# EDGAR Filing Document

**Accession Number:** 0001634452
**File Stem:** 0001193125-26-224298
**Filing Date:** 2026-5
**Character Count:** 709162
**Document Hash:** dae0c8825c45f97047dce60e0660fd96
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-224298.hdr.sgml**: 20260514

**ACCESSION NUMBER**: 0001193125-26-224298

**CONFORMED SUBMISSION TYPE**: 10-Q

**PUBLIC DOCUMENT COUNT**: 74

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260514

**DATE AS OF CHANGE**: 20260514

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** AB Private Credit Investors Corp
- **CENTRAL INDEX KEY:** 0001634452

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

**FILING VALUES:**
- **FORM TYPE:** 10-Q
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 814-01196
- **FILM NUMBER:** 26980302

**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

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** AB Private Credit Corp
- **DATE OF NAME CHANGE:** 20150219

?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:** 814-01196

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AB Private Credit Investors Corporation

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

------

---

| | |
|:---|:---|
| Maryland | 81-2491356 |
| **(State of incorporation)** | **(I.R.S. Employer**<br>**Identification No.)** |

---

405 Colorado Street, Suite 1500

Austin**,** TX 78701

**(Address of principal executive offices)** 

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

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

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

---

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

---

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

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

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

---

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

---

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

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

The issuer had 77,787,953.222 shares of common stock, $0.01 par value per share, outstanding as of May 14, 2026.

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**AB PRIVATE CREDIT INVESTORS CORPORATION** 

**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.** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[**<u>FINANCIAL INFORMATION</u>**](#statement_of_assets_and_liabilities) | &nbsp;&nbsp;3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Item 1. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[<u>Consolidated Financial Statements</u>](#statement_of_assets_and_liabilities) | &nbsp;&nbsp;3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Item 2. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[<u>Management's Discussion and Analysis of Financial Condition and Results of Operations</u>](#item_7_mda) | &nbsp;&nbsp;80 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Item 3. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[<u>Quantitative and Qualitative Disclosures About Market Risk</u>](#item_7a_quantitative_and_qualitative_dis) | &nbsp;&nbsp;103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Item 4. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[<u>Controls and Procedures</u>](#item_4_controls_and_procedures) | &nbsp;&nbsp;104 |
| &nbsp;&nbsp;&nbsp;&nbsp;**PART II.** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[**<u>OTHER INFORMATION</u>**](#part_ii_other_information) | &nbsp;&nbsp;105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Item 1. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[<u>Legal Proceedings</u>](#part_ii_other_information) | &nbsp;&nbsp;105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Item 1A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[<u>Risk Factors</u>](#part_ii_other_information) | &nbsp;&nbsp;105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Item 2. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[<u>Unregistered Sales of Equity Securities and Use of Proceeds</u>](#part_ii_other_information) | &nbsp;&nbsp;105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Item 3. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[<u>Defaults Upon Senior Securities</u>](#part_ii_other_information) | &nbsp;&nbsp;105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Item 4. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[<u>Mine Safety Disclosures</u>](#part_ii_other_information) | &nbsp;&nbsp;105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Item 5. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[<u>Other Information</u>](#part_ii_other_information) | &nbsp;&nbsp;105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Item 6. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[<u>Exhibits</u>](#item_6_exhibits) | &nbsp;&nbsp;106 |
| &nbsp;&nbsp;&nbsp;&nbsp;[**<u>SIGNATURES</u>**](#signatures) |  | &nbsp;&nbsp;108 |

---

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**AB Private Credit Investors Corporation** 

**Consolidated Statements of Assets and Liabilities** 

---

| | | |
|:---|:---|:---|
|  | **As of <br>March 31, 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 $1,932,460,380 and $1,874,181,760, respectively) | $1897907978 | $1860510569 |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-controlled affiliated investments (amortized cost of $2,030,867 and $2,030,867) | 783143 | 785893 |
| Total investments, at fair value (amortized cost of $1,934,491,247 and $1,876,212,627) | 1898691121 | 1861296462 |
| Cash and cash equivalents | 77983288 | 105808043 |
| Interest receivable | 8171048 | 9217941 |
| Receivable for investments sold | 405054 | 51593 |
| Deferred financing costs | 4948673 | 4569276 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total assets** | $1990199184 | $1980943315 |
| **Liabilities** |  |  |
| Notes payable (net of unamortized discount of $0 and $0, respectively,<br> and debt issuance costs of $2,189,305 and $2,359,715, respectively) | $535810695 | $535640285 |
| Credit facility payable | 696000000 | 680000000 |
| Interest and borrowing expenses payable | 11283012 | 9210053 |
| Payable for fund shares repurchased | 10946358 | 5108699 |
| Distribution payable | 7072171 | 7261023 |
| Incentive fee payable | 3325218 | 3598459 |
| Management fees payable | 5861969 | 6362763 |
| Professional fees payable | 655188 | 711194 |
| Administrator and custodian fees payable | 1831798 | 1389396 |
| Payable to Adviser | 501587 | 909726 |
| Accrued expenses and other liabilities | 42278 | 30312 |
| Accrued tax liability | 309616 | 318578 |
| Payable for investments purchased | 1040 | 9284 |
| Directors' fees payable | 64991 |  |
| Transfer agent fees payable | 46927 | 44812 |
| Trustee fees payable | 19928 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total liabilities** | $1273772776 | $1250594584 |
| Commitments and Contingencies (Note 6) |  |  |
| **Net Assets** |  |  |
| Common stock, par value $0.01 per share (200,000,000 shares authorized, 77,788,164<br> and 77,076,615 shares issued and outstanding as of March 31, 2026<br> and December 31, 2025, respectively) | 777882 | 770766 |
| Paid-in capital in excess of par value | 750749358 | 743824152 |
| Distributable earnings (accumulated loss) | (35186524) | (14327405) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total net assets of AB Private Credit Investors Corporation | $716340716 | $730267513 |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-Controlling Interest in ABPCIC Equity Holdings, LLC | 85692 | $81218 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total net assets** | $716426408 | $730348731 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total liabilities and net assets** | $1990199184 | $1980943315 |
| Net asset value per share of AB Private Credit Investors Corporation | $9.21 | $9.47 |

---

See Notes to Consolidated Financial Statements

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**AB Private Credit Investors Corporation** 

**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 | $43532664 | $43400550 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payment-in-kind interest | 878080 | 1112406 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividend income | 75095 | 129022 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total investment income** | 44485839 | 44641978 |
| **Expenses:** |  |  |
| Interest and borrowing expenses | $17855920 | 19553323 |
| Management fees | 6133927 | 5634969 |
| Income-based incentive fee | 3570694 | 3484107 |
| Professional fees | 827189 | 834209 |
| Administration and custodian fees | 459069 | 334487 |
| Insurance expenses |  | 115500 |
| Directors' fees | 64991 | 52438 |
| Transfer agent fees | 46927 | 38370 |
| Trustee expense | 94750 |  |
| Other expenses | 282477 | 441231 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total expenses | 29335944 | 30488634 |
| Waived management fees | (271957) |  |
| Waived incentive fees | (245475) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net total expenses | 28818512 | 30488634 |
| Net investment income before taxes | 15667327 | 14153344 |
| Income tax expense, including excise tax | (8700) | 216883 |
| Net investment income after tax | 15676027 | 13936461 |
| **Net realized and change in unrealized gains (losses) on<br> investment transactions:** |  |  |
| **Net realized gain (loss) from:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-controlled/non-affiliated investments | 27330 | 3014227 |
| **Net change in unrealized appreciation (depreciation) from:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-controlled/non-affiliated investments | (20881211) | (2782831) |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-controlled affiliated investments | (2750) | (41) |
| Net realized and change in unrealized gains (losses) on investment transactions | (20856631) | 231355 |
| Net increase (decrease) in net assets resulting from operations | (5180604) | 14167816 |
| Less: Net increase (decrease) in net assets resulting from operations related<br> to Non-Controlling Interest in ABPCIC Equity Holdings, LLC | $(167) | $1023 |
| Net increase (decrease) in net assets resulting from operations related to AB Private<br> Credit Investors Corporation | (5180437) | 14166793 |
| **Net investment income per share (basic and diluted):** |  |  |
| Net investment income per share (basic and diluted): | $0.20 | $0.21 |
| Earnings per share (basic and diluted): | $(0.07) | $0.21 |
| Weighted average shares outstanding: | 77417118 | 66558706 |

---

See Notes to Consolidated Financial Statements

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**AB Private Credit Investors Corporation** 

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Common Stock** | **Common Stock** |  |  |  |  |
|  | **Shares** | **Par<br>Amount** | **Paid in<br>Capital in<br>Excess of Par** | **Distributable<br>Earnings** | **Non-Controlling Interest ABPCIC Equity Holdings, LLC** | **Total<br>Net Assets** |
| **Net assets at January 1, 2026** | 77076615 | $770766 | $743824152 | $(14327405) | $81218 | $730348731 |
| **Increase (decrease) in net assets resulting<br> from operations:** |  |  |  |  |  |  |
| Net investment income |  |  |  | 15676137 | (110) | 15676027 |
| Net realized gain (loss) on investments |  |  |  | 27330 |  | 27330 |
| Net change in unrealized appreciation<br> (depreciation) on investments |  |  |  | (20883904) | (57) | (20883961) |
| **Capital Transactions:** |  |  |  |  |  |  |
| Issuance of common stock | 965604 | 9656 | 9262513 |  |  | 9272169 |
| Contribution of non-controlling interest into<br> ABPCIC Equity Holdings, LLC |  |  |  |  | 4641 | 4641 |
| Issuance of common shares pursuant to<br> distribution reinvestment plan | 934475 | 9345 | 8597166 |  |  | 8606511 |
| Repurchase of common stock | (1188530) | (11885) | (10934473) |  |  | (10946358) |
| Distributions to stockholders |  |  |  | (15678682) |  | (15678682) |
| Total increase (decrease) for the three months ended<br> March 31, 2026 | 711549 | 7116 | 6925206 | (20859119) | 4474 | (13922323) |
| **Net assets at March 31, 2026** | 77788164 | $777882 | $750749358 | $(35186524) | $85692 | $716426408 |
| **Distributions declared per share** |  | $— | $— | $0.20 | $— | $0.20 |

---

See Notes to Consolidated Financial Statements

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**AB Private Credit Investors Corporation** 

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Common Stock** | **Common Stock** |  |  |  |  |
|  | **Shares** | **Par<br>Amount** | **Paid in<br>Capital in<br>Excess of Par** | **Distributable<br>Earnings** | **Non-Controlling Interest ABPCIC Equity Holdings, LLC** | **Total<br>Net Assets** |
| **Net assets at January 1, 2025** | 63702963 | $637030 | $612231039 | $(5878938) | $62414 | $607051545 |
| **Increase (decrease) in net assets resulting<br> from operations:** |  |  |  |  |  |  |
| Net investment income |  |  |  | 13936629 | (168) | 13936461 |
| Net realized gain (loss) on investments |  |  |  | 3011617 | 2610 | 3014227 |
| Net change in unrealized appreciation (depreciation)<br> on investments |  |  |  | (2781453) | (1419) | (2782872) |
| **Capital Transactions:** |  |  |  |  |  | - |
| Issuance of common stock | 4796671 | 47967 | 46026867 |  |  | 46074834 |
| Contribution of non-controlling interest into ABPCIC<br> Equity Holdings, LLC |  |  |  |  | 3116 | 3116 |
| Issuance of common shares pursuant to distribution<br> reinvestment plan | 797757 | 7977 | 7601187 |  |  | 7609164 |
| Repurchase of common stock | (767534) | (7675) | (7313215) |  |  | (7320890) |
| Distributions to stockholders |  |  |  | (13938978) |  | (13938978) |
| Total increase (decrease) for the three months ended<br> March 31, 2025 | 4826894 | 48269 | 46314839 | 227815 | 4139 | 46595062 |
| **Net assets at March 31, 2025** | 68529857 | $685299 | $658545878 | $(5651123) | $66553 | $653646607 |
| **Distributions declared per share** |  |  |  | $0.20 |  | $0.20 |

---

See Notes to Consolidated Financial Statements

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**AB Private Credit Investors Corporation** 

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

---

| | | |
|:---|:---|:---|
|  | **Three months ended<br>March 31, 2026** | **Three months ended<br>March 31, 2025** |
| **Cash flows from operating activities** |  |  |
| Net increase (decrease) in net assets resulting from operations | $(5180604) | $14167816 |
| **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 | (76664987) | (136597769) |
| &nbsp;&nbsp;&nbsp;&nbsp;Payment-in-kind interest capitalized | (1636525) | (1112406) |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from sales of investments and principal repayments | 21321543 | 126983497 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized (gain) loss on investments | (27330) | (3014227) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized (appreciation) depreciation on investments | 20883961 | 2782872 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of premium and accretion of discount, net | (1271321) | (2707208) |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of discount, debt issuance and deferred financing costs | 963198 | 1292006 |
| **Increase (decrease) in operating assets and liabilities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Increase) decrease in receivable for investments sold | (353461) | 3044 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Increase) decrease in interest receivable | 1046893 | 360097 |
| &nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in directors' fees payable | 64991 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in payable for investments purchased | (8244) | 20158 |
| &nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in management fees payable | (500794) | 183688 |
| &nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in payable to Adviser | (408139) | (663250) |
| &nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in administrator and custodian fees payable | 442402 | 276198 |
| &nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in professional fees payable | (56006) | 243530 |
| &nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in accrued expenses and other liabilities | 11966 | 95538 |
| &nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in accrued tax liability | (8962) | 213774 |
| &nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in incentive fee payable | (273241) | 131571 |
| &nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in transfer agent fees payable | 2115 | 986 |
| &nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in interest and borrowing expenses payable | 2072959 | (2472946) |
| &nbsp;&nbsp;&nbsp;&nbsp; Increase (decrease) in trustee fees payable | 19928 |  |
| Net cash provided by (used for) operating activities | (39559658) | 186969 |
| **Cash flows from financing activities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Issuance of common stock | 9272169 | 46074834 |
| &nbsp;&nbsp;&nbsp;&nbsp;Contribution of Non-Controlling Interest into ABPCIC Equity Holdings, LLC | 4641 | 3116 |
| &nbsp;&nbsp;&nbsp;&nbsp;Repurchase of common stock | (5108699) | (7838223) |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions paid | (7261023) | (6097343) |
| &nbsp;&nbsp;&nbsp;&nbsp;Financing costs paid | (1172185) | (2402480) |
| &nbsp;&nbsp;&nbsp;&nbsp;Borrowings on notes |  | 163000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Repayments of notes |  | (171750000) |
| &nbsp;&nbsp;&nbsp;&nbsp;Borrowings on credit facility | 116000000 | 177500000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Repayments of credit facility | (100000000) | (133000000) |
| &nbsp;&nbsp;&nbsp;&nbsp;Repayments on secured borrowings |  | (2845117) |
| Net cash provided by (used for) financing activities | 11734903 | 62644787 |
| Net increase (decrease) in cash | (27824755) | 62831756 |
| Cash and cash equivalents, beginning of period | 105808043 | 52178854 |
| **Cash and cash equivalents, end of period** | $77983288 | $115010610 |
| **Supplemental and non-cash financing activities** |  |  |
| Cash paid during the period for interest | $15269883 | $20593874 |
| Issuance of common shares pursuant to distribution reinvestment plan | $8606511 | $7609164 |
| State taxes paid | $262 | $3109 |

---

See Notes to Consolidated Financial Statements.

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**AB Private Credit Investors Corporation** 

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** | **Industry** | **Facility Type** | **Interest** | **Maturity** | **Funded<br>Par Amount** | **Cost** | **Fair Value** | **Tickmarks** |
| **<u>Investments at Fair Value —</u> <u>265.02</u><u>%</u>** |  |  |  |  |  |  |  | (1)(2)(3)(4)(12) |
| **<u>U.S. Corporate Debt —</u> <u>250.60</u><u>%</u>** |  |  |  |  |  |  |  |  |
| **<u>1st Lien/Senior Secured Debt —</u> <u>250.32</u><u>%</u>** |  |  |  |  |  |  |  |  |
| 123.Net, LLC | Digital Infrastructure & Services | Term Loan | 7.91% (S + 4.25%) | 7/19/2029 | 4331058 | 4300201 | 4287748 | (15) |
| 123.Net, LLC | Digital Infrastructure & Services | Delayed Draw Term Loan | 7.93% (S + 4.25%) | 7/19/2029 | 1543222 | 1530377 | 1524986 | (6)(15) |
| AAH Topco, LLC | Healthcare | Delayed Draw Term Loan | 9.01% (S + 5.25%; 0.75% Floor) | 12/22/2027 | 3168295 | 3139702 | 3168295 | (15) |
| AAH Topco, LLC | Healthcare | Delayed Draw Term Loan | 8.76% (S + 5.00%; 0.75% Floor) | 12/22/2027 | 1493545 | 1474016 | 1493545 | (6)(15) |
| AAH Topco, LLC | Healthcare | Term Loan | 9.01% (S + 5.25%; 0.75% Floor) | 12/22/2027 | 6272477 | 6231696 | 6272477 | (15) |
| AAH Topco, LLC | Healthcare | Delayed Draw Term Loan | 9.01% (S + 5.25%; 0.75% Floor) | 12/22/2027 | 6349220 | 6296428 | 6349220 | (15) |
| AAH Topco, LLC | Healthcare | Revolver | —% (S + 5.25%; 0.75% Floor) | 12/22/2027 | - | (4632) | - | (6)(7) |
| Admiral Buyer, Inc. | Software & Tech Services | Delayed Draw Term Loan | 8.66% (S + 5.00%; 0.75% Floor) | 12/6/2029 | 430406 | 426344 | 427996 | (6)(15) |
| Admiral Buyer, Inc. | Software & Tech Services | Term Loan | 8.69% (S + 5.00%; 0.75% Floor) | 12/6/2029 | 1361988 | 1351079 | 1355178 | (15) |
| Admiral Buyer, Inc. | Software & Tech Services | Delayed Draw Term Loan | —% (S + 5.00%; 0.75% Floor) | 12/6/2029 | - | (988) | (644) | (6)(7) |
| Admiral Buyer, Inc. | Software & Tech Services | Term Loan | 8.69% (S + 5.00%; 0.75% Floor) | 12/6/2029 | 10406793 | 10314871 | 10354759 | (15) |
| Admiral Buyer, Inc. | Software & Tech Services | Delayed Draw Term Loan | 8.67% (S + 5.00%; 0.75% Floor) | 12/6/2029 | 441493 | 437627 | 439285 | (15) |
| Admiral Buyer, Inc. | Software & Tech Services | Revolver | —% (S + 5.00%; 0.75% Floor) | 12/6/2029 | - | (11601) | (7008) | (6)(7) |
| Airwavz Solutions Inc. | Digital Infrastructure & Services | Term Loan | 9.01% (S + 5.25%; 1.00% Floor) | 3/31/2027 | 3469532 | 3457091 | 3469532 | (15) |
| Airwavz Solutions Inc. | Digital Infrastructure & Services | Delayed Draw Term Loan | 9.01% (S + 5.25%; 1.00% Floor) | 3/31/2027 | 2168458 | 2161401 | 2168458 | (15) |
| Airwavz Solutions Inc. | Digital Infrastructure & Services | Revolver | —% (S + 5.25%; 1.00% Floor) | 3/31/2027 | - | (1550) | - | (6)(7) |
| Airwavz Solutions Inc. | Digital Infrastructure & Services | Delayed Draw Term Loan | 9.01% (S + 5.25%; 1.00% Floor) | 3/31/2027 | 3459046 | 3438270 | 3459046 | (15) |
| Airwavz Solutions Inc. | Digital Infrastructure & Services | Delayed Draw Term Loan | 9.01% (S + 5.25%; 1.00% Floor) | 3/31/2027 | 1901787 | 1883711 | 1901787 | (6)(15) |
| Amercare Royal LLC | Services | Term Loan | 8.66% (S + 5.00%; 1.00% Floor) | 9/10/2030 | 8279784 | 8214365 | 8176287 | (15) |
| Amercare Royal LLC | Services | Revolver | 8.66% (S + 5.00%; 1.00% Floor) | 9/10/2030 | 760824 | 751010 | 745297 | (6) |
| Amercare Royal LLC | Services | Delayed Draw Term Loan | —% (S + 5.00%; 1.00% Floor) | 9/10/2030 | - | - | (14440) | (6)(7) |
| Amercare Royal LLC | Services | Delayed Draw Term Loan | 8.66% (S + 5.00%; 1.00% Floor) | 9/10/2030 | 1318632 | 1308105 | 1302149 | (15) |
| American Physician Partners, LLC | Healthcare | Term Loan | — (S + 6.75%; 1.00% Floor; 3.00% PIK) | 6/30/2026 | 6791604 | 5733816 | - | (16) |
| American Physician Partners, LLC | Healthcare | Revolver | — (S + 6.75%; 1.00% Floor; 3.50% PIK) | 6/30/2026 | 346322 | 345024 | - | (16) |
| American Physician Partners, LLC | Healthcare | Delayed Draw Term Loan | — (S + 6.75%; 1.00% Floor; 3.50% PIK) | 6/30/2026 | 1260321 | 1082011 | - | (16) |
| American Physician Partners, LLC | Healthcare | Term Loan | — (S + 6.75%; 1.00% Floor; 3.00% PIK) | 6/30/2026 | 1444963 | 1243170 | - | (16) |
| American Physician Partners, LLC | Healthcare | Delayed Draw Term Loan | — (S + 6.75%; 1.00% Floor; 3.50% PIK) | 6/30/2026 | 949042 | 817051 | - | (16) |
| American Physician Partners, LLC | Healthcare | Term Loan | — (S + 6.75%; 1.00% Floor; 3.00% PIK) | 6/30/2026 | 2682124 | 2278901 | - | (16) |
| Amivie Acquisition, Inc. | Healthcare | Delayed Draw Term Loan | 9.04% (S + 5.25%; 1.00% Floor) | 9/16/2027 | 3279231 | 3250271 | 3271033 | (15) |
| Amivie Acquisition, Inc. | Healthcare | Delayed Draw Term Loan | 9.04% (S + 5.25%; 0.75% Floor) | 9/16/2027 | 2381203 | 2358418 | 2374854 | (6)(15) |
| Amivie Acquisition, Inc. | Healthcare | Delayed Draw Term Loan | 9.04% (S + 5.25%; 1.00% Floor) | 9/16/2027 | 2073754 | 2063710 | 2068569 | (15) |
| Amivie Acquisition, Inc. | Healthcare | Term Loan | 9.04% (S + 5.25%; 1.00% Floor) | 9/16/2027 | 5114637 | 5087049 | 5101850 | (15) |
| Amivie Acquisition, Inc. | Healthcare | Revolver | —% (S + 5.25%; 1.00% Floor) | 9/16/2027 | - | (4371) | (2160) | (6)(7) |
| Amivie Acquisition, Inc. | Healthcare | Delayed Draw Term Loan | 9.04% (S + 5.25%; 1.00% Floor) | 9/16/2027 | 2849219 | 2831334 | 2842095 | (15) |

---

See Notes to Consolidated Financial Statements

------

**AB Private Credit Investors Corporation** 

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** | **Industry** | **Facility Type** | **Interest** | **Maturity** | **Funded<br>Par Amount** | **Cost** | **Fair Value** | **Tickmarks** |
| AppViewX, Inc. | Software & Tech Services | Term Loan | 8.99% (S + 5.25%; 0.75% Floor) | 12/24/2031 | 14773116 | 14649674 | 14329923 | (15) |
| AppViewX, Inc. | Software & Tech Services | Revolver | —% (S + 5.25%; 0.75% Floor) | 12/24/2031 | - | (15179) | (55399) | (6)(7) |
| AppViewX, Inc. | Software & Tech Services | Delayed Draw Term Loan | —% (S + 5.25%; 0.75% Floor) | 12/24/2031 | - | - | (38164) | (6)(7) |
| Artifact Bidco, Inc. | Software & Tech Services | Term Loan | 7.84% (S + 4.15%; 0.50% Floor) | 7/28/2031 | 4018743 | 3986361 | 4018743 | (15) |
| Artifact Bidco, Inc. | Software & Tech Services | Delayed Draw Term Loan | —% (S + 4.15%; 0.50% Floor) | 7/28/2031 | - | (3723) | - | (6)(7) |
| Artifact Bidco, Inc. | Software & Tech Services | Revolver | —% (S + 4.15%; 0.50% Floor) | 7/26/2030 | - | (3412) | - | (6)(7) |
| Artifact Bidco, Inc. | Software & Tech Services | Revolver | —% (S + 4.15%; 0.50% Floor) | 7/26/2030 | - | (1670) | - | (6)(7) |
| Azurite Intermediate Holdings, Inc. | Software & Tech Services | Term Loan | 9.66% (S + 6.00%; 0.75% Floor) | 3/19/2031 | 3128738 | 3091848 | 3066163 | (15) |
| Azurite Intermediate Holdings, Inc. | Software & Tech Services | Revolver | —% (S + 6.00%; 0.75% Floor) | 3/19/2031 | - | (12159) | (22754) | (6)(7) |
| Azurite Intermediate Holdings, Inc. | Software & Tech Services | Delayed Draw Term Loan | 9.66% (S + 6.00%; 0.75% Floor) | 3/19/2031 | 7110768 | 7029031 | 6968553 | (15) |
| BHG Holdings, LLC | Healthcare | Term Loan | 9.16% (S + 5.50%; 0.75% Floor) | 4/22/2032 | 12773468 | 12571763 | 12677667 | (15) |
| BHG Holdings, LLC | Healthcare | Delayed Draw Term Loan | —% (S + 5.25%; 0.75% Floor) | 4/22/2032 | - | (27912) | - | (6)(7) |
| BHG Holdings, LLC | Healthcare | Revolver | —% (S + 5.25%; 0.75% Floor) | 4/22/2032 | - | (24599) | (12143) | (6)(7) |
| Blink Holdings, Inc. | Consumer Non-Cyclical | Term Loan | —% (S + 5.50%; 1.00% Floor) | 6/30/2026 | 863237 | 592339 | - | (16) |
| Blink Holdings, Inc. | Consumer Non-Cyclical | Delayed Draw Term Loan | —% (S + 7.50%; 1.00% Floor) | 6/30/2026 | 777353 | 547758 | - | (16) |
| Blink Holdings, Inc. | Consumer Non-Cyclical | Delayed Draw Term Loan | —% (S + 7.50%; 1.00% Floor) | 6/30/2026 | 603733 | 435555 | - | (16) |
| Bonterra LLC | Software & Tech Services | Term Loan | 8.44% (S + 4.75%; 0.75% Floor) | 3/5/2032 | 9802702 | 9715886 | 9680168 | (15) |
| Bonterra LLC | Software & Tech Services | Delayed Draw Term Loan | 8.44% (S + 4.75%; 0.75% Floor) | 3/5/2032 | 1067760 | 1058661 | 1054413 |  |
| Bonterra LLC | Software & Tech Services | Revolver | 8.43% (S + 4.75%; 0.75% Floor) | 3/5/2032 | 288295 | 278839 | 274948 | (6) |
| Bridgepointe Technologies, LLC | Digital Infrastructure & Services | Term Loan | 8.69% (S + 5.00%; 1.00% Floor) | 12/31/2027 | 2219687 | 2202632 | 2219687 | (15) |
| Bridgepointe Technologies, LLC | Digital Infrastructure & Services | Term Loan | 8.69% (S + 5.00%; 1.00% Floor) | 12/31/2027 | 1012355 | 1000052 | 1012355 | (15) |
| Bridgepointe Technologies, LLC | Digital Infrastructure & Services | Delayed Draw Term Loan | 8.69% (S + 5.00%; 1.00% Floor) | 12/31/2027 | 2045477 | 2018721 | 2045477 | (15) |
| Bridgepointe Technologies, LLC | Digital Infrastructure & Services | Delayed Draw Term Loan | 8.69% (S + 5.00%; 1.00% Floor) | 12/31/2027 | 4889511 | 4850974 | 4889511 | (15) |
| Bridgepointe Technologies, LLC | Digital Infrastructure & Services | Delayed Draw Term Loan | 8.69% (S + 5.00%; 1.00% Floor) | 12/31/2027 | 961130 | 954274 | 961130 | (15) |
| Bridgepointe Technologies, LLC | Digital Infrastructure & Services | Delayed Draw Term Loan | 8.69% (S + 5.00%; 1.00% Floor) | 12/31/2027 | 192553 | 188487 | 192553 | (6) |
| Bridgepointe Technologies, LLC | Digital Infrastructure & Services | Delayed Draw Term Loan | 8.69% (S + 5.00%; 1.00% Floor) | 12/31/2027 | 4851384 | 4807609 | 4851384 | (15) |
| Bridgepointe Technologies, LLC | Digital Infrastructure & Services | Term Loan | 8.69% (S + 5.00%; 1.00% Floor) | 12/31/2027 | 4597791 | 4566910 | 4597791 | (15) |
| Bridgepointe Technologies, LLC | Digital Infrastructure & Services | Delayed Draw Term Loan | 8.69% (S + 5.00%; 1.00% Floor) | 12/31/2027 | 2675310 | 2667722 | 2675310 | (15) |
| Bridgepointe Technologies, LLC | Digital Infrastructure & Services | Delayed Draw Term Loan | 8.69% (S + 5.00%; 1.00% Floor) | 12/31/2027 | 3761129 | 3746050 | 3761129 | (15) |
| Bridgepointe Technologies, LLC | Digital Infrastructure & Services | Revolver | —% (S + 5.00%; 1.00% Floor) | 12/31/2027 | - | (4612) | - | (6)(7) |
| Brightspot Buyer, Inc. | Software & Tech Services | Term Loan | 10.27% (S + 6.50%; 0.75% Floor) | 11/16/2027 | 1448598 | 1435696 | 1419626 | (15) |
| Brightspot Buyer, Inc. | Software & Tech Services | Term Loan | 10.27% (S + 6.50%; 0.75% Floor) | 11/16/2027 | 5215571 | 5184849 | 5111260 | (15) |
| Brightspot Buyer, Inc. | Software & Tech Services | Revolver | 10.27% (S + 6.50%; 0.75% Floor) | 11/16/2027 | 113382 | 109386 | 99776 | (6) |
| BRP2 HOLD JONQUIL, INC. | Software & Tech Services | Revolver | 9.19% (S + 5.50%; 0.75% Floor) | 8/26/2030 | 126776 | 111873 | 50710 | (6) |
| BRP2 HOLD JONQUIL, INC. | Software & Tech Services | Delayed Draw Term Loan | 9.19% (S + 5.50%; 0.75% Floor) | 8/26/2030 | 1213401 | 1196638 | 1110396 | (6)(15) |
| BRP2 HOLD JONQUIL, INC. | Software & Tech Services | Term Loan | 9.19% (S + 5.50%; 0.75% Floor) | 8/26/2030 | 15847025 | 15721323 | 15213144 | (15) |

---

See Notes to Consolidated Financial Statements

------

**AB Private Credit Investors Corporation** 

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** | **Industry** | **Facility Type** | **Interest** | **Maturity** | **Funded<br>Par Amount** | **Cost** | **Fair Value** | **Tickmarks** |
| BSI2 Hold Nettle, LLC | Software & Tech Services | Term Loan | 8.44% (S + 4.75%; 0.75% Floor) | 6/30/2028 | 606806 | 600573 | 603772 | (15) |
| BSI2 Hold Nettle, LLC | Software & Tech Services | Term Loan | 8.44% (S + 4.75%; 0.75% Floor) | 6/30/2028 | 4546482 | 4520327 | 4523749 | (15) |
| BSI2 Hold Nettle, LLC | Software & Tech Services | Revolver | 8.44% (S + 4.75%; 0.75% Floor) | 6/30/2028 | 29446 | 26007 | 26502 | (6) |
| Businessolver.com, Inc. | Software & Tech Services | Term Loan | 8.19% (S + 4.50%; 0.75% Floor) | 12/3/2032 | 9108880 | 9104502 | 8858386 | (15) |
| Businessolver.com, Inc. | Software & Tech Services | Delayed Draw Term Loan | —% (S + 4.50%; 0.75% Floor) | 12/3/2032 | - | (3020) | (31678) | (6)(7) |
| Businessolver.com, Inc. | Software & Tech Services | Revolver | —% (S + 4.50%; 0.75% Floor) | 12/3/2032 | - | (2690) | (15520) | (6)(7) |
| BV EMS Buyer, Inc | Healthcare | Term Loan | 9.01% (S + 5.25%; 1.00% Floor) | 11/23/2027 | 3235774 | 3203403 | 3235774 | (15) |
| BV EMS Buyer, Inc | Healthcare | Revolver | 9.01% (S + 5.25%; 1.00% Floor) | 11/23/2027 | 189287 | 185396 | 189287 | (6) |
| BV EMS Buyer, Inc | Healthcare | Term Loan | 9.01% (S + 5.25%; 1.00% Floor) | 11/23/2027 | 386016 | 382992 | 386016 | (15) |
| BV EMS Buyer, Inc | Healthcare | Term Loan | 9.01% (S + 5.25%; 1.00% Floor) | 11/23/2027 | 864455 | 856724 | 864455 | (15) |
| BV EMS Buyer, Inc | Healthcare | Term Loan | 9.01% (S + 5.25%; 1.00% Floor) | 11/23/2027 | 3405622 | 3370583 | 3405622 | (15) |
| BV EMS Buyer, Inc | Healthcare | Delayed Draw Term Loan | 9.01% (S + 5.25%; 1.00% Floor) | 11/23/2027 | 3434800 | 3404225 | 3434800 | (15) |
| CallTower, Inc. | Digital Infrastructure & Services | Term Loan | 8.26% (S + 4.50%; 1.00% Floor) | 11/30/2028 | 4866069 | 4798223 | 4866069 | (15) |
| CallTower, Inc. | Digital Infrastructure & Services | Revolver | —% (S + 4.50%; 1.00% Floor) | 11/30/2028 | - | (8413) | - | (6)(7) |
| Caregiver 2, Inc. | Healthcare | Term Loan | 9.91% (S + 6.25%; 2.00% Floor) | 7/2/2029 | 5524208 | 5422592 | 5399914 | (15) |
| Caregiver 2, Inc. | Healthcare | Delayed Draw Term Loan | 9.91% (S + 6.25%; 2.00% Floor) | 7/2/2029 | 1110451 | 1091345 | 1085466 | (15) |
| Cerifi, LLC | Services | Term Loan | 9.51% (S + 5.75%; 1.00% Floor) | 3/31/2028 | 15541904 | 15425109 | 15075647 | (15) |
| Cerifi, LLC | Services | Revolver | 9.51% (S + 5.75%; 1.00% Floor) | 4/1/2027 | 1107792 | 1102568 | 1074558 |  |
| Choice Health at Home, LLC | Healthcare | Term Loan | 8.66% (S + 5.00%; 1.00% Floor) | 6/30/2028 | 2219510 | 2213868 | 2219510 | (15) |
| Choice Health at Home, LLC | Healthcare | Delayed Draw Term Loan | 8.66% (S + 5.00%; 1.00% Floor) | 6/30/2028 | 3086171 | 3067037 | 3086171 | (6)(15) |
| CHV Holdings LLC | Digital Infrastructure & Services | Term Loan | 10.01% (S + 6.25%; 1.00% Floor) | 3/27/2029 | 5457253 | 5368300 | 4938814 | (15) |
| CHV Holdings LLC | Digital Infrastructure & Services | Revolver | —% (S + 6.25%; 1.00% Floor) | 3/27/2029 | - | (18592) | (117947) | (6)(7) |
| Coding Solutions Acquisition, Inc. | Healthcare | Term Loan | 8.66% (S + 5.00%; 0.75% Floor) | 8/7/2031 | 8098465 | 8055356 | 8057973 | (15) |
| Coding Solutions Acquisition, Inc. | Healthcare | Delayed Draw Term Loan | —% (S + 5.00%; 0.75% Floor) | 8/7/2031 | - | (4760) | - | (6)(7) |
| Coding Solutions Acquisition, Inc. | Healthcare | Revolver | —% (S + 5.00%; 0.75% Floor) | 8/7/2031 | - | (8110) | (3517) | (6)(7) |
| Contruent Intermediate Company | Software & Tech Services | Term Loan | 9.42% (S + 5.75%; 0.75% Floor) | 11/14/2031 | 7433794 | 7328532 | 7247949 | (15) |
| Contruent Intermediate Company | Software & Tech Services | Delayed Draw Term Loan | —% (S + 5.25%; 0.75% Floor) | 11/14/2031 | - | - | (21444) | (6)(7) |
| Contruent Intermediate Company | Software & Tech Services | Revolver | —% (S + 5.25%; 0.75% Floor) | 11/14/2031 | - | (8044) | (14296) | (6)(7) |
| Coretelligent Intermediate LLC | Digital Infrastructure & Services | Term Loan | 9.51% (S + 5.75%; 1.00% Floor) | 10/21/2027 | 6891073 | 6862775 | 6580975 |  |
| Coretelligent Intermediate LLC | Digital Infrastructure & Services | Delayed Draw Term Loan | 9.51% (S + 5.75%; 1.00% Floor) | 10/21/2027 | 3291912 | 3277477 | 3143776 | (15) |
| Coretelligent Intermediate LLC | Digital Infrastructure & Services | Revolver | 10.81% (S + 5.75%; 1.00% Floor) | 10/21/2027 | 886495 | 881100 | 829506 | (6) |
| Coupa Holdings, LLC | Software & Tech Services | Term Loan | 8.91% (S + 5.25%; 0.75% Floor) | 2/27/2030 | 10432012 | 10256884 | 10432012 | (15) |
| Coupa Holdings, LLC | Software & Tech Services | Delayed Draw Term Loan | —% (S + 5.25%; 0.75% Floor) | 2/27/2030 | - | (6775) | - | (6)(7) |
| Coupa Holdings, LLC | Software & Tech Services | Revolver | —% (S + 5.25%; 0.75% Floor) | 2/27/2029 | - | (8926) | - | (6)(7) |
| Crewline Buyer, Inc. | Software & Tech Services | Term Loan | 10.41% (S + 6.75%; 1.00% Floor) | 11/8/2030 | 13625952 | 13374382 | 13353433 | (15) |

---

See Notes to Consolidated Financial Statements

------

**AB Private Credit Investors Corporation** 

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** | **Industry** | **Facility Type** | **Interest** | **Maturity** | **Funded<br>Par Amount** | **Cost** | **Fair Value** | **Tickmarks** |
| Crewline Buyer, Inc. | Software & Tech Services | Revolver | —% (S + 6.75%; 1.00% Floor) | 11/8/2030 | - | (22690) | (27330) | (6)(7) |
| DA Blocker Corp. | Software & Tech Services | Term Loan | 8.44% (S + 4.75%; 0.75% Floor) | 2/10/2032 | 15103993 | 14971502 | 14915193 | (8)(15) |
| DA Blocker Corp. | Software & Tech Services | Revolver | 8.44% (S + 4.75%; 0.75% Floor) | 2/10/2032 | 62933 | 49132 | 43267 | (6)(8) |
| DA Blocker Corp. | Software & Tech Services | Delayed Draw Term Loan | —% (S + 4.75%; 0.75% Floor) | 2/10/2032 | - | (19776) | (35400) | (6)(7)(8) |
| Datacor, Inc. | Software & Tech Services | Term Loan | 10.16% (S + 4.50%; 1.00% Floor; 2.00% PIK) | 3/11/2030 | 25035375 | 24935082 | 24785021 | (15) |
| Datacor, Inc. | Software & Tech Services | Delayed Draw Term Loan | —% (S + 6.00%; 1.00% Floor) | 3/11/2030 | - | (10380) | (21057) | (6)(7) |
| Datacor, Inc. | Software & Tech Services | Revolver | —% (S + 4.50%; 1.00% Floor) | 3/11/2030 | - | (24115) | (24622) | (6)(7) |
| Dearborn TopCo, LLC | Software & Tech Services | Revolver | 9.67% (S + 6.00%; 1.00% Floor) | 5/22/2029 | 252015 | 243054 | 243615 | (6) |
| Dearborn TopCo, LLC | Software & Tech Services | Term Loan | 9.67% (S + 6.00%; 1.00% Floor) | 5/22/2029 | 7409448 | 7317552 | 7335353 | (15) |
| Delaware Valley Management Holdings, Inc. | Healthcare | Term Loan | —% (S + 6.25%; 1.00% Floor) | 6/30/2026 | 2724243 | 1511867 | 537221 | (5)(16) |
| Delaware Valley Management Holdings, Inc. | Healthcare | Revolver | —% (S + 0.00%; 1.00% Floor) | 6/30/2026 | 423599 | 233153 | 83534 | (5)(16) |
| Delaware Valley Management Holdings, Inc. | Healthcare | Delayed Draw Term Loan | —% (S + 0.00%; 1.00% Floor) | 6/30/2026 | 536704 | 120253 | 105838 | (5)(16) |
| Delaware Valley Management Holdings, Inc. | Healthcare | Delayed Draw Term Loan | —.% (S + .%; 1.00% Floor) | 6/30/2026 | 286763 | 165594 | 56550 | (5)(16) |
| DeLorean Purchaser, Inc. | Software & Tech Services | Term Loan | 8.44% (S + 4.75%; 0.75% Floor) | 12/16/2031 | 15904805 | 15700352 | 15666233 | (15) |
| DeLorean Purchaser, Inc. | Software & Tech Services | Revolver | —% (S + 4.75%; 0.75% Floor) | 12/16/2031 | - | (29491) | (36147) | (6)(7) |
| Dispatchtrack, LLC | Software & Tech Services | Term Loan | 8.26% (S + 4.50%; 1.00% Floor) | 12/17/2026 | 9849936 | 9832229 | 9849936 | (15) |
| Dispatchtrack, LLC | Software & Tech Services | Revolver | —% (S + 4.50%; 1.00% Floor) | 12/17/2026 | - | (478) | - | (6)(7) |
| DLRdmv, LLC | Software & Tech Services | Term Loan | 8.92% (S + 5.25%; 1.00% Floor) | 5/7/2032 | 5995941 | 5941674 | 5935981 | (15) |
| DLRdmv, LLC | Software & Tech Services | Delayed Draw Term Loan | —% (S + 1.00%; 1.00% Floor) | 5/7/2032 | - | (3526) | (4028) | (6)(7) |
| DLRdmv, LLC | Software & Tech Services | Revolver | —% (S + 5.25%; 1.00% Floor) | 5/7/2032 | - | (7040) | (8055) | (6)(7) |
| Dorado Buyer LLC | Software & Tech Services | Term Loan | 9.94% (S + 2.87%; 1.00% Floor; 3.37% PIK) | 2/6/2030 | 6672145 | 6589506 | 6388579 | (15) |
| Dorado Buyer LLC | Software & Tech Services | Delayed Draw Term Loan | 9.94% (S + 2.87%; 1.00% Floor; 3.37% PIK) | 2/6/2030 | 56404 | 56126 | 54430 |  |
| Dorado Buyer LLC | Software & Tech Services | Revolver | 9.94% (S + 2.87%; 1.00% Floor; 3.37% PIK) | 2/6/2030 | 391635 | 385619 | 364438 | (6) |
| Duetto Research, Inc | Software & Tech Services | Term Loan | 9.67% (S + 1.00%; 0.75% Floor; 5.00% PIK) | 6/26/2030 | 15565355 | 15288957 | 15098395 | (15) |
| Duetto Research, Inc | Software & Tech Services | Delayed Draw Term Loan | —% (S + 1.00%; 0.75% Floor) | 6/26/2030 | - | (9648) | (50441) | (6)(7) |
| Duetto Research, Inc | Software & Tech Services | Revolver | —% (S + 1.00%; 0.75% Floor) | 6/26/2030 | - | (8957) | (30265) | (6)(7) |
| EAGAN PARENT, INC | Software & Tech Services | Term Loan | 7.91% (S + 4.25%; 0.50% Floor) | 9/8/2032 | 14257773 | 14190802 | 14115195 | (15) |
| EAGAN PARENT, INC | Software & Tech Services | Delayed Draw Term Loan | —% (S + 4.25%; 0.50% Floor) | 9/8/2032 | - | (8182) | (26733) | (6)(7) |
| EAGAN PARENT, INC | Software & Tech Services | Revolver | —% (S + 4.25%; 0.50% Floor) | 9/8/2032 | - | (8741) | (19010) | (6)(7) |
| EET Buyer, Inc. | Software & Tech Services | Term Loan | 8.63% (S + 5.00%; 0.75% Floor) | 11/8/2027 | 4973243 | 4928885 | 4886212 | (15) |
| EET Buyer, Inc. | Software & Tech Services | Delayed Draw Term Loan | 8.91% (S + 5.00%; 0.75% Floor) | 11/8/2027 | 1509790 | 1505843 | 1481467 | (6)(15) |
| EET Buyer, Inc. | Software & Tech Services | Term Loan | 8.63% (S + 5.00%; 0.75% Floor) | 11/8/2027 | 6631619 | 6594044 | 6515566 | (15) |
| EET Buyer, Inc. | Software & Tech Services | Revolver | —% (S + 5.00%; 0.75% Floor) | 11/8/2027 | - | (6877) | (18141) | (6)(7) |
| Einstein Parent, Inc. | Software & Tech Services | Revolver | —% (S + 5.25%; 0.75% Floor) | 1/22/2031 | - | (17175) | (37316) | (6)(7) |
| Einstein Parent, Inc. | Software & Tech Services | Term Loan | 8.91% (S + 5.25%; 0.75% Floor) | 1/22/2031 | 10306433 | 10131320 | 9945708 | (15) |

---

See Notes to Consolidated Financial Statements

------

**AB Private Credit Investors Corporation** 

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** | **Industry** | **Facility Type** | **Interest** | **Maturity** | **Funded<br>Par Amount** | **Cost** | **Fair Value** | **Tickmarks** |
| Engage2Excel, Inc. | Services | Term Loan | 10.99% (S + 7.25%; 1.00% Floor) | 7/2/2029 | 7382255 | 7307606 | 7271522 | (15) |
| Engage2Excel, Inc. | Services | Revolver | 1.85% (S + 7.25%; 1.00% Floor) | 7/2/2029 | 429982 | 423447 | 420768 | (6) |
| Exterro, Inc. | Software & Tech Services | Term Loan | 8.91% (S + 5.25%; 1.00% Floor) | 6/1/2027 | 2728506 | 2721888 | 2694400 | (15) |
| Exterro, Inc. | Software & Tech Services | Revolver | —% (S + 5.25%; 1.00% Floor) | 6/1/2027 | - | (7703) | (13848) | (6)(7) |
| Exterro, Inc. | Software & Tech Services | Term Loan | 8.91% (S + 5.25%; 1.00% Floor) | 6/1/2027 | 5648827 | 5644349 | 5578217 | (15) |
| Exterro, Inc. | Software & Tech Services | Term Loan | 8.91% (S + 5.25%; 1.00% Floor) | 6/1/2027 | 4382864 | 4352445 | 4328078 | (15) |
| Exterro, Inc. | Software & Tech Services | Delayed Draw Term Loan | —% (S + 5.25%; 1.00% Floor) | 6/1/2027 | - | (4785) | (10565) | (6)(7) |
| Exterro, Inc. | Software & Tech Services | Term Loan | 8.91% (S + 5.25%; 1.00% Floor) | 6/1/2027 | 6212406 | 6192250 | 6134751 | (15) |
| Firebird Midco, Inc | Software & Tech Services | Term Loan | 9.16% (S + 2.50%; 0.75% Floor; 3.00% PIK) | 7/18/2030 | 6807665 | 6742565 | 6671511 | (15) |
| Firebird Midco, Inc | Software & Tech Services | Revolver | —% (S + 5.00%; 0.75% Floor) | 7/18/2030 | - | (11113) | (24570) | (6)(7) |
| FirstDigital Communications, LLC | Digital Infrastructure & Services | Term Loan | 8.53% (S + 4.25%; 0.75% Floor; 0.50% PIK) | 12/17/2026 | 13329838 | 13287176 | 13163215 | (15) |
| FirstDigital Communications, LLC | Digital Infrastructure & Services | Term Loan | 8.53% (S + 4.25%; 0.75% Floor; 0.50% PIK) | 12/17/2026 | 407128 | 407072 | 402039 | (15) |
| FirstDigital Communications, LLC | Digital Infrastructure & Services | Term Loan | —.% (S + .%; 0.75% Floor) | 12/17/2026 | 34453 | - | 34023 | (15) |
| FirstEnroll LLC | Healthcare | Term Loan | 8.41% (S + 4.75%; 1.00% Floor) | 9/19/2031 | 12467901 | 12293854 | 12280883 | (15) |
| FirstEnroll LLC | Healthcare | Revolver | —% (S + 4.75%; 1.00% Floor) | 9/19/2031 | - | (9945) | (10900) | (6)(7) |
| Foundation Risk Partners, Corp. | Financials | Term Loan | 8.44% (S + 4.75%; 0.75% Floor) | 10/29/2030 | 9437818 | 9389901 | 9437818 | (15) |
| Foundation Risk Partners, Corp. | Financials | Delayed Draw Term Loan | 8.44% (S + 4.75%; 0.75% Floor) | 10/29/2030 | 2052660 | 2038205 | 2052660 | (15) |
| Foundation Risk Partners, Corp. | Financials | Revolver | 8.44% (S + 4.75%; 0.75% Floor) | 10/29/2029 | 194637 | 191208 | 194637 | (6) |
| Foundation Risk Partners, Corp. | Financials | Term Loan | 8.44% (S + 4.75%; 0.75% Floor) | 10/29/2030 | 761510 | 756901 | 761510 | (15) |
| Foundation Risk Partners, Corp. | Financials | Delayed Draw Term Loan | 8.44% (S + 4.75%; 0.75% Floor) | 10/29/2030 | 3077941 | 3056269 | 3077941 | (15) |
| FULLSTEAM OPERATIONS, LLC | Software & Tech Services | Term Loan | 8.88% (S + 5.25%; 0.75% Floor) | 8/8/2031 | 10017013 | 9925101 | 9816673 | (15) |
| FULLSTEAM OPERATIONS, LLC | Software & Tech Services | Delayed Draw Term Loan | —% (S + 5.25%; 0.75% Floor) | 8/8/2031 | - | (14955) | (50085) | (6)(7) |
| FULLSTEAM OPERATIONS, LLC | Software & Tech Services | Revolver | —% (S + 5.25%; 0.75% Floor) | 8/8/2031 | - | (9957) | (22260) | (6)(7) |
| Fusion Holding, Corp. | Software & Tech Services | Term Loan | 10.16% (S + 6.25%; 0.75% Floor; 2.00% PIK) | 9/14/2029 | 16511169 | 16323177 | 15437943 | (15) |
| Fusion Holding, Corp. | Software & Tech Services | Revolver | 1.81% (S + 5.25%; 0.75% Floor) | 9/15/2028 | 37928 | 28721 | (51944) | (6)(7) |
| Garnett Station Partners, LLC | NAV Loan | Term Loan | 9.17% (S + 5.50%; 2.00% Floor) | 12/23/2031 | 3811554 | 3747893 | 3763909 |  |
| Garnett Station Partners, LLC | NAV Loan | Revolver | —% (S + 5.50%; 2.00% Floor) | 12/23/2031 | - | (14691) | (10995) | (6)(7) |
| GH PARENT HOLDINGS INC. | Services | Delayed Draw Term Loan | 8.91% (S + 5.25%; 1.00% Floor) | 5/4/2029 | 6063515 | 6038951 | 5987722 | (15) |
| GH PARENT HOLDINGS INC. | Services | Delayed Draw Term Loan | 8.91% (S + 5.25%; 1.00% Floor) | 5/4/2029 | 1078476 | 1068230 | 1067230 | (6)(15) |
| Greenhouse Software, Inc. | Software & Tech Services | Term Loan | 9.44% (S + 5.75%; 1.00% Floor) | 9/1/2028 | 14507975 | 14357037 | 14362895 | (15) |
| Greenhouse Software, Inc. | Software & Tech Services | Revolver | —% (S + 5.75%; 1.00% Floor) | 9/1/2028 | - | (6207) | (6045) | (6)(7) |
| Greenhouse Software, Inc. | Software & Tech Services | Term Loan | 9.44% (S + 5.75%; 1.00% Floor) | 9/1/2028 | 12376845 | 12313077 | 12253076 | (15) |
| Greenhouse Software, Inc. | Software & Tech Services | Revolver | —% (S + 5.75%; 1.00% Floor) | 9/1/2028 | - | (4358) | (12323) | (6)(7) |
| Greenlight Intermediate II, Inc. | Digital Infrastructure & Services | Delayed Draw Term Loan | 9.44% (S + 5.75%; 0.75% Floor) | 6/1/2029 | 10549955 | 10443004 | 10444455 | (15) |
| Greenlight Intermediate II, Inc. | Digital Infrastructure & Services | Delayed Draw Term Loan | 9.44% (S + 5.75%; 0.75% Floor) | 6/1/2029 | 2266280 | 2228526 | 2231414 | (6)(15) |

---

See Notes to Consolidated Financial Statements

------

**AB Private Credit Investors Corporation** 

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** | **Industry** | **Facility Type** | **Interest** | **Maturity** | **Funded<br>Par Amount** | **Cost** | **Fair Value** | **Tickmarks** |
| Greenlight Intermediate II, Inc. | Digital Infrastructure & Services | Term Loan | 9.44% (S + 5.75%; 0.75% Floor) | 6/1/2029 | 5331605 | 5288787 | 5278289 | (15) |
| Greenlight Intermediate II, Inc. | Digital Infrastructure & Services | Delayed Draw Term Loan | 9.44% (S + 5.75%; 0.75% Floor) | 6/1/2029 | 6702083 | 6645548 | 6635063 | (15) |
| Gryphon-Redwood Acquisition LLC | Software & Tech Services | Term Loan | 3.78% (S + 5.00%; 1.00% Floor; 5.00% PIK) | 9/18/2028 | 4050567 | 4013122 | 3888544 |  |
| Gryphon-Redwood Acquisition LLC | Software & Tech Services | Delayed Draw Term Loan | 3.78% (S + 5.00%; 1.00% Floor; 5.00% PIK) | 9/18/2028 | 1733832 | 1682835 | 1664479 |  |
| GS AcquisitionCo, Inc. | Software & Tech Services | Term Loan | 8.94% (S + 5.25%; 1.00% Floor) | 5/25/2028 | 9804445 | 9784724 | 9583845 | (15) |
| GS AcquisitionCo, Inc. | Software & Tech Services | Revolver | 8.94% (S + 5.25%; 1.00% Floor) | 5/25/2028 | 367554 | 365102 | 351785 | (6) |
| GS AcquisitionCo, Inc. | Software & Tech Services | Delayed Draw Term Loan | 8.94% (S + 5.25%; 0.75% Floor) | 5/25/2028 | 118995 | 118840 | 117210 |  |
| Heartland PPC Buyer LLC | Services | Term Loan | 8.44% (S + 4.75%; 0.75% Floor) | 12/12/2029 | 5538726 | 5464350 | 5483339 | (15) |
| Heartland PPC Buyer LLC | Services | Revolver | 8.41% (S + 4.75%; 0.75% Floor) | 12/12/2029 | 93860 | 77195 | 79781 | (6) |
| Heartland PPC Buyer LLC | Services | Delayed Draw Term Loan | 8.44% (S + 4.75%; 0.75% Floor) | 12/12/2029 | 1863093 | 1847453 | 1844462 | (15) |
| Heartland PPC Buyer LLC | Services | Delayed Draw Term Loan | 8.44% (S + 4.75%; 0.75% Floor) | 12/12/2029 | 33823 | 24763 | 33823 | (6) |
| Heartland PPC Buyer LLC | Services | Term Loan | 8.44% (S + 4.75%; 0.75% Floor) | 12/12/2029 | 609088 | 603569 | 602997 |  |
| HIG Operations Holdings, INC | Financials | Term Loan | 8.16% (S + 4.50%; 1.00% Floor) | 6/11/2031 | 11015898 | 11015898 | 11015898 | (15) |
| HireVue, Inc. | Software & Tech Services | Term Loan | 1.41% (S + 7.75%; 1.00% Floor) | 5/3/2029 | 12773049 | 12580310 | 11495744 | (15) |
| HireVue, Inc. | Software & Tech Services | Revolver | 1.42% (S + 7.75%; 1.00% Floor) | 5/3/2029 | 1663006 | 1641304 | 1496705 |  |
| HireVue, Inc. | Software & Tech Services | Delayed Draw Term Loan | 11.41% (S + 7.75%; 1.00% Floor) | 5/3/2029 | 383729 | 383729 | 162671 | (6) |
| HITRUST Services, LLC | Services | Term Loan | 8.19% (S + 4.50%; 0.75% Floor) | 3/15/2032 | 10281308 | 10190095 | 10229901 | (15) |
| HITRUST Services, LLC | Services | Revolver | —% (S + 4.50%; 0.75% Floor) | 3/14/2031 | - | (20032) | (12096) | (6)(7) |
| Honor HN Buyer, Inc. | Healthcare | Delayed Draw Term Loan | 9.59% (S + 5.75%; 1.00% Floor) | 10/15/2027 | 4377219 | 4333438 | 4377219 | (6)(15) |
| Honor HN Buyer, Inc. | Healthcare | Delayed Draw Term Loan | —% (S + 5.75%; 1.00% Floor) | 10/15/2027 | - | (9409) | - | (6)(7) |
| Honor HN Buyer, Inc. | Healthcare | Term Loan | 9.59% (S + 5.75%; 1.00% Floor) | 10/15/2027 | 2530954 | 2517420 | 2530954 | (15) |
| Honor HN Buyer, Inc. | Healthcare | Delayed Draw Term Loan | 9.59% (S + 5.75%; 1.00% Floor) | 10/15/2027 | 1600699 | 1592227 | 1600699 | (15) |
| Honor HN Buyer, Inc. | Healthcare | Revolver | 1.5% (S + 5.75%; 1.00% Floor) | 10/15/2027 | 38012 | 36396 | 38012 | (6) |
| Honor HN Buyer, Inc. | Healthcare | Delayed Draw Term Loan | 9.59% (S + 5.75%; 1.00% Floor) | 10/15/2027 | 2379040 | 2363412 | 2379040 | (15) |
| Hunter Communications & Technologies LLC | Digital Infrastructure & Services | Term Loan | 8.41% (S + 4.75%; 0.75% Floor) | 3/31/2032 | 5925121 | 5865870 | 5865870 | (15) |
| Hunter Communications & Technologies LLC | Digital Infrastructure & Services | Delayed Draw Term Loan | 8.41% (S + 4.75%; 0.75% Floor) | 3/31/2032 | 448388 | 430447 | 430132 | (6)(15) |
| Hunter Communications & Technologies LLC | Digital Infrastructure & Services | Revolver | —% (S + 4.75%; 0.75% Floor) | 3/31/2032 | - | (6403) | (6406) | (6)(7) |
| Hyscaleix Data Centers Holdings LLC | Digital Infrastructure & Services | Term Loan | 9.16% (S + 5.50%; 1.00% Floor) | 1/29/2031 | 5958721 | 5871823 | 5869341 | (15) |
| Hyscaleix Data Centers Holdings LLC | Digital Infrastructure & Services | Revolver | —% (S + 5.50%; 1.00% Floor) | 1/29/2031 | - | (11669) | (12078) | (6)(7) |
| Joink, LLC | Digital Infrastructure & Services | Revolver | —% (S + 5.25%; 1.00% Floor) | 10/4/2030 | - | (8279) | (14555) | (6)(7) |
| Joink, LLC | Digital Infrastructure & Services | Delayed Draw Term Loan | 8.91% (S + 5.25%; 1.00% Floor) | 10/4/2030 | 6241154 | 6156512 | 6092665 | (6)(15) |
| Joink, LLC | Digital Infrastructure & Services | Term Loan | 8.91% (S + 5.25%; 1.00% Floor) | 10/4/2030 | 10212907 | 10093120 | 10008652 | (15) |
| JS Parent, Inc. | Software & Tech Services | Term Loan | 8.41% (S + 4.75%; 0.75% Floor) | 4/24/2031 | 5377766 | 5356523 | 5350877 | (15) |
| JS Parent, Inc. | Software & Tech Services | Revolver | —% (S + 4.75%; 0.75% Floor) | 4/24/2031 | - | (1921) | (2642) | (6)(7) |
| Juniper Square, Inc. | Software & Tech Services | Term Loan | 8.37% (S + 4.75%; 0.75% Floor) | 11/6/2031 | 12035566 | 11921786 | 11915210 | (15) |

---

See Notes to Consolidated Financial Statements

------

**AB Private Credit Investors Corporation** 

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** | **Industry** | **Facility Type** | **Interest** | **Maturity** | **Funded<br>Par Amount** | **Cost** | **Fair Value** | **Tickmarks** |
| Juniper Square, Inc. | Software & Tech Services | Revolver | —% (S + 4.75%; 0.75% Floor) | 11/6/2031 | - | (11234) | (12036) | (6)(7) |
| Juniper Square, Inc. | Software & Tech Services | Delayed Draw Term Loan | —% (S + 4.75%; 0.75% Floor) | 11/6/2031 | - | (25276) | (27080) | (6)(7) |
| Juniper Square, Inc. | Software & Tech Services | Delayed Draw Term Loan | —% (S + 4.75%; 0.75% Floor) | 11/6/2031 | - | - | - | (6) |
| Kalkomey Borrower, LLC | Services | Term Loan | 8.44% (S + 4.75%; 1.00% Floor) | 6/18/2031 | 9017362 | 8904683 | 8927189 | (15) |
| Kalkomey Borrower, LLC | Services | Delayed Draw Term Loan | —% (S + 4.75%; 1.00% Floor) | 6/18/2031 | - | (10308) | (9155) | (6)(7) |
| Kalkomey Borrower, LLC | Services | Revolver | —% (S + 4.75%; 1.00% Floor) | 6/18/2031 | - | (16508) | (14647) | (6)(7) |
| KPA Parent Holdings, Inc | Software & Tech Services | Term Loan | 8.16% (S + 4.50%; 0.75% Floor) | 3/12/2032 | 10361803 | 10273073 | 10232281 | (15) |
| KPA Parent Holdings, Inc | Software & Tech Services | Delayed Draw Term Loan | —% (S + 4.50%; 0.75% Floor) | 3/12/2032 | - | (6326) | (11102) | (6)(7) |
| KPA Parent Holdings, Inc | Software & Tech Services | Revolver | —% (S + 4.50%; 0.75% Floor) | 3/12/2032 | - | (8860) | (12952) | (6)(7) |
| Krispy Krunchy Foods, L.L.C. | Consumer Non-Cyclical | Term Loan | 8.26% (S + 4.50%; 1.00% Floor) | 11/17/2027 | 4424365 | 4399546 | 4424365 | (15) |
| Labvantage Solutions Inc. | Software & Tech Services | Revolver | —% (S + 5.25%; 1.00% Floor) | 12/23/2030 | - | (23041) | (19031) | (6)(7)(8) |
| Last Dance Intermediate I(c), LLC | Digital Infrastructure & Services | Term Loan | 8.66% (S + 5.00%; 0.75% Floor) | 3/31/2031 | 8442703 | 8332567 | 8442703 | (15) |
| Last Dance Intermediate I(c), LLC | Digital Infrastructure & Services | Delayed Draw Term Loan | 8.66% (S + 5.00%; 0.75% Floor) | 3/31/2031 | 6625412 | 6554038 | 6625412 | (6)(15) |
| Last Dance Intermediate I(c), LLC | Digital Infrastructure & Services | Revolver | —% (S + 5.00%; 0.75% Floor) | 3/31/2031 | - | (18162) | - | (6)(7) |
| Last Dance Intermediate I(c), LLC | Digital Infrastructure & Services | Term Loan | 8.66% (S + 5.00%; 0.75% Floor) | 3/31/2031 | 8221280 | 8148628 | 8221280 | (15) |
| Last Dance Intermediate I(c), LLC | Digital Infrastructure & Services | Delayed Draw Term Loan | —% (S + 4.75%; 0.75% Floor) | 3/31/2031 | - | (21565) | (22285) | (6)(7) |
| LeadVenture, Inc. | Software & Tech Services | Term Loan | 8.69% (S + 5.00%; 0.75% Floor) | 6/23/2032 | 19223887 | 18958745 | 18839409 | (15) |
| LeadVenture, Inc. | Software & Tech Services | Delayed Draw Term Loan | 8.69% (S + 5.00%; 0.75% Floor) | 6/23/2032 | 1499086 | 1464455 | 1434791 | (6) |
| LeadVenture, Inc. | Software & Tech Services | Revolver | 8.67% (S + 5.00%; 0.75% Floor) | 6/23/2032 | 83605 | 58982 | 46804 | (6) |
| Level Data, LLC | Software & Tech Services | Term Loan | 9.17% (S + 5.50%; 0.75% Floor) | 3/5/2031 | 7468997 | 7404556 | 7263600 | (15) |
| Level Data, LLC | Software & Tech Services | Delayed Draw Term Loan | —% (S + 5.50%; 0.75% Floor) | 3/5/2031 | - | (9927) | (54102) | (6)(7) |
| Level Data, LLC | Software & Tech Services | Revolver | —% (S + 5.50%; 0.75% Floor) | 3/5/2031 | - | (7447) | (24797) | (6)(7) |
| Lightspeed Buyer, Inc. | Healthcare | Term Loan | 8.44% (S + 4.75%; 0.75% Floor) | 2/6/2032 | 12958433 | 12829715 | 12828849 | (15) |
| Lightspeed Buyer, Inc. | Healthcare | Delayed Draw Term Loan | —% (S + 4.75%; 0.75% Floor) | 2/6/2032 | - | (28296) | (29011) | (6)(7) |
| Lightspeed Buyer, Inc. | Healthcare | Revolver | —% (S + 4.75%; 0.75% Floor) | 2/6/2032 | - | (18864) | (19341) | (6)(7) |
| LivTech Purchaser, Inc. | Software & Tech Services | Term Loan | 8.69% (S + 5.00%; 0.75% Floor) | 11/24/2031 | 6980151 | 6922098 | 6823098 | (15) |
| LivTech Purchaser, Inc. | Software & Tech Services | Delayed Draw Term Loan | 8.66% (S + 5.00%; 0.75% Floor) | 11/24/2031 | 6413762 | 6353796 | 6234184 | (6)(15) |
| LivTech Purchaser, Inc. | Software & Tech Services | Revolver | —% (S + 5.00%; 0.75% Floor) | 11/24/2031 | - | (16238) | (44985) | (6)(7) |
| Lotus HPI Buyer, Inc | Healthcare | Term Loan | 9.88% (S + 6.25%; 1.00% Floor) | 1/21/2030 | 12308281 | 12090374 | 10708204 | (15) |
| Lotus HPI Buyer, Inc | Healthcare | Revolver | 9.98% (S + 6.25%; 1.00% Floor) | 1/21/2030 | 1883921 | 1853918 | 1639011 |  |
| Magaya Corporation | Software & Tech Services | Term Loan | 9.44% (S + .00%; 0.75% Floor; 5.75% PIK) | 7/26/2030 | 3793477 | 3764542 | 3679672 | (15) |
| Magaya Corporation | Software & Tech Services | Delayed Draw Term Loan | 9.44% (S + .00%; 0.75% Floor; 5.75% PIK) | 7/26/2030 | 146364 | 136944 | 84834 | (6)(15) |
| Magaya Corporation | Software & Tech Services | Revolver | 1.5% (S + .00%; 0.75% Floor; 4.75% PIK) | 7/26/2030 | 690490 | 683307 | 662405 | (6) |
| Mastery Acquisition Corp. | Software & Tech Services | Term Loan | 8.94% (S + 5.25%; 1.00% Floor) | 9/7/2029 | 6549224 | 6549224 | 6549224 | (15) |
| Mastery Acquisition Corp. | Software & Tech Services | Revolver | —% (S + 5.25%; 1.00% Floor) | 9/7/2029 | - | - | - | (6) |

---

See Notes to Consolidated Financial Statements

------

**AB Private Credit Investors Corporation** 

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** | **Industry** | **Facility Type** | **Interest** | **Maturity** | **Funded<br>Par Amount** | **Cost** | **Fair Value** | **Tickmarks** |
| Mastery Acquisition Corp. | Software & Tech Services | Delayed Draw Term Loan | —% (S + 5.25%; 1.00% Floor) | 9/7/2029 | - | (3882) | - | (6)(7) |
| Mavenlink, Inc. | Software & Tech Services | Term Loan | 9.32% (S + 5.50%; 0.75% Floor) | 6/1/2029 | 12997483 | 12862643 | 12477583 | (15) |
| Mavenlink, Inc. | Software & Tech Services | Revolver | 9.31% (S + 5.50%; 0.75% Floor) | 6/1/2029 | 1231782 | 1223098 | 1153873 | (6) |
| MBS Holdings, Inc. | Digital Infrastructure & Services | Revolver | —% (S + 5.00%; 1.00% Floor) | 4/16/2027 | - | (3475) | (2435) | (6)(7) |
| MBS Holdings, Inc. | Digital Infrastructure & Services | Term Loan | 8.77% (S + 5.00%; 1.00% Floor) | 4/16/2027 | 769390 | 762645 | 767467 | (15) |
| MBS Holdings, Inc. | Digital Infrastructure & Services | Term Loan | 8.77% (S + 5.00%; 1.00% Floor) | 4/16/2027 | 818459 | 810552 | 816413 | (15) |
| MBS Holdings, Inc. | Digital Infrastructure & Services | Term Loan | 8.77% (S + 5.00%; 1.00% Floor) | 4/16/2027 | 357096 | 355177 | 356204 | (15) |
| MBS Holdings, Inc. | Digital Infrastructure & Services | Term Loan | 8.77% (S + 5.00%; 1.00% Floor) | 4/16/2027 | 10021279 | 9983172 | 9996226 | (15) |
| MedBridge Holdings, LLC | Software & Tech Services | Term Loan | 8.16% (S + 4.50%; 1.00% Floor) | 12/23/2026 | 11917944 | 11886051 | 11917944 | (15) |
| MedBridge Holdings, LLC | Software & Tech Services | Revolver | —% (S + 4.50%; 1.00% Floor) | 12/23/2026 | - | (3413) | - | (6)(7) |
| MedBridge Holdings, LLC | Software & Tech Services | Term Loan | 8.16% (S + 4.50%; 1.00% Floor) | 12/23/2026 | 755623 | 753152 | 755623 | (15) |
| MediaLab Solutions, LLC | Software & Tech Services | Term Loan | 8.66% (S + 5.00%; 0.75% Floor) | 8/11/2031 | 7828433 | 7756616 | 7750148 | (15) |
| MediaLab Solutions, LLC | Software & Tech Services | Revolver | —% (S + 5.00%; 0.75% Floor) | 8/11/2031 | - | (6892) | (7698) | (6)(7) |
| Medical Management Resource Group, L.L.C. | Healthcare | Term Loan | 9.54% (S + 5.75%; 0.75% Floor) | 9/30/2027 | 3686551 | 3661554 | 3658902 | (15) |
| Medical Management Resource Group, L.L.C. | Healthcare | Delayed Draw Term Loan | 9.54% (S + 5.75%; 0.75% Floor) | 9/30/2027 | 1522747 | 1509034 | 1511327 | (15) |
| Medical Management Resource Group, L.L.C. | Healthcare | Revolver | —% (S + 5.75%; 0.75% Floor) | 9/30/2026 | - | (652) | (2373) | (6)(7) |
| MedMark Services, Inc. | Healthcare | Term Loan | —% (S + 5.00%; 1.00% Floor) | 6/11/2027 | 4625067 | 4589747 | 3780992 | (16) |
| MedMark Services, Inc. | Healthcare | Delayed Draw Term Loan | —.% (S + 5.00%; 1.00% Floor) | 6/11/2027 | 3832485 | 3801678 | 3133056 | (16) |
| Medsuite Purchaser, LLC (FKA Millin Purchaser, LLC) | Healthcare | Term Loan | 8.76% (S + 5.00%; 1.00% Floor) | 10/22/2026 | 7635767 | 7617309 | 7616677 | (15) |
| Medsuite Purchaser, LLC (FKA Millin Purchaser, LLC) | Healthcare | Revolver | —% (S + 5.00%; 1.00% Floor) | 10/22/2026 | - | (1165) | (1701) | (6)(7) |
| Medsuite Purchaser, LLC (FKA Millin Purchaser, LLC) | Healthcare | Delayed Draw Term Loan | 8.76% (S + 5.00%; 1.00% Floor) | 10/22/2026 | 1296944 | 1293921 | 1293701 | (15) |
| Mist Holding Co. | Software & Tech Services | Term Loan | 8.69% (S + 5.00%; 0.75% Floor) | 12/23/2030 | 4836131 | 4795884 | 4787769 | (15) |
| Mist Holding Co. | Software & Tech Services | Delayed Draw Term Loan | 8.89% (S + 5.00%; 0.75% Floor) | 12/23/2030 | 2714386 | 2692889 | 2687242 | (15) |
| Mist Holding Co. | Software & Tech Services | Revolver | 8.70% (S + 5.00%; 0.75% Floor) | 12/23/2030 | 301598 | 291560 | 289534 | (6) |
| Mist Holding Co. | Software & Tech Services | Delayed Draw Term Loan | —% (S + 5.25%; 0.75% Floor) | 12/23/2030 | - | (11264) | (12736) | (6)(7) |
| MMP Intermediate, LLC | Consumer Non-Cyclical | Term Loan | 9.53% (S + 5.75%; 1.00% Floor) | 2/15/2029 | 1958987 | 1934484 | 1958987 | (15) |
| MMP Intermediate, LLC | Consumer Non-Cyclical | Term Loan | 9.53% (S + 5.75%; 1.00% Floor) | 2/15/2029 | 7668951 | 7632618 | 7668951 | (15) |
| MMP Intermediate, LLC | Consumer Non-Cyclical | Revolver | —% (S + 6.25%; 1.00% Floor) | 2/15/2029 | - | (1985) | - | (6)(7) |
| Momentus Technologies, LLC | Software & Tech Services | Term Loan | 8.42% (S + 4.75%; 1.00% Floor) | 4/30/2029 | 259133 | 256959 | 255246 | (15) |
| Momentus Technologies, LLC | Software & Tech Services | Term Loan | 8.42% (S + 4.75%; 1.00% Floor) | 4/30/2029 | 299816 | 298011 | 295319 | (15) |
| Momentus Technologies, LLC | Software & Tech Services | Term Loan | 8.42% (S + 4.75%; 1.00% Floor) | 4/30/2029 | 708663 | 702080 | 698033 | (15) |
| Momentus Technologies, LLC | Software & Tech Services | Term Loan | 8.42% (S + 4.75%; 1.00% Floor) | 4/30/2029 | 2669724 | 2662193 | 2629679 | (15) |
| Momentus Technologies, LLC | Software & Tech Services | Delayed Draw Term Loan | 8.42% (S + 4.75%; 1.00% Floor) | 4/30/2029 | 316749 | 315811 | 311998 | (15) |
| Momentus Technologies, LLC | Software & Tech Services | Delayed Draw Term Loan | 8.42% (S + 4.75%; 1.00% Floor) | 4/30/2029 | 678705 | 678705 | 668524 | (15) |

