10-Q
falseQ2--12-310001634452TXUnless 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 June 30, 2024, qualifying assets represented 96.62% 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 assetsGenerally, 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 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 end of the reporting period. 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. SOFR loans may be subject to interest floors. As of June 30, 2024, rates for weekly 1M S, 3M S and 6M S are 5.34%, 5.35%, and 5.39%, respectively. As of June 30, 2024, the U.S. Prime rate was 8.50%.Position, or a portion thereof, has been segregated to collateralize ABPCI Direct Lending Fund CLO VI Ltd.Position, or a portion thereof, has been segregated to collateralize ABPCIC Funding II, LLCPosition, or a portion thereof, has been segregated to collateralize ABPCI Direct Lending Fund CLO XIII Ltd..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 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 investment is on non-accrual status. See Note 2 “Significant Accounting Policies.”Position, or a portion thereof, has been segregated to collateralize ABPCIC Funding IV, LLC.Carrying value is net of unamortized discount and debt issuance costs. Unamortized discount and debt issuance costs associated with the Notes totaled $390,381 and $3,681,044, respectively, as of December 31, 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 Notes totaled $371,871 and $2,969,890, respectively, as of June 30, 2024 and are reflected on the consolidated statements of assets and liabilities.As of December 31, 2023, qualifying assets represented 97.29% 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. 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 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. 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. SOFR loans may be subject to interest floors. As of December 31, 2023, rates for weekly 1M S, 3M S and 6M S are 5.34%, 5.36% and 5.35%, respectively. As of December 31, 2023, the U.S. Prime rate was 8.50%. 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”. Industry sectors have been updated with the addition of new sub-industries and moving some industries to relevant sub-industries.Position, or a portion thereof, has been segregated to collateralize ABPCIC Funding II, 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, 2023.Positions considered non-qualified assets therefore excluded from the qualifying assets calculation as noted in footnote + above. Non-income producing investment. Securities exempt from registration under the Securities Act of 1933, and may be deemed to be “restricted securities”. As of June 30, 2024, the aggregate fair value of these securities is $18,630,344 or 3.34% of the Fund’s net assets.Categorized as Level 2 assets under the definition of ASC 820 fair value hierarchy.Position or portion thereof is held through a consolidated subsidiary. Excluded from the ASC 820 fair value hierarchy as fair value is measured using the net asset value per share practical expedient. Securities exempt from registration under the Securities Act of 1933, and may be deemed to be “restricted securities”. As of December 31, 2023, the aggregate fair value of these securities is $19,827,286 or 3.93% of the Fund’s net assets. The initial acquisition dates have been included for such securities. Controlled affiliated investment. See Note 3 “Related Party Transactions”.Non-controlled affiliated investment. See Note 3 “Related Party Transactions”.Categorized as Level 1 assets under the definition of ASC 820 fair value hierarchy. Included within ‘Cash and cash equivalents’ on the Consolidated Statements of Assets and Liabilities. 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 June 30, 2024.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.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. 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 XIII Notes totaled $0 and $2,980,575 respectively, as of December 31, 2023 and are reflected on the consolidated statements of assets and liabilities. Class D and Subordinated Notes are held by the Fund and have been eliminated in consolidation. 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 $2,533,366 respectively, as of June 30, 2024 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 Notes totaled $390,381 and $700,469, respectively, as of December 31, 2023 and are reflected on the consolidated statements of assets and liabilities. Class B-R, Class C-R and Subordinated Notes are held by the Fund and have been eliminated in consolidation. Carrying value is net of unamortized discount and debt issuance costs. Unamortized discount and debt issuance costs associated with the Notes totaled $371,871 and $436,524 respectively, as of June 30, 2024 and are reflected on the consolidated statements of assets and liabilities. Aggregate gross unrealized appreciation for federal income tax purposes is $12,889,328; aggregate gross unrealized depreciation for federal income tax purposes is $31,169,850. Net unrealized depreciation is $18,280,522 based upon a tax cost basis of $1,329,401,106. The rate shown is the annualized seven-day yield as of December 31, 2023. 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us-gaap:EquityFundsMember us-gaap:WarrantMember 2024-06-30 0001634452 us-gaap:FinancialServicesSectorMember us-gaap:FairValueInputsLevel2Member us-gaap:EquityFundsMember us-gaap:PreferredStockMember 2024-06-30 0001634452 us-gaap:FairValueInputsLevel1Member us-gaap:EquityFundsMember abpcic:CommonStockAndLpMember 2024-06-30 0001634452 us-gaap:FinancialServicesSectorMember us-gaap:FairValueInputsLevel3Member 2024-06-30 0001634452 us-gaap:FairValueInputsLevel3Member us-gaap:EquityFundsMember abpcic:CommonStockAndLpMember 2024-06-30 0001634452 us-gaap:FinancialServicesSectorMember us-gaap:FairValueInputsLevel2Member us-gaap:EquityFundsMember us-gaap:WarrantMember 2024-06-30 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Salisbury House, LLC | Healthcare | Term Loan | 11.23% (S + 5.75%; 1.00% Floor) | 8/30/2025 2024-06-30 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Salisbury House, LLC | Healthcare | Delayed Draw Term Loan | 11.23% (S + 5.75%; 1.00% Floor) | 8/30/2025 2024-06-30 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Salisbury House, LLC | Healthcare | Revolver | 11.23% (S + 5.75%; 1.00% Floor) | 8/30/2025 2024-06-30 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Rep Tec Intermediate Holdings, Inc. One | Business Services | Term Loan | 10.84% (S + 5.50%; 1.00% Floor) | 12/01/2027 2024-06-30 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Sako and Partners Lower Holdings LLC | Services | Term Loan | 11.49% (S + 6.00%; 1.00% Floor) | 9/15/2028 2024-06-30 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Sako and Partners Lower Holdings LLC | Services | Revolver | 11.49% (S + 6.00%; 1.00% Floor) | 9/15/2028 2024-06-30 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Sako and Partners Lower Holdings LLC | Services | Delayed Draw Term Loan | 11.49% (S + 6.00%; 1.00% Floor) | 9/15/2028 2024-06-30 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Sako and Partners Lower Holdings LLC One | Services | Delayed Draw Term Loan | 11.49% (S + 6.00%; 1.00% Floor) | 9/15/2028 2024-06-30 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Sako and Partners Lower Holdings LLC | Services | Term Loan | 11.49% (S + 5.50%; 1.00% Floor) | 9/15/2028 2024-06-30 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Redwood Family Care Network, Inc. | Healthcare | Term Loan | 10.99% (S + 5.50%; 1.00% Floor) | 6/18/2026 2024-06-30 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Redwood Family Care Network, Inc. | Healthcare | Revolver | 10.98% (S + 5.50%; 1.00% Floor) | 6/18/2026 2024-06-30 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Redwood Family Care Network, Inc. | Healthcare | Delayed Draw Term Loan | 10.96% (S + 5.50%; 1.00% Floor) | 6/18/2026 2024-06-30 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Redwood Family Care Network, Inc. | Healthcare | Delayed Draw Term Loan | 10.99% (S + 5.50%; 1.00% Floor) | 6/18/2026 2024-06-30 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Rep Tec Intermediate Holdings,Inc., | Business Services | Term Loan | 10.84% (S + 5.50%; 1.00% Floor) | 12/01/2027 2024-06-30 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Rep Tec Intermediate Holdings, Inc. | Business Services | Revolver | 10.84% (S + 5.50%; 1.00% Floor) | 12/01/2027 2024-06-30 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Race Finco LLC | Digital Infrastructure & Services | Delayed Draw Term Loan | 12.45% (S + 7.00%; 1.00% Floor) | 01/09/2028 2024-06-30 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Race Finco LLC | Digital Infrastructure & Services | Revolver | 12.44% (S + 7.00%; 1.00% Floor) | 01/10/2028 2024-06-30 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Race Finco LLC | Digital Infrastructure & Services | Term Loan | 12.44% (S + 7.00%; 1.00% Floor) | 01/09/2028 2024-06-30 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Ranger Buyer, Inc. | Software & Tech Services | Revolver | 10.69% (S + 5.25%; 0.75% Floor) | 11/18/2027 2024-06-30 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Ranger Buyer, Inc. | Software & Tech Services | Term Loan | 10.70% (S + 5.25%; 0.75% Floor) | 11/17/2028 2024-06-30 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 | One 2024-06-30 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Pinnacle Treatment Centers, Inc. | Healthcare | Revolver | 11.94% (S + 5.50%; 1.00% Floor) | 01/04/2027 2024-06-30 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Pinnacle Treatment Centers, Inc. One | Healthcare | Term Loan | 10.85% (S + 5.50%; 1.00% Floor) | 01/04/2027 2024-06-30 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Pinnacle Treatment Centers, Inc. One| Healthcare | Term Loan | 11.93% (S + 5.50%; 1.00% Floor) | 01/04/2027 2024-06-30 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Pinnacle Treatment Centers, Inc. | Healthcare | Delayed Draw Term Loan | 10.85% (S + 5.50%; 1.00% Floor) | 01/04/2027 2024-06-30 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Priority Ondemand Midco 2,L.P | Healthcare | Delayed Draw Term Loan | 10.79% (S + 5.25%; 1.00% Floor) | 7/17/2028 2024-06-30 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Priority Ondemand Midco 2,L.P | Healthcare | Term Loan | 10.79% (S + 5.25%; 1.00% Floor) | 7/17/2028 2024-06-30 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Ping Identity Corporation | Software & Tech Services | Revolver | 12.35% (S + 7.00%; 0.75% Floor) | 10/17/2028 2024-06-30 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Pinnacle Dermatology Management, LLC | Healthcare | Delayed Draw Term Loan | 11.18% (S + 5.75%; 0.75% Floor) | 12/08/2028 2024-06-30 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Pinnacle Dermatology Management, LLC | Healthcare | Revolver | 11.5% (S + 4.00%; 0.75% Floor) | 12/08/2028 2024-06-30 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Pinnacle Dermatology Management, LLC | Healthcare | Term Loan | 11.19% (S + 5.75%; 0.75% Floor) | 12/08/2028 2024-06-30 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Pinnacle Treatment Centers, Inc. | Healthcare | Term Loan | 10.85% (S + 5.50%; 1.00% Floor) | 01/04/2027 2024-06-30 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt |Pinnacle Treatment Centers, Inc. | Healthcare | Term Loan | 11.93% (S + 5.50%; 1.00% Floor) | 01/04/2027 2024-06-30 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | PF Growth Partners, LLC Two | Consumer Non-Cyclical | Term Loan | 10.48% (S + 5.00%; 1.00% Floor) | 07/11/2025 2024-06-30 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Pharmalogic Holdings Corp. | Healthcare | Term Loan | 10.34% (S + 5.00%; 1.00% Floor) | 6/20/2030 2024-06-30 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Pharmalogic Holdings Corp. | Healthcare | Delayed Draw Term Loan | 10.34% (S + 5.00%; 1.00% Floor) | 6/20/2030 2024-06-30 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Pieper Memorial, LLC | Healthcare | Term Loan | 11.18% (S + 5.75%; 1.00% Floor) | 11/02/2027 2024-06-30 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Pieper Memorial, LLC | Healthcare | Delayed Draw Term Loan | 11.18% (S + 5.75%; 1.00% Floor) | 11/02/2027 2024-06-30 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Ping Identity Corporation | Software & Tech Services | Term Loan | 12.35% (S + 7.00%; 0.75% Floor) | 10/17/2029 2024-06-30 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Penn TRGRP Holdings, LLC | Software & Tech Services | Term Loan | 13.05% (S + 1.75%; 6.00% PIK; 0.75% Floor) | 9/27/2030 2024-06-30 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Peter C. Foy & Associates Insurance Services, LLC | Financials | Delayed Draw Term Loan | 10.85% (S + 5.50%; 0.75% Floor) | 11/01/2028 2024-06-30 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Peter C. Foy & Associates Insurance Services, LLC | Financials | Term Loan | 10.85% (S + 5.50%; 0.75% Floor) | 11/01/2028 2024-06-30 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Peter C. Foy & Associates Insurance Services, LLC One | Financials | Delayed Draw Term Loan | 10.85% (S + 5.50%; 0.75% Floor) | 11/01/2028 2024-06-30 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 2024-06-30 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | PF Growth Partners, LLC One | Consumer Non-Cyclical | Term Loan | 10.48% (S + 5.00%; 1.00% Floor) | 07/11/2025 2024-06-30 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Pace Health Companies, LLC | Healthcare | Delayed Draw Term Loan | 10.99% (S + 6.50%; 1.00% Floor) | 08/03/2026 2024-06-30 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Pace Health Companies, LLC | Healthcare | Term Loan | 11.74% (S + 6.25%; 1.00% Floor) | 08/03/2026 2024-06-30 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | PDI TA Holdings, Inc. | Software & Tech Services | Term Loan | 10.83% (S + 5.25%; 0.75% Floor) | 02/03/2031 2024-06-30 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | PDI TA Holdings, Inc. | Software & Tech Services | Revolver | 10.83% (S + 5.25%; 0.75% Floor) | 02/03/2031 2024-06-30 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | PDI TA Holdings, Inc. | Software & Tech Services | Delayed Draw Term Loan | 10.6% (S + 5.25%; 0.75% Floor) | 02/03/2031 2024-06-30 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Penn TRGRP Holdings, LLC | Software & Tech Services | Revolver | 13.05% (S + 1.75%; 6.00% PIK; 0.75% Floor) | 9/2730/20 2024-06-30 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | NI Topco, Inc | Digital Infrastructure & Services | Term Loan | 10.94% (S + 5.50%; 0.75% Floor) | 12/28/2028 2024-06-30 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | NI Topco, Inc One | Digital Infrastructure & Services | Term Loan | 10.94% (S + 5.50%; 0.75% Floor) | 12/28/2028 2024-06-30 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Pace Health Companies, LLC | Healthcare | Term Loan | 11.99% (S + 6.50%; 1.00% Floor) | 08/03/2026 2024-06-30 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Pace Health Companies, LLC | Healthcare | Revolver | 6.75% (S + 6.25%; 1.00% Floor) | 08/03/2026 2024-06-30 0001634452 US Corporate Debt | 1st Lien/Senior Secured Debt | Mastery Acquisition Corp. | Software & Tech Services | Revolver | 10.59% (S + 5.25%; 1.00% Floor) | 09/07/2029 2024-06-30 0001634452 US Corporate Debt | 1st Lien/Senior Secured Debt | Mavenlink, Inc. | Software & Tech Services | Term Loan | 11.73% (S; 6.25% PIK; 0.75% Floor) | 06/03/2027 2024-06-30 0001634452 US Corporate Debt | 1st Lien/Senior Secured Debt | Navigate360, LLC | Software & Tech Services | Revolver | 11.44% (S + 6.00%; 1.00% Floor) | 3/17/2027 2024-06-30 0001634452 US Corporate Debt | 1st Lien/Senior Secured Debt | Navigate360, LLC | Software & Tech Services | Term Loan | 11.45% (S + 6.00%; 1.00% Floor) | 3/17/2027 One 2024-06-30 0001634452 US Corporate Debt | 1st Lien/Senior Secured Debt | Navigate360, LLC | Software & Tech Services | Term Loan | 11.45% (S + 6.00%; 1.00% Floor) | 3/17/2027 2024-06-30 0001634452 US Corporate Debt | 1st Lien/Senior Secured Debt | Mykaarma Acquisition LLC | Software & Tech Services | Term Loan | 8.53% (S + 3.00%; 3.75% PIK; 1.00% Floor) | 3/21/2028 2024-06-30 0001634452 US Corporate Debt | 1st Lien/Senior Secured Debt | Mykaarma Acquisition LLC | Software & Tech Services | Revolver | 8.53% (S + 3.00%; 3.75% PIK; 1.00% Floor) | 3/21/2028 2024-06-30 0001634452 US Corporate Debt | 1st Lien/Senior Secured Debt | MSP Global Holdings, Inc. | Digital Infrastructure & Services | Delayed Draw Term Loan | 10.93% (S + 5.50%; 1.00% Floor) | 04/09/2029 2024-06-30 0001634452 US Corporate Debt |1st Lien/Senior Secured Debt | Next Holdco, LLC | Software & Tech Services | Term Loan | 11.33% (S + 6.00%; 0.75% Floor) | 11/12/2030 2024-06-30 0001634452 US Corporate Debt | 1st Lien/Senior Secured Debt | Next Holdco, LLC | Software & Tech Services | Revolver | 11.33% (S + 6.00%; 0.75% Floor) | 11/09/2029 2024-06-30 0001634452 US Corporate Debt | 1st Lien/Senior Secured Debt | Next Holdco, LLC | Software & Tech Services | Delayed Draw Term Loan | 11.33% (S + 6.00%; 0.75% Floor) | 11/12/2030 2024-06-30 0001634452 US Corporate Debt | 1st Lien/Senior Secured Debt | Navigate360, LLC | Software & Tech Services | Delayed Draw Term Loan | 11.44% (S + 6.00%; 1.00% Floor) | 3/17/2027 2024-06-30 0001634452 US Corporate Debt | 1st Lien/Senior Secured Debt | Navigate360, LLC | Software & Tech Services | Term Loan | 11.45% (S + 6.00%; 1.00% Floor) | 3/17/2027 Two 2024-06-30 0001634452 US Corporate Debt | 1st Lien/Senior Secured Debt | Navigate360, LLC | Software & Tech Services | Delayed Draw Term Loan | 11.43% (S + 6.00%; 1.00% Floor) | 3/17/2027 2024-06-30 0001634452 US Corporate Debt | 1st Lien/Senior Secured Debt | Moon Buyer, Inc. | Software & Tech Services | Revolver | 10.19% (S + 4.75%; 1.00% Floor) | 4/21/2027 2024-06-30 0001634452 US Corporate Debt | 1st Lien/Senior Secured Debt | Moon Buyer, Inc. | Software & Tech Services | Delayed Draw Term Loan | 10.19% (S + 4.75%; 1.00% Floor) | 4/21/2027 2024-06-30 0001634452 US Corporate Debt |1st Lien/Senior Secured Debt | Netwrix Corporation And Concept Searching Inc. | Software & Tech Services | Term Loan | 10.35% (S + 5.00%; 0.75% Floor) | 06/11/2029 2024-06-30 0001634452 US Corporate Debt | 1st Lien/Senior Secured Debt | Netwrix Corporation And Concept Searching Inc. | Software & Tech Services | Revolver | 10.35% (S + 5.00%; 0.75% Floor) | 06/11/2029 2024-06-30 0001634452 US Corporate Debt | 1st Lien/Senior Secured Debt | Netwrix Corporation And Concept Searching Inc. | Software & Tech Services | Delayed Draw Term Loan | 10.35% (S + 5.00%; 0.75% Floor) | 06/11/2029 2024-06-30 0001634452 US Corporate Debt | 1st Lien/Senior Secured Debt | Netwrix Corporation And Concept Searching Inc. | Software & Tech Services | Delayed Draw Term Loan | 10.60% (S + 5.25%; 0.75% Floor) | 06/11/2029 2024-06-30 0001634452 US Corporate Debt | 1st Lien/Senior Secured Debt | Medbridge Holdings, LLC | Software & Tech Services | Term Loan | 9.95% (S + 4.50%; 1.00% Floor) | 12/23/2026 2024-06-30 0001634452 US Corporate Debt | 1st Lien/Senior Secured Debt | Medbridge Holdings, LLC | Software & Tech Services | Term Loan | 9.95% (S + 4.50%; 1.00% Floor) | 12/23/2026 One 2024-06-30 0001634452 US Corporate Debt | 1st Lien/Senior Secured Debt | Medical Management Resource Group, LLC | Healthcare | Revolver | 11.44% (S + 6.00%; 0.75% Floor) | 9/30/2026 2024-06-30 0001634452 US Corporate Debt | 1st Lien/Senior Secured Debt | MMP Intermediate, LLC | Consumer Non-Cyclical | Revolver | 11.71% (S + 6.25%; 1.00% Floor) | 2/15/2029 2024-06-30 0001634452 US Corporate Debt | 1st Lien/Senior Secured Debt | MMP Intermediate, LLC | Consumer Non-Cyclical | Term Loan | 11.71% (S + 6.25%; 1.00% Floor) | 2/15/2029 One 2024-06-30 0001634452 US Corporate Debt | 1st Lien/Senior Secured Debt | Moon Buyer, Inc. | Software & Tech Services | Term Loan | 10.19% (S + 4.75%; 1.00% Floor) | 4/21/2027 2024-06-30 0001634452 US Corporate Debt | 1st Lien/Senior Secured Debt | Mavenlink, Inc. | Software & Tech Services | Revolver | 11.73% (S; 6.25% PIK; 0.75% Floor) | 06/03/2027 2024-06-30 0001634452 US Corporate Debt | 1st Lien/Senior Secured Debt | MBS Holdings, Inc. | Digital Infrastructure & Services | Term Loan | 11.70% (S + 6.25%; 1.00% Floor) | 4/16/2027 2024-06-30 0001634452 US Corporate Debt | 1st Lien/Senior Secured Debt | MBS Holdings, Inc. | Digital Infrastructure & Services | Term Loan | 11.20% (S + 5.75%; 1.00% Floor) | 4/16/2027 2024-06-30 0001634452 US Corporate Debt | 1st Lien/Senior Secured Debt | MBS Holdings, Inc. | Digital Infrastructure & Services | Revolver | 11.20% (S + 5.75%; 1.00% Floor) | 4/16/2027 2024-06-30 0001634452 US Corporate Debt | 1st Lien/Senior Secured Debt | MBS Holdings, Inc. | Digital Infrastructure & Services | Term Loan | 11.95% (S + 6.50%; 1.00% Floor) | 4/16/2027 2024-06-30 0001634452 US Corporate Debt | 1st Lien/Senior Secured Debt | Medbridge Holdings, LLC | Software & Tech Services | Revolver | 9.95% (S + 4.50%; 1.00% Floor) | 12/23/2026 2024-06-30 0001634452 US Corporate Debt | 1st Lien/Senior Secured Debt | MMP Intermediate, LLC | Consumer Non-Cyclical | Term Loan | 11.71% (S + 6.25%; 1.00% Floor) | 2/15/2029 2024-06-30 0001634452 US Corporate Debt | 1st Lien/Senior Secured Debt | Mastery Acquisition Corp. | Software & Tech Services | Delayed Draw Term Loan | 10.59% (S + 5.25%; 1.00% Floor) | 09/07/2029 2024-06-30 0001634452 US Corporate Debt | 1st Lien/Senior Secured Debt | Mastery Acquisition Corp. | Software & Tech Services | Delayed Draw Term Loan | 10.59% (S + 5.25%; 1.00% Floor) | 09/07/2029 One 2024-06-30 0001634452 US Corporate Debt | 1st Lien/Senior Secured Debt | Mastery Acquisition Corp. | Software & Tech Services | Term Loan | 10.59% (S + 5.25%; 1.00% Floor) | 09/07/2029 2024-06-30 0001634452 US Corporate Debt | 1st Lien/Senior Secured Debt | Mathnasium LLC | Consumer Non-Cyclical | Revolver | 10.50% (S + 5.00%; 0.75% Floor) | 11/15/2027 2024-06-30 0001634452 US Corporate Debt | 1st Lien/Senior Secured Debt | Mathnasium LLC | Consumer Non-Cyclical | Term Loan | 10.50% (S + 5.00%; 0.75% Floor) | 11/15/2027 2024-06-30 0001634452 US Corporate Debt | 1st Lien/Senior Secured Debt | MSP Global Holdings, Inc. | Digital Infrastructure & Services | Term Loan | 11.08% (S + 5.50%; 1.00% Floor) | 04/09/2029 2024-06-30 0001634452 US Corporate Debt | 1st Lien/Senior Secured Debt | Medical Management Resource Group, LLC | Healthcare | Delayed Draw Term Loan | 11.44% (S + 6.00%; 0.75% Floor) | 9/30/2027 2024-06-30 0001634452 US Corporate Debt | 1st Lien/Senior Secured Debt | Medical Management Resource Group, LLC | Healthcare | Term Loan | 11.44% (S + 6.00%; 0.75% Floor) | 9/30/2027 2024-06-30 0001634452 US Corporate Debt | 1st Lien/Senior Secured Debt | Medsuite Purchaser, LLC | Healthcare | Delayed Draw Term Loan | 10.45% (S + 5.00%; 1.00% Floor) | 10/22/2026 2024-06-30 0001634452 US Corporate Debt | 1st Lien/Senior Secured Debt | Medsuite Purchaser, LLC | Healthcare | Revolver | 10.45% (S + 5.00%; 1.00% Floor) | 10/22/2026 2024-06-30 0001634452 US Corporate Debt | 1st Lien/Senior Secured Debt | Medsuite Purchaser, LLC | Healthcare | Term Loan | 10.45% (S + 5.00%; 1.00% Floor) | 10/22/2026 2024-06-30 0001634452 US Corporate Debt | 1st Lien/Senior Secured Debt | MSM Acquisitions, Inc. | Services | Revolver | 11.35% (S + 6.00%; 1.00% Floor) | 12/09/2027 2024-06-30 0001634452 US Corporate Debt | 1st Lien/Senior Secured Debt | MSM Acquisitions, Inc. | Services | Delayed Draw Term Loan | 11.35% (S + 6.00%; 5.00% PIK; 1.00% Floor) | 12/09/2028 2024-06-30 0001634452 US Corporate Debt | 1st Lien/Senior Secured Debt | MSM Acquisitions, Inc. | Services | Delayed Draw Term Loan | 11.35% (S + 6.00%; 5.00% PIK; 1.00% Floor) | 12/09/2029 2024-06-30 0001634452 US Corporate Debt | 1st Lien/Senior Secured Debt | MSP Global Holdings,Inc. | Digital Infrastructure & Services | Term Loan | 11.04% (S + 5.50%; 1.00% Floor) | 04/09/2029 2024-06-30 0001634452 US Corporate Debt | 1st Lien/Senior Secured Debt | MSP Global Holdings, Inc. | Digital Infrastructure & Services | Revolver | 11.03% (S + 5.50%; 1.00% Floor) | 04/09/2029 2024-06-30 0001634452 US Corporate Debt | 1st Lien/Senior Secured Debt | MSP Global Holdings,Inc | Digital Infrastructure & Services | Delayed Draw Term Loan | 11.04% (S + 5.50%; 1.00% Floor) | 04/09/2029 2024-06-30 0001634452 US Corporate Debt | 1st Lien/Senior Secured Debt | MSM Acquisitions, Inc.| Services | Term Loan | 11.35% (S + 6.00%; 5.00% PIK; 1.00% Floor) | 12/09/2026 2024-06-30 0001634452 US Corporate Debt | 1st Lien/Senior Secured Debt | Bridgepointe Technologies, LLC | Digital Infrastructure & Services | Revolver | 11.99% (S + 6.50%; 1.00% Floor) | 12/31/2027 2024-06-30 0001634452 US Corporate Debt | 1st Lien/Senior Secured Debt | Bridgepointe Technologies, LLC | Digital Infrastructure & Services | Delayed Draw Term Loan | 11.99% (S + 6.50%; 1.00% Floor) | 12/31/2027 2024-06-30 0001634452 US Corporate Debt | 1st Lien/Senior Secured Debt | Bridgepointe Technologies, LLC | Digital Infrastructure & Services | Term Loan | 11.99% (S + 6.50%; 1.00% Floor) | 12/31/2027 2024-06-30 0001634452 US Corporate Debt | 1st Lien/Senior Secured Debt | Bridgepointe Technologies, LLC | Digital Infrastructure & Services | Term Loan | 11.99% (S + 6.50%; 1.00% Floor) | 12/31/2027 | 1 2024-06-30 0001634452 US Corporate Debt | 1st Lien/Senior Secured Debt | Bridgepointe Technologies, LLC | Digital Infrastructure & Services | Delayed Draw Term Loan | 11.99% (S + 6.50%; 1.00% Floor) | 12/31/2027 | 1 2024-06-30 0001634452 US Corporate Debt | 1st Lien/Senior Secured Debt | Community Brands Parentco, LLC | Software & Tech Services | Revolver | 10.95% (S + 5.50%; 0.75% Floor) | 2/24/2028 2024-06-30 0001634452 US Corporate Debt | 1st Lien/Senior Secured Debt | Community Brands Parentco, LLC | Software & Tech Services | Term Loan | 10.95% (S + 5.50%; 0.75% Floor) | 2/24/2028 2024-06-30 0001634452 US Corporate Debt | 1st Lien/Senior Secured Debt | Coretelligent Intermediate LLC | Digital Infrastructure & Services | Delayed Draw Term Loan | 11.18% (S + 5.75%; 1.00% Floor) | 10/21/2027 2024-06-30 0001634452 US Corporate Debt | 1st Lien/Senior Secured Debt | Coding Solutions Acquisition, Inc. | Healthcare | Delayed Draw Term Loan | 10.85% (S + 5.75%; 0.75% Floor) | 5/11/2028 2024-06-30 0001634452 US Corporate Debt | 1st Lien/Senior Secured Debt | Community Based Care Acquisition, Inc. | Healthcare | Delayed Draw Term Loan | 10.94% (S + 5.50%; 1.00% Floor) | 9/16/2027 2024-06-30 0001634452 US Corporate Debt | 1st Lien/Senior Secured Debt | Community Based Care Acquisition, Inc. | Healthcare | Revolver | 10.94% (S + 5.25%; 1.00% Floor) | 9/16/2027 2024-06-30 0001634452 US Corporate Debt | 1st Lien/Senior Secured Debt | Community Based Care Acquisition, Inc. | Healthcare | Delayed Draw Term Loan | 10.94% (S + 5.50%; 1.00% Floor) | 9/16/2027 | 1 2024-06-30 0001634452 US Corporate Debt | 1st Lien/Senior Secured Debt | Community Based Care Acquisition, Inc. | Healthcare | Term Loan | 10.94% (S + 5.25%; 1.00% Floor) | 9/16/2027 2024-06-30 0001634452 US Corporate Debt | 1st Lien/Senior Secured Debt | Community Based Care Acquisition, Inc. | Healthcare | Delayed Draw Term Loan | 10.94% (S + 5.25%; 1.00% Floor) | 9/16/2027 2024-06-30 0001634452 US Corporate Debt | 1st Lien/Senior Secured Debt | Coretelligent Intermediate LLC | Digital Infrastructure & Services | Term Loan | 11.18% (S + 5.75%; 1.00% Floor) | 10/21/2027 2024-06-30 0001634452 US Corporate Debt | 1st Lien/Senior Secured Debt | Coupa Holdings,LLC | Software & Tech Services | Term Loan | 10.83% (S + 5.50%; 0.75% Floor) | 2/27/2030 2024-06-30 0001634452 US Corporate Debt | 1st Lien/Senior Secured Debt | Colo Holdings, LLC | Digital Infrastructure & Services | PIK Term Loan | 14.20% (S + 4.00%; 4.75% PIK; 1.00% Floor) | 3/27/2029 2024-06-30 0001634452 US Corporate Debt | 1st Lien/Senior Secured Debt | Choice Health At Home, LLC, | Healthcare | Delayed Draw Term Loan | 12.68% (S + 6.75%; 1.00% PIK; 1.00% Floor) | 12/29/2026 2024-06-30 0001634452 US Corporate Debt | 1st Lien/Senior Secured Debt | Coding Solutions Acquisition, Inc | Healthcare | Delayed Draw Term Loan | 10.85% (S + 5.50%; 0.75% Floor) |5/11/2028 2024-06-30 0001634452 US Corporate Debt | 1st Lien/Senior Secured Debt | Coding Solutions Acquisition, Inc. | Healthcare | Term Loan | 10.85% (S + 5.75%; 0.75% Floor) | 5/11/2028 2024-06-30 0001634452 US Corporate Debt | 1st Lien/Senior Secured Debt | Choice Health At Home, LLC, | Healthcare | Term Loan | 12.68% (S + 6.75%; 1.00% PIK; 1.00% Floor) | 12/29/2026 2024-06-30 0001634452 US Corporate Debt | 1st Lien/Senior Secured Debt | Cerifi, LLC | Services | Revolver | 11.20% (S + 5.75%; 1.00% Floor) | 4/1/2027 2024-06-30 0001634452 US Corporate Debt | 1st Lien/Senior Secured Debt | Cerifi, LLC | Services | Term Loan | 11.20% (S + 5.75%; 1.00% Floor) | 3/31/2028 2024-06-30 0001634452 US Corporate Debt | 1st Lien/Senior Secured Debt | Caregiver 2, Inc. | Healthcare | Term Loan | 10.75% (S + 5.25%; 2.50% PIK 1.00% Floor) | 7/24/2025 2024-06-30 0001634452 US Corporate Debt | 1st Lien/Senior Secured Debt | Caregiver 2, Inc. | Healthcare | Delayed Draw Term Loan | 10.75% (S + 5.25%; 2.25% PIK; 1.00% Floor) | 7/24/2025 2024-06-30 0001634452 US Corporate Debt | 1st Lien/Senior Secured Debt | Coretelligent Intermediate LLC | Digital Infrastructure & Services | Revolver | 11.18% (S + 5.75%; 1.00% Floor) | 10/21/2027 2024-06-30 0001634452 US Corporate Debt | 1st Lien/Senior Secured Debt | Caregiver 2, Inc. | Healthcare | Term Loan | 10.75% (S + 5.25%; 2.25% PIK; 1.00% Floor) | 7/24/2025 2024-06-30 0001634452 US Corporate Debt | 1st Lien/Senior Secured Debt | Caregiver 2, Inc. | Healthcare | Term Loan | 10.75% (S + 5.25%; 2.25% PIK; 1.00% Floor) | 7/24/2025 | 1 2024-06-30 0001634452 US Corporate Debt | 1st Lien/Senior Secured Debt | Colo Holdings, LLC | Digital Infrastructure & Services | PIK Revolver | 14.20% (S + 4.00%; 4.75% PIK; 1.00% Floor) | 3/27/2029 2024-06-30 0001634452 US Corporate Debt | 1st Lien/Senior Secured Debt | Colo Holdings, LLC | Digital Infrastructure & Services | PIK Bridge Term Loan | 16.50% (16.50 PIK) | 3/27/2026 2024-06-30 0001634452 US Corporate Debt | 1st Lien/Senior Secured Debt | Coding Solutions Acquisition, Inc | Healthcare | Revolver | 10.85% (S + 5.50%; 0.75% Floor) | 5/11/2028 2024-06-30 0001634452 US Corporate Debt | 1st Lien/Senior Secured Debt | Coding Solutions Acquisition, Inc | Healthcare | Term Loan | 10.85% (S + 5.50%; 0.75% Floor) | 5/11/2028 2024-06-30 0001634452 US Corporate Debt | 1st Lien/Senior Secured Debt | BV EMS Buyer, Inc. | Healthcare | Term Loan | 11.20% (S + 5.75%; 1.00% Floor) | 11/23/2027 | 1 2024-06-30 0001634452 US Corporate Debt | 1st Lien/Senior Secured Debt | BV EMS Buyer, Inc. | Healthcare | Delayed Draw Term Loan | 11.20% (S + 5.75%; 1.00% Floor) | 11/23/2027 2024-06-30 0001634452 US Corporate Debt | 1st Lien/Senior Secured Debt | BV EMS Buyer, Inc. | Healthcare | Revolver | 11.20% (S + 5.75%; 1.00% Floor) | 11/23/2027 2024-06-30 0001634452 US Corporate Debt | 1st Lien/Senior Secured Debt | CallTower, Inc | Digital Infrastructure & Services | Term Loan | 11.70% (S + 6.25%; 3.00% Floor) | 11/30/2028 2024-06-30 0001634452 US Corporate Debt | 1st Lien/Senior Secured Debt | CallTower, Inc | Digital Infrastructure & Services | Delayed Draw Term Loan | 11.70% (S + 6.25%; 3.00% Floor) | 11/30/2028 2024-06-30 0001634452 US Corporate Debt | 1st Lien/Senior Secured Debt | CallTower, Inc | Digital Infrastructure & Services | Revolver | 11.70% (S + 6.25%; 3.00% Floor) | 11/30/2028 2024-06-30 0001634452 US Corporate Debt | 1st Lien/Senior Secured Debt | BSI2 Hold Nettle, LLC | Software & Tech Services | Revolver | 10.27% (S + 5.00%; 0.75% Floor) | 6/30/2028 2024-06-30 0001634452 US Corporate Debt | 1st Lien/Senior Secured Debt | BSI2 Hold Nettle, LLC | Software & Tech Services | Term Loan | 10.27% (S + 5.00%; 0.75% Floor) | 6/30/2028 2024-06-30 0001634452 US Corporate Debt | 1st Lien/Senior Secured Debt | BSI2 Hold Nettle, LLC | Software & Tech Services | Term Loan | 10.27% (S + 5.00%; 0.75% Floor) | 6/30/2028 | 1 2024-06-30 0001634452 US Corporate Debt | 1st Lien/Senior Secured Debt | BusinesSolver.com, Inc. | Software & Tech Services | Delayed Draw Term Loan | 10.94% (S + 5.50%; 0.75% Floor) | 12/01/2027 2024-06-30 0001634452 US Corporate Debt | 1st Lien/Senior Secured Debt | BusinesSolver.com, Inc. | Software & Tech Services | Term Loan | 10.94% (S + 5.50%; 0.75% Floor) | 12/01/2027 2024-06-30 0001634452 US Corporate Debt | 1st Lien/Senior Secured Debt | BV EMS Buyer, Inc. | Healthcare | Term Loan | 11.20% (S + 5.75%; 1.00% Floor) | 11/23/2027 2024-06-30 0001634452 US Corporate Debt | 1st Lien/Senior Secured Debt | Bridgepoint Technologies, LLC | Digital Infrastructure & Services | Delayed Draw Term Loan | 11.99% (S + 6.50%; 1.00% Floor) | 12/31/2027 | 2 2024-06-30 0001634452 US Corporate Debt | 1st Lien/Senior Secured Debt | Bridgepointe Technologies, LLC | Digital Infrastructure & Services | Term Loan | 11.99% (S + 6.50%; 1.00% Floor) | 12/31/2027 | 2 2024-06-30 0001634452 US Corporate Debt | 1st Lien/Senior Secured Debt | Bridgepointe Technologies, LLC | Digital Infrastructure & Services | Delayed Draw Term Loan | 11.99% (S + 6.50%; 1.00% Floor) | 12/31/2027 | 3 2024-06-30 0001634452 US Corporate Debt | 1st Lien/Senior Secured Debt | Brightspot Buyer, Inc | Software & Tech Services | Revolver | 11.95% (S + 6.50%; 0.75% Floor) | 11/16/2027 2024-06-30 0001634452 US Corporate Debt | 1st Lien/Senior Secured Debt | Brightspot Buyer, Inc | Software & Tech Services | Term Loan | 11.95% (S + 6.50%; 0.75% Floor) | 11/16/2027 2024-06-30 0001634452 US Corporate Debt | 1st Lien/Senior Secured Debt | Brightspot Buyer, Inc | Software & Tech Services | Term Loan | 11.95% (S + 6.50%; 0.75% Floor) | 11/16/2027 | 1 2024-06-30 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Avetta, LLC | Software & Tech Services | Revolver | 11.15% (S + 5.75%; 1.00% Floor) | 10/18/2029 2024-06-30 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Avetta, LLC | Software & Tech Services | Term Loan | 11.15% (S + 5.75%; 1.00% Floor) | 10/18/2030 2024-06-30 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Avalara, Inc. | Software & Tech Services | Term Loan | 12.60% (S + 7.25%; 0.75% Floor) | 10/19/2028 2024-06-30 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Avalara, Inc. | Software & Tech Services | Revolver | 12.60% (S + 7.25%; 0.75% Floor) | 10/19/2028 2024-06-30 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Sako and Partners Lower Holdings LLC | Business Services | Term Loan | 11.50% (S + 5.50%; 1.00% Floor) | 09/15/2028 2024-06-30 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 2024-06-30 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Activ Software Holdings, | Software & Tech Services | Term Loan | 11.94% (S + 6.25%; 1.00% Floor) | 05-04-2027 2024-06-30 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Activ Software Holdings, LLC | Software & Tech Services | Revolver | 11.94% (S + 6.25%; 1.00% Floor) | 05-04-2027 2024-06-30 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Activ Software Holdings, LLC | Software & Tech Services | Delayed Draw Term Loan |11.65% (S + 6.25%; 1.00% Floor) | 05-04-2027 2024-06-30 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Admiral Buyer, Inc | Software & Tech Services | Revolver | 10.85% (S + 5.50%; 0.75% Floor) | 05-08-2028 2024-06-30 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Admiral Buyer, Inc | Software & Tech Services | Delayed Draw Term Loan | 10.85% (S + 5.50%; 0.75% Floor) | 05-08-2028 2024-06-30 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | AMI US Holdings, Inc. | Software & Tech Services | Term Loan | 10.71% (S + 5.25%; 1.00% Floor) | 04-01-2025 2024-06-30 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | AMI US Holdings, Inc. | Software & Tech Services | Revolver | 10.71% (S + 5.25%; 0.00% Floor) | 04-01-2025 2024-06-30 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Admiral Buyer, Inc | Software & Tech Services | Term Loan | 10.85% (S + 5.50%; 0.75% Floor) | 05-08-2028 2024-06-30 0001634452 US Corporate Debt | 1st Lien/Senior Secured Debt | EET Buyer, Inc. | Software & Tech Services | Delayed Draw Term Loan | 10.33% (S + 5.00%; 0.75% Floor) | 11/8/2027 2024-06-30 0001634452 US Corporate Debt | 1st Lien/Senior Secured Debt | Engage2Excel, Inc. | Services | Revolver | 11.87% (S + 6.50%; 1.00% Floor) | 7/1/2024 2024-06-30 0001634452 US Corporate Debt | 1st Lien/Senior Secured Debt | Engage2Excel, Inc. | Services | Term Loan | 11.87% (S + 6.50%; 1.00% Floor) | 7/1/2024 2024-06-30 0001634452 US Corporate Debt | 1st Lien/Senior Secured Debt | Duetto Research, Inc | Software & Tech Services | Term Loan | 11.10% (S + 1.00%; 5.75% PIK; 0.75% Floor) | 6/26/2030 2024-06-30 0001634452 US Corporate Debt | 1st Lien/Senior Secured Debt | Dorado Buyer LLC | Software & Tech Services | Revolver | 11.10% (S + 2.25%; 1.00% Floor) | 2/6/2030 2024-06-30 0001634452 US Corporate Debt | 1st Lien/Senior Secured Debt | Fullsteam Operations LLC | Software & Tech Services | Delayed Draw Term Loan | 13.74% (S + 7.00%; 1.00% Floor) | 11/27/2029 | One 2024-06-30 0001634452 US Corporate Debt | 1st Lien/Senior Secured Debt | Fusion Holding Corp | Software & Tech Services | Term Loan | 11.59% (S + 6.25%; 0.75% Floor) | 9/14/2029 2024-06-30 0001634452 US Corporate Debt | 1st Lien/Senior Secured Debt | Duetto Research, Inc | Software & Tech Services | Delayed Draw Term Loan | 11.10% (S + 1.00%; 0.75% Floor) | 6/26/2030 2024-06-30 0001634452 US Corporate Debt | 1st Lien/Senior Secured Debt | EET Buyer, Inc. | Software & Tech Services | Term Loan | 10.33% (S + 5.00%; 0.75% Floor) | 11/8/2027 2024-06-30 0001634452 US Corporate Debt | 1st Lien/Senior Secured Debt | EET Buyer, Inc. | Software & Tech Services | Term Loan | 10.33% (S + 5.00%; 0.75% Floor) | 11/8/2027 | One 2024-06-30 0001634452 US Corporate Debt | 1st Lien/Senior Secured Debt | EET Buyer, Inc. | Software & Tech Services | Revolver | 10.33% (S + 5.00%; 0.75% Floor) | 11/8/2027 2024-06-30 0001634452 US Corporate Debt | 1st Lien/Senior Secured Debt | Foundation Risk Partners, Corp. | Financials | Term Loan | 10.59% (S + 5.25%; 0.75% Floor) | 10/29/2030 | One 2024-06-30 0001634452 US Corporate Debt | 1st Lien/Senior Secured Debt | Fullsteam Operations LLC | Software & Tech Services | Term Loan | 13.74% (S + 8.25%; 1.00% Floor) | 11/27/2029 2024-06-30 0001634452 US Corporate Debt | 1st Lien/Senior Secured Debt | Fullsteam Operations LLC | Software & Tech Services | Delayed Draw Term Loan | 13.74% (S + 8.25%; 1.00% Floor) | 11/27/2029 2024-06-30 0001634452 US Corporate Debt | 1st Lien/Senior Secured Debt | Fullsteam Operations LLC | Software & Tech Services | Delayed Draw Term Loan | 13.74% (S + 8.25%; 1.00% Floor) | 11/27/2029 | One 2024-06-30 0001634452 US Corporate Debt | 1st Lien/Senior Secured Debt | Fullsteam Operations LLC | Software & Tech Services | Revolver | 13.74% (S + 8.25%; 1.00% Floor) | 11/27/2029 2024-06-30 0001634452 US Corporate Debt | 1st Lien/Senior Secured Debt | Fullsteam Operations LLC | Software & Tech Services | Delayed Draw Term Loan | 13.74% (S + 7.00%; 1.00% Floor) | 11/27/2029 2024-06-30 0001634452 US Corporate Debt | 1st Lien/Senior Secured Debt | Firstdigital Communications LLC | Digital Infrastructure & Services | Revolver | 9.70% (S + 4.25%; 0.75% Floor) | 12/17/2026 2024-06-30 0001634452 US Corporate Debt | 1st Lien/Senior Secured Debt | Firstdigital Communications LLC | Digital Infrastructure & Services | Term Loan | 11.75% (S + 4.25%; 0.75% Floor) | 12/17/2026 2024-06-30 0001634452 US Corporate Debt | 1st Lien/Senior Secured Debt | Foundation Risk Partners, Corp. | Financials | Revolver | 10.59% (S + 5.25%; 0.75% Floor) | 10/29/2029 2024-06-30 0001634452 US Corporate Debt | 1st Lien/Senior Secured Debt | Foundation Risk Partners, Corp. | Financials | Term Loan | 10.59% (S + 5.25%; 0.75% Floor) | 10/29/2030 2024-06-30 0001634452 US Corporate Debt | 1st Lien/Senior Secured Debt | Foundation Risk Partners, Corp. | Financials | Delayed Draw Term Loan | 10.59% (S + 5.25%; 0.75% Floor) | 10/29/2030 2024-06-30 0001634452 US Corporate Debt | 1st Lien/Senior Secured Debt | Foundation Risk Partners, Corp. | Financials | Delayed Draw Term Loan | 10.59% (S + 5.25%; 0.75% Floor) | 10/29/2030 | One 2024-06-30 0001634452 US Corporate Debt | 1st Lien/Senior Secured Debt | Exterro, Inc. | Software & Tech Services | Term Loan | 11.00% (S + 5.50%; 1.00% Floor) | 6/1/2027 2024-06-30 0001634452 US Corporate Debt | 1st Lien/Senior Secured Debt | Exterro, Inc. | Software & Tech Services | Term Loan | 11.00% (S + 5.50%; 1.00% Floor) | 6/1/2027 | One 2024-06-30 0001634452 US Corporate Debt | 1st Lien/Senior Secured Debt | Faithlife, LLC | Software & Tech Services | Delayed Draw Term Loan | 10.94% (S + 5.50%; 1.00% Floor) | 9/18/2025 2024-06-30 0001634452 US Corporate Debt | 1st Lien/Senior Secured Debt | Faithlife, LLC | Software & Tech Services | Term Loan | 10.94% (S + 5.50%; 1.00% Floor) | 9/18/2025 2024-06-30 0001634452 US Corporate Debt | 1st Lien/Senior Secured Debt | Faithlife, LLC | Software & Tech Services | Revolver | 10.94% (S + 5.50%; 1.00% Floor) | 9/18/2025 2024-06-30 0001634452 US Corporate Debt | 1st Lien/Senior Secured Debt | FH MD Buyer, Inc. | Healthcare | Term Loan | 10.46% (S + 5.00%; 0.75% Floor) | 7/22/2028 2024-06-30 0001634452 US Corporate Debt | 1st Lien/Senior Secured Debt | Enverus Holdings, Inc. | Software & Tech Services | Term Loan | 10.85% (S + 5.50%; 0.75% Floor) | 12/24/2029 2024-06-30 0001634452 US Corporate Debt | 1st Lien/Senior Secured Debt | EvolveIP, LLC | Digital Infrastructure & Services | Revolver | 10.99% (S + 1.00%; 4.50% PIK; 1.00% Floor) | 6/7/2025 2024-06-30 0001634452 US Corporate Debt | 1st Lien/Senior Secured Debt | EvolveIP, LLC | Digital Infrastructure & Services | Term Loan | 10.99% (S + 1.00%; 1.00% Floor) | 6/7/2025 2024-06-30 0001634452 US Corporate Debt | 1st Lien/Senior Secured Debt | EvolveIP, LLC | Digital Infrastructure & Services | Delayed Draw Term Loan | 10.99% (S + 1.00%; 1.00% Floor) | 6/7/2025 2024-06-30 0001634452 US Corporate Debt | 1st Lien/Senior Secured Debt | Exterro, Inc. | Software & Tech Services | Term Loan | 10.93% (S + 5.50%; 1.00% Floor) | 6/1/2027 2024-06-30 0001634452 US Corporate Debt | 1st Lien/Senior Secured Debt | Exterro, Inc. | Software & Tech Services | Revolver | 11.00% (S + 5.50%; 1.00% Floor) | 6/1/2027 2024-06-30 0001634452 US Corporate Debt | 1st Lien/Senior Secured Debt | Crewline Buyer, Inc | Software & Tech Services | Term Loan | 12.09% (S + 6.75%; 1.00% Floor) | 11/8/2030 2024-06-30 0001634452 US Corporate Debt | 1st Lien/Senior Secured Debt | Crewline Buyer, Inc | Software & Tech Services | Revolver | 12.09% (S + 6.75%; 1.00% Floor) | 11/8/2030 2024-06-30 0001634452 US Corporate Debt | 1st Lien/Senior Secured Debt | Datacor, Inc. | Software & Tech Services | Term Loan | 10.85% (S + 5.50%; 1.00% Floor) | 3/13/2029 2024-06-30 0001634452 US Corporate Debt | 1st Lien/Senior Secured Debt | Engage2Excel, Inc. | Services | Term Loan | 11.87% (S + 6.50%; 1.00% Floor) | 7/1/2024 | One 2024-06-30 0001634452 US Corporate Debt | 1st Lien/Senior Secured Debt | Enverus Holdings, Inc. | Software & Tech Services | Delayed Draw Term Loan | 10.85% (S + 5.50%; 0.75% Floor) | 12/24/2029 2024-06-30 0001634452 US Corporate Debt | 1st Lien/Senior Secured Debt | Enverus Holdings, Inc. | Software & Tech Services | Revolver | 10.85% (S + 5.50%; 0.75% Floor) | 12/242029 2024-06-30 0001634452 US Corporate Debt | 1st Lien/Senior Secured Debt | Delaware Valley Management Holdings, Inc. | Healthcare | Revolver | - (S + 6.25%; 1.00% Floor) | 12/31/2024 2024-06-30 0001634452 US Corporate Debt | 1st Lien/Senior Secured Debt | Mr. Greens Intermediate, LLC | Services | Term Loan | 11.68% (S + 6.25%; 1.00% Floor) | 5/1/2029 2024-06-30 0001634452 US Corporate Debt | 1st Lien/Senior Secured Debt | Mr. Greens Intermediate, LLC | Services | Delayed Draw Term Loan | 11.68% (S + 6.25%; 1.00% Floor) | 5/1/2029 2024-06-30 0001634452 US Corporate Debt | 1st Lien/Senior Secured Debt | Duetto Research, Inc | Software & Tech Services | Revolver | 11.10% (S + 1.00%; 0.75% Floor) | 6/26/2030 2024-06-30 0001634452 US Corporate Debt | 1st Lien/Senior Secured Debt | Coupa Holdings,LLC | Software & Tech Services | Delayed Draw Term Loan | 10.83% (S + 5.50%; 0.75% Floor) | 2/27/2030 2024-06-30 0001634452 US Corporate Debt | 1st Lien/Senior Secured Debt | Coupa Holdings,LLC | Software & Tech Services | Revolver | 10.83% (S + 5.50%; 0.75% Floor) | 2/27/2029 2024-06-30 0001634452 US Corporate Debt | 1st Lien/Senior Secured Debt | Mr. Greens Intermediate, LLC | Services | Revolver | 11.68% (S + 6.25%; 1.00% Floor) | 5/1/2029 2024-06-30 0001634452 US Corporate Debt | 1st Lien/Senior Secured Debt | Datacor, Inc. | Software & Tech Services | Delayed Draw Term Loan | 10.85% (S + 5.50%; 1.00% Floor) | 3/13/2029 2024-06-30 0001634452 US Corporate Debt | 1st Lien/Senior Secured Debt | Datacor, Inc. | Software & Tech Services | Revolver | 10.85% (S + 5.50%; 1.00% Floor) | 3/13/2029 2024-06-30 0001634452 US Corporate Debt | 1st Lien/Senior Secured Debt | Delaware Valley Management Holdings, Inc. | Healthcare | Delayed Draw Term Loan | - (S + 6.25%; 1.00% Floor) | 12/31/2024 2024-06-30 0001634452 US Corporate Debt | 1st Lien/Senior Secured Debt | Delaware Valley Management Holdings, Inc. | Healthcare | Term Loan | - (S + 6.25%; 1.00% Floor) | 12/31/2024 2024-06-30 0001634452 US Corporate Debt | 1st Lien/Senior Secured Debt | Delaware Valley Management Holdings, Inc. | Healthcare | Delayed Draw Term Loan | - (S + 6.25%; 1.00% Floor) | 12/31/2024 | One 2024-06-30 0001634452 US Corporate Debt | 1st Lien/Senior Secured Debt | Dorado Buyer LLC | Software & Tech Services | Delayed Draw Term Loan | 11.10% (S + 2.25%; 3.25% PIK; 1.00% Floor) | 2/6/2030 2024-06-30 0001634452 US Corporate Debt | 1st Lien/Senior Secured Debt | Dorado Buyer LLC | Software & Tech Services | Term Loan | 11.10% (S + 2.25%; 3.25% PIK; 1.00% Floor) | 2/6/2030 2024-06-30 0001634452 US Corporate Debt | 1st Lien/Senior Secured Debt | Dispatch Track, LLC | Software & Tech Services | Term Loan | 9.95% (S + 4.50%; 1.00% Floor) | 12/17/2026 2024-06-30 0001634452 US Corporate Debt | 1st Lien/Senior Secured Debt | Dispatch Track, LLC | Software & Tech Services | Revolver | 9.95% (S + 4.50%; 1.00% Floor) | 12/17/2026 2024-06-30 0001634452 US Corporate Debt | 1st Lien/Senior Secured Debt | Telcor Buyer, Inc. | Software & Tech Services | Revolver | 9.68% (S + 4.25%, 1.00% Floor) | 8/20/2027 2024-06-30 0001634452 US Corporate Debt | 1st Lien/Senior Secured Debt | Telcor Buyer, Inc. | Software & Tech Services | Term Loan | 9.68% (S + 4.25%; 1.00% Floor) | 8/20/2027 2024-06-30 0001634452 US Corporate Debt | 1st Lien/Senior Secured Debt | Telesoft Holdings, LLC | Software & Tech Services | Revolver | 11.20% (S + 5.75%; 1.00% Floor) | 12/16/2026 2024-06-30 0001634452 US Corporate Debt | 1st Lien/Senior Secured Debt | Telesoft Holdings, LLC | Software & Tech Services | Term Loan | 11.20% (S + 5.75%; 1.00% Floor) | 12/16/2026 2024-06-30 0001634452 US Corporate Debt | 1st Lien/Senior Secured Debt | The Center for Orthopedic and Research Excellence, Inc. | Healthcare | Term Loan | 11.73% (S + 6.25%; 1.00% Floor) | 8/15/2025 2024-06-30 0001634452 US Corporate Debt | 1st Lien/Senior Secured Debt | Transtelco Holding, Inc | Digital Infrastructure & Services | Term Loan | 10.85% (S + 5.50%; 1.00% Floor) | 3/26/2026 2024-06-30 0001634452 US Corporate Debt | 1st Lien/Senior Secured Debt | Transtelco Holding, Inc. | Digital Infrastructure & Services | Term Loan | 11.35% (S + 5.75%; 0.50% Floor) | 3/26/2026 2024-06-30 0001634452 US Corporate Debt | 1st Lien/Senior Secured Debt | Unanet, Inc. | Software & Tech Services | Delayed Draw Term Loan | 11.22% (S + 6.00%; 0.75% Floor) | 12/08/2028 2024-06-30 0001634452 US Corporate Debt | 1st Lien/Senior Secured Debt | Unanet, Inc. | Software & Tech Services | Revolver | 11.33% (S + 6.00%; 0.75% Floor) | 12/08/2029 2024-06-30 0001634452 US Corporate Debt | 1st Lien/Senior Secured Debt | Unanet, Inc. | Software & Tech Services | Term Loan | 11.16% (S + 6.00%; 0.75% Floor) | 12/08/2030 2024-06-30 0001634452 US Corporate Debt | 1st Lien/Senior Secured Debt | TBG Food Acquisition Corp | Consumer Non-Cyclical | Revolver | 9.71% (S + 4.25%; 0.75% Floor) | 12/24/2027 2024-06-30 0001634452 US Corporate Debt | 1st Lien/Senior Secured Debt | The Center for Orthopedic and Research Excellence, Inc. | Healthcare | Term Loan | 11.73% (S + 6.25%; 1.00% Floor) | 8/15/2025 Two 2024-06-30 0001634452 US Corporate Debt | 1st Lien/Senior Secured Debt | Thrive Buyer, Inc. | Digital Infrastructure & Services | Term Loan | 12.% (S + 6.50%; 1.00% Floor) | 1/22/2027 2024-06-30 0001634452 US Corporate Debt | 1st Lien/Senior Secured Debt | Thrive Buyer, Inc. | Digital Infrastructure & Services | Revolver | 13.50% (S + 6.00%; 1.00% Floor) | 1/22/2027 2024-06-30 0001634452 US Corporate Debt | 1st Lien/Senior Secured Debt | Thrive Buyer, Inc. | Digital Infrastructure & Services | Delayed Draw Term Loan | 11.49% (S + 6.00%; 1.00% Floor) | 1/22/2027 2024-06-30 0001634452 US Corporate Debt | 1st Lien/Senior Secured Debt | Towerco IV Holdings, LLC | Digital Infrastructure & Services | Delayed Draw Term Loan | 9.45% (S + 4.00%; 1.00% Floor) | 8/31/2028 2024-06-30 0001634452 US Corporate Debt | 1st Lien/Senior Secured Debt | Transtelco Holding, Inc. | Digital Infrastructure & Services | Term Loan | 11.85% (S + 6.25%; 0.50% Floor) | 3/26/2026 2024-06-30 0001634452 US Corporate Debt | 1st Lien/Senior Secured Debt | Venture Buyer, LLC | Digital Infrastructure & Services | Term Loan | 10.57% (S + 5.25%; 1.00% Floor) | 03/01/2030 2024-06-30 0001634452 US Corporate Debt | 1st Lien/Senior Secured Debt | Velocity Purchaser Corporation | Software & Tech Services | Term Loan | 12.45% (S + 7.00%; 1.00% Floor) | 12/01/2024 Two. 2024-06-30 0001634452 US Corporate Debt | 1st Lien/Senior Secured Debt | Velocity Purchaser Corporation | Software & Tech Services | Term Loan | 12.45% (S + 7.00%; 1.00% Floor) | 12/01/2024 One. 2024-06-30 0001634452 US Corporate Debt | 1st Lien/Senior Secured Debt | Velocity Purchaser Corporation | Software & Tech Services | Term Loan | 12.45% (S + 7.00%; 1.00% Floor) | 12/01/2024 2024-06-30 0001634452 US Corporate Debt | 1st Lien/Senior Secured Debt | Velocity Purchaser Corporation | Software & Tech Services | Revolver | 12.45% (S + 7.00%; 1.00% Floor) | 12/02/2024 2024-06-30 0001634452 US Corporate Debt | 1st Lien/Senior Secured Debt | Vehlo Purchaser, LLC | Software & Tech Services | Term Loan | 10.58% (S + 5.25%; 0.75% Floor) | 5/24/2028 2024-06-30 0001634452 US Corporate Debt | 1st Lien/Senior Secured Debt | Vhagar Purchaser, LLC | Software & Tech Services | Term Loan | 12.05% (S + 6.75%; 1.00% Floor) | 6/11/2029 2024-06-30 0001634452 US Corporate Debt | 1st Lien/Senior Secured Debt | Veracross LLC | Software & Tech Services | Term Loan | 11.95% (S + 2.00%; 4.00% PIK; 1.00% Floor) | 12/28/2027 2024-06-30 0001634452 US Corporate Debt | 1st Lien/Senior Secured Debt | Veracross LLC | Software & Tech Services | Delayed Draw Term Loan | 11.95% (S + 2.00%; 4.50% PIK; 1.00% Floor) | 12/28/2027 2024-06-30 0001634452 US Corporate Debt | 1st Lien/Senior Secured Debt | Veracross LLC | Software & Tech Services | Revolver | 11.95% (S + 2.00%; 4.50% PIK; 1.00% Floor) | 12/28/2027 2024-06-30 0001634452 US Corporate Debt | 1st Lien/Senior Secured Debt | Venture Buyer, LLC | Digital Infrastructure & Services | Delayed Draw Term Loan | 10.57% (S + 5.25%; 1.00% Floor) | 3/01/2030 2024-06-30 0001634452 US Corporate Debt | 1st Lien/Senior Secured Debt | Venture Buyer, LLC | Digital Infrastructure & Services | Revolver | 10.57% (S + 5.25%; 1.00% Floor) | 3/01/2030 2024-06-30 0001634452 US Corporate Debt | 1st Lien/Senior Secured Debt | Ungerboeck Systems International, LLC | Software & Tech Services | Term Loan | 11.70% (S + 6.25%; 1.00% Floor) | 4/30/2027 Three 2024-06-30 0001634452 US Corporate Debt | 1st Lien/Senior Secured Debt | Ungerboeck Systems International, LLC | Software & Tech Services | Delayed Draw Term Loan | 11.70% (S + 6.25%; 1.00% Floor) | 4/30/2027 Two 2024-06-30 0001634452 US Corporate Debt | 1st Lien/Senior Secured Debt | Vectra AI, Inc. | Software & Tech Services | Term Loan | 11.68% (S + 6.25%; 1.00% Floor) | 03/01/2028 2024-06-30 0001634452 US Corporate Debt | 1st Lien/Senior Secured Debt | Vectra AI, Inc. | Software & Tech Services | Revolver | 11.68% (S + 6.25%; 1.00% Floor) | 03/01/2028 2024-06-30 0001634452 US Corporate Debt | 1st Lien/Senior Secured Debt | Vhagar Purchaser, LLC. | Software & Tech Services | Revolver | 12.05% (S + 6.75%; 1.00% Floor) | 6/11/2029 2024-06-30 0001634452 US Corporate Debt | 1st Lien/Senior Secured Debt | Vhagar Purchaser, LLC. | Software & Tech Services | Delayed Draw Term Loan | 12.05% (S + 6.75%; 1.00% Floor) | 6/11/2029 2024-06-30 0001634452 US Corporate Debt | 1st Lien/Senior Secured Debt | The Center for Orthopedic and Research Excellence, Inc. | Healthcare | Delayed Draw Term Loan | 11.73% (S + 6.25%; 1.00% Floor) | 8/15/2025 2024-06-30 0001634452 US Corporate Debt | 1st Lien/Senior Secured Debt | Ungerboeck Systems International, LLC | Software & Tech Services | Term Loan | 11.70% (S + 6.25%; 1.00% Floor) | 4/30/2027 Two 2024-06-30 0001634452 US Corporate Debt | 1st Lien/Senior Secured Debt | Ungerboeck Systems International, LLC | Software & Tech Services | Delayed Draw Term Loan | 11.70% (S + 6.25%; 1.00% Floor) | 4/30/2027 One 2024-06-30 0001634452 US Corporate Debt | 1st Lien/Senior Secured Debt | Ungerboeck Systems International, LLC | Software & Tech Services | Delayed Draw Term Loan | 11.70% (S + 6.25%; 1.00% Floor) | 4/30/2027 2024-06-30 0001634452 US Corporate Debt | 1st Lien/Senior Secured Debt | Ungerboeck Systems International, LLC | Software & Tech Services | Term Loan | 11.70% (S + 6.25%; 1.00% Floor) | 4/30/2027 One 2024-06-30 0001634452 US Corporate Debt | 1st Lien/Senior Secured Debt | Ungerboeck Systems International, LLC | Software & Tech Services | Revolver|11.70% (S + 6.25%; 1.00% Floor) | 4/30/2027 2024-06-30 0001634452 US 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) | 03/01/2028 2024-06-30 0001634452 US Corporate Debt | 1st Lien/Senior Secured Debt | Ungerboeck Systems International, LLC | Software & Tech Services | Term Loan|11.70% (S + 6.25%; 1.00% Floor) | 4/30/2027 2024-06-30 0001634452 US Corporate Debt | 1st Lien/Senior Secured Debt | Thrive Buyer, Inc. | Digital Infrastructure & Services | Term Loan | 11.49% (S + 6.00%; 1.00% Floor) | 1/22/2027 2024-06-30 0001634452 US Corporate Debt | 1st Lien/Senior Secured Debt | The Center for Orthopedic and Research Excellence, Inc. | Healthcare | Revolver | 11.73% (S + 6.25%; 1.00% Floor) | 8/15/2025 2024-06-30 0001634452 US Corporate Debt | 1st Lien/Senior Secured Debt | The Center for Orthopedic and Research Excellence, Inc. | Healthcare | Delayed Draw Term Loan | 11.75% (S + 6.25%; 1.00% Floor) | 8/15/2025 2024-06-30 0001634452 US Corporate Debt | 1st Lien/Senior Secured Debt | The Center for Orthopedic and Research Excellence, Inc. | Healthcare | Term Loan | 11.73% (S + 6.25%; 1.00% Floor) | 8/15/2025 One 2024-06-30 0001634452 US Corporate Debt | 1st Lien/Senior Secured Debt | Vehlo Purchaser, LLC | Software & Tech Services | Revolver | 10.58% (S + 5.25%; 0.75% Floor) | 5/24/2028 2024-06-30 0001634452 US Corporate Debt | 1st Lien/Senior Secured Debt | Vehlo Purchaser, LLC | Software & Tech Services | Delayed Draw Term Loan | 10.58% (S + 5.25%; 0.75% Floor) | 5/24/2028 2024-06-30 0001634452 US Corporate Debt | 1st Lien/Senior Secured Debt | Vehlo Purchaser, LLC | Software & Tech Services | Term Loan | 10.59% (S + 5.25%; 0.75% Floor) | 5/24/2028 2024-06-30 0001634452 Luxembourg Corporate Debt | 1st Lien/Senior Secured Debt | Sumup Holdings Luxembourg | Software & Tech Services | Delayed Draw Term Loan | 11.83% (S + 6.50%; 1.50% Floor) | 4/22/2031 2024-06-30 0001634452 U.S. S Corporate Debt | 2nd Lien/Junior Secured Debt | Symplr Software, Inc. | Software & Tech Services | Term Loan|13.31% (S + 7.87%; 0.75% Floor) | 12/22/2028 2024-06-30 0001634452 Canadian Corporate Debt | 1st Lien/Senior Secured Debt | Banneker V Acquisition, Inc. | Software & Tech Services | Revolver | 11.95% (S + 6.50%; 1.00% Floor) | 12/4/2025 2024-06-30 0001634452 Canadian Corporate Debt | 1st Lien/Senior Secured Debt | Banneker V Acquisition, Inc. | Software & Tech Services | Term Loan | 11.95% (S + 6.50%; 1.00% Floor) | 12/4/2025 2024-06-30 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Visionary Buyer LLC | Wolverine Seller Holdings, LLC | Services | Delayed Draw Term Loan | 10.60% (S + 5.25%; 0.75% Floor) | 1/17/2030 2024-06-30 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Visionary Buyer LLC | Your Part-Time Controller, LLC | Services | Term Loan | 10.85% (S + 5.50%; 1.00% Floor) | 11/14/2029 2024-06-30 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Visionary Buyer LLC | Your Part-Time Controller, LLC | Services | Revolver | 10.85% (S + 5.50%; 1.00% Floor) | 11/14/2029 2024-06-30 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Visionary Buyer LLC | Zendesk, Inc. | Software & Tech Services | Revolver | 11.60% (S + 6.25%; 0.75% Floor) | 11/22/2028 2024-06-30 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Visionary Buyer LLC | Zendesk, Inc. | Software & Tech Services | Delayed Draw Term Loan | 11.60% (S + 6.25%; 0.75% Floor) | 11/22/2028 2024-06-30 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Visionary Buyer LLC | Zendesk, Inc.| Software & Tech Services | Term Loan | 11.60% (S + 6.25%; 0.75% Floor) | 11/22/2028 2024-06-30 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Visionary Buyer LLC | Webster Equity Partners III-A, L.P. | Financials | Delayed Draw Term Loan | 16.15% (S + 3.50%; 7.35% PIK; 2.00% Floor) | 4/1/2027 2024-06-30 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Visionary Buyer LLC | West Dermatology | Healthcare | Term Loan | 13.12% (S + 5.75%; 1.88% PIK; 1.00% Floor) | 3/17/2028 2024-06-30 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Visionary Buyer LLC | West Dermatology | Healthcare | Delayed Draw Term Loan |13.12% (S + 5.75%; 1.88% PIK; 1.00% Floor) | 3/17/2028 2024-06-30 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Visionary Buyer LLC | West Dermatology | Healthcare | Revolver | 13.13% (S + 5.75%; 1.87% PIK; 1.00% Floor) | 3/17/2028 2024-06-30 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Visionary Buyer LLC | Wolverine Seller Holdings, LLC | Services | Term Loan | 10.57% (S + 5.25%; 0.75% Floor) | 1/17/2030 2024-06-30 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Visionary Buyer LLC | Wolverine Seller Holdings, LLC Services | Revolver | 10.60% (S + 5.25%; 0.75% Floor) | 1/17/2030 2024-06-30 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Visionary Buyer LLC | Visionary Buyer LLC | Digital Infrastructure & Services | Delayed Draw Term Loan | 10.59% (S + 5.25%; 0.75% Floor) | 3/21/2031 2024-06-30 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt |Visionary Buyer LLC | Visionary Buyer LLC | Digital Infrastructure & Services | Revolver | 10.59% (S + 5.25%; 0.75% Floor) | 3/21/2030 2024-06-30 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Visionary Buyer LLC | Wealth Enhancement Group, LLC | Financials | Delayed Draw Term Loan | 10.85% (S + 5.50%; 1.00% Floor) | 46487 2024-06-30 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Visionary Buyer LLC | Wealth Enhancement Group, LLC | Financials | Revolver | 10.85% (S + 5.50%; 1.00% Floor) | 10/4/2027 2024-06-30 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Visionary Buyer LLC | Wealth Enhancement Group, LLC | Financials | Delayed Draw Term Loan | 10.73% (S + 5.50%; 1.00% Floor) | 10/4/2027 2024-06-30 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Visionary Buyer LLC | Wealth Enhancement Group, LLC | Financials | Delayed Draw Term Loan | 10.85% (S + 5.50%; 1.00% Floor) | 10/4/2027 2024-06-30 0001634452 Canadian Corporate Debt | 1st Lien/Senior Secured Debt | Banneker V Acquisition, Inc. | Software & Tech Services | Delayed Draw Term Loan | 11.95% (S + 6.50%; 1.00% Floor) | 12/4/2025 2024-06-30 0001634452 Canadian Corporate Debt | 1st Lien/Senior Secured Debt | McNairn Holdings Ltd. | Services | Term Loan | 12.48% (S + 6.50%; 0.50% PIK; 1.00% Floor) | 11/25/2025 2024-06-30 0001634452 Canadian Corporate Debt | 1st Lien/Senior Secured Debt | Syntax Systems Ltd | Digital Infrastructure & Services | Term Loan One | 10.45% (S + 5.00%; 0.75% Floor) | 10/29/2028 2024-06-30 0001634452 Canadian Corporate Debt | 1st Lien/Senior Secured Debt | Syntax Systems Ltd | Digital Infrastructure & Services | Revolver | 10.45% (S + 5.25%; 1.00% Floor) | 10/29/2026 2024-06-30 0001634452 Canadian Corporate Debt | 1st Lien/Senior Secured Debt | Syntax Systems Ltd | Digital Infrastructure & Services | Term Loan One | 10.45% (S + 5.00%; 0.75% Floor) | 10/29/2028 One 2024-06-30 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Visionary Buyer LLC | Digital Infrastructure & Services | Term Loan | 10.59% (S + 5.25%; 0.75% Floor) | 3/21/2031 2024-06-30 0001634452 U.S. Luxembourg 1st Lien/Senior Secured Debt 2024-06-30 0001634452 U.S. Luxembourg Corporate Debt 2024-06-30 0001634452 U.S. Canada 1st Lien/Senior Secured Debt 2024-06-30 0001634452 U.S. Canadian Corporate Debt 2024-06-30 0001634452 U.S. 1st Lien/Junior Secured Debt 2024-06-30 0001634452 U.S. 2nd Lien/Junior Secured Debt 2024-06-30 0001634452 U.S. Corporate Debt 2024-06-30 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Kalkomey Borrower LLC | Services | Delayed Draw Term Loan | 10.60% (S + 5.25%; 1.00% Floor) | 6/18/2031 2024-06-30 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Lotus HPI Buyer Inc | Healthcare | Revolver | 11.37% (S + 6.25%; 1.00% Floor) | 1/21/2030 2024-06-30 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Lotus HPI Buyer Inc | Healthcare | Term Loan | 11.37% (S + 6.25%; 1.00% Floor) | 1/21/2030 2024-06-30 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Krispy Krunchy Foods, L.L.C | Consumer Non-Cyclical | Term Loan | 9.95% (S + 4.50%; 1.00% Floor) | 11/17/2027 2024-06-30 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Kaseya Inc. | Software & Tech Services | Delayed Draw Term Loan | 10.83% (S + 5.50%; 0.75% Floor) | 6/25/2029 2024-06-30 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Kaseya Inc. | Software & Tech Services | Revolver | 10.84% (S + 5.50%; 0.75% Floor) | 6/25/2029 2024-06-30 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Kaseya Inc. | Software & Tech Services | Term Loan | 10.83% (S + 5.50%; 0.75% Floor) | 6/25/2029 2024-06-30 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Higginbotham Insurance Agency, Inc. | Financials | Delayed Draw Term Loan | 10.95% (S + 5.50%; 1.00% Floor) | 11/24/2028 2024-06-30 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Heartland PPC Buyer LLC | Services | Revolver | 11.09% (S + 5.75%; 0.75% Floor) | 12/12/2029 2024-06-30 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Heartland PPC Buyer LLC | Services | Term Loan | 11.09% (S + 5.75%; 0.75% Floor) | 12/12/2029 2024-06-30 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Heartland PPC Buyer LLC | Services | Delayed Draw Term Loan | 11.09% (S + 5.75%; 0.75% Floor) | 12/12/2029 2024-06-30 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | GS AcquisitionCo, Inc. | Software & Tech Services | Term Loan | 10.59% (S + 5.25%; 1.00% Floor) | 5/25/2028 2024-06-30 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Lotus HPI Buyer Inc | Healthcare | Delayed Draw Term Loan | 11.37% (S + 6.25%; 1.00% Floor) | 1/21/2030 2024-06-30 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Honor HN Buyer, Inc. | Healthcare | Delayed Draw Term Loan | 11.24% (S + 5.75%; 1.00% Floor) | 10/15/2027 | Two 2024-06-30 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Honor HN Buyer, Inc. | Healthcare | Delayed Draw Term Loan | 11.24% (S + 5.75%; 1.00% Floor) | 10/15/2027 | One 2024-06-30 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Honor HN Buyer, Inc. | Healthcare | Delayed Draw Term Loan | 11.24% (S + 5.75%; 1.00% Floor) | 10/15/2027 2024-06-30 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Hirevue, Inc. | Software & Tech Services | Revolver | 12.59% (S + 7.25%; 1.00% Floor) | 5/3/2029 2024-06-30 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Hirevue, Inc. | Software & Tech Services | Term Loan | 12.58% (S + 7.25%; 1.00% Floor) | 5/3/2029 2024-06-30 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Higginbotham Insurance Agency, Inc. | Financials | Term Loan | 10.95% (S + 5.50%; 1.00% Floor) | 11/24/2028 2024-06-30 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Iodine Software, LLC | Software & Tech Services | Delayed Draw Term Loan | 10.60% (S + 5.25%; 1.00% Floor) | 5/19/2027 | One 2024-06-30 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Iodine Software, LLC | Software & Tech Services | Term Loan | 10.60% (S + 5.25%; 1.00% Floor) | 5/19/2027 2024-06-30 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Iodine Software, LLC | Software & Tech Services | Delayed Draw Term Loan | 10.60% (S + 5.25%; 1.00% Floor) | 5/19/2027 2024-06-30 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Iodine Software, LLC | Software & Tech Services | Revolver | 10.60% (S + 5.25%; 1.00% Floor) | 5/19/2027 2024-06-30 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Honor HN Buyer, Inc | Healthcare | Term Loan | 11.24% (S + 5.75%; 1.00% Floor) | 10/15/2027 2024-06-30 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Honor HN Buyer Inc | Healthcare | Revolver | 13.25% (S + 5.75%; 1.00% Floor) | 10/15/2027 2024-06-30 0001634452 US Corporate Debt | 1st Lien/Senior Secured Debt | GS AcquisitionCo, Inc. | Software & Tech Services | Revolver | 10.59% (S + 5.25%; 1.00% Floor) | 5/25/2028 2024-06-30 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | GS AcquisitionCo, Inc. | Software & Tech Services | Delayed Draw Term Loan | 10.59% (S + 5.25%; 0.75% Floor) | 5/25/2028 2024-06-30 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Kalkomey Borrower LLC | Services | Revolver | 10.60% (S + 5.25%; 1.00% Floor) | 6/18/2031 2024-06-30 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Kalkomey Borrower LLC | Services | Term Loan | 10.60% (S + 5.25%; 1.00% Floor) | 6/18/2031 2024-06-30 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | JS Parent Inc | Software & Tech Services | Revolver | 10.33% (S + 5.00%; 0.75% Floor) | 4/24/2031 2024-06-30 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | JS Parent Inc | Software & Tech Services | Term Loan | 10.33% (S + 5.00%; 0.75% Floor) | 4/24/2031 2024-06-30 0001634452 US Corporate Debt | 1st Lien/Senior Secured Debt | Greenhouse Software, Inc. | Software & Tech Services | Term Loan | 11.59% (S + 6.25%; 1.00% Floor) | 9/1/2028 | One 2024-06-30 0001634452 US Corporate Debt | 1st Lien/Senior Secured Debt | Greenlight Intermediate II, Inc. | Digital Infrastructure & Services | Delayed Draw Term Loan | 10.99% (S + 5.50%; 0.75% Floor) | 6/1/2028 2024-06-30 0001634452 US Corporate Debt | 1st Lien/Senior Secured Debt | Greenlight Intermediate II, Inc. | Digital Infrastructure & Services | Term Loan | 10.99% (S + 5.50%; 0.75% Floor) | 6/1/2028 2024-06-30 0001634452 US Corporate Debt | 1st Lien/Senior Secured Debt | Greenlight Intermediate II, Inc. | Digital Infrastructure & Services | Delayed Draw Term Loan | 10.99% (S + 5.50%; 0.75% Floor) | 6/1/2028 | One 2024-06-30 0001634452 US Corporate Debt | 1st Lien/Senior Secured Debt | Gryphon-Redwood Acquisition LLC | Software & Tech Services | Delayed Draw Term Loan | 15.35% (S + 4.00%; 6.00% PIK; 1.00% Floor) | 9/16/2028 2024-06-30 0001634452 US Corporate Debt | 1st Lien/Senior Secured Debt | Gryphon-Redwood Acquisition LLC | Software & Tech Services | Term Loan | 15.30% (S + 4.00%; 6.00% PIK; 1.00% Floor) | 9/6/2028 2024-06-30 0001634452 US Corporate Debt | 1st Lien/Senior Secured Debt | GHA Buyer, Inc. | Healthcare | Revolver | 10.84% (S + 5.50%; 1.00% Floor) | 6/24/2026 2024-06-30 0001634452 US Corporate Debt | 1st Lien/Senior Secured Debt | GHA Buyer, Inc. | Healthcare | Term Loan | 10.84% (S + 5.50%; 1.00% Floor) | 6/24/2026 | Three 2024-06-30 0001634452 US Corporate Debt | 1st Lien/Senior Secured Debt | GHA Buyer, Inc. | Healthcare | Term Loan | 10.84% (S + 5.50%; 1.00% Floor) | 6/24/2026 | Four 2024-06-30 0001634452 US Corporate Debt | 1st Lien/Senior Secured Debt | Greenhouse Software, Inc. | Software & Tech Services | Term Loan | 11.59% (S + 6.25%; 1.00% Floor) | 9/1/2028 2024-06-30 0001634452 US Corporate Debt | 1st Lien/Senior Secured Debt | Greenhouse Software, Inc. | Software & Tech Services | Revolver | 11.59% (S + 6.25%; 1.00% Floor) | 9/1/2028 2024-06-30 0001634452 US Corporate Debt | 1st Lien/Senior Secured Debt | Greenhouse Software, Inc. | Software & Tech Services | Revolver | 11.59% (S + 6.25%; 1.00% Floor) | 9/1/2028 | One 2024-06-30 0001634452 US Corporate Debt | 1st Lien/Senior Secured Debt | Galway Borrower, LLC | Financials | Delayed Draw Term Loan | 10.69% (S + 5.00%; 0.75% Floor) | 9/29/2028 2024-06-30 0001634452 US Corporate Debt | 1st Lien/Senior Secured Debt | GH Parent Holdings Inc. | Services | Delayed Draw Term Loan | 0.50% (S + 5.50%; 1.00% Floor) | 5/4/2027 2024-06-30 0001634452 US Corporate Debt | 1st Lien/Senior Secured Debt | GHA Buyer, Inc. | Healthcare | Term Loan | 10.84% (S + 5.50%; 1.00% Floor) | 6/24/2026 2024-06-30 0001634452 US Corporate Debt | 1st Lien/Senior Secured Debt | GHA Buyer, Inc. | Healthcare | Term Loan | 10.84% (S + 5.50%; 1.00% Floor) | 6/24/2026 | One 2024-06-30 0001634452 US Corporate Debt | 1st Lien/Senior Secured Debt | GHA Buyer, Inc. | Healthcare | Term Loan | 10.84% (S + 5.50%; 1.00% Floor) | 6/24/2026 | Two 2024-06-30 0001634452 US Corporate Debt | 1st Lien/Senior Secured Debt | GHA Buyer, Inc. | Healthcare | Delayed Draw Term Loan | 10.84% (S + 5.50%; 1.00% Floor) | 6/24/2026 2024-06-30 0001634452 US Corporate Debt | 1st Lien/Senior Secured Debt | G Treasury SS, LLC | Software & Tech Services | Revolver | 11.34% (S + 6.00%; 1.00% Floor) | 6/29/2029 2024-06-30 0001634452 US Corporate Debt | 1st Lien/Senior Secured Debt | G Treasury SS, LLC | Software & Tech Services | Delayed Draw Term Loan | 11.34% (S + 6.00%; 1.00% Floor) | 6/29/2029 2024-06-30 0001634452 US Corporate Debt | 1st Lien/Senior Secured Debt | G Treasury SS, LLC | Software & Tech Services | Delayed Draw Term Loan | 11.34% (S + 6.00%; 1.00% Floor) | 6/29/2029 | One 2024-06-30 0001634452 US Corporate Debt | 1st Lien/Senior Secured Debt | G Treasury SS, LLC | Software & Tech Services | Term Loan | 11.34% (S + 6.00%; 1.00% Floor) | 6/29/2029 2024-06-30 0001634452 US Corporate Debt | 1st Lien/Senior Secured Debt | Galway Borrower, LLC | Financials | Term Loan | 10.69% (S + 5.25%; 0.75% Floor) | 9/29/2028 2024-06-30 0001634452 US Corporate Debt | 1st Lien/Senior Secured Debt | Galway Borrower, LLC | Financials | Revolver | 10.69% (S + 5.25%; 0.75% Floor) | 9/29/2028 2024-06-30 0001634452 US Corporate Debt | 1st Lien/Senior Secured Debt | Fusion Holding Corp | Software & Tech Services | Revolver | 11.59% (S + 6.25%; 0.75% Floor) | 9/15/2027 2024-06-30 0001634452 US Corporate Debt | 1st Lien/Senior Secured Debt | Fusion Risk Management, Inc. | Software & Tech Services | Revolver | 12.58% (S + 3.50%; 1.00% Floor) | 5/22/2029 2024-06-30 0001634452 US Corporate Debt | 1st Lien/Senior Secured Debt | Fusion Risk Management, Inc. | Software & Tech Services | Term Loan | 12.58% (S + 3.50%; 3.75% PIK 1.00% Floor) | 5/22/2029 2024-06-30 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Salisbury House, LLC | Healthcare | Term Loan | 11.23% (S + 5.75%; 1.00% Floor) | 8/29/2025 2024-06-30 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Salisbury House, LLC 1 | Healthcare | Term Loan | 11.23% (S + 5.75%; 1.00% Floor) | 8/30/2025 2024-06-30 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Salisbury House, LLC Two | Healthcare | Term Loan | 11.23% (S + 5.75%; 1.00% Floor) | 8/30/2025 2024-06-30 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Salisbury House, LLC Three | Healthcare | Term Loan | 11.23% (S + 5.75%; 1.00% Floor) | 8/30/2025 2024-06-30 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Sandstone Care Holdings, LLC | Healthcare | Delayed Draw Term Loan | 10.95% (S + 5.50%; 1.00% Floor) | 6/28/2028 2024-06-30 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Sandstone Care Holdings, LLC | Healthcare | Revolver | 10.94% (S + 5.50%; 1.00% Floor) | 6/28/2028 2024-06-30 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Sauce Labs, Inc. | Software & Tech Services | Term Loan | 11.43% (S + 5.50%; 0.50% PIK; 1.00% Floor) | 8/16/2027 2024-06-30 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Sauce Labs, Inc. | Software & Tech Services | Delayed Draw Term Loan | 11.43% (S + 5.50%; 0.50% PIK; 1.00% Floor) | 8/16/2027 2024-06-30 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Sauce Labs, Inc. | Software & Tech Services | Revolver |11.43% (S + 5.50%; 1.00% Floor) | 8/16/2027 2024-06-30 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Sauce Labs, Inc. | Software & Tech Services | Delayed Draw Term Loan | 10.93% (S + 5.50%; 0.50% PIK; 1.00% Floor) | 8/16/2027 2024-06-30 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Sandstone Care Holdings, LLC | Healthcare | Term Loan | 10.93% (S + 5.50%; 1.00% Floor) | 6/28/2028 2024-06-30 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Salisbury House, LLC | Healthcare | Delayed Draw Term Loan | 11.23% (S + 5.75%; 1.00% Floor) | 8/29/2025 2024-06-30 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | SDC Atlas Acquistionco, LLC | Digital Infrastructure & Services | Term Loan | 10.95% (S + 5.50%; 0.75% Floor) | 8/25/2028 2024-06-30 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | SCA Buyer, LLC | Healthcare | Revolver | 12.06% (S + 6.50%; 1.00% Floor) | 1/20/2027 2024-06-30 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | SCA Buyer, LLC | Healthcare | Term Loan | 12.09% (S + 6.50%; 1.00% Floor) | 1/20/2027 2024-06-30 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Saviynt, Inc. | Software & Tech Services | Term Loan | 12.94% (S + 4.00%; 3.50% PIK; 1.00% Floor) | 12/22/2027 2024-06-30 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Saviynt, Inc. | Software & Tech Services | Revolver | 12.94% (S + 4.00%; 3.50% PIK; 1.00% Floor) | 12/22/2027 2024-06-30 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Saviynt, Inc. | Software & Tech Services | Delayed Draw Term Loan | 12.94% (S + 4.00%; 3.50% PIK; 1.00% Floor) | 12/22/2027 2024-06-30 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Serrano Parent, LLC | Software & Tech Services | Revolver | 11.83% (S + 6.50%; 1.00% Floor) | 5/13/2030 2024-06-30 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Serrano Parent, LLC | Software & Tech Services | Term Loan | 11.83% (S + 6.50%; 1.00% Floor) | 5/13/2030 2024-06-30 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Securonix, Inc. | Software & Tech Services | Term Loan | 12.31% (S + 7.00%; 0.75% Floor) | 04/05/2028 2024-06-30 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Securonix, Inc. | Software & Tech Services | Revolver | 12.31% (S + 7.00%; 0.75% Floor) | 04/05/2028 2024-06-30 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | SDC Atlas Acquistionco, LLC | Digital Infrastructure & Services |Revolver | 10.95% (S + 5.50%; 0.75% Floor) | 8/25/2028 2024-06-30 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | SDC Atlas Acquistionco, LLC | Digital Infrastructure & Services | Delayed Draw Term Loan | 8.96% (S + 5.50%; 0.75% Floor) | 8/25/2028 2024-06-30 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | SIS Purchaser, Inc. |Software & Tech Services |Revolver |10.95% (S + 5.50%; 1.00% Floor) |10/15/2026 2024-06-30 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Sirsi Corporation | Software & Tech Services | Term Loan | 11.70% (S + 6.25%; 1.00% Floor) | 3/15/2025 2024-06-30 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Sirsi Corporation | Software & Tech Services | Revolver | 11.70% (S + 6.25%; 1.00% Floor) | 3/15/2025 2024-06-30 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Single Digits, Inc. | Digital Infrastructure & Services | Term Loan | 12.84% (S + 4.25%; 3.00% PIK; 1.00% Floor) | 6/19/2026 2024-06-30 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Single Digits, Inc. | Digital Infrastructure & Services | Revolver | 12.84% (S + 4.25%; 3.00% PIK; 1.00% Floor) | 6/19/2026 2024-06-30 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Single Digits, Inc. | Digital Infrastructure & Services | Delayed Draw Term Loan | 12.84% (S + 4.25%; 3.00% PIK; 1.00% Floor) | 6/19/2026 2024-06-30 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Smile Brands, Inc. | Healthcare | Delayed Draw Term Loan | 10.93% (S + 4.50%; 1.00% PIK; 0.75% Floor) | 10/12/2027 2024-06-30 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Smile Brands, Inc. | Healthcare | Revolver | 10.93% (S + 4.50%; 1.00% PIK; 0.75% Floor) | 10/12/2027 2024-06-30 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Soladoc, LLC | Software & Tech Services | Term Loan | 10.42% (S + 5.00%; 0.75% Floor) | 06/12/2028 2024-06-30 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Soladoc, LLC | Software & Tech Services | Revolver | 10.42% (S + 5.00%; 0.75% Floor) | 06/12/2028 2024-06-30 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | SIS Purchaser, Inc. One | Software & Tech Services | Term Loan | 10.95% (S + 5.50%; 1.00% Floor) | 10/15/2026 2024-06-30 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | SIS Purchaser, Inc. | Software & Tech Services | Term Loan | 10.95% (S + 5.50%; 1.00% Floor) | 10/15/2026 2024-06-30 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | SugarCRM Inc. | Software & Tech Services | Term Loan | 10.45% (S + 5.00%; 1.00% Floor) | 7/31/2027 2024-06-30 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | SugarCRM, Inc. | Software & Tech Services | Term Loan | 10.45% (S + 5.00%; 1.00% Floor) | 7/30/2027 2024-06-30 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Sundance Group Holdings, Inc. | Software & Tech Services | Delayed Draw Term Loan | 11.68% (S + 6.25%; 1.00% Floor) | 07/02/2027 2024-06-30 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Spark DSO LLC | Healthcare | Revolver | 13.21% (S + 2.15%; 5.75% PIK; 1.00% Floor) | 4/20/2026 2024-06-30 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Spark DSO LLC | Healthcare | Term Loan | 13.21% (S + 2.15%; 5.75% PIK; 1.00% Floor) | 4/19/2026 2024-06-30 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Smile Brands, Inc. | Healthcare | Term Loan | 10.93% (S + 4.50%; 1.00% PIK; 0.75% Floor) | 10/12/2027 2024-06-30 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Sundance Group Holdings, Inc. | Software & Tech Services | Term Loan | 11.70% (S + 6.25%; 1.00% Floor) | 07/02/2027 2024-06-30 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Sundance Group Holdings, Inc. | Software & Tech Services | Revolver | 11.68% (S + 6.25%; 1.00% Floor) | 07/02/2027 2024-06-30 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Sundance Group Holdings, Inc. | Software & Tech Services | Term Loan | 11.68% (S + 6.25%; 1.00% Floor) | 07/02/2027 2024-06-30 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Sysnet North America, Inc. | Software & Tech Services | Term Loan | 11.49% (S + 6.00%; 1.00% Floor) | 12/01/2026 2024-06-30 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | TBG Food Acquisition Corp | Consumer Non-Cyclical | Term Loan | 9.71% (S + 4.25%; 0.75% Floor) | 12/24/2027 2024-06-30 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | TBG Food Acquisition Corp | Consumer Non-Cyclical | Delayed Draw Term Loan | 9.71% (S + 4.25%; 0.75% Floor) | 12/24/2027 2024-06-30 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Stratus Networks, | Digital Infrastructure & Services | Delayed Draw Term Loan | 10.95% (S + 5.50%; 1.00% Floor) | 12/15/2027 2024-06-30 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Stratus Networks, | Digital Infrastructure & Services | Revolver | 10.95% (S + 5.50%; 1.00% Floor) | 12/15/2027 2024-06-30 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Stratus Networks, Inc. | Digital Infrastructure & Services | Term Loan | 10.95% (S + 5.50%; 1.00% Floor) | 12/15/2027 2024-06-30 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | SugarCRM, Inc. | Software & Tech Services | Revolver | 11.43% (S + 5.00%; 1.00% Floor) | 7/30/2027 2024-06-30 0001634452 abpcic:PreferredUnitsMember abpcic:UnitedKingdomWarrantsAtZeroPointZeroFivePercentageMember abpcic:GlobalWebIndexIncMember 2024-06-30 0001634452 abpcic:CanadianCorporateFirstLienSeniorSecuredDebtFourPointThreeThreeMember 2024-06-30 0001634452 abpcic:FirstLienSeniorSecuredDebtAtFourPointThreeThreePercentageMember 2024-06-30 0001634452 abpcic:UnitedKingdomFirstLienSeniorSecuredDebtOnePointSevenNinePercentageMember 2024-06-30 0001634452 abpcic:LuxembourgCorporateFirstLienSeniorSecuredDebtOnePointSevenNinePercentMember 2024-06-30 0001634452 abpcic:WeeklyOneMonthSofrMember 2024-06-30 0001634452 abpcic:WeeklyThreeMonthSofrMember 2024-06-30 0001634452 abpcic:WeeklySixMonthSofrMember 2024-06-30 0001634452 us-gaap:PrimeRateMember 2024-06-30 0001634452 abpcic:USCommonStockAtOnePointThreeNinePercentageMember 2024-06-30 0001634452 abpcic:USWarrantsAtZeroPointTwoFivePercentageMember 2024-06-30 0001634452 abpcic:UnitedKingdomWarrantsAtZeroPointZeroFivePercentageMember 2024-06-30 0001634452 abpcic:FranceWarrantsZeroPointZeroZeroMember 2024-06-30 0001634452 abpcic:CashEquivalentsSixPointZeroNineMember 2024-06-30 0001634452 abpcic:CashSixPointZeroOneMember 2024-06-30 0001634452 abpcic:USInvestmentCompaniesThreePointFiftySixMember 2024-06-30 0001634452 abpcic:SecondLienJuniorSecuredDebtAtZeroPointFiveThreePercentageMember 2024-06-30 0001634452 U.S. Common Stock - 1.9% | Ntiva Investments, LLC | Class A | Digital Infrastructure & Services | 1/24/2022 2024-06-30 0001634452 U.S. Common Stock - 1.9% | MyKaarma Holdings LP | LP Interests | Software & Tech Services | 3/18/2022 2024-06-30 0001634452 U.S. Common Stock - 1.9% | NEPCORE Parent Holdings, LLC | LP Interests | Digital Infrastructure & Services | 10/21/2021 2024-06-30 0001634452 U.S. Common Stock - 1.9% | Neutral Connect, LLC | LLC Units | Digital Infrastructure & Services | 9/27/2019 2024-06-30 0001634452 U.S. Common Stock - 1.9% | Pamlico Avant Holdings L.P. | Class A | Digital Infrastructure & Services | 12/1/2021 2024-06-30 0001634452 U.S. Common Stock - 1.9% | Freddy's Acquisition LP Freddy's Frozen Custard, LLC | LP Interests | Consumer Non-Cyclical | 3/3/2021 2024-06-30 0001634452 U.S. Common Stock - 1.9% | GSV MedSuite Investments, LLC Millin Purchaser, LLC | Class A | Healthcare | 12/22/2021 2024-06-30 0001634452 U.S. Common Stock - 1.9% | GSV Vehlo Investments, LLC Vehlo Purchaser, LLC | Class A | Software & Tech Services | 5/20/2022 2024-06-30 0001634452 U.S. Common Stock - 1.9% | INH Group Holdings, LLC | Class A | Healthcare | 1/31/2019 2024-06-30 0001634452 U.S. Common Stock - 1.9% | Leeds FEG Investors, LLC | Class A | Consumer Non-Cyclical | 11/20/2017 2024-06-30 0001634452 U.S. Common Stock - 1.9% | Moon Topco, L.P. Radiant Logic, Inc. | Class A | Software & Tech Services | 4/19/2021021 2024-06-30 0001634452 France Preferred Stock - 0.04% | Content Square SAS | Ordinary Shares | Software & Tech Services 2024-06-30 0001634452 U.S. Common Stock - 1.9% | Advantage AVP Parent Holdings, L.P. Medical Management Resource Group, LLC | Units | Healthcare | 9/24/2021 2024-06-30 0001634452 U.S. Common Stock - 1.9% | REP AOM Holdings, LLC | Class A. | Healthcare | 2/17/2022 2024-06-30 0001634452 U.S. Common Stock - 1.9% | Brightspot Holdco, LLC | Class A Common Units | Software & Tech Services | 11/16/2021 2024-06-30 0001634452 U.S. Common Stock - 1.9% | Coinvest YPTC Blocked Aggregator, L.P.