# EDGAR Filing Document

**Accession Number:** 0001876255
**File Stem:** 0001193125-26-145301
**Filing Date:** 2026-4
**Character Count:** 28841
**Document Hash:** 1bfd86c84d2bc0c3f058a8b0beed3b44
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-145301.hdr.sgml**: 20260407

**ACCESSION NUMBER**: 0001193125-26-145301

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 13

**CONFORMED PERIOD OF REPORT**: 20260401

**ITEM INFORMATION**: Entry into a Material Definitive Agreement

**ITEM INFORMATION**: Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20260407

**DATE AS OF CHANGE**: 20260407

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** AB Commercial Real Estate Private Debt Fund, LLC
- **CENTRAL INDEX KEY:** 0001876255
- **STANDARD INDUSTRIAL CLASSIFICATION:** REAL ESTATE INVESTMENT TRUSTS [6798]
- **ORGANIZATION NAME:** 05 Real Estate & Construction
- **EIN:** 871137341
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 000-56320
- **FILM NUMBER:** 26844265

**BUSINESS ADDRESS:**
- **STREET 1:** 66 HUDSON BOULEVARD EAST
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10001
- **BUSINESS PHONE:** 212-969-1000

**MAIL ADDRESS:**
- **STREET 1:** 66 HUDSON BOULEVARD EAST
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10001

?xml version='1.0' encoding='ASCII'? 8-K

### UNITED STATES

### SECURITIES AND EXCHANGE COMMISSION

#### Washington, D.C. 20549

### FORM 8-K

#### Current Report

#### Pursuant to Section 13 or 15(d)

#### of the Securities Exchange Act of 1934

#### Date of Report (Date of earliest event reported): April 1, 2026

## AB COMMERCIAL REAL ESTATE PRIVATE DEBT FUND, LLC

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

---

| | | |
|:---|:---|:---|
| **Delaware** | **000-56320** | **87-1137341** |
| **(State or other jurisdiction**<br> **of incorporation)** | **(Commission**<br> **File Number)** | **(I.R.S. Employer**<br> **Identification No.)** |

---

#### 66 Hudson Boulevard East

#### New York, New York 10001

#### (Address of principal executive offices and zip code)

#### Registrant's telephone number, including area code: (212) 486-5800
Check the appropriate box below if the Form 8-K is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

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 is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).

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. ☐

------

#### Item 1.01 – Entry into a Material Definitive Agreement.

#### First Amendment to Master Repurchase Agreement
On April 1, 2026, AB CRE PDF Lending C LLC ("<u>PDF</u>"), a wholly-owned subsidiary of AB Commercial Real Estate Private Debt Fund, LLC (the "<u>Company</u>"), entered into an amendment (the "<u>MRA Amendment</u>") to the Master Repurchase Agreement and Securities Contract (the "<u>Repurchase Agreement</u>"), by and among PDF, as Seller, the Company, as Guarantor, and Citibank, N.A. ("<u>Citibank</u>"), as Buyer.

The MRA Amendment, among other changes, extends the Stated Termination Date (as defined in the Repurchase Agreement) under the Repurchase Agreement from April 1, 2027 to April 1, 2028.

The foregoing description of the MRA Amendment does not purport to be complete and is qualified in its entirety by reference to the full text of the MRA Amendment attached hereto as Exhibit 10.1.

#### Second Amendment to Fee Letter
On April 1, 2026, PDF entered into an amendment (the "<u>Fee Letter Amendment</u>") to the fee letter (as amended, the "<u>Fee Letter</u>"), dated as of April 1, 2025, as amended by that certain First Amendment to Fee Letter, dated as of February 26, 2026, by and among PDF, as Seller, the Company, as Guarantor, and Citibank, as Buyer.

The Fee Letter Amendment increased the Facility Amount (as defined in the Fee Letter) under the Fee Letter from $258,220,000 to $500,000,000.

The foregoing description of the Fee Letter Amendment does not purport to be complete and is qualified in its entirety by reference to the full text of the Fee Letter Amendment attached hereto as Exhibit 10.2.

