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2/10/20322025-12-310001982701ck0001982701:TelcorBuyerIncMemberck0001982701:SeniorSecuredDebtFirstLienMemberck0001982701:RevolverMember2025-01-012025-12-310001982701ck0001982701:SeniorSecuredDebtFirstLienMemberck0001982701:RepTecIntermediateHoldingsIncMemberck0001982701:RevolverMember2024-12-310001982701ck0001982701:QuarterlyIncentiveFeeBasisThreeMember2025-01-012025-12-310001982701ck0001982701:LabVantageSolutionsIncMemberck0001982701:SeniorSecuredDebtFirstLienMemberck0001982701:RevolverMember2024-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | Thrive Buyer, Inc. | Technology Hardware, Storage & Peripherals | Term Loan | 10.47% (S + 6.00%; 1.00% Floor) | 1/22/20272024-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | Ping Identity Holding Corp. | Software | Term Loan | 6.43% (S + 2.75%; 0.00% Floor) | 11/15/20322025-12-310001982701ck0001982701:SeniorSecuredDebtFirstLienMemberck0001982701:GsAcquisitionCoIncMemberus-gaap:DelayedDrawTermLoanMember2025-12-310001982701ck0001982701:SeniorSecuredDebtFirstLienMemberck0001982701:RevolverMemberck0001982701:JuniperSquareIncMember2025-01-012025-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | The Center for Orthopedic and Research Excellence, Inc. | Health Care Providers & Services | Delayed Draw Term Loan | 10.73% (S + 6.00%; 1.00% Floor) | 8/15/20252024-12-310001982701us-gaap:RetainedEarningsUnappropriatedMember2023-12-310001982701ck0001982701:MedialabSolutionsLLCMemberck0001982701:SeniorSecuredDebtFirstLienMemberck0001982701:RevolverMember2025-01-012025-12-310001982701ck0001982701:DelayedDrawTermLoanOneMemberck0001982701:WealthEnhancementGroupLLCMemberck0001982701:SeniorSecuredDebtFirstLienMember2024-12-310001982701ck0001982701:CommonClassSMember2025-01-012025-12-310001982701ck0001982701:DelayedDrawTermLoanOneMemberck0001982701:SeniorSecuredDebtFirstLienMemberck0001982701:AdmiralBuyerIncMember2025-01-012025-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | OPOC Acquisition, LLC | Insurance | Term Loan | 9.35% (S + 5.00%; 1.00% Floor) | 12/20/20302024-12-310001982701ck0001982701:AbplfCreditFacilityMember2024-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | Medical Management Resource Group, L.L.C. | Health Care Providers & Services | Revolver | 10.42% (S + 6.00%; 0.75% Floor) | 9/30/20262024-12-310001982701us-gaap:InvestmentUnaffiliatedIssuerMemberck0001982701:FirstLienseniorSecuredDebtMembercountry:US2025-12-310001982701ck0001982701:ScotiaCreditFacilityMember2024-05-010001982701US Corporate Debt | 1st Lien/Senior Secured Debt | Peter C. Foy & Associates Insurance Services, LLC | Insurance | Delayed Draw Term Loan | 9.82% (S + 5.50%; 0.75% Floor) | 11/1/20282024-12-310001982701ck0001982701:ReclassificationsToFundAccountsMember2023-12-310001982701ck0001982701:AppViewXIncMemberck0001982701:SeniorSecuredDebtFirstLienMemberck0001982701:RevolverMember2024-12-310001982701ck0001982701:SecondABPLFCreditFacilityAmendmentMemberus-gaap:RevolvingCreditFacilityMemberus-gaap:SubsequentEventMember2026-02-092026-02-090001982701US Corporate Debt | 1st Lien/Senior Secured Debt | Pinnacle Treatment Centers, Inc. | Health Care Providers & Services | Delayed Draw Term Loan | 10.01% (S + 5.50%; 1.00% Floor) | 1/4/20272024-12-310001982701ck0001982701:FoundationRiskPartnersCorpMemberck0001982701:SeniorSecuredDebtFirstLienMemberck0001982701:RevolverMember2025-01-012025-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | Ranger Buyer, Inc. | Commercial Services & Supplies | Revolver | (S + 4.75%; 0.75% Floor) | 11/18/20272024-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | Greenlight Intermediate II, Inc. | Diversified Telecommunication Services | Delayed Draw Term Loan | 9.42% (S + 5.75%; 0.75% Floor) | 6/1/20292025-12-310001982701ck0001982701:BonterraLLCMemberck0001982701:SeniorSecuredDebtFirstLienMemberck0001982701:RevolverOneMember2025-12-310001982701ck0001982701:BVEMSBuyerIncMemberck0001982701:SeniorSecuredDebtFirstLienMemberck0001982701:RevolverMember2025-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | Honor HN Buyer, Inc. | Health Care Providers & Services | Delayed Draw Term Loan | 9.57% (S + 5.75%; 1.00% Floor) | 10/15/2027 One2025-12-310001982701ck0001982701:SeniorSecuredDebtFirstLienMemberck0001982701:DABlockerCorpMemberck0001982701:RevolverMember2025-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | Peter C. Foy & Associates Insurance Services, LLC | Insurance | Delayed Draw Term Loan | 9.82% (S + 5.50%; 0.75% Floor) | 11/1/2028 | One2024-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | Thrive Buyer, Inc. | Technology Hardware, Storage & Peripherals | Revolver | 11.73% (S + 6.00%; 1.00% Floor) | 1/22/20272024-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | Sako and Partners Lower Holdings LLC | Real Estate Management & Development | Term Loan | 8.17% (S + 4.50%; 1.00% Floor) | 9/15/20282025-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | VS Buyer, LLC | Software | Term Loan | 5.91% (S + 2.25%; 0.00% Floor) | 4/12/20312025-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | EMBECTA CORP | Health Care Equipment & Supplies | Term Loan | 6.68% (S + 3.00%; 0.50% Floor) | 3/30/20292025-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | Vectra AI, Inc. | Software | Term Loan | 9.20% (S + 5.25%; 1.00% Floor) | 3/2/20282025-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | LeadVenture, Inc. | Automobile Components | Term Loan | 8.92% (S + 4.75%; 0.75% Floor) | 6/23/20322025-12-310001982701us-gaap:FairValueInputsLevel3Memberus-gaap:FinancialServicesSectorMemberck0001982701:SecondLienJuniorSecuredDebtMemberus-gaap:SeniorDebtObligationsMember2025-12-310001982701ck0001982701:FirstLienSeniorSecuredDebtAtTwoThreeTwoPointNineFourPercentageMember2024-12-3100019827012024-05-010001982701ck0001982701:ABEquityInvestorsLPMember2024-12-310001982701ck0001982701:VisionaryBuyerLLCMemberck0001982701:SeniorSecuredDebtFirstLienMemberck0001982701:RevolverMember2025-01-012025-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | Community Based Care Acquisition, Inc. | Health Care Providers & Services | Delayed Draw Term Loan | 9.67% (S + 5.25%; 1.00% Floor) | 9/16/20272024-12-310001982701ck0001982701:NcTopcoLlcMemberck0001982701:SeniorSecuredDebtFirstLienMemberck0001982701:RevolverMember2024-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | EMRLD BORROWER LP | Electrical Equipment | Term Loan | 5.82% (S + 2.25%; 0.00% Floor) | 5/31/20302025-12-310001982701ck0001982701:SeniorSecuredDebtFirstLienMemberus-gaap:DelayedDrawTermLoanMemberck0001982701:DLRdmvLLCMember2024-12-310001982701ck0001982701:AmercareroyalLlcMemberck0001982701:SeniorSecuredDebtFirstLienMemberck0001982701:RevolverMember2024-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | VIRGIN MEDIA BRISTOL LLC | Term Loan | 8.18% (S + 5.00%) | 1/31/20292024-12-310001982701ck0001982701:PATRIOTACQUIRECOLLCMemberck0001982701:SeniorSecuredDebtFirstLienMemberck0001982701:RevolverMember2025-01-012025-12-310001982701us-gaap:RevolvingCreditFacilityMemberck0001982701:SecondABPLFCreditFacilityAmendmentMembersrt:MinimumMembersrt:ScenarioForecastMember2026-05-022026-05-020001982701US Corporate Debt | 1st Lien/Senior Secured Debt | Einstein Parent, Inc.| Software | Revolver | (S + 6.50%; 0.75% Floor) | 1/22/20312025-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | AAH Topco, LLC | Health Care Providers & Services | Delayed Draw Term Loan | 9.06% (S + 5.25%; 0.75% Floor) | 12/22/20272025-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | KPA Parent Holdings, Inc | Automobiles | Delayed Draw Term Loan | — (S + 4.50%; 0.75% Floor) | 3/12/20322025-12-3100019827012025-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | Admiral Buyer, Inc. | Financial Services | Delayed Draw Term Loan | 8.77% (S + 5.00%; 0.75% Floor) | 12/6/20292025-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | Transtelco Holding, Inc. | Diversified Telecommunication Services | Term Loan | 9.82% (S + 5.50%; 1.00% Floor) | 3/26/20262024-12-310001982701ck0001982701:ExpenseSupportAgreementMember2025-11-012025-11-300001982701ck0001982701:SeniorSecuredDebtFirstLienMemberck0001982701:RevolverMemberck0001982701:ZendeskIncMember2024-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | Amercare Royal LLC | Commercial Services & Supplies | Term Loan | 9.35% (S + 5.00%; 1.00% Floor) | 9/10/20302024-12-310001982701ck0001982701:AzuriteIntermediateHoldingsIncMemberck0001982701:SeniorSecuredDebtFirstLienMemberck0001982701:RevolverMember2025-01-012025-12-310001982701ck0001982701:CapitalGainsIncentiveFeeMember2024-01-012024-12-310001982701ck0001982701:SecondNatureBrandsIncMemberck0001982701:SeniorSecuredDebtFirstLienMemberck0001982701:RevolverMember2024-12-310001982701us-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:CorporateDebtSecuritiesMembercountry:PR2024-12-310001982701ck0001982701:AvantCommunicationsLLCMemberck0001982701:SeniorSecuredDebtFirstLienMemberck0001982701:RevolverMember2024-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | Mavenlink, Inc. | Professional Services | Term Loan | 11.17% (S + 2.00%; 0.75% Floor; 4.50% PIK) | 6/3/20272024-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | Pinnacle Treatment Centers, Inc. | Health Care Providers & Services | Term Loan | 9.66% (S + 5.75%; 1.00% Floor) | 1/4/2027 | One2025-12-310001982701ck0001982701:SalisburyHouseLLCMemberck0001982701:SeniorSecuredDebtFirstLienMemberck0001982701:RevolverMember2025-01-012025-12-310001982701ck0001982701:LabVantageSolutionsIncMemberck0001982701:SeniorSecuredDebtFirstLienMemberck0001982701:RevolverMember2025-01-012025-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | Quirch Foods Holdings, LLC | Food Products | Term Loan | 10.34% (S + 6.50%; 1.00% Floor) | 11/12/20302025-12-310001982701ck0001982701:ExpenseSupportAgreementMember2023-06-012023-06-300001982701us-gaap:RevolvingCreditFacilityMemberck0001982701:FirstABPLFCreditFacilityAmendmentMemberck0001982701:ClassATMembersrt:MaximumMember2025-02-242025-02-240001982701US Corporate Debt | 1st Lien/Senior Secured Debt | Sauce Labs Inc | Software | Revolver | (S + 5.50%; 1.00% Floor) | 8/16/20272025-12-310001982701ck0001982701:NonControlledOrNonaffiliatedInvestmentsMember2023-06-082023-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | BOOTS GROUP BIDCO LTD | Personal Care Products | Term Loan | 7.18% (S + 3.50%; 0.00% Floor) | 8/30/20322025-12-310001982701ck0001982701:SeniorSecuredDebtFirstLienMemberck0001982701:DLRdmvLLCMemberck0001982701:RevolverMember2025-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | LivTech Purchaser, Inc. | Health Care Providers & Services | Revolver | (S + 5.00%; 0.75% Floor) | 11/24/20312025-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | Sako and Partners Lower Holdings LLC | Real Estate Management & Development | Revolver | 8.20% (S + 4.50%; 1.00% Floor) | 9/15/20282025-12-310001982701ck0001982701:SeniorSecuredDebtFirstLienMemberus-gaap:DelayedDrawTermLoanMemberck0001982701:PriorityOndemandMidco2LPMember2024-12-310001982701us-gaap:MoneyMarketFundsMemberus-gaap:FairValueInputsLevel1Memberus-gaap:CashEquivalentsMember2024-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | Nasuni Corporation | Software | Term Loan | 8.67% (S + 5.00%; 0.75% Floor) | 9/10/20302025-12-310001982701ck0001982701:NovemberThirdTwoThousandTwentyFiveMember2025-01-012025-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | Ping Identity Holding Corp. | Software | Revolver | (S + 4.75%; 0.75% Floor) | 10/17/20282024-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | Foundation Risk Partners, Corp. | Insurance | Term Loan | 9.57% (S + 5.25%; 0.75% Floor) | 10/29/20302024-12-310001982701ck0001982701:ReclassificationsToFundAccountsMember2025-12-310001982701ck0001982701:SalisburyHouseLLCMemberck0001982701:SeniorSecuredDebtFirstLienMemberus-gaap:DelayedDrawTermLoanMember2025-12-310001982701ck0001982701:UngerboeckSystemsInternationalLLCMemberck0001982701:SeniorSecuredDebtFirstLienMemberck0001982701:RevolverMember2024-12-3100019827012023-06-082023-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | Avant Communications, LLC | Diversified Telecommunication Services | Term Loan | 9.47% (S + 5.00%; 1.00% Floor) | 11/30/20262024-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | Admiral Buyer, Inc. | Financial Services | Delayed Draw Term Loan | (S + 5.00%; 0.75% Floor) | 12/6/20292025-12-310001982701ck0001982701:VisionaryBuyerLLCMemberck0001982701:SeniorSecuredDebtFirstLienMemberck0001982701:RevolverMember2024-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | Amercare Royal LLC | Commercial Services & Supplies | Delayed Draw Term Loan | — (S + 5.00%; 1.00% Floor) | 9/10/20302024-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | HIG Operations Holdings, INC | Insurance | Term Loan | 8.21% (S + 4.50%; 1.00% Floor) | 6/11/20312025-12-310001982701ck0001982701:O2025Q4OnEighteenDecemberTwoThousandAndTwentyFiveDividendsMemberck0001982701:ClassISharesMember2025-01-012025-12-310001982701us-gaap:FairValueInputsLevel3Memberus-gaap:FinancialServicesSectorMemberck0001982701:FirstLienseniorSecuredDebtMemberus-gaap:SeniorDebtObligationsMember2025-12-310001982701ck0001982701:HonorHNBuyerIncMemberck0001982701:SeniorSecuredDebtFirstLienMemberck0001982701:RevolverMember2025-01-012025-12-310001982701ck0001982701:BannekerVAcquisitionMemberck0001982701:SeniorSecuredDebtFirstLienMemberck0001982701:RevolverMember2025-12-310001982701ck0001982701:ExpenseSupportAgreementMember2024-12-012024-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | Saab Purchaser, Inc. | Banks | Revolver | (S + 4.75%; 0.75% Floor) | 11/12/20312025-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | Greenlight Intermediate II, Inc. | Diversified Telecommunication Services | Term Loan | 9.97% (S + 5.50%; 0.75% Floor) | 6/1/20282024-12-310001982701us-gaap:FairValueInputsLevel3Member2025-01-012025-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | Mr. Greens Intermediate, LLC | Food & Staples Retailing | Delayed Draw Term Loan | (S + 6.25%; 1.00% Floor) | 5/1/20292024-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | Joink, LLC. | Diversified Telecommunication Services | Delayed Draw Term Loan | (S + 5.25%; 1.00% Floor) | 10/4/20302024-12-310001982701ck0001982701:SeniorSecuredDebtFirstLienMemberck0001982701:QuestAnalyticsIncMemberck0001982701:RevolverMember2024-12-310001982701us-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputCommodityMarketPriceMemberck0001982701:DecreaseOnImpactMemberck0001982701:MarketYieldAnalysisMemberck0001982701:FirstLienseniorSecuredDebtMemberus-gaap:SeniorDebtObligationsMember2024-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | CD+R HYDRA BUYER INC | Machinery | Term Loan | 7.78% (S + 4.10%; 0.00% Floor) | 3/25/20312025-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | Priority OnDemand Midco 2, L.P. | Health Care Equipment & Supplies | Delayed Draw Term Loan | 9.13% (S + 5.25%; 1.00% Floor) | 7/17/20282025-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | Last Dance Intermediate I©, LLC | Diversified Telecommunication Services | Term Loan | 8.96% (S + 5.25%; 0.75% Floor) | 3/31/2031 One2025-12-310001982701ck0001982701:ExpenseSupportAgreementMember2025-04-012025-04-300001982701US Corporate Debt | 1st Lien/Senior Secured Debt | GS AcquisitionCo, Inc. | Diversified Financial Services | Delayed Draw Term Loan | 9.57% (S + 5.25%; 0.75% Floor) | 5/25/20282024-12-310001982701us-gaap:RevolvingCreditFacilityMemberck0001982701:ScotiaMemberck0001982701:SeniorSecuredCreditAgreementMember2024-05-022024-05-020001982701US Corporate Debt | 1st Lien/Senior Secured Debt | Amivie Acquisition, Inc. | Health Care Providers & Services | Delayed Draw Term Loan | 9.02% (S + 5.25%; 0.75% Floor) | 9/16/20272025-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | OPOC Acquisition, LLC | Insurance | Revolver | (S + 5.00%; 1.00% Floor) | 12/20/20302025-12-310001982701ck0001982701:SeniorSecuredDebtFirstLienMemberck0001982701:AAHTopcoLLCMemberck0001982701:RevolverMember2024-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | The Center for Orthopedic and Research Excellence, Inc. | Health Care Providers & Services | Delayed Draw Term Loan | 9.97% (S + 6.00%; 1.00% Floor) | 12/31/20262025-12-310001982701ck0001982701:SeniorSecuredDebtFirstLienMemberck0001982701:QuestAnalyticsIncMemberus-gaap:DelayedDrawTermLoanMember2025-12-310001982701ck0001982701:PaceHealthCompaniesLLCMemberck0001982701:SeniorSecuredDebtFirstLienMemberus-gaap:DelayedDrawTermLoanMember2025-01-012025-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | KPA Parent Holdings, Inc | Automobiles | Term Loan | 8.21% (S + 4.50%; 0.75% Floor) | 3/12/20322025-12-310001982701ck0001982701:ExpenseSupportAgreementMember2024-07-012024-07-310001982701ck0001982701:ScotiaMemberck0001982701:SeniorSecuredCreditAgreementMemberus-gaap:DomesticLineOfCreditMember2024-05-020001982701US Corporate Debt | 1st Lien/Senior Secured Debt | NC Topco, LLC | Banks | Revolver | (S + 4.50%; 0.75% Floor) | 9/1/20312025-12-310001982701ck0001982701:SeniorSecuredDebtFirstLienMemberck0001982701:RepTecIntermediateHoldingsIncMemberck0001982701:RevolverMember2025-01-012025-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | Last Dance Intermediate I©, LLC | Diversified Telecommunication Services | Revolver | — (S + 5.25%; 0.75% Floor) | 3/31/20312025-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | Darktrace Finco US LLC | Software | Term Loan | 6.91% (S + 3.25%; 0.00% Floor) | 10/9/20312025-12-310001982701ck0001982701:GsAcquisitionCoIncMemberck0001982701:SeniorSecuredDebtFirstLienMemberck0001982701:RevolverMember2025-12-310001982701us-gaap:RevolvingCreditFacilityMemberck0001982701:AbplfTermLoanMember2025-12-310001982701ck0001982701:OPOCAcquisitionLLCMemberck0001982701:SeniorSecuredDebtFirstLienMemberus-gaap:DelayedDrawTermLoanMember2025-01-012025-12-3100019827012023-01-012023-12-310001982701ck0001982701:FullsteamOperationsLlcMemberck0001982701:SeniorSecuredDebtFirstLienMemberck0001982701:RevolverMember2024-12-310001982701ck0001982701:FirstLienSeniorSecuredDebtAtZeroPointFiveSixPercentageMember2025-12-310001982701ck0001982701:SeniorSecuredDebtFirstLienMemberus-gaap:DelayedDrawTermLoanMemberck0001982701:CommunityBasedCareAcquisitionMember2025-01-012025-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | Greenlight Intermediate II, Inc. | Diversified Telecommunication Services | Delayed Draw Term Loan | 9.97% (S + 5.50%; 0.75% Floor) | 6/1/20282024-12-310001982701ck0001982701:SeniorSecuredDebtFirstLienMemberck0001982701:RevolverMemberck0001982701:SauceLabsIncMember2024-12-310001982701ck0001982701:TelcorBuyerIncMemberck0001982701:SeniorSecuredDebtFirstLienMemberck0001982701:RevolverMember2024-12-310001982701us-gaap:CashEquivalentsMember2024-12-310001982701ck0001982701:OtherLongTermDebtMember2025-12-310001982701ck0001982701:NmiAcquisitioncoIncMemberck0001982701:SeniorSecuredDebtFirstLienMemberck0001982701:RevolverMember2025-01-012025-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | Amercare Royal LLC | Commercial Services & Supplies | Revolver | 9.35% (S + 5.00%; 1.00% Floor) | 9/10/20302024-12-310001982701us-gaap:MeasurementInputCommodityMarketPriceMemberus-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberck0001982701:DecreaseOnImpactMemberck0001982701:FirstLienseniorSecuredDebtMemberck0001982701:MarketYieldAnalysisMemberus-gaap:SeniorDebtObligationsMember2024-01-012024-12-310001982701ck0001982701:FullsteamOperationsLlcMemberck0001982701:SeniorSecuredDebtFirstLienMemberck0001982701:RevolverMember2025-01-012025-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | Bonterra, LLC | Diversified Consumer Services | Revolver | 8.43% (S + 4.75%; 0.75% Floor) | 3/5/20322025-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | Zendesk, Inc. | Software | Term Loan | 8.68% (S + 5.00%; 0.75% Floor) | 11/22/20282025-12-310001982701ck0001982701:ABEquityInvestorsLPMember2025-12-310001982701ck0001982701:SeniorSecuredDebtFirstLienMemberus-gaap:DelayedDrawTermLoanMemberck0001982701:DLRdmvLLCMember2025-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | NMI Acquisitionco, Inc. | Internet and Direct Marketing Retail | Delayed Draw Term Loan | 9.45% (S + 5.00%; 0.75% Floor) | 9/6/20282024-12-310001982701ck0001982701:ManagingDealerAgreementMemberck0001982701:CommonClassSMember2024-08-072024-08-070001982701ck0001982701:BVEMSBuyerIncMemberck0001982701:SeniorSecuredDebtFirstLienMemberck0001982701:RevolverMember2025-01-012025-12-310001982701us-gaap:FairValueInputsLevel3Memberck0001982701:MeasurementInputRedemptionPriceMemberck0001982701:FirstLienseniorSecuredDebtMemberus-gaap:SeniorDebtObligationsMemberck0001982701:ExpectedRepaymentMemberck0001982701:IncreaseOnImpactMember2024-12-310001982701ck0001982701:QuirchFoodsHoldingsLLCMemberck0001982701:SeniorSecuredDebtFirstLienMemberus-gaap:DelayedDrawTermLoanMember2025-12-310001982701us-gaap:InvestmentUnaffiliatedIssuerMemberck0001982701:InvestmentCompaniesInvestmentMembercountry:US2025-12-310001982701ck0001982701:SecondLienJuniorSecuredDebtAtZeroPointFiveZeroPercentageMember2025-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | Juniper Square, Inc. | Financial Services | Delayed Draw Term Loan | — (S + 4.75%; 0.75% Floor) | 11/6/2031 One2025-12-3100019827012024-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | Last Dance Intermediate I©, LLC | Diversified Telecommunication Services | Delayed Draw Term Loan | 8.96% (S + 5.25%; 0.75% Floor) | 3/31/20312025-12-310001982701ck0001982701:PamlicoAvantHoldingsLPMemberck0001982701:SeniorSecuredDebtFirstLienMemberck0001982701:RevolverMember2025-12-310001982701ck0001982701:ThriveBuyerIncOneMemberck0001982701:SeniorSecuredDebtFirstLienMemberck0001982701:RevolverMember2025-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | BV EMS Buyer, Inc. | Health Care Technology | Delayed Draw Term Loan | 9.06% (S + 5.25%; 1.00% Floor) | 11/23/20272025-12-310001982701ck0001982701:SandstoneCareHoldingsLLCMemberck0001982701:SeniorSecuredDebtFirstLienMemberus-gaap:DelayedDrawTermLoanMember2025-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | Sauce Labs Inc | Software | Term Loan | 10.68% (S + 5.50%; 1.00% Floor; 0.50% PIK) | 8/16/20272024-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | Ranger Buyer, Inc. | Commercial Services & Supplies | Term Loan | 8.42% (S + 4.75%; 0.75% Floor) | 11/20/20282025-12-310001982701ck0001982701:PingIdentityCorporationMemberck0001982701:SeniorSecuredDebtFirstLienMemberck0001982701:RevolverMember2024-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | EET Buyer, Inc. | Construction & Engineering | Revolver | — (S + 5.00%; 0.75% Floor) | 11/8/20272024-12-310001982701ck0001982701:ContruentIntermediateCompanyMemberck0001982701:SeniorSecuredDebtFirstLienMemberck0001982701:RevolverMember2025-01-012025-12-310001982701ck0001982701:SeniorSecuredDebtFirstLienMemberus-gaap:DelayedDrawTermLoanMemberck0001982701:LevelDataLLCMember2024-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | EET Buyer, Inc.| Construction & Engineering | Term Loan | 8.59% (S + 4.75%; 0.75% Floor) | 11/8/20272025-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | Unlimited Technology Holdings, LLC | Health Care Technology | Revolver | (S + 4.50%; 0.75% Floor) | 3/12/20322025-12-310001982701ck0001982701:RidgeTrailUsBidcoIncMemberck0001982701:SeniorSecuredDebtFirstLienMemberck0001982701:RevolverMember2024-12-310001982701ck0001982701:ClassISharesMemberck0001982701:O2024Q4OnTwentyEightNovemberTwoThousandAndTwentyFourDividendsMember2024-01-012024-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | Greenlight Intermediate II, Inc. | Diversified Telecommunication Services | Term Loan | 9.42% (S + 5.75%; 0.75% Floor) | 6/1/20292025-12-310001982701ck0001982701:SeniorSecuredDebtFirstLienMemberck0001982701:ExterroIncMemberck0001982701:RevolverMember2024-12-310001982701ck0001982701:SecondLienJuniorSecuredDebtMemberus-gaap:InvestmentUnaffiliatedIssuerMembercountry:US2024-12-310001982701ck0001982701:ClassISharesMember2023-01-012023-12-310001982701ck0001982701:FusionHoldingCorpMemberck0001982701:SeniorSecuredDebtFirstLienMemberck0001982701:RevolverMember2025-12-310001982701ck0001982701:ExpenseSupportAgreementMember2025-07-012025-07-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | LivTech Purchaser, Inc. | Health Care Providers & Services | Revolver | (S + 4.50%; 0.75% Floor) | 11/24/20312024-12-310001982701ck0001982701:ExpenseSupportAgreementMember2024-10-012024-10-310001982701ck0001982701:ClassA-RAndClassA-TLoansMemberck0001982701:SecondABPLFCreditFacilityAmendmentMemberus-gaap:RevolvingCreditFacilityMembersrt:MinimumMembersrt:ScenarioForecastMember2026-05-032026-05-030001982701US Corporate Debt | 1st Lien/Senior Secured Debt | MSP Global Holdings, Inc. | Technology Hardware, Storage & Peripherals | Delayed Draw Term Loan | 9.31% (S + 5.50%; 1.00% Floor) | 4/9/20292025-12-310001982701ck0001982701:OneMonthSLoansMember2025-01-012025-12-310001982701ck0001982701:UKCorporateFirstLienSeniorSecuredDebtZeroPointSevenEightPercentageMember2024-12-310001982701ck0001982701:Mr.GreensIntermediateLlcMemberck0001982701:SeniorSecuredDebtFirstLienMemberck0001982701:RevolverMember2025-12-310001982701ck0001982701:SeniorSecuredDebtFirstLienMemberck0001982701:GsAcquisitionCoIncMemberus-gaap:DelayedDrawTermLoanMember2025-01-012025-12-310001982701ck0001982701:JoinkLLCMemberck0001982701:SeniorSecuredDebtFirstLienMemberus-gaap:DelayedDrawTermLoanMember2024-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | AAH Topco, LLC | Health Care Providers & Services | Term Loan | 9.06% (S + 5.25%; 0.75% Floor) | 12/22/20272025-12-310001982701ck0001982701:MedialabSolutionsLLCMemberck0001982701:SeniorSecuredDebtFirstLienMemberck0001982701:RevolverMember2025-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | Wealth Enhancement Group, LLC | Financial Services | Delayed Draw Term Loan | 8.48% (S + 4.50%; 1.00% Floor) | 10/2/2028 | One2025-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | GHA Buyer, Inc. | Health Care Technology | Term Loan | 9.82% (S + 5.50%; 1.00% Floor) | 6/24/2026 | Three2024-12-310001982701ck0001982701:SeniorSecuredDebtFirstLienMemberck0001982701:RevolverMemberck0001982701:JuniperSquareIncMember2025-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | Honor HN Buyer, Inc. | Health Care Providers & Services | Delayed Draw Term Loan | (S + 5.75%; 1.00% Floor) | 10/15/20272024-12-310001982701ck0001982701:SeniorSecuredDebtFirstLienMemberck0001982701:RevolverMemberck0001982701:AdmiralBuyerIncMember2024-12-310001982701ck0001982701:OneMonthSLoansMember2024-01-012024-12-310001982701ck0001982701:SeniorSecuredDebtFirstLienMemberus-gaap:DelayedDrawTermLoanMemberck0001982701:AdmiralBuyerIncMember2025-01-012025-12-310001982701srt:MinimumMember2024-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | Quest Analytics Inc. | Health Care Technology | Delayed Draw Term Loan | (S + 4.25%; 0.50% Floor) | 11/10/20322025-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | REP TEC Intermediate Holdings, Inc. | Professional Services | Revolver | (S + 5.00%; 1.00% Floor) | 12/1/20272024-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | Mr. Greens Intermediate, LLC | Food Products | Term Loan | 9.70% (S + 5.75%; 1.00% Floor) | 5/1/2031 One2025-12-310001982701us-gaap:FinancialServicesSectorMemberus-gaap:FairValueInputsLevel2Memberck0001982701:FirstLienseniorSecuredDebtMemberus-gaap:SeniorDebtObligationsMember2024-12-310001982701us-gaap:FairValueInputsLevel3Memberck0001982701:SecondLienJuniorSecuredDebtMemberus-gaap:SeniorDebtObligationsMember2025-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | Amivie Acquisition, Inc. | Health Care Providers & Services | Revolver | (S + 5.25%; 1.00% Floor) | 9/16/20272025-12-310001982701ck0001982701:AbplfTermLoanMember2025-12-310001982701us-gaap:RevolvingCreditFacilityMemberck0001982701:FirstABPLFCreditFacilityAmendmentMembersrt:MinimumMemberck0001982701:ClassARMember2025-02-242025-02-240001982701ck0001982701:SeniorSecuredDebtFirstLienMemberck0001982701:AAHTopcoLLCMemberck0001982701:RevolverMember2025-12-310001982701ck0001982701:AffiliateOfTheAdvisorMemberck0001982701:CommonStockClassIMember2024-05-010001982701US Corporate Debt | 1st Lien/Senior Secured Debt | Sauce Labs Inc | Software | Delayed Draw Term Loan | 9.94% (S + 5.50%; 1.00% Floor; 0.50% PIK) | 8/16/20272025-12-310001982701ck0001982701:NcTopcoLlcMemberck0001982701:SeniorSecuredDebtFirstLienMemberck0001982701:RevolverMember2025-12-310001982701ck0001982701:ClassISharesMemberck0001982701:O2025Q1OnTwentyOneFebruaryTwoThousandAndTwentyFiveDividendsMember2025-01-012025-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | NMI Acquisitionco, Inc. | Internet and Direct Marketing Retail | Term Loan | 9.45% (S + 5.00%; 0.75% Floor) | 9/6/2028 | Three2024-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | Serrano Parent, LLC | Software | Term Loan | 10.36% (S + 6.50%; 1.00% Floor) | 5/13/20302025-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | Vectra AI, Inc. | Software | Delayed Draw Term Loan | 9.20% (S + 5.25%; 1.00% Floor) | 3/2/20282025-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | Vectra AI, Inc. | Software | Delayed Draw Term Loan | 9.98% (S + 5.25%; 1.00% Floor) | 3/2/20282024-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | MMP Intermediate, LLC. | Hotels, Restaurants & Leisure | Revolver | (S + 6.25%; 1.00% Floor) | 2/15/20292024-12-310001982701ck0001982701:ClassISharesMemberck0001982701:O2025Q2OnTwentyJuneTwoThousandAndTwentyFiveDividendsMember2025-06-300001982701US Corporate Debt | 1st Lien/Senior Secured Debt | Metropolis Technologies, Inc. | Commercial Services & Supplies | Term Loan | 8.93% (S + 5.25%; 0.00% Floor) | 11/3/20322025-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | OPOC Acquisition, LLC | Insurance | Revolver | 9.35% (S + 5.00%; 1.00% Floor) | 12/20/20302024-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | Redwood Family Care Network, Inc. | Health Care Providers & Services | Delayed Draw Term Loan | 9.17% (S + 5.50%; 1.00% Floor) | 6/19/2028 | One2025-12-310001982701ck0001982701:ExpenseSupportAgreementMember2024-06-012024-06-300001982701ck0001982701:SeniorSecuredDebtFirstLienMemberck0001982701:RevolverMemberck0001982701:SauceLabsIncMember2025-01-012025-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | Contruent Intermediate Company | Construction & Engineering | Term Loan | 9.50% (S + 5.75%; 0.75% Floor) | 11/14/20312025-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | Prism Bidco, Inc. | Health Care Technology | Term Loan | 8.68% (S + 5.00%; 0.00% Floor) | 10/15/20322025-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | Tau Buyer, LLC | Technology Hardware, Storage & Peripherals | Term Loan | 8.17% (S + 4.75%; 0.75% Floor) | 2/2/20322025-12-310001982701ck0001982701:USCorporateDebtAtTwoZeroFivePointZeroFourPercentageMember2025-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | Sauce Labs Inc | Software | Delayed Draw Term Loan | 9.94% (S + 5.50%; 1.00% Floor; 0.50% PIK) | 8/16/2027 | One2025-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | Admiral Buyer, Inc. | Financial Services | Delayed Draw Term Loan | 8.73% (S + 5.00%; 0.75% Floor) | 12/6/20292025-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | LIBERTY TIRE RECYCL HOLDCO LLC | Automobile Components | Term Loan | 7.43% (S + 3.75%; 0.00% Floor) | 10/28/20302025-12-310001982701ck0001982701:DelayedDrawTermLoanOneMemberck0001982701:VisionaryBuyerLLCMemberck0001982701:SeniorSecuredDebtFirstLienMember2024-12-310001982701ck0001982701:ExpenseSupportAgreementMember2025-02-012025-02-280001982701ck0001982701:SeniorSecuredDebtFirstLienMemberck0001982701:MSPGlobalHoldingsIncMemberck0001982701:RevolverMember2024-12-310001982701ck0001982701:NmiAcquisitioncoIncMemberck0001982701:SeniorSecuredDebtFirstLienMemberck0001982701:RevolverMember2024-12-310001982701ck0001982701:SeniorSecuredDebtFirstLienMemberck0001982701:SaabPurchaserIncMemberck0001982701:RevolverMember2025-12-310001982701ck0001982701:ExpenseSupportAndConditionalReimbursementAgreementMember2025-01-012025-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | Mr. Greens Intermediate, LLC | Food Products | Term Loan | 9.70% (S + 5.75%; 1.00% Floor) | 5/1/20312025-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | NMI Acquisitionco, Inc. | Financial Services | Delayed Draw Term Loan | 8.31% (S + 4.50%; 0.75% Floor) | 9/6/20282025-12-310001982701us-gaap:FairValueInputsLevel1Memberus-gaap:CashEquivalentsMember2024-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | BV EMS Buyer, Inc. | Health Care Technology | Revolver | 9.06% (S + 5.25%; 1.00% Floor) | 11/23/20272025-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | Azurite Intermediate Holdings, Inc. | Software | Term Loan | 9.71% (S + 6.00%; 0.75% Floor) | 3/19/20312025-12-310001982701ck0001982701:ClassISharesMemberck0001982701:EquitableHoldingsIncMember2024-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | Brightspot Buyer, Inc. | Media | Term Loan | 11.11% (S + 6.50%; 0.75% Floor) | 11/16/2027 One2024-12-310001982701ck0001982701:MistHoldingCoMemberck0001982701:SeniorSecuredDebtFirstLienMemberck0001982701:RevolverMember2025-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | Bridgepointe Technologies, LLC | Technology Hardware, Storage & Peripherals | Term Loan | 8.67% (S + 5.00%; 1.00% Floor) | 12/31/20272025-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | Mist Holding Co. | Health Care Technology | Delayed Draw Term Loan | — (S + 5.25%; 0.75% Floor) | 12/23/20302025-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | Exterro, Inc. | Software | Revolver | — (S + 5.50%; 1.00% Floor) | 6/1/20272024-12-310001982701ck0001982701:SeniorSecuredDebtFirstLienMemberus-gaap:DelayedDrawTermLoanMemberck0001982701:TauBuyerLLCMember2025-01-012025-12-310001982701ck0001982701:SeniorSecuredDebtFirstLienMemberck0001982701:QuestAnalyticsIncMemberus-gaap:DelayedDrawTermLoanMember2024-12-310001982701us-gaap:FairValueInputsLevel1Member2025-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | Fusion Holding, Corp. | Software | Revolver | 2.% (S + 5.25%; 0.75% Floor) | 9/15/20272025-12-310001982701ck0001982701:SeniorSecuredDebtFirstLienMemberus-gaap:DelayedDrawTermLoanMemberck0001982701:AAHTopcoLLCMember2025-01-012025-12-310001982701us-gaap:RevolvingCreditFacilityMemberck0001982701:ClassARMemberck0001982701:AbplfCreditFacilityMemberck0001982701:EightMonthMember2024-05-022024-05-020001982701us-gaap:RevolvingCreditFacilityMembersrt:ScenarioForecastMemberck0001982701:AbplfCreditFacilityMembersrt:MaximumMember2026-05-022026-05-020001982701US Corporate Debt | 1st Lien/Senior Secured Debt | Slipstream IT, LLC | Software | Revolver | (S + 4.50%; 0.75% Floor) | 8/1/20312025-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | Admiral Buyer, Inc. | Diversified Financial Services | Delayed Draw Term Loan | 9.85% (S + 5.50%; 0.75% Floor) | 5/8/20282024-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | Cerifi, LLC | Banks | Revolver | 9.56% (S + 5.75%; 1.00% Floor) | 4/1/20272025-12-310001982701ck0001982701:FoundationRiskPartnersCorpMemberck0001982701:SeniorSecuredDebtFirstLienMemberck0001982701:RevolverMember2025-12-310001982701ck0001982701:CommonClassIMemberck0001982701:ManagingDealerAgreementMember2024-08-072024-08-070001982701ck0001982701:ExpenseSupportAgreementMember2025-12-012025-12-310001982701ck0001982701:SeniorSecuredDebtFirstLienMemberck0001982701:RevolverMemberck0001982701:SerranoParentLlcMember2025-12-310001982701ck0001982701:RevauAdvancedUnderwritingIncMemberck0001982701:SeniorSecuredDebtFirstLienMemberus-gaap:DelayedDrawTermLoanMember2024-12-310001982701ck0001982701:SLIPSTREAMITLLCMemberck0001982701:SeniorSecuredDebtFirstLienMemberck0001982701:RevolverOneMember2025-01-012025-12-310001982701ck0001982701:SecondLienJuniorSecuredDebtAtZeroPointSevenSevenPercentageMember2024-12-310001982701us-gaap:RevolvingCreditFacilityMemberck0001982701:FirstABPLFCreditFacilityAmendmentMembersrt:MinimumMemberck0001982701:ClassATMember2025-02-242025-02-240001982701ck0001982701:DelayedDrawTermLoanOneMemberck0001982701:SeniorSecuredDebtFirstLienMemberck0001982701:AdmiralBuyerIncMember2024-12-310001982701ck0001982701:SeniorSecuredDebtFirstLienMemberus-gaap:DelayedDrawTermLoanMemberck0001982701:DABlockerCorpMember2024-12-310001982701ck0001982701:AbMember2024-04-302024-04-300001982701ck0001982701:RevauAdvancedUnderwritingIncMemberck0001982701:SeniorSecuredDebtFirstLienMemberus-gaap:DelayedDrawTermLoanMember2025-12-310001982701ck0001982701:SeniorSecuredDebtFirstLienMemberck0001982701:RevolverMemberck0001982701:AdmiralBuyerIncMember2025-12-310001982701us-gaap:FairValueInputsLevel3Member2024-01-012024-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | LivTech Purchaser, Inc. | Health Care Providers & Services | Term Loan | 8.67% (S + 5.00%; 0.75% Floor) | 11/24/20312025-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | Azurite Intermediate Holdings, Inc. | Software | Revolver | — (S + 6.50%; 0.75% Floor) | 3/19/20312024-12-310001982701ck0001982701:SeniorSecuredDebtFirstLienMemberck0001982701:RevolverMemberck0001982701:ZendeskIncMember2025-01-012025-12-310001982701ck0001982701:PATRIOTACQUIRECOLLCMemberck0001982701:SeniorSecuredDebtFirstLienMemberck0001982701:RevolverMember2024-12-310001982701ck0001982701:ExpenseSupportAgreementMember2024-01-012024-01-310001982701us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001982701:ScotiaMemberck0001982701:SeniorSecuredCreditAgreementMemberus-gaap:DomesticLineOfCreditMember2024-05-022024-05-020001982701ck0001982701:SeniorSecuredDebtFirstLienMemberck0001982701:RevolverMemberck0001982701:BHGHoldingsLLCMember2025-01-012025-12-310001982701UK Corporate Debt | UK 1st Lien/Senior Secured Debt | Labvantage Solutions Inc. | Pharmaceuticals | Revolver | — (S + 5.25%; 1.00% Floor) | 12/23/20302025-12-310001982701ck0001982701:SeniorSecuredDebtFirstLienMemberck0001982701:ExterroIncMemberus-gaap:DelayedDrawTermLoanMember2024-12-310001982701Canadian Corporate Debt | Canada 1st Lien/Senior Secured Debt | RevauAdvanced Underwriting Inc. | Insurance | Term Loan | 8.46% (S + 4.75%; 0.75% Floor) | 5/10/20322025-12-310001982701us-gaap:RevolvingCreditFacilityMemberck0001982701:ScotiaTermLoanMember2024-12-310001982701us-gaap:MeasurementInputCommodityMarketPriceMemberus-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberck0001982701:DecreaseOnImpactMemberck0001982701:SecondLienJuniorSecuredDebtMemberck0001982701:MarketYieldAnalysisMemberus-gaap:SeniorDebtObligationsMember2024-01-012024-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | Datacor, Inc. | Chemicals | Revolver | 10.35% (S + 6.00%; 1.00% Floor) | 3/13/20292024-12-310001982701us-gaap:RevolvingCreditFacilityMember2025-12-310001982701us-gaap:RetainedEarningsUnappropriatedMember2024-01-012024-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | Datacor, Inc. | Chemicals | Term Loan | 10.21% (S + 4.50%; 1.00% Floor; 2.00% PIK) | 3/13/20292025-12-310001982701ck0001982701:LastDanceIntermediateICLLCMemberck0001982701:SeniorSecuredDebtFirstLienMemberck0001982701:RevolverMember2024-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | Honor HN Buyer, Inc. | Health Care Providers & Services | Term Loan | 10.22% (S + 5.75%; 1.00% Floor) | 10/15/20272024-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | Exterro, Inc. | Software | Term Loan | 9.02% (S + 5.25%; 1.00% Floor) | 6/1/2027 |One2025-12-310001982701ck0001982701:UKCorporateFirstLienSeniorSecuredDebtZeroPointFiveSixPercentageMember2025-12-310001982701ck0001982701:ScotiaCreditFacilityMember2025-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | Mavenlink, Inc. | Professional Services | Revolver | 11.03% (S + 2.00%; 0.75% Floor; 4.50% PIK) | 6/3/20272024-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | Towerco IV Holdings, LLC | Diversified Telecommunication Services | Delayed Draw Term Loan | 8.20% (S + 3.75%; 1.00% Floor) | 8/31/20282024-12-310001982701ck0001982701:SeniorSecuredDebtFirstLienMemberck0001982701:VectraAIIncMemberck0001982701:RevolverMember2025-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | Redwood Family Care Network, Inc. | Health Care Providers & Services | Term Loan | 9.97% (S + 5.50%; 1.00% Floor) | 6/18/20262024-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | Sauce Labs Inc | Software | Revolver | (S + 5.50%; 1.00% Floor) | 8/16/20272024-12-310001982701ck0001982701:LeadVentureIncMemberck0001982701:SeniorSecuredDebtFirstLienMemberck0001982701:RevolverMember2025-01-012025-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | MSP Global Holdings, Inc. | Technology Hardware, Storage & Peripherals | Revolver | 9.31% (S + 5.50%; 1.00% Floor) | 4/9/20292025-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | Pinnacle Treatment Centers, Inc. | Health Care Providers & Services | Term Loan | 10.01% (S + 5.50%; 1.00% Floor) | 1/4/20272024-12-310001982701ck0001982701:ClassISharesMemberck0001982701:O2024Q3OnTwentySevenSeptembertwoThousandAndTwentyFourDividendsMember2024-01-012024-12-310001982701ck0001982701:ReclassificationsToFundAccountsMember2024-12-310001982701ck0001982701:KPAParentHoldingsIncMemberck0001982701:SeniorSecuredDebtFirstLienMemberck0001982701:RevolverMember2024-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | Avalara, Inc. | Diversified Consumer Services | Revolver | — (S + 0.25%; 0.75% Floor) | 10/19/20282024-12-310001982701ck0001982701:EinsteinParentIncMemberck0001982701:SeniorSecuredDebtFirstLienMemberck0001982701:RevolverMember2025-01-012025-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | Mastery Acquisition Corp. | Diversified Consumer Services | Term Loan | 8.92% (S + 5.25%; 1.00% Floor) | 9/7/20292025-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | Ungerboeck Systems International, LLC | Leisure Products | Delayed Draw Term Loan | 9.04% (S + 5.25%; 1.00% Floor) | 4/30/2029 | One2025-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | Zendesk, Inc. | Software | Delayed Draw Term Loan | — (S + 5.00%; 0.75% Floor) | 11/22/20282024-12-310001982701ck0001982701:SeniorSecuredDebtFirstLienMemberck0001982701:RevolverMemberck0001982701:CommunityBasedCareAcquisitionMember2024-12-310001982701ck0001982701:ClassISharesMemberck0001982701:O2025Q3OnTwentyAugustTwoThousandAndTwentyFiveDividendsMember2025-08-290001982701ck0001982701:SeniorSecuredDebtFirstLienMemberus-gaap:DelayedDrawTermLoanMemberck0001982701:AAHTopcoLLCMember2024-12-310001982701ck0001982701:O2025Q4OnTwentyNovemberTwoThousandAndTwentyFiveDividendsMemberck0001982701:ClassISharesMember2025-01-012025-12-3100019827012025-06-300001982701US Corporate Debt | 1st Lien/Senior Secured Debt | Vehlo Purchaser, LLC | Automobiles | Term Loan | 8.96% (S + 5.50%; 0.75% Floor) | 5/24/20282025-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | NMI Acquisitionco, Inc. | Financial Services | Term Loan | 8.31% (S + 4.50%; 0.75% Floor) | 9/6/2028 | Two2025-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | Bridgepointe Technologies, LLC | Technology Hardware, Storage & Peripherals | Term Loan | 8.67% (S + 5.00%; 1.00% Floor) | 12/31/2027 | One2025-12-310001982701us-gaap:FairValueInputsLevel3Member2023-12-310001982701us-gaap:FairValueInputsLevel3Memberck0001982701:FirstLienseniorSecuredDebtMemberus-gaap:SeniorDebtObligationsMember2023-12-310001982701ck0001982701:ExpenseSupportAgreementMember2024-03-012024-03-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | Vehlo Purchaser, LLC | Automobiles | Term Loan | 9.60% (S + 5.25%; 0.75% Floor) | 5/24/20282024-12-310001982701us-gaap:RevolvingCreditFacilityMemberck0001982701:ScotiaTermLoanMember2025-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | Zendesk, Inc. | Software | Delayed Draw | — (S + 5.00%; 0.75% Floor) | 11/22/20282025-12-310001982701ck0001982701:SeniorSecuredDebtFirstLienMemberus-gaap:DelayedDrawTermLoanMemberck0001982701:AAHTopcoLLCMember2025-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | Iodine Software, LLC | Health Care Technology | Revolver | (S + 5.25%; 1.00% Floor) | 5/19/20272024-12-310001982701ck0001982701:FirstSeptemberTwoThousandTwentyFourMember2024-01-012024-12-310001982701ck0001982701:KPAParentHoldingsIncMemberck0001982701:SeniorSecuredDebtFirstLienMemberus-gaap:DelayedDrawTermLoanMember2024-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | Visionary Buyer, LLC | Diversified Telecommunication Services | Revolver | — (S + 5.50%; 0.75% Floor) | 3/21/20302025-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | GS AcquisitionCo, Inc. | Professional Services | Term Loan | 8.92% (S + 5.25%; 1.00% Floor) | 5/25/20282025-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | Honor HN Buyer, Inc. | Health Care Providers & Services | Delayed Draw Term Loan | — (S + 5.75%; 1.00% Floor) | 10/15/20272025-12-310001982701ck0001982701:LabVantageSolutionsIncMemberck0001982701:SeniorSecuredDebtFirstLienMemberck0001982701:RevolverMember2025-12-310001982701ck0001982701:SoladocLlcMemberck0001982701:SeniorSecuredDebtFirstLienMemberck0001982701:RevolverMember2024-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | AppViewX, Inc. | Software | Delayed Draw Term Loan | (S + 5.25%; 0.75% Floor) | 12/24/20312025-12-310001982701us-gaap:CashEquivalentsMember2025-12-310001982701ck0001982701:SixMonthSLoansMember2025-01-012025-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | BSI2 Hold Nettle, LLC | Real Estate Management & Development | Term Loan | 9.32% (S + 5.00%; 0.75% Floor) | 6/30/20282024-12-310001982701ck0001982701:FullsteamOperationsLlcMemberck0001982701:SeniorSecuredDebtFirstLienMemberck0001982701:RevolverMember2025-12-310001982701ck0001982701:OPOCAcquisitionLLCMemberck0001982701:SeniorSecuredDebtFirstLienMemberus-gaap:DelayedDrawTermLoanMember2024-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | PHOENIX AVIATION CAPITAL LLC | Aerospace & Defense | Term Loan | 6.93% (S + 3.25%; 