| LP Interests | Services | 11/14/2021 2024-06-30 0001634452 U.S. Common Stock - 1.9% | Community Based Care Holdings, LP | Senior Common Units | Healthcare | 1/3/2022 2024-06-30 0001634452 U.S. Preferred Stock - 1.54% | Ntiva Investments, LLC | Class A | Digital Infrastructure & Services | 1/24/2022 2024-06-30 0001634452 U.S. Preferred Stock - 1.54% | Netskope, Inc. | Series G | Software & Tech Services | 1/27/2020 2024-06-30 0001634452 U.S. Preferred Stock - 1.54% | Knockout Intermediate Holdings I, Inc. (Kaseya, Inc.) | Perpetual | Software & Tech Services | 6/23/2022 2024-06-30 0001634452 U.S. Preferred Stock - 1.54% | Degreed, Inc. | Series C-1 | Software & Tech Services | 6/19/2019 2024-06-30 0001634452 U.S. Preferred Stock - 1.54% | Degreed, Inc. | Series D | Software & Tech Services | 4/30/2021 2024-06-30 0001634452 U.S. Preferred Stock - 1.54% | Datarobot, Inc. | Series E |Software & Tech Services | 8/31/2019 2024-06-30 0001634452 U.S. Preferred Stock - 1.54% | Datarobot, Inc. | Series F | Software & Tech Services | 10/27/2020 2024-06-30 0001634452 U.S. Preferred Stock - 1.54% | Concerto HealthAI Solutions LLC | Series B-1 | Software & Tech Services | 12/23/2019 2024-06-30 0001634452 U.S. Preferred Stock - 1.54% | Alphasense, LLC9 | Series C | Software & Tech Services | 6/1/2021 2024-06-30 0001634452 U.S. Preferred Stock - 1.54% | Phenom People, Inc. | Series C | Software & Tech Services | 1/10/2020 2024-06-30 0001634452 U.S. Preferred Stock - 1.54% | Protoscale Rubrik, LLC | Class B | Software & Tech Services | 1/4/2019 2024-06-30 0001634452 U.S. Preferred Stock - 1.54% | Swyft Parent Holdings LP | Preferred Units | Software & Tech Services | 2/7/2022 2024-06-30 0001634452 U.S. Preferred Stock - 1.54% | Symplr Software Intermediate Holdings, Inc. | Series A | Software & Tech Services | 11/30/2018 2024-06-30 0001634452 U.S. Preferred Stock - 1.54% | Vectra AI, Inc | Series F | Software & Tech Services | 5/28/2021 2024-06-30 0001634452 U.S. Common Stock - 1.39% | Ranger Lexipol Holdings, LLC | Class B | Software & Tech Services | 11/18/2021 2024-06-30 0001634452 U.S. Common Stock - 1.39% | Ranger Lexipol Holdings, LLC | Class A | Software & Tech Services | 11/18/2021 2024-06-30 0001634452 U.S. Common Stock - 1.39% | RCFN Parent, LP (People's Care) | LP Interests | Healthcare | 6/18/2021 2024-06-30 0001634452 France Common Stock - 0.07% | Content Square SAS | Ordinary Shares | Software & Tech Services | 11/30/2023 2024-06-30 0001634452 U.S. Warrants - 0.25% | Alphasense, LLC | Series B | Software & Tech Services | 6/02/2020 2024-06-30 0001634452 U.S. Warrants - 0.25% | Degreed, Inc., expire 04/11/2028 | Series D | Software & Tech Services | 4/11/2021 2024-06-30 0001634452 U.S. Warrants - 0.25% | Degreed, Inc., expire 05/31/2026 | Series C-1 | Software & Tech Services | 5/31/2019 2024-06-30 0001634452 U.S. Warrants - 0.25% | Degreed, Inc., expire 08/18/2029 | Common Shares | Software & Tech Services | 8/31/2022 2024-06-30 0001634452 U.S. Warrants - 0.25% | Scylla DB Ltd, expire 09/08/2032 | Secries C-1 | Software & Tech Services | 3/18/2021 2024-06-30 0001634452 U.S. Common Stock - 1.39% | Singularity Topco LLC | Class A Common Units | Software & Tech Services | 9/30/2022 2024-06-30 0001634452 U.S. Common Stock - 1.39% | Stripe, Inc. | Class B | Software & Tech Services | 5/17/2021 2024-06-30 0001634452 U.S. Common Stock - 1.39% | Swyft Parent Holdings LP | LP Interests | Software & Tech Services | 2/07/2022 2024-06-30 0001634452 U.S. Common Stock - 1.39% | Thrive Parent, LLC | Class L | Digital Infrastructure & Services | 1/22/2021 2024-06-30 0001634452 U.S. Common Stock - 1.39% | Artemis Investor Holdings, LLC | Class A | Services | 6/17/2024 2024-06-30 0001634452 U.S. Common Stock - 1.39% | 8x8, Inc. | Common Units | Digital Infrastructure & Services 2024-06-30 0001634452 U.S. Common Stock - 1.39% | REP Coinvest III-A Omni, L.P. (Omni Logistics, LLC) | LP Interests | Services | 2/04/2021 2024-06-30 0001634452 U.S. Common Stock - 1.39% | REP Coinvest III AGP Blocker, L.P. (Agape Care Group) | LP Interests | Healthcare | 10/14/2021 2024-06-30 0001634452 U.S. Common Stock - 1.39% | REP Coinvest III Tec, L.P. (American Safety Holdings Corp.) | LP Interests | Services | 6/18/2020 2024-06-30 0001634452 U.S. Common Stock - 1.39% | REP RO Coinvest IV A Blocker (Road One) | Class A | Services | 12/28/2022 2024-06-30 0001634452 U.S. Common Stock - 1.39% | SBS Super Holdings, LLC | Class A | Healthcare | 5/12/2023 2024-06-30 0001634452 U.S. Common Stock - 1.39% | SBS Super Holdings, LLC | Class B | Healthcare | 5/12/2023 2024-06-30 0001634452 U.S. Warrants - 0.25% | Vectra AI, Inc., expire 03/18/2031 | Series F | Software & Tech Services | 3/18/2021 2024-06-30 0001634452 U.S. Investment Companies | Orangewood WWB Co-Invest, L.P. | LP Interests | Consumer Non-Cyclical 2024-06-30 0001634452 U.S. Investment Companies | ORCP III Triton Co-Investors, L.P. | LP Interests | Consumer Non-Cyclical 2024-06-30 0001634452 U.S. Investment Companies | OSS SPV LP. | LP Interests | Services 2024-06-30 0001634452 U.S. Investment Companies | Palms Co-Investment Partners D, L.P. | LP Interests | Software & Tech Services 2024-06-30 0001634452 U.S. Investment Companies | SCP Resonatics Aggregator I, LLC | Class A | Healthcare 2024-06-30 0001634452 U.S. Investment Companies | SCP Resonatics Aggregator I, LLC | Class B | Healthcare 2024-06-30 0001634452 U.S. Investment Companies | GTCR A-1 Investors LP. | LP Interests | Specialty RMR 2024-06-30 0001634452 U.S. Investment Companies | GHP SPV 2, L.P. | LP Interests | Software & Tech Services 2024-06-30 0001634452 U.S. Investment Companies | GHP E Aggregator, LLC | LLC Units | Software & Tech Services 2024-06-30 0001634452 U.S. Investment Companies | Falcon Co-Investment Partners, L.P. | LP Interests | Healthcare 2024-06-30 0001634452 U.S. Investment Companies | CN CO-INVEST, LP | LP Interests | Digital Infrastructure & Services 2024-06-30 0001634452 U.S. Investment Companies | AB Equity Investors, L.P. | LP Interests | Investment Companies 2024-06-30 0001634452 Cash Equivalents | Blackrock T Fund I | Money Market | Money Market Portfolio 2024-06-30 0001634452 Cash Equivalents | State Street Institutional US Government Money Market Fund | Money Market | Money Market Portfolio 2024-06-30 0001634452 Cash Equivalents | US Bank MMDA GCTS Money Market | Money Market | Money Market Portfolio 2024-06-30 0001634452 Cash | US Dollar | Cash | USD 2024-06-30 0001634452 U.S. Investment Companies | Magenta Blocker Aggregator, LP | LP Interests | Software & Tech Services 2024-06-30 0001634452 United Kingdom Warrants | Global WebIndex Holdings Ltd | Preferred Units | Software & Tech Services | 12/30/2020 2024-06-30 0001634452 France Warrants | Content Square SAS | Indemnity Series F Shares Warrants | Software & Tech Services | 11/30/2023 2024-06-30 0001634452 Cash | TOTAL CASH AND CASH EQUIVALENTS 2024-06-30 0001634452 Cash Equivalents | Total Cash Equivalents 2024-06-30 0001634452 Cash | Total Cash 2024-06-30 0001634452 U.S. Investment Companies | Total U.S. Investment Companies 2024-06-30 0001634452 United Kingdom Warrants | Total United 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us-gaap:PreferredStockMember 2023-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Coupa Holdings,LLC | Software & Tech Services | Delayed Draw Term Loan | 12.86% (S + 7.50%; 0.75% Floor) | 02/27/2030 2023-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Community Brands Parentco, LLC | Software & Tech Services | Revolver | 10.96% (S + 5.50%; 0.75% Floor) | 02/24/2028 2023-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Datacor, Inc. | Software & Tech Services | Term Loan | 11.21% (S + 5.75%; 1.00% Floor) | 12/29/2025 2023-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Datacor, Inc. | Software & Tech Services | Revolver | 11.21% (S + 5.75%; 1.00% Floor) | 12/29/2025 2023-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Datacor, Inc. | Software & Tech Services | Delayed Draw Term Loan | 11.21% (S + 5.75%; 1.00% Floor) | 12/29/2025 2023-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Coupa Holdings,LLC | Software & Tech Services | Term Loan | 12.86% (S + 7.50%; 0.75% Floor) | 02/27/2030 2023-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Coupa Holdings,LLC | Software & Tech Services | Revolver | 12.86% (S + 7.50%; 0.75% Floor) | 02/27/2029 2023-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Community Brands Parentco, LLC | Software & Tech Services | Delayed Draw Term Loan | 10.96% (S + 5.50%; 0.75% Floor) | 02/24/2028 2023-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | BusinesSolver.com, Inc. | Software & Tech Services | Term Loan | 10.96% (S + 5.50%; 0.75% Floor) | 12-01-2027 2023-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | BusinesSolver.com, Inc. | Software & Tech Services | Delayed Draw Term Loan | 10.96% (S + 5.50%; 0.75% Floor) | 12-01-2027 2023-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | BSI2 Hold Nettle, LLC | Software & Tech Services | Term Loan | 10.19% (S + 5.00%; 0.75% Floor) | 06/30/2028 2023-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | BSI2 Hold Nettle, LLC | Software & Tech Services | Term Loan | 10.18% (S + 5.00%; 0.75% Floor) | 06/30/2028 2023-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Bonterra, LLC | Software & Tech Services | Term Loan | 12.60% (S + 7.25%; 0.75% Floor) | 09-08-2027 2023-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Bonterra, LLC | Software & Tech Services | Term Loan | 12.35% (S + 0.00%; 8.00% PIK; 0.75% Floor) | 09-08-2027 2023-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | BSI2 Hold Nettle, LLC | Software & Tech Services | Revolver | 10.18% (S + 5.00%; 0.75% Floor) | 06/30/2028 2023-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Brightspot Buyer, Inc | Software & Tech Services | Term Loan | 11.96% (S + 6.50%; 0.75% Floor) | 11/16/2027 One 2023-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Brightspot Buyer, Inc | Software & Tech Services | Term Loan | 11.96% (S + 6.50%; 0.75% Floor) | 11/16/2027 2023-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Brightspot Buyer, Inc | Software & Tech Services | Revolver | 11.96% (S + 6.50%; 0.75% Floor) | 11/16/2027 2023-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Fusion Risk Management, Inc. | Software & Tech Services | Term Loan | 8.87% (S + 3.50%; 3.75% PIK; 1.00% Floor) | 05/22/2029 2023-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Fusion Risk Management, Inc. | Software & Tech Services | Revolver | 8.87% (S + 3.50%; 3.75% PIK; 1.00% Floor) | 05/22/2029 2023-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Fusion Holding Corp | Software & Tech Services | Term Loan | 11.72% (S + 6.25%; 0.75% Floor) | 09/15/2029 2023-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Fusion Holding Corp | Software & Tech Services | Revolver | 11.72% (S + 6.25%; 0.75% Floor) | 09/15/2027 2023-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Faithlife, LLC | Software & Tech Services | Term Loan | 10.95% (S + 5.50%; 1.00% Floor) | 09/18/2025 2023-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Faithlife, LLC | Software & Tech Services | Revolver | 10.95% (S + 5.50%; 1.00% Floor) | 09/18/2025 2023-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Bonterra, LLC | Software & Tech Services | Revolver | 7.25% (S + 7.25%; 0.75% Floor) | 09-08-2027 2023-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Faithlife, LLC | Software & Tech Services | Delayed Draw Term Loan | 10.95% (S + 5.50%; 1.00% Floor) | 09/18/2025 2023-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Exterro, Inc. | Software & Tech Services | Term Loan | 11.03% (S + 5.50%; 1.00% Floor) | 06-01-2027 Two 2023-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | G Treasury SS, LLC | Software & Tech Services | Delayed Draw Term Loan | 11.35% (S + 6.00%; 1.00% Floor) | 06/29/2029 One 2023-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | G Treasury SS, LLC | Software & Tech Services | Delayed Draw Term Loan | 11.35% (S + 6.00%; 1.00% Floor) | 06/29/2029 2023-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | G Treasury SS, LLC | Software & Tech Services | Revolver | 11.35% (S + 6.00%; 1.00% Floor) | 06/29/2029 2023-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Community Brands Parentco, LLC. | Software & Tech Services | Term Loan | 10.96% (S + 5.50%; 0.75% Floor) | 02/24/2028 2023-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Dispatch Track, LLC | Software & Tech Services | Term Loan | 9.96% (S + 4.50%; 1.00% Floor) | 12/17/2026 2023-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Dispatch Track, LLC | Software & Tech Services | Revolver | 9.96% (S + 4.50%; 1.00% Floor) | 12/17/2026 2023-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Degreed, Inc. | Software & Tech Services | Term Loan | 12.46% (S + 5.50%; 1.50% PIK; 1.00% Floor) | 05/29/2026 2023-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Degreed, Inc. | Software & Tech Services | Term Loan | 10.96% (S + 5.50%; 1.50% PIK; 1.00% Floor) | 05/29/2026 2023-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Degreed, Inc. | Software & Tech Services | Revolver | 10.96% (S + 5.50%; 1.00% PIK; 1.00% Floor) | 05/29/2026 2023-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Degreed, Inc. | Software & Tech Services | Delayed Draw Term Loan | 10.96% (S + 5.50%; 1.00% PIK; 1.00% Floor) | 05/29/2026 2023-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Exterro, Inc. | Software & Tech Services | Term Loan | 11.03% (S + 5.50%; 1.00% Floor) | 06-01-2027 One 2023-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Exterro, Inc. | Software & Tech Services | Term Loan | 11.03% (S + 5.50%; 1.00% Floor) | 06-01-2027 2023-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Exterro, Inc. | Software & Tech Services | Revolver | 13.00% (S + 5.50%; 1.00% Floor) | 06-01-2027 2023-12-31 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 2023-12-31 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 2023-12-31 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 2023-12-31 0001634452 Canadian Corporate Debt | 1st Lien/Senior Secured Debt | Syntax Systems Ltd | Digital Infrastructure & Services | Revolver | 10.96% (S + 5.50%; 0.75% Floor) | 10/29/2026 2023-12-31 0001634452 Canadian Corporate Debt | 1st Lien/Senior Secured Debt | McNairn Holdings Ltd. | Business Services | Term Loan | 11.98% (S + 6.50%; 0.50% PIK; 1.00% Floor) | 11/25/2025 2023-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Heartland PPC Buyer LLC | Business Services | Delayed Draw Term Loan | 11.35% (S + 5.75%; 0.75% Floor) | 10/12/2029 2023-12-31 0001634452 Canadian Corporate Debt | 1st Lien/Senior Secured Debt | Banneker V Acquisition, Inc. | Software & Tech Services | Delayed Draw Term Loan | 12.96% (S + 7.00%; 1.00% Floor) | 12/04/2025 2023-12-31 0001634452 Canadian Corporate Debt | 1st Lien/Senior Secured Debt | Banneker V Acquisition, Inc. | Software & Tech Services | Revolver | 12.96% (S + 7.00%; 1.00% Floor) | 12/04/2025 2023-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Heartland PPC Buyer LLC | Business Services | Revolver | 11.35% (S + 5.75%; 0.75% Floor) | 10/12/2029 2023-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Heartland PPC Buyer LLC | Business Services | Term Loan | 11.35% (S + 5.75%; 0.75% Floor) | 12/12/2029 2023-12-31 0001634452 U.S. Corporate Debt | 2nd Lien/Junior Secured Debt | Conterra Ultra Broadband Holdings, Inc. | Digital Infrastructure & Services | Term Loan | 13.96% (S + 8.50%; 1.00% Floor) | 04/30/2027 2023-12-31 0001634452 U.S. Corporate Debt | 2nd Lien/Junior Secured Debt | Symplr Software, Inc. | Software & Tech Services | Term Loan | 13.36% (S + 7.88%; 0.75% Floor) | 12/22/2028 2023-12-31 0001634452 Canadian Corporate Debt | 1st Lien/Senior Secured Debt | Syntax Systems Ltd | Digital Infrastructure & Services | Term Loan | 10.96% (S + 5.50%; 0.75% Floor) | 10/29/2028 2023-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Next Holdco, LLC | Digital Infrastructure & Services | Delayed Draw Term Loan | 11.79% (S + 6.25%; 3.00% Floor) | 11/30/2028 2023-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Fullsteam Operations LLC | Digital Infrastructure & Services | Term Loan | 11.79% (S + 6.25%; 3.00% Floor) | 11/30/2028 2023-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Zendesk, Inc. | Software & Tech Services | Term Loan | 8.36% (S + 6.25%; 3.25% PIK; 0.75% Floor) | 11/22/2028 2023-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Zendesk, Inc. | Software & Tech Services | Revolver | 6.25% (S + 6.25%; 0.75% Floor) | 11/22/2028 2023-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Zendesk, Inc. | Software & Tech Services | Delayed Draw Term Loan | 6.25% (S + 6.25%; 0.75% Floor) | 11/22/2028 2023-12-31 0001634452 Canadian Corporate Debt | 1st Lien/Senior Secured Debt | Banneker V Acquisition, Inc. | Software & Tech Services | Term Loan | 12.96% (S + 7.00%; 1.00% Floor) | 12/04/2025 2023-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Your Part-Time Controller, LLC | Software & Tech Services | Revolver | 13.76% (S + 8.25%; 1.00% Floor) | 11/27/2029 2023-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Towerco IV Holdings, LLC | Software & Tech Services | Delayed Draw Term Loan | 13.76% (S + 8.25%; 1.00% Floor) | 11/27/2029 2023-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Pace Health Companies, LLC | Software & Tech Services | Delayed Draw Term Loan | 13.76% (S + 8.25%; 1.00% Floor) | 11/27/2029 2023-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Pace Health Companies, LLC | Software & Tech Services | Revolver | 12.10% (S + 6.75%; 1.00% Floor) | 11/08/2030 2023-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Next Holdco, LLC | Software & Tech Services | Term Loan | 12.10% (S + 6.75%; 1.00% Floor) | 11/08/2030 2023-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Next Holdco, LLC | Digital Infrastructure & Services | Revolver | 11.79% (S + 6.25%; 3.00% Floor) | 11/30/2028 2023-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Heartland PPC Buyer LLC | Healthcare | Delayed Draw Term Loan | 12.05% (S + 6.50%; 1.00% Floor) | 08/02/2025 2023-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Heartland PPC Buyer LLC | Healthcare | Term Loan | 12.05% (S + 6.50%; 1.00% Floor) | 08/02/2025 2023-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Enverus Holdings, Inc. | Software & Tech Services | Revolver | 11.37% (S + 6.00%; 0.75% Floor) | 11/09/2029 2023-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Enverus Holdings, Inc. | Software & Tech Services | Delayed Draw Term Loan | 11.37% (S + 6.00%; 0.75% Floor) | 11/12/2030 2023-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Enverus Holdings, Inc. | Software & Tech Services | Term Loan | 11.37% (S + 6.00%; 0.75% Floor) | 11/12/2030 2023-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Your Part-Time Controller, LLC | Software & Tech Services | Term Loan | 13.78% (S + 8.25%; 1.00% Floor) | 11/27/2029 2023-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Enverus Holdings, Inc. | Software & Tech Services | Term Loan | 10.86% (S + 5.50%; 0.75% Floor) | 12/24/2029 2023-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Enverus Holdings, Inc. | Software & Tech Services | Revolver | 10.86% (S + 5.50%; 0.75% Floor) | 12/24/2029 2023-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Enverus Holdings, Inc. | Software & Tech Services | Delayed Draw Term Loan | 10.86% (S + 5.50%; 0.75% Floor) | 12/24/2029 2023-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Your Part-Time Controller, LLC | Business Services | Revolver | 11.36% (S + 6.00%; 1.00% Floor) | 11/14/2029 2023-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Your Part-Time Controller, LLC | Business Services | Term Loan | 11.36% (S + 6.00%; 1.00% Floor) | 11/14/2029 2023-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Heartland PPC Buyer LLC | Digital Infrastructure & Services | Delayed Draw Term Loan | 9.71% (S + 4.25%; 1.00% Floor) | 08/31/2028 2023-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Sirsi Corporation | Software & Tech Services | Revolver | 11.71% (S + 6.25%; 1.00% Floor) | 03/15/2025 2023-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Sirsi Corporation | Software & Tech Services | Term Loan | 11.71% (S + 6.25%; 1.00% Floor) | 03/15/2025 2023-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Veracross LLC | Software & Tech Services | Term Loan | 7.46% (S + 2.00%; 4.50% PIK; 1.00% Floor) | 12/28/2027 2023-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Velocity Purchaser Corporation | Software & Tech Services | Revolver | 11.96% (S + 6.50%; 1.00% Floor) | 12/02/2024 2023-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Velocity Purchaser Corporation | Software & Tech Services | Term Loan | 11.96% (S + 6.50%; 1.00% Floor) | 12/02/2024 2023-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Velocity Purchaser Corporation | Software & Tech Services | Term Loan | 11.96% (S + 6.50%; 1.00% Floor) | 12/02/2024 | One 2023-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Velocity Purchaser Corporation | Software & Tech Services | Term Loan | 11.96% (S + 6.50%; 1.00% Floor) | 12/02/2024 | Two 2023-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Veracross LLC | Software & Tech Services | Delayed Draw Term Loan | 12.38% (S + 2.00%; 4.50% PIK; 1.00% Floor) | 12/28/2027 2023-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Veracross LLC | Software & Tech Services | Revolver | 12.38% (S + 2.00%; 4.50% PIK; 1.00% Floor) | 12/28/2027 2023-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Serrano Parent, LLC | Software & Tech Services | Term Loan | 11.88% (S + 6.50%; 1.00% Floor) | 05/13/2030 2023-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Serrano Parent, LLC | Software & Tech Services | Revolver | 11.88% (S + 6.50%; 1.00% Floor) | 05/13/2030 2023-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Securonix, Inc. | Software & Tech Services | Term Loan | 11.41% (S + 6.00%; 0.75% Floor) | 04/05/2028 2023-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Securonix, Inc. | Software & Tech Services | Revolver | 11.41% (S + 6.00%; 0.75% Floor) | 04/05/2028 2023-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Saviynt, Inc. | Software & Tech Services | Term Loan | 9.46% (S + 4.00%; 3.50% PIK; 1.00% Floor) | 12/22/2027 2023-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Saviynt, Inc. | Software & Tech Services | Revolver | 9.46% (S + 4.00%; 3.50% PIK; 1.00% Floor) | 12/22/2027 2023-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Vehlo Purchaser, LLC | Software & Tech Services | Delayed Draw Term Loan | 10.55% (S + 5.00%; 0.75% Floor) | 05/24/2028 2023-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Vehlo Purchaser, LLC | Software & Tech Services | Revolver | 10.46% (S + 5.00%; 0.75% Floor) | 05/24/2028 2023-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Vehlo Purchaser, LLC | Software & Tech Services | Term Loan | 10.54% (S + 5.00%; 0.75% Floor) | 05/24/2028 2023-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Vhagar Purchaser, LLC. | Software & Tech Services | Revolver | 12.39% (S + 7.00%; 1.00% Floor) | 06/11/2029 2023-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Vhagar Purchaser, LLC. | Software & Tech Services | Delayed Draw Term Loan | 12.39% (S + 7.00%; 1.00% Floor) | 06/11/2029 2023-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Vhagar Purchaser, LLC | Software & Tech Services | Term Loan | 12.39% (S + 7.00%; 1.00% Floor) | 06/11/2029 2023-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Ungerboeck Systems International, LLC | Software & Tech Services | Term Loan | 12.00% (S + 6.50%; 1.00% Floor) | 04/30/2027 2023-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Ungerboeck Systems International, LLC | Software & Tech Services | Term Loan | 12.00% (S + 6.50%; 1.00% Floor) | 04/30/2027 | One 2023-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Ungerboeck Systems International, LLC | Software & Tech Services | Term Loan | 12.00% (S + 6.50%; 1.00% Floor) | 04/30/2027 | Two 2023-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Vectra AI, Inc. | Software & Tech Services | Delayed Draw Term Loan | 11.71% (S + 6.25%; 1.00% Floor) | 03/02/2028 2023-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Vectra AI, Inc. | Software & Tech Services | Revolver | 11.71% (S + 6.25%; 1.00% Floor) | 03/02/2028 2023-12-31 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 2023-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Unanet, Inc. | Software & Tech Services | Revolver | 11.35% (S + 6.00%; 0.75% Floor) | 12/08/2028 2023-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Unanet, Inc. | Software & Tech Services | Term Loan | 11.35% (S + 6.00%; 0.75% Floor) | 12/08/2028 2023-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Ungerboeck Systems International, LLC | Software & Tech Services | Delayed Draw Term Loan | 12.00% (S + 6.50%; 1.00% Floor) | 04/30/2027 2023-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Ungerboeck Systems International, LLC | Software & Tech Services | Delayed Draw Term Loan | 12.00% (S + 6.50%; 1.00% Floor) | 04/30/2027 | One 2023-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Ungerboeck Systems International, LLC | Software & Tech Services | Delayed Draw Term Loan | 12.00% (S + 6.50%; 1.00% Floor) | 04/30/2027 | Two 2023-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Ungerboeck Systems International, LLC | Software & Tech Services | Revolver | 12.00% (S + 6.50%; 1.00% Floor) | 04/30/2027 2023-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Sysnet North America, Inc. | Software & Tech Services | Term Loan | 11.50% (S + 6.00%; 1.00% Floor) | 12/01/2026 2023-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Telcor Buyer, Inc. | Software & Tech Services | Revolver | 9.72% (S + 4.25%; 1.00% Floor) | 08/20/2027 2023-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Telcor Buyer, Inc. | Software & Tech Services | Term Loan | 9.72% (S + 4.25%; 1.00% Floor) | 08/20/2027 2023-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Telesoft Holdings, LLC | Software & Tech Services | Revolver | 11.21% (S + 5.75%; 1.00% Floor) | 12/16/2025 2023-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Telesoft Holdings, LLC | Software & Tech Services | Term Loan | 11.21% (S + 5.75%; 1.00% Floor) | 12/16/2025 2023-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Unanet, Inc. | Software & Tech Services | Delayed Draw Term Loan | 11.45% (S + 6.00%; 0.75% Floor) | 12/08/2028 2023-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | SugarCRM, Inc. | Software & Tech Services | Revolver | 11.96% (S + 6.50%; 1.00% Floor) | 07/31/2024 2023-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | SugarCRM, Inc. | Software & Tech Services | Term Loan | 11.96% (S + 6.50%; 1.00% Floor) | 07/31/2024 2023-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Sundance Group Holdings, Inc. | Software & Tech Services | Delayed Draw Term Loan | 11.72% (S + 6.25%; 1.00% Floor) | 07/02/2027 2023-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Sundance Group Holdings, Inc. | Software & Tech Services | Revolver | 10.51% (S + 6.25%; 1.00% Floor) | 07/02/2027 2023-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Sundance Group Holdings, Inc. | Software & Tech Services | Term Loan | 11.74% (S + 6.25%; 1.00% Floor) | 07/02/2027 2023-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Sundance Group Holdings, Inc. | Software & Tech Services | Term Loan | 11.73% (S + 6.25%; 1.00% Floor) | 07/02/2027 2023-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | SIS Purchaser, Inc. | Software & Tech Services | Revolver | 10.96% (S + 5.50%; 1.00% Floor) | 10/15/2026 2023-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | SIS Purchaser, Inc. | Software & Tech Services | Term Loan | 10.96% (S + 5.50%; 1.00% Floor) | 10/15/2026 2023-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | SIS Purchaser, Inc. | Software & Tech Services | Term Loan | 10.96% (S + 5.50%; 1.00% Floor) | 10/15/2026 | One 2023-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Soladoc, LLC | Software & Tech Services | Delayed Draw Term Loan | 10.43% (S + 5.00%; 0.75% Floor) | 06/12/2028 2023-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Soladoc, LLC | Software & Tech Services | Revolver | 10.43% (S + 5.00%; 0.75% Floor) | 06/12/2028 2023-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Soladoc, LLC | Software & Tech Services | Term Loan | 10.43% (S + 5.00%; 0.75% Floor) | 06/12/2028 2023-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Sako and Partners Lower Holdings LLC | Business Services | Term Loan | 11.50% (S + 5.50%; 1.00% Floor) | 09/15/2028 2023-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Activ Software Holdings, LLC | Software & Tech Services | Delayed Draw Term Loan |11.65% (S + 6.25%; 1.00% Floor) | 05-04-2027 2023-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Activ Software Holdings, LLC | Software & Tech Services | Revolver | 11.94% (S + 6.25%; 1.00% Floor) | 05-04-2027 2023-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Activ Software Holdings, | Software & Tech Services | Term Loan | 11.94% (S + 6.25%; 1.00% Floor) | 05-04-2027 2023-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | AMI US Holdings, Inc. | Software & Tech Services | Revolver | 10.71% (S + 5.25%; 0.00% Floor) | 04-01-2025 2023-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | AMI US Holdings, Inc. | Software & Tech Services | Term Loan | 10.71% (S + 5.25%; 1.00% Floor) | 04-01-2025 2023-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Avalara, Inc. | Software & Tech Services | Revolver | 12.60% (S + 7.25%; 0.75% Floor) | 10/19/2028 2023-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Avalara, Inc. | Software & Tech Services | Term Loan | 12.60% (S + 7.25%; 0.75% Floor) | 10/19/2028 2023-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Avetta, LLC | Software & Tech Services | Term Loan | 11.15% (S + 5.75%; 1.00% Floor) | 10/18/2030 2023-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Avetta, LLC | Software & Tech Services | Revolver | 11.15% (S + 5.75%; 1.00% Floor) | 10/18/2029 2023-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Admiral Buyer, Inc | Software & Tech Services | Revolver | 10.85% (S + 5.50%; 0.75% Floor) | 05-08-2028 2023-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Admiral Buyer, Inc | Software & Tech Services | Term Loan | 10.85% (S + 5.50%; 0.75% Floor) | 05-08-2028 2023-12-31 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 2023-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Admiral Buyer, Inc | Software & Tech Services | Delayed Draw Term Loan | 10.85% (S + 5.50%; 0.75% Floor) | 05-08-2028 2023-12-31 0001634452 Canadian Corporate Debt | Total Canadian Corporate Debt 2023-12-31 0001634452 Canadian Corporate Debt | 1st Lien/Senior Secured Debt | Total Canadian 1st Lien/Senior Secured Debt 2023-12-31 0001634452 U.S. 1st Lien/Junior Secured Debt | One 2023-12-31 0001634452 U.S. 2nd Lien/Junior Secured Debt | One 2023-12-31 0001634452 U.S. Corporate Debt | One 2023-12-31 0001634452 Cash Equivalents |Blackrock T Fund I | Money Market | Money Market Portfolio | 5.26 % 2023-12-31 0001634452 U.S. Common Stock | REP RO Coinvest IV A Blocker (Road One) | Class A | Transport and Logistics | 12/28/2022 2023-12-31 0001634452 U.S. Common Stock | Consortium Networks, LLC| LP Interests| Software & Tech Services 2023-12-31 0001634452 U.S. Warrants | Alphasense Inc | Series B | Software and Tech Services | 06/02/2020 2023-12-31 0001634452 U.S. Warrants | Degreed Inc | Series D | Software and Tech Services | 04/11/2021 2023-12-31 0001634452 U.S. Warrants | Degreed Inc | Series C -1 | Software and Tech Services | 05/31/2019 2023-12-31 0001634452 U.S. Investment Companies |Orangewood WWB Co-Invest, L.P. | LP Interests 2023-12-31 0001634452 U.S. Investment Companies |ORCP III Triton Co-Investors, L.P.| LP Interests 2023-12-31 0001634452 U.S. Investment Companies | AB Equity Investors, L.P. | LP Interests 2023-12-31 0001634452 U.S. Investment Companies | Falcon Co-Investment Partners, L.P.| LP Interests 2023-12-31 0001634452 U.S. Investment Companies | GHP E Aggregator, LLC| LLC Units 2023-12-31 0001634452 Cash | US Dollar| Cash 2023-12-31 0001634452 Cash Equivalents | US Bank MMDA GCTS Money Market Fund | Money Market | Money Market Portfolio | 4.75% 2023-12-31 0001634452 Cash Equivalents |State Street Institutional US Government Money Market Fund | Money Market | Money Market Portfolio | 5.23 % 2023-12-31 0001634452 U.S. Investment Companies | GHP SPV 2, L.P.| LP Interests 2023-12-31 0001634452 U.S. Investment Companies| Magenta Blocker Aggregator, LP| LP Interests 2023-12-31 0001634452 U.S. Investment Companies | Palms Co-Investment Partners, L.P.| LP Interests 2023-12-31 0001634452 U.S. Warrants | Degreed Inc | Common Shares | Software and Tech Services | 08/18/2022 2023-12-31 0001634452 U.S. Warrants | ScyllaDB Inc | Series C-1 | Software and Tech Services | 09/08/2022 2023-12-31 0001634452 U.S. Warrants | Vectra AI Inc | Series F | Software and Tech Services | 03/18/2021 2023-12-31 0001634452 United Kingdom Warrants| GlobalWebIndex, Inc| Preferred Units| Preferred Units|12/30/2020 2023-12-31 0001634452 us-gaap:SeriesBMember abpcic:USWarrantsAtZeroPointTwoZeroPercentageMember abpcic:AlphasenseInc.Member 2023-12-31 0001634452 abpcic:SeriesDMember abpcic:USWarrantsAtZeroPointTwoZeroPercentageMember abpcic:DegreedIncMember 2023-12-31 0001634452 abpcic:SeriesCOneMember abpcic:USWarrantsAtZeroPointTwoZeroPercentageMember abpcic:DegreedIncMember 2023-12-31 0001634452 abpcic:CommonSharesMember abpcic:USWarrantsAtZeroPointTwoZeroPercentageMember abpcic:DegreedIncMember 2023-12-31 0001634452 abpcic:SeriesCOneMember abpcic:USWarrantsAtZeroPointTwoZeroPercentageMember abpcic:ScyllaDBIncMember 2023-12-31 0001634452 abpcic:SeriesFMember abpcic:USWarrantsAtZeroPointTwoZeroPercentageMember abpcic:VectraAIIncMember 2023-12-31 0001634452 abpcic:PreferredUnitsMember abpcic:UnitedKingdomWarrantsAtZeroPointZeroFivePercentageMember abpcic:GlobalWebIndexIncMember 2023-12-31 0001634452 abpcic:FirstLienSeniorSecuredDebtAtFourPointSixNineMember 2023-12-31 0001634452 U.S.Corporate Debt | 1st Lien/Senior Secured Debt | Blink Holdings, Inc. | Consumer Non-Cyclical | Term Loan | 11.00% (S + 5.50%; 1.00% Floor) | 11/08/2024 2023-12-31 0001634452 U.S.Corporate Debt | 1st Lien/Senior Secured Debt | Krispy Krunchy Foods, L.L.C | Consumer Non-Cyclical | Term Loan | 9.86% (S + 4.50%; 1.00% Floor) | 11/17/2027 2023-12-31 0001634452 U.S.Corporate Debt | 1st Lien/Senior Secured Debt | Mathnasium LLC | Consumer Non-Cyclical | Revolver | 10.53% (S + 5.00%; 0.75% Floor) | 11/15/2027 2023-12-31 0001634452 U.S.Corporate Debt | 1st Lien/Senior Secured Debt | Mathnasium LLC | Consumer Non-Cyclical | Term Loan | 10.53% (S + 5.00%; 0.75% Floor) | 11/15/2027 2023-12-31 0001634452 U.S.Corporate Debt | 1st Lien/Senior Secured Debt | Blink Holdings, Inc. | Consumer Non-Cyclical | Delayed Draw Term Loan | 11.00% (S + 5.50%; 1.00% Floor) | 11/08/2024 2023-12-31 0001634452 U.S.Corporate Debt | 1st Lien/Senior Secured Debt | MMP Intermediate, LLC | Consumer Non-Cyclical | Revolver | 11.22% (S + 5.75%; 1.00% Floor) | 02/15/2027 2023-12-31 0001634452 U.S.Corporate Debt | 1st Lien/Senior Secured Debt | MMP Intermediate, LLC | Consumer Non-Cyclical | Term Loan | 11.22% (S + 5.75%; 1.00% Floor) | 02/15/2027 2023-12-31 0001634452 U.S.Corporate Debt | 1st Lien/Senior Secured Debt | PF Growth Partners, LLC | Consumer Non-Cyclical | Term Loan | 10.36% (S + 5.00%; 1.00% Floor) | 07/11/2025 2023-12-31 0001634452 U.S.Corporate Debt | 1st Lien/Senior Secured Debt | PF Growth Partners, LLC | Consumer Non-Cyclical | Term Loan | 10.36% (S + 5.00%; 1.00% Floor) | 07/11/2025 One 2023-12-31 0001634452 U.S.Corporate Debt | 1st Lien/Senior Secured Debt | Blink Holdings, Inc. | Consumer Non-Cyclical | Delayed Draw Term Loan | 11.00% (S + 5.50%; 1.00% Floor) | 11/08/2024 One 2023-12-31 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 2023-12-31 0001634452 U.S.Corporate Debt | 1st Lien/Senior Secured Debt | EvolveIP, LLC | Digital Infrastructure & Services | Revolver | 10.85% (S + 5.50%; 1.00% Floor) | 06/07/2025 2023-12-31 0001634452 U.S.Corporate Debt | 1st Lien/Senior Secured Debt | AEG Holding Company, Inc. | Consumer Non-Cyclical | Revolver | 10.96% (S + 5.50%; 1.00% Floor) | 07/01/2024 2023-12-31 0001634452 U.S.Corporate Debt | 1st Lien/Senior Secured Debt | AEG Holding Company, Inc. | Consumer Non-Cyclical | Term Loan | 10.96% (S + 5.50%; 1.00% Floor) | 07/01/2024 2023-12-31 0001634452 U.S.Corporate Debt | 1st Lien/Senior Secured Debt | AEG Holding Company, Inc. | Consumer Non-Cyclical | Term Loan | 10.96% (S + 5.50%; 1.00% Floor) | 07/01/2024 One 2023-12-31 0001634452 U.S.Corporate Debt | 1st Lien/Senior Secured Debt | Ampler QSR Holdings, LLC | Consumer Non-Cyclical | Term Loan | 11.37% (S + 5.88%; 1.00% Floor) | 07/21/2027 2023-12-31 0001634452 U.S.Corporate Debt | 1st Lien/Senior Secured Debt | Bridgepointe Technologies, LLC | Digital Infrastructure & Services | Term Loan | 12.00% (S + 6.50%; 1.00% Floor) | 12/31/2027 2023-12-31 0001634452 U.S.Corporate Debt | 1st Lien/Senior Secured Debt | Bridgepointe Technologies, LLC | Digital Infrastructure & Services | Term Loan | 12.00% (S + 6.50%; 1.00% Floor) | 12/31/2027 One 2023-12-31 0001634452 U.S.Corporate Debt | 1st Lien/Senior Secured Debt | Bridgepointe Technologies, LLC | Digital Infrastructure & Services | Term Loan | 12.00% (S + 6.50%; 1.00% Floor) | 12/31/2027 Two 2023-12-31 0001634452 U.S.Corporate Debt | 1st Lien/Senior Secured Debt | Coretelligent Intermediate LLC | Digital Infrastructure & Services | Delayed Draw Term Loan | 10.96% (S + 5.50%; 1.00% Floor) | 10/21/2027 2023-12-31 0001634452 U.S.Corporate Debt | 1st Lien/Senior Secured Debt | Coretelligent Intermediate LLC | Digital Infrastructure & Services | Revolver | 10.96% (S + 5.50%; 1.00% Floor) | 10/21/2027 2023-12-31 0001634452 U.S.Corporate Debt | 1st Lien/Senior Secured Debt | Coretelligent Intermediate LLC | Digital Infrastructure & Services | Term Loan | 10.96% (S + 5.50%; 1.00% Floor) | 10/21/2027 2023-12-31 0001634452 U.S.Corporate Debt | 1st Lien/Senior Secured Debt | Avant Communications, LLC | Digital Infrastructure & Services | Term Loan | 11.25% (S + 5.75%; 1.00% Floor) | 11/30/2026 2023-12-31 0001634452 U.S.Corporate Debt | 1st Lien/Senior Secured Debt | Bridgepointe Technologies, LLC | Digital Infrastructure & Services | Delayed Draw Term Loan | 12.00% (S + 6.50%; 1.00% Floor) | 12/31/2027 2023-12-31 0001634452 U.S.Corporate Debt | 1st Lien/Senior Secured Debt | Bridgepointe Technologies, LLC | Digital Infrastructure & Services | Delayed Draw Term Loan | 12.00% (S + 6.50%; 1.00% Floor) | 12/31/2027 One 2023-12-31 0001634452 U.S.Corporate Debt | 1st Lien/Senior Secured Debt | Bridgepointe Technologies, LLC | Digital Infrastructure & Services | Delayed Draw Term Loan | 12.00% (S + 6.50%; 1.00% Floor) | 12/31/2027 Two 2023-12-31 0001634452 U.S.Corporate Debt | 1st Lien/Senior Secured Debt | Bridgepointe Technologies, LLC | Digital Infrastructure & Services | Delayed Draw Term Loan | 12.00% (S + 6.50%; 1.00% Floor) | 12/31/2027 Three 2023-12-31 0001634452 U.S.Corporate Debt | 1st Lien/Senior Secured Debt | Bridgepointe Technologies, LLC | Digital Infrastructure & Services | Revolver | 12.00% (S + 6.50%; 1.00% Floor) | 12/31/2027 2023-12-31 0001634452 U.S.Corporate Debt | 1st Lien/Senior Secured Debt | TBG Food Acquisition Corp | Consumer Non-Cyclical | Term Loan | 10.22% (S + 4.75%; 0.75% Floor) | 12/24/2027 2023-12-31 0001634452 U.S.Corporate Debt | 1st Lien/Senior Secured Debt | Airwavz Solutions, Inc. | Digital Infrastructure & Services | Delayed Draw Term Loan | 11.00% (S + 5.50%; 1.00% Floor) | 03/31/2027 2023-12-31 0001634452 U.S.Corporate Debt | 1st Lien/Senior Secured Debt | Airwavz Solutions, Inc. | Digital Infrastructure & Services | Delayed Draw Term Loan | 11.00% (S + 5.50%; 1.00% Floor) | 03/31/2027 One 2023-12-31 0001634452 U.S.Corporate Debt | 1st Lien/Senior Secured Debt | Airwavz Solutions, Inc. | Digital Infrastructure & Services | Revolver | 11.00% (S + 5.50%; 1.00% Floor) | 03/31/2027 2023-12-31 0001634452 U.S.Corporate Debt | 1st Lien/Senior Secured Debt | Airwavz Solutions, Inc. | Digital Infrastructure & Services | Term Loan | 11.00% (S + 5.50%; 1.00% Floor) | 03/31/2027 2023-12-31 0001634452 U.S.Corporate Debt | 1st Lien/Senior Secured Debt | Avant Communications, LLC | Digital Infrastructure & Services | Revolver | 11.25% (S + 5.75%; 1.00% Floor) | 11/30/2026 2023-12-31 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 2023-12-31 0001634452 U.S.Corporate Debt | 1st Lien/Senior Secured Debt | TBG Food Acquisition Corp | Consumer Non-Cyclical | Delayed Draw Term Loan | 10.22% (S + 4.75%; 0.75% Floor) | 12/24/2027 2023-12-31 0001634452 U.S.Corporate Debt | 1st Lien/Senior Secured Debt | TBG Food Acquisition Corp | Consumer Non-Cyclical | Revolver | 10.22% (S + 4.75%; 0.75% Floor) | 12/24/2027 2023-12-31 0001634452 U.S.Corporate Debt | 1st Lien/Senior Secured Debt | AEG Holding Company, Inc. | Consumer Non-Cyclical | Delayed Draw Term Loan | 10.96% (S + 5.50%; 1.00% Floor) | 07/01/2024 2023-12-31 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 2023-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Firstdigital Communications LLC | Digital Infrastructure And Services| Revolver | 9.72% (S + 4.25%; 0.75% Floor) | 12/17/2026 2023-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Firstdigital Communications LLC | Digital Infrastructure And Services| Term Loan| 9.72% (S + 4.25%; 0.75% Floor)| 12/17/2026 2023-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | FirstLight Holdco, Inc. | Digital Infrastructure & Services | Term Loan | 9.47% (S + 4.00%; 1.00% Floor) | 07/23/2025 2023-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Greenlight Intermediate II, Inc. | Digital Infrastructure & Services | Delayed Draw Term Loan| 11.00% (S + 5.50%; 0.75% Floor) | 06/01/2028 2023-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Thrive Buyer, Inc | Digital Infrastructure & Services | Revolver | 13.50% (S + 6.00%; 1.00% Floor) | 01/22/2027 2023-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Thrive Buyer, Inc | Digital Infrastructure & Services | Term Loan | 12.00% (S + 6.50%; 1.00% Floor) | 01/22/2027 2023-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Thrive Buyer, Inc | Digital Infrastructure & Services | Term Loan | 11.45% (S + 6.00%; 1.00% Floor) | 01/22/2027 2023-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Transtelco Holding, Inc | Digital Infrastructure & Services | Term Loan | 10.86% (S + 5.50%; 1.00% Floor) | 03/26/2026 2023-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Transtelco Holding, Inc | Digital Infrastructure & Services | Term Loan | 11.11% (S + 5.75%; 0.50% Floor) | 03/26/2026 2023-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Transtelco Holding, Inc | Digital Infrastructure & Services | Term Loan | 10.61% (S + 5.25%; 0.50% Floor) | 03/26/2026 2023-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Single Digits, Inc | Digital Infrastructure & Services | Revolver | 9.85% (S + 4.25%; 3.00% PIK; 1.00% Floor) | 06/19/2026 2023-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Single Digits, Inc | Digital Infrastructure & Services | Term Loan | 9.85% (S + 4.25%; 3.00% PIK; 1.00% Floor) | 06/19/2026 2023-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Stratus Networks, Inc | Digital Infrastructure & Services | Delayed Draw Term Loan | 10.96% (S + 5.50%; 1.00% Floor) | 12/15/2027 2023-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Stratus Networks, Inc | Digital Infrastructure & Services | Revolver | 13.00% (S + 5.50%; 1.00% Floor) | 12/15/2027 2023-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Stratus Networks, Inc | Digital Infrastructure & Services | Term Loan | 10.96% (S + 5.50%; 1.00% Floor) | 12/15/2027 2023-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Thrive Buyer, Inc | Digital Infrastructure & Services | Delayed Draw Term Loan | 11.50% (S + 6.00%; 1.00% Floor) | 01/22/2027 2023-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Race Finco LLC | Digital Infrastructure & Services | Revolver | 12.46% (S + 7.00%; 1.00% Floor) | 01/10/2028 2023-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Race Finco LLC | Digital Infrastructure & Services | Term Loan | 12.46% (S + 7.00%; 1.00% Floor) | 01/10/2028 2023-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | SDC Atlas Acquistionco, LLC | Digital Infrastructure & Services | Delayed Draw Term Loan | 10.96% (S + 5.50%; 0.75% Floor) | 08/25/2028 2023-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | SDC Atlas Acquistionco, LLC | Digital Infrastructure & Services | Revolver | 10.96% (S + 5.50%; 0.75% Floor) | 08/25/2028 2023-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | SDC Atlas Acquistionco, LLC | Digital Infrastructure & Services | Term Loan | 10.96% (S + 5.50%; 0.75% Floor) | 08/25/2028 2023-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Single Digits, Inc | Digital Infrastructure & Services | Delayed Draw Term Loan | 9.61% (S + 4.25%; 3.00% PIK; 1.00% Floor) | 06/19/2026 2023-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | MSP Global Holdings, Inc | Digital Infrastructure & Services | Delayed Draw Term Loan | 10.79% S + 4.75%; 1.00% Floor) | 01/25/2027 2023-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | MSP Global Holdings, Inc | Digital Infrastructure & Services | Revolver | 10.80% S + 4.75%; 1.00% Floor) | 01/25/2027 2023-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | MSP Global Holdings, Inc | Digital Infrastructure & Services | Term Loan | 10.80% S + 4.75%; 1.00% Floor) | 01/25/2027 2023-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | NI Topco, Inc | Digital Infrastructure & Services | Term Loan | 10.95% (S + 5.50%; 0.75% Floor) | 12/28/2028 2023-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | NI Topco, Inc | Digital Infrastructure & Services | Term Loan | 10.95% (S + 5.50%; 0.75% Floor) | 12/28/2028 | One 2023-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Race Finco LLC | Digital Infrastructure & Services | Delayed Draw Term Loan | 12.46% (S + 7.00%; 1.00% Floor) | 01/10/2028 2023-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Greenlight Intermediate II, Inc | Digital Infrastructure & Services | Term Loan | 11.00% (S + 5.50%; 0.75% Floor) | 06/01/2028 2023-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Greenlight Intermediate II, Inc | Digital Infrastructure & Services | Delayed Draw Term Loan | 11.00% (S + 5.50%; 0.75% Floor) | 06/01/2028 | 1 2023-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | MBS Holdings, Inc | Digital Infrastructure & Services | Revolver | 11.21% (S + 5.75%; 1.00% Floor) | 04/16/2027 2023-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | MBS Holdings, Inc | Digital Infrastructure & Services | Term Loan | 11.96% (S + 6.50%; 1.00% Floor) | 04/16/2027 2023-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | MBS Holdings, Inc | Digital Infrastructure & Services | Term Loan | 11.21% (S + 5.75%; 1.00% Floor) | 04/16/2027 2023-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | MBS Holdings, Inc | Digital Infrastructure & Services | Term Loan | 11.71% (S + 6.25%; 1.00% Floor) | 04/16/2027 2023-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Accelerate Resources Operating, LLC | Energy | Delayed Draw Term Loan | 11.46% (S + 6.00%; 1.00% Floor) | 02/24/2027 2023-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Accelerate Resources Operating, LLC | Energy | Revolver | 11.46% (S + 6.00%; 1.00% Floor) | 02/24/2027 2023-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Accelerate Resources Operating, LLC | Energy | Term Loan | 11.46% (S + 6.00%; 1.00% Floor) | 02/24/2027 2023-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | American Physician Partners, LLC | Healthcare | Delayed Draw Term Loan | (S + 6.75%; 3.00% PIK; 1.00% Floor) | 03/29/2024 2023-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | American Physician Partners, LLC | Healthcare | Term Loan | (S + 6.75%; 3.00% PIK; 1.00% Floor) | 03/29/2024 | 4 2023-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | American Physician Partners, LLC | Healthcare | Term Loan | (S + 6.75%; 3.00% PIK; 1.00% Floor) | 03/29/2024 | 3 2023-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | American Physician Partners, LLC | Healthcare | Term Loan | (S + 6.75%; 3.00% PIK; 1.00% Floor) | 03/29/2024 | 2 2023-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | American Physician Partners, LLC | Healthcare | Term Loan | (S + 6.75%; 3.00% PIK; 1.00% Floor) | 03/29/2024 | 1 2023-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | American Physician Partners, LLC | Healthcare | Revolver | (S + 6.75%; 3.00% PIK; 1.00% Floor) | 03/29/2024 2023-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | American Physician Partners, LLC | Healthcare | Delayed Draw Term Loan | (S + 6.75%; 3.00% PIK; 1.00% Floor) | 03/29/2024 | 1 2023-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Higginbotham Insurance Agency, Inc | Financials | Delayed Draw Term Loan | 10.96% (S + 5.50%; 1.00% Floor) | 11/24/2028 2023-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Galway Borrower, LLC | Financials | Term Loan | 10.70% (S + 5.25%; 0.75% Floor) | 09/29/2028 2023-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Wealth Enhancement Group, LLC | Financials | Revolver | 11.23% (S + 5.75%; 1.00% Floor) | 10/04/2027 2023-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | AAH Topco, LLC | Healthcare | Delayed Draw Term Loan | 10.96% (S + 5.50%; 0.75% Floor) | 12/22/2027 2023-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | AAH Topco, LLC | Healthcare | Revolver | 10.96% (S + 5.50%; 0.75% Floor) | 12/22/2027 2023-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt |AAH Topco, LLC | Healthcare | Term Loan | 10.96% (S + 5.50%; 0.75% Floor) | 12/22/2027 2023-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Wealth Enhancement Group, LLC | Financials | Delayed Draw Term Loan | 10.51% (S + 5.75%; 1.00% Floor) | 10/04/2027 2023-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | RSC Acquisition, Inc. | Financials | Delayed Draw Term Loan | 10.51% (S + 5.50%; 0.75% Floor) | 11/01/2029 2023-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Peter C. Foy Associates Insurance Services, LLC | Financials | Term Loan | 11.47% (S + 6.00%; 0.75% Floor) | 11/01/2028 2023-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Peter C. Foy Associates Insurance Services, LLC | Financials | Delayed Draw Term Loan | 11.47% (S + 6.00%; 0.75% Floor) | 11/01/2028 | 1 2023-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Peter C. Foy Associates Insurance Services, LLC | Financials | Delayed Draw Term Loan | 11.47% (S + 6.00%; 0.75% Floor) | 11/01/2028 2023-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Higginbotham Insurance Agency, Inc. | Financials | Term Loan | 10.96% (S + 5.50%; 1.00% Floor) | 11/24/2028 2023-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | BAART Programs, Inc. | Healthcare | Delayed Draw Term Loan | 10.61% (S + 5.00%; 1.00% Floor) | 06/11/2027 2023-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | AOM Acquisition, LLC. | Healthcare | Term Loan | 11.00% (S + 5.50%; 1.00% Floor) | 02/18/2027 | 1 2023-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | AOM Acquisition, LLC. | Healthcare | Term Loan | 11.00% (S + 5.50%; 1.00% Floor) | 02/18/2027 2023-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | AOM Acquisition, LLC | Healthcare | Revolver | 11.00% (S + 5.50%; 1.00% Floor) | 02/18/2027 2023-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt |AAH Topco, LLC | Healthcare | Delayed Draw Term Loan | 10.96% (S + 6.00%; 0.75% Floor) | 12/22/2027 2023-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Wealth Enhancement Group, LLC | Financials | Delayed Draw Term Loan | 10.51% (S + 5.75%; 1.00% Floor) | 10/04/2027 | 1 2023-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Caregiver 2, Inc. | Healthcare | Term Loan | 10.78% (S + 5.25%; 2.25% PIK; 1.00% Floor) | 07/24/2025 | 1 2023-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Caregiver 2, Inc. | Healthcare | Term Loan | 10.78% (S + 5.25%; 2.25% PIK; 1.00% Floor) | 07/24/2025 2023-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Caregiver 2, Inc. | Healthcare | Delayed Draw Term Loan | 10.78% (S + 5.25%; 2.25% PIK; 1.00% Floor) | 07/24/2025 2023-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | BV EMS Buyer, Inc. | Healthcare | Term Loan | 11.21% (S + 5.75%; 1.00% Floor) | 11/23/2027 2023-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | BV EMS Buyer, Inc. | Healthcare | Delayed Draw Term Loan | 11.21% (S + 5.75%; 1.00% Floor) | 11/23/2027 2023-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | BAART Programs, Inc. | Healthcare | Term Loan | 10.61% (S + 5.00%; 1.00% Floor) | 06/11/2027 2023-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Foundation Risk Partners, Corp.| Term Loan | 11.45% (S + 6.00%; 0.75% Floor) | 10/30/2028 2023-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Foundation Risk Partners, Corp.| Term Loan | 11.45% (S + 6.00%; 0.75% Floor) | 10/29/2028 2023-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Foundation Risk Partners, Corp.| Revolver |11.45% (S + 6.00%; 0.75% Floor) | 10/29/2027 2023-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Foundation Risk Partners, Corp.| Financials | Delayed Draw Term Loan | 11.45% (S + 6.00%; 0.75% Floor) | 10/29/2028 2023-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Foundation Risk Partners, Corp.| Financials | Delayed Draw Term Loan | 11.45% (S + 6.00%; 0.75% Floor) | 10/30/2028 2023-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Accelerate Resources Operating, LLC | Energy | Term Loan | 11.46% (S + 6.00%; 1.00% Floor) | 02/24/2027 | 1 2023-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Galway Borrower, LLC | Financials | Revolver | 10.70% (S + 5.25%; 0.75% Floor) | 09/30/2027 2023-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Pinnacle Dermatology Management, LLC | Healthcare | Term Loan | 11.23% (S + 5.75%; 0.75% Floor) | 12/08/2028 2023-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Pinnacle Treatment Centers, Inc. | Healthcare | Delayed Draw Term Loan | 11.95% (S + 6.50%; 1.00% Floor) | 01/02/2026 2023-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Pinnacle Treatment Centers, Inc. | Healthcare | Revolver | 11.86% (S + 6.50%; 1.00% Floor) | 01/02/2026 2023-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Pinnacle Treatment Centers, Inc. | Healthcare | Term Loan | 11.95% (S + 6.50%; 1.00% Floor) | 01/02/2026 2023-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Pinnacle Treatment Centers, Inc. | Healthcare | Term Loan | 11.95% (S + 6.50%; 1.00% Floor) | 01/02/2026 | 1 2023-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Pinnacle Treatment Centers, Inc. | Healthcare | Term Loan | 11.95% (S + 6.50%; 1.00% Floor) | 01/02/2026 | 3 2023-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Priority Ondemand Midco 2,L.P | Healthcare | Delayed Draw Term Loan | 10.80% (S + 5.25%; 1.00% Floor) | 07/17/2028 | 1 2023-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Priority Ondemand Midco 2,L.P | Healthcare | Term Loan | 10.80% (S + 5.25%; 1.00% Floor) | 07/17/2028 2023-12-31 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 2023-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | West Dermatology | Healthcare | Revolver | 12.79% (S + 7.25%; 1.00% Floor) | 03/17/2028 2023-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | West Dermatology | Healthcare | Term Loan | 12.71% (S + 7.25%; 1.00% Floor) | 03/17/2028 2023-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | AmerCareRoyal, LLC | Business Services | Delayed Draw Term Loan | 11.98% (S + 6.50%; 0.50% PIK; 1.00% Floor) | 11/25/2025 2023-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | AmerCareRoyal, LLC | Business Services | Term Loan | 11.98% (S + 6.50%; 0.50% PIK; 1.00% Floor) | 11/25/2025 2023-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | AmerCareRoyal, LLC | Business Services | Term Loan | 11.98% (S + 6.50%; 0.50% PIK; 1.00% Floor) | 11/25/2025 | 1 2023-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | AmerCareRoyal, LLC | Business Services | Term Loan | 11.98% (S + 6.50%; 0.50% PIK; 1.00% Floor) | 11/25/2025 | 2 2023-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | The Center for Orthopedic and Research Excellence, Inc. | Healthcare | Delayed Draw Term Loan | 11.53% (S + 6.00%; 1.00% Floor) | 08/15/2025 | 1 2023-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | The Center for Orthopedic and Research Excellence, Inc. | Healthcare | Delayed Draw Term Loan | 11.54% (S + 6.00%; 1.00% Floor) | 08/15/2025 2023-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | The Center for Orthopedic and Research Excellence, Inc. | Healthcare | Revolver | 13.50% (S + 6.00%; 1.00% Floor) | 08/15/2025 2023-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | The Center for Orthopedic and Research Excellence, Inc. | Healthcare | Term Loan | 11.53% (S + 6.00%; 1.00% Floor) | 08/15/2025 2023-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | The Center for Orthopedic and Research Excellence, Inc. | Healthcare | Term Loan | 11.53% (S + 6.00%; 1.00% Floor) | 08/15/2025 | 1 2023-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | West Dermatology | Healthcare | Delayed Draw Term Loan | 12.78% (S + 7.25%; 1.00% Floor) | 03/17/2028 2023-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Smile Brands, Inc. | Healthcare | Revolver | 9.98% (S + 4.50%; 0.75% Floor) | 10/12/2027 2023-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Smile Brands, Inc. | Healthcare | Term Loan | 9.98% (S + 4.50%; 0.75% Floor) | 10/12/2027 2023-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Spark DSO LLC | Healthcare | Revolver | 7.54% (S + 2.15%; 5.75% PIK; 1.00% Floor) | 04/20/2026 2023-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Spark DSO LLC | Healthcare | Term Loan | 7.54% (S + 2.15%; 5.75% PIK; 1.00% Floor) | 04/19/2026 2023-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | The Center for Orthopedic and Research Excellence, Inc. | Healthcare | Delayed Draw Term Loan | 11.53% (S + 6.00%; 1.00% Floor) | 08/15/2025 2023-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Salisbury House, LLC | Healthcare | Term Loan | 11.28% (S + 5.75%; 1.00% Floor) | 08/30/2025 | 2 2023-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Salisbury House, LLC | Healthcare | Term Loan | 11.27% (S + 5.75%; 1.00% Floor) | 08/29/2025 2023-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Salisbury House, LLC | Healthcare | Delayed Draw Term Loan | 11.27% (S + 5.75%; 1.00% Floor) | 08/29/2025 2023-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Sandstone Care Holdings, LLC | Healthcare | Delayed Draw Term Loan | 10.98% (S + 5.50%; 1.00% Floor) | 06/28/2028 2023-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Sandstone Care Holdings, LLC | Healthcare | Revolver | 10.98% (S + 5.50%; 1.00% Floor) | 06/28/2028 2023-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Sandstone Care Holdings, LLC | Healthcare | Term Loan | 10.98% (S + 5.50%; 1.00% Floor) | 06/28/2028 2023-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Redwood Family Care Network, Inc. | Healthcare | Term Loan | 11.00% (S + 5.50%; 1.00% Floor) | 06/18/2026 | 1 2023-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Salisbury House, LLC | Healthcare | Delayed Draw Term Loan | 11.28% (S + 5.75%; 1.00% Floor) | 08/29/2025 | 1 2023-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Salisbury House, LLC | Healthcare | Revolver | 13.25% (S + 5.75%; 1.00% Floor) | 08/30/2025 | 1 2023-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Salisbury House, LLC | Healthcare | Term Loan | 11.28% (S + 5.75%; 1.00% Floor) | 08/29/2025 2023-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Salisbury House, LLC | Healthcare | Term Loan | 11.28% (S + 5.75%; 1.00% Floor) | 08/30/2025 2023-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Salisbury House, LLC | Healthcare | Term Loan | 11.28% (S + 5.75%; 1.00% Floor) | 08/30/2025 | 1 2023-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Sako and Partners Lower Holdings LLC | Business Services | Revolver | 11.50% (S + 6.00%; 1.00% Floor) | 09/15/2028 2023-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Sako and Partners Lower Holdings LLC | Business Services | Term Loan | 11.50% (S + 6.00%; 1.00% Floor) | 09/15/2028 2023-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Sako and Partners Lower Holdings LLC | Business Services | Delayed Draw Term Loan | 11.50% (S + 5.50%; 1.00% Floor) | 09/15/2028 2023-12-31 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 2023-12-31 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 | 1 2023-12-31 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 | 1 2023-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | MSM Acquisitions, Inc. | Business Services | Delayed Draw Term Loan | 11.50% (S + 1.00%; 5.00% PIK; 1.00% Floor) | 12/09/2026 | 1 2023-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | MSM Acquisitions, Inc. | Business Services | Revolver | 10.51% (S + 1.00%; 5.00% PIK; 1.00% Floor) | 12/09/2026 2023-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | MSM Acquisitions, Inc. | Business Services | Term Loan | 11.50% (S + 1.00%; 5.00% PIK; 1.00% Floor) | 12/09/2026 2023-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Rep Tec Intermediate Holdings, Inc. | Business Services | Revolver | 12.00% (S + 5.50%; 1.00% Floor) | 12/01/2027 2023-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Rep Tec Intermediate Holdings, Inc. | Business Services | Term Loan | 12.00% (S + 6.50%; 1.00% Floor) | 12/01/2027 2023-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Sako and Partners Lower Holdings LLC | Business Services | Delayed Draw Term Loan | 11.50% (S + 6.00%; 1.00% Floor) | 09/15/2028 2023-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Cerifi, LLC | Business Services | Revolver | 11.21% (S + 5.75%; 1.00% Floor) | 04/01/2027 2023-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Cerifi, LLC | Business Services | Term Loan | 11.21% (S + 5.75%; 1.00% Floor) | 03/31/2028 2023-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Engage2Excel, Inc. | Business Services | Revolver | 11.78% (S + 6.50%; 1.00% Floor) | 07/01/2024 2023-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Engage2Excel, Inc. | Business Services | Term Loan | 11.78% (S + 6.50%; 1.00% Floor) | 07/01/2024 2023-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Engage2Excel, Inc. | Business Services | Term Loan | 11.78% (S + 6.50%; 1.00% Floor) | 07/01/2024 | 1 2023-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | SCA Buyer, LLC | Healthcare | Revolver | 12.15% (S + 6.50%; 1.00% Floor) | 01/20/2026 2023-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | SCA Buyer, LLC | Healthcare | Term Loan | 12.14% (S + 6.50%; 1.00% Floor) | 01/20/2026 2023-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Smile Brands, Inc. | Healthcare | Delayed Draw Term Loan | 9.98% (S + 4.50%; 0.75% Floor) | 10/12/2027 2023-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Mr. Greens Intermediate, LLC | Business Services | Delayed Draw Term Loan | 11.70% (S + 6.25%; 1.00% Floor) | 05/01/2029 2023-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Mr. Greens Intermediate, LLC | Business Services | Revolver | 6.25% (S + 6.25%; 1.00% Floor) | 05/01/2029 2023-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Mr. Greens Intermediate, LLC | Business Services | Term Loan | 11.70% (S + 6.25%; 1.00% Floor) | 05/01/2029 2023-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | MSM Acquisitions, Inc. | Business Services | Delayed Draw Term Loan | 11.50% (S + 1.00%; 5.00% PIK; 1.00% Floor) | 12/09/2026 2023-12-31 0001634452 Total Cash and Cash Equivalents 2023-12-31 0001634452 Cash | Total Cash 2023-12-31 0001634452 Cash Equivalents | Total Cash Equivalents 2023-12-31 0001634452 U.S. Investment Companies| Total U.S. Investment Companies 2023-12-31 0001634452 U.S. Common Stock | Total U.S. Common Stock 2023-12-31 0001634452 U.S. Warrants | Total U.S. Warrants 2023-12-31 0001634452 United Kingdom Warrants| Total United Kingdom Warrants 2023-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Pinnacle Dermatology Management, LLC | Healthcare | Revolver | 9.50% (S + 4.00%; 0.75% Floor) | 12/08/2026 2023-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Caregiver 2, Inc. | Healthcare | Term Loan | 10.78% (S + 5.25%; 2.25% PIK; 1.00% Floor) | 7/24/2025 2023-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Choice Health At Home, LLC, | Healthcare | Delayed Draw Term Loan | 13.19% (S + 6.75%; 1.00% PIK; 1.00% Floor) | 12/29/2026 2023-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Choice Health At Home, LLC, | Healthcare | Term Loan | 12.19% (S + 6.75%; 1.00% PIK; 1.00% Floor) | 12/29/2026 2023-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Coding Solutions Acquisition, Inc | Healthcare | Delayed Draw Term Loan | 11.11% (S + 5.75%; 0.75% Floor) | 05/11/2028 2023-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Coding Solutions Acquisition, Inc | Healthcare | Revolver | 11.12% (S + 5.75%; 0.75% Floor) | 05/11/2028 2023-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Medical Management Resource Group, LLC | Healthcare | Term Loan | 11.45% (S + 6.00%; 0.75% Floor) | 09/30/2027 2023-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Medsuite Purchaser, LLC | Healthcare | Revolver | 10.21% (S + 4.75%; 1.00% Floor) | 10/22/2026 2023-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Medsuite Purchaser, LLC | Healthcare | Term Loan | 10.21% (S + 4.75%; 1.00% Floor) | 10/22/2026 2023-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Pace Health Companies, LLC | Healthcare | Revolver | 9.89% (S + 6.25%; 1.00% Floor) | 08/02/2025 2023-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Pace Health Companies, LLC | Healthcare | Term Loan | 10.51% (S + 6.25%; 1.00% Floor) | 08/02/2025 2023-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Pinnacle Dermatology Management, LLC | Healthcare | Delayed Draw Term Loan | 11.29% (S + 5.75%; 0.75% Floor) | 12/08/2028 2023-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | GHA Buyer, Inc. | Healthcare | Term Loan | 10.51% (S + 4.50%; 3.75% PIK; 1.00% Floor) | 06/24/2026 2023-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | GHA Buyer, Inc. | Healthcare | Term Loan | 13.75% (S + 4.50%; 3.75% PIK; 1.00% Floor) | 06/24/2026 2023-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | GHA Buyer, Inc. | Healthcare | Term Loan | 10.00% (S + 4.50%; 3.75% PIK; 1.00% Floor) | 06/24/2026 2023-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | GHA Buyer, Inc. | Healthcare | Term Loan | 10.00% (S + 4.50%; 3.75% PIK; 1.00% Floor) | 06/24/2026 | One 2023-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | GHA Buyer, Inc. | Healthcare | Term Loan | 10.51% (S + 4.50%; 3.75% PIK; 1.00% Floor) | 06/24/2026 | One 2023-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Honor HN Buyer, Inc | Healthcare | Delayed Draw Term Loan | 11.25% (S + 5.75%; 1.00% Floor) | 10/15/2027 2023-12-31 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 | Two 2023-12-31 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 | One 2023-12-31 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 | One 2023-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | FH MD Buyer, Inc. | Healthcare | Term Loan | 10.47% (S + 5.00%; 0.75% Floor) | 07/22/2028 2023-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | GHA Buyer, Inc. | Healthcare | Delayed Draw Term Loan | 13.75% (S + 4.50%; 3.75% PIK; 1.00% Floor) | 06/24/2026 2023-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | GHA Buyer, Inc. | Healthcare | Revolver | 13.75% (S + 4.50%; 3.25% PIK; 1.00% Floor) | 06/24/2026 2023-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Coding Solutions Acquisition, Inc. | Healthcare | Term Loan | 11.36% (S + 6.00%; 0.75% Floor) | 05/11/2028 2023-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Community Based Care Acquisition, Inc. | Healthcare | Delayed Draw Term Loan | 10.70% (S + 5.25%; 1.00% Floor) | 09/16/2027 2023-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Community Based Care Acquisition, Inc. | Healthcare | Delayed Draw Term Loan | 10.95% (S + 5.50%; 1.00% Floor) | 09/16/2027 2023-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Community Based Care Acquisition, Inc. | Healthcare | Revolver | 12.75% (S + 5.25%; 1.00% Floor) | 09/16/2027 2023-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Community Based Care Acquisition, Inc. | Healthcare | Term Loan | 10.70% (S + 5.25%; 1.00% Floor) | 09/16/2027 | One 2023-12-31 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 2023-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Honor HN Buyer, Inc | Healthcare | Term Loan | 11.25% (S + 5.75%; 1.00% Floor) | 10/15/2027 2023-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Honor HN Buyer, Inc | Healthcare | Delayed Draw Term Loan | 11.25% (S + 5.75%; 1.00% Floor) | 10/15/2027 | One 2023-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Medical Management Resource Group, LLC | Healthcare | Delayed Draw Term Loan | 11.45% (S + 6.00%; 0.75% Floor) | 09/30/2027 2023-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Medical Management Resource Group, LLC | Healthcare | Revolver | 11.45% (S + 6.00%; 0.75% Floor) | 09/30/2026 2023-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Coding Solutions Acquisition, Inc | Healthcare | Term Loan | 11.11% (S + 5.75%; 0.75% Floor) | 05/11/2028 2023-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Coding Solutions Acquisition, Inc. | Healthcare | Delayed Draw Term Loan | 11.36% (S + 6.00%; 0.75% Floor) | 05/11/2028 2023-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Honor HN Buyer, Inc | Healthcare | Delayed Draw Term Loan | 11.50% (S + 6.00%; 1.00% Floor) | 10/15/2027 2023-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt | Honor HN Buyer Inc | Healthcare | Revolver | 13.25% (S + 5.75%; 1.00% Floor) | 10/15/2027 | One 2023-12-31 0001634452 U.S. Preferred Stock | Degreed, Inc. | Series C-1 | Software Tech Services | 06/25/2019 2023-12-31 0001634452 U.S. Preferred Stock | Degreed, Inc. | Series D | Software Tech Services 2023-12-31 0001634452 U.S. Preferred Stock | Content Square SAS | Series F | Software Tech Services 2023-12-31 0001634452 U.S. Preferred Stock | Symplr Software Intermediate Holdings, Inc. | Series A | Software & Tech Services | 11/30/2018 2023-12-31 0001634452 U.S. Preferred Stock | Vectra AI, Inc | Series F | Software & Tech Services | 05/28/2021 2023-12-31 0001634452 U.S. Preferred Stock | SCP Resonatics Aggregator I, LLC | Class A | Healthcare 2023-12-31 0001634452 U.S. Common Stock | Content Square SAS | Ordinary Shares | Software Tech Services 2023-12-31 0001634452 U.S. Common Stock | Global Radar Holdings, LLC | Earn Out | Business Services | 11/08/2022 2023-12-31 0001634452 U.S. Common Stock | AEG Holding Company, Inc | Class A | Consumer Discretionary | 11/20/2017 2023-12-31 0001634452 U.S. Preferred Stock | Content Square SAS | Earn Out | Software Tech Services 2023-12-31 0001634452 U.S. Preferred Stock | Knockout Intermediate Holdings I, Inc. (Kaseya, Inc.) | Perpetual | Software & Tech Services | 06/23/2022 2023-12-31 0001634452 U.S. Preferred Stock | Netskope, Inc. | Series G | Software And Tech Services | 01/27/2020 2023-12-31 0001634452 U.S. Preferred Stock | Phenom People, Inc. | Series C | Software & Tech Services | 01/08/2020 2023-12-31 0001634452 U.S. Preferred Stock | Protoscale Rubrik, LLC | Class B | Software & Tech Services | 01/04/2019 2023-12-31 0001634452 U.S. Preferred Stock | Swyft Parent Holdings LP | Preferred Units | Software & Tech Services | 02/07/2022 2023-12-31 0001634452 U.S. Common Stock | Thrive Parent, LLC. | Class L | Digital Infrastructure & Services | 01/22/2021 2023-12-31 0001634452 U.S. Common Stock | Advantage AVP Parent Holdings, L.P. (Medical Management Resource Group, LLC) | Units | Healthcare | 09/30/2021 2023-12-31 0001634452 U.S. Common Stock | American Outcomes Management, L.P. | Class A | Healthcare | 02/17/2022 2023-12-31 0001634452 U.S. Common Stock | Community Based Care Holdings, LP | Senior Common Units | Healthcare & HCIT | 01/03/2022 2023-12-31 0001634452 U.S. Common Stock | GSV MedSuite Investments, LLC (Millin Purchaser, LLC) | Class A | Healthcare | 03/31/2022 2023-12-31 0001634452 U.S. Common Stock | Freddys Acquisition, LP (Freddys Frozen Custard, LLC) | LP Interests | Consumer Non-Cyclical | 03/03/2021 2023-12-31 0001634452 U.S. Common Stock | 8x8, Inc. | Common Units | Digital Infrastructure & Services 2023-12-31 0001634452 U.S. Common Stock | Avant Communications, LLC. | Class A| Digital Infrastructure & Services | 11/30/2021 2023-12-31 0001634452 U.S. Common Stock | MSP Global Holdings, Inc | Class A | Digital Infrastructure & Services | 01/24/2022 2023-12-31 0001634452 U.S. Common Stock | NEPCORE Parent Holdings, LLC | LP Interests | Digital Infrastructure & Services | 10/21/2021 2023-12-31 0001634452 U.S. Common Stock | Neutral Connect, LLC. | LLC Units | Digital Infrastructure & Services | 10/21/2021 2023-12-31 0001634452 U.S. Preferred Stock | MSP Global Holdings, Inc. | Class A | Digital Infrastructure & Services | 01/24/2022 2023-12-31 0001634452 U.S. Common Stock | REP Coinvest III-A Omni, L.P. (Omni Logistics, LLC) | LP Interests | Transport Logistics | 02/05/2021 2023-12-31 0001634452 U.S. Common Stock | Brightspot Holdco, LLC. | Class A | Software & Tech Services | 11/16/2021 2023-12-31 0001634452 U.S. Common Stock | SBS Super Holdings, LLC | Class B | Healthcare | 05/12/2023 2023-12-31 0001634452 U.S. Common Stock | SBS Super Holdings, LLC | Class A | Healthcare | 05/12/2023 2023-12-31 0001634452 U.S. Common Stock | REP Coinvest III AGP Blocker, L.P. (Agape Care Group) | LP Interests | Healthcare | 10/14/2021 2023-12-31 0001634452 U.S. Common Stock | RCFN Parent, LP (Peoples Care) | LP Interests | Healthcare | 06/18/2021 2023-12-31 0001634452 U.S. Common Stock | INH Group Holdings, Inc. | Class A | Healthcare | 01/31/2019 2023-12-31 0001634452 U.S. Common Stock | Ranger Lexipol Holdings, LLC. | Class A | Software & Tech Services | 11/18/2021 2023-12-31 0001634452 U.S. Common Stock | Pamlico Part Time |LP Interests | Software Tech Services 2023-12-31 0001634452 U.S. Common Stock | Mykaarma Acquisition LLC. | LP Interests | Software & Tech Services | 03/21/2022 2023-12-31 0001634452 U.S. Common Stock | Moon Topco, L.P. (Radiant Logic, Inc.) | Class A | Software & Tech Services | 04/21/2021 One 2023-12-31 0001634452 U.S. Common Stock | Human Security | Class A | Common Shares | Software & Tech Services | 07/29/2022 2023-12-31 0001634452 U.S. Common Stock | GSV Vehlo Investments, LLC. (Vehlo Purchaser, LLC) | Class A | Software & Tech Services | 05/24/2022 2023-12-31 0001634452 U.S. Common Stock | SCP Resonatics Aggregator I, LLC. | Class B | Healthcare 2023-12-31 0001634452 U.S. Common Stock | Swyft Parent Holdings LP | LP Interests | Software & Tech Services | 02/07/202 2023-12-31 0001634452 U.S. Common Stock | Stripe, Inc. | Class B | Software Tech Services 2023-12-31 0001634452 U.S. Common Stock | Servpro, LLC | LP Interests | Business Services 2023-12-31 0001634452 U.S. Common Stock | REP Coinvest III Tec, L.P. (American Safety Holdings Corp. | LP Interests | Software Tech Services | 06/18/2020 2023-12-31 0001634452 U.S. Common Stock | Ranger Lexipol Holdings, LLC. | Class B | Software & Tech Services | 11/18/2021 2023-12-31 0001634452 U.S. Common Stock | Health Platform Group, Inc | Earn Out | Healthcare | 10/31/2020 2023-12-31 0001634452 U.S. Common Stock | ADT Commercial Co Invest | LP Interests | Healthcare | 09/29/2023 2023-12-31 0001634452 U.S. Preferred Stock | Alphasense, Inc | Series C | Software & Tech Services | 06/01/2021 2023-12-31 0001634452 U.S. Preferred Stock | Bowline Topco LLC | LLC Units | Energy | 08/09/2021 2023-12-31 0001634452 U.S. Preferred Stock | Datarobot, Inc. | Series F | Software Tech Services | 10/27/2020 2023-12-31 0001634452 U.S. Preferred Stock | Datarobot, Inc. | Series E | Software Tech Services | 08/30/2019 2023-12-31 0001634452 U.S. Preferred Stock | Concerto Health AI Solutions, LLC. | Series B-1 | Software & Tech Services | 12/23/2019 2023-12-31 0001634452 U.S. Preferred Stock | Total U.S. Preferred Stock 2023-12-31 0001634452 abpcic:WeeklyOneMonthSofrMember 2023-12-31 0001634452 abpcic:WeeklyThreeMonthSofrMember 2023-12-31 0001634452 abpcic:WeeklySixMonthSofrMember 2023-12-31 0001634452 us-gaap:PrimeRateMember 2023-12-31 0001634452 abpcic:USCommonStockAtTwoPointZeroZeroPercentageMember 2023-12-31 0001634452 abpcic:USWarrantsAtZeroPointTwoZeroPercentageMember 2023-12-31 0001634452 abpcic:UnitedKingdomWarrantsAtZeroPointZeroFivePercentageMember 2023-12-31 0001634452 abpcic:CashThreePointZeroSixMember 2023-12-31 0001634452 abpcic:CashEquivalentsElevenPointThreeFiveMember 2023-12-31 0001634452 abpcic:USInvestmentCompaniesTwoPointOneEightMember 2023-12-31 0001634452 abpcic:SecondLienJuniorSecuredDebtAtOnePointFiveThreeMember 2023-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt |Saviynt, Inc.|Software & Tech Services|Delayed Draw Term Loan|12.96% (S + 4.00%; 3.50% PIK; 1.00% Floor)|12/22/2027 2023-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt |Sauce Labs, Inc.|Software & Tech Services|Term Loan|10.98% (S + 5.50%; 0.05% PIK; 1.00% Floor)|08/16/2027 2023-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt |Sauce Labs, Inc.|Software & Tech Services|Revolver|11.48% (S + 5.50%; 1.00% Floor)|08/16/2027 2023-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt |Sauce Labs, Inc.|Software & Tech Services|Delayed Draw Term Loan|11.48% (S + 5.50%; 0.50% PIK; 1.00% Floor)|08/16/2027 2023-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt |Sauce Labs, Inc.|Software & Tech Services|Delayed Draw Term Loan|11.49% (S + 5.50%; 0.50% PIK; 1.00% Floor)|08/16/2027 2023-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt |Ranger Buyer, Inc.|Software & Tech Services|Term Loan|10.71% (S + 5.25%; 0.75% Floor)|11/17/2028 2023-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt Metametrics, Inc.|Software & Tech Services|Revolver|10.47% (S + 5.00%; 1.00% Floor)| 09/10/2025 2023-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt Metametrics, Inc.|Software & Tech Services|Term Loan|10.45% (S + 5.00%; 1.00% Floor)| 09/10/2025 2023-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt Moon Buyer, Inc.|Software & Tech Services|Delayed Draw Term Loan|10.20% (S + 4.75%; 1.00% Floor)|04/21/2027 2023-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt Moon Buyer, Inc.|Software & Tech Services|Revolver|10.22% (S + 4.75%; 1.00% Floor)|04/21/2027 2023-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt Moon Buyer, Inc.|Software & Tech Services|Term Loan|10.20% (S + 4.75%; 1.00% Floor)|04/21/2027 2023-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt Mykaarma Acquisition LLC|Software & Tech Services|Revolver|8.38% (S + 3.00%; 3.75% PIK; 1.00% Floor)|03/21/2028 2023-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt Kaseya Inc.|Software & Tech Services|Term Loan|8.88% (S + 3.50%; 2.50% PIK; 0.75% Floor)|06/25/2029 2023-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt Mavenlink, Inc.|Software & Tech Services|Revolver|11.76% (S + 0.00%; 0.75% Floor)| 06/03/2027 2023-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt Mavenlink, Inc.|Software & Tech Services|Term Loan|11.77% (S + 0.00%; 6.25% PIK; 0.75% Floor)| 06/03/2027 2023-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt Medbridge Holdings, LLC|Software & Tech Services|Revolver|11.50% (S + 6.00%; 1.00% Floor)|12/23/2026 2023-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt Medbridge Holdings, LLC|Software & Tech Services|Term Loan|11.50% (S + 6.00%; 1.00% Floor)|12/23/2026 2023-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt Medbridge Holdings, LLC|Software & Tech Services|Term Loan|11.50% (S + 6.00%; 1.00% Floor)|12/23/2026 One 2023-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt |Iodine Software, LLC|Software & Tech Services|Delayed Draw Term Loan|11.50% (S + 6.00%; 1.00% Floor)|05/19/2027 2023-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt |Iodine Software, LLC|Software & Tech Services|Delayed Draw Term Loan|11.50% (S + 6.00%; 1.00% Floor)|05/19/2027 One 2023-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt |Iodine Software, LLC|Software & Tech Services|Revolver|11.50% (S + 6.00%; 1.00% Floor)|05/19/2027 2023-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt |Iodine Software, LLC|Software & Tech Services|Term Loan|11.50% (S + 6.00%; 1.00% Floor)|05/19/2027 2023-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt |Kaseya Inc.|Software & Tech Services|Delayed Draw Term Loan|8.88% (S + 3.50%; 2.50% PIK; 0.75% Floor)|06/25/2029 2023-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt Kaseya Inc.|Software & Tech Services|Revolver|10.51% (S + 5.50%; 2.50% PIK; 0.75% Floor)|06/25/2029 2023-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt |Gryphon-Redwood Acquisition LLC|Software & Tech Services|Delayed Draw Term Loan|10.51% (S + 4.00%; 6.00% PIK; 1.00% Floor)|09/16/2028 2023-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt |Gryphon-Redwood Acquisition LLC|Software & Tech Services|Term Loan|9.35% (S + 4.00%; 6.00% PIK; 1.00% Floor)|09/16/2028 2023-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt |GS AcquisitionCo, Inc.|Software & Tech Services|Revolver|5.50% (S + 5.50%; 1.00% Floor)|05/22/2026 2023-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt |GS AcquisitionCo, Inc.|Software & Tech Services|Term Loan|11.00% (S + 5.50%; 1.00% Floor)|05/22/2026 2023-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt |Hirevue, Inc.|Software & Tech Services|Revolver|12.63% (S + 7.25%; 1.00% Floor)| 05/03/2029 2023-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt |Hirevue, Inc.|Software & Tech Services|Term Loan|12.63% (S + 7.25%; 1.00% Floor)| 05/03/2029 2023-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt |Genesis Acquisition Co.|Software & Tech Services|Term Loan|10.35% (S + 5.00%; 1.00% Floor)|07/31/2025 2023-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt |Genesis Acquisition Co.|Software & Tech Services|Term Loan|10.35% (S + 5.00%; 1.00% Floor)|07/31/2025 One 2023-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt |Greenhouse Software, Inc.|Software & Tech Services|Revolver|12.35% (S + 7.00%; 1.00% Floor)| 09/01/2028 2023-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt |Greenhouse Software, Inc.|Software & Tech Services|Revolver|12.35% (S + 7.00%; 1.00% Floor)| 09/01/2028 One 2023-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt |Greenhouse Software, Inc.|Software & Tech Services|Term Loan|12.35% (S + 7.00%; 1.00% Floor)| 09/01/2028 2023-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt |Greenhouse Software, Inc.|Software & Tech Services|Term Loan|12.35% (S + 7.00%; 1.00% Floor)| 09/01/2028 One 2023-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt |Mykaarma Acquisition LLC|Software & Tech Services|Term Loan|8.38% (S + 3.00%; 3.75% PIK; 1.00% Floor)|03/21/2028 2023-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt |Navigate360, LLC|Software & Tech Services|Delayed Draw Term Loan|11.21% (S + 5.75%; 1.00% Floor)|03/17/2027 2023-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt |Navigate360, LLC|Software & Tech Services|Revolver|11.21% (S + 5.75%; 1.00% Floor)|03/17/2027 2023-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt |Ranger Buyer, Inc.|Software & Tech Services|Revolver|10.71% (S + 5.25%; 0.75% Floor)|11/18/2027 2023-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt |Ping Identity Corporation|Software & Tech Services|Term Loan|12.36% (S + 7.00%; 0.75% Floor)|10/17/2029 2023-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt |Ping Identity Corporation|Software & Tech Services|Revolver|12.36% (S + 7.00%; 0.75% Floor)|10/17/2028 2023-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt |G Treasury SS, LLC|Software & Tech Services|Term Loan|11.35% (S + 6.00%; 1.00% Floor)|06/29/2029 2023-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt |Genesis Acquisition Co.|Software & Tech Services|Revolver|10.35% (S + 5.00%; 1.00% Floor)|07/31/2025 2023-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt |Penn TRGRP Holdings, LLC|Software & Tech Services|Revolver|13.14% (S + 1.75%; 6.00% PIK; 0.75% Floor)|09/27/2030 2023-12-31 0001634452 U.S. Corporate Debt | 1st Lien/Senior Secured Debt |Penn TRGRP Holdings, LLC|Software & Tech Services|Term Loan|13.14% (S + 1.75%; 6.00% 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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
 
