30 0001634452 abpcic:SeniorSecuredDebtFirstLienMember us-gaap:RevolvingCreditFacilityMember abpcic:ThriveBuyerIncOneMember 2023-09-30 0001634452 us-gaap:RevolvingCreditFacilityMember abpcic:UngerboeckSystemsInternationalLLCMember abpcic:SeniorSecuredDebtFirstLienMember 2023-09-30 0001634452 abpcic:SeniorSecuredDebtFirstLienMember abpcic:VeholoPurchaseLLCMember 2023-09-30 0001634452 abpcic:SeniorSecuredDebtFirstLienMember abpcic:RevolvingCreditFacilityOneMember abpcic:VectraAIIncMember 2023-09-30 0001634452 us-gaap:RevolvingCreditFacilityMember abpcic:SeniorSecuredDebtFirstLienMember abpcic:VhagarPurchaserLlcMember 2023-09-30 0001634452 abpcic:SeniorSecuredDebtFirstLienMember abpcic:DelayedDrawTermLoanMember abpcic:VhagarPurchaserLlcMember 2023-09-30 0001634452 abpcic:VeracrossLlcMember us-gaap:RevolvingCreditFacilityMember abpcic:SeniorSecuredDebtFirstLienMember 2023-09-30 0001634452 abpcic:VelocityPurchaseCorporationMember abpcic:SeniorSecuredDebtFirstLienMember abpcic:RevolvingCreditFacilityOneMember 2023-09-30 0001634452 abpcic:SeniorSecuredDebtFirstLienMember abpcic:WealthEnhancementGroupLLCMember abpcic:DelayedDrawTermLoanMember 2023-09-30 0001634452 abpcic:SeniorSecuredDebtFirstLienMember abpcic:WealthEnhancementGroupLLCMember us-gaap:RevolvingCreditFacilityMember 2023-09-30 0001634452 abpcic:SeniorSecuredDebtFirstLienMember abpcic:ZendeskInc.Member us-gaap:RevolvingCreditFacilityMember 2023-09-30 0001634452 abpcic:SeniorSecuredDebtFirstLienMember abpcic:ZendeskInc.Member abpcic:DelayedDrawTermLoanMember 2023-09-30 0001634452 abpcic:SeniorSecuredDebtFirstLienMember abpcic:WestDermatologyMember us-gaap:RevolvingCreditFacilityMember 2023-09-30 0001634452 abpcic:SeniorSecuredDebtFirstLienMember abpcic:WestDermatologyMember abpcic:DelayedDrawTermLoanOneMember 2023-09-30 0001634452 abpcic:SeniorSecuredDebtFirstLienMember 2023-09-30 0001634452 abpcic:SeniorSecuredDebtFirstLienMember abpcic:DelayedDrawTermLoanMember abpcic:AAHTopcoLLCMember 2023-09-30 0001634452 us-gaap:RevolvingCreditFacilityMember abpcic:SeniorSecuredDebtFirstLienMember abpcic:FirstDigitalCommunicationsLLCMember 2023-09-30 0001634452 us-gaap:RevolvingCreditFacilityMember abpcic:SeniorSecuredDebtFirstLienMember abpcic:FaithlifeIncMember 2023-09-30 0001634452 us-gaap:RevolvingCreditFacilityMember abpcic:SeniorSecuredDebtFirstLienMember abpcic:ExterroIncMember 2023-09-30 0001634452 abpcic:FoundationRiskPartnersCorpMember abpcic:SeniorSecuredDebtFirstLienMember abpcic:DelayedDrawTermLoanOneMember 2023-09-30 0001634452 us-gaap:RevolvingCreditFacilityMember abpcic:SeniorSecuredDebtFirstLienMember abpcic:GHABuyerIncMember 2023-09-30 0001634452 us-gaap:RevolvingCreditFacilityMember abpcic:SeniorSecuredDebtFirstLienMember abpcic:GalwayBrowserLLCMember 2023-09-30 0001634452 abpcic:SeniorSecuredDebtFirstLienMember us-gaap:RevolvingCreditFacilityMember abpcic:GTreasurySSLLCMember 2023-09-30 0001634452 abpcic:GreenhouseSoftwareMember us-gaap:RevolvingCreditFacilityMember abpcic:SeniorSecuredDebtFirstLienMember 2023-09-30 0001634452 abpcic:RevolvingCreditFacilityOneMember abpcic:SeniorSecuredDebtFirstLienMember abpcic:GreenhouseSoftwareMember 2023-09-30 0001634452 abpcic:DelayedDrawTermLoanMember abpcic:SeniorSecuredDebtFirstLienMember abpcic:GreenlightIntermediateTwoIncMember 2023-09-30 0001634452 abpcic:DelayedDrawTermLoanOneMember abpcic:SeniorSecuredDebtFirstLienMember abpcic:GryphonRedwoodAcquisitionLLCMember 2023-09-30 0001634452 us-gaap:RevolvingCreditFacilityMember abpcic:SeniorSecuredDebtFirstLienMember abpcic:GsAcquisitionCoIncMember 2023-09-30 0001634452 abpcic:AccelerateResourcesOpeningLLCMember abpcic:DelayedDrawTermLoanMember abpcic:SeniorSecuredDebtFirstLienMember 2023-09-30 0001634452 abpcic:AccelerateResourcesOpeningLLCMember abpcic:RevolvingCreditFacilityOneMember abpcic:SeniorSecuredDebtFirstLienMember 2023-09-30 0001634452 abpcic:AegHoldingCompanyInc.Member abpcic:RevolvingCreditFacilityOneMember abpcic:SeniorSecuredDebtFirstLienMember 2023-09-30 0001634452 abpcic:AMIUSHoldingsIncMember abpcic:SeniorSecuredDebtFirstLienMember abpcic:RevolvingCreditFacilityOneMember 2023-09-30 0001634452 abpcic:BridgePointeTechnologiesLLCMember us-gaap:RevolvingCreditFacilityMember abpcic:SeniorSecuredDebtFirstLienMember 2023-09-30 0001634452 abpcic:BSTwelveHoldNettleLLCMember us-gaap:RevolvingCreditFacilityMember abpcic:SeniorSecuredDebtFirstLienMember 2023-09-30 0001634452 abpcic:BusinessSolverComIncMember abpcic:DelayedDrawTermLoanMember abpcic:SeniorSecuredDebtFirstLienMember 2023-09-30 0001634452 abpcic:BVEMSBuyerIncMember abpcic:DelayedDrawTermLoanMember abpcic:SeniorSecuredDebtFirstLienMember 2023-09-30 0001634452 abpcic:CerifiLLCMember us-gaap:RevolvingCreditFacilityMember abpcic:SeniorSecuredDebtFirstLienMember 2023-09-30 0001634452 abpcic:ChoiceHealthAtHomeLLCMember abpcic:DelayedDrawTermLoanMember abpcic:SeniorSecuredDebtFirstLienMember 2023-09-30 0001634452 abpcic:AAHTopcoLLCMember us-gaap:RevolvingCreditFacilityMember abpcic:SeniorSecuredDebtFirstLienMember 2023-09-30 0001634452 abpcic:SeniorSecuredDebtFirstLienMember abpcic:ActivSoftwareHoldingsLLCMember us-gaap:RevolvingCreditFacilityMember 2023-09-30 0001634452 abpcic:SeniorSecuredDebtFirstLienMember abpcic:DelayedDrawTermLoanMember abpcic:AirwavzSolutionsIncMember 2023-09-30 0001634452 abpcic:SeniorSecuredDebtFirstLienMember abpcic:AdmiralBuyerIncMember us-gaap:RevolvingCreditFacilityMember 2023-09-30 0001634452 abpcic:SeniorSecuredDebtFirstLienMember abpcic:DelayedDrawTermLoanMember abpcic:AdmiralBuyerIncMember 2023-09-30 0001634452 abpcic:SeniorSecuredDebtFirstLienMember us-gaap:RevolvingCreditFacilityMember abpcic:BrightspotBuyerIncMember 2023-09-30 0001634452 abpcic:BridgePointeTechnologiesLLCMember abpcic:DelayedDrawTermLoanOneMember abpcic:SeniorSecuredDebtFirstLienMember 2023-09-30 0001634452 abpcic:SeniorSecuredDebtFirstLienMember us-gaap:RevolvingCreditFacilityMember abpcic:BannekerVAcquisitionMember 2023-09-30 0001634452 abpcic:SeniorSecuredDebtFirstLienMember us-gaap:RevolvingCreditFacilityMember abpcic:AvettaLLCMember 2023-09-30 0001634452 abpcic:SeniorSecuredDebtFirstLienMember us-gaap:RevolvingCreditFacilityMember abpcic:AvantCommunicationsLLCMember 2023-09-30 0001634452 abpcic:CodingSolutionsAcquisitionIncMember us-gaap:RevolvingCreditFacilityMember abpcic:SeniorSecuredDebtFirstLienMember 2023-09-30 0001634452 abpcic:CodingSolutionsAcquisitionIncMember abpcic:DelayedDrawTermLoanOneMember abpcic:SeniorSecuredDebtFirstLienMember 2023-09-30 0001634452 abpcic:CommunityBasedCareAcquisitionMember abpcic:DelayedDrawTermLoanOneMember abpcic:SeniorSecuredDebtFirstLienMember 2023-09-30 0001634452 abpcic:CommunityBasedCareAcquisitionMember us-gaap:RevolvingCreditFacilityMember abpcic:SeniorSecuredDebtFirstLienMember 2023-09-30 0001634452 abpcic:CommunityBrandsParentcoLLCMember abpcic:DelayedDrawTermLoanMember abpcic:SeniorSecuredDebtFirstLienMember 2023-09-30 0001634452 abpcic:CommunityBrandsParentcoLLCMember us-gaap:RevolvingCreditFacilityMember abpcic:SeniorSecuredDebtFirstLienMember 2023-09-30 0001634452 abpcic:CoretelligentIntermediateLLCMember abpcic:DelayedDrawTermLoanMember abpcic:SeniorSecuredDebtFirstLienMember 2023-09-30 0001634452 abpcic:CoretelligentIntermediateLLCMember us-gaap:RevolvingCreditFacilityMember abpcic:SeniorSecuredDebtFirstLienMember 2023-09-30 0001634452 abpcic:CoupaHoldingsLlcMember abpcic:DelayedDrawTermLoanMember abpcic:SeniorSecuredDebtFirstLienMember 2023-09-30 0001634452 abpcic:CoupaHoldingsLlcMember us-gaap:RevolvingCreditFacilityMember abpcic:SeniorSecuredDebtFirstLienMember 2023-09-30 0001634452 us-gaap:RevolvingCreditFacilityMember abpcic:HsbcMember 2023-09-30 0001634452 us-gaap:RevolvingCreditFacilityMember abpcic:SynovusBankSpecialityFinanceDivisionMember 2023-09-30 0001634452 us-gaap:RevolvingCreditFacilityMember abpcic:NatixisMember 2023-09-30 0001634452 us-gaap:RevolvingCreditFacilityMember 2023-09-30 0001634452 us-gaap:FairValueInputsLevel1Member us-gaap:CashEquivalentsMember abpcic:InvestmentCompaniesMember 2023-09-30 0001634452 us-gaap:FairValueInputsLevel2Member us-gaap:CashEquivalentsMember abpcic:InvestmentCompaniesMember 2023-09-30 0001634452 us-gaap:FairValueInputsLevel3Member us-gaap:CashEquivalentsMember abpcic:InvestmentCompaniesMember 2023-09-30 0001634452 us-gaap:CashEquivalentsMember abpcic:InvestmentCompaniesMember 2023-09-30 0001634452 us-gaap:FairValueInputsLevel1Member us-gaap:CashEquivalentsMember 2023-09-30 0001634452 us-gaap:FairValueInputsLevel2Member us-gaap:CashEquivalentsMember 2023-09-30 0001634452 us-gaap:FairValueInputsLevel3Member us-gaap:CashEquivalentsMember 2023-09-30 0001634452 us-gaap:CashEquivalentsMember 2023-09-30 0001634452 abpcic:ClassAOneRSeniorSecuredRateFloatingRateNoteMember 2023-09-30 0001634452 abpcic:ClassASeniorSecuredRateFloatingRateNoteMember 2023-09-30 0001634452 abpcic:ClassBSeniorSecuredFloatingRateNoteMember 2023-09-30 0001634452 us-gaap:SubordinatedDebtMember 2023-09-30 0001634452 abpcic:ClassCRSecuredDeferrableFloatingRateMember 2023-09-30 0001634452 abpcic:ClassBRSeniorSecuredDeferrableFloatingRateMember 2023-09-30 0001634452 abpcic:ClassATwoRSeniorSecuredDeferrableFlowingRateMember 2023-09-30 0001634452 abpcic:ClassAOneFSeniorSecuredFixedRateNoteMember 2023-09-30 0001634452 abpcic:ClassAOneLSeniorSecuredFloatingRateNoteMember 2023-09-30 0001634452 abpcic:ClassCSecuredDeferrableFloatingRateNoteMember 2023-09-30 0001634452 abpcic:ClassDSecuredDeferrableFloatingRateNoteMember 2023-09-30 0001634452 abpcic:SubordinatedNotesXiiiTransactionsMember 2023-09-30 0001634452 abpcic:CLOXIIITransactionMember 2023-09-30 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Metametrics Inc | Business Services | Term Loan | 9.73% | L + 5.00% | 1.00% Floor | 09/10/2025 2023-09-30 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | MSM Acquisitions Inc | Business Services | Delayed Draw Term Loan | 10.75% | L + 6.00% | 1.00% Floor | 12/09/2026 2023-09-30 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | MSM Acquisitions Inc | Business Services | Delayed Draw Term Loan | 10.75% | L + 6.00% | 1.00% Floor | 12/09/2026 | 1 2023-09-30 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | MSM Acquisitions Inc | Business Services | Revolver | 12.50% | P + 5.00% | 1.00% Floor | 12/09/2026 2023-09-30 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | MSM Acquisitions Inc | Business Services | Term Loan | 10.75% | L + 6.00% | 1.00% Floor | 12/09/2026 2023-09-30 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Rep Tec Intermediate Holdings Inc | Business Services | Revolver | 11.23% | L + 6.50% | 1.00% Floor | 12/01/2027 2023-09-30 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Rep Tec Intermediate Holdings Inc | Business Services | Term Loan | 11.23% | L + 6.50% | 1.00% Floor | 12/01/2027 2023-09-30 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Sako and Partners Lower Holdings LLC | Business Services | Delayed Draw Term Loan | 10.73% | S + 6.00% | 1.00% Floor | 09/15/2028 2023-09-30 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Sako and Partners Lower Holdings LLC | Business Services | Revolver | 10.73% | S + 6.00% | 1.00% Floor | 09/15/2028 2023-09-30 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Sako and Partners Lower Holdings LLC | Business Services | Term Loan | 10.73% | S + 6.00% | 1.00% Floor | 09/15/2028 2023-09-30 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Valcourt Holdings II LLC | Business Services | Delayed Draw Term Loan | 9.87% | S + 5.25% | 1.00% Floor | 01/07/2027 2023-09-30 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Valcourt Holdings II LLC | Business Services | Term Loan | 9.87% | S + 5.25% | 1.00% Floor | 01/07/2027 2023-09-30 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Valcourt Holdings II LLC | Business Services | Term Loan | 9.87% | S + 5.25% | 1.00% Floor | 01/07/2027 | 1 2023-09-30 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Valcourt Holdings II LLC | Business Services | Term Loan | 9.87% | S + 5.25% | 1.00% Floor | 01/07/2027 | 2 2023-09-30 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | AEG Holding Company Inc | Consumer Discretionary | Delayed Draw Term Loan | 10.23% | L + 5.50% | 1.00% Floor | 11/20/2023 2023-09-30 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | AEG Holding Company Inc | Consumer Discretionary | Revolver | 9.89% | L + 5.50% | 1.00% Floor | 11/20/2023 2023-09-30 0001634452 U.S.Corporate Debt | 1st Lien/Senior Secured Debt | AEG Holding Company Inc | Consumer Non-Cyclical | Delayed Draw Term Loan | 11.17% | S + 5.75% | 1.00% Floor | 07/01/2024 2023-09-30 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | TBG Food Acquisition Corp | Consumer Non-Cyclical | Revolver | 10.18% | S + 6.00% | 0.75% Floor | 12/24/2027 2023-09-30 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Mathnasium LLC| Consumer Non-Cyclical | Term Loan | 10.13% | L + 5.00% | 0.75% Floor | 11/17/2027 2023-09-30 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | PF Growth Partners LLC | Consumer Non-Cyclical | Term Loan | 10.32% | S + 5.00% | 1.00% Floor | 07/11/2025 | 1 2023-09-30 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | PF Growth Partners LLC | Consumer Non-Cyclical | Term Loan | 10.48% | S + 5.00% | 1.00% Floor | 07/11/2025 2023-09-30 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | TBG Food Acquisition Corp | Consumer Non-Cyclical | Delayed Draw Term Loan | 10.18% | S + 4.75% | 0.75% Floor | 12/24/2027 2023-09-30 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Blink Holdings Inc | Consumer Non-Cyclical | Delayed Draw Term Loan | 12.73% | L + 5.50% | 2.50% PIK | 1.00% Floor | 11/08/2024 | 1 2023-09-30 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Blink Holdings Inc | Consumer Non-Cyclical | Term Loan | 12.73% | L + 5.50% | 2.50% PIK | 1.00% Floor | 11/08/2024 | 1 2023-09-30 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Freddys Frozen Custard L.L.C | Consumer Non Cyclical | Revolver | 9.73% | L + 5.00% | 1.00% Floor | 03/03/2027 2023-09-30 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Freddys Frozen Custard L.L.C | Consumer Non Cyclical | Term Loan | 9.73% | L + 5.00% | 1.00% Floor | 03/03/2027 2023-09-30 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Krispy Krunchy Foods L.L.C| Consumer Non-Cyclical | Term Loan | 9.17% | S + 4.75% | 1.00% Floor | 11/17/2027 2023-09-30 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Mathnasium LLC| Consumer Non-Cyclical | Revolver | 10.13% | L + 5.00% | 0.75% Floor | 11/17/2027 2023-09-30 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | TBG Food Acquisition Corp | Consumer Non-Cyclical | Term Loan | 10.18% | S + 4.75% | 0.75% Floor | 12/24/2027 2023-09-30 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | AEG Holding Company Inc | Consumer Non-Cyclical | Revolver | 11.17% | S + 5.75% | 1.00% Floor | 07/01/2024 2023-09-30 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | AEG Holding Company Inc | Consumer Non-Cyclical | Term Loan | 11.17% | S + 5.75% | 1.00% Floor | 07/01/2024 2023-09-30 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | AEG Holding Company Inc | Consumer Non-Cyclical | Term Loan | 11.17% | S + 5.75% | 1.00% Floor | 07/01/2024 | 1 2023-09-30 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Ampler QSR Holdings LLC | Consumer Non-Cyclical | Term Loan | 11.42% | S + 5.87% | 1.00% Floor | 07/21/2027 2023-09-30 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Blink Holdings Inc | Consumer Non-Cyclical | Delayed Draw Term Loan | 11.04% | S + 5.50% | 3.00% PIK | 1.00% Floor | 11/08/2024 2023-09-30 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Blink Holdings Inc | Consumer Non-Cyclical | Delayed Draw Term Loan | 11.04% | S + 5.50% | 3.00% PIK | 1.00% Floor | 11/08/2024 | 1 2023-09-30 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Blink Holdings Inc | Consumer Non-Cyclical | Term Loan | 11.04% | S + 5.50% | 3.00% PIK | 1.00% Floor | 11/08/2024 2023-09-30 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Krispy Krunchy Foods L.L.C | Consumer Non-Cyclical | Term Loan | 9.92% | S + 4.50% | 1.00% Floor | 11/17/2027 2023-09-30 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Mathnasium LLC | Consumer Non-Cyclical | Revolver | 10.37% | S + 5.00% | 0.75% Floor | 11/15/2027 2023-09-30 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | EvolveIP LLC | Digital Infrastructure & Services | Revolver | 11.22% | S + 5.50% | 1.00% Floor | 06/07/2025 2023-09-30 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | EvolveIP LLC | Digital Infrastructure & Services | Term Loan | 11.22% | S + 5.50% | 1.00% Floor | 06/07/2025 2023-09-30 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Firstdigital Communications LLC | Digital Infrastructure & Services | Revolver | 9.68% | S + 4.25% | 0.75% Floor | 12/17/2026 2023-09-30 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Firstdigital Communications LLC | Digital Infrastructure & Services | Term Loan | 9.68% | S + 4.25% | 0.75% Floor | 12/17/2026 2023-09-30 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | AEG Holding Company Inc | Consumer Discretionary | Term Loan | 10.23% | L + 5.50% | 1.00% Floor | 11/20/2023 2023-09-30 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | AEG Holding Company Inc | Consumer Discretionary | Term Loan | 10.23% | L + 5.50% | 1.00% Floor | 11/20/2023 | 1 2023-09-30 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Ampler QSR Holdings LLC | Consumer Non-Cyclical | Term Loan | 10.60% | L + 5.875% | 1.00% Floor | 07/21/2027 2023-09-30 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Blink Holdings Inc | Consumer Non-Cyclical | Delayed Draw Term Loan | 12.73% | L + 5.50% | 2.50% PIK | 1.00% Floor | 11/08/2024 2023-09-30 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | AmerCareRoyal LLC | Business Services | Delayed Draw Term Loan | 9.68% | S + 5.00% | 0.50% PIK | 1.00% Floor | 11/25/2025 2023-09-30 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | AmerCareRoyal LLC | Business Services | Term Loan | 9.68% | L + 5.00% | 0.50% PIK | 1.00% Floor | 11/25/2025 2023-09-30 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | AmerCareRoyal LLC | Business Services | Term Loan | 9.68% | L + 5.00% | 0.50% PIK | 1.00% Floor | 11/25/2025 | 1 2023-09-30 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Cerifi LLC | Business Services | Revolver | 10.07% | S + 5.75% | 1.00% Floor | 04/01/2027 2023-09-30 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Cerifi LLC | Business Services | Term Loan | 10.07% | S + 5.75% | 1.00% Floor | 03/31/2028 2023-09-30 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Engage2Excel Inc | Business Services | Revolver | 10.63% | L + 7.25% | 1.00% Floor | 03/07/2023 2023-09-30 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Engage2Excel Inc | Business Services | Term Loan | 11.98% | L + 7.25% | 1.00% Floor | 03/07/2023 2023-09-30 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Metametrics Inc | Business Services | Revolver | 9.77% | L + 5.00% | 1.00% Floor | 09/10/2025 2023-09-30 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Engage2Excel Inc | Business Services | Term Loan | 11.98% | L + 7.25% | 1.00% Floor | 03/07/2023 | 1 2023-09-30 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Mathnasium LLC | Consumer Non-Cyclical | Term Loan | 10.51% | S + 5.00% | 0.75% Floor | 11/15/2027 2023-09-30 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | MMP Intermediate LLC | Consumer Non-Cyclical | Revolver | 11.18% | S + 5.75% | 1.00% Floor | 02/15/2027 2023-09-30 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | MMP Intermediate LLC | Consumer Non-Cyclical | Term Loan | 11.18% | S + 5.75% | 1.00% Floor | 02/15/2027 2023-09-30 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | PF Growth Partners LLC | Consumer Non-Cyclical | Term Loan | 10.32% | S + 5.00% | 1.00% Floor | 07/11/2025 2023-09-30 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Airwavz Solutions Inc | Digital Infrastructure & Services | Delayed Draw Term Loan | 11.04% | S + 5.50% | 1.00% Floor | 03/31/2027 2023-09-30 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Airwavz Solutions Inc | Digital Infrastructure & Services | Delayed Draw Term Loan | 11.04% | S + 5.50% | 1.00% Floor | 03/31/2027 | 1 2023-09-30 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Airwavz Solutions Inc | Digital Infrastructure & Services | Revolver | 11.04% | S + 5.50% | 1.00% Floor | 03/31/2027 2023-09-30 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Airwavz Solutions Inc | Digital Infrastructure & Services | Term Loan | 11.04% | S + 5.50% | 1.00% Floor | 03/31/2027 2023-09-30 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Avant Communications LLC | Digital Infrastructure & Services | Revolver | 11.29% | S + 5.75% | 1.00% Floor | 11/30/2026 2023-09-30 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Avant Communications LLC | Digital Infrastructure & Services | Term Loan | 11.29% | S + 5.75% | 1.00% Floor | 11/30/2026 2023-09-30 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Bridgepointe Technologies LLC | Digital Infrastructure & Services | Delayed Draw Term Loan | 12.04% | S + 6.50% | 1.00% Floor | 12/31/2027 2023-09-30 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Bridgepointe Technologies LLC | Digital Infrastructure & Services | Delayed Draw Term Loan | 12.04% | S + 6.50% | 1.00% Floor | 12/31/2027 | 1 2023-09-30 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Bridgepointe Technologies LLC | Digital Infrastructure & Services | Delayed Draw Term Loan | 12.04% | S + 6.50% | 1.00% Floor | 12/31/2027 | 2 2023-09-30 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Bridgepointe Technologies LLC | Digital Infrastructure & Services | Delayed Draw Term Loan | 12.04% | S + 6.50% | 1.00% Floor | 12/31/2027 | 3 2023-09-30 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Bridgepointe Technologies LLC | Digital Infrastructure & Services | Revolver | 12.04% | S + 6.50% | 1.00% Floor | 12/31/2027 2023-09-30 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Bridgepointe Technologies LLC | Digital Infrastructure & Services | Term Loan | 12.04% | S + 6.50% | 1.00% Floor | 12/31/2027 2023-09-30 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Bridgepointe Technologies LLC | Digital Infrastructure & Services | Term Loan | 12.04% | S + 6.50% | 1.00% Floor | 12/31/2027 | 1 2023-09-30 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Bridgepointe Technologies LLC | Digital Infrastructure & Services | Term Loan | 12.04% | S + 6.50% | 1.00% Floor | 12/31/2027 | 2 2023-09-30 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Coretelligent Intermediate LLC | Digital Infrastructure & Services | Delayed Draw Term Loan | 10.99% | S + 5.50% | 1.00% Floor | 10/21/2027 2023-09-30 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Coretelligent Intermediate LLC | Digital Infrastructure & Services | Revolver | 13.00% | S + 4.50% | 1.00% Floor | 10/21/2027 2023-09-30 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | EvolveIP LLC | Digital Infrastructure & Services | Delayed Draw Term Loan | 11.22% | S + 5.50% | 1.00% Floor | 06/07/2025 2023-09-30 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Coretelligent Intermediate LLC | Digital Infrastructure & Services | Term Loan | 10.99% | S + 5.50% | 1.00% Floor | 10/21/2027 2023-09-30 0001634452 us-gaap:SeniorDebtObligationsMember us-gaap:FairValueInputsLevel3Member abpcic:MarketYieldAnalysisMember abpcic:SecondLienJuniorSecuredDebtMember us-gaap:MeasurementInputCommodityMarketPriceMember abpcic:DecreaseOnImpactMember 2023-09-30 0001634452 us-gaap:EquityFundsMember abpcic:IncreaseOnImpactMember us-gaap:MeasurementInputEbitdaMultipleMember us-gaap:CommonStockMember us-gaap:MarketApproachValuationTechniqueMember us-gaap:FairValueInputsLevel3Member 2023-09-30 0001634452 us-gaap:EquityFundsMember us-gaap:MeasurementInputRevenueMultipleMember abpcic:IncreaseOnImpactMember us-gaap:MarketApproachValuationTechniqueMember us-gaap:PreferredStockMember us-gaap:FairValueInputsLevel3Member 2023-09-30 0001634452 abpcic:IncreaseOnImpactMember us-gaap:MeasurementInputRevenueMultipleMember us-gaap:WarrantMember us-gaap:EquityFundsMember us-gaap:MarketApproachValuationTechniqueMember us-gaap:FairValueInputsLevel3Member 2023-09-30 0001634452 us-gaap:FairValueInputsLevel3Member 2023-09-30 0001634452 us-gaap:FairValueInputsLevel3Member abpcic:ExpectedRepaymentMember us-gaap:EquityFundsMember us-gaap:PreferredStockMember abpcic:MeasurementInputRedemptionPriceMember 2023-09-30 0001634452 us-gaap:FairValueInputsLevel3Member abpcic:MarketYieldAnalysisMember us-gaap:EquityFundsMember us-gaap:PreferredStockMember us-gaap:MeasurementInputExpectedDividendRateMember abpcic:DecreaseOnImpactMember 2023-09-30 0001634452 us-gaap:FairValueInputsLevel3Member abpcic:RecentPurchaseMember us-gaap:EquityFundsMember us-gaap:CommonStockMember us-gaap:MeasurementInputOfferedPriceMember 2023-09-30 0001634452 us-gaap:FairValueInputsLevel3Member abpcic:RecentTransactionMember us-gaap:EquityFundsMember us-gaap:CommonStockMember abpcic:MeasurementInputTransactionPriceMember 2023-09-30 0001634452 us-gaap:FairValueInputsLevel3Member us-gaap:MarketApproachValuationTechniqueMember us-gaap:EquityFundsMember us-gaap:CommonStockMember abpcic:MeasurementInputNetworkCashflowMultipleMember abpcic:IncreaseOnImpactMember 2023-09-30 0001634452 us-gaap:FairValueInputsLevel3Member us-gaap:MarketApproachValuationTechniqueMember us-gaap:EquityFundsMember us-gaap:CommonStockMember us-gaap:MeasurementInputRevenueMultipleMember abpcic:IncreaseOnImpactMember 2023-09-30 0001634452 us-gaap:FairValueInputsLevel3Member abpcic:RecentPurchaseMember abpcic:FirstLienseniorSecuredDebtMember us-gaap:SeniorDebtObligationsMember us-gaap:MeasurementInputOfferedPriceMember 2023-09-30 0001634452 us-gaap:FairValueInputsLevel3Member abpcic:RecentTransactionMember abpcic:FirstLienseniorSecuredDebtMember us-gaap:SeniorDebtObligationsMember abpcic:MeasurementInputTransactionPriceMember 2023-09-30 0001634452 us-gaap:FairValueInputsLevel3Member abpcic:LiquidationValueMember abpcic:FirstLienseniorSecuredDebtMember us-gaap:SeniorDebtObligationsMember abpcic:RecoveryRateMember abpcic:IncreaseOnImpactMember 2023-09-30 0001634452 us-gaap:FairValueInputsLevel3Member abpcic:MarketYieldAnalysisMember abpcic:FirstLienseniorSecuredDebtMember us-gaap:MeasurementInputCommodityMarketPriceMember abpcic:DecreaseOnImpactMember us-gaap:SeniorDebtObligationsMember 2023-09-30 0001634452 U.S. Corporate Debt | 1st Lien Senior Secured Debt | MSM Acquisitions Inc | Services | Delayed Draw Term Loan | 11.50% | S + 6.00% | 1.00% Floor | 12/09/2026 2023-09-30 0001634452 U.S. Corporate Debt | 1st Lien Senior Secured Debt | MSM Acquisitions Inc | Services | Delayed Draw Term Loan 2 | 11.50% | S + 6.00% | 1.00% Floor | 12/09/2026 2023-09-30 0001634452 U.S. Corporate Debt | 1st Lien Senior Secured Debt | Rep Tec Intermediate Holdings Inc | Services | Revolver | 14.00% | P + 5.50% | 1.00% Floor | 12/01/2027 2023-09-30 0001634452 U.S. Corporate Debt | 1st Lien Senior Secured Debt | MSM Acquisitions Inc | Services | Term Loan | 11.50% | S + 6.00% | 1.00% Floor | 12/09/2026 2023-09-30 0001634452 U.S. Corporate Debt | 1st Lien Senior Secured Debt | MSM Acquisitions Inc | Services | Revolver | 11.50% | S + 6.00% | 1.00% Floor | 12/09/2026 2023-09-30 0001634452 U.S. Corporate Debt | 1st Lien Senior Secured Debt | Avalara Inc | Software & Tech Services | Revolver | 12.64% | S + 7.25% | 0.75% Floor | 10/19/2028 2023-09-30 0001634452 U.S. Corporate Debt | 1st Lien Senior Secured Debt | Avalara Inc | Software & Tech Services | Term Loan | 12.64% | S + 7.25% | 0.75% Floor | 10/19/2028 2023-09-30 0001634452 U.S. Corporate Debt | 1st Lien Senior Secured Debt | Sako and Partners Lower Holdings LLC | Services | Delayed Draw Term Loan | 11.54% | S + 6.00 | 1.00% Floor | 09/15/2028 2023-09-30 0001634452 U.S. Corporate Debt | 1st Lien Senior Secured Debt | Rep Tec Intermediate Holdings Inc | Services | Term Loan | 12.04% | P + 6.50% | 1.00% Floor | 12/01/2027 2023-09-30 0001634452 U.S. Corporate Debt | 1st Lien Senior Secured Debt | Brightspot Buyer Inc | Software & Tech Services | Revolver | 11.99% | S + 6.50% | 0.75% Floor | 11/16/2027 2023-09-30 0001634452 U.S. Corporate Debt | 1st Lien Senior Secured Debt | Brightspot Buyer Inc | Software & Tech Services | Term Loan | 11.99% | S + 6.50% | 0.75% Floor | 11/16/2027 2023-09-30 0001634452 U.S. Corporate Debt | 1st Lien Senior Secured Debt | Sako and Partners Lower Holdings LLC | Services | Revolver | 11.54% | S + 6.00 | 1.00% Floor | 09/15/2028 2023-09-30 0001634452 U.S. Corporate Debt | 1st Lien Senior Secured Debt | Sako and Partners Lower Holdings LLC | Services | Term Loan | 11.54% | S + 6.00 | 1.00% Floor | 09/15/2028 2023-09-30 0001634452 U.S. Corporate Debt | 1st Lien Senior Secured Debt | Valcourt Holdings II LLC | Services | Delayed Draw Term Loan | 10.81% | S + 5.25% | 1.00% Floor | 01/07/2027 2023-09-30 0001634452 U.S. Corporate Debt | 1st Lien Senior Secured Debt | Valcourt Holdings II LLC | Services | Term Loan | 10.79% | S + 5.25% | 1.00% Floor | 01/07/2027 2023-09-30 0001634452 U.S. Corporate Debt | 1st Lien Senior Secured Debt | Valcourt Holdings II LLC | Services | Term Loan 2 | 10.79% | S + 5.25% | 1.00% Floor | 01/07/2027 2023-09-30 0001634452 U.S. Corporate Debt | 1st Lien Senior Secured Debt | Bonterra LLC | Software & Tech Services | Term Loan 2 | 13.40% | S + 8.00% | 0.75% Floor | 09/08/2027 2023-09-30 0001634452 U.S. Corporate Debt | 1st Lien Senior Secured Debt | Degreed Inc | Software & Tech Services | Term Loan 2 | 10.92% | S + 5.50% | 1.50% PIK | 1.00% Floor | 05/29/2026 2023-09-30 0001634452 U.S. Corporate Debt | 1st Lien Senior Secured Debt | Community Brands Parentco LLC | Software & Tech Services | Delayed Draw Term Loan | 11.02% | S + 5.50% | 0.75% Floor | 02/24/2028 2023-09-30 0001634452 U.S. Corporate Debt | 1st Lien Senior Secured Debt | Community Brands Parentco LLC | Software & Tech Services | Revolver | 11.02% | S + 5.50% | 0.75% Floor | 02/24/2028 2023-09-30 0001634452 U.S. Corporate Debt | 1st Lien Senior Secured Debt | Community Brands Parentco LLC | Software & Tech Services | Term Loan | 11.02% | S + 5.50% | 0.75% Floor | 02/24/2028 2023-09-30 0001634452 U.S. Corporate Debt | 1st Lien Senior Secured Debt | AMI US Holdings Inc | Software & Tech Services | Term Loan | 10.67% | S + 5.25% | 1.00% Floor | 04/01/2025 2023-09-30 0001634452 U.S. Corporate Debt | 1st Lien Senior Secured Debt | BusinesSolver.com Inc | Software & Tech Services | Delayed Draw Term Loan | 10.99% | S + 5.50% | 0.75% Floor | 12/01/2027 2023-09-30 0001634452 U.S. Corporate Debt | 1st Lien Senior Secured Debt | BusinesSolver.com Inc | Software & Tech Services | Term Loan | 10.99% | S + 5.50% | 0.75% Floor | 12/01/2027 2023-09-30 0001634452 U.S. Corporate Debt | 1st Lien Senior Secured Debt | Dispatch Track LLC | Software & Tech Services | Revolver | 9.92% | S + 4.50% | 1.00% Floor | 12/17/2026 2023-09-30 0001634452 U.S. Corporate Debt | 1st Lien Senior Secured Debt | Dispatch Track LLC | Software & Tech Services | Term Loans | 9.92% | S + 4.50% | 1.00% Floor | 12/17/2026 2023-09-30 0001634452 U.S. Corporate Debt | 1st Lien Senior Secured Debt | Brightspot Buyer Inc | Software & Tech Services | Term Loan 2 | 11.99% | S + 6.50% | 0.75% Floor | 11/16/2027 2023-09-30 0001634452 U.S. Corporate Debt | 1st Lien Senior Secured Debt | BSI2 Hold Nettle LLC | Software & Tech Services | Revolver | 10.07% | S + 4.75% | 0.75% Floor | 06/30/2028 2023-09-30 0001634452 U.S. Corporate Debt | 1st Lien Senior Secured Debt | Coupa Holdings LLC | Software & Tech Services | Delayed Draw Term Loan | 12.82% | S + 7.50% | 0.75% Floor | 02/27/2030 2023-09-30 0001634452 U.S. Corporate Debt | 1st Lien Senior Secured Debt | Coupa Holdings LLC | Software & Tech Services | Revolver | 12.82% | S + 7.50% | 0.75% Floor | 02/27/2029 2023-09-30 0001634452 U.S. Corporate Debt | 1st Lien Senior Secured Debt | Coupa Holdings LLC | Software & Tech Services | Term Loan | 12.82% | S + 7.50% | 0.75% Floor | 02/27/2030 2023-09-30 0001634452 U.S. Corporate Debt | 1st Lien Senior Secured Debt | Datacor Inc | Software & Tech Services | Delayed Draw Term Loan | 11.17% | S + 5.75% | 1.00% Floor | 12/29/2025 2023-09-30 0001634452 U.S. Corporate Debt | 1st Lien Senior Secured Debt | Datacor Inc | Software & Tech Services | Revolver | 11.17% | S + 5.75% | 1.00% Floor | 12/29/2025 2023-09-30 0001634452 U.S. Corporate Debt | 1st Lien Senior Secured Debt | Datacor Inc | Software & Tech Services | Term Loan | 11.17% | S + 5.75% | 1.00% Floor | 12/29/2025 2023-09-30 0001634452 U.S. Corporate Debt | 1st Lien Senior Secured Debt | Degreed Inc | Software & Tech Services | Term Loan | 10.92% | S + 5.50% | 1.50% PIK | 1.00% Floor | 05/29/2026 2023-09-30 0001634452 U.S. Corporate Debt | 1st Lien Senior Secured Debt | Degreed Inc | Software & Tech Services | Delayed Draw Term Loan | 10.92% | S + 5.50% | 1.00% PIK | 1.00% Floor | 05/29/2026 2023-09-30 0001634452 U.S. Corporate Debt | 1st Lien Senior Secured Debt | Degreed Inc | Software & Tech Services | Revolver | 10.92% | S + 5.50% | 1.50% PIK | 1.00% Floor | 05/29/2026 2023-09-30 0001634452 U.S. Corporate Debt | 1st Lien Senior Secured Debt | Admiral Buyer Inc | Software & Tech Services | Revolver | 10.89% | S + 5.50% | 0.75% Floor | 05/08/2028 2023-09-30 0001634452 U.S. Corporate Debt | 1st Lien Senior Secured Debt | Admiral Buyer Inc | Software & Tech Services | Term Loan | 10.89% | S + 5.50% | 0.75% Floor | 05/08/2028 2023-09-30 0001634452 U.S. Corporate Debt | 1st Lien Senior Secured Debt | AMI US Holdings Inc | Software & Tech Services | Revolver | 10.67% | S + 5.25% | 04/01/2025 2023-09-30 0001634452 U.S. Corporate Debt | 1st Lien Senior Secured Debt | Admiral Buyer Inc | Software & Tech Services | Delayed Draw Term Loan | 10.89% | S + 5.50% | 0.75% Floor | 05/08/2028 2023-09-30 0001634452 U.S. Corporate Debt | 1st Lien Senior Secured Debt | Avetta LLC | Software & Tech Services | Revolver | 10.72% | S + 5.25% | 1.00% Floor | 04/10/2024 2023-09-30 0001634452 U.S. Corporate Debt | 1st Lien Senior Secured Debt | BSI2 Hold Nettle LLC | Software & Tech Services | Term Loan | 10.09% | S + 4.75% | 0.75% Floor | 06/30/2028 2023-09-30 0001634452 U.S. Corporate Debt | 1st Lien Senior Secured Debt | Bonterra LLC | Software & Tech Services | Term Loan | 13.40% | 8.00% PIK | 0.75% Floor | 09/08/2027 2023-09-30 0001634452 U.S. Corporate Debt | 1st Lien Senior Secured Debt | Bonterra LLC | Software & Tech Services | Revolver | 12.79% | S + 7.25% | 0.75% Floor | 09/08/2027 2023-09-30 0001634452 U.S. Corporate Debt | 1st Lien Senior Secured Debt | Avetta LLC | Software & Tech Services | Term Loan 3 | 10.72% | S + 5.25% | 1.00% Floor | 04/10/2024 2023-09-30 0001634452 U.S. Corporate Debt | 1st Lien Senior Secured Debt | Avetta LLC | Software & Tech Services | Term Loan 2 | 10.72% | S + 5.25% | 1.00% Floor | 04/10/2024 2023-09-30 0001634452 U.S. Corporate Debt | 1st Lien Senior Secured Debt | Avetta LLC | Software & Tech Services | Term Loan | 10.72% | S + 5.25% | 1.00% Floor | 04/10/2024 2023-09-30 0001634452 U.S. Corporate Debt | 1st Lien Senior Secured Debt | Valcourt Holdings II LLC | Services | Term Loan 3 | 10.79% | S + 5.25% | 1.00% Floor | 01/07/2027 2023-09-30 0001634452 U.S. Corporate Debt | 1st Lien Senior Secured Debt | Activ Software Holdings LLC | Software & Tech Services | Term Loan | 11.90% | S + 6.25% | 1.00% Floor | 05/04/2027 2023-09-30 0001634452 U.S. Corporate Debt | 1st Lien Senior Secured Debt | Activ Software Holdings LLC | Software & Tech Services | Term Loan | 11.79% | L + 6.25% | 1.00% Floor | 05/04/2027 2023-09-30 0001634452 U.S. Corporate Debt | 1st Lien Senior Secured Debt | Activ Software Holdings LLC | Software & Tech Services | Revolver | 11.79% | L + 6.25% | 1.00% Floor | 05/04/2027 2023-09-30 0001634452 U.S. Corporate Debt | 1st Lien Senior Secured Debt | Activ Software Holdings LLC | Software & Tech Services | Delayed Draw Term Loan | 11.90% | S + 6.25% | 1.00% Floor | 05/04/2027 2023-09-30 0001634452 U.S. Corporate Debt |1st Lien/Senior Secured Debt |AAH Topco LLC |Healthcare |Delayed Draw Term Loan |10.92% (S + 5.50%; 0.75% Floor) |12/22/2027 2023-09-30 0001634452 U.S. Corporate Debt |1st Lien/Senior Secured Debt |AAH Topco LLC |Healthcare |Revolver |10.92% (S + 5.50%; 0.75% Floor) |12/22/2027 2023-09-30 0001634452 U.S. Corporate Debt |1st Lien/Senior Secured Debt |American Physician Partners LLC |Healthcare |Delayed Draw Term Loan |(S + 6.75%; 3.50% PIK; 1.00% Floor) |12/29/2023 2023-09-30 0001634452 U.S. Corporate Debt |1st Lien/Senior Secured Debt |Wealth Enhancement Group LLC |Financials |Revolver |10.50% (S + 5.75%; 1.00% Floor) |10/04/2027 2023-09-30 0001634452 U.S. Corporate Debt |1st Lien/Senior Secured Debt |Higginbotham Insurance Agency Inc.|Financials |Term Loan |10.92% (S + 5.50%; 1.00% Floor) |11/24/2028 2023-09-30 0001634452 U.S. Corporate Debt |1st Lien/Senior Secured Debt |Peter C. Foy & Associates Insurance Services LLC |Financials |Delayed Draw Term Loan |11.43% (S + 6.00%; 0.75% Floor) |11/01/2028 2023-09-30 0001634452 U.S. Corporate Debt |1st Lien/Senior Secured Debt |Peter C. Foy & Associates Insurance Services LLC |Financials |Delayed Draw Term Loan |11.43% (S + 6.00%; 0.75% Floor) |11/01/2028 (1) 2023-09-30 0001634452 U.S. Corporate Debt |1st Lien/Senior Secured Debt |Peter C. Foy & Associates Insurance Services LLC |Financials |Term Loan |11.43% (S + 6.00%; 0.75% Floor) |11/01/2028 2023-09-30 0001634452 U.S. Corporate Debt |1st Lien/Senior Secured Debt |RSC Acquisition Inc. |Financials |Delayed Draw Term Loan |11.04% (S + 5.50%; 0.75% Floor) |10/30/2026 2023-09-30 0001634452 U.S. Corporate Debt |1st Lien/Senior Secured Debt |Wealth Enhancement Group LLC |Financials |Delayed Draw Term Loan |10.06% (S + 5.75%; 1.00% Floor) |10/04/2027 2023-09-30 0001634452 U.S. Corporate Debt |1st Lien/Senior Secured Debt |Wealth Enhancement Group LLC |Financials |Delayed Draw Term Loan |10.50% (S + 5.75%; 1.00% Floor) |10/04/2027 (1) 2023-09-30 0001634452 U.S. Corporate Debt |1st Lien/Senior Secured Debt |AAH Topco LLC |Healthcare |Term Loan |10.92% (S + 5.50%; 0.75% Floor) |12/22/2027 2023-09-30 0001634452 U.S. Corporate Debt |1st Lien/Senior Secured Debt |Caregiver 2 Inc. |Healthcare |Term Loan |10.58% (S + 5.25%; 2.25% PIK; 1.00% Floor) |07/24/2025 2023-09-30 0001634452 U.S. Corporate Debt |1st Lien/Senior Secured Debt |Foundation Risk Partners Corp. |Financials |Term Loan |11.49% (S + 6.00%; 0.75% Floor) |10/29/2028 2023-09-30 0001634452 U.S. Corporate Debt |1st Lien/Senior Secured Debt |Foundation Risk Partners Corp. | Financials |Term Loan |11.49% (S + 6.00%; 0.75% Floor) |10/30/2028 2023-09-30 0001634452 U.S. Corporate Debt |1st Lien/Senior Secured Debt |Galway Borrower LLC |Financials |Delayed Draw Term Loan |10.74% (S + 5.25%; 0.75% Floor) |09/29/2028 2023-09-30 0001634452 U.S. Corporate Debt |1st Lien/Senior Secured Debt |Galway Borrower LLC |Financials |Revolver |10.74% (S + 5.25%; 0.75% Floor) |09/30/2027 2023-09-30 0001634452 U.S. Corporate Debt |1st Lien/Senior Secured Debt |Galway Borrower LLC |Financials |Term Loan |10.74% (S + 5.25%; 0.75% Floor) |09/29/2028 2023-09-30 0001634452 U.S. Corporate Debt |1st Lien/Senior Secured Debt |Higginbotham Insurance Agency Inc.|Financials |Delayed Draw Term Loan |10.92% (S + 5.50%; 1.00% Floor) |11/24/2028 2023-09-30 0001634452 U.S. Corporate Debt |1st Lien/Senior Secured Debt |Coding Solutions Acquisition Inc |Healthcare |Delayed Draw Term Loan |11.40% (S + 6.00%; 0.75% Floor) |05/11/2028 2023-09-30 0001634452 U.S. Corporate Debt |1st Lien/Senior Secured Debt |Coding Solutions Acquisition Inc |Healthcare |Term Loan |10.82% (S + 5.50%; 0.75% Floor) |05/11/2028 2023-09-30 0001634452 U.S. Corporate Debt |1st Lien/Senior Secured Debt |Foundation Risk Partners Corp |Financials | Revolver |11.49% (S + 6.00%; 0.75% Floor) |10/29/2027 2023-09-30 0001634452 U.S. Corporate Debt |1st Lien/Senior Secured Debt |American Physician Partners LLC |Healthcare |Delayed Draw Term Loan |(S + 6.75%; 3.50% PIK; 1.00% Floor) |12/29/2023 (1) 2023-09-30 0001634452 U.S. Corporate Debt |1st Lien/Senior Secured Debt |American Physician Partners LLC |Healthcare |Revolver |(S + 6.75%; 3.50% PIK; 1.00% Floor) |12/29/2023 2023-09-30 0001634452 U.S. Corporate Debt |1st Lien/Senior Secured Debt |American Physician Partners LLC |Healthcare |Term Loan |(S + 6.75%; 3.50% PIK; 1.00% Floor) |12/29/2023 2023-09-30 0001634452 U.S. Corporate Debt |1st Lien/Senior Secured Debt |American Physician Partners LLC |Healthcare |Term Loan |(S + 6.75%; 3.50% PIK; 1.00% Floor) |12/29/2023 (1) 2023-09-30 0001634452 U.S. Corporate Debt |1st Lien/Senior Secured Debt |American Physician Partners LLC |Healthcare |Term Loan |(S + 6.75%; 3.50% PIK; 1.00% Floor) |12/29/2023 (2) 2023-09-30 0001634452 U.S. Corporate Debt |1st Lien/Senior Secured Debt |American Physician Partners LLC |Healthcare |Term Loan |(S + 6.75%; 3.50% PIK; 1.00% Floor) |12/29/2023 (3) 2023-09-30 0001634452 U.S. Corporate Debt |1st Lien/Senior Secured Debt |AOM Acquisition LLC. |Healthcare |Revolver |10.29% (S + 4.75%; 1.00% Floor) |02/18/2027 2023-09-30 0001634452 U.S. Corporate Debt |1st Lien/Senior Secured Debt |AOM Acquisition LLC. |Healthcare |Term Loan |10.29% (S + 4.75%; 1.00% Floor) |02/18/2027 2023-09-30 0001634452 U.S. Corporate Debt |1st Lien/Senior Secured Debt |BAART Programs Inc. |Healthcare |Delayed Draw Term Loan |10.65% (S + 5.00% 1.00% Floor) |06/11/2027 2023-09-30 0001634452 U.S. Corporate Debt |1st Lien/Senior Secured Debt |BAART Programs Inc. |Healthcare |Term Loan |10.65% (S + 5.00%; 1.00% Floor) |06/11/2027 2023-09-30 0001634452 U.S. Corporate Debt |1st Lien/Senior Secured Debt |BV EMS Buyer Inc. |Healthcare |Delayed Draw Term Loan |11.17% (S + 5.75%; 1.00% Floor) |11/23/2027 2023-09-30 0001634452 U.S. Corporate Debt |1st Lien/Senior Secured Debt |BV EMS Buyer Inc. |Healthcare |Term Loan |11.17% (S + 5.75%; 1.00% Floor) |11/23/2027 2023-09-30 0001634452 U.S. Corporate Debt |1st Lien/Senior Secured Debt |Caregiver 2 Inc. |Healthcare |Delayed Draw Term Loan |12.98% (S + 5.25%; 2.25% PIK; 1.00% Floor) |07/24/2025 2023-09-30 0001634452 U.S. Corporate Debt |1st Lien/Senior Secured Debt |Choice Health At Home LLC |Healthcare |Delayed Draw Term Loan |13.18% (S + 6.75%; 1.00% PIK; 1.00% Floor) |12/29/2026 2023-09-30 0001634452 U.S. Corporate Debt |1st Lien/Senior Secured Debt |Choice Health At Home LLC |Healthcare |Term Loan |12.18% (S + 6.75%; 1.00% PIK; 1.00% Floor) |12/29/2026 2023-09-30 0001634452 U.S. Corporate Debt |1st Lien/Senior Secured Debt |Coding Solutions Acquisition Inc |Healthcare |Delayed Draw Term Loan |10.82% (S + 5.50%; 0.75% Floor) |05/11/2028 2023-09-30 0001634452 U.S. Corporate Debt |1st Lien/Senior Secured Debt |Coding Solutions Acquisition Inc |Healthcare |Revolver |10.82% (S + 5.50%; 0.75% Floor) |05/11/2028 2023-09-30 0001634452 U.S. Corporate Debt |1st Lien/Senior Secured Debt |Caregiver 2 Inc. |Healthcare |Term Loan |13.06% (S + 5.25%; 2.25% PIK; 1.00% Floor) |07/24/2025 (1) 2023-09-30 0001634452 U.S. Corporate Debt |1st Lien/Senior Secured Debt |Caregiver 2 Inc. |Healthcare |Term Loan |13.06% (S + 5.25%; 2.25% PIK; 1.00% Floor) |07/24/2025 2023-09-30 0001634452 abpcic:ClassANoteMember 2023-09-30 0001634452 abpcic:ClassBNoteMember 2023-09-30 0001634452 abpcic:ClassCNoteMember 2023-09-30 0001634452 us-gaap:FairValueInputsLevel2Member abpcic:ClassAOneFSeniorSecuredFixedRateNoteMember 2023-09-30 0001634452 us-gaap:FairValueInputsLevel1Member abpcic:ClassAOneLSeniorSecuredFloatingRateNoteMember 2023-09-30 0001634452 us-gaap:FairValueInputsLevel2Member abpcic:ClassAOneLSeniorSecuredFloatingRateNoteMember 2023-09-30 0001634452 us-gaap:FairValueInputsLevel3Member abpcic:ClassAOneLSeniorSecuredFloatingRateNoteMember 2023-09-30 0001634452 us-gaap:FairValueInputsLevel1Member abpcic:ClassBNoteMember 2023-09-30 0001634452 us-gaap:FairValueInputsLevel2Member abpcic:ClassBNoteMember 2023-09-30 0001634452 us-gaap:FairValueInputsLevel3Member abpcic:ClassAOneFSeniorSecuredFixedRateNoteMember 2023-09-30 0001634452 abpcic:ClassANoteMember us-gaap:FairValueInputsLevel1Member 2023-09-30 0001634452 us-gaap:FairValueInputsLevel2Member abpcic:ClassANoteMember 2023-09-30 0001634452 us-gaap:FairValueInputsLevel3Member abpcic:ClassANoteMember 2023-09-30 0001634452 us-gaap:FairValueInputsLevel1Member abpcic:ClassATwoRSeniorSecuredDeferrableFlowingRateMember 2023-09-30 0001634452 us-gaap:FairValueInputsLevel2Member abpcic:ClassATwoRSeniorSecuredDeferrableFlowingRateMember 2023-09-30 0001634452 us-gaap:FairValueInputsLevel3Member abpcic:ClassATwoRSeniorSecuredDeferrableFlowingRateMember 2023-09-30 0001634452 us-gaap:FairValueInputsLevel1Member 2023-09-30 0001634452 us-gaap:FairValueInputsLevel2Member 2023-09-30 0001634452 us-gaap:FairValueInputsLevel1Member abpcic:ClassCNoteMember 2023-09-30 0001634452 us-gaap:FairValueInputsLevel2Member abpcic:ClassCNoteMember 2023-09-30 0001634452 us-gaap:FairValueInputsLevel3Member abpcic:ClassCNoteMember 2023-09-30 0001634452 us-gaap:FairValueInputsLevel1Member abpcic:ClassAOneRSeniorSecuredRateFloatingRateNoteMember 2023-09-30 0001634452 us-gaap:FairValueInputsLevel2Member abpcic:ClassAOneRSeniorSecuredRateFloatingRateNoteMember 2023-09-30 0001634452 us-gaap:FairValueInputsLevel3Member abpcic:ClassBNoteMember 2023-09-30 0001634452 us-gaap:FairValueInputsLevel3Member abpcic:ClassAOneRSeniorSecuredRateFloatingRateNoteMember 2023-09-30 0001634452 us-gaap:FairValueInputsLevel1Member abpcic:ClassAOneFSeniorSecuredFixedRateNoteMember 2023-09-30 0001634452 U.S. Corporate Debt | 1st Lien Senior Secured Debt | FirstLight Holdco Inc | Digital Infrastructure & Services | Term Loan | 9.50% | S + 4.00% | 1.00% Floor | 07/23/2025 2023-09-30 0001634452 U.S. Corporate Debt | 1st Lien Senior Secured Debt | Greenlight Intermediate II Inc | Digital Infrastructure & Services | Delayed Draw Term Loan | 10.96% | S + 5.50% | 0.75% Floor | 06/01/2028 2023-09-30 0001634452 U.S. Corporate Debt | 1st Lien Senior Secured Debt | Accelerate Resources Operating LLC | Energy | Term Loan | 11.40% | S + 6.00% | 1.00% Floor | 02/24/2027 2023-09-30 0001634452 U.S. Corporate Debt | 1st Lien Senior Secured Debt | Accelerate Resources Operating LLC | Energy | Term Loan | 11.42% | S + 6.00% | 1.00% Floor | 02/24/2027 2023-09-30 0001634452 U.S. Corporate Debt | 1st Lien Senior Secured Debt | Foundation Risk Partners Corp | Financials | Delayed Draw Term Loan | 11.49% | S + 6.00% | 0.75% Floor | 10/30/2028 2023-09-30 0001634452 U.S. Corporate Debt | 1st Lien Senior Secured Debt | Foundation Risk Partners Corp | Financials | Delayed Draw Term Loan | 11.49% | S + 6.00% | 0.75% Floor | 10/29/2028 2023-09-30 0001634452 U.S. Corporate Debt | 1st Lien Senior Secured Debt | Greenlight Intermediate II Inc | Digital Infrastructure & Services | Term Loan | 11.07% | S + 5.50% | 0.75% Floor | 06/01/2028 2023-09-30 0001634452 U.S. Corporate Debt | 1st Lien Senior Secured Debt | MBS Holdings Inc | Digital Infrastructure & Services | Revolver | 11.17% | L + 5.75% | 1.00% Floor | 04/16/2027 2023-09-30 0001634452 U.S. Corporate Debt | 1st Lien Senior Secured Debt | MBS Holdings Inc | Digital Infrastructure & Services | Term Loan | 11.17% | S + 6.50% | 1.00% Floor | 04/16/2027 2023-09-30 0001634452 U.S. Corporate Debt | 1st Lien Senior Secured Debt | MBS Holdings Inc | Digital Infrastructure & Services | Term Loan | 11.17% | S + 5.75% | 1.00% Floor | 04/16/2027 2023-09-30 0001634452 U.S. Corporate Debt | 1st Lien Senior Secured Debt | MSP Global Holdings Inc | Digital Infrastructure & Services | Delayed Draw Term Loan | 10.79% | S + 5.25% | 1.00% Floor | 01/25/2027 2023-09-30 0001634452 U.S. Corporate Debt | 1st Lien Senior Secured Debt | MSP Global Holdings Inc | Digital Infrastructure & Services | Revolver | 10.80% | S + 5.25% | 1.00% Floor | 01/25/2027 2023-09-30 0001634452 U.S. Corporate Debt | 1st Lien Senior Secured Debt | MSP Global Holdings Inc | Digital Infrastructure & Services | Term Loan | 10.80% | S + 5.25% | 1.00% Floor | 01/25/2027 2023-09-30 0001634452 U.S. Corporate Debt | 1st Lien Senior Secured Debt | NI Topco Inc | Digital Infrastructure & Services | Term Loan | 10.99% | S + 5.50% | 0.75% Floor | 12/28/2028 2023-09-30 0001634452 U.S. Corporate Debt | 1st Lien Senior Secured Debt | NI Topco Inc | Digital Infrastructure & Services | Term Loan | 10.99% | S + 5.50% | 0.75% Floor | 12/28/2028 | One 2023-09-30 0001634452 U.S. Corporate Debt | 1st Lien Senior Secured Debt | Race Finco LLC | Digital Infrastructure & Services | Delayed Draw Term Loan | 12.43% | S + 7.00% | 1.00% Floor | 01/10/2028 2023-09-30 0001634452 U.S. Corporate Debt | 1st Lien Senior Secured Debt | Race Finco LLC | Digital Infrastructure & Services | Revolver | 12.43% | S + 7.00% | 1.00% Floor | 01/10/2028 2023-09-30 0001634452 U.S. Corporate Debt | 1st Lien Senior Secured Debt | Race Finco LLC | Digital Infrastructure & Services | Term Loan | 12.43% | S + 7.00% | 1.00% Floor | 01/10/2028 2023-09-30 0001634452 U.S. Corporate Debt | 1st Lien Senior Secured Debt | SDC Atlas Acquistionco LLC | Digital Infrastructure & Services | Delayed Draw Term Loan | 10.92% | S + 5.50% | 0.75% Floor | 08/25/2028 2023-09-30 0001634452 U.S. Corporate Debt | 1st Lien Senior Secured Debt | SDC Atlas Acquistionco LLC | Digital Infrastructure & Services | Revolver | 10.92% | S + 5.50% | 0.75% Floor | 08/25/2028 2023-09-30 0001634452 U.S. Corporate Debt | 1st Lien Senior Secured Debt | SDC Atlas Acquistionco LLC | Digital Infrastructure & Services | Term Loan | 10.92% | S + 5.50% | 0.75% Floor | 08/25/2028 2023-09-30 0001634452 U.S. Corporate Debt | 1st Lien Senior Secured Debt | Single Digits Inc | Digital Infrastructure & Services | Delayed Draw Term Loan | 12.90% | S + 4.25% | 3.00% PIK | 1.00% Floor | 06/19/2026 2023-09-30 0001634452 U.S. Corporate Debt | 1st Lien Senior Secured Debt | Single Digits Inc | Digital Infrastructure & Services | Revolver | 9.90% | S + 4.25% | 3.00% PIK | 1.00% Floor | 06/19/2026 2023-09-30 0001634452 U.S. Corporate Debt | 1st Lien Senior Secured Debt | Single Digits Inc | Digital Infrastructure & Services | Term Loan | 9.90% | S + 4.25% | 3.00% PIK | 1.00% Floor | 06/19/2026 2023-09-30 0001634452 U.S. Corporate Debt | 1st Lien Senior Secured Debt | Transtelco Holding Inc | Digital Infrastructure & Services | Term Loan | 10.90% | S + 5.50% | 1.00% Floor | 03/26/2026 2023-09-30 0001634452 U.S. Corporate Debt | 1st Lien Senior Secured Debt | Towerco IV Holdings LLC | Digital Infrastructure & Services | Delayed Draw Term Loan | 9.42% | S + 4.00% | 1.00% Floor | 08/31/2028 2023-09-30 0001634452 U.S. Corporate Debt | 1st Lien Senior Secured Debt | Thrive Buyer Inc | Digital Infrastructure & Services | Term Loan | 11.54% | S + 6.00% | 1.00% Floor | 01/22/2027 2023-09-30 0001634452 U.S. Corporate Debt | 1st Lien Senior Secured Debt | Thrive Buyer Inc | Digital Infrastructure & Services | Term Loan | 12.04% | S + 6.50% | 1.00% Floor | 01/22/2027 2023-09-30 0001634452 U.S. Corporate Debt | 1st Lien Senior Secured Debt | Thrive Buyer Inc | Digital Infrastructure & Services | Revolver | 13.50% | P + 5.00% | 1.00% Floor | 01/22/2027 2023-09-30 0001634452 U.S. Corporate Debt | 1st Lien Senior Secured Debt | Thrive Buyer Inc | Digital Infrastructure & Services | Delayed Draw Term Loan | 11.54% | S + 6.00% | 1.00% Floor | 01/22/2027 2023-09-30 0001634452 U.S. Corporate Debt | 1st Lien Senior Secured Debt | Stratus Networks Inc | Digital Infrastructure & Services | Term Loan | 10.67% | S + 5.25% | 1.00% Floor | 12/15/2027 2023-09-30 0001634452 U.S. Corporate Debt | 1st Lien Senior Secured Debt | Stratus Networks Inc | Digital Infrastructure & Services | Revolver | 12.75% | P + 4.25% | 1.00% Floor | 12/15/2027 2023-09-30 0001634452 U.S. Corporate Debt | 1st Lien Senior Secured Debt | Stratus Networks Inc | Digital Infrastructure & Services | Delayed Draw Term Loan | 10.67% | S + 5.25% | 1.00% Floor | 12/15/2027 2023-09-30 0001634452 U.S. Corporate Debt | 1st Lien Senior Secured Debt | Transtelco Holding Inc | Digital Infrastructure & Services | Term Loan | 11.15% | S + 5.75% | 0.50% Floor | 03/26/2026 2023-09-30 0001634452 U.S. Corporate Debt | 1st Lien Senior Secured Debt | Transtelco Holding Inc | Digital Infrastructure & Services | Term Loan | 10.65% | S + 5.25% | 0.50% Floor | 03/26/2026 2023-09-30 0001634452 U.S. Corporate Debt | 1st Lien Senior Secured Debt | Accelerate Resources Operating LLC | Energy | Delayed Draw Term Loan | 11.42% | S + 6.00% | 1.00% Floor | 02/24/2027 2023-09-30 0001634452 U.S. Corporate Debt | 1st Lien Senior Secured Debt | Accelerate Resources Operating LLC | Energy | Revolver | 11.42% | S + 6.00% | 1.00% Floor | 02/24/2027 2023-09-30 0001634452 U.S. 1st Lien/Senior Secured Debt | Ping Identity Corporation | Software & Tech Services | Term Loan | 12.32% (S + 7.00%; 0.75% Floor) | Maturity 10/17/2029 2023-09-30 0001634452 U.S. 1st Lien/Senior Secured Debt | Ranger Buyer Inc | Software & Tech Services | Term Loan | 10.92% (S + 5.25%; 0.75% Floor) | Maturity 11/17/2028 2023-09-30 0001634452 U.S. 1st Lien/Senior Secured Debt | Penn TRGRP Holdings LLC | Software & Tech Services | Revolver | 13.14% (S + 1.75%; 6.00% PIK; 0.75% Floor) | Maturity 09/27/2030 2023-09-30 0001634452 U.S. 1st Lien/Senior Secured Debt | Penn TRGRP Holdings LLC | Software & Tech Services | Term Loan | 13.14% (S + 1.75%; 6.00% PIK; 0.75% Floor) | Maturity 09/27/2030 2023-09-30 0001634452 U.S. 1st Lien/Senior Secured Debt | Ping Identity Corporation | Software & Tech Services | Revolver | 12.32% (S + 7.00%; 0.75% Floor) | Maturity 10/17/2028 2023-09-30 0001634452 U.S. 1st Lien/Senior Secured Debt | Netwrix Corporation And Concept Searching Inc.