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UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549   FORM 10-K   (Mark One) ☒
ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934. For the fiscal year ended December 31, 2021 OR  ☐
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934. For the transition period from
 to Commission file number 814-01196   AB Private Credit Investors Corporation (Exact Name of Registrant as Specified in Its Charter)    Maryland

81-2491356(State or Other Jurisdiction of
Incorporation or Organization)

(I.R.S. Employer
Identification No.)1345 Avenue of the Americas
New York, NY

10105(Address of Principal Executive Offices)

(Zip Code) Registrants Telephone Number, Including Area Code: (212)
969-1000 Securities registered pursuant to Section 12(b) of the Act:  Title of each class

Trading Symbol(s)

Name of exchange on which registered



 Securities registered pursuant to Section 12(g) of the Act: Title of each class Common stock, par value $0.01 per share   Indicate by check mark if the
registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.    Yes ☐    No ☒ Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the
Act.    Yes ☐    No ☒ 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 the 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 has filed a report on and attestation to its managements assessment of the effectiveness of its internal
control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report.    ☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Securities Exchange
Act of 1934).    Yes ☐    No ☒ There is no established public market for the issuers
common stock. The issuer had 38,220,636.275 shares of common stock, $0.01 par value per share, outstanding as of March 31, 2022.




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AB PRIVATE CREDIT INVESTORS CORPORATION FORM 10-K FOR THE YEAR ENDED DECEMBER 31, 2021 Table of Contents  Index

PagePART I


2Item 1.

Business


2Item 1A.

Risk Factors


27Item 1B.

Unresolved Staff Comments


55Item 2.

Properties


55Item 3.

Legal Proceedings


55Item 4.

Mine Safety Disclosures


55PART II


56Item 5.

Market for Registrants Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities


56Item 6.

[Reserved]


57Item 7.

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


57Item 7A.

Quantitative and Qualitative Disclosures About Market Risk


70Item 8.

Consolidated Financial Statements and Supplementary Data


71Item 9.

Changes in and Disagreements with Accountants on Accounting and Financial Disclosure


71Item 9A.

Controls and Procedures


71Item 9B.

Other Information


71Item 9C.

Disclosure Regarding Foreign Jurisdictions that Prevent Inspections


71PART III


71Item 10.

Directors, Executive Officers and Corporate Governance


71Item 11.

Executive Compensation


76Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters


77Item 13.

Certain Relationships and Related Transactions, and Director Independence


77Item 14.

Principal Accountant Fees and Services


80PART IV


81Item 15.

Exhibits, Consolidated Financial Statement Schedules


81Item 16.

Form 10-K Summary


84SIGNATURES


85




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CERTAIN DEFINITIONS Except as otherwise specified in this Annual Report on Form 10-K (Annual Report), the term the
Fund refers to AB Private Credit Investors Corporation. CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS This Annual 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;  

pandemics or other serious public health events, such as the global outbreak of a novel strain of the
coronavirus, commonly known as COVID-19;  

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 its 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 this
Annual Report on Form 10-K. 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 its plans and objectives will be achieved. These risks and uncertainties include those  1




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described or identified in the section entitled Risk Factors 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 Annual 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. PART I  Item 1.
Business 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 Investment Company Act of 1940, as amended (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
certain regulatory requirements. See Business  Regulation as a Business Development Company and Business  Material U.S. Federal Income Tax Considerations. The Fund is an emerging growth company, as defined in the Jumpstart Our Business Startups Act of 2012 (the JOBS Act).
The Fund will remain an emerging growth company for up to five years following its initial public offering, if any, although if the market value of its common stock that is held by non-affiliates exceeds
$700 million as of any June 30 before that time, the Fund would cease to be an emerging growth company as of the following December 31. For so long as the Fund remains an emerging growth company under the JOBS Act, it will be subject to
reduced public company reporting requirements. Effects of COVID-19 on the Funds Results of Operations The rapid spread of COVID-19, a novel strain of coronavirus causing respiratory illness (COVID-19) initially resulted in the temporary closures of many corporate offices, retail stores, and manufacturing facilities and factories around the world. Furthermore, the World Health Organization
(WHO) declared COVID-19 a global pandemic, and the WHO and governments recommended, and in some cases, mandated, containment and mitigation measures worldwide. The
COVID-19 pandemic has had a significant impact on the U.S. economy and supply chains worldwide have been interrupted, slowed or rendered inoperable, with large numbers of individuals becoming ill, subject to
quarantine, or otherwise unable to work and/or travel due to health reasons or governmental restrictions. Governmental mandates to control the outbreak forced the temporary shutdown of some of the Funds portfolio companies facilities for
extended periods. The Funds investments are largely in sectors the Adviser believes to be relatively insulated from the effects of COVID-19, including enterprise software, communications, IT infrastructure, healthcare IT, technology-enabled services and business services to name a few. Furthermore, operations and fundamentals for portfolio
companies in sectors affected by COVID-19, such as energy, non-essential healthcare and non-discretionary consumer, have
normalized to pre-COVID-19 levels in most instances. The
continued impact of the COVID-19 outbreak on the financial performance of the Funds current and future investments will depend on future developments, including the ongoing duration and containment of
the virus, continued vaccinations, related advisories and restrictions, and the health of the financial markets and economy as a result of COVID-19, all of which are highly uncertain and cannot be predicted.
Adverse impacts on the Funds investments may have a material adverse impact on the Funds future net investment income, the fair value of the Funds portfolio investments, the Funds financial condition and results of operations
and the financial condition of the Funds portfolio companies. As of December 31, 2021, the Fund was in compliance with its
asset coverage requirements under the 1940 Act. In addition, the Fund was not in default of any of the covenants under the Revolving Credit Facilities (as defined below) as of December 31, 2021. However, any increase in unrealized depreciation
of the Funds investment portfolio or further significant reductions in the Funds net asset value as a result of the effects of the COVID-19 pandemic or otherwise may increase the risk of breaching
the relevant covenants and requirements. The Fund will continue to monitor the rapidly evolving situation surrounding the COVID-19 pandemic and guidance from U.S. and international authorities, including federal, state and local public health authorities, and may take additional actions based on their recommendations. Given the dynamic
nature of this situation, the Fund cannot reasonably estimate the impact of COVID-19 on its financial condition, results of operations or cash flows in the future.  2




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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 of 1933, as amended (the Securities Act,
and such offering, the Private Offering). Each investor makes a capital commitment (a Capital Commitment) to purchase Shares pursuant to a Subscription Agreement. Investors are required to make capital contributions
(Capital Contributions) to purchase Shares each time the Fund delivers a capital call notice, which is issued based on the Funds anticipated investment activities and capital needs, delivered at least 10 business days prior to the
required funding date, provided that investors may fund such requirements sooner than the deadline as agreed between the Fund and the investor. Generally, purchases of Shares are made pro rata in accordance with each investors Capital
Commitment, in an amount not to exceed each investors remaining capital commitment (Remaining Commitment), at a per Share price equal to the net asset value per Share subject to any adjustments. Pursuant to the Private Offering,
the Funds initial closing occurred on September 29, 2017. The Fund may accept additional Capital Commitments quarterly
(Subsequent Closings) from new investors as well as existing investors that wish to increase their commitment and shareholding in the Fund. These Subsequent Closings are expected to occur on a calendar-quarter end based on investor
interest as well as the state of the market and the Funds capacity to invest the additional capital within a reasonable period. Each Capital Commitment is for the life of the Fund or for a shorter period based on the investors
liquidation election, subject to the Funds receipt of exemptive relief that would permit stockholders to liquidate their investments pursuant to transactions that are currently prohibited by the 1940 Act and would require an SEC order in order
to be established. Financing The
Fund entered into a credit agreement (the HSBC Credit Agreement) to establish a revolving credit facility (the HSBC Credit Facility) with HSBC Bank USA, National Association (HSBC) as administrative agent (in such
capacity, the HSBC Administrative Agent) and any other lender that becomes a party to the HSBC Credit Facility in accordance with the terms of the HSBC Credit Facility, 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 that certain 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 the 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 G.P. L.P., an affiliate of the Fund, as initial general partner, 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 LIBOR Rate Loans (as defined in the 2021 HSBC Credit Agreement), Adjusted LIBOR (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%. As part of the 2021 HSBC Credit Facility and any other future credit facility the Fund enters into, the Funds right to make capital calls (Capital Calls) of
stockholders may be pledged as collateral to a lender, which will be able to call for Capital Contributions upon the occurrence of an event of default under such related credit facility. To the extent such an event of default does occur,
stockholders could therefore be required to fund any shortfall up to their Remaining Capital Commitments, without regard to the underlying value of their investment. See Risk Factors  The right to make Capital Calls of stockholders
may be pledged as collateral under the Revolving Credit Facilities or any other future borrowing facility. On August 9,
2019, ABPCI Direct Lending Fund CLO VI Ltd (the Issuer) and ABPCI Direct Lending Fund CLO VI LLC, a limited liability company organized under the laws of the State of Delaware (the
Co-Issuer, and together with the Issuer, the Co-Issuers), each a newly formed special purpose vehicle, completed a $300,500,000 term debt
securitization (the CLO Transaction). The stated reinvestment date is August 9, 2022. The CLO Transaction was executed through a private placement and the notes offered (the Notes). See Item 7 
Managements Discussion and Analysis of Financial Condition and Results of Operations  Debt Securitization. On
September 29, 2020, the Fund entered into a sale/buy-back agreement with Macquarie US Trading LLC (Macquarie), and pursuant to such agreement, the Fund assigned certain assets to
Macquarie, with a corresponding repurchase obligation at an agreed-upon price within 30 days after the sale date (the Macquarie Sale/Buy-Back). The
Macquarie Sale/Buy-Back has a funding cost of 1.25 bps per day and is not subject to any additional fees. On October 15, 2020, ABPCIC Funding II LLC, a wholly-owned subsidiary of the Fund (ABPCIC Funding II), entered into a
revolving credit facility (the Synovus Credit Facility) with Synovus Bank, Specialty Finance Division (Synovus), as facility agent, and U.S. Bank, as collateral agent (in such capacity, the Synovus Collateral
Agent), collateral custodian (in such capacity, the  3




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Synovus Collateral Custodian) and securities intermediary (in such capacity, the Synovus Securities Intermediary). The Synovus Credit Facility provides for borrowings in
an aggregate amount up to $150 million. Borrowings under the Synovus Credit Facility bear interest based on an annual adjusted LIBOR for the relevant interest period or the applicable replacement thereto provided, plus an applicable spread.
Borrowings under the Synovus Credit Facility are secured by all of the assets held by ABPCIC Funding II. On March 24, 2021, ABPCIC
Funding III, a wholly-owned subsidiary of the Fund (ABPCIC Funding III), entered into a warehouse financing transaction (the Natixis Credit Facility, and together with the HSBC Credit Facility, 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, as collateral agent (in such
capacity, the Natixis Collateral Agent), collateral administrator (in such capacity, the Natixis Collateral Administrator) and custodian (in such capacity, the Natixis Custodian). In connection with the Natixis
Credit Facility, ABPCIC Funding III entered into, among other agreements, (i) the credit agreement (the Natixis Credit Agreement) among ABPCIC Funding III, the lenders referred to therein, the Natixis Administrative Agent, the
Natixis Collateral Agent, the Natixis Collateral Administrator and the Natixis Custodian, (ii) the account control agreement (the Natixis Account Control Agreement) among ABPCIC Funding III, 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 III 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 III, the Natixis Collateral Manager and the Natixis Collateral Administrator and (v) the master loan sale and contribution agreement (the Natixis Transfer Agreement) between ABPCIC Funding III
and the Fund. The Natixis Credit Facility provides for borrowings in an aggregate amount up to $200 million. Borrowings under the Natixis Credit Facility will bear interest based on an annual adjusted LIBOR for the relevant interest period or
the applicable replacement thereto provided for in the Natixis Credit Agreement, in each case, plus an applicable spread. General The Fund is structured as an externally managed, non-diversified
closed-end management investment company. The Fund expects to operate as a private BDC and to conduct a private offering to investors in reliance on exemptions from the registration requirements of
the Securities Act while the Fund invests the proceeds of the Private Offering. The Fund is an emerging growth company under the 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s investment objective is to generate current income and
prioritize capital preservation through a portfolio that primarily invests in directly-originated, privately-negotiated, secured, middle market loans. The Fund will invest at least 80% of its assets in debt instruments. The Fund intends to invest in
middle-market businesses based in the United States, which the Fund generally defines as having enterprise values between $75 million and $500 million. However, from time to time, the Fund may invest in larger or smaller companies. The
Fund expects that the primary use of proceeds by the companies in which it invests will be for leveraged buyouts, recapitalizations, mergers and acquisitions and growth capital. As of December 31, 2021, the Funds investment portfolio
totaled $892,580,993 and consisted primarily of senior debt. The Fund seeks 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 expects to continue to make investments primarily through direct originations as well as secondary purchases. The Funds credit
investments will principally take the form of first lien, stretch senior, unitranche, and second lien loans, although the actual mix of instruments pursued will vary over time depending on the Funds views on how best to optimize risk-adjusted
returns. The Fund will also consider unsecured mezzanine debt, structured preferred stock, and non-control equity co-investment opportunities, typically alongside a
leading middle market financial sponsor and/or in partnership with a strong management group. The Fund expects its loans will generally carry contractual maturities between four and six years. The Fund pursues opportunities across a broad range of sectors, including but not limited to, the following end markets: alarm monitoring;
communications and IT infrastructure; energy; enterprise software (including software-as-a-service); equipment finance; financial
technology/transaction processing; franchisors, franchisees, and restaurants; healthcare and healthcare IT; non-discretionary consumer (including certain multi-site retailers); specialized, value-added
manufacturing; specialty finance; technology-enabled services; transportation and logistics; consumer non-cyclical; business services; and education. The Board of Directors The Funds
business and affairs are managed under the direction of the board of directors (the Board). The Board consists of five members. A majority of the Board will at all times consist of directors who are not interested persons of
the Fund, of the Adviser or of any of their respective affiliates, as defined in the 1940 Act (Independent Directors). The Board is divided into three classes, each serving staggered, three-year terms. The terms of the Funds
Class III director will expire in 2022, and if reelected by the Funds stockholders, the Funds Class III director will serve a new term to expire at the 2025 annual meeting of stockholders; the terms of the Funds
Class II directors will expire at the 2024 annual meeting of stockholders; and the terms of the Funds Class I directors  4




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will expire at the 2023 annual meeting of stockholders. See Part III, Item 10  Directors, Executive Officers and Corporate Governance. The Board elects the
Funds officers, who serve at the discretion of the Board. The responsibilities of the Board include quarterly determinations of fair value of the Funds assets, corporate governance activities, oversight of the Funds financing
arrangements and oversight of the Funds investment activities. About the Funds Investment Adviser The Funds investment activities are managed by its external investment adviser, AB Private Credit Investors LLC. The Fund benefits from
the Advisers ability to identify attractive investment opportunities, conduct due diligence to determine credit risk, and structure and price investments accordingly, as well as manage a diversified portfolio of investments. The Adviser, a
wholly-owned subsidiary of AllianceBernstein L.P. (AB), was formed in April 2014. AB is one of the worlds largest investment management firms, with approximately $779 billion in assets under management as of December 31,
2021, and a global client base that includes institutions, private clients and retail investors. The Adviser can leverage ABs dedicated economic, fundamental equity, fixed income, and quantitative research groups, as well as experts focused on
multi-asset and alternatives strategies. The Adviser is part of ABs alternative private credit business which, in addition to the
Fund and other private corporate credit strategies managed by the Adviser, consists of investment products and strategies involving commercial real estate debt and residential mortgage credit. ABs private credit business is also part of
ABs larger Alternatives Division, which includes hedge funds of funds, nontraditional bond strategies, and long/short equity strategies for a range of products and strategies in public mutual fund and private fund vehicles. The Adviser
benefits from the resources afforded to it by ABs robust global infrastructure, namely risk management, compliance and investor relations, as well the ABs established public and private credit franchises. The Adviser draws on these
resources throughout its operational and investment processes, as it benefits from the knowledge and oversight of its investment committee (the Investment Committee), which includes individuals from other areas within AB. This creates a
forum through which ABs global perspectives inform the Funds investment efforts in private middle market corporate credit. Investment
Advisory Agreement On November 13, 2019, the Fund entered into an advisory agreement with the Adviser (as amended, the
Advisory Agreement). The Advisory Agreement was amended and restated on March 24, 2022, as more totally described in Note 11. Subsequent Events. Pursuant to the Advisory Agreement, the Fund pays the Adviser, quarterly in arrears, a fee for investment advisory services consisting of two
components  a base management fee and an incentive fee. The cost of both the base management fee and the incentive fee is ultimately borne by the stockholders of the Fund. In addition, under the Advisory Agreement and to the extent permitted
by applicable law and in the discretion of the Board, the Fund indemnifies the Adviser and certain of its affiliates. See Risk Factors Risks Related to the Funds Business and Structure There
are significant potential conflicts of interest which could impact the Funds investment returns; The Funds incentive fee may inducethe Adviserto pursue speculative
investments and to use leverage when it may be unwise to do so; The compensation the Fund will pay tothe Adviserwas not determined on an
arms-length basis. Thus, the terms of such compensation may be less advantageous to the Fund than if such terms had been the subject of arms-length
negotiations; The Fund may borrow money, which would magnify the potential for gain or loss on amounts invested and may increase the risk of investing in the Fund. Base Management Fee The base
management fee is payable quarterly in arrears and 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 is accrued monthly by the Fund over the fiscal quarter for which such base management fee is paid. The base management fee for any partial month or quarter will be appropriately prorated. As further described in Note 11. Subsequent Events, the base management fee was reduced from 1.50% to 1.375% on March 24,
2022 in connection with the amendment and restatement of the Advisory Agreement. In addition, the Adviser agreed to voluntarily reduce the base management fee from 1.50% to 1.375% effective as of January 1, 2022 through March 24, 2022. Incentive Fee The incentive
fee, which provides the Adviser with a share of the income that the Adviser generates for the Fund, 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.  5




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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, due 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 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 accrued under U.S. generally accepted accounting principles (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. See Risk Factors  Risks Relating to The Funds Business  There are significant potential
conflicts of interest which could impact the Funds investment returns and Risk Factors  Risks Relating to The Funds Business  Even in the event the value of your investment declines, the base management fee and,
in certain circumstances, the incentive fee will still be payable to the Adviser. 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 fees in a quarter where the Fund incurs a net loss. For
example, if the Fund receives PIFNII in excess of the hurdle rate (as defined below) for a quarter, the Fund will accrue the applicable income-based incentive fee even if it has incurred a realized and/or unrealized capital loss in that quarter.
However, cash payment of the income-based incentive fee may be deferred in this situation, subject to the restrictions detailed at the end of this section. PIFNII, expressed as a rate of return on the average value of the Funds net assets (defined as total assets, less indebtedness and
before taking into account any incentive fees payable during the period) as of the first day of each month during the course of the immediately preceding calendar quarter, will be compared to various hurdle rates, with the income-based
incentive fee rate of return increasing at each hurdle rate.  LOGO 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 the PIFNII does not exceed 1.5% per quarter (6%
per annum), the 6% Hurdle Rate; and  

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 a 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  6




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##### Table of Contents



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. Capital Gains Incentive Fee: The capital gains incentive fee is determined and payable at the end of each fiscal year as 20% of the
Funds aggregate cumulative realized capital gains from the date of the Funds election to be regulated as a BDC through the end of that year, computed net of all aggregate cumulative realized capital losses and aggregate cumulative
unrealized depreciation through the end of such year, less the aggregate amount of any previously paid capital gain incentive fees. For the foregoing purpose, the Funds aggregate cumulative realized capital gains will not include
any unrealized appreciation. For accounting purposes only, the Fund is required under GAAP to accrue a hypothetical capital gains incentive fee based upon net realized gains and unrealized depreciation for that calendar year (in accordance with the
terms of the Advisory Agreement), plus unrealized appreciation on investments held at the end of the period. The accrual of this hypothetical capital gains incentive fee assumes all unrealized capital gain and loss is realized in order to reflect a
hypothetical capital gains incentive fee that would be payable to the Adviser at each measurement date. The capital gains incentive fee is not subject to any minimum return to stockholders. If such amount is negative, then no capital gains incentive
fee will be payable for such year. Additionally, if the Advisory Agreement is terminated as of a date that is not a calendar year end, the termination date will be treated as though it were a calendar year end for purposes of calculating and paying
the capital gains incentive fee. 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 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, (b) the realized capital gain / loss and (c) unrealized capital appreciation/ depreciation,
expressed as a rate of return on the value of the Funds 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 Advisory Agreement. Examples of Quarterly Incentive Fee Calculations Example 1Income Based Fee(1): Assumptions  

6% Hurdle Rate(2) = 1.50% 6% Catch-up = 0.17% 6% Catch-up Cap = 1.67% 7% Hurdle Rate(3) = 1.94% 7% Catch-up = 0.11% 7% Catch-up Cap = 2.06% 8% Hurdle Rate(4) = 2.35% 8% Catch-up = 0.18% 8% Catch-up Cap = 2.50%  

Management fee(5) = 0.38%  

Other expenses (legal, accounting, custodian, transfer agent, etc.)(6) = 0.22%  (1)
The hypothetical amount of PIFNII shown is based on a percentage of total net assets. In addition, the example
assumes that during the most recent four full fiscal quarter periods ending on or prior to the date the payment set forth in the example is to be made the sum of (a) the PIFNII, (b) the realized capital gain/loss and (c) the
unrealized capital appreciation/depreciation, expressed as a rate of return on the value of the Funds net assets, is at least 6.0% (2)
Represents a quarter of the 6.0% annualized 6% Hurdle Rate. (3)
Represents a quarter of the 6.67% annualized 7% Hurdle Rate. (4)
Represents a quarter of the 9.41% annualized 8% Hurdle Rate. (5)
Represents a quarter of the 1.5% annualized management fee. (6)
Excludes offering expenses.  7




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##### Table of Contents

Alternative 1 Additional Assumptions  

Investment income (including interest, dividends, fees, etc.) = 1.25%  

PIFNII (investment income  (management fee + other expenses)) = 0.65% PIFNII does not exceed the hurdle rate, therefore there is no income based fee. Alternative 2 Additional Assumptions  

Investment income (including interest, dividends, fees, etc.) = 2.20%  

PIFNII (investment income  (management fee + other expenses)) = 1.60% PIFNII exceeds 6% Hurdle Rate, therefore there is an income based incentive fee.  Income
Based
Fee

=

100% × (the greater of 0%AND (the lesser of (PIFNII  6%
Hurdle Rate) AND (6% Catch-up Cap  6% Hurdle Rate))) + 10%
× (the greater of 0% AND (the lesser of (PIFNII  6% Catch-up Cap) AND (7% Hurdle Rate  6% Catch-up Cap)))
+ 100% × (the greater of 0% AND (the lesser of (PIFNII  7% Hurdle Rate) AND (7% Catch-up Cap  7% Hurdle Rate))) + 15% × (the greater of 0%
AND (the lesser of (PIFNII  7% Catch-up Cap) AND (8% Hurdle Rate  7% Catch-up Cap)))
+ 100% × (the greater of 0% AND (the lesser of (PIFNII  8% Hurdle Rate) AND (8% Catch-up Cap  8% Hurdle Rate))) + 20% × (the greater of 0%
AND (PIFNII  8% Catch-up Cap))=

(100% × (1.6%  1.5%)) + 0%
+ 0% + 0% + 0% + 0%=

100% × 0.1%=

0.1% Alternative 3 Additional Assumptions  

Investment income (including interest, dividends, fees, etc.) = 2.40%  

PIFNII (investment income  (management fee + other expenses)) = 1.80% PIFNII exceeds 6% Hurdle Rate and 6% Catch-up Cap, but is less than the 7% Hurdle Rate. See detailed formula in
Alternative 2.  Income
Based
Fee

=

(100% × (1.67%  1.50%)) + (10.0% × (1.80%  1.67%))=

0.17% + (10.0% × 0.13%)=

0.17% + 0.01%=

0.18% Alternative 4 Additional Assumptions  

Investment income (including interest, dividends, fees, etc.) = 2.60%  

PIFNII (investment income  (management fee + other expenses)) = 2.0%  8




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##### Table of Contents

PIFNII exceeds 7% Hurdle Rate, but is less than the 7% Catch-up Cap.
See detailed formula in Alternative 2.  Income
Based
Fee

=

(100% × (1.67%  1.50%)) + (10.0% × (1.94%  1.67%)) + (100% × (2.00%
 1.94%))=

0.17% + (10.0% × 0.27% (1.94%  1.67%)) + (100% × 0.06%)=

0.17% + 0.03% + 0.06%=

0.26% Alternative 5 Additional Assumptions  

Investment income (including interest, dividends, fees, etc.) = 2.80%  

PIFNII (investment income  (management fee + other expenses)) = 2.20% PIFNII exceeds 7% Catch-up Cap, but is less than the 8% Hurdle Rate. See detailed formula in Alternative 2.  Income
Based
Fee

=

(100% × (1.67%  1.50%)) + (10.0% × (1.94%  1.67%)) + (100% × (2.06%  1.94%)) +
(15.0% × (2.20%  2.06%))=

0.17 + (10.0% × 0.27%) + (100% × 0.12%) + (15% × 0.14%)=

0.17% + 0.03% + 0.11% + 0.02%=

0.33% Alternative 6 Additional Assumptions  

Investment income (including interest, dividends, fees, etc.) = 3.00%  

PIFNII (investment income  (management fee + other expenses)) = 2.40% PIFNII exceeds 8% Hurdle Rate, but is less than the 8% Catch-up Cap. See detailed formula in Alternative 2.  Income
Based
Fee

=

(100% × (1.67%  1.50%)) + (10.0% × (1.94%  1.67%)) + (100% × (2.06%
 1.94%)) + (15.0% × (2.35%  2.06%)) + (100% × (2.40%  2.35%))=

0.17 + (10.0% × 0.27%) + (100% × 0.12%) + (15% × 0.29%) + (100% ×
0.05%)=

0.17% + 0.03% + 0.11% + 0.04% + 0.05%=

0.40% Alternative 7 Additional Assumptions  

Investment income (including interest, dividends, fees, etc.) = 3.20%  

PIFNII (investment income  (management fee + other expenses)) = 2.60% PIFNII exceeds 8% Hurdle Rate, but is less than the 8% Catch-up Cap. See detailed formula in Alternative 2.  Income
Based
Fee

=

(100% × (1.67%  1.50%)) + (10.0% × (1.94%  1.67%)) + (100% × (2.06%  1.94%)) + (15.0% × (2.35%  2.06%)) + (100% × (2.50%  2.35%)) + (20% × (2.60% 
2.50%))=

0.17% + (10.0% × 0.27%) + (100% × 0.12%) + (15% × 0.29%) + (100% × 0.15%) + (20.0% × 0.10%)=

0.17% + 0.03% + 0.11% + 0.04% + 0.15% + 0.02%=

0.52%  9




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##### Table of Contents

Example 2Capital Gains Incentive Fee: Alternative 1: Assumptions  

Year 1: $20 million investment made in Company A (Investment A), and $30 million investment
made in Company B (Investment B)  

Year 2: Investment A is sold for $50 million and fair value (FV) of Investment B determined to
be $32 million  

Year 3: FV of Investment B determined to be $25 million  

Year 4: Investment B sold for $31 million The capital gains incentive fee, if any, would be:  

Year 1: None (No sales transactions)  

Year 2: $6 million (20.0% multiplied by $30 million realized capital gains on sale of Investment A)  

Year 3: None; $5 million (20.0% multiplied by ($30 million realized cumulative capital gains less
$5 million cumulative capital depreciation)) less $6 million (previous Capital Gains Fee paid in Year 2)  

Year 4: $200,000; $6.2 million (20.0% multiplied by $31 million cumulative realized capital gains) less
$6 million (Capital Gains Fee paid in Year 2) Alternative 2 Assumptions  

Year 1: $20 million investment made in Company A (Investment A), $30 million investment
made in Company B (Investment B) and $25 million investment made in Company C (Investment C)  

Year 2: Investment A sold for $50 million, FV of Investment B determined to be $25 million and FV of
Investment C determined to be $25 million  

Year 3: FV of Investment B determined to be $27 million and Investment C sold for $30 million  

Year 4: FV of Investment B determined to be $35 million  

Year 5: Investment B sold for $20 million The capital gains incentive fee, if any, would be:  

Year 1: None (No sales transactions)  

Year 2: $5.00 million (20.0% multiplied by $25 million ($30 million realized capital gains on
Investment A less $5 million unrealized capital depreciation on Investment B))  

Year 3: $1.40 million ($6.4 million (20.0% multiplied by $32 million ($35 million cumulative
realized capital gains less $3 million unrealized capital depreciation)) less $5.00 million (Capital Gains Fee paid in Year 2))  

Year 4: None (No sales transactions)  

Year 5: None ($5.00 million (20.0% multiplied by $25 million (cumulative realized capital gains of
$35 million less realized capital losses of $10 million)) less $6.40 million (cumulative Capital Gains Fee paid in Year 2 and Year 3))  10




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##### Table of Contents

Example 3Deferral of Cash Payment of Incentive Fees: Assumptions  

Year 1: $20 million investment made in Company A (Investment A)  

Year 2, Quarter 4: Fair value (FV) of Investment A determined to be $19 million  

Net Assets for the 2 year period = $20mm(1)  Period

HurdleRate


ManagementFee


OtherExpenses


InvestmentIncome


Pre-IncentiveFee NetInvestmentIncome


Income-BasedFee(2)Year 1, Quarter 1


1.5
%


0.38
%


0.22
%


2.80
%


2.20
%


0.33
%Year 1, Quarter 2


1.5
%


0.38
%


0.22
%


2.80
%


2.20
%


0.33
%Year 1, Quarter 3


1.5
%


0.38
%


0.22
%


2.80
%


2.20
%


0.33
%Year 1, Quarter 4


1.5
%


0.38
%


0.22
%


2.80
%


2.20
%


0.33
%Year 2, Quarter 1


1.5
%


0.38
%


0.22
%


2.80
%


2.20
%


0.33
%Year 2, Quarter 2


1.5
%


0.38
%


0.22
%


2.80
%


2.20
%


0.33
%Year 2, Quarter 3


1.5
%


0.38
%


0.22
%


2.80
%


2.20
%


0.33
%Year 2, Quarter 4


1.5
%


0.38
%


0.22
%


2.80
%


2.20
%


0.33
% Most recent four full fiscal quarter period ending Year 2, Quarter 4:  a)
PIFNII as a return on net assets = 2.20% * 4 = 8.8%  b)
Realized capital gain/(loss) = zero  c)
Unrealized capital appreciation/(depreciation) = ($1mm), as a return on net assets = (5%) Sum of a), b) and c) = 3.8%, therefore the income-based incentive fee for Year 2, Quarter 4 will not be paid and will be carried over
for payment in subsequent periods  (1)
Assumes all net investment income is distributed to investors (2)
See Example 1, Alternative 5 for calculation Payment of the Funds Expenses All professionals of the Adviser and/or the Administrator, while engaged in providing investment advisory and management services to the Fund,
and the compensation and routine overhead expenses of personnel allocable to these services to the Fund, will be provided and paid for by the Adviser and not by the Fund. The Fund will pay all organizational expenses, operating expenses and other
expenses incurred by the Adviser related to the Fund and the execution of the Funds investment strategy, including, without limitation, those relating to:  

reasonable and documented organization and offering expenses to the extent reimbursement of such expenses is
included in any current or 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;  11




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##### Table of Contents



independent directors fees and expenses;  

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

costs of any reports, holding of meetings, 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 with the Administrator 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. Duration and Termination Unless
terminated earlier as described below, the Advisory Agreement will continue in effect for a period of two years from its effective date. It will remain in effect from year to year thereafter if approved annually (i) (A) by the Board or
(B) by the affirmative vote of the holders of a majority of the Funds outstanding voting securities and (ii) by a majority of the Funds Independent Directors. The Advisory Agreement automatically terminates in the event of its
assignment, as defined in the 1940 Act, by the Adviser and may be terminated by either party without penalty upon 60 days written notice to the other. The holders of a majority of the Funds outstanding voting securities may also
terminate the Advisory Agreement without penalty upon 60 days written notice. See Risk Factors  Risks Related to the Funds Business and Structure the Adviser and the Administrator have the right to resign on 60
days notice, and the Fund may not be able to find a suitable replacement for either within that time, or at all, resulting in a disruption in the Funds operations that could adversely affect its financial condition, business and results
of operations. The Advisory Agreement provides that, absent criminal conduct, willful misfeasance, bad faith or gross
negligence in the performance of its duties or by reason of the reckless disregard of its duties and obligations under the Advisory Agreement, the Adviser and its professionals and any other person or entity affiliated with it are entitled to
indemnification from the Fund for any damages, liabilities, costs and expenses (including reasonable attorneys fees and amounts reasonably paid in settlement) arising from the rendering of the Advisers services under the Advisory
Agreement or otherwise as the Funds investment adviser. Deferral of Incentive Fees in Certain Instances The terms of the Advisory Agreement provide that 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, (b) the realized capital gain/loss and
(c) the unrealized capital appreciation/depreciation, expressed as a rate of return on the value of the Funds 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 Advisory Agreement. In February 2020, the Fund and an affiliate of Abbott Capital Management, LLC (Abbott) made capital contributions to, and became members of, ABPCIC Equity Holdings, LLC, a
Delaware limited liability company and a special purpose vehicle designed to invest in private equity investments sourced by Abbott (ABPCIC Equity Holdings). ABPCIC Equity Holdings is a consolidated subsidiary of the Fund. The Adviser
intends to annually waive a portion of the capital gains incentive fee otherwise payable to the Adviser by the Fund by an amount equal to that amount of cash distributed during such year by ABPCIC Equity Holdings to Abbott. This fee waiver is
intended to ensure that Abbotts participation in investments through ABPCIC Equity Holdings has no effect on the economics received by the Funds stockholders in respect of their Shares. Expense Support and Conditional Reimbursement Agreement On September 29, 2017, the Fund entered into an agreement with the Adviser (the Expense Support and Conditional Reimbursement
Agreement) to limit certain of the Funds Operating Expenses, as defined in the Expense Support and Conditional Reimbursement Agreement, 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.  12




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##### Table of Contents

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. The calculation of average net assets will be consistent with such periodic calculations of average net assets in the Funds consolidated financial statements. 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 Advisory Agreement, or (b) the Board makes 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 December 31, 2021, the amount of Expense Payments provided by the Adviser since inception is $4,874,139. The following table
reflects the Expense Payments that may be subject to reimbursement pursuant to the Expense Agreement:  For the Quarters Ended

Amount ofExpenseSupport


Amount ofReimbursementPayment


Amount ofUnreimbursedExpense Support


Effective Rate ofDistributionper Share (1)


ReimbursementEligibilityExpiration


PercentageLimit(2)September 30, 2017

$
1,002,147


$
1,002,147


$




n/a



September 30, 2020



1.5
%December 31, 2017


1,027,398



1,027,398







n/a



December 31, 2020



1.5
%March 31, 2018


503,592



503,592







n/a



March 31, 2021



1.5
%June 30, 2018


1,086,482



755,992



330,490



4.787
%


June 30, 2021



1.0
%September 30, 2018


462,465



462,465







4.715
%


September 30, 2021



1.0
%December 31, 2018


254,742







254,742



6.762
%


December 31, 2021



1.0
%March 31, 2019


156,418



156,418







5.599
%


March 31, 2022



1.0
%June 30, 2019


259,263







259,263



6.057
%


June 30, 2022



1.0
%September 30, 2019


31,875



31,875







5.154
%


September 30, 2022



1.0
%December 31, 2019














6.423
%


December 31, 2022



1.0
%March 31, 2020


89,757







89,757



10.170
%


March 31, 2023



1.0
%June 30, 2020














5.662
%


June 30, 2023



1.5
%September 30, 2020














6.063
%


September 30, 2023



1.5
%December 31, 2020














6.266
%


December 31, 2023



1.5
%March 31, 2021














6.241
%


March 31, 2024



1.0
%June 30, 2021














6.219
%


June 30, 2024



1.0
%September 30, 2021














6.503
%


September 30, 2024



1.0
%December 31, 2021














5.706
%


December 31, 2024



1.0
%Total

$
4,874,139


$
3,939,887


$
934,252  (1)
The effective rate of distribution per share is expressed as a percentage equal to the projected annualized
distribution amount as of the end of the applicable period (which is calculated by annualizing the regular quarterly cash distributions per share as of such date without compounding), divided by the Funds gross offering price per share as of
such date. (2)
Represents 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.  13




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##### Table of Contents

Expense Reimbursement Agreement and Administration Agreement On September 29, 2017, the Fund and the Administrator entered into the Administration Agreement. Pursuant to the Administration Agreement,
the Administrator will perform, or oversee the performance of, the Funds required administrative services except those that are provided by the Adviser or an affiliate of the Adviser, and which includes being responsible for the financial
records which the Fund is required to maintain and preparing reports to its stockholders and reports filed with the SEC. In addition, the Administrator will assist the Fund in determining and publishing its net asset value, overseeing the
preparation and filing of the Funds tax returns and the printing and dissemination of reports to the Funds stockholders, and generally overseeing the payment of the Funds expenses and the performance of administrative and
professional services rendered to the Fund by others. Payments under the Administration Agreement will be determined based on arms-length negotiations with the Administrator and will be based upon expenses incurred by the Administrator in performing
its obligations under the Administration Agreement. Also on September 29, 2017, the Fund and the Adviser entered into the Expense Reimbursement Agreement. Payments under the Expense Reimbursement Agreement will be based upon the compensation of
the Funds Chief Financial Officer and Chief Compliance Officer and other staff of the Adviser providing administrative services to the Fund as well as the Funds allocable portion of overhead expenses. In accordance with the terms of the
Administration Agreement and the Expense Reimbursement Agreement, the Fund expects that overhead and other administrative expenses will be generally allocated between the Fund and the Adviser by reference to the relative time spent by personnel in
performing administrative and similar functions on the Funds behalf as compared to performing investment advisory or administrative functions on behalf of the Adviser. The Administration Agreement and the Expense Reimbursement Agreement may be
terminated by each party thereto without penalty upon 60 days written notice to the other party. The Administration Agreement
provides that absent negligence or willful misconduct, the Administrator and its directors, officers, employees and agents shall be held harmless from all loss, cost, damage and expense, including reasonable fees and expenses for counsel, incurred
by the Administrator in connection with the Administrators performance of its duties under the Administration Agreement. The Expense Reimbursement Agreement provides that, absent criminal conduct, willful misfeasance, bad faith or gross
negligence in the performance of the Advisers duties or by reason of the reckless disregard of the Advisers duties and obligations, the Adviser and its officers, managers, agents, employees, controlling persons, members and any other
person or entity affiliated with it is entitled to indemnification from the Fund for any damages, liabilities, costs and expenses (including reasonable attorneys fees and amounts reasonably paid in settlement) arising from the rendering of the
Advisers services under the Expense Reimbursement Agreement. Competition The Funds primary competitors for investments include public and private credit investment funds, other BDCs, commercial and investment
banks, commercial financing companies and, to the extent they engage in making private loans to middle market companies, investment advisors that also manage private equity and hedge funds. Some of the Funds competitors are larger and have
greater financial, technical and marketing resources than the Fund does. For example, the Fund believes some competitors may have access to funding sources that are not available to the Fund. In addition, some of the Funds competitors may have
higher risk tolerances or different risk assessments, which could allow them to consider a wider variety of investments and establish relationships in areas that differ from the Funds. Furthermore, many of the Funds competitors are not
subject to the regulatory restrictions that the 1940 Act imposes on the Fund as a BDC or to the source of income, asset diversification, distribution and other requirements the Fund must satisfy to maintain its qualification as a RIC. Notwithstanding these risks, the Fund believes that the Advisers experience in middle market corporate lending, combined with its access
to ABs institutional infrastructure and established public and private credit franchises, provide the Fund with market-leading competencies in the private corporate credit sector. The Fund believes the Adviser has developed a best-in-class reputation due to the long-standing presence of its investment professionals in the middle market lending community and the significant relationships, skills and
experience of its individual members, particularly as it relates to sourcing, structuring, and negotiating investment opportunities. As
it relates to strategy, the Fund views the Adviser as being differentiated by its focus on what the Fund believes is a less competitive segment of the market. There are a number of industry participants that finance middle market companies, but many
of them focus on a particular area of the capital structure or industry sector. The Fund believes the Advisers flexibility to invest across the capital structure, as well as its investing experience across industries, will optimize the
relative risk / return profile for investors. Further, as opposed to traditional lenders such as banks and collateralized loan obligations that must structure loans to meet regulatory or contractual guidelines, the Fund believes the Adviser has
greater flexibility to tailor solutions for borrowers and, ideally, receive premium pricing for doing this.  14




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##### Table of Contents

The Advisers collective investment philosophy and process provide a demonstrated track
record of success. The Adviser is committed to the consistent application of its proven approach throughout the investment lifecycle, from deal selection to portfolio management, combining fundamental and valuation-based analytical tools and
principles with proven underwriting frameworks to strive to achieve superior outcomes. The Fund believes that the Adviser is highly selective and focuses on pursuing companies that the Fund believes exhibit strong underlying business models and
durable intrinsic value. The Fund believes the Advisers qualifications, experience, and track record of success will render the
Fund competitive in the BDC marketplace. For additional information concerning the competitive risks the Fund faces, see Risk
Factors  Risks Related to The Funds Business and Structure  The Fund may face increasing competition for investment opportunities. Managerial Assistance As a BDC, the Fund
will offer, and must provide upon request, managerial assistance to its portfolio companies. This assistance could involve, among other things, monitoring the operations of the Funds portfolio companies, participating in board and management
meetings, consulting with and advising officers of portfolio companies and providing other organizational and financial guidance. The Fund may also receive fees for these services. The Adviser will provide, or arrange for the provision of, such
managerial assistance on the Funds behalf to portfolio companies that request this assistance, subject to reimbursement of any fees or expenses incurred on the Funds behalf by the Adviser in accordance with the Advisory Agreement. Dividend Reinvestment Plan On
September 26, 2017, the Fund adopted a dividend reinvestment plan, which was amended and restated on August 6, 2018 and November 11, 2021 (the DRIP). Pursuant to the DRIP, stockholders receive dividends or other
distributions in cash unless a stockholder elects to reinvest his or her dividends and other distributions as provided below. As a result of adopting the DRIP, if the Board authorizes, and the Fund declares, a cash dividend or distribution, the
Funds stockholders who have opted into the DRIP will have their cash dividends or distributions automatically reinvested in additional Shares, rather than receiving cash. No action will be required on the part of a registered stockholder to have his or her cash dividends and distributions received in cash. A
stockholder can instead elect to have a dividend or distribution reinvested in Shares by notifying the Administrator in writing. A stockholder may elect to change its election by providing written notice to the Administrator no later than
September 30 of the year prior to which the new election takes effect. Stockholders who receive dividends and distributions in the
form of stock are generally subject to the same U.S. federal, state and local tax consequences as are stockholders who elect to receive their dividends and distributions in cash. However, since an electing stockholders cash dividends and
distributions will be reinvested in Shares, such stockholder will not receive cash with which to pay applicable taxes on reinvested dividends and distributions. A stockholders basis for determining gain or loss upon the sale of stock received
in a dividend or distribution from the Fund will generally be equal to the cash that would have been received if the stockholder had received the dividend or distribution in cash, unless the Fund was to issue new Shares that are trading at or above
net asset value, in which case, the stockholders basis in the new Shares will generally be equal to their fair market value. Any stock received in a dividend or distribution will have a new holding period for tax purposes commencing on the day
following the day on which the Shares are credited to the U.S. stockholders account. The plan is terminable by the Fund upon notice
in writing mailed to each stockholder of record at least 30 days prior to any record date for the payment of any distribution by the Fund. Staffing The Fund does not currently have any employees and do not expect to have any employees. Services necessary for the Funds
business will be provided by individuals who are employees of the Administrator, the Adviser or its affiliates, pursuant to the terms of the Advisory Agreement, the Administration Agreement and the Expense Reimbursement Agreement. Each of the
Funds executive officers described under Directors, Executive Officers and Corporate Governance is an employee of the Adviser or its affiliates. The Funds
day-to-day investment operations are managed by the Adviser. The services necessary for the origination and administration of the Funds investment portfolio are
provided by investment professionals employed by the Adviser or its affiliates. This investment team focuses on origination and transaction development and the ongoing monitoring of the Funds investments. In addition, the Fund may reimburse
the Adviser for any allocable portion of the compensation paid by the Adviser (or its affiliates) to the Funds Chief Compliance Officer and Chief Financial Officer (based on the percentage of time such individuals devote, on an estimated
basis, to the business and affairs of the Fund) and any internal audit staff, to the extent internal audit performs a role in the Funds Sarbanes-Oxley internal control assessment. See Business  General  Investment Advisory
Agreement; Administration Agreement.  15




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##### Table of Contents

The Funds
day-to-day investment and administrative operations are managed by the Adviser and its affiliates and the Administrator. The Advisers Investment Committee is
supported by a team of additional experienced investment professionals. The Adviser and the Administrator may hire additional investment and administrative professionals in the future to provide services to the Fund, based upon the Funds
needs. See Business  General  Investment Advisory Agreement; Administration Agreement. Financial Information about
Industry Segments and Geographic Areas The Funds primary objectives include investing in and originating a portfolio of loans,
bonds and equity investments to commercial businesses located throughout the United States. The Fund presently does not evaluate its investments by industry segment but rather, the Fund reviews performance on an individual basis. Accordingly, the
Fund does not report industry or geographic area segment information. Material U.S. Federal Income Tax Considerations The following discussion is a general summary of the material U.S. federal income tax considerations applicable to the Fund and to an
investment in Shares. This discussion is based on the provisions of the Code and the regulations of the U.S. Department of Treasury promulgated thereunder, or Treasury regulations, each as in effect as of the date of this Annual Report
on Form 10-K. These provisions are subject to differing interpretations and change by legislative
or administrative action, and any change may be retroactive. This discussion does not constitute a detailed explanation of all U.S. federal income tax aspects affecting the Fund and its stockholders and does not purport to deal with the U.S. federal
income tax consequences that may be important to particular stockholders in light of their individual investment circumstances or to some types of stockholders subject to special tax rules, such as financial institutions, broker dealers, insurance
companies, tax-exempt organizations, partnerships or other pass-through entities, persons holding Shares in connection with a hedging, straddle, conversion or other integrated transaction, non-U.S. stockholders (as defined below) engaged in a trade or business in the United States, persons who have ceased to be U.S. citizens or to be taxed as resident aliens, or individual non-U.S. stockholders present in the United States for 183 days or more during a taxable year. This discussion also does not address any aspects of U.S. estate or gift tax, the net investment income tax,
alternative minimum tax or foreign, state or local tax. This discussion assumes that the Funds stockholders hold their Shares as capital assets for U.S. federal income tax purposes (generally, assets held for investment). No ruling has
been or will be sought from the Internal Revenue Service (IRS) regarding any matter discussed herein. A U.S. stockholder is a
beneficial owner of Shares that is for U.S. federal income tax purposes:  

an individual who is a citizen or resident of the United States;  

a corporation created or organized in or under the laws of the United States, any state therein or the District
of Columbia;  

an estate, the income of which is subject to U.S. federal income taxation regardless of its source; or  

a trust, (i) if a court within the United States is able to exercise primary jurisdiction over the
administration of the trust and one or more U.S. persons have authority to control all substantial decisions of the trust or (ii) the trust validly elected to be treated as a United States person for U.S. federal income tax purposes. A non-U.S. stockholder means a beneficial owner of Shares that is
for U.S. federal income tax purposes not a U.S. stockholder. If a partnership or other entity classified as a partnership, for U.S.
federal income tax purposes, holds Shares, the U.S. tax treatment of the partnership and each partner generally will depend on the status of the partner, the activities of the partnership and certain determinations made at the partner level. A
partnership considering an investment in Shares should consult its own tax advisers regarding the U.S. federal income tax consequences of the acquisition, ownership and disposition of Shares by the partnership. Taxation of the Fund The Fund has
elected to be treated and intend to qualify each year as a RIC under Subchapter M of the Code. As a RIC, the Fund generally will not be required to pay corporate-level U.S. federal income taxes on any ordinary income or capital gains that the Fund
timely distributes to its stockholders as dividends. To qualify as a RIC, the Fund must, among other things:  

derive in each taxable year at least 90% of the Funds gross income from dividends, interest, payments with
respect to certain securities loans, gains from the sale or other disposition of stock, securities or foreign currencies, other income derived with respect to the Funds business of investing in stock, securities or currencies, or net income
derived from an interest in a qualified publicly traded partnership, or QPTP, hereinafter the 90% Gross Income Test; and  16




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##### Table of Contents



diversify the Funds holdings so that, at the end of each quarter of each taxable year:  

at least 50% of the value of the Funds total assets is represented by cash and cash items, U.S. Government
securities, the securities of other RICs and other securities, with other securities limited, in respect of any one issuer, to an amount not greater than 5% of the value of the Funds total assets and not more than 10% of the outstanding voting
securities of such issuer, and  

not more than 25% of the value of the Funds total assets is invested in the securities of any issuer (other
than U.S. Government securities and the securities of other RICs), the securities of any two or more issuers that the Fund controls and that are determined to be engaged in the same business or similar or related trades or businesses, or the
securities of one or more QPTPs, hereinafter the Diversification Tests. As a RIC, the Fund generally will
not be subject to U.S. federal income tax on net income and net realized capital gains that the Fund distributes to stockholders in any taxable year with respect to which the Fund distributes an amount equal to at least 90% of the sum of the
Funds (i) investment company taxable income (i.e., the Funds taxable ordinary income, which includes, among other items, dividends, and interest, plus the excess (if any) of the Funds net realized short-term capital gains over
net realized long-term capital losses, reduced by deductible expenses) determined without regard to the deduction for dividends paid and (ii) net tax-exempt interest income (which is the excess of the
Funds gross tax-exempt interest income over certain disallowed deductions), or the Annual Distribution Requirement. The Fund intends to timely distribute all or substantially all of the
Funds investment company taxable income in order to satisfy the Annual Distribution Requirement. Generally, if the Fund fails to meet this Annual Distribution Requirement for any taxable year, the Fund will fail to qualify as a RIC for such
taxable year and will be subject to U.S. federal income tax at regular corporate rates on all of the Funds net income and net realized capital gains regardless of any distributions made to stockholders. To the extent the Fund meets the Annual
Distribution Requirement for a taxable year, but retains the its net capital gains (i.e., the Funds net realized long-term capital gains in excess of net realized short-term capital losses) for investment or any investment company taxable
income, the Fund will be subject to U.S. federal income tax on such retained capital gains and investment company taxable income. The Fund may choose to retain the Funds net capital gains for investment or any investment company taxable
income, and pay the associated U.S. federal corporate income tax. If the Fund qualifies as a RIC and meets the Annual Distribution
Requirement, the Fund will be subject to a nondeductible 4% U.S. federal excise tax on undistributed income, unless the Fund timely distributes (or is deemed to have timely distributed) each calendar year an amount equal to the sum of:  

at least 98% of the Funds ordinary income (taking into account certain deferrals and elections) for the
calendar year;  

at least 98.2% of the amount by which the Funds capital gains exceed its capital losses (adjusted for
certain ordinary losses) for a one-year period generally ending on October 31 of the calendar year (unless an election is made by the Fund to use its own taxable year); and  

certain undistributed amounts from previous years on which the Fund paid no U.S. federal income tax. While the Fund intends to make sufficient distributions to satisfy the Annual Distribution Requirement as discussed
above, the Fund may choose to defer certain distributions of net income or net realized capital gains. If the Fund does so, it will be subject to this 4% U.S. federal excise tax only on the amount by which it does not meet the foregoing distribution
requirement. The Fund is authorized to borrow funds and to sell assets in order to satisfy distribution requirements. However, under the
1940 Act, the Fund is not permitted to make distributions to its stockholders while any senior securities are outstanding unless the Fund meets the applicable asset coverage ratios. See Business  Regulation as a Business Development
Company Senior Securities. Moreover, the Funds ability to dispose of assets to meet its distribution requirements may be limited by (1) the illiquid nature of the Funds portfolio and/or (2) other
requirements relating to the Funds status as a RIC, including the Diversification Tests. If the Fund disposes of assets in order to meet the Annual Distribution Requirement or to avoid the 4% U.S. federal excise tax, the Fund may make such
dispositions at times that, from an investment standpoint, are not advantageous. For example, the Fund may have to sell assets at times when their fair market value is lower than cost due to temporary market conditions. In the absence of a need to
sell assets to generate cash to satisfy the Funds distributions requirements, the Fund may believe that it would be better from an investment standpoint to retain such assets until they mature or market conditions improve. A RIC is limited in its ability to deduct expenses in excess of its investment company taxable income. If the Funds expenses in a given
year exceed investment company taxable income, the Fund would experience a net operating loss for that year. However, a RIC is not permitted to carry forward net operating losses to subsequent years. In addition, expenses can be used only to offset
investment company taxable income, not net capital gain. Due to these limits on the deductibility of expenses, the Fund may, for tax purposes, have aggregate taxable income for several years that the Fund is required to distribute and that is
taxable to its stockholders even if such income is greater than the aggregate net income the Fund actually earned during those years. Such required distributions may be made from the Funds cash assets or by liquidation of investments, if
necessary. The Fund may realize gains or losses from such liquidations. In the event the Fund realizes net capital gains from such transactions, stockholders may receive a larger capital gain distribution than they would have received in the absence
of such transactions.  17




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##### Table of Contents

Failure to Qualify as a RIC The Fund has elected to be treated as a RIC for U.S. federal income tax purposes. To the extent that the Fund has net taxable income prior to
its qualification as a RIC, the Fund will be subject to U.S. federal income tax on such income at regular corporate rates. In addition, the Fund would not be able to deduct distributions to stockholders, nor would they be required to be made.
Distributions, including distributions of net long-term capital gain, would generally be taxable to the Funds stockholders as ordinary dividend income to the extent of the Funds current and accumulated earnings and profits. Subject to
certain limitations under the Code, corporate stockholders would be eligible to claim a dividend received deduction with respect to such dividend; non-corporate stockholders would generally be able to treat
such dividends as qualified dividend income, which is subject to reduced rates of U.S. federal income tax. Distributions in excess of the Funds current and accumulated earnings and profits would be treated first as a return of
capital to the extent of the stockholders tax basis, and any remaining distributions would be treated as a capital gain. In order to qualify as a RIC, in addition to the other requirements discussed above, the Fund would be required to
distribute all of its previously undistributed earnings attributable to any period prior to the Fund becoming a RIC by the end of the first year that the Fund intends to qualify as a RIC. To the extent that the Fund has any net built-in gains in its assets (i.e., the excess of the aggregate gains, including items of income, over aggregate losses that would have been realized with respect to such assets if the Fund had been liquidated) as
of the beginning of the first year that the Fund qualifies as a RIC, the Fund would be subject to a corporate-level U.S. federal income tax on such built-in gains when recognized over the next five years.
Alternatively, the Fund may choose to recognize such built-in gains immediately prior to its qualification as a RIC. If the Fund has previously qualified as a RIC, but is subsequently unable to qualify for treatment as a RIC, and certain cure provisions are
not applicable, the Fund would be subject to tax on all of its taxable income (including net capital gains) at regular corporate rates for any year in which the Fund fails to qualify as a RIC. The Fund would not be able to deduct distributions to
stockholders, nor would they be required to be made. Distributions, including distributions of net long-term capital gain, would generally be taxable to the Funds stockholders as ordinary dividend income to the extent of its current and
accumulated earnings and profits. Subject to certain limitations under the Code, corporate stockholders would be eligible to claim a dividend received deduction with respect to such dividend; non-corporate
stockholders would generally be able to treat such dividends as qualified dividend income, which is subject to reduced rates of U.S. federal income tax. Distributions in excess of the Funds current and accumulated earnings and
profits would be treated first as a return of capital to the extent of the stockholders tax basis, and any remaining distributions would be treated as a capital gain. In order to requalify as a RIC, in addition to the other requirements
discussed above, the Fund would be required to distribute all of its previously undistributed earnings attributable to the period the Fund failed to qualify as a RIC by the end of the first year that the Fund intends to requalify as a RIC. If the
Fund fails to requalify as a RIC for a period greater than two taxable years, the Fund may be subject to regular corporate tax on any net built-in gains with respect to certain of its assets (i.e., the excess
of the aggregate gains, including items of income, over aggregate losses that would have been realized with respect to such assets if the Fund had been liquidated) that the Fund elects to recognize on requalification or when recognized over the next
five years. The remainder of this discussion assumes that the Fund qualifies as a RIC for each future taxable year. Fund Investments Certain of the
Funds investment practices, including investments in debt instruments, warrants and foreign investments, are subject to special and complex U.S. federal income tax provisions that may, among other things, (i) disallow, suspend or
otherwise limit the allowance of certain losses or deductions, including the dividends received deduction, (ii) convert lower taxed long-term capital gains and qualified dividend income into higher taxed short-term capital gains or ordinary
income, (iii) convert ordinary loss or a deduction into capital loss (the deductibility of which is more limited), (iv) cause the Fund to recognize income or gain without a corresponding receipt of cash, (v) adversely affect the time as to
when a purchase or sale of stock or securities is deemed to occur, (vi) adversely alter the characterization of certain complex financial transactions and (vii) produce income that will not qualify as good income for purposes of the 90%
Gross Income Test. The Fund monitors its transactions and may make certain tax elections and may be required to borrow money or dispose of securities to mitigate the effect of these rules and to prevent disqualification of the Fund as a RIC but
there can be no assurance that the Fund will be successful in this regard. Debt Instruments.In certain circumstances, the Fund may be required to
recognize taxable income prior to when it receives cash. For example, if the Fund holds debt instruments that are treated under applicable tax rules as having original issue discount (such as debt instruments with an
end-of-term payment and/or a payment-in-kind (PIK) interest payment or, in
certain cases, increasing interest rates or issued with warrants), the Fund must include in taxable income each year a portion of the original issue discount that accrues over the life of the obligation, regardless of whether cash representing such
income is received by the Fund in the same taxable year. Because any original issue discount accrued will be included in the Funds investment company taxable income for the year of accrual, the Fund may be required to make a distribution to
its stockholders in order to satisfy the Annual Distribution Requirement and to avoid the 4% U.S. federal excise tax, even though the Fund will not have received any corresponding cash amount.  18




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##### Table of Contents

Warrants.Gain or loss realized by the Fund from the sale or exchange of warrants acquired by the
Fund as well as any loss attributable to the lapse of such warrants generally are treated as capital gain or loss. The treatment of such gain or loss as long-term or short-term generally depends on how long the Fund held a particular warrant and on
the nature of the disposition transaction. Foreign Investments.Although investing in foreign investments will not be the Funds primary
investment objective, the Fund is authorized to make foreign investments. In the event the Fund invests in foreign securities, the Fund may be subject to withholding and other foreign taxes with respect to those securities. The Fund does not expect
to satisfy the requirement to pass through to its stockholders their share of the foreign taxes paid by the Fund. If the Fund invests in
the stock of a foreign corporation that is classified as a passive foreign investment company (within the meaning of Section 1297 of the Code), or PFIC, the Fund would be subject to a penalty tax at ordinary income rates
on any gains and excess distributions with respect to PFIC stock as if such items had been realized ratably over the period during which the Fund held the PFIC stock, plus an interest charge. A PFIC is any foreign corporation if (i)
75 percent or more of the gross income of such corporation for the taxable year is passive income, or (ii) at least 50 percent of the average percentage of assets held by such corporation during the taxable year produce passive income
or are held for the production of passive income. Under certain circumstances, the Fund may be eligible to make a special election to ameliorate the effects of the penalty tax by electing to treat the PFIC as a qualifying electing fund, or
QEF, or by electing to mark to market the PFIC stock. If the Fund makes a QEF election, the Fund would not be subject to the penalty tax, but any increases in the earnings and profits of the PFIC would be includable in the Funds
taxable income even if the PFIC makes no distributions. If the Fund makes the mark-to-market election, the Fund would recognize ordinary income or loss each year on a mark-to-market basis based on changes in the value of the PFIC stock. If the Fund does invest in a PFIC, no assurances can be given that the Fund will be eligible to or will
make a QEF election or a mark-to-market election with respect to such PFIC. Under the Code, gains or losses attributable to fluctuations in exchange rates which occur between the time the Fund accrues income or other receivables or
accrues expenses or other liabilities denominated in a foreign currency and the time the Fund actually collects such receivables or pay such liabilities generally are treated as ordinary income or loss. Similarly, on disposition of debt instruments
and certain other instruments denominated in a foreign currency, gains or losses attributable to fluctuations of the value of the foreign currency between the date of acquisition of the instrument and the date of disposition also are treated as
ordinary gain or loss. These currency fluctuations related gains and losses may increase or decrease the amount of the Funds investment company taxable income to be distributed to its stockholders as ordinary income. Taxation of U.S. Stockholders Distributions by the Fund generally are taxable to U.S. stockholders as ordinary income or long-term capital gains. Distributions of the
Funds investment company taxable income will be taxable as ordinary income to U.S. stockholders to the extent of the Funds current or accumulated earnings and profits, whether paid in cash or reinvested in additional Shares. To the
extent such distributions paid by the Fund to non-corporate stockholders (including individuals) are attributable to dividends from U.S. corporations and certain qualified foreign corporations and if certain
holding period requirements are met, such distributions generally will be treated as qualified dividend income and eligible for a maximum U.S. federal tax rate of 20%. In this regard, it is anticipated that distributions paid by the Fund will
generally not be attributable to dividends and, therefore, generally will not qualify for the 20% maximum U.S. federal tax rate. Distributions of the Funds net capital gain (which is generally the Funds realized net long-term capital gains in excess of
realized net short- term capital losses) properly reported by the Fund as capital gain dividends will be taxable to a U.S. stockholder as long-term capital gains (currently at a maximum U.S. federal tax rate of 20%) in the case of
individuals, trusts or estates, regardless of the U.S. stockholders holding period for his, her or its common stock and regardless of whether paid in cash or reinvested in additional common stock. Distributions in excess of the Funds
earnings and profits first will reduce a U.S. stockholders adjusted tax basis in such stockholders common stock and, after the adjusted basis is reduced to zero, will constitute capital gains to such U.S. stockholder. Stockholders
receiving dividends or distributions in the form of additional Shares purchased in the market should be treated for U.S. federal income tax purposes as receiving a distribution in an amount equal to the amount of money that the stockholders
receiving cash dividends or distributions will receive, and should have a cost basis in the Shares received equal to such amount. Stockholders receiving dividends in newly issued Shares will be treated as receiving a distribution equal to the value
of the Shares received, and should have a cost basis of such amount. Although the Fund currently intends to timely distribute any net
long-term capital gains in order to eliminate its liability for U.S. federal corporate income tax on such gains, the Fund may in the future decide to retain some or all of its net long-term capital gains but designate the retained amount as a
deemed distribution. In that case, among other consequences, the Fund will pay tax on the retained amount, each U.S. stockholder will be required to include their share of the deemed distribution in income as if it had been distributed
to the U.S. stockholder, and the U.S. stockholder will be entitled to claim a credit equal to their allocable share of the tax paid on the deemed distribution by the Fund. The amount of the deemed distribution net of such tax will be added to the
U.S. stockholders tax basis for their common stock. Since the Fund expects to pay tax on any retained capital gains at the Funds regular corporate tax rate, and since that rate is in excess of the maximum rate currently payable by
individuals on long-term capital gains, the  19