FORM
10-Q
 
 
(Mark One)
☒
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED
JUNE 30
,
2024
 
☐
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,
TX
78701
(Address of principal executive offices)
(512)
721-2900
(Registrant’s telephone number, including area code)
 
 
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 58,978,578
shares of common stock, $0.01 par value per share, outstanding as of
 
August 14, 2024.
 
 
 

AB PRIVATE CREDIT INVESTORS CORPORATION

FORM 10-Q FOR THE QUARTER ENDED JUNE 30, 2024

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

      70  

Item 3.

  

Quantitative and Qualitative Disclosures About Market Risk

      85  

Item 4.

  

Controls and Procedures

      86  

PART II.

  

OTHER INFORMATION

      87  

Item 1.

  

Legal Proceedings

      87  

Item 1A.

  

Risk Factors

      87  

Item 2.

  

Unregistered Sales of Equity Securities and Use of Proceeds

      88  

Item 3.

  

Defaults Upon Senior Securities

      88  

Item 4.

  

Mine Safety Disclosures

      88  

Item 5.

  

Other Information

      88  

Item 6.

  

Exhibits

      89  

SIGNATURES

        90  

 

 

2

Item 1.
Consolidated Financial Statements
AB Private Credit Investors Corporation
Consolidated Statements of Assets and Liabilities
 
    
As of
June 30, 2024
(Unaudited)
    
As of
December 31,
2023
  
Assets
     
Investments, at fair value
     
Non-controlled/non-affiliated
investments (amortized cost of $1,487,646,350 and $1,324,506,471, respectively)
    $ 1,479,831,711     $ 1,307,655,721  
Non-controlled
affiliated investments (amortized cost of $2,371,832 and $5,034,379)
      1,126,367       3,464,863  
  
 
 
    
 
 
  
Total investments, at fair value (amortized cost of $1,490,018,182 and $1,329,540,850)
      1,480,958,078       1,311,120,584  
Cash and cash equivalents
      67,423,316       72,671,928  
Interest receivable
      9,503,999       8,445,019  
Deferred financing costs
      1,669,363       2,461,248  
Receivable for fund shares
      634,650       18,000  
Receivable for investments sold
      38,377       47,127  
  
 
 
    
 
 
  
Total assets
    $ 1,560,227,783     $ 1,394,763,906  
  
 
 
    
 
 
  
Liabilities
     
Notes payable (net of unamortized discount of $371,871 and $390,381, respectively, and debt issuance costs of $2,969,890 and $3,681,044, respectively)
    $ 543,408,239     $ 542,678,575  
Credit facility payable
      400,250,000       311,500,000  
Secured Borrowings
      18,011,556       2,325,617  
Interest and borrowing expenses payable
      13,277,047       12,779,336  
Payable for fund shares repurchased
      9,315,898       4,930,240  
Distribution payable
      6,031,499       5,740,909  
Management fees payable
      4,911,685       4,479,535  
Incentive fee payable
      3,250,337       3,369,132  
Payable for investments purchased
      1,950,927    
 
— 
 
Professional fees payable
      831,923       496,289  
Administrator and custodian fees payable
      767,890       832,176  
Payable to Adviser
      620,594       1,158,276  
Accrued tax liability
      142,842       241,195  
Accrued expenses and other liabilities
      31,403    
 
— 
 
Transfer agent fees payable
      27,837       35,381  
Directors’ fees payable
      18,563    
 
— 
 
  
 
 
    
 
 
  
Total Liabilities
    $ 1,002,848,240     $ 890,566,661  
  
 
 
    
 
 
  
Commitments and contingencies (see Note 6)
     
Net Assets
     
Common stock, par value $0.01 per share (200,000,000 shares authorized, 58,978,899 and 54,364,708 shares issued and outstanding at June 30, 2024 and December 31, 2023, respectively)
      589,789       543,647  
Paid-in
capital in excess of par value
      567,955,055       524,279,891  
Distributable earnings (accumulated loss)
      (11,214,651 )      (20,678,340 ) 
  
 
 
    
 
 
  
Total net assets of AB Private Credit Investors Corporation
    $ 557,330,193     $ 504,145,198  
  
 
 
    
 
 
  
Non-Controlling
Interest in ABPCIC Equity Holdings, LLC
      49,350     $ 52,047  
  
 
 
    
 
 
  
Total net assets
    $ 557,379,543     $ 504,197,245  
  
 
 
    
 
 
  
Total liabilities and net assets
    $ 1,560,227,783     $ 1,394,763,906  
  
 
 
    
 
 
  
Net asset value per share of AB Private Credit Investors Corporation
    $ 9.45     $ 9.27  
  
 
 
    
 
 
  
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
June 30,
    
For the six months ended
June 30,
  
Investment Income
   
2024
    
2023
    
2024
    
2023
  
From
non-controlled/non-affiliated
investments:
         
Interest income, net of amortization/accretion
    $ 40,513,701     $ 35,269,067     $ 80,113,933     $ 67,028,005  
Payment-in-kind
interest
      2,109,355       662,830       3,667,307       1,696,231  
Dividend income
      211,800       355,306       298,829       407,758  
  
 
 
    
 
 
    
 
 
    
 
 
  
Total investment income
      42,834,856       36,287,203       84,080,069       69,131,994  
  
 
 
    
 
 
    
 
 
    
 
 
  
Expenses:
         
Interest and borrowing expenses
      19,893,019       17,260,122       38,834,928       31,041,782  
Management fees
      4,911,685       4,204,038       9,558,202       8,142,942  
Income-based incentive fee
      3,250,337       2,600,473       6,492,093       5,355,077  
Professional fees
      682,635       681,896       1,230,680       1,197,209  
Administration and custodian fees
      325,977       294,109       508,469       558,564  
Insurance expenses
      131,362       135,986       262,725       271,972  
Directors’ fees
      10,296       69,875       139,750       139,750  
Transfer agent fees
      27,837       36,215       66,525       71,487  
Other expenses
      508,626       368,384       839,019       677,959  
  
 
 
    
 
 
    
 
 
    
 
 
  
Total expenses
      29,741,774       25,651,098       57,932,391       47,456,742  
  
 
 
    
 
 
    
 
 
    
 
 
  
Net investment income before taxes
      13,093,082       10,636,105       26,147,678       21,675,252  
Income tax expense, including excise tax
      91,736       260,725       179,306       278,026  
  
 
 
    
 
 
    
 
 
    
 
 
  
Net investment income after tax
      13,001,346       10,375,380       25,968,372       21,397,226  
Net realized and change in unrealized gains (losses) on investment transactions:
         
Net realized gain (loss) from:
         
Non-controlled/non-affiliated
investments
      64,234       (303,851 )      101,573       (298,398 ) 
Net change in unrealized appreciation (depreciation) from:
         
Non-controlled/non-affiliated
investments
      2,628,730       (7,287,835 )      9,036,111       (2,765,423 ) 
Non-controlled
affiliated investments
      125,317       (10 )      324,051       (10 ) 
Controlled affiliated investments
      —        90,649       —        90,649  
  
 
 
    
 
 
    
 
 
    
 
 
  
Net realized and change in unrealized gains (losses) on investment transactions
      2,818,281       (7,501,047 )      9,461,735       (2,973,182 ) 
  
 
 
    
 
 
    
 
 
    
 
 
  
Net increase in net assets resulting from operations
      15,819,627       2,874,333       35,430,107       18,424,044  
  
 
 
    
 
 
    
 
 
    
 
 
  
Less: Net increase (decrease) in net assets resulting from operations related to
Non-Controlling
Interest in ABPCIC Equity Holdings, LLC
    $ (1,366 )   $ 516     $ (2,697 )    $ 1,639  
  
 
 
    
 
 
    
 
 
    
 
 
  
Net increase in net assets resulting from operations related to AB Private Credit Investors Corporation
      15,820,993       2,873,817       35,432,804       18,422,405  
  
 
 
    
 
 
    
 
 
    
 
 
  
Net investment income per share (basic and diluted):
         
Net investment income per share (basic and diluted):
    $ 0.23     $ 0.20     $ 0.46     $ 0.42  
Earnings per share (basic and diluted):
      0.28       0.06       0.63       0.36  
Weighted average shares outstanding:
      57,211,424       51,975,095       56,191,768       51,104,578  
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 Units
                          
    
Shares
    
Par
Amount
    
Paid in Capital
in Excess of Par
    
Distributable
Earnings
    
Non-Controlling

Interest -
ABPCIC
Equity
Holdings, LLC
    
Total
Net Assets
  
Net assets at March 31, 2024
      56,653,056     $ 566,530     $ 545,842,911     $ (14,035,991 )    $ 50,716     $ 532,424,166  
Increase (decrease) in net assets resulting from operations:
             
Net investment income
   
 
— 
 
  
 
— 
 
  
 
— 
 
     13,001,764       (418 )      13,001,346  
Net realized gain (loss) on investments
   
 
— 
 
  
 
— 
 
  
 
— 
 
     64,234    
 
— 
 
     64,234  
Net change in unrealized appreciation (depreciation) on investments
   
 
— 
 
  
 
— 
 
  
 
— 
 
     2,754,995       (948 )      2,754,047  
Capital transactions:
             
Issuance of common stock
      2,574,268       25,743       24,457,404       —        —        24,483,147  
Issuance of common shares pursuant to distribution reinvestment plan
      737,332       7,373       6,960,780       —        —        6,968,153  
Repurchase of common stock
      (985,757 )      (9,857 )      (9,306,040 )  
 
— 
 
     —        (9,315,897 )
Distributions to stockholders
   
 
— 
 
  
 
— 
 
  
 
— 
 
     (12,999,653 )      —        (12,999,653 ) 
Total increase (decrease) for the three months ended June 30, 2024
      2,325,843       23,259       22,112,144       2,821,340       (1,366 )      24,955,377  
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Net assets at June 30, 2024
      58,978,899     $ 589,789     $ 567,955,055     $ (11,214,651 )    $ 49,350     $ 557,379,543  
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Distributions declared per share
      —        —        —      $ 0.21       —      $ 0.21  
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Net assets at December 31, 2023
      54,364,707     $ 543,647     $ 524,279,891     $ (20,678,340 )    $ 52,047     $ 504,197,245  
Increase (decrease) in net assets resulting from net investment income operations:
             
Net investment income
      —        —        —        25,968,322       50       25,968,372  
Net realized gain (loss) on investments
      —        —        —        101,573       —        101,573  
Net change in unrealized appreciation (depreciation) on investments
      —        —        —        9,362,909       (2,747 )      9,360,162  
Capital transactions:
             
Issuance of common stock
      4,871,348       48,713       46,102,393       —        —        46,151,106  
Issuance of common shares pursuant to distribution reinvestment plan
      1,472,883       14,729       13,866,135       —        —        13,880,864  
Repurchase of common stock
      (1,730,039 )      (17,300 )      (16,293,364 )      —        —        (16,310,664 ) 
Distributions to stockholders
      —        —        —        (25,969,115 )      —        (25,969,115 ) 
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Total increase (decrease) for the six months ended June 30, 2024
      4,614,192       46,142       43,675,164       9,463,689       (2,697 )      53,182,298  
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Net assets at June 30, 2024
      58,978,899     $ 589,789     $ 567,955,055     $ (11,214,651 )    $ 49,350     $ 557,379,543  
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Distributions declared per share
      —        —        —      $ 0.44       —      $ 0.44  
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
See notes to unaudited consolidated financial statements.
 
