# EDGAR Filing Document

**Accession Number:** 0001982701
**File Stem:** 0001193125-26-226155
**Filing Date:** 2026-5
**Character Count:** 394746
**Document Hash:** da662a57a475ed95e25c904250429dd3
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-226155.hdr.sgml**: 20260515

**ACCESSION NUMBER**: 0001193125-26-226155

**CONFORMED SUBMISSION TYPE**: 10-Q

**PUBLIC DOCUMENT COUNT**: 65

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260515

**DATE AS OF CHANGE**: 20260515

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** AB Private Lending Fund
- **CENTRAL INDEX KEY:** 0001982701

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 10-Q
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 814-01744
- **FILM NUMBER:** 26985425

**BUSINESS ADDRESS:**
- **STREET 1:** 405 COLORADO STREET
- **STREET 2:** SUITE 1500
- **CITY:** AUSTIN
- **STATE:** TX
- **ZIP:** 78701
- **BUSINESS PHONE:** 512-721-2900

**MAIL ADDRESS:**
- **STREET 1:** 405 COLORADO STREET
- **STREET 2:** SUITE 1500
- **CITY:** AUSTIN
- **STATE:** TX
- **ZIP:** 78701

?xml version='1.0' encoding='ASCII'? 10-Q

**UNITED STATES** 

**SECURITIES AND EXCHANGE COMMISSION** 

**Washington, D.C. 20549** 

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**FORM** 10-Q

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**(Mark One)** 

☒ **QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED** **MARCH 31,** 2026

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

**COMMISSION FILE NUMBER:** 814-01744

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AB Private Lending Fund

**(Exact name of registrant as specified in its charter)** 

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---

| | |
|:---|:---|
| Delaware | 93-6555027 |
| **(State or other jurisdiction of**<br>**incorporation or organization)** | **(I.R.S. Employer**<br>**Identification No.)** |

---

405 Colorado Street, Suite 1500

Austin**,** TX 78701

**(Address of principal executive offices) (Zip Code)** 

**(**512**)** 721-2900

**(Registrant's telephone number, including area code)** 

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**Securities registered pursuant to Section 12(b) of the Act:** 

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| | | |
|:---|:---|:---|
| **Title of each class** | **Trading**<br>**Symbol(s)** | **Name of each exchange**<br>**on which registered** |

---

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Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes☒ No☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See definitions of "large accelerated filer," "accelerated filer," "smaller reporting company" and "emerging growth company" in Rule 12b-2 of the Exchange Act.

---

| | | | |
|:---|:---|:---|:---|
| Large accelerated filer | ☐ | Accelerated filer | ☐ |
| Non-accelerated filer | ☒ | Smaller reporting company | ☐ |
| Emerging Growth Company | ☒ |  |  |

---

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act). ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes☐ No☒

The number of shares of Registrant's common shares of beneficial interest, $0.01 par value per share, outstanding as of May 15, 2026, was 6,581,988, 0, and 0 of Class I, Class S and Class D common shares, respectively.

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**AB PRIVATE LENDING FUND** 

**FORM 10-Q FOR THE QUARTER ENDED MARCH 31, 2026** 

**Table of Contents** 

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**INDEX** | &nbsp;&nbsp;&nbsp;**PAGE**<br>**NO.**  |
| &nbsp;&nbsp;&nbsp;&nbsp;**PART I.** | [**<u>FINANCIAL INFORMATION</u>**](#financial_information) | &nbsp;&nbsp;1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Item 1. | [<u>Consolidated Financial Statements</u>](#item_1_consolidated_financial) | &nbsp;&nbsp;1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Item 2. | [<u>Management's Discussion and Analysis of Financial Condition and Results of Operations</u>](#item_7_managements_discussion_and) | &nbsp;&nbsp;61 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Item 3. | [<u>Quantitative and Qualitative Disclosures About Market Risk</u>](#item_3_quantitative) | &nbsp;&nbsp;75 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Item 4. | [<u>Controls and Procedures</u>](#item_4_controls_and_procedures) | &nbsp;&nbsp;76 |
| &nbsp;&nbsp;&nbsp;&nbsp;**PART II.** | [**<u>OTHER INFORMATION</u>**](#part_ii_other_information) | &nbsp;&nbsp;76 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Item 1. | [<u>Legal Proceedings</u>](#part_ii_other_information) | &nbsp;&nbsp;76 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Item 1A. | [<u>Risk Factors</u>](#part_ii_other_information) | &nbsp;&nbsp;76 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Item 2. | [<u>Unregistered Sales of Equity Securities and Use of Proceeds</u>](#part_ii_other_information) | &nbsp;&nbsp;76 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Item 3. | [<u>Defaults Upon Senior Securities</u>](#part_ii_other_information) | &nbsp;&nbsp;76 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Item 4. | [<u>Mine Safety Disclosures</u>](#part_ii_other_information) | &nbsp;&nbsp;76 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Item 5. | [<u>Other Information</u>](#part_ii_other_information) | &nbsp;&nbsp;76 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Item 6. | [<u>Exhibits</u>](#item_6_exhibits) | &nbsp;&nbsp;78 |
| &nbsp;&nbsp;&nbsp;&nbsp;[**<u>SIGNATURES</u>**](#signatures) |  | &nbsp;&nbsp;79 |

---

i

------

**Item 1. Consolidated Fin** **ancial Statements** 

**AB Private Lending Fund** 

**Consolidated Statements of Assets and Liabilities** 

---

| | | |
|:---|:---|:---|
|  | **As of<br>March 31,<br>2026<br>(unaudited)** | **As of<br>December 31,<br>2025** |
| **Assets** |  |  |
| Investments, at fair value |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-controlled/non-affiliated investments (amortized cost of<br> $373,539,739 and $339,543,734, respectively) | $370096324 | $339286700 |
| Total investments, at fair value (amortized cost of $373,539,739 and<br> $339,543,734, respectively) | 370096324 | 339286700 |
| Cash and cash equivalents | 18878259 | 7449117 |
| Deferred financing cost | 1417577 | 898887 |
| Interest receivable | 1425781 | 1463198 |
| Due to/from Feeder | 21248 | 21248 |
| Prepaid expenses | 82076 |  |
| Receivable for investments sold | 645895 | 449 |
| Receivable due from Adviser | 1815824 | 1707910 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total assets** | $**394382984** | $**350827509** |
| **Liabilities** |  |  |
| Term loan payable (net of debt issuance costs of $911,299 and<br> $577,856, respectively) | $134088701 | $134422144 |
| Credit facility payable | 80250000 | 46500000 |
| Income distribution payable | 1353474 | 1293700 |
| Interest and borrowing expenses payable | 1470392 | 1322949 |
| Professional fees payable | 396700 | 249197 |
| Management fees payable | 3166111 | 2650101 |
| Incentive fee payable | 411294 | 483747 |
| Accrued expenses and other liabilities | 30664 | 30005 |
| Administrator and custodian fees payable | 409431 | 363794 |
| Payable for investments purchased | 5874163 | 495938 |
| Transfer agent fees payable | 8268 | 7687 |
| Directors' fees payable | 43097 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total liabilities** | $**227502295** | $**187819262** |
| Commitments and contingencies (see Note 6) |  |  |
| **Net Assets** |  |  |
| Common shares, par value $0.01 per share (unlimited shares authorized,<br> 6,767,371 and 6,468,498 shares issued and outstanding at<br> March 31, 2026 and December 31, 2025, respectively) | 67674 | 64685 |
| Paid-in capital in excess of par value | 169216385 | 161708723 |
| Distributable earnings (accumulated loss) | (2403370) | 1234839 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total net assets** | $**166880689** | $**163008247** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total liabilities and net assets** | $**394382984** | $**350827509** |
| **Net asset value per share** | $24.66 | $25.20 |

---

See Notes to Consolidated Financial Statements

------

**AB Private Lending Fund** 

**Consolidated Statements of Operations (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **For the Three<br>Months Ended<br>March 31, 2026** | **For the Three<br>Months Ended<br>March 31, 2025** |
| **Investment Income** |  |  |
| **From non-controlled/non-affiliated investments:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest income, net of amortization/accretion | $8046154 | $7267220 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payment-in-kind interest | 91011 | 43553 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividend income | 27857 | 67958 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total investment income** | 8165022 | 7378731 |
| **Expenses:** |  |  |
| Interest and borrowing expenses | 3359305 | 3345519 |
| Offering costs |  | 400832 |
| Income-based incentive fee | 411294 | 295101 |
| Other expenses | 95128 | 126964 |
| Management fees | 516010 | 365133 |
| Professional fees | 614814 | 651736 |
| Directors' fees | 44017 | 51313 |
| Trustees' fees | 10500 | 10382 |
| Capital gains incentive fee |  | 1300 |
| Administration and custodian fees | 45637 | 60070 |
| Transfer agent fees | 8268 | 5963 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total expenses | 5104973 | 5314313 |
| Less: expenses reimbursed by the Adviser | (520647) | (1015155) |
| Net expenses | 4584326 | 4299158 |
| Net investment income before taxes | 3580696 | 3079573 |
| Income tax expense, including excise tax | 44575 |  |
| Net investment income | 3536121 | 3079573 |
| **Net realized and change in unrealized gains (losses) on<br> investment transactions:** |  |  |
| **Net realized gain (loss) from:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-controlled/non-affiliated investments | 20060 |  |
| **Net change in unrealized appreciation (depreciation)<br> from:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-controlled/non-affiliated investments | (3186381) | 10397 |
| Net realized and change in unrealized gains (losses) on<br> investment transactions | (3166321) | 10397 |
| **Net increase in net assets resulting from operations** | **369800** | **3089970** |
| **Net investment income per share (basic and diluted):** |  |  |
| Net investment income per share (basic and diluted): | $0.53 | $0.66 |
| Earnings per share (basic and diluted): | 0.06 | 0.66 |
| Weighted average shares outstanding: | 6679238 | 4676871 |

---

See Notes to Consolidated Financial Statements

------

**AB Private Lending Fund** 

**Consolidated Statements of Changes in Net Assets (Unaudited)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Common<br>Units Shares** | **Par Amount** | **Paid in Capital in<br>Excess of Par** | **Distributable<br>Earnings** | **Total<br>Net Assets** |
| **Net assets at December 31, 2025** | 6468498 | $64685 | $161708723 | $1234839 | $163008247 |
| **Increase (decrease) in net assets resulting from<br> operations:** |  |  |  |  |  |
| Net investment income | **—** | **—** | **—** | 3536121 | 3536121 |
| Net realized gain (loss) on investments | **—** | **—** |  | 20060 | 20060 |
| Net change in unrealized appreciation<br> (depreciation) on investments | **—** | **—** | **—** | (3186381) | (3186381) |
| **Capital Transactions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Issuance of common shares | 277013 | 2770 | 6959013 |  | 6961783 |
| &nbsp;&nbsp;&nbsp;&nbsp;Issuance of common shares pursuant to<br> distribution reinvestment plan | 21860 | 219 | 548649 |  | 548868 |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemption of common shares |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions to shareholders |  |  |  | (4008009) | (4008009) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total increase (decrease) for the three months<br> ended March 31, 2026 | 298873 | 2989 | 7507662 | (3638209) | 3872442 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets at March 31, 2026 | 6767371 | $67674 | $169216385 | $(2403370) | $166880689 |
| **Distributions declared per share** | **—** | **—** | **—** | $0.60 | $0.60 |
| **Net assets at December 31, 2024** | 4595221 | $45953 | $113839437 | $2640686 | $116526076 |
| **Increase (decrease) in net assets resulting from<br> operations:** |  |  |  |  |  |
| Net investment income | **—** | **—** | **—** | 3079573 | 3079573 |
| Net realized gain (loss) on investments | **—** | **—** |  |  |  |
| Net change in unrealized appreciation<br> (depreciation) on investments | **—** | **—** | **—** | 10397 | 10397 |
| **Capital Transactions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Issuance of common shares | 98612 | 986 | 2499014 |  | 2500000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Issuance of common shares pursuant to<br> distribution reinvestment plan | 4298 | 43 | 108765 |  | 108808 |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemption of common shares |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions to shareholders |  |  |  | (3131928) | (3131928) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total increase (decrease) for the three months<br> ended March 31, 2025 | 102910 | 1029 | 2607779 | (41958) | 2566850 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets at March 31, 2025 | 4698131 | $46982 | $116447216 | $2598728 | $119092926 |
| **Distributions declared per share** | **—** | **—** | **—** | $0.66 | $0.66 |

---

See Notes to Consolidated Financial Statements

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**AB Private Lending Fund** 

**Consolidated Statements of Cash Flows (Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **For the Three Months<br>Ended March 31,<br>2026** | **For the Three Months<br>Ended March 31,<br>2025** |
| **Cash flows from operating activities** |  |  |
| Net increase (decrease) in net assets resulting from operations | $369800 | $3089970 |
| **Adjustments to reconcile net increase (decrease) in net assets resulting from<br> operations to net cash provided by (used for) operating activities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Purchases of investments | (39737747) | (11751464) |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from sales of investments and principal repayments | 6138194 | 24433408 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payment-in-kind investments | (169289) | (43553) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized (gain) loss on investments | (20060) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized (appreciation) depreciation on investments | 3186381 | (10397) |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of premium and accretion of discount, net | (207103) | (217765) |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of debt issuance and deferred financing costs | 501110 | 350030 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of deferred offering costs |  | 400831 |
| **Increase or decrease in operating assets and liabilities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Increase) decrease in interest receivable | 37417 | (23675) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Increase) decrease in receivable for investments sold | (645446) | 2920 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Increase) decrease in prepaid expenses | (82076) | 36875 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Increase) decrease in receivable due from Adviser | (107914) | (484439) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in interest and borrowing expenses payable | 147443 | (217187) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in organization expense payable |  | (51314) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in payable to Adviser |  | (148778) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in incentive fee payable | (72453) | 296401 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in management fees payable | 516010 | 365132 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in professional fees payable | 147503 | 248838 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in directors' fees payable | 43097 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in accrued expenses and other liabilities | 659 | 49158 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in administrator and custodian fees payable | 45637 | 60070 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in transfer agent fees payable | 581 | 5964 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) payable for investments purchased | 5378225 | (1938188) |
| Net cash provided by (used for) operating activities | (24530031) | 14452837 |
| **Cash flows from financing activities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Issuance of common shares | 6961783 | 2500000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions paid | (3399367) | (2071748) |
| &nbsp;&nbsp;&nbsp;&nbsp;Financing costs paid | (1353243) | (164830) |
| &nbsp;&nbsp;&nbsp;&nbsp;Borrowings on credit facilities | 72250000 | 10000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Repayments of credit facilities | (38500000) | (15000000) |
| Net cash provided by (used for) financing activities | 35959173 | (4736578) |
| Net increase in (decrease) in cash | 11429142 | 9716259 |
| Cash and cash equivalents, beginning of period | 7449117 | 11736791 |
| **Cash and cash equivalents, end of period** | $**18878259** | $**21453050** |
| **Supplemental and non-cash financing activities** |  |  |
| Cash paid during the period for interest | $2767415 | $3168388 |
| Issuance of common shares pursuant to distribution reinvestment plan | $548868 | $108808 |

---

See Notes to Consolidated Financial Statements

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**AB Private Lending Fund**

**Unaudited Consolidated Schedule of Investments as of March 31, 2026**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** | **Industry** | **Facility Type** | **Interest** | **Maturity** | **Funded<br>Par<br>Amount** | **Cost** | **Fair Value** | **Tickmarks** |
| **<u>Investments at Fair Value —</u> <u>221.77</u><u>%</u>** | **<u>Investments at Fair Value —</u> <u>221.77</u><u>%</u>** |  |  |  |  |  |  | (1)(2)(3)(4) (12)(15) |
| **<u>US Corporate Debt —</u><u>218.73</u><u>%</u>** | **<u>US Corporate Debt —</u><u>218.73</u><u>%</u>** |  |  |  |  |  |  |  |
| **<u>1st Lien/Senior Secured Debt —</u> <u>218.35</u><u>%</u>** | **<u>1st Lien/Senior Secured Debt —</u> <u>218.35</u><u>%</u>** |  |  |  |  |  |  |  |
| AAH Topco, LLC | Health Care Providers & Services | Delayed Draw | 8.76% (S + 5.00%; 0.75% Floor) | 12/22/2027 | 219913 | 217009 | 219913 | (6) |
| AAH Topco, LLC | Health Care Providers & Services | Term Loan | 9.01% (S + 5.25%; 0.75% Floor) | 12/22/2027 | 2550056 | 2523350 | 2550056 |  |
| AAH Topco, LLC | Health Care Providers & Services | Delayed Draw | 9.01% (S + 5.25%; 0.75% Floor) | 12/22/2027 | 2838091 | 2808367 | 2838091 |  |
| AAH Topco, LLC | Health Care Providers & Services | Revolver | — (S + 5.25%; 0.75% Floor) | 12/22/2027 |  | (2701) |  | (6)(7) |
| Admiral Buyer, Inc. | Financial Services | Delayed Draw | 8.66% (S + 5.00%; 0.75% Floor) | 12/6/2029 | 51882 | 51394 | 51592 | (6) |
| Admiral Buyer, Inc. | Financial Services | Term Loan | 8.69% (S + 5.00%; 0.75% Floor) | 12/6/2029 | 200543 | 198900 | 199540 |  |
| Admiral Buyer, Inc. | Financial Services | Delayed Draw | — (S + 5.00%; 0.75% Floor) | 12/6/2029 |  | (146) | (95) | (6)(7) |
| Admiral Buyer, Inc. | Financial Services | Term Loan | 8.69% (S + 5.00%; 0.75% Floor) | 12/6/2029 | 3944951 | 3905087 | 3925226 |  |
| Admiral Buyer, Inc. | Financial Services | Delayed Draw | 8.67% (S + 5.00%; 0.75% Floor) | 12/6/2029 | 198944 | 196693 | 197949 |  |
| Admiral Buyer, Inc. | Financial Services | Revolver | — (S + 5.00%; 0.75% Floor) | 12/6/2029 |  | (4511) | (2438) | (6)(7) |
| AHEAD DB HOLDINGS LLC | IT Services | Term Loan | 6.19% (S + 2.50%; 0.75% Floor) | 2/1/2031 | 994987 | 992647 | 979287 | (10) |
| ALBION JVCO LTD | Machinery | Term Loan | 6.66% (S + 3.00%; 0.50% Floor) | 5/30/2031 | 997487 | 997487 | 995931 | (10) |
| ALERA GROUP INC | Insurance | Term Loan | 6.41% (S + 2.75%; 0.50% Floor) | 5/30/2032 | 498750 | 493829 | 483049 | (10) |
| ALKERMES PLC | Biotechnology | Term Loan | 6.41% (S + 2.75%; 0.00% Floor) | 1/28/2031 | 130000 | 129681 | 130894 | (10) |
| ALLIANT HOLDINGS LP | Insurance | Term Loan | 6.16% (S + 2.50%; 0.00% Floor) | 9/19/2031 | 997487 | 990132 | 988869 | (10) |
| Amercare Royal LLC | Commercial Services & Supplies | Term Loan | 8.66% (S + 5.00%; 1.00% Floor) | 9/10/2030 | 998071 | 989978 | 985595 |  |
| Amercare Royal LLC | Commercial Services & Supplies | Revolver | 8.66% (S + 5.00%; 1.00% Floor) | 9/10/2030 | 91712 | 90557 | 89840 | (6) |
| Amercare Royal LLC | Commercial Services & Supplies | Delayed Draw | — (S + 5.00%; 1.00% Floor) | 9/10/2030 |  |  | (1741) | (6)(7) |
| Amercare Royal LLC | Commercial Services & Supplies | Delayed Draw | 8.66% (S + 5.00%; 1.00% Floor) | 9/10/2030 | 158952 | 157697 | 156965 |  |
| Amivie Acquisition, Inc. | Health Care Providers & Services | Delayed Draw | 9.04% (S + 5.25%; 0.75% Floor) | 9/16/2027 | 1091055 | 1080787 | 1088146 | (6) |
| Amivie Acquisition, Inc. | Health Care Providers & Services | Delayed Draw | 9.04% (S + 5.25%; 1.00% Floor) | 9/16/2027 | 800740 | 793148 | 798738 |  |
| Amivie Acquisition, Inc. | Health Care Providers & Services | Term Loan | 9.04% (S + 5.25%; 1.00% Floor) | 9/16/2027 | 2095902 | 2075906 | 2090663 |  |
| Amivie Acquisition, Inc. | Health Care Providers & Services | Revolver | — (S + 5.25%; 1.00% Floor) | 9/16/2027 |  | (2911) | (832) | (6)(7) |
| Amivie Acquisition, Inc. | Health Care Providers & Services | Delayed Draw | 9.04% (S + 5.25%; 1.00% Floor) | 9/16/2027 | 1063187 | 1056894 | 1060529 |  |
| AppViewX, Inc. | Software | Term Loan | 8.99% (S + 5.25%; 0.75% Floor) | 12/24/2031 | 797342 | 790452 | 773422 |  |

---

See Notes to Consolidated Financial Statements

------

**AB Private Lending Fund**

**Unaudited Consolidated Schedule of Investments as of March 31, 2026**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** | **Industry** | **Facility Type** | **Interest** | **Maturity** | **Funded<br>Par<br>Amount** | **Cost** | **Fair Value** | **Tickmarks** |
| AppViewX, Inc. | Software | Revolver | — (S + 5.25%; 0.75% Floor) | 12/24/2031 |  | (819) | (2990) | (6)(7) |
| AppViewX, Inc. | Software | Delayed Draw | — (S + 5.25%; 0.75% Floor) | 12/24/2031 |  |  | (2060) | (6)(7) |
| ARDONAGH MIDCO 3 LIMITED | Insurance | Term Loan | 6.37% (S + 2.75%; 0.00% Floor) | 2/15/2031 | 498750 | 488775 | 486595 | (10) |
| ASCEND LEARNING LLC | Professional Services | Term Loan | 6.66% (S + 3.00%; 0.50% Floor) | 12/11/2028 | 992481 | 992481 | 967669 | (10) |
| ASURION GROUP INC | Wireless Telecommunication Services | Term Loan | 8.01% (S + 4.35%; 0.00% Floor) | 8/19/2028 | 57989 | 57989 | 57906 | (10) |
| ATHENAHEALTH GROUP INC | Health Care Technology | Term Loan | 6.41% (S + 2.75%; 0.50% Floor) | 1/26/2029 | 498741 | 495767 | 488766 | (10) |
| Azurite Intermediate Holdings, Inc. | Software | Term Loan | 9.66% (S + 6.00%; 0.75% Floor) | 3/19/2031 | 919753 | 908759 | 901358 |  |
| Azurite Intermediate Holdings, Inc. | Software | Revolver | — (S + 6.00%; 0.75% Floor) | 3/19/2031 |  | (3644) | (6690) | (6)(7) |
| Azurite Intermediate Holdings, Inc. | Software | Delayed Draw | 9.66% (S + 6.00%; 0.75% Floor) | 3/19/2031 | 2090347 | 2065970 | 2048540 |  |
| BAIN CAPITAL LP | Software | Term Loan | 7.41% (S + 3.75%; 0.50% Floor) | 11/28/2028 | 498744 | 449685 | 477393 | (10) |
| BALBOA HOLDINGS LP | Software | Term Loan | 6.94% (S + 3.25%; 0.00% Floor) | 3/21/2031 | 500000 | 469840 | 456500 | (10) |
| BC PARTNERS HOLDINGS LTD | Commercial Services & Supplies | Term Loan | 6.42% (S + 2.75%; 0.00% Floor) | 2/1/2029 | 498741 | 498741 | 495000 | (10) |
| BHG Holdings, LLC | Health Care Providers & Services | Term Loan | 9.16% (S + 5.50%; 0.75% Floor) | 4/22/2032 | 1841694 | 1812628 | 1827881 |  |
| BHG Holdings, LLC | Health Care Providers & Services | Delayed Draw | — (S + 5.25%; 0.75% Floor) | 4/22/2032 |  | (4025) |  | (6)(7) |
| BHG Holdings, LLC | Health Care Providers & Services | Revolver | — (S + 5.25%; 0.75% Floor) | 4/22/2032 |  | (3546) | (1750) | (6)(7) |
| BLACKSTONE INC | Electrical Equipment | Term Loan | 5.92% (S + 2.25%; 0.00% Floor) | 5/4/2030 | 416850 | 415928 | 416121 | (10) |
| BLACKSTONE INC | Electrical Equipment | Term Loan | 5.94% (S + 2.25%; 0.00% Floor) | 8/4/2031 | 575650 | 574338 | 574211 | (10) |
| Bonterra LLC | Diversified Consumer Services | Term Loan | 8.44% (S + 4.75%; 0.75% Floor) | 3/5/2032 | 816056 | 808828 | 805855 |  |
| Bonterra LLC | Diversified Consumer Services | Delayed Draw | 8.44% (S + 4.75%; 0.75% Floor) | 3/5/2032 | 88889 | 88131 | 87778 |  |
| Bonterra LLC | Diversified Consumer Services | Revolver | 8.43% (S + 4.75%; 0.75% Floor) | 3/5/2032 | 24000 | 23213 | 22889 | (6) |
| BOOTS GROUP FINCO L.P. | Personal Care Products | Term Loan | 6.92% (S + 3.25%; 0.00% Floor) | 7/22/2032 | 189525 | 189081 | 189999 | (10) |
| Bridgepointe Technologies, LLC | Technology Hardware, Storage & Peripherals | Term Loan | 8.69% (S + 5.00%; 1.00% Floor) | 12/31/2027 | 803108 | 799916 | 803108 |  |
| Bridgepointe Technologies, LLC | Technology Hardware, Storage & Peripherals | Delayed Draw | 8.69% (S + 5.00%; 1.00% Floor) | 12/31/2027 | 1806323 | 1799252 | 1806323 |  |
| Bridgepointe Technologies, LLC | Technology Hardware, Storage & Peripherals | Term Loan | 8.69% (S + 5.00%; 1.00% Floor) | 12/31/2027 | 1158312 | 1153708 | 1158312 |  |
| Bridgepointe Technologies, LLC | Technology Hardware, Storage & Peripherals | Delayed Draw | 8.69% (S + 5.00%; 1.00% Floor) | 12/31/2027 | 917069 | 913480 | 917069 |  |
| Bridgepointe Technologies, LLC | Technology Hardware, Storage & Peripherals | Delayed Draw | 8.69% (S + 5.00%; 1.00% Floor) | 12/31/2027 | 703797 | 701042 | 703797 |  |
| Brightspot Buyer, Inc. | Media | Term Loan | 10.27% (S + 6.50%; 0.75% Floor) | 11/16/2027 | 345334 | 341368 | 338428 |  |
| Brightspot Buyer, Inc. | Media | Term Loan | 10.27% (S + 6.50%; 0.75% Floor) | 11/16/2027 | 1704996 | 1685415 | 1670896 |  |
| Brightspot Buyer, Inc. | Media | Revolver | 10.27% (S + 6.50%; 0.75% Floor) | 11/16/2027 | 33610 | 31484 | 29577 | (6) |
| BSI2 Hold Nettle, LLC | Real Estate Management & Development | Term Loan | 8.44% (S + 4.75%; 0.75% Floor) | 6/30/2028 | 1779226 | 1763298 | 1770330 |  |

---

See Notes to Consolidated Financial Statements

------

**AB Private Lending Fund**

**Unaudited Consolidated Schedule of Investments as of March 31, 2026**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** | **Industry** | **Facility Type** | **Interest** | **Maturity** | **Funded<br>Par<br>Amount** | **Cost** | **Fair Value** | **Tickmarks** |
| BSI2 Hold Nettle, LLC | Real Estate Management & Development | Revolver | 8.44% (S + 4.75%; 0.75% Floor) | 6/30/2028 | 11524 | 9579 | 10371 | (6) |
| Businessolver.com, Inc. | Professional Services | Term Loan | 8.19% (S + 4.50%; 0.75% Floor) | 12/3/2032 | 3917064 | 3915140 | 3809344 |  |
| Businessolver.com, Inc. | Professional Services | Delayed Draw | — (S + 4.50%; 0.75% Floor) | 12/3/2032 |  | (1312) | (13757) | (6)(7) |
| Businessolver.com, Inc. | Professional Services | Revolver | — (S + 4.50%; 0.75% Floor) | 12/3/2032 |  | (1169) | (6740) | (6)(7) |
| BV EMS Buyer, Inc | Health Care Technology | Term Loan | 9.01% (S + 5.25%; 1.00% Floor) | 11/23/2027 | 951218 | 940994 | 951218 |  |
| BV EMS Buyer, Inc | Health Care Technology | Revolver | 9.01% (S + 5.25%; 1.00% Floor) | 11/23/2027 | 66557 | 65213 | 66557 | (6) |
| BV EMS Buyer, Inc | Health Care Technology | Term Loan | 9.01% (S + 5.25%; 1.00% Floor) | 11/23/2027 | 190691 | 189273 | 190691 |  |
| BV EMS Buyer, Inc | Health Care Technology | Term Loan | 9.01% (S + 5.25%; 1.00% Floor) | 11/23/2027 | 375426 | 372047 | 375426 |  |
| BV EMS Buyer, Inc | Health Care Technology | Term Loan | 9.01% (S + 5.25%; 1.00% Floor) | 11/23/2027 | 1270810 | 1257803 | 1270810 |  |
| BV EMS Buyer, Inc | Health Care Technology | Delayed Draw | 9.01% (S + 5.25%; 1.00% Floor) | 11/23/2027 | 1281697 | 1268661 | 1281697 |  |
| CARDONE CAPITAL LLC | Software | Term Loan | 6.92% (S + 3.25%; 0.00% Floor) | 7/2/2031 | 994975 | 990244 | 950330 | (10) |
| Cerifi, LLC | Financial Services | Term Loan | 9.51% (S + 5.75%; 1.00% Floor) | 3/31/2028 | 2559873 | 2508982 | 2483077 |  |
| Cerifi, LLC | Financial Services | Revolver | 9.51% (S + 5.75%; 1.00% Floor) | 4/1/2027 | 137122 | 135292 | 133008 |  |
| CHARIOT BUYER LLC | Electrical Equipment | Term Loan | 6.41% (S + 2.75%; 0.00% Floor) | 7/22/2032 | 595500 | 595500 | 589331 | (10) |
| CLARITEV CORP | Financial Services | Term Loan | 7.41% (S + 3.75%; 0.50% Floor) | 12/31/2030 | 496241 | 491722 | 494132 | (10) |
| CLARIVATE PLC | Software | Term Loan | 6.41% (S + 2.75%; 0.00% Floor) | 1/25/2031 | 1000000 | 905000 | 860630 | (10) |
| CLAYTON DUBILIER & RICE LLC | Financial Services | Term Loan | 6.16% (S + 2.50%; 0.00% Floor) | 9/15/2031 | 498747 | 497526 | 481964 | (10) |
| CLOVER HOLDINGS 2 LLC | IT Services | Term Loan | 7.67% (S + 4.00%; 0.00% Floor) | 10/31/2031 | 500000 | 472500 | 478125 | (10) |
| CLYDESDALE ACQUISITION HOLDINGS INC | Containers & Packaging | Term Loan | 6.84% (S + 3.17%; 0.50% Floor) | 4/13/2029 | 1000000 | 1000847 | 951700 | (10) |
| COLUMBUS MCKINNON CORP/NY | Machinery | Term Loan | 7.19% (S + 3.50%; 0.50% Floor) | 1/21/2033 | 141284 | 139895 | 140577 | (10) |
| Contruent Intermediate Company | Construction & Engineering | Term Loan | 9.42% (S + 5.75%; 0.75% Floor) | 11/14/2031 | 3228442 | 3182744 | 3147731 |  |
| Contruent Intermediate Company | Construction & Engineering | Delayed Draw | — (S + 5.25%; 0.75% Floor) | 11/14/2031 |  |  | (9313) | (6)(7) |
| Contruent Intermediate Company | Construction & Engineering | Revolver | — (S + 5.25%; 0.75% Floor) | 11/14/2031 |  | (3494) | (6209) | (6)(7) |
| COTIVITI INC | Health Care Technology | Term Loan | 6.41% (S + 2.75%; 0.00% Floor) | 5/1/2031 | 994950 | 969356 | 914737 | (10) |
| CYBERSWIFT US FINCO, LLC | Software | Term Loan | 7.67% (S + 4.00%; 0.00% Floor) | 9/22/2032 | 500000 | 492500 | 491250 | (10) |
| DA Blocker Corp. | Diversified Consumer Services | Term Loan | 8.44% (S + 4.75%; 0.75% Floor) | 2/10/2032 | 705882 | 699694 | 697059 | (8) |
| DA Blocker Corp. | Diversified Consumer Services | Revolver | 8.44% (S + 4.75%; 0.75% Floor) | 2/10/2032 | 2941 | 2315 | 2022 | (6)(8) |
| DA Blocker Corp. | Diversified Consumer Services | Delayed Draw | — (S + 4.75%; 0.75% Floor) | 2/10/2032 |  | (929) | (1654) | (6)(7)(8) |
| Datacor, Inc. | Chemicals | Term Loan | 10.16% (S + 4.50%; 1.00% Floor; 2.00% PIK) | 3/11/2030 | 7014250 | 7010610 | 6944108 |  |
| Datacor, Inc. | Chemicals | Revolver | — (S + 4.50%; 1.00% Floor) | 3/11/2030 |  | (2105) | (2759) | (6)(7) |

---

See Notes to Consolidated Financial Statements

------

**AB Private Lending Fund**

**Unaudited Consolidated Schedule of Investments as of March 31, 2026**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** | **Industry** | **Facility Type** | **Interest** | **Maturity** | **Funded<br>Par<br>Amount** | **Cost** | **Fair Value** | **Tickmarks** |
| DAYFORCE BIDCO, LLC | Software | Term Loan | 6.66% (S + 3.00%; 0.00% Floor) | 10/7/2032 | 500000 | 465625 | 472360 | (10) |
| DEEP BLUE OPERATING I LLC | Oil, Gas & Consumable Fuels | Term Loan | 6.41% (S + 2.75%; 0.00% Floor) | 9/17/2032 | 610000 | 608559 | 611525 | (10) |
| DeLorean Purchaser, Inc. | Health Care Technology | Term Loan | 8.44% (S + 4.75%; 0.75% Floor) | 12/16/2031 | 860870 | 849786 | 847957 |  |
| DeLorean Purchaser, Inc. | Health Care Technology | Revolver | — (S + 4.75%; 0.75% Floor) | 12/16/2031 |  | (1596) | (1957) | (6)(7) |
| DG INVESTMENT INTERMEDIATE HOLDINGS 2 IN | Commercial Services & Supplies | Term Loan | 6.91% (S + 3.25%; 0.00% Floor) | 7/1/2032 | 508725 | 508725 | 508089 | (10) |
| DLRdmv, LLC | Automobiles | Term Loan | 8.92% (S + 5.25%; 1.00% Floor) | 5/7/2032 | 864502 | 856675 | 855857 |  |
| DLRdmv, LLC | Automobiles | Delayed Draw | — (S + 1.00%; 1.00% Floor) | 5/7/2032 |  | (508) | (581) | (6)(7) |
| DLRdmv, LLC | Automobiles | Revolver | — (S + 5.25%; 1.00% Floor) | 5/7/2032 |  | (1015) | (1161) | (6)(7) |
| DRAGON BUYER, INC. | Software | Term Loan | 6.44% (S + 2.75%; 0.00% Floor) | 9/24/2031 | 499735 | 448512 | 473189 | (10) |
| EET Buyer, Inc. | Construction & Engineering | Term Loan | 8.63% (S + 5.00%; 0.75% Floor) | 11/8/2027 | 1329305 | 1325985 | 1306042 |  |
| EET Buyer, Inc. | Construction & Engineering | Term Loan | 8.63% (S + 5.00%; 0.75% Floor) | 11/8/2027 | 2740610 | 2733767 | 2692650 |  |
| EET Buyer, Inc. | Construction & Engineering | Revolver | — (S + 5.00%; 0.75% Floor) | 11/8/2027 |  | (867) | (6647) | (6)(7) |
| Einstein Parent, Inc. | Software | Revolver | — (S + 5.25%; 0.75% Floor) | 1/22/2031 |  | (1511) | (3281) | (6)(7) |
| Einstein Parent, Inc. | Software | Term Loan | 8.91% (S + 5.25%; 0.75% Floor) | 1/22/2031 | 906250 | 890717 | 874531 |  |
| EMBECTA CORP | Health Care Equipment & Supplies | Term Loan | 6.66% (S + 3.00%; 0.50% Floor) | 1/27/2029 | 406621 | 405608 | 406390 | (10) |
| ENSEMBLE RCM LLC | Health Care Technology | Term Loan | 6.65% (S + 3.00%; 0.00% Floor) | 1/27/2033 | 500000 | 499383 | 493645 | (10) |
| EQT AB | Software | Term Loan | 6.69% (S + 3.00%; 0.00% Floor) | 9/1/2031 | 50000 | 50000 | 49500 | (10) |
| Exterro, Inc. | Software | Revolver | — (S + 5.25%; 1.00% Floor) | 6/1/2027 |  |  | (3899) | (6)(7) |
| Exterro, Inc. | Software | Term Loan | 8.91% (S + 5.25%; 1.00% Floor) | 6/1/2027 | 2165126 | 2150149 | 2138062 |  |
| Exterro, Inc. | Software | Delayed Draw | — (S + 5.25%; 1.00% Floor) | 6/1/2027 |  | (2364) | (5219) | (6)(7) |
| Exterro, Inc. | Software | Term Loan | 8.91% (S + 5.25%; 1.00% Floor) | 6/1/2027 | 3621126 | 3621126 | 3575862 |  |
| FirstEnroll LLC | Insurance | Term Loan | 8.41% (S + 4.75%; 1.00% Floor) | 9/19/2031 | 6159118 | 6073174 | 6066731 |  |
| FirstEnroll LLC | Insurance | Revolver | — (S + 4.75%; 1.00% Floor) | 9/19/2031 |  | (4913) | (5385) | (6)(7) |
| Foundation Risk Partners, Corp. | Insurance | Term Loan | 8.44% (S + 4.75%; 0.75% Floor) | 10/29/2030 | 4065152 | 4065152 | 4065152 |  |
| Foundation Risk Partners, Corp. | Insurance | Delayed Draw | 8.44% (S + 4.75%; 0.75% Floor) | 10/29/2030 | 884142 | 884142 | 884142 |  |
| Foundation Risk Partners, Corp. | Insurance | Revolver | 8.44% (S + 4.75%; 0.75% Floor) | 10/29/2029 | 83836 | 83836 | 83836 | (6) |
| Foundation Risk Partners, Corp. | Insurance | Term Loan | 8.44% (S + 4.75%; 0.75% Floor) | 10/29/2030 | 86980 | 86980 | 86980 |  |
| Foundation Risk Partners, Corp. | Insurance | Delayed Draw | 8.44% (S + 4.75%; 0.75% Floor) | 10/29/2030 | 351563 | 351563 | 351563 |  |
| FREEPORT LNG INVESTMENTS LLLP | Energy Equipment & Services | Term Loan | 6.89% (S + 3.25%; 0.00% Floor) | 1/9/2033 | 910000 | 905511 | 909245 | (10) |