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##### Table of Contents

amount of tax that individual stockholders will be treated as having paid and for which they will receive a credit will exceed the tax they owe on the retained net capital gain. Such excess
generally may be claimed as a credit against the U.S. stockholders other U.S. federal income tax obligations or may be refunded to the extent it exceeds a stockholders liability for U.S. federal income tax. A stockholder that is not
subject to U.S. federal income tax or otherwise required to file a U.S. federal income tax return would be required to file a U.S. federal income tax return on the appropriate form in order to claim a refund for the taxes the Fund paid. In order to
utilize the deemed distribution approach, the Fund must provide written notice to its stockholders prior to the expiration of 60 days after the close of the relevant taxable year. The Fund cannot treat any of its investment company taxable income as
a deemed distribution. The Fund or the applicable withholding agent will provide you with a notice reporting the amount of
any ordinary income dividends (including the amount of such dividend, if any, eligible to be treated as qualified dividend income) and capital gain dividends by January 31. For purposes of determining (i) whether the Annual Distribution
Requirement is satisfied for any year and (ii) the amount of capital gain dividends paid for that year, the Fund may, under certain circumstances, elect to treat a dividend that is paid during the following taxable year as if it had been paid
during the taxable year in question. If the Fund makes such an election, the U.S. stockholder will still be treated as receiving the dividend in the taxable year in which the distribution is made. However, if the Fund pays you a dividend in January
that was declared in the previous October, November or December to stockholders of record on a specified date in one of these months, then the dividend will be treated for tax purposes as being paid by the Fund and received by you on
December 31 of the year in which the dividend was declared. If a stockholder purchases Shares shortly before the record date of a distribution, the price of the Shares will include the value of the distribution and the stockholder will be
subject to tax on the distribution even though it represents a return of its investment. Dividend Reinvestment Plan.Under the DRIP, if a U.S.
stockholder owns Shares registered in its own name, the U.S. stockholder will have all cash distributions automatically reinvested in additional Shares if the U.S. stockholder opts in to the Funds dividend reinvestment plan by delivering a
written notice to the Administrator, as applicable, in accordance with the terms of the dividend reinvestment plan. See Business  Dividend Reinvestment Plan. Any distributions reinvested under the plan will nevertheless
remain taxable to the U.S. stockholder. The U.S. stockholder will have an adjusted basis in the additional Shares purchased through the plan equal to the amount of the reinvested distribution. The additional Shares will have a new holding period
commencing on the day following the day on which the Shares are credited to the U.S. stockholders account. Dispositions.A U.S. stockholder
generally will recognize gain or loss on the sale, exchange or other taxable disposition of Shares in an amount equal to the difference between the U.S. stockholders adjusted basis in the Shares disposed of and the amount realized on their
disposition. Generally, gain recognized by a U.S. stockholder on the disposition of Shares will result in capital gain or loss to a U.S. stockholder, and will be a long-term capital gain or loss if the Shares have been held for more than one year at
the time of sale. Any loss recognized by a U.S. stockholder upon the disposition of Shares held for six months or less will be treated as a long-term capital loss to the extent of any capital gain dividends received (including amounts credited as an
undistributed capital gain dividend) by the U.S. stockholder. A loss recognized by a U.S. stockholder on a disposition of Shares will be disallowed as a deduction if the U.S. stockholder acquires additional Shares (whether through the automatic
reinvestment of dividends or otherwise) within a 61-day period beginning 30 days before and ending 30 days after the date that the Shares are disposed. In this case, the basis of the Shares acquired will be
adjusted to reflect the disallowed loss. Tax Shelter Reporting Regulations.Under applicable Treasury regulations, if a U.S. stockholder
recognizes a loss with respect to Shares of $2 million or more for a non-corporate U.S. stockholder or $10 million or more for a corporate U.S. stockholder in any single taxable year (or a greater
loss over a combination of years), the U.S. stockholder must file with the IRS a disclosure statement on Form 8886. Direct U.S. stockholders of portfolio securities are in many cases excepted from this reporting requirement, but under current
guidance, U.S. stockholders of a RIC are not excepted. Future guidance may extend the current exception from this reporting requirement to U.S. stockholders of most or all RICs. The fact that a loss is reportable under these regulations does not
affect the legal determination of whether the taxpayers treatment of the loss is proper. U.S. stockholders should consult their own tax advisers to determine the applicability of these regulations in light of their individual circumstances. Backup Withholding.The Fund is required in certain circumstances to backup withhold on taxable dividends or distributions paid to non-corporate U.S. stockholders who do not furnish the Fund or the dividend-paying agent with their correct taxpayer identification number (in the case of individuals, their social security number) and certain
certifications, or who are otherwise subject to backup withholding. Backup withholding is not an additional tax. Any amounts withheld from payments made to you may be refunded or credited against your U.S. federal income tax liability, if any,
provided that the required information is timely furnished to the IRS. Limitation on Deduction for Certain Expenses.For any period that the Fund
does not qualify as a publicly offered regulated investment company, as defined in the Code, stockholders will be taxed as though they received a distribution of some of the Funds expenses. A publicly offered regulated
investment company is a RIC whose Shares are either (i) continuously offered pursuant to a public offering, (ii) regularly traded on an established securities market or (iii) held by at least 500 persons at all times during the
taxable year. The Fund anticipates that it will not qualify as a publicly offered RIC immediately after the Private Offering; the Fund may qualify as a publicly offered RIC for future taxable years. If the Fund is not a publicly offered RIC for any
period, a non-corporate stockholders allocable portion of the Funds affected expenses, including the Funds management fees, will be treated as an  20




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additional distribution to the stockholder and will be deductible by such stockholder only to the extent permitted under the limitations described below. For
non-corporate stockholders, including individuals, trusts, and estates, significant limitations generally apply to the deductibility of certain expenses of a
non-publicly offered RIC, including advisory fees. In particular, for taxable years beginning before 2026, these expenses, referred to as miscellaneous itemized deductions, generally are not deductible by an
individual. For taxable years beginning in 2026 or later, these expenses are deductible to an individual only to the extent they exceed 2% of such stockholders adjusted gross income, and are not deductible for alternative minimum tax purposes. Taxation of Non-U.S. Stockholders The following discussion only applies to non-U.S. stockholders that are not engaged in a U.S. trade or
business. Non-U.S. stockholders engaged in a U.S. trade or business should consult their own tax advisers to determine the tax consequences to such non-U.S. investors of
acquiring, holding, and disposing of Shares. Whether an investment in Shares is appropriate for a non-U.S. stockholder will depend upon that persons particular circumstances. The tax consequences to non-U.S. stockholders entitled to claim the benefits of an applicable tax treaty or that are individuals that are present in the U.S. for 183 days or more during a taxable year may be different from those described
herein. Non-U.S. investors should consult their own tax advisers before investing in Shares. Actual and Deemed
Distributions; Dispositions.Distributions to non-U.S. stockholders are not generally subject to U.S. income tax. Such distributions are subject to U.S. federal withholding tax at a 30% rate (or lower rate
provided by an applicable treaty) to the extent of the Funds current or accumulated earnings and profits unless one of the exceptions discussed below are applicable. In this respect, no withholding is required with respect to a distribution if
(i) the distributions are properly reported to the Funds stockholders as interest-related dividends or short-term capital gain dividends, (ii) the distributions are derived from sources specified in the Code for
such dividends (i.e., net interest income or net short-term capital gains) and (iii) certain other requirements are satisfied. In addition, no withholding is required with respect to distributions of the Funds net capital gains properly
reported as capital gain dividends. The Fund anticipates that a significant portion of its distributions will be eligible for one of these exceptions from withholding. No certainty can be provided, however, that all of the Funds distributions
will be eligible for such exceptions and the Fund cannot provide any certainty as to what percentage of its distributions (if any) that would not be eligible for such exceptions. Moreover, in the case of Shares held through an intermediary, the
intermediary may withhold amounts even if the Fund reported all or a portion of its distribution as exempt from U.S. federal withholding tax. If the Fund distributes net capital gains in the form of deemed rather than actual distributions, a
non-U.S. stockholder will be entitled to a federal income tax credit or tax refund equal to the stockholders allocable share of the tax the Fund pays on the capital gains deemed to have been distributed.
In order to obtain the refund, the non-U.S. stockholder must obtain a U.S. taxpayer identification number and file a federal income tax return even if the non-U.S.
stockholder is not otherwise required to obtain a U.S. taxpayer identification number or file a federal income tax return. Gain from the Sale or
Redemption of Shares. Gains realized by a non-U.S. stockholder upon the sale of Shares generally will not be subject to U.S. federal income or withholding tax. Dividend Reinvestment Plan.Under the dividend reinvestment plan, if a non-U.S. stockholder owns Shares
registered in its own name, the non-U.S. stockholder will have all cash distributions automatically reinvested in additional Shares if it opts in to the dividend reinvestment plan by delivering a written
notice to the Adviser or the Funds dividend paying agent, as applicable, in accordance with the terms of the dividend reinvestment plan. If the distribution is a distribution of the Funds investment company taxable income, and is not
reported by the Fund as a short-term capital gains dividend or interest-related dividend, the amount distributed (to the extent of the Funds current or accumulated earnings and profits) will be subject to U.S. federal withholding tax at a 30%
rate (or lower rate provided by an applicable treaty) as discussed above and only the net after-tax amount will be reinvested in common Shares. The non-U.S. stockholder
will have an adjusted basis in the additional common Shares purchased through the plan equal to the amount reinvested. The additional Shares will have a new holding period commencing on the day following the day on which the Shares are credited to
the non-U.S. stockholders account. Backup Withholding.A
non-U.S. stockholder who is a nonresident alien individual, and who is otherwise subject to withholding of federal income tax, will be subject to information reporting, but may not be subject to backup
withholding of federal income tax on taxable dividends or distributions if the non-U.S. stockholder provides the Fund or the dividend paying agent with an IRS Form
W-8BEN, IRS Form W-8BEN-E (or an acceptable substitute form). Backup withholding is not an additional tax. Any amounts withheld
from payments made to a non-U.S. stockholder may be refunded or credited against such stockholders U.S. federal income tax liability, if any, provided that the required information is timely furnished to
the IRS. Foreign Account Tax Compliance The Foreign Account Tax Compliance Act, or FATCA, generally imposes a 30% withholding tax on payments of certain types of income to foreign
financial institutions that fail to enter into an agreement with the U.S. Treasury to report certain required information with respect to accounts held by U.S. persons (or held by foreign entities that have U.S. persons as substantial owners). The
types of income subject to the tax include U.S. source interest and dividends. The information required to be reported includes the  21




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identity and taxpayer identification number of each account holder that is a U.S. person and transaction activity within the holders account. In addition, subject to certain exceptions,
this legislation also imposes a 30% withholding on payments to foreign entities that are not financial institutions unless the foreign entity certifies that it does not have a greater than 10% U.S. owner or provides the withholding agent with
identifying information on each greater than 10% U.S. owner. Depending on the status of a non-U.S. stockholder and the status of the intermediaries through which they hold their Shares, non-U.S. stockholders could be subject to this 30% withholding tax with respect to distributions on their Shares and proceeds from the sale of their Shares. Under certain circumstances, a non-U.S. stockholder might be eligible for refunds or credits of such taxes. U.S. stockholders that hold their Shares through foreign intermediaries could also be subject to this 30% withholding tax with respect to
distributions on their Shares and proceeds from the sale of their Shares. Each prospective investor is urged to consult its tax adviser
regarding the applicability of FATCA and any other reporting requirements with respect to the prospective investors own situation, including investments through an intermediary. Tax Consequences of Possible Spin-Off or Liquidating Share Class Beginning with the first quarter of 2021, the Fund offered liquidity to investors through the commencement of a self-tender program.
Notwithstanding such program, the Fund may apply for exemptive relief from the SEC which, if granted, would provide an additional liquidity option to allow investors to exchange their Shares for shares of common stock in a newly formed entity (the
New BDC) that will elect to be treated as a BDC under the 1940 Act, and that will effectuate an orderly wind down after the third anniversary of the initial closing of the Funds private placement, and every three years thereafter.1 Investors will also be able to retain their existing Shares and investments in the Fund and to receive distributions in the ordinary course. In order to effectuate this option, the Fund expects it
would need to, among other things, transfer to the New BDC, in exchange for newly issued shares of the New BDC, a pro rata portion of its assets and liabilities corresponding to the aggregate net asset value of the Shares of the investors that have
elected to invest in the New BDC (the Transfer Assets), and thereafter exchange the New BDC shares received for the Shares of the electing investors. Such transfer of assets and liabilities and the mechanics relating thereto are
referred to herein as the New BDC Spin-Off. Upon execution of the New BDC Spin-Off, investors owning shares of the New BDC will be released from any further
obligation to purchase additional Shares but their Remaining Commitment, if any, may be called in exchange for additional shares of the New BDC. Such Remaining Commitments will not be called to fund new investments in the New BDC and investors
owning shares of the New BDC will not be required to fund their respective Remaining Commitments with respect to such shares of the New BDC except to the extent necessary to cover any required post commitment period obligations.  1
The Fund may delay its initial offer of shares of the New BDC by one year until after the fourth anniversary of
the initial closing of the Funds private placement (i) to provide the Fund with additional time to seek the exemptive relief required to effectuate the New BDC Spinoff or (ii) for another reason as determined appropriate by the
Adviser. The Fund may also apply for exemptive relief from the SEC which, if granted, would allow the Fund to offer its
stockholders the option to exchange their Shares, in whole or in part, for shares of a liquidating class of common stock (each share, a Liquidation Share and the class, the Liquidating Share Class). This offer, if made, would
be made with respect to each stockholder beginning on the end of each calendar year that falls on or after the third anniversary of the date of the acceptance of the Investors commitment, and each subsequent calendar year end thereafter (an
Investor holding matured Shares per this timeline being deemed an Eligible Stockholder). The Liquidation Shares will therefore have a series for each year that this is offered (e.g., 2022 Series, 2023 Series, etc.). If exemptive relief
for the Liquidating Share Class is granted by the SEC, the Fund intends to continue operations in perpetuity (or until the Adviser determines an alternative liquidity option is in the best interest of the stockholders). Eligible Stockholders
will have the right to obtain one Liquidation Share for each Share owned as of the last day of each calendar year (each, a Liquidating Share Exchange Date) by providing at least 90 days prior written notice to the Fund. Eligible
Stockholders may also have the right as part of the process for electing (or declining) to exchange Shares for Liquidation Shares (each exchange, a Liquidating Share Exchange,) to call, in whole or in part, any Remaining Commitments
pursuant to their Subscription Agreement, and may do so after the Liquidating Share Exchange. Such Remaining Commitments will not be called to fund new investments in the Fund and Investors owning Shares of the Liquidating Share Class will not
be required to fund their respective Remaining Commitments with respect to such Liquidation Shares except to the extent necessary to cover any required post commitment period obligations. In the event exemptive relief for the Spin-off or Liquidating Share Class is granted by the SEC,
the Fund will determine the tax consequences of such transaction to its liquidating stockholders and the Fund at that time and such tax consequences will be disclosed in a subsequent disclosure. In the event the Fund offers stockholders the option to elect to either (i) retain their ownership of the Shares or (ii) exchange
their Shares for shares of common stock in the New BDC, the Fund will determine the tax consequences of such transaction to its stockholders and the Fund at that time and such tax consequences will be disclosed in a subsequent disclosure describing
such options. The tax consequences of any such transaction will depend on, among other things, the manner in which the transaction is effectuated, the Funds status as a RIC, and the tax laws in effect at that time of transaction.  22




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Regulation as a Business Development Company General A BDC is a closed-end fund that elects to be treated as a business development company under the 1940 Act. As a BDC, the Fund has greater flexibility under the 1940 Act than other investment companies in, among other things,
dealing with portfolio companies, issuing securities, and compensating advisors. If the Fund was to lose its status as a BDC, it would be subject to more onerous requirements under the 1940 Act applicable to
non-BDC closed-end investment companies. A BDC must be organized in the United States for the purpose of investing in or lending to primarily private companies and
making significant managerial assistance available to them. A BDC may use capital provided by private or public stockholders and from other sources to make long-term, private investments in businesses. The 1940 Act provides that the Fund may not change the nature of its business so as to cease to be, or withdraw its election as, a BDC unless
authorized by vote of a majority of the outstanding voting securities, as required by the 1940 Act. A majority of the outstanding voting securities of a company is defined under the 1940 Act as the lesser of: (a) 67% or more of such companys
voting securities present at a meeting if the holders of more than 50% of the outstanding voting securities of such company are present or represented by proxy, or (b) more than 50% of the outstanding voting securities of such company. The Fund
does not anticipate any substantial change in the nature of its business. As with other companies regulated by the 1940 Act, a BDC must
adhere to certain substantive regulatory requirements. A majority of the Funds directors must be persons who are not interested persons, as that term is defined in the 1940 Act. Additionally, the Fund is required to provide and
maintain a bond issued by a reputable fidelity insurance company to protect the BDC. Furthermore, as a BDC, the Fund is prohibited from protecting any director or officer against any liability to the Fund or its stockholders arising from willful
misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of such persons office. As a
BDC, the Fund is required to meet an asset coverage ratio, defined under the 1940 Act, as amended by the Small Business Credit Availability Act (the SBCAA), as the ratio of the Funds gross assets (less all liabilities and
indebtedness not represented by senior securities) to the Funds outstanding senior securities, of at least 150% after each issuance of senior securities. On July 5, 2018, the Board voted to approve the adoption of the reduced asset
coverage ratio and separately recommended that stockholders approve the reduced asset coverage requirements at the Funds 2018 annual meeting of stockholders. On September 26, 2018, at the Funds 2018 annual meeting of stockholders,
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. See Risk Factors  Risks Related to The Funds Business and Structure  The SBCAA allows the Fund to incur additional leverage, which may increase the risk of investing with the
Fund. The Fund is prohibited under the 1940 Act from knowingly participating in certain transactions with its affiliates
without the prior approval of the Independent Directors and, in some cases, prior approval by the SEC. The Fund does not intend to acquire securities issued by any investment company that exceed the limits imposed by the 1940 Act. Under these
limits, the Fund generally cannot acquire more than 3% of the voting stock of any investment company, invest more than 5% of the value of its total assets in the securities of one investment company or invest more than 10% of the value of its total
assets in the securities of investment companies in the aggregate. SEC rules permit BDCs to exceed these limits subject to certain conditions. The portion of the Funds portfolio invested in securities issued by investment companies ordinarily
will subject the Funds stockholders to additional expenses. The Funds investment portfolio is also subject to diversification requirements by virtue of its intention to qualify as a RIC for U.S. tax purposes. The Fund is generally not able to issue and sell its common stock at a price below net asset value per share. See Risk Factors 
Risks Related to the Funds Business and Structure  Regulations governing the Funds operation as a BDC affect the Funds ability to raise additional capital and the way in which it does so. As a BDC, the necessity of raising
additional capital may expose the Fund to risks, including the typical risks associated with leverage. The Fund may, however, sell its common stock, or warrants, options or rights to acquire its common stock, at a price below the
then-current net asset value of its common stock if the Board determines that such sale is in the Funds best interests and the best interests of its stockholders, and its stockholders approve such sale. In addition, the Fund may issue new
Shares at a price below net asset value in rights offerings to existing stockholders, in payment of dividends and in certain other limited circumstances. As a BDC, the Fund is limited in its ability to invest in any portfolio company of a fund which the Adviser manages or in which the
Funds affiliates currently is investing, or to make any co-investments with the Adviser or such of its affiliates without an exemptive order from the SEC, subject to certain exceptions. The Fund is subject to periodic examination by the SEC for compliance with the 1940 Act. As a BDC, the Fund is subject to certain risks and uncertainties. See Risk Factors Risks Related to the Funds
Business and Structure.  23




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Qualifying Assets Under the 1940 Act, a BDC may not acquire any asset other than assets of the type listed in Section 55(a) of the 1940 Act, which are
referred to as qualifying assets, unless, at the time the acquisition is made, qualifying assets represent at least 70% of the BDCs gross assets. The principal categories of qualifying assets relevant to the Funds business are the
following:  (1)
Securities purchased in transactions not involving any public offering from the issuer of such securities,
which issuer (subject to certain limited exceptions) is an eligible portfolio company, or from any person who is, or has been during the preceding 13 months, an affiliated person of an eligible portfolio company, or from any other person, subject to
such rules as may be prescribed by the SEC. An eligible portfolio company is defined in the 1940 Act as any issuer which:  (a)
is organized under the laws of, and has its principal place of business in, the United States;  (b)
is not an investment company (other than a small business investment company wholly owned by the BDC) or a
company that would be an investment company but for certain exclusions under the 1940 Act; and  (c)
satisfies any of the following:  (i)
does not have any class of securities that is traded on a national securities exchange;  (ii)
has a class of securities listed on a national securities exchange, but has an aggregate market value of
outstanding voting and non-voting common equity of less than $250 million;  (iii)
is controlled by a BDC or a group of companies including a BDC and the BDC has an affiliated person who is a
director of the eligible portfolio company; or  (iv)
is a small and solvent company having gross assets of not more than $4.0 million and capital and surplus
of not less than $2.0 million.  (2)
Securities of any eligible portfolio company which the Fund controls.  (3)
Securities purchased in a private transaction from a U.S. issuer that is not an investment company or from an
affiliated person of the issuer, or in transactions incident thereto, if the issuer is in bankruptcy and subject to reorganization or if the issuer, immediately prior to the purchase of its securities, was unable to meet its obligations as they came
due without material assistance other than conventional lending or financing arrangements.  (4)
Securities of an eligible portfolio company purchased from any person in a private transaction if there is no
ready market for such securities and the Fund already owns 60% of the outstanding equity of the eligible portfolio company.  (5)
Securities received in exchange for or distributed on or with respect to securities described in 1 through 4
above, or pursuant to the exercise of warrants or rights relating to such securities.  (6)
Cash, cash equivalents, U.S. government securities or high-quality debt securities maturing in one year or less
from the time of investment. If at any time less than 70% of the Funds gross assets are comprised of qualifying
assets, including as a result of an increase in the value of any non-qualifying assets or decrease in the value of any qualifying assets, the Fund would generally not be permitted to acquire any additional non-qualifying assets, other than office furniture and equipment, interests in real estate and leasehold improvements and facilities maintained to conduct the business operations of the BDC, deferred organization
and operating expenses, and other non-investment assets necessary and appropriate to its operations as a BDC, until such time as 70% of the Funds then current gross assets were comprised of qualifying
assets. The Fund would not be required, however, to dispose of any non-qualifying assets in such circumstances. Managerial Assistance to Portfolio Companies A BDC must have been organized and have its principal place of business in the United States and must be operated for the purpose of making
investments in the types of securities described above in Qualifying Assets categories 1, 2 or 3. However, in order to count portfolio securities as qualifying assets for the purpose of the 70% test, the BDC must either control the issuer of the
securities or must offer to make available to the issuer of the securities significant managerial assistance (other than small and solvent companies described above in Qualifying Assets category 1.c.iv.); except that, where the BDC purchases such
securities in conjunction with one or more other persons acting together, one of the other persons in the group may make available such managerial assistance. Making available managerial assistance means, among other things, any arrangement whereby
the BDC, through its directors, officers or employees, offers to provide, and, if accepted, does so provide, significant guidance and counsel concerning the management, operations or business objectives and policies of a portfolio company.  24




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Temporary Investments Pending investment in other types of qualifying assets, as described above, the Funds investments may consist of cash, cash
equivalents, U.S. government securities or high-quality debt securities maturing in one year or less from the time of investment, which the Fund refers to, collectively, as temporary investments, so that 70% of the Funds assets are qualifying
assets. While it is unlikely, the Fund may also invest in repurchase agreements, provided that such agreements are fully collateralized by cash or securities issued by the U.S. government or its agencies. A repurchase agreement involves the purchase
by an investor, such as the Fund, of a specified security and the simultaneous agreement by the seller to repurchase it at an agreed-upon future date and at a price which is greater than the purchase price by an amount that reflects an agreed-upon
interest rate. There is no percentage restriction on the proportion of the Funds assets that may be invested in such repurchase agreements. However, if more than 25% of the Funds gross assets constitute repurchase agreements from a
single counterparty, the Fund would generally not meet the diversification tests in order to qualify as a RIC for federal income tax purposes. Thus, the Fund does not intend to enter into repurchase agreements with a single counterparty in excess of
this limit. The Adviser will monitor the creditworthiness of the counterparties with which the Fund enters into repurchase agreement transactions. Senior Securities The Fund is
permitted, under specified conditions, to issue multiple classes of indebtedness and one class of stock senior to the Funds common stock if the Funds asset coverage, as defined in the 1940 Act, is at least equal to 150% immediately after
each such issuance. In addition, while any senior securities remain outstanding, the Fund must make provisions to prohibit any distribution to its stockholders or the repurchase of such securities or Shares unless the Fund meets the applicable asset
coverage ratios at the time of the distribution or repurchase. The Fund may also borrow amounts up to 5% of the value of its gross assets for temporary or emergency purposes without regard to asset coverage. For a discussion of the risks associated
with leverage, see Risk Factors Risks Related to the Funds Business and Structure  The Fund may borrow money, which would magnify the potential for gain or loss on amounts invested and may increase the risk of
investing in the Fund. The 1940 Act imposes limitations on a BDCs issuance of preferred shares, which are considered
senior securities and thus are subject to the 150% asset coverage requirement described above. In addition, (i) preferred shares must have the same voting rights as the common stockholders (one share, one vote); and
(ii) preferred stockholders must have the right, as a class, to appoint directors to the Board. Compliance Policies and Procedures The Fund and the Adviser have adopted and implemented written policies and procedures reasonably designed to detect and prevent
violation of the federal securities laws and are required to review these compliance policies and procedures annually for their adequacy and the effectiveness of their implementation and designate a chief compliance officer to be responsible for
administering the policies and procedures. Jennifer Friedland currently serves as the Funds Chief Compliance Officer. Sarbanes-Oxley Act of
2002 The Sarbanes-Oxley Act of 2002, as amended (the Sarbanes-Oxley Act) imposes a wide variety of regulatory requirements on publicly
held companies and their insiders. Many of these requirements affect the Fund. For example:  

pursuant to Rule 13a-14 of the Exchange Act, the Funds Chief
Executive Officer and Chief Financial Officer must certify the accuracy of the consolidated financial statements contained in the Funds periodic reports;  

pursuant to Item 307 of Regulation S-K, the Funds periodic reports
must disclose its conclusions about the effectiveness of its disclosure controls and procedures;  

pursuant to Rule 13a-15 of the Exchange Act, the Funds management
must prepare an annual report regarding its assessment of the Funds internal control over financial reporting; and  

pursuant to Item 308 of Regulation S-K and Rule 13a-15 of the Exchange Act, the Funds periodic reports must disclose whether there were significant changes in its internal controls over financial reporting or in other factors that could significantly affect
these controls subsequent to the date of their evaluation, including any corrective actions with regard to significant deficiencies and material weaknesses. The Sarbanes-Oxley Act requires the Fund to review its current policies and procedures to determine whether the Fund complies with the
Sarbanes-Oxley Act and the regulations promulgated thereunder. The Fund will continue to monitor its compliance with all regulations that are adopted under the Sarbanes-Oxley Act and will take actions necessary to ensure that it is in compliance
therewith.  25




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Proxy Voting Policies and Procedures The Fund will generally not own publicly traded equity securities and will primarily invest in securities that do not have voting rights. To
the extent that the Fund invests in securities that do have voting rights, it has delegated its proxy voting responsibility to the Adviser. The Proxy Voting Policies and Procedures will be reviewed periodically by the Adviser and the Funds non-interested directors, and, accordingly, are subject to change. As an investment adviser registered
under the Advisers Act, the Adviser has a fiduciary duty to act solely in the best interests of its clients. As part of this duty, it recognizes that it must vote client securities in a timely manner, free of conflicts of interest and in the best
interests of its clients. The Advisers policies and procedures for voting proxies are intended to comply with Section 206 of,
and Rule 206(4)-6 under, the Advisers Act. Proxy Policies The Adviser will vote proxies relating to the Funds portfolio securities in what the Adviser perceives to be the best interest of the
Funds stockholders. It will review on a case-by-case basis each proposal submitted to a stockholder vote to determine its impact on the portfolio securities held
by the Funds clients. Although it will generally vote against proposals that may have a negative impact on the Funds portfolio securities, it may vote for such a proposal if there exist compelling long-term reasons to do so. The Funds proxy-voting decisions will be made by the senior officers who are responsible for monitoring the Funds investments. To
ensure that the Funds vote is not the product of a conflict of interest, the Adviser will require that: (1) anyone involved in the decision-making process disclose to management any potential conflict that he or she is aware of and any
contact that he or she has had with any interested party regarding a proxy vote; and (2) employees involved in the decision-making process or vote administration are prohibited from revealing how the Fund intends to vote on a proposal in order
to reduce any attempted influence from interested parties. Proxy Voting Records You may obtain information about how the Fund voted proxies by making a written request for proxy voting information to: AllianceBernstein
L.P., Proxy Voting & Investment Governance Team, 1345 Avenue of the Americas, New York, NY 10105. Privacy Principles Protecting the privacy and confidentiality of investors personal information is a priority. The following sets forth details of the
Funds approach to ensuring the confidentiality of investors information.  

The Fund will never sell investor lists or information about investors to anyone.  

In the normal course of business, the Fund collects information about investors from the following sources:
(1) account documentation, including applications or other forms (which may include information such as the investors name, address, social security number, assets, and income) and (2) information about investors transactions
with the Fund (such as account balances and account activity).  

The Fund has strict policies and procedures to safeguard personal information about investors (or former clients)
which include (1) restricting access and (2) maintaining physical, electronic, and procedural safeguards that comply with federal standards for protecting such information.  

To be able to serve investors and to provide financial products efficiently and accurately, it is sometimes
necessary to share information with companies that perform administrative services for the Fund or on the Funds behalf. These companies are required to use this information only for the services for which the Fund hired them, and are not
permitted to use or share this information for any other purpose. Reporting Obligations The Fund will furnish its stockholders with annual reports containing audited consolidated financial statements, quarterly reports and such
other periodic reports as the Fund determines to be appropriate or as may be required by law. The Fund is required to comply with all periodic reporting, proxy solicitation and other applicable requirements under the Exchange Act. Stockholders and the public may also read and copy any materials the Fund files with the SEC at www.sec.gov.  26




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Item 1A.
Risk Factors An investment in the Funds securities involves certain risks relating to its structure and investment objective. The risks set forth
below are not the only risks the Fund faces, and the Fund may face other risks that it has not yet identified, which it does not currently deem material or which are not yet predictable. If any of the following risks occur, the Funds business,
financial condition and results of operations could be materially adversely affected. In such case, the Funds net asset value and the price of its common stock could decline, and you may lose all or part of your investment. Risk Factor Summary The following is a
summary of the principal risk factors associated with an investment in the Fund: Risks Related to the Funds Business and Structure  

There will be uncertainty as to the value of the Funds portfolio investments.  

The Funds financial condition will depend on its ability to effectively manage and deploy capital.  

The Fund may face increasing competition for investment opportunities.  

The Adviser has incentives to favor its other accounts and clients over the Fund, and the Funds success
depends on the ability of the Adviser to attract and retain qualified personnel in a competitive environment.  

The inability of the Adviser to maintain or develop referral relationships could adversely affect the Fund.  

Misconduct by employees of the Adviser or by third-party service providers could cause significant losses.  

There are significant potential conflicts of interest which could impact the Funds investment returns.  

The recommendations given to the Fund by the Adviser may differ from those rendered to its other clients.  

Access to confidential information may restrict the Funds ability to act with respect to some investments.  

The Funds ability to enter into transactions with its affiliates is restricted.  

The compensation the Fund will pay to the Adviser was not determined on an
arms-length basis.  

Even if the value of your investment declines, certain fees will still be payable to the Adviser by the Fund.  

The Funds incentive fee may induce the Adviser to pursue speculative investments and to use leverage.  

The Small Business Credit Availability Act allows the Fund to incur additional leverage.  

Increased leverage may magnify the Funds exposure to risks associated with changes in interest rates.  

An increase in interest rates will likely have the effect of making it easier for the Adviser to receive fees,
without necessarily resulting in an increase in the Funds net earnings.  

The Adviser and the Administrator have the right to resign on 60 days notice.  

The Advisers liability is limited under the Advisory Agreement and the Fund has agreed to indemnify the
Adviser against certain liabilities.  

The Adviser may not be able to achieve similar returns as those previously achieved by Mr. Humphries.  

Investors may default on Capital Calls.  

Any failure on the Funds part to maintain its status as a BDC would reduce its operating flexibility.  

Regulations governing the Funds operation as a BDC affect its ability to raise additional capital.  

The Fund may borrow money, which would magnify the potential for gain or loss on amounts invested.  

To the extent that the Fund borrows money, the risk of investing in the Fund may increase.  

The Fund is subject to risks associated with the current interest rate environment.  

Non-controlling investments may involve risks specific to third-party
management of those investments.  

The Fund may experience fluctuations in its quarterly and annual results.  

The Fund is a non-diversified investment company within the meaning of
the 1940 Act.  

The Board is authorized to reclassify any unissued Shares into one or more classes of preferred stock.  

The Board may change the Funds investment objective without prior notice or stockholder approval.  

The Fund will be subject to corporate-level U.S. federal income tax if it is unable to qualify as a RIC.  27




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

Risks may arise in connection with the rules under ERISA related to investment by ERISA Plans.  

The Fund may have difficulty paying its required distributions, and it may not pay any distributions at all.  

The Fund may in the future choose to pay dividends in its own stock.  

For periods in which the Fund does not qualify as a publicly offered regulated investment company, as
defined in the Code, stockholders will be taxed as if they received a distribution of some of its expenses.  

The Fund is subject to risks in using custodians, administrators and other agents.  

The Fund expends financial resources to comply with the Exchange Act and the Sarbanes-Oxley Act.  

The Fund does not yet have comprehensive documentation of, and has not yet tested, its internal controls.  

Stockholders may be subject to requirements and rules under the Exchange Act as a result of an investment in the
Fund, and investors in the Private Offering will be subject to transfer restrictions.  

There may be state licensing requirements for the Fund.  

Changes in laws or regulations governing the Funds operations may adversely affect its business.  

The impact of recently enacted federal tax legislation on the Fund is uncertain.  

Future legislation or rules could modify how the Fund treats derivatives and other financial arrangements.  

A disruption in the capital markets and the credit markets could impair the Funds ability to borrow money.  

Price declines and illiquidity in the corporate debt markets may reduce the Funds net asset value.  

Significant developments stemming from the Brexit could have a material adverse effect on the Fund.  

Increased geopolitical unrest, terrorist attacks, military action, natural disasters or outbreaks of contagious
diseases may harm the Funds business.  

A failure in the Funds cyber security systems could impair its ability to conduct business effectively. Risks Related to the Funds Investments  

The Funds investments are risky and speculative, and its investment activities subject it to litigation
risks.  

There is a lack of information about the privately held companies in which the Fund invests.  

The Adviser may face conflicts of interest caused by compensation arrangements with the Fund and its affiliates,
and in connection with the management of the Funds business affairs.  

The Adviser may raise money for or manage other entities that target similar investments to the Fund.  

The time and resources that individuals associated with the Adviser devote to the Fund may be diverted.  

Certain investment decisions by the Adviser may be required to be undertaken on an expedited basis.  

A redemption of convertible securities held by the Fund could have an adverse effect on its investments.  

The Funds portfolio companies may incur debt that ranks equally with, or senior to, its investments.  

The Fund may not be able to obtain debt financing or equity capital on acceptable terms.  

The Fund may invest in mezzanine securities.  

The Fund may invest in debt securities and instruments that are rated below investment grade.  

The Funds investments may be exposed to the credit risk of the counterparties with which the Fund deals.  

The Funds investments may be affected by laws relating to fraudulent conveyance or voidable preferences.  

The Funds debt investments could be subordinated to claims of other creditors.  

The Fund may make second priority liens on collateral securing loans.  

Economic downturns could impair the Funds portfolio companies and harm its operating results.  

Uncertainty relating to the LIBOR calculation process may adversely affect the Funds portfolio.  

The lack of liquidity in the Funds investments may adversely affect its business.  28




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

The net asset value of the Funds common stock may fluctuate significantly.  

The right to make Capital Calls of stockholders may be pledged by the Fund as collateral.  

The Fund has not yet identified all of the companies it will invest in with the Private Offering proceeds.  

The Funds failure to make follow-on investments could impair the
value of its portfolio.  

The Funds portfolio will lack diversification among portfolio companies and industries.  

The Fund securitizes certain of its investments, which may subject it to certain structured financing risks.  

As a non-controlling investor, the Fund may not be able to exercise
control over its portfolio companies.  

Changes to United States tariff and import/export regulations may have a negative effect on the Fund.  

Defaults by the Funds portfolio companies will harm its operating results.  

Unrealized losses the Fund experiences on its loan portfolio may be an indication of future realized losses.  

The Fund may pay distributions from offering proceeds, borrowings or the sale of assets.  

Prepayments of the Funds debt investments could adversely impact results of operations.  

Changes in interest rates may affect the Funds cost of capital and net investment income.  

Inflation and rising commodity prices may adversely impact the Funds portfolio companies.  

The Funds investments in leveraged portfolio companies may be risky.  

The Fund may not realize gains from its equity investments.  

The Fund may expose itself to risks if it engages in hedging transactions. Risks Related to the Funds Business and Structure The Funds investment portfolio will be recorded at fair value, with the Board having final responsibility for overseeing, reviewing and approving,
in good faith, its estimate of fair value and, as a result, there will be uncertainty as to the value of the Funds portfolio investments. Under the 1940 Act, the Fund is required to carry its portfolio investments at market value or, if there is no readily available market value,
at fair value as determined by the Fund with its Board having final responsibility for overseeing, reviewing and approving, in good faith, the Funds estimate of fair value. Typically, there will not be a public market for the securities of the
privately held companies in which the Fund will invest. As a result, the Fund will value these securities quarterly at fair value based on input from management, a third-party independent valuation firm and the Funds audit committee and with
the oversight, review and approval of the Board. The determination of fair value and consequently, the amount of unrealized gains and
losses in the Funds portfolio, are to a certain degree, subjective and dependent on a valuation process approved by the Board. Certain factors that may be considered in determining the fair value of the Funds investments include external
events, such as private mergers, sales and acquisitions involving comparable companies. Because such valuations, and particularly valuations of private securities and private companies, are inherently uncertain, they may fluctuate over short periods
of time and may be based on estimates. The Funds determinations of fair value may differ materially from the values that would have been used if a ready market for these securities existed. Due to this uncertainty, the Funds fair value
determinations may cause the Funds net asset value on a given date to materially understate or overstate the value that the Fund may ultimately realize on one or more of its investments. As a result, investors purchasing the Funds common
stock based on an overstated net asset value would pay a higher price than the value of the Funds investments might warrant. Conversely, investors selling Shares during a period in which the net asset value understates the value of the
Funds investments will receive a lower price for their Shares than the value of the Funds investments might warrant. When an
external event such as a purchase transaction, public offering or subsequent equity sale occurs, the Fund uses the pricing indicated by the external event to corroborate its valuation. The Fund records decreases in the market values or fair values
of its investments as unrealized depreciation. Declines in prices and liquidity in the corporate debt markets may result in significant net unrealized depreciation in the Funds portfolio. The effect of all these factors on the Funds
portfolio may reduce the Funds net asset value by increasing unrealized depreciation in the Funds portfolio. Depending on market conditions, the Fund could incur substantial realized losses and may suffer additional unrealized losses in
future periods, which could have a material adverse effect on the Funds business, financial condition, results of operations and cash flows.  29




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The Funds financial condition and results of operations will depend on its ability to
effectively manage and deploy capital. The Funds ability to achieve its investment objective will depend on its ability to
effectively manage and deploy capital, which will depend, in turn, on the Advisers ability to identify, evaluate and monitor, and the Funds ability to finance and invest in, companies that meet the Funds investment criteria. Accomplishing the Funds investment objective on a cost-effective basis will largely be a function of the Advisers handling of the
investment process, its ability to provide competent, attentive and efficient services and the Funds access to investments offering acceptable terms. In addition to monitoring the performance of the Funds existing investments, the
Advisers investment team may also be called upon, from time to time, to provide managerial assistance to some of the Funds portfolio companies. These demands on their time may distract them or slow the rate of investment. Even if the Fund is able to grow and build upon its investment portfolio, any failure to manage its growth effectively could have a material
adverse effect on its business, financial condition, results of operations and prospects. The results of the Funds operations will depend on many factors, including the availability of opportunities for investment, readily accessible short and
long-term funding alternatives in the financial markets and economic conditions. Furthermore, if the Fund cannot successfully operate its business or implement its investment policies and strategies as described herein, it could negatively impact
the Funds ability to pay dividends. The Fund may face increasing competition for investment opportunities. The Fund competes for investments with providers of capital with similar investment strategies including other BDCs, private equity funds,
finance companies, and banks. Many of the Funds competitors are larger and have greater financial, technical and marketing resources than the Fund. For example, some competitors may have a lower cost of capital and access to funding sources
that will not be available to the Fund. In addition, some of the Funds competitors may have higher risk tolerances or different risk assessments than the Fund will have. These characteristics could allow the Funds competitors to consider
a wider variety of investments, establish more relationships and offer better pricing and more flexible structuring than the Fund will be able to offer. The Fund may lose investment opportunities if it does not match its competitors pricing,
terms and structure. If the Fund is forced to match its competitors pricing, terms and structure, it may not be able to achieve acceptable returns on its investments or may bear substantial risk of capital loss. A significant part of the
Funds competitive advantage stems from the fact that the market for investments in middle market companies is underserved by traditional commercial banks and other financing sources. A significant increase in the number and/or the size of the
Funds competitors in this target market could force the Fund to accept less attractive investment terms. Furthermore, many of the Funds competitors will have greater experience operating under, or will not be subject to, the regulatory
restrictions that the 1940 Act will impose on the Fund as a BDC. The Adviser has incentives to favor its other accounts and clients over the Fund,
which are conflicts of interest that could be harmful to the Fund. Because the Adviser and its affiliates manage assets for other
investment companies, pooled investment vehicles and/or other accounts (including institutional clients, pension plans and certain high net worth individuals), certain conflicts of interest are present. For instance, the Adviser and its
affiliates may receive fees from certain accounts that are higher than the fees received by the Adviser from the Fund, or receive a performance-based fee on certain accounts. The Adviser and its affiliates may also have expense arrangements
with certain accounts that are more favorable to the Adviser than the expense arrangements in place with the Fund. In those instances, the Adviser and its affiliates have incentives to favor the other accounts over the Fund. The Adviser and its
affiliates seek to address conflicts of interest through their policies and procedures, including through the Advisers allocation policy. Under the Advisers allocation policy, the Adviser seeks to allocate investment opportunities to
eligible accounts on a basis that is fair and equitable over time. However, no assurance can be given that the allocation decisions will ultimately result in the most favorable investments, allocations or returns for the Fund. The Board also
monitors how the Adviser and its affiliates address these and other conflicts. The Funds business model depends to a significant extent upon
strong referral relationships. Any inability of the Adviser to maintain or develop these relationships, or the failure of these relationships to generate investment opportunities, could adversely affect the Funds business. The Fund depends upon the Adviser to maintain its relationships with companies, private equity sponsors,
co-investors, intermediaries and other financial institutions, and the Fund expects to rely to a significant extent upon these relationships to provide the Fund with potential investment opportunities. If the
Adviser fails to maintain such relationships, or to develop new relationships with other sources of investment opportunities, the Fund will not be able to grow the Funds investment portfolio. In addition, individuals with whom the Adviser has
relationships are not obligated to provide the Fund with investment opportunities, and the Fund can offer no assurance that these relationships will generate investment opportunities for the Fund in the future.  30




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The Fund will be dependent upon the Advisers key personnel for the Funds future success. The Fund depends on the diligence, skill and investment acumen of J. Brent Humphries, the Funds President and the Chairman
of the Board, along with the other investment professionals at the Adviser. Mr. Humphries also serves as the President of the Adviser, and is Chairman of its Investment Committee. Mr. Humphries, together with the other members of the
Advisers senior management, will evaluate, negotiate, structure, close and monitor the Funds investments. The Funds future success will depend on the continued service of Mr. Humphries and the other members of the
Advisers senior management. The Fund cannot assure you that unforeseen business, medical, personal or other circumstances would not lead any such individual to terminate his or her relationship with the Fund. The loss of Mr. Humphries or
any of the other members of the Advisers senior management could have a material adverse effect on the Funds ability to achieve its investment objective as well as on its financial condition and results of operations. In addition, the
Fund can offer no assurance that the Adviser will continue indefinitely as the Adviser. The members of the Advisers senior management are and may in the future become affiliated with entities engaged in business activities similar to those
intended to be conducted by the Fund, and may have conflicts of interest in allocating their time. The Fund expects that Mr. Humphries will dedicate his time to the activities of the Fund as deemed necessary or appropriate but is, and may be,
engaged in other business activities which could divert his time and attention. The Funds success will depend on the ability of the Adviser
to attract and retain qualified personnel in a competitive environment. The Funds growth will require that the Adviser
retain and attract new investment and administrative personnel in a competitive market. Its ability to attract and retain personnel with the requisite credentials, experience and skills will depend on several factors including, but not limited to,
its ability to offer competitive wages, benefits and professional growth opportunities. Many of the entities, including investment funds (such as private equity funds and mezzanine funds) and traditional financial services companies, with which it
will compete for experienced personnel will have greater resources than it will have. Misconduct by employees of the Adviser or by third-party
service providers could cause significant losses to the Fund. Misconduct by employees of the Adviser or by third-party service
providers could cause significant losses to the Fund. Employee misconduct may include binding the Fund to transactions that exceed authorized limits or present unacceptable risks and unauthorized investment activities or concealing unsuccessful
investment activities (which, in either case, may result in unknown and unmanaged risks or losses). Losses could also result from actions by third-party service providers, including, without limitation, failing to recognize trades and
misappropriating assets. In addition, employees and third-party service providers may improperly use or disclose confidential information, which could result in litigation or serious financial harm, including limiting the Funds business
prospects or future marketing activities. No assurances can be given that the due diligence performed by the Adviser will identify or prevent any such misconduct. There are significant potential conflicts of interest which could impact the Funds investment returns. The Fund will be subject to a number of actual and potential conflicts of interest involving the Adviser and its affiliates, any of which could
have a material adverse effect on the Fund and the stockholders investments therein. Prospective stockholders should understand
that (i) the relationships among the Fund, the Adviser and its affiliates are complex and dynamic and (ii) as the Advisers and the Funds businesses change over time, the Adviser and its affiliates may be subject, and the Fund
may be exposed, to new or additional conflicts of interest. There can be no assurance that this document addresses or anticipates every possible current or future conflict of interest that may arise or that is or may be detrimental to the Fund or
the stockholders. Prospective stockholders should consult with their own advisers regarding the possible implications on their investment in the Fund of the conflicts of interest described in this document. The Adviser has undertaken to manage the Fund diligently in pursuit of its investment objectives. While conflicts of interest are inherent to
the relationships among the Adviser and its affiliates, merely because an actual or potential conflict of interest exists does not mean that it will be acted upon to the detriment of the Fund. When a conflict of interest arises, the Adviser will
endeavor to ensure that the conflict is resolved fairly. The Adviser and its affiliates will devote as much of their time to the
activities of the Fund as the Adviser and its affiliates deem necessary and appropriate. The terms of the Advisory Agreement generally do not restrict any of those persons from forming additional investment funds, from entering into other investment
advisory relationships, or from engaging in other business activities, even though such activities may be in competition with the Fund and/or may involve substantial time and resources of the Adviser and its affiliates. For instance, the Adviser has
formed and in the future may form additional investment funds, including BDCs, or managed accounts that invest in financial instruments that are similar to the instruments in which the Fund will invest. Mr. Humphries, the Funds President and Chairman of the Board, currently serves as the President of the Adviser, which is
responsible for all investment decisions for the Fund. In addition, the Funds executive officers and directors, including the Funds Chief Financial Officer and Chief Compliance Officer, as well as the current and future members of the
Adviser, may serve as officers, directors or principals of other entities that operate in the same or a related line of business as the Fund does. Accordingly, they may have obligations to the Funds stockholders in those entities, the
fulfillment of which obligations may not be in the best interests of the Fund or its stockholders.  31




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In the course of the Funds investing activities, the Fund will pay management fees and
incentive fees to the Adviser and reimburse the Administrator and/or the Adviser for certain expenses it incurs. As a result, investors will invest on a gross basis and receive distributions on a net basis after expenses,
resulting in a lower rate of return than an investor might achieve through direct investments. Accordingly, there may be times when the management team of the Adviser will have interests that differ from those of the Funds stockholders, giving
rise to a conflict. The Fund has entered into a royalty-free license agreement with the Adviser pursuant to which the Adviser has granted
the Fund a non-exclusive royalty-free license to use the name AB Private Credit Investors Corporation. Under the license agreement, the Fund has the right to use the AB Private Credit
Investors Corporation name for so long as the Adviser or one of its affiliates remains the Funds investment adviser. In
addition, the Fund pays the Administrator the expenses incurred by the Administrator in performing its obligations under the Administration Agreement, including the fees and expenses associated with performing compliance functions. These
arrangements will create conflicts of interest that the Board must monitor. With respect to a loan transaction that is led by the Fund
and syndicated to other lenders, the Adviser will be entitled to retain any arrangement fee attributable to that portion of the loan transaction syndicated to such other lenders. While the amount of such a loan transaction, if any, that is allocated
to the Fund will be determined in accordance with the Advisers investment allocation policy and procedures, the Advisers entitlement to any arrangement fee attributable to that portion of the loan transaction syndicated to such other
lenders may incentivize the Adviser to syndicate a loan transaction (or a greater portion thereof) to other lenders. The decisions made with
respect to the Fund by the Adviser may differ from decisions made by the Adviser with respect to its other clients. The Adviser
and its affiliates may make decisions with respect to other clients and/or allocate securities to other clients that differ from the decisions and/or allocations made with respect to the Fund even though such other clients investment
objectives may be similar to ours. The Funds access to confidential information may restrict its ability to take action with respect to some
investments, which, in turn, may negatively affect its results of operations. The Fund, directly or through the Adviser, may
obtain confidential information about the companies in which it has invested or may invest. If the Fund possesses confidential information about such companies, there may be restrictions on its ability to make, dispose of, increase the amount of, or
otherwise take action with respect to, an investment in those companies. The impact of these restrictions on the Funds ability to take action with respect to its investments could have an adverse effect on its results of operations. The Funds ability to enter into transactions with its affiliates is restricted. The Fund is prohibited under the 1940 Act from participating in certain transactions with certain of its affiliates without the prior approval
of the Funds independent directors and, in some cases, the SEC. Any person that owns, directly or indirectly, 5% or more of the Funds outstanding voting securities is the Funds affiliate for purposes of the 1940 Act, and the Fund
generally is prohibited from buying or selling any security from or to such affiliate, absent the prior approval of the Funds independent directors. The 1940 Act also prohibits certain joint transactions with certain of the Funds affiliates, which could include investments
in the same portfolio company (whether at the same or different times to the extent the transaction is deemed to be joint), without prior approval of the Funds independent directors and, in some cases, the SEC. If a person acquires
more than 25% of the Funds voting securities, the Fund is prohibited from buying or selling any security from or to such person or certain of that persons affiliates, or entering into prohibited joint transactions with such persons,
absent the prior approval of the SEC. Similar restrictions limit the Funds ability to transact business with its officers or directors or their affiliates. The Fund also generally will be unable to co-invest in any issuer in which the Adviser and its
affiliates or a fund managed by the Adviser or its affiliates is investing. The SEC has interpreted the BDC regulations governing transactions with affiliates to prohibit certain joint transactions involving entities that share a common
investment advisor. As a result of these restrictions, the Fund may be prohibited from buying or selling any security (other than any security of which the Fund is an issuer) from or to, as well as
co-investing with, any fund managed by the Funds affiliates without the prior approval of the SEC. The decision by the Adviser to allocate an opportunity to another entity could cause the Fund to forgo
an investment opportunity that the Fund otherwise would have made. These restrictions may limit the scope of investment opportunities that would otherwise be available to the Fund.  32




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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
certain of its affiliates that are managed by the Adviser (Affiliated Funds) in a manner consistent with the Funds investment objective, positions, policies, strategies and restrictions as well as regulatory requirements and other
pertinent factors, subject to compliance with certain conditions (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 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 its investors and do not involve overreaching in
respect of the Fund or its investors on the part of any person concerned, and (2) the transaction is consistent with the interests of the Funds investors 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. The
Fund may, however, invest alongside other clients of the Adviser and its affiliates, including other entities they manage in certain circumstances where doing so is consistent with applicable law, the Order, or SEC staff interpretations and
guidance. For example, the Fund may co-invest with such accounts consistent with guidance promulgated by the SEC staff permitting the Fund and such other funds to
co-invest in privately placed securities so long as certain conditions are met, including that the Adviser, acting on the Funds behalf and on behalf of other clients, negotiates no term other than price.
The Fund may also co-invest with the Advisers other clients as otherwise permissible under regulatory guidance, applicable regulations or the Advisers allocation policy. In situations where co-investment with other clients of the Adviser or its affiliates is not permitted
under the 1940 Act and related rules, existing or future staff guidance, or the terms and conditions of the Order, the Adviser will need to decide which client or clients will proceed with the investment. Under the Advisers allocation policy,
such determinations will be made based on the principle that investment opportunities shall be allocated to eligible clients on a basis that will be fair and equitable over time. As a result, the Fund will not have an entitlement to make a co-investment in these circumstances, and to the extent that another client elects to proceed with the investment, the Fund will not be permitted to participate. Moreover, except in certain circumstances, the Fund
will be unable to invest in any issuer in which a client of the Adviser or its affiliate holds a controlling interest. These restrictions may limit the scope of investment opportunities that would otherwise be available to the Fund, and there can be
no assurance that investment opportunities will be allocated to the Fund fairly or equitably in the short term or over time. The compensation the
Fund will pay to the Adviser was not determined on an arms-length basis. Thus, the terms of such compensation may be less advantageous to the Fund than if such terms had been the subject of arms-length negotiations. The compensation the Fund will pay to the Adviser was not
determined on an arms-length basis with an unaffiliated third party. As a result, the form and amount of such compensation may be less favorable to the Fund than they might have been had the respective
agreements been entered into through arms-length transactions with an unaffiliated third party. In addition, the Fund may choose not to enforce, or to enforce less vigorously, its respective rights and
remedies under the Advisory Agreement because of its desire to maintain its ongoing relationship with the Adviser and its respective affiliates. Any such decision, however, could cause the Fund to breach its fiduciary obligations to its
stockholders. Even in the event the value of your investment declines, the base management fee and, in certain circumstances, the incentive fee
will still be payable to the Adviser. Even in the event the value of your investment declines, the base management fee and, in
certain circumstances, the incentive fee will still be payable to the Adviser. The base management fee is calculated as a percentage of the value of the Funds gross assets at a specific time, which would include any borrowings for investment
purposes, and may give the Adviser an incentive to use leverage to make additional investments. In addition, the base management fee is payable regardless of whether the value of the Funds gross assets or your investment have decreased. The
use of increased leverage may increase the likelihood of default, which would disfavor holders of the Funds common stock, including investors in its common stock. Given the subjective nature of the investment decisions that the Adviser will
make on the Funds behalf, the Fund may not be able to monitor this potential conflict of interest. The income-based incentive fee
is calculated as a percentage of PIFNII. Since PIFNII does not include any realized capital gains, realized capital losses or unrealized capital appreciation or depreciation, it is possible that the Fund may pay an incentive fee in a quarter in
which it incurs a loss. For example, if the Fund receives PIFNII in excess of the quarterly minimum hurdle rate, the Fund will pay the applicable income-based incentive fee even if it has incurred a loss in that quarter due to realized and
unrealized capital losses. In addition, because the quarterly minimum hurdle rates are calculated based on the Funds net assets, decreases in its net assets due to realized or unrealized capital losses in any given quarter may increase the
likelihood that the hurdle rates are reached in that quarter and, as a result, that an incentive fee is paid for that quarter. The Funds net investment income used to calculate this component of the incentive fee is also included in the amount
of its gross assets used to calculate the base management fee. Also, the capital gains component of the incentive fee is calculated
annually based upon the Funds realized capital gains, computed net of realized capital losses and unrealized capital depreciation on a cumulative basis. As a result, the Fund may owe the Adviser an incentive fee during one year as a result of
realized capital gains on certain investments, and then incur significant realized capital losses and unrealized capital depreciation on the remaining investments in the Funds portfolio during subsequent years. Incentive fees earned in prior
years cannot be clawed back even if the Fund later incurs losses.  33




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The Funds incentive fee may induce the Adviser to pursue speculative investments and to use
leverage when it may be unwise to do so. The incentive fee payable by the Fund to the Adviser may create an incentive for the
Adviser to pursue investments on the Funds behalf that are riskier or more speculative than would be the case in the absence of such compensation arrangement. The income-based incentive fee payable to the Adviser will be calculated based on a
percentage of the Funds return on invested capital. This may encourage the Adviser to use leverage to increase the return on the Funds investments. Under certain circumstances, the use of leverage may increase the likelihood of default,
which would impair the value of the Funds common stock. In addition, the Adviser will receive the incentive fee based, in part, upon net capital gains realized on the Funds investments. As a result, in certain situations the Adviser may
have a tendency to invest more capital in investments that are likely to result in capital gains as compared to income producing securities. Such a practice could result in the Funds investing in more speculative securities than would
otherwise be the case, which could result in higher investment losses, particularly during economic downturns. 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 its asset coverage equals (1) its actual asset coverage as of December 31, 2021 and (2) 150%, each at various annual returns, net of expenses and as of
December 31, 2021. 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
December 31, 2021(1)


(34.7
)%


(20.6
)%


(6.4
)%


7.7
%


21.8
%Corresponding net return to holders of common stock assuming 150% asset coverage(2)


(37.0
)%


(22.00
)%


(7.0
)%


8.0
%


23.0
%  (1)
Assumes $977.5 million in total portfolio assets, $631.5 million in debt outstanding,
$346.0 million in net assets, and an average cost of funds of 3.5%. Actual interest payments may be different. (2)
Assumes $977.5 million in total portfolio assets, $651.7 million in debt outstanding,
$325.8 million in net assets, and an average cost of funds of 3.5%. Actual interest payments may be different.  34




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Increased leverage may magnify the Funds exposure to risks associated with changes in interest
rates. If the Fund incurs additional leverage, general interest rate fluctuations may have a more significant negative impact on
its investments and investment opportunities than they would have absent such additional incurrence, and, accordingly, may have a material adverse effect on the Funds investment objectives and rate of return on investment capital. Because the
Fund may borrow money to make investments in the form of debt securities, preferred stock or other securities, the Funds net investment income is dependent upon the difference between the rate at which income from investments exceeds the rate
at which the Fund pays interest or dividends on such liabilities. The Fund principally invests in floating-rate assets and incurs its
indebtedness on a floating-rate basis as well. The Fund plans to incur indebtedness, when possible, on the same floating base rate applicable to the assets in which it invests. Because the base rate of the Funds assets and indebtedness are
expected to generally be the same and will therefore fluctuate on largely the same basis, the primary risk that the Fund faces from interest rate fluctuations is a situation where the difference in the rate on investment income versus the base rate,
which the Fund refers to as the spread, falls and there is not a similar reduction in the spread on the Funds indebtedness or losses exceed anticipated levels. In that situation, the investment income, net of losses, less the cost
of the Funds indebtedness would be reduced. This reduction could create a material adverse effect on the Funds investment objectives if the spread compression was significant and persistent over long periods. The Fund expects that a majority of its investments in debt will continue to be at floating rates. However, as the Fund makes investments in
debt at floating rates, a significant increase in market interest rates could also result in an increase in its 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. In addition, 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. To the extent the Funds additional borrowings are in fixed-rate
instruments, the Fund may be required to invest in higher-yield securities in order to cover its interest expense and maintain its current level of return to stockholders, which may increase the risk of an investment in its Shares. Inflation and rising commodity prices may adversely impact the Funds portfolio companies. Inflation may adversely affect the Funds investments in a number of ways. Certain of the Funds portfolio companies are in
industries that may be impacted by inflation, and inflationary expectations or periods of rising inflation could be accompanied by rising prices of commodities that are critical to the operation of the Funds portfolio companies. If such
portfolio companies are unable to pass any increases in their costs of operations along to their customers, it could adversely affect their operating results and impact their ability to pay interest and principal on the Funds loans,
particularly if interest rates rise in response to inflation. In addition, any projected future decreases in the operating results of the Funds portfolio companies due to inflation could adversely impact the fair value of those investments.
Any decreases in the fair value of the Funds investments could result in future realized or unrealized losses and therefore reduce the Funds net assets resulting from operations. Some of the Funds portfolio investments may have
income linked to inflation through contractual rights or other means. However, as inflation may affect both income and expenses, any increase in income may not be sufficient to cover increases in expenses. A general increase in interest rates will likely have the effect of making it easier for the Adviser to receive incentive fees, without necessarily
resulting in an increase in the Funds net earnings. Given the structure of the Funds Advisory Agreement with the
Adviser, any general increase in interest rates will likely have the effect of making it easier for the Adviser to meet the quarterly hurdle rates for payment of income-based incentive fees under the Advisory Agreement without any additional
increase in relative performance on the part of the Adviser. In addition, in view of the catch-up provisions applicable to income-based incentive fees under the Advisory Agreement, the Adviser could
potentially receive a significant portion of the increase in the Funds investment income attributable to such a general increase in interest rates. If that were to occur, the Funds increase in net earnings, if any, would likely be
significantly smaller than the relative increase in the Advisers income-based incentive fee resulting from such a general increase in interest rates. The Adviser and the Administrator have the right to resign on 60 days notice, and the Fund may not be able to find a suitable replacement for
either within that time, or at all, resulting in a disruption in the Funds operations that could adversely affect its financial condition, business and results of operations. The Adviser has the right, under the Advisory Agreement, to resign at any time upon 60 days written notice, regardless of whether the
Fund has found a replacement. Similarly, the Administrator has the right under the Administration Agreement to resign at any time upon 60 days written notice, regardless of whether the Fund has found a replacement. If the Adviser or the
Administrator were to resign, the Fund may not be able to find a new investment adviser or administrator or hire internal management with similar expertise and ability to provide the same or equivalent services on acceptable terms within 60 days, or
at all. If the Fund is unable to  35




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##### Table of Contents

do so quickly, its operations are likely to experience a disruption and its financial condition, business and results of operations, as well as its ability to pay distributions, are likely to be
materially and adversely affected. In addition, the coordination of the Funds internal management and investment or administrative activities, as applicable, are likely to suffer if the Fund is unable to identify and reach an agreement with a
single institution or group of executives having the expertise possessed by the Adviser, the Administrator and their respective affiliates. Even if the Fund is able to retain comparable management, whether internal or external, the integration of
such management and their lack of familiarity with its investment objective may result in additional costs and time delays that may adversely affect the Funds financial condition, business, results of operations and cash flows. The Advisers liability is limited under the Advisory Agreement and the Fund has agreed to indemnify the Adviser against certain liabilities, which
may lead the Adviser to act in a riskier manner on the Funds behalf than it would when acting for its own account. Under the
Advisory Agreement, the Adviser has not assumed any responsibility to the Fund other than to render the services called for under that agreement. It is not responsible for any action of the Board in following or declining to follow the
Advisers advice or recommendations. Under the Advisory Agreement, the Adviser and its professionals and any person controlling or controlled by the Adviser are not liable to the Fund, any subsidiary of the Fund, the Funds directors, the
Funds stockholders or any subsidiarys stockholders or partners for acts or omissions performed in accordance with and pursuant to the Advisory Agreement, except those resulting from acts constituting gross negligence, willful
misfeasance, bad faith or reckless disregard of the duties that the Adviser owes to the Fund under the Advisory Agreement. In addition, as part of the Advisory Agreement, the Fund has agreed to indemnify the Adviser and its professionals from and
against any claims or liabilities, including reasonable legal fees and other expenses reasonably incurred, arising out of or in connection with the Funds business and operations or any action taken or omitted on the Funds behalf pursuant
to authority granted by the Advisory Agreement, except where attributable to gross negligence, willful misfeasance, bad faith or reckless disregard of such persons duties under the Advisory Agreement. The Adviser may not be able to achieve the same or similar returns as those achieved by Mr. Humphries and the other members of the Advisers
core investment team while they were employed at prior positions. Although in the past Mr. Humphries and the other members of
the Advisers core investment team have held senior positions at a number of investment firms, their achievements are not necessarily indicative of future results that will be achieved by the Adviser. The Fund cannot assure you that it will be
able to achieve the results realized by prior vehicles managed by Mr. Humphries and the other members of the Advisers core investment team. Investors may default on Capital Calls. Capital Calls will be issued by the Fund from time to time at the discretion of the Adviser based upon the Advisers assessment of the
needs and opportunities of the Fund. To satisfy such Capital Calls, investors are required to maintain their Capital Commitments in cash or other assets that can be readily converted to cash, within accounts under the control of AB or its
affiliates. If such cash or other assets were not in such accounts and an investor fails to pay when due installments of its Capital Commitment to the Fund, and the Capital Commitments made by non-defaulting
investors and borrowings by the Fund are inadequate to cover the defaulted Capital Commitment, the Fund may be unable to pay its obligations when due. As a result, the Fund may be subjected to significant penalties that could materially adversely
affect the returns of the investor (including non-defaulting investors). Any failure on the Funds
part to maintain its status as a BDC would reduce its operating flexibility. The Fund has elected to be regulated as a BDC under
the 1940 Act. The 1940 Act imposes numerous constraints on the operations of BDCs. For example, BDCs are required to invest at least 70% of their gross assets in specified types of securities, primarily in private companies or thinly-traded U.S.
public companies, cash, cash equivalents, U.S. government securities and other high-quality debt investments that mature in one year or less. Furthermore, any failure to comply with the requirements imposed on BDCs by the 1940 Act could cause the
SEC to bring an enforcement action against the Fund and/or expose the Fund to claims of private litigants. In addition, upon approval of a majority of the Funds stockholders, the Fund may elect to withdraw its status as a BDC. If the Fund
decides to withdraw its election, or if the Fund otherwise fails to qualify, or maintain its qualification, as a BDC, the Fund will be subject to substantially greater regulation under the 1940 Act as a
closed-end investment company. Compliance with such regulations would significantly decrease the Funds operating flexibility, and could significantly increase its costs of doing business. Regulations governing the Funds operation as a BDC affect its ability to raise additional capital and the way in which it does so. As a BDC, the
necessity of raising additional capital may expose the Fund to risks, including the typical risks associated with leverage. The
Fund may issue debt securities or preferred stock and/or borrow money from banks or other financial institutions, referred to collectively as senior securities, up to the maximum amount permitted by the 1940 Act. Under the provisions of
the 1940 Act, the Fund will be permitted, as a BDC, to issue senior securities in amounts such that its asset coverage ratio (as defined in the 1940 Act),  36