0.00% Floor) | 11/5/20322025-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | Foundation Risk Partners, Corp. | Insurance | Term Loan | 8.42% (S + 4.75%; 0.75% Floor) | 10/29/2030 | One2025-12-310001982701ck0001982701:BusinessSolverDotComIncMemberck0001982701:DelayedDrawTermLoanOneMemberck0001982701:SeniorSecuredDebtFirstLienMember2025-01-012025-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | Transtelco Holding, Inc. | Diversified Telecommunication Services | Term Loan | 10.61% (S + 5.75%; 0.50% Floor) | 3/26/20262024-12-310001982701ck0001982701:ManagingDealerAgreementMember2025-01-012025-12-310001982701us-gaap:RevolvingCreditFacilityMember2024-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | MMP Intermediate, LLC. | Hotels, Restaurants & Leisure | Term Loan | 10.22% (S + 5.75%; 1.00% Floor) | 2/15/20292024-12-310001982701ck0001982701:UngerboeckSystemsInternationalLLCMemberck0001982701:SeniorSecuredDebtFirstLienMemberck0001982701:RevolverMember2025-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | GHA Buyer, Inc. | Health Care Technology | Delayed Draw Term Loan | 9.82% (S + 5.50%; 1.00% Floor) | 6/24/20262024-12-310001982701ck0001982701:Mr.GreensIntermediateLlcMemberck0001982701:SeniorSecuredDebtFirstLienMemberus-gaap:DelayedDrawTermLoanMember2025-12-310001982701ck0001982701:ClassISharesMemberck0001982701:O2025Q2OnTwentyOneAprilTwoThousandAndTwentyFiveDividendsMember2025-01-012025-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | AAH Topco, LLC | Health Care Providers & Services | Term Loan | 9.70% (S + 5.25%; 0.75% Floor) | 12/22/20272024-12-310001982701ck0001982701:ClassISharesMember2024-05-010001982701us-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputCommodityMarketPriceMembersrt:WeightedAverageMemberck0001982701:DecreaseOnImpactMemberck0001982701:SecondLienJuniorSecuredDebtMemberck0001982701:MarketYieldAnalysisMemberus-gaap:SeniorDebtObligationsMember2025-01-012025-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | Ungerboeck Systems International, LLC | Leisure Products | Revolver | (S + 5.25%; 1.00% Floor) | 4/30/20292025-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | Visionary Buyer, LLC | Diversified Telecommunication Services | Term Loan | 9.57% (S + 5.25%; 0.75% Floor) | 3/21/20312024-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | Navigate360, LLC | Diversified Consumer Services | Delayed Draw Term Loan | 9.31% (S + 5.50%; 1.00% Floor) | 3/17/20272025-12-310001982701ck0001982701:SeniorSecuredDebtFirstLienMemberus-gaap:DelayedDrawTermLoanMemberck0001982701:SauceLabsIncMember2025-01-012025-12-310001982701ck0001982701:SalisburyHouseLLCMemberck0001982701:SeniorSecuredDebtFirstLienMemberck0001982701:RevolverMember2024-12-310001982701ck0001982701:UngerboeckSystemsInternationalLLCMemberck0001982701:SeniorSecuredDebtFirstLienMemberck0001982701:RevolverMember2025-01-012025-12-310001982701ck0001982701:DatacorIncMemberck0001982701:SeniorSecuredDebtFirstLienMemberus-gaap:DelayedDrawTermLoanMember2024-12-310001982701ck0001982701:JanuarySecondTwoThousandTwentyFiveMember2025-01-012025-12-310001982701ck0001982701:SakoAndPartnersLowerHoldingsLLCMemberck0001982701:SeniorSecuredDebtFirstLienMemberck0001982701:RevolverMember2024-12-310001982701ck0001982701:AppViewXIncMemberck0001982701:SeniorSecuredDebtFirstLienMemberus-gaap:DelayedDrawTermLoanMember2025-01-012025-12-310001982701ck0001982701:SeniorSecuredDebtFirstLienMemberck0001982701:BSTwelveHoldNettleLLCMemberck0001982701:RevolverMember2024-12-310001982701ck0001982701:CommonClassIMember2025-01-012025-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | Zendesk, Inc. | Software | Delayed Draw Term Loan | 8.68% (S + 5.00%; 0.75% Floor) | 11/22/20282025-12-310001982701ck0001982701:SeniorSecuredDebtFirstLienMemberck0001982701:QuestAnalyticsIncMemberck0001982701:RevolverMember2025-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | Amercare Royal, LLC | Commercial Services & Supplies | Delayed Draw Term Loan | 8.71% (S + 5.00%; 1.00% Floor) | 9/10/20302025-12-310001982701ck0001982701:MavelinkIncMemberck0001982701:SeniorSecuredDebtFirstLienMemberck0001982701:RevolverMember2025-01-012025-12-310001982701ck0001982701:SeniorSecuredDebtFirstLienMemberus-gaap:DelayedDrawTermLoanMemberck0001982701:LevelDataLLCMember2025-01-012025-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | Garnett Station Partners, LLC | Financial Services | Term Loan | 9.18% (S + 5.50%; 2.00% Floor) | 12/23/20312025-12-310001982701ck0001982701:ThirtiethAprilTwoThousandAndTwentyFourMember2024-01-012024-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | Bonterra, LLC | Diversified Consumer Services | Term Loan | 8.42% (S + 4.75%; 0.75% Floor) | 3/5/20322025-12-310001982701ck0001982701:Mr.GreensIntermediateLlcMemberck0001982701:SeniorSecuredDebtFirstLienMemberck0001982701:RevolverMember2025-01-012025-12-310001982701ck0001982701:SeniorSecuredDebtFirstLienMemberck0001982701:QuestAnalyticsIncMemberus-gaap:DelayedDrawTermLoanMember2025-01-012025-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | MBS Holdings, Inc. | Diversified Telecommunication Services | Term Loan | 8.92% (S + 5.00%; 1.00% Floor) | 4/16/2027 One2025-12-310001982701us-gaap:InvestmentUnaffiliatedIssuerMembercountry:GBus-gaap:CorporateDebtSecuritiesMember2024-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | Bridgepointe Technologies, LLC | Technology Hardware, Storage & Peripherals | Delayed Draw Term Loan | 9.32% (S + 5.00%; 1.00% Floor) | 12/31/2027 Two2024-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | Honor HN Buyer, Inc. | Health Care Providers & Services | Revolver | 12.25% (S + 4.75%; 1.00% Floor) | 10/15/20272024-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | Community Based Care Acquisition, Inc. | Health Care Providers & Services | Term Loan | 9.67% (S + 5.25%; 1.00% Floor) | 9/16/20272024-12-310001982701ck0001982701:IodineSoftwareLlcMemberck0001982701:SeniorSecuredDebtFirstLienMemberck0001982701:RevolverMember2025-01-012025-12-310001982701us-gaap:FinancialServicesSectorMemberck0001982701:FirstLienseniorSecuredDebtMemberus-gaap:SeniorDebtObligationsMember2024-12-310001982701ck0001982701:SeniorSecuredDebtFirstLienMemberus-gaap:DelayedDrawTermLoanMemberck0001982701:JuniperSquareIncMember2025-01-012025-12-310001982701ck0001982701:SeniorSecuredDebtFirstLienMemberck0001982701:RevolverMemberck0001982701:AvalaraIncMember2025-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | Pamlico Avant Holdings, L.P. | Diversified Telecommunication Services | Revolver | 8.17% (S + 4.50%; 0.75% Floor) | 12/31/20322025-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | TMA Buyer LLC | Software | Revolver | (S + 5.00%; 0.75% Floor) | 04/30/20312025-12-310001982701ck0001982701:FusionHoldingCorpMemberck0001982701:SeniorSecuredDebtFirstLienMemberck0001982701:RevolverMember2025-01-012025-12-310001982701Puerto Rico Corporate Debt | 1st Lien/Senior Secured Debt | CORAL US CO BORROWER LLC | Cable/Satellite TV | Term Loan | 7.45% (S + 3.00%) | 9/23/20292024-12-310001982701us-gaap:LineOfCreditMember2024-12-310001982701ck0001982701:ScotiaMemberck0001982701:GuarantorMemberck0001982701:SeniorSecuredCreditAgreementMemberus-gaap:DomesticLineOfCreditMember2024-05-022024-05-020001982701ck0001982701:SeniorSecuredDebtFirstLienMemberck0001982701:SaabPurchaserIncMemberck0001982701:RevolverMember2024-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | Vehlo Purchaser, LLC | Automobiles | Delayed Draw Term Loan | 9.58% (S + 5.25%; 0.75% Floor) | 5/24/20282024-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | Datacor, Inc. | Chemicals | Term Loan | 10.35% (S + 6.00%; 1.00% Floor) | 3/13/20292024-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | FirstEnroll LLC | Insurance | Revolver | (S + 4.75%; 1.00% Floor) | 9/19/20312025-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | DeLorean Purchaser, Inc.| Health Care Technology | Term Loan | 8.42% (S + 4.75%; 0.75% Floor) | 12/16/20312025-12-310001982701ck0001982701:ThreeMonthSLoansMember2024-01-012024-12-310001982701ck0001982701:SeniorSecuredDebtFirstLienMemberus-gaap:DelayedDrawTermLoanMemberck0001982701:MSPGlobalHoldingsIncMember2025-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | Exterro, Inc. | Software | Revolver | (S + 5.25%; 1.00% Floor) | 6/1/20272025-12-310001982701ck0001982701:SeniorSecuredDebtFirstLienMemberus-gaap:DelayedDrawTermLoanMemberck0001982701:ExterroIncMember2025-01-012025-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | Greenhouse Software, Inc.| Professional Services | Term Loan | 9.42% (S + 5.75%; 1.00% Floor) | 9/1/20282025-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | Tau Buyer, LLC | Technology Hardware, Storage & Peripherals | Revolver | 8.40% (S + 4.75%; 0.75% Floor) | 2/2/20322025-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | Medical Management Resource Group, L.L.C. | Health Care Providers & Services | Revolver | 9.53% (S + 5.75%; 0.75% Floor) | 9/30/20262025-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | UFS, LLC | Banks | Term Loan | 8.50% (S + 4.75%; 0.75% Floor) | 10/14/20312025-12-310001982701ck0001982701:ScotiaTermLoanMember2025-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | Telcor Buyer, Inc. | Health Care Technology | Revolver | (S + 4.25%; 1.00% Floor) | 8/20/20272025-12-310001982701ck0001982701:LeadVentureIncMemberck0001982701:SeniorSecuredDebtFirstLienMemberus-gaap:DelayedDrawTermLoanMember2025-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | DeLorean Purchaser, Inc.| Health Care Technology | Revolver | (S + 4.75%; 0.75% Floor) | 12/16/20312025-12-310001982701ck0001982701:SeniorSecuredDebtFirstLienMemberck0001982701:RevolverMemberck0001982701:UnlimitedTechnologyHoldingsLLCMember2025-01-012025-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | Businessolver.com, Inc. | Professional Services | Delayed Draw Term Loan | (S + 4.50%; 0.75% Floor) | 12/3/20322025-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | Sandstone Care Holdings, LLC | Health Care Providers & Services | Delayed Draw Term Loan | 9.39% (S + 5.50%; 1.00% Floor) | 6/28/20282025-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | Redwood Family Care Network, Inc. | Health Care Providers & Services | Delayed Draw Term Loan | 9.97% (S + 5.50%; 1.00% Floor) | 6/18/20262024-12-310001982701ck0001982701:SeniorSecuredDebtFirstLienMemberck0001982701:RevolverMemberck0001982701:LevelDataLLCMember2025-01-012025-12-310001982701ck0001982701:SLIPSTREAMITLLCMemberck0001982701:SeniorSecuredDebtFirstLienMemberck0001982701:RevolverOneMember2024-12-310001982701ck0001982701:ExpenseSupportAgreementMember2023-08-012023-08-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | NMI Acquisitionco, Inc. | Internet and Direct Marketing Retail | Term Loan | 9.45% (S + 5.00%; 0.75% Floor) | 9/6/2028 | Two2024-12-310001982701us-gaap:InvestmentsMember2025-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | Honor HN Buyer, Inc. | Health Care Providers & Services | Revolver | 11.50% (S + 5.75%; 1.00% Floor) | 10/15/20272025-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | Fusion Holding, Corp. | Software | Term Loan | 9.92% (S + 6.25%; 0.75% Floor) | 9/14/20292025-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | Vehlo Purchaser, LLC | Automobiles | Term Loan | 9.22% (S + 5.50%; 0.75% Floor) | 5/24/20282025-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | BSI2 Hold Nettle, LLC | Real Estate Management & Development | Term Loan | 8.42% (S + 4.75%; 0.75% Floor) | 6/30/20282025-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | Businessolver.com, Inc. | Professional Services | Revolver | (S + 4.50%; 0.75% Floor) | 12/3/20322025-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | Priority OnDemand Midco 2, L.P. | Health Care Providers & Services | Term Loan | 9.77% (S + 5.25%; 1.00% Floor) | 7/17/20282024-12-310001982701ck0001982701:AmercareroyalLlcMemberck0001982701:SeniorSecuredDebtFirstLienMemberck0001982701:RevolverMember2025-01-012025-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | LivTech Purchaser, Inc. | Health Care Providers & Services | Delayed Draw Term Loan | 8.85% (S + 5.00%; 0.75% Floor) | 11/24/20312025-12-310001982701ck0001982701:SeniorSecuredDebtFirstLienMemberck0001982701:MSPGlobalHoldingsIncMemberck0001982701:RevolverMember2025-01-012025-12-310001982701ck0001982701:SeniorSecuredDebtFirstLienMemberck0001982701:NavigateThreeHundredAndSixtyLLCMemberck0001982701:RevolverMember2025-01-012025-12-310001982701ck0001982701:ContruentIntermediateCompanyMemberck0001982701:SeniorSecuredDebtFirstLienMemberck0001982701:RevolverMember2025-12-310001982701ck0001982701:O2025Q4OnTwentyOctoberTwoThousandAndTwentyFiveDividendsMemberck0001982701:ClassISharesMember2025-01-012025-12-310001982701ck0001982701:SubAdvisoryAgreementMember2025-01-012025-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | MSP Global Holdings, Inc. | Technology Hardware, Storage & Peripherals | Term Loan | 10.14% (S + 5.50%; 1.00% Floor) | 4/9/20292024-12-310001982701ck0001982701:SeniorSecuredDebtFirstLienMemberck0001982701:RevolverMemberck0001982701:AvalaraIncMember2024-12-310001982701ck0001982701:UFSLLCMemberck0001982701:SeniorSecuredDebtFirstLienMemberck0001982701:RevolverMember2025-01-012025-12-310001982701us-gaap:AdditionalPaidInCapitalMember2024-01-012024-12-310001982701ck0001982701:AvantCommunicationsLLCMemberck0001982701:SeniorSecuredDebtFirstLienMemberck0001982701:RevolverMember2025-12-310001982701ck0001982701:AbplfCreditFacilityMember2025-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | NMI Acquisitionco, Inc. | Financial Services | Term Loan | 8.31% (S + 4.50%; 0.75% Floor) | 9/6/2028 | One2025-12-310001982701ck0001982701:ExpenseSupportAgreementMember2023-11-012023-11-300001982701US Corporate Debt | 1st Lien/Senior Secured Debt | Sauce Labs Inc | Software | Delayed Draw Term Loan | 10.68% (S + 5.50%; 1.00% Floor; 0.50% PIK) | 8/16/20272024-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | LivTech Purchaser, Inc. | Health Care Providers & Services | Term Loan | 9.01% (S + 4.50%; 0.75% Floor) | 11/24/20312024-12-3100019827012024-04-300001982701US Corporate Debt | 1st Lien/Senior Secured Debt | TMA Buyer LLC | Software | Delayed Draw Term Loan | 8.82% (S + 5.00%; 0.75% Floor) | 04/30/20312025-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | BOXER PARENT COMPANY INC | Software | Term Loan | 6.66% (S + 3.00%; 0.00% Floor) | 7/30/20312025-12-310001982701ck0001982701:PATRIOTACQUIRECOLLCMemberck0001982701:SeniorSecuredDebtFirstLienMemberck0001982701:RevolverMember2025-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | Medical Management Resource Group, L.L.C. | Health Care Providers & Services | Term Loan | 10.42% (S + 6.00%; 0.75% Floor) | 9/30/20272024-12-310001982701ck0001982701:SeniorSecuredDebtFirstLienMemberck0001982701:SaabPurchaserIncMemberck0001982701:RevolverMember2025-01-012025-12-310001982701ck0001982701:CanadianFirstLienSeniorSecuredDebtAtZeroPointEightFiveMember2025-12-310001982701ck0001982701:ClassISharesMemberck0001982701:O2025Q1OnTwentyTwoJanuaryTwoThousandAndTwentyFiveDividendsMember2025-01-310001982701ck0001982701:SLIPSTREAMITLLCMemberck0001982701:SeniorSecuredDebtFirstLienMemberck0001982701:RevolverOneMember2025-12-310001982701ck0001982701:CommonClassDMember2025-01-012025-12-310001982701ck0001982701:SeniorSecuredDebtFirstLienMemberck0001982701:TMABuyerLLCMemberck0001982701:RevolverMember2024-12-310001982701ck0001982701:SeniorSecuredDebtFirstLienMemberck0001982701:BSTwelveHoldNettleLLCMemberck0001982701:RevolverMember2025-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | GHA Buyer, Inc. | Health Care Technology | Term Loan | 9.82% (S + 5.50%; 1.00% Floor) | 6/24/20262024-12-310001982701us-gaap:InvestmentUnaffiliatedIssuerMembercountry:PRck0001982701:FirstLienseniorSecuredDebtMember2024-12-310001982701us-gaap:InvestmentUnaffiliatedIssuerMemberck0001982701:FirstLienseniorSecuredDebtMembercountry:US2024-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | Businessolver.com, Inc. | Professional Services | Delayed Draw Term Loan | 9.92% (S + 5.50%; 0.75% Floor) | 12/1/20272024-12-310001982701ck0001982701:SeniorSecuredDebtFirstLienMemberck0001982701:RevolverMemberck0001982701:LevelDataLLCMember2024-12-310001982701ck0001982701:AggregateFairValueSecuritiesMember2025-12-310001982701ck0001982701:SeniorSecuredDebtFirstLienMemberck0001982701:DLRdmvLLCMemberck0001982701:RevolverMember2025-01-012025-12-310001982701ck0001982701:AugustFirstTwoThousandTwentyFiveMember2025-01-012025-12-310001982701ck0001982701:RevauAdvancedUnderwritingIncMemberck0001982701:SeniorSecuredDebtFirstLienMemberus-gaap:DelayedDrawTermLoanMember2025-01-012025-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | BV EMS Buyer, Inc. | Health Care Technology | Term Loan | 9.06% (S + 5.25%; 1.00% Floor) | 11/23/2027 | One2025-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | Salisbury House, LLC | Diversified Consumer Services | Term Loan | 10.48% (S + 5.75%; 1.00% Floor) | 2/27/20262024-12-310001982701ck0001982701:SeniorSecuredDebtFirstLienMemberck0001982701:RevolverMemberck0001982701:UnlimitedTechnologyHoldingsLLCMember2025-12-310001982701ck0001982701:IodineSoftwareLlcMemberck0001982701:SeniorSecuredDebtFirstLienMemberck0001982701:RevolverMember2024-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | Vehlo Purchaser, LLC | Automobiles | Revolver | (S + 5.25%; 0.75% Floor) | 5/24/20282024-12-310001982701ck0001982701:MistHoldingCoMemberck0001982701:DelayedDrawTermLoanOneMemberck0001982701:SeniorSecuredDebtFirstLienMember2025-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | DIRECTV FINANCING LLC | Media | Term Loan | 9.17% (S + 5.51%; 0.75% Floor) | 8/2/20292025-12-310001982701ck0001982701:DeloreanPurchaserIncMemberck0001982701:SeniorSecuredDebtFirstLienMemberck0001982701:RevolverOneMember2024-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | Cotiviti, Inc. | Health Care Technology | Term Loan | 6.43% (S + 2.75%; 0.00% Floor) | 5/1/20312025-12-310001982701us-gaap:RetainedEarningsUnappropriatedMember2025-01-012025-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | Sandstone Care Holdings, LLC | Health Care Providers & Services | Revolver | 9.27% (S + 5.50%; 1.00% Floor) | 6/28/20282025-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | Brightspot Buyer, Inc. | Media | Term Loan | 10.42% (S + 6.50%; 0.75% Floor) | 11/16/2027 | One2025-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | Ridge Trail US Bidco, Inc. | Capital Markets | Term Loan | 8.82% (S + 4.50%; 0.75% Floor) | 9/30/20312024-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | BHG Holdings, LLC | Health Care Providers & Services | Term Loan | 9.34% (S + 5.50%; 0.75% Floor) | 4/22/20322025-12-310001982701ck0001982701:FirstenrollLlcMemberck0001982701:SeniorSecuredDebtFirstLienMemberck0001982701:RevolverMember2024-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | Higginbotham Insurance Agency, Inc. | Insurance | Term Loan | 8.86% (S + 4.50%; 1.00% Floor) | 11/24/20282024-12-310001982701ck0001982701:MMPIntermediateLLCMemberck0001982701:SeniorSecuredDebtFirstLienMemberck0001982701:RevolverMember2025-01-012025-12-310001982701ck0001982701:LivtechPurchaserIncMemberck0001982701:SeniorSecuredDebtFirstLienMemberus-gaap:DelayedDrawTermLoanMember2024-12-310001982701ck0001982701:DelayedDrawTermLoanOneMemberck0001982701:SeniorSecuredDebtFirstLienMemberck0001982701:ZendeskIncMember2025-01-012025-12-310001982701ck0001982701:ClassISharesMemberck0001982701:O2025Q2OnTwentyMayTwoThousandAndTwentyFiveDividendsMember2025-01-012025-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | HITRUST Services, LLC | Health Care Technology | Term Loan | 8.17% (S + 4.50%; 0.75% Floor) | 3/15/20322025-12-310001982701ck0001982701:WealthEnhancementGroupLLCMemberck0001982701:SeniorSecuredDebtFirstLienMemberus-gaap:DelayedDrawTermLoanMember2025-12-310001982701ck0001982701:SLIPSTREAMITLLCMemberck0001982701:SeniorSecuredDebtFirstLienMemberck0001982701:RevolverMember2024-12-310001982701ck0001982701:ExpenseSupportAgreementMember2024-08-012024-08-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | HireVue, Inc. | Diversified Financial Services | Revolver | 11.29% (S + 6.75%; 1.00% Floor) | 5/3/20292024-12-310001982701ck0001982701:SeniorSecuredDebtFirstLienMemberus-gaap:DelayedDrawTermLoanMemberck0001982701:NavigateThreeHundredAndSixtyLLCMember2025-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | Navigate360, LLC | Diversified Consumer Services | Term Loan | 9.31% (S + 5.50%; 1.00% Floor) | 3/17/2027 | Two2025-12-310001982701ck0001982701:DatacorIncMemberck0001982701:SeniorSecuredDebtFirstLienMemberck0001982701:RevolverMember2024-12-310001982701ck0001982701:ExpenseSupportAgreementMember2024-05-012024-05-310001982701ck0001982701:SeniorSecuredDebtFirstLienMemberus-gaap:DelayedDrawTermLoanMemberck0001982701:GreenlightIntermediateIIIncMember2024-12-310001982701ck0001982701:SandstoneCareHoldingsLLCMemberck0001982701:SeniorSecuredDebtFirstLienMemberus-gaap:DelayedDrawTermLoanMember2025-01-012025-12-310001982701us-gaap:FinancialServicesSectorMemberck0001982701:SecondLienJuniorSecuredDebtMemberus-gaap:SeniorDebtObligationsMember2024-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | Businessolver.com, Inc. | Professional Services | Term Loan | 9.92% (S + 5.50%; 0.75% Floor) | 12/1/20272024-12-310001982701ck0001982701:FirstenrollLlcMemberck0001982701:SeniorSecuredDebtFirstLienMemberck0001982701:RevolverMember2025-12-310001982701ck0001982701:SeniorSecuredDebtFirstLienMemberus-gaap:DelayedDrawTermLoanMemberck0001982701:GreenlightIntermediateIIIncMember2025-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | Ungerboeck Systems International, LLC | Leisure Products | Delayed Draw Term Loan | 10.26% (S + 5.75%; 1.00% Floor) | 4/30/2027 | Two2024-12-310001982701us-gaap:MeasurementInputCommodityMarketPriceMemberus-gaap:FairValueInputsLevel3Memberck0001982701:DecreaseOnImpactMemberck0001982701:MarketYieldAnalysisMemberck0001982701:FirstLienseniorSecuredDebtMemberus-gaap:SeniorDebtObligationsMembersrt:MaximumMember2024-01-012024-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | Joink, LLC. | Diversified Telecommunication Services | Revolver | (S + 5.25%; 1.00% Floor) | 10/4/20302024-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | Saab Purchaser, Inc. | Banks | Delayed Draw Term Loan | (S + 5.00%; 0.75% Floor) | 11/12/20312024-12-310001982701ck0001982701:UFSLLCMemberck0001982701:SeniorSecuredDebtFirstLienMemberck0001982701:RevolverMember2025-12-310001982701ck0001982701:ExpenseSupportAgreementMember2025-10-012025-10-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | Foundation Risk Partners, Corp. | Insurance | Delayed Draw Term Loan | 9.57% (S + 5.25%; 0.75% Floor) | 10/29/20302024-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | BSI2 Hold Nettle, LLC | Real Estate Management & Development | Revolver | 8.42% (S + 4.75%; 0.75% Floor) | 6/30/20282025-12-310001982701ck0001982701:IodineSoftwareLlcMemberck0001982701:SeniorSecuredDebtFirstLienMemberck0001982701:RevolverMember2025-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | Veracross LLC | Diversified Consumer Services | Revolver | 10.39% (S + 2.00%; 1.00% Floor; 4.50% PIK) | 12/28/20272024-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | Juniper Square, Inc. | Financial Services | Revolver | — (S + 4.75%; 0.75% Floor) | 11/6/20312025-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | Ungerboeck Systems International, LLC | Leisure Products | Delayed Draw Term Loan | 9.04% (S + 5.25%; 1.00% Floor) | 4/30/20272025-12-310001982701ck0001982701:DeloreanPurchaserIncMemberck0001982701:SeniorSecuredDebtFirstLienMemberck0001982701:RevolverOneMember2025-01-012025-12-310001982701ck0001982701:SeniorSecuredDebtFirstLienMemberus-gaap:DelayedDrawTermLoanMemberck0001982701:BHGHoldingsLLCMember2025-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | Ungerboeck Systems International, LLC | Leisure Products | Revolver | (S + 5.75%; 1.00% Floor) | 4/30/20272024-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | Soladoc, LLC | Health Care Equipment & Supplies | Revolver | (S + 5.00%; 0.75% Floor) | 6/12/20282025-12-310001982701ck0001982701:FebruaryThirdTwoThousandTwentyFiveMember2025-01-012025-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | Velocity Holdco III Inc. | Commercial Services & Supplies | Term Loan | 9.42% (S + 5.50%; 1.00% Floor) | 5/31/20292025-12-310001982701ck0001982701:MMPIntermediateLLCMemberck0001982701:SeniorSecuredDebtFirstLienMemberck0001982701:RevolverMember2025-12-310001982701us-gaap:FinancialServicesSectorMemberus-gaap:InvestmentsMember2025-12-310001982701ck0001982701:MistHoldingCoMemberck0001982701:SeniorSecuredDebtFirstLienMemberus-gaap:DelayedDrawTermLoanMember2025-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | Telesoft Holdings, LLC | Diversified Telecommunication Services | Term Loan | 9.56% (S + 5.75%; 1.00% Floor) | 12/16/20262025-12-310001982701ck0001982701:FirstenrollLlcMemberck0001982701:SeniorSecuredDebtFirstLienMemberck0001982701:RevolverMember2025-01-012025-12-310001982701ck0001982701:QuarterlyIncentiveFeeBasisFourMember2025-01-012025-12-310001982701us-gaap:FairValueInputsLevel3Memberck0001982701:SecondLienJuniorSecuredDebtMemberus-gaap:SeniorDebtObligationsMember2024-01-012024-12-310001982701us-gaap:MeasurementInputCommodityMarketPriceMemberus-gaap:FairValueInputsLevel3Memberck0001982701:DecreaseOnImpactMemberck0001982701:SecondLienJuniorSecuredDebtMemberck0001982701:MarketYieldAnalysisMemberus-gaap:SeniorDebtObligationsMember2024-12-310001982701ck0001982701:ContruentIntermediateCompanyMemberck0001982701:SeniorSecuredDebtFirstLienMemberck0001982701:RevolverMember2024-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | Level Data, LLC | Software | Revolver | 9.32% (S + 5.50%; 0.75% Floor) | 3/5/20312025-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | Sako and Partners Lower Holdings LLC | Real Estate Management & Development | Delayed Draw Term Loan | 8.17% (S + 4.50%; 1.00% Floor) | 9/15/20282025-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | Ungerboeck Systems International, LLC | Leisure Products | Term Loan | 10.26% (S + 5.75%; 1.00% Floor) | 4/30/20272024-12-310001982701ck0001982701:MedialabSolutionsLLCMemberck0001982701:SeniorSecuredDebtFirstLienMemberck0001982701:RevolverMember2024-12-310001982701ck0001982701:SeniorSecuredDebtFirstLienMember2024-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | Towerco IV Holdings, LLC | Diversified Telecommunication Services | Delayed Draw Term Loan | 7.58% (S + 3.75%; 1.00% Floor) | 8/31/20282025-12-310001982701ck0001982701:EETBuyerIncMemberck0001982701:SeniorSecuredDebtFirstLienMemberck0001982701:RevolverMember2024-12-310001982701us-gaap:RevolvingCreditFacilityMemberck0001982701:TwoMonthMemberck0001982701:ClassARMemberck0001982701:AbplfCreditFacilityMember2024-05-022024-05-020001982701US Corporate Debt | 1st Lien/Senior Secured Debt | Quest Analytics Inc. | Health Care Technology | Term Loan | 8.11% (S + 4.25%; 0.50% Floor) | 11/10/20322025-12-310001982701ck0001982701:SeniorSecuredDebtFirstLienMemberck0001982701:TauBuyerLLCMemberck0001982701:RevolverMember2025-01-012025-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | Pinnacle Treatment Centers, Inc. | Health Care Providers & Services | Delayed Draw Term Loan | 9.57% (S + 5.75%; 1.00% Floor) | 1/4/20272025-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | The Center for Orthopedic and Research Excellence, Inc. | Health Care Providers & Services | Delayed Draw Term Loan | 9.99% (S + 6.00%; 1.00% Floor) | 12/31/20262025-12-310001982701ck0001982701:SeniorSecuredDebtFirstLienMemberus-gaap:DelayedDrawTermLoanMemberck0001982701:LevelDataLLCMember2025-12-310001982701ck0001982701:FirstLienSeniorSecuredDebtAtFourPointSevenFourPercentageMember2024-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | TKO WORLDWIDE HOLDINGS LLC. | Entertainment | Term Loan | 5.66% (S + 2.00%; 0.00% Floor) | 11/21/20312025-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | Patriot Acquireco L.L.C | Hotels, Restaurants & Leisure | Term Loan | 8.17% (S + 4.50%; 0.75% Floor) | 9/7/20322025-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | ASURION CORPORATION | Wireless Telecommunication Services | Term Loan | 8.03% (S + 4.35%; 0.00% Floor) | 8/19/20282025-12-310001982701ck0001982701:SeniorSecuredDebtFirstLienMemberus-gaap:DelayedDrawTermLoanMemberck0001982701:SaabPurchaserIncMember2025-01-012025-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | Amercare Royal, LLC | Commercial Services & Supplies | Delayed Draw Term Loan | (S + 5.00%; 1.00% Floor) | 9/10/20302025-12-310001982701ck0001982701:MistHoldingCoMemberck0001982701:SeniorSecuredDebtFirstLienMemberck0001982701:RevolverMember2024-12-310001982701us-gaap:AdditionalPaidInCapitalMember2025-01-012025-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | GHA Buyer, Inc. | Health Care Technology | Term Loan | 9.82% (S + 5.50%; 1.00% Floor) | 6/24/2026 | Four2024-12-310001982701us-gaap:RevolvingCreditFacilityMemberck0001982701:ScotiaMemberck0001982701:SeniorSecuredCreditAgreementMember2024-05-020001982701US Corporate Debt | 1st Lien/Senior Secured Debt | GS AcquisitionCo, Inc. | Diversified Financial Services | Term Loan | 9.57% (S + 5.25%; 1.00% Floor) | 5/25/20282024-12-310001982701ck0001982701:SeniorSecuredDebtFirstLienMemberus-gaap:DelayedDrawTermLoanMemberck0001982701:VeracrossLlcMember2024-12-310001982701ck0001982701:ClassISharesMemberck0001982701:O2025Q1OnTwentyOneFebruaryTwoThousandAndTwentyFiveDividendsMember2025-02-280001982701ck0001982701:SeniorSecuredDebtFirstLienMemberus-gaap:DelayedDrawTermLoanMemberck0001982701:ExterroIncMember2025-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | LeadVenture, Inc. | Auto Components | Term Loan | 9.35% (S + 5.00%; 1.00% Floor) | 8/28/20262024-12-310001982701ck0001982701:SeniorSecuredDebtFirstLienMemberck0001982701:GsAcquisitionCoIncMemberck0001982701:RevolverMember2024-12-310001982701ck0001982701:PingIdentityCorporationMemberck0001982701:SeniorSecuredDebtFirstLienMemberck0001982701:RevolverMember2025-01-012025-12-310001982701ck0001982701:BVEMSBuyerIncMemberck0001982701:SeniorSecuredDebtFirstLienMemberck0001982701:RevolverMember2024-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | Cerifi, LLC | Banks | Revolver | 10.20% (S + 5.75%; 1.00% Floor) | 4/1/20272024-12-310001982701ck0001982701:O2025Q4OnTwentyNovemberTwoThousandAndTwentyFiveDividendsMemberck0001982701:ClassISharesMember2025-11-280001982701ck0001982701:CapitalGainsIncentiveFeeMemberus-gaap:RelatedPartyMember2024-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | Exterro, Inc. | Software | Term Loan | 9.02% (S + 5.25%; 1.00% Floor) | 6/1/20272025-12-310001982701ck0001982701:SeniorSecuredDebtFirstLienMemberus-gaap:DelayedDrawTermLoanMemberck0001982701:DLRdmvLLCMember2025-01-012025-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | Bonterra LLC | Diversified Financial Services | Revolver | 11.32% (S + 7.00%; 0.75% Floor) | 9/8/20272024-12-310001982701Canadian Corporate Debt | 1st Lien/Senior Secured Debt | Versaterm Public Safety Inc. | Commercial Services & Supplies | Revolver | 12.75% (S + 5.25%; 1.00% Floor) | 12/4/20252024-12-310001982701ck0001982701:SeniorSecuredDebtFirstLienMemberus-gaap:DelayedDrawTermLoanMemberck0001982701:AdmiralBuyerIncMember2025-12-310001982701ck0001982701:ExpenseSupportAgreementMember2025-08-012025-08-310001982701ck0001982701:DatacorIncMemberck0001982701:SeniorSecuredDebtFirstLienMemberck0001982701:RevolverMember2025-01-012025-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | Community Based Care Acquisition, Inc. | Health Care Providers & Services | Delayed Draw Term Loan | 9.92% (S + 5.50%; 1.00% Floor) | 9/16/20272024-12-310001982701ck0001982701:SLIPSTREAMITLLCMemberck0001982701:SeniorSecuredDebtFirstLienMemberck0001982701:RevolverMember2025-01-012025-12-310001982701us-gaap:MoneyMarketFundsMemberus-gaap:FairValueInputsLevel1Memberus-gaap:CashEquivalentsMember2025-12-310001982701ck0001982701:CapitalGainsIncentiveFeeMember2023-01-012023-12-310001982701us-gaap:FairValueInputsLevel3Memberck0001982701:FirstLienseniorSecuredDebtMemberus-gaap:SeniorDebtObligationsMember2024-01-012024-12-310001982701ck0001982701:DelayedDrawTermLoanOneMemberck0001982701:SeniorSecuredDebtFirstLienMemberck0001982701:JuniperSquareIncMember2025-12-310001982701ck0001982701:LastDanceIntermediateICLLCMemberck0001982701:SeniorSecuredDebtFirstLienMemberus-gaap:DelayedDrawTermLoanMember2025-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | Contruent Intermediate Company | Construction & Engineering | Revolver | (S + 5.25%; 0.75% Floor) | 11/14/20312025-12-310001982701ck0001982701:SoladocLlcMemberck0001982701:SeniorSecuredDebtFirstLienMemberck0001982701:RevolverMember2025-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | Ungerboeck Systems International, LLC | Leisure Products | Term Loan | 9.04% (S + 5.25%; 1.00% Floor) | 4/30/2029 | One2025-12-310001982701us-gaap:RevolvingCreditFacilityMemberck0001982701:AbplfCreditFacilityMember2024-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | Ridge Trail US Bidco, Inc. | Capital Markets | Delayed Draw Term Loan | (S + 4.75%; 0.75% Floor) | 9/30/20312024-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | Azurite Intermediate Holdings, Inc. | Software | Revolver | (S + 6.50%; 0.75% Floor) | 3/19/20312025-12-310001982701us-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:CorporateDebtSecuritiesMembercountry:CA2025-12-310001982701ck0001982701:NmiAcquisitioncoIncMemberck0001982701:SeniorSecuredDebtFirstLienMemberck0001982701:RevolverMember2025-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | Veracross LLC | Diversified Consumer Services | Revolver | 10.31% (S + 6.50%; 1.00% Floor) | 12/28/20272025-12-310001982701ck0001982701:MistHoldingCoMemberck0001982701:DelayedDrawTermLoanTwoMemberck0001982701:SeniorSecuredDebtFirstLienMember2025-01-012025-12-310001982701us-gaap:MeasurementInputCommodityMarketPriceMemberus-gaap:FairValueInputsLevel3Membersrt:MinimumMemberck0001982701:DecreaseOnImpactMemberck0001982701:SecondLienJuniorSecuredDebtMemberck0001982701:MarketYieldAnalysisMemberus-gaap:SeniorDebtObligationsMember2025-01-012025-12-310001982701ck0001982701:AppViewXIncMemberck0001982701:SeniorSecuredDebtFirstLienMemberck0001982701:RevolverMember2025-12-310001982701ck0001982701:MavelinkIncMemberck0001982701:SeniorSecuredDebtFirstLienMemberck0001982701:RevolverMember2024-12-310001982701UK Corporate Debt | 1st Lien/Senior Secured Debt | Labvantage Systems Limited | Pharmaceuticals | Term Loan | 9.60% (S + 5.25%; 1.00% Floor) | 12/23/20302024-12-3100019827012024-01-012024-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | MSP Global Holdings, Inc. | Technology Hardware, Storage & Peripherals | Revolver | 10.14% (S + 5.50%; 1.00% Floor) | 4/9/20292024-12-310001982701ck0001982701:WealthEnhancementGroupLLCMemberck0001982701:SeniorSecuredDebtFirstLienMemberck0001982701:RevolverMember2025-12-310001982701ck0001982701:ClassISharesMemberck0001982701:O2024Q3OnTwentySevenSeptembertwoThousandAndTwentyFourDividendsMember2024-09-270001982701ck0001982701:SeniorSecuredDebtFirstLienMemberck0001982701:RevolverMemberck0001982701:CommunityBasedCareAcquisitionMember2025-12-310001982701us-gaap:RetainedEarningsUnappropriatedMember2023-06-070001982701ck0001982701:SeptemberFirstTwoThousandTwentyFiveMember2025-01-012025-12-310001982701ck0001982701:FullsteamOperationsLlcMemberck0001982701:SeniorSecuredDebtFirstLienMemberus-gaap:DelayedDrawTermLoanMember2024-12-310001982701ck0001982701:RangerBuyerIncMemberck0001982701:SeniorSecuredDebtFirstLienMemberck0001982701:RevolverMember2025-01-012025-12-310001982701ck0001982701:ExpenseSupportAgreementMember2023-06-082023-12-310001982701ck0001982701:MistHoldingCoMemberck0001982701:SeniorSecuredDebtFirstLienMemberck0001982701:RevolverMember2025-01-012025-12-310001982701ck0001982701:SeniorSecuredDebtFirstLienMemberus-gaap:DelayedDrawTermLoanMemberck0001982701:VectraAIIncMember2024-12-310001982701us-gaap:RevolvingCreditFacilityMembersrt:ScenarioForecastMemberck0001982701:AbplfCreditFacilityMember2026-05-032026-05-030001982701US Corporate Debt | 1st Lien/Senior Secured Debt | Sako and Partners Lower Holdings LLC | Real Estate Management & Development | Delayed Draw Term Loan | 8.82% (S + 4.50%; 1.00% Floor) | 9/15/20282024-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | REP TEC Intermediate Holdings, Inc. | Professional Services | Revolver | (S + 4.75%; 1.00% Floor) | 5/30/20312025-12-310001982701ck0001982701:DelayedDrawTermLoanOneMemberck0001982701:SeniorSecuredDebtFirstLienMemberck0001982701:AdmiralBuyerIncMember2025-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | Joink, LLC | Diversified Telecommunication Services | Revolver | — (S + 5.00%; 1.00% Floor) | 10/4/20302025-12-310001982701us-gaap:MeasurementInputCommodityMarketPriceMemberus-gaap:FairValueInputsLevel3Membersrt:MinimumMemberck0001982701:DecreaseOnImpactMemberck0001982701:MarketYieldAnalysisMemberck0001982701:FirstLienseniorSecuredDebtMemberus-gaap:SeniorDebtObligationsMember2025-01-012025-12-310001982701ck0001982701:TelcorBuyerIncMemberck0001982701:SeniorSecuredDebtFirstLienMemberck0001982701:RevolverMember2025-12-310001982701ck0001982701:VisionaryBuyerLLCMemberck0001982701:SeniorSecuredDebtFirstLienMemberck0001982701:RevolverMember2025-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | Soladoc, LLC | Health Care Equipment & Supplies | Revolver | (S + 5.00%; 0.75% Floor) | 6/12/20282024-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | Zendesk, Inc. | Software | Revolver | — (S + 5.00%; 0.75% Floor) | 11/22/20282025-12-310001982701ck0001982701:SeniorSecuredDebtFirstLienMemberus-gaap:DelayedDrawTermLoanMemberck0001982701:CommunityBasedCareAcquisitionMember2024-12-310001982701ck0001982701:LastDanceIntermediateICLLCMemberck0001982701:SeniorSecuredDebtFirstLienMemberck0001982701:RevolverMember2025-01-012025-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | OLYMPUS WATER US HOLDING CORP | Chemicals | Term Loan | 6.93% (S + 3.25%; 0.00% Floor) | 11/3/20322025-12-310001982701ck0001982701:KPAParentHoldingsIncMemberck0001982701:SeniorSecuredDebtFirstLienMemberck0001982701:RevolverMember2025-01-012025-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | Mr. Greens Intermediate, LLC | Food & Staples Retailing | Revolver | (S + 6.25%; 1.00% Floor) | 5/1/20292024-12-310001982701us-gaap:RevolvingCreditFacilityMemberck0001982701:ApplicableRateMemberck0001982701:AbplfCreditFacilityMember2024-05-022024-05-020001982701ck0001982701:OPOCAcquisitionLLCMemberck0001982701:SeniorSecuredDebtFirstLienMemberck0001982701:RevolverMember2025-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | Ridge Trail US Bidco, Inc. | Capital Markets | Delayed Draw Term Loan | (S + 4.75%; 0.75% Floor) | 9/30/20312025-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | Bonterra LLC | Diversified Financial Services | Term Loan | 11.42% (S + 7.00%; 0.75% Floor) | 9/8/20272024-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | Navigate360, LLC | Diversified Consumer Services | Delayed Draw Term Loan | 9.31% (S + 5.50%; 1.00% Floor) | 3/17/2027 | One2025-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | Navigate360, LLC | Diversified Consumer Services | Term Loan | 10.20% (S + 5.75%; 1.00% Floor) | 3/17/20272024-12-310001982701ck0001982701:SeniorSecuredDebtFirstLienMemberck0001982701:VeracrossLlcMemberck0001982701:RevolverMember2025-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | Transtelco Holding, Inc. | Diversified Telecommunication Services | Term Loan | 10.61% (S + 6.25%; 0.50% Floor) | 3/26/20262024-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | EET Buyer, Inc. | Construction & Engineering | Term Loan | 9.27% (S + 4.75%; 0.75% Floor) | 11/8/20272024-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | GHA Buyer, Inc. | | Term Loan | 9.82% (S + 5.50%; 1.00% Floor) | 6/24/20262024-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | The Center for Orthopedic and Research Excellence, Inc. | Health Care Providers & Services | Delayed Draw Term Loan | 9.99% (S + 6.00%; 1.00% Floor) | 12/31/2026 | One2025-12-310001982701ck0001982701:SakoAndPartnersLowerHoldingsLLCMemberck0001982701:SeniorSecuredDebtFirstLienMemberck0001982701:RevolverMember2025-01-012025-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | The Center for Orthopedic and Research Excellence, Inc. | Health Care Providers & Services | Delayed Draw Term Loan | 10.73% (S + 6.00%; 1.00% Floor) | 8/15/2025 | One2024-12-310001982701ck0001982701:AbplfTermLoanMember2024-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | MSP Global Holdings, Inc. | Technology Hardware, Storage & Peripherals | Term Loan | 9.95% (S + 5.50%; 1.00% Floor) | 4/9/20292024-12-310001982701ck0001982701:OtherLongTermDebtMember2024-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | Saab Purchaser, Inc. | Banks | Delayed Draw Term Loan | 8.42% (S + 4.75%; 0.75% Floor) | 11/12/20312025-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | Velocity Holdco III Inc. | Commercial Services & Supplies | Term Loan | 10.11% (S + 5.50%; 1.00% Floor) | 4/22/20272024-12-310001982701ck0001982701:DelayedDrawTermLoanOneMemberck0001982701:SeniorSecuredDebtFirstLienMemberck0001982701:SaabPurchaserIncMember2024-12-310001982701us-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:CorporateDebtSecuritiesMembercountry:CA2024-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | NC Topco, LLC | Banks | Delayed Draw Term Loan | (S + 2.50%; 0.75% Floor) | 8/29/20312025-12-310001982701ck0001982701:UFSLLCMemberck0001982701:SeniorSecuredDebtFirstLienMemberck0001982701:RevolverMember2024-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | Foundation Risk Partners, Corp. | Insurance | Revolver | — (S + 5.25%; 0.75% Floor) | 10/29/20292024-12-310001982701us-gaap:RevolvingCreditFacilityMemberck0001982701:FirstABPLFCreditFacilityAmendmentMemberck0001982701:ClassARMembersrt:MaximumMember2025-02-242025-02-240001982701US Corporate Debt | 1st Lien/Senior Secured Debt | Iodine Software, LLC | Health Care Technology | Term Loan | 9.60% (S + 5.25%; 1.00% Floor) | 5/19/20272024-12-310001982701ck0001982701:LeadVentureIncMemberck0001982701:SeniorSecuredDebtFirstLienMemberus-gaap:DelayedDrawTermLoanMember2024-12-310001982701US Investment Companies| AB EQUITY INVESTORS, L.P.| LP Interests2025-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | Nasuni Corporation | Software | Term Loan | 10.17% (S + 5.75%; 0.75% Floor) | 9/10/20302024-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | Sandstone Care Holdings, LLC | Health Care Providers & Services | Term Loan | 9.27% (S + 5.50%; 1.00% Floor) | 6/28/20282025-12-310001982701ck0001982701:SecondABPLFCreditFacilityAmendmentMemberck0001982701:ClassA-RAndClassA-TLoansMemberus-gaap:RevolvingCreditFacilityMemberus-gaap:SubsequentEventMembersrt:MaximumMember2026-02-092026-02-090001982701ck0001982701:NonControlledOrNonaffiliatedInvestmentsMember2025-01-012025-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | Businessolver.com, Inc. | Professional Services | Term Loan | 8.17% (S + 4.50%; 0.75% Floor) | 12/3/20322025-12-310001982701ck0001982701:SeniorSecuredDebtFirstLienMemberck0001982701:RevolverMemberck0001982701:BHGHoldingsLLCMember2025-12-310001982701ck0001982701:LivtechPurchaserIncMemberck0001982701:SeniorSecuredDebtFirstLienMemberck0001982701:RevolverMember2025-01-012025-12-310001982701us-gaap:RetainedEarningsUnappropriatedMember2025-12-310001982701ck0001982701:AppViewXIncMemberck0001982701:SeniorSecuredDebtFirstLienMemberus-gaap:DelayedDrawTermLoanMember2024-12-310001982701us-gaap:RevolvingCreditFacilityMemberck0001982701:AbplfCreditFacilityMemberck0001982701:ClassATMember2024-05-022024-05-020001982701US Corporate Debt | 1st Lien/Senior Secured Debt | Foundation Risk Partners, Corp. | Insurance | Revolver | 8.42% (S + 4.75%; 0.75% Floor) | 10/29/20292025-12-310001982701U.S. Corporate Debt | 2nd Lien/Junior Secured Debt | Symplr Software, Inc. | Health Care Technology | Term Loan | 12.56% (S + 7.87%; 0.75% Floor) | 12/22/20282024-12-310001982701ck0001982701:RidgeTrailUsBidcoIncMemberck0001982701:SeniorSecuredDebtFirstLienMemberck0001982701:RevolverMember2025-01-012025-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | Pinnacle Treatment Centers, Inc. | Health Care Providers & Services | Term Loan | 9.57% (S + 5.75%; 1.00% Floor) | 1/4/20272025-12-310001982701ck0001982701:AmercareroyalLlcMemberck0001982701:SeniorSecuredDebtFirstLienMemberck0001982701:RevolverMember2025-12-310001982701us-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputCommodityMarketPriceMemberck0001982701:DecreaseOnImpactMemberck0001982701:FirstLienseniorSecuredDebtMemberck0001982701:MarketYieldAnalysisMemberus-gaap:SeniorDebtObligationsMembersrt:MaximumMember2025-01-012025-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | Moon Buyer, Inc. | Software | Delayed Draw Term Loan | 8.42% (S + 4.75%; 0.75% Floor) | 4/21/20312025-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | HITRUST Services, LLC | Health Care Technology | Revolver | — (S + 4.50%; 0.75% Floor) | 3/14/20312025-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | MediaLab Solutions, LLC | Health Care Technology | Revolver | — (S + 5.00%; 0.75% Floor) | 8/11/20312025-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | PHRG INTERMEDIATE LLC | Diversified Consumer Services | Term Loan | 7.57% (S + 4.00%; 0.00% Floor) | 2/20/20322025-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | Navigate360, LLC | Diversified Consumer Services | Term Loan | 9.31% (S + 5.50%; 1.00% Floor) | 3/17/2027 | One2025-12-310001982701ck0001982701:ManagingDealerAgreementMemberck0001982701:CommonClassDMember2024-08-072024-08-070001982701US Corporate Debt | 1st Lien/Senior Secured Debt | Exterro, Inc. | Software | Delayed Draw Term Loan | (S + 5.25%; 1.00% Floor) | 6/1/20272025-12-310001982701us-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputOfferedPriceMemberck0001982701:RecentPurchaseMemberck0001982701:FirstLienseniorSecuredDebtMemberus-gaap:SeniorDebtObligationsMember2024-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | Mavenlink, Inc. | Professional Services | Term Loan | 9.49% (S + 5.50%; 0.75% Floor) | 6/1/20292025-12-310001982701ck0001982701:CapitalGainsIncentiveFeeMemberus-gaap:RelatedPartyMember2025-12-310001982701ck0001982701:JoinkLLCMemberck0001982701:SeniorSecuredDebtFirstLienMemberck0001982701:RevolverMember2024-12-310001982701ck0001982701:BonterraLLCMemberck0001982701:SeniorSecuredDebtFirstLienMemberck0001982701:RevolverMember2025-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | Level Data, LLC | Software | Delayed Draw Term Loan | — (S + 5.50%; 0.75% Floor) | 3/5/20312025-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | AppViewX, Inc. | Software | Term Loan | 9.57% (S + 5.25%; 0.75% Floor) | 12/24/20312024-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | Visionary Buyer, LLC | Diversified Telecommunication Services | Delayed Draw Term Loan | 9.17% (S + 5.50%; 0.75% Floor) | 3/21/20312025-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | Ungerboeck Systems International, LLC | Leisure Products | Delayed Draw Term Loan | 10.26% (S + 5.75%; 1.00% Floor) | 4/30/20272024-12-310001982701ck0001982701:SeniorSecuredDebtFirstLienMemberck0001982701:NavigateThreeHundredAndSixtyLLCMemberus-gaap:DelayedDrawTermLoanMember2024-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | FULLSTEAM OPERATIONS, LLC | Diversified Consumer Services | Revolver | (S + 5.25%; 0.75% Floor) | 8/8/20312025-12-310001982701us-gaap:AdditionalPaidInCapitalMember2023-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | Mist Holding Co. | Health Care Technology | Term Loan | 9.60% (S + 5.25%; 0.75% Floor) | 12/23/20302024-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | BSI2 Hold Nettle, LLC | Real Estate Management & Development | Revolver | 9.74% (S + 5.00%; 0.75% Floor) | 6/30/20282024-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | EET Buyer, Inc.