5
Table of Contents
    
Common Units
                          
    
Shares
    
Par
Amount
    
Paid in Capital
in Excess of Par
    
Distributable
Earnings
    
Non-Controlling

Interest -
ABPCIC
Equity
Holdings, LLC
    
Total
Net Assets
  
Net assets at March 31, 2023
      49,895,174     $ 498,952     $ 482,847,144     $ (19,190,141 )    $ 35,509     $ 464,191,464  
Increase (decrease) in net assets resulting from operations:
 
Net investment income
      —        —        —        10,375,562       (182 )      10,375,380  
Net realized gain (loss) on investments
      —        —        —        (303,851 )      —        (303,851 ) 
Net change in unrealized appreciation (depreciation) on investments
      —        —        —        (7,197,894 )      698       (7,197,196 ) 
Capital transactions:
             
Issuance of common stock
      2,776,754       27,768       25,764,683       —        —        25,792,451  
Issuance of common shares pursuant to distribution reinvestment plan
      606,230       6,062       5,546,761       —        —        5,552,823  
Repurchase of common stock
      (461,364 )      (4,614 )      (4,221,287 )      —        —        (4,225,901 ) 
Distributions to stockholders
      —        —        —        (10,402,344 )      —        (10,402,344 ) 
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Total increase (decrease) for the three months ended June 30, 2023
      2,921,620       29,216       27,090,157       (7,528,527 )      516       19,591,362  
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Net assets at June 30, 2023
      52,816,794     $ 528,168     $ 509,937,301     $ (26,718,668 )    $ 36,025     $ 483,782,826  
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Distributions declared per share
      —        —        —      $ 0.20       —      $ 0.20  
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
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 net investment income operations:
 
Net investment income
      —        —        —        21,398,031       (805 )      21,397,226  
Net realized gain (loss) on investments
      —        —        —        (298,398 )      —        (298,398 ) 
Net change in unrealized appreciation (depreciation) on investments
      —        —        —        (2,677,228 )      2,444       (2,674,784 ) 
Capital transactions:
             
Issuance of common stock
      2,776,754       27,768       25,764,683       —        —        25,792,451  
Issuance of common shares pursuant to distribution reinvestment plan
      900,834       9,008       8,284,685       —        —        8,293,693  
Repurchase of common stock
      (1,088,882 )      (10,889 )      (10,053,005 )      —        —        (10,063,894 ) 
Distributions to stockholders
      —        —        —        (15,541,961 )      —        (15,541,961 ) 
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Total increase (decrease) for the six months ended June 30, 2023
      2,588,706       25,887       23,996,363       2,880,444       1,639       26,904,333  
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Net assets at June 30, 2023
      52,816,794     $ 528,168     $ 509,937,301     $ (26,718,668 )    $ 36,025     $ 483,782,826  
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Distributions declared per share
      —        —        —      $ 0.30       —      $ 0.30  
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
See notes to unaudited consolidated financial statements.
 
6
Table of Contents
AB Private Credit Investors Corporation
Unaudited Consolidated Statements of Cash Flows
 
    
Six months ended
June 30, 2024
    
Six months ended
June 30, 2023
  
Cash flows from operating activities
     
Net increase (decrease) in net assets resulting from operations
    $ 35,430,107     $ 18,424,044  
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used for) operating activities:
     
Purchases of investments
      (210,401,755 )      (151,475,757 ) 
Payment-in-kind
investments
      (3,667,307 )      (1,696,231 ) 
Proceeds from sales of investments and principal repayments
      56,415,037       48,240,929  
Net realized (gain) loss on investments
      (101,573 )      298,398  
Net change in unrealized (appreciation) depreciation on investments
      (9,360,162 )      2,674,784  
Amortization of premium and accretion of discount, net
      (2,721,734 )      (3,097,880 ) 
Amortization of discount, debt issuance and deferred financing costs
      1,757,962       2,135,003  
Increase or decrease in operating assets and liabilities:
     
(Increase) decrease in receivable for investments sold
      8,750       6,005,880  
(Increase) decrease in interest receivable
      (1,058,980 )      (4,272,923 ) 
(Increase) decrease in prepaid directors’ fee
      —        (179 ) 
(Increase) decrease in prepaid expenses
      —        226,644  
(Increase) decrease in payable for investments purchased
      1,950,927       9,080,028  
(Increase) decrease in management fees payable
      432,150       425,915  
(Increase) decrease in payable to Adviser
      (537,682 )      (232,840 ) 
(Increase) decrease in administrator and custodian fees payable
      (64,286 )      (54,802 ) 
(Increase) decrease in professional fees payable
      335,634       (236,071 ) 
(Increase) decrease in accrued tax liability
      (98,353 )      (983,570 ) 
(Increase) decrease in incentive fee payable
      (118,795 )      65,538  
Increase (decrease) in directors’ fees payable
      18,563       45,329  
(Increase) decrease in transfer agent fees payable
      (7,544 )      1,990  
(Increase) decrease in interest and borrowing expenses payable
      497,711       2,507,209  
Increase (decrease) in accrued expenses and other liabilities
      31,403       232,846  
  
 
 
    
 
 
  
Net cash provided by (used for) operating activities
      (131,259,927 )      (71,685,716 ) 
  
 
 
    
 
 
  
Cash flows from financing activities
     
Issuance of common stock
      45,534,456       28,491,101  
Repurchase of common stock
      (11,925,006 )     (12,142,242 ) 
Distributions paid
      (11,797,661 )     (11,307,802 ) 
Financing costs paid
      (236,413 )     (5,519,815 ) 
Borrowings on notes
      —        300,000,000  
Borrowings on credit facility
      143,250,000       214,400,000  
Repayments of credit facility
      (54,500,000 )      (409,000,000 ) 
Proceeds on secured borrowings
      20,666,689       8,889,878  
Repayments on secured borrowings
      (4,980,750 )      (14,807,153 ) 
  
 
 
    
 
 
  
Net cash provided by (used for) financing activities
      126,011,315       99,003,967  
  
 
 
    
 
 
  
Net increase in (decrease) in cash
      (5,248,612 )      27,318,251  
Cash and cash equivalents, beginning of period
      72,671,928       48,785,985  
  
 
 
    
 
 
  
Cash and cash equivalents, end of period
    $ 67,423,316     $ 76,104,236  
  
 
 
    
 
 
  
Supplemental and
non-cash
financing activities
     
Cash paid during the period for interest
    $ 35,953,776     $ 25,856,860  
Issuance of common shares pursuant to distribution reinvestment plan
    $ 13,880,864     $ 8,293,693  
State taxes paid
    $ 277,659     $ 1,261,596  
See notes to unaudited consolidated financial statements.
 
 
7
Table of Contents
AB Private Credit Investors Corporation
Unaudited Consolidated Schedule of Investments as of June 30, 2024
 
Portfolio Company
   
Industry
   
Facility Type
   
Interest
   
Maturity
     
Funded Par
Amount
     
Cost
    
Fair Value
  
Investments at Fair Value (++) + * # ^—265.70%
              
US Corporate Debt — 252.67%
                    
1st Lien/Senior Secured Debt — 252.14%
              
AAH Topco, LLC
(1) (2)
(4) (5)
    Healthcare    Delayed Draw Term Loan    11.45% (S +
6.00
%;
0.75
% Floor)		     
12/22/2027
        1,364,238        1,325,369       1,364,238  
AAH Topco, LLC
(1) (3)
(4) (5)
    Healthcare    Delayed Draw Term Loan    10.95% (S + 5.50%; 0.75% Floor)     
12/22/2027
        6,463,902        6,358,885       6,383,103  
AAH Topco, LLC
(2) (6)
    Healthcare    Revolver    11.45% (S + 5.50%; 0.75% Floor)     
12/22/2027
        —         (9,278 )      (9,841 ) 
AAH Topco, LLC
(1) (3)
(5)
    Healthcare    Term Loan    10.95% (S + 5.50%; 0.75% Floor)     
12/22/2027
        6,387,118        6,305,719       6,307,279  
Accelerate Resources
Operating, LLC
(2) (6)
    Energy    Revolver    11.45% (S + 6.00%; 1.00% Floor)     
2/24/2027
        —         (2,351 )      —   
Accelerate Resources
Operating, LLC
(1) (5)
    Energy    Delayed Draw Term Loan    11.45% (S + 6.00%; 1.00% Floor)     
2/24/2027
        1,830,799        1,802,829       1,830,799  
Accelerate Resources
Operating, LLC
(1) (5)
    Energy    Term Loan    11.45% (S + 6.00%; 1.00% Floor)     
2/24/2027
        5,457,797        5,438,557       5,457,797  
Accelerate Resources
Operating, LLC
(3)
    Energy    Term Loan    11.45% (S + 6.00%; 1.00% Floor)     
2/24/2027
        1,217,451        1,199,108       1,217,451  
Activ Software
Holdings, LLC
(1) (3)
(4) (5)
    Software & Tech Services    Term Loan    11.58% (S + 6.00%; 1.00% Floor)     
5/4/2027
        7,867,150        7,789,968       7,867,150  
Activ Software
Holdings, LLC
(2) (6)
    Software & Tech Services    Revolver    11.65% (S + 6.00%; 1.00% Floor)     
5/4/2027
        —         (6,286 )      —   
Activ Software
Holdings, LLC
(1)
    Software & Tech Services    Term Loan    11.65% (S + 6.00%; 1.00% Floor)     
5/4/2027
        2,497,913        2,448,126       2,497,913  
Activ Software
Holdings, LLC
(5)
    Software & Tech Services    Delayed Draw Term Loan    11.66% (S + 6.00%; 1.00% Floor)      5/4/2027        624,478        612,011       624,478  
Admiral Buyer, Inc
(1)
(4) (5)
    Software & Tech Services    Term Loan    10.84% (S + 5.50%; 0.75% Floor)      5/8/2028        10,593,104        10,436,477       10,460,690  
Admiral Buyer, Inc
(2)
(6)
    Software & Tech Services    Revolver    10.84% (S + 5.50%; 0.75% Floor)      5/8/2028        —         (20,941 )      (17,519 ) 
Admiral Buyer, Inc
    Software & Tech Services    Delayed Draw Term Loan    10.85% (S + 5.50%; 0.75% Floor)      5/8/2028        449,428        443,571       447,181  
Airwavz Solutions, Inc.
(2) (3) (4)
    Digital Infrastructure & Services    Delayed Draw Term Loan    10.95% (S + 5.50%; 1.00% Floor)      3/31/2027        3,774,448        3,708,768       3,774,448  
Airwavz Solutions, Inc.
(2) (6)
    Digital Infrastructure & Services    Revolver    10.95% (S + 5.50%; 1.00% Floor)      3/31/2027        —         (6,380 )      (3,264 ) 
Airwavz Solutions, Inc.
(3)
    Digital Infrastructure & Services    Term Loan    10.95% (S + 5.50%; 1.00% Floor)      3/31/2027        5,221,919        5,170,824       5,195,809  
Airwavz Solutions, Inc.
(3) (5)
    Digital Infrastructure & Services    Delayed Draw Term Loan    10.95% (S + 5.50%; 1.00% Floor)      3/31/2027        3,263,699        3,231,764       3,247,381  
AmerCareRoyal, LLC
(4)
    Services    Term Loan    12.48% (S + 6.50%; 0.50% PIK; 1.00% Floor)      11/25/2025        507,292        499,939       507,292  
AmerCareRoyal, LLC
(1) (3)
    Services    Term Loan    12.48% (S + 6.50%; 0.50% PIK; 1.00% Floor)      11/25/2025        1,986,082        1,973,352       1,986,082  
AmerCareRoyal, LLC
(1) (5)
    Services    Term Loan    12.48% (S + 6.50%; 0.50% PIK; 1.00% Floor)      11/25/2025        4,081,357        3,988,288       4,081,357  
AmerCareRoyal, LLC
(1)
    Services    Delayed Draw Term Loan    12.48% (S + 6.50%; 0.50% PIK; 1.00% Floor)      11/25/2025        492,918        486,821       492,918  
 
See notes to Unaudited Consolidated Financial Statements
 
8
Table of Contents
AB Private Credit Investors Corporation
Unaudited Consolidated Schedule of Investments as of June 30, 20
2
4
 
Portfolio Company
   
Industry
   
Facility Type
   
Interest
   
Maturity
     
Funded Par
Amount
     
Cost
    
Fair Value
  
American Physician Partners, LLC
(7)
    Healthcare    Term Loan    — (S + 6.75%; 3.50% PIK; 1.00% Floor)      12/31/2024        2,682,124        2,278,901       —     
American Physician Partners, LLC
(7)
    Healthcare    Delayed Draw Term Loan   
— (S + 6.75%; 3.50% PIK; 1.00% Floor)
      12/31/2024        949,042        817,051       —     
American Physician Partners, LLC
(7)
    Healthcare    Term Loan   
— (S + 6.75%; 3.50% PIK; 1.00% Floor)
      12/31/2024        6,791,604        5,733,816       —     
American Physician Partners, LLC
(1) (7)
    Healthcare    Delayed Draw Term Loan   
— (S + 6.75%; 3.50% PIK; 1.00% Floor)
      12/31/2024        1,260,322        1,082,011       —     
American Physician Partners, LLC
(7)
    Healthcare    Revolver   
— (S + 6.75%; 3.50% PIK; 1.00% Floor)
      12/31/2024        346,322        345,024       —     
American Physician Partners, LLC
(7)
    Healthcare    Term Loan   
— (S + 6.75%; 3.50% PIK; 1.00% Floor)
      12/31/2024        1,444,963        1,243,170       —     
American Physician Partners, LLC
(7)
    Healthcare    Term Loan   
— (S + 6.75%; 3.50% PIK; 1.00% Floor)
      12/31/2024        31,879        20,395       10,402  
AMI US Holdings, Inc.
(1) (4)
    Software & Tech Services    Term Loan    10.70% (S + 5.25%; 1.00%
 
Floor
)		      10/1/2026        7,354,651        7,332,330       7,354,651  
AMI US Holdings, Inc.
(2) (6)
    Software & Tech Services    Revolver    10.70% (S + 5.25%)      10/1/2026        —         (6,808 )      —   
Ampler QSR Holdings, LLC
(3) (4)
    Consumer
Non-Cyclical
    Term Loan    11.11% (S + 5.63%; 1.00% Floor)      7/21/2027        12,159,255        12,028,987       12,128,857  
AOM Acquisition, LLC.
(2) (6)
    Healthcare    Revolver    10.99% (S + 5.50%; 1.00% Floor)      2/18/2027        —         (13,054 )      (9,140 ) 
AOM Acquisition, LLC.
(1) (5)
    Healthcare    Term Loan    10.99% (S + 5.50%; 1.00% Floor)      2/18/2027        6,238,907        6,103,168       6,192,116  
AOM Acquisition, LLC.
(1) (5)
    Healthcare    Term Loan    10.99% (S + 5.50%; 1.00% Floor)      2/18/2027        5,686,326        5,621,711       5,643,679  
Avalara, Inc.
(1) (3) (4)
    Software & Tech Services    Term Loan    12.59% (S + 6.75%; 0.75% Floor)      10/19/2028        10,653,748        10,460,476       10,653,748  
Avalara, Inc.
(2) (6)
    Software & Tech Services    Revolver    12.59% (S + 7.25%; 0.75% Floor)      10/19/2028        —         (19,321 )      —   
Avant Communications, LLC
(1) (4) (5)
    Digital Infrastructure & Services    Term Loan    11.24% (S + 5.75%; 1.00% Floor)      11/30/2026        14,888,026        14,717,815       14,888,026  
Avant Communications, LLC
(2) (6)
    Digital Infrastructure & Services    Revolver    11.24% (S + 5.75%; 1.00% Floor)      11/30/2026        —         (5,582 )      —   
Avetta, LLC
(1) (4) (5)
    Software & Tech Services    Term Loan    11.10% (S + 5.75%; 1.00% Floor)      10/18/2030        21,844,627        21,386,754       21,844,627  
Avetta, LLC
(2) (6)
    Software & Tech Services    Revolver    11.10% (S + 5.75%; 1.00% Floor)      10/18/2029        —         (41,598 )      —   
Azurite Intermediate Holdings, Inc
(4)
    Software & Tech Services    Term Loan    11.85% (S + 6.50%; 0.75% Floor)      3/19/2031        3,128,738        3,083,046       3,081,807  
Azurite Intermediate Holdings, Inc
(1) (2) (5)
    Software & Tech Services    Delayed Draw Term Loan    11.85% (S + 6.50%; 0.75% Floor)      3/19/2031        4,550,892        4,466,584       4,497,561  
Azurite Intermediate Holdings, Inc
(2) (6)
    Software & Tech Services    Revolver    11.85% (S + 6.50%; 0.75% Floor)      3/19/2031        —         (16,404 )      (17,066 ) 
BAART Programs, Inc.
(1) (4)
    Healthcare    Delayed Draw Term Loan    10.60% (S + 5.00%; 1.00% Floor)      6/11/2027        3,852,858        3,832,217       3,718,008  
BAART Programs, Inc.
(1) (5)
    Healthcare    Term Loan    10.60% (S + 5.00%; 1.00% Floor)      6/11/2027        4,649,986        4,628,244       4,487,237  
Blink Holdings, Inc.
(7)
    Consumer
Non-Cyclical
    Delayed Draw Term Loan    — (S + 7.50%)      11/8/2024        889,435        888,753       547,002  
Blink Holdings, Inc.
(1) (7)
    Consumer
Non-Cyclical
    Delayed Draw Term Loan    — (S + 5.50%; 1.00% Floor)      11/8/2024        1,109,120        1,108,273       682,108  
Blink Holdings, Inc.
(1) (7)
    Consumer
Non-Cyclical
    Term Loan    — (S + 5.50%; 1.00% Floor)      11/8/2024        1,550,228        1,548,861       953,390  
Bonterra, LLC
(1) (3) (4) (5)
    Software & Tech Services    Term Loan    12.59% (S + 7.25%; 0.75% Floor)      9/8/2027        15,944,506        15,819,566       15,904,644  
Bonterra, LLC
(2)
    Software & Tech Services    Revolver    12.59% (S + 7.25%; 0.75% Floor)      9/8/2027        714,085        704,690       711,206  
Bonterra, LLC
    Software & Tech Services    Term Loan    12.59% (8.00% PIK; 0.75% Floor)      9/8/2027        2,898,956        2,771,390       2,898,956  
 
See notes to Unaudited Consolidated Financial Statements
 
9
Table of Contents
AB Private Credit Investors Corporation
Unaudited Consolidated Schedule of Investments as of June 30, 2024
 
Portfolio Company
   
Industry
   
Facility Type
   
Interest
   
Maturity
     
Funded Par
Amount
     
Cost
    
Fair Value
  
Bridgepointe Technologies, LLC
(2)
    Digital Infrastructure & Services    Revolver    11.99% (S + 6.50%; 1.00% Floor)      12/31/2027        272,123        262,951       260,460  
Bridgepointe Technologies, LLC
(2) (5)
    Digital Infrastructure & Services    Delayed Draw Term Loan    11.99% (S + 6.50%; 1.00% Floor)      12/31/2027        925,916        875,810       894,766  
Bridgepointe Technologies, LLC
(1)
    Digital Infrastructure & Services    Term Loan    11.99% (S + 6.50%; 1.00% Floor)      12/31/2027        1,030,526        1,005,800       1,015,068  
Bridgepointe Technologies, LLC
(1) (5)
    Digital Infrastructure & Services    Term Loan    11.99% (S + 6.50%; 1.00% Floor)      12/31/2027        4,681,605        4,622,212       4,611,381  
Bridgepointe Technologies, LLC
(1) (5)
    Digital Infrastructure & Services    Delayed
Draw
Term Loan		    11.99% (S + 6.50%; 1.00% Floor)      12/31/2027        3,829,160        3,786,277       3,771,723  
Bridgepoint Technologies, LLC
(1)  (3) (5)
   
Digital
Infrastructure & Services		    Delayed
Draw
Term Loan		    11.99% (S + 6.50%; 1.00% Floor)      12/31/2027        4,938,460        4,833,575       4,864,383  
Bridgepoint Technologies, LLC
(1) (5)
    Digital Infrastructure & Services    Term Loan    11.99% (S + 6.50%; 1.00% Floor)      12/31/2027        2,259,836        2,202,759       2,225,939  
Bridgepointe Technologies, LLC
(3)
    Digital Infrastructure & Services    Delayed Draw Term Loan    11.99% (S + 6.50%; 1.00% Floor)      12/31/2027        2,723,951        2,708,628       2,683,092  
Brightspot Buyer, Inc
(2)
    Software & Tech Services    Revolver    11.95% (S + 6.50%; 0.75% Floor)      11/16/2027        340,146        332,275       326,540  
Brightspot Buyer, Inc
(1) (3)
    Software & Tech Services    Term Loan    11.95% (S + 6.50%; 0.75% Floor)      11/16/2027        5,215,571        5,155,779       5,111,260  
Brightspot Buyer, Inc
(3)
    Software & Tech Services    Term Loan    11.95% (S + 6.50%; 0.75% Floor)      11/16/2027        1,448,598        1,422,104       1,419,626  
BSI2 Hold Nettle, LLC
(2)
    Software & Tech Services    Revolver    10.27% (S + 5.00%; 0.75% Floor)      6/30/2028        117,785        111,801       108,951  
BSI2 Hold Nettle, LLC
(3) (5)
    Software & Tech Services    Term Loan    10.27% (S + 5.00%; 0.75% Floor)      6/30/2028        4,628,931        4,582,031       4,559,497  
BSI2 Hold Nettle, LLC
(3)
    Software & Tech Services    Term Loan    10.27% (S + 5.00%; 0.75% Floor)      6/30/2028        617,669        606,667       608,404  
BusinesSolver.com, Inc.
(2)
    Software & Tech Services    Delayed Draw Term Loan    10.94% (S + 5.50%; 0.75% Floor)      12/1/2027        257,713        254,313       257,713  
BusinesSolver.com, Inc.
(3) (5)
    Software & Tech Services    Term Loan    10.94% (S + 5.50%; 0.75% Floor)      12/1/2027        7,213,914        7,172,025       7,213,914  
BV EMS Buyer, Inc.
(4)
   Healthcare    Term Loan    11.20% (S + 5.75%; 1.00% Floor)      11/23/2027        3,293,408        3,231,055       3,276,941  
BV EMS Buyer, Inc.
(4) (5)
    Healthcare    Term Loan    11.20% (S + 5.75%; 1.00% Floor)      11/23/2027        3,467,741        3,397,221       3,450,402  
BV EMS Buyer, Inc.
(4) (5)
    Healthcare    Delayed Draw Term Loan    11.20% (S + 5.75%; 1.00% Floor)      11/23/2027        3,496,572        3,436,624       3,479,089  
BV EMS Buyer, Inc.
(2)
    Healthcare    Revolver    11.20% (S + 5.75%; 1.00% Floor)      11/23/2027        219,561        213,907       218,064  
CallTower, Inc
(1) (4) (5)
    Digital Infrastructure & Services    Term Loan    11.70% (S + 6.25%; 3.00% Floor)      11/30/2028        4,953,185        4,842,334       4,953,185  
CallTower, Inc
(2) (6)
    Digital Infrastructure & Services    Delayed Draw Term Loan    11.70% (S + 6.25%; 3.00% Floor)      11/30/2028        —         (22,072 )      —   
CallTower, Inc
(2) (6)
    Digital Infrastructure & Services    Revolver    11.70% (S + 6.25%; 3.00% Floor)      11/30/2028        —         (13,804 )      —   
Caregiver 2, Inc.
(3)
    Healthcare    Term Loan    10.75% (S + 5.25%; 2.25% PIK; 1.00% Floor)      7/24/2025        4,521,775        4,482,441       4,521,775  
Caregiver 2, Inc.
(3)
    Healthcare    Term Loan    10.75% (S + 5.25%; 2.25% PIK; 1.00% Floor)      7/24/2025        649,021        643,376       649,021  
 
See notes to Unaudited Consolidated Financial Statements
 
10
Table of Contents
AB Private Credit Investors Corporation
Unaudited Consolidated Schedule of Investments as of June 30, 2024
 
Portfolio Company
   
Industry
   
Facility Type
   
Interest
   
Maturity
     
Funded Par
Amount
     
Cost
    
Fair Value
  
Caregiver 2, Inc.
(5)
    Healthcare    Delayed Draw Term Loan    10.75% (S + 5.25%; 2.25% PIK; 1.00% Floor)      7/24/2025        1,512,436        1,497,657       1,512,436  
Caregiver 2, Inc.
(5)
    Healthcare    Term Loan    10.75% (S + 5.25%; 2.50% PIK 1.00% Floor)      7/24/2025        620,418        610,157       620,418  
Cerifi, LLC
(1) (3) (4) (5)
    Services    Term Loan    11.20% (S + 5.75%; 1.00% Floor)      3/31/2028        15,824,399        15,611,738       15,230,984  
Cerifi, LLC
    Services    Revolver    11.20% (S + 5.75%; 1.00% Floor)      4/1/2027        1,107,792        1,094,726       1,066,249  
Choice Health At
Home, LLC,
(1)
(5)
    Healthcare    Term Loan    12.68% (S + 6.75%; 1.00% PIK; 1.00% Floor)      12/29/2026        2,563,921        2,543,220       2,499,823  
Choice Health At
Home, LLC,
(1)
    Healthcare    Delayed Draw Term Loan    12.68% (S + 6.75%; 1.00% PIK; 1.00% Floor)      12/29/2026        946,244        941,157       927,319  
Colo Holdings, LLC
(4)
    Digital Infrastructure & Services    PIK Term Loan    14.20% (S + 4.00%; 4.75% PIK; 1.00% Floor)      3/27/2029        8,672,217        8,465,951       8,455,411  
Colo Holdings, LLC
(2)
(6)
    Digital Infrastructure & Services    PIK Revolver    14.20% (S + 4.00%; 4.75% PIK; 1.00% Floor)      3/27/2029        —         (29,475 )      (31,039 ) 
Colo Holdings, LLC
    Digital Infrastructure & Services    PIK Bridge Term Loan    16.50%(16.50
%
 
PIK)		      3/27/2026        674,298        659,992       657,441  
Coding Solutions
Acquisition, Inc
(2)
    Healthcare    Revolver    10.85% (S + 5.50%; 0.75% Floor)      5/11/2028        278,376        269,227       266,445  
Coding Solutions
Acquisition, Inc
(3)
(5)
    Healthcare    Term Loan    10.85% (S + 5.50%; 0.75% Floor)      5/11/2028        5,433,679        5,362,648       5,352,174  
Coding Solutions
Acquisition, Inc
(3)
    Healthcare    Delayed Draw Term Loan    10.85% (S + 5.50%; 0.75% Floor)      5/11/2028        1,646,705        1,625,094       1,622,005  
Coding Solutions
Acquisition, Inc.
(3)
(5)
    Healthcare    Term Loan    10.85% (S + 5.75%; 0.75% Floor)      5/11/2028        2,710,949        2,675,801       2,690,617  
Coding Solutions
Acquisition, Inc.
(2)
(5) (6)
    Healthcare    Delayed Draw Term Loan    10.85% (S + 5.75%; 0.75% Floor)      5/11/2028        —         (15,064 )      (6,245 ) 
Community Based Care
Acquisition, Inc.
(1)
(2) (5)
   Healthcare    Delayed Draw Term Loan    10.94% (S + 5.50%; 1.00% Floor)      9/16/2027        2,735,602        2,697,625       2,713,851  
Community Based Care
Acquisition, Inc.
(2)
    Healthcare    Revolver    10.94% (S + 5.25%; 1.00% Floor)      9/16/2027        103,658        94,212       90,701  
Community Based Care
Acquisition, Inc.
(2) (6)
    Healthcare    Delayed Draw Term Loan    10.94% (S + 5.50%; 1.00% Floor)      9/16/2027        —         (30,525 )      (16,551 ) 
Community Based Care
Acquisition, Inc.
(1) 
(5)
    Healthcare    Term Loan    10.94% (S + 5.25%; 1.00% Floor)      9/16/2027        5,208,361        5,148,903       5,130,235  
Community Based Care
Acquisition, Inc.
(5)
    Healthcare    Delayed Draw Term Loan    10.94% (S + 5.25%; 1.00% Floor)      9/16/2027        2,111,546        2,089,986       2,079,872  
Community Brands
Parentco, LLC
(2) (6)
    Software & Tech Services    Revolver    10.95% (S + 5.50%; 0.75% Floor)      2/24/2028        —         (5,155 )      —   
Community Brands
Parentco, LLC
(1) (3)
(5)
    Software & Tech Services    Term Loan    10.95% (S + 5.50%; 0.75% Floor)      2/24/2028        6,932,947        6,842,169       6,932,947  
Coretelligent
Intermediate LLC
(1)
(4) (5)
    Digital Infrastructure & Services    Delayed Draw Term Loan    11.18% (S + 5.75%; 1.00% Floor)      10/21/2027        3,739,280        3,706,806       3,327,959  
Coretelligent
Intermediate LLC
(2)
(8)
    Digital Infrastructure & Services    Revolver    11.18% (S + 5.75%; 1.00% Floor)      10/21/2027        823,174        812,396       683,868  
Coretelligent
Intermediate LLC
(1)
(3) (5)
    Digital Infrastructure & Services    Term Loan    11.18% (S + 5.75%; 1.00% Floor)      10/21/2027        7,828,382        7,762,488       6,967,260  
Coupa Holdings,LLC
(1)
(4) (5)
    Software & Tech Services    Term Loan    10.83% (S + 5.50%; 0.75% Floor)      2/27/2030        10,617,824        10,383,765       10,617,824  
 
See notes to Unaudited Consolidated Financial Statements
 
11
Table of Contents
AB Private Credit Investors Corporation
Unaudited Consolidated Schedule of Investments as of June 30, 2024
 
Portfolio Company
   
Industry
   
Facility Type
   
Interest
   
Maturity
     
Funded Par
Amount
     
Cost
    
Fair Value
  
Coupa Holdings,LLC
(2) (6)
    Software & Tech Services    Delayed Draw Term Loan    10.83% (S + 5.50%; 0.75% Floor)      2/27/2030        —         (9,672 )      —   
Coupa Holdings,LLC
(2) (6)
    Software & Tech Services    Revolver    10.83% (S + 5.50%; 0.75% Floor)      2/27/2029        —         (14,191 )      —   
Crewline Buyer, Inc
(1) (4) (5)
    Software & Tech Services    Term Loan    12.09% (S + 6.75%; 1.00% Floor)      11/8/2030        13,118,364        12,812,958       13,118,364  
Crewline Buyer, Inc
(2) (6)
    Software & Tech Services    Revolver    12.09% (S + 6.75%; 1.00% Floor)      11/8/2030        —         (31,115 )      —   
Datacor, Inc.
(1) (3) (4) (5)
    Software & Tech Services    Term Loan    10.85% (S + 5.50%; 1.00% Floor)      3/13/2029        17,780,468        17,614,551       17,780,468  
Datacor, Inc.
(2) (6)
    Software & Tech Services    Delayed Draw Term Loan    10.85% (S + 5.50%; 1.00% Floor)      3/13/2029        —         (50,106 )      —   
Datacor, Inc.
(2) (6)
    Software & Tech Services    Revolver    10.85% (S + 5.50%; 1.00% Floor)      3/13/2029        —         (27,860 )      —   
Delaware Valley Management Holdings, Inc.^^
(7)
    Healthcare    Delayed Draw Term Loan    — (S + 6.25%; 1.00% Floor)      12/31/2024        261,819        186,699       81,321  
Delaware Valley Management Holdings, Inc.^^
(7)
   Healthcare    Term Loan    — (S + 6.25%; 1.00% Floor)      12/31/2024        2,487,280        1,750,859       772,549  
Delaware Valley Management Holdings, Inc.^^
(2) (7)
    Healthcare    Delayed Draw Term Loan    — (S + 6.25%; 1.00% Floor)      12/31/2024        490,020        168,552       152,278  
Delaware Valley Management Holdings, Inc.^^
(2) (7)
    Healthcare    Revolver    — (S + 6.25%; 1.00% Floor)      12/31/2024        386,753        265,722       120,219  
Mr. Greens Intermediate, LLC
(4) (5)
    Services    Term Loan    11.68% (S + 6.25%; 1.00% Floor)      5/1/2029        6,249,282        6,092,971       6,249,282  
Mr. Greens Intermediate, LLC
(2) (6)
    Services    Delayed Draw Term Loan    11.68% (S + 6.25%; 1.00% Floor)      5/1/2029        —         (64,185 )      —   
Mr. Greens Intermediate, LLC
(2) (6)
    Services    Revolver    11.68% (S + 6.25%; 1.00% Floor)      5/1/2029        —         (25,674 )      —   
Dispatch Track, LLC
(2) (6)
    Software & Tech Services    Revolver    9.95% (S + 4.50%; 1.00% Floor)      12/17/2026        —         (435 )      (755 ) 
Dispatch Track, LLC
(1) (5)
    Software & Tech Services    Term Loan    9.95% (S + 4.50%; 1.00% Floor)      12/17/2026        9,849,936        9,832,531       9,825,312  
Dorado Buyer LLC
(3) (4)
    Software & Tech Services    Term Loan    11.10% (S + 2.25%; 3.25% PIK; 1.00% Floor)      2/6/2030        6,258,167        6,170,696       6,164,295  
Dorado Buyer LLC
(2) (6)
    Software & Tech Services    Delayed Draw Term Loan    11.10% (S + 2.25%; 3.25% PIK; 1.00% Floor)      2/6/2030        —         (17,430 )      (18,623 ) 
Dorado Buyer LLC
(2) (6)
    Software & Tech Services    Revolver    11.10% (S + 2.25%; 1.00% Floor)      2/6/2030        —         (8,709 )      (9,312 ) 
Duetto Research, Inc
(4)
    Software & Tech Services    Term Loan    11.10% (S + 1.00%; 5.75% PIK; 0.75% Floor)      6/26/2030        14,123,481        13,947,174       13,946,938  
Duetto Research, Inc
(2) (6)
    Software & Tech Services    Revolver    11.10% (S + 1.00%; 0.75% Floor)      6/26/2030        —         (12,593 )      (12,610 ) 
Duetto Research, Inc
(2) (6)
    Software & Tech Services    Delayed Draw Term Loan    11.10% (S + 1.00%; 0.75% Floor)      6/26/2030        —         (12,610 )      (12,610 ) 
EET Buyer, Inc.
(3) (4) (5)
    Software & Tech Services    Term Loan    10.33% (S + 5.00%; 0.75% Floor)      11/8/2027        6,752,508        6,674,937       6,735,627  
EET Buyer, Inc.
(4) (5)
    Software & Tech Services    Term Loan    10.33% (S + 5.00%; 0.75% Floor)      11/8/2027        5,062,507        4,976,575       5,049,850  
EET Buyer, Inc.
(2) (6)
    Software & Tech Services    Revolver    10.33% (S + 5.00%; 0.75% Floor)      11/8/2027        —         (14,329 )      (2,592 ) 
EET Buyer, Inc.
(2) (6)
    Software & Tech Services    Delayed Draw Term Loan    10.33% (S + 5.00%; 0.75% Floor)      11/8/2027        —         (4,509 )      —   
Engage2Excel, Inc.
    Services    Revolver    11.87% (S + 6.50%; 1.00% Floor)      7/1/2024        379,732        376,895       379,732  
Engage2Excel, Inc.
(1)
    Services    Term Loan    11.87% (S + 6.50%; 1.00% Floor)      7/1/2024        934,445        926,742       934,445  
 
See notes to Unaudited Consolidated Financial Statements
 
12
Table of Contents
AB Private Credit Investors Corporation
Unaudited Consolidated Schedule of Investments as of June 30, 2024
 
Portfolio Company
   
Industry
   
Facility Type
   
Interest
   
Maturity
     
Funded Par
Amount
     
Cost
    
Fair Value
  
Engage2Excel, Inc.
(1)
    Services    Term Loan    11.87% (S + 6.50%; 1.00% Floor)      7/1/2024        2,692,126        2,669,932       2,692,126  
Enverus Holdings, Inc.
(2) (6)
    Software & Tech Services    Delayed Draw Term Loan    10.85% (S + 5.50%; 0.75% Floor)      12/24/2029        —         (3,030 )      —   
Enverus Holdings, Inc.
(2) (6)
    Software & Tech Services    Revolver    10.85% (S + 5.50%; 0.75% Floor)      12/24/2029        —         (9,215 )      —   
Enverus Holdings, Inc.
(1) (5)
    Software & Tech Services    Term Loan    10.85% (S + 5.50%; 0.75% Floor)      12/24/2029        8,798,198        8,674,747       8,798,198  
EvolveIP, LLC
    Digital Infrastructure & Services    Revolver    10.99% (S + 1.00%; 4.50% PIK; 1.00% Floor)      6/7/2025        586,390        571,864       495,089  
EvolveIP, LLC
(1)
    Digital Infrastructure & Services    Term Loan    10.99% (S + 1.00%; 1.00% Floor)      6/7/2025        6,553,566        6,537,031       5,533,176  
EvolveIP, LLC
(5)
    Digital Infrastructure & Services    Delayed Draw Term Loan    10.99% (S + 1.00%; 1.00% Floor)      6/7/2025        113,193        113,122       95,569  
Exterro, Inc.
(1) (4)
    Software & Tech Services    Term Loan    10.93% (S + 5.50%; 1.00% Floor)      6/1/2027        5,778,708        5,748,280       5,778,708  
Exterro, Inc.
(2) (6)
   Software & Tech Services    Revolver    11.00% (S + 5.50%; 1.00% Floor)      6/1/2027        —         (19,090 )      —   
Exterro, Inc.
(1) (3) (5)
    Software & Tech Services    Term Loan    11.00% (S + 5.50%; 1.00% Floor)      6/1/2027        6,237,900        6,189,494       6,237,900  
Exterro, Inc.
(1)
    Software & Tech Services    Term Loan    11.00% (S + 5.50%; 1.00% Floor)      6/1/2027        2,791,800        2,775,146       2,791,800  
Faithlife, LLC
(1) (4)
    Software & Tech Services    Delayed Draw Term Loan    10.94% (S + 5.50%; 1.00% Floor)      9/18/2025        702,870        699,365       702,870  
Faithlife, LLC
(1) (4)
    Software & Tech Services    Term Loan    10.94% (S + 5.50%; 1.00% Floor)      9/18/2025        301,846        300,334       301,846  
Faithlife, LLC
(2) (6)
    Software & Tech Services    Revolver    10.94% (S + 5.50%; 1.00% Floor)      9/18/2025        —         (1,385 )      —   
FH MD Buyer, Inc.
(1)
(5).
    Healthcare    Term Loan    10.46% (S + 5.00%; 0.75% Floor)      7/22/2028        5,382,389        5,347,463       5,315,110  
Firstdigital
Communications
LLC
(2)
    Digital Infrastructure & Services    Revolver    9.70% (S + 4.25%; 0.75% Floor)      12/17/2026        412,549        396,557       333,212  
Firstdigital
Communications
LLC
(3) (5)
    Digital Infrastructure & Services    Term Loan    11.75% (S + 4.25%; 0.75% Floor)      12/17/2026        13,543,497        13,407,753       12,866,322  
Foundation Risk
Partners, Corp.
(2) (6)
    Financials    Revolver    10.59% (S + 5.25%; 0.75% Floor)      10/29/2029        —         (7,211 )      (2,595 ) 
Foundation Risk
Partners, Corp.
(1) (3)
(5)
    Financials    Term Loan    10.59% (S + 5.25%; 0.75% Floor)      10/29/2030        9,609,862        9,535,405       9,585,837  
Foundation Risk
Partners, Corp.
(3)
    Financials    Delayed Draw Term Loan    10.59% (S + 5.25%; 0.75% Floor)      10/29/2030        2,090,061        2,079,590       2,084,836  
Foundation Risk
Partners, Corp.
(3)
    Financials    Delayed Draw Term Loan    10.59% (S + 5.25%; 0.75% Floor)      10/29/2030        3,133,468        3,100,959       3,125,634  
Foundation Risk
Partners, Corp.
(5)
    Financials    Term Loan    10.59% (S + 5.25%; 0.75% Floor)      10/29/2030        775,392        767,584       773,454  
Fullsteam Operations
LLC
(4) (5)
    Software & Tech Services    Term Loan    13.74% (S + 8.25%; 1.00% Floor)      11/27/2029        7,423,938        7,222,230       7,423,938  
Fullsteam Operations
LLC
(2) (3) (4) (5)
    Software & Tech Services    Delayed Draw Term Loan    13.74% (S + 8.25%; 1.00% Floor)      11/27/2029        1,761,053        1,705,116       1,761,053  
Fullsteam Operations
LLC
(2) (4)
    Software & Tech Services    Delayed Draw Term Loan    13.74% (S + 8.25%; 1.00% Floor)      11/27/2029        611,200        588,628       611,200  
Fullsteam Operations
LLC
(2) (6)
    Software & Tech Services    Revolver    13.74% (S + 8.25%; 1.00% Floor)      11/27/2029        —         (11,272 )      —   
Fullsteam Operations
LLC
(2) (6)
    Software & Tech Services    Delayed Draw Term Loan    13.74% (S + 7.00%; 1.00% Floor)      11/27/2029        —         (29,676 )      (50,441 ) 
Fullsteam Operations
LLC
(2) (6)
    Software & Tech Services    Delayed Draw Term Loan    13.74% (S + 7.00%; 1.00% Floor)      11/27/2029        —         (7,419 )      (12,610 ) 
Fusion Holding Corp
(1)
(3) (4) (5)
    Software & Tech Services    Term Loan    11.59% (S + 6.25%; 0.75% Floor)      9/14/2029        16,641,635        16,359,589       16,308,803  
 
See notes to Unaudited Consolidated Financial Statements
 
13
Table of Contents
AB Private Credit Investors Corporation
Unaudited Consolidated Schedule of Investments as of June 30, 2024
 
Portfolio Company
   
Industry
   
Facility Type
   
Interest
   
Maturity
     
Funded Par
Amount
     
Cost
    
Fair Value
  
Fusion Holding Corp
(2)
    Software & Tech Services    Revolver    11.59% (S + 6.25%; 0.75% Floor)      9/15/2027        344,798        324,629       317,214  
Fusion Risk
Management, Inc.
(2)
(6)
    Software & Tech Services    Revolver    12.58% (S + 3.50%; 1.00% Floor)      5/22/2029        —         (13,810 )      (10,501 ) 
Fusion Risk
Management, Inc.
(3)
    Software & Tech Services    Term Loan    12.58% (S + 3.50%; 3.75% PIK 1.00% Floor)      5/22/2029        7,271,149        7,156,052       7,180,260  
G Treasury SS, LLC
(2)
(6)
    Software & Tech Services    Revolver    11.34% (S + 6.00%; 1.00% Floor)      6/29/2029        —         (15,342 )      (16,008 ) 
G Treasury SS, LLC
(2)
(6)
    Software & Tech Services    Delayed Draw Term Loan    11.34% (S + 6.00%; 1.00% Floor)      6/29/2029        —         (15,342 )      (18,294 ) 
G Treasury SS, LLC
(2)
(6)
    Software & Tech Services    Delayed Draw Term Loan    11.34% (S + 6.00%; 1.00% Floor)      6/29/2029        —         (9,589 )      (11,434 ) 
G Treasury SS, LLC
(1)
(3)
    Software & Tech Services    Term Loan    11.34% (S + 6.00%; 1.00% Floor)      6/29/2029        3,658,885        3,612,266       3,594,855  
Galway Borrower,
LLC
(1) (5)
    Financials    Term Loan    10.69% (S + 5.25%; 0.75% Floor)      9/29/2028        4,225,405        4,183,176       4,225,405  
Galway Borrower,
LLC
(2)
    Financials    Revolver    10.69% (S + 5.25%; 0.75% Floor)      9/29/2028        60,954        56,417       60,954  
Galway Borrower, LLC
(2) (6)
    Financials    Delayed Draw Term Loan    10.69% (S + 5.00%; 0.75% Floor)      9/29/2028        —         (6,319 )      —   
GH Parent Holdings Inc.
(2) (6)
    Services    Delayed Draw Term Loan    0.50% (S + 5.50%; 1.00% Floor)      5/4/2027        —         (30,626 )      (30,713 ) 
GHA Buyer, Inc.
(4)
    Healthcare    Term Loan    10.84% (S + 5.50%; 1.00% Floor)      6/24/2026        2,027,461        2,008,344       1,997,049  
GHA Buyer, Inc.
(1) (4)
    Healthcare    Term Loan    10.84% (S + 5.50%; 1.00% Floor)      6/24/2026        579,660        570,846       570,965  
GHA Buyer, Inc.
(3) (4)
    Healthcare    Term Loan    10.84% (S + 5.50%; 1.00% Floor)      6/24/2026        5,547,440        5,512,113       5,464,228  
GHA Buyer, Inc.
(4)
    Healthcare    Delayed Draw Term Loan    10.84% (S + 5.50%; 1.00% Floor)      6/24/2026        840,642        833,901       828,033  
GHA Buyer, Inc.
(2) (6)
    Healthcare    Revolver    10.84% (S + 5.50%; 1.00% Floor)      6/24/2026        —         (6,458 )      (14,266 ) 
GHA Buyer, Inc.
(1)
    Healthcare    Term Loan    10.84% (S + 5.50%; 1.00% Floor)      6/24/2026        752,631        748,262       741,341  
GHA Buyer, Inc.
(3)
    Healthcare    Term Loan    10.84% (S + 5.50%; 1.00% Floor)      6/24/2026        4,803,670        4,770,405       4,731,615  
Greenhouse Software,
Inc.
(1) (3) (4)
    Software & Tech Services    Term Loan    11.59% (S + 6.25%; 1.00% Floor)      9/1/2028        14,507,975        14,252,488       14,507,975  
Greenhouse Software,
Inc.
(2) (6)
    Software & Tech Services    Revolver    11.59% (S + 6.25%; 1.00% Floor)      9/1/2028        —         (12,626 )      —   
Greenhouse Software,
Inc.
(2) (6)
    Software & Tech Services    Revolver    11.59% (S + 6.25%; 1.00% Floor)      9/1/2028        —         (10,637 )      —   
Greenhouse Software,
Inc.
(3)
    Software & Tech Services    Term Loan    11.59% (S + 6.25%; 1.00% Floor)      9/1/2028        12,376,845        12,248,926       12,376,845  
Greenlight Intermediate
II, Inc.
(2) (4)
    Digital Infrastructure & Services    Delayed Draw Term Loan    10.99% (S + 5.50%; 0.75% Floor)      6/1/2028        2,549,572        2,435,808       2,549,572  
Greenlight Intermediate
II, Inc.
(1) (5)
    Digital Infrastructure & Services    Term Loan    10.99% (S + 5.50%; 0.75% Floor)      6/1/2028        5,331,605        5,257,425       5,304,947  
Greenlight Intermediate
II, Inc.
(1) (5)
    Digital Infrastructure & Services    Delayed Draw Term Loan    10.99% (S + 5.50%; 0.75% Floor)      6/1/2028        6,702,083        6,608,807       6,668,573  
Gryphon-Redwood
Acquisition LLC
(4)
    Software & Tech Services    Delayed Draw Term Loan    15.35% (S + 4.00%; 6.00% PIK; 1.00% Floor)      9/16/2028        1,627,015        1,575,789       1,598,542  
Gryphon-Redwood
Acquisition LLC
(1)
    Software & Tech Services    Term Loan    15.30% (S + 4.00%; 6.00% PIK; 1.00% Floor)      9/16/2028        3,769,766        3,727,749       3,703,795  
GS AcquisitionCo, Inc.
(2)
    Software & Tech Services    Revolver    10.59% (S + 5.25%; 1.00% Floor)      5/25/2028        93,443        89,530       89,939  
 
See notes to Unaudited Consolidated Financial Statements
 
14
Table of Contents
AB Private Credit Investors Corporation
Unaudited Consolidated Schedule of Investments as of June 30, 2024
 
Portfolio Company
   
Industry
   
Facility Type
   
Interest
   
Maturity
     
Funded Par
Amount
     
Cost
    
Fair Value
  
GS AcquisitionCo, Inc.
(2)
    Software & Tech Services    Delayed Draw Term Loan    10.59% (S + 5.25%; 0.75% Floor)      5/25/2028        52,015        49,725       47,133  
GS AcquisitionCo, Inc
.(1) (3) (5)
    Software & Tech Services    Term Loan    10.59% (S + 5.25%; 1.00% Floor)      5/25/2028        9,332,838        9,297,418       9,286,174  
Heartland PPC Buyer LLC
(2) (4)
    Services    Delayed Draw Term Loan    11.09% (S + 5.75%; 0.75% Floor)      12/12/2029        411,869        392,934       411,869  
Heartland PPC Buyer LLC
(1) (4) (5)
    Services    Term Loan    11.09% (S + 5.75%; 0.75% Floor)      12/12/2029        5,637,632        5,533,667       5,581,256  
Heartland PPC Buyer LLC
(2) (8)
    Services    Revolver    11.09% (S + 5.75%; 0.75% Floor)      12/12/2029        282,588        261,967       271,284  
Higginbotham Insurance Agency, Inc.
(1) (5)
    Financials    Delayed Draw Term Loan    10.95% (S + 5.50%; 1.00% Floor)      11/24/2028        3,289,991        3,274,265       3,289,991  
Higginbotham Insurance Agency, Inc.
(1) (3) (5)
    Financials    Term Loan    10.95% (S + 5.50%; 1.00% Floor)      11/24/2028        7,921,407        7,870,481       7,921,407  
Hirevue, Inc.
(4) (5)
    Software & Tech Services    Term Loan    12.58% (S + 7.25%; 1.00% Floor)      5/3/2029        12,869,572        12,592,478       12,773,051  
Hirevue, Inc.
(2)
    Software & Tech Services    Revolver    12.59% (S + 7.25%; 1.00% Floor)      5/3/2029        211,651        178,131       199,305  
Honor HN Buyer, Inc.
(4) (5)
    Healthcare    Delayed Draw Term Loan    11.24% (S + 5.75%; 1.00% Floor)      10/15/2027        1,629,742        1,611,488       1,629,742  
Honor HN Buyer, Inc
(2) (4)
    Healthcare    Delayed Draw Term Loan    11.24% (S + 5.75%; 1.00% Floor)      10/15/2027        1,796,948        1,769,349       1,796,948  
Honor HN Buyer, Inc
(2)
    Healthcare    Delayed Draw Term Loan    11.24% (S + 5.75%; 1.00% Floor)      10/15/2027        2,430,257        2,356,572       2,430,257  
Honor HN Buyer, Inc
(2)
    Healthcare    Revolver    13.25% (S + 5.75%; 1.00% Floor)      10/15/2027        38,012        34,624       38,012  
Honor HN Buyer, Inc
(1) (5)
    Healthcare    Term Loan    11.24% (S + 5.75%; 1.00% Floor)      10/15/2027        2,577,212        2,548,395       2,577,212  
Iodine Software, LLC
(2) (6)
    Software & Tech Services    Revolver    10.60% (S + 5.25%; 1.00% Floor)      5/19/2027        —         (10,692 )      —   
Iodine Software, LLC
(2) (6)
    Software & Tech Services    Delayed Draw Term Loan    10.60% (S + 5.25%; 1.00% Floor)      5/19/2027        —         (27,306 )      —   
Iodine Software, LLC
(1) (5)
    Software & Tech Services    Term Loan    10.60% (S + 5.25%; 1.00% Floor)      5/19/2027        5,201,132        5,150,104       5,201,132  
Iodine Software, LLC
(3) (5)
    Software & Tech Services    Delayed Draw Term Loan    10.60% (S + 5.25%; 1.00% Floor)      5/19/2027        7,835,357        7,758,109       7,835,357  
JS Parent Inc
(4)
    Software & Tech Services    Term Loan    10.33% (S + 5.00%; 0.75% Floor)      4/24/2031        5,459,661        5,432,858       5,432,363  
JS Parent Inc
(2) (6)
    Software & Tech Services    Revolver    10.33% (S + 5.00%; 0.75% Floor)      4/24/2031        —         (2,575 )      (2,642 ) 
Kalkomey Borrower LLC
(1) (4)
    Services    Term Loan    10.60% (S + 5.25%; 1.00% Floor)      6/18/2031        9,154,683        9,017,487       9,017,362  
Kalkomey Borrower LLC
(2) (6)
    Services    Revolver    10.60% (S + 5.25%; 1.00% Floor)      6/18/2031        —         (21,880 )      (21,971 ) 
Kalkomey Borrower LLC
(2) (6)
    Services    Delayed Draw Term Loan    10.60% (S + 5.25%; 1.00% Floor)      6/18/2031        —         (13,675 )      (13,732 ) 
Kaseya Inc.
(1) (4) (5)
    Software & Tech Services    Term Loan    10.83% (S + 5.50%; 0.75% Floor)      6/25/2029        10,731,047        10,617,797       10,731,047  
Kaseya Inc.
(2)
    Software & Tech Services    Revolver    10.84% (S + 5.50%; 0.75% Floor)      6/25/2029        160,904        157,479       160,904  
Kaseya Inc.
(2)
    Software & Tech Services    Delayed Draw Term Loan    10.83% (S + 5.50%; 0.75% Floor)      6/25/2029        71,267        63,971       71,267  
Krispy Krunchy Foods, L.L.C
(5)
    Consumer
Non-Cyclical
    Term Loan    9.95% (S + 4.50%; 1.00% Floor)      11/17/2027        7,897,253        7,806,844       7,897,253  
Lotus HPI Buyer Inc
(1) (4) (5)
    Healthcare    Term Loan    11.37% (S + 6.25%; 1.00% Floor)      1/21/2030        12,528,071        12,231,865       12,340,150  
Lotus HPI Buyer Inc
(2) (6)
    Healthcare    Revolver    11.37% (S + 6.25%; 1.00% Floor)      1/21/2030        —         (43,668 )      (28,259 ) 
Lotus HPI Buyer Inc
(2) (6)
    Healthcare    Delayed Draw Term Loan    11.37% (S + 6.25%; 1.00% Floor)      1/21/2030        —         (43,691 )      (9,420 ) 
 
See notes to Unaudited Consolidated Financial Statements
 
15
Table of Contents
AB Private Credit Investors Corporation
Unaudited Consolidated Schedule of Investments as of June 30, 2024
 
Portfolio Company
   
Industry
   
Facility Type
   
Interest
   
Maturity
     
Funded Par
Amount
     
Cost
    
Fair Value
  
Mastery Acquisition Corp.
(2) (6)
    Software & Tech Services    Revolver    10.59% (S + 5.25%; 1.00% Floor)      9/7/2029        —         (5,304 )      —   
Mastery Acquisition Corp.
(2) (6)
    Software & Tech Services    Delayed Draw Term Loan    10.59% (S + 5.25%; 1.00% Floor)      9/7/2029        —         (17,513 )      —   
Mastery Acquisition Corp.
(2) (6)
    Software & Tech Services    Delayed Draw Term Loan    10.59% (S + 5.25%; 1.00% Floor)      9/7/2029        —         (5,838 )      —   
Mastery Acquisition Corp.
(1) (5)
    Software & Tech Services    Term Loan    10.59% (S + 5.25%; 1.00% Floor)      9/7/2029        6,665,877        6,607,135       6,665,877  
Mathnasium LLC
(2)
    Consumer
Non-Cyclical
    Revolver    10.50% (S + 5.00%; 0.75% Floor)      11/15/2027        348,173        340,648       348,173  
Mathnasium LLC
(1) (5)
    Consumer
Non-Cyclical
    Term Loan    10.50% (S + 5.00%; 0.75% Floor)      11/15/2027        5,317,798        5,256,879       5,317,798  
Mavenlink, Inc.
(1) (3) (4)
    Software & Tech Services    Term Loan    11.73% (S; 6.25% PIK; 0.75% Floor)      6/3/2027        15,750,151        15,516,491       15,435,148  
Mavenlink, Inc.(
2)
    Software & Tech Services    Revolver    11.73% (S;
6.25% PIK; 
0.75% Floor)		      6/3/2027        1,493,450        1,473,732       1,456,422  
MBS Holdings, Inc.
(4)
    Digital Infrastructure & Services    Term Loan    11.70% (S + 6.25%; 1.00% Floor)      4/16/2027        833,112        813,621       833,112  
MBS Holdings, Inc.
(1) (3) (4) (5)
    Digital Infrastructure & Services    Term
Loan
    11.20% (S + 5.75%; 1.00% Floor)      4/16/2027        10,205,397        10,106,197       10,154,370  
MBS Holdings, Inc.
(2) (6)
    Digital Infrastructure & Services    Revolver    11.20% (S + 5.75%; 1.00% Floor)      4/16/2027        —         (9,269 )      (4,871 ) 
MBS Holdings, Inc.
(5)
    Digital Infrastructure & Services    Term Loan    11.95% (S + 6.50%; 1.00% Floor)      4/16/2027        783,200        765,045       783,200  
Medbridge Holdings, LLC
(2) (6)
    Software & Tech Services    Revolver    9.95% (S + 4.50%; 1.00% Floor)      12/23/2026        —         (11,560 )      (10,322 ) 
Medbridge Holdings, LLC
(1)
    Software & Tech Services    Term Loan    9.95% (S + 4.50%; 1.00% Floor)      12/23/2026        971,920        961,207       964,631  
Medbridge Holdings, LLC
(1) (3) (5)
    Software & Tech Services    Term Loan    9.95% (S + 4.50%; 1.00% Floor)      12/23/2026        15,329,452        15,195,904       15,214,481  
Medical Management Resource Group, LLC
(2)
    Healthcare    Revolver    11.44% (S + 6.00%; 0.75% Floor)      9/30/2026        177,192        174,284       167,700  
Medical Management Resource Group, LLC
(1)
    Healthcare    Delayed Draw Term Loan    11.44% (S + 6.00%; 0.75% Floor)      9/30/2027        1,550,434        1,520,564       1,503,921  
Medical Management Resource Group, LLC
(5)
    Healthcare    Term Loan    11.44% (S + 6.00%; 0.75% Floor)      9/30/2027        3,754,106        3,712,640       3,641,483  
Medsuite Purchaser, LLC
(2)
    Healthcare    Delayed Draw Term Loan    10.45% (S + 5.00%; 1.00% Floor)      10/22/2026        622,518        587,903       601,158  
Medsuite Purchaser, LLC
(2) (6)
    Healthcare    Revolver    10.45% (S + 5.00%; 1.00% Floor)      10/22/2026        —         (4,800 )      (8,505 ) 
Medsuite Purchaser, LLC
(1) (5)
    Healthcare    Term Loan    10.45% (S + 5.00%; 1.00% Floor)      10/22/2026        7,773,709        7,697,186       7,676,537  
MMP Intermediate, LLC
(4)
    Consumer
Non-Cyclical
    Term Loan    11.71% (S + 6.25%; 1.00% Floor)      2/15/2029        2,018,660        1,981,133       2,003,521  
MMP Intermediate, LLC
(2) (6)
    Consumer
Non-Cyclical
    Revolver    11.71% (S + 6.25%; 1.00% Floor)      2/15/2029        —         (5,915 )      (4,147 ) 
MMP Intermediate, LL
C(1) (5)
    Consumer
Non-Cyclical
    Term Loan    11.71% (S + 6.25%; 1.00% Floor)      2/15/2029        7,905,817        7,815,294       7,846,523  
Moon Buyer, Inc.
(1) (3) (4) (5)
    Software & Tech Services    Term Loan    10.19% (S + 4.75%; 1.00% Floor)      4/21/2027        6,208,835        6,163,990       6,208,835  
Moon Buyer, Inc.
(2)
    Software & Tech Services    Revolver    10.19% (S + 4.75%; 1.00% Floor)      4/21/2027        640,086        631,674       640,086  
Moon Buyer, Inc.
(5)
    Software & Tech Services    Delayed Draw Term Loan    10.19% (S + 4.75%; 1.00% Floor)      4/21/2027        573,168        570,854       573,168  
 
See notes to Unaudited Consolidated Financial Statements
 
16
Table of Contents
AB Private Credit Investors Corporation
Unaudited Consolidated Schedule of Investments as of June 30, 2024
 
Portfolio Company
   
Industry
   
Facility Type
   
Interest
   
Maturity
   
Funded Par
Amount
     
Cost
    
Fair Value
  
MSM Acquisitions, Inc.
(1) (3) (4) (5)
    Services    Term Loan    11.35% (S + 6.00%; 5.00% PIK; 1.00% Floor)    12/9/2026      8,294,308        8,230,008       7,527,085  
MSM Acquisitions, Inc.
(2)
    Services    Revolver    11.35% (S + 6.00%; 1.00% Floor)    12/9/2026      1,099,489        1,062,993       983,621  
MSM Acquisitions, Inc.
(5)
    Services    Delayed Draw Term Loan    11.35% (S + 6.00%; 5.00% PIK; 1.00% Floor)    12/9/2026      371,968        370,117       337,561  
MSM Acquisitions, Inc.
(5)
    Services    Delayed Draw Term Loan    11.35% (S + 6.00%; 5.00% PIK; 1.00% Floor)    12/9/2026      3,034,997        3,006,790       2,754,260  
MSP Global
Holdings,Inc.
(1) (4)
    Digital Infrastructure & Services    Term Loan    11.04% (S + 5.50%; 1.00% Floor)    4/9/2029      8,775,247        8,605,798       8,621,680  
MSP Global Holdings,
Inc.
(2)
    Digital Infrastructure & Services    Revolver    11.03% (S + 5.50%; 1.00% Floor)    4/9/2029      663,229        637,534       631,460  
MSP Global
Holdings,Inc
(2) (6)
    Digital Infrastructure & Services    Delayed Draw Term Loan    11.04% (S + 5.50%; 1.00% Floor)    4/9/2029      —         (23,181 )      (21,207 ) 
MSP Global Holdings,
Inc.
(3) (5)
    Digital Infrastructure & Services    Term Loan    11.08% (S + 5.50%; 1.00% Floor)    4/9/2029      7,752,148        7,677,017       7,616,485  
MSP Global Holdings,
Inc.
(3)
    Digital Infrastructure & Services    Delayed Draw Term Loan    10.93% (S + 5.50%; 1.00% Floor)    4/9/2029      605,534        597,248       594,937  
Mykaarma Acquisition
LLC
(2) (6)
    Software & Tech Services    Revolver    8.53% (S + 3.00%; 3.75% PIK; 1.00% Floor)    3/21/2028      —         (7,441 )      —   
Mykaarma Acquisition
LLC
(3) (5)
    Software & Tech Services    Term Loan    8.53% (S + 3.00%; 3.75% PIK; 1.00% Floor)    3/21/2028      6,435,383        6,355,848       6,435,383  
Navigate360, LLC
(4)
    Software & Tech Services    Term Loan    11.45% (S + 6.00%; 1.00% Floor)    3/17/2027      1,075,148        1,060,454       1,056,333  
Navigate360, LLC
(4) (5)
    Software & Tech Services    Term Loan    11.45% (S + 6.00%; 1.00% Floor)    3/17/2027      2,231,723        2,201,994       2,192,668  
Navigate360, LLC
(2)
    Software & Tech Services    Revolver    11.44% (S + 6.00%; 1.00% Floor)    3/17/2027      422,965        416,266       412,391  
Navigate360, LLC
(2) (6)
    Software & Tech Services    Delayed Draw Term Loan    11.43% (S + 6.00%; 1.00% Floor)    3/17/2027      —         (13,708 )      (35,629 ) 
Navigate360, LLC
(3)
    Software & Tech Services    Term Loan    11.45% (S + 6.00%; 1.00% Floor)    3/17/2027      4,134,479        4,086,324       4,062,126  
Navigate360, LLC
(5)
    Software & Tech Services    Delayed Draw Term Loan    11.44% (S + 6.00%; 1.00% Floor)    3/17/2027      1,780,983        1,766,953       1,749,816  
Netwrix Corporation
And Concept
Searching Inc.
(1)(4) (5)
    Software & Tech Services    Term Loan    10.35% (S + 5.00%; 0.75% Floor)    6/11/2029      12,485,918        12,468,801       12,485,918  
Netwrix Corporation
And Concept
Searching Inc.
(2) (6)
    Software & Tech Services    Revolver    10.35% (S + 5.00%; 0.75% Floor)    6/11/2029      —         (1,814 )      —   
Netwrix Corporation
And Concept
Searching Inc.
    Software & Tech Services    Delayed Draw Term Loan    10.35% (S + 5.00%; 0.75% Floor)    6/11/2029      —         —        —   
Netwrix Corporation
And Concept
Searching Inc.
(2)
    Software & Tech Services    Delayed Draw Term Loan    10.60% (S + 5.25%; 0.75% Floor)    6/11/2029      29,797        14,874       29,797  
Next Holdco, LLC
(1) (4)
(5)
    Software & Tech Services    Term Loan    11.33% (S + 6.00%; 0.75% Floor)    11/12/2030      9,261,900        9,131,663       9,238,745  
Next Holdco, LLC
(2) (6)
    Software & Tech Services    Revolver    11.33% (S + 6.00%; 0.75% Floor)    11/9/2029      —         (11,999 )      (2,234 ) 
Next Holdco, LLC
(2) (6)
    Software & Tech Services    Delayed Draw Term Loan    11.33% (S + 6.00%; 0.75% Floor)    11/12/2030      —         (16,251 )      (5,952 ) 
 