---

See Notes to Consolidated Financial Statements

------

**AB Private Credit Investors Corporation** 

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** | **Industry** | **Facility Type** | **Interest** | **Maturity** | **Funded<br>Par Amount** | **Cost** | **Fair Value** | **Tickmarks** |
| Momentus Technologies, LLC | Software & Tech Services | Term Loan | 8.42% (S + 4.75%; 1.00% Floor) | 4/30/2029 | 133996 | 133370 | 131986 | (15) |
| Momentus Technologies, LLC | Software & Tech Services | Delayed Draw Term Loan | 8.42% (S + 4.75%; 1.00% Floor) | 4/30/2029 | 468986 | 467781 | 461951 | (15) |
| Momentus Technologies, LLC | Software & Tech Services | Revolver | —% (S + 4.75%; 1.00% Floor) | 4/30/2029 | - | (763) | (3441) | (6)(7) |
| Moon Buyer, Inc. | Software & Tech Services | Revolver | —% (S + 4.50%; 0.75% Floor) | 4/21/2031 | - | (6116) | (4448) | (6)(7) |
| Moon Buyer, Inc. | Software & Tech Services | Term Loan | 8.19% (S + 4.50%; 0.75% Floor) | 4/21/2031 | 16049097 | 15985905 | 16008974 | (15) |
| Moon Buyer, Inc. | Software & Tech Services | Delayed Draw Term Loan | 8.19% (S + 4.50%; 0.75% Floor) | 4/21/2031 | 562985 | 562124 | 561577 | (15) |
| Mr. Greens Intermediate, LLC | Services | Term Loan | 9.52% (S + 5.75%; 1.00% Floor) | 5/1/2031 | 6138722 | 6035375 | 6138722 | (15) |
| Mr. Greens Intermediate, LLC | Services | Delayed Draw Term Loan | 9.52% (S + 5.75%; 1.00% Floor) | 5/1/2031 | 542209 | 500856 | 542209 | (6) |
| Mr. Greens Intermediate, LLC | Services | Revolver | 9.52% (S + 5.75%; 1.00% Floor) | 5/1/2031 | 537047 | 517009 | 537047 | (6) |
| Mr. Greens Intermediate, LLC | Services | Term Loan | 9.52% (S + 5.75%; 1.00% Floor) | 5/1/2031 | 1441848 | 1422565 | 1441848 | (15) |
| MSM Acquisitions, Inc. | Services | Term Loan | 9.67% (S + 6.00%; 1.00% Floor) | 12/9/2026 | 8358360 | 8315427 | 6247874 |  |
| MSM Acquisitions, Inc. | Services | Delayed Draw Term Loan | 9.67% (S + 6.00%; 1.00% Floor) | 12/9/2026 | 3058224 | 3050024 | 2286023 |  |
| MSM Acquisitions, Inc. | Services | Revolver | 9.67% (S + 6.00%; 1.00% Floor) | 12/9/2026 | 1282363 | 1236668 | 958567 |  |
| MSM Acquisitions, Inc. | Services | Delayed Draw Term Loan | 9.67% (S + 6.00%; 1.00% Floor) | 12/9/2026 | 374890 | 374055 | 280230 |  |
| MSP Global Holdings, Inc. | Digital Infrastructure & Services | Term Loan | 9.26% (S + 5.50%; 1.00% Floor) | 4/9/2029 | 8621680 | 8506794 | 8427692 | (15) |
| MSP Global Holdings, Inc. | Digital Infrastructure & Services | Delayed Draw Term Loan | —% (S + 5.50%; 1.00% Floor) | 4/9/2029 | - | (14802) | (27267) | (6)(7) |
| MSP Global Holdings, Inc. | Digital Infrastructure & Services | Term Loan | 9.26% (S + 5.50%; 1.00% Floor) | 4/9/2029 | 7613363 | 7576459 | 7442062 | (15) |
| MSP Global Holdings, Inc. | Digital Infrastructure & Services | Delayed Draw Term Loan | 9.26% (S + 5.50%; 1.00% Floor) | 4/9/2029 | 594749 | 592127 | 581367 | (15) |
| MSP Global Holdings, Inc. | Digital Infrastructure & Services | Revolver | 9.26% (S + 5.50%; 1.00% Floor) | 4/9/2029 | 602716 | 594222 | 561869 | (6) |
| MyKaarma Acquisition LLC | Software & Tech Services | Term Loan | 8.19% (S + 4.50%; 0.75% Floor) | 12/24/2030 | 8906050 | 8842562 | 8839254 | (15) |
| MyKaarma Acquisition LLC | Software & Tech Services | Revolver | —% (S + 4.50%; 0.75% Floor) | 12/24/2030 | - | (7890) | (8912) | (6)(7) |
| Nasuni Corporation | Software & Tech Services | Term Loan | 8.69% (S + 5.00%; 0.75% Floor) | 9/10/2030 | 12575067 | 12421034 | 12449317 | (15) |
| Nasuni Corporation | Software & Tech Services | Revolver | —% (S + 5.00%; 0.75% Floor) | 9/10/2030 | - | (29251) | (26198) | (6)(7) |
| Nasuni Corporation | Software & Tech Services | Term Loan | 8.69% (S + 5.00%; 0.75% Floor) | 9/10/2030 | 3386719 | 3353327 | 3352852 | (15) |
| Navigate360, LLC | Software & Tech Services | Term Loan | 9.26% (S + 5.50%; 1.00% Floor) | 3/17/2028 | 1056286 | 1050660 | 1024597 | (15) |
| Navigate360, LLC | Software & Tech Services | Delayed Draw Term Loan | 9.26% (S + 5.50%; 1.00% Floor) | 3/17/2028 | 2010476 | 2000369 | 1950162 | (15) |
| Navigate360, LLC | Software & Tech Services | Term Loan | 9.26% (S + 5.50%; 1.00% Floor) | 3/17/2028 | 3820640 | 3804111 | 3706020 | (15) |
| Navigate360, LLC | Software & Tech Services | Delayed Draw Term Loan | 9.26% (S + 5.50%; 1.00% Floor) | 3/17/2028 | 1749261 | 1744341 | 1696783 | (15) |
| Navigate360, LLC | Software & Tech Services | Revolver | —% (S + 5.50%; 1.00% Floor) | 3/17/2028 | - | (2497) | (18127) | (6)(7) |
| Navigate360, LLC | Software & Tech Services | Term Loan | 9.26% (S + 5.50%; 1.00% Floor) | 3/17/2028 | 2191973 | 2180619 | 2126213 | (15) |
| NC Topco, LLC | Software & Tech Services | Term Loan | 8.16% (S + 4.50%; 0.75% Floor) | 9/1/2031 | 11293438 | 11206318 | 11293438 | (15) |
| NC Topco, LLC | Software & Tech Services | Revolver | —% (S + 4.50%; 0.75% Floor) | 9/1/2031 | - | (10080) | - | (6)(7) |
| NC Topco, LLC | Software & Tech Services | Delayed Draw Term Loan | 8.41% (S + 4.75%; 0.75% Floor) | 8/29/2031 | 3229897 | 3204105 | 3229897 | (15) |
| Netwrix Corporation | Software & Tech Services | Term Loan | 8.17% (S + 4.50%; 0.75% Floor) | 6/11/2029 | 12264783 | 12253662 | 11774191 | (15) |
| Netwrix Corporation | Software & Tech Services | Revolver | —% (S + 4.75%; 0.75% Floor) | 6/11/2029 | - | (1170) | (30990) | (6)(7) |

---

See Notes to Consolidated Financial Statements

------

**AB Private Credit Investors Corporation** 

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** | **Industry** | **Facility Type** | **Interest** | **Maturity** | **Funded<br>Par Amount** | **Cost** | **Fair Value** | **Tickmarks** |
| Netwrix Corporation | Software & Tech Services | Delayed Draw Term Loan | 8.17% (S + 4.50%; 0.75% Floor) | 6/11/2029 | 87807 | 82997 | 58989 | (6) |
| Netwrix Corporation | Software & Tech Services | Term Loan | 8.17% (S + 4.50%; 0.75% Floor) | 6/11/2029 | 202693 | 202693 | 194585 | (15) |
| Next Holdco, LLC | Software & Tech Services | Term Loan | 8.88% (S + 5.25%; 0.75% Floor) | 11/12/2030 | 9099411 | 8998156 | 8894674 | (15) |
| Next Holdco, LLC | Software & Tech Services | Revolver | —% (S + 5.25%; 0.75% Floor) | 11/9/2029 | - | (8121) | (20105) | (6)(7) |
| OPOC Acquisition, LLC | Healthcare | Revolver | —% (S + 4.75%; 1.00% Floor) | 12/20/2030 | - | (7537) | - | (6)(7) |
| OPOC Acquisition, LLC | Healthcare | Delayed Draw Term Loan | 8.41% (S + 4.75%; 1.00% Floor) | 12/20/2030 | 181796 | 171737 | 181796 | (6) |
| OPOC Acquisition, LLC | Healthcare | Term Loan | 8.41% (S + 4.75%; 1.00% Floor) | 12/20/2030 | 6479218 | 6398549 | 6479218 | (15) |
| Pace Health Companies, LLC | Healthcare | Term Loan | 9.09% (S + 5.25%; 1.00% Floor) | 8/2/2027 | 4968214 | 4968214 | 4968214 | (15) |
| Pace Health Companies, LLC | Healthcare | Revolver | —% (S + 5.25%; 1.00% Floor) | 8/2/2027 | - | - | - | (6) |
| Pace Health Companies, LLC | Healthcare | Term Loan | 9.34% (S + 5.50%; 1.00% Floor) | 8/2/2027 | 1351915 | 1351915 | 1351915 | (15) |
| Pace Health Companies, LLC | Healthcare | Delayed Draw Term Loan | 9.09% (S + 5.25%; 1.00% Floor) | 8/2/2027 | 190730 | 190730 | 190730 | (6) |
| Pace Health Companies, LLC | Healthcare | Delayed Draw Term Loan | —% (S + 5.25%; 1.00% Floor) | 8/2/2027 | - | (11699) | - | (6)(7) |
| Pamlico Avant Holdings, L.P. | Digital Infrastructure & Services | Term Loan | 8.19% (S + 4.50%; 0.75% Floor) | 12/31/2032 | 16333655 | 16175313 | 16211153 | (15) |
| Pamlico Avant Holdings, L.P. | Digital Infrastructure & Services | Revolver | —% (S + 4.50%; 0.75% Floor) | 12/31/2032 | - | (21306) | (16569) | (6)(7) |
| Patriot Acquireco L.L.C. | Consumer Non-Cyclical | Term Loan | 8.21% (S + 4.50%; 0.75% Floor) | 9/7/2032 | 12696098 | 12577666 | 12569137 | (15) |
| Patriot Acquireco L.L.C. | Consumer Non-Cyclical | Revolver | 8.21% (S + 4.50%; 0.75% Floor) | 9/3/2032 | 255198 | 243429 | 242438 | (6) |
| PDI TA Holdings, Inc | Software & Tech Services | Term Loan | 7.19% (S + 3.50%; 0.75% Floor) | 2/3/2031 | 11678728 | 11619770 | 11269972 | (15) |
| PDI TA Holdings, Inc | Software & Tech Services | Revolver | 9.16% (S + 5.50%; 0.75% Floor) | 2/3/2031 | 880670 | 874108 | 847645 | (6) |
| Penn TRGRP Holdings LLC | Software & Tech Services | Term Loan | 1.44% (S + 1.75%; 0.75% Floor; 6.00% PIK) | 9/27/2030 | 7281745 | 7165664 | 6717410 | (15) |
| Penn TRGRP Holdings LLC | Software & Tech Services | Revolver | 6.45% (S + 6.75%; 0.75% Floor; 6.00% PIK) | 9/27/2030 | 738041 | 724446 | 656329 | (6) |
| Penn TRGRP Holdings LLC | Software & Tech Services | Delayed Draw Term Loan | 1.44% (S + 1.75%; 0.75% Floor; 6.00% PIK) | 9/27/2030 | 689586 | 689586 | 607393 | (6)(15) |
| Pharmalogic Holdings Corp | Healthcare | Term Loan | 8.66% (S + 5.00%; 1.00% Floor) | 6/21/2030 | 20275921 | 20039158 | 20225231 | (15) |
| Pharmalogic Holdings Corp | Healthcare | Delayed Draw Term Loan | 8.66% (S + 5.00%; 1.00% Floor) | 6/21/2030 | 4153832 | 4094642 | 4153832 | (6)(15) |
| Pieper Memorial, LLC | Healthcare | Term Loan | 8.66% (S + 5.00%; 1.00% Floor) | 11/2/2028 | 2025686 | 2009518 | 2010493 | (15) |
| Pieper Memorial, LLC | Healthcare | Delayed Draw Term Loan | 8.66% (S + 5.00%; 1.00% Floor) | 11/2/2028 | 6850457 | 6797188 | 6795637 | (6)(15) |
| Pieper Memorial, LLC | Healthcare | Term Loan | 8.66% (S + 5.00%; 1.00% Floor) | 11/2/2028 | 999435 | 991834 | 991939 | (15) |
| Pieper Memorial, LLC | Healthcare | Delayed Draw Term Loan | —% (S + 5.00%; 1.00% Floor) | 11/2/2028 | - | (40001) | (23129) | (6)(7) |
| Pieper Memorial, LLC | Healthcare | Revolver | —% (S + 5.00%; 1.00% Floor) | 11/2/2028 | - | (8533) | (7401) | (6)(7) |
| Pinnacle Treatment Centers, Inc. | Healthcare | Term Loan | 9.42% (S + 5.75%; 1.00% Floor) | 1/4/2027 | 5043208 | 5046830 | 4778440 | (15) |
| Pinnacle Treatment Centers, Inc. | Healthcare | Revolver | 1.39% (S + 5.75%; 1.00% Floor) | 1/4/2027 | 246049 | 246049 | 213755 | (6) |
| Pinnacle Treatment Centers, Inc. | Healthcare | Term Loan | 9.42% (S + 5.75%; 1.00% Floor) | 1/4/2027 | 277461 | 277461 | 262894 | (15) |
| Pinnacle Treatment Centers, Inc. | Healthcare | Term Loan | 9.42% (S + 5.75%; 1.00% Floor) | 1/4/2027 | 375870 | 374636 | 356136 | (15) |
| Pinnacle Treatment Centers, Inc. | Healthcare | Delayed Draw Term Loan | 9.42% (S + 5.75%; 1.00% Floor) | 1/4/2027 | 332210 | 332210 | 314769 | (15) |
| Pinnacle Treatment Centers, Inc. | Healthcare | Term Loan | 9.42% (S + 5.75%; 1.00% Floor) | 1/4/2027 | 143109 | 143109 | 135595 | (15) |
| Point Quest Group, Inc | Healthcare | Term Loan | 8.44% (S + 4.75%; 0.75% Floor) | 11/13/2031 | 17202632 | 17039162 | 16901586 | (15) |

---

See Notes to Consolidated Financial Statements

------

**AB Private Credit Investors Corporation** 

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** | **Industry** | **Facility Type** | **Interest** | **Maturity** | **Funded<br>Par Amount** | **Cost** | **Fair Value** | **Tickmarks** |
| Point Quest Group, Inc | Healthcare | Delayed Draw Term Loan | 8.44% (S + 4.75%; 0.75% Floor) | 11/13/2031 | 344915 | 331068 | 318785 | (6) |
| Point Quest Group, Inc | Healthcare | Revolver | —% (S + 4.75%; 0.75% Floor) | 11/13/2031 | - | (14679) | (27436) | (6)(7) |
| Priority OnDemand Midco 2, L.P. | Healthcare | Term Loan | 9.14% (S + 5.25%; 1.00% Floor) | 7/17/2028 | 7370301 | 7319536 | 7370301 | (15) |
| Priority OnDemand Midco 2, L.P. | Healthcare | Delayed Draw Term Loan | 9.14% (S + 5.25%; 1.00% Floor) | 7/17/2028 | 175251 | 165330 | 175251 | (6) |
| QualDerm Partners, LLC | Healthcare | Term Loan | 9.51% (S + 3.00%; 0.75% Floor) | 12/8/2028 | 5921121 | 5800469 | 5565853 | (15) |
| QualDerm Partners, LLC | Healthcare | Delayed Draw Term Loan | 2.27% (S + 5.75%; 0.75% Floor) | 12/8/2028 | 686155 | 655674 | 644985 |  |
| QualDerm Partners, LLC | Healthcare | Revolver | 9.37% (S + 4.00%; 0.75% Floor) | 12/8/2026 | 251949 | 249889 | 245228 | (6) |
| Quest Analytics Inc. | Healthcare | Term Loan | 7.94% (S + 4.25%; 0.50% Floor) | 11/10/2032 | 15505772 | 15432401 | 15311950 | (15) |
| Quest Analytics Inc. | Healthcare | Delayed Draw Term Loan | —% (S + 4.25%; 0.50% Floor) | 11/10/2032 | - | (16107) | (68908) | (6)(7) |
| Quest Analytics Inc. | Healthcare | Revolver | —% (S + 4.25%; 0.50% Floor) | 11/10/2032 | - | (12886) | (34454) | (6)(7) |
| Quirch Foods Holdings, LLC | Consumer Non-Cyclical | Term Loan | 10.25% (S + 6.50%; 1.00% Floor) | 11/12/2030 | 10009937 | 9915716 | 9909838 | (15) |
| Quirch Foods Holdings, LLC | Consumer Non-Cyclical | Delayed Draw Term Loan | —% (S + 6.50%; 1.00% Floor) | 11/12/2030 | - | (4852) | (5178) | (6)(7) |
| Race Finco, LLC | Digital Infrastructure & Services | Term Loan | 9.41% (S + 5.75%; 1.00% Floor) | 8/16/2029 | 9178206 | 9085458 | 9017587 | (15) |
| Race Finco, LLC | Digital Infrastructure & Services | Revolver | —% (S + 5.75%; 1.00% Floor) | 8/16/2029 | - | (6663) | (10671) | (6)(7) |
| Race Finco, LLC | Digital Infrastructure & Services | Delayed Draw Term Loan | 9.41% (S + 5.75%; 1.00% Floor) | 8/16/2029 | 8308128 | 8211772 | 8147219 | (6)(15) |
| Ranger Buyer, Inc. | Software & Tech Services | Term Loan | 8.44% (S + 4.75%; 0.75% Floor) | 11/20/2028 | 15095064 | 14966135 | 15095064 | (15) |
| Ranger Buyer, Inc. | Software & Tech Services | Revolver | —% (S + 4.75%; 0.75% Floor) | 11/18/2027 | - | (6727) | - | (6)(7) |
| RCP Encore Acquisition, Inc. | Healthcare | Term Loan | —.% (S + 5.00%; 1.00% Floor) | 6/30/2026 | 2832118 | 2764721 | 28321 | (16) |
| Redwood Family Care Network, Inc. | Healthcare | Revolver | —% (S + 5.50%; 1.00% Floor) | 6/19/2028 | - | (518) | - | (6)(7) |
| Redwood Family Care Network, Inc. | Healthcare | Term Loan | 9.19% (S + 5.50%; 1.00% Floor) | 6/20/2028 | 10193326 | 10177548 | 10193326 | (15) |
| Redwood Family Care Network, Inc. | Healthcare | Delayed Draw Term Loan | 9.19% (S + 5.50%; 1.00% Floor) | 6/19/2028 | 5638469 | 5633471 | 5638469 | (15) |
| Redwood Family Care Network, Inc. | Healthcare | Delayed Draw Term Loan | 9.19% (S + 5.50%; 1.00% Floor) | 6/19/2028 | 4227455 | 4214303 | 4227455 | (15) |
| REP TEC Intermediate Holdings, Inc. | Services | Term Loan | 8.44% (S + 4.75%; 1.00% Floor) | 5/30/2031 | 20809867 | 20693385 | 20653793 | (15) |
| REP TEC Intermediate Holdings, Inc. | Services | Revolver | —% (S + 4.75%; 1.00% Floor) | 5/30/2031 | - | (13448) | (18385) | (6)(7) |
| Ridge Trail US Bidco, Inc. | Digital Infrastructure & Services | Term Loan | 8.19% (S + 4.50%; 0.75% Floor) | 9/30/2031 | 6380052 | 6300182 | 6380052 | (8)(15) |
| Ridge Trail US Bidco, Inc. | Digital Infrastructure & Services | Delayed Draw Term Loan | 8.46% (S + 4.75%; 0.75% Floor) | 9/30/2031 | 75747 | 62067 | 75747 | (6)(8) |
| Ridge Trail US Bidco, Inc. | Digital Infrastructure & Services | Revolver | 8.19% (S + 4.50%; 0.75% Floor) | 3/30/2031 | 200508 | 191865 | 200508 | (6)(8) |
| Saab Purchaser, Inc. | Software & Tech Services | Term Loan | 8.19% (S + 4.50%; 0.75% Floor) | 11/12/2031 | 19022180 | 18859912 | 18546625 | (15) |
| Saab Purchaser, Inc. | Software & Tech Services | Delayed Draw Term Loan | 8.19% (S + 4.50%; 0.75% Floor) | 11/12/2031 | 5136247 | 5094070 | 5007840 | (15) |
| Saab Purchaser, Inc. | Software & Tech Services | Revolver | —% (S + 4.75%; 0.75% Floor) | 11/12/2031 | - | (21872) | (67483) | (6)(7) |
| Saab Purchaser, Inc. | Software & Tech Services | Term Loan | 8.19% (S + 4.50%; 0.75% Floor) | 11/12/2031 | 916717 | 908160 | 893799 | (15) |
| Saab Purchaser, Inc. | Software & Tech Services | Delayed Draw Term Loan | —% (S + 4.75%; 0.75% Floor) | 11/12/2031 | - | (4062) | (17743) | (6)(7) |
| Sako and Partners Lower Holdings LLC | Services | Delayed Draw Term Loan | 8.19% (S + 4.50%; 1.00% Floor) | 9/15/2028 | 3921899 | 3879269 | 3921899 | (15) |
| Sako and Partners Lower Holdings LLC | Services | Term Loan | 8.19% (S + 4.50%; 1.00% Floor) | 9/15/2028 | 1661618 | 1642427 | 1661618 | (15) |
| Sako and Partners Lower Holdings LLC | Services | Term Loan | 8.19% (S + 4.50%; 1.00% Floor) | 9/15/2028 | 381717 | 378603 | 381717 | (15) |

---

See Notes to Consolidated Financial Statements

------

**AB Private Credit Investors Corporation** 

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** | **Industry** | **Facility Type** | **Interest** | **Maturity** | **Funded<br>Par Amount** | **Cost** | **Fair Value** | **Tickmarks** |
| Sako and Partners Lower Holdings LLC | Services | Term Loan | 8.19% (S + 4.50%; 1.00% Floor) | 9/15/2028 | 16931201 | 16728537 | 16931201 | (15) |
| Sako and Partners Lower Holdings LLC | Services | Delayed Draw Term Loan | 8.19% (S + 4.50%; 1.00% Floor) | 9/15/2028 | 3452169 | 3409597 | 3452169 | (15) |
| Sako and Partners Lower Holdings LLC | Services | Revolver | —% (S + 4.50%; 1.00% Floor) | 9/15/2028 | - | (19164) | - | (6)(7) |
| Salisbury House, LLC | Healthcare | Term Loan | 8.47% (S + 4.75%; 0.75% Floor) | 8/18/2032 | 15441482 | 15297061 | 15364275 | (15) |
| Salisbury House, LLC | Healthcare | Delayed Draw Term Loan | —% (S + 4.75%; 0.75% Floor) | 8/18/2032 | - | (14239) | - | (6)(7) |
| Salisbury House, LLC | Healthcare | Revolver | —% (S + 4.75%; 0.75% Floor) | 8/18/2032 | - | (18962) | (10375) | (6)(7) |
| Sandstone Care Holdings, LLC | Healthcare | Delayed Draw Term Loan | 9.29% (S + 5.50%; 1.00% Floor) | 6/28/2028 | 153439 | 153439 | 153439 |  |
| Sandstone Care Holdings, LLC | Healthcare | Term Loan | 9.29% (S + 5.50%; 1.00% Floor) | 6/28/2028 | 4534703 | 4494215 | 3593752 | (15) |
| Sandstone Care Holdings, LLC | Healthcare | Delayed Draw Term Loan | 9.29% (S + 5.50%; 1.00% Floor) | 6/28/2028 | 905454 | 899384 | 717572 | (15) |
| Sandstone Care Holdings, LLC | Healthcare | Revolver | 9.29% (S + 5.50%; 1.00% Floor) | 6/28/2028 | 824492 | 817878 | 653410 |  |
| Sapphire Software Buyer, Inc. | Software & Tech Services | Term Loan | 8.69% (S + 5.00%; 0.75% Floor) | 9/30/2031 | 14299470 | 14184752 | 13477250 | (15) |
| Sapphire Software Buyer, Inc. | Software & Tech Services | Revolver | —% (S + 5.00%; 0.75% Floor) | 9/30/2031 | - | (13653) | (99116) | (6)(7) |
| Sauce Labs Inc | Software & Tech Services | Revolver | 9.27% (S + 5.50%; 1.00% Floor; 0.50% PIK) | 8/16/2027 | 576820 | 570779 | 535160 | (6) |
| Sauce Labs Inc | Software & Tech Services | Delayed Draw Term Loan | 9.76% (S + 5.50%; 1.00% Floor; 0.50% PIK) | 8/16/2027 | 1956926 | 1947823 | 1893326 | (15) |
| Sauce Labs Inc | Software & Tech Services | Term Loan | 9.76% (S + 5.50%; 1.00% Floor; 0.50% PIK) | 8/16/2027 | 7628073 | 7582747 | 7380160 | (15) |
| Sauce Labs Inc | Software & Tech Services | Delayed Draw Term Loan | 9.76% (S + 5.50%; 1.00% Floor; 0.50% PIK) | 8/16/2027 | 866631 | 863295 | 838465 | (15) |
| Saviynt, Inc. | Software & Tech Services | Term Loan | 9.41% (S + 3.00%; 1.00% Floor; 2.75% PIK) | 2/18/2030 | 20371583 | 20182276 | 20218796 | (15) |
| Saviynt, Inc. | Software & Tech Services | Delayed Draw Term Loan | 9.41% (S + 3.00%; 1.00% Floor; 2.75% PIK) | 2/18/2030 | 6510887 | 6449535 | 6462055 | (15) |
| Saviynt, Inc. | Software & Tech Services | Revolver | —% (S + 3.00%; 1.00% Floor) | 2/18/2030 | - | (4653) | (4573) | (6)(7) |
| SCA Buyer, LLC | Healthcare | Term Loan | 10.42% (S + 6.50%; 1.00% Floor) | 1/20/2027 | 309951 | 308712 | 309951 |  |
| SCA Buyer, LLC | Healthcare | Revolver | 10.43% (S + 6.50%; 1.00% Floor) | 1/20/2027 | 649663 | 643814 | 532009 |  |
| SCA Buyer, LLC | Healthcare | Term Loan | 10.42% (S + 6.50%; 1.00% Floor) | 1/20/2027 | 3989341 | 3947612 | 3266871 |  |
| SDC Atlas Acquistionco, LLC | Digital Infrastructure & Services | Term Loan | 8.76% (S + 5.00%; 0.75% Floor) | 8/25/2028 | 10715390 | 10628474 | 10527871 | (15) |
| SDC Atlas Acquistionco, LLC | Digital Infrastructure & Services | Delayed Draw Term Loan | 8.76% (S + 5.00%; 0.75% Floor) | 8/25/2028 | 1868963 | 1791970 | 1705429 | (6)(15) |
| SDC Atlas Acquistionco, LLC | Digital Infrastructure & Services | Revolver | 8.76% (S + 5.00%; 0.75% Floor) | 8/25/2028 | 622988 | 618059 | 612086 |  |
| Second Nature Brands, Inc. | Software & Tech Services | Term Loan | 9.62% (S + 6.00%; 1.00% Floor) | 2/6/2031 | 5477782 | 5407695 | 5395616 | (15) |
| Second Nature Brands, Inc. | Software & Tech Services | Revolver | —% (S + 6.00%; 1.00% Floor) | 2/6/2031 | - | (7433) | (9130) | (6)(7) |
| Securonix, Inc | Software & Tech Services | Term Loan | 10.89% (S + 3.50%; 0.75% Floor; 3.75% PIK) | 4/5/2029 | 8960975 | 8899382 | 6832744 |  |
| Securonix, Inc | Software & Tech Services | Revolver | —% (S + 6.50%; 0.75% Floor) | 4/5/2029 | - | (9207) | (365355) | (6)(7) |
| Serrano Parent, LLC | Software & Tech Services | Term Loan | 10.16% (S + 6.50%; 1.00% Floor) | 5/13/2030 | 21265710 | 20927969 | 19777110 | (15) |
| Serrano Parent, LLC | Software & Tech Services | Revolver | —% (S + 6.50%; 1.00% Floor) | 5/13/2030 | - | (31085) | (146019) | (6)(7) |
| Single Digits, Inc. | Digital Infrastructure & Services | Term Loan | — (S + 4.25%; 1.00% Floor; 3.00% PIK) | 6/22/2026 | 3162179 | 2580446 | 471165 | (16) |
| Single Digits, Inc. | Digital Infrastructure & Services | Delayed Draw Term Loan | —.% (S + 7.50%; 1.00% Floor) | 6/22/2026 | 675554 | 550284 | 100658 | (16) |
| Single Digits, Inc. | Digital Infrastructure & Services | Revolver | —% (S + 7.50%; 1.00% Floor) | 6/22/2026 | - | (2155) | - | (6)(7)(16) |
| Slipstream IT, LLC | Digital Infrastructure & Services | Term Loan | 8.16% (S + 4.50%; 0.75% Floor) | 8/1/2031 | 6758359 | 6696632 | 6758359 | (15) |

---

See Notes to Consolidated Financial Statements

------

**AB Private Credit Investors Corporation** 

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** | **Industry** | **Facility Type** | **Interest** | **Maturity** | **Funded<br>Par Amount** | **Cost** | **Fair Value** | **Tickmarks** |
| Slipstream IT, LLC | Digital Infrastructure & Services | Delayed Draw Term Loan | —% (S + 4.50%; 0.75% Floor) | 8/1/2031 | - | (5052) | - | (6)(7) |
| Slipstream IT, LLC | Digital Infrastructure & Services | Revolver | —% (S + 4.50%; 0.75% Floor) | 8/1/2031 | - | (10092) | - | (6)(7) |
| Smile Brands, Inc. | Healthcare | Term Loan | 5.76% (S + 4.50%; 0.75% Floor; 6.00% PIK) | 10/12/2027 | 1649553 | 1610184 | 1315518 |  |
| Smile Brands, Inc. | Healthcare | Revolver | 2.06% (S + 4.50%; 0.75% Floor; 1.50% PIK) | 10/12/2027 | 250830 | 223174 | 196752 | (6) |
| Smile Brands, Inc. | Healthcare | Delayed Draw Term Loan | 9.76% (S + 4.50%; 0.75% Floor; 1.50% PIK) | 10/12/2027 | 501114 | 482142 | 399639 |  |
| Smile Brands, Inc. | Healthcare | Term Loan | 9.76% (S + 4.50%; 0.75% Floor; 1.50% PIK) | 10/12/2027 | 35204 | 35204 | 35204 |  |
| Smile Brands, Inc. | Healthcare | Delayed Draw Term Loan | 9.76% (S + 4.50%; 0.75% Floor; 1.50% PIK) | 10/12/2027 | 10046 | 10046 | 10046 |  |
| Soladoc, LLC | Software & Tech Services | Term Loan | 8.76% (S + 5.00%; 0.75% Floor) | 6/12/2028 | 5889225 | 5844800 | 5756718 | (15) |
| Soladoc, LLC | Software & Tech Services | Revolver | 8.73% (S + 5.00%; 0.75% Floor) | 6/12/2028 | 117785 | 113388 | 104534 | (6) |
| Stratus Networks, Inc. | Digital Infrastructure & Services | Term Loan | 8.01% (S + 4.25%; 1.00% Floor) | 12/15/2028 | 7920781 | 7869297 | 7900979 | (15) |
| Stratus Networks, Inc. | Digital Infrastructure & Services | Delayed Draw Term Loan | 8.01% (S + 4.25%; 1.00% Floor) | 12/15/2028 | 3960391 | 3935165 | 3950490 | (15) |
| Stratus Networks, Inc. | Digital Infrastructure & Services | Revolver | 8.01% (S + 4.25%; 1.00% Floor) | 12/15/2028 | 198020 | 192174 | 195544 | (6) |
| Stratus Networks, Inc. | Digital Infrastructure & Services | Delayed Draw Term Loan | 8.01% (S + 4.25%; 1.00% Floor) | 12/15/2028 | 830632 | 810645 | 830632 | (6)(15) |
| SugarCrm, Inc. | Software & Tech Services | Term Loan | 8.76% (S + 5.00%; 1.00% Floor) | 7/30/2027 | 4268824 | 4256541 | 4204792 | (15) |
| SugarCrm, Inc. | Software & Tech Services | Revolver | —% (S + 5.00%; 1.00% Floor) | 7/30/2027 | - | (679) | (4654) | (6)(7) |
| SugarCrm, Inc. | Software & Tech Services | Term Loan | 8.76% (S + 5.00%; 1.00% Floor) | 7/30/2027 | 566197 | 561372 | 557704 | (15) |
| Sundance Group Holdings, Inc. | Software & Tech Services | Term Loan | 8.44% (S + 4.75%; 1.00% Floor) | 7/2/2029 | 19726001 | 19726001 | 19627371 | (15) |
| Sundance Group Holdings, Inc. | Software & Tech Services | Revolver | —% (S + 4.75%; 1.00% Floor) | 7/2/2029 | - | (11143) | (15602) | (6)(7) |
| Sundance Group Holdings, Inc. | Software & Tech Services | Term Loan | 8.44% (S + 4.75%; 1.00% Floor) | 7/2/2029 | 3731144 | 3710153 | 3712488 | (15) |
| Sundance Group Holdings, Inc. | Software & Tech Services | Term Loan | 8.44% (S + 4.75%; 1.00% Floor) | 7/2/2029 | 5174047 | 5161831 | 5148177 | (15) |
| Tau Buyer, LLC | Digital Infrastructure & Services | Term Loan | 8.69% (S + 2.50%; 0.75% Floor; 2.50% PIK) | 2/2/2032 | 15637268 | 15501481 | 15519989 | (15) |
| Tau Buyer, LLC | Digital Infrastructure & Services | Delayed Draw Term Loan | 8.69% (S + 2.50%; 0.75% Floor; 2.50% PIK) | 2/2/2032 | 3589773 | 3550708 | 3508362 | (6)(15) |
| Tau Buyer, LLC | Digital Infrastructure & Services | Revolver | 8.20% (S + 4.50%; 0.75% Floor) | 2/2/2032 | 648563 | 631608 | 633362 | (6) |
| Telesoft Holdings, LLC | Software & Tech Services | Term Loan | 9.51% (S + 5.75%; 1.00% Floor) | 12/16/2026 | 5610545 | 5600459 | 5554439 | (15) |
| Telesoft Holdings, LLC | Software & Tech Services | Revolver | 9.41% (S + 5.75%; 1.00% Floor) | 12/16/2026 | 69634 | 69634 | 63666 | (6) |
| The Center for Orthopedic and Research Excellence, Inc. | Healthcare | Term Loan | 9.81% (S + 6.00%; 1.00% Floor) | 12/31/2026 | 4680944 | 4674029 | 4680944 | (15) |
| The Center for Orthopedic and Research Excellence, Inc. | Healthcare | Revolver | 9.81% (S + 6.00%; 1.00% Floor) | 12/31/2026 | 586952 | 585675 | 586952 | (6) |
| The Center for Orthopedic and Research Excellence, Inc. | Healthcare | Delayed Draw Term Loan | 9.81% (S + 6.00%; 1.00% Floor) | 12/31/2026 | 1103824 | 1102926 | 1103824 | (15) |
| The Center for Orthopedic and Research Excellence, Inc. | Healthcare | Delayed Draw Term Loan | 9.81% (S + 6.00%; 1.00% Floor) | 12/31/2026 | 1678536 | 1677108 | 1678536 | (15) |
| The Center for Orthopedic and Research Excellence, Inc. | Healthcare | Delayed Draw Term Loan | 9.82% (S + 6.00%; 1.00% Floor) | 12/31/2026 | 1666882 | 1666882 | 1666882 | (15) |
| The Center for Orthopedic and Research Excellence, Inc. | Healthcare | Term Loan | 9.80% (S + 6.00%; 1.00% Floor) | 12/31/2026 | 3126753 | 3117757 | 3126753 | (15) |
| TMA Buyer LLC | Software & Tech Services | Term Loan | 8.67% (S + 5.00%; 0.75% Floor) | 4/30/2031 | 11490458 | 11389306 | 11375553 | (15) |
| TMA Buyer LLC | Software & Tech Services | Delayed Draw Term Loan | 8.67% (S + 5.00%; 0.75% Floor) | 4/30/2031 | 3020625 | 2994352 | 2990419 | (15) |
| TMA Buyer LLC | Software & Tech Services | Delayed Draw Term Loan | —% (S + 5.00%; 0.75% Floor) | 4/30/2031 | - | - | - | (6) |
| TMA Buyer LLC | Software & Tech Services | Revolver | —% (S + 5.00%; 0.75% Floor) | 4/30/2031 | - | (10261) | (12083) | (6)(7) |

---

See Notes to Consolidated Financial Statements

------

**AB Private Credit Investors Corporation** 

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** | **Industry** | **Facility Type** | **Interest** | **Maturity** | **Funded<br>Par Amount** | **Cost** | **Fair Value** | **Tickmarks** |
| ToolWatch Intermediate, LLC | Software & Tech Services | Term Loan | 9.16% (S + 5.50%; 0.75% Floor) | 7/31/2030 | 12899463 | 12748350 | 12705971 | (15) |
| ToolWatch Intermediate, LLC | Software & Tech Services | Delayed Draw Term Loan | 9.16% (S + 5.50%; 0.75% Floor) | 7/31/2030 | 1228520 | 1228520 | 1210092 | (15) |
| ToolWatch Intermediate, LLC | Software & Tech Services | Revolver | —% (S + 5.50%; 0.75% Floor) | 7/31/2030 | - | (13449) | (18428) | (6)(7) |
| Towerco IV Holdings, LLC | Digital Infrastructure & Services | Delayed Draw Term Loan | 6.77% (S + 3.00%; 1.00% Floor) | 8/31/2028 | 24928784 | 24876813 | 24928784 | (6)(15) |
| UFS, LLC | Digital Infrastructure & Services | Term Loan | 8.42% (S + 4.75%; 7.50% Floor) | 10/14/2031 | 10976872 | 10873764 | 10812219 | (15) |
| UFS, LLC | Digital Infrastructure & Services | Revolver | 8.42% (S + 4.75%; 7.50% Floor) | 10/14/2031 | 174673 | 168189 | 164192 | (6) |
| Unanet, Inc | Software & Tech Services | Term Loan | 8.91% (S + 5.25%; 0.75% Floor) | 12/9/2030 | 12003044 | 11891254 | 11732975 | (15) |
| Unanet, Inc | Software & Tech Services | Delayed Draw Term Loan | 8.91% (S + 5.25%; 0.75% Floor) | 12/9/2030 | 2703844 | 2674028 | 2637511 | (6)(15) |
| Unanet, Inc | Software & Tech Services | Revolver | —% (S + 5.25%; 0.75% Floor) | 12/9/2030 | - | (19795) | (46431) | (6)(7) |
| Unanet, Inc | Software & Tech Services | Delayed Draw Term Loan | —% (S + 5.25%; 0.75% Floor) | 12/9/2030 | - | (3168) | (9449) | (6)(7) |
| Unlimited Technology Holdings, LLC | Healthcare | Term Loan | 8.19% (S + 4.50%; 0.75% Floor) | 3/12/2032 | 14429327 | 14365830 | 14429327 | (15) |
| Unlimited Technology Holdings, LLC | Healthcare | Revolver | —% (S + 4.50%; 0.75% Floor) | 3/12/2032 | - | (8200) | - | (6)(7) |
| UpStack Holdco Inc. | Digital Infrastructure & Services | Revolver | 8.66% (S + 5.00%; 0.75% Floor) | 8/25/2031 | 230800 | 223645 | 226184 | (6) |
| UpStack Holdco Inc. | Digital Infrastructure & Services | Delayed Draw Term Loan | 8.71% (S + 5.00%; 0.75% Floor) | 8/25/2031 | 844727 | 831733 | 838957 | (6)(15) |
| UpStack Holdco Inc. | Digital Infrastructure & Services | Term Loan | 8.62% (S + 5.00%; 0.75% Floor) | 8/25/2031 | 6000793 | 5951305 | 5970789 | (15) |
| Vectra AI, Inc. | Software & Tech Services | Revolver | —% (S + 5.25%; 1.00% Floor) | 3/2/2028 | - | - | (18002) | (6)(7) |
| Vectra AI, Inc. | Software & Tech Services | Term Loan | 9.01% (S + 5.25%; 1.00% Floor) | 3/2/2028 | 8575830 | 8551322 | 8447193 | (15) |
| Vectra AI, Inc. | Software & Tech Services | Delayed Draw Term Loan | 9.01% (S + 5.25%; 1.00% Floor) | 3/2/2028 | 1163793 | 1142401 | 1110061 | (6)(15) |
| Vehlo Purchaser, LLC | Software & Tech Services | Term Loan | 9.16% (S + 5.50%; 0.75% Floor) | 5/24/2028 | 2001720 | 1987603 | 1976698 | (15) |
| Vehlo Purchaser, LLC | Software & Tech Services | Term Loan | 9.16% (S + 5.50%; 0.75% Floor) | 5/24/2028 | 513544 | 510065 | 507125 | (15) |
| Vehlo Purchaser, LLC | Software & Tech Services | Term Loan | 9.16% (S + 5.50%; 0.75% Floor) | 5/24/2028 | 20825107 | 20709438 | 20564793 | (15) |
| Vehlo Purchaser, LLC | Software & Tech Services | Delayed Draw Term Loan | 9.16% (S + 5.50%; 0.75% Floor) | 5/24/2028 | 5784752 | 5759495 | 5712443 | (15) |
| Vehlo Purchaser, LLC | Software & Tech Services | Revolver | —% (S + 5.50%; 0.75% Floor) | 5/24/2028 | - | (9060) | (19046) | (6)(7) |
| Venture Buyer LLC | Digital Infrastructure & Services | Term Loan | 8.91% (S + 5.25%; 1.00% Floor) | 3/1/2030 | 4809752 | 4740768 | 4785703 | (15) |
| Venture Buyer LLC | Digital Infrastructure & Services | Delayed Draw Term Loan | 8.91% (S + 5.25%; 1.00% Floor) | 3/1/2030 | 174778 | 173431 | 173904 |  |
| Venture Buyer LLC | Digital Infrastructure & Services | Revolver | —% (S + 5.25%; 1.00% Floor) | 3/1/2030 | - | (9943) | (3783) | (6)(7) |
| Veracross LLC | Software & Tech Services | Delayed Draw Term Loan | 10.26% (S + 6.50%; 1.00% Floor) | 12/28/2027 | 1031499 | 1031499 | 999092 | (6)(15) |
| Veracross LLC | Software & Tech Services | Term Loan | 10.26% (S + 6.50%; 1.00% Floor) | 12/28/2027 | 15416509 | 15324209 | 15223802 | (15) |
| Veracross LLC | Software & Tech Services | Delayed Draw Term Loan | 10.26% (S + 6.50%; 1.00% Floor) | 12/28/2027 | 1821742 | 1795978 | 1798970 | (15) |
| Veracross LLC | Software & Tech Services | Revolver | 10.26% (S + 6.50%; 1.00% Floor) | 12/28/2027 | 1213683 | 1200971 | 1192011 | (6) |
| Vhagar Purchaser, LLC | Software & Tech Services | Revolver | —% (S + 5.50%; 1.00% Floor) | 6/11/2029 | - | (6052) | (5600) | (6)(7) |
| Vhagar Purchaser, LLC | Software & Tech Services | Term Loan | 9.16% (S + 5.50%; 1.00% Floor) | 6/11/2031 | 1873375 | 1848167 | 1845274 | (15) |
| Vhagar Purchaser, LLC | Software & Tech Services | Delayed Draw Term Loan | —% (S + 5.50%; 1.00% Floor) | 6/11/2031 | - | (6093) | - | (6)(7) |
| Vhagar Purchaser, LLC | Software & Tech Services | Term Loan | 9.16% (S + 5.50%; 1.00% Floor) | 6/11/2031 | 4106912 | 4095005 | 4045309 | (15) |
| Visionary Buyer, LLC | Digital Infrastructure & Services | Term Loan | 8.69% (S + 5.00%; 0.75% Floor) | 3/21/2031 | 5653672 | 5587654 | 5611270 | (15) |

---

See Notes to Consolidated Financial Statements

------

**AB Private Credit Investors Corporation** 

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** | **Industry** | **Facility Type** | **Interest** | **Maturity** | **Funded<br>Par Amount** | **Cost** | **Fair Value** | **Tickmarks** |
| Visionary Buyer, LLC | Digital Infrastructure & Services | Delayed Draw Term Loan | 8.69% (S + 5.00%; 0.75% Floor) | 3/21/2031 | 5653672 | 5590321 | 5611270 | (15) |
| Visionary Buyer, LLC | Digital Infrastructure & Services | Revolver | —% (S + 5.00%; 0.75% Floor) | 3/21/2030 | - | (14069) | (10601) | (6)(7) |
| Visionary Buyer, LLC | Digital Infrastructure & Services | Delayed Draw Term Loan | 8.69% (S + 5.00%; 0.75% Floor) | 3/21/2031 | 2460055 | 2415171 | 2439383 | (6)(15) |
| Wealth Enhancement Group, LLC | Financials | Delayed Draw Term Loan | 7.91% (S + 4.25%; 1.00% Floor) | 10/2/2028 | 1859842 | 1849215 | 1859842 | (15) |
| Wealth Enhancement Group, LLC | Financials | Delayed Draw Term Loan | 7.90% (S + 4.25%; 1.00% Floor) | 10/2/2028 | 1141223 | 1136384 | 1141223 | (6) |
| Wealth Enhancement Group, LLC | Financials | Delayed Draw Term Loan | —% (S + 4.25%; 1.00% Floor) | 10/2/2028 | - | (1266) | - | (6)(7) |
| Wealth Enhancement Group, LLC | Financials | Delayed Draw Term Loan | 7.91% (S + 4.25%; 1.00% Floor) | 10/2/2028 | 6089010 | 6081703 | 6089010 | (15) |
| Wealth Enhancement Group, LLC | Financials | Revolver | —% (S + 4.25%; 1.00% Floor) | 10/2/2028 | - | - | - | (6) |
| Wealth Enhancement Group, LLC | Financials | Delayed Draw Term Loan | 7.91% (S + 4.25%; 1.00% Floor) | 10/2/2028 | 1327552 | 1325890 | 1327552 | (15) |
| West Dermatology Management Holdings, LLC | Healthcare | Term Loan | 10.07% (S + 6.25%; 1.00% Floor) | 3/17/2028 | 11104926 | 11014210 | 10632966 | (15) |
| West Dermatology Management Holdings, LLC | Healthcare | Delayed Draw Term Loan | 10.06% (S + 6.25%; 1.00% Floor) | 3/17/2028 | 1486906 | 1479374 | 1423713 |  |
| West Dermatology Management Holdings, LLC | Healthcare | Revolver | 10.06% (S + 6.25%; 1.00% Floor) | 3/17/2028 | 1253284 | 1238800 | 1200019 |  |
| Wolverine Seller Holdings, LLC | Services | Term Loan | 8.44% (S + 4.75%; 0.75% Floor) | 1/17/2030 | 6570261 | 6485275 | 6553835 | (15) |
| Wolverine Seller Holdings, LLC | Services | Delayed Draw Term Loan | 8.44% (S + 4.75%; 0.75% Floor) | 1/17/2030 | 3700316 | 3651799 | 3691065 | (15) |
| Wolverine Seller Holdings, LLC | Services | Revolver | 8.44% (S + 4.75%; 0.75% Floor) | 1/17/2030 | 567315 | 546043 | 562524 | (6) |
| Wolverine Seller Holdings, LLC | Services | Delayed Draw Term Loan | 8.44% (S + 4.75%; 0.75% Floor) | 1/17/2030 | 2602703 | 2562373 | 2602703 | (6)(15) |
| Your Part-Time Controller, LLC | Services | Term Loan | 8.16% (S + 4.50%; 1.00% Floor) | 11/14/2029 | 12451353 | 12314084 | 12389096 | (15) |
| Your Part-Time Controller, LLC | Services | Revolver | —% (S + 4.50%; 1.00% Floor) | 11/14/2029 | - | (10536) | (4805) | (6)(7) |
| Zendesk, Inc. | Software & Tech Services | Delayed Draw Term Loan | 8.70% (S + 5.00%; 0.75% Floor) | 11/22/2028 | 2173625 | 2165058 | 2157323 | (15) |
| Zendesk, Inc. | Software & Tech Services | Revolver | —% (S + 5.00%; 0.75% Floor) | 11/22/2028 | - | - | (10295) | (6)(7) |
| Zendesk, Inc. | Software & Tech Services | Term Loan | 8.70% (S + 5.00%; 0.75% Floor) | 11/22/2028 | 13481434 | 13481434 | 13380323 | (15) |
| Zendesk, Inc. | Software & Tech Services | Delayed Draw Term Loan | 8.68% (S + 5.00%; 0.75% Floor) | 11/22/2028 | 1140862 | 1130805 | 1140862 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total U.S. 1st Lien/Senior Secured Debt** |  |  |  |  |  | **1837604816** | **1793325114** |  |

---

See Notes to Consolidated Financial Statements

------

**AB Private Credit Investors Corporation** 

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** | **Industry** | **Facility Type** | **Interest** | **Maturity** | **Funded<br>Par Amount** | **Cost** | **Fair Value** | **Tickmarks** |
| **<u>2nd Lien/Junior Secured Debt —</u> <u>0.28</u><u>%</u>** |  |  |  |  |  |  |  |  |
| Symplr Software, Inc. | Software & Tech Services | Term Loan | 1.64% (S + 7.87%; 0.75% Floor) | 12/22/2028 | 3130634 | 3105047 | 2019259 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total U.S. 2nd Lien/Junior Secured Debt** |  |  |  |  |  | **3105047** | **2019259** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total U.S. Corporate Debt** |  |  |  |  |  | **1840709863** | **1795344373** |  |
| **<u>Canada Corporate Debt —</u> <u>2.70</u><u>%</u>** |  |  |  |  |  |  |  |  |
| **<u>1st Lien/Senior Secured Debt —</u> <u>2.70</u><u>%</u>** |  |  |  |  |  |  |  |  |
| RevauAdvanced Underwriting Inc. | Financials | Term Loan | 8.66% (S + 5.00%; 0.75% Floor) | 5/10/2032 | 9611493 | 9524787 | 9371206 | (8)(15) |
| RevauAdvanced Underwriting Inc. | Financials | Delayed Draw Term Loan | 8.66% (S + 5.00%; 0.75% Floor) | 5/10/2032 | 632323 | 611084 | 547785 | (6)(8)(15) |
| Syntax Systems Ltd. | Digital Infrastructure & Services | Term Loan | 8.76% (S + 5.00%; 0.75% Floor) | 10/27/2028 | 8464244 | 8430536 | 8252638 | (8)(15) |
| Syntax Systems Ltd. | Digital Infrastructure & Services | Term Loan | 8.77% (S + 5.00%; 0.75% Floor) | 10/30/2028 | 1179378 | 1176039 | 1149894 | (8)(15) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Canadian 1st Lien/Senior Secured Debt** |  |  |  |  |  | **19742446** | **19321523** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Canadian Corporate Debt** |  |  |  |  |  | **19742446** | **19321523** |  |
| **<u>Luxembourg Corporate Debt —</u> <u>1.41</u><u>%</u>** |  |  |  |  |  |  |  |  |
| **<u>1st Lien/Senior Secured Debt —</u> <u>1.41</u><u>%</u>** |  |  |  |  |  |  |  |  |
| SumUp Holdings Luxembourg | Software & Tech Services | Delayed Draw Term Loan | 9.17% (S + 5.50%; 1.50% Floor) | 5/23/2031 | 10088201 | 10027331 | 10088201 | (8)(15) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Luxembourg 1st Lien/Senior Secured Debt** |  |  |  |  |  | **10027331** | **10088201** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Luxembourg Corporate Debt** |  |  |  |  |  | **10027331** | **10088201** |  |
| **<u>United Kingdom Corporate Debt —</u> <u>2.70</u><u>%</u>** |  |  |  |  |  |  |  |  |
| **<u>1st Lien/Senior Secured Debt —</u> <u>2.70</u><u>%</u>** |  |  |  |  |  |  |  |  |
| Labvantage Systems Limited | Software & Tech Services | Term Loan | 8.91% (S + 5.25%; 1.00% Floor) | 12/23/2030 | 19571949 | 19274506 | 19327300 | (8)(15) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total United Kingdom 1st Lien/Senior Secured Debt** |  |  |  |  |  | **19274506** | **19327300** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total United Kingdom Corporate Debt** |  |  |  |  |  | **19274506** | **19327300** |  |

---

See Notes to Consolidated Financial Statements

------

**AB Private Credit Investors Corporation** 

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** | **Class/Series** | **Industry** | **Initial Acquisition<br>Date** <sup>(10)</sup> | **Shares** | **Cost** | **Fair<br>Value** | **Tickmarks** |
| **<u>U.S. Preferred Stock —</u> <u>1.01</u><u>%</u>** |  |  |  |  |  |  | (18) |
| Alphasense, LLC | Series C Preferred | Software & Tech Services | 6/1/2021 | 119806 | 369843 | 1105246 | (8) |
| Avant NewCo Holdings, L.P. | Class A Units | Digital Infrastructure & Services | 12/31/2025 | 375804 | 375804 | 398013 |  |
| Concerto HealthAI Solutions LLC | Series B-1 Preferred | Software & Tech Services | 12/23/2019 | 65614 | 349977 | 228139 |  |
| Datarobot, Inc. | Series E | Software & Tech Services | 8/31/2019 | 38190 | 289278 | 128530 |  |
| Datarobot, Inc. | Series F | Software & Tech Services | 10/27/2020 | 6715 | 88248 | 36075 |  |
| Degreed, Inc. | Series C-1 Preferred | Software & Tech Services | 6/19/2019 | 43819 | 278541 | 191822 |  |
| Degreed, Inc. | Series D Preferred | Software & Tech Services | 4/30/2021 | 16943 | 278308 | 245274 |  |
| Knockout Intermediate Holdings I Inc. | Perpetual Preferred Stock | Software & Tech Services | 6/23/2022 | 738 | 719791 | 1135160 |  |
| Ntiva Investments, LLC | Class A Preferred Units | Digital Infrastructure & Services | 1/24/2022 | 333937 | 272826 | 358895 |  |
| Phenom People, Inc. | Series C Preferred | Software & Tech Services | 1/10/2020 | 35055 | 220610 | 605560 |  |
| Raken Topco, LP | Class A Preferred Units | Software & Tech Services | 8/29/2025 | 66435 | 66435 | 58767 | (8) |
| Swyft Parent Holdings LP | Preferred Units | Services | 2/7/2022 | 850470 | 758389 | 920484 |  |
| Symplr Software Intermediate Holdings, Inc. | Series A Preferred Shares | Software & Tech Services | 11/30/2018 | 1196 | 1160531 | 1679076 |  |
| Vectra AI, Inc. | Series F Preferred | Software & Tech Services | 5/28/2021 | 17064 | 131095 | 125079 |  |
| **Total U.S. Preferred Stock** |  |  |  |  | **5359676** | **7216120** |  |
| **<u>France Preferred Stock —</u> <u>0.03</u><u>%</u>** |  |  |  |  |  |  |  |
| Content Square SAS | Series F Preferred | Software & Tech Services | 11/30/2023 | 27976 | 206755 | 213159 | (8) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total France Preferred Stock** |  |  |  |  | **206755** | **213159** |  |
| **<u>U.S. Common Stock —</u> <u>1.05</u><u>%</u>** |  |  |  |  |  |  |  |
| Advantage AVP Parent Holdings, L.P. | Units | Healthcare | 9/24/2021 | 34492 | 34492 | 30898 |  |
| Artemis Investor Holdings, LLC | Class A Units | Services | 1/22/2021 | 38551 | 385509 | 388587 | (8) |
| Brightspot Holdco, LLC | Non-Voting Common Units | Software & Tech Services | 11/16/2021 | 433207 | 433207 | 271981 |  |
| CL Services Acquisition, LLC | Common Units | Services | 3/31/2025 | 405787 | 628970 | 969291 | (8) |
| CN CO-INVEST, LP | Units | Digital Infrastructure & Services | 10/31/2023 | 811572 | 811572 | 919511 | (11) |
| Coinvest YPTC Blocked Aggregator, L.P. | Class A-1 Units | Services | 11/14/2021 | 138390 | 138390 | 265218 |  |
| Community Based Care Holdings, LP | Senior Common Units | Healthcare | 1/3/2022 | 180 | 179861 | 500095 |  |
| GSV Medsuite Investments, LLC | Class A Units | Healthcare | 12/22/2021 | 86555 | 85705 | 68479 |  |
| GSV Vehlo Investments, LLC | Class A Units | Software & Tech Services | 5/20/2022 | 150297 | 119998 | 167872 |  |
| Leeds FEG Investors, LLC | Class A Units | Consumer Non-Cyclical | 11/20/2017 | 320 | 321309 | 214889 |  |
| Moon Topco, L.P. | Units | Software & Tech Services | 4/19/2021 | 1772 | 17719 | 57761 |  |
| MyKaarma Holdings LP | Class A Common Units | Software & Tech Services | 3/18/2022 | 257031 | 257031 | 330486 |  |
| NEPCORE Parent Holdings LLC | Units | Digital Infrastructure & Services | 10/21/2021 | 98 | 97884 | - |  |
| Netskope, Inc. | Class B Common Stock | Software & Tech Services | 1/27/2020 | 36144 | 686736 | 306863 | (9) |
| Neutral Connect, LLC | Units | Digital Infrastructure & Services | 9/27/2019 | 396513 | 439931 | 80072 |  |
| NP/AB Care Holdings, L.P. | Class A Units | Software & Tech Services | 12/17/2025 | 939 | 938815 | 964675 | (8) |
| Ntiva Investments, LLC | Class A Common Units | Digital Infrastructure & Services | 1/24/2022 | 333937 | 61110 | 26032 |  |
| Ranger Lexipol Holdings, LLC | Class A-1 Units | Software & Tech Services | 11/18/2021 | 437 | 359487 | 544258 |  |
| Ranger Lexipol Holdings, LLC | Class B Units | Software & Tech Services | 11/18/2021 | 434 | 77470 | 68985 |  |
| REP AOM Holdings, LLC | Class A Units | Healthcare | 2/15/2022 | 290393 | - | 1452 |  |
| REP Coinvest III AGP Blocker, L.P. | Earn Out | Healthcare | 10/14/2021 | 32293 | - | 5748 |  |
| REP COINVEST III OMNI, L.P. | Units | Services | 2/4/2021 | 193770 | 53301 | 67820 | (17) |
| REP Coinvest III TEC, L.P. | Class A Units | Services | 6/18/2020 | 167509 | 190658 | 144446 |  |
| REP RO Coinvest IV-A, L.P. | Class A Units | Services | 12/28/2022 | 66441840 | 664418 | 220853 |  |
| RFCN Parent, LP | Class A Units | Healthcare | 6/18/2021 | 77 | 78284 | 139740 |  |
| SBS Super Holdings, LLC | Class B Non-Voting Units | Healthcare | 5/12/2023 | 100 | - | - | (5) |
| Singularity Topco LLC | Common Units | Software & Tech Services | 9/30/2022 | 337841 | 953133 | 519119 |  |
| Stripe, Inc. | Class B Common Stock | Software & Tech Services | 5/17/2021 | 4158 | 166854 | 246777 |  |
| Swyft Parent Holdings LP | Common Units | Services | 2/7/2022 | 4485 | 53048 | - |  |
| &nbsp;&nbsp;**Total U.S. Common Stock** |  |  |  |  | **8234892** | **7521908** |  |
| **<u>France Common Stock —</u> <u>0.05</u><u>%</u>** |  |  |  |  |  |  |  |
| Content Square SAS | Ordinary Shares | Software & Tech Services | 11/30/2023 | 78527 | 416757 | 388992 | (8) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total France Common Stock** |  |  |  |  | **416757** | **388992** |  |
| **<u>Luxembourg Common Stock —</u> <u>0.15</u><u>%</u>** |  |  |  |  |  |  |  |
| Astorg VIII Co-Invest Acturis | Limited Partnership Interests | Software & Tech Services | 10/18/2024 | 770000 | 843179 | 1038820 | (8) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Luxembourg Common Stock** |  |  |  |  | **843179** | **1038820** |  |

---

See Notes to Consolidated Financial Statements

------

**AB Private Credit Investors Corporation** 

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Class/Series** | **Industry** | **Initial Acquisition<br>Date** <sup>(10)</sup> | **Shares** | **Cost** | **Fair Value** | **Tickmarks** |
| **<u>U.S. Warrants —</u> <u>0.25</u><u>%</u>** |  |  |  |  |  |  |  |
| Alphasense, LLC | Series B Warrants | Software & Tech Services | 6/2/2020 | 201972 | 35185 | 1583007 | (8) |
| Degreed, Inc. | Series C-1 Warrants | Software & Tech Services | 5/31/2019 | 26294 | 46823 | 11625 |  |
| Degreed, Inc. | Series D Warrants | Software & Tech Services | 4/11/2021 | 7624 | - | 330 |  |
| Degreed, Inc. | Common Warrants | Software & Tech Services | 8/31/2022 | 9374 | 41527 | 6061 |  |
| Scylla DB Ltd | Series C-1 Warrants | Software & Tech Services | 9/9/2022 | 239984 | 43880 | 88511 |  |
| Vectra AI, Inc. | Warrants | Software & Tech Services | 3/18/2021 | 35156 | 58190 | 94921 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total U.S. Warrants** |  |  |  |  | **225605** | **1784455** |  |
| **<u>United Kingdom Warrants —</u> <u>0.03</u><u>%</u>** |  |  |  |  |  |  |  |
| Global WebIndex Holdings Limited | Warrants | Software & Tech Services | 12/30/2020 | 11776 | 159859 | 241609 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total United Kingdom Warrants** |  |  |  |  | **159859** | **241609** |  |
| **<u>France Warrants —</u> <u>0.00</u><u>%</u>** |  |  |  |  |  |  |  |
| Content Square SAS | Indemnity Series F Shares Warrants | Software & Tech Services | 11/30/2023 | 2027 | 8561 | - | (8) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total France Warrants** |  |  |  |  | **8561** | **-** |  |
| **Portfolio Company** | **Class/Series** |  |  | **Shares** | **Cost** | **Fair Value** | **Tickmarks** |
| **<u>U.S. Investment Companies —</u> <u>5.00</u><u>%</u>** |  |  |  |  |  |  | (18) |
| AB EQUITY INVESTORS, L.P. | LP Interests | Investment Companies |  | 22930713 | 22930713 | 27221624 | (8)(11) |
| Falcon Co-Investment Partners, L.P. | Units | Investment Companies |  | 849577 | 849577 | 850426 | (8)(11) |
| GHP E AGGREGATOR, LLC | Units | Investment Companies |  | 417813 | 186588 | 1014449 | (8)(11) |
| GHP-EIP Aggregator, LLC | Common Units | Investment Companies |  | 50957 | 174608 | - | (8) |
| Greylion Slpstm Holdings LP | Limited Partnership Interests | Investment Companies |  | 605989 | 605989 | 618109 | (8)(11) |
| GTCR A-1 Investors LP | Units | Investment Companies |  | 1100000 | 1100000 | 1540000 | (8)(11) |
| Magenta Blocker Aggregator LP | Units | Investment Companies |  | 821396 | 676978 | 837003 | (8)(11) |
| Orangewood WWB Co-Invest, L.P. | Units | Investment Companies |  | 829314 | 772950 | 1492765 | (8)(11) |
| ORCP III TRITON CO-INVESTORS, L.P. | Units | Investment Companies |  | 341592 | - | - | (8)(11) |
| OSS SPV LP | Units | Investment Companies |  | 393055 | 381076 | 589583 | (8)(11) |
| Palms Co-Investment Partners D, L.P. | Units | Investment Companies |  | 261450 | 261450 | 295438 | (8)(11) |
| QCS Co-Invest Aggregator, L.P. | Units | Investment Companies |  | 529116 | 529116 | 625415 | (8)(11) |
| SCP-RESONETICS AGGREGATOR I, LLC | Class A Preferred Units | Investment Companies |  | 541 | 368990 | 716383 | (8)(11) |
| SCP-RESONETICS AGGREGATOR I, LLC | Class B Common Units | Investment Companies |  | 32450 | 171840 | 36344 | (8)(11) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total U.S. Investment Companies** |  |  |  | 29163963 | **29009875** | **35837539** |  |
| **<u>Canada Investment Companies —</u> <u>0.05</u><u>%</u>** |  |  |  |  |  |  |  |
| GHP SPV-2, L.P. | Units | Investment Companies |  | 271942 | 271942 | 367122 | (8)(11) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Canada Investment Companies** |  |  |  |  | **271942** | **367122** |  |
| **Total Investments — (265.02%)** |  |  |  |  | **1934491247** | **1898691121** |  |
| **Portfolio Company** |  |  | **Yield** | **Shares** | **Cost** | **Fair Value** | **Tickmarks** |
| **<u>Cash Equivalents —</u> <u>7.35</u><u>%</u>** |  |  |  |  |  |  | (13) |
| BLACKROCK T FUND INST |  |  | 3.55% | 16287169 | 16287169 | 16287169 | (9)(14)(15) |
| State Street Institutional US Government Money Market Fund |  |  | 3.54% | 2939851 | 2939851 | 2939851 | (9)(14) |
| US BANK MMDA GCTS |  |  | 3.00% | 33402940 | 33402940 | 33402940 | (9)(14)(15) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Cash Equivalents** |  |  |  |  | **52629960** | **52629960** |  |
| **<u>Cash —</u> <u>3.54</u><u>%</u>** |  |  |  |  |  |  |  |
| US Dollar |  |  |  |  | 25353328 | 25353328 | (13) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Cash** |  |  |  |  | **25353328** | **25353328** |  |
| **TOTAL CASH AND CASH EQUIVALENTS** |  |  |  |  | **77983288** | **77983288** |  |
| **LIABILITIES IN EXCESS OF OTHER ASSETS — (175.91%)** |  |  |  |  |  | $**(1260248001)** |  |
| **NET ASSETS—100.00%** |  |  |  |  |  | $**716426408** |  |

---

(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)Non-controlled affiliated investment. See Note 3 "Related Party Transactions".

(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 ("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 was $113,212,565 or 5.69% of the Fund's total assets.

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

(10)Securities exempt from registration under the Securities Act of 1933, and may be deemed to be "restricted securities". As of March 31, 2026, the aggregate fair value of these securities was $18,405,063 or 2.57% of the Fund's net assets.

(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 $17,327,283; aggregate gross unrealized depreciation for federal income tax purposes is $53,127,409. Net unrealized depreciation is $35,800,126. 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)Position or Portion thereof are pledged as collateral for the Collateralized Loan Obligations or Credit Facilities (as defined below). See Note 4 "Borrowings."

(16)The investment is on non-accrual status. See Note 2 "Significant Accounting Policies."

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

(18)Non-income producing investment, unless otherwise noted.