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##### Table of Contents

equals at least 150% of gross assets less all liabilities and indebtedness not represented by senior securities, immediately after each issuance of senior securities. If the value of the
Funds assets declines, it may be unable to satisfy this test. If that happens, the Fund may be required to sell a portion of its investments and, depending on the nature of its leverage, repay a portion of its indebtedness at a time when such
sales may be disadvantageous. Also, any amounts that the Fund uses to service its indebtedness would not be available for distributions to its common stockholders. Furthermore, as a result of issuing senior securities, the Fund would also be exposed
to typical risks associated with leverage, including an increased risk of loss. If the Fund issues preferred stock, the preferred stock would rank senior to common stock in the Funds capital structure, preferred stockholders would
have separate voting rights on certain matters and might have other rights, preferences, or privileges more favorable than those of the Funds common stockholders, and the issuance of preferred stock could have the effect of delaying, deferring
or preventing a transaction or a change of control that might involve a premium price for holders of the Funds common stock or otherwise be in your best interest. The Fund will not generally be able to issue and sell its common stock at a price below net asset value per share. The Fund may, however, sell
its common stock, or warrants, options or rights to acquire its common stock, at a price below the then-current net asset value per share of its common stock if the Board determines that such sale is in the best interests of the Funds
stockholders, and the Funds stockholders approve such sale. In any such case, the price at which the Funds securities are to be issued and sold may not be less than a price that, in the determination of the Board, closely approximates
the market value of such securities (less any distributing commission or discount). If the Fund raises additional funds by issuing more common stock or senior securities convertible into, or exchangeable for, its common stock, then the percentage
ownership of its stockholders at that time will decrease, and you may experience dilution. To the extent that the Fund borrows money, the potential
for gain or loss on amounts invested in the Fund will be magnified and may increase the risk of investing in the Fund. Borrowed money may also adversely affect the return on the Funds assets, reduce cash available to service the Funds
debt or for distribution to the Funds stockholders, and result in losses. The use of borrowings, also known as leverage,
increases the volatility of investments by magnifying the potential for gain or loss on invested equity capital. Since the Fund uses leverage to partially finance its investments, through borrowing from and issuing senior debt securities to banks,
insurance companies and other lenders, you will experience increased risks of investing in the Funds securities. Holders of these senior securities will have fixed dollar claims on the Funds assets that are superior to the claims of the
Funds common stockholders, and the Fund would expect such lenders to seek recovery against its assets in the event of a default. If the value of the Funds assets decreases, leveraging will cause its net asset value to decline more
sharply than it otherwise would if it had not borrowed and employed leverage. Similarly, any decrease in the Funds income would cause its net income to decline more sharply than it would have if it had not borrowed and employed leverage. Such
a decline could negatively affect the Funds ability to service its debt or make distributions to its stockholders. Leverage is generally considered a speculative investment technique. In addition, the Funds stockholders will bear the
burden of any increase in its expenses as a result of its use of leverage, including interest expenses and any increase in the management or incentive fees payable to the Adviser. The amount of leverage that the Fund employs depends on the Advisers and the Boards assessment of market and other factors at the
time of any proposed borrowing. There can be no assurance that additional leveraged financing will be available to the Fund on favorable terms or at all. However, to the extent that the Fund uses leverage to finance its assets, its financing costs
will reduce cash available for servicing its debt or distributions to stockholders. Moreover, the Fund may not be able to meet its financing obligations and, to the extent that it cannot, it risks the loss of some or all of its assets to liquidation
or sale to satisfy the obligations. In such an event, the Fund may be forced to sell assets at significantly depressed prices due to market conditions or otherwise, which may result in losses. As a business development company, the Fund is required to meet a coverage ratio of total assets to total borrowings and other senior
securities, which include all of its borrowings and any preferred stock that it may issue in the future, of at least 150%. If this ratio declines below 150%, the Fund cannot incur additional debt and could be required to sell a portion of its
investments to repay some debt when it is disadvantageous to do so. This could have a material adverse effect on the Funds operations, and the Fund may not be able to service its debt or make distributions. In addition, any debt facility into which the Fund may enter would likely impose financial and operating covenants that restrict its business
activities, including limitations that could hinder its ability to finance additional loans and investments or to make the distributions required to maintain its qualification as a RIC.1 The Fund is subject to risks associated with the current interest rate environment and to the extent the Fund uses debt to finance its investments,
changes in interest rates will affect its cost of capital and net investment income. To the extent the Fund borrows money or
issues debt securities or preferred stock to make investments, the Funds net investment income will depend, in part, upon the difference between the rate at which it borrows funds or pays interest or dividends on such debt securities or
preferred stock and the rate at which it invests these funds. In addition, many of the Funds debt investments  37




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and borrowings have floating rate interest rates that reset on a periodic basis, and many of its investments are subject to interest rate floors. As a result, a change in market interest rates
could have a material adverse effect on the Funds net investment income, in particular with respect to increases from current levels to the level of the interest rate floors on certain investments. In periods of rising interest rates, the
Funds cost of funds will increase because the interest rates on the majority of amounts it has borrowed are floating, which could reduce its net investment income to the extent any debt investments have fixed interest rates, and the interest
rate on investments with an interest rate floor will not increase until interest rates exceed the applicable floor. The Fund may use interest rate risk management techniques in an effort to limit its exposure to interest rate fluctuations. Such
techniques may include various interest rate hedging activities to the extent permitted by the 1940 Act and applicable commodities laws. These activities may limit the Funds ability to participate in the benefits of lower interest rates with
respect to the hedged borrowings. Adverse developments resulting from changes in interest rates or hedging transactions could have a material adverse effect on the Funds business, financial condition and results of operations. Investments in which the Fund has a non-controlling interest may involve risks specific to third-party
management of those investments. The Fund may also co-invest with third parties through
partnerships, joint ventures or other entities, thereby acquiring jointly-controlled or non-controlling interests in certain investments in conjunction with participation by one or more third parties in such
investment. Such joint venture partners or third-party managers may include former personnel of the Adviser or associated persons. As co-investors, the Fund may have interests or objectives that are
inconsistent with those of the third-party partners or co-venturers. Although the Fund may not have full control over these investments and therefore, may have a limited ability to protect its position
therein, the Fund expects that it will negotiate appropriate rights to protect its interests. Nevertheless, such investments may involve risks not present in investments where a third party is not involved, including the possibility that a
third-party partner or co-venturer may have financial difficulties, resulting in a negative impact on such investment, may have economic or business interests or goals which are inconsistent with ours, or may
be in a position to take (or block) action in a manner contrary to the Funds investment objectives or the increased possibility of default by, diminished liquidity or insolvency of, the third party, due to a sustained or general economic
downturn. Third-party partners or co-venturers may opt to liquidate an investment at a time during which such liquidation is not optimal for the Fund. In addition, the Fund may in certain circumstances be
liable for the actions of its third-party partners or co-venturers. In those circumstances where such third parties involve a management group, such third parties may receive compensation arrangements relating
to such investments, including incentive compensation arrangements. The Fund may experience fluctuations in its quarterly and annual results. The Fund may experience fluctuations in its quarterly and annual operating results due to a number of factors, including its
ability or inability to make investments in companies that meet its investment criteria, the interest rate payable on the debt securities it acquires, the level of portfolio dividend and fee income, the level of its expenses, variations in and the
timing of the recognition of realized and unrealized gains or losses, the degree to which it encounters competition in its markets and general economic conditions. As a result of these factors, results for any period should not be relied upon as
being indicative of performance in future periods. The Fund is a non-diversified investment company within
the meaning of the 1940 Act, and therefore it is not limited with respect to the proportion of its assets that may be invested in securities of a single issuer. The Fund is classified as a non-diversified investment company within the meaning of the 1940 Act,
which means that it is not limited by the 1940 Act with respect to the proportion of its assets that the Fund may invest in securities of a single issuer. To the extent that the Fund holds large positions in the securities of a small number of
issuers, or within a particular industry, the Funds net asset value may fluctuate to a greater extent than that of a diversified investment company as a result of changes in the issuers financial condition or the markets assessment
of the issuer. The Fund may also be more susceptible to any single economic or regulatory occurrence than a diversified investment company. The
Board is authorized to reclassify any unissued Shares into one or more classes of preferred stock, which could convey special rights and privileges to its owners. Under the Maryland General Corporation Law (the MGCL) and the Funds charter, the Board is authorized to classify and
reclassify any authorized but unissued Shares into one or more classes of stock, including preferred stock. Prior to the issuance of Shares of each class or series, the Board is required by Maryland law and the Funds charter to set the terms,
preferences, conversion or other rights, voting powers, restrictions, limitations as to dividends or other distributions, qualifications and terms or conditions of redemption for each class or series. Thus, the Board could authorize the issuance of
shares of preferred stock with terms and conditions which could have the effect of delaying, deferring or preventing a transaction or a change in control that might involve a premium price for holders of the Funds common stock or otherwise be
in their best interest. The cost of any such reclassification would be borne by the Funds existing common stockholders. Certain matters under the 1940 Act require the separate vote of the holders of any issued and outstanding preferred stock.
For example, holders of preferred stock would vote separately from the holders of common stock on a proposal to cease operations as a BDC. In addition, the 1940 Act provides that holders of preferred stock are  38




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entitled to vote separately from holders of common stock to elect two preferred stock directors. The Fund currently has no plans to issue preferred stock, but may determine to do so in the
future. The issuance of preferred stock convertible into Shares might also reduce the net income per share and net asset value per share of the Funds common stock upon conversion, provided, that the Fund will only be permitted to issue such
convertible preferred stock to the extent the Fund complies with the requirements of Section 61 of the 1940 Act, including obtaining common stockholder approval. These effects, among others, could have an adverse effect on an investment in the
Funds common stock. The Board may change the Funds investment objective, operating policies and strategies without prior notice or
stockholder approval, the effects of which may be adverse. The Board will have the authority to modify or waive the Funds
investment objective, current operating policies, investment criteria and strategies without prior notice (except as required by the 1940 Act) and without stockholder approval. However, absent stockholder approval, the Fund may not change the nature
of its business so as to cease to be, or withdraw its election as, a BDC. The Fund cannot predict the effect any changes to its current operating policies, investment criteria and strategies would have on its business, net asset value, operating
results and value of its stock. However, the effects might be adverse, which could negatively impact the Funds ability to pay you dividends and cause you to lose all or part of your investment. The Fund will be subject to corporate-level U.S. federal income tax if it is unable to qualify as a RIC. Although the Fund has elected to be treated as a RIC, no assurance can be given that it will be able to maintain its qualification as a RIC. To
maintain qualification as a RIC, the Fund must meet the following source-of-income, asset diversification, and distribution requirements. The income source requirement will be satisfied if the Fund obtains at least 90% of its gross income for each year from dividends, interest,
foreign currency, payments with respect to loans of certain securities, gains from the sale of stock or other securities, net income from certain qualified publicly traded partnerships, or similar sources. The asset diversification requirement will be satisfied if the Fund meets certain asset diversification requirements at the end of each
quarter of its taxable year. Failure to meet those requirements may result in the Fund having to dispose of certain investments quickly in order to prevent the loss of its qualification as a RIC. Because most of the Funds investments will be
in private companies, and therefore will be relatively illiquid, any such dispositions could be made at disadvantageous prices and could result in substantial losses. The Fund may have difficulty satisfying the diversification requirement during its
ramp-up phase until it has a portfolio of investments. The Fund may also have difficulty satisfying the diversification requirements if it determines to wind up and liquidate its assets. The Fund may be
prevented from making follow-on investments in its portfolio companies in order to satisfy the diversification requirements. The annual distribution requirement will be satisfied if the Fund distributes to the Funds stockholders on an annual basis at least 90%
of the Funds net ordinary income and realized net short-term capital gains in excess of realized net long-term capital losses, if any. Because the Fund may use debt financing, the Fund is subject to certain asset coverage ratio requirements
under the 1940 Act and financial covenants under loan and credit agreements that could, under certain circumstances, restrict the Fund from making distributions necessary to satisfy the distribution requirement. If the Fund is unable to obtain cash
from other sources, the Fund could fail to qualify as a RIC. If the Fund fails to qualify as a RIC for any reason and therefore becomes subject to corporate income tax, the resulting corporate taxes could substantially reduce the Funds net
assets, the amount of income available for distribution and the amount of the Funds distributions. There are risks that may arise in
connection with the rules under ERISA related to investment by ERISA Plans. The Fund intends to operate so that it will be an
appropriate investment for employee benefit plans subject to the Employee Retirement Income Security Act of 1974, as amended (ERISA). The Fund will use reasonable efforts to conduct the Funds affairs so that the assets of the Fund
will not be deemed to be plan assets for purposes of ERISA. In this regard, prior to the completion of a Qualified IPO, the Fund may be (and currently are) operated as an annual venture capital operating company, under the
ERISA rules in order to avoid its assets being treated as plan assets for purposes of ERISA. Accordingly, there may be constraints on the Funds ability to make or dispose of investments at optimal times (or to make certain
investments at all). The Fund may have difficulty paying its required distributions if it recognizes income before or without receiving cash
representing such income. For U.S. federal income tax purposes, the Fund will include in its taxable income certain amounts that
it has not yet received in cash, such as original issue discount, which may arise if it receives warrants in connection with the origination of a loan or possibly in other circumstances, or contractual payment-in-kind, or PIK interest, which represents contractual interest added to the loan balance and due at the end of the loan term. Such original issue discount or increases in loan balances as
a result of contractual PIK arrangements will be included in the Funds taxable income before it receives any corresponding cash payments. The Fund also may be required to include in its taxable income certain other amounts that it will not
receive in cash.  39




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Since, in certain cases, the Fund may recognize taxable income before or without receiving
corresponding cash payments, it may have difficulty meeting the annual distribution requirement necessary to maintain its qualification as a RIC. Accordingly, to satisfy its RIC distribution requirements, the Fund may have to sell some of its
investments at times and/or at prices it would not consider advantageous, raise additional debt or equity capital or forgo new investment opportunities. If the Fund is not able to obtain cash from other sources, it may fail to qualify as a RIC and
thus become subject to corporate-level income tax. For additional discussion regarding the tax implications of the Funds election to be taxed as a RIC, please see Business  Material U.S. Federal Income Tax
Considerations. The Fund may in the future choose to pay dividends in its own stock, in which case you may be required to pay tax in
excess of the cash you receive. The Fund may distribute dividends that are payable predominantly in Shares. Under certain private
rulings issued by the Internal Revenue Service, distributions payable to stockholders in cash or stock at the election of stockholders are treated as taxable dividends even if the total amount of the distribution payable in cash is limited, provided
that at least 20% of the distribution is payable in cash. Taxable stockholders receiving such dividends will be required to include the full amount of the dividend as ordinary income (or as long-term capital gain to the extent such distribution is
properly reported as a capital gain dividend) to the extent of the Funds current and accumulated earnings and profits for U.S. federal income tax purposes. As a result, a U.S. stockholder may be required to pay tax with respect to such
dividends in excess of any cash received. If a U.S. stockholder sells the stock it receives as a dividend in order to pay this tax, the sales proceeds may be less than the amount included in income with respect to the dividend, depending on the
market price of the Funds stock at the time of the sale. Furthermore, with respect to non-U.S. stockholders, the Fund may be required to withhold U.S. federal tax with respect to such dividends,
including in respect of all or a portion of such dividend that is payable in stock. In addition, if a significant number of the Funds stockholders sell Shares in order to pay taxes owed on dividends, it may put downward pressure on the trading
price of the Funds stock if the Fund is publicly traded. There is a risk that the Funds stockholders may not receive any distributions. The Fund intends to make distributions on a quarterly basis to its stockholders out of assets legally available for distribution,
or at other times, as determined by the Board in its discretion. The Fund cannot assure you that it will achieve investment results that will allow it to make a specified level of cash distributions. In addition, due to the asset coverage test
applicable to the Fund as a BDC, the Fund may be limited in its ability to make distributions. See Business  Regulation as a Business Development Company. For any period that the Fund does not qualify as a publicly offered regulated investment company, as defined in the Code, stockholders will
be taxed as though they received a distribution of some of its expenses. A publicly offered regulated investment
company is a RIC whose shares are either (i) continuously offered pursuant to a public offering, (ii) regularly traded on an established securities market or (iii) held by at least 500 persons at all times during the taxable
year. The Fund anticipates that it will not qualify as a publicly offered RIC immediately after the Private Offering; the Fund may qualify as a publicly offered RIC for future taxable years. If the Fund is not a publicly offered RIC for any period,
a non-corporate stockholders allocable portion of the Funds affected expenses, including its management fees and incentive fees, will be treated as an additional distribution to the stockholder and
will be deductible by such stockholder only to the extent permitted under the limitations described below. For non-corporate stockholders, including individuals, trusts and estates, significant limitations
generally apply to the deductibility of certain expenses of a non-publicly offered RIC, including advisory fees. In particular, for taxable years beginning before 2026, these expenses, referred to as
miscellaneous itemized deductions, generally are not deductible by an individual. For taxable years beginning in 2026 or later, these expenses are deductible to an individual only to the extent they exceed 2% of such a stockholders adjusted
gross income, and are not deductible for alternative minimum tax purposes. The Fund is subject to risks in using custodians, administrators and
other agents. The Fund will depend on the services of custodians, administrators and other agents to carry out certain securities
transactions and administrative services for the Fund. In the event of the insolvency of a custodian, the Fund may not be able to recover equivalent assets in full as it will rank among the custodians unsecured creditors in relation to assets
which the custodian borrows, lends or otherwise uses. In addition, the Funds cash held with a custodian may not be segregated from the custodians own cash, and the Fund therefore may rank as unsecured creditors in relation thereto. The
inability to recover assets from the custodian could have a material impact on the Funds performance. The Fund expends significant financial
and other resources to comply with the requirements of the Exchange Act and the Sarbanes-Oxley Act. The Fund is subject to the
reporting requirements of the Exchange Act and requirements of the Sarbanes-Oxley Act. These requirements may place a strain on the Funds systems and resources. The Exchange Act requires that the Fund files annual, quarterly and current
reports with respect to its business and financial condition. The Sarbanes-Oxley Act requires that the Fund maintains effective disclosure controls and procedures and internal controls over financial reporting, which are discussed below. See
Business  40




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 Regulation as a Business Development Company  Sarbanes-Oxley Act of 2002. To maintain and improve the effectiveness of the Funds disclosure controls and procedures
and internal controls, significant resources and management oversight are required. The Fund will implement additional procedures, processes, policies and practices for the purpose of addressing the standards and requirements applicable to public
companies. These activities may divert managements attention from other business concerns, which could have a material adverse effect on the Funds business, financial condition, results of operations and cash flows. The Fund expects to
incur significant additional annual expenses related to these steps and, among other things, directors and officers liability insurance, director fees, reporting requirements of the SEC, transfer agent fees, additional administrative
expenses payable to the Administrator to compensate them for hiring additional accounting, legal and administrative personnel, increased auditing and legal fees and similar expenses. The systems and resources necessary to comply with public company reporting requirements will increase further once the Fund ceases to be an
emerging growth company under the JOBS Act. As long as the Fund remains an emerging growth company, it will take advantage of certain exemptions from various reporting requirements that are applicable to other public companies,
including, but not limited to, not being required to comply with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act (Section 404) and exemptions from the requirement to hold advisory votes on
executive compensation. The Fund will remain an emerging growth company for up to five years following an IPO, although if the market value of the Funds common stock that is held by non-affiliates
exceeds $700 million as of any June 30 before that time, the Fund would cease to be an emerging growth company as of the following December 31. The Fund does not currently have comprehensive documentation of its internal controls and it has not yet tested its internal controls in accordance with
Section 404, and failure to achieve and maintain effective internal controls over financial reporting in accordance with Section 404 could have a material adverse effect on its business. The Fund has not previously been required to comply with the requirements of the Sarbanes-Oxley Act, including the internal control evaluation
and certification requirements of Section 404, and will not be required to comply with all of those requirements until five years after the Initial Closing (as defined herein). Accordingly, the Funds internal controls over financial
reporting do not currently meet all of the standards contemplated by Section 404 that it will eventually be required to meet. The Fund is in the process of addressing its internal controls over financial reporting and is establishing formal
procedures, policies, processes and practices related to financial reporting and to the identification of key financial reporting risks, assessment of their potential impact and linkage of those risks to specific areas and activities within its
organization. Additionally, the Fund intends to document its internal control procedures to satisfy the requirements of Section 404,
which requires annual management assessments of the effectiveness of its internal controls over financial reporting. The Funds independent registered public accounting firm is not currently required to formally attest to the effectiveness of
the Funds internal control over financial reporting. Because the Fund does not currently have comprehensive documentation of internal controls and have not yet tested internal controls in accordance with Section 404, it cannot conclude in
accordance with Section 404 that it does not have a material weakness in its internal controls or a combination of significant deficiencies that could result in the conclusion that it has a material weakness in internal controls. The Fund will
be required to complete its initial assessment in a timely manner. If the Fund is not able to implement the requirements of Section 404 in a timely manner or with adequate compliance, its operations, financial reporting or financial results
could be adversely affected. Matters impacting the Funds internal controls may cause it to be unable to report its financial information on a timely basis and thereby subject it to adverse regulatory consequences, including sanctions by the
SEC or violations of applicable stock exchange listing rules, and result in a breach of the covenants under the agreements governing any of its financing arrangements. There could also be a negative reaction in the financial markets due to a loss of
investor confidence in the Fund and the reliability of its consolidated financial statements. Confidence in the reliability of the Funds consolidated financial statements could also suffer if the Fund or its independent registered public
accounting firm were to report a material weakness in the Funds internal controls over financial reporting. This could materially adversely affect the Fund and lead to a decline in the market price of its common stock, to the extent it has
completed a Qualified IPO. There may be state licensing requirements. The Fund may be required to obtain various state licenses in order to, among other things, originate commercial loans. Applying for and
obtaining required licenses can be costly and take several months. There is no assurance that the Fund will obtain all of the licenses that it needs on a timely basis. Furthermore, the Fund will be subject to various information and other
requirements in order to obtain and maintain these licenses, and there is no assurance that it will satisfy those requirements. The Funds failure to obtain or maintain licenses might restrict investment options and have other adverse
consequences. Investors in the Private Offering will be subject to transfer restrictions. Prior to the completion of a Qualified IPO, and other than in connection with a New BDC Spin-Off,
creation of a Liquidating Share Class, a Limited Tender Offer, or pursuant to a Share repurchase program of the Fund, investors who participate in the Private Offering may not sell, assign, transfer or otherwise dispose of (in each case, a
Transfer) any common stock unless (i) the Fund gives consent and (ii) the Transfer is made in accordance with applicable securities laws. No Transfer will be effectuated except by  41




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registration of the Transfer on the Funds books. Each transferee must agree to be bound by these restrictions and all other obligations as an investor in the Fund. Following completion of a
Qualified IPO, stockholders will be restricted from selling or disposing of their Shares contractually by a lock-up agreement with the underwriters of the IPO and secondary offerings, and by the terms of the
Subscription Agreement. The proposals to establish a Liquidating Share Class, New BDC or a Limited Tender Offer (together, the
Proposals) would involve transactions that are currently prohibited by the 1940 Act and would require an SEC order in order to be put in place. The SEC has not previously granted orders with respect to a Liquidating Share Class or a
New BDC, and it could take several years before the SEC determines whether relief is appropriate and it may ultimately deny the requests for any or all of the Proposals. If the SEC were to deny any of the requests for the exemptive relief required
to effectuate the Proposals, the Board would need to consider other ways to permit stockholders to liquidate their investments. If you expect to need access to your investment in the near future, you should not invest in the Fund. Changes in laws or regulations governing the Funds operations may adversely affect its business. Legal, tax and regulatory changes could occur that may adversely affect the Fund. For example, from time to time the market for private equity
transactions has been (and is currently being) adversely affected by a decrease in the availability of senior and subordinated financings for transactions, in part in response to credit market disruptions and/or regulatory pressures on providers of
financing to reduce or eliminate their exposure to the risks involved in such transactions. In addition, as private equity firms become
more influential participants in the U.S. and global financial markets and economy generally, there recently has been pressure for greater governmental scrutiny and/or regulation of the private equity industry, in part. It is uncertain as to what
form and in what jurisdictions such enhanced scrutiny and/or regulation, if any, on the private equity industry may ultimately take. Therefore, there can be no assurance as to whether any such scrutiny or initiatives will have an adverse impact on
the private equity industry, including the Funds ability to effect operating improvements or restructurings of its portfolio companies or otherwise achieve its objectives. On July 21, 2010, the Dodd-Frank Wall Street Reform and Consumer Protection Act (the Dodd-Frank Act), was signed into law.
Many of the provisions of the Dodd-Frank Act have extended implementation periods and delayed effective dates and will require extensive rulemaking by regulatory authorities. While the impact of the Dodd-Frank Act on the Fund and its portfolio
companies may not be known for an extended period of time, the Dodd-Frank Act, including future rules implementing its provisions and the interpretation of those rules, along with other legislative and regulatory proposals directed at the financial
services industry and the financial markets (including derivative markets) or affecting taxation that are proposed or pending in the U.S. Congress, may negatively impact the operations, cash flows or financial condition of the Fund or its portfolio
companies, impose additional costs on the Fund or its portfolio companies, restrict or further regulate certain of the Funds activities, including derivative trading and hedging activities, intensify the regulatory supervision of the Fund or
its portfolio companies or otherwise adversely affect the Funds business or the business of its portfolio companies. In addition,
the Fund and its portfolio companies will be subject to applicable local, state and U.S. federal laws and regulations, including, without limitation, U.S. federal immigration laws and regulations. New legislation may be enacted or new
interpretations, rulings or regulations could be adopted, including those governing the types of investments the Fund is permitted to make, any of which could harm the Fund and its stockholders, potentially with retroactive effect. Additionally, any
changes to the laws and regulations governing the Funds operations relating to permitted investments may cause the Fund to alter its investment strategy in order to avail itself of new or different opportunities. Such changes could result in
material differences to the strategies and plans set forth herein and may result in the Funds investment focus shifting from the areas of expertise of the Advisers investment team to other types of investments in which the investment
team may have less expertise or little or no experience. Thus, any such changes, if they occur, could have a material adverse effect on the Funds results of operations and the value of your investment. Future legislation or rules could modify how the Fund treats derivatives and other financial arrangements for purposes of its compliance with the
leverage limitations of the 1940 Act. Future legislation or rules may modify how the Fund treats derivatives and other financial
arrangements for purposes of the Funds compliance with the leverage limitations of the 1940 Act. For example, the SEC proposed a new rule in December 2015, which was re-released with certain
modifications in November 2019, that was designed to enhance the regulation of the use of derivatives by registered investment companies and business development companies. While the adoption of the proposed rule is currently uncertain, the proposed
rule, if adopted, or any future legislation or rules, may modify how leverage is calculated under the 1940 Act and, therefore, may increase or decrease the amount of leverage currently available to the Fund under the 1940 Act, which may be
materially adverse to the Fund and the Funds stockholders.  42




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A disruption in the capital markets and the credit markets could impair the Funds ability to
borrow money and negatively affect its business. As a BDC, the Fund will have to maintain its ability to borrow money for
investment purposes. Without sufficient access to the capital markets or credit markets, the Fund may be forced to curtail its business operations or it may not be able to pursue new business opportunities. Capital markets and credit markets
sometimes experience extreme volatility and disruption and, accordingly, there has been and may continue to be uncertainty in the financial markets in general. Any further disruptive conditions in the financial industry and the impact of new
legislation in response to those conditions could restrict the Funds business operations and could adversely impact its results of operations and financial condition. If the fair value of the Funds assets declines substantially, the Fund may fail to maintain the asset coverage ratios imposed upon it by
the 1940 Act. Any such failure would affect the Funds ability to issue senior securities, including borrowings, and pay dividends, which could materially impair its business operations. The Funds liquidity could be impaired further by an
inability to access the capital markets or to consummate new borrowing facilities to provide capital for normal operations, including new originations. In recent years, reflecting concern about the stability of the financial markets, many lenders
and institutional investors have reduced or ceased providing funding to borrowers. If the Fund is unable to secure debt financing on
commercially reasonable terms, its liquidity will be reduced significantly. If the Fund is unable to repay amounts outstanding under any debt facilities it may obtain and are declared in default or are unable to renew or refinance these facilities,
it would not be able to initiate significant originations or to operate its business in the normal course. These situations may arise due to circumstances that the Fund may be unable to control, such as inaccessibility to the credit markets, a
severe decline in the value of the U.S. dollar, another economic downturn or an operational problem that affects third parties or the Fund, and could materially damage the Funds business. Price declines and illiquidity in the corporate debt markets may adversely affect the fair value of the Funds portfolio investments, reducing the
Funds net asset value through increased net unrealized depreciation. As a BDC, the Fund is required to value investments at
market value or, if no market value is ascertainable, at fair value as determined in good faith by the Board. As part of the valuation process, the Fund may take into account the following types of factors, if relevant, in determining the fair value
of the Funds investments:  

a comparison of the portfolio companys securities to publicly traded securities;  

the enterprise value of the portfolio company;  

the nature and realizable value of any collateral;  

the portfolio companys ability to make payments and its earnings and discounted cash flow;  

the markets in which the portfolio company does business; and  

changes in the interest rate environment and the credit markets generally that may affect the price at which
similar investments may be made in the future and other relevant factors. Significant developments stemming from the United
Kingdoms referendum on membership in the European Union could have a material adverse effect on the Fund. On June 23,
2016, the United Kingdom (the U.K.) held a referendum in which a majority of voters voted in favor of leaving the European Union (the E.U., and, the U.K.s departure from the E.U., Brexit), and,
subsequently, on March 29, 2017, the U.K. government began the formal process of leaving the E.U. On October 17, 2019, the U.K. and the E.U. reached an agreement on the conditions for Brexit. The U.K.s departure from the E.U. took
place on Friday, January 31, 2020. Brexit has created political and economic uncertainty, particularly in the U.K. and the E.U., and this uncertainty may last for years. Negotiations have commenced to determine the future terms of the
U.K.s relationship with the E.U. Events that could occur in the future as a consequence of the U.K.s withdrawal, including the possible breakup of the U.K., may continue to cause significant volatility in global financial markets,
including in global currency and credit markets. This volatility could cause a slowdown in economic activity in the U.K., the E.U. or globally, which could adversely affect the Funds operating results and growth prospects. Any of these effects
of Brexit, and others the Fund cannot anticipate, could have unpredictable consequences for credit markets and adversely affect the Funds business, results of operations and financial performance.  43




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Increased geopolitical unrest, terrorist attacks, military action and acts of war, natural disasters
or outbreaks of epidemic, pandemic or contagious diseases may affect any market for the Funds common stock, impact the businesses in which it invests and harm its business, operating results and financial condition. The continued threat of global terrorism, military action and acts of war, natural disasters or outbreaks of epidemic, pandemic or contagious
diseases may disrupt the Funds operations, as well as the operations of the businesses in which it invests. Such acts have created, and continue to create, economic and political uncertainties and have contributed to global economic
instability. Future terrorist activities, military or security operations, natural disasters or outbreaks of epidemic, pandemic or contagious diseases could further weaken the domestic/global economies and create additional uncertainties, which may
negatively impact the businesses in which the Fund invests directly or indirectly and, in turn, could have a material adverse impact on its business, operating results and financial condition. Losses from terrorist attacks and natural disasters are
generally uninsurable. In particular, outbreaks of epidemic, pandemic or contagious diseases may cause serious harm to the Funds
business, operating results and financial condition. Historically, disease pandemics such as the Ebola virus, Middle East Respiratory Syndrome, Severe Acute Respiratory Syndrome or the H1N1 virus, have diverted resources and priorities towards the
treatment of such diseases. In December 2019, COVID-19, a strain of novel coronavirus causing respiratory illness, emerged and has since spread around the world
(COVID-19). The global spread of COVID-19 resulted in temporary closures of corporate offices, retail outlets and other facilities around the world, which
disrupted supply chains and demand for the products and services of a select number of the Funds portfolio companies. The extent of the impact of the COVID-19 pandemic, including uncertainty regarding
new variants of COVID-19 that have emerged, on the financial performance of the Funds current and future investments will depend on future developments, including the duration and spread of the virus,
related advisories and restrictions, and the health of the financial markets and economy, all of which are highly uncertain and cannot be predicted. To the extent the Funds portfolio companies are adversely impacted by the effects of the COVID-19 pandemic, it may have a material adverse impact on the Funds future net investment income, the fair value of its portfolio investments, its financial condition and the results of operations and
financial condition of its portfolio companies. Social distancing measures have eased since the onset of COVID-19, and demand drivers for affected portfolio companies have generally normalized; however, a
return to more stringent social distancing measures remains a risk with the continued spread of COVID-19 variants. It is virtually impossible to determine the ultimate impact of
COVID-19 at this time. Further, the extent and strength of any economic recovery after the COVID-19 pandemic abates, including following uncertainty regarding new
variants of COVID-19 that have emerged, any second wave or other intensifying of the COVID-19 pandemic, is uncertain and subject to various factors and
conditions. The impact of COVID-19 on drivers of global supply and demand remains dynamic. Any prolonged disruptions may lead to a negative impact on the operating results of the Funds affected portfolio
companies. Ultimately, these potential impacts could adversely affect the Funds financial condition. In addition, various
social and political circumstances in the United States and around the world may also contribute to increased market volatility and economic uncertainties. Such events, including ongoing trade tensions between the United States and China, other
uncertainties regarding actual and potential shifts in U.S. and foreign, trade, economic and other policies with other countries, and the escalating tensions and current conflict between Russia and Ukraine could adversely affect the Funds
business, financial condition or results of operations. In response to the conflict between Russia and Ukraine, the U.S. and other countries have imposed sanctions or other restrictive actions against Russia. Any of the above factors, including
sanctions, export controls, tariffs, trade wars and other governmental actions, could have a material adverse effect on the Funds business, financial condition, cash flows and results of operations and could cause the market value of the
Funds common stock to decline. The failure in cyber security systems, as well as the occurrence of events unanticipated in the Funds
disaster recovery systems and management continuity planning could impair its ability to conduct business effectively. The
occurrence of a disaster such as a cyber-attack, a natural catastrophe, an industrial accident, a terrorist attack or war, events unanticipated in the Funds disaster recovery systems, or a support failure from external providers, could have an
adverse effect on its ability to conduct business and on its results of operations and financial condition, particularly if those events affect its computer-based data processing, transmission, storage, and retrieval systems or destroy data. If a
significant number of the Funds managers were unavailable in the event of a disaster, its ability to effectively conduct its business could be severely compromised. The Funds business relies on secure information technology systems. The Fund depends heavily upon computer systems to perform necessary
business functions. These systems are subject to potential attacks, including through adverse events that threaten the confidentiality, integrity or availability of the Funds information resources (i.e. cyber-attacks). Despite the Funds
implementation of a variety of security measures, its computer systems could be subject to cyber-attacks and unauthorized access, such as physical and electronic break-ins or unauthorized tampering. Like other
companies, the Fund may experience threats to its data and systems, including malware and computer virus attacks, unauthorized access, system failures and disruptions. If one or more of these events occurs, it could potentially jeopardize the
confidential, proprietary and other information processed and stored in, and transmitted through, the Funds computer systems, both those provided by the Adviser and third-party service providers, and networks, or otherwise cause interruptions
or malfunctions in the Funds operations, which could result in damage to its reputation, financial losses, litigation, increased costs, regulatory penalties and/or customer dissatisfaction or loss.  44




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The Fund can be highly dependent on information systems and systems failures could significantly
disrupt its business, which may, in turn, negatively affect the market price of its common stock and its ability to pay distributions. The Funds business is highly dependent on the Funds and third parties communications and information systems. Any failure or
interruption of those systems, including as a result of the termination of an agreement with any third-party service providers, could cause delays or other problems in the Funds activities. The Funds financial, accounting, data
processing, backup or other operating systems and facilities may fail to operate properly or become disabled or damaged as a result of a number of factors including events that are wholly or partially beyond the Funds control and adversely
affect the Funds business. There could be:  

sudden electrical or telecommunications outages;  

natural disasters such as earthquakes, tornadoes and hurricanes;  

disease pandemics or other serious public health events, such as the recent global outbreak of COVID-19;  

events arising from local or larger scale political or social matters, including terrorist acts; and  

cyber-attacks. These events, in turn, could have a material adverse effect on the Funds operating results and negatively affect the market price of its
common stock and its ability to pay distributions to its stockholders. Risks Related to the Funds Investments The Funds investments are very risky and highly speculative. The Fund invests primarily in primary issue, directly sourced and privately-negotiated secured debt issued by North American-based middle
market firms. The Fund will emphasize secured lending by focusing on first lien, stretch senior, unitranche and second lien loans, and will also consider mezzanine, structured preferred stock and non-control
equity opportunities. Securities rated below investment grade are often referred to as high yield securities or junk bonds, and are considered high risk or speculative in nature compared to debt instruments that
are rated above investment grade. Senior Secured Loans.There is a risk that the collateral securing the Funds loans may decrease in value
over time, may be difficult to sell in a timely manner, may be difficult to appraise and may fluctuate in value based upon the success of the business and market conditions, including as a result of the inability of the portfolio company to raise
additional capital. In some circumstances, the Funds liens on the collateral securing its loans could be subordinated to claims of other creditors. In addition, deterioration in a portfolio companys financial condition and prospects,
including its inability to raise additional capital, may be accompanied by deterioration in the value of the collateral for the loan. Consequently, the fact that a loan is secured does not guarantee that the Fund will receive principal and interest
payments according to the loans terms, or at all, or that the Fund will be able to collect on the loan should it be compelled to enforce its remedies. Second Lien Secured Loans.In structuring the Funds loans, it may subordinate its security interest in certain assets of a borrower to another
lender, usually a bank. In these situations, all of the risks identified above in Senior Secured Loans would be true and additional risks inherent in holding a junior security position would also be present, including, but not limited to those
outlined below in Second priority liens on collateral securing loans that the Fund makes to its portfolio companies may be subject to control by senior creditors with first priority liens. If there is a default, the value of the collateral
may not be sufficient to repay in full both the first priority creditors and the Fund. Equity Investments.When the Fund invests in
secured loans, it may acquire equity securities and warrants. In addition, the Fund may invest directly in the equity securities of portfolio companies. The equity interests the Fund receives may not appreciate in value and may in fact decline in
value. Accordingly, the Fund may not be able to realize gains from its equity interests, and any gains that the Fund does realize on the disposition of any equity interests may not be sufficient to offset any other losses it experiences. In addition, investing in the Funds portfolio companies involves a number of significant risks, including the following:  

these companies may have limited financial resources and may be unable to meet their obligations under their debt
securities that the Fund holds. This failure to meet obligations may be accompanied by a deterioration in the value of any collateral and a reduction in the likelihood of the Fund realizing any guarantees it may have obtained in connection with its
investment;  

they typically have shorter operating histories, narrower product lines and smaller market shares than larger
businesses, which tend to render them more vulnerable to competitors actions, market conditions, and general economic downturns;  45




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

they are more likely to depend on the management talents and efforts of a small group of persons; therefore, the
death, disability, resignation or termination of one or more of these persons could have a material adverse impact on the Funds portfolio company and, in turn, on the Fund;  

they generally have less predictable operating results, may from time to time be parties to litigation, may be
engaged in rapidly changing businesses with products subject to a substantial risk of obsolescence, and may require substantial additional capital to support their operations, finance expansion, or maintain their competitive position. In addition,
the Funds executive officers, directors and the Adviser may, in the ordinary course of business, be named as defendants in litigation arising from its investments in the portfolio companies; and  

they may have difficulty accessing the capital markets to meet future capital needs, which may limit their
ability to grow or to repay their outstanding debt upon maturity. In addition, investments in private companies tend to
be less liquid. The securities of private companies are not publicly traded or actively traded on the secondary market and are, instead, traded on a privately negotiated
over-the-counter (OTC) secondary market for institutional investors. These OTC secondary markets may be inactive during an economic downturn or a credit
crisis. In addition, the securities in these companies will be subject to legal and other restrictions on resale or will otherwise be less liquid than publicly traded securities. If there is no readily available market for these investments, the
Fund is required to carry these investments at fair value as determined by the Board. As a result, if the Fund is required to liquidate all or a portion of its portfolio quickly, the Fund may realize significantly less than the value at which it had
previously recorded these investments. The Fund may also face other restrictions on its ability to liquidate an investment in a portfolio company to the extent that the Fund, the Adviser or any of its affiliates have material nonpublic information
regarding such portfolio company or where the sale would be an impermissible joint transaction. The reduced liquidity of the Funds investments may make it difficult for the Fund to dispose of them at a favorable price, and, as a result, the
Fund may suffer losses. Finally, little public information generally exists about private companies and these companies may not have
third-party credit ratings or audited consolidated financial statements. The Fund must therefore rely on the ability of the Adviser to obtain adequate information through due diligence to evaluate the creditworthiness and potential returns from
investing in these companies. Additionally, these companies and their financial information will not generally be subject to the Sarbanes-Oxley Act of 2002 and other rules that govern public companies. If the Fund is unable to uncover all material
information about these companies, it may not make a fully informed investment decision, and it may lose money on its investments. An investment
strategy focused primarily on privately held companies presents certain challenges, including the lack of available information about these companies and a greater vulnerability to economic downturns. The Fund will invest primarily in privately held companies. Generally, little public information exists about these companies, and the Fund is
required to rely on the ability of the Advisers investment team to obtain adequate information to evaluate the potential returns from investing in these companies. If the Fund is unable to uncover all material information about these
companies, the Fund may not make a fully informed investment decision, and it may lose money on its investments. Also, privately held companies frequently have less diverse product lines and smaller market presence than larger competitors. These
factors could adversely affect the Funds investment returns as compared to companies investing primarily in the securities of public companies. The Funds investment activities subject the Fund to third party litigation risks. In addition to litigation relating to the bankruptcy process, the Funds investment activities subject the Fund to the normal risks of
becoming involved in litigation by third parties. This risk is somewhat greater where the Fund exercises control or significant influence over a portfolio companys direction. The expense of defending against claims by third parties and paying
any amounts pursuant to settlements or judgments would generally be borne by the Fund and would reduce net assets. The Adviser and its affiliates,
including the Funds officers and some of the Funds directors, may face conflicts of interest caused by compensation arrangements with the Fund and its affiliates, which could result in increased risk-taking by the Fund. The Adviser and its affiliates will receive substantial fees from the Fund in return for their services, including certain incentive fees based
on the amount of appreciation of the Funds investments. These fees could influence the advice provided to the Fund. Generally, the more equity the Fund sells in offerings and the greater the risk assumed by the Fund with respect to its
investments, the greater the potential for growth in the Funds assets and profits (and, correlatively, the fees payable by the Fund to the Adviser). These compensation arrangements could affect the Advisers or its affiliates
judgment with respect to offerings of equity and investments made by the Fund, which allow the Adviser to earn increased asset management fees.   46




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The time and resources that individuals associated with the Adviser devote to the Fund may be
diverted, and the Fund may face additional competition due to the fact that the Adviser is not prohibited from raising money for or managing other entities that make the same types of investments that the Fund targets. The Adviser and its affiliates currently manage other investment entities and
are not prohibited from raising money for and managing future investment entities that make the same types of investments as those the Fund targets. As a result, the time and resources that the Adviser devotes to the Fund may be diverted, and during
times of intense activity in other programs it may devote less time and resources to the Funds business than is necessary or appropriate. In addition, the Fund may compete with any such investment entity for the same investors and investment
opportunities. The Adviser will experience conflicts of interest in connection with the management of the Funds business affairs. The Adviser will experience conflicts of interest in connection with the management of the Funds business affairs, including
relating to the allocation of investment opportunities by the Adviser and its affiliates, compensation to the Adviser, services that may be provided by the Adviser and its affiliates to issuers in which the Fund invests, investments by the Fund and
other clients of the Adviser, subject to the limitations of the 1940 Act, the formation of additional investment funds by the Adviser, strategic relationships by the Adviser with third parties, differing recommendations given by the Adviser to the
Fund versus other clients, the Advisers use of information gained from issuers in the Funds portfolio for investments by other clients, subject to applicable law, and restrictions on the Advisers use of inside
information with respect to potential investments by the Fund. Certain investment analyses and decisions by the Adviser may be required to be
undertaken on an expedited basis. Investment analyses and decisions by the Adviser may be required to be undertaken on an
expedited basis to take advantage of investment opportunities. While the Fund generally will not seek to make an investment until the Adviser has conducted sufficient due diligence to make a determination as to the acceptability of the credit
quality of the investment and the underlying issuer, in such cases, the information available to the Adviser at the time of making an investment decision may be limited. Therefore, no assurance can be given that the Adviser will have knowledge of
all circumstances that may adversely affect an investment. In addition, the Adviser expects often to rely upon independent consultants in connection with its evaluation of proposed investments. No assurance can be given as to the accuracy or
completeness of the information provided by such independent consultants and the Fund may incur liability as a result of such consultants actions. A redemption of convertible securities held by the Fund could have an adverse effect on its ability to achieve its investment objective. A convertible security may be subject to redemption at the option of the issuer at a price established in the convertible securitys
governing instrument. If a convertible security held by the Fund is called for redemption, the Fund will be required to permit the issuer to redeem the security, convert it into the underlying common stock or sell it to a third party. Any of these
actions could have an adverse effect on the Funds ability to achieve its investment objective. The Funds portfolio companies may incur
debt that ranks equally with, or senior to, its investments in such companies. The Fund intends to invest primarily in first lien,
stretch senior, unitranche and second lien loans issued by private companies. The Funds portfolio companies may have, or may be permitted to incur, other debt that ranks equally with, or in some cases senior to, the debt in which the Fund
invests. By their terms, such debt instruments may entitle the holders to receive payment of interest or principal on or before the dates on which the Fund is entitled to receive payments with respect to the debt instruments in which it invests.
Also, in the event of insolvency, liquidation, dissolution, reorganization, or bankruptcy of a portfolio company, holders of debt instruments ranking senior to the Funds investment in that portfolio company would typically be entitled to
receive payment in full before the Fund receives any distribution. After repaying such senior creditors, such portfolio company may not have any remaining assets to use for repaying its obligation to the Fund. In the case of debt ranking equally
with debt instruments in which the Fund invests, the Fund would have to share on an equal or pro rata basis any distributions with other creditors holding such debt in the event of an insolvency, liquidation, dissolution, reorganization, or
bankruptcy of the relevant portfolio company. If the Fund cannot obtain debt financing or equity capital on acceptable terms, its ability to
acquire investments and to expand its operations will be adversely affected. Any working capital reserves the Fund maintains may
not be sufficient for investment purposes, and the Fund may require additional debt financing or equity capital to operate. Pursuant to tax rules that apply to the Fund, the Fund is required to distribute at least 90% of its net ordinary income and
net short-term capital gains in excess of net long-term capital losses, if any, to its stockholders to maintain its RIC status. Accordingly, in the event that the Fund needs additional capital in the future for investments  47




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or for any other reason it may need to access the capital markets periodically to issue debt or equity securities or borrow from financial institutions in order to obtain such additional capital.
These sources of funding may not be available to the Fund due to unfavorable economic conditions, which could increase the Funds funding costs, limit its access to the capital markets or result in a decision by lenders not to extend credit to
the Fund. Consequently, if the Fund cannot obtain further debt or equity financing on acceptable terms, its ability to acquire additional investments and to expand its operations will be adversely affected. As a result, the Fund would be less able
to achieve portfolio diversification and its investment objective, which may negatively impact its results of operations and reduce its ability to make distributions to its stockholders. The Fund may invest in mezzanine securities. To the extent the Fund invests in mezzanine securities, they and other investments are expected to be
unsecured and made in companies whose capital structures have significant indebtedness ranking ahead of the investments, all or a significant portion of which may be secured. Mezzanine debt is typically junior to the obligations of a company to senior creditors, trade creditors and employees. The Funds
investments and mezzanine securities (if any) are expected to be unsecured and made in companies whose capital structures have significant indebtedness ranking ahead of the investments, all or a significant portion of which may be secured. While the
securities and other investments may benefit from the same or similar financial and other covenants as those enjoyed by the indebtedness ranking ahead of the investments and may benefit from cross-default provisions and security over the portfolio
companys assets, some or all of such terms may not be part of particular investments. Default rates for mezzanine debt securities have historically been higher than for investment grade securities. Mezzanine securities and other investments
generally are subject to various risks including, without limitation: (i) a subsequent characterization of an investment as a fraudulent conveyance; (ii) the recovery as a preference of liens perfected or payments
made on account of a debt in the 90 days before a bankruptcy filing; (iii) equitable subordination claims by other creditors; (iv) so-called lender liability claims by the issuer of the
obligations; and (v) environmental liabilities that may arise with respect to collateral securing the obligations. Mezzanine debt investments may also be subject to early redemption features, refinancing options, prepayment options or similar
provisions which, in each case, could result in the issuer repaying the principal on an obligation earlier than expected. In addition, mezzanine debt investments may include enhanced information rights or other involvement with a companys
board of directors that could result in limiting the Funds ability to liquidate positions in the company. The Fund may invest in debt
securities and instruments that are rated below investment grade by recognized rating agencies or will be unrated and face ongoing uncertainties and exposure to adverse business, financial or economic conditions and the issuers failure to make
timely interest and principal payments. The Fund may invest in debt securities and instruments that are rated below investment
grade by recognized rating agencies or will be unrated and face ongoing uncertainties and exposure to adverse business, financial or economic conditions and the issuers failure to make timely interest and principal payments. Such securities
and instruments are generally not exchange-traded and, as a result, trade in the OTC marketplace, which is less transparent than the exchange-traded marketplace. In addition, the Fund may invest in bonds of issuers that do not have publicly traded
equity securities, making it more difficult to hedge the risks associated with such investments. The Funds investments in below investment grade instruments exposes the Fund to a substantial degree of credit risk and interest rate risk. The
market for high yield securities has recently experienced periods of significant volatility and reduced liquidity. The market values of certain of these lower-rated and unrated debt investments may reflect individual corporate developments to a
greater extent and tend to be more sensitive to economic conditions than those of higher-rated investments, which react primarily to fluctuations in the general level of interest rates. Companies that issue such securities are often highly leveraged
and may not have available to them more traditional methods of financing. General economic recession or a major decline in the demand for products and services in which the borrower operates would likely have a materially adverse impact on the value
of such securities and the ability of the issuers of such securities to repay principal and interest thereon, thereby increasing the incidence of default of such securities. In addition, adverse publicity and investor perceptions, whether or not
based on fundamental analysis, may also decrease the value and liquidity of these high yield debt investments. Certain of the Funds
investments are exposed to the credit risk of the counterparties with which, or the dealers, brokers and exchanges through which, the Fund deals, whether in exchange-traded or OTC transactions. Certain of the Funds investments are exposed to the credit risk of the counterparties with which, or the dealers, brokers and exchanges
through which, the Fund deals, whether in exchange-traded or OTC transactions. If there is a default by the counterparty to such a transaction, the Fund will, under most normal circumstances, have contractual remedies pursuant to the agreements
related to the transaction. However, exercising such contractual rights may involve delays or costs which could result in losses to the Fund. The Fund may be subject to the risk of loss of its assets on deposit or being settled or cleared with a
broker in the event of the brokers bankruptcy, the bankruptcy of any clearing broker through which the broker executes and clears transactions on behalf of the Fund, the bankruptcy of an exchange clearing house or the bankruptcy of any other
counterparty. In the case of any such bankruptcy, the Fund might recover, even in respect of property specifically traceable to the Fund, only a pro rata share of all property available for distribution to all of the counterpartys customers
and counterparties. Such an amount may be less than the amounts owed to the Fund. Such events would have an adverse effect on the net asset value of the Funds funds. Certain counterparties may have general custody of, or title to, the
Funds assets. The failure of any such counterparty may result in adverse consequences to the net asset value of the Fund.  48




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In addition, the Fund may from time to time use counterparties located in jurisdictions
outside the U.S. Such counterparties usually are subject to laws and regulations in non-U.S. jurisdictions that are designed to protect customers in the event of their insolvency. However, the practical effect
of these laws and their application to the Funds assets may be subject to substantial limitations and uncertainties. Because of the range of possible factual scenarios involving the insolvency of a counterparty and the potential number of
entities and jurisdictions that may be involved, it is impossible to generalize about the effect of such an insolvency on the Fund and the Funds assets. Investors should assume that the insolvency of any such counterparty would result in
significant delays in recovering the Funds financial instruments from or the payment of claims therefor by such counterparty and a loss to the Fund, which could be material. The Funds investments may be structured through the use of OTC options and swaps or other indirect investment transactions. Such
transactions may be entered into with a small number of counterparties resulting in a concentration of counterparty risk. The exercise of counterparty rights under such arrangements, including forced sales of securities, may have a significant
adverse impact on the Fund and its net asset value. Certain of the Funds investments may be adversely affected by laws relating to fraudulent
conveyance or voidable preferences. Certain of the Funds investments could be subject to federal bankruptcy law and state
fraudulent transfer laws, which vary from state to state, if the debt obligations relating to such investments were issued with the intent of hindering, delaying or defrauding creditors or, in certain circumstances, if the issuer receives less than
reasonably equivalent value or fair consideration in return for issuing such debt obligations. If the debt is used for a buyout of stockholders, this risk is greater than if the debt proceeds are used for day-to-day operations or organic growth. If a court were to find that the issuance of the debt obligations was a fraudulent transfer or conveyance, the court could void or otherwise refuse to recognize the
payment obligations under the debt obligations or the collateral supporting such obligations, further subordinate the debt obligations or the liens supporting such obligations to other existing and future indebtedness of the issuer or require the
Fund to repay any amounts received by the Fund with respect to the debt obligations or collateral. In the event of a finding that a fraudulent transfer or conveyance occurred, the Fund may not receive any repayment on the debt obligations. Under certain circumstances, payments to the Fund and distributions by the Fund to its stockholders may be reclaimed if any such payment or
distribution is later determined to have been a fraudulent conveyance, preferential payment or similar transaction under applicable bankruptcy and insolvency laws. Furthermore, investments in restructurings may be adversely affected by statutes
relating to, among other things, fraudulent conveyances, voidable preferences, lender liability and the courts discretionary power to disallow, subordinate or disenfranchise particular claims or recharacterize investments made in the form of
debt as equity contributions. There may be circumstances in which the Funds debt investments could be subordinated to claims of other
creditors or the Fund could be subject to lender liability claims. Even though the Fund expects to structure most of its
investments as secured loans, if one of its portfolio companies were to go bankrupt, depending on the facts and circumstances, and based upon principles of equitable subordination as defined by existing case law, a bankruptcy court could subordinate
all or a portion of its claim to that of other creditors and transfer any lien securing such subordinated claim to the bankruptcy estate. The principles of equitable subordination defined by case law have generally indicated that a claim may be
subordinated only if its holder is guilty of misconduct or where the senior loan is re-characterized as an equity investment and the senior lender has actually provided significant managerial assistance to the
bankrupt debtor. The Fund may also be subject to lender liability claims for actions taken by the Fund with respect to a borrowers business or instances where the Fund exercises control over the borrower. It is possible that the Fund could
become subject to a lenders liability claim, including as a result of actions taken in rendering significant managerial assistance or actions to compel and collect payments from the borrower outside the ordinary course of business. Second priority liens on collateral securing loans that the Fund makes to its portfolio companies may be subject to control by senior creditors with
first priority liens. If there is a default, the value of the collateral may not be sufficient to repay in full both the first priority creditors and the Fund. Certain loans that the Fund intends to make are secured by a second priority security interest in the same collateral pledged by a portfolio
company to secure senior debt owed by the portfolio company to commercial banks or other traditional lenders. Often the senior lender has procured covenants from the portfolio company prohibiting the incurrence of additional secured debt without the
senior lenders consent. Prior to and as a condition of permitting the portfolio company to borrow money from the Fund secured by the same collateral pledged to the senior lender, the senior lender will require assurances that it will control
the disposition of any collateral in the event of bankruptcy or other default. In many such cases, the senior lender will require the Fund to enter into an intercreditor agreement prior to permitting the portfolio company to borrow from the Fund.
Typically the intercreditor agreements the  49




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Fund will be requested to execute will expressly subordinate the Funds debt instruments to those held by the senior lender and further provide that the senior lender shall control:
(1) the commencement of foreclosure or other proceedings to liquidate and collect on the collateral; (2) the nature, timing, and conduct of foreclosure or other collection proceedings; (3) the amendment of any collateral document;
(4) the release of the security interests in respect of any collateral; and (5) the waiver of defaults under any security agreement. Because of the control the Fund may cede to senior lenders under intercreditor agreements it may enter
into, the Fund may be unable to realize the proceeds of any collateral securing some of its loans. Economic recessions or downturns could impair
the Funds portfolio companies and harm its operating results. Certain of the Funds portfolio companies may be
susceptible to economic downturns or recessions and may be unable to repay the Funds loans during these periods. Therefore, during these periods the Funds non-performing assets may increase and the
value of its portfolio may decrease if it is required to write down the values of its investments. Adverse economic conditions also may decrease the value of collateral securing some of the Funds loans and the value of its equity investments. The Fund principally invests in floating-rate assets and incurs indebtedness on a floating-rate basis as well, and intends to incur
indebtedness, when possible, on the same floating base rate applicable to the assets in which the Fund invests, which is currently the Secured Overnight Borrowing Rate (SOFR) or another alternate benchmark rate subject to certain
conditions. Because the base rate of the Funds assets and indebtedness are expected to be same and will therefore fluctuate on largely the same basis, the increased cost of the Funds indebtedness (resulting from rising interest rates in
the event of a recession or downturn) would be expected to be accompanied by increased revenues resulting from the same rising interest rates on its floating rate assets. Nonetheless, economic slowdowns or recessions could lead to financial losses
in the Funds portfolio and a decrease in revenues, net income and assets. Unfavorable economic conditions also could increase the Funds funding costs, limit the Funds access to the capital markets or result in a decision by lenders
not to extend credit to the Fund. These events could prevent the Fund from increasing investments and harm its operating results. A
portfolio companys failure to satisfy financial or operating covenants imposed by the Fund or other lenders could lead to defaults and, potentially, acceleration of the time when the loans are due and foreclosure on its assets representing
collateral for its obligations, which could trigger cross defaults under other agreements and jeopardize the portfolio companys ability to meet its obligations under the debt investments that the Fund holds and the value of any equity
securities the Fund owns. The Fund may incur expenses to the extent necessary to seek recovery upon default or to negotiate new terms with a defaulting portfolio company. Any extension or restructuring of the Funds loans could adversely affect
its cash flow. In addition, if one of the Funds portfolio companies were to go bankrupt, even though the Fund may have structured its interest as senior debt, depending on the facts and circumstances, including the extent to which the Fund
actually provided managerial assistance to that portfolio company, a bankruptcy court might re-characterize the Funds debt holding and subordinate all or a portion of the Funds claim to those other
creditors. Uncertainty relating to the London Interbank Offered Rate (LIBOR) calculation process may adversely affect the value of the
Funds portfolio of the LIBOR-indexed, floating-rate debt securities in its portfolio or the cost of its borrowings. The
U.K.s Financial Conduct Authority (the FCA), which regulates LIBOR, has announced that the use of LIBOR will cease to be published after specified dates. Those dates are: (i) June 30, 2023, in the case of the principal
U.S. dollar LIBOR tenors (overnight, 1-Month, 3-Month, 6-Month and 12-Month) and
(ii) December 31, 2021, in all other cases (i.e., 1-Week and 2-Month U.S. dollar LIBOR and all tenors of non-U.S.
dollar LIBOR). Although steps have been taken to phase out the use of LIBOR, it remains uncertain whether or for how long LIBOR will continue to be viewed as an acceptable market benchmark, what rate or rates may become accepted alternatives to
LIBOR, or what the effect any such changes may have on the financial markets for LIBOR-linked financial instruments. In the United States, there have been efforts to identify alternative reference interest rates for U.S. dollar LIBOR. The cash
markets have generally coalesced around recommendations from the Alternative Reference Rates Committee (the ARRC), which was convened by the Board of Governors of the Federal Reserve System and the Federal Reserve Bank of New York. The
ARRC has recommended that U.S. dollar LIBOR be replaced by rates based on SOFR plus, in the case of existing LIBOR contracts and obligations, a spread adjustment. The derivatives markets are also expected to use SOFR-based rates
to replace U.S. dollar LIBOR. There are significant differences between LIBOR and SOFR, such as LIBOR being an unsecured lending rate while SOFR is a secured rate, and SOFR being an overnight rate
while LIBOR reflects term rates at different maturities. Certain risks may arise in connection with transitioning contracts to SOFR or any other alternative variable rate, including any resulting value transfer that may occur. The value of
loans, securities, or derivative instruments tied to LIBOR could also be impacted. The elimination of LIBOR or changes to other
reference rates or any other changes or reforms to the determination or supervision of reference rates could have an adverse impact on the market for, or value of, any securities or payments linked to those reference rates, which may adversely
affect the Funds performance and/or net asset value. Uncertainty and risk also remain regarding the willingness and ability of issuers and lenders to include revised provisions in new and existing contracts or instruments. Consequently, the
transition away from LIBOR to other reference rates may lead to increased volatility and illiquidity in markets that are tied to LIBOR, fluctuations in values of LIBOR-related investments or investments in issuers that utilize LIBOR, increased
difficulty in borrowing or refinancing and diminished effectiveness of hedging strategies, potentially adversely affecting the Funds performance. Furthermore, the risks associated with the expected discontinuation of LIBOR and transition may
be exacerbated if the work necessary to effect an orderly transition to an alternative reference rate is not completed in a timely manner.  50




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The Fund may need to renegotiate its credit arrangements with its portfolio companies that
utilize LIBOR as a factor in determining the interest rate and certain of its existing credit facilities to replace LIBOR with the new standard that is established. The potential effect of the phase-out or
replacement of LIBOR on the Funds cost of capital and net investment income cannot yet be determined. The lack of liquidity in the
Funds investments may adversely affect its business. The Fund typically will invest in companies whose securities are not
publicly traded, and whose securities will be subject to legal and other restrictions on resale or will otherwise be less liquid than publicly traded securities because there is no established trading market for the Funds investments. The
Funds investments will usually be subject to contractual or legal restrictions on resale or are otherwise illiquid. The illiquidity of these investments may make it difficult for the Fund to sell these investments when desired or to dispose of
them at a favorable price. In addition, if the Fund is required to liquidate all or a portion of its portfolio quickly, the Fund may realize significantly less than the value at which it had previously recorded these investments. As a result, the
Fund does not expect to achieve liquidity in its investments in the near-term. The net asset value of the Funds common stock may fluctuate
significantly. The net asset value and liquidity of the market for Shares may be significantly affected by numerous factors, some
of which are beyond the Funds control and may not be directly related to its operating performance. These factors include:  

changes in the value of the Funds portfolio of investments and derivative instruments as a result of
changes in market factors, such as interest rate shifts, and also portfolio specific performance, such as portfolio company defaults, among other reasons;  

changes in regulatory policies or tax guidelines, particularly with respect to RICs or business development
companies;  

loss of RIC or business development company status;  

distributions that exceed the Funds net investment income and net income as reported according to GAAP;  

changes in earnings or variations in operating results;  

changes in accounting guidelines governing valuation of the Funds investments;  

any shortfall in revenue or net income or any increase in losses from levels expected by investors;  

departure of the Adviser or certain of its key personnel;  

general economic trends and other external factors; and  

loss of a major funding source. The Funds right to make Capital Calls may be pledged as collateral under the Revolving Credit Facilities or any other future borrowing facility. The Revolving Credit Facilities, and any future borrowing facility, may be backed by all or a portion of the Funds loans and
securities on which the lenders may have a security interest. The Fund may pledge up to 100% of its assets and may grant a security interest in all of its assets under the terms of any debt instrument it enters into with lenders. The Fund expects
that any security interests the Fund grants will be set forth in a pledge and security agreement and evidenced by the filing of consolidated financing statements by the agent for the lenders. In addition, the Fund expects that the custodian for its
securities serving as collateral for such loan would include in its electronic systems notices indicating the existence of such security interests and, following notice of occurrence of an event of default, if any, and during its continuance, will
only accept transfer instructions with respect to any such securities from the lender or its designee. If the Fund was to default under the terms of any debt instrument, the agent for the applicable lenders would be able to assume control of the
timing of disposition of any or all of its assets securing such debt, which would have a material adverse effect on its business, financial condition, results of operations and cash flows. In addition, any security interests as well as negative covenants a credit facility or any other borrowing facility may provide may limit the
Funds ability to create liens on assets to secure additional debt and may make it difficult for the Fund to restructure or refinance indebtedness at or prior to maturity or obtain additional debt or equity financing. In addition, if the
Funds borrowing base under a credit facility or any other borrowing facility were to decrease, the Fund would be required to secure additional assets in an amount equal to any borrowing base deficiency. In the event that all of the Funds
assets are secured at the time of such a borrowing base deficiency, the Fund could be required to repay advances under the relevant credit facility or any other borrowing facility or make deposits to a collection account, either of which could have
a material adverse impact on its ability to fund future investments and to pay distributions.  51