See notes to Unaudited Consolidated Financial Statements
 
17
Table of Contents
AB Private Credit Investors Corporation
Unaudited Consolidated Schedule of Investments as of June 30, 2024
 
Portfolio Company
   
Industry
   
Facility Type
   
Interest
   
Maturity
     
Funded Par
Amount
     
Cost
    
Fair Value
  
NI Topco, Inc
(3) (4) (5)
    Digital Infrastructure & Services    Term Loan    10.94% (S + 5.50%; 0.75% Floor)      12/28/2028        7,015,626        6,913,280       7,015,626  
NI Topco, Inc
(1)
    Digital Infrastructure & Services    Term Loan    10.94% (S + 5.50%; 0.75% Floor)      12/28/2028        1,212,002        1,192,802       1,212,002  
Pace Health
Companies, LLC
(4)
    Healthcare    Term Loan    11.99% (S + 6.50%; 1.00% Floor)      8/3/2026        1,376,118        1,363,044       1,376,118  
Pace Health
Companies, LLC
(2)
(6)
    Healthcare    Revolver    6.75% (S + 6.25%; 1.00% Floor)      8/3/2026        —         (122 )      —   
Pace Health
Companies, LLC
(2)
    Healthcare    Delayed Draw Term Loan    10.99% (S + 6.50%; 1.00% Floor)      8/3/2026        194,144        184,155       194,144  
Pace Health
Companies, LLC
(1)
    Healthcare    Term Loan    11.74% (S + 6.25%; 1.00% Floor)      8/3/2026        5,061,202        5,060,093       5,061,202  
PDI TA Holdings, Inc.
(3) (4)
    Software & Tech Services    Term Loan    10.83% (S + 5.25%; 0.75% Floor)      2/3/2031        8,318,357        8,239,692       8,297,561  
PDI TA Holdings, Inc.
(2) (6)
    Software & Tech Services    Revolver    10.83% (S + 5.25%; 0.75% Floor)      2/3/2031        —         (8,895 )      (2,359 ) 
PDI TA Holdings, Inc.
(2)
    Software & Tech Services    Delayed Draw Term Loan    10.6% (S + 5.25%; 0.75% Floor)      2/3/2031        996,514        981,653       988,630  
Penn TRGRP
Holdings, LLC
(2) (6)
    Software & Tech Services    Revolver    13.05% (S + 1.75%; 6.00% PIK; 0.75% Floor)      9/27/2030        —         (18,873 )      —   
Penn TRGRP
Holdings, LLC
(1) (3)
(5)
    Software & Tech Services    Term Loan    13.05% (S + 1.75%; 6.00% PIK; 0.75% Floor)      9/27/2030        7,169,424        7,046,645       7,169,424  
Peter C. Foy &
Associates Insurance
Services, LLC
(1) (3)
    Financials    Delayed Draw Term Loan    10.85% (S + 5.50%; 0.75% Floor)      11/1/2028        5,839,943        5,802,516       5,796,144  
Peter C. Foy &
Associates Insurance
Services, LLC
(1)
    Financials    Term Loan    10.85% (S + 5.50%; 0.75% Floor)      11/1/2028        494,695        489,583       490,985  
Peter C. Foy &
Associates Insurance
Services, LLC
(3)
    Financials    Delayed Draw Term Loan    10.85% (S + 5.50%; 0.75% Floor)      11/1/2028        1,237,916        1,223,487       1,228,632  
PF Growth Partners,
LLC
(1)
    Consumer
Non-Cyclical
    Term Loan    10.48% (S + 5.00%; 1.00% Floor)      7/11/2025        115,337        114,135       115,337  
PF Growth Partners,
LLC
(1)
    Consumer
Non-Cyclical
    Term Loan    10.48% (S + 5.00%; 1.00% Floor)      7/11/2025        233,077        230,648       233,077  
PF Growth Partners,
LLC
(1)
    Consumer
Non-Cyclical
    Term Loan    10.48% (S + 5.00%; 1.00% Floor)      7/11/2025        1,940,302        1,936,361       1,940,302  
Pharmalogic Holdings
Corp.
(1) (4) (5)
    Healthcare    Term Loan    10.34% (S + 5.00%; 1.00% Floor)      6/20/2030        23,800,816        23,443,804       23,443,804  
Pharmalogic Holdings
Corp.
(2) (6)
    Healthcare    Delayed Draw Term Loan    10.34% (S + 5.00%; 1.00% Floor)      6/20/2030        —         (60,093 )      (60,306 ) 
Pieper Memorial,
LLC
(4) (5)
    Healthcare    Term Loan    11.18% (S + 5.75%; 1.00% Floor)      11/2/2027        2,061,951        2,027,711       2,061,951  
Pieper Memorial,
LLC
(1) (2) (5)
    Healthcare    Delayed Draw Term Loan    11.18% (S + 5.75%; 1.00% Floor)      11/2/2027        2,965,717        2,906,230       2,965,717  
Ping Identity
Corporation
(1) (3) (4)
(5)
    Software & Tech Services    Term Loan    12.35% (S + 7.00%; 0.75% Floor)      10/17/2029        12,033,445        11,800,164       12,033,445  
Ping Identity
Corporation
(2) (6)
    Software & Tech Services    Revolver    12.35% (S + 7.00%; 0.75% Floor)      10/17/2028        —         (21,806 )      —   
Pinnacle Dermatology
Management, LLC
    Healthcare    Delayed Draw Term Loan    11.18% (S + 5.75%; 0.75% Floor)      12/8/2028        644,989        639,708       580,490  
Pinnacle Dermatology
Management, LLC
(2)
(8)
    Healthcare    Revolver    11.5% (S + 4.00%; 0.75% Floor)      12/8/2026        499,289        492,502       492,568  
Pinnacle Dermatology
Management, LLC
(1)
(3) (5)
    Healthcare    Term Loan    11.19% (S + 5.75%; 0.75% Floor)      12/8/2028        5,523,962        5,438,873       4,971,565  
Pinnacle Treatment
Centers, Inc.
(4)
    Healthcare    Term Loan    10.85% (S + 5.50%; 1.00% Floor)      1/4/2027        382,564        378,739       378,739  
 
See notes to Unaudited Consolidated Financial Statements
 
18
Table of Contents
AB Private Credit Investors Corporation
Unaudited Consolidated Schedule of Investments as of June 30, 2024
 
Portfolio Company
   
Industry
   
Facility Type
   
Interest
   
Maturity
     
Funded Par
Amount
     
Cost
    
Fair Value
  
Pinnacle Treatment Centers, Inc.
(3) (4) (5)
    Healthcare    Term Loan    11.93% (S + 5.50%; 1.00% Floor)      1/4/2027        5,137,098        5,117,048       5,085,727  
Pinnacle Treatment Centers, Inc.
(2) (6)
    Healthcare    Revolver    11.94% (S + 5.50%; 1.00% Floor)      1/4/2027        —         (3,973 )      (6,151 ) 
Pinnacle Treatment Centers, Inc.
(3)
    Healthcare    Term Loan    10.85% (S + 5.50%; 1.00% Floor)      1/4/2027        282,480        279,271       279,655  
Pinnacle Treatment Centers, Inc.
(3)
    Healthcare    Term Loan    11.93% (S + 5.50%; 1.00% Floor)      1/4/2027        145,697        144,996       144,240  
Pinnacle Treatment Centers, Inc.
(5)
    Healthcare    Delayed Draw Term Loan    10.85% (S + 5.50%; 1.00% Floor)      1/4/2027        338,362        337,626       334,979  
Priority Ondemand Midco 2,L.P
(2)
    Healthcare    Delayed Draw Term Loan    10.79% (S + 5.25%; 1.00% Floor)      7/17/2028        118,213        101,293       118,213  
Priority Ondemand Midco 2,L.P
(1) (5)
    Healthcare    Term Loan    10.79% (S + 5.25%; 1.00% Floor)      7/17/2028        7,503,614        7,413,491       7,503,614  
Race Finco LLC
(2) (4)
    Digital Infrastructure & Services    Delayed Draw Term Loan    12.45% (S + 7.00%; 1.00% Floor)      1/9/2028        1,829,394        1,770,700       1,801,954  
Race Finco LLC
(2) (6)
    Digital Infrastructure & Services    Revolver    12.44% (S + 7.00%; 1.00% Floor)      1/10/2028        —         (13,061 )      (13,720 ) 
Race Finco LLC
(3) (5)
    Digital Infrastructure & Services    Term Loan    12.44% (S + 7.00%; 1.00% Floor)      1/9/2028        4,878,384        4,773,912       4,768,621  
Ranger Buyer, Inc.
(2) (6)
    Software & Tech Services    Revolver    10.69% (S + 5.25%; 0.75% Floor)      11/18/2027        —         (13,873 )      (2,998 ) 
Ranger Buyer, Inc.
(1) (3) (5)
    Software & Tech Services    Term Loan    10.70% (S + 5.25%; 0.75% Floor)      11/17/2028        14,066,997        13,874,543       14,031,830  
RCP Encore Acquisition, Inc.
(7)
    Healthcare    Term Loan    —  (S + 5.00%; 1.00% Floor)      6/7/2025        2,861,633        2,793,661       28,616  
Redwood Family Care Network, Inc.
(1) (3) (4) (5)
    Healthcare    Term Loan    10.99% (S + 5.50%; 1.00% Floor)      6/18/2026        7,751,205        7,678,200       7,673,693  
Redwood Family Care Network, Inc.
(2) (6)
    Healthcare    Revolver    10.98% (S + 5.50%; 1.00% Floor)      6/18/2026        —         (4,732 )      (5,887 ) 
Redwood Family Care Network, Inc.
(1) (3) (5)
    Healthcare    Delayed Draw Term Loan    10.96% (S + 5.50%; 1.00% Floor)      6/18/2026        4,303,562        4,215,374       4,260,526  
Redwood Family Care Network, Inc.
(1) (5)
    Healthcare    Delayed Draw Term Loan    10.99% (S + 5.50%; 1.00% Floor)      6/18/2026        5,741,492        5,695,325       5,684,077  
Rep Tec Intermediate Holdings,Inc.,
(4)
    Business Services    Term Loan    10.84% (S + 5.50%; 1.00% Floor)      12/1/2027        426,073        418,068       426,073  
Rep Tec Intermediate Holdings, Inc.
(2) (6)
    Business Services    Revolver    10.84% (S + 5.50%; 1.00% Floor)      12/1/2027        —         (7,755 )      —   
Rep Tec Intermediate Holdings, Inc.
(1) (3) (5)
    Business Services    Term Loan    10.84% (S + 5.50%; 1.00% Floor)      12/1/2027        11,546,279        11,485,921       11,546,279  
Sako and Partners Lower Holdings LLC
(1) (3) (4) (5)
    Services    Term Loan    11.49% (S + 6.00%; 1.00% Floor)      9/15/2028        14,691,518        14,376,533       14,691,518  
Sako and Partners Lower Holdings LLC
(2) (6)
    Services    Revolver    11.49% (S + 6.00%; 1.00% Floor)      9/15/2028        —         (26,498 )      —   
Sako and Partners Lower Holdings LLC
(2) (6)
    Services    Delayed Draw Term Loan    11.49% (S + 6.00%; 1.00% Floor)      9/15/2028        —         (35,467 )      —   
Sako and Partners Lower Holdings LLC
(1) (5)
    Services    Delayed Draw Term Loan    11.49% (S + 6.00%; 1.00% Floor)      9/15/2028        3,514,316        3,440,953       3,514,316  
Sako and Partners Lower Holdings LLC
(5)
    Services    Term Loan    11.49% (S + 5.50%; 1.00% Floor)      9/15/2028        1,691,290        1,660,299       1,691,290  
Salisbury House, LLC
(4)
    Healthcare    Term Loan    11.23% (S + 5.75%; 1.00% Floor)      8/30/2025        989,305        977,785       989,305  
Salisbury House, LLC
    Healthcare    Delayed Draw Term Loan    11.23% (S + 5.75%; 1.00% Floor)      8/30/2025        571,716        564,931       571,716  
Salisbury House, LLC
(2) (6)
    Healthcare    Revolver    11.23% (S + 5.75%; 1.00% Floor)      8/30/2025        —         (4,831 )      —   
 
See notes to Unaudited Consolidated Financial Statements
 
19
Table of Contents
AB Private Credit Investors Corporation
Unaudited Consolidated Schedule of Investments as of June 30, 2024
 
Portfolio Company
   
Industry
   
Facility Type
   
Interest
   
Maturity
     
Funded Par
Amount
     
Cost
    
Fair Value
  
Salisbury House,
LLC
(2)
    Healthcare    Delayed Draw Term Loan    11.23% (S + 5.75%; 1.00% Floor)      8/29/2025        497,292        474,621       497,292  
Salisbury House,
LLC
(1)
    Healthcare    Term Loan    11.23% (S + 5.75%; 1.00% Floor)      8/29/2025        432,368        426,758       432,368  
Salisbury House,
LLC
(1)
    Healthcare    Term Loan    11.23% (S + 5.75%; 1.00% Floor)      8/30/2025        1,218,916        1,209,475       1,218,916  
Salisbury House,
LLC
(1) (5)
    Healthcare    Term Loan    11.23% (S + 5.75%; 1.00% Floor)      8/30/2025        3,934,410        3,907,555       3,934,410  
Salisbury House,
LLC
(1)
    Healthcare    Term Loan    11.23% (S + 5.75%; 1.00% Floor)      8/30/2025        1,119,870        1,114,740       1,119,870  
Sandstone Care
Holdings, LLC
(2) (5)
    Healthcare    Delayed Draw Term Loan    10.95% (S + 5.50%; 1.00% Floor)      6/28/2028        452,219        441,202       452,219  
Sandstone Care
Holdings, LLC
(2)
    Healthcare    Revolver    10.94% (S + 5.50%; 1.00% Floor)      6/28/2028        400,467        389,240       400,467  
Sandstone Care
Holdings, LLC
(1) (3)
    Healthcare    Term Loan    10.93% (S + 5.50%; 1.00% Floor)      6/28/2028        4,617,153        4,547,030       4,617,153  
Sauce Labs, Inc.
(2) (3)
    Software & Tech Services    Delayed Draw Term Loan    10.93% (S + 5.50%; 0.50% PIK; 1.00% Floor)      8/16/2027        593,125        574,435       557,594  
Sauce Labs, Inc.
(2) (6)
    Software & Tech Services    Revolver    11.43% (S + 5.50%; 1.00% Floor)      8/16/2027        —         (13,624 )      (32,046 ) 
Sauce Labs, Inc.
(3)
    Software & Tech Services    Delayed Draw Term Loan    11.43% (S + 5.50%; 0.50% PIK; 1.00% Floor)      8/16/2027        1,939,619        1,919,176       1,891,129  
Sauce Labs, Inc.
(3)
    Software & Tech Services    Term Loan    11.43% (S + 5.50%; 0.50% PIK; 1.00% Floor)      8/16/2027        7,560,611        7,467,625       7,371,596  
Saviynt, Inc.
(2) (3) (4)
    Software & Tech Services    Delayed Draw Term Loan    12.94% (S + 4.00%; 3.50% PIK; 1.00% Floor)      12/22/2027        3,761,634        3,639,000       3,653,119  
Saviynt, Inc.
(2) (6)
    Software & Tech Services    Revolver    12.94% (S + 4.00%; 3.50% PIK; 1.00% Floor)      12/22/2027        —         (10,722 )      (10,671 ) 
Saviynt, Inc.
(1) (3)
    Software & Tech Services    Term Loan    12.94% (S + 4.00%; 3.50% PIK; 1.00% Floor)      12/22/2027        19,304,727        18,964,518       18,966,894  
SCA Buyer, LLC
(4) (5)
    Healthcare    Term Loan    12.09% (S + 6.50%; 1.00% Floor)      1/20/2027        4,025,917        4,000,625       3,593,131  
SCA Buyer, LLC
(2)
    Healthcare    Revolver    12.06% (S + 6.50%; 1.00% Floor)      1/20/2027        233,395        230,301       164,181  
SDC Atlas
Acquistionco,
LLC
(1) (4) (5)
    Digital Infrastructure & Services    Term Loan    10.95% (S + 5.50%; 0.75% Floor)      8/25/2028        10,715,390        10,542,468       10,635,025  
SDC Atlas
Acquistionco,
LLC
(1) (2) (5)
    Digital Infrastructure & Services    Delayed Draw Term Loan    8.96% (S + 5.50%; 0.75% Floor)      8/25/2028        1,495,171        1,344,240       1,425,085  
SDC Atlas
Acquistionco,
LLC
(2) (6)
    Digital Infrastructure & Services    Revolver    10.95% (S + 5.50%; 0.75% Floor)      8/25/2028        —         (10,042 )      (4,672 ) 
Securonix, Inc.
(2) (6)
    Software & Tech Services    Revolver    12.31% (S + 7.00%; 0.75% Floor)      4/5/2028        34,660        17,531       (219,166 ) 
Securonix, Inc.
(1) (3)
    Software & Tech Services    Term Loan    12.31% (S + 7.00%; 0.75% Floor)      4/5/2028        8,546,314        8,451,108       7,136,172  
Serrano Parent, LLC
(1)
(3) (4) (5)
    Software & Tech Services    Term Loan    11.83% (S + 6.50%; 1.00% Floor)      5/13/2030        21,207,477        20,748,601       20,783,327  
Serrano Parent, LLC
(2)
(6)
    Software & Tech Services    Revolver    11.83% (S + 6.50%; 1.00% Floor)      5/13/2030        —         (44,016 )      (41,720 ) 
Single Digits, Inc.
(4)
    Digital Infrastructure & Services    Delayed Draw Term Loan    12.84% (S + 4.25%; 3.00% PIK; 1.00% Floor)      6/19/2026        625,701        623,501       497,432  
 
See notes to Unaudited Consolidated Financial Statements
 
20
Table of Contents
AB Private Credit Investors Corporation
Unaudited Consolidated Schedule of Investments as of June 30, 2024
 
Portfolio Company
   
Industry
   
Facility Type
   
Interest
   
Maturity
     
Funded Par
Amount
     
Cost
    
Fair Value
  
Single Digits, Inc.
(2) (6)
    Digital Infrastructure & Services    Revolver    12.84% (S + 4.25%; 3.00% PIK; 1.00% Floor)      6/19/2026        —         (1,130 )      (85,310 ) 
Single Digits, Inc.
(1)
    Digital Infrastructure & Services    Term Loan    12.84% (S + 4.25%; 3.00% PIK; 1.00% Floor)      6/19/2026        2,928,824        2,917,011       2,328,415  
Sirsi Corporation
(2) (6)
    Software & Tech Services    Revolver    11.70% (S + 6.25%; 1.00% Floor)      3/15/2025        —         (1,018 )      —   
Sirsi Corporation
(1) (5)
    Software & Tech Services    Term Loan    11.70% (S + 6.25%; 1.00% Floor)      3/15/2025        6,018,017        6,006,826       6,018,017  
SIS Purchaser, Inc.
(2) (6)
    Software & Tech Services    Revolver    10.95% (S + 5.50%; 1.00% Floor)      10/15/2026        —         (7,918 )      —   
SIS Purchaser,
Inc.
(1) (3) (5)
    Software & Tech Services    Term Loan    10.95% (S + 5.50%; 1.00% Floor)      10/15/2026        11,747,490        11,662,522       11,747,490  
SIS Purchaser, Inc.
(5)
    Software & Tech Services    Term Loan    10.95% (S + 5.50%; 1.00% Floor)      10/15/2026        2,248,927        2,231,219       2,248,927  
Smile Brands, Inc.
(2) (8)
    Healthcare    Revolver    10.93% (S + 4.50%; 1.00% PIK; 0.75% Floor)      10/12/2027        109,408        92,641       87,027  
Smile Brands, Inc.
    Healthcare    Delayed Draw Term Loan    10.93% (S + 4.50%; 1.00% PIK; 0.75% Floor)      10/12/2027        478,588        474,942       436,711  
Smile Brands, Inc.
(1)
    Healthcare    Term Loan    10.93% (S + 4.50%; 1.00% PIK; 0.75% Floor)      10/12/2027        1,574,569        1,565,532       1,436,794  
Soladoc, LLC
(2) (6)
    Software & Tech Services    Revolver    10.42% (S + 5.00%; 0.75% Floor)      6/12/2028        —         (7,851 )      (20,612 ) 
Soladoc, LLC
(1) (3)
    Software & Tech Services    Term Loan    10.42% (S + 5.00%; 0.75% Floor)      6/12/2028        5,889,225        5,810,631       5,683,102  
Spark DSO LLC
(1) (3)
(4)
    Healthcare    Term Loan    13.21% (S + 2.15%; 5.75% PIK; 1.00% Floor)      4/19/2026        6,730,485        6,687,589       6,579,049  
Spark DSO LLC
(2)
    Healthcare    Revolver    13.21% (S + 2.15%; 5.75% PIK; 1.00% Floor)      4/20/2026        260,105        254,678       241,415  
Stratus Networks,
Inc.
(2) (3) (5)
    Digital Infrastructure & Services    Delayed Draw Term Loan    10.95% (S + 5.50%; 1.00% Floor)      12/15/2027        2,838,280        2,798,213       2,768,973  
Stratus Networks,
Inc.
(2) (6)
    Digital Infrastructure & Services    Revolver    10.95% (S + 5.50%; 1.00% Floor)      12/15/2027        —         (11,637 )      (22,277 ) 
Stratus Networks, Inc.
(5)
    Digital Infrastructure & Services    Term Loan    10.95% (S + 5.50%; 1.00% Floor)      12/15/2027        7,920,781        7,821,898       7,742,564  
SugarCRM, Inc.
(2) (6)
    Software & Tech Services    Revolver    11.43% (S + 5.00%; 1.00% Floor)      7/30/2027        —         (83 )      (5,429 ) 
SugarCRM Inc.
(1)
    Software & Tech Services    Term Loan    10.45% (S + 5.00%; 1.00% Floor)      7/31/2027        566,197        555,254       556,289  
SugarCRM, Inc.
(1) (3)
    Software & Tech Services    Term Loan    10.45% (S + 5.00%; 1.00% Floor)      7/30/2027        4,268,824        4,267,335       4,194,120  
Sundance Group
Holdings, Inc.
(3) (4)
    Software & Tech Services    Delayed Draw Term Loan    11.68% (S + 6.25%; 1.00% Floor)      7/2/2027        3,547,253        3,510,975       3,547,253  
Sundance Group
Holdings, Inc.
(4)
    Software & Tech Services    Term Loan    11.70% (S + 6.25%; 1.00% Floor)      7/2/2027        463,790        454,553       463,790  
Sundance Group
Holdings, Inc.
(2)
    Software & Tech Services    Revolver    11.68% (S + 6.25%; 1.00% Floor)      7/2/2027        851,341        836,689       851,341  
Sundance Group
Holdings, Inc.
(1) (5)
    Software & Tech Services    Term Loan    11.68% (S + 6.25%; 1.00% Floor)      7/2/2027        11,824,177        11,703,238       11,824,177  
Sysnet North America,
Inc.
(1) (3) (5)
    Software & Tech Services    Term Loan    11.49% (S + 6.00%; 1.00% Floor)      12/1/2026        8,726,571        8,673,425       8,726,571  
TBG Food Acquisition
Corp
(1) (4)
    Consumer
Non-Cyclical
    Term Loan    9.71% (S + 4.25%; 0.75% Floor)      12/24/2027        6,435,635        6,396,061       6,403,457  
TBG Food Acquisition
Corp
    Consumer
Non-Cyclical
    Delayed Draw Term Loan    9.71% (S + 4.25%; 0.75% Floor)      12/24/2027        262,706        261,132       261,392  
 
See notes to Unaudited Consolidated Financial Statements
 
21
Table of Contents
AB Private Credit Investors Corporation
Unaudited Consolidated Schedule of Investments as of June 30, 2024
 
Portfolio Company
   
Industry
   
Facility Type
   
Interest
   
Maturity
     
Funded Par
Amount
     
Cost
    
Fair Value
  
TBG Food Acquisition Corp
(2) (6)
    Consumer
Non-Cyclical
    Revolver    9.71% (S + 4.25%; 0.75% Floor)      12/24/2027        —         (1,559 )      (1,320 ) 
Telcor Buyer, Inc.
(2) (6)
    Software & Tech Services    Revolver    9.68% (S + 4.25%, 1.00% Floor)      8/20/2027        —         (2,322 )      (727 ) 
Telcor Buyer, Inc.
(1) (5)
    Software & Tech Services    Term Loan    9.68% (S + 4.25%; 1.00% Floor)      8/20/2027        7,486,999        7,427,124       7,468,281  
Telesoft Holdings, LLC
(2)
    Software & Tech Services    Revolver    11.20% (S + 5.75%; 1.00% Floor)      12/16/2026        109,426        106,077       106,441  
Telesoft Holdings, LLC
(3) (5)
    Software & Tech Services    Term Loan    11.20% (S + 5.75%; 1.00% Floor)      12/16/2026        5,714,996        5,682,088       5,686,421  
The Center for Orthopedic and Research Excellence, Inc.
(4) (5)
    Healthcare    Delayed Draw Term Loan    11.73% (S + 6.25%; 1.00% Floor)      8/15/2025        1,708,993        1,700,651       1,704,720  
The Center for Orthopedic and Research Excellence, Inc.
(2)
    Healthcare    Revolver    11.73% (S + 6.25%; 1.00% Floor)      8/15/2025        336,634        334,229       334,908  
The Center for Orthopedic and Research Excellence, Inc.
(3)
    Healthcare    Delayed Draw Term Loan    11.75% (S + 6.25%; 1.00% Floor)      8/15/2025        1,696,803        1,686,536       1,692,561  
The Center for Orthopedic and Research Excellence, Inc.
(1) (3)
    Healthcare    Term Loan    11.73% (S + 6.25%; 1.00% Floor)      8/15/2025        4,768,555        4,750,277       4,756,634  
The Center for Orthopedic and Research Excellence, Inc.
(1) (5)
    Healthcare    Delayed Draw Term Loan    11.73% (S + 6.25%; 1.00% Floor)      8/15/2025        1,124,156        1,122,263       1,121,345  
The Center for Orthopedic and Research Excellence, Inc.
(5)
    Healthcare    Term Loan    11.73% (S + 6.25%; 1.00% Floor)      8/15/2025        3,183,603        3,164,045       3,175,644  
Thrive Buyer, Inc.
(4)
    Digital Infrastructure & Services    Term Loan    12.% (S + 6.50%; 1.00% Floor)      1/22/2027        1,192,329        1,165,034       1,192,329  
Thrive Buyer, Inc.
(2)
    Digital Infrastructure & Services    Revolver    13.50% (S + 6.00%; 1.00% Floor)      1
/22/2027
        369,907        359,625       369,907  
Thrive Buyer, Inc.
(1) (3) (5)
    Digital Infrastructure & Services    Term Loan    11.49% (S + 6.00%; 1.00% Floor)      1/22/2027        11,585,943        11,481,851       11,585,943  
Thrive Buyer, Inc.
(1) (5)
    Digital Infrastructure & Services    Delayed Draw Term Loan    11.49% (S + 6.00%; 1.00% Floor)      1/22/2027        8,132,469        8,053,855       8,132,469  
Towerco IV Holdings, LLC
(1) (2) (4) (5)
    Digital Infrastructure & Services    Delayed Draw Term Loan    9.45% (S + 4.00%; 1.00% Floor)      8/31/2028        18,701,774        18,618,119       18,701,774  
Transtelco Holding, Inc.
(1) (3) (5)
    Digital Infrastructure & Services    Term Loan    11.85% (S + 6.25%; 0.50% Floor)      3/26/2026        4,613,481        4,599,841       4,613,481  
Transtelco Holding, Inc
(1) (3)
    Digital Infrastructure & Services    Term Loan    10.85% (S + 5.50%; 1.00% Floor)      3/26/2026        8,503,727        8,378,566       8,503,727  
Transtelco Holding, Inc.
(5)
    Digital Infrastructure & Services    Term Loan    11.35% (S + 5.75%; 0.50% Floor)      3/26/2026        4,613,481        4,599,395       4,601,948  
Unanet, Inc.
(2) (4)
    Software & Tech Services    Delayed Draw Term Loan    11.22% (S + 6.00%; 0.75% Floor)      12/8/2028        1,547,761        1,507,867       1,538,285  
Unanet, Inc.
(2)
    Software & Tech Services    Revolver    11.33% (S + 6.00%; 0.75% Floor)      12/8/2028        189,522        170,624       180,045  
Unanet, Inc.
(3) (5)
    Software & Tech Services    Term Loan    11.16% (S + 6.00%; 0.75% Floor)      12/8/2028        12,003,044        11,823,374       11,913,021  
 
See notes to Unaudited Consolidated Financial Statements
 
22
Table of Contents
AB Private Credit Investors Corporation
Unaudited Consolidated Schedule of Investments as of June 30, 2024
 
Portfolio Company
   
Industry
   
Facility Type
   
Interest
   
Maturity
     
Funded Par
Amount
     
Cost
    
Fair Value
  
Ungerboeck Systems International, LLC
(4)
    Software & Tech Services    Term Loan    11.70% (S + 6.25%; 1.00% Floor)      4/30/2027        305,156        300,792       302,105  
Ungerboeck Systems International, LLC
(2) (6)
    Software & Tech Services    Revolver    11.70% (S + 6.25%; 1.00% Floor)      4/30/2027        —         (1,990 )      (2,294 ) 
Ungerboeck Systems International, LLC
(1) (3)
    Software & Tech Services    Term Loan    11.70% (S + 6.25%; 1.00% Floor)      4/30/2027        2,717,277        2,697,363       2,690,104  
Ungerboeck Systems International, LLC
(1)
    Software & Tech Services    Delayed Draw Term Loan    11.70% (S + 6.25%; 1.00% Floor)      4/30/2027        322,391        320,026       319,167  
Ungerboeck Systems International, LLC
(3)
    Software & Tech Services    Delayed Draw Term Loan    11.70% (S + 6.25%; 1.00% Floor)      4/30/2027        690,794        690,794       683,886  
Ungerboeck Systems International, LLC
(3)
    Software & Tech Services    Term Loan    11.70% (S + 6.25%; 1.00% Floor)      4/30/2027        136,383        134,730       135,019  
Ungerboeck Systems International, LLC
(3)
    Software & Tech Services    Term Loan    11.70% (S + 6.25%; 1.00% Floor)      4/30/2027        263,748        258,495       261,111  
Ungerboeck Systems International, LLC
(3)
    Software & Tech Services    Delayed Draw Term Loan    11.70% (S + 6.25%; 1.00% Floor)      4/30/2027        477,340        474,152       472,566  
Vectra AI, Inc.
(1) (3) (4)
    Software & Tech Services    Term Loan    11.68% (S + 6.25%; 1.00% Floor)      3/1/2028        5,552,870        5,485,468       5,469,577  
Vectra AI, Inc.
(2) (6)
    Software & Tech Services    Revolver    11.68% (S + 6.25%; 1.00% Floor)      3/1/2028        —         (2,020 )      (3,491 ) 
Vectra AI, Inc.
(1)
    Software & Tech Services    Delayed Draw Term Loan    11.68% (S + 6.25%; 1.00% Floor)      3/1/2028        1,163,793        1,150,654       1,146,336  
Vehlo Purchaser, LLC
(4)
    Software & Tech Services    Term Loan    10.59% (S + 5.25%; 0.75% Floor)      5/24/2028        2,006,737        1,983,173       1,991,686  
Vehlo Purchaser, LLC
(3) (4)
    Software & Tech Services    Delayed Draw Term Loan    10.58% (S + 5.25%; 0.75% Floor)      5/24/2028        5,799,250        5,756,039       5,755,756  
Vehlo Purchaser, LLC
(2)
    Software & Tech Services    Revolver    10.58% (S + 5.25%; 0.75% Floor)      5/24/2028        347,955        336,420       339,256  
Vehlo Purchaser, LLC
(1) (3) (5)
    Software & Tech Services    Term Loan    10.58% (S + 5.25%; 0.75% Floor)      5/24/2028        20,877,300        20,670,972       20,720,721  
Velocity Purchaser Corporation
(2) (6)
    Software & Tech Services    Revolver    12.45% (S + 7.00%; 1.00% Floor)      12/2/2024        —         (245 )      —   
Velocity Purchaser Corporation
(1)
    Software & Tech Services    Term Loan    12.45% (S + 7.00%; 1.00% Floor)      12/1/2024        532,667        531,938       532,667  
Velocity Purchaser Corporation
(1) (5)
    Software & Tech Services    Term Loan    12.45% (S + 7.00%; 1.00% Floor)      12/1/2024        4,229,879        4,220,726       4,229,879  
Velocity Purchaser Corporation
(1)
    Software & Tech Services    Term Loan    12.45% (S + 7.00%; 1.00% Floor)      12/1/2024        2,141,338        2,138,967       2,141,338  
Venture Buyer, LLC
(4)
    Digital Infrastructure & Services    Term Loan    10.57% (S + 5.25%; 1.00% Floor)      3/1/2030        4,895,640        4,801,800       4,797,727  
Venture Buyer, LLC
(2)
    Digital Infrastructure & Services    Revolver    10.57% (S + 5.25%; 1.00% Floor)      3/1/2030        100,882        86,543       85,749  
Venture Buyer, LLC
(2) (6)
    Digital Infrastructure & Services    Delayed Draw Term Loan    10.57% (S + 5.25%; 1.00% Floor)      3/1/2030        —         (9,544 )      (10,088 ) 
Veracross LLC
(2)
    Software & Tech Services    Revolver    11.95% (S + 2.00%; 4.50% PIK; 1.00% Floor)      12/28/2027        671,292        658,032       660,129  
Veracross LLC
(1) (3) (5)
    Software & Tech Services    Delayed Draw Term Loan    11.95% (S + 2.00%; 4.50% PIK; 1.00% Floor)      12/28/2027        1,779,955        1,732,100       1,762,155  
Veracross LLC
(3)
    Software & Tech Services    Term Loan    11.95% (S + 2.00%; 4.00% PIK; 1.00% Floor)      12/28/2027        13,848,829        13,703,751       13,710,341  
Vhagar Purchaser, LLC
(4)
    Software & Tech Services    Term Loan    12.05% (S + 6.75%; 1.00% Floor)      6/11/2029        3,360,201        3,276,442       3,276,196  
Vhagar Purchaser, LLC.
(2)
    Software & Tech Services    Delayed Draw Term Loan    12.05% (S + 6.75%; 1.00% Floor)      6/11/2029        168,010        156,570       158,676  
Vhagar Purchaser, LLC.
(2) (6)
    Software & Tech Services    Revolver    12.05% (S + 6.75%; 1.00% Floor)      6/11/2029        —         (9,296 )      (9,334 ) 
 
See notes to Unaudited Consolidated Financial Statements
 
23
Table of Contents
AB Private Credit Investors Corporation
Unaudited Consolidated Schedule of Investments as of June 30, 2024
 
Portfolio Company
   
Industry
   
Facility Type
   
Interest
   
Maturity
     
Funded Par
Amount
     
Cost
    
Fair Value
  
Visionary Buyer
LLC
(4)
    Digital Infrastructure & Services    Term Loan    10.59% (S + 5.25%; 0.75% Floor)      3/21/2031        5,653,672        5,571,170       5,583,001  
Visionary Buyer
LLC
(2) (6)
    Digital Infrastructure & Services    Delayed Draw Term Loan    10.59% (S + 5.25%; 0.75% Floor)      3/21/2031        —         (40,804 )      (70,671 ) 
Visionary Buyer
LLC
(2) (6)
    Digital Infrastructure & Services    Revolver    10.59% (S + 5.25%; 0.75% Floor)      3/21/2030        —         (20,252 )      (17,668 ) 
Wealth
Enhancement
Group, LLC
(1) (4)
(5)
    Financials    Delayed Draw Term Loan    10.85% (S + 5.50%; 1.00% Floor)      10/4/2027        6,199,718        6,188,649       6,199,718  
Wealth
Enhancement
Group, LLC
(2) (6)
    Financials    Revolver    10.85% (S + 5.50%; 1.00% Floor)      10/4/2027        —         (1,953 )      —   
Wealth
Enhancement
Group, LLC
    Financials    Delayed Draw Term Loan    10.73% (S + 5.50%; 1.00% Floor)      10/4/2027        1,351,256        1,347,867       1,351,256  
Wealth
Enhancement
Group, LLC
(2)
    Financials    Delayed Draw Term Loan    10.85% (S + 5.50%; 1.00% Floor)      10/4/2027        297,703        284,673       297,703  
Webster Equity
Partners
III-A,

L.P.
(2) (9)
    Financials    Delayed Draw Term Loan    16.15% (S + 3.50%; 7.35% PIK; 2.00% Floor)      4/1/2027        3,655,675        3,537,575       3,528,627  
West
Dermatology
(1)
(3) (4)
    Healthcare    Term Loan    13.12% (S + 5.75%; 1.88% PIK; 1.00% Floor)      3/17/2028        11,271,815        11,112,942       10,764,584  
West
Dermatology
(2)
    Healthcare    Delayed Draw Term Loan    13.12% (S + 5.75%; 1.88% PIK; 1.00% Floor)      3/17/2028        1,494,763        1,460,314       1,363,964  
West Dermatology
    Healthcare    Revolver    13.13% (S + 5.75%; 1.87% PIK; 1.00% Floor)      3/17/2028        1,246,316        1,227,300       1,190,231  
Wolverine Seller
Holdings, LLC
(1)
(4) (5)
    Services    Term Loan    10.57% (S + 5.25%; 0.75% Floor)      1/17/2030        6,687,587        6,563,704       6,670,868  
Wolverine Seller
Holdings, LLC
(2)
(6)
    Services    Revolver    10.60% (S + 5.25%; 0.75% Floor)      1/17/2030        —         (20,697 )      (2,793 ) 
Wolverine Seller
Holdings, LLC
(2)
    Services    Delayed Draw Term Loan    10.60% (S + 5.25%; 0.75% Floor)      1/17/2030        297,971        260,692       297,971  
Your Part-Time
Controller,
LLC
(4)
    Services    Term Loan    10.85% (S + 5.50%; 1.00% Floor)      11/14/2029        6,873,170        6,749,601       6,873,170  
Your Part-Time
Controller,
LLC
(2) (6)
    Services    Revolver    10.85% (S + 5.50%; 1.00% Floor)      11/14/2029        —         (11,272 )      —   
Zendesk, Inc.
(2) (6)
    Software & Tech Services    Revolver    11.60% (S + 6.25%; 0.75% Floor)      11/22/2028        —         (20,247 )      —   
Zendesk, Inc.
(2) (6)
    Software & Tech Services    Delayed Draw Term Loan    11.60% (S + 6.25%; 0.75% Floor)      11/22/2028        —         (24,651 )      —   
Zendesk, Inc.
(1) (3)
(5)
    Software & Tech Services    Term Loan    11.60% (S + 6.25%; 0.75% Floor)      11/22/2028        13,681,445        13,475,674       13,681,424  
                 
 
 
    
 
 
  
Total U.S. 1st Lien/Senior Secured Debt
            
 
1,422,033,250
 
  
 
1,405,372,655
 
2nd Lien/Junior Secured Debt —
0.53
%
              
Symplr Software,
Inc.
(4)
    Software & Tech Services    Term Loan    13.31% (S + 7.87%; 0.75% Floor)      12/22/2028        3,130,634        3,092,554       2,966,276  
                 
 
 
    
 
 
  
Total U.S. 2nd Lien/Junior Secured Debt
            
 
3,092,554
 
  
 
2,966,276
 
           
 
 
    
 
 
  
Total U.S Corporate Debt
            
 
1,425,125,804
 
  
 
1,408,338,931
 
Canadian Corporate Debt — 4.34%
              
1st Lien/Senior Secured Debt —
4.34
%
              
Banneker V
Acquisition, Inc.
(2) (9)
    Software & Tech Services    Revolver    11.95% (S + 6.50%; 1.00% Floor)      12/4/2025        119,558        109,547       106,107  
Banneker V
Acquisition, Inc.
(1) (3) (9)
    Software & Tech Services    Term Loan    11.95% (S + 6.50%; 1.00% Floor)      12/4/2025        13,258,433        13,125,307       13,059,557  
 
See notes to Unaudited Consolidated Financial Statements
 
24
Table of Contents
AB Private Credit Investors Corporation
Unaudited Consolidated Schedule of Investments as of June 30, 2024
 
Portfolio Company
   
Industry
   
Facility Type
   
Interest
   
Maturity
     
Funded Par
Amount
     
Cost
     
Fair Value
  
Banneker V Acquisition, Inc.
(3) (9)
    Software & Tech Services    Delayed Draw Term Loan    11.95% (S + 6.50%; 1.00% Floor)      12/4/2025        1,024,233        1,018,222        1,008,870  
McNairn Holdings Ltd.
(1) (9)
    Services    Term Loan    12.48% (S + 6.50%; 0.50% PIK; 1.00% Floor)      11/25/2025        732,816        725,401        732,816  
Syntax Systems Ltd
(1) (9) (5)
    Digital Infrastructure & Services    Term Loan    10.45% (S + 5.00%; 0.75% Floor)      10/29/2028        8,637,705        8,581,750        8,551,328  
Syntax Systems Ltd
(9)
    Digital Infrastructure & Services    Revolver    10.45% (S + 5.25%; 1.00% Floor)      10/29/2026        —         39        —   
Syntax Systems Ltd
(9)
    Digital Infrastructure & Services    Term Loan    10.45% (S + 5.00%; 0.75% Floor)      10/29/2028        699,279        699,279        692,286  
                 
 
 
     
 
 
  
Total Canada 1st Lien/Senior Secured Debt
            
 
24,259,545
 
   
 
24,150,964
 
           
 
 
     
 
 
  
Total Canadian Corporate Debt
            
 
24,259,545
 
   
 
24,150,964
 
Luxembourg Corporate Debt — 1.79%
               
1st Lien/Senior Secured Debt —
1.79
%
               
Sumup Holdings Luxembourg
(2) (4) (9)
    Software & Tech Services    Delayed Draw Term Loan    11.83% (S + 6.50%; 1.50% Floor)      4/22/2031        10,088,201        9,988,427        9,962,098  
                 
 
 
     
 
 
  
Total Luxembourg 1st Lien/Senior Secured Debt
         
 
9,988,427
 
   
 
9,962,098
 
        
 
 
     
 
 
  
Total Luxembourg Corporate Debt
            
 
9,988,427
 
   
 
9,962,098
 
 
Portfolio Company
   
Class/Series
   
Industry
   
Initial Acquisition
Date (10)
     
Shares
     
Cost
     
Fair Value
  
U.S. Preferred Stock —
1.54
%
               
Alphasense, LLC
(9) (11)
    Series C    Software & Tech Services      6/1/2021        23,961        369,843        808,402  
Concerto HealthAI Solutions LLC
(11)
    Series
B-1
    Software & Tech Services      12/23/2019        65,614        349,977        313,940  
Datarobot, Inc.
(11)
    Series F    Software & Tech Services      10/27/2020        6,715        88,248        59,034  
Datarobot, Inc.
(11)
    Series E    Software & Tech Services      8/31/2019        38,190        289,278        242,464  
Degreed, Inc.
(11)
    Series D    Software & Tech Services      4/30/2021        16,943        278,308        196,757  
Degreed, Inc.
(11)
    Series
C-1
    Software & Tech Services      6/19/2019        43,819        278,541        196,037  
Knockout Intermediate Holdings I, Inc. (Kaseya, Inc.)
(11)
    Perpetual    Software & Tech Services      6/23/2022        1,345        1,311,760        1,751,827  
Netskope, Inc.
(11)
    Series G    Software & Tech Services      1/27/2020        36,144        302,536        417,184  
Ntiva Investments, LLC
(11)
    Class A    Digital Infrastructure & Services      1/24/2022        333,937        272,826        283,348  
Phenom People, Inc.
(11)
    Series C    Software & Tech Services      1/10/2020        35,055        220,610        430,511  
Protoscale Rubrik, LLC
(11) (18)
    Class B    Software & Tech Services      1/4/2019        25,397        598,212        700,805  
Swyft Parent Holdings LP
(11) (12)
    Preferred Units    Software & Tech Services      2/7/2022        850,470        758,389        798,007  
Symplr Software Intermediate Holdings, Inc.
(11)
    Series A    Software & Tech Services      11/30/2018        1,196        1,160,531        2,270,492  
 
See notes to Unaudited Consolidated Financial Statements
 
25
Table of Contents
AB Private Credit Investors Corporation
Unaudited Consolidated Schedule of Investments as of June 30, 2024
 
Portfolio Company
   
Class/Series
   
Industry
   
Initial Acquisition
Date (10)
     
Shares
     
Cost
     
Fair Value
  
Vectra AI, Inc
(11)
    Series F    Software & Tech Services      5/28/2021        17,064        131,095        110,913  
              
 
 
     
 
 
  
Total U.S. Preferred Stock
            
 
6,410,154
 
   
 
8,579,721
 
France Preferred Stock — 0.04%
               
Content Square SAS
(9) (11)
    Series F    Software & Tech Services      11/30/2023        24,472        206,755        206,715  
              
 
 
     
 
 
  
Total France Preferred Stock
            
 
206,755
 
   
 
206,715
 
U.S. Common Stock — 1.39%
               
Advantage AVP Parent Holdings, L.P. (Medical Management Resource Group, LLC)
(11)
    Units    Healthcare      9/24/2021        34,492        34,492        25,525  
REP AOM Holdings, LLC
(11) (12)
    Class A.    Healthcare      2/17/2022        290,393        18,979        668,963  
Brightspot Holdco, LLC
(11)
    Class A Common Units    Software & Tech Services      11/16/2021        433,207        433,207        459,926  
Coinvest YPTC Blocked Aggregator, L.P.
(11)
    LP Interests    Services      11/14/2021        138,390        138,390        178,832  
Community Based Care Holdings, LP
(11)
    Senior Common Units    Healthcare      1/3/2022        180        179,861        266,055  
Freddy’s Acquisition, LP (Freddy’s Frozen Custard, LLC)
(11)
    LP Interests    Consumer
Non-Cyclical
      3/3/2021        72,483        72,483        155,668  
GSV MedSuite Investments, LLC (Millin Purchaser, LLC)
(11)
    Class A    Healthcare      12/22/2021        86,555        85,705        65,628  
GSV Vehlo Investments, LLC (Vehlo Purchaser, LLC)
(11)
    Class A    Software & Tech Services      5/20/2022        150,297        150,297        181,384  
INH Group Holdings, LLC
(11)
    Class A    Healthcare      1/31/2019        484,552        484,552        —   
Leeds FEG Investors, LLC
(11)
    Class A    Consumer
Non-Cyclical
      11/20/2017        320        321,309        253,667  
Moon Topco, L.P. (Radiant Logic, Inc.)
(11)
    Class A    Software & Tech Services      4/19/2021        3,600        35,999        108,404  
Ntiva Investments, LLC
(11)
    Class A    Digital Infrastructure & Services      1/24/2022        333,937        61,110        115,158  
MyKaarma Holdings LP
(11)
    LP Interests    Software & Tech Services      3/18/2022        257,031        257,031        438,553  
NEPCORE Parent Holdings, LLC
(11)
    LP Interests    Digital Infrastructure & Services      10/21/2021        98        97,884        10,992  
Neutral Connect, LLC
(11) (12)
    LLC Units    Digital Infrastructure & Services      9/27/2019        396,513        439,931        213,802  
Pamlico Avant Holdings L.P.
(11) (12)
    Class A    Digital Infrastructure & Services      12/1/2021        236,307        236,307        372,777  
 
See notes to Unaudited Consolidated Financial Statements
 
26
Table of Contents
AB Private Credit Investors Corporation
Unaudited Consolidated Schedule of Investments as of June 30, 2024
 
Portfolio Company
   
Class/Series
   
Industry
   
Initial Acquisition
Date (10)
     
Shares
     
Cost
     
Fair Value
  
Ranger Lexipol Holdings, LLC
(11)
    Class B    Software & Tech Services      11/18/2021        433        77,371        92,335  
Ranger Lexipol Holdings, LLC
(11)
    Class A    Software & Tech Services      11/18/2021        433        355,837        494,957  
RCFN Parent, LP (People’s Care)
(11)
    LP Interests    Healthcare      6/18/2021        77        78,284        82,071  
REP Coinvest
III-A
Omni, L.P. (Omni Logistics, LLC)
(11) (12) (18)
    LP Interests    Services      2/4/2021        193,770        53,301        69,757  
REP Coinvest III AGP Blocker, L.P. (Agape Care Group)
(11) (12)
    LP Interests    Healthcare      10/14/2021        590,203        590,203        1,063,771  
REP Coinvest III Tec, L.P. (American Safety Holdings Corp.)
(11) (12)
    LP Interests    Services      6/18/2020        167,509        190,658        263,265  
REP RO Coinvest IV A Blocker (Road One)
(11) (12)
    Class A    Services      12/28/2022        66,441,840        664,418        545,355  
SBS Super Holdings, LLC^^
(11)
    Class A    Healthcare      5/12/2023        21        —         —   
SBS Super Holdings, LLC^^
(11)
    Class B    Healthcare      5/12/2023        100        10        —   
Singularity Topco LLC
(11)
    Class A Common Units    Software & Tech Services      9/30/2022        329,116        953,133        592,218  
Stripe, Inc.
(11)
    Class B    Software & Tech Services      5/17/2021        4,158        166,854        109,189  
Swyft Parent Holdings LP
(11) (12)
    LP Interests    Software & Tech Services      2/7/2022        4,485        53,048        —   
Thrive Parent, LLC
(11)
    Class L    Digital Infrastructure & Services      1/22/2021        102,108        271,128        531,531  
Artemis Investor Holdings, LLC
(11) (12)
    Class A    Services      6/17/2024        38,551        385,509        385,509  
8x8, Inc.
(9) (11) (13)
    Common Units    Digital Infrastructure & Services             9,871        170,890        21,914  
              
 
 
     
 
 
  
Total U.S. Common Stock
            
 
7,058,181
 
   
 
7,767,206
 
France Common Stock — 0.07%
               
Content Square SAS
(9) (11)
    Ordinary Shares    Software & Tech Services      11/30/2023        75,889        416,757        416,758  
              
 
 
     
 
 
  
Total France Common Stock
            
 
416,757
 
   
 
416,758
 
U.S. Warrants — 0.25%
               
Alphasense, LLC
(9) (11)
    Series B    Software & Tech Services      6/2/2020        40,394        35,185        1,086,243  
Degreed, Inc., expire 04/11/2028
(11)
    Series D    Software & Tech Services      4/11/2021        7,624        —         3,727  
Degreed, Inc., expire 05/31/2026
(11)
    Series
C-1
    Software & Tech Services      5/31/2019        26,294        46,823        35,625  
Degreed, Inc., expire 08/18/2029
(11)
    Common Shares    Software & Tech Services      8/31/2022        9,374        41,527        16,332  
Scylla DB Ltd, expire 09/08/2032
(9) (11)
    Secries
C-1
    Software & Tech Services      9/9/2022        239,984        43,880        156,602  
Vectra AI, Inc., expire 03/18/2031
(11)
    Series F    Software & Tech Services      3/18/2021        35,156        58,190        90,079  
              
 
 
     
 
 
  
Total U.S. Warrants
            
 
225,605
 
   
 
1,388,608
 
              
 
 
     
 
 
  
 
See notes to Unaudited Consolidated Financial Statements
 
27
Table of Contents
AB Private Credit Investors Corporation
Unaudited Consolidated Schedule of Investments as of June 30, 2024
 
Portfolio Company
   
Class/Series
   
Industry
   
Initial Acquisition
Date (10)
     
Shares
     
Cost
     
Fair Value
  
United Kingdom Warrants — 0.05%
               
Global WebIndex Holdings Ltd, expire 12/30/2027
(11)
    Preferred Units    Software & Tech Services      12/30/2020        11,776        159,859        293,250  
              
 
 
     
 
 
  
Total United Kingdom Warrants
            
 
159,859
 
   
 
293,250
 
France Warrants — 0.00%
               
Content Square SAS
(11)
    Indemnity Series F Shares Warrants    Software & Tech Services      11/30/2023        2,027        8,561        —   
              
 
 
     
 
 
  
Total France Warrants
            
 
8,561
 
   
 
— 
 
Portfolio Company
   
Class/Series
               
Shares
     
Cost
     
Fair value
  
U.S. Investment Companies —3.56%
               
AB Equity Investors, L.P.
(11) (14)
    LP Interests    Investment Companies         9,621,584        10,328,559        11,950,499  
CN
CO-INVEST,
LP
(11) (12)
    LP Interests    Digital Infrastructure & Services         776,334        776,334        779,698  
Falcon
Co-Investment
Partners, L.P.
(11)(12)(14)
    LP Interests    Healthcare         828,052        828,052        828,880  
GHP E Aggregator, LLC
(11) (14)
    LLC Units    Software & Tech Services         417,813        186,588        689,391  
GHP SPV 2, L.P.
(9) (11 )(12) (14)
    LP Interests    Software & Tech Services         271,942        271,942        277,381  
GTCR
A-1
Investors LP.
(9) (11 )(12) (14)
    LP Interests    Specialty RMR         1,100,000        1,100,000        1,100,000  
Magenta Blocker Aggregator, LP
(11) (12) (14)
    LP Interests    Software & Tech Services         821,396        676,978        994,711  
Orangewood WWB
Co-Invest,
L.P.
(11) (12) (14)
    LP Interests    Consumer
Non-Cyclical
         829,314        829,314        1,161,040  
ORCP III Triton
Co-Investors,
L.P.
(11) (12) (14)
    LP Interests    Consumer
Non-Cyclical
         341,592        90,503        805,132  
OSS SPV LP.
(11) (12) (14)
    LP Interests    Services         277,533        267,984        416,300  
Palms
Co-Investment
Partners D, L.P.
(11) (12) (14)
    LP Interests    Software & Tech Services         261,450        261,450        295,438  
SCP Resonatics Aggregator I, LLC
(11) (12) (14)
    Class A    Healthcare         541        368,990        551,333  
SCP Resonatics Aggregator I, LLC
(11) (12) (14)
    Class B    Healthcare         32,450        171,840        4,024  
              
 
 
     
 
 
  
Total U.S. Investment Companies
            
 
16,158,534
 
   
 
19,853,827
 
              
 
 
     
 
 
  
TOTAL INVESTMENTS - 265.70%
            
 
1,490,018,182
 
   
 
1,480,958,078
 
              
 
 
     
 
 
  
Portfolio Company
        
Industry
          
Shares
     
Cost
     
Fair value
  
Cash Equivalents — 6.09%
               
Blackrock T Fund I
(3) (5) (16) (17)
    Money Market    Money Market Portfolio         18,550,354        18,550,354        18,550,354  
State Street Institutional US Government Money Market Fund
(12) (16) (17)
    Money Market    Money Market Portfolio         335,592        335,592        335,592  
US Bank MMDA GCTS Money Market
(1) (4) (16) (17)
    Money Market    Money Market Portfolio         15,038,823        15,038,823        15,038,823  
              
 
 
     
 
 
  
Total Cash Equivalents
            
 
33,924,769
 
   
 
33,924,769
 
Cash — 6.01%
               
US Dollar
    Cash    USD         33,498,547        33,498,547        33,498,547  
              
 
 
     
 
 
  
Total Cash
            
 
33,498,547
 
   
 
33,498,547
 
              
 
 
     
 
 
  
TOTAL CASH AND CASH EQUIVALENTS
            
 
67,423,316
 
   
 
67,423,316
 
LIABILITIES IN EXCESS OF OTHER ASSETS — (177.80%)
            
$
(991,001,851
) 
                 
 
 
  
NET ASSETS — 100.00%
               
$
557,379,543
 
 
See notes to Unaudited Consolidated Financial Statements
 
28
Table of Contents
AB Private Credit Investors Corporation
Unaudited Consolidated Schedule of Investments as of June 30, 2024
 
(++)
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 June 30, 2024, qualifying assets represented 96.62% 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 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
end of the 
reporting period. 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. SOFR loans may be subject to interest floors. As of June 30, 2024, rates for weekly 1M S, 3M S and 6M S are 5.34%, 5.35%, and 5.39%, respectively. As of June 30, 2024, the U.S. Prime rate was 8.50%.
^^
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 June 30, 2024.
(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 June 30, 2024, the aggregate fair value of these securities is $18,630,344 or 3.34% of the Fund’s net assets.
(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 $20,685,479; aggregate gross unrealized depreciation for federal income tax purposes is $29,745,583. Net unrealized depreciation is $9,060,104. As of June 30, 2024, the cost basis of investments owned was substantially identical for both book and tax purposes.
(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 June 30, 2024.
(18)
Categorized as Level 2 assets under the definition of ASC 820 fair value hierarchy.
P - Prime
PIK -
Payment-In-Kind
S - SOFR
 
29
Table of Contents
AB Private Credit Investors Corporation
Consolidated Schedule of Investments as of December 31, 2023
 
Portfolio Company
  
Industry
  
Facility Type
  
Interest
  
Maturity
    
Funded
Par Amount
    
Cost
    
Fair Value
  
Investments at Fair Value (++) + * # ^—260.04%
 
U.S. Corporate Debt —249.12%
 
1st Lien/Senior Secured Debt —247.29%
 
AEG Holding Company,
Inc.
(1)
  
Consumer Non-Cyclical
   Delayed Draw Term Loan   10.96% (S + 5.50%; 1.00% Floor)     07/01/2024     $ 1,034,866     $ 1,033,291     $ 1,034,866  
AEG Holding Company,
Inc.
(2)
   Consumer
Non-Cyclical
   Revolver   10.96% (S + 5.50%; 1.00% Floor)     07/01/2024       167,530       165,528       167,530  
AEG Holding Company,
Inc.
(1)
   Consumer
Non-Cyclical
   Term Loan   10.96% (S + 5.50%; 1.00% Floor)     07/01/2024       5,450,655       5,442,046       5,450,655  
AEG Holding Company,
Inc.
(3)
   Consumer
Non-Cyclical
   Term Loan   10.96% (S + 5.50%; 1.00% Floor)     07/01/2024       1,800,828       1,797,150       1,800,828  
Ampler QSR Holdings, LLC
(3) (4)
   Consumer
Non-Cyclical
   Term Loan   11.37% (S + 5.88%; 1.00% Floor)     07/21/2027       12,221,771       12,071,928       12,099,553  
Blink Holdings, Inc.
(1)
   Consumer
Non-Cyclical
   Delayed Draw Term Loan   11.00% (S + 5.50%; 1.00% Floor)     11/08/2024       1,115,079       1,112,966       900,427  
Blink Holdings, Inc.
(1)
   Consumer
Non-Cyclical
   Delayed Draw Term Loan   11.00% (S + 5.50%; 1.00% Floor)     11/08/2024       894,184       892,497       722,054  
Blink Holdings, Inc.
(1)
   Consumer
Non-Cyclical
   Term Loan   11.00% (S + 5.50%; 1.00% Floor)     11/08/2024       1,558,613       1,555,642       1,258,580  
Krispy Krunchy Foods, L.L.C
(5)
   Consumer
Non-Cyclical
   Term Loan   9.86% (S + 4.50%; 1.00% Floor)     11/17/2027       8,000,330       7,894,993       8,000,330  
Mathnasium LLC
(2)
   Consumer
Non-Cyclical
   Revolver   10.53% (S + 5.00%; 0.75% Floor)     11/15/2027       119,684       111,130       113,157  
Mathnasium LLC
(1) (5)
   Consumer
Non-Cyclical
   Term Loan   10.53% (S + 5.00%; 0.75% Floor)     11/15/2027       5,344,999       5,274,961       5,291,549  
MMP Intermediate, LLC
(2) (6)
   Consumer
Non-Cyclical
   Revolver   11.22% (S + 5.75%; 1.00% Floor)     02/15/2027       —        (7,019 )      (11,058 ) 
MMP Intermediate, LLC
(1) (5)
   Consumer
Non-Cyclical
   Term Loan   11.22% (S + 5.75%; 1.00% Floor)     02/15/2027       7,946,360       7,840,062       7,787,432  
PF Growth Partners, LLC
(1)
   Consumer
Non-Cyclical
   Term Loan   10.36% (S + 5.00%; 1.00% Floor)     07/11/2025       115,938       114,174       114,778  
PF Growth Partners, LLC
(1)
   Consumer
Non-Cyclical
   Term Loan   10.36% (S + 5.00%; 1.00% Floor)     07/11/2025       234,278       230,715       231,935  
PF Growth Partners, LLC
(1)
   Consumer
Non-Cyclical
   Term Loan   10.48% (S + 5.00%; 1.00% Floor)     07/11/2025       1,950,514       1,944,733       1,931,009  
TBG Food Acquisition Corp
   Consumer
Non-Cyclical
   Delayed Draw Term Loan   10.22% (S + 4.75%; 0.75% Floor)     12/24/2027       264,026       262,269       262,706  
TBG Food Acquisition
Corp
(2) (6)
   Consumer
Non-Cyclical
   Revolver   10.22% (S + 4.75%; 0.75% Floor)     12/24/2027       —        (1,776 )      (1,320 ) 
TBG Food Acquisition
Corp
(1) (4)
   Consumer
Non-Cyclical
   Term Loan   10.22% (S + 4.75%; 0.75% Floor)     12/24/2027       6,468,638       6,424,101       6,436,295  
Airwavz Solutions, Inc.
(2) (3)
  
Digital Infrastructure &
Services
   Delayed Draw Term Loan   11.00% (S + 5.50%; 1.00% Floor)     03/31/2027       1,561,841       1,503,863       1,535,810  
Airwavz Solutions, Inc.
(3) (5)
   Digital Infrastructure & Services   Delayed Draw Term Loan   11.00% (S + 5.50%; 1.00% Floor)     03/31/2027       3,263,699       3,226,124       3,214,744  
Airwavz Solutions, Inc.
(2) (6)
   Digital Infrastructure & Services   Revolver   11.00% (S + 5.50%; 1.00% Floor)     03/31/2027       —        (7,515 )      (9,791 ) 
Airwavz Solutions, Inc.
(3)
   Digital Infrastructure & Services   Term Loan   11.00% (S + 5.50%; 1.00% Floor)     03/31/2027       5,221,919       5,161,799       5,143,590  
Avant Communications,
LLC
(2) (6)
   Digital Infrastructure & Services   Revolver   11.25% (S + 5.75%; 1.00% Floor)     11/30/2026       —        (6,713 )      (5,669 ) 
Avant Communications,
LLC
(1) (4) (5)
   Digital Infrastructure & Services   Term Loan   11.25% (S + 5.75%; 1.00% Floor)     11/30/2026       14,964,014       14,759,433       14,814,374  
Bridgepointe Technologies, LLC
(2) (6)
   Digital Infrastructure & Services   Delayed Draw Term Loan   12.00% (S + 6.50%; 1.00% Floor)     12/31/2027       —        (56,698 )      (36,341 ) 
Bridgepointe Technologies, LLC
(1) (3) (5)
   Digital Infrastructure & Services   Delayed Draw Term Loan   12.00% (S + 6.50%; 1.00% Floor)     12/31/2027       4,963,339       4,851,785       4,876,480  
Bridgepointe Technologies, LLC
(2) (3)
   Digital Infrastructure & Services   Delayed Draw Term Loan   12.00% (S + 6.50%; 1.00% Floor)     12/31/2027       2,737,849       2,720,239       2,689,937  
Bridgepointe Technologies, LLC
(1) (5)
   Digital Infrastructure & Services   Delayed Draw Term Loan   12.00% (S + 6.50%; 1.00% Floor)     12/31/2027       3,848,597       3,805,340       3,781,247  
Bridgepointe Technologies, LLC
(2) (6)
   Digital Infrastructure & Services   Revolver   12.00% (S + 6.50%; 1.00% Floor)     12/31/2027       —        (10,460 )      (13,606 ) 
Bridgepointe Technologies, LLC
(1)
   Digital Infrastructure & Services   Term Loan   12.00% (S + 6.50%; 1.00% Floor)     12/31/2027       1,035,717       1,007,439       1,017,592  
Bridgepointe Technologies, LLC
(1) (5)
   Digital Infrastructure & Services   Term Loan   12.00% (S + 6.50%; 1.00% Floor)     12/31/2027       4,705,552       4,638,473       4,623,204  
Bridgepointe Technologies, LLC
(1) (5)
   Digital Infrastructure & Services   Term Loan   12.00% (S + 6.50%; 1.00% Floor)     12/31/2027       2,271,307       2,202,825       2,231,559  
Coretelligent Intermediate LLC
(1) (4) (5)
   Digital Infrastructure & Services   Delayed Draw Term Loan   10.96% (S + 5.50%; 1.00% Floor)     10/21/2027       3,758,263       3,720,885       3,420,019  
Coretelligent Intermediate LLC
(2)
   Digital Infrastructure & Services   Revolver   10.96% (S + 5.50%; 1.00% Floor)     10/21/2027       569,889       557,666       455,911  
Coretelligent Intermediate LLC
(1) (3) (5)
   Digital Infrastructure & Services   Term Loan   10.96% (S + 5.50%; 1.00% Floor)     10/21/2027       7,868,528       7,792,584       7,160,360  
EvolveIP, LLC
(5)
   Digital Infrastructure & Services   Delayed Draw Term Loan   11.22% (S + 5.50%; 1.00% Floor)     06/07/2025       109,972       109,872       90,727  
EvolveIP, LLC
   Digital Infrastructure & Services   Revolver   10.85% (S + 5.50%; 1.00% Floor)     06/07/2025       566,868       564,601       467,666  
 