P - Prime

PIK - Payment-In-Kind

S - SOFR

See Notes to Consolidated Financial Statements

------

**AB Private Credit Investors Corporation** 

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** | **Industry** | **Facility Type** | **Interest** | **Maturity** | **Funded<br>Par Amount** | **Cost** | **Fair Value** | **Tickmarks** |
| **<u>Investments at Fair Value —</u> <u>254.85</u><u>%</u>** |  |  |  |  |  |  |  | (1)(2)(3)(4)(12) |
| **<u>U.S. Corporate Debt —</u> <u>240.45</u><u>%</u>** |  |  |  |  |  |  |  |  |
| **<u>1st Lien/Senior Secured Debt —</u> <u>240.10</u><u>%</u>** |  |  |  |  |  |  |  |  |
| 123.Net, LLC | Digital Infrastructure & Services | Term Loan | 8.10% (S + 4.25%) | 7/19/2029 | 4331058 | 4298072 | 4276920 | (15) |
| 123.Net, LLC | Digital Infrastructure & Services | Delayed Draw Term Loan | 8.02% (S + 4.25%) | 7/19/2029 | 1201297 | 1187540 | 1178502 | (6)(15) |
| AAH Topco, LLC | Healthcare | Delayed Draw Term Loan | 9.06% (S + 5.25%; 0.75% Floor) | 12/22/2027 | 3176329 | 3143908 | 3176329 | (15) |
| AAH Topco, LLC | Healthcare | Delayed Draw Term Loan | 8.81% (S + 5.00%; 0.75% Floor) | 12/22/2027 | 920245 | 902190 | 920245 | (6)(15) |
| AAH Topco, LLC | Healthcare | Term Loan | 9.06% (S + 5.25%; 0.75% Floor) | 12/22/2027 | 6288854 | 6240242 | 6288854 | (15) |
| AAH Topco, LLC | Healthcare | Delayed Draw Term Loan | 9.06% (S + 5.25%; 0.75% Floor) | 12/22/2027 | 6365603 | 6305145 | 6365603 | (15) |
| AAH Topco, LLC | Healthcare | Revolver | —% (S + 5.25%; 0.75% Floor) | 12/22/2027 | - | (5291) | - | (6)(7) |
| Admiral Buyer, Inc. | Software & Tech Services | Delayed Draw Term Loan | 8.77% (S + 5.00%; 0.75% Floor) | 12/6/2029 | 431509 | 426979 | 431509 | (6)(15) |
| Admiral Buyer, Inc. | Software & Tech Services | Term Loan | 8.67% (S + 5.00%; 0.75% Floor) | 12/6/2029 | 1365427 | 1353879 | 1358600 | (15) |
| Admiral Buyer, Inc. | Software & Tech Services | Delayed Draw Term Loan | —% (S + 5.00%; 0.75% Floor) | 12/6/2029 | - | (1053) | - | (6)(7) |
| Admiral Buyer, Inc. | Software & Tech Services | Term Loan | 8.67% (S + 5.00%; 0.75% Floor) | 12/6/2029 | 10433409 | 10331728 | 10381242 | (15) |
| Admiral Buyer, Inc. | Software & Tech Services | Delayed Draw Term Loan | 8.73% (S + 5.00%; 0.75% Floor) | 12/6/2029 | 442625 | 438533 | 440411 | (15) |
| Admiral Buyer, Inc. | Software & Tech Services | Revolver | —% (S + 5.00%; 0.75% Floor) | 12/6/2029 | - | (12942) | (7008) | (6)(7) |
| Airwavz Solutions Inc. | Digital Infrastructure & Services | Term Loan | 9.06% (S + 5.25%; 1.00% Floor) | 3/31/2027 | 3469532 | 3454037 | 3469532 | (15) |
| Airwavz Solutions Inc. | Digital Infrastructure & Services | Delayed Draw Term Loan | 9.06% (S + 5.25%; 1.00% Floor) | 3/31/2027 | 2168458 | 2159710 | 2168458 | (15) |
| Airwavz Solutions Inc. | Digital Infrastructure & Services | Revolver | —% (S + 5.25%; 1.00% Floor) | 3/31/2027 | - | (1932) | - | (6)(7) |
| Airwavz Solutions Inc. | Digital Infrastructure & Services | Delayed Draw Term Loan | 9.06% (S + 5.25%; 1.00% Floor) | 3/31/2027 | 3459046 | 3433182 | 3459046 | (15) |
| Airwavz Solutions Inc. | Digital Infrastructure & Services | Delayed Draw Term Loan | 9.06% (S + 5.25%; 1.00% Floor) | 3/31/2027 | 1605954 | 1585483 | 1605954 | (6)(15) |
| Amercare Royal LLC | Services | Term Loan | 8.71% (S + 5.00%; 1.00% Floor) | 9/10/2030 | 8300745 | 8232242 | 8176234 | (15) |
| Amercare Royal LLC | Services | Revolver | 8.71% (S + 5.00%; 1.00% Floor) | 9/10/2030 | 450284 | 440032 | 431651 | (6) |
| Amercare Royal LLC | Services | Delayed Draw Term Loan | —% (S + 5.00%; 1.00% Floor) | 9/10/2030 | - | - | (19254) | (6)(7) |
| Amercare Royal LLC | Services | Delayed Draw Term Loan | 8.71% (S + 5.00%; 1.00% Floor) | 9/10/2030 | 1321971 | 1310950 | 1302141 | (15) |
| American Physician Partners, LLC | Healthcare | Term Loan | — (S + 6.75%; 1.00% Floor; 3.00% PIK) | 3/31/2026 | 6791604 | 5733816 | - | (16) |
| American Physician Partners, LLC | Healthcare | Revolver | — (S + 6.75%; 1.00% Floor; 3.50% PIK) | 3/31/2026 | 346322 | 345024 | - | (16) |
| American Physician Partners, LLC | Healthcare | Delayed Draw Term Loan | — (S + 6.75%; 1.00% Floor; 3.50% PIK) | 3/31/2026 | 1260321 | 1082011 | - | (16) |
| American Physician Partners, LLC | Healthcare | Term Loan | — (S + 6.75%; 1.00% Floor; 3.00% PIK) | 3/31/2026 | 1444963 | 1243170 | - | (16) |
| American Physician Partners, LLC | Healthcare | Delayed Draw Term Loan | — (S + 6.75%; 1.00% Floor; 3.50% PIK) | 3/31/2026 | 949042 | 817051 | - | (16) |
| American Physician Partners, LLC | Healthcare | Term Loan | — (S + 6.75%; 1.00% Floor; 3.00% PIK) | 3/31/2026 | 2682124 | 2278901 | - | (16) |
| Amivie Acquisition, Inc. | Healthcare | Delayed Draw Term Loan | 9.02% (S + 5.25%; 1.00% Floor) | 9/16/2027 | 3287507 | 3254015 | 3287507 | (15) |
| Amivie Acquisition, Inc. | Healthcare | Delayed Draw Term Loan | 9.02% (S + 5.25%; 0.75% Floor) | 9/16/2027 | 2387175 | 2363792 | 2387175 | (6)(15) |
| Amivie Acquisition, Inc. | Healthcare | Delayed Draw Term Loan | 9.02% (S + 5.25%; 1.00% Floor) | 9/16/2027 | 2079153 | 2067457 | 2079153 | (15) |
| Amivie Acquisition, Inc. | Healthcare | Term Loan | 9.02% (S + 5.25%; 1.00% Floor) | 9/16/2027 | 5128026 | 5095867 | 5128026 | (15) |
| Amivie Acquisition, Inc. | Healthcare | Revolver | —% (S + 5.25%; 1.00% Floor) | 9/16/2027 | - | (5099) | - | (6)(7) |
| Amivie Acquisition, Inc. | Healthcare | Delayed Draw Term Loan | 9.02% (S + 5.25%; 1.00% Floor) | 9/16/2027 | 2856499 | 2835579 | 2856499 | (15) |

---

See Notes to Consolidated Financial Statements

------

**AB Private Credit Investors Corporation** 

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** | **Industry** | **Facility Type** | **Interest** | **Maturity** | **Funded<br>Par Amount** | **Cost** | **Fair Value** | **Tickmarks** |
| AppViewX, Inc. | Software & Tech Services | Term Loan | 9.12% (S + 5.25%; 0.75% Floor) | 12/24/2031 | 14773116 | 14644550 | 14625385 | (15) |
| AppViewX, Inc. | Software & Tech Services | Revolver | —% (S + 5.25%; 0.75% Floor) | 12/24/2031 | - | (15822) | (18466) | (6)(7) |
| AppViewX, Inc. | Software & Tech Services | Delayed Draw Term Loan | —% (S + 5.25%; 0.75% Floor) | 12/24/2031 | - | - | - | (6) |
| Artifact Bidco, Inc. | Software & Tech Services | Term Loan | 7.82% (S + 4.15%; 0.50% Floor) | 7/28/2031 | 4018743 | 3985135 | 4018743 | (15) |
| Artifact Bidco, Inc. | Software & Tech Services | Delayed Draw Term Loan | —% (S + 4.15%; 0.50% Floor) | 7/28/2031 | - | (3900) | - | (6)(7) |
| Artifact Bidco, Inc. | Software & Tech Services | Revolver | —% (S + 4.15%; 0.50% Floor) | 7/26/2030 | - | (3614) | - | (6)(7) |
| Artifact Bidco, Inc. | Software & Tech Services | Revolver | —% (S + 4.15%; 0.50% Floor) | 7/26/2030 | - | (1769) | - | (6)(7) |
| Azurite Intermediate Holdings, Inc. | Software & Tech Services | Term Loan | 9.71% (S + 6.00%; 0.75% Floor) | 3/19/2031 | 3128738 | 3090503 | 3113094 | (15) |
| Azurite Intermediate Holdings, Inc. | Software & Tech Services | Revolver | —% (S + 6.00%; 0.75% Floor) | 3/19/2031 | - | (12759) | (5689) | (6)(7) |
| Azurite Intermediate Holdings, Inc. | Software & Tech Services | Delayed Draw Term Loan | 9.71% (S + 6.00%; 0.75% Floor) | 3/19/2031 | 7110768 | 7026063 | 7075214 | (15) |
| BHG Holdings, LLC | Healthcare | Term Loan | 9.34% (S + 5.50%; 0.75% Floor) | 4/22/2032 | 12805562 | 12597443 | 12709521 | (15) |
| BHG Holdings, LLC | Healthcare | Delayed Draw Term Loan | —% (S + 5.50%; 0.75% Floor) | 4/22/2032 | - | (29012) | - | (6)(7) |
| BHG Holdings, LLC | Healthcare | Revolver | —% (S + 5.50%; 0.75% Floor) | 4/22/2032 | - | (25581) | (12143) | (6)(7) |
| Blink Holdings, Inc. | Consumer Non-Cyclical | Term Loan | —% (S + 5.50%; 1.00% Floor) | 3/31/2026 | 873971 | 602258 | - | (16) |
| Blink Holdings, Inc. | Consumer Non-Cyclical | Delayed Draw Term Loan | —% (S + 5.50%; 1.00% Floor) | 3/31/2026 | 753961 | 548638 | - | (16) |
| Blink Holdings, Inc. | Consumer Non-Cyclical | Delayed Draw Term Loan | —% (S + 5.50%; 1.00% Floor) | 3/31/2026 | 611618 | 435555 | - | (16) |
| Bonterra LLC | Software & Tech Services | Term Loan | 8.42% (S + 4.75%; 0.75% Floor) | 3/5/2032 | 9827394 | 9737678 | 9802825 | (15) |
| Bonterra LLC | Software & Tech Services | Delayed Draw Term Loan | 8.68% (S + 4.75%; 0.75% Floor) | 3/5/2032 | 1067760 | 1058295 | 1065090 |  |
| Bonterra LLC | Software & Tech Services | Revolver | 8.43% (S + 4.75%; 0.75% Floor) | 3/5/2032 | 160164 | 150416 | 157495 | (6) |
| Bridgepointe Technologies, LLC | Digital Infrastructure & Services | Term Loan | 8.67% (S + 5.00%; 1.00% Floor) | 12/31/2027 | 2225422 | 2202683 | 2225422 | (15) |
| Bridgepointe Technologies, LLC | Digital Infrastructure & Services | Term Loan | 8.67% (S + 5.00%; 1.00% Floor) | 12/31/2027 | 1014951 | 1000888 | 1014951 | (15) |
| Bridgepointe Technologies, LLC | Digital Infrastructure & Services | Delayed Draw Term Loan | 8.67% (S + 5.00%; 1.00% Floor) | 12/31/2027 | 2050668 | 2019979 | 2050668 | (15) |
| Bridgepointe Technologies, LLC | Digital Infrastructure & Services | Delayed Draw Term Loan | 8.67% (S + 5.00%; 1.00% Floor) | 12/31/2027 | 4901796 | 4855424 | 4901796 | (15) |
| Bridgepointe Technologies, LLC | Digital Infrastructure & Services | Delayed Draw Term Loan | 8.67% (S + 5.00%; 1.00% Floor) | 12/31/2027 | 951077 | 943136 | 951077 | (6)(15) |
| Bridgepointe Technologies, LLC | Digital Infrastructure & Services | Delayed Draw Term Loan | —% (S + 5.00%; 1.00% Floor) | 12/31/2027 | - | (3863) | - | (6)(7) |
| Bridgepointe Technologies, LLC | Digital Infrastructure & Services | Delayed Draw Term Loan | 8.67% (S + 5.00%; 1.00% Floor) | 12/31/2027 | 4863823 | 4813856 | 4863823 | (15) |
| Bridgepointe Technologies, LLC | Digital Infrastructure & Services | Term Loan | 8.67% (S + 5.00%; 1.00% Floor) | 12/31/2027 | 4609764 | 4574505 | 4609764 | (15) |
| Bridgepointe Technologies, LLC | Digital Infrastructure & Services | Delayed Draw Term Loan | 8.67% (S + 5.00%; 1.00% Floor) | 12/31/2027 | 2682258 | 2673580 | 2682258 | (15) |
| Bridgepointe Technologies, LLC | Digital Infrastructure & Services | Delayed Draw Term Loan | 8.67% (S + 5.00%; 1.00% Floor) | 12/31/2027 | 3770848 | 3753606 | 3770848 | (15) |
| Bridgepointe Technologies, LLC | Digital Infrastructure & Services | Revolver | —% (S + 5.00%; 1.00% Floor) | 12/31/2027 | - | (5263) | - | (6)(7) |
| Brightspot Buyer, Inc. | Software & Tech Services | Term Loan | 10.42% (S + 6.50%; 0.75% Floor) | 11/16/2027 | 1448598 | 1433749 | 1426869 | (15) |
| Brightspot Buyer, Inc. | Software & Tech Services | Term Loan | 10.42% (S + 6.50%; 0.75% Floor) | 11/16/2027 | 5215571 | 5180607 | 5137338 | (15) |
| Brightspot Buyer, Inc. | Software & Tech Services | Revolver | —% (S + 6.50%; 0.75% Floor) | 11/16/2027 | - | (4572) | (10204) | (6)(7) |
| BRP2 HOLD JONQUIL, INC. | Software & Tech Services | Revolver | 9.18% (S + 5.50%; 0.75% Floor) | 8/26/2030 | 380329 | 364745 | 351804 | (6) |
| BRP2 HOLD JONQUIL, INC. | Software & Tech Services | Delayed Draw Term Loan | 9.17% (S + 5.50%; 0.75% Floor) | 8/26/2030 | 810785 | 795237 | 787014 | (6)(15) |
| BRP2 HOLD JONQUIL, INC. | Software & Tech Services | Term Loan | 9.17% (S + 5.50%; 0.75% Floor) | 8/26/2030 | 15847025 | 15715599 | 15609320 | (15) |

---

See Notes to Consolidated Financial Statements

------

**AB Private Credit Investors Corporation** 

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** | **Industry** | **Facility Type** | **Interest** | **Maturity** | **Funded<br>Par Amount** | **Cost** | **Fair Value** | **Tickmarks** |
| BSI2 Hold Nettle, LLC | Software & Tech Services | Term Loan | 8.42% (S + 4.75%; 0.75% Floor) | 6/30/2028 | 608357 | 600992 | 608357 | (15) |
| BSI2 Hold Nettle, LLC | Software & Tech Services | Term Loan | 8.42% (S + 4.75%; 0.75% Floor) | 6/30/2028 | 4558260 | 4529178 | 4558260 | (15) |
| BSI2 Hold Nettle, LLC | Software & Tech Services | Revolver | 8.42% (S + 4.75%; 0.75% Floor) | 6/30/2028 | 117784 | 113976 | 117784 | (6) |
| Businessolver.com, Inc. | Software & Tech Services | Term Loan | 8.17% (S + 4.50%; 0.75% Floor) | 12/3/2032 | 9108880 | 9104341 | 9063336 | (15) |
| Businessolver.com, Inc. | Software & Tech Services | Delayed Draw Term Loan | —% (S + 4.50%; 0.75% Floor) | 12/3/2032 | - | (3132) | (3168) | (6)(7) |
| Businessolver.com, Inc. | Software & Tech Services | Revolver | —% (S + 4.50%; 0.75% Floor) | 12/3/2032 | - | (2790) | (2822) | (6)(7) |
| BV EMS Buyer, Inc | Healthcare | Term Loan | 9.06% (S + 5.25%; 1.00% Floor) | 11/23/2027 | 3244007 | 3207102 | 3244007 | (15) |
| BV EMS Buyer, Inc | Healthcare | Revolver | 9.06% (S + 5.25%; 1.00% Floor) | 11/23/2027 | 189287 | 184722 | 189287 | (6) |
| BV EMS Buyer, Inc | Healthcare | Term Loan | 9.06% (S + 5.25%; 1.00% Floor) | 11/23/2027 | 386986 | 383318 | 386986 | (15) |
| BV EMS Buyer, Inc | Healthcare | Term Loan | 9.06% (S + 5.25%; 1.00% Floor) | 11/23/2027 | 3414496 | 3374303 | 3414496 | (15) |
| BV EMS Buyer, Inc | Healthcare | Delayed Draw Term Loan | 9.06% (S + 5.25%; 1.00% Floor) | 11/23/2027 | 3443624 | 3408270 | 3443624 | (15) |
| CallTower, Inc. | Digital Infrastructure & Services | Term Loan | 8.31% (S + 4.50%; 1.00% Floor) | 11/30/2028 | 4878514 | 4804521 | 4878514 | (15) |
| CallTower, Inc. | Digital Infrastructure & Services | Revolver | —% (S + 4.50%; 1.00% Floor) | 11/30/2028 | - | (9179) | - | (6)(7) |
| Caregiver 2, Inc. | Healthcare | Term Loan | 10.11% (S + 6.25%; 2.00% Floor) | 7/2/2029 | 5538229 | 5429679 | 5455156 | (15) |
| Caregiver 2, Inc. | Healthcare | Delayed Draw Term Loan | 10.11% (S + 6.25%; 2.00% Floor) | 7/2/2029 | 1113255 | 1092683 | 1096556 | (15) |
| Cerifi, LLC | Services | Term Loan | 9.56% (S + 5.75%; 1.00% Floor) | 3/31/2028 | 15582260 | 15451717 | 15270615 | (15) |
| Cerifi, LLC | Services | Revolver | 9.56% (S + 5.75%; 1.00% Floor) | 4/1/2027 | 1107792 | 1101382 | 1085636 |  |
| Choice Health at Home, LLC | Healthcare | Term Loan | 8.86% (S + 5.00%; 1.00% Floor) | 6/30/2028 | 2226255 | 2218761 | 2220690 | (15) |
| Choice Health at Home, LLC | Healthcare | Delayed Draw Term Loan | 8.86% (S + 5.00%; 1.00% Floor) | 6/30/2028 | 2245487 | 2224280 | 2245487 | (6)(15) |
| CHV Holdings LLC | Digital Infrastructure & Services | Term Loan | 12.56% (S + 4.00%; 1.00% Floor; 4.75% PIK) | 3/27/2029 | 5416969 | 5322217 | 5416969 | (15) |
| CHV Holdings LLC | Digital Infrastructure & Services | Revolver | — (S + 4.00%; 1.00% Floor; 4.75% PIK) | 3/27/2029 | - | (20136) | - | (6)(7) |
| Coding Solutions Acquisition, Inc. | Healthcare | Term Loan | 8.71% (S + 5.00%; 0.75% Floor) | 8/7/2031 | 8118968 | 8074113 | 8118968 | (15) |
| Coding Solutions Acquisition, Inc. | Healthcare | Delayed Draw Term Loan | —% (S + 5.00%; 0.75% Floor) | 8/7/2031 | - | (4977) | - | (6)(7) |
| Coding Solutions Acquisition, Inc. | Healthcare | Revolver | —% (S + 5.00%; 0.75% Floor) | 8/7/2031 | - | (8481) | - | (6)(7) |
| Contruent Intermediate Company | Software & Tech Services | Term Loan | 9.50% (S + 5.75%; 0.75% Floor) | 11/14/2031 | 7433794 | 7324730 | 7322287 | (15) |
| Contruent Intermediate Company | Software & Tech Services | Delayed Draw Term Loan | —% (S + 5.75%; 0.75% Floor) | 11/14/2031 | - | - | - | (6) |
| Contruent Intermediate Company | Software & Tech Services | Revolver | —% (S + 5.75%; 0.75% Floor) | 11/14/2031 | - | (8577) | (8577) | (6)(7) |
| Coretelligent Intermediate LLC | Digital Infrastructure & Services | Term Loan | 9.69% (S + 5.75%; 1.00% Floor) | 10/21/2027 | 6891073 | 6858670 | 6512064 | (15) |
| Coretelligent Intermediate LLC | Digital Infrastructure & Services | Delayed Draw Term Loan | 9.69% (S + 5.75%; 1.00% Floor) | 10/21/2027 | 3291912 | 3275385 | 3110857 | (15) |
| Coretelligent Intermediate LLC | Digital Infrastructure & Services | Revolver | 10.86% (S + 5.75%; 1.00% Floor) | 10/21/2027 | 886495 | 880302 | 816842 | (6) |
| Coupa Holdings, LLC | Software & Tech Services | Term Loan | 9.09% (S + 5.25%; 0.75% Floor) | 2/27/2030 | 10458556 | 10274550 | 10458556 | (15) |
| Coupa Holdings, LLC | Software & Tech Services | Delayed Draw Term Loan | —% (S + 5.25%; 0.75% Floor) | 2/27/2030 | - | (7186) | - | (6)(7) |
| Coupa Holdings, LLC | Software & Tech Services | Revolver | —% (S + 5.25%; 0.75% Floor) | 2/27/2029 | - | (9670) | - | (6)(7) |
| Crewline Buyer, Inc. | Software & Tech Services | Term Loan | 10.59% (S + 6.75%; 1.00% Floor) | 11/8/2030 | 13625952 | 13364293 | 13625952 | (15) |
| Crewline Buyer, Inc. | Software & Tech Services | Revolver | —% (S + 6.75%; 1.00% Floor) | 11/8/2030 | - | (23890) | - | (6)(7) |

---

See Notes to Consolidated Financial Statements

------

**AB Private Credit Investors Corporation** 

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** | **Industry** | **Facility Type** | **Interest** | **Maturity** | **Funded<br>Par Amount** | **Cost** | **Fair Value** | **Tickmarks** |
| DA Blocker Corp. | Software & Tech Services | Term Loan | 8.42% (S + 4.75%; 0.75% Floor) | 2/10/2032 | 15103993 | 14967323 | 14990713 | (8)(15) |
| DA Blocker Corp. | Software & Tech Services | Revolver | —% (S + 4.75%; 0.75% Floor) | 2/10/2032 | - | (14236) | (11800) | (6)(7)(8) |
| DA Blocker Corp. | Software & Tech Services | Delayed Draw Term Loan | —% (S + 4.75%; 0.75% Floor) | 2/10/2032 | - | (20605) | - | (6)(7)(8) |
| Datacor, Inc. | Software & Tech Services | Term Loan | 10.21% (S + 4.50%; 1.00% Floor; 2.00% PIK) | 3/13/2029 | 18042052 | 17972673 | 18042052 | (15) |
| Datacor, Inc. | Software & Tech Services | Delayed Draw Term Loan | 10.21% (S + 4.50%; 1.00% Floor; 2.00% PIK) | 3/13/2029 | 6071492 | 6043081 | 6071492 | (15) |
| Datacor, Inc. | Software & Tech Services | Revolver | 10.21% (S + 4.50%; 1.00% Floor; 2.00% PIK) | 3/13/2029 | 777223 | 775550 | 777223 | (6) |
| Dearborn TopCo, LLC | Software & Tech Services | Revolver | 9.71% (S + 6.00%; 1.00% Floor) | 5/22/2029 | 224013 | 214358 | 221913 | (6) |
| Dearborn TopCo, LLC | Software & Tech Services | Term Loan | 9.82% (S + 6.00%; 1.00% Floor) | 5/22/2029 | 7409448 | 7312074 | 7390924 | (15) |
| Delaware Valley Management Holdings, Inc. | Healthcare | Term Loan | —% (S + 6.25%; 1.00% Floor) | 3/31/2026 | 2657013 | 1511867 | 539108 | (5)(16) |
| Delaware Valley Management Holdings, Inc. | Healthcare | Revolver | —% (S + 0.00%; 1.00% Floor) | 3/31/2026 | 413145 | 233153 | 83827 | (5)(16) |
| Delaware Valley Management Holdings, Inc. | Healthcare | Delayed Draw Term Loan | —% (S + 0.00%; 1.00% Floor) | 3/31/2026 | 523459 | 120253 | 106210 | (5)(16) |
| Delaware Valley Management Holdings, Inc. | Healthcare | Delayed Draw Term Loan | —% (S + 0.00%; 1.00% Floor) | 3/31/2026 | 279686 | 165594 | 56748 | (5)(16) |
| DeLorean Purchaser, Inc. | Software & Tech Services | Term Loan | 8.42% (S + 4.75%; 0.75% Floor) | 12/16/2031 | 15944969 | 15733118 | 15865244 | (15) |
| DeLorean Purchaser, Inc. | Software & Tech Services | Revolver | —% (S + 4.75%; 0.75% Floor) | 12/16/2031 | - | (30775) | (12049) | (6)(7) |
| Dispatchtrack, LLC | Software & Tech Services | Term Loan | 8.31% (S + 4.50%; 1.00% Floor) | 12/17/2026 | 9849936 | 9826103 | 9849936 | (15) |
| Dispatchtrack, LLC | Software & Tech Services | Revolver | —% (S + 4.50%; 1.00% Floor) | 12/17/2026 | - | (643) | - | (6)(7) |
| DLRdmv, LLC | Software & Tech Services | Term Loan | 9.02% (S + 5.25%; 1.00% Floor) | 5/7/2032 | 6011044 | 5954839 | 5980989 | (15) |
| DLRdmv, LLC | Software & Tech Services | Delayed Draw Term Loan | —% (S + 5.25%; 1.00% Floor) | 5/7/2032 | - | (3666) | - | (6)(7) |
| DLRdmv, LLC | Software & Tech Services | Revolver | —% (S + 5.25%; 1.00% Floor) | 5/7/2032 | - | (7321) | (4028) | (6)(7) |
| Dorado Buyer LLC | Software & Tech Services | Term Loan | 9.92% (S + 2.87%; 1.00% Floor; 3.37% PIK) | 2/6/2030 | 6616320 | 6530161 | 6417830 | (15) |
| Dorado Buyer LLC | Software & Tech Services | Delayed Draw Term Loan | 9.95% (S + 2.87%; 1.00% Floor; 3.37% PIK) | 2/6/2030 | 55870 | 42739 | 43454 | (6) |
| Dorado Buyer LLC | Software & Tech Services | Revolver | 9.92% (S + 2.87%; 1.00% Floor; 3.37% PIK) | 2/6/2030 | 388359 | 381960 | 369259 | (6) |
| Duetto Research, Inc | Software & Tech Services | Term Loan | 9.97% (S + 1.00%; 0.75% Floor; 5.25% PIK) | 6/26/2030 | 15368998 | 15084703 | 15215308 | (15) |
| Duetto Research, Inc | Software & Tech Services | Delayed Draw Term Loan | —% (S + 1.00%; 0.75% Floor) | 6/26/2030 | - | (10098) | (10088) | (6)(7) |
| Duetto Research, Inc | Software & Tech Services | Revolver | —% (S + 1.00%; 0.75% Floor) | 6/26/2030 | - | (9474) | (10088) | (6)(7) |
| EAGAN PARENT, INC | Software & Tech Services | Term Loan | 7.98% (S + 4.25%; 0.50% Floor) | 9/8/2032 | 14257773 | 14188899 | 14186484 | (15) |
| EAGAN PARENT, INC | Software & Tech Services | Delayed Draw Term Loan | —% (S + 4.25%; 0.50% Floor) | 9/8/2032 | - | (8497) | (8911) | (6)(7) |
| EAGAN PARENT, INC | Software & Tech Services | Revolver | —% (S + 4.25%; 0.50% Floor) | 9/8/2032 | - | (9071) | (9505) | (6)(7) |
| EET Buyer, Inc. | Software & Tech Services | Term Loan | 9.09% (S + 5.25%; 0.75% Floor) | 11/8/2027 | 4985995 | 4935335 | 4948600 | (15) |
| EET Buyer, Inc. | Software & Tech Services | Delayed Draw Term Loan | 9.09% (S + 5.25%; 0.75% Floor) | 11/8/2027 | 1513574 | 1508380 | 1499384 | (6)(15) |
| EET Buyer, Inc. | Software & Tech Services | Term Loan | 9.09% (S + 5.25%; 0.75% Floor) | 11/8/2027 | 6648889 | 6605593 | 6599023 | (15) |
| EET Buyer, Inc. | Software & Tech Services | Revolver | —% (S + 5.25%; 0.75% Floor) | 11/8/2027 | - | (7937) | (7775) | (6)(7) |
| Einstein Parent, Inc. | Software & Tech Services | Revolver | —% (S + 6.50%; 0.75% Floor) | 1/22/2031 | - | (18042) | (23989) | (6)(7) |
| Einstein Parent, Inc. | Software & Tech Services | Term Loan | 10.35% (S + 6.50%; 0.75% Floor) | 1/22/2031 | 10306433 | 10124488 | 10074538 | (15) |
| Engage2Excel, Inc. | Services | Term Loan | 10.37% (S + 6.50%; 1.00% Floor) | 7/2/2029 | 7402603 | 7322463 | 7347083 | (15) |

---

See Notes to Consolidated Financial Statements

------

**AB Private Credit Investors Corporation** 

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** | **Industry** | **Facility Type** | **Interest** | **Maturity** | **Funded<br>Par Amount** | **Cost** | **Fair Value** | **Tickmarks** |
| Engage2Excel, Inc. | Services | Revolver | 11.19% (S + 6.50%; 1.00% Floor) | 7/2/2029 | 429982 | 423029 | 425375 | (6) |
| Exterro, Inc. | Software & Tech Services | Term Loan | 9.02% (S + 5.25%; 1.00% Floor) | 6/1/2027 | 2735931 | 2727746 | 2735931 | (15) |
| Exterro, Inc. | Software & Tech Services | Revolver | —% (S + 5.25%; 1.00% Floor) | 6/1/2027 | - | (9322) | - | (6)(7) |
| Exterro, Inc. | Software & Tech Services | Term Loan | 9.02% (S + 5.25%; 1.00% Floor) | 6/1/2027 | 5664034 | 5655770 | 5664034 | (15) |
| Exterro, Inc. | Software & Tech Services | Term Loan | 9.02% (S + 5.25%; 1.00% Floor) | 6/1/2027 | 4393876 | 4357322 | 4393876 | (15) |
| Exterro, Inc. | Software & Tech Services | Delayed Draw Term Loan | —% (S + 5.25%; 1.00% Floor) | 6/1/2027 | - | (5789) | - | (6)(7) |
| Exterro, Inc. | Software & Tech Services | Term Loan | 9.02% (S + 5.25%; 1.00% Floor) | 6/1/2027 | 6212406 | 6188165 | 6212406 | (15) |
| Firebird Midco, Inc | Software & Tech Services | Term Loan | 8.71% (S + 5.00%; 0.75% Floor) | 7/18/2030 | 6756862 | 6688531 | 6672401 | (15) |
| Firebird Midco, Inc | Software & Tech Services | Revolver | —% (S + 5.00%; 0.75% Floor) | 7/18/2030 | - | (11737) | (15357) | (6)(7) |
| FirstDigital Communications, LLC | Digital Infrastructure & Services | Term Loan | 8.33% (S + 4.25%; 0.75% Floor; 0.25% PIK) | 12/17/2026 | 13347355 | 13292460 | 13147144 | (15) |
| FirstDigital Communications, LLC | Digital Infrastructure & Services | Term Loan | 8.33% (S + 4.25%; 0.75% Floor; 0.25% PIK) | 12/17/2026 | 407596 | 407596 | 401482 | (15) |
| FirstDigital Communications, LLC | Digital Infrastructure & Services | Term Loan | —% (S + 0.00%; 0.75% Floor) | 12/17/2026 | 34453 | - | 33937 | (15) |
| FirstEnroll LLC | Healthcare | Term Loan | 8.46% (S + 4.75%; 1.00% Floor) | 9/19/2031 | 12499149 | 12318613 | 12374158 | (15) |
| FirstEnroll LLC | Healthcare | Revolver | —% (S + 4.75%; 1.00% Floor) | 9/19/2031 | - | (10388) | (7267) | (6)(7) |
| Foundation Risk Partners, Corp. | Financials | Term Loan | 8.42% (S + 4.75%; 0.75% Floor) | 10/29/2030 | 9462396 | 9410880 | 9462396 | (15) |
| Foundation Risk Partners, Corp. | Financials | Delayed Draw Term Loan | 5.5% (S + 4.75%; 0.75% Floor) | 10/29/2030 | 2058003 | 2050954 | 2058003 | (15) |
| Foundation Risk Partners, Corp. | Financials | Revolver | 8.42% (S + 4.75%; 0.75% Floor) | 10/29/2029 | 259516 | 255552 | 259516 | (6) |
| Foundation Risk Partners, Corp. | Financials | Term Loan | 8.42% (S + 4.75%; 0.75% Floor) | 10/29/2030 | 763493 | 758436 | 763493 | (15) |
| Foundation Risk Partners, Corp. | Financials | Delayed Draw Term Loan | 5.5% (S + 4.75%; 0.75% Floor) | 10/29/2030 | 3085874 | 3062613 | 3085874 | (15) |
| FULLSTEAM OPERATIONS, LLC | Software & Tech Services | Term Loan | 9.11% (S + 5.25%; 0.75% Floor) | 8/8/2031 | 10017013 | 9921879 | 9941885 | (15) |
| FULLSTEAM OPERATIONS, LLC | Software & Tech Services | Delayed Draw Term Loan | —% (S + 5.25%; 0.75% Floor) | 8/8/2031 | - | (15624) | (16695) | (6)(7) |
| FULLSTEAM OPERATIONS, LLC | Software & Tech Services | Revolver | —% (S + 5.25%; 0.75% Floor) | 8/8/2031 | - | (10408) | (8348) | (6)(7) |
| Fusion Holding, Corp. | Software & Tech Services | Term Loan | 9.92% (S + 6.25%; 0.75% Floor) | 9/14/2029 | 16388209 | 16187431 | 15691710 | (15) |
| Fusion Holding, Corp. | Software & Tech Services | Revolver | 12% (S + 5.25%; 0.75% Floor) | 9/15/2027 | 758556 | 747794 | 699940 | (6) |
| Galway Borrower LLC | Financials | Revolver | 8.18% (S + 4.50%; 0.75% Floor) | 9/29/2028 | 77670 | 75220 | 76560 | (6) |
| Galway Borrower LLC | Financials | Term Loan | 8.17% (S + 4.50%; 0.75% Floor) | 9/29/2028 | 3739358 | 3739358 | 3730009 | (15) |
| Galway Borrower LLC | Financials | Delayed Draw Term Loan | 8.17% (S + 4.50%; 0.75% Floor) | 9/29/2028 | 281142 | 280849 | 281142 | (6) |
| Garnett Station Partners, LLC | NAV Loan | Term Loan | 9.18% (S + 5.50%; 2.00% Floor) | 12/23/2031 | 3811554 | 3745128 | 3744852 |  |
| Garnett Station Partners, LLC | NAV Loan | Revolver | 9.18% (S + 5.50%; 2.00% Floor) | 12/23/2031 | 879589 | 864260 | 864197 |  |
| GH PARENT HOLDINGS INC. | Services | Delayed Draw Term Loan | 8.96% (S + 5.25%; 1.00% Floor) | 5/4/2029 | 6078872 | 6049006 | 6018083 | (15) |
| GH PARENT HOLDINGS INC. | Services | Delayed Draw Term Loan | 8.96% (S + 5.25%; 1.00% Floor) | 5/4/2029 | 179069 | 172050 | 171559 | (6)(15) |
| Greenhouse Software, Inc. | Software & Tech Services | Term Loan | 9.42% (S + 5.75%; 1.00% Floor) | 9/1/2028 | 14507975 | 14342245 | 14507975 | (15) |
| Greenhouse Software, Inc. | Software & Tech Services | Revolver | —% (S + 5.75%; 1.00% Floor) | 9/1/2028 | - | (6834) | - | (6)(7) |
| Greenhouse Software, Inc. | Software & Tech Services | Term Loan | 9.42% (S + 5.75%; 1.00% Floor) | 9/1/2028 | 12376845 | 12307164 | 12376845 | (15) |
| Greenhouse Software, Inc. | Software & Tech Services | Revolver | —% (S + 5.75%; 1.00% Floor) | 9/1/2028 | - | (5528) | - | (6)(7) |

---

See Notes to Consolidated Financial Statements

------

**AB Private Credit Investors Corporation** 

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** | **Industry** | **Facility Type** | **Interest** | **Maturity** | **Funded<br>Par Amount** | **Cost** | **Fair Value** | **Tickmarks** |
| Greenlight Intermediate II, Inc. | Digital Infrastructure & Services | Delayed Draw Term Loan | 9.42% (S + 5.75%; 0.75% Floor) | 6/1/2029 | 10549955 | 10432122 | 10444455 | (15) |
| Greenlight Intermediate II, Inc. | Digital Infrastructure & Services | Delayed Draw Term Loan | 9.42% (S + 5.75%; 0.75% Floor) | 6/1/2029 | 1220305 | 1184017 | 1185439 | (6) |
| Greenlight Intermediate II, Inc. | Digital Infrastructure & Services | Term Loan | 9.42% (S + 5.75%; 0.75% Floor) | 6/1/2029 | 5331605 | 5284209 | 5278289 | (15) |
| Greenlight Intermediate II, Inc. | Digital Infrastructure & Services | Delayed Draw Term Loan | 9.42% (S + 5.75%; 0.75% Floor) | 6/1/2029 | 6702083 | 6639450 | 6635063 | (15) |
| Gryphon-Redwood Acquisition LLC | Software & Tech Services | Term Loan | 13.78% (S + 5.00%; 1.00% Floor; 5.00% PIK) | 9/18/2028 | 4008474 | 3965284 | 3858157 |  |
| Gryphon-Redwood Acquisition LLC | Software & Tech Services | Delayed Draw Term Loan | 13.78% (S + 5.00%; 1.00% Floor; 5.00% PIK) | 9/18/2028 | 1716063 | 1661876 | 1651711 |  |
| GS AcquisitionCo, Inc. | Software & Tech Services | Term Loan | 8.92% (S + 5.25%; 1.00% Floor) | 5/25/2028 | 9830528 | 9808566 | 9756799 | (15) |
| GS AcquisitionCo, Inc. | Software & Tech Services | Revolver | 8.92% (S + 5.25%; 1.00% Floor) | 5/25/2028 | 259564 | 256862 | 254308 | (6) |
| GS AcquisitionCo, Inc. | Software & Tech Services | Delayed Draw Term Loan | 8.92% (S + 5.25%; 0.75% Floor) | 5/25/2028 | 119296 | 118831 | 119296 | (6) |
| Heartland PPC Buyer LLC | Services | Term Loan | 8.42% (S + 4.75%; 0.75% Floor) | 12/12/2029 | 5552856 | 5474327 | 5497327 | (15) |
| Heartland PPC Buyer LLC | Services | Revolver | 10.5% (S + 4.75%; 0.75% Floor) | 12/12/2029 | 18772 | 927 | 4693 | (6) |
| Heartland PPC Buyer LLC | Services | Delayed Draw Term Loan | 8.45% (S + 4.75%; 0.75% Floor) | 12/12/2029 | 1867803 | 1851274 | 1849125 | (15) |
| Heartland PPC Buyer LLC | Services | Delayed Draw Term Loan | 8.48% (S + 4.75%; 0.75% Floor) | 12/12/2029 | 33908 | 24243 | 24078 | (6) |
| Heartland PPC Buyer LLC | Services | Term Loan | 8.42% (S + 4.75%; 0.75% Floor) | 12/12/2029 | 610615 | 604713 | 604508 |  |
| HIG Operations Holdings, INC | Financials | Term Loan | 8.21% (S + 4.50%; 1.00% Floor) | 6/11/2031 | 11043577 | 11043577 | 11043577 | (15) |
| HireVue, Inc. | Software & Tech Services | Term Loan | 10.59% (S + 6.75%; 1.00% Floor) | 5/3/2029 | 12675559 | 12469519 | 11503070 | (15) |
| HireVue, Inc. | Software & Tech Services | Revolver | 10.56% (S + 6.75%; 1.00% Floor) | 5/3/2029 | 1646176 | 1622780 | 1493905 |  |
| HITRUST Services, LLC | Services | Term Loan | 8.17% (S + 4.50%; 0.75% Floor) | 3/15/2032 | 10281308 | 10187278 | 10178495 | (15) |
| HITRUST Services, LLC | Services | Revolver | —% (S + 4.50%; 0.75% Floor) | 3/14/2031 | - | (21016) | (24191) | (6)(7) |
| Honor HN Buyer, Inc. | Healthcare | Delayed Draw Term Loan | 9.57% (S + 5.75%; 1.00% Floor) | 10/15/2027 | 3908646 | 3860702 | 3908646 | (6)(15) |
| Honor HN Buyer, Inc. | Healthcare | Delayed Draw Term Loan | —% (S + 5.75%; 1.00% Floor) | 10/15/2027 | - | (10904) | - | (6)(7) |
| Honor HN Buyer, Inc. | Healthcare | Term Loan | 9.57% (S + 5.75%; 1.00% Floor) | 10/15/2027 | 2537563 | 2521889 | 2537563 | (15) |
| Honor HN Buyer, Inc. | Healthcare | Delayed Draw Term Loan | 9.57% (S + 5.75%; 1.00% Floor) | 10/15/2027 | 1604848 | 1595007 | 1604848 | (15) |
| Honor HN Buyer, Inc. | Healthcare | Revolver | 11.5% (S + 5.75%; 1.00% Floor) | 10/15/2027 | 38012 | 36143 | 38012 | (6) |
| Honor HN Buyer, Inc. | Healthcare | Delayed Draw Term Loan | 9.57% (S + 5.75%; 1.00% Floor) | 10/15/2027 | 2385132 | 2367181 | 2385132 | (15) |
| Joink, LLC | Digital Infrastructure & Services | Revolver | —% (S + 5.00%; 1.00% Floor) | 10/4/2030 | - | (8719) | (5458) | (6)(7) |
| Joink, LLC | Digital Infrastructure & Services | Delayed Draw Term Loan | 8.71% (S + 5.00%; 1.00% Floor) | 10/4/2030 | 4664339 | 4584971 | 4621914 | (6)(15) |
| Joink, LLC | Digital Infrastructure & Services | Term Loan | 8.71% (S + 5.00%; 1.00% Floor) | 10/4/2030 | 10212907 | 10087562 | 10136310 | (15) |
| JS Parent, Inc. | Software & Tech Services | Term Loan | 8.59% (S + 4.75%; 0.75% Floor) | 4/24/2031 | 5391415 | 5369338 | 5391415 | (15) |
| JS Parent, Inc. | Software & Tech Services | Revolver | —% (S + 4.75%; 0.75% Floor) | 4/24/2031 | - | (2014) | - | (6)(7) |
| Juniper Square, Inc. | Software & Tech Services | Term Loan | 8.53% (S + 4.75%; 0.75% Floor) | 11/6/2031 | 12035566 | 11916280 | 11915210 | (15) |
| Juniper Square, Inc. | Software & Tech Services | Revolver | —% (S + 4.75%; 0.75% Floor) | 11/6/2031 | - | (11728) | (12036) | (6)(7) |
| Juniper Square, Inc. | Software & Tech Services | Delayed Draw Term Loan | —% (S + 4.75%; 0.75% Floor) | 11/6/2031 | - | (26388) | (27080) | (6)(7) |
| Juniper Square, Inc. | Software & Tech Services | Delayed Draw Term Loan | —% (S + 4.75%; 0.75% Floor) | 11/6/2031 | - | - | - | (6) |
| Kalkomey Borrower, LLC | Services | Term Loan | 8.67% (S + 5.00%; 1.00% Floor) | 6/18/2031 | 9040249 | 8923164 | 8949847 | (15) |

---

See Notes to Consolidated Financial Statements

------

**AB Private Credit Investors Corporation** 

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** | **Industry** | **Facility Type** | **Interest** | **Maturity** | **Funded<br>Par Amount** | **Cost** | **Fair Value** | **Tickmarks** |
| Kalkomey Borrower, LLC | Services | Delayed Draw Term Loan | —% (S + 5.00%; 1.00% Floor) | 6/18/2031 | - | (10786) | (9155) | (6)(7) |
| Kalkomey Borrower, LLC | Services | Revolver | —% (S + 5.00%; 1.00% Floor) | 6/18/2031 | - | (17272) | (14647) | (6)(7) |
| KPA Parent Holdings, Inc | Software & Tech Services | Term Loan | 8.21% (S + 4.50%; 0.75% Floor) | 3/12/2032 | 10361803 | 10269566 | 10361803 | (15) |
| KPA Parent Holdings, Inc | Software & Tech Services | Delayed Draw Term Loan | —% (S + 4.50%; 0.75% Floor) | 3/12/2032 | - | (6581) | - | (6)(7) |
| KPA Parent Holdings, Inc | Software & Tech Services | Revolver | —% (S + 4.50%; 0.75% Floor) | 3/12/2032 | - | (9216) | - | (6)(7) |
| Krispy Krunchy Foods, L.L.C. | Consumer Non-Cyclical | Term Loan | 8.31% (S + 4.50%; 1.00% Floor) | 11/17/2027 | 4686021 | 4655764 | 4686021 | (15) |
| Last Dance Intermediate I(c), LLC | Digital Infrastructure & Services | Term Loan | 8.96% (S + 5.25%; 0.75% Floor) | 3/31/2031 | 8442703 | 8328138 | 8421596 | (15) |
| Last Dance Intermediate I(c), LLC | Digital Infrastructure & Services | Delayed Draw Term Loan | 8.96% (S + 5.25%; 0.75% Floor) | 3/31/2031 | 1806930 | 1759963 | 1806930 | (6)(15) |
| Last Dance Intermediate I(c), LLC | Digital Infrastructure & Services | Revolver | —% (S + 5.25%; 0.75% Floor) | 3/31/2031 | - | (19044) | (4301) | (6)(7) |
| Last Dance Intermediate I(c), LLC | Digital Infrastructure & Services | Term Loan | 8.96% (S + 5.25%; 0.75% Floor) | 3/31/2031 | 8221280 | 8145891 | 8200727 | (15) |
| LeadVenture, Inc. | Software & Tech Services | Term Loan | 8.92% (S + 4.75%; 0.75% Floor) | 6/23/2032 | 19272188 | 18998692 | 19272188 | (15) |
| LeadVenture, Inc. | Software & Tech Services | Delayed Draw Term Loan | 8.92% (S + 4.75%; 0.75% Floor) | 6/23/2032 | 1211395 | 1177409 | 1211395 | (6) |
| LeadVenture, Inc. | Software & Tech Services | Revolver | 8.57% (S + 4.75%; 0.75% Floor) | 6/23/2032 | 368009 | 342430 | 368009 | (6) |
| Level Data, LLC | Software & Tech Services | Term Loan | 9.32% (S + 5.50%; 0.75% Floor) | 3/5/2031 | 7468997 | 7402012 | 7394307 | (15) |
| Level Data, LLC | Software & Tech Services | Delayed Draw Term Loan | —% (S + 5.50%; 0.75% Floor) | 3/5/2031 | - | (10411) | (12023) | (6)(7) |
| Level Data, LLC | Software & Tech Services | Revolver | 9.32% (S + 5.50%; 0.75% Floor) | 3/5/2031 | 480905 | 473018 | 471888 | (6)(15) |
| LivTech Purchaser, Inc. | Software & Tech Services | Term Loan | 8.67% (S + 5.00%; 0.75% Floor) | 11/24/2031 | 6997646 | 6937083 | 6945163 | (15) |
| LivTech Purchaser, Inc. | Software & Tech Services | Delayed Draw Term Loan | 8.85% (S + 5.00%; 0.75% Floor) | 11/24/2031 | 6429837 | 6367534 | 6369857 | (6)(15) |
| LivTech Purchaser, Inc. | Software & Tech Services | Revolver | —% (S + 5.00%; 0.75% Floor) | 11/24/2031 | - | (16930) | (14995) | (6)(7) |
| Lotus HPI Buyer, Inc | Healthcare | Term Loan | 10.46% (S + 6.25%; 1.00% Floor) | 1/21/2030 | 12339679 | 12109751 | 10889767 | (15) |
| Lotus HPI Buyer, Inc | Healthcare | Delayed Draw Term Loan | —% (S + 6.25%; 1.00% Floor) | 1/21/2030 | - | (32038) | (395623) | (6)(7) |
| Lotus HPI Buyer, Inc | Healthcare | Revolver | 10.23% (S + 6.25%; 1.00% Floor) | 1/21/2030 | 1883921 | 1851966 | 1662560 |  |
| Magaya Corporation | Software & Tech Services | Term Loan | 9.42% (S + 0.00%; 0.75% Floor; 5.75% PIK) | 7/26/2030 | 3739718 | 3709431 | 3664924 | (15) |
| Magaya Corporation | Software & Tech Services | Delayed Draw Term Loan | 9.42% (S + 0.00%; 0.75% Floor; 5.75% PIK) | 7/26/2030 | 144290 | 134338 | 107403 | (6)(15) |
| Magaya Corporation | Software & Tech Services | Revolver | 11.5% (S + 0.00%; 0.75% Floor; 4.75% PIK) | 7/26/2030 | 682497 | 674985 | 663933 | (6) |
| Mastery Acquisition Corp. | Software & Tech Services | Term Loan | 8.92% (S + 5.25%; 1.00% Floor) | 9/7/2029 | 6565889 | 6565889 | 6565889 | (15) |
| Mastery Acquisition Corp. | Software & Tech Services | Revolver | —% (S + 5.25%; 1.00% Floor) | 9/7/2029 | - | - | - | (6) |
| Mastery Acquisition Corp. | Software & Tech Services | Delayed Draw Term Loan | —% (S + 5.25%; 1.00% Floor) | 9/7/2029 | - | (4158) | - | (6)(7) |
| Mavenlink, Inc. | Software & Tech Services | Term Loan | 9.49% (S + 5.50%; 0.75% Floor) | 6/1/2029 | 12997483 | 12847519 | 12672546 | (15) |
| Mavenlink, Inc. | Software & Tech Services | Revolver | 9.36% (S + 5.50%; 0.75% Floor) | 6/1/2029 | 1231782 | 1221403 | 1183089 | (6) |
| MBS Holdings, Inc. | Digital Infrastructure & Services | Revolver | —% (S + 5.00%; 1.00% Floor) | 4/16/2027 | - | (4295) | (2435) | (6)(7) |
| MBS Holdings, Inc. | Digital Infrastructure & Services | Term Loan | 8.92% (S + 5.00%; 1.00% Floor) | 4/16/2027 | 771363 | 763015 | 769434 | (15) |
| MBS Holdings, Inc. | Digital Infrastructure & Services | Term Loan | 8.92% (S + 5.00%; 1.00% Floor) | 4/16/2027 | 820552 | 810903 | 818501 | (15) |
| MBS Holdings, Inc. | Digital Infrastructure & Services | Term Loan | 8.92% (S + 5.00%; 1.00% Floor) | 4/16/2027 | 357998 | 355648 | 357103 | (15) |
| MBS Holdings, Inc. | Digital Infrastructure & Services | Term Loan | 8.92% (S + 5.00%; 1.00% Floor) | 4/16/2027 | 10047581 | 10000685 | 10022462 | (15) |

---

See Notes to Consolidated Financial Statements

------

**AB Private Credit Investors Corporation** 

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** | **Industry** | **Facility Type** | **Interest** | **Maturity** | **Funded<br>Par Amount** | **Cost** | **Fair Value** | **Tickmarks** |
| MedBridge Holdings, LLC | Software & Tech Services | Term Loan | 8.21% (S + 4.50%; 1.00% Floor) | 12/23/2026 | 11917944 | 11874730 | 11917944 | (15) |
| MedBridge Holdings, LLC | Software & Tech Services | Revolver | —% (S + 4.50%; 1.00% Floor) | 12/23/2026 | - | (4568) | - | (6)(7) |
| MedBridge Holdings, LLC | Software & Tech Services | Term Loan | 8.21% (S + 4.50%; 1.00% Floor) | 12/23/2026 | 755623 | 752317 | 755623 | (15) |
| MediaLab Solutions, LLC | Software & Tech Services | Term Loan | 8.71% (S + 5.00%; 0.75% Floor) | 8/11/2031 | 7848102 | 7773416 | 7769621 | (15) |
| MediaLab Solutions, LLC | Software & Tech Services | Revolver | —% (S + 5.00%; 0.75% Floor) | 8/11/2031 | - | (7206) | (7698) | (6)(7) |
| Medical Management Resource Group, L.L.C. | Healthcare | Term Loan | 9.52% (S + 5.75%; 0.75% Floor) | 9/30/2027 | 3696202 | 3673387 | 3659240 | (15) |
| Medical Management Resource Group, L.L.C. | Healthcare | Delayed Draw Term Loan | 9.52% (S + 5.75%; 0.75% Floor) | 9/30/2027 | 1526702 | 1510720 | 1511435 | (15) |
| Medical Management Resource Group, L.L.C. | Healthcare | Revolver | 9.53% (S + 5.75%; 0.75% Floor) | 9/30/2026 | 126566 | 125593 | 123402 | (6) |
| MedMark Services, Inc. | Healthcare | Term Loan | —% (S + 5.00%; 1.00% Floor) | 6/11/2027 | 4602056 | 4589747 | 3831212 | (16) |
| MedMark Services, Inc. | Healthcare | Delayed Draw Term Loan | —% (S + 5.00%; 1.00% Floor) | 6/11/2027 | 3813418 | 3801678 | 3174670 | (16) |
| Medsuite Purchaser, LLC (FKA Millin Purchaser, LLC) | Healthcare | Term Loan | 8.81% (S + 5.00%; 1.00% Floor) | 10/22/2026 | 7655473 | 7628652 | 7636334 | (15) |
| Medsuite Purchaser, LLC (FKA Millin Purchaser, LLC) | Healthcare | Revolver | —% (S + 5.00%; 1.00% Floor) | 10/22/2026 | - | (1680) | (1701) | (6)(7) |
| Medsuite Purchaser, LLC (FKA Millin Purchaser, LLC) | Healthcare | Delayed Draw Term Loan | 8.81% (S + 5.00%; 1.00% Floor) | 10/22/2026 | 1300240 | 1295901 | 1296989 | (15) |
| Mist Holding Co. | Software & Tech Services | Term Loan | 8.92% (S + 5.25%; 0.75% Floor) | 12/23/2030 | 4836131 | 4794218 | 4836131 | (15) |
| Mist Holding Co. | Software & Tech Services | Delayed Draw Term Loan | 9.09% (S + 5.25%; 0.75% Floor) | 12/23/2030 | 2714386 | 2691793 | 2714386 | (15) |
| Mist Holding Co. | Software & Tech Services | Revolver | 8.93% (S + 5.25%; 0.75% Floor) | 12/23/2030 | 301598 | 291145 | 301598 | (6) |
| Mist Holding Co. | Software & Tech Services | Delayed Draw Term Loan | —% (S + 5.25%; 0.75% Floor) | 12/23/2030 | - | (11838) | - | (6)(7) |
| MMP Intermediate, LLC | Consumer Non-Cyclical | Term Loan | 9.58% (S + 5.75%; 1.00% Floor) | 2/15/2029 | 1963984 | 1937543 | 1963984 | (15) |
| MMP Intermediate, LLC | Consumer Non-Cyclical | Term Loan | 9.58% (S + 5.75%; 1.00% Floor) | 2/15/2029 | 7688974 | 7644888 | 7688974 | (15) |
| MMP Intermediate, LLC | Consumer Non-Cyclical | Revolver | —% (S + 5.75%; 1.00% Floor) | 2/15/2029 | - | (2542) | - | (6)(7) |
| Moon Buyer, Inc. | Software & Tech Services | Revolver | —% (S + 4.75%; 0.75% Floor) | 4/21/2031 | - | (7489) | - | (6)(7) |
| Moon Buyer, Inc. | Software & Tech Services | Term Loan | 8.42% (S + 4.75%; 0.75% Floor) | 4/21/2031 | 16090295 | 16012920 | 16090295 | (15) |
| Moon Buyer, Inc. | Software & Tech Services | Delayed Draw Term Loan | 8.42% (S + 4.75%; 0.75% Floor) | 4/21/2031 | 564440 | 563375 | 564440 | (15) |
| Mr. Greens Intermediate, LLC | Services | Term Loan | 9.70% (S + 5.75%; 1.00% Floor) | 5/1/2031 | 6154526 | 6043437 | 6154526 | (15) |
| Mr. Greens Intermediate, LLC | Services | Delayed Draw Term Loan | 9.71% (S + 5.75%; 1.00% Floor) | 5/1/2031 | 543577 | 498951 | 543577 | (6) |
| Mr. Greens Intermediate, LLC | Services | Revolver | 9.65% (S + 5.75%; 1.00% Floor) | 5/1/2031 | 537047 | 515420 | 537047 | (6) |
| Mr. Greens Intermediate, LLC | Services | Term Loan | 9.70% (S + 5.75%; 1.00% Floor) | 5/1/2031 | 1445480 | 1425377 | 1445480 | (15) |
| MSM Acquisitions, Inc. | Services | Term Loan | 9.82% (S + 6.00%; 1.00% Floor) | 12/9/2026 | 8377385 | 8330168 | 6890399 | (15) |
| MSM Acquisitions, Inc. | Services | Delayed Draw Term Loan | 9.82% (S + 6.00%; 1.00% Floor) | 12/9/2026 | 3065881 | 3052582 | 2521687 |  |
| MSM Acquisitions, Inc. | Services | Revolver | 9.81% (S + 6.00%; 1.00% Floor) | 12/9/2026 | 1282363 | 1235703 | 1054744 |  |
| MSM Acquisitions, Inc. | Services | Delayed Draw Term Loan | 9.82% (S + 6.00%; 1.00% Floor) | 12/9/2026 | 375818 | 374481 | 309110 |  |
| MSP Global Holdings, Inc. | Digital Infrastructure & Services | Term Loan | 9.31% (S + 5.50%; 1.00% Floor) | 4/9/2029 | 8643618 | 8520616 | 8513964 | (15) |
| MSP Global Holdings, Inc. | Digital Infrastructure & Services | Delayed Draw Term Loan | —% (S + 5.50%; 1.00% Floor) | 4/9/2029 | - | (15992) | (18178) | (6)(7) |
| MSP Global Holdings, Inc. | Digital Infrastructure & Services | Term Loan | 9.49% (S + 5.50%; 1.00% Floor) | 4/9/2029 | 7633189 | 7590831 | 7518691 | (15) |

---

See Notes to Consolidated Financial Statements

------

**AB Private Credit Investors Corporation** 

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** | **Industry** | **Facility Type** | **Interest** | **Maturity** | **Funded<br>Par Amount** | **Cost** | **Fair Value** | **Tickmarks** |
| MSP Global Holdings, Inc. | Digital Infrastructure & Services | Delayed Draw Term Loan | 9.31% (S + 5.50%; 1.00% Floor) | 4/9/2029 | 596289 | 592870 | 587345 | (15) |
| MSP Global Holdings, Inc. | Digital Infrastructure & Services | Revolver | 9.31% (S + 5.50%; 1.00% Floor) | 4/9/2029 | 602716 | 591696 | 575485 | (6) |
| MyKaarma Acquisition LLC | Software & Tech Services | Term Loan | 8.35% (S + 4.50%; 0.75% Floor) | 12/24/2030 | 8906050 | 8835700 | 8906050 | (15) |
| MyKaarma Acquisition LLC | Software & Tech Services | Revolver | —% (S + 4.50%; 0.75% Floor) | 12/24/2030 | - | (8918) | - | (6)(7) |
| Nasuni Corporation | Software & Tech Services | Term Loan | 8.67% (S + 5.00%; 0.75% Floor) | 9/10/2030 | 12575067 | 12414034 | 12417879 | (15) |
| Nasuni Corporation | Software & Tech Services | Revolver | —% (S + 5.00%; 0.75% Floor) | 9/10/2030 | - | (30853) | (32748) | (6)(7) |
| Navigate360, LLC | Software & Tech Services | Term Loan | 9.31% (S + 5.50%; 1.00% Floor) | 3/17/2027 | 1058980 | 1051993 | 1053686 | (15) |
| Navigate360, LLC | Software & Tech Services | Delayed Draw Term Loan | 9.31% (S + 5.50%; 1.00% Floor) | 3/17/2027 | 2015566 | 2002990 | 2005488 | (15) |
| Navigate360, LLC | Software & Tech Services | Term Loan | 9.31% (S + 5.50%; 1.00% Floor) | 3/17/2027 | 3830589 | 3808334 | 3811436 | (15) |
| Navigate360, LLC | Software & Tech Services | Delayed Draw Term Loan | 9.31% (S + 5.50%; 1.00% Floor) | 3/17/2027 | 1753792 | 1747596 | 1745024 | (15) |
| Navigate360, LLC | Software & Tech Services | Revolver | —% (S + 5.50%; 1.00% Floor) | 3/17/2027 | - | (3115) | (3021) | (6)(7) |
| Navigate360, LLC | Software & Tech Services | Term Loan | 9.31% (S + 5.50%; 1.00% Floor) | 3/17/2027 | 2197651 | 2183545 | 2186663 | (15) |
| NC Topco, LLC | Software & Tech Services | Term Loan | 8.21% (S + 4.50%; 0.75% Floor) | 9/1/2031 | 11321430 | 11230277 | 11321430 | (15) |
| NC Topco, LLC | Software & Tech Services | Revolver | —% (S + 4.50%; 0.75% Floor) | 9/1/2031 | - | (10524) | - | (6)(7) |
| NC Topco, LLC | Software & Tech Services | Delayed Draw Term Loan | —% (S + 4.50%; 0.75% Floor) | 8/29/2031 | - | (13149) | - | (6)(7) |
| Netwrix Corporation | Software & Tech Services | Term Loan | 8.58% (S + 4.50%; 0.75% Floor) | 6/11/2029 | 12296373 | 12284404 | 12265633 | (15) |
| Netwrix Corporation | Software & Tech Services | Revolver | —% (S + 4.50%; 0.75% Floor) | 6/11/2029 | - | (1261) | (1937) | (6)(7) |
| Netwrix Corporation | Software & Tech Services | Delayed Draw Term Loan | 8.32% (S + 4.50%; 0.75% Floor) | 6/11/2029 | 88028 | 82963 | 88028 | (6) |
| Netwrix Corporation | Software & Tech Services | Term Loan | 8.32% (S + 4.50%; 0.75% Floor) | 6/11/2029 | 203209 | 203209 | 202701 | (15) |
| Next Holdco, LLC | Software & Tech Services | Term Loan | 9.09% (S + 5.25%; 0.75% Floor) | 11/12/2030 | 9122623 | 9017001 | 8962977 | (15) |
| Next Holdco, LLC | Software & Tech Services | Revolver | —% (S + 5.25%; 0.75% Floor) | 11/9/2029 | - | (8673) | (15637) | (6)(7) |
| OPOC Acquisition, LLC | Healthcare | Revolver | —% (S + 5.00%; 1.00% Floor) | 12/20/2030 | - | (7852) | (6060) | (6)(7) |
| OPOC Acquisition, LLC | Healthcare | Delayed Draw Term Loan | 8.87% (S + 5.00%; 1.00% Floor) | 12/20/2030 | 181796 | 171219 | 178009 | (6) |
| OPOC Acquisition, LLC | Healthcare | Term Loan | 8.98% (S + 5.00%; 1.00% Floor) | 12/20/2030 | 6495580 | 6411326 | 6430624 | (15) |
| Pace Health Companies, LLC | Healthcare | Term Loan | 9.07% (S + 5.25%; 1.00% Floor) | 8/2/2027 | 4981498 | 4981498 | 4981498 | (15) |
| Pace Health Companies, LLC | Healthcare | Revolver | —% (S + 5.25%; 1.00% Floor) | 8/2/2027 | - | - | - | (6) |
| Pace Health Companies, LLC | Healthcare | Term Loan | 9.32% (S + 5.50%; 1.00% Floor) | 8/2/2027 | 1355372 | 1355372 | 1355372 | (15) |
| Pace Health Companies, LLC | Healthcare | Delayed Draw Term Loan | 9.07% (S + 5.25%; 1.00% Floor) | 8/2/2027 | 191217 | 191217 | 191217 | (6) |
| Pace Health Companies, LLC | Healthcare | Delayed Draw Term Loan | —% (S + 5.25%; 1.00% Floor) | 8/2/2027 | - | (13834) | - | (6)(7) |
| Pamlico Avant Holdings, L.P. | Digital Infrastructure & Services | Term Loan | 8.17% (S + 4.50%; 0.75% Floor) | 12/31/2032 | 16333655 | 16170344 | 16170319 | (15) |
| Pamlico Avant Holdings, L.P. | Digital Infrastructure & Services | Revolver | 8.17% (S + 4.50%; 0.75% Floor) | 12/31/2032 | 220924 | 198840 | 198832 | (6) |
| Patriot Acquireco L.L.C. | Consumer Non-Cyclical | Term Loan | 8.17% (S + 4.50%; 0.75% Floor) | 9/7/2032 | 12727998 | 12605577 | 12600718 | (15) |
| Patriot Acquireco L.L.C. | Consumer Non-Cyclical | Revolver | 8.17% (S + 4.50%; 0.75% Floor) | 9/3/2032 | 255198 | 243003 | 242438 | (6) |
| PDI TA Holdings, Inc | Software & Tech Services | Term Loan | 9.34% (S + 5.50%; 0.75% Floor) | 2/3/2031 | 11708397 | 11646648 | 11532771 | (15) |
| PDI TA Holdings, Inc | Software & Tech Services | Revolver | 9.33% (S + 5.50%; 0.75% Floor) | 2/3/2031 | 691955 | 685062 | 677801 | (6) |

---

See Notes to Consolidated Financial Statements

------

**AB Private Credit Investors Corporation** 

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** | **Industry** | **Facility Type** | **Interest** | **Maturity** | **Funded<br>Par Amount** | **Cost** | **Fair Value** | **Tickmarks** |
| Penn TRGRP Holdings LLC | Software & Tech Services | Term Loan | 11.42% (S + 1.75%; 0.75% Floor; 6.00% PIK) | 9/27/2030 | 7281745 | 7159739 | 6954066 | (15) |
| Penn TRGRP Holdings LLC | Software & Tech Services | Revolver | 16.42% (S + 6.75%; 0.75% Floor; 6.00% PIK) | 9/27/2030 | 579890 | 565549 | 532444 | (6) |
| Penn TRGRP Holdings LLC | Software & Tech Services | Delayed Draw Term Loan | 11.42% (S + 1.75%; 0.75% Floor; 6.00% PIK) | 9/27/2030 | 571783 | 571783 | 524058 | (6)(15) |
| Pharmalogic Holdings Corp | Healthcare | Term Loan | 8.71% (S + 5.00%; 1.00% Floor) | 6/21/2030 | 20327514 | 20078854 | 20327514 | (15) |
| Pharmalogic Holdings Corp | Healthcare | Delayed Draw Term Loan | 8.71% (S + 5.00%; 1.00% Floor) | 6/21/2030 | 1386922 | 1340029 | 1386922 | (6)(15) |
| Pieper Memorial, LLC | Healthcare | Term Loan | 8.86% (S + 5.00%; 1.00% Floor) | 11/2/2028 | 2030866 | 2012151 | 2030866 | (15) |
| Pieper Memorial, LLC | Healthcare | Delayed Draw Term Loan | 8.86% (S + 5.00%; 1.00% Floor) | 11/2/2028 | 6860976 | 6799453 | 6860976 | (6)(15) |
| Pieper Memorial, LLC | Healthcare | Term Loan | 8.86% (S + 5.00%; 1.00% Floor) | 11/2/2028 | 1001946 | 993236 | 1001946 | (15) |
| Pieper Memorial, LLC | Healthcare | Delayed Draw Term Loan | —% (S + 5.00%; 1.00% Floor) | 11/2/2028 | - | (43806) | - | (6)(7) |
| Pieper Memorial, LLC | Healthcare | Revolver | —% (S + 5.00%; 1.00% Floor) | 11/2/2028 | - | (9345) | - | (6)(7) |
| Pinnacle Treatment Centers, Inc. | Healthcare | Term Loan | 9.66% (S + 5.75%; 1.00% Floor) | 1/4/2027 | 5056621 | 5049532 | 4942847 | (15) |
| Pinnacle Treatment Centers, Inc. | Healthcare | Revolver | 11.74% (S + 5.75%; 1.00% Floor) | 1/4/2027 | 210900 | 210892 | 197059 | (6) |
| Pinnacle Treatment Centers, Inc. | Healthcare | Term Loan | 9.66% (S + 5.75%; 1.00% Floor) | 1/4/2027 | 278178 | 278172 | 271919 | (15) |
| Pinnacle Treatment Centers, Inc. | Healthcare | Term Loan | 9.66% (S + 5.75%; 1.00% Floor) | 1/4/2027 | 376826 | 375199 | 368347 | (15) |
| Pinnacle Treatment Centers, Inc. | Healthcare | Delayed Draw Term Loan | 9.57% (S + 5.75%; 1.00% Floor) | 1/4/2027 | 333089 | 333094 | 325595 | (15) |
| Pinnacle Treatment Centers, Inc. | Healthcare | Term Loan | 9.57% (S + 5.75%; 1.00% Floor) | 1/4/2027 | 143478 | 143477 | 140250 | (15) |
| Point Quest Group, Inc | Healthcare | Term Loan | 8.59% (S + 4.75%; 0.75% Floor) | 11/13/2031 | 17245746 | 17074525 | 17073289 | (15) |
| Point Quest Group, Inc | Healthcare | Delayed Draw Term Loan | —% (S + 4.75%; 0.75% Floor) | 11/13/2031 | - | (12771) | (13065) | (6)(7) |
| Point Quest Group, Inc | Healthcare | Revolver | —% (S + 4.75%; 0.75% Floor) | 11/13/2031 | - | (15326) | (15678) | (6)(7) |
| Priority OnDemand Midco 2, L.P. | Healthcare | Term Loan | 9.13% (S + 5.25%; 1.00% Floor) | 7/17/2028 | 7389346 | 7333022 | 7389346 | (15) |
| Priority OnDemand Midco 2, L.P. | Healthcare | Delayed Draw Term Loan | 9.13% (S + 5.25%; 1.00% Floor) | 7/17/2028 | 175695 | 164718 | 175695 | (6) |
| QualDerm Partners, LLC | Healthcare | Term Loan | 9.83% (S + 3.25%; 0.75% Floor; 2.75% PIK) | 12/8/2028 | 5921121 | 5794258 | 5565853 | (15) |
| QualDerm Partners, LLC | Healthcare | Delayed Draw Term Loan | 12.01% (S + 6.00%; 0.75% Floor; 2.75% PIK) | 12/8/2028 | 686155 | 655400 | 644985 |  |
| QualDerm Partners, LLC | Healthcare | Revolver | 8.05% (S + 4.00%; 0.75% Floor) | 12/8/2026 | 115220 | 112444 | 108499 | (6) |
| Quest Analytics Inc. | Healthcare | Term Loan | 8.11% (S + 4.25%; 0.50% Floor) | 11/10/2032 | 15505772 | 15429312 | 15428243 | (15) |
| Quest Analytics Inc. | Healthcare | Delayed Draw Term Loan | —% (S + 4.25%; 0.50% Floor) | 11/10/2032 | - | (16817) | (17227) | (6)(7) |
| Quest Analytics Inc. | Healthcare | Revolver | —% (S + 4.25%; 0.50% Floor) | 11/10/2032 | - | (13453) | (13782) | (6)(7) |
| Quirch Foods Holdings, LLC | Consumer Non-Cyclical | Term Loan | 10.34% (S + 6.50%; 1.00% Floor) | 11/12/2030 | 10009937 | 9910917 | 9909838 | (15) |
| Quirch Foods Holdings, LLC | Consumer Non-Cyclical | Delayed Draw Term Loan | —% (S + 6.50%; 1.00% Floor) | 11/12/2030 | - | (5111) | (5178) | (6)(7) |
| Race Finco, LLC | Digital Infrastructure & Services | Term Loan | 9.55% (S + 5.75%; 1.00% Floor) | 8/16/2029 | 9178206 | 9074184 | 8994641 | (15) |
| Race Finco, LLC | Digital Infrastructure & Services | Revolver | —% (S + 5.75%; 1.00% Floor) | 8/16/2029 | - | (7581) | (12196) | (6)(7) |
| Race Finco, LLC | Digital Infrastructure & Services | Delayed Draw Term Loan | 9.46% (S + 5.75%; 1.00% Floor) | 8/16/2029 | 5019680 | 4925466 | 4890953 | (6)(15) |
| Ranger Buyer, Inc. | Software & Tech Services | Term Loan | 8.42% (S + 4.75%; 0.75% Floor) | 11/20/2028 | 15134289 | 14994092 | 15134289 | (15) |
| Ranger Buyer, Inc. | Software & Tech Services | Revolver | —% (S + 4.75%; 0.75% Floor) | 11/18/2027 | - | (7745) | - | (6)(7) |
| RCP Encore Acquisition, Inc. | Healthcare | Term Loan | —% (S + 5.00%; 1.00% Floor) | 3/31/2026 | 2835239 | 2767781 | 28352 | (16) |