---

See Notes to Consolidated Financial Statements

------

**AB Private Lending Fund**

**Unaudited Consolidated Schedule of Investments as of March 31, 2026**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** | **Industry** | **Facility Type** | **Interest** | **Maturity** | **Funded<br>Par<br>Amount** | **Cost** | **Fair Value** | **Tickmarks** |
| FULLSTEAM OPERATIONS, LLC | Software | Term Loan | 8.88% (S + 5.25%; 0.75% Floor) | 8/8/2031 | 4589741 | 4547563 | 4497946 |  |
| FULLSTEAM OPERATIONS, LLC | Software | Delayed Draw | — (S + 5.25%; 0.75% Floor) | 8/8/2031 |  | (6853) | (22949) | (6)(7) |
| FULLSTEAM OPERATIONS, LLC | Software | Revolver | — (S + 5.25%; 0.75% Floor) | 8/8/2031 |  | (4562) | (10199) | (6)(7) |
| Fusion Holding, Corp. | Software | Term Loan | 10.16% (S + 6.25%; 0.75% Floor; 2.00% PIK) | 9/14/2029 | 5443066 | 5443066 | 5089267 |  |
| Fusion Holding, Corp. | Software | Revolver | 11.81% (S + 5.25%; 0.75% Floor) | 9/15/2028 | 12503 | 12503 | (17124) | (6)(7) |
| Garnett Station Partners, LLC | Financial Services | Term Loan | 9.17% (S + 5.50%; 2.00% Floor) | 12/23/2031 | 1655330 | 1627376 | 1634638 |  |
| Garnett Station Partners, LLC | Financial Services | Revolver | — (S + 5.50%; 2.00% Floor) | 12/23/2031 |  | (6386) | (4775) | (6)(7) |
| GC TWO HOLDINGS INC | Financial Services | Term Loan | 6.66% (S + 3.00%; 0.00% Floor) | 8/9/2030 | 997500 | 996328 | 983994 | (10) |
| GENERAL ATLANTIC LP | Insurance | Term Loan | 6.41% (S + 2.75%; 0.50% Floor) | 2/15/2031 | 498744 | 484829 | 482365 | (10) |
| GIANT INVESTMENT CO LTD | Leisure Products | Term Loan | 6.53% (S + 2.86%; 0.00% Floor) | 3/13/2028 | 498688 | 468143 | 468557 | (10) |
| GRANT THORNTON ADVISORS LLC | Professional Services | Term Loan | 6.41% (S + 2.75%; 0.00% Floor) | 6/2/2031 | 498744 | 498744 | 463572 | (10) |
| Greenhouse Software, Inc. | Professional Services | Term Loan | 9.44% (S + 5.75%; 1.00% Floor) | 9/1/2028 | 5500000 | 5486931 | 5445000 |  |
| Greenlight Intermediate II, Inc. | Diversified Telecommunication Services | Delayed Draw | 9.44% (S + 5.75%; 0.75% Floor) | 6/1/2029 | 519198 | 510594 | 511211 | (6) |
| Greenlight Intermediate II, Inc. | Diversified Telecommunication Services | Term Loan | 9.44% (S + 5.75%; 0.75% Floor) | 6/1/2029 | 2436811 | 2422556 | 2412443 |  |
| Greenlight Intermediate II, Inc. | Diversified Telecommunication Services | Delayed Draw | 9.44% (S + 5.75%; 0.75% Floor) | 6/1/2029 | 3063189 | 3045379 | 3032557 |  |
| GS AcquisitionCo, Inc. | Professional Services | Term Loan | 8.94% (S + 5.25%; 1.00% Floor) | 5/25/2028 | 780888 | 778863 | 763318 |  |
| GS AcquisitionCo, Inc. | Professional Services | Revolver | 8.94% (S + 5.25%; 1.00% Floor) | 5/25/2028 | 16234 | 16152 | 15537 | (6) |
| GS AcquisitionCo, Inc. | Professional Services | Delayed Draw | 8.94% (S + 5.25%; 0.75% Floor) | 5/25/2028 | 15088 | 15085 | 14862 | (6) |
| GTCR EVEREST BORROWER, LLC | Financial Services | Term Loan | 6.19% (S + 2.50%; 0.00% Floor) | 9/5/2031 | 357305 | 357305 | 354460 | (10) |
| HIG Operations Holdings, INC | Insurance | Term Loan | 8.16% (S + 4.50%; 1.00% Floor) | 6/11/2031 | 4844643 | 4844643 | 4844643 |  |
| HireVue, Inc. | Professional Services | Term Loan | 11.41% (S + 7.75%; 1.00% Floor) | 5/3/2029 | 4206817 | 4178171 | 3786135 |  |
| HireVue, Inc. | Professional Services | Revolver | 11.42% (S + 7.75%; 1.00% Floor) | 5/3/2029 | 546340 | 542821 | 491706 | (6) |
| HireVue, Inc. | Professional Services | Delayed Draw | 11.41% (S + 7.75%; 1.00% Floor) | 5/3/2029 | 126346 | 126346 | 53561 | (6) |
| HITRUST Services, LLC | Health Care Technology | Term Loan | 8.19% (S + 4.50%; 0.75% Floor) | 3/15/2032 | 809524 | 802316 | 805476 |  |
| HITRUST Services, LLC | Health Care Technology | Revolver | — (S + 4.50%; 0.75% Floor) | 3/14/2031 |  | (1577) | (952) | (6)(7) |
| HOLOGIC INC | Health Care Equipment & Supplies | Term Loan | 6.43% (S + 2.25%; 0.00% Floor) | 1/15/2033 | 500000 | 498750 | 493750 | (10) |
| Honor HN Buyer, Inc. | Health Care Providers & Services | Delayed Draw | — (S + 5.75%; 1.00% Floor) | 10/15/2027 |  | (1134) |  | (6)(7) |
| Honor HN Buyer, Inc. | Health Care Providers & Services | Term Loan | 9.59% (S + 5.75%; 1.00% Floor) | 10/15/2027 | 1037960 | 1037960 | 1037960 |  |
| Honor HN Buyer, Inc. | Health Care Providers & Services | Delayed Draw | 9.59% (S + 5.75%; 1.00% Floor) | 10/15/2027 | 654775 | 654775 | 654775 |  |

---

See Notes to Consolidated Financial Statements

------

**AB Private Lending Fund**

**Unaudited Consolidated Schedule of Investments as of March 31, 2026**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** | **Industry** | **Facility Type** | **Interest** | **Maturity** | **Funded<br>Par<br>Amount** | **Cost** | **Fair Value** | **Tickmarks** |
| Honor HN Buyer, Inc. | Health Care Providers & Services | Revolver | 11.50% (S + 5.75%; 1.00% Floor) | 10/15/2027 | 14643 | 14643 | 14643 | (6) |
| Honor HN Buyer, Inc. | Health Care Providers & Services | Delayed Draw | 9.59% (S + 5.75%; 1.00% Floor) | 10/15/2027 | 976997 | 975095 | 976997 |  |
| HP PHRG BORROWER, LLC | Diversified Consumer Services | Term Loan | 7.69% (S + 4.00%; 0.00% Floor) | 2/13/2032 | 496250 | 493919 | 491288 | (10) |
| Hunter Communications & Technologies LLC | Diversified Telecommunication Services | Term Loan | 8.41% (S + 4.75%; 0.75% Floor) | 3/31/2032 | 2520285 | 2495093 | 2495082 |  |
| Hunter Communications & Technologies LLC | Diversified Telecommunication Services | Delayed Draw | 8.41% (S + 4.75%; 0.75% Floor) | 3/31/2032 | 190724 | 182959 | 182959 | (6) |
| Hunter Communications & Technologies LLC | Diversified Telecommunication Services | Revolver | — (S + 4.75%; 0.75% Floor) | 3/31/2032 |  | (2724) | (2724) | (6)(7) |
| Hyscaleix Data Centers Holdings LLC | IT Services | Term Loan | 9.16% (S + 5.50%; 1.00% Floor) | 1/29/2031 | 2587829 | 2550090 | 2549011 |  |
| Hyscaleix Data Centers Holdings LLC | IT Services | Revolver | — (S + 5.50%; 1.00% Floor) | 1/29/2031 |  | (5068) | (5246) | (6)(7) |
| ICON PARENT I INC. | Software | Term Loan | 6.43% (S + 2.75%; 0.00% Floor) | 11/13/2031 | 498747 | 484029 | 477655 | (10) |
| JANE STREET GROUP LLC | Capital Markets | Term Loan | 5.67% (S + 2.00%; 0.00% Floor) | 12/10/2031 | 498684 | 488701 | 488995 | (10) |
| Joink, LLC | Diversified Telecommunication Services | Revolver | — (S + 5.25%; 1.00% Floor) | 10/4/2030 |  | (995) | (1755) | (6)(7) |
| Joink, LLC | Diversified Telecommunication Services | Delayed Draw | 8.91% (S + 5.25%; 1.00% Floor) | 10/4/2030 | 752328 | 742250 | 734429 | (6) |
| Joink, LLC | Diversified Telecommunication Services | Term Loan | 8.91% (S + 5.25%; 1.00% Floor) | 10/4/2030 | 1231096 | 1216284 | 1206474 |  |
| Juniper Square, Inc. | Financial Services | Term Loan | 8.37% (S + 4.75%; 0.75% Floor) | 11/6/2031 | 5405405 | 5354201 | 5351351 |  |
| Juniper Square, Inc. | Financial Services | Revolver | — (S + 4.75%; 0.75% Floor) | 11/6/2031 |  | (5049) | (5406) | (6)(7) |
| Juniper Square, Inc. | Financial Services | Delayed Draw | — (S + 4.75%; 0.75% Floor) | 11/6/2031 |  | (11368) | (12162) | (6)(7) |
| Juniper Square, Inc. | Financial Services | Delayed Draw | — (S + 4.75%; 0.75% Floor) | 11/6/2031 |  |  |  | (6) |
| JUPITER BORROWER, INC. | Capital Markets | Term Loan | 7.60% (S + 2.75%; 0.00% Floor) | 3/26/2033 | 320000 | 318400 | 319200 | (10) |
| KASEYA INC. | Software | Term Loan | 6.91% (S + 3.25%; 0.00% Floor) | 3/6/2032 | 498741 | 473560 | 464452 | (10) |
| KKR & CO INC | Software | Term Loan | 6.67% (S + 3.00%; 0.00% Floor) | 7/30/2031 | 496241 | 494821 | 458869 | (10) |
| KKR & CO INC | Software | Term Loan | 9.91% (S + 6.25%; 0.00% Floor) | 2/23/2029 | 500000 | 377500 | 332270 | (10) |
| KKR & CO INC | Media | Term Loan | 7.91% (S + 4.25%; 0.50% Floor) | 5/3/2028 | 498718 | 459034 | 427471 | (10) |
| KPA Parent Holdings, Inc | Automobiles | Term Loan | 8.16% (S + 4.50%; 0.75% Floor) | 3/12/2032 | 804598 | 797718 | 794540 |  |
| KPA Parent Holdings, Inc | Automobiles | Delayed Draw | — (S + 4.50%; 0.75% Floor) | 3/12/2032 |  | (492) | (863) | (6)(7) |
| KPA Parent Holdings, Inc | Automobiles | Revolver | — (S + 4.50%; 0.75% Floor) | 3/12/2032 |  | (688) | (1006) | (6)(7) |
| KPS CAPITAL PARTNERS LP | Chemicals | Term Loan | 7.16% (S + 3.50%; 0.00% Floor) | 2/6/2032 | 498744 | 495003 | 483572 | (10) |
| Labvantage Solutions Inc. | Pharmaceuticals | Revolver | — (S + 5.25%; 1.00% Floor) | 12/23/2030 |  | (1077) | (889) | (6)(7)(8) |
| Last Dance Intermediate I(c), LLC | Diversified Telecommunication Services | Term Loan | 8.66% (S + 5.00%; 0.75% Floor) | 3/31/2031 | 661017 | 652364 | 661017 |  |
| Last Dance Intermediate I(c), LLC | Diversified Telecommunication Services | Delayed Draw | 8.66% (S + 5.00%; 0.75% Floor) | 3/31/2031 | 528714 | 523041 | 528714 | (6) |

---

See Notes to Consolidated Financial Statements

------

**AB Private Lending Fund**

**Unaudited Consolidated Schedule of Investments as of March 31, 2026**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** | **Industry** | **Facility Type** | **Interest** | **Maturity** | **Funded<br>Par<br>Amount** | **Cost** | **Fair Value** | **Tickmarks** |
| Last Dance Intermediate I(c), LLC | Diversified Telecommunication Services | Revolver | — (S + 5.00%; 0.75% Floor) | 3/31/2031 |  | (1451) |  | (6)(7) |
| Last Dance Intermediate I(c), LLC | Diversified Telecommunication Services | Term Loan | 8.66% (S + 5.00%; 0.75% Floor) | 3/31/2031 | 669450 | 663534 | 669450 |  |
| Last Dance Intermediate I(c), LLC | Diversified Telecommunication Services | Delayed Draw | — (S + 4.75%; 0.75% Floor) | 3/31/2031 |  | (14526) | (15000) | (6)(7) |
| LeadVenture, Inc. | Automobile Components | Term Loan | 8.69% (S + 5.00%; 0.75% Floor) | 6/23/2032 | 4296079 | 4236828 | 4210157 |  |
| LeadVenture, Inc. | Automobile Components | Delayed Draw | 8.69% (S + 5.00%; 0.75% Floor) | 6/23/2032 | 335010 | 327271 | 320641 | (6) |
| LeadVenture, Inc. | Automobile Components | Revolver | 8.67% (S + 5.00%; 0.75% Floor) | 6/23/2032 | 18683 | 13181 | 10459 | (6) |
| Level Data, LLC | Software | Term Loan | 9.17% (S + 5.50%; 0.75% Floor) | 3/5/2031 | 1009161 | 1000210 | 981409 |  |
| Level Data, LLC | Software | Delayed Draw | — (S + 5.50%; 0.75% Floor) | 3/5/2031 |  | (1281) | (6977) | (6)(7) |
| Level Data, LLC | Software | Revolver | — (S + 5.50%; 0.75% Floor) | 3/5/2031 |  | (958) | (3198) | (6)(7) |
| Lightspeed Buyer, Inc. | Health Care Technology | Term Loan | 8.44% (S + 4.75%; 0.75% Floor) | 2/6/2032 | 5627752 | 5572508 | 5571474 |  |
| Lightspeed Buyer, Inc. | Health Care Technology | Delayed Draw | — (S + 4.75%; 0.75% Floor) | 2/6/2032 |  | (12600) | (12600) | (6)(7) |
| Lightspeed Buyer, Inc. | Health Care Technology | Revolver | — (S + 4.75%; 0.75% Floor) | 2/6/2032 |  | (8195) | (8400) | (6)(7) |
| LivTech Purchaser, Inc. | Health Care Providers & Services | Term Loan | 8.69% (S + 5.00%; 0.75% Floor) | 11/24/2031 | 410735 | 407241 | 401494 |  |
| LivTech Purchaser, Inc. | Health Care Providers & Services | Delayed Draw | 8.66% (S + 5.00%; 0.75% Floor) | 11/24/2031 | 377407 | 373834 | 366840 | (6) |
| LivTech Purchaser, Inc. | Health Care Providers & Services | Revolver | — (S + 5.00%; 0.75% Floor) | 11/24/2031 |  | (952) | (2647) | (6)(7) |
| LTR INTERMEDIATE HOLDINGS INC | Automobile Components | Term Loan | 7.42% (S + 3.75%; 0.00% Floor) | 11/18/2032 | 500000 | 497571 | 499500 | (10) |
| Mastery Acquisition Corp. | Diversified Consumer Services | Term Loan | 8.94% (S + 5.25%; 1.00% Floor) | 9/7/2029 | 1210189 | 1210189 | 1210189 |  |
| Mavenlink, Inc. | Professional Services | Term Loan | 9.32% (S + 5.50%; 0.75% Floor) | 6/1/2029 | 2133104 | 2080427 | 2047780 |  |
| Mavenlink, Inc. | Professional Services | Revolver | 9.31% (S + 5.50%; 0.75% Floor) | 6/1/2029 | 170894 | 167624 | 160085 | (6) |
| MBS Holdings, Inc. | Diversified Telecommunication Services | Term Loan | 8.77% (S + 5.00%; 1.00% Floor) | 4/16/2027 | 51487 | 51210 | 51358 |  |
| MBS Holdings, Inc. | Diversified Telecommunication Services | Term Loan | 8.77% (S + 5.00%; 1.00% Floor) | 4/16/2027 | 4334300 | 4317400 | 4323464 |  |
| MediaLab Solutions, LLC | Health Care Technology | Term Loan | 8.66% (S + 5.00%; 0.75% Floor) | 8/11/2031 | 3586945 | 3554001 | 3551076 |  |
| MediaLab Solutions, LLC | Health Care Technology | Revolver | — (S + 5.00%; 0.75% Floor) | 8/11/2031 |  | (3159) | (3528) | (6)(7) |
| Medical Management Resource Group, L.L.C. | Health Care Providers & Services | Term Loan | 9.54% (S + 5.75%; 0.75% Floor) | 9/30/2027 | 1024919 | 1007337 | 1017232 |  |
| Medical Management Resource Group, L.L.C. | Health Care Providers & Services | Delayed Draw | 9.54% (S + 5.75%; 0.75% Floor) | 9/30/2027 | 426990 | 419707 | 423787 |  |
| Medical Management Resource Group, L.L.C. | Health Care Providers & Services | Revolver | — (S + 5.75%; 0.75% Floor) | 9/30/2026 |  | (638) | (631) | (6)(7) |
| METROPOLIS TECHNOLOGIES, INC. | Commercial Services & Supplies | Term Loan | 8.97% (S + 5.25%; 0.00% Floor) | 10/16/2032 | 997500 | 988076 | 983784 | (10) |
| Mist Holding Co. | Health Care Technology | Term Loan | 8.69% (S + 5.00%; 0.75% Floor) | 12/23/2030 | 485909 | 481796 | 481050 |  |
| Mist Holding Co. | Health Care Technology | Delayed Draw | 8.89% (S + 5.00%; 0.75% Floor) | 12/23/2030 | 272727 | 270571 | 270000 |  |

---

See Notes to Consolidated Financial Statements

------

**AB Private Lending Fund**

**Unaudited Consolidated Schedule of Investments as of March 31, 2026**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** | **Industry** | **Facility Type** | **Interest** | **Maturity** | **Funded<br>Par<br>Amount** | **Cost** | **Fair Value** | **Tickmarks** |
| Mist Holding Co. | Health Care Technology | Revolver | 8.70% (S + 5.00%; 0.75% Floor) | 12/23/2030 | 30303 | 29295 | 29091 | (6) |
| Mist Holding Co. | Health Care Technology | Delayed Draw | — (S + 5.25%; 0.75% Floor) | 12/23/2030 |  | (5155) | (5836) | (6)(7) |
| MJH HEALTHCARE HOLDINGS LLC | Media | Term Loan | 7.41% (S + 3.75%; 0.00% Floor) | 1/29/2029 | 1000000 | 968897 | 934170 | (10) |
| MMP Intermediate, LLC | Hotels, Restaurants & Leisure | Term Loan | 9.53% (S + 5.75%; 1.00% Floor) | 2/15/2029 | 3688696 | 3679069 | 3688696 |  |
| MMP Intermediate, LLC | Hotels, Restaurants & Leisure | Revolver | — (S + 6.25%; 1.00% Floor) | 2/15/2029 |  | (564) |  | (6)(7) |
| Momentus Technologies, LLC | Leisure Products | Term Loan | 8.42% (S + 4.75%; 1.00% Floor) | 4/30/2029 | 307767 | 304884 | 303151 |  |
| Momentus Technologies, LLC | Leisure Products | Term Loan | 8.42% (S + 4.75%; 1.00% Floor) | 4/30/2029 | 720675 | 717807 | 709865 |  |
| Momentus Technologies, LLC | Leisure Products | Delayed Draw | 8.42% (S + 4.75%; 1.00% Floor) | 4/30/2029 | 85661 | 85320 | 84376 |  |
| Momentus Technologies, LLC | Leisure Products | Delayed Draw | 8.42% (S + 4.75%; 1.00% Floor) | 4/30/2029 | 180508 | 179789 | 177800 |  |
| Momentus Technologies, LLC | Leisure Products | Term Loan | 8.42% (S + 4.75%; 1.00% Floor) | 4/30/2029 | 38559 | 38406 | 37981 |  |
| Momentus Technologies, LLC | Leisure Products | Delayed Draw | 8.42% (S + 4.75%; 1.00% Floor) | 4/30/2029 | 122254 | 121768 | 120420 |  |
| Momentus Technologies, LLC | Leisure Products | Revolver | — (S + 4.75%; 1.00% Floor) | 4/30/2029 |  | (63) | (263) | (6)(7) |
| Moon Buyer, Inc. | Software | Term Loan | 8.19% (S + 4.50%; 0.75% Floor) | 4/21/2031 | 2826404 | 2818147 | 2819338 |  |
| Moon Buyer, Inc. | Software | Delayed Draw | 8.19% (S + 4.50%; 0.75% Floor) | 4/21/2031 | 260992 | 260233 | 260340 |  |
| Mr. Greens Intermediate, LLC | Consumer Staples Distribution & Retail | Term Loan | 9.52% (S + 5.75%; 1.00% Floor) | 5/1/2031 | 2016727 | 2016727 | 2016727 |  |
| Mr. Greens Intermediate, LLC | Consumer Staples Distribution & Retail | Delayed Draw | 9.52% (S + 5.75%; 1.00% Floor) | 5/1/2031 | 178129 | 178129 | 178129 | (6) |
| Mr. Greens Intermediate, LLC | Consumer Staples Distribution & Retail | Revolver | 9.52% (S + 5.75%; 1.00% Floor) | 5/1/2031 | 164878 | 164076 | 164878 | (6) |
| Mr. Greens Intermediate, LLC | Consumer Staples Distribution & Retail | Term Loan | 9.52% (S + 5.75%; 1.00% Floor) | 5/1/2031 | 330324 | 325866 | 330324 |  |
| MSP Global Holdings, Inc. | Technology Hardware, Storage & Peripherals | Term Loan | 9.26% (S + 5.50%; 1.00% Floor) | 4/9/2029 | 1584068 | 1562745 | 1548427 |  |
| MSP Global Holdings, Inc. | Technology Hardware, Storage & Peripherals | Delayed Draw | — (S + 5.50%; 1.00% Floor) | 4/9/2029 |  | (2760) | (5010) | (6)(7) |
| MSP Global Holdings, Inc. | Technology Hardware, Storage & Peripherals | Term Loan | 9.26% (S + 5.50%; 1.00% Floor) | 4/9/2029 | 3277045 | 3232717 | 3203312 |  |
| MSP Global Holdings, Inc. | Technology Hardware, Storage & Peripherals | Delayed Draw | 9.26% (S + 5.50%; 1.00% Floor) | 4/9/2029 | 256000 | 252543 | 250240 |  |
| MSP Global Holdings, Inc. | Technology Hardware, Storage & Peripherals | Revolver | 9.26% (S + 5.50%; 1.00% Floor) | 4/9/2029 | 180023 | 173171 | 167823 | (6) |
| Nasuni Corporation | Software | Term Loan | 8.69% (S + 5.00%; 0.75% Floor) | 9/10/2030 | 1515838 | 1498742 | 1500680 |  |
| Nasuni Corporation | Software | Revolver | — (S + 5.00%; 0.75% Floor) | 9/10/2030 |  | (3527) | (3158) | (6)(7) |
| Nasuni Corporation | Software | Term Loan | 8.69% (S + 5.00%; 0.75% Floor) | 9/10/2030 | 1470827 | 1456119 | 1456119 |  |
| Navigate360, LLC | Diversified Consumer Services | Term Loan | 9.26% (S + 5.50%; 1.00% Floor) | 3/17/2028 | 310516 | 308757 | 301200 |  |
| Navigate360, LLC | Diversified Consumer Services | Delayed Draw | 9.26% (S + 5.50%; 1.00% Floor) | 3/17/2028 | 591018 | 586533 | 573288 |  |
| Navigate360, LLC | Diversified Consumer Services | Term Loan | 9.26% (S + 5.50%; 1.00% Floor) | 3/17/2028 | 1644531 | 1635300 | 1595195 |  |

---

See Notes to Consolidated Financial Statements

------

**AB Private Lending Fund**

**Unaudited Consolidated Schedule of Investments as of March 31, 2026**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** | **Industry** | **Facility Type** | **Interest** | **Maturity** | **Funded<br>Par<br>Amount** | **Cost** | **Fair Value** | **Tickmarks** |
| Navigate360, LLC | Diversified Consumer Services | Delayed Draw | 9.26% (S + 5.50%; 1.00% Floor) | 3/17/2028 | 752940 | 748786 | 730352 |  |
| Navigate360, LLC | Diversified Consumer Services | Revolver | — (S + 5.50%; 1.00% Floor) | 3/17/2028 |  | (1326) | (7803) | (6)(7) |
| Navigate360, LLC | Diversified Consumer Services | Term Loan | 9.26% (S + 5.50%; 1.00% Floor) | 3/17/2028 | 564572 | 561056 | 547635 |  |
| NC Topco, LLC | Financial Services | Term Loan | 8.16% (S + 4.50%; 0.75% Floor) | 9/1/2031 | 1361346 | 1347088 | 1361346 |  |
| NC Topco, LLC | Financial Services | Revolver | — (S + 4.50%; 0.75% Floor) | 9/1/2031 |  | (1211) |  | (6)(7) |
| NC Topco, LLC | Financial Services | Delayed Draw | 8.41% (S + 4.75%; 0.75% Floor) | 8/29/2031 | 389342 | 386327 | 389342 |  |
| NEPTUNE INTERMEDIATE JERSEY LTD | Interactive Media & Services | Term Loan | 9.85% (S + 5.00%; 0.00% Floor) | 1/28/2033 | 1000000 | 995062 | 953000 | (10) |
| NEXUS BUYER LLC | Financial Services | Term Loan | 7.16% (S + 3.50%; 0.00% Floor) | 7/31/2031 | 497487 | 494765 | 477364 | (10) |
| NMI Acquisitionco, Inc. | Financial Services | Term Loan | 8.26% (S + 4.50%; 0.75% Floor) | 9/6/2028 | 2378397 | 2334343 | 2360559 |  |
| NMI Acquisitionco, Inc. | Financial Services | Revolver | — (S + 4.50%; 0.75% Floor) | 9/6/2028 |  | (3346) | (1480) | (6)(7) |
| NMI Acquisitionco, Inc. | Financial Services | Term Loan | 8.26% (S + 4.50%; 0.75% Floor) | 9/6/2028 | 355165 | 348587 | 352501 |  |
| NMI Acquisitionco, Inc. | Financial Services | Term Loan | 8.26% (S + 4.50%; 0.75% Floor) | 9/6/2028 | 96460 | 94673 | 95736 |  |
| NMI Acquisitionco, Inc. | Financial Services | Term Loan | 8.26% (S + 4.50%; 0.75% Floor) | 9/6/2028 | 1285495 | 1261684 | 1275854 |  |
| NMI Acquisitionco, Inc. | Financial Services | Delayed Draw | 8.26% (S + 4.50%; 0.75% Floor) | 9/6/2028 | 1269569 | 1246205 | 1260047 |  |
| OAK-EAGLE ACQUIRECO, INC. | Media | Term Loan | 7.17% (S + 3.50%; 0.00% Floor) | 3/23/2033 | 470000 | 462950 | 467063 | (10) |
| OCEANSOUND PARTNERS LP | Aerospace & Defense | Term Loan | 8.16% (S + 4.50%; 0.00% Floor) | 2/6/2032 | 498741 | 496247 | 490427 | (10) |
| ONEDIGITAL TOPCO LLC | Insurance | Term Loan | 6.66% (S + 3.00%; 0.50% Floor) | 7/2/2031 | 496212 | 496212 | 478691 | (10) |
| ONEX CORP | Professional Services | Term Loan | 7.16% (S + 3.50%; 0.00% Floor) | 11/3/2032 | 500000 | 497603 | 482970 | (10) |
| OPOC Acquisition, LLC | Insurance | Revolver | — (S + 4.75%; 1.00% Floor) | 12/20/2030 |  | (870) |  | (6)(7) |
| OPOC Acquisition, LLC | Insurance | Delayed Draw | 8.41% (S + 4.75%; 1.00% Floor) | 12/20/2030 | 20979 | 19818 | 20979 | (6) |
| OPOC Acquisition, LLC | Insurance | Term Loan | 8.41% (S + 4.75%; 1.00% Floor) | 12/20/2030 | 747692 | 738182 | 747692 |  |
| ORBIT PRIVATE GP LLC | Financial Services | Term Loan | 7.54% (S + 3.75%; 0.50% Floor) | 12/11/2031 | 858880 | 854784 | 853872 | (10) |
| PAC AVIATION III DESIGNATED ACTIVITY COM | Aerospace & Defense | Term Loan | 6.91% (S + 3.25%; 0.00% Floor) | 10/9/2030 | 498750 | 494117 | 490645 | (10) |
| Pace Health Companies, LLC | Health Care Providers & Services | Term Loan | 9.09% (S + 5.25%; 1.00% Floor) | 8/2/2027 | 2745945 | 2745945 | 2745945 |  |
| Pace Health Companies, LLC | Health Care Providers & Services | Delayed Draw | — (S + 5.25%; 1.00% Floor) | 8/2/2027 |  | (5352) |  | (6)(7) |
| Pamlico Avant Holdings, L.P. | Diversified Telecommunication Services | Term Loan | 8.19% (S + 4.50%; 0.75% Floor) | 12/31/2032 | 7093586 | 7025028 | 7040384 |  |
| Pamlico Avant Holdings, L.P. | Diversified Telecommunication Services | Revolver | — (S + 4.50%; 0.75% Floor) | 12/31/2032 |  | (9266) | (7196) | (6)(7) |
| Patriot Acquireco L.L.C. | Hotels, Restaurants & Leisure | Term Loan | 8.21% (S + 4.50%; 0.75% Floor) | 9/7/2032 | 6271847 | 6212992 | 6209128 |  |
| Patriot Acquireco L.L.C. | Hotels, Restaurants & Leisure | Revolver | 8.21% (S + 4.50%; 0.75% Floor) | 9/3/2032 | 126067 | 120254 | 119764 | (6) |
| PING IDENTITY HOLDING CORP. | Software | Term Loan | 6.42% (S + 2.75%; 0.00% Floor) | 11/5/2032 | 1000000 | 997607 | 986250 | (10) |
| Pinnacle Treatment Centers, Inc. | Health Care Providers & Services | Term Loan | 9.42% (S + 5.75%; 1.00% Floor) | 1/4/2027 | 911584 | 911584 | 863726 |  |

---

See Notes to Consolidated Financial Statements

------

**AB Private Lending Fund** 

**Unaudited Consolidated Schedule of Investments as of March 31, 2026**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** | **Industry** | **Facility Type** | **Interest** | **Maturity** | **Funded<br>Par<br>Amount** | **Cost** | **Fair Value** | **Tickmarks** |
| Pinnacle Treatment Centers, Inc. | Health Care Providers & Services | Term Loan | 9.42% (S + 5.75%; 1.00% Floor) | 1/4/2027 | 69432 | 69432 | 65787 |  |
| Pinnacle Treatment Centers, Inc. | Health Care Providers & Services | Delayed Draw | 9.42% (S + 5.75%; 1.00% Floor) | 1/4/2027 | 76677 | 76677 | 72651 |  |
| Pinnacle Treatment Centers, Inc. | Health Care Providers & Services | Term Loan | 9.42% (S + 5.75%; 1.00% Floor) | 1/4/2027 | 36853 | 36853 | 34918 |  |
| PLATINUM EQUITY LLC | Chemicals | Term Loan | 6.94% (S + 3.25%; 0.00% Floor) | 7/24/2032 | 498750 | 497572 | 479503 | (10) |
| PRIMO BRANDS CORP | Beverages | Term Loan | 6.44% (S + 2.75%; 0.50% Floor) | 3/18/2031 | 470000 | 467650 | 470512 | (10) |
| Priority OnDemand Midco 2, L.P. | Health Care Providers & Services | Term Loan | 9.14% (S + 5.25%; 1.00% Floor) | 7/17/2028 | 3138858 | 3138858 | 3138858 |  |
| Priority OnDemand Midco 2, L.P. | Health Care Providers & Services | Delayed Draw | 9.14% (S + 5.25%; 1.00% Floor) | 7/17/2028 | 74635 | 74503 | 74635 | (6) |
| PRISM BIDCO INC | Health Care Technology | Term Loan | 8.69% (S + 5.00%; 0.00% Floor) | 10/15/2032 | 360000 | 342696 | 351677 | (10) |
| Quest Analytics Inc. | Health Care Technology | Term Loan | 7.94% (S + 4.25%; 0.500% Floor) | 11/10/2032 | 6164609 | 6134720 | 6087552 |  |
| Quest Analytics Inc. | Health Care Technology | Delayed Draw | — (S + 4.25%; 0.500% Floor) | 11/10/2032 |  | (6472) | (27396) | (6)(7) |
| Quest Analytics Inc. | Health Care Technology | Revolver | — (S + 4.25%; 0.500% Floor) | 11/10/2032 |  | (5178) | (13698) | (6)(7) |
| Quirch Foods Holdings, LLC | Food Products | Term Loan | 10.25% (S + 6.50%; 1.00% Floor) | 11/12/2030 | 4347242 | 4305285 | 4303770 |  |
| Quirch Foods Holdings, LLC | Food Products | Delayed Draw | — (S + 6.50%; 1.00% Floor) | 11/12/2030 |  | (2110) | (2249) | (6)(7) |
| RACKSPACE TECHNOLOGY INC | IT Services | Term Loan | 10.04% (S + 6.36%; 00.75% Floor) | 5/15/2028 | 498728 | 492494 | 493586 | (10) |
| Ranger Buyer, Inc. | Commercial Services & Supplies | Term Loan | 8.44% (S + 4.75%; 0.75% Floor) | 11/20/2028 | 5387755 | 5353513 | 5387755 |  |
| Ranger Buyer, Inc. | Commercial Services & Supplies | Revolver | — (S + 4.75%; 0.75% Floor) | 11/18/2027 |  | (1689) |  | (6)(7) |
| RAVEN ACQUISITION HOLDINGS, LLC | Health Care Technology | Term Loan | 6.66% (S + 3.00%; 0.00% Floor) | 10/25/2031 | 465257 | 459441 | 455868 | (10) |
| RAVEN ACQUISITION HOLDINGS, LLC | Health Care Technology | Term Loan | 3.00% (S + 3.00%; 0.00% Floor) | 10/25/2031 | 33568 | 33149 | 32891 | (10) |
| Redwood Family Care Network, Inc. | Health Care Providers & Services | Term Loan | 9.19% (S + 5.50%; 1.00% Floor) | 6/20/2028 | 2228395 | 2225334 | 2228395 |  |
| Redwood Family Care Network, Inc. | Health Care Providers & Services | Delayed Draw | 9.19% (S + 5.50%; 1.00% Floor) | 6/19/2028 | 1948466 | 1945876 | 1948466 |  |
| Redwood Family Care Network, Inc. | Health Care Providers & Services | Delayed Draw | 9.19% (S + 5.50%; 1.00% Floor) | 6/19/2028 | 1210751 | 1209098 | 1210751 |  |
| RELATIVITY INTERMEDIATE HOLDCO LLC | Software | Term Loan | 6.67% (S + 2.75%; 0.00% Floor) | 1/15/2033 | 540000 | 539902 | 532575 | (10) |
| REP TEC Intermediate Holdings, Inc. | Professional Services | Term Loan | 8.44% (S + 4.75%; 1.00% Floor) | 5/30/2031 | 5390211 | 5390211 | 5349785 |  |
| REP TEC Intermediate Holdings, Inc. | Professional Services | Revolver | — (S + 4.75%; 1.00% Floor) | 5/30/2031 |  |  | (727) | (6)(7) |
| RESILIENCE PARENT, LLC | Electronic Equipment, Instruments & Components | Term Loan | 6.12% (S + 2.50%; 0.00% Floor) | 1/21/2033 | 100000 | 99750 | 99406 | (10) |
| REVERENCE CAPITAL PARTNERS LLC | Financial Services | Term Loan | 6.19% (S + 2.50%; 0.00% Floor) | 7/30/2032 | 500000 | 493750 | 490190 | (10) |
| Ridge Trail US Bidco, Inc. | Capital Markets | Term Loan | 8.19% (S + 4.50%; 0.75% Floor) | 9/30/2031 | 769071 | 759432 | 769071 | (8) |
| Ridge Trail US Bidco, Inc. | Capital Markets | Delayed Draw | 8.46% (S + 4.75%; 0.75% Floor) | 9/30/2031 | 9131 | 7494 | 9131 | (6)(8) |
| Ridge Trail US Bidco, Inc. | Capital Markets | Revolver | 8.19% (S + 4.50%; 0.75% Floor) | 3/30/2031 | 24170 | 23122 | 24170 | (6)(8) |
| Saab Purchaser, Inc. | Banks | Term Loan | 8.19% (S + 4.50%; 0.75% Floor) | 11/12/2031 | 705638 | 699636 | 687997 |  |
| Saab Purchaser, Inc. | Banks | Delayed Draw | 8.19% (S + 4.50%; 0.75% Floor) | 11/12/2031 | 190532 | 188997 | 185769 |  |

---

See Notes to Consolidated Financial Statements

------

**AB Private Lending Fund** 

**Unaudited Consolidated Schedule of Investments as of March 31, 2026**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** | **Industry** | **Facility Type** | **Interest** | **Maturity** | **Funded<br>Par<br>Amount** | **Cost** | **Fair Value** | **Tickmarks** |
| Saab Purchaser, Inc. | Banks | Revolver | — (S + 4.75%; 0.75% Floor) | 11/12/2031 |  | (3590) | (10086) | (6)(7) |
| Saab Purchaser, Inc. | Banks | Term Loan | 8.19% (S + 4.50%; 0.75% Floor) | 11/12/2031 | 2384615 | 2362373 | 2325000 |  |
| Saab Purchaser, Inc. | Banks | Delayed Draw | — (S + 4.75%; 0.75% Floor) | 11/12/2031 |  | (10566) | (46154) | (6)(7) |
| Sako and Partners Lower Holdings LLC | Real Estate Management & Development | Term Loan | 8.19% (S + 4.50%; 1.00% Floor) | 9/15/2028 | 87450 | 86710 | 87450 |  |
| Sako and Partners Lower Holdings LLC | Real Estate Management & Development | Term Loan | 8.19% (S + 4.50%; 1.00% Floor) | 9/15/2028 | 4348442 | 4348442 | 4348442 |  |
| Sako and Partners Lower Holdings LLC | Real Estate Management & Development | Delayed Draw | 8.19% (S + 4.50%; 1.00% Floor) | 9/15/2028 | 1040266 | 1040266 | 1040266 |  |
| Sako and Partners Lower Holdings LLC | Real Estate Management & Development | Revolver | — (S + 4.50%; 1.00% Floor) | 9/15/2028 |  | (128) |  | (6)(7) |
| Salisbury House, LLC | Diversified Consumer Services | Term Loan | 8.47% (S + 4.75%; 0.75% Floor) | 8/18/2032 | 7075203 | 7007514 | 7039827 |  |
| Salisbury House, LLC | Diversified Consumer Services | Delayed Draw | — (S + 4.75%; 0.75% Floor) | 8/18/2032 |  | (6525) |  | (6)(7) |
| Salisbury House, LLC | Diversified Consumer Services | Revolver | — (S + 4.75%; 0.75% Floor) | 8/18/2032 |  | (8688) | (4754) | (6)(7) |
| Sandstone Care Holdings, LLC | Health Care Providers & Services | Delayed Draw | 9.29% (S + 5.50%; 1.00% Floor) | 6/28/2028 | 60047 | 60047 | 60047 | (6) |
| Sandstone Care Holdings, LLC | Health Care Providers & Services | Term Loan | 9.29% (S + 5.50%; 1.00% Floor) | 6/28/2028 | 1774617 | 1774617 | 1406384 |  |
| Sandstone Care Holdings, LLC | Health Care Providers & Services | Delayed Draw | 9.29% (S + 5.50%; 1.00% Floor) | 6/28/2028 | 354342 | 353119 | 280816 |  |
| Sandstone Care Holdings, LLC | Health Care Providers & Services | Revolver | 9.29% (S + 5.50%; 1.00% Floor) | 6/28/2028 | 322658 | 322658 | 255706 |  |
| Sauce Labs Inc | Software | Revolver | 9.27% (S + 5.50%; 1.00% Floor) | 8/16/2027 | 225117 | 220888 | 208859 | (6) |
| Sauce Labs Inc | Software | Revolver | 9.76% (S + 5.50%; 1.00% Floor; 0.50% PIK) | 8/16/2027 | 762782 | 755770 | 737992 |  |
| Sauce Labs Inc | Software | Term Loan | 9.76% (S + 5.50%; 1.00% Floor; 0.50% PIK) | 8/16/2027 | 2932108 | 2904023 | 2836815 |  |
| Sauce Labs Inc | Software | Delayed Draw | 9.76% (S + 5.50%; 1.00% Floor; 0.50% PIK) | 8/16/2027 | 323283 | 321724 | 312776 | (6) |
| SEARCHLIGHT CAPITAL PARTNERS LP | Media | Term Loan | 7.28% (S + 3.61%; 0.50% Floor) | 1/31/2029 | 488750 | 487002 | 483560 | (10) |
| Second Nature Brands, Inc. | Real Estate Management & Development | Term Loan | 9.62% (S + 6.00%; 1.00% Floor) | 2/6/2031 | 800375 | 789519 | 788369 |  |
| Second Nature Brands, Inc. | Real Estate Management & Development | Revolver | — (S + 6.00%; 1.00% Floor) | 2/6/2031 |  | (1087) | (1334) | (6)(7) |
| Serrano Parent, LLC | Software | Term Loan | 10.16% (S + 6.50%; 1.00% Floor) | 5/13/2030 | 5515102 | 5432481 | 5129045 |  |
| Serrano Parent, LLC | Software | Revolver | — (S + 6.50%; 1.00% Floor) | 5/13/2030 |  | (7440) | (37869) | (6)(7) |
| SILVER LAKE MANAGEMENT LLC | Professional Services | Term Loan | 6.44% (S + 2.75%; 0.00% Floor) | 10/31/2031 | 494089 | 481736 | 480195 | (10) |
| SILVER LAKE TECHNOLOGY MANAGEMENT LLC | Entertainment | Term Loan | 5.66% (S + 2.00%; 0.00% Floor) | 11/21/2031 | 496250 | 495114 | 495615 | (10) |
| Slipstream IT, LLC | Software | Term Loan | 8.16% (S + 4.50%; 0.75% Floor) | 8/1/2031 | 3096644 | 3068320 | 3096644 |  |
| Slipstream IT, LLC | Software | Delayed Draw | — (S + 4.50%; 0.75% Floor) | 8/1/2031 |  | (2315) |  | (6)(7) |
| Slipstream IT, LLC | Software | Revolver | — (S + 4.50%; 0.75% Floor) | 8/1/2031 |  | (4624) |  | (6)(7) |
| Soladoc, LLC | Health Care Equipment & Supplies | Term Loan | 8.76% (S + 5.00%; 0.75% Floor) | 6/12/2028 | 2304698 | 2253306 | 2252842 |  |
| Soladoc, LLC | Health Care Equipment & Supplies | Revolver | 8.73% (S + 5.00%; 0.75% Floor) | 6/12/2028 | 46094 | 41416 | 40908 | (6) |
| SUNSOURCE BORROWER LLC | Machinery | Term Loan | 7.76% (S + 4.10%; 0.00% Floor) | 3/17/2031 | 992405 | 985654 | 991373 | (10) |
| SYNECHRON HOLDINGS INC | IT Services | Term Loan | 7.44% (S + 3.75%; 0.00% Floor) | 10/28/2031 | 497487 | 491830 | 454579 | (10) |
| Tau Buyer, LLC | Technology Hardware, Storage & Peripherals | Term Loan | 8.69% (S + 2.50%; 0.75% Floor; 2.50% PIK) | 2/2/2032 | 2302473 | 2282479 | 2285205 |  |
| Tau Buyer, LLC | Technology Hardware, Storage & Peripherals | Delayed Draw | 8.69% (S + 2.50%; 0.75% Floor; 2.50% PIK) | 2/2/2032 | 528568 | 522797 | 516581 | (6) |