| Software & Tech Services | Term Loan | 10.35% (S + 5.00%; 0.75% Floor) | Maturity 06/11/2029 2023-09-30 0001634452 U.S. 1st Lien/Senior Secured Debt | Securonix Inc. | Software & Tech Services | Revolver | 11.27% (S + 6.50%; 0.75% Floor) | Maturity 04/05/2028 2023-09-30 0001634452 U.S. 1st Lien/Senior Secured Debt | Saviynt Inc. | Software & Tech Services | Term Loan | 9.42% (S + 4.00%; 3.50% PIK; 1.00% Floor) | Maturity 12/22/2027 2023-09-30 0001634452 U.S. 1st Lien/Senior Secured Debt | Securonix Inc. | Software & Tech Services | Term Loan | 11.27% (S + 6.50%; 0.75% Floor) | Maturity 04/05/2028 2023-09-30 0001634452 U.S. 1st Lien/Senior Secured Debt | Serrano Parent LLC | Software & Tech Services | Revolver | 11.87% (S + 6.50%; 1.00% Floor) | Maturity 05/13/2030 2023-09-30 0001634452 U.S. 1st Lien/Senior Secured Debt | Serrano Parent LLC | Software & Tech Services | Term Loan | 11.87% (S + 6.50%; 1.00% Floor) | Maturity 05/13/2030 2023-09-30 0001634452 U.S. 1st Lien/Senior Secured Debt | Sirsi Corporation | Software & Tech Services | Revolver | 9.92% (S + 4.50%; 1.00% Floor) | Maturity 03/15/2024 2023-09-30 0001634452 U.S. 1st Lien/Senior Secured Debt | Sirsi Corporation | Software & Tech Services | Term Loan | 9.92% (S + 4.50%; 1.00% Floor) | Maturity 03/15/2024 2023-09-30 0001634452 U.S. 1st Lien/Senior Secured Debt | SIS Purchaser Inc. | Software & Tech Services | Revolver | 10.92% (S + 5.50%; 1.00% Floor) | Maturity 10/15/2026 2023-09-30 0001634452 U.S. 1st Lien/Senior Secured Debt | SIS Purchaser Inc. | Software & Tech Services | Term Loan | 10.92% (S + 5.50%; 1.00% Floor) | Maturity 10/15/2026 | One 2023-09-30 0001634452 U.S. 1st Lien/Senior Secured Debt | SIS Purchaser Inc. | Software & Tech Services | Term Loan | 10.92% (S + 5.50%; 1.00% Floor) | Maturity 10/15/2026 | Two 2023-09-30 0001634452 U.S. 1st Lien/Senior Secured Debt | Soladoc LLC | Software & Tech Services | Delayed Draw Term Loan | 10.62% (S + 5.25%; 0.75% Floor) | Maturity 06/12/2028 2023-09-30 0001634452 U.S. 1st Lien/Senior Secured Debt | Soladoc LLC | Software & Tech Services | Revolver | 10.62% (S + 5.25%; 0.75% Floor) | Maturity 06/12/2028 2023-09-30 0001634452 U.S. 1st Lien/Senior Secured Debt | Soladoc LLC | Software & Tech Services | Term Loan | 10.62% (S + 5.25%; 0.75% Floor) | Maturity 06/12/2028 2023-09-30 0001634452 U.S. 1st Lien/Senior Secured Debt | SugarCRM Inc. | Software & Tech Services | Revolver | 11.92% (S + 6.50%; 1.00% Floor) | Maturity 07/31/2024 2023-09-30 0001634452 U.S. 1st Lien/Senior Secured Debt | Ranger Buyer Inc | Software & Tech Services | Revolver | 10.92% (S + 5.50%; 0.75% Floor) | Maturity 11/18/2027 2023-09-30 0001634452 U.S. 1st Lien/Senior Secured Debt | Sundance Group Holdings Inc. | Software & Tech Services | Delayed Draw Term Loan | 11.73% (S + 6.25%; 1.00% Floor) | Maturity 07/02/2027 2023-09-30 0001634452 U.S. 1st Lien/Senior Secured Debt | Sundance Group Holdings Inc. | Software & Tech Services | Revolver | 11.71% (S + 6.25%; 1.00% Floor) | Maturity 07/02/2027 2023-09-30 0001634452 U.S. 1st Lien/Senior Secured Debt | Sundance Group Holdings Inc. | Software & Tech Services | Term Loan | 11.77% (S + 6.25%; 1.00% Floor) | Maturity 07/02/2027 2023-09-30 0001634452 U.S. 1st Lien/Senior Secured Debt | Sundance Group Holdings Inc. | Software & Tech Services | Term Loan | 11.72% (S + 6.25%; 1.00% Floor) | Maturity 07/02/2027 2023-09-30 0001634452 U.S. 1st Lien/Senior Secured Debt | Swiftpage Inc. | Software & Tech Services | Revolver | 11.92% (S + 6.50%; 1.00% Floor) | Maturity 12/13/2023 2023-09-30 0001634452 U.S. 1st Lien/Senior Secured Debt | Swiftpage Inc. | Software & Tech Services | Term Loan | 11.92% (S + 6.50%; 1.00% Floor) | Maturity 12/13/2023 | One 2023-09-30 0001634452 U.S. 1st Lien/Senior Secured Debt | Swiftpage Inc. | Software & Tech Services | Term Loan | 11.92% (S + 6.50%; 1.00% Floor) | Maturity 12/13/2023 | Two 2023-09-30 0001634452 U.S. 1st Lien/Senior Secured Debt | Sysnet North America Inc. | Software & Tech Services | Term Loan | 11.50% (S + 6.00%; 1.00% Floor) | Maturity 12/01/2026 2023-09-30 0001634452 U.S. 1st Lien/Senior Secured Debt | Telcor Buyer Inc. | Software & Tech Services | Revolver | 9.69% (S + 4.25%; 1.00% Floor) | Maturity 08/20/2027 2023-09-30 0001634452 U.S. 1st Lien/Senior Secured Debt | Telcor Buyer Inc. | Software & Tech Services | Term Loan | 9.69% (S + 4.25%; 1.00% Floor) | Maturity 08/20/2027 2023-09-30 0001634452 U.S. 1st Lien/Senior Secured Debt | Telesoft Holdings LLC | Software & Tech Services | Revolver | 13.25% (S + 5.75%; 1.00% Floor) | Maturity 12/16/2025 2023-09-30 0001634452 U.S. 1st Lien/Senior Secured Debt | SugarCRM Inc. | Software & Tech Services | Term Loan | 11.92% (S + 6.50%; 1.00% Floor) | Maturity 07/31/2024 2023-09-30 0001634452 U.S. 1st Lien/Senior Secured Debt | Telesoft Holdings LLC | Software & Tech Services | Term Loan | 11.17% (S + 5.75%; 1.00% Floor) | Maturity 12/16/2025 2023-09-30 0001634452 U.S. 1st Lien/Senior Secured Debt | Unanet Inc. | Software & Tech Services | Delayed Draw Term Loan | 11.35% (S + 6.00%; 0.75% Floor) | Maturity 12/08/2028 2023-09-30 0001634452 U.S. 1st Lien/Senior Secured Debt | Unanet Inc. | Software & Tech Services | Revolver | 11.35% (S + 6.00%; 0.75% Floor) | Maturity 12/08/2028 2023-09-30 0001634452 U.S. 1st Lien/Senior Secured Debt | Unanet Inc. | Software & Tech Services | Term Loan | 11.35% (S + 6.00%; 0.75% Floor) | Maturity 12/08/2028 2023-09-30 0001634452 U.S. 1st Lien/Senior Secured Debt | Ungerboeck Systems International LLC | Software & Tech Services | Delayed Draw Term Loan | 11.92% (S + 6.50%; 1.00% Floor) | Maturity 04/30/2027 2023-09-30 0001634452 U.S. 1st Lien/Senior Secured Debt | Ungerboeck Systems International LLC | Software & Tech Services | Delayed Draw Term Loan | 12.02% (S + 6.50%; 1.00% Floor) | Maturity 04/30/2027 | One 2023-09-30 0001634452 U.S. 1st Lien/Senior Secured Debt | Ungerboeck Systems International LLC | Software & Tech Services | Delayed Draw Term Loan | 12.02% (S + 6.50%; 1.00% Floor) | Maturity 04/30/2027 | Two 2023-09-30 0001634452 U.S. 1st Lien/Senior Secured Debt | Ungerboeck Systems International LLC | Software & Tech Services | Revolver | 12.02% (S + 6.50%; 1.00% Floor) | Maturity 04/30/2027 2023-09-30 0001634452 U.S. 1st Lien/Senior Secured Debt | Ungerboeck Systems International LLC | Software & Tech Services | Term Loan | 11.97% (S + 6.50%; 1.00% Floor) | Maturity 04/30/2027 2023-09-30 0001634452 U.S. 1st Lien/Senior Secured Debt | Ungerboeck Systems International LLC | Software & Tech Services | Term Loan | 12.00% (S + 6.50%; 1.00% Floor) | Maturity 04/30/2027 2023-09-30 0001634452 U.S. 1st Lien/Senior Secured Debt | Sauce Labs Inc. | Software & Tech Services | Delayed Draw Term Loan | 11.47% (S + 5.50%; 0.50% PIK; 1.00% Floor) | Maturity 08/16/2027 | One 2023-09-30 0001634452 U.S. 1st Lien/Senior Secured Debt | Sauce Labs Inc. | Software & Tech Services | Delayed Draw Term Loan | 11.47% (S + 5.50%; 0.50% PIK; 1.00% Floor) | Maturity 08/16/2027 | Two 2023-09-30 0001634452 U.S. 1st Lien/Senior Secured Debt | Sauce Labs Inc. | Software & Tech Services | Revolver | 10.97% (S + 5.50%; 1.00% Floor) | Maturity 08/16/2027 2023-09-30 0001634452 U.S. 1st Lien/Senior Secured Debt | Sauce Labs Inc. | Software & Tech Services | Term Loan | 10.97% (S + 5.50%; 0.50% PIK; 1.00% Floor) | Maturity 08/16/2027 2023-09-30 0001634452 U.S. 1st Lien/Senior Secured Debt | Saviynt Inc. | Software & Tech Services | Delayed Draw Term Loan | 12.92% (S + 4.00%; 3.50% PIK; 1.00% Floor) | Maturity 12/22/2027 2023-09-30 0001634452 U.S. 1st Lien/Senior Secured Debt | Saviynt Inc. | Software & Tech Services | Revolver | 12.92% (S + 4.00%; 3.50% PIK; 1.00% Floor) | Maturity 12/22/2027 2023-09-30 0001634452 U.S. 1st Lien/Senior Secured Debt | Ungerboeck Systems International LLC | Software & Tech Services | Term Loan | 12.02% (S + 6.50%; 1.00% Floor) | Maturity 04/30/2027 2023-09-30 0001634452 abpcic:SeriesCOneMember abpcic:SoftwareAndTechServicesMember abpcic:ScyllaDBIncMember 2023-09-30 0001634452 us-gaap:SeriesBMember abpcic:U.s.WarrantsAtZeroPointTwoTwoPercentageMember abpcic:AlphasenseInc.Member 2023-09-30 0001634452 abpcic:SeriesDMember abpcic:U.s.WarrantsAtZeroPointTwoTwoPercentageMember abpcic:DegreedIncMember 2023-09-30 0001634452 abpcic:SeriesCOneMember abpcic:U.s.WarrantsAtZeroPointTwoTwoPercentageMember abpcic:DegreedIncMember 2023-09-30 0001634452 abpcic:CommonSharesMember abpcic:U.s.WarrantsAtZeroPointTwoTwoPercentageMember abpcic:DegreedIncMember 2023-09-30 0001634452 abpcic:SeriesFMember abpcic:U.s.WarrantsAtZeroPointTwoTwoPercentageMember abpcic:VectraAIIncMember 2023-09-30 0001634452 abpcic:UnitedKingdomWarrantsAtZeroPointZeroSixPercentageMember abpcic:GlobalWebIndexIncMember abpcic:PreferredUnitsMember 2023-09-30 0001634452 abpcic:FirstLienSeniorSecuredDebtAtFourPointSixNineMember 2023-09-30 0001634452 abpcic:U.s.WarrantsAtZeroPointTwoTwoPercentageMember 2023-09-30 0001634452 abpcic:UnitedKingdomWarrantsAtZeroPointZeroSixPercentageMember 2023-09-30 0001634452 abpcic:WeeklyOneMonthLiborMember 2023-09-30 0001634452 abpcic:WeeklyThreeMonthLiborMember 2023-09-30 0001634452 abpcic:WeeklySixMonthLiborMember 2023-09-30 0001634452 abpcic:WeeklyOneMonthSofrMember 2023-09-30 0001634452 abpcic:WeeklyThreeMonthSofrMember 2023-09-30 0001634452 abpcic:WeeklySixMonthSofrMember 2023-09-30 0001634452 us-gaap:PrimeRateMember 2023-09-30 0001634452 abpcic:SecondLienJuniorSecuredDebtAtTwoMember 2023-09-30 0001634452 abpcic:U.s.PreferredStockAtOnePointNineOnePercentageMember 2023-09-30 0001634452 abpcic:U.s.InvestmentCompanies1.62Member 2023-09-30 0001634452 us-gaap:FinancialServicesSectorMember 2023-09-30 0001634452 us-gaap:InvestmentsMember us-gaap:FinancialServicesSectorMember 2023-09-30 0001634452 us-gaap:FairValueInputsLevel3Member us-gaap:PreferredStockMember us-gaap:EquityFundsMember us-gaap:FinancialServicesSectorMember 2023-09-30 0001634452 us-gaap:FairValueInputsLevel2Member us-gaap:PreferredStockMember us-gaap:EquityFundsMember us-gaap:FinancialServicesSectorMember 2023-09-30 0001634452 us-gaap:FinancialServicesSectorMember us-gaap:EquityFundsMember us-gaap:CommonStockMember us-gaap:FairValueInputsLevel1Member 2023-09-30 0001634452 us-gaap:FinancialServicesSectorMember us-gaap:EquityFundsMember us-gaap:CommonStockMember us-gaap:FairValueInputsLevel2Member 2023-09-30 0001634452 us-gaap:FairValueInputsLevel3Member us-gaap:CommonStockMember us-gaap:EquityFundsMember us-gaap:FinancialServicesSectorMember 2023-09-30 0001634452 us-gaap:PreferredStockMember us-gaap:EquityFundsMember us-gaap:FinancialServicesSectorMember 2023-09-30 0001634452 us-gaap:CommonStockMember us-gaap:EquityFundsMember us-gaap:FinancialServicesSectorMember 2023-09-30 0001634452 us-gaap:FairValueInputsLevel1Member us-gaap:WarrantMember us-gaap:EquityFundsMember us-gaap:FinancialServicesSectorMember 2023-09-30 0001634452 us-gaap:FairValueInputsLevel2Member us-gaap:WarrantMember us-gaap:EquityFundsMember us-gaap:FinancialServicesSectorMember 2023-09-30 0001634452 us-gaap:FairValueInputsLevel3Member us-gaap:WarrantMember us-gaap:EquityFundsMember us-gaap:FinancialServicesSectorMember 2023-09-30 0001634452 us-gaap:WarrantMember us-gaap:EquityFundsMember us-gaap:FinancialServicesSectorMember 2023-09-30 0001634452 us-gaap:FairValueInputsLevel1Member us-gaap:FinancialServicesSectorMember 2023-09-30 0001634452 us-gaap:FairValueInputsLevel1Member us-gaap:SeniorDebtObligationsMember abpcic:FirstLienseniorSecuredDebtMember us-gaap:FinancialServicesSectorMember 2023-09-30 0001634452 us-gaap:FairValueInputsLevel2Member us-gaap:SeniorDebtObligationsMember abpcic:FirstLienseniorSecuredDebtMember us-gaap:FinancialServicesSectorMember 2023-09-30 0001634452 us-gaap:FairValueInputsLevel3Member us-gaap:SeniorDebtObligationsMember abpcic:FirstLienseniorSecuredDebtMember us-gaap:FinancialServicesSectorMember 2023-09-30 0001634452 us-gaap:SeniorDebtObligationsMember abpcic:FirstLienseniorSecuredDebtMember us-gaap:FinancialServicesSectorMember 2023-09-30 0001634452 us-gaap:FairValueInputsLevel1Member us-gaap:SeniorDebtObligationsMember abpcic:SecondLienJuniorSecuredDebtMember us-gaap:FinancialServicesSectorMember 2023-09-30 0001634452 us-gaap:FairValueInputsLevel2Member us-gaap:SeniorDebtObligationsMember abpcic:SecondLienJuniorSecuredDebtMember us-gaap:FinancialServicesSectorMember 2023-09-30 0001634452 us-gaap:FairValueInputsLevel3Member us-gaap:SeniorDebtObligationsMember abpcic:SecondLienJuniorSecuredDebtMember us-gaap:FinancialServicesSectorMember 2023-09-30 0001634452 us-gaap:SeniorDebtObligationsMember abpcic:SecondLienJuniorSecuredDebtMember us-gaap:FinancialServicesSectorMember 2023-09-30 0001634452 us-gaap:FairValueInputsLevel1Member us-gaap:PreferredStockMember us-gaap:EquityFundsMember us-gaap:FinancialServicesSectorMember 2023-09-30 0001634452 us-gaap:FairValueInputsLevel2Member us-gaap:FinancialServicesSectorMember 2023-09-30 0001634452 us-gaap:FairValueInputsLevel3Member us-gaap:FinancialServicesSectorMember 2023-09-30 0001634452 U.S. Investment Companies | AB Equity Investors L.P | LP Interests 2023-09-30 0001634452 U.S. Investment Companies | ORCP III Triton Co-Investors L.P | LP Interests 2023-09-30 0001634452 U.S. Investment Companies | Orangewood WWB Co-Invest L.P | LP Interests 2023-09-30 0001634452 U.S. Investment Companies |GHP SPV 2 L.P | LP Interests 2023-09-30 0001634452 U.S. Investment Companies | GHP E Aggregator LLC | LLC Units 2023-09-30 0001634452 U.S. Investment Companies | Falcon Co-Investment Partners L.P | LP Interests 2023-09-30 0001634452 Cash Equivalents | U.S. Investment Companies | State Street Institutional US Government Money Market Fund | Money Market | Money Market Portfolio | 5.29% 2023-09-30 0001634452 Cash Equivalents | U.S. Investment Companies | Blackrock T Fund I | Money Market | Money Market Portfolio | 5.23% 2023-09-30 0001634452 U.S. Investment Companies | Palms Co-Investment Partners L.P | LP Interests 2023-09-30 0001634452 U.S. Investment Companies | Magenta Blocker Aggregator LP | Class A 2023-09-30 0001634452 U.S. Investment Companies 2023-09-30 0001634452 Cash Equivalents | U.S. Investment Companies 2023-09-30 0001634452 U.S. Corporate Debt | 1st Lien Senior Secured Debt | Community Based Care Acquisition Inc | Healthcare | Term Loan | 10.67% | S + 5.25% | 1.00% Floor | 09/16/2027 2023-09-30 0001634452 U.S. Corporate Debt | 1st Lien Senior Secured Debt | Community Based Care Acquisition Inc | Healthcare | Delayed Draw Term Loan | 11.04% | S + 5.50% | 1.00% Floor | 09/16/2027 2023-09-30 0001634452 U.S. Corporate Debt | 1st Lien Senior Secured Debt | Community Based Care Acquisition Inc | Healthcare | Revolver | 10.74% | S + 5.25% | 1.00% Floor | 09/16/2027 2023-09-30 0001634452 U.S. Corporate Debt | 1st Lien Senior Secured Debt | FH MD Buyer Inc | Healthcare | Term Loan | 10.43% | S + 5.00% | 0.75% Floor | 07/22/2028 2023-09-30 0001634452 U.S. Corporate Debt | 1st Lien Senior Secured Debt | GHA Buyer Inc | Healthcare | Delayed Draw Term Loan | 10.04% | S + 4.50% | 3.75% PIK | 1.00% Floor | 06/24/2026 2023-09-30 0001634452 U.S. Corporate Debt | 1st Lien Senior Secured Debt | GHA Buyer Inc | Healthcare | Revolver | 10.04% | S + 4.50% | 3.75% PIK | 1.00% Floor | 06/24/2026 2023-09-30 0001634452 U.S. Corporate Debt | 1st Lien Senior Secured Debt | GHA Buyer Inc | Healthcare | Term Loan | 10.04% | S + 4.50% | 3.75% PIK | 1.00% Floor | 06/24/2026 2023-09-30 0001634452 U.S. Corporate Debt | 1st Lien Senior Secured Debt | GHA Buyer Inc | Healthcare | Term Loan | 10.04% | S + 4.50% | 3.75% PIK | 1.00% Floor | 06/24/2026 | One 2023-09-30 0001634452 U.S. Corporate Debt | 1st Lien Senior Secured Debt | GHA Buyer Inc | Healthcare | Term Loan | 10.04% | S + 4.50% | 3.75% PIK | 1.00% Floor | 06/24/2026 | Two 2023-09-30 0001634452 U.S. Corporate Debt | 1st Lien Senior Secured Debt | GHA Buyer Inc | Healthcare | Term Loan | 10.04% | S + 4.50% | 3.75% PIK | 1.00% Floor | 06/24/2026 | Three 2023-09-30 0001634452 U.S. Corporate Debt | 1st Lien Senior Secured Debt | GHA Buyer Inc | Healthcare | Term Loan | 10.04% | S + 4.50% | 3.75% PIK | 1.00% Floor | 06/24/2026 | Four 2023-09-30 0001634452 U.S. Corporate Debt | 1st Lien Senior Secured Debt | Honor HN Buyer Inc | Healthcare | Delayed Draw Term Loan | 11.29% | S + 5.75% | 1.00% Floor | 10/15/2027 2023-09-30 0001634452 U.S. Corporate Debt | 1st Lien Senior Secured Debt | Honor HN Buyer Inc | Healthcare | Delayed Draw Term Loan | 11.54% | S + 6.00% | 1.00% Floor | 10/15/2027 2023-09-30 0001634452 U.S. Corporate Debt | 1st Lien Senior Secured Debt | Honor HN Buyer Inc | Healthcare | Revolver | 13.25% | P + 4.75% | 1.00% Floor | 10/15/2027 2023-09-30 0001634452 U.S. Corporate Debt | 1st Lien Senior Secured Debt | Honor HN Buyer Inc | Healthcare | Term Loan | 11.29% | S + 5.75% | 1.00% Floor | 10/15/2027 2023-09-30 0001634452 U.S. Corporate Debt | 1st Lien Senior Secured Debt | Medical Management Resource Group LLC | Healthcare | Delayed Draw Term Loan | 11.21% | S + 5.75% | 0.75% Floor | 09/30/2027 2023-09-30 0001634452 U.S. Corporate Debt | 1st Lien Senior Secured Debt | Medical Management Resource Group LLC | Healthcare | Revolver | 11.27% | S + 5.75% | 0.75% Floor | 09/30/2026 2023-09-30 0001634452 U.S. Corporate Debt | 1st Lien Senior Secured Debt | Medical Management Resource Group LLC | Healthcare | Term Loan | 11.52% | S + 5.75% | 0.75% Floor | 09/30/2027 2023-09-30 0001634452 U.S. Corporate Debt | 1st Lien Senior Secured Debt | Medsuite Purchaser LLC | Healthcare | Delayed Draw Term Loan | 10.17% | S + 4.75% | 1.00% Floor | 10/22/2026 2023-09-30 0001634452 U.S. Corporate Debt | 1st Lien Senior Secured Debt | Medsuite Purchaser LLC | Healthcare | Revolver | 10.17% | S + 4.75% | 1.00% Floor | 10/22/2026 2023-09-30 0001634452 U.S. Corporate Debt | 1st Lien Senior Secured Debt | Medsuite Purchaser LLC | Healthcare | Term Loan | 10.17% | S + 4.75% | 1.00% Floor | 10/22/2026 2023-09-30 0001634452 U.S. Corporate Debt | 1st Lien Senior Secured Debt | OMH HealthEdge Holdings LLC | Healthcare | Revolver | 12.75% | P + 4.25% | 10/24/2024 2023-09-30 0001634452 U.S. Corporate Debt | 1st Lien Senior Secured Debt | OMH HealthEdge Holdings LLC | Healthcare | Term Loan | 12.75% | P + 4.25% | 10/24/2024 2023-09-30 0001634452 U.S. Corporate Debt | 1st Lien Senior Secured Debt | OMH HealthEdge Holdings LLC | Healthcare | Term Loan | 12.75% | P + 4.25% | 10/24/2025 | One 2023-09-30 0001634452 U.S. Corporate Debt | 1st Lien Senior Secured Debt | OMH HealthEdge Holdings LLC | Healthcare | Term Loan | 12.75% | P + 4.25% | 10/24/2025 | Two 2023-09-30 0001634452 U.S. Corporate Debt | 1st Lien Senior Secured Debt | Pace Health Companies LLC | Healthcare | Revolver | 9.89% | S + 4.50% | 1.00% Floor | 08-02-2025 2023-09-30 0001634452 U.S. Corporate Debt | 1st Lien Senior Secured Debt | Pace Health Companies LLC | Healthcare | Term Loan | 9.89% | S + 4.50% | 1.00% Floor | 08-02-2025 2023-09-30 0001634452 U.S. Corporate Debt | 1st Lien Senior Secured Debt | Pinnacle Dermatology Management LLC | Healthcare | Delayed Draw Term Loan | 11.09% | S + 5.75% | 0.75% Floor | 12-08-2028 2023-09-30 0001634452 U.S. Corporate Debt | 1st Lien Senior Secured Debt | Pinnacle Dermatology Management LLC | Healthcare | Revolver | 11.50% | S + 4.00% | 0.75% Floor | 12-08-2026 2023-09-30 0001634452 U.S. Corporate Debt | 1st Lien Senior Secured Debt | Pinnacle Dermatology Management LLC | Healthcare | Term Loan | 11.25% | S + 5.75% | 0.75% Floor | 12-08-2028 2023-09-30 0001634452 U.S. Corporate Debt | 1st Lien Senior Secured Debt | Delaware Valley Management Holdings, Inc. | Healthcare | Delayed Draw Term Loan | S + 6.25% | 1.00% Floor | 03/21/2024 2023-09-30 0001634452 U.S. Corporate Debt | 1st Lien Senior Secured Debt | Delaware Valley Management Holdings, Inc. | Healthcare | Delayed Draw Term Loan | S + 6.25% | 1.00% Floor | 03/21/2024 One 2023-09-30 0001634452 U.S. Corporate Debt | 1st Lien Senior Secured Debt | Delaware Valley Management Holdings, Inc. | Healthcare | Revolver | S + 6.25% | 1.00% Floor | 03/21/2024 2023-09-30 0001634452 U.S. Corporate Debt | 1st Lien Senior Secured Debt | Delaware Valley Management Holdings, Inc | Healthcare | Term Loan | S + 6.25% | 1.00% Floor | 03/21/2024 2023-09-30 0001634452 U.S. Corporate Debt | 1st Lien Senior Secured Debt | Coding Solutions Acquisition Inc | Healthcare | Term Loan | 11.40% | S + 6.00% | 0.75% Floor | 05/11/2028 2023-09-30 0001634452 U.S. Corporate Debt | 1st Lien Senior Secured Debt | Community Based Care Acquisition Inc | Healthcare | Delayed Draw Term Loan | 10.74% | S + 5.25% | 1.00% Floor | 09/16/2027 2023-09-30 0001634452 U.S. Corporate Debt | 1st Lien Senior Secured Debt | Pinnacle Treatment Centers Inc | Healthcare | Delayed Draw Term Loan | 12.32% | S + 6.75% | 1.00% Floor | 01-02-2026 2023-09-30 0001634452 U.S. Corporate Debt | 1st Lien Senior Secured Debt | Pinnacle Treatment Centers Inc | Healthcare | Revolver | 12.29% | S + 6.75% | 1.00% Floor | 01-02-2026 2023-09-30 0001634452 U.S. Corporate Debt | 1st Lien Senior Secured Debt | Pinnacle Treatment Centers Inc | Healthcare | Term Loan | 12.32% | S + 6.75% | 1.00% Floor | 01-02-2026 2023-09-30 0001634452 U.S. Corporate Debt | 1st Lien Senior Secured Debt | Pinnacle Treatment Centers Inc | Healthcare | Term Loan | 12.32% | S + 6.75% | 1.00% Floor | 01-02-2026 | One 2023-09-30 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Medbridge Holdings, LLC| Software & Tech Services| Term Loan| 11.54% (S + 6.00%; 1.00% Floor)| 12/23/2026 2023-09-30 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Medbridge Holdings, LLC| Software & Tech Services| Term Loan| 11.54% (S + 6.00%; 1.00% Floor)| 12/23/2026 One 2023-09-30 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Metametrics, Inc| Software & Tech Services| Revolver| 10.49% (S + 5.00%; 1.00% Floor)| 09-10-2025 2023-09-30 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Metametrics, Inc| Software & Tech Services| Term Loan| 10.49% (S + 5.00%; 1.00% Floor)| 09-10-2025 2023-09-30 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Moon Buyer, Inc| Software & Tech Services| Delayed Draw Term Loan| 10.24% (S + 4.75%; 1.00% Floor)| 04/21/2027 2023-09-30 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Moon Buyer, Inc| Software & Tech Services| Revolver| 10.14% (S + 4.75%; 1.00% Floor)| 04/21/2027 2023-09-30 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Moon Buyer, Inc| Software & Tech Services | Term Loan| 10.14% (S + 4.75%; 1.00% Floor)| 04/21/2027 2023-09-30 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Mykaarma Acquisition LLC| Software & Tech Services | Revolver| 7.75% (S + 3.00%; 3.75% PIK; 1.00% Floor)| 03/21/2028 2023-09-30 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Mykaarma Acquisition LLC| Software & Tech Services | Term Loan| 7.75% (S + 3.00%; 3.75% PIK; 1.00% Floor)| 03/21/2028 2023-09-30 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Navigate360, LLC| Software & Tech Services | Delayed Draw Term Loan| 11.43% (S + 6.00%; 1.00% Floor)| 03/17/2027 2023-09-30 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Navigate360, LLC| Software & Tech Services | Revolver| 11.42% (S + 6.00%; 1.00% Floor)| 03/17/2027 2023-09-30 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Navigate360, LLC| Software & Tech Services | Term Loan| 11.43% (S + 6.00%; 1.00% Floor)| 03/17/2027 2023-09-30 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Navigate360, LLC| Software & Tech Services | Term Loan| 11.42% (S + 6.00%; 1.00% Floor)| 03/17/2027 2023-09-30 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Netwrix Corporation And Concept Searching Inc| Software & Tech Services | Delayed Draw Term Loan| 10.47% (S + 5.00%; 0.75% Floor)| 06-11-2029 2023-09-30 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Netwrix Corporation And Concept Searching Inc| Software & Tech Services | Revolver| 10.47% (S + 5.00%; 0.75% Floor)| 06-11-2029 2023-09-30 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | G Treasury SS, LLC | Software & Tech Services | Term Loan| 11.40% (S + 6.00%; 1.00% Floor) | 06/29/2029 2023-09-30 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Genesis Acquisition Co | Software & Tech Services | Revolver| 10.39% (S + 5.00%; 1.00% Floor) | 07/31/2025 2023-09-30 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Genesis Acquisition Co | Software & Tech Services | Term Loan| 10.39% (S + 5.00%; 1.00% Floor) | 07/31/2025 2023-09-30 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Genesis Acquisition Co | Software & Tech Services | Term Loan| 10.39% (S + 5.00%; 1.00% Floor) | 07/31/2025 One 2023-09-30 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Greenhouse Software, Inc | Software & Tech Services | Revolver |12.39% (S + 7.00%; 1.00% Floor) | 09-01-2028 2023-09-30 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Greenhouse Software, Inc | Software & Tech Services | Revolver |12.39% (S + 7.00%; 1.00% Floor) | 09-01-2028 One 2023-09-30 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Greenhouse Software, Inc | Software & Tech Services | Term Loan | 12.39% (S + 7.00%; 1.00% Floor) | 09-01-2028 One 2023-09-30 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Greenhouse Software, Inc | Software & Tech Services | Term Loan | 12.39% (S + 7.00%; 1.00% Floor) | 09-01-2028 2023-09-30 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Kaseya Inc| Software & Tech Services | Delayed Draw Term Loan| 9.12% (S + 3.75%; 2.50% PIK; 0.75% Floor)| 06/25/2029 2023-09-30 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Kaseya Inc| Software & Tech Services |Revolver| 9.12% (S + 3.75%; 2.50% PIK; 0.75% Floor)| 06/25/2029 2023-09-30 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Kaseya Inc| Software & Tech Services| Term Loan| 9.12% (S + 3.75%; 2.50% PIK; 0.75% Floor)| 06/25/2029 2023-09-30 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Mavenlink, Inc| Software & Tech Services| Revolver | 10.98% (S + 5.50%; 0.75% Floor) | 06-03-2027 2023-09-30 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Mavenlink, Inc| Software & Tech Services| Term Loan | 11.02% (S + 5.50%; 0.75% Floor)| 06-03-2027 2023-09-30 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Fusion Risk Management, Inc| Software & Tech Services | Term Loan| 12.63% (S + 3.50%; 1.00% Floor)| 05/22/2029 2023-09-30 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | G Treasury SS, LLC | Software & Tech Services | Delayed Draw Term Loan | 11.40% (S + 6.00%; 1.00% Floor) | 06/29/2029 2023-09-30 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | G Treasury SS, LLC | Software & Tech Services | Delayed Draw Term Loan | 11.40% (S + 6.00%; 1.00% Floor) | 06/29/2029 One 2023-09-30 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | G Treasury SS, LLC | Software & Tech Services | Revolver| 11.40% (S + 6.00%; 1.00% Floor) | 06/29/2029 2023-09-30 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Gryphon-Redwood Acquisition LLC | Software & Tech Services | Delayed Draw Term Loan| 9.48% (S + 4.00%; 6.00% PIK; 1.00% Floor)| 09/16/2028 2023-09-30 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Gryphon-Redwood Acquisition LLC | Software & Tech Services | Term Loan| 9.48% (S + 4.00%; 6.00% PIK; 1.00% Floor)| 09/16/2028 2023-09-30 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | GS AcquisitionCo, Inc| Software & Tech Services | Revolver| 11.29% (S + 5.75%; 1.00% Floor)| 05/22/2026 2023-09-30 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | GS AcquisitionCo, Inc| Term Loan| Software & Tech Services | 11.29% (S + 5.75%; 1.00% Floor)| 05/22/2026 2023-09-30 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Hirevue, Inc| Software & Tech Services | Revolver| 12.34% (S + 7.25%; 1.00% Floor)| 05-03-2029 2023-09-30 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Hirevue, Inc| Software & Tech Services | Term Loan| 12.34% (S + 7.25%; 1.00% Floor)| 05-03-2029 2023-09-30 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Iodine Software, LLC | Software & Tech Services | Delayed Draw Term Loan| 11.42% (S + 6.00%; 1.00% Floor) | 05/19/2027 2023-09-30 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Iodine Software, LLC | Software & Tech Services | Delayed Draw Term Loan| 11.42% (S + 6.00%; 1.00% Floor) | 05/19/2027 One 2023-09-30 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Iodine Software, LLC | Software & Tech Services | Revolver| 11.42% (S + 6.00%; 1.00% Floor) | 05/19/2027 2023-09-30 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Iodine Software, LLC | Software & Tech Services | Term Loan| 11.42% (S + 6.00%; 1.00% Floor) | 05/19/2027 2023-09-30 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Drilling Info Holdings, Inc | Software & Tech Services| Term Loan | 9.67% (S + 4.25%)| 07/30/2025 2023-09-30 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | EET Buyer, Inc.| Software & Tech Services| Revolver| 12.03% (S + 6.50%; 0.75% Floor)| 11-08-2027 2023-09-30 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | EET Buyer, Inc.| Software & Tech Services| Term Loan| 11.97% (S + 6.50%; 0.75% Floor)| 11-08-2027 2023-09-30 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | EET Buyer, Inc.| Software & Tech Services| Term Loan| 11.97% (S + 6.50%; 0.75% Floor)| 11-08-2027 One 2023-09-30 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Exterro, Inc.| Software & Tech Services| Revolver| 13.00% (P + 4.50%; 1.00% Floor)| 05/31/2024 2023-09-30 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Exterro, Inc.| Software & Tech Services| Term Loan| 11.06% (S + 5.50%; 1.00% Floor)| 05/31/2024 2023-09-30 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Exterro, Inc.| Software & Tech Services| Term Loan| 11.06% (S + 5.50%; 1.00% Floor)| 05/31/2024 One 2023-09-30 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Exterro, Inc.| Software & Tech Services| Term Loan| 11.06% (S + 5.50%; 1.00% Floor)| 05/31/2024 Two 2023-09-30 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Faithlife, LLC.| Software & Tech Services| Delayed Draw Term Loan| 10.99% (S + 5.50%; 1.00% Floor)| 09/18/2025 2023-09-30 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Faithlife, LLC.| Software & Tech Services| Revolver| 10.99% (S + 5.50%; 1.00% Floor)| 09/18/2025 2023-09-30 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Faithlife, LLC.| Software & Tech Services| Term Loan | 10.99% (S + 5.50%; 1.00% Floor)| 09/18/2025 2023-09-30 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt |Fusion Holding Corp| Software & Tech Services | Revolver| 11.59% (S + 6.25%; 0.75% Floor)| 09/15/2027 2023-09-30 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Fusion Holding Corp | Software & Tech Services | Term Loan | 11.59% (S + 6.25%; 0.75% Floor)| 09/15/2029 2023-09-30 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Fusion Risk Management, Inc| Software & Tech Services | Revolver| 12.63% (S + 3.50%; 1.00% Floor)| 05/22/2029 2023-09-30 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Medbridge Holdings, LLC| Software & Tech Services| Revolver| 11.54% (S + 6.00%; 1.00% Floor)| 12/23/2026 2023-09-30 0001634452 U.S. Corporate Debt | 1st Lien Senior Secured Debt | The Center for Orthopedic and Research Excellence Inc | Healthcare | Term Loan | 11.52% | S + 6.00% | 1.00% Floor | 08/15/2025 2023-09-30 0001634452 U.S. Corporate Debt | 1st Lien Senior Secured Debt | The Center for Orthopedic and Research Excellence Inc | Healthcare | Delayed Draw Term Loan | 11.02% | S + 6.00% | 1.00% Floor | 08/15/2025 | One 2023-09-30 0001634452 U.S. Corporate Debt | 1st Lien Senior Secured Debt | The Center for Orthopedic and Research Excellence Inc | Healthcare | Delayed Draw Term Loan | 11.55% | S + 6.00% | 1.00% Floor | 08/15/2025 2023-09-30 0001634452 U.S. Corporate Debt | 1st Lien Senior Secured Debt | The Center for Orthopedic and Research Excellence Inc | Healthcare | Revolver | 11.52% | S + 6.00% | 1.00% Floor | 08/15/2025 2023-09-30 0001634452 U.S. Corporate Debt | 1st Lien Senior Secured Debt | The Center for Orthopedic and Research Excellence Inc | Healthcare | Term Loan | 11.01% | S + 6.00% | 1.00% Floor | 08/15/2025 2023-09-30 0001634452 U.S. Corporate Debt | 1st Lien Senior Secured Debt | Smile Brands Inc | Healthcare | Delayed Draw Term Loan | 9.97% | S + 4.50% | 0.75% Floor | 10/12/2025 2023-09-30 0001634452 U.S. Corporate Debt | 1st Lien Senior Secured Debt | Smile Brands Inc | Healthcare | Revolver | 9.99% | P + 3.50% | 0.75% Floor | 10/12/2025 2023-09-30 0001634452 U.S. Corporate Debt | 1st Lien Senior Secured Debt | Spark DSO LLC | Healthcare | Revolver | 7.40% | S + 2.15% | 5.75% PIK | 1.00% Floor | 04/20/2026 2023-09-30 0001634452 U.S. Corporate Debt | 1st Lien Senior Secured Debt | Spark DSO LLC | Healthcare | Term Loan | 13.15% | S + 2.15% | 5.75% PIK | 1.00% Floor | 04/19/2026 2023-09-30 0001634452 U.S. Corporate Debt | 1st Lien Senior Secured Debt | Smile Brands Inc | Healthcare | Term Loan | 9.97% | S + 4.50% | 0.75% Floor | 10/12/2025 2023-09-30 0001634452 U.S. Corporate Debt | 1st Lien Senior Secured Debt | The Center for Orthopedic and Research Excellence Inc | Healthcare | Delayed Draw Term Loan | 11.02% | S + 6.00% | 1.00% Floor | 08/15/2025 2023-09-30 0001634452 U.S. Corporate Debt | 1st Lien Senior Secured Debt | Salisbury House LLC | Healthcare | Delayed Draw Term Loan | 11.29% | S + 5.75% | 1.00% Floor | 08/29/2025 2023-09-30 0001634452 U.S. Corporate Debt | 1st Lien Senior Secured Debt | Salisbury House LLC | Healthcare | Revolver | 13.25% | P + 4.75% | 1.00% Floor | 08/30/2025 2023-09-30 0001634452 U.S. Corporate Debt | 1st Lien Senior Secured Debt | Salisbury House LLC | Healthcare | Term Loan | 11.29% | S + 5.75% | 1.00% Floor | 08/29/2025 2023-09-30 0001634452 U.S. Corporate Debt | 1st Lien Senior Secured Debt | Salisbury House LLC | Healthcare | Term Loan | 11.03% | S + 5.75% | 1.00% Floor | 08/30/2025 2023-09-30 0001634452 U.S. Corporate Debt | 1st Lien Senior Secured Debt | Salisbury House LLC | Healthcare | Term Loan | 11.03% | S + 5.75% | 1.00% Floor | 08/30/2025 | One 2023-09-30 0001634452 U.S. Corporate Debt | 1st Lien Senior Secured Debt | Salisbury House LLC | Healthcare | Term Loan | 11.03% | S + 5.75% | 1.00% Floor | 08/30/2025 | Two 2023-09-30 0001634452 U.S. Corporate Debt | 1st Lien Senior Secured Debt | Sandstone Care Holdings LLC | Healthcare | Delayed Draw Term Loan | 11.01% | S + 5.50% | 1.00% Floor | 06/28/2028 2023-09-30 0001634452 U.S. Corporate Debt | 1st Lien Senior Secured Debt | Sandstone Care Holdings LLC | Healthcare | Revolver | 10.97% | S + 5.50% | 1.00% Floor | 06/28/2028 2023-09-30 0001634452 U.S. Corporate Debt | 1st Lien Senior Secured Debt | Sandstone Care Holdings LLC | Healthcare | Term Loan | 10.97% | S + 5.50% | 1.00% Floor | 06/28/2028 2023-09-30 0001634452 U.S. Corporate Debt | 1st Lien Senior Secured Debt | SCA Buyer LLC | Healthcare | Revolver | 12.13% | S + 6.50% | 1.00% Floor | 01/20/2026 2023-09-30 0001634452 U.S. Corporate Debt | 1st Lien Senior Secured Debt | SCA Buyer LLC | Healthcare | Term Loan | 11.96% | S + 6.50% | 1.00% Floor | 01/20/2026 2023-09-30 0001634452 U.S. Corporate Debt | 1st Lien Senior Secured Debt | Redwood Family Care Network Inc | Healthcare | Revolver | 11.22% | S + 5.50% | 1.00% Floor | 06/18/2026 2023-09-30 0001634452 U.S. Corporate Debt | 1st Lien Senior Secured Debt | Redwood Family Care Network Inc | Healthcare | Term Loan | 11.22% | S + 5.50% | 1.00% Floor | 06/18/2026 2023-09-30 0001634452 U.S. Corporate Debt | 1st Lien Senior Secured Debt | Cerifi LLC | Services | Revolver | 11.17% | S + 5.75% | 1.00% Floor | 04/01/2027 2023-09-30 0001634452 U.S. Corporate Debt | 1st Lien Senior Secured Debt | Cerifi LLC | Services | Term Loan | 11.18% | S + 5.75% | 1.00% Floor | 03/31/2028 2023-09-30 0001634452 U.S. Corporate Debt | 1st Lien Senior Secured Debt | Pinnacle Treatment Centers Inc | Healthcare | Term Loan | 12.32% | S + 6.75% | 1.00% Floor | 01/02/2026 2023-09-30 0001634452 U.S. Corporate Debt | 1st Lien Senior Secured Debt | Priority Ondemand Midco 2 L.P | Healthcare | Delayed Draw Term Loan | 10.67% | S + 5.25% | 1.00% Floor | 07/17/2028 2023-09-30 0001634452 U.S. Corporate Debt | 1st Lien Senior Secured Debt | Priority Ondemand Midco 2 L.P | Healthcare | Term Loan | 10.84% | S + 5.25% | 1.00% Floor | 07/17/2028 2023-09-30 0001634452 U.S. Corporate Debt | 1st Lien Senior Secured Debt | RCP Encore Acquisition Inc | Healthcare | Term Loan | S + 5.00% | 1.00% Floor | 06/07/2025 2023-09-30 0001634452 U.S. Corporate Debt | 1st Lien Senior Secured Debt | Redwood Family Care Network Inc | Healthcare | Delayed Draw Term Loan | 10.90% | S + 5.50% | 1.00% Floor | 06/18/2026 2023-09-30 0001634452 U.S. Corporate Debt | 1st Lien Senior Secured Debt | Redwood Family Care Network Inc | Healthcare | Delayed Draw Term Loan | 11.22% | S + 5.50% | 1.00% Floor | 06/18/2026 2023-09-30 0001634452 U.S. Corporate Debt | 1st Lien Senior Secured Debt | Mr. Greens Intermediate LLC | Services | Term Loan | 11.68% | S + 6.25 | 1.00% Floor | 05/01/2029 2023-09-30 0001634452 U.S. Corporate Debt | 1st Lien Senior Secured Debt | Mr. Greens Intermediate LLC | Services | Revolver | 11.68% | S + 6.25 | 1.00% Floor | 05/01/2029 2023-09-30 0001634452 U.S. Corporate Debt | 1st Lien Senior Secured Debt | Mr. Greens Intermediate LLC | Services | Delayed Draw Term Loan | 11.68% | S + 6.25| 1.00% Floor | 05/01/2029 2023-09-30 0001634452 U.S. Corporate Debt | 1st Lien Senior Secured Debt | Engage2Excel Inc | Services | Term Loan | 12.74% | S + 7.25 | 1.00% Floor | 02/15/2024 | One 2023-09-30 0001634452 U.S. Corporate Debt | 1st Lien Senior Secured Debt | Engage2Excel Inc | Services | Term Loan | 12.74% | S + 7.25 | 1.00% Floor | 02/15/2024 2023-09-30 0001634452 U.S. Corporate Debt | 1st Lien Senior Secured Debt | Engage2Excel Inc | Services | Revolver | 12.69% | S + 7.25 | 1.00% Floor | 02/15/2024 2023-09-30 0001634452 U.S. Corporate Debt | 1st Lien Senior Secured Debt | Dillon Logistics Inc | Services | Term Loan | P + 6.00% | 2.00% Floor | 12/11/2023 2023-09-30 0001634452 U.S. Corporate Debt | 1st Lien Senior Secured Debt | Dillon Logistics Inc | Services | Revolver | P + 6.00% | 2.00% Floor | 12/11/2023 2023-09-30 0001634452 U.S. Corporate Debt | 1st Lien Senior Secured Debt | West Dermatology | Healthcare | Delayed Draw Term Loan | 12.77% | S + 7.25% | 1.00% Floor | 03/17/2028 2023-09-30 0001634452 U.S. Corporate Debt | 1st Lien Senior Secured Debt | West Dermatology | Healthcare | Revolver | 12.77% | S + 7.25% | 1.00% Floor | 03/17/2028 2023-09-30 0001634452 U.S. Corporate Debt | 1st Lien Senior Secured Debt | West Dermatology | Services | Term Loan | 11.98% | S + 6.50% | 0.50% PIK | 1.00% Floor | 11/25/2025 | Two 2023-09-30 0001634452 U.S. Corporate Debt | 1st Lien Senior Secured Debt | West Dermatology | Services | Term Loan | 11.98% | S + 6.50% | 0.50% PIK | 1.00% Floor | 11/25/2025 | One 2023-09-30 0001634452 U.S. Corporate Debt | 1st Lien Senior Secured Debt | West Dermatology | Services | Term Loan | 11.98% | S + 6.50% | 0.50% PIK | 1.00% Floor | 11/25/2025 2023-09-30 0001634452 U.S. Corporate Debt | 1st Lien Senior Secured Debt | West Dermatology | Services | Delayed Draw Term Loan | 11.98% | S + 6.50% | 0.50% PIK | 1.00% Floor | 11/25/2025 2023-09-30 0001634452 U.S. Corporate Debt | 1st Lien Senior Secured Debt | West Dermatology | Healthcare | Term Loan | 12.77% | S + 7.25% | 1.00% Floor | 03/17/2028 2023-09-30 0001634452 Canadian Corporate Debt | 1st Lien/Senior Secured Debt | Banneker V Acquisition Inc. | Software & Tech Services | Delayed Draw Term Loan | 12.92% (S + 7.50%; 1.00% Floor) | 12/04/2025 2023-09-30 0001634452 Canadian Corporate Debt | 1st Lien/Senior Secured Debt | Banneker V Acquisition Inc. | Software & Tech Services | Revolver | 12.92% (S + 7.50%; 1.00% Floor) | 12/04/2025 2023-09-30 0001634452 Canadian Corporate Debt | 1st Lien/Senior Secured Debt | Banneker V Acquisition Inc. | Software & Tech Services | Term Loan | 12.92% (S + 7.50%; 1.00% Floor) | 12/04/2025 2023-09-30 0001634452 Canadian Corporate Debt | 1st Lien/Senior Secured Debt | McNairn Holdings Ltd. | Services | Term Loan | 11.98% (S + 6.50%; 0.50% PIK; 1.00% Floor) | 11/25/2025 2023-09-30 0001634452 Canadian Corporate Debt | 1st Lien/Senior Secured Debt | Syntax Systems Ltd | Digital Infrastructure & Services | Delayed Draw Term Loan | 11.17% (S + 5.75%) | 10/29/2028 2023-09-30 0001634452 Canadian Corporate Debt | 1st Lien/Senior Secured Debt | Syntax Systems Ltd | Digital Infrastructure & Services | Revolver | 11.17% (S + 5.75%; 0.75% Floor) | 10/29/2026 2023-09-30 0001634452 Canadian Corporate Debt | 1st Lien/Senior Secured Debt | Syntax Systems Ltd | Digital Infrastructure & Services | Term Loan | 11.17% (S + 5.75%) | 10/29/2028 2023-09-30 0001634452 U.S. Corporate Debt | 2nd Lien/Junior Secured Debt | Symplr Software Inc. | Software & Tech Services | Term Loan | 13.34% (S + 7.88%; 0.75% Floor) | 12/22/2028 2023-09-30 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Vectra AI Inc. | Software & Tech Services | Delayed Draw Term Loan | 11.68% (S + 6.25%; 1.00% Floor) | 03/02/2028 2023-09-30 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Vectra AI Inc. | Software & Tech Services | Revolver | 11.68% (S + 6.25%; 1.00% Floor) | 03/02/2028 2023-09-30 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Vectra AI Inc. | Software & Tech Services | Term Loan | 11.82% (S + 6.25%; 1.00% Floor) | 03/02/2028 2023-09-30 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Vehlo Purchaser LLC | Software & Tech Services | Delayed Draw Term Loan | 10.50% (S + 5.00%; 0.75% Floor) | 05/24/2028 2023-09-30 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Vehlo Purchaser LLC | Software & Tech Services | Revolver | 10.43% (S + 5.00%; 0.75% Floor) | 05/24/2028 2023-09-30 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Vehlo Purchaser LLC | Software & Tech Services | Term Loan | 10.51% (S + 5.00%; 0.75% Floor) | 05/24/2028 2023-09-30 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Velocity Purchaser Corporation | Software & Tech Services | Revolver | 12.02% (S + 6.50%; 1.00% Floor) | 12/02/2024 2023-09-30 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Velocity Purchaser Corporation | Software & Tech Services | Term Loan | 12.02% (S + 6.50%; 1.00% Floor) | 12/02/2024 2023-09-30 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Velocity Purchaser Corporation | Software & Tech Services | Term Loan | 12.02% (S + 6.50%; 1.00% Floor) | 12/02/2024 | One 2023-09-30 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Velocity Purchaser Corporation | Software & Tech Services | Term Loan | 12.02% (S + 6.50%; 1.00% Floor) | 12/02/2024 | Two 2023-09-30 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Veracross LLC | Software & Tech Services | Delayed Draw Term Loan | 12.52% (S + 2.00%; 4.50% PIK; 1.00% Floor) | 12/28/2027 2023-09-30 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Veracross LLC | Software & Tech Services | Revolver | 12.52% (S + 2.00%; 4.50% PIK; 1.00% Floor) | 12/28/2027 2023-09-30 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Veracross LLC | Software & Tech Services | Term Loan | 12.52% (S + 2.00%; 4.50% PIK; 1.00% Floor) | 12/28/2027 2023-09-30 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Vhagar Purchaser LLC | Software & Tech Services | Term Loan | 12.24% (S + 7.00%; 1.00% Floor) | 06/11/2029 2023-09-30 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Vhagar Purchaser LLC | Software & Tech Services | Delayed Draw Term Loan | 12.37% (S + 7.00%; 1.00% Floor) | 06/11/2029 2023-09-30 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Vhagar Purchaser LLC | Software & Tech Services | Revolver | 12.24% (S + 7.00%; 1.00% Floor) | 06/11/2029 2023-09-30 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Zendesk Inc. | Software & Tech Services | Delayed Draw Term Loan | 8.90% (S + 3.50%; 3.25% PIK; 0.75% Floor) | 11/22/2028 2023-09-30 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Zendesk Inc. | Software & Tech Services | Revolver | 8.90% (S + 3.50%; 3.25% PIK; 0.75% Floor) | 11/22/2028 2023-09-30 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Zendesk Inc. | Software & Tech Services | Term Loan | 8.90% (S + 3.50%; 3.25% PIK; 0.75% Floor) | 11/22/2028 2023-09-30 0001634452 U.S. Corporate Debt | 2nd Lien/Junior Secured Debt | Conterra Ultra Broadband Holdings Inc. | Digital Infrastructure & Services | Term Loan | 13.92% (S + 8.50%; 1.00% Floor) | 04/30/2027 2023-09-30 0001634452 U.S. Corporate Debt | 2nd Lien/Junior Secured Debt | Brave Parent Holdings Inc. | Software & Tech Services | Term Loan | 12.97% (S + 7.50%) | 04/17/2026 2023-09-30 0001634452 U.S. Preferred Stock | Heap Inc | Series D | Software & Tech Services | 11/24/2021 2023-09-30 0001634452 U.S. Preferred Stock | Knockout Intermediate Holdings I Inc. (Kaseya Inc.) | Perpetual | Software & Tech Services | 06/23/2022 2023-09-30 0001634452 U.S. Preferred Stock | Netskope Inc. | Series G | Software & Tech Services | 01/27/2020 2023-09-30 0001634452 U.S. Preferred Stock | Vectra AI Inc | Series F | Software & Tech Services | 05/28/2021 2023-09-30 0001634452 U.S. Preferred Stock | Symplr Software Intermediate Holdings Inc. | Series A | Software & Tech Services | 11/30/2018 2023-09-30 0001634452 U.S. Preferred Stock | Swyft Parent Holdings LP | LP Interests | Software & Tech Services | 02/07/2022 2023-09-30 0001634452 U.S. Preferred Stock | Protoscale Rubrik LLC | Class B | Software & Tech Services | 01/04/2019 2023-09-30 0001634452 U.S. Preferred Stock | Phenom People Inc. | Series C | Software & Tech Services | 01/08/2020 2023-09-30 0001634452 U.S. Preferred Stock | Degreed Inc. | Series C-1 | Software & Tech Services | 06/25/2019 2023-09-30 0001634452 U.S. Preferred Stock | Degreed Inc. | Series D | Software & Tech Services | 04/30/2021 2023-09-30 0001634452 U.S. Preferred Stock | Heap Inc | Series C | Software & Tech Services | 05/21/2019 2023-09-30 0001634452 U.S. Preferred Stock | Ntiva Investments LLC (MSP Global Holdings Inc) | Class A | Digital Infrastructure & Services | 01/24/2022 2023-09-30 0001634452 U.S. Preferred Stock | Bowline Topco LLC | LLC Units | Energy | 08/09/2021 2023-09-30 0001634452 U.S. Preferred Stock | Datarobot Inc. | Series F | Software & Tech Services | 10/27/2020 2023-09-30 0001634452 U.S. Preferred Stock | Datarobot Inc. | Series E | Software & Tech Services | 08/30/2019 2023-09-30 0001634452 U.S. Preferred Stock | Concerto Health AI Solutions LLC | Series B-1 | Software & Tech Services | 12/23/2019 2023-09-30 0001634452 U.S. Preferred Stock | Alphasense Inc. | Series C | Software & Tech Services | 06/01/2021 2023-09-30 0001634452 U.S. Preferred Stock 2023-09-30 0001634452 Canadian 1st Lien/Senior Secured Debt 2023-09-30 0001634452 U.S. 1st Lien/Senior Secured Debt 2023-09-30 0001634452 Canadian Corporate Debt 2023-09-30 0001634452 U.S. Corporate Debt 2023-09-30 0001634452 U.S. 2nd Lien/Junior Secured Debt 2023-09-30 0001634452 U.S. Common Stock | AEG Holding Company Inc | Class A | Consumer Discretionary | 11/20/2017 2023-09-30 0001634452 U.S. Common Stock | Freddys Acquisition LP (Freddys Frozen Custard LLC) | LP Interests | Consumer Non Cyclical | 03/03/2021 2023-09-30 0001634452 U.S. Common Stock |8x8 Inc | Common Units | Digital Infrastructure and Services 2023-09-30 0001634452 U.S. Common Stock | Avant Communications LLC | Class A | Digital Infrastructure and Services | 11/30/2021 2023-09-30 0001634452 U.S. Common Stock | MSP Global Holdings Inc | Class A | Digital Infrastructure & Services | 01/24/2022 2023-09-30 0001634452 U.S. Common Stock | NEPCORE Parent Holdings LLC | Class A | Digital Infrastructure and Services | 10/21/2021 2023-09-30 0001634452 U.S. Common Stock | ADT Commercial Co Invest | LP Interests | Specialty RMR | 09/29/2023 2023-09-30 0001634452 U.S. Common Stock | Neutral Connect LLC | LLC Units | Digital Infrastructure and Services | 10/21/2021 2023-09-30 0001634452 U.S. Common Stock | Race Hometown Purchaser LLC | Class A | Digital Infrastructure and Services | 01/09/2023 2023-09-30 0001634452 U.S. Common Stock | Thrive Parent LLC | Class L | Digital Infrastructure and Services | 01/22/2021 2023-09-30 0001634452 U.S. Common Stock | Advantage AVP Parent Holdings L.P. (Medical Management Resource Group LLC) | Class B | Healthcare | 09/30/2021 2023-09-30 0001634452 U.S. Common Stock | American Outcomes Management L.P | Class A | Healthcare | 02/17/2022 2023-09-30 0001634452 U.S. Common Stock | Community Based Care Holdings LP | LP Interests | Healthcare | 01/03/2022 2023-09-30 0001634452 U.S. Common Stock | GSV MedSuite Investments LLC (Millin Purchaser LLC) | Class A | Healthcare | 03/31/2022 2023-09-30 0001634452 U.S. Common Stock | Health Platform Group Inc | Earn Out | Healthcare | 10/31/2020 2023-09-30 0001634452 U.S. Common Stock | INH Group Holdings Inc | Class A | Healthcare | 01/31/2019 2023-09-30 0001634452 U.S. Common Stock | RCFN Parent LP (Peoples Care) | Class A | Healthcare | 06/18/2021 2023-09-30 0001634452 U.S. Common Stock | REP Coinvest III AGP Blocker L.P (Agape Care Group) | LP Interests | Healthcare and HCIT | 10/14/2021 2023-09-30 0001634452 U.S. Common Stock | SBS Super Holdings LLC | Class A | Healthcare and HCIT | 05/12/2023 2023-09-30 0001634452 U.S. Common Stock | SBS Super Holdings LLC| Class B | Healthcare and HCIT | 05/12/2023 2023-09-30 0001634452 U.S. Common Stock | Brightspot Holdco LLC | LLC Units | Software and Tech Services | 11/16/2021 2023-09-30 0001634452 U.S. Common Stock | GSV Vehlo Investments LLC (Vehlo Purchaser LLC) | Class A | Software and Tech Services | 05/24/2022 2023-09-30 0001634452 U.S. Common Stock | Human Security | Common Shares | Software and Tech Services | 07/29/2022 2023-09-30 0001634452 U.S. Common Stock | Moon Topco L.P (Radiant Logic Inc) | Class A | Software and Tech Services | 04/21/2021 2023-09-30 0001634452 U.S. Common Stock | Mykaarma Acquisition LLC | Class A | Software and Tech Services | 03/21/2022 2023-09-30 0001634452 U.S. Common Stock | Ranger Lexipol Holdings LLC | Class A | Software and Tech Services | 11/18/2021 2023-09-30 0001634452 U.S. Common Stock | Ranger Lexipol Holdings LLC | Class B | Software and Tech Services | 11/18/2021 2023-09-30 0001634452 U.S. Common Stock | REP Coinvest III Tec L.P (American Safety Holdings Corp) | LP Interests | Software and Tech Services | 06/18/2020 2023-09-30 0001634452 U.S. Common Stock | Stripe Inc | Class B | Software and Tech Services | 05/17/2021 2023-09-30 0001634452 U.S. Common Stock | Swyft Parent Holdings LP | LP Interests | Software and Tech Services | 02/07/2022 2023-09-30 0001634452 U.S. Common Stock | REP Coinvest III-A Omni L.P (Omni Logistics LLC) | LP Interests | Transport & Logistics | 02/05/2021 2023-09-30 0001634452 U.S. Common Stock | REP RO Coinvest IV A Blocker (Road One) | Class A | Transport and Logistics | 12/28/2022 2023-09-30 0001634452 U.S. Warrants | Alphasense Inc | Series B | Software and Tech Services | 06/02/2020 2023-09-30 0001634452 U.S. Warrants | Degreed Inc | Series D | Software and Tech Services | 04/11/2021 2023-09-30 0001634452 U.S. Warrants | Degreed Inc | Series C -1 | Software and Tech Services | 05/31/2019 2023-09-30 0001634452 U.S. Warrants | Degreed Inc | Common Shares | Software and Tech Services | 08/18/2022 2023-09-30 0001634452 U.S. Warrants | ScyllaDB Inc | Series C-1 | Software and Tech Services | 09/08/2022 2023-09-30 0001634452 U.S. Warrants | Vectra AI, Inc | Series F | Software and Tech Services | 03/18/2021 2023-09-30 0001634452 United Kingdom Warrants | GlobalWebIndex Inc | Preferred Units | Software and Tech Services | 12/30/2020 2023-09-30 0001634452 U.S. Common Stock | Global Radar Holdings LLC | Earn Out | Business Services | 11/08/2022 2023-09-30 0001634452 U.S. Common Stock 2023-09-30 0001634452 U.S. Warrants 2023-09-30 0001634452 United Kingdom Warrants 2023-09-30 0001634452 abpcic:NonControlledAffiliatedInvestmentsMember 2022-12-31 0001634452 us-gaap:InvestmentsMember 2022-12-31 0001634452 abpcic:ControlledAffiliatedInvestmentsMember 2022-12-31 0001634452 us-gaap:RelatedPartyMember 2022-12-31 0001634452 srt:OfficerMember 2022-12-31 0001634452 abpcic:NotesPayableMember 2022-12-31 0001634452 abpcic:OrdinaryShareMember 2022-12-31 0001634452 abpcic:AdvisoryAgreementMember 2022-12-31 0001634452 abpcic:TransferAgentFeesMember us-gaap:RelatedPartyMember 2022-12-31 0001634452 abpcic:CapitalGainsIncentiveFeeMember us-gaap:RelatedPartyMember 2022-12-31 0001634452 srt:MaximumMember 2022-12-31 0001634452 srt:MinimumMember 2022-12-31 0001634452 abpcic:DatacorIncMember abpcic:DelayedDrawTermLoanMember abpcic:SeniorSecuredDebtFirstLienMember 2022-12-31 0001634452 abpcic:DegreedIncMember abpcic:DelayedDrawTermLoanTwoMember abpcic:SeniorSecuredDebtFirstLienMember 2022-12-31 0001634452 us-gaap:RevolvingCreditFacilityMember abpcic:FoundationRiskPartnersCorpMember abpcic:SeniorSecuredDebtFirstLienMember 2022-12-31 0001634452 abpcic:SeniorSecuredDebtFirstLienMember abpcic:IodineSoftwareLlcMember us-gaap:RevolvingCreditFacilityMember 2022-12-31 0001634452 abpcic:SalisburyHouseLLCMember abpcic:SeniorSecuredDebtFirstLienMember abpcic:RevolvingCreditFacilityOneMember 2022-12-31 0001634452 abpcic:MSPGlobalHoldingsIncMember us-gaap:RevolvingCreditFacilityMember abpcic:SeniorSecuredDebtFirstLienMember 2022-12-31 0001634452 abpcic:MSPGlobalHoldingsIncMember abpcic:DelayedDrawTermLoanMember abpcic:SeniorSecuredDebtFirstLienMember 2022-12-31 0001634452 abpcic:MsmAcquisitionsIncMember abpcic:SeniorSecuredDebtFirstLienMember us-gaap:RevolvingCreditFacilityMember 2022-12-31 0001634452 abpcic:MsmAcquisitionsIncMember abpcic:SeniorSecuredDebtFirstLienMember abpcic:DelayedDrawTermLoanMember 2022-12-31 0001634452 abpcic:PingIdentityCorporationMember us-gaap:RevolvingCreditFacilityMember abpcic:SeniorSecuredDebtFirstLienMember 2022-12-31 0001634452 abpcic:PinnacleDermatologyManagementLLCMember abpcic:SeniorSecuredDebtFirstLienMember abpcic:DelayedDrawTermLoanMember 2022-12-31 0001634452 abpcic:PinnacleDermatologyManagementLLCMember abpcic:SeniorSecuredDebtFirstLienMember us-gaap:RevolvingCreditFacilityMember 2022-12-31 0001634452 abpcic:PinnacleTreatmentCentersIncMember abpcic:SeniorSecuredDebtFirstLienMember us-gaap:RevolvingCreditFacilityMember 2022-12-31 0001634452 abpcic:PriorityOndemandMidco2LPMember abpcic:DelayedDrawTermLoanMember abpcic:SeniorSecuredDebtFirstLienMember 2022-12-31 0001634452 abpcic:NetwrixCorporationAndConceptSearchingIncMember us-gaap:RevolvingCreditFacilityMember abpcic:SeniorSecuredDebtFirstLienMember 2022-12-31 0001634452 abpcic:OMHHealthEdgeHoldingsLLCMember abpcic:SeniorSecuredDebtFirstLienMember us-gaap:RevolvingCreditFacilityMember 2022-12-31 0001634452 abpcic:PaceHealthCompaniesLLCMember abpcic:SeniorSecuredDebtFirstLienMember us-gaap:RevolvingCreditFacilityMember 2022-12-31 0001634452 abpcic:PeterCFoyAndAssociatesServicesLLCMember abpcic:DelayedDrawTermLoanMember abpcic:SeniorSecuredDebtFirstLienMember 2022-12-31 0001634452 abpcic:NavigateThreeHundredAndSixtyLLCMember us-gaap:RevolvingCreditFacilityMember abpcic:SeniorSecuredDebtFirstLienMember 2022-12-31 0001634452 abpcic:NetwrixCorporationAndConceptSearchingIncMember abpcic:SeniorSecuredDebtFirstLienMember abpcic:DelayedDrawTermLoanMember 2022-12-31 0001634452 abpcic:MykaarmaAcquisitionLlcMember us-gaap:RevolvingCreditFacilityMember abpcic:SeniorSecuredDebtFirstLienMember 2022-12-31 0001634452 abpcic:TheCenterForOrthopedicAndResearchExcellenceIncMember abpcic:SeniorSecuredDebtFirstLienMember abpcic:DelayedDrawTermLoanMember 2022-12-31 0001634452 abpcic:TelesoftHoldingsLLCMember abpcic:SeniorSecuredDebtFirstLienMember us-gaap:RevolvingCreditFacilityMember 2022-12-31 0001634452 abpcic:UnanetInc.Member abpcic:SeniorSecuredDebtFirstLienMember abpcic:DelayedDrawTermLoanMember 2022-12-31 0001634452 abpcic:MetametricsIncMember abpcic:SeniorSecuredDebtFirstLienMember us-gaap:RevolvingCreditFacilityMember 2022-12-31 0001634452 abpcic:MMPIntermediateLLCMember us-gaap:RevolvingCreditFacilityMember abpcic:SeniorSecuredDebtFirstLienMember 2022-12-31 0001634452 abpcic:MoonBuyerIncMember abpcic:SeniorSecuredDebtFirstLienMember us-gaap:RevolvingCreditFacilityMember 2022-12-31 0001634452 abpcic:MedsuitePurchaserLLCMember abpcic:DelayedDrawTermLoanMember abpcic:SeniorSecuredDebtFirstLienMember 2022-12-31 0001634452 abpcic:MedsuitePurchaserLLCMember us-gaap:RevolvingCreditFacilityMember abpcic:SeniorSecuredDebtFirstLienMember 2022-12-31 0001634452 us-gaap:RevolvingCreditFacilityMember abpcic:MedicalManagementResourceGroupLlcMember abpcic:SeniorSecuredDebtFirstLienMember 2022-12-31 0001634452 abpcic:KaseyaIncMember abpcic:SeniorSecuredDebtFirstLienMember abpcic:DelayedDrawTermLoanMember 2022-12-31 0001634452 abpcic:KaseyaIncMember abpcic:SeniorSecuredDebtFirstLienMember us-gaap:RevolvingCreditFacilityMember 2022-12-31 0001634452 abpcic:MathnasiumLLCMember abpcic:SeniorSecuredDebtFirstLienMember us-gaap:RevolvingCreditFacilityMember 2022-12-31 0001634452 abpcic:MavelinkIncMember abpcic:SeniorSecuredDebtFirstLienMember us-gaap:RevolvingCreditFacilityMember 2022-12-31 0001634452 abpcic:HonorHNBuyerIncMember abpcic:SeniorSecuredDebtFirstLienMember abpcic:DelayedDrawTermLoanMember 2022-12-31 0001634452 abpcic:HonorHNBuyerIncMember abpcic:SeniorSecuredDebtFirstLienMember abpcic:DelayedDrawTermLoanOneMember 2022-12-31 0001634452 abpcic:HonorHNBuyerIncMember abpcic:SeniorSecuredDebtFirstLienMember us-gaap:RevolvingCreditFacilityMember 2022-12-31 0001634452 abpcic:IodineSoftwareLlcMember abpcic:SeniorSecuredDebtFirstLienMember abpcic:DelayedDrawTermLoanMember 2022-12-31 0001634452 abpcic:HigginbothamInsuranceAgencyIncMember abpcic:SeniorSecuredDebtFirstLienMember abpcic:DelayedDrawTermLoanMember 2022-12-31 0001634452 abpcic:MedbridgeHoldingsLLCMember us-gaap:RevolvingCreditFacilityMember abpcic:SeniorSecuredDebtFirstLienMember 2022-12-31 0001634452 abpcic:MBSHoldingsIncMember abpcic:SeniorSecuredDebtFirstLienMember us-gaap:RevolvingCreditFacilityMember 2022-12-31 0001634452 abpcic:AmericanPhysicianPartnersLLCMember abpcic:DelayedDrawTermLoanMember abpcic:SeniorSecuredDebtFirstLienMember 2022-12-31 0001634452 abpcic:SeniorSecuredDebtFirstLienMember abpcic:AmericanPhysicianPartnersLLCMember us-gaap:RevolvingCreditFacilityMember 2022-12-31 0001634452 abpcic:AnalogicCorporationMember us-gaap:RevolvingCreditFacilityMember abpcic:SeniorSecuredDebtFirstLienMember 2022-12-31 0001634452 abpcic:AMIUSHoldingsIncMember abpcic:SeniorSecuredDebtFirstLienMember us-gaap:RevolvingCreditFacilityMember 2022-12-31 0001634452 abpcic:AOMAcquisitionLLCMember us-gaap:RevolvingCreditFacilityMember abpcic:SeniorSecuredDebtFirstLienMember 2022-12-31 0001634452 abpcic:EngageTwoExcelIncMember abpcic:SeniorSecuredDebtFirstLienMember us-gaap:RevolvingCreditFacilityMember 2022-12-31 0001634452 abpcic:DispatachTrackLLCMember abpcic:SeniorSecuredDebtFirstLienMember us-gaap:RevolvingCreditFacilityMember 2022-12-31 0001634452 abpcic:DelawareValleyManagementHoldingsIncMember abpcic:DelayedDrawTermLoanMember abpcic:SeniorSecuredDebtFirstLienMember 2022-12-31 0001634452 abpcic:DegreedIncMember us-gaap:RevolvingCreditFacilityMember abpcic:SeniorSecuredDebtFirstLienMember 2022-12-31 0001634452 abpcic:BannekerVAcquisitionMember us-gaap:RevolvingCreditFacilityMember abpcic:SeniorSecuredDebtFirstLienMember 2022-12-31 0001634452 abpcic:BonterraLLCMember abpcic:DelayedDrawTermLoanMember abpcic:SeniorSecuredDebtFirstLienMember 2022-12-31 0001634452 abpcic:BonterraLLCMember us-gaap:RevolvingCreditFacilityMember abpcic:SeniorSecuredDebtFirstLienMember 2022-12-31 0001634452 abpcic:SparkDSOLLCMember us-gaap:RevolvingCreditFacilityMember abpcic:SeniorSecuredDebtFirstLienMember 2022-12-31 0001634452 abpcic:SoladocLlcMember us-gaap:RevolvingCreditFacilityMember abpcic:SeniorSecuredDebtFirstLienMember 2022-12-31 0001634452 abpcic:SoladocLlcMember abpcic:DelayedDrawTermLoanMember abpcic:SeniorSecuredDebtFirstLienMember 2022-12-31 0001634452 abpcic:SyntaxSystemsLimitedMember us-gaap:RevolvingCreditFacilityMember abpcic:SeniorSecuredDebtFirstLienMember 2022-12-31 0001634452 abpcic:DatacorIncMember us-gaap:RevolvingCreditFacilityMember abpcic:SeniorSecuredDebtFirstLienMember 2022-12-31 0001634452 abpcic:DegreedIncMember abpcic:DelayedDrawTermLoanMember abpcic:SeniorSecuredDebtFirstLienMember 2022-12-31 0001634452 abpcic:RedwoodFamilyCareNetworkIncMember us-gaap:RevolvingCreditFacilityMember abpcic:SeniorSecuredDebtFirstLienMember 2022-12-31 0001634452 abpcic:RedwoodFamilyCareNetworkIncMember abpcic:SeniorSecuredDebtFirstLienMember abpcic:DelayedDrawTermLoanMember 2022-12-31 0001634452 abpcic:RangerBuyerIncMember abpcic:SeniorSecuredDebtFirstLienMember us-gaap:RevolvingCreditFacilityMember 2022-12-31 0001634452 us-gaap:RevolvingCreditFacilityMember abpcic:SeniorSecuredDebtFirstLienMember abpcic:FusionRiskManagementIncMember 2022-12-31 0001634452 abpcic:SandstoneCareHoldingsLLCMember abpcic:DelayedDrawTermLoanMember abpcic:SeniorSecuredDebtFirstLienMember 2022-12-31 0001634452 abpcic:SakoAndPartnersLowerHoldingsLLCMember us-gaap:RevolvingCreditFacilityMember abpcic:SeniorSecuredDebtFirstLienMember 2022-12-31 0001634452 abpcic:SakoAndPartnersLowerHoldingsLLCMember abpcic:DelayedDrawTermLoanMember abpcic:SeniorSecuredDebtFirstLienMember 2022-12-31 0001634452 abpcic:RscAcquisitionIncOneMember abpcic:DelayedDrawTermLoanMember abpcic:SeniorSecuredDebtFirstLienMember 2022-12-31 0001634452 abpcic:SandstoneCareHoldingsLLCMember abpcic:SeniorSecuredDebtFirstLienMember us-gaap:RevolvingCreditFacilityMember 2022-12-31 0001634452 abpcic:DelayedDrawTermLoanMember abpcic:SauceLabsIncMember abpcic:SeniorSecuredDebtFirstLienMember 2022-12-31 0001634452 abpcic:ScyllaDBIncMember us-gaap:RevolvingCreditFacilityMember abpcic:SeniorSecuredDebtFirstLienMember 2022-12-31 0001634452 abpcic:SecuronixIncMember us-gaap:RevolvingCreditFacilityMember abpcic:SeniorSecuredDebtFirstLienMember 2022-12-31 0001634452 abpcic:SirsiCorporationMember abpcic:SeniorSecuredDebtFirstLienMember us-gaap:RevolvingCreditFacilityMember 2022-12-31 0001634452 us-gaap:RevolvingCreditFacilityMember abpcic:SauceLabsIncMember abpcic:SeniorSecuredDebtFirstLienMember 2022-12-31 0001634452 abpcic:SingleDigitsIncMember abpcic:SeniorSecuredDebtFirstLienMember us-gaap:RevolvingCreditFacilityMember 2022-12-31 0001634452 abpcic:SmartlinxSolutionLLCMember abpcic:SeniorSecuredDebtFirstLienMember us-gaap:RevolvingCreditFacilityMember 2022-12-31 0001634452 abpcic:SISPurchaserIncMember abpcic:SeniorSecuredDebtFirstLienMember us-gaap:RevolvingCreditFacilityMember 2022-12-31 0001634452 abpcic:SmileBrandsIncMember abpcic:SeniorSecuredDebtFirstLienMember us-gaap:RevolvingCreditFacilityMember 2022-12-31 0001634452 abpcic:ScyllaDBIncMember abpcic:DelayedDrawTermLoanMember abpcic:SeniorSecuredDebtFirstLienMember 2022-12-31 0001634452 abpcic:SCABuyerLLCMember abpcic:SeniorSecuredDebtFirstLienMember us-gaap:RevolvingCreditFacilityMember 