| Construction & Engineering | Revolver | (S + 5.00%; 0.75% Floor) | 11/8/20272025-12-310001982701us-gaap:RevolvingCreditFacilityMemberck0001982701:SecondABPLFCreditFacilityAmendmentMemberck0001982701:ClassA-RAndClassA-TLoansMembersrt:ScenarioForecastMembersrt:MaximumMember2026-05-032026-05-030001982701ck0001982701:SeniorSecuredDebtFirstLienMemberus-gaap:DelayedDrawTermLoanMemberck0001982701:VeracrossLlcMember2025-01-012025-12-3100019827012023-06-070001982701US Corporate Debt | 1st Lien/Senior Secured Debt | Joink, LLC | Diversified Telecommunication Services | Term Loan | 9.77% (S + 5.25%; 1.00% Floor) | 10/4/20302024-12-310001982701ck0001982701:SeniorSecuredDebtFirstLienMemberck0001982701:RevolverMemberck0001982701:HITRUSTServicesLLCMember2025-01-012025-12-310001982701us-gaap:FairValueInputsLevel3Memberck0001982701:FirstLienseniorSecuredDebtMemberus-gaap:SeniorDebtObligationsMember2024-12-310001982701ck0001982701:ClassISharesMemberck0001982701:EquitableHoldingsIncMember2025-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | Sandstone Care Holdings, LLC | Health Care Providers & Services | Revolver | 10.10% (S + 5.50%; 1.00% Floor) | 6/28/20282024-12-310001982701ck0001982701:NonControlledOrNonaffiliatedInvestmentsMember2024-01-012024-12-310001982701ck0001982701:SeniorSecuredDebtFirstLienMemberus-gaap:DelayedDrawTermLoanMemberck0001982701:SaabPurchaserIncMember2025-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | QUIDELORTHO CORP | Health Care Equipment & Supplies | Term Loan | 7.68% (S + 4.00%; 0.00% Floor) | 8/20/20322025-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | Sauce Labs Inc | Software | Revolver | 10.68% (S + 5.50%; 1.00% Floor; 0.50% PIK) | 8/16/20272024-12-310001982701ck0001982701:MistHoldingCoMemberck0001982701:SeniorSecuredDebtFirstLienMemberus-gaap:DelayedDrawTermLoanMember2025-01-012025-12-310001982701ck0001982701:HirevueIncMemberck0001982701:SeniorSecuredDebtFirstLienMemberck0001982701:RevolverMember2024-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | Brightspot Buyer, Inc. | Media | Term Loan | 10.42% (S + 6.50%; 0.75% Floor) | 11/16/20272025-12-310001982701ck0001982701:FoundationRiskPartnersCorpMemberck0001982701:SeniorSecuredDebtFirstLienMemberck0001982701:RevolverMember2024-12-310001982701ck0001982701:SeniorSecuredDebtFirstLienMemberck0001982701:RevolverMemberck0001982701:NasuniCorporationMember2025-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | NI Topco, Inc. | Diversified Telecommunication Services | Term Loan | 9.07% (S + 4.75%; 0.75% Floor) | 12/28/2028 | One2024-12-310001982701us-gaap:BaseRateMemberck0001982701:ScotiaMemberck0001982701:SeniorSecuredCreditAgreementMemberus-gaap:DomesticLineOfCreditMember2024-05-022024-05-020001982701srt:OfficerMember2025-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | Navigate360, LLC | Diversified Consumer Services | Term Loan | 10.20% (S + 5.75%; 1.00% Floor) | 3/17/2027 | Two2024-12-310001982701ck0001982701:SeniorSecuredDebtFirstLienMemberck0001982701:NasuniCorporationMemberck0001982701:RevolverMember2025-01-012025-12-310001982701ck0001982701:USCorporateDebtAtTwoThreeThreePointSevenOnePercentageMember2024-12-310001982701ck0001982701:SeniorSecuredDebtFirstLienMemberus-gaap:DelayedDrawTermLoanMemberck0001982701:DABlockerCorpMember2025-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | Sandstone Care Holdings, LLC | Health Care Providers & Services | Term Loan | 10.18% (S + 5.50%; 1.00% Floor) | 6/28/20282024-12-310001982701ck0001982701:BusinessSolverDotComIncMemberck0001982701:SeniorSecuredDebtFirstLienMemberck0001982701:RevolverMember2025-01-012025-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | Visionary Buyer, LLC | Diversified Telecommunication Services | Term Loan | 9.17% (S + 5.50%; 0.75% Floor) | 3/21/20312025-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | Vectra AI, Inc. | Software | Revolver | — (S + 5.25%; 1.00% Floor) | 3/2/20282025-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | Honor HN Buyer, Inc. | Health Care Providers & Services | Term Loan | 9.57% (S + 5.75%; 1.00% Floor) | 10/15/20272025-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | LeadVenture, Inc. | Auto Components | Term Loan | 9.35% (S + 5.00%; 1.00% Floor) | 8/28/2026 | One2024-12-310001982701us-gaap:CommonStockMember2025-01-012025-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | Community Based Care Acquisition, Inc. | Health Care Providers & Services | Revolver | — (S + 5.25%; 1.00% Floor) | 9/16/20272024-12-310001982701ck0001982701:ExpenseSupportAgreementMember2024-09-012024-09-300001982701US Corporate Debt | 1st Lien/Senior Secured Debt | Aretec Group, Inc. | Financial Services | Term Loan | 6.68% (S + 3.00%; 0.00% Floor) | 8/9/20302025-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | Priority OnDemand Midco 2, L.P. | Health Care Equipment & Supplies | Term Loan | 9.13% (S + 5.25%; 1.00% Floor) | 7/17/20282025-12-310001982701us-gaap:FairValueInputsLevel2Member2024-12-310001982701ck0001982701:DelayedDrawTermLoanOneMemberck0001982701:SeniorSecuredDebtFirstLienMemberck0001982701:JuniperSquareIncMember2024-12-3100019827012024-04-302024-04-300001982701US Corporate Debt | 1st Lien/Senior Secured Debt | AppViewX, Inc. | Software | Delayed Draw Term Loan | — (S + 5.25%; 0.75% Floor) | 12/24/20312024-12-310001982701ck0001982701:QuirchFoodsHoldingsLLCMemberck0001982701:SeniorSecuredDebtFirstLienMemberus-gaap:DelayedDrawTermLoanMember2025-01-012025-12-310001982701ck0001982701:SeniorSecuredDebtFirstLienMemberus-gaap:DelayedDrawTermLoanMemberck0001982701:JuniperSquareIncMember2024-12-310001982701ck0001982701:TowercoFourHoldingsLLCMemberck0001982701:SeniorSecuredDebtFirstLienMemberus-gaap:DelayedDrawTermLoanMember2024-12-310001982701us-gaap:RevolvingCreditFacilityMemberck0001982701:AbplfTermLoanMember2024-12-310001982701ck0001982701:DelayedDrawTermLoanOneMemberck0001982701:SeniorSecuredDebtFirstLienMemberck0001982701:ZendeskIncMember2024-12-310001982701us-gaap:RevolvingCreditFacilityMemberck0001982701:ScotiaCreditFacilityMember2024-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | Medical Management Resource Group, L.L.C. | Health Care Providers & Services | Delayed Draw Term Loan | 9.52% (S + 5.75%; 0.75% Floor) | 9/30/20272025-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | Visionary Buyer, LLC | Diversified Telecommunication Services | Delayed Draw Term Loan | 9.76% (S + 5.25%; 0.75% Floor) | 3/21/20312024-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | Bridgepointe Technologies, LLC | Technology Hardware, Storage & Peripherals | Delayed Draw Term Loan | 8.67% (S + 5.00%; 1.00% Floor) | 12/31/2027 | One2025-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | MediaLab Solutions, LLC | Health Care Technology | Term Loan | 8.71% (S + 5.00%; 0.75% Floor) | 8/11/20312025-12-310001982701ck0001982701:SeniorSecuredDebtFirstLienMemberus-gaap:DelayedDrawTermLoanMemberck0001982701:SauceLabsIncMember2025-12-310001982701US Corporate Debt | US 2nd Lien/Junior Secured Debt | Symplr Software, Inc. | Health Care Technology | Term Loan | 11.81% (S + 7.87%; 0.75% Floor) | 12/22/20282025-12-310001982701us-gaap:FairValueInputsLevel3Memberus-gaap:FinancialServicesSectorMemberck0001982701:SecondLienJuniorSecuredDebtMemberus-gaap:SeniorDebtObligationsMember2024-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | Navigate360, LLC | Diversified Consumer Services | Term Loan | 9.31% (S + 5.50%; 1.00% Floor) | 3/17/20272025-12-310001982701ck0001982701:MistHoldingCoMemberck0001982701:DelayedDrawTermLoanOneMemberck0001982701:SeniorSecuredDebtFirstLienMember2025-01-012025-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | DA Blocker Corp. | Diversified Consumer Services | Term Loan | 8.42% (S + 4.75%; 0.75% Floor) | 2/10/20322025-12-310001982701ck0001982701:ThriveBuyerIncOneMemberck0001982701:SeniorSecuredDebtFirstLienMemberck0001982701:RevolverMember2025-01-012025-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | Mist Holding Co. | Health Care Technology | Term Loan | 8.92% (S + 5.25%; 0.75% Floor) | 12/23/20302025-12-310001982701ck0001982701:BonterraLLCMemberck0001982701:SeniorSecuredDebtFirstLienMemberck0001982701:RevolverOneMember2024-12-310001982701ck0001982701:AbMember2024-04-300001982701US Corporate Debt | 1st Lien/Senior Secured Debt | DeLorean Purchaser, Inc. | Health Care Technology | Revolver | — (S + 4.75%; 0.75% Floor) | 12/16/20312024-12-310001982701ck0001982701:RangerBuyerIncMemberck0001982701:SeniorSecuredDebtFirstLienMemberck0001982701:RevolverMember2024-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | Mavenlink, Inc. | Professional Services | Revolver | 9.36% (S + 5.50%; 0.75% Floor) | 6/1/20292025-12-310001982701ck0001982701:DatacorIncMemberck0001982701:SeniorSecuredDebtFirstLienMemberus-gaap:DelayedDrawTermLoanMember2025-12-310001982701ck0001982701:SecondNatureBrandsIncMemberck0001982701:SeniorSecuredDebtFirstLienMemberck0001982701:RevolverMember2025-01-012025-12-310001982701ck0001982701:SixMonthSLoansMember2024-01-012024-12-310001982701ck0001982701:ScotiaCreditFacilityMember2024-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | Saab Purchaser, Inc. | Banks | Revolver | (S + 5.00%; 0.75% Floor) | 11/12/20312024-12-310001982701ck0001982701:SeniorSecuredDebtFirstLienMemberus-gaap:DelayedDrawTermLoanMemberck0001982701:JuniperSquareIncMember2025-12-310001982701ck0001982701:USBANKMMDAGCTSMember2025-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | FULLSTEAM OPERATIONS, LLC | Diversified Consumer Services | Delayed Draw Term Loan | (S + 5.25%; 0.75% Floor) | 8/8/20312025-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | Ahead DB Holdings, LLC | IT Services | Term Loan | 6.16% (S + 2.50%; 0.75% Floor) | 2/1/20312025-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | NMI Acquisitionco, Inc. | Financial Services | Term Loan | 8.31% (S + 4.50%; 0.75% Floor) | 9/6/2028 | Three2025-12-310001982701Canadian Corporate Debt | 1st Lien/Senior Secured Debt | Versaterm Public Safety Inc. | Commercial Services & Supplies | Delayed Draw | 10.70% (S + 6.25%; 1.00% Floor) | 12/4/20252024-12-3100019827012023-12-310001982701us-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001982701ck0001982701:SeniorSecuredDebtFirstLienMemberck0001982701:TMABuyerLLCMemberck0001982701:RevolverMember2025-12-310001982701us-gaap:FinancialServicesSectorMemberck0001982701:FirstLienseniorSecuredDebtMemberus-gaap:SeniorDebtObligationsMember2025-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | Azurite Intermediate Holdings, Inc. | Software | Delayed Draw Term Loan | 9.71% (S + 6.00%; 0.75% Floor) | 3/19/20312025-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | MSP Global Holdings, Inc. | Technology Hardware, Storage & Peripherals | Term Loan | 9.31% (S + 5.50%; 1.00% Floor) | 4/9/20292025-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | Avalara, Inc. | Diversified Consumer Services | Term Loan | 10.57% (S + 6.25%; 0.75% Floor) | 10/19/20282024-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | MBS Holdings, Inc. | Diversified Telecommunication Services | Term Loan | 10.59% (S + 5.75%; 1.00% Floor) | 4/16/20272024-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | Amivie Acquisition, Inc. | Health Care Providers & Services | Delayed Draw Term Loan | 9.02% (S + 5.25%; 1.00% Floor) | 9/16/2027 | One2025-12-310001982701us-gaap:FairValueInputsLevel3Memberus-gaap:FinancialServicesSectorMember2025-12-310001982701ck0001982701:SeniorSecuredDebtFirstLienMemberus-gaap:DelayedDrawTermLoanMemberck0001982701:ZendeskIncMember2025-01-012025-12-310001982701us-gaap:RetainedEarningsUnappropriatedMember2024-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | Bridgepointe Technologies, LLC | Technology Hardware, Storage & Peripherals | Term Loan | 9.32% (S + 5.00%; 1.00% Floor) | 12/31/20272024-12-310001982701ck0001982701:WealthEnhancementGroupLLCMemberck0001982701:SeniorSecuredDebtFirstLienMemberus-gaap:DelayedDrawTermLoanMember2024-12-310001982701ck0001982701:SeniorSecuredDebtFirstLienMemberus-gaap:DelayedDrawTermLoanMemberck0001982701:ZendeskIncMember2024-12-310001982701us-gaap:CommonStockMember2024-12-310001982701ck0001982701:SeniorSecuredDebtFirstLienMemberck0001982701:VeracrossLlcMemberck0001982701:RevolverMember2024-12-310001982701ck0001982701:CommonClassSMember2026-03-250001982701ck0001982701:VisionaryBuyerLLCMemberck0001982701:SeniorSecuredDebtFirstLienMemberus-gaap:DelayedDrawTermLoanMember2025-01-012025-12-310001982701ck0001982701:BonterraLLCMemberck0001982701:SeniorSecuredDebtFirstLienMemberck0001982701:RevolverOneMember2025-01-012025-12-310001982701ck0001982701:ExpenseSupportAgreementMember2025-05-012025-05-310001982701ck0001982701:ExpenseSupportAgreementMember2023-12-012023-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | The Center for Orthopedic and Research Excellence, Inc. | Health Care Providers & Services | Term Loan | 10.02% (S + 6.00%; 1.00% Floor) | 12/31/20262025-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | Ridge Trail US Bidco, Inc. | Capital Markets | Revolver | 8.85% (S + 4.50%; 0.75% Floor) | 3/30/20312024-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | GS AcquisitionCo, Inc. | Diversified Financial Services | Revolver | (S + 5.25%; 1.00% Floor) | 5/25/20282024-12-310001982701us-gaap:RelatedPartyMemberck0001982701:TransferAgentFeesMember2025-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | Admiral Buyer, Inc. | Financial Services | Term Loan | 8.67% (S + 5.00%; 0.75% Floor) | 12/6/20292025-12-310001982701us-gaap:RevolvingCreditFacilityMemberck0001982701:ApplicableRateMembersrt:ScenarioForecastMemberck0001982701:AbplfCreditFacilityMember2026-05-032026-05-030001982701US Corporate Debt | 1st Lien/Senior Secured Debt | Veracross LLC | Diversified Consumer Services | Term Loan | 10.31% (S + 6.50%; 1.00% Floor) | 12/28/20272025-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | Moon Buyer, Inc. | Software | Term Loan | 8.42% (S + 4.75%; 0.75% Floor) | 4/21/20312025-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | Navigate360, LLC | Diversified Consumer Services | Delayed Draw Term Loan | (S + 5.75%; 1.00% Floor) | 3/17/20272024-12-310001982701us-gaap:MeasurementInputCommodityMarketPriceMemberus-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberck0001982701:DecreaseOnImpactMemberck0001982701:MarketYieldAnalysisMemberck0001982701:FirstLienseniorSecuredDebtMemberus-gaap:SeniorDebtObligationsMember2025-01-012025-12-310001982701ck0001982701:OctoberFirstTwoThousandTwentyFiveMember2025-01-012025-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | BV EMS Buyer, Inc. | Health Care Technology | Term Loan | 9.06% (S + 5.25%; 1.00% Floor) | 11/23/20272025-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | Telcor Buyer, Inc. | Health Care Technology | Term Loan | 8.70% (S + 4.25%; 1.00% Floor) | 8/20/20272024-12-310001982701us-gaap:AdditionalPaidInCapitalMember2023-06-070001982701US Corporate Debt | 1st Lien/Senior Secured Debt | Pace Health Companies, LLC | Health Care Providers & Services | Term Loan | 9.07% (S + 5.25%; 1.00% Floor) | 8/2/20272025-12-310001982701ck0001982701:O2025Q1OnTwentyOneMarchTwoThousandAndTwentyFiveDividendsMemberck0001982701:ClassISharesMember2025-03-310001982701ck0001982701:STATESTREETINSTITUTIONALUSMember2024-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | BV EMS Buyer, Inc | Health Care Technology | Delayed Draw Term Loan | 10.20% (S + 5.75%; 1.00% Floor) | 11/23/20272024-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | Mr. Greens Intermediate, LLC | Food & Staples Retailing | Term Loan | 10.74% (S + 6.25%; 1.00% Floor) | 5/1/20292024-12-310001982701ck0001982701:SeniorSecuredDebtFirstLienMemberck0001982701:RevolverMemberck0001982701:DLRdmvLLCMember2024-12-310001982701ck0001982701:ScotiaMembersrt:MinimumMemberck0001982701:SeniorSecuredCreditAgreementMemberus-gaap:DomesticLineOfCreditMember2024-05-020001982701US Corporate Debt | 1st Lien/Senior Secured Debt | Wealth Enhancement Group, LLC | Financial Services | Delayed Draw Term Loan | 8.36% (S + 4.50%; 1.00% Floor) | 10/2/20282025-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | DLRdmv, LLC | Automobiles | Term Loan | 9.02% (S + 5.25%; 1.00% Floor) | 5/7/20322025-12-310001982701ck0001982701:LivtechPurchaserIncMemberck0001982701:SeniorSecuredDebtFirstLienMemberus-gaap:DelayedDrawTermLoanMember2025-12-310001982701ck0001982701:ScotiaTermLoanMember2024-12-310001982701ck0001982701:ClassISharesMemberck0001982701:O2025Q2OnTwentyJuneTwoThousandAndTwentyFiveDividendsMember2025-01-012025-12-310001982701ck0001982701:BusinessSolverDotComIncMemberck0001982701:DelayedDrawTermLoanOneMemberck0001982701:SeniorSecuredDebtFirstLienMember2025-12-310001982701ck0001982701:EinsteinParentIncMemberck0001982701:SeniorSecuredDebtFirstLienMemberck0001982701:RevolverMember2025-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | Nexus Buyer LLC | Financial Services | Term Loan | 7.18% (S + 3.50%; 0.00% Floor) | 7/31/20312025-12-310001982701ck0001982701:SeniorSecuredDebtFirstLienMemberck0001982701:RevolverMemberck0001982701:BHGHoldingsLLCMember2024-12-310001982701ck0001982701:MistHoldingCoMemberck0001982701:DelayedDrawTermLoanTwoMemberck0001982701:SeniorSecuredDebtFirstLienMember2025-12-310001982701ck0001982701:JuneFirstTwoThousandTwentyFiveMember2025-01-012025-12-310001982701us-gaap:MoneyMarketFundsMemberus-gaap:CashEquivalentsMember2025-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | Pace Health Companies, LLC | Health Care Providers & Services | Term Loan | 9.72% (S + 5.25%; 1.00% Floor) | 8/3/20262024-12-310001982701ck0001982701:SeniorSecuredDebtFirstLienMemberck0001982701:RevolverMemberck0001982701:SerranoParentLlcMember2024-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | Salisbury House, LLC | Diversified Consumer Services | Revolver | 8.71% (S + 5.00%; 0.75% Floor) | 8/18/20322025-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | OPOC Acquisition, LLC | Insurance | Delayed Draw Term Loan | 8.87% (S + 5.00%; 1.00% Floor) | 12/20/20302025-12-310001982701ck0001982701:ScotiaMemberck0001982701:SeniorSecuredCreditAgreementMemberus-gaap:DomesticLineOfCreditMember2024-05-022024-05-020001982701US Corporate Debt | 1st Lien/Senior Secured Debt | Medical Management Resource Group, L.L.C. | Health Care Providers & Services | Delayed Draw Term Loan | 10.42% (S + 6.00%; 0.75% Floor) | 9/30/20272024-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | BHG Holdings, LLC | Health Care Providers & Services | Delayed Draw Term Loan | (S + 5.25%; 0.75% Floor) | 4/22/20322025-12-310001982701ck0001982701:LastDanceIntermediateICLLCMemberck0001982701:SeniorSecuredDebtFirstLienMemberck0001982701:RevolverMember2025-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | Ranger Buyer, Inc. | Commercial Services & Supplies | Term Loan | 9.07% (S + 4.75%; 0.75% Floor) | 11/20/20282024-12-310001982701ck0001982701:FirstMayTwoThousandTwentyFourMember2024-01-012024-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | The Center for Orthopedic and Research Excellence, Inc. | Health Care Providers & Services | Term Loan | 9.99% (S + 6.00%; 1.00% Floor) | 12/31/20262025-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | CHAMBERLAIN GROUP INC | Electrical Equipment | Term Loan | 6.43% (S + 2.75%; 0.00% Floor) | 9/8/20322025-12-310001982701ck0001982701:AbplfCreditFacilityMember2023-12-310001982701ck0001982701:VisionaryBuyerLLCMemberck0001982701:SeniorSecuredDebtFirstLienMemberus-gaap:DelayedDrawTermLoanMember2025-12-310001982701ck0001982701:SeniorSecuredDebtFirstLienMemberck0001982701:GsAcquisitionCoIncMemberck0001982701:RevolverMember2025-01-012025-12-310001982701us-gaap:CommonStockMember2023-06-070001982701ck0001982701:BonterraLLCMemberck0001982701:SeniorSecuredDebtFirstLienMemberck0001982701:RevolverMember2025-01-012025-12-310001982701ck0001982701:LastDanceIntermediateICLLCMemberck0001982701:SeniorSecuredDebtFirstLienMemberus-gaap:DelayedDrawTermLoanMember2025-01-012025-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | Joink, LLC | Diversified Telecommunication Services | Delayed Draw Term Loan | 8.71% (S + 5.00%; 1.00% Floor) | 10/4/20302025-12-310001982701ck0001982701:AmendedAndRestatedInvestmentAdvisoryAgreementMember2025-01-012025-12-310001982701ck0001982701:FirstLienSeniorSecuredDebtAtZeroPointEightSixPercentageMember2024-12-310001982701us-gaap:RelatedPartyMemberck0001982701:TransferAgentFeesMember2024-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | Mastery Acquisition Corp. | Diversified Consumer Services | Term Loan | 9.49% (S + 5.25%; 1.00% Floor) | 9/7/20292024-12-310001982701us-gaap:AdditionalPaidInCapitalMember2025-12-310001982701ck0001982701:SeniorSecuredDebtFirstLienMemberus-gaap:DelayedDrawTermLoanMemberck0001982701:GreenlightIntermediateIIIncMember2025-01-012025-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | Ping Identity Holding Corp. | Software | Term Loan | 9.07% (S + 4.75%; 0.75% Floor) | 10/17/20292024-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | Ridge Trail US Bidco, Inc. | Capital Markets | Revolver | 8.37% (S + 4.50%; 0.75% Floor) | 3/30/20312025-12-310001982701ck0001982701:AppViewXIncMemberck0001982701:SeniorSecuredDebtFirstLienMemberck0001982701:RevolverMember2025-01-012025-12-310001982701ck0001982701:SecondABPLFCreditFacilityAmendmentMemberus-gaap:RevolvingCreditFacilityMembersrt:ScenarioForecastMembersrt:MaximumMember2026-05-032026-05-030001982701US Corporate Debt | 1st Lien/Senior Secured Debt | Honor HN Buyer, Inc. | Health Care Providers & Services | Delayed Draw Term Loan | 10.22% (S + 5.75%; 1.00% Floor) | 10/15/20272024-12-310001982701ck0001982701:ExpenseSupportAgreementMember2024-02-012024-02-290001982701US Corporate Debt | 1st Lien/Senior Secured Debt | Telcor Buyer, Inc. | Health Care Technology | Revolver | (S + 4.25%; 1.00% Floor) | 8/20/20272024-12-310001982701ck0001982701:SeniorSecuredDebtFirstLienMemberck0001982701:DABlockerCorpMemberck0001982701:RevolverMember2025-01-012025-12-310001982701ck0001982701:AmercareroyalLlcMemberck0001982701:SeniorSecuredDebtFirstLienMemberus-gaap:DelayedDrawTermLoanMember2024-12-310001982701ck0001982701:ScotiaCreditFacilityMember2024-05-012024-05-010001982701US Corporate Debt | 1st Lien/Senior Secured Debt | Veracross LLC | Diversified Consumer Services | Term Loan | 10.95% (S + 2.00%; 1.00% Floor; 4.50% PIK) | 12/28/20272024-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | HireVue, Inc. | Professional Services | Revolver | 10.56% (S + 6.75%; 1.00% Floor) | 5/3/20292025-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | Quest Analytics Inc. | Health Care Technology | Revolver | (S + 4.25%; 0.50% Floor) | 11/10/20322025-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | Peter C. Foy & Associates Insurance Services, LLC | Insurance | Term Loan | 9.82% (S + 5.50%; 0.75% Floor) | 11/1/20282024-12-310001982701ck0001982701:MavelinkIncMemberck0001982701:SeniorSecuredDebtFirstLienMemberck0001982701:RevolverMember2025-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | EET Buyer, Inc.| Construction & Engineering | Term Loan | 8.59% (S + 4.75%; 0.75% Floor) | 11/8/2027 | One2025-12-310001982701ck0001982701:SeniorSecuredDebtFirstLienMemberus-gaap:DelayedDrawTermLoanMemberck0001982701:ZendeskIncMember2025-12-310001982701ck0001982701:FirstLienSeniorSecuredDebtAtTwoZeroFourPointFiveFourPercentageMember2025-12-310001982701ck0001982701:SeniorSecuredDebtFirstLienMemberck0001982701:MSPGlobalHoldingsIncMemberck0001982701:RevolverMember2025-12-310001982701us-gaap:FairValueInputsLevel3Memberck0001982701:FirstLienseniorSecuredDebtMemberus-gaap:SeniorDebtObligationsMember2025-01-012025-12-310001982701ck0001982701:AmercareroyalLlcMemberck0001982701:SeniorSecuredDebtFirstLienMemberus-gaap:DelayedDrawTermLoanMember2025-12-310001982701ck0001982701:O2025Q1OnTwentyOneMarchTwoThousandAndTwentyFiveDividendsMemberck0001982701:ClassISharesMember2025-01-012025-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | Cerifi, LLC | Banks | Term Loan | 10.20% (S + 5.75%; 1.00% Floor) | 3/31/20282024-12-310001982701ck0001982701:AmendedAndRestatedInvestmentAdvisoryAgreementMember2024-12-310001982701ck0001982701:EETBuyerIncMemberck0001982701:SeniorSecuredDebtFirstLienMemberck0001982701:RevolverMember2025-01-012025-12-310001982701ck0001982701:ExpenseSupportAgreementMember2025-01-012025-01-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | Medical Management Resource Group, L.L.C. | Health Care Providers & Services | Term Loan | 9.52% (S + 5.75%; 0.75% Floor) | 9/30/20272025-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | Tau Buyer, LLC | Technology Hardware, Storage & Peripherals | Delayed Draw Term Loan | 8.42% (S + 4.75%; 0.75% Floor) | 2/2/20322025-12-310001982701ck0001982701:SeniorSecuredDebtFirstLienMemberck0001982701:VehloPurchaserLlcMemberck0001982701:RevolverMember2024-12-310001982701ck0001982701:SeniorSecuredDebtFirstLienMemberck0001982701:RevolverMemberck0001982701:SerranoParentLlcMember2025-01-012025-12-310001982701ck0001982701:SeniorSecuredDebtFirstLienMemberus-gaap:DelayedDrawTermLoanMemberck0001982701:VeracrossLlcMember2025-12-310001982701Canadian Corporate Debt | 1st Lien/Senior Secured Debt | Versaterm Public Safety Inc. | Commercial Services & Supplies | Term Loan | 10.70% (S + 6.25%; 1.00% Floor) | 12/4/20252024-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | HireVue, Inc. | Professional Services | Term Loan | 10.59% (S + 6.75%; 1.00% Floor) | 5/3/20292025-12-310001982701us-gaap:MeasurementInputCommodityMarketPriceMemberus-gaap:FairValueInputsLevel3Memberck0001982701:DecreaseOnImpactMemberck0001982701:SecondLienJuniorSecuredDebtMemberck0001982701:MarketYieldAnalysisMemberus-gaap:SeniorDebtObligationsMember2025-12-310001982701ck0001982701:PamlicoAvantHoldingsLPMemberck0001982701:SeniorSecuredDebtFirstLienMemberck0001982701:RevolverMember2025-01-012025-12-310001982701ck0001982701:SeniorSecuredDebtFirstLienMemberck0001982701:HITRUSTServicesLLCMemberck0001982701:RevolverMember2024-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | Zendesk, Inc. | Software | Revolver | — (S + 5.00%; 0.75% Floor) | 11/22/20282024-12-310001982701us-gaap:RevolvingCreditFacilityMemberck0001982701:AbplfCreditFacilityMember2024-05-022024-05-020001982701us-gaap:FairValueInputsLevel2Member2025-12-310001982701ck0001982701:ClassA-RAndClassA-TLoansMemberck0001982701:SecondABPLFCreditFacilityAmendmentMemberus-gaap:RevolvingCreditFacilityMembersrt:MinimumMemberus-gaap:SubsequentEventMember2026-02-092026-02-090001982701ck0001982701:NcTopcoLlcMemberck0001982701:SeniorSecuredDebtFirstLienMemberck0001982701:RevolverMember2025-01-012025-12-310001982701ck0001982701:ClassISharesMemberck0001982701:O2024Q4OnThirtyOctoberTwoThousandAndTwentyFourDividendsMember2024-01-012024-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | Nasuni Corporation | Software | Revolver | (S + 5.75%; 0.75% Floor) | 9/10/20302024-12-310001982701ck0001982701:Mr.GreensIntermediateLlcMemberck0001982701:SeniorSecuredDebtFirstLienMemberus-gaap:DelayedDrawTermLoanMember2025-01-012025-12-310001982701ck0001982701:DelayedDrawTermLoanOneMemberck0001982701:SeniorSecuredDebtFirstLienMemberck0001982701:SaabPurchaserIncMember2025-01-012025-12-310001982701ck0001982701:SeniorSecuredDebtFirstLienMemberck0001982701:NavigateThreeHundredAndSixtyLLCMemberck0001982701:RevolverMember2025-12-310001982701ck0001982701:NcTopcoLlcMemberck0001982701:SeniorSecuredDebtFirstLienMemberus-gaap:DelayedDrawTermLoanMember2025-01-012025-12-310001982701ck0001982701:SeniorSecuredDebtFirstLienMemberus-gaap:DelayedDrawTermLoanMemberck0001982701:MSPGlobalHoldingsIncMember2025-01-012025-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | Admiral Buyer, Inc. | Financial Services | Term Loan | 8.67% (S + 5.00%; 0.75% Floor) | 12/6/2029 | One2025-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | REP TEC Intermediate Holdings, Inc. | Professional Services | Term Loan | 9.82% (S + 5.50%; 1.00% Floor) | 12/1/20272024-12-310001982701ck0001982701:HonorHNBuyerIncMemberck0001982701:SeniorSecuredDebtFirstLienMemberck0001982701:RevolverMember2024-12-310001982701ck0001982701:SeniorSecuredDebtFirstLienMemberck0001982701:NavigateThreeHundredAndSixtyLLCMemberck0001982701:RevolverMember2024-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | Bonterra, LLC | Diversified Consumer Services | Delayed Draw Term Loan | 8.68% (S + 4.75%; 0.75% Floor) | 3/5/20322025-12-310001982701us-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputOfferedPriceMemberck0001982701:RecentPurchaseMemberck0001982701:FirstLienseniorSecuredDebtMemberus-gaap:SeniorDebtObligationsMember2025-12-310001982701ck0001982701:SandstoneCareHoldingsLLCMemberck0001982701:SeniorSecuredDebtFirstLienMemberus-gaap:DelayedDrawTermLoanMember2024-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | AppViewX, Inc. | Software | Revolver | — (S + 5.25%; 0.75% Floor) | 12/24/20312024-12-310001982701ck0001982701:SeniorSecuredDebtFirstLienMemberus-gaap:DelayedDrawTermLoanMemberck0001982701:SauceLabsIncMember2024-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | Ungerboeck Systems International, LLC | Leisure Products | Delayed Draw Term Loan | 9.04% (S + 5.25%; 1.00% Floor) | 4/30/20292025-12-310001982701ck0001982701:ExpenseSupportAgreementMember2025-06-012025-06-300001982701US Corporate Debt | 1st Lien/Senior Secured Debt | Saab Purchaser, Inc. | Banks | Term Loan | 8.42% (S + 4.75%; 0.75% Floor) | 11/12/20312025-12-310001982701ck0001982701:HonorHNBuyerIncMemberck0001982701:SeniorSecuredDebtFirstLienMemberus-gaap:DelayedDrawTermLoanMember2025-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | FirstEnroll LLC | Insurance | Term Loan | 8.46% (S + 4.75%; 1.00% Floor) | 9/19/20312025-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | Sandstone Care Holdings, LLC | Health Care Providers & Services | Delayed Draw Term Loan | 9.27% (S + 5.50%; 1.00% Floor) | 6/28/20282025-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | UNIVISION COMMUNICATIONS INC. | Broadcast Serv/Program | Term Loan | 7.85% (S + 2.00%; 0.50% Floor) | 1/31/20292024-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | Navigate360, LLC | Diversified Consumer Services | Revolver | (S + 5.75%; 1.00% Floor) | 3/17/20272024-12-310001982701S Corporate Debt | 1st Lien/Senior Secured Debt | LivTech Purchaser, Inc. | Health Care Providers & Services | Delayed Draw Term Loan | (S + 4.50%; 0.75% Floor) | 11/24/20312024-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | Bridgepointe Technologies, LLC | Technology Hardware, Storage & Peripherals | Delayed Draw Term Loan | 9.32% (S + 5.00%; 1.00% Floor) | 12/31/20272024-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | Navigate360, LLC | Diversified Consumer Services | Revolver | (S + 5.50%; 1.00% Floor) | 3/17/20272025-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | Sako and Partners Lower Holdings LLC | Real Estate Management & Development | Term Loan | 8.17% (S + 4.50%; 1.00% Floor) | 9/15/2028 | One2025-12-310001982701ck0001982701:ScotiaMemberck0001982701:SeniorSecuredCreditAgreementMemberus-gaap:DomesticLineOfCreditMembersrt:MaximumMember2024-05-020001982701US Corporate Debt | 1st Lien/Senior Secured Debt | Cerifi, LLC | Banks | Term Loan | 9.56% (S + 5.75%; 1.00% Floor) | 3/31/20282025-12-310001982701us-gaap:RevolvingCreditFacilityMemberck0001982701:ClassARMemberck0001982701:AbplfCreditFacilityMember2024-05-022024-05-020001982701US Corporate Debt | 1st Lien/Senior Secured Debt | Sako and Partners Lower Holdings LLC | Real Estate Management & Development | Revolver | (S + 4.50%; 1.00% Floor) | 9/15/20282024-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | Brightspot Buyer, Inc. | Media | Term Loan | 11.11% (S + 6.50%; 0.75% Floor) | 11/16/20272024-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | Exterro, Inc. | Software | Term Loan | 10.11% (S + 5.50%; 1.00% Floor) | 6/1/20272024-12-310001982701ck0001982701:ScotiaTermLoanMember2023-12-310001982701us-gaap:RevolvingCreditFacilityMemberck0001982701:SecondABPLFCreditFacilityAmendmentMembersrt:ScenarioForecastMembersrt:MaximumMember2026-05-022026-05-020001982701US Corporate Debt | 1st Lien/Senior Secured Debt | MSP Global Holdings, Inc. | Technology Hardware, Storage & Peripherals | Delayed Draw Term Loan | 11.00% (S + 5.50%; 1.00% Floor) | 4/9/20292024-12-310001982701ck0001982701:SeniorSecuredDebtFirstLienMemberus-gaap:DelayedDrawTermLoanMemberck0001982701:BHGHoldingsLLCMember2025-01-012025-12-310001982701ck0001982701:ExpenseSupportAgreementMember2025-01-012025-12-310001982701UK Corporate Debt | UK 1st Lien/Senior Secured Debt | Labvantage Systems Limited | Pharmaceuticals | Term Loan | 9.10% (S + 5.25%; 1.00% Floor) | 12/23/20302025-12-310001982701ck0001982701:ExpenseSupportAndConditionalReimbursementAgreementMember2024-01-012024-12-310001982701us-gaap:InvestmentUnaffiliatedIssuerMember2024-12-310001982701ck0001982701:SeniorSecuredDebtFirstLienMemberck0001982701:JuniperSquareIncMemberck0001982701:RevolverMember2024-12-310001982701us-gaap:FairValueInputsLevel3Memberck0001982701:SecondLienJuniorSecuredDebtMemberus-gaap:SeniorDebtObligationsMember2024-12-310001982701ck0001982701:SeniorSecuredDebtFirstLienMemberck0001982701:RevolverMemberck0001982701:AvalaraIncMember2025-01-012025-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | Unlimited Technology Holdings, LLC | Health Care Technology | Term Loan | 8.17% (S + 4.50%; 0.75% Floor) | 3/12/20322025-12-310001982701ck0001982701:JoinkLLCMemberck0001982701:SeniorSecuredDebtFirstLienMemberus-gaap:DelayedDrawTermLoanMember2025-01-012025-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | Sako and Partners Lower Holdings LLC | Real Estate Management & Development | Term Loan | 8.82% (S + 4.50%; 1.00% Floor) | 9/15/20282024-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | Navigate360, LLC | Diversified Consumer Services | Delayed Draw Term Loan | 10.20% (S + 5.75%; 1.00% Floor) | 3/17/20272024-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | Level Data, LLC | Software | Term Loan | 9.32% (S + 5.50%; 0.75% Floor) | 3/5/20312025-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | Pinnacle Treatment Centers, Inc. | Health Care Providers & Services | Term Loan | 9.66% (S + 5.75%; 1.00% Floor) | 1/4/20272025-12-310001982701ck0001982701:SLIPSTREAMITLLCMemberck0001982701:SeniorSecuredDebtFirstLienMemberck0001982701:RevolverMember2025-12-310001982701ck0001982701:TransferAgentFeesMember2025-01-012025-12-310001982701ck0001982701:ClassISharesMemberck0001982701:O2024Q4OnThirtyOctoberTwoThousandAndTwentyFourDividendsMember2024-10-300001982701ck0001982701:RangerBuyerIncMemberck0001982701:SeniorSecuredDebtFirstLienMemberck0001982701:RevolverMember2025-12-310001982701ck0001982701:LeadVentureIncMemberck0001982701:SeniorSecuredDebtFirstLienMemberus-gaap:DelayedDrawTermLoanMember2025-01-012025-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | OPOC Acquisition, LLC | Insurance | Delayed Draw Term Loan | (S + 5.00%; 1.00% Floor) | 12/20/20302024-12-310001982701ck0001982701:JoinkLLCMemberck0001982701:SeniorSecuredDebtFirstLienMemberck0001982701:RevolverMember2025-01-012025-12-310001982701us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001982701:ScotiaMemberck0001982701:SeniorSecuredCreditAgreementMemberus-gaap:DomesticLineOfCreditMember2024-05-020001982701US Corporate Debt | 1st Lien/Senior Secured Debt | Vehlo Purchaser, LLC | Automobiles | Delayed Draw Term Loan | 9.21% (S + 5.50%; 0.75% Floor) | 5/24/20282025-12-310001982701ck0001982701:BusinessSolverDotComIncMemberck0001982701:SeniorSecuredDebtFirstLienMemberck0001982701:RevolverMember2024-12-310001982701ck0001982701:ExpenseSupportAgreementMember2024-01-012024-12-310001982701ck0001982701:SeniorSecuredDebtFirstLienMemberck0001982701:TMABuyerLLCMemberus-gaap:DelayedDrawTermLoanMember2024-12-310001982701us-gaap:RevolvingCreditFacilityMemberck0001982701:AbplfCreditFacilityMember2025-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | Ungerboeck Systems International, LLC | Leisure Products | Delayed Draw Term Loan | 10.26% (S + 5.75%; 1.00% Floor) | 4/30/2027 | One2024-12-310001982701srt:OfficerMember2024-12-310001982701ck0001982701:RidgeTrailUsBidcoIncMemberck0001982701:SeniorSecuredDebtFirstLienMemberus-gaap:DelayedDrawTermLoanMember2024-12-310001982701ck0001982701:SeniorSecuredDebtFirstLienMemberus-gaap:DelayedDrawTermLoanMemberck0001982701:TauBuyerLLCMember2024-12-310001982701ck0001982701:ExpenseSupportAgreementMember2025-03-012025-03-310001982701ck0001982701:SalisburyHouseLLCMemberck0001982701:SeniorSecuredDebtFirstLienMemberck0001982701:RevolverMember2025-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | Wealth Enhancement Group, LLC | Diversified Financial Services | Delayed Draw Term Loan | 9.55% (S + 5.00%; 1.00% Floor) | 10/2/2028 | One2024-12-310001982701us-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputCommodityMarketPriceMembersrt:MinimumMemberck0001982701:DecreaseOnImpactMemberck0001982701:FirstLienseniorSecuredDebtMemberck0001982701:MarketYieldAnalysisMemberus-gaap:SeniorDebtObligationsMember2024-01-012024-12-310001982701ck0001982701:AggregateFairValueSecuritiesMember2024-12-310001982701ck0001982701:SeniorSecuredDebtFirstLienMemberck0001982701:HITRUSTServicesLLCMemberck0001982701:RevolverMember2025-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | GHA Buyer, Inc. | Health Care Technology | Term Loan | 9.82% (S + 5.50%; 1.00% Floor) | 6/24/2026 One2024-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | Wealth Enhancement Group, LLC | Financial Services | Revolver | — (S + 4.50%; 1.00% Floor) | 10/2/20282025-12-310001982701us-gaap:InvestmentUnaffiliatedIssuerMembercountry:GBck0001982701:FirstLienseniorSecuredDebtMember2024-12-310001982701ck0001982701:SeniorSecuredDebtFirstLienMemberck0001982701:RevolverMemberck0001982701:VehloPurchaserLlcMember2025-12-310001982701ck0001982701:HirevueIncMemberck0001982701:SeniorSecuredDebtFirstLienMemberck0001982701:RevolverMember2025-12-310001982701ck0001982701:ClassISharesMemberck0001982701:O2025Q3OnTwentyFirstJulyTwoThousandAndTwentyFiveDividendsMember2025-07-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | Bonterra LLC | Diversified Financial Services | Term Loan | 11.32% (S + 7.00%; 0.75% Floor) | 9/8/20272024-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | FULLSTEAM OPERATIONS, LLC | Diversified Consumer Services | Term Loan | 9.11% (S + 5.25%; 0.75% Floor) | 8/8/20312025-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | HireVue, Inc. | Diversified Financial Services | Term Loan | 11.33% (S + 6.75%; 1.00% Floor) | 5/3/20292024-12-310001982701ck0001982701:LivtechPurchaserIncMemberck0001982701:SeniorSecuredDebtFirstLienMemberck0001982701:RevolverMember2025-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | ONEDIGITAL BORROWER LLC | Insurance | Term Loan | 6.68% (S + 3.00%; 0.50% Floor) | 7/2/20312025-12-310001982701ck0001982701:SeniorSecuredDebtFirstLienMemberus-gaap:DelayedDrawTermLoanMemberck0001982701:PriorityOndemandMidco2LPMember2025-01-012025-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | Honor HN Buyer, Inc. | Health Care Providers & Services | Delayed Draw Term Loan | 9.57% (S + 5.75%; 1.00% Floor) | 10/15/20272025-12-310001982701ck0001982701:NcTopcoLlcMemberck0001982701:SeniorSecuredDebtFirstLienMemberus-gaap:DelayedDrawTermLoanMember2024-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | Mist Holding Co. | Health Care Technology | Revolver | 9.58% (S + 5.25%; 0.75% Floor) | 12/23/20302024-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | BV EMS Buyer, Inc | Health Care Technology | Term Loan | 10.20% (S + 5.75%; 1.00% Floor) | 11/23/20272024-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | Synechron, Inc. | IT Services | Term Loan | 7.41% (S + 3.75%; 0.00% Floor) | 10/3/20312025-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | MSP Global Holdings, Inc. | Technology Hardware, Storage & Peripherals | Delayed Draw Term Loan | (S + 5.50%; 1.00% Floor) | 4/9/20292025-12-310001982701ck0001982701:RidgeTrailUsBidcoIncMemberck0001982701:SeniorSecuredDebtFirstLienMemberck0001982701:RevolverMember2025-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | Serrano Parent, LLC | Software | Term Loan | 10.92% (S + 6.50%; 1.00% Floor) | 5/13/20302024-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | Visionary Buyer, LLC | Diversified Telecommunication Services | Revolver | — (S + 5.25%; 0.75% Floor) | 3/21/20302024-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | Datacor, Inc. | Chemicals | Delayed Draw Term Loan | 10.21% (S + 4.50%; 1.00% Floor; 2.00% PIK) | 3/13/20292025-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | MSP Global Holdings, Inc. | Technology Hardware, Storage & Peripherals | Term Loan | 9.49% (S + 5.50%; 1.00% Floor) | 4/9/20292025-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | NC Topco, LLC | Banks | Term Loan | 8.21% (S + 4.50%; 0.75% Floor) | 9/1/20312025-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | NC Topco, LLC | Banks | Term Loan | 9.60% (S + 2.50%; 0.75% Floor; 2.75% PIK) | 9/1/20312024-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | LeadVenture, Inc. | Auto Components | Term Loan | 9.35% (S + 5.00%; 0.75% Floor) | 8/28/2026 | Two2024-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | Bridgepointe Technologies, LLC | Technology Hardware, Storage & Peripherals | Delayed Draw Term Loan | 8.67% (S + 5.00%; 1.00% Floor) | 12/31/20272025-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | Datacor, Inc. | Chemicals | Revolver | 10.21% (S + 4.50%; 1.00% Floor; 2.00% PIK) | 3/13/20292025-12-310001982701ck0001982701:DelayedDrawTermLoanOneMemberck0001982701:SeniorSecuredDebtFirstLienMemberck0001982701:JuniperSquareIncMember2025-01-012025-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | Patriot Acquireco L.L.C | Hotels, Restaurants & Leisure | Revolver | 8.17% (S + 4.50%; 0.75% Floor) | 9/3/20322025-12-310001982701ck0001982701:AppViewXIncMemberck0001982701:SeniorSecuredDebtFirstLienMemberus-gaap:DelayedDrawTermLoanMember2025-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | Juniper Square, Inc. | Financial Services | Delayed Draw Term Loan | — (S + 4.75%; 0.75% Floor) | 11/6/20312025-12-310001982701ck0001982701:SeniorSecuredDebtFirstLienMemberck0001982701:NasuniCorporationMemberck0001982701:RevolverMember2024-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | DA Blocker Corp. | Diversified Consumer Services | Delayed Draw Term Loan | (S + 4.75%; 0.75% Floor) | 2/10/20322025-12-310001982701ck0001982701:SoladocLlcMemberck0001982701:SeniorSecuredDebtFirstLienMemberck0001982701:RevolverMember2025-01-012025-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | Contruent Intermediate Company | Construction & Engineering | Delayed Draw Term Loan | (S + 5.25%; 0.75% Floor) | 11/14/20312025-12-310001982701ck0001982701:SeniorSecuredDebtFirstLienMember2025-12-310001982701ck0001982701:BusinessSolverDotComIncMemberck0001982701:SeniorSecuredDebtFirstLienMemberus-gaap:DelayedDrawTermLoanMember2025-01-012025-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | DLRdmv, LLC | Automobiles | Revolver | (S + 5.25%; 1.00% Floor) | 5/7/20322025-12-310001982701ck0001982701:PaceHealthCompaniesLLCMemberck0001982701:SeniorSecuredDebtFirstLienMemberus-gaap:DelayedDrawTermLoanMember2024-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | Labvantage Solutions Inc. | Pharmaceuticals | Revolver | 9.58% (S + 5.25%; 1.00% Floor) | 12/23/20302024-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | AAH Topco, LLC | Health Care Providers & Services | Delayed Draw Term Loan | 9.70% (S + 5.25%; 0.75% Floor) | 12/22/20272024-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | AppViewX, Inc. | Software | Revolver | (S + 5.25%; 0.75% Floor) | 