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In addition, the Fund expects that under a credit facility it will be subject to limitations
as to how borrowed funds may be used, which may include restrictions on geographic and industry concentrations, loan size, payment frequency and status, average life, collateral interests and investment ratings, as well as regulatory restrictions on
leverage which may affect the amount of funding that may be obtained. There may also be certain requirements relating to portfolio performance, including required minimum portfolio yield and limitations on delinquencies and charge-offs, a violation
of which could limit further advances and, in some cases, result in an event of default. An event of default under a credit facility or any other borrowing facility could result in an accelerated maturity date for all amounts outstanding thereunder,
which could have a material adverse effect on the Funds business and financial condition. This could reduce the Funds revenues and, by delaying any cash payment allowed to the Fund under the relevant credit facility or any other
borrowing facility until the lenders have been paid in full, reduce the Funds liquidity and cash flow and impair its ability to grow its business and maintain its ability to be subject to tax as a RIC. The Fund has not yet identified all of the portfolio companies it will invest in using the proceeds of the Private Offering. The Fund has not yet identified all of the potential investments for its portfolio that it will acquire with the proceeds of the Private
Offering. As a result, you will be unable to evaluate any future portfolio company investments prior to purchasing the Funds Shares. Additionally, the Adviser will select the Funds investments subsequent to the Initial Closing and
Subsequent Closings, and its stockholders will have no input with respect to such investment decisions. These factors increase the uncertainty, and thus the risk, of investing in the Funds common stock. The Funds failure to make follow-on investments in its portfolio companies could impair the value of its
portfolio. Following an initial investment in a portfolio company, the Fund may make additional investments in that portfolio
company as follow-on investments, in order to: (1) increase or maintain in whole or in part the Funds equity ownership percentage; (2) exercise warrants, options, or convertible
securities that were acquired in the original or a subsequent financing; or (3) attempt to preserve or enhance the value of the Funds investment. However, the Fund may elect not to make follow-on
investments or lack sufficient funds to make those investments. The Fund will have the discretion to make any follow-on investments, subject to the availability of capital resources. The failure to make follow-on investments may, in some circumstances, jeopardize the continued viability of a portfolio company and the Funds initial investment or may result in a missed opportunity for the Fund to increase its
participation in a successful operation. Even if the Fund has sufficient capital to make a desired follow-on investment, it may elect not to make a follow-on investment
because, among other reasons, it does not want to increase its concentration of risk, it prefers other opportunities, it is subject to BDC requirements that would prevent such follow-on investments, or the follow-on investment would affect its qualification as a RIC. The Funds portfolio will lack diversification
among portfolio companies, which will subject it to a risk of significant loss if one or more of these companies default on their obligations under any of their debt instruments. The Funds portfolio may hold a limited number of portfolio companies. Beyond the asset diversification requirements associated with the
Funds qualification as a RIC, the Fund will not have fixed guidelines for diversification, and the Funds investments may be concentrated in relatively few companies. As the Funds portfolio is less diversified than the portfolios of
some larger funds, the Fund is more susceptible to failure if a single loan fails. Similarly, the aggregate returns the Fund realizes may be significantly adversely affected if a small number of investments perform poorly or if the Fund needs to
write down the value of any one investment. The Funds portfolio may be concentrated in a limited number of industries, which will subject the
Fund to a risk of significant loss if there is a downturn in a particular industry in which a number of its investments are concentrated. The Funds portfolio may be concentrated in a limited number of industries. The Fund expects to invest primarily in companies focused in
alarm monitoring; communications and IT infrastructure; energy; enterprise software (including software-as-a-service); equipment
finance; financial technology/transaction processing; franchisors, franchisees, and restaurants; healthcare and healthcare IT; non-discretionary consumer (including certain multi-site retailers);
pharmaceutical; specialized, value-added manufacturing; specialty finance; technology-enabled services; transportation and logistics; consumer non-cyclical; business services; and education. A downturn in any
particular industry in which the Fund is invested could significantly impact the aggregate returns it realizes. The Fund securitizes certain of its
investments, which may subject the Fund to certain structured financing risks. The Fund securitizes certain of its investments
while retaining all or most of the exposure to the performance of these investments. This involves contributing a pool of assets to a special purpose entity, and selling debt interests in that entity on a
non-recourse or limited-recourse basis to purchasers.  52




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The Fund depends on distributions from its securitization vehicles to make distributions to
its stockholders. The ability of a securitization vehicle to make distributions is subject to various limitations, including the terms and covenants of the debt it issues. For example, tests (based on interest coverage or other financial ratios or
other criteria) restrict the Funds ability, as holder of a securitization vehicle equity interest, to receive cash flow from these investments. The Fund cannot assure you that any such performance tests will be satisfied. Also, a
securitization vehicle may take actions that delay distributions to preserve ratings and to keep the cost of present and future financings lower or the financing vehicle may be obligated to retain cash or other assets to satisfy
over-collateralization requirements commonly provided for holders of its debt. As a result, there may be a lag, which could be significant, between the repayment or other realization on a loan or other assets in, and the distribution of cash out of,
a securitization vehicle, or cash flow may be completely restricted for the life of the securitization vehicle. In addition, a decline in
the credit quality of loans in a securitization vehicle due to poor operating results of the relevant borrower, declines in the value of loan collateral or increases in defaults, among other things, may force the sale of certain assets at a loss,
reducing their earnings and, in turn, cash potentially available for distribution to the Fund for distribution to its stockholders. To the extent that any losses are incurred by the financing vehicle in respect of any collateral, these losses are
borne first by the Fund as owners of its equity interests. Any equity interests that the Fund retains in a securitization vehicle are not secured by its assets and the Fund ranks behind all of its creditors. Nonetheless, the Funds securitization vehicles are also consolidated in its consolidated financial statements and consequently affect
its asset coverage ratio, which may limit its ability to incur additional leverage. See Business  Regulation as a Business Development Company. Because the Fund generally will not hold controlling equity interests in its portfolio companies, the Fund may not be in a position to exercise control
over its portfolio companies or to prevent decisions by management of its portfolio companies that could decrease the value of its investments. Although the Fund may do so in the future, it does not expect to hold controlling equity positions in its portfolio companies. As a result, the
Fund is subject to the risk that a portfolio company may make business decisions with which the Fund disagrees, and that the management and/or stockholders of a portfolio company may take risks or otherwise act in ways that are adverse to the
Funds interests. Due to the lack of liquidity of the debt and equity investments that the Fund will typically hold in its portfolio companies, the Fund may not be able to dispose of its investments in the event it disagrees with the actions of
a portfolio company and may therefore suffer a decrease in the value of its investments. Changes to United States tariff and import/export
regulations may have a negative effect on the Funds portfolio companies and, in turn, harm the Fund. There has been ongoing
discussion and commentary regarding potential significant changes to United States trade policies, treaties and tariffs. The current administration, along with Congress, has created significant uncertainty about the future relationship between the
United States and other countries with respect to such trade policies, treaties and tariffs. These developments, or the perception that any of them could occur, may have a material adverse effect on global economic conditions and the stability of
global financial markets, and may significantly reduce global trade and, in particular, trade between the impacted nations and the United States. Any of these factors could depress economic activity and restrict the Funds portfolio
companies access to suppliers or customers and have a material adverse effect on their business, financial condition and results of operations, which in turn would negatively impact the Fund. Defaults by the Funds portfolio companies will harm its operating results. A portfolio companys failure to satisfy financial or operating covenants imposed by the Fund or other lenders could lead to defaults and,
potentially, termination of its loans and foreclosure on its secured assets, which could trigger cross-defaults under other agreements and jeopardize a portfolio companys ability to meet its obligations under the debt or equity securities that
the Fund holds. The Fund may incur expenses to the extent necessary to seek recovery upon default or to negotiate new termswhich may include the waiver of certain financial covenantswith a defaulting portfolio company. These expenses
could materially and adversely affect the Funds operating results and cash flow. Any unrealized losses the Fund experiences on its loan
portfolio may be an indication of future realized losses, which could reduce its income available for distribution. As a BDC, the
Fund will be required to carry its investments at market value or, if no market value is ascertainable, at the fair value as determined in good faith by the Board. Decreases in the market values or fair values of the Funds investments will be
recorded as unrealized depreciation. Any unrealized losses in the Funds loan portfolio could be an indication of a portfolio companys inability to meet its repayment obligations to the Fund with respect to the affected loans. This could
result in realized losses in the future and ultimately in reductions of the Funds income available for distribution in future periods.  53




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The Fund may pay distributions from offering proceeds, borrowings or the sale of assets to the extent
its cash flows from operations, net investment income or earnings are not sufficient to fund declared distributions. The Fund may
fund distributions from the uninvested proceeds of an offering and borrowings, and the Fund has not established limits on the amount of funds it may use from such proceeds or borrowings to make any such distributions. The Fund has paid and may
continue to pay distributions from the sale of assets to the extent distributions exceed its earnings or cash flows from operations. Distributions from offering proceeds or from borrowings could reduce the amount of capital the Fund ultimately
invests in its investment portfolio. Prepayments of the Funds debt investments by its portfolio companies could adversely impact its results
of operations and reduce its return on equity. The Fund will be subject to the risk that the investments the Fund makes in its
portfolio companies may be repaid prior to maturity. When this occurs, the Fund may reinvest these proceeds in temporary investments, pending future investment in new portfolio companies, so that 70% of the Funds assets are qualifying assets.
These temporary investments will typically have substantially lower yields than the debt being prepaid and the Fund could experience significant delays in reinvesting these amounts. Any future investment in a new portfolio company may also be at
lower yields than the debt that was repaid. As a result, the Funds results of operations could be materially adversely affected if one or more of the Funds portfolio companies elect to prepay amounts owed to the Fund. Additionally,
prepayments could negatively impact the Funds return on equity. To the extent the Fund uses debt to finance its investments, changes in
interest rates will affect its cost of capital and net investment income. To the extent the Fund uses debt to finance its
investments, its net investment income will depend, in part, upon the difference between the rate at which it borrows funds and the rate at which it invests those funds. In addition, many of the Funds debt investments and borrowings have
floating interest rates that reset on a periodic basis, and many of its investments are subject to interest rate floors. As a result, a change in market interest rates could have a material adverse effect on the Funds net investment income, in
particular with respect to increases from current levels to the level of the interest rate floors on certain investments. In periods of rising interest rates, the Funds cost of funds will increase because the interest rates on the majority of
amounts it has borrowed are floating, which could reduce its net investment income to the extent any debt investments have fixed interest rates, and the interest rate on investments with an interest rate floor will not increase until interest rates
exceed the applicable floor. While currently not anticipated, the Fund may, to the extent deemed appropriate by the Adviser, use interest
rate risk management techniques in an effort to limit its exposure to interest rate fluctuations. Such techniques may include various interest rate hedging activities to the extent permitted by the 1940 Act and applicable commodities laws. These
activities may limit the Funds ability to participate in the benefits of lower interest rates with respect to the hedged borrowings. Adverse developments resulting from changes in interest rates or hedging transactions could have a material
adverse effect on the Funds business, financial condition and results of operations. The Funds investments in leveraged portfolio
companies may be risky, and you could lose all or part of your investment. Investment in leveraged companies involves a number of
significant risks. Leveraged companies in which the Fund invests may have limited financial resources and may be unable to meet their obligations under their loans and debt securities that the Fund holds. Such developments may be accompanied by
deterioration in the value of any collateral and a reduction in the likelihood of the Funds realizing any guarantees that it may have obtained in connection with its investment. Smaller leveraged companies also may have less predictable
operating results and may require substantial additional capital to support their operations, finance their expansion or maintain their competitive position. The Fund may not realize gains from its equity investments. Certain investments that the Fund may make include equity securities. Investments in equity securities involve a number of significant risks,
including the risk of further dilution as a result of additional issuances, inability to access additional capital and failure to pay current distributions. In particular, investments in preferred securities involve special risks, such as the risk
of deferred distributions, credit risk, illiquidity and limited voting rights. In addition, the Fund may from time to time make non-control, equity investments in portfolio companies. The Funds goal is
ultimately to realize gains upon its disposition of such equity interests. However, the equity interests the Fund receives may not appreciate in value and, in fact, may decline in value. Accordingly, the Fund may not be able to realize gains from
its equity interests, and any gains that the Fund does realize on the disposition of any equity interests may not be sufficient to offset any other losses the Fund experiences. The Fund also may be unable to realize any value if a portfolio company
does not have a liquidity event, such as a sale of the business, recapitalization or public offering, which would allow the Fund to sell the underlying equity interests. The Fund will sometimes seek puts or similar rights to give the Fund the right
to sell its equity securities back to the portfolio company issuer. The Fund may be unable to exercise these put rights for the consideration provided in its investment documents if the issuer is in financial distress.  54




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##### Table of Contents

The Fund may expose itself to risks if it engages in hedging transactions. The Fund does not expect to engage in hedging transactions, but if it does, it may expose itself to risks associated with such transactions.
The Fund may utilize instruments such as forward contracts, currency options and interest rate swaps, caps, collars and floors to seek to hedge against fluctuations in the relative values of its portfolio positions from changes in currency exchange
rates and market interest rates. Hedging against a decline in the values of the Funds portfolio positions does not eliminate the possibility of fluctuations in the values of such positions or prevent losses if the values of such positions
decline. However, such hedging can establish other positions designed to gain from those same developments, thereby offsetting the decline in the value of such portfolio positions. Such hedging transactions may also limit the opportunity for gain if
the values of the underlying portfolio positions increase. It may not be possible to hedge against an exchange rate or interest rate fluctuation that is so generally anticipated that the Fund is not able to enter into a hedging transaction at an
acceptable price. Moreover, for a variety of reasons, the Fund may not seek to establish a perfect correlation between such hedging instruments and the portfolio holdings being hedged. Any such imperfect correlation may prevent the Fund from
achieving the intended hedge and expose the Fund to risk of loss. In addition, it may not be possible to hedge fully or perfectly against currency fluctuations affecting the value of securities denominated in
non-U.S. currencies because the value of those securities is likely to fluctuate as a result of factors not related to currency fluctuations. General Risks Stockholders may be subject to
filing requirements under the Exchange Act as a result of an investment in the Fund. Because the Funds Shares will be
registered under the Exchange Act, ownership information for any person who beneficially owns 5% or more of its Shares will have to be disclosed in a Schedule 13D or other filings with the SEC. Beneficial ownership for these purposes is determined
in accordance with the rules of the SEC, and includes having voting or investment power over the securities. In some circumstances, stockholders who choose to reinvest their dividends may see their percentage stake in the Fund increased to more than
5%, thus triggering this filing requirement. Although the Fund will provide in its quarterly statements the amount of outstanding Shares and the amount of the stockholders Shares, the responsibility for determining the filing obligation and
preparing the filing remains with the stockholder. In addition, owners of 10% or more of the Funds Shares are subject to reporting obligations under Section 16(a) of the Exchange Act. Stockholders may be subject to the short-swing profits rules under the Exchange Act as a result of an investment in the Fund. Persons with the right to appoint a director or who hold more than 10% of a class of the Shares may be subject to Section 16(b) of the
Exchange Act, which recaptures for the benefit of the issuer profits from the purchase and sale of registered stock within a six-month period.  Item 1B.
Unresolved Staff Comments Not applicable.  Item 2.
Properties The Fund maintains its principal executive office at 1345 Avenue of the Americas, New York, NY 10105. The Fund does not own any real estate.  Item 3.
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 4.
Mine Safety Disclosures Not applicable.  55




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##### Table of Contents

PART II  Item 5.
Market for Registrants Common Equity, Related Stockholder Matters and Issuer Purchases of Equity
Securities Market Information The Shares will be offered and sold in transactions exempt from registration by Section 4(a)(2) under the Securities Act and Regulation D
promulgated under the Securities Act. There will be no public offering of the Funds Shares. There is no established public trading market for Shares currently, nor can the Fund give any assurance that one will develop. The Shares are offered
only to prospective investors that are accredited investors, as defined in Regulation D. Stockholders The Fund has entered into separate Subscription Agreements with a number of investors for the private placement of Shares. Investors will be
required to make Capital Contributions to purchase Shares each time the Fund delivers a drawdown notice, which will be delivered at least 10 business days prior to the required funding date, in an aggregate amount not to exceed their respective
Capital Commitments, provided that investors may fund such requirements sooner than the deadline as agreed between the Fund and the investor. All purchases will generally be made pro rata in accordance with the investors Capital Commitments,
at a per-share price equal to the net asset value per share in accordance with the limitations under Section 23 of the 1940 Act, subject to any adjustments. The Board may set the per-share price above the net asset value per share based on a variety of factors, including without limitation the total amount of the Funds organizational and other expenses. Upon the three-year anniversary
of the Initial Closing, investors will be released from any further obligation to purchase additional Shares, subject to certain exceptions. Subject to certain potential exceptions, no Investor who participated in the Private Offering will be
permitted to sell, assign, transfer or otherwise dispose of its Shares or Capital Commitment unless the Fund provides its prior consent and the transfer is otherwise made in accordance with applicable law. The Initial Closing was September 29, 2017. Additional closings of the Private Offering may occur from time to time as determined by the
Fund. At December 31, 2021, the Fund had received Capital Commitments totaling $471,572,464. Holders As of March 31, 2022, there
were 2,548 holders of record of the Shares. Distribution Policy To the extent that the Fund has funds available, it intends to make quarterly distributions of current income to its stockholders. The
Funds stockholder distributions, if any, will be determined by the Board. Any distribution to the Funds stockholders will be declared out of assets legally available for distribution. The Fund anticipates that distributions will be paid
from income primarily generated by interest and dividend income earned on investments the Fund makes subsequent to the Initial Closing. The Fund will not be able to determine whether any specific distribution will be treated as made out of its
taxable earnings or as a return of capital until after the end of its taxable year. The amount treated as a tax-free return of capital will reduce a stockholders adjusted basis in his or her common
stock, thereby increasing his or her potential gain or reducing his or her potential loss on the subsequent sale or other disposition of his or her common stock. At no time will such quarterly distributions of current income be added to a
stockholders outstanding but undrawn Capital Commitments. From time to time the Board, in its sole discretion, also may determine
to issue special distributions returning all or a portion of stockholders previous Capital Contributions (each, a Return of Capital). The amount of any Return of Capital received by a stockholder will be added to such
stockholders outstanding but undrawn Capital Commitments. Accordingly, the Fund may deliver a capital call notice which includes the amount of a stockholders Return of Capital. If the Fund receives exemptive relief allowing the Fund to
create a Liquidating Share Class, eligible stockholders may have the right as part of the process for electing (or declining) to exchange Shares for Liquidation Shares, to cancel, in whole or in part, any outstanding but undrawn Capital Commitments,
including any undrawn amounts resulting from the receipt of a Return of Capital. The Fund has elected to be treated as a RIC under
Subchapter M of the Code. To maintain RIC tax treatment, the Fund must distribute at least 90% of its net ordinary income and net realized short-term capital gains in excess of its net realized long-term capital losses, if any, to its stockholders.
In order to avoid certain excise taxes imposed on RICs, the Fund currently intends to distribute during each calendar year an amount at least equal to the sum of: (a) 98% of its ordinary income (not taking into account any capital gains or losses)
for such calendar year; (b) 98.2% of the amount by which its capital gains exceed its capital losses (adjusted for certain ordinary losses) for a one-year period ending on October 31 of the calendar year;
and (c) certain undistributed amounts from previous years on which it paid no U.S. federal income tax.  56




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The Fund currently intends to distribute net long-term capital gains if any, at least
annually out of the assets legally available for such distributions. However, the Fund may in the future decide to retain some or all of its long-term capital gains but designate the retained amount as a deemed distribution. In that
case, among other consequences, the Fund will pay tax on the retained amount, each U.S. stockholder will be required to include their share of the deemed distribution in income as if it had been distributed to the U.S. stockholder, and the U.S.
stockholder will be entitled to claim a credit equal to their allocable share of the tax paid on the deemed distribution by the Fund. The amount of the deemed distribution net of such tax will be added to such stockholders tax basis in such
stockholders common stock. Since the Fund expects to pay tax on any retained capital gains at its regular corporate tax rate, and since that rate is in excess of the maximum rate currently payable by individuals on long-term capital gains, the
amount of tax that individual stockholders will be treated as having paid and for which they will receive a credit will exceed the tax they owe on the retained net capital gain. Such excess generally may be claimed as a credit against such
individual stockholders other U.S. federal income tax obligations or may be refunded to the extent it exceeds such individual stockholders liability for U.S. federal income tax. The Fund cannot assure any stockholder that it will achieve
results that will permit it to pay any cash distributions, and if the Fund issues senior securities, it may be prohibited from making distributions if doing so would cause the Fund to fail to maintain the asset coverage ratios stipulated by the 1940
Act or if such distributions are limited by the terms of any of its borrowings. Unless a stockholder elects to reinvest distributions in
Shares under the Funds dividend reinvestment plan, the Fund intends to make such distributions in cash. Although distributions paid in the form of additional Shares will generally be subject to U.S. federal, state and local taxes in the same
manner as cash distributions, stockholders participating in the Funds dividend reinvestment plan will not receive any corresponding cash distributions with which to pay any such applicable taxes. If a stockholder holds Shares in the name of a
broker or financial intermediary, such stockholder should contact such broker or financial intermediary regarding the election to receive distributions in Shares in lieu of cash. Any distributions reinvested through the issuance of Shares through
the Funds dividend reinvestment plan will increase the Funds assets on which the base management fee and incentive fee is determined and paid to the Adviser. Dividend Reinvestment Plan The Fund has
adopted a dividend reinvestment plan that provides for reinvestment of any distributions the Fund declares in cash on behalf of the Funds stockholders for those stockholders electing not to receive cash. As a result, if the Board authorizes,
and the Fund declares, a cash distribution, then the Funds stockholders who have opted in to the Funds dividend reinvestment plan will have their cash dividends and distributions automatically reinvested in additional Shares,
rather than receiving the cash dividend and distributions. Recent Sales of Unregistered 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 Annual Report that were not registered under the Securities Act.  Item 6.
[Reserved]  Item 7.
Managements Discussion and Analysis of Financial Condition and Results of Operations The following analysis of the Funds financial condition and results of operations should be read in
conjunction with the Funds consolidated financial statements and the related notes thereto contained elsewhere in this Annual Report on Form 10-K. 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 the Adviser, which is registered with the SEC under 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. 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 JOBS Act. The Fund will remain an emerging growth company for up to five
years following its initial public offering, if any, although if the market value of its common stock that is held by non-affiliates exceeds $700 million as of any June 30 before that time, the Fund
would cease to be an emerging growth company as of the following December 31. For so long as the Fund remains an emerging growth company under the JOBS Act, it will be subject to reduced public company reporting requirements.  57




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##### Table of Contents

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 Expenses for the year
ended December 31, 2021, were $35,441,097, which consisted of $13,936,441 in interest and borrowing expenses, $10,090,280 in management fees, $3,650,394 in income-based incentive fees, $2,060,924 in professional fees, $1,844,600 in collateral
management fees, $1,283,044 in capital gains incentive fees, $942,759 in other expenses, $715,044 in administration and custodian fees, $638,402 in insurance expense, $200,000 in directors fees, and $79,209 in transfer agent fees. Pursuant to the Expense Support and Conditional Reimbursement Agreement, the Fund reimbursed the Adviser $1,392,871 of expenses. The Adviser
voluntarily waived collateral management fees of $1,844,600, and voluntarily waived a portion of the Funds management fee of $1,198,763, reducing the Funds expenses to $33,790,605. See Item 15.  Notes to Consolidated
Financial Statements  Note 3. Related Party Transactions  Expense Support and Conditional Reimbursement Agreement. Organization and Offering Costs Organizational costs incurred with the creation of ABPCICE were fully expensed as of December 31, 2020. Organizational costs include, among other things, the cost of organizing as a Maryland corporation, including the cost of legal services,
directors fees and other fees, including travel-related expenses, pertaining to the Funds organization, all of which are expensed as incurred. Offering costs include, among other things, legal fees and other costs pertaining to the
preparation of the Funds private placement memorandum and other offering documents. Operating Expenses Under the 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;  58




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##### Table of Contents



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

U.S. federal, state and local taxes;  

independent directors fees and expenses;  

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

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

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

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

all other expenses incurred by the Fund, the Administrator or the Adviser in connection with administering the
Funds business, including payments under the Administration Agreement and payments under the Expense Reimbursement Agreement based on the Funds allocable portion of the Advisers overhead in performing its obligations under the
Expense Reimbursement Agreement, including the allocable portion of the cost of the Funds Chief Compliance Officer and Chief Financial Officer and their respective staffs. Portfolio and Investment Activity The
following table presents certain information regarding the Funds portfolio and investment activity:  As ofDecember 31, 2021


As ofDecember 31, 2020Investments in Portfolio Companies

$
(446,694,727
)(1)

$
(235,420,913
)(2)Draw Downs Against Revolvers and Delayed Draw Term Loans


(82,466,657
)


(49,770,566
)Principal Repayments


145,603,553
(3)


86,687,331
(4)Sales


41,971,388



10,036,583Net Repayments (Investments)

$
(341,586,443
)

$
(188,467,565
)  (1)
Includes investments in 80 portfolio companies. (2)
Includes investments in 47 portfolio companies. (3)
Includes $10,103,887 in revolver and delayed draw term paydowns. (4)
Includes $15,944,450 in revolver and delayed draw term paydowns. The following table shows the composition of the investment portfolio and associated yield data as of December 31, 2021:  As of December 31, 2021Amortized Cost


Percentage ofTotal Portfolio


Fair Value


Percentage ofTotal Portfolio


WeightedAverageYield(1)First Lien Senior Secured Debt

$
858,569,789



96.92
%

$
859,412,243



96.29
%


6.87
%Second Lien Junior Secured Debt


10,534,601



1.19
%


10,677,299



1.20
%


9.04
%Preferred Stock


10,098,254



1.14
%


13,399,346



1.50
%


0Common Stock


6,330,140



0.71
%


7,968,227



0.89
%


0Warrants


347,740



0.04
%


1,123,878



0.12
%


0Total

$
885,880,524



100
%

$
892,580,993



100
%  (1)
Based upon the par value of the Funds debt investments  59




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##### Table of Contents

The following table shows the composition of the investment portfolio and associated yield data as of
December 31, 2020:  As of December 31, 2020Amortized Cost


Percentage ofTotal Portfolio


Fair Value


Percentage ofTotal Portfolio


WeightedAverageYield(1)First Lien Senior Secured Debt

$
518,106,245



96.08
%

$
511,197,686



95.90
%


8.50
%Second Lien Junior Secured Debt


11,315,669



2.10
%


11,396,369



2.14
%


10.04
%Preferred Stock


6,993,227



1.30
%


7,495,949



1.41
%


0Common Stock


2,076,055



0.38
%


2,663,040



0.50
%


0Warrants


737,264



0.14
%


281,986



0.05
%


0Total

$
539,228,460



100
%

$
533,035,030



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
December 31, 2021 and 2020:  As ofDecember 31, 2021


As ofDecember 31, 2020Number of portfolio companies


151



123Percentage 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 excludes equity securities. The following table shows the amortized cost and fair value of the Funds performing and
non-accrual debt investments as of December 31, 2021:  As of December 31, 2021Amortized Cost


Percentage atAmortized Cost


Fair Value


Percentage atFair ValuePerforming

$
864,817,447



99.52
%

$
868,964,978



99.87
%Non-accrual


4,286,943



0.48
%


1,124,564



0.13
%Total

$
869,104,390



100
%

$
870,089,542



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, 2020:  As of December 31, 2020Amortized Cost


Percentage atAmortized Cost


Fair Value


Percentage atFair ValuePerforming

$
529,421,914



100
%

$
522,594,055



100
%Non-accrual














Total

$
529,421,914



100
%

$
522,594,055



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 December 31, 2021, the Fund had three investments, with one issuer, that were on non-accrual status, which represented 0.48%% and 0.13% of the total investments (excluding investments in cash equivalents, if any) at amortized cost and at fair value. As of December 31, 2020, the Fund had no
investments that were on non-accrual status.  60




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##### Table of Contents

The following table shows the amortized cost and fair value of the investment portfolio and
cash and cash equivalents as of December 31, 2021:  As of December 31, 2021Amortized Cost


Percentage ofTotal


Fair Value


Percentage ofTotalFirst Lien Senior Secured Debt

$
858,569,789



91.30
%

$
859,412,243



90.75
%Second Lien Junior Secured Debt


10,534,601



1.12
%


10,677,299



1.13
%Preferred Stock


10,098,254



1.07
%


13,399,346



1.41
%Common Stock


6,330,140



0.67
%


7,968,227



0.84
%Warrants


347,740



0.04
%


1,123,878



0.12
%Cash and cash equivalents


54,489,043



5.80
%


54,489,043



5.75
%Total

$
940,369,567



100
%

$
947,070,036



100
% The following table shows the amortized cost and fair value of the investment portfolio and cash and cash
equivalents as of December 31, 2020:  As of December 31, 2020Amortized Cost


Percentage ofTotal


Fair Value


Percentage ofTotalFirst Lien Senior Secured Debt

$
518,106,245



92.25
%

$
511,197,686



92.03
%Second Lien Junior Secured Debt


11,315,669



2.01
%


11,396,369



2.05
%Preferred Stock


6,993,227



1.25
%


7,495,949



1.35
%Common Stock


2,076,055



0.37
%


2,663,040



0.48
%Warrants


737,264



0.14
%


281,986



0.05
%Cash and cash equivalents


22,410,622



3.98
%


22,410,622



4.04
%Total

$
561,639,082



100
%

$
555,445,652



100
% The following table shows the composition of the investment portfolio by industry, at amortized cost and fair
value as of December 31, 2021 (with corresponding percentage of total portfolio investments):  As of December 31, 2021Amortized Cost


Percentage ofTotal


Fair Value


Percentage ofTotalBusiness Services

$
62,680,825



7.08
%

$
63,308,037



7.09
%Consumer Discretionary


8,853,961



1.00
%


8,896,144



1.00
%Consumer Non-Cyclical


49,444,346



5.58
%


49,124,299



5.50
%Digital Infrastructure & Services


144,135,884



16.27
%


147,187,636



16.49
%Energy


9,634,235



1.09
%


10,335,624



1.16
%Financial Services


28,629,622



3.23
%


28,663,648



3.21
%Healthcare & HCIT


204,484,590



23.08
%


202,451,176



22.68
%Software & Tech Services


373,536,348



42.17
%


381,063,571



42.69
%Transport & Logistics


4,480,713



0.50
%


1,550,858



0.18
%$
885,880,524



100
%

$
892,580,993



100
% The following table shows the composition of the investment portfolio by industry, at amortized cost and fair
value as of December 31, 2020 (with corresponding percentage of total portfolio investments):  As of December 31, 2020Amortized Cost


Percentage ofTotal


Fair Value


Percentage ofTotalBusiness Services

$
39,299,593



7.29
%

$
38,887,140



7.30
%Consumer Non-Cyclical


10,215,267



1.89
%


9,866,617



1.85
%Digital Infrastructure & Services


28,828,092



5.35
%


28,732,616



5.39
%Education


9,177,391



1.70
%


9,108,599



1.71
%Energy


21,301,663



3.95
%


19,283,664



3.62
%Financial Services


8,525,237



1.58
%


8,527,428



1.60
%Healthcare & HCIT


157,164,560



29.15
%


154,546,234



28.99
%Software & Tech Services


255,942,203



47.46
%


257,378,914



48.28
%Transport & Logistics


8,774,454



1.63
%


6,703,818



1.26
%$
539,228,460



100
%

$
533,035,030



100
%  61




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##### Table of Contents

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

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

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

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

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

review of monthly and quarterly consolidated financial statements and financial projections of portfolio
companies. Results of Operations The following is a summary of the Funds operating results for the years ended December 31, 2021 and 2020. For
information regarding results of operations for the year ended December 31, 2019, see the Funds Form 10-K for the fiscal year ended December 31, 2019 filed with the SEC on March 30, 2020.  For the Year EndedDecember 31,2021


For the Year EndedDecember 31,2020Total investment income

$
52,880,608


$
32,219,510Total expenses


35,441,097



21,788,050Reimbursement payments to Adviser


1,392,871



2,439,175Waived Collateral Management Fees


(1,844,600
)


(1,843,957
)Expense Reimbursement from Adviser






(89,757
)Waived Management Fee


(1,198,763
)


(1,863,539
)Waived Incentive Fees






(486,784
)Net investment income before taxes


19,090,003



12,276,322Income tax expense, including excise tax


278,497



Net investment income after tax


18,811,506



12,276,322Net realized and change in unrealized appreciation (depreciation) on investments


11,945,921



(3,775,639
)Net increase (decrease) in net assets resulting from operations

$
30,757,427


$
8,500,683Less: Net increase (decrease) in net assets resulting from operations related to Non-Controlling Interest in ABPCIC Equity Holdings, LLC

$
833


$
(879
)Net increase (decrease) in net assets resulting from operations related to AB Private Credit
Investors Corporation

$
30,756,594


$
8,501,562 Investment Income During the year ended December 31, 2021, the Funds investment income was comprised of $50,333,978 of interest income, which includes
$4,399,080 from the net amortization of premium and accretion of discounts, $1,614,519 of payment-in-kind interest, $129,884 of dividend income, and other fee income of
$802,227. The increase in interest income during 2021 resulted from the increase in the Funds investment portfolio.  62




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##### Table of Contents

During the year ended December 31, 2020, the Funds investment income was
comprised of $30,722,786 of interest income, which includes $2,455,450 from the net amortization of premium and accretion of discounts, $862,336 of payment-in-kind
interest, and other fee income of $634,388. Operating Expenses The composition of the Funds operating expenses for the years ended December 31, 2021 and 2020 were as follows:  For the Year EndedDecember 31,2021


For the Year EndedDecember 31,2020Interest and borrowing expenses

$
13,936,441


$
8,616,494Management fees


10,090,280



6,091,338Income-based incentive fee


3,650,394



1,790,567Professional fees


2,060,924



1,722,056Collateral management fees


1,844,600



1,843,957Capital gain incentive fees


1,283,044



Administration and custodian fees


715,044



451,514Insurance expenses


638,402



289,496Directors fees


200,000



200,000Transfer agent fees


79,209



50,199Organization Costs






106,510Other expenses


942,759



625,919Total expenses


35,441,097



21,788,050Reimbursement payments to Adviser


1,392,871



2,439,175Waived collateral management fees


(1,844,600
)


(1,843,957
)Expense reimbursement from Adviser






(89,757
)Waived management fees


(1,198,763
)


(1,863,539
)Waived incentive fees






(486,784
)Income tax expense, including excise tax


278,497



Net expenses

$
34,069,102


$
19,943,188 Total operating expenses for the year ended December 31, 2021, increased by approximately
$13.7 million compared to the year ended December 31, 2020. The increase in 2021 is attributable primarily to interest and borrowing expenses, higher base management fees and income-based incentive fees and capital gain incentive fees. Interest and borrowing expenses Interest and borrowing expenses includes 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 (as defined below) and the Notes (as defined below) issued in the CLO Transaction (as defined below). The Fund first drew on the 2021 HSBC Credit Facility on
July 8, 2021, the Synovus Credit Facility on October 15, 2020, and the Natixis Credit Facility on March 24, 2021. As of December 31, 2021, there were outstanding balances of $40,000,000, $147,300,000, and $193,300,000 on the 2021
HSBC Credit Facility, Synovus Credit Facility, and the Natixis Credit Facility, respectively, and an outstanding balance of $10,228,115 in Secured Borrowings. As of December 31, 2020, there were outstanding balances of $46,000,000 and
$84,700,000 on the HSBC Credit Facility and Synovus Credit Facility, respectively, and an outstanding balance of $18,870,856 in Secured Borrowings. On August 9, 2019, ABPCIC Funding issued collateralized loan obligation securities
(CLOs), and terminated the Barclays Credit Facility. The outstanding amount on the Notes is $212,454,604, net of unamortized discount and debt issuance costs as of December 31, 2021. The outstanding amount on the Notes was
$211,337,498, net of unamortized discount and debt issuance costs as of December 31, 2020. Interest and borrowing expenses for the
years ended December 31, 2021 and December 31, 2020, were $13,936,441 and $8,616,494, respectively. The weighted average interest rate (excluding deferred upfront financing costs and unused fees) on the Funds debt outstanding was
2.50% and 2.87% for the years ending December 31, 2021 and December 31, 2020, respectively. Management Fee The gross management fee expenses for the years ended December 31, 2021 and 2020 were $10,090,280 and $6,091,338 respectively. The
increase in the management fee for the year ended December 31, 2021 was a result of the increase in average gross assets during this period, which are the basis used to calculate management fees. For the years ended December 31, 2021 and
December 31, 2020, the Adviser waived management fees of $1,198,763 and $1,863,539, respectively.  63




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##### Table of Contents

Fund Expenses For the year ended December 31, 2021, the Fund incurred $35,441,097 of expenses in relation to professional fees, directors fees,
collateral management fees, management fees, incentive fees, insurances expenses, interest and borrowing expenses, transfer agent fees, other expenses, and administration and custodian fees. Additionally, $1,392,871 was reimbursed by the Fund to the
Adviser and its affiliates, and $1,198,763 of management fees, and $1,844,600 of collateral management fees were waived by the Adviser. The Fund incurred $278,497 of tax expenses. For the year ended December 31, 2020, the Fund incurred $21,788,050 of expenses in relation to professional fees, directors fees,
collateral management fees, management fees, incentive fees, insurances expenses, interest and borrowing expenses, transfer agent fees, other fees, and administration and custodian fees. The Fund was reimbursed by the Adviser in the amount of
$89,757. Additionally, $2,439,175 was reimbursed by the Fund to the Adviser and its affiliates, and $1,863,539 of management fees, and $1,843,957 of collateral managements fees were waived by the Adviser. Net Realized Gain (Loss) on Investments During the year ended December 31, 2021, the Fund had principal repayments of $145,603,533, which included $10,103,887 of revolver and
delayed draw term loan paydowns, and $41,971,388 in sales, resulting in $947,978 of net realized loss. During the year ended
December 31, 2020, the Fund had principal repayments of $86,687,331, which includes $15,944,450 of revolver and delayed draw term loan paydowns, and $10,036,583 in sales, resulting in $569,369 of net realized gain. Net Change in Unrealized Appreciation (Depreciation) on Investments During the year ended December 31, 2021, the Fund had $12,893,899 in net change in unrealized appreciation on $885,880,524 of investments
in 151 portfolio companies. Unrealized appreciation for the year ended December 31, 2021 resulted from an increase in the investment portfolio, improved market conditions, and further supported by improved fundamental performance of the
portfolio companies. During the year ended December 31, 2020, the Fund had $4,345,008 in net change in unrealized depreciation on
$539,228,460 of investments in 123 portfolio companies. Unrealized depreciation for the year ended December 31, 2020 was primarily due to the negative economic impact and increased uncertainty caused by
COVID-19. Net Increase (Decrease) in Net Assets Resulting from Operations For the years ended December 31, 2021 and 2020, the net increase in net assets resulting from operations was $30,756,594 and $8,501,562,
respectively. Based on the weighted average shares outstanding for the years ended December 31, 2021 and 2020, the Funds per share net increase in net assets resulting from operations was $1.08 and $0.46, respectively. Cash Flows For the year ended
December 31, 2021, cash increased by $32,078,421. During the same period, the Fund used $315,206,780 in operating activities, primarily as a result of purchases of investments. During the year ended December 31, 2021, the Fund generated
$347,285,201 from financing activities, primarily from borrowings on the Revolving Credit Facilities and Secured Borrowings, and issuance of Shares. For the year ended December 31, 2020, cash increased by $7,478,831. During the same period, the Fund used $177,285,515 in operating
activities, primarily as a result of purchases of investments. During the year ended December 31, 2020, the Fund generated $184,764,346 from financing activities, primarily from borrowings on the Revolving Credit Facilities and Secured
Borrowings, and issuance of Shares. 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 year ended December 31, 2021 and 2020, the Fund
did not enter into any hedging contracts. Financial Condition, Liquidity and Capital Resources At December 31, 2021, and December 31, 2020, the Fund had $54,489,043 and $22,410,622 in cash and cash equivalents on hand,
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.  64




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##### Table of Contents

The Funds primary use of funds from a credit facility will be investments in portfolio
companies, cash distributions to holders of the Funds 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, it will consolidate its allocable portion of the debt of any securitization subsidiary on its financial
statements, and include such debt in its 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 December 31, 2021, taken together with the Funds uncalled Capital Commitments of $116,819,333,
$10,000,000 undrawn amount on the 2021 HSBC Credit Facility, $52,700,000 undrawn amount on the Synovus Credit Facility and $31,700,000 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 December 31, 2021, the Fund has
unfunded commitments to fund future investments in the amount of $164,163,963, and contractual obligations in the form of Revolving Credit Facilities of $380,600,000, Notes of $212,454,604 and Secured Borrowings of $10,228,115. This Financial Condition, Liquidity and Capital Resources section should be read in conjunction with Effects of COVID-19 on the Funds Results of Operations above. 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 December 31, 2021, the Fund received Capital Commitments of $471,572,464. Inception to December 31, 2021, the Fund received Capital Contributions to the Fund of $354,753,131. 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 tender offers (each, a General Tender, and collectively, the General Tenders),
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. Stockholders who tender Shares in a General Tender receive, at the expiration of the General Tender, 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 Purchase Price. 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. On February 26, 2021, the Fund commenced a General Tender (the Q1 2021 Tender Offer) for up to 502,190.45 Shares (the
Q1 2021 Tender Offer Cap) tendered prior to March 31, 2021 (the Initial Expiration Date). As a result of the number of Shares tendered to the Fund prior to the Initial Expiration Date, the Fund extended the Q1 2021
Tender Offer and increased the Q1 2021 Tender Offer Cap to 2,083,220 Shares. The Purchase Price for the Q1 2021 Tender Offer was $9.43 per Share and the Q1 2021 Tender Offer expired on April 16, 2021. On May 28, 2021, the Fund commenced a General Tender (the Q2 2021 Tender Offer) for up to 1,321,607.81 Shares tendered prior
to June 30, 2021. The Purchase Price for the Q2 2021 Tender Offer was $9.65 per Share and the Q2 2021 Tender Offer expired on June 30, 2021. On August 27, 2021, the Fund commenced a General Tender (the Q3 2021 Tender Offer) for up to 684,540.65 Shares tendered prior
to September 30, 2021. The Purchase Price for the Q3 2021 Tender Offer was $9.76 per Share and the Q3 2021 Tender Offer expired on September 30, 2021. On November 26, 2021, the Fund commenced a General Tender (the Q4 2021 Tender Offer) for up to 702,352.10 Shares tendered
prior to December 31, 2021. The Purchase Price for the Q4 2021 Tender Offer was $9.79 per Share and the Q4 2021 Tender Offer expired on December 31, 2021.  65




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##### Table of Contents

The following table summarizes Shares repurchased during each tender offer period:  Quarter Ended

Payment Date


Shares Repurchased


Dollar Amount


Average Price Paid Per Share(1)March 31, 2021


May 6, 2021



1,173,288


$
11,061,881



9.43June 30, 2021


July 26, 2021



1,162,555



11,220,395



9.65September 30, 2021


November 9, 2021



887,497



8,661,434



9.76December 31, 2021


February 4, 2022



483,758



4,736,139



9.79Total






3,707,098


$
35,679,849  (1)
Per share price disclosed in this column is the actual price at which each Share was repurchased. The following is a summary of the Funds equity activity for the years ended December 31, 2021 and 2020.  For the Year EndedDecember 31,2021


For the Year EndedDecember 31,2020Capital Commitments

$
58,258,664


$
50,222,499Capital Commitments rescinded due to participation in General Tender Program


34,529,250



Dividend reinvestments


9,670,804



6,356,733Shares issued to investors under DRIP


1,000,558



713,215Value of capital drawdown notices


137,933,966



75,121,231Shares issued to investors under capital drawdown notices


14,275,267



8,434,606Value of Shares purchased in General Tender Program


35,679,849



Shares purchased in General Tender Offer


3,707,098



 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 year ended December 31, 2021:  Date Declared

Record Date


Payment Date


AmountPer Share


TotalDistributionsMarch 29, 2021


March 29, 2021



April 28, 2021


$
0.16


$
4,358,022June 28, 2021


June 28, 2021



July 22, 2021


$
0.16


$
4,555,484September 28, 2021


September 28, 2021



October 26, 2021


$
0.17


$
4,942,950December 29, 2021


December 29, 2021



February 8, 2022


$
0.15


$
4,924,772Total distributions declared









$
0.64


$
18,781,228 The following table summarizes distributions declared during the year ended December 31, 2020:  Date Declared

Record Date


Payment Date


AmountPer Share


TotalDistributionsMarch 27, 2020


March 27, 2020



April 29, 2020


$
0.24


$
3,551,533June 26, 2020


June 26, 2020



July 29, 2020


$
0.13


$
2,572,039September 28, 2020


September 28, 2020



October 28, 2020


$
0.15


$
2,925,160December 29, 2020


December 29, 2020



January 28, 2021


$
0.16


$
3,133,557Total distributions declared









$
0.68


$
12,182,289 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 year ended December 31, 2021, 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.  66




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##### Table of Contents

To the extent the Funds taxable earnings fall below the total amount of its
distributions paid for that fiscal year, a portion of those distributions may be deemed a return of capital to the Funds stockholders for U.S. federal income tax purposes. Thus, the source of a distribution to stockholders may be the original
capital invested by the stockholder rather than the Funds income or gains. For the year ended December 31, 2020, 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. 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 December 31, 2021, the Fund had $40,000,000 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, 2020, the Fund had $46,000,000 outstanding on the HSBC Credit Facility and the Fund was in compliance with the terms of the 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 December 31, 2021, the Fund had $147,300,000 outstanding on
the Synovus Credit Facility and the Fund was in compliance with the terms of the Synovus Credit Facility. As of December 31, 2020, the Fund had $84,700,000 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 the Natixis Credit Facility. In connection with the Natixis Credit Facility, ABPCIC
Funding III entered into, among other agreements, (i) the Natixis Credit Agreement, (ii) the Natixis Account Control Agreement, (iii) the Natixis Collateral Management Agreement, (iv) the Natixis Collateral Administration
Agreement and (v) the Natixis Transfer Agreement. As of December 31, 2021, the Fund had $193,000,000 outstanding on the Natixis Credit Facility and the Fund was in compliance with the terms of the Natixis Credit Facility. For further details, see Note 4. Borrowings, to the Funds consolidated financial statements. Secured Borrowings From time to
time, the Fund may engage in sale/buy-back agreements (the Secured Borrowings), 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.  67




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##### Table of Contents

Outstanding Secured Borrowings pursuant to the
Macquarie Sale/Buy-Back was $10,228,115 and $18,870,856 as of December 31, 2021 and 2020, respectively. Interest expense on Secured Borrowings for the years ended December 31, 2021 and 2020
was $34,879 and $48,928 respectively. For further details, see Note 4. Borrowings, to the Funds consolidated financial
statements. Debt Securitization On
August 9, 2019, the Issuer and the Co-Issuer, each a newly formed special purpose vehicle, completed the CLO Transaction. The Notes offered by
the Co-Issuers in the CLO Transaction are secured by a diversified portfolio of the Co-Issuers consisting primarily of middle market loans and
participation interests in middle market loans and may also include some broadly syndicated loans. The CLO Transaction was executed through a private placement of: (i) $178,200,000
of Class A-1 Senior Secured Floating Rate Notes, which bear interest at three-months LIBOR plus 1.73% per annum; (ii) $25,000,000
of Class A-2A Senior Secured Floating Rate Notes, which bear interest at LIBOR plus 2.45% per annum; (iii) $9,950,000 of Class A-2B Senior
Secured Fixed Rate Notes, which bear interest at 4.23% per annum; (iv) $16,400,000 of Class B Secured Deferrable Floating Rate Notes, which bear interest at LIBOR plus 3.40% per annum; and (v) $17,350,000 of Class C Secured
Deferrable Floating Rate Notes, which bear interest at LIBOR plus 4.40% per annum. The Notes are scheduled to mature on August 9, 2030. The Notes are the secured obligations of the Co-Issuers, and the indenture governing the
Notes includes customary covenants and events of default. The Notes have not been, and will not be, registered under the Securities Act, as amended, or any state securities or blue sky laws and may not be offered or sold in the United
States absent registration with the SEC or an applicable exemption from registration. The Adviser serves as collateral manager to the
Issuer pursuant to the CLO Collateral Management Agreement. For so long as the Adviser serves as collateral manager to the Issuer, the Adviser will elect to irrevocably waive any base management fee or subordinated interest to which it may be
entitled under the CLO Collateral Management Agreement. 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. 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.  68




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As of December 31, 2021, and December 31, 2020, the Fund had total
senior securities of $603,282,719 and $360,908,354, respectively, consisting of borrowings under the Revolving Credit Facilities, Secured Borrowings and Notes, and had asset coverage ratios of 157% and 162%, respectively.
For a discussion of certain risks associated with the reduction of the required minimum asset coverage ratio applicable to the Fund, see Risk Factors  Risks Related to The Funds Business and Structure  The SBCAA allows the
Fund to incur additional leverage, which may increase the risk of investing with the Fund. Critical Accounting Policies Valuation of Investments The Fund
measures the value of its investments at fair value accordance withAccounting 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. The audit committee of the Board (the Audit Committee) is also responsible for assisting the Board 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 Board, with the assistance of the Adviser 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. 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.  69




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Management and Incentive Fees The Fund will accrue for the base management fee and incentive fee. The accrual for the incentive fee includes the recognition of the incentive
fee on unrealized capital gains, even though such incentive fee is neither earned nor payable to the Adviser until the gains are both realized and in excess of unrealized depreciation on investments. The amount of capital gains incentive fee expense
related to the hypothetical liquidation of the portfolio (and assuming no other changes in realized or unrealized gains and losses) would only become payable to the Adviser in the event of a complete liquidation of the Funds portfolio as of
period end and the termination of the Amended and Restated Advisory Agreement on such date. Also, it should be noted that the capital gains incentive fee expense fluctuates with the Funds overall investment results. Federal Income Taxes The Fund has
elected to be treated, and to qualify annually, as a RIC under Subchapter M of the Code. Generally, a RIC is not subject to federal income taxes on distributed income and gains if it distributes at least 90% of its net ordinary income and net
short-term capital gains in excess of its net long-term capital losses, if any, to its stockholders. The Fund intends to distribute sufficient dividends to maintain its RIC status each year and the Fund does not anticipate paying any material
federal income taxes in the future.  Item 7A.
Quantitative and Qualitative Disclosures About Market Risk The Fund is subject to financial market risks, including changes in interest rates. To the extent that the Fund borrows money to make
investments, the Funds net investment income is dependent upon the difference between the rate at which the Fund borrows funds and the rate at which the Fund invests these funds. In periods of rising interest rates, the Funds cost of
funds would increase, which may reduce the Funds net investment income. Because the Fund expects that most of its investments will bear interest at floating rates, the Fund anticipates that an increase in interest rates would have a
corresponding increase in the Funds interest income that would likely offset any increase in the Funds cost of funds and, thus, net investment income would not be reduced. However, there can be no assurance that a significant change in
market interest rates will not have an adverse effect on the Funds net investment income. In addition, U.S. and global capital markets and credit markets have experienced a higher level of stress due to the global COVID-19 pandemic, 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 the COVID-19 pandemic, the U.S. Federal Reserve and other central banks have
reduced certain interest rates and LIBOR has decreased. A prolonged reduction in interest rates will reduce the Funds gross investment income and could result in a decrease in the Funds net investment income if such decreases in LIBOR
are not offset by a corresponding increase in the spread over LIBOR that the Fund earns on any portfolio investments, a decrease in the Funds operating expenses, including with respect to the Funds income incentive fee, or a decrease in
the interest rate of the Funds floating interest rate liabilities tied to LIBOR. Assuming that the consolidated statement of assets
and liabilities as of December 31, 2021 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) inInterest Income


Increase (Decrease) inInterest Expense


Net Increase (Decrease) inNet Investment IncomeDown 25 basis points

$
(595,465
)

$
(1,830,776
)

$
1,235,311Up 100 basis points


1,656,742



5,142,457



(3,485,715
)Up 200 basis points


10,083,396



10,980,457



(897,061
)Up 300 basis points


18,617,881



16,818,457



1,799,424 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.  70




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##### Table of Contents

Item 8.
Consolidated Financial Statements and Supplementary Data Information required by this Item is included beginning on page 91.  Item 9.
Changes in and Disagreements with Accountants on Accounting and Financial Disclosure None.  Item 9A.
Controls and Procedures Evaluation of disclosure 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. Managements report on internal control over financial reporting The Funds management is responsible for establishing and maintaining adequate internal control over financial reporting (as defined in
Rules 13a-15(f) and 15d-15(f) of the Exchange Act). Under the supervision and with participation of the Funds Chief Executive Officer and Chief Financial Officer,
the Fund conducted an evaluation of the effectiveness of internal control over financial reporting based on the criteria established in Internal Control  Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of
the Treadway Commission (COSO). Based on the Funds evaluation under the framework in Internal Control  Integrated Framework (2013), management concluded that the Funds internal control over financial reporting was effective as of
December 31, 2021. Changes in internal controls over financial reporting There have been no changes in the Funds internal control over financial reporting (as defined in
Rule 13a-15(f) of Exchange Act) 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.  Item 9B.
Other Information None.  Item 9C.
Disclosure Regarding Foreign Jurisdictions that Prevent Inspections Not applicable. PART III  Item 10.
Directors, Executive Officers and Corporate Governance Board Purpose and Structure The
Funds business and affairs are managed under the direction of the Board. The Board is divided into three classes of directors serving staggered three-year terms and consists of five members, three of whom are not interested persons
of the Fund, the Adviser or their respective affiliates under Section 2(a)(19) of the 1940 Act. The Fund refers to these individuals as its Independent Directors. The Board elects its officers, who serve at the discretion of the
Board. The responsibilities of the Board include quarterly determinations of fair value of the Funds assets, corporate governance activities, oversight of the Funds financing arrangements and oversight of the Funds investment
activities. Oversight of the Funds investment activities extends to oversight of the risk management processes employed by the Adviser as part of
its day-to-day management of the Funds investment activities. The Board anticipates reviewing risk management processes at both regular and special Board
meetings throughout the year, consulting with appropriate representatives of the Adviser as necessary and periodically requesting the production of risk management reports or presentations. The goal of the Boards risk oversight function is to
ensure that the risks associated with the Funds investment activities are accurately identified, thoroughly investigated and responsibly addressed. Investors should note, however, that the Boards oversight function cannot eliminate all
risks or ensure that particular events do not adversely affect the value of investments.  71




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##### Table of Contents

The Board has established an Audit Committee and a Nominating and Corporate Governance
Committee, and may establish additional committees from time to time as necessary. The scope of the responsibilities assigned to each of these committees is discussed in greater detail below. J. Brent Humphries, an interested person of
the Fund, serves as Chairman of the Board and President of the Fund. The Fund believes that Mr. Humphries history with the Adviser as its President and Chairman of the Investment Committee and his extensive knowledge of and experience in
the financial services industry qualify him to serve as the Chairman of the Board. The Funds view is that it is best served through this existing leadership structure, as Mr. Humphries relationship with the Adviser provides an
effective bridge and encourages an open dialogue between management and the Board, ensuring that both groups act with a common purpose. The Board does not have a lead Independent Director. The Fund is aware of the potential conflicts that may arise when a non-Independent Director is Chairman of the Board, but believes these potential conflicts are offset by its strong corporate governance practices. The Funds corporate governance practices include regular
meetings of the Independent Directors in executive session without the presence of interested Directors and management and the establishment of an Audit Committee and a Nominating and Corporate Governance Committee, each of which is comprised solely
of Independent Directors. Board Meetings and Attendance During 2021, including both regularly scheduled and special meetings, the Board met a total of five times, the Audit Committee met a total of
five times and the Nominating and Corporate Governance Committee met a total of three times2. During 2021, none of the Funds Directors attended fewer than 75% of the meetings of the Board.
Additionally, in 2021, 100% of the members of the Audit Committee attended all of the meetings of such committee and 100% of the members of the Nominating and Corporate Governance Committee attended all of the meetings of such committee. During each
meeting of the Audit Committee, the Audit Committee met privately with the Funds independent registered public accounting firm. All directors are expected to attend at least 75% of the aggregate number of meetings of the Board and of the
respective committees on which they serve. The Fund requires each director to make a diligent effort to attend all Board and committee meetings. The Fund does not have a formal policy regarding director attendance at an annual meeting of
stockholders. All of the Funds directors attended the 2021 annual meeting of stockholders via video webcast. Board of Directors and Executive
Officers Directors Under
the Funds articles of incorporation, the Funds directors are divided into three classes. At each annual meeting, directors are elected for staggered terms of three years, with the term of office of only one of these three classes of
directors expiring each year. Each director will hold office for the term to which he or she is elected and until his or her successor is duly elected and qualifies. Information regarding the Board is as follows:  Name

Age


Class

Position

DirectorSince


ExpirationofTermInterested DirectorsJ. Brent Humphries


54


Class I

President and Chairman of AB Private Credit Investors Corporation
President, AB Private Credit Investors LLC (Adviser)


2016



2023Matthew Bass


43


Class II

Interested Director


2016



2024Independent DirectorsTerry Sebastian


54


Class I

Director


2016



2023John G. Jordan


51


Class II

Director


2016



2024Richard S. Pontin


68


Class III

Director


2016



2022 The address for each of the Funds directors is c/o AB Private Credit Investors Corporation, 1345 Avenue
of the Americas, 41st Floor, New York, New York 10105.  72




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##### Table of Contents

Executive Officers Who Are Not Directors  Name

Age


Executive Officer Since


PositionJennifer Friedland


47



2021


Chief Compliance OfficerWesley Raper


43



2016


Chief Financial Officer Biographical Information Directors The Funds
directors have been divided into two groups  interested directors and independent directors. An interested director is an interested person as defined in Section 2(a)(19) of the 1940 Act. Interested Directors J.
Brent Humphries, the Funds President and the Chairman of the Board, is also the President of the Adviser, which is responsible for all investment decisions for the Fund. Brent Humphries joined AB in 2014 as a founding member and
President of the Adviser, where he has primary responsibility for overseeing all aspects of the business, including chairing the investment committee, fundraising, investor relations, investment originations, structuring and underwriting, as well as
ongoing portfolio management and compliance. He previously held the same position with Barclays Private Credit Partners LLC. Prior to joining Barclays, Humphries served as group head, generalist financial sponsor coverage for the Goldman Sachs
Specialty Lending Group, and later led its structured private equity initiative. Before that, he served as a partner and managing director of the Texas Growth Fund and TGF Management Corp., a middle-market private equity fund and investment advisor,
respectively. Humphries previously worked in leveraged finance with NationsBank and J.P. Morgan, and as a financial analyst with Exxon. He holds a B.B.A. in finance with an emphasis in accounting from the University of Oklahoma and an M.B.A. from
the Harvard Business School. The Fund believes that Mr. Humphries experience in middle market corporate credit is a significant competitive advantage for the Fund. Matthew Bass is Head of Private Alternatives and a member of ABs Operating Committee. As head of ABs Private
Alternatives strategic business unit, he is responsible for the leadership and strategic growth of the business, which includes all of ABs private market investment strategies. Previously, Bass held various roles in the firms
Alternatives business (including as head of Alternatives and Multi-Asset Business Development, and COO), where he was responsible for business strategy, sourcing of new investment teams, product development and capital raising. Prior to joining the
firm in 2010, Bass was a program director at the United States Department of the Treasury, responsible for the design and implementation of various real estate and real estate capital-markets programs pursuant to the Troubled Asset Relief Program.
Before that, he was a vice president at The Blackstone Groups GSO Capital Partners unit. Bass began his career in the Financial Institutions Investment Banking Group at UBS. Mr. Bass holds a B.S. in Finance from Lehigh University. He was
selected as an Interested Director because of his prior leadership experience, significant investment knowledge and financial expertise. Independent Directors John
G. Jordan is an Advisory Board Member of LBJ Family Wealth Advisors, Ltd., a position he has held since 2015 and a managing member of Viaje 254, LLC, Evans 254, LLC and 2FiveFour, LLC, positions he has held since 2018. He has also been
the Chief Financial Officer of woombikes USA, LLC and a member of the Finance Committee of Texas Tribune, Inc. since 2020. From 2000 to 2015 he was President and a member of the Board of Directors of BusinesSuites, LP, which he grew into the third
largest provider of shared office space, virtual offices, and meeting rooms in North America. In 2015 BusinesSuites, LP was renamed Watch Hill Holdings, LP, and from that time through 2017, Mr. Jordan served as the entitys President and a
member of its Board of Directors. Mr. Jordan also served as the Treasurer and a member of the Board of Directors of Preferred Office Network, LLC from 2010-2015, as a member of the Board of Directors of Texas 4000 for Cancer, a non-profit organization, from 20102014, and as the Treasurer, President, and a member of the Board of Directors of the Global Workspace Association from 20082013. Prior to 2000, he held positions as
Director of Business Development of SiLogiX, LLC, Investment Associate at the LBJ Holding Company, Assistant Vice President of Bank One, Texas, N.A. and Financial Analyst at CFO Services Inc. Mr. Jordan holds a B.B.A. and an M.B.A. from The
University of Texas at Austin, where he was also a part-time lecturer in Entrepreneurial Finance from 20002006. Mr. Jordan was selected as one of the Funds Independent Directors because of his prior board experience and financial
expertise. Richard S. Pontin served as a member the Board of Directors and audit committee of Tangoe, a leading
provider of information Technology and telecom asset and financial management services for global enterprises, from 2007 through June 2017. He previously served as Executive Chairman of Tangoe from 20072009 and as Chief Executive Officer and a
member of the Board of Directors of its predecessor company, TRAQ Wireless, from 20042007. Mr. Pontin also served as a member of the Board of Directors and the Compensation Committee of PlumChoice Inc. from 20102018. Since 2002
Mr. Pontin has also been an advisor to private equity and venture capital companies and entrepreneurs. He has advised several firms, focusing on corporate strategy, business planning, competitive analysis, M&A due diligence, KPI/metric
implementation, product planning, and interim Chief Executive Officer Management. Mr. Pontin was an Executive Partner at Teakwood Capital from 2011 to 2015. Between 2002 and 2011 Mr. Pontin  73




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served as the Chief Executive Officer of each of Airclic, Inc., Airband Communications, and Ionex Telecom. Prior to 2002, he served as President and Chief Operating Officer of Broadwing
Communications and President and Chief Operating Officer of Cincinnati Bell, Inc., and held various positions at Nextel Communications, Bell South, MCI Communications, AT&T and Marion Laboratories. Mr. Pontin holds a B.S. in Biological
Science and an M.B.A. from Drexel University, and is a member of the National Association of Corporate Directors, where he was recognized as the 2015 Governance Fellow for Excellence in Board Management and Governance. Mr. Pontin was selected
as one of the Funds Independent Directors because of his financial expertise and his significant leadership, corporate governance, management and advisory experience. Terry Sebastianis an Operating Partner with Lake Pacific Partners, a private equity investment firm based in Chicago, IL
focused on investments in the food sector where he has been involved since 2000. At Lake Pacific, he has served as a board member or senior executive in several portfolio companies including Cal Pacific Specialty Foods from 20092017, Maxi from
20022011, Gladson from 20052011 and Teepak Holdings from 20012008. Beginning in 2019, he serves as Chairman of Innovative Freeze Dried Food. Prior to Lake Pacific, Mr. Sebastian was a senior vice president at Natural Nutrition
Group from 19961999 and an executive at McCain Foods from 19931994. He began his career as a management consultant at Booz, Allen & Hamilton. In addition to his commercial activities, Mr. Sebastian has served in several non-profit and industry roles. He previously served as a member of the board of directors of the California Strawberry Commission from 20122017 and as the Chairman of the Processing
Strawberry Advisory Board from 20152017. Mr. Sebastian holds an M.B.A. from the Harvard Business School and a B.B.A. with high honors from the University of Texas at Austin. Mr. Sebastian was selected as one of the Funds
Independent Directors because of his prior board and management experience. Executive Officers Who Are Not Directors Jennifer Friedland, the Funds Chief Compliance Officer, joined AB in 2020. Since 2020, Ms. Friedland has served as
Vice President and Director of Fund Compliance for sub-advised funds of AB. Ms. Friedland formerly served as the Funds Deputy Chief Compliance Officer. She is a voting member on the Alliance
Bernstein Valuation Committee. Prior to joining AB, Ms. Friedland served as the Chief Compliance Officer of an SEC-registered investment adviser. Ms. Friedland received her J.D. from Southwestern Law
School. She received her B.S. from the University of North Carolina  Charlotte. Wesley Raper, the Funds Chief
Financial Officer, joined AB in 2014 as founding member and Chief Operating Officer of the Adviser, where he is involved in strategy and planning, operations, financing, accounting, portfolio analyses, cash management and compliance. He previously
held the same role at Barclays Private Credit Partners LLC from 2008 to 2014. Mr. Raper was a vice president in the Information Technology Group at Barclays LLC from 2000 to 2008. He holds an MEng from the University of Bristol and an M.S. in
Finance from the Zicklin School of Business at Baruch College. Section 16(a) Beneficial Ownership Reporting Compliance Pursuant to Section 16(a) of the Securities Exchange Act of 1934, the Funds directors and executive officers, and any persons
holding more than 10% of its common stock, are required to report their beneficial ownership and any changes therein to the SEC and the Fund. Specific due dates for those reports have been established, and the Fund is required to report herein any
failure to file such reports by those due dates. Based solely on a review of copies of such reports and written representations delivered to the Fund by such persons, the Fund believes that during the fiscal year ended December 31, 2021, all
Section 16(a) filing requirements applicable to the executive officers, directors and stockholders were timely satisfied, except for one late Form 4 filing reporting one transaction for each of John Jordan and Terry Sebastian. Code of Ethics The Fund and the Adviser
each have adopted a code of ethics pursuant to Rule 17j-1 under the 1940 Act and Rule 204A-1 under the Investment Advisers Act of 1940, as amended (the Advisers
Act), respectively, that establishes procedures for personal investments and restricts certain transactions by the Funds personnel. The code of ethics applies to, among others, the Funds senior officers, including its Chief
Executive Officer and its Chief Financial Officer, as well as every officer, director and employee of the Fund. The Funds codes of ethics generally do not permit investments by its employees in securities that may be purchased or held by
the Fund. Persons subject to this code may invest in securities for their personal investment accounts so long as such investments are made in accordance with the codes requirements. A copy of the Funds code of ethics is available to the
Funds stockholders on the Funds website: www.alliancebernstein.com/corporate/management/corporate-governance.htm. Committees of the
Board of Directors The Board has established an Audit Committee and a Nominating and Corporate Governance Committee and may establish
additional committees in the future. All directors are expected to attend least 75% of the aggregate number of meetings of the Board and of the respective committees on which they serve. The Fund requires each director to make a diligent effort to
attend all Board and committee meetings.  74