2022-12-31 0001634452 abpcic:SaviyntIncMember us-gaap:RevolvingCreditFacilityMember abpcic:SeniorSecuredDebtFirstLienMember 2022-12-31 0001634452 abpcic:SaviyntIncMember abpcic:DelayedDrawTermLoanMember abpcic:SeniorSecuredDebtFirstLienMember 2022-12-31 0001634452 abpcic:EETBuyerIncMember abpcic:SeniorSecuredDebtFirstLienMember us-gaap:RevolvingCreditFacilityMember 2022-12-31 0001634452 abpcic:RepTecIntermediateHoldingsIncMember abpcic:SeniorSecuredDebtFirstLienMember us-gaap:RevolvingCreditFacilityMember 2022-12-31 0001634452 abpcic:TBGFoodAcquisitionCorpMember abpcic:SeniorSecuredDebtFirstLienMember abpcic:DelayedDrawTermLoanMember 2022-12-31 0001634452 abpcic:SyntaxSystemsLimitedMember abpcic:SeniorSecuredDebtFirstLienMember abpcic:DelayedDrawTermLoanMember 2022-12-31 0001634452 abpcic:SwiftPageIncMember abpcic:SeniorSecuredDebtFirstLienMember us-gaap:RevolvingCreditFacilityMember 2022-12-31 0001634452 abpcic:SundanceGroupHoldingsIncMember abpcic:SeniorSecuredDebtFirstLienMember us-gaap:RevolvingCreditFacilityMember 2022-12-31 0001634452 abpcic:SugarCRMIncMember abpcic:SeniorSecuredDebtFirstLienMember us-gaap:RevolvingCreditFacilityMember 2022-12-31 0001634452 abpcic:StratusNetworksIncThreeMember us-gaap:RevolvingCreditFacilityMember abpcic:SeniorSecuredDebtFirstLienMember 2022-12-31 0001634452 abpcic:StratusNetworksIncThreeMember abpcic:DelayedDrawTermLoanMember abpcic:SeniorSecuredDebtFirstLienMember 2022-12-31 0001634452 abpcic:TelcorBuyerIncMember abpcic:SeniorSecuredDebtFirstLienMember us-gaap:RevolvingCreditFacilityMember 2022-12-31 0001634452 abpcic:TBGFoodAcquisitionCorpMember abpcic:SeniorSecuredDebtFirstLienMember us-gaap:RevolvingCreditFacilityMember 2022-12-31 0001634452 abpcic:TheCenterForOrthopedicAndResearchExcellenceIncMember us-gaap:RevolvingCreditFacilityMember abpcic:SeniorSecuredDebtFirstLienMember 2022-12-31 0001634452 abpcic:SeniorSecuredDebtFirstLienMember abpcic:TRGRPIncMember us-gaap:RevolvingCreditFacilityMember 2022-12-31 0001634452 abpcic:TowercoFourHoldingsLLCMember abpcic:SeniorSecuredDebtFirstLienMember abpcic:DelayedDrawTermLoanMember 2022-12-31 0001634452 abpcic:ThriveBuyerIncOneMember abpcic:SeniorSecuredDebtFirstLienMember us-gaap:RevolvingCreditFacilityMember 2022-12-31 0001634452 abpcic:UnanetInc.Member us-gaap:RevolvingCreditFacilityMember abpcic:SeniorSecuredDebtFirstLienMember 2022-12-31 0001634452 abpcic:UngerboeckSystemsInternationalLLCMember abpcic:SeniorSecuredDebtFirstLienMember abpcic:DelayedDrawTermLoanMember 2022-12-31 0001634452 abpcic:SeniorSecuredDebtFirstLienMember abpcic:VectraAIIncMember abpcic:DelayedDrawTermLoanMember 2022-12-31 0001634452 abpcic:SeniorSecuredDebtFirstLienMember abpcic:ValcourtHoldingsTwoLLCMember abpcic:DelayedDrawTermLoanMember 2022-12-31 0001634452 abpcic:SeniorSecuredDebtFirstLienMember abpcic:UngerboeckSystemsInternationalLLCMember us-gaap:RevolvingCreditFacilityMember 2022-12-31 0001634452 abpcic:SeniorSecuredDebtFirstLienMember abpcic:VelocityPurchaseCorporationMember us-gaap:RevolvingCreditFacilityMember 2022-12-31 0001634452 abpcic:VeholoPurchaseLLCMember us-gaap:RevolvingCreditFacilityMember abpcic:SeniorSecuredDebtFirstLienMember 2022-12-31 0001634452 abpcic:SeniorSecuredDebtFirstLienMember abpcic:VectraAIIncMember us-gaap:RevolvingCreditFacilityMember 2022-12-31 0001634452 abpcic:SeniorSecuredDebtFirstLienMember abpcic:VeracrossLlcMember us-gaap:RevolvingCreditFacilityMember 2022-12-31 0001634452 abpcic:SeniorSecuredDebtFirstLienMember abpcic:VeracrossLlcMember abpcic:DelayedDrawTermLoanMember 2022-12-31 0001634452 abpcic:WealthEnhancementGroupLLCMember abpcic:SeniorSecuredDebtFirstLienMember abpcic:DelayedDrawTermLoanMember 2022-12-31 0001634452 abpcic:WestDermatologyMember abpcic:SeniorSecuredDebtFirstLienMember abpcic:DelayedDrawTermLoanMember 2022-12-31 0001634452 abpcic:WealthEnhancementGroupLLCMember us-gaap:RevolvingCreditFacilityMember abpcic:SeniorSecuredDebtFirstLienMember 2022-12-31 0001634452 abpcic:ZendeskInc.Member abpcic:SeniorSecuredDebtFirstLienMember abpcic:DelayedDrawTermLoanMember 2022-12-31 0001634452 abpcic:SeniorSecuredDebtFirstLienMember abpcic:WestDermatologyMember us-gaap:RevolvingCreditFacilityMember 2022-12-31 0001634452 abpcic:ZendeskInc.Member us-gaap:RevolvingCreditFacilityMember abpcic:SeniorSecuredDebtFirstLienMember 2022-12-31 0001634452 abpcic:SeniorSecuredDebtFirstLienMember 2022-12-31 0001634452 abpcic:DelayedDrawTermLoanMember abpcic:SeniorSecuredDebtFirstLienMember 2022-12-31 0001634452 abpcic:SeniorSecuredDebtFirstLienMember abpcic:FiveBarsLCCMember us-gaap:RevolvingCreditFacilityMember 2022-12-31 0001634452 abpcic:AAHTopcoLLCMember abpcic:DelayedDrawTermLoanMember abpcic:SeniorSecuredDebtFirstLienMember 2022-12-31 0001634452 abpcic:FatBeamLLCMember abpcic:SeniorSecuredDebtFirstLienMember abpcic:DelayedDrawTermLoanMember 2022-12-31 0001634452 abpcic:FaithlifeIncMember abpcic:SeniorSecuredDebtFirstLienMember us-gaap:RevolvingCreditFacilityMember 2022-12-31 0001634452 abpcic:ExterroIncMember abpcic:SeniorSecuredDebtFirstLienMember us-gaap:RevolvingCreditFacilityMember 2022-12-31 0001634452 abpcic:EvolveIPLLCMember abpcic:SeniorSecuredDebtFirstLienMember us-gaap:RevolvingCreditFacilityMember 2022-12-31 0001634452 us-gaap:RevolvingCreditFacilityMember abpcic:SeniorSecuredDebtFirstLienMember abpcic:FusionHoldingCorpMember 2022-12-31 0001634452 us-gaap:RevolvingCreditFacilityMember abpcic:SeniorSecuredDebtFirstLienMember abpcic:FreedysFrozenCustardLLCMember 2022-12-31 0001634452 abpcic:FoundationRiskPartnersCorpMember abpcic:SeniorSecuredDebtFirstLienMember abpcic:DelayedDrawTermLoanMember 2022-12-31 0001634452 abpcic:FirstDigitalCommunicationsLLCMember abpcic:SeniorSecuredDebtFirstLienMember us-gaap:RevolvingCreditFacilityMember 2022-12-31 0001634452 us-gaap:RevolvingCreditFacilityMember abpcic:SeniorSecuredDebtFirstLienMember abpcic:GalwayBrowserLLCMember 2022-12-31 0001634452 us-gaap:RevolvingCreditFacilityMember abpcic:SeniorSecuredDebtFirstLienMember abpcic:GHABuyerIncMember 2022-12-31 0001634452 abpcic:DelayedDrawTermLoanMember abpcic:SeniorSecuredDebtFirstLienMember abpcic:GalwayBrowserLLCMember 2022-12-31 0001634452 abpcic:GreenhouseSoftwareMember abpcic:SeniorSecuredDebtFirstLienMember us-gaap:RevolvingCreditFacilityMember 2022-12-31 0001634452 abpcic:GreenhouseSoftwareMember abpcic:SeniorSecuredDebtFirstLienMember abpcic:RevolvingCreditFacilityOneMember 2022-12-31 0001634452 abpcic:GreenlightIntermediateTwoIncMember abpcic:SeniorSecuredDebtFirstLienMember abpcic:DelayedDrawTermLoanMember 2022-12-31 0001634452 abpcic:GryphonRedwoodAcquisitionLLCMember abpcic:SeniorSecuredDebtFirstLienMember abpcic:DelayedDrawTermLoanOneMember 2022-12-31 0001634452 abpcic:GsAcquisitionCoIncMember abpcic:SeniorSecuredDebtFirstLienMember us-gaap:RevolvingCreditFacilityMember 2022-12-31 0001634452 abpcic:AccelerateResourcesOpeningLLCMember us-gaap:RevolvingCreditFacilityMember abpcic:SeniorSecuredDebtFirstLienMember 2022-12-31 0001634452 us-gaap:RevolvingCreditFacilityMember abpcic:AirwavzSolutionsIncMember abpcic:SeniorSecuredDebtFirstLienMember 2022-12-31 0001634452 abpcic:BridgePointeTechnologiesLLCMember us-gaap:RevolvingCreditFacilityMember abpcic:SeniorSecuredDebtFirstLienMember 2022-12-31 0001634452 abpcic:BSTwelveHoldNettleLLCMember us-gaap:RevolvingCreditFacilityMember abpcic:SeniorSecuredDebtFirstLienMember 2022-12-31 0001634452 abpcic:BusinessSolverComIncMember abpcic:DelayedDrawTermLoanMember abpcic:SeniorSecuredDebtFirstLienMember 2022-12-31 0001634452 abpcic:BVEMSBuyerIncMember abpcic:DelayedDrawTermLoanMember abpcic:SeniorSecuredDebtFirstLienMember 2022-12-31 0001634452 abpcic:CerifiLLCMember us-gaap:RevolvingCreditFacilityMember abpcic:SeniorSecuredDebtFirstLienMember 2022-12-31 0001634452 abpcic:CertifyIncMember us-gaap:RevolvingCreditFacilityMember abpcic:SeniorSecuredDebtFirstLienMember 2022-12-31 0001634452 abpcic:ChoiceHealthAtHomeLLCMember abpcic:DelayedDrawTermLoanMember abpcic:SeniorSecuredDebtFirstLienMember 2022-12-31 0001634452 abpcic:AAHTopcoLLCMember us-gaap:RevolvingCreditFacilityMember abpcic:SeniorSecuredDebtFirstLienMember 2022-12-31 0001634452 abpcic:SeniorSecuredDebtFirstLienMember abpcic:ActivSoftwareHoldingsLLCMember us-gaap:RevolvingCreditFacilityMember 2022-12-31 0001634452 abpcic:AirwavzSolutionsIncMember abpcic:DelayedDrawTermLoanMember abpcic:SeniorSecuredDebtFirstLienMember 2022-12-31 0001634452 abpcic:SeniorSecuredDebtFirstLienMember abpcic:AegHoldingCompanyInc.Member us-gaap:RevolvingCreditFacilityMember 2022-12-31 0001634452 abpcic:SeniorSecuredDebtFirstLienMember abpcic:AdmiralBuyerIncMember us-gaap:RevolvingCreditFacilityMember 2022-12-31 0001634452 abpcic:AdmiralBuyerIncMember abpcic:DelayedDrawTermLoanMember abpcic:SeniorSecuredDebtFirstLienMember 2022-12-31 0001634452 abpcic:BridgePointeTechnologiesLLCMember abpcic:DelayedDrawTermLoanOneMember abpcic:SeniorSecuredDebtFirstLienMember 2022-12-31 0001634452 abpcic:BrightspotBuyerIncMember us-gaap:RevolvingCreditFacilityMember abpcic:SeniorSecuredDebtFirstLienMember 2022-12-31 0001634452 abpcic:BridgePointeTechnologiesLLCMember abpcic:DelayedDrawTermLoanMember abpcic:SeniorSecuredDebtFirstLienMember 2022-12-31 0001634452 abpcic:BAARTProgramsIncMember abpcic:DelayedDrawTermLoanMember abpcic:SeniorSecuredDebtFirstLienMember 2022-12-31 0001634452 abpcic:AvantCommunicationsLLCMember us-gaap:RevolvingCreditFacilityMember abpcic:SeniorSecuredDebtFirstLienMember 2022-12-31 0001634452 abpcic:AvettaLLCMember us-gaap:RevolvingCreditFacilityMember abpcic:SeniorSecuredDebtFirstLienMember 2022-12-31 0001634452 abpcic:AvalaraInc.Member us-gaap:RevolvingCreditFacilityMember abpcic:SeniorSecuredDebtFirstLienMember 2022-12-31 0001634452 abpcic:CodingSolutionsAcquisitionIncMember abpcic:DelayedDrawTermLoanMember abpcic:SeniorSecuredDebtFirstLienMember 2022-12-31 0001634452 abpcic:CodingSolutionsAcquisitionIncMember us-gaap:RevolvingCreditFacilityMember abpcic:SeniorSecuredDebtFirstLienMember 2022-12-31 0001634452 abpcic:CommunityBasedCareAcquisitionMember abpcic:DelayedDrawTermLoanMember abpcic:SeniorSecuredDebtFirstLienMember 2022-12-31 0001634452 abpcic:CommunityBasedCareAcquisitionMember abpcic:DelayedDrawTermLoanOneMember abpcic:SeniorSecuredDebtFirstLienMember 2022-12-31 0001634452 abpcic:CommunityBasedCareAcquisitionMember us-gaap:RevolvingCreditFacilityMember abpcic:SeniorSecuredDebtFirstLienMember 2022-12-31 0001634452 abpcic:CommunityBrandsParentcoLLCMember abpcic:DelayedDrawTermLoanMember abpcic:SeniorSecuredDebtFirstLienMember 2022-12-31 0001634452 abpcic:CommunityBrandsParentcoLLCMember us-gaap:RevolvingCreditFacilityMember abpcic:SeniorSecuredDebtFirstLienMember 2022-12-31 0001634452 abpcic:CoretelligentIntermediateLLCMember abpcic:DelayedDrawTermLoanMember abpcic:SeniorSecuredDebtFirstLienMember 2022-12-31 0001634452 abpcic:CoretelligentIntermediateLLCMember us-gaap:RevolvingCreditFacilityMember abpcic:SeniorSecuredDebtFirstLienMember 2022-12-31 0001634452 abpcic:HsbcMember us-gaap:RevolvingCreditFacilityMember 2022-12-31 0001634452 abpcic:SynovusBankSpecialityFinanceDivisionMember us-gaap:RevolvingCreditFacilityMember 2022-12-31 0001634452 abpcic:NatixisMember us-gaap:RevolvingCreditFacilityMember 2022-12-31 0001634452 us-gaap:RevolvingCreditFacilityMember 2022-12-31 0001634452 us-gaap:FairValueInputsLevel3Member us-gaap:CashEquivalentsMember 2022-12-31 0001634452 us-gaap:CashEquivalentsMember 2022-12-31 0001634452 us-gaap:FairValueInputsLevel1Member us-gaap:CashEquivalentsMember abpcic:InvestmentCompaniesMember 2022-12-31 0001634452 us-gaap:FairValueInputsLevel2Member us-gaap:CashEquivalentsMember abpcic:InvestmentCompaniesMember 2022-12-31 0001634452 us-gaap:FairValueInputsLevel3Member us-gaap:CashEquivalentsMember abpcic:InvestmentCompaniesMember 2022-12-31 0001634452 us-gaap:CashEquivalentsMember abpcic:InvestmentCompaniesMember 2022-12-31 0001634452 us-gaap:FairValueInputsLevel1Member us-gaap:CashEquivalentsMember 2022-12-31 0001634452 us-gaap:FairValueInputsLevel2Member us-gaap:CashEquivalentsMember 2022-12-31 0001634452 abpcic:ClassCRSecuredDeferrableFloatingRateMember 2022-12-31 0001634452 us-gaap:SubordinatedDebtMember 2022-12-31 0001634452 abpcic:ClassAOneLSeniorSecuredFloatingRateNoteMember 2022-12-31 0001634452 abpcic:ClassAOneRSeniorSecuredRateFloatingRateNoteMember 2022-12-31 0001634452 abpcic:ClassBRSeniorSecuredDeferrableFloatingRateMember 2022-12-31 0001634452 abpcic:ClassATwoRSeniorSecuredDeferrableFlowingRateMember 2022-12-31 0001634452 abpcic:ClassAOneFSeniorSecuredFixedRateNoteMember 2022-12-31 0001634452 us-gaap:NotesPayableOtherPayablesMember 2022-12-31 0001634452 abpcic:SaviyntIncMember abpcic:NinetyDaysOrLessFromTheTradeDebtMember 2022-12-31 0001634452 us-gaap:MeasurementInputCommodityMarketPriceMember abpcic:DecreaseOnImpactMember us-gaap:SeniorDebtObligationsMember abpcic:FirstLienseniorSecuredDebtMember abpcic:MarketYieldAnalysisMember us-gaap:FairValueInputsLevel3Member 2022-12-31 0001634452 us-gaap:MeasurementInputCommodityMarketPriceMember abpcic:DecreaseOnImpactMember us-gaap:SeniorDebtObligationsMember abpcic:SecondLienJuniorSecuredDebtMember abpcic:MarketYieldAnalysisMember us-gaap:FairValueInputsLevel3Member 2022-12-31 0001634452 us-gaap:MeasurementInputEbitdaMultipleMember abpcic:IncreaseOnImpactMember us-gaap:CommonStockMember us-gaap:EquityFundsMember us-gaap:MarketApproachValuationTechniqueMember us-gaap:FairValueInputsLevel3Member 2022-12-31 0001634452 abpcic:IncreaseOnImpactMember us-gaap:MeasurementInputRevenueMultipleMember us-gaap:PreferredStockMember us-gaap:EquityFundsMember us-gaap:MarketApproachValuationTechniqueMember us-gaap:FairValueInputsLevel3Member 2022-12-31 0001634452 abpcic:IncreaseOnImpactMember us-gaap:MeasurementInputRevenueMultipleMember us-gaap:WarrantMember us-gaap:EquityFundsMember us-gaap:MarketApproachValuationTechniqueMember us-gaap:FairValueInputsLevel3Member 2022-12-31 0001634452 us-gaap:FairValueInputsLevel3Member 2022-12-31 0001634452 us-gaap:FairValueInputsLevel3Member abpcic:LiquidationValueMember abpcic:FirstLienseniorSecuredDebtMember us-gaap:SeniorDebtObligationsMember us-gaap:MeasurementInputAppraisedValueMember abpcic:IncreaseOnImpactMember 2022-12-31 0001634452 us-gaap:FairValueInputsLevel3Member us-gaap:MarketApproachValuationTechniqueMember abpcic:FirstLienseniorSecuredDebtMember us-gaap:SeniorDebtObligationsMember us-gaap:MeasurementInputRevenueMultipleMember abpcic:IncreaseOnImpactMember 2022-12-31 0001634452 us-gaap:FairValueInputsLevel3Member us-gaap:MarketApproachValuationTechniqueMember abpcic:FirstLienseniorSecuredDebtMember us-gaap:SeniorDebtObligationsMember us-gaap:MeasurementInputEbitdaMultipleMember abpcic:IncreaseOnImpactMember 2022-12-31 0001634452 us-gaap:FairValueInputsLevel3Member abpcic:RecentPurchaseMember abpcic:FirstLienseniorSecuredDebtMember us-gaap:SeniorDebtObligationsMember us-gaap:MeasurementInputOfferedPriceMember 2022-12-31 0001634452 us-gaap:FairValueInputsLevel3Member us-gaap:MarketApproachValuationTechniqueMember us-gaap:EquityFundsMember us-gaap:CommonStockMember us-gaap:MeasurementInputRevenueMultipleMember abpcic:IncreaseOnImpactMember 2022-12-31 0001634452 us-gaap:FairValueInputsLevel3Member us-gaap:MarketApproachValuationTechniqueMember us-gaap:EquityFundsMember us-gaap:CommonStockMember abpcic:MeasurementInputNetworkCashflowMultipleMember abpcic:IncreaseOnImpactMember 2022-12-31 0001634452 us-gaap:FairValueInputsLevel3Member us-gaap:MarketApproachValuationTechniqueMember us-gaap:EquityFundsMember us-gaap:CommonStockMember us-gaap:MeasurementInputExpectedDividendRateMember abpcic:DecreaseOnImpactMember 2022-12-31 0001634452 us-gaap:FairValueInputsLevel3Member abpcic:RecentPurchaseMember us-gaap:EquityFundsMember us-gaap:CommonStockMember us-gaap:MeasurementInputOfferedPriceMember 2022-12-31 0001634452 us-gaap:FairValueInputsLevel3Member abpcic:MarketYieldAnalysisMember us-gaap:EquityFundsMember us-gaap:PreferredStockMember us-gaap:MeasurementInputExpectedDividendRateMember abpcic:DecreaseOnImpactMember 2022-12-31 0001634452 us-gaap:FairValueInputsLevel3Member abpcic:ExpectedRepaymentMember us-gaap:EquityFundsMember us-gaap:PreferredStockMember abpcic:MeasurementInputRedemptionPriceMember 2022-12-31 0001634452 U.S. Corporate Debt | 1st Lien Senior Secured Debt | Sandstone Care Holdings LLC | Healthcare & HCIT | Delayed Draw Term Loan | 9.69% | 5.50% | 1.00% Floor | 06/28/2028 2022-12-31 0001634452 U.S. Corporate Debt | 1st Lien Senior Secured Debt | Bonterra LLC | Software & Tech Services | Term Loan | 10.98% | L + 6.25% | 0.75% Floor | 09/08/2027 2022-12-31 0001634452 U.S. Corporate Debt | 1st Lien Senior Secured Debt | Bonterra LLC | Software & Tech Services | Revolver | 10.98% | L + 6.25% | 0.75% Floor | 09/08/2027 2022-12-31 0001634452 U.S. Corporate Debt | 1st Lien Senior Secured Debt | Bonterra LLC | Software & Tech Services | Delayed Draw Term Loan | 10.98% | L + 6.25% | 0.75% Floor | 09/08/2027 2022-12-31 0001634452 U.S. Corporate Debt | 1st Lien Senior Secured Debt | Avetta LLC | Software & Tech Services | Term Loan 3 | 10.16% | L + 5.75% | 1.00% Floor | 04/10/2024 2022-12-31 0001634452 U.S. Corporate Debt | 1st Lien Senior Secured Debt | Avetta LLC | Software & Tech Services | Term Loan 2 | 10.16% | L + 5.75% | 1.00% Floor | 04/10/2024 2022-12-31 0001634452 U.S. Corporate Debt | 1st Lien Senior Secured Debt | Avetta LLC | Software & Tech Services | Term Loan | 10.16% | L + 5.75% | 1.00% Floor | 04/10/2024 2022-12-31 0001634452 U.S. Corporate Debt | 1st Lien Senior Secured Debt | Avetta LLC | Software & Tech Services | Revolver | 10.16% | L + 5.75% | 1.00% Floor | 04/10/2024 2022-12-31 0001634452 U.S. Corporate Debt | 1st Lien Senior Secured Debt | Avalara Inc. | Software & Tech Services | Term Loan | 11.83% | S + 7.25% | 0.75% Floor | 10/19/2028 2022-12-31 0001634452 U.S. Corporate Debt | 1st Lien Senior Secured Debt | Avalara Inc. | Software & Tech Services | Revolver | 11.83% | S + 7.25% | 0.75% Floor | 10/19/2028 2022-12-31 0001634452 U.S. Corporate Debt | 1st Lien Senior Secured Debt | AMI US Holdings Inc. | Software & Tech Services | Term Loan | 9.63% | L + 5.25% | 1.00% Floor | 04/01/2025 2022-12-31 0001634452 U.S. Corporate Debt | 1st Lien Senior Secured Debt | AMI US Holdings Inc. | Software & Tech Services | Revolver | 9.63% | L + 5.25% | 04 /01/2024 2022-12-31 0001634452 U.S. Corporate Debt | 1st Lien Senior Secured Debt | Admiral Buyer Inc | Software & Tech Services | Term Loan | 10.08% | S + 5.50% | 0.75% Floor | 05/08/2028 2022-12-31 0001634452 U.S. Corporate Debt | 1st Lien Senior Secured Debt | Admiral Buyer Inc | Software & Tech Services | Revolver | 10.08% | S + 5.50% | 0.75% Floor | 05/08/2028 2022-12-31 0001634452 U.S. Corporate Debt | 1st Lien Senior Secured Debt | Admiral Buyer Inc | Software & Tech Services | Delayed Draw Term Loan | 10.08% | S + 5.50% | 0.75% Floor | 05/04/2027 2022-12-31 0001634452 U.S. Corporate Debt | 1st Lien Senior Secured Debt | Activ Software Holdings LLC | Software & Tech Services | Revolver | 11.79% | L + 6.25% | 1.00% Floor | 05/04/2027 2022-12-31 0001634452 U.S. Corporate Debt | 1st Lien Senior Secured Debt | Activ Software Holdings LLC | Software & Tech Services | Term Loan | 11.79% | L + 6.25% | 1.00% Floor | 05/04/2027 2022-12-31 0001634452 U.S. Corporate Debt | 1st Lien Senior Secured Debt | West Dermatology | Healthcare & HCIT | Term Loan | 10.17% | S + 5.75% | 1.00% Floor | 03/17/2028 2022-12-31 0001634452 U.S. Corporate Debt | 1st Lien Senior Secured Debt | West Dermatology | Healthcare & HCIT | Revolver | 10.17% | S + 5.75% | 1.00% Floor | 03/17/2028 2022-12-31 0001634452 U.S. Corporate Debt | 1st Lien Senior Secured Debt | West Dermatology | Healthcare & HCIT | Delayed Draw Term Loan | 10.17% | S + 5.75% | 1.00% Floor | 03/17/2028 2022-12-31 0001634452 U.S. Corporate Debt | 1st Lien Senior Secured Debt | The Center for Orthopedic and Research Excellence Inc. | Healthcare & HCIT | Term Loan | 10.24% | S + 6.00% | 1.00% Floor | 08/15/2025 2022-12-31 0001634452 U.S. Corporate Debt | 1st Lien Senior Secured Debt | SIS Purchaser Inc | Healthcare & HCIT | Term Loan | 10.39% | 6.00% | 1.00% | 10/15/2026 2022-12-31 0001634452 U.S. Corporate Debt | 1st Lien Senior Secured Debt | SIS Purchaser Inc | Healthcare & HCIT | Revolver | 10.39% | 6.00% | 1.00% | 10/15/2026 2022-12-31 0001634452 U.S. Corporate Debt | 1st Lien Senior Secured Debt | SCA Buyer LLC | Healthcare & HCIT | Term Loan | 11.38% | 6.50% | 1.00% Floor | 01/20/2026 2022-12-31 0001634452 U.S. Corporate Debt | 1st Lien Senior Secured Debt | SCA Buyer LLC | Healthcare & HCIT | Revolver | 11.38% | 6.50% | 1.00% Floor | 01/20/2026 2022-12-31 0001634452 U.S. Corporate Debt | 1st Lien Senior Secured Debt | Sandstone Care Holdings LLC | Healthcare & HCIT | Term Loan | 9.69% | 5.50% | 1.00% Floor | 06/28/2028 2022-12-31 0001634452 U.S. Corporate Debt | 1st Lien Senior Secured Debt | The Center for Orthopedic and Research Excellence Inc. | Healthcare & HCIT | Term Loan | 10.41% | S + 6.00% | 1.00% Floor | 08/15/2025 2022-12-31 0001634452 U.S. Corporate Debt | 1st Lien Senior Secured Debt | The Center for Orthopedic and Research Excellence Inc. | Healthcare & HCIT | Revolver | 10.56% | S + 6.00% | 1.00% Floor | 08/15/2025 2022-12-31 0001634452 U.S. Corporate Debt | 1st Lien Senior Secured Debt | The Center for Orthopedic and Research Excellence Inc. | Healthcare & HCIT | Delayed Draw Term Loan | 10.24% | S + 6.00% | 1.00% Floor | 08/15/2025 2022-12-31 0001634452 U.S. Corporate Debt | 1st Lien Senior Secured Debt | The Center for Orthopedic and Research Excellence Inc. | Healthcare & HCIT | Delayed Draw Term Loan | 10.18% | S + 6.00% | 1.00% Floor | 08/15/2025 2022-12-31 0001634452 U.S. Corporate Debt | 1st Lien Senior Secured Debt | The Center for Orthopedic and Research Excellence Inc. | Healthcare & HCIT | Delayed Draw Term Loan | 10.18% | S + 5.50% | 1.00% Floor | 08/15/2025 2022-12-31 0001634452 U.S. Corporate Debt | 1st Lien Senior Secured Debt | Spark DSO LLC | Healthcare & HCIT | Term Loan | 9.99% | L + 6.25% | 1.00% Floor | 04/19/2026 2022-12-31 0001634452 U.S. Corporate Debt | 1st Lien Senior Secured Debt | Spark DSO LLC | Healthcare & HCIT | Revolver | 9.99% | L + 6.25% | 1.00% Floor | 04/20/2026 2022-12-31 0001634452 U.S. Corporate Debt | 1st Lien Senior Secured Debt | Smile Brands Inc. | Healthcare & HCIT | Term Loan | 7.87% | L + 4.50% | 0.75% Floor | 10/12/2025 2022-12-31 0001634452 U.S. Corporate Debt | 1st Lien Senior Secured Debt | Smile Brands Inc. | Healthcare & HCIT | Revolver | 11.00% | P + 3.50% | 0.75% Floor | 10/12/2025 2022-12-31 0001634452 U.S. Corporate Debt | 1st Lien Senior Secured Debt | Smile Brands Inc. | Healthcare & HCIT | Delayed Draw Term Loan | 7.87% | L + 4.50% | 0.75% Floor | 10/12/2025 2022-12-31 0001634452 U.S. Corporate Debt | 1st Lien Senior Secured Debt | SIS Purchaser Inc | Healthcare & HCIT | Term Loan 2 | 10.39% | 6.00% | 1.00% | 10/15/2026 2022-12-31 0001634452 U.S. Corporate Debt | 1st Lien Senior Secured Debt | Sandstone Care Holdings LLC | Healthcare & HCIT | Revolver | 9.69% | 5.50% | 1.00% Floor | 06/28/2028 2022-12-31 0001634452 U.S. Corporate Debt |1st Lien/Senior Secured Debt | Stratus Networks, Inc.| Digital Infrastructure & Services| Delayed Draw Term Loan| 8.65% (L + 5.25%; 1.00% Floor)| 12/15/2027 2022-12-31 0001634452 U.S. Corporate Debt |1st Lien/Senior Secured Debt | Stratus Networks, Inc.| Digital Infrastructure & Services| Revolver| 9.64% (L + 5.25%; 1.00% Floor)| 12/15/2027 2022-12-31 0001634452 U.S. Corporate Debt |1st Lien/Senior Secured Debt | Stratus Networks, Inc.| Digital Infrastructure & Services| Term Loan| 9.64% (L + 5.25%; 1.00% Floor)| 12/15/2027 2022-12-31 0001634452 U.S. Corporate Debt |1st Lien/Senior Secured Debt | Thrive Buyer, Inc.| Digital Infrastructure & Services| Delayed Draw Term Loan| 10.73% (L + 6.00%; 1.00% Floor)| 01/22/2027 2022-12-31 0001634452 U.S. Corporate Debt |1st Lien/Senior Secured Debt | Thrive Buyer, Inc.| Digital Infrastructure & Services| Revolver| 12.50% (P + 5.00%; 2.00% Floor)| 01/22/2027 2022-12-31 0001634452 U.S. Corporate Debt |1st Lien/Senior Secured Debt | Thrive Buyer, Inc.| Digital Infrastructure & Services| Term Loan| 10.73% (L + 6.00%; 1.00% Floor)| 01/22/2027 2022-12-31 0001634452 U.S. Corporate Debt |1st Lien/Senior Secured Debt | Towerco IV Holdings, LLC| Digital Infrastructure & Services| Delayed Draw Term Loan| 8.69% (S + 4.25%; 1.00% Floor)| 04/23/2026 2022-12-31 0001634452 U.S. Corporate Debt |1st Lien/Senior Secured Debt | Transtelco Holding, Inc.| Digital Infrastructure & Services| Term Loan| 9.98% (L + 5.25%; 0.50% Floor)| 03/26/2026 2022-12-31 0001634452 U.S. Corporate Debt |1st Lien/Senior Secured Debt | Transtelco Holding, Inc.| Digital Infrastructure & Services| Term Loan| 10.48% (L + 5.75%; 0.50% Floor)| 03/26/2026 2022-12-31 0001634452 U.S. Corporate Debt |1st Lien/Senior Secured Debt | Accelerate Resources Operating, LLC| Energy| Revolver | 9.88% (L + 5.50%; 1.00% Floor)| 02/24/2026 2022-12-31 0001634452 U.S. Corporate Debt |1st Lien/Senior Secured Debt | Accelerate Resources Operating, LLC| Energy| Term Loan| 9.88% (L + 5.50%; 1.00% Floor)| 02/24/2026 2022-12-31 0001634452 U.S. Corporate Debt |1st Lien/Senior Secured Debt | Foundation Risk Partners, Corp.| Financials| Delayed Draw Term Loan| 10.68% (S + 6.00%; 0.75% Floor)| 10/30/2028 2022-12-31 0001634452 U.S. Corporate Debt |1st Lien/Senior Secured Debt | Foundation Risk Partners, Corp.| Financials| Delayed Draw Term Loan| 10.68% (S + 6.00%; 0.75% Floor)| 10/29/2028 2022-12-31 0001634452 U.S. Corporate Debt |1st Lien/Senior Secured Debt | Foundation Risk Partners, Corp.| Financials| Revolver|10.32% (S + 6.00%; 0.75% Floor)| 10/29/2027 2022-12-31 0001634452 U.S. Corporate Debt |1st Lien/Senior Secured Debt | Foundation Risk Partners, Corp.| Financials| Term Loan|10.68% (S + 6.00%; 0.75% Floor)| 10/30/2028 2022-12-31 0001634452 U.S. Corporate Debt |1st Lien/Senior Secured Debt | Foundation Risk Partners, Corp.| Financials| Term Loan|10.68% (S + 6.00%; 0.75% Floor)| 10/29/2028 2022-12-31 0001634452 U.S. Corporate Debt |1st Lien/Senior Secured Debt |Galway Borrower, LLC| Financials| Delayed Draw Term Loan| 9.98% (L + 5.25%; 0.75% Floor)| 09/29/2028 2022-12-31 0001634452 U.S. Corporate Debt |1st Lien/Senior Secured Debt |Galway Borrower, LLC| Financials| Revolver| 9.98% (L + 5.25%; 0.75% Floor)| 09/30/2027 2022-12-31 0001634452 U.S. Corporate Debt |1st Lien/Senior Secured Debt |Galway Borrower, LLC| Financials| Term Loan| 9.98% (L + 5.25%; 0.75% Floor)| 09/29/2028 2022-12-31 0001634452 U.S. Corporate Debt |1st Lien/Senior Secured Debt | Higginbotham Insurance Agency, Inc| Financials| Delayed Draw Term Loan| 9.63% (L + 5.25%; 0.75% Floor)| 11/25/2026 2022-12-31 0001634452 U.S. Corporate Debt |1st Lien/Senior Secured Debt | Higginbotham Insurance Agency, Inc| Financials| Term Loan| 9.63% (L + 5.25%; 0.75% Floor)| 11/25/2026 2022-12-31 0001634452 U.S. Corporate Debt |1st Lien/Senior Secured Debt | Peter C. Foy & Associates Insurance Services, LLC| Financials| Delayed Draw Term Loan| 11.12% (S + 6.00%; 0.75% Floor)| 11-01-2028 2022-12-31 0001634452 U.S. Corporate Debt |1st Lien/Senior Secured Debt | Peter C. Foy & Associates Insurance Services, LLC| Financials| Delayed Draw Term Loan| 11.12% (S + 6.00%; 0.75% Floor)| 11-01-2028 One 2022-12-31 0001634452 U.S. Corporate Debt |1st Lien/Senior Secured Debt | Peter C. Foy & Associates Insurance Services, LLC| Financials| Term Loan| 11.12% (S + 6.00%; 0.75% Floor)| 11-01-2028 2022-12-31 0001634452 U.S. Corporate Debt |1st Lien/Senior Secured Debt | RSC Acquisition, Inc.| Financials| Delayed Draw Term Loan| 10.05% (S + 5.50%; 0.75% Floor)| 11-02-2026 2022-12-31 0001634452 U.S. Corporate Debt |1st Lien/Senior Secured Debt | RSC Acquisition, Inc.| Financials| Delayed Draw Term Loan| 10.78% (S + 5.50%; 0.75% Floor)| 10/30/2026 2022-12-31 0001634452 U.S. Corporate Debt |1st Lien/Senior Secured Debt | AAH Topco, LLC| Healthcare & HCIT| Delayed Draw Term Loan| 9.79% (L + 5.50%; 0.75% Floor)| 12/22/2027 2022-12-31 0001634452 U.S. Corporate Debt |1st Lien/Senior Secured Debt | AAH Topco, LLC| Healthcare & HCIT| Delayed Revolver| 9.89% (L + 5.50%; 0.75% Floor)| 12/22/2027 2022-12-31 0001634452 U.S. Corporate Debt |1st Lien/Senior Secured Debt | AAH Topco, LLC| Healthcare & HCIT| Delayed Term Loan| 9.89% (L + 5.50%; 0.75% Floor)| 12/22/2027 2022-12-31 0001634452 U.S. Corporate Debt |1st Lien/Senior Secured Debt | Wealth Enhancement Group, LLC.| Financials| Delayed Draw Term Loan| 9.41% (S + 6.00%; 1.00% Floor)| 10-04-2027 2022-12-31 0001634452 U.S. Corporate Debt |1st Lien/Senior Secured Debt | Wealth Enhancement Group, LLC.| Financials| Delayed Draw Term Loan| 10.31% (S + 6.00%; 1.00% Floor)| 10-04-2027 2022-12-31 0001634452 U.S. Corporate Debt |1st Lien/Senior Secured Debt | Wealth Enhancement Group, LLC.| Financials| Revolver| 9.41% (S + 6.00%; 1.00% Floor)| 10-04-2027 2022-12-31 0001634452 U.S. Corporate Debt |1st Lien/Senior Secured Debt |MSP Global Holdings, Inc| Digital Infrastructure & Services| Revolver |8.40% (S + 5.25%; 1.00% Floor)| 01/25/2027 2022-12-31 0001634452 U.S. Corporate Debt |1st Lien/Senior Secured Debt |MSP Global Holdings, Inc|Digital Infrastructure & Services|Term Loan|8.40% (S + 5.25%; 1.00% Floor)|01/25/2027 2022-12-31 0001634452 U.S. Corporate Debt |1st Lien/Senior Secured Debt | NI Topco, Inc| Digital Infrastructure & Services| Term Loan| 10.48% (L + 5.75%; 0.75% Floor)| 12/28/2028 2022-12-31 0001634452 U.S. Corporate Debt |1st Lien/Senior Secured Debt | NI Topco, Inc| Digital Infrastructure & Services| Term Loan| 10.48% (L + 5.75%; 0.75% Floor)| 12/28/2028 One 2022-12-31 0001634452 U.S. Corporate Debt |1st Lien/Senior Secured Debt | Single Digits, Inc.| Digital Infrastructure & Services| Delayed Draw Term Loan| 11.73% (L + 6.00%; 0.50% PIK; 1.00% Floor)| 12/21/2023 2022-12-31 0001634452 U.S. Corporate Debt |1st Lien/Senior Secured Debt | Single Digits, Inc.| Digital Infrastructure & Services| Revolver| 11.23% (L + 6.00%; 0.50% PIK; 1.00% Floor)| 12/21/2023 2022-12-31 0001634452 U.S. Corporate Debt |1st Lien/Senior Secured Debt | Single Digits, Inc.| Digital Infrastructure & Services| Term Loan| 11.23% (L + 6.00%; 0.50% PIK; 1.00% Floor)| 12/21/2023 2022-12-31 0001634452 us-gaap:FairValueInputsLevel1Member abpcic:ClassAOneFSeniorSecuredFixedRateNoteMember 2022-12-31 0001634452 us-gaap:FairValueInputsLevel2Member abpcic:ClassAOneFSeniorSecuredFixedRateNoteMember 2022-12-31 0001634452 us-gaap:FairValueInputsLevel1Member abpcic:ClassAOneRSeniorSecuredRateFloatingRateNoteMember 2022-12-31 0001634452 us-gaap:FairValueInputsLevel2Member abpcic:ClassAOneRSeniorSecuredRateFloatingRateNoteMember 2022-12-31 0001634452 us-gaap:FairValueInputsLevel3Member abpcic:ClassAOneRSeniorSecuredRateFloatingRateNoteMember 2022-12-31 0001634452 us-gaap:FairValueInputsLevel1Member abpcic:ClassAOneLSeniorSecuredFloatingRateNoteMember 2022-12-31 0001634452 us-gaap:FairValueInputsLevel2Member abpcic:ClassAOneLSeniorSecuredFloatingRateNoteMember 2022-12-31 0001634452 us-gaap:FairValueInputsLevel3Member abpcic:ClassAOneLSeniorSecuredFloatingRateNoteMember 2022-12-31 0001634452 us-gaap:FairValueInputsLevel1Member 2022-12-31 0001634452 us-gaap:FairValueInputsLevel2Member 2022-12-31 0001634452 us-gaap:FairValueInputsLevel1Member abpcic:ClassATwoRSeniorSecuredDeferrableFlowingRateMember 2022-12-31 0001634452 us-gaap:FairValueInputsLevel2Member abpcic:ClassATwoRSeniorSecuredDeferrableFlowingRateMember 2022-12-31 0001634452 us-gaap:FairValueInputsLevel3Member abpcic:ClassATwoRSeniorSecuredDeferrableFlowingRateMember 2022-12-31 0001634452 us-gaap:FairValueInputsLevel3Member abpcic:ClassAOneFSeniorSecuredFixedRateNoteMember 2022-12-31 0001634452 U.S. Corporate Debt | 1st Lien Senior Secured Debt | MMP Intermediate LLC | Consumer Non-Cyclical | Revolver | 10.13% | L + 5.75% | 1.00% Floor | 02/15/2027 2022-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | TBG Food Acquisition Corp| Consumer Non-Cyclical | Revolver| 10.39% (L + 6.00%; 0.75% Floor)| 12/25/2027 2022-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | TBG Food Acquisition Corp| Consumer Non-Cyclical | Term Loan| 10.39% (L + 6.00%; 0.75% Floor)| 12/25/2027 2022-12-31 0001634452 U.S. Corporate Debt | 1st Lien Senior Secured Debt | 5 Bars LLC | Consumer Non-Cyclical | Delayed Draw Term Loan | 8.99% | L + 4.75% | 1.00% Floor | 09/27/2024 2022-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | 5 Bars, LLC| Digital Infrastructure & Services| Revolver| 9.14% (L + 4.75%; 1.00% Floor)| 09/27/2024 2022-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | 5 Bars, LLC| Digital Infrastructure & Services| Term Loan| 9.14% (L + 4.75%; 1.00% Floor)| 09/27/2024 2022-12-31 0001634452 U.S. Corporate Debt | 1st Lien Senior Secured Debt | Airwavz Solutions Inc. | Digital Infrastructure & Services | Delayed Draw Term Loan | 9.23% | S + 4.50% | 1.00% Floor | 03/31/2027 2022-12-31 0001634452 U.S. Corporate Debt | 1st Lien Senior Secured Debt | Airwavz Solutions Inc. | Digital Infrastructure & Services | Revolver | 9.23% | S + 4.50% | 1.00% Floor | 03/31/2027 2022-12-31 0001634452 U.S. Corporate Debt | 1st Lien Senior Secured Debt | Airwavz Solutions Inc. | Digital Infrastructure & Services | Term Loan | 9.23% | S + 4.50% | 1.00% Floor | 03/31/2027 2022-12-31 0001634452 U.S. Corporate Debt | 1st Lien Senior Secured Debt | Avant Communications LLC | Digital Infrastructure & Services | Revolver | 10.23% | S + 5.50% | 1.00% Floor | 11/30/2026 2022-12-31 0001634452 U.S. Corporate Debt | 1st Lien Senior Secured Debt | Avant Communications LLC | Digital Infrastructure & Services | Term Loan | 10.23% | S + 5.50% | 1.00% Floor | 11/30/2026 2022-12-31 0001634452 U.S. Corporate Debt | 1st Lien Senior Secured Debt | Bridgepointe Technologies LLC | Digital Infrastructure & Services | Delayed Draw Term Loan | 10.33% | S + 6.50% | 1.00% Floor | 12/31/2027 2022-12-31 0001634452 U.S. Corporate Debt | 1st Lien Senior Secured Debt | Bridgepointe Technologies LLC | Digital Infrastructure & Services | Delayed Draw Term Loan 2 | 10.48% | S + 6.50% | 1.00% Floor | 12/31/2027 2022-12-31 0001634452 U.S. Corporate Debt | 1st Lien Senior Secured Debt | Bridgepointe Technologies LLC | Digital Infrastructure & Services | Revolver | 10.48% | S + 6.50% | 1.00% Floor | 12/31/2027 2022-12-31 0001634452 U.S. Corporate Debt | 1st Lien Senior Secured Debt | Bridgepointe Technologies LLC | Digital Infrastructure & Services | Term Loan | 10.33% | S + 6.50% | 1.00% Floor | 12/31/2027 2022-12-31 0001634452 U.S. Corporate Debt | 1st Lien Senior Secured Debt | Bridgepointe Technologies LLC | Digital Infrastructure & Services | Term Loan 2 | 10.48% | S + 6.50% | 1.00% Floor | 12/31/2027 2022-12-31 0001634452 U.S. Corporate Debt | 1st Lien Senior Secured Debt | Coretelligent Intermediate LLC | Digital Infrastructure & Services | Delayed Draw Term Loan | 10.23% | L + 5.50% | 1.00% Floor | 10/21/2027 2022-12-31 0001634452 U.S. Corporate Debt | 1st Lien Senior Secured Debt | Coretelligent Intermediate LLC | Digital Infrastructure & Services | Revolver | 12.00% | P + 4.50% | 1.00% Floor | 10/21/2027 2022-12-31 0001634452 U.S. Corporate Debt | 1st Lien Senior Secured Debt | Coretelligent Intermediate LLC | Digital Infrastructure & Services | Term Loan | 10.23% | L + 5.50% | 1.00% Floor | 10/21/2027 2022-12-31 0001634452 U.S. Corporate Debt | 1st Lien Senior Secured Debt | EvolveIP LLC | Digital Infrastructure & Services | Delayed Draw Term Loan | 10.54% | S + 5.50% | 1.00% Floor | 06/07/2025 2022-12-31 0001634452 U.S. Corporate Debt | 1st Lien Senior Secured Debt | EvolveIP LLC | Digital Infrastructure & Services | Revolver | 10.23% | S + 5.50% | 1.00% Floor | 06/07/2025 2022-12-31 0001634452 U.S. Corporate Debt | 1st Lien Senior Secured Debt | EvolveIP LLC | Digital Infrastructure & Services | Term Loan | 10.54% | S + 5.50% | 1.00% Floor | 06/07/2025 2022-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Fatbeam, LLC | Digital Infrastructure & Services | Delayed Draw Term Loan | 10.14% (L + 5.75%; 1.00% Floor) | 02/22/2026 2022-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Fatbeam, LLC | Digital Infrastructure & Services | Revolver | 9.97% (L + 5.75%; 1.00% Floor) | 02/22/2026 2022-12-31 0001634452 U.S. Corporate Debt | 1st Lien Senior Secured Debt | MMP Intermediate LLC | Consumer Non Cyclical | Term Loan | 10.13% | L + 5.75% | 1.00% Floor | 02/15/2027 2022-12-31 0001634452 U.S. Corporate Debt | 1st Lien Senior Secured Debt | PF Growth Partners LLC | Consumer Non-Cyclical | Term Loan | 9.32% | S + 5.00% | 1.00% Floor | 07/11/2025 2022-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | PF Growth Partners, LLC| Consumer Non-Cyclical | Term Loan | 9.48% (S + 5.00%; 1.00% Floor)| 07-11-2025 2022-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | PF Growth Partners, LLC| Consumer Non-Cyclical | Term Loan | 9.48% (S + 5.00%; 1.00% Floor)| 07-11-2025 | One 2022-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | TBG Food Acquisition Corp| Consumer Non-Cyclical | Delayed Draw Term Loan| 10.39% (L + 6.00%; 0.75% Floor)| 12/25/2027 2022-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | MSP Global Holdings,LLC | Digital Infrastructure & Services | Delayed Draw Term Loan | 8.40% (S + 5.25%; 1.00% Floor) | 01/25/2027 2022-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | MBS Holdings, Inc | Digital Infrastructure & Services | Term Loan | 10.13% (L + 5.75%; 1.00% Floor) | 04/16/2027 2022-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | MBS Holdings, Inc | Digital Infrastructure & Services | Revolver | 10.13% (L + 5.75%; 1.00% Floor) | 04/16/2027 2022-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Greenlight Intermediate II, Inc | Digital Infrastructure & Services | Term Loan | 10.05% (S + 5.50%; 0.75% Floor) | 06-01-2028 2022-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Greenlight Intermediate II, Inc | Digital Infrastructure & Services | Delayed Draw Term Loan | 10.05% (S + 5.50%; 0.75% Floor) | 06-01-2028 2022-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | FirstLight Holdco, Inc | Digital Infrastructure & Services | Term Loan | 8.38% (L + 4.00%; 1.00% Floor) | 07/23/2025 2022-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Firstdigital Communications LLC | Digital Infrastructure & Services | Term Loan | 8.69% (L + 4.25%; 0.75% Floor) | 12/17/2026 2022-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Firstdigital Communications LLC | Digital Infrastructure & Services | Revolver | 8.69% (L + 4.25%; 0.75% Floor) | 12/17/2026 2022-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Fatbeam, LLC | Digital Infrastructure & Services | Term Loan | 10.14% (L + 5.75%; 1.00% Floor) | 02/22/2026 2022-12-31 0001634452 U.S. Corporate Debt | 1st Lien Senior Secured Debt | Bridgepointe Technologies LLC | Digital Infrastructure & Services | Delayed Draw Term Loan | 10.48% | S + 6.50% | 1.00% Floor | 12/31/2027 2022-12-31 0001634452 abpcic:FirstLienseniorSecuredDebtMember us-gaap:FairValueInputsLevel3Member us-gaap:CommonStockMember 2022-12-31 0001634452 us-gaap:FairValueInputsLevel3Member us-gaap:EquityFundsMember us-gaap:CommonStockMember 2022-12-31 0001634452 U.S. 1st Lien/Senior Secured Debt | Saviynt Inc. | Software & Tech Services | Delayed Draw Term Loan | 11.42% (S + 7.00%; 1.00% Floor) | Maturity 12/22/2027 2022-12-31 0001634452 U.S. 1st Lien/Senior Secured Debt | Saviynt Inc. | Software & Tech Services | Revolver | 11.42% (S + 7.00%; 1.00% Floor) | Maturity 12/22/2027 2022-12-31 0001634452 U.S. 1st Lien/Senior Secured Debt | Ranger Buyer Inc. | Software & Tech Services | Revolver | 9.88% (L + 5.50%; 0.75% Floor) | Maturity 11/18/2027 2022-12-31 0001634452 U.S. 1st Lien/Senior Secured Debt | Ping Identity Corporation | Software & Tech Services | Revolver | 11.32% (S + 7.00%; 0.75% Floor) | Maturity 10/17/2028 2022-12-31 0001634452 U.S. 1st Lien/Senior Secured Debt | Ping Identity Corporation | Software & Tech Services | Term Loan | 11.32% (S + 7.00%; 0.75% Floor) | Maturity 10/17/2029 2022-12-31 0001634452 U.S. 1st Lien/Senior Secured Debt | Ranger Buyer Inc. | Software & Tech Services | Term Loan | 9.88% (L + 5.50%; 0.75% Floor) | Maturity 11/17/2028 2022-12-31 0001634452 U.S. 1st Lien/Senior Secured Debt | Sauce Labs Inc. | Software & Tech Services | Delayed Draw Term Loan | 10.31% (S + 5.50%; 0.50% PIK; 1.00% Floor) | Maturity 08/16/2027 | One 2022-12-31 0001634452 U.S. 1st Lien/Senior Secured Debt | Sauce Labs Inc. | Software & Tech Services | Term Loan | 10.31% (S + 5.50%; 0.50% PIK; 1.00% Floor) | Maturity 08/16/2027 2022-12-31 0001634452 U.S. 1st Lien/Senior Secured Debt | Sauce Labs Inc. | Software & Tech Services | Delayed Draw Term Loan | 10.31% (S + 5.50%; 0.50% PIK; 1.00% Floor) | Maturity 08/16/2027 | Two 2022-12-31 0001634452 U.S. 1st Lien/Senior Secured Debt | Sauce Labs Inc. | Software & Tech Services | Revolver | 10.31% (S + 5.50%; 1.00% Floor) | Maturity 08/16/2027 2022-12-31 0001634452 U.S. 1st Lien/Senior Secured Debt | Kaseya Inc. | Software & Tech Services | Delayed Draw Term Loan | 10.33% (S + 5.75%; 0.75% Floor) | Maturity 06/25/2029 2022-12-31 0001634452 U.S. 1st Lien/Senior Secured Debt | Kaseya Inc. | Software & Tech Services | Revolver | 10.33% (S + 5.75%; 0.75% Floor) | Maturity 06/25/2029 2022-12-31 0001634452 U.S. 1st Lien/Senior Secured Debt | Kaseya Inc. | Software & Tech Services | Term Loan | 10.33% (S + 5.75%; 0.75% Floor) | Maturity 06/25/2029 2022-12-31 0001634452 U.S. 1st Lien/Senior Secured Debt | Mavenlink Inc. | Software & Tech Services | Revolver | 9.89% (L + 5.75%; 0.75% Floor) | Maturity 06/03/2027 2022-12-31 0001634452 U.S. 1st Lien/Senior Secured Debt | Mavenlink Inc. | Software & Tech Services | Term Loan | 9.14% (L + 5.75%; 0.75% Floor) | Maturity 06/03/2027 2022-12-31 0001634452 U.S. 1st Lien/Senior Secured Debt | Moon Buyer Inc. | Software & Tech Services | Delayed Draw Term Loan | 9.49% (L + 4.75%; 1.00% Floor) | Maturity 04/21/2027 2022-12-31 0001634452 U.S. 1st Lien/Senior Secured Debt | Moon Buyer Inc. | Software & Tech Services | Revolver | 9.48% (L + 4.75%; 1.00% Floor) | Maturity 04/21/2027 2022-12-31 0001634452 U.S. 1st Lien/Senior Secured Debt | Mykaarma Acquisition LLC | Software & Tech Services | Revolver | 10.88% (S + 3.00%; 3.75% PIK; 1.00% Floor) | Maturity 03/21/2028 2022-12-31 0001634452 U.S. 1st Lien/Senior Secured Debt | Mykaarma Acquisition LLC | Software & Tech Services | Term Loan | 10.88% (S + 3.00%; 3.75% PIK; 1.00% Floor) | Maturity 03/21/2028 2022-12-31 0001634452 U.S. 1st Lien/Senior Secured Debt | Navigate360 LLC | Software & Tech Services | Delayed Draw Term Loan | 10.33% (S + 6.00%; 1.00% Floor) | Maturity 03/17/2027 2022-12-31 0001634452 U.S. 1st Lien/Senior Secured Debt | Navigate360 LLC | Software & Tech Services | Revolver | 10.33% (S + 6.00%; 1.00% Floor) | Maturity 03/17/2027 2022-12-31 0001634452 U.S. 1st Lien/Senior Secured Debt | Navigate360 LLC | Software & Tech Services | Term Loan | 10.33% (S + 6.00%; 1.00% Floor) | Maturity 03/17/2027 | One 2022-12-31 0001634452 U.S. 1st Lien/Senior Secured Debt | Navigate360 LLC | Software & Tech Services | Term Loan | 10.33% (S + 6.00%; 1.00% Floor) | Maturity 03/17/2027 | Two 2022-12-31 0001634452 U.S. 1st Lien/Senior Secured Debt | Netwrix Corporation And Concept Searching Inc. | Software & Tech Services | Delayed Draw Term Loan | 9.70% (S + 5.00%; 0.75% Floor) | Maturity 06/11/2029 2022-12-31 0001634452 U.S. 1st Lien/Senior Secured Debt | Netwrix Corporation And Concept Searching Inc. | Software & Tech Services | Revolver | 9.70% (S + 5.00%; 0.75% Floor) | Maturity 06/11/2029 2022-12-31 0001634452 U.S. 1st Lien/Senior Secured Debt | Netwrix Corporation And Concept Searching Inc. | Software & Tech Services | Term Loan | 9.70% (S + 5.00%; 0.75% Floor) | Maturity 06/11/2029 2022-12-31 0001634452 U.S. 1st Lien/Senior Secured Debt | Moon Buyer Inc. | Software & Tech Services | Term Loan | 9.48% (L + 4.75%; 1.00% Floor) | Maturity 04/21/2027 2022-12-31 0001634452 U.S. 1st Lien/Senior Secured Debt | Greenhouse Software Inc.| Software & Tech Services | Revolver | 11.58% (S + 7.00%; 1.00% Floor) | Maturity 09/01/2028 2022-12-31 0001634452 U.S. 1st Lien/Senior Secured Debt | Greenhouse Software Inc.| Software & Tech Services | Term Loan | 11.58% (S + 7.00%; 1.00% Floor) | Maturity 09/01/2028 | One 2022-12-31 0001634452 U.S. 1st Lien/Senior Secured Debt | Greenhouse Software Inc.| Software & Tech Services | Term Loan | 11.58% (S + 7.00%; 1.00% Floor) | Maturity 09/01/2028 | Two 2022-12-31 0001634452 U.S. 1st Lien/Senior Secured Debt | Gryphon Redwood Acquisition LLC | Software & Tech Services | Delayed Draw Term Loan | 14.58% (S + 4.00%; 6.00% PIK; 1.00% Floor) | Maturity 09/16/2028 2022-12-31 0001634452 U.S. 1st Lien/Senior Secured Debt | Gryphon Redwood Acquisition LLC | Software & Tech Services | Term Loan | 14.58% (S + 4.00%; 6.00% PIK; 1.00% Floor) | Maturity 09/16/2028 2022-12-31 0001634452 U.S. 1st Lien/Senior Secured Debt | GS AcquisitionCo Inc. | Software & Tech Services | Revolver | 9.92% (L + 5.75%; 1.00% Floor) | Maturity 05/22/2026 2022-12-31 0001634452 U.S. 1st Lien/Senior Secured Debt | GS AcquisitionCo Inc. | Software & Tech Services | Term Loan | 9.92% (L + 5.75%; 1.00% Floor) | Maturity 05/22/2026 2022-12-31 0001634452 U.S. 1st Lien/Senior Secured Debt | Iodine Software LLC | Software & Tech Services | Delayed Draw Term Loan | 11.42% (S + 7.00%; 1.00% Floor) | Maturity 05/19/2027 | One 2022-12-31 0001634452 U.S. 1st Lien/Senior Secured Debt | Iodine Software LLC | Software & Tech Services | Delayed Draw Term Loan | 11.42% (S + 7.00%; 1.00% Floor) | Maturity 05/19/2027 | Two 2022-12-31 0001634452 U.S. 1st Lien/Senior Secured Debt | Iodine Software LLC | Software & Tech Services | Revolver | 11.42% (S + 7.00%; 1.00% Floor) | Maturity 05/19/2027 2022-12-31 0001634452 U.S. 1st Lien/Senior Secured Debt | Iodine Software LLC | Software & Tech Services | Term Loan | 11.42% (S + 7.00%; 1.00% Floor) | Maturity 05/19/2027 2022-12-31 0001634452 us-gaap:SeriesBMember abpcic:AlphasenseInc.Member abpcic:U.s.WarrantsAtZeroPointSeventeenPercentageMember 2022-12-31 0001634452 abpcic:U.s.WarrantsAtZeroPointSeventeenPercentageMember abpcic:SeriesDMember abpcic:DegreedIncMember 2022-12-31 0001634452 abpcic:U.s.WarrantsAtZeroPointSeventeenPercentageMember abpcic:SeriesCOneMember abpcic:DegreedIncMember 2022-12-31 0001634452 abpcic:U.s.WarrantsAtZeroPointSeventeenPercentageMember abpcic:CommonSharesMember abpcic:DegreedIncMember 2022-12-31 0001634452 abpcic:U.s.WarrantsAtZeroPointSeventeenPercentageMember abpcic:SeriesCOneMember abpcic:ScyllaDBIncMember 2022-12-31 0001634452 abpcic:U.s.WarrantsAtZeroPointSeventeenPercentageMember abpcic:SeriesFMember abpcic:VectraAIIncMember 2022-12-31 0001634452 abpcic:ClassAMember abpcic:SbsUltimateHoldingsLpMember abpcic:U.s.WarrantsAtZeroPointSeventeenPercentageMember 2022-12-31 0001634452 abpcic:UnitedKingdomWarrantsAtZeroPointZeroFivePercentageMember abpcic:PreferredUnitsMember abpcic:GlobalWebIndexIncMember 2022-12-31 0001634452 abpcic:FirstLienSeniorSecuredDebtAtThreePointEightSevenMember 2022-12-31 0001634452 abpcic:U.s.CommonStockAtOnePointSevenOnePercentageMember 2022-12-31 0001634452 abpcic:USInvestmentCompaniesatOnePointTwoTwoPercentageMember 2022-12-31 0001634452 abpcic:UnitedKingdomWarrantsAtZeroPointZeroFivePercentageMember 2022-12-31 0001634452 abpcic:WeeklyOneMonthSofrMember 2022-12-31 0001634452 abpcic:WeeklyThreeMonthSofrMember 2022-12-31 0001634452 abpcic:WeeklySixMonthSofrMember 2022-12-31 0001634452 us-gaap:PrimeRateMember 2022-12-31 0001634452 abpcic:WeeklyOneMonthLiborMember 2022-12-31 0001634452 abpcic:WeeklyThreeMonthLiborMember 2022-12-31 0001634452 abpcic:WeeklySixMonthLiborMember 2022-12-31 0001634452 abpcic:U.s.PreferredStockAtTwoPointZeroTwoPercentageMember 2022-12-31 0001634452 us-gaap:FairValueInputsLevel1Member us-gaap:SeniorDebtObligationsMember abpcic:FirstLienseniorSecuredDebtMember us-gaap:FinancialServicesSectorMember 2022-12-31 0001634452 us-gaap:FairValueInputsLevel2Member us-gaap:SeniorDebtObligationsMember abpcic:FirstLienseniorSecuredDebtMember us-gaap:FinancialServicesSectorMember 2022-12-31 0001634452 us-gaap:FairValueInputsLevel2Member us-gaap:PreferredStockMember us-gaap:EquityFundsMember us-gaap:FinancialServicesSectorMember 2022-12-31 0001634452 us-gaap:FairValueInputsLevel1Member us-gaap:PreferredStockMember us-gaap:EquityFundsMember us-gaap:FinancialServicesSectorMember 2022-12-31 0001634452 abpcic:SecondLienJuniorSecuredDebtMember us-gaap:SeniorDebtObligationsMember us-gaap:FinancialServicesSectorMember 2022-12-31 0001634452 us-gaap:FairValueInputsLevel3Member abpcic:SecondLienJuniorSecuredDebtMember us-gaap:SeniorDebtObligationsMember us-gaap:FinancialServicesSectorMember 2022-12-31 0001634452 us-gaap:FairValueInputsLevel2Member abpcic:SecondLienJuniorSecuredDebtMember us-gaap:SeniorDebtObligationsMember us-gaap:FinancialServicesSectorMember 2022-12-31 0001634452 us-gaap:FairValueInputsLevel1Member abpcic:SecondLienJuniorSecuredDebtMember us-gaap:SeniorDebtObligationsMember us-gaap:FinancialServicesSectorMember 2022-12-31 0001634452 us-gaap:SeniorDebtObligationsMember abpcic:FirstLienseniorSecuredDebtMember us-gaap:FinancialServicesSectorMember 2022-12-31 0001634452 us-gaap:FairValueInputsLevel3Member us-gaap:SeniorDebtObligationsMember abpcic:FirstLienseniorSecuredDebtMember us-gaap:FinancialServicesSectorMember 2022-12-31 0001634452 us-gaap:WarrantMember us-gaap:EquityFundsMember us-gaap:FinancialServicesSectorMember 2022-12-31 0001634452 us-gaap:FairValueInputsLevel1Member us-gaap:FinancialServicesSectorMember 2022-12-31 0001634452 us-gaap:InvestmentsMember us-gaap:FinancialServicesSectorMember 2022-12-31 0001634452 us-gaap:FinancialServicesSectorMember 2022-12-31 0001634452 us-gaap:FairValueInputsLevel3Member us-gaap:FinancialServicesSectorMember 2022-12-31 0001634452 us-gaap:FairValueInputsLevel2Member us-gaap:FinancialServicesSectorMember 2022-12-31 0001634452 us-gaap:FairValueInputsLevel3Member us-gaap:PreferredStockMember us-gaap:EquityFundsMember us-gaap:FinancialServicesSectorMember 2022-12-31 0001634452 us-gaap:PreferredStockMember us-gaap:EquityFundsMember us-gaap:FinancialServicesSectorMember 2022-12-31 0001634452 us-gaap:FairValueInputsLevel1Member us-gaap:CommonStockMember us-gaap:EquityFundsMember us-gaap:FinancialServicesSectorMember 2022-12-31 0001634452 us-gaap:FairValueInputsLevel2Member us-gaap:CommonStockMember us-gaap:EquityFundsMember us-gaap:FinancialServicesSectorMember 2022-12-31 0001634452 us-gaap:FairValueInputsLevel3Member us-gaap:CommonStockMember us-gaap:EquityFundsMember us-gaap:FinancialServicesSectorMember 2022-12-31 0001634452 us-gaap:CommonStockMember us-gaap:EquityFundsMember us-gaap:FinancialServicesSectorMember 2022-12-31 0001634452 us-gaap:FairValueInputsLevel1Member us-gaap:WarrantMember us-gaap:EquityFundsMember us-gaap:FinancialServicesSectorMember 2022-12-31 0001634452 us-gaap:FairValueInputsLevel2Member us-gaap:WarrantMember us-gaap:EquityFundsMember us-gaap:FinancialServicesSectorMember 2022-12-31 0001634452 us-gaap:FairValueInputsLevel3Member us-gaap:WarrantMember us-gaap:EquityFundsMember us-gaap:FinancialServicesSectorMember 2022-12-31 0001634452 U.S. 1st Lien/Senior Secured Debt | Vectra AI Inc.| Software & Tech Services | Term Loan | 10.49% (L + 5.75%; 1.00% Floor) | Maturity 03/18/2026 2022-12-31 0001634452 U.S. 1st Lien/Senior Secured Debt | Vehlo Purchaser LLC| Software & Tech Services | Delayed Draw Term Loan | 9.98% (S + 5.00%; 0.75% Floor) | Maturity 05/24/2028 2022-12-31 0001634452 U.S. 1st Lien/Senior Secured Debt | Velocity Purchaser Corporation | Software & Tech Services | Term Loan | 10.24% (S + 6.00%; 1.00% Floor) | Maturity 12/01/2023 | Three 2022-12-31 0001634452 U.S. 1st Lien/Senior Secured Debt | Velocity Purchaser Corporation | Software & Tech Services | Term Loan | 10.24% (S + 6.00%; 1.00% Floor) | Maturity 12/01/2023 | Two 2022-12-31 0001634452 U.S. 1st Lien/Senior Secured Debt | Vehlo Purchaser LLC| Software & Tech Services | Revolver | 9.69% (S + 5.00%; 0.75% Floor) | Maturity 05/24/2028 2022-12-31 0001634452 U.S. 1st Lien/Senior Secured Debt | Vehlo Purchaser LLC| Software & Tech Services | Term Loan | 9.69% (S + 5.00%; 0.75% Floor) | Maturity 05/24/2028 2022-12-31 0001634452 U.S. 1st Lien/Senior Secured Debt | Velocity Purchaser Corporation| Software & Tech Services | Revolver | 10.24% (S + 6.00%; 1.00% Floor) | Maturity 12/01/2023 2022-12-31 0001634452 U.S. 1st Lien/Senior Secured Debt | Velocity Purchaser Corporation| Software & Tech Services | Term Loan | 10.24% (S + 6.00%; 1.00% Floor) | Maturity 12/01/2023 | One 2022-12-31 0001634452 U.S. 1st Lien/Senior Secured Debt | Veracross LLC | Software & Tech Services | Delayed Draw Term Loan | 11.23% (S + 2.00%; 5.00% PIK; 1.00% Floor) | Maturity 12/28/2027 2022-12-31 0001634452 U.S. 1st Lien/Senior Secured Debt | Veracross LLC | Software & Tech Services | Revolver | 11.23% (S + 2.00%; 5.00% PIK; 1.00% Floor) | Maturity 12/28/2027 2022-12-31 0001634452 U.S. 1st Lien/Senior Secured Debt | Zendesk Inc. | Software & Tech Services | Delayed Draw Term Loan | 11.04% (S + 6.50%; 0.75% Floor) | Maturity 11/22/2028 2022-12-31 0001634452 U.S. 1st Lien/Senior Secured Debt | Veracross LLC | Software & Tech Services | Term Loan | 11.23% (S + 2.00%; 5.00% PIK; 1.00% Floor) | Maturity 12/28/2027 2022-12-31 0001634452 U.S. 1st Lien/Senior Secured Debt | Zendesk Inc. | Software & Tech Services | Revolver | 11.04% (S + 6.50%; 0.75% Floor) | Maturity 11/22/2028 2022-12-31 0001634452 U.S. 1st Lien/Senior Secured Debt | Zendesk Inc. | Software & Tech Services | Term Loan | 11.04% (S + 6.50%; 0.75% Floor) | Maturity 11/22/2028 2022-12-31 0001634452 U.S. 1st Lien/Senior Secured Debt | Dillon Logistics Inc. | Transport & Logistics | Revolver | (P + 6.00%; 1.00% Floor) | Maturity 12/11/2023 2022-12-31 0001634452 U.S. 1st Lien/Senior Secured Debt | Dillon Logistics Inc. | Transport & Logistics | Term Loan | (L + 7.00%; 1.00% Floor) | Maturity 12/11/2023 2022-12-31 0001634452 Canadian Corporate Debt |1st Lien/Senior Secured Debt | Banneker V Acquisition Inc.| Software & Tech Services | Term Loan | 10.39% (L + 6.00%; 1.00% Floor) | Maturity 12/04/2025 2022-12-31 0001634452 Canadian Corporate Debt |1st Lien/Senior Secured Debt | Banneker V Acquisition Inc.| Software & Tech Services | Revolver | 10.39% (L + 6.00%; 1.00% Floor) | Maturity 12/04/2025 2022-12-31 0001634452 Canadian Corporate Debt |1st Lien/Senior Secured Debt | Banneker V Acquisition Inc.| Software & Tech Services | Delayed Draw Term Loan | 10.39% (L + 6.00%; 1.00% Floor) | Maturity 12/04/2025 2022-12-31 0001634452 U.S. 2nd Lien/Junior Secured Debt | Conterra Ultra Broadband Holdings Inc.| Digital Infrastructure & Services | Term Loan | 13.01% (L + 8.50%; 1.00% Floor) | Maturity 04/30/2027 2022-12-31 0001634452 U.S. 2nd Lien/Junior Secured Debt | Brave Parent Holdings Inc.| Software & Tech Services | Term Loan | 11.88% (L + 7.50%) | Maturity 04/17/2026 2022-12-31 0001634452 Canadian Corporate Debt |1st Lien/Senior Secured Debt | McNairn Holdings Ltd.| Business Services | Term Loan | 9.98% (L + 5.00%; 0.50% PIK; 1.00% Floor) | Maturity 11/25/2025 2022-12-31 0001634452 U.S. 2nd Lien/Junior Secured Debt | Symplr Software Inc.| Software & Tech Services | Term Loan | 12.07% (S + 7.88%; 0.75% Floor) | Maturity 12/22/2028 2022-12-31 0001634452 Canadian Corporate Debt |1st Lien/Senior Secured Debt | Syntax Systems Ltd| Digital Infrastructure & Services | Term Loan | 10.13% (L + 5.75%; 0.75% Floor) | Maturity 10/29/2028 2022-12-31 0001634452 Canadian Corporate Debt |1st Lien/Senior Secured Debt | Syntax Systems Ltd| Digital Infrastructure & Services | Revolver | 10.04% (L + 5.75%; 0.75% Floor)) | Maturity 10/29/2026 2022-12-31 0001634452 Canadian Corporate Debt |1st Lien/Senior Secured Debt | Syntax Systems Ltd| Digital Infrastructure & Services | Delayed Draw Term Loan | 10.13% (L + 5.50%; 0.75% Floor) | Maturity 10/29/2028 2022-12-31 0001634452 U.S. 1st Lien/Senior Secured Debt | Vectra AI Inc.| Software & Tech Services | Revolver | 10.49% (L + 5.75%; 1.00% Floor) | Maturity 03/18/2026 2022-12-31 0001634452 U.S. 1st Lien/Senior Secured Debt | Ungerboeck Systems International LLC| Software & Tech Services | Term Loan | 11.28% (L + 6.50%; 1.00% Floor) | Maturity 04/30/2027 2022-12-31 0001634452 U.S. 1st Lien/Senior Secured Debt | Ungerboeck Systems International LLC| Software & Tech Services | Term Loan | 11.23% (L + 6.50%; 1.00% Floor) | Maturity 04/30/2027 2022-12-31 0001634452 U.S. 1st Lien/Senior Secured Debt | Vectra AI Inc.