---

See Notes to Consolidated Financial Statements

------

**AB Private Credit Investors Corporation** 

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** | **Industry** | **Facility Type** | **Interest** | **Maturity** | **Funded<br>Par Amount** | **Cost** | **Fair Value** | **Tickmarks** |
| Redwood Family Care Network, Inc. | Healthcare | Revolver | —% (S + 5.50%; 1.00% Floor) | 6/19/2028 | - | (1116) | - | (6)(7) |
| Redwood Family Care Network, Inc. | Healthcare | Term Loan | 9.17% (S + 5.50%; 1.00% Floor) | 6/20/2028 | 10181806 | 10148577 | 10181806 | (15) |
| Redwood Family Care Network, Inc. | Healthcare | Delayed Draw Term Loan | 9.17% (S + 5.50%; 1.00% Floor) | 6/19/2028 | 5653186 | 5642393 | 5653186 | (15) |
| Redwood Family Care Network, Inc. | Healthcare | Delayed Draw Term Loan | 9.17% (S + 5.50%; 1.00% Floor) | 6/19/2028 | 4238327 | 4216247 | 4238327 | (15) |
| REP TEC Intermediate Holdings, Inc. | Services | Term Loan | 8.42% (S + 4.75%; 1.00% Floor) | 5/30/2031 | 20862153 | 20729349 | 20809998 | (15) |
| REP TEC Intermediate Holdings, Inc. | Services | Revolver | —% (S + 4.75%; 1.00% Floor) | 5/30/2031 | - | (14505) | (6128) | (6)(7) |
| Ridge Trail US Bidco, Inc. | Digital Infrastructure & Services | Term Loan | 8.37% (S + 4.50%; 0.75% Floor) | 9/30/2031 | 6396204 | 6313403 | 6396204 | (8)(15) |
| Ridge Trail US Bidco, Inc. | Digital Infrastructure & Services | Delayed Draw Term Loan | —% (S + 4.50%; 0.75% Floor) | 9/30/2031 | - | (13806) | - | (6)(7)(8) |
| Ridge Trail US Bidco, Inc. | Digital Infrastructure & Services | Revolver | 8.37% (S + 4.50%; 0.75% Floor) | 3/30/2031 | 200508 | 191452 | 200508 | (6)(8) |
| Saab Purchaser, Inc. | Software & Tech Services | Term Loan | 8.42% (S + 4.75%; 0.75% Floor) | 11/12/2031 | 19070216 | 18902117 | 19070216 | (15) |
| Saab Purchaser, Inc. | Software & Tech Services | Delayed Draw Term Loan | 8.42% (S + 4.75%; 0.75% Floor) | 11/12/2031 | 5149152 | 5103897 | 5149152 | (15) |
| Saab Purchaser, Inc. | Software & Tech Services | Revolver | —% (S + 4.75%; 0.75% Floor) | 11/12/2031 | - | (22823) | - | (6)(7) |
| Saab Purchaser, Inc. | Software & Tech Services | Term Loan | 8.42% (S + 4.75%; 0.75% Floor) | 11/12/2031 | 916717 | 907871 | 916717 | (15) |
| Saab Purchaser, Inc. | Software & Tech Services | Delayed Draw Term Loan | —% (S + 4.75%; 0.75% Floor) | 11/12/2031 | - | (4239) | - | (6)(7) |
| Sako and Partners Lower Holdings LLC | Services | Delayed Draw Term Loan | 8.17% (S + 4.50%; 1.00% Floor) | 9/15/2028 | 3931789 | 3885277 | 3931789 | (15) |
| Sako and Partners Lower Holdings LLC | Services | Term Loan | 8.17% (S + 4.50%; 1.00% Floor) | 9/15/2028 | 1665857 | 1644410 | 1665857 | (15) |
| Sako and Partners Lower Holdings LLC | Services | Term Loan | 8.17% (S + 4.50%; 1.00% Floor) | 9/15/2028 | 382674 | 379264 | 382674 | (15) |
| Sako and Partners Lower Holdings LLC | Services | Term Loan | 8.17% (S + 4.50%; 1.00% Floor) | 9/15/2028 | 16974853 | 16752715 | 16974853 | (15) |
| Sako and Partners Lower Holdings LLC | Services | Delayed Draw Term Loan | 8.17% (S + 4.50%; 1.00% Floor) | 9/15/2028 | 3461048 | 3414151 | 3461048 | (15) |
| Sako and Partners Lower Holdings LLC | Services | Revolver | 8.20% (S + 4.50%; 1.00% Floor) | 9/15/2028 | 475730 | 454656 | 475730 | (6) |
| Salisbury House, LLC | Healthcare | Term Loan | 8.72% (S + 5.00%; 0.75% Floor) | 8/18/2032 | 15480183 | 15331333 | 15325381 | (15) |
| Salisbury House, LLC | Healthcare | Delayed Draw Term Loan | —% (S + 5.00%; 0.75% Floor) | 8/18/2032 | - | (14770) | - | (6)(7) |
| Salisbury House, LLC | Healthcare | Revolver | 8.71% (S + 5.00%; 0.75% Floor) | 8/18/2032 | 311264 | 291586 | 290513 | (6) |
| Sandstone Care Holdings, LLC | Healthcare | Delayed Draw Term Loan | 9.39% (S + 5.50%; 1.00% Floor) | 6/28/2028 | 373690 | 373690 | 373690 | (6) |
| Sandstone Care Holdings, LLC | Healthcare | Term Loan | 9.27% (S + 5.50%; 1.00% Floor) | 6/28/2028 | 4546482 | 4501723 | 3944073 | (15) |
| Sandstone Care Holdings, LLC | Healthcare | Delayed Draw Term Loan | 9.27% (S + 5.50%; 1.00% Floor) | 6/28/2028 | 907758 | 901019 | 787480 | (15) |
| Sandstone Care Holdings, LLC | Healthcare | Revolver | 9.27% (S + 5.50%; 1.00% Floor) | 6/28/2028 | 824492 | 817195 | 715246 |  |
| Sapphire Software Buyer, Inc. | Software & Tech Services | Term Loan | 8.87% (S + 5.00%; 0.75% Floor) | 9/30/2031 | 14335033 | 14215419 | 14227520 | (15) |
| Sapphire Software Buyer, Inc. | Software & Tech Services | Revolver | —% (S + 5.00%; 0.75% Floor) | 9/30/2031 | - | (14246) | (12928) | (6)(7) |
| Sauce Labs Inc | Software & Tech Services | Revolver | — (S + 5.50%; 1.00% Floor; 0.5% PIK) | 8/16/2027 | - | (7113) | (35250) | (6)(7) |
| Sauce Labs Inc | Software & Tech Services | Delayed Draw Term Loan | 9.94% (S + 5.50%; 1.00% Floor; 0.5% PIK) | 8/16/2027 | 1954456 | 1943742 | 1900708 | (15) |
| Sauce Labs Inc | Software & Tech Services | Term Loan | 9.94% (S + 5.50%; 1.00% Floor; 0.5% PIK) | 8/16/2027 | 7618444 | 7565991 | 7408937 | (15) |
| Sauce Labs Inc | Software & Tech Services | Delayed Draw Term Loan | 9.94% (S + 5.50%; 1.00% Floor; 0.5% PIK) | 8/16/2027 | 865537 | 861623 | 841735 | (15) |
| Saviynt, Inc. | Software & Tech Services | Term Loan | 9.46% (S + 3.00%; 1.00% Floor; 2.75% PIK) | 2/18/2030 | 20232168 | 20019909 | 20232168 | (15) |
| Saviynt, Inc. | Software & Tech Services | Delayed Draw Term Loan | 9.46% (S + 3.00%; 1.00% Floor; 2.75% PIK) | 2/18/2030 | 6466329 | 6399672 | 6466329 | (15) |

---

See Notes to Consolidated Financial Statements

------

**AB Private Credit Investors Corporation** 

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** | **Industry** | **Facility Type** | **Interest** | **Maturity** | **Funded<br>Par Amount** | **Cost** | **Fair Value** | **Tickmarks** |
| Saviynt, Inc. | Software & Tech Services | Revolver | — (S + 3.00%; 1.00% Floor; 2.75% PIK) | 2/18/2030 | - | (5314) | - | (6)(7) |
| SCA Buyer, LLC | Healthcare | Term Loan | 10.60% (S + 6.50%; 1.00% Floor) | 1/20/2027 | 310733 | 309184 | 310733 |  |
| SCA Buyer, LLC | Healthcare | Revolver | 10.59% (S + 6.50%; 1.00% Floor) | 1/20/2027 | 649663 | 643710 | 532009 |  |
| SCA Buyer, LLC | Healthcare | Term Loan | 10.60% (S + 6.50%; 1.00% Floor) | 1/20/2027 | 3999720 | 3964716 | 3275371 |  |
| SDC Atlas Acquistionco, LLC | Digital Infrastructure & Services | Term Loan | 8.81% (S + 5.00%; 0.75% Floor) | 8/25/2028 | 10715390 | 10616342 | 10527871 | (15) |
| SDC Atlas Acquistionco, LLC | Digital Infrastructure & Services | Delayed Draw Term Loan | 8.81% (S + 5.00%; 0.75% Floor) | 8/25/2028 | 1868963 | 1781462 | 1705429 | (6)(15) |
| SDC Atlas Acquistionco, LLC | Digital Infrastructure & Services | Revolver | 8.81% (S + 5.00%; 0.75% Floor) | 8/25/2028 | 622988 | 617334 | 612086 |  |
| Second Nature Brands, Inc. | Software & Tech Services | Term Loan | 10.10% (S + 6.00%; 1.00% Floor) | 2/6/2031 | 5477782 | 5404974 | 5436699 | (15) |
| Second Nature Brands, Inc. | Software & Tech Services | Revolver | —% (S + 6.00%; 1.00% Floor) | 2/6/2031 | - | (7800) | (4565) | (6)(7) |
| Securonix, Inc | Software & Tech Services | Term Loan | 11.18% (S + 3.50%; 0.75% Floor; 3.75% PIK) | 4/5/2029 | 8875915 | 8808544 | 7011972 | (15) |
| Securonix, Inc | Software & Tech Services | Revolver | —% (S + 3.50%; 0.75% Floor) | 4/5/2029 | - | (10328) | (323051) | (6)(7) |
| Serrano Parent, LLC | Software & Tech Services | Term Loan | 10.36% (S + 6.50%; 1.00% Floor) | 5/13/2030 | 21207477 | 20852609 | 20253140 | (15) |
| Serrano Parent, LLC | Software & Tech Services | Revolver | —% (S + 6.50%; 1.00% Floor) | 5/13/2030 | - | (32928) | (93869) | (6)(7) |
| Single Digits, Inc. | Digital Infrastructure & Services | Term Loan | — (S + 4.25%; 1.00% Floor; 3.00% PIK) | 6/22/2026 | 3162179 | 2580446 | 1017526 | (16) |
| Single Digits, Inc. | Digital Infrastructure & Services | Delayed Draw Term Loan | —% (S + 7.50%; 1.00% Floor) | 6/22/2026 | 675554 | 550284 | 217380 | (16) |
| Single Digits, Inc. | Digital Infrastructure & Services | Revolver | —% (S + 4.25%; 1.00% Floor) | 6/22/2026 | - | (1624) | - | (6)(7)(16) |
| Slipstream IT, LLC | Digital Infrastructure & Services | Term Loan | 8.21% (S + 4.50%; 0.75% Floor) | 8/1/2031 | 6775340 | 6711228 | 6707587 | (15) |
| Slipstream IT, LLC | Digital Infrastructure & Services | Delayed Draw Term Loan | —% (S + 4.50%; 0.75% Floor) | 8/1/2031 | - | (5280) | (5660) | (6)(7) |
| Slipstream IT, LLC | Digital Infrastructure & Services | Revolver | —% (S + 4.50%; 0.75% Floor) | 8/1/2031 | - | (10550) | (11321) | (6)(7) |
| Smile Brands, Inc. | Healthcare | Term Loan | 9.94% (S + 6.00%; 0.75% Floor; 1.50% PIK) | 10/12/2027 | 1647334 | 1606175 | 1478482 |  |
| Smile Brands, Inc. | Healthcare | Revolver | 9.93% (S + 6.00%; 0.75% Floor; 1.50% PIK) | 10/12/2027 | 249904 | 222174 | 222627 | (6) |
| Smile Brands, Inc. | Healthcare | Delayed Draw Term Loan | 9.93% (S + 6.00%; 0.75% Floor; 1.50% PIK) | 10/12/2027 | 500444 | 481414 | 449148 |  |
| Soladoc, LLC | Software & Tech Services | Term Loan | 8.76% (S + 5.00%; 0.75% Floor) | 6/12/2028 | 5889225 | 5840129 | 5771441 | (15) |
| Soladoc, LLC | Software & Tech Services | Revolver | —% (S + 5.00%; 0.75% Floor) | 6/12/2028 | - | (4886) | (11778) | (6)(7) |
| Stratus Networks, Inc. | Digital Infrastructure & Services | Term Loan | 8.31% (S + 4.50%; 1.00% Floor) | 12/15/2028 | 7920781 | 7862257 | 7900979 | (15) |
| Stratus Networks, Inc. | Digital Infrastructure & Services | Delayed Draw Term Loan | 8.31% (S + 4.50%; 1.00% Floor) | 12/15/2028 | 3960391 | 3931732 | 3950490 | (15) |
| Stratus Networks, Inc. | Digital Infrastructure & Services | Revolver | —% (S + 4.50%; 1.00% Floor) | 12/15/2028 | - | (6676) | (2475) | (6)(7) |
| Stratus Networks, Inc. | Digital Infrastructure & Services | Delayed Draw Term Loan | 8.31% (S + 4.50%; 1.00% Floor) | 12/15/2028 | 830632 | 808449 | 830632 | (6)(15) |
| SugarCrm, Inc. | Software & Tech Services | Term Loan | 9.26% (S + 5.00%; 1.00% Floor) | 7/30/2027 | 4268824 | 4254293 | 4247480 | (15) |
| SugarCrm, Inc. | Software & Tech Services | Revolver | —% (S + 5.00%; 1.00% Floor) | 7/30/2027 | - | (804) | (1551) | (6)(7) |
| SugarCrm, Inc. | Software & Tech Services | Term Loan | 9.26% (S + 5.00%; 1.00% Floor) | 7/30/2027 | 566197 | 560390 | 563366 | (15) |
| Sundance Group Holdings, Inc. | Software & Tech Services | Term Loan | 8.17% (S + 4.50%; 1.00% Floor) | 7/2/2029 | 19776067 | 19776067 | 19726627 | (15) |
| Sundance Group Holdings, Inc. | Software & Tech Services | Revolver | 8.17% (S + 4.50%; 1.00% Floor) | 7/2/2029 | 508079 | 498366 | 501314 | (6)(15) |
| Tau Buyer, LLC | Digital Infrastructure & Services | Term Loan | 8.17% (S + 4.75%; 0.75% Floor) | 2/2/2032 | 15538480 | 15398353 | 15499634 | (15) |
| Tau Buyer, LLC | Digital Infrastructure & Services | Delayed Draw Term Loan | 8.42% (S + 4.75%; 0.75% Floor) | 2/2/2032 | 3567095 | 3526638 | 3567095 | (6)(15) |

---

See Notes to Consolidated Financial Statements

------

**AB Private Credit Investors Corporation** 

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** | **Industry** | **Facility Type** | **Interest** | **Maturity** | **Funded<br>Par Amount** | **Cost** | **Fair Value** | **Tickmarks** |
| Tau Buyer, LLC | Digital Infrastructure & Services | Revolver | 8.40% (S + 4.75%; 0.75% Floor) | 2/2/2032 | 324281 | 306621 | 319214 | (6) |
| Telcor Buyer, Inc. | Software & Tech Services | Term Loan | 8.06% (S + 4.25%; 1.00% Floor) | 8/20/2027 | 6203083 | 6177017 | 6203083 | (15) |
| Telcor Buyer, Inc. | Software & Tech Services | Revolver | —% (S + 4.25%; 1.00% Floor) | 8/20/2027 | - | (1213) | - | (6)(7) |
| Telesoft Holdings, LLC | Software & Tech Services | Term Loan | 9.56% (S + 5.75%; 1.00% Floor) | 12/16/2026 | 5625466 | 5611900 | 5611403 | (15) |
| Telesoft Holdings, LLC | Software & Tech Services | Revolver | 9.56% (S + 5.75%; 1.00% Floor) | 12/16/2026 | 89530 | 88902 | 88038 | (6) |
| The Center for Orthopedic and Research Excellence, Inc. | Healthcare | Term Loan | 9.99% (S + 6.00%; 1.00% Floor) | 12/31/2026 | 4693460 | 4684233 | 4693460 | (15) |
| The Center for Orthopedic and Research Excellence, Inc. | Healthcare | Revolver | 9.95% (S + 6.00%; 1.00% Floor) | 12/31/2026 | 328003 | 326303 | 328003 | (6) |
| The Center for Orthopedic and Research Excellence, Inc. | Healthcare | Delayed Draw Term Loan | 9.99% (S + 6.00%; 1.00% Floor) | 12/31/2026 | 1106729 | 1105513 | 1106729 | (15) |
| The Center for Orthopedic and Research Excellence, Inc. | Healthcare | Delayed Draw Term Loan | 9.99% (S + 6.00%; 1.00% Floor) | 12/31/2026 | 1682887 | 1680982 | 1682887 | (15) |
| The Center for Orthopedic and Research Excellence, Inc. | Healthcare | Delayed Draw Term Loan | 9.97% (S + 6.00%; 1.00% Floor) | 12/31/2026 | 1671157 | 1671157 | 1671157 | (15) |
| The Center for Orthopedic and Research Excellence, Inc. | Healthcare | Term Loan | 10.02% (S + 6.00%; 1.00% Floor) | 12/31/2026 | 3134875 | 3122874 | 3134875 | (15) |
| TMA Buyer LLC | Software & Tech Services | Term Loan | 8.82% (S + 5.00%; 0.75% Floor) | 4/30/2031 | 11490458 | 11385473 | 11375553 | (15) |
| TMA Buyer LLC | Software & Tech Services | Delayed Draw Term Loan | 8.82% (S + 5.00%; 0.75% Floor) | 4/30/2031 | 3020625 | 2993359 | 3005522 | (15) |
| TMA Buyer LLC | Software & Tech Services | Delayed Draw Term Loan | —% (S + 5.00%; 0.75% Floor) | 4/30/2031 | - | - | - | (6) |
| TMA Buyer LLC | Software & Tech Services | Revolver | —% (S + 5.00%; 0.75% Floor) | 4/30/2031 | - | (10754) | (12083) | (6)(7) |
| ToolWatch Intermediate, LLC | Software & Tech Services | Term Loan | 9.34% (S + 5.50%; 0.75% Floor) | 7/31/2030 | 12899463 | 12741567 | 12834966 | (15) |
| ToolWatch Intermediate, LLC | Software & Tech Services | Delayed Draw Term Loan | 9.34% (S + 5.50%; 0.75% Floor) | 7/31/2030 | 1228520 | 1228520 | 1222384 | (15) |
| ToolWatch Intermediate, LLC | Software & Tech Services | Revolver | —% (S + 5.50%; 0.75% Floor) | 7/31/2030 | - | (14195) | (6143) | (6)(7) |
| Towerco IV Holdings, LLC | Digital Infrastructure & Services | Delayed Draw Term Loan | 7.58% (S + 3.75%; 1.00% Floor) | 8/31/2028 | 21954771 | 21898002 | 21954771 | (6)(15) |
| UFS, LLC | Digital Infrastructure & Services | Term Loan | 8.50% (S + 4.75%; 7.50% Floor) | 10/14/2031 | 11004383 | 10897460 | 10894339 | (15) |
| UFS, LLC | Digital Infrastructure & Services | Revolver | 8.50% (S + 4.75%; 7.50% Floor) | 10/14/2031 | 174673 | 167686 | 167686 | (6) |
| Unanet, Inc | Software & Tech Services | Term Loan | 9.23% (S + 5.25%; 0.75% Floor) | 12/9/2030 | 12003044 | 11881047 | 11822998 | (15) |
| Unanet, Inc | Software & Tech Services | Delayed Draw Term Loan | 9.23% (S + 5.25%; 0.75% Floor) | 12/9/2030 | 2703844 | 2671372 | 2665939 | (6)(15) |
| Unanet, Inc | Software & Tech Services | Revolver | —% (S + 5.25%; 0.75% Floor) | 12/9/2030 | - | (21554) | (30954) | (6)(7) |
| Unanet, Inc | Software & Tech Services | Delayed Draw Term Loan | —% (S + 5.25%; 0.75% Floor) | 12/9/2030 | - | (3331) | (5399) | (6)(7) |
| Ungerboeck Systems International, LLC | Software & Tech Services | Term Loan | 9.04% (S + 5.25%; 1.00% Floor) | 4/30/2029 | 259792 | 257152 | 259792 | (15) |
| Ungerboeck Systems International, LLC | Software & Tech Services | Term Loan | 9.04% (S + 5.25%; 1.00% Floor) | 4/30/2029 | 300579 | 298387 | 300579 | (15) |
| Ungerboeck Systems International, LLC | Software & Tech Services | Term Loan | 9.04% (S + 5.25%; 1.00% Floor) | 4/30/2029 | 2676518 | 2667244 | 2676518 | (15) |
| Ungerboeck Systems International, LLC | Software & Tech Services | Delayed Draw Term Loan | 9.04% (S + 5.25%; 1.00% Floor) | 4/30/2029 | 317555 | 316413 | 317555 | (15) |
| Ungerboeck Systems International, LLC | Software & Tech Services | Delayed Draw Term Loan | 9.04% (S + 5.25%; 1.00% Floor) | 4/30/2029 | 680432 | 680432 | 680432 | (15) |
| Ungerboeck Systems International, LLC | Software & Tech Services | Term Loan | 9.04% (S + 5.25%; 1.00% Floor) | 4/30/2029 | 134337 | 133567 | 134337 | (15) |
| Ungerboeck Systems International, LLC | Software & Tech Services | Delayed Draw Term Loan | 9.04% (S + 5.25%; 1.00% Floor) | 4/30/2027 | 470180 | 468696 | 470180 | (15) |
| Ungerboeck Systems International, LLC | Software & Tech Services | Revolver | —% (S + 5.25%; 1.00% Floor) | 4/30/2029 | - | (938) | - | (6)(7) |
| Unlimited Technology Holdings, LLC | Healthcare | Term Loan | 8.17% (S + 4.50%; 0.75% Floor) | 3/12/2032 | 14366654 | 14301020 | 14366654 | (15) |
| Unlimited Technology Holdings, LLC | Healthcare | Revolver | —% (S + 4.50%; 0.75% Floor) | 3/12/2032 | - | (8536) | - | (6)(7) |

---

See Notes to Consolidated Financial Statements

------

**AB Private Credit Investors Corporation** 

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** | **Industry** | **Facility Type** | **Interest** | **Maturity** | **Funded<br>Par Amount** | **Cost** | **Fair Value** | **Tickmarks** |
| UpStack Holdco Inc. | Digital Infrastructure & Services | Revolver | 9.06% (S + 5.00%; 0.75% Floor) | 8/25/2031 | 230800 | 223325 | 230800 | (6) |
| UpStack Holdco Inc. | Digital Infrastructure & Services | Delayed Draw Term Loan | 8.86% (S + 5.00%; 0.75% Floor) | 8/25/2031 | 844727 | 831278 | 844727 | (6)(15) |
| UpStack Holdco Inc. | Digital Infrastructure & Services | Term Loan | 9.04% (S + 5.00%; 0.75% Floor) | 8/25/2031 | 6000793 | 5949592 | 6000793 | (15) |
| Vectra AI, Inc. | Software & Tech Services | Revolver | —% (S + 5.25%; 1.00% Floor) | 3/2/2028 | - | (1720) | (12001) | (6)(7) |
| Vectra AI, Inc. | Software & Tech Services | Term Loan | 9.20% (S + 5.25%; 1.00% Floor) | 3/2/2028 | 8575830 | 8539571 | 8490072 | (15) |
| Vectra AI, Inc. | Software & Tech Services | Delayed Draw Term Loan | 9.20% (S + 5.25%; 1.00% Floor) | 3/2/2028 | 1163793 | 1139774 | 1127971 | (6)(15) |
| Vehlo Purchaser, LLC | Software & Tech Services | Term Loan | 8.96% (S + 5.50%; 0.75% Floor) | 5/24/2028 | 2006737 | 1991140 | 2006737 | (15) |
| Vehlo Purchaser, LLC | Software & Tech Services | Term Loan | 9.22% (S + 5.50%; 0.75% Floor) | 5/24/2028 | 514831 | 510970 | 514831 | (15) |
| Vehlo Purchaser, LLC | Software & Tech Services | Term Loan | 8.96% (S + 5.50%; 0.75% Floor) | 5/24/2028 | 20877300 | 20748140 | 20877300 | (15) |
| Vehlo Purchaser, LLC | Software & Tech Services | Delayed Draw Term Loan | 9.21% (S + 5.50%; 0.75% Floor) | 5/24/2028 | 5799250 | 5771328 | 5799250 | (15) |
| Vehlo Purchaser, LLC | Software & Tech Services | Revolver | —% (S + 5.50%; 0.75% Floor) | 5/24/2028 | - | (10059) | - | (6)(7) |
| Venture Buyer LLC | Digital Infrastructure & Services | Term Loan | 8.96% (S + 5.25%; 1.00% Floor) | 3/1/2030 | 4822021 | 4749302 | 4785856 | (15) |
| Venture Buyer LLC | Digital Infrastructure & Services | Delayed Draw Term Loan | 9.11% (S + 5.25%; 1.00% Floor) | 3/1/2030 | 175219 | 166964 | 175219 | (6) |
| Venture Buyer LLC | Digital Infrastructure & Services | Revolver | —% (S + 5.25%; 1.00% Floor) | 3/1/2030 | - | (10567) | (5675) | (6)(7) |
| Veracross LLC | Software & Tech Services | Delayed Draw Term Loan | 10.31% (S + 6.50%; 1.00% Floor) | 12/28/2027 | 820058 | 820058 | 820058 | (6)(15) |
| Veracross LLC | Software & Tech Services | Term Loan | 10.31% (S + 6.50%; 1.00% Floor) | 12/28/2027 | 15416509 | 15312266 | 15416509 | (15) |
| Veracross LLC | Software & Tech Services | Delayed Draw Term Loan | 10.31% (S + 6.50%; 1.00% Floor) | 12/28/2027 | 1821742 | 1791648 | 1821742 | (15) |
| Veracross LLC | Software & Tech Services | Revolver | 10.31% (S + 6.50%; 1.00% Floor) | 12/28/2027 | 346767 | 332318 | 346767 | (6) |
| Vhagar Purchaser, LLC | Software & Tech Services | Revolver | —% (S + 5.50%; 1.00% Floor) | 6/11/2029 | - | (6513) | (1867) | (6)(7) |
| Vhagar Purchaser, LLC | Software & Tech Services | Term Loan | 9.48% (S + 5.50%; 1.00% Floor) | 6/11/2031 | 1873375 | 1847254 | 1864008 | (15) |
| Vhagar Purchaser, LLC | Software & Tech Services | Delayed Draw Term Loan | —% (S + 5.50%; 1.00% Floor) | 6/11/2031 | - | (6375) | - | (6)(7) |
| Vhagar Purchaser, LLC | Software & Tech Services | Term Loan | 9.48% (S + 5.50%; 1.00% Floor) | 6/11/2031 | 4106912 | 4094576 | 4086378 | (15) |
| Visionary Buyer, LLC | Digital Infrastructure & Services | Term Loan | 9.17% (S + 5.50%; 0.75% Floor) | 3/21/2031 | 5653672 | 5585156 | 5625404 | (15) |
| Visionary Buyer, LLC | Digital Infrastructure & Services | Delayed Draw Term Loan | 9.17% (S + 5.50%; 0.75% Floor) | 3/21/2031 | 5653672 | 5587913 | 5625404 | (15) |
| Visionary Buyer, LLC | Digital Infrastructure & Services | Revolver | —% (S + 5.50%; 0.75% Floor) | 3/21/2030 | - | (14943) | (7067) | (6)(7) |
| Visionary Buyer, LLC | Digital Infrastructure & Services | Delayed Draw Term Loan | 9.17% (S + 5.50%; 0.75% Floor) | 3/21/2031 | 909600 | 869246 | 909600 | (6)(15) |
| Wealth Enhancement Group, LLC | Financials | Delayed Draw Term Loan | 8.48% (S + 4.50%; 1.00% Floor) | 10/2/2028 | 1864539 | 1852973 | 1864539 | (15) |
| Wealth Enhancement Group, LLC | Financials | Delayed Draw Term Loan | 8.36% (S + 4.50%; 1.00% Floor) | 10/2/2028 | 712389 | 706861 | 712389 | (6) |
| Wealth Enhancement Group, LLC | Financials | Delayed Draw Term Loan | —% (S + 4.50%; 1.00% Floor) | 10/2/2028 | - | (1390) | - | (6)(7) |
| Wealth Enhancement Group, LLC | Financials | Delayed Draw Term Loan | 8.48% (S + 4.50%; 1.00% Floor) | 10/2/2028 | 6104825 | 6098682 | 6104825 | (15) |
| Wealth Enhancement Group, LLC | Financials | Revolver | —% (S + 4.50%; 1.00% Floor) | 10/2/2028 | - | - | - | (6) |
| Wealth Enhancement Group, LLC | Financials | Delayed Draw Term Loan | 8.48% (S + 4.50%; 1.00% Floor) | 10/2/2028 | 1330960 | 1329044 | 1330960 | (15) |
| West Dermatology Management Holdings, LLC | Healthcare | Term Loan | 10.22% (S + 6.25%; 1.00% Floor) | 3/17/2028 | 11136490 | 11035917 | 10718872 | (15) |
| West Dermatology Management Holdings, LLC | Healthcare | Delayed Draw Term Loan | 10.17% (S + 6.25%; 1.00% Floor) | 3/17/2028 | 1490661 | 1482217 | 1434761 |  |

---

See Notes to Consolidated Financial Statements

------

**AB Private Credit Investors Corporation** 

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** | **Industry** | **Facility Type** | **Interest** | **Maturity** | **Funded<br>Par Amount** | **Cost** | **Fair Value** | **Tickmarks** |
| West Dermatology Management Holdings, LLC | Healthcare | Revolver | 10.25% (S + 6.25%; 1.00% Floor) | 3/17/2028 | 1253284 | 1237742 | 1206286 |  |
| Wolverine Seller Holdings, LLC | Services | Term Loan | 8.42% (S + 4.75%; 0.75% Floor) | 1/17/2030 | 6587022 | 6496584 | 6570554 | (15) |
| Wolverine Seller Holdings, LLC | Services | Delayed Draw Term Loan | 8.42% (S + 4.75%; 0.75% Floor) | 1/17/2030 | 3709627 | 3656811 | 3700353 | (15) |
| Wolverine Seller Holdings, LLC | Services | Revolver | 8.42% (S + 4.75%; 0.75% Floor) | 1/17/2030 | 306657 | 283532 | 301865 | (6) |
| Wolverine Seller Holdings, LLC | Services | Delayed Draw Term Loan | 8.42% (S + 4.75%; 0.75% Floor) | 1/17/2030 | 1094924 | 1057481 | 1094924 | (6)(15) |
| Your Part-Time Controller, LLC | Services | Term Loan | 8.21% (S + 4.50%; 1.00% Floor) | 11/14/2029 | 12482942 | 12335844 | 12420527 | (15) |
| Your Part-Time Controller, LLC | Services | Revolver | —% (S + 4.50%; 1.00% Floor) | 11/14/2029 | - | (11256) | (4805) | (6)(7) |
| Zendesk, Inc. | Software & Tech Services | Delayed Draw Term Loan | 8.68% (S + 5.00%; 0.75% Floor) | 11/22/2028 | 2179099 | 2169449 | 2179099 | (15) |
| Zendesk, Inc. | Software & Tech Services | Revolver | —% (S + 5.00%; 0.75% Floor) | 11/22/2028 | - | - | - | (6) |
| Zendesk, Inc. | Software & Tech Services | Term Loan | 8.68% (S + 5.00%; 0.75% Floor) | 11/22/2028 | 13514769 | 13514769 | 13514769 | (15) |
| Zendesk, Inc. | Software & Tech Services | Delayed Draw Term Loan | —% (S + 5.00%; 0.75% Floor) | 11/22/2028 | - | (11437) | - | (6)(7) |
| **Total U.S. 1st Lien/Senior Secured Debt** |  |  |  |  |  | **1780097169** | **1753574042** |  |

---

See Notes to Consolidated Financial Statements

------

**AB Private Credit Investors Corporation** 

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** | **Industry** | **Facility Type** | **Interest** | **Maturity** | **Funded<br>Par Amount** | **Cost** | **Fair Value** | **Tickmarks** |
| **<u>2nd Lien/Junior Secured Debt —</u> <u>0.35</u><u>%</u>** |  |  |  |  |  |  |  |  |
| Symplr Software, Inc. | Software & Tech Services | Term Loan | 11.81% (S + 7.87%; 0.75% Floor) | 12/22/2028 | 3130634 | 3101516 | 2574947 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total U.S. 2nd Lien/Junior Secured Debt** |  |  |  |  |  | **3101516** | **2574947** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total U.S. Corporate Debt** |  |  |  |  |  | **1783198685** | **1756148989** |  |
| **<u>Canada Corporate Debt —</u> <u>2.62</u><u>%</u>** |  |  |  |  |  |  |  |  |
| **<u>Canadian 1st Lien/Senior Secured Debt —</u> <u>2.62</u><u>%</u>** |  |  |  |  |  |  |  |  |
| RevauAdvanced Underwriting Inc. | Financials | Term Loan | 8.46% (S + 4.75%; 0.75% Floor) | 5/10/2032 | 9635703 | 9546142 | 9539346 | (8)(15) |
| RevauAdvanced Underwriting Inc. | Financials | Delayed Draw Term Loan | 8.46% (S + 4.75%; 0.75% Floor) | 5/10/2032 | 84155 | 64561 | 63012 | (6)(8)(15) |
| Syntax Systems Ltd. | Digital Infrastructure & Services | Term Loan | 8.81% (S + 5.00%; 0.75% Floor) | 10/27/2028 | 8489024 | 8452147 | 8340466 | (8)(15) |
| Syntax Systems Ltd. | Digital Infrastructure & Services | Term Loan | 8.82% (S + 5.00%; 0.75% Floor) | 10/30/2028 | 1182381 | 1178753 | 1161689 | (8)(15) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Canadian 1st Lien/Senior Secured Debt** |  |  |  |  |  | **19241603** | **19104513** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Canadian Corporate Debt** |  |  |  |  |  | **19241603** | **19104513** |  |
| **<u>Luxembourg Corporate Debt —</u> <u>1.38</u><u>%</u>** |  |  |  |  |  |  |  |  |
| **<u>1st Lien/Senior Secured Debt —</u> <u>1.38</u><u>%</u>** |  |  |  |  |  |  |  |  |
| SumUp Holdings Luxembourg | Software & Tech Services | Delayed Draw Term Loan | 9.82% (S + 6.00%; 1.50% Floor) | 5/23/2031 | 10088201 | 10025193 | 10088201 | (8)(15) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Luxembourg 1st Lien/Senior Secured Debt** |  |  |  |  |  | **10025193** | **10088201** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Luxembourg Corporate Debt** |  |  |  |  |  | **10025193** | **10088201** |  |
| **<u>United Kingdom Corporate Debt —</u> <u>2.66</u><u>%</u>** |  |  |  |  |  |  |  |  |
| **<u>1st Lien/Senior Secured Debt —</u> <u>2.66</u><u>%</u>** |  |  |  |  |  |  |  |  |
| Labvantage Solutions Inc. | Software & Tech Services | Revolver | —% (S + 5.25%; 1.00% Floor) | 12/23/2030 | - | (24007) | (11419) | (6)(7)(8) |
| Labvantage Systems Limited | Software & Tech Services | Term Loan | 9.10% (S + 5.25%; 1.00% Floor) | 12/23/2030 | 19621002 | 19310544 | 19473844 | (8)(15) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total United Kingdom 1st Lien/Senior Secured Debt** |  |  |  |  |  | **19286537** | **19462425** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total United Kingdom Corporate Debt** |  |  |  |  |  | **19286537** | **19462425** |  |

---

See Notes to Consolidated Financial Statements

------

**AB Private Credit Investors Corporation** 

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** | **Class/Series** | **Industry** | **Initial Acquisition<br>Date** <sup>(10)</sup> | **Shares** | **Cost** | **Fair<br>Value** | **Tickmarks** |
| **<u>U.S. Preferred Stock —</u> <u>1.08</u><u>%</u>** |  |  |  |  |  |  | (18) |
| Alphasense, LLC | Series C Preferred | Software & Tech Services | 6/1/2021 | 119806 | 369843 | 1062686 | (8) |
| Avant NewCo Holdings, L.P. | Class A Units | Digital Infrastructure & Services | 12/31/2025 | 375804 | 375804 | 375804 |  |
| Concerto HealthAI Solutions LLC | Series B-1 Preferred | Software & Tech Services | 12/23/2019 | 65614 | 349977 | 266200 |  |
| Datarobot, Inc. | Series E | Software & Tech Services | 8/31/2019 | 38190 | 289278 | 158120 |  |
| Datarobot, Inc. | Series F | Software & Tech Services | 10/27/2020 | 6715 | 88248 | 42915 |  |
| Degreed, Inc. | Series C-1 Preferred | Software & Tech Services | 6/19/2019 | 43819 | 278541 | 232945 |  |
| Degreed, Inc. | Series D Preferred | Software & Tech Services | 4/30/2021 | 16943 | 278308 | 247248 |  |
| Knockout Intermediate Holdings I Inc. | Perpetual Preferred Stock | Software & Tech Services | 6/23/2022 | 738 | 719791 | 1183155 |  |
| Ntiva Investments, LLC | Class A Preferred Units | Digital Infrastructure & Services | 1/24/2022 | 333937 | 272826 | 350966 |  |
| Phenom People, Inc. | Series C Preferred | Software & Tech Services | 1/10/2020 | 35055 | 220610 | 631399 |  |
| Raken Topco, LP | Class A Preferred Units | Software & Tech Services | 8/29/2025 | 66435 | 66435 | 66435 | (8) |
| Swyft Parent Holdings LP | Preferred Units | Services | 2/7/2022 | 850470 | 758389 | 1065958 |  |
| Symplr Software Intermediate Holdings, Inc. | Series A Preferred Shares | Software & Tech Services | 11/30/2018 | 1196 | 1160531 | 2072936 |  |
| Vectra AI, Inc. | Series F Preferred | Software & Tech Services | 5/28/2021 | 17064 | 131095 | 135355 |  |
| **Total U.S. Preferred Stock** |  |  |  |  | **5359676** | **7892122** |  |
| **<u>France Preferred Stock —</u> <u>0.03</u><u>%</u>** |  |  |  |  |  |  | (18) |
| Content Square SAS | Series F Preferred | Software & Tech Services | 11/30/2023 | 27976 | 206755 | 236313 | (8) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total France Preferred Stock** |  |  |  |  | **206755** | **236313** |  |
| **<u>U.S. Common Stock —</u> <u>1.15</u><u>%</u>** |  |  |  |  |  |  | (18) |
| Advantage AVP Parent Holdings, L.P. | Units | Healthcare | 9/24/2021 | 34492 | 34492 | 30529 |  |
| Artemis Investor Holdings, LLC | Class A Units | Services | 1/22/2021 | 38551 | 385509 | 386310 | (8) |
| Brightspot Holdco, LLC | Non-Voting Common Units | Software & Tech Services | 11/16/2021 | 433207 | 433207 | 354384 |  |
| CL Services Acquisition, LLC | Common Units | Services | 3/31/2025 | 405787 | 628970 | 969291 | (8) |
| CN CO-INVEST, LP | Units | Digital Infrastructure & Services | 10/31/2023 | 811572 | 811572 | 818894 |  |
| Coinvest YPTC Blocked Aggregator, L.P. | Class A-1 Units | Services | 11/14/2021 | 138390 | 138390 | 260780 |  |
| Community Based Care Holdings, LP | Senior Common Units | Healthcare | 1/3/2022 | 180 | 179861 | 558708 |  |
| GSV Medsuite Investments, LLC | Class A Units | Healthcare | 12/22/2021 | 86555 | 85705 | 74322 |  |
| GSV Vehlo Investments, LLC | Class A Units | Software & Tech Services | 5/20/2022 | 150297 | 150297 | 195689 |  |
| Leeds FEG Investors, LLC | Class A Units | Consumer Non-Cyclical | 11/20/2017 | 320 | 321309 | 252426 |  |
| Moon Topco, L.P. | Units | Software & Tech Services | 4/19/2021 | 1772 | 17719 | 66317 |  |
| MyKaarma Holdings LP | Class A Common Units | Software & Tech Services | 3/18/2022 | 257031 | 257031 | 383519 |  |
| NEPCORE Parent Holdings LLC | Units | Digital Infrastructure & Services | 10/21/2021 | 98 | 97884 | - |  |
| Netskope, Inc. | Class B Common Stock | Software & Tech Services | 1/27/2020 | 36144 | 686736 | 821553 | (9) |
| Neutral Connect, LLC | Units | Digital Infrastructure & Services | 9/27/2019 | 396513 | 439931 | 161369 |  |
| NP/AB Care Holdings, L.P. | Class A Units | Software & Tech Services | 12/17/2025 | 939 | 938815 | 954467 | (8) |
| Ntiva Investments, LLC | Class A Common Units | Digital Infrastructure & Services | 1/24/2022 | 333937 | 61110 | 45215 |  |
| Ranger Lexipol Holdings, LLC | Class A-1 Units | Software & Tech Services | 11/18/2021 | 437 | 359487 | 527494 |  |
| Ranger Lexipol Holdings, LLC | Class B Units | Software & Tech Services | 11/18/2021 | 434 | 77470 | 111563 |  |
| REP AOM Holdings, LLC | Class A Units | Healthcare | 2/15/2022 | 290393 | - | 1452 |  |
| REP Coinvest III AGP Blocker, L.P. | Earn Out | Healthcare | 10/14/2021 | 32293 | - | 8073 |  |
| REP COINVEST III OMNI, L.P. | Units | Services | 2/4/2021 | 193770 | 53301 | 102698 | (17) |
| REP Coinvest III TEC, L.P. | Class A Units | Services | 6/18/2020 | 167509 | 190658 | 185290 |  |
| REP RO Coinvest IV-A, L.P. | Class A Units | Services | 12/28/2022 | 66441840 | 664418 | 285035 |  |
| RFCN Parent, LP | Class A Units | Healthcare | 6/18/2021 | 77 | 78284 | 122530 |  |
| SBS Super Holdings, LLC | Class A Voting Units | Healthcare | 5/12/2023 | 21 | - | - | (5) |
| SBS Super Holdings, LLC | Class B Non-Voting Units | Healthcare | 5/12/2023 | 100 | 10 | - | (5) |
| Singularity Topco LLC | Common Units | Software & Tech Services | 9/30/2022 | 337841 | 953133 | 544686 |  |
| Stripe, Inc. | Class B Common Stock | Software & Tech Services | 5/17/2021 | 4158 | 166854 | 171725 |  |
| Swyft Parent Holdings LP | Common Units | Services | 2/7/2022 | 4485 | 53048 | - |  |
| &nbsp;&nbsp;**Total U.S. Common Stock** |  |  |  |  | **8265201** | **8394319** |  |
| **<u>France Common Stock —</u> <u>0.06</u><u>%</u>** |  |  |  |  |  |  | (18) |
| Content Square SAS | Ordinary Shares | Software & Tech Services | 11/30/2023 | 78527 | 416757 | 431245 | (8) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total France Common Stock** |  |  |  |  | **416757** | **431245** |  |
| **<u>Luxembourg Common Stock —</u> <u>0.15</u><u>%</u>** |  |  |  |  |  |  | (18) |
| Astorg VIII Co-Invest Acturis | Limited Partnership Interests | Software & Tech Services | 10/18/2024 | 770000 | 843179 | 1113419 | (8) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Luxembourg Common Stock** |  |  |  |  | **843179** | **1113419** |  |

---

See Notes to Consolidated Financial Statements

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**AB Private Credit Investors Corporation** 

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Class/Series** | **Industry** | **Initial Acquisition<br>Date** <sup>(10)</sup> | **Shares** | **Cost** | **Fair Value** | **Tickmarks** |
| **<u>U.S. Warrants —</u> <u>0.25</u><u>%</u>** |  |  |  |  |  |  | (18) |
| Alphasense, LLC | Series B Warrants | Software & Tech Services | 6/2/2020 | 201972 | 35185 | 1509865 | (8) |
| Degreed, Inc. | Series C-1 Warrants | Software & Tech Services | 5/31/2019 | 26294 | 46823 | 28847 |  |
| Degreed, Inc. | Series D Warrants | Software & Tech Services | 4/11/2021 | 7624 | - | 1932 |  |
| Degreed, Inc. | Common Warrants | Software & Tech Services | 8/31/2022 | 9374 | 41527 | 14369 |  |
| Scylla DB Ltd | Series C-1 Warrants | Software & Tech Services | 9/9/2022 | 239984 | 43880 | 144142 |  |
| Vectra AI, Inc. | Warrants | Software & Tech Services | 3/18/2021 | 35156 | 58190 | 121797 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total U.S. Warrants** |  |  |  |  | **225605** | **1820952** |  |
| **<u>United Kingdom Warrants —</u> <u>0.04</u><u>%</u>** |  |  |  |  |  |  | (18) |
| Global WebIndex Holdings Limited | Warrants | Software & Tech Services | 12/30/2020 | 11776 | 159859 | 281148 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total United Kingdom Warrants** |  |  |  |  | **159859** | **281148** |  |
| **<u>France Warrants —</u> <u>0.00</u><u>%</u>** |  |  |  |  |  |  | (18) |
| Content Square SAS | Indemnity Series F Shares Warrants | Software & Tech Services | 11/30/2023 | 2027 | 8561 | - | (8) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total France Warrants** |  |  |  |  | **8561** | **-** |  |
| **Portfolio Company** | **Class/Series** |  |  | **Shares** | **Cost** | **Fair Value** | **Tickmarks** |
| **<u>U.S. Investment Companies —</u> <u>4.93</u><u>%</u>** |  |  |  |  |  |  | (8)(18) |
| AB EQUITY INVESTORS, L.P. | LP Interests | Investment Companies |  | 22615250 | 22615250 | 27595076 | (11) |
| Falcon Co-Investment Partners, L.P. | Units | Investment Companies |  | 849577 | 849577 | 850426 | (11) |
| GHP E AGGREGATOR, LLC | Units | Investment Companies |  | 417813 | 186588 | 942042 | (11) |
| GHP-EIP Aggregator, LLC | Common Units | Investment Companies |  | 50957 | 174608 | - |  |
| Greylion Slpstm Holdings LP | Limited Partnership Interests | Investment Companies |  | 605989 | 605989 | 617488 |  |
| GTCR A-1 Investors LP | Units | Investment Companies |  | 1100000 | 1100000 | 1320000 | (11) |
| Magenta Blocker Aggregator LP | Units | Investment Companies |  | 821396 | 676978 | 977461 | (11) |
| Orangewood WWB Co-Invest, L.P. | Units | Investment Companies |  | 829314 | 781612 | 1434713 | (11) |
| ORCP III TRITON CO-INVESTORS, L.P. | Units | Investment Companies |  | 341592 | - | - | (11) |
| OSS SPV LP | Units | Investment Companies |  | 393055 | 381076 | 581721 | (11) |
| Palms Co-Investment Partners D, L.P. | Units | Investment Companies |  | 261450 | 261450 | 295438 | (11) |
| QCS Co-Invest Aggregator, L.P. | Units | Investment Companies |  | 529116 | 529116 | 652400 | (11) |
| SCP-RESONETICS AGGREGATOR I, LLC | Class B Common Units | Investment Companies |  | 32450 | 171840 | 34397 | (11) |
| SCP-RESONETICS AGGREGATOR I, LLC | Class A Preferred Units | Investment Companies |  | 541 | 368990 | 674112 | (11) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total U.S. Investment Companies** |  |  |  |  | **28703074** | **35975274** |  |
| **<u>Canada Investment Companies —</u> <u>0.05</u><u>%</u>** |  |  |  |  |  |  | (18) |
| GHP SPV-2, L.P. | Units |  |  | 271942 | 271942 | 347542 | (8)(11) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Canada Investment Companies** |  |  |  |  | **271942** | **347542** |  |
| **Total Investments — (254.85%)** |  |  |  |  | **1876212627** | **1861296462** |  |
| **Portfolio Company** |  |  | **Yield** | **Shares** | **Cost** | **Fair Value** | **Tickmarks** |
| **<u>Cash Equivalents —</u> <u>11.20</u><u>%</u>** |  |  |  |  |  |  | (13) |
| BLACKROCK T FUND INST |  |  | 4.34% | 12327286 | 12327286 | 12327286 | (9)(14)(15) |
| State Street Institutional US Government Money Market Fund |  |  | 4.42% | 3077289 | 3077289 | 3077289 | (9)(14) |
| US BANK MMDA GCTS |  |  | 3.73% | 66394741 | 66394741 | 66394741 | (9)(14)(15) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Cash Equivalents** |  |  |  |  | **81799316** | **81799316** |  |
| **<u>Cash —</u> <u>3.29</u><u>%</u>** |  |  |  |  |  |  |  |
| US Dollar |  |  |  |  | 24008727 | 24008727 | (13) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Cash** |  |  |  |  | **24008727** | **24008727** |  |
| **TOTAL CASH AND CASH EQUIVALENTS** |  |  |  |  | **105808043** | **105808043** |  |
| **LIABILITIES IN EXCESS OF OTHER ASSETS — (169.34%)** |  |  |  |  |  | $**(1236755774)** |  |
| **NET ASSETS—100.00%** |  |  |  |  |  | $**730348731** |  |

---

(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".

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(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)Non-controlled affiliated investment. See Note 3 "Related Party Transactions".

(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 $113,283,611 or 5.72% of the Fund's total assets.

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

(10)Securities exempt from registration under the Securities Act of 1933, and may be deemed to be "restricted securities". As of December 31, 2025, the aggregate fair value of these securities is $20,169,518 or 2.76% of the Fund's net assets.

(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 $23,273,406; aggregate gross unrealized depreciation for federal income tax purposes is $37,581,247. Net unrealized depreciation is $14,307,841. 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)Position or Portion thereof are pledged as collateral for the Collateralized Loan Obligations or Credit Facilities (as defined below). See Note 4 "Borrowings."

(16)The investment is on non-accrual status. See Note 2 "Significant Accounting Policies."

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

(18)Non-income producing investment, unless otherwise noted.

P - Prime

PIK - Payment-In-Kind

S - SOFR

See Notes to Consolidated Financial Statements

------

**AB Private Credit Investors Corporation** 

**Notes to Unaudited Consolidated Financial Statements** 

**March 31, 2026** 

**1. Organization** 

AB Private Credit Investors Corporation (the "Fund," "we," "our," and "us"), an externally managed, non-diversified, closed-end, management investment company that elected to be regulated as a business development company ("BDC") under the 1940 Act, was incorporated under the laws of the state of Maryland on February 6, 2015. The Fund was formed to invest in primary-issue middle-market credit opportunities that are directly sourced and privately negotiated. AB Private Credit Investors LLC serves as the Fund's external investment adviser (the "Adviser").

The Fund is conducting private offerings (each a "Private Offering") of its common stock to investors in reliance on an exemption from the registration requirements of the Securities Act of 1933, as amended (the "Securities Act"). At the closing of any Private Offering, each investor will make a capital commitment (a "Capital Commitment") to purchase Shares pursuant to a subscription agreement entered into with the Fund. All investors are committed to the Fund for at least three years from the date of their initial Capital Commitment, subject to the terms described in the Fund's Private Placement Memorandum. Investors are required to fund drawdowns to purchase Shares up to the amount of their respective Capital Commitment on an as-needed basis each time the Fund delivers a capital draw-down notice to its investors.

On September 29, 2017, the Fund completed the initial closing ("Initial Closing") of its Private Offering after entering into subscription agreements (collectively, the "Subscription Agreements") with several investors, providing for the private placement of Shares. The total Capital Commitments of investors in the Fund as of March 31, 2026 is $803,493,623 of which 21% or $171,776,023 is unfunded. Capital Commitments may be drawn down by the Fund on a pro rata basis, as needed (including follow-on investments), for paying the Fund's expenses, including fees under the Third Amended and Restated Advisory Agreement (as defined below), and/or maintaining a reserve account for the payment of future expenses or liabilities.

The Fund's fiscal year ends on December 31.

On February 7, 2020, the Fund and an affiliate of Abbott Capital Management, LLC ("Abbott") became members of ABPCIC Equity Holdings, LLC ("ABPCICE"), a Delaware limited liability company and a special purpose vehicle designed to invest in private equity investments sourced by Abbott. The Fund is the managing member and owns 100% of the Class L Units and 93% of the Class A Units of ABPCICE. As a result, the Fund consolidates ABPCICE in its consolidated financial statements and records a non-controlling interest of the equity interests in ABPCICE not held by the Fund.

The Adviser has established certain additional consolidated subsidiaries that are subject to U.S. federal and state corporate level income taxes to hold collateral for certain lending agreements and to hold certain equity or equity-like investments in portfolio companies.

**2. Summary of Significant Accounting Policies** 

*Basis of Financial Statement 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 the Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") 946, Financial Services – Investment Companies. The Fund has prepared the consolidated financial statements and related financial information pursuant to the requirements for reporting on Form 10-Q and Articles 6 and 10 of Regulation S-X. Accordingly, we have not included in this quarterly report all of the information and notes required by GAAP for annual financial statements. In the opinion of management, the unaudited financial information for the interim period presented in this report reflects all normal and recurring adjustments necessary for a fair statement of the periods presented and results from operations. Operating results for interim periods are not necessarily indicative of operating results for an entire year.

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

------

*Consolidation* 

The Fund will generally consolidate any wholly or substantially owned subsidiary when the design and purpose of the subsidiary is to act as an extension of the Fund's investment operations and to facilitate the execution of the Fund's investment strategy. Accordingly, the Fund consolidated the results of its wholly or substantially owned subsidiaries in its consolidated financial statements. The portion of net assets that is attributable to non-controlling interest in ABPCICE is presented as "Non-Controlling Interest in ABPCIC Equity Holdings, LLC", a component of total equity, on the Fund's consolidated statements of assets and liabilities. All intercompany balances and transactions have been eliminated in consolidation.

*Valuation of Investment Companies* 

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

*Cash and Cash Equivalents* 

Cash 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 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 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 (loss), 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 had certain investments held in six portfolio companies on non-accrual status, which represented 1.52% and 0.43% of the total investments (excluding investments in cash equivalents, if any) at amortized cost and at fair value, respectively. As of December 31, 2025, the Fund had certain investments held in six portfolio companies on non-accrual status, which represented 1.57% and 0.49% of the total investments (excluding investments in cash equivalents, if any) at amortized cost and at fair value, respectively

*Credit Facility Related Costs, Expenses and Deferred Financing Costs* 

The 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. 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.

*Notes Payable Related Costs, Expenses and Unamortized Debt Issuance Costs* 

The Notes (as defined in Note 4) are recorded at carrying value. Interest expense on notes payable is recorded on an accrual basis. Debt issuance costs relating to notes payable are amortized on a straight-line basis over the contractual term and included in interest and borrowing expenses in the consolidated statements of operations. The unamortized debt issuance costs are included as a direct reduction of the carrying value of the notes payable (i.e. a contra liability).

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

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*Income Taxes* 

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

The Fund has elected to be treated and intends to continue to be treated for federal income tax purposes as a RIC under Subchapter M of the Code. So long as the Fund is able to maintain its status as a RIC, it intends not to be subject to U.S. federal income tax on the portion of its taxable income and gains distributed to stockholders, if any. To qualify for RIC tax treatment, the Fund is required to distribute at least 90% of its investment company taxable income annually, meet diversification and income requirements quarterly, meet gross income requirements annually and file Form 1120-RIC, as provided by the Code. In order for the Fund not to be subject to U.S. federal excise taxes, it must distribute annually an amount at least equal to the sum of (i) 98% of its net ordinary income (taking into account certain deferrals and elections) for the calendar year, (ii) 98.2% of its capital gains in excess of capital losses for the one-year period ending on October 31 of the calendar year (unless an election is made by the Fund to use its own taxable year) and (iii) any net ordinary income and capital gains in excess of capital losses for preceding years that were not distributed during such years. The Fund, at its discretion, may carry forward taxable income in excess of calendar year dividends and pay a 4% nondeductible U.S. federal excise tax on this income. The Fund will accrue excise tax on estimated undistributed taxable income as required. As of March 31, 2026, and December 31, 2025, no accrued excise tax remained payable.

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

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

Certain of the Fund's consolidated subsidiaries are subject to U.S. federal and state corporate-level income taxes.

For the three months ended March 31, 2026 and 2025, the Fund accrued income taxes of $(8,700) and $216,883, respectively. As of March 31, 2026 and 2025, $309,616 and $318,578 of accrued income taxes remained payable, respectively as of such dates.

*Use of Estimates* 

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

*Distributions* 

Distributions from net investment income and net realized capital gains are determined in accordance with U.S. federal income tax regulations, which may differ from those amounts determined in accordance with GAAP. These book/tax differences are either temporary or permanent in nature. To the extent these differences are permanent they are charged or credited to paid-in capital in excess of par or distributable earnings, as appropriate, in the period that the differences arise. Temporary and permanent differences are primarily attributable to differences in the tax treatment of certain loans and the tax characterization of income and non-deductible expenses. These differences are generally determined in conjunction with the preparation of the Fund's annual RIC tax return. Distributions to common stockholders are recorded on the ex-dividend date. The amount to be paid out as a distribution is determined by the Board each quarter and is generally based upon the earnings estimated by the Adviser. The Fund may pay distributions to its stockholders in a year in excess of its net ordinary income and capital gains for that year and, accordingly, a portion of such distributions may constitute a return of capital for U.S. federal income tax purposes. The Fund may pay distributions in excess of its taxable net investment income. This excess would be a tax-free return of capital in the period and reduce the stockholder's tax basis in its Shares. The Fund intends to timely distribute to its stockholders substantially all of its annual taxable income for each year, except that the Fund may retain certain net capital gains for reinvestment and, depending upon the level of the Fund's taxable income earned in a year, the Fund may choose to carry forward taxable income for distribution in the following year and pay any applicable U.S. federal excise tax. The specific tax characteristics of the Fund's distributions will be reported to stockholders after the end of the

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calendar year. All distributions will be subject to available funds, and no assurance can be given that the Fund will be able to declare such distributions in future periods.

The Fund has adopted a dividend reinvestment plan that provides for stockholders to receive dividends or other distributions declared by the Board in cash unless a stockholder elects to "opt in" to the dividend reinvestment plan. As a result, if the Board declares a cash distribution, then the stockholders who have "opted in" to the dividend reinvestment plan will have their cash distributions automatically reinvested in additional Shares, rather than receiving the cash distribution.

*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 Adviser. 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.

**3. Related Party Transactions** 

*Advisory Agreement* 

On March 24, 2022, the Fund entered into the second amended and restated investment advisory agreement (the "Second

Amended and Restated Advisory Agreement"), replacing the amended and restated advisory agreement and the advisory agreement

the Fund entered into with the Adviser on November 13, 2019 and July 27, 2017, respectively, pursuant to which the Fund will pay

the Adviser, quarterly in arrears, a base management fee calculated at an annual rate of 1.375%, in addition to the incentive fee

described in the following paragraphs. The base management fee is calculated based on a percentage of the average outstanding assets

of the Fund (which equals the gross value of equity and debt instruments, including investments made utilizing leverage), excluding

cash and cash equivalents, during such fiscal quarter. The average outstanding assets is calculated by taking the average of the amount

of assets of the Fund at the beginning and end of each month that occurs during the calculation period. The base management fee is

calculated and paid quarterly in arrears but will be accrued monthly by the Fund over the fiscal quarter for which such base

management fee is paid.

On February 10, 2026, the Fund entered into the third amended and restated investment advisory agreement (the "Third Amended and Restated Advisory Agreement"), replacing the amended and restated advisory agreement and the advisory agreement the Fund entered into with the Adviser on March 24, 2022, November 13, 2019 and July 27, 2017, respectively, pursuant to which the Fund will pay the Adviser, quarterly in arrears, a base management fee calculated at an annual rate of 1.25% of the average outstanding assets of the Fund, in addition to the incentive fee described in the following paragraphs. The Income-Based Incentive Fee was amended to provide for a maximum rate of 17.5% of PIFNI by amending the rates as follows: (x) the 8% Catch-Up Cap equals the portion of the Pre-incentive Fee Net Investment Income, if any, that exceeds the 8% Hurdle Rate but is less than 2.42% in any calendar quarter (approximately 9.7% per annum), and (y) 17.5% of the amount of Pre-incentive Fee Net Investment Income, if any, that exceeds 2.42% in any calendar quarter. In addition, the Capital Gains Fee equals 17.5% of the Fund's aggregate cumulative realized capital gains, if any.

On February 10, 2026, the Fund and the Adviser also entered into a fee waiver letter that retroactively applies the reduced fee rates set forth in the Third Amended and Restated Advisory Agreement from January 1, 2026 through February 10, 2026. Under this agreement, the Adviser has agreed to waive the portion of the base management fee, income-based incentive fee, and capital gains fee equal to the difference in the respective management and incentive fee rates between the Second Amended and Restated Advisory Agreement and the Third Amended and Restated Advisory Agreement during the waived period.

For the three months ended March 31, 2026 and 2025, the Fund incurred a management fee of $6,133,927 and $5,634,969, respectively. The Adviser waived management fee of $271,957 and $0 for the three months ended 2026 and 2025. As of March 31, 2026 and December 31, 2025, $5,861,969 and $6,362,763, respectively, of accrued management fee remained payable.

The Fund also pays the Adviser an incentive fee that provides the Adviser with a share of the income that the Adviser generates for the Fund. The incentive fee consists of an income-based incentive fee component and a capital-gains component, which are largely independent of each other, with the result that one component may be payable even if the other is not.

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Income-Based Incentive Fee: The income-based incentive fee is calculated and payable quarterly in arrears based on the Fund's net investment income prior to any deductions with respect to such income-based incentive fees and capital gains incentive fees ("Pre-incentive Fee Net Investment Income" or "PIFNII") for the quarter, as further described below. PIFNII means interest income, dividend income and any other income (including any other fees, such as commitment, origination, structuring, diligence, managerial and consulting fees or other fees the Fund receives from portfolio companies) that the Fund accrues during the fiscal quarter, minus the Fund's operating expenses for the quarter (including the base management fee, expenses payable under the administration agreement (the "Administration Agreement") the Fund has entered into with State Street Bank and Trust (the "Administrator"), and any interest expense and dividends paid on any issued and outstanding indebtedness or preferred stock, respectively, but excluding, for avoidance of doubt, the income-based incentive fee, as well as the capital gains incentive fee (described below), accrued under GAAP). PIFNII also includes, in the case of investments with a deferred interest feature (such as original issue discount, debt instruments with pay-in-kind interest and zero-coupon securities), accrued income that the Fund has not yet received in cash. The Adviser is not under any obligation to reimburse the Fund for any part of the income-based incentive fees it received that was based on accrued interest that the Fund never actually received.

PIFNII does not include any realized capital gains, realized capital losses or unrealized capital appreciation or depreciation. Because of the structure of the income-based incentive fee, it is possible that the Fund may accrue such income-based incentive fee in a quarter where the Fund incurs a net loss. For example, if the Fund receives PIFNII in excess of a hurdle rate (as defined below) for a quarter, the Fund will accrue the applicable income-based incentive fee even if the Fund has incurred a realized and/or unrealized capital loss in that quarter. However, cash payment of the income-based incentive fee may be deferred in this situation, subject to the restrictions detailed at the end of this section.

PIFNII, expressed as a rate of return on the average value of the Fund's net assets (defined as total assets, less indebtedness and before taking into account any incentive fees payable during the period) as of the first day of each month during the course of the immediately preceding calendar quarter, will be compared to various "hurdle rates," with the income-based incentive fee rate of return increasing at each hurdle rate.

**Description of Quarterly Incentive Fee Calculations** 

The Fund pays the Adviser an income-based incentive fee with respect to PIFNII in each calendar quarter as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•No income-based incentive fee in any calendar quarter in which PIFNII does not exceed 1.5% per quarter (6% per annum), the "6% Hurdle Rate";

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•100% of PIFNII with respect to that portion of such PIFNII, if any, that exceeds the 6% Hurdle Rate but is less than 1.67% in any calendar quarter (the "6% Catch-up Cap"), approximately 6.67% per annum. This portion of PIFNII (which exceeds the 6% Hurdle Rate but is less than the 6% Catch-up Cap) is referred to as the "6% Catch-up." The 6% Catch-up is meant to provide the Adviser with 10.0% of the PIFNII as if hurdle rate did not apply if this net investment income exceeded 1.67% but was less than 1.94% in any calendar quarter; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•10.0% of the amount of PIFNII, if any, that exceeds the 6% Catch-up Cap, but is less than 1.94% (the "7% Hurdle Rate"), approximately 7.78% per annum. The 7% Hurdle Rate is meant to limit the Adviser to 10% of the PIFNII until the amount of PIFNII exceeds 1.94%, approximately 7.78% per annum; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•100% of PIFNII with respect to that portion of such PIFNII, if any, that exceeds the 7% Hurdle Rate but is less than 2.06% in any calendar quarter (the "7% Catch-up Cap"), approximately 8.24% per annum. This portion of PIFNII (which exceeds the 7% Hurdle Rate but is less than the 7% Catch-up Cap) is referred to as the "7% Catch-up." The 7% Catch-up is meant to provide the Adviser with 15.0% of the PIFNII as if a hurdle rate did not apply if this net investment income exceeded 2.06% but was less than 2.35% in any calendar quarter; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•15.0% of the amount of PIFNII, if any, that exceeds the 7% Catch-up Cap, but is less than 2.35% (the "8% Hurdle Rate", approximately 9.41% per annum). The 8% Hurdle Rate is meant to limit the Adviser to 15% of the PIFNII until the amount of PIFNII exceeds 2.35%, approximately 9.41% per annum; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•100% of PIFNII with respect to that portion of such PIFNII, if any, that exceeds the 8% Hurdle Rate but is less than 2.42% in any calendar quarter (the "8% Catch-up Cap"), approximately 9.70% per annum. This portion of PIFNII (which exceeds the 8% Hurdle Rate but is less than the 8% Catch-up cap) is referred to as the "8% Catch-up". The 8% Catch-up is meant to provide the Adviser with 17.50% of the PIFNII as if a hurdle rate did not apply if this net investment income exceeded 2.42% in any calendar quarter; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•17.5% of the amount of PIFNII, if any, that exceeds 2.42% in any calendar quarter

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For the three months ended March 31, 2026 and 2025, the Fund incurred income-based incentive fees of $3,570,694 and $3,484,107, respectively. During the three months ended March 31, 2026, the Adviser waived income-based incentive fees of $245,475. No incentive fees were waived during the three months ended March 31, 2025. As of March 31, 2026 and 2025, $3,325,218 and $3,598,459, respectively, of accrued income-based incentive fees remained payable.

The capital gains fee shall be determined and payable in arrears as of the end of each calendar year (or upon termination of this Agreement as set forth below), and will equal 17.5% of the Fund's aggregate cumulative realized capital gains, if any, from the date of the Fund's election to be regulated as a BDC through the end of each calendar year, computed net of all aggregate cumulative realized capital losses and aggregate cumulative unrealized capital depreciation, less the aggregate amount of any previously paid capital gain incentive fees, with respect to each of the investments in the Fund's portfolio. The Fund's "aggregate cumulative realized capital

gains" will not include any unrealized appreciation. The capital gains fee is not subject to any minimum return to stockholders. If such amount is negative, then no capital gains fee will be payable for such year. In the event that the Third Amended and Restated Advisory Agreement shall terminate as of a date that is not a calendar year end, the termination date shall be treated as though it were a calendar year end for purposes of calculating and paying a capital gains fee.

While the capital gains fee to be paid is determined above, GAAP requires such fee to be accrued as if the Fund were to be terminated and liquidated at period end hypothetical liquidation. There was no capital gains incentive fee under GAAP recognized for the three months ended March 31, 2026 and 2025. As of March 31, 2026 and December 31, 2025, no capital gains incentive fee remained payable.

The amount of capital gains incentive fee expense related to a hypothetical liquidation of the portfolio (and assuming no other changes in realized or unrealized gains and losses) would only become payable to the Adviser in the event of a complete liquidation of the Fund's portfolio as of period end and the termination of the Third Amended and Restated Advisory Agreement on such date. Also, it should be noted that the capital gains incentive fee expense fluctuates with the Fund's overall investment results.

The Fund will defer cash payment of any income-based incentive fee and/or any capital gains incentive fee otherwise earned by the Adviser if during the most recent four full fiscal quarter periods ending on or prior to the date such payment is to be made, the sum of (a) the PIFNII, and (b) the realized capital gain / loss and (c) unrealized capital appreciation/ depreciation expressed as a rate of return on the value of our net assets, is less than 6.0%. Any such deferred fees are carried over for payment in subsequent calculation periods to the extent such payment is payable under the Third Amended and Restated Advisory Agreement.

*Administration Agreement and Expense Reimbursement Agreement* 

The Fund has entered into the Administration Agreement with the Administrator and a separate expense reimbursement agreement with the Adviser (the "Expense Reimbursement Agreement") under which any allocable portion of the cost of the Fund's Chief Compliance Officer and Chief Financial Officer and their respective staffs will be reimbursed by the Fund. Under the Administration Agreement, the Administrator will be responsible for providing the Fund with clerical, bookkeeping, record keeping and other administrative services. The Fund will reimburse the Adviser an amount equal to the Fund's allocable portion (subject to the review of its Board) of the Fund's overhead resulting from the Fund's obligations under the Expense Reimbursement Agreement, including the allocable portion of the cost of the Fund's Chief Compliance Officer and Chief Financial Officer and their respective staffs.

*Expense Support and Conditional Reimbursement Agreement* 

On September 29, 2017, the Fund and the Adviser entered into an agreement (the "Expense Support and Conditional Reimbursement Agreement") to limit certain of the Fund's Operating Expenses, as defined below, to no more than 1.5% of the Fund's average quarterly gross assets. To achieve this percentage limitation, the Adviser has agreed to reimburse the Fund for certain Operating Expenses on a quarterly basis (any such payment by the Adviser, an "Expense Payment") and the Fund has agreed to later repay such amounts (any such payment by the Fund, a "Reimbursement Payment"), pursuant to the terms of the Expense Support and Conditional Reimbursement Agreement. The actual percentage of Operating Expenses paid by the Fund in any quarter after deducting any Expense Payment, as a percentage of the Fund's average quarterly gross assets, is referred to as the "Percentage Limit."

Any Expense Payment by the Adviser pursuant to the Expense Support and Conditional Reimbursement Agreement will be subject to repayment by the Fund on a quarterly basis within the three years following the fiscal quarter of the Fund in which the Operating Expenses were paid or absorbed, if the total Operating Expenses for the current quarter, including Reimbursement Payments, expressed as a percentage of the Fund's average gross assets during such quarter is less than the then-current Percentage Limit, if any, and the Percentage Limit that was in effect at the time when the Adviser reimbursed the Operating Expenses that are the subject of the repayment, subject to certain provisions of the Expense Support and Conditional Reimbursement Agreement, as described below. For purposes of the Expense Support and Conditional Reimbursement Agreement, "Operating Expenses" means the

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Fund's Total Operating Expenses (as defined below), excluding base management fees, incentive fees, distribution and stockholder servicing fees, financing fees and costs, interest expense, brokerage commissions and extraordinary expenses and "Total Operating Expenses" means all of the Fund's operating costs and expenses incurred, as determined in accordance with generally accepted accounting principles for investment companies.

However, no Reimbursement Payment for any quarter will be made if: (1) the Effective Rate of Distributions Per Share (as defined below) declared by the Fund at the time of such Reimbursement Payment is less than or equal to the Effective Rate of Distributions Per Share at the time the Expense Payment was made to which such Reimbursement Payment relates, or (2) the Fund's Operating Expense Ratio at the time of such Reimbursement Payment is greater than or equal to the Operating Expense Ratio (as defined below) at the time the Expense Payment was made to which such Reimbursement Payment relates. For purposes of the Expense Support and Conditional Reimbursement Agreement, "Effective Rate of Distributions Per Share" means the annualized rate (based on a 365- day year) of regular cash distributions per Share exclusive of returns of capital, distribution rate reductions due to distribution and stockholder fees, and declared special dividends or special distributions, if any. The "Operating Expense Ratio" is calculated by dividing Operating Expenses in any quarter by the Fund's average net assets in such quarter.

The specific amount of expenses paid by the Adviser, if any, will be determined at the end of each quarter. The Fund or the Adviser may terminate the Expense Support and Conditional Reimbursement Agreement at any time, with or without notice. The Expense Support and Conditional Reimbursement Agreement will automatically terminate in the event of (a) the termination of the Third Amended and Restated Advisory Agreement, or (b) the Board of the Fund making a determination to dissolve or liquidate the Fund. Upon termination of the Expense Support and Conditional Reimbursement Agreement, the Fund will be required to fund any Expense Payments, subject to the aforementioned requirements per the Expense Support and Conditional Reimbursement Agreement, that have not been reimbursed by the Fund to the Adviser.

As of March 31, 2026, the amount of Expense Payments provided by the Adviser since inception is $4,874,139, of which $4,199,150 has been reimbursed. The remainder is no longer subject to reimbursement. The Fund has not received expense support from the Adviser since 2020 and has not made reimbursement payments since 2022.

*Transfer Agency Agreement* 

On September 26, 2017, the Fund and Alliance Bernstein Investor Services, Inc. ("ABIS"), an affiliate of the Fund, entered into an agreement pursuant to which ABIS 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 accrued $46,927 and $38,370, respectively, in transfer agent fees. As of March 31, 2026 and December 31, 2025, $46,927 and $44,812, respectively, of accrued transfer agent fees remained payable.