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##### Table of Contents

Audit Committee The Audit Committee operates pursuant to a charter approved by the Board, which sets forth the responsibilities of the Audit Committee. A copy
of the Audit Committees charter is available to stockholders on the Funds website. The members of the Funds Audit Committee are Messrs. Jordan, Pontin and Sebastian, each of whom is an Independent Director and meet the current
independence and experience requirements of Rule 10A-3 of the Exchange Act. Mr. Pontin serves as Chair of the Audit Committee. The Board has determined that Mr. Pontin is an audit committee
financial expert as that term is defined under Item 407 of Regulation S-K, as promulgated under the Exchange Act. The Audit Committee is responsible for assisting the Board in its oversight of the
accounting and financial reporting policies and practices. Nominating and Corporate Governance Committee The Nominating and Corporate Governance Committee operates pursuant to a charter approved by the Board. A copy of the Nominating and Corporate
Governance Committees charter is available to stockholders on the Funds website. The members of the Nominating and Corporate Governance Committee are Messrs. Jordan, Pontin and Sebastian, each of whom is an Independent Director.
Mr. Jordan serves as Chair of the Nominating and Corporate Governance Committee. The Nominating and Corporate Governance Committee is responsible for assisting the Board in carrying out its responsibilities with respect to governance of the
Fund and the selection, nomination, evaluation and compensation of members of the Board in accordance with applicable laws, regulations and industry best practices. The Funds Nominating and Corporate Governance Committee may consider
nominating an individual recommended by a stockholder for election as a director if such stockholder complies with the advance notice provisions of the Funds bylaws. The Fund expects that the 2021 annual meeting of stockholders will be held in
August, 2021, but the exact date, time and location of such meeting have yet to be determined. A stockholder who intends to present a proposal at that annual meeting, including nomination of a director, must submit the proposal in writing to the
Secretary of the Fund, 1345 Avenue of the Americas, 41st Floor, New York, New York, 10105, Attention: Emerson Lee, Secretary. Notices of intention to present proposals, including nomination of a
director, at the 2021 annual meeting must be received by the Fund not earlier than the 150th day prior to the first anniversary of the date of the proxy statement for the preceding years
annual meeting nor later than 5:00 p.m., Eastern Time, on the 120th day prior to the first anniversary of the date of the proxy statement for the preceding years annual meeting. However, if
the date of the 2021 annual meeting is advanced or delayed by more than 30 days from the anniversary of the 2020 annual meeting, notice by the stockholder to be timely must be so delivered not earlier than the 150th day prior to the date of such annual meeting and not later than 5:00 p.m., Eastern Time, on the later of the 120th day prior to the date of such
annual meeting or the tenth day following the day on which public announcement of the date of such meeting is first made. In order for a proposal to be considered for inclusion in the Funds proxy statement for the 2021 annual meeting, the Fund
must receive the proposal no later than the 120th day prior to the first anniversary of the date of the Funds proxy statement for the preceding years annual meeting. The submission of
a proposal does not guarantee its inclusion in the Funds proxy statement or presentation at the meeting unless certain securities law requirements are met. The Fund reserves the right to reject, rule out of order or take other appropriate
action with respect to any proposal that does not comply with these and other applicable requirements. The Nominating and Corporate Governance Committee will consider and evaluate nominee candidates properly submitted by stockholders on the same
basis as it considers and evaluates candidates recommended by other sources. The Nominating and Corporate Governance Committee seeks
candidates who possess the background, skills and expertise to make a significant contribution to the Board, the Fund and its stockholders. In considering possible candidates for election as a director, the Nominating and Corporate Governance
Committee may take into account a wide variety of factors, including (but not limited to):  

the candidates knowledge in matters relating to the investment company industry;  

any experience possessed by the candidate as a director/trustee or senior officer of other public companies;  

the candidates educational background;  

the candidates reputation for high ethical standards and personal and professional integrity;  

any specific financial, technical or other expertise possessed by the candidate, and the extent to which such
expertise would complement the Boards existing mix of skills and qualifications;  

the candidates perceived ability to contribute to the on-going
functions of the Board, including the candidates ability and commitment to attend meetings regularly, work collaboratively with other members of the Board and carry out his or her duties in the best interests of the Fund;  

the candidates ability to qualify as an independent director for purposes of the 1940 Act and any other
standards of independence that may be relevant to the Fund;  

the extent to which the candidates background, skills, and experience would complement the background,
skills, and experience of other nominees and contribute to the diversity of the Board; and  75




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##### Table of Contents



such other factors as the Nominating and Corporate Governance Committee determines to be relevant in light of the
existing composition of the Board and any anticipated vacancies or other factors. The Nominating and Corporate
Governance Committee has not adopted a formal policy with regard to the consideration of diversity in identifying director nominees. In determining whether to recommend a director nominee, the Nominating and Corporate Governance Committee considers
and discusses diversity, among other factors, with a view toward the needs of the Board as a whole. The Nominating and Corporate Governance Committee generally conceptualizes diversity expansively to include, without limitation, concepts such as
race, gender, national origin, differences of viewpoint, professional experience, education, skill and other qualities that contribute to the Board, when identifying and recommending director nominees. The Nominating and Corporate Governance
Committee believes that the inclusion of diversity as one of many factors considered in selecting director nominees is consistent with the Nominating and Corporate Governance Committees goal of creating a Board that best serves the Funds
needs and the interests of its stockholders. In addition, as part of the Boards annual-self assessment, the members of the Nominating and Corporate Governance Committee will evaluate the membership of the Board and whether the Board maintains
satisfactory policies regarding membership selection. Communications Between Stockholders and the Board The Board welcomes communications from the Funds stockholders. Stockholders may send communications to the Board or to any particular
director to the following address: 1345 Avenue of the Americas, 41st Floor, New York, New York 10105, Attention: Emerson Lee, Secretary. Stockholders should indicate clearly the director or
directors to whom the communication is being sent so that each communication may be forwarded directly to the appropriate director(s).  Item 11.
Executive Compensation The Fund does not currently have any employees and does not expect to have any employees. Services necessary for the Funds business will
be provided by individuals who are employees of the Adviser, the Administrator or their respective affiliates, pursuant to the terms of the Advisory Agreement, the Administration Agreement and the Expense Reimbursement Agreement, as applicable. The
Funds day-to-day investment and administrative operations will be managed by the Adviser and the Administrator. Most of the services necessary for the origination
and administration of the Funds investment portfolio will be provided by investment professionals employed by the Adviser, the Administrator or their affiliates. None of the Funds executive officers will receive direct compensation from the Fund. The Fund may reimburse the Adviser the allocable
portion of the compensation paid by the Administrator (or its affiliates) to the Funds Chief Compliance Officer and Chief Financial Officer (based on the percentage of time such individuals devote, on an estimated basis, to the Funds
business and affairs). See Business Investment Advisory Agreement and Certain Relationships and Related Transactions, and Director Independence. Compensation of Directors No
compensation is expected to be paid to the Funds directors who are interested persons, as such term is defined in Section 2(a)(19) of the 1940 Act. For fiscal year 2021, each independent director received an annual retainer of
$65,000. In addition, the Chair of the Funds Audit Committee received an annual retainer of $5,000. The Fund has obtained directors and officers liability insurance on behalf of its directors and officers. Independent directors
will have the option of having their directors fees paid in Shares issued at a price per share equal to the per share net asset value of the Funds common stock. The table below sets forth the compensation received by each director from the Fund for the fiscal year ended December 31, 2021.  Name of Director

Fees Earnedor Paid inCash ($)


StockAwards


OptionAwards


Non-EquityIncentive PlanCompensation


Change in PensionValue and Non-QualifiedDeferredCompensationEarnings


All OtherCompensation


TotalCompensation ($)Interested DirectorJ. Brent Humphries

























$
Matthew Bass

























$
Independent DirectorsJohn G. Jordan

$
65,000






















$
65,000Richard S. Pontin

$
70,000






















$
70,000Terry Sebastian

$
65,000






















$
65,000  76




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##### Table of Contents

Compensation and Insider Participation The Fund does not have a compensation committee because the executive officers do not receive any direct compensation from the Fund. The
Independent Directors review their own compensation and recommend to the Board the appropriate level of compensation. This level of compensation may be adjusted from time to time. In conducting their review, the Independent Directors use such
information as they deem relevant, including compensation paid to directors or trustees of other BDCs of similar size and the time and effort required of the directors in fulfilling their responsibilities to the Fund. The Board determines the
compensation of the Independent Directors.  Item 12.
Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters The following table sets forth, as of March 31, 2022, the beneficial ownership of each current director, the
nominees for director, the Funds executive officers, each person known to the Fund to beneficially own 5.0% or more of the outstanding Shares, and the executive officers and directors as a group. The percentage ownership is based on 38,220,636.275 Shares outstanding as of March 31, 2022. As of such date, there were no Shares
subject to warrants or other convertible securities outstanding. Beneficial ownership is determined under the rules of the SEC and generally includes voting or investment power with respect to securities. To the Funds knowledge, the
persons and entities named in the table have sole voting and sole investment power with respect to all Shares beneficially owned. The address for each listed individual is c/o AB Private Credit Investors Corporation, 1345 Avenue of the Americas, 41st Floor, New York, NY 10105.  Name of Beneficial Owners

Number of Shares ofCommon StockBeneficially Owned


Percent ofClassInterested DirectorsJ. Brent Humphries






0
%Matthew Bass






0
%Executive Officer






0
%Wesley Raper






0
%Independent Directors






0
%John G. Jordan


8,070.071



*Richard S Pontin






0
%Terry Sebastian


7,068.634



*All Directors and Executive Officers as a Group






0
%Owners of 5% or more of the Funds common stock AB Private Credit Investors
Corporation






0
%  *
Represents less than 1%  Item 13.
Certain Relationships and Related Transactions Transactions with Related Persons; Review, Approval or Ratification of Transactions with Related Persons, Policies and Procedures for Managing Conflicts; Co-investment Opportunities Certain members of the Advisers senior investment team and
Investment Committee serve, or may serve, as officers, directors, members or principals of entities that operate in the same or a related line of business as the Fund does, or of investment vehicles managed by the Adviser or AB with similar
investment objectives. Similarly, the Adviser may have other clients with similar, different or competing investment objectives. See Risk FactorsRisks Related to The Funds Business and
StructureThere are significant potential conflicts of interest which could impact the Funds investment returns. As a result, members of the Advisers senior investment team, in their
roles at the Adviser, may face conflicts in the allocation of investment opportunities among the Fund and other investment vehicles managed by the Adviser with similar or overlapping investment objectives in a manner that is fair and equitable over
time and consistent with the Advisers allocation policy. Generally, when a particular investment would be appropriate for the Fund as well as one or more other investment funds, accounts or vehicles managed by the Advisers senior
investment team,  77




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##### Table of Contents

such investment will be apportioned by the Advisers senior investment team in accordance with (1) the Advisers internal conflict of interest and allocation policies, (2) the
requirements of the Advisers Act and (3) certain restrictions under the 1940 Act regarding co-investments with affiliates and consistent with the Order described below. Such apportionment may not be
strictly pro rata, depending on the good-faith determination of all relevant factors, including differing investment objectives, diversification considerations and the terms of the Funds or the respective governing documents of such investment
funds, accounts or investment vehicles. These procedures could, in certain circumstances, limit whether or not a co-investment opportunity is available to the Fund, the timing of acquisitions and dispositions
of investments, the price paid or received by the Fund for investments or the size of the investment purchased or sold by the Fund. The Adviser believes that this allocation system is fair and equitable, and consistent with its fiduciary duty to the
Fund. In particular, the Fund has disclosed to investors how allocation determinations are made among any investment vehicles managed by the Adviser. The Fund may co-invest with investment funds, accounts and vehicles managed by the Adviser, where
doing so is consistent with the Funds investment strategy as well as applicable law and SEC staff interpretations, as well as the exemptive order that the Fund and certain of its affiliates received from the SEC on August 6, 2018, which
expands relief previously granted to the Fund on October 11, 2016, and which the Fund refers to as the Order. Absent the Order, the Funds ability to co-invest would have been more
limited. The Order expands the Funds ability to co-invest in portfolio companies with Affiliated Funds, which the new exemptive relief defines to include affiliated managed accounts, in a manner
consistent with the Funds 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 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 its stockholders and do not involve overreaching in respect of the
Fund or its 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. Investment Advisory
Agreement The Fund entered into the Advisory Agreement with the Adviser on November 13, 2019, which was amended and restated
on March 24, 2022. For the year ended December 31, 2021, the Fund incurred a management fee of $10,090,280, of which $1,198,763 was voluntarily waived by the Adviser. For the year ended December 31, 2021, the Fund incurred an
income-based incentive fee of $3,650,394. There was $0 in capital gains incentive fees paid to the Adviser as of December 31, 2021. For the year ended December 31, 2020, the Fund incurred a management fee of $6,091,338, of which $1,863,539
was voluntarily waived by the Adviser. For the year ended December 31, 2020, the Fund incurred an income-based incentive fee of $1,790,567, of which $486,784 was voluntarily waived by the Adviser. There was $0 in capital gains incentive fees
paid to the Adviser as of December 31, 2020. The Adviser is responsible for sourcing, reviewing and structuring investment opportunities for the Fund, underwriting and conducting diligence on the Funds investments and monitoring the
Funds investment portfolio on an ongoing basis. The Advisers incentive fee is based, among other things, on the value of the Funds investments and, therefore, there may be a conflict of interest when personnel of the Adviser are
involved in the valuation process for the Funds portfolio investments. For example, the terms of the Advisers base management and incentive fees may create an incentive for the Adviser to approve and cause the Fund to make more
speculative investments that the Fund would otherwise make in the absence of such fee structure. Mr. Humphries, the Funds
President and Chairman of the Board, is a member of the Advisers Investment Committee, and the Funds Chief Financial Officer, Wesley Raper, and other members of the senior management and the Investment Committee of the Adviser serve or
may serve as officers, directors or principals of entities that operate in the same or a related line of business as the Fund does, or of investment funds managed by the Adviser or its affiliates. In serving in these multiple capacities, they may
have obligations to other clients or investors in those entities, the fulfillment of which may not be in the Funds best interest or in the best interest of its investors. The Funds investment objective may overlap with the investment
objectives or such investment funds, accounts or other investment vehicles. For example, the Adviser concurrently manages accounts that are pursuing an investment strategy similar to the Funds strategy, and the Fund may compete with these and
other entities managed by affiliates of the Adviser for capital and investment opportunities. As a result, those individuals at the Adviser may face conflicts in the allocation of investment opportunities between the Fund and other investment funds
or accounts advised by principals of, or affiliated with, the Adviser. See Risk Factors Risks Related to the Funds Business and Structure There are significant potential conflicts of
interest which could impact the Funds investment returns; The Funds incentive fee may inducethe Adviserto pursue speculative investments and to use leverage when it may be
unwise to do so; The compensation the Fund will pay tothe Adviserwas not determined on an arms-length basis. Thus, the terms of such
compensation may be less advantageous to the Fund than if such terms had been the subject ofarms-length negotiations; The Fund may borrow money, which would magnify the
potential for gain or loss on amounts invested and may increase the risk of investing in the Fund.  78




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##### Table of Contents

Administration Agreement and Expense Reimbursement Agreement The Fund has entered into an administration agreement with the Administrator (the Administration Agreement) and a separate expense
reimbursement agreement with the Adviser (the Expense Reimbursement Agreement) under which any allocable portion of the cost of the Funds Chief Compliance Officer and Chief Financial Officer and their respective staffs will be
reimbursed by the Fund. Under the Administration Agreement, the Administrator is responsible for providing the Fund with clerical, bookkeeping, recordkeeping and other administrative services at such facilities. Pursuant to the Expense Reimbursement
Agreement, the Fund pays the Adviser an amount equal to its allocable portion (subject to the review of the Board) of its overhead resulting from 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 associated with performing compliance functions. See Business Administration Agreement and
Risk Factors Risks Related to the Funds Business and StructureThere are significant potential conflicts of interest which could impact the Funds
investment returns. Expense Support and Conditional Reimbursement Agreement On September 29, 2017, the Fund and the Adviser entered into an agreement, which the Fund refers to as the Expense Support and
Conditional Reimbursement Agreement, to limit certain of the Funds Operating Expenses, as defined in the Expense Support and Conditional Reimbursement Agreement, 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 is referred to as an Expense Payment, and the Fund has agreed to later
repay such amounts, any such payment by the Fund is referred to as a Reimbursement Payment, pursuant to the terms of the Expense Support and Conditional Reimbursement Agreement. As of December 31, 2021, the amount of Expense Payments provided by the Adviser since inception was $4,874,139. The following table
reflects the Expense Payments that may be subject to reimbursement pursuant to the Expense Agreement:  For the Quarters Ended

Amount ofExpenseSupport


Amount ofReimbursementPayment


Amount ofUnreimbursedExpense Support


Effective Rate ofDistributionper Share(1)


ReimbursementEligibilityExpiration


PercentageLimit(2)September 30, 2017

$
1,002,147


$
1,002,147


$




n/a



September 30, 2020



1.5
%December 31, 2017


1,027,398



1,027,398







n/a



December 31, 2020



1.5
%March 31, 2018


503,592



503,592







n/a



March 31, 2021



1.5
%June 30, 2018


1,086,482



755,992



330,490



4.787
%


June 30, 2021



1.0
%September 30, 2018


462,465



462,465







4.715
%


September 30, 2021



1.0
%December 31, 2018


254,742







254,742



6.762
%


December 31, 2021



1.0
%March 31, 2019


156,418



156,418







5.599
%


March 31, 2022



1.0
%June 30, 2019


259,263







259,263



6.057
%


June 30, 2022



1.0
%September 30, 2019


31,875



31,875







5.154
%


September 30, 2022



1.0
%December 31, 2019














6.423
%


December 31, 2022



1.0
%March 31, 2020


89,757







89,757



10.17
%


March 31, 2023



1.0
%June 30, 2020














5.662
%


June 30, 2023



1.5
%September 30, 2020














6.063
%


September 30, 2023



1.5
%December 31, 2020














6.266
%


December 31, 2023



1.5
%March 31, 2021














6.241
%


March 31, 2024



1.0
%June 30, 2021














6.219
%


June 30, 2024



1.0
%September 30, 2021














6.503
%


September 30, 2024



1.0
%December 31, 2021














5.706
%


December 31, 2024



1.0
%Total

$
4,874,139


$
3,939,887


$
934,252  (1)
The effective rate of distribution per share is expressed as a percentage equal to the projected annualized
distribution amount as of the end of the applicable period (which is calculated by annualizing the regular quarterly cash distributions per share as of such date without compounding), divided by the Funds gross offering price per share as of
such date. (2)
Represents 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.  79




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##### Table of Contents

Transfer Agency Agreement On September 26, 2017, the Fund and AllianceBernstein Investor Services, Inc., which the Fund refers to as 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. Promoters and Certain Control Persons The Adviser may be deemed a promoter of the Fund. The Adviser, for its services to the Fund, will be entitled to receive base management and
incentive fees. In addition, under the Advisory Agreement and to the extent permitted by applicable law and in the discretion of the Board, the Fund indemnifies the Adviser and certain of its affiliates. See Business  Investment
Management and Advisory Agreement. For information regarding the independence of the Funds directors, seeDirectors, Executive Officers and Corporate Governance.  Item 14.
Principal Accountant Fees and Services Independent Registered Public Accounting Firm The following table shows the audit fees and non-audit related fees accrued or paid to
PricewaterhouseCoopers LLP for professional services performed for the Funds fiscal years ended December 31, 2021 and 2020:  Fiscal Year EndedDecember 31,2021


Fiscal Year EndedDecember 31,2020Audit Fees

$
330,000


$
310,000Tax Fees






111,000Audit Related Fees


1,586,500



1,645,000Total Fees

$
2,023,500


$
2,066,000 Audit Fees. Audit fees consist of fees billed for professional services rendered for the audits of the Funds
financial statements, review of financial statements included in the Funds Quarterly Reports on Form 10-Q and services that are normally provided by PwC in connection with statutory and regulatory
filings. Audit Related Fees. Audit related fees consist of fees billed for assurance and related services that are reasonably related to the
performance of the audit or review of the Funds financial statements and are not reported under Audit Fees. These services include attest services that are not required by statute or regulation and consultations concerning
financial accounting and reporting standards. Tax Fees. Tax fees consist of fees billed for professional services for tax compliance, tax
advice and tax planning. These services include assistance regarding federal, state and local tax compliance. All Other Fees. All other fees
would include fees for products and services other than the services reported above. Policy on Audit Committee
Pre-Approval of Audit and Non-Audit Services Performed by the Independent Registered Public Accounting Firm The Fund maintains an auditor independence policy that, among other things, mandates that the Audit Committee review, negotiate and approve in
advance the scope of work, any related engagement letter and the fees to be charged by the independent registered public accounting firm for audit services and permissible non-audit services for the Fund, and
for permissible non-audit services for the Adviser and any affiliates thereof that provide services to the Fund, if such non-audit services are directly related to the
operations or financial reporting of the Fund. All of the audit and non-audit services described above for which fees were incurred by the Fund for the fiscal year ended December 31, 2021 were pre-approved by the Audit Committee in accordance with its pre-approval policy. Review and Discussion with Independent Registered Public Accounting Firm The Audit Committee has reviewed the audited consolidated financial statements and met and held discussions with management regarding the
audited consolidated financial statements, and the Audit Committee recommended the inclusion of the consolidated financial statements in this Annual Report on Form 10-K. Management has represented to the Audit
Committee that the Funds consolidated financial statements were prepared in accordance with accounting principles generally accepted in the United States. The Audit Committee received and reviewed the written disclosures and the letter from
the independent registered public accounting firm required by the applicable requirements of the Public Company Accounting Oversight Board and has discussed with the auditors the auditors independence.  80




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##### Table of Contents

PART IV  Item 15.
Exhibits, Consolidated Financial Statement Schedules (a) Documents Filed as Part of this Report The following
consolidated financial statements are set forth in Item 8:  PageReport of Independent Registered Public Accounting Firm


86Consolidated Statements of Assets and Liabilities


87Consolidated Statements of Operations


88Consolidated Statements of Changes in Net Assets


89Consolidated Statements of Cash Flows


92Consolidated Schedules of Investments


93Notes to Consolidated Financial Statements


109  81




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##### Table of Contents

(b) Exhibits The following exhibits are filed as part of this report or hereby incorporated by reference to exhibits previously filed with the SEC:  3.1

Articles of Incorporation (incorporated by reference to Exhibit 3.1 to the Funds Registration Statement on Form 10 (File No.
000-55640) filed on May 5, 2016).3.2

Amended Articles of Incorporation (incorporated by reference to Exhibit 3.2 to the Funds Registration Statement on Form 10 (File No.
000-55640) filed on May 5, 2016).3.3

Articles of Amendment and Restatement (incorporated by reference to Exhibit 3.3 to the Funds Registration Statement on Form 10 (File No.
000-55640) filed on July 1, 2016).3.4

Articles of Amendment (incorporated by reference to Exhibit 3.1 to the Funds Current Report on Form 8-K (File No.814-01196) filed on September 14, 2021).3.5

Bylaws (incorporated by reference to Exhibit 3.4 to the Funds Registration Statement on Form 10 (File No.000-55640) filed on July 1, 2016).4.1

Description of Securities of AB Private Credit Investors Corporation.*10.1

Administration Agreement, dated September 
29, 2017, by and between the Fund and the Administrator (incorporated by reference to Exhibit 10.1 to the Funds Current Report on Form 8-K (File No.814-01196) filed on September 29, 2017).10.2

Custodian Agreement, dated September 
29, 2017, by and between the Fund and the Administrator (incorporated by reference to Exhibit 10.2 to the Funds Current Report on Form 8-K (File No.814-01196) filed on September 29, 2017).10.3

Expense Support and Conditional Reimbursement Agreement, dated September 
29, 2017, by and between the Fund and the Adviser (incorporated by reference to Exhibit 10.3 to the Funds Current Report on Form 8-K (File No.814-01196) filed on September 29, 2017).10.4

Transfer Agency Agreement, dated September 
26, 2017, by and between the Fund and AllianceBernstein Investor Services Inc. (incorporated by reference to Exhibit 10.4 to the Funds Current Report on Form 8-K (File No.814-01196) filed on September 29, 2017).  82




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##### Table of Contents

10.5

Second Amended and Restated Dividend Reinvestment Plan, effective as of November 11, 2021 (incorporated by reference to Exhibit 
4.1 to the Funds Current Report on Form 8-K (File No. 814-01196) filed on November 12, 2021).10.6

License Agreement, dated August 
14, 2017, by and between the Adviser and the Fund (incorporated by reference to Exhibit 10.2 to the Funds Quarterly Report on Form 10-Q (File No.814-01196) filed on August 14, 2017).10.7

Expense Reimbursement Agreement, dated August 
14, 2017, by and between the Fund and the Adviser (incorporated by reference to Exhibit 10.4 to the Funds Quarterly Report on Form 10-Q (File No.814-01196) filed on August 14, 2017).10.8

Amended and Restated Investment Advisory Agreement, dated November 
13, 2019, by and between the Fund and the Adviser (incorporated by reference to Exhibit 10.1 to the Funds Quarterly Report on Form 10-Q (File No.814-01196) filed on November 14, 2019).10.9

Second Amended and Restated Investment Advisory Agreement, dated March 
24, 2022, by and between the Fund and the Adviser (incorporated by reference to Exhibit 10.1 to the Funds Current Report on Form 8-K (File No.814-01196) filed on March 25, 2022).10.10

Form of Subscription Agreement (incorporated by reference to Exhibit 10.3 to the Funds Quarterly Report on Form10-Q (File No.814-01196) filed on August 14, 2017).10.11

Indenture by and among ABPCI Direct Lending Fund CLO VI Ltd, as issuer, ABPCI Direct Lending Fund CLO VI LLC, as co-issuer and U.S. Bank National Association, as trustee, dated as of August 
9, 2019 (incorporated by reference to Exhibit 10.1 to the Funds Quarterly Report on Form 10-Q (File No.814-01196) filed on August 
14, 2019).10.12

Loan Financing and Servicing Agreement, dated as of October 
15, 2020, among ABPCIC Funding II LLC, as borrower, AB Private Credit Investors LLC, as servicer, AB Private Credit Investors Corporation, as equityholder, the lenders from time to time parties hereto, Synovus Bank, Specialty Finance Division, as facility
 agent and U.S. Bank National Association, as collateral agent, collateral custodian and securities intermediary (incorporated by reference to Exhibit 10.1 to the Funds Current Report on Form 8-K (File
No.814-01196) filed on October 21, 2020).10.13

Securities Account Control Agreement, dated as of October 
15, 2020, by and among ABPCIC Funding II LLC, as pledgor, U.S. Bank National Association, as secured party, and U.S. Bank National Association, as securities intermediary (incorporated by reference to Exhibit 10.2 to the Funds Current Report on Form
8-K (File No.814-01196) filed on October 21, 2020).10.14

Amended and Restated Sale and Contribution Agreement, between AB Private Credit Investors Corporation, as seller, and ABPCIC Funding II LLC, as
 purchaser, dated as of October 15, 2020 (incorporated by reference to Exhibit 10.3 to the Funds Current Report on Form 8-K (File
No.814-01196) filed on October 21, 2020).10.15

Credit Agreement, dated as of March 
24, 2021, among ABPCIC Funding III LLC, as borrower, the lenders referred to therein, Natixis, New York Branch, as administrative agent and U.S. Bank National Association, as collateral agent, collateral administrator and custodian (incorporated by reference
 to Exhibit 10.1 to the Funds Current Report on Form 8-K (File No.814-01196) filed on March 30, 2021).10.16

Account Control Agreement, dated as of March 
24, 2021, among ABPCIC Funding III LLC, as debtor, U.S. Bank National Association, as collateral agent and the secured party and U.S. Bank National Association, as custodian and securities intermediary (incorporated by reference to Exhibit 10.2 to the Funds
 Current Report on Form 8-K (File No.814-01196) filed on March 30, 2021).10.17

Collateral Management Agreement, dated as of March 
24, 2021, by and between ABPCIC Funding III LLC, as borrower, and AB Private Credit Investors LLC, as collateral manager (incorporated by reference to Exhibit 10.3 to the Funds Current Report on Form 8-K (File
 No.814-01196) filed on March 30, 2021).10.18

Collateral Administration Agreement, dated as of March 
24, 2021, among ABPCIC Funding III LLC, AB Private Credit Investors LLC, as collateral manager, and U.S. Bank National Association, as collateral administrator (incorporated by reference to Exhibit 10.4 to the Funds Current Report on Form 8-K (File No.814-01196) filed on March 30, 2021).10.19

Master Loan Sale and Contribution Agreement, dated as of March 
24, 2021, by and between AB Private Credit Investors Corporation, as seller, and ABPCIC Funding III LLC, as buyer (incorporated by reference to Exhibit 10.5 to the Funds Current Report on Form 8-K (File No.
814-01196) filed on March 30, 2021).10.20

Revolving Credit Agreement, dated June 14, 2019, by and amongAB-Abbott Private Equity Investors 2019 (Delaware) Fund L.P., as initial borrower,AB-Abbott 
Private Equity Investors G.P. L.P. as initial general partner, the banks and financial institutions from time to time party thereto as lenders and HSBC as the administrative agent for the secured parties (incorporated by reference to Exhibit 10.2 to the
 Funds Current Report on Form 8-K (File No.814-01196) filed on July 14, 2021).21.1

Subsidiaries of AB Private Credit Investors Corporation*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 Section 906 of the Sarbanes-Oxley Act of 2002*  *
Filed herewith.  83




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##### Table of Contents

Item 16
Form 10-K Summary None.  84




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##### Table of Contents

SIGNATURES Pursuant to the requirements of Section 13 or 15(d) 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.  Date: March 31, 2022





AB PRIVATE CREDIT INVESTORS
CORPORATIONBy:

/s/ J. Brent HumphriesJ. Brent Humphries President and Chief
Executive Officer (Principal Executive Officer) Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following
persons on behalf of the Registrant and in the capacities and on the dates indicated. Date: March 31, 2022



By:

/s/ J. Brent HumphriesJ. Brent HumphriesPresident and Chief Executive Officer and DirectorDate: March 31, 2022



By:

/s/ Wesley RaperWesley RaperChief Financial Officer and TreasurerDate: March 31, 2022



By:

/s/ Terry SebastianTerry SebastianDirectorDate: March 31, 2022



By:

/s/ Matthew BassMatthew BassDirectorDate: March 31, 2022



By:

/s/ John G. JordanJohn G. JordanDirectorDate: March 31, 2022



By:

/s/ Richard S. PontinRichard S. PontinDirector  85




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##### Table of Contents

Report of Independent Registered Public Accounting Firm To theBoard of Directors and Shareholders of AB Private Credit Investors Corporation Opinion on the Financial Statements We have
audited the accompanying consolidated statements of assets and liabilities, including the consolidated schedules of investments, of AB Private Credit Investors Corporation and its subsidiaries(the Fund)as of
December 31, 2021 and 2020, and the related consolidated statements of operations, changes in net assets and cash flows for each of the three years in the period ended December 31, 2021,including the related notes (collectively
referred to as the consolidated financial statements).In our opinion, the consolidatedfinancial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2021 and
2020,and the results of its operations, changes in its net assets and its cash flows for each of the three years in the period ended December 31, 2021 in conformity with accounting principles generally accepted in the United States of
America. Basis for Opinion These
consolidated financial statements are the responsibility of the Funds management. Our responsibility is to express an opinion on the Funds consolidated financial statements based on our audits. We are a public accounting firm registered
with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the
Securities and Exchange Commission and the PCAOB. We conducted our audits of these consolidated financial statements in accordance with the standards of
the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud. The Fund is not required to
have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an
opinion on the effectiveness of the Funds internal control over financial reporting. Accordingly, we express no such opinion. Our audits included
performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis,
evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation
of the consolidated financial statements. Our procedures included confirmation of securities owned as of December 31, 2021and 2020by correspondence with the administrative agents, portfolio company investees, transfer agents,
and the custodian; when replies were not received, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion. /s/ PricewaterhouseCoopers LLP New York, New York March 31, 2022 We have served as the Funds auditor since
2016.  86




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##### Table of Contents

AB Private Credit Investors Corporation Consolidated Statements of Assets and Liabilities  As ofDecember 31,2021


As ofDecember 31,2020AssetsInvestments, at fair value (amortized cost of $885,880,524 and $539,228,460,
respectively)

$
892,580,993


$
533,035,030Cash and cash equivalents


54,489,043



22,410,622Receivable for fund shares


22,528,538



33,298,880Deferred financing costs


3,438,175



1,648,701Interest receivable


3,221,620



2,264,308Receivable for investments sold


938,678



80,413Prepaid expenses


256,534



292,668Other assets






879Prepaid directors fee


63,025



Total assets

$
977,516,606


$
593,031,501LiabilitiesCredit facility payable

$
380,600,000


$
130,700,000Notes payable (net of unamortized discount of $21,813 and $26,440, respectively, and debt issuance
costs of $673,583 and $1,786,062, respectively)


212,454,604



211,337,498Secured borrowings


10,228,115



18,870,856Payable for investments purchased


9,692,322



Payable for Fund shares repurchased


4,736,139



Interest and borrowing expenses payable


2,866,844



1,554,186Incentive fee payable


2,660,332



2,353,074Management fees payable


2,653,052



1,533,338Distribution payable


2,340,900



1,541,994Payable to Adviser


1,680,410



1,568,252Professional fees payable


597,318



484,248Administrator and custodian fees payable


506,871



136,170Miscellaneous payable


200,000



1,840Transfer agent fees payable


23,019



13,809Accrued organization costs






106,510Due to affiliate






469,453Total liabilities

$
631,239,926


$
370,671,228Commitments and Contingencies (Note 6)Net AssetsCommon stock, par value $0.01 per share (200,000,000 shares authorized, 35,343,949 and 23,775,222
shares issued and outstanding at December 31, 2021 and December 31, 2020, respectively)


353,440



237,752Paid-in capital in excess of par value


339,292,017



227,482,784Distributable earnings (accumulated loss)


6,614,462



(5,360,904
)Total net assets of AB Private Credit Investors Corporation

$
346,259,919


$
222,359,632Non-Controlling Interest in ABPCIC Equity Holdings,
LLC

$
16,761


$
641Total net assets

$
346,276,680


$
222,360,273Total liabilities and net assets

$
977,516,606


$
593,031,501Net asset value per share of AB Private Credit Investors Corporation

$
9.80


$
9.35 See Notes to Consolidated Financial Statements  87




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##### Table of Contents

AB Private Credit Investors Corporation Consolidated Statements of Operations  For the yearendedDecember 31,2021


For the yearendedDecember 31,2020


For the yearendedDecember 31,2019Investment Income:Interest income, net of amortization/accretion

$
50,333,978


$
30,722,786


$
21,204,120Payment-in-kind
interest


1,614,519



862,336



301,603Dividend income


129,884







Other fee income


802,227



634,388



229,144Total investment income


52,880,608



32,219,510



21,734,867Expenses:Interest and borrowing expenses


13,936,441



8,616,494



8,465,414Management fees


10,090,280



6,091,338



3,688,293Income-based incentive fee


3,650,394



1,790,567



981,757Professional fees


2,060,924



1,722,056



1,507,579Collateral management fees


1,844,600



1,843,957



1,156,419Capital gains incentive fee


1,283,044







Administration and custodian fees


715,044



451,514



347,444Insurance expenses


638,402



289,496



261,351Directors fees


200,000



200,000



144,606Transfer agent fees


79,209



50,199



28,600Organization expenses






106,510



Other expenses


942,759



625,919



539,659Total expenses


35,441,097



21,788,050



17,121,122Reimbursement payments to Adviser (See Note 3: Expense Support and ConditionalReimbursement
Agreement)


1,392,871



2,439,175



107,841Waived collateral management fees


(1,844,600
)


(1,843,957
)


(1,156,419
)Expense reimbursement from Adviser






(89,757
)


(447,556
)Waived management fees


(1,198,763
)


(1,863,539
)


(380,701
)Waived incentive fees






(486,784
)


(132,327
)Net expenses


33,790,605



19,943,188



15,111,960Net investment income before taxes


19,090,003



12,276,322



6,622,907Income tax expense, including excise tax


278,497







Net investment income after tax


18,811,506



12,276,322



6,622,907Net realized and change in unrealized gains (losses) on investment transactions:Net realized gain (loss) from investments


(947,978
)


569,369



83,847Net change in unrealized appreciation (depreciation) on investments


12,893,899



(4,345,008
)


(1,139,312
)Net realized and change in unrealized gains (losses) on investment transactions


11,945,921



(3,775,639
)


(1,055,465
)Net increase in net assets resulting from operations

$
30,757,427


$
8,500,683


$
5,567,442Less: Net increase (decrease) in net assets resulting from operations related to Non-Controlling Interest in ABPCIC Equity Holdings, LLC

$
833


$
(879
)

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

$
30,756,594


$
8,501,562


$
5,567,442Net investment income per share (basic and diluted):Net investment income per share (basic and diluted):

$
0.66


$
0.66


$
0.66Earnings per share (basic and diluted):

$
1.08


$
0.46


$
0.56Weighted average shares outstanding:


28,442,383



18,603,813



10,024,619 See Notes to Consolidated Financial Statements  88




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##### Table of Contents

AB Private Credit Investors Corporation Consolidated Statements of Changes in Net Assets  Common StockShares


Par Amount


Paid in CapitalinExcess of Par


DistributableEarnings


Non-ControllingInterest -ABPCICEquityHoldings, LLC


TotalNet AssetsNet assets at December 31, 2020


23,775,222


$
237,752


$
227,482,784


$
(5,360,904
)

$
641


$
222,360,273Increase (decrease) in net assets resulting from operations:Net investment income














18,812,271



(765
)


18,811,506Net realized gain (loss) on investments














(947,978
)






(947,978
)Net change in unrealized appreciation (depreciation) on investments














12,892,301



1,598



12,893,899Capital transactions:Issuance of common stock


14,275,267



142,753



137,791,213











137,933,966Contribution of non-controlling interest into ABPCIC
Equity Holdings, LLC


















15,287



15,287Issuance of common shares pursuant to distribution reinvestment plan


1,000,558



10,006



9,660,798











9,670,804Repurchase of common stock


(3,707,098
)


(37,071
)


(35,642,778
)










(35,679,849
)Distributions to stockholders














(18,781,228
)






(18,781,228
)Total increase (decrease) for the year ended December 31, 2021


11,568,727



115,688



111,809,233



11,975,366



16,120



123,916,407Net assets at December 31, 2021


35,343,949


$
353,440


$
339,292,017


$
6,614,462


$
16,761


$
346,276,680Distributions declared per share





$



$



$
0.64


$



$
0.64 See Notes to Consolidated Financial Statements  89




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##### Table of Contents

AB Private Credit Investors Corporation Consolidated Statements of Changes in Net Assets  Common StockShares


Par Amount


Paid in CapitalinExcess of Par


DistributableEarnings


Non-ControllingInterest -ABPCICEquityHoldings, LLC


TotalNet AssetsNet assets at December 31, 2019


14,627,401


$
146,274


$
146,096,298


$
(1,680,177
)

$



$
144,562,395Increase (decrease) in net assets resulting from operations:Net investment income














12,277,201



(879
)


12,276,322Net realized gain (loss) on investments














569,369







569,369Net change in unrealized appreciation (depreciation) on investments














(4,345,008
)






(4,345,008
)Capital transactions:Issuance of common stock


8,434,606



84,346



75,036,885











75,121,231Contribution of non-controlling interest into ABPCIC
Equity Holdings, LLC


















1,520



1,520Issuance of common shares pursuant to distribution reinvestment plan


713,215



7,132



6,349,601











6,356,733Distributions to stockholders














(12,182,289
)






(12,182,289
)Total increase (decrease) for the year ended December 31, 2020


9,147,821



91,478



81,386,486



(3,680,727
)


641



77,797,878Net assets at December 31, 2020


23,775,222


$
237,752


$
227,482,784


$
(5,360,904
)

$
641


$
222,360,273Distributions declared per share





$



$



$
0.68


$



$
0.68 See Notes to Consolidated Financial Statements  90




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##### Table of Contents

AB Private Credit Investors Corporation Consolidated Statements of Changes in Net Assets  Common StockShares


Par Amount


Paid in CapitalinExcess of Par


DistributableEarnings


Non-ControllingInterest -ABPCICEquityHoldings, LLC


TotalNet AssetsNet assets at December 31, 2018


6,383,672


$
63,837


$
63,838,147


$
(628,274
)

$



$
63,273,710Increase (decrease) in net assets resulting from operations:Net investment income














6,622,907







6,622,907Net realized gain (loss) on investments














83,847







83,847Net change in unrealized appreciation (depreciation) on investments














(1,139,312
)






(1,139,312
)Capital transactions:Issuance of common stock


7,908,617



79,086



78,858,180











78,937,266Issuance of common shares pursuant to distribution reinvestment plan


358,450



3,584



3,555,508











3,559,092Repurchase of common stock


(23,338
)


(233
)


(231,890
)










(232,123
)Distributions to stockholders














(6,542,992
)






(6,542,992
)Total increase (decrease) for the year ended December 31, 2019


8,243,729



82,437



82,181,798



(975,550
)






81,288,685Tax reclassification of stockholders equity in accordance with GAAP










76,353



(76,353
)


Net assets at December 31, 2019


14,627,401


$
146,274


$
146,096,298


$
(1,680,177
)

$



$
144,562,395Distributions declared per share





$



$



$
0.61


$



$
0.61 See Notes to Consolidated Financial Statements  91




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##### Table of Contents

AB Private Credit Investors Corporation Consolidated Statements of Cash Flows  For the yearendedDecember 31,2021


For the yearendedDecember 31,2020


For the yearendedDecember 31,2019Cash flows from operating activitiesNet increase (decrease) in net assets resulting from operations

$
30,757,427


$
8,500,683


$
5,567,442Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net
cash provided by (used for) operating activities:Purchases of investments


(529,161,384
)


(285,191,479
)


(250,053,625
)Payment-in-kind
investments


(1,614,519
)


(862,336
)


(301,603
)Proceeds from sales of investments and principal repayments


187,574,941



96,723,914



43,468,226Net realized (gain) loss on investments


947,978



(569,369
)


(83,847
)Net change in unrealized (appreciation) depreciation on investments


(12,893,899
)


4,345,008



1,139,312Amortization of premium and accretion of discount, net


(4,399,080
)


(2,455,450
)


(1,390,648
)Amortization of discount, debt issuance and deferred financing costs


2,764,057



1,208,387



1,088,053Increase (decrease) in operating assets and liabilities:(Increase) decrease in receivable for investments sold


(858,265
)


206,522



(286,935
)(Increase) decrease in interest receivable


(957,312
)


(414,492
)


(1,041,109
)(Increase) decrease in other assets


879



(879
)


(Increase) decrease in prepaid directors fee


(63,025
)






(Increase) decrease in prepaid expenses


36,134



(180,502
)


(9,776
)Increase (decrease) in payable for investments purchased


9,692,322







Increase (decrease) in due to affiliate


(469,453
)


469,453



Increase (decrease) in management fees payable


1,119,714



479,642



223,566Increase (decrease) in payable to Adviser


112,158



1,212,997



264,809Increase (decrease) in administrator and custodian fees payable


370,701



(123,891
)


44,383Increase (decrease) in professional fees payable


113,070



(166,592
)


158,930Increase (decrease) in miscellaneous payable


198,160



(23,455
)


25,295Increase (decrease) in incentive fee payable


307,258



1,303,783



849,429Increase (decrease) in transfer agent fees payable


9,210



4,412



(1,320
)Increase (decrease) in interest and borrowing expenses payable


1,312,658



(1,858,381
)


3,165,191Increase (decrease) in accrued organization costs


(106,510
)


106,510



Net cash provided by (used for) operating activities


(315,206,780
)


(177,285,515
)


(197,174,227
)Cash flows from financing activitiesIssuance of common stock


148,704,308



61,731,629



71,594,798Contribution of Non-Controlling Interest into ABPCIC
Equity Holdings, LLC


15,287



1,520



Repurchase of common stock


(30,943,710
)






(232,123
)Distributions paid


(8,311,518
)


(5,248,395
)


(2,423,066
)Financing costs paid


(3,436,425
)


(1,791,264
)


(3,760,964
)Borrowings on notes










213,117,165Borrowings on credit facility


436,900,000



209,700,000



247,250,000Repayments of credit facility


(187,000,000
)


(98,500,000
)


(315,950,000
)Proceeds on secured borrowings


10,228,115



34,901,866



Repayments on secured borrowings


(18,870,856
)


(16,031,010
)


Net cash provided by (used for) financing activities


347,285,201



184,764,346



209,595,810Net increase (decrease) in cash


32,078,421



7,478,831



12,421,583Cash and cash equivalents, beginning of period


22,410,622



14,931,791



2,510,208Cash and cash equivalents, end of period

$
54,489,043


$
22,410,622


$
14,931,791Supplemental and non-cash financing
activitiesCash paid during the period for interest

$
9,489,796


$
9,196,475


$
3,998,295Issuance of common shares pursuant to distribution reinvestment plan

$
9,670,804


$
6,356,733


$
3,559,092State taxes paid

$
78,497


$



$
 See Notes to Consolidated Financial Statements  92




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##### Table of Contents

AB Private Credit Investors Corporation Consolidated Schedule of Investments as of December 31, 2021  Portfolio Company

Industry

Facility Type

Interest

Maturity


FundedPar Amount


Cost


Fair ValueInvestments at Fair Value 257.77% + * # ^U.S. Corporate Debt 244.00%1st Lien/Senior Secured Debt 240.92%AmerCareRoyal, LLC(1)

Business Services

Delayed Draw Term Loan

6.00% (L + 5.00%; 1.00% Floor)


11/25/2025


$
526,726


$
522,476


$
492,489AmerCareRoyal, LLC(2)

Business Services

Term Loan

6.00% (L + 5.00%; 1.00% Floor)


11/25/2025



542,157



537,783



506,917AmerCareRoyal, LLC(1)

Business Services

Term Loan

6.00% (L + 5.00%; 1.00% Floor)


11/25/2025



4,369,977



4,340,035



4,085,928BEP Borrower Holdco, LLC(2) (3)

Business Services

Delayed Draw Term Loan

5.25% (L + 4.25%; 1.00% Floor)


06/12/2024



1,272,200



1,260,728



1,272,200BEP Borrower Holdco, LLC(4) (5)

Business Services

Revolver

5.25% (L + 4.25%; 1.00% Floor)


06/12/2024







(3,190
)


BEP Borrower Holdco, LLC(1)

Business Services

Term Loan

5.25% (L + 4.25%; 1.00% Floor)


06/12/2024



3,392,534



3,365,460



3,392,534Engage2Excel, Inc.(1) (4)

Business Services

Revolver

9.00% (L + 6.00%; 2.00% PIK; 1.00% Floor)


03/07/2023



373,874



371,898



370,041Engage2Excel, Inc.(1)

Business Services

Term Loan

9.00% (L + 6.00%; 2.00% PIK; 1.00% Floor)


03/07/2023



1,037,292



1,030,411



1,026,919Engage2Excel, Inc.(1)

Business Services

Term Loan

9.00% (L + 6.00%; 2.00% PIK; 1.00% Floor)


03/07/2023



2,989,244



2,972,409



2,959,351Global Radar Holdings, LLC(4) (5)

Business Services

Revolver

7.50% (L + 6.50%; 1.00% Floor)


12/31/2025







(1,874
)


Global Radar Holdings, LLC(2) (3)

Business Services

Term Loan

7.50% (L + 6.50%; 1.00% Floor)


12/31/2025



7,494,115



7,370,436



7,494,115Metametrics, Inc.(4)

Business Services

Revolver

6.00% (L + 5.00%; 1.00% Floor)


09/10/2025



260,473



252,392



260,473Metametrics, Inc.(1) (2)

Business Services

Term Loan

6.00% (L + 5.00%; 1.00% Floor)


09/10/2025



4,731,059



4,668,040



4,731,059MSM Acquisitions, Inc.(4) (5)

Business Services

Delayed Draw Term Loan

7.00% (L + 6.00%; 1.00% Floor)


12/09/2026







(14,764
)


MSM Acquisitions, Inc.(2)

Business Services

Delayed Draw Term Loan

7.00% (L + 6.00%; 1.00% Floor)


12/09/2026



3,035,769



2,982,201



3,020,590MSM Acquisitions, Inc.(4)

Business Services

Revolver

8.25% (P + 5.00%; 2.00% Floor)


12/09/2026



113,317



93,015



107,191MSM Acquisitions, Inc.(1) (2) (3)

Business Services

Term Loan

7.00% (L + 6.00%; 1.00% Floor)


12/09/2026



8,295,612



8,164,830



8,254,134Rep Tec Intermediate Holdings, Inc.(4)
(5)

Business Services

Revolver

7.50% (L + 6.50%; 1.00% Floor)


12/01/2027







(12,973
)


Rep Tec Intermediate Holdings, Inc.(1) (2)
(3)

Business Services

Term Loan

7.50% (L + 6.50%; 1.00% Floor)


12/01/2027



14,386,927



14,150,969



14,386,927Valcourt Holdings II, LLC(1) (4)

Business Services

Delayed Draw Term Loan

6.50% (L + 5.50%; 1.00% Floor)


01/07/2027



629,494



604,560



629,494Valcourt Holdings II, LLC(2)

Business Services

Term Loan

6.50% (L + 5.50%; 1.00% Floor)


01/07/2027



2,668,148



2,620,810



2,668,148Valcourt Holdings II, LLC(1) (2)

Business Services

Term Loan

6.50% (L + 5.50%; 1.00% Floor)


01/07/2027



6,343,167



6,233,173



6,343,167AEG Holding Company, Inc.(1)

Consumer Discretionary

Delayed Draw Term Loan

6.50% (L + 5.50%; 1.00% Floor)


11/20/2023



1,056,538



1,049,248



1,056,538AEG Holding Company, Inc.(4) (5)

Consumer Discretionary

Revolver

6.50% (L + 5.50%; 1.00% Floor)


11/20/2023







(8,444
)


AEG Holding Company, Inc.(3)

Consumer Discretionary

Term Loan

6.50% (L + 5.50%; 1.00% Floor)


11/20/2023



1,838,542



1,821,998



1,838,542AEG Holding Company, Inc.(1)

Consumer Discretionary

Term Loan

6.50% (L + 5.50%; 1.00% Floor)


11/20/2023



5,710,726



5,669,850



5,710,726Ampler QSR Holdings, LLC(2) (3)

Consumer Non-Cyclical

Term Loan

6.88% (L + 5.88%; 1.00% Floor)


07/21/2027



12,471,832



12,240,157



12,284,755Blink Holdings, Inc.(1)

Consumer Non-Cyclical

Delayed Draw Term Loan

6.50% (L + 5.50%; 1.00% Floor)


11/08/2024



1,178,697



1,171,653



1,046,094Blink Holdings, Inc.

Consumer Non-Cyclical

Delayed Draw Term Loan

6.50% (L + 5.50%; 1.00% Floor)


11/08/2024



945,093



944,188



838,770Blink Holdings, Inc.(1)

Consumer Non-Cyclical

Term Loan

6.50% (L + 5.50%; 1.00% Floor)


11/08/2024



1,647,736



1,637,867



1,462,365Captain Ds, Inc.(4) (5)

Consumer Non-Cyclical

Revolver

5.50% (L + 4.50%; 1.00% Floor)


12/15/2023







(713
)


Captain Ds, Inc.(1)

Consumer Non-Cyclical

Term Loan

5.50% (L + 4.50%; 1.00% Floor)


12/15/2023



1,929,660



1,922,514



1,929,660Freddys Frozen Custard, L.L.C(4)
(5)

Consumer Non-Cyclical

Revolver

6.00% (L + 5.00%; 1.00% Floor)


03/03/2027







(4,461
)


Freddys Frozen Custard, L.L.C(2)
(3)

Consumer Non-Cyclical

Term Loan

6.00% (L + 5.00%; 1.00% Floor)


03/03/2027



4,908,524



4,855,157



4,908,524Krispy Krunchy Foods, L.L.C(4) (5)

Consumer Non-Cyclical

Revolver

5.75% (L + 4.75%; 1.00% Floor)


11/17/2027







(19,108
)


(19,498
)Krispy Krunchy Foods, L.L.C(2) (3)

Consumer Non-Cyclical

Term Loan

5.75% (L + 4.75%; 1.00% Floor)


11/17/2027



11,698,611



11,469,309



11,464,639Mathnasium LLC(4)

Consumer Non-Cyclical

Revolver

5.75% (L + 5.00%; 0.75% Floor)


11/15/2027



87,043



74,259



73,987Mathnasium LLC(1) (2)

Consumer Non-Cyclical

Term Loan

5.75% (L + 5.00%; 0.75% Floor)


11/15/2027



5,440,202



5,333,666



5,331,398PF Growth Partners, LLC

Consumer Non-Cyclical

Term Loan

6.50% (L + 5.50%; 1.00% Floor)


07/11/2025



118,340



114,494



114,494PF Growth Partners, LLC

Consumer Non-Cyclical

Term Loan

6.50% (L + 5.50%; 1.00% Floor)


07/11/2025



239,084



231,313



231,313PF Growth Partners, LLC(1)

Consumer Non-Cyclical

Term Loan

6.50% (L + 5.50%; 1.00% Floor)


07/11/2025



1,991,362



1,978,641



1,926,643TBG Food Acquisition Corp(4) (5)

Consumer Non-Cyclical

Delayed Draw Term Loan

5.00% (L + 4.25%; 0.75% Floor)


12/25/2027







(10,528
)


(10,561
)TBG Food Acquisition Corp(4) (5)

Consumer Non-Cyclical

Revolver

5.00% (L + 4.25%; 0.75% Floor)


12/25/2027







(2,632
)


(2,640
)TBG Food Acquisition Corp(1) (2)

Consumer Non-Cyclical

Term Loan

5.00% (L + 4.25%; 0.75% Floor)


12/25/2027



6,600,651



6,534,791



6,534,6455 Bars, LLC(4) (5)

Digital Infrastructure & Services

Delayed Draw Term Loan

5.50% (L + 4.50%; 1.00% Floor)


09/27/2024







(28,548
)


5 Bars, LLC(4) (5)

Digital Infrastructure & Services

Revolver

5.50% (L + 4.50%; 1.00% Floor)


09/27/2024







(5,353
)


5 Bars, LLC(3)

Digital Infrastructure & Services

Term Loan

5.50% (L + 4.50%; 1.00% Floor)


09/27/2024



4,742,121



4,700,796



4,742,121Avant Communications, LLC(4) (5)

Digital Infrastructure & Services

Revolver

6.50% (L + 5.50%; 1.00% Floor)


11/30/2026







(11,145
)


(11,338
)Avant Communications, LLC(1) (2)

Digital Infrastructure & Services

Term Loan

6.50% (L + 5.50%; 1.00% Floor)


11/30/2026



5,102,189



5,001,883



5,000,145Bridgepointe Technologies, LLC(4) (5)


Digital Infrastructure & Services

Delayed Draw Term Loan

6.75% (L + 5.75%; 1.00% Floor)


12/31/2027







(38,875
)


(77,749
)Bridgepointe Technologies, LLC(4) (5)


Digital Infrastructure & Services

Delayed Draw Term Loan

6.75% (L + 5.75%; 1.00% Floor)


12/31/2027







(27,795
)


(55,591
)Bridgepointe Technologies, LLC(4) (5)


Digital Infrastructure & Services

Revolver

6.75% (L + 5.75%; 1.00% Floor)


12/31/2027







(15,550
)


(15,550
)Bridgepointe Technologies, LLC(1) (2)


Digital Infrastructure & Services

Term Loan

6.75% (L + 5.75%; 1.00% Floor)


12/31/2027



4,789,366



4,693,578



4,693,578Coretelligent Intermediate LLC(4)

Digital Infrastructure & Services

Delayed Draw Term Loan

6.50% (L + 5.50%; 1.00% Floor)


10/21/2027











Coretelligent Intermediate LLC(4) (5)


Digital Infrastructure & Services

Revolver

6.50% (L + 5.50%; 1.00% Floor)


10/21/2027







(18,391
)


(18,996
)Coretelligent Intermediate LLC(1) (2)
(3)

Digital Infrastructure & Services

Term Loan

6.50% (L + 5.50%; 1.00% Floor)


10/21/2027



8,029,110



7,912,508



7,908,673EvolveIP, LLC

Digital Infrastructure & Services

Delayed Draw Term Loan

6.50% (L + 5.50%; 1.00% Floor)


06/07/2025



112,240



111,547



111,679  See Notes to Consolidated Financial
Statements  93




---

##### Table of Contents

AB Private Credit Investors Corporation Consolidated Schedule of Investments as of December 31, 2021  Portfolio Company

Industry

Facility Type

Interest

Maturity


Funded ParAmount


Cost


Fair ValueEvolveIP, LLC(4)

Digital Infrastructure & Services

Revolver

6.50% (L + 5.50%; 1.00% Floor)


06/07/2025


$
56,687


$
53,206


$
53,852EvolveIP, LLC(1)

Digital Infrastructure & Services

Term Loan

6.50% (L + 5.50%; 1.00% Floor)


06/07/2025



6,500,813



6,458,027



6,468,309Fatbeam, LLC(4) (5)

Digital Infrastructure & Services

Delayed Draw Term Loan

7.25% (L + 6.25%; 1.00% Floor)


02/22/2026







(30,181
)


(64,385
)Fatbeam, LLC(4) (5)

Digital Infrastructure & Services

Delayed Draw Term Loan

7.25% (L + 6.25%; 1.00% Floor)


02/22/2026







(30,181
)


(64,385
)Fatbeam, LLC(4)

Digital Infrastructure & Services

Revolver

7.25% (L + 6.25%; 1.00% Floor)


02/22/2026



257,540



245,467



231,786Fatbeam, LLC(2) (3)

Digital Infrastructure & Services

Term Loan

7.25% (L + 6.25%; 1.00% Floor)


02/22/2026



6,438,490



6,316,842



6,180,951Firstdigital Communications LLC(4)
(5)

Digital Infrastructure & Services

Revolver

5.00% (L + 4.25%; 0.75% Floor)


12/17/2026







(31,481
)


(31,735
)Firstdigital Communications LLC(2)
(3)

Digital Infrastructure & Services

Term Loan

5.00% (L + 4.25%; 0.75% Floor)


12/17/2026



13,645,840



13,375,102



13,372,924Fuze, Inc.(2) (3)

Digital Infrastructure & Services

Delayed Draw Term Loan

9.675% (L + 5.625%; 2.30% PIK; 1.75% Floor)


09/20/2024



2,249,398



1,882,144



2,606,495Fuze, Inc.(4) (5)

Digital Infrastructure & Services

Revolver

9.675% (L + 5.625%; 2.30% PIK; 1.75% Floor)


09/20/2024







(3,038
)


29,436Fuze, Inc.(1) (3)

Digital Infrastructure & Services

Term Loan

9.675% (L + 5.625%; 2.30% PIK; 1.75% Floor)


09/20/2024



9,593,090



9,562,149



11,289,986MBS Holdings, Inc.(4) (5)

Digital Infrastructure & Services

Revolver

6.75% (L + 5.75%; 1.00% Floor)


04/16/2027







(17,253
)


(4,871
)MBS Holdings, Inc.(1) (2) (3)

Digital Infrastructure & Services

Term Loan

6.75% (L + 5.75%; 1.00% Floor)


04/16/2027



10,468,423



10,283,024



10,416,080NI Topco, Inc(4)

Digital Infrastructure & Services

Revolver

4.35% (L + 4.25%)


12/28/2026



244,622



226,764



226,764NI Topco, Inc(2) (3)

Digital Infrastructure & Services

Term Loan

6.50% (L + 5.75%; 0.75% Floor)


12/28/2028



6,689,537



6,539,022



6,539,022Saturn Borrower Inc(4) (5)

Digital Infrastructure & Services

Delayed Draw Term Loan

6.25% (L + 5.25%; 1.00% Floor)


12/15/2027







(39,305
)


(79,208
)Saturn Borrower Inc(4)

Digital Infrastructure & Services

Revolver

6.25% (L + 5.25%; 1.00% Floor)


12/15/2027



244,224



224,571



224,422Saturn Borrower Inc(2)

Digital Infrastructure & Services

Term Loan

6.25% (L + 5.25%; 1.00% Floor)


12/15/2027



7,920,781



7,762,366



7,762,366Single Digits, Inc.(2)

Digital Infrastructure & Services

Delayed Draw Term Loan

7.00% (L + 6.00%; 1.00% Floor)


12/21/2023



601,500



599,101



595,485Single Digits, Inc.(4) (5)

Digital Infrastructure & Services

Revolver

7.00% (L + 6.00%; 1.00% Floor)


12/21/2023







(1,656
)


(4,161
)Single Digits, Inc.(1)

Digital Infrastructure & Services

Term Loan

7.00% (L + 6.00%; 1.00% Floor)


12/21/2023



3,229,305



3,214,249



3,197,012Thrive Buyer, Inc.(1) (2) (4)

Digital Infrastructure & Services

Delayed Draw Term Loan

7.00% (L + 6.00%; 1.00% Floor)


01/22/2027



4,699,600



4,543,576



4,678,788Thrive Buyer, Inc.(4) (5)

Digital Infrastructure & Services

Revolver

7.00% (L + 6.00%; 1.00% Floor)


01/22/2027







(19,914
)


(2,774
)Thrive Buyer, Inc.(1) (2) (3)

Digital Infrastructure & Services

Term Loan

7.00% (L + 6.00%; 1.00% Floor)


01/22/2027



11,885,159



11,678,026



11,855,446Towerco IV Holdings, LLC(1) (2) (4)

Digital Infrastructure & Services

Delayed Draw Term Loan

6.63% (L + 5.63%; 1.00% Floor)


04/23/2026



13,200,903



13,015,634



13,035,063Transtelco Holding, Inc.(2)

Digital Infrastructure & Services

Term Loan

6.25% (L + 5.75%; 0.50% Floor)


03/26/2026



4,756,166



4,708,605



4,708,605Transtelco Holding, Inc.(1) (2) (3)

Digital Infrastructure & Services

Term Loan

6.25% (L + 5.75%; 0.50% Floor)


03/26/2026



4,756,166



4,708,605



4,708,605Accelerate Resources Operating, LLC(4)
(5)

Energy

Revolver

6.50% (L + 5.50%; 1.00% Floor)


02/24/2026







(5,804
)


Accelerate Resources Operating,
LLC(1)

Energy

Term Loan

6.50% (L + 5.50%; 1.00% Floor)


02/24/2026



4,233,665



4,174,582



4,233,665Bowline Energy, LLC(1)

Energy

Term Loan

7.50% (L + 6.50%; 1.00% Floor)


08/09/2025



3,501,384



3,463,180



3,501,384Foundation Risk Partners, Corp.(4)

Financials

Delayed Draw Term Loan

6.50% (L + 5.75%; 0.75% Floor)


10/29/2028



1,221,250



1,208,400



1,205,221Foundation Risk Partners, Corp.(4)
(5)

Financials

Revolver

6.50% (L + 5.75%; 0.75% Floor)


10/29/2027







(12,430
)


(12,976
)Foundation Risk Partners, Corp.(1) (2)
(3)

Financials

Term Loan

6.50% (L + 5.75%; 0.75% Floor)


10/29/2028



9,831,060



9,712,835



9,708,172Galway Borrower, LLC(4) (5)

Financials

Delayed Draw Term Loan

6.00% (L + 5.25%; 0.75% Floor)


09/29/2028







(5,470
)


(5,679
)Galway Borrower, LLC(4) (5)

Financials

Revolver

6.00% (L + 5.25%; 0.75% Floor)


09/30/2027







(5,186
)


(5,408
)Galway Borrower, LLC(1) (2)

Financials

Term Loan

6.00% (L + 5.25%; 0.75% Floor)


09/29/2028



3,762,793



3,694,870



3,687,538Higginbotham Insurance Agency, Inc.(2)
(4)

Financials

Delayed Draw Term Loan

6.25% (L + 5.50%; 0.75% Floor)


11/25/2026



408,722



392,084



389,995Higginbotham Insurance Agency, Inc.(1) (2)
(3)

Financials

Term Loan

6.25% (L + 5.50%; 0.75% Floor)


11/25/2026



8,124,520



8,025,805



8,043,274Purchasing Power, LLC(1)

Financials

Term Loan

7.75% (L + 6.75%; 1.00% Floor)


02/06/2024



2,143,137



2,124,747



2,137,779TA/WEG Holdings, LLC(4)

Financials

Delayed Draw Term Loan

6.75% (L + 5.75%; 1.00% Floor)


10/04/2027



3,369,460



3,349,421



3,369,460TA/WEG Holdings, LLC(4)

Financials

Revolver

6.75% (L + 5.75%; 1.00% Floor)


10/04/2027



146,272



144,546



146,272AAH Topco, LLC(4) (5)

Healthcare & HCIT

Delayed Draw Term Loan

6.25% (L + 5.50%; 0.75% Floor)


12/22/2027







(80,707
)


(162,172
)AAH Topco, LLC(4) (5)

Healthcare & HCIT

Revolver

6.25% (L + 5.50%; 0.75% Floor)


12/22/2027







(15,672
)


(7,873
)AAH Topco, LLC(1) (2) (3)

Healthcare & HCIT

Term Loan

6.25% (L + 5.50%; 0.75% Floor)


12/22/2027



7,651,890



7,499,432



7,498,853American Physician Partners, LLC(1)
(2)

Healthcare & HCIT

Delayed Draw Term Loan

9.25% (L + 6.75%; 1.50% PIK; 1.00% Floor)


02/22/2022



968,734



968,067



968,734American Physician Partners, LLC(4)

Healthcare & HCIT

Revolver

9.25% (L + 6.75%; 1.50% PIK; 1.00% Floor)


02/22/2022



346,322



346,034



346,322  See Notes to Consolidated Financial
Statements  94




---

##### Table of Contents

AB Private Credit Investors Corporation Consolidated Schedule of Investments as of December 31, 2021  Portfolio Company

Industry

Facility Type

Interest

Maturity


Funded ParAmount


Cost


Fair ValueAmerican Physician Partners,
LLC(2)

Healthcare & HCIT

Term Loan

9.25% (L + 6.75%; 1.50% PIK; 1.00% Floor)


02/22/2022


$
1,110,657


$
1,110,051


$
1,110,657American Physician Partners, LLC(1)

Healthcare & HCIT

Term Loan

9.25% (L + 6.75%; 1.50% PIK; 1.00% Floor)


02/22/2022



5,135,852



5,132,311



5,135,852American Physician Partners, LLC(1)
(2)

Healthcare & HCIT

Term Loan

9.25% (L + 6.75%; 1.50% PIK; 1.00% Floor)


02/22/2022



2,061,589



2,046,516



2,061,589Analogic Corporation(4)

Healthcare & HCIT

Revolver

6.25% (L + 5.25%; 1.00% Floor)


06/22/2023



122,222



121,007



115,271Analogic Corporation(1) (3)

Healthcare & HCIT

Term Loan

6.25% (L + 5.25%; 1.00% Floor)


06/24/2024



2,096,111



2,077,718



2,027,987Caregiver 2, Inc.(4)

Healthcare & HCIT

Delayed Draw Term Loan

6.25% (L + 5.25%; 1.00% Floor)


07/24/2025



1,302,812



1,273,771



1,275,272Caregiver 2, Inc.(3)

Healthcare & HCIT

Term Loan

6.25% (L + 5.25%; 1.00% Floor)


07/24/2025



677,662



667,618



665,803Caregiver 2, Inc.(3)

Healthcare & HCIT

Term Loan

6.25% (L + 5.25%; 1.00% Floor)


07/24/2025



4,721,319



4,651,344



4,638,696Caregiver 2, Inc.(2)

Healthcare & HCIT

Term Loan

6.25% (L + 5.25%; 1.00% Floor)


07/24/2025



646,610



635,095



635,294Choice Health At Home, LLC,(4) (5)

Healthcare & HCIT

Delayed Draw Term Loan

7.00% (L + 6.00%; 1.00% Floor)


12/29/2026







(17,314
)


(34,628
)Choice Health At Home, LLC,(1) (2)

Healthcare & HCIT

Term Loan

7.00% (L + 6.00%; 1.00% Floor)


12/29/2026



2,697,942



2,657,473



2,657,473Coding Solutions Acquisition, Inc.(4)
(5)

Healthcare & HCIT

Delayed Draw Term Loan

7.25% (L + 6.25%; 1.00% Floor)


12/31/2026







(20,474
)


(18,330
)Coding Solutions Acquisition, Inc.(4)


Healthcare & HCIT

Revolver

7.25% (L + 6.25%; 1.00% Floor)


12/31/2025



69,828



67,954



68,955Coding Solutions Acquisition, Inc.(2)
(3)

Healthcare & HCIT

Term Loan

7.25% (L + 6.25%; 1.00% Floor)


12/31/2026



7,834,654



7,701,591



7,775,894Community Based Care Acquisition,
Inc.(4)

Healthcare & HCIT

Delayed Draw Term Loan

6.50% (L + 5.50%; 1.00% Floor)


09/16/2027



305,358



284,793



305,358Community Based Care Acquisition, Inc.(4)
(6)

Healthcare & HCIT

Revolver

7.75% (P + 4.50%; 2.00% Floor)


09/16/2027



475,097



458,641



468,619Community Based Care Acquisition, Inc.(1)
(2)

Healthcare & HCIT

Term Loan

6.50% (L + 5.50%; 1.00% Floor)


09/16/2027



5,342,252



5,237,300



5,302,185Delaware Valley Management Holdings, Inc.(4)
(5)

Healthcare & HCIT

Delayed Draw Term Loan

7.25% (L + 6.25%; 1.00% Floor)


03/21/2024







(21,173
)


(121,182
)Delaware Valley Management Holdings, Inc.