---

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** | **Industry** | **Facility Type** | **Interest** | **Maturity** | **Funded<br>Par<br>Amount** | **Cost** | **Fair Value** | **Tickmarks** |
| Tau Buyer, LLC | Technology Hardware, Storage & Peripherals | Revolver | 8.20% (S + 4.50%; 0.75% Floor) | 2/2/2032 | 95496 | 93000 | 93258 | (6) |
| TEGA MC AUSTRALIA HOLDINGS PTY LTD | Metals & Mining | Term Loan | 8.35% (S + 3.50%; 0.00% Floor) | 3/24/2033 | 420000 | 415800 | 416850 | (10) |
| Telesoft Holdings, LLC | Diversified Telecommunication Services | Term Loan | 9.51% (S + 5.75%; 1.00% Floor) | 12/16/2026 | 1397257 | 1397257 | 1383285 |  |
| The Center for Orthopedic and Research Excellence, Inc. | Health Care Providers & Services | Term Loan | 9.81% (S + 6.00%; 1.00% Floor) | 12/31/2026 | 954914 | 954914 | 954914 |  |
| The Center for Orthopedic and Research Excellence, Inc. | Health Care Providers & Services | Delayed Draw | 9.81% (S + 6.00%; 1.00% Floor) | 12/31/2026 | 225180 | 224861 | 225180 |  |
| The Center for Orthopedic and Research Excellence, Inc. | Health Care Providers & Services | Delayed Draw | 9.81% (S + 6.00%; 1.00% Floor) | 12/31/2026 | 362684 | 362169 | 362684 |  |
| The Center for Orthopedic and Research Excellence, Inc. | Health Care Providers & Services | Delayed Draw | 9.82% (S + 6.00%; 1.00% Floor) | 12/31/2026 | 400141 | 399573 | 400141 |  |
| The Center for Orthopedic and Research Excellence, Inc. | Health Care Providers & Services | Term Loan | 9.80% (S + 6.00%; 1.00% Floor) | 12/31/2026 | 750588 | 750588 | 750588 |  |

---

See Notes to Consolidated Financial Statements

------

**AB Private Lending Fund** 

**Unaudited Consolidated Schedule of Investments as of March 31, 2026**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** | **Industry** | **Facility Type** | **Interest** | **Maturity** | **Funded<br>Par<br>Amount** | **Cost** | **Fair Value** | **Tickmarks** |
| THOMA BRAVO LP/DELAWARE | Automobiles | Term Loan | 6.44% (S + 2.75%; 0.00% Floor) | 7/2/2031 | 498744 | 478794 | 479981 | (10) |
| THOMA BRAVO LP/DELAWARE | Software | Term Loan | 6.69% (S + 3.00%; 0.50% Floor) | 8/31/2028 | 498728 | 483766 | 482105 | (10) |
| TMA Buyer LLC | Software | Term Loan | 8.67% (S + 5.00%; 0.75% Floor) | 4/30/2031 | 1656708 | 1642034 | 1640141 |  |
| TMA Buyer LLC | Software | Delayed Draw | 8.67% (S + 5.00%; 0.75% Floor) | 4/30/2031 | 435517 | 431729 | 431162 |  |
| TMA Buyer LLC | Software | Delayed Draw | — (S + 5.00%; 0.75% Floor) | 4/30/2031 |  |  |  | (6) |
| TMA Buyer LLC | Software | Revolver | — (S + 5.00%; 0.75% Floor) | 4/30/2031 |  | (1479) | (1742) | (6)(7) |
| Towerco IV Holdings, LLC | Diversified Telecommunication Services | Delayed Draw | 6.77% (S + 3.00%; 1.00% Floor) | 8/31/2028 | 7192670 | 7192670 | 7192670 | (6) |
| TPG INC | Media | Term Loan | 9.17% (S + 5.51%; 0.75% Floor) | 8/2/2029 | 460983 | 460479 | 461633 | (10) |
| TRANSDIGM GROUP INC | Aerospace & Defense | Term Loan | 6.16% (S + 2.50%; 0.00% Floor) | 2/9/2033 | 500000 | 499381 | 500099 | (10) |
| UFS, LLC | Banks | Term Loan | 8.42% (S + 4.75%; 0.75% Floor) | 10/14/2031 | 5422552 | 5371286 | 5341214 |  |
| UFS, LLC | Banks | Revolver | 8.42% (S + 4.75%; 0.75% Floor) | 10/14/2031 | 86288 | 83046 | 81111 | (6) |
| Unlimited Technology Holdings, LLC | Health Care Technology | Term Loan | 8.19% (S + 4.50%; 0.75% Floor) | 3/12/2032 | 881771 | 877891 | 881771 |  |
| Unlimited Technology Holdings, LLC | Health Care Technology | Revolver | — (S + 4.50%; 0.75% Floor) | 3/12/2032 |  | (501) |  | (6)(7) |
| Vectra AI, Inc. | Software | Revolver | — (S + 5.25%; 1.00% Floor) | 3/2/2028 |  | (815) | (2120) | (6)(7) |
| Vectra AI, Inc. | Software | Term Loan | 9.01% (S + 5.25%; 1.00% Floor) | 3/2/2028 | 2770990 | 2745971 | 2729425 |  |
| Vectra AI, Inc. | Software | Delayed Draw | 9.01% (S + 5.25%; 1.00% Floor) | 3/2/2028 | 534780 | 527657 | 521458 | (6) |
| Vehlo Purchaser, LLC | Automobiles | Term Loan | 9.16% (S + 5.50%; 0.75% Floor) | 5/24/2028 | 459229 | 456120 | 453488 |  |
| Vehlo Purchaser, LLC | Automobiles | Term Loan | 9.16% (S + 5.50%; 0.75% Floor) | 5/24/2028 | 4275000 | 4250175 | 4221562 |  |
| Vehlo Purchaser, LLC | Automobiles | Delayed Draw | 9.16% (S + 5.50%; 0.75% Floor) | 5/24/2028 | 1187500 | 1180648 | 1172656 |  |
| Vehlo Purchaser, LLC | Automobiles | Revolver | — (S + 5.50%; 0.75% Floor) | 5/24/2028 |  | (3460) | (7043) | (6)(7) |
| Velocity Holdco III Inc. | Commercial Services & Supplies | Term Loan | 9.27% (S + 5.50%; 1.00% Floor) | 5/31/2029 | 4413780 | 4413780 | 4413780 |  |
| Veracross LLC | Diversified Consumer Services | Delayed Draw | 10.26% (S + 6.50%; 1.00% Floor) | 12/28/2027 | 340463 | 340463 | 329766 | (6) |
| Veracross LLC | Diversified Consumer Services | Term Loan | 10.26% (S + 6.50%; 1.00% Floor) | 12/28/2027 | 5207834 | 5166592 | 5142736 |  |
| Veracross LLC | Diversified Consumer Services | Delayed Draw | 10.26% (S + 6.50%; 1.00% Floor) | 12/28/2027 | 645835 | 640754 | 637762 |  |
| Veracross LLC | Diversified Consumer Services | Revolver | 10.26% (S + 6.50%; 1.00% Floor) | 12/28/2027 | 286146 | 283215 | 281036 | (6) |
| VESTIS CORP | Commercial Services & Supplies | Term Loan | 5.92% (S + 2.25%; 0.00% Floor) | 2/22/2031 | 994737 | 949470 | 957434 | (10) |
| Visionary Buyer, LLC | Diversified Telecommunication Services | Term Loan | 8.69% (S + 5.00%; 0.75% Floor) | 3/21/2031 | 1723847 | 1703418 | 1710918 |  |
| Visionary Buyer, LLC | Diversified Telecommunication Services | Delayed Draw | 8.69% (S + 5.00%; 0.75% Floor) | 3/21/2031 | 1723847 | 1704542 | 1710918 | (6) |
| Visionary Buyer, LLC | Diversified Telecommunication Services | Revolver | — (S + 5.00%; 0.75% Floor) | 3/21/2030 |  | (4390) | (3232) | (6)(7) |
| Visionary Buyer, LLC | Diversified Telecommunication Services | Delayed Draw | 8.69% (S + 5.00%; 0.75% Floor) | 3/21/2031 | 297500 | 292072 | 295000 | (6) |
| VISTA EQUITY PARTNERS LLC | Software | Term Loan | 6.42% (S + 2.75%; 0.00% Floor) | 11/30/2029 | 500000 | 478750 | 482890 | (10) |
| VS BUYER LLC | Software | Term Loan | 5.91% (S + 2.25%; 0.00% Floor) | 4/12/2031 | 497500 | 492770 | 485063 | (10) |

---

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** | **Industry** | **Facility Type** | **Interest** | **Maturity** | **Funded<br>Par<br>Amount** | **Cost** | **Fair Value** | **Tickmarks** |
| Wealth Enhancement Group, LLC | Financial Services | Delayed Draw | 7.90% (S + 4.25%; 1.00% Floor) | 10/2/2028 | 168036 | 167321 | 168036 | (6) |
| Wealth Enhancement Group, LLC | Financial Services | Delayed Draw | — (S + 4.25%; 1.00% Floor) | 10/2/2028 |  | (626) |  | (6)(7) |
| Wealth Enhancement Group, LLC | Financial Services | Term Loan | 7.91% (S + 4.25%; 1.00% Floor) | 10/2/2028 | 2345621 | 2345621 | 2345621 |  |
| Wealth Enhancement Group, LLC | Financial Services | Revolver | — (S + 4.25%; 1.00% Floor) | 10/2/2028 |  | (24) |  | (6)(7) |
| Wealth Enhancement Group, LLC | Financial Services | Delayed Draw | 7.91% (S + 4.25%; 1.00% Floor) | 10/2/2028 | 519526 | 519983 | 519526 |  |
| Zendesk, Inc. | Software | Delayed Draw | 8.70% (S + 5.00%; 0.75% Floor) | 11/22/2028 | 788173 | 784743 | 782261 | (6) |
| Zendesk, Inc. | Software | Revolver | — (S + 5.00%; 0.75% Floor) | 11/22/2028 |  |  | (3733) | (6)(7) |
| Zendesk, Inc. | Software | Term Loan | 8.70% (S + 5.00%; 0.75% Floor) | 11/22/2028 | 4888470 | 4888470 | 4851806 |  |
| Zendesk, Inc. | Software | Delayed Draw | 8.68% (S + 5.00%; 0.75% Floor) | 11/22/2028 | 413685 | 410039 | 413685 |  |
| &nbsp;&nbsp;&nbsp; **Total U.S. 1st Lien/Senior Secured Debt** |  |  |  |  |  | **367736979** | **364384099** |  |

---

See Notes to Consolidated Financial Statements

------

**AB Private Lending Fund** 

**Unaudited Consolidated Schedule of Investments as of March 31, 2026**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** | **Industry** | **Facility Type** | **Interest** | **Maturity** | **Funded<br>Par<br>Amount** | **Cost** | **Fair Value** | **Tickmarks** |
| **2nd Lien/Junior Secured Debt — 0.38%** |  |  |  |  |  |  |  |  |
| Symplr Software, Inc. | Term Loan |  | 1.64% (S + 7.87%; 0.75% Floor) | 12/22/2028 | 988342 | 930971 | 637481 |  |
| &nbsp;&nbsp;&nbsp;**Total U.S. 2nd Lien/Junior Secured Debt** |  |  |  |  |  | **930971** | **637481** |  |
| &nbsp;&nbsp;&nbsp;**Total U.S Corporate Debt** |  |  |  |  |  | **368667950** | **365021580** |  |
| **<u>UK Corporate Debt —</u> <u>0.54</u><u>%</u>** |  |  |  |  |  |  |  |  |
| **<u>UK 1st Lien/Senior Secured Debt —</u> <u>0.54</u><u>%</u>** |  |  |  |  |  |  |  |  |
| Labvantage Systems Limited | Term Loan |  | 8.91% (S + 5.25%; 1.00% Floor) | 12/23/2030 | 914978 | 901084 | 903541 | (8) |
| &nbsp;&nbsp;&nbsp;**Total UK 1st Lien/Senior Secured Debt** |  |  |  |  |  | **901084** | **903541** |  |
| &nbsp;&nbsp;&nbsp;**Total UK Corporate Debt** |  |  |  |  |  | **901084** | **903541** |  |
| **<u>Canadian Corporate Debt —</u> <u>0.86</u><u>%</u>** |  |  |  |  |  |  |  |  |
| **<u>Canadian 1st Lien/Senior Secured Debt —</u> <u>0.86</u><u>%</u>** |  |  |  |  |  |  |  |  |
| RevauAdvanced Underwriting Inc. | Term Loan |  | 8.66% (S + 5.00%; 0.75% Floor) | 5/10/2032 | 1385797 | 1373300 | 1351152 | (8) |
| RevauAdvanced Underwriting Inc. | Delayed Draw |  | 8.66% (S + 5.00%; 0.75% Floor) | 5/10/2032 | 91169 | 88107 | 78980 | (6)(8) |
| &nbsp;&nbsp;&nbsp;**Total Canada 1st Lien/Senior Secured Debt** |  |  |  |  |  | **1461407** | **1430132** |  |
| &nbsp;&nbsp;&nbsp;**Total Canadian Corporate Debt** |  |  |  |  |  | **1461407** | **1430132** |  |

---

See Notes to Consolidated Financial Statements

------

**AB Private Lending Fund** 

**Unaudited Consolidated Schedule of Investments as of March 31, 2026**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** | **Class/Series** | **Shares** | **Cost** | **Fair Value** | **Tickmarks** |
| **U.S. Investment Companies — 1.64%** |  |  |  |  |  |
| AB EQUITY INVESTORS, L.P. | LP interest | 2509298 | 2509298 | 2741071 | (8)(11)(16) |
| &nbsp;&nbsp;&nbsp; **Total U.S. Investment Companies** |  |  | **2509298** | **2741071** |  |
| **Total Investments — 221.77%** |  |  | **373539739** | **370096324** |  |

---

See Notes to Consolidated Financial Statements

------

**AB Private Lending Fund** 

**Unaudited Consolidated Schedule of Investments as of March 31, 2026**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** | **Yield** | **Shares** | **Cost** | **Fair value** | **Tickmarks** |
| **<u>Cash Equivalents —</u> <u>7.96</u><u>%</u>** |  |  |  |  |  |
| US BANK MMDA GCTS | 3.73% | 11343413 | 11343412 | 11343412 | (9)(13)(14) |
| STATE STREET INSTITUTIONAL US | 103.73% | 1923324 | 1923324 | 1923324 | (9)(13)(14) |
| &nbsp;&nbsp;&nbsp;**Total Cash Equivalents** |  |  | **13266736** | **13266736** |  |
| **<u>Cash —</u> <u>3.36</u><u>%</u>** |  |  |  |  |  |
| US Dollar |  | 5611523 | 5611523 | 5611523 |  |
| &nbsp;&nbsp;&nbsp;**Total Cash** |  |  | **5611523** | **5611523** |  |
| **TOTAL CASH AND CASH EQUIVALENTS** |  |  | **18878259** | **18878259** |  |
| **LIABILITIES IN EXCESS OF OTHER ASSETS — (133.09%)** |  |  |  | **(222093894)** |  |
| **NET ASSETS — 100.00%** |  |  |  | **166880689** |  |

---

(1)Unless otherwise indicated, all securities represent co-investments made with the Fund's affiliates in accordance with the terms of the exemptive relief received from the U.S. Securities and Exchange Commission. See Note 3 "Related Party Transactions".

(2)Unless otherwise indicated, all securities are valued using significant unobservable inputs, which are categorized as Level 3 assets under the definition of Financial Accounting Standards Board's Accounting Standards Codification 820 fair value hierarchy.

(3)Percentages are based on net assets

(4)Generally, the interest rate on floating interest rate investments is at benchmark rate plus spread, subject to an interest rate floor. The borrower has an option to choose the benchmark rate, such as the Secured Overnight Financing Rate including adjustment, if any ("S") or the U.S. Prime Rate ("P"). The spread may change based on the type of rate used. The terms in the Consolidated Schedule of Investments disclose the actual interest rate in effect as of the reporting period. S loans are typically indexed to 30-day, 90-day or 180-day rates (1M, 3M or 6M, respectively) at the borrower's option. As of March 31, 2026, rates for 1M S, 3M S and 6M S are 3.66%,3.68%, and 3.70%, respectively. As of March 31, 2026, the P was 6.75%. For investments with multiple reference rates or alternate base rates, the interest rate shown is the weighted average interest rate in effect at March 31, 2026.

(5)Not used.

(6)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".

(7)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.

(8)The investment is not a qualifying asset under Section 55(a) of the Investment Company Act of 1940, as amended (the "1940 Act"). The Fund may not acquire any non-qualifying asset unless, at the time of acquisition, qualifying assets represent at least 70% of the Fund's total assets. As of March 31, 2026, the aggregate fair value of these securities is $6,573,654 or 1.67% of the Fund's total assets.

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

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

(11)Excluded from the ASC 820 fair value hierarchy as fair value is measured using the net asset value ("NAV") as a practical expedient. Underlying investments are private equity entities generally created to aggregate capital for a single investment, with the exception of AB Equity Investors, L.P., which invests in multiple investments. These investments are generally not redeemable.

(12)Aggregate gross unrealized appreciation for federal income tax purposes is $4,368,286; aggregate gross unrealized depreciation for federal income tax purposes is $924,766. Net unrealized depreciation is $3,443,520. As of March 31, 2026, the cost basis of investments owned was substantially identical for both book and tax purposes.

(13)Included within 'Cash and cash equivalents' on the Consolidated Statements of Assets and Liabilities.

(14)The rate shown is the annualized seven-day yield as of March 31, 2026.

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

(16)Non-income producing investment.

---

| |
|:---|
| &nbsp;&nbsp;&nbsp;P - Prime |
| &nbsp;&nbsp;&nbsp;PIK - Payment-In-Kind |
| &nbsp;&nbsp;&nbsp;S - SOFR |

---

See Notes to Consolidated Financial Statements

------

**AB Private Lending Fund**

**Consolidated Schedule of Investments as of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** | **Industry** | **Facility Type** | **Interest** | **Maturity** | **Funded<br>Par<br>Amount** | **Cost** | **Fair Value** | **Tickmarks** |
| **<u>Investments at Fair Value —</u> <u>208.14</u><u>%</u>** | **<u>Investments at Fair Value —</u> <u>208.14</u><u>%</u>** |  |  |  |  |  |  | (1)(2)(3)(4)(12) |
| **<u>US Corporate Debt —</u> <u>205.04</u><u>%</u>** | **<u>US Corporate Debt —</u> <u>205.04</u><u>%</u>** |  |  |  |  |  |  |  |
| **<u>1st Lien/Senior Secured Debt —</u> <u>204.54</u><u>%</u>** | **<u>1st Lien/Senior Secured Debt —</u> <u>204.54</u><u>%</u>** |  |  |  |  |  |  |  |
| AAH Topco, LLC | Health Care Providers & Services | Delayed Draw Term Loan | 8.81% (S + 5.00%; 0.75% Floor) | 12/22/2027 | 135499 | 132825 | 135499 | (6)(15) |
| AAH Topco, LLC | Health Care Providers & Services | Term Loan | 9.06% (S + 5.25%; 0.75% Floor) | 12/22/2027 | 2556714 | 2526466 | 2556714 | (15) |
| AAH Topco, LLC | Health Care Providers & Services | Delayed Draw Term Loan | 9.06% (S + 5.25%; 0.75% Floor) | 12/22/2027 | 2845414 | 2811749 | 2845414 | (15) |
| AAH Topco, LLC | Health Care Providers & Services | Revolver | — (S + 5.25%; 0.75% Floor) | 12/22/2027 |  | (3084) |  | (6)(7)(15) |
| Admiral Buyer, Inc. | Financial Services | Delayed Draw Term Loan | 8.77% (S + 5.00%; 0.75% Floor) | 12/6/2029 | 52015 | 51471 | 52015 | (6)(15) |
| Admiral Buyer, Inc. | Financial Services | Term Loan | 8.67% (S + 5.00%; 0.75% Floor) | 12/6/2029 | 201049 | 199349 | 200044 | (15) |
| Admiral Buyer, Inc. | Financial Services | Delayed Draw Term Loan | — (S + 5.00%; 0.75% Floor) | 12/6/2029 |  | (155) |  | (6)(7)(15) |
| Admiral Buyer, Inc. | Financial Services | Term Loan | 8.67% (S + 5.00%; 0.75% Floor) | 12/6/2029 | 3955040 | 3910939 | 3935265 | (15) |
| Admiral Buyer, Inc. | Financial Services | Delayed Draw Term Loan | 8.73% (S + 5.00%; 0.75% Floor) | 12/6/2029 | 199454 | 196963 | 198457 | (15) |
| Admiral Buyer, Inc. | Financial Services | Revolver | — (S + 5.00%; 0.75% Floor) | 12/6/2029 |  | (5039) | (2438) | (6)(7)(15) |
| Ahead DB Holdings, LLC | IT Services | Term Loan | 6.16% (S + 2.50%; 0.75% Floor) | 2/1/2031 | 997494 | 995046 | 995449 | (10)(15) |
| Amercare Royal, LLC | Commercial Services & Supplies | Term Loan | 8.71% (S + 5.00%; 1.00% Floor) | 9/10/2030 | 1000598 | 992128 | 985589 | (15) |
| Amercare Royal, LLC | Commercial Services & Supplies | Revolver | 8.71% (S + 5.00%; 1.00% Floor) | 9/10/2030 | 54279 | 53068 | 52033 | (6)(15) |
| Amercare Royal, LLC | Commercial Services & Supplies | Delayed Draw Term Loan | — (S + 5.00%; 1.00% Floor) | 9/10/2030 |  |  | (2321) | (6)(7)(15) |
| Amercare Royal, LLC | Commercial Services & Supplies | Delayed Draw Term Loan | 8.71% (S + 5.00%; 1.00% Floor) | 9/10/2030 | 159354 | 158040 | 156964 | (15) |
| Amivie Acquisition, Inc. | Health Care Providers & Services | Delayed Draw Term Loan | 9.02% (S + 5.25%; 0.75% Floor) | 9/16/2027 | 1093791 | 1083181 | 1093791 | (6)(15) |
| Amivie Acquisition, Inc. | Health Care Providers & Services | Delayed Draw Term Loan | 9.02% (S + 5.25%; 1.00% Floor) | 9/16/2027 | 802825 | 794037 | 802825 | (15) |
| Amivie Acquisition, Inc. | Health Care Providers & Services | Term Loan | 9.02% (S + 5.25%; 1.00% Floor) | 9/16/2027 | 2101389 | 2078263 | 2101389 | (15) |
| Amivie Acquisition, Inc. | Health Care Providers & Services | Revolver | — (S + 5.25%; 1.00% Floor) | 9/16/2027 |  | (3401) |  | (6)(7)(15) |
| Amivie Acquisition, Inc. | Health Care Providers & Services | Delayed Draw Term Loan | 9.02% (S + 5.25%; 1.00% Floor) | 9/16/2027 | 1065904 | 1058620 | 1065904 | (15) |
| AppViewX, Inc. | Software | Term Loan | 9.12% (S + 5.25%; 0.75% Floor) | 12/24/2031 | 797342 | 790229 | 789369 | (15) |
| AppViewX, Inc. | Software | Revolver | — (S + 5.25%; 0.75% Floor) | 12/24/2031 |  | (854) | (997) | (6)(7)(15) |
| AppViewX, Inc. | Software | Delayed Draw Term Loan | — (S + 5.25%; 0.75% Floor) | 12/24/2031 |  |  |  | (6)(15) |
| Aretec Group, Inc. | Financial Services | Term Loan | 6.68% (S + 3.00%; 0.00% Floor) | 8/9/2030 | 1000000 | 998750 | 1003130 | (10)(15) |
| ASCEND LEARNING, LLC | Professional Services | Term Loan | 6.68% (S + 3.00%; 0.50% Floor) | 12/11/2028 | 994987 | 994987 | 997296 | (10)(15) |

---

See Notes to Consolidated Financial Statements

------

**AB Private Lending Fund**

**Consolidated Schedule of Investments as of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** | **Industry** | **Facility Type** | **Interest** | **Maturity** | **Funded<br>Par<br>Amount** | **Cost** | **Fair Value** | **Tickmarks** |
| ASURION CORPORATION | Wireless Telecommunication Services | Term Loan | 8.03% (S + 4.35%; 0.00% Floor) | 8/19/2028 | 489867 | 489867 | 490480 | (10)(15) |
| Azurite Intermediate Holdings, Inc. | Software | Term Loan | 9.71% (S + 6.00%; 0.75% Floor) | 3/19/2031 | 919753 | 908365 | 915154 | (15) |
| Azurite Intermediate Holdings, Inc. | Software | Revolver | — (S + 6.50%; 0.75% Floor) | 3/19/2031 |  | (3822) | (1673) | (6)(7)(15) |
| Azurite Intermediate Holdings, Inc. | Software | Delayed Draw Term Loan | 9.71% (S + 6.00%; 0.75% Floor) | 3/19/2031 | 2090347 | 2065037 | 2079896 | (15) |
| BHG Holdings, LLC | Health Care Providers & Services | Term Loan | 9.34% (S + 5.50%; 0.75% Floor) | 4/22/2032 | 1846322 | 1816324 | 1832474 | (15) |
| BHG Holdings, LLC | Health Care Providers & Services | Delayed Draw Term Loan | — (S + 5.25%; 0.75% Floor) | 4/22/2032 |  | (4183) |  | (6)(7)(15) |
| BHG Holdings, LLC | Health Care Providers & Services | Revolver | — (S + 5.25%; 0.75% Floor) | 4/22/2032 |  | (3688) | (1750) | (6)(7)(15) |
| Bonterra, LLC | Diversified Consumer Services | Term Loan | 8.42% (S + 4.75%; 0.75% Floor) | 3/5/2032 | 818111 | 810642 | 816066 | (15) |
| Bonterra, LLC | Diversified Consumer Services | Delayed Draw Term Loan | 8.68% (S + 4.75%; 0.75% Floor) | 3/5/2032 | 88889 | 88101 | 88667 | (15) |
| Bonterra, LLC | Diversified Consumer Services | Revolver | 8.43% (S + 4.75%; 0.75% Floor) | 3/5/2032 | 13333 | 12521 | 13111 | (6)(15) |
| BOOTS GROUP BIDCO LTD | Personal Care Products | Term Loan | 7.18% (S + 3.50%; 0.00% Floor) | 8/30/2032 | 190000 | 189542 | 190870 | (10)(15) |
| BOXER PARENT COMPANY INC | Software | Term Loan | 6.66% (S + 3.00%; 0.00% Floor) | 7/30/2031 | 497494 | 496016 | 495807 | (10)(15) |
| Bridgepointe Technologies, LLC | Technology Hardware, Storage & Peripherals | Term Loan | 8.67% (S + 5.00%; 1.00% Floor) | 12/31/2027 | 805184 | 801573 | 805184 | (15) |
| Bridgepointe Technologies, LLC | Technology Hardware, Storage & Peripherals | Delayed Draw Term Loan | 8.67% (S + 5.00%; 1.00% Floor) | 12/31/2027 | 1810954 | 1802939 | 1810954 | (15) |
| Bridgepointe Technologies, LLC | Technology Hardware, Storage & Peripherals | Term Loan | 8.67% (S + 5.00%; 1.00% Floor) | 12/31/2027 | 1161328 | 1156121 | 1161328 | (15) |
| Bridgepointe Technologies, LLC | Technology Hardware, Storage & Peripherals | Delayed Draw Term Loan | 8.67% (S + 5.00%; 1.00% Floor) | 12/31/2027 | 919451 | 915382 | 919451 | (15) |
| Bridgepointe Technologies, LLC | Technology Hardware, Storage & Peripherals | Delayed Draw Term Loan | 8.67% (S + 5.00%; 1.00% Floor) | 12/31/2027 | 705615 | 702492 | 705615 | (15) |
| Brightspot Buyer, Inc. | Media | Term Loan | 10.42% (S + 6.50%; 0.75% Floor) | 11/16/2027 | 345334 | 340826 | 340154 | (15) |
| Brightspot Buyer, Inc. | Media | Term Loan | 10.42% (S + 6.50%; 0.75% Floor) | 11/16/2027 | 1704996 | 1682739 | 1679421 | (15) |
| Brightspot Buyer, Inc. | Media | Revolver | — (S + 6.50%; 0.75% Floor) | 11/16/2027 |  | (2448) | (3025) | (6)(7)(15) |
| BSI2 Hold Nettle, LLC | Real Estate Management & Development | Term Loan | 8.42% (S + 4.75%; 0.75% Floor) | 6/30/2028 | 1783836 | 1766538 | 1783836 | (15) |
| BSI2 Hold Nettle, LLC | Real Estate Management & Development | Revolver | 8.42% (S + 4.75%; 0.75% Floor) | 6/30/2028 | 46094 | 43946 | 46094 | (6)(15) |
| Businessolver.com, Inc. | Professional Services | Term Loan | 8.17% (S + 4.50%; 0.75% Floor) | 12/3/2032 | 3917064 | 3915086 | 3897478 | (15) |
| Businessolver.com, Inc. | Professional Services | Delayed Draw Term Loan | — (S + 4.50%; 0.75% Floor) | 12/3/2032 |  | (1360) | (1375) | (6)(7)(15) |
| Businessolver.com, Inc. | Professional Services | Revolver | — (S + 4.50%; 0.75% Floor) | 12/3/2032 |  | (1212) | (1226) | (6)(7)(15) |
| BV EMS Buyer, Inc. | Health Care Technology | Term Loan | 9.06% (S + 5.25%; 1.00% Floor) | 11/23/2027 | 953638 | 942607 | 953638 | (15) |
| BV EMS Buyer, Inc. | Health Care Technology | Revolver | 9.06% (S + 5.25%; 1.00% Floor) | 11/23/2027 | 66557 | 64959 | 66557 | (6)(15) |
| BV EMS Buyer, Inc. | Health Care Technology | Term Loan | 9.06% (S + 5.25%; 1.00% Floor) | 11/23/2027 | 191170 | 189259 | 191170 | (15) |
| BV EMS Buyer, Inc. | Health Care Technology | Term Loan | 9.06% (S + 5.25%; 1.00% Floor) | 11/23/2027 | 1274121 | 1259308 | 1274121 | (15) |
| BV EMS Buyer, Inc. | Health Care Technology | Delayed Draw Term Loan | 9.06% (S + 5.25%; 1.00% Floor) | 11/23/2027 | 1284990 | 1270128 | 1284990 | (15) |

---

See Notes to Consolidated Financial Statements

------

**AB Private Lending Fund**

**Consolidated Schedule of Investments as of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** | **Industry** | **Facility Type** | **Interest** | **Maturity** | **Funded<br>Par<br>Amount** | **Cost** | **Fair Value** | **Tickmarks** |
| CD+R HYDRA BUYER INC | Machinery | Term Loan | 7.78% (S + 4.10%; 0.00% Floor) | 3/25/2031 | 994937 | 987902 | 993693 | (10)(15) |
| Cerifi, LLC | Banks | Term Loan | 9.56% (S + 5.75%; 1.00% Floor) | 3/31/2028 | 2566499 | 2510046 | 2515169 | (15) |
| Cerifi, LLC | Banks | Revolver | 9.56% (S + 5.75%; 1.00% Floor) | 4/1/2027 | 137122 | 134878 | 134379 | (15) |
| CHAMBERLAIN GROUP INC | Electrical Equipment | Term Loan | 6.43% (S + 2.75%; 0.00% Floor) | 9/8/2032 | 597000 | 597000 | 597872 | (10)(15) |
| CLYDESDALE ACQ HOLDINGS INC. | Containers & Packaging | Term Loan | 6.86% (S + 3.17%; 0.50% Floor) | 4/13/2029 | 1000000 | 1001000 | 1000170 | (10)(15) |
| Contruent Intermediate Company | Construction & Engineering | Term Loan | 9.50% (S + 5.75%; 0.75% Floor) | 11/14/2031 | 3228442 | 3180772 | 3180015 | (15) |
| Contruent Intermediate Company | Construction & Engineering | Delayed Draw Term Loan | — (S + 5.25%; 0.75% Floor) | 11/14/2031 |  |  |  | (6)(15) |
| Contruent Intermediate Company | Construction & Engineering | Revolver | — (S + 5.25%; 0.75% Floor) | 11/14/2031 |  | (3645) | (3725) | (6)(7)(15) |
| Cotiviti, Inc. | Health Care Technology | Term Loan | 6.43% (S + 2.75%; 0.00% Floor) | 5/1/2031 | 997475 | 970044 | 956748 | (10)(15) |
| DA Blocker Corp. | Diversified Consumer Services | Term Loan | 8.42% (S + 4.75%; 0.75% Floor) | 2/10/2032 | 705882 | 699498 | 700588 | (8)(15) |
| DA Blocker Corp. | Diversified Consumer Services | Revolver | — (S + 4.75%; 0.75% Floor) | 2/10/2032 |  | (650) | (551) | (6)(7)(8)(15) |
| DA Blocker Corp. | Diversified Consumer Services | Delayed Draw Term Loan | — (S + 4.75%; 0.75% Floor) | 2/10/2032 |  | (967) |  | (6)(7)(8)(15) |
| Darktrace Finco US LLC | Software | Term Loan | 6.91% (S + 3.25%; 0.00% Floor) | 10/9/2031 | 997487 | 992500 | 1000520 | (10)(15) |
| Datacor, Inc. | Chemicals | Term Loan | 10.21% (S + 4.50%; 1.00% Floor; 2.00% PIK) | 3/13/2029 | 5580915 | 5577276 | 5580915 | (15) |
| Datacor, Inc. | Chemicals | Delayed Draw Term Loan | 10.21% (S + 4.50%; 1.00% Floor; 2.00% PIK) | 3/13/2029 | 1398379 | 1398379 | 1398379 | (15) |
| Datacor, Inc. | Chemicals | Revolver | 10.21% (S + 4.50%; 1.00% Floor; 2.00% PIK) | 3/13/2029 | 87068 | 87068 | 87068 | (6)(15) |
| Deep Blue Operating I LLC | Oil, Gas & Consumable Fuels | Term Loan | 6.43% (S + 2.75%; 0.00% Floor) | 10/1/2032 | 610000 | 608475 | 611397 | (10)(15) |
| DeLorean Purchaser, Inc. | Health Care Technology | Term Loan | 8.42% (S + 4.75%; 0.75% Floor) | 12/16/2031 | 863043 | 851566 | 858728 | (15) |
| DeLorean Purchaser, Inc. | Health Care Technology | Revolver | — (S + 4.75%; 0.75% Floor) | 12/16/2031 |  | (1666) | (652) | (6)(7)(15) |
| DG Investment Intermediate Holdings 2, Inc. | Commercial Services & Supplies | Term Loan | 7.43% (S + 3.75%; 0.00% Floor) | 7/9/2032 | 510000 | 510000 | 510000 | (10)(15) |
| DIRECTV FINANCING LLC | Media | Term Loan | 9.17% (S + 5.51%; 0.75% Floor) | 8/2/2029 | 473988 | 473432 | 475036 | (10)(15) |
| DLRdmv, LLC | Automobiles | Term Loan | 9.02% (S + 5.25%; 1.00% Floor) | 5/7/2032 | 866680 | 858600 | 862346 | (15) |
| DLRdmv, LLC | Automobiles | Delayed Draw Term Loan | — (S + 5.25%; 1.00% Floor) | 5/7/2032 |  | (529) |  | (6)(7)(15) |
| DLRdmv, LLC | Automobiles | Revolver | — (S + 5.25%; 1.00% Floor) | 5/7/2032 |  | (1056) | (581) | (6)(7)(15) |
| EET Buyer, Inc. | Construction & Engineering | Term Loan | 8.59% (S + 4.75%; 0.75% Floor) | 11/8/2027 | 1332713 | 1328916 | 1322718 | (15) |
| EET Buyer, Inc. | Construction & Engineering | Term Loan | 8.59% (S + 4.75%; 0.75% Floor) | 11/8/2027 | 2747747 | 2739920 | 2727139 | (15) |
| EET Buyer, Inc. | Construction & Engineering | Revolver | — (S + 5.00%; 0.75% Floor) | 11/8/2027 |  | (1002) | (2848) | (6)(7)(15) |
| Einstein Parent, Inc. | Software | Revolver | — (S + 6.50%; 0.75% Floor) | 1/22/2031 |  | (1587) | (2109) | (6)(7)(15) |
| Einstein Parent, Inc. | Software | Term Loan | 10.35% (S + 6.50%; 0.75% Floor) | 1/22/2031 | 906250 | 890112 | 885859 | (15) |
| EMBECTA CORP | Health Care Equipment & Supplies | Term Loan | 6.68% (S + 3.00%; 0.50% Floor) | 3/30/2029 | 430382 | 429231 | 430829 | (10)(15) |