See Notes to Consolidated Financial Statements
 
30
Table of Contents
AB Private Credit Investors Corporation
Consolidated Schedule of Investments as of December 31, 2023
 
Portfolio Company
  
Industry
  
Facility Type
  
Interest
  
Maturity
    
Funded
Par Amount
    
Cost
    
Fair Value
  
EvolveIP, LLC
(1)
   Digital Infrastructure & Services   Term Loan  
11.22
% (S +
5.50
%;
1.00
% Floor)		     06/07/2025     $ 6,364,108     $ 6,338,638     $ 5,250,389  
Firstdigital Communications LLC
(2)
   Digital Infrastructure & Services   Revolver   9.72% (S + 4.25%; 0.75% Floor)     12/17/2026       412,549       393,465       305,445  
Firstdigital Communications LLC
(3) (5)
   Digital Infrastructure & Services   Term Loan   9.72% (S + 4.25%; 0.75% Floor)     12/17/2026       13,611,726       13,448,014       12,692,934  
FirstLight Holdco, Inc.
(1) (5)
   Digital Infrastructure & Services   Term Loan   9.47% (S + 4.00%; 1.00% Floor)     07/23/2025       6,102,255       6,009,648       5,995,466  
Greenlight Intermediate II,
Inc.
(1) (5)
   Digital Infrastructure & Services   Delayed Draw Term Loan   11.00% (S + 5.50%; 0.75% Floor)     06/01/2028       6,702,083       6,597,371       6,601,552  
Greenlight Intermediate II, Inc.
(1) (5)
   Digital Infrastructure & Services   Term Loan  
11.00% (S + 5.50%; 0.75%
Floor)
     06/01/2028       5,331,605       5,248,303       5,238,302  
Greenlight Intermediate II, Inc.
(2) (6)
   Digital Infrastructure & Services   Delayed Draw Term Loan   11.00% (S + 5.50%; 0.75% Floor)     06/01/2028       —        (102,654 )      (79,125 ) 
MBS Holdings, Inc.
(2)
   Digital Infrastructure & Services   Revolver   11.21% (S + 5.75%; 1.00% Floor)     04/16/2027       584,502       573,609       565,019  
MBS Holdings, Inc.
(5)
   Digital Infrastructure & Services   Term Loan   11.96% (S + 6.50%; 1.00% Floor)     04/16/2027       787,145       765,753       787,145  
MBS Holdings,
Inc.
(1) (3)
 (4) (5)
   Digital Infrastructure & Services   Term Loan   11.21% (S + 5.75%; 1.00% Floor)     04/16/2027       10,258,002       10,141,972       10,052,842  
MBS Holdings, Inc.
(4)
   Digital Infrastructure & Services   Term Loan   11.71% (S + 6.25%; 1.00% Floor)     04/16/2027       837,298       814,856       831,018  
MSP Global Holdings,
Inc.
(2) (3)
   Digital Infrastructure & Services   Delayed Draw Term Loan   10.79% (S + 4.75%; 1.00% Floor)     01/25/2027       608,616       592,267       596,608  
MSP Global Holdings,
Inc.
(2) (6)
   Digital Infrastructure & Services   Revolver   10.80% (S + 4.75%; 1.00% Floor)     01/25/2027       —        (9,202 )      (8,459 ) 
MSP Global Holdings,
Inc.
(3) (5)
   Digital Infrastructure & Services   Term Loan   10.80% (S + 4.75%; 1.00% Floor)     01/25/2027       7,791,801       7,702,935       7,713,883  
NI Topco, Inc
(3) (5)
   Digital Infrastructure & Services   Term Loan   10.95% (S + 5.50%; 0.75% Floor)     12/28/2028       6,572,470       6,460,040       6,556,039  
NI Topco, Inc
(1)
   Digital Infrastructure & Services   Term Loan   10.95% (S + 5.50%; 0.75% Floor)     12/28/2028       1,218,186       1,196,826       1,215,141  
Race Finco LLC
(2) (6)
   Digital Infrastructure & Services   Delayed Draw Term Loan   12.46% (S + 7.00%; 1.00% Floor)     01/10/2028       —        (44,482 )      (36,588 ) 
Race Finco LLC
(2) (6)
   Digital Infrastructure & Services   Revolver   12.46% (S + 7.00%; 1.00% Floor)     01/10/2028       —        (14,851 )      (15,245 ) 
Race Finco LLC
(3) (5)
   Digital Infrastructure & Services   Term Loan   12.46% (S + 7.00%; 1.00% Floor)     01/10/2028       4,878,384       4,759,589       4,756,425  
SDC Atlas Acquistionco, LLC
(2)
   Digital Infrastructure & Services   Delayed Draw Term Loan   10.96% (S + 5.50%; 0.75% Floor)     08/25/2028       498,390       326,291       241,408  
SDC Atlas Acquistionco, LLC
(2) (6)
   Digital Infrastructure & Services   Revolver   10.96% (S + 5.50%; 0.75% Floor)     08/25/2028       —        (11,473 )      (17,132 ) 
SDC Atlas Acquistionco, LLC
(1) (4) (5)
   Digital Infrastructure & Services   Term Loan   10.96% (S + 5.50%; 0.75% Floor)     08/25/2028       10,715,390       10,518,050       10,420,717  
Single Digits, Inc.
(4)
   Digital Infrastructure & Services   Delayed Draw Term Loan   9.61% (S + 4.25%; 3.00% PIK; 1.00% Floor)     06/19/2026       616,318       613,881       536,197  
Single Digits, Inc.
(2) (6)
   Digital Infrastructure & Services   Revolver   9.85% (S + 4.25%; 3.00% PIK; 1.00% Floor)     06/19/2026       —        (1,411 )      (54,099 ) 
Single Digits, Inc.
(1)
   Digital Infrastructure & Services   Term Loan   9.85% (S + 4.25%; 3.00% PIK; 1.00% Floor)     06/19/2026       2,884,904       2,871,166       2,509,867  
Stratus Networks, Inc.
(2) (3) (5)
   Digital Infrastructure & Services   Delayed Draw Term Loan   10.96% (S + 5.50%; 1.00% Floor)     12/15/2027       1,848,182       1,806,398       1,768,975  
Stratus Networks, Inc.
(2)
   Digital Infrastructure & Services   Revolver   13.00% (S + 5.50%; 1.00% Floor)     12/15/2027       132,013       118,769       102,310  
Stratus Networks, Inc.
(5)
   Digital Infrastructure & Services   Term Loan   10.96% (S + 5.50%; 1.00% Floor)     12/15/2027       7,920,781       7,809,446       7,683,158  
Thrive Buyer, Inc.
(1) (5)
   Digital Infrastructure & Services   Delayed Draw Term Loan   11.50% (S + 6.00%; 1.00% Floor)     01/22/2027       8,174,176       8,080,114       8,174,176  
Thrive Buyer, Inc.
(2)
   Digital Infrastructure & Services   Revolver   13.50% (S + 6.00%; 1.00% Floor)     01/22/2027       369,907       357,755       369,907  
Thrive Buyer, Inc.
(4)
   Digital Infrastructure & Services   Term Loan   12.00% (S + 6.50%; 1.00% Floor)     01/22/2027       1,198,351       1,166,534       1,198,351  
Thrive Buyer, Inc.
(1) (3) (5)
   Digital Infrastructure & Services   Term Loan   11.45% (S + 6.00%; 1.00% Floor)     01/22/2027       11,645,786       11,521,198       11,645,786  
Transtelco Holding, Inc.
(1) (3)
   Digital Infrastructure & Services   Term Loan   10.86% (S + 5.50%; 1.00% Floor)     03/26/2026       8,503,727       8,343,566       8,354,912  
Transtelco Holding,
Inc.
(1) (3) (5)
   Digital Infrastructure & Services   Term Loan   11.11% (S + 5.75%; 0.50% Floor)     03/26/2026       4,661,043       4,643,615       4,637,738  
Transtelco Holding, Inc.
(5)
   Digital Infrastructure & Services   Term Loan   10.61% (S + 5.25%; 0.50% Floor)     03/26/2026       4,661,043       4,643,025       4,602,780  
Accelerate Resources Operating, LLC
(1) (5)
   Energy   Delayed Draw Term Loan   11.46% (S + 6.00%; 1.00% Floor)     02/24/2027       1,875,252       1,841,664       1,875,252  
Accelerate Resources Operating, LLC
(2) (6)
   Energy   Revolver   11.46% (S + 6.00%; 1.00% Floor)     02/24/2027       —        (3,052 )      —   
Accelerate Resources Operating, LLC
(3)
   Energy   Term Loan   11.46% (S + 6.00%; 1.00% Floor)     02/24/2027       1,247,027       1,224,796       1,247,027  
 
See Notes to Consolidated Financial Statements
 
31
Table of Contents
AB Private Credit Investors Corporation
Consolidated Schedule of Investments as of December 31, 2023
 
Portfolio Company
  
Industry
  
Facility Type
  
Interest
  
Maturity
    
Funded
Par Amount
    
Cost
    
Fair Value
  
Accelerate Resources Operating, LLC
(1) (5)
   Energy   Term Loan   11.46% (S + 6.00%; 1.00% Floor)     02/24/2027     $ 5,590,471     $ 5,564,908     $ 5,590,471  
Foundation Risk Partners, Corp.
(2) (3)
   Financials   Delayed Draw Term Loan   11.45% (S + 6.00%; 0.75% Floor)     10/30/2028       2,702,417       2,669,008       2,694,546  
Foundation Risk Partners, Corp.
(3)
   Financials   Delayed Draw Term Loan   11.45% (S + 6.00%; 0.75% Floor)     10/29/2028       2,100,747       2,089,175       2,090,243  
Foundation Risk Partners, Corp.
(2) (6)
   Financials   Revolver   11.45% (S + 6.00%; 0.75% Floor)     10/29/2027       —        (8,273 )      (5,190 ) 
Foundation Risk Partners, Corp.
(1) (3) (5)
   Financials   Term Loan   11.45% (S + 6.00%; 0.75% Floor)     10/29/2028       9,659,017       9,575,834       9,610,722  
Foundation Risk Partners, Corp.
(5)
   Financials   Term Loan   11.45% (S + 6.00%; 0.75% Floor)     10/30/2028       779,358       770,636       775,461  
Galway Borrower, LLC
(2) (6)
   Financials   Revolver   10.70% (S + 5.25%; 0.75% Floor)     09/30/2027       —        (3,432 )      (3,380 ) 
Galway Borrower, LLC
(1) (5)
   Financials   Term Loan   10.70% (S + 5.25%; 0.75% Floor)     09/29/2028       4,247,105       4,199,769       4,194,016  
Higginbotham Insurance Agency, Inc.
(1) (5)
   Financials   Delayed Draw Term Loan   10.96% (S + 5.50%; 1.00% Floor)     11/24/2028       3,306,711       3,288,415       3,265,377  
Higginbotham Insurance Agency, Inc.
(1) (3) (5)
   Financials   Term Loan   10.96% (S + 5.50%; 1.00% Floor)     11/24/2028       7,962,029       7,901,195       7,862,504  
Peter C. Foy & Associates Insurance Services, LLC
(3)
   Financials   Delayed Draw Term Loan   11.47% (S + 6.00%; 0.75% Floor)     11/01/2028       1,244,226       1,228,144       1,222,452  
Peter C. Foy & Associates Insurance Services, LLC
(1)
 (3)
   Financials   Delayed Draw Term Loan   11.47% (S + 6.00%; 0.75% Floor)     11/01/2028       5,869,799       5,828,010       5,767,077  
Peter C. Foy &
Associates Insurance
Services, LLC
(1)
   Financials   Term Loan   11.47% (S + 6.00%; 0.75% Floor)     11/01/2028       497,219       491,508       488,518  
RSC Acquisition, Inc.
(5) (8)
   Financials   Delayed Draw Term Loan   10.51% (S + 5.50%; 0.75% Floor)     11/01/2029       —        8       —   
Wealth Enhancement Group, LLC
(2) (8)
   Financials   Delayed Draw Term Loan   10.51% (S + 5.75%; 1.00% Floor)     10/04/2027       1,149,975       1,146,513       1,149,975  
Wealth Enhancement Group,
LLC
(1) (4)
 (5) (8)
   Financials   Delayed Draw Term Loan   10.51% (S + 5.75%; 1.00% Floor)     10/04/2027       6,231,349       6,218,699       6,215,770  
Wealth Enhancement Group, LLC
(2) (6)
   Financials   Revolver   11.23% (S + 5.75%; 1.00% Floor)     10/04/2027       —        (1,018 )      (1,143 ) 
AAH Topco, LLC
(1) (3)
 (4) (5)
   Healthcare   Delayed Draw Term Loan   10.96% (S + 5.50%; 0.75% Floor)     12/22/2027       6,496,668       6,376,783       6,269,285  
AAH Topco, LLC
(2) (6)
   Healthcare   Revolver   10.96% (S + 5.50%; 0.75% Floor)     12/22/2027       —        (10,581 )      (27,555 ) 
AAH Topco, LLC
(1) (3) (5)
   Healthcare   Term Loan   10.96% (S + 5.50%; 0.75% Floor)     12/22/2027       6,419,872       6,326,970       6,195,177  
AAH Topco, LLC
(2) (6)
   Healthcare   Delayed Draw Term Loan   10.96% (S + 6.00%; 0.75% Floor)     12/22/2027       —        (30,909 )      (64,266 ) 
American Physician Partners, LLC
(1) (7)
   Healthcare   Delayed Draw Term Loan   — (S + 6.75%;
3.00
% PIK; 1.00% Floor)		     03/29/2024       1,218,972       1,082,011       —   
American Physician Partners, LLC
(7)
   Healthcare   Delayed Draw Term Loan   — (S + 6.75%; 3.00% PIK; 1.00% Floor)     03/29/2024       917,905       817,051       —   
American Physician Partners, LLC
(7)
   Healthcare   Revolver   — (S + 6.75%; 3.00% PIK; 1.00% Floor)     03/29/2024       346,322       345,024       —   
American Physician Partners, LLC
(7)
   Healthcare   Term Loan   — (S + 6.75%; 3.00% PIK; 1.00% Floor)     03/29/2024       6,557,417       5,733,816       —   
American Physician Partners, LLC
(7)
   Healthcare   Term Loan   — (S + 6.75%; 3.00% PIK; 1.00% Floor)     03/29/2024       1,397,556       1,243,170       —   
American Physician Partners, LLC
(7)
   Healthcare   Term Loan   — (S + 6.75%; 3.00% PIK; 1.00% Floor)     03/29/2024       2,594,127       2,278,901       —   
American Physician Partners, LLC
(7)
   Healthcare   Term Loan   — (S + 6.75%; 3.00% PIK; 1.00% Floor)     03/29/2024       94,376       85,722       176,105  
AOM Acquisition, LLC.
(2) (6)
   Healthcare   Revolver   11.00% (S + 5.50%; 1.00% Floor)     02/18/2027       —        (15,484 )      (30,465 ) 
AOM Acquisition, LLC.
(1) (5)
   Healthcare   Term Loan   11.00% (S + 5.50%; 1.00% Floor)     02/18/2027       6,158,526       6,076,628       6,004,563  
AOM Acquisition, LLC.
(1) (5)
   Healthcare   Term Loan   11.03% (S + 5.50%; 1.00% Floor)     02/18/2027       6,756,995       6,593,422       6,588,070  
BAART Programs, Inc.
(1) (4)
   Healthcare   Delayed Draw Term Loan   10.61% (S + 5.00%; 1.00% Floor)     06/11/2027       3,872,578       3,848,400       3,746,719  
BAART Programs, Inc.
(1) (5)
   Healthcare   Term Loan   10.61% (S + 5.00%; 1.00% Floor)     06/11/2027       4,673,951       4,648,481       4,522,047  
BV EMS Buyer, Inc.
(2)
 (5)
   Healthcare   Delayed Draw Term Loan   11.21% (S + 5.75%; 1.00% Floor)     11/23/2027       1,808,145       1,759,391       1,773,003  
BV EMS Buyer, Inc.
(4)
 (5)
   Healthcare   Term Loan   11.21% (S + 5.75%; 1.00% Floor)     11/23/2027       3,485,489       3,405,062       3,450,635  
Caregiver 2, Inc.
(5)
   Healthcare   Delayed Draw Term Loan   10.78% (S + 5.25%; 2.25% PIK; 1.00% Floor)     07/24/2025       1,518,798       1,499,991       1,427,670  
Caregiver 2, Inc.
(3)
   Healthcare   Term Loan   10.78% (S + 5.25%; 2.25% PIK; 1.00% Floor)     07/24/2025       4,544,108       4,495,089       4,271,462  
Caregiver 2, Inc.
(3)
   Healthcare   Term Loan   10.78% (S + 5.25%; 2.25% PIK; 1.00% Floor)     07/24/2025       652,228       645,192       613,094  
 
See Notes to Consolidated Financial Statements
 
32
Table of Contents
AB Private Credit Investors Corporation
Consolidated Schedule of Investments as of December 31, 2023
 
Portfolio Company
  
Industry
  
Facility Type
  
Interest
  
Maturity
    
Funded
Par Amount
    
Cost
    
Fair Value
  
Caregiver 2, Inc.
(5)
   Healthcare   Term Loan   10.78% (S + 5.25%; 2.25% PIK; 1.00% Floor)     07/24/2025     $ 623,207     $ 611,943     $ 585,815  
Choice Health At Home, LLC,
(1)
   Healthcare   Delayed Draw Term Loan   13.19% (S + 6.75%; 1.00% PIK; 1.00% Floor)     12/29/2026       947,582       941,462       923,892  
Choice Health At Home, LLC,
(1) (5)
   Healthcare   Term Loan   12.19% (S + 6.75%; 1.00% PIK; 1.00% Floor)     12/29/2026       2,567,650       2,543,079       2,490,620  
Coding Solutions Acquisition, Inc
(3)
   Healthcare   Delayed Draw Term Loan   11.11% (S + 5.75%; 0.75% Floor)     05/11/2028       1,654,987       1,630,547       1,601,199  
Coding Solutions Acquisition, Inc
(2)
   Healthcare   Revolver   11.12% (S + 5.75%; 0.75% Floor)     05/11/2028       278,376       267,672       252,527  
Coding Solutions Acquisition, Inc
(3) (5)
   Healthcare   Term Loan   11.11% (S + 5.75%; 0.75% Floor)     05/11/2028       5,461,331       5,381,001       5,283,838  
Coding Solutions Acquisition, Inc.
(2) (6)
   Healthcare   Delayed Draw Term Loan   11.36% (S + 6.00%; 0.75% Floor)     05/11/2028       —        (32,854 )      (62,452 ) 
Coding Solutions Acquisition, Inc.
(3)
   Healthcare   Term Loan   11.36% (S + 6.00%; 0.75% Floor)     05/11/2028       776,740       758,347       759,264  
Community Based Care Acquisition, Inc.
(5)
   Healthcare   Delayed Draw Term Loan   10.70% (S + 5.25%; 1.00% Floor)     09/16/2027       2,122,343       2,097,467       2,095,814  
Community Based Care Acquisition, Inc.
(2) (5)
   Healthcare   Delayed Draw Term Loan   10.95% (S + 5.50%; 1.00% Floor)     09/16/2027       971,352       927,443       942,256  
Community Based Care Acquisition, Inc.
(2)
   Healthcare   Revolver   12.75% (S + 5.25%; 1.00% Floor)     09/16/2027       172,763       161,913       161,965  
Community Based Care Acquisition, Inc.
(1)
 (5)
   Healthcare   Term Loan   10.70% (S + 5.25%; 1.00% Floor)     09/16/2027       5,235,139       5,166,929       5,169,700  
Delaware Valley Management Holdings, Inc.^^^
 (2)
 (7)
   Healthcare   Delayed Draw Term Loan   — (S + 6.25%; 1.00% Floor)     03/21/2024       758,350       699,417       432,387  
Delaware Valley Management Holdings, Inc.^^^
(7)
   Healthcare   Delayed Draw Term Loan   — (S + 6.25%; 1.00% Floor)     03/21/2024       415,955       350,988       237,136  
Delaware Valley Management Holdings, Inc.^^^
(7)
   Healthcare   Revolver   — (S + 6.25%; 1.00% Floor)     03/21/2024       614,439       536,212       350,292  
Delaware Valley Management Holdings, Inc.^^^
(7)
   Healthcare   Term Loan   — (S + 6.25%; 1.00% Floor)     03/21/2024       3,951,571       3,447,752       2,252,790  
FH MD Buyer, Inc.
(1) (5)
   Healthcare   Term Loan   10.47% (S + 5.00%; 0.75% Floor)     07/22/2028       5,410,062       5,370,677       5,139,559  
GHA Buyer, Inc.
(4)
   Healthcare   Delayed Draw Term Loan   13.75% (S + 4.50%; 3.75% PIK; 1.00% Floor)     06/24/2026       833,170       825,300       818,590  
GHA Buyer, Inc.
(2) (6)
   Healthcare   Revolver   13.75% (S + 4.50%; 3.25% PIK; 1.00% Floor)     06/24/2026       —        (8,055 )      (16,644 ) 
GHA Buyer, Inc.
(1) (4) (8)
   Healthcare   Term Loan   10.51% (S + 4.50%; 3.75% PIK; 1.00% Floor)     06/24/2026       2,009,682       2,009,434       1,974,513  
GHA Buyer, Inc.
(1) (4)
   Healthcare   Term Loan   13.75% (S + 4.50%; 3.75% PIK; 1.00% Floor)     06/24/2026       574,537       564,852       564,482  
GHA Buyer, Inc.
(1) (3) (4)
   Healthcare   Term Loan   10.00% (S + 4.50%; 3.75% PIK; 1.00% Floor)     06/24/2026       5,499,321       5,455,345       5,403,083  
GHA Buyer, Inc.
(3)
   Healthcare   Term Loan   10.00% (S + 4.50%; 3.75% PIK; 1.00% Floor)     06/24/2026       4,760,974       4,719,307       4,677,657  
GHA Buyer, Inc.
(1) (8)
   Healthcare   Term Loan   10.51% (S + 4.50%; 3.75% PIK; 1.00% Floor)     06/24/2026       745,895       739,317       732,842  
Honor HN Buyer, Inc
(4) (5)
   Healthcare   Delayed Draw Term Loan   11.25% (S + 5.75%; 1.00% Floor)     10/15/2027       1,638,040       1,616,995       1,638,040  
Honor HN Buyer, Inc
(2) (4)
   Healthcare   Delayed Draw Term Loan   11.50% (S + 6.00%; 1.00% Floor)     10/15/2027       1,447,693       1,418,792       1,447,693  
Honor HN Buyer, Inc
(2)
   Healthcare   Revolver   13.25% (S + 5.75%; 1.00% Floor)     10/15/2027       38,012       34,132       38,012  
Honor HN Buyer, Inc
(1) (5)
   Healthcare   Term Loan   11.25% (S + 5.75%; 1.00% Floor)     10/15/2027       2,590,429       2,557,202       2,590,429  
Honor HN Buyer, Inc
(2) (6)
   Healthcare   Delayed Draw Term Loan   11.25% (S + 5.75%; 1.00% Floor)     10/15/2027       —        (60,951 )      —   
Medical Management Resource Group, LLC
(1)
   Healthcare   Delayed Draw Term Loan   11.45% (S + 6.00%; 0.75% Floor)     09/30/2027       1,558,344       1,523,862       1,496,010  
Medical Management Resource Group, LLC
(2)
   Healthcare   Revolver   11.45% (S + 6.00%; 0.75% Floor)     09/30/2026       177,192       173,656       164,536  
Medical Management Resource Group, LLC
(5)
   Healthcare   Term Loan   11.45% (S + 6.00%; 0.75% Floor)     09/30/2027       3,773,407       3,725,518       3,622,471  
Medsuite Purchaser, LLC
(2) (6)
   Healthcare   Revolver   10.21% (S + 4.75%; 1.00% Floor)     10/22/2026       —        (5,820 )      (5,103 ) 
Medsuite Purchaser, LLC
(1) (5)
   Healthcare   Term Loan   10.21% (S + 4.75%; 1.00% Floor)     10/22/2026       4,734,225       4,693,730       4,698,718  
Pace Health Companies, LLC
(2) (6)
   Healthcare   Revolver   9.89% (S + 6.25%; 1.00% Floor)     08/02/2025       —        (771 )      —   
Pace Health Companies, LLC
(1) (8)
   Healthcare   Term Loan   10.51% (S + 6.25%; 1.00% Floor)     08/02/2025       5,087,770       5,080,798       5,087,770  
Pinnacle Dermatology Management, LLC
   Healthcare   Delayed Draw Term Loan   11.29% (S + 5.75%; 0.75% Floor)     12/08/2028       648,269       642,487       573,718  
Pinnacle Dermatology Management, LLC
(2)
   Healthcare   Revolver   9.50% (S + 4.00%; 0.75% Floor)     12/08/2026       499,289       491,262       492,568  
 
See Notes to Consolidated Financial Statements
 
33
Table of Contents
AB Private Credit Investors Corporation
Consolidated Schedule of Investments as of December 31, 2023
 
Portfolio Company
  
Industry
  
Facility Type
  
Interest
  
Maturity
    
Funded
Par Amount
    
Cost
    
Fair Value
  
Pinnacle Dermatology Management, LLC
(1) (3) (5)
   Healthcare   Term Loan   11.23% (S + 5.75%; 0.75% Floor)     12/08/2028     $ 5,552,214     $ 5,457,513     $ 4,913,709  
Pinnacle Treatment Centers, Inc.
(5)
   Healthcare   Delayed Draw Term Loan   11.95% (S + 6.50%; 1.00% Floor)     01/02/2026       340,120       339,138       333,318  
Pinnacle Treatment Centers, Inc.
(2)
   Healthcare   Revolver   11.86% (S + 6.50%; 1.00% Floor)     01/02/2026       219,716       218,704       213,856  
Pinnacle Treatment Centers, Inc.
(3)
   Healthcare   Term Loan   11.95% (S + 6.50%; 1.00% Floor)     01/02/2026       146,437       145,498       143,508  
Pinnacle Treatment Centers, Inc.
(3)
   Healthcare   Term Loan   11.95% (S + 6.50%; 1.00% Floor)     01/02/2026       283,913       279,638       278,235  
Pinnacle Treatment Centers, Inc.
(3) (5)
   Healthcare   Term Loan   11.95% (S + 6.50%; 1.00% Floor)     01/02/2026       4,044,060       4,032,163       3,963,179  
Priority Ondemand Midco 2,L.P
(2)
   Healthcare   Delayed Draw Term Loan   10.80% (S + 5.25%; 1.00% Floor)     07/17/2028       118,812       99,841       118,812  
Priority Ondemand Midco 2,L.P
(1) (5)
   Healthcare   Term Loan   10.80% (S + 5.25%; 1.00% Floor)     07/17/2028       7,541,704       7,440,125       7,541,704  
RCP Encore Acquisition,
Inc.
(7)
   Healthcare   Term Loan   — (S + 5.00%; 1.00% Floor)     06/07/2025       2,868,874       2,800,761       28,689  
Redwood Family Care Network, Inc.
(1) (3) (5)
   Healthcare   Delayed Draw Term Loan   11.22% (S + 5.50%; 1.00% Floor)     06/18/2026       4,325,306       4,216,128       4,271,240  
Redwood Family Care Network, Inc.
(1) (5)
   Healthcare   Delayed Draw Term Loan   11.22% (S + 5.50%; 1.00% Floor)     06/18/2026       5,770,927       5,712,858       5,698,791  
Redwood Family Care Network, Inc.
(2) (6)
   Healthcare   Revolver   11.22% (S + 5.50%; 1.00% Floor)     06/18/2026       —        (5,913 )      (7,359 ) 
Redwood Family Care Network, Inc.
(1)
 (3)
 (4)
 (5)
   Healthcare   Term Loan   11.00% (S + 5.50%; 1.00% Floor)     06/18/2026       7,791,021       7,700,748       7,693,633  
Salisbury House, LLC
   Healthcare   Delayed Draw Term Loan   11.28% (S + 5.75%; 1.00% Floor)     08/29/2025       573,149       563,642       573,149  
Salisbury House, LLC
(2) (6)
   Healthcare   Revolver   13.25% (S + 5.75%; 1.00% Floor)     08/30/2025       —        (6,848 )      (3,049 ) 
Salisbury House, LLC
(4)
   Healthcare   Term Loan   11.28% (S + 5.75%; 1.00% Floor)     08/29/2025       994,289       977,850       989,317  
Salisbury House, LLC
(1)
   Healthcare   Term Loan   11.28% (S + 5.75%; 1.00% Floor)     08/30/2025       1,225,119       1,211,635       1,218,993  
Salisbury House, LLC
(1) (5)
   Healthcare   Term Loan   11.28% (S + 5.75%; 1.00% Floor)     08/30/2025       3,934,410       3,896,458       3,914,738  
Salisbury House, LLC
(1)
   Healthcare   Term Loan   11.28% (S + 5.75%; 1.00% Floor)     08/30/2025       1,125,627       1,118,295       1,119,999  
Salisbury House, LLC
(1)
   Healthcare   Term Loan   11.27% (S + 5.75%; 1.00% Floor)     08/29/2025       434,541       426,500       432,368  
Salisbury House, LLC
(2) (6)
   Healthcare   Delayed Draw Term Loan   11.27% (S + 5.75%; 1.00% Floor)     08/29/2025       —        (27,560 )      —   
Sandstone Care Holdings, LLC
(2) (5)
   Healthcare   Delayed Draw Term Loan   10.98% (S + 5.50%; 1.00% Floor)     06/28/2028       99,366       89,714       99,366  
Sandstone Care Holdings, LLC
(2)
   Healthcare   Revolver   10.98% (S + 5.50%; 1.00% Floor)     06/28/2028       135,452       122,976       135,452  
Sandstone Care Holdings, LLC
(1) (3)
   Healthcare   Term Loan   10.98% (S + 5.50%; 1.00% Floor)     06/28/2028       4,640,709       4,561,732       4,640,709  
SCA Buyer, LLC
   Healthcare   Revolver   12.15% (S + 6.50%; 1.00% Floor)     01/20/2026       643,849       639,795       603,608  
SCA Buyer, LLC
(5)
   Healthcare   Term Loan   12.14% (S + 6.50%; 1.00% Floor)     01/20/2026       3,756,859       3,732,404       3,522,055  
Smile Brands, Inc.
   Healthcare   Delayed Draw Term Loan   9.98% (S + 4.50%; 0.75% Floor)     10/12/2027       478,050       477,254       423,074  
Smile Brands, Inc.
(2)
   Healthcare   Revolver   9.98% (S + 4.50%; 0.75% Floor)     10/12/2027       92,657       91,555       63,355  
Smile Brands, Inc.
(1)
   Healthcare   Term Loan   9.98% (S + 4.50%; 0.75% Floor)     10/12/2027       1,574,472       1,572,111       1,393,408  
Spark DSO LLC
(2)
   Healthcare   Revolver   7.54% (S + 2.15%; 5.75% PIK; 1.00% Floor)     04/20/2026       252,550       245,668       223,524  
Spark DSO LLC
(1) (3) (4)
   Healthcare   Term Loan   7.54% (S + 2.15%; 5.75% PIK; 1.00% Floor)     04/19/2026       6,537,070       6,482,860       6,308,273  
The Center for Orthopedic and Research Excellence, Inc.
(1) (5)
   Healthcare   Delayed Draw Term Loan   11.53% (S + 6.00%; 1.00% Floor)     08/15/2025       1,129,965       1,127,258       1,124,315  
The Center for Orthopedic and Research Excellence, Inc.
(4) (5)
   Healthcare   Delayed Draw Term Loan   11.53% (S + 6.00%; 1.00% Floor)     08/15/2025       1,717,695       1,705,854       1,709,106  
The Center for Orthopedic and Research Excellence, Inc.
(3)
   Healthcare   Delayed Draw Term Loan   11.54% (S + 6.00%; 1.00% Floor)     08/15/2025       1,704,784       1,690,066       1,696,260  
The Center for Orthopedic and Research Excellence, Inc.
(2)
   Healthcare   Revolver   13.50% (S + 6.00%; 1.00% Floor)     08/15/2025       17,263       13,836       13,811  
The Center for Orthopedic and Research Excellence, Inc.
(5)
   Healthcare   Term Loan   11.53% (S + 6.00%; 1.00% Floor)     08/15/2025       3,199,846       3,171,614       3,183,847  
The Center for Orthopedic and Research Excellence, Inc.
(1) (3)
   Healthcare   Term Loan   11.53% (S + 6.00%; 1.00% Floor)     08/15/2025       4,793,587       4,767,499       4,769,619  
West Dermatology
(2)
   Healthcare   Delayed Draw Term Loan   12.78% (S + 7.25%; 1.00% Floor)     03/17/2028       1,489,436       1,450,810       1,312,177  
West Dermatology
(2)
   Healthcare   Revolver   12.79% (S + 7.25%; 1.00% Floor)     03/17/2028       958,473       940,053       886,948  
West Dermatology
(1) (3)
 (4) (5)
   Healthcare   Term Loan   12.71% (S + 7.25%; 1.00% Floor)     03/17/2028       11,296,578       11,128,125       10,647,025  
AmerCareRoyal, LLC
(1)
   Business Services   Delayed Draw Term Loan   11.98% (S + 6.50%; 0.50% PIK; 1.00% Floor)     11/25/2025       494,290       487,686       494,290  
AmerCareRoyal, LLC
(1) (5)
   Business Services   Term Loan   11.98% (S + 6.50%; 0.50% PIK; 1.00% Floor)     11/25/2025       4,094,427       3,997,707       4,094,427  
AmerCareRoyal, LLC
(4) (5)
   Business Services   Term Loan   11.98% (S + 6.50%; 0.50% PIK; 1.00% Floor)     11/25/2025       508,718       499,164       508,718  
AmerCareRoyal, LLC
(1) (3)
   Business Services   Term Loan   11.98% (S + 6.50%; 0.50% PIK; 1.00% Floor)     11/25/2025       1,991,045       1,974,802       1,991,045  
Cerifi, LLC
(2)
   Business Services   Revolver   11.21% (S + 5.75%; 1.00% Floor)     04/01/2027       738,528       723,419       721,911  
Cerifi, LLC
(1) (3)
 (4) (5)
   Business Services   Term Loan   11.21% (S + 5.75%; 1.00% Floor)     03/31/2028       15,905,111       15,665,118       15,666,535  
Engage2Excel, Inc.
   Business Services   Revolver   11.78% (S + 6.50%; 1.00% Floor)     07/01/2024       379,732       376,898       374,036  
Engage2Excel, Inc.
(1)
   Business Services   Term Loan   11.78% (S + 6.50%; 1.00% Floor)     07/01/2024       2,707,241       2,683,728       2,666,633  
Engage2Excel, Inc.
(1)
   Business Services   Term Loan   11.78% (S + 6.50%; 1.00% Floor)     07/01/2024       939,636       931,462       925,541  
Mr. Greens Intermediate, LLC
(2) (6)
   Business Services   Delayed Draw Term Loan   11.70% (S + 6.25%; 1.00% Floor)     05/01/2029       —        (70,542 )      (19,726 ) 
Mr. Greens Intermediate, LLC
(2) (6)
   Business Services   Revolver   6.25% (S + 6.25%; 1.00% Floor)     05/01/2029       —        (28,217 )      (7,891 ) 
Mr. Greens Intermediate, LLC
(4) (5)
   Business Services   Term Loan   11.70% (S + 6.25%; 1.00% Floor)     05/01/2029       6,280,844       6,110,020       6,233,738  
MSM Acquisitions, Inc.
(5)
   Business Services   Delayed Draw Term Loan   11.50% (S + 1.00%; 5.00% PIK; 1.00% Floor)     12/09/2026       3,012,208       2,978,739       2,741,109  
MSM Acquisitions, Inc.
(5)
   Business Services   Delayed Draw Term Loan   11.50% (S + 1.00%; 5.00% PIK; 1.00% Floor)     12/09/2026       368,241       367,112       335,099  
MSM Acquisitions, Inc.
(2) (8)
   Business Services   Revolver   10.51% (S + 1.00%; 5.00% PIK; 1.00% Floor)     12/09/2026       1,071,915       1,059,652       961,660  
MSM Acquisitions,
Inc.
(1) (3)
 (4) (5)
   Business Services   Term Loan   11.50% (S + 1.00%; 5.00% PIK; 1.00% Floor)     12/09/2026       8,231,869       8,154,681       7,491,001  
Rep Tec Intermediate Holdings,
Inc.
(2) (6)
  Business Services   Revolver   12.00% (S + 5.50%; 1.00% Floor)     12/01/2027       —        (11,682 )      (5,498 ) 
Rep Tec Intermediate Holdings,
Inc.
(1) (3) (5)
   Business Services   Term Loan   12.00% (S + 6.50%; 1.00% Floor)     12/01/2027       11,604,300       11,514,426       11,546,279  
Sako and Partners Lower Holdings LLC
(1) (5)
   Business Services   Delayed Draw Term Loan   11.50% (S + 6.00%; 1.00% Floor)     09/15/2028       3,532,073       3,468,222       3,525,820  
Sako and Partners Lower Holdings LLC
(2) (6)
   Business Services   Revolver   11.50% (S + 6.00%; 1.00% Floor)     09/15/2028       —        (29,545 )      (6,215 ) 
Sako and Partners Lower Holdings
LLC
(1) (3) (4) (5)
   Business
Services		   Term Loan   11.50% (S + 6.00%; 1.00% Floor)     09/15/2028       14,766,094       14,414,199       14,692,264  
Sako and Partners Lower Holdings LLC
(2) (6)
   Business Services   Delayed Draw Term Loan   11.50% (S + 5.50%; 1.00% Floor)     09/15/2028       —        (39,562 )      (39,562 ) 
 
See Notes to Consolidated Financial Statements
 
34
Table of Contents
AB Private Credit Investors Corporation
Consolidated Schedule of Investments as of December 31, 2023
 
Portfolio Company
  
Industry
  
Facility Type
  
Interest
  
Maturity
    
Funded
Par Amount
    
Cost
    
Fair Value
  
Sako and Partners Lower Holdings LLC
(5)
   Business Services   Term Loan   11.50% (S + 5.50%; 1.00% Floor)     09/15/2028     $ 1,695,528     $ 1,661,618     $ 1,661,618  
Activ Software Holdings, LLC
(5)
   Software & Tech Services   Delayed Draw Term Loan   11.65% (S + 6.25%; 1.00% Floor)     05/04/2027       627,640       613,003       624,502  
Activ Software Holdings, LLC
(2)
 (6)
   Software & Tech Services   Revolver   11.94% (S + 6.25%; 1.00% Floor)     05/04/2027       —        (7,370 )      (3,244 ) 
Activ Software Holdings,
LLC
(1) (3)
 (4) (5)
   Software & Tech Services   Term Loan   11.94% (S + 6.25%; 1.00% Floor)     05/04/2027       7,907,703       7,817,344       7,868,164  
Activ Software Holdings, LLC
(1)
   Software & Tech Services   Term Loan   11.90% (S + 6.25%; 1.00% Floor)     05/04/2027       2,510,561       2,451,997       2,498,008  
Admiral Buyer, Inc
(2) (6)
   Software & Tech Services   Delayed Draw Term Loan   10.85% (S + 5.50%; 0.75% Floor)     05/08/2028       —        (11,550 )      —   
Admiral Buyer, Inc
(2) (6)
   Software & Tech Services   Revolver   10.85% (S + 5.50%; 0.75% Floor)     05/08/2028       —        (8,262 )      —   
Admiral Buyer, Inc
(1)
 (4)
 (5)
   Software & Tech Services   Term Loan   10.85% (S + 5.50%; 0.75% Floor)     05/08/2028       5,784,067       5,698,400       5,784,067  
AMI US Holdings, Inc.
(2) (6)
   Software & Tech Services   Revolver   10.71% (S + 5.25%; 0.00% Floor)     04/01/2025       —        (1,216 )      —   
AMI US Holdings, Inc.
(1) (4)
   Software & Tech Services   Term Loan   10.71% (S + 5.25%; 1.00% Floor)     04/01/2025       7,923,845       7,884,633       7,923,845  
Avalara, Inc.
(2) (6)
   Software & Tech Services   Revolver   12.60% (S + 7.25%; 0.75% Floor)     10/19/2028       —        (21,501 )      —   
Avalara, Inc.
(1) (3) (4)
   Software & Tech Services   Term Loan   12.60% (S + 7.25%; 0.75% Floor)     10/19/2028       10,653,748       10,438,912       10,653,748  
Avetta, LLC
(1) (4) (5)
   Software & Tech Services   Term Loan   11.15% (S + 5.75%; 1.00% Floor)     10/18/2030       21,899,376       21,416,141       21,406,640  
Avetta, LLC
(2) (6)
   Software & Tech Services   Revolver   11.15% (S + 5.75%; 1.00% Floor)     10/18/2029       —        (45,405 )      (46,927 ) 
Bonterra, LLC
(2)
   Software & Tech Services   Revolver   7.25% (S + 7.25%; 0.75% Floor)     09/08/2027       345,525       334,749       328,249  
Bonterra, LLC
   Software & Tech Services   Term Loan   12.35% (S + 0.00%; 8.00% PIK; 0.75% Floor)     09/08/2027       2,713,108       2,675,770       2,713,108  
Bonterra, LLC
(1) (3)
 (4) (5)
   Software & Tech Services   Term Loan   12.60% (S + 7.25%; 0.75% Floor)     09/08/2027       15,944,506       15,801,371       15,705,338  
Brightspot Buyer, Inc
(2) (6)
   Software & Tech Services   Revolver   11.96% (S + 6.50%; 0.75% Floor)     11/16/2027       —        (8,921 )      (17,007 ) 
Brightspot Buyer, Inc
(3)
   Software & Tech Services   Term Loan   11.96% (S + 6.50%; 0.75% Floor)     11/16/2027       1,448,598       1,418,312       1,412,383  
Brightspot Buyer, Inc
(1) (3)
   Software & Tech Services   Term Loan   11.96% (S + 6.50%; 0.75% Floor)     11/16/2027       5,215,571       5,147,185       5,085,182  
BSI2 Hold Nettle, LLC
(2) (6)
   Software & Tech Services   Revolver   10.18% (S + 5.00%; 0.75% Floor)     06/30/2028       —        (6,691 )      (8,834 ) 
BSI2 Hold Nettle, LLC
(3) (5)
   Software & Tech Services   Term Loan   10.18% (S + 5.00%; 0.75% Floor)     06/30/2028       4,652,488       4,599,653       4,582,701  
BSI2 Hold Nettle, LLC
(3)
   Software & Tech Services   Term Loan   10.19% (S + 5.00%; 0.75% Floor)     06/30/2028       620,773       608,394       611,461  
BusinesSolver.com, Inc.
(2)
   Software & Tech Services   Delayed Draw Term Loan   10.96% (S + 5.50%; 0.75% Floor)     12/01/2027       168,178       164,311       165,487  
BusinesSolver.com, Inc.
(3) (5)
   Software & Tech Services   Term Loan   10.96% (S + 5.50%; 0.75% Floor)     12/01/2027       7,250,814       7,202,733       7,232,686  
Community Brands Parentco, LLC
(2) (6)
   Software & Tech Services   Delayed Draw Term Loan   10.96% (S + 5.50%; 0.75% Floor)     02/24/2028       —        (5,836 )      (6,258 ) 
Community Brands Parentco, LLC
(2) (6)
   Software & Tech Services   Revolver   10.96% (S + 5.50%; 0.75% Floor)     02/24/2028       —        (5,845 )      (7,301 ) 
Community Brands Parentco, LLC
(1) (3) (5)
   Software & Tech Services   Term Loan   10.96% (S + 5.50%; 0.75% Floor)     02/24/2028       6,968,409       6,866,195       6,846,462  
Coupa Holdings,LLC
(2) (6)
   Software & Tech Services   Delayed Draw Term Loan   12.86% (S + 7.50%; 0.75% Floor)     02/27/2030       —        (10,483 )      —   
Coupa Holdings,LLC
(2) (6)
   Software & Tech Services   Revolver   12.86% (S + 7.50%; 0.75% Floor)     02/27/2029       —        (15,673 )      (1,815 ) 
Coupa Holdings,LLC
(1) (4) (5)
   Software & Tech Services   Term Loan   12.86% (S + 7.50%; 0.75% Floor)     02/27/2030       10,617,824       10,370,153       10,591,279  
Datacor, Inc.
(4) (5)
   Software & Tech Services   Delayed Draw Term Loan   11.21% (S + 5.75%; 1.00% Floor)     12/29/2025       2,545,283       2,518,898       2,513,467  
Datacor, Inc.
(2)
   Software & Tech Services   Revolver   11.21% (S + 5.75%; 1.00% Floor)     12/29/2025       442,618       425,112       426,810  
Datacor, Inc.
(1) (3) (5)
   Software & Tech Services   Term Loan   11.21% (S + 5.75%; 1.00% Floor)     12/29/2025       14,277,103       14,095,804       14,098,639  
Degreed, Inc.
(2) (6)
   Software & Tech Services   Delayed Draw Term Loan   10.96% (S + 5.50%; 1.00% PIK; 1.00% Floor)     05/29/2026       —        (50,032 )      (29,738 ) 
Degreed, Inc.
(2) (6)
   Software & Tech Services   Revolver   10.96% (S + 5.50%; 1.00% PIK; 1.00% Floor)     05/29/2026       —        (912 )      (13,579 ) 
Degreed, Inc.
(3)
   Software & Tech Services   Term Loan   10.96% (S + 5.50%; 1.50% PIK; 1.00% Floor)     05/29/2026       5,240,236       5,229,641       5,069,928  
Degreed, Inc.
(
3
)
   Software & Tech Services   Term Loan   12.46% (S + 5.50%; 1.50% PIK; 1.00% Floor)     05/29/2026       2,829,885       2,816,471       2,737,914  
Dispatch Track, LLC
(2) (6)
   Software & Tech Services   Revolver   9.96% (S + 4.50%; 1.00% Floor)     12/17/2026       —        (897 )      (1,510 ) 
Dispatch Track, LLC
(1) (5)
   Software & Tech Services   Term Loan   9.96% (S + 4.50%; 1.00% Floor)     12/17/2026       9,849,936       9,814,127       9,800,687  
EET Buyer, Inc.
(2)
   Software & Tech Services   Revolver   12.03% (S + 6.50%; 0.75% Floor)     11/08/2027       207,326       190,901       191,776  
EET Buyer, Inc.
(4)
   Software & Tech Services   Term Loan   11.97% (S + 6.50%; 0.75% Floor)     11/08/2027       4,139,650       4,048,102       4,077,555  
EET Buyer, Inc.
(3) (4) (5)
   Software & Tech Services   Term Loan   11.97% (S + 6.50%; 0.75% Floor)     11/08/2027       6,787,048       6,698,121       6,685,242  
Exterro, Inc.
(2)
   Software & Tech Services   Revolver   13.00% (S + 5.50%; 1.00% Floor)     06/01/2027       369,281       360,934       369,281  
Exterro, Inc.
(1)
   Software & Tech Services   Term Loan   11.03% (S + 5.50%; 1.00% Floor)     06/01/2027       2,793,450       2,789,044       2,793,450  
Exterro, Inc.
(1) (4)
   Software & Tech Services   Term Loan   11.03% (S + 5.50%; 1.00% Floor)     06/01/2027       5,809,123       5,773,848       5,809,122  
Exterro, Inc.
(1) (3) (5)
   Software & Tech Services   Term Loan   11.03% (S + 5.50%; 1.00% Floor)     06/01/2027       6,237,900       6,221,684       6,237,900  
Faithlife, LLC
(1) (4)
   Software & Tech Services   Delayed Draw Term Loan   10.95% (S + 5.50%; 1.00% Floor)     09/18/2025       706,493       701,549       706,493  
Faithlife, LLC
(2) (6)
   Software & Tech Services   Revolver   10.95% (S + 5.50%; 1.00% Floor)     09/18/2025       —        (1,945 )      —   
Faithlife, LLC
(1)
 (4)
 (5)
   Software & Tech Services   Term Loan   10.95% (S + 5.50%; 1.00% Floor)     09/18/2025       303,402       301,275       303,402  
Fusion Holding Corp
(2) (6)
   Software & Tech Services   Revolver   11.72% (S + 6.25%; 0.75% Floor)     09/15/2027       —        (23,232 )      (6,896 ) 
Fusion Holding Corp
(1) (3)
 (4)
 (5)
   Software & Tech Services   Term Loan   11.72% (S + 6.25%; 0.75% Floor)     09/15/2029       16,726,111       16,416,902       16,642,480  
Fusion Risk Management,
Inc.
(2) (6)
   Software & Tech Services   Revolver   8.87% (S + 3.50%; 3.75% PIK; 1.00% Floor)     05/22/2029       —        (15,169 )      (16,801 ) 
Fusion Risk Management,
Inc.
(3)
   Software & Tech Services   Term Loan   8.87% (S + 3.50%; 3.75% PIK; 1.00% Floor)     05/22/2029       7,135,236       7,008,832       6,992,531  
G Treasury SS, LLC
(2) (6)
   Software & Tech Services   Delayed Draw Term Loan   11.35% (S + 6.00%; 1.00% Floor)     06/29/2029       —        (16,826 )      (24,393 ) 
G Treasury SS, LLC
(2) (6)
   Software & Tech Services   Delayed Draw Term Loan   11.35% (S + 6.00%; 1.00% Floor)     06/29/2029       —        (10,516 )      (15,245 ) 
G Treasury SS, LLC
(2) (6)
   Software & Tech Services   Revolver   11.35% (S + 6.00%; 1.00% Floor)     06/29/2029       —        (16,835 )      (18,294 ) 
 
See Notes to Consolidated Financial Statements
 
35
Table of Contents
AB Private Credit Investors Corporation
Consolidated Schedule of Investments as of December 31, 2023
 
Portfolio Company
   
Industry
   
Facility Type
   
Interest
   
Maturity
   
Funded

Par Amount
     
Cost
    
Fair Value
  
G Treasury SS, LLC
(1) (3)
    Software & Tech Services    Term Loan    11.35% (S + 6.00%; 1.00% Floor)    06/29/2029    $ 3,649,738      $ 3,599,124     $ 3,576,743  
Genesis Acquisition Co.
(3)
    Software & Tech Services    Revolver    10.35% (S + 5.00%; 1.00% Floor)    07/31/2025      202,400        201,987       202,400  
Genesis Acquisition Co.
(1) (5)
    Software & Tech Services    Term Loan    10.35% (S + 5.00%; 1.00% Floor)    07/31/2025      3,631,930        3,616,293       3,631,930  
Genesis Acquisition Co.
(5)
    Software & Tech Services    Term Loan    10.35% (S + 5.00%; 1.00% Floor)    07/31/2025      341,770        338,869       341,770  
Greenhouse Software,
Inc.
(2) (6)
    Software & Tech Services    Revolver    12.35% (S + 7.00%; 1.00% Floor)    09/01/2028      —         (14,935 )      (12,323 ) 
Greenhouse Software,
Inc.
(2) (6)
    Software & Tech Services    Revolver    12.35% (S + 7.00%; 1.00% Floor)    09/01/2028      —         (11,873 )      (6,045 ) 
Greenhouse Software, Inc.
(3)
    Software & Tech Services    Term Loan    12.35% (S + 7.00%; 1.00% Floor)    09/01/2028      12,376,845        12,225,693       12,253,076  
Greenhouse Software,
Inc.
(1) (3) (4)
    Software & Tech Services    Term Loan    12.35% (S + 7.00%; 1.00% Floor)    09/01/2028      14,507,975        14,223,098       14,362,895  
Gryphon-Redwood Acquisition LLC
(2)
 (4)
 (8)
    Software & Tech Services    Delayed Draw Term Loan    10.51% (S + 4.00%; 6.00% PIK; 1.00% Floor)    09/16/2028      1,075,181        1,053,232       1,067,251  
Gryphon-Redwood Acquisition LLC
(1)
    Software & Tech Services    Term Loan    9.35% (S + 4.00%; 6.00% PIK; 1.00% Floor)    09/16/2028      3,704,487        3,657,019       3,685,964  
GS AcquisitionCo, Inc.
(2)
 (6)
    Software & Tech Services    Revolver    5.50% (S + 5.50%; 1.00% Floor)    05/22/2026      —         (562 )      (5,709 ) 
GS AcquisitionCo,
Inc.
(1) (3) (5)
    Software & Tech Services    Term Loan    11.00% (S + 5.50%; 1.00% Floor)    05/22/2026      9,381,588        9,369,931       9,264,318  
Hirevue, Inc.
(2) (6)
    Software & Tech Services    Revolver    12.63% (S + 7.25%; 1.00% Floor)    05/03/2029      —         (36,819 )      (28,808 ) 
Hirevue, Inc.
(4) (5)
    Software & Tech Services    Term Loan    12.63% (S + 7.25%; 1.00% Floor)    05/03/2029      12,934,244        12,635,647       12,707,894  
Iodine Software, LLC
(2) (6)
    Software & Tech Services    Delayed Draw Term Loan    11.50% (S + 6.00%; 1.00% Floor)    05/19/2027      —         (31,957 )      —   
Iodine Software, LLC
(3) (5)
    Software & Tech Services    Delayed Draw Term Loan    11.50% (S + 6.00%; 1.00% Floor)    05/19/2027      7,875,642        7,784,890       7,875,642  
Iodine Software, LLC
(2) (6)
    Software & Tech Services    Revolver    11.50% (S + 6.00%; 1.00% Floor)    05/19/2027      —         (12,511 )      —   
Iodine Software, LLC
(1) (5)
    Software & Tech Services    Term Loan    11.50% (S + 6.00%; 1.00% Floor)    05/19/2027      5,228,004        5,167,945       5,228,004  
Kaseya Inc.
(2)
    Software & Tech Services    Delayed Draw Term Loan    8.88% (S + 3.50%; 2.50% PIK; 0.75% Floor)    06/25/2029      39,178        31,195       39,178  
Kaseya Inc.
(2) (8)
    Software & Tech Services    Revolver    10.51% (S + 5.50%; 2.50% PIK; 0.75% Floor)    06/25/2029      160,904        157,154       157,711  
Kaseya Inc.
(1) (4) (5)
    Software & Tech Services    Term Loan    8.88% (S + 3.50%; 2.50% PIK; 0.75% Floor)    06/25/2029      10,596,694        10,472,462       10,543,710  
Mavenlink, Inc.
(2)
    Software & Tech Services    Revolver    11.76% (S + 0.00%; 0.75% Floor)    06/03/2027      1,446,026        1,423,378       1,409,946  
Mavenlink, Inc.
(1) (3) (4)
    Software & Tech Services    Term Loan    11.77% (S + 0.00%; 6.25% PIK; 0.75% Floor)    06/03/2027      15,264,979        15,074,764       14,959,680  
Medbridge Holdings,
LLC
(2) (6)
    Software & Tech Services    Revolver    11.50% (S + 6.00%; 1.00% Floor)    12/23/2026      —         (13,848 )      (17,203 ) 
Medbridge Holdings,
LLC
(1) (3) (5)
    Software & Tech Services    Term Loan    11.50% (S + 6.00%; 1.00% Floor)    12/23/2026      15,367,872        15,207,981       15,175,773  
Medbridge Holdings, LLC
(1)
    Software & Tech Services    Term Loan    11.50% (S + 6.00%; 1.00% Floor)    12/23/2026      974,356        961,512       962,176  
Metametrics, Inc.
(2) (6)
    Software & Tech Services    Revolver    10.47% (S + 5.00%; 1.00% Floor)    09/10/2025      —         (3,745 )      —   
Metametrics, Inc.
(1) (5)
    Software & Tech Services    Term Loan    10.45% (S + 5.00%; 1.00% Floor)    09/10/2025      3,472,106        3,449,523       3,472,106  
Moon Buyer, Inc.
(5)
    Software & Tech Services    Delayed Draw Term Loan    10.20% (S + 4.75%; 1.00% Floor)    04/21/2027      576,078        573,348       568,876  
Moon Buyer, Inc.
(2) (6)
    Software & Tech Services    Revolver    10.22% (S + 4.75%; 1.00% Floor)    04/21/2027      —         (9,788 )      (14,547 ) 
Moon Buyer, Inc.
(1) (3)
 (4) (5)
    Software & Tech Services    Term Loan    10.20% (S + 4.75%; 1.00% Floor)    04/21/2027      6,240,840        6,188,125       6,162,829  
Mykaarma Acquisition
LLC
(2) (6)
    Software & Tech Services    Revolver    8.38% (S + 3.00%; 3.75% PIK; 1.00% Floor)    03/21/2028      —         (8,417 )      (4,449 ) 
Mykaarma Acquisition LLC
(3) (5)
    Software & Tech Services    Term Loan    8.38% (S + 3.00%; 3.75% PIK; 1.00% Floor)    03/21/2028      6,339,104        6,250,126       6,291,561  
Navigate360, LLC
(5)
    Software & Tech Services    Delayed Draw Term Loan    11.21% (S + 5.75%; 1.00% Floor)    03/17/2027      1,790,047        1,773,419       1,767,671  
Navigate360, LLC
(2) (6)
    Software & Tech Services    Revolver    11.21% (S + 5.75%; 1.00% Floor)    03/17/2027      —         (7,831 )      (7,553 ) 
Navigate360, LLC
(4) (5)
    Software & Tech Services    Term Loan    11.21% (S + 5.75%; 1.00% Floor)    03/17/2027      2,243,081        2,208,661       2,215,042  
Navigate360, LLC
(3)
    Software & Tech Services    Term Loan    11.21% (S + 5.75%; 1.00% Floor)    03/17/2027      4,155,627        4,099,241       4,103,682  
Netwrix Corporation And Concept Searching
Inc.
(2) (6)
    Software & Tech Services    Delayed Draw Term Loan    10.39% (S + 5.00%; 0.75% Floor)    06/11/2029      —         (2,817 )      (27,504 ) 
Netwrix Corporation And Concept Searching
Inc.
(2) (6)
    Software & Tech Services    Revolver    10.39% (S + 5.00%; 0.75% Floor)    06/11/2029      —         (1,995 )      (9,684 ) 
Netwrix Corporation And Concept Searching
Inc.
(1) (4) (5)
    Software & Tech Services    Term Loan    10.39% (S + 5.00%; 0.75% Floor)    06/11/2029      9,880,549        9,861,658       9,757,042  
Netwrix Corporation And Concept Searching
Inc.
(2) (6)
    Software & Tech Services    Delayed Draw Term Loan    10.39% (S + 5.25%; 0.75% Floor)    06/11/2029      —         (16,061 )      (4,656 ) 
Penn TRGRP Holdings, LLC
(2) (6)
    Software & Tech Services    Revolver    13.14% (S + 1.75%; 6.00% PIK; 0.75% Floor)    09/27/2030      —         (20,348 )      (15,815 ) 
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      6,956,801        6,824,545       6,852,449  
Pieper Memorial,
LLC
(1)
 (2) (5)
    Healthcare    Delayed Draw Term Loan    11.44% (S + 6.00%; 1.00% Floor)    11/02/2027      2,700,286        2,634,630       2,631,284  
Pieper Memorial, LLC
(4)
 (5)
    Healthcare    Term Loan    11.44% (S + 6.00%; 1.00% Floor)    11/02/2027      2,072,313        2,032,917       2,030,866  
Ping Identity
Corporation
(2) (6)
    Software & Tech Services    Revolver    12.36% (S + 7.00%; 0.75% Floor)    10/17/2028      —         (24,270 )      —   
Ping Identity Corporation
(1)
 (3)
 (4) (5)
    Software & Tech Services    Term Loan    12.36% (S + 7.00%; 0.75% Floor)    10/17/2029      12,033,445        11,780,422       12,033,445  
Ranger Buyer, Inc.
(2) (6)
    Software & Tech Services    Revolver    10.71% (S + 5.25%; 0.75% Floor)    11/18/2027      —         (15,877 )      (20,987 ) 
Ranger Buyer, Inc.
(1) (3) (5)
    Software & Tech Services    Term Loan    10.71% (S + 5.25%; 0.75% Floor)    11/17/2028      14,138,951        13,927,148       13,891,520  
Sauce Labs, Inc.
(2)
    Software & Tech Services    Delayed Draw Term Loan    11.49% (S + 5.50%; 0.50% PIK; 1.00% Floor)    08/16/2027      591,875        570,275       568,200  
Sauce Labs, Inc.
(3)
    Software & Tech Services    Delayed Draw Term Loan    11.48% (S + 5.50%; 0.50% PIK; 1.00% Floor)    08/16/2027      1,934,726        1,911,106       1,896,031  
Sauce Labs, Inc.
(2) (6)
    Software & Tech Services    Revolver    11.48% (S + 5.50%; 1.00% Floor)    08/16/2027      —         (15,757 )      (25,636 ) 
Sauce Labs, Inc.
(3)
    Software & Tech Services    Term Loan    10.98% (S + 5.50%; 0.05% PIK; 1.00% Floor)    08/16/2027      7,541,536        7,435,065       7,390,705  
Saviynt, Inc.
(2) (3) (4)
    Software & Tech Services    Delayed Draw Term Loan    12.96% (S + 4.00%; 3.50% PIK; 1.00% Floor)    12/22/2027      3,096,164        2,959,098       2,973,261  
 
See Notes to Consolidated Financial Statements
 
36
Table of Contents
AB Private Credit Investors Corporation
Consolidated Schedule of Investments as of December 31, 2023
 