*Co-investment Activity* 

The Fund may be prohibited under the 1940 Act from participating in certain transactions with its affiliates without prior approval of the directors who are not interested persons, and in some cases, the prior approval of the SEC. The Fund, the Adviser and certain of their affiliates have been granted exemptive relief by the SEC for the Fund to co-invest with other funds managed by the Adviser or its affiliates in a manner consistent with the Fund's investment objective, positions, policies, strategies and restrictions as well as regulatory requirements and other pertinent factors. Pursuant to such exemptive relief, the Fund generally is permitted to co-invest with certain of its affiliates if a "required majority" (as defined in Section 57(o) of the 1940 Act) of the Board makes certain conclusions 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.

*Affiliates* 

As defined in the Investment Company Act, an investment is deemed to be a "controlled affiliated person" of the Fund because the Fund owns, either directly or indirectly, 25% or more of the portfolio company's outstanding voting securities or has the power to exercise control over management or policies of such portfolio company. As defined in the Investment Company Act an investment is

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deemed to be an "affiliated person" of the Fund because the Fund owns, either directly or indirectly, 5% or more of the portfolio company's outstanding voting securities. The table below presents the Fund's affiliated investments:

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Loan Type** | **Beginning<br>Fair Value<br>Balance** | **Gross<br>Additions**<sup>(1)</sup> | **Gross<br>Reductions**<sup>(2)</sup> | **Net Realized<br>Gain/Loss** | **Net Change in<br>Unrealized<br>Appreciation<br>(Depreciation)** | **Ending Fair<br>Value<br>Balance** | **Dividend,<br>Interest,<br>PIK and<br>Other<br>Income** |
| ***For the three Months Ended March 31, 2026*** |  |  |  |  |  |  |  |  |
| **Non-Controlled Affiliates** |  |  |  |  |  |  |  |  |
| SBS Super Holdings, LLC (Class A and Class B Units) | Common Stocks | $— | $— | $— | $— | $— | $— | $— |
| Delaware Valley Management Holdings, Inc. | Term Loan | 539108 |  |  |  | (1887) | 537221 |  |
| Delaware Valley Management Holdings, Inc. | Delayed Draw Term Loan | 106210 |  |  |  | (372) | 105838 |  |
| Delaware Valley Management Holdings, Inc. | Revolver | 83827 |  |  |  | (293) | 83534 |  |
| Delaware Valley Management Holdings, Inc. | Delayed Draw Term Loan | 56748 |  |  |  | (198) | 56550 |  |
| **Total Non-Controlled<br> Affiliates** |  | $785893 | $— | $— | $— | $(2750) | $783143 | $— |

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Loan Type** | **Beginning<br>Fair Value<br>Balance** | **Gross<br>Additions**<sup>(1)</sup> | **Gross<br>Reductions**<sup>(2)</sup> | **Net Realized<br>Gain/Loss** | **Net Change in<br>Unrealized<br>Appreciation<br>(Depreciation)** | **Ending Fair<br>Value<br>Balance** | **Dividend,<br>Interest,<br>PIK and<br>Other<br>Income** |
| ***For the three Months Ended March 31, 2025*** |  |  |  |  |  |  |  |  |
| **Non-Controlled Affiliates** |  |  |  |  |  |  |  |  |
| SBS Super Holdings, LLC (Class A and Class B Units) | Common Stocks | $— | $— | $— | $— | $— | $— | $— |
| Delaware Valley Management Holdings, Inc. | Delayed Draw Term Loan | 60364 |  |  |  |  | 60364 |  |
| Delaware Valley Management Holdings, Inc. | Delayed Draw Term Loan | 112997 |  |  |  | (19) | 112978 |  |
| Delaware Valley Management Holdings, Inc. | Revolver | 89190 |  |  |  | (46) | 89144 |  |
| Delaware Valley Management Holdings, Inc. | Term Loan | 573437 |  |  |  | 24 | 573461 |  |
| **Total Non-Controlled<br> Affiliates** |  | $835988 | $— | $— | $— | $(41) | $835947 | $— |

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(1)Gross additions may include increases in the cost basis of investments resulting from new portfolio investments, PIK, the accretion of discounts, the exchange of one or more existing securities for one or more new securities and the movement of an existing portfolio company into this category from a different category.

(2)Gross reductions may include decreases in the cost basis of investments resulting from principal collections related to investment repayments or sales, the exchange of one or more existing securities for one or more new securities and the movement of an existing portfolio company out of this category into a different category.

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**4. Borrowings** 

**Credit Facilities** 

Borrowings under the Credit Facilities are subject to certain restrictions contained in the 1940 Act.

*HSBC Credit Facility* 

On July 8, 2021, the Fund entered into Joinder and Third Amendment to Revolving Credit Agreement (the "HSBC Joinder"), with HSBC as administrative agent and a lender, and each of the parties listed thereto, pursuant to which the Fund became party to a subscription financing facility (the "2021 HSBC Credit Facility") evidenced by Revolving Credit Agreement, dated as of June 14, 2019 (as amended, restated, supplemented or otherwise modified from time to time, the "2021 HSBC Credit Agreement"), by and among AB-Abbott Private Equity Investors 2019 (Delaware) Fund L.P., AB-Abbott Private Equity Investors 2020 (Delaware) Fund L.P., AB-Abbott Private Equity Solutions 2021 (Delaware) Fund L.P., AB Private Credit Investors Middle Market Direct Lending Fund L.P., AB-Abbott Private Equity Solutions 2022 (Delaware), affiliates of the Fund, the banks and financial institutions from time to time party thereto as lenders, and HSBC as administrative agent. The Fund has entered into a number of amendments to the 2021 HSBC Credit Facility through March 23, 2026, the latest details of which are reflected in the notes below.

Borrowings under the 2021 HSBC Credit Facility bear interest at a rate per annum equal to (i) with respect to SOFR Loans, Adjusted Term SOFR (as defined in the 2021 HSBC Credit Agreement) plus a spread of 2.10% per annum for the applicable Interest Period (as defined in the 2021 HSBC Credit Agreement) and (ii) with respect to Reference Rate Loans (as defined in the 2021 HSBC Credit Agreement), the Reference Rate (as defined in the 2021 HSBC Credit Agreement) in effect from day to day. The Fund will also pay an unused commitment fee of (x) with respect to any day on which the Principal Obligations (as defined in the 2021 HSBC Credit Agreement) are then-currently greater than 66% of the Maximum Commitment (as defined in the 2021 HSBC Credit Agreement), 0.35% per annum, (y) with respect to any day on which the Principal Obligations are then-currently less than or equal to 66% and greater than thirty-three percent 33% of the Maximum Commitment, 0.50% per annum and (z) with respect to any day on which the Principal Obligations are then-currently less than or equal to 33% of the Maximum Commitment, 1.00% per annum.

On March 23, 2026, the Fund entered into an amendment (the "<u>Amendment</u>"), which among other changes, (i) creates an alternative currency temporary increase tranche, which reallocates the dollar equivalent of $115,000,000 of the $450,000,000 maximum commitment to be used for loans made in Canadian Dollars, Sterling, Euros, Australian Dollars, Japanese Yen, Swedish Krona or any other currency requested by the Fund and approved by each applicable lender, in its sole discretion, under the Credit Facility until December 7, 2026 (the "Stated Maturity Date"), (ii) incorporates an alternative currency sublimit of 50.0% of the available commitment and (iii) decreases the Fund's facility sublimit from $42,000,000 to $35,000,000 until the Stated Maturity Date.

As of March 31, 2026, the maximum commitment under the 2021 HSBC Credit Facility was $450,000,000, and the Fund's facility sublimit was $35,000,000. Proceeds under the 2021 HSBC Credit Agreement may be used for any purpose permitted under the Fund's organizational documents, including general corporate purposes such as the making of investments. Any amounts borrowed under the 2021 HSBC Credit Facility will mature, and all accrued and unpaid interest thereunder will be due and payable on December 7, 2026. The 2021 HSBC Credit Agreement contains certain customary covenants and events of default, with customary cure and notice provisions. The Fund's obligations under the 2021 HSBC Credit Agreement are secured by the Capital Commitments and capital contributions.

*Synovus Credit Facility* 

On October 15, 2020, ABPCIC Funding II LLC, a Delaware limited liability company and wholly-owned subsidiary of the Fund ("ABPCIC Funding II"), entered into a revolving credit facility (the "Synovus Credit Facility") with Synovus Bank, Specialty Finance Division ("Synovus"), as facility agent, and U.S. Bank, National Association ("U.S. Bank"), as collateral agent (in such capacity, the "Synovus Collateral Agent"), collateral custodian (in such capacity, the "Synovus Collateral Custodian") and securities intermediary (in such capacity, the "Synovus Securities Intermediary"). ABPCIC Funding II has entered into a number of amendments of the Synovus Credit Facility through February 6, 2026, the latest details of which are reflected in the notes below.

On February 6, 2026, ABPCIC Funding II entered into the fourth amendment (the "Fourth Synovus Credit Facility Amendment") to the Loan Financing and Sale Agreement. The Fourth Synovus Credit Facility Amendment, among other changes, (i) decreased the applicable margin to 2.10% per annum, (ii) decreased the facility amount to $150,000,000, (iii) extended the facility termination date to February 6, 2031 and (iv) extended the revolving period to February 6, 2029.

As of March 31, 2026, the Synovus Credit Facility provides for borrowings in an aggregate amount up to $150,000,000. Borrowings under the Synovus Credit Facility bear interest based on SOFR for the relevant interest period, plus a spread of 2.10

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% per annum. Interest is payable quarterly in arrears. Any amounts borrowed under the Synovus Credit Facility will mature, and all accrued and unpaid interest thereunder will be due and payable, on the earlier of (i) February 6, 2031 or (ii) upon certain events which result in accelerated maturity under the agreements establishing the Synovus Credit Facility. The availability period with respect to the revolving commitments under the Synovus Credit Facility will terminate on February 6, 2029.

Borrowings under the Synovus Credit Facility are secured by all of the assets held by ABPCIC Funding II. Pursuant to the agreements establishing the Synovus Credit Facility, the Adviser will perform certain duties with respect to the purchase and management of the assets securing the Synovus Credit Facility. The Adviser will not receive a fee for these services so long as the Adviser or an affiliate thereof continues providing such services. ABPCIC Funding II will reimburse all reasonable expenses, disbursements and advances incurred or made by the Adviser in the performance of its obligations relating to the Synovus Credit Facility.

All of the collateral pledged to the lenders by ABPCIC Funding II under the Synovus Credit Facility is held in the custody of the Synovus Collateral Custodian or the Synovus Securities Intermediary. The Synovus Collateral Custodian will maintain and perform certain custodial services with respect to the collateral pledged to support the Synovus Credit Facility. As compensation for the services rendered by U.S. Bank in its capacities as Synovus Collateral Custodian and Synovus Collateral Agent, ABPCIC Funding II will pay U.S. Bank, on a quarterly basis, customary fee amounts and reimburse U.S. Bank for its reasonable out-of-pocket expenses. The Synovus Credit Facility contains certain customary covenants and events of default, with customary cure and notice provisions.

*Natixis Credit Facility* 

On April 21, 2023, ABPCI Private Funding II LLC ("ABPCI Private Funding II"), formerly known as ABPCIC Funding IV LLC, a Delaware limited liability company and wholly-owned subsidiary of the Fund, entered into a warehouse financing transaction (the "Natixis Credit Facility") with Natixis, New York Branch, as administrative agent and U.S. Bank Trust Company, National Association, as collateral agent and collateral administrator. ABPCI Private Funding II has entered into a number of amendments of the Natixis Credit Facility through December 18, 2025, the latest details of which are reflected in the notes below.

Pursuant to its terms, the Natixis Credit Facility provided for a total commitment amount of up to $325,000,000, which was split between the Class A-R Loans and the Swingline Loans, on a revolving basis, and in the case of the Class A-DI Loans and Class A-D2 Loans, on a term basis. The total Class A-R commitment as of the closing date is $65,000,000, the total Class A-DI commitment as of the closing date is $216,000,000 and the total Class A-D2 commitment as of the closing date is $44,000,000. Amounts drawn under the Natixis Credit Facility will 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 Natixis 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 Natixis Credit Facility bear interest at the Applicable Rate an applicable spread, which for the Class A-R Loans is 1.57% per annum, the Class A-D1 Loans is 1.51% per annum and the Class A-D2 Loans is 1.84% per annum. The availability period with respect to the revolving commitments under the Natixis Credit Facility terminated on December 18, 2028.

The Natixis Credit Facility is secured by ABPCI Private Funding II'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 ABPCI Private Funding II; all related property; and certain agreements entered into in connection with the Natixis Credit Facility. The stated maturity date of the Natixis Credit Facility is December 18, 2036.

The Natixis Credit Facility includes customary covenants, including certain limitations on the incurrence by ABPCI Private Funding II of additional indebtedness, as well as customary events of default.

*MUFG Credit Facility*

On September 19, 2024, ABPCIC Funding V LLC, a Delaware limited liability company and wholly-owned subsidiary of the Fund ("ABPCIC Funding V"), entered into a warehouse financing transaction (the "MUFG Credit Facility").

In connection with the MUFG Credit Facility, ABPCIC Funding V entered into, among other agreements, (i) the credit agreement (the "MUFG Credit Agreement"), among ABPCIC Funding V, MUFG Bank, Ltd., as lender, the other lenders party thereto from time to time, MUFG Bank, Ltd., as administrative agent, U.S. Bank Trust Company, National Association, as collateral agent (in such capacity, the "MUFG Collateral Agent") and collateral administrator (in such capacity, the "MUFG Collateral Administrator"), and U.S. Bank National Association, as document custodian, (ii) the control agreement, among ABPCIC Funding V, as debtor, the MUFG Collateral Agent, as secured party, and U.S. Bank National Association, as securities intermediary (in such capacity, the "MUFG Securities Intermediary"), (iii) the collateral management agreement (the "MUFG Collateral Management Agreement"), between ABPCIC Funding V and the Adviser, as collateral manager (in such capacity, the "MUFG Collateral Manager"), (iv) the collateral administration agreement (the "MUFG Collateral Administration Agreement"), among ABPCIC Funding V, the MUFG

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Collateral Manager and the MUFG Collateral Administrator and (v) the master loan sale and contribution agreement between the Fund, as seller, and ABPCIC Funding V, as buyer.

As of March 31, 2026, the MUFG Credit Agreement provides for borrowings in an aggregate amount up to $150,000,000. Borrowings under the MUFG Credit Agreement will bear interest based on the term standard overnight financing rate for the relevant interest period or the applicable replacement thereto provided for in the MUFG Credit Agreement, in each case, plus an applicable spread of 2.10% per annum or 2.60% per annum for borrowings utilized for certain purchases. Interest is payable quarterly in arrears. Any amounts borrowed under the MUFG Credit Agreement will mature, and all accrued and unpaid interest thereunder will be due and payable, on the earlier of (i) September 19, 2029 or (ii) upon certain other events which result in accelerated maturity under the MUFG Credit Facility. The availability period with respect to the revolving commitments under the MUFG Credit Facility will terminate on September 19, 2026.

Borrowings under the MUFG Credit Agreement are secured by all of the assets held by ABPCIC Funding V. Pursuant to the MUFG Collateral Management Agreement, the MUFG Collateral Manager will perform certain duties with respect to the purchase and management of the assets securing the MUFG Credit Facility. The MUFG Collateral Manager has elected to waive any fees that would otherwise be payable under the MUFG Credit Agreement and the MUFG Collateral Management Agreement. ABPCIC Funding V will reimburse the expenses incurred by the MUFG Collateral Manager in the performance of its obligations under the MUFG Collateral Management Agreement other than any ordinary overhead expenses, which shall not be reimbursed. ABPCIC Funding V has made customary representations and warranties under the MUFG Collateral Management Agreement and is required to comply with various covenants, reporting requirements and other customary requirements for similar credit facilities.

All of the collateral pledged to the lenders by ABPCIC Funding V under the MUFG Credit Agreement is held in the custody of the MUFG Securities Intermediary under the MUFG Control Agreement. The MUFG Collateral Administrator will maintain and perform certain collateral administration services with respect to the collateral pursuant to the MUFG Collateral Administration Agreement. As compensation for the services rendered by the MUFG Collateral Administrator, ABPCIC Funding V will pay the MUFG Collateral Administrator, on a quarterly basis, customary fee amounts and reimburse the MUFG Collateral Administrator for its reasonable out-of-pocket expenses. The MUFG Collateral Administration Agreement and the obligations of the MUFG Collateral Administrator will continue until the earlier of (i) the liquidation of the collateral and the final distribution of the proceeds of such liquidation, (ii) the date on which all obligations have been paid in full or (iii) the termination of the MUFG Collateral Management Agreement.

*NatWest Credit Facility*

On March 21, 2025, ABPCIC Funding VI LLC ("ABPCIC Funding VI"), a wholly-owned subsidiary of the Fund, entered into a warehouse financing transaction (the "NatWest Credit Facility"). In connection with the NatWest Credit Facility, ABPCIC Funding VI entered into, among other agreements, (i) the facility agreement (the "NatWest Facility Agreement"), among AB Private Credit Investors LLC, as collateral manager (in such capacity, the "NatWest Collateral Manager"), ABPCIC Funding VI, each of the lenders from time to time party thereto, NatWest Markets Plc, as lead lender (in such capacity, the "NatWest Lead Lender"), U.S. Bank Trust Company, National Association, as collateral agent (in such capacity, the "NatWest Collateral Agent"), U.S. Bank National Association, as document custodian (in such capacity, the "NatWest Document Custodian"), and Alter Domus (US) LLC, as loan agent, (ii) the securities account control agreement (the "NatWest Securities Account Control Agreement"), among ABPCIC Funding VI, as debtor, the NatWest Collateral Manager, the NatWest Lead Lender, the NatWest Collateral Agent, and U.S. Bank National Association, as securities intermediary (in such capacity, the "NatWest Securities Intermediary"), (iii) the purchase and sale agreement (the "NatWest Transfer Agreement") between the Fund, as seller, and ABPCIC Funding VI, as buyer, and (iv) the pledge agreement (the "NatWest Pledge Agreement"), between the Fund, as pledgor, and the NatWest Collateral Agent.

The NatWest Facility Agreement provides for borrowings in an aggregate amount up to $75,000,000. Borrowings under the NatWest Facility Agreement will bear interest based on the term standard overnight financing rate for the relevant interest period or the applicable replacement thereto provided for in the NatWest Facility Agreement, in each case, plus 2.10%. Interest is payable quarterly in arrears. Any amounts borrowed under the NatWest Facility Agreement will mature, and all accrued and unpaid interest thereunder will be due and payable, on the earlier of (i) March 21, 2032 or (ii) upon certain other events which result in accelerated maturity under the NatWest Facility Agreement. The availability period with respect to the NatWest Facility Agreement will terminate on March 21, 2028.

Borrowings under the NatWest Facility Agreement are secured by all of the assets held by ABPCIC Funding VI as well as all of the Fund's equity interests in ABPCIC Funding VI, which are pledged by the Fund to the NatWest Collateral Agent pursuant to the NatWest Pledge Agreement. Pursuant to the NatWest Facility Agreement, the NatWest Collateral Manager will perform certain duties with respect to the purchase and management of the assets securing the NatWest Credit Facility. The NatWest Collateral Manager has elected to waive any fees that would otherwise be payable under the NatWest Facility Agreement. ABPCIC Funding VI will

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reimburse the expenses incurred by the NatWest Collateral Manager in the performance of its obligations under the NatWest Facility Agreement other than any ordinary overhead expenses, which shall not be reimbursed. ABPCIC Funding VI has made customary representations and warranties under the NatWest Facility Agreement and is required to comply with various covenants, reporting requirements and other customary requirements for similar credit facilities.

All of the collateral pledged by ABPCIC Funding VI to the NatWest Collateral Agent for the benefit of the secured parties under the NatWest Facility Agreement is held in the custody of the NatWest Document Custodian under the NatWest Facility Agreement or the NatWest Securities Intermediary under the NatWest Securities Account Control Agreement. The NatWest Collateral Agent will maintain and perform certain collateral administration services with respect to the collateral pursuant to the NatWest Facility Agreement. As compensation for the services rendered by the NatWest Collateral Agent, ABPCIC Funding VI will pay the NatWest Collateral Agent, on a quarterly basis, customary fee amounts and reimburse the NatWest Collateral Agent for its reasonable out-of-pocket expenses.

The Fund incurred certain customary fees, costs and expenses in connection with the closing of the NatWest Credit Facility.

*Scotia Credit Facility*

On November 7, 2025, the Fund entered into a Senior Secured Credit Agreement with The Bank of Nova Scotia, as the administrative agent, and the lenders and issuing banks party thereto from time to time (the "Scotia Credit Facility" and together with the 2021 HSBC Credit Facility, the Synovus Credit Facility, the Natixis Credit Facility and the MUFG Credit Facility, the "Credit Facilities").

The Scotia Credit Facility is expected to be guaranteed by certain of the Fund's domestic subsidiaries that are formed or acquired by the Fund in the future (collectively, the "Guarantors"). 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 a revolving credit facility in an initial amount of up to $100,000,000, subject to availability under the borrowing base, which is based on the Fund's portfolio investments and other outstanding indebtedness. Maximum capacity under the Scotia Credit Facility may be increased to $100,000,000 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 Scotia Credit Facility is secured by a perfected first-priority interest in substantially all of the portfolio investments held by the Fund and each Guarantor, subject to certain exceptions, and includes a $10,000,000 sublimit for swingline loans. The amount available for borrowing under the Scotia Credit Facility is reduced by any standby letters of credit issued through the Scotia Credit Facility. Amounts drawn under the Scotia Credit Facility in U.S. dollars will bear interest at either (i) term SOFR plus a margin of 1.950% or 2.050% per annum, subject to certain conditions, or (ii) the alternate base rate plus a margin of 0.950% or 1.050% per annum, subject to certain conditions.

The Scotia Credit Facility will mature on November 6, 2026. The maturity date of the Scotia Credit Facility may be extended for one-year terms subject to the consent of the Fund and the Lenders, and in addition may be extended for one year on a committed basis subject only to the consent of the Fund and satisfaction of customary extension conditions.

Borrowings under the Credit Facilities are subject to certain restrictions contained in the 1940 Act. 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** |
| HSBC | $35000000 | $— | $35000000 | $— |
| Synovus | 150000000 | 150000000 |  | 150000000 |
| Natixis | 325000000 | 256000000 | 69000000 | 256000000 |
| MUFG | 150000000 | 150000000 |  | 150000000 |
| NatWest | 75000000 | 75000000 |  | 75000000 |
| Scotia | 100000000 | 65000000 | 35000000 | 65000000 |
| **Total** | $835000000 | $696000000 | $139000000 | $696000000 |

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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** |
| HSBC | $42000000 | $— | $42000000 | $— |
| Synovus | 200000000 | 190000000 | 10000000 | 190000000 |
| Natixis | 325000000 | 235000000 | 90000000 | 235000000 |
| MUFG | 150000000 | 150000000 |  | 150000000 |
| NatWest | 75000000 | 75000000 |  | 75000000 |
| Scotia | 50000000 | 30000000 | 20000000 | 30000000 |
| **Total** | $842000000 | $680000000 | $162000000 | $680000000 |

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As of March 31, 2026 and December 31, 2025, deferred financing costs were $4,948,673 and $4,569,276, respectively, which remain to be amortized, and are reflected on the consolidated statements of assets and liabilities.

**Collateralized Loan Obligations** 

*CLO VI* 

On August 9, 2019, ABPCI Direct Lending Fund CLO VI Ltd ("CLO VI"), an exempted company incorporated with limited liability under the laws of the Cayman Islands (the "VI Issuer"), and ABPCI Direct Lending Fund CLO VI LLC, a limited liability company organized under the laws of the State of Delaware (the "VI Co-Issuer," and together with the VI Issuer, the "VI Co-Issuers"), each a newly formed special purpose vehicle, completed a $300,500,000 term debt securitization (the "CLO VI Transaction"). The stated reinvestment date was August 9, 2022.

The CLO VI indenture was refinanced under terms of the first supplemental indenture dated April 28, 2022 among the VI Issuer and U.S. Bank National Association, as trustee. As a result of the refinancing, the outstanding notes (other than the Subordinated Notes) under the indenture dated August 9, 2019 in the amount of $246,900,000 were paid off, and the unamortized debt discount and debt issuance costs were accelerated into interest and borrowing expenses on the consolidated statements of operations. The VI Issuer issued new notes including additional Subordinated Notes in the amount of $7,720,000.

On March 5, 2025, the VI Co-Issuers executed that certain amended and restated indenture by and among the VI Co-Issuers and U.S. Bank Trust Company, National Association (the "Refinancing CLO Transaction") to redeem all of the outstanding VI Notes issued by the VI Co-Issuers pursuant to that certain original indenture, dated as of August 9, 2019, as amended by that certain First Supplemental Indenture, dated as of April 28, 2022 and that certain Second Supplemental Indenture, dated as of March 8, 2024, with the proceeds from the private placement of new Debt offered by the VI Co-Issuers in the Refinancing CLO Transaction (the "Refinancing Debt"). The Refinancing Debt is secured by the portfolio of the IV Co-Issuers. The Refinancing Debt consists of: (i) $103,000,000 of Class A-1-RR Senior Secured Floating Rate Notes, which bear interest at three-months SOFR plus 1.40% per annum; (ii) $100,000,000 of Class A-1L-R Senior Secured Floating Rate Loans, which bear interest at three-months SOFR plus 1.40% per annum; (iii) $14,000,000 of Class A-2-RR Senior Secured Floating Rate Notes, which bear interest at three-months SOFR plus 1.60% per annum; (iv) $21,000,000 of Class B-RR Senior Secured Floating Rate Notes, which bear interest at SOFR plus 1.70% per annum; (v) $28,000,000 of Class C-RR Secured Deferrable Floating Rate Notes, which bear interest at SOFR plus 2.00% per annum; and (vi) $18,980,000 of additional Subordinated Notes, which do not bear interest. In addition, $61,320,000 of Subordinated Notes previously issued by the VI Issuer will remain outstanding as of the closing date of the Refinancing CLO Transaction. The Refinancing Debt is scheduled to mature on January 27, 2037.

The Refinancing Debt is the secured obligation of the VI Co-Issuers, and the indenture governing the Refinancing Debt includes customary covenants and events of default. The Refinancing Debt has not been, and will not be, registered under the Securities Act or any state securities or "blue sky" laws and may not be offered or sold in the United States absent registration with the SEC or an applicable exemption from registration.

The Adviser serves as collateral manager to the VI Issuer pursuant to the CLO VI Collateral Management Agreement, which was amended and restated on the closing date of the Refinancing CLO Transaction. For so long as the Adviser serves as collateral manager to the VI Issuer, the Adviser will elect to receive $0 as any base management fee or subordinated interest to which it may be entitled under the CLO VI Collateral Management Agreement.

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The CLO VI Transaction was executed through a private placement and the notes offered (the "VI Notes") that remain outstanding as of March 31, 2026 and December 31, 2025 were as follows:

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| | | | |
|:---|:---|:---|:---|
|  | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** |
|  | **Principal<br>Amount** | **Interest<br>Rate** | **Carrying<br>Value**<sup>(1)</sup> |
| Class A-1-RR Senior Secured Floating Rate Note ("Class A-1-RR") | $103000000 | S + 1.40% | $102532915 |
| Class A-1-LR Senior Secured Floating Rate Loan ("Class A-1-LR") | $100000000 | S + 1.40% | $99546519 |
| Class A-2-RR Senior Secured Floating Rate ("Class A-2-RR") | $14000000 | S + 1.60% | $13936513 |
| Class B-RR Senior Secured Floating Rate ("Class B-RR") | $21000000 | S + 1.70% | $20904768 |
| Class C-RR Secured Deferrable Floating Rate Note ("Class C-RR") | $28000000 | S + 2.00% | $—<br> \* |
| Subordinated Notes | $80300000 | N/A | $—<br> \* |

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\* Class C-RR and Subordinated Notes are held by the Fund and have been eliminated in consolidation.

(1)Carrying value is net of unamortized discount and debt issuance costs. Unamortized discount and debt issuance costs associated with the Notes totaled $0 and $1,079,285, respectively, as of March 31, 2026 and are reflected on the consolidated statements of assets and liabilities.

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| | | | |
|:---|:---|:---|:---|
|  | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
|  | **Principal<br>Amount** | **Interest<br>Rate** | **Carrying<br>Value**<sup>(1)</sup> |
| Class A-1-RR Senior Secured Floating Rate Note ("Class A-1-RR") | $103000000 | S + 1.40% | $102492220 |
| Class A-1-LR Senior Secured Floating Rate Loan ("Class A-1-LR") | $100000000 | S + 1.40% | $99507009 |
| Class A-2-RR Senior Secured Floating Rate ("Class A-2-RR") | $14000000 | S + 1.60% | $13930982 |
| Class B-RR Senior Secured Floating Rate ("Class B-RR") | $21000000 | S + 1.70% | $20896472 |
| Class C-RR Secured Deferrable Floating Rate Note ("Class C-RR") | $28000000 | S + 2.00% | $—<br> \* |
| Subordinated Notes | $80300000 | N/A | $—<br> \* |

---

\* Class C-RR and Subordinated Notes are held by the Fund and have been eliminated in consolidation.

(1)Carrying value is net of unamortized discount and debt issuance costs. Unamortized discount and debt issuance costs associated with the Notes totaled $0 and $1,173,317, respectively, as of December 31, 2025 and are reflected on the consolidated statements of assets and liabilities.

The CLO VI indenture provides that the holders of the VI Notes are to receive quarterly interest payments, in arrears, on the 27th day in January, April, July and October of each year.

*CLO XIII* 

On May 3, 2023, ABPCI Direct Lending Fund CLO XIII LTD ("CLO XIII"), a private company limited by shares incorporated under the laws of Jersey (the "XIII Issuer"), ABPCI Direct Lending Fund CLO XIII LLC, a limited liability company organized under the laws of the State of Delaware (the "XIII Co-Issuer," and together with the XIII Issuer, the "XIII Co-Issuers"), ABPCI Direct Lending Fund CLO XIII First Static Subsidiary Ltd (the "First Static Subsidiary") and ABPCI Direct Lending Fund CLO XIII Second Static Subsidiary Ltd (the "Second Static Subsidiary" and together with the First Static Subsidiary, the "Static Subsidiaries", and together with the XIII Co-Issuers, the "XIII Issuer Entities"), each a newly formed special purpose vehicle, completed a $395,000,000 term debt securitization (the "CLO XIII Transaction"). The stated reinvestment date is April 27, 2027, which was extended to October 27, 2029 through the first supplemental indenture on October 21, 2025.

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The CLO XIII Transaction was executed through a private placement and the notes offered (the "XIII Notes") that remain outstanding as of March 31, 2026, and December 31, 2025 were as follows:

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| | | | |
|:---|:---|:---|:---|
|  | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** |
|  | **Principal<br>Amount** | **Interest<br>Rate** | **Carrying<br>Value**<sup>(1)</sup> |
| Class A Senior Secured Floating Rate Note ("Class A") | $228000000 | S + 1.45% | $227156384 |
| Class B Senior Secured Floating Rate Note ("Class B") | $36000000 | S + 1.80% | $35866798 |
| Class C Secured Deferrable Floating Rate Note ("Class C") | $36000000 | S + 2.20% | $35866798 |
| Class D Secured Deferrable Floating Rate Note ("Class D") | $28000000 | S + 3.25% | $—<br> \* |
| Subordinated Notes | $67000000 | N/A | $—<br> \* |

---

\* Class D and Subordinated Notes are held by the Fund and have been eliminated in consolidation.

(1) Carrying value is net of unamortized discount and debt issuance costs. Unamortized discount and debt issuance costs associated with the XIII Notes totaled $0 and $1,110,020 respectively, as of March 31, 2026 and are reflected on the consolidated statements of assets and liabilities.

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| | | | |
|:---|:---|:---|:---|
|  | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
|  | **Principal<br>Amount** | **Interest<br>Rate** | **Carrying<br>Value**<sup>(1)</sup> |
| Class A Senior Secured Floating Rate Note ("Class A") | $228000000 | S + 1.45% | $227098338 |
| Class B Senior Secured Floating Rate Note ("Class B") | $36000000 | S + 1.80% | $35857632 |
| Class C Secured Deferrable Floating Rate Note ("Class C") | $36000000 | S + 2.20% | $35857632 |
| Class D Secured Deferrable Floating Rate Note ("Class D") | $28000000 | S + 3.25% | $—<br> \* |
| Subordinated Notes | $67000000 | N/A | $—<br> \* |

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\* Class D and Subordinated Notes are held by the Fund and have been eliminated in consolidation.

(1)Carrying value is net of unamortized discount and debt issuance costs. Unamortized discount and debt issuance costs associated with the XIII Notes totaled $0 and $1,186,398 respectively, as of December 31, 2025 and are reflected on the consolidated statements of assets and liabilities.

The CLO XIII indenture provides that the holders of the XIII Notes are to receive quarterly interest payments, in arrears, on the 27th day in January, April, July and October of each year, commencing in October 2023. The XIII Notes will mature on October 27, 2037.

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

The Adviser serves as collateral manager to the XIII Issuer pursuant to a collateral management agreement between the Adviser and the XIII Issuer (the "CLO XIII Collateral Management Agreement"). For so long as the Adviser serves as collateral manager to the XIII Issuer, a collateral management fee shall not be charged.

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**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,** | **For the three months ended<br>March 31,** |
|  | **2026** | **2025** |
| Interest and borrowing expenses | $16553682 | $18166989 |
| Commitment fees | 339040 | 94328 |
| Amortization of discount, debt issuance and deferred financing<br> costs | 963198 | 1292006 |
| Total | 17855920 | $19553323 |
| Weighted average interest rate<sup>(1)</sup> | 5.55% | 6.91% |
| Average outstanding balance | $1209666667 | $1066388318 |

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(1)Calculated as the amount of the stated interest and borrowing expenses divided by average borrowings during the period.

**5. Fair Value Measurement** 

The Fund conducts the valuation of its investments, upon which the Fund's NAV is based, 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 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.

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.

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.

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: (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.

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

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Assets\*** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Cash Equivalents |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Money Market Funds | $52629960 | $— | $— | $52629960 |
| **Total Cash Equivalents** | $52629960 | $— | $— | $52629960 |
| **Assets\*** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| 1st Lien/Senior Secured Debt | $— | $— | $1842062138 | $1842062138 |
| 2nd Lien/Junior Secured Debt |  |  | 2019259 | 2019259 |
| Preferred Stock |  |  | 7429279 | 7429279 |
| Common Stocks and LP Interests | 306863 | 67820 | 7655526 | 8030209 |
| Warrants |  |  | 2026064 | 2026064 |
| **Total** | $306863 | $67820 | $1861192266 | $1861566949 |
| Investments valued at NAV as a practical expedient<sup>#</sup> |  |  |  | 37124172 |
| **Total investments**<sup>#</sup> | $306863 | $67820 | $1861192266 | $1898691121 |

---

\* See consolidated schedule of investments for industry classifications.

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Assets\*** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Cash Equivalents |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Money Market Funds | $81799316 | $— | $— | $81799316 |
| **Total Cash Equivalents** | $81799316 | $— | $— | $81799316 |
| **Assets\*** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| 1st Lien/Senior Secured Debt | $— | $— | $1802229181 | $1802229181 |
| 2nd Lien/Junior Secured Debt |  |  | 2574947 | 2574947 |
| Preferred Stock |  |  | 8128435 | 8128435 |
| Common Stocks and LP Interests | 821553 | 102698 | 9632220 | 10556471 |
| Warrants |  |  | 2102100 | 2102100 |
| **Total** | $821553 | $102698 | $1824666883 | $1825591134 |
| Investments valued at NAV as a practical expedient<sup>#</sup> |  |  |  | 35705328 |
| **Total investments**<sup>#</sup> | $821553 | $102698 | $1824666883 | $1861296462 |

---

\* See consolidated schedule of investments for industry classifications.

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

------

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **1st<br>Lien/Senior<br>Secured Debt** | **2nd Lien/<br>Junior<br>Secured Debt** | **Preferred<br>Stock** | **Common Stocks and LP Interests** | **Warrants** | **Total** |
| Balance as of January 1, 2026 | $1802229181 | $2574947 | $8128435 | $9632220 | $2102100 | $1824666883 |
| Purchases (including PIK) | 78025008 |  |  | (30298) |  | 77994710 |
| Sales and principal payments | (21314994) |  |  |  |  | (21314994) |
| Realized Gain (Loss) | 27330 |  |  |  |  | 27330 |
| Net Amortization of<br> Premium/Discount | 1264901 | 3531 |  |  |  | 1268432 |
| Transfers Out |  |  |  | (1436382) |  | (1436382) |
| Net Change in Unrealized<br> Appreciation (Depreciation) | (18169288) | (559219) | (699156) | (510014) | (76036) | (20013713) |
| Balance as of March 31, 2026 | $1842062138 | $2019259 | $7429279 | $7655526 | $2026064 | $1861192266 |
| Change in Unrealized<br> Appreciation (Depreciation)<br> for Investments Still Held | $(18509867) | $(559219) | $(699156) | $(510014) | $(76036) | (20354292) |

---

For the three months ended March 31, 2026, there were no transfers into Level 3. For the three months ended March 31, 2026, there were transfers out of Level 3 of $1,436,382 as these positions are now valued using their net asset values as a practical expedient and therefore are excluded from Levels 1, 2, or 3.

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **1st<br>Lien/Senior<br>Secured Debt** | **2nd Lien/<br>Junior<br>Secured Debt** | **Preferred<br>Stock** | **Common Stocks and LP Interests** | **Warrants** | **Total** |
| Balance as of January 1, 2025 | $1582307975 | $2825397 | $8028728 | $10996373 | $1703357 | $1605861830 |
| Purchases (including PIK) | 525816354 |  | 442239 | 2209112 |  | 528467705 |
| Sales and principal payments | (304780076) |  | (1575208) | (5352470) |  | (311707754) |
| Realized Gain (Loss) | 163320 |  | 680703 | 3660538 |  | 4504561 |
| Net Amortization of<br> Premium/Discount | 8256314 | 5667 |  |  |  | 8261981 |
| Transfers Out |  |  |  |  |  |  |
| Net Change in Unrealized<br> Appreciation (Depreciation) | (9534706) | (256117) | 551973 | (1881333) | 398743 | (10721440) |
| Balance as of December 31, 2025 | $1802229181 | $2574947 | $8128435 | $9632220 | $2102100 | $1824666883 |
| Change in Unrealized<br> Appreciation (Depreciation)<br> for Investments Still Held | $(6933652) | $(256117) | $697799 | $(1567794) | $398743 | $(7661021) |

---

For the year ended December 31, 2025, there were no transfers into Level 3.

------

The following tables present the ranges of significant unobservable inputs used to value the Fund's Level 3 investments as of March 31, 2026 and December 31, 2025, respectively. These ranges represent the significant unobservable inputs that were used in the valuation of each type of investment. These inputs are not representative of the inputs that could have been used in the valuation of any one investment. Accordingly, the ranges of inputs presented below do not represent uncertainty in, or possible ranges of, fair value measurements of the Fund's Level 3 investments.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Fair Value as of<br> March 31, 2026** | **Valuation<br>Techniques** | **Unobservable<br>Input** | **Range/Input<br>(Weighted<br>Average)**<sup>(1)</sup> | **Impact to<br>Valuation from an<br>Increase in Input** |
| Assets: |  |  |  |  |  |
| 1st Lien/Senior Secured Debt | $1794910672 | Market Yield Analysis | Market Yield | 7.3% - 22.5% (9.5%) | Decrease |
|  | 24927356 | Recent Purchase | Purchase Price | N/A | N/A |
|  | 20840823 | Market Approach | EBITDA Multiple | 6.3x - 13.0x (8.2x) | Increase |
|  | 783143 | Recent Transaction | Transaction Price | N/A | N/A |
|  | 600144 | Liquidation Value | Recovery Rate | 1.0% - 14.9% (14.2%) | Increase |
| 2nd Lien/Junior Secured Debt | 2019259 | Market Yield Analysis | Market Yield | 34.8% | Decrease |
| Common Stocks and LP Interests | 5208880 | Market Approach | EBITDA Multiple | 6.8x - 22.0x (14.1x) | Increase |
|  | 1426124 | Market Approach | Revenue Multiple | 5.0x - 25.3x (10.4x) | Increase |
|  | 544258 | Market Yield Analysis | Market Yield | 13.6% | Decrease |
|  | 388992 | Discounted transaction price | Illiquidity Discount | 20.0% | Decrease |
|  | 80072 | Market Approach | NCF Multiple | 14.0x | Increase |
|  | 7200 | Expected Repayment | Escrow Valuation | N/A | N/A |
| Preferred Stock | 4491628 | Market Approach | EBITDA Multiple | 9.0x - 18.0x (12.9x) | Increase |
|  | 2724492 | Market Approach | Revenue Multiple | 2.4x - 7.5x (6.0x) | Increase |
|  | 213159 | Discounted transaction price | Illiquidity Discount | 20.0% | Decrease |
| Warrants | 2026064 | Market Approach | Revenue Multiple | 3.5x - 7.5x (7.2x) | Increase |
| Total Assets | $1861192266 |  |  |  |  |

---

------

<sup>(1)</sup> Weighted averages are calculated based on fair value of investments.

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Fair Value as of<br>December 31,<br>2025** | **Valuation<br>Techniques** | **Unobservable<br>Input** | **Range/Input<br>(Weighted<br>Average)**<sup>(1)</sup> | **Impact to<br>Valuation from an<br>Increase in Input** |
| Assets: |  |  |  |  |  |
| 1st Lien/Senior Secured Debt | $1684703626 | Market Yield Analysis | Market Yield | 7.4% - 20.0% (9.2%) | Decrease |
|  | 93576469 | Recent Purchase | Purchase Price | N/A | N/A |
|  | 21899935 | Market Approach | EBITDA Multiple | 6.5x - 13.9x (9.1x) | Increase |
|  | 1263258 | Liquidation Value | Recovery Rate | 1.0% - 32.2% (31.5%) | Increase |
|  | 785893 | Recent Transaction | Transaction Price | N/A | N/A |
| 2nd Lien/Junior Secured Debt | 2574947 | Market Yield Analysis | Market Yield | 20.8% | Decrease |
| Common Stocks and LP Interests | 6027489 | Market Approach | EBITDA Multiple | 6.8x - 24.3x (15.1x) | Increase |
|  | 1520631 | Market Approach | Revenue Multiple | 6.0x - 21.0x (9.4x) | Increase |
|  | 954467 | Recent Purchase | Purchase Price | N/A | N/A |
|  | 527494 | Market Yield Analysis | Market Yield | 13.6% | Decrease |
|  | 431245 | Discounted transaction price | Illiquidity Discount | 20.0% | Decrease |
|  | 161369 | Market Approach | NCF Multiple | 15.7x | Increase |
|  | 9525 | Expected Repayment | Escrow Valuation | N/A | N/A |
| Preferred Stock | 2843303 | Market Approach | Revenue Multiple | 3.0x - 8.0x (6.5x) | Increase |
|  | 2624917 | Market Approach | EBITDA Multiple | 10.5x - 23.0x (17.2x) | Increase |
|  | 2423902 | Market Yield Analysis | Market Yield | 17.4% - 26.8% (25.4%) | Decrease |
|  | 236313 | Discounted transaction price | Illiquidity Discount | 20.0% | Decrease |
| Warrants | 2102100 | Market Approach | Revenue Multiple | 4.5x - 8.0x (7.6x) | Increase |
| Total Assets | $1824666883 |  |  |  |  |

---

------

<sup>(1)</sup> Weighted averages are calculated based on fair value of investments.

**Financial Instruments Disclosed, But Not Carried, At Fair Value** 

The following table presents the carrying value and fair value of the Fund's financial liabilities disclosed, but not carried, at fair value as of March 31, 2026 and the level of each financial liability within the fair value hierarchy.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Carrying<br>Value** <sup>(1)</sup> | **Fair<br>Value** | **Level 1** | **Level 2** | **Level 3** |
| Class A-1-RR Senior Secured Floating Rate Note ("Class A-1-RR") | $102532915 | $104030000 | $— | $— | $104030000 |
| Class A-1-LR Senior Secured Floating Rate Loan ("Class A-1-LR") | 99546519 | 101000000 |  |  | 101000000 |
| Class A-2-RR Senior Secured Floating Rate Note ("Class A-2-RR") | 13936513 | 14140000 |  |  | 14140000 |
| Class B-RR Senior Secured Floating Rate Note ("Class B-RR") | 20904768 | 21210000 |  |  | 21210000 |
| CLO XIII Class A Senior Secured Floating Rate Note ("Class A") | 227156384 | 230280000 |  |  | 230280000 |
| CLO XIII Class B Senior Secured Floating Rate Note ("Class B") | 35866798 | 36450000 |  |  | 36450000 |
| CLO XIII Class C Secured Deferrable Floating Rate Note ("Class C") | 35866798 | 36900000 |  |  | 36900000 |
| Total | $535810695 | $544010000 | $— | $— | $544010000 |

---

------

<sup>(1)</sup> Carrying value is net of unamortized discount and debt issuance costs. Unamortized discount and debt issuance costs associated with the Notes totaled $0 and $2,189,305, respectively as of March 31, 2026 and are reflected on the consolidated statements of assets and liabilities.

------

The following table presents the carrying value and fair value of the Fund's financial liabilities disclosed, but not carried, at fair value as of December 31, 2025 and the level of each financial liability within the fair value hierarchy.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Carrying<br>Value** <sup>(1)</sup> | **Fair<br>Value** | **Level 1** | **Level 2** | **Level 3** |
| Class A-1-RR Senior Secured Floating Rate Note ("Class A-1-RR") | $102492220 | $104030000 | $— | $— | $104030000 |
| Class A-1-LR Senior Secured Floating Rate Loan ("Class A-1-LR") | 99507009 | 101000000 |  |  | 101000000 |
| Class A-2-RR Senior Secured Floating Rate Note ("Class A-2-RR") | 13930982 | 14175000 |  |  | 14175000 |
| Class B-RR Senior Secured Floating Rate Note ("Class B-RR") | 20896472 | 21262500 |  |  | 21262500 |
| CLO XIII Class A Senior Secured Floating Rate Note ("Class A") | 227098338 | 230280000 |  |  | 230280000 |
| CLO XIII Class B Senior Secured Floating Rate Note ("Class B") | 35857632 | 36450000 |  |  | 36450000 |
| CLO XIII Class C Secured Deferrable Floating Rate Note ("Class C") | 35857632 | 36900000 |  |  | 36900000 |
| Total | $535640285 | $544097500 | $— | $— | $544097500 |

---

------

<sup>(1)</sup> Carrying value is net of unamortized discount and debt issuance costs. Unamortized discount and debt issuance costs associated with the Notes totaled $0 and $2,359,715 as of December 31, 2025 and are reflected on the consolidated statements of assets and liabilities.

The Credit Facilities and Secured Borrowings are recorded at carrying value, which approximates fair value.

------

**6. Commitments and Contingencies** 

**Commitments** 

The Fund may enter into commitments to fund investments. As of March 31, 2026 and December 31, 2025 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 Type** | **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> |
| 123.Net, LLC | Delayed Draw Term Loan | 7/19/2026 | 280379 | (2804) | 622304 | (7779) |
| AAH Topco, LLC | Delayed Draw Term Loan | 3/31/2027 | 1722605 | - | 2298207 | - |
| AAH Topco, LLC | Revolver | 12/22/2027 | 787273 | - | 787273 | - |
| Admiral Buyer, Inc. | Delayed Draw Term Loan | 8/17/2026 | 533691 | (1334) | 533691 | - |
| Admiral Buyer, Inc. | Delayed Draw Term Loan | 2/8/2027 | 257534 | (644) | 257534 | - |
| Admiral Buyer, Inc. | Revolver | 12/6/2029 | 1401522 | (7008) | 1401522 | (7008) |
| Airwavz Solutions Inc. | Revolver | 3/31/2027 | 434778 | - | 434778 | - |
| Airwavz Solutions Inc. | Delayed Draw Term Loan | 5/4/2026 | 1479168 | - | 1775001 | - |
| Amercare Royal LLC | Revolver | 9/10/2030 | 481338 | (6017) | 791878 | (11878) |
| Amercare Royal LLC | Delayed Draw Term Loan | 9/10/2026 | 1925351 | (14440) | 1925351 | (19254) |
| Amivie Acquisition, Inc. | Delayed Draw Term Loan | 7/23/2027 | 158346 | (396) | 158346 | - |
| Amivie Acquisition, Inc. | Revolver | 9/16/2027 | 863813 | (2160) | 863813 | - |
| AppViewX, Inc. | Revolver | 12/24/2031 | 1846640 | (55399) | 1846640 | (18466) |
| AppViewX, Inc. | Delayed Draw Term Loan | 3/31/2027 | 1908194 | (38164) | 1908194 | - |
| Artifact Bidco, Inc. | Delayed Draw Term Loan | 7/26/2027 | 983608 | - | 983608 | - |
| Artifact Bidco, Inc. | Revolver | 7/26/2030 | 477753 | - | 477753 | - |
| Artifact Bidco, Inc. | Revolver | 7/26/2030 | 233786 | - | 233786 | - |
| Azurite Intermediate Holdings, Inc. | Revolver | 3/19/2031 | 1137723 | (22754) | 1137723 | (5689) |
| BHG Holdings, LLC | Delayed Draw Term Loan | 4/22/2027 | 3667902 | - | 3667902 | - |
| BHG Holdings, LLC | Revolver | 4/22/2032 | 1619055 | (12143) | 1619055 | (12143) |
| Bonterra LLC | Revolver | 3/5/2032 | 779465 | (9743) | 907596 | (2269) |
| Bridgepointe Technologies, LLC | Delayed Draw Term Loan | 7/3/2026 | 768577 | - | 961130 | - |
| Bridgepointe Technologies, LLC | Revolver | 12/31/2027 | 777494 | - | 777494 | - |
| Bridgepointe Technologies, LLC | Delayed Draw Term Loan | 7/3/2026 | - | - | 10053 | - |
| Brightspot Buyer, Inc. | Revolver | 11/16/2027 | 566910 | (11338) | 680292 | (10204) |
| BRP2 HOLD JONQUIL, INC. | Revolver | 8/26/2030 | 1774867 | (70995) | 1521314 | (22820) |
| BRP2 HOLD JONQUIL, INC. | Delayed Draw Term Loan | 8/26/2026 | 1956004 | (63570) | 2358620 | (17690) |

---

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  |  | **3/31/2026** | **3/31/2026** | **12/31/2025** | **12/31/2025** |
| **Investment Type** | **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> |
| BSI2 Hold Nettle, LLC | Revolver | 6/30/2028 | 559476 | (2797) | 471138 | - |
| Businessolver.com, Inc. | Delayed Draw Term Loan | 12/3/2027 | 1267138 | (31678) | 1267138 | (3168) |
| Businessolver.com, Inc. | Revolver | 12/3/2032 | 564347 | (15520) | 564347 | (2822) |
| BV EMS Buyer, Inc | Revolver | 11/23/2027 | 231350 | - | 231350 | - |
| CallTower, Inc. | Revolver | 11/30/2028 | 622259 | - | 622259 | - |
| Choice Health at Home, LLC | Delayed Draw Term Loan | 10/23/2026 | 32312 | - | 878578 | - |
| CHV Holdings LLC | Revolver | 3/27/2029 | 1241546 | (117947) | 1241546 | - |
| Coding Solutions Acquisition, Inc. | Delayed Draw Term Loan | 8/7/2026 | 312991 | - | 312991 | - |
| Coding Solutions Acquisition, Inc. | Revolver | 8/7/2031 | 703351 | (3517) | 703351 | - |
| Contruent Intermediate Company | Delayed Draw Term Loan | 11/12/2027 | 857745 | (21444) | 857745 | - |
| Contruent Intermediate Company | Revolver | 11/14/2031 | 571830 | (14296) | 571830 | (8577) |
| Coretelligent Intermediate LLC | Revolver | 10/21/2027 | 379926 | (17097) | 379926 | (20896) |
| Coupa Holdings, LLC | Delayed Draw Term Loan | 6/3/2027 | 948020 | - | 948020 | - |
| Coupa Holdings, LLC | Revolver | 2/27/2029 | 725890 | - | 725890 | - |
| Crewline Buyer, Inc. | Revolver | 11/8/2030 | 1366496 | (27330) | 1366496 | - |
| DA Blocker Corp. | Revolver | 2/10/2032 | 1510399 | (18880) | 1573333 | (11800) |
| DA Blocker Corp. | Delayed Draw Term Loan | 2/10/2027 | 4719998 | (35400) | 4719998 | - |
| Datacor, Inc. | Delayed Draw Term Loan | 3/10/2028 | 2105709 | (21057) | - | - |
| Datacor, Inc. | Revolver | 3/11/2030 | 2462225 | (24622) | 1692780 | - |
| Dearborn TopCo, LLC | Revolver | 5/22/2029 | 588035 | (5880) | 616037 | (1540) |
| DeLorean Purchaser, Inc. | Revolver | 12/16/2031 | 2409819 | (36147) | 2409819 | (12049) |
| Dispatchtrack, LLC | Revolver | 12/17/2026 | 301930 | - | 301930 | - |
| DLRdmv, LLC | Delayed Draw Term Loan | 5/7/2027 | 805500 | (4027) | 805500 | - |
| DLRdmv, LLC | Revolver | 5/7/2032 | 805500 | (8055) | 805500 | (4027) |
| Dorado Buyer LLC | Revolver | 2/6/2030 | 248309 | (10553) | 248308 | (7449) |
| Dorado Buyer LLC | Delayed Draw Term Loan | 2/6/2026 | - | - | 2427222 | (12136) |
| Duetto Research, Inc | Delayed Draw Term Loan | 6/26/2026 | 2017640 | (50441) | 2017640 | (10088) |
| Duetto Research, Inc | Revolver | 6/26/2030 | 1008820 | (30265) | 1008820 | (10088) |
| EAGAN PARENT, INC | Delayed Draw Term Loan | 9/10/2027 | 3564443 | (26733) | 3564443 | (8911) |
| EAGAN PARENT, INC | Revolver | 9/8/2032 | 1901036 | (19010) | 1901036 | (9505) |
| EET Buyer, Inc. | Delayed Draw Term Loan | 1/29/2027 | 378394 | (5676) | 378394 | (2838) |
| EET Buyer, Inc. | Revolver | 11/8/2027 | 1036629 | (18141) | 1036629 | (7775) |
| Einstein Parent, Inc. | Revolver | 1/22/2031 | 1066183 | (37316) | 1066183 | (23989) |
| Engage2Excel, Inc. | Revolver | 7/2/2029 | 184278 | (2764) | 184278 | (1382) |
| Exterro, Inc. | Revolver | 6/1/2027 | 1107844 | (13848) | 1107844 | - |
| Exterro, Inc. | Delayed Draw Term Loan | 9/10/2026 | 1408670 | (10565) | 1408670 | - |
| Firebird Midco, Inc | Revolver | 7/18/2030 | 1228520 | (24570) | 1228520 | (15356) |
| FirstEnroll LLC | Revolver | 9/19/2031 | 726695 | (10900) | 726695 | (7267) |
| Foundation Risk Partners, Corp. | Revolver | 10/29/2029 | 843426 | - | 778547 | - |

---

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  |  | **3/31/2026** | **3/31/2026** | **12/31/2025** | **12/31/2025** |
| **Investment Type** | **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> |
| FULLSTEAM OPERATIONS, LLC | Delayed Draw Term Loan | 8/6/2027 | 3339004 | (50085) | 3339004 | (16695) |
| FULLSTEAM OPERATIONS, LLC | Revolver | 8/8/2031 | 1113001 | (22260) | 1113001 | (8348) |
| Fusion Holding, Corp. | Revolver | 9/15/2028 | 1344713 | (87406) | 620637 | (26377) |
| Galway Borrower LLC | Revolver | 9/29/2028 | - | - | 366401 | (916) |
| Galway Borrower LLC | Delayed Draw Term Loan | 2/6/2026 | - | - | 1095753 | - |
| Garnett Station Partners, LLC | Revolver | 12/21/2029 | 879589 | (10995) | - | - |
| GH PARENT HOLDINGS INC. | Delayed Draw Term Loan | 4/23/2027 | 420986 | (3157) | 1323099 | (6615) |
| Greenhouse Software, Inc. | Revolver | 9/1/2028 | 604499 | (6045) | 604499 | - |
| Greenhouse Software, Inc. | Revolver | 9/1/2028 | 1232251 | (12323) | 1232251 | - |
| Greenlight Intermediate II, Inc. | Delayed Draw Term Loan | 7/2/2027 | 4706890 | (23534) | 5752865 | (28764) |
| GS AcquisitionCo, Inc. | Revolver | 5/25/2028 | 333269 | (7499) | 441259 | (3309) |
| GS AcquisitionCo, Inc. | Delayed Draw Term Loan | 3/26/2026 | - | - | 201810 | - |
| Heartland PPC Buyer LLC | Revolver | 12/12/2029 | 1314044 | (13140) | 1389132 | (13891) |
| Heartland PPC Buyer LLC | Delayed Draw Term Loan | 11/12/2027 | 1932086 | - | 1932086 | (9660) |
| HireVue, Inc. | Delayed Draw Term Loan | 1/29/2027 | 1826850 | (182685) | - | - |
| HITRUST Services, LLC | Revolver | 3/14/2031 | 2419131 | (12096) | 2419131 | (24191) |
| Honor HN Buyer, Inc. | Delayed Draw Term Loan | 5/18/2026 | 1851224 | - | 2330767 | - |
| Honor HN Buyer, Inc. | Delayed Draw Term Loan | 10/15/2026 | 3638803 | - | 3638803 | - |
| Honor HN Buyer, Inc. | Revolver | 10/15/2027 | 266081 | - | 266081 | - |
| Hunter Communications & Technologies LLC | Delayed Draw Term Loan | 3/31/2028 | 2754381 | (15700) | - | - |
| Hunter Communications & Technologies LLC | Revolver | 3/31/2032 | 640554 | (6406) | - | - |
| Hyscaleix Data Centers Holdings LLC | Revolver | 1/29/2031 | 805233 | (12078) | - | - |
| Joink, LLC | Revolver | 10/4/2030 | 727761 | (14555) | 727761 | (5458) |
| Joink, LLC | Delayed Draw Term Loan | 4/2/2027 | 2243929 | (39269) | 3820743 | (19104) |
| JS Parent, Inc. | Revolver | 4/24/2031 | 528354 | (2642) | 528354 | - |
| Juniper Square, Inc. | Revolver | 11/6/2031 | 1203557 | (12036) | 1203557 | (12036) |
| Juniper Square, Inc. | Delayed Draw Term Loan | 11/8/2027 | 5416005 | (27080) | 5416005 | (27080) |
| Juniper Square, Inc. | Delayed Draw Term Loan | 11/6/2028 | 3610670 | - | 3610670 | - |
| Kalkomey Borrower, LLC | Delayed Draw Term Loan | 6/18/2026 | 1830937 | (9155) | 1830937 | (9155) |
| Kalkomey Borrower, LLC | Revolver | 6/18/2031 | 1464749 | (14647) | 1464749 | (14647) |
| KPA Parent Holdings, Inc | Delayed Draw Term Loan | 3/15/2027 | 1480258 | (11102) | 1480258 | - |
| KPA Parent Holdings, Inc | Revolver | 3/12/2032 | 1036180 | (12952) | 1036180 | - |
| Labvantage Solutions Inc. | Revolver | 11/23/2030 | 1522509 | (19031) | 1522509 | (11419) |
| Last Dance Intermediate I(c), LLC | Delayed Draw Term Loan | 6/30/2027 | 43022 | - | 4861503 | - |
| Last Dance Intermediate I(c), LLC | Revolver | 3/31/2031 | 1720521 | - | 1720521 | (4301) |
| Last Dance Intermediate I(c), LLC | Delayed Draw Term Loan | 1/31/2028 | 4457083 | (22285) | - | - |
| LeadVenture, Inc. | Delayed Draw Term Loan | 6/23/2027 | 2174935 | (38061) | 2465662 | - |
| LeadVenture, Inc. | Revolver | 6/23/2032 | 1756441 | (35129) | 1472037 | - |

---

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  |  | **3/31/2026** | **3/31/2026** | **12/31/2025** | **12/31/2025** |
| **Investment Type** | **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> |
| Level Data, LLC | Delayed Draw Term Loan | 3/5/2027 | 2404526 | (54102) | 2404526 | (12023) |
| Level Data, LLC | Revolver | 3/5/2031 | 901697 | (24797) | 420792 | (4208) |
| Lightspeed Buyer, Inc. | Delayed Draw Term Loan | 2/7/2028 | 5802283 | (29011) | - | - |
| Lightspeed Buyer, Inc. | Revolver | 2/6/2032 | 1934094 | (19341) | - | - |
| LivTech Purchaser, Inc. | Delayed Draw Term Loan | 11/23/2026 | 1567473 | (35268) | 1567473 | (11756) |
| LivTech Purchaser, Inc. | Revolver | 11/24/2031 | 1999327 | (44985) | 1999327 | (14995) |
| Lotus HPI Buyer, Inc | Delayed Draw Term Loan | 1/19/2026 | - | - | 3767841 | (395623) |
| Magaya Corporation | Delayed Draw Term Loan | 7/24/2026 | 2314841 | (57871) | 2314841 | (34723) |
| Magaya Corporation | Revolver | 7/26/2030 | 245704 | (7371) | 245704 | (4914) |
| Mastery Acquisition Corp. | Revolver | 9/7/2029 | 851781 | - | 851781 | - |
| Mastery Acquisition Corp. | Delayed Draw Term Loan | 4/30/2026 | 802394 | - | 802394 | - |
| Mavenlink, Inc. | Revolver | 6/1/2029 | 715926 | (28637) | 715926 | (17898) |
| MBS Holdings, Inc. | Revolver | 4/16/2027 | 974169 | (2435) | 974169 | (2435) |
| MedBridge Holdings, LLC | Revolver | 12/23/2026 | 1376227 | - | 1376227 | - |
| MediaLab Solutions, LLC | Revolver | 8/11/2031 | 769796 | (7698) | 769796 | (7698) |
| Medical Management Resource Group, L.L.C. | Revolver | 9/30/2026 | 316415 | (2373) | 189849 | (1898) |
| Medsuite Purchaser, LLC (FKA Millin Purchaser, LLC) | Revolver | 10/22/2026 | 680400 | (1701) | 680400 | (1701) |
| Mist Holding Co. | Revolver | 12/23/2030 | 904795 | (9048) | 904795 | - |
| Mist Holding Co. | Delayed Draw Term Loan | 8/12/2028 | 2547120 | (12736) | 2547120 | - |
| MMP Intermediate, LLC | Revolver | 2/15/2029 | 552880 | - | 552880 | - |
| Momentus Technologies, LLC | Revolver | 4/30/2029 | 229387 | (3441) | 229387 | - |
| Moon Buyer, Inc. | Revolver | 4/21/2031 | 1779259 | (4448) | 1779259 | - |
| Mr. Greens Intermediate, LLC | Delayed Draw Term Loan | 11/2/2026 | 2083094 | - | 2083094 | - |
| Mr. Greens Intermediate, LLC | Revolver | 5/1/2031 | 805570 | - | 805570 | - |
| MSP Global Holdings, Inc. | Delayed Draw Term Loan | 4/8/2026 | 1211850 | (27267) | 1211850 | (18178) |
| MSP Global Holdings, Inc. | Revolver | 4/9/2029 | 1212693 | (27286) | 1212693 | (18190) |
| MyKaarma Acquisition LLC | Revolver | 12/24/2030 | 1188307 | (8912) | 1188307 | - |
| Nasuni Corporation | Revolver | 9/10/2030 | 2619806 | (26198) | 2619806 | (32748) |
| Navigate360, LLC | Revolver | 3/17/2028 | 604235 | (18127) | 604235 | (3021) |
| NC Topco, LLC | Revolver | 9/1/2031 | 1291959 | - | 1291959 | - |
| NC Topco, LLC | Delayed Draw Term Loan | 8/31/2026 | - | - | 3229897 | - |
| Netwrix Corporation | Revolver | 6/11/2029 | 774755 | (30990) | 774755 | (1937) |
| Netwrix Corporation | Delayed Draw Term Loan | 12/16/2026 | 735566 | (25745) | 735566 | - |
| Next Holdco, LLC | Revolver | 11/9/2029 | 893559 | (20105) | 893559 | (15637) |

---

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  |  | **3/31/2026** | **3/31/2026** | **12/31/2025** | **12/31/2025** |
| **Investment Type** | **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> |
| OPOC Acquisition, LLC | Revolver | 12/20/2030 | 605987 | - | 605987 | (6060) |
| OPOC Acquisition, LLC | Delayed Draw Term Loan | 12/21/2026 | 1333172 | - | 1333172 | (3333) |
| Pace Health Companies, LLC | Revolver | 8/2/2027 | 616682 | - | 616682 | - |
| Pace Health Companies, LLC | Delayed Draw Term Loan | 6/2/2027 | 888879 | - | 888879 | - |
| Pace Health Companies, LLC | Delayed Draw Term Loan | 6/2/2027 | 1708092 | - | 1708092 | - |
| Pamlico Avant Holdings, L.P. | Revolver | 12/31/2032 | 2209241 | (16569) | 1988317 | (19883) |
| Patriot Acquireco L.L.C. | Revolver | 9/3/2032 | 1020792 | (10208) | 1020792 | (10208) |
| PDI TA Holdings, Inc | Revolver | 2/3/2031 | 62905 | (2202) | 251620 | (3774) |
| Penn TRGRP Holdings LLC | Revolver | 9/27/2030 | 316303 | (24513) | 474455 | (21350) |
| Penn TRGRP Holdings LLC | Delayed Draw Term Loan | 9/27/2030 | 370963 | (28750) | 488766 | (21994) |
| Pharmalogic Holdings Corp | Delayed Draw Term Loan | 6/22/2026 | 2773845 | - | 5547689 | - |
| Pieper Memorial, LLC | Delayed Draw Term Loan | 11/4/2027 | 458852 | (3441) | 458852 | - |
| Pieper Memorial, LLC | Delayed Draw Term Loan | 11/4/2027 | 9251733 | (23129) | 9251740 | - |
| Pieper Memorial, LLC | Revolver | 11/2/2028 | 986852 | (7401) | 986852 | - |
| Pinnacle Treatment Centers, Inc. | Revolver | 1/4/2027 | 369074 | (19376) | 404224 | (9095) |
| Point Quest Group, Inc | Delayed Draw Term Loan | 11/15/2027 | 2268077 | (22681) | 2612992 | (13065) |
| Point Quest Group, Inc | Revolver | 11/13/2031 | 1567795 | (27436) | 1567795 | (15678) |
| Priority OnDemand Midco 2, L.P. | Delayed Draw Term Loan | 7/15/2026 | 2541108 | - | 2541108 | - |
| QualDerm Partners, LLC | Revolver | 12/8/2026 | 285747 | (3572) | 422475 | (5281) |
| Quest Analytics Inc. | Delayed Draw Term Loan | 11/10/2027 | 6890797 | (68908) | 6890797 | (17227) |
| Quest Analytics Inc. | Revolver | 11/10/2032 | 2756319 | (34454) | 2756319 | (13782) |
| Quirch Foods Holdings, LLC | Delayed Draw Term Loan | 11/12/2027 | 1035511 | (5178) | 1035511 | (5178) |
| Race Finco, LLC | Revolver | 8/16/2029 | 609798 | (10671) | 609798 | (12196) |
| Race Finco, LLC | Delayed Draw Term Loan | 8/17/2026 | 4564563 | (57057) | 7853011 | (78530) |
| Ranger Buyer, Inc. | Revolver | 11/18/2027 | 1199233 | - | 1199233 | - |
| Redwood Family Care Network, Inc. | Revolver | 6/19/2028 | 588705 | - | 588705 | - |
| REP TEC Intermediate Holdings, Inc. | Revolver | 5/30/2031 | 2451325 | (18385) | 2451325 | (6128) |
| RevauAdvanced Underwriting Inc. | Delayed Draw Term Loan | 5/7/2027 | 3594544 | (71891) | 4144298 | (20721) |
| Ridge Trail US Bidco, Inc. | Delayed Draw Term Loan | 3/30/2027 | 2152119 | - | 2227866 | - |
| Ridge Trail US Bidco, Inc. | Revolver | 3/30/2031 | 542114 | - | 542114 | - |
| Saab Purchaser, Inc. | Revolver | 11/12/2031 | 2699315 | (67483) | 2699315 | - |
| Saab Purchaser, Inc. | Delayed Draw Term Loan | 9/22/2027 | 887146 | (17743) | 887146 | - |
| Sako and Partners Lower Holdings LLC | Revolver | 9/15/2028 | 1829730 | - | 1354000 | - |
| Salisbury House, LLC | Delayed Draw Term Loan | 8/18/2027 | 3112637 | - | 3112637 | - |
| Salisbury House, LLC | Revolver | 8/18/2032 | 2075092 | (10375) | 1763828 | (17638) |
| Sandstone Care Holdings, LLC | Delayed Draw Term Loan | 7/1/2026 | - | - | 156340 | - |
| Sapphire Software Buyer, Inc. | Revolver | 9/30/2031 | 1723759 | (99116) | 1723759 | (12928) |

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------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  |  | **3/31/2026** | **3/31/2026** | **12/31/2025** | **12/31/2025** |
| **Investment Type** | **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> |
| Sauce Labs Inc | Revolver | 8/16/2027 | 705002 | (22913) | 1281821 | (35250) |
| Saviynt, Inc. | Revolver | 2/18/2030 | 609798 | (4573) | 609798 | - |
| SDC Atlas Acquistionco, LLC | Delayed Draw Term Loan | 8/20/2027 | 7475854 | (130827) | 7475854 | (130827) |
| Second Nature Brands, Inc. | Revolver | 2/6/2031 | 608642 | (9130) | 608642 | (4565) |
| Securonix, Inc | Revolver | 4/5/2029 | 1538337 | (365355) | 1538337 | (323051) |
| Serrano Parent, LLC | Revolver | 5/13/2030 | 2085981 | (146019) | 2085981 | (93869) |
| Single Digits, Inc. | Revolver | 6/22/2026 | 416149 | - | 416149 | - |
| Slipstream IT, LLC | Delayed Draw Term Loan | 8/2/2027 | 1132053 | - | 1132053 | (5660) |
| Slipstream IT, LLC | Revolver | 8/1/2031 | 1132053 | - | 1132053 | (11321) |
| Smile Brands, Inc. | Revolver | 10/12/2027 | 16219 | (3284) | 16215 | (1662) |
| Soladoc, LLC | Revolver | 6/12/2028 | 471138 | (10601) | 588923 | (11778) |
| Stratus Networks, Inc. | Revolver | 12/15/2028 | 792078 | (1980) | 990098 | (2475) |
| Stratus Networks, Inc. | Delayed Draw Term Loan | 12/23/2026 | 3003053 | - | 3003053 | - |
| SugarCrm, Inc. | Revolver | 7/30/2027 | 310244 | (4654) | 310244 | (1551) |
| Sundance Group Holdings, Inc. | Revolver | 7/2/2029 | 3120316 | (15602) | 2197666 | (5494) |
| Tau Buyer, LLC | Delayed Draw Term Loan | 2/1/2027 | 1837594 | (27564) | 1837594 | - |
| Tau Buyer, LLC | Revolver | 2/2/2032 | 1378196 | (10336) | 1702477 | (4256) |
| Telcor Buyer, Inc. | Revolver | 8/20/2027 | - | - | 290770 | - |
| Telesoft Holdings, LLC | Revolver | 12/16/2026 | 527232 | (5272) | 507336 | (1268) |
| The Center for Orthopedic and Research Excellence, Inc. | Revolver | 12/31/2026 | 103580 | - | 362529 | - |
| TMA Buyer LLC | Delayed Draw Term Loan | 4/30/2027 | 936394 | - | 936394 | - |
| TMA Buyer LLC | Revolver | 4/30/2031 | 1208250 | (12082) | 1208250 | (12082) |
| ToolWatch Intermediate, LLC | Revolver | 7/31/2030 | 1228520 | (18428) | 1228520 | (6143) |
| Towerco IV Holdings, LLC | Delayed Draw Term Loan | 7/17/2026 | 1382039 | - | 2277098 | - |
| UFS, LLC | Revolver | 10/10/2031 | 524018 | (7860) | 524018 | (5240) |
| Unanet, Inc | Delayed Draw Term Loan | 12/9/2026 | 1086591 | (19015) | 1086591 | (10866) |
| Unanet, Inc | Revolver | 12/9/2030 | 2063584 | (46431) | 2063584 | (30954) |
| Unanet, Inc | Delayed Draw Term Loan | 12/9/2026 | 539918 | (9449) | 539918 | (5399) |
| Unlimited Technology Holdings, LLC | Revolver | 3/12/2032 | 1925180 | - | 1925180 | - |
| UpStack Holdco Inc. | Revolver | 8/25/2031 | 692399 | (3462) | 692399 | - |
| UpStack Holdco Inc. | Delayed Draw Term Loan | 8/24/2026 | 1463270 | (3658) | 1463270 | - |
| Vectra AI, Inc. | Revolver | 3/2/2028 | 1200106 | (18002) | 1200106 | (12001) |
| Vectra AI, Inc. | Delayed Draw Term Loan | 10/29/2026 | 2418368 | (36276) | 2418368 | (24184) |
| Vehlo Purchaser, LLC | Revolver | 5/24/2028 | 1523664 | (19046) | 1523664 | - |
| Venture Buyer LLC | Revolver | 3/1/2030 | 756615 | (3783) | 756615 | (5675) |
| Venture Buyer LLC | Delayed Draw Term Loan | 2/27/2026 | - | - | 832277 | - |
| Veracross LLC | Delayed Draw Term Loan | 12/28/2027 | 1561117 | (19514) | 1772559 | - |

---

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  |  | **3/31/2026** | **3/31/2026** | **12/31/2025** | **12/31/2025** |
| **Investment Type** | **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> |
| Veracross LLC | Revolver | 12/28/2027 | 520150 | (6502) | 1387067 | - |
| Vhagar Purchaser, LLC | Revolver | 6/11/2029 | 373356 | (5600) | 373356 | (1867) |
| Vhagar Purchaser, LLC | Delayed Draw Term Loan | 6/5/2027 | 936687 | - | 936687 | - |
| Visionary Buyer, LLC | Revolver | 3/21/2030 | 1413418 | (10601) | 1413418 | (7067) |
| Visionary Buyer, LLC | Delayed Draw Term Loan | 3/31/2027 | 5809038 | (14523) | 7359493 | - |
| Wealth Enhancement Group, LLC | Delayed Draw Term Loan | 12/30/2026 | 610167 | - | 1039688 | - |
| Wealth Enhancement Group, LLC | Delayed Draw Term Loan | 8/30/2027 | 624893 | - | 624893 | - |
| Wealth Enhancement Group, LLC | Revolver | 10/2/2028 | 623162 | - | 623162 | - |
| Wolverine Seller Holdings, LLC | Revolver | 1/17/2030 | 1349291 | (3373) | 1609949 | (4025) |
| Wolverine Seller Holdings, LLC | Delayed Draw Term Loan | 10/1/2027 | 3788278 | - | 5298794 | - |
| Your Part-Time Controller, LLC | Revolver | 11/14/2029 | 960980 | (4805) | 960980 | (4805) |
| Zendesk, Inc. | Revolver | 11/22/2028 | 1372628 | (10295) | 1372628 | - |
| Zendesk, Inc. | Delayed Draw Term Loan | 5/15/2026 | - | - | 1143721 | - |
|  |  |  | $311874249 | $(3919985) | $326912123 | $(2235796) |

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------

(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 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. | $553649 | $784521 |
| CN CO-INVEST, LP | 35238 | 35238 |
| Community Based Care Holdings, LP | 59890 | 59890 |
| Falcon Co-Investment Partners, L.P. | 271997 | 271997 |
| GHP SPV-2, L.P. | 34208 | 34208 |
| GTCR A-1 Investors LP | 110000 | 220000 |
| Orangewood WWB Co-Invest, L.P. | 25668 | 25668 |
| QCS Co-Invest Aggregator, L.P. | 105823 | 105823 |
| REP COINVEST III OMNI, L.P. | 13325 | 13325 |
| REP RO Coinvest IV-A, L.P. | 1661 | 1661 |
| Total | $1211459 | $1552331 |

---

**Contingencies** 

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

------

**7. Net Assets** 

**Equity Issuance** 

In connection with its formation, the Fund has the authority to issue 200,000,000 Shares.