12/24/20312025-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | Amercare Royal, LLC | Commercial Services & Supplies | Revolver | 8.71% (S + 5.00%; 1.00% Floor) | 9/10/20302025-12-310001982701ck0001982701:SeniorSecuredDebtFirstLienMemberck0001982701:BrightspotBuyerIncMemberck0001982701:RevolverMember2025-01-012025-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | Bridgepointe Technologies, LLC | Technology Hardware, Storage & Peripherals | Delayed Draw Term Loan | 8.67% (S + 5.00%; 1.00% Floor) | 12/31/2027 | Two2025-12-310001982701ck0001982701:PaceHealthCompaniesLLCMemberck0001982701:SeniorSecuredDebtFirstLienMemberus-gaap:DelayedDrawTermLoanMember2025-12-310001982701S Corporate Debt | 1st Lien/Senior Secured Debt | Admiral Buyer, Inc. | Financial Services | Revolver | (S + 5.00%; 0.75% Floor) | 12/6/20292025-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | NC Topco, LLC | Banks | Revolver | (S + 2.50%; 0.75% Floor) | 9/1/20312024-12-310001982701us-gaap:RevolvingCreditFacilityMemberck0001982701:ScotiaCreditFacilityMember2025-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | Honor HN Buyer, Inc. | Health Care Providers & Services | Delayed Draw Term Loan | 10.22% (S + 5.75%; 1.00% Floor) | 10/15/2027 | One2024-12-310001982701us-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:CorporateDebtSecuritiesMembercountry:GB2025-12-310001982701ck0001982701:LastDanceIntermediateICLLCMemberck0001982701:SeniorSecuredDebtFirstLienMemberus-gaap:DelayedDrawTermLoanMember2024-12-310001982701ck0001982701:CapitalGainsIncentiveFeeMember2025-01-012025-12-310001982701ck0001982701:ClassISharesMemberck0001982701:O2024Q4OnTwentyEightNovemberTwoThousandAndTwentyFourDividendsMember2024-11-280001982701US Corporate Debt | 1st Lien/Senior Secured Debt | Second Nature Brands, Inc. | Real Estate Management & Development | Term Loan | 10.10% (S + 6.00%; 1.00% Floor) | 2/6/20312025-12-310001982701ck0001982701:SeniorSecuredDebtFirstLienMemberck0001982701:MSPGlobalHoldingsIncMemberus-gaap:DelayedDrawTermLoanMember2024-12-310001982701ck0001982701:SeniorSecuredDebtFirstLienMemberck0001982701:RevolverMemberck0001982701:SauceLabsIncMember2025-12-310001982701ck0001982701:SeniorSecuredDebtFirstLienMemberck0001982701:RevolverMemberck0001982701:LevelDataLLCMember2025-12-310001982701us-gaap:MeasurementInputCommodityMarketPriceMemberus-gaap:FairValueInputsLevel3Memberck0001982701:DecreaseOnImpactMemberck0001982701:MarketYieldAnalysisMemberck0001982701:FirstLienseniorSecuredDebtMemberus-gaap:SeniorDebtObligationsMember2025-12-310001982701ck0001982701:SeniorSecuredDebtFirstLienMemberck0001982701:TMABuyerLLCMemberck0001982701:RevolverMember2025-01-012025-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | Redwood Family Care Network, Inc. | Health Care Providers & Services | Delayed Draw Term Loan | 9.97% (S + 5.50%; 1.00% Floor) | 6/18/2026 | One2024-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | NMI Acquisitionco, Inc. | Financial Services | Revolver | (S + 4.50%; 0.75% Floor) | 9/6/20282025-12-310001982701ck0001982701:AvantCommunicationsLLCMemberck0001982701:SeniorSecuredDebtFirstLienMemberck0001982701:RevolverMember2025-01-012025-12-310001982701us-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputCommodityMarketPriceMemberck0001982701:DecreaseOnImpactMembersrt:MinimumMemberck0001982701:SecondLienJuniorSecuredDebtMemberck0001982701:MarketYieldAnalysisMemberus-gaap:SeniorDebtObligationsMember2024-01-012024-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | Vectra AI, Inc. | Software | Revolver | (S + 5.25%; 1.00% Floor) | 3/2/20282024-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | MSP Global Holdings, Inc. | Technology Hardware, Storage & Peripherals | Delayed Draw Term Loan | (S + 5.50%; 1.00% Floor) | 4/9/20292024-12-310001982701ck0001982701:SeniorSecuredDebtFirstLienMemberck0001982701:RevolverMemberck0001982701:AdmiralBuyerIncMember2025-01-012025-12-310001982701us-gaap:PrimeRateMember2025-01-012025-12-310001982701ck0001982701:BonterraLLCMemberck0001982701:SeniorSecuredDebtFirstLienMemberck0001982701:RevolverMember2024-12-310001982701ck0001982701:JoinkLLCMemberck0001982701:SeniorSecuredDebtFirstLienMemberus-gaap:DelayedDrawTermLoanMember2025-12-310001982701ck0001982701:ClassISharesMember2024-01-012024-12-310001982701ck0001982701:AzuriteIntermediateHoldingsIncMemberck0001982701:SeniorSecuredDebtFirstLienMemberck0001982701:RevolverMember2025-12-310001982701ck0001982701:CanadianCorporateFirstLienSeniorSecuredDebtFourPointSevenFourPercentageMember2024-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | Second Nature Brands, Inc. | Real Estate Management & Development | Revolver | (S + 6.00%; 1.00% Floor) | 2/6/20312025-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | Wealth Enhancement Group, LLC | Diversified Financial Services | Delayed Draw Term Loan | — (S + 5.00%; 1.00% Floor) | 10/2/20282024-12-310001982701ck0001982701:MistHoldingCoMemberck0001982701:DelayedDrawTermLoanTwoMemberck0001982701:SeniorSecuredDebtFirstLienMember2024-12-310001982701ck0001982701:O2025Q4OnEighteenDecemberTwoThousandAndTwentyFiveDividendsMemberck0001982701:ClassISharesMember2025-12-310001982701ck0001982701:LivtechPurchaserIncMemberck0001982701:SeniorSecuredDebtFirstLienMemberck0001982701:RevolverMember2024-12-310001982701us-gaap:FairValueInputsLevel3Memberck0001982701:SecondLienJuniorSecuredDebtMemberus-gaap:SeniorDebtObligationsMember2023-12-310001982701ck0001982701:SeniorSecuredDebtFirstLienMemberck0001982701:TauBuyerLLCMemberck0001982701:RevolverMember2024-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | Priority OnDemand Midco 2, L.P. | Health Care Providers & Services | Delayed Draw Term Loan | 9.77% (S + 5.25%; 1.00% Floor) | 7/17/20282024-12-310001982701ck0001982701:SeniorSecuredDebtFirstLienMemberck0001982701:ExterroIncMemberck0001982701:RevolverMember2025-01-012025-12-310001982701ck0001982701:SeniorSecuredDebtFirstLienMemberck0001982701:ExterroIncMemberck0001982701:RevolverMember2025-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | Bridgepointe Technologies, LLC | Technology Hardware, Storage & Peripherals | Term Loan | 9.32% (S + 5.00%; 1.00% Floor) | 12/31/2027 One2024-12-310001982701ck0001982701:AmendedAndRestatedInvestmentAdvisoryAgreementMember2025-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | MPH ACQUISITION HOLDINGS LLC | Financial Services | Term Loan | 7.41% (S + 3.75%; 0.50% Floor) | 12/31/20302025-12-310001982701ck0001982701:KPAParentHoldingsIncMemberck0001982701:SeniorSecuredDebtFirstLienMemberus-gaap:DelayedDrawTermLoanMember2025-01-012025-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | Salisbury House, LLC | Diversified Consumer Services | Delayed Draw Term Loan | (S + 5.00%; 0.75% Floor) | 8/18/20322025-12-310001982701ck0001982701:MedicalManagementResourceGroupLlcMemberck0001982701:SeniorSecuredDebtFirstLienMemberck0001982701:RevolverMember2025-12-310001982701ck0001982701:DecemberFirstTwoThousandTwentyFiveMember2025-01-012025-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | LeadVenture, Inc. | Automobile Components | Delayed Draw Term Loan | 8.92% (S + 4.75%; 0.75% Floor) | 6/23/20322025-12-310001982701ck0001982701:OPOCAcquisitionLLCMemberck0001982701:SeniorSecuredDebtFirstLienMemberus-gaap:DelayedDrawTermLoanMember2025-12-310001982701ck0001982701:DatacorIncMemberck0001982701:SeniorSecuredDebtFirstLienMemberus-gaap:DelayedDrawTermLoanMember2025-01-012025-12-310001982701ck0001982701:AmendedAndRestatedInvestmentAdvisoryAgreementMember2024-01-012024-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | Vehlo Purchaser, LLC | Automobiles | Revolver | — (S + 5.50%; 0.75% Floor) | 5/24/20282025-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | Redwood Family Care Network, Inc. | Health Care Providers & Services | Delayed Draw Term Loan | 9.17% (S + 5.50%; 1.00% Floor) | 6/19/20282025-12-310001982701us-gaap:CommonStockMember2023-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | UNIVISION COMMUNICATIONS INC. | Media | Term Loan | 7.30% (S + 3.61%; 0.50% Floor) | 1/31/20292025-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | Greenlight Intermediate II, Inc. | Diversified Telecommunication Services | Delayed Draw Term Loan | 9.42% (S + 5.75%; 0.75% Floor) | 6/1/2029 | One2025-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | Thrive Buyer, Inc. | Technology Hardware, Storage & Peripherals | Delayed Draw Term Loan | 10.47% (S + 6.00%; 1.00% Floor) | 1/22/20272024-12-310001982701ck0001982701:ClassISharesMemberck0001982701:O2025Q1OnTwentyTwoJanuaryTwoThousandAndTwentyFiveDividendsMember2025-01-012025-12-310001982701us-gaap:FinancialServicesSectorMemberus-gaap:FairValueInputsLevel2Member2025-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | Vectra AI, Inc. | Software | Term Loan | 9.97% (S + 5.25%; 1.00% Floor) | 3/2/20282024-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | AAH Topco, LLC | Health Care Providers & Services | Revolver | — (S + 5.25%; 0.75% Floor) | 12/22/20272024-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | Foundation Risk Partners, Corp. | Insurance | Term Loan | 9.57% (S + 5.25%; 0.75% Floor) | 10/29/2030 One2024-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | Einstein Parent, Inc.| Software | Term Loan | 10.35% (S + 6.50%; 0.75% Floor) | 1/22/20312025-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | Ranger Buyer, Inc. | Commercial Services & Supplies | Revolver | (S + 4.75%; 0.75% Floor) | 11/18/20272025-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | MJH HEALTHCARE HOLDINGS LLC | Media | Term Loan | 7.43% (S + 3.75%; 0.00% Floor) | 12/18/20322025-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | Mist Holding Co. | Health Care Technology | Delayed Draw Term Loan | (S + 5.25%; 0.75% Floor) | 12/23/20302024-12-310001982701us-gaap:PrimeRateMember2024-01-012024-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | BV EMS Buyer, Inc. | Health Care Technology | Term Loan | 9.06% (S + 5.25%; 1.00% Floor) | 11/23/2027 | Two2025-12-310001982701ck0001982701:ExpenseSupportAgreementMembersrt:MaximumMember2025-01-012025-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | Telesoft Holdings, LLC | Diversified Telecommunication Services | Term Loan | 10.20% (S + 5.75%; 1.00% Floor) | 12/16/20262024-12-310001982701us-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputCommodityMarketPriceMemberck0001982701:DecreaseOnImpactMemberck0001982701:SecondLienJuniorSecuredDebtMemberck0001982701:MarketYieldAnalysisMembersrt:MaximumMemberus-gaap:SeniorDebtObligationsMember2025-01-012025-12-310001982701ck0001982701:DelayedDrawTermLoanOneMemberck0001982701:SeniorSecuredDebtFirstLienMemberck0001982701:ZendeskIncMember2025-12-310001982701ck0001982701:MistHoldingCoMemberck0001982701:SeniorSecuredDebtFirstLienMemberus-gaap:DelayedDrawTermLoanMember2024-12-310001982701ck0001982701:SeniorSecuredDebtFirstLienMemberus-gaap:DelayedDrawTermLoanMemberck0001982701:BHGHoldingsLLCMember2024-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | Ampler QSR Holdings LLC | Hotels, Restaurants & Leisure | Term Loan | 10.20% (S + 5.75%; 1.00% Floor) | 7/21/20272024-12-310001982701ck0001982701:SalisburyHouseLLCMemberck0001982701:SeniorSecuredDebtFirstLienMemberus-gaap:DelayedDrawTermLoanMember2024-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | The Center for Orthopedic and Research Excellence, Inc. | Health Care Providers & Services | Term Loan | 10.67% (S + 6.00%; 1.00% Floor) | 8/15/20252024-12-310001982701ck0001982701:WealthEnhancementGroupLLCMemberck0001982701:DelayedDrawTermLoanOneMemberck0001982701:SeniorSecuredDebtFirstLienMember2025-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | Admiral Buyer, Inc. | Diversified Financial Services | Term Loan | 9.82% (S + 5.50%; 0.75% Floor) | 5/8/20282024-12-310001982701ck0001982701:OPOCAcquisitionLLCMemberck0001982701:SeniorSecuredDebtFirstLienMemberck0001982701:RevolverMember2025-01-012025-12-3100019827012025-01-012025-12-310001982701ck0001982701:USInvestmentCompaniesOnePointSixNinePercentageMember2025-12-310001982701ck0001982701:ScotiaCreditFacilityMember2023-12-310001982701ck0001982701:SeniorSecuredDebtFirstLienMemberck0001982701:DABlockerCorpMemberck0001982701:RevolverMember2024-12-310001982701ck0001982701:ExpenseSupportAgreementMember2025-09-012025-09-300001982701US Corporate Debt | 1st Lien/Senior Secured Debt | Amercare Royal, LLC | Commercial Services & Supplies | Term Loan | 8.71% (S + 5.00%; 1.00% Floor) | 9/10/20302025-12-310001982701ck0001982701:SecondLienJuniorSecuredDebtMemberus-gaap:InvestmentUnaffiliatedIssuerMembercountry:US2025-12-310001982701ck0001982701:LivtechPurchaserIncMemberck0001982701:SeniorSecuredDebtFirstLienMemberus-gaap:DelayedDrawTermLoanMember2025-01-012025-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | GS AcquisitionCo, Inc. | Professional Services | Delayed Draw Term Loan | 8.92% (S + 5.25%; 0.75% Floor) | 5/25/20282025-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | Moon Buyer, Inc. | Software | Delayed Draw Term Loan | 9.32% (S + 5.00%; 0.75% Floor) | 4/21/20312024-12-310001982701ck0001982701:ClassISharesMember2025-01-012025-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | NMI Acquisitionco, Inc. | Internet and Direct Marketing Retail | Term Loan | 9.45% (S + 5.00%; 0.75% Floor) | 9/6/20282024-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | Avant Communications, LLC | Diversified Telecommunication Services | Revolver | — (S + 5.00%; 1.00% Floor) | 11/30/20262024-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | Fusion Holding, Corp. | Software | Revolver | — (S + 6.25%; 0.75% Floor) | 9/15/20272024-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | Pinnacle Treatment Centers, Inc. | Health Care Providers & Services | Term Loan | 10.01% (S + 5.50%; 1.00% Floor) | 1/4/2027 | One2024-12-310001982701ck0001982701:ContruentIntermediateCompanyMemberck0001982701:SeniorSecuredDebtFirstLienMemberus-gaap:DelayedDrawTermLoanMember2025-01-012025-12-310001982701ck0001982701:SeniorSecuredDebtFirstLienMemberus-gaap:DelayedDrawTermLoanMemberck0001982701:VectraAIIncMember2025-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | Zendesk, Inc. | Software | Term Loan | 9.32% (S + 5.00%; 0.75% Floor) | 11/22/20282024-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | Serrano Parent, LLC | Software | Revolver | (S + 6.50%; 1.00% Floor) | 5/13/20302024-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | Orbit Private Holdings I Ltd | Financial Services | Term Loan | 7.43% (S + 3.75%; 0.50% Floor) | 12/10/20312025-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | NMI Acquisitionco, Inc. | Internet and Direct Marketing Retail | Term Loan | 9.45% (S + 5.00%; 0.75% Floor) | 9/6/2028 | One2024-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | Salisbury House, LLC | Diversified Consumer Services | Term Loan | 10.48% (S + 5.75%; 1.00% Floor) | 2/27/2026 | Two2024-12-310001982701ck0001982701:PamlicoAvantHoldingsLPMemberck0001982701:SeniorSecuredDebtFirstLienMemberck0001982701:RevolverMember2024-12-310001982701ck0001982701:MarchThirdTwoThousandTwentyFiveMember2025-01-012025-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | Azurite Intermediate Holdings, Inc. | Software | Delayed Draw Term Loan | 10.85% (S + 6.50%; 0.75% Floor) | 3/19/20312024-12-310001982701ck0001982701:LeadVentureIncMemberck0001982701:SeniorSecuredDebtFirstLienMemberck0001982701:RevolverMember2024-12-310001982701ck0001982701:AbplfSpvILlcabplfMember2024-12-310001982701ck0001982701:DatacorIncMemberck0001982701:SeniorSecuredDebtFirstLienMemberck0001982701:RevolverMember2025-12-310001982701ck0001982701:ManagingDealerAgreementMember2024-08-072024-08-070001982701US Corporate Debt | 1st Lien/Senior Secured Debt | Saab Purchaser, Inc. | Banks | Term Loan | 8.42% (S + 4.75%; 0.75% Floor) | 11/12/2031 | One2025-12-310001982701ck0001982701:DelayedDrawTermLoanOneMemberck0001982701:VisionaryBuyerLLCMemberck0001982701:SeniorSecuredDebtFirstLienMember2025-12-310001982701ck0001982701:TransferAgentFeesMember2024-01-012024-12-310001982701ck0001982701:ExpenseSupportAgreementMember2023-09-012023-09-300001982701ck0001982701:BusinessSolverDotComIncMemberck0001982701:SeniorSecuredDebtFirstLienMemberck0001982701:RevolverMember2025-12-310001982701ck0001982701:SeniorSecuredDebtFirstLienMemberck0001982701:QuestAnalyticsIncMemberck0001982701:RevolverMember2025-01-012025-12-310001982701ck0001982701:OPOCAcquisitionLLCMemberck0001982701:SeniorSecuredDebtFirstLienMemberck0001982701:RevolverMember2024-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | Amivie Acquisition, Inc. | Health Care Providers & Services | Term Loan | 9.02% (S + 5.25%; 1.00% Floor) | 9/16/20272025-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | NMI Acquisitionco, Inc. | Financial Services | Term Loan | 8.31% (S + 4.50%; 0.75% Floor) | 9/6/20282025-12-310001982701ck0001982701:SeniorSecuredDebtFirstLienMemberck0001982701:BrightspotBuyerIncMemberck0001982701:RevolverMember2025-12-310001982701us-gaap:FinancialServicesSectorMember2025-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | RYAN LLC | Professional Services | Term Loan | 7.18% (S + 3.50%; 0.00% Floor) | 1/28/20292025-12-310001982701us-gaap:FairValueInputsLevel3Memberck0001982701:SecondLienJuniorSecuredDebtMemberus-gaap:SeniorDebtObligationsMember2025-01-012025-12-310001982701ck0001982701:DeloreanPurchaserIncMemberck0001982701:SeniorSecuredDebtFirstLienMemberck0001982701:RevolverMember2025-01-012025-12-310001982701ck0001982701:SeniorSecuredDebtFirstLienMemberck0001982701:RevolverMemberck0001982701:VehloPurchaserLlcMember2025-01-012025-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | Salisbury House, LLC | Diversified Consumer Services | Term Loan | 10.48% (S + 5.75%; 1.00% Floor) | 2/27/2026 | One2024-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | EMRLD BORROWER LP | Electrical Equipment | Term Loan | 5.91% (S + 2.25%; 0.00% Floor) | 8/4/20312025-12-310001982701ck0001982701:ExpenseSupportAgreementMember2024-04-012024-04-300001982701ck0001982701:ExpenseSupportAgreementMember2024-11-012024-11-300001982701ck0001982701:SeniorSecuredDebtFirstLienMemberck0001982701:RevolverMemberck0001982701:VectraAIIncMember2024-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | Ridge Trail US Bidco, Inc. | Capital Markets | Term Loan | 8.37% (S + 4.50%; 0.75% Floor) | 9/30/20312025-12-310001982701ck0001982701:ThreeMonthSLoansMember2025-01-012025-12-310001982701ck0001982701:SeniorSecuredDebtFirstLienMemberck0001982701:AAHTopcoLLCMemberck0001982701:RevolverMember2025-01-012025-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | Salisbury House, LLC | Diversified Consumer Services | Term Loan | 8.72% (S + 5.00%; 0.75% Floor) | 8/18/20322025-12-310001982701ck0001982701:QuarterlyIncentiveFeeBasisOneMember2025-01-012025-12-310001982701ck0001982701:AzuriteIntermediateHoldingsIncMemberck0001982701:SeniorSecuredDebtFirstLienMemberck0001982701:RevolverMember2024-12-310001982701ck0001982701:RidgeTrailUsBidcoIncMemberck0001982701:SeniorSecuredDebtFirstLienMemberus-gaap:DelayedDrawTermLoanMember2025-01-012025-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | REP TEC Intermediate Holdings, Inc. | Professional Services | Term Loan | 8.42% (S + 4.75%; 1.00% Floor) | 5/30/20312025-12-310001982701ck0001982701:DeloreanPurchaserIncMemberck0001982701:SeniorSecuredDebtFirstLienMemberck0001982701:RevolverMember2024-12-310001982701ck0001982701:SeniorSecuredDebtFirstLienMemberus-gaap:DelayedDrawTermLoanMemberck0001982701:VectraAIIncMember2025-01-012025-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | ASCEND LEARNING, LLC | Professional Services | Term Loan | 6.68% (S + 3.00%; 0.50% Floor) | 12/11/20282025-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | Wealth Enhancement Group, LLC | Financial Services | Delayed Draw Term Loan | 8.48% (S + 4.50%; 1.00% Floor) | 10/2/20282025-12-310001982701ck0001982701:MMPIntermediateLLCMemberck0001982701:SeniorSecuredDebtFirstLienMemberck0001982701:RevolverMember2024-12-310001982701ck0001982701:SeniorSecuredDebtFirstLienMemberus-gaap:DelayedDrawTermLoanMemberck0001982701:DABlockerCorpMember2025-01-012025-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | Sandstone Care Holdings, LLC | Health Care Providers & Services | Delayed Draw Term Loan | 10.42% (S + 5.50%; 1.00% Floor) | 6/28/20282024-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | Juniper Square, Inc. | Financial Services | Term Loan | 8.53% (S + 4.75%; 0.75% Floor) | 11/6/20312025-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | Foundation Risk Partners, Corp. | Insurance | Delayed Draw Term Loan | 5.50% (S + 4.75%; 0.75% Floor) | 10/29/20302025-12-310001982701ck0001982701:SeniorSecuredDebtFirstLienMemberck0001982701:RepTecIntermediateHoldingsIncMemberck0001982701:RevolverMember2025-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | Foundation Risk Partners, Corp. | Insurance | Delayed Draw Term Loan | 5.50% (S + 4.75%; 0.75% Floor) | 10/29/2030 | One2025-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | Foundation Risk Partners, Corp. | Insurance | Term Loan | 8.42% (S + 4.75%; 0.75% Floor) | 10/29/20302025-12-310001982701ck0001982701:VisionaryBuyerLLCMemberck0001982701:SeniorSecuredDebtFirstLienMemberus-gaap:DelayedDrawTermLoanMember2024-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | TMA Buyer LLC | Software | Delayed Draw Term Loan | (S + 5.00%; 0.75% Floor) | 04/30/20312025-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | Serrano Parent, LLC | Software | Revolver | (S + 6.50%; 1.00% Floor) | 5/13/20302025-12-310001982701us-gaap:AdditionalPaidInCapitalMember2024-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | Visionary Buyer, LLC | Diversified Telecommunication Services | Delayed Draw Term Loan | 9.17% (S + 5.50%; 0.75% Floor) | 3/21/2031 | One2025-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | Last Dance Intermediate I©, LLC | Diversified Telecommunication Services | Term Loan | 8.96% (S + 5.25%; 0.75% Floor) | 3/31/20312025-12-310001982701us-gaap:MoneyMarketFundsMemberus-gaap:CashEquivalentsMember2024-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | DeLorean Purchaser, Inc. | Health Care Technology | Term Loan | 9.07% (S + 4.75%; 0.75% Floor) | 12/16/20312024-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | Mr. Greens Intermediate, LLC | Food Products | Revolver | 9.65% (S + 5.75%; 1.00% Floor) | 5/1/20312025-12-310001982701ck0001982701:BusinessSolverDotComIncMemberck0001982701:DelayedDrawTermLoanOneMemberck0001982701:SeniorSecuredDebtFirstLienMember2024-12-310001982701ck0001982701:SeniorSecuredDebtFirstLienMemberus-gaap:DelayedDrawTermLoanMemberck0001982701:CommunityBasedCareAcquisitionMember2025-12-310001982701us-gaap:FairValueInputsLevel1Member2024-12-310001982701ck0001982701:ExpenseSupportAndConditionalReimbursementAgreementMember2023-01-012023-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | Mist Holding Co. | Health Care Technology | Delayed Draw Term Loan | 9.09% (S + 5.25%; 0.75% Floor) | 12/23/20302025-12-310001982701us-gaap:FinancialServicesSectorMemberus-gaap:FairValueInputsLevel2Memberck0001982701:FirstLienseniorSecuredDebtMemberus-gaap:SeniorDebtObligationsMember2025-12-310001982701ck0001982701:Mr.GreensIntermediateLlcMemberck0001982701:SeniorSecuredDebtFirstLienMemberck0001982701:RevolverMember2024-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | Brightspot Buyer, Inc. | Media | Revolver | (S + 6.50%; 0.75% Floor) | 11/16/20272025-12-310001982701us-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:CorporateDebtSecuritiesMembercountry:US2025-12-310001982701ck0001982701:SecondNatureBrandsIncMemberck0001982701:SeniorSecuredDebtFirstLienMemberck0001982701:RevolverMember2025-12-310001982701srt:MinimumMember2025-12-310001982701us-gaap:FairValueInputsLevel1Memberus-gaap:CashEquivalentsMember2025-12-310001982701ck0001982701:SeniorSecuredDebtFirstLienMemberck0001982701:BSTwelveHoldNettleLLCMemberck0001982701:RevolverMember2025-01-012025-12-310001982701us-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:CorporateDebtSecuritiesMembercountry:US2024-12-310001982701ck0001982701:SeniorSecuredDebtFirstLienMemberus-gaap:DelayedDrawTermLoanMemberck0001982701:TauBuyerLLCMember2025-12-310001982701ck0001982701:QuirchFoodsHoldingsLLCMemberck0001982701:SeniorSecuredDebtFirstLienMemberus-gaap:DelayedDrawTermLoanMember2024-12-310001982701ck0001982701:USBANKMMDAGCTSMember2024-12-310001982701ck0001982701:EETBuyerIncMemberck0001982701:SeniorSecuredDebtFirstLienMemberck0001982701:RevolverMember2025-12-310001982701ck0001982701:TowercoFourHoldingsLLCMemberck0001982701:SeniorSecuredDebtFirstLienMemberus-gaap:DelayedDrawTermLoanMember2025-12-310001982701us-gaap:MeasurementInputCommodityMarketPriceMemberus-gaap:FairValueInputsLevel3Memberck0001982701:DecreaseOnImpactMemberck0001982701:SecondLienJuniorSecuredDebtMemberck0001982701:MarketYieldAnalysisMemberus-gaap:SeniorDebtObligationsMembersrt:MaximumMember2024-01-012024-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | Veracross LLC | Diversified Consumer Services | Delayed Draw Term Loan | 10.95% (S + 2.00%; 1.00% Floor; 4.50% PIK) | 12/28/20272024-12-310001982701ck0001982701:AbplfTermLoanMember2023-12-310001982701ck0001982701:SeniorSecuredDebtFirstLienMemberus-gaap:DelayedDrawTermLoanMemberck0001982701:PriorityOndemandMidco2LPMember2025-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | Amercare Royal LLC | Commercial Services & Supplies | Delayed Draw Term Loan | 9.35% (S + 5.00%; 1.00% Floor) | 9/10/20302024-12-310001982701ck0001982701:ClassISharesMemberck0001982701:O2025Q2OnTwentyOneAprilTwoThousandAndTwentyFiveDividendsMember2025-04-300001982701ck0001982701:SeniorSecuredDebtFirstLienMemberus-gaap:DelayedDrawTermLoanMemberck0001982701:AdmiralBuyerIncMember2024-12-310001982701ck0001982701:ClassISharesMemberck0001982701:O2025Q3OnNineteenSeptemberTwoThousandAndTwentyFiveDividendsMember2025-01-012025-12-310001982701ck0001982701:FirstNovemberTwoThousandTwentyFourMember2024-01-012024-12-310001982701ck0001982701:Mr.GreensIntermediateLlcMemberck0001982701:SeniorSecuredDebtFirstLienMemberus-gaap:DelayedDrawTermLoanMember2024-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | Soladoc, LLC | Health Care Equipment & Supplies | Term Loan | 9.39% (S + 5.00%; 0.75% Floor) | 6/12/20282024-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | BV EMS Buyer, Inc | Health Care Technology | Revolver | 10.20% (S + 5.75%; 1.00% Floor) | 11/23/20272024-12-310001982701ck0001982701:SeniorSecuredDebtFirstLienMemberus-gaap:DelayedDrawTermLoanMemberck0001982701:NavigateThreeHundredAndSixtyLLCMember2025-01-012025-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | Iodine Software, LLC | Health Care Technology | Delayed Draw Term Loan | 9.60% (S + 5.25%; 1.00% Floor) | 5/19/20272024-12-310001982701ck0001982701:ClassISharesMemberck0001982701:O2025Q3OnTwentyFirstJulyTwoThousandAndTwentyFiveDividendsMember2025-01-012025-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | Navigate360, LLC | Diversified Consumer Services | Term Loan | 10.20% (S + 5.75%; 1.00% Floor) | 3/17/2027 One2024-12-310001982701ck0001982701:DeloreanPurchaserIncMemberck0001982701:SeniorSecuredDebtFirstLienMemberck0001982701:RevolverMember2025-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | DG Investment Intermediate Holdings 2, Inc. | Commercial Services & Supplies | Term Loan | 7.43% (S + 3.75%; 0.00% Floor) | 7/9/20322025-12-310001982701ck0001982701:PuertoRicoCorporateFirstLienSeniorSecuredDebtZeroPointEightSixPercentageMember2024-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | AAH Topco, LLC | Health Care Providers & Services | Revolver | (S + 5.25%; 0.75% Floor) | 12/22/20272025-12-310001982701ck0001982701:AprilFirstTwoThousandTwentyFiveMember2025-01-012025-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | OPOC Acquisition, LLC | Insurance | Term Loan | 8.98% (S + 5.00%; 1.00% Floor) | 12/20/20302025-12-310001982701ck0001982701:SalisburyHouseLLCMemberck0001982701:SeniorSecuredDebtFirstLienMemberus-gaap:DelayedDrawTermLoanMember2025-01-012025-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | DLRdmv, LLC | Automobiles | Delayed Draw Term Loan | (S + 5.25%; 1.00% Floor) | 5/7/20322025-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | Wealth Enhancement Group, LLC | Financial Services | Delayed Draw Term Loan | — (S + 4.50%; 1.00% Floor) | 10/2/20282025-12-310001982701ck0001982701:DelayedDrawTermLoanOneMemberck0001982701:SeniorSecuredDebtFirstLienMemberck0001982701:SaabPurchaserIncMember2025-12-310001982701ck0001982701:SeniorSecuredDebtFirstLienMemberck0001982701:RevolverMemberck0001982701:UnlimitedTechnologyHoldingsLLCMember2024-12-310001982701ck0001982701:MayFirstTwoThousandTwentyFiveMember2025-01-012025-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | UFS, LLC | Banks | Revolver | 8.50% (S + 4.75%; 0.75% Floor) | 10/14/20312025-12-310001982701ck0001982701:HonorHNBuyerIncMemberck0001982701:SeniorSecuredDebtFirstLienMemberus-gaap:DelayedDrawTermLoanMember2025-01-012025-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | Quirch Foods Holdings, LLC | Food Products | Delayed Draw Term Loan | (S + 6.50%; 1.00% Floor) | 11/12/20302025-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | Wealth Enhancement Group, LLC | Diversified Financial Services | Revolver | — (S + 5.00%; 1.00% Floor) | 10/2/20282024-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | EET Buyer, Inc. | Construction & Engineering | Term Loan | 9.27% (S + 4.75%; 0.75% Floor) | 11/8/2027 One2024-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | Bridgepointe Technologies, LLC | Technology Hardware, Storage & Peripherals | Delayed Draw Term Loan | 9.32% (S + 5.00%; 1.00% Floor) | 12/31/2027 One2024-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | LeadVenture, Inc. | Automobile Components | Revolver | 8.57% (S + 4.75%; 0.75% Floor) | 6/23/20322025-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | Telcor Buyer, Inc. | Health Care Technology | Term Loan | 8.06% (S + 4.25%; 1.00% Floor) | 8/20/20272025-12-310001982701ck0001982701:PingIdentityCorporationMemberck0001982701:SeniorSecuredDebtFirstLienMemberck0001982701:RevolverMember2025-12-310001982701ck0001982701:FusionHoldingCorpMemberck0001982701:SeniorSecuredDebtFirstLienMemberck0001982701:RevolverMember2024-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | Brightspot Buyer, Inc. | Media | Revolver | — (S + 6.50%; 0.75% Floor) | 11/16/20272024-12-310001982701us-gaap:FairValueInputsLevel3Memberus-gaap:FinancialServicesSectorMemberck0001982701:FirstLienseniorSecuredDebtMemberus-gaap:SeniorDebtObligationsMember2024-12-310001982701ck0001982701:NcTopcoLlcMemberck0001982701:SeniorSecuredDebtFirstLienMemberus-gaap:DelayedDrawTermLoanMember2025-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | CLYDESDALE ACQ HOLDINGS INC. | Containers & Packaging | Term Loan | 6.86% (S + 3.17%; 0.50% Floor) | 4/13/20292025-12-310001982701ck0001982701:DeloreanPurchaserIncMemberck0001982701:SeniorSecuredDebtFirstLienMemberck0001982701:RevolverOneMember2025-12-310001982701ck0001982701:AmendedAndRestatedInvestmentAdvisoryAgreementMember2023-01-012023-12-310001982701ck0001982701:CommonClassIMember2026-03-250001982701US Corporate Debt | 1st Lien/Senior Secured Debt | Garnett Station Partners, LLC | Financial Services | Revolver | 9.18% (S + 5.50%; 2.00% Floor) | 12/23/20312025-12-310001982701ck0001982701:DelayedDrawTermLoanOneMemberck0001982701:VisionaryBuyerLLCMemberck0001982701:SeniorSecuredDebtFirstLienMember2025-01-012025-12-310001982701ck0001982701:SeniorSecuredDebtFirstLienMemberck0001982701:RevolverMemberck0001982701:VectraAIIncMember2025-01-012025-12-310001982701ck0001982701:SeniorSecuredDebtFirstLienMemberck0001982701:TMABuyerLLCMemberus-gaap:DelayedDrawTermLoanMember2025-01-012025-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | Saab Purchaser, Inc. | Banks | Term Loan | 9.52% (S + 5.00%; 0.75% Floor) | 11/12/20312024-12-310001982701us-gaap:LineOfCreditMember2025-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | Pace Health Companies, LLC | Health Care Providers & Services | Delayed Draw Term Loan | (S + 5.25%; 1.00% Floor) | 8/2/20272025-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | KPA Parent Holdings, Inc | Automobiles | Revolver | — (S + 4.50%; 0.75% Floor) | 3/12/20322025-12-310001982701ck0001982701:BannekerVAcquisitionMemberck0001982701:SeniorSecuredDebtFirstLienMemberck0001982701:RevolverMember2024-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | MMP Intermediate, LLC | Hotels, Restaurants & Leisure | Revolver | — (S + 6.25%; 1.00% Floor) | 2/15/20292025-12-310001982701ck0001982701:ClassISharesMemberck0001982701:O2025Q3OnTwentyAugustTwoThousandAndTwentyFiveDividendsMember2025-01-012025-12-310001982701ck0001982701:MedicalManagementResourceGroupLlcMemberck0001982701:SeniorSecuredDebtFirstLienMemberck0001982701:RevolverMember2025-01-012025-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | The Center for Orthopedic and Research Excellence, Inc. | Health Care Providers & Services | Delayed Draw Term Loan | 10.66% (S + 6.00%; 1.00% Floor) | 8/15/20252024-12-310001982701us-gaap:InvestmentUnaffiliatedIssuerMemberck0001982701:FirstLienseniorSecuredDebtMembercountry:CA2025-12-310001982701ck0001982701:ExpenseSupportAgreementMember2023-07-012023-07-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | Veracross LLC | Diversified Consumer Services | Delayed Draw Term Loan | 10.31% (S + 6.50%; 1.00% Floor) | 12/28/2027 | One2025-12-310001982701Canadian Corporate Debt | Canada 1st Lien/Senior Secured Debt | RevauAdvanced Underwriting Inc. | Insurance | Delayed Draw Term Loan | 8.46% (S + 4.75%; 0.75% Floor) | 5/10/20322025-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | NI Topco, Inc. | Diversified Telecommunication Services | Term Loan | 9.07% (S + 4.75%; 0.75% Floor) | 12/28/20282024-12-310001982701ck0001982701:AbMember2024-05-012024-05-010001982701US Corporate Debt | 1st Lien/Senior Secured Debt | TMA Buyer LLC | Software | Term Loan | 8.82% (S + 5.00%; 0.75% Floor) | 04/30/20312025-12-310001982701us-gaap:FinancialServicesSectorMemberck0001982701:SecondLienJuniorSecuredDebtMemberus-gaap:SeniorDebtObligationsMember2025-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | Slipstream IT, LLC | Software | Delayed Draw Term Loan | (S + 4.50%; 0.75% Floor) | 8/1/20312025-12-310001982701ck0001982701:WealthEnhancementGroupLLCMemberck0001982701:DelayedDrawTermLoanOneMemberck0001982701:SeniorSecuredDebtFirstLienMember2025-01-012025-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | MMP Intermediate, LLC | Hotels, Restaurants & Leisure | Term Loan | 9.58% (S + 5.75%; 1.00% Floor) | 2/15/20292025-12-310001982701ck0001982701:HonorHNBuyerIncMemberck0001982701:SeniorSecuredDebtFirstLienMemberus-gaap:DelayedDrawTermLoanMember2024-12-310001982701ck0001982701:BrightspotBuyerIncMemberck0001982701:SeniorSecuredDebtFirstLienMemberck0001982701:RevolverMember2024-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | Pinnacle Treatment Centers, Inc. | Health Care Providers & Services | Term Loan | 10.01% (S + 5.50%; 1.00% Floor) | 1/4/2027 | Two2024-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | Deep Blue Operating I LLC | Oil, Gas & Consumable Fuels | Term Loan | 6.43% (S + 2.75%; 0.00% Floor) | 10/1/20322025-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | MBS Holdings, Inc. | Diversified Telecommunication Services | Term Loan | 8.92% (S + 5.00%; 1.00% Floor) | 4/16/20272025-12-310001982701ck0001982701:JulyFirstTwoThousandTwentyFiveMember2025-01-012025-12-3100019827012025-10-012025-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | Slipstream IT, LLC | Software | Term Loan | 8.21% (S + 4.50%; 0.75% Floor) | 8/1/20312025-12-310001982701ck0001982701:MedicalManagementResourceGroupLlcMemberck0001982701:SeniorSecuredDebtFirstLienMemberck0001982701:RevolverMember2024-12-310001982701ck0001982701:GsAcquisitionCoIncMemberck0001982701:SeniorSecuredDebtFirstLienMemberus-gaap:DelayedDrawTermLoanMember2024-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | AppViewX, Inc. | Software | Term Loan | 9.12% (S + 5.25%; 0.75% Floor) | 12/24/20312025-12-310001982701ck0001982701:BusinessSolverDotComIncMemberck0001982701:SeniorSecuredDebtFirstLienMemberus-gaap:DelayedDrawTermLoanMember2025-12-310001982701ck0001982701:HirevueIncMemberck0001982701:SeniorSecuredDebtFirstLienMemberck0001982701:RevolverMember2025-01-012025-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | NC Topco, LLC | Banks | Delayed Draw Term Loan | (S + 2.50%; 0.75% Floor) | 8/29/20312024-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | GTCR EVEREST BORROWER LLC | Financial Services | Term Loan | 6.43% (S + 2.75%; 0.00% Floor) | 9/5/20312025-12-310001982701ck0001982701:RidgeTrailUsBidcoIncMemberck0001982701:SeniorSecuredDebtFirstLienMemberus-gaap:DelayedDrawTermLoanMember2025-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | BHG Holdings, LLC | Health Care Providers & Services | Revolver | (S + 5.25%; 0.75% Floor) | 4/22/20322025-12-310001982701ck0001982701:SeniorSecuredDebtFirstLienMemberus-gaap:DelayedDrawTermLoanMemberck0001982701:SaabPurchaserIncMember2024-12-310001982701ck0001982701:SakoAndPartnersLowerHoldingsLLCMemberck0001982701:SeniorSecuredDebtFirstLienMemberck0001982701:RevolverMember2025-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | Ungerboeck Systems International, LLC | Leisure Products | Term Loan | 10.26% (S + 5.75%; 1.00% Floor) | 4/30/2027 | One2024-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | Mr. Greens Intermediate, LLC | Food Products | Delayed Draw Term Loan | 9.71% (S + 5.75%; 1.00% Floor) | 5/1/20312025-12-310001982701ck0001982701:KPAParentHoldingsIncMemberck0001982701:SeniorSecuredDebtFirstLienMemberck0001982701:RevolverMember2025-12-310001982701us-gaap:CommonStockMember2024-01-012024-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | AAH Topco, LLC | Health Care Providers & Services | Delayed Draw Term Loan | 8.81% (S + 5.00%; 0.75% Floor) | 12/22/20272025-12-310001982701ck0001982701:FullsteamOperationsLlcMemberck0001982701:SeniorSecuredDebtFirstLienMemberus-gaap:DelayedDrawTermLoanMember2025-01-012025-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | Nasuni Corporation | Software | Revolver | (S + 5.00%; 0.75% Floor) | 9/10/20302025-12-310001982701ck0001982701:FirstLienSeniorSecuredDebtAtZeroPointSevenEightPercentageMember2024-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | Veracross LLC | Diversified Consumer Services | Delayed Draw Term Loan | 10.31% (S + 6.50%; 1.00% Floor) | 12/28/20272025-12-310001982701ck0001982701:KPAParentHoldingsIncMemberck0001982701:SeniorSecuredDebtFirstLienMemberus-gaap:DelayedDrawTermLoanMember2025-12-310001982701us-gaap:FairValueInputsLevel3Member2024-12-310001982701ck0001982701:TransferAgentFeesMember2023-01-012023-12-310001982701ck0001982701:BannekerVAcquisitionMemberck0001982701:SeniorSecuredDebtFirstLienMemberck0001982701:RevolverMember2025-01-012025-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | Admiral Buyer, Inc. | Diversified Financial Services | Delayed Draw Term Loan | 9.89% (S + 5.50%; 0.75% Floor) | 5/8/20282024-12-310001982701ck0001982701:QuarterlyIncentiveFeeBasisTwoMember2025-01-012025-12-310001982701ck0001982701:ClassISharesMemberck0001982701:O2025Q3OnNineteenSeptemberTwoThousandAndTwentyFiveDividendsMember2025-09-300001982701US Corporate Debt | 1st Lien/Senior Secured Debt | Pamlico Avant Holdings, L.P. | Diversified Telecommunication Services | Term Loan| 8.17% (S + 4.50%; 0.75% Floor) | 12/31/20322025-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | Admiral Buyer, Inc. | Diversified Financial Services | Revolver | — (S + 5.50%; 0.75% Floor) | 5/8/20282024-12-310001982701ck0001982701:SeniorSecuredDebtFirstLienMemberck0001982701:RevolverMemberck0001982701:CommunityBasedCareAcquisitionMember2025-01-012025-12-310001982701ck0001982701:SeniorSecuredDebtFirstLienMemberck0001982701:VeracrossLlcMemberck0001982701:RevolverMember2025-01-012025-12-310001982701ck0001982701:EinsteinParentIncMemberck0001982701:SeniorSecuredDebtFirstLienMemberck0001982701:RevolverMember2024-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | Azurite Intermediate Holdings, Inc. | Software | Term Loan | 10.85% (S + 6.50%; 0.75% Floor) | 3/19/20312024-12-310001982701us-gaap:InvestmentUnaffiliatedIssuerMembercountry:GBck0001982701:FirstLienseniorSecuredDebtMember2025-12-310001982701ck0001982701:TowercoFourHoldingsLLCMemberck0001982701:SeniorSecuredDebtFirstLienMemberus-gaap:DelayedDrawTermLoanMember2025-01-012025-12-310001982701ck0001982701:ThriveBuyerIncOneMemberck0001982701:SeniorSecuredDebtFirstLienMemberck0001982701:RevolverMember2024-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | Saab Purchaser, Inc. | Banks | Delayed Draw Term Loan | (S + 4.75%; 0.75% Floor) | 11/12/20312025-12-310001982701us-gaap:CommonStockMember2025-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | Joink, LLC | Diversified Telecommunication Services | Term Loan | 8.71% (S + 5.00%; 1.00% Floor) | 10/4/20302025-12-310001982701ck0001982701:JoinkLLCMemberck0001982701:SeniorSecuredDebtFirstLienMemberck0001982701:RevolverMember2025-12-310001982701us-gaap:InvestmentsMember2024-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | Mist Holding Co. | Health Care Technology | Revolver | 8.93% (S + 5.25%; 0.75% Floor) | 12/23/20302025-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | Fusion Holding, Corp. | Software | Term Loan | 10.57% (S + 6.25%; 0.75% Floor) | 9/14/20292024-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | Redwood Family Care Network, Inc. | Health Care Providers & Services | Term Loan | 9.17% (S + 5.50%; 1.00% Floor) | 6/20/20282025-12-310001982701ck0001982701:WealthEnhancementGroupLLCMemberck0001982701:SeniorSecuredDebtFirstLienMemberck0001982701:RevolverMember2024-12-310001982701ck0001982701:ClassISharesMemberck0001982701:O2025Q2OnTwentyMayTwoThousandAndTwentyFiveDividendsMember2025-05-300001982701US Corporate Debt | 1st Lien/Senior Secured Debt | The Center for Orthopedic and Research Excellence, Inc. | Health Care Providers & Services | Term Loan | 10.73% (S + 6.00%; 1.00% Floor) | 8/15/20252024-12-310001982701ck0001982701:FullsteamOperationsLlcMemberck0001982701:SeniorSecuredDebtFirstLienMemberus-gaap:DelayedDrawTermLoanMember2025-12-310001982701ck0001982701:AmercareroyalLlcMemberck0001982701:SeniorSecuredDebtFirstLienMemberus-gaap:DelayedDrawTermLoanMember2025-01-012025-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | NMI Acquisitionco, Inc. | Internet and Direct Marketing Retail | Revolver | (S + 5.00%; 0.75% Floor) | 9/6/20282024-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | BV EMS Buyer, Inc | Health Care Technology | Term Loan | 10.20% (S + 5.75%; 1.00% Floor) | 11/23/2027 One2024-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | Datacor, Inc. | Chemicals | Delayed Draw Term Loan | — (S + 6.00%; 1.00% Floor) | 3/13/20292024-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | ASURION CORPORATION | Property/Casualty Ins | Term Loan | 8.62% (S + 0.00%) | 8/19/20282024-12-310001982701ck0001982701:WealthEnhancementGroupLLCMemberck0001982701:SeniorSecuredDebtFirstLienMemberck0001982701:RevolverMember2025-01-012025-12-310001982701us-gaap:FairValueInputsLevel3Member2025-12-310001982701ck0001982701:SeniorSecuredDebtFirstLienMemberck0001982701:RevolverMemberck0001982701:ZendeskIncMember2025-12-310001982701ck0001982701:CommonClassDMember2026-03-250001982701ck0001982701:SeniorSecuredDebtFirstLienMemberck0001982701:TauBuyerLLCMemberck0001982701:RevolverMember2025-12-310001982701us-gaap:FairValueInputsLevel3Memberck0001982701:FirstLienseniorSecuredDebtMemberus-gaap:SeniorDebtObligationsMember2025-12-310001982701ck0001982701:SeniorSecuredDebtFirstLienMemberus-gaap:DelayedDrawTermLoanMemberck0001982701:TMABuyerLLCMember2025-12-310001982701ck0001982701:ContruentIntermediateCompanyMemberck0001982701:SeniorSecuredDebtFirstLienMemberus-gaap:DelayedDrawTermLoanMember2024-12-310001982701ck0001982701:ContruentIntermediateCompanyMemberck0001982701:SeniorSecuredDebtFirstLienMemberus-gaap:DelayedDrawTermLoanMember2025-12-310001982701ck0001982701:MistHoldingCoMemberck0001982701:DelayedDrawTermLoanOneMemberck0001982701:SeniorSecuredDebtFirstLienMember2024-12-310001982701ck0001982701:ClassSDAndISharesMember2025-12-310001982701us-gaap:RevolvingCreditFacilityMemberck0001982701:SecondABPLFCreditFacilityAmendmentMembersrt:MinimumMembersrt:ScenarioForecastMember2026-05-032026-05-030001982701US Corporate Debt | 1st Lien/Senior Secured Debt | Soladoc, LLC | Health Care Equipment & Supplies | Term Loan | 8.76% (S + 5.00%; 0.75% Floor) | 6/12/20282025-12-310001982701ck0001982701:HonorHNBuyerIncMemberck0001982701:SeniorSecuredDebtFirstLienMemberck0001982701:RevolverMember2025-12-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | Greenhouse Software, Inc. | Professional Services | Term Loan | 10.57% (S + 6.25%; 1.00% Floor) | 9/1/20282024-12-310001982701ck0001982701:ExpenseSupportAgreementMember2023-10-012023-10-310001982701US Corporate Debt | 1st Lien/Senior Secured Debt | Foundation Risk Partners, Corp. | Insurance | Delayed Draw Term Loan | 9.57% (S + 5.25%; 0.75% Floor) | 10/29/2030 One2024-12-310001982701ck0001982701:ClassISharesMemberck0001982701:O2025Q4OnTwentyOctoberTwoThousandAndTwentyFiveDividendsMember2025-10-310001982701us-gaap:InvestmentUnaffiliatedIssuerMemberck0001982701:FirstLienseniorSecuredDebtMembercountry:CA2024-12-310001982701ck0001982701:BusinessSolverDotComIncMemberck0001982701:SeniorSecuredDebtFirstLienMemberus-gaap:DelayedDrawTermLoanMember2024-12-310001982701ck0001982701:WealthEnhancementGroupLLCMemberck0001982701:SeniorSecuredDebtFirstLienMemberus-gaap:DelayedDrawTermLoanMember2025-01-012025-12-310001982701ck0001982701:CanadianCorporateFirstLienSeniorSecuredDebtZeroPointEightFivePercentageMember2025-12-31xbrli:pureiso4217:USDxbrli:sharesxbrli:sharesiso4217:USD