---

See Notes to Consolidated Financial Statements

------

**AB Private Lending Fund**

**Consolidated Schedule of Investments as of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** | **Industry** | **Facility Type** | **Interest** | **Maturity** | **Funded<br>Par<br>Amount** | **Cost** | **Fair Value** | **Tickmarks** |
| EMRLD BORROWER LP | Electrical Equipment | Term Loan | 5.82% (S + 2.25%; 0.00% Floor) | 5/31/2030 | 417900 | 416929 | 418715 | (10)(15) |
| EMRLD BORROWER LP | Electrical Equipment | Term Loan | 5.91% (S + 2.25%; 0.00% Floor) | 8/4/2031 | 577100 | 575734 | 577948 | (10)(15) |
| Exterro, Inc. | Software | Revolver | — (S + 5.25%; 1.00% Floor) | 6/1/2027 |  |  |  | (6)(15) |
| Exterro, Inc. | Software | Term Loan | 9.02% (S + 5.25%; 1.00% Floor) | 6/1/2027 | 2170566 | 2152537 | 2170566 | (15) |
| Exterro, Inc. | Software | Delayed Draw Term Loan | — (S + 5.25%; 1.00% Floor) | 6/1/2027 |  | (2860) |  | (6)(7)(15) |
| Exterro, Inc. | Software | Term Loan | 9.02% (S + 5.25%; 1.00% Floor) | 6/1/2027 | 3621126 | 3621126 | 3621126 | (15) |
| FirstEnroll LLC | Insurance | Term Loan | 8.46% (S + 4.75%; 1.00% Floor) | 9/19/2031 | 6174554 | 6084700 | 6112809 | (15) |
| FirstEnroll LLC | Insurance | Revolver | — (S + 4.75%; 1.00% Floor) | 9/19/2031 |  | (5132) | (3590) | (6)(7)(15) |
| Foundation Risk Partners, Corp. | Insurance | Term Loan | 8.42% (S + 4.75%; 0.75% Floor) | 10/29/2030 | 4075738 | 4075738 | 4075738 | (15) |
| Foundation Risk Partners, Corp. | Insurance | Delayed Draw Term Loan | 5.50% (S + 4.75%; 0.75% Floor) | 10/29/2030 | 886444 | 886444 | 886444 | (15) |
| Foundation Risk Partners, Corp. | Insurance | Revolver | 8.42% (S + 4.75%; 0.75% Floor) | 10/29/2029 | 111782 | 111782 | 111782 | (6)(15) |
| Foundation Risk Partners, Corp. | Insurance | Term Loan | 8.42% (S + 4.75%; 0.75% Floor) | 10/29/2030 | 87206 | 87206 | 87206 | (15) |
| Foundation Risk Partners, Corp. | Insurance | Delayed Draw Term Loan | 5.50% (S + 4.75%; 0.75% Floor) | 10/29/2030 | 352469 | 352469 | 352469 | (15) |
| FULLSTEAM OPERATIONS, LLC | Diversified Consumer Services | Term Loan | 9.11% (S + 5.25%; 0.75% Floor) | 8/8/2031 | 4589741 | 4546083 | 4555318 | (15) |
| FULLSTEAM OPERATIONS, LLC | Diversified Consumer Services | Delayed Draw Term Loan | — (S + 5.25%; 0.75% Floor) | 8/8/2031 |  | (7159) | (7650) | (6)(7)(15) |
| FULLSTEAM OPERATIONS, LLC | Diversified Consumer Services | Revolver | — (S + 5.25%; 0.75% Floor) | 8/8/2031 |  | (4768) | (3825) | (6)(7)(15) |
| Fusion Holding, Corp. | Software | Term Loan | 9.92% (S + 6.25%; 0.75% Floor) | 9/14/2029 | 5402532 | 5402532 | 5172924 | (15) |
| Fusion Holding, Corp. | Software | Revolver | 2.% (S + 5.25%; 0.75% Floor) | 9/15/2027 | 250065 | 250065 | 230742 | (6)(15) |
| Garnett Station Partners, LLC | Financial Services | Term Loan | 9.18% (S + 5.50%; 2.00% Floor) | 12/23/2031 | 1655330 | 1626361 | 1626361 | (15) |
| Garnett Station Partners, LLC | Financial Services | Revolver | 9.18% (S + 5.50%; 2.00% Floor) | 12/23/2031 | 381999 | 375314 | 375314 | (15) |
| Greenhouse Software, Inc. | Professional Services | Term Loan | 9.42% (S + 5.75%; 1.00% Floor) | 9/1/2028 | 5500000 | 5485784 | 5500000 | (15) |
| Greenlight Intermediate II, Inc. | Diversified Telecommunication Services | Delayed Draw Term Loan | 9.42% (S + 5.75%; 0.75% Floor) | 6/1/2029 | 279568 | 271354 | 271581 | (6)(15) |
| Greenlight Intermediate II, Inc. | Diversified Telecommunication Services | Term Loan | 9.42% (S + 5.75%; 0.75% Floor) | 6/1/2029 | 2436811 | 2421126 | 2412443 | (15) |
| Greenlight Intermediate II, Inc. | Diversified Telecommunication Services | Delayed Draw Term Loan | 9.42% (S + 5.75%; 0.75% Floor) | 6/1/2029 | 3063189 | 3043565 | 3032557 | (15) |
| GS AcquisitionCo, Inc. | Professional Services | Term Loan | 8.92% (S + 5.25%; 1.00% Floor) | 5/25/2028 | 782965 | 780727 | 777093 | (15) |
| GS AcquisitionCo, Inc. | Professional Services | Revolver | 8.92% (S + 5.25%; 1.00% Floor) | 5/25/2028 | 11465 | 11373 | 11233 | (6)(15) |
| GS AcquisitionCo, Inc. | Professional Services | Delayed Draw Term Loan | 8.92% (S + 5.25%; 0.75% Floor) | 5/25/2028 | 15126 | 15116 | 15126 | (6)(15) |
| GTCR EVEREST BORROWER LLC | Financial Services | Term Loan | 6.43% (S + 2.75%; 0.00% Floor) | 9/5/2031 | 358200 | 357777 | 359393 | (10)(15) |
| HIG Operations Holdings, INC | Insurance | Term Loan | 8.21% (S + 4.50%; 1.00% Floor) | 6/11/2031 | 4856815 | 4856815 | 4856815 | (15) |

---

See Notes to Consolidated Financial Statements

------

**AB Private Lending Fund**

**Consolidated Schedule of Investments as of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** | **Industry** | **Facility Type** | **Interest** | **Maturity** | **Funded<br>Par<br>Amount** | **Cost** | **Fair Value** | **Tickmarks** |
| HireVue, Inc. | Professional Services | Term Loan | 10.59% (S + 6.75%; 1.00% Floor) | 5/3/2029 | 4174708 | 4144130 | 3788548 | (15) |
| HireVue, Inc. | Professional Services | Revolver | 10.56% (S + 6.75%; 1.00% Floor) | 5/3/2029 | 540811 | 537041 | 490786 | (15) |
| HITRUST Services, LLC | Health Care Technology | Term Loan | 8.17% (S + 4.50%; 0.75% Floor) | 3/15/2032 | 809524 | 802108 | 801429 | (15) |
| HITRUST Services, LLC | Health Care Technology | Revolver | — (S + 4.50%; 0.75% Floor) | 3/14/2031 |  | (1655) | (1905) | (6)(7)(15) |
| Honor HN Buyer, Inc. | Health Care Providers & Services | Delayed Draw Term Loan | — (S + 5.75%; 1.00% Floor) | 10/15/2027 |  | (1315) |  | (6)(7)(15) |
| Honor HN Buyer, Inc. | Health Care Providers & Services | Term Loan | 9.57% (S + 5.75%; 1.00% Floor) | 10/15/2027 | 1040670 | 1040670 | 1040670 | (15) |
| Honor HN Buyer, Inc. | Health Care Providers & Services | Delayed Draw Term Loan | 9.57% (S + 5.75%; 1.00% Floor) | 10/15/2027 | 656472 | 656472 | 656472 | (15) |
| Honor HN Buyer, Inc. | Health Care Providers & Services | Revolver | 11.50% (S + 5.75%; 1.00% Floor) | 10/15/2027 | 14643 | 14643 | 14643 | (6)(15) |
| Honor HN Buyer, Inc. | Health Care Providers & Services | Delayed Draw Term Loan | 9.57% (S + 5.75%; 1.00% Floor) | 10/15/2027 | 979499 | 977316 | 979499 | (15) |
| Joink, LLC | Diversified Telecommunication Services | Revolver | — (S + 5.00%; 1.00% Floor) | 10/4/2030 |  | (1048) | (658) | (6)(7)(15) |
| Joink, LLC | Diversified Telecommunication Services | Delayed Draw Term Loan | 8.71% (S + 5.00%; 1.00% Floor) | 10/4/2030 | 562254 | 552775 | 557140 | (6)(15) |
| Joink, LLC | Diversified Telecommunication Services | Term Loan | 8.71% (S + 5.00%; 1.00% Floor) | 10/4/2030 | 1231096 | 1215641 | 1221863 | (15) |
| Juniper Square, Inc. | Financial Services | Term Loan | 8.53% (S + 4.75%; 0.75% Floor) | 11/6/2031 | 5405405 | 5351351 | 5351351 | (15) |
| Juniper Square, Inc. | Financial Services | Revolver | — (S + 4.75%; 0.75% Floor) | 11/6/2031 |  | (5406) | (5406) | (6)(7)(15) |
| Juniper Square, Inc. | Financial Services | Delayed Draw Term Loan | — (S + 4.75%; 0.75% Floor) | 11/6/2031 |  | (12162) | (12162) | (6)(7)(15) |
| Juniper Square, Inc. | Financial Services | Delayed Draw Term Loan | — (S + 4.75%; 0.75% Floor) | 11/6/2031 |  |  |  | (6)(15) |
| KPA Parent Holdings, Inc | Automobiles | Term Loan | 8.21% (S + 4.50%; 0.75% Floor) | 3/12/2032 | 804598 | 797441 | 804598 | (15) |
| KPA Parent Holdings, Inc | Automobiles | Delayed Draw Term Loan | — (S + 4.50%; 0.75% Floor) | 3/12/2032 |  | (511) |  | (6)(7)(15) |
| KPA Parent Holdings, Inc | Automobiles | Revolver | — (S + 4.50%; 0.75% Floor) | 3/12/2032 |  | (716) |  | (6)(7)(15) |
| Last Dance Intermediate I©, LLC | Diversified Telecommunication Services | Term Loan | 8.96% (S + 5.25%; 0.75% Floor) | 3/31/2031 | 661017 | 652065 | 659364 | (15) |
| Last Dance Intermediate I©, LLC | Diversified Telecommunication Services | Delayed Draw Term Loan | 8.96% (S + 5.25%; 0.75% Floor) | 3/31/2031 | 144195 | 140455 | 144195 | (6)(15) |
| Last Dance Intermediate I©, LLC | Diversified Telecommunication Services | Revolver | — (S + 5.25%; 0.75% Floor) | 3/31/2031 |  | (1521) | (343) | (6)(7)(15) |
| Last Dance Intermediate I©, LLC | Diversified Telecommunication Services | Term Loan | 8.96% (S + 5.25%; 0.75% Floor) | 3/31/2031 | 669450 | 663311 | 667777 | (15) |
| LeadVenture, Inc. | Automobile Components | Term Loan | 8.92% (S + 4.75%; 0.75% Floor) | 6/23/2032 | 4306873 | 4245753 | 4306873 | (15) |
| LeadVenture, Inc. | Automobile Components | Delayed Draw Term Loan | 8.92% (S + 4.75%; 0.75% Floor) | 6/23/2032 | 270717 | 263122 | 270717 | (6)(15) |
| LeadVenture, Inc. | Automobile Components | Revolver | 8.57% (S + 4.75%; 0.75% Floor) | 6/23/2032 | 82241 | 76525 | 82241 | (6)(15) |
| Level Data, LLC | Software | Term Loan | 9.32% (S + 5.50%; 0.75% Floor) | 3/5/2031 | 1009161 | 999854 | 999069 | (15) |
| Level Data, LLC | Software | Delayed Draw Term Loan | — (S + 5.50%; 0.75% Floor) | 3/5/2031 |  | (1343) | (1551) | (6)(7)(15) |
| Level Data, LLC | Software | Revolver | 9.32% (S + 5.50%; 0.75% Floor) | 3/5/2031 | 62015 | 61010 | 60852 | (6)(15) |

---

See Notes to Consolidated Financial Statements

------

**AB Private Lending Fund**

**Consolidated Schedule of Investments as of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** | **Industry** | **Facility Type** | **Interest** | **Maturity** | **Funded<br>Par<br>Amount** | **Cost** | **Fair Value** | **Tickmarks** |
| LIBERTY TIRE RECYCL HOLDCO LLC | Automobile Components | Term Loan | 7.43% (S + 3.75%; 0.00% Floor) | 10/28/2030 | 500000 | 497500 | 500000 | (10)(15) |
| LivTech Purchaser, Inc. | Health Care Providers & Services | Term Loan | 8.67% (S + 5.00%; 0.75% Floor) | 11/24/2031 | 411765 | 408143 | 408676 | (15) |
| LivTech Purchaser, Inc. | Health Care Providers & Services | Delayed Draw Term Loan | 8.85% (S + 5.00%; 0.75% Floor) | 11/24/2031 | 378353 | 374646 | 374824 | (6)(15) |
| LivTech Purchaser, Inc. | Health Care Providers & Services | Revolver | — (S + 5.00%; 0.75% Floor) | 11/24/2031 |  | (993) | (882) | (6)(7)(15) |
| Mastery Acquisition Corp. | Diversified Consumer Services | Term Loan | 8.92% (S + 5.25%; 1.00% Floor) | 9/7/2029 | 1213268 | 1213268 | 1213268 | (15) |
| Mavenlink, Inc. | Professional Services | Term Loan | 9.49% (S + 5.50%; 0.75% Floor) | 6/1/2029 | 2133104 | 2073939 | 2079777 | (15) |
| Mavenlink, Inc. | Professional Services | Revolver | 9.36% (S + 5.50%; 0.75% Floor) | 6/1/2029 | 170894 | 167111 | 164139 | (6)(15) |
| MBS Holdings, Inc. | Diversified Telecommunication Services | Term Loan | 8.92% (S + 5.00%; 1.00% Floor) | 4/16/2027 | 51617 | 51278 | 51488 | (15) |
| MBS Holdings, Inc. | Diversified Telecommunication Services | Term Loan | 8.92% (S + 5.00%; 1.00% Floor) | 4/16/2027 | 4345676 | 4325023 | 4334812 | (15) |
| MediaLab Solutions, LLC | Health Care Technology | Term Loan | 8.71% (S + 5.00%; 0.75% Floor) | 8/11/2031 | 3595958 | 3561787 | 3559998 | (15) |
| MediaLab Solutions, LLC | Health Care Technology | Revolver | — (S + 5.00%; 0.75% Floor) | 8/11/2031 |  | (3302) | (3528) | (6)(7)(15) |
| Medical Management Resource Group, L.L.C. | Health Care Providers & Services | Term Loan | 9.52% (S + 5.75%; 0.75% Floor) | 9/30/2027 | 1027602 | 1007402 | 1017326 | (15) |
| Medical Management Resource Group, L.L.C. | Health Care Providers & Services | Delayed Draw Term Loan | 9.52% (S + 5.75%; 0.75% Floor) | 9/30/2027 | 428099 | 419725 | 423818 | (15) |
| Medical Management Resource Group, L.L.C. | Health Care Providers & Services | Revolver | 9.53% (S + 5.75%; 0.75% Floor) | 9/30/2026 | 33647 | 32702 | 32806 | (6)(15) |
| Metropolis Technologies, Inc. | Commercial Services & Supplies | Term Loan | 8.93% (S + 5.25%; 0.00% Floor) | 11/3/2032 | 1000000 | 990209 | 990000 | (10)(15) |
| Mist Holding Co. | Health Care Technology | Term Loan | 8.92% (S + 5.25%; 0.75% Floor) | 12/23/2030 | 485909 | 481698 | 485909 | (15) |
| Mist Holding Co. | Health Care Technology | Delayed Draw Term Loan | 9.09% (S + 5.25%; 0.75% Floor) | 12/23/2030 | 272727 | 270459 | 272727 | (15) |
| Mist Holding Co. | Health Care Technology | Revolver | 8.93% (S + 5.25%; 0.75% Floor) | 12/23/2030 | 30303 | 29253 | 30303 | (6)(15) |
| Mist Holding Co. | Health Care Technology | Delayed Draw Term Loan | — (S + 5.25%; 0.75% Floor) | 12/23/2030 |  | (5420) |  | (6)(7)(15) |
| MJH HEALTHCARE HOLDINGS LLC | Media | Term Loan | 7.43% (S + 3.75%; 0.00% Floor) | 12/18/2032 | 1000000 | 965000 | 915000 | (10)(15) |
| MMP Intermediate, LLC | Hotels, Restaurants & Leisure | Term Loan | 9.58% (S + 5.75%; 1.00% Floor) | 2/15/2029 | 3698327 | 3686121 | 3698327 | (15) |
| MMP Intermediate, LLC | Hotels, Restaurants & Leisure | Revolver | — (S + 6.25%; 1.00% Floor) | 2/15/2029 |  | (722) |  | (6)(7)(15) |
| Moon Buyer, Inc. | Software | Term Loan | 8.42% (S + 4.75%; 0.75% Floor) | 4/21/2031 | 2833823 | 2823740 | 2833823 | (15) |
| Moon Buyer, Inc. | Software | Delayed Draw Term Loan | 8.42% (S + 4.75%; 0.75% Floor) | 4/21/2031 | 261667 | 260739 | 261667 | (15) |
| MPH ACQUISITION HOLDINGS LLC | Financial Services | Term Loan | 7.41% (S + 3.75%; 0.50% Floor) | 12/31/2030 | 497494 | 492769 | 497742 | (10)(15) |
| Mr. Greens Intermediate, LLC | Food Products | Term Loan | 9.70% (S + 5.75%; 1.00% Floor) | 5/1/2031 | 2021919 | 2021919 | 2021919 | (15) |
| Mr. Greens Intermediate, LLC | Food Products | Delayed Draw Term Loan | 9.71% (S + 5.75%; 1.00% Floor) | 5/1/2031 | 178579 | 178579 | 178579 | (6)(15) |
| Mr. Greens Intermediate, LLC | Food Products | Revolver | 9.65% (S + 5.75%; 1.00% Floor) | 5/1/2031 | 164878 | 164012 | 164878 | (6)(15) |
| Mr. Greens Intermediate, LLC | Food Products | Term Loan | 9.70% (S + 5.75%; 1.00% Floor) | 5/1/2031 | 331156 | 326523 | 331156 | (15) |

---

See Notes to Consolidated Financial Statements

------

**AB Private Lending Fund**

**Consolidated Schedule of Investments as of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** | **Industry** | **Facility Type** | **Interest** | **Maturity** | **Funded<br>Par<br>Amount** | **Cost** | **Fair Value** | **Tickmarks** |
| MSP Global Holdings, Inc. | Technology Hardware, Storage & Peripherals | Term Loan | 9.31% (S + 5.50%; 1.00% Floor) | 4/9/2029 | 1588099 | 1565370 | 1564277 | (15) |
| MSP Global Holdings, Inc. | Technology Hardware, Storage & Peripherals | Delayed Draw Term Loan | — (S + 5.50%; 1.00% Floor) | 4/9/2029 |  | (2981) | (3340) | (6)(7)(15) |
| MSP Global Holdings, Inc. | Technology Hardware, Storage & Peripherals | Term Loan | 9.49% (S + 5.50%; 1.00% Floor) | 4/9/2029 | 3285579 | 3238165 | 3236296 | (15) |
| MSP Global Holdings, Inc. | Technology Hardware, Storage & Peripherals | Delayed Draw Term Loan | 9.31% (S + 5.50%; 1.00% Floor) | 4/9/2029 | 256663 | 252965 | 252813 | (15) |
| MSP Global Holdings, Inc. | Technology Hardware, Storage & Peripherals | Revolver | 9.31% (S + 5.50%; 1.00% Floor) | 4/9/2029 | 180023 | 172641 | 171890 | (6)(15) |
| Nasuni Corporation | Software | Term Loan | 8.67% (S + 5.00%; 0.75% Floor) | 9/10/2030 | 1515838 | 1497817 | 1496890 | (15) |
| Nasuni Corporation | Software | Revolver | — (S + 5.00%; 0.75% Floor) | 9/10/2030 |  | (3720) | (3948) | (6)(7)(15) |
| Navigate360, LLC | Diversified Consumer Services | Term Loan | 9.31% (S + 5.50%; 1.00% Floor) | 3/17/2027 | 311308 | 309178 | 309751 | (15) |
| Navigate360, LLC | Diversified Consumer Services | Delayed Draw Term Loan | 9.31% (S + 5.50%; 1.00% Floor) | 3/17/2027 | 592514 | 586865 | 589552 | (15) |
| Navigate360, LLC | Diversified Consumer Services | Term Loan | 9.31% (S + 5.50%; 1.00% Floor) | 3/17/2027 | 1648813 | 1637491 | 1640569 | (15) |
| Navigate360, LLC | Diversified Consumer Services | Delayed Draw Term Loan | 9.31% (S + 5.50%; 1.00% Floor) | 3/17/2027 | 754891 | 749726 | 751116 | (15) |
| Navigate360, LLC | Diversified Consumer Services | Revolver | — (S + 5.50%; 1.00% Floor) | 3/17/2027 |  | (1667) | (1300) | (6)(7)(15) |
| Navigate360, LLC | Diversified Consumer Services | Term Loan | 9.31% (S + 5.50%; 1.00% Floor) | 3/17/2027 | 566034 | 562162 | 563204 | (15) |
| NC Topco, LLC | Banks | Term Loan | 8.21% (S + 4.50%; 0.75% Floor) | 9/1/2031 | 1364721 | 1350026 | 1364721 | (15) |
| NC Topco, LLC | Banks | Revolver | — (S + 4.50%; 0.75% Floor) | 9/1/2031 |  | (1265) |  | (6)(7)(15) |
| NC Topco, LLC | Banks | Delayed Draw Term Loan | — (S + 2.50%; 0.75% Floor) | 8/29/2031 |  | (1575) |  | (6)(7)(15) |
| Nexus Buyer LLC | Financial Services | Term Loan | 7.18% (S + 3.50%; 0.00% Floor) | 7/31/2031 | 498744 | 495938 | 491317 | (10)(15) |
| NMI Acquisitionco, Inc. | Financial Services | Term Loan | 8.31% (S + 4.50%; 0.75% Floor) | 9/6/2028 | 2384896 | 2336881 | 2367009 | (15) |
| NMI Acquisitionco, Inc. | Financial Services | Revolver | — (S + 4.50%; 0.75% Floor) | 9/6/2028 |  | (3682) | (1480) | (6)(7)(15) |
| NMI Acquisitionco, Inc. | Financial Services | Term Loan | 8.31% (S + 4.50%; 0.75% Floor) | 9/6/2028 | 356130 | 348960 | 353459 | (15) |
| NMI Acquisitionco, Inc. | Financial Services | Term Loan | 8.31% (S + 4.50%; 0.75% Floor) | 9/6/2028 | 96714 | 94767 | 95988 | (15) |
| NMI Acquisitionco, Inc. | Financial Services | Term Loan | 8.31% (S + 4.50%; 0.75% Floor) | 9/6/2028 | 1288851 | 1262903 | 1279185 | (15) |
| NMI Acquisitionco, Inc. | Financial Services | Delayed Draw Term Loan | 8.31% (S + 4.50%; 0.75% Floor) | 9/6/2028 | 1272859 | 1247375 | 1263313 | (15) |
| OLYMPUS WATER US HOLDING CORP | Chemicals | Term Loan | 6.93% (S + 3.25%; 0.00% Floor) | 11/3/2032 | 500000 | 498776 | 496565 | (10)(15) |
| ONEDIGITAL BORROWER LLC | Insurance | Term Loan | 6.68% (S + 3.00%; 0.50% Floor) | 7/2/2031 | 497475 | 497475 | 498107 | (10)(15) |
| OPOC Acquisition, LLC | Insurance | Revolver | — (S + 5.00%; 1.00% Floor) | 12/20/2030 |  | (906) | (699) | (6)(7)(15) |
| OPOC Acquisition, LLC | Insurance | Delayed Draw Term Loan | 8.87% (S + 5.00%; 1.00% Floor) | 12/20/2030 | 20979 | 19759 | 20542 | (6)(15) |
| OPOC Acquisition, LLC | Insurance | Term Loan | 8.98% (S + 5.00%; 1.00% Floor) | 12/20/2030 | 749580 | 739648 | 742085 | (15) |
| Orbit Private Holdings I Ltd | Financial Services | Term Loan | 7.43% (S + 3.75%; 0.50% Floor) | 12/10/2031 | 861022 | 856717 | 863984 | (10)(15) |

---

See Notes to Consolidated Financial Statements

------

**AB Private Lending Fund**

**Consolidated Schedule of Investments as of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** | **Industry** | **Facility Type** | **Interest** | **Maturity** | **Funded<br>Par<br>Amount** | **Cost** | **Fair Value** | **Tickmarks** |
| Pace Health Companies, LLC | Health Care Providers & Services | Term Loan | 9.07% (S + 5.25%; 1.00% Floor) | 8/2/2027 | 2753287 | 2753287 | 2753287 | (15) |
| Pace Health Companies, LLC | Health Care Providers & Services | Delayed Draw Term Loan | — (S + 5.25%; 1.00% Floor) | 8/2/2027 |  | (6333) |  | (6)(7)(15) |
| Pamlico Avant Holdings, L.P. | Diversified Telecommunication Services | Term Loan | 8.17% (S + 4.50%; 0.75% Floor) | 12/31/2032 | 7093586 | 7022671 | 7022650 | (15) |
| Pamlico Avant Holdings, L.P. | Diversified Telecommunication Services | Revolver | 8.17% (S + 4.50%; 0.75% Floor) | 12/31/2032 | 95946 | 86351 | 86351 | (6)(15) |
| Patriot Acquireco L.L.C. | Hotels, Restaurants & Leisure | Term Loan | 8.17% (S + 4.50%; 0.75% Floor) | 9/7/2032 | 6287605 | 6226926 | 6224729 | (15) |
| Patriot Acquireco L.L.C. | Hotels, Restaurants & Leisure | Revolver | 8.17% (S + 4.50%; 0.75% Floor) | 9/3/2032 | 126067 | 120043 | 119764 | (6)(15) |
| PHOENIX AVIATION CAPITAL LLC | Aerospace & Defense | Term Loan | 6.93% (S + 3.25%; 0.00% Floor) | 11/5/2032 | 500000 | 495000 | 494690 | (10)(15) |
| PHRG INTERMEDIATE LLC | Diversified Consumer Services | Term Loan | 7.57% (S + 4.00%; 0.00% Floor) | 2/20/2032 | 497500 | 495013 | 493769 | (10)(15) |
| Ping Identity Holding Corp. | Software | Term Loan | 6.43% (S + 2.75%; 0.00% Floor) | 11/15/2032 | 1000000 | 997500 | 1001250 | (10)(15) |
| Pinnacle Treatment Centers, Inc. | Health Care Providers & Services | Term Loan | 9.66% (S + 5.75%; 1.00% Floor) | 1/4/2027 | 914009 | 914009 | 893443 | (15) |
| Pinnacle Treatment Centers, Inc. | Health Care Providers & Services | Term Loan | 9.66% (S + 5.75%; 1.00% Floor) | 1/4/2027 | 69611 | 69611 | 68045 | (15) |
| Pinnacle Treatment Centers, Inc. | Health Care Providers & Services | Delayed Draw Term Loan | 9.57% (S + 5.75%; 1.00% Floor) | 1/4/2027 | 76880 | 76880 | 75150 | (15) |
| Pinnacle Treatment Centers, Inc. | Health Care Providers & Services | Term Loan | 9.57% (S + 5.75%; 1.00% Floor) | 1/4/2027 | 36948 | 36948 | 36117 | (15) |
| Priority OnDemand Midco 2, L.P. | Health Care Equipment & Supplies | Term Loan | 9.13% (S + 5.25%; 1.00% Floor) | 7/17/2028 | 3146968 | 3146968 | 3146968 | (15) |
| Priority OnDemand Midco 2, L.P. | Health Care Equipment & Supplies | Delayed Draw Term Loan | 9.13% (S + 5.25%; 1.00% Floor) | 7/17/2028 | 74824 | 74679 | 74824 | (6)(15) |
| Prism Bidco, Inc. | Health Care Technology | Term Loan | 8.68% (S + 5.00%; 0.00% Floor) | 10/15/2032 | 360000 | 342000 | 346500 | (10)(15) |
| Quest Analytics Inc. | Health Care Technology | Term Loan | 8.11% (S + 4.25%; 0.50% Floor) | 11/10/2032 | 6164609 | 6133786 | 6133786 | (15) |
| Quest Analytics Inc. | Health Care Technology | Delayed Draw Term Loan | — (S + 4.25%; 0.50% Floor) | 11/10/2032 |  | (6849) | (6849) | (6)(7)(15) |
| Quest Analytics Inc. | Health Care Technology | Revolver | — (S + 4.25%; 0.50% Floor) | 11/10/2032 |  | (5479) | (5479) | (6)(7)(15) |
| QUIDELORTHO CORP | Health Care Equipment & Supplies | Term Loan | 7.68% (S + 4.00%; 0.00% Floor) | 8/20/2032 | 498750 | 489206 | 498127 | (10)(15) |
| Quirch Foods Holdings, LLC | Food Products | Term Loan | 10.34% (S + 6.50%; 1.00% Floor) | 11/12/2030 | 4347242 | 4303770 | 4303770 | (15) |
| Quirch Foods Holdings, LLC | Food Products | Delayed Draw Term Loan | — (S + 6.50%; 1.00% Floor) | 11/12/2030 |  | (2221) | (2249) | (6)(7)(15) |
| Ranger Buyer, Inc. | Commercial Services & Supplies | Term Loan | 8.42% (S + 4.75%; 0.75% Floor) | 11/20/2028 | 5401786 | 5364673 | 5401786 | (15) |
| Ranger Buyer, Inc. | Commercial Services & Supplies | Revolver | — (S + 4.75%; 0.75% Floor) | 11/18/2027 |  | (1945) |  | (6)(7)(15) |
| Redwood Family Care Network, Inc. | Health Care Providers & Services | Term Loan | 9.17% (S + 5.50%; 1.00% Floor) | 6/20/2028 | 2234243 | 2227633 | 2234243 | (15) |
| Redwood Family Care Network, Inc. | Health Care Providers & Services | Delayed Draw Term Loan | 9.17% (S + 5.50%; 1.00% Floor) | 6/19/2028 | 1953552 | 1947959 | 1953552 | (15) |
| Redwood Family Care Network, Inc. | Health Care Providers & Services | Delayed Draw Term Loan | 9.17% (S + 5.50%; 1.00% Floor) | 6/19/2028 | 1213865 | 1210296 | 1213865 | (15) |
| REP TEC Intermediate Holdings, Inc. | Professional Services | Term Loan | 8.42% (S + 4.75%; 1.00% Floor) | 5/30/2031 | 5403755 | 5403755 | 5390245 | (15) |
| REP TEC Intermediate Holdings, Inc. | Professional Services | Revolver | — (S + 4.75%; 1.00% Floor) | 5/30/2031 |  |  | (242) | (6)(7)(15) |

---

See Notes to Consolidated Financial Statements

------

**AB Private Lending Fund**

**Consolidated Schedule of Investments as of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** | **Industry** | **Facility Type** | **Interest** | **Maturity** | **Funded<br>Par<br>Amount** | **Cost** | **Fair Value** | **Tickmarks** |
| Ridge Trail US Bidco, Inc. | Capital Markets | Term Loan | 8.37% (S + 4.50%; 0.75% Floor) | 9/30/2031 | 771018 | 761026 | 771018 | (8)(15) |
| Ridge Trail US Bidco, Inc. | Capital Markets | Delayed Draw Term Loan | — (S + 4.75%; 0.75% Floor) | 9/30/2031 |  | (1654) |  | (6)(7)(8)(15) |
| Ridge Trail US Bidco, Inc. | Capital Markets | Revolver | 8.37% (S + 4.50%; 0.75% Floor) | 3/30/2031 | 24170 | 23073 | 24170 | (6)(8)(15) |
| RYAN LLC | Professional Services | Term Loan | 7.18% (S + 3.50%; 0.00% Floor) | 1/28/2029 | 500000 | 497500 | 492915 | (10)(15) |
| Saab Purchaser, Inc. | Banks | Term Loan | 8.42% (S + 4.75%; 0.75% Floor) | 11/12/2031 | 707420 | 701203 | 707420 | (15) |
| Saab Purchaser, Inc. | Banks | Delayed Draw Term Loan | 8.42% (S + 4.75%; 0.75% Floor) | 11/12/2031 | 191011 | 189405 | 191011 | (15) |
| Saab Purchaser, Inc. | Banks | Revolver | — (S + 4.75%; 0.75% Floor) | 11/12/2031 |  | (3745) |  | (6)(7)(15) |
| Saab Purchaser, Inc. | Banks | Term Loan | 8.42% (S + 4.75%; 0.75% Floor) | 11/12/2031 | 2384615 | 2361603 | 2384615 | (15) |
| Saab Purchaser, Inc. | Banks | Delayed Draw Term Loan | — (S + 4.75%; 0.75% Floor) | 11/12/2031 |  | (11026) |  | (6)(7)(15) |
| Sako and Partners Lower Holdings LLC | Real Estate Management & Development | Term Loan | 8.17% (S + 4.50%; 1.00% Floor) | 9/15/2028 | 87670 | 86383 | 87670 | (15) |
| Sako and Partners Lower Holdings LLC | Real Estate Management & Development | Term Loan | 8.17% (S + 4.50%; 1.00% Floor) | 9/15/2028 | 4359678 | 4359678 | 4359678 | (15) |
| Sako and Partners Lower Holdings LLC | Real Estate Management & Development | Delayed Draw Term Loan | 8.17% (S + 4.50%; 1.00% Floor) | 9/15/2028 | 1042941 | 1042941 | 1042941 | (15) |
| Sako and Partners Lower Holdings LLC | Real Estate Management & Development | Revolver | 8.20% (S + 4.50%; 1.00% Floor) | 9/15/2028 | 101602 | 101461 | 101602 | (6)(15) |
| Salisbury House, LLC | Diversified Consumer Services | Term Loan | 8.72% (S + 5.00%; 0.75% Floor) | 8/18/2032 | 7092936 | 7023025 | 7022006 | (15) |
| Salisbury House, LLC | Diversified Consumer Services | Delayed Draw Term Loan | — (S + 5.00%; 0.75% Floor) | 8/18/2032 |  | (6768) |  | (6)(7)(15) |
| Salisbury House, LLC | Diversified Consumer Services | Revolver | 8.71% (S + 5.00%; 0.75% Floor) | 8/18/2032 | 142620 | 133603 | 133112 | (6)(15) |
| Sandstone Care Holdings, LLC | Health Care Providers & Services | Delayed Draw Term Loan | 9.39% (S + 5.50%; 1.00% Floor) | 6/28/2028 | 146241 | 146241 | 146241 | (6)(15) |
| Sandstone Care Holdings, LLC | Health Care Providers & Services | Term Loan | 9.27% (S + 5.50%; 1.00% Floor) | 6/28/2028 | 1779226 | 1779226 | 1543479 | (15) |
| Sandstone Care Holdings, LLC | Health Care Providers & Services | Delayed Draw Term Loan | 9.27% (S + 5.50%; 1.00% Floor) | 6/28/2028 | 355243 | 353895 | 308174 | (15) |
| Sandstone Care Holdings, LLC | Health Care Providers & Services | Revolver | 9.27% (S + 5.50%; 1.00% Floor) | 6/28/2028 | 322658 | 322658 | 279906 | (15) |
| Sauce Labs Inc | Software | Revolver | — (S + 5.50%; 1.00% Floor) | 8/16/2027 |  | (4979) | (13757) | (6)(7)(15) |
| Sauce Labs Inc | Software | Delayed Draw Term Loan | 9.94% (S + 5.50%; 1.00% Floor; 0.50% PIK) | 8/16/2027 | 761819 | 753663 | 740869 | (15) |
| Sauce Labs Inc | Software | Term Loan | 9.94% (S + 5.50%; 1.00% Floor; 0.50% PIK) | 8/16/2027 | 2928407 | 2893819 | 2847876 | (15) |
| Sauce Labs Inc | Software | Delayed Draw Term Loan | 9.94% (S + 5.50%; 1.00% Floor; 0.50% PIK) | 8/16/2027 | 322875 | 321049 | 313996 | (15) |
| Second Nature Brands, Inc. | Real Estate Management & Development | Term Loan | 10.10% (S + 6.00%; 1.00% Floor) | 2/6/2031 | 800375 | 789632 | 794372 | (15) |
| Second Nature Brands, Inc. | Real Estate Management & Development | Revolver | — (S + 6.00%; 1.00% Floor) | 2/6/2031 |  | (1140) | (667) | (6)(7)(15) |
| Serrano Parent, LLC | Software | Term Loan | 10.36% (S + 6.50%; 1.00% Floor) | 5/13/2030 | 5500000 | 5413496 | 5252500 | (15) |
| Serrano Parent, LLC | Software | Revolver | — (S + 6.50%; 1.00% Floor) | 5/13/2030 |  | (7882) | (24345) | (6)(7)(15) |
| Slipstream IT, LLC | Software | Term Loan | 8.21% (S + 4.50%; 0.75% Floor) | 8/1/2031 | 3104424 | 3075048 | 3073380 | (15) |
| Slipstream IT, LLC | Software | Delayed Draw Term Loan | — (S + 4.50%; 0.75% Floor) | 8/1/2031 |  | (2419) | (2594) | (6)(7)(15) |
| Slipstream IT, LLC | Software | Revolver | — (S + 4.50%; 0.75% Floor) | 8/1/2031 |  | (4834) | (5187) | (6)(7)(15) |

---

See Notes to Consolidated Financial Statements

------

**AB Private Lending Fund** 

**Consolidated Schedule of Investments as of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** | **Industry** | **Facility Type** | **Interest** | **Maturity** | **Funded<br>Par<br>Amount** | **Cost** | **Fair Value** | **Tickmarks** |
| Soladoc, LLC | Health Care Equipment & Supplies | Term Loan | 8.76% (S + 5.00%; 0.75% Floor) | 6/12/2028 | 2304698 | 2248755 | 2258604 | (15) |
| Soladoc, LLC | Health Care Equipment & Supplies | Revolver | — (S + 5.00%; 0.75% Floor) | 6/12/2028 |  | (5195) | (4610) | (6)(7)(15) |
| Synechron, Inc. | IT Services | Term Loan | 7.41% (S + 3.75%; 0.00% Floor) | 10/3/2031 | 498744 | 492709 | 495003 | (10)(15) |
| Tau Buyer, LLC | Technology Hardware, Storage & Peripherals | Term Loan | 8.17% (S + 4.75%; 0.75% Floor) | 2/2/2032 | 2287927 | 2267295 | 2282207 | (15) |
| Tau Buyer, LLC | Technology Hardware, Storage & Peripherals | Delayed Draw Term Loan | 8.42% (S + 4.75%; 0.75% Floor) | 2/2/2032 | 525229 | 519273 | 525229 | (6)(15) |
| Tau Buyer, LLC | Technology Hardware, Storage & Peripherals | Revolver | 8.40% (S + 4.75%; 0.75% Floor) | 2/2/2032 | 47748 | 45148 | 47002 | (6)(15) |
| Telcor Buyer, Inc. | Health Care Technology | Term Loan | 8.06% (S + 4.25%; 1.00% Floor) | 8/20/2027 | 2596300 | 2592839 | 2596300 | (15) |
| Telcor Buyer, Inc. | Health Care Technology | Revolver | — (S + 4.25%; 1.00% Floor) | 8/20/2027 |  | (141) |  | (6)(7)(15) |
| Telesoft Holdings, LLC | Diversified Telecommunication Services | Term Loan | 9.56% (S + 5.75%; 1.00% Floor) | 12/16/2026 | 1400973 | 1400992 | 1397471 | (15) |
| The Center for Orthopedic and Research Excellence, Inc. | Health Care Providers & Services | Term Loan | 9.99% (S + 6.00%; 1.00% Floor) | 12/31/2026 | 957467 | 957467 | 957467 | (15) |
| The Center for Orthopedic and Research Excellence, Inc. | Health Care Providers & Services | Delayed Draw Term Loan | 9.99% (S + 6.00%; 1.00% Floor) | 12/31/2026 | 225773 | 225346 | 225773 | (15) |
| The Center for Orthopedic and Research Excellence, Inc. | Health Care Providers & Services | Delayed Draw Term Loan | 9.99% (S + 6.00%; 1.00% Floor) | 12/31/2026 | 363625 | 362937 | 363625 | (15) |
| The Center for Orthopedic and Research Excellence, Inc. | Health Care Providers & Services | Delayed Draw Term Loan | 9.97% (S + 6.00%; 1.00% Floor) | 12/31/2026 | 401167 | 400409 | 401167 | (15) |
| The Center for Orthopedic and Research Excellence, Inc. | Health Care Providers & Services | Term Loan | 10.02% (S + 6.00%; 1.00% Floor) | 12/31/2026 | 752538 | 752538 | 752538 | (15) |
| TKO WORLDWIDE HOLDINGS LLC. | Entertainment | Term Loan | 5.66% (S + 2.00%; 0.00% Floor) | 11/21/2031 | 497500 | 496312 | 499500 | (10)(15) |
| TMA Buyer LLC | Software | Term Loan | 8.82% (S + 5.00%; 0.75% Floor) | 4/30/2031 | 1656708 | 1641586 | 1640141 | (15) |
| TMA Buyer LLC | Software | Delayed Draw Term Loan | 8.82% (S + 5.00%; 0.75% Floor) | 4/30/2031 | 435517 | 431586 | 433340 | (15) |
| TMA Buyer LLC | Software | Delayed Draw Term Loan | — (S + 5.00%; 0.75% Floor) | 4/30/2031 |  |  |  | (6)(15) |
| TMA Buyer LLC | Software | Revolver | — (S + 5.00%; 0.75% Floor) | 4/30/2031 |  | (1551) | (1742) | (6)(7)(15) |
| Towerco IV Holdings, LLC | Diversified Telecommunication Services | Delayed Draw Term Loan | 7.58% (S + 3.75%; 1.00% Floor) | 8/31/2028 | 6267225 | 6267225 | 6267225 | (6)(15) |
| UFS, LLC | Banks | Term Loan | 8.50% (S + 4.75%; 0.75% Floor) | 10/14/2031 | 5436143 | 5383323 | 5381781 | (15) |
| UFS, LLC | Banks | Revolver | 8.50% (S + 4.75%; 0.75% Floor) | 10/14/2031 | 86288 | 82934 | 82836 | (6)(15) |
| Ungerboeck Systems International, LLC | Leisure Products | Term Loan | 9.04% (S + 5.25%; 1.00% Floor) | 4/30/2029 | 722509 | 719020 | 722509 | (15) |
| Ungerboeck Systems International, LLC | Leisure Products | Delayed Draw Term Loan | 9.04% (S + 5.25%; 1.00% Floor) | 4/30/2029 | 85879 | 85464 | 85879 | (15) |
| Ungerboeck Systems International, LLC | Leisure Products | Delayed Draw Term Loan | 9.04% (S + 5.25%; 1.00% Floor) | 4/30/2029 | 180967 | 180093 | 180967 | (15) |
| Ungerboeck Systems International, LLC | Leisure Products | Term Loan | 9.04% (S + 5.25%; 1.00% Floor) | 4/30/2029 | 38657 | 38928 | 38657 | (15) |
| Ungerboeck Systems International, LLC | Leisure Products | Delayed Draw Term Loan | 9.04% (S + 5.25%; 1.00% Floor) | 4/30/2027 | 122565 | 121973 | 122565 | (15) |
| Ungerboeck Systems International, LLC | Leisure Products | Revolver | — (S + 5.25%; 1.00% Floor) | 4/30/2029 |  | (78) |  | (6)(7)(15) |
| UNIVISION COMMUNICATIONS INC. | Media | Term Loan | 7.30% (S + 3.61%; 0.50% Floor) | 1/31/2029 | 489994 | 488105 | 488308 | (10)(15) |
| Unlimited Technology Holdings, LLC | Health Care Technology | Term Loan | 8.17% (S + 4.50%; 0.75% Floor) | 3/12/2032 | 877941 | 873930 | 877941 | (15) |
| Unlimited Technology Holdings, LLC | Health Care Technology | Revolver | — (S + 4.50%; 0.75% Floor) | 3/12/2032 |  | (522) |  | (6)(7)(15) |