On September 29, 2017, the Fund completed its Initial Closing after entering into Subscription Agreements with several investors, including the Adviser, providing for the private placement of Shares. Under the terms of the Subscription Agreements, investors are required to fund drawdowns to purchase Shares up to the amount of their respective Capital Commitments on an as-needed basis upon the issuance of a capital draw-down notice. The total Capital Commitments of investors in the Fund as of March 31, 2026 is $803,493,623, of which 21% was unfunded. The total Capital Commitments of investors in the Fund as of December 31, 2025 is $775,624,993, of which 18% was unfunded. The minimum Capital Commitment of an investor is $50,000. The Adviser, however, may waive the minimum Capital Commitment at its discretion.

Capital Commitments may be drawn down by the Fund on a pro rata basis, as needed (including for follow-on investments), for paying the Fund's expenses, including fees under the Third Amended and Restated Advisory Agreement, and/or maintaining a reserve account for the payment of future expenses or liabilities. The following table summarizes the total Shares issued and amount received related to capital drawdowns delivered pursuant to the Subscription Agreements during the 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, 2026** | **For the three months ended<br>March 31, 2025** | **For the three months ended<br>March 31, 2025** |
| **Quarter Ended** | **Shares** | **Amount** | **Shares** | **Amount** |
| March 31 | 965604 | $9272169 | 4796671 | $46074834 |
| Total capital drawdowns | 965604 | $9272169 | 4796671 | $46074834 |

---

**Distributions** 

The following tables reflect the distributions declared on Shares during the three months ended March 31, 2026 and 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Date Declared** | **Record Date** | **Payment Date** | **Amount Per Share** | **Dollar Amount** |
| &nbsp;&nbsp;&nbsp;&nbsp;3/27/2026 | &nbsp;&nbsp;&nbsp;&nbsp;3/27/2026 | 4/23/2026 | $0.20 | $15678682 |
|  |  |  |  | $15678682 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Date Declared** | **Record Date** | **Payment Date** | **Amount Per Share** | **Dollar Amount** |
| &nbsp;&nbsp;&nbsp;&nbsp;3/27/2025 | 3/27/2025 | 4/24/2025 | $0.20 | $13938978 |
|  |  |  |  | $13938978 |

---

**Dividend Reinvestment Plan** 

On September 26, 2017, the Fund adopted a dividend reinvestment plan, which was amended and restated on November 11, 2021 (the "DRIP"). Pursuant to the DRIP (both before and after it was amended), stockholders receive dividends or other distributions in cash unless a stockholder elects to reinvest his or her dividends and other distributions. As a result of adopting the DRIP, if the Board authorizes, and the Fund declares, a cash dividend or distribution, stockholders who have opted into the DRIP will have their cash dividends or distributions automatically reinvested in additional Shares, rather than receiving cash.

The following tables summarize Shares distributed pursuant to the DRIP during the three months ended March 31, 2026 and 2025 to stockholders who opted into the DRIP:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Date Declared** | **Record Date** | **Reinvestment Date** | **Shares** | **Dollar Amount** |
| &nbsp;&nbsp;&nbsp;&nbsp;3/27/2026 | &nbsp;&nbsp;&nbsp;&nbsp;3/27/2026 | &nbsp;&nbsp;&nbsp;&nbsp;3/31/2026 | 934475 | $8606511 |
|  |  |  | 934475 | $8606511 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Date Declared** | **Record Date** | **Reinvestment Date** | **Shares** | **Dollar Amount** |
| &nbsp;&nbsp;&nbsp;&nbsp;3/27/2025 | 3/27/2025 | 3/31/2025 | 797757 | $7609164 |
|  |  |  | 797757 | $7609164 |

---

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**General Tender Program** 

Beginning with the quarter ended March 31, 2021, the Fund began to conduct quarterly general tender offers (each, a "General Tender," and collectively, the "General Tender Program"), at the Board's discretion, in accordance with the requirements of Rule 13e-4 under the Exchange Act and the 1940 Act, to allow each of its stockholders to tender Shares at a specific per Share price (the "Purchase Price") based on the Fund's net asset value as of the last date of the quarter in which the General Tender is conducted. The Fund intends to conduct each General Tender to repurchase up to a certain percentage of the weighted average of the number of Shares outstanding during the three-month period prior to the quarter in which the General Tender is conducted. The General Tender Program includes numerous restrictions that limit stockholders' ability to sell their Shares.

The following table summarizes share repurchases completed during the three months ended March 31, 2026:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Quarter Ended** | **Repurchase Date** | **Total Number of<br>Shares Offered<br>to Repurchase** | **Total Number of<br>Shares<br>Repurchased** | **Total<br>Consideration** | **No. of Shares<br>Repurchased/<br>Total Offer** | **Price Paid<br>Per Share** |
| March 31 | February 27, 2026 | 1861300 | 1188530 | $10946358 | 64% | $9.21 |
|  |  |  | 1188530 | $10946358 |  |  |

---

The following table summarizes share repurchases completed during the three months ended March 31, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Quarter Ended** | **Repurchase Date** | **Total Number of<br>Shares Offered<br>to Repurchase** | **Total Number of<br>Shares<br>Repurchased** | **Total<br>Consideration** | **No. of Shares<br>Repurchased/<br>Total Offer** | **Price Paid<br>Per Share** |
| March 31 | February 28, 2025 | 1594397 | 767534 | $7320890 | 48% | $9.54 |
|  |  |  | 767534 | $7320890 |  |  |

---

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**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 months ended<br>March 31,** | **For the three months ended<br>March 31,** |
|  | **2026** | **2025** |
| Net increase (decrease) in net assets from operations | $(5180437) | $14166793 |
| Weighted average common shares outstanding | 77417118 | 66558706 |
| Earnings per common share-basic and diluted | $(0.07) | $0.21 |

---

**9. Financial Highlights** 

Below is the schedule of financial highlights of the Fund for the three months ended March 31, 2026 and 2025.

---

| | | |
|:---|:---|:---|
| **Per Share Data:(1)** | **For the three<br>months<br>ended March 31, 2026** | **For the three<br>months<br>ended March 31, 2025** |
| Net asset value, beginning of period | $9.47 | $9.53 |
| Net investment income (loss) | 0.20 | 0.20 |
| Net realized and unrealized gains<br> (losses) on investments | (0.26) | 0.01 |
| Net increase (decrease) in net assets<br> resulting from operations | $(0.06) | 0.21 |
| Distributions to stockholders | (0.20) | (0.20) |
| Net asset value, end of period | $9.21 | $9.54 |
| Shares outstanding, end of period | 77788164 | 68529857 |
| Total return at net asset value before incentive<br> fees<sup>(3)(4)</sup> | (0.23%) | 2.76% |
| Total return at net asset value after incentive<br> fees<sup>(3)(4)</sup> | (0.68%) | 2.23% |
| **Ratio/Supplemental Data**<sup>(2)</sup> |  |  |
| Net assets, end of period | $716340716 | $653580054 |
| Ratio of total expenses to weighted average net<br> assets<sup>(5)</sup> | 14.93% | 18.07% |
| Ratio of net expenses to weighted average net<br> assets<sup>(5)(6)</sup> | 14.86% | 18.07% |
| Ratio of net investment income (loss) before waivers to weighted average net assets<sup>(5)</sup> | 10.01% | 10.66% |
| Ratio of net investment income (loss) after waivers to weighted average net assets<sup>(5)(6)</sup> | 10.08% | 10.66% |
| Ratio of interest and credit facility expenses to<br> weighted average net assets<sup>(5)</sup> | 10.01% | 12.58% |
| Ratio of incentive fees to weighted average net<br> assets<sup>(4)(8)</sup> | 0.49% | 0.55% |
| Portfolio turnover rate<sup>(4)</sup> | 1.11% | 7.75% |
| Asset coverage ratio<sup>(7)</sup> | 158% | 160% |

---

(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 of the applicable period

(2)Ratios calculated with Net Assets excluding the Non-Controlling Interest.

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

(4)Not annualized.

(5)Annualized, except for incentive fees.

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(6)The Adviser voluntarily waived a portion of management fees and income-based incentive fees. The ratios include the effects of the voluntary waived expense of 0.07% and 0.00% for the three months ended March 31, 2026 and March 31, 2025.

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

(8)Ratio of incentive fees to weighted average net assets calculated before the voluntary waiver of incentive fees by the Adviser.

**10. Subsequent Events**

Subsequent events after the consolidated statements of assets and liabilities date have been evaluated through the date the consolidated financial statements were issued. The Fund has concluded that there are no events requiring adjustment or disclosure in the consolidated financial statements other than below.

On May 11, 2026, ABPCIC Funding V LLC, a wholly-subsidiary of the Fund, completed a $50,000,000 upsize of the commitments under its credit agreement dated September 19, 2024, with MUFG Bank, Ltd., as lender and administrative agent. The upsize increased total commitments from $150,000,000 to $200,000,000 on a pro rata basis across all existing classes of loans.

On April 22, 2026, the Fund entered into an amendment to the credit agreement establishing its revolving credit facility with HSBC Bank USA, National Association, as the administrative agent and a lender, and each of the banks a party thereto. The Amendment, among other changes, increased the Fund's facility sublimit from $35,000,000 to $42,000,000 until the stated maturity date.

------

**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 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 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 "Risk Factors" of 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 "Item 1A. Risk Factors" of the 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 financial statements and the related notes thereto contained elsewhere in this Quarterly Report.

**Overview** 

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

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

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

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

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

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

***The Private Offering*** 

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

------

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

***Revenues*** 

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

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

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

***Expenses*** 

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•calculating the Fund's net asset value (including the cost and expenses of any independent valuation firm);

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•interest payable on debt, if any, incurred to finance the Fund's investments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•sales and purchases of the Fund's common stock and other securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•base management fees and incentive fees payable to the Adviser;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•transfer agent and custodial fees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•federal and state registration fees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•all costs of registration and listing the Fund's securities on any securities exchange;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•U.S. federal, state and local taxes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•independent directors' fees and expenses;

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

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

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

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

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

***Incentive Fee*** 

The incentive fee, which provides the Adviser with a share of the income that the Adviser generates for the Fund, consists of an income-based incentive fee component and a capital-gains component, which are largely independent of each other, with the result that one component may be payable even if the other is not.

*Income-Based Incentive Fee:* The income-based incentive fee is calculated and payable quarterly in arrears based on the Fund's net investment income prior to any deductions with respect to such income-based incentive fees and capital gains incentive fees ("Pre-incentive Fee Net Investment Income" or "PIFNII") for the quarter, as further described below. PIFNII means interest income, dividend income and any other income (including any other fees, such as commitment, origination, structuring, due diligence, managerial and consulting fees or other fees the Fund receives from portfolio companies) that the Fund accrues during the fiscal quarter, minus the Fund's operating expenses for the quarter (including the base management fee, expenses payable under the administration agreement (the "Administration Agreement") the Fund has entered into with the Administrator, and any interest expense and dividends paid on any issued and outstanding indebtedness or preferred stock, respectively, but excluding, for avoidance of doubt, the income-based incentive fee accrued under U.S. generally accepted accounting principles ("GAAP"). PIFNII also includes, in the case of investments with a deferred interest feature (such as original issue discount, debt instruments with pay in kind interest and zero-coupon securities), accrued income that the Fund has not yet received in cash. The Adviser is not under any obligation to reimburse the Fund for any part of the income-based incentive fees it received that was based on accrued interest that the Fund never actually received. Please see the aforementioned risk factors in our Annual Report on Form 10-K for the fiscal year ended December 31, 2025 filed with the SEC on March 26, 2026. See "*Risk Factors — Risks Relating to The Fund's Business — There are significant potential conflicts of interest which could impact the Fund's investment returns; — Even in the event the value of your investment declines, the base management fee and, in certain circumstances, the incentive fee will still be payable to the Adviser; — A general increase in interest rates will likely have the effect of making it easier for the Adviser to receive incentive fees, without necessarily resulting in an increase in the Fund's net earnings."* 

PIFNII does not include any realized capital gains, realized capital losses or unrealized capital appreciation or depreciation. Because of the structure of the income-based incentive fee, it is possible that the Fund may accrue such fees in a quarter where the Fund incurs a net loss. For example, if the Fund receives PIFNII in excess of the hurdle rate (as defined below) for a quarter, the Fund will accrue the applicable income-based incentive fee even if it has incurred a realized and/or unrealized capital loss in that quarter. However, cash payment of the income-based incentive fee may be deferred in this situation, subject to the restrictions detailed at the end of this section.

PIFNII, expressed as a rate of return on the average value of the Fund's net assets (defined as total assets, less indebtedness and before taking into account any incentive fees payable during the period) as of the first day of each month during the course of the immediately preceding calendar quarter, will be compared to various "hurdle rates," with the income-based incentive fee rate of return increasing at each hurdle rate.

![img42422944_0.jpg](img42422944_0.jpg)

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***Description of Quarterly Incentive Fee Calculations*** 

The Fund pays the Adviser an income-based incentive fee with respect to PIFNII in each calendar quarter as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•No income-based incentive fee in any calendar quarter in which the PIFNII does not exceed 1.5% per quarter (6% per annum), the "6% Hurdle Rate"; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•100% of PIFNII with respect to that portion of such PIFNII, if any, that exceeds the 6% Hurdle Rate but is less than 1.67% in any calendar quarter (the "6% Catch-up Cap"), approximately 6.67% per annum. This portion of PIFNII (which exceeds the 6% Hurdle Rate but is less than the 6% Catch-up Cap) is referred to as the "6% Catch-up." The 6% Catch-up is meant to provide the Adviser with 10.0% of the PIFNII as if a hurdle rate did not apply if this net investment income exceeded 1.67% but was less than 1.94% in any calendar quarter; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•10.0% of the amount of PIFNII, if any, that exceeds the 6% Catch-up Cap, but is less than 1.94% (the "7% Hurdle Rate"), approximately 7.78% per annum. The 7% Hurdle Rate is meant to limit the Adviser to 10% of the PIFNII until the amount of PIFNII exceeds 1.94%, approximately 7.78% per annum; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•100% of PIFNII with respect to that portion of such PIFNII, if any, that exceeds the 7% Hurdle Rate but is less than 2.06% in any calendar quarter (the "7% Catch-up Cap"), approximately 8.24% per annum. This portion of PIFNII (which exceeds the 7% Hurdle Rate but is less than the 7% Catch-up Cap) is referred to as the "7% Catch-up." The 7% Catch-up is meant to provide the Adviser with 15.0% of the PIFNII as if a hurdle rate did not apply if this net investment income exceeded 2.06% but was less than 2.35% in any calendar quarter; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•15.0% of the amount of PIFNII, if any, that exceeds the 7% Catch-up Cap, but is less than 2.35% (the "8% Hurdle Rate"), approximately 9.41% per annum. The 8% Hurdle Rate is meant to limit the Adviser to 15% of the PIFNII until the amount of PIFNII exceeds 2.35%, approximately 9.41% per annum; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•100% of PIFNII with respect to that portion of such PIFNII, if any, that exceeds the 8% Hurdle Rate but is less than 2.42% in any calendar quarter (the "8% Catch-up Cap"), approximately 9.7% per annum. This portion of PIFNII (which exceeds the 8% Hurdle Rate but is less than the 8% Catch-up Cap) is referred to as the "8% Catch-up". The 8% Catch-up is meant to provide the Adviser with 17.5% of the PIFNII as if a hurdle rate did not apply if this net investment income exceeded 2.42% in any calendar quarter; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•17.5% of the amount of PIFNII, if any, that exceeds 2.42% in any calendar quarter.

Effective February 10, 2026, the Income-Based Incentive Fee was reduced to be calculated as follows: (x) the 8% Catch-Up Cap was reduced from the portion of PIFNII, if any, that exceeds the 8% Hurdle Rate but is less than 2.50% in any calendar quarter, approximately 10% per annum to the portion of the PIFNII, if any, that exceeds the 8% Hurdle Rate but is less than 2.42% in any calendar quarter, approximately 9.7% per annum and (y) 20% of the amount of PIFNII, if any, that exceeds 2.50% in any calendar quarter was reduced to 17.5% of the amount of PIFNII, if any, that exceeds 2.42% in any calendar quarter in connection with the amendment and restatement of the Advisory Agreement. In addition, on February 10, 2026, the Fund and the Adviser entered into a fee waiver letter pursuant to which the Adviser agreed to waive a portion of the incentive fee in excess of the income-based incentive fee calculated at the reduced rate for the period from January 1, 2026 through February 10, 2026. Prior to the waiver (and for the fiscal year ended December 31, 2025), the income-based incentive fee was calculated without the reduction described above.

*Capital Gains Incentive Fee*: The capital gains incentive fee is determined and payable at the end of each fiscal year as 17.5% of the Fund's aggregate cumulative realized capital gains from the date of the Fund's election to be regulated as a BDC through the end of that year, computed net of all aggregate cumulative realized capital losses and aggregate cumulative unrealized depreciation through the end of such year, less the aggregate amount of any previously paid capital gain incentive fees. For the foregoing purpose, the Fund's "aggregate cumulative realized capital gains" will not include any unrealized appreciation. For accounting purposes only, the Fund is required under GAAP to accrue a hypothetical capital gains incentive fee based upon net realized gains and unrealized depreciation for that calendar year (in accordance with the terms of the Advisory Agreement), plus unrealized appreciation on investments held at the end of the period. The accrual of this hypothetical capital gains incentive fee assumes all unrealized capital gain and loss is realized in order to reflect a hypothetical capital gains incentive fee that would be payable to the Adviser at each measurement date. The capital gains incentive fee is not subject to any minimum return to stockholders. If such amount is negative, then no capital gains incentive fee will be payable for such year. Additionally, if the Advisory Agreement is terminated as of a date that is not a calendar year end, the termination date will be treated as though it were a calendar year end for purposes of calculating and paying the capital gains incentive fee.

The amount of capital gains incentive fee expense related to a hypothetical liquidation of the portfolio (and assuming no other changes in realized or unrealized gains and losses) would only become payable to the Adviser in the event of a complete liquidation of the Fund's portfolio as of period end and the termination of the Advisory Agreement on such date. Also, it should be noted that the capital gains incentive fee expense fluctuates with the Fund's overall investment results.

------

Effective February 10, 2026, the capital gains incentive fee was reduced from 20.0% of the Fund's aggregate cumulative realized capital gains, if any, to 17.5% of the Fund's aggregate cumulative realized capital gains, if any in connection with the amendment and restatement of the Advisory Agreement. In addition, on February 10, 2026, the Fund and the Adviser entered into a fee waiver letter pursuant to which the Adviser agreed to waive a portion of the capital gains incentive fee in excess of the capital gains incentive fee calculated at the reduced rate of 17.5% for the period from January 1, 2026 through February 10, 2026. Prior to the waiver (and for the fiscal year ended December 31, 2025), the income-based incentive fee was calculated without the reduction described above.

The Fund will defer cash payment of any income-based incentive fee and/or any capital gains incentive fee otherwise earned by the Adviser if, during the most recent four full fiscal quarter periods ending on or prior to the date such payment is to be made, the sum of (a) the PIFNII, (b) the realized capital gain / loss and (c) unrealized capital appreciation/ depreciation, expressed as a rate of return on the value of the Fund's net assets, is less than 6.0%. Any such deferred fees are carried over for payment in subsequent calculation periods to the extent such payment is payable under the Advisory Agreement.

**Examples of Quarterly Incentive Fee Calculations** 

**Example 1—Income Based Fee**<sup>(1)</sup>**:** 

*Assumptions* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•6% Hurdle Rate<sup>(2)</sup> = 1.50%

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•6% Catch-up = 0.17%

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•6% Catch-up Cap = 1.67%

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•7% Hurdle Rate(3) = 1.94%

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•7% Catch-up = 0.13%

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•7% Catch-up Cap = 2.06%

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•8% Hurdle Rate(4) = 2.35%

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•8% Catch-up = 0.07%

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•8% Catch-up Cap = 2.42%

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Management fee<sup>(5)</sup> = 0.31%

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Other expenses (legal, accounting, custodian, transfer agent, etc.)(6) = 0.22%

------

(1)The hypothetical amount of PIFNII shown is based on a percentage of total net assets. In addition, the example assumes that during the most recent four full fiscal quarter periods ending on or prior to the date the payment set forth in the example is to be made the sum of (a) the PIFNII, (b) the realized capital gain/loss and (c) the unrealized capital appreciation/depreciation, expressed as a rate of return on the value of the Fund's net assets, is at least 6.0%

(2)Represents a quarter of the 6.0% annualized 6% Hurdle Rate.

(3)Represents a quarter of the 6.67% annualized 7% Hurdle Rate.

(4)Represents a quarter of the 9.41% annualized 8% Hurdle Rate.

(5)Represents a quarter of the 1.25% annualized management fee.

(6)Excludes offering expenses.

**Alternative 1** 

*Additional Assumptions* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Investment income (including interest, dividends, fees, etc.) = 1.25%

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

(investment income – (management fee + other expenses)) = 0.72%

PIFNII does not exceed the hurdle rate, therefore there is no income-based fee.

------

**Alternative 2** 

*Additional Assumptions* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Investment income (including interest, dividends, fees, etc.) = 2.20%

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

(investment income – (management fee + other expenses)) = 1.67%

PIFNII exceeds 6% Hurdle Rate, therefore there is an income based incentive fee.

---

| | | |
|:---|:---|:---|
| Income<br>Based<br>Fee | &nbsp;&nbsp;&nbsp;= | &nbsp;&nbsp;&nbsp;100% × (the greater of 0% **AND** (the lesser of (PIFNII – 6% Hurdle Rate) **AND** (6% Catch-up Cap – 6% Hurdle Rate)))<br>+ 10% × (the greater of 0% **AND** (the lesser of (PIFNII – 6% Catch-up Cap) **AND** (7% Hurdle Rate – 6% Catch-up Cap)))<br>+ 100% × (the greater of 0% **AND** (the lesser of (PIFNII – 7% Hurdle Rate) **AND** (7% Catch-up Cap – 7% Hurdle Rate)))<br>+ 15% × (the greater of 0% **AND** (the lesser of (PIFNII – 7% Catch-up Cap) **AND** (8% Hurdle Rate – 7% Catch-up Cap)))<br>+ 100% × (the greater of 0% **AND** (the lesser of (PIFNII – 8% Hurdle Rate) **AND** (8% Catch-up Cap – 8% Hurdle Rate)))<br>+ 17.5% × (the greater of 0% **AND** (PIFNII – 8% Catch-up Cap)) |
|  | &nbsp;&nbsp;&nbsp;= | &nbsp;&nbsp;&nbsp;(100% × (1.67% – 1.5%)) + 0% + 0% + 0% + 0% + 0% |
|  | &nbsp;&nbsp;&nbsp;= | &nbsp;&nbsp;&nbsp;100% × 0.17% |
|  | &nbsp;&nbsp;= | &nbsp;&nbsp;&nbsp;0.17% |

---

**Alternative 3** 

*Additional Assumptions* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Investment income (including interest, dividends, fees, etc.) = 2.40%

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

(investment income — (management fee + other expenses)) = 1.87%

PIFNII exceeds 6% Hurdle Rate and 6% Catch-up Cap, but is less than the 7% Hurdle Rate. See detailed formula in Alternative 2.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Income<br>Based<br>Fee | &nbsp;&nbsp;= | &nbsp;&nbsp;&nbsp;&nbsp;(100% × (1.67% – 1.50%)) + (10.0% × (1.87% – 1.67%)) |
|  | &nbsp;&nbsp;= | &nbsp;&nbsp;&nbsp;&nbsp;0.17% + (10.0% × 0.20%) |
|  | &nbsp;&nbsp;= | &nbsp;&nbsp;&nbsp;&nbsp;0.17% + 0.02% |
|  | &nbsp;&nbsp;= | &nbsp;&nbsp;&nbsp;&nbsp;0.19% |

---

------

**Alternative 4** 

*Additional Assumptions* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Investment income (including interest, dividends, fees, etc.) = 2.60%

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

(investment income – (management fee + other expenses)) = 2.07%

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Income<br>Based<br>Fee | &nbsp;&nbsp;= | &nbsp;&nbsp;&nbsp;&nbsp;(100% × (1.67% – 1.50%)) + (10.0% × (1.94% – 1.67%)) + (100% × (2.06% – 1.94%)) |
|  | &nbsp;&nbsp;= | &nbsp;&nbsp;&nbsp;&nbsp;0.17% + (10.0% × (1.94% – 1.67%)) + (100% × 0.12%) |
|  | &nbsp;&nbsp;= | &nbsp;&nbsp;&nbsp;&nbsp;0.17% + 0.03% + 0.12% |
|  | &nbsp;&nbsp;= | &nbsp;&nbsp;&nbsp;&nbsp;0.32% |

---

**Alternative 5** 

*Additional Assumptions* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Investment income (including interest, dividends, fees, etc.) = 2.80%

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

(investment income – (management fee + other expenses)) = 2.27%

PIFNII exceeds 7% Catch-up Cap, but is less than the 8% Hurdle Rate. See detailed formula in Alternative 2.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Income<br>Based<br>Fee | &nbsp;&nbsp;= | &nbsp;&nbsp;&nbsp;&nbsp;(100% × (1.67% – 1.50%)) + (10.0% × (1.94% – 1.67%)) + (100% × (2.06% – 1.94%)) + (15.0% × (2.27% – 2.06%)) |
|  | &nbsp;&nbsp;= | &nbsp;&nbsp;&nbsp;&nbsp;0.17 + (10.0% × 0.27%) + (100% × 0.12%) + (15% × 0.20%) |
|  | &nbsp;&nbsp;= | &nbsp;&nbsp;&nbsp;&nbsp;0.17% + 0.03% + 0.12% + 0.03% |
|  | &nbsp;&nbsp;= | &nbsp;&nbsp;&nbsp;&nbsp;0.35% |

---

**Alternative 6** 

*Additional Assumptions* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Investment income (including interest, dividends, fees, etc.) = 2.93%

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

(investment income – (management fee + other expenses)) = 2.40%

PIFNII exceeds 8% Hurdle Rate, but is less than the 8% Catch-up Cap. See detailed formula in Alternative 2.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Income<br>Based<br>Fee | &nbsp;&nbsp;= | &nbsp;&nbsp;&nbsp;&nbsp;(100% × (1.67% – 1.50%)) + (10.0% × (1.94% – 1.67%)) + (100% × (2.06% – 1.94%)) + (15.0% × (2.35% – 2.06%)) + (100% × (2.40% – 2.35%)) |
|  | &nbsp;&nbsp;= | &nbsp;&nbsp;&nbsp;&nbsp;0.17 + (10.0% × 0.27%) + (100% × 0.12%) + (15% × 0.29%) + (100% × 0.05%) |
|  | &nbsp;&nbsp;= | &nbsp;&nbsp;&nbsp;&nbsp;0.17% + 0.03% + 0.12% + 0.04% + 0.05% |
|  | &nbsp;&nbsp;= | &nbsp;&nbsp;&nbsp;&nbsp;0.41% |

---

------

**Alternative 7** 

*Additional Assumptions* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Investment income (including interest, dividends, fees, etc.) = 3.20%

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

(investment income – (management fee + other expenses)) = 2.67%

PIFNII exceeds 8% Hurdle Rate, and exceeds 8% Catch-up Cap. See detailed formula in Alternative 2.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Income<br>Based<br>Fee | &nbsp;&nbsp;= | &nbsp;&nbsp;&nbsp;&nbsp;(100% × (1.67% – 1.50%)) + (10.0% × (1.94% – 1.67%)) + (100% × (2.06% – 1.94%)) + (15.0% × (2.35% – 2.06%)) + (100% × (2.42% – 2.35%)) + (17.5% × (2.67% – 2.42%)) |
|  | &nbsp;&nbsp;= | &nbsp;&nbsp;&nbsp;&nbsp;0.17% + (10.0% × 0.27%) + (100% × 0.12%) + (15% × 0.29%) + (100% × 0.07%) + (17.5% × 0.25%) |
|  | &nbsp;&nbsp;= | &nbsp;&nbsp;&nbsp;&nbsp;0.17% + 0.03% + 0.12% + 0.04% + 0.07% + 0.04% |
|  | &nbsp;&nbsp;= | &nbsp;&nbsp;&nbsp;&nbsp;0.48% |

---

**Example 2—Capital Gains Incentive Fee:** 

**Alternative 1:** 

*Assumptions* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Year 1: $20 million investment made in Company A ("Investment A"), and $30 million investment made in Company B ("Investment B")

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Year 2: Investment A is sold for $50 million and fair value ("FV") of Investment B determined to be $32 million

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Year 3: FV of Investment B determined to be $25 million

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Year 4: Investment B sold for $31 million

The capital gains incentive fee, if any, would be:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Year 1: None (No sales transactions)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Year 2: $5.25 million (17.5% multiplied by $30 million realized capital gains on sale of Investment A)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Year 3: None; $4.375 million (17.5% multiplied by ($30 million realized cumulative capital gains less $5 million cumulative capital depreciation)) less $5.25 million (previous Capital Gains Fee paid in Year 2)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Year 4: $175,000; $5.425 million (17.5% multiplied by $31 million cumulative realized capital gains) less $5.25 million (Capital Gains Fee paid in Year 2)

**Alternative 2** 

*Assumptions* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Year 1: $20 million investment made in Company A ("Investment A"), $30 million investment made in Company B ("Investment B") and $25 million investment made in Company C ("Investment C")

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Year 3: FV of Investment B determined to be $27 million and Investment C sold for $30 million

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Year 4: FV of Investment B determined to be $35 million

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Year 5: Investment B sold for $20 million

The capital gains incentive fee, if any, would be:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Year 1: None (No sales transactions)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Year 2: $4.375 million (17.5% multiplied by $25 million ($30 million realized capital gains on Investment A less $5 million unrealized capital depreciation on Investment B))

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Year 3: $1.225 million ($5.6 million (17.5% multiplied by $32 million ($35 million cumulative realized capital gains less $3 million unrealized capital depreciation)) less $5.00 million (Capital Gains Fee paid in Year 2))

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Year 4: None (No sales transactions)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Year 5: None ($4.375 million (17.5% multiplied by $25 million (cumulative realized capital gains of $35 million less realized capital losses of $10 million)) less $5.60 million (cumulative Capital Gains Fee paid in Year 2 and Year 3))

**Example 3—Deferral of Cash Payment of Incentive Fees:** 

*Assumptions* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Year 1: $20 million investment made in Company A ("Investment A")

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Year 2, Quarter 4: Fair value ("FV") of Investment A determined to be $19 million

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Net Assets for the 2 year period = $20mm<sup>(1)</sup>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Period** | **Hurdle<br>Rate** | **Management<br>Fee** | **Other<br>Expenses** | **Investment<br>Income** | **Pre-Incentive<br>Fee Net<br>Investment<br>Income** | **Income-Based<br>Fee**<sup>(2)</sup> |
| Year 1, Quarter 1 | 1.5% | 0.31% | 0.22% | 2.80% | 2.27% | 0.35% |
| Year 1, Quarter 2 | 1.5% | 0.31% | 0.22% | 2.80% | 2.27% | 0.35% |
| Year 1, Quarter 3 | 1.5% | 0.31% | 0.22% | 2.80% | 2.27% | 0.35% |
| Year 1, Quarter 4 | 1.5% | 0.31% | 0.22% | 2.80% | 2.27% | 0.35% |
| Year 2, Quarter 1 | 1.5% | 0.31% | 0.22% | 2.80% | 2.27% | 0.35% |
| Year 2, Quarter 2 | 1.5% | 0.31% | 0.22% | 2.80% | 2.27% | 0.35% |
| Year 2, Quarter 3 | 1.5% | 0.31% | 0.22% | 2.80% | 2.27% | 0.35% |
| Year 2, Quarter 4 | 1.5% | 0.31% | 0.22% | 2.80% | 2.27% | 0.35% |

---

Most recent four full fiscal quarter period ending Year 2, Quarter 4:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a)PIFNII as a return on net assets = 2.20% \* 4 = 8.8%

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b)Realized capital gain/(loss) = zero

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c)Unrealized capital appreciation/(depreciation) = ($1mm), as a return on net assets = (5%)

Sum of a), b) and c) = 3.8%, therefore the income-based incentive fee for Year 2, Quarter 4 will not be paid and will be carried over for payment in subsequent periods

------

(1)Assumes all net investment income is distributed to investors

(2)See Example 1, Alternative 5 for calculation

**Portfolio and Investment Activity** 

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

---

| | | |
|:---|:---|:---|
|  | **For the Three<br>Months Ended<br>March 31, 2026** | **For the Three<br>Months Ended<br>March 31, 2025** |
| Investments in Portfolio Companies | $(43802909)<sup>(1)</sup> | $(109596245)<sup>(2)</sup> |
| Draw Downs Against Revolvers and Delayed Draw Term Loans | (34498603) | (28113930) |
| Principal Repayments | 21284584<br><sup>(3)</sup> | 118692496<br><sup>(4)</sup> |
| Sales | 36960 | 8291001 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Repayments (Investments) | $(56979968) | $(10726678) |

---

------

<sup>(1)</sup> Includes investments in 33 portfolio companies.

------

<sup>(2)</sup> Includes investments in 30 portfolio companies.

<sup>(3)</sup> Includes $7,289,879 in revolver and delayed draw term paydowns.

<sup>(4)</sup> Includes $5,446,332 in revolver and delayed draw term paydowns.

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **As of March 31, 2026** | **As of March 31, 2026** | **As of March 31, 2026** | **As of March 31, 2026** | **As of March 31, 2026** |
|  | **Amortized<br>Cost** | **Percentage<br>of Total** | **Fair Value** | **Percentage<br>of Total** | **Weighted<br>Average<br>Yield**<sup>(1)</sup> |
| First Lien Senior Secured Debt | $1886649099 | 93.75% | $1842062138 | 93.19% | 9.74% |
| Second Lien Junior Secured Debt | 3105047 | 0.15% | 2019259 | 0.10% | 36.10% |
| Preferred Stock | 5566431 | 0.28% | 7429279 | 0.38% |  |
| Common Stock | 9494828 | 0.47% | 8949720 | 0.45% |  |
| Investment companies | 29281817 | 1.46% | 36204661 | 1.83% |  |
| Warrants | 394025 | 0.02% | 2026064 | 0.10% |  |
| Cash and cash equivalents | 77983288 | 3.87% | 77983288 | 3.95% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | $2012474535 | 100.00% | $1976674409 | 100.00% |  |

---

------

(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** | **As of December 31, 2025** |
|  | **Amortized<br>Cost** | **Percentage<br>of Total** | **Fair Value** | **Percentage<br>of Total** | **Weighted<br>Average<br>Yield**<sup>(1)</sup> |
| First Lien Senior Secured Debt | $1828650502 | 92.26% | $1802229181 | 91.62% | 9.58% |
| Second Lien Junior Secured Debt | 3101516 | 0.16% | 2574947 | 0.13% | 21.56% |
| Preferred Stock | 5566431 | 0.28% | 8128435 | 0.41% |  |
| Common Stock | 9525137 | 0.48% | 9938983 | 0.51% |  |
| Investment companies | 28975016 | 1.46% | 36322816 | 1.85% |  |
| Warrants | 394025 | 0.02% | 2102100 | 0.11% |  |
| Cash and cash equivalents | 105808043 | 5.34% | 105808043 | 5.37% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | $1982020670 | 100.00% | $1967104505 | 100.00% |  |

---

------

(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 | 162 | 161 |
| Percentage of debt bearing a floating rate<sup>(1)</sup> | 100% | 100% |
| Percentage of debt bearing a fixed rate<sup>(1)</sup> | —% | —% |

---

------

(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:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **As of March 31, 2026** | **As of March 31, 2026** | **As of March 31, 2026** | **As of March 31, 2026** |
|  | **Amortized Cost** | **Percentage at<br>Amortized Cost** | **Fair Value** | **Percentage at<br>Fair Value** |
| Performing | $1860362933 | 98.44% | $1835784062 | 99.55% |
| Non-accrual | 29391213 | 1.56% | 8297335 | 0.45% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | $1889754146 | 100.00% | $1844081397 | 100.00% |

---

------

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:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** |
|  | **Amortized Cost** | **Percentage at<br>Amortized Cost** | **Fair Value** | **Percentage at<br>Fair Value** |
| Performing | $1802346415 | 98.39% | $1795749095 | 99.50% |
| Non-accrual | 29405603 | 1.61% | 9055033 | 0.50% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | $1831752018 | 100.00% | $1804804128 | 100.00% |

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Generally, when interest and/or principal payments on a loan become past due, or if the Fund otherwise does not expect the borrower to be able to service its debt and other obligations, the Fund will place the loan on non-accrual status and will cease recognizing interest income on that loan for financial reporting purposes until all principal and interest have been brought current through payment or due to restructuring such that the interest income is deemed to be collectible. The Fund generally restores non-accrual loans to accrual status when past due principal and interest is paid and, in the management's judgment, is likely to remain current. As of March 31, 2026, the Fund had nineteen investments, with six issuers, that were on non-accrual status. As of December 31, 2025, the Fund had nineteen investments, with six issuers, that were on non-accrual status.

The following tables show the composition of the investment portfolio (excluding cash and cash equivalents) by industry, at amortized cost and fair value as of March 31, 2026 and December 31, 2025 (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<br>of Total** | **Fair Value** | **Percentage<br>of Total** |
| Digital Infrastructure & Services | $352191917 | 18.21% | $348321182 | 18.34% |
| Healthcare | 355617819 | 18.38% | 334749283 | 17.63% |
| Investment Companies | 29281817 | 1.51% | 36204661 | 1.91% |
| Software & Tech Services | 942819173 | 48.74% | 929342589 | 48.94% |
| Services | 165277557 | 8.54% | 162459983 | 8.56% |
| Consumer Non-Cyclical | 38593583 | 2.00% | 36983427 | 1.95% |
| Financials | 46976179 | 2.43% | 46877082 | 2.47% |
| NAV Loan | 3733202 | 0.19% | 3752914 | 0.20% |
|  | $1934491247 | 100.00% | $1898691121 | 100.00% |

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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<br>of Total** | **Fair Value** | **Percentage<br>of Total** |
| Digital Infrastructure & Services | $323490755 | 17.25% | $321542152 | 17.28% |
| Healthcare | 337463189 | 17.99% | 318274077 | 17.10% |
| Investment Companies | 28975016 | 1.54% | 36322816 | 1.95% |
| Software & Tech Services | 929569330 | 49.54% | 931073132 | 50.01% |
| Services | 162932838 | 8.68% | 161760374 | 8.69% |
| Consumer Non-Cyclical | 38897799 | 2.07% | 37339221 | 2.01% |
| Financials | 50274312 | 2.68% | 50375641 | 2.71% |
| NAV Loan | 4609388 | 0.25% | 4609049 | 0.25% |
|  | $1876212627 | 100.00% | $1861296462 | 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,** | **For the three months ended<br>March 31,** |
|  | **2026** | **2025** |
| Total investment income | $44485839 | $44641978 |
| Total expenses | 29335944 | 30488634 |
| Waived management fees | (271957) |  |
| Waived incentive fees | (245475) |  |
| Net investment income before taxes | 15667327 | 14153344 |
| Income tax expense, including excise tax | (8700) | 216883 |
| Net investment income after tax | 15676027 | 13936461 |
| Net realized and change in unrealized appreciation (depreciation) on investments | (20856631) | 231355 |
| Net increase (decrease) in net assets resulting from operations | (5180604) | 14167816 |
| Less: Net increase (decrease) in net assets resulting from operations related to<br> Non-Controlling Interest in ABPCIC Equity Holdings, LLC | (167) | 1023 |
| Net increase (decrease) in net assets resulting from operations related to AB Private<br> Credit Investors Corporation | $(5180437) | $14166793 |

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***Investment Income*** 

During the three months ended March 31, 2026, the Fund's investment income was comprised of $43,532,664 of interest income, which includes $963,198 from the net amortization of premium and accretion of discounts, $878,080 of payment-in-kind interest, and $75,095 of dividend income. During the three months ended March 31, 2025, the Fund's investment income was comprised of $43,400,550 of interest income, which includes $1,292,006 from the net amortization of premium and accretion of discounts, $1,112,406 of payment-in-kind interest, and $129,022 of dividend income. The decrease in net investment income during the three months ended March 31, 2026 compared to the three months ended March 31, 2025 can primarily be attributed to an decrease in the Fund's investment portfolio.

***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,** | **For the three months ended<br>March 31,** |
|  | **2026** | **2025** |
| Interest and borrowing expenses | $17855920 | $19553323 |
| Management fees | 6133927 | 5634969 |
| Income-based incentive fee | 3570694 | 3484107 |
| Professional fees | 827189 | 834209 |
| Administration and custodian fees | 459069 | 334487 |
| Insurance expenses |  | 115500 |
| Directors' fees | 64991 | 52438 |
| Transfer agent fees | 46927 | 38370 |
| Other expenses | 282477 | 441231 |
| Trustee expense | 94750 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total expenses | 29335944 | 30488634 |
| &nbsp;&nbsp;&nbsp;&nbsp;Waived management fees | (271957) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Waived incentive fees | (245475) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Income tax expense, including excise tax | (8700) | 216883 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net expenses | $28809812 | $30705517 |

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***Interest and borrowing expenses*** 

Interest and borrowing expenses include interest, amortization of debt issuance and deferred financing costs, upfront commitment fees and unused fees on the unused portion of the Credit Facilities, Secured Borrowings and the Notes issued in the CLO Transaction.

Interest and borrowing expenses for the three months ended March 31, 2026 and 2025 were $17,855,920 and $19,553,323, respectively. The weighted average interest rate (excluding deferred upfront financing costs and unused fees) on the Fund's debt outstanding was 5.55% and 6.91% for the three months ended March 31, 2026 and 2025, respectively. The decrease in interest and borrowing expenses during the three months ended March 31, 2026, compared to the three months ended March 31, 2025 can primarily be attributed to an decrease in interest rate.

***Management Fee*** 

The gross management fee expenses for the three months ended March 31, 2026 and 2025 were $6,133,927 and $5,634,969, respectively. During the three months ended March 31, 2026, the management waived management fees of $271,957. No management fees were waived during the three months ended March 31, 2025. The increase in the management fee for the three months ended March 31, 2026 was a result of the increase in average net assets during this period, which are the basis used to calculate management fees.

***Net Realized Gain (Loss) on Investments*** 

During the three months ended March 31, 2026, the Fund had principal repayments and sales which resulted in $27,330 of net realized gain primarily driven by an exit in three of our portfolio companies.

During the three months ended March 31, 2025, restructurings and sales of assets resulted in $3,014,227 of net realized gain.

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

During the three months ended March 31, 2026, the Fund had $20,883,961 in net change in unrealized depreciation on $1,898,691,121 of investments in 217 portfolio companies. Net change in unrealized depreciation for the three months ended March 31, 2026, resulted from a decrease in fair value, primarily due to negative valuation adjustments on level 3 securities.

During the three months ended March 31, 2025, the Fund had $2,782,872 in net change in unrealized depreciation on $1,644,014,546 of investments in 210 portfolio companies. Net change in unrealized depreciation for the three months ended March 31, 2025, resulted from a decrease in fair value, primarily due to negative valuation adjustments on level 3 securities.

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

For the three months ended March 31, 2026, the net decrease in net assets resulting from operations was $5,180,604. For the three months ended March 31, 2025, the net increase in net assets resulting from operations was $14,167,816. Based on the weighted average shares of common stock outstanding for the three months ended March 31, 2026 and 2025, the Fund's per share net increase in net assets resulting from operations was ($0.07) and $0.21, respectively.

***Cash Flows*** 

For the three months March 31, 2026, cash decreased by $27,824,755. During the same period, the Fund used $39,559,658 in operating activities, primarily on the net purchases of investments. During the three months March 31, 2026, the Fund generated $11,734,903 from financing activities, primarily from net borrowings on the Credit Facilities and issuance of Shares.

For the three months March 31, 2025, cash increased by $62,831,756. During the same period, the Fund generated $186,969 in operating activities, primarily as a result of the increase in net assets resulting from operations, partially offset by the net purchases of investments. During the three months ended March 31, 2025, the Fund generated $62,644,787 from financing activities, primarily from net borrowings on the Notes and Credit Facilities and Issuance of Common Stock.

***Hedging*** 

The Fund may enter into currency hedging contracts, interest rate hedging agreements such as futures, options, swaps and forward contracts, and credit hedging contracts, such as credit default swaps. However, no assurance can be given that such hedging transactions will be entered into or, if they are, that they will be effective.

For the three months ended March 31, 2026 and 2025, the Fund did not enter into any hedging contracts.

**Financial Condition, Liquidity and Capital Resources** 

At March 31, 2026, and December 31, 2025, the Fund had $77,983,288 and $105,808,043 in cash and cash equivalents on hand, respectively. The Fund expects to generate cash primarily from (i) the net proceeds of the Private Offering, (ii) cash flows from the Fund's operations, (iii) any financing arrangements now existing or that the Fund may enter into in the future and (iv) any future offerings of the Fund's equity or debt securities. The Fund may fund a portion of its investments through borrowings from banks, or other large global institutions such as insurance companies, and issuances of senior securities.

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

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

Cash and cash equivalents as of March 31, 2026, taken together with the Fund's uncalled Capital Commitments of $171,776,023 and $139,000,000 of the total available under the 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.

As of March 31, 2026, the Fund has unfunded commitments to fund future investments in the amount of $311,874,249, and contractual obligations in the form of Credit Facilities of $696,000,000 and Notes of $535,810,695.

***Equity Activity*** 

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

The Fund has entered into Subscription Agreements with investors providing for the private placement of Shares. Under the terms of the Subscription Agreements, investors are required to fund drawdowns to purchase Shares up to the amount of their respective Capital Commitments on an as-needed basis upon the issuance of a capital draw down notice. As of March 31, 2026, the Fund received Capital Commitments of $803,493,623. Inception to March 31, 2026, the Fund received Capital Contributions to the Fund of $631,717,600. Proceeds from the issuances of Shares in respect of drawdown notices described below were used for investing activities and for other general corporate purposes.

------

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

For further details, see "Note 7. Net Assets," to the Fund's consolidated financial statements.

Stockholders who tendered Shares in the Q1 2026 Tender Offer and Q1 2025 Tender Offer received a non-interest bearing, non-transferable promissory note entitling such stockholders to an amount in cash equal to the number of Shares accepted for purchase multiplied by the applicable Purchase Price.

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

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| | | |
|:---|:---|:---|
|  | **For the Three<br>Months<br>Ended<br>March 31, 2026** | **For the Three<br>Months<br>Ended<br>March 31, 2025** |
| Capital Commitments and Commitments Reductions | $40095505 | $23557474 |
| Capital Commitments rescinded due to participation in General Tender Program | $(12226875) | $7506114 |
| Dividend reinvestments | $8606511 | $7609164 |
| Shares issued to investors under DRIP | 934475 | 797757 |
| Value of capital drawdown notices | $9272169 | $46074834 |
| Shares issued to investors under capital drawdown notices | 965604 | 4796671 |
| Value of Shares purchased in General Tender Program | $10946358 | $7320890 |
| Shares purchased in General Tender Offer | 1188530 | 767534 |

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***Distributions*** 

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

The following table summarizes distributions declared during the three months ended March 31, 2026:

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| | | | | |
|:---|:---|:---|:---|:---|
| **Date Declared** | **Record Date** | **Payment Date** | **Amount Per Share** | **Dollar Amount** |
| &nbsp;&nbsp;&nbsp;&nbsp;3/27/2026 | &nbsp;&nbsp;&nbsp;&nbsp;3/27/2026 | 4/23/2026 | $0.20 | $15678682 |
|  |  |  |  | $15678682 |

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The following table summarizes distributions declared during the three months ended March 31, 2025:

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| | | | | |
|:---|:---|:---|:---|:---|
| **Date Declared** | **Record Date** | **Payment Date** | **Amount Per Share** | **Dollar Amount** |
| &nbsp;&nbsp;&nbsp;&nbsp;3/27/2025 | 3/27/2025 | 4/24/2025 | $0.20 | $13938978 |
|  |  |  |  | $13938978 |

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The federal income tax characterization of distributions declared and paid for the fiscal year will be determined at fiscal year-end based upon the Fund's investment company taxable income for the full fiscal year and distributions paid during the full year. For the three months ended March 31, 2026, all of the Fund's distributions to stockholders were attributable to ordinary income. The character of distributions for federal income tax purposes are determined in accordance with income tax regulations which may differ from GAAP. Stockholders should read any written disclosure accompanying a distribution payment carefully and should not assume that the source of any distribution is only ordinary income or gains.

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

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For the three months ended March 31, 2026, all of the Fund's distributions to stockholders were attributable to ordinary income. The character of distributions for federal income tax purposes are determined in accordance with income tax regulations which may differ from GAAP. Stockholders should read any written disclosure accompanying a distribution payment carefully and should not assume that the source of any distribution is only ordinary income or gains.

***Co-investment Exemptive Order*** 

On February 4, 2026, the Adviser received a new SEC exemptive order for simplified co-investment relief (the "New Order") that supersedes the prior orders providing for exemptive relief previously granted to the Fund in August 2018 and October 2016 that allowed the Fund to co-invest in portfolio companies with Affiliated Funds in a manner consistent with its investment objective, positions, policies, strategies and restrictions as well as regulatory requirements and other pertinent factors, subject to compliance with such order (the "Prior Order). The New Order permits us to co-invest with our affiliates to a greater degree that was previously permitted under the prior order.

Pursuant to the Prior Order, the Fund was permitted to co-invest with Affiliated Funds, which the new exemptive relief defines to include affiliated managed accounts, if, among other things, a "required majority" (as defined in Section 57(o) of the 1940 Act) of the Fund's independent directors make certain conclusions in connection with a co-investment transaction, including that (1) the terms of the transactions, including the consideration to be paid, are reasonable and fair to the Fund and the Fund's stockholders and do not involve overreaching in respect of the Fund or the Fund's stockholders on the part of any person concerned, and (2) the transaction is consistent with the interests of the Fund's stockholders and is consistent with the Fund's investment objective and strategies. Pursuant to the New Order, (1) initial co-investments in issuers in which neither we nor our affiliates have an existing investment will no longer require Board pre-approval, (2) subject to Board approval, we may co-invest with our affiliates in an issuer where our affiliates have an existing investment in the issuer and we do not, (3) the Adviser is not required by the New Order to allocate co-investments to us and other AB-PCI funds that target similar assets pro rata based on CAFI in the asset class being allocated; rather, the Adviser may adopt any allocation policy that ensures opportunities to participate in co-investments are allocated in a manner that is fair and equitable to us and other regulated funds advised by the Adviser.

The Fund intends to co-invest with Affiliated Funds, subject to the conditions included in the Order. The New Order will also require the Adviser to adopt policies and procedures reasonably designed to ensure compliance with the terms of the New Order. In lieu of the specific Board reporting items required by the prior order, the CCO will instead be required to provide regular reporting to the Board on any information that the Board requests and on co-investment matters that the CCO deems significant.

***Revolving Credit Facilities*** 

*2021 HSBC Credit Facility* 

On November 15, 2017, the Fund entered into the HSBC Credit Agreement to establish the HSBC Credit Facility with the HSBC Administrative Agent and any other lender that became a party to the HSBC Credit Agreement in accordance with the terms of the HSBC Credit Agreement, as lenders. The Fund amended and restated the HSBC Credit Agreement on January 31, 2019, and on July 8, 2021, the Fund terminated the HSBC Credit Agreement and all outstanding loans thereunder were repaid and all obligations thereunder were released and terminated. Concurrent with the termination of the HSBC Credit Agreement, the Fund entered into the HSBC Joinder, pursuant to which the Fund became a party to the 2021 HSBC Credit Facility evidenced by the 2021 HSBC Credit Agreement. As of March 31, 2026, the Fund's fund group facility sublimit under the 2021 HSBC Credit Facility was $35,000,000.

On March 23, 2026, the Fund entered into an amendment (the "<u>Amendment</u>"), which among other changes, (i) creates an alternative currency temporary increase tranche, which reallocates the dollar equivalent of $115,000,000 of the $450,000,000 maximum commitment to be used for loans made in Canadian Dollars, Sterling, Euros, Australian Dollars, Japanese Yen, Swedish Krona or any other currency requested by the Fund and approved by each applicable lender, in its sole discretion, under the Credit Facility until December 7, 2026 (the "<u>Stated Maturity Date</u>"), (ii) incorporates an alternative currency sublimit of 50.0% of the available commitment and (iii) decreases the Fund's facility sublimit from $42,000,000 to $35,000,000 until the Stated Maturity Date.

As of March 31, 2026 and December 31, 2025, the Fund had no borrowings outstanding on the 2021 HSBC Credit Facility and the Fund was in compliance with the terms of the 2021 HSBC Credit Facility as of each such date. Borrowings under the Credit Facilities are subject to certain restrictions contained in the 1940 Act.

For further details, see "Note 4. Borrowings," to the Fund's consolidated financial statements.

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*Synovus Credit Facility* 

On October 15, 2020, ABPCIC Funding II LLC, a Delaware limited liability company and wholly-owned subsidiary of the Fund ("ABPCIC Funding II"), entered into a revolving credit facility (the "Synovus Credit Facility") with Synovus Bank, Specialty Finance Division, as facility agent, and U.S. Bank, National Association, as collateral, collateral custodian and securities intermediary. As of March 31, 2026, the Synovus Credit Facility provides for borrowings in an aggregate amount up to $150,000,000.

On February 6, 2026, ABPCIC Funding II entered into the fourth amendment (the "Fourth Synovus Credit Facility Amendment") to the Loan Financing and Sale Agreement. The Fourth Synovus Credit Facility Amendment, among other changes, (i) decreased the applicable margin to 2.10% per annum, (ii) decreased the facility amount to $150,000,000, (iii) extended the facility termination date to February 6, 2031 and (iv) extended the revolving period to February 6, 2029.

Borrowings of ABPCIC Funding II are considered borrowings by the Fund for purposes of complying with the asset coverage requirements under the 1940 Act applicable to business development companies. As of March 31, 2026, the Fund had $150,000,000 outstanding on the Synovus Credit Facility and the Fund was in compliance with the terms of the Synovus Credit Facility. As of December 31, 2025, the Fund had $190,000,000 outstanding on the Synovus Credit Facility and the Fund was in compliance with the terms of the Synovus Credit Facility. Borrowings under the Credit Facilities are subject to certain restrictions contained in the 1940 Act.

For further details, see "Note 4. Borrowings," to the Fund's consolidated financial statements.

*Natixis Credit Facility* 

On April 21, 2023, ABPCI Private Funding II LLC ("ABPCI Private Funding II"), formerly known as ABPCIC Funding IV LLC, a Delaware limited liability company and wholly-owned subsidiary of the Fund, entered into a warehouse financing transaction (the "Natixis Credit Facility") with Natixis, New York Branch, as administrative agent and U.S. Bank Trust Company, National Association, as collateral agent and collateral administrator. ABPCIC Funding IV has entered into a number of amendments of the Natixis Credit Facility through December 18, 2025, the latest details of which are reflected in the notes below.

Under the terms of the Natixis Credit Facility, the Fund was permitted to borrow, up until December 18, 2025, (i) up to $216,000,000 Class A-D1 delayed draw term loans (the "Class A-D1 Loans"), (ii) up to $44,000,000 Class A-D2 delayed draw term loans (the "Class A-D2 Loans") and (iii) up to $65,000,000 Class A-R revolving loans (the "Class A-R Loans"), which may converted to Class A-T term loans at the option of the Borrower during the commitment period. Borrowings under the Credit Agreement bear interest at a per annum rate equal to the three-month standard overnight financing rate for the relevant interest period plus an applicable spread, which for the Class A-D1 Loans is 1.51% per annum, the Class A-D2 Loans is 1.84% per annum and the Class A-R Loans is 1.57% per annum. Interest is payable quarterly in arrears. All amounts borrowed under the Credit Agreement will mature, and all accrued and unpaid interest thereunder will be due and payable, on the earlier of (i) December 18, 2036 or (ii) upon certain other events which result in accelerated maturity under the Natixis Credit Facility. Borrowings under the Natixis Credit Facility are subject to certain restrictions contained in the 1940 Act. The availability period with respect to the revolving commitments under the Natixis Credit Facility terminated on December 18, 2028.

As of March 31, 2026 and December 31, 2025, the Fund had $256,000,000 and $235,000,000 outstanding, respectively, on the Natixis Credit Facility and the Fund was in compliance with the terms of the Natixis Credit Facility. For further details, see "Note 4. Borrowings," to the Fund's consolidated financial statements. Borrowings under the Credit Facilities are subject to certain restrictions contained in the 1940 Act.

*MUFG Credit Facility*

On September 19, 2024, ABPCIC Funding V entered into a warehouse financing transaction (the "MUFG Credit Facility"). In connection with the MUFG Credit Facility, ABPCIC Funding V, entered into, among other agreements, (i) the credit agreement (the "MUFG Credit Agreement"), among ABPCIC Funding V, MUFG Bank, Ltd., as lender, the other lenders party thereto from time to time, MUFG Bank, Ltd., as administrative agent, U.S. Bank Trust Company, National Association, as collateral agent (in such capacity, the "MUFG Collateral Agent") and collateral administrator (in such capacity, the "MUFG Collateral Administrator"), and U.S. Bank National Association, as document custodian, (ii) the account control agreement, among ABPCIC Funding V, as debtor, the MUFG Collateral Agent, as secured party, and U.S. Bank National Association, as securities intermediary (iii) the collateral management agreement, between ABPCIC Funding V and the Adviser, as collateral manager (in such capacity, the "MUFG Collateral Manager"), (iv) the collateral administration agreement, among ABPCIC Funding V, the MUFG Collateral Manager and the MUFG Collateral Administrator and (v) the master loan sale and contribution agreement between the Fund, as seller, and ABPCIC Funding V, as buyer. The MUFG Credit Agreement provides for borrowings in an aggregate amount up to $150,000,000.

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As of March 31, 2026, the Fund had $150,000,000 outstanding on the MUFG Credit Facility and the Fund was in compliance with the terms of the MUFG Credit Facility. As of December 31, 2025, the Fund had $150,000,000 outstanding on the MUFG Credit Facility and the Fund was in compliance with the terms of the MUFG Credit Facility. Borrowings under the Credit Facilities are subject to certain restrictions contained in the 1940 Act.

For further details, see "Note 4. Borrowings," to the Fund's consolidated financial statements.

*NatWest Credit Facility*

On March 21, 2025, ABPCIC Funding VI LLC ("ABPCIC Funding VI"), a wholly-owned subsidiary of the Fund, entered into a warehouse financing transaction (the "NatWest Credit Facility" and together with the and together with the 2021 HSBC Credit Facility, the Synovus Credit Facility, the Natixis Credit Facility and the MUFG Credit Facility, the "Credit Facilities"). In connection with the NatWest Credit Facility, ABPCIC Funding VI entered into, among other agreements, (i) the facility agreement (the "NatWest Facility Agreement"), among the Adviser, as collateral manager (in such capacity, the "NatWest Collateral Manager"), ABPCIC Funding VI, each of the lenders from time to time party thereto, NatWest Markets Plc, as lead lender (in such capacity, the "NatWest Lead Lender"), U.S. Bank Trust Company, National Association, as collateral agent (in such capacity, the "NatWest Collateral Agent"), U.S. Bank National Association, as document custodian, and Alter Domus (US) LLC, as loan agent, (ii) the securities account control agreement, among ABPCIC Funding VI, as debtor, the NatWest Collateral Manager, the NatWest Lead Lender, the NatWest Collateral Agent, and U.S. Bank National Association, as securities intermediary, (iii) the purchase and sale agreement between the Fund, as seller, and ABPCIC Funding VI, as buyer, and (iv) the pledge agreement, between the Fund, as pledgor, and the NatWest Collateral Agent. The NatWest Facility Agreement provides for borrowings in an aggregate amount up to $75,000,000.

As of March 31, 2026 and December 31, 2025, the Fund had $75,000,000 and 75,00,000 outstanding on the NatWest Credit Facility, respectively, and the Fund was in compliance with the terms of the NatWest Credit Facility. Borrowings under the Credit Facilities are subject to certain restrictions contained in the 1940 Act.

For further details, see "Note 4. Borrowings," to the Fund's consolidated financial statements.

*Scotia Credit Facility*

On November 7, 2025, the Fund entered into a Senior Secured Credit Agreement with The Bank of Nova Scotia, as administrative agent, and the lenders and issuing banks party thereto (the "Scotia Credit Facility"). The facility provides a revolving credit commitment of up to $50,000,000, subject to borrowing base availability, with the ability to increase total capacity to $100,000,000 through an uncommitted accordion feature.

On February 19, 2026, the Fund entered into the first amendment to the Senior Secured Credit Agreement (the "First Scotia Credit Facility Amendment"). The First Scotia Credit Facility Amendment provides for, among other things, an increase of the total facility amount from $50,000,000 to $100,000,000.

The Scotia Credit Facility matures on November 6, 2026, and may be extended for additional one-year terms with lender consent. It may also be extended for one committed one-year term subject to customary extension conditions.

As of March 31, 2026 and December 31, 2025, the Fund had $65,000,000 and 30,000,000 outstanding on the Scotia Credit Facility, respectively, and the Fund was in compliance with the terms of the Scotia Credit Facility. Borrowings under the Credit Facilities are subject to certain restrictions contained in the 1940 Act.

For further details, see "Note 4. Borrowings," to the Fund's consolidated financial statements.

***Secured Borrowings*** 

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

Outstanding Secured Borrowings pursuant to the Macquarie Sale/Buy-Back was $0 and $0 as of March 31, 2026 and December 31, 2025, respectively.

For further details, see "Note 4. Borrowings," to the Fund's consolidated financial statements.

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*Debt Securitization* 

On August 9, 2019, ABPCI Direct Lending Fund CLO VI Ltd (the "VI Issuer"), an exempted company incorporated with limited liability under the laws of the Cayman Islands and a wholly-owned subsidiary of the Fund, and ABPCI Direct Lending Fund CLO VI LLC, a limited liability company organized under the laws of the State of Delaware (the "VI Co-Issuer," and together with the VI Issuer, the "VI Co-Issuers"), each a newly formed special purpose vehicle, completed a $300,500,000 term debt securitization (the "CLO VI Transaction"). The stated reinvestment date was August 9, 2022.

The CLO VI indenture was refinanced under the terms of the first supplement indenture dated April 28, 2022 among the VI Issuer and U.S. Bank National Association, as trustee. As a result of the refinancing, the outstanding notes (other than the Subordinated Notes) under the indenture dated August 9, 2019 in the amount of $246,900,000 were paid off, and the unamortized debt discount and debt issuance costs were accelerated into interest and borrowing expenses on the consolidated statements of operations. The VI Issuer issued new notes including additional Subordinated Notes in the amount of $7,720,000. The VI Issuer issued new notes, collectively, the "CLO VI Notes."

On March 5, 2025, the VI Co-Issuers executed that certain amended and restated indenture by and among the VI Co-Issuers and U.S. Bank Trust Company, National Association (the "Refinancing CLO Transaction") to redeem all of the outstanding VI Notes issued by the VI Co-Issuers pursuant to that certain original indenture, dated as of August 9, 2019, as amended by that certain First Supplemental Indenture, dated as of April 28, 2022 and that certain Second Supplemental Indenture, dated as of March 8, 2024, with the proceeds from the private placement of new debt offered by the VI Co-Issuers in the Refinancing CLO Transaction (the "Refinancing Debt").

The CLO VI Notes that remained outstanding as of March 31, 2026 were (i) $103,000,000 of Class A-1-RR Senior Secured Floating Rate Notes, which bear interest at three-months Secured Overnight Financing Rate ("Term SOFR") plus 1.40% per annum; (ii) $100,000,000 of Class A-1L-R Senior Secured Floating Rate Loans, which bear interest at Term SOFR plus 1.40% per annum; (iii) $14,000,000 of Class A-2-RR Senior Secured Floating Rate Notes, which bear interest at Term SOFR plus 1.60% per annum; (iv) $21,000,000 of Class B-RR Senior Secured Floating Rate Notes, which bear interest at Term SOFR plus 1.70% per annum; (v) $28,000,000 of Class C-RR Secured Deferrable Floating Rate Notes, which bear interest at Term SOFR plus 2.00% per annum; and (vi) $80,300,000 of Subordinated Notes. The CLO VI Notes are scheduled to mature on January 27, 2037.

The CLO VI Notes that remained outstanding as of December 31, 2025 were (i) $103,000,000 of Class A-1-RR Senior Secured Floating Rate Notes, which bear interest at three-months Secured Overnight Financing Rate ("Term SOFR") plus 1.40% per annum; (ii) $100,000,000 of Class A-1L-R Senior Secured Floating Rate Loans, which bear interest at Term SOFR plus 1.40% per annum; (iii) $14,000,000 of Class A-2-RR Senior Secured Floating Rate Notes, which bear interest at Term SOFR plus 1.60% per annum; (iv) $21,000,000 of Class B-RR Senior Secured Floating Rate Notes, which bear interest at Term SOFR plus 1.70% per annum; (v) $28,000,000 of Class C-RR Secured Deferrable Floating Rate Notes, which bear interest at Term SOFR plus 2.00% per annum; and (vi) $80,300,000 of Subordinated Notes. The CLO VI Notes are scheduled to mature on January 27, 2037.

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

The Adviser serves as collateral manager to the VI Issuer pursuant to a collateral management agreement between the Adviser and the VI Issuer (the "CLO VI Collateral Management Agreement"). For so long as the Adviser serves as collateral manager to the VI Issuer, the Adviser will elect to irrevocably waive any base management fee or subordinated interest to which it may be entitled under the CLO VI Collateral Management Agreement. Pursuant to a new CLO notes issuance, collateral management fee is no longer charged as long as the Adviser serves as a collateral manager.

On May 3, 2023, ABPCI Direct Lending Fund CLO XIII LTD ("CLO XIII" or the "XIII Issuer"), a private company limited by shares incorporated under the laws of Jersey and a wholly-owned subsidiary of the Fund, and ABPCI Direct Lending Fund CLO XIII LLC, a limited liability company organized under the laws of the State of Delaware (the "XIII Co-Issuer," and together with the XIII Issuer, the "XIII Co-Issuers"), ABPCI Direct Lending Fund CLO XIII First Static Subsidiary Ltd (the "First Static Subsidiary") and ABPCI Direct Lending Fund CLO XIII Second Static Subsidiary Ltd (the "Second Static Subsidiary" and together with the First Static Subsidiary, the "Static Subsidiaries", and together with the XIII Co-Issuers, the "XIII Issuer Entities"), each a newly formed special purpose vehicle, completed a $395,000,000 term debt securitization (the "CLO XIII Transaction"). The stated reinvestment date is April 27, 2027, which was extended to October 27, 2029 through the first supplemental indenture on October 21, 2025.

The CLO XIII Transaction was executed through a private placement and the notes offered (the "CLO XIII Notes") that remain outstanding as of March 31, 2026 were (i) $228,000,000 of Class A Senior Secured Floating Rate Notes, which bear interest at Term

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SOFR plus 1.45% per annum; (ii) $36,000,000 of Class B Senior Secured Floating Rate Notes, which bear interest at Term SOFR plus 1.80% per annum; (iii) $36,000,000 of Class C Secured Deferrable Floating Rate Notes, which bear interest at Term SOFR plus 2.20% per annum; (iv) $28,000,000 of Class D Secured Deferrable Floating Rate Notes, which bear interest at Term SOFR plus 3.25% per annum; and (v) $67,000,000 of Subordinated Notes. The CLO XIII Notes are scheduled to mature on October 27, 2037.

The CLO XIII Transaction was executed through a private placement and the notes offered (the "CLO XIII Notes") that remain outstanding as of December 31, 2025 were (i) $228,000,000 of Class A Senior Secured Floating Rate Notes, which bear interest at Term SOFR plus 1.45% per annum; (ii) $36,000,000 of Class B Senior Secured Floating Rate Notes, which bear interest at Term SOFR plus 1.80% per annum; (iii) $36,000,000 of Class C Secured Deferrable Floating Rate Notes, which bear interest at Term SOFR plus 2.20% per annum; (iv) $28,000,000 of Class D Secured Deferrable Floating Rate Notes, which bear interest at Term SOFR plus 3.25% per annum; and (v) $67,000,000 of Subordinated Notes. The CLO XIII Notes are scheduled to mature on October 27, 2037.

The CLO XIII Notes are the secured obligations of the XIII Issuer Entities, and the indenture governing the CLO XIII Notes includes customary covenants and events of default. The CLO XIII Notes have not been, and will not be, registered under the Securities Act or any state securities or "blue sky" laws and may not be offered or sold in the United States absent registration with the Securities and Exchange Commission or an applicable exemption from registration.

The Adviser serves as collateral manager to the XIII Issuer pursuant to a collateral management agreement between the Adviser and the XIII Issuer. For so long as the Adviser serves as collateral manager to the XIII Issuer, a collateral management fee shall not be charged.

For further details, see "Note 4. Borrowings," to the Fund's consolidated financial statements.