r4ere

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-K

(Mark One)


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

For the fiscal year ended December 31, 2025


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

For the transition period from to

Commission file number 814-01744

AB Private Lending Fund

(Exact name of registrant as specified in its charter)

     Delaware

     93-6555027

     (State or other jurisdiction of
incorporation or organization)

     (I.R.S. Employer
Identification No.)

405 Colorado Street, Suite 1500

Austin, TX 78701

(Address of principal executive offices) (Zip Code)

(512) 721-2900

(Registrant’s telephone number, including area code)

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

     Title of each class

     Trading
Symbol(s)

     Name of each exchange
on which registered

     —

     —

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

Class S Common shares of beneficial interest, par value $0.01

Class D Common shares of beneficial interest, par value $0.01

Class I Common shares of beneficial interest, par value $0.01

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.
Yes☐ No☒

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.
Yes☐ No☒

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

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

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


Large accelerated filer	☐	Accelerated filer	☐

Non-accelerated filer	☒	Smaller reporting company	☐

Emerging Growth Company	☒

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

Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. ☐

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. ☐

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant's executive officers during the relevant recovery period pursuant to §240.10D-1(b). ☐

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

As of June 30, 2025 there was no established public market for the registrant’s common stock.

The number of shares of Registrant’s common shares of beneficial interest, $0.01 par value per share, outstanding as of March 25, 2026, was 6,767,370, 0, and 0 of Class I, Class S and Class D common shares, respectively.

AB PRIVATE LENDING FUND

FORM 10-K FOR THE YEAR ENDED DECEMBER 31, 2025

Table of Contents


	INDEX	PAGE NO.


PART I		5
Item 1.	Business	5
Item 1A.	Risk Factors	27

Item 1B.	Unresolved Staff Comments	60
Item 1C.	Cybersecurity	61
Item 2	Properties	62
Item 3	Legal Proceedings	62
Item 4	Mine Safety Disclosures	62

PART II		63

Item 5.	Market for Registrant’s Common Equity, Related Shareholder Matters and Issuer Purchases of Equity Securities	63

Item 6.	[Reserved]	65

Item 7.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	66

Item 7A.	Quantitative and Qualitative Disclosures About Market Risk	80

Item 8.	Consolidated Financial Statements and Supplementary Data	81

Item 9.	Changes in and Disagreements with Accountants on Accounting and Financial Disclosure	81

Item 9A.	Controls and Procedures	81
Item 9B.	Other Information	81
Item 9C.	Disclosure Regarding Foreign Jurisdictions that Prevent Inspections	81
PART III		82
Item 10.	Trustees, Executive Officers and Corporate Governance	82
Item 11.	Executive Compensation	87
Item 12.	Security Ownership of Certain Beneficial Owners and Management and Related Shareholder Matters	88
Item 13.	Certain Relationships and Related Transactions, and Director Independence	88
Item 14.	Principal Accountant Fees and Services	92
PART IV		94
Item 15.	Exhibits, Consolidated Financial Statement Schedules	94
Item 16.	Form 10-K Summary	95
	SIGNATURES	96

CERTAIN DEFINITIONS

Except as otherwise specified in this Annual Report on Form 10-K (“Annual Report”), the term “the Fund” refers to AB Private Lending Fund.

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS

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

•

an economic downturn could impair the Fund’s portfolio companies’ ability to continue to operate, which could lead to the loss of some or all of the Fund’s investments in such portfolio companies;

•

such an economic downturn could disproportionately impact the companies that the Fund intends to target for investment, potentially causing the Fund to experience a decrease in investment opportunities and diminished demand for capital from these companies;

•

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

•

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

•

the Fund’s future operating results;

•

the Fund’s business prospects and the prospects of the Fund’s portfolio companies;

•

the Fund’s contractual arrangements and relationships with third parties;

•

the ability of the Fund’s portfolio companies to achieve their objectives;

•

competition with other entities and the Fund’s affiliates for investment opportunities;

•

the speculative and illiquid nature of the Fund’s investments;

•

the use of borrowed money to finance a portion of the Fund’s investments;

•

the adequacy of the Fund’s financing sources and working capital;

•

the loss of key personnel;

•

the timing of cash flows, if any, from the operations of the Fund’s portfolio companies;

•

the ability of the Adviser and AB High Yield (each as defined below) to locate suitable investments for the Fund and to monitor and administer the Fund’s investments;

•

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

•

the Fund’s ability to qualify and maintain its qualification as a regulated investment company (“RIC”) under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”), and as a business development company (“BDC”);

•

the effect of legal, tax and regulatory changes; and

•

the other risks, uncertainties and other factors the Fund identifies under “Risk Factors” in this Annual Report.

Although the Fund believes that the assumptions on which these forward-looking statements are based are reasonable, any of those assumptions could prove to be inaccurate, and as a result, the forward-looking statements based on those assumptions also could be inaccurate. In light of these and other uncertainties, the inclusion of a projection or forward-looking statement in this report should not be regarded as a representation by the Fund that the Fund’s plans and objectives will be achieved. These risks and uncertainties include those described or identified in the section entitled “Risk Factors” and elsewhere in this report. These forward-looking statements apply only as of the date of this report. Moreover, the Fund assumes no duty and does not undertake to update the forward-looking statements. The forward-looking statements and projections contained in this Annual Report are excluded from the safe harbor protection provided by Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) because the Fund is an investment company.

PART I

Item 1. Business

Overview

AB Private Lending Fund (the “Fund,” “we,” “us” or “our”) is an externally managed, non-diversified, closed-end management investment company that has elected to be treated as a Business Development Company (“BDC”) under the Investment Company Act of 1940, as amended (the “1940 Act”). Formed as a Delaware statutory trust on June 8, 2023, the Fund is externally managed by AB Private Credit Investors LLC (the “Adviser” or “AB-PCI”), which is responsible for sourcing potential investments, conducting due diligence on prospective investments, analyzing investment opportunities, structuring investments and monitoring our portfolio on an ongoing basis. The Adviser is registered as an investment adviser with the U.S. Securities and Exchange Commission (“SEC”) and is an affiliate of AllianceBernstein L.P. (“AB”) and its subsidiaries. The Fund has elected to be treated for U.S. federal income tax purposes, and intends to qualify annually, as a regulated investment company (“RIC”) as defined under Subchapter M of the Code. The Fund commenced operations on April 30, 2024.

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

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

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

Investments

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

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

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

Initial Portfolio

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

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

Financing

We have entered into credit facilities, unsecured notes, debt securitization issuances and other financing arrangements to facilitate our investment objectives. Such credit facilities typically bear interest at floating rates spreads over SOFR or other applicable reference rates. Shareholders will bear the costs associated with any borrowings under our financing arrangements. In connection with a credit facility or other borrowings, lenders may require us to pledge assets, commitments and/or drawdowns (and the ability to enforce the payment thereof) and may ask to comply with positive or negative covenants that could have an effect on our operations. In addition, from time to time, our losses on leveraged investments may result in the liquidation of other investments held by us and may result in additional drawdowns to repay such amounts.

We have created, and may in the future also create, leverage by securitizing our assets (including in CLOs) and retaining the equity portion of, and/or the subordinated notes issued by, the securitized vehicle. See “Item 7 — Management’s Discussion and Analysis of Financial Condition and Results of Operations — Debt Securitization.” "Item 8 — Consolidated Financial Statements and Supplementary Data — 4. Borrowings."

Revenues

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

Market Opportunity

The private credit market has experienced extensive growth since the Global Financial Crisis (GFC), and it is estimated that global private credit assets total $1.8 trillion as of June 30, 2025 (Preqin). According to Preqin, private credit AUM is forecast to reach approximately $4.5 trillion by 2030. The consolidation of regional U.S. banks following the GFC and the enhanced regulations introduced by the Dodd-Frank Act resulted in banks’ reduced appetite to hold loans issued by middle market companies. Middle market borrowers’ resulting demand for capital from alternative lenders paired with investors’ search for incremental yield following the GFC and strong performance generally across alternative lenders fueled the continued growth of direct lending, which is a subset

of private credit. More recently, demand has been driven by key characteristics of the asset class summarized below. We expect this growth to continue, thereby contributing to a robust investment opportunity set aligned with our investment strategy.

In addition to the opportunity in private credit, the U.S. broadly syndicated loan and high-yield bond markets totaled nearly $5 trillion in aggregate outstanding volume as of December 31, 2025. While the Fund expects to primarily invest in private credit, the Adviser expects to use syndicated bank loans and high yield bonds to facilitate deployment, manage liquidity, and invest on an opportunistic basis when market conditions create compelling opportunities. As of December 31, 2025, secondary yields in the syndicated loan market were around 8.0% (per the Morningstar LSTA Leveraged Loan Index).

•

Regulatory Actions and Bank Consolidation Continue to Drive Demand towards Private Financing. The direct lending market has seen notable growth and become a viable alternative financing solution for middle market borrowers. Global regulatory actions that followed the GFC significantly increased the cost of capital requirements for commercial banks, limiting their appetite to originate and retain illiquid, non-investment grade credit commitments on their balance sheets, particularly with respect to middle-market-sized issuers. Instead, many commercial banks have adopted an “underwrite-and-distribute” approach, which the Adviser believes is often less attractive to corporate borrowers seeking certainty of capital. These regulatory actions as well as bank consolidation further impacted the availability of credit for middle market borrowers as the larger, consolidated banks increasingly focused their aggregate capital on up-market transactions. As a result, traditional syndicated lending has ceded significant market share to private credit. In 2025, direct lending accounted for approximately 71% of sponsored middle market loan volume, compared to approximately 33% in 2014 (per LSEG LPC). Access to the syndicated leveraged loan market has also become challenging for both first-time issuers and smaller scale issuers. Issuers of syndicated loan tranche sizes representing less than $500 million account for just 3% of the new issue market in 2025 as compared to over 40% in 2001. The void of capital available to middle market borrowers – due to increased regulation and bank consolidation – has been filled by direct lending platforms.

•

Larger Borrowers Are Increasingly Utilizing Private Financing Solutions. AB-PCI believes the direct lending opportunity set has expanded while more consistently accommodating larger borrowers. Private credit’s focus on the middle market was traditionally driven by borrowers’ inefficient access to capital and the fact that such borrowers were typically too small to issue a syndicated loan or high yield bond. At the upper end of the middle market, companies traditionally have had the option to pursue a broadly syndicated loan, which typically has offered the best execution in the normal course, but past volatility in syndicated credit markets along with borrowers’ increased value assigned to the confidentiality, efficiency and execution certainty provided by direct lending solutions has led to private credit market share gains. This is illustrated by the trend in U.S. jumbo unitranche loans ($1 billion+) executed by direct lenders, which increased from $6 billion in aggregate issuance in 2020 to $69 billion in 2025. The Adviser believes that as borrowers and debt advisers become more aware of the depth in the private credit space that has been created by scaled providers, they will increasingly weigh this option against public market alternatives. The Adviser believes the benefits of this growing opportunity set at the upper end of the market will accrue to scaled direct lenders, such as the Adviser, with the capacity to provide financing solutions to larger borrowers. Further, the Adviser’s partnership with AB High Yield will allow AB-LEND to offer creative financing solutions across private and syndicated credit markets.

Competitive Strengths

AB-PCI is a highly regarded and established private credit investment platform that benefits from the support of AB, one of the world’s leading investment managers. We believe AB-PCI’s differentiating characteristics include:

•

Strong Track Record. AB-PCI and its Founding Team Members have a long track record of investing in the middle market across variable market conditions. Since AB-PCI’s inception, the team has executed more than $36.0 billion of committed assets across nearly 800 transactions.

•

Team Continuity. AB-PCI exhibits strong continuity among its senior members, with all five of AB-PCI’s Founding Team Members, who previously worked together at Barclays Private Credit Partners LLC (“BPCP”), remaining with AB-PCI today. Furthermore, senior members have experience working together as early as the mid-2000s. The continuity extends beyond the senior team with strong retention (95% inception-to-date retention rate) across the broader team. We believe such continuity and retention across the broader team allows AB-PCI to consistently apply its investment philosophy and execution, which is a key driver of long-term investment performance.

•

Established, Diverse Sourcing and Disciplined Investment Execution. Given the breadth and depth of its financial sponsor relationships as well as its other sourcing channels, AB-PCI historically sees around 1,000 investment opportunities per year. This volume allows AB-PCI to be highly selective with the deals it chooses to execute. Since inception, AB-PCI has closed on just 4% of new investment opportunities, demonstrating its philosophy of executing only those opportunities believed to provide the strongest risk-adjusted returns for its investors.

•

Deep Industry Expertise. AB-PCI invests most often in companies that possess certain qualities: recurring revenue, a competitive advantage, secular growth/recovery, a diversified business model, and a strong management team, while avoiding companies that have single-points of failure and high Loss Given Default profiles. These target investment characteristics have led to AB-PCI historically investing most often in the following industries: software (including SaaS), tech-enabled services, healthcare & healthcare IT, digital infrastructure and services, and certain commercial and residential services. The years of experience and quantum of dollars that AB-PCI has invested in these primary sectors has resulted in differentiated sector expertise across the team. Such expertise allows the team to effectively price risk, appropriately “lean in” to win an investment mandate, and monitor/manage investments to maximize returns. Furthermore, AB-PCI believes that its positioning in these core sectors enhances the resiliency of its portfolio through variable economic conditions, as these sectors are generally not directly dependent on broader economic output, discretionary spending, commodity prices, and other cyclical factors.

•

Differentiated Portfolio Financing Model. AB-PCI believes its fund structures are another differentiated aspect of the platform. The perpetual nature of its vehicles allows for the continuous addition of investments in new borrowers, leading to strong asset diversity. This significant asset diversity provides an incremental risk management benefit and enables the funds to access the structured financing market for portfolio financing. Structured financing solutions are long-dated and floating rate, providing an effective match for AB-PCI’s assets. Furthermore, these structured financing solutions mitigate the risk of forced asset sales, ultimately allowing AB-PCI to be a long-term, buy-and-hold investor, contributing to longer-term performance.

Furthermore, AB High Yield brings a distinctive approach and expertise to investing in syndicated bank loans and high yield bonds that we believe provide several benefits to investors, including:

•

Seasoned High Yield Investor. AB High Yield has been a leader in high yield investing for decades, having introduced its first US High Yield Strategy in December 1986, more than 37 years ago.

•

Dynamic Global Investment Process. AB High Yield utilizes a dynamic global investment process that combines fundamental and quantitative research. Furthermore, AB High Yield’s globally-integrated research and portfolio management platform facilitates the sharing of diverse perspectives from research teams situated globally all the while operating within a single investment framework – this allows AB High Yield to efficiently leverage the best global thinking across all client portfolios.

•

Cutting Edge Technology. AB High Yield has invested significantly in recent years to develop technology-driven tools for our fixed income portfolio management, research, and trading teams, which among them include (i) Prism, a proprietary credit research database that allows for improved decision-making, and (ii) ALFA, a tool that provides a real-time view of the entire bond market and the trading levels of individual issues, improving trade execution and identification of opportunities that otherwise might be missed.

The Board of Trustees

The Fund’s business and affairs are managed under the direction of the board of trustees (the “Board”). The Board consists of five members. A majority of the Board will at all times consist of directors who are not “interested persons” of the Fund, of the Adviser or of any of their respective affiliates, as defined in the 1940 Act (“Independent Trustees”). The Board is divided into three classes, each serving staggered, three-year terms. The terms of the Fund’s Class I trustees will expire at the 2028 annual meeting of shareholders; the terms of the Fund’s Class II trustees will expire at the 2026 annual meeting of shareholders; and the term of the Fund’s Class III trustee will expire at the 2027 annual meeting of shareholders. See “Part III, Item 10 — Trustees, Executive Officers and Corporate Governance.” The Board elects the Fund’s officers, who serve at the discretion of the Board. The responsibilities of the Board include quarterly determinations of fair value of the Fund’s assets, corporate governance activities, oversight of the Fund’s financing arrangements and oversight of the Fund’s investment activities. Overall responsibility for the Fund’s oversight rests with the Board. We have entered into the Advisory Agreement with the Adviser and the Sub-Advisory Agreement with AB High Yield, pursuant to which the Adviser will manage the Fund on a day-to-day basis and AB High Yield will manage certain of our broadly syndicated loan and other liquid instruments. The Board is responsible for overseeing the Adviser, AB High Yield and other service providers in our operations in accordance with the provisions of the 1940 Act, the Fund’s bylaws and applicable provisions of state and other laws. The Adviser and AB High Yield will keep the Board well informed as to the Adviser and AB High Yield’s respective activities on our behalf and our investment operations and provide the Board information with additional information as the Board may, from time to time, request.

Investment Identification

Through its dedicated originations team, which consists of 10 professionals, AB-PCI sources around 1,000 investment opportunities annually. These opportunities are primarily sourced through the team’s 250+ financial sponsor relationships. Secondary sourcing channels include co-investors, financial intermediaries, and corporate executives. The breadth and depth of these relationships enable AB-PCI to be highly selective, reviewing only the most attractive opportunities with strong closing potential. Lastly, AB-PCI benefits from a platform of more than 225 portfolio companies, which commonly seek incremental financing for M&A activity, growth financing, and other needs and therefore provide AB-PCI with consistent opportunities for capital deployment.

AB-PCI’s direct origination capabilities are augmented by AB High Yield’s active presence in the broadly syndicated loan and high yield markets.

Disciplined risk and liquidity management. AB High Yield’s ALFA system, a proprietary liquidity technology system, provides a real-time view of the market, leading to efficient and effective management while maximizing income and returns.

Robust and consistent investment process. AB High Yield uses a multi-sector, value-based approach focused on finding attractive relative value income opportunities across different asset classes and issuers. AB High Yield’s history within credit markets has built deep relationships in capital markets with all major underwriters, issuers, and sponsors. AB High Yield’s team often gives feedback to banks and issuers on the structure and pricing of the syndicated space.

Focus on value and market cycles. AB High Yield pairs its deep relationships across the market with its proprietary liquidity and trading tools to opportunistically invest when market conditions cause imbalances and take advantage of returns.

Private Credit

Underwriting: AB-PCI follows a tested and proven methodology for underwriting investments, with an emphasis on fundamental analysis and valuation. Further, AB-PCI’s rigorous, bottoms-up approach enables us to identify business strengths and stress test areas of risk. AB-PCI seeks to build conviction in an investment opportunity’s attributes, risks, and mitigants, encouraging input from all team members during the due diligence process. Underwriting typically takes three to eight weeks from the time an investment is identified. This time is used to complete credit analysis, structuring, legal due diligence, documentation, and closing. Key aspects of AB-PCI’s underwriting process include:

•

Assessing and stress testing the underlying business model. This involves evaluating prospective companies’ revenue models, key performance indicators, cost structures, customer bases and contracts, supplier relationships, historical financials, industry positioning, market growth, and other key business drivers. Additionally, we visit with management and/or the financial sponsor to assess team depth and overall ability to execute the business plan. Findings drive inputs into financial forecasting due diligence.

•

Valuation. We prepare extensive valuation analysis on prospective borrowers, including discounted cash flows, comparable analysis, and sum-of-parts valuation, with further consideration for potential acquirors of the prospective borrowers. The valuation due diligence drives input into three internally developed investment frameworks applied to each opportunity: (i) enterprise loan-to-value, (ii) asset value, and (iii) actuarial cash flow. Evaluating opportunities under these frameworks ensures consistency of approach on a deal-by-deal basis and across the organization.

•

Supplemental Research: We supplement fundamental business and valuation due diligence with a combination of internal and external resources such as financial advisers, industry experts, lawyers, and consultants to conduct specialized or complex due diligence.

Due diligence findings are summarized and incorporated into investment memoranda that are presented and reviewed as part of a multi-stage process that concludes with an IC meeting. The IC determines its views as to the appropriate sizing, structure, pricing, and ongoing monitoring requirements for each investment opportunity and ultimately votes whether to approve the opportunity and the related allocations to the Adviser’s client accounts. See “Portfolio Management” for details regarding the IC.

Monitoring: AB-PCI takes a proactive approach to portfolio management by focusing on the early identification of potential issues and concerns. Senior deal team leaders, including representatives from originations and credit, take ownership of portfolio company investments “cradle-to-grave” by employing ongoing portfolio management. AB-PCI believes this creates strong alignment of interest and accountability as those who recommended an opportunity “own it” throughout its life, including during periods of underperformance or default, if any. Furthermore, deal team oversight of “watch list” names that receive a Risk Rating of 3 or higher is supplemented with the involvement by AB-PCI’s Head of Restructuring and in many cases, our President.

Deal teams are required to stay abreast of portfolio company performance and industry trends, and therefore engage in active and direct dialogue with management teams and financial sponsors in performing the portfolio management function.

Each portfolio company is formally reviewed by the Adviser and presented to the Investment Committee each quarter as part of a formal QPR process, which involves the use of standardized monitoring reports and analysis tools that are proprietary to the Adviser and are intended to address the following for each portfolio company, including but not limited to:

•

Risk Rating: Each investment is internally ranked on a category scale of 1 to 6, with 1 as the best ranking that indicates the company is performing as expected and there are no near-term covenant concerns; all companies rated “below” 1 receive additional scrutiny.

•

Financial Performance: The comparison of actual results vs. the Adviser’s underwritten case or company budget, with an explanation of any significant variances and any potential or actual covenant violations.

•

Outlook: An outlook of financial performance for the next twelve months is used to anticipate future liquidity or capital needs, as well as any potential covenant violations.

•

Fair Value: Fair values are calculated for each investment, which are reviewed and approved by the AB valuation in accordance with AB policies; this process involves preparing projections and discounted cash flow models, as well as updating comparables used to originally underwrite the investment and consultations with a third-party independent valuation firm, among other considerations.

Furthermore, AB-PCI possesses significant restructuring experience, including the President and senior members across the credit and originations teams. The team has demonstrated the ability to successfully navigate covenant breaches and bankruptcies in the past while at AB-PCI and BPCP, as well as at other prior employers across multiple economic cycles. All significant decisions relating to underperforming credits, including covenant amendments, waivers or modifications, must be approved by AB-PCI’s President. Moreover, any restructuring of a portfolio investment that is substantive enough to re-characterize the nature of the original transaction must be authorized in accordance with the IC process as if it were a new opportunity.

Syndicated Credit

In managing the syndicated credit allocation, analysts underwrite an issuer with the assumption that it will be held to maturity. Issuers are then evaluated on an ongoing basis, and to the extent that research opinions change, positioning in the issuer may change as well.

The frequency and prioritization of updating credit views and ratings on issuers is determined based on input from analysts, portfolio managers, and traders, as well as output from quantitative models. In practice, AB High Yield conducts daily team meetings where existing and potential investments are discussed.

During these meetings, various conditions impacting investments are reviewed and may correspond with an analyst completing a credit review, these include:

•

Deviations from forecasted results

•

Management drift

•

Quantitative research tools that flag potential developing credit problems

•

Unusual trading activity

•

Notable outperformance or underperformance

Allocation of Investment Opportunities

General

The Adviser provides investment management services to other investment funds and client accounts. The Adviser will share any investment and sale opportunities with its Other Accounts and the Fund in accordance with applicable law, including the Advisers Act, firm-wide allocation policies, and an exemptive order from the SEC permitting co-investment activities (as further described below), which generally provide for sharing eligible investments pro rata among the eligible participating funds and accounts, subject to certain allocation factors.

Furthermore, subject to the Advisers Act and as set forth in this prospectus, certain Other Accounts may receive certain priority or other allocation rights with respect to certain investments, subject to various conditions set forth in such Other Accounts’ respective governing agreements.

In addition, as a BDC regulated under the 1940 Act, the Fund is subject to certain limitations relating to co-investments and joint transactions with affiliates, which, in certain circumstances, limit the Fund’s ability to make investments or enter into other transactions alongside Other Accounts.

Prior to February 4, 2026, the Adviser operated under an exemptive order from the U.S. Securities and Exchange Commission (the “SEC”) that permitted us, among other things, to co-invest with certain other persons, including certain affiliates of the Adviser and certain funds managed and controlled by the Adviser and its affiliates, subject to certain terms and conditions. Pursuant to such order, and if established as follows, the Fund’s board of trustees (the “Board” and each member of the Board, a “Trustee”) may establish objective criteria (“Board-Established Criteria”) clearly defining co-investment opportunities in which the Fund will have the opportunity to participate with other public or private affiliated funds that target similar assets. If an investment falls within the Board-Established Criteria, AB-PCI must offer an opportunity for the Fund to participate. Board-Established Criteria will be objective and testable, meaning that they will be based on observable information, such as industry/sector of the issuer, minimum EBITDA of the issuer, asset class of the investment opportunity or required commitment size, and not on characteristics that involve a discretionary assessment. The co-investment would generally be allocated to us and the other AB-PCI funds that target similar assets pro rata based on available capital in the applicable asset class. If the Adviser determines that such investment is not appropriate for us, the investment will not be allocated to us, but the Adviser will be required to report such investment and the rationale for its determination for us to not participate in the investment to the Board at the next quarterly board meeting.

AB High Yield maintains a fiduciary duty to all clients requiring it to act in the best interest of the clients and treat each client fairly. AB High Yield makes investment decisions based on each client’s investment objective, guidelines, and restrictions. In the event a decision impacts multiple accounts, AB High Yield looks to aggregate trades to facilitate best execution for all clients involved and achieve economies of scale. Execution of these trades will be allocated on a pro-rata basis. Should a security traded execute at different prices across dealers, AB High Yield can allocate based on an objective criteria which also allows all accounts to receive fair and equitable treatment over time as approved by a Head of Investment and the Chief Compliance Officer (or a designee) prior to the order completion.

Co-Investment Relief

Prior to February 4, 2026, the Adviser operated under an exemptive order from the SEC that permitted us, among other things, to co-invest with certain other persons, including certain affiliates of the Adviser and certain funds managed and controlled by the Adviser and its affiliates, subject to certain terms and conditions. Pursuant to such order, and if established as follows, the Fund’s Board may establish Board-Established Criteria clearly defining co-investment opportunities in which the Fund will have the opportunity to participate with other public or private affiliated funds that target similar assets. If an investment falls within the Board-Established Criteria, AB-PCI must offer an opportunity for the Fund to participate. Board-Established Criteria will be objective and testable, meaning that they will be based on observable information, such as industry/sector of the issuer, minimum EBITDA of the issuer, asset class of the investment opportunity or required commitment size, and not on characteristics that involve a discretionary assessment. The co-investment would generally be allocated to us and the other AB-PCI funds that target similar assets pro rata based on CAFI in the asset class being allocated. If the Adviser determines that such investment is not appropriate for us, the investment will not be allocated to us, but the Adviser will be required to report such investment and the rationale for its determination for us to not participate in the investment to the Board at the next quarterly Board meeting.

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.

About the Fund’s Investment Adviser

The Fund’s investment activities are managed by its external investment adviser, AB Private Credit Investors LLC. The Adviser is responsible for sourcing potential investments, conducting due diligence on prospective investments, analyzing investment opportunities, structuring investments and monitoring our portfolio on an ongoing basis. The Fund benefits from the Adviser’s ability to identify attractive investment opportunities, conduct due diligence to determine credit risk, and structure and price investments accordingly, as well as manage a diversified portfolio of investments. The Adviser, a wholly-owned subsidiary of AB, was formed in April 2014. AB is one of the world’s largest investment management firms, with approximately $867 billion in assets under management as of December 31, 2025, and offers high-quality research and diversified investment services to leading institutions, retail investors, and private wealth clients globally. AB maintains research, portfolio management, and client service offices around the world, reflecting its global capabilities and the needs of its clients. Furthermore, AB is a recognized leader in credit research and investing, with decades of experience. Since AB launched its first dedicated credit strategy in 1987, it has innovated and evolved its platform to provide new investment opportunities across public and private credit markets. AB is a publicly-held limited partnership whose economic interest is approximately 61.2% owned by Equitable Holdings, Inc. and 39.5% owned by public investors through AB Holdings LP. The Adviser can leverage AB’s dedicated economic, fundamental equity, fixed income, and quantitative research groups, as well as experts focused on multi-asset and alternatives strategies.

The Adviser has engaged AB as a sub-adviser, through its established high yield and leveraged loan franchise, AB High Yield (as such, AB in its capacity as sub-adviser is referred to herein as “AB High Yield”), to manage investments in broadly syndicated loans and bond markets, and assist in the determination of the relative value opportunities between private and syndicated markets pursuant to a sub-advisory agreement between the Adviser and AB High Yield (the “Sub-Advisory Agreement”).

Investment Advisory Agreement

On August 7, 2024, the Fund entered into an Amended and Restated Investment Advisory Agreement (the “Advisory Agreement”) with the Adviser, pursuant to which the Adviser manages the Fund on a day-to-day basis. The Adviser is responsible for determining the composition of the Fund’s portfolio, making investment decisions, monitoring the Fund’s investments, performing due diligence on prospective portfolio companies, exercising voting rights in respect of portfolio securities, obtaining and managing financing facilities and other forms of leverage and providing the Fund with such other investment advisory and related services as the Fund may, from time to time, reasonably require for the investment of capital.

Pursuant to the Advisory Agreement, the Fund pays the Adviser a fee for investment advisory services consisting of two components – a management fee and an incentive fee. The cost of both the management fee and the incentive fee is ultimately borne by the shareholders of the Fund. In addition, under the Advisory Agreement and to the extent permitted by applicable law and in the discretion of the Board, the Fund indemnifies the Adviser and certain of its affiliates.

Prior to the effective date of the Advisory Agreement, the Adviser provided investment advisory services pursuant to an investment advisory agreement between the Fund and the Adviser, initially effective as of April 30, 2024 (the “Prior Investment Advisory Agreement”). The terms of the Prior Investment Advisory Agreement are materially identical to the Advisory Agreement. The Prior Investment Advisory Agreement automatically terminated upon the effective date of the Advisory Agreement.

Management Fee

The management fee is payable monthly in arrears at an annual rate of 1.25% of the value of the Fund’s net assets as of the beginning of the first calendar day of the applicable month. For purposes of the Advisory Agreement, net assets means our total assets less the fair value of our liabilities, determined on a consolidated basis in accordance with GAAP.

Incentive Fee

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

Incentive Fee Based on Income

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

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

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

•

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

•

100% of the dollar amount of the Fund’s Pre-Incentive Fee Net Investment Income Returns with respect to that portion of such Pre-Incentive Fee Net Investment Income Returns attributable to the applicable share class, if any, that exceeds the hurdle rate but is less than a rate of return of 1.43% (5.72% annualized). This portion of the Pre-Incentive Fee Net Investment Income Returns (which exceeds the hurdle rate but is less than 1.43%) is referred to as the “catch-up.” The “catch-up” is meant to provide the Adviser with approximately 12.5% of the Fund’s Pre-Incentive Fee Net Investment Income Returns as if a hurdle rate did not apply if this net investment income exceeds 1.43% in any calendar quarter; and

•

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

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

Incentive Fee Based on Capital Gains

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

•

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

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

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

Examples of Quarterly Incentive Fee Calculation

Example 1 — Incentive Fee on pre-incentive fee net investment income for each quarter


Scenarios expressed as a percentage of net asset value at the beginning of the quarter	Scenario 1	Scenario 2	Scenario 3
Pre-incentive fee net investment income for the quarter	1.00%	1.35%	2.00%
Catch up incentive fee (maximum of 0.18%)	0.00%	-0.10%	-0.18%
Split incentive fee (12.5% above 1.43%)	0.00%	0.00%	-0.07%
Net Investment income	1.00%	1.25%	1.75%

Scenario 1 — Incentive Fee on Income

Pre-incentive fee net investment income does not exceed the 1.25% quarterly preferred return rate, therefore there is no catch up or split incentive fee on pre-incentive fee net investment income.

Scenario 2 — Incentive Fee on Income

Pre-incentive fee net investment income falls between the 1.25% quarterly preferred return rate and the upper-level breakpoint of 1.43%, therefore the incentive fee on pre-incentive fee net investment income is 100% of the pre-incentive fee above the 1.25% quarterly preferred return.

Scenario 3 — Incentive Fee on Income

Pre-incentive fee net investment income exceeds the 1.25% quarterly preferred return and the 1.43% upper level breakpoint provision. Therefore the upper level breakpoint provision is fully satisfied by the 0.18% of pre-incentive fee net investment income above the 1.25% preferred return rate and there is a 12.5% incentive fee on pre-incentive fee net investment income above the 1.43% upper level breakpoint. This ultimately provides an incentive fee which represents 12.5% of pre-incentive fee net investment income.

Example 2 — Incentive Fee on Capital Gains

Assumptions

Year 1: No net realized capital gains or losses

Year 2: 6.0% realized capital gains and 1.0% realized capital losses and unrealized capital depreciation; capital gain incentive fee 12.5% × (realized capital gains for year computed net of all realized capital losses and unrealized capital depreciation at year end)


Year 1 Incentive Fee on Capital Gains		= 12.5% × (0)
		= 0
		= No Incentive Fee on Capital Gains
Year 2 Incentive Fee on Capital Gains		= 12.5% × (6.0% -1.0)%
		= 12.5% × 5.0%
		= 0.63%

Sub-Advisory Agreement

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

Duration and Termination

Unless terminated earlier as described below, the Advisory Agreement will continue in effect for a period of two years from its effective date. It will remain in effect from year to year thereafter if approved annually (i) (A) by the Board or (B) by the affirmative vote of the holders of a majority of the Fund’s outstanding voting securities and (ii) by a majority of the Fund’s Independent Trustees. The Advisory Agreement automatically terminates in the event of its assignment, as defined in the 1940 Act, by the Adviser and may be terminated by either party without penalty upon 60 days’ written notice to the other. The holders of a majority of the Fund’s outstanding voting securities may also terminate the Advisory Agreement without penalty upon 60 days’ written notice.

The Advisory Agreement provides that, absent criminal conduct, willful misfeasance, bad faith or gross negligence in the performance of its duties or by reason of the reckless disregard of its duties and obligations under the Advisory Agreement, the Adviser and its professionals and any other person or entity affiliated with it are entitled to indemnification from the Fund for any damages, liabilities, costs and expenses (including reasonable attorneys’ fees and amounts reasonably paid in settlement) arising from the rendering of the Adviser’s services under the Advisory Agreement or otherwise as the Fund’s investment adviser.

Payment of the Fund’s Expenses

Except as specifically provided below, all investment professionals and staff of the Adviser and AB High Yield, when and to the extent engaged in providing investment advisory services to us, and the base compensation, bonus and benefits of such personnel allocable to such services, will be provided and paid for by the Adviser and AB High Yield. We will bear all other costs and expenses of our operations, administration and transactions, including, but not limited to:

investment advisory fees, including management fees and incentive fees, to the Adviser, pursuant to the Advisory Agreement;

the Fund’s allocable portion of compensation and other expenses incurred by the Administrator in performing its administrative obligations under the Administration Agreement, including but not limited to: (i) the Fund’s chief compliance officer, chief financial officer and their respective staffs; (ii) investor relations, legal, operations and other non-investment professionals at the Administrator that perform duties for the Fund; and (iii) any internal audit group personnel of the Administrator or any of its affiliates, subject to certain limitations; and

all other expenses of the Fund’s operations and transactions.

From time to time, each of AB-PCI (in its capacity as the Adviser and the Administrator) and AB High Yield or its affiliates may pay third-party providers of goods or services. We will reimburse each of AB-PCI (in its capacity as the Adviser and the Administrator) and AB High Yield or such affiliates thereof for any such amounts paid on our behalf. From time to time, the AB-PCI (in its capacity as the Adviser and the Administrator) and AB High Yield and may defer or waive fees and/or rights to be reimbursed for expenses. All of the foregoing expenses will ultimately be borne by our shareholders.

Costs and expenses of AB-PCI (in its capacity as the Adviser and the Administrator) and AB High Yield that are eligible for reimbursement by the Fund will be reasonably allocated to the Fund on the basis of time spent, assets under management, usage rates, proportionate holdings, a combination thereof or other reasonable methods determined by the Administrator.

Expense Support and Conditional Reimbursement Agreement

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

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

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

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

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

As of December 31, 2025, no reimbursement payments have been made, total expense support provided and unreimbursed Expense Payments were $6,338,120. The following table presents a summary of Expense Payments and the related Reimbursement Payments for the years ended December 31, 2025, December 31, 2024, and December 31, 2023:


For the Month Ended	Amount of Expense Support		Amount of Reimbursement Payment		Amount of Unreimbursed Expense Support		Reimbursement Eligibility Expiration	Percentage Limit (1)
January 31, 2025		278,634				278,634	January 31, 2028		1.00	%
February 28, 2025		268,655				268,655	February 29, 2028		1.00	%
March 31, 2025		467,865				467,865	March 31, 2028		1.00	%
April 30, 2025		286,605				286,605	April 30, 2028		1.00	%
May 31, 2025		101,842				101,842	May 31, 2028		1.00	%
June 30, 2025		150,430				150,430	June 30, 2028		1.00	%
July 31, 2025		188,573				188,573	July 31, 2028		1.00	%
August 31, 2025		203,615				203,615	August 31, 2028		1.00	%
September 30, 2025		105,597				105,597	September 30, 2028		1.00	%
October 31, 2025		29,753	-			29,753	October 31, 2028		1.00	%
November 30, 2025		20,822	-			20,822	November 30, 2028		1.00	%
December 31, 2025		-	-			-	December 31, 2028		1.00	%
Total	$	2,102,391	$	-	$	2,102,391

January 31, 2024		74,154	-			74,154	January 31, 2027		1.00	%
February 29, 2024		33,880	-			33,880	February 28, 2027		1.00	%
March 31, 2024		44,504	-			44,504	March 31, 2027		1.00	%
April 30, 2024		411,651				411,651	April 30, 2027		1.00	%
May 31, 2024		484,123				484,123	May 31, 2027		1.00	%
June 30, 2024		604,476				604,476	June 30, 2027		1.00	%
July 31, 2024		220,044				220,044	July 31, 2027		1.00	%
August 31, 2024		492,466				492,466	August 31, 2027		1.00	%
September 30, 2024		282,226				282,226	September 30, 2027		1.00	%
October 31, 2024		410,050				410,050	October 31, 2027		1.00	%
November 30, 2024		207,943				207,943	November 30, 2027		1.00	%
December 31, 2024		451,479				451,479	December 31, 2027		1.00	%
Total	$	3,716,996	$	-	$	3,716,996

June 30, 2023		277,209		-		277,209	June 30, 2026		1.00	%
July 31, 2023		-		-		-	July 31, 2026		1.00	%
August 31, 2023		-		-		-	August 31, 2026		1.00	%
September 30, 2023		186,136		-		186,136	September 30, 2026		1.00	%
October 31, 2023		-		-		-	October 31, 2026		1.00	%
November 30, 2023		-		-		-	November 30, 2026		1.00	%
December 31, 2023		55,388		-		55,388	December 31, 2026		1.00	%
Total	$	518,733	$	-	$	518,733

(1)

Represents the actual percentage of Operating Expenses paid by the Fund in any month after deducting any Expense Payment, as a percentage of the Fund’s average monthly gross assets.

Administration Agreement

On August 7, 2024, the Fund entered into an Administration Agreement with AB Private Lending Fund LLC (in its capacity as administrator, the “Administrator”). Under the terms of the Administration Agreement, the Administrator provides, or oversees the performance of, administrative and compliance services, including, but not limited to, maintaining financial records, overseeing the calculation of NAV, compliance monitoring (including diligence and oversight of the Fund’s other service providers), preparing reports to shareholders and reports filed with the SEC and other regulators, preparing materials and coordinating meetings of the Board, managing the payment of expenses, the payment and receipt of funds for investments and the performance of administrative

and professional services rendered by others and providing office space, equipment and office services. The Fund reimburses the Administrator for the costs and expenses incurred by the Administrator in performing its obligations under the Administration Agreement. The Fund also is liable to reimburse the Administrator for the Fund’s allocable portion of compensation of the Administrator’s personnel, including but not limited to: (i) the Fund’s chief compliance officer, chief financial officer and their respective staffs; (ii) investor relations, legal, operations and other non-investment professionals at the Administrator that perform duties for the Fund; and (iii) any internal audit group personnel of the Administrator or any of its affiliates. The Administrator may defer or waive rights to be reimbursed for the costs and expenses noted above including the Fund’s allocable portion of compensation of the Administrator’s personnel, subject to the limitations described in the Administration Agreement. In addition, pursuant to the terms of the Administration Agreement, the Administrator may delegate its obligations under the Administration Agreement to an affiliate or to a third party and the Fund will reimburse the Administrator for any services performed for the Fund by such affiliate or third party. The Administrator hired a sub-administrator to assist in the provision of administrative services. The sub-administrator receives compensation for its sub-administrative services under a sub-administration agreement.

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

Competition

The business of investing in debt investments is highly competitive and involves a high degree of uncertainty. Market competition for investment opportunities includes traditional lending institutions, including commercial and investment banks, as well as a growing number of non-traditional participants, such as hedge funds, private equity funds, mezzanine funds, and other private investors, as well as BDCs, and debt-focused competitors, such as issuers of collateralized loan obligations, or CLOs, and other structured loan funds. In addition, given the Fund’s target investment size and investment type, the Adviser expects a large number of competitors for investment opportunities. Some of these competitors may have access to greater amounts of capital and to capital that may be committed for longer periods of time or may have different return thresholds than the Fund, and thus these competitors may have advantages not shared by the Fund. In addition, competitors may have incurred, or may in the future incur, leverage to finance their debt investments at levels or on terms more favorable than those available to the Fund. Furthermore, competitors may offer loan terms that are more favorable to borrowers, such as less onerous borrower financial and other covenants, borrower rights to cure defaults, and other terms more favorable to borrowers than current or historical norms. Strong competition for investments could result in fewer investment opportunities for the Fund, as certain of these competitors have established or are establishing investment vehicles that target the same or similar investments that the Fund intends to purchase.

Over the past several years, many investment funds have been formed with investment objectives similar to those of the Fund, and many such existing funds have grown in size and have added larger successor funds to their platform. These and other investors may make competing offers for investment opportunities identified by the Adviser which may affect the Fund’s ability to participate in attractive investment opportunities and/or cause the Fund to incur additional risks when competing for investment opportunities. Moreover, identifying attractive investment opportunities is difficult and involves a high degree of uncertainty. The Adviser may identify an investment that presents an attractive investment opportunity but may not be able to complete such investment in a manner that meets the objectives of the Fund. The Fund may incur significant expenses in connection with the identification of investment opportunities and investigating other potential investments that are ultimately not consummated, including expenses related to due diligence, transportation and legal, accounting and other professional services as well as the fees of other third-party advisers.

Non-Exchange Traded, Perpetual-Life BDC

The Fund is non-exchange traded, meaning its shares are not listed for trading on a stock exchange or other securities market and a perpetual-life BDC, meaning it is an investment vehicle of indefinite duration, whose common shares are intended to be sold by the BDC monthly on a continuous basis at a price generally equal to the BDC’s monthly NAV per share. In our perpetual-life structure, we may, at our discretion, offer investors an opportunity to repurchase their shares on a quarterly basis through voluntary tender offers in accordance with the Exchange Act tender offer rules, but we are not obligated to offer to repurchase any in any particular quarter. We believe that our perpetual nature enables us to execute a patient and opportunistic strategy and be able to invest across different market environments. This may reduce the risk of the Fund being a forced seller of assets in market downturns compared to non-perpetual funds. While we may consider a liquidity event at any time in the future, we currently do not intend to undertake a liquidity event, and we are not obligated by our charter or otherwise to effect a liquidity event at any time.

Emerging Growth Company

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:

•

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;

•

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

•

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

•

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 becomes an accelerated filer as defined in Rule 12b-2 under the Exchange Act. This may increase the risk that material weaknesses or other deficiencies in the Fund’s internal control over financial reporting go undetected.

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

Distributions

We expect to pay regular monthly distributions. Any distributions we make will be at the discretion of our Board, considering factors such as our earnings, cash flow, capital needs and general financial condition and the requirements of Delaware law. As a result, our distribution rates and payment frequency may vary from time to time.

Our Board’s discretion as to the payment of distributions will be directed, in substantial part, by its determination to cause us to comply with the RIC requirements. To maintain our treatment as a RIC, we generally are required to make aggregate annual distributions to our shareholders of at least 90% of investment company taxable income. See “Description of our Common Shares” and “Certain U.S. Federal Income Tax Considerations.”

The per share amount of distributions on Class S shares, Class D shares and Class I shares generally differ because of different class-specific shareholder servicing and/or distribution fees that are deducted from the gross distributions for each share class. Specifically, distributions on Class S shares will be lower than Class D shares and Class I shares, and distributions on Class D shares will be lower than Class I shares because we are required to pay higher ongoing shareholder servicing and/or distribution fees with respect to the Class S shares (compared to Class D shares and Class I shares), and we are required to pay higher ongoing shareholder servicing fees with respect to Class D shares (compared to Class I shares).

Shareholder Servicing and/or Distribution Fees

The following table shows the shareholder servicing and/or distribution fees we pay the Managing Dealer with respect to the Class S shares, Class D shares and Class I shares on an annualized basis as a percentage of our NAV for such class. The shareholder servicing and/or distribution fees will be paid monthly in arrears, calculated using the NAV of the applicable class as of the beginning of the first calendar day of the month.


	Shareholder Servicing and/ or Distribution Fee as a % of NAV
Class S Shares		0.85	%
Class D Shares		0.25	%
Class I shares		—

Subject to FINRA and other limitations on underwriting compensation described in “—Limitations on Underwriting Compensation” below, we will pay a shareholder servicing and/or distribution fee equal to 0.85% per annum of the aggregate NAV for the Class S shares and a shareholder servicing fee equal to 0.25% per annum of the aggregate NAV for the Class D shares, in each case, payable monthly.

The shareholder servicing and/or distribution fees will be paid monthly in arrears. The Managing Dealer will reallow (pay) all or a portion of the shareholder servicing and/or distribution fees to participating brokers and servicing brokers for ongoing shareholder services performed by such brokers, and will waive shareholder servicing and/or distribution fees to the extent a broker is not eligible to receive it for failure to provide such services. Because the shareholder servicing and/or distribution fees with respect to Class S shares and Class D shares are calculated based on the aggregate NAV for all of the outstanding shares of each such class, it reduces the NAV with respect to all shares of each such class, including shares issued under our distribution reinvestment plan.

Eligibility to receive the shareholder servicing and/or distribution fee is conditioned on a broker providing the following ongoing services with respect to the Class S shares or Class D shares: assistance with recordkeeping, answering investor inquiries regarding us, including regarding distribution payments and reinvestments, helping investors understand their investments upon their request, and assistance with share repurchase requests. If the applicable broker is not eligible to receive the shareholder servicing and/or distribution fee due to failure to provide these services, the Managing Dealer will waive the shareholder servicing fee and/or distribution that broker would have otherwise been eligible to receive. The shareholder servicing and/or distribution fees are ongoing fees that are not paid at the time of purchase.

Distribution Reinvestment Plan

The Fund has adopted a distribution reinvestment plan, pursuant to which the Fund will reinvest all cash dividends declared by the Board on behalf of its shareholders who do not elect to receive their dividends in cash. As a result, if the Board authorizes, and the Fund declares, a cash dividend or other distribution, then its shareholders who have not opted out of the distribution reinvestment plan will have their cash distributions (net of applicable withholding tax) automatically reinvested in additional shares, rather than receiving the cash dividend or other distribution. Shareholders who receive distributions in the form of additional shares are generally subject to the same U.S. federal, state and local tax consequences as are shareholders who elect to receive their distributions in cash. A shareholder's basis for determining gain or loss upon the sale of shares received in a distribution from the Fund will generally be equal to the total dollar amount of the distribution payable to the shareholder. Any shares received in a distribution will have a new holding period for tax purposes commencing on the day following the day on which the shares are credited to the. shareholder's account. Distributions on fractional shares will be credited to each participating shareholder’s account to three decimal places.