#### Item 2.03 – Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.
The disclosure set forth above under Item 1.01 of this Current Report on Form 8-K is incorporated by reference into this Item 2.03.

#### Item 9.01 – Financial Statements and Exhibits.
(d) Exhibits

---

| | |
|:---|:---|
| **Exhibit<br>No.** | **Description** |
| 10.1 | [First Amendment to Master Repurchase Agreement and Securities Contract and Reaffirmation of Guaranty, dated as of April 1, 2026, by and among AB CRE PDF Lending C LLC, as Seller, AB Commercial Real Estate Private Debt Fund, LLC, as Guarantor, and Citibank, N.A., as Buyer](d133892dex101.htm) |
| 10.2 | [Second Amendment to Fee Letter, dated as of April 1, 2026, by and among AB CRE PDF Lending C LLC, as Seller, AB Commercial Real Estate Private Debt Fund, LLC, as Guarantor, and Citibank, N.A., as Buyer.](d133892dex102.htm) |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |

---

------

#### 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 hereunto duly authorized.

---

| | | |
|:---|:---|:---|
| Date: April 7, 2026 | AB COMMERCIAL REAL ESTATE PRIVATE DEBT FUND, LLC | AB COMMERCIAL REAL ESTATE PRIVATE DEBT FUND, LLC |
|  | By: | /s/ Leon Hirth |
|  |  | Leon Hirth |
|  |  | Secretary |

---

## Exhibit 10.1

**Exhibit 10.1** 

**<u>FIRST AMENDMENT TO MASTER REPURCHASE AGREEMENT AND SECURITIES</u>**

**<u>CONTRACT AND REAFFIRMATION OF GUARANTY</u>**

This FIRST AMENDMENT TO MASTER REPURCHASE AGREEMENT AND SECURITIES CONTRACT AND REAFFIRMATION OF GUARANTY (this "**<u>Amendment</u>**"), dated as of April 1, 2026, is by and among **AB CRE PDF LENDING C LLC**, a Delaware limited liability company ("**<u>Seller</u>**"), **AB COMMERCIAL REAL ESTATE PRIVATE DEBT FUND, LLC**, a Delaware limited liability company ("**<u>Guarantor</u>**"), and **CITIBANK, N.A.**, a national banking association ("**<u>Buyer</u>**").

**<u>W I T N E S S E T H</u>:** 

**WHEREAS**, Seller and Buyer are parties to that certain Master Repurchase Agreement and Securities Contract, dated as of April 1, 2025, by and between Seller and Buyer (as the same may be further amended, restated, replaced, supplemented or otherwise modified from time to time, the "**<u>Repurchase Agreement</u>**");

**WHEREAS**, in connection with the Repurchase Agreement, Guarantor entered into that certain Guaranty, dated as of April 1, 2025, in favor of Buyer, guaranteeing certain obligations of Seller (as the same may be further amended, restated, replaced, supplemented or otherwise modified from time to time, the "**<u>Guaranty</u>**");

**WHEREAS**, all capitalized terms used herein and not otherwise defined shall have the respective meanings set forth in the Repurchase Agreement; and

**WHEREAS**, Seller and Buyer, wish to modify certain terms and provisions of the Repurchase Agreement and the Transaction Documents as set forth herein.

**NOW, THEREFORE**, for good and valuable consideration, the parties hereto agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Amendment to Repurchase Agreement</u>. The Repurchase Agreement is hereby amended as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The following definitions in Article 2 of the Repurchase Agreement are hereby deleted in their entirety and replaced with the following:

"<u>Stated Termination Date</u>" shall mean April 1, 2028 (or if such day is not a Business Day, the immediately succeeding Business Day).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Representations and Warranties</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Seller has taken all necessary action to authorize the execution, delivery and performance of this Amendment and the other Transaction Documents to be executed and delivered in connection with this Amendment. This Amendment and the other Transaction Documents to be executed and delivered in connection herewith have been duly executed and delivered by or on behalf of Seller and constitute the legal, valid and binding obligation of Seller enforceable against Seller in accordance with its terms subject to bankruptcy, insolvency, and other