Healthcare & HCIT

Revolver

7.25% (L + 6.25%; 1.00% Floor)


03/21/2024



537,691



532,717



475,856Delaware Valley Management Holdings, Inc.

Healthcare & HCIT

Term Loan

7.25% (L + 6.25%; 1.00% Floor)


03/21/2024



3,492,300



3,458,909



3,090,686Ethos Veterinary Health, LLC(1)

Healthcare & HCIT

Delayed Draw Term Loan

4.85% (L + 4.75%)


05/15/2026



1,067,934



1,060,499



1,067,934Ethos Veterinary Health, LLC(1)

Healthcare & HCIT

Term Loan

4.85% (L + 4.75%)


05/15/2026



2,268,405



2,252,839



2,268,405FH MD Buyer, Inc.(1) (2)

Healthcare & HCIT

Term Loan

5.75% (L + 5.00%; 0.75% Floor)


07/24/2028



5,520,754



5,466,660



5,479,349GHA Buyer, Inc.(2)

Healthcare & HCIT

Delayed Draw Term Loan

8.50% (L + 6.50%; 2.00% Floor)


06/24/2025



811,193



798,999



811,193GHA Buyer, Inc.(4)

Healthcare & HCIT

Revolver

8.50% (L + 6.50%; 2.00% Floor)


06/24/2025



317,026



306,311



317,026GHA Buyer, Inc.(1)

Healthcare & HCIT

Term Loan

8.50% (L + 6.50%; 2.00% Floor)


06/24/2025



559,497



551,505



559,497GHA Buyer, Inc.(1) (3)

Healthcare & HCIT

Term Loan

8.50% (L + 6.50%; 2.00% Floor)


06/24/2025



5,353,792



5,271,375



5,353,792GHA Buyer, Inc.(3)

Healthcare & HCIT

Term Loan

8.50% (L + 6.50%; 2.00% Floor)


06/24/2025



4,635,391



4,561,173



4,635,391GHA Buyer, Inc.(1)

Healthcare & HCIT

Term Loan

8.50% (L + 6.50%; 2.00% Floor)


06/24/2025



1,957,629



1,941,868



1,957,629Honor HN Buyer,Inc(4) (5)

Healthcare & HCIT

Delayed Draw Term Loan

7.00% (L + 6.00%; 1.00% Floor)


10/15/2027







(16,022
)


(16,596
)Honor HN Buyer,Inc(4) (5)

Healthcare & HCIT

Revolver

7.00% (L + 6.00%; 1.00% Floor)


10/15/2027







(6,082
)


(6,082
)Honor HN Buyer,Inc(1) (2)

Healthcare & HCIT

Term Loan

7.00% (L + 6.00%; 1.00% Floor)


10/15/2027



2,643,294



2,592,248



2,590,429Kindeva Drug Delivery L.P.(4)

Healthcare & HCIT

Revolver

7.00% (L + 6.00%; 1.00% Floor)


05/01/2025



687,973



663,697



641,000Kindeva Drug Delivery L.P.(1) (2) (3)


Healthcare & HCIT

Term Loan

7.00% (L + 6.00%; 1.00% Floor)


05/01/2026



15,660,091



15,362,567



15,151,138Medbridge Holdings, LLC(4)

Healthcare & HCIT

Revolver

8.00% (L + 7.00%; 1.00% Floor)


12/23/2026



458,742



435,821



458,742Medbridge Holdings, LLC(1) (2)

Healthcare & HCIT

Term Loan

8.00% (L + 7.00%; 1.00% Floor)


12/23/2026



15,367,872



15,108,285



15,367,872Medical Management Resource Group, LLC(4)
(5)

Healthcare & HCIT

Delayed Draw Term Loan

6.50% (L + 5.75%; 0.75% Floor)


09/30/2027







(15,821
)


(11,866
)Medical Management Resource Group, LLC(4)
(5)

Healthcare & HCIT

Revolver

6.50% (L + 5.75%; 0.75% Floor)


09/30/2026







(6,015
)


(5,537
)Medical Management Resource Group,
LLC(2)

Healthcare & HCIT

Term Loan

6.50% (L + 5.75%; 0.75% Floor)


09/30/2027



3,850,613



3,776,760



3,783,227MedMark Services, Inc.(4)

Healthcare & HCIT

Delayed Draw Term Loan

6.00% (L + 5.00%; 1.00% Floor)


06/11/2027



2,175,411



2,106,921



2,105,126MedMark Services, Inc.(1) (2)

Healthcare & HCIT

Term Loan

6.00% (L + 5.00%; 1.00% Floor)


06/11/2027



4,436,254



4,395,637



4,391,892Millin Purchaser LLC(4) (5)

Healthcare & HCIT

Delayed Draw Term Loan

5.75% (L + 4.75%; 1.00% Floor)


10/22/2026







(11,782
)


(12,247
)Millin Purchaser LLC(4) (5)

Healthcare & HCIT

Delayed Draw Term Loan

5.75% (L + 4.75%; 1.00% Floor)


10/22/2026







(51,545
)


(53,582
)Millin Purchaser LLC(4) (5)

Healthcare & HCIT

Revolver

5.75% (L + 4.75%; 1.00% Floor)


10/22/2026







(9,819
)


(10,206
)Millin Purchaser LLC(1) (2)

Healthcare & HCIT

Term Loan

5.75% (L + 4.75%; 1.00% Floor)


10/22/2026



4,830,842



4,761,124



4,758,379OMH-HealthEdge Holdings, LLC(4) (5)

Healthcare & HCIT

Revolver

6.50% (L + 5.50%; 1.00% Floor)


10/24/2024







(5,861
)


(2,294
)OMH-HealthEdge Holdings, LLC(2)

Healthcare & HCIT

Term Loan

6.50% (L + 5.50%; 1.00% Floor)


10/24/2025



2,143,505



2,103,337



2,132,787OMH-HealthEdge Holdings, LLC(1)

Healthcare & HCIT

Term Loan

6.50% (L + 5.50%; 1.00% Floor)


10/24/2025



3,699,295



3,642,231



3,680,799Pace Health Companies, LLC(4) (5)

Healthcare & HCIT

Revolver

5.50% (L + 4.50%; 1.00% Floor)


08/02/2024







(3,316
)


Pace Health Companies, LLC(1)

Healthcare & HCIT

Term Loan

5.50% (L + 4.50%; 1.00% Floor)


08/02/2024



5,304,701



5,274,593



5,304,701PAW Midco, Inc

Healthcare & HCIT

Term Loan

11.50% (11.50% PIK)


12/22/2031



5,328,115



5,168,684



5,168,271Pinnacle Dermatology Management,LLC(4)
(5)

Healthcare & HCIT

Delayed Draw Term Loan

6.50% (L + 5.75%; 0.75% Floor)


12/08/2028







(19,022
)


(38,407
)Pinnacle Dermatology Management,LLC(4)
(5)

Healthcare & HCIT

Revolver

6.50% (L + 5.75%; 0.75% Floor)


12/08/2026







(13,264
)


(6,721
)Pinnacle Dermatology Management,LLC(1) (2)
(3)

Healthcare & HCIT

Term Loan

6.50% (L + 5.75%; 0.75% Floor)


12/08/2028



5,376,956



5,243,342



5,242,532Pinnacle Treatment Centers, Inc.(2)

Healthcare & HCIT

Delayed Draw Term Loan

6.75% (L + 5.75%; 1.00% Floor)


12/31/2022



347,151



345,134



347,151Pinnacle Treatment Centers, Inc.(4)
(5)

Healthcare & HCIT

Delayed Draw Term Loan

6.75% (L + 5.75%; 1.00% Floor)


12/31/2022







(1,225
)


Pinnacle Treatment Centers, Inc.(4)
(5)

Healthcare & HCIT

Revolver

6.75% (L + 5.75%; 1.00% Floor)


12/31/2022







(1,808
)


Pinnacle Treatment Centers, Inc.(2)
(3)

Healthcare & HCIT

Term Loan

6.75% (L + 5.75%; 1.00% Floor)


12/31/2022



4,128,092



4,113,924



4,128,092  See Notes to Consolidated Financial Statements  95




---

##### Table of Contents

AB Private Credit Investors Corporation Consolidated Schedule of Investments as of December 31, 2021  Portfolio Company

Industry

Facility Type

Interest

Maturity


Funded ParAmount


Cost


Fair ValuePlatinum Dermatology Partners, LLC(7)


Healthcare & HCIT

Delayed Draw Term Loan

8.25% (L + 6.25%; 1.00% PIK; 1.00% Floor)


01/03/2023


$
1,554,536


$
1,535,303


$
1,511,786Platinum Dermatology Partners, LLC(1)


Healthcare & HCIT

Delayed Draw Term Loan

9.50% (P + 5.25%; 1.00% PIK; 2.00% Floor)


01/03/2023



2,138,823



2,115,584



2,080,006Platinum Dermatology Partners, LLC(8)


Healthcare & HCIT

Revolver

9.50% (P + 5.25%; 1.00% PIK; 2.00% Floor)


01/03/2023



547,119



539,255



532,073Platinum Dermatology Partners, LLC(1)


Healthcare & HCIT

Term Loan

8.25% (L + 6.25%; 1.00% PIK; 1.00% Floor)


01/03/2023



3,416,629



3,371,987



3,322,672RCP Encore Acquisition, Inc.(1)

Healthcare & HCIT

Term Loan

6.00% (L + 5.00%; 1.00% Floor)


06/09/2025



3,468,095



3,446,550



1,387,238Redwood Family Care Network, Inc.(1)
(4)

Healthcare & HCIT

Delayed Draw Term Loan

6.50% (L + 5.50%; 1.00% Floor)


06/18/2026



3,385,701



3,302,759



3,371,026Redwood Family Care Network, Inc.(4)
(5)

Healthcare & HCIT

Revolver

6.50% (L + 5.50%; 1.00% Floor)


06/18/2026







(10,545
)


(1,472
)Redwood Family Care Network, Inc.(3)

Healthcare & HCIT

Term Loan

6.50% (L + 5.50%; 1.00% Floor)


06/18/2026



6,736,256



6,615,591



6,719,416Salisbury House,LLC(4) (5)

Healthcare & HCIT

Revolver

6.50% (L + 5.50%; 1.00% Floor)


08/30/2025







(8,365
)


(6,725
)Salisbury House,LLC(1)

Healthcare & HCIT

Term Loan

6.50% (L + 5.50%; 1.00% Floor)


08/30/2025



1,148,658



1,132,381



1,131,428Salisbury House,LLC(1) (2)

Healthcare & HCIT

Term Loan

6.50% (L + 5.50%; 1.00% Floor)


08/30/2025



3,934,410



3,853,666



3,875,393SCA Buyer, LLC(4)

Healthcare & HCIT

Revolver

7.50% (L + 6.50%; 1.00% Floor)


01/20/2026



257,540



249,657



255,930SCA Buyer, LLC(2)

Healthcare & HCIT

Term Loan

7.50% (L + 6.50%; 1.00% Floor)


01/20/2026



3,834,121



3,785,598



3,834,121SIS Purchaser, Inc.(4) (5)

Healthcare & HCIT

Revolver

7.00% (L + 6.00%; 1.00% Floor)


10/15/2026







(16,352
)


SIS Purchaser, Inc.(2)

Healthcare & HCIT

Term Loan

7.00% (L + 6.00%; 1.00% Floor)


10/15/2026



2,430,305



2,391,057



2,430,305SIS Purchaser, Inc.(1) (2) (3)

Healthcare & HCIT

Term Loan

7.00% (L + 6.00%; 1.00% Floor)


10/15/2026



12,697,202



12,514,261



12,697,202Smile Brands, Inc.(3)

Healthcare & HCIT

Delayed Draw Term Loan

5.25% (L + 4.50%; 0.75% Floor)


10/12/2025



487,856



485,531



482,977Smile Brands, Inc.(4)

Healthcare & HCIT

Revolver

6.75% (P + 3.50%; 1.75% Floor)


10/12/2025



13,899



12,969



11,351Smile Brands, Inc.(1)

Healthcare & HCIT

Term Loan

5.25% (L + 4.50%; 0.75% Floor)


10/12/2025



1,606,770



1,598,701



1,590,702Taconic Biosciences,Inc.(2)

Healthcare & HCIT

Term Loan

6.50% (L + 5.50%; 1.00% Floor)


02/01/2026



4,733,001



4,649,471



4,685,671The Center for Orthopedic and Research Excellence, Inc.(4)

Healthcare & HCIT

Delayed Draw Term Loan

6.75% (L + 5.75%; 1.00% Floor)


08/15/2025



299,344



285,084



294,993The Center for Orthopedic and Research Excellence, Inc.(1) (2)

Healthcare & HCIT

Delayed Draw Term Loan

6.75% (L + 5.75%; 1.00% Floor)


08/15/2025



1,153,201



1,147,274



1,147,435The Center for Orthopedic and Research Excellence, Inc.(4) (9)

Healthcare & HCIT

Revolver

6.75% (L + 5.75%; 1.00% Floor)


08/15/2025



310,739



303,248



307,287The Center for Orthopedic and Research Excellence, Inc.(1) (3)

Healthcare & HCIT

Term Loan

6.75% (L + 5.75%; 1.00% Floor)


08/15/2025



4,893,714



4,837,943



4,869,245Activ Software Holdings, LLC(4) (5)

Software & Tech Services

Revolver

7.25% (L + 6.25%; 1.00% Floor)


05/04/2027







(11,606
)


(3,244
)Activ Software Holdings, LLC(1) (2)
(3)

Software & Tech Services

Term Loan

7.25% (L + 6.25%; 1.00% Floor)


05/04/2027



8,070,237



7,925,881



8,029,885Alphasense, Inc.(2) (10)

Software & Tech Services

Delayed Draw Term Loan

8.50% (L + 7.50%; 1.00% Floor)


05/29/2024



645,972



640,161



642,742Alphasense, Inc.(4) (5) (10)

Software & Tech Services

Revolver

8.50% (L + 7.50%; 1.00% Floor)


05/29/2024







(7,625
)


(4,362
)Alphasense, Inc.(3) (10)

Software & Tech Services

Term Loan

8.50% (L + 7.50%; 1.00% Floor)


05/29/2024



7,269,628



7,206,103



7,233,279AMI US Holdings, Inc.(4)

Software & Tech Services

Revolver

5.35% (L + 5.25%)


04/01/2024



437,842



427,443



437,842AMI US Holdings, Inc.(1)

Software & Tech Services

Term Loan

6.25% (L + 5.25%; 1.00% Floor)


04/01/2025



8,090,225



7,993,780



8,090,225Arrowstream Acquisition Co., Inc.(4)
(5)

Software & Tech Services

Revolver

7.50% (L + 6.50%; 1.00% Floor)


12/15/2025







(6,138
)


(2,897
)Arrowstream Acquisition Co., Inc.(3)

Software & Tech Services

Term Loan

7.50% (L + 6.50%; 1.00% Floor)


12/15/2025



3,863,094



3,801,878



3,834,121Avetta, LLC(4) (5)

Software & Tech Services

Revolver

7.25% (L + 6.25%; 1.00% Floor)


04/10/2024







(3,802
)


(1,236
)Avetta, LLC(1) (3)

Software & Tech Services

Term Loan

7.25% (L + 6.25%; 1.00% Floor)


04/10/2024



3,220,374



3,175,362



3,212,323Avetta, LLC(2)

Software & Tech Services

Term Loan

7.25% (L + 6.25%; 1.00% Floor)


04/10/2024



6,836,841



6,722,844



6,819,748Avetta, LLC(1)

Software & Tech Services

Term Loan

7.25% (L + 6.25%; 1.00% Floor)


04/10/2024



4,239,624



4,196,267



4,229,025Brightspot Buyer, Inc(4) (5)

Software & Tech Services

Revolver

6.50% (L + 5.75%; 0.75% Floor)


11/16/2027







(13,328
)


(13,606
)Brightspot Buyer, Inc(2)

Software & Tech Services

Term Loan

6.50% (L + 5.75%; 0.75% Floor)


11/16/2027



5,215,571



5,113,388



5,111,260BusinesSolver.com, Inc.(4) (5)

Software & Tech Services

Delayed Draw Term Loan

6.50% (L + 5.75%; 0.75% Floor)


12/01/2027







(9,824
)


(19,869
)BusinesSolver.com, Inc.(2) (3)

Software & Tech Services

Term Loan

6.50% (L + 5.75%; 0.75% Floor)


12/01/2027



7,379,963



7,306,983



7,306,163Cybergrants Holdings, LLC(4) (5)

Software & Tech Services

Delayed Draw Term Loan

7.25% (L + 6.50%; 0.75% Floor)


09/08/2027







(8,195
)


(11,518
)Cybergrants Holdings, LLC(4) (5)

Software & Tech Services

Revolver

7.25% (L + 6.50%; 0.75% Floor)


09/08/2027







(16,393
)


(11,518
)Cybergrants Holdings, LLC(1) (2)

Software & Tech Services

Term Loan

7.25% (L + 6.50%; 0.75% Floor)


09/08/2027



11,747,857



11,580,502



11,630,378Datacor, Inc.(4) (5)

Software & Tech Services

Delayed Draw Term Loan

6.25% (L + 5.25%; 1.00% Floor)


12/29/2025







(28,023
)


Datacor, Inc.(4) (5)

Software & Tech Services

Revolver

6.25% (L + 5.25%; 1.00% Floor)


12/29/2025







(10,280
)


(3,219
)Datacor, Inc.(1) (3)

Software & Tech Services

Term Loan

6.25% (L + 5.25%; 1.00% Floor)


12/29/2025



7,983,728



7,834,533



7,943,809Degreed, Inc.(4) (5)

Software & Tech Services

Delayed Draw Term Loan

6.50% (L + 5.50%; 1.00% Floor)


05/31/2025







(5,693
)


(3,478
)Degreed, Inc.(4) (5)

Software & Tech Services

Revolver

6.50% (L + 5.50%; 1.00% Floor)


05/31/2025







(2,169
)


(3,134
)Degreed, Inc.(2)

Software & Tech Services

Term Loan

6.50% (L + 5.50%; 1.00% Floor)


05/31/2025



2,782,788



2,759,481



2,761,917Degreed, Inc.(1) (3)

Software & Tech Services

Term Loan

6.50% (L + 5.50%; 1.00% Floor)


05/31/2025



5,153,024



5,097,775



5,114,376Dispatch Track, LLC(4) (5)

Software & Tech Services

Revolver

5.50% (L + 4.50%; 1.00% Floor)


12/17/2026







(2,716
)


(755
)Dispatch Track, LLC(1) (2)

Software & Tech Services

Term Loan

5.50% (L + 4.50%; 1.00% Floor)


12/17/2026



9,849,936



9,741,587



9,825,312Drilling Info Holdings, Inc.(1)

Software & Tech Services

Term Loan

4.35% (L + 4.25%)


07/30/2025



3,326,513



3,317,966



3,318,197Dude Solutions Holdings, Inc.(3)

Software & Tech Services

Term Loan

7.25% (L + 6.25%; 1.00% Floor)


06/13/2025



3,853,725



3,779,486



3,815,188Dude Solutions Holdings, Inc.(3)

Software & Tech Services

Term Loan

7.25% (L + 6.25%; 1.00% Floor)


06/13/2025



530,072



519,517



524,771EET Buyer, Inc.(4) (5)

Software & Tech Services

Revolver

6.50% (L + 5.75%; 0.75% Floor)


11/08/2027







(13,485
)


(13,816
)EET Buyer, Inc.(2) (3)

Software & Tech Services

Term Loan

6.50% (L + 5.75%; 0.75% Floor)


11/08/2027



6,907,937



6,773,088



6,769,778EnterpriseDB Corporation(4) (5)

Software & Tech Services

Revolver

6.75% (L + 3.00%; 2.75% PIK; 1.00% Floor)


06/22/2026







(12,616
)


(2,532
)EnterpriseDB Corporation(1) (2)

Software & Tech Services

Term Loan

6.75% (L + 3.00%; 2.75% PIK; 1.00% Floor)


06/22/2026



6,277,267



6,157,445



6,261,574EnterpriseDB Corporation(1) (2) (3)

Software & Tech Services

Term Loan

6.75% (L + 3.00%; 2.75% PIK; 1.00% Floor)


06/22/2026



7,964,621



7,874,000



7,944,709EnterpriseDB Corporation(1) (3)

Software & Tech Services

Term Loan

6.75% (L + 3.00%; 2.75% PIK; 1.00% Floor)


06/22/2026



4,563,807



4,488,855



4,552,398Exterro, Inc.(4) (5)

Software & Tech Services

Revolver

6.50% (L + 5.50%; 1.00% Floor)


05/31/2024







(2,032
)


Exterro, Inc.(1) (2)

Software & Tech Services

Term Loan

6.50% (L + 5.50%; 1.00% Floor)


05/31/2024



5,809,123



5,732,506



5,809,123  See Notes to Consolidated Financial
Statements  96




---

##### Table of Contents

AB Private Credit Investors Corporation Consolidated Schedule of Investments as of December 31, 2021  Portfolio Company

Industry

Facility Type

Interest

Maturity


FundedPar Amount


Cost


Fair ValueExterro, Inc.(2) (3)

Software & Tech Services

Term Loan

6.50% (L + 5.50%; 1.00% Floor)


05/31/2024


$
6,237,900


$
6,148,977


$
6,237,900Exterro, Inc.(1)

Software & Tech Services

Term Loan

6.50% (L + 5.50%; 1.00% Floor)


05/31/2024



2,793,450



2,769,803



2,793,450Faithlife, LLC(1) (2) (4)

Software & Tech Services

Delayed Draw Term Loan

6.50% (L + 5.50%; 1.00% Floor)


09/18/2025



1,697,185



1,651,986



1,697,185Faithlife, LLC(4) (5)

Software & Tech Services

Revolver

6.50% (L + 5.50%; 1.00% Floor)


09/18/2025







(4,165
)


Faithlife, LLC(1) (2)

Software & Tech Services

Term Loan

6.50% (L + 5.50%; 1.00% Floor)


09/18/2025



728,853



717,940



728,853Genesis Acquisition Co.(3)

Software & Tech Services

Revolver

4.13% (L + 4.00%)


07/31/2024



202,400



195,642



196,834Genesis Acquisition Co.(1) (2)

Software & Tech Services

Term Loan

4.13% (L + 4.00%)


07/31/2024



1,374,959



1,362,298



1,337,148Greenhouse Software, Inc.(4) (5)

Software & Tech Services

Revolver

7.50% (L + 6.50%; 1.00% Floor)


03/01/2027







(23,993
)


(6,161
)Greenhouse Software, Inc.(2) (3)

Software & Tech Services

Term Loan

7.50% (L + 6.50%; 1.00% Floor)


03/01/2027



12,376,845



12,133,927



12,314,961GS AcquisitionCo, Inc.(4) (5)

Software & Tech Services

Delayed Draw Term Loan

6.75% (L + 5.75%; 1.00% Floor)


05/22/2026







(3,243
)


GS AcquisitionCo, Inc.(4)

Software & Tech Services

Revolver

6.75% (L + 5.75%; 1.00% Floor)


05/22/2026



216,932



213,702



214,648GS AcquisitionCo, Inc.(1) (2) (3)

Software & Tech Services

Term Loan

6.75% (L + 5.75%; 1.00% Floor)


05/22/2026



8,708,367



8,658,965



8,664,825Iodine Software, LLC(2) (3)

Software & Tech Services

Delayed Draw Term Loan

7.50% (L + 6.50%; 1.00% Floor)


05/19/2027



9,058,308



8,894,669



9,058,308Iodine Software, LLC(4) (5)

Software & Tech Services

Revolver

7.50% (L + 6.50%; 1.00% Floor)


05/19/2027







(22,107
)


Iodine Software, LLC(1) (2)

Software & Tech Services

Term Loan

7.50% (L + 6.50%; 1.00% Floor)


05/19/2027



6,013,669



5,905,362



6,013,669Kaseya, Inc.(4)

Software & Tech Services

Delayed Draw Term Loan

7.50% (L + 5.50%; 1.00% PIK; 1.00% Floor)


05/02/2025



250,488



240,932



250,488Kaseya, Inc.(2)

Software & Tech Services

Delayed Draw Term Loan

7.50% (L + 5.50%; 1.00% PIK; 1.00% Floor)


05/02/2025



553,854



550,163



553,854Kaseya, Inc.(2)

Software & Tech Services

Delayed Draw Term Loan

7.50% (L + 5.50%; 1.00% PIK; 1.00% Floor)


05/02/2025



485,401



485,401



485,401Kaseya, Inc.(4) (5)

Software & Tech Services

Revolver

7.50% (L + 5.50%; 1.00% Floor)


05/02/2025







(2,163
)


Kaseya, Inc.(1) (2)

Software & Tech Services

Term Loan

7.50% (L + 5.50%; 1.00% PIK; 1.00% Floor)


05/02/2025



1,266,793



1,246,533



1,266,793Kaseya, Inc.(1) (2) (3)

Software & Tech Services

Term Loan

7.50% (L + 5.50%; 1.00% PIK; 1.00% Floor)


05/02/2025



5,243,629



5,210,799



5,243,629Mavenlink, Inc(4) (5)

Software & Tech Services

Revolver

6.75% (L + 6.00%; 0.75% Floor)


06/03/2027







(35,347
)


(35,796
)Mavenlink, Inc(1) (2) (3)

Software & Tech Services

Term Loan

6.75% (L + 6.00%; 0.75% Floor)


06/03/2027



15,034,451



14,737,540



14,733,762Ministry Brands, LLC(2)

Software & Tech Services

Delayed Draw Term Loan

5.00% (L + 4.00%; 1.00% Floor)


12/02/2022



644,345



643,659



644,345Ministry Brands, LLC(2)

Software & Tech Services

Term Loan

5.00% (L + 4.00%; 1.00% Floor)


12/02/2022



3,080,740



3,077,478



3,080,740Moon Buyer, Inc.(4) (5)

Software & Tech Services

Delayed Draw Term Loan

5.75% (L + 4.75%; 1.00% Floor)


04/21/2027







(30,197
)


Moon Buyer, Inc.(4) (5)

Software & Tech Services

Revolver

5.75% (L + 4.75%; 1.00% Floor)


04/21/2027







(15,493
)


Moon Buyer, Inc.(1) (2) (3)

Software & Tech Services

Term Loan

5.75% (L + 4.75%; 1.00% Floor)


04/21/2027



6,368,857



6,284,074



6,368,857Netwrix Corporation And Concept Searching
Inc.(2)

Software & Tech Services

Delayed Draw Term Loan

7.00% (L + 6.00%; 1.00% Floor)


09/30/2026



497,148



489,221



497,148Netwrix Corporation And Concept Searching
Inc.(1)

Software & Tech Services

Delayed Draw Term Loan

7.00% (L + 6.00%; 1.00% Floor)


09/30/2026



994,297



976,754



994,297Netwrix Corporation And Concept Searching
Inc.(4)

Software & Tech Services

Delayed Draw Term Loan

7.00% (L + 6.00%; 1.00% Floor)


09/30/2026



1,380,166



1,350,432



1,380,166Netwrix Corporation And Concept Searching Inc.(4)
(5)

Software & Tech Services

Revolver

7.00% (L + 6.00%; 1.00% Floor)


09/30/2026







(3,553
)


Netwrix Corporation And Concept Searching
Inc.(1)

Software & Tech Services

Term Loan

7.00% (L + 6.00%; 1.00% Floor)


09/30/2026



1,648,855



1,613,573



1,648,855Netwrix Corporation And Concept Searching
Inc.(2)

Software & Tech Services

Term Loan

7.00% (L + 6.00%; 1.00% Floor)


09/30/2026



6,652,404



6,523,360



6,652,404PerimeterX, Inc.(4) (5)

Software & Tech Services

Delayed Draw Term Loan

6.50% (L + 4.00%; 1.50% PIK; 1.00% Floor)


11/22/2024







(18,332
)


(10,754
)PerimeterX, Inc.(4) (5)

Software & Tech Services

Delayed Draw Term Loan

6.50% (L + 4.00%; 1.50% PIK; 1.00% Floor)


11/22/2024







(5,880
)


(6,988
)PerimeterX, Inc.(4) (5)

Software & Tech Services

Revolver

6.50% (L + 4.00%; 1.50% PIK; 1.00% Floor)


11/22/2024







(2,178
)


(2,795
)PerimeterX, Inc.(3)

Software & Tech Services

Term Loan

6.50% (L + 4.00%; 1.50% PIK; 1.00% Floor)


11/22/2024



2,842,516



2,818,385



2,814,091Ranger Buyer Inc(4)

Software & Tech Services

Revolver

7.00% (L + 6.25%; 0.75% Floor)


11/18/2027



239,847



215,862



215,862Ranger Buyer Inc(1) (2) (3)

Software & Tech Services

Term Loan

7.00% (L + 6.25%; 0.75% Floor)


11/18/2028



14,390,790



14,102,974



14,102,974Sauce Labs, Inc.(4) (5)

Software & Tech Services

Delayed Draw Term Loan

6.50% (L + 5.50%; 1.00% Floor)


08/16/2027







(18,064
)


(24,034
)Sauce Labs, Inc.(4) (5)

Software & Tech Services

Revolver

6.50% (L + 5.50%; 1.00% Floor)


08/16/2027







(24,093
)


(19,227
)Sauce Labs, Inc.(2)

Software & Tech Services

Term Loan

6.50% (L + 5.50%; 1.00% Floor)


08/16/2027



5,127,286



5,024,740



5,050,376SecureLink, Inc.(4) (5)

Software & Tech Services

Revolver

7.25% (L + 6.25%; 1.00% Floor)


10/01/2025







(4,950
)


SecureLink, Inc.(1) (2)

Software & Tech Services

Term Loan

7.25% (L + 6.25%; 1.00% Floor)


10/01/2025



2,938,404



2,900,881



2,938,404SecureLink, Inc.(1)

Software & Tech Services

Term Loan

7.25% (L + 6.25%; 1.00% Floor)


10/01/2025



4,873,428



4,816,425



4,873,428Sirsi Corporation(4) (5)

Software & Tech Services

Revolver

5.50% (L + 4.50%; 1.00% Floor)


03/15/2024







(3,852
)


(1,384
)Sirsi Corporation(1) (2)

Software & Tech Services

Term Loan

5.50% (L + 4.50%; 1.00% Floor)


03/15/2024



7,326,840



7,272,820



7,308,523Smartlinx Solutions, LLC(4) (5)

Software & Tech Services

Revolver

7.00% (L + 6.00%; 1.00% Floor)


03/04/2026







(3,648
)


(2,597
)Smartlinx Solutions, LLC(1) (2) (3)

Software & Tech Services

Term Loan

7.00% (L + 6.00%; 1.00% Floor)


03/04/2026



5,678,119



5,597,713



5,649,729Streamsets, Inc.(4) (5)

Software & Tech Services

Revolver

6.75% (L + 5.00%; 0.75% PIK; 1.00% Floor)


11/25/2024







(6,816
)


(12,268
)Streamsets, Inc.(3)

Software & Tech Services

Term Loan

6.75% (L + 5.00%; 0.75% PIK; 1.00% Floor)


11/25/2024



2,120,781



2,078,548



2,046,554SugarCRM, Inc.(4) (5)

Software & Tech Services

Revolver

7.50% (L + 6.50%; 1.00% Floor)


07/31/2024







(2,407
)


SugarCRM, Inc.(1) (3)

Software & Tech Services

Term Loan

7.50% (L + 6.50%; 1.00% Floor)


07/31/2024



4,268,824



4,228,733



4,268,824Sundance Group Holdings, Inc(4) (5)

Software & Tech Services

Delayed Draw Term Loan

7.75% (L + 6.75%; 1.00% Floor)


07/02/2027







(32,626
)


(26,604
)Sundance Group Holdings, Inc(4)

Software & Tech Services

Revolver

7.75% (L + 6.75%; 1.00% Floor)


07/02/2027



425,670



399,558



404,387Sundance Group Holdings, Inc(2) (3)

Software & Tech Services

Term Loan

7.75% (L + 6.75%; 1.00% Floor)


07/02/2027



11,824,177



11,606,577



11,646,815Swiftpage, Inc.(4) (5)

Software & Tech Services

Revolver

6.50% (L + 5.50%; 1.00% Floor)


06/13/2023







(1,326
)


(1,690
)Swiftpage, Inc.(2)

Software & Tech Services

Term Loan

6.50% (L + 5.50%; 1.00% Floor)


06/13/2023



2,446,093



2,432,907



2,427,747Swiftpage, Inc.(2)

Software & Tech Services

Term Loan

6.50% (L + 5.50%; 1.00% Floor)


06/13/2023



225,154



223,434



223,465Sysnet North America, Inc.

Software & Tech Services

Delayed Draw Term Loan

6.50% (L + 5.50%; 1.00% Floor)


12/01/2026



1,287,698



1,274,256



1,268,383Sysnet North America, Inc.(1) (2) (3)


Software & Tech Services

Term Loan

6.50% (L + 5.50%; 1.00% Floor)


12/01/2026



7,668,193



7,576,635



7,514,830Telcor Buyer, Inc.(4) (5)

Software & Tech Services

Revolver

5.75% (L + 4.75%; 1.00% Floor)


08/20/2027







(4,106
)


(2,181
)Telcor Buyer, Inc.(1) (2)

Software & Tech Services

Term Loan

5.75% (L + 4.75%; 1.00% Floor)


08/20/2027



9,304,625



9,173,236



9,234,840Telesoft Holdings, LLC(4) (5)

Software & Tech Services

Revolver

6.75% (L + 5.75%; 1.00% Floor)


12/16/2025







(8,939
)


(2,984
)  See Notes to Consolidated Financial
Statements  97




---

##### Table of Contents

AB Private Credit Investors Corporation Consolidated Schedule of Investments as of December 31, 2021  Portfolio Company

Industry

Facility Type

Interest

Maturity


FundedPar Amount


Cost


Fair ValueTelesoft Holdings, LLC(2) (3)

Software & Tech Services

Term Loan

6.75% (L + 5.75%; 1.00% Floor)


12/16/2025


$
5,864,213


$
5,774,460


$
5,834,892TRGRP, Inc.(4) (5)

Software & Tech Services

Revolver

8.00% (L + 4.50%; 2.50% PIK; 1.00% Floor)


11/01/2023







(2,462
)


TRGRP, Inc.(2)

Software & Tech Services

Term Loan

8.00% (L + 4.50%; 2.50% PIK; 1.00% Floor)


11/01/2023



2,333,710



2,292,698



2,333,710TRGRP, Inc.(1)

Software & Tech Services

Term Loan

8.00% (L + 4.50%; 2.50% PIK; 1.00% Floor)


11/01/2023



1,110,872



1,101,354



1,110,872TRGRP, Inc.(2) (3)

Software & Tech Services

Term Loan

8.00% (L + 4.50%; 2.50% PIK; 1.00% Floor)


11/01/2023



4,972,446



4,933,912



4,972,446Ungerboeck Systems International, LLC

Software & Tech Services

Delayed Draw Term Loan

7.00% (L + 6.00%; 1.00% Floor)


04/30/2027



690,794



690,794



690,794Ungerboeck Systems International,
LLC(1)

Software & Tech Services

Delayed Draw Term Loan

6.75% (L + 5.75%; 1.00% Floor)


04/30/2027



322,391



318,018



322,391Ungerboeck Systems International, LLC(4)
(5)

Software & Tech Services

Revolver

6.75% (L + 5.75%; 1.00% Floor)


04/30/2027







(2,156
)


Ungerboeck Systems International, LLC(2)
(3)

Software & Tech Services

Term Loan

6.75% (L + 5.75%; 1.00% Floor)


04/30/2027



2,717,277



2,680,448



2,717,277Vectra AI, Inc.(4) (5)

Software & Tech Services

Delayed Draw Term Loan

6.75% (L + 5.75%; 1.00% Floor)


03/18/2026







(49,091
)


(58,190
)Vectra AI, Inc.(4) (5)

Software & Tech Services

Revolver

6.75% (L + 5.75%; 1.00% Floor)


03/18/2026







(4,909
)


(5,819
)Vectra AI, Inc.(2) (3)

Software & Tech Services

Term Loan

6.75% (L + 5.75%; 1.00% Floor)


03/18/2026



3,258,620



3,188,883



3,177,155Velocity Purchaser Corporation(4) (5)


Software & Tech Services

Revolver

7.00% (L + 6.00%; 1.00% Floor)


12/01/2022







(728
)


Velocity Purchaser Corporation(1)

Software & Tech Services

Term Loan

7.00% (L + 6.00%; 1.00% Floor)


12/01/2022



647,042



643,783



647,042Velocity Purchaser Corporation(1) (2)


Software & Tech Services

Term Loan

7.00% (L + 6.00%; 1.00% Floor)


12/01/2022



5,116,095



5,066,567



5,116,095Velocity Purchaser Corporation(1)

Software & Tech Services

Term Loan

7.00% (L + 6.00%; 1.00% Floor)


12/01/2022



2,601,503



2,590,901



2,601,503Veracross LLC(4) (5)

Software & Tech Services

Delayed Draw Term Loan

8.50% (L + 2.00%; 5.50% PIK; 1.00% Floor)


12/28/2027







(16,659
)


(16,688
)Veracross LLC(4) (5)

Software & Tech Services

Revolver

8.50% (L + 2.00%; 5.50% PIK; 1.00% Floor)


12/28/2027







(22,212
)


(22,251
)Veracross LLC(3)

Software & Tech Services

Term Loan

8.50% (L + 2.00%; 5.50% PIK; 1.00% Floor)


12/28/2027



12,238,089



11,993,759



11,993,327Dillon Logistics, Inc.(4) (11)

Transport & Logistics

Revolver

9.25% (P + 6.00%; 1.00% Floor)


12/11/2023



779,728



757,176



167,554Dillon Logistics, Inc.(11)

Transport & Logistics

Term Loan

8.00% (L + 7.00%; 1.00% Floor)


12/11/2023



3,024,587



2,742,506



739,511Dillon Logistics, Inc.(11)

Transport & Logistics

Term Loan

8.00% (L + 7.00%; 1.00% Floor)


12/11/2023



889,565



787,261



217,499Total U.S. 1st Lien/Senior Secured Debt










833,353,917



834,232,0332nd Lien/Junior Secured Debt 3.08%Conterra Ultra Broadband Holdings, Inc.(1)
(2)

Digital Infrastructure & Services

Term Loan

9.50% (L + 8.50%; 1.00% Floor)


04/30/2027



6,537,710



6,465,035



6,537,710Brave Parent Holdings, Inc.(1)

Software & Tech Services

Term Loan

7.58% (L + 7.50%)


04/17/2026



1,230,107



1,212,535



1,230,107Symplr Software, Inc.(1)

Software & Tech Services

Term Loan

8.625% (L + 7.875%; 0.75% Floor)


12/22/2028



2,909,482



2,857,031



2,909,482Total U.S. 2nd Lien/Junior Secured Debt










10,534,601



10,677,299Total U.S. Corporate Debt










843,888,518



844,909,332Canadian Corporate Debt 5.24%1st Lien/Senior Secured Debt 5.24%McNairn Holdings Ltd.(1) (10)

Business Services

Term Loan

6.00% (L + 5.00%; 1.00% Floor)


11/25/2025



809,967



804,385



757,319Syntax Systems Ltd(1) (2) (10)

Digital Infrastructure & Services

Term Loan

6.25% (L + 5.50%; 0.75% Floor)


10/29/2028



8,862,389



8,774,869



8,773,765Syntax Systems Ltd(4) (10)

Digital Infrastructure & Services

Revolver

6.25% (L + 5.50%; 0.75% Floor)


10/29/2026



425,812



416,408



416,075Syntax Systems Ltd(4) (5) (10)

Digital Infrastructure & Services

Delayed Draw Term Loan

6.25% (L + 5.50%; 0.75% Floor)


10/29/2028







(23,752
)


(24,341
)Banneker V Acquisition, Inc.(2) (3)
(10)

Software & Tech Services

Term Loan

8.00% (L + 7.00%; 1.00% Floor)


12/04/2025



7,177,672



7,054,712



7,177,672Banneker V Acquisition, Inc.(4) (5)
(10)

Software & Tech Services

Revolver

8.00% (L + 7.00%; 1.00% Floor)


12/04/2025







(4,095
)


Banneker V Acquisition, Inc.(2) (10)

Software & Tech Services

Delayed Draw Term Loan

8.00% (L + 7.00%; 1.00% Floor)


12/04/2025



1,034,605



1,018,253



1,034,605Total Canadian 1st Lien/Senior Secured Debt










18,040,780



18,135,095Total Canadian Corporate Debt










18,040,780



18,135,095United Kingdom Corporate Debt 2.03%1st Lien/Senior Secured Debt 2.03%GlobalWebIndex Inc.(3) (4)

Software & Tech Services

Delayed Draw Term Loan

7.00% (L + 6.00%; 1.00% Floor)


12/30/2024



1,841,860



1,813,899



1,712,930GlobalWebIndex Inc.(2) (3)

Software & Tech Services

Term Loan

7.00% (L + 6.00%; 1.00% Floor)


12/30/2024



5,525,580



5,361,193



5,332,185Total United Kingdom 1st Lien/Senior Secured Debt










7,175,092



7,045,115Total United Kingdom Corporate Debt










7,175,092



7,045,115Portfolio Company

Class/Series

Industry






Sharse


Cost


Fair ValueU.S. Preferred Stock 3.87%Global Radar Holdings, LLC(12)

LLC Units

Business Services








125


$
367,615


$
549,041Bowline Topco LLC(13) (14)

LLC Units

Energy








2,946,390



2,002,277



2,600,575SBS Ultimate Holdings, LP(14)

Class A

Healthcare & HCIT








217,710



861,879



705,379Concerto Health AI Solutions, LLC(14)
(15)

Series B-1

Software & Tech Services








65,614



349,977



460,537Streamsets, Inc.(14)

Series C-1

Software & Tech Services








109,518



295,512



301,406  See Notes to Consolidated Financial
Statements  98




---

##### Table of Contents

AB Private Credit Investors Corporation Consolidated Schedule of Investments as of December 31, 2021  Portfolio Company

Class/Series

Industry

Shares


Cost


Fair ValueAlphasense, Inc.(10) (14)

Series C

Software & Tech Services

$
23,961


$
369,843


$
371,362Datarobot, Inc.(14)

Series F

Software & Tech Services


6,715



88,248



117,326Datarobot, Inc.(14)

Series E

Software & Tech Services


38,190



289,278



570,282Degreed, Inc.(14)

Series D

Software & Tech Services


16,943



278,308



278,308Degreed, Inc.(14)

Series C-1

Software & Tech Services


43,819



278,541



718,478Heap, Inc.(14)

Series D

Software & Tech Services


17,425



147,443



147,527Heap, Inc.(14)

Series C

Software & Tech Services


189,617



696,351



1,444,013Mcafee(14) (16) (19)

Class A

Software & Tech Services


821,396



821,396



835,432Netskope, Inc.(14)

Series G

Software & Tech Services


36,144



302,536



400,047PerimeterX, Inc.(14)

Series D

Software & Tech Services


282,034



838,601



870,048Phenom People, Inc.(14)

Series C

Software & Tech Services


35,055



220,610



552,848Protoscale Rubrik, LLC(14)

Class B

Software & Tech Services


25,397



598,212



635,044Symplr Software Intermediate Holdings,
Inc.(14)

Series A

Software & Tech Services


1,196



1,160,532



1,718,402Vectra AI, Inc(14)

Series F

Software & Tech Services


17,064



131,095



123,291Total U.S. Preferred Stock










10,098,254



13,399,346U.S. Common Stock2.23%Leeds FEG Investors, LLC(14)

Class A

Consumer Discretionary


320


$
321,309


$
290,338Pacific Bells, LLC(14) (17)

LP Interests

Consumer Non-Cyclical


802,902



802,902



802,902Freddys Frozen Custard, LLC(14)
(31)

LP Interests

Consumer Non-Cyclical


72,483



72,483



108,415Nestle Waters North America, Inc.(14) (18)
(19)

LP Interests

Consumer Non-Cyclical


341,592



98,394



98,394Avant Communications, LLC(14) (20)

Class A

Digital Infrastructure & Services


220,542



220,542



220,542Avant Communications, LLC.(14) (20)

Class A Capital

Digital Infrastructure & Services


220,542







NEPCORE Parent Holdings, LLC(14)

Class A

Digital Infrastructure & Services


82



81,530



81,530Neutral Connect, LLC(14) (21)

LLC Units

Digital Infrastructure & Services


396,513



439,931



439,931Thrive Parent, LLC(14)

Class L

Digital Infrastructure & Services


100,219



263,195



307,955Agape Care Group(14) (22)

LP Interests

Healthcare & HCIT


590,203



590,203



590,203Health Platform Group, Inc.(14)

Earn Out

Healthcare & HCIT


16,502







Healthcare Services Acquisition(10)
(14)

Class B

Healthcare & HCIT


15,183



46



46Healthcare Services Acquisition(10) (14)
(23)

Class A

Healthcare & HCIT


28,158



281,580



279,891INH Group Holdings, Inc.(14)

Class A

Healthcare & HCIT


484,552



484,552



315,872Medical Management Resource Group, LLC(14)
(24)

Class B

Healthcare & HCIT


34,492



34,492



34,321Millin Purchaser LLC(14) (32)

Class A

Healthcare & HCIT


86,555



86,555



86,555Redwood Family Care Network, Inc.(14)


Class A

Healthcare & HCIT


66



66,000



76,527EnterpriseDB Corporation(14) (19)
(33)

LLC Units

Software & Tech Services


417,813



417,813



1,282,685American Safety Holdings Corp.(14)
(25)

LP Interests

Software & Tech Services


167,509



190,658



270,241Brightspot Holdco, LLC(14)

LLC Units

Software & Tech Services


433,207



433,207



433,207Moon Topco L.P.(14)

Class A

Software & Tech Services


36



35,999



40,471Ranger Lexipol Holdings, LLC(14)

Class A

Software & Tech Services


433



433,207



433,207Ranger Lexipol Holdings, LLC(14)

Class B

Software & Tech Services


433







Samsara Networks, Inc.(10) (14) (23)

Class A

Software & Tech Services


33,451



369,998



940,308Stripe, Inc.(14)

Class B

Software & Tech Services


4,158



166,854



163,472Omni Logistics, LLC(19) (26)

LP Interests

Transport & Logistics


193,770



193,770



426,294Total U.S. Common Stock







6,085,220



7,723,307Canadian Common Stock0.07%Auvik Topco Holdings, Inc.(10) (14) (19) (27)

LP Interests

Software & Tech Services


244,920



244,920



244,920Total Canadian Common Stock







244,920



244,920U.S. Warrants0.26%Fuze, Inc., expire 04/26/2031(14)

Series A

Digital Infrastructure & Services


613,241







227,619  See Notes to Consolidated Financial
Statements  99




---

##### Table of Contents

AB Private Credit Investors Corporation Consolidated Schedule of Investments as of December 31, 2021  Portfolio Company

Class/Series

Industry



Shares


Cost


Fair ValueHealthcare Services Acquisition, expire
12/31/2027(10) (14)

Class B

Healthcare & HCIT



$
14,079


$



$
Healthcare Services Acquisition, expire
12/31/2027(10) (14) (23)

Class A

Healthcare & HCIT




23,721



23,721



12,335SBS Ultimate Holdings, LP, expire
09/18/2030(14)

Class A

Healthcare & HCIT




17,419







Alphasense, Inc., expire 05/29/2027(10)
(14)

Series B

Software & Tech Services




38,346



35,185



206,363Alphasense, Inc., expire 12/22/2027(10)
(14)

Series C

Software & Tech Services




2,049







12,235Degreed, Inc., expire 04/11/2028(14)

Series D

Software & Tech Services




7,624







38,358Degreed, Inc., expire 05/31/2026(14)

Series C-1

Software & Tech Services




26,294



46,823



279,001PerimeterX, Inc., expire
12/31/2031(14)

Series D

Software & Tech Services




10,850



7,595



7,595Streamsets, Inc., expire
11/25/2027(14)

Series C-1

Software & Tech Services




23,382



16,367



15,965Vectra AI, Inc., expire 03/18/2031(14)

Series F

Software & Tech Services




35,156



58,190



100,824Total U.S. Warrants








187,881



900,295United Kingdom Warrants0.07%GlobalWebIndex, Inc., expire 12/30/2027(14)

Preferred Units

Software & Tech Services




8,832



159,859



223,583Total United Kingdom Warrants








159,859



223,583TOTAL
INVESTMENTS257.77%(28)







$
885,880,524


$
892,580,993Cash Equivalents4.95%U.S. Investment Companies4.95%Blackrock T Fund I(23) (29)

Money Market

Money Market Portfolio

0.01% (30)


17,156,786


$
17,156,786


$
17,156,786Total U.S. Investment Companies








17,156,786



17,156,786Total Cash Equivalents








17,156,786



17,156,786LIABILITIES IN EXCESS OF OTHER ASSETS (162.72%)











$
(563,461,099
)NET ASSETS100.00%











$
346,276,680  +
As of December 31, 2021, qualifying assets represented 96.32% of total assets. Under the 1940 Act we may
not acquire any non-qualifying assets unless, at the time the acquisition is made, qualifying assets represent at least 70% of our total assets. *
Unless otherwise indicated, all securities are valued using significant unobservable inputs, which are
categorized as Level 3 assets under the definition of Financial Accounting Standards Boards Accounting Standards Codification 820 fair value hierarchy. #
Percentages are based on net assets. ^
Generally, the interest rate on floating interest rate investments is at benchmark rate plus spread. The
borrower has an option to choose the benchmark rate, such as the London Interbank Offered Rate (LIBOR) or the U.S. Prime rate. The spread may change based on the type of rate used. The terms in the Consolidated Schedule of Investments
disclose the actual interest rate in effect as of the reporting period. LIBOR loans are typically indexed to 30-day, 60-day,
90-day or 180-day LIBOR rates (1M L, 2M L, 3M L or 6M L, respectively) at the borrowers option. LIBOR loans may be subject to interest floors. As of
December 31, 2021, rates for weekly 1M L, 2M L, 3M L and 6M L are 0.10%, 0.15%, 0.21% and 0.34%, respectively. As of December 31, 2021, the U.S. Prime rate was 3.25%. (1)
Position, or a portion thereof, has been segregated to collateralize ABPCI Direct Lending Fund CLO VI Ltd. (2)
Position, or a portion thereof, has been segregated to collateralize ABPCIC Funding III, LLC. (3)
Position, or a portion thereof, has been segregated to collateralize ABPCIC Funding II, LLC. (4)
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. (5)
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. (6)
$86,381 of the funded par amount accrues interest at 6.50% (L + 5.50%; 1.00% Floor). (7)
$320,329 of the funded par amount accrues interest at 9.50% (P + 5.25%; 1.00% PIK; 2.00% Floor). (8)
$135,993 of the funded par amount accrues interest at 8.25% (L + 6.25%; 1.00% PIK; 1.00% Floor). (9)
$138,106 of the funded par amount accrues interest at 8.00% (P + 4.75%; 2.00% Floor). (10)
Positions considered non-qualified assets therefore excluded from the
qualifying assets calculation as noted in footnote + above. (11)
The investment is on non-accrual status. See Note 2 Significant
Accounting Policies. (12)
Position or portion thereof is held by Global Radar Acquisition Holdings, LLC which is held by ABPCIC Global
Radar LLC (13)
Bowline Topco LLC is held through ABPCIC BE Holdings, LLC. (14)
Non-income producing investment. (15)
Concerto Health AI Solutions, LLC is held through ABPCIC Concerto Holdings LLC. (16)
Position or portion thereof is held by Magenta Blocker Aggregator LP, which is held by ABPCIC Equity Holdings,
LLC. (17)
Position or portion thereof is held by Orangewood WWB Co-Invest, L.P.
which is held by ABPCIC Equity Holdings, LLC. (18)
Position or portion thereof is held by ORCP III Triton Co-Investors,
L.P. which is held by ABPCIC Equity Holdings, LLC. (19)
Excluded from the ASC 820 fair value hierarchy as fair value is measured using the net asset value per share
practical expedient. (20)
Position or portion thereof is held by Pamlico Avant Holdings L.P. which is held by ABPCIC Avant, LLC. (21)
Neutral Connect, LLC is held through ABPCIC NC Holdings LLC. (22)
Position or portion thereof is held by REP Coinvest III AGP Blocker, L.P. which is held by ABPCIC Equity
Holdings, LLC. (23)
Categorized as Level 1 assets under the definition of ASC 820 fair value hierarchy. (24)
Medical Management Resource Group, LLC is held through Advantage AVP Parent Holdings, L.P. (25)
Position or portion thereof is held by REP Coinvest III Tec, L.P. which is held by ABPCIC Equity Holdings, LLC. (26)
Position or portion thereof is held by REP Coinvest III-A Omni, L.P.
which is held by ABPCIC Equity Holdings, LLC. (27)
Position or portion thereof is held by GHP SPV-2, L.P., which is held by
ABPCIC Equity Holdings, LLC. (28)
Aggregate gross unrealized appreciation for federal income tax purposes is $14,943,797; aggregate gross
unrealized depreciation for federal income tax purposes is $8,243,328. Net unrealized appreciation is $6,700,469 based upon a tax cost basis of $885,880,524.  See Notes to Consolidated Financial Statements  100




---

##### Table of Contents

AB Private Credit Investors Corporation Consolidated Schedule of Investments as of December 31, 2021  (29)
Included within Cash and cash equivalents on the Consolidated Statements of Assets and Liabilities. (30)
The rate shown is the annualized seven-day yield as of December 31,
2021. (31)
Position or portion thereof is held by Freddys Acquisition, LP. (32)
Position or portion thereof is held by GSV MedSuite Investments, LLC. (33)
Position or portion thereof is held by GHP E Aggregator, LLC. L - LIBOR P - Prime PIK - Payment-In-Kind  See Notes to Consolidated Financial Statements  101




---

##### Table of Contents

AB Private Credit Investors Corporation Consolidated Schedule of Investments as of December 31, 2020  Portfolio Company

Industry

Facility Type

Interest

Maturity


FundedPar Amount


Cost


Fair ValueInvestments at Fair Value 239.72% + * # ^U.S. Corporate Debt 229.94%1st Lien/Senior Secured Debt 224.81%Amercareroyal, LLC(1)

Business Services

Term Loan

6.00% (L + 5.00%; 1.00% Floor)


11/25/2025


$
4,532,375


$
4,494,065


$
4,487,051BEP Borrower Holdco, LLC(2) (3)

Business Services

Delayed Draw Term Loan A

5.25% (L + 4.25%; 1.00% Floor)


06/12/2024







(8,923
)


(19,325
)BEP Borrower Holdco, LLC(2) (3)

Business Services

Revolver

5.25% (L + 4.25%; 1.00% Floor)


06/12/2024







(4,477
)


(4,295
)BEP Borrower Holdco, LLC(1)

Business Services

Term Loan A

5.25% (L + 4.25%; 1.00% Floor)


06/12/2024



3,435,477



3,398,119



3,383,945Edgewood Partners Holdings LLC(1)

Business Services

Term Loan

5.25% (L + 4.25%; 1.00% Floor)


09/06/2024



5,565,603



5,524,826



5,509,947Global Radar Holdings, LLC(2) (3)

Business Services

Revolver

8.00% (L + 7.00%; 1.00% Floor)


12/31/2025







(11,637
)


(11,637
)Global Radar Holdings, LLC(4)

Business Services

Term Loan

8.00% (L + 7.00%; 1.00% Floor)


12/31/2025



6,400,861



6,272,844



6,272,844Metametrics, Inc.(2) (3)

Business Services

Revolver

6.25% (L + 5.25%; 1.00% Floor)


09/10/2025







(10,230
)


(13,024
)Metametrics, Inc.(1)

Business Services

Term Loan

6.25% (L + 5.25%; 1.00% Floor)


09/10/2025



5,425,654



5,336,647



5,317,140MSM Acquisitions, Inc.(2) (3)

Business Services

Delayed Draw Term Loan

7.00% (L + 6.00%, 1.00% Floor)


12/09/2026







(15,154
)


(15,313
)MSM Acquisitions, Inc.(2) (3)

Business Services

Revolver

7.00% (L + 6.00%, 1.00% Floor)


12/09/2026







(24,249
)


(24,501
)MSM Acquisitions, Inc.(1) (4)

Business Services

Term Loan

7.00% (L + 6.00%, 1.00% Floor)


12/09/2026



7,350,271



7,204,523



7,203,266Single Digits, Inc.

Business Services

Delayed Draw Term Loan

7.00% (L + 6.00%; 1.00% Floor)


12/21/2023



607,575



603,967



558,969Single Digits, Inc.(2) (3)

Business Services

Revolver

7.00% (L + 6.00%; 1.00% Floor)


12/21/2023







(2,489
)


(33,292
)Single Digits, Inc.(1)

Business Services

Term Loan

7.00% (L + 6.00%; 1.00% Floor)


12/21/2023



3,262,597



3,240,552



3,001,589Smile Brands, Inc.(4)

Business Services

Delayed Draw Term Loan

5.42% (L + 5.17%; 0.21% Floor)


10/12/2024



493,072



489,895



484,443Smile Brands, Inc.(2) (3)

Business Services

Revolver

6.17% (L + 5.17%; 1.00% Floor)


10/12/2023







(1,439
)


(4,459
)Smile Brands, Inc.(1)

Business Services

Term Loan

5.42% (L + 5.17%; 0.21% Floor)


10/12/2024



1,623,125



1,612,386



1,594,721Blink Holdings, Inc.(1)

Consumer Non-Cyclical

Delayed Draw Term Loan

4.50% (L + 3.50%; 1.00% Floor)


11/08/2024



1,178,697



1,169,455



1,090,295Blink Holdings, Inc.