Share Repurchase Program

We have commenced a share repurchase program in which we intend to repurchase, in each quarter, up to 5% of our Common Shares outstanding (by number of shares) as of the close of the previous calendar quarter. Our Board may amend, suspend or terminate the share repurchase program if it deems such action to be in our best interest and the best interest of our shareholders. As a result, share repurchases may not be available each quarter. Upon a suspension of our share repurchase program, our Board will consider at least quarterly whether the continued suspension of our share repurchase program remains in our best interest and the best interest of our shareholders. However, our Board is not required to authorize the recommencement of our share repurchase program within any specified period of time. Our Board may also determine to terminate our share repurchase program if required by applicable law or in connection with a transaction in which our shareholders receive liquidity for their Common Shares, such as a sale or merger of the Fund or listing of our Common Shares on a national securities exchange.

We expect to repurchase shares pursuant to tender offers each quarter using a purchase price equal to the NAV per share as of the last calendar day of the applicable quarter, except that shares that have not been outstanding for at least one year will be repurchased at 98% of such NAV (an “Early Repurchase Deduction”). The one-year holding period is measured as of the subscription closing date immediately following the prospective repurchase date. The Early Repurchase Deduction may be waived, at our discretion, in the case of repurchase requests arising from the death, divorce or qualified disability of the holder. The Early Repurchase Deduction will be retained by the Fund for the benefit of remaining shareholders. We intend to conduct the repurchase offers in accordance with the requirements of Rule 13e-4 promulgated under the Exchange Act and the 1940 Act. All shares purchased by us pursuant to the terms of each tender offer will be retired and thereafter will be authorized and unissued shares.

Employees

We do not currently have any employees and do not expect to have any employees. Services necessary for our business are provided by individuals who are employees of the Adviser or its affiliates pursuant to the terms of the Advisory Agreement, AB High Yield or its affiliates pursuant to the terms of the Sub-Advisory Agreement and the Administrator or its affiliates pursuant to the Administration Agreement. Each of our executive officers described under “Management of the Fund” is employed by the Adviser or its affiliates. Our day-to-day investment operations will be managed by the Adviser. The services necessary for the sourcing and administration of our investment portfolio will be provided by investment professionals employed by the Adviser or its affiliates. The Investment Team will focus on origination, non-originated investments and transaction development and the ongoing monitoring of our investments. The Adviser has engaged AB High Yield to manage investments in broadly syndicated loans and bond markets, and assist in the determination of the relative value opportunities between private and syndicated markets pursuant to the Sub-Advisory Agreement. In addition, we will reimburse the Administrator for its costs, expenses, including compensation paid by the Administrator (or its affiliates) to the Fund’s chief compliance officer and chief financial officer and their respective staffs as well as other administrative personnel (based on the percentage of time such individuals devote, on an estimated basis, to the business and affairs of the Fund).

Financial Information about Industry Segments and Geographic Areas

The Fund’s primary objectives include investing in and originating a portfolio of loans, bonds and equity investments to commercial businesses located throughout the United States. The Fund presently does not evaluate its investments by industry segment but rather, the Fund reviews performance on an individual basis. Accordingly, the Fund does not report industry or geographic area segment information.

Material U.S. Federal Income Tax Considerations

The following discussion is a general summary of certain U.S. federal income tax considerations applicable to us and the purchase, ownership and disposition of our shares. This discussion does not purport to be complete or to deal with all aspects of U.S. federal income taxation that may be relevant to shareholders in light of their particular circumstances. Unless otherwise noted, this discussion applies only to U.S. shareholders that hold our shares as capital assets. A U.S. shareholder is an individual who is a citizen or resident of the United States, a U.S. corporation, a trust if it (a) is subject to the primary supervision of a court in the United States and one or more U.S. persons have the authority to control all substantial decisions of the trust or (b) has made a valid election to be treated as a U.S. person, or any estate the income of which is subject to U.S. federal income tax regardless of its source. This discussion is based upon present provisions of the Code, the regulations promulgated thereunder, and judicial and administrative ruling authorities, all of which are subject to change, or differing interpretations (possibly with retroactive effect). This discussion does not represent a detailed description of the U.S. federal income tax consequences relevant to special classes of taxpayers including, without limitation, financial institutions, insurance companies, investors in pass-through entities, U.S. shareholders whose “functional currency” is not the U.S. dollar, tax-exempt organizations, dealers in securities or currencies, traders in securities or commodities that elect mark to market treatment, or persons that will hold our shares as a position in a “straddle,” “hedge” or as part of a “constructive sale” for U.S. federal income tax purposes. In addition, this discussion does not address the application of the Medicare tax on net investment income or the U.S. federal alternative minimum tax, or any tax consequences attributable to persons being required to accelerate the recognition of any item of gross income with respect to our shares as a result of such income being recognized on an applicable financial statement. Prospective investors should consult their tax advisers with regard to the U.S. federal tax consequences of the purchase, ownership, or disposition of our shares, as well as the tax consequences arising under the laws of any state, foreign country or other taxing jurisdiction.

Taxation as a Regulated Investment Company

The Fund has elected to be treated, and intends to qualify each taxable year thereafter, as a RIC under Subchapter M of the Code.

To qualify for the favorable tax treatment accorded to RICs under Subchapter M of the Code, the Fund must, among other things: (1) have an election in effect to be treated as a BDC under the 1940 Act at all times during each taxable year; (2) have filed with its return for the taxable year an election to be a RIC or have made such election for a previous taxable year; (3) derive in each taxable year at least 90% of its gross income from (a) dividends, interest, payments with respect to certain securities loans, and gains from the sale or other disposition of stock or securities or foreign currencies, or other income (including but not limited to gains from options, futures or forward contracts) derived with respect to its business of investing in such stock, securities, or currencies; and (b) net income derived from an interest in certain publicly-traded partnerships that are treated as partnerships for U.S. federal income tax purposes and that derive less than 90% of their gross income from the items described in (a) above (each, a “Qualified

Publicly-Traded Partnership”); and (4) diversify its holdings so that, at the end of each quarter of each taxable year of the Fund (a) at least 50% of the value of the Fund’s total assets is represented by cash and cash items (including receivables), U.S. government securities and securities of other RICs, and other securities for purposes of this calculation limited, in respect of any one issuer to an amount not greater in value than 5% of the value of the Fund’s total assets, and to not more than 10% of the outstanding voting securities of such issuer, and (b) not more than 25% of the value of the Fund’s total assets is invested in the securities (other than U.S. government securities or securities of other RICs) of (I) any one issuer, (II) any two or more issuers which the Fund controls and which are determined to be engaged in the same or similar trades or businesses or related trades or businesses or (III) any one or more Qualified Publicly-Traded Partnerships (described in 3(b) above).

As a RIC, the Fund generally will not be subject to U.S. federal income tax on its investment company taxable income (as that term is defined in the Code, but determined without regard to the deduction for dividends paid) and net capital gain (the excess of net long-term capital gain over net short-term capital loss), if any, that it distributes in each taxable year to its shareholders, provided that it distributes at least 90% of the sum of its investment company taxable income and its net tax-exempt income for such taxable year. Generally, the Fund intends to distribute to its shareholders, at least annually, substantially all of its investment company taxable income and net capital gains, if any.

A RIC is limited in its ability to deduct expenses in excess of its investment company taxable income (which is, generally, ordinary income plus the excess of net short-term capital gains over net long-term capital losses). If the Fund’s expenses in a given taxable year exceed our investment company taxable income, the Fund may experience a net operating loss for that taxable year. However, a RIC is not permitted to carry forward net operating losses to subsequent taxable years and such net operating losses do not pass through to its shareholders. In addition, deductible expenses can be used only to offset investment company taxable income, not net capital gain. A RIC may not use any net capital losses (that is, the excess of realized capital losses over realized capital gains) to offset its investment company taxable income, but may carry forward such net capital losses, and use them to offset future capital gains, indefinitely. Due to these limits on deductibility of expenses and net capital losses, the Fund may for tax purposes have aggregate taxable income for several years that it is required to distribute and that is taxable to our shareholders even if such taxable income is greater than the net income the Fund actually earns during those taxable years. Such required distributions may be made from our cash assets or by liquidation of investments, if necessary. The Fund may realize gains or losses from such liquidations. In the event the Fund realizes net capital gains from such transactions, such gains would generally need to be distributed to shareholders to avoid Fund level tax.

Amounts not distributed on a timely basis in accordance with a calendar year distribution requirement are subject to a nondeductible 4% U.S. federal excise tax. To prevent imposition of the excise tax, the Fund must distribute during each calendar year an amount at least equal to the sum of (i) 98% of its ordinary income for the calendar year, (ii) 98.2% of its capital gains in excess of its capital losses (adjusted for certain ordinary losses) for the one-year period ending October 31 of the calendar year and (iii) any ordinary income and capital gains for previous years that were not distributed during those years. For these purposes, the Fund will be deemed to have distributed any income or gains on which it paid U.S. federal income tax.

The Fund may incur the 4% nondeductible U.S. federal excise tax in the future on a portion of its income and capital gains. While the Fund intends to distribute income and capital gains to minimize exposure to 4% nondeductible U.S. federal excise tax, the Fund may not be able to, or may choose not to, distribute amounts sufficient to avoid the imposition of the tax entirely. In that event, the Fund generally will be liable for 4% nondeductible U.S. federal excise tax only on the amount by which we do not meet the excise tax avoidance requirement. The Fund generally will endeavor in each taxable year to avoid any material U.S. federal excise tax on its earnings.

A distribution will be treated as paid on December 31 of any calendar year if it is declared by the Fund in October, November or December with a record date in such a month and paid by the Fund during January of the following calendar year. Such distributions will be taxable to shareholders in the calendar year in which the distributions are declared, rather than the calendar year in which the distributions are received.

If the Fund failed to qualify as a RIC or failed to satisfy the 90% distribution requirement in any taxable year, the Fund would be subject to U.S. federal income tax at the regular corporate rate on its taxable income (including distributions of net capital gain), even if such income were distributed to its shareholders, and all distributions out of earnings and profits would be taxed to shareholders as ordinary dividend income. Such distributions generally would be eligible (i) to be treated as “qualified dividend income” in the case of individual and other non-corporate shareholders and (ii) for the dividends received deduction in the case of corporate shareholders. In addition, the Fund could be required to recognize unrealized gains, pay taxes and make distributions (which could be subject to interest charges) before requalifying for taxation as a RIC.

The remainder of this discussion assumes that the Fund qualifies as a RIC for each taxable year.

Regulation as a Business Development Company

The following discussion is a general summary of the material prohibitions and descriptions governing BDCs generally. It does not purport to be a complete description of all of the laws and regulations affecting BDCs.

Qualifying Assets. Under the 1940 Act, a BDC may not acquire any asset other than Qualifying Assets, unless, at the time the acquisition is made, Qualifying Assets represent at least 70% of the company’s total assets. The principal categories of Qualifying Assets relevant to our business are any of the following:

(1)

Securities purchased in transactions not involving any public offering from the issuer of such securities, which issuer (subject to certain limited exceptions) is an Eligible Portfolio Company (as defined below), or from any person who is, or has been during the preceding 13 months, an affiliated person of an Eligible Portfolio Company, or from any other person, subject to such rules as may be prescribed by the SEC. An “Eligible Portfolio Company” is defined in the 1940 Act as any issuer which:

is organized under the laws of, and has its principal place of business in, the United States;

is not an investment company (other than a small business investment company wholly owned by the BDC) or a company that would be an investment company but for certain exclusions under the 1940 Act; and

satisfies any of the following:

(i)

does not have any class of securities that is traded on a national securities exchange;

(ii)

has a class of securities listed on a national securities exchange, but has an aggregate market value of outstanding voting and non-voting common equity of less than $250 million;

(iii)

is controlled by a BDC or a group of companies, including a BDC and the BDC has an affiliated person who is a director of the Eligible Portfolio Company; or

(iv)

is a small and solvent company having total assets of not more than $4 million and capital and surplus of not less than $2 million.

(2)

Securities of any Eligible Portfolio Company controlled by the Fund.

(3)

Securities purchased in a private transaction from a U.S. issuer that is not an investment company or from an affiliated person of the issuer, or in transactions incident thereto, if the issuer is in bankruptcy and subject to reorganization or if the issuer, immediately prior to the purchase of its securities was unable to meet its obligations as they came due without material assistance other than conventional lending or financing arrangements.

(4)

Securities of an Eligible Portfolio Company purchased from any person in a private transaction if there is no ready market for such securities and the Fund already owns 60% of the outstanding equity of the Eligible Portfolio Company.

(5)

Securities received in exchange for or distributed on or with respect to securities described in (1) through (4) above, or pursuant to the exercise of warrants or rights relating to such securities.

(6)

Cash, cash equivalents, U.S. government securities or high-quality debt securities maturing in one year or less from the time of investment.

In addition, a BDC must be operated for the purpose of making investments in the types of securities described in (1), (2) or (3) above.

Significant Managerial Assistance. A BDC must have been organized and have its principal place of business in the United States and must be operated for the purpose of making investments in the types of securities described above. However, in order to count portfolio securities as Qualifying Assets for the purpose of the 70% test, the BDC must either control the issuer of the securities or must offer to make available to the issuer of the securities (other than small and solvent companies described above) significant managerial assistance; except that, where the BDC purchases such securities in conjunction with one or more other persons acting together, one of the other persons in the group makes available such managerial assistance. Making available significant managerial assistance means, among other things, any arrangement whereby the BDC, through its trustees, officers or employees, offers to provide and, if accepted, does so provide, significant guidance and counsel concerning the management, operations or business

objectives and policies of a portfolio company through monitoring of portfolio company operations, selective participation in board and management meetings, consulting with and advising a portfolio company’s officers or other organizational or financial guidance.

Temporary Investments. Pending investment in other types of Qualifying Assets, as described above, our investments can consist of cash, cash equivalents, U.S. government securities or high-quality debt securities maturing in one year or less from the time of investment, which are referred to herein, collectively, as temporary investments, so that 70% of our assets would be Qualifying Assets.

Warrants. Under the 1940 Act, a BDC is subject to restrictions on the issuance, terms and amount of warrants, options or rights to purchase shares that it may have outstanding at any time. In particular, the amount of shares that would result from the conversion or exercise of all outstanding warrants, options or rights to purchase shares cannot exceed 25% of the BDC’s total outstanding shares.

Leverage and Senior Securities; Coverage Ratio. We are permitted, under specified conditions, to issue multiple classes of indebtedness and one class of shares senior to our Common Shares if our asset coverage, as defined in the 1940 Act, would at least equal 150% immediately after each such issuance. On July 23, 2024, our sole shareholder approved the adoption of this 150% threshold pursuant to Section 61(a)(2) of the 1940 Act and such election became effective the following day. As defined in the 1940 Act, asset coverage of 150% for preferred shares means that for every $100 of net assets we hold, we may raise $200 from borrowing and issuing senior securities representing stock. Asset coverage of 150% for indebtedness means that for every $100 of net assets we hold, we may raise $200 from borrowing. In addition, while any senior securities remain outstanding, we will be required to make provisions to prohibit any dividend distribution to our shareholders or the repurchase of such securities or shares unless we meet the applicable asset coverage ratios at the time of the dividend distribution or repurchase. We will also be permitted to borrow amounts up to 5% of the value of our total assets for temporary or emergency purposes, which borrowings would not be considered senior securities. Leverage embedded or inherent in derivative instruments in which the Fund may invest are not subject to such asset coverage requirements.

We intend to establish one or more credit facilities and/or subscription facilities or enter into other financing arrangements to facilitate investments and the timely payment of our expenses. It is anticipated that any such credit facilities will bear interest at floating rates at to be determined spreads over SOFR (or other applicable reference rate). We cannot assure shareholders that we will be able to enter into a credit facility. Shareholders will indirectly bear the costs associated with any borrowings under a credit facility or otherwise. In connection with a credit facility or other borrowings, lenders may require us to pledge assets, commitments and/or drawdowns (and the ability to enforce the payment thereof) and may ask to comply with positive or negative covenants that could have an effect on our operations. In addition, from time to time, our losses on leveraged investments may result in the liquidation of other investments held by us and may result in additional drawdowns to repay such amounts.

We may enter into a TRS agreement. A TRS is a contract in which one party agrees to make periodic payments to another party based on the change in the market value of the assets underlying the TRS, which may include a specified security, basket of securities or securities indices during a specified period, in return for periodic payments based on a fixed or variable interest rate. A TRS effectively adds leverage to a portfolio by providing investment exposure to a security or market without owning or taking physical custody of such security or investing directly in such market. Because of the unique structure of a TRS, a TRS often offers lower financing costs than are offered through more traditional borrowing arrangements. The Fund would typically have to post collateral to cover this potential obligation. The leverage incurred through TRS, like certain other types of senior securities, such as derivatives and short sales, will not be considered a borrowing for purposes of the Fund’s overall leverage limitation, but rather are subject to the requirements of Rule 18f-4.

We may also create leverage by securitizing our assets (including in CLOs) and retaining the equity portion of the securitized vehicle. See “Risk Factors—Risks Associated with Forming CLOs.” We may also from time to time make secured loans of our marginable securities to brokers, dealers and other financial institutions.

Code of Ethics. We and the Adviser have adopted a code of ethics pursuant to Rule 17j-1 under the 1940 Act and Rule 204A-1 under the Advisers Act, respectively, that establishes procedures for personal investments and restricts certain personal securities transactions. Personnel subject to the code are permitted to invest in securities for their personal investment accounts, including securities that may be purchased or held by us, so long as such investments are made in accordance with the code’s requirements. A copy of the Fund’s code of ethics is available to the Fund’s shareholders on the Adviser’s website: www.alliancebernstein.com/corporate/management/corporate-governance.htm.

Affiliated Transactions. We may be prohibited under the 1940 Act from conducting certain transactions with our affiliates without the prior approval of our Trustees who are not interested persons and, in some cases, the prior approval of the SEC. We have received an exemptive order from the SEC that permits us, among other things, to co-invest with certain other persons, including

certain affiliates of the Adviser and certain funds managed and controlled by the Adviser and its affiliates, subject to certain terms and conditions.

Other. We will be periodically examined by the SEC for compliance with the 1940 Act, and be subject to the periodic reporting and related requirements of the Exchange Act.

We are also required to provide and maintain a bond issued by a reputable fidelity insurance company to protect against larceny and embezzlement. Furthermore, as a BDC, we will be prohibited from protecting any Trustee or officer against any liability to our shareholders arising from willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of such person’s office.

We are also required to designate a chief compliance officer and to adopt and implement written policies and procedures reasonably designed to prevent violation of the federal securities laws and to review these policies and procedures annually for their adequacy and the effectiveness of their implementation.

We are not permitted to change the nature of our business so as to cease to be, or to withdraw our election as, a BDC unless approved by a majority of our outstanding voting securities. A majority of the outstanding voting securities of a company is defined under the 1940 Act as the lesser of: (i) 67% or more of such company’s shares present at a meeting if more than 50% of the outstanding shares of such company are present or represented by proxy, or (ii) more than 50% of the outstanding shares of such company.

Financial Condition, Liquidity and Capital Resources

We expect to generate cash primarily from (i) the net proceeds of the offering, (ii) cash flows from our operations, (iii) any financing arrangements we may enter into in the future and (iv) any future offerings of our equity or debt securities. We intend to sell our shares on a continuous monthly basis at a per share price equal to the then-current NAV per share.

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

Proxy Voting Policies and Procedures

We have delegated our proxy voting responsibility to the Adviser. The Proxy Voting Policies and Procedures of the Adviser are set forth below. The guidelines will be reviewed periodically by the Adviser, and, accordingly, are subject to change.

As an investment adviser registered under the Advisers Act, the Adviser has a duty to monitor corporate events and to vote proxies, as well as a duty to cast votes the best interests of its clients and not subrogate client interests to its own interests. Rule 206(4)-6 under the Advisers Act places specific requirements on registered investment advisers with proxy voting authority.

Proxy Policies

The Adviser will vote proxies relating to the Fund’s portfolio securities in what the Adviser perceives to be the best interest of the Fund’s shareholders. It will review on a case-by-case basis each proposal submitted to a shareholder vote to determine its impact on the portfolio securities held by the Fund’s clients. Although it will generally vote against proposals that may have a negative impact on the Fund’s portfolio securities, it may vote for such a proposal if there exist compelling long-term reasons to do so.

The Fund’s proxy-voting decisions will be made by the senior officers who are responsible for monitoring the Fund’s investments. To ensure that the Fund’s vote is not the product of a conflict of interest, the Adviser will require that: (1) anyone involved in the decision-making process disclose to management any potential conflict that he or she is aware of and any contact that he or she has had with any interested party regarding a proxy vote; and (2) employees involved in the decision-making process or vote administration are prohibited from revealing how the Fund intends to vote on a proposal in order to reduce any attempted influence from interested parties.

Proxy Voting Records

You may obtain information about how the Fund voted proxies by making a written request for proxy voting information to: Chief Compliance Officer, AB Private Credit Investors LLC 501 Commerce Street, Nashville, TN 37203.

Privacy Principles

Protecting the privacy and confidentiality of investors’ personal information is a priority. The following sets forth details of the Fund’s approach to ensuring the confidentiality of investors’ information.

•

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

•

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

•

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

•

To be able to serve investors and to provide financial products efficiently and accurately, it is sometimes necessary to share information with companies that perform administrative services for the Fund or on the Fund’s behalf. These companies are required to use this information only for the services for which the Fund hired them, and are not permitted to use or share this information for any other purpose.

Reporting Obligations

The Fund will furnish its shareholders with annual reports containing audited consolidated financial statements, quarterly reports and such other periodic reports as the Fund determines to be appropriate or as may be required by law. The Fund is required to comply with all periodic reporting, proxy solicitation and other applicable requirements under the Exchange Act.

Shareholders and the public may also read and copy any materials the Fund files with the SEC at www.sec.gov.

Item 1A. Risk Factors

An investment in the Fund’s securities involves certain risks relating to its structure and investment objective. The risks set forth below are not the only risks the Fund faces, and the Fund may face other risks that it has not yet identified, which it does not currently deem material or which are not yet predictable. If any of the following risks occur, the Fund’s business, financial condition and results of operations could be materially adversely affected. In such case, the Fund’s net asset value and the price of its common stock could decline, and you may lose all or part of your investment.

Risk Factor Summary

The following is a summary of the principal risk factors associated with an investment in the Fund:

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We have limited prior operating history and there is no assurance that we will achieve our investment objective.

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An investment in our Common Shares may not be appropriate for all investors and is not designed to be a complete investment program.

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You should not expect to be able to sell your shares regardless of how we perform.

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You should consider that you may not have access to the money you invest for an extended period of time.

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We do not intend to list our shares on any securities exchange, and we do not expect a secondary market in our shares to develop.

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You should purchase these securities only if you can afford a complete loss of your investment.

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Because you may be unable to sell your shares, you will be unable to reduce your exposure in any market downturn.

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We have implemented a share repurchase program, but only a limited number of shares will be eligible for repurchase and repurchases will be subject to available liquidity and other significant restrictions.

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An investment in our Common Shares is not suitable for you if you need access to the money you invest.

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We cannot guarantee that we will make distributions, and if we do we may fund such distributions from sources other than cash flow from operations, including, without limitation, the sale of assets, borrowings, or return of capital or offering proceeds, and we have no limits on the amounts we may pay from such sources. We believe the likelihood that we pay distributions from sources other than cash flow from operations will be higher in the early stages of the offering.

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Distributions may also be funded in significant part, directly or indirectly, from temporary waivers or expense reimbursements borne by the Adviser or its affiliates, that may be subject to reimbursement to the Adviser or its affiliates. The repayment of any amounts owed to the Adviser or its affiliates will reduce future distributions to which you would otherwise be entitled.

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We expect to use leverage, which will magnify the potential for loss on amounts invested in us.

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We qualify as an “emerging growth company” as defined in the Jumpstart Our Business Startups Act (the “JOBS Act”), and we cannot be certain if the reduced disclosure requirements applicable to emerging growth companies will make our Common Shares less attractive to investors.

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We intend to invest primarily in securities that are rated below investment grade by rating agencies or that would be rated below investment grade if they were rated. Below investment grade securities, which are often referred to as “junk,” have predominantly speculative characteristics with respect to the issuer’s capacity to pay interest and repay principal. They may also be illiquid and difficult to value.

Risks Relating to an Investment in the Fund

Limited Operating History. The Fund is a non-diversified, closed-end management investment company that has elected to be regulated as a BDC with limited operating history. As a result, prospective investors have limited track record or history on which to base their investment decision. There can be no assurance that the results achieved by similar strategies managed by AB-PCI or its affiliates will be achieved for the Fund. Past performance should not be relied upon as an indication of future results. Moreover, the Fund is subject to all of the business risks and uncertainties associated with any new business, including the risk that it will not achieve its investment objective and that the value of an investor’s investment could decline substantially or that the investor will suffer a complete loss of its investment in the Fund.

Inability of the Fund to Meet its Investment Objective. The Adviser cannot provide assurances that it will be able to identify, choose, make or realize investments of the type targeted for the Fund. There is also no guarantee that the Adviser will be able to source attractive investments for the Fund within a reasonable period of time. There can be no assurance that the Fund will be able to generate returns for the investors or that returns will be commensurate with the risks of the investments. The Fund may not be able to achieve its investment objective and investors may lose some or all of their invested capital. The failure by the Fund to obtain indebtedness on favorable terms or in the desired amount will adversely affect the returns realized by the Fund and impair the Fund’s ability to achieve its investment objective.

Dependence on the Investment Team. The success of the Fund depends in substantial part on the skill and expertise of the Investment Team and AB High Yield. Although the Adviser believes the success of the Fund is not dependent upon any particular individual, there can be no assurance that the members of the Investment Team and the investment professions of AB High Yield will continue to be affiliated with the Adviser and AB High Yield, respectively, throughout the life of the Fund or will continue to be available to manage the Fund. The unavailability of members of the Investment Team or the investment professionals of AB High Yield to manage the Fund’s investment program could have a material adverse effect on the Fund.

Investment Illiquidity; Restrictions on Withdrawal. An investment in the Fund is suitable only for certain sophisticated investors that have no need for immediate liquidity in respect of their investment and who can accept the risks associated with investing in illiquid investments.

Our Common Shares are illiquid investments for which there is not and will likely not be a secondary market. Liquidity for our Common Shares will be limited to participation in our share repurchase program, which we have no obligation to maintain. When we make quarterly repurchase offers through voluntary tender offers in accordance with the Exchange Act tender offer rules pursuant to the share repurchase program, we will offer to repurchase Common Shares at a price that will be disclosed in accordance with Exchange Act tender offer rules, which may be lower than the price that you paid for our Common Shares. As a result, to the extent you paid a price that includes the related sales load and to the extent you have the ability to sell your Common Shares pursuant to our share repurchase program, the price at which you may sell Common Shares may be lower than the amount you paid in connection with the purchase of Common Shares in this offering.

No Right to Control the Fund’s Operations. The Fund is managed exclusively by the Adviser. Fund investors will not make decisions with respect to the management, disposition or other realization of any investment, the day-to-day operations of the Fund, or any other decisions regarding the Fund’s business and affairs, except for limited circumstances. Specifically, Fund investors will not have an opportunity to evaluate for themselves the relevant economic, financial and other information regarding investments by the Fund or receive any financial information issued directly by the portfolio companies that is available to the Adviser. Fund investors should expect to rely solely on the ability of the Adviser with respect to the Fund’s operations.

Recourse to the Fund’s Assets. The assets of the Fund, including any investments made by and any capital held by the Fund are available to satisfy all liabilities and other obligations of the Fund, as applicable. If the Fund becomes subject to a liability, parties seeking to have the liability satisfied may have recourse to the Fund’s assets generally and may not be limited to any particular asset, such as the investment giving rise to the liability.

Potential Inability to Obtain Leverage. The Fund will seek to regularly employ a significant amount of direct or indirect leverage in a variety of forms through borrowings, derivatives and other financial instruments as part of its investment program. However, there can be no assurance that the Fund will be able to obtain indebtedness at all or to the desired degree or that indebtedness will be accessible by the Fund at any time or in connection with any particular investment. If indebtedness is available to the Fund, there can be no assurance that such indebtedness will be available in the desired amount or on terms favorable to the Fund and/or terms comparable to terms obtained by competitors. The terms of any indebtedness are expected to vary based on the counterparty, timing, size, market interest rates, other fees and costs, duration, advance rates, eligible investments, ability to borrow in currencies other than the U.S. dollar and Fund investor creditworthiness and composition. Moreover, market conditions or other factors may cause or permit the amount of leverage employed by the Fund to fluctuate over the Fund’s life. Furthermore, the Fund may seek to obtain indebtedness on an investment-by-investment basis, and leverage may not be available or may be available on less desirable terms in connection with particular investments. The instruments and borrowing utilized by the Fund to leverage its investments may be collateralized by other assets of the Fund.

It is expected that the Fund will directly or indirectly incur indebtedness collateralized by the Fund’s assets. As a BDC, with certain limited exceptions, the Fund will only be permitted to borrow amounts such that the Fund’s asset coverage ratio, as defined in the 1940 Act, equals at least 150% (equivalent to $2 of debt outstanding for each $1 of equity) after such borrowing. If the Fund is unable to obtain and maintain the desired amount of borrowings on favorable terms, the Adviser may seek to realize the Fund’s investments earlier than originally expected.

Use of Leverage. The Fund will seek to employ direct or indirect leverage in a variety of forms, including through borrowings, derivatives, securitizations and other financial instruments as part of its investment program, which leverage is expected to be secured by the Fund’s assets. The greater the total leverage of the Fund relative to its assets, the greater the risk of loss and possibility of gain due to changes in the values of its investments. The extent to which the Fund uses leverage may have other significant consequences to Fund investors, including, the following: (i) greater fluctuations in the net assets of the Fund; (ii) use of cash flow (including capital contributions) for debt service and related costs and expenses, rather than for additional investments, distributions, or other purposes; (iii) to the extent that the Fund’s cash proceeds are required to meet principal payments, the Fund investors may be allocated income (and therefore incur tax liability) in excess of cash available for distribution; (iv) in certain circumstances the Fund may be required to sell or dispose of investments prematurely or in unfavorable market conditions to service its debt obligations, and in such circumstances the recovery the Fund receives from such sales or disposals may be significantly diminished as compared to the Fund’s expected return on such investments; (v) limitation on the Fund’s flexibility to make distributions to Fund investors or result in the sale of assets that are pledged to secure the indebtedness; (vi) increased interest expense if interest rate levels were to increase significantly; (vii) during the term of any borrowing, the Fund’s returns may be materially reduced by increased costs attributable to regulatory changes; and (viii) banks and dealers that provide financing to the Fund may apply discretionary margin, haircut, financing and collateral valuation policies. Changes by banks and dealers in any of the foregoing may result in large margin calls, loss of financing and forced liquidations of positions at disadvantageous prices. There can also be no assurance that the Fund will have sufficient cash flow or be able to liquidate sufficient assets to meet its debt service obligations. As a result, the Fund’s exposure to losses, including a potential loss of principal, as a result of which Fund investors could potentially lose all or a portion of their investments in the Fund, may be increased due to the use of leverage and the illiquidity of the investments generally. Similar risks and consequences apply with respect to indebtedness related to a particular asset or portfolio of assets.

To the extent that the Fund enters into multiple financing arrangements, such arrangements may contain cross-default provisions that could magnify the effect of a default. If a cross-default provision were exercised, this could result in a substantial loss for the Fund.

As a BDC, we generally will be required to meet a coverage ratio of total assets to total borrowings and other senior securities, which include all of our borrowings and any preferred shares that we may issue in the future, of at least 150%. As defined in the 1940 Act, asset coverage of 150% for preferred shares means that for every $100 of net assets we hold, we may raise $200 from borrowing and issuing senior securities representing stock. Asset coverage of 150% for indebtedness means that for every $100 of net assets we hold, we may raise $200 from borrowing. In addition, while any senior securities remain outstanding, we will be required to make provisions to prohibit any dividend distribution to our shareholders or the repurchase of such securities or shares unless we meet the applicable asset coverage ratios at the time of the dividend distribution or repurchase. If this ratio were to fall below 150%, we could not incur additional debt and could be required to sell a portion of our investments to repay some debt when it is disadvantageous to do so. This could have a material adverse effect on our operations and investment activities. Moreover, our ability to make distributions to you may be significantly restricted or we may not be able to make any such distributions whatsoever. The amount of leverage that we will employ will be subject to oversight by our Board, a majority of whom are Independent Trustees with no material interests in such transactions. Leverage embedded or inherent in derivative instruments in which the Fund may invest are not subject to such asset coverage requirements.

Although borrowings by the Fund have the potential to enhance overall returns that exceed the Fund’s cost of funds, they will further diminish returns (or increase losses on capital) to the extent overall returns are less than the Fund’s cost of funds. In addition, borrowings by the Fund may be secured by the shareholders’ investments as well as by the Fund’s assets and the documentation relating to such borrowing may provide that during the continuance of a default under such borrowing, the interests of the investors may be subordinated to such borrowing.

Fund Rating. The Fund may apply to a credit rating agency to rate the Fund and/or its assets in order to provide the Fund access to different sources of indebtedness or capital as well as to help meet the Fund’s risk/return objectives, its overall target indebtedness ratio or other considerations as determined by the Adviser. In connection with such rating, the credit rating agency may review and analyze the Fund’s counterparties, AB-PCI (in its capacity as the Adviser and the Administrator), the investments and expected investments of the Fund, the legal structure of the Fund, the historical and current Fund investors and Fund performance data. There can be no assurance that the Fund will apply for such a rating, that a credit rating agency will provide a rating or that such a rating will be beneficial to the Fund. In addition, when making investment decisions for the Fund (including establishing the Fund’s investment portfolio), the Adviser may consider the implications of the investment portfolio on a credit rating agency’s rating of the Fund and tailor the Fund’s investment portfolio taking into account such considerations. There is a risk that a rating agency could incorrectly rate, or downgrade ratings which could have a material effect on the Fund, including its assets and its ability to acquire indebtedness.

Provisions in Our Declaration of Trust Could Make It More Difficult for a Potential Acquirer to Acquire Us. Our Declaration of Trust contains provisions that could make it more difficult for a potential acquirer to acquire us by means of a tender offer, proxy contest or otherwise. Our Board may, without shareholder action, authorize the issuance of shares in one or more classes or series, including preferred shares; our Board may, without shareholder action, amend our Declaration of Trust to increase the number of our Common Shares, of any class or series, that we will have authority to issue; and our Declaration of Trust provides that our Board be divided into three classes of Trustees serving staggered terms of three years each. These provisions may inhibit a takeover of us, which could limit the price investors might be willing to pay in the future for shares of our common stock and could entrench management. In particular, a classified Board with three-year staggered terms could delay the ability of shareholders to change the membership of a majority of the Board.

Expedited Investment Decisions. Investment analyses and decisions by the Adviser may be required to be undertaken on an expedited basis to take advantage of investment opportunities. In such cases, the information available to the Adviser at the time of making an investment decision may be limited. Therefore, no assurance can be given that the Adviser will have knowledge of all circumstances that may adversely affect an investment. In addition, the Adviser may rely upon independent consultants and other sources in connection with its evaluation of proposed investments, and no assurance can be given as to the accuracy or completeness of the information provided by such independent consultants or other sources or to the Fund’s right of recourse against them in the event errors or omissions do occur.

Insurance. AB-PCI has purchased and maintains an omnibus insurance policy which includes coverage in respect of the Fund, the Adviser and their affiliates, as well as Other Accounts, including certain of their respective indemnified persons (which omnibus insurance policy or policies may provide coverage to the Adviser, AB and their affiliates, as applicable, for events unrelated to the Fund). The premiums for such shared insurance policies generally are borne by AB-PCI and the clients covered by such policies, and such shared insurance policies have an overall cap on coverage for all the insured parties thereunder. To the extent an insurable event results in claims in excess of such cap, the Fund may not receive as much in insurance proceeds as it would have received if separate insurance policies had been purchased for each insured party. Similarly, insurable events may occur sequentially in time while subject to a single overall cap. To the extent insurance proceeds for one such event are applied towards a cap and the Fund experiences an insurable loss after such event, the Fund’s receipts from such insurance policy may also be diminished. Insurance policies covering the Fund, the premiums of which are paid in whole or in part by the Fund, may provide insurance coverage to Indemnified persons for conduct that would not be covered by indemnification. In addition, the Fund may need to initiate litigation in order to collect from an insurance provider, which may be lengthy and expensive for the Fund and which ultimately may not result in a financial award. In addition, the Adviser may cause the Fund to purchase and maintain insurance coverage that provides coverage to the Fund, certain Indemnified persons, or the Adviser, in which case, the premiums would be borne by the Fund. The Fund will not incur the cost of that portion of liability insurance which insures AB-PCI or any Affiliate of the Fund for any liabilities as to which AB-PCI or any Affiliate of the Fund is prohibited from being indemnified under our Declaration of Trust.

While AB-PCI expects to allocate insurance expenses in a manner it determines to be fair and equitable, taking into account any factors it deems relevant to the allocation of such expenses, because of the uncertainty of whether claims will arise in the future and the timing and the amount that may be involved in any such claim, the determination of how to allocate such expenses may require AB-PCI to take into consideration facts and circumstances that are subjective in nature. It is unlikely that AB-PCI will be able to accurately allocate the expenses of any such insurance policies based on the actual claims related to a particular client, including the Fund.

Indemnification. The Fund is required to indemnify the Adviser, AB High Yield, the members of the Board and each other person indemnified under the Second Amended and Restated Declaration of Trust of the Fund (as amended or restated from time to time, the “Declaration of Trust”) and the Bylaws of the Fund (as amended or restated from time to time, the “Bylaws”) for liabilities incurred in connection with the Declaration of Trust, the Bylaws, the Advisory Agreement, the Sub-Advisory Agreement and the Fund’s activities, except in certain circumstances. Subject to the limits on indemnification under Section 17(h) of the 1940 Act, the Fund’s Declaration of Trust provides that the Fund shall not indemnify such persons to the extent liability and losses are the result of, negligence or misconduct in the case of an Interested Trustee, officer, employee, controlling person or agent of the Fund, or gross negligence or willful misconduct in the case of an Independent Trustee. Subject to the limits on indemnification under Section 17(i) of the 1940 Act, the Advisory Agreement and the Sub-Advisory Agreement provide that the Adviser and AB High Yield, respectively, shall not be protected against any liability to the Fund or its shareholders by reason of willful misfeasance, bad faith or gross negligence on the Adviser or the AB High Yield’s part, as applicable, in the performance of its duties or by reason of the reckless disregard of its duties and obligations. The Fund will also indemnify certain service providers, including the Administrator and the Fund’s auditors, as well as consultants and sourcing, operating and joint venture partners. Such liabilities may be material and may have an adverse effect on the returns to the Fund investors. The indemnification obligation of the Fund would be payable from the assets of the Fund. The application of the indemnification and exculpation standards may result in Fund investors bearing a broader indemnification obligation in certain cases than they would in the absence of such standards. As a result of these considerations, even

though such provisions will not act as a waiver on the part of any investor of any of its rights which are not permitted to be waived under applicable law, the Fund may bear significant financial losses even where such losses were caused by the negligence or other conduct of such indemnified persons.

Certain Proceedings and Investigations. The Adviser and its affiliates, AB High Yield and its affiliates and/or the Fund may be subject to claims (or threats of claims), and governmental investigations, examinations, requests for information, audits, inquiries, subpoenas and other regulatory or civil proceedings. The outcome of any investigation, action or proceeding may materially adversely affect the value of the Fund, including by virtue of reputational damage to the Adviser or AB High Yield and may be impossible to anticipate. Any such investigation, action or proceeding may continue without resolution for long periods of time and may consume substantial amounts of the Adviser or AB High Yield’s time and attention, and that time and the devotion of these resources to any investigation, action or proceeding may, at times, be disproportionate to the amounts at stake in such investigation, action or proceeding. The unfavorable resolution of such items could result in criminal or civil liability, fines, settlements, charges, penalties or other monetary or non-monetary remedies or sanctions that could negatively impact the Adviser, AB High Yield and/or the Fund. In addition, such actions and proceedings may involve claims of strict liability or similar risks against the Fund in certain jurisdictions or in connection with certain types of activities. In some cases, the expense of such investigations, actions or proceedings and paying any amounts pursuant to settlements or judgments would be borne by the Fund.

No Registration of the Fund. While the Fund is not registered as an investment company under the 1940 Act, it is subject to regulation as a BDC under the 1940 Act and is required to adhere to the provisions of the 1940 Act applicable to BDCs. The Common Shares have not been recommended by any U.S. federal or state, or any non-U.S., securities commission or regulatory authority. Furthermore, the foregoing authorities have not confirmed the accuracy or determined the adequacy of this registration statement. Any representation to the contrary is a criminal offense.

Portfolio Valuation and Related Conflicts. The Adviser (with the help of independent valuation agents), subject at all times to the oversight and approval of the Board, determines the valuation of the Fund’s investments. It is expected that the Fund will have a limited ability to obtain accurate market quotations for purposes of valuing most of its investments, which may require the Adviser to estimate, in accordance with valuation policies established by the Board, the value of the Fund’s debt investments on a valuation date. Further, because of the overall size and concentrations in particular markets, the maturities of positions that may be held by the Fund from time to time and other factors, the liquidation values of the Fund’s investments may differ significantly from the interim valuations of these investments derived from the valuation methods described herein. If the Adviser or AB High Yield’s valuation should prove to be incorrect, the stated value of the Fund’s investments could be adversely affected. The Adviser or AB High Yield may delegate its valuation responsibilities to any other person in its discretion. Absent bad faith or manifest error, valuation determinations of the Adviser (or its delegate) or AB High Yield (or its delegate) and approved by the Board will be conclusive and binding on the Fund investors.

Valuation of the types of assets in which the Fund invests are inherently subjective. In addition, the Adviser may have an interest in determining higher valuations in order to be able to present better performance to prospective investors. In certain cases, the Fund may hold an investment in an issuer experiencing distress or going through bankruptcy. In such a situation, the Adviser may continue to place a favorable valuation on such investment due to the Adviser’s determination that the investment is sufficiently secured despite the distressed state or bankruptcy of the issuer. However, no assurances can be given that this assumption is justified or that such valuations will be accurate in the long term. In addition, an investment in a portfolio company may not be permanently written-off or permanently written down despite its distressed state or covenant breach until such portfolio company experiences a material corporate event (e.g., bankruptcy or partial sale) which establishes an objective basis for such revised valuation. In these circumstances, each of the Adviser and AB High Yield has an interest in delaying any such write-offs or write-downs to maintain a higher management fee base and thus, management fees paid to the Adviser. In addition, when the Adviser determines that the market price does not fairly represent the value of an investment, the Adviser will recommend a fair value for such investment to the Fund’s Board. The Adviser has a conflict of interest in recommending such valuations, as avoiding writing down the value of assets or writing off assets that are not readily marketable or difficult to value may cause it to receive higher management fees.

An inaccurate valuation of an investment could have a substantial impact on the Fund.

Advisory Fees. Even in the event the value of your investment declines, the management fee and, in certain circumstances, the incentive fee will still be payable to the Adviser. The portion of the incentive fee based on income is calculated as a percentage of Pre-Incentive Fee Net Investment Income Returns (as defined below). Since Pre-Incentive Fee Net Investment Income Returns do not include any realized capital gains, realized capital losses or unrealized capital appreciation or depreciation, it is possible that the Fund may pay an incentive fee in a quarter in which it incurs a loss. For example, if the Fund receives Pre-Incentive Fee Net Investment Income Returns in excess of the quarterly minimum hurdle rate, the Fund will pay the applicable incentive fee based on income even if it has incurred a loss in that quarter due to realized and unrealized capital losses. In addition, because the quarterly minimum hurdle

rates are calculated based on the Fund’s net assets, decreases in its net assets due to realized or unrealized capital losses in any given quarter may increase the likelihood that the hurdle rates are reached in that quarter and, as a result, that an incentive fee is paid for that quarter. The Fund’s net investment income used to calculate this component of the incentive fee is also included in the amount of its net assets used to calculate the management fee.

Also, the capital gains component of the incentive fee is calculated annually based upon the Fund’s realized capital gains, computed net of realized capital losses and unrealized capital depreciation on a cumulative basis. As a result, the Fund may owe the Adviser an incentive fee during one year as a result of realized capital gains on certain investments, and then incur significant realized capital losses and unrealized capital depreciation on the remaining investments in the Fund’s portfolio during subsequent years. Incentive fees earned in prior years cannot be clawed back even if the Fund later incurs losses.

Allocation of Investment Opportunities and Related Conflicts. The Fund is prohibited under the 1940 Act from participating in certain transactions with certain of its affiliates without the prior approval of the Fund’s Independent Trustees and, in some cases, the SEC. Any person that owns, directly or indirectly, 5% or more of the Fund’s outstanding voting securities is the Fund’s affiliate for purposes of the 1940 Act, and the Fund generally is prohibited from buying or selling any security from or to such affiliate, absent the prior approval of the Fund’s Independent Trustees.

The 1940 Act also prohibits certain “joint” transactions with certain of the Fund’s affiliates, which could include investments in the same portfolio company (whether at the same or different times to the extent the transaction is deemed to be “joint”), without prior approval of the Fund’s Independent Trustees and, in some cases, the SEC. If a person acquires more than 25% of the Fund’s voting securities, the Fund is prohibited from buying or selling any security from or to such person or certain of that person’s affiliates, or entering into prohibited joint transactions with such persons, absent the prior approval of the SEC. Similar restrictions limit the Fund’s ability to transact business with its officers or directors or their affiliates.

The Fund also generally is unable to co-invest in any issuer in which the Adviser and its affiliates or a fund managed by the Adviser or its affiliates is investing. The SEC has interpreted the BDC regulations governing transactions with affiliates to prohibit certain “joint transactions” involving entities that share a common investment adviser. As a result of these restrictions, the Fund may be prohibited from buying or selling any security (other than any security of which the Fund is an issuer) from or to, as well as co-investing with, any fund managed by the Fund’s affiliates without the prior approval of the SEC. The decision by the Adviser to allocate an opportunity to another entity could cause the Fund to forgo an investment opportunity that the Fund otherwise would have made. These restrictions may limit the scope of investment opportunities that would otherwise be available to the Fund.

Prior to February 4, 2026, the Adviser operated under an exemptive order from the SEC that permitted us (and other BDCs and registered closed-end funds managed by the Adviser now or in the future, collectively the “Affiliated Funds”) to co-invest in portfolio companies with certain of the Affiliated Funds that are managed by the Adviser in a manner consistent with the Fund’s investment objective, positions, policies, strategies and restrictions as well as regulatory requirements and other pertinent factors, subject to compliance with certain conditions (the “Prior Order”). Pursuant to the Prior Order, the Fund is permitted to co-invest with Affiliated Funds, which the exemptive relief defines to include affiliated managed accounts, if, among other things, a “required majority” (as defined in Section 57(o) of the 1940 Act) of the Independent Trustees make certain conclusions in connection with a co-investment transaction, including that (1) the terms of the transactions, including the consideration to be paid, are reasonable and fair to the Fund and its investors and do not involve overreaching in respect of the Fund or its investors on the part of any person concerned, and (2) the transaction is consistent with the interests of the Fund’s investors and is consistent with the Fund’s investment objective and strategies.

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. The Fund intends to co-invest with Affiliated Funds, subject to the conditions included in the New Order.

The Fund may, however, invest alongside Other Accounts of the Adviser and its affiliates, including other entities they manage in certain circumstances where doing so is consistent with applicable law, the New Order, or SEC staff interpretations and guidance. For example, the Fund may co-invest with such accounts consistent with guidance promulgated by the SEC staff permitting the Fund and such other funds to co-invest in privately placed securities so long as certain conditions are met, including that the Adviser, acting on the Fund’s behalf and on behalf of other clients, negotiates no term other than price. The Fund may also co-invest with the Adviser’s Other Accounts as otherwise permissible under regulatory guidance, applicable regulations or the Adviser’s allocation policy.

In situations where co-investment with Other Accounts of the Adviser or its affiliates is not permitted under the 1940 Act and related rules, existing or future staff guidance, or the terms and conditions of the Order, the Adviser will need to decide which client or clients will proceed with the investment. Under the Adviser’s allocation policy, such determinations will be made based on the principle that investment opportunities shall be allocated to eligible clients on a basis that will be fair and equitable over time. As a result, the Fund will not have an entitlement to make a co-investment in these circumstances, and to the extent that another client elects to proceed with the investment, the Fund will not be permitted to participate. Moreover, except in certain circumstances, the Fund will be unable to invest in any issuer in which a client of the Adviser or its affiliate holds a controlling interest. These restrictions may limit the scope of investment opportunities that would otherwise be available to the Fund, and there can be no assurance that investment opportunities will be allocated to the Fund fairly or equitably in the short term or over time.

Due Diligence Risk. When conducting due diligence and making an assessment regarding a potential investment, the Adviser will be required to rely on resources available to it, including internal sources of information as well as information provided by existing and potential obligors, any equity sponsor(s), lenders and other independent sources. The due diligence process may at times rely on limited or incomplete information.

The Adviser will select investments for the Fund in part on the basis of publicly available information filed with various government regulators or information made directly available to the Adviser. Although the Adviser will evaluate all such information and data and seek independent corroboration when it considers it appropriate and reasonably available, the Adviser may not be in a position to confirm the completeness, genuineness or accuracy of such information and data. The Adviser is dependent upon the integrity of the management of the entities filing such information and of such companies and third parties providing such information, as well as the financial reporting process in general. The value of an investment made by the Fund may be affected by fraud, misrepresentation or omission on the part of a company or any related parties to such company, or by other parties to the investment (or any related collateral and security arrangements). Such fraud, misrepresentation or omission may adversely affect the value of the investment and/or the value of the collateral underlying the investment in question and may adversely affect the Fund’s ability to enforce its contractual rights relating to that investment or the relevant obligor’s ability to repay the principal or interest on the investment.

In addition, the Adviser may rely upon independent consultants or experts in connection with its evaluation of proposed investments. There can be no assurance that these consultants or experts will accurately evaluate such investments. Investment analyses and decisions by the Adviser may be undertaken on an expedited basis in order to make it possible for the Fund to take advantage of short-lived investment opportunities. In such cases, the available information at the time of an investment decision may be limited, inaccurate and/or incomplete. In addition, the financial information available to the Adviser may not be accurate or provided based upon accepted accounting methods. Accordingly, the Adviser cannot guarantee that the due diligence investigation it carries out with respect to any investment opportunity will reveal or highlight all relevant facts that may be necessary or helpful in evaluating such investment opportunity which may have a material adverse effect on the performance of the Fund.