| Software & Tech Services | Delayed Draw Term Loan | 10.49% (L + 5.75%; 1.00% Floor) | Maturity 03/18/2026 2022-12-31 0001634452 U.S. Investment Companies | Orangewood WWB Co-Invest L.P | LP Interests 2022-12-31 0001634452 U.S. Investment Companies | ORCP III Triton Co-Investors L.P | LP Interests 2022-12-31 0001634452 Cash Equivalents | U.S. Investment Companies | State Street Institutional US Government Money Market Fund | Money Market | Money Market Portfolio | 5.29% 2022-12-31 0001634452 Cash Equivalents | U.S. Investment Companies | Blackrock T Fund I | Money Market | Money Market Portfolio | 5.23% 2022-12-31 0001634452 U.S. Investment Companies | Magenta Blocker Aggregator LP | Class A 2022-12-31 0001634452 U.S. Investment Companies | Palms Co-Investment Partners L.P | LP Interests 2022-12-31 0001634452 U.S. Preferred Stock | Swyft Parent Holdings LP | LP Interests | Software & Tech Services | 02/07/2022 2022-12-31 0001634452 U.S. Preferred Stock | Protoscale Rubrik LLC | Class B | Software & Tech Services | 01/04/2019 2022-12-31 0001634452 U.S. Preferred Stock | Phenom People Inc | Series C | Software & Tech Services | 01/08/2020 2022-12-31 0001634452 U.S. Preferred Stock | Netskope Inc | Series G | Software & Tech Services | 01/27/2020 2022-12-31 0001634452 U.S. Preferred Stock | Knockout Intermediate Holdings I Inc (Kaseya Inc) | Perpetual | Software & Tech Services | 06/23/2022 2022-12-31 0001634452 U.S. Common Stock | GSV MedSuite Investments LLC (Millin Purchaser LLC) | Class A | Healthcare and HCIT | 03/31/2022 2022-12-31 0001634452 U.S. Common Stock | Health Platform Group Inc | Earn Out | Healthcare and HCIT | 10/31/2020 2022-12-31 0001634452 U.S. Common Stock | INH Group Holdings Inc | Class A | Healthcare and HCIT | 01/31/2019 2022-12-31 0001634452 U.S. Common Stock | REP RO Coinvest IV A Blocker (Road One) | Class A | Transport and Logistics | 12/28/2022 2022-12-31 0001634452 U.S. Warrants | SBS Ultimate Holdings LP expire| Class A| Healthcare & HCIT| 09/18/2020 2022-12-31 0001634452 U.S. Warrants | Alphasense Inc | Series B | Software and Tech Services | 06/02/2020 2022-12-31 0001634452 U.S. Warrants | Degreed Inc | Series D | Software and Tech Services | 04/11/2021 2022-12-31 0001634452 U.S. Warrants | Degreed Inc | Series C -1 | Software and Tech Services | 05/31/2019 2022-12-31 0001634452 U.S. Warrants | Degreed Inc | Common Shares | Software and Tech Services | 08/18/2022 2022-12-31 0001634452 U.S. Warrants | ScyllaDB Inc | Series C-1 | Software and Tech Services | 09/08/2022 2022-12-31 0001634452 U.S. Warrants | Vectra AI Inc | Series F | Software and Tech Services | 03/18/2021 2022-12-31 0001634452 United Kingdom Warrants | GlobalWebIndex Inc | Preferred Units | Software and Tech Services | 12/30/2020 2022-12-31 0001634452 U.S. Preferred Stock | Symplr Software Intermediate Holdings Inc | Series A | Software & Tech Services | 11/30/2018 2022-12-31 0001634452 U.S. Preferred Stock | Vectra AI Inc | Series F | Software & Tech Services | 05/28/2021 2022-12-31 0001634452 U.S. Investment Companies |GHP SPV 2 L.P | LP Interests 2022-12-31 0001634452 U.S. Investment Companies | GHP E Aggregator LLC | LLC Units 2022-12-31 0001634452 U.S. Investment Companies | Falcon Co-Investment Partners L.P | LP Interests 2022-12-31 0001634452 U.S. Investment Companies | AB Equity Investors L.P | LP Interests 2022-12-31 0001634452 U.S. Preferred Stock | Heap Inc | Series D | Software & Tech Services | 11/24/2021 2022-12-31 0001634452 U.S. Preferred Stock | Degreed Inc | Series C-1 | Software & Tech Services | 06/25/2019 2022-12-31 0001634452 U.S. Preferred Stock | Degreed Inc | Series D | Software & Tech Services | 04/30/2021 2022-12-31 0001634452 U.S. Preferred Stock | Datarobot Inc | Series E | Software & Tech Services | 08/30/2019 2022-12-31 0001634452 U.S. Preferred Stock | Datarobot Inc | Series F | Software & Tech Services | 10/27/2020 2022-12-31 0001634452 U.S. Preferred Stock | Concerto Health AI Solutions LLC | Series B-1 | Software & Tech Services | 12/23/2019 2022-12-31 0001634452 U.S. Preferred Stock | Heap Inc | Series C | Software & Tech Services | 05/21/2019 2022-12-31 0001634452 U.S. Common Stock | REP Coinvest III-A Omni L.P (Omni Logistics LLC) | LP Interests | Transport & Logistics | 02/05/2021 2022-12-31 0001634452 U.S. Common Stock | Stripe Inc | Class B | Software and Tech Services | 05/17/2021 2022-12-31 0001634452 U.S. Common Stock | Swyft Parent Holdings LP | LP Interests | Software and Tech Services | 02/07/2022 2022-12-31 0001634452 U.S. Common Stock | Ranger Lexipol Holdings LLC | Class B | Software and Tech Services | 11/18/2021 2022-12-31 0001634452 U.S. Common Stock | Ranger Lexipol Holdings LLC | Class A | Software and Tech Services | 11/18/2021 2022-12-31 0001634452 U.S. Common Stock | REP Coinvest III Tec L.P (American Safety Holdings Corp) | LP Interests | Software and Tech Services | 06/18/2020 2022-12-31 0001634452 U.S. Common Stock |Samsara Networks Inc|Class A|Software & Tech Services 2022-12-31 0001634452 U.S. Common Stock | RCFN Parent LP (Peoples Care) | Class A | Healthcare and HCIT | 06/18/2021 2022-12-31 0001634452 U.S. Common Stock | REP Coinvest III AGP Blocker L.P (Agape Care Group) | LP Interests | Healthcare and HCIT | 10/14/2021 2022-12-31 0001634452 U.S. Common Stock | Brightspot Holdco LLC | LLC Units | Software and Tech Services | 11/16/2021 2022-12-31 0001634452 U.S. Common Stock | GSV Vehlo Investments LLC (Vehlo Purchaser LLC) | Class A | Software and Tech Services | 05/24/2022 2022-12-31 0001634452 U.S. Common Stock | Human Security | Common Shares | Software and Tech Services | 07/29/2022 2022-12-31 0001634452 U.S. Common Stock | Moon Topco L.P (Radiant Logic Inc) | Class A | Software and Tech Services | 04/21/2021 2022-12-31 0001634452 U.S. Common Stock | Mykaarma Acquisition LLC | Class A | Software and Tech Services | 03/21/2022 2022-12-31 0001634452 U.S. Preferred Stock | Alphasense Inc | Series C | Software & Tech Services | 06/01/2021 2022-12-31 0001634452 U.S. Preferred Stock | SBS Ultimate Holdings LP | Class A | Healthcare & HCIT | 09/18/2020 2022-12-31 0001634452 U.S. Common Stock | Community Based Care Holdings LP | LP Interests | Healthcare & HCIT | 01/03/2022 2022-12-31 0001634452 U.S. Common Stock | American Outcomes Management L.P| Class A | Healthcare & HCIT | 02/17/2022 2022-12-31 0001634452 U.S. Common Stock | Advantage AVP Parent Holdings L.P (Medical Management Resource Group LLC) | Class B | Healthcare & HCIT | 09/30/2021 2022-12-31 0001634452 U.S. Common Stock | Thrive Parent LLC | Class L | Digital Infrastructure & Services | 01/22/2021 2022-12-31 0001634452 U.S. Common Stock | Ntiva Investments, LLC (MSP Global Holdings, Inc) | Class A | Digital Infrastructure & Services | 01/24/2022 2022-12-31 0001634452 U.S. Common Stock | Nepcore Parent Holdings LLC (Coretelligent Intermediate LLC) | LLC Units | Digital Infrastructure & Services | 10/21/2021 2022-12-31 0001634452 U.S. Common Stock | NEPCORE Parent Holdings LLC | Class A | Digital Infrastructure and Services | 10/21/2021 2022-12-31 0001634452 U.S. Common Stock | Avant Communications LLC | Class A | Digital Infrastructure and Services | 11/30/2021 2022-12-31 0001634452 U.S. Common Stock |8x8 Inc | Common Units | Digital Infrastructure and Services 2022-12-31 0001634452 U.S. Common Stock | Freddys Acquisition LP (Freddys Frozen Custard LLC) | LP Interests | Consumer Non Cyclical | 03/03/2021 2022-12-31 0001634452 U.S. Common Stock | AEG Holding Company Inc | Class A | Consumer Discretionary | 11/20/2017 2022-12-31 0001634452 U.S. Common Stock | Global Radar Holdings LLC | Earn Out | Business Services | 11/08/2022 2022-12-31 0001634452 U.S. Preferred Stock 2022-12-31 0001634452 U.S. Warrants 2022-12-31 0001634452 United Kingdom Warrants 2022-12-31 0001634452 U.S. Common Stock 2022-12-31 0001634452 U.S. Investment Companies 2022-12-31 0001634452 Cash Equivalents | U.S. Investment Companies 2022-12-31 0001634452 U.S. Corporate Debt | 1st Lien Senior Secured Debt | Caregiver 2 Inc | Healthcare & HCIT | Term Loan | 10.01% | L + 5.25% | 1.00% Floor | 07/24/2025 | One 2022-12-31 0001634452 U.S. Corporate Debt | 1st Lien Senior Secured Debt | Caregiver 2 Inc | Healthcare & HCIT | Term Loan | 9.69% | (L + 5.25% | 1.00% Floor | 07/24/2025 2022-12-31 0001634452 U.S. Corporate Debt | 1st Lien Senior Secured Debt | Choice Health At Home LLC | Healthcare & HCIT | Delayed Draw Term Loan | 10.14% | L + 6.00% | 1.00% Floor | 12/29/2026 2022-12-31 0001634452 U.S. Corporate Debt | 1st Lien Senior Secured Debt | Choice Health At Home LLC | Healthcare & HCIT | Term Loan | 10.14% | L + 6.00% | 1.00% Floor | 12/29/2026 2022-12-31 0001634452 U.S. Corporate Debt | 1st Lien Senior Secured Debt | Coding Solutions Acquisition Inc | Healthcare & HCIT | Delayed Draw Term Loan | 9.82% | S + 5.50% | 0.75% Floor | 05/11/2028 2022-12-31 0001634452 U.S. Corporate Debt | 1st Lien Senior Secured Debt | Coding Solutions Acquisition Inc | Healthcare & HCIT | Revolver | 9.82% | S + 5.50% | 0.75% Floor | 05/11/2028 2022-12-31 0001634452 U.S. Corporate Debt | 1st Lien Senior Secured Debt | Coding Solutions Acquisition Inc | Healthcare & HCIT | Term Loan | 9.82% | S + 5.50% | 0.75% Floor | 05/11/2028 2022-12-31 0001634452 U.S. Corporate Debt | 1st Lien Senior Secured Debt | Community Based Care Acquisition Inc | Healthcare & HCIT | Delayed Draw Term Loan | 9.93% | S + 5.25% | 1.00% Floor | 09/16/2027 2022-12-31 0001634452 U.S. Corporate Debt | 1st Lien Senior Secured Debt | Community Based Care Acquisition Inc | Healthcare & HCIT | Delayed Draw Term Loan | 9.93% | S + 5.75% | 1.00% Floor | 09/16/2027 2022-12-31 0001634452 U.S. Corporate Debt | 1st Lien Senior Secured Debt | Community Based Care Acquisition Inc | Healthcare & HCIT | Revolver | 9.93% | S + 5.25% | 1.00% Floor | 09/16/2027 2022-12-31 0001634452 U.S. Corporate Debt | 1st Lien Senior Secured Debt | Community Based Care Acquisition Inc | Healthcare & HCIT | Term Loan | 9.93% | S + 5.25% | 1.00% Floor | 09/16/2027 2022-12-31 0001634452 U.S. Corporate Debt | 1st Lien Senior Secured Debt | Delaware Valley Management Holdings Inc | Healthcare & HCIT | Delayed Draw Term Loan | L + 6.25% | 1.00% Floor | 03/21/2024 2022-12-31 0001634452 U.S. Corporate Debt | 1st Lien Senior Secured Debt | Delaware Valley Management Holdings Inc | Healthcare & HCIT | Delayed Draw Term Loan | L + 6.25% | 1.00% Floor | 03/21/2024 | One 2022-12-31 0001634452 U.S. Corporate Debt | 1st Lien Senior Secured Debt | Delaware Valley Management Holdings Inc | Healthcare & HCIT | Revolver | L + 6.25% | 1.00% Floor | 03/21/2024 2022-12-31 0001634452 U.S. Corporate Debt | 1st Lien Senior Secured Debt | Caregiver 2 Inc | Healthcare & HCIT | Delayed Draw Term Loan | 10.01% | L + 5.25% | 1.00% Floor | 07/24/2025 2022-12-31 0001634452 U.S. Corporate Debt | 1st Lien Senior Secured Debt | Caregiver 2 Inc | Healthcare & HCIT | Term Loan | 10.01% | L + 5.25% | 1.00% Floor | 07/24/2025 2022-12-31 0001634452 U.S. Corporate Debt | 1st Lien Senior Secured Debt | BV EMS Buyer Inc | Healthcare & HCIT | Term Loan | 10.17% | S + 5.75% | 1.00% Floor | 11/23/2027 2022-12-31 0001634452 U.S. Corporate Debt | 1st Lien Senior Secured Debt | BV EMS Buyer Inc | Healthcare & HCIT | Delayed Draw Term Loan | 10.18% | S + 5.75% | 1.00% Floor | 11/23/2027 2022-12-31 0001634452 U.S. Corporate Debt | 1st Lien Senior Secured Debt | BAART Programs Inc | Healthcare & HCIT | Term Loan | 9.73% | L + 5.00% | 1.00% Floor | 06/11/2027 2022-12-31 0001634452 U.S. Corporate Debt | 1st Lien Senior Secured Debt | BAART Programs Inc | Healthcare & HCIT | Delayed Draw Term Loan | 9.73% | L + 5.00% | 1.00% Floor | 06/11/2027 2022-12-31 0001634452 U.S. Corporate Debt | 1st Lien Senior Secured Debt | AOM Acquisition LLC | Healthcare & HCIT | Term Loan | 9.48% | S + 4.75% | 1.00% Floor | 02/18/2027 2022-12-31 0001634452 U.S. Corporate Debt | 1st Lien Senior Secured Debt | AOM Acquisition LLC | Healthcare & HCIT | Revolver | 9.48% | S + 4.75% | 1.00% Floor | 02/18/2027 2022-12-31 0001634452 U.S. Corporate Debt | 1st Lien Senior Secured Debt | Analogic Corporation | Healthcare & HCIT | Term Loan | 9.66% | L + 5.25% | 1.00% Floor | 06/22/2024 2022-12-31 0001634452 U.S. Corporate Debt | 1st Lien Senior Secured Debt | Analogic Corporation | Healthcare & HCIT | Revolver | 9.66% | L + 5.25% | 1.00% Floor | 06/22/2023 2022-12-31 0001634452 U.S. Corporate Debt | 1st Lien Senior Secured Debt | American Physician Partners LLC | Healthcare & HCIT | Term Loan | 14.67% | S + 6.75% | 3.50% PIK | 1.00% Floor | 02/15/2023 | Two 2022-12-31 0001634452 U.S. Corporate Debt | 1st Lien Senior Secured Debt | American Physician Partners LLC | Healthcare & HCIT | Term Loan | 14.67% | S + 6.75% | 3.50% PIK | 1.00% Floor | 02/15/2023 | One 2022-12-31 0001634452 U.S. Corporate Debt | 1st Lien Senior Secured Debt | American Physician Partners LLC | Healthcare & HCIT | Term Loan | 14.67% | S + 6.75% | 3.50% PIK | 1.00% Floor | 02/15/2023 2022-12-31 0001634452 U.S. Corporate Debt | 1st Lien Senior Secured Debt | American Physician Partners LLC | Healthcare & HCIT | Revolver | 14.67% | S + 6.75% | 3.50% PIK | 1.00% Floor | 02/15/2023 2022-12-31 0001634452 U.S. Corporate Debt | 1st Lien Senior Secured Debt | American Physician Partners LLC | Healthcare & HCIT | Delayed Draw Term Loan | 14.67% | S + 6.75% | 3.50% PIK | 1.00% Floor | 02/15/2023 | One 2022-12-31 0001634452 U.S. Corporate Debt | 1st Lien Senior Secured Debt | American Physician Partners LLC | Healthcare & HCIT | Delayed Draw Term Loan | 14.67% | S + 6.75% | 3.50% PIK | 1.00% Floor | 02/15/2023 2022-12-31 0001634452 U.S. Corporate Debt | 1st Lien Senior Secured Debt | Delaware Valley Management Holdings Inc | Healthcare & HCIT | Term Loan | L + 6.25% | 1.00% Floor | 03/21/2024 2022-12-31 0001634452 U.S. Corporate Debt | 1st Lien Senior Secured Debt | FH MD Buyer Inc | Healthcare & HCIT | Term Loan | 9.38% | L + 5.00% | 0.75% Floor | 07/22/2028 2022-12-31 0001634452 U.S. Corporate Debt | 1st Lien Senior Secured Debt | GHA Buyer Inc | Healthcare & HCIT | Delayed Draw Term Loan | 12.98% | S + 4.50% | 3.75% PIK | 1.00% Floor | 06/24/2026 2022-12-31 0001634452 U.S. Corporate Debt | 1st Lien Senior Secured Debt | GHA Buyer Inc | Healthcare & HCIT | Revolver | 12.98% | S + 4.50% | 3.75% PIK | 1.00% Floor | 06/24/2026 2022-12-31 0001634452 U.S. Corporate Debt | 1st Lien Senior Secured Debt | GHA Buyer Inc | Healthcare & HCIT | Term Loan | 12.98% | S + 4.50% | 3.75% PIK | 1.00% Floor | 06/24/2026 2022-12-31 0001634452 U.S. Corporate Debt | 1st Lien Senior Secured Debt | GHA Buyer Inc | Healthcare & HCIT | Term Loan | 12.98% | S + 4.50% | 3.75% PIK | 1.00% Floor | 06/24/2026 | One 2022-12-31 0001634452 U.S. Corporate Debt | 1st Lien Senior Secured Debt | GHA Buyer Inc | Healthcare & HCIT | Term Loan | 12.98% | S + 4.50% | 3.75% PIK | 1.00% Floor | 06/24/2026 | Two 2022-12-31 0001634452 U.S. Corporate Debt | 1st Lien Senior Secured Debt | GHA Buyer Inc | Healthcare & HCIT | Term Loan | 12.98% | S + 4.50% | 3.75% PIK | 1.00% Floor | 06/24/2026 | Three 2022-12-31 0001634452 U.S. Corporate Debt | 1st Lien Senior Secured Debt | GHA Buyer Inc | Healthcare & HCIT | Term Loan | 12.98% | S + 4.50% | 3.75% PIK | 1.00% Floor | 06/24/2026 | Four 2022-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Brightspot Buyer, Inc| Software & Tech Services | Revolver| 10.18% (S + 5.50%; 0.75% Floor)| 11/16/2027 2022-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Brightspot Buyer, Inc| Software & Tech Services | Term Loan| 10.18% (S + 5.50%; 0.75% Floor)| 11/16/2027 2022-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | BSI2 Hold Nettle, LLC| Software & Tech Services | Revolver| 9.54% (S + 4.75%; 0.75% Floor)| 12-01-2027 2022-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | BSI2 Hold Nettle, LLC| Software & Tech Services | Term Loan| 9.54% (S + 4.75%; 0.75% Floor)| 12-01-2027 2022-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | BusinesSolver.com, Inc| Software & Tech Services | Delayed Draw Term Loan| 9.88% (L + 5.50%; 0.75% Floor)| 12-01-2027 2022-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | BusinesSolver.com, Inc| Software & Tech Services | Term Loan| 10.23% (L + 5.50%; 0.75% Floor)| 12-01-2027 2022-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Certify, Inc| Software & Tech Services | Delayed Draw Term Loan| 9.89% (L + 5.50%; 1.00% Floor)| 02/28/2024 2022-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Certify, Inc| Software & Tech Services | Delayed Draw Term Loan| 9.89% (L + 5.50%; 1.00% Floor)| 02/28/2024 One 2022-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Certify, Inc| Software & Tech Services | Revolver| 9.89% (L + 5.50%; 1.00% Floor)| 02/28/2024 2022-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Certify, Inc| Software & Tech Services | Term Loan| 9.89% (L + 5.50%; 1.00% Floor)| 02/28/2024 2022-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Community Brands Parentco, LLC| Software & Tech Services | Delayed Draw Term Loan| 9 10.17% (S + 5.75%; 0.75% Floor)| 02/28/2024 2022-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Community Brands Parentco, LLC| Software & Tech Services | Revolver| 9 10.17% (S + 5.75%; 0.75% Floor)| 02/28/2024 2022-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Community Brands Parentco, LLC| Software & Tech Services | Term Loan| 9 10.17% (S + 5.75%; 0.75% Floor)| 02/28/2024 2022-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Datacor, Inc| Software & Tech Services | Delayed Draw Term Loan| 10.09% (S + 5.75%; 1.00% Floor)| 12/29/2025 2022-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Datacor, Inc| Software & Tech Services | Revolver| 10.33% (S + 5.75%; 1.00% Floor)| 12/29/2025 2022-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Datacor, Inc| Software & Tech Services | Term Loan| 10.33% (S + 5.75%; 1.00% Floor)| 12/29/2025 2022-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Degreed, Inc| Software & Tech Services | Delayed Draw Term Loan| 10.92% (S + 5.50%; 1.00% PIK; 1.00% Floor)| 05/29/2026 2022-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Degreed, Inc| Software & Tech Services | Delayed Draw Term Loan| 10.92% (S + 5.50%; 1.00% PIK; 1.00% Floor)| 05/29/2026 One 2022-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Degreed, Inc| Software & Tech Services | Revolver| 10.92% (S + 5.50%; 1.00% PIK; 1.00% Floor)| 05/29/2026 2022-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Degreed, Inc| Software & Tech Services | Term Loan| 10.92% (S + 5.50%; 1.00% PIK; 1.00% Floor)| 05/29/2026 One 2022-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Dispatch Track, LLC| Software & Tech Services | Revolver| 8.86% (L + 4.50%; 1.00% Floor)| 12/17/2026 2022-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Dispatch Track, LLC| Software & Tech Services | Term Loan| 8.86% (L + 4.50%; 1.00% Floor)| 12/17/2026 2022-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Drilling Info Holdings, Inc| Software & Tech Services | Term Loan| 8.63% (L + 4.25%)| 07/30/2025 2022-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | EET Buyer, Inc| Software & Tech Services | Revolver| 10.26% (L + 5.25%; 0.75% Floor)| 11-08-2027 2022-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | EET Buyer, Inc| Software & Tech Services | Term Loan| 10.26% (L + 5.25%; 0.75% Floor)| 11-08-2027 2022-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Exterro, Inc| Software & Tech Services | Revolver| 10.26% (L + 5.25%; 0.75% Floor)| 05/31/2024 2022-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Exterro, Inc| Software & Tech Services | Term Loan| 10.26% (L + 5.25%; 0.75% Floor)| 05/31/2024 2022-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Exterro, Inc| Software & Tech Services | Term Loan| 10.26% (L + 5.25%; 0.75% Floor)| 05/31/2024 One 2022-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Exterro, Inc| Software & Tech Services | Term Loan| 10.26% (L + 5.25%; 0.75% Floor)| 05/31/2024 Two 2022-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Faithlife, LLC| Software & Tech Services | Delayed Draw Term Loan| 10.68% (S + 6.00%; 1.00% Floor)| 09/18/2025 2022-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Faithlife, LLC| Software & Tech Services | Revolver | 10.68% (S + 6.00%; 1.00% Floor)| 09/18/2025 2022-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Faithlife, LLC| Software & Tech Services | Term Loan | 10.68% (S + 6.00%; 1.00% Floor)| 09/18/2025 2022-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Fusion Holding Corp| Software & Tech Services | Revolver| 10.78% (S + 6.25%; 0.75% Floor)| 09/15/2027 2022-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Fusion Holding Corp| Software & Tech Services | Term Loan| 10.78% (S + 6.25%; 0.75% Floor)| 09/15/2029 2022-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Fusion Risk Management INC| Software & Tech Services | Revolver| 11.40% (S + 6.50%; 1.00% Floor)| 08/30/2028 2022-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Fusion Risk Management INC| Software & Tech Services | Term Loan| 11.40% (S + 6.50%; 1.00% Floor)| 08/30/2028 2022-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Genesis Acquisition| Software & Tech Services | Term Loan| 8.48% (L + 3.75%)| 07/31/2024 2022-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Genesis Acquisition| Software & Tech Services | Revolver| 7.92% (L + 3.75%) | 07/31/2024 2022-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Greenhouse Software,INC | Software & Tech Services | Revolver| 11.58% (S + 7.00%; 1.00% Floor)| 09-01-2028 2022-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Degreed, Inc| Software & Tech Services | Term Loan| 10.92% (S + 5.50%; 1.00% PIK; 1.00% Floor)| 05/29/2026 2022-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Sako and Partners Lower Holdings LLC | Business Services | Term Loan | 10.73% | S + 6.00% | 1.00% Floor | 09/15/2028 2022-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Valcourt Holdings II LLC | Business Services | Delayed Draw Term Loan | 9.87% | S + 5.25% | 1.00% Floor | 01/07/2027 2022-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Valcourt Holdings II LLC | Business Services | Term Loan | 9.87% | S + 5.25% | 1.00% Floor | 01/07/2027 2022-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Valcourt Holdings II LLC | Business Services | Term Loan | 9.87% | S + 5.25% | 1.00% Floor | 01/07/2027 | 1 2022-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Valcourt Holdings II LLC | Business Services | Term Loan | 9.87% | S + 5.25% | 1.00% Floor | 01/07/2027 | 2 2022-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | AEG Holding Company Inc | Consumer Discretionary | Delayed Draw Term Loan | 10.23% | L + 5.50% | 1.00% Floor | 11/20/2023 2022-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | AEG Holding Company Inc | Consumer Discretionary | Revolver | 9.89% | L + 5.50% | 1.00% Floor | 11/20/2023 2022-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | AEG Holding Company Inc | Consumer Discretionary | Term Loan | 10.23% | L + 5.50% | 1.00% Floor | 11/20/2023 2022-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | AEG Holding Company Inc | Consumer Discretionary | Term Loan | 10.23% | L + 5.50% | 1.00% Floor | 11/20/2023 | 1 2022-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Ampler QSR Holdings LLC | Consumer Non-Cyclical | Term Loan | 10.60% | L + 5.875% | 1.00% Floor | 07/21/2027 2022-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Blink Holdings Inc | Consumer Non-Cyclical | Delayed Draw Term Loan | 12.73% | L + 5.50% | 2.50% PIK | 1.00% Floor | 11/08/2024 2022-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Blink Holdings Inc | Consumer Non-Cyclical | Delayed Draw Term Loan | 12.73% | L + 5.50% | 2.50% PIK | 1.00% Floor | 11/08/2024 | 1 2022-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Blink Holdings Inc | Consumer Non-Cyclical | Term Loan | 12.73% | L + 5.50% | 2.50% PIK | 1.00% Floor | 11/08/2024 | 1 2022-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Freddys Frozen Custard L.L.C | Consumer Non Cyclical | Revolver | 9.73% | L + 5.00% | 1.00% Floor | 03/03/2027 2022-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Freddys Frozen Custard L.L.C | Consumer Non Cyclical | Term Loan | 9.73% | L + 5.00% | 1.00% Floor | 03/03/2027 2022-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Krispy Krunchy Foods L.L.C| Consumer Non-Cyclical | Term Loan | 9.17% | S + 4.75% | 1.00% Floor | 11/17/2027 2022-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Mathnasium LLC| Consumer Non-Cyclical | Revolver | 10.13% | L + 5.00% | 0.75% Floor | 11/17/2027 2022-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Mathnasium LLC| Consumer Non-Cyclical | Term Loan | 10.13% | L + 5.00% | 0.75% Floor | 11/17/2027 2022-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | AmerCareRoyal LLC | Business Services | Delayed Draw Term Loan | 9.68% | S + 5.00% | 0.50% PIK | 1.00% Floor | 11/25/2025 2022-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | AmerCareRoyal LLC | Business Services | Term Loan | 9.68% | L + 5.00% | 0.50% PIK | 1.00% Floor | 11/25/2025 2022-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | AmerCareRoyal LLC | Business Services | Term Loan | 9.68% | L + 5.00% | 0.50% PIK | 1.00% Floor | 11/25/2025 | 1 2022-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Cerifi LLC | Business Services | Revolver | 10.07% | S + 5.75% | 1.00% Floor | 04/01/2027 2022-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Cerifi LLC | Business Services | Term Loan | 10.07% | S + 5.75% | 1.00% Floor | 03/31/2028 2022-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Engage2Excel Inc | Business Services | Revolver | 10.63% | L + 7.25% | 1.00% Floor | 03/07/2023 2022-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Engage2Excel Inc | Business Services | Term Loan | 11.98% | L + 7.25% | 1.00% Floor | 03/07/2023 2022-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Engage2Excel Inc | Business Services | Term Loan | 11.98% | L + 7.25% | 1.00% Floor | 03/07/2023 | 1 2022-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Metametrics Inc | Business Services | Revolver | 9.77% | L + 5.00% | 1.00% Floor | 09/10/2025 2022-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Metametrics Inc | Business Services | Term Loan | 9.73% | L + 5.00% | 1.00% Floor | 09/10/2025 2022-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | MSM Acquisitions Inc | Business Services | Delayed Draw Term Loan | 10.75% | L + 6.00% | 1.00% Floor | 12/09/2026 2022-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | MSM Acquisitions Inc | Business Services | Delayed Draw Term Loan | 10.75% | L + 6.00% | 1.00% Floor | 12/09/2026 | 1 2022-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | MSM Acquisitions Inc | Business Services | Term Loan | 10.75% | L + 6.00% | 1.00% Floor | 12/09/2026 2022-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Rep Tec Intermediate Holdings Inc | Business Services | Revolver | 11.23% | L + 6.50% | 1.00% Floor | 12/01/2027 2022-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Rep Tec Intermediate Holdings Inc | Business Services | Term Loan | 11.23% | L + 6.50% | 1.00% Floor | 12/01/2027 2022-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Sako and Partners Lower Holdings LLC | Business Services | Delayed Draw Term Loan | 10.73% | S + 6.00% | 1.00% Floor | 09/15/2028 2022-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Sako and Partners Lower Holdings LLC | Business Services | Revolver | 10.73% | S + 6.00% | 1.00% Floor | 09/15/2028 2022-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | MSM Acquisitions Inc | Business Services | Revolver | 12.50% | P + 5.00% | 1.00% Floor | 12/09/2026 2022-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Salisbury House, LLC | Healthcare & HCIT | Term Loan | 9.24% (S + 5.00%; 1.00% Floor) | 08/30/2025 | Two 2022-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Salisbury House, LLC | Healthcare & HCIT | Term Loan | 9.24% (S + 5.00%; 1.00% Floor) | 08/30/2025 | One 2022-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Salisbury House, LLC | Healthcare & HCIT | Term Loan | 9.24% (S + 5.00%; 1.00% Floor) | 08/30/2025 2022-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Salisbury House, LLC | Healthcare & HCIT | Revolver | 9.24% (S + 5.00%; 1.00% Floor) | 08/30/2025 2022-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Redwood Family Care Network, Inc. | Healthcare & HCIT | Term Loan | 10.23% (S + 5.50%; 1.00% Floor) | 06/18/2026 2022-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Redwood Family Care Network, Inc. | Healthcare & HCIT Revolver | 10.23% (S + 5.50%; 1.00% Floor) | 06/18/2026 2022-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Redwood Family Care Network, Inc. | Healthcare & HCIT | Delayed Draw Term Loan | 10.23% (S + 5.50%; 1.00% Floor) | 06/18/2026 | One 2022-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Redwood Family Care Network, Inc. | Healthcare & HCIT | Delayed Draw Term Loan | 10.23% (S + 5.50%; 1.00% Floor) | 06/18/2026 2022-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | RCP Encore Acquisition,Inc. | Healthcare & HCIT | Term Loan | (L + 5.00%; 1.00% Floor) | 06/07/2025 2022-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Priority Ondemand Midco 2,L.P | Healthcare & HCIT | Term Loan | 10.26% (S + 5.50%; 1.00% Floor) | 07/17/2028 2022-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Priority Ondemand Midco 2,L.P | Healthcare & HCIT | Delayed Draw Term Loan | 10.26% (S + 5.50%; 1.00% Floor) | 07/17/2028 2022-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Pinnacle Treatment Centers,Inc. | Healthcare & HCIT | Term Loan | 10.57% (L + 6.50%; 1.00% Floor) | 01/02/2026 | Two 2022-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Pinnacle Treatment Centers,Inc. | Healthcare & HCIT | Term Loan | 10.57% (L + 6.50%; 1.00% Floor) | 01/02/2026 | One 2022-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Pinnacle Treatment Centers,Inc. | Healthcare & HCIT | Term Loan | 10.57% (L + 6.50%; 1.00% Floor) | 01/02/2026 2022-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Pinnacle Treatment Centers,Inc. | Healthcare & HCIT | Revolver | 10.57% (L + 6.50%; 1.00% Floor) | 01/02/2026 2022-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Pinnacle Treatment Centers,Inc. | Healthcare & HCIT | Delayed Draw Term Loan | 10.57% (L + 6.50%; 1.00% Floor) | 01/02/2026 2022-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Pinnacle Dermatology Management, LLC | Healthcare & HCIT | Term Loan | 9.50% (L + 5.75%; 0.75% Floor) | 12/08/2028 2022-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Pinnacle Dermatology Management, LLC | Healthcare & HCIT | Revolver | 8.74% (L + 4.00%; 0.75% Floor) | 12/08/2026 2022-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Pinnacle Dermatology Management, LLC | Healthcare & HCIT | Delayed Draw Term Loan | 10.55% (S + 5.75%; 0.75% Floor) 12/08/2028 2022-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Pace Health Companies, LLC | Healthcare & HCIT | Term Loan | 9.23% (L + 4.50%; 1.00% Floor) | 08/02/2024 2022-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Pace Health Companies, LLC | Healthcare & HCIT | Revolver | 9.23% (L + 4.50%; 1.00% Floor) | 08/02/2024 2022-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | OMH-HealthEdge Holdings, LLC | Healthcare & HCIT | Term Loan | 10.03% (L + 5.25%; 1.00% Floor)| 10/24/2025 | Two 2022-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | OMH-HealthEdge Holdings, LLC | Healthcare & HCIT | Term Loan | 10.03% (L + 5.25%; 1.00% Floor)| 10/24/2025 | One 2022-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | OMH-HealthEdge Holdings, LLC | Healthcare & HCIT | Term Loan | 10.03% (L + 5.25%; 1.00% Floor)| 10/24/2025 2022-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | OMH-HealthEdge Holdings,LLC | Healthcare & HCIT| Revolver | 10.03% (L + 5.25%; 1.00% Floor) | 10/24/2024 2022-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Medsuite Purchaser,LLC | Healthcare & HCIT | Term Loan |9.48% (S + 4.75%; 1.00% Floor) |10/22/2026 2022-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Medsuite Purchaser,LLC | Healthcare & HCIT | Revolver | 9.48% (S + 4.75%; 1.00% Floor) | 10/22/2026 2022-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Medsuite Purchaser,LLC | Healthcare & HCIT | Delayed Draw Term Loan | 9.48%(S + 4.75%; 1.00% Floor) | 10/22/2026 2022-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Medical Management Resource Group, LLC | Healthcare & HCIT | Term Loan| 10.16% (L + 5.75%; 0.75% Floor) | 09/30/2027 2022-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Medical Management Resource Group, LLC | Healthcare & HCIT | Revolver | 10.16% (L + 5.75%; 0.75% Floor) | 09/30/2026 2022-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Medical Management Resource Group, LLC | Healthcare & HCIT | Delayed Draw | Term Loan | 9.83% (L + 5.75%; 0.75% Floor) | 09/30/2027 2022-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Medbridge Holdings, LLC | Healthcare & HCIT | Term Loan | 10.73% (S + 6.00%; 1.00% Floor) | 12/23/2026 | One 2022-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Medbridge Holdings, LLC | Healthcare & HCIT | Term Loan | 10.73% (S + 6.00%; 1.00% Floor) | 12/23/2026 2022-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Medbridge Holdings,LLC | Healthcare & HCIT | Revolver | 10.73% (S + 6.00%; 1.00% Floor) | 12/23/2026 2022-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Honor HN Buyer, Inc | Healthcare & HCIT | Term Loan | 10.48% (S + 5.75%; 1.00% Floor) | 10/15/2027 2022-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Honor HN Buyer, Inc | Healthcare & HCIT | Revolver | 10.48% (S + 5.75%; 1.00% Floor) | 10/15/2027 2022-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Honor HN Buyer, Inc | Healthcare & HCIT | Delayed Draw Term Loan | 10.48% (S + 6.00%; 1.00% Floor) | 10/15/2027 | One 2022-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Honor HN Buyer, Inc | Healthcare & HCIT | Delayed Draw Term Loan | 10.48% (S + 6.00%; 1.00% Floor) | 10/15/2027 2022-12-31 0001634452 U.S. 1st Lien/Senior Secured Debt | Saviynt Inc.| Software & Tech Services | Term Loan | 11.42% (S + 7.00%; 1.00% Floor) | Maturity 12/22/2027 2022-12-31 0001634452 U.S. 1st Lien/Senior Secured Debt | ScyllaDB Inc.| Software & Tech Services | Delayed Draw Term Loan | 10.82% (S + 6.50%; 1.00% Floor) | Maturity 09/08/2027 2022-12-31 0001634452 U.S. 1st Lien/Senior Secured Debt | ScyllaDB Inc.| Software & Tech Services | Revolver | 10.82% (S + 6.50%; 1.00% Floor) | Maturity 09/08/2027 2022-12-31 0001634452 U.S. 1st Lien/Senior Secured Debt | ScyllaDB Inc.| Software & Tech Services | Term Loan | 10.82% (S + 6.50%; 1.00% Floor) | Maturity 09/08/2027 2022-12-31 0001634452 U.S. 1st Lien/Senior Secured Debt | Securonix Inc.| Software & Tech Services | Revolver | 10.10% (S + 6.50%; 0.75% Floor) | Maturity 04/05/2028 2022-12-31 0001634452 U.S. 1st Lien/Senior Secured Debt | Ungerboeck Systems International LLC| Software & Tech Services | Delayed Draw Term Loan | 11.23% (L + 6.50%; 1.00% Floor) | Maturity 04/30/2027 | Three 2022-12-31 0001634452 U.S. 1st Lien/Senior Secured Debt | Ungerboeck Systems International LLC| Software & Tech Services | Delayed Draw Term Loan | 11.23% (L + 6.50%; 1.00% Floor) | Maturity 04/30/2027 | Two 2022-12-31 0001634452 U.S. 1st Lien/Senior Secured Debt | Ungerboeck Systems International LLC| Software & Tech Services | Delayed Draw Term Loan | 11.23% (L + 6.50%; 1.00% Floor) | Maturity 04/30/2027 | One 2022-12-31 0001634452 U.S. 1st Lien/Senior Secured Debt | Ungerboeck Systems International LLC| Software & Tech Services | Delayed Draw Term Loan | 11.22% (L + 6.50%; 1.00% Floor) | Maturity 04/30/2027 2022-12-31 0001634452 U.S. 1st Lien/Senior Secured Debt | Unanet Inc.| Software & Tech Services | Term Loan | 10.97% (S + 6.25%; 0.75% Floor) | Maturity 12/08/2028 2022-12-31 0001634452 U.S. 1st Lien/Senior Secured Debt | Unanet Inc.| Software & Tech Services | Revolver | 10.97% (S + 6.25%; 0.75% Floor) | Maturity 12/08/2028 2022-12-31 0001634452 U.S. 1st Lien/Senior Secured Debt | Unanet Inc.| Software & Tech Services | Delayed Draw Term Loan| 10.97% (S + 6.25%; 0.75% Floor) | Maturity 12/08/2028 2022-12-31 0001634452 U.S. 1st Lien/Senior Secured Debt | TRGRP Inc. | Software & Tech Services | Term Loan| 11.73% (L + 4.50%; 2.50% PIK; 1.00% Floor)| Maturity 11/01/2023 | Three 2022-12-31 0001634452 U.S. 1st Lien/Senior Secured Debt | TRGRP Inc. | Software & Tech Services | Term Loan| 11.73% (L + 4.50%; 2.50% PIK; 1.00% Floor)| Maturity 11/01/2023 | Two 2022-12-31 0001634452 U.S. 1st Lien/Senior Secured Debt | TRGRP Inc. | Software & Tech Services | Term Loan| 11.73% (L + 4.50%; 2.50% PIK; 1.00% Floor)| Maturity 11/01/2023 | One 2022-12-31 0001634452 U.S. 1st Lien/Senior Secured Debt | TRGRP Inc. | Software & Tech Services | Revolver| 11.73% (L + 4.50%; 2.50% PIK; 1.00% Floor)| Maturity 11/01/2023 2022-12-31 0001634452 U.S. 1st Lien/Senior Secured Debt | Telesoft Holdings LLC| Software & Tech Services | Term Loan | 10.13% (L + 5.75%; 1.00% Floor)| Maturity 12/16/2025 2022-12-31 0001634452 U.S. 1st Lien/Senior Secured Debt | Telesoft Holdings LLC| Software & Tech Services | Revolver | 10.14% (L + 5.75%; 1.00% Floor) | Maturity 12/16/2025 2022-12-31 0001634452 U.S. 1st Lien/Senior Secured Debt | Telcor Buyer Inc.| Software & Tech Services | Term Loan | 9.64% (L + 4.50%; 1.00% Floor) | Maturity 08/20/2027 2022-12-31 0001634452 U.S. 1st Lien/Senior Secured Debt | Telcor Buyer Inc.| Software & Tech Services | Revolver | 9.64% (L + 4.50%; 1.00% Floor) | Maturity 08/20/2027 2022-12-31 0001634452 U.S. 1st Lien/Senior Secured Debt | Sysnet North America Inc.| Software & Tech Services | Term Loan | 11.50% (L + 5.00%; 1.00% Floor) | Maturity 12/01/2026 2022-12-31 0001634452 U.S. 1st Lien/Senior Secured Debt | Swiftpage Inc.| Software & Tech Services | Term Loan | 10.92% (S + 6.50%; 1.00% Floor) | Maturity 06/13/2023 | Two 2022-12-31 0001634452 U.S. 1st Lien/Senior Secured Debt | Swiftpage Inc.| Software & Tech Services | Term Loan | 10.92% (S + 6.50%; 1.00% Floor) | Maturity 06/13/2023 | One 2022-12-31 0001634452 U.S. 1st Lien/Senior Secured Debt | Swiftpage Inc.| Software & Tech Services | Revolver | 10.92% (S + 6.50%; 1.00% Floor) | Maturity 06/13/2023 2022-12-31 0001634452 U.S. 1st Lien/Senior Secured Debt | Sundance Group Holdings Inc.| Software & Tech Services | Term Loan | 10.93% (S + 6.25%; 1.00% Floor) | Maturity 07/02/2027 2022-12-31 0001634452 U.S. 1st Lien/Senior Secured Debt | Sundance Group Holdings Inc.| Software & Tech Services | Term Loan | 10.75% (S + 6.25%; 1.00% Floor) | Maturity 07/02/2027 2022-12-31 0001634452 U.S. 1st Lien/Senior Secured Debt | Sundance Group Holdings Inc.| Software & Tech Services | Revolver | 10.75% (S + 6.25%; 1.00% Floor) | Maturity 07/02/2027 2022-12-31 0001634452 U.S. 1st Lien/Senior Secured Debt | Sundance Group Holdings Inc.| Software & Tech Services | Delayed Draw Term Loan | 10.75% (S + 6.25%; 1.00% Floor) | Maturity 07/02/2027 2022-12-31 0001634452 U.S. 1st Lien/Senior Secured Debt | SugarCRM Inc. | Software & Tech Services | Term Loan | 10.88% (L + 6.50%; 1.00% Floor) | Maturity 07/31/2024 2022-12-31 0001634452 U.S. 1st Lien/Senior Secured Debt | SugarCRM Inc. | Software & Tech Services | Revolver | 10.88% (L + 6.50%; 1.00% Floor) | Maturity 07/31/2024 2022-12-31 0001634452 U.S. 1st Lien/Senior Secured Debt | Soladoc LLC | Software & Tech Services | Term Loan | 10.07% (S + 5.25%; 0.75% Floor) | Maturity 06/12/2028 2022-12-31 0001634452 U.S. 1st Lien/Senior Secured Debt | Soladoc LLC | Software & Tech Services | Revolver | 10.07% (S + 5.25%; 0.75% Floor) | Maturity 06/12/2028 2022-12-31 0001634452 U.S. 1st Lien/Senior Secured Debt | Soladoc LLC | Software & Tech Services | Delayed Draw Term Loan | 10.07% (S + 5.25%; 0.75% Floor) | Maturity 06/12/2028 2022-12-31 0001634452 U.S. 1st Lien/Senior Secured Debt | Smartlinx Solutions LLC | Software & Tech Services | Term Loan | 10.48% (L + 5.75%; 1.00% Floor) | Maturity 03/04/2026 | One 2022-12-31 0001634452 U.S. 1st Lien/Senior Secured Debt | Securonix Inc.| Software & Tech Services | Term Loan | 10.10% (S + 6.50%; 0.75% Floor) | Maturity 04/05/2028 2022-12-31 0001634452 U.S. 1st Lien/Senior Secured Debt | Smartlinx Solutions LLC | Software & Tech Services | Term Loan | 10.48% (L + 5.75%; 1.00% Floor) | Maturity 03/04/2026 | Two 2022-12-31 0001634452 U.S. 1st Lien/Senior Secured Debt | Smartlinx Solutions LLC | Software & Tech Services | Revolver | 10.48% (L + 5.75%; 1.00% Floor) | Maturity 03/04/2026 2022-12-31 0001634452 U.S. 1st Lien/Senior Secured Debt | Sirsi Corporation | Software & Tech Services | Term Loan | 8.88% (L + 4.50%; 1.00% Floor)| Maturity 03/15/2024 2022-12-31 0001634452 U.S. 1st Lien/Senior Secured Debt | Sirsi Corporation | Software & Tech Services | Revolver | 8.88% (L + 4.50%; 1.00% Floor)| Maturity 03/15/2024 2022-12-31 0001634452 U.S. Preferred Stock | Ntiva Investments LLC (MSP Global Holdings Inc)| Class A | Digital Infrastructure & Services | 01/24/2022 2022-12-31 0001634452 U.S. Preferred Stock | Bowline Topco LLC | LLC Units | Energy | 08/09/2021 2022-12-31 0001634452 U.S. 1st Lien/Senior Secured Debt 2022-12-31 0001634452 Canadian 1st Lien/Senior Secured Debt 2022-12-31 0001634452 Canadian Corporate Debt 2022-12-31 0001634452 U.S. 2nd Lien/Junior Secured Debt 2022-12-31 0001634452 U.S. Corporate Debt 2022-12-31 0001634452 us-gaap:NoncontrollingInterestMember 2022-01-01 2022-09-30 0001634452 us-gaap:RetainedEarningsUnappropriatedMember 2022-01-01 2022-09-30 0001634452 us-gaap:CommonStockMember 2022-01-01 2022-09-30 0001634452 us-gaap:AdditionalPaidInCapitalMember 2022-01-01 2022-09-30 0001634452 abpcic:ThirtiethSeptemberQuarterEndedMember 2022-01-01 2022-09-30 0001634452 abpcic:ThirtiethJuneQuarterEndedMember 2022-01-01 2022-09-30 0001634452 abpcic:ThirtyFirstMarchQuarterEndedMember 2022-01-01 2022-09-30 0001634452 us-gaap:NotesPayableOtherPayablesMember 2022-01-01 2022-09-30 0001634452 abpcic:NonControlledOrNonAffiliatedInvestmentsMember 2022-01-01 2022-09-30 0001634452 abpcic:ControlledAffiliatedInvestmentsMember 2022-01-01 2022-09-30 0001634452 abpcic:NonControlledAffiliatedInvestmentsMember 2022-01-01 2022-09-30 0001634452 abpcic:TwentyNinethMarchTwoThousandAndTwentyTwoMember 2022-01-01 2022-09-30 0001634452 abpcic:TwentyEightJuneTwoThousandAndTwentyTwoMember 2022-01-01 2022-09-30 0001634452 abpcic:TwentyEightSeptemberTwoThousandAndTwentyTwoMember 2022-01-01 2022-09-30 0001634452 abpcic:AdvisoryAgreementMember 2022-01-01 2022-09-30 0001634452 abpcic:TransferAgentFeesMember 2022-01-01 2022-09-30 0001634452 abpcic:CapitalGainsIncentiveFeeMember 2022-01-01 2022-09-30 0001634452 abpcic:ControlledAffiliatedInvestmentsMember abpcic:BowlineEnergyLlcMember srt:AffiliatedEntityMember 2022-01-01 2022-09-30 0001634452 srt:AffiliatedEntityMember 2022-01-01 2022-09-30 0001634452 abpcic:ControlledAffiliatedInvestmentsMember srt:AffiliatedEntityMember 2022-01-01 2022-09-30 0001634452 abpcic:ControlledAffiliatedInvestmentsMember abpcic:BowlineTopcoLlcMember srt:AffiliatedEntityMember 2022-01-01 2022-09-30 0001634452 abpcic:TwentySevenMayTwentyTwoMember 2022-01-01 2022-09-30 0001634452 abpcic:TwentyFiveFeburaryTwentyTwoMember 2022-01-01 2022-09-30 0001634452 abpcic:TwentySixAugustTwentyTwoMember 2022-01-01 2022-09-30 0001634452 abpcic:CollateralizedLoanObligationsCLOVIMember 2023-01-01 2023-09-30 0001634452 abpcic:CollateralizedLoanObligationsCLOXIIIMember 2023-01-01 2023-09-30 0001634452 us-gaap:NoncontrollingInterestMember 2023-01-01 2023-09-30 0001634452 us-gaap:RetainedEarningsUnappropriatedMember 2023-01-01 2023-09-30 0001634452 us-gaap:CommonStockMember 2023-01-01 2023-09-30 0001634452 us-gaap:AdditionalPaidInCapitalMember 2023-01-01 2023-09-30 0001634452 abpcic:CreditAgreementMember abpcic:JoinderAndThirdAmendmentToTheRevolvingCreditAgreementMember abpcic:HsbcMember 2023-01-01 2023-09-30 0001634452 abpcic:NatixisCreditFacilityMember abpcic:NatixisMember us-gaap:RevolvingCreditFacilityMember abpcic:AmendementToTheCreditAgreementFourMember 2023-01-01 2023-09-30 0001634452 abpcic:AmendmentTwoToTheLoanAndFinancingAgreementMember abpcic:SynovusCreditFacilityMember us-gaap:RevolvingCreditFacilityMember abpcic:SynovusBankSpecialityFinanceDivisionMember 2023-01-01 2023-09-30 0001634452 us-gaap:RevolvingCreditFacilityMember abpcic:HsbcMember srt:MaximumMember 2023-01-01 2023-09-30 0001634452 us-gaap:RevolvingCreditFacilityMember abpcic:HsbcMember srt:MinimumMember 2023-01-01 2023-09-30 0001634452 abpcic:ThirtiethSeptemberQuarterEndedMember 2023-01-01 2023-09-30 0001634452 abpcic:ThirtiethJuneQuarterEndedMember 2023-01-01 2023-09-30 0001634452 abpcic:ThirtyFirstMarchQuarterEndedMember 2023-01-01 2023-09-30 0001634452 us-gaap:NotesPayableOtherPayablesMember 2023-01-01 2023-09-30 0001634452 abpcic:NonControlledOrNonAffiliatedInvestmentsMember 2023-01-01 2023-09-30 0001634452 abpcic:ControlledAffiliatedInvestmentsMember 2023-01-01 2023-09-30 0001634452 abpcic:NonControlledAffiliatedInvestmentsMember 2023-01-01 2023-09-30 0001634452 abpcic:TwentyninethmarchtwothousandandtwentythreeMember 2023-01-01 2023-09-30 0001634452 abpcic:TwentyEightJuneTwoThousandAndTwentyThreeMember 2023-01-01 2023-09-30 0001634452 abpcic:TwentySevenSeptemberTwoThousandAndTwentyThreeMember 2023-01-01 2023-09-30 0001634452 abpcic:AdvisoryAgreementMember 2023-01-01 2023-09-30 0001634452 abpcic:QuarterlyIncentiveFeeBasisTwoMember 2023-01-01 2023-09-30 0001634452 abpcic:QuarterlyIncentiveFeeBasisThreeMember 2023-01-01 2023-09-30 0001634452 abpcic:QuarterlyIncentiveFeeBasisFourMember 2023-01-01 2023-09-30 0001634452 abpcic:QuarterlyIncentiveFeeBasisSixMember 2023-01-01 2023-09-30 0001634452 abpcic:QuarterlyIncentiveFeeBasisSevenMember 2023-01-01 2023-09-30 0001634452 abpcic:QuarterlyIncentiveFeeBasisEightMember 2023-01-01 2023-09-30 0001634452 abpcic:QuarterlyIncentiveFeeBasisFiveMember 2023-01-01 2023-09-30 0001634452 abpcic:TransferAgentFeesMember 2023-01-01 2023-09-30 0001634452 abpcic:CapitalGainsIncentiveFeeMember 2023-01-01 2023-09-30 0001634452 abpcic:DegreedIncMember abpcic:DelayedDrawTermLoanMember abpcic:SeniorSecuredDebtFirstLienMember 2023-01-01 2023-09-30 0001634452 abpcic:GalwayBrowserLLCMember abpcic:SeniorSecuredDebtFirstLienMember us-gaap:RevolvingCreditFacilityMember 2023-01-01 2023-09-30 0001634452 abpcic:GHABuyerIncMember abpcic:SeniorSecuredDebtFirstLienMember us-gaap:RevolvingCreditFacilityMember 2023-01-01 2023-09-30 0001634452 abpcic:AccelerateResourcesOpeningLLCMember abpcic:RevolvingCreditFacilityOneMember abpcic:SeniorSecuredDebtFirstLienMember 2023-01-01 2023-09-30 0001634452 abpcic:AegHoldingCompanyInc.Member abpcic:RevolvingCreditFacilityOneMember abpcic:SeniorSecuredDebtFirstLienMember 2023-01-01 2023-09-30 0001634452 abpcic:AMIUSHoldingsIncMember abpcic:SeniorSecuredDebtFirstLienMember abpcic:RevolvingCreditFacilityOneMember 2023-01-01 2023-09-30 0001634452 abpcic:BridgePointeTechnologiesLLCMember us-gaap:RevolvingCreditFacilityMember abpcic:SeniorSecuredDebtFirstLienMember 2023-01-01 2023-09-30 0001634452 abpcic:BSTwelveHoldNettleLLCMember us-gaap:RevolvingCreditFacilityMember abpcic:SeniorSecuredDebtFirstLienMember 2023-01-01 2023-09-30 0001634452 abpcic:BusinessSolverComIncMember abpcic:DelayedDrawTermLoanMember abpcic:SeniorSecuredDebtFirstLienMember 2023-01-01 2023-09-30 0001634452 abpcic:BVEMSBuyerIncMember abpcic:DelayedDrawTermLoanMember abpcic:SeniorSecuredDebtFirstLienMember 2023-01-01 2023-09-30 0001634452 abpcic:CerifiLLCMember us-gaap:RevolvingCreditFacilityMember abpcic:SeniorSecuredDebtFirstLienMember 2023-01-01 2023-09-30 0001634452 abpcic:CertifyIncMember us-gaap:RevolvingCreditFacilityMember abpcic:SeniorSecuredDebtFirstLienMember 2023-01-01 2023-09-30 0001634452 abpcic:ChoiceHealthAtHomeLLCMember abpcic:DelayedDrawTermLoanMember abpcic:SeniorSecuredDebtFirstLienMember 2023-01-01 2023-09-30 0001634452 abpcic:CodingSolutionsAcquisitionIncMember abpcic:DelayedDrawTermLoanMember abpcic:SeniorSecuredDebtFirstLienMember 2023-01-01 2023-09-30 0001634452 abpcic:CodingSolutionsAcquisitionIncMember us-gaap:RevolvingCreditFacilityMember abpcic:SeniorSecuredDebtFirstLienMember 2023-01-01 2023-09-30 0001634452 abpcic:CodingSolutionsAcquisitionIncMember abpcic:DelayedDrawTermLoanOneMember abpcic:SeniorSecuredDebtFirstLienMember 2023-01-01 2023-09-30 0001634452 abpcic:CommunityBasedCareAcquisitionMember abpcic:DelayedDrawTermLoanMember abpcic:SeniorSecuredDebtFirstLienMember 2023-01-01 2023-09-30 0001634452 abpcic:CommunityBasedCareAcquisitionMember abpcic:DelayedDrawTermLoanOneMember abpcic:SeniorSecuredDebtFirstLienMember 2023-01-01 2023-09-30 0001634452 abpcic:CommunityBasedCareAcquisitionMember us-gaap:RevolvingCreditFacilityMember abpcic:SeniorSecuredDebtFirstLienMember 2023-01-01 2023-09-30 0001634452 abpcic:CommunityBrandsParentcoLLCMember abpcic:DelayedDrawTermLoanMember abpcic:SeniorSecuredDebtFirstLienMember 2023-01-01 2023-09-30 0001634452 abpcic:CommunityBrandsParentcoLLCMember us-gaap:RevolvingCreditFacilityMember abpcic:SeniorSecuredDebtFirstLienMember 2023-01-01 2023-09-30 0001634452 abpcic:CoretelligentIntermediateLLCMember abpcic:DelayedDrawTermLoanMember abpcic:SeniorSecuredDebtFirstLienMember 2023-01-01 2023-09-30 0001634452 abpcic:CoretelligentIntermediateLLCMember us-gaap:RevolvingCreditFacilityMember abpcic:SeniorSecuredDebtFirstLienMember 2023-01-01 2023-09-30 0001634452 abpcic:CoupaHoldingsLlcMember abpcic:DelayedDrawTermLoanMember abpcic:SeniorSecuredDebtFirstLienMember 2023-01-01 2023-09-30 0001634452 abpcic:CoupaHoldingsLlcMember us-gaap:RevolvingCreditFacilityMember abpcic:SeniorSecuredDebtFirstLienMember 2023-01-01 2023-09-30 0001634452 abpcic:DatacorIncMember abpcic:DelayedDrawTermLoanMember abpcic:SeniorSecuredDebtFirstLienMember 2023-01-01 2023-09-30 0001634452 abpcic:DatacorIncMember us-gaap:RevolvingCreditFacilityMember abpcic:SeniorSecuredDebtFirstLienMember 2023-01-01 2023-09-30 0001634452 abpcic:DegreedIncMember abpcic:DelayedDrawTermLoanOneMember abpcic:SeniorSecuredDebtFirstLienMember 2023-01-01 2023-09-30 0001634452 abpcic:DegreedIncMember abpcic:DelayedDrawTermLoanTwoMember abpcic:SeniorSecuredDebtFirstLienMember 2023-01-01 2023-09-30 0001634452 us-gaap:RevolvingCreditFacilityMember abpcic:FoundationRiskPartnersCorpMember abpcic:SeniorSecuredDebtFirstLienMember 2023-01-01 2023-09-30 0001634452 abpcic:SeniorSecuredDebtFirstLienMember abpcic:IodineSoftwareLlcMember us-gaap:RevolvingCreditFacilityMember 2023-01-01 2023-09-30 0001634452 us-gaap:RevolvingCreditFacilityMember abpcic:PennTRGRPHoldingsLLCMember abpcic:SeniorSecuredDebtFirstLienMember 2023-01-01 2023-09-30 0001634452 abpcic:SalisburyHouseLLCMember abpcic:SeniorSecuredDebtFirstLienMember us-gaap:RevolvingCreditFacilityMember 2023-01-01 2023-09-30 0001634452 abpcic:SalisburyHouseLLCMember abpcic:SeniorSecuredDebtFirstLienMember abpcic:RevolvingCreditFacilityOneMember 2023-01-01 2023-09-30 0001634452 abpcic:DelayedDrawTermLoanMember abpcic:SDCAtlasAcquistioncoLLCMember abpcic:SeniorSecuredDebtFirstLienMember 2023-01-01 2023-09-30 0001634452 us-gaap:RevolvingCreditFacilityMember abpcic:SDCAtlasAcquistioncoLLCMember abpcic:SeniorSecuredDebtFirstLienMember 2023-01-01 2023-09-30 0001634452 abpcic:TowercoFourHoldingsLLCMember abpcic:DelayedDrawTermLoanOneMember abpcic:SeniorSecuredDebtFirstLienMember 2023-01-01 2023-09-30 0001634452 abpcic:MedbridgeHoldingsLLCMember abpcic:SeniorSecuredDebtFirstLienMember us-gaap:RevolvingCreditFacilityMember 2023-01-01 2023-09-30 0001634452 abpcic:HigginbothamInsuranceAgencyIncMember abpcic:SeniorSecuredDebtFirstLienMember abpcic:DelayedDrawTermLoanMember 2023-01-01 2023-09-30 0001634452 abpcic:HirevueIncMember abpcic:SeniorSecuredDebtFirstLienMember us-gaap:RevolvingCreditFacilityMember 2023-01-01 2023-09-30 0001634452 abpcic:HonorHNBuyerIncMember abpcic:SeniorSecuredDebtFirstLienMember abpcic:DelayedDrawTermLoanMember 2023-01-01 2023-09-30 0001634452 abpcic:HonorHNBuyerIncMember abpcic:SeniorSecuredDebtFirstLienMember abpcic:DelayedDrawTermLoanOneMember 2023-01-01 2023-09-30 0001634452 abpcic:HonorHNBuyerIncMember abpcic:SeniorSecuredDebtFirstLienMember us-gaap:RevolvingCreditFacilityMember 2023-01-01 2023-09-30 0001634452 abpcic:IodineSoftwareLlcMember abpcic:SeniorSecuredDebtFirstLienMember abpcic:DelayedDrawTermLoanMember 2023-01-01 2023-09-30 0001634452 abpcic:DelayedDrawTermLoanOneMember abpcic:SeniorSecuredDebtFirstLienMember abpcic:IodineSoftwareLlcMember 2023-01-01 2023-09-30 0001634452 abpcic:KaseyaIncMember abpcic:SeniorSecuredDebtFirstLienMember abpcic:DelayedDrawTermLoanMember 2023-01-01 2023-09-30 0001634452 abpcic:KaseyaIncMember abpcic:SeniorSecuredDebtFirstLienMember us-gaap:RevolvingCreditFacilityMember 2023-01-01 2023-09-30 0001634452 us-gaap:RevolvingCreditFacilityMember abpcic:MathnasiumLLCMember abpcic:SeniorSecuredDebtFirstLienMember 2023-01-01 2023-09-30 0001634452 abpcic:MavelinkIncMember abpcic:SeniorSecuredDebtFirstLienMember us-gaap:RevolvingCreditFacilityMember 2023-01-01 2023-09-30 0001634452 abpcic:MBSHoldingsIncMember abpcic:SeniorSecuredDebtFirstLienMember us-gaap:RevolvingCreditFacilityMember 2023-01-01 2023-09-30 0001634452 us-gaap:RevolvingCreditFacilityMember abpcic:MedicalManagementResourceGroupLlcMember abpcic:SeniorSecuredDebtFirstLienMember 2023-01-01 2023-09-30 0001634452 abpcic:MedsuitePurchaserLLCMember abpcic:SeniorSecuredDebtFirstLienMember abpcic:DelayedDrawTermLoanMember 2023-01-01 2023-09-30 0001634452 abpcic:MedsuitePurchaserLLCMember abpcic:SeniorSecuredDebtFirstLienMember us-gaap:RevolvingCreditFacilityMember 2023-01-01 2023-09-30 0001634452 abpcic:MetametricsIncMember abpcic:SeniorSecuredDebtFirstLienMember us-gaap:RevolvingCreditFacilityMember 2023-01-01 2023-09-30 0001634452 abpcic:MMPIntermediateLLCMember abpcic:SeniorSecuredDebtFirstLienMember us-gaap:RevolvingCreditFacilityMember 2023-01-01 2023-09-30 0001634452 abpcic:MoonBuyerIncMember abpcic:SeniorSecuredDebtFirstLienMember us-gaap:RevolvingCreditFacilityMember 2023-01-01 2023-09-30 0001634452 abpcic:DelayedDrawTermLoanMember abpcic:SeniorSecuredDebtFirstLienMember abpcic:MrGreensIntermediateLlcMember 2023-01-01 2023-09-30 0001634452 us-gaap:RevolvingCreditFacilityMember abpcic:SeniorSecuredDebtFirstLienMember abpcic:MrGreensIntermediateLlcMember 2023-01-01 2023-09-30 0001634452 abpcic:MsmAcquisitionsIncMember abpcic:SeniorSecuredDebtFirstLienMember abpcic:DelayedDrawTermLoanMember 2023-01-01 2023-09-30 0001634452 abpcic:MsmAcquisitionsIncMember abpcic:SeniorSecuredDebtFirstLienMember us-gaap:RevolvingCreditFacilityMember 2023-01-01 2023-09-30 0001634452 abpcic:MSPGlobalHoldingsIncMember abpcic:SeniorSecuredDebtFirstLienMember abpcic:DelayedDrawTermLoanMember 2023-01-01 2023-09-30 0001634452 abpcic:MSPGlobalHoldingsIncMember abpcic:SeniorSecuredDebtFirstLienMember us-gaap:RevolvingCreditFacilityMember 2023-01-01 2023-09-30 0001634452 abpcic:MykaarmaAcquisitionLlcMember abpcic:SeniorSecuredDebtFirstLienMember us-gaap:RevolvingCreditFacilityMember 2023-01-01 2023-09-30 0001634452 abpcic:SeniorSecuredDebtFirstLienMember abpcic:NavigateThreeHundredAndSixtyLLCMember us-gaap:RevolvingCreditFacilityMember 2023-01-01 2023-09-30 0001634452 abpcic:NetwrixCorporationAndConceptSearchingIncMember abpcic:SeniorSecuredDebtFirstLienMember abpcic:DelayedDrawTermLoanMember 2023-01-01 2023-09-30 0001634452 abpcic:NetwrixCorporationAndConceptSearchingIncMember abpcic:SeniorSecuredDebtFirstLienMember us-gaap:RevolvingCreditFacilityMember 2023-01-01 2023-09-30 0001634452 abpcic:OMHHealthEdgeHoldingsLLCMember abpcic:SeniorSecuredDebtFirstLienMember us-gaap:RevolvingCreditFacilityMember 2023-01-01 2023-09-30 0001634452 abpcic:PaceHealthCompaniesLLCMember abpcic:SeniorSecuredDebtFirstLienMember us-gaap:RevolvingCreditFacilityMember 2023-01-01 2023-09-30 0001634452 abpcic:PeterCFoyAndAssociatesServicesLLCMember abpcic:SeniorSecuredDebtFirstLienMember abpcic:DelayedDrawTermLoanMember 2023-01-01 2023-09-30 0001634452 abpcic:PingIdentityCorporationMember us-gaap:RevolvingCreditFacilityMember abpcic:SeniorSecuredDebtFirstLienMember 2023-01-01 2023-09-30 0001634452 abpcic:PinnacleDermatologyManagementLLCMember abpcic:SeniorSecuredDebtFirstLienMember abpcic:DelayedDrawTermLoanMember 2023-01-01 2023-09-30 0001634452 abpcic:PinnacleDermatologyManagementLLCMember abpcic:SeniorSecuredDebtFirstLienMember us-gaap:RevolvingCreditFacilityMember 2023-01-01 2023-09-30 0001634452 abpcic:PinnacleTreatmentCentersIncMember abpcic:SeniorSecuredDebtFirstLienMember us-gaap:RevolvingCreditFacilityMember 2023-01-01 2023-09-30 0001634452 abpcic:PriorityOndemandMidco2LPMember abpcic:SeniorSecuredDebtFirstLienMember abpcic:DelayedDrawTermLoanMember 2023-01-01 2023-09-30 0001634452 abpcic:DelayedDrawTermLoanMember abpcic:SeniorSecuredDebtFirstLienMember abpcic:RaceFincoLlcThreeMember 2023-01-01 2023-09-30 0001634452 us-gaap:RevolvingCreditFacilityMember abpcic:SeniorSecuredDebtFirstLienMember abpcic:RaceFincoLlcThreeMember 2023-01-01 2023-09-30 0001634452 abpcic:RangerBuyerIncMember abpcic:SeniorSecuredDebtFirstLienMember us-gaap:RevolvingCreditFacilityMember 2023-01-01 2023-09-30 0001634452 abpcic:SakoAndPartnersLowerHoldingsLLCMember abpcic:SeniorSecuredDebtFirstLienMember abpcic:DelayedDrawTermLoanMember 2023-01-01 2023-09-30 0001634452 abpcic:SandstoneCareHoldingsLLCMember abpcic:SeniorSecuredDebtFirstLienMember abpcic:DelayedDrawTermLoanMember 2023-01-01 2023-09-30 0001634452 abpcic:DelayedDrawTermLoanMember abpcic:SeniorSecuredDebtFirstLienMember abpcic:SalisburyHouseLLCMember 2023-01-01 2023-09-30 0001634452 us-gaap:RevolvingCreditFacilityMember abpcic:SakoAndPartnersLowerHoldingsLLCMember abpcic:SeniorSecuredDebtFirstLienMember 2023-01-01 2023-09-30 0001634452 abpcic:RscAcquisitionIncOneMember abpcic:SeniorSecuredDebtFirstLienMember abpcic:DelayedDrawTermLoanMember 2023-01-01 2023-09-30 0001634452 abpcic:RedwoodFamilyCareNetworkIncMember abpcic:SeniorSecuredDebtFirstLienMember abpcic:DelayedDrawTermLoanMember 2023-01-01 2023-09-30 0001634452 abpcic:SeniorSecuredDebtFirstLienMember abpcic:RedwoodFamilyCareNetworkIncMember us-gaap:RevolvingCreditFacilityMember 2023-01-01 2023-09-30 0001634452 abpcic:RepTecIntermediateHoldingsIncMember abpcic:SeniorSecuredDebtFirstLienMember us-gaap:RevolvingCreditFacilityMember 2023-01-01 2023-09-30 0001634452 abpcic:SandstoneCareHoldingsLLCMember abpcic:SeniorSecuredDebtFirstLienMember us-gaap:RevolvingCreditFacilityMember 2023-01-01 2023-09-30 0001634452 abpcic:DelayedDrawTermLoanMember abpcic:SauceLabsIncMember abpcic:SeniorSecuredDebtFirstLienMember 2023-01-01 2023-09-30 0001634452 abpcic:ScyllaDBIncMember abpcic:SeniorSecuredDebtFirstLienMember us-gaap:RevolvingCreditFacilityMember 2023-01-01 2023-09-30 0001634452 abpcic:SecuronixIncMember abpcic:SeniorSecuredDebtFirstLienMember us-gaap:RevolvingCreditFacilityMember 2023-01-01 2023-09-30 0001634452 abpcic:SeniorSecuredDebtFirstLienMember us-gaap:RevolvingCreditFacilityMember abpcic:SerranoParentLlcMember 2023-01-01 2023-09-30 0001634452 abpcic:SingleDigitsIncMember abpcic:SeniorSecuredDebtFirstLienMember us-gaap:RevolvingCreditFacilityMember 2023-01-01 2023-09-30 0001634452 abpcic:SeniorSecuredDebtFirstLienMember abpcic:RevolvingCreditFacilityOneMember abpcic:SingleDigitsIncMember 2023-01-01 2023-09-30 0001634452 abpcic:SirsiCorporationMember abpcic:SeniorSecuredDebtFirstLienMember us-gaap:RevolvingCreditFacilityMember 2023-01-01 2023-09-30 0001634452 us-gaap:RevolvingCreditFacilityMember abpcic:SauceLabsIncMember abpcic:SeniorSecuredDebtFirstLienMember 2023-01-01 2023-09-30 0001634452 abpcic:SeniorSecuredDebtFirstLienMember abpcic:SaviyntIncMember abpcic:DelayedDrawTermLoanMember 2023-01-01 2023-09-30 0001634452 abpcic:SeniorSecuredDebtFirstLienMember abpcic:SaviyntIncMember us-gaap:RevolvingCreditFacilityMember 2023-01-01 2023-09-30 0001634452 abpcic:SCABuyerLLCMember abpcic:SeniorSecuredDebtFirstLienMember us-gaap:RevolvingCreditFacilityMember 2023-01-01 2023-09-30 0001634452 abpcic:ScyllaDBIncMember abpcic:SeniorSecuredDebtFirstLienMember