***Co-investment Exemptive Order*** 

On February 4, 2026, the SEC granted the Fund relief sought in a new exemptive application that expands the co-investment exemptive relief previously granted to the Fund in August 2018 and October 2016 to allow the Fund to co-invest in portfolio companies with Affiliated Funds in a manner consistent with its investment objective, positions, policies, strategies and restrictions as well as regulatory requirements and other pertinent factors, subject to compliance with the Order. Pursuant to the Order, the Fund is permitted to co-invest with Affiliated Funds, which the new exemptive relief defines to include affiliated managed accounts, if, among other things, a "required majority" (as defined in Section 57(o) of the 1940 Act) of the Fund's independent directors make certain conclusions in connection with a co-investment transaction, including that (1) the terms of the transactions, including the consideration to be paid, are reasonable and fair to the Fund and the Fund's stockholders and do not involve overreaching in respect of the Fund or the Fund's stockholders on the part of any person concerned, and (2) the transaction is consistent with the interests of the Fund's stockholders and is consistent with the Fund's investment objective and strategies. The Fund intends to co-invest with Affiliated Funds, subject to the conditions included in the Order.

On February 4, 2026, the Adviser received a new SEC exemptive order for simplified co-investment relief (the "New Order") that supersedes the prior order. The New Order permits us to co-invest with our affiliates to a greater degree that was previously permitted under the prior order. Pursuant to the New Order, (1) initial co-investments in issuers in which neither we nor our affiliates have an existing investment will no longer require Board pre-approval, (2) subject to Board approval, we may co-invest with our affiliates in an issuer where our affiliates have an existing investment in the issuer and we do not, (3) the Adviser is not required by the New Order to allocate co-investments to us and other AB-PCI funds that target similar assets pro rata based on CAFI in the asset class being allocated; rather, the Adviser may adopt any allocation policy that ensures opportunities to participate in co-investments are allocated in a manner that is fair and equitable to us and other regulated funds advised by the Adviser.

The New Order will also require the Adviser to adopt policies and procedures reasonably designed to ensure compliance with the terms of the New Order. In lieu of the specific Board reporting items required by the prior order, the CCO will instead be required to provide regular reporting to the Board on any information that the Board requests and on co-investment matters that the CCO deems significant.

**Asset Coverage** 

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

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

As of March 31, 2026, and December 31, 2025, the Fund had total senior securities of $1,234,000,000 and $1,218,000,000, respectively, consisting of borrowings under the Revolving Credit Facilities and Notes, and had asset coverage ratios of 158% and 160%, respectively. For a discussion of certain risks associated with the reduction of the required minimum asset coverage ratio applicable to the Fund, see our Annual Report on Form 10-K for the fiscal year ended December 31, 2025, filed with the SEC on March 26, 2026. See "*Risk Factors — Risks Related to The Fund's Business and Structure — The SBCAA allows the Fund to incur additional leverage, which may increase the risk of investing with the Fund.*"

**Critical Accounting Policies** 

***Valuation of Investments*** 

The Fund measures the value of its investments at fair value accordance 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

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input is assessed against the fair value measurement in its entirety. If a fair value measurement uses observable inputs that require significant adjustment based on unobservable inputs, that measurement is a Level 3 measurement. If a fair value measurement uses price data vendors or observable market price quotations, that measurement is a Level 2 measurement. Assessing the significance of a particular input to the fair value measurement in its entirety requires judgment, considering factors specific to the asset or liability.

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

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

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

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

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 265.02% of our total assets, as compared to 254.85% 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 Accounting 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

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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 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 Third Amended and Restated Advisory Agreement on such date. Also, it should be noted that the capital gains incentive fee expense fluctuates with the Fund's overall investment results.

***Federal Income Taxes*** 

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

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

The Fund is subject to financial market risks, including changes in interest rates. To the extent 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 Expense** | **Net Increase<br>(Decrease) in<br>Net Investment<br>Income** |
| Down 300 basis points | $(53687663) | $(36270000) | $(17417663) |
| Down 200 basis points | $(38223836) | $(24180000) | $(14043836) |
| Down 100 basis points | $(19128515) | $(12090000) | $(7038515) |
| Down 25 basis points | $(4782129) | $(3022500) | $(1759629) |
| Up 100 basis points | $19128515 | $12090000 | $7038515 |
| Up 200 basis points | $38257031 | $24180000 | $14077031 |
| Up 300 basis points | $57385546 | $36270000 | $21115546 |

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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.

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

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

**Item 4. Controls and Procedures** 

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

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

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**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.

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

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

**Item 3. Defaults Upon Senior Securities** 

None.

**Item 4. Mine Safety Disclosure** 

Not applicable.

**Item 5. Other Information** 

**Insider Trading Arrangements and Policies** 

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

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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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| | |
|:---|:---|
| &nbsp;&nbsp;10.1 | <u>Third Amended and Restated Investment Advisory Agreement by and between AB Private Credit Investors Corporation and AB Private Credit Investors LLC, dated February 10, 2026 (Incorporated by reference to Exhibit 10.1 to the Fund's Current Report on Form 8-K filed with the SEC on February 10, 2026).</u> |
| &nbsp;&nbsp;10.2 | <u>Fee Waiver Letter Delivered to AB Private Credit Investors Corporation by AB Private Credit Investors LLC, dated February 10, 2026 (Incorporated by reference to Exhibit 10.2 to the Fund's Current Report on Form 8-K filed with the SEC on February 10, 2026).</u> |
| &nbsp;&nbsp;10.3 | <u>Fourth Amendment to Loan Financing and Sale Agreement, dated as of February 6, 2026, among ABPCIC Funding II LLC, as borrower, Pinnacle Bank, Specialty Finance Division as facility agent, U.S. Bank Trust Company, National Association, as collateral agent, U.S. Bank National Association, as collateral custodian and securities intermediary, AB Private Credit Investors LLC, as servicer, AB Private Credit Investors Corporation as equityholder, and each of the lenders party thereto (Incorporated by reference to Exhibit 10.1 to the Fund's Current Report on Form 8-K filed with the SEC on February 12, 2026).</u> |
| &nbsp;&nbsp;10.4 | <u>First Amendment to Senior Secured Credit Agreement, dated as of February 19, 2026, among AB Private Credit Investors Corporation, as borrower, the Bank of Nova Scotia, as administrative agent, the lenders and issuing banks party thereto (Incorporated by reference to Exhibit 10.1 to the Fund's Current Report on Form 8-K filed with the SEC on February 25, 2026).</u> |
| &nbsp;&nbsp;10.5 | <u>Eighteenth Amendment to Revolving Credit Agreement, dated as of March 23, 2026, by and among AB-Abbott Private Equity Investors 2019 (Delaware) Fund L.P., AB-Abbott Private Equity Investors 2020 (Delaware) Fund L.P., AB-Abbott Private Equity Solutions 2021 (Delaware) Fund L.P., AB Private Credit Investors Middle Market Direct Lending Fund, L.P., the Fund, AB-Abbott Private Equity Solutions 2022 (Delaware) Fund L.P., AB-Abbott Private Equity Solutions 2023 (Delaware) Fund L.P., AB-Abbott Private Equity Solutions 2024 (Delaware) Fund L.P., AB-Abbott Private Equity Solutions 2025 (Delaware) Fund L.P., AB Private Credit Investors Middle Market Direct Lending Fund II, L.P., and AB-Abbott Private Equity Solutions 2026 (Delaware) Fund L.P. – Venture & Growth Equity Series, as borrowers, AB-Abbott Private Equity Investors G.P. L.P., AB-Abbott Private Equity Investors 2020 G.P. L.P., AB-Abbott Private Equity Solutions 2021 G.P. L.P., AB Private Credit Investors Middle Market Direct Lending G.P. L.P., AB-Abbott Private Equity Solutions 2022 G.P. L.P., AB-Abbott Private Equity Solutions 2023 G.P. L.P., AB-Abbott Private Equity Solutions 2024 G.P. L.P., AB-Abbott Private Equity Solutions 2025 G.P. L.P. and AB Private Credit Investors Middle Market Direct Lending G.P. L.P., AB-Abbott Private Equity Solutions 2026 G.P. L.P. as general partners, the banks and financial institutions from time to time party thereto as lenders and HSBC Bank USA, National Association as the administrative agent for the secured parties and a lender (Incorporated by reference to Exhibit 10.1 to the Fund's Current Report on Form 8-K filed with the SEC on March 27, 2026).</u> |
| &nbsp;&nbsp;10.6 | <u>Joinder Agreement, dated as of March 23, 2026, by and among AB-Abbott Private Equity Solutions 2026 (Delaware) Fund L.P. – Venture & Growth Equity Series, AB-Abbott Private Equity Solutions 2026 G.P. L.P., HSBC Bank USA, National Association, as the administrative agent and a Lender and the other banks and financial institutions party thereto as lenders (Incorporated by reference to Exhibit 10.2 to the Fund's Current Report on Form 8-K filed with the SEC on March 27, 2026).</u> |
| &nbsp;&nbsp;31.1 | [<u>Certification of Chief Executive Officer pursuant to Rule 13a-14 of the Securities Exchange Act of 1934, as amended.\*</u>](/exhibit) |
| &nbsp;&nbsp;31.2 | [<u>Certification of Chief Financial Officer pursuant to Rule 13a-14 of the Securities Exchange Act of 1934, as amended.\*</u>](/exhibit) |
| &nbsp;&nbsp;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>](/exhibit) |
| &nbsp;&nbsp;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\* |
| &nbsp;&nbsp;101.SCH | Inline XBRL Taxonomy Extension Schema With Embedded Linkbase Document\* |
| &nbsp;&nbsp;101.CAL | Inline XBRL Taxonomy Calculation Linkbase Document\* |

---

<br> 101.DEF Inline XBRL Taxonomy Extension Definition Linkbase Document\*

<br> 101.LAB Inline XBRL Taxonomy Label Linkbase Document\*

<br> 101.PRE Inline XBRL Taxonomy Presentation Linkbase Document\*

<br> 104 Cover Page formatted in Inline XBRL and contained in Exhibit 101\*

\* Filed herewith

------

**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 CREDIT INVESTORS CORPORATION** |
| **Date:** May 14, 2026 | By: | /s/ J. Brent Humphries |
|  |  | J. Brent Humphries |
|  |  | President and Chief Executive Officer |
|  |  | (Principal Executive Officer) |
| **Date:** May 14, 2026 | By: | /s/ Wesley Raper |
|  |  | Wesley Raper |
|  |  | Chief Financial Officer and Treasurer |
|  |  | (Principal Financial and Accounting Officer) |

---

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## Exhibit 4.1

**Exhibit 4.1** 

**DESCRIPTION OF REGISTERED SECURITIES** 

*As of December 31, 2025, AB Private Credit Investors Corporation (the "Fund") had one class of securities registered under Section 12 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"): the Fund's common stock, par value $0.01 per share (the "Shares").*

*<br>The following description of the Shares is based on the relevant provisions of the Maryland General Corporation Law (the"MGCL"), the Investment Company Act of 1940, as amended (together with the rules and regulations promulgated thereunder, the "1940 Act"), the Fund's charter (the "Charter") and the Fund's bylaws (the "Bylaws"). This summary describes the provisions deemed to be material, but is not necessarily complete, and you should refer to the MGCL, 1940 Act and the Charter and Bylaws for a more detailed description of the provisions summarized below.*

*<br>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 Securities is attached as an exhibit.* 

**Stock** 

The Fund's authorized stock consists of 200,000,000 Shares, all of which are classified as common stock. There are no outstanding options or warrants to purchase the Fund's stock. No stock has been authorized for issuance under any equity compensation plans. Under Maryland law, the Fund's stockholders generally are not personally liable for the Fund's debts or obligations.

<br>Under the Charter, the board of directors of the Fund (the "Board") is authorized to classify and reclassify any unissued Shares into other classes or series of stock without obtaining stockholder approval. As permitted by the MGCL, the Charter provides that the Board, without any action by the Fund's stockholders, may amend the Charter from time to time to increase or decrease the aggregate number of Shares or the number of Shares of any class or series that the Fund has authority to issue.

***Common Stock*** 

All Shares have equal rights as to earnings, assets, voting, and dividends and, when they are issued, will be duly authorized, validly issued, fully paid and nonassessable. Distributions may be paid to the holders of the Shares if, as and when authorized by the Board and declared by the Fund out of assets legally available therefor. Shares have no preemptive, conversion or redemption rights and are freely transferable, except where their transfer is restricted by federal and state securities laws or by contract. In the event of the Fund's liquidation, dissolution or winding up, each Share would be entitled to share ratably in all of the Fund's assets that are legally available for distribution after the Fund pays all debts and other liabilities and subject to any preferential rights of holders of the Fund's preferred stock, if any preferred stock is outstanding at such time. Each Share is entitled to one vote on all matters submitted to a vote of stockholders, including the election of directors. Except as provided with respect to any other class or series of stock, the holders of the Shares will possess exclusive voting power. There is no cumulative voting in the election of directors, which means that holders of a majority of the outstanding Shares can elect all of the Fund's directors, and holders of less than a majority of such Shares will be unable to elect any director.

***Preferred Stock*** 

The Charter authorizes the Board to classify and reclassify any unissued Shares into other classes or series of stock, including preferred stock. The cost of any such reclassification would be borne by the Fund's existing common stockholders. Prior to the issuance of Shares of each class or series, the Board is required by the MGCL and by the Charter to set the terms, preferences, conversion or other rights, voting powers, restrictions, limitations as to dividends or other distributions, qualifications and terms or conditions of redemption for each class or series. Thus, the Board could authorize the issuance of shares of preferred stock with terms and conditions which could have the effect of delaying, deferring or preventing a transaction or a change in control that might involve a premium price for holders of the Shares or otherwise be in their best interest. However, that issuance of preferred stock must 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 the Shares and before any purchase of Shares is made, such preferred stock together with all other senior securities must not exceed an amount equal to 50% of the Fund's 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 stock, if any are issued, must be entitled as a class to elect two directors at all times and to elect a majority of the directors if dividends on such preferred stock are in arrears by two full years or more. Certain matters under the 1940 Act require the separate vote of the holders of any issued and outstanding preferred stock. For example, holders of preferred stock would vote separately from the holders of Shares on a proposal to cease operations as a BDC.

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

The MGCL permits a Maryland corporation to include in its charter a provision limiting the liability of its directors and officers to the corporation and its stockholders for money damages except for liability resulting from (a) actual receipt of an improper benefit or profit in money, property or services or (b) active and deliberate dishonesty established by a final judgment as being material to the cause of action. The Charter contains such a provision which eliminates directors' and officers' liability to the maximum extent permitted by the MGCL, subject to the requirements of the 1940 Act.

<br>The Charter authorizes the Fund, to the maximum extent permitted by the MGCL and subject to the requirements of the 1940 Act, to indemnify any present or former director or officer or any individual who, while serving as the Fund's director or officer and at the Fund's request, serves or has served another corporation, real estate investment trust, limited liability company, partnership, joint venture, trust, employee benefit plan or other enterprise as a director, officer, partner, trustee, member or manager from and against any claim or liability to which that person may become subject or which that person may incur by reason of his or her service in any such capacity and to pay or reimburse their reasonable expenses in advance of final disposition of a proceeding. The Bylaws obligate the Fund, to the maximum extent permitted by the MGCL and subject to the requirements of the 1940 Act, to indemnify any present or former director or officer or any individual who, while serving as the Fund's director or officer and at the Fund's request, serves or has served another corporation, real estate investment trust, limited liability company, partnership, joint venture, trust, employee benefit plan or other enterprise as a director, officer, partner, trustee, member or manager and who is made, or threatened to be made, a party to the proceeding by reason of his or her service in that capacity from and against any claim or liability to which that person may become subject or which that person may incur by reason of his or her service in any such capacity and to pay or reimburse his or her reasonable expenses in advance of final disposition of a proceeding. The Charter and Bylaws also permit the Fund to indemnify and advance expenses to any person who served a predecessor of the Fund in any of the capacities described above and any of the Fund's employees or agents or any employees or agents of the Fund's predecessor. In accordance with the 1940 Act, the Fund will not indemnify any person for any liability to which such person 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 or her office.

<br>The MGCL requires a corporation (unless its charter provides otherwise, which the Charter does not) to indemnify a director or officer who has been successful in the defense of any proceeding to which he or she is made, or threatened to be made, a party by reason of his or her service in that capacity. The MGCL permits a corporation to indemnify its present and former directors and officers, among others, against judgments, penalties, fines, settlements and reasonable expenses actually incurred by them in connection with any proceeding to which they may be made, or threatened to be made, a party by reason of their service in those or other capacities unless it is established that (a) the act or omission of the director or officer was material to the matter giving rise to the proceeding and (1) was committed in bad faith or (2) was the result of active and deliberate dishonesty, (b) the director or officer actually received an improper personal benefit in money, property or services or (c) in the case of any criminal proceeding, the director or officer had reasonable cause to believe that the act or omission was unlawful. However, under the MGCL, a Maryland corporation may not indemnify for an adverse judgment in a suit by or in the right of the corporation or for a judgment of liability on the basis that a personal benefit was improperly received unless, in either case a court orders indemnification, and then only for expenses. In addition, the MGCL permits a corporation to advance reasonable expenses to a director or officer in advance of final disposition of a proceeding upon the corporation's receipt of (a) a written affirmation by the director or officer of his or her good-faith belief that he or she has met the standard of conduct necessary for indemnification by the corporation and (b) a written undertaking by him or her or on his or her behalf to repay the amount paid or reimbursed by the corporation if it is ultimately determined that the standard of conduct was not met.

<br>The Fund has entered into indemnification agreements with its directors and executive officers. The indemnification agreements provide the Fund's directors and executive officers the maximum indemnification permitted under the MGCL and the 1940 Act.

**Certain Provisions of the Maryland General Corporation Law and the Charter and Bylaws** 

The MGCL and the Charter and Bylaws contain provisions that could make it more difficult for a potential acquirer to acquire the Fund by means of a tender offer, proxy contest or otherwise, the material ones of which are discussed below. These provisions are expected to discourage certain coercive takeover practices and inadequate takeover bids and to encourage persons seeking to acquire control of the Fund to negotiate first with the Board. The Fund expects the benefits of these provisions to outweigh the potential disadvantages of discouraging any such acquisition proposals because, among other things, the negotiation of such proposals may improve their terms.

***Classified Board of Directors*** 

The Board is divided into three classes of directors serving staggered three-year terms. The current terms of the first, second and third classes will expire in 2026, 2027, and 2028, respectively, and in each case, those directors will serve until their successors are elected and qualify. Upon expiration of their terms, directors of each class will be elected to serve for three-year terms and until their successors are duly elected and qualify, and each year one class of directors will be elected by the stockholders (for avoidance of

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doubt, a director may succeed himself or herself). A classified Board may render a change in control of the Fund or removal of the Fund's incumbent management more difficult. The Fund believes, however, that the longer time required to elect a majority of a classified Board will help to ensure the continuity and stability of the Fund's management and policies.

***Election of Directors*** 

The Bylaws, as authorized by the Charter, provide that the affirmative vote of a majority of the votes cast at a meeting of stockholders duly called, and at which a quorum is present, will be required to elect a director. Pursuant to the Charter, the Board may amend the Bylaws to alter the vote required to elect directors.

***Number of Directors; Vacancies; Removal*** 

The Charter provides that the number of directors will be set only by the Board in accordance with the Bylaws. The Bylaws provide that a majority of the Fund's entire Board may at any time increase or decrease the number of directors. However, unless the Bylaws are amended, the number of directors may never be less than one nor more than nine. The Charter provides that, at such time as the Fund has at least three independent directors and the Shares are registered under the Exchange Act, as amended, the Fund elects to be subject to the provision of Subtitle 8 of Title 3 of the MGCL regarding the filling of vacancies on the Board. Accordingly, at such time, except as may be provided by the Board in setting the terms of any class or series of preferred stock, any and all vacancies on the Board may be filled only by the affirmative vote of a majority of the remaining directors in office, even if the remaining directors do not constitute a quorum, and any director elected to fill a vacancy will serve for the remainder of the full term of the directorship in which the vacancy occurred and until a successor is elected and qualifies, subject to any applicable requirements of the 1940 Act.

<br>The Charter provides that a director may be removed only for cause, as defined in the Charter, and then only by the affirmative vote of at least two-thirds of the votes entitled to be cast in the election of directors.

***Action by Stockholders*** 

Under the MGCL, stockholder action can be taken only at an annual or special meeting of stockholders or (unless the charter provides for stockholder action by less than unanimous written consent, which the Charter does not) by unanimous written consent in lieu of a meeting. These provisions, combined with the requirements of the Bylaws regarding the calling of a stockholder-requested special meeting of stockholders discussed below, may have the effect of delaying consideration of a stockholder proposal until the next annual meeting.

***Advance Notice Provisions for Stockholder Nominations and Stockholder Proposals*** 

The Bylaws provide that, with respect to an annual meeting of the Fund's stockholders, nominations of individuals for election as directors and the proposal of business to be considered by the Fund's stockholders may be made only (a) pursuant to the Fund's notice of the meeting, (b) by or at the direction of the Board or (c) by a stockholder who is a stockholder of record both at the time of giving the advance notice required by the Bylaws and at the time of the meeting, who is entitled to vote at the meeting in the election of each individual so nominated or on any such other business and who has complied with the advance notice procedures of the Bylaws. With respect to special meetings of the Fund's stockholders, only the business specified in the Fund's notice of the meeting may be brought before the meeting. Nominations of individuals for election as directors at a special meeting at which directors are to be elected may be made only (a) by or at the direction of the Board or (b) provided that the special meeting has been called in accordance with the Bylaws for the purpose of electing directors, by a stockholder who is a stockholder of record both at the time of giving the advance notice required by the Bylaws and at the time of the meeting, who is entitled to vote at the meeting in the election of each individual so nominated and who has complied with the advance notice provisions of the Bylaws.<br>

The purpose of requiring the Fund's stockholders to give the Fund advance notice of nominations and other business is to afford the 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 the Board, to inform the Fund's stockholders and make recommendations about such qualifications or business, as well as to provide a more orderly procedure for conducting meetings of the Fund's stockholders. Although the Bylaws do not give the Board any power to disapprove stockholder nominations for the election of directors or proposals recommending certain action, the advance notice and information requirements may have the effect of precluding election contests or the consideration of stockholder proposals if 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 directors or to approve its own proposal without regard to whether consideration of such nominees or proposals might be harmful or beneficial to the Fund and its stockholders.

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***Calling of Special Meetings of Stockholders*** 

The Bylaws provide that special meetings of stockholders may be called by the Board and certain of the Fund's officers. Additionally, the Bylaws provide that, subject to the satisfaction of certain procedural and informational requirements by the stockholders requesting the meeting, a special meeting of stockholders will be called by the secretary of the corporation upon the written request of stockholders entitled to cast not less than a majority of all the votes entitled to be cast at such meeting.

***Approval of Extraordinary Corporate Action; Amendment of Charter and Bylaws*** 

Under the MGCL, a Maryland corporation generally cannot dissolve, amend its charter, merge, sell all or substantially all of its assets, engage in a share exchange or engage in similar transactions outside the ordinary course of business, unless approved by the affirmative vote of stockholders entitled to cast at least two-thirds of the votes entitled to be cast on the matter. However, a Maryland corporation may provide in its charter for approval of these matters by a lesser percentage, but not less than a majority of all of the votes entitled to be cast on the matter. The Charter generally provides for approval of Charter amendments and extraordinary transactions by the stockholders entitled to cast at least a majority of the votes entitled to be cast on the matter. The Charter also provides that certain Charter amendments, any proposal for the Fund's conversion, whether by Charter amendment, merger or otherwise, from a closed-end company to an open-end company and any proposal for the Fund's liquidation or dissolution requires the approval of the stockholders entitled to cast at least 80% of the votes entitled to be cast on such matter. However, if such amendment or proposal is approved by a majority of the Fund's continuing directors (in addition to approval by the Board), such amendment or proposal may be approved by a majority of the votes entitled to be cast on such a matter. The "continuing directors" are defined in the Charter as (1) the Fund's current directors, (2) those directors whose nomination for election by the stockholders or whose election by the directors to fill vacancies is approved by a majority of the Fund's current directors then on the Board or (3) any successor directors whose nomination for election by the stockholders or whose election by the directors to fill vacancies is approved by a majority of continuing directors or the successor continuing directors then in office.

The Charter and Bylaws provide that the Board will have the exclusive power to make, alter, amend or repeal any provision of the Bylaws.

***No Appraisal Rights*** 

Except with respect to appraisal rights arising in connection with the Control Share Act discussed below, as permitted by the MGCL, the Charter provides that stockholders will not be entitled to exercise appraisal rights unless a majority of the Board shall determine such rights apply.

***Control Share Acquisitions*** 

The MGCL provides that control shares of a Maryland corporation acquired in a control share acquisition have no voting rights except to the extent approved by a vote of two-thirds of the votes entitled to be cast on the matter (the "Control Share Act"). Shares owned by the acquirer, by officers or by directors who are employees of the corporation are excluded from shares entitled to vote on the matter. Control shares are voting shares of stock which, if aggregated with all other shares of stock owned by the acquirer or in respect of which the acquirer is able to exercise or direct the exercise of voting power (except solely by virtue of a revocable proxy), would entitle the acquirer to exercise voting power in electing directors within one of the following ranges of voting power:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•one-tenth or more but less than one-third;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•one-third or more but less than a majority; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•a majority or more of all voting power.

The requisite stockholder approval must be obtained each time an acquirer crosses one of the thresholds of voting power set forth above. Control shares do not include shares the acquiring person is then entitled to vote as a result of having previously obtained stockholder approval. A control share acquisition means the acquisition of control shares, subject to certain exceptions.

A person who has made or proposes to make a control share acquisition may compel the board of the corporation to call a special meeting of stockholders to be held within 50 days of demand to consider the voting rights of the shares. The right to compel the calling of a special meeting is subject to the satisfaction of certain conditions, including an undertaking to pay the expenses of the meeting. If no request for a meeting is made, the corporation may itself present the question at any stockholders meeting.

If voting rights are not approved at the meeting or if the acquiring person does not deliver an acquiring person statement as required by the statute, then the corporation may redeem for fair value any or all of the control shares, except those for which voting rights have previously been approved. The right of the corporation to redeem control shares is subject to certain conditions and limitations, including, as provided in the Bylaws compliance with the 1940 Act. Fair value is determined, without regard to the absence of voting rights for the control shares, as of the date of the last control share acquisition by the acquirer or of any meeting of stockholders at

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which the voting rights of the shares are considered and not approved. If voting rights for control shares are approved at a stockholders meeting and the acquirer becomes entitled to vote a majority of the shares entitled to vote, all other stockholders may exercise appraisal rights. The fair value of the shares as determined for purposes of appraisal rights may not be less than the highest price per share paid by the acquirer in the control share acquisition.

The Control Share Act does not apply (a) to shares acquired in a merger, consolidation or share exchange if the corporation is a party to the transaction or (b) to acquisitions approved or exempted by the charter or bylaws of the corporation. The Bylaws contain a provision exempting from the Control Share Act any and all acquisitions by any person of the Shares. There can be no assurance that such provision will not be amended or eliminated at any time in the future. However, the Fund will amend its Bylaws to be subject to the Control Share Act only if the Board determines that it would be in the Fund's best interests and if the SEC staff does not object to the Fund's determination that its being subject to the Control Share Act does not conflict with the 1940 Act.

***Business Combinations*** 

Under the MGCL, "business combinations" between a Maryland corporation and an interested stockholder or an affiliate of an interested stockholder are prohibited for five years after the most recent date on which the interested stockholder becomes an interested stockholder. The Fund refers to these provisions as the Business Combination Act. These business combinations include a merger, consolidation, share exchange or, in circumstances specified in the statute, an asset transfer or issuance or reclassification of equity securities. An interested stockholder is defined as:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•any person who beneficially owns 10% or more of the voting power of the corporation's outstanding voting stock; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•an affiliate or associate of the corporation who, at any time within the two-year period prior to the date in question, was the beneficial owner of 10% or more of the voting power of the then outstanding voting stock of the corporation.

A person is not an interested stockholder under this statute if the Board approved in advance the transaction by which the stockholder otherwise would have become an interested stockholder. However, in approving a transaction, the Board may provide that its approval is subject to compliance, at or after the time of approval, with any terms and conditions determined by the board.

After the five-year prohibition, any business combination between the Maryland corporation and an interested stockholder generally must be recommended by the Board of the corporation and approved by the affirmative vote of at least:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•80% of the votes entitled to be cast by holders of outstanding shares of voting stock of the corporation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•two-thirds of the votes entitled to be cast by holders of voting stock of the corporation other than shares held by the interested stockholder with whom or with whose affiliate the business combination is to be effected or held by an affiliate or associate of the interested stockholder.

These super-majority vote requirements do not apply if the corporation's common stockholders receive a minimum price, as defined under the MGCL, for their shares in the form of cash or other consideration in the same form as previously paid by the interested stockholder for its shares.

The statute permits various exemptions from its provisions, including business combinations that are exempted by the board before the time that the interested stockholder becomes an interested stockholder. The Board has adopted a resolution that any business combination between the Fund and any other person is exempted from the provisions of the Business Combination Act, provided that the business combination is first approved by the Board, including a majority of the directors who are not "interested persons" as defined in the 1940 Act. This resolution may be altered or repealed in whole or in part at any time; however, the Board will adopt resolutions so as to make the Fund subject to the provisions of the Business Combination Act only if the Board determines that it would be in the Fund's best interests and if the SEC staff does not object to the Fund's determination that its being subject to the Business Combination Act does not conflict with the 1940 Act. If this resolution is repealed, or the Board does not otherwise approve a business combination, the statute may discourage others from trying to acquire control of the Fund and increase the difficulty of consummating any offer.

***Conflict with 1940 Act*** 

The Bylaws provide that, if and to the extent that any provision of the MGCL, including the Control Share Act (if the Fund amends its Bylaws to be subject to such act) and the Business Combination Act, or any provision of the Charter or Bylaws conflicts with any provision of the 1940 Act, the applicable provision of the 1940 Act will control.

***Exclusive Forum*** 

The Charter and Bylaws provide that, to the fullest extent permitted by law, unless the Fund consents in writing to the selection of an alternative forum, (i) any derivative action or proceeding brought on behalf of the Fund, (ii) any action asserting a claim of breach of a

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fiduciary duty owed by any director, officer or other employee of the Fund to the Fund or the Fund's stockholders, (iii) any action asserting a claim arising pursuant to any provision of the MGCL, the Charter or Bylaws or the securities, antifraud, unfair trade practices or similar laws of any international, national, state, provincial, territorial, local or other governmental or regulatory authority, including, in each case, the applicable rules and regulations promulgated thereunder, or (iv) any action asserting a claim governed by the internal affairs doctrine shall on the demand of the Fund be resolved through binding and final arbitration in accordance with the Commercial Arbitration Rules of the American Arbitration Association then in effect. The place of arbitration shall be New York, New York unless otherwise agreed by the parties; in rendering an award or decision, the arbitrators shall be required to follow the laws of the State of New York; and except as otherwise agreed between the parties, each party involved in a dispute shall bear its own costs and expenses (including attorneys' fees), and the arbitrators shall not render an award that would include shifting of any such costs or expenses (including attorneys' fees) or, in a derivative case, award any portion of the Fund's award to the claimant or the claimant's attorneys.

**Term** 

As discussed above, if the Board determines it appropriate (and subject to necessary stockholder approvals under the Charter and the 1940 Act, and any other applicable requirements of the 1940 Act), the Board may at any time after the third anniversary of the initial closing date, subject to the Adviser's option to extend this by up to one (1) year beyond the third anniversary of the initial closing date, or if earlier, the date on which the undrawn capital commitment of each investor has been reduced to zero, (i) (a) create a Liquidating Share Class or effectuate the New BDC Spin-Off, both pending the Fund's receipt of exemptive or no-action relief from the SEC, (b) complete a Qualified IPO, or (c) wind up, or (ii) amend the Charter as necessary to preserve (insofar as possible) the overall benefits previously enjoyed by stockholders as a whole.

Additionally, if the Board determines that there has been a significant adverse change in the Fund's regulatory or tax treatment or that of the Fund's stockholders that, in the Board's judgment makes it inadvisable for the Fund to continue in its present form, then the Board will endeavor to restructure or change the form of the Fund to preserve (insofar as possible) the overall benefits previously enjoyed by stockholders as a whole.

In the event of and upon any liquidation, dissolution or winding up of the Fund's affairs, whether voluntary or involuntary, after payment or provision for payment of the Fund's debts and other liabilities and subject to the prior rights of any outstanding preferred Shares, the Fund's remaining net assets will be distributed among holders of the Shares equally on a per share basis. For the purposes of this paragraph, a merger or consolidation of the Fund with or into any other corporation or other entity, or a sale or conveyance of all or any part of the Fund's property or assets will not be deemed to be a dissolution, liquidation or winding up, voluntary or involuntary.

\* \* \* \* \*

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## Exhibit 14.1

**Exhibit 14.1**

**CODE OF ETHICS<br>OF THE AB PRIVATE CREDIT INVESTORS 1940 ACT FUNDS**

*Effective: May 30, 2024*

This Code of Ethics ("Code") has been adopted by each of the AB Private Credit Investors 1940 Act Funds listed in Annex A (each, the "Fund") in accordance with Rule 17j-1 under the Investment Company Act of 1940 (the "Investment Company Act"). This Code shall apply to all Access Persons of the Fund, except as noted in Section 3 below.

1.<u>Statement of General Principles</u>.

This Code does not attempt to identify all possible conflicts of interest, and literal compliance with each of the specific procedures will not shield Access Persons from liability for personal trading or other conduct which violates their fiduciary duties to the Fund. In addition to the specific prohibitions contained in this Code, Access Persons are also subject to a general requirement not to engage in any act or practice that would defraud the Fund. This general prohibition includes, in connection with the purchase or sale, directly or indirectly, of a Security Held or to be Acquired by the Fund:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)employing any device, scheme or artifice to defraud the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)making to the Fund any untrue statement of material fact or omitting to state to the Fund a material fact necessary in order to make the statements made, in light of the circumstances under which they are made, not misleading;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)engaging in any act, practice or course of business which would operate as a fraud or deceit upon the Fund; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)engaging in any manipulative practice with respect to the Fund.

2.<u>Definitions</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)"Access Person" means any director, trustee, officer or Advisory Person of the Fund or Adviser. "Access Person" shall also include all of the Adviser's directors, officers and general partners.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)"Adviser" means AllianceBernstein L.P.<sup>\*</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)"Advisory Person" means (a) any director or advisory board member, officer, general partner or employee of the Fund or Adviser (or of any company in a Control relationship to the Fund or Adviser) who, in connection with his or her regular functions or duties, makes, participates in, or obtains information regarding the purchase or sale of Covered Securities by the Fund, or whose functions relate to the

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"Adviser" shall also include any sub-adviser to the Fund.

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making of any recommendations with respect to such purchases or sales; and (b) any natural person in a control relationship to the Fund or the Adviser who obtains information concerning recommendations made to the Fund with regard to the purchase or sale of Covered Securities by the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)"Automatic Investment Plan" means a program in which regular periodic purchases (or withdrawals) are made automatically in (or from) investment accounts in accordance with a predetermined schedule and allocation. An Automatic Investment Plan includes a dividend reinvestment plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)"Beneficial Ownership" shall be interpreted in the same manner as it would be under Rule 16a-1(a)(2) under the Securities Exchange Act of 1934 ("Exchange Act") for purposes of determining whether a person is subject to the provisions of Section 16 of the Exchange Act and the rules and regulations thereunder. The determination of direct or indirect beneficial ownership shall apply to all securities which an Access Person has or acquires.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)"Board" means the board of directors or trustees (as applicable) of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)"Compliance Officer" means the Fund's Chief Compliance Officer or his or her designee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)"Control" shall have the same meaning as that set forth in Section 2(a)(9) of the Investment Company Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)"Disinterested Director" means a director or trustee of the Fund who is not an "interested person" of the Fund within the meaning of Section 2(a)(19) of the Investment Company Act. All provisions of this Code applicable to Disinterested Directors are also applicable to advisory board members.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)"Distributor" means AllianceBernstein Investments, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)"Initial Public Offering" means an offering of securities registered under the Securities Act of 1933 ("Securities Act"), the issuer of which, immediately before the registration, was not subject to the reporting requirements of Sections 13 or 15(d) of the Exchange Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l)"Limited Offering" means an offering that is exempt from registration under the Securities Act pursuant to section 4(a)(2) or section 4(a)(5), or pursuant to Rule 504 or Rule 506 under the Securities Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m)"Investment Personnel" means: (i) any employee of the Fund or Adviser (or of any company in a Control relationship to the Fund or Adviser) who, in connection with his or her regular functions or duties, makes or participates in making recommendations regarding the purchase or sale of securities by the Fund; (ii) any natural person who Controls the Fund or Adviser and who obtains information concerning recommendations made to the Fund regarding the purchase or sale of securities by the Fund.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n)"Purchase or sale of a Covered Security" includes, inter alia, the writing of an option to purchase or sell a Covered Security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o)"Covered Security" shall have the meaning set forth in Section 2(a)(36) of the Investment Company Act, except that it shall not include (i) direct obligations of the Government of the United States, (ii) bankers' acceptances, bank certificates of deposit, commercial paper and high quality short-term debt instruments (any instrument with a maturity at issuance of less than 366 days and that is rated in one of the two highest rating categories by a nationally recognized statistical rating organization), and (iii) shares of registered open-end investment companies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p)"Security Held or to be Acquired" by the Fund means: (i) any Covered Security which, within the most recent 15 days: (A) is or has been held by the Fund; or (B) is being or has been considered by the Fund or the Adviser for purchase by the Fund; and (ii) any option to purchase or sell, and any security convertible into or exchangeable for, a Covered Security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q)A security is "being considered for purchase or sale" when a recommendation to purchase or sell a security has been made and communicated and, with respect to the person making the recommendation, when such person seriously considers making such a recommendation.

3.<u>Application</u>.

Certain of the officers and directors or trustees of the Fund are officers and/or directors of the Adviser and/or officers and/or directors of the Distributor. The Adviser reviews and determines investment policies for the Fund and manages the day- to-day investment affairs of the Fund, including selecting securities to be purchased, held and sold, and placing orders for portfolio transactions. The Adviser, the Distributor and their affiliates have their own Code of Ethics pursuant to Rule 17j-l under the Investment Company Act. Any person, who is subject to the Adviser's or the Distributor's Code of Ethics and who complies with such Code, shall not be subject to the provisions of this Code. This exemption shall only apply if the directors or trustees of the Fund and the Disinterested Directors of the Fund have approved such Adviser's or Distributor's Code of Ethics pursuant to Rule 17j-1.

4.<u>Prohibited Purchases or Sales</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)*Access Persons*. An Access Person shall not purchase or sell, directly or indirectly, any Security in which he or she has, or by reason of such transaction acquires, any direct or indirect Beneficial Ownership and which he or she knows or should have known at the time of such purchase or sale:

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Because Sections 5 and 6 apply only to Investment Personnel, Sections 5 and 6 will not apply to a Disinterested Director unless that Disinterested Director Controls the Fund (i.e., is the beneficial owner of more than 25% of the shares of the Fund) and obtains information concerning recommendations made to the Fund.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)is being considered for purchase or sale by the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)is being purchased or sold by the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)*Exempted Transactions*. The prohibitions of Section 4(a) of this Code shall not apply to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)Purchases or sales effected in any account over which the Access Person has no direct or indirect influence or control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)Purchases or sales of securities which are not eligible for purchase or sale by the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)Purchases or sales which are non-volitional on the part of the Access Person of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)Purchases which are part of an Automatic Investment Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)Purchases effected upon the exercise of rights issued by an issuer pro rata to all holders of a class of its securities, to the extent such rights were acquired from such issuer, and sales of such rights so acquired.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi)Purchases or sales of any of the following Securities, if at the time of the transaction, the Access Person has no actual knowledge that the Security is being considered for purchase or sale by the Fund, or that the Security is being purchased or sold by the Fund:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Fixed-income securities transactions involving no more than 100 units or having a principal amount not exceeding $25,000;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Non-convertible debt securities and non- convertible preferred stocks which are rated by at least one nationally recognized statistical rating organization in one of the three highest investment grade rating categories; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Any equity securities transaction, or series of related transactions, involving shares of common stock and excluding options, warrants, rights and other derivatives, provided:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i.any orders are entered after 10:00 a.m. and before 3:00 p.m. and are not designated as "market on open" or "market on close"; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii.the aggregate value of the transactions does not exceed (1) $10,000 for securities with a market capitalization of less than $1 billion; (2) $25,000 for securities with a market capitalization of $1 billion to $5 billion and (3) $50,000 for

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securities with a market capitalization of greater than $5 billion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Purchases or sales of Securities for which the Compliance Officer in its discretion on a case-by-case basis has granted an "extreme hardship" exception, provided:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)The individual seeking the exception furnishes to the Compliance Officer:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)a written statement detailing the efforts made to comply with Section 4(a);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)a written statement containing a representation and warranty that (1) compliance with the requirement would impose a severe undue hardship on the individual and (2) the exception would not, in any manner or degree, harm or defraud the Fund or compromise the individual's fiduciary duty to the Fund; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)any supporting documentation that the Compliance Officer may request;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)The Compliance Officer conducts an interview with the individual or takes such other steps the Compliance Officer deems appropriate in order to verify that granting the exception will not in any manner or degree, harm or defraud the Fund or compromise the individual's fiduciary duty to the Fund; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)The Compliance Officer maintains, along with statements provided by the individual, a written record that contains:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)the name of the individual;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)the name of the Security involved, the number of shares or principal amount purchased or sold, and the date or dates on which the Securities were purchased or sold;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)the reason(s) the individual sought an exception from the requirements of Section 4(a);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)the efforts the individual made to comply with the requirements of Section 4(a); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)the independent basis upon which the Compliance Officer believes that the exemption should be granted.

5.<u>Investment Personnel</u>.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Unless the purchase is pre-approved as provided in Section 6, Investment Personnel shall not purchase, directly or indirectly, any security in which he or she has, or by reason of such transaction acquires, any direct or indirect Beneficial Ownership:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)that is issued pursuant to an Initial Public Offering; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)that is issued pursuant to a Limited Offering that is exempt from registration under the Securities Act.

6.<u>Pre-Clearance of Participation in Offerings</u>. Investment Personnel shall obtain approval from the Compliance Officer of the Fund prior to the acquisition, directly or indirectly, of securities issued pursuant to a Limited Offering or Initial Public Offering.

7.<u>Reporting</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Every Access Person shall report to the Compliance Officer (as that person is designated from time to time by the Fund) the information described in Sections 7(b), 7(c) and 7(d) of this Code with respect to transactions in any Security in which such Access Person has, or by reason of such transaction acquires, any direct or indirect Beneficial Ownership in the Security; provided, however, than an Access Person shall not be required to make a report with respect to transactions effected for any account over which such person does not have any direct or indirect influence.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)*Initial Holdings Reports*. Within ten (10) days of becoming an Access Person such person shall disclose to the Compliance Officer all Security holdings Beneficially Owned by the Access Person (which information must be current as of a date no more than forty-five (45) days before the report is submitted). Such initial holdings report shall contain the date of the report, name, number of shares and principal amount of all securities owned by the Access Person and all securities accounts the Access Person maintains with a broker, dealer or bank (or any account in which the Access Person may have a beneficial interest).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)*Annual Holdings Reports*. Annually, all Access Persons shall disclose to the Compliance Officer all Security holdings Beneficially Owned by them (which information must be current as of a date no more than forty-five (45) days before the report is submitted). Such annual holdings report shall contain the date of the report, name, number of shares and principal amount of all securities owned by the Access Person and all securities accounts the Access Person maintains with a broker, dealer or bank (or any account in which the Access Person may have a beneficial interest).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)*Quarterly Transaction Reports*. A quarterly report shall be made by all Access Persons not later than thirty (30) days after the end of each calendar quarter and shall contain the following information:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)the date of the transaction, the title, the interest rate and maturity date (if applicable), the number of shares, and the principal amount of each Covered Security involved;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)the nature of the transaction (i.e., purchase, sale or any other type of acquisition or disposition);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)the price of the Covered Security at which the transaction was effected;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)the name of the broker, dealer or bank with or through whom the transaction was effected; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)the date of the report.

Notwithstanding the foregoing requirement, a Disinterested Director of the Fund need only make a quarterly report with respect to a transaction in any Covered Security if such Disinterested Director, at the time of that transaction, knew, or in the ordinary course of fulfilling his or her official duties as a director or trustee of the Fund should have known, that during the 15-day period immediately before or after the transaction, the Fund purchased or sold the Covered Security, or the Fund or the Adviser considered purchasing or selling the Covered Security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)An Access Person of the Adviser need not make a separate report under this Section 7 to the extent the information in the report would duplicate information required to be recorded under Rule 204-2(a)(13) under the Investment Advisers Act of 1940.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)An Access Person need not make a quarterly transaction report under Section 7(d) if the report would duplicate information contained in broker trade confirmations or account statements received by the Fund, the Adviser or the Distributor with respect to the Access Person in the time period required by Section 7(d), if all of the information required by that Section is contained in the broker trade confirmations or account statements, or in the records of the Fund, the Adviser or the Distributor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)An Access Person need not make a quarterly transaction report under Section 7(d) with respect to transactions effected pursuant to an Automatic Investment Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)A Disinterested Director who would be required to make a report pursuant to Sections 7(b) and 7(c) above, solely by reason of being a member of the Board, is not required to make an initial holdings report under Section 7(b) or an annual holdings report under Section 7(c) above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)Any report required by this Section 7 may contain a statement that the report shall not be construed as an admission that the person making such report has any direct or indirect Beneficial Ownership in the Covered Security to which the report relates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)All such reports, account statements, and all related information described in this Section 7 shall be reviewed by the Compliance Officer.

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8. Records.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)The Fund shall maintain records in the manner and to the extent set forth below that shall be available for appropriate examination by representatives of the Securities and Exchange Commission ("SEC").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)A copy of this Code and any other code which is, or at any time within the past five years has been, in effect shall be preserved in an easily accessible place.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)A record of any violation of this Code and of any action taken as a result of such violation shall be preserved in an easily accessible place for a period of not less than five years following the end of the fiscal year in which the violation occurs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)A copy of each report made pursuant to this Code by any Access Person, including any information provided in lieu of the reports under Section 7(e), shall be preserved by the Fund for a period of not less than five years from the end of the fiscal year in which it is made, the first two years in an easily accessible place.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)A list of all persons who are, or within the past five years have been, required to make reports pursuant to this Code, or who are or were responsible for reviewing these reports, shall be maintained in an easily accessible place.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)A record of any decision, and the reasons supporting the decision, to approve the acquisition by Investment Personnel of securities under Sections 4(a) and 6 of this Code, for at least five years after the end of the fiscal year in which the approval is granted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Confidentiality. All reports of securities transactions and any other information filed with the Fund pursuant to this Code shall be treated as confidential, except as regards appropriate examinations by representatives of the SEC.

9. Sanctions.

Upon discovering a violation of this Code, the Compliance Officer shall review the violation and the Board may impose any sanctions as it deems appropriate, including a letter of censure or suspension or termination of the employment of the violator. All material violations of this Code and any sanctions imposed with respect thereto shall be reported periodically to the Board.

10. Report and Certification of Adequacy to the Board.

On an annual basis, the Compliance Officer shall prepare a written report to the management and the Board setting forth the following:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)certifying on behalf of the Fund that the Fund has adopted procedures reasonably necessary to prevent Access Persons from violating this Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)summarizing existing procedures concerning personal investing and any changes in procedures made during the past year; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)describing any issues arising under this Code or procedures since the last report to the Board including, but not limited to, information about material violations of this Code or procedures and sanctions imposed in response to the material violations.

11. Board Approval.

The Board (including a majority of the Disinterested Directors) must approve this Code of Ethics and any material changes to this Code of Ethics. The Board must base its approval of this Code and any material changes to this Code on a determination that this Code contains provisions reasonably necessary to prevent Access Persons from engaging in any conduct prohibited by Section 1 of this Code. Before approving this Code, the Board must receive a certification from the Fund that it has adopted procedures reasonably necessary to prevent Access Persons from violating this Code. Any material change to this Code must be approved within six months.

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**Annex A**

AB Private Credit Investors Corporation

AB Private Lending Fund

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## Exhibit 14.2

Exhibit 14.2

![img6258374_0.jpg](img6258374_0.jpg)

![img6258374_1.jpg](img6258374_1.jpg)1 Commerce Street, Nashville, TN 37203

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**A Message from Seth Bernstein, Chief Executive Officer of AllianceBernstein**

*Client trust is the foundation of a financial services company. As we have seen, trust takes years to establish and constant vigilance to maintain but can be destroyed in a matter of days. Honesty, integrity, and high ethical standards must therefore be practiced on a daily basis in order to protect this most critical asset.*

*Enhancing our sensitivity to our ethical obligations – putting the interests of our clients first and foremost -- and ensuring that we meet those obligations is an imperative for all. AllianceBernstein has long been committed to maintaining and promoting high ethical standards and business practices. We have prepared this Code of Business Conduct and Ethics (the "Code") in order to establish a common vision of our ethical standards and practices. While not an exhaustive guide to the rules and regulations governing our businesses, the Code is intended to establish certain guiding principles for all of us.*

*Separately, the firm has in place a series of ethics, fiduciary and business-related policies and procedures, which set forth detailed requirements to which employees are subject. We also have prepared various Compliance Manuals, which provide in summary form, an overview of the concepts described in more detail both in this Code and in our other policies and procedures.*

*You should take the time to familiarize yourself with the policies in this Code and use common sense in applying them to your daily work environment and circumstances. Your own personal integrity and good judgment are the best guides to ethical and responsible conduct. If you have questions, you should discuss them with your supervisor, the General Counsel, the Chief Compliance Officer or a representative of the Legal and Compliance Department or Human Capital. If the normal channels for reporting are not appropriate, or if you feel uncomfortable utilizing them, issues may be brought to the attention of the Company Ombudsman, who is an independent, informal and confidential resource for concerns about AllianceBernstein business matters that may raise issues of ethics or questionable practices.*

*Our continued success depends on each of us maintaining high ethical standards and business practices. I count on each of you to place our clients' interests first – and to do so always by applying good ethics and sound judgment in your daily responsibilities.*

*Seth Bernstein*

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**AllianceBernstein L.P.**

**CODE OF BUSINESS CONDUCT AND ETHICS**

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**Personal Trading Policies and Procedures**

**Appendix A**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** **Overview 1**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.Introduction 1

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.Definitions 1

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. "Client" 1

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.** **Requirements and Restrictions – All Employees 4**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.General Standards 4

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.Disclosure of Personal Accounts 5

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.Designated Brokerage Account 6

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d.Pre-Clearance Requirement 6

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e.Limitation on the Number of Trades 6

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f.Short-Term Trading 7

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g.Short Sales 7

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;h.Trading in AB Units and AB Funds 7

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i.Securities Being Considered for Purchase or Sale 8

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;j.Restricted List 9

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;k.Dissemination of Research Information 9

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;l.Initial Public Offerings 10

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;m.Limited Offerings/Private Placements 10

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.** **Additional Restrictions–Portfolio Managers 10**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.Blackout Periods 11

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.Actions During Blackout Periods 11

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.Transactions Contrary to Client Positions 11

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.** **Additional Restrictions–Research Analysts 11**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.Blackout Periods 12

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.Actions During Blackout Periods 12

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.Actions Contrary to Ratings 12

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.** **Additional Restrictions–Buy-Side Equity Traders 12**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.** **Additional Restrictions–Alternate Investment Strategies Groups 13**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.** **Exceptions to the Personal Trading Policy 13**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.** **Reporting Requirements 13**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.Duplicate Confirmations and Account Statements 13

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.Initial Holdings Reports by Employees 13

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.Quarterly Reports by Employees–including Certain Funds and Limited Offerings 14

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d.Annual Certification by Employees with Managed Accounts 14

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e.Annual Holdings Reports by Employees 14

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f.Report and Certification of Adequacy to the Board of Directors of Fund Clients 15

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g.Report Representations 15

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;h.Maintenance of Reports 15

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.** **Reporting Requirements for Directors who are not Employees 15**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.Outside Directors / Affiliated Outside Directors 16

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** **Introduction**

This Code of Business Conduct and Ethics (the "Code") summarizes the values, principles and business practices that guide our business conduct and establishes a set of basic principles and expectations to guide all AllianceBernstein employees, officers and directors, and consultants where applicable. The Code applies to all of our offices globally; however, it is not intended to provide an exhaustive list of all the detailed internal policies and procedures, regulations and legal requirements that may apply to you as an AllianceBernstein employee, officer, director, consultant, and/or a representative of one of our regulated subsidiaries. AllianceBernstein maintains more detailed policies and procedures addressing many of the topics covered by this Code, including the Compliance Manual, available on the Legal and Compliance Department intranet site. All AllianceBernstein employees, including covered consultants, officers, and directors are responsible for knowing and abiding by the relevant policies.

All individuals subject to the provisions of this Code must conduct themselves in a manner consistent with the requirements and procedures set forth herein. Adherence to the Code is a fundamental condition of service and employment with AllianceBernstein, any of our subsidiaries or joint venture entities, or our general partner (the "AB Group").

AllianceBernstein L.P. ("AB," "we" or "us") is a registered investment adviser and acts as investment manager or adviser to registered investment companies, institutional investment clients, employee benefit trusts, high net worth individuals and other types of investment advisory clients. In this capacity, we serve as fiduciaries. The fiduciary relationship mandates adherence to the highest standards of conduct and integrity.

Personnel acting in a fiduciary capacity must carry out their duties for the **exclusive benefit** of our clients. Consistent with this fiduciary duty, the interests of clients take priority over the personal investment objectives and other personal interests of AB personnel. Accordingly:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Employees must work to mitigate or eliminate any conflict, or appearance of a conflict, between the self-interest of any individual covered under the Code and his or her responsibility to our clients, or to AB and its unitholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Employees must never improperly use their position with AB for personal gain to themselves, their family, or any other person.

The Code is intended to comply with the following regulations that apply to AB:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Rule 17j-1 under the (U.S.) Investment Company Act of 1940 (the "1940 Act") which applies to AB because we serve as an investment adviser to registered investment companies. Rule 17j-1 specifically requires us to adopt a code of ethics that contains provisions reasonably necessary to prevent our "access persons" (as defined herein) from engaging in fraudulent conduct, including insider trading.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Rule 204A-1 under the Investment Advisers Act of 1940 (the "Advisers Act"), which requires registered investment advisers to adopt and enforce codes of ethics applicable to their supervised persons.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Section 303A.10 of the New York Stock Exchange ("NYSE") Listed Company Manual, which applies to us because the units of AllianceBernstein Holding L.P. ("AllianceBernstein Holding") are traded on the NYSE.

Additionally, certain entities within the AB Group, such as Sanford C. Bernstein & Co., LLC and Sanford C. Bernstein Limited, have adopted supplemental codes of ethics to address specific regulatory requirements applicable to them. All employees are obligated to determine if any of these codes are applicable to them and to abide by such codes as appropriate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.** **The AB Fiduciary Culture**

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The primary objective of AB's business is to provide value, through investment advisory and other financial services, to a wide range of clients, including governments, corporations, financial institutions, high net worth individuals and pension funds.

AB requires that all dealings with, and on behalf of existing and prospective clients be handled with honesty, integrity, and high ethical standards, and that such dealings adhere to the letter and the spirit of applicable laws, regulations and contractual guidelines. As a general matter, AB is a fiduciary that owes its clients a duty of undivided loyalty, and each employee has a responsibility to act in a manner consistent with this duty.

When dealing with or on behalf of a client, every employee must act solely in the best interests of that client. In addition, various comprehensive statutory and regulatory structures such as the 1940 Act, the Advisers Act and the Employee Retirement Income Security Act ("ERISA") impose specific responsibilities governing the behavior of personnel in carrying out their responsibilities. AB and its employees must comply fully with these rules and regulations. Legal and Compliance Department personnel are available to assist employees in meeting these requirements.

All employees are expected to adhere to the high standards associated with our fiduciary duty, including care and loyalty to clients, competency, diligence and thoroughness, and trust and accountability. Further, all employees must actively work to avoid the possibility that the advice or services we provide to clients is, or gives the appearance of being, based on the self-interests of AB or its employees and not the clients' best interests.

Our fiduciary responsibilities apply to a broad range of investment and related activities, including sales and marketing, portfolio management, securities trading, allocation of investment opportunities, client service, operations support, performance measurement and reporting, new product development as well as your personal investing activities. These obligations include the duty to avoid material conflicts of interest (and, if this is not possible, to provide full and fair disclosure to clients in communications), to keep accurate books and records, and to supervise personnel appropriately. These concepts are further described in the Sections that follow.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.** **Compliance with Laws, Rules and Regulations**

AB has a long-standing commitment to conduct its business in compliance with applicable laws and regulations and in accordance with the highest ethical principles. This commitment helps ensure our reputation for honesty, quality, and integrity. All individuals subject to the Code are required to comply with all such laws and regulations. All U.S. employees, as well as non-U.S. employees who act on behalf of U.S. clients or funds, are required to comply with the U.S. federal securities laws. These laws include, but are not limited to, the 1940 Act, the Advisers Act, ERISA, the Securities Act of 1933 ("Securities Act"), the Securities Exchange Act of 1934 ("Exchange Act"), the Sarbanes- Oxley Act of 2002, Title V of the Gramm-Leach-Bliley Act, any rules adopted by the SEC under any of these statutes, the Bank Secrecy Act as it applies to our activities, and any rules adopted thereunder by the Securities and Exchange Commission ("SEC"), Department of the Treasury or the Department of Justice. As mentioned above, as a listed company, we are also subject to specific rules promulgated by the NYSE. Similarly, our non-US affiliates are subject to additional laws and regulatory mandates in their respective jurisdictions, which must be fully complied with.

Our obligation to comply with all applicable laws, regulations, and rules, and to act in an honest and ethical manner, trumps all other considerations, including the interests of our clients. Policies referenced in this Code provide additional details and requirements to ensure compliance. A violation under any of these policies may be deemed a violation of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.** **Policy Against Discrimination and Sexual and Unlawful Harassment**

AB is committed to providing a working environment free from all forms of discrimination and harassment on the basis of race, color, religion, creed, ancestry, national origin, sex, age, disability,

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marital status, citizenship status, sexual orientation, gender identity expression, military or veteran status, or any other basis that is by applicable law. Harassment or discrimination by any AB employee, officer, or director will not be tolerated.

AB's policies on nondiscrimination and sexual or unlawful harassment and how to report instances of such conduct can be found in the Employee Handbook. All employees, officers, and directors are responsible for knowing and abiding by these policies. Anyone who reports in good faith an incident of discrimination or harassment will not be subject to reprisals. Anyone who is found to have engaged in conduct inconsistent with these policies will be subject to appropriate disciplinary action, up to and including termination of employment or dismissal from the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.** **Conflicts of Interest / Unlawful Actions**

A "conflict of interest" may exist when a person's private interests are contrary to, or inconsistent with, the interests of AB's clients or to the interests of AB or its unitholders.

A conflict situation can arise when an AB employee, consultant, officer, or director takes actions or has interests (business, financial or otherwise) that may make it difficult to perform his or her work objectively and effectively. Conflicts of interest may arise, for example, when an AB employee, or a member of his or her family,<sup>1</sup> receives improper personal benefits (including personal loans, services, or payment for services that the AB employee performs in the course of AB business) as a result of his or her position at AB or gains personal enrichment or benefits through access to confidential information.

Conflicts may also arise when an AB employee, or a member of his or her family, holds a significant financial interest in a company that does an important amount of business with AB or has outside business interests that may result in divided loyalties or compromise independent judgment.

Moreover, conflicts may arise when making securities investments for personal accounts or when determining how to allocate trading opportunities. Conflicts of interest can also arise because of personal relationships with others within or outside AB (such as family relationships, romantic relationships, or close friendships) that may compromise objectivity and independent judgment.

AB has adopted policies, procedures, and controls designed to manage conflicts of interest, including the Compliance Manual, *Policy and Procedures for Giving and Receiving Gifts and Entertainment*, copies of which can be found on the Legal and Compliance Department intranet site. These policies highlight additional potential conflicts of interest.

Conflicts of interest can arise in many common situations; despite one's best efforts to avoid them. This Code does not attempt to identify all possible conflicts of interest. Literal compliance with each of the specific procedures will not shield you from liability for personal trading or other conduct that violates your fiduciary duties to our clients. All AB employees, consultants, officers, and directors are encouraged to seek clarification of, and discuss questions about, potential conflicts of interest. If you have questions about a particular situation or become aware of a conflict or potential conflict, you should bring it to the attention of your supervisor, the General Counsel, the Conflicts Officer, the Chief Compliance Officer or a representative of the Legal and Compliance Department or Human Capital.

In addition to the specific prohibitions contained in the Code, you are, of course, subject to a general requirement not to engage in any act or practice that would defraud our clients. This general prohibition (which also applies specifically in connection with the purchase and sale of a Security held or to be acquired or sold, as this phrase is defined in the Appendix) includes:

1 For purposes of this section of the Code, unless otherwise specifically provided, (i) "family" means your spouse/domestic partner, parents, children, siblings, in-laws by marriage (i.e., mother-in-law, father-in- law, son-in-law, and/or daughter-in-law) and anyone who shares your home; and (ii) "relative" means members of your family (as defined), your aunts and uncles, and your first cousins.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Making any untrue statement of a material fact or employing any device, scheme, or artifice to defraud a client;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Omitting to state (or failing to provide any information necessary to properly clarify any statements made, in light of the circumstances) a material fact, thereby creating a materially misleading impression;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Accepting any compensation for the purchase or sale of any property to or for a fund or other client account;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Making investment decisions, changes in research ratings and trading decisions other than exclusively for the benefit of, and in the best interest of, our clients;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Using information about investment or trading decisions or changes in research ratings (whether considered, proposed or made) to benefit or avoid economic injury to you or anyone other than our clients;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Taking, delaying or omitting to take any action with respect to any research recommendation, report or rating or any investment or trading decision for a client in order to avoid economic injury to you or anyone other than our clients;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Purchasing or selling a security on the basis of knowledge of a possible trade by or for a client with the intent of personally profiting from personal holdings in the same or related securities ("front-running" or "scalping");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Revealing to any other person (except in the normal course of your duties on behalf of a client) any information regarding securities transactions by any client or the consideration by any client of any such securities transactions; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Engaging in any act, practice or course of business that operates or would operate as a fraud or deceit on a client or engaging in any manipulative practice with respect to any client.

AB requires all employees, covered consultants and directors to disclose any Conflicts of Interests that any person may become aware of upon joining AB or during their course of employment or board service.

These disclosures must be made to the Compliance Department through StarCompliance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.** **Insider Trading**

There are instances where AB employees or directors may have confidential "inside" information about AB or its affiliates, or about a company with which we do business, or about a company in which we may invest on behalf of clients that is not known to the investing public. AB employees must maintain the confidentiality of such information. If a reasonable investor would consider this information important in reaching an investment decision, the AB employee or director with this information must not buy or sell securities of any of the companies in question or give this information to another person who trades in such securities. This rule is very important, and AB has adopted the following three specific policies that address it: *Policy and Procedures Concerning Purchases and Sales of AB Units*, *Policy and Procedures Concerning Purchases and Sales of AB Closed-End Mutual Funds*, and *Policy and Procedures Regarding Insider Trading and Control of Material Nonpublic Information* (collectively, the "AB Insider Trading Policies"). A copy of the AB Insider Trading Policies may be found on the Legal and Compliance Department intranet site. All AB employees and directors are required to be familiar with these policies<sup>2</sup> and to abide by them.

2 The subject of insider trading will be covered in various Compliance training programs and materials.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** **Personal Trading: Summary of Restrictions**

AB recognizes the importance to its employees and directors of being able to manage and develop their own and their dependents' financial resources through long-term investments and strategies. However, because of the potential conflicts of interest inherent in our business, our industry and AB have implemented certain standards and limitations designed to minimize these conflicts and help ensure that we focus on meeting our duties as a fiduciary for our clients. As a general matter, AB discourages personal investments by employees in individual securities and encourages personal investments in managed collective vehicles, such as mutual funds.

AB senior management believes it is important for employees to align their own personal interests with the interests of our clients. **Consequently, employees are encouraged to invest in the mutual fund products and services offered by AB, where available and appropriate.**

The policies and procedures for personal trading are set forth in full detail in the AB Personal Trading Policies and Procedures, included in the Code as Appendix A. The following is a summary of the major requirements and restrictions that apply to personal trading by employees, their immediate family members and other financial dependents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Employees must disclose all of their brokerage accounts to the Legal and Compliance Department;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Employees may maintain brokerage accounts only at specified designated broker-dealers (exceptions may apply outside of the U.S.);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Employees must pre-clear all securities trades with the Legal and Compliance Department (via the StarCompliance Code of Ethics application) prior to placing trades with their broker-dealer (prior supervisory approval is required for portfolio managers, research analysts, traders, persons with access to AB research, and others designated by the Legal and Compliance Department);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Employees may only make twenty trades in individual securities during any rolling thirty calendar-day period;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Employee purchases of individual securities, ETFs, ETNs, closed-end funds and AB managed or sub-advised open-end mutual funds) are subject to a 60-day holding period and 30-day buy- back period (6 months for AB Japan Ltd.);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Employees may not engage in short-term trading of a mutual fund in violation of that fund's short-term trading policies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Employees may not participate in initial public offerings of equity securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Employees must get written approval, and make certain representations, in order to participate in limited or private investments, including hedge funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Employees must submit initial and annual holding reports, disclosing all securities and holdings in mutual funds managed by AB held in personal accounts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Employees must, on a quarterly basis, submit or confirm reports identifying all transactions in securities and mutual funds managed by AB in personal accounts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The Legal and Compliance Department has the authority to deny:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.Any personal trade by an employee if the security is being considered for purchase or sale in a client account; there are open orders for the security on a trading desk; or the security appears on any AB restricted list;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.Any short sale by an employee for a personal account if the security is being held long in AB

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- managed portfolios; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.Any personal trade by a portfolio manager or research analyst in a security that is subject to a blackout period as a result of client portfolio trading or recommendations to clients.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Separate requirements and restrictions apply to Directors who are not employees of AB, as explained in further detail in the AB Personal Trading Policies and Procedures, Appendix A of this document.

This summary should not be considered a substitute for reading, understanding, and complying with the detailed restrictions and requirements that appear in the AB Personal Trading Policies and Procedures, included as Appendix A to the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** **Outside Directorships and Other Outside Activities and Interests**

Although activities outside of AB are not necessarily a conflict of interest, a conflict may exist depending upon your position within AB and AB's relationship with the particular activity in question. <u>Outside activities</u> may also create a potential conflict of interest if they cause an AB employee to choose between that interest and the interests of AB or any client of AB. AB recognizes that the guidelines in this Section are not applicable to directors of AB who do not also serve in management positions within AB.

**Important Note for Research Analysts:** *Notwithstanding the standards and prohibitions that follow in this section, any employee who acts in the capacity of a research analyst is prohibited from serving on any board of directors or trustees or in any other capacity with respect to any company, public or private, whose business is directly or indirectly related to the industry covered by that research analyst.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**a.** **Board Member or Trustee**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i.AB employees are prohibited from serving on any board of directors or trustees or in any other management capacity of any unaffiliated public company. However, under certain limited circumstances, Compliance will consider exceptions to this prohibition where the employee has received prior written approval from both AB's Chief Executive Officer and their supervisor. Once the necessary business approvals have been obtained, the employee must submit an <u>Outside Business Activities Approval Form</u> for review and approval by Compliance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii.No AB employee shall serve on any board of directors or trustees or in any other management capacity of any private company (other than not-for-profit organizations, see below) without prior written approval from the employee's supervisor and Compliance Department via an <u>Outside Business Activities Approval Form.</u> This approval is also subject to review by, and may require the approval of, AB's Chief Executive Officer. The decision as to whether to grant such authorization will be based on a determination that such service would not be inconsistent with the interests of any client, as well as an analysis of the time commitment and potential personal liabilities and responsibilities associated with the outside affiliation.<sup>3</sup> Any AB employee who serves as a director, trustee or in any other management capacity of any private company must resign that position prior to the company becoming a publicly traded company.

3 Such authorization requires an agreement on the part of the employee to not hold him or herself out as acting on behalf of AB (or any affiliate) and to use best efforts to ensure that AB's name (or that of any AB affiliated company) is not used in connection with the proposed affiliation (other than in a "bio" section), and in particular, activities relating to fundraising or to the advancement of a specific entity mission or agenda.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii.Not-for-Profit Organizations: Generally, no approval is required to serve as a trustee/board member of not-for-profit organizations such as religious organizations, foundations, educational institutions, co-ops, private clubs etc., provided that (a) the organization has not issued, and does not have future plans to issue, publicly held securities, including debt obligations; and/or (b) the employee does not act in any investment-related advisory capacity (i.e., any direct or indirect role relating to investment advice or choosing investment advisers; serving on investment committee).<sup>4</sup> If the employee does act in such a capacity, or the organization has issued or plans to issue, public securities, the <u>Not-For-Profit Activities</u> <u>Disclosure Form</u> must be submitted and approved.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv.This approval requirement applies regardless of whether an AB employee plans to serve as a director of an outside business organization (1) in a personal capacity or (2) as a representative of AB or of an entity within the AB Group holding a corporate board seat on the outside organization (e.g., where AB or its clients may have a significant but non- controlling equity interest in the outside company).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;v.New employees with pre-existing relationships are required to resign from the boards of public companies and seek and obtain the required approvals to continue to serve on the boards of private companies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**b.** **Other Affiliations**

AB discourages employees from committing to secondary employment, particularly if it poses any conflict in meeting the employee's ability to satisfactorily meet all job requirements and business needs. Before an AB employee accepts a second job, that employee must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Complete and submit an <u>Outside Business Activities Approval Form</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Ensure that AB's business takes priority over the secondary employment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Ensure that no conflict of interest exists between AB's business and the secondary employment (see also footnote 3); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Require no special accommodation for late arrivals, early departures, or other special requests associated with the secondary employment.

For employees associated with any of AB's registered broker-dealer subsidiaries, written approval of the Chief Compliance Officer for the subsidiary is also required.<sup>5</sup> New employees with pre-existing relationships are required to ensure that their affiliations conform to these restrictions and must obtain the requisite approvals. On a periodic basis, such employees will be required to confirm that the circumstances of the approved activities have not changed.

4 Indeed, AB recognizes that its employees often engage in community service in their local communities and engage in a variety of charitable activities, and it commends such service. However, it is the duty of every AB employee to ensure that all outside activities, even charitable or pro bono activities, do not constitute a conflict of interest or are not otherwise inconsistent with employment by AB. Accordingly, although no approval is required, each employee must use his/her best efforts to ensure that the organization does not use the employee's affiliation with AllianceBernstein, including his/her corporate title, in any promotional (other than a "bio" section) or fundraising activities, or to advance a specific mission or agenda of the entity. Such positions also must be reported to the firm pursuant to other periodic requests for information (e.g., the AB 10-K questionnaire).

5 In the case of AB subsidiaries that are holding companies for consolidated subgroups, unless otherwise specified by the holding company's Chief Executive Officer, this approval may be granted by the Chief Executive Officer or Chief Financial Officer of each subsidiary or business unit within such a consolidated subgroup.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**c.** **Outside Financial or Business Interests**

AB employees should be cautious with respect to personal investments that may lead to conflicts of interest or raise the appearance of a conflict. Conflicts of interest in this context may arise in cases where an AB employee, a member of his or her family, or a close personal acquaintance, holds a substantial interest in a company that has significant dealings with AB or any of its subsidiaries either on a recurring or "one-off" basis. For example, holding a substantial interest in a family- controlled or other privately-held company that does business with, or competes against, AB or any of its subsidiaries may give rise to a conflict of interest or the appearance of a conflict. In contrast, holding shares in a widely held public company that does business with AB from time to time may not raise the same types of concerns. Prior to making any such personal investments, AB employees must pre-clear the transaction, in accordance with the Personal Trading Policies and Procedures, attached as Appendix A of this Code, and should consult as appropriate with their supervisor, the Conflicts Officer, General Counsel, Chief Compliance Officer or other representative of the Legal and Compliance Department.

AB employees should also be cautious with respect to outside business interests that may create divided loyalties, divert substantial amounts of their time and/or compromise their independent judgment. If a conflict of interest situation arises, you should report it to your supervisor, the Conflicts Officer, General Counsel, Chief Compliance Officer and/or other representative of AB's Human Capital or Legal and Compliance Department. Business transactions that benefit relatives or close personal friends, such as awarding a service contract to them or a company in which they have a controlling or other significant interest, may also create a conflict of interest or the appearance of a conflict. AB employees must consult their supervisor and/or the Conflicts Officer, General Counsel, Chief Compliance Officer or other representative of AB's Human Capital or Legal and Compliance Department before entering into any such transaction. New employees that have outside financial or business interests (as described herein) should report them as required and bring them to the attention of their supervisor immediately.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.** **Gifts, Entertainment, and Inducements**

Business gifts and entertainment are designed to build goodwill and sound working relationships among business partners. However, under certain circumstances, gifts, entertainment, favors, benefits, and/or job offers may be or appear to be attempts to "purchase" favorable treatment. Accepting or offering such inducements could raise doubts about an AB employee's ability to make independent business judgments in our clients' or AB's best interests. For example, a problem would arise if (i) the receipt by an AB employee of a gift, entertainment or other inducement would compromise, or could be reasonably viewed as compromising, that individual's ability to make objective and fair business decisions on behalf of AB or its clients, or (ii) the offering by an AB employee of a gift, entertainment or other inducement appears to be an attempt to obtain business through improper means or to gain any special advantage in our business relationships through improper means.