---

See Notes to Consolidated Financial Statements

------

**AB Private Lending Fund** 

**Consolidated Schedule of Investments as of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** | **Industry** | **Facility Type** | **Interest** | **Maturity** | **Funded<br>Par<br>Amount** | **Cost** | **Fair Value** | **Tickmarks** |
| Vectra AI, Inc. | Software | Revolver | — (S + 5.25%; 1.00% Floor) | 3/2/2028 |  | (920) | (1414) | (6)(7)(15) |
| Vectra AI, Inc. | Software | Term Loan | 9.20% (S + 5.25%; 1.00% Floor) | 3/2/2028 | 2770990 | 2741476 | 2743280 | (15) |
| Vectra AI, Inc. | Software | Delayed Draw Term Loan | 9.20% (S + 5.25%; 1.00% Floor) | 3/2/2028 | 534780 | 526802 | 525899 | (6)(15) |
| Vehlo Purchaser, LLC | Automobiles | Term Loan | 9.22% (S + 5.50%; 0.75% Floor) | 5/24/2028 | 460379 | 456934 | 460379 | (15) |
| Vehlo Purchaser, LLC | Automobiles | Term Loan | 8.96% (S + 5.50%; 0.75% Floor) | 5/24/2028 | 4285714 | 4258285 | 4285714 | (15) |
| Vehlo Purchaser, LLC | Automobiles | Delayed Draw Term Loan | 9.21% (S + 5.50%; 0.75% Floor) | 5/24/2028 | 1190476 | 1182897 | 1190476 | (15) |
| Vehlo Purchaser, LLC | Automobiles | Revolver | — (S + 5.50%; 0.75% Floor) | 5/24/2028 |  | (3857) |  | (6)(7)(15) |
| Velocity Holdco III Inc. | Commercial Services & Supplies | Term Loan | 9.42% (S + 5.50%; 1.00% Floor) | 5/31/2029 | 4425365 | 4425365 | 4425365 | (15) |
| Veracross LLC | Diversified Consumer Services | Delayed Draw Term Loan | 10.31% (S + 6.50%; 1.00% Floor) | 12/28/2027 | 270673 | 270673 | 270673 | (6)(15) |
| Veracross LLC | Diversified Consumer Services | Term Loan | 10.31% (S + 6.50%; 1.00% Floor) | 12/28/2027 | 5207834 | 5162986 | 5207834 | (15) |
| Veracross LLC | Diversified Consumer Services | Delayed Draw Term Loan | 10.31% (S + 6.50%; 1.00% Floor) | 12/28/2027 | 645835 | 640320 | 645835 | (15) |
| Veracross LLC | Diversified Consumer Services | Revolver | 10.31% (S + 6.50%; 1.00% Floor) | 12/28/2027 | 81756 | 78498 | 81756 | (6)(15) |
| VESTIS CORPORATION | Commercial Services & Supplies | Term Loan | 5.91% (S + 2.25%; 0.00% Floor) | 2/22/2031 | 1000000 | 952614 | 912500 | (10)(15) |
| Visionary Buyer, LLC | Diversified Telecommunication Services | Term Loan | 9.17% (S + 5.50%; 0.75% Floor) | 3/21/2031 | 1723847 | 1702660 | 1715228 | (15) |
| Visionary Buyer, LLC | Diversified Telecommunication Services | Delayed Draw Term Loan | 9.17% (S + 5.50%; 0.75% Floor) | 3/21/2031 | 1723847 | 1703798 | 1715228 | (15) |
| Visionary Buyer, LLC | Diversified Telecommunication Services | Revolver | — (S + 5.50%; 0.75% Floor) | 3/21/2030 |  | (4660) | (2155) | (6)(7)(15) |
| Visionary Buyer, LLC | Diversified Telecommunication Services | Delayed Draw Term Loan | 9.17% (S + 5.50%; 0.75% Floor) | 3/21/2031 | 110000 | 105132 | 110000 | (6)(15) |
| VS Buyer, LLC | Software | Term Loan | 5.91% (S + 2.25%; 0.00% Floor) | 4/12/2031 | 498750 | 493763 | 499997 | (10)(15) |
| Wealth Enhancement Group, LLC | Financial Services | Delayed Draw Term Loan | 8.36% (S + 4.50%; 1.00% Floor) | 10/2/2028 | 104894 | 104220 | 104894 | (6)(15) |
| Wealth Enhancement Group, LLC | Financial Services | Delayed Draw Term Loan | — (S + 4.50%; 1.00% Floor) | 10/2/2028 |  | (687) |  | (6)(7)(15) |

---

See Notes to Consolidated Financial Statements

------

**AB Private Lending Fund** 

**Consolidated Schedule of Investments as of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** | **Industry** | **Facility Type** | **Interest** | **Maturity** | **Funded<br>Par<br>Amount** | **Cost** | **Fair Value** | **Tickmarks** |
| Wealth Enhancement Group, LLC | Financial Services | Delayed Draw Term Loan | 8.48% (S + 4.50%; 1.00% Floor) | 10/2/2028 | 2351713 | 2351713 | 2351713 | (15) |
| Wealth Enhancement Group, LLC | Financial Services | Revolver | — (S + 4.50%; 1.00% Floor) | 10/2/2028 |  | (28) |  | (6)(7)(15) |
| Wealth Enhancement Group, LLC | Financial Services | Delayed Draw Term Loan | 8.48% (S + 4.50%; 1.00% Floor) | 10/2/2028 | 520860 | 520860 | 520860 | (15) |
| Zendesk, Inc. | Software | Delayed Draw Term Loan | 8.68% (S + 5.00%; 0.75% Floor) | 11/22/2028 | 790158 | 784963 | 790158 | (15) |
| Zendesk, Inc. | Software | Revolver | — (S + 5.00%; 0.75% Floor) | 11/22/2028 |  |  |  | (6)(15) |
| Zendesk, Inc. | Software | Term Loan | 8.68% (S + 5.00%; 0.75% Floor) | 11/22/2028 | 4900557 | 4900557 | 4900557 | (15) |
| Zendesk, Inc. | Software | Delayed Draw Term Loan | — (S + 5.00%; 0.75% Floor) | 11/22/2028 |  | (4147) |  | (6)(7)(15) |
| &nbsp;&nbsp;&nbsp; **Total U.S. 1st Lien/Senior Secured Debt** |  |  |  |  |  | **333836592** | **333424031** |  |

---

See Notes to Consolidated Financial Statements

------

**AB Private Lending Fund** 

**Consolidated Schedule of Investments as of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** | **Industry** | **Facility Type** | **Interest** | **Maturity** | **Funded<br>Par<br>Amount** | **Cost** | **Fair Value** | **Tickmarks** |
| **2nd Lien/Junior Secured Debt — 0.50%** |  |  |  |  |  |  |  |  |
| Symplr Software, Inc. | Health Care Technology | Term Loan | 11.81% (S + 7.87%; 0.75% Floor) | 12/22/2028 | 988342 | 926748 | 812911 | (15) |
| &nbsp;&nbsp;&nbsp;**Total U.S. 2nd Lien/Junior Secured Debt** |  |  |  |  |  | **926748** | **812911** |  |
| &nbsp;&nbsp;&nbsp;**Total U.S Corporate Debt** |  |  |  |  |  | **334763340** | **334236942** |  |
| **<u>UK Corporate Debt —</u> <u>0.56</u><u>%</u>** |  |  |  |  |  |  |  |  |
| **<u>UK 1st Lien/Senior Secured Debt —</u> <u>0.56</u><u>%</u>** |  |  |  |  |  |  |  |  |
| Labvantage Systems Limited | Pharmaceuticals | Term Loan | 9.10% (S + 5.25%; 1.00% Floor) | 12/23/2030 | 917271 | 902759 | 910392 | (8)(15) |
| Labvantage Solutions Inc. | Pharmaceuticals | Revolver | — (S + 5.25%; 1.00% Floor) | 12/23/2030 |  | (1122) | (533) | (6)(7)(8)(15) |
| &nbsp;&nbsp;&nbsp;**Total UK 1st Lien/Senior Secured Debt** |  |  |  |  |  | **901637** | **909859** |  |
| &nbsp;&nbsp;&nbsp;**Total UK Corporate Debt** |  |  |  |  |  | **901637** | **909859** |  |
| **<u>Canadian Corporate Debt —</u> <u>0.85</u><u>%</u>** |  |  |  |  |  |  |  |  |
| **<u>Canadian 1st Lien/Senior Secured Debt —</u> <u>0.85</u><u>%</u>** |  |  |  |  |  |  |  |  |
| RevauAdvanced Underwriting Inc. | Insurance | Term Loan | 8.46% (S + 4.75%; 0.75% Floor) | 5/10/2032 | 1389287 | 1376374 | 1375395 | (8)(15) |
| RevauAdvanced Underwriting Inc. | Insurance | Delayed Draw Term Loan | 8.46% (S + 4.75%; 0.75% Floor) | 5/10/2032 | 12133 | 9308 | 9085 | (6)(8)(15) |
| &nbsp;&nbsp;&nbsp;**Total Canada 1st Lien/Senior Secured Debt** |  |  |  |  |  | **1385682** | **1384480** |  |
| &nbsp;&nbsp;&nbsp;**Total Canadian Corporate Debt** |  |  |  |  |  | **1385682** | **1384480** |  |

---

See Notes to Consolidated Financial Statements

------

**AB Private Lending Fund** 

**Consolidated Schedule of Investments as of December 31, 2025**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** | **Class/Series** | **Shares** | **Cost** | **Fair Value** | **Tickmarks** |
| **U.S. Investment Companies — 1.69%** |  |  |  |  |  |
| AB EQUITY INVESTORS, L.P. | LP Interests | 2493075 | 2493075 | 2755419 | (8)(11)(16) |
| &nbsp;&nbsp;&nbsp; **Total U.S. Investment Companies** |  |  | **2493075** | **2755419** |  |
| **Total Investments — 208.14%** |  |  | **339543734** | **339286700** |  |

---

See Notes to Consolidated Financial Statements

------

**AB Private Lending Fund** 

**Consolidated Schedule of Investments as of December 31, 2025**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** | **Yield** | **Shares** | **Cost** | **Fair value** | **Tickmarks** |
| **<u>Cash Equivalents —</u> <u>2.86</u><u>%</u>** |  |  |  |  |  |
| US BANK MMDA GCTS | 3.73% | 4663819 | 4663819 | 4663819 | (9)(13)(14) |
| &nbsp;&nbsp;&nbsp;**Total Cash Equivalents** |  |  | **4663819** | **4663819** |  |
| **<u>Cash —</u> <u>1.71</u><u>%</u>** |  |  |  |  |  |
| US Dollar |  | 2785298 | 2785298 | 2785298 | (13) |
| &nbsp;&nbsp;&nbsp;**Total Cash** |  |  | **2785298** | **2785298** |  |
| **TOTAL CASH AND CASH EQUIVALENTS** |  |  | **7449117** | **7449117** |  |
| **LIABILITIES IN EXCESS OF OTHER ASSETS — (112.71%)** |  |  |  | **(183727570)** |  |
| **NET ASSETS — 100.00%** |  |  |  | **163008247** |  |

---

(1)Unless otherwise indicated, all securities represent co-investments made with the Fund's affiliates in accordance with the terms of the exemptive relief received from the U.S. Securities and Exchange Commission. See Note 3 "Related Party Transactions".

(2)Unless otherwise indicated, all securities are valued using significant unobservable inputs, which are categorized as Level 3 assets under the definition of Financial Accounting Standards Board's Accounting Standards Codification 820 fair value hierarchy.

(3)Percentages are based on net assets

(4)Generally, the interest rate on floating interest rate investments is at benchmark rate plus spread, subject to an interest rate floor. The borrower has an option to choose the benchmark rate, such as the Secured Overnight Financing Rate including adjustment, if any ("S") or the U.S. Prime Rate ("P"). The spread may change based on the type of rate used. The terms in the Consolidated Schedule of Investments disclose the actual interest rate in effect as of the reporting period. S loans are typically indexed to 30-day, 90-day or 180-day rates (1M, 3M or 6M, respectively) at the borrower's option. As of December 31, 2025, rates for 1M S, 3M S and 6M S are 3.69% ,3.65%, and 3.57%, respectively. As of December 31, 2025, the P was 6.75%. For investments with multiple reference rates or alternate base rates, the interest rate shown is the weighted average interest rate in effect at December 31, 2025.

(5)Not used.

(6)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".

(7)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.

(8)The investment is not a qualifying asset under Section 55(a) of the 1940 Act. The Fund may not acquire any non-qualifying asset unless, at the time of acquisition, qualifying assets represent at least 70% of the Fund's total assets. As of December 31, 2025, the aggregate fair value of these securities is $6,544,983 or 1.87% of the Fund's total assets.

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

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

(11)Excluded from the ASC 820 fair value hierarchy as fair value is measured using the net asset value ("NAV") as a practical expedient. Underlying investments are private equity entities generally created to aggregate capital for a single investment, with the exception of AB Equity Investors, L.P., which invests in multiple investments. These investments are generally not redeemable.

(12)Aggregate gross unrealized appreciation for federal income tax purposes is $1,353,306; aggregate gross unrealized depreciation for federal income tax purposes is $1,610,340. Net unrealized depreciation is $257,034. As of December 31, 2025, the cost basis of investments owned was substantially identical for both book and tax purposes.

(13)Included within 'Cash and cash equivalents' on the Consolidated Statements of Assets and Liabilities.

(14)The rate shown is the annualized seven-day yield as of December 31, 2025.

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

(16)Non-income producing investment.

---

| |
|:---|
| &nbsp;&nbsp;&nbsp;P - Prime |
| &nbsp;&nbsp;&nbsp;PIK - Payment-In-Kind |
| &nbsp;&nbsp;&nbsp;S - SOFR |

---

See Notes to Consolidated Financial Statements

------

**AB Private Lending Fund**

**Notes to Unaudited Consolidated Financial Statements** 

**March 31, 2026**

**1.** **Organization** 

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

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

Under normal circumstances, the Fund will invest at least 80% of its total assets (net assets plus borrowings for investment purposes) in private credit and credit-related instruments issued by corporate issuers (including loans, notes, bonds and other corporate debt securities).

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

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

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

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

The Fund's fiscal year ends on December 31.

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

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

**2.** **Summary of Significant Accounting Policies** 

*Basis of Presentation* 

The Fund is an investment company under accounting principles generally accepted in the United States of America ("GAAP") and follows the accounting and reporting guidance applicable to investment companies in Financial Accounting Standards Board ("FASB") ASC 946, *Financial Services – Investment Companies.* The Fund has prepared the consolidated financial statements and related financial information pursuant to the requirements for reporting on Form 10-Q and Articles 6 and 10 of Regulation S-X. Accordingly, the Fund has not included in this Quarterly Report all the information and notes required by GAAP for annual financial statements. In the opinion of management, the unaudited financial information for the interim periods presented in this report reflects all normal and recurring adjustments necessary for a fair statement of the periods presented. Operating results for interim periods are not necessarily indicative of operating results for an entire year.

The functional currency of the Fund is U.S. dollars, and these consolidated financial statements have been prepared in that currency.

*Consolidation*

The Fund will generally consolidate any wholly or substantially owned subsidiary when the design and purpose of the subsidiary is to act as an extension of the Fund's investment operations and to facilitate the execution of the Fund's investment strategy. Accordingly, the Fund consolidated the results of its wholly or substantially owned subsidiaries in its consolidated financial statements. All intercompany balances and transactions have been eliminated in consolidation.

As of March 31, 2026, the Fund's only consolidated subsidiary was ABPLF.

*Valuation of Investment Companies* 

Investments in investment companies are valued at fair value. Fair values are generally determined utilizing the net asset value ("NAV") supplied by, or on behalf of, management of each investment company, which is net of management and incentive fees or allocations charged by the investment company and is in accordance with the "practical expedient", as defined by ASC 820. NAVs received by, or on behalf of, management of each investment company are based on the fair value of the investment company's underlying investments in accordance with policies established by management of each investment company, as described in each of their financial statements and offering memorandum.

*Cash and Cash Equivalents*

Cash and cash equivalents are defined as cash and U.S. government securities and investment grade debt instruments maturing within three months of purchase of such instrument by the Fund. Cash consists of demand deposits and money market accounts. The Fund maintains deposits of its cash with financial institutions, and, at times, cash held in bank accounts may exceed the Federal Deposit Insurance Corporation insured limit. The Fund considers overnight sweep accounts, all highly liquid investments, with original maturities of less than ninety days and money market mutual funds as cash equivalents.

*Revenue Recognition* 

Investment transactions are recorded on a trade-date basis. Interest income is recognized on an accrual basis. Interest income on debt instruments is accrued and recognized for those issuers who are currently paying in full or expected to pay in full. For those issuers who are in default or expected to default, interest is not accrued and is only recognized when received. Generally, when interest and/or principal payments on a loan become past due, or if the Fund otherwise does not expect the borrower to be able to service its debt and other obligations, the Fund will place the loan on non-accrual status and will cease recognizing interest income on that loan for financial reporting purposes until all principal and interest have been brought current through payment or due to restructuring such that the interest income is deemed to be collectible. The Fund generally restores non-accrual loans to accrual status when past due principal and interest is paid and, in the management's judgment, is

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likely to remain current. Interest income and expense include discounts accreted and premiums amortized on certain debt instruments as determined in good faith by the Adviser and calculated using the effective interest method. Loan origination fees, original issue discounts and market discounts or premiums are capitalized as part of the underlying cost of the investments and accreted or amortized over the life of the investment as interest income.

Realized gains and losses on investment transactions are determined on the specific identification method.

Certain investments in debt securities may contain a contractual payment-in-kind ("PIK") interest provision. The PIK provisions generally feature the obligation, or the option, at each interest payment date of making interest payments in (i) cash, (ii) additional debt or (iii) a combination of cash and additional debt. PIK interest, computed at the contractual rate specified in the investment's credit agreement, is accrued as interest income and recorded as interest receivable up to the interest payment date. On the interest payment date, the accrued interest receivable attributable to PIK is added to the principal balance of the investment. When additional debt is received on the interest payment date, it typically has the same terms, including maturity dates and interest rates, as the original loan. PIK interest generally becomes due on the investment's maturity date or call date.

The Fund may earn various fees during the life of the loans. Such fees include, but are not limited to, syndication, commitment, administration, prepayment and amendment fees, some of which are paid to the Fund on an ongoing basis. These fees and any other income are recognized as earned. Upon prepayment of a loan or debt security, any prepayment premiums, unamortized upfront loan origination fees and unamortized discounts are recorded as interest income.

Costs associated with entering into an investment are included in the cost of the investment, and any costs incurred relating to an unconsummated investment are expensed.

Distributions received from an equity interest, limited liability company or a limited partnership investment are evaluated to determine if the distribution should be recorded as dividend income, realized gain/(loss) or return of capital.

*Investment Transactions*

Investment transactions are accounted for on the trade date. Realized gains (losses) on investments sold are recorded on the basis of specific identification method for both consolidated financial statement and U.S. federal income tax purposes. Payable for investments purchased and receivable for investments sold on the consolidated statements of assets and liabilities, if any, represents the cost of purchases and proceeds from sales of investment securities, respectively, for trades that have been executed but not yet settled.

*Non-Accrual Investments* 

Investments are placed on non-accrual status when it is probable that principal, interest or dividends will not be collected according to the contractual terms. Accrued interest or dividends generally are reversed when an investment is placed on non-accrual status. Interest or dividend payments received on non-accrual investments may be recognized as income or applied to principal depending upon management's judgment. Non-accrual investments are restored to accrual status when past due principal and interest or dividends are paid and, in management's judgment, principal and interest or dividend payments are likely to remain current. The Fund may make exceptions to this treatment if an investment has sufficient collateral value and is in the process of collection. As of March 31, 2026, the Fund did not have any non-accrual investments.

*Credit Facility Related Costs, Expenses, Deferred Financing Costs and Unamortized Debt Issuance Costs*

The Credit Facilities (as defined in Note 4) are recorded at carrying value, which approximates fair value due to floating interest rates that are based on an index plus spread, which is typically consistent with those demanded in the market. The estimate of the fair value of the Credit Facilities would be classified as level 3 within the fair value hierarchy. Interest expense and unused commitment fees on the Credit Facilities are recorded on an accrual basis. Unused commitment fees are included in interest and borrowing expenses in the consolidated statements of operations. Deferred financing costs include capitalized expenses related to the closing of the Credit Facilities. Amortization of deferred financing costs is computed on the straight-line basis over the contractual term. The amortization of such costs is included in interest and borrowing expenses in the consolidated statements of operations, with any unamortized amounts included in deferred financing costs on the consolidated statements of assets and liabilities. Debt issuance costs relating to the term loans provided by the Credit Facilities are amortized on a straight-line basis over the contractual term and included in interest and borrowing expenses in the consolidated statements of operations. The unamortized debt issuance costs are included as a direct reduction of the carrying value of the Credit Facilities (i.e., a contra liability).

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Upon early termination or partial principal pay down of the term loans provided by the Credit Facilities, the unamortized costs related to the Credit Facilities are accelerated into interest and borrowing expenses on the Fund's consolidated statements of operations.

*Income Taxes*

ASC 740, "Accounting for Uncertainty in Income Taxes" ("ASC 740") provides guidance on the accounting for and disclosure of uncertainty in tax positions. ASC 740 requires the evaluation of tax positions taken or expected to be taken in the course of preparing the Fund's tax returns to determine whether the tax positions are "more-likely-than-not" of being sustained by the applicable tax authority. Tax positions deemed to meet the more-likely-than-not threshold are recorded as a tax benefit or expense in the current year. Based on its analysis of its tax position for all open tax years (the current and prior year), the Fund has concluded that it does not have any uncertain tax positions that met the recognition or measurement criteria of ASC 740. Such open tax years remain subject to examination and adjustment by tax authorities.

The Fund has elected to be treated and intends to continue to qualify annually for federal income tax purposes as a RIC under Subchapter M of the Code. So long as the Fund is able to maintain its status as a RIC, it will generally not be subject to U.S. federal income tax on the portion of its taxable income and gains distributed to its shareholders, and any tax liability related to income earned by the Fund will represent obligations of the Fund's investors and will not be reflected on the financial statements of the Fund. To qualify and maintain qualification as a RIC, the Fund must, among other things, meet certain source-of-income and asset diversification requirements, and distribute at least 90% of its annual investment company taxable income, which is generally its net ordinary income plus the excess, if any, of realized net short-term capital gains over realized net long-term capital losses. In order for the Fund not to be subject to U.S. federal excise taxes, it must distribute annually an amount at least equal to the sum of (i) 98% of its net ordinary income (taking into account certain deferrals and elections) for the calendar year, (ii) 98.2% of its capital gains in excess of capital losses for the one-year period ending on October 31 of the calendar year and (iii) any net ordinary income and capital gains in excess of capital losses for preceding years that were not distributed during such years for which it paid no U.S. federal income taxes. The Fund, at its discretion, may carry forward taxable income in excess of calendar year dividends and pay a 4% nondeductible U.S. federal excise tax on this income. The Fund will accrue excise tax on estimated undistributed taxable income as required. For the three months ended March 31, 2026 and for the year ended December 31, 2025, the Fund had excise tax expense of $44,575 and $5,177, respectively.

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

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

*Use of Estimates* 

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

*Distributions* 

Distributions from net investment income and net realized capital gains are determined in accordance with U.S. federal income tax regulations, which may differ from those amounts determined in accordance with GAAP. These book/tax differences are either temporary or permanent in nature. To the extent these differences are permanent they are charged or credited to paid-in capital in excess of par or distributable earnings, as appropriate, in the period that the differences arise. Temporary and permanent differences are primarily attributable to differences in the tax treatment of certain loans and the tax characterization of income and non-deductible expenses. These differences are determined in conjunction with the preparation of the Fund's annual RIC tax return. Distributions to common shareholders are recorded on the ex-dividend date. The amount to be paid out as a distribution is determined by the Board of Trustees of the Fund (the "Board") each month and is generally based upon the earnings estimated by the Adviser. The Fund may pay distributions to its shareholders in a year in excess of its net ordinary income and capital gains for that year and, accordingly, a portion of such distributions may constitute a return of capital for U.S. federal income tax purposes. This excess would be a tax-free return of capital in the period and reduce the shareholder's tax basis in its Common Shares. The Fund intends to timely distribute to its shareholders substantially all of its annual taxable

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income for each year, except that the Fund may retain certain net capital gains for reinvestment and, depending upon the level of the Fund's taxable income earned in a year, the Fund may choose to carry forward taxable income for distribution in the following year and pay any applicable U.S. federal excise tax. The specific tax characteristics of the Fund's distributions will be reported to shareholders after the end of the calendar year. All distributions will be subject to available funds, and no assurance can be given that the Fund will be able to declare such distributions in future periods.

The Fund has adopted a distribution reinvestment plan, pursuant to which the Fund will reinvest all cash dividends declared by the Board on behalf of its shareholders who do not elect to receive their dividends in cash. As a result, if the Board authorizes, and the Fund declares, a cash dividend or other distribution, then its shareholders who have not opted out of the distribution reinvestment plan will have their cash distributions (net of applicable withholding tax) automatically reinvested in additional shares, rather than receiving the cash dividend or other distribution. Distributions on fractional shares will be credited to each participating shareholder's account to three decimal places.

*Offering Cost and Organizational Expenses* 

Organization expenses include, among other things, the cost of incorporating the Fund and the cost of legal services and other fees pertaining to the Fund's organization. These costs are expensed as incurred. For the three months ended March 31, 2026 and 2025, the Fund did not incur in organizational expenses.

The Fund's offering expenses include, among other things, legal fees, registration fees and other costs pertaining to the preparation of the Fund's registration statement (and any amendments or supplements thereto) relating to the Offering and associated marketing materials. For the three months ended March 31, 2026 and 2025, the Fund incurred offering expenses of $0 and $400,832, respectively. As of March 31, 2026 and December 31, 2025, offering costs payable was $0. Offering expenses are recorded as deferred offering costs on the statement of assets and liabilities and then will be subsequently amortized to expense on the Fund's statement of operations over 12 months from the commencement of operations.

*Segment Reporting*

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

*Recent Accounting Pronouncements*

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures ("ASU 2023-09"), which intends to improve the transparency of income tax disclosures. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024 and is to be adopted on a prospective basis with the option to apply retrospectively. The Fund adopted ASU 2023-09 effective December 31, 2025 and concluded that the application of this guidance did not have any material impact on its consolidated financial statements.

*Reclassifications*

Certain amounts in the prior quarter Consolidated Financial Statements and in the Notes to Consolidated Financial Statements were reclassified to conform to the current quarter's presentation. This had no impact on the prior periods' statement of financial position, net income (loss), cash flows, or net assets.

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**3.** **Related Party Transactions** 

*Investment Advisory Agreement*

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

For the three months ended March 31, 2026 and 2025, the Fund incurred management fees of $516,010 and $365,133, respectively. As of March 31, 2026 and 2025, $3,166,111 and $1,314,784, of accrued management fees remained payable, respectively.

*Incentive Fee*

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

*Incentive Fee Based on Income*

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•100% of the dollar amount of the Fund's Pre-Incentive Fee Net Investment Income Returns with respect to that portion of such Pre-Incentive Fee Net Investment Income Returns attributable to the applicable share class, if any, that exceeds the hurdle rate but is less than a rate of return of 1.43% (5.72% annualized). This portion of the Pre-Incentive Fee Net Investment Income Returns (which exceeds the hurdle rate but is less than 1.43%) is referred to as the "catch-up." The

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"catch-up" is meant to provide the Adviser with approximately 12.5% of the Fund's Pre-Incentive Fee Net Investment Income Returns as if a hurdle rate did not apply if this net investment income exceeds 1.43% in any calendar quarter; and

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

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

The Fund incurred income-based incentive fees for the three months ended March 31, 2026 and March 31, 2025 of $411,294 and $295,101, respectively.

*Incentive Fee Based on Capital Gains*

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

The amount payable equals:

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

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

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

For the three months ended March 31, 2026 and 2025, the Fund incurred capital gain incentive fees of $0 and $1,300, respectively.

As of March 31, 2026 and December 31, 2025, the incentive fees payable were $411,294 and $483,747, respectively.

*Sub-Advisory Agreement* 

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

*Administration Agreement* 

On August 7, 2024, the Fund entered into an Administration Agreement with AB Private Credit Investors LLC (in its capacity as administrator, the "Administrator"). Under the terms of the Administration Agreement, the Administrator provides, or oversees the performance of, administrative and compliance services, including, but not limited to, maintaining financial records, overseeing the calculation of NAV, compliance monitoring (including diligence and oversight of the Fund's other service providers), preparing reports to shareholders and reports filed with the SEC and other regulators, preparing materials and coordinating meetings of the Board, managing the payment of expenses, the payment and receipt of funds for investments and the performance of administrative and professional services rendered by others and providing office space, equipment and office services. The Fund reimburses the Administrator for the costs and expenses incurred by the Administrator in performing its obligations under the Administration Agreement. The Fund also is liable to reimburse the Administrator for the Fund's allocable portion of compensation of the Administrator's personnel, including but not limited to: (i) the Fund's chief compliance officer,

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chief financial officer and their respective staffs; (ii) investor relations, legal, operations and other non-investment professionals at the Administrator that perform duties for the Fund; and (iii) any internal audit group personnel of the Administrator or any of its affiliates. The Administrator may defer or waive rights to be reimbursed for the costs and expenses noted above including the Fund's allocable portion of compensation of the Administrator's personnel, subject to the limitations described in the Administration Agreement. In addition, pursuant to the terms of the Administration Agreement, the Administrator may delegate its obligations under the Administration Agreement to an affiliate or to a third party and the Fund will reimburse the Administrator for any services performed for the Fund by such affiliate or third party. The Administrator hired a sub-administrator to assist in the provision of administrative services. The sub-administrator receives compensation for its sub-administrative services under a sub-administration agreement. For the three months ended March 31, 2026 and 2025, the Fund incurred administration expense fees of $25,883 and $60,070, respectively.

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

*Managing Dealer Agreement* 

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

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

The Managing Dealer will cease receiving the distribution and/or shareholder servicing fee on Class S shares and Class D shares upon the earlier to occur of the following: (i) a listing of Class I shares, (ii) the merger or consolidation of the Fund with or into another entity, or the sale or other disposition of all or substantially all of the Fund's assets, or (iii) the date following the completion of the primary portion of the Offering on which, in the aggregate, underwriting compensation from all sources in connection with such Offering is equal to 10% of the gross proceeds from such Offering.

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

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*Expense Support and Conditional Reimbursement Agreement* 

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

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

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

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

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

For the three months ended March 31, 2026, the Fund was entitled to reimbursements from the Adviser in the amount of $520,647. As of March 31, 2026 reimbursement of $1,815,824 remains outstanding ($1,707,910 as of December 31, 2025). For the three months ended March 31, 2025, the Fund was entitled to reimbursements from the Adviser in the amount of $1,015,155.

As of March 31, 2026, no reimbursement payments have been made. Cumulative expense and support provided and unreimbursed Expense Payments were $6,858,767. The following table presents a summary of Expense Payments and the related Reimbursement Payments for the three months ended March 31, 2026 and 2025, respectively:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For the Month Ended** | **Amount of<br>Expense<br>Support** | **Amount of<br>Reimbursement<br>Payment** | **Amount of<br>Unreimbursed<br>Expense Support** | **Reimbursement<br>Eligibility<br>Expiration** | **Percentage<br>Limit** <sup>(1)</sup> |
| January 31, 2026 | 105303 |  | 105303 | January 31, 2029 | 1.00% |
| February 28, 2026 | 136426 |  | 136426 | February 28, 2029 | 1.00% |
| March 31, 2026 | 278918 |  | 278918 | March 31, 2029 | 1.00% |
| &nbsp;&nbsp;**Total** | $**520647** | $**—** | $**520647** |  |  |
| January 31, 2025 | 278634 |  | 278634 | January 31, 2028 | 1.00% |
| February 1, 2025 | 268655 |  | 268655 | February 29, 2028 | 1.00% |
| March 31, 2025 | 467866 |  | 467866 | March 31, 2028 | 1.00% |
| &nbsp;&nbsp;**Total** | $**1015155** | $**—** | $**1015155** |  |  |

---

------

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

*Transfer Agency Agreement* 

On August 7, 2024, the Fund and AllianceBernstein Investor Services, Inc. ("ABIS"), an affiliate of the Fund, entered into an agreement pursuant to which ABIS provides transfer agent services to the Fund. The Fund bears the expenses related to the agreement with ABIS.

For the three months ended March 31, 2026 and 2025, the Fund incurred $8,268 and $5,963 in transfer agent fees, respectively. As of March 31, 2026 and December 31, 2025, $8,268 and $7,687, of accrued transfer agent fees remained payable, respectively.

*Co-investment Activity* 

The Fund may be prohibited under the 1940 Act from participating in certain transactions with its affiliates without prior approval of the trustees who are not interested persons, and in some cases, the prior approval of the SEC. The Fund, the Adviser and certain of their affiliates have been granted exemptive relief by the SEC for the Fund to co-invest with other funds managed by the Adviser or its affiliates in a manner consistent with the Fund's investment objective, positions, policies, strategies and restrictions as well as regulatory requirements and other pertinent factors. Pursuant to such exemptive relief, the Fund generally is permitted to co-invest with certain of its affiliates if a "required majority" (as defined in Section 57(o) of the 1940 Act) of the Board makes certain conclusions in connection with a co-investment transaction, including that (1) the terms of the transaction, including the consideration to be paid, are reasonable and fair to the Fund and its shareholders and do not involve overreaching of the Fund or its shareholders by another participant in the co-investment transaction, (2) the transaction is consistent with the interests of the Fund's shareholders and is consistent with its investment objective and strategies, (3) the investment by its affiliates would not disadvantage the Fund, and the Fund's participation would not be on a basis different from or less advantageous than that on which its affiliates are investing and (4) the proposed investment by the Fund would not benefit the Adviser or its affiliates or any affiliated person of any of them (other than the parties to the transaction), except to the extent permitted by the exemptive relief and applicable law, including the limitations set forth in Section 57(k) of the 1940 Act. As a result of exemptive relief, there could be significant overlap in the Fund's investment portfolio and the investment portfolio of other funds managed by the Adviser or its affiliates that could avail themselves of the exemptive relief and that have an investment objective similar to the Fund's.

*Ownership by Affiliates*

As of March 31, 2026, Equitable Financial Life Insurance Company, an affiliated insurance company owned by Equitable Holdings, Inc. owned 4,400,000 class I shares of the Fund. This represents 65.02% and 68.02% of the outstanding class I shares as of March 31, 2026 and December 31, 2025, respectively.

**4.** **Borrowings** 

**Credit Facilities** 

*Scotia Credit Facility* 

On May 2, 2024, the Fund entered into a Senior Secured Credit Agreement with The Bank of Nova Scotia, as the administrative agent, and the lenders party thereto from time to time (the "Scotia Credit Facility"). On September 15, 2025 (the "Scotia Credit Facility First Amendment Date"), the Scotia Credit Facility was amended to, among other things, extend the availability period and the maturity date. The following describes the terms of the Scotia Credit Facility as modified through the Scotia Credit Facility First Amendment Date.

The Scotia Credit Facility is secured by a perfected first-priority interest in substantially all of the portfolio investments held by the Fund and certain subsidiaries that have been or will be formed or acquired by the Fund(collectively, the "Guarantors"), subject to certain exceptions, and includes a $30,000,000 sublimit for swingline loans, and is expected to be guaranteed by certain of the Fund's domestic subsidiaries in existence as of the Scotia Credit Facility First Amendment Date. Proceeds of the Scotia Credit Facility may be used for general corporate purposes, including the funding of portfolio investments.

The Scotia Credit Facility provides for, in the aggregate, a total of outstanding term loans and revolving credit facility commitments in the principal amount of $125,000,000, which is comprised of (a) a term loan in a principal amount of

------

$25,000,000 and (b) subject to availability under the borrowing base, which is based on the Fund's portfolio investments and other outstanding indebtedness, a revolving credit facility in a principal amount of up to $100,000,000 (the revolving credit facility increased from $75,000,000 to $100,000,000 on the Scotia Credit Facility First Amendment Date). Maximum capacity under the Scotia Credit Facility may be increased to $400,000,000 through the exercise by the Fund of an uncommitted accordion feature through which existing and new lenders may, at their option, agree to provide additional financing.

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

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

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

*ABPLF Credit Facility* 

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

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

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

Amounts drawn under the ABPLF Credit Facility, bear interest at either the Term SOFR Reference Rate, or the weighted average of the Commercial Paper Rate, the Liquidity Funding Rate and the Credit Funding Rate (each as defined in the ABPLF Credit Agreement, the "Applicable Rate"), in each case, plus a margin. Advances used to finance the purchase or origination of any eligible loans under the ABPLF Credit Facility initially bear interest at the Applicable Rate plus a spread of 2.50%. From and after the date of the Second ABPLF Credit Facility Amendment to the last day of the Reinvestment period, the applicable margin will be a spread of 1.80% plus 0.10% plus the additional administrative agent fees.

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The ABPLF Credit Facility is secured by ABPLF's right, title and interest in the pledged collateral, which includes (but is not limited to): all collateral loans; the custodial accounts, the eligible accounts, and the eligible investments; cash, money, securities, reserves and other property of ABPLF; all related property; and certain agreements entered into in connection with the ABPLF Credit Facility.

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

The Fund's outstanding borrowings through the Credit Facilities as of March 31, 2026 were as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Aggregate<br>Borrowing<br>Amount<br>Committed** | **Outstanding<br>Borrowing** | **Amount<br>Available** | **Carrying<br>Value** |
| Scotia Credit Facility | $100000000 | $22500000 | 77500000 | $22500000 |
| Scotia Term Loan | 25000000 | $25000000 |  | 25000000 |
| ABPLF Credit Facility | 110000000 | $57750000 | 52250000 | 57750000 |
| ABPLF Term Loan | 110000000 | $110000000 |  | 110000000 |
| &nbsp;&nbsp;**Total** | $**345000000** | $**215250000** | $**129750000** | $**215250000** |

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As of March 31, 2026 deferred financing costs and debt issuance costs were $1,417,577 and $911,299, respectively, which remain to be amortized, and are reflected on the consolidated statements of assets and liabilities.