Rights against Third Parties, including Third-Party Service Providers. The Fund is reliant on the performance of third-party service providers, including the AB-PCI (in its capacity as the Adviser and the Administrator), AB High Yield, auditors, legal advisers, lenders, bankers, brokers, consultants, sourcing, operating and joint venture partners and other service providers (collectively, “Service Providers”). Further information regarding the duties and roles of certain of these Service Providers is provided in this registration statement. The Fund may bear the risk of any errors or omissions by such Service Providers. In addition, misconduct by such Service Providers may result in reputational damage, litigation, business disruption and/or financial losses to the Fund. Each Fund investor’s contractual relationship in respect of its investment in Common Shares of the Fund is with the Fund only and Fund investors are not in contractual privity with the Service Providers. Therefore, generally, no Fund investor will have any contractual claim against any Service Provider with respect to such Service Provider’s default or breach. Accordingly, Fund investors must generally rely upon the Adviser to enforce the Fund’s rights against Service Providers. In certain circumstances, which are generally not expected to prevail, Fund investors may have limited rights to enforce the Fund’s rights on a derivative basis or may have rights against Service Providers if they can establish that such Service Providers owe duties to the Fund investors. In addition, Fund investors will have no right to participate in the day-to-day operation of the Fund and decisions regarding the selection of Service Providers. Rather, the Adviser will select the Fund’s Service Providers and determine the retention and compensation of such

providers without the review by or consent of the Fund investors. The Fund investors must therefore rely on the ability of the Adviser to select and compensate Service Providers and to make investments and manage and dispose of investments.

Lack of Diversification. The Fund is classified as a non-diversified investment company within the meaning of the 1940 Act, which means that the Fund is not limited by the 1940 Act with respect to the proportion of its assets that it may invest in securities of a single issuer. To the extent that the Fund assumes large positions in the securities of a small number of issuers, its net asset value may fluctuate to a greater extent than that of a diversified investment company as a result of changes in the financial condition or the market’s assessment of the issuer. The Fund may also be more susceptible to any single economic or regulatory occurrence than a diversified investment company. Beyond the Fund’s asset diversification requirements as a RIC under the Code, the Fund does not have fixed guidelines for diversification, and its investments could be concentrated in relatively few portfolio companies. Although the Fund is classified as a non-diversified investment company within the meaning of the 1940 Act, it maintains the flexibility to operate as a diversified investment company. To the extent that the Fund operates as a non-diversified investment company, it may be subject to greater risk.

During the period of time in which the Fund is deploying its initial capital, the Fund may make a limited number of investments. In addition, the Fund does not have fixed guidelines for diversification by industry or type of security, and investments may be concentrated in only a few industries or types of securities. Further, if the expected amount of leverage is not obtained or deployed, the Fund may be more concentrated in an investment than originally anticipated. As a result, the Fund’s investments may be concentrated and the poor performance of a single investment may have pronounced negative consequences to the Fund and the aggregate returns realized by the Fund investors.

Below Investment Grade Securities. The Fund may invest in debt securities and instruments that are rated below investment grade by recognized rating agencies or will be unrated and face ongoing uncertainties and exposure to adverse business, financial or economic conditions and the issuer’s failure to make timely interest and principal payments. The Fund’s investments in below investment grade instruments exposes the Fund to a substantial degree of credit risk and interest rate risk. The market for high yield securities has recently experienced periods of significant volatility and reduced liquidity. The market values of certain of these lower-rated and unrated debt investments may reflect individual corporate developments to a greater extent and tend to be more sensitive to economic conditions than those of higher-rated investments, which react primarily to fluctuations in the general level of interest rates. Companies that issue such securities are often highly leveraged and may not have available to them more traditional methods of financing. General economic recession or a major decline in the demand for products and services in which the borrower operates would likely have a materially adverse impact on the value of such securities and the ability of the issuers of such securities to repay principal and interest thereon, thereby increasing the incidence of default of such securities. In addition, adverse publicity and investor perceptions, whether or not based on fundamental analysis, may also decrease the value and liquidity of these high yield debt investments.

Consultation with Sourcing and Operating Partners. In certain circumstances, sourcing and operating partners may be aware of and consulted in advance in relation to certain investments made by the Fund. While sourcing and operating partners will be subject to confidentiality obligations, they are not restricted from engaging in any activities or businesses that may be similar to the business of the Fund or competitive with the Fund. In particular, sourcing and operating partners may use information available to them as sourcing and operating partners of the Adviser in a manner that conflicts with the interests of the Fund. Except in limited circumstances, the sourcing and operating partners are generally not obligated to account to the Adviser for any profits or income earned or derived from their activities or businesses or inform the Adviser of any business opportunity that may be appropriate for the Fund.

Disclosure of Information Regarding Fund Investors. The Fund, the Adviser or their respective affiliates, Service Providers, or agents may from time to time be required or may, in their discretion, determine that it is advisable to disclose certain information about the Fund and the Fund investors, including investments held directly or indirectly by the Fund and the names and level of beneficial ownership of certain of the Fund investors, to (i) regulatory or taxing authorities of certain jurisdictions, which have or assert jurisdiction over the disclosing party or in which the Fund directly or indirectly invests, or (ii) any lenders, counterparty of, or service provider to, the Adviser or the Fund (and its subsidiaries). Disclosure of confidential information under such circumstances will not be regarded as a breach of any duty of confidentiality and, in certain circumstances, the Fund, the Adviser or any of their affiliates, Service Providers or agents, may be prohibited from disclosing to any Fund investor that any such disclosure has been made.

Operational Risk. The Fund is subject to operational risk, including the possibility that errors may be made by the Adviser or its affiliates and Service Providers in certain transactions, calculations or valuations on behalf of, or otherwise relating to, the Fund. Fund investors may not be notified of the occurrence of an error or the resolution of any error. Generally, the Adviser, its affiliates and Service Providers will not be held accountable for such errors, and the Fund may bear losses resulting from such errors.

Exposure to Material Non-Public Information. Each of the Adviser and AB High Yield conduct a broad range of private and public debt investment businesses generally without internal information barriers in the ordinary course. As a result, from time to time, each of the Adviser and AB High Yield (in its capacity as investment manager of investment vehicles, funds or accounts or in connection with investment activities on its own behalf) receives material non-public information with respect to issuers of publicly-traded securities or other securities in connection with, among other examples, acquisitions, refinancings, restructurings of such issuers which each of the Adviser and AB High Yield reviews or participates in, oftentimes unrelated to its management of the Fund. In such circumstances, the Fund may be prohibited, by law, contract or by virtue of the Adviser or AB High Yield’s policies and procedures, from (i) selling all or a portion of a position in such issuer, thereby potentially incurring trading losses as a result, (ii) establishing an initial position or taking any greater position in such issuer, and (iii) pursuing other investment opportunities related to such issuer.

Technology Systems. The Fund’s business is highly dependent on the Fund’s and third parties’ communications and information systems. Any failure or interruption of those systems, including as a result of the termination of an agreement with any third-party service providers, could cause delays or other problems in the Fund’s activities. The Fund’s financial, accounting, data processing, backup or other operating systems and facilities may fail to operate properly or become disabled or damaged as a result of a number of factors including events that are wholly or partially beyond the Fund’s control and adversely affect the Fund’s business. There could be:

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sudden electrical or telecommunications outages;

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natural disasters such as earthquakes, tornadoes and hurricanes;

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

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

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cyber-attacks.

These events, in turn, could have a material adverse effect on the Fund’s operating results and negatively affect the market price of its common stock and its ability to pay distributions to its shareholders.

Cybersecurity. The occurrence of a disaster such as a cyber-attack, a natural catastrophe, an industrial accident, a terrorist attack or war, events unanticipated in our disaster recovery systems, or a support failure from external providers, could have an adverse effect on our ability to conduct business and on our results of operations and financial condition, particularly if those events affect our computer-based data processing, transmission, storage, and retrieval systems or destroy data. If a significant number of our managers were unavailable in the event of a disaster, our ability to effectively conduct our business could be severely compromised.

Cybersecurity refers to the combination of technologies, processes, and procedures established to protect information technology systems and data from unauthorized access, attack, or damage. We, our affiliates and our and their respective third-party service providers are subject to cybersecurity risks. Our business operations rely upon secure information technology systems for data processing, storage and reporting. We depend on the effectiveness of the information and cybersecurity policies, procedures and capabilities maintained by our affiliates and our and their respective third-party services providers to protect their computer and telecommunications systems and the data that reside on or are transmitted through them. Cybersecurity risks have significantly increased in recent years and, while we have not experienced any material losses related to cyber-attacks or other information security breaches, we could suffer such losses in the future. Our, our affiliates and our and their respective third-party service providers’ computer systems, software and networks may be vulnerable to unauthorized access, computer viruses or other malicious code and other events that could have a security impact, as well as cyber-attacks that do not have a security impact but may nonetheless cause harm, such as causing denial-of-service attacks (i.e., efforts to make network services unavailable to intended users) on websites, servers or other online systems. If one or more of such events occur, it potentially could jeopardize confidential and other information, including nonpublic personal information and sensitive business data, processed and stored in, and transmitted through computer systems and networks, or otherwise cause interruptions or malfunctions in our operations or the operations of our affiliates and our and their respective third-party service providers. This could result in significant losses, reputational damage, litigation, regulatory fines or penalties, or otherwise adversely affect our business, financial condition or results of operations.

Substantial costs may be incurred in order to prevent any cyber incidents in the future. The costs related to cyber or other security threats or disruptions may not be fully insured or indemnified by other means. Privacy and information security laws and regulation changes, and compliance with those changes, may result in cost increases due to system changes and the development of new administrative processes. In addition, we may be required to expend significant additional resources to modify our protective measures and to investigate and remediate vulnerabilities or other exposures arising from operational and security risks. There is no assurance that any efforts to mitigate cybersecurity risks undertaken by us, our affiliates, or our or their respective third-party service

providers will be effective. If we fail to comply with the relevant laws and regulations we could suffer financial losses, a disruption of our business, liability to investors, regulatory intervention or reputational damage.

Electronic Delivery of Certain Documents. The Fund investors will be deemed to consent to electronic delivery or posting to the Administrator’s website or other service of: (i) certain closing documents such as the Declaration of Trust, the Bylaws and the Subscription Agreements; (ii) any notices or communications required or contemplated to be delivered to the Fund investors by the Fund, the Adviser, or any of their respective affiliates, pursuant to applicable law or regulation; (iii) certain tax-related information and documents; and (iv) notices, requests, demands, consents or other communications and any financial statements, reports, schedules, certificates or opinions required to be provided to the Fund investors under any agreements. There are certain costs and possible risks associated with electronic delivery. Moreover, the Adviser cannot provide any assurance that these communication methods are secure and will not be responsible for any computer viruses, problems or malfunctions resulting from the use of such communication methods. See “—Technology Systems” and “Cybersecurity” above.

Artificial Intelligence. Artificial intelligence, including machine learning, and similar tools and technologies that collect, aggregate, analyze or generate data or other materials (collectively, "AI"), and its current and potential future applications including in the private investment and financial industries, as well as the legal and regulatory frameworks within which AI operates, continue to rapidly evolve.

Recent technological advances in AI pose risks to the Fund, the Adviser, and our portfolio investments. The Fund and our portfolio investments could also be exposed to the risks of AI if third-party service providers or any counterparties, whether or not known to the Fund, also use AI in their business activities. We and our portfolio companies may not be in a position to control the use of AI technology in third-party products or services.

Use of AI could include the input of confidential information in contravention of applicable policies, contractual or other obligations or restrictions, resulting in such confidential information becoming partly accessible by other third-party AI applications and users. The use of AI could also exacerbate or create new and unpredictable risks to our business, the Adviser’s business, and the business of our portfolio companies, including by potentially significantly disrupting the markets in which we and our portfolio companies operate or subjecting us, our portfolio companies and the Adviser to increased competition and regulation, which could materially and adversely affect business, financial condition or results of operations of us, our portfolio companies and the Adviser. In addition, the use of AI by bad actors could heighten the sophistication and effectiveness of cyber and security attacks experienced by our portfolio companies and the Adviser.

Independent of its context of use, AI technology is generally highly reliant on the collection and analysis of large amounts of data, and it is not possible or practicable to incorporate all relevant data into the model that AI technology utilizes to operate. Certain data in such models will inevitably contain a degree of inaccuracy and error potentially materially so and could otherwise be inadequate or flawed, which would be likely to degrade the effectiveness of AI technology. To the extent that we or our portfolio investments are exposed to the risks of AI use, any such inaccuracies or errors could have adverse impacts on the Fund or our investments. AI technology and its applications, including in the private investment and financial sectors, continue to develop rapidly, and it is impossible to predict the future risks that may arise from such developments.

Handling of Mail. Mail addressed to the Fund and received at its registered office will be forwarded unopened to the forwarding address supplied by the Fund to be processed. None of the Fund, the Adviser, AB High Yield or any of their trustees, officers, advisers or Service Providers will bear any responsibility for any delay howsoever caused in mail reaching the forwarding address.

General Credit Risks. The Fund may be exposed to losses resulting from default and foreclosure of any such loans or interests in loans in which it has invested. Therefore, the value of underlying collateral, the creditworthiness of borrowers and the priority of liens are each of great importance in determining the value of the Fund’s investments. In the event of foreclosure, the Fund or an affiliate thereof may assume direct ownership of any assets collateralizing such foreclosed loans. The liquidation proceeds upon the sale of such assets may not satisfy the entire outstanding balance of principal and interest on such foreclosed loans, resulting in a loss to the Fund. Any costs or delays involved in the effectuation of loan foreclosures or liquidation of the assets collateralizing such foreclosed loans will further reduce proceeds associated therewith and, consequently, increase possible losses to the Fund. In addition, no assurances can be made that borrowers or third parties will not assert claims in connection with foreclosure proceedings or otherwise, or that such claims will not interfere with the enforcement of the Fund’s rights.

Potential for Volatile Markets. The prices of the Fund’s investments can be volatile. In addition, price movements may also be influenced by, among other things, changing supply and demand relationships, trade, fiscal, monetary and exchange control programs and national and international political and economic events and policies. In addition, governments from time to time intervene in

certain markets. Such intervention often is intended directly to influence prices and may cause or contribute to rapid fluctuations in asset prices, which may adversely affect the Fund’s returns.

Syndication and/or Transfer of Investments. The Fund, directly or through the use of one or more subsidiary investment vehicles, may originate and/or purchase certain debt assets, including ancillary equity assets (“Assets”). The Fund may also purchase certain Assets (including, participation interests or other indirect economic interests) that have been originated by other affiliated or unaffiliated parties and/or trading on the secondary market. The Fund may, in certain circumstances, originate or purchase such Assets with the intent of syndicating and/or otherwise transferring a significant portion thereof, including to one or more offshore funds or accounts managed by the Adviser or any of its affiliates. In such instances, the Fund will bear the risk of any decline in value prior to such syndication and/or other transfer. In addition, the Fund will also bear the risk of any inability to syndicate or otherwise transfer such Assets or such amount thereof as originally intended, which could result in the Fund owning a greater interest therein than anticipated. In instances where the Fund originates and/or purchases Assets through the use of one or more subsidiary investment vehicles, the Fund will comply with the 1940 Act requirements governing investment policies and capital structure and leverage on an aggregate basis with any such subsidiary investment vehicle and any investment adviser to any such subsidiary investment vehicle will comply with the 1940 Act requirements governing investment advisory contracts, as if it were an adviser to the Fund. Additionally, any such subsidiary investment vehicle will comply with the provisions of the 1940 Act relating to affiliated transactions and custody.

Possibility of the Need to Raise Additional Capital. The Fund may need additional capital to fund new investments and grow its portfolio of investments once it has fully invested the net proceeds of this offering. Unfavorable economic conditions could increase the Fund’s funding costs or limit its access to the capital. A reduction in the availability of new capital could limit the Fund’s ability to grow. In addition, the Fund is required to distribute at least 90% of its net ordinary income and net short-term capital gains in excess of net long-term capital losses, if any, to investors to maintain its qualification as a RIC. As a result, these earnings will not be available to fund new investments. An inability on the Fund’s part to access the capital successfully could limit its ability to grow its business and execute its business strategy fully and could decrease its earnings, if any, which would have an adverse effect on the value of its securities.

Counterparty Risk. To the extent that contracts for investment will be entered into between the Fund and a market counterparty as principal (and not as agent), the Fund is exposed to the risk that the market counterparty may, in an insolvency or similar event, be unable to meet its contractual obligations to the Fund. The Fund may have a limited number of potential counterparties for certain of its investments, which may significantly impair the Fund’s ability to reduce its exposure to counterparty risk. In addition, difficulty reaching an agreement with any single counterparty could limit or eliminate the Fund’s ability to execute such investments altogether. Because certain purchases, sales, hedging, financing arrangements and other instruments in which the Fund will engage are not traded on an exchange but are instead traded between counterparties based on contractual relationships, the Fund is subject to the risk that a counterparty will not perform its obligations under the related contracts. Although the Fund intends to pursue its remedies under any such contracts, there can be no assurance that a counterparty will not default and that the Fund will not sustain a loss on a transaction as a result.

Dependence on Key Personnel. The Fund depends on the continued services of its Investment Team and other key management personnel. If the Fund were to lose any of these officers or other management personnel, such a loss could result in operating inefficiencies and lost business opportunities, which could have a negative effect on the Fund’s operating performance. Further, we do not intend to separately maintain key person life insurance on any of these individuals.

Liability for Capital Returns. Under Delaware law, the investors could, under certain circumstances, be required to return distributions made by the Fund to satisfy unpaid debts of the Fund that were in existence at the time the distributions were made.

Potential Changes in Investment Objective, Operating Policies or Strategies Without Prior Notice or Investor Approval. The Fund’s Board has the authority to modify or waive certain of the Fund’s operating policies and strategies without prior notice (except as required by the 1940 Act) and without investor approval. However, absent investor approval, the Fund may not change the nature of its business so as to cease to be, or withdraw its election as, a BDC. Under Delaware law, the Fund also cannot be dissolved without prior investor approval. The Fund cannot predict the effect any changes to its current operating policies and strategies would have on its business, operating results and value of its stock. Nevertheless, the effects may adversely affect the Fund’s business and impact its ability to make distributions.

Potential Changes to Declaration of Trust Without Prior Investor Approval. Our Board may, without shareholder vote, subject to certain exceptions, amend or otherwise supplement the Declaration of Trust by making an amendment, a Declaration of Trust supplemental thereto or an amended and restated Declaration of Trust, including without limitation to classify the Board, to impose advance notice bylaw provisions for Trustee nominations or for shareholder proposals, to require super- majority approval of transactions with significant shareholders or other provisions that may be characterized as anti-takeover in nature.

Risks Regarding Distributions. The Fund intends to pay monthly distributions to shareholders out of assets legally available for distribution. The Fund cannot guarantee that it will achieve investment results that will allow it to make a specified level of cash distributions or year-to-year increases in cash distributions. If the Fund is unable to satisfy the asset coverage test applicable to it as a BDC, or if the Fund violates certain debt financing agreements, its ability to pay distributions to shareholders could be limited. All distributions will be paid at the discretion of the Fund’s Board and will depend on the Fund’s earnings, financial condition, maintenance of RIC status, compliance with applicable BDC regulations, compliance with debt financing agreements and such other factors as the Board may deem relevant from time to time. The distributions the Fund pays to investors in a year may exceed the Fund’s taxable income for that year and, accordingly, a portion of such distributions may constitute a return of capital for U.S. federal income tax purposes.

Investors who periodically receive the payment of a distribution from a RIC consisting of a return of capital for U.S. federal income tax purposes may be under the impression that they are receiving a distribution of RIC’s net ordinary income or capital gains when they are not. Accordingly, investors should read carefully any written disclosure accompanying a distribution from the Fund and the information about the specific tax characteristics of the Fund’s distributions provided to investors after the end of each calendar year, and should not assume that the source of any distribution is the Fund’s net ordinary income or capital gains.

Discretion to not Repurchase Common Shares, to Suspend the Share Repurchase Program, and to Cease Repurchases. Our Board may amend, suspend or terminate the share repurchase program at any time in its discretion. You may not be able to sell your shares at all in the event our Board amends, suspends or terminates the share repurchase program, absent a liquidity event, and we currently do not intend to undertake a liquidity event, and we are not obligated by our charter or otherwise to effect a liquidity event at any time. We will notify you of such developments in our quarterly reports or other filings. If less than the full amount of Common Shares requested to be repurchased in any given repurchase offer are repurchased, funds will be allocated pro rata based on the total number of Common Shares being repurchased without regard to class. The share repurchase program has many limitations and should not be relied upon as a method to sell shares promptly or at a desired price.

Risks and Potential Conflicts of Interest Relating to the Initial Portfolio Transaction

We may pursue less vigorous enforcement of the terms of the Initial Portfolio Transfer Agreement regarding the Initial Portfolio transaction because of our dependence on the Advisor and its affiliates.

Under the Initial Portfolio Transfer Agreement pursuant to which the Fund consummated the acquisition of the Initial Portfolio, we have limited recourse against the Seller (and its successors and assigns) in the event of breaches of representations or warranties made by the Seller, or the covenants that the Seller and its successors have agreed to. We may choose not to enforce, or to enforce less vigorously, our rights under the agreement because of our desire to maintain our ongoing relations with, and our reliance on, the Advisor and its affiliates, and this could have an adverse effect on our business.

The Board will be informed of any determination not to enforce our contractual rights against the Seller or its successor(s) under the Initial Portfolio Transfer Agreement, and such determination will be subject to Board review and oversight, as required by the 1940 Act.

Risks Relating to the Fund’s Investments

Our investments may be risky and, subject to compliance with our 80% test and the 70% test for Qualifying Assets under the requirements for BDCs, there is no limit on the amount of any such investments in which we may invest.

Risks Associated with Portfolio Companies.

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General Risks. A fundamental risk associated with the Fund’s investment strategy is that the companies in whose debt the Fund invests will be unable to make regular payments (e.g., principal and interest payments) when due, or at all, or otherwise fail to perform. Portfolio companies could deteriorate as a result of, among other factors, an adverse development in their business, poor performance by their management teams, a change in the competitive environment, an economic downturn or legal, tax or regulatory changes. Portfolio companies that the Adviser expects to remain stable may in fact operate at a loss or have significant variations in operating results, may require substantial additional capital to support their operations or to maintain their competitive position, or may otherwise have a weak financial condition or be experiencing financial distress.

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Portfolio Companies May be Highly Leveraged. Portfolio companies may be highly leveraged, and there is no restriction on the amount of debt a portfolio company can incur. Substantial indebtedness may add additional risk with respect to a portfolio company, and could (i) limit its ability to borrow money for its working capital, capital expenditures, debt service

requirements, strategic initiatives or other purposes; (ii) require it to dedicate a substantial portion of its cash flow from operations to the repayment of its indebtedness, thereby reducing funds available to it for other purposes; (iii) make it more highly leveraged than some of its competitors, which may place it at a competitive disadvantage; and/or (iv) subject it to restrictive financial and operating covenants, which may preclude it from favorable business activities or the financing of future operations or other capital needs. In some cases, proceeds of debt incurred by a portfolio company could be paid as a dividend to shareholders rather than retained by the portfolio company for its working capital. Leveraged companies are often more sensitive to declines in revenues, increases in expenses, and adverse business, political, or financial developments or economic factors such as a significant rise in interest rates, a severe downturn in the economy or deterioration in the condition of such companies or their industries. A leveraged company’s income and net assets will tend to increase or decrease at a greater rate than if borrowed money were not used.

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If a portfolio company is unable to generate sufficient cash flow to meet principal and interest payments to its lenders, it may be forced to take other actions to satisfy such obligations under its indebtedness. These alternative measures may include reducing or delaying capital expenditures, selling assets, seeking additional capital, or restructuring or refinancing indebtedness. Any of these actions could significantly reduce the value of the Fund’s investment(s) in such portfolio company. If such strategies are not successful and do not permit the portfolio company to meet its scheduled debt service obligations, the portfolio company may also be forced into liquidation, dissolution or insolvency, and the value of the Fund’s investment in such portfolio company could be significantly reduced or even eliminated.

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Issuer/Borrower Fraud. Of paramount concern in originating loans is the possibility of material misrepresentation or omission on the part of borrowers or guarantors. Such inaccuracy or incompleteness may adversely affect the valuation of the collateral underlying the loans or may adversely affect the ability of the Fund or its affiliates to perfect or effectuate a lien on the collateral securing the loan. The Fund or its affiliates will rely upon the accuracy and completeness of representations made by borrowers to the extent reasonable, but cannot guarantee such accuracy or completeness.

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Reliance on Company Management. The Adviser generally will seek to monitor the performance of investments in operating companies either through interaction with the board of the applicable company and/or by maintaining an ongoing dialogue with the company’s management team. However, the Fund generally will not be in a position to control any borrower by virtue of investing in its debt and the portfolio company’s management will be primarily responsible for the operations of the company on a day-to-day basis. Although it is the intent of the Fund to invest in companies with strong management teams, there can be no assurance that the existing management team, or any new one, will be able to operate the company successfully. In addition, the Fund is subject to the risk that a borrower in which it invests may make business decisions with which the Fund disagrees and the management of such borrower, as representatives of the common equity holders, may take risks or otherwise act in ways that do not serve the interests of the debt investors, including the Fund. Furthermore, in exercising its investment discretion, the Adviser may in certain circumstances commit funds of the Fund to other entities that will be given a mandate to make certain investments consistent with the Fund’s investment objective and that may earn a performance-based fee on those investments. Once such a commitment is made, such entities will have full control over the investment of such funds, and the Adviser will cease to have such control.

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Environmental Matters. Ordinary operation or the occurrence of an accident with respect to the portfolio companies in which the Fund invest could cause major environmental damage, which may result in significant financial distress to the Fund’s investments and any portfolio company holding such assets, even if covered by insurance. Certain environmental laws and regulations may require that an owner or operator of an asset address prior environmental contamination, which could involve substantial cost and other liabilities. The Fund (and the Fund investors) may therefore be exposed to substantial risk of loss from environmental claims arising in respect of its investments. Furthermore, changes in environmental laws or regulations or the environmental condition of an investment may create liabilities that did not exist at the time of its acquisition and that could not have been foreseen. Even in cases where the Fund is indemnified by the seller with respect to an investment against liabilities arising out of violations of environmental laws and regulations, there can be no assurance as to the financial viability of the seller to satisfy such indemnities or the ability of the Fund to achieve enforcement of such indemnities. See also “—Risk Arising from Provision of Managerial Assistance; Control Person Liability” below.

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Uncertainty as to the Value of Certain Portfolio Investments. The Fund expects that many of its portfolio investments will take the form of securities that are not publicly traded. The fair value of loans, securities and other investments that are not publicly traded may not be readily determinable, and will be valued at fair value as determined in good faith by the Adviser, including to reflect significant events affecting the value of the Fund’s investments. Most, if not all, of the Fund’s investments (other than cash and cash equivalents) will be classified as Level 3 assets under Topic 820 of the U.S. Financial Accounting Standards Board’s Accounting Standards Codification, as amended, Fair Value Measurements and Disclosures (“ASC Topic 820”). This means that the Fund’s portfolio valuations will be based on unobservable inputs and the Fund’s assumptions about how market participants would price the asset or liability in question. The Fund expects that inputs into

the determination of fair value of portfolio investments will require significant management judgment or estimation. Even if observable market data are available, such information may be the result of consensus pricing information or broker quotes, which include a disclaimer that the broker would not be held to such a price in an actual transaction. The non-binding nature of consensus pricing and/or quotes accompanied by disclaimers materially reduces the reliability of such information. The Fund expects to retain the services of one or more independent service providers to review the valuation of these loans and securities. The types of factors that may be taken into account in determining the fair value of investments generally include, as appropriate, comparison to publicly-traded securities including such factors as yield, maturity and measures of credit quality, the enterprise value of a portfolio company, the nature and realizable value of any collateral, the portfolio company’s ability to make payments and its earnings and discounted cash flow, the markets in which the portfolio company does business and other relevant factors. Because such valuations, and particularly valuations of private securities and private companies, are inherently uncertain, may fluctuate over short periods of time and may be based on estimates, determinations of fair value may differ materially from the values that would have been used if a ready market for these loans and securities existed. The Fund’s net asset value could be adversely affected if determinations regarding the fair value of the Fund’s investments were materially higher than the values that the Fund ultimately realizes upon the disposal of such loans and securities. In addition, the method of calculating the management fee and incentive fee may result in conflicts of interest between the Adviser, on the one hand, and investors on the other hand, with respect to the valuation of investments.

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Potential Failure to Make Follow-On Investments in Portfolio Companies. Following an initial investment in a portfolio company, the Fund may make additional investments in that portfolio company as “follow-on” investments, in order to:

increase or maintain in whole or in part the Fund’s equity ownership percentage;

exercise warrants, options or convertible securities that were acquired in the original or subsequent financing; or

attempt to preserve or enhance the value of the Fund’s investment.

The Fund may elect not to make follow-on investments, may be restricted from making follow-on investments or otherwise lack sufficient funds to make those investments.

The Fund has the discretion to make any follow-on investments, subject to the availability of capital resources. The failure to make follow-on investments may, in some circumstances, jeopardize the continued viability of a portfolio company and the Fund’s initial investment, or may result in a missed opportunity for the Fund to increase its participation in a successful operation. Even if the Fund has sufficient capital to make a desired follow-on investment, it may elect not to make a follow-on investment because it may not want to increase its concentration of risk, because it prefers other opportunities or because it is inhibited by compliance with BDC requirements, or compliance with the requirements for maintenance of its RIC status.

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Potential Impact of Not Holding Controlling Equity Interests in Portfolio Companies. The Fund does not generally intend to take controlling equity positions in the Fund’s portfolio companies. To the extent that the Fund does not hold a controlling equity interest in a portfolio company, it will be subject to the risk that such portfolio company may make business decisions with which the Fund disagrees, and the shareholders and management of such portfolio company may take risks or otherwise act in ways that are adverse to the Fund’s interests. Due to the lack of liquidity for the debt and equity investments that the Fund typically holds in portfolio companies, the Fund may not be able to dispose of its investments in the event it disagrees with the actions of a portfolio company, and may therefore suffer a decrease in the value of its investments.

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Defaults by Portfolio Companies. A portfolio company’s failure to satisfy financial or operating covenants imposed by the Fund or other lenders could lead to defaults and, potentially, acceleration of the time when the loans are due and foreclosure on the portfolio company’s assets representing collateral for its obligations. This could trigger cross defaults under other agreements and jeopardize the portfolio company’s ability to meet its obligations under the debt that the Fund holds and the value of any equity securities the Fund owns. The Fund may incur expenses to the extent necessary to seek recovery upon default or to negotiate new terms with a defaulting portfolio company.

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Third Party Litigation. The Fund’s investment activities subject it to the normal risks of becoming involved in litigation initiated by third parties. This risk is somewhat greater where the Fund exercises control or influence over a company’s direction. The expense of defending against claims by third parties and paying any amounts pursuant to settlements or judgments would, absent willful misconduct or gross negligence by the Adviser, be borne by the Fund (to the extent not borne by the portfolio companies) and would reduce net assets or could require Fund investors to return to the Fund distributed capital and earnings. The Adviser and others are indemnified in connection with such litigation, subject to certain conditions.

Projections. The Fund may rely upon projections developed by the Adviser concerning an investment’s future performance, outcome and cash flow. Projections are inherently subject to uncertainty and factors beyond the control of the Adviser. The inaccuracy of certain assumptions, the failure to satisfy certain requirements and the occurrence of other unforeseen events could impair the ability of an investment to realize projected values, outcomes and cash flow.

Adverse Developments in the Debt Capital Markets. Market and economic conditions have been challenging and subject to significant volatility. Ongoing concerns about inflation, interest rate levels, geopolitical conflicts, banking sector stability, the availability and cost of credit, sovereign debt levels, and global economic growth have contributed to increased market volatility and uncertainty. These conditions, combined with potential recession risks, supply chain disruptions, labor market tightness, and shifts in monetary and fiscal policy, have created a complex and uncertain environment for debt capital markets. The factors described above have led to periods of reduced liquidity in the debt capital markets, including sources of liquidity that the Fund may wish to utilize. Such conditions could reduce the availability of leverage to the Fund, its investments, and potential purchasers of the Fund’s investments or make such leverage more expensive to obtain, thereby adversely affecting the performance of the Fund. Disruptions in the debt capital markets may also result in wider credit spreads, reduced transaction volumes, and increased price volatility, which could negatively impact the valuation of our investments and our ability to realize investments at favorable prices. Additionally, if credit market conditions deteriorate significantly, our portfolio companies may face difficulty refinancing their debt obligations at maturity, which could lead to defaults and losses on our investments. The duration and severity of adverse conditions in the debt capital markets cannot be predicted and could have a material adverse effect on our business, financial condition, and results of operations.

Inflation and Government Policy May Adversely Impact the Fund's Portfolio Companies. Certain portfolio companies operate in industries that continue to experience inflationary pressures. Although inflation has moderated from prior elevated levels, costs related to labor, energy, raw materials, and other inputs remain elevated in certain sectors and may continue to affect consumer demand, economic growth, and portfolio company operations. In addition, changes in government policy, including the potential imposition of tariffs, trade restrictions, or reductions in government spending, may disrupt supply chains, reduce end‑market demand, or otherwise adversely affect certain industries in which our portfolio companies operate. If they are unable to pass through higher costs, experience reduced demand for their products or services, or otherwise face margin compression as a result of inflationary pressures or policy changes, their operating results could be adversely affected and their ability to meet interest and principal obligations may be impaired. Any resulting deterioration in portfolio company performance could adversely affect the fair value of the Fund’s investments and may result in realized or unrealized losses, which could reduce the Fund’s net assets and returns to investors.

Adverse Effect of Economic Conditions on the Fund and the Portfolio Companies. The Fund and the portfolio companies in which the Fund invests may be adversely affected by deteriorations in the financial markets and economic conditions throughout the world, some of which may magnify the risks described in this prospectus and have other adverse effects. Deteriorating market conditions could result in increasing volatility and illiquidity in the global credit, debt and equity markets generally. The duration and ultimate effect of adverse market conditions cannot be forecast, nor is it known whether or the degree to which such conditions may remain stable or worsen. Deteriorating market conditions and uncertainty regarding economic markets generally could result in declines in the market values of potential investments or declines in the market values of investments after they are acquired by the Fund. Such declines could lead to weakened investment opportunities for the Fund, could prevent the Fund from successfully meeting its investment objective or could require the Fund to dispose of investments at a loss while such unfavorable market conditions prevail. In addition, the investment opportunities of the Fund may be dependent in part upon the consummation of leveraged buyouts and other private equity sponsored transactions, recapitalizations, refinancings, acquisitions and structured transactions. If fewer of these transactions occur than the Adviser expects, there may be limited investment opportunities for the Fund. Periods of prolonged market stability may also adversely affect the investment opportunities available to the Fund.

Corporate Social Responsibility. Our business (including that of our portfolio companies) faces increasing public scrutiny related to sustainability activities, which are increasingly considered to contribute to reducing a company’s operational risk, market risk and reputational risk, which may in turn impact the long-term sustainability of a company’s performance. A variety of organizations measure the performance of companies on sustainability-related topics, and the results of these assessments are widely publicized. In addition, investment in funds that specialize in companies that perform well in such assessments are increasingly popular, and major institutional investors have publicly emphasized the importance of such sustainability-related measures to their investment decisions.

We risk damage to our brand and reputation if we fail to act responsibly in a number of areas, including, but not limited to diversity, equity and inclusion, human rights, climate change and environmental stewardship, corporate governance and considering sustainability-related factors in our investment processes. Adverse incidents with respect to sustainability-related activities could impact the value of our brand, our relationship with existing and future portfolio companies, the cost of our operations and relationships with investors, all of which could adversely affect our business and results of operations.

However, regional and investor specific sentiment may differ in what constitutes a material positive or negative sustainability-related corporate practice. There is no guarantee that AB-PCI’s corporate social responsibility practices will uniformly fit every investor’s definition of best practices for all environmental, social and governance considerations across geographies and investor types.

Additionally, new regulatory initiatives related to sustainability that are applicable to us and our portfolio companies could adversely affect our business. For example, in May 2018, the European Commission adopted an “action plan on financing sustainable growth.” The action plan is, among other things, designed to define and reorient investment toward sustainability. The action plan contemplates: establishing EU labels for green financial products; increasing disclosure requirements in the financial services sector around sustainability and strengthening the transparency of companies on their sustainability-related policies and introducing a ‘green supporting factor’ in the EU prudential rules for banks and insurance companies to incorporate climate risks into banks’ and insurance companies’ risk management policies. There is a risk that a significant reorientation in the market following the implementation of these and further measures could be adverse to our portfolio companies if they are perceived to be less valuable as a consequence of, e.g., their carbon footprint or “greenwashing” (i.e., the holding out of a product as having green or sustainable characteristics where this is not, in fact, the case). We and our portfolio companies are subject to the risk that similar measures might be introduced in other jurisdictions in the future.

There is also a growing regulatory interest across jurisdictions in improving transparency regarding the definition, measurement and disclosure of sustainability-related factors in order to allow investors to validate and better understand sustainability claims. In addition, in 2021 the SEC established an enforcement task force to look into sustainability-related practices and disclosures by public companies and investment managers and has started to bring enforcement actions based on sustainability-related disclosures not matching actual investment processes.

In addition, compliance with any new laws or regulations could increase our regulatory burden and could make compliance more difficult and expensive, affect the manner in which we or our portfolio companies conduct our businesses and adversely affect our profitability.

The likely impacts of sustainability risks on the returns of the Fund will depend on the Fund’s exposure to investments that are vulnerable to sustainability-related risks and the magnitude of the sustainability-related risks. The occurrence of an actual or potential significant decline in the value of an investment due to a sustainability-related event or condition will depend on several factors including, but not limited to, the type, extent, complexity and duration of the event or condition, prevailing market conditions and the existence of any mitigating factors.

Increasing governmental, investor and societal attention to sustainability-related matters, including expanding mandatory and voluntary reporting, diligence, and disclosure on topics such as climate change, human capital, labor and risk oversight, could expand the nature, scope, and complexity of matters that we are required to control, assess and report. These factors may alter the environment in which we do business and may increase the ongoing costs of compliance and adversely impact our results of operations and cash flows. If we are unable to adequately address such sustainability-related matters or we fail or are perceived to fail to comply with all laws, regulations, policies and related interpretations, it could negatively impact our reputation and our business results.

Competitive Debt Environment. The business of investing in debt investments is highly competitive and involves a high degree of uncertainty. Market competition for investment opportunities includes traditional lending institutions, including commercial and investment banks, as well as a growing number of non-traditional participants, such as hedge funds, private equity funds, mezzanine funds, and other private investors, as well as BDCs, and debt-focused competitors, such as issuers of collateralized loan obligations, or CLOs, and other structured loan funds. In addition, given the Fund’s target investment size and investment type, the Adviser expects a large number of competitors for investment opportunities. Some of these competitors may have access to greater amounts of capital and to capital that may be committed for longer periods of time or may have different return thresholds than the Fund, and thus these competitors may have advantages not shared by the Fund. In addition, competitors may have incurred, or may in the future incur, leverage to finance their debt investments at levels or on terms more favorable than those available to the Fund. Furthermore, competitors may offer loan terms that are more favorable to borrowers, such as less onerous borrower financial and other covenants, borrower rights to cure defaults, and other terms more favorable to borrowers than current or historical norms. Strong competition for investments could result in fewer investment opportunities for the Fund, as certain of these competitors have established or are establishing investment vehicles that target the same or similar investments that the Fund intends to purchase.

Moreover, identifying attractive investment opportunities is difficult and involves a high degree of uncertainty. The Adviser may identify an investment that presents an attractive investment opportunity but may not be able to complete such investment in a manner that meets the objectives of the Fund. The Fund may incur significant expenses in connection with the identification of investment opportunities and investigating other potential investments that are ultimately not consummated, including expenses related to due diligence, transportation and legal, accounting and other professional services as well as the fees of other third-party advisers.

Increased Regulatory Scrutiny of Private Credit Markets. The private credit industry has experienced substantial growth in recent years, which has attracted increased attention from regulators, including the SEC, the Financial Stability Oversight Council, and other regulatory bodies. Regulators have expressed concerns about leverage levels, valuation practices, liquidity risks, conflicts of interest, and the potential for systemic risk in the private credit markets. This increased regulatory scrutiny may result in new laws, regulations, or interpretive guidance that could impose additional compliance obligations, restrict our investment activities, limit our use of leverage, require enhanced disclosures, or otherwise increase our costs of doing business. For example, regulators may impose restrictions on the types of investments we can make, the amount of leverage we can employ, the fees we can charge, or the valuation methodologies we use. New regulations could also affect our portfolio companies by imposing additional compliance burdens or restricting their access to capital. Any such regulatory changes could limit our flexibility to execute our investment strategy, reduce our returns, increase our operating expenses, or require us to modify our business practices in ways that could adversely affect our competitiveness and financial performance. The uncertainty regarding potential future regulation of the private credit industry creates additional risk for our business and our shareholders.

Illiquidity of the Fund’s Assets; Distributions In Kind. The Fund intends to invest primarily in private illiquid debt, loans and other assets for which no (or only a limited) liquid market exists or that are subject to legal or other restrictions on transfer and are difficult to sell in a secondary market. In some cases, the Fund may be prohibited from selling such investments for a period of time or otherwise be restricted from disposing of such investments. The market prices, if any, for such assets tend to be volatile, and may fluctuate due to a variety of factors that are inherently difficult to predict. Furthermore, the types of investments made may require a substantial length of time to liquidate due to the lack of an established market for such investments or other factors. As a result, there is a significant risk that the Fund may be unable to realize its investment objective by sale or other disposition at attractive prices or will otherwise be unable to complete any exit strategy. Accordingly, the Adviser is unable to predict with confidence what, if any, exit strategies will ultimately be available for any given asset. Exit strategies which appear to be viable when an investment is initiated may be precluded by the time the investment is ready to be realized due to economic, legal or other reasons, and the Fund may not be able to sell assets when the Fund desires to do so or to realize what the Adviser perceives to be the fair value of its assets in the event of a sale. Further, although the Adviser may at the time of making investments expect a certain portion of such investments to be refinanced or repaid before maturity, depending on economic conditions, interest rates and other variables, borrowers may not finance or repay loans early. Restricted securities may sell at a price lower than similar securities that are not subject to restrictions on resale. In addition, in times of extreme market disruption, there may be no market at all for one or more asset classes, potentially resulting in the inability of the Fund to dispose of its assets for an indefinite period of time. Even if investments are successful, they are unlikely to produce a realized return to Fund investors for a period of years. Furthermore, a portion of interest on investments may be paid in kind rather than in cash to the Fund and, in certain circumstances, the Fund may exit investments through distributions in kind to Fund investors, after which the Fund investors will bear the risk of holding the investments and must make their own disposition decisions.

Priority of Repayment. The characterization of an investment as senior debt or senior secured debt does not mean that such debt will necessarily have repayment priority with respect to all other obligations of a portfolio company. Portfolio companies may have, and/or may be permitted to incur, other debt and liabilities that rank equally with or senior to the senior loans in which the Fund invests. If other indebtedness is incurred that ranks in parity in right of payment or proceeds of collateral with respect to debt securities in which the Fund invests, the Fund would have to share on an equal basis any distributions with other creditors in the event of a liquidation, reorganization, insolvency, dissolution or bankruptcy of such a portfolio company. Where the Fund holds a first lien to secure senior indebtedness, the portfolio companies may be permitted to issue other senior loans with liens that rank junior to the first liens granted to the Fund. The intercreditor rights of the holders of such other junior lien debt may, in any liquidation, reorganization, insolvency, dissolution or bankruptcy of such a portfolio company, affect the recovery that the Fund would have been able to achieve in the absence of such other debt.

Even where the senior loans held by the Fund are secured by a perfected lien over a substantial portion of the assets of a portfolio company and its subsidiaries, the portfolio company and its subsidiaries will often be able to incur a substantial amount of additional indebtedness, which may have an exclusive lien over particular assets. For example, debt and other liabilities incurred by non-guarantor subsidiaries of portfolio companies will be structurally senior to the debt held by the Fund. Accordingly, any such debt and other liabilities of such subsidiaries would, in the event of liquidation, dissolution, insolvency, reorganization or bankruptcy of such subsidiary, be repaid in full before any distributions to an obligor of the loans held by the Fund. Furthermore, these other assets over which other lenders have a lien may be substantially more liquid or valuable than the assets over which the Fund has a lien. It is expected that the Fund will also invest in second-lien secured debt, which compounds the risks described in this paragraph.

Certain Guarantees. The Fund may invest in debt that is guaranteed by a subsidiary of the issuer. In some circumstances, guarantees of secured debt issued by subsidiaries of a portfolio company and held by the Fund may be subject to fraudulent conveyance or similar avoidance claims made by other creditors of such subsidiaries under applicable insolvency laws. As a result, such creditors may take priority over the claims of the Fund under such guarantees. Under federal or state fraudulent transfer law, a court may void or otherwise decline to enforce such debt and the Fund would no longer have any claim against such portfolio company or the applicable guarantor. In addition, the court might direct the Fund to disgorge any amounts already received from the portfolio company or a guarantor. In some cases, significant subsidiaries of portfolio companies may not guarantee the obligations of the portfolio company; in other cases, a portfolio company may have the ability to release subsidiaries as guarantors of the portfolio company’s obligations. The repayment of such investments may depend on cash flow from subsidiaries of a portfolio company that are not themselves guarantors of the portfolio company’s obligations.

General Risks of Secured Loans. Most of the loans held by the Fund are expected to be secured. These investments may be subject to the risk that the Fund’s security interests in the underlying collateral are not properly or fully perfected. Compounding these risks, the collateral securing debt investments will often be subject to casualty or devaluation risks.

Senior Secured Debt and Unitranche Debt. When the Fund invests in senior secured term debt and unitranche debt, it will generally take a security interest in the available assets and ownership interests of these portfolio companies, and their subsidiaries. There is a risk that the collateral securing the Fund’s investments may decrease in value over time or lose its entire value, may be difficult to sell in a timely manner, may be difficult to appraise and may fluctuate in value based upon the success of the business and market conditions, including as a result of the inability of the portfolio company to raise additional capital. Also, in some circumstances, the Fund’s security interest could be subordinated to claims of other creditors. In addition, any deterioration in a portfolio company’s financial condition and prospects, including any inability on its part to raise additional capital, may result in the deterioration in the value of the related collateral. Consequently, the fact that debt is secured does not guarantee that the Fund will receive principal and interest payments according to the investment terms or at all, or that the Fund will be able to collect on the investment should the Fund be forced to enforce its remedies.

Business and Credit Risks. Investments made by the Fund generally will involve a significant degree of financial and/or business risk. The securities in which the Fund invests may pay fixed, variable or floating rates of interest, and may include zero coupon obligations or interest that is paid-in-kind (which tend to increase business and credit risks if an investment becomes impaired because there would be little to no realized proceeds through cash interest payments prior to such impairment). These types of securities are subject to the risk of the issuer’s inability to make principal and interest payments on its obligations (i.e., credit risk) and are also subject to price volatility due to such factors as interest rate sensitivity, market perception of the creditworthiness of the issuer and general market liquidity (i.e., market risk).

Business risks may be more significant in smaller portfolio companies or those that are embarking on a build-up or operating turnaround strategy. Such companies may have no or short operating histories, new technologies and products and their management teams may have limited experience working together, all of which enhance the difficulty of evaluating these investment opportunities. The management of such companies will need to implement and maintain successful finance personnel and other operational strategies and resources in order to become and remain successful. Other substantial operational risks to which such companies are subject include uncertain market acceptance of the company’s services, a potential regulatory risk for new or untried and/or untested business models (if applicable), products and services to the extent they relate to regulated activities in the relevant jurisdiction, high levels of competition among similarly situated companies, lower capitalizations and fewer financial resources and the potential for rapid organizational or strategic change. Such companies will have no or short operating histories on which to judge future performance and in many cases, if operating, will have negative cash flow.

Force Majeure. The instruments in which the Fund invests may be affected by force majeure events (i.e., events beyond the control of the party claiming that the event has occurred, including, without limitation, acts of God, fire, flood, earthquakes, outbreaks of an infectious disease, pandemic or any other serious public health concern, war, terrorism and labor strikes). Some force majeure events may adversely affect the ability of a portfolio company to perform its obligations until it is able to remedy the force majeure event. In addition, the cost to a portfolio company of repairing or replacing damaged assets resulting from such force majeure event could be considerable. Additionally, a major governmental intervention into industry, including the nationalization of an industry or the assertion of control over one or more companies or its assets, could result in a loss, including if the Fund’s investment in such issuer is cancelled, unwound or acquired (which could be without what the Adviser considers to be adequate compensation). Certain force majeure events (such as war or an outbreak of an infectious disease) could have a broader negative impact on the world economy and international business activity generally, or in any of the countries in which the Fund may invest specifically. To the extent the Fund is exposed to investments in issuers that as a group are exposed to such force majeure events, the Fund’s risks and potential losses are enhanced.

Infectious Diseases; Pandemics. Certain illnesses spread rapidly and have the potential to significantly adversely affect the global economy. Outbreaks such as the severe acute respiratory syndrome, avian influenza, H1N1/09, and, most recently, the coronavirus (COVID-19), or other similarly infectious diseases may have material adverse impacts on the Fund, the Adviser, their respective affiliates and portfolio companies. Actual pandemics, or fear of pandemics, can trigger market disruptions or economic turndowns with the consequences described above. The Adviser cannot predict the likelihood of disease outbreaks occurring in the future nor how such outbreaks may affect the Fund’s investments.

Outbreak of disease epidemics, such as COVID-19, may result in the closure of the Adviser’s and/or a portfolio company’s offices or other businesses, including office buildings, retail stores and other commercial venues and could also result in (a) the lack of availability or price volatility of raw materials or component parts necessary to a portfolio company’s business which may adversely affect the ability of a portfolio company to perform its obligations, (b) disruption of regional or global trade markets and/or the availability of capital, (c) the availability of leverage, including an inability to obtain indebtedness at all or to the Fund’s desired degree, and less favorable timing of repayment and other terms with respect to such leverage, (d) trade or travel restrictions which impact a portfolio company’s business and/or (e) a general economic decline and have an adverse impact on the Fund’s value, the Fund’s investments, or the Fund’s ability to make new investments. Further, if a future pandemic occurs during a period when the Fund expects to be selling or disposing of its investments, the Fund may not achieve its investment objective or may not be able to realize its investments within the Fund’s term.