abpcic:DelayedDrawTermLoanMember 2023-01-01 2023-09-30 0001634452 abpcic:SISPurchaserIncMember abpcic:SeniorSecuredDebtFirstLienMember us-gaap:RevolvingCreditFacilityMember 2023-01-01 2023-09-30 0001634452 abpcic:SmartlinxSolutionLLCMember abpcic:SeniorSecuredDebtFirstLienMember us-gaap:RevolvingCreditFacilityMember 2023-01-01 2023-09-30 0001634452 abpcic:SmileBrandsIncMember abpcic:SeniorSecuredDebtFirstLienMember us-gaap:RevolvingCreditFacilityMember 2023-01-01 2023-09-30 0001634452 abpcic:TBGFoodAcquisitionCorpMember abpcic:SeniorSecuredDebtFirstLienMember abpcic:DelayedDrawTermLoanMember 2023-01-01 2023-09-30 0001634452 abpcic:SeniorSecuredDebtFirstLienMember us-gaap:RevolvingCreditFacilityMember abpcic:SyntaxSystemsLimitedMember 2023-01-01 2023-09-30 0001634452 abpcic:SyntaxSystemsLimitedMember abpcic:SeniorSecuredDebtFirstLienMember abpcic:DelayedDrawTermLoanMember 2023-01-01 2023-09-30 0001634452 abpcic:SwiftPageIncMember abpcic:SeniorSecuredDebtFirstLienMember us-gaap:RevolvingCreditFacilityMember 2023-01-01 2023-09-30 0001634452 abpcic:SugarCRMIncMember abpcic:SeniorSecuredDebtFirstLienMember us-gaap:RevolvingCreditFacilityMember 2023-01-01 2023-09-30 0001634452 abpcic:SundanceGroupHoldingsIncMember abpcic:SeniorSecuredDebtFirstLienMember us-gaap:RevolvingCreditFacilityMember 2023-01-01 2023-09-30 0001634452 abpcic:StratusNetworksIncThreeMember abpcic:SeniorSecuredDebtFirstLienMember us-gaap:RevolvingCreditFacilityMember 2023-01-01 2023-09-30 0001634452 abpcic:SeniorSecuredDebtFirstLienMember abpcic:RevolvingCreditFacilityOneMember abpcic:SwiftPageIncMember 2023-01-01 2023-09-30 0001634452 abpcic:SoladocLlcMember abpcic:SeniorSecuredDebtFirstLienMember abpcic:DelayedDrawTermLoanMember 2023-01-01 2023-09-30 0001634452 abpcic:SoladocLlcMember abpcic:SeniorSecuredDebtFirstLienMember us-gaap:RevolvingCreditFacilityMember 2023-01-01 2023-09-30 0001634452 abpcic:SeniorSecuredDebtFirstLienMember abpcic:SparkDSOLLCMember us-gaap:RevolvingCreditFacilityMember 2023-01-01 2023-09-30 0001634452 abpcic:StratusNetworksIncThreeMember abpcic:SeniorSecuredDebtFirstLienMember abpcic:DelayedDrawTermLoanMember 2023-01-01 2023-09-30 0001634452 abpcic:TBGFoodAcquisitionCorpMember abpcic:SeniorSecuredDebtFirstLienMember abpcic:DelayedDrawTermLoanOneMember 2023-01-01 2023-09-30 0001634452 abpcic:TBGFoodAcquisitionCorpMember abpcic:SeniorSecuredDebtFirstLienMember us-gaap:RevolvingCreditFacilityMember 2023-01-01 2023-09-30 0001634452 abpcic:TelcorBuyerIncMember abpcic:SeniorSecuredDebtFirstLienMember us-gaap:RevolvingCreditFacilityMember 2023-01-01 2023-09-30 0001634452 abpcic:TelesoftHoldingsLLCMember abpcic:SeniorSecuredDebtFirstLienMember us-gaap:RevolvingCreditFacilityMember 2023-01-01 2023-09-30 0001634452 abpcic:TheCenterForOrthopedicAndResearchExcellenceIncMember abpcic:SeniorSecuredDebtFirstLienMember abpcic:DelayedDrawTermLoanMember 2023-01-01 2023-09-30 0001634452 abpcic:TheCenterForOrthopedicAndResearchExcellenceIncMember abpcic:SeniorSecuredDebtFirstLienMember us-gaap:RevolvingCreditFacilityMember 2023-01-01 2023-09-30 0001634452 abpcic:ThriveBuyerIncOneMember abpcic:SeniorSecuredDebtFirstLienMember us-gaap:RevolvingCreditFacilityMember 2023-01-01 2023-09-30 0001634452 abpcic:TowercoFourHoldingsLLCMember abpcic:SeniorSecuredDebtFirstLienMember abpcic:DelayedDrawTermLoanMember 2023-01-01 2023-09-30 0001634452 abpcic:SeniorSecuredDebtFirstLienMember abpcic:TRGRPIncMember us-gaap:RevolvingCreditFacilityMember 2023-01-01 2023-09-30 0001634452 abpcic:SeniorSecuredDebtFirstLienMember abpcic:UnanetInc.Member abpcic:DelayedDrawTermLoanMember 2023-01-01 2023-09-30 0001634452 abpcic:SeniorSecuredDebtFirstLienMember abpcic:UnanetInc.Member us-gaap:RevolvingCreditFacilityMember 2023-01-01 2023-09-30 0001634452 abpcic:SeniorSecuredDebtFirstLienMember abpcic:UngerboeckSystemsInternationalLLCMember abpcic:DelayedDrawTermLoanMember 2023-01-01 2023-09-30 0001634452 abpcic:SeniorSecuredDebtFirstLienMember abpcic:UngerboeckSystemsInternationalLLCMember us-gaap:RevolvingCreditFacilityMember 2023-01-01 2023-09-30 0001634452 abpcic:SeniorSecuredDebtFirstLienMember abpcic:ValcourtHoldingsTwoLLCMember abpcic:DelayedDrawTermLoanMember 2023-01-01 2023-09-30 0001634452 abpcic:SeniorSecuredDebtFirstLienMember abpcic:VectraAIIncMember abpcic:DelayedDrawTermLoanMember 2023-01-01 2023-09-30 0001634452 abpcic:SeniorSecuredDebtFirstLienMember abpcic:VectraAIIncMember us-gaap:RevolvingCreditFacilityMember 2023-01-01 2023-09-30 0001634452 abpcic:VectraAIIncMember abpcic:RevolvingCreditFacilityOneMember abpcic:SeniorSecuredDebtFirstLienMember 2023-01-01 2023-09-30 0001634452 abpcic:SeniorSecuredDebtFirstLienMember abpcic:VeholoPurchaseLLCMember us-gaap:RevolvingCreditFacilityMember 2023-01-01 2023-09-30 0001634452 abpcic:SeniorSecuredDebtFirstLienMember abpcic:VelocityPurchaseCorporationMember us-gaap:RevolvingCreditFacilityMember 2023-01-01 2023-09-30 0001634452 abpcic:VelocityPurchaseCorporationMember abpcic:SeniorSecuredDebtFirstLienMember abpcic:RevolvingCreditFacilityOneMember 2023-01-01 2023-09-30 0001634452 abpcic:SeniorSecuredDebtFirstLienMember abpcic:VeracrossLlcMember abpcic:DelayedDrawTermLoanMember 2023-01-01 2023-09-30 0001634452 abpcic:SeniorSecuredDebtFirstLienMember abpcic:VeracrossLlcMember us-gaap:RevolvingCreditFacilityMember 2023-01-01 2023-09-30 0001634452 abpcic:VhagarPurchaserLlcMember abpcic:DelayedDrawTermLoanMember abpcic:SeniorSecuredDebtFirstLienMember 2023-01-01 2023-09-30 0001634452 abpcic:VhagarPurchaserLlcMember abpcic:SeniorSecuredDebtFirstLienMember us-gaap:RevolvingCreditFacilityMember 2023-01-01 2023-09-30 0001634452 abpcic:SeniorSecuredDebtFirstLienMember abpcic:WealthEnhancementGroupLLCMember abpcic:DelayedDrawTermLoanMember 2023-01-01 2023-09-30 0001634452 abpcic:SeniorSecuredDebtFirstLienMember abpcic:WealthEnhancementGroupLLCMember us-gaap:RevolvingCreditFacilityMember 2023-01-01 2023-09-30 0001634452 abpcic:SeniorSecuredDebtFirstLienMember abpcic:WestDermatologyMember abpcic:DelayedDrawTermLoanMember 2023-01-01 2023-09-30 0001634452 abpcic:SeniorSecuredDebtFirstLienMember abpcic:WestDermatologyMember abpcic:DelayedDrawTermLoanOneMember 2023-01-01 2023-09-30 0001634452 us-gaap:RevolvingCreditFacilityMember abpcic:WestDermatologyMember abpcic:SeniorSecuredDebtFirstLienMember 2023-01-01 2023-09-30 0001634452 abpcic:SeniorSecuredDebtFirstLienMember abpcic:ZendeskInc.Member abpcic:DelayedDrawTermLoanMember 2023-01-01 2023-09-30 0001634452 abpcic:SeniorSecuredDebtFirstLienMember abpcic:ZendeskInc.Member us-gaap:RevolvingCreditFacilityMember 2023-01-01 2023-09-30 0001634452 abpcic:DelayedDrawTermLoanMember abpcic:SeniorSecuredDebtFirstLienMember 2023-01-01 2023-09-30 0001634452 abpcic:SeniorSecuredDebtFirstLienMember abpcic:FiveBarsLCCMember us-gaap:RevolvingCreditFacilityMember 2023-01-01 2023-09-30 0001634452 abpcic:AAHTopcoLLCMember abpcic:DelayedDrawTermLoanMember abpcic:SeniorSecuredDebtFirstLienMember 2023-01-01 2023-09-30 0001634452 abpcic:AAHTopcoLLCMember us-gaap:RevolvingCreditFacilityMember abpcic:SeniorSecuredDebtFirstLienMember 2023-01-01 2023-09-30 0001634452 abpcic:SeniorSecuredDebtFirstLienMember abpcic:AccelerateResourcesOpeningLLCMember abpcic:DelayedDrawTermLoanMember 2023-01-01 2023-09-30 0001634452 abpcic:AccelerateResourcesOpeningLLCMember abpcic:SeniorSecuredDebtFirstLienMember us-gaap:RevolvingCreditFacilityMember 2023-01-01 2023-09-30 0001634452 abpcic:SeniorSecuredDebtFirstLienMember abpcic:ActivSoftwareHoldingsLLCMember us-gaap:RevolvingCreditFacilityMember 2023-01-01 2023-09-30 0001634452 abpcic:AdmiralBuyerIncMember abpcic:DelayedDrawTermLoanMember abpcic:SeniorSecuredDebtFirstLienMember 2023-01-01 2023-09-30 0001634452 abpcic:SeniorSecuredDebtFirstLienMember abpcic:AdmiralBuyerIncMember us-gaap:RevolvingCreditFacilityMember 2023-01-01 2023-09-30 0001634452 abpcic:SeniorSecuredDebtFirstLienMember abpcic:AegHoldingCompanyInc.Member us-gaap:RevolvingCreditFacilityMember 2023-01-01 2023-09-30 0001634452 abpcic:AirwavzSolutionsIncMember abpcic:DelayedDrawTermLoanMember abpcic:SeniorSecuredDebtFirstLienMember 2023-01-01 2023-09-30 0001634452 us-gaap:RevolvingCreditFacilityMember abpcic:AirwavzSolutionsIncMember abpcic:SeniorSecuredDebtFirstLienMember 2023-01-01 2023-09-30 0001634452 abpcic:SeniorSecuredDebtFirstLienMember abpcic:AmericanPhysicianPartnersLLCMember us-gaap:RevolvingCreditFacilityMember 2023-01-01 2023-09-30 0001634452 abpcic:AmericanPhysicianPartnersLLCMember abpcic:DelayedDrawTermLoanMember abpcic:SeniorSecuredDebtFirstLienMember 2023-01-01 2023-09-30 0001634452 abpcic:AMIUSHoldingsIncMember abpcic:SeniorSecuredDebtFirstLienMember us-gaap:RevolvingCreditFacilityMember 2023-01-01 2023-09-30 0001634452 abpcic:AnalogicCorporationMember us-gaap:RevolvingCreditFacilityMember abpcic:SeniorSecuredDebtFirstLienMember 2023-01-01 2023-09-30 0001634452 abpcic:AOMAcquisitionLLCMember us-gaap:RevolvingCreditFacilityMember abpcic:SeniorSecuredDebtFirstLienMember 2023-01-01 2023-09-30 0001634452 abpcic:AvalaraInc.Member us-gaap:RevolvingCreditFacilityMember abpcic:SeniorSecuredDebtFirstLienMember 2023-01-01 2023-09-30 0001634452 abpcic:AvantCommunicationsLLCMember us-gaap:RevolvingCreditFacilityMember abpcic:SeniorSecuredDebtFirstLienMember 2023-01-01 2023-09-30 0001634452 abpcic:AvettaLLCMember us-gaap:RevolvingCreditFacilityMember abpcic:SeniorSecuredDebtFirstLienMember 2023-01-01 2023-09-30 0001634452 abpcic:BAARTProgramsIncMember abpcic:DelayedDrawTermLoanMember abpcic:SeniorSecuredDebtFirstLienMember 2023-01-01 2023-09-30 0001634452 abpcic:BannekerVAcquisitionMember us-gaap:RevolvingCreditFacilityMember abpcic:SeniorSecuredDebtFirstLienMember 2023-01-01 2023-09-30 0001634452 abpcic:BonterraLLCMember abpcic:DelayedDrawTermLoanMember abpcic:SeniorSecuredDebtFirstLienMember 2023-01-01 2023-09-30 0001634452 abpcic:BonterraLLCMember us-gaap:RevolvingCreditFacilityMember abpcic:SeniorSecuredDebtFirstLienMember 2023-01-01 2023-09-30 0001634452 abpcic:BridgePointeTechnologiesLLCMember abpcic:DelayedDrawTermLoanMember abpcic:SeniorSecuredDebtFirstLienMember 2023-01-01 2023-09-30 0001634452 abpcic:BridgePointeTechnologiesLLCMember abpcic:DelayedDrawTermLoanOneMember abpcic:SeniorSecuredDebtFirstLienMember 2023-01-01 2023-09-30 0001634452 abpcic:BrightspotBuyerIncMember us-gaap:RevolvingCreditFacilityMember abpcic:SeniorSecuredDebtFirstLienMember 2023-01-01 2023-09-30 0001634452 abpcic:DegreedIncMember us-gaap:RevolvingCreditFacilityMember abpcic:SeniorSecuredDebtFirstLienMember 2023-01-01 2023-09-30 0001634452 abpcic:DelawareValleyManagementHoldingsIncMember abpcic:DelayedDrawTermLoanMember abpcic:SeniorSecuredDebtFirstLienMember 2023-01-01 2023-09-30 0001634452 abpcic:DispatachTrackLLCMember abpcic:SeniorSecuredDebtFirstLienMember us-gaap:RevolvingCreditFacilityMember 2023-01-01 2023-09-30 0001634452 abpcic:EETBuyerIncMember abpcic:SeniorSecuredDebtFirstLienMember us-gaap:RevolvingCreditFacilityMember 2023-01-01 2023-09-30 0001634452 abpcic:EngageTwoExcelIncMember abpcic:SeniorSecuredDebtFirstLienMember us-gaap:RevolvingCreditFacilityMember 2023-01-01 2023-09-30 0001634452 abpcic:EvolveIPLLCMember abpcic:SeniorSecuredDebtFirstLienMember us-gaap:RevolvingCreditFacilityMember 2023-01-01 2023-09-30 0001634452 abpcic:ExterroIncMember abpcic:SeniorSecuredDebtFirstLienMember us-gaap:RevolvingCreditFacilityMember 2023-01-01 2023-09-30 0001634452 abpcic:FaithlifeIncMember abpcic:SeniorSecuredDebtFirstLienMember us-gaap:RevolvingCreditFacilityMember 2023-01-01 2023-09-30 0001634452 abpcic:FatBeamLLCMember abpcic:SeniorSecuredDebtFirstLienMember abpcic:DelayedDrawTermLoanMember 2023-01-01 2023-09-30 0001634452 abpcic:FirstDigitalCommunicationsLLCMember abpcic:SeniorSecuredDebtFirstLienMember us-gaap:RevolvingCreditFacilityMember 2023-01-01 2023-09-30 0001634452 abpcic:FoundationRiskPartnersCorpMember abpcic:SeniorSecuredDebtFirstLienMember abpcic:DelayedDrawTermLoanMember 2023-01-01 2023-09-30 0001634452 abpcic:FoundationRiskPartnersCorpMember abpcic:SeniorSecuredDebtFirstLienMember abpcic:DelayedDrawTermLoanOneMember 2023-01-01 2023-09-30 0001634452 abpcic:FreedysFrozenCustardLLCMember abpcic:SeniorSecuredDebtFirstLienMember us-gaap:RevolvingCreditFacilityMember 2023-01-01 2023-09-30 0001634452 abpcic:FusionHoldingCorpMember abpcic:SeniorSecuredDebtFirstLienMember us-gaap:RevolvingCreditFacilityMember 2023-01-01 2023-09-30 0001634452 abpcic:FusionRiskManagementIncMember abpcic:SeniorSecuredDebtFirstLienMember us-gaap:RevolvingCreditFacilityMember 2023-01-01 2023-09-30 0001634452 abpcic:FusionRiskManagementIncMember abpcic:SeniorSecuredDebtFirstLienMember abpcic:RevolvingCreditFacilityOneMember 2023-01-01 2023-09-30 0001634452 abpcic:SeniorSecuredDebtFirstLienMember abpcic:DelayedDrawTermLoanMember abpcic:GTreasurySSLLCMember 2023-01-01 2023-09-30 0001634452 abpcic:SeniorSecuredDebtFirstLienMember abpcic:DelayedDrawTermLoanOneMember abpcic:GTreasurySSLLCMember 2023-01-01 2023-09-30 0001634452 abpcic:GreenhouseSoftwareMember abpcic:SeniorSecuredDebtFirstLienMember us-gaap:RevolvingCreditFacilityMember 2023-01-01 2023-09-30 0001634452 abpcic:GreenhouseSoftwareMember abpcic:SeniorSecuredDebtFirstLienMember abpcic:RevolvingCreditFacilityOneMember 2023-01-01 2023-09-30 0001634452 abpcic:GreenlightIntermediateTwoIncMember abpcic:SeniorSecuredDebtFirstLienMember abpcic:DelayedDrawTermLoanMember 2023-01-01 2023-09-30 0001634452 abpcic:GryphonRedwoodAcquisitionLLCMember abpcic:SeniorSecuredDebtFirstLienMember abpcic:DelayedDrawTermLoanOneMember 2023-01-01 2023-09-30 0001634452 abpcic:GsAcquisitionCoIncMember abpcic:SeniorSecuredDebtFirstLienMember us-gaap:RevolvingCreditFacilityMember 2023-01-01 2023-09-30 0001634452 abpcic:SeniorSecuredDebtFirstLienMember us-gaap:RevolvingCreditFacilityMember abpcic:GTreasurySSLLCMember 2023-01-01 2023-09-30 0001634452 abpcic:GalwayBrowserLLCMember abpcic:SeniorSecuredDebtFirstLienMember abpcic:DelayedDrawTermLoanMember 2023-01-01 2023-09-30 0001634452 abpcic:DelawareValleyManagementHoldingsIncMember abpcic:DelayedDrawTermLoanOneMember 2023-01-01 2023-09-30 0001634452 srt:MinimumMember us-gaap:InvestorMember 2023-01-01 2023-09-30 0001634452 us-gaap:FairValueInputsLevel3Member us-gaap:SeniorDebtObligationsMember abpcic:FirstLienseniorSecuredDebtMember 2023-01-01 2023-09-30 0001634452 us-gaap:FairValueInputsLevel3Member us-gaap:SeniorDebtObligationsMember abpcic:SecondLienJuniorSecuredDebtMember 2023-01-01 2023-09-30 0001634452 us-gaap:FairValueInputsLevel3Member us-gaap:PreferredStockMember us-gaap:EquityFundsMember 2023-01-01 2023-09-30 0001634452 us-gaap:CommonStockMember us-gaap:EquityFundsMember us-gaap:FairValueInputsLevel3Member 2023-01-01 2023-09-30 0001634452 us-gaap:WarrantMember us-gaap:EquityFundsMember us-gaap:FairValueInputsLevel3Member 2023-01-01 2023-09-30 0001634452 us-gaap:FairValueInputsLevel3Member 2023-01-01 2023-09-30 0001634452 abpcic:ClassDSecuredDeferrableFloatingRateNoteMember 2023-01-01 2023-09-30 0001634452 abpcic:ClassCSecuredDeferrableFloatingRateNoteMember 2023-01-01 2023-09-30 0001634452 abpcic:ClassAOneRSeniorSecuredRateFloatingRateNoteMember 2023-01-01 2023-09-30 0001634452 abpcic:ClassAOneFSeniorSecuredFixedRateNoteMember 2023-01-01 2023-09-30 0001634452 abpcic:ClassATwoRSeniorSecuredDeferrableFlowingRateMember 2023-01-01 2023-09-30 0001634452 abpcic:ClassBRSeniorSecuredDeferrableFloatingRateMember 2023-01-01 2023-09-30 0001634452 abpcic:ClassCRSecuredDeferrableFloatingRateMember 2023-01-01 2023-09-30 0001634452 abpcic:ClassBSeniorSecuredFloatingRateNoteMember 2023-01-01 2023-09-30 0001634452 abpcic:ClassASeniorSecuredRateFloatingRateNoteMember 2023-01-01 2023-09-30 0001634452 abpcic:ClassAOneLSeniorSecuredFloatingRateNoteMember 2023-01-01 2023-09-30 0001634452 us-gaap:FairValueInputsLevel3Member abpcic:LiquidationValueMember abpcic:FirstLienseniorSecuredDebtMember us-gaap:SeniorDebtObligationsMember abpcic:RecoveryRateMember abpcic:IncreaseOnImpactMember srt:WeightedAverageMember 2023-01-01 2023-09-30 0001634452 us-gaap:FairValueInputsLevel3Member abpcic:MarketYieldAnalysisMember abpcic:SecondLienJuniorSecuredDebtMember us-gaap:SeniorDebtObligationsMember us-gaap:MeasurementInputCommodityMarketPriceMember abpcic:DecreaseOnImpactMember srt:MinimumMember 2023-01-01 2023-09-30 0001634452 us-gaap:FairValueInputsLevel3Member abpcic:MarketYieldAnalysisMember abpcic:SecondLienJuniorSecuredDebtMember us-gaap:SeniorDebtObligationsMember us-gaap:MeasurementInputCommodityMarketPriceMember abpcic:DecreaseOnImpactMember srt:MaximumMember 2023-01-01 2023-09-30 0001634452 us-gaap:FairValueInputsLevel3Member abpcic:MarketYieldAnalysisMember abpcic:SecondLienJuniorSecuredDebtMember us-gaap:SeniorDebtObligationsMember us-gaap:MeasurementInputCommodityMarketPriceMember abpcic:DecreaseOnImpactMember srt:WeightedAverageMember 2023-01-01 2023-09-30 0001634452 us-gaap:FairValueInputsLevel3Member us-gaap:MarketApproachValuationTechniqueMember us-gaap:EquityFundsMember us-gaap:CommonStockMember us-gaap:MeasurementInputEbitdaMultipleMember abpcic:IncreaseOnImpactMember srt:MinimumMember 2023-01-01 2023-09-30 0001634452 us-gaap:FairValueInputsLevel3Member us-gaap:MarketApproachValuationTechniqueMember us-gaap:EquityFundsMember us-gaap:CommonStockMember us-gaap:MeasurementInputEbitdaMultipleMember abpcic:IncreaseOnImpactMember srt:MaximumMember 2023-01-01 2023-09-30 0001634452 us-gaap:FairValueInputsLevel3Member us-gaap:MarketApproachValuationTechniqueMember us-gaap:EquityFundsMember us-gaap:CommonStockMember us-gaap:MeasurementInputEbitdaMultipleMember abpcic:IncreaseOnImpactMember srt:WeightedAverageMember 2023-01-01 2023-09-30 0001634452 us-gaap:FairValueInputsLevel3Member us-gaap:MarketApproachValuationTechniqueMember us-gaap:EquityFundsMember us-gaap:CommonStockMember us-gaap:MeasurementInputRevenueMultipleMember abpcic:IncreaseOnImpactMember srt:MinimumMember 2023-01-01 2023-09-30 0001634452 us-gaap:FairValueInputsLevel3Member us-gaap:MarketApproachValuationTechniqueMember us-gaap:EquityFundsMember us-gaap:CommonStockMember us-gaap:MeasurementInputRevenueMultipleMember abpcic:IncreaseOnImpactMember srt:MaximumMember 2023-01-01 2023-09-30 0001634452 us-gaap:FairValueInputsLevel3Member us-gaap:MarketApproachValuationTechniqueMember us-gaap:EquityFundsMember us-gaap:CommonStockMember us-gaap:MeasurementInputRevenueMultipleMember abpcic:IncreaseOnImpactMember srt:WeightedAverageMember 2023-01-01 2023-09-30 0001634452 us-gaap:FairValueInputsLevel3Member us-gaap:MarketApproachValuationTechniqueMember us-gaap:EquityFundsMember us-gaap:CommonStockMember abpcic:MeasurementInputNetworkCashflowMultipleMember abpcic:IncreaseOnImpactMember srt:MinimumMember 2023-01-01 2023-09-30 0001634452 us-gaap:FairValueInputsLevel3Member us-gaap:MarketApproachValuationTechniqueMember us-gaap:EquityFundsMember us-gaap:CommonStockMember abpcic:MeasurementInputNetworkCashflowMultipleMember abpcic:IncreaseOnImpactMember srt:MaximumMember 2023-01-01 2023-09-30 0001634452 us-gaap:FairValueInputsLevel3Member us-gaap:MarketApproachValuationTechniqueMember us-gaap:EquityFundsMember us-gaap:CommonStockMember abpcic:MeasurementInputNetworkCashflowMultipleMember abpcic:IncreaseOnImpactMember srt:WeightedAverageMember 2023-01-01 2023-09-30 0001634452 us-gaap:FairValueInputsLevel3Member us-gaap:MarketApproachValuationTechniqueMember us-gaap:EquityFundsMember us-gaap:PreferredStockMember us-gaap:MeasurementInputRevenueMultipleMember abpcic:IncreaseOnImpactMember srt:MinimumMember 2023-01-01 2023-09-30 0001634452 us-gaap:FairValueInputsLevel3Member us-gaap:MarketApproachValuationTechniqueMember us-gaap:EquityFundsMember us-gaap:PreferredStockMember us-gaap:MeasurementInputRevenueMultipleMember abpcic:IncreaseOnImpactMember srt:MaximumMember 2023-01-01 2023-09-30 0001634452 us-gaap:FairValueInputsLevel3Member us-gaap:MarketApproachValuationTechniqueMember us-gaap:EquityFundsMember us-gaap:PreferredStockMember us-gaap:MeasurementInputRevenueMultipleMember abpcic:IncreaseOnImpactMember srt:WeightedAverageMember 2023-01-01 2023-09-30 0001634452 us-gaap:FairValueInputsLevel3Member abpcic:MarketYieldAnalysisMember us-gaap:EquityFundsMember us-gaap:PreferredStockMember us-gaap:MeasurementInputExpectedDividendRateMember abpcic:DecreaseOnImpactMember srt:MinimumMember 2023-01-01 2023-09-30 0001634452 us-gaap:FairValueInputsLevel3Member abpcic:MarketYieldAnalysisMember us-gaap:EquityFundsMember us-gaap:PreferredStockMember us-gaap:MeasurementInputExpectedDividendRateMember abpcic:DecreaseOnImpactMember srt:MaximumMember 2023-01-01 2023-09-30 0001634452 us-gaap:FairValueInputsLevel3Member abpcic:MarketYieldAnalysisMember us-gaap:EquityFundsMember us-gaap:PreferredStockMember us-gaap:MeasurementInputExpectedDividendRateMember abpcic:DecreaseOnImpactMember srt:WeightedAverageMember 2023-01-01 2023-09-30 0001634452 us-gaap:FairValueInputsLevel3Member us-gaap:MarketApproachValuationTechniqueMember us-gaap:WarrantMember us-gaap:MeasurementInputRevenueMultipleMember abpcic:IncreaseOnImpactMember srt:MinimumMember us-gaap:EquityFundsMember 2023-01-01 2023-09-30 0001634452 us-gaap:FairValueInputsLevel3Member us-gaap:MarketApproachValuationTechniqueMember us-gaap:WarrantMember us-gaap:MeasurementInputRevenueMultipleMember abpcic:IncreaseOnImpactMember srt:MaximumMember us-gaap:EquityFundsMember 2023-01-01 2023-09-30 0001634452 us-gaap:FairValueInputsLevel3Member us-gaap:MarketApproachValuationTechniqueMember us-gaap:WarrantMember us-gaap:MeasurementInputRevenueMultipleMember abpcic:IncreaseOnImpactMember srt:WeightedAverageMember us-gaap:EquityFundsMember 2023-01-01 2023-09-30 0001634452 us-gaap:FairValueInputsLevel3Member abpcic:MarketYieldAnalysisMember abpcic:FirstLienseniorSecuredDebtMember us-gaap:SeniorDebtObligationsMember us-gaap:MeasurementInputCommodityMarketPriceMember abpcic:DecreaseOnImpactMember srt:MinimumMember 2023-01-01 2023-09-30 0001634452 us-gaap:FairValueInputsLevel3Member abpcic:MarketYieldAnalysisMember abpcic:FirstLienseniorSecuredDebtMember us-gaap:SeniorDebtObligationsMember us-gaap:MeasurementInputCommodityMarketPriceMember abpcic:DecreaseOnImpactMember srt:MaximumMember 2023-01-01 2023-09-30 0001634452 us-gaap:FairValueInputsLevel3Member abpcic:MarketYieldAnalysisMember abpcic:FirstLienseniorSecuredDebtMember us-gaap:SeniorDebtObligationsMember us-gaap:MeasurementInputCommodityMarketPriceMember abpcic:DecreaseOnImpactMember srt:WeightedAverageMember 2023-01-01 2023-09-30 0001634452 us-gaap:FairValueInputsLevel3Member abpcic:LiquidationValueMember abpcic:FirstLienseniorSecuredDebtMember us-gaap:SeniorDebtObligationsMember abpcic:RecoveryRateMember abpcic:IncreaseOnImpactMember srt:MinimumMember 2023-01-01 2023-09-30 0001634452 us-gaap:FairValueInputsLevel3Member abpcic:LiquidationValueMember abpcic:FirstLienseniorSecuredDebtMember us-gaap:SeniorDebtObligationsMember abpcic:RecoveryRateMember abpcic:IncreaseOnImpactMember srt:MaximumMember 2023-01-01 2023-09-30 0001634452 srt:AffiliatedEntityMember 2023-01-01 2023-09-30 0001634452 abpcic:ControlledAffiliatedInvestmentsMember abpcic:BowlineTopcoLlcMember srt:AffiliatedEntityMember 2023-01-01 2023-09-30 0001634452 abpcic:ControlledAffiliatedInvestmentsMember srt:AffiliatedEntityMember 2023-01-01 2023-09-30 0001634452 abpcic:NonControlledAffiliatedInvestmentsMember srt:AffiliatedEntityMember 2023-01-01 2023-09-30 0001634452 abpcic:NonControlledAffiliatedInvestmentsMember abpcic:DelawareValleyManagementHoldingsIncThreeMember srt:AffiliatedEntityMember 2023-01-01 2023-09-30 0001634452 abpcic:NonControlledAffiliatedInvestmentsMember abpcic:DelawareValleyManagementHoldingsIncTwoMember srt:AffiliatedEntityMember 2023-01-01 2023-09-30 0001634452 abpcic:NonControlledAffiliatedInvestmentsMember abpcic:DelawareValleyManagementHoldingsIncOneMember srt:AffiliatedEntityMember 2023-01-01 2023-09-30 0001634452 abpcic:NonControlledAffiliatedInvestmentsMember abpcic:DelawareValleyManagementHoldingsIncMember srt:AffiliatedEntityMember 2023-01-01 2023-09-30 0001634452 abpcic:NonControlledAffiliatedInvestmentsMember abpcic:SBSSuperHoldingsLLCMember srt:AffiliatedEntityMember 2023-01-01 2023-09-30 0001634452 abpcic:TwentyFiveAugustTwentyThreeMember 2023-01-01 2023-09-30 0001634452 abpcic:TwentySixMayTwentyThreeMember 2023-01-01 2023-09-30 0001634452 abpcic:TwentyfourfeburarytwentythreeMember 2023-01-01 2023-09-30 0001634452 Cash Equivalents | U.S. Investment Companies | State Street Institutional US Government Money Market Fund | Money Market | Money Market Portfolio | 5.29% 2023-01-01 2023-09-30 0001634452 Cash Equivalents | U.S. Investment Companies | Blackrock T Fund I | Money Market | Money Market Portfolio | 5.23% 2023-01-01 2023-09-30 0001634452 U.S. Preferred Stock | Phenom People Inc. | Series C | Software & Tech Services | 01/08/2020 2023-01-01 2023-09-30 0001634452 U.S. Preferred Stock | Protoscale Rubrik LLC | Class B | Software & Tech Services | 01/04/2019 2023-01-01 2023-09-30 0001634452 U.S. Preferred Stock | Swyft Parent Holdings LP | LP Interests | Software & Tech Services | 02/07/2022 2023-01-01 2023-09-30 0001634452 U.S. Preferred Stock | Symplr Software Intermediate Holdings Inc. | Series A | Software & Tech Services | 11/30/2018 2023-01-01 2023-09-30 0001634452 U.S. Preferred Stock | Vectra AI Inc | Series F | Software & Tech Services | 05/28/2021 2023-01-01 2023-09-30 0001634452 U.S. Preferred Stock | Netskope Inc. | Series G | Software & Tech Services | 01/27/2020 2023-01-01 2023-09-30 0001634452 U.S. Preferred Stock | Heap Inc | Series D | Software & Tech Services | 11/24/2021 2023-01-01 2023-09-30 0001634452 U.S. Preferred Stock | Knockout Intermediate Holdings I Inc. (Kaseya Inc.) | Perpetual | Software & Tech Services | 06/23/2022 2023-01-01 2023-09-30 0001634452 U.S. Preferred Stock | Ntiva Investments LLC (MSP Global Holdings Inc) | Class A | Digital Infrastructure & Services | 01/24/2022 2023-01-01 2023-09-30 0001634452 U.S. Preferred Stock | Bowline Topco LLC | LLC Units | Energy | 08/09/2021 2023-01-01 2023-09-30 0001634452 U.S. Preferred Stock | Alphasense Inc. | Series C | Software & Tech Services | 06/01/2021 2023-01-01 2023-09-30 0001634452 U.S. Preferred Stock | Concerto Health AI Solutions LLC | Series B-1 | Software & Tech Services | 12/23/2019 2023-01-01 2023-09-30 0001634452 U.S. Preferred Stock | Datarobot Inc. | Series E | Software & Tech Services | 08/30/2019 2023-01-01 2023-09-30 0001634452 U.S. Preferred Stock | Datarobot Inc. | Series F | Software & Tech Services | 10/27/2020 2023-01-01 2023-09-30 0001634452 U.S. Preferred Stock | Degreed Inc. | Series C-1 | Software & Tech Services | 06/25/2019 2023-01-01 2023-09-30 0001634452 U.S. Preferred Stock | Degreed Inc. | Series D | Software & Tech Services | 04/30/2021 2023-01-01 2023-09-30 0001634452 U.S. Preferred Stock | Heap Inc | Series C | Software & Tech Services | 05/21/2019 2023-01-01 2023-09-30 0001634452 U.S. Common Stock | Thrive Parent LLC | Class L | Digital Infrastructure and Services | 01/22/2021 2023-01-01 2023-09-30 0001634452 U.S. Common Stock | Advantage AVP Parent Holdings L.P. (Medical Management Resource Group LLC) | Class B | Healthcare | 09/30/2021 2023-01-01 2023-09-30 0001634452 U.S. Common Stock | American Outcomes Management L.P | Class A | Healthcare | 02/17/2022 2023-01-01 2023-09-30 0001634452 U.S. Common Stock | Community Based Care Holdings LP | LP Interests | Healthcare | 01/03/2022 2023-01-01 2023-09-30 0001634452 U.S. Common Stock | GSV MedSuite Investments LLC (Millin Purchaser LLC) | Class A | Healthcare | 03/31/2022 2023-01-01 2023-09-30 0001634452 U.S. Common Stock | Health Platform Group Inc | Earn Out | Healthcare | 10/31/2020 2023-01-01 2023-09-30 0001634452 U.S. Common Stock | INH Group Holdings Inc | Class A | Healthcare | 01/31/2019 2023-01-01 2023-09-30 0001634452 U.S. Common Stock | RCFN Parent LP (Peoples Care) | Class A | Healthcare | 06/18/2021 2023-01-01 2023-09-30 0001634452 U.S. Common Stock | REP Coinvest III AGP Blocker L.P (Agape Care Group) | LP Interests | Healthcare and HCIT | 10/14/2021 2023-01-01 2023-09-30 0001634452 U.S. Common Stock | SBS Super Holdings LLC | Class A | Healthcare and HCIT | 05/12/2023 2023-01-01 2023-09-30 0001634452 U.S. Common Stock | SBS Super Holdings LLC| Class B | Healthcare and HCIT | 05/12/2023 2023-01-01 2023-09-30 0001634452 U.S. Common Stock | Brightspot Holdco LLC | LLC Units | Software and Tech Services | 11/16/2021 2023-01-01 2023-09-30 0001634452 U.S. Common Stock | GSV Vehlo Investments LLC (Vehlo Purchaser LLC) | Class A | Software and Tech Services | 05/24/2022 2023-01-01 2023-09-30 0001634452 U.S. Common Stock | Human Security | Common Shares | Software and Tech Services | 07/29/2022 2023-01-01 2023-09-30 0001634452 U.S. Common Stock | Moon Topco L.P (Radiant Logic Inc) | Class A | Software and Tech Services | 04/21/2021 2023-01-01 2023-09-30 0001634452 U.S. Common Stock | Mykaarma Acquisition LLC | Class A | Software and Tech Services | 03/21/2022 2023-01-01 2023-09-30 0001634452 U.S. Common Stock | Ranger Lexipol Holdings LLC | Class A | Software and Tech Services | 11/18/2021 2023-01-01 2023-09-30 0001634452 U.S. Common Stock | Ranger Lexipol Holdings LLC | Class B | Software and Tech Services | 11/18/2021 2023-01-01 2023-09-30 0001634452 U.S. Common Stock | REP Coinvest III Tec L.P (American Safety Holdings Corp) | LP Interests | Software and Tech Services | 06/18/2020 2023-01-01 2023-09-30 0001634452 U.S. Common Stock | Stripe Inc | Class B | Software and Tech Services | 05/17/2021 2023-01-01 2023-09-30 0001634452 U.S. Common Stock | Swyft Parent Holdings LP | LP Interests | Software and Tech Services | 02/07/2022 2023-01-01 2023-09-30 0001634452 U.S. Common Stock | REP Coinvest III-A Omni L.P (Omni Logistics LLC) | LP Interests | Transport & Logistics | 02/05/2021 2023-01-01 2023-09-30 0001634452 U.S. Common Stock | REP RO Coinvest IV A Blocker (Road One) | Class A | Transport and Logistics | 12/28/2022 2023-01-01 2023-09-30 0001634452 U.S. Warrants | Alphasense Inc | Series B | Software and Tech Services | 06/02/2020 2023-01-01 2023-09-30 0001634452 U.S. Warrants | Degreed Inc | Series D | Software and Tech Services | 04/11/2021 2023-01-01 2023-09-30 0001634452 U.S. Warrants | Degreed Inc | Series C -1 | Software and Tech Services | 05/31/2019 2023-01-01 2023-09-30 0001634452 U.S. Warrants | Degreed Inc | Common Shares | Software and Tech Services | 08/18/2022 2023-01-01 2023-09-30 0001634452 U.S. Warrants | ScyllaDB Inc | Series C-1 | Software and Tech Services | 09/08/2022 2023-01-01 2023-09-30 0001634452 U.S. Warrants | Vectra AI, Inc | Series F | Software and Tech Services | 03/18/2021 2023-01-01 2023-09-30 0001634452 United Kingdom Warrants | GlobalWebIndex Inc | Preferred Units | Software and Tech Services | 12/30/2020 2023-01-01 2023-09-30 0001634452 U.S. Common Stock | ADT Commercial Co Invest | LP Interests | Specialty RMR | 09/29/2023 2023-01-01 2023-09-30 0001634452 U.S. Common Stock | Global Radar Holdings LLC | Earn Out | Business Services | 11/08/2022 2023-01-01 2023-09-30 0001634452 U.S. Common Stock | AEG Holding Company Inc | Class A | Consumer Discretionary | 11/20/2017 2023-01-01 2023-09-30 0001634452 U.S. Common Stock | Freddys Acquisition LP (Freddys Frozen Custard LLC) | LP Interests | Consumer Non Cyclical | 03/03/2021 2023-01-01 2023-09-30 0001634452 U.S. Common Stock | Avant Communications LLC | Class A | Digital Infrastructure and Services | 11/30/2021 2023-01-01 2023-09-30 0001634452 U.S. Common Stock | MSP Global Holdings Inc | Class A | Digital Infrastructure & Services | 01/24/2022 2023-01-01 2023-09-30 0001634452 U.S. Common Stock | NEPCORE Parent Holdings LLC | Class A | Digital Infrastructure and Services | 10/21/2021 2023-01-01 2023-09-30 0001634452 U.S. Common Stock | Neutral Connect LLC | LLC Units | Digital Infrastructure and Services | 10/21/2021 2023-01-01 2023-09-30 0001634452 U.S. Common Stock | Race Hometown Purchaser LLC | Class A | Digital Infrastructure and Services | 01/09/2023 2023-01-01 2023-09-30 0001634452 abpcic:ThirtyFirstMarchQuarterEndedMember abpcic:SubscriptionAgreementMember 2023-01-01 2023-09-30 0001634452 us-gaap:NoncontrollingInterestMember 2023-07-01 2023-09-30 0001634452 us-gaap:RetainedEarningsUnappropriatedMember 2023-07-01 2023-09-30 0001634452 us-gaap:CommonStockMember 2023-07-01 2023-09-30 0001634452 us-gaap:AdditionalPaidInCapitalMember 2023-07-01 2023-09-30 0001634452 us-gaap:NotesPayableOtherPayablesMember 2023-07-01 2023-09-30 0001634452 abpcic:NonControlledOrNonAffiliatedInvestmentsMember 2023-07-01 2023-09-30 0001634452 abpcic:ControlledAffiliatedInvestmentsMember 2023-07-01 2023-09-30 0001634452 abpcic:NonControlledAffiliatedInvestmentsMember 2023-07-01 2023-09-30 0001634452 abpcic:AdvisoryAgreementMember 2023-07-01 2023-09-30 0001634452 abpcic:TransferAgentFeesMember 2023-07-01 2023-09-30 0001634452 abpcic:CapitalGainsIncentiveFeeMember 2023-07-01 2023-09-30 0001634452 us-gaap:NoncontrollingInterestMember 2022-07-01 2022-09-30 0001634452 us-gaap:RetainedEarningsUnappropriatedMember 2022-07-01 2022-09-30 0001634452 us-gaap:CommonStockMember 2022-07-01 2022-09-30 0001634452 us-gaap:AdditionalPaidInCapitalMember 2022-07-01 2022-09-30 0001634452 us-gaap:NotesPayableOtherPayablesMember 2022-07-01 2022-09-30 0001634452 abpcic:NonControlledOrNonAffiliatedInvestmentsMember 2022-07-01 2022-09-30 0001634452 abpcic:ControlledAffiliatedInvestmentsMember 2022-07-01 2022-09-30 0001634452 abpcic:NonControlledAffiliatedInvestmentsMember 2022-07-01 2022-09-30 0001634452 abpcic:AdvisoryAgreementMember 2022-07-01 2022-09-30 0001634452 abpcic:TransferAgentFeesMember 2022-07-01 2022-09-30 0001634452 abpcic:CapitalGainsIncentiveFeeMember 2022-07-01 2022-09-30 0001634452 us-gaap:FairValueInputsLevel3Member us-gaap:SeniorDebtObligationsMember abpcic:FirstLienseniorSecuredDebtMember 2022-01-01 2022-12-31 0001634452 us-gaap:FairValueInputsLevel3Member us-gaap:SeniorDebtObligationsMember abpcic:SecondLienJuniorSecuredDebtMember 2022-01-01 2022-12-31 0001634452 us-gaap:FairValueInputsLevel3Member us-gaap:EquityFundsMember us-gaap:PreferredStockMember 2022-01-01 2022-12-31 0001634452 us-gaap:FairValueInputsLevel3Member us-gaap:EquityFundsMember us-gaap:CommonStockMember 2022-01-01 2022-12-31 0001634452 us-gaap:FairValueInputsLevel3Member us-gaap:WarrantMember us-gaap:EquityFundsMember 2022-01-01 2022-12-31 0001634452 us-gaap:FairValueInputsLevel3Member 2022-01-01 2022-12-31 0001634452 abpcic:ClassAOneFSeniorSecuredFixedRateNoteMember 2022-01-01 2022-12-31 0001634452 abpcic:ClassATwoRSeniorSecuredDeferrableFlowingRateMember 2022-01-01 2022-12-31 0001634452 abpcic:ClassBRSeniorSecuredDeferrableFloatingRateMember 2022-01-01 2022-12-31 0001634452 abpcic:ClassAOneLSeniorSecuredFloatingRateNoteMember 2022-01-01 2022-12-31 0001634452 abpcic:ClassAOneRSeniorSecuredRateFloatingRateNoteMember 2022-01-01 2022-12-31 0001634452 abpcic:ClassCRSecuredDeferrableFloatingRateMember 2022-01-01 2022-12-31 0001634452 abpcic:SaviyntIncMember abpcic:NinetyDaysOrLessFromTheTradeDebtMember 2022-01-01 2022-12-31 0001634452 us-gaap:FairValueInputsLevel3Member abpcic:MarketYieldAnalysisMember abpcic:FirstLienseniorSecuredDebtMember us-gaap:SeniorDebtObligationsMember us-gaap:MeasurementInputCommodityMarketPriceMember srt:MinimumMember abpcic:DecreaseOnImpactMember 2022-01-01 2022-12-31 0001634452 srt:MaximumMember abpcic:DecreaseOnImpactMember us-gaap:MeasurementInputCommodityMarketPriceMember us-gaap:SeniorDebtObligationsMember abpcic:FirstLienseniorSecuredDebtMember abpcic:MarketYieldAnalysisMember us-gaap:FairValueInputsLevel3Member 2022-01-01 2022-12-31 0001634452 srt:WeightedAverageMember abpcic:DecreaseOnImpactMember us-gaap:MeasurementInputCommodityMarketPriceMember us-gaap:SeniorDebtObligationsMember abpcic:FirstLienseniorSecuredDebtMember abpcic:MarketYieldAnalysisMember us-gaap:FairValueInputsLevel3Member 2022-01-01 2022-12-31 0001634452 srt:MinimumMember abpcic:IncreaseOnImpactMember us-gaap:MeasurementInputEbitdaMultipleMember us-gaap:SeniorDebtObligationsMember abpcic:FirstLienseniorSecuredDebtMember us-gaap:MarketApproachValuationTechniqueMember us-gaap:FairValueInputsLevel3Member 2022-01-01 2022-12-31 0001634452 srt:MaximumMember abpcic:IncreaseOnImpactMember us-gaap:MeasurementInputEbitdaMultipleMember us-gaap:SeniorDebtObligationsMember abpcic:FirstLienseniorSecuredDebtMember us-gaap:MarketApproachValuationTechniqueMember us-gaap:FairValueInputsLevel3Member 2022-01-01 2022-12-31 0001634452 srt:WeightedAverageMember abpcic:IncreaseOnImpactMember us-gaap:MeasurementInputEbitdaMultipleMember us-gaap:SeniorDebtObligationsMember abpcic:FirstLienseniorSecuredDebtMember us-gaap:MarketApproachValuationTechniqueMember us-gaap:FairValueInputsLevel3Member 2022-01-01 2022-12-31 0001634452 abpcic:IncreaseOnImpactMember us-gaap:MeasurementInputRevenueMultipleMember us-gaap:SeniorDebtObligationsMember abpcic:FirstLienseniorSecuredDebtMember us-gaap:MarketApproachValuationTechniqueMember us-gaap:FairValueInputsLevel3Member 2022-01-01 2022-12-31 0001634452 abpcic:SecondLienJuniorSecuredDebtMember srt:MinimumMember abpcic:DecreaseOnImpactMember us-gaap:MeasurementInputCommodityMarketPriceMember us-gaap:SeniorDebtObligationsMember abpcic:MarketYieldAnalysisMember us-gaap:FairValueInputsLevel3Member 2022-01-01 2022-12-31 0001634452 abpcic:SecondLienJuniorSecuredDebtMember srt:MaximumMember abpcic:DecreaseOnImpactMember us-gaap:MeasurementInputCommodityMarketPriceMember us-gaap:SeniorDebtObligationsMember abpcic:MarketYieldAnalysisMember us-gaap:FairValueInputsLevel3Member 2022-01-01 2022-12-31 0001634452 abpcic:SecondLienJuniorSecuredDebtMember srt:WeightedAverageMember abpcic:DecreaseOnImpactMember us-gaap:MeasurementInputCommodityMarketPriceMember us-gaap:SeniorDebtObligationsMember abpcic:MarketYieldAnalysisMember us-gaap:FairValueInputsLevel3Member 2022-01-01 2022-12-31 0001634452 srt:MinimumMember abpcic:IncreaseOnImpactMember us-gaap:MeasurementInputEbitdaMultipleMember us-gaap:CommonStockMember us-gaap:EquityFundsMember us-gaap:MarketApproachValuationTechniqueMember us-gaap:FairValueInputsLevel3Member 2022-01-01 2022-12-31 0001634452 srt:MaximumMember abpcic:IncreaseOnImpactMember us-gaap:MeasurementInputEbitdaMultipleMember us-gaap:CommonStockMember us-gaap:EquityFundsMember us-gaap:MarketApproachValuationTechniqueMember us-gaap:FairValueInputsLevel3Member 2022-01-01 2022-12-31 0001634452 srt:WeightedAverageMember abpcic:IncreaseOnImpactMember us-gaap:MeasurementInputEbitdaMultipleMember us-gaap:CommonStockMember us-gaap:EquityFundsMember us-gaap:MarketApproachValuationTechniqueMember us-gaap:FairValueInputsLevel3Member 2022-01-01 2022-12-31 0001634452 srt:MinimumMember abpcic:IncreaseOnImpactMember us-gaap:MeasurementInputRevenueMultipleMember us-gaap:CommonStockMember us-gaap:EquityFundsMember us-gaap:MarketApproachValuationTechniqueMember us-gaap:FairValueInputsLevel3Member 2022-01-01 2022-12-31 0001634452 srt:MaximumMember abpcic:IncreaseOnImpactMember us-gaap:MeasurementInputRevenueMultipleMember us-gaap:CommonStockMember us-gaap:EquityFundsMember us-gaap:MarketApproachValuationTechniqueMember us-gaap:FairValueInputsLevel3Member 2022-01-01 2022-12-31 0001634452 srt:WeightedAverageMember abpcic:IncreaseOnImpactMember us-gaap:MeasurementInputRevenueMultipleMember us-gaap:CommonStockMember us-gaap:EquityFundsMember us-gaap:MarketApproachValuationTechniqueMember us-gaap:FairValueInputsLevel3Member 2022-01-01 2022-12-31 0001634452 abpcic:DecreaseOnImpactMember us-gaap:MeasurementInputExpectedDividendRateMember us-gaap:CommonStockMember us-gaap:EquityFundsMember us-gaap:MarketApproachValuationTechniqueMember us-gaap:FairValueInputsLevel3Member 2022-01-01 2022-12-31 0001634452 srt:MinimumMember abpcic:IncreaseOnImpactMember us-gaap:MeasurementInputRevenueMultipleMember us-gaap:PreferredStockMember us-gaap:EquityFundsMember us-gaap:MarketApproachValuationTechniqueMember us-gaap:FairValueInputsLevel3Member 2022-01-01 2022-12-31 0001634452 srt:MaximumMember abpcic:IncreaseOnImpactMember us-gaap:MeasurementInputRevenueMultipleMember us-gaap:PreferredStockMember us-gaap:EquityFundsMember us-gaap:MarketApproachValuationTechniqueMember us-gaap:FairValueInputsLevel3Member 2022-01-01 2022-12-31 0001634452 srt:WeightedAverageMember abpcic:IncreaseOnImpactMember us-gaap:MeasurementInputRevenueMultipleMember us-gaap:PreferredStockMember us-gaap:EquityFundsMember us-gaap:MarketApproachValuationTechniqueMember us-gaap:FairValueInputsLevel3Member 2022-01-01 2022-12-31 0001634452 srt:MinimumMember abpcic:DecreaseOnImpactMember us-gaap:MeasurementInputExpectedDividendRateMember us-gaap:PreferredStockMember us-gaap:EquityFundsMember abpcic:MarketYieldAnalysisMember us-gaap:FairValueInputsLevel3Member 2022-01-01 2022-12-31 0001634452 srt:MaximumMember abpcic:DecreaseOnImpactMember us-gaap:MeasurementInputExpectedDividendRateMember us-gaap:PreferredStockMember us-gaap:EquityFundsMember abpcic:MarketYieldAnalysisMember us-gaap:FairValueInputsLevel3Member 2022-01-01 2022-12-31 0001634452 srt:WeightedAverageMember abpcic:DecreaseOnImpactMember us-gaap:MeasurementInputExpectedDividendRateMember us-gaap:PreferredStockMember us-gaap:EquityFundsMember abpcic:MarketYieldAnalysisMember us-gaap:FairValueInputsLevel3Member 2022-01-01 2022-12-31 0001634452 us-gaap:MarketApproachValuationTechniqueMember us-gaap:EquityFundsMember us-gaap:WarrantMember us-gaap:MeasurementInputRevenueMultipleMember abpcic:IncreaseOnImpactMember srt:MinimumMember us-gaap:FairValueInputsLevel3Member 2022-01-01 2022-12-31 0001634452 srt:MaximumMember abpcic:IncreaseOnImpactMember us-gaap:MeasurementInputRevenueMultipleMember us-gaap:WarrantMember us-gaap:EquityFundsMember us-gaap:MarketApproachValuationTechniqueMember us-gaap:FairValueInputsLevel3Member 2022-01-01 2022-12-31 0001634452 srt:WeightedAverageMember abpcic:IncreaseOnImpactMember us-gaap:MeasurementInputRevenueMultipleMember us-gaap:WarrantMember us-gaap:EquityFundsMember us-gaap:MarketApproachValuationTechniqueMember us-gaap:FairValueInputsLevel3Member 2022-01-01 2022-12-31 0001634452 us-gaap:FairValueInputsLevel3Member us-gaap:MarketApproachValuationTechniqueMember us-gaap:EquityFundsMember us-gaap:CommonStockMember abpcic:MeasurementInputNetworkCashflowMultipleMember abpcic:IncreaseOnImpactMember 2022-01-01 2022-12-31 0001634452 U.S. Preferred Stock | Vectra AI Inc | Series F | Software & Tech Services | 05/28/2021 2022-01-01 2022-12-31 0001634452 U.S. Common Stock | GSV MedSuite Investments LLC (Millin Purchaser LLC) | Class A | Healthcare and HCIT | 03/31/2022 2022-01-01 2022-12-31 0001634452 U.S. Common Stock | Health Platform Group Inc | Earn Out | Healthcare and HCIT | 10/31/2020 2022-01-01 2022-12-31 0001634452 U.S. Common Stock | INH Group Holdings Inc | Class A | Healthcare and HCIT | 01/31/2019 2022-01-01 2022-12-31 0001634452 U.S. Common Stock | RCFN Parent LP (Peoples Care) | Class A | Healthcare and HCIT | 06/18/2021 2022-01-01 2022-12-31 0001634452 U.S. Common Stock | REP Coinvest III AGP Blocker L.P (Agape Care Group) | LP Interests | Healthcare and HCIT | 10/14/2021 2022-01-01 2022-12-31 0001634452 U.S. Common Stock | Brightspot Holdco LLC | LLC Units | Software and Tech Services | 11/16/2021 2022-01-01 2022-12-31 0001634452 U.S. Common Stock | GSV Vehlo Investments LLC (Vehlo Purchaser LLC) | Class A | Software and Tech Services | 05/24/2022 2022-01-01 2022-12-31 0001634452 U.S. Common Stock | Human Security | Common Shares | Software and Tech Services | 07/29/2022 2022-01-01 2022-12-31 0001634452 U.S. Common Stock | Moon Topco L.P (Radiant Logic Inc) | Class A | Software and Tech Services | 04/21/2021 2022-01-01 2022-12-31 0001634452 U.S. Common Stock | Mykaarma Acquisition LLC | Class A | Software and Tech Services | 03/21/2022 2022-01-01 2022-12-31 0001634452 U.S. Common Stock | Ranger Lexipol Holdings LLC | Class A | Software and Tech Services | 11/18/2021 2022-01-01 2022-12-31 0001634452 U.S. Common Stock | REP Coinvest III Tec L.P (American Safety Holdings Corp) | LP Interests | Software and Tech Services | 06/18/2020 2022-01-01 2022-12-31 0001634452 U.S. Common Stock | Stripe Inc | Class B | Software and Tech Services | 05/17/2021 2022-01-01 2022-12-31 0001634452 U.S. Common Stock | Swyft Parent Holdings LP | LP Interests | Software and Tech Services | 02/07/2022 2022-01-01 2022-12-31 0001634452 U.S. Common Stock | REP Coinvest III-A Omni L.P (Omni Logistics LLC) | LP Interests | Transport & Logistics | 02/05/2021 2022-01-01 2022-12-31 0001634452 U.S. Common Stock | REP RO Coinvest IV A Blocker (Road One) | Class A | Transport and Logistics | 12/28/2022 2022-01-01 2022-12-31 0001634452 U.S. Preferred Stock | Symplr Software Intermediate Holdings Inc | Series A | Software & Tech Services | 11/30/2018 2022-01-01 2022-12-31 0001634452 U.S. Preferred Stock | Swyft Parent Holdings LP | LP Interests | Software & Tech Services | 02/07/2022 2022-01-01 2022-12-31 0001634452 U.S. Preferred Stock | Knockout Intermediate Holdings I Inc (Kaseya Inc) | Perpetual | Software & Tech Services | 06/23/2022 2022-01-01 2022-12-31 0001634452 U.S. Preferred Stock | Netskope Inc | Series G | Software & Tech Services | 01/27/2020 2022-01-01 2022-12-31 0001634452 U.S. Preferred Stock | Phenom People Inc | Series C | Software & Tech Services | 01/08/2020 2022-01-01 2022-12-31 0001634452 U.S. Preferred Stock | Protoscale Rubrik LLC | Class B | Software & Tech Services | 01/04/2019 2022-01-01 2022-12-31 0001634452 U.S. Warrants | SBS Ultimate Holdings LP expire| Class A| Healthcare & HCIT| 09/18/2020 2022-01-01 2022-12-31 0001634452 U.S. Warrants | Alphasense Inc | Series B | Software and Tech Services | 06/02/2020 2022-01-01 2022-12-31 0001634452 U.S. Warrants | Degreed Inc | Series D | Software and Tech Services | 04/11/2021 2022-01-01 2022-12-31 0001634452 U.S. Warrants | Degreed Inc | Series C -1 | Software and Tech Services | 05/31/2019 2022-01-01 2022-12-31 0001634452 U.S. Warrants | Degreed Inc | Common Shares | Software and Tech Services | 08/18/2022 2022-01-01 2022-12-31 0001634452 U.S. Warrants | ScyllaDB Inc | Series C-1 | Software and Tech Services | 09/08/2022 2022-01-01 2022-12-31 0001634452 U.S. Warrants | Vectra AI Inc | Series F | Software and Tech Services | 03/18/2021 2022-01-01 2022-12-31 0001634452 U.S. Common Stock | Ranger Lexipol Holdings LLC | Class B | Software and Tech Services | 11/18/2021 2022-01-01 2022-12-31 0001634452 U.S. Preferred Stock | Concerto Health AI Solutions LLC | Series B-1 | Software & Tech Services | 12/23/2019 2022-01-01 2022-12-31 0001634452 U.S. Preferred Stock | Datarobot Inc | Series F | Software & Tech Services | 10/27/2020 2022-01-01 2022-12-31 0001634452 U.S. Preferred Stock | Datarobot Inc | Series E | Software & Tech Services | 08/30/2019 2022-01-01 2022-12-31 0001634452 U.S. Preferred Stock | Degreed Inc | Series D | Software & Tech Services | 04/30/2021 2022-01-01 2022-12-31 0001634452 U.S. Preferred Stock | Heap Inc | Series C | Software & Tech Services | 05/21/2019 2022-01-01 2022-12-31 0001634452 U.S. Preferred Stock | Heap Inc | Series D | Software & Tech Services | 11/24/2021 2022-01-01 2022-12-31 0001634452 U.S. Preferred Stock | Degreed Inc | Series C-1 | Software & Tech Services | 06/25/2019 2022-01-01 2022-12-31 0001634452 U.S. Common Stock | AEG Holding Company Inc | Class A | Consumer Discretionary | 11/20/2017 2022-01-01 2022-12-31 0001634452 U.S. Common Stock | Freddys Acquisition LP (Freddys Frozen Custard LLC) | LP Interests | Consumer Non Cyclical | 03/03/2021 2022-01-01 2022-12-31 0001634452 U.S. Common Stock | Global Radar Holdings LLC | Earn Out | Business Services | 11/08/2022 2022-01-01 2022-12-31 0001634452 U.S. Common Stock | Avant Communications LLC | Class A | Digital Infrastructure and Services | 11/30/2021 2022-01-01 2022-12-31 0001634452 U.S. Common Stock | NEPCORE Parent Holdings LLC | Class A | Digital Infrastructure and Services | 10/21/2021 2022-01-01 2022-12-31 0001634452 U.S. Common Stock | Nepcore Parent Holdings LLC (Coretelligent Intermediate LLC) | LLC Units | Digital Infrastructure & Services | 10/21/2021 2022-01-01 2022-12-31 0001634452 U.S. Common Stock | Ntiva Investments, LLC (MSP Global Holdings, Inc) | Class A | Digital Infrastructure & Services | 01/24/2022 2022-01-01 2022-12-31 0001634452 U.S. Common Stock | Thrive Parent LLC | Class L | Digital Infrastructure & Services | 01/22/2021 2022-01-01 2022-12-31 0001634452 U.S. Common Stock | Advantage AVP Parent Holdings L.P (Medical Management Resource Group LLC) | Class B | Healthcare & HCIT | 09/30/2021 2022-01-01 2022-12-31 0001634452 U.S. Common Stock | American Outcomes Management L.P| Class A | Healthcare & HCIT | 02/17/2022 2022-01-01 2022-12-31 0001634452 U.S. Common Stock | Community Based Care Holdings LP | LP Interests | Healthcare & HCIT | 01/03/2022 2022-01-01 2022-12-31 0001634452 U.S. Preferred Stock | SBS Ultimate Holdings LP | Class A | Healthcare & HCIT | 09/18/2020 2022-01-01 2022-12-31 0001634452 U.S. Preferred Stock | Alphasense Inc | Series C | Software & Tech Services | 06/01/2021 2022-01-01 2022-12-31 0001634452 Cash Equivalents | U.S. Investment Companies | State Street Institutional US Government Money Market Fund | Money Market | Money Market Portfolio | 5.29% 2022-01-01 2022-12-31 0001634452 Cash Equivalents | U.S. Investment Companies | Blackrock T Fund I | Money Market | Money Market Portfolio | 5.23% 2022-01-01 2022-12-31 0001634452 U.S. Preferred Stock | Ntiva Investments LLC (MSP Global Holdings Inc)| Class A | Digital Infrastructure & Services | 01/24/2022 2022-01-01 2022-12-31 0001634452 abpcic:AbpciDirectLendingFundCloViLtdMember 2019-06-14 0001634452 abpcic:ClassAUnitsMember abpcic:AbpcicEquityHoldingsLlcMember 2020-02-07 0001634452 abpcic:ClassLUnitsMember abpcic:AbpcicEquityHoldingsLlcMember 2020-02-07 0001634452 abpcic:AbpcicFundingIiLlcMember abpcic:AbpcicFundingIiMember 2021-02-11 0001634452 abpcic:ABPCIDirectLendingFundCLOXIIILTDMember abpcic:AbpciDirectLendingFundCloXiiiMember 2023-01-05 0001634452 abpcic:AmendedAndRestatedAdvisoryAgreementMember 2017-07-27 2017-07-27 0001634452 abpcic:SecondAmendedAndRestatedAdvisoryAgreementMember 2022-03-24 2022-03-24 0001634452 abpcic:SynovusCreditFacilityMember abpcic:SynovusBankSpecialityFinanceDivisionMember us-gaap:RevolvingCreditFacilityMember 2020-10-15 0001634452 abpcic:SynovusCreditFacilityMember abpcic:SynovusBankSpecialityFinanceDivisionMember abpcic:AmendmentToTheLoanFinancingAndServicingAgreementMember us-gaap:RevolvingCreditFacilityMember 2021-04-16 2021-04-16 0001634452 us-gaap:RevolvingCreditFacilityMember abpcic:AmendmentToTheLoanFinancingAndServicingAgreementMember abpcic:SynovusBankSpecialityFinanceDivisionMember abpcic:SynovusCreditFacilityMember 2021-04-16 0001634452 abpcic:SynovusBankSpecialityFinanceDivisionMember abpcic:WebBankMember us-gaap:RevolvingCreditFacilityMember abpcic:AmendmentToTheLoanFinancingAndServicingAgreementMember 2021-04-16 0001634452 abpcic:AxosBankMember us-gaap:RevolvingCreditFacilityMember abpcic:AmendmentTwoToTheLoanAndFinancingAgreementMember abpcic:SynovusBankSpecialityFinanceDivisionMember abpcic:SynovusCreditFacilityMember 2021-12-31 0001634452 abpcic:CloV1AndDirectLendingFundCloSixLlcMember 2019-08-09 2019-08-09 0001634452 abpcic:CloV1AndDirectLendingFundCloSixLlcMember 2019-08-09 0001634452 abpcic:CLOXIIIAndDirectLendingFundCLOXIIILLCMember 2023-05-03 0001634452 abpcic:TwentyNinethMarchTwoThousandAndTwentyTwoMember 2022-09-30 0001634452 abpcic:TwentyEightJuneTwoThousandAndTwentyTwoMember 2022-09-30 0001634452 abpcic:TwentyEightSeptemberTwoThousandAndTwentyTwoMember 2022-09-30 0001634452 abpcic:BeforeAmendmentNumberSixMember abpcic:FundSublimitMember 2022-06-10 0001634452 abpcic:AfterAmendmentNumberSixMember abpcic:FundSublimitMember 2022-06-10 0001634452 abpcic:BeforeAmendmentNumberNineMember abpcic:FundSublimitMember 2023-06-09 0001634452 abpcic:AfterAmendmentNumberNineMember abpcic:FundSublimitMember 2023-06-09 0001634452 abpcic:BeforeAmendmentNumberSevenMember 2022-11-10 0001634452 abpcic:AfterAmendmentNumberSevenMember 2022-11-10 0001634452 abpcic:BeforeAmendmentNumberSevenMember abpcic:FundSublimitMember 2022-11-10 0001634452 abpcic:AfterAmendmentNumberSevenMember abpcic:FundSublimitMember 2022-11-10 0001634452 us-gaap:CommonStockMember 2021-12-31 0001634452 us-gaap:NoncontrollingInterestMember 2021-12-31 0001634452 us-gaap:RetainedEarningsUnappropriatedMember 2021-12-31 0001634452 us-gaap:AdditionalPaidInCapitalMember 2021-12-31 0001634452 us-gaap:CommonStockMember 2022-09-30 0001634452 us-gaap:NoncontrollingInterestMember 2022-09-30 0001634452 us-gaap:RetainedEarningsUnappropriatedMember 2022-09-30 0001634452 us-gaap:AdditionalPaidInCapitalMember 2022-09-30 0001634452 abpcic:ControlledAffiliatedInvestmentsMember abpcic:BowlineTopcoLlcMember srt:AffiliatedEntityMember 2021-12-31 0001634452 abpcic:ControlledAffiliatedInvestmentsMember srt:AffiliatedEntityMember 2021-12-31 0001634452 srt:AffiliatedEntityMember 2021-12-31 0001634452 abpcic:ControlledAffiliatedInvestmentsMember abpcic:BowlineEnergyLlcMember srt:AffiliatedEntityMember 2021-12-31 0001634452 abpcic:ControlledAffiliatedInvestmentsMember abpcic:BowlineEnergyLlcMember srt:AffiliatedEntityMember 2022-09-30 0001634452 abpcic:ControlledAffiliatedInvestmentsMember abpcic:BowlineTopcoLlcMember srt:AffiliatedEntityMember 2022-09-30 0001634452 srt:AffiliatedEntityMember 2022-09-30 0001634452 abpcic:ControlledAffiliatedInvestmentsMember srt:AffiliatedEntityMember 2022-09-30 0001634452 us-gaap:CommonStockMember 2022-12-31 0001634452 us-gaap:NoncontrollingInterestMember 2022-12-31 0001634452 us-gaap:RetainedEarningsUnappropriatedMember 2022-12-31 0001634452 us-gaap:AdditionalPaidInCapitalMember 2022-12-31 0001634452 us-gaap:CommonStockMember 2023-09-30 0001634452 us-gaap:AdditionalPaidInCapitalMember 2023-09-30 0001634452 us-gaap:RetainedEarningsUnappropriatedMember 2023-09-30 0001634452 us-gaap:NoncontrollingInterestMember 2023-09-30 0001634452 us-gaap:FairValueInputsLevel3Member us-gaap:PreferredStockMember us-gaap:EquityFundsMember 2022-12-31 0001634452 us-gaap:FairValueInputsLevel3Member us-gaap:SeniorDebtObligationsMember abpcic:SecondLienJuniorSecuredDebtMember 2022-12-31 0001634452 us-gaap:FairValueInputsLevel3Member us-gaap:SeniorDebtObligationsMember abpcic:FirstLienseniorSecuredDebtMember 2022-12-31 0001634452 us-gaap:CommonStockMember us-gaap:EquityFundsMember us-gaap:FairValueInputsLevel3Member 2022-12-31 0001634452 us-gaap:WarrantMember us-gaap:EquityFundsMember us-gaap:FairValueInputsLevel3Member 2022-12-31 0001634452 abpcic:FirstLienseniorSecuredDebtMember us-gaap:SeniorDebtObligationsMember us-gaap:FairValueInputsLevel3Member 2023-09-30 0001634452 abpcic:SecondLienJuniorSecuredDebtMember us-gaap:SeniorDebtObligationsMember us-gaap:FairValueInputsLevel3Member 2023-09-30 0001634452 us-gaap:FairValueInputsLevel3Member us-gaap:PreferredStockMember us-gaap:EquityFundsMember 2023-09-30 0001634452 us-gaap:CommonStockMember us-gaap:EquityFundsMember us-gaap:FairValueInputsLevel3Member 2023-09-30 0001634452 us-gaap:FairValueInputsLevel3Member us-gaap:EquityFundsMember us-gaap:WarrantMember 2023-09-30 0001634452 abpcic:NonControlledAffiliatedInvestmentsMember abpcic:SBSSuperHoldingsLLCMember srt:AffiliatedEntityMember 2022-12-31 0001634452 abpcic:NonControlledAffiliatedInvestmentsMember abpcic:DelawareValleyManagementHoldingsIncMember srt:AffiliatedEntityMember 2022-12-31 0001634452 abpcic:NonControlledAffiliatedInvestmentsMember abpcic:DelawareValleyManagementHoldingsIncOneMember srt:AffiliatedEntityMember 2022-12-31 0001634452 abpcic:NonControlledAffiliatedInvestmentsMember abpcic:DelawareValleyManagementHoldingsIncTwoMember srt:AffiliatedEntityMember 2022-12-31 0001634452 abpcic:NonControlledAffiliatedInvestmentsMember abpcic:DelawareValleyManagementHoldingsIncThreeMember srt:AffiliatedEntityMember 2022-12-31 0001634452 abpcic:NonControlledAffiliatedInvestmentsMember srt:AffiliatedEntityMember 2022-12-31 0001634452 abpcic:ControlledAffiliatedInvestmentsMember srt:AffiliatedEntityMember 2022-12-31 0001634452 abpcic:ControlledAffiliatedInvestmentsMember abpcic:BowlineTopcoLlcMember srt:AffiliatedEntityMember 2022-12-31 0001634452 srt:AffiliatedEntityMember 2022-12-31 0001634452 abpcic:NonControlledAffiliatedInvestmentsMember abpcic:DelawareValleyManagementHoldingsIncMember srt:AffiliatedEntityMember 2023-09-30 0001634452 abpcic:NonControlledAffiliatedInvestmentsMember abpcic:DelawareValleyManagementHoldingsIncTwoMember srt:AffiliatedEntityMember 2023-09-30 0001634452 abpcic:NonControlledAffiliatedInvestmentsMember abpcic:DelawareValleyManagementHoldingsIncOneMember srt:AffiliatedEntityMember 2023-09-30 0001634452 abpcic:NonControlledAffiliatedInvestmentsMember abpcic:SBSSuperHoldingsLLCMember srt:AffiliatedEntityMember 2023-09-30 0001634452 abpcic:NonControlledAffiliatedInvestmentsMember abpcic:DelawareValleyManagementHoldingsIncThreeMember srt:AffiliatedEntityMember 2023-09-30 0001634452 abpcic:NonControlledAffiliatedInvestmentsMember srt:AffiliatedEntityMember 2023-09-30 0001634452 abpcic:ControlledAffiliatedInvestmentsMember srt:AffiliatedEntityMember 2023-09-30 0001634452 abpcic:ControlledAffiliatedInvestmentsMember abpcic:BowlineTopcoLlcMember srt:AffiliatedEntityMember 2023-09-30 0001634452 srt:AffiliatedEntityMember 2023-09-30 0001634452 us-gaap:CommonStockMember 2023-06-30 0001634452 us-gaap:NoncontrollingInterestMember 2023-06-30 0001634452 us-gaap:RetainedEarningsUnappropriatedMember 2023-06-30 0001634452 us-gaap:AdditionalPaidInCapitalMember 2023-06-30 0001634452 us-gaap:CommonStockMember 2022-06-30 0001634452 us-gaap:NoncontrollingInterestMember 2022-06-30 0001634452 us-gaap:RetainedEarningsUnappropriatedMember 2022-06-30 0001634452 us-gaap:AdditionalPaidInCapitalMember 2022-06-30 0001634452 us-gaap:FairValueInputsLevel3Member us-gaap:SeniorDebtObligationsMember abpcic:FirstLienseniorSecuredDebtMember 2021-12-31 0001634452 us-gaap:FairValueInputsLevel3Member us-gaap:SeniorDebtObligationsMember abpcic:SecondLienJuniorSecuredDebtMember 2021-12-31 0001634452 us-gaap:FairValueInputsLevel3Member us-gaap:EquityFundsMember us-gaap:PreferredStockMember 2021-12-31 0001634452 us-gaap:FairValueInputsLevel3Member us-gaap:EquityFundsMember us-gaap:CommonStockMember 2021-12-31 0001634452 us-gaap:FairValueInputsLevel3Member us-gaap:WarrantMember us-gaap:EquityFundsMember 2021-12-31 0001634452 us-gaap:FairValueInputsLevel3Member 2021-12-31 xbrli:shares xbrli:pure iso4217:USD iso4217:USD xbrli:shares
 