Portfolio Company
   
Industry
   
Facility Type
   
Interest
   
Maturity
   
Funded

Par Amount
     
Cost
    
Fair Value
  
Saviynt, Inc.
(2) (6)
    Software & Tech Services    Revolver    9.46% (S + 4.00%; 3.50% PIK; 1.00% Floor)    12/22/2027    $ —       $ (12,222 )    $ (12,196 ) 
Saviynt, Inc.
(1) (3)
    Software & Tech Services    Term Loan    9.46% (S + 4.00%; 3.50% PIK; 1.00% Floor)    12/22/2027      18,966,641        18,584,633       18,587,308  
Securonix, Inc.
(2) (6)
    Software & Tech Services    Revolver    11.41% (S + 6.00%; 0.75% Floor)    04/05/2028      —         (19,349 )      (173,063 ) 
Securonix, Inc.
(1) (3)
    Software & Tech Services    Term Loan    11.41% (S + 6.00%; 0.75% Floor)    04/05/2028      8,546,314        8,438,887       7,584,854  
Serrano Parent, LLC
(2) (6)
    Software & Tech Services    Revolver    11.88% (S + 6.50%; 1.00% Floor)    05/13/2030      —         (47,644 )      (41,720 ) 
Serrano Parent, LLC
(1) (3)
 (4) (5)
    Software & Tech Services    Term Loan    11.88% (S + 6.50%; 1.00% Floor)    05/13/2030      21,207,477        20,716,642       20,783,327  
Sirsi Corporation
(2) (6)
    Software & Tech Services    Revolver    11.71% (S + 6.25%; 1.00% Floor)    03/15/2025      —         (377 )      —   
Sirsi Corporation
(1) (5)
    Software & Tech Services    Term Loan    11.71% (S + 6.25%; 1.00% Floor)    03/15/2025      6,018,017        6,013,615       6,018,017  
SIS Purchaser, Inc.
(2) (6)
    Software & Tech Services    Revolver    10.96% (S + 5.50%; 1.00% Floor)    10/15/2026      —         (9,617 )      (11,660 ) 
SIS Purchaser, Inc.
(1) (3) (5)
    Software & Tech Services    Term Loan    10.96% (S + 5.50%; 1.00% Floor)    10/15/2026      11,811,617        11,708,637       11,693,501  
SIS Purchaser, Inc.
(5)
    Software & Tech Services    Term Loan    10.96% (S + 5.50%; 1.00% Floor)    10/15/2026      2,261,109        2,239,519       2,238,497  
Soladoc, LLC
(2) (6)
    Software & Tech Services    Delayed Draw Term Loan    10.43% (S + 5.00%; 0.75% Floor)    06/12/2028      —         (17,615 )      (64,781 ) 
Soladoc, LLC
(2) (6)
    Software & Tech Services    Revolver    10.43% (S + 5.00%; 0.75% Floor)    06/12/2028      —         (8,820 )      (22,085 ) 
Soladoc, LLC
(1) (3)
    Software & Tech Services    Term Loan    10.43% (S + 5.00%; 0.75% Floor)    06/12/2028      5,889,225        5,801,038       5,668,379  
SugarCRM, Inc.
(2) (6)
    Software & Tech Services    Revolver    11.96% (S + 6.50%; 1.00% Floor)    07/31/2024      —         (551 )      —   
SugarCRM, Inc.
(1) (3)
    Software & Tech Services    Term Loan    11.96% (S + 6.50%; 1.00% Floor)    07/31/2024      4,268,824        4,258,942       4,268,824  
Sundance Group Holdings,
Inc.
(3) (4)
    Software & Tech Services    Delayed Draw Term Loan    11.72% (S + 6.25%; 1.00% Floor)    07/02/2027      3,547,253        3,505,087       3,520,649  
Sundance Group Holdings,
Inc.
(2) (8)
    Software & Tech Services    Revolver    10.51% (S + 6.25%; 1.00% Floor)    07/02/2027      709,451        692,581       698,809  
Sundance Group Holdings,
Inc.
(4)
    Software & Tech Services    Term Loan    11.74% (S + 6.25%; 1.00% Floor)    07/02/2027      463,790        453,063       460,312  
Sundance Group Holdings,
Inc.
(1) (5)
    Software & Tech Services    Term Loan    11.73% (S + 6.25%; 1.00% Floor)    07/02/2027      11,824,177        11,683,610       11,735,496  
Sysnet North America,
Inc.
(1) (3) (5)
    Software & Tech Services    Term Loan    11.50% (S + 6.00%; 1.00% Floor)    12/01/2026      8,771,786        8,709,334       8,684,068  
Telcor Buyer, Inc.
(2) (6)
    Software & Tech Services    Revolver    9.72% (S + 4.25%; 1.00% Floor)    08/20/2027      —         (2,686 )      (2,908 ) 
Telcor Buyer, Inc.
(1) (5)
    Software & Tech Services    Term Loan    9.72% (S + 4.25%; 1.00% Floor)    08/20/2027      7,874,692        7,802,059       7,795,945  
Telesoft Holdings, LLC
(2)
    Software & Tech Services    Revolver    11.21% (S + 5.75%; 1.00% Floor)    12/16/2025      85,551        81,079       75,106  
Telesoft Holdings, LLC
(3) (5)
    Software & Tech Services    Term Loan    11.21% (S + 5.75%; 1.00% Floor)    12/16/2025      5,744,840        5,700,632       5,644,305  
Unanet, Inc.
(2) (4)
    Software & Tech Services    Delayed Draw Term Loan    11.45% (S + 6.00%; 0.75% Floor)    12/08/2028      1,547,761        1,503,508       1,528,809  
Unanet, Inc.
(2) (6)
    Software & Tech Services    Revolver    11.35% (S + 6.00%; 0.75% Floor)    12/08/2028      —         (20,905 )      (12,635 ) 
Unanet, Inc.
(3) (5)
    Software & Tech Services    Term Loan    11.35% (S + 6.00%; 0.75% Floor)    12/08/2028      12,003,044        11,803,922       11,883,013  
Ungerboeck Systems International, LLC
(3)
    Software & Tech Services    Delayed Draw Term Loan    12.00% (S + 6.50%; 1.00% Floor)    04/30/2027      477,340        473,604       470,180  
Ungerboeck Systems International, LLC
(1)
    Software & Tech Services    Delayed Draw Term Loan    12.00% (S + 6.50%; 1.00% Floor)    04/30/2027      322,391        319,620       317,555  
Ungerboeck Systems International,
LLC
(3)
    Software & Tech Services    Delayed Draw Term Loan    12.00% (S + 6.50%; 1.00% Floor)    04/30/2027      690,794        690,794       680,432  
Ungerboeck Systems International, LLC
(2) (6)
    Software & Tech Services    Revolver    12.00% (S + 6.50%; 1.00% Floor)    04/30/2027      —         (2,335 )      (3,441 ) 
Ungerboeck Systems International, LLC
    Software & Tech Services    Term Loan    12.00% (S + 6.50%; 1.00% Floor)    04/30/2027      263,748        257,746       259,792  
Ungerboeck Systems International, LLC
(3)
    Software & Tech Services    Term Loan    12.00% (S + 6.50%; 1.00% Floor)    04/30/2027      136,383        134,447       134,337  
Ungerboeck Systems International, LLC
(1)
 (3)
    Software & Tech Services    Term Loan    12.00% (S + 6.50%; 1.00% Floor)    04/30/2027      2,717,277        2,693,939       2,676,518  
Vectra AI, Inc.
(1)
    Software & Tech Services    Delayed Draw Term Loan    11.71% (S + 6.25%; 1.00% Floor)    03/02/2028      1,163,793        1,148,926       1,143,427  
Vectra AI, Inc.
(2) (6)
    Software & Tech Services    Revolver    11.71% (S + 6.25%; 1.00% Floor)    03/02/2028      —         (2,598 )      (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        5,473,638       5,455,695  
Vehlo Purchaser, LLC
(3) (4)
    Software & Tech Services    Delayed Draw Term Loan    10.55% (S + 5.00%; 0.75% Floor)    05/24/2028      6,195,183        6,143,886       6,086,767  
Vehlo Purchaser, LLC
(2)
    Software & Tech Services    Revolver    10.46% (S + 5.00%; 0.75% Floor)    05/24/2028      123,904        110,136       102,220  
Vehlo Purchaser, LLC
(1) (3) (5)
    Software & Tech Services    Term Loan    10.54% (S + 5.00%; 0.75% Floor)    05/24/2028      22,302,658        22,054,831       21,912,362  
Velocity Purchaser Corporation
(2) (6)
    Software & Tech Services    Revolver    11.96% (S + 6.50%; 1.00% Floor)    12/02/2024      —         (530 )      —   
Velocity Purchaser
Corporation
(1)
    Software & Tech Services    Term Loan    11.96% (S + 6.50%; 1.00% Floor)    12/02/2024      2,141,338        2,136,197       2,141,338  
Velocity Purchaser
Corporation
(1)
    Software & Tech Services    Term Loan    11.96% (S + 6.50%; 1.00% Floor)    12/02/2024      532,667        531,087       532,666  
Velocity Purchaser
Corporation
(1) (5)
    Software & Tech Services    Term Loan    11.96% (S + 6.50%; 1.00% Floor)    12/02/2024      4,229,879        4,210,048       4,229,879  
Veracross LLC
(1) (5)
    Software & Tech Services    Delayed Draw Term Loan    12.38% (S + 2.00%; 4.50% PIK; 1.00% Floor)    12/28/2027      1,727,307        1,675,853       1,697,079  
Veracross LLC
(2) (6)
    Software & Tech Services    Revolver    12.38% (S + 2.00%; 4.50% PIK; 1.00% Floor)    12/28/2027      —         (15,012 )      (19,470 ) 
Veracross LLC
(3)
    Software & Tech Services    Term Loan    7.46% (S + 2.00%; 4.50% PIK; 1.00% Floor)    12/28/2027      13,537,910        13,372,753       13,300,997  
Vhagar Purchaser, LLC
(4)
    Software & Tech Services    Term Loan    12.39% (S + 7.00%; 1.00% Floor)    06/11/2029      3,360,201        3,268,372       3,259,395  
Vhagar Purchaser, LLC.
(2)
    Software & Tech Services    Delayed Draw Term Loan    12.39% (S + 7.00%; 1.00% Floor)    06/11/2029      168,010        155,518       154,943  
Vhagar Purchaser, LLC.
(2) (6)
    Software & Tech Services    Revolver    12.39% (S + 7.00%; 1.00% Floor)    06/11/2029      —         (10,203 )      (11,201 ) 
 
See Notes to Consolidated Financial Statements
 
37
Table of Contents
AB Private Credit Investors Corporation
Consolidated Schedule of Investments as of December 31, 2023
 
Portfolio Company
   
Industry
   
Facility Type
   
Interest
   
Maturity
     
Funded

Par Amount
     
Cost
    
Fair Value
  
Zendesk, Inc.
(2) (6)
    Software & Tech Services    Delayed Draw Term Loan    6.25% (S + 6.25%; 0.75% Floor)      11/22/2028      $ —       $ (27,372 )    $ —   
Zendesk, Inc.
(2) (6)
    Software & Tech Services    Revolver    6.25% (S + 6.25%; 0.75% Floor)      11/22/2028        —         (22,519 )      (3,432 ) 
Zendesk, Inc.
(1) (3) (5)
    Software & Tech Services    Term Loan    8.36% (S + 6.25%;
3.25
% PIK; 0.75% Floor)		      11/22/2028        13,681,445        13,453,800       13,647,242  
Fullsteam Operations LLC
(4) (5)
    Digital Infrastructure & Services    Term Loan    11.79% (S + 6.25%; 3.00% Floor)      11/30/2028        4,978,075        4,855,464       4,853,623  
Next Holdco, LLC
(1) (4) (5)
    Digital Infrastructure & Services    Delayed Draw Term Loan    11.79% (S + 6.25%; 3.00% Floor)      11/30/2028        —         (24,495 )      (24,890 ) 
Next Holdco, LLC
(2) (6)
    Digital Infrastructure & Services    Revolver    11.79% (S + 6.25%; 3.00% Floor)      11/30/2028        —         (15,310 )      (15,556 ) 
Next Holdco, LLC
(2) (6)
    Software & Tech Services    Term Loan    12.10% (S + 6.75%; 1.00% Floor)      11/08/2030        13,118,364        12,795,384       12,790,405  
Pace Health Companies, LLC
(4)
    Software & Tech Services    Revolver    12.10% (S + 6.75%; 1.00% Floor)      11/08/2030        —         (33,485 )      (34,162 ) 
Pace Health Companies, LLC
(2)
    Software & Tech Services    Delayed Draw Term Loan    13.76% (S + 8.25%; 1.00% Floor)      11/27/2029        707,091        662,122       672,048  
Towerco IV Holdings, LLC
(1) (2)
 (4) (5)
    Software & Tech Services    Delayed Draw Term Loan    13.76% (S + 8.25%; 1.00% Floor)      11/27/2029        —         (15,347 )      (15,575 ) 
Your Part-Time Controller, LLC
(4)
    Software & Tech Services    Revolver    13.76% (S + 8.25%; 1.00% Floor)      11/27/2029        —         (12,279 )      (12,460 ) 
Your Part-Time Controller, LLC
(2) (6)
    Software & Tech Services    Term Loan    13.78% (S + 8.25%; 1.00% Floor)      11/27/2029        7,423,938        7,204,446       7,201,220  
Enverus Holdings, Inc.
(2) (6)
    Software & Tech Services    Term Loan    11.37% (S + 6.00%; 0.75% Floor)      11/12/2030        9,285,113        9,147,753       9,145,836  
Enverus Holdings, Inc.
(2) (6)
    Software & Tech Services    Delayed Draw Term Loan    11.37% (S + 6.00%; 0.75% Floor)      11/12/2030        —         (17,499 )      (17,856 ) 
Enverus Holdings, Inc.
    Software & Tech Services    Revolver    11.37% (S + 6.00%; 0.75% Floor)      11/09/2029        —         (13,091 )      (13,403 ) 
Heartland PPC Buyer LLC
(2) (6)
    Healthcare    Term Loan    12.05% (S + 6.50%; 1.00% Floor)      08/02/2025        1,383,033        1,364,426       1,383,033  
Heartland PPC Buyer LLC
(2) (6)
    Healthcare    Delayed Draw Term Loan    12.05% (S + 6.50%; 1.00% Floor)      08/02/2025        195,120        180,661       195,120  
Heartland PPC Buyer LLC
(1) (4) (5)
    Digital Infrastructure & Services    Delayed Draw Term Loan    9.71% (S + 4.25%; 1.00% Floor)      08/31/2028        17,672,017        17,596,763       17,429,698  
Your Part-Time Controller, LLC
    Business Services    Term Loan    11.36% (S + 6.00%; 1.00% Floor)      11/14/2029        6,907,709        6,772,375       6,769,554  
Your Part-Time Controller, LLC
    Business Services    Revolver    11.36% (S + 6.00%; 1.00% Floor)      11/14/2029        —         (12,299 )      (12,559 ) 
Enverus Holdings, Inc.
    Software & Tech Services    Delayed Draw Term Loan    10.86% (S + 5.50%; 0.75% Floor)      12/24/2029        —         (3,296 )      (3,308 ) 
Enverus Holdings, Inc.
    Software & Tech Services    Revolver    10.86% (S + 5.50%; 0.75% Floor)      12/24/2029        —         (10,031 )      (10,067 ) 
Enverus Holdings, Inc.
    Software & Tech Services    Term Loan    10.86% (S + 5.50%; 0.75% Floor)      12/24/2029        8,820,249        8,688,410       8,687,945  
Heartland PPC Buyer LLC
    Business Services    Delayed Draw Term Loan    11.35% (S + 5.75%; 0.75% Floor)      10/12/2029        —         (18,708 )      (18,839 ) 
Heartland PPC Buyer LLC
    Business Services    Revolver    11.35% (S + 5.75%; 0.75% Floor)      10/12/2029        —         (22,428 )      (22,607 ) 
Heartland PPC Buyer LLC
    Business Services    Term Loan    11.35% (S + 5.75%; 0.75% Floor)      12/12/2029        5,651,762        5,539,510       5,538,726  
                 
 
 
    
 
 
  
Total U.S. 1st Lien/Senior Secured Debt
         
 
1,270,618,569
 
  
 
1,246,838,945
 
2nd Lien/Junior Secured Debt —1.83%
           
Conterra Ultra Broadband Holdings, Inc.
(1)
(5)
    Digital Infrastructure & Services    Term Loan    13.96% (S + 8.50%; 1.00% Floor)      04/30/2027        6,537,710        6,489,084       6,521,366  
Symplr Software, Inc.
(1) (4)
    Software & Tech Services    Term Loan    13.36% (S + 7.88%; 0.75% Floor)      12/22/2028        3,130,634        3,089,537       2,684,519  
                 
 
 
    
 
 
  
Total U.S. 2nd Lien/Junior Secured Debt
         
 
9,578,621
 
  
 
9,205,885
 
     
 
 
    
 
 
  
Total U.S. Corporate Debt
         
 
1,280,197,190
 
  
 
1,256,044,830
 
Canadian Corporate Debt —4.74%
           
1st Lien/Senior Secured Debt —4.74%
           
Syntax Systems Ltd
(1) (5) (9)
    Digital Infrastructure & Services    Term Loan    10.96% (S + 5.50%; 0.75% Floor)      10/29/2028        8,684,697        8,622,463       8,619,561  
Syntax Systems Ltd
(2) (9)
    Digital Infrastructure & Services    Revolver    10.96% (S + 5.50%; 0.75% Floor)      10/29/2026        597,175        591,592       589,872  
McNairn Holdings Ltd.
(1) (9)
    Business Services    Term Loan    11.98% (S + 6.50%; 0.50% PIK; 1.00% Floor)      11/25/2025        735,190        727,122       735,190  
Banneker V Acquisition, Inc.
(1) (3)
 (5) (9)
    Software & Tech Services    Term Loan    12.96% (S + 7.00%; 1.00% Floor)      12/04/2025        13,258,433        13,083,544       12,993,265  
Banneker V Acquisition, Inc.
(2) (6) (9)
    Software & Tech Services    Revolver    12.96% (S + 7.00%; 1.00% Floor)      12/04/2025        —         (13,323 )      (17,934 ) 
 
See Notes to Consolidated Financial Statements
 
38
Table of Contents
AB Private Credit Investors Corporation
Consolidated Schedule of Investments as of December 31, 2023
 
Portfolio Company
   
Industry
   
Facility Type
   
Interest
   
Maturity
     
Funded
Par Amount
     
Cost
     
Fair Value
  
Banneker V Acquisition,
Inc.
(5) (9)
    Software & Tech Services    Delayed Draw Term Loan    12.96% (S + 7.00%; 1.00% Floor)      12/04/2025        1,024,233        1,016,162        1,003,748  
                 
 
 
     
 
 
  
Total Canadian 1st Lien/Senior Secured Debt
         
 
24,027,560
 
   
 
23,923,702
 
  
 
 
     
 
 
  
Total Canadian Corporate Debt
         
 
24,027,560
 
   
 
23,923,702
 
 
See Notes to Consolidated Financial Statements
 
39
Table of Contents
AB Private Credit Investors Corporation
Consolidated Schedule of Investments as of December 31, 2023
 
Portfolio Company
   
Class/Series
   
Industry
   
Initial Acquisition

Date
(10)
     
Shares
     
Cost
     
Fair
Value
  
U.S. Preferred Stock —1.74%
                  
MSP Global Holdings, Inc
(11)
    Class A    Digital Infrastructure & Services      01/24/2022      $ 333,937      $ 272,826      $ 327,690  
Bowline Topco LLC ^^
(11) (12)
    LLC Units    Energy      08/09/2021        2,946,390        —         —   
Alphasense, Inc.
(9) (11)
    Series C    Software & Tech Services      06/01/2021        23,961        369,843        632,053  
Concerto Health AI Solutions, LLC
 (11)
 (12)
    Series
B-1
    Software & Tech Services      12/23/2019        65,614        349,977        327,029  
Datarobot, Inc.
(11)
    Series E    Software & Tech Services      08/30/2019        38,190        289,278        263,363  
Datarobot, Inc.
(11)
    Series F    Software & Tech Services      10/27/2020        6,715        88,248        62,997  
Degreed, Inc.
(11)
    Series
C-1
    Software & Tech Services      06/25/2019        43,819        278,541        241,557  
Degreed, Inc.
(11)
    Series D    Software & Tech Services         16,943        278,308        231,450  
Content Square SAS
(11)
    Series F    Software & Tech Services         24,472        206,755        206,715  
Content Square SAS
(11)
    Earn Out    Software & Tech Services         2,027        8,561        —   
Knockout Intermediate Holdings I, Inc. (Kaseya, Inc.)
(11)
    Perpetual    Software & Tech Services      06/23/2022        1,345        1,311,760        1,576,537  
Netskope, Inc.
(11)
    Series G    Software & Tech Services      01/27/2020        36,144        302,536        399,649  
Phenom People, Inc.
(11)
    Series C    Software & Tech Services      01/08/2020        35,055        220,610        395,180  
Protoscale Rubrik, LLC
(11)
    Class B    Software & Tech Services      01/04/2019        25,397        598,212        640,415  
Swyft Parent Holdings LP
(11) (12)
    Preferred Units    Software & Tech Services      02/07/2022        850,470        758,389        943,224  
Symplr Software Intermediate Holdings,
Inc.
(11)
    Series A    Software & Tech Services      11/30/2018        1,196        1,160,532        2,056,192  
Vectra AI, Inc
(11)
    Series F    Software & Tech Services      05/28/2021        17,064        131,095        104,619  
SCP Resonatics Aggregator I, LLC
(11)
    Class A    Healthcare         541        368,990        368,990  
              
 
 
     
 
 
  
Total U.S. Preferred Stock
               
 
6,994,461
 
   
 
8,777,660
 
U.S. Common Stock —2.00%
                  
Content Square SAS
(11)
    Ordinary Shares    Software & Tech Services       $ 75,889      $ 416,757      $ 416,758  
Global Radar Holdings, LLC
(11) (12)
    Earn Out    Business Services      11/08/2022        125        —         —   
AEG Holding Company, Inc.
(11)
    Class A    Consumer Discretionary      11/20/2017        320        321,309        252,213  
Freddy’s Acquisition, LP (Freddy’s Frozen Custard, LLC)
(11)
    LP Interests    Consumer
Non-Cyclical
      03/03/2021        72,483        72,483        143,917  
8x8, Inc.
(9)
 (11) (13)
    Common Units    Digital Infrastructure & Services         7,886        170,890        29,809  
Avant Communications, LLC
(11) (12)
    Class A    Digital Infrastructure & Services      11/30/2021        236,307        236,307        344,264  
MSP Global Holdings, Inc.
(11)
    Class A    Digital Infrastructure & Services      01/24/2022        333,937        61,110        86,110  
NEPCORE Parent Holdings, LLC
(11)
    LP Interests    Digital Infrastructure & Services      10/21/2021        98        97,884        30,933  
Neutral Connect, LLC
(11)
    LLC Units    Digital Infrastructure & Services      10/21/2021        396,513        439,932        227,344  
Thrive Parent, LLC
(11)
    Class L    Digital Infrastructure & Services      01/22/2021        102,108        271,128        486,246  
Advantage AVP Parent Holdings, L.P. (Medical Management Resource Group, LLC)
(11)
    Units    Healthcare      09/30/2021        34,492        34,492        28,007  
American Outcomes Management, L.P.
 (11)
 (12)
    Class A    Healthcare      02/17/2022        290,393        18,979        454,404  
Community Based Care Holdings, LP
 (11)
    Senior Common Units    Healthcare      01/03/2022        179        178,916        245,905  
GSV MedSuite Investments, LLC (Millin Purchaser, LLC)
(11)
    Class A    Healthcare      03/31/2022        86,555        86,555        73,611  
Health Platform Group, Inc
(11)
    Earn Out    Healthcare      10/31/2020        16,502        —         4,455  
INH Group Holdings, Inc.
(11)
    Class A    Healthcare      01/31/2019        484,552        484,552        9,135  
RCFN Parent, LP (People’s Care)
(11)
    LP Interests    Healthcare      06/18/2021        77        78,284        80,825  
REP Coinvest III AGP Blocker, L.P. (Agape Care Group)
(11)
    LP Interests    Healthcare      10/14/2021        590,203        590,203        1,021,579  
SBS Super Holdings, LLC ^^^
(11)
    Class A    Healthcare      05/12/2023        21        —         —   
SBS Super Holdings, LLC ^^^
(11)
    Class B    Healthcare      05/12/2023        100        10        —   
Brightspot Holdco, LLC
(11)
    Class A    Software & Tech Services      11/16/2021        433,207        433,207        450,807  
GSV Vehlo Investments, LLC (Vehlo Purchaser, LLC)
(11)
    Class A    Software & Tech Services      05/24/2022        150,297        150,297        179,340  
Human Security
(11)
    Class A    Software & Tech Services      07/29/2022        329,116        953,134        639,114  
Moon Topco, L.P. (Radiant Logic, Inc.)
 (11)
    Class A    Software & Tech Services      04/21/2021        3,600        35,999        54,330  
Mykaarma Acquisition LLC
(11)
    LP Interests    Software & Tech Services      03/21/2022        257,031        257,031        340,890  
Pamlico Part Time
(11)
    LP Interests    Software & Tech Services         138,390        138,390        138,390  
Ranger Lexipol Holdings, LLC
(11)
    Class A    Software & Tech Services      11/18/2021        433        355,837        464,789  
Ranger Lexipol Holdings, LLC
(11)
    Class B    Software & Tech Services      11/18/2021        433        77,371        105,986  
REP Coinvest III Tec, L.P. (American Safety Holdings Corp.)
(11)
    LP Interests    Software & Tech Services      06/18/2020        167,509        190,658        267,689  
Servpro, LLC
(11)
    LP Interests    Business Services         277,533        277,533        277,533  
Stripe, Inc.
(11)
    Class B    Software & Tech Services         4,158        166,854        94,948  
Swyft Parent Holdings LP
(11) (12)
    LP Interests    Software & Tech Services      02/07/2022        4,485        53,049        48,549  
SCP Resonatics Aggregator I, LLC
(11)
    Class B    Healthcare         32,450        171,840        171,840  
ADT Commercial Co Invest
(9) (11)
    LP Interests    Healthcare      09/29/2023        1,100,000        1,100,000        1,100,000  
REP Coinvest
III-A
Omni, L.P. (Omni Logistics, LLC)
(11)
    LP Interests    Transport & Logistics      02/05/2021        193,770        53,301        263,971  
 
See Notes to Consolidated Financial Statements
 
40
Table of Contents
AB Private Credit Investors Corporation
Consolidated Schedule of Investments as of December 31, 2023
 
REP RO Coinvest IV A Blocker (Road One) 
(11)
    Class A    Transport & Logistics      12/28/2022     $ 66,441,840      $ 664,418      $ 759,364  
Consortium Networks, LLC
(11)
    LP Interests    Software & Tech Services        776,334        776,334        776,334  
             
 
 
     
 
 
  
Total U.S. Common Stock
              
 
9,415,044
 
   
 
10,069,389
 
U.S. Warrants —0.20%
                 
Alphasense, Inc., expire 05/29/2027(9) 
(11)
    Series B    Software & Tech Services      06/02/2020       40,394        35,185        765,510  
Degreed, Inc., expire 04/11/2028
(11)
    Series D    Software & Tech Services      04/11/2021       7,624        —         5,736  
Degreed, Inc., expire 05/31/2026
(11)
    Series C
-1
    Software & Tech Services      05/31/2019       26,294        46,823        49,501  
Degreed, Inc., expire 08/18/2029
(11)
    Common Shares    Software & Tech Services      08/18/2022       9,374        41,527        22,124  
ScyllaDB, Inc., expire 09/08/2032(9)
(11)
    Series
C-1
    Software & Tech Services      09/08/2022       239,984        43,880        98,162  
Vectra AI, Inc., expire 03/18/2031
(11)
    Series F    Software & Tech Services      03/18/2021       35,156        58,189        77,654  
             
 
 
     
 
 
  
Total U.S. Warrants
              
 
225,605
 
   
 
1,018,687
 
United Kingdom Warrants —
0.05
%
                 
GlobalWebIndex, Inc., expire 12/30/2027
(11)
    Preferred Units    Software & Tech Services      12/30/2020       11,776        159,859        272,172  
             
 
 
     
 
 
  
Total United Kingdom Warrants
              
 
159,859
 
   
 
272,172
 
Portfolio Company
   
Class/Series
              
Shares
     
Cost
     
Fair Value
  
U.S. Investment Companies —2.18%
                 
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        789,761  
AB Equity Investors, L.P.
(11) (14)
    LP Interests           5,377,887        5,377,887        6,064,911  
Falcon
Co-Investment
Partners, L.P.
(11) (14)
    LP Interests           818,579        818,579        819,397  
GHP E Aggregator, LLC
(11) (14)
    LLC Units           417,813        186,588        666,829  
GHP SPV 2, L.P.
(9) (11) (14)
    LP Interests           271,942        271,942        267,863  
Magenta Blocker Aggregator, LP
(11) (14)
    LP Interests           821,397        676,978        1,016,067  
Palms
Co-Investment
Partners, L.P.
(11) (14)
    LP Interests           261,449        261,449        261,449  
             
 
 
     
 
 
  
             
 
8,521,131
 
   
 
11,014,144
 
             
 
 
     
 
 
  
Total U.S. Investment Companies
              
 
8,521,131
 
   
 
11,014,144
 
TOTAL INVESTMENTS—260.04%(15)
              
$
1,329,540,850
 
   
$
1,311,120,584
 
             
 
 
     
 
 
  
Portfolio Company
        
Industry
         
Shares
     
Cost
     
Fair Value
  
Cash Equivalents —11.35%
                 
Blackrock T Fund I
(13) (16)
    Money Market    Money Market Portfolio      5.26%
(17)
     $ 29,297,280      $ 29,297,280      $ 29,297,280  
State Street Institutional US Government Money Market Fund
(13) (16)
    Money Market    Money Market Portfolio      5.23%
(17)
       5,594,935        5,594,935        5,594,935  
US Bank MMDA GCTS Money Market Fund
(13)(16)
    Money Market    Money Market Portfolio      4.75%
(17)
       22,338,035        22,338,035        22,338,035  
             
 
 
     
 
 
  
Total Cash Equivalents
              
 
57,230,250
 
   
 
57,230,250
 
          
 
 
     
 
 
  
Cash —3.06%
                 
US Dollar
    Cash    USD        15,441,678        15,441,678        15,441,678  
             
 
 
     
 
 
  
Total Cash
              
 
15,441,678
 
   
 
15,441,678
 
          
 
 
     
 
 
  
Total Cash and Cash Equivalents
              
 
72,671,928
 
   
 
72,671,928
 
             
 
 
     
 
 
  
LIABILITIES IN EXCESS OF OTHER
ASSETS—(174.45%)
                 
$
(879,595,267
) 
                
 
 
  
NET ASSETS—100.00%
                 
$
504,197,245
 
                
 
 
  
 
(++)
 
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”. Industry sectors have been updated with the addition of new
sub-industries
and moving some industries to relevant
sub-industries.
+
 
As of December 31, 2023, qualifying assets represented 97.29% 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 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. 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. SOFR loans may be subject to interest floors. As of December 31, 2023, rates for weekly 1M S, 3M S and 6M S are 5.34%, 5.36% and 5.35%, respectively. As of December 31, 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 December 31, 2023.
 
See Notes to Consolidated Financial Statements
 
41
Table of Contents
AB Private Credit Investors Corporation
Consolidated Schedule of Investments as of December 31, 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 December 31, 2023, the aggregate fair value of these securities is $19,827,286 or 3.93% 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 $12,889,328; aggregate gross unrealized depreciation for federal income tax purposes is $31,169,850. Net unrealized depreciation is $18,280,522 based upon a tax cost basis of $1,329,401,106.
(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 December 31, 2023.
P - Prime
PIK -
Payment-In-Kind
S - SOFR
 
See Notes to Consolidated Financial Statements
 
42
Table of Contents
AB Private Credit Investors Corporation
Notes to Unaudited Consolidated Financial Statements
June 30, 2024
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 June 30, 2024, the Fund had total Capital Commitments of $690,233,884, of which 15% or $105,720,487 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.
 
43
Table of Contents
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 presentation of the statement of financial position and results from operations. Operating results for interim periods are not necessarily indicative of operating results for an entire year.
The functional currency of the Fund is U.S. dollars and these consolidated financial statements have been prepared in that currency.
Consolidation
The Fund will generally consolidate any wholly or substantially owned subsidiary when the design and purpose of the subsidiary is to act as an extension of the Fund’s investment operations and to facilitate the execution of the Fund’s investment strategy. Accordingly, the Fund consolidated the results of its wholly or substantially owned subsidiaries in its consolidated financial statements. The portion of net assets that is attributable to
non-controlling
interest in ABPCICE is presented as
“Non-Controlling
Interest in ABPCIC Equity Holdings, LLC”, a component of total equity, on the Fund’s consolidated statements of assets and liabilities. All intercompany balances and transactions have been eliminated in consolidation.
Valuation of Investment Companies
Investments in investment companies are valued at fair value. Fair values are generally determined utilizing the net asset value (“NAV”) supplied by, or on behalf of, management of each investment company, which is net of management and incentive fees or allocations charged by the investment company and is in accordance with the “practical expedient”, as defined by ASC 820. NAVs received by, or on behalf of, management of each investment company are based on the fair value of the investment company’s underlying investments in accordance with policies established by management of each investment company, as described in each of their financial statements and offering memorandum.
Cash and Cash Equivalents
Cash consists of demand deposits and money market accounts. The Fund maintains deposits of its cash with financial institutions, and, at times, cash held in bank accounts may exceed the Federal Deposit Insurance Corporation insured limit. The Fund considers all highly liquid investments, with original maturities of less than ninety days and money market mutual funds as cash equivalents.
Revenue Recognition
Investment transactions are recorded on a trade-date basis. Interest income is recognized on an accrual basis. Interest income on debt instruments is accrued and recognized for those issuers who are currently paying in full or expected to pay in full. For those issuers who are in default or expected to default, interest is not accrued and is only recognized when received. Generally, when interest and/or principal payments on a loan become past due, or if the Fund otherwise does not expect the borrower to be able to service its debt and other obligations, the Fund will place the loan on
non-accrual
status and will cease recognizing interest income on that loan for financial reporting purposes until all principal and interest have been brought current through payment or due to restructuring such that the interest income is deemed to be collectible. The Fund generally restores
non-accrual
loans to accrual status when past due principal and interest is paid and, in the management’s judgment, is likely to remain current. Interest income and expense include discounts accreted and premiums amortized on certain debt instruments as determined in good faith by the Adviser and calculated using the effective interest method. Loan origination fees, original issue discounts and market discounts or premiums are capitalized as part of the underlying cost of the investments and accreted or amortized over the life of the investment as interest income.
Realized gains and losses on investment transactions are determined on the specific identification method.
Certain investments in debt securities may contain a contractual
payment-in-kind
(“PIK”) interest provision. The PIK provisions generally feature the obligation, or the option, at each interest payment date of making interest payments in (i) cash, (ii) additional debt or (iii) a combination of cash and additional debt. PIK interest, computed at the contractual rate specified in the investment’s credit agreement, is accrued as interest income and recorded as interest receivable up to the interest payment date. On the interest payment date, the accrued interest receivable attributable to PIK is added to the principal balance of the investment. When additional debt is received on the interest payment date, it typically has the same terms, including maturity dates and interest rates, as the original loan. PIK interest generally becomes due on the investment’s maturity date or call date.
 
44
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 June 30, 2024, the Fund had certain investments held in four portfolio companies on
non-accrual
status, which represented 1.36% and 0.23% of the total investments (excluding investments in cash equivalents, if any) at amortized cost and at fair value, respectively. As of December 31, 2023, the Fund had certain investments held in three portfolio companies on
non-accrual
status, which represented 1.46% and 0.27% of the total investments (excluding investments in cash equivalents, if any) at amortized cost and at fair value, respectively.
Credit Facility Related Costs, Expenses and Deferred Financing Costs
The 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.
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
 
45
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 June 30, 2024, and December 31, 2023, the Fund had no excise tax.
The Fund may be subject to taxes imposed by countries in which the Fund invests. Such taxes are generally based on income and/or capital gains earned or repatriated. Taxes are accrued and applied to net investment income, net realized gains and net unrealized gain (loss) as such income and/or gains are earned.
The Fund remains subject to examination by U.S. federal and state jurisdictions, as well as international jurisdictions, and upon completion of these examinations (if undertaken by the taxing jurisdiction) tax adjustments may be necessary and retroactive to all open tax years.
Certain of the Fund’s consolidated subsidiaries are subject to U.S. federal and state corporate-level income taxes.
For the three and six months ended June 30, 2024, the Fund accrued income taxes of $
91,736
and $
179,306
, respectively. For the three and six months ended June 30, 2023, the Fund accrued income taxes of $
260,725
and
278,026
, respectively. As of June 30, 2024, and December 31, 2023, $
142,842
and $
241,195
, respectively, of accrued income taxes remained payable.
Use of Estimates
The preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities, if any, at the date of the consolidated financial statements, and the reported amounts of revenues and expenses recorded during the reporting period. Actual results could differ from those estimates and such differences could be material.
Distributions
Distributions from net investment income and net realized capital gains are determined in accordance with U.S. federal income tax regulations, which may differ from those amounts determined in accordance with GAAP. These book/tax differences are either temporary or permanent in nature. To the extent these differences are permanent they are charged or credited to
paid-in
capital in excess of par or distributable earnings, as appropriate, in the period that the differences arise. Temporary and permanent differences are primarily attributable to differences in the tax treatment of certain loans and the tax characterization of income and
non-deductible
expenses. These differences are generally determined in conjunction with the preparation of the Fund’s annual RIC tax return. Distributions to common stockholders are recorded on the
ex-dividend
date. The amount to be paid out as a distribution is determined
 
46
by the Board each quarter and is generally based upon the earnings estimated by the Adviser. The Fund may pay distributions to its stockholders in a year in excess of its net ordinary income and capital gains for that year and, accordingly, a portion of such distributions may constitute a return of capital for U.S. federal income tax purposes. The Fund may pay distributions in excess of its taxable net investment income. This excess would be a
tax-free
return of capital in the period and reduce the stockholder’s tax basis in its Shares. The Fund intends to timely distribute to its stockholders substantially all of its annual taxable income for each year, except that the Fund may retain certain net capital gains for reinvestment and, depending upon the level of the Fund’s taxable income earned in a year, the Fund may choose to carry forward taxable income for distribution in the following year and pay any applicable U.S. federal excise tax. The specific tax characteristics of the Fund’s distributions will be reported to stockholders after the end of the calendar year. All distributions will be subject to available funds, and no assurance can be given that the Fund will be able to declare such distributions in future periods.
The Fund has adopted a dividend reinvestment plan that provides for stockholders to receive dividends or other distributions declared by the Board in cash unless a stockholder elects to “opt in” to the dividend reinvestment plan. As a result, if the Board declares a cash distribution, then the stockholders who have “opted in” to the dividend reinvestment plan will have their cash distributions automatically reinvested in additional Shares, 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%.
For the three and six months ended June 30, 2024, the Fund incurred a management fee of $4,911,685 and $9,558,202, respectively. For the three and six months ended June 30, 2023, the Fund incurred a management fee of $4,204,038 and $8,142,942, respectively. As of June 30, 2024, and December 31, 2023, $4,911,685 and $4,479,535, respectively, of accrued management fee remained payable.
The Fund also pays the Adviser an incentive fee that provides the Adviser with a share of the income that the Adviser generates for the Fund. The incentive fee consists of an income-based incentive fee component and a capital-gains component, which are largely independent of each other, with the result that one component may be payable even if the other is not.
Income-Based Incentive Fee: The income-based incentive fee is calculated and payable quarterly in arrears based on the Fund’s net investment income prior to any deductions with respect to such income-based incentive fees and capital gains incentive fees
(“Pre-incentive
Fee Net Investment Income” or “PIFNII”) for the quarter, as further described below. PIFNII means interest income, dividend income and any other income (including any other fees, such as commitment, origination, structuring, diligence, managerial and consulting fees or other fees the Fund receives from portfolio companies) that the Fund accrues during the fiscal quarter, minus the Fund’s operating expenses for the quarter (including the base management fee, expenses payable under the administration agreement (the “Administration Agreement”) the Fund has entered into with State Street Bank and Trust (the “Administrator”), and any interest expense and dividends paid on any issued and outstanding indebtedness or preferred stock, respectively, but excluding, for avoidance of doubt, the income-based incentive fee, as well as the capital gains incentive fee (described below), accrued under GAAP). PIFNII also includes, in the case of investments with a deferred interest feature (such as original issue discount, debt instruments with
pay-in-kind
interest and
zero-coupon
securities), accrued income that the Fund has not yet received in cash. The Adviser is not under any obligation to reimburse the Fund for any part of the income-based incentive fees it received that was based on accrued interest that the Fund never actually received.
PIFNII does not include any realized capital gains, realized capital losses or unrealized capital appreciation or depreciation. Because of the structure of the income-based incentive fee, it is possible that the Fund may accrue such income-based incentive fee in a quarter where the Fund incurs a net loss. For example, if the Fund receives PIFNII in excess of a hurdle rate (as defined below) for a quarter, the Fund will accrue the applicable income-based incentive fee even if the Fund has incurred a realized and/or unrealized capital loss in that quarter. However, cash payment of the income-based incentive fee may be deferred in this situation, subject to the restrictions detailed at the end of this section.
 
47
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 six months ended June 30, 2024, the Fund incurred income-based incentive fees of $3,250,337 and $6,492,093, respectively. For the three and six months ended June 30, 2023, the Fund incurred income-based incentive fees of $2,600,473 and $5,355,077, respectively. As of June 30, 2024 and December 31, 2023, $3,250,337, and $3,369,132, respectively, of accrued income-based incentive fees remained payable.
The capital gains fee shall be determined and payable in arrears as of the end of each calendar year (or upon termination of this Agreement as set forth below), and will equal 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 the Second Amended and Restated Advisory Agreement shall terminate as of a date that is not a calendar year end, the termination date shall be treated as though it were a calendar year end for purposes of calculating and paying a capital gains fee.
While the capital gains fee to be paid is determined above, GAAP requires such fee to be accrued as if the Fund were to be terminated and liquidated at period end hypothetical liquidation. There was no capital gains incentive fee under GAAP recognized for the three and six months ended June 30, 2024 and June 30, 2023. As of June 30, 2024 and December 31, 2023, $0 and $0, respectively, of capital gains incentive fee remained payable.
 
48
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 Second 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 Second 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 its allocable portion (subject to the review of the Fund’s 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.
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 Second Amended and Restated Advisory Agreement, or (b) the Board of the Fund making a determination to dissolve or liquidate the Fund. Upon termination of the Expense Support and Conditional Reimbursement Agreement, the Fund will be required to fund any Expense Payments, subject to the aforementioned requirements per the Expense Support and Conditional Reimbursement Agreement, that have not been reimbursed by the Fund to the Adviser. As of June 30, 2024, there was no expense support provided and no reimbursement payments were made.
 
49
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 six months ended June 30, 2024, the Fund accrued $27,837 and $66,525, respectively, in transfer agent fees. For the three and six months ended June 30, 2023, the Fund accrued $36,215 and $71,487, respectively, in transfer agent fees. As of June 30, 2024 and December 31, 2023, $27,837 and $35,381, 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, an investment is deemed to be a “
controlled affiliated person
” of the Fund because the Fund owns, either directly or indirectly, 25% or more of the portfolio company’s outstanding voting securities or has the power to exercise control over management or policies of such portfolio company. As defined in the Investment Company Act an investment is deemed to be an “affiliated person” of the Fund because the Fund owns, either directly or indirectly,
5
% or more of the portfolio company’s outstanding voting securities. The table below presents the Fund’s affiliated investments:
 
50
    
Beginning
Fair Value
Balance
     
Gross
Additions
(1)
     
Gross
Reductions
(2)
    
Net Realized
Gain/Loss
     
Net Change in
Unrealized
Appreciation
(Depreciation)
    
Ending Fair
Value
Balance
     
Dividend,
Interest, PIK
and Other
Income
  
For the Six Months Ended June 30, 2024
 
Non-Controlled
Affiliates
 
                
SBS Super Holdings, LLC (Class B Units)
    $ —       $ —       $ —      $ —       $ —      $ —       $ —   
Delaware Valley Management Holdings, Inc.
      237,136        —         (164,289 )      —         8,474       81,321        —   
Delaware Valley Management Holdings, Inc.
      624,645           (530,875 )        58,508       152,278        —   
Delaware Valley Management Holdings, Inc.
      350,292        —         (270,490 )      —         40,417       120,219        —   
Delaware Valley Management Holdings, Inc.
      2,252,790        —         (1,696,893 )      —         216,652       772,549        —   
   $ 3,464,863      $ —       $ (2,662,547 )   $ —       $ 324,051     $ 1,126,367      $ —   
For the Six Months Ended June 30, 2023
 
Non-Controlled
Affiliates
 
                
SBS Super Holdings, LLC (Class B Units)
    $ —       $ 10    $ —      $ —       $ (10 )   $ —       $ —   
Controlled Affiliates
 
                
Bowline Topco LLC
    $ 173,837      $ —       $ —      $ —       $ 90,649     $ 264,486      $ —   
   $ 173,837      $ 10      $ —      $ —       $ 90,639     $ 264,486      $ —   
 
(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
 
51
(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 June 30, 2024, 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 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, (ii) temporarily reduced the 2021 HSBC Credit Facility’s maximum commitment from $200,000,000 to $135,000,000 until June 7, 2024 and (iii) reduced the Fund’s sublimit commitment from $33,000,000 to $31,000,000.
On November 15, 2023, the Fund entered into Amendment No. 10 to the 2021 HSBC Credit Agreement. The 2021 HSBC Credit Agreement Amendment No. 10 (i) temporarily increased the 2021 HSBC Credit Facility’s maximum commitment from $135,000,000 to $200,000,000 until February 13, 2024, (ii) temporarily increased the Fund’s facility sublimit from $31,000,000 to $40,000,000 until February 13, 2024, after which the Fund’s facility sublimit reduced from $40,000,000 to $30,000,000 until June 7, 2024.
On May 24, 2024, the Fund entered into a Fund Group Facility Sublimit Adjustment Letter (the “May Adjustment Letter”) among the borrowers under the 2021 HSBC Credit Facility. The May Adjustment Letter reduced the Fund’s fund group facility sublimit under the 2021 HSBC Credit Facility from $30,000,000 to $10,000,000.
On June 6, 2024, the Fund entered into Amendment No. 12 to the 2021 HSBC Credit Agreement. The 2021 HSBC Credit Agreement Amendment No. 12 extended the maturity date of the 2021 HSBC Credit Facility from June 7, 2024 to June 6, 2025.
On June 17, 2024, the Fund entered into a second Fund Group Facility Sublimit Adjustment Letter (the “June Adjustment Letter”) among the borrowers under the 2021 HSBC Credit Facility. The June Adjustment Letter increased the Fund’s fund group facility sublimit under the 2021 HSBC Credit Facility from $10,000,000 to $30,000,000.
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.
 
52
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 June 30, 2024, 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. On July 1, 2021, ABPCIC Funding III entered into an amendment to the Natixis Credit Agreement providing for, among other things, an upsize of the aggregate principal amount of the commitments under the Natixis Credit Agreement from $100,000,000 to $150,000,000. On November 5, 2021, pursuant to an amendment to Natixis Credit Agreement, the Fund increased the commitment of the existing lender by $75,000,000 from $150,000,000 to $225,000,000. On March 4, 2022, pursuant to Amendment No 4 to the Natixis Credit Agreement, ABPCIC Funding III increased the commitment by $25,000,000 from $225,000,000 to $250,000,000. On May 27, 2022, pursuant to Amendment No. 5 to the Natixis Credit Agreement, ABPCIC Funding III increased the commitment by $50,000,000 from $250,000,000 to $300,000,000. 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 (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 June 30, 2024, the Fund is in compliance with these covenants.
 
53
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 June 30, 2024 were as follows:
 
    
Aggregate Borrowing
Amount Committed
     
Outstanding
Borrowing
     
Amount
Available
     
Carrying
Value
  
HSBC
    $ 30,000,000      $ 21,000,000      $ 9,000,000      $ 21,000,000  
Synovus
      200,000,000        200,000,000        —         200,000,000  
Natixis
      200,000,000        179,250,000        20,750,000        179,250,000  
  
 
 
     
 
 
     
 
 
     
 
 
  
Total
    $ 430,000,000      $ 400,250,000      $ 29,750,000      $ 400,250,000  
  
 
 
     
 
 
     
 
 
     
 
 
  
The Fund’s outstanding borrowings through the Revolving Credit Facilities as of December 31, 2023 were as follows:
 
    
Aggregate Borrowing
Amount Committed
     
Outstanding
Borrowing
     
Amount
Available
     
Carrying
Value
  
HSBC
    $ 40,000,000      $ 8,000,000      $ 32,000,000      $ 8,000,000  
Synovus
      200,000,000        198,000,000        2,000,000        198,000,000  
Natixis
      200,000,000        105,500,000        94,500,000        105,500,000  
  
 
 
     
 
 
     
 
 
     
 
 
  
Total
    $ 440,000,000      $ 311,500,000      $ 128,500,000      $ 311,500,000  
  
 
 
     
 
 
     
 
 
     
 
 
  
As of June 30, 2024 and December 31, 2023, deferred financing costs were $1,669,363 and $2,461,248, respectively, which remain to be amortized, and are reflected on the consolidated statements of assets and liabilities.
Collateralized Loan Obligations
CLO VI
On August 9, 2019, 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 June 30, 2024 and December 31, 2023 were as follows:
 
    
June 30, 2024
  
    
Principal
Amount
     
Interest
Rate
    
Carrying
Value
(1)
  
Class A-1-R
Senior Secured Floating Rate Note
(“Class A-1-R”)
    $ 98,250,000        S + 1.83 %    $ 97,704,316  
Class A-1-L
Senior Secured Floating Rate Loan
(“Class A-1-L”)
    $ 75,000,000        S + 1.83 %    $ 74,867,318  
Class A-1-F
Senior Secured Fixed Rate Note
(“Class A-1-F”)
    $ 30,000,000        4.305 %    $ 29,946,927  
Class A-2-R
Senior Secured Floating Rate Note
(“Class A-2-R”)
    $ 43,500,000        S + 2.25 %    $ 43,423,044  
Class B-R
Secured Deferrable Floating Rate Note
(“Class B-R”)
    $ 19,250,000        S + 3.10 %    $ —  * 
Class C-R
Secured Deferrable Floating Rate Note
(“Class C-R”)
    $ 20,125,000        S + 4.15 %    $ —  * 
Subordinated Notes
    $ 61,320,000        N/A     $ —  * 
 
54
*
Class B-R,
Class C-R
and Subordinated Notes are held by the Fund and have been eliminated in consolidation.
(1)
Carrying value is net of unamortized discount and debt issuance costs. Unamortized discount and debt issuance costs associated with the Notes totaled $371,871 and $436,524 respectively, as of June 30, 2024 and are reflected on the consolidated statements of assets and liabilities.
 
    
December 31, 2023
  
    
Principal
Amount
     
Interest
Rate
    
Carrying
Value
(1)
  
Class A-1-R
Senior Secured Floating Rate Note
(“Class A-1-R”)
    $ 98,250,000        S + 1.83 %    $ 97,580,763  
Class A-1-L
Senior Secured Floating Rate Loan
(“Class A-1-L”)
    $ 75,000,000        S + 1.83 %    $ 74,787,057  
Class A-1-F
Senior Secured Fixed Rate Note
(“Class A-1-F”)
    $ 30,000,000        4.305 %    $ 29,914,823  
Class A-2-R
Senior Secured Floating Rate Note
(“Class A-2-R”)
    $ 43,500,000        S + 2.25 %    $ 43,376,507  
Class B-R
Secured Deferrable Floating Rate Note
(“Class B-R”)
    $ 19,250,000        S + 3.10 %    $ —  * 
Class C-R
Secured Deferrable Floating Rate Note
(“Class C-R”)
    $ 20,125,000        S + 4.15 %    $ —  * 
Subordinated Notes
    $ 61,320,000        N/A     $ —  * 
 
*
Class B-R,
Class C-R
and Subordinated Notes are held by the Fund and have been eliminated in consolidation.
(1)
Carrying value is net of unamortized discount and debt issuance costs. Unamortized discount and debt issuance costs associated with the Notes totaled $390,381 and $700,469, respectively, as of December 31, 2023 and are reflected on the consolidated statements of assets and liabilities.
The CLO VI indenture provides that the holders of the VI Notes are to receive quarterly interest payments, in arrears, on the 27th day in January, April, July and October of each year, 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 are not expected to 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. 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 and as such, for the three and six months ended June 30, 2024, and June 30, 2023 the Fund did not incur any collateral management fees.
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 is 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 June 30, 2024, and December 31, 2023 were as follows:
 
    
June 30, 2024
  
    
Principal
Amount
     
Interest
Rate
    
Carrying
Value
(1)
  
Class A Senior Secured Floating Rate Note (“Class A”)
    $ 228,000,000        S + 2.60 %    $ 226,074,642  
Class B Senior Secured Floating Rate Note (“Class B”)
    $ 36,000,000        S + 3.65 %    $ 35,695,996  
Class C Secured Deferrable Floating Rate Note (“Class C”)
    $ 36,000,000        S + 4.55 %    $ 35,695,996  
Class D Secured Deferrable Floating Rate Note (“Class D”)
    $ 28,000,000        S + 6.90 %    $ —   * 
Subordinated Notes
    $ 67,000,000        N/A     $ —   * 
 
55
*
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 $2,533,366 respectively, as of June 30, 2024 and are reflected on the consolidated statements of assets and liabilities.
 
    
December 31, 2023
  
    
Principal
Amount
     
Interest
Rate
    
Carrying
Value
(1)
  
Class A Senior Secured Floating Rate Note (“Class A”)
    $ 228,000,000        S + 2.60 %    $ 225,734,763  
Class B Senior Secured Floating Rate Note (“Class B”)
    $ 36,000,000        S + 3.65 %    $ 35,642,331  
Class C Secured Deferrable Floating Rate Note (“Class C”)
    $ 36,000,000        S + 4.55 %    $ 35,642,331  
Class D Secured Deferrable Floating Rate Note (“Class D”)
    $ 28,000,000        S + 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 $2,980,575 respectively, as of December 31, 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
.
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.
Secured Borrowings outstanding as of June 30, 2024 were as follows :

 
Loan Name
  
Trade Date
 
  
Maturity Date
  
bps Daily Rate
 
  
Amount
 
Webster Equity Partners
III-A,
L.P.
      4/2/2024      120 days or less from trade date      2.48      $ 2,325,056  
Pharmalogic Holdings Corp.
      6/21/2024      60 days or less from trade date      2.50        5,811,500  
Duetto Research, Inc
      6/27/2024      90 days or less from trade date      2.49        9,875,000  
           
 
 
  
            $ 18,011,556  
           
 
 
  
Secured Borrowings outstanding as of December 31, 2023 were as follows:
 
Loan Name
   
Trade Date
     
Maturity Date
   
bps Daily Rate
     
Amount
  
Saviynt, Inc.
      10/23/2023      90 days or less from trade date      2.27      $ 2,325,617  
           
 
 
  
            $ 2,325,617  
           
 
 
  
As of June 30, 2024 and December 31, 2023, total outstanding borrowings, net of unamortized discount and debt issuance costs, under the Revolving Credit Facilities, Notes, and Secured Borrowings were $961,669,795 and $856,504,192, respectively.
 
56
Interest Expense on Borrowings
For the three and six months ended June 30, 2024, and June 30, 2023, the components of interest and other debt expenses related to the borrowings were as follows:
 
    
For the three months ended

June 30,
    
For the six months ended

June 30,
  
    
2024
    
2023
    
2024
    
2023
  
Interest and borrowing expenses
    $ 19,341,334     $ 15,739,753     $ 36,726,294     $ 28,661,398  
Commitment fees
      136,963       158,849       350,672       245,381  
Amortization of discount, debt issuance and deferred financing costs
      414,722       1,361,520       1,757,962       2,135,003  
  
 
 
    
 
 
    
 
 
    
 
 
  
Total
    $ 19,893,019     $ 17,260,122     $ 38,834,928     $ 31,041,782  
  
 
 
    
 
 
    
 
 
    
 
 
  
Weighted average interest rate
(1)
      8.69 %      7.74 %      8.73 %      7.50 % 
Average outstanding balance
    $ 918,021,766     $ 815,524,585     $ 894,419,416     $ 770,484,167  
 
(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.
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.
 
57
The fair values of loan investments based upon pricing data vendors or observable market price quotations are generally categorized as Level 2; however, those priced using models with significant unobservable inputs are categorized as Level 3.
In determining the fair value of the Fund’s Level 3 debt and equity positions, the Adviser and the independent valuation firms use the following factors where relevant: loan to value (“LTV”) based on an enterprise value determined using the original purchase price, public equity comparable, recent M&A transaction, and a discounted cash flow (“DCF”) analysis, and yields from comparable loans, comparable high yield bonds, high yield indexes and loan indexes (“comparable yields”).
Due to the inherent uncertainty of valuations, however, estimated fair values may differ from the values that would have been used had a readily available market for the securities existed and the differences could be material.
The following tables summarizes the valuation of the Fund’s investments as of June 30, 2024:
 
Assets*
   
Level 1
     
Level 2
     
Level 3
     
Total
  
Cash Equivalents
            
Investment Companies
    $ 33,924,769      $ —       $ —       $ 33,924,769  
  
 
 
     
 
 
     
 
 
     
 
 
  
Total Cash Equivalents
    $ 33,924,769      $ —       $ —       $ 33,924,769  
Assets*
   
 
     
 
     
 
     
 
  
1st Lien/Senior Secured Debt
    $ —       $ —       $ 1,439,485,717      $ 1,439,485,717  
2nd Lien/Junior Secured Debt
      —         —         2,966,276        2,966,276  
Preferred Stock
      —         700,805        8,085,631        8,786,436  
Common Stock and LP Interests
      21,914        69,757        8,871,991        8,963,662  
Warrants
      —         —         1,681,858        1,681,858  
  
 
 
     
 
 
     
 
 
     
 
 
  
Total
    $ 21,914      $ 770,562      $ 1,461,091,473      $ 1,461,883,949  
  
 
 
     
 
 
     
 
 
     
 
 
  
Investments valued at NAV as a practical expedient#
               19,074,129  
           
 
 
  
Total assets#
             $ 1,480,958,078  
           
 
 
  
 
*
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 tables summarizes the valuation of the Fund’s investments as of December 31, 2023:
 
Assets*
   
Level 1
     
Level 2
     
Level 3
     
Total
  
Cash Equivalents
            
Investment Companies
    $ 57,230,250      $ —       $ —       $ 57,230,250  
  
 
 
     
 
 
     
 
 
     
 
 
  
Total Cash Equivalents
    $ 57,230,250      $ —       $ —       $ 57,230,250  
Assets*
   
 
     
 
     
 
     
 
  
1st Lien/Senior Secured Debt
    $ —       $ —       $ 1,270,762,647      $ 1,270,762,647  
2nd Lien/Junior Secured Debt
      —         —         9,205,885        9,205,885  
Preferred Stock
      —         —         8,777,660        8,777,660  
Common Stock
      29,809        —         10,039,580        10,069,389  
  
 
 
     
 
 
     
 
 
     
 
 
  
Warrants
      —         —         1,290,859        1,290,859  
  
 
 
     
 
 
     
 
 
     
 
 
  
Total
    $ 29,809      $ —       $ 1,300,076,631      $ 1,300,106,440  
  
 
 
     
 
 
     
 
 
     
 
 
  
Investments valued at NAV as a practical expedient#
               11,014,144  
           
 
 
  
Total assets#
             $ 1,311,120,584  
           
 
 
  
 
*
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.
 
58
The following is a reconciliation of Level 3 assets for the six months ended June 30, 2024:
 
 
  
1st
Lien/Senior
Secured
Debt
 
 
2nd
Lien/Junior
Secured Debt
 
 
Preferred
Stock
 
 
Common
Stock and LP
Interests
 
 
Warrants
 
  
Total
 
Balance as of January 1, 2024
    $ 1,270,762,647     $ 9,205,885     $ 8,777,660     $ 10,039,580     $ 1,290,859      $ 1,300,076,631  
Purchases (including PIK)
      208,733,116       —        —        381,148       —       $ 209,114,264  
Sales and principal payments
      (49,883,725 )      (6,537,710 )      —        —        —         (56,421,435 ) 
Realized Gain (Loss)
      101,572       —        —        —        —         101,572  
Net Amortization of Premium/Discount
      2,689,790       51,644       —        —        —       $ 2,741,434  
Transfers Out
      —        —        (1,009,405 )      (1,813,344 )      —         (2,822,749 ) 
Net Change in Unrealized Appreciation (Depreciation)
      7,082,317       246,457       317,376       264,607       390,999        8,301,756  
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
     
 
 
  
Balance as of June 30, 2024
    $ 1,439,485,717     $ 2,966,276     $ 8,085,631     $ 8,871,991     $ 1,681,858      $ 1,461,091,473  
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
     
 
 
  
Change in Unrealized Appreciation (Depreciation) for Investments Still Held
      6,815,323       278,739       317,376       264,607       390,999        8,067,044  
For the six months ended June 30, 2024, there were no transfers into Level 3.
For the six months ended June 30, 2024, there were transfers out of Level 3 into Level 2 of $904,386. Transfers out of Level 3 are due to an increase in the quantity and reliability of broker quotes obtained.
Further amounts of $1,918,363 of Common Stock and Preferred 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 is a reconciliation of Level 3 assets for the year ended December 31, 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)
      331,961,677       —        307,380       2,953,033       41,528        335,263,618  
Sales and principal payments
      (155,742,027 )      (1,230,106 )      (838,348 )      (344,961 )      —         (158,155,442 ) 
Realized Gain (Loss)
      (3,284,325 )      —        (652,009 )      6,244       —         (3,930,090 ) 
Net Amortization of Premium/Discount
      6,043,162       32,368       —        —        —         6,075,530  
Transfers In
      —        —        —        —        —         —   
Transfers Out
      —        —        —        —        —         —   
Net Change in Unrealized Appreciation (Depreciation)
      3,593,778       (236,413 )      742,415       4,372       255,236        4,359,388  
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
     
 
 
  
Balance as of December 31, 2023
    $ 1,270,762,647     $ 9,205,885     $ 8,777,660     $ 10,039,580     $ 1,290,859      $ 1,300,076,631  
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
     
 
 
  
Change in Unrealized Appreciation (Depreciation) for Investments Still Held
    $ (31,790 )    $ (253,588 )    $ 217,846     $ 4,372     $ 255,236      $ 192,076  
 
59
For the year ended December 31, 2023, there were no transfers into or out of Level 3. The following tables present the ranges of significant unobservable inputs used to value the Fund’s Level 3 investments as of June 30, 2024 and December 31, 2023, respectively. These ranges represent the significant unobservable inputs that were used in the valuation of each type of investment. These inputs are not representative of the inputs that could have been used in the valuation of any one investment. Accordingly, the ranges of inputs presented below do not represent uncertainty in, or possible ranges of, fair value measurements of the Fund’s Level 3 investments.
 
    
Fair Value as of
June 30,
2024
     
Valuation
Techniques
     
Unobservable
Input
     
Range/Input
(Weighted
Average)(1)
   
Impact to
Valuation
from an
Increase
in Input
Assets:
               
1st Lien/Senior Secured Debt
    $ 1,362,096,853        Market Yield Analysis        Market Yield     
8.8% - 25.6%
(11.2%)		    Decrease
     8,864,371        Market Approach        EBITDA Multiple     
6.0x - 8.5x (7.7x)
    Increase
     2,182,500        Market Approach        Revenue Multiple      0.8x    Increase
     10,402        Liquidation Value        Asset Value      N/A    Increase
     28,616        Liquidation Value        Recovery Rate      1.0%    Increase
     1,126,367        Recent Transaction        Transaction Price      N/A    N/A
     65,176,608        Recent Purchase        Purchase Price      N/A    N/A
2nd Lien
      2,966,276        Market Yield Analysis        Market Yield      14.9%    Decrease
Preferred Stock
      798,007        Market Approach        EBITDA Multiple      13.0x    Increase
     2,775,242        Market Approach        Revenue Multiple     
3.8x - 12.9x (8.6x)
    Increase
     4,305,667        Market Yield Analysis        Market Yield     
15.6% - 18.5% (17.2%)
    Decrease
     206,715        Recent Transaction        Transaction Price      N/A    N/A
Common Stock
      5,294,954        Market Approach        EBITDA Multiple     
8.5x - 26.5x
(14.6x)		    Increase
     1,781,270        Market Approach        Revenue Multiple     
0.5x - 8.5x (7.3x)
    Increase
     213,802        Market Approach        Other Cashflow
Multiple		  
 		   
19.5x
    Increase
     416,758        Recent Transaction        Transaction Price      N/A    N/A
     385,509        Recent Purchase        Purchase Price      N/A    N/A
Warrants
      1,681,858        Market Approach        Revenue Multiple     
5.0x - 12.9x (10.7x)
    Increase
Limited Partnership Interests
      779,698        Market Approach        EBITDA Multiple      9.0x    Increase
  
 
 
              
Total Assets
    $ 1,461,091,473              
 
(1)
Weighted averages are calculated based on fair value of investments.
 
60
    
Fair Value as of
December 31,
2023
     
Valuation
Techniques
   
Unobservable
Input
   
Range/Input
(Weighted
Average)(1)
   
Impact to
Valuation
from an
Increase
in Input
Assets:
               
1st Lien/Senior Secured Debt
    $ 1,179,503960      Market Yield Analysis    Market Yield   
9.3% - 24.5% (11.6%)
    Decrease
     5,808,782      Market Approach    EBITDA Multiple    7.3x    Increase
     28,689      Liquidation Value    Recovery Rate    1%    Increase
     176,105      Liquidation Value    Bankruptcy Costs    N/A    Increase
     85,245,111      Recent Purchase    Purchase Price    N/A    N/A
2nd Lien/Junior Secured Debt
      9,205,885      Market Yield Analysis    Market Yield    16.6% - 17.7% (16.9%)    Decrease
Preferred Stock
      399,649      Market Approach    EBITDA Multiple    10.0x    Increase
     2,898,663      Market Approach    Revenue Multiple    4.0x - 10.0x (6.4x)    Increase
     4,903,643      Market Yield Analysis    Dividend Yield   
11/1% - 21.3% (12.5%)
   
Decrease
     575,705      Recent Purchase    Purchase Price    N/A    N/A
Common Stock
      4,948,721      Market Approach    EBITDA Multiple    8.5x - 26.5x (14.2x)    Increase
     1,941,578      Market Approach    Revenue Multiple    0.7x - 20.0x (9.0x)    Increase
     4,455      Expected Repayment    Redemption Price    N/A    Increase
     3,144,826      Recent Purchase    Purchase Price    N/A    N/A
Warrants
      1,290,859      Market Approach    Revenue Multiple    5.2x - 8.6x (7.8x)    Increase
  
 
 
              
Total Assets
    $ 1,300,076,631              
 
(1)
 
Weighted averages are calculated based on fair value of investments.
Financial Instruments Disclosed, But Not Carried, At Fair Value
The following table presents the carrying value and fair value of the Fund’s financial liabilities disclosed, but not carried, at fair value as of June 30, 2024 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
(“Class A-1-R”)
    $ 97,704,316      $ 99,478,125      $ —       $ —       $ 99,478,125  
Class A-1-L
Senior Secured Floating Rate Loan
(“Class A-1-L”)
      74,867,318        75,937,500        —         —         75,937,500  
Class A-1-F
Senior Secured Fixed Rate Note
(“Class A-1-F”)
      29,946,927        28,875,000        —         —         28,875,000  
Class A-2-R
Senior Secured Floating Rate Note
(“Class A-2-R”)
      43,423,044        44,587,500        —         —         44,587,500  
Class A Senior Secured Floating Rate Note (“Class A”)
      226,074,642        230,850,000        —         —         230,850,000  
Class B Senior Secured Floating Rate Note (“Class B”)
      35,695,996        36,810,000        —         —         36,810,000  
Class C Secured Deferrable Floating Rate (“Class C”)
      35,695,996        36,900,000        —         —         36,900,000  
  
 
 
     
 
 
     
 
 
     
 
 
     
 
 
  
Total
    $ 543,408,239      $ 553,438,125      $ —       $ —       $ 553,438,125  
  
 
 
     
 
 
     
 
 
     
 
 
     
 
 
  
 
(1)
Carrying value is net of unamortized discount and debt issuance costs. Unamortized discount and debt issuance costs associated with the Notes totaled $371,871 and $2,969,890, respectively, as of June 30, 2024 and are reflected on the consolidated statements of assets and liabilities.
 