------

limitations on creditors' rights generally and to equitable principles. No Event of Default has occurred and is continuing, and no Event of Default will occur as a result of the execution, delivery and performance by Seller of this Amendment. There have been no changes to the governing documents of Seller that have not previously been delivered to Buyer. Any consent, approval, authorization, order, registration or qualification of or with any Governmental Authority required for the execution, delivery and performance by Seller of this Amendment has been obtained and is in full force and effect (other than consents, approvals, authorizations, orders, registrations or qualifications that if not obtained, are not reasonably likely to have a Material Adverse Effect).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Guarantor has taken all necessary action to authorize the execution, delivery and performance of this Amendment and the other Transaction Documents to be executed and delivered in connection with this Amendment. This Amendment and the other Transaction Documents to be executed and delivered in connection herewith have been duly executed and delivered by or on behalf of Guarantor and constitute the legal, valid and binding obligation of Guarantor enforceable against Guarantor in accordance with its terms subject to bankruptcy, insolvency, and other limitations on creditors' rights generally and to equitable principles. No Event of Default has occurred and is continuing, and no Event of Default will occur as a result of the execution, delivery and performance by Guarantor of this Amendment. There have been no changes to the governing documents of Guarantor that have not previously been delivered to Buyer. Any consent, approval, authorization, order, registration or qualification of or with any Governmental Authority required for the execution, delivery and performance by Guarantor of this Amendment has been obtained and is in full force and effect (other than consents, approvals, authorizations, orders, registrations or qualifications that if not obtained, are not reasonably likely to have a Material Adverse Effect).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Effectiveness</u>. The effectiveness of this Amendment is subject to receipt by Buyer, of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Transaction Documents</u>. This Amendment, duly executed and delivered by Seller, Guarantor and Buyer; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Costs</u>. The out-of-pocket costs and expenses payable to Buyer in connection with this Amendment and the transactions contemplated hereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Continuing Effect; Reaffirmation of Guaranty and Pledge Agreements.</u> As amended by this Amendment, all terms, covenants and provisions of the Repurchase Agreement and the other Transaction Documents are ratified and confirmed and shall remain in full force and effect. In addition, any and all guaranties, pledges and indemnities for the benefit of Buyer (including, without limitation, the Guaranty) and agreements subordinating rights and liens to the rights and liens of Buyer, are hereby ratified and confirmed and shall not be released, diminished, impaired, reduced or adversely affected by this Amendment, and each party indemnifying Buyer, and each party subordinating any right or lien to the rights and liens of Buyer, hereby consents, acknowledges and agrees to the modifications set forth in this Amendment and waives any common law, equitable, statutory or other rights which such party might otherwise have as a result of or in connection with this Amendment. This Amendment shall be deemed a "Transaction Document" for all purposes under the Repurchase Agreement.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Binding Effect; No Partnership; Counterparts</u>. The provisions of the Repurchase Agreement, as amended hereby, shall be binding upon and inure to the benefit of the parties hereto and their respective successors and permitted assigns. Nothing herein contained shall be deemed or construed to create a partnership or joint venture between any of the parties hereto. For the purpose of facilitating the execution of this Amendment as herein provided, this Amendment may be executed simultaneously in any number of counterparts, each of which shall be deemed to be an original, and such counterparts when taken together shall constitute but one and the same instrument. This Amendment and any other Transaction Document may be delivered by facsimile transmission, by electronic mail, or by other electronic transmission, in portable document format (.pdf) or otherwise, and each such executed facsimile, .pdf, or other electronic record shall be considered an original executed counterpart for purposes of this Amendment. Each party to this Amendment (a) agrees that it will be bound by its own Electronic Signature, (b) accepts the Electronic Signature of each other party to this Amendment, and (c) agrees that such Electronic Signatures shall be the legal equivalent of manual signatures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>Further Agreements</u>. Seller agrees to execute and deliver such additional documents, instruments or agreements as may be reasonably requested by Buyer, and as may be necessary or appropriate from time to time to effectuate the purposes of this Amendment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. <u>Governing Law</u>. The provisions of Section 19 of the Repurchase Agreement are incorporated herein by reference.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. <u>Defined Terms</u>. Capitalized terms used but not defined herein shall have the meanings set forth in the Repurchase Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. <u>Headings</u>. The headings of the sections and subsections of this Amendment are for convenience of reference only and shall not be considered a part hereof nor shall they be deemed to limit or otherwise affect any of the terms or provisions hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. <u>References to Transaction Documents</u>. All references to the Repurchase Agreement in any Transaction Document, or in any other document executed or delivered in connection therewith shall, from and after the execution and delivery of this Amendment, be deemed a reference to the Repurchase Agreement as amended hereby, unless the context expressly requires otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. <u>No Waiver</u>. The execution, delivery and effectiveness of this Amendment shall not operate as a waiver of any right, power or remedy of Buyer, under the Repurchase Agreement or any other Transaction Document, nor constitute a waiver of any provision of the Repurchase Agreement or any other Transaction Document by any of the parties hereto.