Consumer Non-Cyclical

Delayed Draw Term Loan

4.50% (L + 3.50%; 1.00% Floor)


11/08/2024



945,093



939,402



874,211Blink Holdings, Inc.(1)

Consumer Non-Cyclical

Term Loan

4.50% (L + 3.50%; 1.00% Floor)


11/08/2024



1,647,736



1,634,821



1,524,155Captain Ds, Inc.(2)

Consumer Non-Cyclical

Revolver

5.50% (L + 4.50%; 1.00% Floor)


12/15/2023



144,787



143,730



142,826Captain Ds, Inc.(1)

Consumer Non-Cyclical

Term Loan

5.50% (L + 4.50%; 1.00% Floor)


12/15/2023



1,929,660



1,919,188



1,910,364GPS Hospitality Holding Company
LLC(1)

Consumer Non-Cyclical

Term Loan B

4.47% (L + 4.25%)


12/08/2025



2,322,145



2,296,073



2,240,870PF Growth Partners, LLC(2)

Consumer Non-Cyclical

Delayed Draw Term Loan

8.00% (L + 7.00%, 1.00% Floor)


07/11/2025



119,542



116,781



112,345PF Growth Partners, LLC(1)

Consumer Non-Cyclical

Term Loan

8.00% (L + 7.00%, 1.00% Floor)


07/11/2025



2,011,787



1,995,817



1,971,5515 Bars, LLC(2) (3)

Digital Infrastructure & Services

Delayed Draw Term Loan

6.00% (L + 4.00%; 2.00% Floor)


09/27/2024







(38,832
)


5 Bars, LLC(2) (3)

Digital Infrastructure & Services

Revolver

6.00% (L + 4.00%; 2.00% Floor)


09/27/2024







(7,281
)


5 Bars, LLC(4)

Digital Infrastructure & Services

Term Loan

6.00% (L + 4.00%; 2.00% Floor)


09/27/2024



4,742,121



4,687,586



4,742,121EvolveIP, LLC(2)

Digital Infrastructure & Services

Delayed Draw Term Loan

6.75% (L + 5.75%; 1.00% Floor)


06/07/2023



113,373



105,505



102,036EvolveIP, LLC(2) (3)

Digital Infrastructure & Services

Revolver

6.75% (L + 5.75%; 1.00% Floor)


06/07/2023







(5,886
)


(8,503
)EvolveIP, LLC(1)

Digital Infrastructure & Services

Term Loan A

6.75% (L + 5.75%; 1.00% Floor)


06/07/2023



6,567,317



6,496,610



6,468,808Fuze, Inc.(2) (4)

Digital Infrastructure & Services

Delayed Draw Term Loan

8.50% (L + 6.50%; 2.00% Floor)


09/20/2024



777,532



280,941



766,905Fuze, Inc.(2) (3)

Digital Infrastructure & Services

Revolver

8.50% (L + 6.50%; 2.00% Floor)


09/20/2024







(4,833
)


(18,531
)Fuze, Inc.(1) (4)

Digital Infrastructure & Services

Term Loan

8.50% (L + 6.50%; 2.00% Floor)


09/20/2024



11,015,029



10,973,819



10,857,514Star2star Communications, LLC(2) (3)

Digital Infrastructure & Services

Delayed Draw Term Loan

6.50% (L + 5.50%; 1.00% Floor)


03/13/2025







(10,811
)


Star2star Communications, LLC(2) (3)

Digital Infrastructure & Services

Revolver

6.50% (L + 5.50%; 1.00% Floor)


03/13/2025







(16,217
)


Star2star Communications, LLC(1) (4)

Digital Infrastructure & Services

Term Loan

6.50% (L + 5.50%; 1.00% Floor)


03/13/2025



5,404,057



5,312,392



5,404,057AEG Holding Company, Inc.(1)

Education

Delayed Draw Term Loan

6.50% (L + 5.50%; 1.00% Floor)


11/20/2023



1,067,375



1,056,524



1,046,027AEG Holding Company, Inc.(2) (3)

Education

Revolver

6.50% (L + 5.50%; 1.00% Floor)


11/20/2023







(12,646
)


(22,337
)AEG Holding Company, Inc.(4)

Education

Term Loan

6.50% (L + 5.50%; 1.00% Floor)


11/20/2023



1,857,399



1,832,000



1,820,251AEG Holding Company, Inc.(1)

Education

Term Loan

6.50% (L + 5.50%; 1.00% Floor)


11/20/2023



6,043,942



5,980,204



5,923,063Accelerate Resources Operating, LLC(2)
(3)

Energy

Delayed Draw Term Loan

8.50% (L + 7.50%; 1.00% Floor)


02/24/2026







(28,622
)


(49,772
)Accelerate Resources Operating, LLC(2)
(3)

Energy

Revolver

8.50% (L + 7.50%; 1.00% Floor)


02/24/2026







(7,155
)


(12,443
)  See Notes to Consolidated Financial Statements  102




---

##### Table of Contents

AB Private Credit Investors Corporation Consolidated Schedule of Investments as of December 31, 2020  Portfolio Company

Industry

Facility Type

Interest

Maturity


FundedPar Amount


Cost


Fair ValueAccelerate Resources Operating,
LLC(1)

Energy

Term Loan

8.50% (L + 7.50%; 1.00% Floor)


02/24/2026


$
4,989,614


$
4,903,754


$
4,839,925BCP Raptor II, LLC(1)

Energy

Term Loan

4.90% (L + 4.75%)


11/03/2025



5,654,641



5,653,854



4,891,264Brazos Delaware II, LLC(1)

Energy

Term Loan B

4.16% (L + 4.00%)


05/21/2025



4,003,380



3,924,100



3,462,923Nine Point Energy, LLC(2) (3)

Energy

Delayed Draw Term Loan

9.00% (L + 5.50%; 2.50% PIK; 1.00% Floor)


06/07/2024







(4,707
)


(42,656
)Nine Point Energy, LLC

Energy

Term Loan

9.00% (L + 5.50%; 2.50% PIK; 1.00% Floor)


06/07/2024



5,737,924



5,651,856



4,991,994Foundation Risk Partners, Corp.(2)
(3)

Financials

First Lien Delayed Draw Term Loan

5.75% (L + 4.75%; 1.00% Floor)


11/10/2023







(29,327
)


(29,327
)Foundation Risk Partners, Corp.(4)

Financials

First Lien Term Loan

5.75% (L + 4.75%; 1.00% Floor)


11/10/2023



1,955,172



1,916,069



1,916,069Higginbotham Insurance Agency, Inc.(2)
(3)

Financials

Delayed Draw Term Loan

6.50% (L + 5.75%; 0.75% Floor)


11/25/2026







(12,328
)


(12,535
)Higginbotham Insurance Agency,
Inc.(5)

Financials

Term Loan

6.50% (L + 5.75%; 0.75% Floor)


11/25/2026



5,937,344



5,849,538



5,848,284American Physician Partners, LLC(1)

Healthcare & HCIT

Delayed Draw Term Loan

7.75% (L + 6.75%; 1.00% Floor)


12/21/2021



1,004,457



999,314



964,278American Physician Partners, LLC(2)

Healthcare & HCIT

Revolver

7.75% (L + 6.75%; 1.00% Floor)


12/21/2021



346,322



344,112



328,562American Physician Partners, LLC(1)

Healthcare & HCIT

Term Loan A

7.75% (L + 6.75%; 1.00% Floor)


12/21/2021



5,322,083



5,293,112



5,109,200American Physician Partners, LLC

Healthcare & HCIT

Term Loan C

7.75% (L + 6.75%; 1.00% Floor)


12/21/2021



1,151,613



1,146,211



1,105,549American Physician Partners, LLC(1)

Healthcare & HCIT

Term Loan D

7.75% (L + 6.75%; 1.00% Floor)


12/21/2021



2,137,611



2,009,807



2,052,107Analogic Corporation(2) (3)

Healthcare & HCIT

Revolver

6.25% (L + 5.25%; 1.00% Floor)


06/22/2023







(2,024
)


(7,486
)Analogic Corporation(1) (4)

Healthcare & HCIT

Term Loan

6.25% (L + 5.25%; 1.00% Floor)


06/24/2024



2,117,500



2,092,383



2,043,387Azurity Pharmaceuticals, Inc.(2) (3) (4)
(6)

Healthcare & HCIT

Delayed Draw Term Loan

6.75% (L + 5.75%; 1.00% Floor)


03/21/2023







(4,912
)


(9,659
)Azurity Pharmaceuticals, Inc.(2) (3) (4)
(6)

Healthcare & HCIT

Revolver

6.75% (L + 5.75%; 1.00% Floor)


03/21/2023







(4,912
)


(9,659
)Azurity Pharmaceuticals, Inc.(1) (4)
(6)

Healthcare & HCIT

Term Loan

6.75% (L + 5.75%; 1.00% Floor)


03/21/2023



7,182,884



7,105,941



7,039,226BK Medical Holding Company, Inc.(2)
(3)

Healthcare & HCIT

Revolver

6.25% (L + 5.25%; 1.00% Floor)


06/22/2023







(2,342
)


(12,870
)BK Medical Holding Company, Inc.(4)

Healthcare & HCIT

Term Loan A

6.25% (L + 5.25%; 1.00% Floor)


06/22/2024



2,980,316



2,956,762



2,861,104Caregiver 2, Inc.(4)

Healthcare & HCIT

Term Loan

8.50% (L + 6.50%; 2.00% Floor)


07/24/2025



4,869,246



4,777,466



4,771,861Caregiver 2, Inc.(4)

Healthcare & HCIT

Term Loan

8.50% (L + 6.50%; 2.00% Floor)


07/24/2025



698,894



685,721



684,916Coding Solutions Acquisition, Inc(2)
(3)

Healthcare & HCIT

Delayed Draw Term Loan

7.00% (L + 6.00%; 1.00% Floor)


12/31/2026







(24,440
)


(24,440
)Coding Solutions Acquisition, Inc(2)

Healthcare & HCIT

Revolver

7.00% (L + 6.00%; 1.00% Floor)


12/31/2025



19,396



17,069



17,069Coding Solutions Acquisition, Inc(4)

Healthcare & HCIT

Term Loan

7.00% (L + 6.00%; 1.00% Floor)


12/31/2026



7,913,792



7,755,516



7,755,516Delaware Valley Management Holdings, Inc.(2)
(3)

Healthcare & HCIT

Delayed Draw Term Loan

7.25% (L + 4.00%; 2.25% PIK; 1.00% Floor)


03/21/2024







(30,445
)


(160,698
)Delaware Valley Management Holdings, Inc.

Healthcare & HCIT

Revolver

7.25% (L + 4.00%; 2.25% PIK; 1.00% Floor)


03/21/2024



529,343



522,326



448,618Delaware Valley Management Holdings, Inc.

Healthcare & HCIT

Term Loan

7.25% (L + 4.00%; 2.25% PIK; 1.00% Floor)


03/21/2024



3,455,055



3,409,119



2,928,159Ethos Veterinary Health LLC(1) (2)

Healthcare & HCIT

Delayed Draw Term Loan

4.90% (L + 4.75%)


05/15/2026



1,067,933



1,051,553



1,058,398Ethos Veterinary Health LLC(1)

Healthcare & HCIT

Term Loan

4.90% (L + 4.75%)


05/15/2026



2,291,671



2,272,956



2,280,213FH MD Buyer, Inc(1) (4)

Healthcare & HCIT

Term Loan

6.75% (L + 5.75%; 1.00% Floor)


10/31/2026



4,758,403



4,642,290



4,639,443GHA Buyer, Inc.(2)

Healthcare & HCIT

Fifth Amendment Delayed Draw Term loan

8.00% (L + 6.00%; 2.00% Floor)


06/24/2025



819,387



802,507



819,387GHA Buyer, Inc.(2) (3)

Healthcare & HCIT

Revolver

8.00% (L + 6.00%; 2.00% Floor)


06/24/2025







(16,560
)


GHA Buyer, Inc.(4)

Healthcare & HCIT

Term Loan

8.00% (L + 6.00%; 2.00% Floor)


06/24/2025



4,682,214



4,589,427



4,682,214GHA Buyer, Inc.(1)

Healthcare & HCIT

Term Loan

8.00% (L + 6.00%; 2.00% Floor)


06/24/2025



1,977,880



1,954,014



1,977,880GHA Buyer, Inc.(1) (4)

Healthcare & HCIT

Term Loan

8.00% (L + 6.00%; 2.00% Floor)


06/24/2025



5,408,146



5,310,809



5,408,146GHA Buyer, Inc.(1)

Healthcare & HCIT

Term Loan

8.00% (L + 6.00%; 2.00% Floor)


06/24/2025



565,207



555,552



565,207INH Buyer, Inc.(2) (3)

Healthcare & HCIT

Revolver

7.00% (L + 6.00%, 1.00% Floor)


01/31/2024







(1,962
)


(3,088
)INH Buyer, Inc.(1)

Healthcare & HCIT

Term Loan

7.00% (L + 6.00%, 1.00% Floor)


01/31/2025



8,593,414



8,497,744



8,464,513Kindeva Drug Delivery L.P.(2) (3)

Healthcare & HCIT

Revolver

7.00% (L + 6.00%; 1.00% Floor)


05/01/2025







(31,405
)


(36,133
)Kindeva Drug Delivery L.P.(1) (4)

Healthcare & HCIT

Term Loan

7.00% (L + 6.00%; 1.00% Floor)


05/01/2026



15,819,048



15,463,256



15,423,572OMH-HealthEdge Holdings, LLC(2) (3)

Healthcare & HCIT

Revolver

6.25% (L + 5.25%; 1.00% Floor)


10/24/2024







(7,910
)


(10,322
)OMH-HealthEdge Holdings, LLC(1)

Healthcare & HCIT

Term Loan

6.25% (L + 5.25%; 1.00% Floor)


10/24/2025



3,737,140



3,666,904



3,653,054Pace Health Companies, LLC(2) (3)

Healthcare & HCIT

Revolver

5.50% (L + 4.50%; 1.00% Floor)


08/02/2024







(4,542
)


(6,167
)Pace Health Companies, LLC(1)

Healthcare & HCIT

Term Loan

5.50% (L + 4.50%; 1.00% Floor)


08/02/2024



5,358,969



5,318,091



5,305,379  See Notes to Consolidated Financial Statements  103




---

##### Table of Contents

AB Private Credit Investors Corporation Consolidated Schedule of Investments as of December 31, 2020  Portfolio Company

Industry

Facility Type

Interest

Maturity


FundedPar Amount


Cost


Fair ValuePinnacle Dermatology Management,
LLC(2)

Healthcare & HCIT

Delayed Draw Term Loan

5.25% (L + 4.25%; 1.00% Floor)


05/18/2023



2,280,367



2,238,882



2,199,409Pinnacle Dermatology Management, LLC(2)(3)

Healthcare & HCIT

Revolver

5.25% (L + 4.25%; 1.00% Floor)


05/18/2023







(3,106
)


(6,455
)Pinnacle Dermatology Management,
LLC(1)

Healthcare & HCIT

Term Loan

5.25% (L + 4.25%; 1.00% Floor)


05/18/2023


$
5,380,911


$
5,310,665


$
5,273,293Pinnacle Treatment Centers, Inc.(2)
(3)

Healthcare & HCIT

Delayed Draw Term Loan

7.25% (L + 6.25%; 1.00% Floor)


12/31/2022







(2,434
)


(2,343
)Pinnacle Treatment Centers, Inc.

Healthcare & HCIT

Delayed Draw Term Loan 2

7.25% (L + 6.25%; 1.00% Floor)


12/31/2022



350,666



348,199



347,160Pinnacle Treatment Centers, Inc.(2)
(3)

Healthcare & HCIT

Revolver

7.25% (L + 6.25%; 1.00% Floor)


12/31/2022







(2,387
)


(2,929
)Pinnacle Treatment Centers, Inc.(4)

Healthcare & HCIT

Term Loan

7.25% (L + 6.25%; 1.00% Floor)


12/31/2022



4,128,092



4,099,904



4,086,812Platinum Dermatology Partners, LLC(7)


Healthcare & HCIT

General Delayed Draw Term Loan

9.25% (L + 3.00%; 5.25% PIK; 1.00% Floor)


01/03/2023



1,478,951



1,453,814



1,196,915Platinum Dermatology Partners, LLC(8)


Healthcare & HCIT

Revolver

10.50% (P + 2.00%; 5.25% PIK; 1.00% Floor)


01/03/2023



518,062



508,152



419,267Platinum Dermatology Partners, LLC

Healthcare & HCIT

Specified Delayed Draw Term Loan

10.50% (P + 2.00%; 5.25% PIK; 1.00% Floor)


01/03/2023



2,036,183



2,000,944



1,647,883Platinum Dermatology Partners, LLC

Healthcare & HCIT

Term Loan

9.25% (L + 3.00%; 5.25% PIK; 1.00% Floor)


01/03/2023



3,238,540



3,172,757



2,620,951RCP Encore Acquisition, Inc.(1)

Healthcare & HCIT

Term Loan

5.75% (L + 4.75%; 1.00% Floor)


06/09/2025



3,934,668



3,904,130



3,767,444Salisbury House, LLC(2)(3)

Healthcare & HCIT

Revolver

6.00% (L + 5.00%; 1.00% Floor)


08/30/2025







(10,572
)


(11,209
)Salisbury House, LLC(1)(4)

Healthcare & HCIT

Term Loan A1

6.50% (L + 5.50%; 1.00% Floor)


08/30/2025



5,366,661



5,239,533



5,232,494SIS Purchaser, Inc.(2) (3)

Healthcare & HCIT

Revolver

7.00% (L + 6.00%; 1.00% Floor)


10/15/2026







(19,692
)


(20,405
)SIS Purchaser, Inc.(1) (4)

Healthcare & HCIT

Term Loan

7.00% (L + 6.00%; 1.00% Floor)


10/15/2026



12,825,456



12,606,394



12,601,010The Center for Orthopedic and Research Excellence, Inc.(2) (9)

Healthcare & HCIT

Delayed Draw Term Loan

6.25% (L + 5.25%; 1.00% Floor)


08/15/2025



577,458



561,028



557,270The Center for Orthopedic and Research Excellence, Inc.(2) (3)

Healthcare & HCIT

Revolver

6.25% (L + 5.25%; 1.00% Floor)


08/15/2025







(9,474
)


(12,084
)The Center for Orthopedic and Research Excellence, Inc.(1) (4)

Healthcare & HCIT

Term Loan

6.25% (L + 5.25%; 1.00% Floor)


08/15/2025



4,943,778



4,873,997



4,857,261Theranest, LLC(1) (4)

Healthcare & HCIT

Delayed Draw Term Loan

6.00% (L + 5.00%; 1.00% Floor)


07/24/2023



2,743,641



2,711,689



2,675,050Theranest, LLC(2) (3)

Healthcare & HCIT

Revolver

6.00% (L + 5.00%; 1.00% Floor)


07/24/2023







(4,438
)


(10,714
)Theranest, LLC(1)

Healthcare & HCIT

Term Loan

6.00% (L + 5.00%; 1.00% Floor)


07/24/2023



2,970,000



2,937,217



2,895,750Womens Health USA, Inc.(2) (3)

Healthcare & HCIT

Revolver

8.75% (L + 7.75%; 1.00% Floor)


10/09/2023







(2,150
)


(2,195
)Womens Health USA, Inc.(1) (4)

Healthcare & HCIT

Term Loan

8.75% (L + 7.75%; 1.00% Floor)


10/09/2023



4,116,949



4,057,490



4,056,430ZBS Alliance Animal Health, LLC(1)
(4)

Healthcare & HCIT

Delayed Draw Term Loan

6.25% (L + 5.25%; 1.00% Floor)


11/08/2025



3,056,995



3,007,287



2,995,855ZBS Alliance Animal Health, LLC(2)
(3)

Healthcare & HCIT

First Amendment Delayed Draw Term Loan

6.25% (L + 5.25%; 1.00% Floor)


11/08/2025







(14,900
)


(45,076
)ZBS Alliance Animal Health, LLC(2)

Healthcare & HCIT

Revolver

6.25% (L + 5.25%; 1.00% Floor)


11/08/2025



453,560



442,268



439,953ZBS Alliance Animal Health, LLC(1)

Healthcare & HCIT

Term Loan

6.25% (L + 5.25%; 1.00% Floor)


11/08/2025



2,694,147



2,649,100



2,640,264Alphasense, Inc.(1) (2) (3)

Software & Tech Services

Delayed Draw Term Loan

8.00% (L + 7.00%; 1.00% Floor)


05/29/2024







(19,224
)


Alphasense, Inc.(1) (2) (3)

Software & Tech Services

Revolver

8.00% (L + 7.00%; 1.00% Floor)


05/29/2024







(10,717
)


Alphasense, Inc.(1) (4)

Software & Tech Services

Term Loan

8.00% (L + 7.00%; 1.00% Floor)


05/29/2024



7,269,628



7,180,336



7,269,628AMI US Holdings, Inc.(2)

Software & Tech Services

Revolver

5.65% (L + 5.50%)


04/01/2024



788,116



773,369



771,697AMI US Holdings, Inc.(1)

Software & Tech Services

Term Loan

6.50% (L + 5.50%; 1.00% Floor)


04/01/2025



8,173,415



8,050,411



8,050,814Arrowstream Acquisition Co., Inc.(2)
(3)

Software & Tech Services

Revolver

7.50% (L + 6.50%; 1.00% Floor)


12/15/2025







(7,655
)


(7,726
)Arrowstream Acquisition Co., Inc.(4)

Software & Tech Services

Term Loan

7.50% (L + 6.50%; 1.00% Floor)


12/15/2025



3,863,094



3,786,548



3,785,832Avetta, LLC(2) (3)

Software & Tech Services

Revolver

6.25% (L + 5.25%; 1.00% Floor)


04/10/2024







(5,453
)


(9,888
)Avetta, LLC(1) (4)

Software & Tech Services

Term Loan

6.25% (L + 5.25%; 1.00% Floor)


04/10/2024



3,253,746



3,190,633



3,188,671Avetta, LLC(1)

Software & Tech Services

Term Loan B

6.25% (L + 5.25%; 1.00% Floor)


04/10/2024



4,283,219



4,222,444



4,197,555Businesssolver.com, Inc.(1)

Software & Tech Services

Delayed Draw Term Loan

8.50% (L + 7.50%; 1.00% Floor)


05/15/2023



388,235



385,900



388,235Businesssolver.com, Inc.(2) (3)

Software & Tech Services

Revolver

8.50% (L + 7.50%; 1.00% Floor)


05/15/2023







(3,180
)


Businesssolver.com, Inc.(1) (4) (5)

Software & Tech Services

Term Loan

8.50% (L + 7.50%; 1.00% Floor)


05/15/2023



9,703,535



9,608,867



9,703,535Businesssolver.com, Inc.(4)

Software & Tech Services

Term Loan

8.50% (L + 7.50%; 1.00% Floor)


05/15/2023



1,390,037



1,369,183



1,390,037Datacor Holdings, Inc.(2) (3)

Software & Tech Services

First Lien Delayed Draw Term Loan

6.25% (L + 5.25%; 1.00% Floor)


12/26/2025







(25,714
)


(25,754
)Datacor Holdings, Inc.(2) (3)

Software & Tech Services

Revolver

6.25% (L + 5.25%; 1.00% Floor)


12/26/2025







(12,849
)


(12,877
)Datacor Holdings, Inc.(1) (4)

Software & Tech Services

Term Loan

6.25% (L + 5.25%; 1.00% Floor)


12/26/2025



6,180,951



6,042,052



6,041,879Degreed, Inc.(4)

Software & Tech Services

Delayed Draw Term Loan

7.35% (L + 6.35%; 1.00% Floor)


05/31/2024



2,924,689



2,865,519



2,924,689Degreed, Inc.(4)

Software & Tech Services

Revolver

7.35% (L + 6.35%; 1.00% Floor)


05/31/2024



417,813



414,941



417,813Degreed, Inc.(1) (4)

Software & Tech Services

Term Loan

7.35% (L + 6.35%; 1.00% Floor)


05/31/2024



2,228,335



2,211,944



2,228,335Dispatch Track, LLC(2)(3)

Software & Tech Services

Revolver

5.50% (L + 4.50%; 1.00% Floor)


12/17/2024







(3,610
)


(3,020
)Dispatch Track, LLC(1)

Software & Tech Services

Term Loan

5.50% (L + 4.50%; 1.00% Floor)


12/17/2024



6,038,593



5,966,394



5,978,207Drilling Info Holdings, Inc.(1)

Software & Tech Services

Term Loan

4.40% (L + 4.25%)


07/30/2025



3,360,865



3,350,124



3,310,452  See Notes to Consolidated Financial Statements  104




---

##### Table of Contents

AB Private Credit Investors Corporation Consolidated Schedule of Investments as of December 31, 2020  Portfolio Company

Industry

Facility Type

Interest

Maturity


FundedPar Amount


Cost


Fair ValueDude Solutions Holdings, Inc.(4)

Software & Tech Services

Term Loan

8.50% (L + 7.50%; 1.00% Floor)


06/13/2025



3,882,883



3,796,420



3,795,518E2open LLC(2)

Software & Tech Services

Revolver

6.75% (L + 5.75%; 1.00% Floor)


11/26/2024



238,713



235,653



238,713E2open LLC(1)

Software & Tech Services

Term Loan

6.75% (L + 5.75%; 1.00% Floor)


11/26/2024



4,895,325



4,843,685



4,895,325Engage2Excel, Inc.(1) (2)

Software & Tech Services

Revolver

9.00% (L + 6.00%; 2.00% PIK; 1.00% Floor)


03/07/2023



259,141



255,648



244,002Engage2Excel, Inc.(1)

Software & Tech Services

Term Loan

9.00% (L + 6.00%; 2.00% PIK; 1.00% Floor)


03/07/2023



1,030,639



1,018,322



989,413Engage2Excel, Inc.(1)

Software & Tech Services

Term Loan

9.00% (L + 6.00%; 2.00% PIK; 1.00% Floor)


03/07/2023


$
2,970,378


$
2,940,272


$
2,851,562EnterpriseDB Corporation(2) (3)

Software & Tech Services

Revolver

7.75% (L + 5.50%; 0.50% PIK; 1.75% Floor)


06/21/2024







(9,730
)


(6,964
)EnterpriseDB Corporation(1) (4)

Software & Tech Services

Term Loan

7.75% (L + 5.50%; 0.50% PIK; 1.75% Floor)


06/21/2024



7,884,480



7,770,371



7,805,636EnterpriseDB Corporation(1) (4)

Software & Tech Services

Term Loan

7.75% (L + 5.50%; 0.50% PIK; 1.75% Floor)


06/21/2024



4,517,886



4,430,433



4,472,707Exterro, Inc.(2) (3)

Software & Tech Services

Revolver

6.50% (L + 5.50%; 1.00% Floor)


05/31/2024







(2,863
)


(1,238
)Exterro, Inc.(4)

Software & Tech Services

Term Loan

6.50% (L + 5.50%; 1.00% Floor)


05/31/2024



6,584,363



6,455,464



6,551,441Exterro, Inc.(1)

Software & Tech Services

Term Loan

6.50% (L + 5.50%; 1.00% Floor)


05/31/2024



5,809,123



5,714,227



5,780,077Exterro, Inc.(1)

Software & Tech Services

Term Loan

6.50% (L + 5.50%; 1.00% Floor)


05/31/2024



2,793,450



2,761,205



2,779,483Faithlife, LLC(1) (2)

Software & Tech Services

Delayed Draw Term Loan

7.00% (L + 6.00%; 1.00% Floor)


09/18/2025



1,705,713



1,649,597



1,645,019Faithlife, LLC(2) (3)

Software & Tech Services

Revolver

7.00% (L + 6.00%; 1.00% Floor)


09/18/2025







(5,267
)


(5,581
)Faithlife, LLC(1)

Software & Tech Services

Term Loan

7.00% (L + 6.00%; 1.00% Floor)


09/18/2025



732,515



718,688



717,865Finalsite Holdings, Inc.(2) (3)

Software & Tech Services

Revolver

6.00% (L + 5.00%; 1.00% Floor)


09/25/2024







(2,778
)


(4,430
)Finalsite Holdings, Inc.(1)

Software & Tech Services

Term Loan

6.00% (L + 5.00%; 1.00% Floor)


09/25/2024



3,299,280



3,260,625



3,241,542Genesis Acquisition Co.

Software & Tech Services

Delayed Draw Term Loan

4.22% (L + 4.00%)


07/31/2024



40,193



39,949



36,877Genesis Acquisition Co.(4)

Software & Tech Services

Revolver

4.22% (L + 4.00%)


07/31/2024



202,400



199,929



185,702Genesis Acquisition Co.(1)

Software & Tech Services

Term Loan

4.22% (L + 4.00%)


07/31/2024



1,348,936



1,331,729



1,237,649GS AcquisitionCo, Inc.(4)

Software & Tech Services

Delayed Draw Term Loan

6.75% (L + 5.75%; 1.00% Floor)


05/24/2024



697,073



689,765



686,617GS AcquisitionCo, Inc.(4)

Software & Tech Services

Delayed Draw Term Loan

6.75% (L + 5.75%; 1.00% Floor)


05/24/2024



1,430,055



1,430,055



1,408,604GS AcquisitionCo, Inc.(1)

Software & Tech Services

Fifth Supplemental Term Loan

6.75% (L + 5.75%; 1.00% Floor)


05/24/2024



823,023



810,749



810,677GS AcquisitionCo, Inc.(2) (3)

Software & Tech Services

Fourth Supplemental Delayed Draw Term Loan

6.75% (L + 5.75%; 1.00% Floor)


05/24/2024







(3,717
)


(3,741
)GS AcquisitionCo, Inc.(2) (3)

Software & Tech Services

Revolver

6.75% (L + 5.75%; 1.00% Floor)


05/24/2024







(3,559
)


(5,743
)GS AcquisitionCo, Inc.(1) (4)

Software & Tech Services

Term Loan

6.75% (L + 5.75%; 1.00% Floor)


05/24/2024



3,526,700



3,493,436



3,473,799Kaseya Inc.(2) (3) (10)

Software & Tech Services

Delayed Draw Term Loan

8.00% (L + 4.00%; 3.00% PIK; 1.00% Floor)


05/02/2025







(4,197
)


(6,015
)Kaseya Inc.(10)

Software & Tech Services

Delayed Draw Term Loan

8.00% (L + 4.00%; 3.00% PIK; 1.00% Floor)


05/02/2025



539,265



534,498



528,480Kaseya Inc.(2) (10)

Software & Tech Services

Revolver

7.50% (L + 6.50%; 1.00% Floor)


05/02/2025



184,235



181,464



176,716Kaseya Inc.(1) (4) (10)

Software & Tech Services

Term Loan

8.00% (L + 4.00%; 3.00% PIK; 1.00% Floor)


05/02/2025



5,087,721



5,046,461



4,985,967Lexipol, LLC(1)

Software & Tech Services

Delayed Draw Term Loan

6.75% (L + 5.75%; 1.00% Floor)


10/08/2025



1,382,942



1,357,778



1,357,464Lexipol, LLC(1)

Software & Tech Services

Term Loan A

6.75% (L + 5.75%; 1.00% Floor)


10/08/2025



6,259,633



6,154,275



6,150,089Medbridge Holdings, LLC(1) (5)

Software & Tech Services

Initial Term Loan

8.00% (L + 7.00%, 1.00% Floor)


12/23/2026



15,367,872



15,061,604



15,060,514Medbridge Holdings, LLC(2) (3)

Software & Tech Services

Revolver

8.00% (L + 7.00%, 1.00% Floor)


12/23/2026







(27,413
)


(27,524
)Ministry Brands, LLC(1)

Software & Tech Services

Delayed Draw Term Loan

5.00% (L + 4.00%; 1.00% Floor)


12/02/2022



650,993



649,558



636,346Ministry Brands, LLC(1)

Software & Tech Services

Term Loan

5.00% (L + 4.00%; 1.00% Floor)


12/02/2022



3,112,742



3,105,923



3,042,705Netwrix Corporation And Concept Searching Inc.(2)
(3)

Software & Tech Services

Delayed Draw Term Loan

7.25% (L + 6.25%; 1.00% Floor)


09/30/2026







(19,215
)


(23,794
)Netwrix Corporation And Concept Searching Inc.

Software & Tech Services

First Amendment First Out Term Loan

4.50% (L + 3.50%; 1.00% Floor)


09/30/2026



2,807,645



2,769,039



2,769,039Netwrix Corporation And Concept Searching Inc.

Software & Tech Services

First Amendment Last Out Term Loan

9.08% (L + 8.08%; 1.00% Floor)


09/30/2026



7,175,092



7,014,042



7,014,042Netwrix Corporation And Concept Searching
Inc.(1)

Software & Tech Services

Last Out Term Loan

10.00% (L + 9.00%; 1.00% Floor)


09/30/2026



1,665,510



1,622,670



1,625,954Netwrix Corporation And Concept Searching Inc.

Software & Tech Services

Primary Delayed Draw Term Loan

7.25% (L + 6.25%; 1.00% Floor)


09/30/2026



500,905



491,298



489,009Netwrix Corporation And Concept Searching Inc.(2)
(3)

Software & Tech Services

Revolver

7.25% (L + 6.25%; 1.00% Floor)


09/30/2026







(4,284
)


(3,956
)PerimeterX, Inc.(2) (3)

Software & Tech Services

Delayed Draw Term Loan

5.00% (L + 4.00%; 1.00% Floor)


11/22/2024







(6,883
)


(6,989
)PerimeterX, Inc.(2) (3)

Software & Tech Services

Revolver

5.00% (L + 4.00%; 1.00% Floor)


11/22/2024







(2,737
)


(2,795
)PerimeterX, Inc.(4)

Software & Tech Services

Term Loan

5.00% (L + 4.00%; 1.00% Floor)


11/22/2024



2,798,825



2,771,229



2,770,837Purchasing Power, LLC(1)

Software & Tech Services

Term Loan

8.25% (L + 7.25%; 1.00% Floor)


02/06/2024



2,624,201



2,592,378



2,571,717Real Capital Analytics, Inc.(2) (3)

Software & Tech Services

Revolver

6.00% (L + 5.00%, 1.00% Floor)


10/02/2024







(2,683
)


Real Capital Analytics, Inc.(1) (4)

Software & Tech Services

Term Loan

6.00% (L + 5.00%; 1.00% Floor)


10/02/2024



3,019,297



3,007,315



3,019,297Real Capital Analytics, Inc.(1)

Software & Tech Services

Term Loan

6.00% (L + 5.00%, 1.00% Floor)


10/02/2024



4,863,178



4,844,190



4,863,178Rep Tec Intermediate Holdings, Inc.(2)
(3)

Software & Tech Services

Delayed Draw Term Loan

7.50% (L + 6.50%; 1.00% Floor)


06/19/2025







(23,772
)


Rep Tec Intermediate Holdings, Inc.(2)
(3)

Software & Tech Services

Revolver

7.50% (L + 6.50%; 1.00% Floor)


06/19/2025







(7,924
)


Rep Tec Intermediate Holdings,
Inc.(4)

Software & Tech Services

Term Loan

7.50% (L + 6.50%; 1.00% Floor)


06/19/2025



4,164,398



4,089,771



4,164,398SecureLink, Inc(1)

Software & Tech Services

Initial Term Loan

6.50% (L + 5.50%; 1.00% Floor)


10/01/2025



4,922,655



4,852,007



4,848,815  See Notes to Consolidated Financial Statements  105




---

##### Table of Contents

AB Private Credit Investors Corporation Consolidated Schedule of Investments as of December 31, 2020  PortfolioCompany

Industry

Facility Type

Interest

Maturity


FundedPar Amount


Cost


Fair ValueSecureLink, Inc(2) (3)

Software & Tech Services

Revolver

6.50% (L + 5.50%; 1.00% Floor)


10/01/2025







(6,262
)


(6,593
)Sirsi Corporation(2) (3)

Software & Tech Services

Revolver

5.75% (L + 4.75%; 1.00% Floor)


03/15/2024







(5,503
)


(6,921
)Sirsi Corporation(1)

Software & Tech Services

Term Loan

5.75% (L + 4.75%; 1.00% Floor)


03/15/2024



8,449,581



8,361,442



8,343,961Smartlinx Solutions, LLC(2) (3)

Software & Tech Services

Revolver

7.00% (L + 6.00%; 1.00% Floor)


03/04/2026







(4,498
)


(9,974
)Smartlinx Solutions, LLC(1) (4)

Software & Tech Services

Term Loan

7.00% (L + 6.00%; 1.00% Floor)


03/04/2026



5,735,912



5,635,853



5,625,782Streamsets, Inc.(2) (3)

Software & Tech Services

Revolver

6.75% (L + 5.00%; 0.75% PIK; 1.00% Floor)


11/25/2024







(9,115
)


(9,737
)Streamsets, Inc.(4)

Software & Tech Services

Term Loan

6.75% (L + 5.00%; 0.75% PIK; 1.00% Floor)


11/25/2024



2,103,146



2,048,309



2,044,721SugarCRM, Inc.(2) (3) (4)

Software & Tech Services

Revolver

7.50% (L + 6.50%; 1.00% Floor)


07/31/2024







(3,326
)


SugarCRM, Inc.(1) (4)

Software & Tech Services

Term Loan

7.50% (L + 6.50%; 1.00% Floor)


07/31/2024


$
4,268,824


$
4,215,403


$
4,268,824Swiftpage, Inc.(2) (3) (4)

Software & Tech Services

Revolver

7.50% (L + 6.50%; 1.00% Floor)


06/13/2023







(2,232
)


(7,887
)Swiftpage, Inc.(4)

Software & Tech Services

Term Loan

7.50% (L + 6.50%; 1.00% Floor)


06/13/2023



2,471,441



2,445,531



2,384,940Swiftpage, Inc.(4)

Software & Tech Services

Term Loan A

7.50% (L + 6.50%; 1.00% Floor)


06/13/2023



227,475



224,713



219,514Sysnet North America, Inc(2) (3)

Software & Tech Services

Delayed Draw Term Loan B1

6.50% (L + 5.50%; 1.00% Floor)


12/01/2026







(28,973
)


(57,946
)Sysnet North America, Inc(1) (4)

Software & Tech Services

Term Loan

6.50% (L + 5.50%; 1.00% Floor)


12/01/2026



5,150,792



5,073,530



5,073,530Telesoft Holdings, LLC(2) (3)

Software & Tech Services

Revolver

6.75% (L + 5.75%, 1.00% Floor)


12/16/2025







(11,150
)


(13,429
)Telesoft Holdings, LLC(4)

Software & Tech Services

Term Loan

6.75% (L + 5.75%, 1.00% Floor)


12/16/2025



5,923,900



5,811,092



5,790,612TRGRP, Inc.(2) (3)

Software & Tech Services

Revolver

8.00% (L + 4.50%; 2.50% PIK; 1.00% Floor)


11/01/2023







(3,789
)


(6,666
)TRGRP, Inc.(1)

Software & Tech Services

Term Loan

8.00% (L + 4.50%; 2.50% PIK; 1.00% Floor)


11/01/2023



1,093,574



1,079,177



1,071,703TRGRP, Inc.(1) (4)

Software & Tech Services

Term Loan

8.00% (L + 4.50%; 2.50% PIK; 1.00% Floor)


11/01/2023



4,894,320



4,836,011



4,796,433Velocity Purchaser Corporation(2) (3)


Software & Tech Services

Revolver

7.00% (L + 6.00%; 1.00% Floor)


12/01/2022







(1,518
)


Velocity Purchaser Corporation(1)

Software & Tech Services

Term Loan

7.00% (L + 6.00%; 1.00% Floor)


12/01/2022



660,247



653,553



660,247Velocity Purchaser Corporation(1)

Software & Tech Services

Term Loan

7.00% (L + 6.00%; 1.00% Floor)


12/01/2022



2,655,701



2,633,903



2,655,701Velocity Purchaser Corporation(1)

Software & Tech Services

Third Amendment Term Loan

7.00% (L + 6.00%; 1.00% Floor)


12/01/2022



5,167,773



5,066,540



5,167,773Watermark Insights, LLC(1)

Software & Tech Services

Delayed Draw Term Loan

5.00% (L + 4.00%; 1.00% Floor)


06/07/2024



324,557



323,118



317,255Watermark Insights, LLC(1)

Software & Tech Services

Term Loan

5.00% (L + 4.00%; 1.00% Floor)


06/07/2024



2,586,180



2,570,238



2,527,991Dillon Logistics, Inc.(2)

Transport & Logistics

Revolver

8.00% (L + 7.00%; 1.00% Floor)


12/11/2023



191,523



187,627



(28,059
)Dillon Logistics, Inc.

Transport & Logistics

Term Loan A

8.00% (L + 7.00%; 1.00% Floor)


12/11/2023



2,797,528



2,681,107



1,286,863Dillon Logistics, Inc.

Transport & Logistics

Term Loan B

8.00% (L + 7.00%; 1.00% Floor)


12/11/2023



822,784



776,708



378,481OSG Bulk Ships, Inc.(1)

Transport & Logistics

Term Loan

5.16% (L + 5.00%)


12/21/2023



5,169,932



5,129,012



5,066,533Total U.S. 1st Lien/Senior Secured Debt










506,794,869



499,889,1112nd Lien/Junior Secured Debt 5.13%Brave Parent Holdings, Inc.(1)

Energy

Term Loan

7.65% (L + 7.50%)


04/17/2026



1,230,107



1,208,583



1,202,429Foundation Risk Partners, Corp.(2)
(3)

Financials

2nd Lien Delayed Draw Term Loan

9.50% (L + 8.50%; 1.00% Floor)


11/10/2024







(15,711
)


(14,140
)Foundation Risk Partners, Corp.(1)

Financials

2nd Lien Term Loan

9.50% (L + 8.50%; 1.00% Floor)


11/10/2024



837,931



816,996



819,077Conterra Ultra Broadband Holdings,
Inc.(1)

Software & Tech Services

Term Loan

9.00% (L + 8.00%; 1.00% Floor)


04/30/2027



6,537,710



6,454,358



6,537,710Symplr Software, Inc.(1)

Software & Tech Services

2nd Lien Term Loan

8.625% (L + 7.875%; 0.75% Floor)


12/22/2028



2,909,482



2,851,443



2,851,293Total U.S. 2nd Lien/Junior Secured Debt










11,315,669



11,396,369Total U.S. Corporate Debt










518,110,538



511,285,480Canadian Corporate Debt 2.64%1st Lien/Senior Secured Debt 2.64%McNairn Holdings Ltd.(1) (4) (11)
(12)

Business Services

Term Loan

6.00% (L + 5.00%; 1.00% Floor)


11/25/2025



839,851



832,752


$
831,453Banneker V Acquisition, Inc.(2) (3)
(11)

Software & Tech Services

Delayed Draw Term Loan

7.00% (L + 6.00%; 1.00% Floor)


12/04/2025







(20,464
)


(20,744
)Banneker V Acquisition, Inc.(2) (3)
(11)

Software & Tech Services

Revolver

7.00% (L + 6.00%; 1.00% Floor)


12/04/2025







(5,117
)


(5,186
)Banneker V Acquisition, Inc.(4) (11)

Software & Tech Services

Term Loan

7.00% (L + 6.00%; 1.00% Floor)


12/04/2025



5,173,025



5,070,718



5,069,565Total Canadian 1st Lien/Senior Secured Debt










5,877,889



5,875,088Total Canadian Corporate Debt










5,877,889



5,875,088United Kingdom Corporate Debt 2.44%1st Lien/Senior Secured Debt 2.44%GlobalWebIndex Inc.(2)(3)

Software & Tech Services

Delayed Draw Term Loan

7.00% (L + 6.00%; 1.00% Floor)


12/30/2024







(36,837
)


(36,837
)GlobalWebIndex Inc.(4)

Software & Tech Services

Term Loan

7.00% (L + 6.00%; 1.00% Floor)


12/30/2024



5,525,580



5,470,324



5,470,324Total United Kingdom 1st Lien/Senior Secured Debt










5,433,487



5,433,487Total United Kingdom Corporate Debt










5,433,487



5,433,487  See Notes to Consolidated Financial Statements  106




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##### Table of Contents

AB Private Credit Investors Corporation Consolidated Schedule of Investments as of December 31, 2020  Portfolio Company

Industry








Shares


Cost


Fair ValueU.S. Preferred Stock 3.37%Global Radar Holdings, LLC(13) (14)

Business Services










125


$
367,615


$
367,618Concerto, LLC(13) (15)

Healthcare & HCIT










65,614



349,977



349,977SBS Ultimate Holdings, LP(13)

Healthcare & HCIT










217,710



861,879



620,472Datarobot, Inc.(13)

Software & Tech Services










38,190



289,278



501,892Datarobot, Inc.(13)

Software & Tech Services










6,715



88,248



88,248Degreed, Inc.(13)

Software & Tech Services










43,819



278,541



438,190Heap(13)

Software & Tech Services










189,617



696,351



696,351Netskope, Inc.(13)

Software & Tech Services










36,144



302,536



302,536PerimeterX, Inc.(13)

Software & Tech Services










282,034



838,601



838,601Phenom People, Inc.(13)

Software & Tech Services










35,055



220,610



220,612Protoscale Rubrik(13)

Software & Tech Services










25,397



598,212



598,201Punchh(13)

Software & Tech Services










24,262



275,337



275,337Samsara Networks, Inc.(13)

Software & Tech Services










33,451



369,998



369,998Streamsets, Inc.(13)

Software & Tech Services










109,518



295,512



295,512Symplr Software Intermediate Holdings,
Inc.(13)

Software & Tech Services










1,196



1,160,532



1,532,404Total U.S. Preferred Stock










6,993,227



7,495,949U.S. Common Stock 1.20%Neutral Connect, LLC(13) (16)

Digital Infrastructure & Services










396,513



439,931



406,704Leeds FEG Investors, LLC(13)

Education










320



321,309



341,595Nine Point Energy, LLC(13)

Energy










3,567,059







Health Platforms Group(13)

Healthcare & HCIT










16,502







Healthcare Services Acquisition(11)
(13)

Healthcare & HCIT










15,183



46



46Healthcare Services Acquisition(11) (13)
(17)

Healthcare & HCIT










28,158



281,580



287,775INH Group Holdings(13)

Healthcare & HCIT










484,552



484,552



760,746Aggregator, LLC(13)

Software & Tech Services










417,813



417,813



735,350American Safety Holdings Corp.(13)
(18)

Software & Tech Services










130,824



130,824



130,824Total U.S. Common Stock










2,076,055



2,663,040U.S. Warrants 0.13%Fuze, Inc., expire 09/20/2029(13)

Digital Infrastructure & Services










196,328



615,168



11,505Healthcare Services Acquisition, expire
12/31/2027(11) (13)

Healthcare & HCIT










14,079







Healthcare Services Acquisition, expire
12/31/2027(11) (13)

Healthcare & HCIT










23,721



23,721



23,721SBS Ultimate Holdings, LP, expire
09/18/2030(13)

Healthcare & HCIT










17,419







Alphasense, LLC, expire 05/29/2027(11)
(13)

Software & Tech Services










38,346



35,185



134,593Degreed, Inc., expire 05/31/2026(13)

Software & Tech Services










26,294



46,823



95,800Streamsets, Inc., expire
11/25/2027(13)

Software & Tech Services










23,382



16,367



16,367Total U.S. Warrants










737,264



281,986United Kingdom Warrants 0.00%GlobalWebIndex, Inc., expire
12/30/2027(13)

Software & Tech Services










8,832







Total United Kingdom Warrants














TOTAL
INVESTMENTS239.72%(19)











$
539,228,460


$
533,035,030Cash Equivalents 3.16%U.S. Investment Companies 3.16%Blackrock T Fund I(17) (20)

Money Market Portfolio

0.01%(21)








7,022,133


$
7,022,133


$
7,022,133Total U.S. Investment Companies










7,022,133



7,022,133Total Cash Equivalents










7,022,133



7,022,133LIABILITIES IN EXCESS OF OTHER ASSETS (142.88%)















$
(317,696,890
)NET ASSETS100.00%

















$
222,360,273  +
As of December 31, 2020, qualifying assets represented 96.99% of total assets. Under the 1940 Act we may
not acquire any non-qualifying assets unless, at the time the acquisition is made, qualifying assets represent at least 70% of our total assets. *
Unless otherwise indicated, all securities are valued using significant unobservable inputs, which are
categorized as Level 3 assets under the definition of Financial Accounting Standards Boards Accounting Standards Codification 820 fair value hierarchy. #
Percentages are based on net assets. ^
Generally, the interest rate on floating interest rate investments is at benchmark rate plus spread. The
borrower has an option to choose the benchmark rate, such as the London Interbank Offered Rate (LIBOR) or the U.S. Prime rate. The spread may change based on the type of rate used. The terms in the Consolidated Schedule of Investments
disclose the actual interest rate in effect as of the reporting period. LIBOR loans are typically indexed to 30-day, 60-day,
90-day or 180-day LIBOR rates (1M L, 2M L, 3M L or 6M L, respectively) at the borrowers option. LIBOR loans may be subject to interest floors. As of
December 31, 2020, rates for weekly 1M L, 2M L, 3M L and 6M L are 0.15%, 0.19%, 0.23% and 0.26%, respectively. As of December 31, 2020, the U.S. Prime rate was 3.25%.  See Notes to Consolidated Financial Statements  107




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##### Table of Contents

AB Private Credit Investors Corporation Consolidated Schedule of Investments as of December 31, 2020  (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)
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. (4)
Position, or a portion thereof, has been segregated to collateralize ABPCIC Funding II, LLC. (5)
Portion of security pledged as collateral for Secured Borrowings of the Fund. (6)
CutisPharma, Inc. has been renamed to Azurity Pharmaceuticals, Inc. in 2020. (7)
$304,934 of the funded par amount accrues interest at 10.50% (P + 2.00%; 5.25% PIK; 1.00% Floor). (8)
$128,492 of the funded par amount accrues interest at 9.25% (L + 3.00%; 5.25% PIK; 1.00% Floor). (9)
$233,055 of the funded par amount accrues interest at 7.50% (P + 4.25%; 1.00% Floor). (10)
Rhode Holdings, Inc. has been renamed to Kaseya Inc. in 2020. (11)
Positions considered non-qualified assets therefore excluded from the
qualifying assets calculation as noted in footnote + above. (12)
JHMCRN Holdings, Inc. has been renamed to McNairn Holdings Ltd. in 2020. (13)
Non-income producing investment. (14)
Position or portion thereof is held by Global Radar Acquisition Holdings, LLC which is held by ABPCIC Global
Radar LLC (15)
Concerto, LLC is held through ABPCIC Concerto Holdings LLC. (16)
Neutral Connect, LLC is held through ABPCIC NC Holdings LLC. (17)
Categorized as Level 1 assets under the definition of ASC 820 fair value hierarchy. (18)
Position or portion thereof is held by REP Coinvest III Tec, LP which is held by ABPCIC Equity Holdings, LLC. (19)
Aggregate gross unrealized appreciation for federal income tax purposes is $6,674,968; aggregate gross
unrealized depreciation for federal income tax purposes is $13,046,945. Net unrealized depreciation is $6,371,977 based upon a tax cost basis of $539,407,008. (20)
Included within Cash and cash equivalents on the Consolidated Statements of Assets and Liabilities. (21)
The rate shown is the annualized seven-day yield as of December 31,
2020.  L -
LIBOR P -
Prime PIK -
Payment-In-Kind  See Notes to Consolidated Financial Statements  108




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##### Table of Contents

AB Private Credit Investors Corporation Notes to Consolidated Financial Statements December 31, 2021 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). Prior to 2017, there were no significant operations other than the sale and issuance of 100 shares of common stock of the Fund, par value
$0.01 (Shares), on June 27, 2016, at an aggregate purchase price of $1,000 ($10.00 per Share) to the Adviser. The sale of Shares was approved by the unanimous consent of the Funds Board of Directors (the Board). In
addition, prior to commencing operations in 2017, on May 26, 2017, the Fund issued and sold an additional 2,400 Shares at an aggregate purchase price of $24,000 ($10.00 per Share) to the Adviser. That sale was also approved by the unanimous
consent of the Funds Board. 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. At
December 31, 2021, the Fund had total Capital Commitments of $471,572,464, of which 25% 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. There were no operating activities from February 6, 2015 to November 15, 2017. As described above, the Fund completed its Initial
Closing on September 29, 2017, and commenced operations on November 15, 2017 by issuing its first capital call on December 1, 2017. The Funds fiscal year ends on December 31. On December 19, 2018, the Adviser established ABPCIC Funding I LLC (ABPCIC Funding), a Delaware limited liability company.
ABPCIC Funding is 100% owned by the Fund and is consolidated in the Funds consolidated financial statements commencing from the date of its formation. 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. On August 9, 2019, ABPCIC Funding and CLO VI entered into a merger agreement, pursuant to which ABPCIC Funding has agreed to merge with
and into CLO VI, with CLO VI as the surviving entity. CLO VI issued Class B, Class C 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
August 9, 2019. On September 25, 2019, the Fund established ABPCIC NC Holdings LLC (ABPCIC NC), through which the
Fund made an investment. ABPCIC NC is 100% owned by the Fund and is consolidated in the Funds consolidated financial statements commencing from the date of its formation. On December 17, 2019, the Fund established ABPCIC Concerto Holdings LLC (ABPCIC Concerto), through which the Fund made an
investment. ABPCIC Concerto is 100% owned by the Fund and is consolidated in the Funds consolidated financial statements commencing from the date of its formation.  109




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##### Table of Contents

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, the Adviser established ABPCIC Funding II LLC (ABPCIC Funding II), a Delaware limited liability company. ABPCIC Funding II is 100% owned by the Fund and is consolidated in the Funds consolidated financial
statements commencing from the date of its formation. On December 28, 2020, the Adviser established ABPCIC Global Radar, LLC
(ABPCIC Global Radar), through which the Fund made an investment. ABPCIC Global Radar is 100% owned by the Fund and is consolidated in the Funds consolidated financial statements commencing from the date of its formation. On February 11, 2021, the Adviser established ABPCIC Funding III LLC (ABPCIC Funding III), a Delaware limited liability
company. ABPCIC Funding III is 100% owned by the Fund and is consolidated in the Funds consolidated financial statements commencing from the date of its formation. On August 9, 2021, the Adviser established ABPCIC BE Holdings, LLC (ABPCIC BE Holdings), a Delaware limited liability
company. ABPCIC BE Holdings is 100% owned by the Fund and is consolidated in the Funds consolidated financial statements commencing from the date of its formation. On November 3, 2021, the Adviser established ABPCIC Avant LLC (ABPCIC Avant), a Delaware limited liability company. ABPCIC
Avant is 100% owned by the Fund and is consolidated in the Funds consolidated financial statements commencing from the date of its formation. On December 8, 2021, the Adviser established ABPCIC AOM LLC (ABPCIC AOM), a Delaware limited liability company. ABPCIC AOM is
100% owned by the Fund and is consolidated in the Funds consolidated financial statements commencing from the date of its formation. 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-K and Article 6 of
Regulation S-X. 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 subsidiaries (ABPCIC Funding, CLO VI, ABPCIC NC, ABPCIC Concerto,
ABPCICE, ABPCIC Funding II, ABPCIC Funding III, ABPCIC Global Radar, ABPCIC BE Holdings, ABPCIC Avant and ABPCIC AOM) in its consolidated financial statements. The portion of net assets that is attributable to
non-controlling interest in ABPCICE is presented as Non-Controlling Interest in ABPCIC Equity Holdings, LLC, a component of total equity, on the Funds
consolidated statements of assets and liabilities. All intercompany balances and transactions have been eliminated in consolidation. Reclassifications Certain prior period amounts have been reclassified to conform to the current presentation, with no significant effect on our
financial condition, results of operations or cash flows.  110




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##### Table of Contents

Valuation of Investment Companies Investments in investment companies are valued at fair value. Fair values are generally determined utilizing the net asset value
(NAV) supplied by, or on behalf of, management of each investment company, which is net of management and incentive fees or allocations charged by the investment company and is in accordance with the practical expedient, as
defined by ASC 820. NAVs received by, or on behalf of, management of each investment company are based on the fair value of the investment companys underlying investments in accordance with policies established by management of each investment
company, as described in each of their financial statements and offering memorandum. Cash and Cash Equivalents Cash consists of demand deposits and money market accounts. Cash is carried at cost, which approximates fair value. The Fund maintains deposits
of its cash with financial institutions, and, at times, cash held in bank accounts may exceed the Federal Deposit Insurance Corporation insured limit. The Fund considers all highly liquid investments, with original maturities of less than ninety
days, as cash equivalents. Revenue Recognition Investment transactions are recorded on a trade-date basis. Interest income is recognized on an accrual basis. Interest income on debt
instruments is accrued and recognized for those issuers who are currently paying in full or expected to pay in full. For those issuers who are in default or expected to default, interest is not accrued and is only recognized when received.
Generally, when interest and/or principal payments on a loan become past due, or if the Fund otherwise does not expect the borrower to be able to service its debt and other obligations, the Fund will place the loan on
non-accrual status and will cease recognizing interest income on that loan for financial reporting purposes until all principal and interest have been brought current through payment or due to restructuring
such that the interest income is deemed to be collectible. The Fund generally restores non-accrual loans to accrual status when past due principal and interest is paid and, in the managements judgment,
is likely to remain current. Interest income and expense include discounts accreted and premiums amortized on certain debt instruments as determined in good faith by the Adviser and calculated using the effective interest method. Loan origination
fees, original issue discounts and market discounts or premiums are capitalized as part of the underlying cost of the investments and accreted or amortized over the life of the investment as interest income. Realized gains and losses on investment transactions are determined on the specific identification method. Certain investments in debt securities may contain a contractual
payment-in-kind (PIK) interest provision. The PIK provisions generally feature the obligation, or the option, at each interest payment date of making
interest payments in (i) cash, (ii) additional debt or (iii) a combination of cash and additional debt. PIK interest, computed at the contractual rate specified in the investments credit agreement, is accrued as interest income
and recorded as interest receivable up to the interest payment date. On the interest payment date, the accrued interest receivable attributable to PIK is added to the principal balance of the investment. When additional debt is received on the
interest payment date, it typically has the same terms, including maturity dates and interest rates, as the original loan. PIK interest generally becomes due on the investments maturity date or call date. The Fund may earn various fees during the life of the loans. Such fees include, but are not limited to, syndication, commitment,
administration, prepayment and amendment fees, some of which are paid to the Fund on an ongoing basis. These fees and any other income are recognized as earned. 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 December 31, 2021, the Fund had certain investments held in one portfolio company on non-accrual status, which represented 0.48% and 0.13% of
the total investments (excluding investments in cash equivalents, if any) at amortized cost and at fair value. As of December 31, 2020, the Fund had no investments on non-accrual status.  111




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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 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. For the years ended December 31, 2021, December 31, 2020 and December 31, 2019, the Fund accrued excise taxes of $0, $0 and $0,
respectively. As of December 31, 2021, and December 31, 2020, $0 and $0, respectively, of accrued excise taxes remained payable. For the years ended December 31, 2021, December 31, 2020 and December 31, 2019, the Fund
accrued state taxes of $78,497, $0 and $0, respectively.  112




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The Fund may be subject to taxes imposed by countries in which the Fund invests. Such taxes
are generally based on income and/or capital gains earned or repatriated. Taxes are accrued and applied to net investment income, net realized gains and net unrealized gain (loss) as such income and/or gains are earned. The Fund remains subject to examination by U.S. federal and state jurisdictions, as well as international jurisdictions, and upon completion
of these examinations (if undertaken by the taxing jurisdiction) tax adjustments may be necessary and retroactive to all open tax years. Use of
Estimates The preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates and
assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities, if any, at the date of the consolidated financial statements, and the reported amounts of revenues and expenses recorded
during the reporting period. Actual results could differ from those estimates and such differences could be material. Distributions Distributions from net investment income and net realized capital gains are determined in accordance with U.S. federal income tax regulations,
which may differ from those amounts determined in accordance with GAAP. The Fund may pay distributions in excess of its taxable net investment income. This excess would be a tax-free return of capital in the
period and reduce the stockholders tax basis in its Shares. These book/tax differences are either temporary or permanent in nature. To the extent these differences are permanent they are charged or credited to
paid-in capital in excess of par, accumulated undistributed net investment income or accumulated net realized gain (loss), as appropriate, in the period that the differences arise. Temporary and permanent
differences are primarily attributable to differences in the tax treatment of certain loans and the tax characterization of income and non-deductible expenses. These differences are generally determined in
conjunction with the preparation of the Funds annual RIC tax return. Distributions to common stockholders are recorded on the ex-dividend date. The amount to be paid out as a distribution is determined
by the Board each quarter and is generally based upon the earnings estimated by the Adviser. The Fund may pay distributions to its stockholders in a year in excess of its net ordinary income and capital gains for that year and, accordingly, a
portion of such distributions may constitute a return of capital for U.S. federal income tax purposes. The Fund intends to timely distribute to its stockholders substantially all of its annual taxable income for each year, except that the Fund may
retain certain net capital gains for reinvestment and, depending upon the level of the Funds taxable income earned in a year, the Fund may choose to carry forward taxable income for distribution in the following year and pay any applicable
U.S. federal excise tax. The specific tax characteristics of the Funds distributions will be reported to stockholders after the end of the calendar year. All distributions will be subject to available funds, and no assurance can be given that
the Fund will be able to declare such distributions in future periods. The Fund has adopted a dividend reinvestment plan that provides
for stockholders to receive dividends or other distributions declared by the Board in cash unless a stockholder elects to opt in to the dividend reinvestment plan. As a result, if the Board declares a cash distribution, then the
stockholders who have opted in to the dividend reinvestment plan will have their cash distributions automatically reinvested in additional Shares, rather than receiving the cash distribution. Recent Accounting Pronouncements In
March 2020, the FASB issued Accounting Standards Update 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting (ASU 2020-04). This update provides optional expedients and exceptions for applying GAAP to contract modifications, hedging relationships, and other transactions affected by reference rate reform, if certain
criteria are met. The amendments in this update are optional and effective from March 12, 2020 through December 31, 2022. Management is currently evaluating whether to employ the optional expedients or exceptions in ASU 2020-04, and have not used the expedients or exceptions for the year ended December 31, 2021. 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  113




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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. The base management fee for any partial month or quarter is appropriately prorated. For the year ended December 31, 2021, the Fund incurred a management fee of
$10,090,280, of which $1,198,763 was voluntarily waived by the Adviser. For the year ended December 31, 2020, the Fund incurred a management fee of $6,091,338, of which $1,863,539 was voluntarily waived by the Adviser. For the year ended
December 31, 2019, the Fund incurred a management fee of $3,688,293, of which $380,701 was voluntarily waived by the Adviser. As of December 31, 2021, and December 31, 2020, $2,653,052 and $1,533,338, respectively, of accrued
management fee remained payable. The Fund will also pay the Adviser an incentive fee that provides the Adviser with a share of the income
that the Adviser generates for the Fund. The incentive fee will consist of an income-based incentive fee component and a capital-gains component, which are largely independent of each other, with the result that one component may be payable even if
the other is not. Income-Based Incentive Fee: The income-based incentive fee is calculated and payable quarterly in arrears based on the
Funds net investment income prior to any deductions with respect to such income-based incentive fees and capital gains incentive fees (Pre-incentive Fee Net Investment Income or
PIFNII) for the quarter, as further described below. PIFNII means interest income, dividend income and any other income (including any other fees, such as commitment, origination, structuring, diligence, managerial and consulting fees or
other fees the Fund receives from portfolio companies) that the Fund accrues during the fiscal quarter, minus the Funds operating expenses for the quarter (including the base management fee, expenses payable under the administration agreement
(the Administration Agreement) we have entered into with State Street Bank and Trust (the Administrator), and any interest expense and dividends paid on any issued and outstanding indebtedness or preferred stock,
respectively, but excluding, for avoidance of doubt, the income-based incentive fee, as well as the capital gains incentive fee (described below), accrued under GAAP). PIFNII also includes, in the case of investments with a deferred interest feature
(such as original issue discount, debt instruments with pay-in-kind interest and zero-coupon securities), accrued income that the
Fund has not yet received in cash. The Adviser is not under any obligation to reimburse the Fund for any part of the income-based incentive fees it received that was based on accrued interest that the Fund never actually received. PIFNII does not include any realized capital gains, realized capital losses or unrealized capital appreciation or depreciation. Because of the
structure of the income-based incentive fee, it is possible that the Fund may accrue such income-based incentive fee in a quarter where the Fund incurs a net loss. For example, if the Fund receives PIFNII in excess of a hurdle rate (as defined
below) for a quarter, the Fund will accrue the applicable income-based incentive fee even if the Fund has incurred a realized and/or unrealized capital loss in that quarter. However, cash payment of the income-based incentive fee may be deferred in
this situation, subject to the restrictions detailed at the end of this section. PIFNII, expressed as a rate of return on the average
value of the Funds net assets (defined as total assets, less indebtedness and before taking into account any incentive fees payable during the period) as of the first day of each month during the course of the immediately preceding calendar
quarter, will be compared to various hurdle rates, with the income-based incentive fee rate of return increasing at each hurdle rate. Description of Quarterly Incentive Fee Calculations The Fund pays the Adviser an income-based incentive fee with respect to PIFNII in each calendar quarter as follows:  

No income-based incentive fee in any calendar quarter in which PIFNII does not exceed 1.5% per quarter (6% per
annum), the 6% Hurdle Rate;  

100% of PIFNII with respect to that portion of such PIFNII, if any, that exceeds the 6% Hurdle Rate but is less
than 1.67% in any calendar quarter (the 6% Catch-up Cap), approximately 6.67% per annum. This portion of PIFNII (which exceeds the 6% Hurdle Rate but is less than the 6% Catch-up Cap) is referred to as the 6% Catch-up. The 6% Catch-up is meant to provide the Adviser with 10.0% of the PIFNII
as if 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  114




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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 year ended December 31, 2021, the Fund incurred income  based incentive fees of $3,650,394, of which $0, was voluntarily
waived by the Adviser. For the year ended December 31, 2020, the Fund incurred income  based incentive fees of $1,790,567, of which $486,784, was voluntarily waived by the Adviser. For the year ended December 31, 2019, the Fund
incurred income  based incentive fees of $981,757, of which $132,327, was voluntarily waived by the Adviser. As of December 31, 2021, and December 31, 2020, $2,660,332, and $2,353,074, respectively, of accrued income-based incentive
fees remained payable. Capital Gains Incentive Fee: The capital gains incentive fee is determined and payable at the end of each fiscal
year as 20% of aggregate cumulative realized capital gains from the date of the Funds election to be regulated as a BDC through the end of that year, computed net of all aggregate cumulative realized capital losses and aggregate cumulative
unrealized depreciation through the end of such year, less the aggregate amount of any previously paid capital gain incentive fees. For the foregoing purpose, aggregate cumulative realized capital gains will not include any unrealized
appreciation. For accounting purposes only, we are required under GAAP to accrue a hypothetical capital gains incentive fee based upon net realized gains and unrealized depreciation for that calendar year (in accordance with the terms of the Amended
and Restated Advisory Agreement), plus unrealized appreciation on investments held at the end of the period. The accrual of this hypothetical capital gains incentive fee assumes all unrealized capital gain and loss is realized in order to reflect a
hypothetical capital gains incentive fee that would be payable to the Adviser at each measurement date. The capital gains incentive fee is not subject to any minimum return to stockholders. If such amount is negative, then no capital gains incentive
fee will be payable for such year. Additionally, if the Amended and Restated Advisory Agreement is terminated as of a date that is not a calendar year end, the termination date will be treated as though it were a calendar year end for purposes of
calculating and paying the capital gains incentive fee. For the year ended December 31, 2021, the Fund incurred capital gains
incentive fees of $1,283,044. As of December 31, 2021, $1,283,044 remained payable. For the year ended December 31, 2020, no capital gains incentive fees were incurred or were payable. The amount of capital gains incentive fee expense related to a hypothetical liquidation of the portfolio (and assuming no other changes in
realized or unrealized gains and losses) would only become payable to the Adviser in the event of a complete liquidation of the Funds portfolio as of period end and the termination of the Amended and Restated Advisory Agreement on such date.
Also, it should be noted that the capital gains incentive fee expense fluctuates with the Funds overall investment results. The
Fund will defer cash payment of any income-based incentive fee and/or any capital gains incentive fee otherwise earned by the Adviser if during the most recent four full fiscal quarter periods ending on or prior to the date such payment is to be
made, the sum of (a) the PIFNII, and (b) the realized capital gain / loss and (c) unrealized capital appreciation/ depreciation expressed as a rate of return on the value of our net assets, is less than 6.0%. Any such deferred fees
are carried over for payment in subsequent calculation periods to the extent such payment is payable under the Amended and Restated Advisory Agreement. Administration Agreement and Expense Reimbursement Agreement We have 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 our 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 us with clerical, bookkeeping, recordkeeping and other administrative services. We will reimburse the Adviser an amount equal to our allocable portion (subject to the review of our Board) of its
overhead resulting from its obligations under the Expense Reimbursement Agreement, including the allocable portion of the cost of our Chief Compliance Officer and Chief Financial Officer and their respective staffs.  115