 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
 
FORM
 
10-Q
 
 
(Mark One)
☒
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED SEPTEMBER 30, 2023
 
☐
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
COMMISSION FILE NUMBER:
 
814-01196
 
 
AB Private Credit Investors Corporation
(Exact name of registrant as specified in its charter)
 
 
 
Maryland
  
81-2491356
(State of incorporation)
  
(I.R.S. Employer
Identification No.)
405 Colorado Street, Suite 1500
Austin, Texas 78701
(Address of principal executive offices)
(Zip Code)
(512)
 
721-2900
(Registrant’s telephone number, including area code)
1345 Avenue of the Americas
New York, NY 10105
(Former address)
Securities registered pursuant to Section 12(b) of the Act:
 
Title of each class
  
Trading
Symbol(s)
  
Name of each exchange
on which registered
—
    
—
 
 
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.     Yes   ☒    No   ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of
 
Regulation S-T
 
(§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).     Yes   ☒    No   ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a
 
non-accelerated
 
filer, a smaller reporting company or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule
 
12b-2
 
of the Exchange Act.
 
Large accelerated filer   ☐    Accelerated filer   ☐
Non-accelerated
filer		   ☒    Smaller reporting company   ☐
Emerging Growth Company   ☒     
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act).  ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule
 
12b-2
 
of the Exchange Act).     Yes   ☐    No   ☒
The issuer had 54,191,179.793 shares of common stock, $0.01 par value per share, outstanding as of November
14
, 2023.
 
 

AB PRIVATE CREDIT INVESTORS CORPORATION

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

Table of Contents

 

   

INDEX

    PAGE
NO.		  

PART I.

   FINANCIAL INFORMATION      3  

Item 1.

   Consolidated Financial Statements      3  

Item 2.

   Management’s Discussion and Analysis of Financial Condition and Results of Operations      62  

Item 3.

   Quantitative and Qualitative Disclosures About Market Risk      75  

Item 4.

   Controls and Procedures      76  

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      78  

SIGNATURES

        79  

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

September 30,
 
 
For the nine months ended

September 30,
 
 
  
2023
 
 
2022
 
 
2023
 
 
2022
 
Investment Income:
 
From
non-controlled/non-affiliated
investments:
 
Interest income, net of amortization/accretion
    $ 38,162,810      $ 23,571,953     $ 105,190,815     $ 61,840,287  
Payment-in-kind
interest
      276,379        332,901       1,972,610       1,532,726  
Dividend income
      132,975        28,850       540,733       54,464  
From controlled affiliated investments:
 
Interest income, net of amortization/accretion
      —          67,952       —         198,186  
    
 
 
     
 
 
    
 
 
    
 
 
  
Total investment income
      38,572,164        24,001,656       107,704,158       63,625,663  
    
 
 
     
 
 
    
 
 
    
 
 
  
Expenses:
 
Interest and borrowing expenses
      17,167,795        8,935,088       48,209,577       21,122,091  
Management fees
      4,276,488        3,644,259       12,419,430       10,438,278  
Income-based incentive fee
      3,125,822        1,275,176       8,480,899       4,158,321  
Professional fees
      413,128        392,050       1,610,337       1,208,708  
Administration and custodian fees
      341,457        239,624       900,021       707,964  
Insurance expenses
      161,246        180,760       433,218       489,508  
Directors’ fees
      139,750        50,000       279,500       150,000  
Transfer agent fees
      36,929        32,503       108,416       88,020  
Collateral management fees
      —          —         —         588,476  
Capital gains incentive fee
      —          (499,007 )
 		     —         (1,283,044 )
 
Other expenses
      287,088        332,340       965,047       963,478  
    
 
 
     
 
 
    
 
 
    
 
 
  
Total expenses
      25,949,703        14,582,793       73,406,445       38,631,800  
Reimbursement payments to Adviser (See Note 3: Expense Support and Conditional Reimbursement Agreement)
      —          —         —         259,263  
Waived collateral management fees
      —          —         —         (588,476 )
 
Waived management fees
      —          —         —         (283,566 )
 
    
 
 
     
 
 
    
 
 
    
 
 
  
Net expenses
      25,949,703        14,582,793       73,406,445       38,019,021  
    
 
 
     
 
 
    
 
 
    
 
 
  
Net investment income before taxes
      12,622,461        9,418,863       34,297,713       25,606,642  
    
 
 
     
 
 
    
 
 
    
 
 
  
Income tax expense, including excise tax
      96,092        382,072       374,118       949,155  
    
 
 
     
 
 
    
 
 
    
 
 
  
Net investment income after tax
      12,526,369        9,036,791       33,923,595       24,657,487  
    
 
 
     
 
 
    
 
 
    
 
 
  
Net realized and change in unrealized gains (losses) on investment transactions:
 
Net realized gain (loss) from:
 
Non-controlled/non-affiliated
investments
      14,243        842,514       (284,155 )      1,659,467  
Net change in unrealized appreciation (depreciation) from:
                                 
Non-controlled/non-affiliated
investments
      6,625,755       (11,368,856 )      3,860,332       (17,958,468 ) 
Non-controlled
affiliated investments
      80,483       —         80,473       —    
Controlled affiliated investments
      —         1,397,959       90,649       3,250,435  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net realized and change in unrealized gains (losses) on investment transactions
      6,720,481        (9,128,383 )      3,747,299       (13,048,566 ) 
    
 
 
     
 
 
    
 
 
    
 
 
  
Net increase (decrease) in net assets resulting from operations
    $ 19,246,850      $ (91,592 )    $ 37,670,894     $ 11,608,921  
    
 
 
     
 
 
    
 
 
    
 
 
  
Less: Net increase (decrease) in net assets resulting from operations related to
Non-Controlling
Interest in ABPCIC Equity Holdings, LLC
    $ 1,418      $ 386     $ 3,057     $ 4,941  
    
 
 
     
 
 
    
 
 
    
 
 
  
Net increase (decrease) in net assets resulting from operations related to AB Private Credit Investors Corporation
    $ 19,245,432      $ (91,978 )    $ 37,667,837     $ 11,603,980  
    
 
 
     
 
 
    
 
 
    
 
 
  
Net investment income per share (basic and diluted):
 
Net investment income per share (basic and diluted):
    $ 0.24      $ 0.21     $ 0.66     $ 0.60  
Earnings per share (basic and diluted):
    $ 0.36      $ (0.00 )    $ 0.73     $ 0.28  
Weighted average shares outstanding:
      52,831,675        44,069,253       51,686,603       40,828,002  
 
See Notes to Unaudited Consolidated Financial Statements
 
4
Table of Contents
AB Private Credit Investors Corporation
Unaudited Consolidated Statements of Changes in Net Assets
 
    
Common Stock
                          
    
Shares
    
Par Amount
    
Paid in Capital
in
Excess of Par
    
Distributable
Earnings
    
Non-Controlling

Interest -
ABPCIC
Equity
Holdings, LLC
    
Total
Net Assets
  
Net assets at June 30, 2023
      52,816,794     $ 528,168     $ 509,937,301     $ (26,718,668 )    $ 36,025     $ 483,782,826  
Increase (decrease) in net assets resulting from operations:
 
Net investment income
      —         —         —         12,526,559       (190 )      12,526,369  
Net realized gain (loss) on investments
      —         —         —         14,243       —         14,243  
Net change in unrealized appreciation (depreciation) on investments
      —         —         —         6,704,630       1,608       6,706,238  
Capital transactions:
 
Issuance of common stock
      1,566,471       15,664       14,532,952       —         —         14,548,616  
Contribution of
non-controlling
interest into ABPCIC Equity Holdings, LLC
      —         —         —         —         8,138       8,138  
Issuance of common shares pursuant to distribution reinvestment plan
      715,418       7,155       6,637,294       —         —         6,644,449  
Repurchase of common stock
      (905,478 )      (9,055 )      (8,400,580 )      —         —         (8,409,635 ) 
Distributions to stockholders
      —         —         —         (12,501,274 )      —         (12,501,274 ) 
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Total increase (decrease) for the three months ended September 30, 2023
      1,376,411       13,764       12,769,666       6,744,158       9,556       19,537,144  
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Net assets at September 30, 2023
      54,193,205     $ 541,932     $ 522,706,967     $ (19,974,510 )    $ 45,581     $ 503,319,970  
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Distributions declared per share
      —       $ —       $ —       $ 0.24     $ —       $ 0.24  
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Net assets at December 31, 2022
      50,228,088     $ 502,281     $ 485,940,938     $ (29,599,112 )    $ 34,386     $ 456,878,493  
Increase (decrease) in net assets resulting from operations:
 
Net investment income
      —         —         —         33,924,590       (995 )      33,923,595  
Net realized gain (loss) on investments
      —         —         —         (284,155 )      —         (284,155 ) 
Net change in unrealized appreciation (depreciation) on investments
      —         —         —         4,027,402       4,052       4,031,454  
Capital transactions:
 
Issuance of common stock
      4,343,225       43,432       40,297,635       —         —         40,341,067  
Contribution of
non-controlling
interest into ABPCIC Equity Holdings, LLC
      —         —         —         —         8,138       8,138  
Issuance of common shares pursuant to distribution reinvestment plan
      1,616,252       16,163       14,921,979       —         —         14,938,142  
Repurchase of common stock
      (1,994,360 )      (19,944 )      (18,453,585 )      —         —         (18,473,529 ) 
Distributions to stockholders
      —         —         —         (28,043,235 )      —         (28,043,235 ) 
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Total increase (decrease) for the nine months ended September 30, 2023
      3,965,117       39,651       36,766,029       9,624,602       11,195       46,441,477  
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Net assets at September 30, 2023
      54,193,205     $ 541,932     $ 522,706,967     $ (19,974,510 )    $ 45,581     $ 503,319,970  
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Distributions declared per share
      —       $ —       $ —       $ 0.54     $ —       $ 0.54  
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
 
See Notes to Unaudited Consolidated Financial Statements
 
5
Table of Contents
AB Private Credit Investors Corporation
Unaudited Consolidated Statements of Changes in Net Assets
 
    
Common Stock
                          
    
Shares
    
Par Amount
    
Paid in Capital
in
Excess of Par
    
Distributable
Earnings
    
Non-Controlling

Interest -
ABPCIC
Equity
Holdings, LLC
    
Total
Net Assets
  
Net assets at June 30, 2022
      44,047,129     $ 440,471     $ 424,682,511     $ 2,010,083     $ 30,652     $ 427,163,717  
Increase (decrease) in net assets resulting from operations:
 
Net investment income
      —         —         —         9,036,998       (207 )      9,036,791  
Net realized gain (loss) on investments
      —         —         —         842,514       —         842,514  
Net change in unrealized appreciation (depreciation) on investments
      —         —         —         (9,971,490 )      593       (9,970,897 ) 
Capital transactions:
 
Issuance of common stock
      1,926,590       19,266       18,286,993       —         —         18,306,259  
Issuance of common shares pursuant to distribution reinvestment plan
      482,995       4,830       4,584,542       —         —         4,589,372  
Repurchase of common stock
      (374,177 )      (3,742 )      (3,551,646 )      —         —         (3,555,388 ) 
Distributions to stockholders
      —         —         —         (8,539,011 )      —         (8,539,011 ) 
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Total increase (decrease) for the three months ended September 30, 2022
      2,035,408       20,354       19,319,889       (8,630,989 )      386       10,709,640  
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Net assets at September 30, 2022
      46,082,537     $ 460,825     $ 444,002,400     $ (6,620,906 )    $ 31,038     $ 437,873,357  
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Distributions declared per share
      —       $ —     $ —     $ 0.20     $ —     $ 0.20  
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Net assets at December 31, 2021
      35,343,949     $ 353,440     $ 339,292,017     $ 6,614,462     $ 16,761     $ 346,276,680  
Increase (decrease) in net assets resulting from operations:
 
Net investment income
      —         —         —         24,658,082       (595 )      24,657,487  
Net realized gain (loss) on investments
      —         —         —         1,659,467       —         1,659,467  
Net change in unrealized appreciation (depreciation) on investments
      —         —         —         (14,713,569 )      5,536       (14,708,033 ) 
Capital transactions:
 
Issuance of common stock
      10,781,231       107,812       105,145,675       —         —         105,253,487  
Contribution of
non-controlling
interest into ABPCIC Equity Holdings, LLC
      —         —         —         —         9,336       9,336  
Issuance of common shares pursuant to distribution reinvestment plan
      1,370,136       13,701       13,178,103       —         —         13,191,804  
Repurchase of common stock
      (1,412,779 )      (14,128 )      (13,613,395 )      —         —         (13,627,523 ) 
Distributions to stockholders
      —         —         —         (24,839,348 )      —         (24,839,348 ) 
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Total increase (decrease) for the nine months ended September 30, 2022
      10,738,588       107,385       104,710,383       (13,235,368 )      14,277       91,596,677  
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Net assets at September 30, 2022
      46,082,537     $ 460,825     $ 444,002,400     $ (6,620,906 )    $ 31,038     $ 437,873,357  
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Distributions declared per share
      —       $ —       $ —       $ 0.60     $ —       $ 0.60  
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
 
See Notes to Unaudited Consolidated Financial Statements
 
6
Table of Contents
AB Private Credit Investors Corporation
Unaudited Consolidated Statements of Cash Flows
 
    
Nine Months Ended
September 30, 2023
    
Nine Months Ended
September 30, 2022
  
Cash flows from operating activities
 
Net increase (decrease) in net assets resulting from operations
    $ 37,670,894     $ 11,608,921  
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash
provided by (used for) operating activities:
 
Purchases of investments
      (215,295,165 )      (336,125,554 ) 
Payment-in-kind
investments
      (1,972,610 )      (1,532,726 ) 
Proceeds from sales of investments and principal repayments
      98,278,139       150,869,120  
Net realized (gain) loss on investments
      284,155       (1,659,467 ) 
Net change in unrealized (appreciation) depreciation on investments
      (4,031,454 )      14,708,033  
Amortization of premium and accretion of discount, net
      (4,464,253 )      (5,014,878 ) 
Amortization of discount, debt issuance and deferred financing costs
      2,945,375       3,786,621  
Increase (decrease) in operating assets and liabilities:
 
(Increase) decrease in receivable for investments sold
      6,087,800       (463,556 ) 
(Increase) decrease in interest receivable
      2,564,783       (8,449,848 ) 
(Increase) decrease in investment in underlying portfolios paid in advance
      (540,832 )      —    
(Increase) decrease in prepaid directors’ fee
      —         38,156  
(Increase) decrease in prepaid expenses
      226,644       184,187  
Increase (decrease) in payable for investments purchased
      (1,856,617 )      (9,334,523 ) 
Increase (decrease) in management fees payable
      498,365       991,207  
Increase (decrease) in payable to Adviser
      (864,618 )      (1,263,547 ) 
Increase (decrease) in administrator and custodian fees payable
      (225,261 )      (6,798 ) 
Increase (decrease) in professional fees payable
      (49,754 )      203,111  
Increase (decrease) in accrued tax liability
      (1,118,261 )      876,697  
Increase (decrease) in incentive fee payable
      3,191,360       (1,385,156 ) 
Increase (decrease) in directors’ fees payable
      69,696       —    
Increase (decrease) in transfer agent fees payable
      2,705       9,484  
Increase (decrease) in insurance payable
      —         208,859  
Increase (decrease) in interest and borrowing expenses payable
      10,470,041       3,261,791  
Increase (decrease) in accrued expenses and other liabilities
      392,723       106,149  
  
 
 
    
 
 
  
Net cash provided by (used for) operating activities
      (67,736,145 )      (178,383,717 ) 
  
 
 
    
 
 
  
Cash flows from financing activities
 
Issuance of common stock
      28,516,484       106,740,491  
Contribution of
Non-Controlling
Interest into ABPCIC Equity Holdings, LLC
      8,138       9,336  
Repurchase of common stock
      (16,368,143 )      (14,808,274 ) 
Distributions paid
      (16,157,324 )      (10,044,046 ) 
Financing costs paid
      (5,519,815 )      (2,041,238 ) 
Borrowings on notes
      300,000,000       246,321,363  
Repayments of notes
      —         (213,150,000 ) 
Borrowings on credit facility
      289,400,000       170,400,000  
Repayments of credit facility
      (454,000,000 )      (118,000,000 ) 
Proceeds on secured borrowings
      8,889,878       10,264,355  
Repayments on secured borrowings
      (14,807,153 )      (16,357,206 ) 
  
 
 
    
 
 
  
Net cash provided by (used for) financing activities
      119,962,065       159,334,781  
  
 
 
    
 
 
  
Net increase (decrease) in cash
      52,225,920       (19,048,936 ) 
Cash and cash equivalents, beginning of period
      48,785,985       54,489,043  
  
 
 
    
 
 
  
Cash and cash equivalents, end of period
    $ 101,011,905     $ 35,440,107  
  
 
 
    
 
 
  
Supplemental and
non-cash
financing activities
 
Cash paid during the period for interest
    $ 34,223,362     $ 13,668,017  
Issuance of common shares pursuant to distribution reinvestment plan
    $ 14,938,142     $ 13,191,804  
State taxes paid
    $ 1,492,379     $ 72,458  
 
See Notes to Unaudited Consolidated Financial Statements
 
7
Table of Contents
AB Private Credit Investors Corporation
Consolidated Schedule of Investments as of September 30, 2023
(Unaudited)
 
Portfolio Company
  
            Industry            
  
    Facility Type    
  
                      Interest                      
  
  Maturity  
  
Funded

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

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

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

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

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

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

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

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

  Par Amount  
    
        Cost        
    
  Fair Value  
  
Vectra AI, Inc.
(1)
   Software & Tech Services   Delayed Draw Term Loan  
11.68
% (S + 6.25%; 1.00% Floor)		   03/02/2028   $ 1,163,793     $ 1,148,060     $ 1,143,427  
Vectra AI, Inc.
(2) (6)
   Software & Tech Services   Revolver  
11.68
% (S + 6.25%; 1.00% Floor)		   03/02/2028     —         (2,889 )      (4,073 ) 
Vectra AI, Inc.
(1) (3) (4)
   Software & Tech Services   Term Loan  
11.82
% (S + 6.25%; 1.00% Floor)		   03/02/2028     5,552,870       5,467,770       5,455,695  
Vehlo Purchaser, LLC
(3) (4)
   Software & Tech Services   Delayed Draw Term Loan  
10.50
% (S + 5.00%; 0.75% Floor)		   05/24/2028     6,195,183       6,141,345       6,086,767  
Vehlo Purchaser, LLC
(2)
   Software & Tech Services   Revolver  
10.43
% (S + 5.00%; 0.75% Floor)		   05/24/2028     247,807       233,285       226,124  
Vehlo Purchaser, LLC
(1) (3) (5)
   Software & Tech Services   Term Loan  
10.51
% (S + 5.00%; 0.75% Floor)		   05/24/2028     22,302,658       22,041,496       21,912,362  
Velocity Purchaser Corporation
(2) (6)
   Software & Tech Services   Revolver  
12.02
% (S + 6.50%; 1.00% Floor)		   12/02/2024     —         (113 )      —    
Velocity Purchaser Corporation
(1)
   Software & Tech Services   Term Loan  
12.02
% (S + 6.50%; 1.00% Floor)		   12/02/2024     2,320,884       2,319,625       2,320,884  
Velocity Purchaser Corporation
(1)
   Software & Tech Services   Term Loan  
12.02
% (S + 6.50%; 1.00% Floor)		   12/02/2024     577,329       576,942       577,329  
Velocity Purchaser Corporation
(1) (5)
   Software & Tech Services   Term Loan  
12.02
% (S + 6.50%; 1.00% Floor)		   12/02/2024     4,584,544       4,579,234       4,584,544  
Veracross LLC
(1) (5)
   Software & Tech Services   Delayed Draw Term Loan  
12.52
% (S + 2.00%; 4.50% PIK;
1.00
% Floor)		   12/28/2027     1,707,975       1,673,930       1,678,085  
Veracross LLC
(2) (6)
   Software & Tech Services   Revolver  
12.04
% (S + 2.00%; 4.50% PIK;
1.00
% Floor)		   12/28/2027     —         (15,919 )      (19,470 ) 
Veracross LLC
(3)
   Software & Tech Services   Term Loan  
12.04
% (S + 2.00%; 4.50% PIK;
1.00
% Floor)		   12/28/2027     13,385,649       13,210,517       13,151,400  
Vhagar Purchaser, LLC
(4)
   Software & Tech Services   Term Loan  
12.24
% (S + 7.00%; 1.00% Floor)		   06/11/2029     3,360,201       3,264,364       3,267,795  
Vhagar Purchaser, LLC.
(2)
   Software & Tech Services   Delayed Draw Term Loan   12.37% (S + 7.00%; 1.00% Floor)   06/11/2029     168,010       154,969       156,809  
Vhagar Purchaser, LLC.
(2) (6)
   Software & Tech Services   Revolver   12.24% (S + 7.00%; 1.00% Floor)   06/11/2029     —         (10,649 )      (10,267 ) 
Zendesk, Inc.
(2) (6)
   Software & Tech Services   Delayed Draw Term Loan   8.90% (S + 3.50%; 3.25% PIK; 0.75% Floor)   11/22/2028     —         (28,720 )      —    
Zendesk, Inc.
(2) (6)
   Software & Tech Services   Revolver   8.90% (S + 3.50%; 3.25% PIK; 0.75% Floor)   11/22/2028     —         (23,638 )      (13,726 ) 
Zendesk, Inc.
(1) (3) (5)
   Software & Tech Services   Term Loan   8.90% (S + 3.50%; 3.25% PIK; 0.75% Floor)   11/22/2028     13,568,749       13,330,241       13,433,062  
           
 
 
    
 
 
  
Total U.S. 1st Lien/Senior Secured Debt
 
  
 
1,212,330,431
 
  
 
1,187,155,007
 
2nd Lien/Junior Secured Debt
- 2.00%
 
Conterra Ultra Broadband Holdings,
Inc.
(1) (5)
   Digital Infrastructure & Services   Term Loan   13.92% (S + 8.50%; 1.00% Floor)   04/30/2027     6,537,710       6,485,886       6,096,415  
Brave Parent Holdings, Inc.
(1)
   Software & Tech Services   Term Loan   12.97% (S + 7.50%)   04/17/2026     1,230,107       1,219,557       1,202,429  
Symplr Software, Inc.
(1) (4)
   Software & Tech Services   Term Loan   13.34% (S + 7.88%; 0.75% Floor)   12/22/2028     3,130,634       3,088,065       2,794,091  
           
 
 
    
 
 
  
Total U.S. 2nd Lien/Junior Secured Debt
    
 
10,793,508
 
  
 
10,092,935
 
           
 
 
    
 
 
  
Total U.S. Corporate Debt
    
 
1,223,123,939
 
  
 
1,197,247,942
 
Canadian Corporate Debt
- 4.69%
 
1st Lien/Senior Secured Debt
- 4.69%
 
Syntax Systems Ltd
(1) (5) (9)
   Digital Infrastructure & Services   Term Loan   11.17% (S + 5.75%)   10/29/2028     8,706,908       8,641,587       8,380,399  
Syntax Systems Ltd
(2) (9)
   Digital Infrastructure & Services   Revolver   11.17% (S + 5.75%; 0.75% Floor)   10/29/2026     649,103       643,038       612,591  
Syntax Systems Ltd
(2) (6) (9)
   Digital Infrastructure & Services   Delayed Draw Term Loan   11.17% (S + 5.75%)   10/29/2028     —         (17,855 )      (91,280 ) 
McNairn Holdings Ltd.
(1) (9)
   Services   Term Loan   11.98% (S + 6.50%; 0.50% PIK; 1.00% Floor)   11/25/2025     736,375       727,987       736,375  
Banneker V Acquisition, Inc.
(1) (3) (5) (9)
   Software & Tech Services   Term Loan   12.92% (S + 7.50%; 1.00% Floor)   12/04/2025     13,258,433       13,046,981       12,993,265  
Banneker V Acquisition, Inc.
(2) (6) (9)
   Software & Tech Services   Revolver   12.92% (S + 7.50%; 1.00% Floor)   12/04/2025     —         (18,225 )      (17,934 ) 
Banneker V Acquisition, Inc.
(5) (9)
   Software & Tech Services   Delayed Draw Term Loan   12.92% (S + 7.50%; 1.00% Floor)   12/04/2025     1,024,233       1,015,138       1,003,749  
           
 
 
    
 
 
  
Total Canadian 1st Lien/Senior Secured Debt
 
  
 
24,038,651
 
  
 
23,617,165
 
           
 
 
    
 
 
  
Total Canadian Corporate Debt
 
  
 
24,038,651
 
  
 
23,617,165
 
 
Portfolio Company
  
Class/Series
  
        Industry        
  
                                                    
  
Initial Acquisition
Date 
(10)
  
      Shares      
    
        Cost        
    
   Fair Value   
  
U.S. Preferred Stock
- 1.91%
 
Ntiva Investments, LLC (MSP Global Holdings, Inc)
(11)
   Class A   Digital Infrastructure & Services     01/24/2022     333,937     $ 272,826     $ 316,996  
Bowline Topco LLC
^^ (11) (12)
   LLC Units   Energy     08/09/2021     2,946,390       —         264,486  
Alphasense, Inc.
(9) (11)
   Series C   Software & Tech Services     06/01/2021     23,961       369,843       631,999  
Concerto Health AI Solutions, LLC
(11) (12)
   Series
B-1
   Software & Tech Services     12/23/2019     65,614       349,977       360,537  
 
See Notes to Unaudited Consolidated Financial Statements
 
16
Table of Contents
AB Private Credit Investors Corporation
Consolidated Schedule of Investments as of September 30, 2023 (continued)
(Unaudited)
 
Portfolio Company
  
Class/Series
  
        Industry        
  
                                                    
  
Initial Acquisition
Date 
(10)
  
      Shares      
    
        Cost        
    
   Fair Value   
  
Datarobot, Inc.
(11)
   Series E   Software & Tech Services     08/30/2019     38,190     $ 289,278     $ 263,337  
Datarobot, Inc.
(11)
   Series F   Software & Tech Services     10/27/2020     6,715       88,248       62,978  
Degreed, Inc.
(11)
   Series
C-1
   Software & Tech Services     06/25/2019     43,819       278,541       342,114  
Degreed, Inc.
(11)
   Series D   Software & Tech Services     04/30/2021     16,943       278,308       258,210  
Heap, Inc.
(11)
   Series C   Software & Tech Services     05/21/2019     189,617       696,352       848,035  
Heap, Inc.
(11)
   Series D   Software & Tech Services     11/24/2021     17,425       147,443       147,443  
Knockout Intermediate
Holdings I, Inc. (Kaseya,
Inc.)
(11)
   Perpetual   Software & Tech Services     06/23/2022     1,345       1,311,760       1,529,250  
Netskope, Inc.
(11)
   Series G   Software & Tech Services     01/27/2020     36,144       302,536       397,122  
Phenom People, Inc.
(11)
   Series C   Software & Tech Services     01/08/2020     35,055       220,610       401,539  
Protoscale Rubrik, LLC
(11)
   Class B   Software & Tech Services     01/04/2019     25,397       598,212       674,350  
Swyft Parent Holdings LP
(11)
(12)
   LP Interests   Software & Tech Services     02/07/2022     850,470       758,389       918,052  
Symplr Software Intermediate Holdings, Inc.
(11)
   Series A   Software & Tech Services     11/30/2018     1,196       1,160,532       2,077,310  
Vectra AI, Inc
(11)
   Series F   Software & Tech Services     05/28/2021     17,064       131,095       105,857  
           
 
 
    
 
 
  
Total U.S. Preferred Stock
        
 
7,253,950
 
  
 
9,599,615
 
U.S. Common Stock
- 1.93%
                          
Global Radar Holdings,
LLC
(11) (12)
   Earn Out   Busines
s Se
rvices		     11/08/2022     125       —         —    
AEG Holding Company, Inc.
(11)
   Class A   Consumer Discretionary     11/20/2017     320       321,309       288,247  
Freddy’s Acquisition, LP (Freddy’s Frozen Custard, LLC)
(11)
   LP Interests   Consumer
Non-Cyclical
     03/03/2021     72,483       72,483       139,477  
8x8, Inc.
(11) (13)
   Common Units   Digital Infrastructure & Services         7,886       170,890       19,873  
Avant Communications,
LLC
(11) (12)
   Class A   Digital Infrastructure & Services     11/30/2021     236,307       236,307       345,114  
MSP Global Holdings, Inc.
(11)
   Class A   Digital Infrastructure & Services     01/24/2022     333,937       61,110       74,794  
NEPCORE Parent Holdings, LLC
(11)
   Class A   Digital Infrastructure & Services     10/21/2021     98       97,884       83,335  
Neutral Connect, LLC
(11)
   LLC Units   Digital Infrastructure & Services     10/21/2021     396,513       439,931       282,579  
Race Hometown Purchaser, LLC
(11)
   Class A   Digital Infrastructure & Services     01/09/2023     705,827       705,827       796,190  
Thrive Parent, LLC
(11)
   Class L   Digital Infrastructure & Services     01/22/2021     102,108       271,128       468,351  
Advantage AVP Parent
Holdings, L.P. (Medical
Management Resource
Group, LLC)
(11)
   Class B   Healthcare     09/30/2021     34,492       34,492       35,018  
American Outcomes Management, L.P.
(11) (12)
   Class A   Healthcare     02/17/2022     290,393       290,393       639,171  
Community Based Care Holdings, LP
(11)
   LP Interests   Healthcare     01/03/2022     179       178,916       257,554  
GSV MedSuite Investments, LLC (Millin Purchaser,
LLC)
(11)
   Class A   Healthcare     03/31/2022     86,555       86,555       77,715  
Health Platform Group, Inc
(11)
   Earn Out   Healthcare     10/31/2020     16,502       —         —    
INH Group Holdings, Inc.
(11)
   Class A   Healthcare     01/31/2019     484,552       484,552       9,786  
RCFN Parent, LP (People’s
Care)
(11)
   Class A   Healthcare     06/18/2021     77       78,284       79,290  
ADT Commercial Co Invest
(9)(11)
   LP
Interests
  
Specialty RMR
       09/29/2023     1,100,000     $ 1,100,000     $ 1,100,000  
REP Coinvest III AGP Blocker, L.P. (Agape Care Group)
(11)
   LP Interests   Healthcare & HCIT     10/14/2021     590,203       590,203       990,093  
SBS Super Holdings, LLC
^^^
(11)
   Class A   Healthcare & HCIT     05/12/2023     21       —         —    
SBS Super Holdings, LLC
^^^
(11)
   Class B   Healthcare & HCIT     05/12/2023     100       10       —    
Brightspot Holdco, LLC
(11)
   LLC Units   Software & Tech Services     11/16/2021     433,207       433,207       468,499  
GSV Vehlo Investments, LLC (Vehlo Purchaser, LLC)
(11)
   Class A   Software & Tech Services     05/24/2022     150,297       150,297       176,188  
Human Security
(11)
   Common Shares   Software & Tech Services     07/29/2022     329,116       953,133       900,887  
Moon Topco, L.P. (Radiant Logic, Inc.)
(11)
   Class A   Software & Tech Services     04/21/2021     3,600       35,999       30,256  
Mykaarma Acquisition LLC
(11)
   Class A   Software & Tech Services     03/21/2022     257,031       257,031       331,640  
Ranger Lexipol Holdings, LLC
(11)
   Class A   Software & Tech Services     11/18/2021     433       355,837       448,138  
Ranger Lexipol Holdings, LLC
(11)
   Class B   Software & Tech Services     11/18/2021     433       77,371       120,395  
REP Coinvest III Tec, L.P. (American Safety Holdings Corp.)
(11)
   LP Interests   Software & Tech Services     06/18/2020     167,509       190,658       268,085  
Stripe, Inc.
(11)
   Class B   Software & Tech Services     05/17/2021     4,158       166,854       84,283  
Swyft Parent Holdings LP
(11)
(12)
   LP Interests   Software & Tech Services     02/07/2022     4,485       53,049       44,927  
REP Coinvest
III-A
Omni, L.P. (Omni Logistics, LLC)
(11)
   LP Interests   Transport & Logistics     02/05/2021     193,770       53,301       316,012  
REP RO Coinvest IV A Blocker (Road One)
(11)
   Class A   Transport & Logistics     12/28/2022     66,441,840       664,418       844,144  
           
 
 
    
 
 
  
Total U.S. Common Stock
        
 
8,611,429
 
  
 
9,720,041
 
U.S. Warrants
-
0.22
%
                          
Alphasense, Inc., expire 05/29/2027
(9) (11)
   Series B   Software & Tech Services     06/02/2020     40,394       35,185       765,709  
Degreed, Inc., expire 04/11/2028
(11)
   Series D   Software & Tech Services     04/11/2021     7,624       —         12,739  
Degreed, Inc
., expire 05/31/2026
(11)
   Series C
-1
   Software & Tech Services     05/31/2019     26,294       46,823       93,276  
Degreed, Inc., expire 08/18/2029
(11)
   Common Shares   Software & Tech Services     08/18/2022     9,374       —         39,812  
ScyllaDB, Inc., expire 09/08/2032
(9)(11)
  
Series
C-1
  
Software 
& Tech Services		     09/08/2022     239,984       43,880       98,079  
Vectra AI, Inc., expire 03/18/2031
(11)
   Series F   Software & Tech Services     03/18/2021     35,156       58,189       80,644  
           
 
 
    
 
 
  
Total U.S. Warrants
        
 
184,077
 
  
 
1,090,259
 
United Kingdom Warrants
-
0.06
%
                          
GlobalWebIndex, Inc., expire 12/30/2027
(11)
   Preferred Units   Software & Tech Services     12/30/2020     11,776       159,859       293,444  
           
 
 
    
 
 
  
Total United Kingdom Warrants
        
 
159,859
 
  
 
293,444
 
 
See Notes to Unaudited Consolidated Financial Statements
 
17
Table of Contents
AB Private Credit Investors Corporation
Consolidated Schedule of Investments as of September 30, 2023 (continued)
(Unaudited)
 
Portfolio
Company
  
Class/Series
  
        Industry        
  
                                                    
  
Initial Acquisition
Date 
(10)
  
      Shares      
    
        Cost        
    
   Fair Value   
  
U.S. Investment Companies
—
1.62
%
 
Orangewood WWB
Co-Invest,
L.P.
(11) (14)
   LP Interests           829,314     $ 829,314     $ 1,127,867  
ORCP III Triton
Co-Investors,

L.P.
(11) (14)
   LP Interests           341,592       98,394       731,690  
AB Equity Investors,
L.P.
(11) (14)
   LP Interests           2,891,694       2,891,694       3,282,191  
Falcon
Co-Investment
Partners, L.P.
(11) (14)
   LP Interests           812,734       812,734       813,547  
GHP E Aggregator, LLC
(11) (14)
   LLC Units           417,813       186,588       643,432  
GHP SPV 2,
L.P.
(9) (11) (14)
   LP Interests           271,942       271,942       273,574  
Magenta Blocker Aggregator, LP
(11) (14)
   Class A           821,396       676,978       1,016,067  
Palms
Co-Investment
Partners, L.P.
(11) (14)
   LP Interests           261,449       261,449       261,449  
           
 
 
    
 
 
  
           
 
6,029,093
 
  
 
8,149,817
 
           
 
 
    
 
 
  
Total U.S. Investment Companies
        
 
6,029,093
 
  
 
8,149,817
 
TOTAL INVESTMENTS - 248.29%
(15)
        
$
1,269,400,998
 
  
$
1,249,718,283
 
           
 
 
    
 
 
  
Portfolio
Company
      
Industry
  
                    
  
                                            
  
Shares
    
Cost
    
Fair Value
  
Cash Equivalents
 
- 8.72%
            
U.S. Investment Companies - 8.72%
            
Blackrock T Fund I
(13)
(16)
   Money Market   Money Market Portfolio     5.23%
(17)
     28,332,270     $ 28,332,270     $ 28,332,270  
State Street Institutional
US Government
Money Market
Fund
(13) (16)
   Money Market   Money Market Portfolio     5.29%
(17)
     15,543,179       15,543,179       15,543,179  
           
 
 
    
 
 
  
Total U.S. Investment Companies
        
 
43,875,449
 
  
 
43,875,449
 
       
 
 
    
 
 
  
Total Cash Equivalents
        
 
43,875,449
 
  
 
43,875,449
 
LIABILITIES IN EXCESS OF OTHER ASSETS - (157.01%)
          
$
(790,273,762
) 
         
 
 
  
NET ASSETS - 100.00%
          
$
503,319,970
 
             
 
 
  
 
(++)
 		    Unless otherwise indicated, all securities represent
co-investments
made with the Fund’s affiliates in accordance with the terms of the exemptive relief received from the U.S. Securities and Exchange Commission. See Note 3 “Related Party Transactions”. Certain previously disclosed industry classifications have been expanded to add additional sub-
industries
. Investments fitting into the new sub-industries have been reclassified accordingly.
+
 		    As of September 30, 2023, qualifying assets represented 97.48% of total assets. Under the 1940 Act we may not acquire any
non-qualifying
assets unless, at the time the acquisition is made, qualifying assets represent at least 70% of our total assets.
*
 		    Unless otherwise indicated, all securities are valued using significant unobservable inputs, which are categorized as Level 3 assets under the definition of Financial Accounting Standards Board’s Accounting Standards Codification 820 fair value hierarchy.
#
 		    Percentages are based on net assets.
^
 		    Generally, the interest rate on floating interest rate investments is at benchmark rate plus spread. The borrower has an option to choose the benchmark rate, such as the London Interbank Offered Rate (“LIBOR”), Secured Overnight Financing Rate including adjustment, if any (“SOFR”) or the U.S. Prime rate. The spread may change based on the type of rate used. The terms in the Consolidated Schedule of Investments disclose the actual interest rate in effect as of the reporting period. LIBOR and SOFR loans are typically indexed to
30-day,
60-day,
90-day
or
180-day
rates (1M, 3M or 6M, respectively) at the borrower’s option. LIBOR and SOFR loans may be subject to interest floors. As of September 30, 2023, rates for weekly 1M L, 3M L 6M L, 1M S, 3M S and 6M S are 5.43%, 5.66%, 5.90%, 5.32%, 5.40% and 5.47%, respectively. As of September 30, 2023, the U.S. Prime rate was 8.50%.
^^
 		    Controlled affiliated investment. See Note 3 “Related Party Transactions”.
^^^
 		   
Non-controlled
affiliated investment. See Note 3 “Related Party Transactions”.
(1)
 		    Position, or a portion thereof, has been segregated to collateralize ABPCI Direct Lending Fund CLO VI Ltd.
(2)
 		    Position or portion thereof is an unfunded loan commitment, and no interest is being earned on the unfunded portion. The unfunded loan commitment may be subject to a commitment termination date, that may expire prior to the maturity date stated. See Note 6 “Commitments and Contingencies”.
(3)
 		    Position, or a portion thereof, has been segregated to collateralize ABPCIC Funding II, LLC.
(4)
 		    Position, or a portion thereof, has been segregated to collateralize ABPCIC Funding IV, LLC.
(5)
 		    Position, or a portion thereof, has been segregated to collateralize ABPCI Direct Lending Fund CLO XIII Ltd.
(6)
 		    The negative cost is the result of the capitalized discount being greater than the principal amount outstanding on the loan. The negative fair value is the result of the capitalized discount on the loan.
(7)
 		    The investment is on
non-accrual
status. See Note 2 “Significant Accounting Policies.”
(8)
 		    This investment has multiple reference rates or alternate base rates. The
All-in
interest rate shown is the weighted average interest rate in effect at September 30, 2023.
(9)
 		    Positions considered
non-qualified
assets therefore excluded from the qualifying assets calculation as noted in footnote + above.
(10)
 		    Securities exempt from registration under the Securities Act of 1933, and may be deemed to be “restricted securities”. As of September 30, 2023, the aggregate fair value of these securities is $20,683,486 or 4.11% of the Fund’s net assets. The initial acquisition dates have been included for such securities.
(11)
 		   
Non-income
producing investment.
(12)
 		    Position or portion thereof is held through a consolidated subsidiary.
(13)
 		    Categorized as Level 1 assets under the definition of ASC 820 fair value hierarchy.
(14)
 		    Excluded from the ASC 820 fair value hierarchy as fair value is measured using the net asset value per share practical expedient.
(15)
 		    Aggregate gross unrealized appreciation for federal income tax purposes is $12,681,567; aggregate gross unrealized depreciation for federal income tax purposes is $32,364,282. Net unrealized depreciation is $19,682,715 based upon a tax cost basis of $1,269,400,998.
(16)
 		    Included within ‘Cash and cash equivalents’ on the Consolidated Statements of Assets and Liabilities.
(17)
 		    The rate shown is the annualized
seven-day
yield as of September 30, 2023.
 
L -   LIBOR
P -   Prime
PIK -  
Payment-In-Kind
S -   SOFR
 
See Notes to Unaudited Consolidated Financial Statements
 
18
Table of Contents
AB Private Credit Investors Corporation
Consolidated Schedule of Investments as of December 31, 2022
 
Portfolio Company
  
            Industry            
  
    Facility Type    
  
                      Interest                      
  
  Maturity  
  
Funded

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

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

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

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

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

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

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

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

  Par Amount  
    
        Cost        
    
  Fair Value  
  
Saviynt, Inc.
(2) (5)
   Software & Tech Services   Term Loan   11.42% (S + 7.00%; 1.00% Floor)   12/22/2027   $ 18,293,942     $ 17,838,779     $ 17,836,593  
ScyllaDB, Inc.
(3) (4)
   Software & Tech Services   Delayed Draw Term Loan   10.82% (S + 6.50%; 1.00% Floor)   09/08/2027     —         (3,101 )      (8,260 ) 
ScyllaDB, Inc.
(3) (4)
   Software & Tech Services   Revolver   10.82% (S + 6.50%; 1.00% Floor)   09/08/2027     —         (2,481 )      (4,626 ) 
ScyllaDB, Inc.
(5)
   Software & Tech Services   Term Loan   10.82% (S + 6.50%; 1.00% Floor)   09/08/2027     2,643,348       2,577,310       2,597,089  
Securonix, Inc.
(3) (4)
   Software & Tech Services   Revolver   10.10% (S + 6.50%; 0.75% Floor)   04/05/2028     —         (23,716 )      (69,225 ) 
Securonix, Inc.
(2) (5)
   Software & Tech Services   Term Loan   10.10% (S + 6.50%; 0.75% Floor)   04/05/2028     8,546,314       8,414,561       8,161,730  
Sirsi Corporation
(3) (4)
   Software & Tech Services   Revolver   8.88% (L + 4.50%; 1.00% Floor)   03/15/2024     —         (2,145 )      (2,769 ) 
Sirsi Corporation
(1) (2)
   Software & Tech Services   Term Loan   8.88% (L + 4.50%; 1.00% Floor)   03/15/2024     6,591,250       6,563,978       6,558,294  
Smartlinx Solutions, LLC
(3)
   Software & Tech Services   Revolver   10.48% (L + 5.75%; 1.00% Floor)   03/04/2026     129,871       127,080       114,286  
Smartlinx Solutions, LLC
   Software & Tech Services   Term Loan   10.48% (L + 5.75%; 1.00% Floor)   03/04/2026     493,137       484,961       478,342  
Smartlinx Solutions,
LLC
(1) (2) (5)
   Software & Tech Services   Term Loan   10.48% (L + 5.75%; 1.00% Floor)   03/04/2026     5,620,327       5,559,389       5,451,717  
Soladoc, LLC
(3) (4)
   Software & Tech Services   Delayed Draw Term Loan   10.07% (S + 5.25%; 0.75% Floor)   06/12/2028     —         (21,438 )      (53,003 ) 
Soladoc, LLC
(3) (4)
   Software & Tech Services   Revolver   10.07% (S + 5.25%; 0.75% Floor)   06/12/2028     —         (10,724 )      (19,140 ) 
Soladoc, LLC
(1) (2)
   Software & Tech Services   Term Loan   10.07% (S + 5.25%; 0.75% Floor)   06/12/2028     5,889,225       5,781,986       5,697,825  
SugarCRM, Inc.
(3) (4)
   Software & Tech Services   Revolver   10.88% (L + 6.50%; 1.00% Floor)   07/31/2024     —         (1,483 )      (4,654 ) 
SugarCRM, Inc.
(1) (5)
   Software & Tech Services   Term Loan   10.88% (L + 6.50%; 1.00% Floor)   07/31/2024     4,268,824       4,243,198       4,204,792  
Sundance Group Holdings,
Inc.
(5)
   Software & Tech Services   Delayed Draw Term Loan   10.75% (S + 6.25%; 1.00% Floor)   07/02/2027     3,547,253       3,493,454       3,449,704  
Sundance Group Holdings,
Inc.
(3) (4)
   Software & Tech Services   Revolver   10.75% (S + 6.25%; 1.00% Floor)   07/02/2027     —         (21,522 )      (39,020 ) 
Sundance Group Holdings,
Inc.
(2) (5)
   Software & Tech Services   Term Loan   10.75% (S + 6.25%; 1.00% Floor)   07/02/2027     11,824,177       11,644,830       11,499,012  
Sundance Group Holdings, Inc.
   Software & Tech Services   Term Loan   10.93% (S + 6.25%; 1.00% Floor)   07/02/2027     463,790       450,131       451,036  
Swiftpage, Inc.
(3) (4)
   Software & Tech Services   Revolver   10.92% (S + 6.50%; 1.00% Floor)   06/13/2023     —         (414 )      (9,576 ) 
Swiftpage, Inc.
(2)
   Software & Tech Services   Term Loan   10.92% (S + 6.50%; 1.00% Floor)   06/13/2023     222,833       222,285       213,363  
Swiftpage, Inc.
(2)
   Software & Tech Services   Term Loan   10.92% (S + 6.50%; 1.00% Floor)   06/13/2023     2,420,745       2,416,550       2,317,863  
Sysnet North America,
Inc.
(1) (2) (5)
   Software & Tech Services   Term Loan   11.50% (L + 5.00%; 1.00% Floor)   12/01/2026     8,862,217       8,790,246       8,552,039  
Telcor Buyer, Inc.
(3) (4)
   Software & Tech Services   Revolver   9.64% (L + 4.50%; 1.00% Floor)   08/20/2027     —         (3,400 )      (7,996 ) 
Telcor Buyer, Inc.
(1) (2)
   Software & Tech Services   Term Loan   9.64% (L + 4.50%; 1.00% Floor)   08/20/2027     9,304,625       9,195,815       9,048,748  
Telesoft Holdings, LLC
(3)
   Software & Tech Services   Revolver   10.14% (L + 5.75%; 1.00% Floor)   12/16/2025     49,739       43,024       36,309  
Telesoft Holdings, LLC
(2) (5)
   Software & Tech Services   Term Loan   10.13% (L + 5.75%; 1.00% Floor)   12/16/2025     5,804,526       5,737,622       5,673,924  
TRGRP, Inc.
(3) (4)
   Software & Tech Services   Revolver   11.73% (L + 4.50%; 2.50% PIK; 1.00% Floor)   11/01/2023     —         (1,126 )      —    
TRGRP, Inc.
(2) (5)
   Software & Tech Services   Term Loan   11.73% (L + 4.50%; 2.50% PIK; 1.00% Floor)   11/01/2023     5,052,223       5,025,591       5,052,223  
TRGRP, Inc.
(2)
   Software & Tech Services   Term Loan   11.73% (L + 4.50%; 2.50% PIK; 1.00% Floor)   11/01/2023     2,370,051       2,355,364       2,370,051  
TRGRP, Inc.
(1)
   Software & Tech Services   Term Loan   11.73% (L + 4.50%; 2.50% PIK; 1.00% Floor)   11/01/2023     1,128,534       1,124,106       1,128,534  
Unanet, Inc.
(3) (4)
   Software & Tech Services   Delayed Draw Term Loan   10.97% (S + 6.25%; 0.75% Floor)   12/08/2028     —         (37,535 )      (37,904 ) 
Unanet, Inc.
(3) (4)
   Software & Tech Services   Revolver   10.97% (S + 6.25%; 0.75% Floor)   12/08/2028     —         (25,270 )      (25,270 ) 
Unanet, Inc.
(2) (5)
   Software & Tech Services   Term Loan   10.97% (S + 6.25%; 0.75% Floor)   12/08/2028     12,003,044       11,764,925       11,762,983  
Ungerboeck Systems International, LLC
(3)
   Software & Tech Services   Delayed Draw Term Loan   11.22% (L + 6.50%; 1.00% Floor)   04/30/2027     272,766       268,398       267,992  
Ungerboeck Systems International, LLC
(5)
   Software & Tech Services   Delayed Draw Term Loan   11.23% (L + 6.50%; 1.00% Floor)   04/30/2027     690,794       690,794       676,978  
Ungerboeck Systems International, LLC
(1)
   Software & Tech Services   Delayed Draw Term Loan   11.23% (L + 6.50%; 1.00% Floor)   04/30/2027     322,391       318,814       315,943  
Ungerboeck Systems International, LLC
(3) (4)
   Software & Tech Services   Revolver   11.23% (L + 6.50%; 1.00% Floor)   04/30/2027     —         (3,012 )      (4,588 ) 
 
See Notes to Unaudited Consolidated Financial Statements
 
27
Table of Contents
AB Private Credit Investors Corporation
Consolidated Schedule of Investments as of December 31, 2022 (continued)
 
Portfolio Company
  
            Industry            
  
    Facility Type    
  
                      Interest                      
  
  Maturity  
  
Funded

  Par Amount  
    
        Cost        
    
  Fair Value  
  
Ungerboeck Systems International, LLC
   Software & Tech Services   Term Loan   11.28% (L + 6.50%; 1.00% Floor)   04/30/2027   $ 136,383     $ 133,886     $ 133,655  
Ungerboeck Systems International, LLC
(2) (5)
   Software & Tech Services   Term Loan   11.23% (L + 6.50%; 1.00% Floor)   04/30/2027     2,717,277       2,687,154       2,662,931  
Vectra AI, Inc.
(3) (4)
   Software & Tech Services   Delayed Draw Term Loan   10.49% (L + 5.75%; 1.00% Floor)   03/18/2026     —         (18,778 )      (34,914 ) 
Vectra AI, Inc.
(3) (4)
   Software & Tech Services   Revolver   10.49% (L + 5.75%; 1.00% Floor)   03/18/2026     —         (3,756 )      (6,983 ) 
Vectra AI, Inc.
(2) (5)
   Software & Tech Services   Term Loan   10.49% (L + 5.75%; 1.00% Floor)   03/18/2026     3,258,620       3,204,291       3,160,862  
Vehlo Purchaser,
LLC
(2) (5)
   Software & Tech Services   Delayed Draw Term Loan   9.98% (S + 5.00%; 0.75% Floor)   05/24/2028     6,195,183       6,133,560       6,148,719  
Vehlo Purchaser,
LLC
(3) (4)
   Software & Tech Services   Revolver   9.69% (S + 5.00%; 0.75% Floor)   05/24/2028     —         (16,782 )      (18,586 ) 
Vehlo Purchaser,
LLC
(1) (2) (5)
   Software & Tech Services   Term Loan   9.69% (S + 5.00%; 0.75% Floor)   05/24/2028     22,302,658       22,000,883       21,968,118  
Velocity Purchaser Corporation
(3) (4)
   Software & Tech Services   Revolver   10.24% (S + 6.00%; 1.00% Floor)   12/01/2023     —         (611 )      (483 ) 
Velocity Purchaser Corporation
(1)
   Software & Tech Services   Term Loan   10.24% (S + 6.00%; 1.00% Floor)   12/01/2023     2,412,446       2,405,375       2,406,415  
Velocity Purchaser Corporation
(1) (2)
   Software & Tech Services   Term Loan   10.24% (S + 6.00%; 1.00% Floor)   12/01/2023     4,765,411       4,735,630       4,753,497  
Velocity Purchaser Corporation
(1)
   Software & Tech Services   Term Loan   10.24% (S + 6.00%; 1.00% Floor)   12/01/2023     600,106       597,933       598,605  
Veracross LLC
(3) (4)
   Software & Tech Services   Delayed Draw Term Loan   11.23% (S + 2.00%; 5.00% PIK; 1.00% Floor)   12/28/2027     —         (13,965 )      (37,549 ) 
Veracross LLC
(3) (4)
   Software & Tech Services   Revolver   11.23% (S + 2.00%; 5.00% PIK; 1.00% Floor)   12/28/2027     —         (18,636 )      (36,158 ) 
Veracross LLC
(5)
   Software & Tech Services   Term Loan   11.23% (S + 2.00%; 5.00% PIK; 1.00% Floor)   12/28/2027     12,906,513       12,701,489       12,487,052  
Zendesk, Inc.
(3) (4)
   Software & Tech Services   Delayed Draw Term Loan   11.04% (S + 6.50%; 0.75% Floor)   11/22/2028     —         (32,741 )      (33,335 ) 
Zendesk, Inc.
(3) (4)
   Software & Tech Services   Revolver   11.04% (S + 6.50%; 0.75% Floor)   11/22/2028     —         (26,961 )      (27,453 ) 
Zendesk, Inc.
(2) (5)
   Software & Tech Services   Term Loan   11.04% (S + 6.50%; 0.75% Floor)   11/22/2028     13,334,101       13,072,194       13,067,419  
Dillon Logistics, Inc.
(10)
   Transport & Logistics   Revolver   — (P + 6.00%; 1.00% Floor)   12/11/2023     834,642       750,748       54,586  
Dillon Logistics, Inc.
(10)
   Transport & Logistics   Term Loan   — (L + 7.00%; 1.00% Floor)   12/11/2023     3,079,544       2,673,820       201,402  
           
 
 
    
 
 
  
Total U.S. 1st Lien/Senior Secured Debt
      
 
1,097,596,835
 
  
 
1,070,520,769
 
2nd Lien/Junior Secured Debt
- 2.33%
 
Conterra Ultra Broadband Holdings,
Inc.
(1) (2)
   Digital Infrastructure & Services   Term Loan   13.01% (L + 8.50%; 1.00% Floor)   04/30/2027     6,537,710       6,476,655       6,521,366  
Brave Parent Holdings,
Inc.
(1)
   Software & Tech Services   Term Loan   11.88% (L + 7.50%)   04/17/2026     1,230,107       1,216,529       1,199,354  
Symplr Software,
Inc.
(1) (2)
   Software & Tech Services   Term Loan   12.07% (S + 7.88%; 0.75% Floor)   12/22/2028     3,130,634       3,083,175       2,919,316  
           
 
 
    
 
 
  
Total U.S. 2nd Lien/Junior Secured Debt
      
 
10,776,359
 
  
 
10,640,036
 
           
 
 
    
 
 
  
Total U.S. Corporate Debt
      
 
1,108,373,194
 
  
 
1,081,160,805
 
Canadian Corporate Debt - 3.87%
 
1st Lien/Senior Secured Debt
- 3.87%
 
McNairn Holdings
Ltd.
(1) (13)
   Business Services   Term Loan   9.98% (L + 5.00%; 0.50% PIK; 1.00% Floor)   11/25/2025   $ 739,507     $ 730,174     $ 726,566  
Syntax Systems
Ltd
(1) (2) (13)
   Digital Infrastructure & Services   Term Loan   10.13% (L + 5.75%; 0.75% Floor)   10/29/2028     8,773,543       8,699,024       8,334,866  
Syntax Systems
Ltd
(3) (13)
   Digital Infrastructure & Services   Revolver   10.04% (L + 5.75%; 0.75% Floor)   10/29/2026     649,103       641,599       600,420  
Syntax Systems
Ltd
(3) (4) (13)
   Digital Infrastructure & Services   Delayed Draw Term Loan   10.13% (L + 5.50%; 0.75% Floor)   10/29/2028     —         (20,396 )      (121,707 ) 
Banneker V Acquisition,
Inc.
(2) (5) (13)
   Software & Tech Services   Term Loan   10.39% (L + 6.00%; 1.00% Floor)   12/04/2025     7,105,235       7,011,398       7,105,235  
Banneker V Acquisition,
Inc.
(3) (4) (13)
   Software & Tech Services   Revolver   10.39% (L + 6.00%; 1.00% Floor)   12/04/2025     —         (3,068 )      —    
Banneker V Acquisition,
Inc.
(2) (13)
   Software & Tech Services   Delayed Draw Term Loan   10.39% (L + 6.00%; 1.00% Floor)   12/04/2025     1,024,233       1,012,076       1,024,233  
           
 
 
    
 
 
  
Total Canadian 1st Lien/Senior Secured Debt
      
 
18,070,807
 
  
 
17,669,613
 
           
 
 
    
 
 
  
Total Canadian Corporate Debt
      
 
18,070,807
 
  
 
17,669,613
 
 
Portfolio Company
  
        Class/Series        
  
            Industry            
      
    Initial Acquisition Date 
(14)
   
  
      Shares      
    
      Cost      
    
  Fair Value  
  
                                   
U.S. Preferred Stock
- 2.02%
            
Ntiva Investments, LLC (MSP Global Holdings, Inc)
(15)
   Class A   Digital Infrastructure & Services     01/24/2022     333,937     $ 272,826     $ 234,701  
Bowline Topco
LLC^^
(15) (16)
   LLC Units   Energy     08/09/2021     2,946,390       —         173,837  
 
See Notes to Unaudited Consolidated Financial Statements
 
28
Table of Contents
AB Private Credit Investors Corporation
Consolidated Schedule of Investments as of December 31, 2022 (continued)
 
Portfolio Company
  
        Class/Series        
  
            Industry            
      
    Initial Acquisition Date 
(14)
   
  
      Shares      
    
      Cost      
    
  Fair Value  
  
                                   
SBS Ultimate Holdings, LP(15)
   Class A   Healthcare & HCIT     09/18/2020     217,710     $ 861,878     $ 266  
Alphasense, Inc.
(13) (15)
   Series C   Software & Tech Services     06/01/2021     23,961       369,843       474,027  
Concerto Health AI Solutions, LLC
(15) (16)
   Series
B-1
   Software & Tech Services     12/23/2019     65,614       349,977       351,172  
Datarobot, Inc.
(15)
   Series F   Software & Tech Services     10/27/2020     6,715       88,248       80,863  
Datarobot, Inc.
(15)
   Series E   Software & Tech Services     08/30/2019     38,190       289,278       364,025  
Degreed, Inc.
(15)
   Series D   Software & Tech Services     04/30/2021     16,943       278,308       260,465  
Degreed, Inc.
(15)
   Series
C-1
   Software & Tech Services     06/25/2019     43,819       278,541       358,800  
Heap, Inc.
(15)
   Series D   Software & Tech Services     11/24/2021     17,425       147,443       148,351  
Heap, Inc.
(15)
   Series C   Software & Tech Services     05/21/2019     189,617       696,351       1,032,478  
Knockout Intermediate Holdings I, Inc.
(Kaseya, Inc.)
(15)
   Perpetual   Software & Tech Services     06/23/2022     1,345       1,311,760       1,377,730  
Netskope, Inc.
(15)
   Series G   Software & Tech Services     01/27/2020     36,144       302,536       377,701  
Phenom People, Inc.
(15)
   Series C   Software & Tech Services     01/08/2020     35,055       220,610       444,061  
Protoscale Rubrik,
LLC
(15)
   Class B   Software & Tech Services     01/04/2019     25,397       598,212       687,828  
Swyft Parent Holdings LP
(15)
(16)
   LP Interests   Software & Tech Services     02/07/2022     850,470       811,438       840,825  
Symplr Software Intermediate Holdings, Inc.
(15)
   Series A   Software & Tech Services     11/30/2018     1,196       1,160,532       1,901,763  
Vectra AI, Inc
(15)
   Series F   Software & Tech Services     05/28/2021     17,064       131,095       109,329  
           
 
 
    
 
 
  
Total U.S. Preferred Stock
        
 
8,168,876
 
  
 
9,218,222
 
U.S. Common Stock
- 1.71%
 
Global Radar Holdings,
LLC
(15) (16)
   Earn Out   Business Services     11/08/2022     125       —         2,179  
AEG Holding Company, Inc.
(15)
   Class A   Consumer Discretionary     11/20/2017     320       321,309       338,179  
Freddy’s Acquisition, LP (Freddy’s Frozen
Custard, LLC)
(15)
   LP Interests   Consumer
Non-Cyclical
     03/03/2021     72,483       72,483       122,100  
8x8, Inc.
(13) (15) (17)
   Common Units   Digital Infrastructure & Services         7,886       170,890       34,068  
Avant Communications,
LLC
(15) (16)
   Class A   Digital Infrastructure & Services     11/30/2021     236,307       236,307       300,030  
NEPCORE Parent Holdings, LLC
(15)
   Class A   Digital Infrastructure & Services     10/21/2021     95       95,249       74,585  
Nepcore Parent Holdings, LLC (Coretelligent Intermediate,
LLC)
(15)
   LLC Units   Digital Infrastructure & Services     10/21/2021     396,513       439,932       332,454  
Ntiva Investments, LLC (MSP Global Holdings, Inc)
(15)
   Class A   Digital Infrastructure & Services     01/24/2022     333,937       61,111       52,571  
Thrive Parent, LLC
(15)
   Class L   Digital Infrastructure & Services     01/22/2021     100,219       263,195       406,456  
Advantage AVP Parent Holdings, L.P. (Medical Management Resource Group, LLC)
(15)
   Class B   Healthcare & HCIT     09/30/2021     34,492       34,492       38,533  
American Outcomes Management,
L.P.
(15)(16)
   Class A   Healthcare & HCIT     02/17/2022     290,393       290,393       515,299  
Community Based Care Holdings,
LP
(15)
   LP Interests   Healthcare & HCIT     01/03/2022     179       178,916       191,113  
 
See Notes to Unaudited Consolidated Financial Statements
 
29
Table of Contents
AB Private Credit Investors Corporation
Consolidated Schedule of Investments as of December 31, 2022 (continued)
 
Portfolio Company
  
        Class/Series        
  
            Industry            
      
    Initial Acquisition Date 
(14)
   
  
      Shares      
    
      Cost      
    
  Fair Value  
  
                                   
GSV MedSuite Investments, LLC (Millin Purchaser,
LLC)
(15)
   Class A   Healthcare & HCIT    
03/31/2022
     86,555     $ 86,555     $ 81,204  
Health Platform Group, Inc(15)
   Earn Out   Healthcare & HCIT    
10/31/2020
     16,502       —         —    
INH Group Holdings, Inc.
(15)
   Class A   Healthcare & HCIT    
01/31/2019
     484,552       484,552       6,249  
RCFN Parent, LP
(People’s Care)
(15)
   Class A   Healthcare & HCIT     06/18/2021     77       78,284       83,644  
REP Coinvest III AGP Blocker, L.P. (Agape Care Group)
(15)
   LP Interests   Healthcare & HCIT     10/14/2021     590,203       590,203       830,544  
Brightspot Holdco,
LLC
(15)
   LLC Units   Software & Tech Services     11/16/2021     433,207       433,207       427,682  
GSV Vehlo Investments, LLC (Vehlo Purchaser, LLC)
(15)
   Class A   Software & Tech Services     05/24/2022     150,297       150,297       162,814  
Human Security
(15)
   Common Shares   Software & Tech Services     07/29/2022     339,568       953,134       953,127  
Moon Topco, L.P.
(Radiant Logic, Inc.)
(15)
   Class A   Software & Tech Services     04/21/2021     3,600       35,999       55,819  
Mykaarma Acquisition LLC
(15)
   Class A   Software & Tech Services     03/21/2022     257,031       257,031       277,758  
Ranger Lexipol Holdings, LLC
(15)
   Class B   Software & Tech Services    
11/18/202
1		     433       —         175,219  
Ranger Lexipol Holdings, LLC
(15)
   Class A   Software & Tech Services     11/18/2021     433       433,207       404,565  
REP Coinvest III Tec, L.P. (American Safety Holdings Corp.)
(15)
   LP Interests   Software & Tech Services     06/18/2020     167,509       190,658       253,338  
Samsara Networks, Inc.
(13) (15) (17)
   Class A   Software & Tech Services         33,451       369,998       415,796  
Stripe, Inc.
(15)
   Class B   Software & Tech Services     05/17/2021     4,158       166,854       123,181  
Swyft Parent Holdings LP
(15) (16)
   LP Interests   Software & Tech Services     02/07/2022     4,485       —         76,262  
REP Coinvest
III-A
Omni,
L.P. (Omni Logistics,
LLC)
(15)
   LP Interests   Transport & Logistics     02/05/2021     193,770       120,614       471,569  
REP RO Coinvest IV A Blocker (Road One)
(15)
   Class A   Transport & Logistics     12/28/2022     66,441,840       664,418       664,418  
           
 
 
    
 
 
  
Total U.S. Common Stock
        
 
7,179,288
 
  
 
7,870,756
 
U.S. Warrants
- 0.17%
 
SBS Ultimate Holdings,
LP, expire
09/18/2030
(15)
   Class A   Healthcare & HCIT     09/18/2020     17,419       —         —    
Alphasense, Inc., expire 05/29/2027
(13) (15)
   Series B   Software & Tech Services     06/02/2020     40,394       35,185       480,369  
Degreed, Inc., expire 04/11/2028
(15)
   Series D   Software & Tech Services     04/11/2021     7,624       —         17,163  
Degreed, Inc., expire 05/31/2026
(15)
   Series C
-1
   Software & Tech Services     05/31/2019     26,294       46,823       109,950  
Degreed, Inc., expire 08/18/2029
(15)
   Common Shares   Software & Tech Services     08/18/2022     9,374       —         45,483  
ScyllaDB, Inc., expire 09/08/2032
(15)
   Series
C-1
   Software & Tech Services     09/08/2022     239,984       43,880       44,046  
Vectra AI, Inc., expire 03/18/2031
(15)
   Series F   Software & Tech Services     03/18/2021     35,156       58,189       79,903  
           
 
 
    
 
 
  
Total U.S. Warrants
        
 
184,077
 
  
 
776,914
 
United Kingdom Warrants
- 0.05%
 
GlobalWebIndex, Inc., expire 12/30/2027
(15)
   Preferred Units   Software & Tech Services         8,832       159,859       217,181  
           
 
 
    
 
 
  
Total United Kingdom Warrants
        
 
159,859
 
  
 
217,181
 
Portfolio Company
  
        Class/Series        
  
                    
  
                        
  
                                  
  
      Shares      
    
      Cost      
    
Fair Value  
  
U.S. Investment Companies
-
1.22
%
 
Orangewood WWB
Co-Invest,

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

L.P.
(15) (18)
   LP Interests           341,592       98,394       420,500  
AB Equity Investors,
L.P.
(15) (18)
   LP Interests           984,786       984,786       1,307,429  
Portfolio Company
  
Class/Series
  
        
  
                        
      
Shares
    
Cost
    
Fair Value
  
Falcon
Co-Investment
Partners,
L.P.
(15) (18)
   LP Interests           812,734     $ 812,734     $ 813,547  
GHP E Aggregator,
LLC
(15) (18)
   LLC Units           417,813       186,588       614,185  
GHP SPV 2, L.P.
(13) (15)
(18)
   LP Interests           244,920       244,920       230,225  
 
See Notes to Unaudited Consolidated Financial Statements
 
30
Table of Contents
AB Private Credit Investors Corporation
Consolidated Schedule of Investments as of December 31, 2022 (continued)
 
                                   
Portfolio Company
  
        Class/Series        
  
                    
  
                        
  
                                  
  
      Shares      
    
      Cost      
    
Fair Value  
  
Magenta Blocker Aggregator, LP
(15) (18)
   Class A           821,396     $ 676,978     $ 1,126,955  
Palms
Co-Investment
Partners, L.P.
(15) (18)
   LP Interests           261,449       261,449       261,449  
           
 
 
    
 
 
  
Total U.S. Investment Companies
          
 
4,095,163
 
  
 
5,603,604
 
TOTAL INVESTMENTS - 245.69%
(19)
 
  
$
1,146,231,264
 
  
$
1,122,517,095
 
 
 
 
    
 
 
  
Portfolio Company
      
Industry
          
Shares
    
Cost
    
Fair Value
  
Cash Equivalents
- 6.34%
 
U.S. Investment Companies
- 6.34%
 
Blackrock T Fund I
(17) (20)
   Money Market   Money Market Portfolio     4.03% (21)     14,121,193     $ 14,121,193     $ 14,121,193  
State Street Institutional US Government Money Market Fund
(17) (20)
   Money Market   Money Market Portfolio     4.12% (21)     14,850,792       14,850,792       14,850,792  
           
 
 
    
 
 
  
Total U.S. Investment Companies
 
  
 
28,971,985
 
  
 
28,971,985
 
           
 
 
    
 
 
  
Total Cash Equivalents
 
  
 
28,971,985
 
  
 
28,971,985
 
LIABILITIES IN EXCESS OF OTHER ASSETS - (152.03%)
 
  
$
(694,610,587
) 
NET ASSETS - 100.00%
 
  
$
456,878,493
 
             
 
 
  
 
(++)
 
Unless otherwise indicated, all securities represent
co-investments
made with the Fund’s affiliates in accordance with the terms of the exemptive relief received from the U.S. Securities and Exchange Commission. See Note 3 “Related Party Transactions”.
+
 
As of December 31, 2022, qualifying assets represented 96.90% of total assets. Under the 1940 Act we may not acquire any
non-qualifying
assets unless, at the time the acquisition is made, qualifying assets represent at least 70% of our total assets.
*
 
Unless otherwise indicated, all securities are valued using significant unobservable inputs, which are categorized as Level 3 assets under the definition of Financial Accounting Standards Board’s Accounting Standards Codification 820 fair value hierarchy.
#
 
Percentages are based on net assets.
^
 
Generally, the interest rate on floating interest rate investments is at benchmark rate plus spread. The borrower has an option to choose the benchmark rate, such as the London Interbank Offered Rate (“LIBOR”), Secured Overnight Financing Rate including adjustment, if any (“SOFR”) or the U.S. Prime rate. The spread may change based on the type of rate used. The terms in the Consolidated Schedule of Investments disclose the actual interest rate in effect as of the reporting period. LIBOR and SOFR loans are typically indexed to
30-day,
60-day,
90-day
or
180-day
rates (1M, 3M or 6M, respectively) at the borrower’s option. LIBOR and SOFR loans may be subject to interest floors. As of December 31, 2022, rates for weekly 1M L, 3M L 6M L, 1M S, 3M S and 6M S are 4.39%, 4.73%, 5.15%, 4.42%, 4.73% and 4.98%, respectively. As of December 31, 2022, the U.S. Prime rate was 7.50%.
^^
 
As defined in the Investment Company Act, the investment is deemed to be a “controlled affiliated person” of the Fund because the Fund owns, either directly or indirectly, 25% or more of the portfolio company’s outstanding voting securities or has the power to exercise control over management or policies of such portfolio company. See Note 3 “Related Party Transactions”.
(1)
 
Position, or a portion thereof, has been segregated to collateralize ABPCI Direct Lending Fund CLO VI Ltd.
(2)
 
Position, or a portion thereof, has been segregated to collateralize ABPCIC Funding III, LLC.
(3)
 
Position or portion thereof is an unfunded loan commitment, and no interest is being earned on the unfunded portion. The unfunded loan commitment may be subject to a commitment termination date, that may expire prior to the maturity date stated. See Note 6 “Commitments and Contingencies”.
(4)
 
The negative cost is the result of the capitalized discount being greater than the principal amount outstanding on the loan. The negative fair value is the result of the capitalized discount on the loan.
(5)
 
Position, or a portion thereof, has been segregated to collateralize ABPCIC Funding II, LLC.
(6)
 
This investment has multiple reference rates or alternate base rates. The
All-in
interest rate shown is the weighted average interest rate in effect at December 31, 2022.
(7)
 
Saturn Borrower Inc. has been renamed to Stratus Networks, Inc. in 2022.
(8)
 
TA/WEG Holdings, LLC has been renamed to Wealth Enhancement Group, LLC in 2022.
(9)
 
MedMark Services, Inc. has been renamed to BAART Programs, Inc. in 2022.
(10)
 
The investment is on
non-accrual
status. See Note 2 “Significant Accounting Policies.”
(11)
 
Millin Purchaser LLC. has been renamed to Medsuite Purchaser, LLC in 2022.
(12)
 
Cybergrants Holdings, LLC has been renamed to Bonterra LLC in 2022.
(13)
 
Positions considered
non-qualified
assets therefore excluded from the qualifying assets calculation as noted in footnote + above.
(14)
 
Securities exempt from registration under the Securities Act of 1933, and may be deemed to be “restricted securities”. As of December 31, 2022, the aggregate fair value of these securities is $17,633,209 or 3.86% of the Fund’s net assets. The initial acquisition dates have been included for such securities.
(15)
 
Non-income
producing investment.
(16)
 
Position or portion thereof is held through a consolidated subsidiary.
(17)
 
Categorized as Level 1 assets under the definition of ASC 820 fair value hierarchy.
(18)
 
Excluded from the ASC 820 fair value hierarchy as fair value is measured using the net asset value per share practical expedient.
(19)
 
Aggregate gross unrealized appreciation for federal income tax purposes is $7,142,498; aggregate gross unrealized depreciation for federal income tax purposes is $30,898,346. Net unrealized depreciation is $23,755,848 based upon a tax cost basis of $1,146,272,943.
(20)
 
Included within ‘Cash and cash equivalents’ on the Consolidated Statements of Assets and Liabilities.
(21)
 
The rate shown is the annualized
seven-day
yield as of December 31, 2022.
 