[NO FURTHER TEXT ON THIS PAGE]

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**IN WITNESS WHEREOF**, the parties have executed this Amendment as of the day first written above.

---

| | |
|:---|:---|
| **<u>BUYER</u>:** | **<u>BUYER</u>:** |
| **CITIBANK, N.A.** | **CITIBANK, N.A.** |
| By: | /s/ Tina Lin |
|  | Name: Tina Lin |
|  | Title: Authorized Signatory |

---

[SIGNATURES CONTINUE ON FOLLOWING PAGE]

[Signature Page to First Amendment to Master Repurchase Agreement (Citi-AB)]

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| | |
|:---|:---|
| **<u>SELLER</u>:** | **<u>SELLER</u>:** |
| **AB CRE PDF LENDING C LLC,**<br> a Delaware limited liability company | **AB CRE PDF LENDING C LLC,**<br> a Delaware limited liability company |
| By: | /s/ Marguerite Brogan |
|  | Name: Marguerite Brogan |
|  | Title: Chief Financial Officer |

---

[SIGNATURES CONTINUE ON FOLLOWING PAGE]

[Signature Page to First Amendment to Master Repurchase Agreement (Citi-AB)]

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The undersigned hereby acknowledges the execution of this Amendment and agrees that the Guaranty and agreements therein subordinating rights and liens to the rights and liens of Buyer, are hereby ratified and confirmed and shall not be released, diminished, impaired, reduced or adversely affected by this Amendment, and each party indemnifying Buyer therein, and each party subordinating any right or lien to the rights and liens of Buyer, therein, hereby acknowledges the modifications set forth in this Amendment and waives any common law, equitable, statutory or other rights which such party might otherwise have as a result of or in connection with this Amendment. In addition, the undersigned reaffirms its obligations under the Guaranty and agrees that its obligations under the Guaranty shall remain in full force and effect.

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| | |
|:---|:---|
| **<u>GUARANTOR</u>:** | **<u>GUARANTOR</u>:** |
| **AB COMMERCIAL REAL ESTATE PRIVATE DEBT FUND, LLC,**<br>a Delaware limited liability company | **AB COMMERCIAL REAL ESTATE PRIVATE DEBT FUND, LLC,**<br>a Delaware limited liability company |
| By: | /s/ Marguerite Brogan |
|  | Name: Marguerite Brogan |
|  | Title: Chief Financial Officer |

---

[SIGNATURES CONTINUE ON FOLLOWING PAGE]

[Signature Page to First Amendment to Master Repurchase Agreement (Citi-AB)]

## Exhibit 10.2

**Exhibit 10.2** 

**SECOND AMENDMENT TO FEE LETTER** 

**THIS SECOND AMENDMENT TO FEE LETTER** (this "**<u>Amendment</u>**") is made as of April 1, 2026 (the "**<u>Effective Date</u>**"), by and among **AB CRE PDF LENDING C LLC**, a Delaware limited liability company ("**<u>Seller</u>**"), **AB COMMERCIAL REAL ESTATE PRIVATE DEBT FUND, LLC**, a Delaware limited liability company ("**<u>Guarantor</u>**"), and **CITIBANK, N.A.**, a national banking association ("**<u>Buyer</u>**").