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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 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 December 31, 2021, the amount of Expense
Payments provided by the Adviser since inception is $4,874,139. The following table reflects the Expense Payments that may be subject to reimbursement pursuant to the Expense Agreement:  For the Quarters Ended

Amount ofExpenseSupport


Amount ofReimbursementPayment


Amount ofUnreimbursedExpenseSupport


Effective RateofDistributionper Share (1)


ReimbursementEligibilityExpiration

PercentageLimit(2)September 30, 2017

$
1,002,147


$
1,002,147


$




n/a


September 30, 2020


1.5
%December 31, 2017


1,027,398



1,027,398







n/a


December 31, 2020


1.5
%March 31, 2018


503,592



503,592







n/a


March 31, 2021


1.5
%June 30, 2018


1,086,482



755,992



330,490



4.787
%

June 30, 2021


1.0
%September 30, 2018


462,465



462,465







4.715
%

September 30, 2021


1.0
%December 31, 2018


254,742







254,742



6.762
%

December 31, 2021


1.0
%March 31, 2019


156,418



156,418







5.599
%

March 31, 2022


1.0
%June 30, 2019


259,263







259,263



6.057
%

June 30, 2022


1.0
%September 30, 2019


31,875



31,875







5.154
%

September 30, 2022


1.0
%December 31, 2019














6.423
%

December 31, 2022


1.0
%March 31, 2020


89,757







89,757



10.170
%

March 31, 2023


1.0
%June 30, 2020














5.662
%

June 30, 2023


1.5
%September 30, 2020














6.063
%

September 30, 2023


1.5
%December 31, 2020














6.266
%

December 31, 2023


1.5
%  116




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For the Quarters Ended

Amount ofExpenseSupport


Amount ofReimbursementPayment


Amount ofUnreimbursedExpenseSupport


Effective RateofDistributionper Share (1)


ReimbursementEligibilityExpiration


PercentageLimit(2)March 31, 2021














6.241
%


March 31, 2024



1.0
%June 30, 2021














6.219
%


June 30, 2024



1.0
%September 30, 2021














6.503
%


September 30, 2024



1.0
%December 31, 2021














5.706
%


December 31, 2024



1.0
%Total

$
4,874,139


$
3,939,887


$
934,252  (1)
The effective rate of distribution per Share is expressed as a percentage equal to the projected annualized
distribution amount as of the end of the applicable period (which is calculated by annualizing the regular quarterly cash distributions per Share as of such date without compounding), divided by the Funds gross offering price per Share as of
such date. (2)
Represents 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. 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 years ended December 31, 2021, December 31, 2020 and December 31, 2019, the Fund accrued $79,209, $50,199 and $28,600,
respectively, in transfer agent fees. As of December 31, 2021 and December 31, 2020, $23,019 and $13,809, respectively, of accrued transfer agent fees remained payable. 4. Borrowings Credit Facilities On November 15, 2017, the Fund entered into a credit agreement (the HSBC Credit Agreement) to establish a revolving credit
facility (the HSBC Credit Facility) with HSBC Bank USA, National Association (HSBC) as administrative agent (the HSBC Administrative Agent). The maximum commitment amount (the HSBC Maximum Commitment)
under the HSBC Credit Facility was initially $30 million and may be increased in a minimum amount of $10 million and in $5 million increments thereof with the consent of HSBC or reduced upon request of the Fund. As of January 31,
2019, the Fund has increased the HSBC Maximum Commitment to $50 million. So long as no request for borrowing is outstanding, the Fund may terminate the lenders commitments (the Commitments) or reduce the HSBC Maximum
Commitment by giving prior irrevocable written notice to the HSBC Administrative Agent. Any reduction of the HSBC Maximum Commitment shall be in an amount equal to $10 million or multiples thereof; and in no event shall a reduction by the Fund
reduce the Commitments to $35 million or less (in each defined terms to says HSBC case, except for a termination of all the Commitments). Borrowings under the HSBC Credit Agreement bear interest, at the Funds election at the time of drawdown, at a rate per annum equal to
(i) with respect to LIBOR Rate Loans (as defined in the HSBC Credit Agreement), Adjusted LIBOR (as defined in the HSBC Credit Agreement) for the applicable Interest Period (as defined in the HSBC Credit Agreement); and (ii) with respect to
Reference Rate Loans (as defined in the HSBC Credit Agreement), the greatest of: (x) the rate of interest per annum publicly announced from time to time by HSBC as its prime rate, (y) the rate per annum equal to the weighted average of the
rates on overnight Federal funds transactions with members of the Federal Reserve System arranged by Federal funds brokers on such day, plus two hundred basis points (2.00%), provided that if such rate is not so published for any day that is a
Business Day (as defined in the HSBC Credit Agreement), the average of the quotation for such day on such transactions received by the HSBC Administrative Agent, from three (3) Federal funds brokers of recognized standing selected by the HSBC
Administrative Agent and, upon request of Borrowers (as defined in the HSBC Credit Agreement), with notice of such quotations to the Borrowers and (z) except during any period of time during which LIBOR is unavailable, one-month Adjusted LIBOR plus one hundred ninety basis points (1.90%). The Fund will also pay an unused commitment fee of 35 basis points (0.35%) on any unused commitments. On November 10, 2020, the Fund entered into an amendment to the HSBC Credit Agreement (the HSBC Credit Agreement Amendment)
concerning the HSBC Credit Facility. The HSBC Credit Agreement Amendment (i) extended the maturity date of the HSBC Credit Facility from November 11, 2020 to November 9, 2021, and (ii) inserted a provision permitting the Fund and
the HSBC Administrative Agent to, upon the occurrence of certain conditions, amend the HSBC Credit Agreement to replace references to LIBOR with references to an alternate benchmark rate that may include a forward-looking rate based on the Secured
Overnight Financing Rate or another alternate benchmark rate subject to certain conditions.  117




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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 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., an affiliate of the Fund, as initial borrower, AB-Abbott Private Equity Investors G.P. L.P., an affiliate of the Fund, as initial general partner, 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 LIBOR Rate Loans, Adjusted LIBOR (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 December 31, 2021, 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 January 30,
2019, ABPCIC Funding I LLC (ABPCIC Funding) entered into a credit agreement (the Barclays Credit Agreement, together with all ancillary documents thereto, the Barclays Credit Facility) with Barclays Bank PLC, New
York Branch (Barclays) as facility agent and U.S. Bank National Association (U.S. Bank) as collateral agent (in such capacity, the Barclays Collateral Agent), collateral administrator (in such capacity, the
Barclays Collateral Administrator) and custodian (in such capacity, the Barclays Custodian). The Barclays Credit Facility provided for borrowings in an aggregate amount up to $150 million. The Barclays Credit Facility
was in effect during 2019, but was terminated on August 9, 2019. 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 LIBOR for the relevant interest period or the applicable replacement thereto provided, plus an applicable spread. Interest is payable quarterly in arrears. Any amounts borrowed under the Synovus Credit
Facility will mature, and all accrued and unpaid interest thereunder will be due and payable, on the earlier of (i) October 15, 2025 (or such later date mutually agreed to by ABPCIC Funding II and Synovus) or (ii) upon certain events
which result in accelerated maturity under the agreements establishing the Synovus Credit Facility. Borrowing under the Synovus Credit Facility is subject to certain restrictions contained in the 1940 Act. Borrowings under the Synovus Credit Facility are secured by all of the assets held by ABPCIC Funding II. Pursuant to the agreements
establishing the Synovus Credit Facility, the Adviser will perform certain duties with respect to the purchase and management of the assets securing the Synovus Credit Facility. The Adviser will not receive a fee for these services so long as the
Adviser or an affiliate thereof continues providing such services. ABPCIC Funding II will reimburse all reasonable expenses, disbursements and advances incurred or made by the Adviser in the performance of its obligations relating to the Synovus
Credit Facility. All of the collateral pledged to the lenders by ABPCIC Funding II under the Synovus Credit Facility is held in the
custody of the Synovus Collateral Custodian or the Synovus Securities Intermediary. The Synovus Collateral Custodian will maintain and perform certain custodial services with respect to the collateral pledged to support the Synovus Credit Facility.
As compensation for the services rendered by U.S. Bank in its capacities as Synovus Collateral Custodian and Synovus Collateral Agent, ABPCIC Funding II will pay U.S. Bank, on a quarterly basis, customary fee amounts and reimburse U.S. Bank for its
reasonable out-of-pocket expenses. The Synovus Credit Facility contains certain customary covenants and events of default, with customary cure and notice provisions. As
of December 31, 2021, the Fund is in compliance with these covenants.  118




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On March 24, 2021, ABPCIC Funding III entered into a warehouse financing transaction
(the Natixis Credit Facility, and together with the HSBC Credit Facility, 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, as collateral agent (in such capacity, the Natixis Collateral Agent), collateral administrator (in such capacity, the Natixis Collateral
Administrator) and custodian (in such capacity, the Natixis Custodian). In connection with the Natixis Credit Facility, ABPCIC Funding III entered into, among other agreements, (i) the credit agreement (the Natixis
Credit Agreement) among ABPCIC Funding III, the lenders referred to therein, the Natixis Administrative Agent, the Natixis Collateral Agent, the Natixis Collateral Administrator and the Natixis Custodian, (ii) the account control
agreement (the Natixis Account Control Agreement) among ABPCIC Funding III, 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 III 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 III, the Natixis Collateral Manager and the Natixis Collateral Administrator and (v) the master
loan sale and contribution agreement (the Natixis Transfer Agreement) between ABPCIC Funding III and the Fund. 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. The Natixis Credit Facility provides for borrowings in an aggregate amount up to $225,000,000. Borrowings under the Natixis Credit Agreement
will bear interest based on an annual adjusted LIBOR 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) March 24, 2031 (or such later date mutually agreed to by ABPCIC
Funding III 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 III. 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. The Natixis Collateral Manager will not receive a
fee for these services so long as the Adviser or an affiliate thereof continues providing such services. ABPCIC Funding III 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 III 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. All of the
collateral pledged to the lenders by ABPCIC Funding III under the Natixis Credit Agreement is held in the custody of the Natixis Custodian 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 III 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 December 31, 2021 were as follows:  AggregateBorrowingAmountCommitted


OutstandingBorrowing


AmountAvailable


CarryingValueHSBC

$
50,000,000


$
40,000,000


$
10,000,000


$
40,000,000Synovus


200,000,000



147,300,000



52,700,000



147,300,000Natixis


225,000,000



193,300,000



31,700,000



193,300,000Total

$
475,000,000


$
380,600,000


$
94,400,000


$
380,600,000  119




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##### Table of Contents

The Funds outstanding borrowings through the Revolving Credit Facilities as of
December 31, 2020 were as follows:  AggregateBorrowingAmountCommitted


OutstandingBorrowing


AmountAvailable


CarryingValueHSBC

$
50,000,000


$
46,000,000


$
4,000,000


$
46,000,000Synovus


100,000,000



84,700,000



15,300,000



84,700,000Total

$
150,000,000


$
130,700,000


$
19,300,000


$
130,700,000 As of December 31, 2021 and December 31, 2020, deferred financing costs were $3,438,175 and
$1,648,701, respectively, which remain to be amortized, and are reflected on the consolidated statements of assets and liabilities. Collateralized
Loan Obligations On August 9, 2019, CLO VI (the Issuer) and ABPCI Direct Lending Fund CLO VI LLC, a limited liability
company organized under the laws of the State of Delaware (the Co-Issuer, and together with the Issuer, the Co-Issuers), each a newly formed
special purpose vehicle, completed a $300,500,000 term debt securitization (the CLO Transaction). The stated reinvestment date is August 9, 2022. The CLO Transaction was executed through a private placement and the notes offered (the Notes) that remain outstanding as of
December 31, 2021 and December 31, 2020 were as follows:  December 31, 2021PrincipalAmount


InterestRate


CarryingValue(1)Class A-1 Senior Secured Floating Rate Note
(Class A-1)

$
178,200,000



L + 1.73
%

$
177,636,864Class A-2A Senior Secured Floating Rate Note
(Class A-2A)

$
25,000,000



L + 2.45
%

$
24,920,997Class A-2B Senior Secured Fixed Rate Note
(Class A-2B)

$
9,950,000



4.23
%

$
9,896,743Class B Secured Deferrable Floating Rate Note (Class B)

$
16,400,000



L + 3.40
%

$

*Class C Secured Deferrable Floating Rate Note (Class C)

$
17,350,000



L + 4.40
%

$

*Subordinated Notes

$
53,600,000



N/A


$

*  *
Class B, Class C and Subordinated Notes 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 $21,813 and $673,583, respectively, as of December 31, 2021 and are reflected on the consolidated statements of assets and liabilities.  December 31, 2020PrincipalAmount


InterestRate


CarryingValue(1)Class A-1 Senior Secured Floating Rate Note
(Class A-1)

$
178,200,000



L + 1.73
%

$
176,706,612Class A-2A Senior Secured Floating Rate Note
(Class A-2A)

$
25,000,000



L + 2.45
%

$
24,790,490Class A-2B Senior Secured Fixed Rate Note
(Class A-2B)

$
9,950,000



4.23
%

$
9,840,396Class B Secured Deferrable Floating Rate Note (Class B)

$
16,400,000



L + 3.40
%

$

*Class C Secured Deferrable Floating Rate Note (Class C)

$
17,350,000



L + 4.40
%

$

*Subordinated Notes

$
53,600,000



N/A


$

*  *
Class B, Class C and Subordinated Notes 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 $26,440 and $1,786,062, respectively, as of December 31, 2020 and are reflected on the consolidated statements of assets and liabilities.  120




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##### Table of Contents

The Notes are scheduled to mature on August 9, 2030. The CLO VI indenture provides that the holders of the CLO VI Class A-1, Class A-2A, Class A-2B, Class B and Class C Notes are to receive quarterly interest payments, in arrears, on the 20th day in January, April, July and
October of each year, commencing in August 2019. The Notes are the secured obligations of the
Co-Issuers, and the indenture governing the Notes includes customary covenants and events of default. The 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 Issuer pursuant to a collateral management agreement between the Adviser and the Issuer (the
CLO Collateral Management Agreement). For so long as the Adviser serves as collateral manager to the Issuer, the Adviser will elect to irrevocably waive any base management fee or subordinated interest to which it may be entitled under
the CLO Collateral Management Agreement. For the year ended December 31, 2021, the Fund incurred collateral management fees of $1,844,600, which was voluntarily waived by the Adviser. For the year ended December 31, 2020, the Fund incurred
collateral management fees of $1,843,957, which were voluntarily waived by the Adviser. For the year ended December 31, 2019, the Fund incurred collateral management fees of $1,156,419, which were voluntarily waived by the Adviser. 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. As of
December 31, 2021, Secured Borrowings pursuant to the Macquarie Sale/Buy-Back were $10,228,115. As of December 31, 2020, Secured Borrowings pursuant to the Macquarie
Sale/Buy-Back were $18,870,856, with a maturity of less than thirty days. Interest expense on Secured Borrowings for the years ended December 31, 2021, was $34,879. Secured Borrowings outstanding as of December 31, 2021 were as follows.  Loan Name

Trade Date


Maturity Date

bps Daily Rate


AmountPAW Midco, Inc.


12/28/2021


60 days or less from trade date


1.03


$
5,328,115Veracross LLC


12/28/2021


60 days or less from trade date


1.03



4,900,000$
10,228,115 Secured Borrowings outstanding as of December 31, 2020 were as follows:  Loan Name

Trade Date


Maturity Date

bps Daily Rate


AmountBusinessolver.com, Inc.


12/23/2020


60 days or less from trade date


1.25


$
5,312,058Medbridge Holdings, LLC


12/23/2020


60 days or less from trade date


1.25



7,710,514Higginbotham Insurance Agency, Inc.


12/23/2020


60 days or less from trade date


1.25



5,848,284$
18,870,856 As of December 31, 2021 and December 31, 2020, total outstanding borrowings under the Revolving
Credit Facilities, Notes and Secured Borrowings were $603,282,719 and $360,908,354, respectively.  121




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##### Table of Contents

For the years ended December 31, 2021, December 31, 2020 and December 31,
2019, the components of interest and other debt expenses related to the borrowings were as follows:  For the year endedDecember 31, 2021


For the year endedDecember 31, 2020


For the year endedDecember 31, 2019Interest and borrowing expenses

$
10,795,208


$
7,282,854


$
7,158,340Commitment fees


377,176



125,253



219,021Amortization of discount, debt issuance and deferred financing costs


2,764,057



1,208,387



1,088,053Total

$
13,936,441


$
8,616,494


$
8,465,414Weighted average interest rate(1)


2.50
%


2.87
%


4.39
%Average outstanding balance

$
431,160,914


$
254,088,888


$
163,259,315  (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 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 Investments are
valued at fair value as determined in good faith by our Board, 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. This valuation process is conducted at the end of each fiscal quarter.  122




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##### Table of Contents

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 summarize the valuation
of the Funds investments as of December 31, 2021:  Assets*

Level 1


Level 2


Level 3


TotalCash EquivalentsInvestment Companies

$
17,156,786


$



$



$
17,156,786Total assets

$
17,156,786


$



$



$
17,156,786Assets*

Level 1


Level 2


Level 3


Total1st Lien/Senior Secured Debt

$



$



$
859,412,243


$
859,412,2432nd Lien/Junior Secured Debt










10,677,299



10,677,299Preferred Stock










12,563,914



12,563,914Common Stock


1,220,199







4,695,735



5,915,934Warrants


12,335







1,111,543



1,123,878Total

$
1,232,534


$



$
888,460,734


$
889,693,268Investments valued at NAV














2,887,725Total assets#













$
892,580,993  *
See consolidated schedule of investments for industry classifications. #
Certain investments that are measured at fair value using NAV have not been categorized in the fair value
hierarchy. The fair value amounts presented in the table are intended to permit reconciliation of the fair value hierarchy to the amount presented in the consolidated statements of assets and liabilities. The following table summarizes the valuation of the Funds investments as of December 31, 2020:  Assets*

Level 1


Level 2


Level 3


TotalCash EquivalentsInvestment Companies

$
7,022,133


$



$



$
7,022,133Total assets

$
7,022,133


$



$



$
7,022,133Assets*

Level 1


Level 2


Level 3


Total1st Lien/Senior Secured Debt

$



$



$
511,197,686


$
511,197,6862nd Lien/Junior Secured Debt










11,396,369



11,396,369Preferred Stock










7,495,949



7,495,949Common Stock


287,775







2,375,265



2,663,040Warrants










281,986



281,986Total assets

$
287,775


$



$
532,747,255


$
533,035,030  *
See consolidated schedule of investments for industry classifications. The following is a reconciliation of Level 3 assets for the year ended December 31, 2021:  1stLien/SeniorSecured Debt


2nd Lien/JuniorSecured Debt


CommonStock


PreferredStock


Warrants


TotalBalance as of January 1, 2021

$
511,197,686


$
11,396,369


$
2,375,265


$
7,495,949


$
281,986


$
532,747,255Purchases (including PIK)


522,278,127







3,629,491



2,928,966



225,644



529,062,228Sales and principal payments


(176,063,522
)


(837,931
)


(439,932
)


(837,355
)






(178,178,740
)Realized Gain (Loss)


(502,569
)






157,444



192,020



(615,168
)


(768,273
)Net Amortization of Premium/Discount


4,329,462



56,863















4,386,325  123




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##### Table of Contents

1stLien/SeniorSecured Debt


2nd Lien/JuniorSecured Debt


CommonStock


PreferredStock


Warrants


TotalTransfers In






















Transfers Out


(8,354,187
)






(735,350
)






(23,721
)


(9,113,258
)Net Change in Unrealized Appreciation (Depreciation)


6,527,246



61,998



(291,183
)


2,784,334



1,242,802



10,325,197Balance as of December 31, 2021

$
859,412,243


$
10,677,299


$
4,695,735


$
12,563,914


$
1,111,543


$
888,460,734Change in Unrealized Appreciation (Depreciation) for Investments Still Held

$
5,536,736


$
65,651


$
(324,409
)

$
2,784,334


$
639,140


$
8,701,452 For the year ended December 31, 2021, amounts of $8,354,187 of 1st Lien/Senior Secured Debt were
transferred out of Level 3 to Level 2 due to the improved transparency of the price inputs used in the valuation of these positions. Amounts of $23,721 of Warrants were transferred out of Level 3 to Level 1 as readily observable
prices are now available for these positions. Further amounts of $735,350 of Common Stock were transferred out of Level 3 but into no other level; these positions are now valued using their net asset values as a practical expedient and
therefore are excluded from levels 1, 2 or 3. There were no transfers into Level 3. The following is a reconciliation of
Level 3 assets for the year ended December 31, 2020:  1stLien/SeniorSecured Debt


2nd Lien/JuniorSecuredDebt


CommonStock


PreferredStock


Warrants


TotalBalance as of January 1, 2020

$
318,300,993


$
7,620,547


$
1,518,353


$
4,861,847


$
631,366


$
332,933,106Purchases (including PIK)


279,269,615



3,652,564



170,276



2,573,882



105,898



285,772,235Sales and principal payments


(95,946,474
)










(777,440
)






(96,723,914
)Realized Gain (Loss)


20,809











548,560







569,369Net Amortization of Premium/Discount


2,441,903



13,547















2,455,450Transfers In


12,092,212



















12,092,212Transfers Out






















Net Change in Unrealized Appreciation (Depreciation)


(4,981,372
)


109,711



686,636



289,100



(455,278
)


(4,351,203
)Balance as of December 31, 2020

$
511,197,686


$
11,396,369


$
2,375,265


$
7,495,949


$
281,986


$
532,747,255Change in Unrealized Appreciation (Depreciation) for Investments Still Held

$
(5,261,160
)

$
109,711


$
686,636


$
289,100


$
(455,278
)

$
(4,630,991
) For the year ended December 31, 2020, there were transfers of $12,092,212 from Level 2 to
Level 3 fair value measurements for the Fund due to lack of observability and liquidity. There were no transfers from Level 3. The following tables present the ranges of significant unobservable inputs used to value the Funds Level 3 investments as of
December 31, 2021 and December 31, 2020, 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.  124




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##### Table of Contents

Fair Value as ofDecember 31,2021


ValuationTechniques


UnobservableInput


Range (WeightedAverage)(1)


Impact to Valuationfrom an Increasein InputAssets:1st Lien/Senior Secured Debt

$
665,565,654



Market Yield Analysis



Market Yield



4.7%14.6%(7.7%)



Decrease4,888,622



Market Approach



EBITDA Multiple



3.5x7.7x(4.7x)



Increase1,124,564



Liquidation Value



Asset Value



N/A



Increase187,833,403



Recent Purchase



Purchase Price



N/A



N/A2nd Lien/Junior Secured Debt


10,677,299



Market Yield Analysis



Market Yield



8.5%10.2%(9.7%)



DecreaseCommon Stock


1,444,140



Market Approach



EBITDA Multiple



8.0x16.0x(13.1x)



Increase163,472



Market Approach



Revenue Multiple



36.1x



Increase439,931



Market Approach



Network CashflowMultiple



37.5x



Increase2,648,192



Recent Purchase



Purchase Price



N/A



N/APreferred Stock


3,854,995



Market Approach



EBITDA Multiple



3.5x10.0x(5.2x)



Increase6,990,517



Market Approach



Revenue Multiple



4.4x20.0x(12.9x)



Increase1,718,402



Market Yield Analysis



Dividend Yield



11.5%



IncreaseWarrants


1,103,948



Market Approach



Revenue Multiple



1.9x18.0x(10.3x)



Increase7,595



Recent Purchase



Purchase Price



N/A



N/ATotal Assets

$
888,460,734(1)  Weighted averages are calculated based on fair
value of investments.Fair Value as ofDecember 31,2020


ValuationTechniques


UnobservableInput


Range (WeightedAverage)(1)


Impact toValuation from anIncrease in InputAssets:1st Lien/Senior Secured Debt

$
329,808,025



Market Yield Analysis



Market Yield



5.0%18.5%(7.8%)



Decrease6,586,623



Market Approach



EBITDA Multiple



1.9x10.2x(4.0x)



Increase10,538,095



Expected Repayment



Redemption Price



N/A



Increase13,914,273



Recent Transaction



Transaction Price



N/A



N/A150,350,670



Recent Purchase



Purchase Price



N/A



N/A2nd Lien/Junior Secured Debt


7,740,139



Market Yield Analysis



Market Yield



8.6%9.0%(8.9%)



Decrease3,656,230



Recent Purchase



Purchase Price



N/A



N/ACommon Stock


1,233,165



Market Approach



EBITDA Multiple



10.0x16.0x(14.1x)



Increase735,350



Market Approach



RecurringRevenue Multiple



5.0x



Increase406,750



Recent Transaction



Transaction Price



N/A



N/APreferred Stock


2,751,077



Market Approach



EBITDA Multiple



8.3x13.6x(11.8x)



Increase2,214,811



Market Approach



Revenue Multiple



8.9x23.1x(13.5x)



Increase438,190



Recent Transaction



Transaction Price



N/A



N/A2,091,871



Recent Purchase



Purchase Price



N/A



N/AWarrants


146,098



Market Approach



Revenue Multiple



4.5x10.7x(10.2x)



Increase95,800



Recent Transaction



Transaction Price



N/A



N/A40,088



Recent Purchase



Purchase Price



N/A



N/ATotal Assets

$
532,747,255  (1)
Weighted averages are calculated based on fair value of investments.  125




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##### Table of Contents

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 December 31, 2021 and the level of each financial liability within the fair value hierarchy.  CarryingValue (1)


FairValue


Level 1


Level 2


Level 3Class A-1 Senior Secured Notes

$
177,636,864


$
179,091,000


$



$



$
179,091,000Class A-2A Senior Secured Notes


24,920,997



25,500,000











25,500,000Class A-2B Senior Secured Notes


9,896,743



10,298,250











10,298,250Total

$
212,454,604


$
214,889,250


$



$



$
214,889,250  (1)
Carrying value is net of unamortized discount and debt issuance costs. Unamortized discount and debt issuance
costs associated with the Notes totaled $21,813 and $673,583 as of December 31, 2021 and are reflected on the consolidated statements of assets and liabilities. The following table presents the carrying value and fair value of the Funds financial liabilities disclosed, but not carried, at fair
value as of December 31, 2020 and the level of each financial liability within the fair value hierarchy.  CarryingValue (1)


FairValue


Level 1


Level 2


Level 3Class A-1 Senior Secured Notes

$
176,706,612


$
178,352,361


$



$



$
178,352,361Class A-2A Senior Secured Notes


24,790,490



25,361,000











25,361,000Class A-2B Senior Secured Notes


9,840,396



10,639,316











10,639,316Total

$
211,337,498


$
214,352,677


$



$



$
214,352,677  (1)
Carrying value is net of unamortized discount and debt issuance costs. Unamortized discount and debt issuance
costs associated with the Notes totaled $26,440 and $1,786,062 as of December 31, 2020 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 December 31, 2021, 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
December 31, 2021:  Investment Type

Facility Type

CommitmentExpirationDate (1)


UnfundedCommitment (2)


Fair Value (3)1st Lien/Senior Secured Debt5 Bars, LLC

Delayed Draw Term Loan


09/27/2022


$
3,448,816


$
5 Bars, LLC

Revolver


09/27/2024



646,653



AAH Topco, LLC

Delayed Draw Term Loan


12/22/2023



8,108,576



(162,172
)AAH Topco, LLC

Revolver


12/22/2027



787,273



(7,873
)Accelerate Resources Operating, LLC

Revolver


02/24/2026



414,764



Activ Software Holdings, LLC

Revolver


05/04/2027



648,837



(3,244
)AEG Holding Company, Inc.

Revolver


11/20/2023



1,116,864



Alphasense, Inc.

Revolver


05/29/2024



872,355



(4,362
)American Physician Partners, LLC

Revolver


02/22/2022



97,681



AMI US Holdings, Inc.

Revolver


04/01/2024



656,763



Analogic Corporation

Revolver


06/22/2023



91,667



(2,979
)Arrowstream Acquisition Co., Inc.

Revolver


12/15/2025



386,309



(2,897
)Avant Communications, LLC

Revolver


11/30/2026



566,910



(11,338
)Avetta, LLC

Revolver


04/10/2024



494,396



(1,236
)  126




---

##### Table of Contents

Investment Type

Facility Type

CommitmentExpirationDate (1)


UnfundedCommitment (2)


Fair Value (3)Banneker V Acquisition, Inc.

Revolver


12/04/2025



259,300



BEP Borrower Holdco, LLC

Revolver


06/12/2024



429,435



Bridgepointe Technologies, LLC

Delayed Draw Term Loan


12/31/2023



3,887,472



(77,749
)Bridgepointe Technologies, LLC

Delayed Draw Term Loan


06/30/2022



2,779,542



(55,591
)Bridgepointe Technologies, LLC

Revolver


12/31/2027



777,494



(15,550
)Brightspot Buyer, Inc

Revolver


11/16/2027



680,292



(13,606
)BusinesSolver.com, Inc.

Delayed Draw Term Loan


12/01/2023



1,986,913



(19,869
)Captain Ds, Inc.

Revolver


12/15/2023



195,053



Caregiver 2, Inc.

Delayed Draw Term Loan


03/10/2023



270,904



(4,741
)Choice Health At Home, LLC,

Delayed Draw Term Loan


12/29/2026



2,308,549



(34,628
)Coding Solutions Acquisition, Inc.

Delayed Draw Term Loan


12/31/2022



2,443,965



(18,330
)Coding Solutions Acquisition, Inc.

Revolver


12/31/2025



46,552



(349
)Community Based Care Acquisition, Inc.

Delayed Draw Term Loan


09/16/2023



1,854,175



Community Based Care Acquisition, Inc.

Revolver


09/16/2027



388,716



(2,915
)Coretelligent Intermediate LLC

Delayed Draw Term Loan


10/21/2023



3,799,263



Coretelligent Intermediate LLC

Revolver


10/21/2027



1,266,421



(18,996
)Cybergrants Holdings, LLC

Delayed Draw Term Loan


09/08/2023



1,151,751



(11,518
)Cybergrants Holdings, LLC

Revolver


09/08/2027



1,151,751



(11,518
)Datacor, Inc.

Delayed Draw Term Loan


10/26/2023



2,545,283



Datacor, Inc.

Revolver


12/20/2025



643,849



(3,219
)Degreed, Inc.

Delayed Draw Term Loan


03/24/2023



1,391,394



(3,478
)Degreed, Inc.

Revolver


05/31/2025



417,813



(3,134
)Delaware Valley Management Holdings, Inc.

Delayed Draw Term Loan


09/18/2022



1,053,759



(121,182
)Dillon Logistics, Inc.

Revolver


12/11/2023



30,562



(23,089
)Dispatch Track, LLC

Revolver


12/17/2026



301,930



(755
)EET Buyer, Inc.

Revolver


11/08/2027



690,794



(13,816
)Engage2Excel, Inc.

Revolver


03/07/2023



9,423



(94
)EnterpriseDB Corporation

Revolver


06/22/2026



1,012,902



(2,532
)EvolveIP, LLC

Revolver


06/07/2025



510,182



(2,551
)Exterro, Inc.

Revolver


05/31/2024



247,500



Faithlife, LLC

Delayed Draw Term Loan


09/19/2022



1,328,991



Faithlife, LLC

Revolver


09/18/2025



279,053



Fatbeam, LLC

Delayed Draw Term Loan


02/22/2022



1,609,623



(64,385
)Fatbeam, LLC

Delayed Draw Term Loan


02/22/2023



1,609,623



(64,385
)Fatbeam, LLC

Revolver


02/22/2026



386,309



(15,452
)Firstdigital Communications LLC

Revolver


12/17/2026



1,586,726



(31,735
)Foundation Risk Partners, Corp.

Delayed Draw Term Loan


10/29/2023



915,937



(6,870
)Foundation Risk Partners, Corp.

Revolver


10/29/2027



1,038,062



(12,976
)Freddys Frozen Custard, L.L.C

Revolver


03/03/2027



412,270



Fuze, Inc.

Revolver


09/20/2024



1,111,471



29,436Galway Borrower, LLC

Delayed Draw Term Loan


09/30/2023



567,862



(5,679
)Galway Borrower, LLC

Revolver


09/30/2027



270,410



(5,408
)GHA Buyer, Inc.

Revolver


06/24/2025



634,051



Global Radar Holdings, LLC

Revolver


12/31/2025



116,379



GlobalWebIndex Inc.

Delayed Draw Term Loan


12/30/2022



1,841,860



(64,465
)Greenhouse Software, Inc.

Revolver


03/01/2027



1,232,251



(6,161
)GS AcquisitionCo, Inc.

Delayed Draw Term Loan


11/02/2022



1,344,054



GS AcquisitionCo, Inc.

Revolver


05/22/2026



239,766



(1,199
)Higginbotham Insurance Agency, Inc.

Delayed Draw Term Loan


12/23/2023



2,935,369



(16,438
)Honor HN Buyer, Inc

Delayed Draw Term Loan


10/15/2023



1,659,616



(16,596
)Honor HN Buyer, Inc

Revolver


10/15/2027



304,093



(6,082
)Iodine Software, LLC

Revolver


05/19/2027



1,227,453



Kaseya, Inc.

Delayed Draw Term Loan


09/08/2023



345,912



Kaseya, Inc.

Revolver


05/02/2025



375,990



Kindeva Drug Delivery L.P.

Revolver


05/01/2025



757,349



(24,614
)Krispy Krunchy Foods, L.L.C

Revolver


11/17/2027



974,884



(19,498
)Mathnasium LLC

Revolver


11/15/2027



565,781



(11,315
)Mavenlink, Inc

Revolver


06/03/2027



1,789,816



(35,796
)MBS Holdings, Inc.

Revolver


04/16/2027



974,169



(4,871
)Medbridge Holdings, LLC

Revolver


12/23/2026



917,485



Medical Management Resource Group, LLC

Delayed Draw Term Loan


09/30/2023



1,582,075



(11,866
)Medical Management Resource Group, LLC

Revolver


09/30/2026



316,415



(5,537
)MedMark Services, Inc.

Delayed Draw Term Loan


06/11/2023



4,853,121



(48,531
)Metametrics, Inc.

Revolver


09/10/2025



390,710



Millin Purchaser LLC

Delayed Draw Term Loan


02/22/2022



1,632,961



(12,247
)Millin Purchaser LLC

Delayed Draw Term Loan


10/22/2023



7,144,203



(53,582
)  127




---

##### Table of Contents

Investment Type

Facility Type

CommitmentExpirationDate (1)


UnfundedCommitment (2)


Fair Value (3)Millin Purchaser LLC

Revolver


10/22/2026



680,400



(10,206
)Moon Buyer, Inc.

Delayed Draw Term Loan


10/21/2022



4,538,792



Moon Buyer, Inc.

Revolver


04/21/2027



1,163,793



MSM Acquisitions, Inc.

Delayed Draw Term Loan


01/30/2023



3,199,307



MSM Acquisitions, Inc.

Revolver


12/09/2026



1,111,729



(5,559
)Netwrix Corporation And Concept Searching Inc.

Delayed Draw Term Loan


03/23/2022



1,103,804



Netwrix Corporation And Concept Searching Inc.

Revolver


09/30/2026



166,551



NI Topco, Inc

Revolver


12/28/2026



549,052



(12,354
)OMH-HealthEdge Holdings, LLC

Revolver


10/24/2024



458,721



(2,294
)Pace Health Companies, LLC

Revolver


08/02/2024



616,682



PerimeterX, Inc.

Delayed Draw Term Loan


07/01/2023



1,075,406



(10,754
)PerimeterX, Inc.

Delayed Draw Term Loan


05/23/2022



698,833



(6,988
)PerimeterX, Inc.

Revolver


11/22/2024



279,533



(2,795
)Pinnacle Dermatology Management, LLC

Delayed Draw Term Loan


12/08/2023



1,536,273



(38,407
)Pinnacle Dermatology Management, LLC

Revolver


12/08/2026



537,696



(6,721
)Pinnacle Treatment Centers, Inc.

Delayed Draw Term Loan


01/17/2022



234,363



Pinnacle Treatment Centers, Inc.

Revolver


12/31/2022



292,954



Ranger Buyer Inc

Revolver


11/18/2027



959,386



(19,188
)Redwood Family Care Network, Inc.

Delayed Draw Term Loan


12/18/2022



2,484,335



(6,211
)Redwood Family Care Network, Inc.

Revolver


06/18/2026



588,705



(1,472
)Rep Tec Intermediate Holdings, Inc.

Revolver


12/01/2027



789,253



Salisbury House, LLC

Revolver


08/30/2025



448,343



(6,725
)Saturn Borrower Inc

Delayed Draw Term Loan


12/15/2023



3,960,391



(79,208
)Saturn Borrower Inc

Revolver


12/15/2027



745,874



(14,918
)Sauce Labs, Inc.

Delayed Draw Term Loan


02/12/2023



1,922,732



(24,034
)Sauce Labs, Inc.

Revolver


08/16/2027



1,281,821



(19,227
)SCA Buyer, LLC

Revolver


01/20/2026



386,309



(966
)SecureLink, Inc.

Revolver


10/01/2025



439,523



Single Digits, Inc.

Revolver


12/21/2023



416,149



(4,161
)Sirsi Corporation

Revolver


03/15/2024



553,741



(1,384
)SIS Purchaser, Inc.

Revolver


10/15/2026



1,165,951



Smartlinx Solutions, LLC

Revolver


03/04/2026



519,484



(2,597
)Smile Brands, Inc.

Revolver


10/12/2025



240,909



(2,409
)Streamsets, Inc.

Revolver


11/25/2024



350,524



(12,268
)SugarCRM, Inc.

Revolver


07/31/2024



310,244



Sundance Group Holdings, Inc

Delayed Draw Term Loan


07/02/2023



3,547,253



(26,604
)Sundance Group Holdings, Inc

Revolver


07/02/2027



993,231



(14,898
)Swiftpage, Inc.

Revolver


06/13/2023



225,317



(1,690
)Syntax Systems Ltd

Revolver


10/29/2026



547,843



(5,479
)Syntax Systems Ltd

Delayed Draw Term Loan


10/29/2023



2,434,137



(24,341
)TA/WEG Holdings, LLC

Delayed Draw Term Loan


08/13/2022



2,962,646



TA/WEG Holdings, LLC

Revolver


10/04/2027



233,655



TBG Food Acquisition Corp

Delayed Draw Term Loan


12/25/2023



1,056,104



(10,561
)TBG Food Acquisition Corp

Revolver


12/25/2027



264,026



(2,640
)Telcor Buyer, Inc.

Revolver


08/20/2027



290,770



(2,181
)Telesoft Holdings, LLC

Revolver


12/16/2025



596,866



(2,984
)The Center for Orthopedic and Research Excellence, Inc.

Delayed Draw Term Loan


10/01/2023



1,441,028



(3,603
)The Center for Orthopedic and Research Excellence, Inc.

Revolver


08/15/2025



379,793



(1,899
)Thrive Buyer, Inc

Revolver


01/22/2027



1,109,722



(2,774
)Thrive Buyer, Inc.

Delayed Draw Term Loan


12/30/2023



3,625,292



(9,063
)Towerco IV Holdings, LLC

Delayed Draw Term Loan


10/23/2023



3,383,145



(33,831
)TRGRP, Inc.

Revolver


11/01/2023



333,333



Ungerboeck Systems International, LLC

Revolver


04/30/2027



161,196



Valcourt Holdings II, LLC

Delayed Draw Term Loan


01/07/2023



1,093,174



Vectra AI, Inc.

Delayed Draw Term Loan


03/18/2023



2,327,586



(58,190
)Vectra AI, Inc.

Revolver


03/18/2026



232,759



(5,819
)Velocity Purchaser Corporation

Revolver


12/01/2022



193,237



Veracross LLC,

Delayed Draw Term Loan


12/28/2023



1,668,830



(16,688
)Veracross LLC,

Revolver


12/28/2027



1,112,554



(22,251
)Total







$
164,163,963


$
(1,707,905
)  128




---

##### Table of Contents

The Fund had the following unfunded commitments by investment types as of December 31,
2020:  Investment Type

Facility Type

CommitmentExpirationDate (1)


UnfundedCommitment (2)


Fair Value (3)1st Lien/Senior Secured Debt5 Bars, LLC

Delayed Draw Term Loan


09/27/2022


$
3,448,816


$
5 Bars, LLC

Revolver


09/27/2024



646,653



Accelerate Resources Operating, LLC

Delayed Draw Term Loan


08/24/2021



1,659,057



(49,772
)Accelerate Resources Operating, LLC

Revolver


02/24/2026



414,764



(12,443
)AEG Holding Company, Inc.

Revolver


11/20/2023



1,116,864



(22,337
)Alphasense, Inc.

Delayed Draw Term Loan


12/22/2021



1,937,915



Alphasense, Inc.

Revolver


05/29/2024



872,355



American Physician Partners, LLC

Revolver


12/21/2021



97,681



(3,907
)AMI US Holdings, Inc.

Revolver


04/01/2024



306,489



(4,597
)Analogic Corporation

Revolver


06/22/2023



213,889



(7,486
)Arrowstream Acquisition Co., Inc.

Revolver


12/15/2025



386,309



(7,726
)Avetta, LLC

Revolver


04/10/2024



494,396



(9,888
)Azurity Pharmaceuticals, Inc.

Delayed Draw Term Loan


05/17/2021



482,932



(9,659
)Azurity Pharmaceuticals, Inc.

Revolver


03/21/2023



482,932



(9,659
)Banneker V Acquisition, Inc.

Delayed Draw Term Loan


12/04/2021



1,037,198



(20,744
)Banneker V Acquisition, Inc.

Revolver


12/04/2025



259,300



(5,186
)BEP Borrower Holdco, LLC

Delayed Draw Term Loan A


06/12/2021



1,288,304



(19,325
)BEP Borrower Holdco, LLC

Revolver


06/12/2024



429,435



(4,295
)BK Medical Holding Company, Inc.

Revolver


06/22/2023



321,733



(12,870
)Businesssolver.com, Inc.

Revolver


05/15/2023



323,529



Captain Ds, Inc.

Revolver


12/15/2023



51,331



(513
)Coding Solutions Acquisition, Inc

Delayed Draw Term Loan


12/31/2022



2,443,965



(24,440
)Coding Solutions Acquisition, Inc

Revolver


12/31/2025



96,983



(1,939
)Datacor Holdings, Inc.

Revolver


12/26/2025



643,849



(12,877
)Datacor Holdings, Inc.

First Lien Delayed Draw Term Loan


12/28/2022



2,575,396



(25,754
)Delaware Valley Management Holdings, Inc.

Delayed Draw Term Loan


03/21/2021



1,053,759



(160,698
)Dillon Logistics, Inc.

Revolver


12/11/2023



215,110



(116,160
)Dispatch Track, LLC

Revolver


12/17/2024



301,930



(3,020
)E2open LLC

Revolver


11/26/2024



72,652



Engage2Excel, Inc.

Revolver


03/07/2023



119,353



(4,774
)EnterpriseDB Corporation

Revolver


06/21/2024



696,355



(6,964
)Ethos Veterinary Health LLC

Delayed Draw Term Loan


05/17/2021



839,091



(4,195
)EvolveIP, LLC

Delayed Draw Term Loan


11/26/2021



642,451



(9,636
)EvolveIP, LLC

Revolver


06/07/2023



566,868



(8,503
)Exterro, Inc.

Revolver


05/31/2024



247,500



(1,238
)Faithlife, LLC

Delayed Draw Term Loan


09/19/2022



1,328,991



(26,580
)Faithlife, LLC

Revolver


09/18/2025



279,053



(5,581
)Finalsite Holdings, Inc.

Revolver


09/25/2024



253,142



(4,430
)Foundation Risk Partners, Corp.

First Lien Delayed Draw Term Loan


12/30/2022



2,932,758



(29,327
)Fuze, Inc.

Delayed Draw Term Loan


09/20/2021



1,814,240



(7,439
)Fuze, Inc.

Revolver


09/20/2024



1,295,886



(18,531
)GHA Buyer, Inc.

Fifth Amendment Delayed Draw Term loan


12/14/2021



58,528



GHA Buyer, Inc.

Revolver


06/24/2025



951,077



Global Radar Holdings, LLC

Revolver


12/31/2025



581,896



(11,637
)GlobalWebIndex Inc.

Delayed Draw Term Loan


12/30/2021



3,683,720



(36,837
)GS AcquisitionCo, Inc.

Fourth Delayed Draw Term Loan


12/02/2021



498,802



(3,741
)GS AcquisitionCo, Inc.

Revolver


05/24/2024



382,916



(5,743
)Higginbotham Insurance Agency, Inc.

Delayed Draw Term Loan


11/25/2022



1,671,253



(12,535
)INH Buyer, Inc.

Revolver


01/31/2024



205,858



(3,088
)Kaseya Inc.

Delayed Draw Term Loan


03/04/2022



481,201



(6,015
)Kaseya Inc.

Revolver


05/02/2025



191,755



(3,835
)Kindeva Drug Delivery L.P.

Revolver


05/01/2025



1,445,322



(36,133
)Medbridge Holdings, LLC

Revolver


12/23/2026



1,376,227



(27,524
)Metametrics, Inc.

Revolver


09/10/2025



651,183



(13,024
)MSM Acquisitions, Inc.

Delayed Draw Term Loan


06/09/2022



3,062,613



(15,313
)MSM Acquisitions, Inc.

Revolver


12/09/2026



1,225,045



(24,501
)  129




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##### Table of Contents

Investment Type

Facility Type

CommitmentExpirationDate (1)


UnfundedCommitment (2)


Fair Value (3)Netwrix Corporation And Concept Searching Inc.

Revolver


09/30/2026



166,551



(3,956
)Netwrix Corporation And Concept Searching Inc.

Delayed Draw Term Loan


09/30/2021



1,001,811



(23,794
)Nine Point Energy, LLC

Delayed Draw Term Loan


06/07/2021



328,125



(42,656
)OMH-HealthEdge Holdings, LLC

Revolver


10/24/2024



458,721



(10,322
)Pace Health Companies, LLC

Revolver


08/02/2024



616,682



(6,167
)PerimeterX, Inc.

Delayed Draw Term Loan


05/23/2022



698,833



(6,989
)PerimeterX, Inc.

Revolver


11/22/2024



279,533



(2,795
)PF Growth Partners, LLC

Delayed Draw Term Loan


07/11/2021



240,285



(4,806
)Pinnacle Dermatology Management, LLC

Delayed Draw Term Loan


10/31/2021



1,767,548



(35,351
)Pinnacle Dermatology Management, LLC

Revolver


05/18/2023



322,749



(6,455
)Pinnacle Treatment Centers, Inc.

Delayed Draw Term Loan


01/17/2022



234,363



(2,343
)Pinnacle Treatment Centers, Inc.

Revolver


12/31/2022



292,954



(2,929
)Real Capital Analytics, Inc.

Revolver


10/02/2024



694,740



Rep Tec Intermediate Holdings, Inc.

Delayed Draw Term Loan


03/19/2021



1,326,335



Rep Tec Intermediate Holdings, Inc.

Revolver


06/19/2025



442,112



Salisbury House, LLC

Revolver


08/30/2025



448,343



(11,209
)SecureLink, Inc

Revolver


10/01/2025



439,523



(6,593
)Single Digits, Inc.

Revolver


12/21/2023



416,148



(33,292
)Sirsi Corporation

Revolver


03/15/2024



553,741



(6,921
)SIS Purchaser, Inc.

Revolver


10/15/2026



1,165,951



(20,405
)Smartlinx Solutions, LLC

Revolver


03/04/2026



519,484



(9,974
)Smile Brands, Inc.

Revolver


10/12/2023



254,808



(4,459
)Star2star Communications, LLC

Delayed Draw Term Loan


03/11/2022



640,576



Star2star Communications, LLC

Revolver


03/13/2025



960,864



Streamsets, Inc.

Revolver


11/25/2024



350,524



(9,737
)SugarCRM, Inc.

Revolver


07/31/2024



310,244



Swiftpage, Inc.

Revolver


06/13/2023



225,317



(7,887
)Sysnet North America, Inc

Delayed Draw Term Loan B1


12/30/2021



3,863,094



(57,946
)Telesoft Holdings, LLC

Revolver


12/16/2025



596,866



(13,429
)The Center for Orthopedic and Research Excellence, Inc.

Delayed Draw Term Loan


08/15/2021



1,148,009



(13,432
)The Center for Orthopedic and Research Excellence, Inc.

Revolver


08/15/2025



690,532



(12,084
)Theranest, LLC

Revolver


07/24/2023



428,571



(10,714
)TRGRP, Inc.

Revolver


11/01/2023



333,333



(6,666
)Velocity Purchaser Corporation

Revolver


12/01/2022



193,237



Womens Health USA, Inc.

Revolver


10/09/2023



175,583



(2,195
)ZBS Alliance Animal Health, LLC

First Amendment Delayed Draw Term Loan


10/19/2022



2,253,772



(45,076
)ZBS Alliance Animal Health, LLC

Revolver


11/08/2025



226,780



(4,536
)Total 1st Lien/Senior Secured Debt








76,225,252



(1,297,537
)Foundation Risk Partners, Corp.

2nd Lien Delayed Draw Term Loan


12/30/2022



1,256,896



(14,140
)Total 2nd Lien/Senior Secured Debt





1,256,896



(14,140
)Total







$
77,482,148


$
(1,311,677
)  (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.  130




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##### Table of Contents

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 December 31, 2021 the Fund had total Capital Commitments of $471,572,464, of
which 25% is unfunded. At December 31, 2020 the Fund had total Capital Commitments of $447,843,050, of which 52% was unfunded. The minimum Capital Commitment of an investor is $50,000. The Adviser, however, may waive the minimum Capital
Commitment at its discretion. Capital Commitments may be drawn down by the Fund on a pro rata basis, as needed (including for follow-on investments), for paying the Funds expenses, including fees under the Amended and Restated Advisory Agreement, and/or maintaining a reserve account for the payment of future expenses or liabilities. The following table summarizes the total Shares issued and amount received related to capital drawdowns delivered pursuant to the
Subscription Agreements during the years ended December 31, 2021, December 31, 2020 and December 31, 2019:  For the year endedDecember 31, 2021


For the year endedDecember 31, 2020


For the year endedDecember 31, 2019Quarter Ended

Shares


Amount


Shares


Amount


Shares


AmountMarch 31


4,001,981


$
37,708,999



4,876,625


$
41,844,852



2,317,068


$
23,125,308June 30


1,637,964


$
15,687,764






$




1,784,087


$
17,963,617September 30


1,632,591


$
15,930,053






$




1,795,822


$
17,967,810December 31


7,002,731


$
68,607,150



3,557,981


$
33,276,379



2,011,640


$
19,880,531Total capital drawdowns


14,275,267


$
137,933,966



8,434,606


$
75,121,231



7,908,617


$
78,937,266 Distributions The following tables reflect the distributions declared on Shares during the years ended December 31, 2021, December 31, 2020 and
December 31, 2019:  Date Declared


Record Date


Payment Date


Amount Per Share


Dollar Amount3/29/2021



3/29/2021



4/28/2021


$
0.16


$
4,358,0226/28/2021



6/28/2021



7/22/2021


$
0.16


$
4,555,4849/28/2021



9/28/2021



10/26/2021


$
0.17


$
4,942,95012/29/2021



12/29/2021



2/8/2022


$
0.15


$
4,924,772$
18,781,228  Date Declared


Record Date


Payment Date


Amount Per Share


Dollar Amount3/27/2020



3/27/2020



4/29/2020


$
0.24


$
3,551,5336/26/2020



6/26/2020



7/29/2020


$
0.13


$
2,572,0399/28/2020



9/28/2020



10/28/2020


$
0.15


$
2,925,16012/29/2020



12/29/2020



1/28/2021


$
0.16


$
3,133,557$
12,182,289  Date Declared


Record Date


Payment Date


Amount Per Share


Dollar Amount3/27/2019



3/27/2019



4/25/2019


$
0.15


$
1,057,2426/28/2019



6/28/2019



7/19/2019


$
0.16


$
1,690,9999/25/2019



9/26/2019



10/30/2019


$
0.13


$
1,674,92912/27/2019



12/27/2019



1/30/2020


$
0.17


$
2,119,822$
6,542,992  131




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##### Table of Contents

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 years ended December 31, 2021,
December 31, 2020 and December 31, 2019 to stockholders who opted into the DRIP:  Date Declared


Record Date


Reinvestment Date


Shares


Dollar Amount3/29/2021



3/29/2021



3/31/2021



229,904


$
2,167,5686/28/2021



6/28/2021



6/30/2021



241,688


$
2,332,6519/28/2021



9/28/2021



9/30/2021



265,157


$
2,587,81112/31/2021



12/31/2021



12/31/2021



263,809


$
2,582,7741,000,558


$
9,670,804  Date Declared


Record Date


Reinvestment Date


Shares


Dollar Amount3/27/2020



3/27/2020



3/31/2020



225,117


$
1,931,6666/26/2020



6/26/2020



6/30/2020



152,049


$
1,321,2899/28/2020



9/28/2020



9/30/2020



165,917


$
1,512,59912/29/2020



12/29/2020



12/31/2020



170,132


$
1,591,179713,215


$
6,356,733  Date Declared


Record Date


Reinvestment Date


Shares


Dollar Amount3/27/2019



3/27/2019



3/29/2019



58,319


$
581,2976/28/2019



6/28/2019



6/28/2019



91,975


$
915,8049/25/2019



9/26/2019



9/30/2019



91,341


$
907,00212/27/2019



12/27/2019



12/31/2019



116,815


$
1,154,989358,450


$
3,559,092 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. On February 26, 2021, the Fund commenced a General
Tender (the Q1 2021 Tender Offer) for up to 502,190.45 Shares (the Q1 2021 Tender Offer Cap) tendered prior to March 31, 2021 (the Initial Expiration Date). As a result of the number of Shares tendered to the
Fund prior to the Initial Expiration Date, the Fund extended the Q1 2021 Tender Offer and increased the Q1 2021 Tender Offer Cap to 2,083,220 Shares. Stockholders who tendered Shares in the Q1 2021 Tender Offer received, at the expiration of the Q1
2021 Tender Offer, 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 Purchase Price. The Purchase Price for the Q1 2021 Tender Offer was $9.43 per Share and the Q1 2021 Tender Offer expired on April 16, 2021. On May 28, 2021, the Fund commenced a General Tender (the Q2 2021 Tender Offer) for up to 1,321,607.81 Shares (the Q2
2021 Tender Offer Cap) tendered prior to June 30, 2021. Stockholders who tendered Shares in the Q2 2021 Tender Offer received, at the expiration of the Q2 2021 Tender Offer, 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 Purchase Price. The Purchase Price for the Q2 2021 Tender Offer
was $9.65 per Share and the Q2 2021 Tender Offer expired on June 30, 2021. On August 27, 2021, the Fund commenced a General
Tender (the Q3 2021 Tender Offer) for up to 684,540.65 Shares (the Q3 2021 Tender Offer Cap) tendered prior to September 30, 2021. Stockholders who tendered Shares in the Q3 2021 Tender Offer  132




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##### Table of Contents

received, at the expiration of the Q3 2021 Tender Offer, 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 Purchase Price. The Purchase Price for the Q3 2021 Tender Offer was $9.76 per Share and the Q3 2021 Tender Offer expired on
September 30, 2021. On November 26, 2021, the Fund commenced a General Tender (the Q4 2021 Tender Offer) for up to
702,352.10 Shares (the Q4 2021 Tender Offer Cap) tendered prior to December 31, 2021. Stockholders who tendered Shares in the Q4 2021 Tender Offer received, at the expiration of the Q4 2021 Tender Offer, 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
Purchase Price. The Purchase Price for the Q4 2021 Tender Offer was $9.79 per Share and the Q4 2021 Tender Offer expired on December 31, 2021. The following table summarizes Shares purchased during the year ended December 31, 2021:  Quarter Ended

Payment Date


Shares


Dollar AmountMarch 31


May 6, 2021



1,173,288


$
11,061,881June 30


July 26, 2021



1,162,555



11,220,395September 30


November 9, 2021



887,497



8,661,434December 31


February 14, 2022



483,758



4,736,1393,707,098


$
35,679,8498. Earnings Per Share
 The following information sets forth the computation of basic and
diluted earnings per Share for the years ended December 31, 2021, December 31, 2020 and December 31, 2019:For the yearendedDecember 31,2021


For the yearendedDecember 31,2020


For the yearendedDecember 31,2019Net increase (decrease) in net assets from operations

$
30,756,594


$
8,501,562


$
5,567,442Weighted average common shares outstanding


28,442,383



18,603,813



10,024,619Earnings per common share-basic and diluted

$
1.08


$
0.46


$
0.56 9. Tax Information The tax character of distributions during the years ended December 31, 2021, December 31, 2020 and December 31, 2019 was as
follows:  December 31,2021


December 31,2020


December 31,2019Distributions paid from:Ordinary Income

$
17,876,132


$
11,751,072


$
6,505,658Net Long-Term Capital Gains

$
905,096


$
431,217


$
37,334Total Taxable Distributions

$
18,781,228


$
12,182,289


$
6,542,992 As of December 31, 2021, December 31, 2020 and December 31, 2019 the components of Accumulated
Earnings (Losses) on a tax basis were as follows:  December 31,2021


December 31,2020


December 31,2019Undistributed Ordinary Income  Net

$
619,501


$
105,976


$
168,243Undistributed Long-Term Income  Net

$
845,299


$
905,096


$
Total Undistributed Earnings

$
1,464,800


$
1,011,072


$
168,243Capital Loss Carryforward

$



$



$
Unrealized Earnings (Losses)  Net

$
6,699,638


$
(6,371,977
)

$
(1,848,420
)Other Temporary Differences

$
(1,549,976
)

$



$
Total Accumulated Earnings (Losses)  Net

$
6,614,462


$
(5,360,905
)

$
(1,680,177
) The difference between GAAP-basis and tax basis unrealized gains (losses) is due to partnership basis
adjustments and accrued incentive fee not crystallized.  133




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##### Table of Contents

In order to present certain components of the Funds capital accounts on a tax-basis, certain reclassifications have been recorded to the Funds accounts. These reclassifications have no impact on the NAV of the Funds and result primarily from the
re-designation of dividends and the tax treatment of fee income.  December 31,2021


December 31,2020


December 31,2019Paid-in capital in excess of par

$



$



$
76,353Accumulated undistributed net investment income

$
(1,266,006
)

$
(1,244,770
)

$
(654,027
)Accumulated net realized gain (loss)

$
1,266,006


$
1,244,770


$
577,674 The Fund has four taxable subsidiaries (the Taxable Subsidiaries), each of which holds one
investment listed on the consolidated schedules of investments. The Taxable Subsidiaries are consolidated for financial reporting purposes, such that the Funds consolidated financial statements reflect the Funds investments in the
portfolio companies owned by the Taxable Subsidiaries. The purpose of the Taxable Subsidiaries is to permit the Fund to hold certain portfolio companies that are organized as pass-through entities and still satisfy the RIC tax compliance
requirements. The net investment income and capital gains and losses from the pass-through entities are taxed to the Taxable Subsidiaries and do not flow through to the RIC. The Taxable Subsidiaries are not consolidated for income tax purposes and
the corporate subsidiaries may generate income tax expense as a result of their ownership of the portfolio companies. This income tax expense is reflected in the Funds consolidated statements of operations. Additionally, any net unrealized
appreciation or depreciation related to portfolio investments held by the Taxable Subsidiaries is reflected net of applicable federal and state income taxes in the Funds consolidated statements of operations, with the related deferred tax
liabilities presented in the Funds consolidated statements of assets and liabilities. ASC 740 provides guidance on the accounting
for and disclosure of uncertainty in tax position. 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 years, as applicable), 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. 10. Financial Highlights Below is the schedule of financial highlights of the Fund for the years ended December 31, 2021, December 31, 2020, December 31, 2019,
December 31, 2018 and December 31, 2017:  For the yearendedDecember 31,2021


For the yearendedDecember 31,2020


For the yearendedDecember 31,2019


For the yearendedDecember 31,2018


For the yearendedDecember 31,2017*Per Share
Data:(1)(2)Net asset value, beginning of period

$
9.35


$
9.88


$
9.91


$
10.02


$
10.00Net investment income (loss)


0.66



0.66



0.66



0.61



0.04Net realized and unrealized gains (losses) on investments


0.43



(0.51
)


(0.08
)


(0.17
)


(0.02
)Net increase (decrease) in net assets resulting from operations


1.09



0.15



0.58



0.44



0.02Distributions to stockholders(3)


(0.64
)


(0.68
)


(0.61
)


(0.55
)


0.00Net asset value, end of period

$
9.80


$
9.35


$
9.88


$
9.91


$
10.02Shares outstanding, end of period


35,343,949



23,775,222



14,627,401



6,383,672



2,417,371Total return at net asset value before incentive fees(4)


13.53
%


2.56
%


6.29
%


4.73
%



%(5)Total return at net asset value after incentive fees(4)


11.81
%


2.04
%


5.89
%


4.42
%


0.20
%(5)Ratio/Supplemental Data:Net assets, end of period

$
346,259,919


$
222,359,632


$
144,562,395


$
63,273,710


$
24,232,383Ratio of total expenses to weighted average net assets


13.20
%


12.30
%


16.24
%


14.78
%


20.46
%(6)  134




---

##### Table of Contents

For the yearendedDecember 31,2021


For the yearendedDecember 31,2020


For the yearendedDecember 31,2019


For the yearendedDecember 31,2018


For the yearendedDecember 31,2017*Ratio of net expenses to weighted average net assets(7)


12.59
%


11.25
%


14.33
%


8.62
%


0.89
%(6)Ratio of net investment income (loss) before waivers to weighted average net assets


6.34
%


5.89
%


4.38
%


(0.48
)%


(15.39
)%(6)Ratio of net investment income (loss) after waivers to weighted average net assets(7)


6.95
%


6.93
%


6.28
%


5.68
%


4.18
%(6)Ratio of interest and credit facility expenses to weighted average net assets


5.15
%


4.86
%


8.03
%


4.37
%


2.35
%Ratio of incentive fees to weighted average net assets(8)


1.82
%


1.01
%


0.93
%


0.58
%



%Portfolio turnover rate


27.93
%


23.87
%


17.83
%


24.47
%



%(5)Asset coverage
ratio(9)


157
%


162
%


163
%


172
%


203
% *
The Fund completed its Initial Closing and commenced operations on November 15, 2017. (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 in ABPCICE. (3)
The per share data for distributions is the actual amount of distributions paid or payable per share of common
stock outstanding during the entire period. (4)
Total return based on NAV is calculated as the change in NAV per share during the respective periods, assuming
dividends and distributions, if any, are reinvested in accordance with the Funds dividend reinvestment plan. (5)
Not annualized. (6)
Annualized, except for professional fees, directors fees and incentive fees. (7)
For the years ended December 31, 2021, December 31, 2020, December 31, 2019, December 31,
2018 and December 31, 2017, the Adviser voluntarily waived a portion of their management fees, incentive fees, and collateral management fees. Additionally, the Adviser received reimbursement payments from the Fund and/or reimbursed the Fund
for operating expenses as per the Expense Support and Conditional Reimbursement Agreement. The ratios include the effects of the waived expenses of 1.12%, 2.37%, 1.58%, 0.40% and 0.88% for the years ended December 31, 2021, December 31,
2020, December 31, 2019, December 31, 2018, and December 31, 2017, respectively. (8)
Ratio of incentive fees to weighted average net assets calculated before the voluntary waiver of incentive fees
by the Adviser. (9)
Asset coverage ratio is equal to (i) the sum of (A) net assets at end of period and (B) debt
outstanding at end of period, divided by (ii) total debt outstanding at the end of the period. 11. Subsequent Events Subsequent events after the consolidated statements of assets and liabilities date have been evaluated through the date the consolidated
financial statements were issued. The Fund has concluded that there are no events requiring adjustment or disclosure in the consolidated financial statements, other than below. On February 7, 2022, the Fund called capital of $30,684,000 from its investors due March 1, 2022. On March 4, 2022, pursuant to Amendment No 4 to the Natixis Credit Agreement , ABPCIC Funding III LLC increased the commitment by
$25,000,000 from $225,000,000 to $250,000,000. In accordance with the Second Amended and Restated Investment Advisory Agreement, dated
March 24, 2022, between the Fund and the Adviser, the base management fee shall be calculated and payable quarterly in arrears and calculated at an annual rate of 1.375%, 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 assets, during such fiscal quarter. The average outstanding assets will be 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 will be 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. The base management fee for any partial quarter will be appropriately prorated.  135