L   -    LIBOR
P   -    Prime
PIK   -   
Payment-In-Kind
S   -    SOFR
 
See Notes to Unaudited Consolidated Financial Statements
 
31
Table of Contents
AB Private Credit Investors Corporation
Notes to Unaudited Consolidated Financial Statements
September 30, 2023
1. Organization
AB Private Credit Investors Corporation (the “Fund,” “we,” “our,” and “us”), an externally managed,
non-diversified,
closed-end,
management investment company that elected to be regulated as a business development company (“BDC”) under the Investment Company Act of 1940, as amended (the “1940 Act”), was incorporated under the laws of the state of Maryland on February 6, 2015. The Fund was formed to invest in primary-issue middle-market credit opportunities that are directly sourced and privately negotiated. AB Private Credit Investors LLC serves as the Fund’s external investment adviser (the “Adviser”).
The Fund is conducting private offerings (each a “Private Offering”) of its common stock to investors in reliance on an exemption from the registration requirements of the Securities Act of 1933, as amended (the “Securities Act”). At the closing of any Private Offering, each investor will make a capital commitment (a “Capital Commitment”) to purchase Shares pursuant to a subscription agreement entered into with the Fund. All investors will be committed to the Fund for at least three years from the date of their initial Capital Commitment, subject to the terms described in the Fund’s Private Placement Memorandum. Investors will be required to fund drawdowns to purchase Shares up to the amount of their respective Capital Commitment on an
as-needed
basis each time the Fund delivers a capital draw-down notice to its investors.
On September 29, 2017, the Fund completed the initial closing (“Initial Closing”) of its Private Offering after entering into subscription agreements (collectively, the “Subscription Agreements”) with several investors, providing for the private placement of Shares. As of September 30, 2023, the Fund had total Capital Commitments of $629,019,653, of which 14% or $90,663,743 is unfunded. Capital Commitments may be drawn down by the Fund on a pro rata basis, as needed (including
follow-on
investments), for paying the Fund’s expenses, including fees under the Amended and Restated Advisory Agreement (as defined below), and/or maintaining a reserve account for the payment of future expenses or liabilities.
The Fund’s fiscal year ends on December 31.
On June 14, 2019, the Adviser established ABPCI Direct Lending Fund CLO VI Ltd (“CLO VI”), an exempted company incorporated with limited liability under the laws of the Cayman Islands. CLO VI is 100% owned by the Fund and is consolidated in the Fund’s consolidated financial statements. CLO VI issued
Class B-R
Notes,
Class C-R
Notes and Subordinated Notes to the Fund through AB PCI Direct Lending Fund CLO VI Depositor LLC, a wholly-owned subsidiary of the Fund established on June 28, 2019.
On February 7, 2020, the Fund and an affiliate of Abbott Capital Management, LLC (“Abbott”) became members of, ABPCIC Equity Holdings, LLC (“ABPCICE”), a Delaware limited liability company and a special purpose vehicle designed to invest in private equity investments sourced by Abbott. The Fund is the managing member and owns 100% of the Class L Units and 93% of the Class A Units of ABPCICE. As a result, the Fund consolidates ABPCICE in its consolidated financial statements and records a
non-controlling
interest of the equity interests in ABPCICE not held by the Fund.
On July 30, 2020, February 11, 2021 and January 13, 2023, the Adviser established ABPCIC Funding II LLC (“ABPCIC Funding II”), ABPCIC Funding III LLC (“ABPCIC Funding III”) and ABPCIC Funding IV LLC (“ABPCIC Funding IV”), respectively, Delaware limited liability companies. ABPCIC Funding II, ABPCIC Funding III and ABPCIC Funding IV are 100% owned by the Fund and are consolidated in the Fund’s consolidated financial statements commencing from the date of their formation.
On January 5, 2023, the Adviser established ABPCI Direct Lending Fund CLO XIII LTD (“CLO XIII”), a private company limited by shares incorporated under the laws of Jersey. CLO XIII is 100% owned by the Fund and is consolidated in the Fund’s consolidated financial statements commencing from the date of its formation. CLO XIII issued Class D Notes and Subordinated Notes to the Fund through ABPCI Direct Lending Fund CLO XIII Depositor LLC, a wholly-owned subsidiary of the Fund established on April 3, 2023.
The Adviser has established certain additional consolidated subsidiaries that are subject to U.S. federal and state corporate level income taxes to hold certain equity or equity-like investments in portfolio companies.
2. Significant Accounting Policies
The Fund is an investment company under accounting principles generally accepted in the United States of America (“GAAP”) and follows the accounting and reporting guidance applicable to investment companies in the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 946,
Financial Services – Investment Companies.
The Fund has prepared the consolidated financial statements and related financial information pursuant to the requirements for reporting on Form
10-Q
and Articles 6 and 10 of Regulation
S-X.
Accordingly, we have not included in this quarterly report all of the information and notes required by GAAP for annual financial statements. In the opinion of management, the unaudited financial information for the interim period presented in this report reflects all normal and recurring adjustments necessary for a fair statement of financial position and results from operations. Operating results for interim periods are not necessarily indicative of operating results for an entire year.
 
32
The functional currency of the Fund is U.S. dollars and these consolidated financial statements have been prepared in that currency.
Consolidation
The Fund will generally consolidate any wholly or substantially owned subsidiary when the design and purpose of the subsidiary is to act as an extension of the Fund’s investment operations and to facilitate the execution of the Fund’s investment strategy. Accordingly, the Fund consolidated the results of its wholly or substantially owned subsidiaries in its consolidated financial statements. The portion of net assets that is attributable to
non-controlling
interest in ABPCICE is presented as
“Non-Controlling
Interest in ABPCIC Equity Holdings, LLC”, a component of total equity, on the Fund’s consolidated statements of assets and liabilities. All intercompany balances and transactions have been eliminated in consolidation.
Reclassifications
Certain previously disclosed industry classifications have been expanded to add
additional
sub-industries. Investments fitting into the new sub-industries have been reclassified accordingly.
Valuation of Investment Companies
Investments in investment companies are valued at fair value. Fair values are generally determined utilizing the net asset value (“NAV”) supplied by, or on behalf of, management of each investment company, which is net of management and incentive fees or allocations charged by the investment company and is in accordance with the “practical expedient”, as defined by ASC 820. NAVs received by, or on behalf of, management of each investment company are based on the fair value of the investment company’s underlying investments in accordance with policies established by management of each investment company, as described in each of their financial statements and offering memorandum.
Cash and Cash Equivalents
Cash consists of demand deposits and money market accounts. Cash is carried at cost, which approximates fair value. The Fund maintains deposits of its cash with financial institutions, and, at times, cash held in bank accounts may exceed the Federal Deposit Insurance Corporation insured limit. The Fund considers all highly liquid investments, with original maturities of less than ninety days and money market mutual funds as cash equivalents.
Revenue Recognition
Investment transactions are recorded on a trade-date basis. Interest income is recognized on an accrual basis. Interest income on debt instruments is accrued and recognized for those issuers who are currently paying in full or expected to pay in full. For those issuers who are in default or expected to default, interest is not accrued and is only recognized when received. Generally, when interest and/or principal payments on a loan become past due, or if the Fund otherwise does not expect the borrower to be able to service its debt and other obligations, the Fund will place the loan on
non-accrual
status and will cease recognizing interest income on that loan for financial reporting purposes until all principal and interest have been brought current through payment or due to restructuring such that the interest income is deemed to be collectible. The Fund generally restores
non-accrual
loans to accrual status when past due principal and interest is paid and, in the management’s judgment, is likely to remain current. Interest income and expense include discounts accreted and premiums amortized on certain debt instruments as determined in good faith by the Adviser and calculated using the effective interest method. Loan origination fees, original issue discounts and market discounts or premiums are capitalized as part of the underlying cost of the investments and accreted or amortized over the life of the investment as interest income.
Realized gains and losses on investment transactions are determined on the specific identification method.
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
 
33
interest payment date, the accrued interest receivable attributable to PIK is added to the principal balance of the investment. When additional debt is received on the interest payment date, it typically has the same terms, including maturity dates and interest rates, as the original loan. PIK interest generally becomes due on the investment’s maturity date or call date.
The Fund may earn various fees during the life of the loans. Such fees include, but are not limited to, syndication, commitment, administration, prepayment and amendment fees, some of which are paid to the Fund on an ongoing basis. These fees and any other income are recognized as earned. Upon prepayment of a loan or debt security, any prepayment premiums, unamortized upfront loan origination fees and unamortized discounts are recorded as interest income.
Costs associated with entering into an investment are included in the cost of the investment, and any costs incurred relating to an unconsummated investment are expensed.
Distributions received from an equity interest, limited liability company or a limited partnership investment are evaluated to determine if the distribution should be recorded as dividend income or a return of capital.
Investment Transactions
Investment transactions are accounted for on trade date. Realized gains (losses) on investments sold are recorded on the basis of specific identification method for both consolidated financial statement and U.S. federal income tax purposes. Payable for investments purchased and receivable for investments sold on the Consolidated Statements of Assets and Liabilities, if any, represents the cost of purchases and proceeds from sales of investment securities, respectively, for trades that have been executed but not yet settled.
Non-Accrual
Investments
Investments are placed on
non-accrual
status when it is probable that principal, interest or dividends will not be collected according to the contractual terms. Accrued interest or dividends generally are reversed when an investment is placed on
non-accrual
status. Interest or dividend payments received on
non-accrual
investments may be recognized as income or applied to principal depending upon management’s judgment.
Non-accrual
investments are restored to accrual status when past due principal and interest or dividends are paid and, in management’s judgment, principal and interest or dividend payments are likely to remain current. The Fund may make exceptions to this treatment if an investment has sufficient collateral value and is in the process of collection. As of September 30, 2023, the Fund had certain investments held in four portfolio companies on
non-accrual
status, which represented 1.79% and 0.27% of the total investments (excluding investments in cash equivalents, if any) at amortized cost and at fair value. As of December 31, 2022, the Fund had certain investments held in three portfolio companies on
non-accrual
status, which represented 0.96% and 0.26% of the total investments (excluding investments in cash equivalents, if any) at amortized cost and at fair value.
Credit Facility Related Costs, Expenses and Deferred Financing Costs
The Revolving Credit Facilities (as defined in Note 4) are recorded at carrying value, which approximates fair value. Interest expense and unused commitment fees on the Revolving Credit Facilities are recorded on an accrual basis. Unused commitment fees are included in interest and borrowing expenses in the consolidated statements of operations. Deferred financing costs include capitalized expenses related to the closing of the Revolving Credit Facilities. Amortization of deferred financing costs is computed on the straight-line basis over the contractual term. The amortization of such costs is included in interest and borrowing expenses in the consolidated statements of operations, with any unamortized amounts included in deferred financing costs on the consolidated statements of assets and liabilities.
Notes Payable Related Costs, Expenses and Unamortized Debt Issuance Costs
The Notes (as defined in Note 4) are recorded at carrying value. Interest expense on notes payable is recorded on an accrual basis. Debt issuance costs relating to notes payable are amortized on a straight-line basis over the contractual term and included in interest and borrowing expenses in the consolidated statements of operations. The unamortized debt issuance costs are included as a direct reduction of the carrying value of the notes payable (i.e. a contra liability).
Upon early termination or partial principal pay down of the Notes, the unamortized costs related to the Notes are accelerated into interest and borrowing expenses on the Fund’s consolidated statements of operations.    
 
34
Secured Borrowings
The Fund may finance the purchase of certain investments through
sale/buy-back
agreements. In a
sale/buy-back
agreement, the Fund enters into a trade to sell an investment and contemporaneously enters into a trade to buy the same investment back on a specified date in the future with the same counterparty. The Fund uses
sale/buy-back
agreements as a short-term financing alternative to its existing Revolving Credit Facilities. The Fund accounts for its
sale/buy-back
agreements (the “Secured Borrowings”) as secured borrowings and continues to present the investment as an asset and the obligation to return the cash received as a liability within secured borrowings on the consolidated statements of assets and liabilities. Interest income earned on investments pledged under
sale/buy-back
agreements and financing charges associated with the
sale/buy-back
agreements are included within interest income and interest and borrowing expenses, respectively, on the consolidated statements of operations. Accrued interest receivable on investments and accrued financing charges on the
sale/buy-back
agreements are included within interest receivable and interest and borrowing expenses payable, respectively, on the consolidated statements of assets and liabilities.
Income Taxes
ASC 740, “Accounting for Uncertainty in Income Taxes” (“ASC 740”) provides guidance on the accounting for and disclosure of uncertainty in tax positions. ASC 740 requires the evaluation of tax positions taken or expected to be taken in the course of preparing the Fund’s tax returns to determine whether the tax positions are
“more-likely-than-not”
of being sustained by the applicable tax authority. Tax positions deemed to meet the
more-likely-than-not
threshold are recorded as a tax benefit or expense in the current year. Based on its analysis of its tax position for all open tax years (the current and prior two years), the Fund has concluded that it does not have any uncertain tax positions that met the recognition or measurement criteria of ASC 740. Such open tax years remain subject to examination and adjustment by tax authorities.
The Fund has elected to be treated and intends to continue to be treated for federal income tax purposes as a regulated investment company (“RIC”) under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”). So long as the Fund is able to maintain its status as a RIC, it intends not to be subject to U.S. federal income tax on the portion of its taxable income and gains distributed to stockholders, if any. To qualify for RIC tax treatment, the Fund is required to distribute at least 90% of its investment company taxable income annually, meet diversification and income requirements quarterly, meet gross income requirements annually and file Form
1120-RIC,
as provided by the Code. In order for the Fund not to be subject to U.S. federal excise taxes, it must distribute annually an amount at least equal to the sum of (i) 98% of its net ordinary income (taking into account certain deferrals and elections) for the calendar year, (ii) 98.2% of its capital gains in excess of capital losses for the
one-year
period ending on October 31 of the calendar year and (iii) any net ordinary income and capital gains in excess of capital losses for preceding years that were not distributed during such years. The Fund, at its discretion, may carry forward taxable income in excess of calendar year dividends and pay a 4% nondeductible U.S. federal excise tax on this income. The Fund will accrue excise tax on estimated undistributed taxable income as required. As of September 30, 2023, and December 31, 2022, $0 and $0, respectively, of accrued excise taxes remained payable. For the three and nine months ended September 30, 2023, the Fund accrued income taxes of $96,092 and $374,118, respectively. For the three and nine months ended September 30, 2022, the Fund accrued income taxes of $382,072 and $949,155, respectively. As of September 30, 2023 and December 31, 2022, $185,657 and $1,303,918, respectively, of accrued income taxes remained payable.
The Fund may be subject to taxes imposed by countries in which the Fund invests. Such taxes are generally based on income and/or capital gains earned or repatriated. Taxes are accrued and applied to net investment income, net realized gains and net unrealized gain (loss) as such income and/or gains are earned.
The Fund remains subject to examination by U.S. federal and state jurisdictions, as well as international jurisdictions, and upon completion of these examinations (if undertaken by the taxing jurisdiction) tax adjustments may be necessary and retroactive to all open tax years.
Certain of the Fund’s consolidated subsidiaries are subject to U.S. federal and state corporate-level income taxes.
Use of Estimates
The preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities, if any, at the date of the consolidated financial statements, and the reported amounts of revenues and expenses recorded during the reporting period. Actual results could differ from those estimates and such differences could be material.
 
35
Distributions
Distributions from net investment income and net realized capital gains are determined in accordance with U.S. federal income tax regulations, which may differ from those amounts determined in accordance with GAAP. The Fund may pay distributions in excess of its taxable net investment income. This excess would be a
tax-free
return of capital in the period and reduce the stockholder’s tax basis in its Shares. These book/tax differences are either temporary or permanent in nature. To the extent these differences are permanent they are charged or credited to
paid-in
capital in excess of par or distributable earnings, as appropriate, in the period that the differences arise. Temporary and permanent differences are primarily attributable to differences in the tax treatment of certain loans and the tax characterization of income and
non-deductible
expenses. These differences are generally determined in conjunction with the preparation of the Fund’s annual RIC tax return. Distributions to common stockholders are recorded on the
ex-dividend
date. The amount to be paid out as a distribution is determined by the Board each quarter and is generally based upon the earnings estimated by the Adviser. The Fund may pay distributions to its stockholders in a year in excess of its net ordinary income and capital gains for that year and, accordingly, a portion of such distributions may constitute a return of capital for U.S. federal income tax purposes. The Fund intends to timely distribute to its stockholders substantially all of its annual taxable income for each year, except that the Fund may retain certain net capital gains for reinvestment and, depending upon the level of the Fund’s taxable income earned in a year, the Fund may choose to carry forward taxable income for distribution in the following year and pay any applicable U.S. federal excise tax. The specific tax characteristics of the Fund’s distributions will be reported to stockholders after the end of the calendar year. All distributions will be subject to available funds, and no assurance can be given that the Fund will be able to declare such distributions in future periods.
The Fund has adopted a dividend reinvestment plan that provides for stockholders to receive dividends or other distributions declared by the Board in cash unless a stockholder elects to “opt in” to the dividend reinvestment plan. As a result, if the Board declares a cash distribution, then the stockholders who have “opted in” to the dividend reinvestment plan will have their cash distributions automatically reinvested in additional Shares, rather than receiving the cash distribution.
3. Related Party Transactions
Advisory Agreement
On November 13, 2019, the Fund entered into the amended and restated advisory agreement (the “Amended and Restated Advisory Agreement”), replacing the advisory agreement the Fund entered into with the Adviser on July 27, 2017 (the “Advisory Agreement”), pursuant to which the Fund will pay the Adviser, quarterly in arrears, a base management fee calculated at an annual rate of 1.50%. The base management fee is calculated based on a percentage of the average outstanding assets of the Fund (which equals the gross value of equity and debt instruments, including investments made utilizing leverage), excluding cash and cash equivalents, during such fiscal quarter. The average outstanding assets is calculated by taking the average of the amount of assets of the Fund at the beginning and end of each month that occurs during the calculation period. The base management fee is calculated and paid quarterly in arrears but will be accrued monthly by the Fund over the fiscal quarter for which such base management fee is paid.
On March 24, 2022, the Fund entered into the second amended and restated investment advisory agreement (the “Second Amended and Restated Advisory Agreement”), replacing the Amended and Restated Advisory Agreement pursuant to which effective March 24, 2022 the base management fee shall be calculated at an annual rate of 1.375%. On March 24, 2022, the Fund and the Adviser also entered into a fee waiver letter pursuant to which the Adviser has agreed to waive a portion of the management fee in excess of the base management fee calculated at the reduced annual rate of 1.375% for the period January 1, 2022 through March 24, 2022.
For the three and nine months ended September 30, 2023, the Fund incurred a management fee of $4,276,488 and $12,419,430, respectively. For the three and nine months ended September 30, 2022, the Fund incurred a management fee of $3,644,259 and $10,438,278, respectively, of which $0 and $283,566, respectively, were voluntarily waived by the Adviser. As of September 30, 2023 and December 31, 2022, $4,276,488 and $3,778,123, respectively, of accrued management fee remained payable.
The Fund will also pay the Adviser an incentive fee that provides the Adviser with a share of the income that the Adviser generates for the Fund. The incentive fee will consist of an income-based incentive fee component and a capital-gains component, which are largely independent of each other, with the result that one component may be payable even if the other is not.
Income-Based Incentive Fee: The income-based incentive fee is calculated and payable quarterly in arrears based on the Fund’s net investment income prior to any deductions with respect to such income-based incentive fees and capital gains incentive fees
(“Pre-incentive
Fee Net Investment Income” or “PIFNII”) for the quarter, as further described below. PIFNII means interest income, dividend income and any other income (including any other fees, such as commitment, origination, structuring, diligence, managerial and consulting fees or other fees the Fund receives from portfolio companies) that the Fund accrues during the fiscal quarter, minus the Fund’s operating expenses for the quarter (including the base management fee, expenses payable under the administration agreement (the “Administration Agreement”) the Fund has entered into with State Street Bank and Trust (the “Administrator”), and any interest expense and dividends paid on any issued and outstanding indebtedness or preferred stock, respectively, but excluding, for avoidance of doubt, the income-based incentive fee, as well as the capital gains incentive fee
 
36
(described below), accrued under GAAP). PIFNII also includes, in the case of investments with a deferred interest feature (such as original issue discount, debt instruments with
pay-in-kind
interest and
zero-coupon
securities), accrued income that the Fund has not yet received in cash. The Adviser is not under any obligation to reimburse the Fund for any part of the income-based incentive fees it received that was based on accrued interest that the Fund never actually received.
PIFNII does not include any realized capital gains, realized capital losses or unrealized capital appreciation or depreciation. Because of the structure of the income-based incentive fee, it is possible that the Fund may accrue such income-based incentive fee in a quarter where the Fund incurs a net loss. For example, if the Fund receives PIFNII in excess of a hurdle rate (as defined below) for a quarter, the Fund will accrue the applicable income-based incentive fee even if the Fund has incurred a realized and/or unrealized capital loss in that quarter. However, cash payment of the income-based incentive fee may be deferred in this situation, subject to the restrictions detailed at the end of this section.
PIFNII, expressed as a rate of return on the average value of the Fund’s net assets (defined as total assets, less indebtedness and before taking into account any incentive fees payable during the period) as of the first day of each month during the course of the immediately preceding calendar quarter, will be compared to various “hurdle rates,” with the income-based incentive fee rate of return increasing at each hurdle rate.
Description of Quarterly Incentive Fee Calculations
The Fund pays the Adviser an income-based incentive fee with respect to PIFNII in each calendar quarter as follows:
 
  •  
No income-based incentive fee in any calendar quarter in which PIFNII does not exceed 1.5% per quarter (6% per annum), the “6% Hurdle Rate”;
 
  •  
100% of PIFNII with respect to that portion of such PIFNII, if any, that exceeds the 6% Hurdle Rate but is less than 1.67% in any calendar quarter (the “6%
Catch-up
Cap”), approximately 6.67% per annum. This portion of PIFNII (which exceeds the 6% Hurdle Rate but is less than the 6%
Catch-up
Cap) is referred to as the “6%
Catch-up.”
The 6%
Catch-up
is meant to provide the Adviser with 10.0% of the PIFNII as if hurdle rate did not apply if this net investment income exceeded 1.67% but was less than 1.94% in any calendar quarter; and
 
  •  
10.0% of the amount of PIFNII, if any, that exceeds the 6%
Catch-up
Cap, but is less than 1.94% (the “7% Hurdle Rate”), approximately 7.78% per annum. The 7% Hurdle Rate is meant to limit the Adviser to 10% of the PIFNII until the amount of PIFNII exceeds 1.94%, approximately 7.78% per annum; and
 
  •  
100% of PIFNII with respect to that portion of such PIFNII, if any, that exceeds the 7% Hurdle Rate but is less than 2.06% in any calendar quarter (the “7%
Catch-up
Cap”), approximately 8.24% per annum. This portion of PIFNII (which exceeds the 7% Hurdle Rate but is less than the 7%
Catch-up
Cap) is referred to as the “7%
Catch-up.”
The 7%
Catch-up
is meant to provide the Adviser with 15.0% of the PIFNII as if a hurdle rate did not apply if this net investment income exceeded 2.06% but was less than 2.35% in any calendar quarter; and
 
  •  
15.0% of the amount of PIFNII, if any, that exceeds the 7%
Catch-up
Cap, but is less than 2.35% (the “8% Hurdle Rate”, approximately 9.41% per annum). The 8% Hurdle Rate is meant to limit the Adviser to 15% of the PIFNII until the amount of PIFNII exceeds 2.35%, approximately 9.41% per annum; and
 
  •  
100% of PIFNII with respect to that portion of such PIFNII, if any, that exceeds the 8% Hurdle Rate but is less than 2.50% in any calendar quarter (the “8%
Catch-up
Cap”), approximately 10% per annum. This portion of PIFNII (which exceeds the 8% Hurdle Rate but is less than the 8%
Catch-up
cap) is referred to as the “8%
Catch-up”.
The 8%
Catch-up
is meant to provide the Adviser with 20.0% of the PIFNII as if a hurdle rate did not apply if this net investment income exceeded 2.50% in any calendar quarter; and
 
  •  
20.0% of the amount of PIFNII, if any, that exceeds 2.50% in any calendar quarter.
For the three and nine months ended September 30, 2023, the Fund incurred income-based incentive fees of $3,125,822 and $8,480,899, respectively. For the three and nine months ended September 30, 2022, the Fund incurred income-based incentive fees of $1,275,176 and $4,158,321, respectively. As of September 30, 2023 and December 31, 2022, $5,726,295 and $2,534,935, respectively, of accrued income-based incentive fees remained payable.
 
37
The capital gains fee shall be determined and payable in arrears as of the end of each calendar year (or upon termination of this Agreement as set forth below), and will equal 20.0% of the Fund’s aggregate cumulative realized capital gains, if any, from the date of the Fund’s election to be regulated as a BDC through the end of each calendar year, computed net of all aggregate cumulative realized capital losses and aggregate cumulative unrealized capital depreciation, less the aggregate amount of any previously paid capital gain incentive fees, with respect to each of the investments in the Fund’s portfolio. The Fund’s “aggregate cumulative realized capital gains” will not include any unrealized appreciation. The capital gains fee is not subject to any minimum return to stockholders. If such amount is negative, then no capital gains fee will be payable for such year. In the event that this Agreement shall terminate as of a date that is not a calendar year end, the termination date shall be treated as though it were a calendar year end for purposes of calculating and paying a capital gains fee.
While the capital gains fee to be paid is determined above, GAAP requires such fee to be accrued as if the Fund were to be terminated and liquidated at period end hypothetical liquidation. There was no capital gains incentive fee under GAAP recognized for the three and nine months ended September 30, 2023. For the three and nine months ended September 30, 2022, the Fund reduced the previously recognized capital gains incentive fee under GAAP by $(499,007) and $(1,283,044), which was not realized. As of September 30, 2023 and December 31, 2022, $0 and $0, respectively, of capital gains incentive fee remained payable.
The amount of capital gains incentive fee expense related to a hypothetical liquidation of the portfolio (and assuming no other changes in realized or unrealized gains and losses) would only become payable to the Adviser in the event of a complete liquidation of the Fund’s portfolio as of period end and the termination of the Amended and Restated Advisory Agreement on such date. Also, it should be noted that the capital gains incentive fee expense fluctuates with the Fund’s overall investment results.
The Fund will defer cash payment of any income-based incentive fee and/or any capital gains incentive fee otherwise earned by the Adviser if during the most recent four full fiscal quarter periods ending on or prior to the date such payment is to be made, the sum of (a) the PIFNII, and (b) the realized capital gain / loss and (c) unrealized capital appreciation/ depreciation expressed as a rate of return on the value of our net assets, is less than 6.0%. Any such deferred fees are carried over for payment in subsequent calculation periods to the extent such payment is payable under the Amended and Restated Advisory Agreement.
Administration Agreement and Expense Reimbursement Agreement
The Fund has entered into the Administration Agreement with the Administrator and a separate expense reimbursement agreement with the Adviser (the “Expense Reimbursement Agreement”) under which any allocable portion of the cost of its Chief Compliance Officer and Chief Financial Officer and their respective staffs will be reimbursed by the Fund. Under the Administration Agreement, the Administrator will be responsible for providing the Fund with clerical, bookkeeping, recordkeeping and other administrative services. The Fund will reimburse the Adviser an amount equal to the Fund’s allocable portion (subject to the review of its Board) of its overhead resulting from its obligations under the Expense Reimbursement Agreement, including the allocable portion of the cost of its Chief Compliance Officer and Chief Financial Officer and their respective staffs.
Expense Support and Conditional Reimbursement Agreement
On September 29, 2017, the Fund and the Adviser entered into an agreement (the “Expense Support and Conditional Reimbursement Agreement”) to limit certain of the Fund’s Operating Expenses, as defined below, to no more than 1.5% of the Fund’s average quarterly gross assets. To achieve this percentage limitation, the Adviser has agreed to reimburse the Fund for certain Operating Expenses on a quarterly basis (any such payment by the Adviser, an “Expense Payment”) and the Fund has agreed to later repay such amounts (any such payment by the Fund, a “Reimbursement Payment”), pursuant to the terms of the Expense Support and Conditional Reimbursement Agreement. The actual percentage of Operating Expenses paid by the Fund in any quarter after deducting any Expense Payment, as a percentage of the Fund’s average quarterly gross assets, is referred to as the “Percentage Limit.”
Any Expense Payment by the Adviser pursuant to the Expense Support and Conditional Reimbursement Agreement will be subject to repayment by the Fund on a quarterly basis within the three years following the fiscal quarter of the Fund in which the Operating Expenses were paid or absorbed, if the total Operating Expenses for the current quarter, including Reimbursement Payments, expressed as a percentage of the Fund’s average gross assets during such quarter is less than the then-current Percentage Limit, if any, and the Percentage Limit that was in effect at the time when the Adviser reimbursed the Operating Expenses that are the subject of the repayment, subject to certain provisions of the Expense Support and Conditional Reimbursement Agreement, as described below. For purposes of the Expense Support and Conditional Reimbursement Agreement, “Operating Expenses” means the Fund’s Total Operating Expenses (as defined below), excluding base management fees, incentive fees, distribution and stockholder servicing fees, financing fees and costs, interest expense, brokerage commissions and extraordinary expenses and “Total Operating Expenses” means all of the Fund’s operating costs and expenses incurred, as determined in accordance with generally accepted accounting principles for investment companies.
 
38
However, no Reimbursement Payment for any quarter will be made if: (1) the Effective Rate of Distributions Per Share (as defined below) declared by the Fund at the time of such Reimbursement Payment is less than or equal to the Effective Rate of Distributions Per Share at the time the Expense Payment was made to which such Reimbursement Payment relates, or (2) the Fund’s Operating Expense Ratio at the time of such Reimbursement Payment is greater than or equal to the Operating Expense Ratio (as defined below) at the time the Expense Payment was made to which such Reimbursement Payment relates. For purposes of the Expense Support and Conditional Reimbursement Agreement, “Effective Rate of Distributions Per Share” means the annualized rate (based on a
365-
day year) of regular cash distributions per Share exclusive of returns of capital, distribution rate reductions due to distribution and stockholder fees, and declared special dividends or special distributions, if any. The “Operating Expense Ratio” is calculated by dividing Operating Expenses in any quarter by the Fund’s average net assets in such quarter.
The specific amount of expenses paid by the Adviser, if any, will be determined at the end of each quarter. The Fund or the Adviser may terminate the Expense Support and Conditional Reimbursement Agreement at any time, with or without notice. The Expense Support and Conditional Reimbursement Agreement will automatically terminate in the event of (a) the termination of the Amended and Restated Advisory Agreement, or (b) the Board of the Fund making a determination to dissolve or liquidate the Fund. Upon termination of the Expense Support and Conditional Reimbursement Agreement, the Fund will be required to fund any Expense Payments, subject to the aforementioned requirements per the Expense Support and Conditional Reimbursement Agreement, that have not been reimbursed by the Fund to the Adviser.
Transfer Agency Agreement
On September 26, 2017, the Fund and Alliance Bernstein Investor Services, Inc. (“ABIS”), an affiliate of the Fund, entered into an agreement pursuant to which ABIS will provide transfer agent services to the Fund. The Fund bears the expenses related to the agreement with ABIS.
For the three and nine months ended September 30, 2023, the Fund accrued $36,929 and $108,416, respectively, in transfer agent fees. For the three and nine months ended September 30, 2022, the Fund accrued $32,503 and $88,020, respectively, in transfer agent fees. As of September 30, 2023 and December 31, 2022, $36,929 and $34,224, respectively, of accrued transfer agent fees remained payable.
Co-investment
Activity
The Fund may be prohibited under the 1940 Act from participating in certain transactions with its affiliates without prior approval of the directors who are not interested persons, and in some cases, the prior approval of the SEC. The Fund, the Adviser and certain of their affiliates have been granted exemptive relief by the SEC for the Fund to
co-invest
with other funds managed by the Adviser or its affiliates in a manner consistent with the Fund’s investment objective, positions, policies, strategies and restrictions as well as regulatory requirements and other pertinent factors. Pursuant to such exemptive relief, the Fund generally is permitted to
co-invest
with certain of its affiliates if a “required majority” (as defined in Section 57(o) of the 1940 Act) of the Board make certain conclusions in connection with a
co-investment
transaction, including that (1) the terms of the transaction, including the consideration to be paid, are reasonable and fair to the Fund and its shareholders and do not involve overreaching of the Fund or its shareholders on the part of any person concerned, (2) the transaction is consistent with the interests of the Fund’s shareholders and is consistent with its investment objective and strategies, (3) the investment by its affiliates would not disadvantage the Fund, and the Fund’s participation would not be on a basis different from or less advantageous than that on which its affiliates are investing and (4) the proposed investment by the Fund would not benefit the Adviser or its affiliates or any affiliated person of any of them (other than the parties to the transaction), except to the extent permitted by the exemptive relief and applicable law, including the limitations set forth in Section 57(k) of the 1940 Act. As a result of exemptive relief, there could be significant overlap in the Fund’s investment portfolio and the investment portfolio of other funds managed by the Adviser or its affiliates that could avail themselves of the exemptive relief and that have an investment objective similar to the Fund’s.
Affiliates
As defined in the Investment Company Act, the investment is deemed to be a “controlled affiliated person” of the Fund because the Fund owns, either directly or indirectly, 25% or more of the portfolio company’s outstanding voting securities or has the power to exercise control over management or policies of such portfolio company. The table below presents the Fund’s affiliated investments:
 
39
 
  
Beginning
Fair Value
Balance
 
  
Gross
Additions
(1)
 
  
Gross
Reductions
(2)
 
 
Net Realized

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

(1)
Gross additions may include increases in the cost basis of investments resulting from new portfolio investments, PIK, the accretion of discounts, the exchange of one or more existing securities for one or more new securities and the movement of an existing portfolio company into this category from a different category.
(2)
Gross reductions may include decreases in the cost basis of investments resulting from principal collections related to investment repayments or sales, the exchange of one or more existing securities for one or more new securities and the movement of an existing portfolio company out of this category into a different category.
4. Borrowings
Credit Facilities
HSBC Credit Facility
On July 8, 2021, the Fund entered into Joinder and Third Amendment to Revolving Credit Agreement (the “HSBC Joinder”), with HSBC as administrative agent and a lender, and each of the parties listed thereto, pursuant to which the Fund became party to a subscription financing facility (the “2021 HSBC Credit Facility”) evidenced by Revolving Credit Agreement, dated as of June 14, 2019 (as amended, restated, supplemented or otherwise modified from time to time, the “2021 HSBC Credit Agreement”), by and among
AB-Abbott
Private Equity Investors 2019 (Delaware) Fund L.P.,
AB-Abbott
Private Equity Investors 2020 (Delaware) Fund L.P.,
AB-Abbott
Private Equity Solutions 2021 (Delaware) Fund L.P., AB Private Credit Investors Middle Market Direct Lending Fund L.P.,
AB-Abbott
Private Equity Solutions 2022 (Delaware), affiliates of the Fund, the banks and financial institutions from time to time party thereto as lenders, and HSBC as administrative agent. The Fund Group Facility Sublimit (as defined in the 2021 HSBC Credit Agreement) applicable to the Fund under the 2021 HSBC Credit Facility is $50 million. Borrowings under the 2021 HSBC Credit Facility bear interest at a rate per annum equal to (i) with respect to SOFR Loans, Adjusted Term SOFR (as defined in the 2021 HSBC Credit Agreement) plus the Applicable Margin (as defined in the 2021 HSBC Credit Agreement) for the applicable Interest Period (as defined in the 2021 HSBC Credit Agreement) and (ii) with respect to Reference Rate Loans (as defined in the 2021 HSBC Credit Agreement), the Reference Rate (as defined in the 2021 HSBC Credit Agreement) in effect from day to day. The Fund will also pay an unused commitment fee of 0.35%. Proceeds under the 2021 HSBC Credit Agreement may be used for any purpose permitted under the Fund’s organizational documents, including general corporate purposes such as the making of investments. The 2021 HSBC Credit Agreement contains certain customary covenants and events of default, with customary cure and notice provisions. As of September 30, 2023, the Fund is in compliance with these covenants. The Fund’s obligations under the 2021 HSBC Credit Agreement are secured by the Capital Commitments and capital contributions.
On June 10, 2022, the Fund entered into amendment no. 6 to the 2021 HSBC Credit Agreement. The 2021 HSBC Credit Agreement Amendment no. 6 (i) extended the maturity date of the 2021 HSBC Credit Facility from June 10, 2022 to June 9, 2023 and (ii) reduced the Fund’s sublimit commitment from $50,000,000 to $33,000,000.
On November 10, 2022, the Fund entered into amendment no. 7 to the 2021 HSBC Credit Agreement. The 2021 HSBC Credit Agreement Amendment no. 7 (i) temporarily increased the 2021 HSBC Credit Facility’s maximum commitment from $135,000,000 to $200,000,000 until March 31, 2023 (the “Temporary Increase Maturity Date”) and (ii) temporarily increased the Fund’s sublimit commitment from $33,000,000 to $50,000,000 until the Temporary Increase Maturity Date.
 
40
Table of Contents
On March 30, 2023, the Fund entered into amendment no. 8 to the 2021 HSBC Credit Agreement. The 2021 HSBC Credit Agreement Amendment no. 8 extended the Temporary Increase Maturity Date from March 31, 2023 until June 9, 2023.
On June 9, 2023, the Fund entered into amendment no. 9 to the 2021 HSBC Credit Agreement. The 2021 HSBC Credit Agreement Amendment no. 9 (i) extended the maturity date of the 2021 HSBC Credit Facility from June 9, 2023 to June 7, 2024 and (ii) reduced the Fund’s sublimit commitment from $33,000,000 to $31,000,000.
Synovus Credit Facility
On October 15, 2020, ABPCIC Funding II entered into a revolving credit facility (the “Synovus Credit Facility”) with Synovus Bank, Specialty Finance Division (“Synovus”), as facility agent, and U.S. Bank, National Association (“U.S. Bank”), as collateral agent (in such capacity, the “Synovus Collateral Agent”), collateral custodian (in such capacity, the “Synovus Collateral Custodian”) and securities intermediary (in such capacity, the “Synovus Securities Intermediary”). On April 16, 2021, pursuant to an amendment to the loan financing and servicing agreement (the “Synovus Loan Agreement”), the Fund increased the commitment of the existing lender by $20,000,000 from $100,000,000 to $120,000,000 and added WebBank as an additional lender with a commitment of $30,000,000.
On December 31, 2021, pursuant to an amendment to the Synovus Loan Agreement, ABPCIC Funding II added Axos Bank as an additional lender with a commitment of $50,000,000.
The Synovus Credit Facility provides for borrowings in an aggregate amount up to $200,000,000. Borrowings under the Synovus Credit Facility bear interest based on an annual adjusted SOFR for the relevant interest period, plus an applicable spread. Interest is payable quarterly in arrears. Any amounts borrowed under the Synovus Credit Facility will mature, and all accrued and unpaid interest thereunder will be due and payable, on the earlier of (i) October 15, 2025 (or such later date mutually agreed to by ABPCIC Funding II and Synovus) or (ii) upon certain events which result in accelerated maturity under the agreements establishing the Synovus Credit Facility. Borrowing under the Synovus Credit Facility is subject to certain restrictions contained in the 1940 Act.
Borrowings under the Synovus Credit Facility are secured by all of the assets held by ABPCIC Funding II. Pursuant to the agreements establishing the Synovus Credit Facility, the Adviser will perform certain duties with respect to the purchase and management of the assets securing the Synovus Credit Facility. The Adviser will not receive a fee for these services so long as the Adviser or an affiliate thereof continues providing such services. ABPCIC Funding II will reimburse all reasonable expenses, disbursements and advances incurred or made by the Adviser in the performance of its obligations relating to the Synovus Credit Facility.
All of the collateral pledged to the lenders by ABPCIC Funding II under the Synovus Credit Facility is held in the custody of the Synovus Collateral Custodian or the Synovus Securities Intermediary. The Synovus Collateral Custodian will maintain and perform certain custodial services with respect to the collateral pledged to support the Synovus Credit Facility. As compensation for the services rendered by U.S. Bank in its capacities as Synovus Collateral Custodian and Synovus Collateral Agent, ABPCIC Funding II will pay U.S. Bank, on a quarterly basis, customary fee amounts and reimburse U.S. Bank for its reasonable
out-of-pocket
expenses. The Synovus Credit Facility contains certain customary covenants and events of default, with customary cure and notice provisions. As of September 30, 2023, the Fund is in compliance with these covenants.
Natixis Credit Facility
On March 24, 2021, ABPCIC Funding III entered into a warehouse financing transaction (the “2021 Natixis Credit Facility”) with Natixis, New York Branch, as administrative agent and U.S. Bank as collateral agent, collateral administrator and custodian. The reinvestment period of ABPCIC Funding III expired on March 24, 2023. On May 3, 2023, ABPCIC Funding III merged with CLO XIII (the “ABPCIC Funding III Merger”) as part of the closing of the CLO XIII Transaction (as defined below). The 2021 Natixis Credit Facility was terminated in connection with the ABPCIC Funding III Merger.
On April 21, 2023, ABPCIC Funding IV entered into a warehouse financing transaction (the “Natixis Credit Facility,” and together with the 2021 HSBC Credit Facility and the Synovus Credit Facility, the “Revolving Credit Facilities”) with Natixis, New York Branch, as administrative agent (in such capacity, the “Natixis Administrative Agent”) and U.S. Bank Trust Company, National Association, as collateral agent (in such capacity, the “Natixis Collateral Agent”) and collateral administrator (in such capacity, the “Natixis Collateral Administrator”). In connection with the Natixis Credit Facility, ABPCIC Funding IV entered into, among other agreements, (i) the credit agreement (the “Natixis Credit Agreement”) among ABPCIC Funding IV, the lenders referred to therein, the Natixis Administrative Agent, the Natixis Collateral Agent and the Natixis Collateral Administrator, (ii) the account control agreement
 
41
Table of Contents
(the “Natixis Account Control Agreement”) among ABPCIC Funding IV, as debtor, the Natixis Collateral Agent, as secured party, and U.S. Bank National Association, as securities intermediary (in such capacity, the “Natixis Securities Intermediary”), (iii) the collateral management agreement (the “Natixis Collateral Management Agreement”), between ABPCIC Funding IV and the Adviser, as collateral manager (in such capacity, the “Natixis Collateral Manager”), (iv) the collateral administration agreement (the “Natixis Collateral Administration Agreement”), among ABPCIC Funding IV, the Natixis Collateral Manager and the Natixis Collateral Administrator and (v) the master loan sale and contribution agreement between ABPCIC Funding IV and the Fund.
The Natixis Credit Agreement provides for borrowings in an aggregate amount up to $200,000,000. Borrowings under the Natixis Credit Agreement will bear interest based on an adjusted term standard overnight financing rate for the relevant interest period or the applicable replacement thereto provided for in the Natixis Credit Agreement, in each case, plus an applicable spread. Interest is payable quarterly in arrears. Any amounts borrowed under the Natixis Credit Agreement will mature, and all accrued and unpaid interest thereunder will be due and payable, on the earlier of (i) April 21, 2033 (or such later date mutually agreed to by ABPCIC Funding IV and the Natixis Administrative Agent) or (ii) upon certain other events which result in accelerated maturity under the Natixis Credit Facility. Borrowing under the Natixis Credit Facility is subject to certain restrictions contained in the 1940 Act.
Borrowings under the Natixis Credit Agreement are secured by all of the assets held by ABPCIC Funding IV. Pursuant to the Natixis Collateral Management Agreement, the Natixis Collateral Manager will perform certain duties with respect to the purchase and management of the assets securing the Natixis Credit Facility. There is no collateral management fee charged as long as Advisor serves as a collateral manager. ABPCIC Funding IV will reimburse the expenses incurred by the Natixis Collateral Manager in the performance of its obligations under the Natixis Collateral Management Agreement other than any ordinary overhead expenses, which shall not be reimbursed. ABPCIC Funding IV has made customary representations and warranties under the Natixis Collateral Management Agreement and is required to comply with various covenants, reporting requirements and other customary requirements for similar credit facilities. As of September 30, 2023, the Fund is in compliance with these covenants.
All of the collateral pledged to the lenders by ABPCIC Funding IV under the Natixis Credit Agreement is held in the custody of the Natixis Securities Intermediary under the Natixis Account Control Agreement. The Natixis Collateral Administrator will maintain and perform certain collateral administration services with respect to the collateral pursuant to the Natixis Collateral Administration Agreement. As compensation for the services rendered by the Natixis Collateral Administrator, ABPCIC Funding IV will pay the Natixis Collateral Administrator, on a quarterly basis, customary fee amounts and reimburse the Natixis Collateral Administrator for its reasonable
out-of-pocket
expenses. The Natixis Collateral Administration Agreement and the obligations of the Natixis Collateral Administrator will continue until the earlier of (i) the liquidation of the collateral and the final distribution of the proceeds of such liquidation, (ii) the date on which all obligations have been paid in full or (iii) the termination of the Natixis Collateral Management Agreement.
The Fund’s outstanding borrowings through the Revolving Credit Facilities as of September 30, 2023 were as follows:
 
    
Aggregate Borrowing

Amount Committed
     
Outstanding

Borrowing
     
Amount

Available
     
Carrying

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

Amount Committed
     
Outstanding

Borrowing
     
Amount

Available
     
Carrying

Value
  
HSBC
    $ 50,000,000      $ —        $ 50,000,000      $ —    
Synovus
      200,000,000        180,000,000        20,000,000        180,000,000  
Natixis
      300,000,000        268,000,000        32,000,000        268,000,000  
  
 
 
     
 
 
     
 
 
     
 
 
  
Total
    $ 550,000,000      $ 448,000,000      $ 102,000,000      $ 448,000,000  
  
 
 
     
 
 
     
 
 
     
 
 
  
As of September 30, 2023 and December 31, 2022, deferred financing costs were $925,433 and $1,146,619, respectively, which remain to be amortized, and are reflected on the consolidated statements of assets and liabilities.
 
42
Collateralized Loan Obligations
CLO VI
On August 9, 2019, CLO VI (the “VI Issuer”) and ABPCI Direct Lending Fund CLO VI LLC, a limited liability company organized under the laws of the State of Delaware (the “VI
Co-Issuer,”
and together with the VI Issuer, the “VI
Co-Issuers”),
each a newly formed special purpose vehicle, completed a $300,500,000 term debt securitization (the “CLO VI Transaction”). The stated reinvestment date was August 9, 2022.
The CLO VI indenture was refinanced under terms of the first supplemental indenture dated April 28, 2022 among the VI Issuer and U.S. Bank National Association, as trustee. As a result of the refinancing, the outstanding notes (other than the Subordinated Notes) under the indenture dated August 9, 2019 in the amount of $246,900,000 were paid off, and the unamortized debt discount and debt issuance costs were accelerated into interest and borrowing expenses on the consolidated statements of operations. The VI Issuer issued new notes as listed below, as well as additional Subordinated Notes in the amount of $7,720,000.
The CLO VI Transaction was executed through a private placement and the notes offered (the “VI Notes”) that remain outstanding as of September 30, 2023 and December 31, 2022 were as follows:
 
    
September 30, 2023
  
    
Principal
Amount
     
Interest Rate
    
Carrying
Value
(1)
  
Class A-1-R
Senior Secured Floating Rate Note
(“Class A-1-R”)
    $ 98,250,000        Term SOFR + 1.83 %    $ 97,518,497  
Class A-1-L
Senior Secured Floating Rate Loan
(“Class A-1-L”)
    $ 75,000,000        Term SOFR + 1.83 %    $ 74,746,497  
Class A-1-F
Senior Secured Fixed Rate Note
(“Class A-1-F”)
    $ 30,000,000        4.305 %    $ 29,898,599  
Class A-2-R
Senior Secured Floating Rate Note
(“Class A-2-R”)
    $ 43,500,000        Term SOFR + 2.25 %    $ 43,352,985  
Class B-R
Secured Deferrable Floating Rate Note
(“Class B-R”)
    $ 19,250,000        Term SOFR + 3.10 %    $ —   * 
Class C-R
Secured Deferrable Floating Rate Note
(“Class C-R”)
    $ 20,125,000        Term SOFR + 4.15 %    $ —   * 
Subordinated Notes
    $ 61,320,000        N/A     $ —   * 
 
*
Class
B-R,
Class C-R
and Subordinated Notes are held by the Fund and have been eliminated in consolidation.
(1)
Carrying value is net of unamortized discount and debt issuance costs. Unamortized discount and debt issuance costs associated with the VI Notes totaled $399,530 and $833,892, respectively, as of September 30, 2023 and are reflected on the consolidated statements of assets and liabilities.
 
    
December 31, 2022
  
    
Principal
Amount
     
Interest Rate
    
Carrying
Value
(1)
  
Class A-1-R
Senior Secured Floating Rate Note
(“Class A-1-R”)
    $ 98,250,000        Term SOFR + 1.83 %    $ 97,345,789  
Class A-1-L
Senior Secured Floating Rate Loan
(“Class A-1-L”)
    $ 75,000,000        Term SOFR + 1.83 %    $ 74,626,138  
Class A-1-F
Senior Secured Fixed Rate Note
(“Class A-1-F”)
    $ 30,000,000        4.305 %    $ 29,850,455  
Class A-2-R
Senior Secured Floating Rate Note
(“Class A-2-R”)
    $ 43,500,000        Term SOFR + 2.25 %    $ 43,283,185  
Class B-R
Secured Deferrable Floating Rate Note
(“Class B-R”)
    $ 19,250,000        Term SOFR + 3.10 %    $ —   * 
Class C-R
Secured Deferrable Floating Rate Note
(“Class C-R”)
    $ 20,125,000        Term SOFR + 4.15 %    $ —   * 
Subordinated Notes
    $ 61,320,000        N/A     $ —   * 
 
*
Class
B-R,
Class C-R
and Subordinated Notes are held by the Fund and have been eliminated in consolidation.
(1)
Carrying value is net of unamortized discount and debt issuance costs. Unamortized discount and debt issuance costs associated with the VI Notes totaled $414,624 and $1,229,809, respectively, as of December 31, 2022 and are reflected on the consolidated statements of assets and liabilities.
 
43
The CLO VI indenture provides that the holders of the VI Notes are to receive quarterly interest payments, in arrears, on the 27th day in January, April, July and October of each year, commencing in July 2022. The VI Notes will mature on April 27, 2034.
The VI Notes are the secured obligations of the VI
Co-Issuers,
and the indenture governing the VI Notes includes customary covenants and events of default. The VI Notes have not been, and will not be, registered under the Securities Act or any state securities or “blue sky” laws and may not be offered or sold in the United States absent registration with the Securities and Exchange Commission or an applicable exemption from registration.
The Adviser serves as collateral manager to the VI Issuer pursuant to a collateral management agreement between the Adviser and the VI Issuer (the “CLO VI Collateral Management Agreement”). For so long as the Adviser serves as collateral manager to the VI Issuer, the Adviser will elect to irrevocably waive any base management fee or subordinated interest to which it may be entitled under the CLO VI Collateral Management Agreement. For the three and nine months ended September 30, 2023, the Fund did not incur any collateral management fees. For the three and nine months ended September 30, 2022, the Fund incurred collateral management fees of $0 and $588,476, respectively, which were voluntarily waived by the Adviser. Pursuant to a new CLO notes issuance, a collateral management fee is no longer charged as long as the Adviser serves as a collateral manager.
CLO XIII
On May 3, 2023, CLO XIII (the “XIII Issuer”), ABPCI Direct Lending Fund CLO XIII LLC, a limited liability company organized under the laws of the State of Delaware (the “XIII
Co-Issuer,”
and together with the XIII Issuer, the “XIII
Co-Issuers”),
ABPCI Direct Lending Fund CLO XIII First Static Subsidiary Ltd (the “First Static Subsidiary”) and ABPCI Direct Lending Fund CLO XIII Second Static Subsidiary Ltd (the “Second Static Subsidiary” and together with the First Static Subsidiary, the “Static Subsidiaries”, and together with the XIII
Co-Issuers,
the “XIII Issuer Entities”), each a newly formed special purpose vehicle, completed a $395,000,000 term debt securitization (the “CLO XIII Transaction”). The stated reinvestment date was April 27, 2027.
The CLO XIII Transaction was executed through a private placement and the notes offered (the “XIII Notes”) that remain outstanding as of September 30, 2023 were as follows:
 
    
September 30, 2023
  
    
Principal
Amount
     
Interest Rate
    
Carrying
Value
(1)
  
Class A Senior Secured Floating Rate Note (“Class A”)
    $ 228,000,000        Term SOFR + 2.60 %    $ 225,562,955  
Class B Senior Secured Floating Rate Note (“Class B”)
    $ 36,000,000        Term SOFR + 3.65 %    $ 35,615,204  
Class C Secured Deferrable Floating Rate Note (“Class C”)
    $ 36,000,000        Term SOFR + 4.55 %    $ 35,615,204  
Class D Secured Deferrable Floating Rate Note (“Class D”)
    $ 28,000,000        Term SOFR + 6.90 %    $ —   * 
Subordinated Notes
    $ 67,000,000        N/A     $ —   * 
 
*
Class D and Subordinated Notes are held by the Fund and have been eliminated in consolidation.
(1)
Carrying value is net of unamortized discount and debt issuance costs. Unamortized discount and debt issuance costs associated with the XIII Notes totaled $0 and $3,206,637, respectively, as of September 30, 2023 and are reflected on the consolidated statements of assets and liabilities.
The CLO XIII indenture provides that the holders of the XIII Notes are to receive quarterly interest payments, in arrears, on the 27th day in January, April, July and October of each year, commencing in October 2023. The XIII Notes will mature on April 27, 2035.
 
44
The XIII Notes are the secured obligations of the XIII Issuer Entities, and the indenture governing the XIII Notes includes customary covenants and events of default. The XIII Notes have not been, and will not be, registered under the Securities Act or any state securities or “blue sky” laws and may not be offered or sold in the United States absent registration with the Securities and Exchange Commission or an applicable exemption from registration.
The Adviser serves as collateral manager to the XIII Issuer pursuant to a collateral management agreement between the Adviser and the XIII Issuer (the “CLO XIII Collateral Management Agreement”). For so long as the Adviser serves as collateral manager to the XIII Issuer, a collateral management fee shall not be charged.
Secured Borrowings
From time to time, the Fund may engage in
sale/buy-back
agreements, with Macquarie US Trading LLC (the “Macquarie Sale/Buy Back”), which are a type of secured borrowing. The amount, interest rate and terms of these agreements will be individually negotiated on a
transaction-by-transaction
basis. Each borrowing is secured by an interest in an underlying asset which is participated or assigned to the
sale/buy-back
counterparty for the duration of the agreement.
There were no Secured Borrowings outstanding as of September 30, 2023.
Secured Borrowings outstanding as of December 31, 2022, were as follows:
 
Loan Name
   Trade Date    
Maturity Date
   bps Daily Rate     Amount  
Saviynt, Inc.
     12/22/2022     90 days or less from trade date     2.27     $ 5,917,275  
       
 
 
  
        $ 5,917,275  
       
 
 
  
As of September 30, 2023 and December 31, 2022 total outstanding borrowings, net of unamortized discount and debt issuance costs, under the Revolving Credit Facilities, Notes, and Secured Borrowings were $825,709,941 and $699,022,842, respectively.
Interest Expense on Borrowings
For the three and nine months ended September 30, 2023 and September 30, 2022, the
components
of interest and other debt expenses related to the borrowings were as follows:
 
    
For the three months ended
September 30,
    
For the nine months ended
September 30,
  
    
2023
    
2022
    
2023
    
2022
  
Interest and borrowing expenses
    $ 16,145,115     $ 7,684,139     $ 44,806,513     $ 16,885,073  
Commitment fees
      212,308       170,398       457,689       450,397  
Amortization of discount, debt issuance and deferred financing costs
      810,372       1,080,551       2,945,375       3,786,621  
  
 
 
    
 
 
    
 
 
    
 
 
  
Total
    $ 17,167,795     $ 8,935,088     $ 48,209,577     $ 21,122,091  
  
 
 
    
 
 
    
 
 
    
 
 
  
Weighted average interest rate
(1)
      7.98 %      4.65 %      7.67 %      3.60 % 
Average outstanding balance
    $ 802,867,391     $ 656,301,827     $ 781,454,410     $ 627,445,522  
 
(1)
Calculated as the amount of the stated interest and borrowing expenses divided by average borrowings during the period.
5. Fair Value Measurement
In accordance with ASC 820, fair value is defined as the price that the Fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. ASC 820 also establishes a framework for measuring fair value and a three-level hierarchy for fair value measurements based upon the transparency of inputs to the valuation of an asset or liability. Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability as of the reporting date.
Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Fund. Unobservable inputs reflect the Fund’s own assumptions about the assumptions that market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. Each investment is assigned a level based upon the observability of the inputs which are significant to the overall valuation.
 
45
The three-tier hierarchy of inputs is summarized below:
 
  •  
Level 1 – Quoted prices in active markets for identical investments.
 
  •  
Level 2 – Other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.).
 
  •  
Level 3 – Significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments at the reporting date).
The level in the fair value hierarchy within which the fair value measurement is categorized in its entirety is determined on the basis of the lowest level input that is significant to the fair value measurement in its entirety. For this purpose, the significance of an input is assessed against the fair value measurement in its entirety. If a fair value measurement uses observable inputs that require significant adjustment based on unobservable inputs, that measurement is a Level 3 measurement. If a fair value measurement uses price data vendors or observable market price quotations, that measurement is usually a Level 2 measurement. Assessing the significance of a particular input to the fair value measurement in its entirety requires judgment, considering factors specific to the asset or liability.
The determination of what constitutes “observable” requires significant judgment by the Fund. The Fund considers observable data to be that market data that is readily available, regularly distributed or updated, reliable and verifiable, not proprietary, and provided by independent sources that are actively involved in the relevant market.
For certain investments, the Fund uses the net asset value of these investments as a practical expedient to determine their fair value. Due to the uncertainty inherent in valuing such positions, their estimated values could differ significantly from the values that could have been used had a ready market for such positions existed.
Valuation of Investments
Pursuant to the amended SEC Rule
2a-5
of the 1940 Act, the Board designated the Adviser as the Fund’s “valuation designee.” In this capacity, the Adviser is responsible, among other things, for making all fair value determinations relating to the Fund’s portfolio investments, subject to the Board’s oversight. Investments are valued at fair value as determined in good faith by our Adviser, as valuation designee, based on input of management, the audit committee and independent valuation firms that have been engaged to assist in the valuation of each portfolio investment without a readily available market quotation under a valuation policy. The Adviser principally carries out its fair value responsibilities through its Valuation
Sub-Committee.
This valuation process is conducted at the end of each fiscal quarter.
The fair values of loan investments based upon pricing data vendors or observable market price quotations are generally categorized as Level 2; however, those priced using models with significant unobservable inputs are categorized as Level 3.
In determining the fair value of the Fund’s Level 3 debt and equity positions, the Adviser and the independent valuation firms use the following factors where relevant: loan to value (“LTV”) based on an enterprise value determined using the original purchase price, public equity comparable, recent M&A transaction, and a discounted cash flow (“DCF”) analysis, and yields from comparable loans, comparable high yield bonds, high yield indexes and loan indexes (“comparable yields”).
Due to the inherent uncertainty of valuations, however, estimated fair values may differ from the values that would have been used had a readily available market for the securities existed and the differences could be material.
The following table summarizes the valuation of the Fund’s investments as of September 30, 2023:
 
Assets*
   
Level 1
     
Level 2
     
Level 3
     
Total
  
Cash Equivalents
            
Investment Companies
    $ 43,875,449      $ —        $ —        $ 43,875,449  
  
 
 
     
 
 
     
 
 
     
 
 
  
Total Cash Equivalents
    $ 43,875,449      $ —        $ —        $ 43,875,449  
  
 
 
     
 
 
     
 
 
     
 
 
  
Assets*
   
Level 1
     
Level 2
     
Level 3
     
Total
  
1st Lien/Senior Secured Debt
    $ —        $ —        $ 1,210,772,172      $ 1,210,772,172  
2nd Lien/Junior Secured Debt
      —          —          10,092,935        10,092,935  
Preferred Stock
      —          —          9,599,615        9,599,615  
Common Stock
      19,873        —          9,700,168        9,720,041  
Warrants
      —          —          1,383,703        1,383,703  
  
 
 
     
 
 
     
 
 
     
 
 
  
Total
    $ 19,873      $ —        $ 1,241,548,593      $ 1,241,568,466  
  
 
 
     
 
 
     
 
 
     
 
 
  
Investments valued at NAV as a practical expedient
#
               8,149,817  
           
 
 
  
Total assets
#
             $ 1,249,718,283  
           
 
 
  
 
46
*
See consolidated schedule of investments for industry classifications.
#
Certain investments that are measured at fair value using NAV have not been categorized in the fair value hierarchy. The fair value amounts presented in the table are intended to permit reconciliation of the fair value hierarchy to the amount presented in the consolidated statements of assets and liabilities.
The following table summarizes the valuation of the Fund’s investments as of December 31, 2022:
 
Assets*
   
Level 1
     
Level 2
     
Level 3
     
Total
  
Cash Equivalents
            
Investment Companies
    $ 28,971,985      $ —        $ —        $ 28,971,985  
  
 
 
     
 
 
     
 
 
     
 
 
  
Total Cash Equivalents
    $ 28,971,985      $ —        $ —        $ 28,971,985  
  
 
 
     
 
 
     
 
 
     
 
 
  
Assets*
   
Level 1
     
Level 2
     
Level 3
     
Total
  
1st Lien/Senior Secured Debt
    $ —        $ —        $ 1,088,190,382      $ 1,088,190,382  
2nd Lien/Junior Secured Debt
      —          —          10,640,036        10,640,036  
Preferred Stock
      —          —          9,218,222        9,218,222  
Common Stock
      449,864        —          7,420,892        7,870,756  
Warrants
      —          —          994,095        994,095  
  
 
 
     
 
 
     
 
 
     
 
 
  
Total
    $ 449,864      $ —        $ 1,116,463,627      $ 1,116,913,491  
  
 
 
     
 
 
     
 
 
     
 
 
  
Investments valued at NAV as a practical expedient
#
               5,603,604  
           
 
 
  
Total assets
#
             $ 1,122,517,095  
           
 
 
  
 
*
See consolidated schedule of investments for industry classifications.
#
Certain investments that are measured at fair value using NAV have not been categorized in the fair value hierarchy. The fair value amounts presented in the table are intended to permit reconciliation of the fair value hierarchy to the amount presented in the consolidated statements of assets and liabilities.
The following is a reconciliation of Level 3 assets for the nine months ended September 30, 2023:
 
   
1st

Lien/Senior

Secured

Debt
    
2nd

Lien/Junior

Secured Debt
    
Preferred

Stock
    
Common

Stock
    
Warrants
    
Total
  
Balance as of January 1, 2023
   $  1,088,190,382     $  10,640,036     $  9,218,222     $  7,420,892     $ 994,095     $  1,116,463,627  
Purchases (including PIK)
     214,769,462       —         —       1,869,444       —         216,638,906  
Sales and principal payments
     (98,550,287)       —         (53,047)       (72,758)       —         (98,676,092)  
Realized Gain (Loss)
     35,161       —         (861,879)       5,453       —         (821,265)  
Net Amortization of Premium/Discount
     4,447,104       17,149       —         —         —         4,464,253  
Transfers In
     —         —         —         —         —         —    
Transfers Out
     —         —         —         —         —         —    
Net Change in Unrealized Appreciation (Depreciation)
     1,880,350       (564,250)       1,296,319       477,137       389,608       3,479,164  
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Balance as of September 30, 2023
   $ 1,210,772,172     $ 10,092,935     $ 9,599,615     $ 9,700,168     $  1,383,703     $ 1,241,548,593  
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Change in Unrealized Appreciation (Depreciation) for Investments Still Held
   $ 1,493,753    
(564,250)     $ 434,709     $ 477,137     $ 389,608     $ 2,230,957  
For the nine months ended September 30, 2023, there were no transfers into or out of Level 3.
The following is a reconciliation of Level 3 assets for the year ended December 31, 2022:
 
47
   
1st

Lien/Senior

Secured

Debt
    
2nd

Lien/Junior

Secured Debt
    
Preferred

Stock
    
Common

Stock
    
Warrants
    
Total
  
Balance as of January 1, 2022
   $ 859,412,243     $ 10,677,299     $ 12,563,914     $ 4,695,735     $ 1,111,543     $ 888,460,734  
Purchases (including PIK)
     447,434,086       220,045       2,396,024       2,683,623       43,880       452,777,658  
Sales and principal payments
     (196,946,622)       —         (8,919,847)       (159,711)       (299,962)       (206,326,142)  
Realized Gain (Loss)
     (19,544)       —         5,415,842       (46)       275,999       5,672,251  
Net Amortization of Premium/Discount
     6,629,933       21,713       —         —         —         6,651,646  
Transfers In
     —         —         —         426,294       —         426,294  
Transfers Out
     —         —         —         (802,902)       —         (802,902)  
Net Change in Unrealized Appreciation (Depreciation)
     (28,319,714)       (279,021)       (2,237,711)       577,899       (137,365)       (30,395,912)  
   
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Balance as of December 31, 2022
   $  1,088,190,382     $  10,640,036     $ 9,218,222     $  7,420,892     $ 994,095     $  1,116,463,627  
   
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Change in Unrealized Appreciation (Depreciation) for Investments Still Held
   $ (25,834,883)     $ (279,021)     $ (2,018,945)     $ 577,899     $ 89,851     $ (27,465,099)  
For the year ended December 31, 2022, amounts of $426,294 of Common Stock were transferred into Level 3 from Investments valued at net asset value as a practical expedient due to the decreased transparency of the price inputs used in the valuation of these positions. Further, amounts of $802,902 of Common Stock were transferred out of Level 3 as these positions are now valued using their net asset values as a practical expedient and therefore are excluded from levels 1, 2 or 3.
The following tables present the ranges of significant unobservable inputs used to value the Fund’s Level 3 investments as of September 30, 2023 and December 31, 2022, respectively. These ranges represent the significant unobservable inputs that were used in the valuation of each type of investment. These inputs are not representative of the inputs that could have been used in the valuation of any one investment. Accordingly, the ranges of inputs presented below do not represent uncertainty in, or possible ranges of, fair value measurements of the Fund’s Level 3 investments.
 
    
Fair Value as of
September 30, 2023
   
Valuation Techniques
   
Unobservable
Input
   
Range/Input (Weighted
Average)
(1)
   
Impact to Valuation
from an Increase in
Input
Assets:
                         
1st Lien/Senior Secured Debt
   $    1,197,094,183    Market Yield Analysis    Market Yield   
9.4% - 22.5% (11.7%)
    Decrease
     129,641    Liquidation Value    Recovery Rate    1.0% - 3.5% (2.9%)    Increase
     3,246,622    Recent Transaction    Transaction Price    N/A    N/A
     10,301,726    Recent Purchase    Purchase Price    N/A    N/A
2nd Lien/Junior Secured Debt
    10,092,935    Market Yield Analysis    Market Yield    14.2% - 16.7% (16.2%)    Decrease
Common Stock
    5,965,020    Market Approach    EBITDA Multiple    8.3x - 32.5x (16.8x)    Increase
     2,001,539    Market Approach    Revenue Multiple    0.7x - 12.0x (9.2x)    Increase
     317,597    Market Approach    Network Cashflow Multiple    15.0x - 23.3x (22.3x)    Increase
     316,012    Recent Transaction    Transaction Price    N/A    N/A
     1,100,000    Recent Purchase    Purchase Price    N/A    N/A
Preferred Stock
    6,022,771    Market Approach    Revenue Multiple    4.5x - 10.5x (8.0x)    Increase
     3,312,358    Market Yield Analysis    Dividend Yield    12.5% - 19.0% (16.8%)   
Decrease
     264,486    Expected Repayment    Redemption Price    N/A    N/A
Warrants
    1,383,703    Market Approach    Revenue Multiple    5.6x - 9.4x (8.4x)    Increase
    
 
                    
Total Assets
    $    1,241,548,593                    
 
(1)
 
Weighted averages are calculated based on fair value of investments.
 