The Fund's outstanding borrowings through the Credit Facilities as of December 31, 2025 were as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Aggregate<br>Borrowing<br>Amount<br>Committed** | **Outstanding<br>Borrowing** | **Amount<br>Available** | **Carrying<br>Value** |
| Scotia Credit Facility | $100000000 | $34500000 | $65500000 | $34500000 |
| Scotia Term Loan | 25000000 | 25000000 |  | 25000000 |
| ABPLF Credit Facility | 110000000 | 12000000 | 98000000 | 12000000 |
| ABPLF Term Loan | 110000000 | 110000000 |  | 110000000 |
| &nbsp;&nbsp;**Total** | $**345000000** | $**181500000** | $**163500000** | $**181500000** |

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

**Interest Expense on Borrowings** 

For the three months ended March 31, 2026 and 2025, the components of interest and other debt expenses related to the borrowings were as follows:

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| | | |
|:---|:---|:---|
|  | **For the Three Months Ended <br>March 31, 2026** | **For the Three Months Ended <br>March 31, 2025** |
| Interest and borrowing expenses | $2698373 | $2844111 |
| Commitment fees | 159822 | 151378 |
| Amortization of debt issuance and deferred<br> financing costs | 501110 | 350030 |
| Total | $**3359305** | $**3345519** |
| Weighted average interest rate<sup>(1) (2)</sup> | 5.77% | 7.98% |
| Average outstanding balance<sup>(2)</sup> | $189747222 | $170027778 |

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

(2)Calculated for the period from initial drawdowns of the Credit Facilities through March 31, 2026 and 2025, respectively.

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**5.** **Fair value Measurement** 

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

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

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

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

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

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

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

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

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

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

Investments that are listed or traded on an exchange and are freely transferable are valued at either the closing price (in the case of securities and futures) or the mean of the closing bid and offer (in the case of options) on the principal exchange on which the investment is listed or traded. Investments for which other market quotations are readily available will typically be valued at those market quotations. To validate market quotations, the Fund uses a number of factors to determine if the quotations are representative of fair value, including the source and number of the quotations. Where it is possible to obtain reliable, independent market quotations from a third party vendor, the Fund will use these quotations to determine the value of its investments. The Fund utilizes mid-market pricing (i.e., mid-point of average bid and ask prices) to value these investments. The Adviser obtains these market quotations from independent pricing services, if available; otherwise from at least two principal market makers or primary market dealers. To assess the continuing appropriateness of pricing sources and methodologies, the Adviser regularly performs price verification procedures and issues challenges as necessary to independent pricing services or brokers, and any differences are reviewed in accordance with the valuation procedures. The Adviser does not adjust the prices unless it has a reason to believe market quotations are not reflective of the fair value of an investment.

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Where prices or inputs are not available, or, in the judgment of the Adviser, not reliable, valuation approaches based on the facts and circumstances of the particular investment will be utilized. Securities that are not publicly traded or whose market prices are not readily available, as is the case for a substantial portion of the Fund's investments, are valued at fair value as determined in good faith pursuant to procedures adopted by, and under the oversight of, the Board, based on, among other things, the input of the Adviser and independent third-party valuation firms engaged at the direction of the Board to review the Fund's investments. These valuation approaches involve some level of management estimation and judgment, the degree of which is dependent on the price transparency for the investments or market and the investments' complexity. The Board may modify the Fund's valuation procedures from time to time.

With respect to the quarterly valuation of investments, the Fund undertakes a multi-step valuation process each quarter in connection with determining the fair value of its investments for which reliable market quotations are not readily available as of the last calendar day of each quarter, which includes, among other procedures, the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The valuation process begins with each loan being preliminarily valued by the Adviser's Fair Value Committee (the " Fair Value Committee") in conjunction with the Adviser's investment professionals responsible for each portfolio investment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•An independent valuation firm is engaged to prepare quarter-end valuations for the majority of investments, as determined by the Adviser. The independent valuation firm undertakes a full analysis of the investments and provides a range of values on such investments to the Adviser. The independent valuation firm also provides analyses to support their valuation methodology and calculations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•For investments not valued by an independent valuation firm, the Adviser will determine the valuation and the independent valuation firm will provide a positive assurance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The Adviser's Fair Value Committee reviews each valuation recommendation to confirm they have been calculated in accordance with the valuation policy and to ensure the valuations are reasonable; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The Audit Committee reviews the valuation recommendations made by the Adviser's Fair Value Committee, including the independent valuation firms' quarterly valuations, and once approved, recommends them for approval by the Board.

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

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

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

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

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The following tables summarizes the valuation of the Fund's investments as of March 31, 2026:

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| | | | | |
|:---|:---|:---|:---|:---|
| **Assets\*** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Cash Equivalents |  |  |  |  |
| &nbsp;&nbsp;Money Market Funds | $13266736 | $— | $— | $13266736 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Cash Equivalents** | $**13266736** | $— | $— | $**13266736** |
| **Assets\*** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| 1st Lien/Senior Secured Debt | $490427 | $43840273 | $322387072 | $366717772 |
| 2nd Lien/Junior Secured Debt | $— | $— | $637481 | $637481 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total** | $**490427** | $**43840273** | $**323024553** | $**367355253** |
| Investments valued at NAV as a practical expedient<sup>#</sup> |  |  |  | $2741071 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Investments**<sup>#</sup> | $**490427** | $**43840273** | $**323024553** | $**370096324** |

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\* See consolidated schedule of investments for industry classifications.

# Certain investments that are measured at fair value using NAV have not been categorized in the fair value hierarchy. The fair value amounts presented in the table are intended to permit reconciliation of the fair value hierarchy to the amount presented in the consolidated statements of assets and liabilities.

The following tables summarizes the valuation of the Fund's investments as of December 31, 2025:

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| | | | | |
|:---|:---|:---|:---|:---|
| **Assets\*** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Cash Equivalents |  |  |  |  |
| &nbsp;&nbsp;Money Market Funds | $4663819 | $— | $— | $4663819 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Cash Equivalents** | $**4663819** | $— | $— | $**4663819** |
| **Assets\*** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| 1st Lien/Senior Secured Debt | $— | $23580627 | $312137743 | $335718370 |
| 2nd Lien/Junior Secured Debt |  |  | $812911 | $812911 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total** | $— | $**23580627** | $**312950654** | $**336531281** |
| Investments valued at NAV as a practical expedient# |  |  |  | $2755419 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Investments#** | $**—** | $**23580627** | $**312950654** | $**339286700** |

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\* See consolidated schedule of investments for industry classifications.

The following is a reconciliation of Level 3 Assets for the three months ended March 31, 2026:

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| | | | |
|:---|:---|:---|:---|
|  | **1st Lien/Senior<br>Secured Debt** | **2nd Lien/Junior<br>Secured Debt** | **Total** |
| Balance as of January 1, 2026 | $312137743 | $812911 | $312950654 |
| Purchases (including capitalized PIK) | 17178885 |  | 17178885 |
| Sales and principal repayments | (4725184) |  | (4725184) |
| Realized gain | 11160 |  | 11160 |
| Net amortization of premium/discount | 185802 | 4224 | 190026 |
| Net change in unrealized appreciation (depreciation) | (2401334) | (179654) | (2580988) |
| **Balance as of March 31, 2026** | $**322387072** | $**637481** | $**323024553** |
| Change in unrealized appreciation (depreciation) for investments still held | (2397742) | (179654) | (2577396) |

---

------

The following is a reconciliation of Level 3 Assets for the year ended December 31, 2025:

---

| | | | |
|:---|:---|:---|:---|
|  | **1st Lien/Senior<br>Secured Debt** | **2nd Lien/Junior<br>Secured Debt** | **Total** |
| Balance as of January 1, 2025 | $274935685 | $891979 | $275827664 |
| Purchases (including capitalized PIK) | 103570162 |  | 103570162 |
| Sales and principal repayments | (66307724) |  | (66307724) |
| Realized gain | 4995 |  | 4995 |
| Net amortization of premium/discount | 886677 | 15374 | 902051 |
| Net change in unrealized appreciation (depreciation) | (952052) | (94442) | (1046494) |
| **Balance as of December 31, 2025** | $**312137743** | $**812911** | $**312950654** |
| Change in unrealized appreciation (depreciation) for investments still held | (884692) | (94442) | (979134) |

---

The following tables present the ranges of significant unobservable inputs used to value the Fund's Level 3 investments as of March 31, 2026. These ranges represent the significant unobservable inputs that were used in the valuation of each type of investment. These inputs are not representative of the inputs that could have been used in the valuation of any one investment. Accordingly, the ranges of inputs presented below do not represent uncertainty in, or possible ranges of, fair value measurements of the Fund's Level 3 investments.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Fair Value as of<br>March 31, 2026** | **Valuation<br>Techniques** | **Unobservable<br>Input** | **Range/Input<br>(Weighted<br>Average)**<sup>(1)</sup> | **Impact to<br>Valuation from<br>an Increase in<br>Input** |
| Assets: |  |  |  |  |  |
| 1st Lien/Senior Secured Debt | 311617516 | Market Yield Analysis | Market Yield | 7.7% - 22.5% (9.4%) | Decrease |
| 1st Lien/Senior Secured Debt | 10769556 | Recent Purchase | Purchase Price | N/A | N/A |
| 2nd Lien/Junior Secured Debt | 637481 | Market Yield Analysis | Market Yield | 34.8% | Decrease |
| &nbsp;&nbsp;**Total Assets** | $**323024553** |  |  |  |  |

---

(1)Weighted averages are calculated based on fair value of investments.

The following tables present the ranges of significant unobservable inputs used to value the Fund's Level 3 investments as of December 31, 2025. These ranges represent the significant unobservable inputs that were used in the valuation of each type of investment. These inputs are not representative of the inputs that could have been used in the valuation of any one investment. Accordingly, the ranges of inputs presented below do not represent uncertainty in, or possible ranges of, fair value measurements of the Fund's Level 3 investments.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Fair Value as of<br>December 31, 2025** | **Valuation<br>Techniques** | **Unobservable<br>Input** | **Range/Input<br>(Weighted<br>Average)**<sup>(1)</sup> | **Impact to<br>Valuation from<br>an Increase in<br>Input** |
| Assets: |  |  |  |  |  |
| 1st Lien/Senior Secured Debt | $278629398 | Market Yield Analysis | Market Yield | 7.5% - 16.5% (9.1%) | Decrease |
| 1st Lien/Senior Secured Debt | $33508345 | Recent Purchase | Purchase Price | N/A | N/A |
| 2nd Lien/Junior Secured Debt | $812911 | Market Yield Analysis | Market Yield | 20.8% - 20.8% (20.8%) | Decrease |
| &nbsp;&nbsp;**Total Assets** | $**312950654** |  |  |  |  |

---

(1)Weighted averages are calculated based on fair value of investments.

**6.** **Commitments and Contingencies** 

**Commitments** 

The Fund may enter into commitments to fund investments. As of March 31, 2026, the Adviser believed that the Fund had adequate financial resources to satisfy its unfunded commitments. Since these commitments and the associated amounts may expire

------

without being drawn upon, the total commitment amount does not necessarily represent a future cash requirement. The Fund had the following unfunded commitments by investment types as of March 31, 2026 and December 31, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  |  | **3/31/2026** | **3/31/2026** | **12/31/2025** | **12/31/2025** |
| **Investment Name** | **Facility Type** | **Commitment<br>Expiration<br>Date** <sup>(1)</sup> | **Unfunded<br>Commitment** <sup>(2)</sup> | **Fair Value** <sup>(3)</sup> | **Unfunded<br>Commitment** <sup>(2)</sup> | **Fair Value** <sup>(3)</sup> |
| AAH Topco, LLC | Revolver | 12/22/2027 | 282352 | - | 282352 | - |
| AAH Topco, LLC | Delayed Draw Term Loan | 3/31/2027 | 253641 | - | 338394 | - |
| Admiral Buyer, Inc. | Revolver | 12/6/2029 | 487579 | (2438) | 487579 | (2438) |
| Admiral Buyer, Inc. | Delayed Draw Term Loan | 8/17/2026 | 64333 | (161) | 64333 | - |
| Admiral Buyer, Inc. | Delayed Draw Term Loan | 2/8/2027 | 37920 | (95) | 37920 | - |
| Amercare Royal, LLC | Revolver | 9/10/2030 | 58022 | (725) | 95455 | (1432) |
| Amercare Royal, LLC | Delayed Draw Term Loan | 9/10/2026 | 232088 | (1741) | 232088 | (2321) |
| AppViewX, Inc. | Revolver | 12/24/2031 | 99668 | (2990) | 99668 | (997) |
| AppViewX, Inc. | Delayed Draw Term Loan | 3/31/2027 | 102990 | (2060) | 102990 | - |
| Azurite Intermediate Holdings, Inc. | Revolver | 3/19/2031 | 334456 | (6689) | 334456 | (1672) |
| BHG Holdings, LLC | Revolver | 4/22/2032 | 233437 | (1751) | 233437 | (1751) |
| BHG Holdings, LLC | Delayed Draw Term Loan | 4/22/2027 | 528843 | - | 528843 | - |
| Bonterra LLC | Revolver | 3/5/2032 | 64889 | (811) | 75556 | (189) |
| Brightspot Buyer, Inc. | Revolver | 11/16/2027 | 168054 | (3361) | 201664 | (3025) |
| BSI2 Hold Nettle, LLC | Revolver | 6/30/2028 | 218946 | (1095) | 184376 | - |
| Businessolver.com, Inc. | Delayed Draw Term Loan | 12/3/2027 | 550308 | (13758) | 550308 | (1376) |
| Businessolver.com, Inc. | Revolver | 12/3/2032 | 245092 | (6740) | 245092 | (1225) |
| BV EMS Buyer, Inc. | Revolver | 11/23/2027 | 81348 | - | 81348 | - |
| Community Based Care Acq, Inc. | Revolver | 9/16/2027 | 332760 | (832) | 332760 | - |
| Community Based Care Acq, Inc. | Delayed Draw Term Loan | 7/23/2027 | 72553 | (181) | 72553 | - |
| Contruent Intermediate Company | Delayed Draw Term Loan | 11/12/2027 | 372513 | (9313) | 372513 | - |
| Contruent Intermediate Company | Revolver | 11/14/2031 | 248342 | (6209) | 248342 | (3725) |
| DA Blocker Corp | Delayed Draw Term Loan | 2/10/2027 | 220588 | (1654) | 220588 | - |
| DA Blocker Corp | Revolver | 2/10/2032 | 70588 | (882) | 73529 | (551) |
| Datacor Holdings Inc | Revolver | 3/11/2030 | 275831 | (2758) | 189634 | - |
| Delorean Purchaser Inc | Revolver | 12/16/2031 | 130435 | (1957) | 130435 | (652) |
| DLRDVM LLC | Delayed Draw Term Loan | 5/7/2027 | 116138 | (581) | 116138 | - |
| DLRDVM LLC | Revolver | 5/7/2032 | 116138 | (1161) | 116138 | (581) |

---

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  |  | **3/31/2026** | **3/31/2026** | **12/31/2025** | **12/31/2025** |
| **Investment Name** | **Facility Type** | **Commitment<br>Expiration<br>Date** <sup>(1)</sup> | **Unfunded<br>Commitment** <sup>(2)</sup> | **Fair Value** <sup>(3)</sup> | **Unfunded<br>Commitment** <sup>(2)</sup> | **Fair Value** <sup>(3)</sup> |
| EET Buyer, Inc. | Revolver | 11/8/2027 | 379836 | (6647) | 379836 | (2849) |
| Einstein Parent, Inc. | Revolver | 1/22/2031 | 93750 | (3281) | 93750 | (2109) |
| Exterro Inc | Revolver | 6/1/2027 | 311967 | (3900) | 311967 | - |
| Exterro, Inc. | Delayed Draw Term Loan | 9/10/2026 | 695880 | (5219) | 695880 | - |
| FirstEnroll LLC | Revolver | 9/19/2031 | 358986 | (5385) | 358986 | (3590) |
| Foundation Risk Partners, Corp. | Revolver | 10/29/2029 | 363289 | - | 335343 | - |
| Fullsteam Operations, LLC | Delayed Draw Term Loan | 8/6/2027 | 1529914 | (22949) | 1529914 | (7650) |
| Fullsteam Operations, LLC | Revolver | 8/8/2031 | 509971 | (10199) | 509971 | (3825) |
| Fusion Holding, Corp. | Revolver | 9/15/2028 | 443298 | (28814) | 204599 | (8695) |
| Garnett Station Partners, LLC | Revolver | 12/21/2029 | 381999 | (4775) | - | - |
| Greenlight Intermediate II, Inc. | Delayed Draw Term Loan | 7/2/2027 | 1078336 | (5392) | 1317966 | (6590) |
| GS AcquisitionCo, Inc. | Revolver | 5/25/2028 | 14720 | (331) | 19489 | (146) |
| GS AcquisitionCo, Inc. | Delayed Draw Term Loan | 3/26/2026 | - | - | 25589 | - |
| HireVue, Inc. | Delayed Draw Term Loan | 1/29/2027 | 601501 | (60150) | - | - |
| HITRUST Services, LLC | Revolver | 3/14/2031 | 190476 | (952) | 190476 | (1905) |
| Honor HN Buyer, Inc. | Revolver | 10/15/2027 | 102500 | - | 102500 | - |
| Honor HN Buyer, Inc. | Delayed Draw Term Loan | 10/15/2026 | 438633 | - | 438633 | - |
| Hunter Communications & Technologies LLC | Delayed Draw Term Loan | 3/31/2028 | 1171592 | (6678) | - | - |
| Hunter Communications & Technologies LLC | Revolver | 3/31/2032 | 272463 | (2275) | - | - |
| Hyscaleix Data Centers Holdings LLC | Revolver | 1/29/2031 | 349707 | (5546) |  |  |
| Joink, LLC | Delayed Draw Term Loan | 4/2/2027 | 270490 | (4734) | 460564 | (2303) |
| Joink, LLC | Revolver | 10/4/2030 | 87727 | (1755) | 87727 | (658) |
| Juniper Square, Inc. | Delayed Draw Term Loan | 11/6/2028 | 1621622 | - | 1621622 | - |
| Juniper Square, Inc. | Revolver | 11/6/2031 | 540541 | (5405) | 540541 | (5405) |
| Juniper Square, Inc. | Delayed Draw Term Loan | 11/8/2027 | 2432432 | (12162) | 2432432 | (12162) |
| KPA Parent Holdings, Inc. | Delayed Draw Term Loan | 3/15/2027 | 114943 | (862) | 114943 | - |
| KPA Parent Holdings, Inc. | Revolver | 3/12/2032 | 80460 | (1006) | 80460 | - |
| Labvantage Solutions, Inc. | Revolver | 11/23/2030 | 71176 | (890) | 71176 | (534) |
| Last Dance Intermediate I©, LLC | Delayed Draw Term Loan | 6/30/2027 | 3433 | - | 387952 | - |
| Last Dance Intermediate I©, LLC | Delayed Draw Term Loan | 1/31/2028 | 3000000 | (15000) | - | - |

---

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  |  | **3/31/2026** | **3/31/2026** | **12/31/2025** | **12/31/2025** |
| **Investment Name** | **Facility Type** | **Commitment<br>Expiration<br>Date** <sup>(1)</sup> | **Unfunded<br>Commitment** <sup>(2)</sup> | **Fair Value** <sup>(3)</sup> | **Unfunded<br>Commitment** <sup>(2)</sup> | **Fair Value** <sup>(3)</sup> |
| Last Dance Intermediate I©, LLC | Revolver | 3/31/2031 | 137386 | - | 137386 | (343) |
| LeadVenture, Inc. | Delayed Draw Term Loan | 6/23/2027 | 486046 | (8506) | 551017 | - |
| LeadVenture, Inc. | Revolver | 6/23/2032 | 392523 | (7850) | 328965 | - |
| Level Data, LLC | Delayed Draw Term Loan | 3/5/2027 | 310078 | (6977) | 310078 | (1550) |
| Level Data, LLC | Revolver | 3/5/2031 | 116279 | (3198) | 54264 | (543) |
| Lightspeed Buyer, Inc. | Delayed Draw Term Loan | 2/7/2028 | 2519889 | (12599) | - | - |
| Lightspeed Buyer, Inc. | Revolver | 2/6/2032 | 839963 | (8400) | - | - |
| LivTech Purchaser, Inc. | Delayed Draw Term Loan | 11/23/2026 | 92235 | (2075) | 92235 | (692) |
| LivTech Purchaser, Inc. | Revolver | 11/24/2031 | 117647 | (2647) | 117647 | (882) |
| Mavenlink, Inc. | Revolver | 6/1/2029 | 99325 | (3973) | 99325 | (2483) |
| MediaLab Solutions, LLC | Revolver | 8/11/2031 | 352717 | (3527) | 352717 | (3527) |
| Medical Management Resource Group, LLC | Revolver | 9/30/2026 | 84118 | (631) | 50471 | (505) |
| Mist Holding Co. | Revolver | 12/23/2030 | 90909 | (909) | 90909 | - |
| Mist Holding Co. | Delayed Draw Term Loan | 8/12/2028 | 1167077 | (5835) | 1167077 | - |
| Momentus Technologies, LLC | Revolver | 4/30/2029 | 17560 | (263) | 17560 | - |
| MMP Intermediate, LLC | Revolver | 2/15/2029 | 237978 | - | 237978 | - |
| Mr. Greens Intermediate, LLC | Delayed Draw Term Loan | 11/2/2026 | 684350 | - | 684350 | - |
| Mr. Greens Intermediate, LLC | Revolver | 5/1/2031 | 247317 | - | 247317 | - |
| MSP Global Holdings, Inc. | Revolver | 4/9/2029 | 362216 | (8150) | 362216 | (5433) |
| MSP Global Holdings, Inc. | Delayed Draw Term Loan | 4/8/2026 | 222654 | (5010) | 222654 | (3340) |
| Nasuni Corporation | Revolver | 9/10/2030 | 315800 | (3158) | 315800 | (3947) |
| Navigate360, LLC | Revolver | 3/17/2028 | 260083 | (7802) | 260083 | (1300) |
| NC Topco, LLC | Revolver | 9/1/2031 | 155737 | - | 155737 | - |
| NC Topco, LLC | Delayed Draw Term Loan | 8/31/2026 | - | - | 389342 | - |
| NMI Acquisitionco, Inc. | Revolver | 9/6/2028 | 197434 | (1481) | 197434 | (1481) |
| Opoc Acquisition LLC | Revolver | 12/20/2030 | 69930 | - | 69930 | (699) |
| Opoc Acquisition LLC | Delayed Draw Term Loan | 12/21/2026 | 153846 | - | 153846 | (385) |
| Pace Health Companies LLC | Delayed Draw Term Loan | 6/2/2027 | 782638 | - | 782638 | - |
| Palmico Avant Holdings LP | Revolver | 12/31/2032 | 959457 | (7196) | 863511 | (8635) |

---

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  |  | **3/31/2026** | **3/31/2026** | **12/31/2025** | **12/31/2025** |
| **Investment Name** | **Facility Type** | **Commitment<br>Expiration<br>Date** <sup>(1)</sup> | **Unfunded<br>Commitment** <sup>(2)</sup> | **Fair Value** <sup>(3)</sup> | **Unfunded<br>Commitment** <sup>(2)</sup> | **Fair Value** <sup>(3)</sup> |
| Patriot Ascquireco LLC | Revolver | 9/3/2032 | 504269 | (5043) | 504269 | (5043) |
| Priority OnDemand Midco 2, L.P. | Delayed Draw Term Loan | 7/15/2026 | 1082205 | - | 1082205 |  |
| Quest Analytics, Inc. | Revolver | 11/10/2032 | 1095826 | (13698) | 1095826 | (5479) |
| Quest Analytics, Inc. | Delayed Draw Term Loan | 11/10/2027 | 2739559 | (27396) | 2739560 | (6849) |
| Quirch Foods Holdings, LLC | Delayed Draw Term Loan | 11/12/2027 | 449715 | (2249) | 449715 | (2249) |
| Ranger Buyer, Inc. | Revolver | 11/18/2027 | 364822 | - | 364822 |  |
| REP TEC Intermediate Holdings, Inc. | Revolver | 5/30/2031 | 96955 | (727) | 96955 | (242) |
| Revau Advanced Underwriting, Inc. | Delayed Draw Term Loan | 5/7/2027 | 518266 | (10365) | 597530 | (2988) |
| Ridge Trail US Bidco, Inc. | Delayed Draw Term Loan | 3/30/2027 | 259423 | - | 268554 |  |
| Ridge Trail US Bidco, Inc. | Revolver | 3/30/2031 | 65348 | - | 65348 |  |
| Saab Purchaser, Inc. | Revolver | 11/12/2031 | 403437 | (10086) | 403437 |  |
| Saab Purchaser, Inc. | Delayed Draw Term Loan | 9/22/2027 | 2307692 | (46154) | 2307692 |  |
| Sako and Partners Lower Holdings, LLC | Revolver | 9/15/2028 | 390778 | - | 289176 |  |
| Salisbury House, LLC | Delayed Draw Term Loan | 8/18/2027 | 1426194 | - | 1426194 |  |
| Salisbury House, LLC | Revolver | 8/18/2032 | 950796 | (4754) | 808176 | (8082) |
| Sandstone Care Holdings, LLC | Delayed Draw Term Loan | 7/1/2026 | - | - | 61182 |  |
| Sauce Labs, Inc. | Revolver | 8/16/2027 | 275143 | (8942) | 500260 | (13757) |
| Second Nature Brands, Inc. | Revolver | 2/6/2031 | 88931 | (1334) | 88931 | (667) |
| Serrano Parent, LLC | Revolver | 5/13/2030 | 540984 | (37869) | 540984 | (24344) |
| Slipstream IT, LLC | Revolver | 8/1/2031 | 518701 | - | 518701 | (5187) |
| Slipstream IT, LLC | Delayed Draw Term Loan | 8/2/2027 | 518701 | - | 518701 | (2594) |
| Soladoc, LLC | Revolver | 6/12/2028 | 184376 | (4148) | 230470 | (4609) |
| Tau Buyer, LLC | Delayed Draw Term Loan | 2/1/2027 | 270572 | (4059) | 270572 |  |
| Tau Buyer, LLC | Revolver | 2/2/2032 | 202929 | (1522) | 250677 | (627) |
| Telcor Buyer, Inc. | Revolver | 8/20/2027 | - | - | 113480 |  |
| TMA Buyer, LLC | Revolver | 4/30/2031 | 174207 | (1742) | 174207 | (1742) |
| TMA Buyer, LLC | Delayed Draw Term Loan | 4/30/2027 | 135010 | - | 135010 |  |
| Towerco IV Holdings, LLC | Delayed Draw Term Loan | 7/17/2026 | 133994 | - | 156564 |  |
| UFS, LLC | Revolver | 10/10/2031 | 258864 | (3883) | 258864 | (2589) |

---

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  |  | **3/31/2026** | **3/31/2026** | **12/31/2025** | **12/31/2025** |
| **Investment Name** | **Facility Type** | **Commitment<br>Expiration<br>Date** <sup>(1)</sup> | **Unfunded<br>Commitment** <sup>(2)</sup> | **Fair Value** <sup>(3)</sup> | **Unfunded<br>Commitment** <sup>(2)</sup> | **Fair Value** <sup>(3)</sup> |
| Unlimited Technology Holdings, LLC | Revolver | 3/12/2032 | 117647 | - | 117647 |  |
| Vectra AI, Inc. | Delayed Draw Term Loan | 10/29/2026 | 353355 | (5300) | 353355 | (3534) |
| Vectra AI, Inc. | Revolver | 3/2/2028 | 141342 | (2120) | 141342 | (1413) |
| Vehlo Purchaser, LLC | Revolver | 5/24/2028 | 563430 | (7043) | 563430 |  |
| Veracross, LLC | Revolver | 12/28/2027 | 122634 | (1533) | 327024 |  |
| Veracross, LLC | Delayed Draw Term Loan | 12/28/2027 | 515272 | (6441) | 585062 |  |
| Visionary Buyer, LLC | Revolver | 3/21/2030 | 430962 | (3232) | 430962 | (2155) |
| Visionary Buyer, LLC | Delayed Draw Term Loan | 3/31/2027 | 702500 | (1756) | 890000 |  |
| Wealth Enhancement Group, LLC | Delayed Draw Term Loan | 12/30/2026 | 89843 | - | 153087 |  |
| Wealth Enhancement Group, LLC | Delayed Draw Term Loan | 8/30/2027 | 308696 | - | 308696 |  |
| Wealth Enhancement Group, LLC | Revolver | 10/2/2028 | 185263 | - | 185263 |  |
| Zendesk, Inc. | Revolver | 11/22/2028 | 497725 | (3733) | 497725 |  |
| Zendesk, Inc. | Delayed Draw Term Loan | 5/15/2026 | - | - | 414722 |  |
| &nbsp;&nbsp;**Total** |  |  | $**54971052** | **(599566)** | $**47959669** | $**(210251)** |

---

(1)Commitments are generally subject to borrowers meeting certain criteria such as compliance with covenants and certain operational metrics. These amounts may remain outstanding until the commitment period of an applicable loan expires, which may be shorter than its maturity.

(2)Net of capitalized fees, expenses and original issue discount ("OID").

(3)A negative fair value was reflected as investments, at fair value, in the consolidated statements of assets and liabilities. The negative fair value is the result of the capitalized discount on the loan.

The Fund had the following unfunded commitment(s) for its equity investments, including investment companies, as of March 31, 2026 and December 31, 2025:

---

| | | |
|:---|:---|:---|
|  | **3/31/2026** | **12/31/2025** |
| **Investment** | **Unfunded Commitment** | **Unfunded Commitment** |
| AB EQUITY INVESTORS, L.P. | $10019 | $13118 |
| &nbsp;&nbsp;**Total** | $**10019** | $**13118** |

---

**Contingencies** 

In the normal course of business, the Fund enters into contracts that provide a variety of general indemnifications. Any exposure to the Fund under these arrangements could involve future claims that may be made against the Fund. Currently, no such claims exist or are expected to arise and, accordingly, the Fund has not accrued any liability in connection with such indemnifications.

As of March 31, 2026 and December 31, 2025, the cumulative amount subject to recoupment by the Adviser under the Expense Support Agreement amounts to $6,858,767 and $6,338,120, respectively.

------

**7.** **Net Assets** 

**Transactions in Shares**

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

---

| | | |
|:---|:---|:---|
| **Share Issue Date** | **Shares Issued** | **Proceeds Received** |
| ***For the Three Months Ended March 31, 2026*** |  |  |
| January 2, 2026 | 94010 | $2369087 |
| February 2, 2026 | 126671 | $3184399 |
| March 2, 2026 | 56332 | $1408297 |
| &nbsp;&nbsp;**Total** | **277013** | $**6961783** |
| ***For the Three Months Ended March 31, 2025*** |  |  |
| January 2, 2025 | 43379 | $1100000 |
| February 3, 2025 | 55233 | $1400000 |
| &nbsp;&nbsp;**Total** | **98612** | $**2500000** |

---

**Distributions**

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

The following table summarizes distributions declared for the Fund's Class I shares during the three months ended March 31, 2026:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Date Declared** | **Record Date** | **Payment Date** | **Amount Per Share** | **Dollar Amount** |
| 1/22/2026 | 1/30/2026 | 2/27/2026 | 0.20 | $1313869 |
| 2/20/2026 | 2/27/2026 | 3/31/2026 | 0.20 | 1340666 |
| 3/19/2026 | 3/31/2026 | 4/30/2026 | 0.20 | 1353474 |
| &nbsp;&nbsp;**Total** |  |  |  | $4008009 |

---

The following table summarizes distributions declared for the Fund's Class I shares during the three month ended March 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Date Declared** | **Record Date** | **Payment Date** | **Amount Per Share** | **Dollar Amount** |
| 1/22/2025 | 1/31/2025 | 2/28/2025 | $0.23 | $1078474 |
| 2/21/2025 | 2/28/2025 | 3/31/2025 | 0.23 | 1102112 |
| 3/21/2025 | 3/31/2025 | 4/30/2025 | 0.20 | 951342 |
| &nbsp;&nbsp;**Total** |  |  |  | $**3131928** |

---

**Distribution Reinvestment Plan** 

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

The following table summarizes the total shares reinvested for the Fund's Class I shares during the three months ended March 31, 2026:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Date Declared** | **Record Date** | **Reinvestment Date** | **Shares** | **Dollar Amount** |
| December 18, 2025 | December 31, 2025 | January 1, 2026 | 6839 | 172327 |
| January 22, 2026 | January 30, 2026 | February 1, 2026 | 7312 | 183807 |
| February 20, 2026 | February 27, 2026 | March 1, 2026 | 7709 | 192734 |
| March 19, 2026 | March 31, 2026 | April 1, 2026 |  | - |
| &nbsp;&nbsp;**Total** |  |  | **21860** | **548868** |

---

------

The following table summarizes the total shares reinvested for the Fund's Class I shares during the three months ended March 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Date Declared** | **Record Date** | **Reinvestment Date** | **Shares** | **Dollar Amount** |
| January 22, 2025 | January 31, 2025 | February 1, 2025 | 1873 | 47478 |
| February 21, 2025 | February 28, 2025 | March 1, 2025 | 2425 | 61330 |
| March 21, 2025 | March 31, 2025 | April 1, 2025 |  |  |
| &nbsp;&nbsp;**Total** |  |  | **4298** | **108808** |

---

**Share Repurchase Program** 

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

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

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

**8.** **Earnings Per Share** 

The following information sets forth the computation of basic and diluted earnings per Share for the three months ended March 31, 2026 and 2025:

---

| | | |
|:---|:---|:---|
|  | **For the Three<br>Months Ended <br>March 31, 2026** | **For the Three<br>Months Ended <br>March 31, 2025** |
| Net increase (decrease) in net assets from operations | $369800 | $3089970 |
| Weighted average common shares outstanding | 6679238 | 4676871 |
| Earnings per common share-basic and diluted | $0.06 | $0.66 |

---

**9.** **Initial Portfolio** 

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

------

**10. Financial Highlights** 

Below is the schedule of financial highlights of the Fund for Class I shares for the three months ended March 31, 2026 and 2025:

---

| | | |
|:---|:---|:---|
| **Per Share Data:** <sup>(1)</sup> | **For the Three Months Ended <br>March 31, 2026** | **For the Three Months Ended <br>March 31, 2025** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value, beginning of period | $25.20 | $25.36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | 0.53 | 0.66 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gains (losses) on investments | (0.47) | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | $0.06 | 0.65 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distributions to shareholders | (0.60) | (0.66) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value, end of period | $24.66 | $25.35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding, end of period | 6767371 | 4698131 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total return at net asset value before incentive fees<sup>(2)(3)</sup> | 0.47% | 2.88% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total return at net asset value after incentive fees<sup>(2)(3)</sup> | 0.23% | 2.63% |
| **Ratio/Supplemental Data:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets, end of period | $166880689 | $119092926 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ratio of total expenses to weighted average net assets<sup>(4)</sup> | 11.83% | 16.32% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ratio of net expenses to weighted average net assets<sup>(4)</sup> | 10.56% | 13.67% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ratio of net investment income (loss) before waivers to weighted<br> average net assets <sup>(4)</sup> | 8.13% | 8.82% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ratio of net investment income (loss) after waivers to weighted<br> average net assets<sup>(4)</sup> | 9.40% | 11.47% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ratio of interest and credit facility expenses to weighted average net<br> assets<sup>(4)</sup> | 8.21% | 11.40% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ratio of incentive fees to weighted average net assets<sup>(3)</sup> | 0.25% | 0.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate<sup>(3)</sup> | 1.73% | 4.27% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Asset coverage ratio<sup>(5)</sup> | 178% | 171% |

---

(1)The per share data was derived by using the weighted average shares outstanding during the applicable period, except for distributions recorded which reflects the actual amount per share for the applicable period.

(2)Total return based on NAV is calculated as the change in NAV per share during the respective periods, assuming dividends and distributions, if any, are reinvested in accordance with the Fund's distribution reinvestment plan.

(3)Not annualized.

(4)Annualized, except for offering, incentive fees, and organizational expenses.

(5)Asset coverage ratio is equal to (i) the sum of (A) net assets at end of period and (B) debt outstanding at end of period, divided by (ii) total debt outstanding at the end of the period.

**11.** **Subsequent Events** 

Subsequent events after the date of the Consolidated Statements of Assets and Liabilities have been evaluated through the date the consolidated financial statements were issued. The Fund has concluded that there is no impact requiring adjustment or disclosure in the consolidated financial statements other than disclosed below.

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

------

**Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations** 

**Forward-Looking Statements** 

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•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;

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the Fund's future operating results;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the Fund's business prospects and the prospects of the Fund's portfolio companies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the Fund's contractual arrangements and relationships with third parties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the ability of the Fund's portfolio companies to achieve their objectives;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•competition with other entities and the Fund's affiliates for investment opportunities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the speculative and illiquid nature of the Fund's investments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the use of borrowed money to finance a portion of the Fund's investments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the adequacy of the Fund's financing sources and working capital;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the loss of key personnel;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the timing of cash flows, if any, from the operations of the Fund's portfolio companies;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the ability of the Adviser and AB High Yield to attract and retain highly talented professionals;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•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");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the effect of legal, tax and regulatory changes; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the other risks, uncertainties and other factors the Fund identifies under "Item 1A. Risk Factors" in its Annual Report on Form 10-K for the fiscal year ended December 31, 2025.

Although the Fund believes that the assumptions on which these forward-looking statements are based are reasonable, any of those assumptions could prove to be inaccurate, and as a result, the forward-looking statements based on those assumptions also could be inaccurate. In light of these and other uncertainties, the inclusion of a projection or forward-looking statement in this report should not be regarded as a representation by the Fund that the Fund's plans and objectives will be achieved. These risks and uncertainties include those described or identified in the section entitled "Risk Factors" in the Fund's Prospectus, Annual Report on Form 10-K for the fiscal year ended December 31, 2025, and elsewhere in this report. These forward-looking statements apply only as of the date of this report. Moreover, the Fund assumes no duty and does not undertake to update the forward-looking statements. The

------

forward-looking statements and projections contained in this Quarterly Report are excluded from the safe harbor protection provided by Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act") because the Fund is an investment company.

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

**Overview** 

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

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

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

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

The Fund is an "emerging growth company," as defined in the Jumpstart Our Business Startups Act ("JOBS Act"). For so long as the Fund remains an emerging growth company under the JOBS Act, the Fund will be subject to reduced public company reporting requirements. The Fund expects to remain an emerging growth company until the earliest of:

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the last day of a fiscal year in which the Fund (1) has an aggregate worldwide market value of shares of its common stock held by non-affiliates of $700.0 million or more, computed at the end of each fiscal year as of the last business day of the

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Fund's most recently completed second fiscal quarter and (2) has been an Exchange Act reporting company for at least one year (and filed at least one annual report under the Exchange Act).

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

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

***Initial Portfolio*** 

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

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

***Investments*** 

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

***Revenues*** 

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

***Expenses*** 

Except as specifically provided below, all investment professionals and staff of the Adviser and AB (in its capacity as sub-adviser of the Fund, "AB High Yield"), when and to the extent engaged in providing investment advisory services to us, and the base compensation, bonus and benefits of such personnel allocable to such services, will be provided and paid for by the Adviser and the Sub-Adviser, as applicable. We will bear all other costs and expenses of our operations, administration and transactions, including, but not limited to (a) investment advisory fees, including management fees and incentive fees, to the Adviser, pursuant to the Advisory Agreement, dated August 7, 2024, between the Fund and the Adviser (the "Advisory Agreement"), and to AB High Yield, pursuant to

------

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

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

*Expense Support and Conditional Reimbursement Agreement*

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

***Recent Developments*** 

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

**Activity** 

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

---

| | | |
|:---|:---|:---|
|  | **For the Three Months Ended <br>March 31, 2026** | **For the Three Months Ended <br>March 31, 2025** |
| Investments in Portfolio Companies | (36948582)<sup>(1)</sup> | $(9827636)<sup>(2)</sup> |
| Draw Downs against Revolvers and Delayed Draw Term Loan | (3157909) | (2115145) |
| Principal Repayments | 5305808<br><sup>(3)</sup> | 24433408<br><sup>(4)</sup> |
| Sales | 832386 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net Repayments (Investments)** | $**(33968297)** | $**12490627** |

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(1)Includes investments in 61 portfolio companies.

(2)Includes investments in 82 portfolio companies.

(3)Includes $1,497,566 in revolver and delayed draw term paydowns

(4)Includes $2,353,707 in revolver and delayed draw term paydowns.