**RECITALS:** 

**WHEREAS**, Seller and Buyer entered into that certain Master Repurchase Agreement and Securities Contract, dated as of April 1, 2025 (as the same may be further amended, supplemented, extended, restated, replaced or otherwise modified from time to time, the "**<u>Repurchase Agreement</u>**"), and that certain Fee Letter, dated as of April 1, 2025, as amended by that certain First Amendment to Fee Letter, dated as of February 26, 2026 (as the same may be further amended, supplemented, extended, restated, replaced or otherwise modified from time to time, the "**<u>Fee Letter</u>**");

**WHEREAS**, capitalized terms used but not defined herein shall have the meanings assigned to them in the Repurchase Agreement; and

**WHEREAS**, Seller and Buyer desire to modify certain terms and provisions of the Fee Letter as set forth herein.

**NOW THEREFORE**, in consideration of the foregoing and other valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby consent and agree as follows:

**AGREEMENT:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>AMENDMENTS TO FEE LETTER</u>. The Fee Letter is hereby amended as of the Effective Date as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&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 following definition in Section 1 of the Fee Letter is hereby deleted in its entirety and the following definition is substituted therefor:

"<u>Facility Amount</u>" shall mean $500,000,000.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>REAFFIRMATION OF GUARANTY</u>. Guarantor hereby represents, warrants and covenants that notwithstanding the execution and delivery of this Amendment and the amendment of the Fee Letter hereunder, all of Guarantor's obligations under the Guaranty remain in full force and effect and the same are hereby irrevocably and unconditionally ratified and confirmed by Guarantor in all respects.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>GUARANTOR'S REPRESENTATIONS</u>. Guarantor represents and warrants that (i) Guarantor has taken all necessary action to authorize the execution, delivery and performance of this Amendment, (ii) this Amendment has been duly executed and delivered by or on behalf of Guarantor and constitutes the legal, valid and binding obligation of Guarantor enforceable against Guarantor in accordance with its terms subject to bankruptcy, insolvency, and other limitations on creditors' rights generally and to equitable principles, (iii) no Event of Default has occurred and is continuing, and no Event of Default will occur as a result of the execution, delivery and performance by Guarantor of this Amendment, and (iv) any consent, approval, authorization, order, registration or qualification of or with any Governmental Authority required for the execution, delivery and performance by Guarantor of this Amendment has been obtained and is in full force and effect (other than consents, approvals, authorizations, orders, registrations or qualifications that if not obtained, are not reasonably likely to have a Material Adverse Effect).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>SELLER'S REAFFIRMATION</u>. Seller represents, warrants and covenants to Buyer that all of the terms, covenants and conditions of the Fee Letter and the other Transaction Documents remain unmodified (except as expressly modified hereby) and are in full force and effect and enforceable in accordance with their respective terms. Any inconsistency between this Amendment and the Fee Letter (as same existed before this Amendment) shall be resolved in favor of this Amendment, whether or not this Amendment specifically modifies the particular provision(s) in the Fee Letter inconsistent with this Amendment. All references to the "Fee Letter" in the Transaction Documents shall mean and refer to the Fee Letter as modified and amended hereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>SELLER'S REPRESENTATIONS</u>. Seller represents and warrants that (i) Seller has taken all necessary action to authorize the execution, delivery and performance of this Amendment, (ii) this Amendment has been duly executed and delivered by or on behalf of Seller and constitutes the legal, valid and binding obligation of Seller enforceable against Seller in accordance with its terms subject to bankruptcy, insolvency, and other limitations on creditors' rights generally and to equitable principles, (iii) no Event of Default has occurred and is continuing, and no Event of Default will occur as a result of the execution, delivery and performance by Seller of this Amendment, and (iv) any consent, approval, authorization, order, registration or qualification of or with any Governmental Authority required for the execution, delivery and performance by Seller of this Amendment has been obtained and is in full force and effect (other than consents, approvals, authorizations, orders, registrations or qualifications that if not obtained, are not reasonably likely to have a Material Adverse Effect).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>CONDITIONS PRECEDENT</u>. This Amendment and its provisions shall become effective upon the execution and delivery of this Amendment by a duly authorized representative of each of Seller, Buyer and Guarantor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. <u>AGREEMENT REGARDING EXPENSES</u>. Seller agrees to pay Buyer's reasonable out-of-pocket expenses (including reasonable legal fees of outside counsel) incurred in connection with the preparation and negotiation of this Amendment, the Repurchase Agreement and the Guaranty promptly after Buyer or Buyer's counsel gives Seller an invoice for such expenses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. <u>NO WAIVER</u>. The execution, delivery and effectiveness of this Amendment shall not operate as a waiver of any right, power or remedy of the Buyer under the Repurchase Agreement, the Fee Letter, any of the other Transaction Documents or any other document, instrument or agreement executed and/or delivered in connection therewith.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. <u>GOVERNING LAW</u>. This Amendment shall be governed in accordance with the terms and provisions of Section 19 of the Repurchase Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. <u>SEVERABILITY</u>. Wherever possible, each provision of this Amendment shall be interpreted in such manner as to be effective and valid under applicable law, but if any provision of this Amendment shall be prohibited by or invalid under applicable law, such provision shall be ineffective to the extent of such prohibition or invalidity, without invalidating the remainder of such provision or the remaining provisions of this Amendment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. <u>COUNTERPARTS</u>. This Amendment may be executed in any number of counterparts, and all such counterparts shall together constitute the same agreement. Signatures delivered by email (in PDF format) shall be considered binding with the same force and effect as original signatures