48
    
Fair Value as of
December
31, 2022
   
Valuation
Techniques
   
Unobservable
Input
   
Range/Input (Weighted
Average)
(1)
   
Impact to
Valuation from an
Increase in Input
Assets:
                         
1st Lien/Senior Secured Debt
    $    1,017,673,836    Market Yield Analysis    Market Yield   
9.1% - 24.5% (11.5%)
    Decrease
     3,196,797    Market Approach    EBITDA Multiple    4.6x - 10.0x (9.9x)    Increase
     2,625,128    Market Approach    Revenue Multiple    0.5x    Increase
     255,988    Liquidation Value    Asset Value    N/A    Increase
     64,438,633    Recent Purchase    Purchase Price    N/A    N/A
2nd Lien/Junior Secured Debt
    10,640,036    Market Yield Analysis    Market Yield    13.7% - 14.6% (14.3%)    Decrease
Common Stock
    4,066,465    Market Approach    EBITDA Multiple    8.0x - 30.0x (13.5x)    Increase
     997,684    Market Approach    Revenue Multiple    0.8x - 36.1x (10.8x)    Increase
     332,454    Market Approach    Network Cashflow Multiple    33.0x    Increase
     404,565    Market Approach    Dividend Yield    14.3%    Decrease
     1,619,724    Recent Purchase    Purchase Price    N/A    N/A
Preferred Stock
    4,689,366    Market Approach    Revenue Multiple    0.5x - 12.0x (8.2x)    Increase
     4,355,019    Market Yield Analysis    Dividend Yield    12.5% - 17.5% (15.6%)    Decrease
     173,837    Expected Repayment    Redemption Price    N/A    N/A
Warrants
    994,095   
Market Approach
   
Revenue Multiple
    0.5x - 8.5x (8.2x)    Increase
    
 
                    
Total Assets
    $    1,116,463,627                    
 
(1)
 
Weighted averages are calculated based on fair value of investments.
Financial Instruments Disclosed, But Not Carried, At Fair Value
The following table presents the carrying value and fair value of the Fund’s financial liabilities disclosed, but not carried, at fair value as of September 30, 2023 and the level of each financial liability within the fair value hierarchy.
 
49
    
Carrying

Value
(1)
     
Fair

Value
     
Level 1
     
Level 2
     
Level 3
  
Class A-1-R
Senior Secured Floating Rate Note
    $ 97,518,497      $ 97,021,875      $ —        $ —        $ 97,021,875  
Class A-1-L
Senior Secured Floating Rate Note
      74,746,497        74,062,500        —          —          74,062,500  
Class A-1-F
Senior Secured Fixed Rate Note
      29,898,599        27,675,000        —          —          27,675,000  
Class A-2-R
Senior Secured Deferrable Floating Rate
      43,352,985        41,760,000        —          —          41,760,000  
Class A Note
      225,562,955        230,280,000        —          —          230,280,000  
Class B Note
      35,615,204        36,360,000        —          —          36,360,000  
Class C Note
      35,615,204        36,810,000        —          —          36,810,000  
  
 
 
     
 
 
     
 
 
     
 
 
     
 
 
  
Total
    $ 542,309,941      $ 543,969,375      $ —        $ —        $ 543,969,375  
  
 
 
     
 
 
     
 
 
     
 
 
     
 
 
  
 
(1)
Carrying value is net of unamortized discount and debt issuance costs. Unamortized discount and debt issuance costs associated with the Notes totaled $399,530 and $4,040,529 as of September 30, 2023 and are reflected on the consolidated statements of assets and liabilities.
The following table presents the carrying value and fair value of the Fund’s financial liabilities disclosed, but not carried, at fair value as of December 31, 2022 and the level of each financial liability within the fair value hierarchy.
 
    
Carrying

Value
(1)
     
Fair

Value
     
Level 1
     
Level 2
     
Level 3
  
Class A-1-R
Senior Secured Floating Rate Note
    $ 97,345,789      $ 96,039,375      $ —        $ —        $ 96,039,375  
Class A-1-L
Senior Secured Floating Rate Note
      74,626,138        73,312,500        —          —          73,312,500  
Class A-1-F
Senior Secured Fixed Rate Note
      29,850,455        28,275,000        —          —          28,275,000  
Class A-2-R
Senior Secured Deferrable Floating Rate
      43,283,185        41,216,250        —          —          41,216,250  
  
 
 
     
 
 
     
 
 
     
 
 
     
 
 
  
Total
    $ 245,105,567      $ 238,843,125      $ —        $ —        $ 238,843,125  
  
 
 
     
 
 
     
 
 
     
 
 
     
 
 
  
 
(1)
Carrying value is net of unamortized discount and debt issuance costs. Unamortized discount and debt issuance costs associated with the Notes totaled $414,624 and $1,229,809 as of December 31, 2022 and are reflected on the consolidated statements of assets and liabilities.
The Revolving Credit Facilities and Secured Borrowings are recorded at carrying value, which approximates fair value.
6. Commitments & Contingencies
Commitments
The Fund may enter into commitments to fund investments. As of September 30, 2023 and December 31, 2022 the Adviser believed that the Fund had adequate financial resources to satisfy its unfunded commitments. The amounts associated with unfunded commitments to provide funds to portfolio companies are not recorded in the Fund’s consolidated statements of assets and liabilities. Since these commitments and the associated amounts may expire without being drawn upon, the total commitment amount does not necessarily represent a future cash requirement. The Fund had the following unfunded commitments by investment types as of September 30, 2023 and December 31, 2022:
 
                                                                                                                                   
           
09/30/2023
    
12/31/2022
  
Investment Type
  
Facility Type
  
Commitment
Expiration
Date (1)
  
Unfunded
Commitment
(2)
    
Fair Value
(3)
    
Unfunded
Commitment
(2)
    
Fair
 
Value
(3)
  
1st Lien/Senior Secured Debt 5 Bars, LLC
  
Delayed Draw Term Loan
  
02/28/2023
  
$
—  
 
  
$
—  
 
  
$
2,845,273
 
  
$
(7,113
) 
5 Bars, LLC
  
Revolver
  
09/27/2024
  
 
—  
 
  
 
—  
 
  
 
646,653
 
  
 
(1,617
) 
AAH Topco, LLC
  
Delayed Draw Term Loan
  
12/22/2023
  
 
1,250,622
 
  
 
(34,392
) 
  
 
3,689,335
 
  
 
(119,903
) 
 
50
                                                                                                                                   
AAH Topco, LLC
  
Revolver
  
12/22/2027
  
 
787,273
 
  
 
(23,618
) 
  
 
787,273
 
  
 
(31,491
) 
Accelerate Resources Operating, LLC
  
Delayed Draw Term Loan
  
01/20/2025
  
 
1,254,872
 
  
 
—  
 
  
 
—  
 
  
 
—  
 
Accelerate Resources Operating, LLC
  
Revolver
  
02/24/2026
  
 
—  
 
  
 
—  
 
  
 
414,764
 
  
 
—  
 
Accelerate Resources Operating, LLC
  
Revolver
  
02/24/2027
  
 
665,739
 
  
 
—  
 
  
 
—  
 
  
 
—  
 
Activ Software Holdings, LLC
  
Revolver
  
05/04/2027
  
 
648,837
 
  
 
(11,355
) 
  
 
648,837
 
  
 
(21,087
) 
Admiral Buyer, Inc
  
Delayed Draw Term Loan
  
05/06/2024
  
 
1,576,961
 
  
 
—  
 
  
 
1,576,961
 
  
 
(15,770
) 
Admiral Buyer, Inc
  
Revolver
  
05/08/2028
  
 
563,200
 
  
 
—  
 
  
 
563,200
 
  
 
(11,264
) 
AEG Holding Company, Inc.
  
Revolver
  
11/20/2023
  
 
—  
 
  
 
—  
 
  
 
670,119
 
  
 
—  
 
AEG Holding Company, Inc.
  
Revolver
  
07/01/2024
  
 
781,805
 
  
 
—  
 
  
 
—  
 
  
 
—  
 
Airwavz Solutions, Inc.
  
Delayed Draw Term Loan
  
03/31/2024
  
 
5,206,136
 
  
 
(39,046
) 
  
 
3,263,699
 
  
 
(40,796
) 
Airwavz Solutions, Inc.
  
Revolver
  
03/31/2027
  
 
652,740
 
  
 
(11,423
) 
  
 
652,740
 
  
 
(13,055
) 
American Physician Partners, LLC
  
Revolver
  
02/15/2023
  
 
—  
 
  
 
—  
 
  
 
97,681
 
  
 
(14,896
) 
American Physician Partners, LLC
  
Delayed Draw Term Loan
  
02/15/2023
  
 
—  
 
  
 
—  
 
  
 
421,339
 
  
 
(8,427
) 
AMI US Holdings, Inc.
  
Revolver
  
04/01/2024
  
 
—  
 
  
 
—  
 
  
 
1,094,605
 
  
 
—  
 
AMI US Holdings, Inc.
  
Revolver
  
04/01/2025
  
 
963,252
 
  
 
—  
 
  
 
—  
 
  
 
—  
 
Analogic Corporation
  
Revolver
  
06/22/2023
  
 
—  
 
  
 
—  
 
  
 
24,444
 
  
 
(856
) 
AOM Acquisition, LLC.
  
Revolver
  
02/18/2027
  
 
1,218,605
 
  
 
—  
 
  
 
1,218,605
 
  
 
(9,140
) 
Avalara, Inc.
  
Revolver
  
10/19/2028
  
 
1,065,375
 
  
 
—  
 
  
 
1,065,375
 
  
 
(26,634
) 
Avant Communications, LLC
  
Revolver
  
11/30/2026
  
 
566,910
 
  
 
(5,669
) 
  
 
566,910
 
  
 
—  
 
Avetta, LLC
  
Revolver
  
04/10/2024
  
 
494,396
 
  
 
(1,236
) 
  
 
494,396
 
  
 
(2,472
) 
BAART Programs, Inc.
  
Delayed Draw Term Loan
  
06/11/2023
  
 
—  
 
  
 
—  
 
  
 
2,750,974
 
  
 
(130,671
) 
Banneker V Acquisition, Inc.
  
Revolver
  
12/04/2025
  
 
896,683
 
  
 
(17,934
) 
  
 
259,300
 
  
 
—  
 
Bonterra, LLC
  
Delayed Draw Term Loan
  
09/08/2023
  
 
—  
 
  
 
—  
 
  
 
2,746,215
 
  
 
(68,655
) 
Bonterra, LLC
  
Revolver
  
09/08/2027
  
 
1,151,751
 
  
 
(20,156
) 
  
 
723,392
 
  
 
(23,510
) 
Bridgepointe Technologies, LLC
  
Delayed Draw Term Loan
  
09/23/2024
  
 
—  
 
  
 
—  
 
  
 
2,108,716
 
  
 
(57,990
) 
Bridgepointe Technologies, LLC
  
Delayed Draw Term Loan
  
04/01/2025
  
 
2,076,626
 
  
 
(46,724
) 
  
 
—  
 
  
 
—  
 
Bridgepointe Technologies, LLC
  
Revolver
  
12/31/2027
  
 
660,870
 
  
 
(14,870
) 
  
 
777,494
 
  
 
(29,156
) 
Brightspot Buyer, Inc
  
Revolver
  
11/16/2027
  
 
680,292
 
  
 
(17,007
) 
  
 
680,292
 
  
 
(20,409
) 
 
51
                                                                                                                                   
BSI2 Hold Nettle, LLC
  
Revolver
  
06/30/2028
  
 
294,461
 
  
 
(5,153
) 
  
 
588,922
 
  
 
(10,306
) 
BusinesSolver.com, Inc.
  
Delayed Draw Term Loan
  
12/01/2023
  
 
1,816,606
 
  
 
—  
 
  
 
1,816,606
 
  
 
(45,415
) 
BV EMS Buyer, Inc.
  
Delayed Draw Term Loan
  
03/21/2024
  
 
1,706,075
 
  
 
(25,591
) 
  
 
2,765,018
 
  
 
(96,776
) 
Cerifi, LLC
  
Revolver
  
04/01/2027
  
 
738,528
 
  
 
(11,078
) 
  
 
1,107,792
 
  
 
(33,234
) 
Certify, Inc
  
Revolver
  
02/28/2024
  
 
—  
 
  
 
—  
 
  
 
119,907
 
  
 
(899
) 
Choice Health At Home, LLC,
  
Delayed Draw Term Loan
  
12/29/2023
  
 
1,320,430
 
  
 
(39,613
) 
  
 
1,320,427
 
  
 
(52,817
) 
Coding Solutions Acquisition, Inc
  
Delayed Draw Term Loan
  
05/10/2024
  
 
—  
 
  
 
—  
 
  
 
1,656,288
 
  
 
(62,111
) 
Coding Solutions Acquisition, Inc
  
Revolver
  
05/11/2028
  
 
636,288
 
  
 
(22,270
) 
  
 
636,288
 
  
 
(30,224
) 
Coding Solutions Acquisition, Inc.
  
Delayed Draw Term Loan
  
09/29/2025
  
 
2,775,643
 
  
 
(69,391
) 
  
 
—  
 
  
 
—  
 
Community Based Care Acquisition, Inc.
  
Delayed Draw Term Loan
  
09/16/2023
  
 
—  
 
  
 
—  
 
  
 
109,272
 
  
 
(4,371
) 
Community Based Care Acquisition, Inc.
  
Delayed Draw Term Loan
  
03/29/2024
  
 
1,938,307
 
  
 
(19,383
) 
  
 
2,912,094
 
  
 
(87,363
) 
Community Based Care Acquisition, Inc.
  
Revolver
  
09/16/2027
  
 
863,813
 
  
 
(12,957
) 
  
 
863,813
 
  
 
(34,553
) 
Community Brands Parentco, LLC
  
Delayed Draw Term Loan
  
02/24/2024
  
 
834,415
 
  
 
(8,344
) 
  
 
834,415
 
  
 
(27,118
) 
Community Brands Parentco, LLC
  
Revolver
  
02/24/2028
  
 
417,208
 
  
 
(8,344
) 
  
 
417,208
 
  
 
(17,731
) 
Coretelligent Intermediate LLC
  
Delayed Draw Term Loan
  
10/21/2023
  
 
2,732
 
  
 
(61
) 
  
 
1,870,703
 
  
 
(46,768
) 
Coretelligent Intermediate LLC
  
Revolver
  
10/21/2027
  
 
949,816
 
  
 
(23,745
) 
  
 
1,139,779
 
  
 
(31,344
) 
Coupa Holdings,LLC
  
Delayed Draw Term Loan
  
08/27/2024
  
 
948,020
 
  
 
—  
 
  
 
—  
 
  
 
—  
 
Coupa Holdings,LLC
  
Revolver
  
02/27/2029
  
 
725,890
 
  
 
(1,815
) 
  
 
—  
 
  
 
—  
 
Datacor, Inc.
  
Delayed Draw Term Loan
  
03/31/2024
  
 
—  
 
  
 
—  
 
  
 
1,431,722
 
  
 
(7,159
) 
Datacor, Inc.
  
Revolver
  
12/29/2025
  
 
643,849
 
  
 
(9,658
) 
  
 
643,849
 
  
 
(9,658
) 
Degreed, Inc.
  
Delayed Draw Term Loan
  
08/18/2023
  
 
—  
 
  
 
—  
 
  
 
1,391,394
 
  
 
(34,785
) 
Degreed, Inc.
  
Delayed Draw Term Loan
  
08/16/2024
  
 
1,321,674
 
  
 
(19,825
) 
  
 
—  
 
  
 
—  
 
Degreed, Inc.
  
Delayed Draw Term Loan
  
08/18/2024
  
 
—  
 
  
 
—  
 
  
 
1,321,674
 
  
 
(26,433
) 
 
52
                                                                                                                                   
Degreed, Inc.
  
Revolver
  
05/29/2026
  
 
417,813
 
  
 
(10,445
) 
  
 
417,813
 
  
 
(12,534
) 
Delaware Valley Management Holdings, Inc.
  
Delayed Draw Term Loan
  
09/18/2023
  
 
—  
 
  
 
—
 
  
 
619,031
 
  
 
(221,304
) 
Delaware Valley Management Holdings, Inc.
  
Delayed Draw Term Loan
  
03/21/2024
  
 
329,247
 
  
 
(85,769
) 
  
 
—  
 
  
 
—  
 
Dispatch Track, LLC
  
Revolver
  
12/17/2026
  
 
301,930
 
  
 
(2,264
) 
  
 
301,930
 
  
 
(3,019
) 
EET Buyer, Inc.
  
Revolver
  
11/08/2027
  
 
829,303
 
  
 
(20,733
) 
  
 
690,794
 
  
 
(13,816
) 
Engage2Excel, Inc.
  
Revolver
  
03/07/2023
  
 
—  
 
  
 
—  
 
  
 
31,409
 
  
 
(864
) 
EvolveIP, LLC
  
Revolver
  
06/07/2025
  
 
—  
 
  
 
—  
 
  
 
418,538
 
  
 
(11,510
) 
Exterro, Inc.
  
Revolver
  
05/31/2024
  
 
738,562
 
  
 
—  
 
  
 
247,500
 
  
 
(1,238
) 
Faithlife, LLC
  
Revolver
  
09/18/2025
  
 
279,053
 
  
 
—  
 
  
 
279,053
 
  
 
—  
 
Fatbeam, LLC
  
Delayed Draw Term Loan
  
02/22/2023
  
 
—  
 
  
 
—  
 
  
 
1,609,623
 
  
 
(8,048
) 
Firstdigital Communications LLC
  
Revolver
  
12/17/2026
  
 
1,174,177
 
  
 
(55,773
) 
  
 
1,174,177
 
  
 
(49,903
) 
Foundation Risk Partners, Corp.
  
Delayed Draw Term Loan
  
04/14/2024
  
 
—  
 
  
 
—  
 
  
 
1,278,703
 
  
 
(19,181
) 
Foundation Risk Partners, Corp.
  
Delayed Draw Term Loan
  
04/15/2024
  
 
882,083
 
  
 
(17,642
) 
  
 
—  
 
  
 
—  
 
Foundation Risk Partners, Corp.
  
Revolver
  
10/29/2027
  
 
1,038,062
 
  
 
(23,356
) 
  
 
610,625
 
  
 
(10,686
) 
Freddy’s Frozen Custard, L.L.C
  
Revolver
  
03/03/2027
  
 
—  
 
  
 
—  
 
  
 
412,270
 
  
 
(4,123
) 
Fusion Holding Corp
  
Revolver
  
09/15/2027
  
 
1,379,193
 
  
 
(13,792
) 
  
 
1,379,193
 
  
 
(34,480
) 
Fusion Risk Management Inc
  
Revolver
  
08/30/2028
  
 
—  
 
  
 
—  
 
  
 
852,848
 
  
 
(29,850
) 
Fusion Risk Management, Inc.
  
Revolver
  
05/22/2029
  
 
840,050
 
  
 
(14,701
) 
  
 
—  
 
  
 
—  
 
G Treasury SS, LLC
  
Delayed Draw Term Loan
  
01/02/2024
  
 
2,439,257
 
  
 
(24,393
) 
  
 
—  
 
  
 
—  
 
G Treasury SS, LLC
  
Delayed Draw Term Loan
  
06/30/2025
  
 
1,524,536
 
  
 
(15,245
) 
  
 
—  
 
  
 
—  
 
G Treasury SS, LLC
  
Revolver
  
06/29/2029
  
 
914,721
 
  
 
(18,294
) 
  
 
—  
 
  
 
—  
 
Galway Borrower, LLC
  
Delayed Draw Term Loan
  
09/29/2023
  
 
—  
 
  
 
—  
 
  
 
39,209
 
  
 
(1,274
) 
Galway Borrower, LLC
  
Revolver
  
09/30/2027
  
 
270,410
 
  
 
(4,056
) 
  
 
270,410
 
  
 
(11,492
) 
GHA Buyer, Inc.
  
Revolver
  
06/24/2026
  
 
951,077
 
  
 
(19,022
) 
  
 
951,077
 
  
 
(40,421
) 
Greenhouse Software, Inc.
  
Revolver
  
09/01/2028
  
 
1,232,251
 
  
 
(12,323
) 
  
 
1,232,251
 
  
 
(30,806
) 
Greenhouse Software, Inc.
  
Revolver
  
09/01/2028
  
 
604,499
 
  
 
(6,045
) 
  
 
604,499
 
  
 
(15,112
) 
Greenlight Intermediate II, Inc.
  
Delayed Draw Term Loan
  
05/30/2025
  
 
1,576,961
 
  
 
(7,885
) 
  
 
6,702,083
 
  
 
(50,266
) 
Gryphon-Redwood Acquisition LLC
  
Delayed Draw Term Loan
  
09/16/2024
  
 
1,149,856
 
  
 
(5,749
) 
  
 
1,586,009
 
  
 
(35,685
) 
GS AcquisitionCo, Inc.
  
Revolver
  
05/22/2026
  
 
456,698
 
  
 
(7,992
) 
  
 
456,698
 
  
 
(18,268
) 
 
53
                                                                                                                                   
Higginbotham Insurance Agency, Inc.
  
Delayed Draw Term Loan
  
12/22/2023
  
 
—  
 
  
 
—  
 
  
 
1,918,951
 
  
 
(23,987
) 
Hirevue, Inc.
  
Revolver
  
05/03/2029
  
 
1,646,176
 
  
 
(28,808
) 
  
 
—  
 
  
 
—  
 
Honor HN Buyer, Inc
  
Delayed Draw Term Loan
  
10/16/2023
  
 
—  
 
  
 
—  
 
  
 
889,740
 
  
 
(2,224
) 
Honor HN Buyer, Inc
  
Delayed Draw Term Loan
  
08/26/2024
  
 
1,421,307
 
  
 
—  
 
  
 
2,437,025
 
  
 
—  
 
Honor HN Buyer, Inc
  
Revolver
  
10/15/2027
  
 
266,081
 
  
 
—  
 
  
 
304,093
 
  
 
(2,281
) 
Iodine Software, LLC
  
Delayed Draw Term Loan
  
10/18/2023
  
 
—  
 
  
 
—  
 
  
 
3,436,155
 
  
 
(25,771
) 
Iodine Software, LLC
  
Delayed Draw Term Loan
  
10/18/2024
  
 
3,436,155
 
  
 
—  
 
  
 
—  
 
  
 
—  
 
Iodine Software, LLC
  
Revolver
  
05/19/2027
  
 
1,089,030
 
  
 
—  
 
  
 
1,089,030
 
  
 
(21,781
) 
Kaseya Inc.
  
Delayed Draw Term Loan
  
06/24/2024
  
 
597,933
 
  
 
(1,495
) 
  
 
636,776
 
  
 
(19,103
) 
Kaseya Inc.
  
Revolver
  
06/25/2029
  
 
477,582
 
  
 
(4,776
) 
  
 
636,776
 
  
 
(23,879
) 
Mathnasium LLC
  
Revolver
  
11/15/2027
  
 
576,661
 
  
 
(7,208
) 
  
 
565,781
 
  
 
(12,730
) 
Mavenlink, Inc.
  
Revolver
  
06/03/2027
  
 
536,945
 
  
 
(10,739
) 
  
 
1,431,852
 
  
 
(39,376
) 
MBS Holdings, Inc.
  
Revolver
  
04/16/2027
  
 
818,302
 
  
 
(20,458
) 
  
 
974,169
 
  
 
(38,967
) 
Medbridge Holdings, LLC
  
Revolver
  
12/23/2026
  
 
1,376,227
 
  
 
(20,643
) 
  
 
1,376,227
 
  
 
(30,965
) 
Medical Management Resource Group, LLC
  
Revolver
  
09/30/2026
  
 
202,506
 
  
 
(6,581
) 
  
 
316,415
 
  
 
(11,866
) 
Medsuite Purchaser, LLC
  
Delayed Draw Term Loan
  
10/23/2023
  
 
7,144,203
 
  
 
(17,861
) 
  
 
7,144,203
 
  
 
—  
 
Medsuite Purchaser, LLC
  
Revolver
  
10/22/2026
  
 
680,400
 
  
 
(6,804
) 
  
 
680,400
 
  
 
(5,103
) 
Metametrics, Inc.
  
Revolver
  
09/10/2025
  
 
651,183
 
  
 
—  
 
  
 
520,946
 
  
 
(6,512
) 
MMP Intermediate, LLC
  
Revolver
  
02/15/2027
  
 
552,880
 
  
 
(13,822
) 
  
 
552,880
 
  
 
(19,351
) 
Moon Buyer, Inc.
  
Revolver
  
04/21/2027
  
 
698,276
 
  
 
(40,151
) 
  
 
1,163,793
 
  
 
(2,909
) 
Mr. Greens Intermediate, LLC
  
Delayed Draw Term Loan
  
11/01/2024
  
 
2,630,169
 
  
 
(52,603
) 
  
 
—  
 
  
 
—  
 
Mr. Greens Intermediate, LLC
  
Revolver
  
05/01/2029
  
 
1,052,068
 
  
 
(21,041
) 
  
 
—  
 
  
 
—  
 
MSM Acquisitions, Inc.
  
Delayed Draw Term Loan
  
01/30/2023
  
 
—  
 
  
 
—  
 
  
 
2,828,188
 
  
 
(113,128
) 
MSM Acquisitions, Inc.
  
Revolver
  
12/09/2026
  
 
—  
 
  
 
—  
 
  
 
655,399
 
  
 
(29,493
) 
MSP Global Holdings, Inc.
  
Delayed Draw Term Loan
  
01/24/2024
  
 
592,150
 
  
 
(7,402
) 
  
 
592,150
 
  
 
(20,725
) 
MSP Global Holdings, Inc.
  
Revolver
  
01/25/2027
  
 
845,929
 
  
 
(10,574
) 
  
 
845,929
 
  
 
(29,608
) 
 
54
                                                                                                                                   
Mykaarma Acquisition LLC
  
Revolver
  
03/21/2028
  
 
593,215
 
  
 
(4,449
) 
  
 
593,215
 
  
 
(16,313
) 
Navigate360, LLC
  
Revolver
  
03/17/2027
  
 
483,388
 
  
 
(6,042
) 
  
 
604,235
 
  
 
(12,085
) 
Netwrix Corporation And Concept Searching Inc.
  
Delayed Draw Term Loan
  
06/10/2024
  
 
2,812,359
 
  
 
(28,124
) 
  
 
2,973,121
 
  
 
(22,298
) 
Netwrix Corporation And Concept Searching Inc.
  
Revolver
  
06/11/2029
  
 
581,066
 
  
 
(7,263
) 
  
 
774,755
 
  
 
(7,748
) 
OMH-HealthEdge
Holdings, LLC
  
Revolver
  
10/24/2024
  
 
458,721
 
  
 
—  
 
  
 
458,721
 
  
 
(1,147
) 
Pace Health Companies, LLC
  
Revolver
  
08/02/2025
  
 
616,682
 
  
 
—  
 
  
 
616,682
 
  
 
(1,542
) 
Penn TRGRP Holdings, LLC
  
Revolver
  
09/30/2024
  
 
1,054,345
 
  
 
(21,087
) 
  
 
—  
 
  
 
—  
 
Peter C. Foy & Associates Insurance Services, LLC
  
Delayed Draw Term Loan
  
12/15/2023
  
 
—  
 
  
 
—  
 
  
 
161,112
 
  
 
(7,250
) 
Ping Identity Corporation
  
Revolver
  
10/17/2028
  
 
1,203,344
 
  
 
—  
 
  
 
1,203,344
 
  
 
(30,084
) 
Pinnacle Dermatology Management, LLC
  
Delayed Draw Term Loan
  
12/08/2023
  
 
606,828
 
  
 
(30,341
) 
  
 
798,862
 
  
 
(25,963
) 
Pinnacle Dermatology Management, LLC
  
Revolver
  
12/08/2026
  
 
76,814
 
  
 
(960
) 
  
 
384,068
 
  
 
(4,801
) 
Pinnacle Treatment Centers, Inc.
  
Revolver
  
01/02/2026
  
 
43,943
 
  
 
(989
) 
  
 
292,954
 
  
 
(6,591
) 
Priority Ondemand Midco 2,L.P
  
Delayed Draw Term Loan
  
07/15/2024
  
 
2,600,963
 
  
 
—  
 
  
 
2,720,672
 
  
 
(30,472
) 
Race Finco LLC
  
Delayed Draw Term Loan
  
01/09/2025
  
 
3,658,788
 
  
 
(36,588
) 
  
 
—  
 
  
 
—  
 
Race Finco LLC
  
Revolver
  
01/10/2028
  
 
609,798
 
  
 
(15,245
) 
  
 
—  
 
  
 
—  
 
Ranger Buyer, Inc.
  
Revolver
  
11/18/2027
  
 
1,199,233
 
  
 
(29,981
) 
  
 
1,199,232
 
  
 
(29,981
) 
Redwood Family Care Network, Inc.
  
Delayed Draw Term Loan
  
04/15/2024
  
 
1,578,046
 
  
 
(11,835
) 
  
 
3,665,540
 
  
 
(91,638
) 
Redwood Family Care Network, Inc.
  
Revolver
  
06/18/2026
  
 
588,705
 
  
 
(8,831
) 
  
 
588,705
 
  
 
(14,718
) 
Rep Tec Intermediate Holdings, Inc.
  
Revolver
  
12/01/2027
  
 
302,547
 
  
 
(4,538
) 
  
 
486,706
 
  
 
(15,818
) 
RSC Acquisition, Inc.
  
Delayed Draw Term Loan
  
05/31/2024
  
 
—  
 
  
 
—  
 
  
 
4,995,303
 
  
 
(162,347
) 
Sako and Partners Lower Holdings LLC
  
Delayed Draw Term Loan
  
09/16/2024
  
 
1,633,575
 
  
 
—  
 
  
 
2,840,999
 
  
 
(35,512
) 
Sako and Partners Lower Holdings LLC
  
Revolver
  
09/15/2028
  
 
1,242,937
 
  
 
(6,215
) 
  
 
905,569
 
  
 
(24,903
) 
Salisbury House, LLC
  
Delayed Draw Term Loan
  
10/31/2023
  
 
573,149
 
  
 
(1,433
) 
  
 
—  
 
  
 
—  
 
Salisbury House, LLC
  
Revolver
  
08/29/2025
  
 
328,785
 
  
 
(4,110
) 
  
 
—  
 
  
 
—  
 
Salisbury House, LLC
  
Revolver
  
08/30/2025
  
 
—  
 
  
 
—  
 
  
 
269,006
 
  
 
(10,088
) 
Sandstone Care Holdings, LLC
  
Delayed Draw Term Loan
  
06/28/2024
  
 
1,077,728
 
  
 
—  
 
  
 
1,177,845
 
  
 
(26,502
) 
 
55
                                                                                                                                   
Sandstone Care Holdings, LLC
  
Revolver
  
06/28/2028
  
 
689,039
 
  
 
(1,723
) 
  
 
588,923
 
  
 
(19,140
) 
Sauce Labs, Inc.
  
Delayed Draw Term Loan
  
02/09/2024
  
 
2,367,499
 
  
 
(23,675
) 
  
 
2,367,499
 
  
 
(35,512
) 
Sauce Labs, Inc.
  
Revolver
  
08/16/2027
  
 
1,281,821
 
  
 
(25,636
) 
  
 
1,281,821
 
  
 
(32,046
) 
Saviynt, Inc.
  
Delayed Draw Term Loan
  
12/22/2024
  
 
3,658,788
 
  
 
(73,176
) 
  
 
6,097,981
 
  
 
(152,450
) 
Saviynt, Inc.
  
Revolver
  
12/22/2027
  
 
609,798
 
  
 
(12,196
) 
  
 
609,798
 
  
 
(15,245
) 
SCA Buyer, LLC
  
Revolver
  
01/20/2026
  
 
64,385
 
  
 
(2,253
) 
  
 
257,540
 
  
 
(10,302
) 
ScyllaDB, Inc.
  
Delayed Draw Term Loan
  
03/08/2024
  
 
—  
 
  
 
—  
 
  
 
660,837
 
  
 
(8,260
) 
ScyllaDB, Inc.
  
Revolver
  
09/08/2027
  
 
—  
 
  
 
—  
 
  
 
264,335
 
  
 
(4,626
) 
SDC Atlas Acquistionco, LLC
  
Delayed Draw Term Loan
  
08/25/2025
  
 
9,344,817
 
  
 
(186,896
) 
  
 
—  
 
  
 
—  
 
SDC Atlas Acquistionco, LLC
  
Revolver
  
08/25/2028
  
 
622,988
 
  
 
(12,460
) 
  
 
—  
 
  
 
—  
 
Securonix, Inc.
  
Revolver
  
04/05/2028
  
 
1,538,337
 
  
 
(88,454
) 
  
 
1,538,337
 
  
 
(69,225
) 
Serrano Parent, LLC
  
Revolver
  
05/13/2030
  
 
2,085,981
 
  
 
(41,720
) 
  
 
—  
 
  
 
—  
 
Single Digits, Inc.
  
Revolver
  
12/21/2023
  
 
—  
 
  
 
—  
 
  
 
416,149
 
  
 
(63,463
) 
Single Digits, Inc.
  
Revolver
  
06/19/2026
  
 
416,149
 
  
 
(52,019
) 
  
 
—  
 
  
 
—  
 
Sirsi Corporation
  
Revolver
  
03/15/2024
  
 
553,741
 
  
 
(1,384
) 
  
 
553,741
 
  
 
(2,769
) 
SIS Purchaser, Inc.
  
Revolver
  
10/15/2026
  
 
1,165,950
 
  
 
(14,574
) 
  
 
1,165,950
 
  
 
(37,893
) 
Smartlinx Solutions, LLC
  
Revolver
  
03/04/2026
  
 
—  
 
  
 
—  
 
  
 
389,613
 
  
 
(11,688
) 
Smile Brands, Inc.
  
Revolver
  
10/12/2025
  
 
16,987
 
  
 
(1,869
) 
  
 
166,783
 
  
 
(12,926
) 
Soladoc, LLC
  
Delayed Draw Term Loan
  
06/10/2024
  
 
2,355,690
 
  
 
(47,114
) 
  
 
2,355,690
 
  
 
(53,003
) 
Soladoc, LLC
  
Revolver
  
06/12/2028
  
 
588,923
 
  
 
(17,668
) 
  
 
588,922
 
  
 
(19,140
) 
Spark DSO LLC
  
Revolver
  
04/20/2026
  
 
580,405
 
  
 
(27,569
) 
  
 
1,105,760
 
  
 
(38,702
) 
Stratus Networks, Inc.
  
Delayed Draw Term Loan
  
12/15/2023
  
 
2,442,241
 
  
 
(30,528
) 
  
 
3,630,358
 
  
 
(54,455
) 
Stratus Networks, Inc.
  
Revolver
  
12/15/2027
  
 
858,085
 
  
 
(19,307
) 
  
 
13,201
 
  
 
(330
) 
SugarCRM, Inc.
  
Revolver
  
07/31/2024
  
 
310,244
 
  
 
—  
 
  
 
310,244
 
  
 
(4,654
) 
Sundance Group Holdings, Inc.
  
Revolver
  
07/02/2027
  
 
662,154
 
  
 
(4,966
) 
  
 
1,418,901
 
  
 
(39,020
) 
Swiftpage, Inc.
  
Revolver
  
06/13/2023
  
 
—  
 
  
 
—  
 
  
 
225,317
 
  
 
(9,576
) 
Swiftpage, Inc.
  
Revolver
  
12/13/2023
  
 
225,317
 
  
 
(2,253
) 
  
 
—  
 
  
 
—  
 
Syntax Systems Ltd
  
Delayed Draw Term Loan
  
10/30/2023
  
 
2,434,137
 
  
 
(91,280
) 
  
 
2,434,137
 
  
 
(121,707
) 
Syntax Systems Ltd
  
Revolver
  
10/29/2026
  
 
324,552
 
  
 
(12,171
) 
  
 
324,552
 
  
 
(16,228
) 
TBG Food Acquisition Corp
  
Delayed Draw Term Loan
  
12/22/2023
  
 
—  
 
  
 
—  
 
  
 
1,056,104
 
  
 
(84,488
) 
 
56
                                                                                                                                   
TBG Food Acquisition Corp
  
Delayed Draw Term Loan
  
12/24/2023
  
 
1,056,104
 
  
 
(23,762
) 
  
 
—  
 
  
 
—  
 
TBG Food Acquisition Corp
  
Revolver
  
12/24/2027
  
 
264,026
 
  
 
(5,941
) 
  
 
264,026
 
  
 
(21,122
) 
Telcor Buyer, Inc.
  
Revolver
  
08/20/2027
  
 
290,770
 
  
 
(4,362
) 
  
 
290,770
 
  
 
(7,996
) 
Telesoft Holdings, LLC
  
Revolver
  
12/16/2025
  
 
541,159
 
  
 
(10,823
) 
  
 
547,128
 
  
 
(12,310
) 
The Center for Orthopedic and Research Excellence, Inc.
  
Delayed Draw Term Loan
  
03/31/2024
  
 
270,145
 
  
 
—  
 
  
 
1,253,266
 
  
 
(18,799
) 
The Center for Orthopedic and Research Excellence, Inc.
  
Revolver
  
08/15/2025
  
 
690,532
 
  
 
(1,726
) 
  
 
138,106
 
  
 
(3,453
) 
Thrive Buyer, Inc.
  
Revolver
  
01/22/2027
  
 
739,815
 
  
 
—  
 
  
 
961,759
 
  
 
(14,426
) 
Towerco IV Holdings, LLC
  
Delayed Draw Term Loan
  
10/23/2023
  
 
—  
 
  
 
—  
 
  
 
3,080,902
 
  
 
(46,214
) 
Towerco IV Holdings, LLC
  
Delayed Draw Term Loan
  
03/02/2026
  
 
6,545,669
 
  
 
(98,185
) 
  
 
—  
 
  
 
—  
 
TRGRP, Inc.
  
Revolver
  
11/01/2023
  
 
—  
 
  
 
—  
 
  
 
333,333
 
  
 
—  
 
Unanet, Inc.
  
Delayed Draw Term Loan
  
12/09/2024
  
 
3,790,435
 
  
 
(9,476
) 
  
 
3,790,435
 
  
 
(37,904
) 
Unanet, Inc.
  
Revolver
  
12/08/2028
  
 
1,263,478
 
  
 
(15,793
) 
  
 
1,263,478
 
  
 
(25,270
) 
Ungerboeck Systems International, LLC
  
Delayed Draw Term Loan
  
08/02/2023
  
 
—  
 
  
 
—  
 
  
 
204,574
 
  
 
(2,046
) 
Ungerboeck Systems International, LLC
  
Revolver
  
04/30/2027
  
 
229,387
 
  
 
(4,014
) 
  
 
229,387
 
  
 
(4,588
) 
Valcourt Holdings II, LLC
  
Delayed Draw Term Loan
  
01/09/2023
  
 
—  
 
  
 
—  
 
  
 
279,947
 
  
 
—  
 
Vectra AI, Inc.
  
Delayed Draw Term Loan
  
03/18/2023
  
 
—  
 
  
 
—  
 
  
 
1,163,793
 
  
 
(34,914
) 
Vectra AI, Inc.
  
Revolver
  
03/18/2026
  
 
—  
 
  
 
—  
 
  
 
232,759
 
  
 
(6,983
) 
Vectra AI, Inc.
  
Revolver
  
03/02/2028
  
 
232,759
 
  
 
(4,073
) 
  
 
—  
 
  
 
—  
 
Vehlo Purchaser, LLC
  
Revolver
  
05/24/2028
  
 
991,229
 
  
 
(17,347
) 
  
 
1,239,037
 
  
 
(18,586
) 
Velocity Purchaser Corporation
  
Revolver
  
12/01/2023
  
 
—  
 
  
 
—  
 
  
 
193,237
 
  
 
(483
) 
Velocity Purchaser Corporation
  
Revolver
  
12/02/2024
  
 
193,237
 
  
 
—  
 
  
 
—  
 
  
 
—  
 
Veracross LLC
  
Delayed Draw Term Loan
  
12/28/2023
  
 
—  
 
  
 
—  
 
  
 
1,668,830
 
  
 
(37,549
) 
Veracross LLC
  
Revolver
  
12/28/2027
  
 
1,112,553
 
  
 
(19,470
) 
  
 
1,112,554
 
  
 
(36,158
) 
Vhagar Purchaser, LLC.
  
Delayed Draw Term Loan
  
06/09/2025
  
 
578,701
 
  
 
(8,681
) 
  
 
—  
 
  
 
—  
 
Vhagar Purchaser, LLC.
  
Revolver
  
06/11/2029
  
 
373,356
 
  
 
(10,267
) 
  
 
—  
 
  
 
—  
 
 
57
                                                                                                                                                                 
Wealth Enhancement Group, LLC
  
Delayed Draw Term Loan
  
05/02/2024
  
 
398,757
 
  
 
(1,994
) 
  
 
718,075
 
  
 
(10,771
) 
Wealth Enhancement Group, LLC
  
Revolver
  
10/04/2027
  
 
457,366
 
  
 
(3,430
) 
  
 
457,366
 
  
 
(8,004
) 
West Dermatology
  
Delayed Draw Term Loan
  
06/17/2024
  
 
—  
 
  
 
—  
 
  
 
3,731,767
 
  
 
(522,447
) 
West Dermatology
  
Delayed Draw Term Loan
  
03/31/2025
  
 
3,731,767
 
  
 
(223,906
) 
  
 
—  
 
  
 
—  
 
West Dermatology
  
Revolver
  
03/17/2028
  
 
736,371
 
  
 
(51,546
) 
  
 
1,243,922
 
  
 
(186,588
) 
Zendesk, Inc.
  
Delayed Draw Term Loan
  
11/22/2024
  
 
3,333,525
 
  
 
—  
 
  
 
3,333,525
 
  
 
(33,335
) 
Zendesk, Inc.
  
Revolver
  
11/22/2028
  
 
1,372,628
 
  
 
(13,726
) 
  
 
1,372,628
 
  
 
(27,453
) 
           
 
 
    
 
 
    
 
 
    
 
 
  
Total
          
$
176,035,358
 
  
$
(2,694,547
) 
  
$
193,536,127
 
  
$
(5,029,664
) 
           
 
 
    
 
 
    
 
 
    
 
 
  
 
(1)
Commitments are generally subject to borrowers meeting certain criteria such as compliance with covenants and certain operational metrics. These amounts may remain outstanding until the commitment period of an applicable loan expires, which may be shorter than its maturity.
(2)
Net of capitalized fees, expenses and original issue discount (“OID”).
(3)
A negative fair value was reflected as investments, at fair value in the consolidated statements of assets and liabilities. The negative fair value is the result of the capitalized discount on the loan.
Contingencies
In the normal course of business, the Fund enters into contracts that provide a variety of general indemnifications. Any exposure to the Fund under these arrangements could involve future claims that may be made against the Fund. Currently, no such claims exist or are expected to arise and, accordingly, the Fund has not accrued any liability in connection with such indemnifications.
7. Net Assets
Equity Issuance
In connection with its formation, the Fund has the authority to issue 200,000,000 Shares.
On September 29, 2017, the Fund completed its Initial Closing after entering into Subscription Agreements with several investors, including the Adviser, providing for the private placement of Shares. Under the terms of the Subscription Agreements, investors are required to fund drawdowns to purchase Shares up to the amount of their respective Capital Commitments on an
as-needed
basis upon the issuance of a capital draw-down notice. At September 30, 2023 the Fund had total Capital Commitments of $629,019,653, of which 14% or $90,663,743 is unfunded. At December 31, 2022, the Fund had total Capital Commitments of $572,772,226, of which 14% or $77,483,361 was unfunded. The minimum Capital Commitment of an investor is $50,000. The Adviser, however, may waive the minimum Capital Commitment at its discretion.
Capital Commitments may be drawn down by the Fund on a pro rata basis, as needed (including for
follow-on
investments), for paying the Fund’s expenses, including fees under the Amended and Restated Advisory Agreement, and/or maintaining a reserve account for the payment of future expenses or liabilities.
The following table summarizes the total Shares issued and amount received related to capital drawdowns delivered pursuant to the Subscription Agreements during the nine months ended September 30, 2023 and September 30,
2022
:
 
    
For the nine months ended
September 30, 2023
     
For the nine months ended

September 30, 2022
  
Quarter Ended
   
Shares
     
Amount
     
Shares
     
Amount
  
March 31
      —          —          3,095,246      $ 30,684,000  
June 30
      2,776,754        $25,792,451 *       5,759,395      $ 56,263,228  
September 30
      1,566,471        $14,548,616        1,926,590      $ 18,306,259  
  
 
 
     
 
 
     
 
 
     
 
 
  
Total capital drawdowns
      4,343,225        $40,341,067        10,781,231      $ 105,253,487  
  
 
 
     
 
 
     
 
 
     
 
 
  
 
*
Net of $2,724,958 of which tendered shareholders have been released in 2023.
 
58
Distributions
The following tables reflect the distributions declared on Shares during the nine months ended September 30, 2023 and September 30, 2022:
 
Date Declared
   
Record Date
     
Payment

Date
     
Amount Per Share
     
Dollar

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

Date
     
Amount Per Share
     
Dollar

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

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

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

September 30, 2023
 
 
For the nine months ended

September 30, 2022
 
Per Share Data:
(1)(2)
 
Net asset value, beginning of period
   
$
9.10
 
  
$
9.80
 
Net investment income (loss)
   
 
0.66
 
  
 
0.60
 
Net realized and unrealized gains (losses) on investments
   
 
0.07
 
  
 
(0.30
) 
    
 
 
    
 
 
  
Net increase (decrease) in net assets resulting from operations
   
 
0.73
 
  
 
0.30
 
    
 
 
    
 
 
  
Distributions to stockholders
(3)
   
 
(0.54
) 
  
 
(0.60
) 
    
 
 
    
 
 
  
Net asset value, end of period
   
$
9.29
 
  
$
9.50
 
Shares outstanding, end of period
   
 
54,193,205
 
  
 
46,082,537
 
Total return at net asset value
before incentive fees
(4)(5)
   
 
9.96
% 
  
 
3.87
% 
Total return at net asset value after incentive fees
(4)(5)
   
 
8.15
% 
  
 
3.14
% 
Ratio/Supplemental Data:
 
Net assets, end of period
   
$
503,274,389
 
  
$
437,842,319
 
Ratio of total expenses to weighted average net assets
(6)
   
 
19.98
% 
  
 
12.94
% 
Ratio of net expenses to weighted average net assets
(6)
   
 
19.98
% 
  
 
12.73
%
(7)
 
 
60
                                                                                                     
Ratio of net investment income (loss) before waivers to weighted average net assets
(6)
   
 
10.26
% 
  
 
8.44
% 
Ratio of net investment income (loss) after waivers to weighted average net assets
(6)
   
 
10.26
% 
  
 
8.65
%
(7)
 
Ratio of interest and credit facility expenses to weighted average net assets
(6)
   
 
13.54
% 
  
 
7.10
% 
Ratio of incentive fees to weighted average net assets
(5)
   
 
1.78
% 
  
 
0.72
% 
Portfolio turnover rate
(5)
   
 
8.15
% 
  
 
15.43
% 
Asset coverage ratio
(8)
   
 
161
% 
  
 
164
% 
 
(1)
The per share data was derived by using the weighted average shares outstanding during the applicable period.
(2)
Ratios calculated with Net Assets excluding the
Non-Controlling
Interest.
(3)
The per share data for distributions is the actual amount of distributions paid or payable per share of common stock outstanding during the entire period.
(4)
Total return based on NAV is calculated as the change in NAV per share during the respective periods, assuming dividends and distributions, if any, are reinvested in accordance with the Fund’s dividend reinvestment plan.
(5)
Not annualized.
(6)
Annualized, except for professional fees, directors’ fees and incentive fees.
(7)
For the nine months ended September 30, 2022, the Adviser voluntarily waived a portion of their management fees and collateral management fees. Additionally, the Adviser received reimbursement payments from the Fund as per the Expense Support and Conditional Reimbursement Agreement. The ratios include the effects of the waived expenses of 0.20%, for the nine months ended September 30, 2022.
(8)
Asset coverage ratio is equal to (i) the sum of (A) net assets at end of period and (B) debt outstanding at end of period, divided by (ii) total debt outstanding at the end of the period.
10. Subsequent Events
Subsequent events after the consolidated statements of assets and liabilities date have been evaluated through the date the consolidated financial statements were issued. The Fund has concluded that there are no events requiring adjustment or disclosure in the consolidated financial statements.
 
61

Item 2.

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

Forward-Looking Statements

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

 

  •  

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

 

  •  

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

 

  •  

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

 

  •  

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

 

  •  

the Fund’s future operating results;

 

  •  

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

 

  •  

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

 

  •  

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

 

  •  

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

 

  •  

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

 

  •  

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

 

  •  

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

 

  •  

the loss of key personnel;

 

  •  

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

 

  •  

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

 

  •  

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

 

  •  

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

 

  •  

the effect of legal, tax and regulatory changes; and

 

  •  

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

Although the Fund believes that the assumptions on which these forward-looking statements are based are reasonable, any of those assumptions could prove to be inaccurate, and as a result, the forward-looking statements based on those assumptions also could be inaccurate. In light of these and other uncertainties, the inclusion of a projection or forward-looking statement in this report should not be regarded as a representation by the Fund that the Fund’s plans and objectives will be achieved. These risks and uncertainties include those described or identified in the section entitled “Item 1A. Risk Factors” of the Annual Report on Form 10-K for the fiscal year ended December 31, 2022, and elsewhere in this report. These forward-looking statements apply only as of the date of this report. Moreover, the Fund assumes no duty and does not undertake to update the forward-looking statements. The forward-looking statements and projections contained in this Quarterly Report are excluded from the safe harbor protection provided by Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) because the Fund is an investment company.

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

 

62

Overview

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

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

The Fund is an “emerging growth company,” as defined in the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”). The Fund will remain an emerging growth company for up to five years following its initial public offering, if any, although if the market value of its common stock that is held by non-affiliates exceeds $700 million as of any September 30 before that time, the Fund would cease to be an emerging growth company as of the following December 31. For so long as the Fund remains an emerging growth company under the JOBS Act, it will be subject to reduced public company reporting requirements.

The Private Offering

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

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

Revenues

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

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

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

 

63

Expenses

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

 

  •  

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

 

  •  

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

 

  •  

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

 

  •  

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

 

  •  

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

 

  •  

base management fees and incentive fees payable to the Adviser;

 

  •  

transfer agent and custodial fees;

 

  •  

federal and state registration fees;

 

  •  

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

 

  •  

U.S. federal, state and local taxes;

 

  •  

independent directors’ fees and expenses;

 

  •  

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

 

  •  

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

 

  •  

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

 

  •  

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

 

  •  

marketing expenses; and

 

  •  

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

Activity

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

 

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

Investments in Portfolio Companies

    $ (44,227,454 )(1)    $ (78,016,704 )(2)    $ (151,039,096 )(3)    $ (275,887,703 )(4) 

Draw Downs against Revolvers and Delayed Draw Term Loans

      (19,591,954 )      (23,000,920 )      (64,256,069 )      (60,237,851 ) 

Principal Repayments

      49,925,524 (5)      49,236,275 (6)      97,248,418 (7)      140,474,269 (8) 

Sales

      111,686       3,044,969       1,029,721       10,394,851  
  

 

 

    

 

 

    

 

 

    

 

 

  

Net Repayments (Investments)

    $ (13,782,198 )    $ (48,736,380 )    $ (117,017,026 )    $ (185,256,434 ) 
  

 

 

    

 

 

    

 

 

    

 

 

  

 

(1) 

Includes investments in 5 portfolio companies.

(2) 

Includes investments in 20 portfolio companies.

(3) 

Includes investments in 36 portfolio companies.

(4) 

Includes investments in 42 portfolio companies.

(5)

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

(6)

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

(7)

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

(8)

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

 

64

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

 

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

First Lien Senior Secured Debt

    $ 1,236,369,082        90.22 %    $ 1,210,772,172        89.64 %      11.16 % 

Second Lien Junior Secured Debt

      10,793,508        0.79       10,092,935        0.75       13.78  

Preferred Stock

      7,253,950        0.53       9,599,615        0.71       —    

Common Stock

      8,611,429        0.63       9,720,041        0.72       —    

Investment Companies

      6,029,093        0.44       8,149,817        0.60       —    

Warrants

      343,936        0.03       1,383,703        0.10       —    

Cash and cash equivalents

      101,011,905        7.36       101,011,905        7.48       —    
  

 

 

     

 

 

    

 

 

     

 

 

    

Total

    $ 1,370,412,903        100 %    $ 1,350,730,188        100 %   
  

 

 

     

 

 

    

 

 

     

 

 

    

 

(1) 

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

The following table shows the composition of the investment portfolio and associated yield data as of December 31, 2022:

 

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

First Lien Senior Secured Debt

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

Second Lien Junior Secured Debt

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

Preferred Stock

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

Common Stock

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

Investment Companies

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

Warrants

      343,936        0.03       994,095        0.08       —    

Cash and cash equivalents

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

 

 

     

 

 

    

 

 

     

 

 

    

Total

    $ 1,195,017,249        100 %    $ 1,171,303,080        100 %   
  

 

 

     

 

 

    

 

 

     

 

 

    

 

(1) 

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

The following table presents certain selected financial information regarding the debt investments in the Fund’s portfolio as of September 30, 2023 and December 31, 2022:

 

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

Number of portfolio companies

      190       179  

Percentage of debt bearing a floating rate(1)

      100 %      100 % 

Percentage of debt bearing a fixed rate(1)

      0 %      0 % 

 

(1) 

Measured on a fair value basis and excluding equity securities.

 

65

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

 

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

Performing

    $ 1,224,495,553        98.18 %    $ 1,217,488,844        99.72 % 

Non-accrual

      22,667,037        1.82       3,376,263        0.28  
  

 

 

     

 

 

    

 

 

     

 

 

  

Total

    $ 1,247,162,590        100 %    $ 1,220,865,107        100 % 
  

 

 

     

 

 

    

 

 

     

 

 

  

The following table shows the amortized cost and fair value of the Fund’s performing and non-accrual debt investments as of December 31, 2022:

 

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

Performing

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

Non-accrual

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

 

 

     

 

 

    

 

 

     

 

 

  

Total

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

 

 

     

 

 

    

 

 

     

 

 

  

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

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

 

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

Consumer Discretionary

    $ 321,309        0.02 %    $ 288,247        0.02 % 

Consumer Non-Cyclical

      54,282,752        4.28       53,785,890        4.30  

Digital Infrastructure & Services

      220,689,206        17.39       218,253,090        17.46  

Energy

      7,396,609        0.58       7,753,825        0.62  

Financials

      51,876,567        4.09       51,450,336        4.12  

Healthcare 

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

Investment Companies

      6,029,093        0.47       8,149,817        0.65  

Services

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

Software & Tech Services

      624,873,130        49.23       627,447,565        50.21  

Specialty RMR

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

Transport & Logistics

      717,719        0.05       1,160,156        0.10  
  

 

 

     

 

 

    

 

 

     

 

 

  
   $  1,269,400,998        100 %    $ 1,249,718,283        100 % 
  

 

 

     

 

 

    

 

 

     

 

 

  

 

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

Services

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

Consumer Discretionary

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

Consumer Non-Cyclical

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

Digital Infrastructure & Services

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

Energy

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

Financial Services

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

Healthcare & HCIT

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

Investment Companies

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

Software & Tech Services

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

Transport & Logistics

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

 

 

     

 

 

    

 

 

     

 

 

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

 

 

     

 

 

    

 

 

     

 

 

  

 

66

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

 

  •  

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

 

  •  

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

 

  •  

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

 

  •  

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

 

  •  

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

Results of Operations

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

 

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

Total investment income

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

Total expenses

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

 

 

     

 

 

     

 

 

     

 

 

  

Reimbursement payments to Adviser

      —          —          —          259,263  

Waived collateral management fees

      —          —          —          (588,476 ) 

Waived management fees

      —          —          —          (283,566 ) 
  

 

 

     

 

 

     

 

 

     

 

 

  

Net investment income before taxes

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

Income tax expense, including excise tax

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

 

 

     

 

 

     

 

 

     

 

 

  

Net investment income after tax

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

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

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

 

 

     

 

 

     

 

 

     

 

 

  

Net increase (decrease) in net assets resulting from operations

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

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

      1,418        386        3,057        4,941  
  

 

 

     

 

 

     

 

 

     

 

 

  

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

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

 

 

     

 

 

     

 

 

     

 

 

  

Investment Income

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

 

67

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

Operating Expenses

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

 

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

Interest and borrowing expenses

    $ 17,167,795      $ 8,935,088      $ 48,209,577      $ 21,122,091  

Management fees

      4,276,488        3,644,259        12,419,430        10,438,278  

Income-based incentive fee

      3,125,822        1,275,176        8,480,899        4,158,321  

Professional fees

      413,128        392,050        1,610,337        1,208,708  

Administration and custodian fees

      341,457        239,624        900,021        707,964  

Insurance expenses

      161,246        180,760        433,218        489,508  

Directors’ fees

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

Transfer agent fees

      36,929        32,503        108,416        88,020  

Collateral management fees

      —          —          —          588,476  

Capital gains incentive fee

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

Other expenses

      287,088        332,340        965,047        963,478  
  

 

 

     

 

 

     

 

 

     

 

 

  

Total expenses

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

Reimbursement payments to Adviser

      —          —          —          259,263  

Waived collateral management fees

      —          —          —          (588,476 ) 

Waived management fees

      —          —          —          (283,566 ) 

Income tax expense, including excise tax

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

 

 

     

 

 

     

 

 

     

 

 

  

Net expenses

    $ 26,045,795      $ 14,964,865      $ 73,780,563      $ 38,968,176  
  

 

 

     

 

 

     

 

 

     

 

 

  

Interest and Borrowing Expenses

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

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

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

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

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

 

68

Management Fee

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

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

Fund Expenses

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

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

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

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

Net Realized Gain (Loss) on Investments

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

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

Net Change in Unrealized Appreciation (Depreciation) on Investments

During the three months ended September 30, 2023, the Fund had $6,706,238 in net change in unrealized appreciation on $1,269,400,998 of investments in 190 portfolio companies. Net change in unrealized appreciation for the three months ended September 30, 2023, resulted from an increase in fair value, primarily due to positive valuation adjustments on level 3 securities.

During the three months ended September 30, 2022, the Fund had $9,970,897 in net change in unrealized depreciation on $1,079,344,029 of investments in 180 portfolio companies. Net change in unrealized depreciation for the three months ended September 30, 2022, resulted from a broad portfolio decline due to a decline in loan market secondary prices and widening primary issue credit spreads. This depreciation was partially offset by gains on debt and equity positions marked up due to company performance or expectation of near-term repayment at par.

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

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

 

69

Net Increase (Decrease) in Net Assets Resulting from Operations

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

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

Cash Flows

For the nine months ended September 30, 2023, cash increased by $52,225,920. During the same period, the Fund used $67,736,145 in operating activities, primarily as a result of net purchases of investments. During the nine months ended September 30, 2023, the Fund generated $119,962,065 from financing activities, primarily from issuance of common stock and issuance of new CLO Notes.

For the nine months ended September 30, 2022, cash decreased by $19,048,936. During the same period, the Fund used $178,383,717 in operating activities, primarily as a result of net purchases of investments. During the nine months ended September 30, 2022, the Fund generated $159,334,781 from financing activities, primarily from issuance of common stock, net borrowings on the Revolving Credit Facilities and refinance of the CLO Notes.

Hedging

The Fund may enter into currency hedging contracts, interest rate hedging agreements such as futures, options, swaps and forward contracts, and credit hedging contracts, such as credit default swaps. However, no assurance can be given that such hedging transactions will be entered into or, if they are, that they will be effective. For the nine months ended September 30, 2023 and September 30, 2022, the Fund did not enter into any hedging contracts.

Financial Condition, Liquidity and Capital Resources

As of September 30, 2023, and December 31, 2022, the Fund had $101,011,905 and $48,785,985 in cash and cash equivalents, respectively. The Fund expects to generate cash primarily from (i) the net proceeds of the Private Offering, (ii) cash flows from the Fund’s operations, (iii) any financing arrangements now existing or that the Fund may enter into in the future and (iv) any future offerings of the Fund’s equity or debt securities. The Fund may fund a portion of its investments through borrowings from banks, or other large global institutions such as insurance companies, and issuances of senior securities.

The Fund’s primary use of funds from a credit facility will be investments in portfolio companies, cash distributions to holders of its common stock and the payment of operating expenses.

In the future, the Fund may also securitize or finance a portion of its investments with a special purpose vehicle. If the Fund undertakes a securitization transaction, the Fund will consolidate its allocable portion of the debt of any securitization subsidiary on its financial statements, and include such debt in the Fund’s calculation of the asset coverage test, if and to the extent required pursuant to the guidance of the staff of the SEC.

Cash and cash equivalents as of September 30, 2023, taken together with the Fund’s uncalled Capital Commitments of $90,663,743 and $16,000,000 undrawn amount on the 2021 HSBC Credit Facility and $131,600,000 undrawn amount on the Natixis Credit Facility, is expected to be sufficient for the Fund’s investing activities and to conduct the Fund’s operations for at least the next twelve months.

As of September 30, 2023, the Fund has unfunded commitments to fund future investments in the amount of $176,035,358, and contractual obligations in the form of Revolving Credit Facilities of $283,400,000 and Notes of $542,309,941.

Equity Activity

The Fund has the authority to issue 200,000,000 Shares.

The Fund has entered into Subscription Agreements with investors providing for the private placement of Shares. Under the terms of the Subscription Agreements, investors are required to fund drawdowns to purchase Shares up to the amount of their respective Capital Commitments on an as-needed basis upon the issuance of a capital draw down notice. As of September 30, 2023, the Fund received Capital Commitments of $629,019,653. Inception to September 30, 2023, the Fund received Capital Contributions to the Fund of $538,355,910. Proceeds from the issuances of Shares in respect of drawdown notices described below were used for investing activities and for other general corporate purposes.

 

70

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

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

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

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

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

 

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

Capital Commitments

    $ 24,823,409      $ 24,237,563      $ 74,400,283      $ 109,282,965  

Capital Commitments rescinded due to participation in General Tender Program

    $ 7,773,910      $ 7,635,000      $ 18,152,856      $ 23,315,265  

Dividend reinvestments

    $ 6,644,449      $ 4,589,372      $ 14,938,142      $ 13,191,804  

Shares issued to investors under DRIP

      715,418        482,995        1,616,252        1,370,136  

Value of capital drawdown notices

    $ 14,548,616      $ 18,306,259      $ 40,341,067      $ 105,253,487  

Shares issued to investors under capital drawdown notices

      1,566,471        1,926,590        4,343,225        10,781,231  

Value of Shares purchased in General Tender Program

    $ 8,409,635      $ 3,555,388      $ 18,473,529      $ 13,627,523  

Shares purchased in General Tender Offer

      905,478        374,177        1,994,360        1,412,779  

Distributions

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

 

71

The following table summarizes distributions declared during the nine months ended September 30, 2023:

 

Date Declared

    Record Date      Payment Date      Amount Per Share      Total Distributions  

March 29, 2023

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

June 28, 2023

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

September 28, 2023

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

 

 

     

 

 

  

Total distributions declared

          $ 0.54      $ 28,043,235  
        

 

 

     

 

 

  

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

 

Date Declared

    Record Date      Payment Date      Amount Per Share      Total Distributions  

March 29, 2022

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

June 28, 2022

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

September 28, 2022

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

 

 

     

 

 

  

Total distributions declared

            0.60      $ 24,839,348  
        

 

 

     

 

 

  

The federal income tax characterization of distributions declared and paid for the fiscal year will be determined at fiscal year-end based upon the Fund’s investment company taxable income for the full fiscal year and distributions paid during the full year. For the nine months ended September 30, 2023, all of the Fund’s distributions to stockholders were attributable to ordinary income. The character of distributions for federal income tax purposes are determined in accordance with income tax regulations which may differ from GAAP. Stockholders should read any written disclosure accompanying a distribution payment carefully and should not assume that the source of any distribution is only ordinary income or gains.

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

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

Co-investment Exemptive Order

On August 6, 2018, the SEC granted the Fund relief sought in a new exemptive application that expands the co-investment exemptive relief previously granted to the Fund in October 2016 to allow the Fund to co-invest in portfolio companies with Affiliated Funds in a manner consistent with its investment objective, positions, policies, strategies and restrictions as well as regulatory requirements and other pertinent factors, subject to compliance with the Order. Pursuant to the Order, the Fund is permitted to co-invest with Affiliated Funds, which the new exemptive relief defines to include affiliated managed accounts, if, among other things, a “required majority” (as defined in Section 57(o) of the 1940 Act) of the Fund’s independent directors make certain conclusions in connection with a co-investment transaction, including that (1) the terms of the transactions, including the consideration to be paid, are reasonable and fair to the Fund and the Fund’s stockholders and do not involve overreaching in respect of the Fund or the Fund’s stockholders on the part of any person concerned, and (2) the transaction is consistent with the interests of the Fund’s stockholders and is consistent with the Fund’s investment objective and strategies. The Fund intends to co-invest with Affiliated Funds, subject to the conditions included in the Order.

Revolving Credit Facilities

2021 HSBC Credit Facility

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

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

 

72

Synovus Credit Facility

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

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

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

Natixis Credit Facility

On April 21, 2023, ABPCIC Funding IV entered into the Natixis Credit Facility. As of September 30, 2023, the Fund had $68,400,000 outstanding on the Natixis Credit Facility and the Fund was in compliance with the terms of the Natixis Credit Facility.

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

2021 Natixis Credit Facility

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

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

Secured Borrowings

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

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

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

Debt Securitization

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

On May 3, 2023, the XIII Issuer Entities completed the CLO XIII Transaction. The CLO Transaction was executed through a private placement of: (i) $228,000,000 of Class A Senior Secured Floating Rate Notes, which bear interest at Term SOFR plus 2.60% per annum; (ii) $36,000,000 of Class B Senior Secured Floating Rate Notes, which bear interest at Term SOFR plus 3.65% per annum; (iii) $36,000,000 of Class C Secured Deferrable Floating Rate Notes, which bear interest at Term SOFR plus 4.55% per annum; (iv) $28,000,000 of Class D Secured Deferrable Floating Rate Notes, which bear interest at Term SOFR plus 6.90% per annum; and (v) $67,000,000 of subordinated notes. The XIII Notes are scheduled to mature on April 27, 2035.

 

73

The VI Notes are the secured obligations of the VI Co-Issuers, and the XIII Notes are the secured obligations of the XIII Issuer Entities. The indentures governing the VI Notes and the XIII Notes each include customary covenants and events of default. The VI Notes and the XIII Notes have not been, and will not be, registered under the Securities Act or any state securities or “blue sky” laws and may not be offered or sold in the United States absent registration with the Securities and Exchange Commission or an applicable exemption from registration.

The Adviser serves as collateral manager to the VI Issuer and the XIII Issuer pursuant to the CLO VI Collateral Management Agreement and the CLO XIII Collateral Management Agreement, respectively. For so long as the Adviser serves as collateral manager to the VI Issuer, a collateral management fee shall not be charged under the CLO VI Collateral Management Agreement, and for so long as the Adviser serves as collateral manager to the XIII Issuer, a collateral management fee shall not be charged under the CLO XIII Collateral Management Agreement.

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

Asset Coverage

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

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

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

Critical Accounting Policies

Valuation of Investments

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

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

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

 

74

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

 

  •  

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

 

  •  

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

 

  •  

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

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

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

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

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

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

Management and Incentive Fees

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

Federal Income Taxes

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

 

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

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

 

75

The Fund will generally invest in illiquid loans and securities including debt and equity securities of middle-market companies. Because the Fund expects that there will not be a readily available market for many of the investments in the Fund’s portfolio, the Fund expects to value many of its portfolio investments at fair value as determined in good faith by the Board using a documented valuation policy and a consistently applied valuation process. Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of the Fund’s investments may differ significantly from the values that would have been used had a readily available market value existed for such investments, and the differences could be material.

In connection with the COVID-19 pandemic and rising inflation, the U.S. Federal Reserve and other central banks have increased interest rates. A prolonged increase in interest rates could result in an increase in the Fund’s non-performing assets and a decrease in the value of its portfolio because the portfolio companies paying interest at such increasing floating rates may be unable to meet higher payment obligations. In periods of rising interest rates, the Fund’s cost of funds would increase, which, if not matched with the rising interest rates of its performing floating-rate assets, could result in a decrease in its net investment income. Incurring additional leverage will magnify the impact of an increase to the Fund’s cost of funds. A decrease in interest rates may reduce net income, because new investments may be made at lower rates despite the increased demand for the Fund’s capital that the decrease in interest rates may produce.

Assuming that the consolidated statement of assets and liabilities as of September 30, 2023, were to remain constant and that the Fund took no actions to alter its existing interest rate sensitivity, the following table shows the annualized impact of hypothetical base rate changes in interest rates.

 

Change in Interest Rates

    Increase (Decrease) in
Interest Income		      Increase (Decrease) in
Interest Expense		      Net Increase (Decrease) in
Net Investment Income		  

Down 25 basis points

    $ (3,106,918 )     $ (1,962,875 )     $ (1,144,043 ) 

Up 100 basis points

      12,427,673        5,610,331        6,817,342  

Up 200 basis points

      24,855,345        15,703,000        9,152,345  

Up 300 basis points

      37,283,018        23,554,500        13,728,518  

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

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

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

 

Item 4.

Controls and Procedures

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

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

 

76

PART II. OTHER INFORMATION

 

Item 1.

Legal Proceedings

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

 

Item 1A.

Risk Factors

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

The Small Business Credit Availability Act allows the Fund to incur additional leverage, which may increase the risk of investing with the Fund.

On March 23, 2018, the SBCAA was signed into law. The SBCAA, among other things, modifies the applicable provisions of the 1940 Act to reduce the required asset coverage ratio applicable to BDCs from 200% to 150% subject to certain approval, time and disclosure requirements (including either stockholder approval or approval of a majority of the directors who are not interested persons of the BDC and who have no financial interest in the proposal). On July 5, 2018, the Board voted to approve the adoption of the reduced asset coverage ratio and separately recommended that Investors approve the reduced asset coverage requirements at the 2018 annual meeting of stockholders. On September 26, 2018, the Fund’s stockholders voted to approve the adoption of the reduced asset coverage ratio, effective September 27, 2018.

Increased leverage could increase the risks associated with investing in the Fund. For example, if the value of the Fund’s assets decreases, although the asset base and expected revenues would be larger because increased leverage would permit the Fund to acquire additional assets, leverage will cause the Fund’s net asset value to decline more sharply than it otherwise would have without leverage or with lower leverage. Similarly, any decrease in the Fund’s revenue would cause its net income to decline more sharply, on a relative basis, than it would have if the Fund had not borrowed or had borrowed less (although, as noted above, the Fund’s asset base and expected revenues would likely be larger). However, since the Fund already uses leverage in optimizing its investment portfolio, there are no material new risks associated with increased leverage other than the amount of the leverage.

If the Fund’s asset coverage ratio falls below the required limit, the Fund will not be able to incur additional debt until it is able to comply with the asset coverage ratio. This could have a material adverse effect on the Fund’s operations, and the Fund may not be able to make distributions to stockholders. The actual amount of leverage that the Fund employs will depend on the Board’s and the Adviser’s assessment of market and other factors at the time of any proposed borrowing. The Fund currently anticipates being able to obtain sufficient credit on acceptable terms, although the Fund can make no assurance that this will be the case or that it will remain such in the future.

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

The calculations in the tables below are hypothetical, and are provided for illustrative purposes only. Actual returns may be higher or lower than those appearing below.

 

Assumed Return on the Fund’s Portfolio (net of expenses)

      (10.00 )%      (5.00 )%      0.00 %      5.00 %      10.00 % 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

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

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

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

      (45.6 )%      (30.6 )%      (15.6 )%      (0.6 )%      14.4 % 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

(1) 

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

(2) 

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

 

77

Table of Contents
Item 2.
Unregistered Sales of Equity Securities and Use of Proceeds
Except as previously reported by the Fund on its current reports on Form
8-K,
the Fund did not sell any securities during the period covered by this Quarterly Report that were not registered under the Securities Act.
 
Item 3.
Defaults Upon Senior Securities
None.
 
Item 4.
Mine Safety Disclosure
Not applicable.
 
Item 5.
Other Information
Insider Trading Arrangements and
Policies
.
During the fiscal quarter ended September 30, 2023, none of the Fund’s directors or officers adopted or terminated any contract, instruction or written plan for the purchase or sale of the Fund’s securities to satisfy the affirmative defense conditions of Exchange Act Rule 10b5-1(c) or any “non-Rule 10b5-1 trading arrangement.”
 
Item 6.
Exhibits
The following exhibits are filed as part of this report or hereby incorporated by reference to exhibits previously filed with the SEC:
 
31.1    Certification of Chief Executive Officer pursuant to Rule 13a-14 of the Securities Exchange Act of 1934, as amended.*
31.2    Certification of Chief Financial Officer pursuant to Rule 13a-14 of the Securities Exchange Act of 1934, as amended.*
32.1    Certification of Chief Executive Officer and Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, as amended.*
101.INS    XBRL Instance Document—the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the XBRL document*
101.SCH    Inline XBRL Taxonomy Extension Schema Document*
101.CAL    Inline XBRL Taxonomy Calculation Linkbase Document*
101.DEF    Inline XBRL Taxonomy Extension Definition Linkbase Document*
101.LAB    Inline XBRL Taxonomy Label Linkbase Document*
101.PRE    Inline XBRL Taxonomy Presentation Linkbase Document*
104    Cover Page Interactive Data File (formatted in Inline XBRL and contained in Exhibit 101)*
 
*
Filed herewith
 
78

SIGNATURES

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

 

   

AB PRIVATE CREDIT INVESTORS CORPORATION

Date: November 14, 2023

  

By:

  

/s/ J. Brent Humphries

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

Date: November 14, 2023

  

By:

  

/s/ Wesley Raper

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

 

79