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The following table shows the composition of the investment portfolio and associated yield data as of March 31, 2026:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **As of March 31, 2026** | **As of March 31, 2026** | **As of March 31, 2026** | **As of March 31, 2026** |  |
|  | **Amortized Cost** | **Percentage of<br>Total** | **Fair Value** | **Percentage of<br>Total** | **Weighted<br>Average Yield**<sup>(1)</sup> |
| First Lien Senior Secured Debt | $370099470 | 95.68% | $366717772 | 95.66% | 9.29% |
| Second Lien Junior Secured Debt | 930971 | 0.24% | 637481 | 0.17% | 34.28% |
| Investment Companies | 2509298 | 0.65% | 2741071 | 0.72% |  |
| Cash equivalents | 13266736 | 3.43% | 13266736 | 3.45% |  |
| &nbsp;&nbsp;**Total** | $**386806475** | **100.00%** | $**383363060** | **100.00%** |  |

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(1)Based upon the par value of the Fund's debt investments.

The following table shows the composition of the investment portfolio and associated yield data as of December 31, 2025:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** |  |
|  | **Amortized Cost** | **Percentage of<br>Total** | **Fair Value** | **Percentage of<br>Total** | **Weighted<br>Average Yield**<sup>(1)</sup> |
| First Lien Senior Secured Debt | $336123911 | 97.65% | $335718370 | 97.61% | 9.23% |
| Second Lien Junior Secured Debt | 926748 | 0.27% | $812911 | 0.24% | 20.22% |
| Investment Companies | 2493075 | 0.72% | $2755419 | 0.80% |  |
| Cash equivalents | 4663819 | 1.36% | $4663819 | 1.35% |  |
| &nbsp;&nbsp;**Total** | $**344207553** | **100.00%** | $**343950519** | **100.00%** |  |

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(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 March 31, 2026 and December 31, 2025:

---

| | | |
|:---|:---|:---|
|  | **As of <br>March 31, 2026** | **As of <br>December 31, 2025** |
| Number of portfolio companies | 175 | 132 |
| Percentage of debt bearing a floating rate<sup>(1)</sup> | 100% | 100% |
| Percentage of debt bearing a fixed rate<sup>(1)</sup> | —% | —% |

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(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 March 31, 2026:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Amortized Cost** | **Percentage of<br>Total** | **Fair Value** | **Percentage of<br>Total** |
| Performing | 371030441 | 100% | 367355253 | 100% |
| Non-accrual | $— | —% | $— | —% |
| &nbsp;&nbsp;**Total** | $**371030441** | **100.00%** | $**367355253** | **100.00%** |

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The following table shows the amortized cost and fair value of the Fund's performing and non-accrual debt investments as of December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Amortized Cost** | **Percentage of<br>Total** | **Fair Value** | **Percentage of<br>Total** |
| Performing | $337050659 | 100% | $336531281 | 100% |
| Non-accrual | $— | —% | $— | —% |
| &nbsp;&nbsp;**Total** | $**337050659** | **100.00%** | $**336531281** | **100.00%** |

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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 March 31, 2026 and 2025, the Fund did not have any non-accrual investments.

The following tables show the composition of the investment portfolio (excluding cash and cash equivalents) by industry, bu GICS, at amortized cost and fair value as of March 31, 2026 (with corresponding percentage of total portfolio investments):

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **As of March 31, 2026** | **As of March 31, 2026** | **As of March 31, 2026** | **As of March 31, 2026** |
|  | **Amortized Cost** | **Percentage of<br>Total** | **Fair Value** | **Percentage of<br>Total** |
| Aerospace & Defense | 1489745 | 0.40% | 1481171 | 0.40% |
| Automobile Components | 5074851 | 1.36% | 5040757 | 1.36% |
| Automobiles | 8013967 | 2.15% | 7967430 | 2.15% |
| Biotechnology | 129681 | 0.03% | 130894 | 0.04% |
| Banks | 8691182 | 2.33% | 8564851 | 2.31% |
| Capital Markets | 1597149 | 0.42% | 1610567 | 0.44% |
| Chemicals | 8001080 | 2.14% | 7904424 | 2.14% |
| Commercial Services & Supplies | 13948848 | 3.73% | 13976501 | 3.78% |
| Construction & Engineering | 7238135 | 1.94% | 7124254 | 1.93% |
| Consumer Staples Distribution & Retail | 2684798 | 0.72% | 2690058 | 0.73% |
| Containers & Packaging | 1000847 | 0.27% | 951700 | 0.26% |
| Diversified Consumer Services | 20587791 | 5.51% | 20481666 | 5.53% |
| Diversified Telecommunication Services | 36104299 | 9.67% | 36112426 | 9.76% |
| Electrical Equipment | 1585766 | 0.42% | 1579663 | 0.43% |
| Electronic Equipment, Instruments & Components | 99750 | 0.03% | 99406 | 0.03% |
| Energy Equipment & Services | 905511 | 0.24% | 909245 | 0.25% |
| Entertainment | 495114 | 0.13% | 495615 | 0.13% |
| Financial Services | 28183270 | 7.54% | 28214569 | 7.62% |
| Food Products | 4303175 | 1.15% | 4301521 | 1.16% |
| Health Care Equipment & Supplies | 3199080 | 0.86% | 3193890 | 0.86% |
| Health Care Providers & Services | 34874128 | 9.34% | 34442477 | 9.31% |
| Health Care Technology | 26353205 | 7.05% | 25962544 | 7.02% |
| Hotels, Restaurants & Leisure | 10011751 | 2.68% | 10017588 | 2.71% |
| Insurance | 21556891 | 5.77% | 21496034 | 5.81% |
| Interactive Media & Services | 995062 | 0.27% | 953000 | 0.26% |
| Investment Companies | 2509298 | 0.67% | 2741071 | 0.74% |
| IT Services | 4994493 | 1.34% | 4949342 | 1.34% |
| Leisure Products | 1916054 | 0.51% | 1901887 | 0.51% |
| Machinery | 2123036 | 0.57% | 2127881 | 0.58% |
| Media | 4896629 | 1.31% | 4812798 | 1.30% |
| Metals & Mining | 415800 | 0.11% | 416850 | 0.11% |
| Oil, Gas & Consumable Fuels | 608559 | 0.16% | 611525 | 0.17% |
| Personal Care Products | 189081 | 0.05% | 189999 | 0.05% |
| Pharmaceuticals | 900007 | 0.24% | 902652 | 0.24% |
| Professional Services | 25165854 | 6.74% | 24310295 | 6.57% |
| Real Estate Management & Development | 8036599 | 2.15% | 8043894 | 2.17% |
| Software | 60649524 | 16.24% | 59409016 | 16.02% |
| Technology Hardware, Storage & Peripherals | 13484090 | 3.61% | 13448445 | 3.63% |
| Wireless Telecommunication Services | 57989 | 0.02% | 57906 | 0.02% |
| Not Specified | 467650 | 0.13% | 470512 | 0.13% |
| &nbsp;&nbsp;**Total** | $**373539739** | **100.00%** | $**370096324** | **100.00%** |

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The following tables show the composition of the investment portfolio (excluding cash and cash equivalents) by industry, by GICS, at amortized cost and fair value as of December 31, 2025 (with corresponding percentage of total portfolio investments):

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** |
|  | **Amortized Cost** | **Percentage of<br>Total** | **Fair Value** | **Percentage of<br>Total** |
| Aerospace & Defense | 495000 | 0.15% | 494690 | 0.15% |
| Automobile Components | 5082900 | 1.50% | 5159831 | 1.52% |
| Automobiles | 7547488 | 2.22% | 7602932 | 2.24% |
| Banks | 12695807 | 3.74% | 12761932 | 3.76% |
| Capital Markets | 782445 | 0.23% | 795188 | 0.23% |
| Chemicals | 7561499 | 2.23% | 7562927 | 2.23% |
| Commercial Services & Supplies | 13444152 | 3.96% | 13431916 | 3.96% |
| Construction & Engineering | 7244961 | 2.13% | 7223299 | 2.13% |
| Containers & Packaging | 1001000 | 0.29% | 1000170 | 0.30% |
| Diversified Consumer Services | 24997674 | 7.36% | 25082869 | 7.39% |
| Diversified Telecommunication Services | 31618193 | 9.31% | 31664217 | 9.33% |
| Electrical Equipment | 1589663 | 0.47% | 1594535 | 0.47% |
| Entertainment | 496312 | 0.15% | 499500 | 0.15% |
| Financial Services | 23154219 | 6.82% | 23269308 | 6.86% |
| Food Products | 6992582 | 2.06% | 6998053 | 2.06% |
| Health Care Equipment & Supplies | 6383644 | 1.88% | 6404742 | 1.89% |
| Health Care Providers & Services | 31747527 | 9.35% | 31586184 | 9.31% |
| Health Care Technology | 21537445 | 6.34% | 21485343 | 6.33% |
| Hotels, Restaurants & Leisure | 10032368 | 2.95% | 10042820 | 2.96% |
| Insurance | 19091680 | 5.62% | 19124188 | 5.64% |
| Investment Companies | 2493075 | 0.73% | 2755419 | 0.81% |
| IT Services | 1487755 | 0.44% | 1490452 | 0.44% |
| Leisure Products | 1145400 | 0.34% | 1150577 | 0.34% |
| Machinery | 987902 | 0.29% | 993693 | 0.29% |
| Media | 3947654 | 1.16% | 3894894 | 1.15% |
| Oil, Gas & Consumable Fuels | 608475 | 0.18% | 611397 | 0.18% |
| Personal Care Products | 189542 | 0.06% | 190870 | 0.06% |
| Pharmaceuticals | 901637 | 0.27% | 909859 | 0.27% |
| Professional Services | 24023977 | 7.08% | 23601793 | 6.96% |
| Real Estate Management & Development | 8189439 | 2.41% | 8215526 | 2.42% |
| Software | 48146069 | 14.18% | 47718190 | 14.06% |
| Technology Hardware, Storage & Peripherals | 13436383 | 3.96% | 13478906 | 3.97% |
| Wireless Telecommunication Services | 489867 | 0.14% | 490480 | 0.14% |
| &nbsp;&nbsp;**Total** | $**339543734** | **100.00%** | $**339286700** | **100.00%** |

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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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•assessment of success in adhering to the portfolio company's business plan and compliance with covenants;

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

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•comparisons to the Fund's other portfolio companies in the industry, if any;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•review of monthly and quarterly consolidated financial statements and financial projections of portfolio companies.

**Results of Operations** 

The following is a summary of the Fund's operating results for the three months ended March 31, 2026 and 2025:

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| | | |
|:---|:---|:---|
|  | **For the Three Months Ended <br>March 31, 2026** | **For the Three Months Ended <br>March 31, 2025** |
| Total investment income | 8165022 | $7378731 |
| Total expenses | 5104973 | 5314313 |
| Less: expenses reimbursed by the Adviser | (520647) | (1015155) |
| Income tax expense, including excise tax | 44575 |  |
| Net investment income after tax | 3536121 | 3079573 |
| Net realized and change in unrealized gains (losses) on investment transactions: | 20060 |  |
| Net realized gain (loss) from: |  |  |
| Net realized and change in unrealized appreciation and depreciation on investments | (3186381) | 10397 |
| &nbsp;&nbsp;**Net increase in net assets resulting from operations** | $**369800** | $**3089970** |

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***Investment Income*** 

For the three months ended March 31, 2026 and 2025, the Fund's investment income was comprised of $8,046,154 and $7,267,220 of interest income, which included $207,103 and $217,765 from the net amortization of premium and accretion of discounts, $91,011 and $43,553 of payment-in-kind interest, and $27,857 and $67,958 of dividend income, respectively for the periods presented.

***Operating Expenses*** 

The following is a summary of the Fund's operating expenses for the three months ended March 31, 2026 and 2025:

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| | | |
|:---|:---|:---|
|  | **For the Three Months Ended <br>March 31, 2026** | **For the Three Months Ended <br>March 31, 2025** |
| Interest and borrowing expenses | $3359305 | $3345519 |
| Offering fee expense |  | 400832 |
| Income-based incentive fee | 411294 | 295101 |
| Other expenses | 95128 | 126964 |
| Management fees | 516010 | 365133 |
| Professional fees | 614814 | 651736 |
| Directors' Fees | 44017 | 51313 |
| Trustees' fees | 10500 | 10382 |
| Capital gain incentive fee |  | 1300 |
| Administration and custodian fees | 45637 | 60070 |
| Transfer agent fees | 8268 | 5963 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total expenses | 5104973 | 5314313 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income tax expense, including excise tax | 44575 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total expenses** | $**5149548** | $**5314313** |

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Total operating expenses for the three months ended March 31, 2026, decreased by approximately $209,340 compared to the three months ended March 31, 2025. The decrease is attributable primarily to lower offering fee expenses, offset by higher management fees and income-based incentive fees.

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***Interest and Borrowing Expenses*** 

Interest and borrowing expenses include interest, amortization of deferred financing costs, upfront commitment fees and unused fees on the unused portion of the Credit Facilities. Interest and borrowing expenses for the three months ended March 31, 2026 and 2025 were $3,359,305 and 3,345,519, respectively. The weighted average for the three months ended March 31, 2026 and 2025 were 6.21% and 7.98%, respectively.

***Management Fee*** 

The gross management fee expenses for the three months ended March 31, 2026 and 2025 were $516,010 and $365,133, respectively.

***Net Change in Unrealized Appreciation (Depreciation) on Investments*** 

For the three months ended March 31, 2026, the Fund had $3,186,381 in net change in unrealized depreciation on $370,096,324 of investments in 176 portfolio companies. Net change in unrealized depreciation for the period for the three months ended March 31, 2025, resulted from an decrease in fair value, primarily due to negative valuation adjustments on level 3 securities.

***Net Increase (Decrease) in Net Assets Resulting from Operations*** 

For the three months ended March 31, 2026, the net increase in net assets resulting from operations was $369,800. Based on the weighted average shares outstanding for the three months ended March 31, 2026, the Fund's per share net increase (decrease) in net assets resulting from operations was $0.06.

For the three months ended March 31, 2025, the net increase in net assets resulting from operations was $3,089,970. Based on the weighted average shares outstanding for the three months ended March 31, 2025, the Fund's per share net increase (decrease) in net assets resulting from operations was $0.66.

***Cash Flows*** 

For the three months ended March 31, 2026, cash increased by $11,429,142. During the same period, the Fund used $24,530,031 in operating activities, primarily as a result of purchases of investments. During the three months ended March 31, 2026, the Fund generated $35,959,173 from financing activities, primarily from borrowings on Notes, and issuance of Shares.

For the three months ended March 31, 2025, cash increased by $9,716,259. During the same period, cash provided by operating activities was $14,452,837, primarily as a result of net purchases of investments. The Fund used $4,736,578 from financing activities, primarily from distributions paid, repayments of credit facilities and financing costs paid, offset by issuance of Common Shares.

***Hedging*** 

The Fund may enter into interest rate, foreign exchange, and/or other derivative arrangements to hedge against interest rate, currency, and/or other credit related risks through the use of futures, options and forward contracts. These hedging activities will be subject to the applicable legal and regulatory compliance requirements; however, there can be no assurance any hedging strategy employed will be successful. The Fund may also seek to borrow capital in local currency as a means to hedging non-U.S. dollar denominated investments. For the three months ended March 31, 2026 and 2025, the Fund did not enter into any hedging contracts.

**Financial Condition, Liquidity and Capital Resources** 

As of March 31, 2026, and December 31, 2025 the Fund had $18,878,259 and $7,449,117 in cash and cash equivalents, respectively. The Fund expects to generate cash primarily from (i) the net proceeds of the Offering, (ii) cash flows from the Fund's operations, (iii) any financing arrangements now existing or that the Fund may enter into in the future and (iv) any future offerings of the Fund's equity or debt securities. The Fund intends to sell its shares on a continuous monthly basis at a per share price equal to the then-current NAV per share.

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

Cash and cash equivalents as of March 31, 2026, taken together with the Fund's $129,750,000 undrawn amount on its Credit Facilities, is expected to be sufficient for the Fund's investing activities and to conduct the Fund's operations for at least the next twelve months.

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

As of March 31, 2026, the Fund has unfunded commitments to fund future investments in the amount of $54,971,052 and contractual obligations in the form of Credit Facilities of $181,500,000.

***Equity Activity*** 

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

During the three months ended March 31, 2026, the Fund issued 277,013 Class I Shares for total proceeds of approximately $6,961,783.

*Distributions and Distribution Reinvestment*

The following table summarizes our distributions declared and payable per class of Common Shares for the three months ended March 31, 2026. The Fund declared $3,131,928 during the three months ended March 31, 2025.

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| | | | |
|:---|:---|:---|:---|
| **Declaration Year** | **Class S Shares** | **Class D Shares** | **Class I shares** |
| 2026 |  |  | $0.60 |
| **Reinvestment** | **Amount** | **Shares** |  |
| 2026 | $548868 | 21860 |  |

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

Sources of distributions, other than net investment income and realized gains on a U.S. GAAP basis, include required adjustments to U.S. GAAP net investment income in the current period to determine taxable income available for distributions. The following table reflects the sources of cash distributions on a U.S. GAAP basis that we declared on our shares of common stock during the three months ended March 31, 2026:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended March 31, 2026** | **Three Months Ended March 31, 2026** | **Year Ended December 31, 2025** | **Year Ended December 31, 2025** |
|  | **Amount** | **Percentage** | **Amount** | **Percentage** |
| Source of Distributions |  |  |  |  |
| &nbsp;&nbsp;Cash flows used in operating activities | $369800 | 100% | $12085915 | 100% |
| &nbsp;&nbsp;Net gains from investment realizations |  | —% |  | —% |
| &nbsp;&nbsp;Indebtedness |  | —% |  | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total sources of distributions** | $**369800** | **100%** | $**12085915** | **100%** |
| &nbsp;&nbsp;Year-to-date cash flows from operating activities | $369800 | 0% | $12085915 | 100% |

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*Share Repurchase Program*

The Fund has commenced a share repurchase program in which the Fund may repurchase, in each quarter, at the discretion of the Board, up to 5% of the NAV of the Fund's Common Shares outstanding (either by number of shares or aggregate NAV) as of the close of the previous calendar quarter. The Board may amend or suspend the share repurchase program at any time if in its reasonable judgment it deems such action to be in the best interest of shareholders, such as when a repurchase offer would place an undue burden

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on the Fund's liquidity, adversely affect the Fund's operations or risk having an adverse impact on the Fund that would outweigh the benefit of the repurchase offer. As a result, share repurchases may not be available each quarter. The Fund intends to conduct such repurchase offers in accordance with the requirements of Rule 13e-4 promulgated under the Exchange Act and the 1940 Act. All shares purchased pursuant to the terms of each tender offer will be retired and thereafter will be authorized and unissued shares.

Under the share repurchase plan, to the extent the Fund offers to repurchase shares in any particular quarter, it is expected to repurchase shares pursuant to tender offers using a purchase price equal to the NAV per share as of the last calendar day of the applicable quarter, except that shares that have not been outstanding for at least one year will be repurchased net of the Early Repurchase Deduction. The one-year holding period for the Early Repurchase Deduction is measured as of the subscription closing date immediately following the prospective repurchase date. The Early Repurchase Deduction may be waived in the case of repurchase requests arising from the death, divorce or qualified disability of the holder. The Early Repurchase Deduction will be retained by the Fund for the benefit of remaining shareholders across all shares. For the three months ended March 31, 2026 and 2025, there were no shares tendered.

***Co-Investment Relief*** 

The Fund may be prohibited under the 1940 Act from participating in certain transactions with its affiliates without prior approval of the trustees who are not interested persons, and in some cases, the prior approval of the SEC. The Fund, the Adviser and certain of their affiliates have been granted exemptive relief by the SEC for the Fund to co-invest with other funds managed by the Adviser or its affiliates in a manner consistent with the Fund's investment objective, positions, policies, strategies and restrictions as well as regulatory requirements and other pertinent factors. Pursuant to such exemptive relief, the Fund generally is permitted to co-invest with certain of its affiliates if a "required majority" (as defined in Section 57(o) of the 1940 Act) of the Board makes the findings required by Section 57(f) of the 1940 Act in connection with certain co-investment transactions, including that (1) the terms of the transaction, including the consideration to be paid, are reasonable and fair to the Fund and its shareholders and do not involve overreaching of the Fund or its shareholders on the part of any person concerned, (2) the transaction is consistent with the interests of the Fund's shareholders and its policy as recited in its filings with the SEC, and (3) the Fund's directors record in their minutes and preserve in their records a description of the transaction, their findings, the information or materials upon which their findings were based, and the basis for their findings. As a result of exemptive relief, there could be significant overlap in the Fund's investment portfolio and the investment portfolio of other funds managed by the Adviser or its affiliates that could avail themselves of the exemptive relief and that have an investment objective similar to the Fund's.

***Borrowings*** 

*Scotia Credit Facility* 

On May 2, 2024, the Fund entered into a Senior Secured Credit Agreement with The Bank of Nova Scotia, as the administrative agent, and the lenders party thereto from time to time (the "Scotia Credit Facility"). On September 15, 2025 (the "Scotia Credit Facility First Amendment Date"), the Scotia Credit Facility was amended to, among other things, extend the availability period and the maturity date. The following describes the terms of the Scotia Credit Facility as modified through the Scotia Credit Facility First Amendment Date.

The Scotia Credit Facility is secured by a perfected first-priority interest in substantially all of the portfolio investments held by the Fund and certain subsidiaries that have been or will be formed or acquired by the Fund (collectively,the "Guarantors"), subject to certain exceptions, and includes a $30,000,000 sublimit for swing line loans, and is expected to be guaranteed by certain of the Fund's domestic subsidiaries in existence as of the Scotia Credit Facility First Amendment Date. Proceeds of the Scotia Credit Facility may be used for general corporate purposes, including the funding of portfolio investments.

The Scotia Credit Facility provides for, in the aggregate, a total of outstanding term loans and revolving credit facility commitments in the principal amount of $125,000,000, which is comprised of (a) a term loan in a principal amount of $25,000,000 and (b) subject to availability under the borrowing base, which is based on the Fund's portfolio investments and other outstanding indebtedness, a revolving credit facility in a principal amount of up to $100,000,000 (the revolving credit facility increased from $75,000,000 to $100,000,000 on the Scotia Credit Facility First Amendment Date). Maximum capacity under the Scotia Credit Facility may be increased to $400,000,000 through the exercise by the Fund of an uncommitted accordion feature through which existing and new lenders may, at their option, agree to provide additional financing.

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

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

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

*ABPLF Credit Facility* 

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

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

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

Amounts drawn under the ABPLF Credit Facility, bear interest at either the Term SOFR Reference Rate, or the weighted average of the Commercial Paper Rate, the Liquidity Funding Rate and the Credit Funding Rate (each as defined in the ABPLF Credit Agreement, the "Applicable Rate"), in each case, plus a margin. Advances used to finance the purchase or origination of any eligible loans under the ABPLF Credit Facility initially bear interest at the Applicable Rate plus a spread of 2.50%. From and after the date of the Second ABPLF Credit Facility Amendment to the last day of the Reinvestment period, the applicable margin will be a spread of 1.80% plus 0.10% plus the additional administrative agent fees.

The ABPLF Credit Facility is secured by ABPLF's right, title and interest in the pledged collateral, which includes (but is not limited to): all collateral loans; the custodial accounts, the eligible accounts, and the eligible investments; cash, money, securities, reserves and other property of ABPLF; all related property; and certain agreements entered into in connection with the ABPLF Credit Facility.

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

**Asset Coverage**

The Fund is permitted, under specified conditions, to issue multiple classes of indebtedness and one class of shares senior to its common shares if its asset coverage, as defined in the 1940 Act, would at least equal 150% immediately after each such issuance. On July 23, 2024, the Fund's sole shareholder approved the adoption of this 150% threshold pursuant to Section 61(a)(2) of the 1940 Act and such election became effective the following day. As defined in the 1940 Act, asset coverage of 150% for preferred shares means that for every $100 of net assets the Fund holds, it may raise $200 from borrowing and issuing senior securities representing stock. Asset coverage of 150% for indebtedness means that for every $100 of net assets the Fund holds, it may raise $200 from borrowing. In

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addition, while any senior securities remain outstanding, the Fund will be required to make provisions to prohibit any dividend distribution to the Fund's shareholders or the repurchase of such securities or shares unless it meets the applicable asset coverage ratios at the time of the dividend distribution or repurchase. The Fund will also be permitted to borrow amounts up to 5% of the value of its total assets for temporary or emergency purposes, which borrowings would not be considered senior securities. Leverage embedded or inherent in derivative instruments in which the Fund may invest are not subject to such asset coverage requirements.

As of March 31, 2026, and December 31, 2025, the Fund had an aggregate principal amount of $215,250,000 and $181,500,000, respectively, of borrowings under the Credit Facilities and had an asset coverage ratio of 178% and 190%, respectively.

**Critical Accounting Policies**

***Valuation of Investments*** 

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

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

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

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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Level 1 – Quoted prices in active markets for identical investments.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•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.

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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 are 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.

Fair value is a market-based measure considered from the perspective of the market's participant who holds the financial instrument rather than an entity-specific measure. When market assumptions are not readily available, our own assumptions are set to reflect those that the Adviser believes market participants would use in pricing the financial instruments on the measurement date.

The availability of observable inputs can vary depending on the financial instrument and is affected by a variety of factors. To the extent the valuation is based on models or inputs that are less observable, the determination of fair value requires more judgment. Our valuation methodology is approved by the Board, and the Board is responsible for the fair values determined. As markets change, new types of investments are made, or pricing for certain investments becomes more or less observable, management, with oversight from the Board, may refine our valuation methodologies to best reflect the fair value of our investments appropriately. As of March 31, 2026, our investment portfolio, valued at fair value in accordance with our Board-approved valuation policy, represented 222% of our total assets, as compared to 208% of our total assets as of December 31, 2025.

See "Note 2. Summary of Significant Accounting Policies" and "Note 5. Fair Value Measurement" in the notes to the consolidated financial statements included in our most recent Annual Report on Form 10-K filed with the SEC and "Note 2. Summary of Significant Accountings Policies" and "Note 5. Fair Value Measurement" in the notes to the consolidated financial statements included in this Quarterly Report on Form 10-Q for more information on our valuation process.

***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

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debt is received on the interest payment date, it typically has the same terms, including maturity dates and interest rates, as the original loan. PIK interest generally becomes due on the investment's maturity date or call date.

The Fund may earn various fees during the life of the loans. Such fees include, but are not limited to, syndication, commitment, administration, prepayment and amendment fees, some of which are paid to the Fund on an ongoing basis. These fees and any other income are recognized as earned. Upon prepayment of a loan or debt security, any prepayment premiums, unamortized up-front loan origination fees and unamortized discounts are recorded as interest income.

Costs associated with entering into an investment are included in the cost of the investment, and any costs incurred relating to an unconsummated investment are expensed.

Distributions received from an equity interest, limited liability company or a limited partnership investment are evaluated to determine if the distribution should be recorded as dividend income or a return of capital.

***Management and Incentive Fees*** 

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

***U.S. Federal Income Taxes*** 

The Fund has elected to be treated, and intends to qualify annually thereafter, as a RIC under Subchapter M of the Code. Generally, a RIC is not subject to U.S. 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 shareholders. The Fund intends to distribute sufficient dividends to maintain its RIC status each year and the Fund does not anticipate paying any material U.S. federal income taxes in the future.

**Item 3. Quantitative and Qualitative Disclosures About Market Risk**

The Fund is subject to financial market risks, including changes in interest rates. To the extent the Fund borrows to finance investments, its net investment income depends on the spread between the rate at which the Fund borrows and the rate at which it invests.

In connection with moderating inflation and changes in central bank policy, interest rates have declined from prior elevated levels and may continue to fall. Because the Fund's investments are predominantly floating rate, changes in interest rates are expected to be reflected in interest income over time as reference rates reset. In a declining interest rate environment, we expect asset yields and interest income to decrease, , all else equal. Notably, the Fund's portfolio financing is typically floating rate; therefore, we expect the Fund's cost of financing also to decline as interest rates fall. Differences in the timing of rate resets on the Fund's assets and its borrowings may result in temporary increases or decreases in net investment income. Also, contractual interest rate floors on assets may support asset yields in particularly low rate environments.

In declining rate environments, portfolio companies with floating rate debt are positioned to benefit from lower debt service obligations, which can reduce the risk of defaults and related credit losses for the Fund.

The Fund will primarily invest in illiquid debt securities of private companies. Because there is not expected to be a readily available market for many portfolio investments, the Fund expects to value a substantial portion of its portfolio at fair value, as determined in good faith by the Board in accordance with a documented valuation policy and consistently applied valuation process. Due to the inherent uncertainty in determining the fair value of illiquid investments, such valuations may differ materially from the values that would have been realized in an active market.

Although the Fund does not currently intend to make investments denominated in foreign currencies, to the extent it does, the Fund would be subject to risks associated with changes in currency exchange rates, including fluctuations in foreign exchange markets, the imposition of exchange controls, and potential secondary market illiquidity.

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Assuming that the consolidated statement of assets and liabilities as of March 31, 2026, 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.

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Change in Interest Rates** | **Increase<br>(Decrease) in<br>Interest Income** | **Increase<br>(Decrease) in<br>Interest Income** | **Increase<br>(Decrease) in<br>Interest Expense** | **Increase<br>(Decrease) in<br>Interest Expense** | **Net Increase<br>(Decrease) in<br>Net Investment<br>Income** | **Net Increase<br>(Decrease) in<br>Net Investment<br>Income** |
| Down 300 basis points | $— | (9942801) | $— | (6457500) | $— | (3485301) |
| Down 200 basis points | $— | (6570382) | $— | (4305000) | $— | (2265382) |
| Down 100 basis points | $— | (3287821) | $— | (2152500) | $— | (1135321) |
| Down 25 basis points | $— | (821955) | $— | (538125) | $— | (283830) |
| Up 100 basis points | $— | 3287821 | $— | 2152500 | $— | 1135321 |
| Up 200 basis points | $— | 6575642 | $— | 4305000 | $— | 2270642 |
| Up 300 basis points | $— | 9863463 | $— | 6457500 | $— | 3405963 |

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

**Item 4. 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.

***Changes in internal controls over financial reporting***

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

**PART II. OTHER INFORMATION** 

**Item 1. Legal Proceedings** 

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

**Item 1A. Risk Factors** 

In addition to the other information set forth in this report, you should carefully consider the factors discussed in "Part I., Item 1A. Risk Factors" in the Fund's Annual Report on Form 10-K for the fiscal year ended December 31, 2025, which could materially affect the Fund's business, financial condition and/or operating results. The risks described in the Fund's Annual Report on Form 10-K are not the only risks the Fund faces. Additional risks and uncertainties that are not currently known to the Fund or that the Fund currently deems to be immaterial also may materially adversely affect the Fund's business, financial condition and/or operating results. During the three months ended March 31, 2026, there have been no material changes from the risk factors set forth in the Fund's Annual Report on Form 10-K for the year ended December 31, 2025.

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

Except as previously reported by the Fund on its current reports on Form 8-K, the Fund did not sell any securities during the period covered by this Quarterly Report that were not registered under the Securities Act.

**Item 3. Defaults Upon Senior Securities** 

None.

**Item 4. Mine Safety Disclosures** 

Not applicable.

**Item 5. Other Information** 

**Insider Trading Arrangements and Policies** 

For the fiscal quarter ended March 31, 2026, none of the Fund's trustees or officers adopted or terminated any contract, instruction or written plan for the purchase or sale of the Fund's securities to satisfy the affirmative defense conditions of Exchange Act Rule 10b5-1(c) or any "non-Rule 10b5-1 trading arrangement."

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**Item 6. Exhibits** 

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

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| | |
|:---|:---|
| 10.1 | [<u>Second Amendment to Credit Agreement, dated as of February 9, 2026, among ABPLF SPV I LLC, as borrower, the Bank of Nova Scotia, as administrative agent, U.S. Bank Trust Company, National Association, as collateral agent and collateral administrator, U.S. Bank National Association, as custodian and the lenders signatory thereto (Incorporated by reference to Exhibit 10.1 to the Fund's Current Report on Form 8-K filed with the SEC on February 13, 2026).</u>](https://www.sec.gov/Archives/edgar/data/1982701/000119312526051081/d862296dex101.htm) |
| 31.1 | [<u>Certification of Chief Executive Officer pursuant to Rule 13a-14 of the Securities Exchange Act of 1934, as amended.\*</u>](ck0001982701-ex31_1.htm) |
| 31.2 | [<u>Certification of Chief Financial Officer pursuant to Rule 13a-14 of the Securities Exchange Act of 1934, as amended.\*</u>](ck0001982701-ex31_2.htm) |
| 32.1 | [<u>Certification of Chief Executive Officer and Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, as amended.\*</u>](ck0001982701-ex32_1.htm) |
| 101.INS | Inline XBRL Instance Document—the instance document does not appear in the Interactive Data File as its XBRL tags are embedded within the Inline XBRL document\* |
| 101.SCH | Inline XBRL Taxonomy Extension Schema With Embedded Linkbase Document\* |
| 101.CAL | Inline XBRL Taxonomy Calculation Linkbase Document\* |
| 101. DEF | Inline XBRL Taxonomy Extension Definition Linkbase Document\* |
| 101.LAB | Inline XBRL Taxonomy Label Linkbase Document\* |
| 101.PRE | Inline XBRL Taxonomy Presentation Linkbase Document\* |
| 104 | Cover Page formatted as Inline XBRL and contained in Exhibit 101\* |

---

\* Filed herewith

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**SIGNATURES** 

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

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| | | |
|:---|:---|:---|
|  |  | **AB PRIVATE LENDING FUND** |
| **Date:** May 15, 2026 | By: | /s/ J. Brent Humphries |
|  |  | J. Brent Humphries |
|  |  | President and Chief Executive Officer |
|  |  | (Principal Executive Officer) |
| **Date:** May 15, 2026 | By: | /s/ Wesley Raper |
|  |  | Wesley Raper |
|  |  | Chief Financial Officer |
|  |  | (Principal Financial and Accounting Officer) |

---

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## Exhibit 4.1

Exhibit 4.1

**DESCRIPTION OF OUR COMMON SHARES**

**REGISTERED PURSUANT TO SECTION 12 OF THE SECURITIES**

**EXCHANGE ACT OF 1934**

*The following description is based on relevant portions of Delaware law and on our Declaration of Trust and Bylaws. This summary is not necessarily complete, and we refer you to Delaware law, our Declaration of Trust and our Bylaws for a more detailed description of the provisions summarized below. Capitalized terms used but not defined herein shall have the meaning ascribed to them in the Annual Report on Form 10-K to which this Description of our Common Shares is attached as an exhibit.*

**General**

The terms of the Declaration of Trust authorize an unlimited number of its common shares of beneficial interest ("Common Shares") of any class, par value $0.01 per share, and an unlimited number of shares of preferred shares, par value $0.01 per share. The Declaration of Trust provides that the Board may classify or reclassify any unissued Common Shares into one or more classes or series of Common Shares or preferred shares by setting or changing the preferences, conversion or other rights, voting powers, restrictions, or limitations as to dividends, qualifications, or terms or conditions of redemption of the shares. There is currently no market for our Common Shares, and we can offer no assurances that a market for our shares will develop in the future. We do not intend for the shares offered under our prospectus related to the offering on a continuous basis of up to $1.0 billion of our Common Shares (the "Offering") to be listed on any national securities exchange. There are no outstanding options or warrants to purchase our shares. No shares have been authorized for issuance under any equity compensation plans. Under the terms of our Declaration of Trust, shareholders shall be entitled to the same limited liability extended to shareholders of private Delaware for profit corporations formed under the Delaware General Corporation Law, 8 Del. C. § 100, et. seq. Our Declaration of Trust provides that no shareholder shall be liable for any debt, claim, demand, judgment or obligation of any kind of, against or with respect to us by reason of being a shareholder, nor shall any shareholder be subject to any personal liability whatsoever, in tort, contract or otherwise, to any person in connection with the Fund's assets or the affairs of the Fund by reason of being a shareholder.

None of our shares are subject to further calls or to assessments, sinking fund provisions, obligations of the Fund or potential liabilities associated with ownership of the security (not including investment risks). In addition, except as may be provided by the Board in setting the terms of any class or series of Common Shares, no shareholder shall be entitled to exercise appraisal rights in connection with any transaction.

**Common Shares**

Under the terms of our Declaration of Trust, all Common Shares will have equal rights as to voting and, when they are issued, will be duly authorized, validly issued, fully paid and nonassessable. Dividends and distributions may be paid to the holders of our Common Shares if, as and when authorized by our Board and declared by us out of funds legally available therefore. Except as may be provided by our Board in setting the terms of classified or reclassified shares, our Common Shares will have no preemptive, exchange, conversion, appraisal or redemption rights and will be freely transferable, except where their transfer is restricted by federal and state securities laws or by contract and except that, in order to avoid the possibility that our assets could be treated as "plan assets," we may require any person proposing to acquire Common Shares to furnish such information as may be necessary to determine whether such person is a benefit plan investor or a controlling person, restrict or prohibit transfers of such shares or redeem any outstanding shares for such price and on such other terms and conditions as may be determined by or at the direction of the Board. In the event of our liquidation, dissolution or winding up, each share of our Common Shares would be entitled to share pro rata in all of our assets that are legally available for distribution after we pay all debts and other liabilities and subject to any preferential rights of holders of our preferred shares, if any preferred shares are outstanding at such time. Subject to the rights of holders of any other class or series of shares, each share of our Common Shares will be entitled to one vote on all matters submitted to a vote of shareholders, including the election of Trustees. Except as may be provided by the Board in setting the terms of classified or reclassified shares, and subject to the express terms of any class or series of preferred shares, the holders of our Common Shares will possess exclusive voting power. There will be no cumulative voting in the election of Trustees. Subject to the special rights

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of the holders of any class or series of preferred shares to elect Trustees, each Trustee will be elected by a plurality of the votes cast with respect to such Trustee's election except in the case of a "contested election" (as defined in our Bylaws), in which case Trustees will be elected by a majority of the votes cast in the contested election of Trustees. Pursuant to our Declaration of Trust, our Board may amend the Bylaws to alter the vote required to elect Trustees.

***Class S Shares***

Neither the Fund nor the Managing Dealer will charge upfront selling commissions for sales of any Class S shares; however, if you purchase Class S shares from certain financial intermediaries, they may directly charge you transaction or other fees, including upfront placement fees or brokerage commissions, in such amount as they may determine, provided that they limit such charges to a 3.50% cap on NAV for Class S shares. Class S shares are subject to a minimum initial investment of $2,500. All subsequent purchases of Class S, except for those made under our distribution reinvestment plan, are subject to a minimum investment size of $500 per transaction. The Managing Dealer can waive the initial or subsequent minimum investment at its discretion.

We pay the Managing Dealer selling commissions over time as a shareholder servicing and/or distribution fee with respect to our outstanding Class S shares equal to 0.85% per annum of the aggregate NAV of our outstanding Class S shares, including any Class S shares issued pursuant to our distribution reinvestment plan. The shareholder servicing and/or distribution fees are paid monthly in arrears. The Managing Dealer reallows (pays) all or a portion of the shareholder servicing and/or distribution fees to participating brokers and servicing brokers for ongoing shareholder services performed by such brokers and will waive shareholder servicing and/or distribution fees to the extent a broker is not eligible to receive it for failure to provide such services.

In addition to the above payments, the Adviser may make payments from its management fee revenue, past profits, or other resources to the Managing Dealer in connection with providing services intended to result in the sale of Class S shares and/or shareholder support services. The Adviser, directly or through the Managing Dealer or one or more affiliates, may pay significant amounts to intermediaries that provide those services.

***Class D Shares***

Neither the Fund nor the Managing Dealer will charge upfront selling commissions for sales of any Class D shares; however, if you purchase Class D shares from certain financial intermediaries, they may directly charge you transaction or other fees, including upfront placement fees or brokerage commissions, in such amount as they may determine, provided that they limit such charges to a 1.50% cap on NAV for Class D shares. Class D shares are subject to a minimum initial investment of $2,500. All subsequent purchases of Class D, except for those made under our distribution reinvestment plan, are subject to a minimum investment size of $500 per transaction. The Managing Dealer can waive the initial or subsequent minimum investment at its discretion.

We pay the Managing Dealer selling commissions over time as a shareholder servicing fee with respect to our outstanding Class D shares equal to 0.25% per annum of the aggregate NAV of all our outstanding Class D shares, including any Class D shares issued pursuant to our distribution reinvestment plan. The shareholder servicing fees are paid monthly in arrears. The Managing Dealer reallows (pays) all or a portion of the shareholder servicing fees to participating brokers and servicing brokers for ongoing shareholder services performed by such brokers and will waive shareholder servicing fees to the extent a broker is not eligible to receive it for failure to provide such services.