61
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, 2023 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
(“Class A-1-R”)
    $ 97,580,763      $ 96,776,250      $ —       $ —       $ 96,776,250  
Class A-1-L
Senior Secured Floating Rate Loan
(“Class A-1-L)”
      74,787,057        73,875,000        —         —         73,875,000  
Class A-1-F
Senior Secured Fixed Rate Note
(“Class A-1-F)”
      29,914,823        27,825,000        —         —         27,825,000  
Class A-2-R
Senior Secured Floating Rate Note
(“Class A-2-R”)
      43,376,507        41,868,750        —         —         41,868,750  
Class A Senior Secured Floating Rate Note (“Class A”)
      225,734,763        228,570,000        —         —         228,570,000  
Class B Senior Secured Floating Rate Note (“Class B”)
      35,642,331        36,360,000        —         —         36,360,000  
Class C Secured Deferrable Floating Rate (“Class C”)
      35,642,331        36,450,000        —         —         36,450,000  
  
 
 
     
 
 
     
 
 
     
 
 
     
 
 
  
Total
   
$
542,678,575
 
   
$
541,725,000
 
   
$
— 
 
   
$
— 
 
   
$
541,725,000
 
  
 
 
     
 
 
     
 
 
     
 
 
     
 
 
  
 
(1)
Carrying value is net of unamortized discount and debt issuance costs. Unamortized discount and debt issuance costs associated with the Notes totaled $390,381 and $3,681,044, respectively, as of December 31, 2023 and are reflected on the consolidated statements of assets and liabilities.
6. Commitments & Contingencies
Commitments
The Fund may enter into commitments to fund investments. As of June 30, 2024 and December 31, 2023 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 June 30, 2024 and December 31, 2023:
 
              
6/30/2024
    
12/31/2023
  
Investment Type
   
Facility Type
   
Commitment
Expiration
Date
(1)
   
Unfunded
Commitment 
(2)
     
Fair Value
 (3)
    
Unfunded
Commitment 
(1)
     
Fair Value 
(1)
  
AAH Topco, LLC
    Revolver    12/22/2027      787,273        (9,841 )     787,273        (27,555 )
AAH Topco, LLC
    Delayed Draw Term Loan    11/1/2025      1,847,636        —        3,213,280        (64,266 )
Accelerate Resources Operating, LLC
    Revolver    2/24/2027      665,739        —        665,739        —   
Activ Software Holdings, LLC
    Revolver    5/4/2027      648,837        —        648,837        (3,244 )
Admiral Buyer, Inc
    Revolver    5/8/2028      1,401,522        (17,519 )     563,200        —   
Admiral Buyer, Inc
    Delayed Draw Term Loan    5/6/2024      —         —        1,576,961        —   
AEG Holding Company, Inc.
    Revolver    7/1/2024      —         —        949,335        —   
Airwavz Solutions, Inc.
    Revolver    3/31/2027      652,740        (3,264 )     652,740        (9,791 )
Airwavz Solutions, Inc.
    Delayed Draw Term Loan    9/30/2024      1,431,687        —        3,644,295        (18,221 )
AMI US Holdings, Inc.
    Revolver    10/1/2026      1,094,605        —        1,094,605        —   
AOM Acquisition, LLC.
    Revolver    2/18/2027      1,218,605        (9,140 )
 
     1,218,605        (30,465 )
Avalara, Inc.
    Revolver    10/19/2028      1,065,375        —        1,065,375        —   
Avant Communications, LLC
    Revolver    11/30/2026      566,910        —        566,910        (5,669 )
Avetta, LLC
    Revolver    10/18/2029      2,085,655        —        2,085,655        (46,927 )
Azurite Intermediate Holdings, Inc
    Delayed Draw Term Loan    3/30/2026      2,559,876        (19,199 )     —         —   
Azurite Intermediate Holdings, Inc
    Revolver    3/19/2031      1,137,723        (17,066 )     —         —   
Banneker V Acquisition, Inc.
    Revolver    12/4/2025      777,125        (11,657 )     896,683        (17,934 )
Bonterra, LLC
    Revolver    9/8/2027      437,665        (1,094 )     806,225        (12,093 )
Bridgepointe Technologies, LLC
    Revolver    12/31/2027      505,371        (7,581 )     777,494        (13,606 )
 
Bridgepointe Technologies, LLC
    Delayed Draw Term Loan    4/1/2025      1,150,710        (17,261 )     2,076,626        (36,341 )
Brightspot Buyer, Inc
    Revolver    11/16/2027      340,146        (6,803 )     680,292        (17,007 )
 
62
              
6/30/2024
    
12/31/2023
  
Investment Type
   
Facility Type
   
Commitment
Expiration
Date
(1)
   
Unfunded
Commitment 
(2)
     
Fair Value
 (3)
    
Unfunded
Commitment 
(1)
     
Fair Value 
(1)
  
BSI2 Hold Nettle, LLC
    Revolver    6/30/2028      471,138        (7,067 )     588,923        (8,834 )
BusinesSolver.com, Inc.
    Delayed Draw Term Loan    12/1/2024      817,473        —        908,303        (2,271 )
BV EMS Buyer, Inc.
    Revolver    11/23/2027      79,840        (399 )     —         —   
BV EMS Buyer, Inc.
    Delayed Draw Term Loan    3/21/2024      —         —        1,706,075        (17,061 )
CallTower, Inc
    Delayed Draw Term Loan    12/1/2025      1,991,230        —        1,991,230        (24,890 )
CallTower, Inc
    Revolver    11/30/2028      622,259        —        622,259        (15,556 )
Cerifi, LLC
    Revolver    4/1/2027      —         —        369,264        (5,539 )
Coding Solutions Acquisition, Inc
    Revolver    5/11/2028      516,984        (7,755 )     516,984        (16,802 )
Coding Solutions Acquisition, Inc.
    Delayed Draw Term Loan    9/29/2025      832,693        (6,245 )     2,775,643        (62,452 )
Colo Holdings, LLC
    PIK Revolver    3/27/2029      1,241,546        (31,039 )     —         —   
Community Based Care Acquisition, Inc.
    Delayed Draw Term Loan    9/30/2024      164,577        (1,234 )     —         —   
Community Based Care Acquisition, Inc.
    Revolver    9/16/2027      760,155        (11,402 )     691,050        (8,638 )
Community Based Care Acquisition, Inc.
    Delayed Draw Term Loan    3/19/2026      3,310,191        (16,551 )     —         —   
Community Based Care Holdings, LP
    Delayed Draw Term Loan    3/30/2024      —         —        1,938,307        (19,383 )
Community Brands Parentco, LLC
    Revolver    2/24/2028      417,208        —        417,208        (7,301 )
 
Community Brands Parentco, LLC
    Delayed Draw Term Loan    2/24/2024      —         —        834,415        (6,258 )
Coretelligent Intermediate LLC
    Revolver    10/21/2027      443,247        (48,757 )     696,532        (62,688 )
Coupa Holdings,LLC
    Delayed Draw Term Loan    8/27/2025      948,020        —        725,890        (1,815 )
Coupa Holdings,LLC
    Revolver    2/27/2029      725,890        —        948,020        —   
Crewline Buyer, Inc
    Revolver    11/8/2030      1,366,496        —        1,366,496        (34,162 )
Datacor, Inc.
    Delayed Draw Term Loan    3/13/2026      5,988,015        —        —         —   
Datacor, Inc.
    Revolver    3/13/2029      2,462,225        —        822,004        (10,275 )
Degreed, Inc.
    Delayed Draw Term Loan    8/16/2024      —         —        1,321,674        (29,738 )
Degreed, Inc.
    Revolver    5/29/2026      —         —        417,813        (13,579 )
Delaware Valley Management Holdings, Inc.
    Revolver    12/31/2024      259,388        (106,998 )
 
     —         —   
Delaware Valley Management Holdings, Inc.
    Delayed Draw Term Loan    12/31/2024      171,183        (87,440 )     192,258        (65,925 )
Dispatch Track, LLC
    Revolver    12/17/2026      301,930        (755 )     301,930        (1,510 )
Dorado Buyer LLC
    Revolver    2/6/2030      620,773        (9,312 )     —         —   
Dorado Buyer LLC
    Delayed Draw Term Loan    2/6/2026      2,483,092        (18,623 )     —         —   
Duetto Research, Inc
    Delayed Draw Term Loan    6/3/2026      2,017,640        (12,610 )     —         —   
Duetto Research, Inc
    Revolver    6/26/2030      1,008,820        (12,610 )     —         —   
EET Buyer, Inc.
    Revolver    11/8/2027      1,036,629        (2,592 )     829,303        (12,440 )
EET Buyer, Inc.
    Delayed Draw Term Loan    4/29/2026      1,891,968        —        —         —   
Enverus Holdings, Inc.
    Delayed Draw Term Loan    12/22/2025      441,012        —        441,012        (3,308 )
Enverus Holdings, Inc.
    Revolver    12/24/2029      671,106        —        671,106        (10,067 )
Exterro, Inc.
    Revolver    6/1/2027      1,107,844        —        738,562        —   
Faithlife, LLC
    Revolver    9/18/2025      279,053        —        279,053        —   
Firstdigital Communications LLC
    Revolver    12/17/2026      1,174,177        (58,709 )     1,174,177        (79,257 )
Foundation Risk Partners, Corp.
    Revolver    10/29/2029      1,038,062        (2,595 )     1,038,062        (5,190 )
Foundation Risk Partners, Corp.
    Delayed Draw Term Loan    4/15/2024      —         —        445,801        (1,115 )
Fullsteam Operations LLC
    Revolver    11/27/2029      415,325        —        415,325        (12,460 )
Fullsteam Operations LLC
    Delayed Draw Term Loan    5/27/2025      575,152        —        —         —   
Fullsteam Operations LLC
    Delayed Draw Term Loan    11/27/2025      427,113        —        —         —   
Fullsteam Operations LLC
    Delayed Draw Term Loan    8/25/2025      4,203,417        (50,441 )     —         —   
Fullsteam Operations LLC
    Delayed Draw Term Loan    2/23/2026      1,050,854        (12,610 )     —         —   
Fullsteam Operations LLC
    Delayed Draw Term Loan    11/27/2027      —         —        1,629,113        (24,437 )
Fullsteam Operations LLC
    Delayed Draw Term Loan    11/27/2025      —         —        1,038,313        (15,575 )
Fusion Holding Corp
    Revolver    9/15/2027      1,034,394        (20,688 )     1,379,193        (6,896 )
Fusion Risk Management, Inc.
    Revolver    5/22/2029      840,050        (10,501 )     840,050        (16,801 )
G Treasury SS, LLC
    Revolver    6/29/2029      914,721        (16,008 )     914,721        (18,294 )
G Treasury SS, LLC
    Delayed Draw Term Loan    9/30/2024      2,439,257        (18,294 )     2,439,257        (24,393 )
G Treasury SS, LLC
    Delayed Draw Term Loan    6/30/2025      1,524,536        (11,434 )     1,524,536        (15,245 )
Galway Borrower, LLC
    Revolver    9/29/2028      383,117        —        270,410        (3,380 )
 
63
              
6/30/2024
    
12/31/2023
  
Investment Type
   
Facility Type
   
Commitment
Expiration
Date
(1)
   
Unfunded
Commitment 
(2)
     
Fair Value
 (3)
    
Unfunded
Commitment 
(1)
     
Fair Value 
(1)
  
Galway Borrower, LLC
    Delayed Draw Term Loan    2/6/2026      1,378,271        —        —         —   
GH Parent Holdings Inc
    Delayed Draw Term Loan    6/29/2026      6,142,602        (30,713 )      —         —   
GHA Buyer, Inc.
    Revolver    6/24/2026      951,077        (14,266 )      951,077        (16,644 )
Greenhouse Software, Inc.
    Revolver    9/1/2028      604,499        —        604,499        (6,045 )
Greenhouse Software, Inc.
    Revolver    9/1/2028      1,232,251        —        1,232,251        (12,323 )
Greenlight Intermediate II, Inc.
    Delayed Draw Term Loan    5/30/2025      8,000,382        —        10,549,955        (79,125 )
Gryphon-Redwood Acquisition LLC
    Delayed Draw Term Loan    9/16/2024      —         —        510,828        (2,554 )
GS AcquisitionCo, Inc.
    Revolver    5/25/2028      607,380        (3,037 )      456,698        (5,709 )
GS AcquisitionCo, Inc.
    Delayed Draw Term Loan    3/26/2026      924,419        (4,622 )      —         —   
Heartland PPC Buyer LLC
    Revolver    12/12/2029      847,764        (8,478 )      1,130,352        (22,607 )
Heartland PPC Buyer LLC
    Delayed Draw Term Loan    12/12/2025      1,471,625        —        1,883,921        (18,839 )
Hirevue, Inc.
    Revolver    5/3/2029      1,434,525        (10,759 )      1,646,176        (28,808 )
 
Honor HN Buyer, Inc
    Delayed Draw Term Loan    8/26/2024      623,182        —        980,612        —   
Honor HN Buyer, Inc
    Revolver    10/15/2027      266,081        —        266,081        —   
Honor HN Buyer, Inc
    Delayed Draw Term Loan    11/17/2025      3,849,478        —        6,279,735        —   
Iodine Software, LLC
    Delayed Draw Term Loan    10/18/2024      3,436,155        —        3,436,155        —   
Iodine Software, LLC
    Revolver    5/19/2027      1,089,030        —        1,089,030        —   
JS Parent Inc
    Revolver    4/24/2031      528,354        (2,642 )
 
     —         —   
Kalkomey Borrower LLC
    Revolver    6/18/2031      1,464,749        (21,971 )     —         —   
Kalkomey Borrower LLC
    Delayed Draw Term Loan    6/3/2026      1,830,937        (13,732 )     —         —   
Kaseya Inc.
    Delayed Draw Term Loan    6/23/2025      566,094        —        597,933        —   
Kaseya Inc.
    Revolver    6/25/2029      477,582        —        477,582        (2,388 )
Lotus HPI Buyer Inc
    Revolver    1/21/2030      1,883,921        (28,259 )     —         —   
Lotus HPI Buyer Inc
    Delayed Draw Term Loan    1/19/2026      3,767,841        (9,420 )     —         —   
Mastery Acquisition Corp
    Delayed Draw Term Loan    10/30/2024      2,407,182        —        —         —   
Mastery Acquisition Corp
    Delayed Draw Term Loan    4/30/2026      802,394        —        —         —   
Mastery Acquisition Corp.
    Revolver    9/7/2029      851,781        —        651,183        —   
Mathnasium LLC
    Revolver    11/15/2027      304,651        —        533,140        (5,331 )
Mavenlink, Inc.
    Revolver    6/3/2027      357,963        (7,159 )     357,963        (7,159 )
MBS Holdings, Inc.
    Revolver    4/16/2027      974,169        (4,871 )     389,668        (7,793 )
Medbridge Holdings, LLC
    Revolver    12/23/2026      1,376,227        (10,322 )     1,376,227        (17,203 )
Medical Management Resource Group, LLC
    Revolver    9/30/2026      139,223        (4,177 )     139,223        (5,569 )
Medsuite Purchaser, LLC
    Revolver    10/22/2026      680,400        (8,505 )     680,400        (5,103 )
Medsuite Purchaser, LLC
    Delayed Draw Term Loan    10/22/2026      3,649,667        (18,248 )     —         —   
MMP Intermediate, LLC
    Revolver    2/15/2029      552,880        (4,147 )     552,880        (11,058 )
Moon Buyer, Inc.
    Revolver    4/21/2027      523,707        —        1,163,793        (14,547 )
Mr. Greens Intermediate, LLC
    Delayed Draw Term Loan    11/1/2024      2,630,169        —        —         —   
Mr. Greens Intermediate, LLC
    Revolver    5/1/2029      1,052,068        —        1,052,068        (7,891 )
Mr. Greens Intermediate, LLC
    Delayed Draw Term Loan    11/1/2024      —         —        2,630,169        (19,726 )
MSM Acquisitions, Inc.
    Revolver    12/9/2026      153,131        (14,165 )     153,131        (13,782 )
MSP Global Holdings, Inc.
    Revolver    4/9/2029      1,152,180        (20,163 )     845,929        (8,459 )
MSP Global Holdings,Inc
    Delayed Draw Term Loan    4/8/2026      1,211,850        (21,207 )     —         —   
MSP Global Holdings, Inc.
    Delayed Draw Term Loan    1/24/2024      —         —        592,150        (5,922 )
Mykaarma Acquisition LLC
    Revolver    3/21/2028      593,215        —        593,215        (4,449 )
Navigate360, LLC
    Revolver    3/17/2027      181,270        (3,172 )     604,235        (7,553 )
Navigate360, LLC
    Delayed Draw Term Loan    3/6/2025      2,035,925        (35,629 )     —         —   
Netwrix Corporation And Concept Searching Inc.
    Delayed Draw Term Loan    6/10/2024      —         —        2,750,379        (27,504 )
Netwrix Corporation And Concept Searching Inc.
    Revolver    6/11/2029      774,755        —        774,755        (9,684 )
Netwrix Corporation And Concept Searching Inc.
    Delayed Draw Term Loan    11/21/2025      1,832,522        —        1,862,319        (4,656 )
Next Holdco, LLC
    Delayed Draw Term Loan    11/7/2025      2,380,798        (5,952 )     2,380,798        (17,856 )
Next Holdco, LLC
    Revolver    11/9/2029      893,559        (2,234 )     893,559        (13,403 )
Pace Health Companies, LLC
    Revolver    8/3/2026      616,682        —        616,682        —   
Pace Health Companies, LLC
    Delayed Draw Term Loan    10/17/2025      888,879        —        888,879        —   
PDI TA Holdings, Inc.
    Delayed Draw Term Loan    2/1/2026      2,157,012        (5,393 )     —         —   
PDI TA Holdings, Inc.
    Revolver    2/3/2031      943,575        (2,359 )     —         —   
 
64
              
6/30/2024
    
12/31/2023
  
Investment Type
   
Facility Type
   
Commitment
Expiration
Date
(1)
   
Unfunded
Commitment 
(2)
     
Fair Value
 (3)
    
Unfunded
Commitment 
(1)
     
Fair Value 
(1)
  
Penn TRGRP Holdings, LLC
    Revolver    9/27/2030      1,054,345        —        1,054,345        (15,815 )
Pharmalogic Holdings Corp.
    Delayed Draw Term Loan    6/20/2026      8,040,816        (60,306 )     —         —   
Pieper Memorial, LLC
    Delayed Draw Term Loan    9/26/2025      1,228,204        —        1,507,136        (24,717 )
Ping Identity Corporation
    Revolver    10/17/2028      1,203,345        —        1,203,345        —   
Pinnacle Dermatology Management, LLC
    Revolver    12/8/2026      38,407        (480 )     38,407        (480 )
Pinnacle Treatment Centers, Inc.
    Revolver    1/4/2027      615,124        (6,151 )     73,239        (1,465 )
Priority Ondemand Midco 2,L.P
    Delayed Draw Term Loan    7/15/2026      2,600,963        —        2,600,963        —   
Race Finco LLC
    Delayed Draw Term Loan    1/9/2025      1,829,394        (13,720 )     3,658,788        (36,588 )
Race Finco LLC
    Revolver    1/10/2028      609,798        (13,720 )     609,798        (15,245 )
Ranger Buyer, Inc.
    Revolver    11/18/2027      1,199,233        (2,998 )     1,199,233        (20,987 )
Redwood Family Care Network, Inc.
    Revolver    6/18/2026      588,705        (5,887 )     588,705        (7,359 )
Rep Tec Intermediate Holdings, Inc.
    Revolver    12/1/2027      1,099,640        —        1,099,640        (5,498 )
Sako and Partners Lower Holdings LLC
    Revolver    9/15/2028      1,242,937        —        1,242,937        (6,215 )
Sako and Partners Lower Holdings LLC
    Delayed Draw Term Loan    11/24/2025      3,956,233        —        3,956,233        (39,562 )
Salisbury House, LLC
    Revolver    8/29/2025      609,744        —        609,744        (3,049 )
Salisbury House, LLC
    Delayed Draw Term Loan    11/30/2024      2,481,673        —        2,979,710        —   
Sandstone Care Holdings, LLC
    Revolver    6/28/2028      424,024        —        689,039        —   
Sandstone Care Holdings, LLC
    Delayed Draw Term Loan    6/28/2025      724,375        —        1,077,728        —   
Sauce Labs, Inc.
    Delayed Draw Term Loan    2/10/2025      1,775,625        (26,634 )     1,775,625        (17,756 )
Sauce Labs, Inc.
    Revolver    8/16/2027      1,281,821        (32,046 )     1,281,821        (25,636 )
Saviynt, Inc.
    Delayed Draw Term Loan    12/22/2024      2,439,192        (42,686 )     3,048,990        (60,980 )
Saviynt, Inc.
    Revolver    12/22/2027      609,798        (10,671 )     609,798        (12,196 )
SCA Buyer, LLC
    Revolver    1/20/2027      410,454        (44,124 )     —         —   
SDC Atlas Acquistionco, LLC
    Delayed Draw Term Loan    8/25/2025      7,849,646        (58,872 )     8,846,427        (243,277 )
SDC Atlas Acquistionco, LLC
    Revolver    8/25/2028      622,988        (4,672 )     622,988        (17,132 )
Securonix, Inc.
    Revolver    4/5/2028      1,503,677        (248,107 )     1,538,337        (173,063 )
Serrano Parent, LLC
    Revolver    5/13/2030      2,085,981        (41,720 )     2,085,981        (41,720 )
Single Digits, Inc.
    Revolver    6/19/2026      416,149        (85,310 )     416,149        (54,099 )
Sirsi Corporation
    Revolver    3/15/2025      553,741        —        553,741        —   
SIS Purchaser, Inc.
    Revolver    10/15/2026      1,165,951        —        1,165,951        (11,660 )
Smile Brands, Inc.
    Revolver    10/12/2027      146,369        (12,807 )
 
     162,150        (18,647 )
 
Soladoc, LLC
    Revolver    6/12/2028      588,923        (20,612 )     588,923        (22,085 )
Soladoc, LLC
    Delayed Draw Term Loan    6/10/2024      —         —        2,355,690        (64,781 )
Spark DSO LLC
    Revolver    4/20/2026      570,578        (12,838 )     576,769        (20,187 )
Stratus Networks, Inc.
    Delayed Draw Term Loan    12/15/2025      1,122,111        (19,637 )     2,112,208        (42,244 )
Stratus Networks, Inc.
    Revolver    12/15/2027      990,098        (22,277 )     858,085        (25,743 )
SugarCRM, Inc.
    Revolver    7/30/2027      310,244        (5,429 )     310,244        —   
Sumup Holdings Luxembourg
    Delayed Draw Term Loan    10/25/2025      2,522,050        (25,221 )     —         —   
Sundance Group Holdings, Inc.
    Revolver    7/2/2027      567,560        —        709,451        (5,321 )
Syntax Systems Ltd
    Revolver    10/29/2026      —         —        376,480        (2,824 )
TBG Food Acquisition Corp
    Revolver    12/24/2027      264,026        (1,320 )     264,026        (1,320 )
Telcor Buyer, Inc.
    Revolver    8/20/2027      290,770        (727 )     290,770        (2,908 )
Telesoft Holdings, LLC²
    Revolver    12/16/2026      487,441        (2,437 )     511,316        (8,948 )
The Center for Orthopedic and Research Excellence, Inc.
    Revolver    8/15/2025      353,898        (885 )     673,269        (3,366 )
Thrive Buyer, Inc.
    Revolver    1/22/2027      739,815        —        739,815        —   
Towerco IV Holdings, LLC
    Delayed Draw Term Loan    3/2/2026      5,530,095        —        6,559,852        (65,599 )
Unanet, Inc.
    Delayed Draw Term Loan    12/9/2024      2,242,674        (5,607 )     2,242,674        (11,213 )
Unanet, Inc.
    Revolver    12/8/2028      1,073,957        (8,055 )     1,263,478        (12,635 )
Ungerboeck Systems International, LLC
    Revolver    4/30/2027      229,387        (2,294 )     229,387        (3,441 )
Vectra AI, Inc.
    Revolver    3/1/2028      232,759        (3,491 )     232,759        (4,073 )
Vehlo Purchaser, LLC
    Revolver    5/24/2028      811,895        (6,089 )     1,115,133        (19,515 )
Velocity Purchaser Corporation
    Revolver    12/2/2024      193,237        —        193,237        —   
Venture Buyer, LLC
    Delayed Draw Term Loan    2/27/2026      1,008,820        (10,088 )     —         —   
Venture Buyer, LLC
    Revolver    3/1/2030      655,733        (13,115 )     —         —   
Veracross LLC
    Revolver    12/28/2027      445,021        (4,450 )     1,112,554        (19,470 )
Vhagar Purchaser, LLC
    Delayed Draw Term Loan    6/9/2025      578,701        (7,234 )     578,701        (10,127 )
Vhagar Purchaser, LLC
    Revolver    6/11/2029      373,356        (9,334 )     373,356        (11,201 )
Visionary Buyer LLC
    Delayed Draw Term Loan    3/23/2026      5,653,672        (70,671 )     —         —   
Visionary Buyer LLC
    Revolver    3/21/2030      1,413,418        (17,668 )     —         —   
Wealth Enhancement Group, LLC
    Delayed Draw Term Loan    5/2/2024      —         —        206,583        —   
Wealth Enhancement Group, LLC
    Revolver    10/4/2027      564,743        —        457,366        (1,143 )
 
65
              
6/30/2024
    
12/31/2023
  
Investment Type
   
Facility Type
   
Commitment
Expiration
Date
(1)
   
Unfunded
Commitment 
(2)
     
Fair Value
 (3)
    
Unfunded
Commitment 
(1)
     
Fair Value 
(1)
  
Wealth Enhancement Group, LLC
    Delayed Draw Term Loan    2/2/2026      1,581,394        —        —         —   
Webster Equity Partners
III-A,
L.P.
    Delayed Draw Term Loan    4/1/2025      2,859,574        (55,762 )
 
     —         —   
West Dermatology
    Delayed Draw Term Loan    3/31/2025      2,242,331        (78,482 )     285,449        (16,413 )
 
West Dermatology
    Delayed Draw Term Loan    3/31/2025      —         —        2,242,331        (106,511 )
Wolverine Seller Holdings, LLC
    Revolver    1/17/2030      1,117,391        (2,793 )     —         —   
Wolverine Seller Holdings, LLC
    Delayed Draw Term Loan    1/17/2026      3,426,667        —        —         —   
Your Part-Time Controller, LLC
    Revolver    11/14/2029      627,974        —        627,974        (12,559 )
Zendesk, Inc.
    Revolver    11/22/2028      1,372,628        —        1,372,628        (3,432 )
Zendesk, Inc.
    Delayed Draw Term Loan    11/22/2024      3,333,525        —        3,333,525        —   
Total
            244,125,851        (2,136,123 )     193,857,013        (2,726,549 )
 
(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 June 30, 2024, the Fund had total Capital Commitments of $690,233,884, of which 15% or $105,720,487 is unfunded. At December 31, 2023 the Fund had total Capital Commitments of $648,591,916, of which 17% or $110,236,006 is 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 Second 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 six months ended June 30, 2024 June 30, 2023:
 
    
For the six months ended
June 30, 2024
     
For the six months ended
June 30, 2023
  
Quarter Ended
   
Shares
     
Amount
     
Shares
     
Amount
  
March 31
      2,297,080      $ 21,667,959        —         —   
June 30
      2,574,268      $ 24,483,147        2,776,754      $ 25,792,451
  
 
 
     
 
 
     
 
 
     
 
 
  
Total capital drawdowns
      4,871,348      $ 46,151,106        2,776,754      $ 25,792,451
  
 
 
     
 
 
     
 
 
     
 
 
  
 
66
Distributions
The following tables reflect the distributions declared on Shares during the six months ended June 30, 2024 and June 30, 2023:
 
Date Declared
   
Record Date
     
Payment Date
     
Amount Per Share
     
Dollar Amount
  
3/26/2024
      3/26/2024        4/23/2024      $ 0.23      $ 12,969,462  
6/26/2024
      6/26/2024        7/22/2024      $ 0.21      $ 12,999,653  
           
 
 
  
            $ 25,969,115  
           
 
 
  
 
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  
           
 
 
  
            $ 15,541,961  
           
 
 
  
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 six months ended June 30, 2024 and June 30, 2023 to stockholders who opted into the DRIP:
 
Date Declared
   
Record Date
     
Reinvestment Date
     
Shares
     
Dollar Amount
  
3/26/2024
      3/26/2024        3/28/2024        735,551      $  6,912,711  
6/26/2024
      6/26/2024        6/28/2024        737,332      $ 6,968,153  
        
 
 
     
 
 
  
           1,472,883      $ 13,880,864  
        
 
 
     
 
 
  
 
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  
        
 
 
     
 
 
  
           900,834      $ 8,293,693  
        
 
 
     
 
 
  
 
67
General Tender Program
Beginning with the quarter ended March 31, 2021, the Fund began to conduct quarterly general tender offers (each, a “General Tender,” and collectively, the “General Tender Program”), at the Board’s discretion, in accordance with the requirements of Rule
13e-4
under the Exchange Act and the 1940 Act, to allow each of its stockholders to tender Shares at a specific per Share price (the “Purchase Price”) based on the Fund’s net asset value as of the last date of the quarter in which the General Tender is conducted. The Fund intends to conduct each General Tender to repurchase up to a certain percentage of the weighted average of the number of Shares outstanding during the three-month period prior to the quarter in which the General Tender is conducted. The General Tender Program includes numerous restrictions that limit stockholders’ ability to sell their Shares.
The following table summarizes share repurchases completed during the six months ended June 30, 2024:
 
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
    March 01, 2024      1,354,873        744,282      $ 6,994,767      55%   $ 9.40  
June 30
    May 24, 2024      1,397,303        985,757      $ 9,315,897      71%   $ 9.45  
The following table summarizes share repurchases completed during the six months ended June 30, 2023:
 
Quarter Ended
   
Repurchase Date
   
Total Number of
Shares Offered
to Repurchase
     
Total Number of
Shares
Repurchased
     
Total
Consideration
     
No. of Shares
Repurchased/
Total Offer
    
Price Paid
Per
Share
  
March 31
    February 24, 2023      1,215,454        627,518      $ 5,837,993        52 %    $ 9.30  
June 30
    May 26, 2023      1,255,610        461,364      $ 4,225,901        37 %    $ 9.16  
 
8.
Earnings Per Share
The following information sets forth the computation of basic and diluted earnings per Share for the three and six months ended June 30, 2024 and June 30, 2023:
 
    
For the three months ended June 30,
     
For the six months ended June 30,
  
    
2024
     
2023
     
2024
     
2023
  
Net increase (decrease) in net assets from operations
    $ 15,820,993      $ 2,873,817      $ 35,432,804      $ 18,422,405  
Weighted average common shares outstanding
      57,211,424        51,975,095        56,191,768        51,104,578  
Earnings per common share-basic and diluted
    $ 0.28      $ 0.06      $ 0.63      $ 0.36  
 
68
Table of Contents
9. Financial Highlights
Below is the schedule of financial highlights of the Fund for the six months ended June 30, 2024 and June 30, 2023:
 
    
For the six months
ended June 30,
2024
    
For the six months
ended June 30,
2023
  
Per Share Data:
(1)(2)
     
Net asset value, beginning of period
    $ 9.27     $ 9.10  
Net investment income (loss)
      0.46       0.42  
Net realized and unrealized gains (losses) on investments
      0.16       (0.06 ) 
  
 
 
    
 
 
  
Net increase (decrease) in net assets resulting from operations
      0.62       0.36  
  
 
 
    
 
 
  
Distributions to stockholders
(3)
      (0.44 )      (0.30 ) 
  
 
 
    
 
 
  
Net asset value, end of period
    $ 9.45     $ 9.16  
Shares outstanding, end of period
      58,978,899       52,816,794  
Total return at net asset value before incentive fees
(4)(5)
      8.08 %      5.15 % 
Total return at net asset value after incentive fees
(4)(5)
      6.85 %      4.01 % 
Ratio/Supplemental Data:
(2)
     
Net assets, end of period
    $ 557,379,543     $ 483,782,826  
Ratio of total expenses to weighted average net assets
(6)
      20.75 %      19.14 % 
Ratio of net expenses to weighted average net assets
(6)
      20.75 %      19.14 % 
Ratio of net investment income (loss) before waivers to weighted average net assets
(6)
      11.06 %      10.69 % 
Ratio of net investment income (loss) after waivers to weighted average net assets
(6)
      11.06 %      10.69 % 
Ratio of interest and credit facility expenses to weighted average net assets
(6)
      14.69 %      13.40 % 
Ratio of incentive fees to weighted average net assets
(5)
      1.22 %      1.15 % 
Portfolio turnover rate
(5)
      4.08 %      4.07 % 
Asset coverage ratio
(7)
      158 %      160 % 
 
(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 incentive fees.
(7)
Asset coverage ratio is equal to (i) the sum of (A) net assets at end of period and (B) debt outstanding at end of period, divided by (ii) total debt outstanding at the end of the period.
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.
 
69

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, 2023.

 

70

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, 2023, and elsewhere in this report. These forward-looking statements apply only as of the date of this report. Moreover, the Fund assumes no duty and does not undertake to update the forward-looking statements. The forward-looking statements and projections contained in this Quarterly Report are excluded from the safe harbor protection provided by Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) because the Fund is an investment company.

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

Overview

The Fund was formed on February 6, 2015 as a corporation under the laws of the State of Maryland. The Fund is structured as an externally managed, non-diversified, closed-end management investment company. The Fund was formed to invest primarily in primary-issue middle-market credit opportunities that are directly sourced and privately negotiated. The Fund commenced investment operations on November 15, 2017 (“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 (“JOBS Act”). For so long as the Fund remains an emerging growth company under the JOBS Act, the Fund will be subject to reduced public company reporting requirements. The Fund expects to remain an emerging growth company until the earliest of:

 

  •  

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

 

  •  

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

 

  •  

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

 

  •  

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

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

financial reporting go undetected.

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

The Private Offering

The Fund enters into separate subscription agreements (each, a “Subscription Agreement,” and collectively, the “Subscription Agreements”) with investors providing for the private placement of its common stock (the “Shares”) in reliance on exemptions from the registration requirements of the Securities Act (such offering, the “Private Offering”). Each investor makes a capital commitment (a “Capital Commitment”) to purchase Shares pursuant to a Subscription Agreement. Investors are required to make capital contributions (“Capital Contributions”) to purchase Shares each time the Fund delivers a capital call notice, which is issued based on the Fund’s anticipated investment activities and capital needs, delivered at least 10 business days prior to the required funding date,

 

71

provided that investors may fund such requirements sooner than the deadline as agreed between the Fund and the investor. Generally, purchases of Shares are made pro rata in accordance with each investor’s Capital Commitment, in an amount not to exceed each investor’s remaining capital commitment (“Remaining Commitment”), at a per Share price equal to the net asset value per Share subject to any adjustments. Pursuant to the Private Offering, the Fund’s initial closing occurred on September 29, 2017.

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

Revenues

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

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

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

Expenses

Under the 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;

 

72

  •  

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
June 30, 2024		     For the Three
Months Ended
June 30, 2023		     For the Six
Months Ended
June 30, 2024		     For the Six
Months Ended
June 30, 2023		  

Investments in Portfolio Companies

    $ (94,623,911 )(1)    $ (68,793,108 )(2)    $  (163,105,157 )(3)    $ (106,811,642 )(4) 

Draw Downs against Revolvers and Delayed Draw Term Loans

      (31,341,363 )      (21,135,064 )      (47,909,526 )      (44,664,115 ) 

Principal Repayments

      32,314,553 (5)      33,136,130 (6)      50,891,223 (7)      47,322,894 (8) 

Sales

      5,523,492     918, 035     5,523,492       918,035  
  

 

 

    

 

 

    

 

 

    

 

 

  

Net Repayments (Investments)

    $ (88,127,229 )    $ (55,874,007 )      (154,599,968 )    $ (103,234,828 ) 
  

 

 

    

 

 

    

 

 

    

 

 

  

 

(1) 

Includes investments in 21 portfolio companies.

(2) 

Includes investments in 13 portfolio companies.

(3) 

Includes investments in 21 portfolio companies.

(4) 

Includes investments in 31 portfolio companies.

(5) 

Includes $5,527,804 in revolver and delayed draw term paydowns.

(6) 

Includes $4,769,334 in revolver and delayed draw term paydowns.

(7) 

Includes $9,201,132 in revolver and delayed draw term paydowns.

(8) 

Includes $8,186,322 in revolver and delayed draw term paydowns.

The following table shows the composition of the investment portfolio and associated yield data as of June 30, 2024:

 

     As of June 30, 2024  
     Amortized Cost      Percentage of
Total		     Fair Value      Percentage of
Total		     Weighted
Average
Yield(1)		  

First Lien Senior Secured Debt

    $ 1,456,281,222        93.50 %      1,439,485,717        92.97 %      11.93 % 

Second Lien Junior Secured Debt

      3,092,554        0.20       2,966,276        0.19       15.89 % 

Preferred Stock

      6,616,909        0.42       8,786,436        0.57       —   

Common Stock

      7,474,938        0.48       8,183,964        0.53       —   

Investment Companies

      16,158,534        1.04       19,853,827        1.28       —   

Warrants

      394,025        0.03       1,681,858        0.11       —   

Cash and cash equivalents

      67,423,316        4.33       67,423,316        4.35    
  

 

 

     

 

 

    

 

 

     

 

 

    

Total

    $ 1,557,441,498        100 %      1,548,381,394        100 %   
  

 

 

     

 

 

    

 

 

     

 

 

    

 

(1) 

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

 

73

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

 

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

First Lien Senior Secured Debt

    $  1,294,646,129        92.33 %    $  1,270,762,647        91.83 %      10.51 % 

Second Lien Junior Secured Debt

      9,578,621        0.68       9,205,885        0.67       13.89 % 

Preferred Stock

      6,994,461        0.50       8,777,660        0.63       —   

Common Stock

      9,415,044        0.68       10,069,389        0.73       —   

Investment Companies

      8,521,131        0.61       11,014,144        0.80       —   

Warrants

      385,464        0.03       1,290,859        0.09       —   

Cash and cash equivalents

      72,671,928        5.18       72,671,928        5.25    
  

 

 

     

 

 

    

 

 

     

 

 

    

Total

    $ 1,402,212,778        100 %    $ 1,383,792,512        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 June 30, 2024 and December 31, 2023:

 

     As of
June 30, 2024		     As of
December 31, 2023		  

Number of portfolio companies

      213       192  

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.

The following table shows the amortized cost and fair value of the Fund’s performing and non-accrual debt investments as of June 30, 2024:

 

     As of June 30, 2024  
     Amortized Cost      Percentage at
Amortized Cost		     Fair Value      Percentage at
Fair Value		  

Performing

    $  1,439,142,028        98.61 %      1,439,104,108        99.77 % 

Non-accrual

    $ 20,231,748        1.39 %      3,347,885        0.23 % 
  

 

 

     

 

 

    

 

 

     

 

 

  

Total

      1,459,373,776        100 %      1,442,451,993        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, 2023:

 

     As of December 31, 2023  
     Amortized Cost      Percentage at
Amortized Cost		     Fair Value      Percentage at
Fair Value		  

Performing

    $  1,284,803,925        98.51 %    $  1,276,491,133        99.73 % 

Non-accrual

      19,420,825        1.49 %      3,477,399        0.27 % 
  

 

 

     

 

 

    

 

 

     

 

 

  

Total

    $ 1,304,224,750        100 %    $ 1,279,968,532        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 June 30, 2024 the Fund had thirteen investments, across four issuers, that were on non-accrual status. As of December 31, 2023, the Fund had twelve investments, with three issuers that were on non-accrual status.

 

74

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 June 30, 2024 and December 31, 2023 (with corresponding percentage of total portfolio investments):

 

     As of June 30, 2024  
   Amortized Cost      Percentage of
Total		     Fair Value      Percentage of
Total		  

Business Services

    $ 11,896,234        0.80 %    $ 11,972,352        0.82 % 

Consumer Non-Cyclical

      48,100,327        3.22       47,082,058        3.18  

Digital Infrastructure & Services

      256,936,712        17.24       254,431,405        17.18  

Energy

      8,438,143        0.57       8,506,047        0.57  

Financials

      49,726,744        3.34       49,957,988        3.37  

Healthcare

      273,925,171        18.38       257,898,773        17.41  

Investment Companies

      16,158,534        1.09       19,853,827        1.34  

Software & Tech Services

      728,268,193        48.88       734,905,405        49.62  

Services

      96,568,124        6.48       96,350,223        6.51  
  

 

 

     

 

 

    

 

 

     

 

 

  
   $  1,490,018,182        100 %    $  1,480,958,078        100 % 
  

 

 

     

 

 

    

 

 

     

 

 

  

 

     As of December 31, 2023  
   Amortized Cost      Percentage of
Total		     Fair Value      Percentage of
Total		  

Business Services

    $ 90,152,210        6.79 %    $ 89,819,830        6.85 % 

Consumer Discretionary

      321,309        0.02       252,213        0.02  

Consumer Non-Cyclical

      54,231,874        4.08       53,735,223        4.10  

Digital Infrastructure & Services

      230,592,770        17.34       227,041,215        17.32  

Energy

      8,628,316        0.65       8,712,750        0.66  

Financials

     45,394,191        3.41       45,326,948        3.46  

Healthcare

      224,194,330        16.86       205,523,347        15.68  

Investment Companies

      7,814,562        0.59       10,130,654        0.77  

Software & Tech Services

      667,493,569        50.21       669,555,069        51.06  

Transport & Logistics

      717,719        0.05       1,023,335        0.08  
  

 

 

     

 

 

    

 

 

     

 

 

  
   $ 1,329,540,850        100 %    $ 1,311,120,584        100 % 
  

 

 

     

 

 

    

 

 

     

 

 

  

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

 

  •  

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

 

  •  

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

 

  •  

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

 

  •  

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

 

  •  

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

 

75

Results of Operations

The following is a summary of the Fund’s operating results for the three and six months ended June 30, 2024 and June 30, 2023:

 

     For the three months ended
June 30,		      For the six months ended
June 30,		  
     2024      2023      2024      2023  

Total investment income

    $  42,834,856      $  36,287,203      $  84,080,069      $  69,131,994  

Total expenses

      29,741,774        25,651,098        57,932,391        47,456,742  
  

 

 

     

 

 

     

 

 

     

 

 

  

Net investment income before taxes

      13,093,082        10,636,105        26,147,678        21,675,252  

Income tax expense, including excise tax

      91,736        260,725        179,306        278,026  
  

 

 

     

 

 

     

 

 

     

 

 

  

Net investment income after tax

      13,001,346        10,375,380        25,968,372        21,397,226  

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

      2,818,281        (7,501,047 )       9,461,735        (2,973,182 ) 
  

 

 

     

 

 

     

 

 

     

 

 

  

Net increase in net assets resulting from operations

      15,819,627        2,874,333        35,430,107        18,424,044  

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

      (1,366 )       516        (2,697 )       1,639  

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

    $ 15,820,993      $ 2,873,817        35,432,804      $ 18,422,405  
  

 

 

     

 

 

     

 

 

     

 

 

  

Investment Income

During the three months ended June 30, 2024, the Fund’s investment income was comprised of $40,513,701 of interest income, which includes $1,378,494 from the net amortization of premium and accretion of discounts, $2,109,355 of payment-in-kind interest, and $211,800 of dividend income. During the three months ended June 30, 2023, the Fund’s investment income was comprised of $35,269,067 of interest income, which includes $1,713,508 from the net amortization of premium and accretion of discounts, $662,830 of payment-in-kind interest, and $355,306 of dividend income. The increase in net investment income during the three months ended June 30, 2024 compared to the three months ended June 30, 2023 can primarily be attributed to an increase in gross assets and interest rates.

During the six months ended June 30, 2024, the Fund’s investment income was comprised of $80,113,933 of interest income, which includes $2,721,734 from the net amortization of premium and accretion of discounts, and $3,667,307 of payment-in-kind interest, and $298,829 of dividend income. During the six months ended June 30, 2023, the Fund’s investment income was comprised of $67,028,005 of interest income, which includes $3,097,880 of the net amortization of premium and accretion of discounts, $1,696,231 of payment-in-kind interest, and $407,758 of dividend income. The increase in net investment income during the six months ended June 30, 2024, compared to the six months ended June 30, 2023, can primarily be attributed to an increase in gross assets and interest rates.

 

76

Operating Expenses

The following is a summary of the Fund’s operating expenses for the three and six months ended June 30, 2024 and June 30, 2023:

 

     For the three months ended
June 30,		      For the six months ended
June 30,		  
     2024      2023      2024      2023  

Interest and borrowing expenses

    $  19,893,019      $  17,260,122      $  38,834,928      $  31,041,782  

Management fees

      4,911,685        4,204,038        9,558,202        8,142,942  

Income-based incentive fee

      3,250,337        2,600,473        6,492,093        5,355,077  

Professional fees

      682,635        681,896        1,230,680        1,197,209  

Administration and custodian fees

      325,977        294,109        508,469        558,564  

Insurance expenses

      131,362        135,986        262,725        271,972  

Directors’ fees

      10,296        69,875        139,750        139,750  

Transfer agent fees

      27,837        36,215        66,525        71,487  

Other expenses

      508,626        368,384        839,019        677,959  
  

 

 

     

 

 

     

 

 

     

 

 

  

Total expenses

      29,741,774        25,651,098        57,392,391        47,456,742  

Income tax expense, including excise tax

      91,736        260,725        179,306        278,026  
  

 

 

     

 

 

     

 

 

     

 

 

  

Total expenses

    $ 29,833,510      $ 25,911,823      $ 58,111,697      $ 47,734,768  
  

 

 

     

 

 

     

 

 

     

 

 

  

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.

Interest and borrowing expenses for the three months ended June 30, 2024 and June 30, 2023 were $19,893,019 and $17,260,122, respectively. The weighted average interest rate (excluding deferred upfront financing costs and unused fees) on the Fund’s debt outstanding was 8.69% and 7.74% for the three months ended June 30, 2024 and June 30, 2023, respectively. The increase in interest and borrowing expenses during the three months ended June 30, 2024 compared to the three months ended June 30, 2023 can primarily be attributed to an increase in debt outstanding and interest rates.

Interest and borrowing expenses for the six months ended June 30, 2024 and June 30, 2023 were $38,834,928 and $31,041,782, respectively. The weighted average interest rate (excluding deferred upfront financing costs and unused fees) on the Fund’s debt outstanding was 8.73% and 7.50% for the six months ended June 30, 2024 and June 30, 2023, respectively. The increase in interest and borrowing expenses during the six months ended June 30, 2024 compared to the six months ended June 30, 2023 can primarily be attributed to an increase in debt outstanding and interest rates.

Management Fee

The gross management fee expenses for the three months ended June 30, 2024 and June 30, 2023 were $4,911,685 and $4,204,038, respectively. The increase in the management fee for the three months ended June 30, 2024 was a result of the increase in average gross assets during this period, which are the basis used to calculate management fees.

The gross management fee expenses for the six months ended June 30, 2024 and June 30, 2023 were $9,558,202 and $8,142,942, respectively. The increase in the management fee for the six months ended June 30, 2024 was a result of the increase in average gross assets during this period, which are the basis used to calculate management fees.

 

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Net Realized Gain (Loss) on Investments

During the three months ended June 30, 2024, the Fund had restructurings and sales which resulted in $64,233 of net realized gain. During the six months ended June 30, 2024, the Fund had restructurings and principal paydowns which resulted in $101,573 of net realized gain.

During the three months ended June 30, 2023, the Fund had restructurings and principal paydowns which resulted in $303,851 of net realized loss. During the six months ended June 30, 2023, the Fund had restructurings and principal paydowns which resulted in $298,398 of net realized loss.

Net Change in Unrealized Appreciation (Depreciation) on Investments

During the three months ended June 30, 2024, the Fund had $2,754,047 in net change in unrealized appreciation on $1,490,018,182 of investments in 213 portfolio companies. Net change in unrealized appreciation for the three months ended June 30, 2024, resulted from an increase in fair value, primarily due to positive valuation adjustments on level 3 securities.

During the three months ended June 30, 2023, the Fund had $7,197,196 in net change in unrealized depreciation on $1,253,961,805 of investments in 195 portfolio companies. Unrealized depreciation for the three months ended June 30, 2023, resulted from an decrease in fair value, primarily due to negative valuation adjustments on level 3 securities.

During the six months ended June 30, 2024, the Fund had $9,360,162 in net change in unrealized appreciation on $1,490,018,182 of investments in 213 portfolio companies. Net change in unrealized appreciation for the six months ended June 30, 2024, resulted from an increase in fair value, primarily due to positive valuation adjustments on level 3 securities.

During the six months ended June 30, 2023, the Fund had $2,674,784 in net change in unrealized depreciation on $1,253,961,805 of investments in 195 portfolio companies. Net change in unrealized depreciation for the six months ended June 30, 2023, resulted from a decrease in fair value, primarily due to negative valuation adjustments on debt securities, which were slightly offset by positive valuation adjustments on equity securities.

Net Increase (Decrease) in Net Assets Resulting from Operations

For the three months ended June 30, 2024 and 2023, the net increase in net assets resulting from operations was $15,819,627 and $2,874,333, respectively. Based on the weighted average shares of common stock outstanding for the three months ended June 30, 2024 and 2023, the Fund’s per share net increase in net assets resulting from operations was $0.28 and $0.06, respectively.

For the six months ended June 30, 2024 and 2023, the net increase in net assets resulting from operations was $35,430,107 and $18,424,044, respectively. Based on the weighted average shares of common stock outstanding for the six months ended June 30, 2024 and 2023, the Fund’s per share net increase in net assets resulting from operations was $0.63 and $0.36, respectively

Cash Flows

For the six months June 30, 2024, cash decreased by $5,248,612. During the same period, the Fund used $131,259,927 in operating activities, primarily as a result of net purchases of investments. During the six months ended June 30, 2024, the Fund generated $126,011,315 from financing activities, primarily from net borrowings on the Revolving Credit Facilities and Issuance of Common Stock.

For the six months ended June 30, 2023, cash increased by $27,318,251. During the same period, the Fund used $71,685,716 in operating activities, primarily as a result of net purchases of investments. During the six months ended June 30, 2023, the Fund generated $99,003,967 from financing activities, primarily from issuance of common stock and issuance of new 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 six months ended June 30, 2024 and June 30, 2023, the Fund did not enter into any hedging contracts.

 

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Financial Condition, Liquidity and Capital Resources

As of June 30, 2024, and December 31, 2023, the Fund had $67,423,316 and $72,671,928 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 June 30, 2024, taken together with the Fund’s uncalled Capital Commitments of $105,720,487 and $9,000,000 undrawn amount on the 2021 HSBC Credit Facility and $20,750,000 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 June 30, 2024, the Fund has unfunded commitments to fund future investments in the amount of $244,125,851, and contractual obligations in the form of Revolving Credit Facilities of $400,250,000, Notes of $543,408,239 and Secured Borrowings of $18,011,556.

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 June 30, 2024, the Fund received Capital Commitments of $690,233,884. Inception to June 30, 2024, the Fund received Capital Contributions to the Fund of $584,513,397. Proceeds from the issuances of Shares in respect of drawdown notices described below were used for investing activities and for other general corporate purposes.

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 May 24, 2024, the Fund commenced the Q2 2024 Tender Offer for up to 1,379,303 Shares. The Purchase Price for the Q2 2024 Tender Offer was $9.45 per Share and the Q2 2024 Tender Offer expired on June 30, 2024.

On March 01, 2024, the Fund commenced the Q1 2024 Tender Offer for up to 1,354,873 Shares. The Purchase Price for the Q1 2024 Tender Offer was $9.40 per Share and the Q1 2024 Tender Offer expired on March 31, 2024.

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.

Stockholders who tendered Shares in the Q1 2024 Tender Offer and Q1 2023 Tender Offer received a non-interest bearing, non-transferable promissory note entitling such stockholders to an amount in cash equal to the number of Shares accepted for purchase multiplied by the applicable Purchase Price.

 

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The following is a summary of the Fund’s equity activity for the three and six months ended June 30, 2024 and June 30, 2023.

 

     For the Three
Months
Ended
June 30,
2024		      For the Three
Months
Ended
June 30,
2023		      For the Six
Months
Ended
June 30,
2024		      For the Six
Months
Ended
June 30,
2023		  

Capital Commitments and Commitment Reductions

      23,409,725      $ 23,027,241      $ 53,025,368      $ 49,576,874  

Capital Commitments rescinded due to participation in General Tender Program and Commitment Reductions

    $ 4,880,000      $ 5,562,750      $ 11,383,400      $ 10,378,946  

Dividend reinvestments

    $ 6,968,153      $ 5,552,823      $ 13,880,864      $ 8,293,693  

Shares issued to investors under DRIP

      737,332        606,230        1,472,883        900,384  

Value of capital drawdown notices

    $  24,483,147      $  25,792,451      $  46,151,106      $  25,792,451  

Shares issued to investors under capital drawdown notices

      2,574,268        2,776,754        4,871,348        2,776,754  

Value of Shares purchased in General Tender Program

    $ 9,315,897      $ 4,225,901      $ 16,310,664      $ 10,063,894  

Shares purchased in General Tender Offer

      985,757        461,364        1,730,039        1,088,882  

Distributions

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

The following table summarizes distributions declared during the six months ended June 30, 2024:

 

Date Declared

    Record Date      Payment Date      Amount Per Share      Total Distributions  

March 26, 2024

      March 26, 2024        April 23, 2024      $  0.23      $  12,969,462  

June 26, 2024

      June 26, 2024        July 22, 2024      $  0.21      $ 12,999,653  
           

 

 

  

Total distributions declared

             $ 25,969,115  
           

 

 

  

The following table summarizes distributions declared during the six months ended June 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  
           

 

 

  

Total distributions declared

             $ 15,541,961  
           

 

 

  

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 six months ended June 30, 2024, 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.

 

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For the six months ended June 30, 2024, 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 November 15, 2017, the Fund entered into the HSBC Credit Agreement to establish the HSBC Credit Facility with the HSBC Administrative Agent and any other lender that became a party to the HSBC Credit Agreement in accordance with the terms of the HSBC Credit Agreement, as lenders. The Fund amended and restated the HSBC Credit Agreement on January 31, 2019, and on July 8, 2021, the Fund terminated the HSBC Credit Agreement and all outstanding loans thereunder were repaid and all obligations thereunder were released and terminated. Concurrent with the termination of the HSBC Credit Agreement, 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 June 30, 2024, the Fund’s fund group facility sublimit under the 2021 HSBC Credit Facility was $30,000,000.

As of June 30, 2024, the Fund had $21,000,000 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, 2023, the Fund had $8,000,000 outstanding on the 2021 HSBC Credit Facility.

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

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 June 30, 2024, 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, 2023, the Fund had $198,000,000 outstanding on the Synovus Credit Facility and the Fund was in compliance with the terms of the Synovus Credit Facility.

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

Natixis Credit Facility

On March 24, 2021, 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 ABPCI Direct Lending Fund CLO XIII LTD (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.

 

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On April 21, 2023, ABPCIC Funding IV entered into the Natixis Credit Facility 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 (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 (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.

As of June 30, 2024, the Fund had $179,250,000 outstanding on the Natixis Credit Facility and the Fund was in compliance with the terms of the Natixis Credit Facility. As of December 31, 2023, the Fund had $105,500,000 outstanding on the Natixis Credit Facility and the Fund was in compliance with the terms of the Natixis Credit Facility.

The Natixis Credit Agreement provides for borrowings in an aggregate amount up to $200,000,000. Borrowings under the Natixis Credit Agreement 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 Natixis Credit Facility is subject to certain restrictions contained in the 1940 Act.

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 $18,011,556 and $2,325,617 as of June 30, 2024, and December 31, 2023, respectively.

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

Debt Securitization

On August 9, 2019, ABPCI Direct Lending Fund CLO VI Ltd (the “VI Issuer”), an exempted company incorporated with limited liability under the laws of the Cayman Islands and a wholly-owned subsidiary of the Fund, 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 the terms of the first supplement 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 VI Issuer issued new notes, collectively, the “CLO VI Notes.”

The CLO VI Notes that remain outstanding as of June 30, 2024 were (i) $98,250,000 of Class A-1-R Senior Secured Floating Rate Notes, which bear interest at three-months Secured Overnight Financing Rate (“Term SOFR”) plus 1.83% per annum; (ii) $75,000,000 of Class A-1-L Senior Secured Floating Rate Notes, which bear interest at Term SOFR plus 1.83% per annum; (iii) $30,000,000 of Class A-1-F Senior Secured Fixed Rate Notes, which bear interest at 4.305% per annum; (iv) $43,500,000 of Class A-2-R Senior Secured Deferrable Floating Rate Notes, which bear interest at Term SOFR plus 2.25% per annum; (v) $19,250,000 of Class B-R Senior 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 Senior Secured Deferrable Floating Rate Notes, which bear interest at Term SOFR plus 4.15% per annum. The CLO VI Notes are scheduled to mature on April 27, 2034.

 

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The CLO VI Notes that remain outstanding as of December 31, 2023 were (i) $98,250,000 of Class A-1-R Senior Secured Floating Rate Notes, which bear interest at three-months Secured Overnight Financing Rate (“Term SOFR”) plus 1.83% per annum; (ii) $75,000,000 of Class A-1-L Senior Secured Floating Rate Notes, which bear interest at Term SOFR plus 1.83% per annum; (iii) $30,000,000 of Class A-1-F Senior Secured Fixed Rate Notes, which bear interest at 4.305% per annum; (iv) $43,500,000 of Class A-2-R Senior Secured Deferrable Floating Rate Notes, which bear interest at Term SOFR plus 2.25% per annum; and (v) $19,250,000 of Class B-R Senior 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 Senior Secured Deferrable Floating Rate Notes, which bear interest at Term SOFR plus 4.15% per annum. The CLO VI Notes are scheduled to mature on April 27, 2034.

The CLO VI Notes are the secured obligations of the VI Co-Issuers, and the indenture governing the CLO VI Notes includes customary covenants and events of default. The CLO 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. Pursuant to a new CLO notes issuance, collateral management fee is no longer charged as long as the Adviser serves as a collateral manager.

On May 3, 2023, ABPCI Direct Lending Fund CLO XIII LTD (“CLO XIII” or the “XIII Issuer”), a private company limited by shares incorporated under the laws of Jersey and a wholly-owned subsidiary of the Fund, and ABPCI Direct Lending Fund CLO XIII LLC, a limited liability company organized under the laws of the State of Delaware (the “XIII Co-Issuer,” and together with the XIII Issuer, the “XIII Co-Issuers”), ABPCI Direct Lending Fund CLO XIII First Static Subsidiary Ltd (the “First Static Subsidiary”) and ABPCI Direct Lending Fund CLO XIII Second Static Subsidiary Ltd (the “Second Static Subsidiary” and together with the First Static Subsidiary, the “Static Subsidiaries”, and together with the XIII Co-Issuers, the “XIII Issuer Entities”), each a newly formed special purpose vehicle, completed a $395,000,000 term debt securitization (the “CLO XIII Transaction”). The stated reinvestment date is April 27, 2027.

The CLO XIII Transaction was executed through a private placement and the notes offered (the “CLO XIII Notes”) that remain outstanding as of December 31, 2023 were (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 CLO XIII Notes are scheduled to mature on April 27, 2035.

The CLO XIII Notes are the secured obligations of the XIII Issuer Entities, and the indenture governing the CLO XIII Notes includes customary covenants and events of default. The CLO 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. For so long as the Adviser serves as collateral manager to the XIII Issuer, a collateral management fee shall not be charged.

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

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.

 

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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 June 30, 2024, and December 31, 2023, the Fund had total senior securities of $965,011,556 and $860,575,617, respectively, consisting of borrowings under the Revolving Credit Facilities, secured borrowings and the Notes, and had asset coverage ratios of 158% and 159%, 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.

 

84

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 Second 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

 

85

that would 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 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.

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 rising inflation, the U.S. Federal Reserve and other central banks have increased interest rates. A prolonged increase in interest rates could results 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 June 30, 2024, 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

    $  (3,698,437 )     $  (2,187,500 )     $  (1,510,937 ) 

Up 100 basis points

      14,793,748        8,750,000        6,043,748  

Up 200 basis points

      29,587,496        17,500,000        12,087,496  

Up 300 basis points

      4,4381,244        26,250,000        18, 131,244  

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.

 

86

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, 2023, 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 three and six months ended June 30, 2024, 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, 2023, 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 June 30, 2024 and (2) 150%, each at various annual returns, net of expenses and as of June 30, 2024.
 
87
Table of Contents
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 June 30, 2024
(1)
      (42.50 )%      (28.50 )%      (14.60 )%      (0.60 )%      13.40 % 
Corresponding net return to holders of common stock assuming 150% asset coverage
(2)
      (46.20 )%      (31.20 )%      (16.20 )%      (1.20 )%      13.80 % 
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
 
(1)
 
Assumes $1,560.0 million in total portfolio assets, $1,002.6 million in debt outstanding, $557.4 million in net assets, and an average cost of funds of 8.09%. Actual interest payments may be different.
(2)
 
Assumes $1,560.0 million in total portfolio assets, $1,040.0 million in debt outstanding, $520.0 million in net assets, and an average cost of funds of 8.09%. Actual interest payments may be different.
 
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 June 30, 2024, 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.”
 
88

Item 6.

Exhibits

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

 

10.1    Twelfth Amendment to Revolving Credit Agreement, dated as of June 6, 2024, by and among AB-Abbott Private Equity Investors 2019 (Delaware) Fund L.P., AB-Abbott Private Equity Investors 2020 (Delaware) Fund L.P., AB-Abbott Private Equity Solutions 2021 (Delaware) Fund L.P., AB Private Credit Investors Middle Market Direct Lending Fund, L.P., the Fund, AB-Abbott Private Equity Solutions 2022 (Delaware) Fund L.P., AB-Abbott Private Equity Solutions 2023 (Delaware) Fund L.P. and AB-Abbott Private Equity Solutions 2024 (Delaware) Fund L.P., as borrowers, AB-Abbott Private Equity Investors G.P. L.P., AB-Abbott Private Equity Investors 2020 G.P. L.P., AB-Abbott Private Equity Solutions 2021 G.P. L.P., AB Private Credit Investors Middle Market Direct Lending G.P. L.P., AB-Abbott Private Equity Solutions 2022 G.P. L.P., AB-Abbott Private Equity Solutions 2023 G.P. L.P. and AB-Abbott Private Equity Solutions 2024 G.P. L.P., as general partners, the banks and financial institutions from time to time party thereto as lenders and HSBC Bank USA, National Association as the administrative agent for the secured parties and a lender (incorporated by reference to Exhibit 10.1 to the Fund’s Current Report on Form 8-K (File No. 814-01196) filed on June 10, 2024).
10.2    Fund Group Facility Sublimit Adjustment Letter, dated as of May 24, 2024, by and among AB-Abbott Private Equity Investors 2019 (Delaware) Fund L.P., AB-Abbott Private Equity Investors 2020 (Delaware) Fund L.P., AB-Abbott Private Equity Solutions 2021 (Delaware) Fund L.P., AB Private Credit Investors Middle Market Direct Lending Fund, L.P., AB Private Credit Investors Corporation, AB-Abbott Private Equity Solutions 2022 (Delaware) Fund L.P., AB-Abbott Private Equity Solutions 2023 (Delaware) Fund L.P. and AB-Abbott Private Equity Solutions 2024 (Delaware) Fund L.P (incorporated by reference to Exhibit 10.1 to the Fund’s Current Report on Form 8-K (File No. 814-01196) filed on May 28, 2024).
10.3    Fund Group Facility Sublimit Adjustment Letter, dated as of June 17, 2024, by and among AB-Abbott Private Equity Investors 2019 (Delaware) Fund L.P., AB-Abbott Private Equity Investors 2020 (Delaware) Fund L.P., AB-Abbott Private Equity Solutions 2021 (Delaware) Fund L.P., AB Private Credit Investors Middle Market Direct Lending Fund, L.P., AB Private Credit Investors Corporation, AB-Abbott Private Equity Solutions 2022 (Delaware) Fund L.P., AB-Abbott Private Equity Solutions 2023 (Delaware) Fund L.P. and AB-Abbott Private Equity Solutions 2024 (Delaware) Fund L.P (incorporated by reference to Exhibit 10.1 to the Fund’s Current Report on Form 8-K (File No. 814-01196) filed on June 20, 2024).
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

 

89

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: August 14, 2024     By:  

/s/ J. Brent Humphries

      J. Brent Humphries
      President and Chief Executive Officer
      (Principal Executive Officer)
Date: August 14, 2024     By:  

/s/ Wesley Raper

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