QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED MARCH 31, 2021

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

(I.R.S. Employer

Identification No.)

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

INDEX

PART I.

Item 1.

Consolidated Financial Statements

Item 2.

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

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Item 4.

Controls and Procedures

PART II.

Item 1.

Legal Proceedings

Item 1A.

Risk Factors

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

Item 3.

Defaults Upon Senior Securities

Item 4.

Mine Safety Disclosures

Item 5.

Other Information

Item 6.

Exhibits

SIGNATURES.

Financial Statements

Assets

Investments, at fair value (amortized cost of $587,129,877 and $539,228,460, respectively)

Cash and cash equivalents

Interest receivable

Deferred financing costs

Receivable for fund shares

Prepaid expenses

Receivable for investments sold

Other assets

Total assets

Liabilities

Notes payable (net of unamortized discount of $25,300 and $26,440, respectively, and debt issuance costs of $1,511,752 and $1,786,062, respectively)

Credit facility payable

Payable for Fund shares repurchased

Management fees payable

Incentive fee payable

Distribution payable

Payable to Adviser

Interest and borrowing expenses payable

Professional fees payable

Administrator and custodian fees payable

Transfer agent fees payable

Accrued expenses and other liabilities

Miscellaneous payable

Accrued organization costs

Secured borrowings

Due to Affiliate

Total liabilities

Commitments and Contingencies (Note 6)

Net Assets

Common stock, par value $0.01 per share (200,000,000 shares authorized, 26,833,819 and 23,775,222 shares issued and outstanding at March 31, 2021 and December 31, 2020, respectively)

Paid-in capital in excess of par value

Distributable earnings (accumulated loss)

Total net assets of AB Private Credit Investors Corporation

Non-Controlling Interest in ABPCIC Equity Holdings, LLC

Total net assets

Total liabilities and net assets

Net asset value per share of AB Private Credit Investors Corporation

Investment Income:

Interest income, net of amortization/accretion

Payment-in-kind interest

Other fee income

Total investment income

Expenses:

Interest and borrowing expenses

Management fees

Income-based incentive fee

Professional fees

Collateral management fees

Administration and custodian fees

Insurance expenses

Directors’ fees

Transfer agent fees

Other expenses

Total expenses

Reimbursement payments to Adviser (See Note 3: Expense Support and Conditional Reimbursement Agreement)

Waived collateral management fees

Expense reimbursement from Adviser

Waived management fees

Waived incentive fees

Net expenses

Net investment income before taxes

Net investment income

Net realized and change in unrealized gains (losses) on investment transactions:

Net realized gain (loss) from investments

Net change in unrealized appreciation (depreciation) on investments

Net realized and change in unrealized gains (losses) on investment transactions

Net increase (decrease) in net assets resulting from operations

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

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

Net investment income per share (basic and diluted):

Net investment income per share (basic and diluted):

Earnings per share (basic and diluted):

Weighted average shares outstanding:

Net assets at December 31, 2020

Increase (decrease) in net assets resulting from operations:

Net investment income

Net realized gain (loss) on investments

Net change in unrealized appreciation (depreciation) on investments

Capital transactions:

Issuance of common stock

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

Issuance of common shares pursuant to distribution reinvestment plan

Repurchase of common stock

Distributions to stockholders

Total increase (decrease) for the three months ended March 31, 2021

Net assets at March 31, 2021

Distributions declared per share

Net assets at December 31, 2019

Increase (decrease) in net assets resulting from operations:

Net investment income

Net realized gain (loss) on investments

Net change in unrealized appreciation (depreciation) on investments

Capital transactions:

Issuance of common stock

Issuance of common shares pursuant to distribution reinvestment plan

Repurchase of common stock

Distributions to stockholders

Total increase (decrease) for the three months ended March 31, 2020

Net assets at March 31, 2020

Distributions declared per share

Cash flows from operating activities

Net increase (decrease) in net assets resulting from operations

Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used for) operating activities:

Purchases of investments

Payment-in-kind investments

Proceeds from sales of investments and principal repayments

Net realized (gain) loss on investments

Net change in unrealized (appreciation) depreciation on investments

Amortization of premium and accretion of discount, net

Amortization of discount, debt issuance and deferred financing costs

Increase (decrease) in operating assets and liabilities:

(Increase) decrease in receivable for investments sold

(Increase) decrease in interest receivable

(Increase) decrease in other assets

(Increase) decrease in prepaid expenses

Increase (decrease) in Due to affiliate

Increase (decrease) in management fees payable

Increase (decrease) in payable to Adviser

Increase (decrease) in administrator and custodian fees payable

Increase (decrease) in professional fees payable

Increase (decrease) in incentive fees payable

Increase (decrease) in directors’ fees payable

Increase (decrease) in transfer agent fees payable

Increase (decrease) in interest and borrowing expenses payable

Increase (decrease) in accrued organization and offering costs

Increase (decrease) in accrued expenses and other liabilities

Net cash provided by (used for) operating activities

Cash flows from financing activities

Issuance of common stock

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

Distributions paid

Financing costs paid

Borrowings on credit facility

Repayments of credit facility

Repayments on secured borrowings

Net cash provided by (used for) financing activities

Net increase (decrease) in cash

Cash and cash equivalents, beginning of period

Cash and cash equivalents, end of period

Supplemental and non-cash financing activities

Cash paid during the period for interest

Issuance of common shares pursuant to distribution reinvestment plan

Portfolio Company

Interest

AmerCareRoyal, LLC^{(1) (2)}

AmerCareRoyal, LLC

AmerCareRoyal, LLC⁽³⁾

BEP Borrower Holdco,
LLC^{(1) (2)}

BEP Borrower Holdco,
LLC^{(1) (2)}

BEP Borrower Holdco,
LLC⁽³⁾

Engage2Excel, Inc.^{(1) (3)}

Engage2Excel, Inc.⁽³⁾

Engage2Excel, Inc.⁽³⁾

Foundation Risk Partners, Corp.^{(1) (2)}

Foundation Risk Partners, Corp.⁽⁴⁾

Global Radar Holdings,
LLC^{(1) (2)}

Global Radar Holdings, LLC^{(4) (5)}

Higginbotham Insurance Agency, Inc.^{(1) (2)}

Higginbotham Insurance Agency, Inc.^{(4) (5)}

Metametrics, Inc.^{(1) (2)}

Metametrics, Inc.^{(3) (5)}

MSM Acquisitions, Inc.⁽¹⁾

MSM Acquisitions, Inc.^{(1) (2)}

MSM Acquisitions, Inc.^{(3) (4)}

Rep Tec Intermediate Holdings, Inc.⁽⁵⁾

Rep Tec Intermediate Holdings, Inc.^{(1) (2)}

Rep Tec Intermediate Holdings, Inc.^{(3) (4)}

Valcourt Holdings II,
LLC^{(1) (2)}

Valcourt Holdings II, LLC

Valcourt Holdings II,
LLC^{(3) (5)}

AEG Holding Company,
Inc.⁽³⁾

AEG Holding Company,
Inc.⁽⁴⁾

AEG Holding Company,
Inc.^{(1) (2)}

AEG Holding Company,
Inc.⁽³⁾

Blink Holdings, Inc.⁽³⁾

Blink Holdings, Inc.

Blink Holdings, Inc.⁽³⁾

Captain D’s, Inc.^{(1) (2)}

Captain D’s, Inc.⁽³⁾

Freddy’s Frozen Custard, L.L.C⁽¹⁾

Freddy’s Frozen Custard, L.L.C^{(4) (5)}

GPS Hospitality Holding Company LLC⁽³⁾

PF Growth Partners, LLC⁽¹⁾

PF Growth Partners, LLC⁽³⁾

5 Bars, LLC^{(1) (2)}

5 Bars, LLC^{(1) (2)}

Portfolio Company

Interest

5 Bars, LLC⁽⁴⁾

EvolveIP, LLC⁽¹⁾

EvolveIP, LLC^{(1) (2)}

EvolveIP, LLC⁽³⁾

Fatbeam, LLC^{(1) (2)}

Fatbeam, LLC^{(1) (2)}

Fatbeam, LLC^{(1) (2)}

Fatbeam, LLC^{(4) (5)}

Fuze, Inc.^{(1) (4)}

Fuze, Inc.^{(1) (2)}

Fuze, Inc.^{(3) (4)}

Single Digits, Inc.⁽⁵⁾

Single Digits, Inc.^{(1) (2)}

Single Digits, Inc.⁽³⁾

Thrive Buyer, Inc^{(1) (5)}

Thrive Buyer, Inc^{(1) (2)}

Thrive Buyer, Inc^{(4) (5)}

Accelerate Resources Operating, LLC^{(1) (2)}

Accelerate Resources Operating, LLC^{(1) (2)}

Accelerate Resources Operating, LLC⁽³⁾

BCP Raptor II, LLC⁽³⁾

Brazos Delaware II, LLC⁽³⁾

Nine Point Energy, LLC⁽¹⁾

Nine Point Energy, LLC⁽³⁾

Edgewood Partners Holdings LLC⁽³⁾

Purchasing Power, LLC⁽³⁾

American Physician Partners, LLC^{(3) (5)}

American Physician Partners, LLC⁽¹⁾

American Physician Partners, LLC⁽³⁾

American Physician Partners, LLC⁽⁵⁾

American Physician Partners, LLC^{(3) (5)}

Analogic Corporation^{(1) (2)}

Analogic Corporation^{(3) (4)}

Azurity Pharmaceuticals, Inc.^{(1) (2)}

Azurity Pharmaceuticals, Inc.^{(1) (2)}

Azurity Pharmaceuticals, Inc.^{(3) (5)}

BK Medical Holding Company, Inc.^{(1) (2)}

BK Medical Holding Company, Inc.⁽⁴⁾

Caregiver 2, Inc.⁽⁵⁾

Caregiver 2, Inc.⁽⁴⁾

Caregiver 2, Inc.⁽⁴⁾

Portfolio Company

Interest

Coding Solutions Acquisition, Inc^{(1) (2)}

Coding Solutions Acquisition, Inc⁽¹⁾

Coding Solutions Acquisition, Inc^{(4) (5)}

Delaware Valley Management Holdings, Inc.^{(1) (2)}

Delaware Valley Management Holdings, Inc.