Class D shares are generally available for purchase in the Offering only (1) through fee-based programs, also known as wrap accounts, sponsored by participating brokers or other intermediaries that provide access to Class D shares, (2) through participating brokers that have alternative fee arrangements with their clients to provide access to Class D shares, (3) through transaction/ brokerage platforms at participating brokers, (4) through certain registered investment advisers, (5) through bank trust departments or any other organization or person authorized to act in a fiduciary capacity for its clients or customers or (6) by other categories of investors that we name in an amendment or supplement to our prospectus.

In addition to the above payments, the Adviser may make payments from its management fee revenue, past profits, or other resources to the Managing Dealer in connection with providing services intended to result in the sale of Class D shares and/or shareholder support services. The Adviser, directly or through the Managing Dealer or one or more affiliates, may pay significant amounts to intermediaries that provide those services.

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***Class I Shares***

Neither the Fund nor the Managing Dealer will charge upfront selling commissions or shareholder servicing and/or distribution fees for sales of any Class I shares, and financial intermediaries will not charge transaction or other such fees on Class I shares. However, the Adviser may make payments from its management fee revenue, past profits, or other resources to the Managing Dealer in connection with providing services intended to result in the sale of Class I shares and/or shareholder support services. The Adviser, directly or through the Managing Dealer or one or more affiliates, may pay significant amounts to intermediaries that provide those services.

Class I shares are generally available for purchase in the Offering only (1) through fee-based programs, also known as wrap accounts, sponsored by participating brokers or other intermediaries that provide access to Class I shares, (2) by endowments foundations, pension funds and other institutional investors, (3) through participating brokers that have alternative fee arrangements with their clients to provide access to Class I shares, (4) through transaction/ brokerage platforms at participating brokers, (5) by our executive officers and Trustees and their immediate family members, as well as officers and employees of the Adviser or other affiliates and their immediate family members, and, if approved by our Board, joint venture partners, consultants and other service providers, or (6) by other categories of investors that we name in an amendment or supplement to our prospectus. In certain cases, where a holder of Class S shares or Class D shares exits a relationship with a participating broker for the Offering and does not enter into a new relationship with a participating broker for the Offering, such holder's shares may be exchanged into an equivalent NAV amount of Class I shares. We may also offer Class I shares to certain feeder vehicles primarily created to hold our Class I shares, which in turn offer interests in themselves to investors; we expect to conduct such offerings pursuant to exceptions to registration under the Securities Act of 1933, as amended (the "Securities Act") and not as a part of the Offering. Such feeder vehicles may have additional costs and expenses, which would be disclosed in connection with the offering of their interests. We may also offer Class I shares to other investment vehicles.

***Other Terms of Common Shares***

We will cease paying the shareholder servicing and/or distribution fee on the Class S shares and Class D shares on the earlier to occur of the following: (i) a listing of Class I shares, (ii) our merger or consolidation with or into another entity, or the sale or other disposition of all or substantially all of our assets or (iii) the date following the completion of the primary portion of the Offering on which, in the aggregate, underwriting compensation from all sources in connection with the Offering, including the shareholder servicing and/or distribution fee and other underwriting compensation, is equal to 10% of the gross proceeds from our primary offering. In addition, as required by exemptive relief that allows us to offer multiple classes of shares, at the end of the month in which the Managing Dealer in conjunction with the transfer agent determines that total transaction or other fees, including upfront placement fees or brokerage commissions, and shareholder servicing and/or distribution fees paid with respect to any single share held in a shareholder's account would exceed, in the aggregate, 10% of the gross proceeds from the sale of such share (or a lower limit as determined by the Managing Dealer or the applicable selling agent), we will cease paying the shareholder servicing and/or distribution fee on either (i) each such share that would exceed such limit or (ii) all Class S shares and Class D shares in such shareholder's account. We may modify this requirement if permitted by applicable exemptive relief. At the end of such month, the applicable Class S shares or Class D shares in such shareholder's account will convert into a number of Class I shares (including any fractional shares), with an equivalent aggregate NAV as such Class S shares or Class D shares. In addition, immediately before any liquidation, dissolution or winding up, each Class S share and Class D share will automatically convert into a number of Class I shares (including any fractional shares) with an equivalent NAV as such share.

***Preferred Shares***

The Offering does not include an offering of preferred shares. However, under the terms of the Declaration of Trust, our Board may authorize us to issue preferred shares in one or more classes or series without shareholder approval, to the extent permitted by the 1940 Act. The Board has the power to fix the preferences, conversion and other rights, voting powers, restrictions, limitations as to dividends and other distributions, qualifications and terms and conditions of redemption of each class or series of preferred shares. We do not currently anticipate issuing preferred shares in the near future. In the event we issue preferred shares, we will make any required disclosure to shareholders. We will not offer preferred shares to the Adviser or our affiliates except on the same terms as offered to all other shareholders.

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Preferred shares could be issued with terms that would adversely affect the shareholders, provided that we may not issue any preferred shares that would limit or subordinate the voting rights of holders of our Common Shares. Preferred shares could also be used as an anti-takeover device through the issuance of shares of a class or series of preferred shares with terms and conditions which could have the effect of delaying, deferring or preventing a transaction or a change in control. Every issuance of preferred shares will be required to comply with the requirements of the 1940 Act. The 1940 Act requires, among other things, that: (1) immediately after issuance and before any dividend or other distribution is made with respect to Common Shares and before any purchase of Common Shares is made, such preferred shares together with all other senior securities must not exceed an amount equal to 50% of our total assets after deducting the amount of such dividend, distribution or purchase price, as the case may be, and (2) the holders of shares of preferred shares, if any are issued, must be entitled as a class voting separately to elect two Trustees at all times and to elect a majority of the Trustees if distributions on such preferred shares are in arrears by two full years or more. Certain matters under the 1940 Act require the affirmative vote of the holders of at least a majority of the outstanding shares of preferred shares (as determined in accordance with the 1940 Act) voting together as a separate class. For example, the vote of such holders of preferred shares would be required to approve a proposal involving a plan of reorganization adversely affecting such securities.

The issuance of any preferred shares must be approved by a majority of our Independent Trustees not otherwise interested in the transaction, who will have access, at our expense, to our legal counsel or to independent legal counsel.

**Limitation on Liability of Trustees and Officers; Indemnification and Advance of Expenses**

Delaware law permits a Delaware statutory trust to include in its declaration of trust a provision to indemnify and hold harmless any trustee or beneficial owner or other person from and against any and all claims and demands whatsoever. Our Declaration of Trust provides that our Trustees will not be liable to us or our shareholders for monetary damages for breach of fiduciary duty as a trustee to the fullest extent permitted by Delaware law. Our Declaration of Trust provides for the indemnification of any person to the full extent permitted, and in the manner provided, by Delaware law. In accordance with the 1940 Act, we will not indemnify certain persons for any liability to which such persons would be subject by reason of such person's willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of his office.

Pursuant to our Declaration of Trust and subject to certain exceptions described therein, we will indemnify and, without requiring a preliminary determination of the ultimate entitlement to indemnification, pay or reimburse reasonable expenses in advance of final disposition of a proceeding to (i) any individual who is a present or former Trustee or officer of the Fund and who is made or threatened to be made a party to the proceeding by reason of his or her service in that capacity or (ii) any individual who, while a Trustee or officer of the Fund and at the request of the Fund, serves or has served as a trustee, officer, partner or trustee of any corporation, partnership, joint venture, trust, employee benefit plan or other enterprise and who is made or threatened to be made a party to the proceeding by reason of his or her service in that capacity (each such person, an "Indemnitee"), in each case to the fullest extent permitted by Delaware law. Notwithstanding the foregoing, we will not provide indemnification for any loss, liability or expense arising from or out of an alleged violation of federal or state securities laws by an Indemnitee unless (i) there has been a successful adjudication on the merits of each count involving alleged securities law violations, (ii) such claims have been dismissed with prejudice on the merits by a court of competent jurisdiction, or (iii) a court of competent jurisdiction approves a settlement of the claims against the Indemnitee and finds that indemnification of the settlement and the related costs should be made and the court considering the request for indemnification has been advised of the position of the SEC and of the published position of any state securities regulatory authority in which securities were offered or sold as to indemnification for violations of securities laws.

We will not indemnify an Indemnitee against any liability or loss suffered by such Indemnitee, nor will we hold harmless such Indemnitee for any loss or liability suffered by us, unless (i) the Fund determines in good faith that the course of conduct that caused the loss or liability was in the best interest of the Fund, (ii) the Indemnitee was acting on behalf of or performing services for the Fund, (iii) such liability or loss was not the result of (A) negligence or misconduct, in the case that the party seeking indemnification is a Trustee (other than an Independent Trustee), officer, employee, controlling person or agent of the Fund, or (B) gross negligence or willful misconduct, in the case that the party seeking indemnification is an Independent Trustee, and (iv) such indemnification or agreement to hold harmless is recoverable only out of assets of the Fund and not from the shareholders.

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In addition, the Declaration of Trust permits the Fund to advance reasonable expenses to an Indemnitee, and we will do so in advance of final disposition of a proceeding (a) if the proceeding relates to acts or omissions with respect to the performance of duties or services on behalf of the Fund, (b) the legal proceeding was initiated by a third party who is not a shareholder or, if by a shareholder of the Fund acting in his or her capacity as such, a court of competent jurisdiction approves such advancement and (c) upon the Fund's receipt of (i) a written affirmation by the trustee or officer of his or her good faith belief that he or she has met the standard of conduct necessary for indemnification by the Fund and (ii) a written undertaking by him or her or on his or her behalf to repay the amount paid or reimbursed by the Fund, together with the applicable legal rate of interest thereon, if it is ultimately determined that the standard of conduct was not met.

**Delaware Law and Certain Declaration of Trust Provisions**

**Organization and Duration**

We were formed in Delaware on June 8, 2023 and will remain in existence until dissolved in accordance with our Declaration of Trust or pursuant to Delaware law.

**Purpose**

Under the Declaration of Trust, we are permitted to engage in any business activity that lawfully may be conducted by a statutory trust organized under Delaware law and, in connection therewith, to exercise all of the rights and powers conferred upon us pursuant to the agreements relating to such business activity.

Our Declaration of Trust contains provisions that could make it more difficult for a potential acquirer to acquire us by means of a tender offer, proxy contest or otherwise. Our Board may, without shareholder action, authorize the issuance of shares in one or more classes or series, including preferred shares; our Board may, without shareholder action, amend our Declaration of Trust to increase the number of our Common Shares, of any class or series, that we will have authority to issue; and our Declaration of Trust provides that our Board be divided into three classes of Trustees serving staggered terms of three years each. These provisions are expected to discourage certain coercive takeover practices and inadequate takeover bids and to encourage persons seeking to acquire control of us to negotiate first with our Board. We believe that the benefits of these provisions outweigh the potential disadvantages of discouraging any such acquisition proposals because, among other things, the negotiation of such proposals may improve their terms.

**Sales and Leases to the Fund**

Our Declaration of Trust provides that, unless otherwise permitted by the 1940 Act or applicable guidance or exemptive relief of the SEC, except as otherwise permitted under the 1940 Act, we may not purchase or lease assets in which the Adviser or any of its affiliates have an interest unless all of the following conditions are met: (a) the transaction is fully disclosed to the shareholders in a prospectus or in a periodic report; and (b) the assets are sold or leased upon terms that are reasonable and fair to us and at a price not to exceed the lesser of cost or fair market value as determined by an independent expert. However, the Adviser may purchase assets in its own name (and assume loans in connection therewith) and temporarily hold title, for the purposes of facilitating the acquisition of the assets, the borrowing of money, obtaining financing for us, or the completion of construction of the assets, so long as all of the following conditions are met: (i) the assets are purchased by us at a price no greater than the cost of the assets to the Adviser; (ii) all income generated by, and the expenses associated with, the assets so acquired will be treated as belonging to us; and (iii) there are no other benefits arising out of such transaction to the Adviser apart from compensation otherwise permitted by the Omnibus Guidelines, as adopted by the North American Securities Administrators Association.

**Sales and Leases to our Adviser, Trustees or Affiliates**

Our Declaration of Trust provides that, unless otherwise permitted by the 1940 Act or applicable guidance or exemptive relief of the SEC, we may not sell assets to the Adviser or any of its affiliates unless such sale is approved by the holders of a majority of our outstanding Common Shares. Our Declaration of Trust also provides that we may not lease assets to the Adviser or any affiliate thereof unless all of the following conditions are met: (a) the transaction

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is fully disclosed to the shareholders in a prospectus or in a periodic report; and (b) the terms of the transaction are fair and reasonable to us.

**Loans**

Our Declaration of Trust provides that, unless otherwise permitted by the 1940 Act or applicable guidance or exemptive relief of the SEC, except for the advancement of indemnification funds, no loans, credit facilities, credit agreements or otherwise may be made by us to the Adviser or any of its affiliates.

**Commissions on Financing, Refinancing or Reinvestment**

Our Declaration of Trust provides that, unless otherwise permitted by the 1940 Act or applicable guidance or exemptive relief of the SEC, we generally may not pay, directly or indirectly, a commission or fee to the Adviser or any of its affiliates in connection with the reinvestment of cash available for distribution, available reserves, or the proceeds of the resale, exchange or refinancing of assets.

**Lending Practices**

Our Declaration of Trust provides that, with respect to financing made available to us by the Adviser, the Adviser may not receive interest in excess of the lesser of the Adviser's cost of funds or the amounts that would be charged by unrelated lending institutions on comparable loans for the same purpose. The Adviser may not impose a prepayment charge or penalty in connection with such financing and the Adviser may not receive points or other financing charges.

**Number of Trustees; Vacancies; Removal**

Our Declaration of Trust provides that the number of Trustees will be set by our Board in accordance with our Bylaws. Our Bylaws provide that a majority of our entire Board may at any time increase or decrease the number of Trustees. Our Declaration of Trust provides that the number of Trustees generally may not be less than three. Except as otherwise required by applicable requirements of the 1940 Act and as may be provided by our Board in setting the terms of any class or series of preferred shares, pursuant to an election under our Declaration of Trust, any and all vacancies on our Board may be filled only by the affirmative vote of a majority of the remaining Trustees in office, even if the remaining Trustees do not constitute a quorum, and any Trustee elected to fill a vacancy will serve for the remainder of the full term of the Trustee for whom the vacancy occurred and until a successor is elected and qualified, subject to any applicable requirements of the 1940 Act. Independent Trustees will nominate replacements for any vacancies among the Independent Trustees' positions.

Our Declaration of Trust provides that a Trustee may be removed (i) for cause by a majority of the remaining Trustees (or in the case of the removal of a Trustee that is not an interested person, a majority of the remaining Trustees that are not interested persons); or (ii) with or without cause upon a vote by the holders of more than 50% of the outstanding shares entitled to vote.

We have a total of five members of our Board, three of whom are Independent Trustees. Our Declaration of Trust provides that a majority of our Board must be Independent Trustees except for a period of up to 120 days after the death, removal or resignation of an Independent Trustee pending the election of his or her successor. Each Trustee will hold office until his or her successor is duly elected and qualified.

Our Board is divided into three classes of Trustees serving staggered terms of three years each.

Class I, Class II and Class III are comprised of two Trustees, two Trustees and one Trustee, respectively. The initial term of office of the Class I Trustees shall expire at the Company's 2025 annual meeting of shareholders. The initial term of office of the Class II Trustees shall expire at the Company's 2026 annual meeting of shareholders. The initial term of office of the Class III Trustee shall expire at the Company's 2027 annual meeting of shareholders. After the initial term, each Trustee's term shall expire three years after their election or re-election, as may be the case.

**Determinations by Our Board of Trustees**

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Our Declaration of Trust contains a provision that states the authority of our Board of Trustees to manage our business and affairs. This provision enumerates certain matters and states that the determination as to any such enumerated matters made by or pursuant to the direction of our Board of Trustees and consistent with our Declaration of Trust is final and conclusive and binding upon us and our shareholders. This provision does not alter the duties our Board of Trustees owes to us or our shareholders pursuant to our Declaration of Trust, under Delaware law and under the 1940 Act. Further, it would not restrict the ability of a shareholder to challenge an action by our Board of Trustees which was taken in a manner that is inconsistent with our Declaration of Trust or the Board of Trustees' duties under Delaware law and the 1940 Act or which did not comply with the requirements of the provision.

**Action by Shareholders**

Our Bylaws provide that shareholder action can be taken at an annual meeting of shareholders held to consider such matters as may appropriately come before such meeting, at a special meeting of shareholders, or by unanimous consent in lieu of a meeting. The shareholders will only have voting rights as required by the 1940 Act or as otherwise provided for in the Declaration of Trust. Under our Declaration of Trust and Bylaws, the Fund holds annual meetings of shareholders to consider such matters as may appropriately come before such meeting. Special meetings of shareholders may be called in the manner provided in our Declaration of Trust and Bylaws, including by a majority of the Independent Trustees or the President, and will be limited to the purposes for any such special meeting set forth in the notice thereof. In addition, our Declaration of Trust and Bylaws provide that, subject to the satisfaction of certain procedural and informational requirements by the shareholders requesting the meeting, a special meeting of shareholders will be called by the secretary of the Fund to act on any matter that may properly be considered at a meeting of shareholders upon the written request of shareholders entitled to cast not less than 10% of all the votes entitled to be cast on such matter at such meeting. Notice of any special meeting called by such shareholders will be sent to all shareholders within 10 days of the receipt of the written request and the special meeting will be held at the time and place specified in the shareholder request not less than 15 days nor more than 60 days after we are provided notice by such shareholders of the request for a special meeting; provided, however, that if no time or place is so specified in the shareholder request, at such time and place convenient to the shareholder. If there are no Trustees, the officers of the Fund will promptly call a special meeting of the shareholders entitled to vote for the election of successor Trustees. Any meeting may be adjourned and reconvened as the Board may determine or as otherwise provided in the Bylaws. These provisions will have the effect of significantly reducing the ability of shareholders being able to have proposals considered at a meeting of shareholders.

With respect to special meetings of shareholders, only the business specified in our notice of the meeting may be brought before the meeting. Nominations of persons for election to the Board at a special meeting may be made only (1) pursuant to our notice of the meeting, (2) by the Board or (3) provided that the Board has determined that Trustees will be elected at the meeting, by a shareholder who is entitled to vote at the meeting and who has complied with the advance notice provisions of the Declaration of Trust.

Our Declaration of Trust also provides that the following actions may be taken by the shareholders, without concurrence by our Board or the Adviser, upon a vote by the holders of more than 50% of the outstanding shares entitled to vote to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•modify the Declaration of Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•remove the Adviser or appoint a new investment adviser;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•dissolve the Fund; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•sell all or substantially all of our assets other than in the ordinary course of business.

The purpose of requiring shareholders to give us advance notice of nominations and other business is to afford our Board a meaningful opportunity to consider the qualifications of the proposed nominees and the advisability of any other proposed business and, to the extent deemed necessary or desirable by our Board, to inform shareholders and make recommendations about such qualifications or business, as well as to provide a more orderly procedure for conducting meetings of shareholders. Although our Declaration of Trust does not give our Board any power to disapprove shareholder nominations for the election of Trustees or proposals recommending certain action, they may have the effect of precluding a contest for the election of Trustees or the consideration of shareholder proposals if

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proper procedures are not followed and of discouraging or deterring a third party from conducting a solicitation of proxies to elect its own slate of trustees or to approve its own proposal without regard to whether consideration of such nominees or proposals might be harmful or beneficial to us and our shareholders.

Our Adviser may not, without the approval of a vote by the holders of more than 50% of the outstanding shares entitled to vote on such matters:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•amend the Declaration of Trust except for amendments which do not adversely affect the rights of shareholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•except as otherwise permitted under the Advisory Agreement, voluntarily withdraw as our investment adviser unless such withdrawal would not affect our tax status and would not materially adversely affect our shareholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•appoint a new investment adviser (other than a sub-adviser pursuant to the terms of the Advisory Agreement and applicable law);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•sell all or substantially all of our assets other than in the ordinary course of business; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•cause the merger or similar reorganization of the Fund.

**Amendment of the Declaration of Trust and Bylaws**

Our Declaration of Trust provides that shareholders are entitled to vote upon a proposed amendment to the Declaration of Trust if the amendment would alter or change the powers, preferences or special rights of the shares held by such shareholders so as to affect them adversely. Approval of any such amendment requires at least a majority of the votes cast by such shareholders at a meeting of shareholders duly called and at which a quorum is present. In addition, amendments to our Declaration of Trust to make our Common Shares a "redeemable security" or to convert the Fund, whether by merger or otherwise, from a closed-end company to an open-end company each must be approved by (a) the affirmative vote of shareholders entitled to cast at least a majority of the votes entitled to be cast on the matter and (b) the affirmative vote of shareholders entitled to cast at least two-thirds of the votes entitled to be cast on the matter upon and following the occurrence of a listing of any class of our shares on a national securities exchange.

Our Declaration of Trust provides that our Board has the exclusive power to adopt, alter or repeal any provision of our Bylaws and to make new Bylaws; provided, however, that if any amendment or new addition to our Bylaws adversely affects the voting rights of shareholders as identified therein, such amendment or addition must be approved by our shareholders. Except as described above and for certain provisions of our Declaration of Trust relating to shareholder voting and the removal of Trustees, our Declaration of Trust provides that our Board may amend our Declaration of Trust without any vote of our shareholders.

**Actions by the Board Related to Merger, Conversion, Reorganization or Dissolution**

The Board may, without the approval of holders of our outstanding shares, approve a merger, conversion, consolidation or other reorganization of the Fund, provided that the resulting entity is a business development company under the 1940 Act. The Fund will not permit the Adviser to cause any other form of merger or other reorganization of the Fund without the affirmative vote by the holders of more than fifty percent (50%) of the outstanding shares of the Fund entitled to vote on the matter. The Fund may be dissolved at any time, without the approval of holders of our outstanding shares, upon affirmative vote by a majority of the Trustees.

**Derivative Actions**

No person, other than a Trustee, who is not a shareholder shall be entitled to bring any derivative action, suit or other proceeding on behalf of the Fund. No shareholder may maintain a derivative action on behalf of the Fund unless holders of at least ten percent (10%) of the outstanding shares join in the bringing of such action. The requirement for ten percent (10%) of the outstanding shares to join in a derivative action does not apply to claims arising under the federal and state securities laws.

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In addition to the requirements set forth in Section 3816 of the Delaware Statutory Trust Statute, a shareholder may bring a derivative action on behalf of the Fund only if the following conditions are met: (i) the shareholder or shareholders must make a pre-suit demand upon the Board to bring the subject action unless an effort to cause the Board to bring such an action is not likely to succeed; and a demand on the Board shall only be deemed not likely to succeed and therefore excused if a majority of the Board, or a majority of any committee established to consider the merits of such action, is composed of Board who are not "Independent Trustees" (as that term is defined in the Delaware Statutory Trust Statute); and (ii) unless a demand is not required under clause (i) above, the Board must be afforded a reasonable amount of time to consider such shareholder request and to investigate the basis of such claim; and the Board shall be entitled to retain counsel or other advisers in considering the merits of the request and may require an undertaking by the shareholders making such request to reimburse the Fund for the expense of any such advisers in the event that the Board determine not to bring such action. For purposes of this paragraph, the Board may designate a committee of one or more Trustees to consider a shareholder demand.

**Exclusive Delaware Jurisdiction**

Each Trustee, each officer and each person legally or beneficially owning a share or an interest in a share of the Fund (whether through a broker, dealer, bank, trust company or clearing corporation or an agent of any of the foregoing or otherwise), to the fullest extent permitted by law, including Section 3804(e) of the Delaware Statutory Trust Statute, (i) irrevocably agrees that any claims, suits, actions or proceedings asserting a claim governed by the internal affairs (or similar) doctrine or arising out of or relating in any way to the Fund, the Delaware Statutory Trust Statute or the Declaration of Trust (including, without limitation, any claims, suits, actions or proceedings to interpret, apply or enforce (A) the provisions of the Declaration of Trust, (B) the duties (including fiduciary duties), obligations or liabilities of the Fund to the shareholders or the Board, or of officers or the Board to the Fund, to the shareholders or each other, (C) the rights or powers of, or restrictions on, the Fund, the officers, the Board or the shareholders, (D) any provision of the Delaware Statutory Trust Statute or other laws of the State of Delaware pertaining to trusts made applicable to the Fund pursuant to Section 3809 of the Delaware Statutory Trust Statute or (E) any other instrument, document, agreement or certificate contemplated by any provision of the Delaware Statutory Trust Statute or the Declaration of Trust relating in any way to the Fund (regardless, in each case, of whether such claims, suits, actions or proceedings (x) sound in contract, tort, fraud or otherwise, (y) are based on common law, statutory, equitable, legal or other grounds or (z) are derivative or direct claims)), shall be exclusively brought in the Court of Chancery of the State of Delaware or, if such court does not have subject matter jurisdiction thereof, any other court in the State of Delaware with subject matter jurisdiction, (ii) irrevocably submits to the exclusive jurisdiction of such courts in connection with any such claim, suit, action or proceeding, (iii) irrevocably agrees not to, and waives any right to, assert in any such claim, suit, action or proceeding that (A) it is not personally subject to the jurisdiction of such courts or any other court to which proceedings in such courts may be appealed, (B) such claim, suit, action or proceeding is brought in an inconvenient forum or (C) the venue of such claim, suit, action or proceeding is improper, (iv) consents to process being served in any such claim, suit, action or proceeding by mailing, certified mail, return receipt requested, a copy thereof to such party at the address in effect for notices hereunder, and agrees that such service shall constitute good and sufficient service of process and notice thereof; provided, nothing in clause (iv) hereof shall affect or limit any right to serve process in any other manner permitted by law and (v) irrevocably waives any and all right to trial by jury in any such claim, suit, action or proceeding. Nothing disclosed in this section will apply to any claims, suits, actions or proceedings asserting a claim brought under federal securities laws or state securities laws.

**Restrictions on Roll-Up Transactions**

In connection with a proposed "roll-up transaction," which, in general terms, is any transaction involving the acquisition, merger, conversion or consolidation, directly or indirectly, of us and the issuance of securities of an entity that would be created or would survive after the successful completion of the roll-up transaction, we will obtain an appraisal of all of our properties from an independent expert. In order to qualify as an independent expert for this purpose, the person or entity must have no material current or prior business or personal relationship with us and must be engaged to a substantial extent in the business of rendering opinions regarding the value of assets of the type held by us, who is qualified to perform such work. Our assets will be appraised on a consistent basis, and the appraisal will be based on the evaluation of all relevant information and will indicate the value of our assets as of a date immediately prior to the announcement of the proposed roll-up transaction. The appraisal will assume an orderly liquidation of our assets over a 12-month period. The terms of the engagement of such independent expert will clearly state that the engagement is for our benefit and the benefit of our shareholders. We will include a summary of the appraisal,

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indicating all material assumptions underlying the appraisal, in a report to the shareholders in connection with the proposed roll-up transaction. If the appraisal will be included in a prospectus used to offer the securities of the roll-up entity, the appraisal will be filed with the SEC and the states as an exhibit to the registration statement for the offering.

In connection with a proposed roll-up transaction, the person sponsoring the roll-up transaction must offer to the shareholders who vote against the proposal a choice of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•accepting the securities of the entity that would be created or would survive after the successful completion of the roll-up transaction offered in the proposed roll-up transaction; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•one of the following:

oremaining as shareholders and preserving their interests in us on the same terms and conditions as existed previously; or

oreceiving cash in an amount equal to their pro rata share of the appraised value of our net assets.

We are prohibited from participating in any proposed roll-up transaction:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•which would result in shareholders having voting rights in the entity that would be created or would survive after the successful completion of the roll-up transaction that are less than those provided in the Declaration of Trust, including rights with respect to the election and removal of Trustees, annual and special meetings, amendments to the Declaration of Trust and our dissolution;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•which includes provisions that would operate as a material impediment to, or frustration of, the accumulation of Common Shares by any purchaser of the securities of the entity that would be created or would survive after the successful completion of the roll-up transaction, except to the minimum extent necessary to preserve the tax status of such entity, or which would limit the ability of an investor to exercise the voting rights of its securities of the entity that would be created or would survive after the successful completion of the roll-up transaction on the basis of the number of shares held by that investor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•in which shareholders' rights to access to records of the entity that would be created or would survive after the successful completion of the roll-up transaction will be less than those provided in the Declaration of Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•in which we would bear any of the costs of the roll-up transaction if the shareholders reject the roll-up transaction; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•unless the organizational documents of the entity that would survive the roll-up transaction provide that neither its adviser nor its managing dealer may vote or consent on matters submitted to its shareholders regarding the removal of its adviser or any transaction between it and its adviser or any of its affiliates.

**Access to Records**

Any shareholder will be permitted access to all of our records to which they are entitled under applicable law at all reasonable times and may inspect and copy any of them for a reasonable copying charge. Under the Delaware Statutory Trust Statute, our shareholders are entitled to inspect and copy the following corporate documents: (i) our Declaration of Trust; (ii) our Bylaws; (iii) a current list of shareholders; and (iv) information regarding our business and financial condition. A shareholder may also request access to any other corporate records, which may be evaluated solely in the discretion of our Board. Inspection of our records by the office or agency administering the securities laws of a jurisdiction will be provided upon reasonable notice and during normal business hours. An alphabetical list of the names, addresses and business telephone numbers of our shareholders, along with the number of Common Shares held by each of them, will be maintained as part of our books and records and will be available for inspection by any shareholder or the shareholder's designated agent at our office. The shareholder list will be updated at least quarterly to reflect changes in the information contained therein. A copy of the list will be mailed to any shareholder who requests the list within ten days of the request. A shareholder may request a copy of the shareholder list for any proper and legitimate purpose, including, without limitation, in connection with matters relating to voting rights and the exercise of shareholder rights under federal proxy laws. A shareholder requesting a list will be required to pay

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reasonable costs of postage and duplication. Such copy of the shareholder list shall be printed in alphabetical order, on white paper, and in readily readable type size (no smaller than 10 point font).

A shareholder may also request access to any other corporate records. If a proper request for the shareholder list or any other corporate records is not honored, then the requesting shareholder will be entitled to recover certain costs incurred in compelling the production of the list or other requested corporate records as well as actual damages suffered by reason of the refusal or failure to produce the list. However, a shareholder will not have the right to, and we may require a requesting shareholder to represent that it will not, secure the shareholder list or other information for the purpose of selling or using the list for a commercial purpose not related to the requesting shareholder's interest in our affairs. We may also require that such shareholder sign a confidentiality agreement in connection with the request.

**Reports to Shareholders**

Within 60 days after each fiscal quarter, we will distribute our quarterly report on Form 10-Q to all shareholders of record. In addition, we will distribute our annual report on Form 10-K to all shareholders within 120 days after the end of each calendar year, which must contain, among other things, a breakdown of the expenses reimbursed by us to the Adviser. These reports will also be available on our website at *www.ablend.com* and on the SEC's website at *www.sec.gov*.

Subject to availability, you may authorize us to provide prospectuses, prospectus supplements, annual reports and other information, or documents, electronically by so indicating on your subscription agreement, or by sending us instructions in writing in a form acceptable to us to receive such documents electronically. Unless you elect in writing to receive documents electronically, all documents will be provided in paper form by mail. You must have internet access to use electronic delivery. While we impose no additional charge for this service, there may be potential costs associated with electronic delivery, such as on-line charges. If our e-mail notification is returned to us as "undeliverable," we will contact you to obtain your updated e-mail address. If we are unable to obtain a valid e-mail address for you, we will resume sending a paper copy by regular U.S. mail to your address of record. You may revoke your consent for electronic delivery at any time and we will resume sending you a paper copy of all required documents. However, in order for us to be properly notified, your revocation must be given to us a reasonable time before electronic delivery has commenced. We will provide you with paper copies at any time upon request. Such request will not constitute revocation of your consent to receive required documents electronically. If you invest in our shares through a financial adviser or a financial intermediary, such as a broker-dealer, and such adviser or intermediary delivers all or a portion of the reports above, any election with respect to delivery you have made with such financial adviser or intermediary will govern how you receive such reports.

**Conflict with the 1940 Act**

Our Declaration of Trust provides that, if and to the extent that any provision of Delaware law, or any provision of our Declaration of Trust conflicts with any provision of the 1940 Act, the applicable provision of the 1940 Act will control.

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## Exhibit 10.4

Exhibit 10.4

**AB PRIVATE LENDING FUND**

**DISTRIBUTION AND SERVICING PLAN** 

May 30, 2024

This Distribution and Servicing Plan (the "Plan") has been adopted in conformity with Rule 12b-1 (the "Rule") under the Investment Company Act of 1940, as amended (the "1940 Act"), by AB Private Lending Fund, a Delaware statutory trust (the "Fund"), with respect to its classes of shares of beneficial interest (each, a "Class") listed on Appendix A, as amended from time to time, subject to the terms and conditions set forth herein.

**1.** **Distribution Fee and Shareholder Servicing Fee** 

The Fund may pay to AllianceBernstein Investments, Inc. (the "Managing Dealer"), in its capacity as principal managing dealer of the Fund's shares of beneficial interest, with respect to and at the expense of each Class listed on Appendix A, a fee for (i) distribution and sales support services (the "Distribution Fee"), as applicable, and/or (ii) shareholder services (the "Servicing Fee"), and each as more fully described below (together, the "Shareholder Servicing and/or Distribution Fee"), such fee to be paid at the rate per annum of the aggregate net asset value ("NAV") as of the beginning of the first calendar day of each applicable month of the Class specified with respect to such Class under the column "Shareholder Servicing and/or Distribution Fee" on Appendix A. The Distribution Fee under the Plan will be used primarily to compensate the Managing Dealer for such services provided in connection with the offering and sale of shares of the applicable Class, and to reimburse the Managing Dealer for related expenses incurred, including payments by the Managing Dealer to compensate or reimburse brokers, other financial institutions or other industry professionals (collectively, "Selling Agents"), for distribution services and sales support services provided and related expenses incurred by such Selling Agents. Payments of the Distribution Fee on behalf of a particular Class must be in consideration of services rendered for or on behalf of such Class. However, joint distribution or sales support financing with respect to the shares of the Class (which financing may also involve other investment portfolios or companies that are affiliated persons of such a person, or affiliated persons of the Managing Dealer) are permitted in accordance with applicable law. Payments of the Servicing Fee will be used to compensate the Managing Dealer for personal services and/or the maintenance of shareholder accounts services provided to shareholders in the related Class and to reimburse the Managing Dealer for related expenses incurred, including payments by the Managing Dealer to compensate or reimburse brokers, dealers, other financial institutions or other industry professionals that are furnishing such services. Payments of the Shareholder Servicing and/or Distribution Fee may be made without regard to expenses actually incurred.

**2.** **Calculation and Payment of Fees** 

The amount of the Shareholder Servicing and/or Distribution Fee payable with respect to each Class listed on Appendix A will be calculated at the rate per annum of the aggregate NAV as of the beginning of the first calendar day of each applicable month, payable monthly in arrears, at the applicable annual rates indicated on Appendix A. The Shareholder Servicing and/or Distribution Fee will be calculated and paid separately for each Class.

**3.** **Approval of Plan** 

The Plan will become effective, as to any Class (including any Class not currently listed on Appendix A), upon its approval by (a) a majority of the Board of Trustees, including a majority of the Trustees who are not "interested persons" (as defined in the 1940 Act) of the Fund and who have no direct or indirect financial interest in the operation of the Plan or in any agreements related to the Plan ("Qualified Trustees"), pursuant to a vote cast in person at a meeting called for the purpose of voting on the approval of the Plan (or as may otherwise be permitted by applicable law and regulations or by orders of the Securities and Exchange Commission), and (b) if the Plan is adopted for a Class after any public offering of shares of the Class or the sale of shares of the Class to persons who are not affiliated persons of the Fund, affiliated persons of such persons, promoters of the Fund, or affiliated persons of such promoters, a majority of the outstanding voting securities (as defined in the 1940 Act) of such Class.

**4.** **Continuance of the Plan** 

The Plan will continue in effect with respect to a Class for one year from the date of execution, and from year to year thereafter indefinitely so long as such continuance is specifically approved at least annually by the Fund's Board of Trustees in the manner described in Section 3(a) above.

**5.** **Implementation** 

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All agreements with any person relating to implementation of this Plan with respect to any Class shall be in writing, and any agreement related to this Plan with respect to any Class shall provide: (a) that such agreement may be terminated at any time, without payment of any penalty, by vote of a majority of the Qualified Trustees or by a majority vote of the outstanding voting securities of the relevant Class, on not more than 60 days' written notice to any other party to the agreement; and (b) that such agreement shall terminate automatically in the event of its assignment (as defined under the 1940 Act).

**6.** **Termination** 

This Plan may be terminated at any time with respect to the shares of any Class by vote of a majority of the Qualified Trustees, or by a majority vote of the outstanding voting securities of the relevant Class.

**7.** **Amendments** 

The Plan may not be amended with respect to any Class so as to increase materially the amount of the Shareholder Servicing and/or Distribution Fee with respect to such Class without approval in the manner described in Section 3(a) above and by a majority vote of the outstanding voting securities of the relevant Class. All material amendments to this Plan shall be approved in the manner provided for approval of this Plan in Section 3(a) above.

**8.** **Written Reports** 

While the Plan is in effect, the Fund's Board of Trustees will receive, and the Trustees will review, at least quarterly, written reports complying with the requirements of the Rule, which set out the amounts expended under the Plan and the purposes for which those expenditures were made.

**9.** **Preservation of Materials** 

The Fund will preserve copies of the Plan, any agreement relating to the Plan and any report made pursuant to Section 8 above, for a period of not less than six years (the first two years in an easily accessible place) from the date of the Plan, agreement or report.

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APPENDIX A TO DISTRIBUTION AND SERVICING PLAN

AB PRIVATE LENDING FUND

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| | |
|:---|:---|
| **Class of Shares of Beneficial Interest**  | **Shareholder Servicing and/or Distribution Fee** |
| &nbsp;&nbsp;&nbsp;Class I Shares | N/A |
| &nbsp;&nbsp;&nbsp;Class S Shares | 0.85% shareholder servicing and/or distribution fee |
| &nbsp;&nbsp;&nbsp;Class D Shares | 0.25% shareholder servicing and/or distribution fee |

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## Exhibit 21.1

**Exhibit 21.1**

**SUBSIDIARIES OF AB PRIVATE LENDING FUND** 

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| | |
|:---|:---|
| **NAME**<br>| &nbsp;&nbsp;&nbsp;**Jurisdiction of Organization**<br>|
| **ABPLF SPV I LLC** | &nbsp;&nbsp;&nbsp;**Delaware** |

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## Exhibit 31.1

**Exhibit 31.1** 

**CERTIFICATION OF CHIEF EXECUTIVE OFFICER UNDER** 

**SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002** 

I, J. Brent Humphries, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.I have reviewed this quarterly report on Form 10-Q of AB Private Lending Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.Based on my knowledge, the consolidated financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of trustees (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

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| | | |
|:---|:---|:---|
| Date: May 15, 2026 | By: | /s/ J. Brent Humphries  |
|  |  | J. Brent Humphries |
|  |  | President and Chief Executive Officer |
|  |  | (Principal Executive Officer) |

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## Exhibit 31.2

**Exhibit 31.2** 

**CERTIFICATION OF CHIEF FINANCIAL OFFICER UNDER** 

**SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002** 

I, Wesley Raper, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.I have reviewed this quarterly report on Form 10-Q of AB Private Lending Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.Based on my knowledge, the consolidated financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of trustees (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

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| | | |
|:---|:---|:---|
| Date: May 15, 2026 | By: | /s/ Wesley Raper  |
|  |  | Wesley Raper |
|  |  | Chief Financial Officer |
|  |  | (Principal Financial Officer) |

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## Exhibit 32.1

**Exhibit 32.1** 

**Certification of Chief Executive Officer and Chief Financial Officer** 

**Pursuant to 18 U.S.C. Section 1350 as Adopted Pursuant to** 

**Section 906 of the Sarbanes-Oxley Act of 2002** 

In connection with the Quarterly Report on Form 10-Q of AB Private Lending Fund (the "Fund") for the period ended March 31, 2026 as filed with the Securities and Exchange Commission on the date hereof (the "Report"), J. Brent Humphries, as Chief Executive Officer of the Fund, and Wesley Raper, as Chief Financial Officer of the Fund, each hereby certifies, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to the best of his knowledge:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.The Report fully complies with the requirements of Section 13(a) of the Securities Exchange Act of 1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Fund.

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| | |
|:---|:---|
| Date: May 15, 2026 | /s/ J. Brent Humphries |
|  | J. Brent Humphries |
|  | President and Chief Executive Officer |
|  | (Principal Executive Officer) |
| Date: May 15, 2026 | /s/ Wesley Raper  |
|  | Wesley Raper |
|  | Chief Financial Officer |
|  | (Principal Financial Officer) |

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