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. <u>SUCCESSORS AND ASSIGNS</u>. This Amendment shall inure to the benefit of and shall be binding on the parties hereto and their respective successors and assigns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. <u>AMENDMENTS</u>. This Amendment may not be modified, amended, waived, changed or terminated orally, but only by an agreement in writing signed by the party against whom the enforcement of the modification, amendment, waiver, change or termination is sought.

[NO FURTHER TEXT ON THIS PAGE]

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IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed by their duly authorized representatives, all as of the day and year first above written.

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| | |
|:---|:---|
| **<u>SELLER</u>:** | **<u>SELLER</u>:** |
| **AB CRE PDF LENDING C LLC**,<br> a Delaware limited liability company | **AB CRE PDF LENDING C LLC**,<br> a Delaware limited liability company |
| By: AB Commercial Real Estate Private Debt Fund, LLC, its sole member | By: AB Commercial Real Estate Private Debt Fund, LLC, its sole member |
| By: | /s/ Marguerite Brogan |
|  | Name: Marguerite Brogan |
|  | Title: Chief Financial Officer |
| **<u>GUARANTOR</u>:** | **<u>GUARANTOR</u>:** |
| **AB COMMERCIAL REAL ESTATE PRIVATE DEBT FUND, LLC**,<br> a Delaware limited liability company | **AB COMMERCIAL REAL ESTATE PRIVATE DEBT FUND, LLC**,<br> a Delaware limited liability company |
| By: | /s/ Marguerite Brogan |
|  | Name: Marguerite Brogan |
|  | Title: Chief Financial Officer |

---

[Signatures Continue on Following Page]

*Signature Page to Second Amendment to Fee Letter (Citi-AB)* 

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| | |
|:---|:---|
| **<u>BUYER</u>:** | **<u>BUYER</u>:** |
| **CITIBANK, N.A.**, a national banking association | **CITIBANK, N.A.**, a national banking association |
| By: | /s/ Tina Lin |
|  | Name: Tina Lin |
|  | Title: Authorized Signatory |

---

*Signature Page to Second Amendment to Fee Letter (Citi-AB)*