Delaware Valley Management Holdings, Inc.

Ethos Veterinary Health LLC^{(1) (3)}

Ethos Veterinary Health LLC⁽³⁾

FH MD Buyer, Inc^{(3) (4)}

GHA Buyer, Inc.⁽³⁾

GHA Buyer, Inc.^{(3) (4)}

GHA Buyer, Inc.^{(1) (5)}

GHA Buyer, Inc.⁽⁴⁾

GHA Buyer, Inc.^{(1) (2)}

GHA Buyer, Inc.⁽³⁾

INH Buyer, Inc.^{(1) (2)}

INH Buyer, Inc.⁽³⁾

Kindeva Drug Delivery L.P.⁽¹⁾

Kindeva Drug Delivery L.P.^{(3) (4)}

Medbridge Holdings, LLC^{(3) (5)}

Medbridge Holdings, LLC^{(1) (2)}

OMH-HealthEdge Holdings, LLC

OMH-HealthEdge Holdings, LLC^{(1) (2)}

OMH-HealthEdge Holdings, LLC⁽³⁾

Pace Health Companies, LLC^{(1) (2)}

Pace Health Companies, LLC⁽³⁾

Pinnacle Dermatology Management, LLC^{(1) (5)}

Pinnacle Dermatology Management, LLC^{(1) (2)}

Pinnacle Dermatology Management, LLC⁽³⁾

Pinnacle Treatment Centers, Inc.⁽⁵⁾

Pinnacle Treatment Centers, Inc.^{(1) (2)}

Pinnacle Treatment Centers, Inc.^{(1) (2)}

Pinnacle Treatment Centers, Inc.^{(4) (5)}

Platinum Dermatology Partners, LLC⁽⁶⁾

Platinum Dermatology Partners, LLC⁽⁷⁾

Platinum Dermatology Partners, LLC

Platinum Dermatology Partners, LLC

RCP Encore Acquisition, Inc.⁽³⁾

Salisbury House, LLC^{(1) (2)}

Salisbury House, LLC^{(3) (4)}

SCA Buyer, LLC⁽⁵⁾

SCA Buyer, LLC⁽¹⁾

SIS Purchaser, Inc.^{(1) (2)}

SIS Purchaser, Inc.^{(3) (4) (5)}

Smile Brands, Inc.⁽⁴⁾

Smile Brands, Inc.^{(1) (2)}

Smile Brands, Inc.⁽³⁾

Portfolio Company

Interest

The Center for Orthopedic and Research Excellence,
Inc.^{(1) (5)}

The Center for Orthopedic and Research Excellence,
Inc.^{(1) (2)}

The Center for Orthopedic and Research Excellence,
Inc.^{(3) (4)}

Theranest, LLC^{(3) (4)}

Theranest, LLC^{(1) (2)}

Theranest, LLC⁽³⁾

Women’s Health USA,
Inc.^{(3) (4)}

Women’s Health USA, Inc.⁽¹⁾

ZBS Alliance Animal Health, LLC^{(3) (4)}

ZBS Alliance Animal Health, LLC⁽¹⁾

ZBS Alliance Animal Health, LLC^{(1) (2)}

ZBS Alliance Animal Health, LLC⁽³⁾

Alphasense, Inc.^{(1) (2) (8)}

Alphasense, Inc.^{(1) (2) (8)}

Alphasense, Inc.^{(4) (8)}

AMI US Holdings, Inc.⁽¹⁾

AMI US Holdings, Inc.⁽³⁾

Arrowstream Acquisition Co., Inc.^{(1) (2)}

Arrowstream Acquisition Co., Inc.⁽⁴⁾

Avetta, LLC^{(1) (2)}

Avetta, LLC^{(3) (4)}

Avetta, LLC⁽³⁾

Businesssolver.com, Inc.⁽³⁾

Businesssolver.com, Inc.⁽⁴⁾

Businesssolver.com, Inc.^{(1) (2)}

Businesssolver.com,
Inc.^{(3) (4) (5)}

Datacor Holdings, Inc.^{(1) (2)}

Datacor Holdings, Inc.^{(1) (2)}

Datacor Holdings, Inc.^{(3) (4)}

Degreed, Inc.

Degreed, Inc.^{(1) (2)}