These situations can arise in many different circumstances (including with current or prospective suppliers and clients) and AB employees should keep in mind that certain types of inducements may constitute illegal bribes, pay-offs or kickbacks. In particular, the rules of various securities regulators place specific constraints on the activities of persons involved in the sales and marketing of securities. AB has adopted the <u>Policy and Procedures for Giving and Receiving Gifts and</u> <u>Entertainment</u> to address these and other matters. AB employees must familiarize themselves with this policy and comply with its requirements, which include reporting the acceptance of most business meals, gifts and entertainment to the Compliance Department. A copy of this policy can be found on the Legal and Compliance Department intranet site and will be supplied by the Compliance Department upon request.

Each AB employee must use good judgment to ensure there is no violation of these principles. If you have any question or uncertainty about whether any gifts, entertainment or other types of inducements are appropriate, please contact your supervisor or a representative of AB's Legal and

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Compliance Department and/or the Conflicts Officer, as appropriate. If you feel uncomfortable utilizing the normal channels, issues may be brought to the attention of the Company Ombudsman, who is a neutral, independent, informal and confidential resource to assist employees with concerns about AB business matters that may implicate issues of ethics or questionable practices. Please see Section 25 for additional information on the Company Ombudsman.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.** **Compliance with Anti-Corruption Laws**

AB employees should be aware that AB strictly prohibits the acceptance, offer, payment or authorization, whether directly or via a third party, of any bribe, and any other form of corruption, whether involving a government official or an employee of a public or private commercial entity. Therefore, it is the responsibility of all AB employees to adhere to all applicable anti-corruption laws and regulations in the jurisdictions in which they do business, including the U.S. Foreign Corrupt Practices Act, the U.K. Bribery Act, and similar international laws regulating payments to public and private sector individuals (collectively, the "Anti-Corruption Laws").

We expect all AB employees to refuse to make or accept questionable and/or improper payments. As a component of this commitment, no AB employee may give money, gifts, or anything else of value (which include providing jobs or internships) to any official or any employee of a governmental or commercial entity if doing so could reasonably be construed as an attempt to provide AB with an improper business advantage. In addition, any proposed payment or gift to a government official, including employees of government-owned or controlled enterprises (e.g., sovereign wealth and pension funds, public utilities, and national banks), must be reviewed in advance by a representative of the Legal and Compliance Department, even if such payment is common in the country of payment (see discussion of the Anti-Corruption Laws below and in the firm's <u>Anti-Bribery and</u> <u>Corruption Policy</u>). AB employees should be aware that they do not actually have to make the payment to violate AB's policy and the law — merely offering, promising or authorizing it will be considered a violation.

In order to ensure that AB fully complies with the requirements of the Anti-Corruption Laws, employees must be familiar with the firm's <u>Anti-Bribery and Corruption Policy.</u> Generally, the Anti- Corruption Laws make it illegal (with civil and criminal penalties) for AB, and its employees and agents, to provide anything of value to public or private sector employees, directly or indirectly, for the purpose of obtaining an improper business advantage (which can include improperly securing government licenses and permits). Accordingly, the use of AB funds or assets (or those of any third party) to make a payment directly or through another person or company for any illegal, improper and/or corrupt purpose is strictly prohibited.

It is often difficult to determine at what point a business courtesy extended to another person crosses the line into becoming excessive, and what ultimately could be considered a bribe. Therefore, no entertainment or gifts may be offered to, or travel or hotel expenses paid for, any public official, including employees of government-owned or controlled enterprises, under any circumstances, without the express prior written approval (e-mail correspondence is acceptable) of the General Counsel, Chief Compliance Officer, or their designees in the Legal and Compliance Department.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.** **Political Contributions/Activities**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**a.** **By or on behalf of AB**

Election laws in many jurisdictions generally prohibit political contributions by corporations to candidates. Many local laws also prohibit corporate contributions to local political campaigns. In accordance with these laws, AB does not make direct contributions to any candidates for national or local offices where applicable laws make such contributions illegal. In these cases, contributions to political campaigns must not be, nor appear to be, made with or reimbursed by AB assets or resources. AB assets and resources include (but are not limited to) AB facilities, personnel, office

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supplies, letterhead, telephones, electronic communication systems and fax machines. This means that AB office facilities may not be used to host receptions or other events for political candidates or parties which include any fund-raising activities or solicitations. In limited circumstances, AB office facilities may be used to host events for public office holders as a public service, but only where steps have been taken (such as not providing to the office holder a list of attendees) to avoid the facilitation of fund-raising or solicitations either during or after the event, and where the event has been pre-approved in writing by the General Counsel or Deputy General Counsel.

Please see the <u>Policy and Procedures for Giving and Receiving Gifts and Entertainment</u>, which can be found on the Legal and Compliance Department intranet site, for a discussion relating to political contributions suggested by clients.

Election laws in many jurisdictions allow corporations to establish and maintain political action or similar committees, which may lawfully make campaign contributions. AB or companies affiliated with AB may establish such committees or other mechanisms through which AB employees may make political contributions, if permitted under the laws of the jurisdictions in which they operate. Any questions about this policy should be directed to the General Counsel or Chief Compliance Officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**b.** **By Employees / Directors**

AB employees who hold or seek to hold political office must do so on their own time, whether through vacation, after work hours or on weekends. Additionally, the employee must complete and submit an <u>Outside Business Activities Approval Form</u> for review and approval to ensure that there are no conflicts of interest with AB business.

AB employees may make personal political contributions as they see fit in accordance with all applicable laws and the guidelines in the <u>Policy and Procedures for Giving and Receiving Gifts and</u> <u>Entertainment</u>, the <u>Pay-to-Play: Political Contributions Policy,</u> as well as the pre-clearance requirement as described below.

Certain employees involved with the offering or distribution of municipal fund securities (e.g., a "529 Plan") or acting as a director for certain subsidiaries must also adhere to the restrictions and reporting requirements of the Municipal Securities Rulemaking Board.

Several (U.S.) states and localities have enacted "pay-to-play" laws. Some of these laws could prohibit AB from entering into a government contract for a certain number of years if a covered employee makes or solicits a covered contribution. Other jurisdictions require AB to report contributions made by certain employees, without the accompanying ban on business. In certain jurisdictions, the laws also cover the activities of the spouse and dependent children of the covered person. In response to these laws, in addition to SEC Rule 206(4)-5, which also prohibits certain political contributions, AB has in place a pre-clearance requirement, under which all employees must pre-clear with the Compliance Department through StarCompliance, all personal political contributions (including those of their spouses and dependent children) made to, or solicited on behalf of, any (U.S.) federal, state or local candidate, political party, or political entity.

Similarly, members of the AB Board of Directors are covered by the Policy Regarding Pre- Clearance of Personal Political Contributions by AllianceBernstein Directors, which also requires that they pre-clear with the Compliance Department all personal political contributions (including those of their spouses and dependent children) made to, or solicited on behalf of, any U.S. federal, state or local candidate or political party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.** **"Ethical Wall" Policy**

AB has established a policy entitled Insider Trading and Control of Material Non-Public Information ("<u>Ethical Wall Policy</u>"), a copy of which can be found on the Legal and Compliance Department intranet site. This policy was established to prevent the flow of material non-public information about a listed company or its securities from AB employees who receive such information in the

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course of their employment to those AB employees performing investment management activities. If "Ethical Walls" are in place, AB's investment management activities may continue despite the knowledge of material non-public information by other AB employees involved in different parts of AB's business. "Investment management activities" involve making, participating in, or obtaining information regarding purchases or sales of securities of public companies or making, or obtaining information about, recommendations with respect to purchases or sales of such securities. Given AB's extensive investment management activities, it is very important for AB employees to familiarize themselves with AB's Ethical Wall Policy and abide by it.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** **Use of Client Relationships**

As discussed previously, AB owes fiduciary duties to each of our clients. These require that our actions with respect to client assets or vendor relationships be based solely on the clients' best interests and avoid any appearance of being based on our own self-interest. Therefore, we must avoid using client assets or relationships to inappropriately benefit AB.

Briefly, AB regularly acquires services directly for itself, and indirectly on behalf of its clients (e.g., brokerage, investment research, custody, administration, auditing, accounting, printing and legal services). Using the existence of these relationships to obtain discounts or favorable pricing on items purchased directly for AB or for clients other than those paying for the services may create conflicts of interest. Accordingly, business relationships maintained on behalf of our clients may not be used to leverage pricing for AB when acting for its own account unless all pricing discounts and arrangements are shared ratably with those clients whose existing relationships were used to negotiate the arrangement and the arrangement is otherwise appropriate under relevant legal/regulatory guidelines. For example, when negotiating printing services for the production of AB's Form 10-K and annual report, we may not ask the proposed vendor to consider the volume of printing business that they may get from AB on behalf of the investment funds we manage when proposing a price. On the other hand, vendor/service provider relationships with AB may be used to leverage pricing on behalf of AB's clients.

In summary, while efforts made to leverage our buying power are good business, efforts to obtain a benefit for AB as a result of vendor relationships that we structure or maintain on behalf of clients may create conflicts of interest, which should be escalated to your line manager and Compliance so that they can be reviewed and addressed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** **Corporate Opportunities and Resources**

AB employees owe a duty to AB to advance the firm's legitimate interests when the opportunity to do so arises and to use corporate resources exclusively for that purpose. Corporate opportunities and resources must not be taken or used for personal gain or promotion. AB employees are prohibited from:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Taking for themselves personally opportunities that are discovered through the use of company property, information or their position;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Using company property, information, resources, or their company position for personal gain or promotion;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Creating personal websites related to the financial services industry or which promote themselves and their skills based on their responsibilities at AB;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Using company property, information or their company position on personal websites or social media platforms (e.g. YouTube, Twitter, LinkedIn, Facebook, etc.) or other marketing channels in a way that is inconsistent with AB's <u>Use of Social Media Policy</u>; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Competing with AB directly or indirectly.

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Please also refer to the <u>Policy and Procedures for Giving and Receiving Gifts and Entertainment</u>, and its Appendix B, the Code of Conduct Regarding the Purchase of Products and Services on Behalf of AB and its Clients, which can be found on the Legal and Compliance Department intranet site.

AB directors also owe AB a duty of loyalty, which requires, among other things, that they may not misappropriate company opportunities or misuse company assets for their personal benefit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** **Antitrust and Fair Dealing**

AB believes that the welfare of consumers is best served by economic competition. Our policy is to compete vigorously, aggressively, and successfully in today's increasingly competitive business climate and to do so at all times in compliance with all applicable antitrust, competition and fair dealing laws in all the markets in which we operate. We seek to excel while operating honestly and ethically, never through taking unfair advantage of others. Each AB employee should endeavor to deal fairly with AB's customers, suppliers, competitors, and other AB employees. No one should take unfair advantage through manipulation, concealment, abuse of privileged information, misrepresentation of material facts or any other unfair dealing practices.

The antitrust laws of many jurisdictions are designed to preserve a competitive economy and promote fair and vigorous competition. We are all required to comply with these laws and regulations. AB employees involved in marketing, sales and purchasing, contracts or in discussions with competitors have a particular responsibility to ensure that they understand our standards and are familiar with applicable competition laws. Because these laws are complex and can vary from one jurisdiction to another, AB employees are urged to seek advice from the General Counsel, Chief Compliance Officer or Corporate Secretary if questions arise. Please also refer to the Policy and Procedures for Giving and Receiving Gifts and Entertainment, which can be found on the Legal and Compliance Department intranet site, for a discussion relating to some of these issues.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** **Recordkeeping and Retention**

Properly maintaining and retaining company records is of the utmost importance. AB employees are responsible for ensuring that AB's business records are properly maintained and retained in accordance with applicable laws and regulations in the jurisdictions where it operates. AB Employees should familiarize themselves with these laws and regulations. Please see the Record Retention Policy on the Legal and Compliance intranet site for more information.

As AB onboards new electronic communications platforms, employees are required to comply with the *<u>Use of Electronic Communications</u>* policy. Additional information on AB's requirements around electronic communications can be found on the *<u>Electronic Communications</u>* section of the Compliance Manual.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** **Improper Influence on Conduct of Audits**

AB employees, and persons acting under their direction, are prohibited from taking any action to coerce, manipulate, mislead, hinder, obstruct or fraudulently influence any external auditor, internal auditor or regulator engaged in the performance of an audit or review of AB's financial statements and/or procedures. AB employees are required to cooperate fully with any such audit or review.

The following is a non-exhaustive list of actions that might constitute improper influence:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Offering or paying bribes or other financial incentives to an auditor, including offering future employment or contracts for audit or non-audit services;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Knowingly providing an internal or external auditor or regulator with inaccurate or

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misleading data or information;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Threatening to cancel or canceling existing non-audit or audit engagements if the auditor objects to the company's accounting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Seeking to have a partner or other team member removed from the audit engagement because such person objects to the company's accounting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Knowingly altering, tampering or destroying company documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Knowingly withholding pertinent information; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Knowingly providing incomplete information.

Under the (U.S.) Sarbanes Oxley Law, any false statement -- that is, any lie or attempt to deceive an investigator -- may result in criminal prosecution.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** **Accuracy of Disclosure**

Securities and other laws impose public disclosure requirements on AB and require it to regularly file reports and financial information and make other submissions to various regulators and stock market authorities around the globe. Such reports and submissions must comply with all applicable legal requirements and may not contain misstatements or omit material facts.

AB employees who are directly or indirectly involved in preparing such reports and submissions, or who regularly communicate with the press, investors and analysts concerning AB, must ensure within the scope of the employee's job activities that such reports, submissions and communications are (i) full, fair, timely, accurate and understandable, and (ii) meet applicable legal requirements.

This applies to all public disclosures, oral statements, visual presentations, press conferences and media calls concerning AB, its financial performance and similar matters. In addition, members of AB's Board, executive officers and AB employees who regularly communicate with analysts or actual or potential investors in AB securities are subject to the <u>AB Regulation FD Compliance Policy</u> copy of the policy can be found on the Legal and Compliance Department intranet site.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** **Confidentiality**

Subject to Section 23, AB employees must maintain the confidentiality of sensitive non-public and other confidential information entrusted to them by AB or its clients and vendors and must not disclose such information to any persons except when disclosure is authorized by AB or mandated by regulation or law. However, disclosure may be made to (1) other AB employees who have a bona fide "need to know" in connection with their duties, (2) persons outside AB (such as attorneys, accountants or other advisers) who need to know in connection with a specific mandate or engagement from AB or who otherwise have a valid business or legal reason for receiving it and have executed appropriate confidentiality agreements, or (3) regulators pursuant to an appropriate written request (see Section 23).

Confidential information includes all non-public information that might be of use to competitors, or harmful to AB or our clients and vendors, if disclosed. The identity of certain clients may also be confidential. Intellectual property (such as confidential product information, trade secrets, patents, trademarks, and copyrights), business, marketing and service plans, databases, records, salary information, unpublished financial data and reports as well as information that joint venture partners, suppliers or customers have entrusted to us are also viewed as confidential information. Please note that the obligation to preserve confidential information continues even after employment with AB ends.

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To safeguard confidential information, AB employees should observe at least the following procedures:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Special confidentiality arrangements may be required for certain parties, including outside business associates and governmental agencies and trade associations, seeking access to confidential information;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Papers relating to non-public matters should be appropriately safeguarded;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Appropriate controls for the reception and oversight of visitors to sensitive areas should be implemented and maintained;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Document control procedures, such as numbering counterparts and recording their distribution, should be used where appropriate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•If an AB employee is out of the office in connection with a material non-public transaction, staff members should use caution in disclosing the AB employee's location;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Sensitive business conversations, whether in person or on the telephone, should be avoided in public places and care should be taken when using portable computers and similar devices in public places; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•E-mail messages and attachments containing material non-public information should be treated with similar discretion (including encryption, if appropriate), and recipients should be made aware of the need to exercise similar discretion.

Nothing herein, or in any contractual confidentiality provision to which any employee is subject, prohibits employees from reporting possible violations of law or regulation to any governmental agency or entity, or self-regulatory authority, or from making other disclosures that are protected under the whistleblower provisions of state or federal law or regulation. Employees do not need AB's prior authorization to make any such reports or disclosures and are not required to notify AB that they have made such reports or disclosures.

Please see the <u>Privacy Policy</u> on the Legal and Compliance intranet site for more information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** **Protection and Proper Use of AB Assets**

AB employees have a responsibility to safeguard and make proper and efficient use of AB's property. Every AB employee also has an obligation to protect AB's property from loss, fraud, damage, misuse, theft, embezzlement or destruction. Acts of fraud, theft, loss, misuse, carelessness and waste of assets may have a direct impact on AB's profitability. Any situations or incidents that could lead to the theft, loss, fraudulent or other misuse or waste of AB property should be reported to your supervisor or a representative of AB's Human Capital or Legal and Compliance Department as soon as they come to an employee's attention. Should an employee feel uncomfortable utilizing the normal channels, issues may be brought to the attention of the Company Ombudsman, who is a neutral, independent, informal and confidential resource to assist employees with concerns about AB business matters that may implicate issues of ethics or questionable practices. Please see Section 25 for additional information on the Company Ombudsman.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** **Policy on Intellectual Property**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**a.** **Overview**

Ideas, inventions, discoveries, and other forms of so-called "intellectual property" are becoming increasingly important to all businesses, including ours. Recently, financial services companies have been applying for and obtaining patents on their financial product offerings and "business

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methods" for both offensive and defensive purposes. For example, business method patents have been obtained for information processing systems, data gathering and processing systems, billing and collection systems, tax strategies, asset allocation strategies and various other financial systems and strategies. The primary goals of the AB policy on intellectual property are to preserve our ability to use our own proprietary business methods, protect our IP investments and reduce potential risks and liabilities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**b.** **Employee Responsibilities**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•New Products and Methods. Employees must maintain detailed records and all work papers related to the development of new products and methods in a safe and secure location.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Trademarks. Clearance must be obtained from the Legal and Compliance Department before any new word, phrase or slogan, which we consider proprietary and in need of trademark protection, is adopted or used in any written materials. To obtain clearance, the proposed word, phrase or slogan and a brief description of the products or services for which it is intended to be used should be communicated to the Legal and Compliance Department sufficiently well in advance of any actual use in order to permit any necessary clearance investigation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**c.** **Company Policies and Practices**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Ownership. Employees acknowledge that any discoveries, inventions, or improvements (collectively, "Inventions") made or conceived by them in connection with, and during the course of, their employment belong, and automatically are assigned, to AB. AB can keep any such Inventions as trade secrets or include them in patent applications, and Employees will assist AB in doing so. Employees agree to take any action requested by AB, including the execution of appropriate agreements and forms of assignment, to evidence the ownership by AB of any such Invention.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Use of Third-Party Materials. In performing one's work for, or on behalf of AB, Employees will not knowingly disclose or otherwise make available or incorporate anything that is proprietary to a third party without obtaining appropriate permission.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Potential Infringements. Any concern regarding copyright, trademark, or patent infringement should be immediately communicated to the Legal and Compliance Department. Questions of infringement by AB will be investigated and resolved as promptly as possible.

By certifying in accordance with Section 27 of this Code, the individual subject to this Code agrees to comply with AB's policies and practices related to intellectual property as described in this Section 21.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**22.** **Exceptions from the Code**

In addition to the exceptions contained within the specific provisions of the Code, the General Counsel, Chief Compliance Officer (or his or her designee) may, in very limited circumstances, grant other exceptions under any Section of this Code on a case-by-case basis. In these situations, the following may be required as deemed necessary considering the circumstances:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**a.** **Written Statement and Supporting Documentation**

The individual seeking the exception may need to furnish to the Chief Compliance Officer, or designee, as applicable:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i.A written statement detailing the request or efforts made to comply with the requirement from which the individual seeks an exception;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii.A written statement containing a representation and warranty that (i) compliance with the requirement would impose a severe undue hardship on the individual and (ii) the

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exception would not, in any manner or degree, harm or defraud a client, violate the general principles herein or compromise the individual's or AB's fiduciary duty to any client; and/or

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii.Any supporting documentation that the Chief Compliance Officer may require.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**b.** **Compliance Interview**

The Chief Compliance Officer (or designee) may conduct an interview with the individual or take such other steps deemed appropriate in order to determine whether granting the exception will not, in any manner or degree, harm or defraud a client, violate the general principles herein or compromise the individual's or AB's fiduciary duty to any client; and shall maintain all written statements and supporting documentation, as well as documentation of the basis for granting the exception.

**PLEASE NOTE:** To the extent required by law or NYSE rule, any waiver or amendment of this Code for AB's executive officers (including AB's Chief Executive Officer, Chief Financial Officer, and Principal Accounting Officer) or directors shall be made at the discretion of the Board of AllianceBernstein Corporation and promptly disclosed to the unitholders of AllianceBernstein Holding pursuant to Section 303A.10 of the NYSE Exchange Listed Company Manual.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**23.** **Regulatory Inquiries, Investigations and Litigation**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**a.** **Requests for Information**

Governmental agencies and regulatory organizations may from time to time conduct surveys or make inquiries that request information about AB, its customers or others that generally would be considered confidential or proprietary.

*All regulatory inquiries concerning AB are to be handled by the Chief Compliance Officer or General Counsel. Employees receiving such inquiries should refer such matters immediately to the Legal and Compliance Department.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**b.** **Types of Inquiries**

Regulatory inquiries may be received by mail, e-mail, telephone or personal visit. In the case of a personal visit, demand may be made for the immediate production or inspection of documents. While any telephone or personal inquiry should be handled in a courteous manner, the caller or visitor should be informed that responses to such requests are the responsibility of AB's Legal and Compliance Department. Therefore, the visitor should be asked to wait briefly while a call is made to the Chief Compliance Officer or General Counsel for guidance on how to proceed. In the case of a telephone inquiry, the caller should be referred to the Chief Compliance Officer or General Counsel or informed that his/her call will be promptly returned. Letter or e-mail inquiries should be forwarded promptly to the Chief Compliance Officer or General Counsel, who will provide an appropriate response.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**c.** **Responding to Information Requests**

Subject to Section 23, under no circumstances should any documents or material be released to a regulator without prior approval of the Chief Compliance Officer or General Counsel. Likewise, no employee should have substantive discussions with any regulatory personnel without prior consultation with either of these individuals.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**d.** **Use of Outside Counsel**

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It is the responsibility of the Chief Compliance Officer or General Counsel to retain and provide information to AB's outside counsel in those instances deemed appropriate and necessary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**e.** **Regulatory Investigation**

Any employee that is notified that they are the subject of a regulatory investigation, whether in connection with his or her activities at AB or at a previous employer, must immediately notify the Chief Compliance Officer or General Counsel.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**f.** **Litigation**

Any receipt of service or other notification of a pending or threatened action against the firm should be brought to the immediate attention of the General Counsel or Chief Compliance Officer. These individuals also should be informed of any instance in which an employee is sued in a matter involving his/her activities on behalf of AB. Notice also should be given to either of these individuals upon receipt of a subpoena for information from AB relating to any matter in litigation or receipt of a garnishment lien or judgment against the firm or any of its clients or employees. The General Counsel or Chief Compliance Officer will determine the appropriate response.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** **Compliance and Reporting of Misconduct / "Whistleblower" Protection**

No Code can address all specific situations. Accordingly, each AB employee is responsible for applying the principles set forth in this Code in a responsible fashion and with the exercise of good judgment and common sense. Whenever uncertainty arises, an AB employee should seek guidance from an appropriate supervisor or a representative of Human Capital or the Legal and Compliance Department before proceeding.

All AB employees should promptly report any practices or actions the employee believes to be inappropriate or inconsistent with any provisions of this Code. In addition, all employees must promptly report any actual violations of the Code to the General Counsel, the Chief Compliance Officer or a designee. Any person reporting a violation in good faith, or asserting any right provided by law or in exercising their duties as set forth in our policies, will be protected against reprisals. If you have information about Code or other AB policy violations or potentially illegal or unethical activity, visit the Legal & Compliance Loop site for further information or visit <u>https://secure.ethicspoint.com/domain/media/en/gui/44414/index.html</u>.

If you feel uncomfortable utilizing the formal channels, issues may be brought to the attention of the Company Ombudsman, who is a neutral, independent, informal and confidential resource to assist employees with concerns about AB business matters that may implicate issues of ethics or questionable practices. Please see Section 25 for additional information on the Company Ombudsman.

Nothing herein, or in any contractual confidentiality provision to which any employee is subject, prohibits employees from reporting possible violations of law or regulation to any governmental agency or entity, or self-regulatory authority, or from making other disclosures that are protected under the whistleblower provisions of state or federal law or regulation. Employees do not need AB's prior authorization to make any such reports or disclosures and are not required to notify AB that they have made such reports or disclosures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** **Company Ombudsman**

AB's Company Ombudsman provides a neutral, confidential, informal and independent communications channel where any AB employee can obtain assistance in surfacing and resolving work-related issues. The primary purpose of the Ombudsman is to help AB:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Safeguard its reputation and financial, human and other company assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Maintain an ethical and fiduciary culture;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Demonstrate and achieve its commitment to "doing the right thing;" and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Comply with relevant provisions of the Sarbanes-Oxley Act of 2002, the U.S. Sentencing Guidelines, as well as AB's 2003 SEC Order, New York Stock Exchange Rule 303A.10 and other laws, regulations and policies.

The Ombudsman seeks to provide early warnings and to identify changes that will prevent malfeasance and workplace issues from becoming significant or recurring. The Ombudsman has a reporting relationship to the AB CEO, the Audit Committee of the Board of Directors of AllianceBernstein Corporation and independent directors of AB's U.S. mutual fund boards.

Any type of work-related issue may be brought to the Ombudsman, including potential or actual financial malfeasance, security matters, inappropriate business practices, compliance issues, unethical behavior, violations of law, health and safety issues, and employee relations issues. The Ombudsman supplements but does not replace existing formal channels for reporting work-related issues, such as Human Capital, Legal and Compliance, Internal Audit and line management.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** **Sanctions**

Upon learning of a violation of this Code, any member of the AB Group, with the advice of the General Counsel, the Chief Compliance Officer and/or the AB Code of Ethics Oversight Committee, may impose such sanctions as such member deems appropriate, including, among other things, restitution, censure, suspension or termination of service. Persons subject to this Code who fail to comply with it may also be violating the U.S. federal securities laws or other federal, state or local laws within their particular jurisdictions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** **Annual Certifications**

Each person subject to this Code must certify at least annually to the Chief Compliance Officer that he or she has read and understands the Code. As part of these certifications, the employee confirms that they are (1) subject to and have complied with the Code's provisions, (2) disclosed or reported all personal securities transactions, conflicts of interests and other items required, and (3) understand and complied with all related policies referenced within this Code (e.g., electronic communications). The Chief Compliance Officer may require interim certifications for significant changes to the Code.

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![img6258374_2.gif](img6258374_2.gif)

![img6258374_3.jpg](img6258374_3.jpg)

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## Personal Trading Policies and Procedures
**Appendix A**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** **Overview 1**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.Introduction 1

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.Definitions 1

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. "Client" 1

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.** **Requirements and Restrictions – All Employees 4**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.General Standards 4

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.Disclosure of Personal Accounts 5

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.Designated Brokerage Account 6

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d.Pre-Clearance Requirement 6

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e.Limitation on the Number of Trades 6

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f.Short-Term Trading 7

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g.Short Sales 7

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;h.Trading in AB Units and AB Funds 7

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i.Securities Being Considered for Purchase or Sale 8

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;j.Restricted List 9

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;k.Dissemination of Research Information 9

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;l.Initial Public Offerings 10

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;m.Limited Offerings/Private Placements 10

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.** **Additional Restrictions–Portfolio Managers 10**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.Blackout Periods 11

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.Actions During Blackout Periods 11

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.Transactions Contrary to Client Positions 11

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.** **Additional Restrictions–Research Analysts 11**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.Blackout Periods 12

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.Actions During Blackout Periods 12

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.Actions Contrary to Ratings 12

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.** **Additional Restrictions–Buy-Side Equity Traders 12**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.** **Additional Restrictions–Alternate Investment Strategies Groups 13**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.** **Exceptions to the Personal Trading Policy 13**

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.** **Reporting Requirements 13**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.Duplicate Confirmations and Account Statements 13

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.Initial Holdings Reports by Employees 13

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.Quarterly Reports by Employees–including Certain Funds and Limited Offerings 14

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d.Annual Certification by Employees with Managed Accounts 14

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e.Annual Holdings Reports by Employees 14

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f.Report and Certification of Adequacy to the Board of Directors of Fund Clients 15

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g.Report Representations 15

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;h.Maintenance of Reports 15

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.** **Reporting Requirements for Directors who are not Employees 15**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.Outside Directors / Affiliated Outside Directors 16

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**APPENDIX A**

**AllianceBernstein L.P.**

<u>PERSONAL TRADING POLICIES AND PROCEDURES</u>

&nbsp;&nbsp;&nbsp;&nbsp;**1.** **Overview**

&nbsp;&nbsp;&nbsp;&nbsp;**a.** **Introduction**

AB recognizes the importance to its employees of being able to manage and develop their own and their dependents' financial resources through long-term investments and strategies. However, because of the potential conflicts of interest inherent in our business and our industry, AB has implemented certain standards and limitations designed to minimize these conflicts and help ensure that we focus on meeting our duties as a fiduciary for our clients. **Employees should be aware that their ability to liquidate positions may be severely restricted under these policies, including during times of market volatility**. Therefore, as a general matter, AB discourages personal investments by employees in individual securities and encourages personal investments in managed collective vehicles, such as mutual funds.

AB senior management believe it is important for employees to align their own personal interests with the interests of our clients. **Consequently, employees are encouraged to invest in the mutual fund products and services offered by AB, where available and appropriate**.

**Definitions.**

The following definitions apply for purposes of this Appendix A of the Code; however additional definitions are contained in the text itself.1

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.**"AB Funds"** means any AB-sponsored, managed, or sub-advised fund registered under the Investment Company Act of 1940 or relevant regulations in other jurisdictions. For purposes of this policy, "AB Funds" are Reportable Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.**"Automatic Investment Plan"** refers to a plan that makes automatic purchases for the plan owner based on an agreed schedule and allocation. Dividend Reinvestment Plans, or DRIPs, are one type of "automatic investment plan".

Employees may be asked to submit additional documentation evidencing the automatic investment plan as part of AB's compliance monitoring.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.**"Beneficial Ownership"** refers to an <u>Employee's</u> or their <u>Dependent's</u> ability to directly or indirectly profit or share in the profits of a security transaction. In general, the definition of "beneficial ownership" is interpreted in the same manner as the provisions set forth under Section 16 of the Securities Exchange Act of 1934.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.**"Client"** means any person or entity, including an investment company, for which AB serves as investment manager or adviser.

1Due to the importance that AB places on promoting responsible personal trading, we have applied the definition of "access person," as used in Rule 17j-1 under the 1940 Act and Rule 204A-1 under the Advisers Act, and related requirements to all AB employees and officers. We have drafted special provisions for directors of AB who are not also employees of AB.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.**"Chief Compliance Officer"** refers to AllianceBernstein LP's Chief Compliance Officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.**"Code of Ethics Oversight Committee"** refers to the committee of AB's senior officers that is responsible for monitoring compliance with the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.**"Control"** has the meaning set forth in Section 2(a)(9) of the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.**"Dependent"** refers to any individual who resides within an <u>Employee</u>'s household and relies on the Employee for financial support. While not exhaustive, examples include an Employee's spouse, domestic partner, parent, child, sibling or in-laws who share the same household as the Employee. Note that a "dependent" may spend a portion of this time away from the household (for example a child in college) but will still be considered a "dependent" if they rely on the Employee for any financial support.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.**"Designated Broker"** refers to brokerage firms where AB receives automated data feeds for transactions and positions for <u>Personal Accounts</u>.2 3 The current list of "Designated Brokers" can be found here.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.**"Director"** means any person who serves in the capacity of a director of AllianceBernstein Corporation. "Affiliated Outside Director" means any Director who is not an Employee (as defined below) but who is an employee of an entity affiliated with AB. "Outside Director" means any Director who is neither an Employee (as defined below) nor an employee of an entity affiliated with AB.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.**"Employee"** refers to any person who is an employee or officer of AB, including part-time employees and consultants (acting in the capacity of a portfolio manager, trader or research analyst, or others at the discretion of the Compliance Department or their Business Unit) under the Control of AB.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.**"Exempt Security"** refers to the following security types:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Securities issued by the Government of the United States, e.g. US Treasury bonds and US Savings bonds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•High quality money market or short-term debt instruments, including CDs, commercial paper, and repurchase agreements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Shares of money market funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Open-end mutual funds, excluding <u>AB Funds and ETFs</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Cryptocurrency and digital assets4; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Other security types as determined by AB's Code of Ethics Compliance team.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.**"Initial Public Offering"** means an offering of equity Securities registered under the Securities Act of 1933 (the "1933 Act"), the issuer of which, immediately before the registration, was not subject to the reporting requirements of Sections 13 or 15(d) of the Exchange Act, as well as similar offerings of Securities issued outside the United States.

2 Exceptions may apply in certain non-U.S. locations. Please consult with your local compliance officer.

3 Non-discretionary accounts at Sanford C. Bernstein & Co., LLC. may only be used for the following purposes:

&nbsp;&nbsp;&nbsp;&nbsp;(a) Custody of securities and related activities (such as receiving and delivering positions, corporate actions, and subscribing to offerings commonly handled by operations such as State of Israel bonds, etc.); (b) Transacting in US Treasury securities; and (c) Transacting in AB products outside of a private client relationship (such as hedge funds and AB/SCB mutual funds). All equity and fixed income transactions (other than US Treasuries) are prohibited.

4 Note that while cryptocurrency and other digital assets are not considered a security under the current definition, this is listed as an "exempt security" to help clarify for employees that cryptocurrency and digital assets are out of scope for the requirements under this policy. 2

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.**"Investment Personnel"** refers to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Any Employee who acts in the capacity of a portfolio manager, research analyst or trader or any other capacity (such as an assistant to one of the foregoing) and in connection with his or her regular duties makes or participates in making, or is in a position to be aware of, recommendations regarding the purchase or sale of securities by a Client;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Any Employee who receives or has access to sell-side research paid for by AB or AB client assets (e.g. Soft-Dollar Commissions).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Any other Employee designated as such by the Legal and Compliance Department or their Business Unit; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Any natural person who Controls AB and who obtains information concerning recommendations made to a Client regarding the purchase or sale of securities by the Client.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.**"Limited Offering"** means an offering that is exempt from registration under the 1933 Act pursuant to Sections 4(2) or 4(6) thereof or pursuant to Rules 504, 505 or 506 under the 1933 Act, as well as similarly exempted offerings of Securities issued outside the United States. Investments in hedge funds are typically sold in a limited offering setting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.**"Managed Account"** is an account where the <u>Employee</u> or their <u>Dependent</u> has authorized a third-party to exercise investment discretion and control over the transactions and holdings in the account. Since neither the Employee nor their Dependent directs or approves the investments themselves and/or the timing of the investment for "managed accounts," these accounts are exempt from most of the requirements and restrictions found in Section 2 of this Policy, including the pre-clearance requirement. Please see Section 2 below for more details. "Managed accounts" that meet the definition of a <u>Personal Account</u> must be reported in StarCompliance.

When declaring a "managed account", Employees may be asked to provide additional account information so that Compliance can confirm that the account meets this definition.

Note that managed accounts are not required to be held with <u>Designated Brokers</u>, but employees will be required to submit account statements and trade confirmations if and when requested by the Compliance Department.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.**"Non-volitional Transaction"** is a transaction where the <u>Employee</u> or their <u>Dependent</u> does not have any influence or control over the trade and/or the timing of the trade. Examples of non- volitional trades are options being exercised or expiring on an Employee, sale of fractional shares when transferring assets from your current broker to a different one, and corporate actions where the employee does not have the ability to elect participation.

As part of AB's compliance monitoring, Employees may be asked to submit additional documentation evidencing that a transaction was non-volitional.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.**"Personal Account"** refers to any account that meets the following criteria:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The Employee or a Dependent of the Employee has Beneficial Ownership of the account or has investment authority over any transactions and/or timing of the transactions in the account, even if they are not the beneficial owner of the account; AND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The account has the ability to invest in Reportable Securities (defined below).

<u>Managed Accounts</u> that meet the above definition of a "personal account" must be disclosed.

Please note that most 401K accounts, HSA Investment accounts, and 529 Plans will not require reporting or pre-clearance of transactions since they typically only permit investments in a

limited list of non-<u>AB Funds</u>; However, if they have the ability to invest in Reportable Securities, <sup>3</sup>

including AB Funds, then these accounts would be considered "personal accounts" and should

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be reported as required by this Policy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.**"Purchase or Sale of a Security"** includes, among other transactions, the writing or purchase of an option to sell a Security and any short sale of a Security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.**"Reportable Security" or "Security"** means any security that does not meet the definition of an <u>Exempt Security</u>.

*<u>IMPORTANT NOTES</u>*<u>:</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Exchange-Traded Funds ("ETFs") are "reportable securities," and therefore are subject to the governing rules, including the pre-clearance requirement. All ETFs require pre-clearance but will be subject to expedited approval.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Direct investment in Bitcoin or other crypto currencies are currently not covered under this definition of Security. However, as global regulators move closer to regulating these securities, the lack of prohibition and AB's position on pre- clearance and/or reporting, is subject to change.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.A Security **is "Being Considered for Purchase or Sale"** when:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•An AB research analyst issues research information regarding initial coverage of, or changing a rating with respect to, a company or issuer. This applies to research from both the buy-side and sell-side analysts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•A portfolio manager has indicated his or her intention to purchase or sell a Security; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•An open order5 in the Security exists on any buy-side trading desk.

*This is not an exhaustive list. At the discretion of the Legal and Compliance Department, a Security may be deemed "Being Considered for Purchase or Sale" even if none of the above events have occurred, particularly if a portfolio manager is contemplating the purchase or sale of that Security, as evidenced by written or digital communication or the manager's preparation of, or request for, research.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.**"Security held or to be acquired or sold"** means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Any Security which, within the most recent 15 days (i) is or has been held by a Client in an AB-managed account or (ii) is being or has been considered by AB for purchase or sale for the Client; and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Any option to purchase or sell, and any Security convertible into or exchangeable for, a Security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.**"StarCompliance Code of Ethics application"** means the web-based application used to electronically pre-clear personal securities transactions and file many of the reports required herein. The application can be accessed via the AB network at: https://alliance- ng.starcompliance.com.

5Defined as any client order on a buy-side trading desk which has not been completely executed.

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&nbsp;&nbsp;&nbsp;&nbsp;**2.** **Requirements and Restrictions – All Employees**

The following the standards which must be observed by Employees:

&nbsp;&nbsp;&nbsp;&nbsp;**a.** **General Standards**

Employees have an obligation to conduct their personal investing activities and related Securities transactions lawfully and in a manner that avoids actual or potential conflicts between their own interests and the interests of AB and its clients. Employees must carefully consider the nature of their AB responsibilities - and the type of information that they might be deemed to possess in light of any particular securities transaction - before engaging in any investment-related activity or transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Material Nonpublic Information:** Employees in possession of material nonpublic information about or affecting securities, or their issuer, are prohibited from buying or selling such Securities, or advising any other person to buy or sell such securities. Similarly, they may not disclose such information to anyone without the permission of the General Counsel or Chief Compliance Officer. Please see AB's Insider Trading Policies, which can be found on the Legal and Compliance Department's intranet site.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Short-Term Trading:** Employees are encouraged to adopt long-term investment strategies (see Section 2(f) for applicable holding and buy-back periods for individual securities). Similarly, purchases of shares of most mutual funds should be made for investment purposes. Employees are therefore prohibited from engaging in transactions in a mutual fund that are in violation of the fund's prospectus, including any applicable short-term trading or market-timing prohibitions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Personal Responsibility:** It is the responsibility of each Employee to ensure that all securities transactions in Personal Accounts are made in strict compliance with the restrictions and procedures in the Code and this Appendix A and otherwise comply with all applicable legal and regulatory requirements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Affiliated Directors and Outside Directors:** The personal trading restrictions of Appendix A of the Code do not apply to any Affiliated Director or Outside Director, provided that at the time of the transaction, they have no actual knowledge that the Security involved is "Being Considered for Purchase or Sale." Affiliated Directors and Outside Directors, however, are subject to reporting requirements as described in Section 9 below.

&nbsp;&nbsp;&nbsp;&nbsp;**b.** **Disclosure of Personal Accounts**

Upon joining AB, all Employees must disclose their <u>Personal Accounts</u> to the Compliance Department within 10 business days of joining and take all necessary actions to close any accounts, other than <u>Managed Accounts</u>, held with Non-designated Brokers6 (see next section). It is each Employee's responsibility to ensure that their accounts are either linked to AB's broker feeds, if held at a Designated Broker, or to provide duplicate statements and trade confirmations upon request from Compliance. Do not assume that the broker-dealer will automatically arrange for this information to be set up and forwarded correctly.

New accounts opened by Employees after their initial disclosure should be disclosed immediately to Compliance. In general, pre-approval is not required to open the new account; however, Personal Accounts, except for Managed Accounts, should only be opened at a Designated Broker.

6 Exceptions may apply in certain non-U.S. locations. Please consult with your local compliance officer.

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&nbsp;&nbsp;&nbsp;&nbsp;**c.** **Designated Brokerage Account7**

Personal Accounts of an Employee, other than Managed Accounts, may only be held at a <u>Designated</u> <u>Broker</u>. Under limited circumstances, the Compliance Department may grant exceptions to this policy and approve the use of other broker-dealers or custodians (such as in the case of proprietary products that can only be held at specific firms). In addition, the Compliance Department may in the future modify this list.

&nbsp;&nbsp;&nbsp;&nbsp;**d.** **Pre-Clearance Requirement**

Employees and their Dependents may not purchase or sell, directly or indirectly, any <u>Reportable</u> <u>Security</u> in which they have (or after such transaction would have) <u>Beneficial Ownership</u> unless the Employee obtains the prior approval from the Compliance Department and, *in the case of Investment Personnel, their manager or a designated approver*. Pre-clearance requests and any approvals must be made prior to executing the transaction, through the use of the appropriate pre- clearance form, which can be accessed via the StarCompliance Code of Ethics application at http://starcompliance.acml.com//. These requests will document (a) the details of the proposed transaction and (b) representations as to compliance with the personal trading restrictions of this Code.

*Pre-Clearance requests are reviewed by team members in Nashville and may not be addressed until 8:00 a.m. Central time. Please note that trade requests submitted after 2:30 p.m. Central time will be placed on hold until the following day.*

The Legal and Compliance Department will maintain an electronic log of all pre-clearance requests and indicate the approval or denial of the request in the log.

PLEASE NOTE: When a <u>Security is Being Considered for Purchase or Sale</u> for a Client (see Section 2(i) below) or is being purchased or sold for a Client following the approval on the same day of a personal trading request form for the same Security, the Legal and Compliance Department is authorized to cancel the personal order if (a) it has not been executed and the order exceeds a market value of $50,000 or (b) the Legal and Compliance Department determines, after consulting with the trading desk and the appropriate business unit head (if available), that the order, based on market conditions, liquidity and other relevant factors, could have an adverse impact on a Client or on a Client's ability to purchase or sell the Security or other Securities of the issuer involved.

**<u>The following transactions are exempt from the pre-clearance requirement</u>:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Transactions in a Managed Account,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Transactions made pursuant to an Automatic Investment Plan,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Non-volitional Transactions, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Transactions in AB Funds if through the ABI Employee Desk or through an employee's Voya- sponsored 401K account (if not transacted via ABI or through Voya, pre-clearance is required).

&nbsp;&nbsp;&nbsp;&nbsp;**e.** **Limitation on the Number of Trades**

No more than an aggregate of twenty (20) transactions in <u>Reportable Securities</u> may occur in an Employee's <u>Personal Accounts</u> during any rolling thirty-day period.

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**<u>Transactions excluded from the trade limit are:</u>**

**Field Code Changed**Transactions in a Managed Account,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Transactions made pursuant to an Automatic Investment Plan,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Non-volitional Transactions, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Transactions in AB Funds.

&nbsp;&nbsp;&nbsp;&nbsp;**f.** **Short-Term Trading**

Employees must always conduct their personal trading activities lawfully, properly and responsibly, and are encouraged to adopt long-term investment strategies that are consistent with their financial resources and objectives. AB discourages short-term trading strategies, and Employees are cautioned that such strategies may inherently carry a higher risk of regulatory and other scrutiny. In any event, excessive or inappropriate trading that interferes with job performance, or compromises the duty that AB owes to its Clients will not be tolerated.

**Employees are subject to a mandatory holding period for all <u>Reportable Securities</u> of 60 days and a buy-back period of 30 days.** By regulation, employees of AB Japan Ltd. are subject to a 6- month hold. Under Danish regulation, the CEO of CPH Capital, AB's Danish entity, must comply with a 6-month holding period for securities, excluding funds. A first-in-first-out accounting methodology will be applied to a series of Securities purchases for determining compliance with this holding rule. As noted in Section 2(a)(ii), the applicable holding period for AB open-end funds is also 60 days.

**<u>Exceptions to the short-term trading rules (i.e., the 60-day hold and 30-day buy-back):</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Securities transactions in Personal Accounts of Dependents which are not directed by the Employee are subject to the mandatory holding and buy-back periods. However, after 30 calendar days, a sell transaction will be permitted for these Personal Accounts if necessary to minimize a loss;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Transactions in Managed Accounts:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Transactions made pursuant to an Automatic Investment Plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Non-volitional Transactions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Sales of Securities held by the Employee or their Dependents prior to their employment with AB;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Shares in the publicly traded units of AB that were acquired in connection with a compensation plan may be sold within the 60-day holding period. However, units purchased on the open market must comply with the holding period requirements herein; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Shares received through an employee stock plan or compensation program by a Dependent may be sold within the 60-day holding period.

Trades made in violation of this section of the Code shall be unwound, or, if that is not practicable, all profits from the short-term trading will be disgorged.

&nbsp;&nbsp;&nbsp;&nbsp;**g.** **Short Sales**

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The Legal and Compliance Department will prohibit an Employee from engaging in any short sale of a Security in a Personal Account if, at the time of the transaction, any Client has a long position in such Security in an AB-managed portfolio (except that an Employee may engage in short sales

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against the box and covered call writing provided that these personal Securities transactions do not violate the prohibition against short- term trading).

&nbsp;&nbsp;&nbsp;&nbsp;**h.** **Trading in AB Units and AB Funds**

During certain times of the year Employees may be prohibited from conducting transactions in the equity units of AB.

Additional restricted periods may be required for certain individuals and events, and the Legal and Compliance Department will announce when such additional restricted periods are in effect.

As AB Units and AB Funds are Reportable Securities, all are subject to the same pre-clearance process as other Reportable Securities, with certain additional Legal and Compliance Department approval required. See the Statement of Policy and Procedures Concerning Purchases and Sales of AB Units and the Statement of Policy and Procedures Concerning Purchases and Sales of AB Closed-End Mutual Funds.

Employees are not permitted to transact in short sales of AB Units.

**Note that Employees are not permitted to establish automatic investment plans, including but not limited to dividend reinvestment plans (or DRIPs) for their AB units as it could result in purchases outside of the trading window.**

&nbsp;&nbsp;&nbsp;&nbsp;**i.** **Securities Being Considered for Purchase or Sale**

Subject to the exceptions below, Employees and their Dependents are prohibited from purchasing or selling a Security (or a derivative product), or engaging in any short sale of a Security, in a Personal Account if, at the time of the transaction, the <u>Security is Being Considered for Purchase or</u> <u>Sale</u> for a Client or is being purchased or sold for a Client.

**<u>This prohibition will not apply to the following</u>:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Transactions in Managed Accounts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Transactions made pursuant to an Automatic Investment Plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Non-volitional Transactions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Securities received as part of the Employee's or their Dependent's employer stock or compensation plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•De minimis transactions, defined as follows:

**<u>Fixed Income Securities</u>**

Any of the following Securities, if at the time of the transaction, the Employee has no actual knowledge that the Security is Being Considered for Purchase or Sale by a Client or that the Security is being purchased or sold by or for the Client:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.Fixed income securities transactions having a principal amount not exceeding $25,000; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.Non-convertible debt securities and non-convertible preferred stocks which are rated by at least one nationally recognized statistical rating organization ("NRSRO") in one of the three highest investment grade rating categories.

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**<u>Equity Securities</u>**

Any equity Security transaction, or series of related transactions, involving shares of common stock and excluding options, warrants, rights and other derivatives, provided:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.Any orders are entered after 10:00 a.m. and before 3:00 p.m. and are not designated as "market on open" or "market on close;"

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.The aggregate value of the transactions does not exceed (1) $250,000, and (2) 0.1% of the daily trade volume of the security; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.The Employee has no actual knowledge that the Security is Being Considered for Purchase or Sale by a Client or that the Security is being purchased or sold by or for the Client.

PLEASE NOTE: Even if a trade qualifies for a de minimis exception, it must be pre-cleared with the Legal and Compliance Department in advance of being placed.

&nbsp;&nbsp;&nbsp;&nbsp;**j.** **Restricted List**

A Security may not be purchased or sold in a Personal Account if, at the time of the transaction, the Security appears on the AB Daily Restricted List and is restricted for Employee transactions. The Daily Restricted List is made available each business day to all Employees via The Loop.

&nbsp;&nbsp;&nbsp;&nbsp;**k.** **Dissemination of Research Information**

An Employee may not buy or sell any Security for a Personal Account that is the subject of "significantly new" or "significantly changed" research during the period, commencing with the approval of the research and continuing for twenty-four hours subsequent to the first publication or release of the research. An Employee also may not buy or sell any Security on the basis of research that AB has not yet made public or released. The terms "significantly new" and "significantly changed" include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The initiation of coverage by an AB research analyst;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Any change in a research rating or position by an AB analyst;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Any other rating, view, opinion, or advice from an AB analyst, the issuance (or re-issuance) of which in the opinion of such research analyst, or his or her director of research, would be reasonably likely to have a material effect on the price of the security.

**<u>This prohibition will not apply to the following</u>:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Transactions in Accounts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Transactions made pursuant to an Automatic Investment Plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Non-volitional Transactions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Securities received as part of the Employee's or their Dependent's employer stock or compensation plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•De minimis transactions, defined as follows:

**<u>Fixed Income Securities</u>**

***This exception does not apply to research issued by an affiliate of AB.*** Any of the following Securities, if at the time of the transaction, the Employee has no actual knowledge that the Security is Being Considered for Purchase or Sale by a Client or that

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the Security is being purchased or sold by or for the Client:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.Fixed income securities transactions having a principal amount not exceeding $25,000; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.Non-convertible debt securities and non-convertible preferred stocks which are rated by at least one nationally recognized statistical rating organization ("NRSRO") in one of the three highest investment grade rating categories.

**<u>Equity Securities</u>**

***This exception does not apply to research issued by an affiliate of AB.*** Any equity security transaction, or series of related transactions, involving shares of common stock and excluding options, warrants, rights and other derivatives, provided:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.Any orders are entered after 10:00 a.m. and before 3:00 p.m. and are not designated as "market on open" or "market on close";

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.The aggregate value of the transactions do not exceed (1) $250,000, and (3) 1% of the daily trade volume of the security; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.The Employee has no actual knowledge that the Security is Being Considered for Purchase or Sale by a Client or that the Security is being purchased or sold by or for the Client.

PLEASE NOTE: Even if a trade qualifies for a de minimis exception, it must be pre-cleared with the Legal and Compliance Department in advance of being placed.

&nbsp;&nbsp;&nbsp;&nbsp;**l.** **Initial Public Offerings**

Employees or their Dependent whose Personal Accounts are covered under this Code (see Section 1(b)(14)) are not permitted to acquire for a Personal Account any equity Security issued in an Initial Public Offering.

&nbsp;&nbsp;&nbsp;&nbsp;**m.** **Limited Offerings/Private Placements**

Employees and their Dependent whose Personal Accounts are covered under this Code (see Section 1(b)(14)), are not permitted to acquire any Security issued in any limited or private offering (please note that hedge funds are sold as limited or private offerings) without prior written approval and documentation for the basis for granting approval from the Chief Compliance Officer (or designee) and the Employee's manager or the manager's designee. The Chief Compliance Officer, in determining whether approval should be given, will take into account, among other factors, whether the investment opportunity should be reserved for a Client and whether the opportunity is being offered to the individual by virtue of his or her position with AB. Employees authorized to acquire Securities issued in a limited or private offering must disclose that investment when they play a part in any Client's subsequent consideration of an investment in the issuer. In such a case, the decision of AB to purchase Securities of that issuer for a Client will be subject to an independent review by Investment Personnel with no personal interest in such issuer.<sup>8</sup> Additional restrictions or disclosures may be required if there is a business relationship between the Employee or AB and the issuer of the offering. See also "Additional restrictions that apply to employees of the Private Alternatives Group (Section 6)".

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&nbsp;&nbsp;&nbsp;&nbsp;**3.** **Additional Restrictions–Portfolio Managers**

In addition to the requirements and restrictions on Employee trading in Section 2 of this Appendix A of the Code, the following restrictions apply to all persons acting in the capacity of a Portfolio Manager of a Client account.

For purposes of the restrictions in this section, a portfolio manager is defined as an Employee who has decision- making authority regarding specific securities to be traded for Client accounts, as well as such Employee's supervisor. Please see Section 6 for restrictions relating to the Alternative Investment Strategies Groups.

***General Prohibition:*** *No person acting in the capacity of a portfolio manager will be permitted to trade for a Personal Account, a Security that is an eligible portfolio investment in that manager's strategy (e.g., Large Cap Growth).*

*This prohibition does not apply to transactions directed by Dependents whose <u>Personal Accounts</u> are covered under this Code (see Section 1(b)(18)) provided that the Employee has no input into the investment decision. Nor does it apply to sales of securities held prior to the application of this restriction or employment with the firm. However, such transactions are subject to the following additional restrictions.*

&nbsp;&nbsp;&nbsp;&nbsp;**a.** **Blackout Periods**

No person acting in the capacity of a portfolio manager will be permitted to trade a Security for a Personal Account within seven calendar days before and after any Client serviced in that manager's strategy (e.g., Large Cap Growth) trades in the same Security. If a portfolio manager engages in such a personal securities transaction during a blackout period, the Chief Compliance Officer may break the trade or, if the trade cannot be broken, the Chief Compliance Officer may direct that any profit realized on the trade be disgorged.

&nbsp;&nbsp;&nbsp;&nbsp;**b.** **Actions During Blackout Periods**

No person acting in the capacity of a portfolio manager shall delay or accelerate a Client trade due to a previous purchase or sale of a Security in a Personal Account. In the event that a portfolio manager determines that it is in the best interest of a Client to buy or sell a Security for the account of the Client within seven days of the purchase or sale of the same Security in a Personal Account, the portfolio manager must contact the Chief Compliance Officer or their designee immediately, who may direct that the trade in the Personal Account be canceled, grant an exception or take other appropriate action.

&nbsp;&nbsp;&nbsp;&nbsp;**c.** **Transactions Contrary to Client Positions**

No person acting in the capacity of a portfolio manager shall trade a Security in a Personal Account contrary to investment decisions made on behalf of a Client, unless the portfolio manager represents and warrants in the personal trading request form that (1) it is appropriate for the Client account to buy, sell or continue to hold that Security and (2) the decision to purchase or sell the Security for the Personal Account arises from the need to raise or invest cash or some other valid reason specified by the portfolio manager and approved by the Chief Compliance Officer or their designee and is not otherwise based on the portfolio manager's view of how the Security is likely to perform.

&nbsp;&nbsp;&nbsp;&nbsp;**4.** **Additional Restrictions–Research Analysts**

In addition to the requirements and restrictions on Employee trading in Section 2 of this Appendix A of the Code, the following restrictions apply to all persons acting in the capacity of a research analyst.

***General Prohibition****: No person acting in the capacity of research analyst will be permitted to trade for his or her Personal Account, any security of an issuer that is in the sector covered by such research analyst (i.e., an equity research analyst cannot trade in the fixed income securities of a covered issuer nor can a fixed income analyst trade in the equity securities of one). This prohibition does not apply to transactions directed by*

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*Dependents whose <u>Personal Accounts</u> are covered under this Code (see Section 1(b)(18)), provided that the employee has no input into the investment decision. Sales of securities held prior to the application of this restriction or employment with the firm are also considered exempt from this prohibition. However, such transactions are subject to the following additional restrictions.*

&nbsp;&nbsp;&nbsp;&nbsp;**a.** **Blackout Periods**

No person acting as a research analyst shall trade a Security for a Personal Account within seven calendar days before and after making a change in a rating or other published view with respect to that Security. If a research analyst engages in such a personal securities transaction during a blackout period, the Chief Compliance Officer may break the trade or, if the trade cannot be broken, the Chief Compliance Officer may direct that any profit realized on the trade be disgorged.

&nbsp;&nbsp;&nbsp;&nbsp;**b.** **Actions During Blackout Periods**

No person acting as a research analyst shall delay or accelerate a rating or other published view with respect to any Security because of a previous purchase or sale of a Security in such person's Personal Account. In the event that a research analyst determines that it is appropriate to make a change in a rating or other published view within seven days of the purchase or sale of the same Security in a Personal Account, the research analyst must contact the Chief Compliance Officer or their designee immediately, who may direct that the trade in the Personal Account be canceled, grant an exception or take other appropriate action.

&nbsp;&nbsp;&nbsp;&nbsp;**c.** **Actions Contrary to Ratings**

No person acting as a research analyst shall trade a Security (to the extent such Security is included in the research analyst's research universe) contrary to an outstanding rating or a pending ratings change or traded by a research portfolio, unless (1) the research analyst represents and warrants in the personal trading request form that (as applicable) there is no reason to change the outstanding rating and (2) the research analyst's personal trade arises from the need to raise or invest cash, or some other valid reason specified by the research analyst and approved by the Chief Compliance Officer or their designee and is not otherwise based on the research analyst's view of how the security is likely to perform.

&nbsp;&nbsp;&nbsp;&nbsp;**5.** **Additional Restrictions–Buy-Side Equity Traders**

In addition to the requirements and restrictions on Employee trading in Section 2 of this Appendix A of the Code, the following restrictions apply to all persons acting in the capacity of Trader on any buy-side equity trading desk.

***General Prohibition****: Employees acting in the capacity of a buy-side equity trader are not permitted to trade for their personal account any security that is among the eligible portfolio investments traded on that Desk.*

*This prohibition does not apply to transactions directed by Dependents whose Personal Accounts are covered under this Code (see Section 1(b)(18)) provided that the employee has no input into the investment decision.*

8 Any Employee who acquires (or any new Employee with a pre-existing position in) an interest in any private investment fund (including a "hedge fund") or any other Security that cannot be purchased and held in an account at a Designated Broker shall be exempt from the Designated Broker requirement as described in this Appendix A of the Code. The Legal and Compliance Department may require an explanation as to why such Security cannot be purchased and held in such manner. Transactions in these Securities nevertheless remain subject to all other requirements of this Code, including applicable private placement procedures, pre-clearance requirements and blackout-period trading restrictions.

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*Nor does it apply to sales of securities held prior to the application of this restriction or employment with the firm. Such transactions are, of course, subject to all other Code provisions.*

&nbsp;&nbsp;&nbsp;&nbsp;**6.** **Additional Restrictions–Alternate Investment Strategies Groups**

In addition to the requirements and restrictions on Employee trading in Section 2 of this Appendix A of the Code, the following restrictions apply to all members of the firm's Alternative Investment Management Groups, including Private Alternatives and Private Credit Investors, as well as to the members of the Investment Policy Group and Board of Directors of Bernstein Alternative Investment Strategies, LLC.

***General Prohibition****: No member of the groups listed above will be permitted to directly invest in a privately offered fund or other investment product that is managed by an adviser other than AB and is within the scope of the current or contemplated funds or other products in which the Alternative Investment Management Groups may invest. All such investments must be submitted to the StarCompliance team for review and approval by their manager and the Compliance team.*

&nbsp;&nbsp;&nbsp;&nbsp;**7.** **Exceptions to the Personal Trading Policy**

In addition to the exceptions contained within this policy, the Chief Compliance Officer or their designee may grant other exceptions on a case-by-case basis. Requests for exceptions will be reviewed for any potential conflicts and may require business review and approval before the request can be granted.

&nbsp;&nbsp;&nbsp;&nbsp;**8.** **Reporting Requirements**

&nbsp;&nbsp;&nbsp;&nbsp;**a.** **Duplicate Confirmations and Account Statements**

All Employees must direct their brokers to add their Personal Accounts to AllianceBernstein's automated data feeds, if the Account is held with a Designated Broker, on a timely basis. For accounts held at Non- Designated Brokers or not on an automated data feed, Employees are required to manually update transactions once executed and to provide trade confirmations and/or account statements to the Compliance Department upon request.

*The Compliance Department will review such documents for Personal Accounts to ensure that AB's policies and procedures are being complied with and make additional inquiries as necessary. Access to duplicate confirmations and account statements will be restricted to those persons who are assigned to perform review functions, and all such materials will be kept confidential except as otherwise required by law.*

&nbsp;&nbsp;&nbsp;&nbsp;**b.** **Initial Holdings Reports by Employees**

All Employee must, within 10 calendar days of commencing of employment with AB, provide a signed and dated Initial Holdings Report to the Chief Compliance Officer. New employees will receive an electronic request to perform this task via the StarCompliance Code of Ethics application. Employees who cannot complete this via StarCompliance may provide an electronic version of this request. The report must contain the following information current as of a date not more than 45 days prior to the date of the report:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Reportable Securities (including private investments as well as any AB Funds) held in a Personal Account of the Employee or their Dependent, including the title and type of Security, and as applicable, the exchange ticker symbol or CUSIP number, number of shares and/or principal amount of each Security/fund beneficially owned. Note that Reportable Securities held in Managed Accounts do

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not need to be reported;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The name of any broker-dealer or financial institution with which the Employee or their Dependent maintains a Personal Account in which any Reportable Securities are held for the Employee or Dependent; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Details of any outside business affiliations.

Employees must then take all necessary actions to bring their accounts into compliance with the Designated Broker guidelines detailed in Section 2(c) of this Appendix.

&nbsp;&nbsp;&nbsp;&nbsp;**c.** **Quarterly Reports by Employees–including Certain Funds and Limited Offerings**

Following each calendar quarter, the Legal and Compliance Department will issue to each Employee via the StarCompliance Code of Ethics application a Quarterly Transactions Certification containing all transactions in Reportable Securities in the Employee's Personal Accounts during the quarter based on information reported to AB by the Employees and their brokers. Non-volitional Transactions and transactions in Managed Accounts need not be included for purposes of this reporting requirement.

Within thirty (30) days following the end of each calendar quarter, every Employee must review the form, certify its accuracy, and as necessary make any changes to the pre-populated information.

For each such Security, the report must contain the following information:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the date of the transaction, the title, and as applicable the exchange ticker symbol or CUSIP number, interest rate and maturity date, number of shares, and principal amount of each Security involved; (2) the nature of the transaction (i.e., purchase or sale or any other type of acquisition or disposition); (3) the price of the Security at which the transaction was effected; (4) the name of the broker or other financial institution through which the transaction was effected; and (5) the date the Employee submits the report.

In addition, any new Personal Account established during the calendar quarter must be reported, in real time, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the name of the broker or other financial institution with which the account was established and (2) the date the account was established.

&nbsp;&nbsp;&nbsp;&nbsp;**d.** **Annual Certification by Employees with Managed Accounts**

On an annual basis, by a date to be specified by the Compliance Department (typically August 15th), each Employee who has reported managed accounts in the StarCompliance Code of Ethics application must provide to the Chief Compliance Officer via the Star Compliance system a signed and dated certification. This certification confirms:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•All managed accounts have been disclosed by the Employee in the StarCompliance application; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The Employee had no influence or investment discretion as to the transactions or holdings of such accounts during the year.

&nbsp;&nbsp;&nbsp;&nbsp;**e.** **Annual Holdings Reports by Employees**

On an annual basis, by a date to be specified by the Compliance Department (typically February 15th), each Employee must provide to the Chief Compliance Officer via the Star Compliance system a signed and dated Annual Holdings Report containing data current as of a date not more than forty five (45)days prior to

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the date of the submission.9 The report must disclose:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•All Securities (including shares of mutual funds managed by AB and limited offerings), held in a Personal Account of the Employee, including the title and type of security, and as applicable the exchange ticker symbol or CUSIP number, number of shares and/or principal amount of each Security beneficially owned); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The name of any broker-dealer or financial institution with which the Employee maintains a Personal Account in which any Securities are held for the Employee.

In the event that AB already maintains a record of the required information via duplicate copies of broker trade confirmations and account statements received from the Employee's broker-dealer, an Employee may satisfy this requirement by (i) confirming in writing (which may include e-mail) the accuracy of the record on at least an annual basis and (ii) recording the date of the confirmation.

&nbsp;&nbsp;&nbsp;&nbsp;**f.** **Report and Certification of Adequacy to the Board of Directors of Fund Clients**

On a periodic basis, but not less than annually, the Chief Compliance Officer shall prepare a written report to the management and the board of directors of each registered investment fund (other than a unit investment trust) in which AB acts as investment adviser setting forth the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•A certification on behalf of AB that AB has adopted procedures reasonably necessary to prevent Employees and Directors from violating the Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•A summary of existing procedures concerning personal investing and any changes in procedures made during the past year; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•A description of any issues arising under the Code or procedures since the last report to the Board including, but not limited to, information about material violations of the Code or procedures and sanctions imposed in response to the material violations.

AB shall also submit any material changes to this Code to each Fund's Board at the next regular board meeting during the quarter following the change.

&nbsp;&nbsp;&nbsp;&nbsp;**g.** **Report Representations**

Any Initial or Annual Holdings Report or Quarterly Transaction Report may contain a statement that the report is not to be construed as an admission by the person making the report that they have any direct or indirect Beneficial Ownership in the Security to which the report relates.

&nbsp;&nbsp;&nbsp;&nbsp;**h.** **Maintenance of Reports**

The Chief Compliance Officer shall maintain the information required by this Section and such other records, if any, and for such time periods required by Rule 17j-1 under the Investment Company Act and Rules 204-2 and 204A-1 under the Advisers Act. All reports furnished pursuant to this Section will be kept confidential, subject to the rights of inspection and review by the General Counsel, the Chief Compliance Officer and his or her designees, the Code of Ethics Oversight Committee (or subcommittee thereof), the Securities and Exchange Commission and by other third parties pursuant to applicable laws and regulations.

9 Employees who join the Firm after the annual process has commenced will submit their initial holdings report (see Section 7(b)) and complete their first Annual Holdings Report during the next annual cycle and thereafter.

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&nbsp;&nbsp;&nbsp;&nbsp;**9.** **Reporting Requirements for Directors who are not Employees**

All Affiliated Outside Directors (i.e., not Employees of AB, but employees of an AB affiliate) and Outside Directors (i.e., neither Employees of AB, nor of an AB affiliate) are subject to the specific reporting requirements of this Section 8 as described below. Directors who are Employees of AB, however, are subject to the full range of personal trading requirements, restrictions and reporting obligations outlined in Sections 1 through 7 of this Appendix A of the Code, as applicable. In addition, all Directors are expected to adhere to the fiduciary duties and high ethical standards described in the Code.

&nbsp;&nbsp;&nbsp;&nbsp;**a.** **Outside Directors / Affiliated Outside Directors**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**In general, pursuant to various regulatory rule exceptions and interpretations, no reporting is required of Outside Directors and Affiliated Outside Directors. However, if an Outside or Affiliated Outside Director knew, or in the ordinary course of fulfilling his or her official duties as a Director should have known,** that during the 15-day period immediately before or after the Outside or Affiliated Outside Director's transaction in a Security for a Personal Account, a Client bought or sold the Security, or the Client or AB considered buying or selling the Security, the following reporting would be required.

<u>Transaction Report</u>

In the event that a transaction report is required pursuant to the scenario in the preceding paragraph, other than for accounts over which the director had no influence or control, each outside director must within thirty (30) days following the end of each calendar quarter, provide to the Chief Compliance Officer, a signed and dated report disclosing all Securities transactions in any Personal Account. For each such Security, the report must contain the following information:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The date of the transaction, the title, and as applicable the exchange ticker symbol or CUSIP number, interest rate and maturity date, number of shares, and principal amount of each Security involved;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The nature of the transaction (i.e., purchase or sale or any other type of acquisition or disposition);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The price of the Security at which the transaction was effected; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The name of the broker or other financial institution through which the transaction was effected.

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## Exhibit 21.1

**Exhibit 21.1** 

**SUBSIDIARIES OF AB PRIVATE CREDIT INVESTORS CORPORATION** 

---

| | |
|:---|:---|
| **NAME**<br>| &nbsp;&nbsp;&nbsp;**Jurisdiction of Organization**<br>|
| **ABPCIC Equity Holdings, LLC** | &nbsp;&nbsp;&nbsp;**Delaware** |
| **ABPCIC NC Holdings LLC** | &nbsp;&nbsp;&nbsp;**Delaware** |
| **ABPCIC Funding II LLC** | &nbsp;&nbsp;&nbsp;**Delaware** |
| **ABPCIC Funding IV LLC** | &nbsp;&nbsp;&nbsp;**Delaware** |
| **ABPCIC Funding V LLC** | &nbsp;&nbsp;&nbsp;**Delaware** |
| **ABPCIC Swyft Holdings LLC** | &nbsp;&nbsp;&nbsp;**Delaware** |
| **ABPCI Direct Lending Fund CLO VI Depositor LLC** | &nbsp;&nbsp;&nbsp;**Delaware** |
| **ABPCI Direct Lending Fund CLO VI Ltd** | &nbsp;&nbsp;&nbsp;**Grand Cayman Islands** |
| **ABPCI Direct Lending Fund CLO XIII LTD** | &nbsp;&nbsp;&nbsp;**Jersey** |
| **ABPCI Direct Lending Fund CLO XIII LLC** | &nbsp;&nbsp;&nbsp;**Delaware** |
| **ABPCI Direct Lending Fund CLO XIII First Static Subsidiary Ltd** | &nbsp;&nbsp;&nbsp;**Jersey** |
| **ABPCI Direct Lending Fund CLO XIII Second Static Subsidiary Ltd** | &nbsp;&nbsp;&nbsp;**Jersey** |
| **ABPCIC Global Radar, LLC** | &nbsp;&nbsp;&nbsp;**Delaware** |
| **ABPCIC AOM LLC** | &nbsp;&nbsp;&nbsp;**Delaware** |

---

---

| | |
|:---|:---|
| **ABPCIC Avant LLC** | &nbsp;&nbsp;&nbsp;**Delaware** |

---

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## Exhibit 31.1

**Exhibit 31.1** 

CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER UNDER

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

I, J. Brent Humphries, certify that:

1. I have reviewed this Quarterly Report on Form 10-Q of AB Private Credit Investors Corporation;

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;

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;

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)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&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;(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)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;(d)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

5. The registrant's other certifying officer 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 directors (or persons performing the equivalent functions):

&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;(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 14, 2026 | By: | &nbsp;&nbsp;&nbsp;/S/ J. BRENT HUMPHRIES |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**J. Brent Humphries** |
|  |  | &nbsp;&nbsp;&nbsp;**Chief Executive Officer**<br>**(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:

1. I have reviewed this Quarterly Report on Form 10-Q of AB Private Credit Investors Corporation;

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;

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;

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)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&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;(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)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;(d)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

5. The registrant's other certifying officer 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 directors (or persons performing the equivalent functions):

&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;(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 14, 2026 | By: | &nbsp;&nbsp;&nbsp;/S/ WESLEY RAPER |
|  |  | &nbsp;&nbsp;&nbsp;**Wesley Raper** |
|  |  | &nbsp;&nbsp;&nbsp;**Chief Financial Officer**<br>**(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 Credit Investors Corporation (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;&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;&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 14, 2026 | &nbsp;&nbsp;&nbsp;/S/ J. BRENT HUMPHRIES |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;J. Brent Humphries |
|  | &nbsp;&nbsp;&nbsp;Chief Executive Officer |
|  | &nbsp;&nbsp;&nbsp;(Principal Executive Officer) |
| Date: May 14, 2026 | &nbsp;&nbsp;&nbsp;/S/ WESLEY RAPER |
|  | &nbsp;&nbsp;&nbsp;Wesley Raper |
|  | &nbsp;&nbsp;&nbsp;Chief Financial Officer |
|  | &nbsp;&nbsp;&nbsp;(Principal Financial Officer) |

---

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