Limited Amortization Requirements. The Fund may invest in loans that have limited mandatory amortization requirements. While such a loan may obligate a portfolio company to repay the loan out of asset sale proceeds or with annual excess cash flow, such requirements may be subject to substantial limitations and/or “baskets” that would allow a portfolio company to retain such proceeds or cash flow, thereby extending the expected weighted average life of the investment. In addition, a low level of amortization of any debt over the life of the investment may increase the risk that a portfolio company will not be able to repay or refinance the loans held by the Fund when they come due at their final stated maturity.

Potential Early Redemption of Some Investments. The terms of loans in which the Fund invests may be subject to early redemption features, refinancing options, prepayment options or similar provisions which, in each case, could result in the issuer repaying the principal of an obligation held by the Fund earlier than expected, either with no or a nominal prepayment premium. This may happen when there is a decline in interest rates, or when the borrower’s improved credit or operating or financial performance allows the refinancing of certain classes of debt with lower cost debt or when general credit market conditions improve. Assuming an improvement in the credit market conditions, early repayments of the debt held by the Fund could increase. There is no assurance that the Fund will be able to reinvest proceeds received from prepayments in assets that satisfy its investment objective, and any delay in reinvesting such proceeds may materially affect the performance of the Fund. Conversely, if the prepayment does not occur within the expected timeframe or if the debt does not otherwise become liquid, the term of the Fund may be longer than expected or the Fund may make distributions in kind.

Licensing Requirements. Certain banking and regulatory bodies or agencies in or outside the United States may require the Fund, the Adviser and/or certain employees of AB-PCI to obtain licenses or authorizations to engage in many types of lending activities including the origination of loans. It may take a significant amount of time and expense to obtain such licenses or authorizations and the Fund may be required to bear the cost of obtaining such licenses and authorizations. There can be no assurance that any such licenses or authorizations would be granted or, if granted, whether any such licenses or authorizations would impose restrictions on the Fund. Such licenses or authorizations may require the disclosure of confidential information about the Fund, Fund investors or their respective affiliates, including the identity, financial information and/or information regarding the Fund investors and their officers and trustees. The Fund may not be willing or able to comply with these requirements. Alternatively, the Adviser may be compelled to structure certain potential investments in a manner that would not require such licenses and authorizations, although such transactions may be inefficient or otherwise disadvantageous for the Fund and/or any relevant portfolio company, including because of the risk that licensing authorities would not accept such structuring alternatives in lieu of obtaining a license or authorization. The inability of the Fund or the Adviser to obtain necessary licenses or authorizations, the structuring of an investment in an inefficient or otherwise disadvantageous manner, or changes in licensing regulations, could adversely affect the Fund’s ability to implement its investment program and achieve its intended results.

Minority Investments; Joint Ventures. The Fund may make minority equity investments in entities in which the Fund does not control the business or affairs of such entities. In addition, the Fund intends to co-invest with other parties through partnerships, joint ventures or other entities and the Adviser may share management fees, incentive fees and/or other forms of compensation with such parties. The Adviser expects that in some cases the Fund will have control over, or significant influence on, the decision making of joint ventures. However, in other cases, in particular with respect to certain terms, amendments and waivers related to the underlying loans, the joint venture partner may have controlling or blocking rights (including because certain decisions require unanimous approval of the joint venture partners) or a tie vote among joint venture partners may be resolved by an appointed third party. Where a

joint venture partner or third party has controlling or blocking rights or decision-making power with respect to a joint venture matter, there can be no assurance that the matter will be resolved in the manner desired by the Fund. In addition, these types of voting arrangements may slow the decision-making process and hinder the joint venture’s ability to act quickly.

Cooperation among joint venture partners or co-investors on existing and future business decisions will be an important factor for the sound operation and financial success of any joint venture or other business in which the Fund is involved. In particular, a joint venture partner or co-investor may have economic or business interests or goals that are inconsistent with those of the Fund, and the Fund may not be in a position to limit or otherwise protect the value of one or more of the Fund’s investments. Disputes among joint venture partners or co-investors over obligations, expenses or other matters could have an adverse effect on the financial conditions or results of operations of the relevant businesses. In addition, the Fund may in certain circumstances be liable for actions of its joint venture partners.

In certain cases, conflicts of interest may arise between the Fund and a joint venture partner, for example, because the joint venture partner has invested in a different level of the issuer’s capital structure or because the joint venture partner has different investment goals or timelines. There can be no assurance that a joint venture partner with divergent interests from the Fund will cause the joint venture to be managed in a manner that is favorable to the Fund. In addition, it is anticipated that the Fund could be invested in debt instruments issued by a joint venture entity while one or more Other Accounts managed by AB will be invested in equity interests in such entity or vice versa, which presents certain potential conflicts of interest with respect to the capital structure of such entity.

Risk Arising from Provision of Managerial Assistance; Control Person Liability. The Fund may obtain rights to participate in the governance of certain of the Fund’s portfolio companies. In such instances, the Fund typically will designate board members to serve on the boards of portfolio companies. The designation of representatives and other measures contemplated could expose the assets of the Fund to claims by a portfolio company, its security holders and its creditors, including claims that the Fund is a controlling person and thus is liable for securities laws violations and other liabilities of a portfolio company. The exercise of control over a company may impose additional risks of liability for environmental damage, product defects, failure to supervise management, violation of governmental regulations (including securities laws) or other types of liability in which the limited liability generally characteristic of business ownership may be ignored. If these liabilities were to arise, the Fund might suffer a significant loss. These measures also could result in certain liabilities in the event of the bankruptcy or reorganization of a portfolio company, could result in claims against the Fund if the designated board members violate their fiduciary or other duties to a portfolio company or fail to exercise appropriate levels of care under applicable corporate or securities laws, environmental laws or other legal principles, and could expose the Fund to claims that it has interfered in management to the detriment of a portfolio company. While the Adviser intends to operate the Fund in a way that will minimize the exposure to these risks, the possibility of successful claims cannot be precluded, nor can there be any assurance as to whether laws, rules, regulations and court decisions will be expanded or otherwise applied in a manner that is adverse to portfolio companies and the Fund and the Fund investors.

Global economic, political and market conditions may adversely affect our business, results of operations and financial conditions.

The current global financial market situation, as well as various social and political tensions in the United States and around the world (including the current conflict in Ukraine and Russia and the conflicts in the Middle East) may contribute to increased market volatility, may have long-term effects on the United States and worldwide financial markets and may cause economic uncertainties or deterioration in the United States and worldwide. The success of our investment activities could be affected by general economic and market conditions in the United States and in the rest of the world, as well as by changes in applicable laws and regulations (including laws relating to taxation of our investments), trade barriers, currency exchange controls, rate of inflation, currency depreciation, asset re-investment, resource self-sufficiency and national and international political and socioeconomic circumstances in respect of the non-U.S. countries in which we may invest. These factors may affect the level and volatility of securities prices and the liquidity of the Fund’s investments, which could impair our profitability or result in losses. General fluctuations in the market prices of securities and interest rates may affect our investment opportunities and the value of our investments. We may maintain substantial trading positions that can be adversely affected by the level of volatility in the financial markets; the larger the positions, the greater the potential for loss. Declines in the performance of national economies or the credit markets in certain jurisdictions have had a negative impact on general economic and market conditions globally, and as a result, could have a material adverse effect on our business, financial condition and results of operations.

For example, the impact of potential downgrades by rating agencies to the U.S. government’s sovereign credit rating or its perceived creditworthiness as well as potential government shutdowns and uncertainty surrounding transfers of power could adversely affect the U.S. and global financial markets and economic conditions. Similarly in Europe, since 2010 several European Union, or the EU, countries have faced budget issues, some of which may have negative long-term effects for the economies of those countries and

other EU countries. There is ongoing concern about national-level support for the Euro and the accompanying coordination of fiscal and wage policy among European Economic and Monetary Union member countries.

The ongoing invasion of Ukraine by Russia and related sanctions have increased global political and economic uncertainty. Because Russia is a major exporter of oil and natural gas, the invasion and related economic sanctions have reduced the supply, and increased the price, of energy, which has a material effect on inflation and may continue to exacerbate ongoing supply chain issues. There is also the ongoing risk of retaliatory actions by Russia against countries which have enacted sanctions, including cyberattacks against financial and governmental institutions, which could result in business disruptions and further economic turbulence. Although the Fund has no direct exposure to Russia or Ukraine, the broader consequences of the invasion may have a material adverse impact on the Fund’s portfolio and the value of an investment in the Fund. Moreover, sanctions and export control laws and regulations are complex, frequently changing, and increasing in number, and they may impose additional legal compliance costs or business risks associated with our operations.

Similarly, conflicts in the Middle East, including the conflict between Israel and Hamas, could have a negative impact on the economy and business activity globally, and therefore could adversely impact the performance of our investments. The severity and duration of any such conflict and its future impact on global economic and market conditions (including, for example, oil prices and/or the shipping industry) are impossible to predict, and as a result, present material uncertainty and risk with respect to us, the performance of our investments and operations, and our ability to achieve our investment objectives. Similar risks exist to the extent that any service providers, vendors or certain other parties have material operations or assets in the Middle East or the immediate surrounding areas.

The Adviser’s financial condition may be adversely affected by a significant general economic downturn and it may be subject to legal, regulatory, reputational and other unforeseen risks that could have a material adverse effect on the Adviser’s businesses and operations (including those of the Fund). A recession, slowdown and/or sustained downturn in the global economy (or any particular segment thereof) could have a pronounced impact on the Fund and could adversely affect the Fund’s profitability, impede the ability of the Fund and/or the Fund’s portfolio companies to perform under or refinance their existing obligations and impair the Fund’s ability to effectively deploy its capital or realize its investments on favorable terms. Any of the foregoing events could result in substantial or total losses to the Fund in respect of certain investments, which losses will likely be exacerbated by the presence of leverage in a portfolio company’s capital structure.

Banking Sector Instability and Credit Market Disruptions. Recent stress in the banking sector, including the failures of certain regional and specialized banks, has created uncertainty regarding the stability of financial institutions and the availability of credit. Such banking sector instability may result in reduced lending capacity, tighter credit conditions, higher borrowing costs, and increased counterparty risk. Our portfolio companies may face difficulty in obtaining financing or refinancing existing debt on favorable terms, which could adversely affect their operations and ability to meet their obligations to us. Additionally, disruptions in the credit markets may limit our own ability to access financing on acceptable terms or at all, which could constrain our ability to make new investments and execute our investment strategy. Concerns about the financial stability of banks and other financial institutions may also lead to broader market volatility and economic uncertainty that could negatively impact the value of our investments and our financial condition. Furthermore, if financial institutions that serve as counterparties to our financing arrangements or other transactions experience financial distress, we may face increased costs, reduced access to capital, or losses on our positions with such counterparties.

Hedging Strategy, Policies and Risks. The Fund generally expects to employ hedging or other risk management techniques designed to reduce the risk of adverse interest rate or currency movements, credit market risk and certain other risks. There can be no assurance that any hedging transactions will be successful or comprehensive. For example, the Fund may not be able to or may elect not to hedge interest payments in foreign currencies. Similarly, the Fund may hedge certain credit markets generally in order to seek to provide overall risk reduction to the Fund. The variable degree of correlation between price movements of hedging instruments and price movements in the position being hedged creates the possibility that losses on the hedge may be greater, or gains smaller, than losses or gains, as the case may be, in the value of the underlying position. While the transactions implementing such hedging strategies may reduce certain risks, such transactions themselves may entail certain other risks, such as the risk that counterparties to such transactions may default on their obligations and the risk that the prices and/or cash flows being hedged behave differently than expected. Thus, while the Fund may benefit from the use of hedging mechanisms, unanticipated changes in interest rates, currency exchange rates, commodity prices, securities prices or credit market movements may result in a poorer overall performance for the Fund than if it had not entered into such hedging transactions. Additionally, hedging transactions will add to the cost of an investment, may require ongoing cash payments to counterparties, may subject the Fund to the risk that the counterparty defaults on its obligations, and may produce different economic or tax consequences to the Fund investors than would apply if the Fund had not entered into such hedging transactions. The Fund may engage in short selling and use derivative instruments (including commodities hedging instruments) in implementing hedging transactions, including futures contracts, forward contracts, and options. Furthermore,

upon the bankruptcy, insolvency or liquidation of any counterparty, the Fund may be deemed to be a general unsecured creditor of such counterparty and could suffer a total loss with respect to any positions and/or transactions with such counterparty.

Derivatives. Generally, derivatives are financial contracts whose value depends on, or is derived from, the value of an underlying asset, reference rate or index, and may relate to individual debt or equity instruments, interest rates, currencies or currency exchange rates, commodities, related indexes and other assets. The Fund may, directly or indirectly, use various derivative instruments including options contracts, futures contracts, forward contracts, options on futures contracts, indexed securities and swap agreements for hedging and risk management purposes. The Fund also may use derivative instruments to approximate or achieve the economic equivalent of an otherwise permitted investment (as if the Fund directly invested in the loans, claims or securities of the subject issuer) or if such instruments are related to an otherwise permitted investment. The Fund’s use of derivative instruments involves investment risks and transaction costs to which the Fund would not be subject absent the use of these instruments and, accordingly, may result in losses that would not occur if such instruments had not been used. Derivative transactions, if any, will generally create leverage for the Fund and involve significant risks. The primary risks related to derivative transactions include counterparty, correlation, liquidity, leverage, volatility, OTC trading, operational and legal risks. In addition, a small investment in derivatives could have a large potential impact on our performance, effecting a form of investment leverage on our portfolio. In certain types of derivative transactions, the Fund could lose the entire amount of its investment; in other types of derivative transactions the potential loss is theoretically unlimited.

Under SEC Rule 18f-4 under the 1940 Act (“Rule 18f-4”), related to the use of derivatives, short sales, reverse repurchase agreements and certain other transactions by registered investment companies, the Fund is permitted to enter into derivatives and other transactions that create future payment or delivery obligations, including short sales, notwithstanding the senior security provisions of the 1940 Act if it complies with certain value-at-risk leverage limits and derivatives risk management program and board oversight and reporting requirements or comply with a “limited derivatives users” exception. Rule 18f-4 also permits the Fund to enter into reverse repurchase agreements or similar financing transactions notwithstanding the senior security provisions of the 1940 Act if the Fund aggregates the amount of indebtedness associated with our reverse repurchase agreements or similar financing transactions with the aggregate amount of any other senior securities representing indebtedness when calculating the asset coverage ratios as discussed herein. In addition, the Fund is permitted to invest in a security on a when-issued or forward-settling basis, or with a non-standard settlement cycle, and the transaction will be deemed not to involve a senior security under the 1940 Act, provided that (i) the Fund intends to physically settle the transaction and (ii) the transaction will settle within 35 days of its trade date (the “Delayed-Settlement Securities Provision”). The Fund may otherwise engage in such transactions that do not meet the conditions of the Delayed-Settlement Securities Provision so long as the Fund treats any such transaction as a “derivatives transaction” for purposes of compliance with the rule. Furthermore, the Fund is permitted to enter into an unfunded commitment agreement, and such unfunded commitment agreement will not be subject to the asset coverage requirements under the 1940 Act, if the Fund reasonably believes, at the time it enters into such agreement, that it will have sufficient cash and cash equivalents to meet its obligations with respect to all such agreements as they come due. The Fund cannot predict the effects of these requirements.

The Fund may purchase and sell derivative instruments only to the extent that such activities are consistent with the requirements of the Commodity Exchange Act (“CEA”) and the rules adopted by the U.S. Commodity Futures Trading Commission (“CFTC”) thereunder. Under CFTC rules, a BDC that conducts more than a certain amount of trading in futures contracts, commodity options, certain swaps and other commodity interests is a commodity pool and its adviser must register as a commodity pool operator (“CPO”). Under such rules, BDCs that are commodity pools are subject to additional recordkeeping, reporting and disclosure requirements. The Fund has claimed an exclusion from the definition of CPO under CFTC Rule 4.5 under the CEA based on the extent of its derivatives use and is not currently subject to these recordkeeping, reporting and disclosure requirements under the CEA.

Increased Leverage may Magnify the Fund’s Exposure to Risks Associated with Changes in Interest Rates. If the Fund incurs additional leverage, general interest rate fluctuations may have a more significant negative impact on its investments and investment opportunities than they would have absent such additional incurrence, and, accordingly, may have a material adverse effect on the Fund’s investment objectives and rate of return on investment capital. Because the Fund may borrow money to make investments in the form of debt securities, preferred stock or other securities, the Fund’s net investment income is dependent upon the difference between the rate at which income from investments exceeds the rate at which the Fund pays interest or dividends on such liabilities.

The Fund principally invests in floating-rate assets and incurs its indebtedness on a floating-rate basis as well. The Fund plans to incur indebtedness, when possible, on the same floating base rate applicable to the assets in which it invests. Because the base rate of the Fund’s assets and indebtedness are expected to generally be the same and will therefore fluctuate on largely the same basis, the primary risk that the Fund faces from interest rate fluctuations is a situation where the difference in the rate on investment income versus the base rate, which the Fund refers to as the “spread,” falls and there is not a similar reduction in the spread on the Fund’s indebtedness or losses exceed anticipated levels. In that situation, the investment income, net of losses, less the cost of the Fund’s indebtedness would be reduced. This reduction could create a material adverse effect on the Fund’s investment objectives if the spread compression was significant and persistent over long periods.

The Fund expects that a majority of its investments in debt will continue to be at floating rates. However, as the Fund makes investments in debt at floating rates, a significant increase in market interest rates could also result in an increase in its non-performing assets and a decrease in the value of its portfolio because the portfolio companies paying interest at such increasing floating rates may be unable to meet higher payment obligations. In periods of rising interest rates, the Fund’s cost of funds would increase, which, if not matched with the rising interest rates of its performing floating-rate assets, could result in a decrease in its net investment income. Incurring additional leverage will magnify the impact of an increase to the Fund’s cost of funds. In addition, a decrease in interest rates may reduce net income, because new investments may be made at lower rates despite the increased demand for the Fund’s capital that the decrease in interest rates may produce. To the extent the Fund’s additional borrowings are in fixed-rate instruments, the Fund may be required to invest in higher-yield securities in order to cover its interest expense and maintain its current level of return to shareholders, which may increase the risk of an investment in its Shares.

Effect of Changes in Interest Rates on Investments. To the extent the Fund borrows money or issues debt securities or preferred stock to make investments, the Fund’s net investment income will depend, in part, upon the difference between the rate at which it borrows funds or pays interest or dividends on such debt securities or preferred stock and the rate at which it invests these funds. In addition, many of the Fund’s debt investments and borrowings have floating rate interest rates that reset on a periodic basis, and many of its investments are subject to interest rate floors. As a result, a change in market interest rates could have a material adverse effect on the Fund’s net investment income, in particular with respect to increases that reach the level of the interest rate floors on certain investments. In periods of rising interest rates, the Fund’s cost of funds will increase because the interest rates on the majority of amounts it has borrowed are floating, which could reduce its net investment income to the extent any debt investments have fixed interest rates, and the interest rate on investments with an interest rate floor will not increase until interest rates exceed the applicable floor. The Fund may, to the extent deemed appropriate by the Adviser, use interest rate risk management techniques in an effort to limit its exposure to interest rate fluctuations. Such techniques may include various interest rate hedging activities to the extent permitted by the 1940 Act and applicable commodities laws. These activities may limit the Fund’s ability to participate in the benefits of lower interest rates with respect to the hedged borrowings. Adverse developments resulting from changes in interest rates or hedging transactions could have a material adverse effect on the Fund’s business, financial condition and results of operations.

High Yield Debt. The Fund may invest a portion of its assets in “higher yielding” (and, therefore, generally higher risk) debt securities when the Adviser believes that debt securities offer opportunities for capital appreciation. In most cases, such debt will be rated below “investment grade” or will be unrated and face ongoing uncertainties and exposure to adverse business, financial or economic conditions and the issuer’s failure to make timely interest and principal payments. There are no restrictions on the credit quality of the Fund’s loans. The market for high-yield securities has experienced periods of volatility and reduced liquidity. The market values of certain of these debt securities may reflect individual corporate developments. It is likely that a general economic recession or a major decline in the demand for products and services, in which the obligor operates, could have a materially adverse impact on the value of such securities. In addition, adverse publicity and investor perceptions, whether or not based on fundamental analysis, may also decrease the value and liquidity of these debt securities.

Investments in Unsecured Debt. The Fund may invest a portion of its committed capital in unsecured indebtedness, whereas all or a significant portion of the issuer’s senior indebtedness may be secured. In such situations, the ability of the Fund to influence a portfolio company’s affairs, especially during periods of financial distress or following an insolvency, is likely to be substantially less than that of senior creditors.

Subordinated Loans. The Fund may acquire and/or originate subordinated loans. If a borrower defaults on a subordinated loan or on debt senior to the Fund’s loan, or in the event of the bankruptcy of a borrower, the loan held by the Fund will be satisfied only after the senior loans are repaid in full. Under the terms of typical subordination agreements, senior creditors may be able to block the acceleration of the subordinated debt or the exercise by holders of subordinated debt of other rights they may have as creditors. Accordingly, the Fund may not be able to take the steps necessary or sufficient to protect its investments in a timely manner or at all. In addition, subordinated loans may not always be protected by financial covenants or limitations upon additional indebtedness, may have limited liquidity and may not be rated by a credit rating agency. If a borrower declares bankruptcy, the Fund may not have full or any recourse to the assets of the borrower, or the assets of the borrower may not be sufficient to satisfy the loan. Further, the Adviser’s ability to amend the terms of the Fund’s loans, assign its loans, accept prepayments, exercise its remedies (through “standstill periods”) and control decisions made in bankruptcy proceedings may be limited by intercreditor arrangements. In addition, the risks associated with subordinated loan securities include a greater possibility that adverse changes in the financial condition of the obligor or in general economic conditions (including a sustained period of rising interest rates or an economic downturn) may adversely affect the borrower’s ability to pay principal and interest on its loan. Many obligors on subordinated loan securities are highly leveraged, and specific developments affecting such obligors, including reduced cash flow from operations or the inability to refinance debt at maturity, may also adversely affect such obligors’ ability to meet debt service obligations. The level of risk associated with investments in subordinated loans increases if such investments are loans of distressed or below investment grade issuers. Default rates for subordinated loan securities have historically been higher than has been the case for investment grade securities.

Non-Recourse Obligations. The Fund may invest in non-recourse obligations of issuers. Such obligations are payable solely from proceeds collected in respect of collateral pledged by an issuer to secure such obligations. None of the owners, officers, directors or incorporators of the issuers, board members, any of their respective affiliates or any other person or entity will be obligated to make payments on the obligations. Consequently, the Fund, as holder of the obligations, must rely solely on distributions of proceeds of collateral debt obligations and other collateral pledged to secure obligations for payments due in respect of principal thereof and interest thereon. If distributions of such proceeds are insufficient to make payments on the obligations, no other assets will be available for such payments and following liquidation of all the collateral, the obligations of the issuers to make such payments will be extinguished.

Risk of Publicly Traded Securities. Although not the investment focus of the Fund, the Fund may invest in publicly traded equity and debt securities. These investments are subject to certain risks, including the risk of loss from counterparty defaults, the risks arising from the volatility of the global fixed-income and equity markets, movements in the stock market and trends in the overall economy, increased obligations to disclose information regarding such companies, increased likelihood of shareholder litigation against such companies’ board members, which may include AB personnel, regulatory action by the SEC and increased costs associated with each of the aforementioned risks. When buying a publicly traded security or other publicly traded instruments, the Fund may be unable to obtain financial covenants or other contractual rights that the Fund might otherwise be able to obtain in making privately-negotiated investments. Moreover, the Fund may not have the same access to information in connection with investments in publicly traded securities or other publicly traded instruments, either when investigating a potential investment or after making an investment, as compared to a privately-negotiated investment. Publicly traded securities that are rated by rating agencies are often reviewed and may be subject to downgrade, which generally results in a decline in the market value of such security. Furthermore, the Fund may be limited in its ability to make investments and to sell existing investments in public securities or other publicly traded instruments because AB-PCI may have material, non-public information regarding the issuers of those securities or as a result of other AB-PCI policies. Accordingly, there can be no assurance that the Fund will make investments in public securities or other publicly traded instruments or, if it does, as to the amount it will invest. The inability to sell such securities or instruments in these circumstances could materially adversely affect the investment results of the Fund.

Investments that May Become Distressed. The Fund may make investments that become distressed due to factors outside the control of the Adviser. There is no assurance that there will be sufficient collateral to cover the value of the loans and/or other investments purchased by the Fund or that there will be a successful reorganization or similar action of the company or investment which becomes distressed. In any reorganization or liquidation proceeding relating to a company in which the Fund invests, the Fund may lose its entire investment, may be required to accept cash or securities with a value less than the Fund’s original investment and/or may be required to accept payment over an extended period of time. Under such circumstances, the returns generated from the Fund’s investments may not compensate the Fund investors adequately for the risks assumed. For example, under certain circumstances, a lender who has inappropriately exercised control of the management and policies of a debtor may have its claims subordinated, or disallowed, or may be found liable for damage suffered by parties as a result of such actions. In addition, under circumstances involving a portfolio company’s insolvency, payments to the Fund and distributions by the Fund to the Fund investors may be reclaimed if any such payment or distribution is later determined to have been a fraudulent conveyance or a preferential payment. Investments in restructurings involving non-U.S. portfolio companies may be subject to various laws enacted in the countries of their issuance for the protection of creditors. These considerations will differ depending on the country in which each portfolio company is located or domiciled.

Troubled company and other asset-based investments require active monitoring and may, at times, require participation in business strategy or reorganization proceedings by the Adviser. To the extent that the Adviser becomes involved in such proceedings, the Fund may have participated more actively in the affairs of the company than that assumed generally by a passive investor. In addition, involvement by the Adviser in an issuer’s or portfolio company’s reorganization proceedings could result in the imposition of restrictions limiting the Fund’s ability to liquidate its position in the issuer and/or portfolio company. Such investments would likely take more time to realize before generating any returns and may not pay Current proceeds during the course of reorganization, which would delay the return of capital to Fund investors.

Risks Associated with Revolver, Delayed-Draw and Line of Credit Investments. The Fund is expected to, from time to time, incur contingent liabilities in connection with an investment. For example, the Fund expects to participate in one or more investments that are structured as “revolvers,” “delayed-draws” or “lines of credit.” These types of investments generally have funding obligations that extend over a period of time, and if the portfolio company subsequently draws down on the revolver or delayed-draw facility or on the line of credit, the Fund would be obligated to fund the amounts due. However, there can be no assurance that a borrower will ultimately draw down on any such loan, in which case the Fund may never fund the investment (in full or in part), which may result in the Fund not fully deploying its capital. There can be no assurance that the Fund will adequately reserve for its contingent liabilities and that such liabilities will not have an adverse effect on the Fund.

Risks Associated with Forming CLOs. To finance investments, we may securitize certain of our secured loans or other investments, including through the formation of one or more CLOs, while retaining all or most of the exposure to the performance of these investments. This would involve contributing a pool of assets to a special purpose entity, and selling debt interests in such entity on a non-recourse or limited-recourse basis to purchasers.

If we create a CLO, we will depend in part on distributions from the CLO’s assets out of its earnings and cash flows to enable us to make distributions to shareholders. The ability of a CLO to make distributions will be subject to various limitations, including the terms and covenants of the debt it issues. Also, a CLO may take actions that delay distributions in order to preserve ratings and to keep the cost of present and future financings lower or the CLO may be obligated to retain cash or other assets to satisfy over-collateralization requirements commonly provided for holders of the CLO’s debt, which could impact our ability to receive distributions from the CLO. If we do not receive cash flow from any such CLO that is necessary to satisfy the annual distribution requirement for maintaining RIC status, and we are unable to obtain cash from other sources necessary to satisfy this requirement, we may not maintain our qualification as a RIC, which would have a material adverse effect on an investment in the shares.

In addition, a decline in the credit quality of loans in a CLO due to poor operating results of the relevant borrower, declines in the value of loan collateral or increases in defaults, among other things, may force a CLO to sell certain assets at a loss, reducing their earnings and, in turn, cash potentially available for distribution to us for distribution to shareholders. To the extent that any losses are incurred by the CLO in respect of any collateral, such losses will be borne first by us as owner of equity interests in the CLO.

The collateral manager for a CLO that we create may be the Fund, the Adviser or an affiliate, and such collateral manager may be entitled to receive compensation for structuring and/or management services. To the extent the Adviser or an affiliate other than the Fund serves as collateral manager and the Fund is obligated to compensate the Adviser or the affiliate for such services, we, the Adviser or the affiliate will implement offsetting arrangements to assure that we, and indirectly, our shareholders, pay no additional fees to the Adviser or the affiliate in connection therewith. To the extent the Fund serves as collateral manager, the Fund will receive no fees for providing such collateral management services.

Covenant-Lite Loans. Although the Fund generally expects the transaction documentation of some portion of the Fund’s investments to include covenants and other structural protections, a portion of the Fund’s investments may be composed of so-called “covenant-lite loans.” Generally, covenant-lite loans either do not have certain maintenance covenants that would require the issuer to maintain debt service or other financial ratios or do not contain common restrictions on the ability of the issuer to change significantly its operations or to enter into other significant transactions that could affect its ability to repay such loans. Ownership of covenant-lite loans may expose the Fund to different risks, including with respect to liquidity, price volatility and ability to restructure loans, than is the case with loans that have financial maintenance covenants. As a result, the Fund’s exposure to losses may be increased, which could result in an adverse impact on the issuer’s ability to comply with its obligations under the loan.

Risks Associated with Investing in Equity. The Fund may make certain equity investments. The value of these securities generally will vary with the performance of the issuer and movements in the equity markets. As a result, the Fund may suffer losses if it invests in equity of issuers whose performance diverges from the Adviser’s expectations or if equity markets generally move in a single direction and the Fund has not hedged against such a general move. Equity investments generally will not feature any structural or contractual protections or payments that the Fund may seek in connection with its debt investments. In addition, investments in equity may give rise to additional taxes and/or risks and the Fund may hold these investments through entities treated as corporations for U.S. federal income tax purposes or other taxable structures which may reduce the return from such investments.

Risks Associated with Investing in Convertible Securities. Convertible securities are bonds, debentures, notes, preferred stocks or other securities that may be converted into or exchanged for a specified amount of common stock of the same or different issuer within a particular period of time at a specified price or formula. A convertible security entitles its holder to receive interest that is generally paid or accrued on debt or a dividend that is paid or accrued on preferred stock, in each case, until the convertible security matures or is redeemed, converted or exchanged. Because of their embedded equity component, the value of convertible securities is sensitive to changes in equity volatility and price and a decrease in equity volatility and price could result in a loss for the Fund. The debt characteristic of convertible securities also exposes the Fund to changes in interest rates and credit spreads. The value of the convertible securities may fall when interest rates rise or credit spreads widen. The conversion value of a convertible security is determined by the market price of the underlying common stock. If the conversion value is low relative to the investment value, the price of the convertible security is governed principally by its investment value. To the extent the market price of the underlying common stock approaches or exceeds the conversion price, the price of the convertible security will be increasingly influenced by its conversion value. A convertible security generally will sell at a premium over its conversion value by the extent to which investors place value on the right to acquire the underlying common stock while holding a fixed income security. Generally, the amount of the premium decreases as the convertible security approaches maturity. A convertible security may be subject to redemption at the option of the issuer at a price established in the convertible security’s governing instrument. If a convertible security held by the Fund is called for redemption, the Fund will be required to permit the issuer to redeem the security, convert it into the underlying common stock or sell it to a third party. Any of these actions could have an adverse effect on the Fund’s ability to achieve its investment objective. The Fund’s exposure to these risks may be unhedged or only partially hedged.

Risks Associated with Investing in Structured Credit Instruments. The Fund may invest in structured credit instruments. Structured securities are extremely complex and are subject to risks related to, among other things, changes in interest rates, the rate of defaults in the collateral pool, the exercise of redemption rights by more senior tranches and the possibility that a liquid market will not exist in when the Fund seeks to sell its interest in a structured security.

Assignments and Participations. The Fund may acquire investments directly, by way of assignment or indirectly by way of participation. The purchaser of an assignment of a loan obligation typically succeeds to all the rights and obligations of the selling institution and becomes a lender under the loan or credit agreement with respect to the loan obligation. In contrast, participations acquired in a portion of a loan obligation held by a selling institution typically result in a contractual relationship only with such selling institution, not with the obligor. Therefore, holders of indirect participation interests are subject to additional risks not applicable to a holder of a direct assignment interest in a loan. In purchasing a participation, the Fund generally would have no right to enforce compliance by the obligor with the terms of the loan or credit agreement or other instrument evidencing such loan obligation, nor any rights of set-off against the obligor, and the Fund may not directly benefit from the collateral supporting the loan obligation in which it has purchased the participation. As a result, the Fund would assume the credit risk of both the obligor and the selling institution, which would remain the legal owner of record of the applicable loan. In the event of the insolvency of the selling institution, the Fund may be treated as a general creditor of the selling institution in respect of the participation, may not benefit from any set-off exercised by the selling institution against the obligor and may be subject to any set-off exercised by the obligor against the selling institution. Assignments and participations are typically sold strictly without recourse to the selling institution, and the selling institution generally will make no representations or warranties about the underlying loan, the portfolio companies, the terms of the loans or any collateral securing the loans. Certain loans have restrictions on assignments and participations which may negatively impact the Fund’s ability to exit from all or part of its investment in a loan. In addition, if a participation interest is purchased from a selling institution that does not itself retain any portion of the applicable loan, such selling institution may have limited interests in monitoring the terms of the loan agreement and the continuing creditworthiness of the borrower.

Risks Relating to Fraudulent Conveyances and Voidable Preferences by Issuers. Under U.S. legal principles, in a lawsuit brought by an unpaid creditor or representative of creditors of an issuer of indebtedness (including a bankruptcy trustee), if a court were to find that the issuer did not receive fair consideration or reasonably equivalent value for incurring the indebtedness or for granting security, and that after giving effect to such indebtedness or such security, the issuer (a) was insolvent, (b) was engaged in a business for which the remaining assets of such issuer constituted unreasonably small capital or (c) intended to incur, or believed that it would incur, debts beyond its ability to pay such debts as they mature, such court could determine to invalidate and avoid, in whole or in part, the obligation underlying an investment of the Fund as a constructive fraudulent conveyance. The measure of insolvency for purposes of the foregoing will vary. Generally, an issuer would be considered insolvent at a particular time if the sum of its debts was then greater than all of its property at a fair valuation, or if the present fair saleable value of its assets was then less than the amount that would be required to pay its probable liabilities on its existing debts as they became absolute and matured. There can be no assurance as to what standard a court would apply to determine whether the issuer was “insolvent” after giving effect to the incurrence of the indebtedness in which the Fund invested or that, regardless of the method of valuation, a court would not determine that the issuer was “insolvent” upon giving effect to such incurrence.

In addition, it is possible a court may invalidate, in whole or in part, the indebtedness underlying an investment of the Fund as a fraudulent conveyance, subordinate such indebtedness to existing or future creditors of the obligor or recover amounts previously paid by the obligor in satisfaction of such indebtedness. Moreover, in the event of the insolvency of an issuer of a portfolio company, payments made on its indebtedness could be subject to avoidance as a “preference” if made within a certain period of time (which may be as long as one year) before the portfolio company becomes a debtor in a bankruptcy case.

Even if the Fund does not engage in conduct that would form the basis for a successful cause of action based upon fraudulent conveyance or preference law, there can be no assurance as to whether any lending institution or other party from which the Fund may acquire such indebtedness, or any prior holder of such indebtedness, has not engaged in any such conduct (or any other conduct that would subject such indebtedness to disallowance or subordination under insolvency laws) and, if it did engage in such conduct, as to whether such creditor claims could be asserted in a U.S. court (or in the courts of any other country) against the Fund so that the Fund’s claim against the issuer would be disallowed or subordinated.

Risks Related to Bankruptcy. One or more of the issuers of an investment held by the Fund may become involved in bankruptcy or similar proceedings. There are a number of significant risks inherent in the bankruptcy process. First, many events in a bankruptcy are adversarial and beyond the control of the creditors. While creditors generally are afforded an opportunity to object to significant actions, there can be no assurance that a court would not approve actions which may be contrary to the interests of the Fund. Reorganizations can be contentious and adversarial. Participants may use the threat of, as well as actual, litigation as a negotiating technique. Second, the duration of a bankruptcy case can only be roughly estimated. The bankruptcy process can involve substantial legal, professional and administrative costs to the company and the Fund, it is subject to unpredictable and lengthy delays, and during the process the company’s competitive position may erode, key management may depart and the company may not be able to invest adequately. In some cases, the company may not be able to reorganize and may be required to liquidate assets. Any of these factors may adversely affect the return on a creditor’s investment. Third, U.S. bankruptcy law permits the classification of “substantially similar” claims in determining the classification of claims in a reorganization for purpose of voting on a plan of reorganization. Because the standard for classification is vague, there exists a significant risk that the Fund’s influence with respect to a class of securities can be lost by the inflation of the number and the amount of claims in, or other gerrymandering of, the class. Fourth, in the early stages of the bankruptcy process it is often difficult to estimate the extent of, or even to identify, any contingent claims that might be made. In addition, certain administrative costs and claims that have priority by law over the claims of certain creditors (for example, claims for taxes) may be substantial. Fifth, a bankruptcy may result in creditors and equity holders losing their ranking and priority as such if they are considered to have taken over management and functional operating control of a debtor. Sixth, the Fund may purchase creditor claims subsequent to the commencement of a bankruptcy case, and it is possible that such purchase may be disallowed by a court if it determines that the purchaser has taken unfair advantage of an unsophisticated seller, which may result in the rescission of the transaction (presumably at the original purchase price) or forfeiture by the purchaser.

Further, several judicial decisions in the United States have upheld the right of borrowers to sue lenders or bondholders on the basis of various evolving legal theories (collectively termed “lender liability”). Generally, lender liability is founded upon the premise that an institutional lender or bondholder has violated an implied or contractual duty of good faith and fair dealing owed to the borrower or issuer or has assumed a degree of control over the borrower or issuer resulting in the creation of a fiduciary duty owed to the borrower or issuer or its other creditors or shareholders. Because of the nature of certain of the investments, the Fund could be subject to allegations of lender liability. Because of the potential of AB-PCI or its affiliates to have investments in several positions in the same, different or overlapping levels of a portfolio company’s capital structure, the Fund may be subject to claims from creditors of a portfolio company that the investments should be equitably subordinated to the payment of other obligations of the portfolio company by reason of the conduct of the Fund or AB and its affiliates. In addition, under certain circumstances, a U.S. bankruptcy court could also recharacterize claims held by the Fund as equity interests, and thereby subject such claims to the lower priority afforded equity claims in certain restructuring scenarios.

Exit Financing. The Fund may invest in portfolio companies that are in the process of exiting, or that have recently exited, the bankruptcy process. Post-reorganization securities typically entail a higher degree of risk than investments in securities that have not undergone a reorganization or restructuring. Moreover, post-reorganization securities can be subject to heavy selling or downward pricing pressure after the completion of a bankruptcy reorganization or restructuring. If the Adviser’s evaluation of the anticipated outcome of an investment situation should prove incorrect, the Fund could experience a loss.

Bankruptcy Involving Non-U.S. Companies. Investment in the debt of financially distressed companies domiciled outside the United States involves additional risks. Bankruptcy law and process may differ substantially from that in the United States, resulting in greater uncertainty as to the rights of creditors, the enforceability of such rights, reorganization timing and the classification, seniority and treatment of claims. In certain developing countries, although bankruptcy laws have been enacted, the process for reorganization remains highly uncertain, while other developing countries may have no bankruptcy laws enacted, adding further uncertainty to the process for reorganization.

Creditors’ Committee and/or Board Participation. In connection with some of the investments, the Fund may, but is not obligated to, seek representation on official and unofficial creditors’ committees and/or boards (or comparable governing bodies) of the portfolio companies. While such representation may enable the Adviser to enhance the value of the investments, it may also prevent the Fund from disposing of the investments in a timely and profitable manner, because serving on a creditors’ committee increases the possibility that the Fund will be deemed an “insider” or a “fiduciary” of the portfolio company. If the Adviser concludes that its obligations owed to the other parties as a committee or group member conflict with its duties owed to the Fund, it may resign from that committee or group, and the Fund may not realize the benefits, if any, of participation on the committee or group. If representation on a creditors’ committee or board causes the Fund or the Adviser to be deemed affiliates or related parties of the portfolio company, the securities of such portfolio company held by the Fund may become restricted securities, which are not freely tradable. Participation on a creditors’ committee and/or board representation may also subject the Fund to additional liability to which they would not otherwise be subject as an ordinary course, third-party investor. The Fund will indemnify the Adviser or any other person designated by the Adviser for claims arising from such board and/or committee representation, which could adversely affect the return on the investments. The Fund will attempt to balance the advantages and disadvantages of such representation when deciding whether and how to exercise its rights with respect to such portfolio companies, but changes in circumstances could produce adverse consequences in particular situations.

Investments in Portfolio Companies in Regulated Industries. Certain industries are heavily regulated. The Fund may make loans to borrowers operating in industries that are subject to greater amounts of regulation than other industries generally. These more highly regulated industries may include, among others, energy and power, gaming and healthcare. Investments in borrowers that are subject to a high level of governmental regulation pose additional risks relative to loans to other companies generally. Changes in applicable laws or regulations, or in the interpretations of these laws and regulations, could result in increased compliance costs or the need for additional capital expenditures. If a portfolio company fails to comply with these requirements, it could also be subject to civil or criminal liability and the imposition of fines. A portfolio company also could be materially and adversely affected as a result of statutory or regulatory changes or judicial or administrative interpretations of existing laws and regulations that impose more comprehensive or stringent requirements on such company. Governments have considerable discretion in implementing regulations that could impact a portfolio company’s business, and governments may be influenced by political considerations and may make decisions that adversely affect a portfolio company’s business. Additionally, certain portfolio companies may have a unionized workforce or employees who are covered by a collective bargaining agreement, which could subject any such portfolio company’s activities and labor relations matters to complex laws and regulations relating thereto. Moreover, a portfolio company’s operations and profitability could suffer if it experiences labor relations problems. A work stoppage at one or more of any such portfolio company’s facilities could have a material adverse effect on its business, results of operations and financial condition. Any such problems additionally may bring scrutiny and attention to the Fund, which could adversely affect the Fund’s ability to implement its investment objective.

Investments in Original Issue Discount and Payment-In-Kind Instruments. To the extent that we invest in original issue discount or PIK instruments and the accretion of original issue discount or PIK interest income constitutes a portion of our income, we will be exposed to risks associated with the requirement to include such non-cash income in taxable and accounting income prior to receipt of cash, including the following:

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the higher interest rates on PIK instruments reflect the payment deferral and increased credit risk associated with these instruments, and PIK instruments generally represent a significantly higher credit risk than coupon loans;

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original issue discount and PIK instruments may have unreliable valuations because the accruals require judgments about collectability of the deferred payments and the value of any associated collateral;

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an election to defer PIK interest payments by adding them to the principal on such instruments increases our future investment income which increases our net assets and, as such, increases the Adviser’s future base management fees which, thus, increases the Adviser’s future income incentive fees at a compounding rate;

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market prices of PIK instruments and other zero coupon instruments are affected to a greater extent by interest rate changes, and may be more volatile than instruments that pay interest periodically in cash. While PIK instruments are usually less volatile than zero coupon debt instruments, PIK instruments are generally more volatile than cash pay securities;

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the deferral of PIK interest on an instrument increases the loan-to-value ratio, which is a measure of the riskiness of a loan, with respect to such instrument;

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even if the conditions for income accrual under accounting principles generally accepted in the United States (“GAAP”) are satisfied, a borrower could still default when actual payment is due upon the maturity of such loan;

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for accounting purposes, cash distributions to investors representing original issue discount income do not come from paid-in capital, although they may be paid from the offering proceeds. Thus, although a distribution of original issue discount

income may come from the cash invested by investors, the 1940 Act does not require that investors be given notice of this fact;

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the required recognition of original issue discount or PIK interest for U.S. federal income tax purposes may have a negative impact on liquidity, as it represents a non-cash component of our investment company taxable income that may require cash distributions to shareholders in order to maintain our ability to maintain tax treatment as a RIC for U.S. federal income tax purposes; and

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original issue discount may create a risk of non-refundable cash payments to the Adviser based on non-cash accruals that may never be realized.

In addition, the part of the incentive fee payable by us that relates to our net investment income is computed and paid on income that may include interest that accrues prior to being received in cash, such as original issue discount, market discount, and income arising from debt instruments with PIK interest or zero coupon securities. If a portfolio company defaults on a loan that provides for such accrued interest, it is possible that accrued interest previously used in the calculation of the incentive fee will become uncollectible, and the Adviser will have no obligation to refund any fees it received in respect of such accrued income.

Risks Arising From Entering into a TRS Agreement. A total return swap (“TRS”) is a contract in which one party agrees to make periodic payments to another party based on the change in the market value of the assets underlying the TRS, which may include a specified security, basket of securities or securities indices during a specified period, in return for periodic payments based on a fixed or variable interest rate. A TRS effectively adds leverage to a portfolio by providing investment exposure to a security or market without owning or taking physical custody of such security or investing directly in such market. Because of the unique structure of a TRS, a TRS often offers lower financing costs than are offered through more traditional borrowing arrangements. For purposes of computing the Fund’s incentive fee on income and the incentive fee on capital gains, the calculation methodology will look through derivative financial instruments or swaps as if we owned the reference assets directly.

A TRS is subject to market risk, liquidity risk and risk of imperfect correlation between the value of the TRS and the loans underlying the TRS. In addition, we may incur certain costs in connection with the TRS that could in the aggregate be significant. A TRS is also subject to the risk that a counterparty will default on its payment obligations thereunder or that we will not be able to meet our obligations to the counterparty.

Repurchase Agreements. Subject to our investment objective and policies, we may invest in repurchase agreements as a buyer for investment purposes. Repurchase agreements typically involve the acquisition by the Fund of debt securities from a selling financial institution such as a bank, savings and loan association or broker-dealer. The agreement provides that the Fund will sell the securities back to the institution at a fixed time in the future for the purchase price plus premium (which often reflects the interests). The Fund does not bear the risk of a decline in the value of the underlying security unless the seller defaults under its repurchase obligation. In the event of the bankruptcy or other default of a seller of a repurchase agreement, the Fund could experience both delays in liquidating the underlying securities and losses, including (1) possible decline in the value of the underlying security during the period in which the Fund seeks to enforce its rights thereto; (2) possible lack of access to income on the underlying security during this period; and (3) expenses of enforcing its rights. In addition, as described above, the value of the collateral underlying the repurchase agreement will be at least equal to the repurchase price, including any accrued interest earned on the repurchase agreement. In the event of a default or bankruptcy by a selling financial institution, the Fund generally will seek to liquidate such collateral. However, the exercise of the Fund’s right to liquidate such collateral could involve certain costs or delays and, to the extent that proceeds from any sale upon a default of the obligation to repurchase were less than the repurchase price, the Fund could suffer a loss.

Securities Lending Agreements. We may from time to time make secured loans of our marginable securities to brokers, dealers and other financial institutions if our asset coverage, as defined in the 1940 Act, would at least equal 150% (equivalent to $2 of debt outstanding for each $1 of equity) immediately after each such loan. The risks in lending portfolio securities, as with other extensions of credit, consist of possible delay in recovery of the securities or possible loss of rights in the collateral should the borrower fail financially. However, such loans will be made only to brokers and other financial institutions that are believed by the Adviser to be of high credit standing. Securities loans are made to broker-dealers pursuant to agreements requiring that loans be continuously secured by collateral consisting of U.S. government securities, cash or cash equivalents (e.g., negotiable certificates of deposit, bankers’ acceptances or letters of credit) maintained on a daily mark-to-market basis in an amount at least equal at all times to the market value of the securities lent. If the Fund enters into a securities lending arrangement, the Adviser, as part of its responsibilities under the Advisory Agreement, will invest the Fund’s cash collateral in accordance with the Fund’s investment objective and strategies. The Fund will pay the borrower of the securities a fee based on the amount of the cash collateral posted in connection with the securities lending program. The borrower will pay to the Fund, as the lender, an amount equal to any dividends or interest received on the securities lent.

The Fund may invest the cash collateral received only in accordance with its investment objective, subject to the Fund’s agreement with the borrower of the securities. In the case of cash collateral, the Fund expects to pay a rebate to the borrower. The reinvestment of cash collateral will result in a form of effective leverage for the Fund.

Although voting rights or rights to consent with respect to the loaned securities pass to the borrower, the Fund, as the lender, will retain the right to call the loans and obtain the return of the securities loaned at any time on reasonable notice, and it will do so in order that the securities may be voted by the Fund if the holders of such securities are asked to vote upon or consent to matters materially affecting the investment. The Fund may also call such loans in order to sell the securities involved. When engaged in securities lending, the Fund’s performance will continue to reflect changes in the value of the securities loaned and will also reflect the receipt of interest through investment of cash collateral by the Fund in permissible investments.

Risks Relating to Certain Regulatory Matters

Regulations Governing the Fund’s Operation as a BDC. The Fund will not generally be able to issue and sell its Common Shares at a price below net asset value per share. The Fund may, however, sell Common Shares, or warrants, options or rights to acquire the Fund’s Common Shares, at a price below the then-current net asset value per share of the Fund’s Common Shares if the Fund’s Board determines that such sale is in the Fund’s best interests, and if investors approve such sale. In any such case, the price at which the Fund’s securities are to be issued and sold may not be less than a price that, in the determination of the Fund’s Board, closely approximates the market value of such securities (less any distributing commission or discount). If the Fund raises additional funds by issuing common shares or senior securities convertible into, or exchangeable for, its common shares, then the percentage ownership of investors at that time will decrease, and investors may experience dilution.

Investing a Sufficient Portion of Assets in Qualifying Assets. The Fund may not acquire any assets other than “qualifying assets” unless, at the time of and after giving effect to such acquisition, at least 70% of the Fund’s total assets are qualifying assets.

The Fund believes that most of the investments that it may acquire in the future will constitute qualifying assets. However, the Fund may be precluded from investing in what it believes to be attractive investments if such investments are not qualifying assets for purposes of the 1940 Act. If the Fund does not invest a sufficient portion of its assets in qualifying assets, it could violate the 1940 Act provisions applicable to BDCs. As a result of such violation, specific rules under the 1940 Act could prevent the Fund, for example, from making follow-on investments in existing portfolio companies (which could result in the dilution of its position) or could require the Fund to dispose of investments at inappropriate times in order to come into compliance with the 1940 Act. If the Fund needs to dispose of such investments quickly, it could be difficult to dispose of such investments on favorable terms. The Fund may not be able to find a buyer for such investments and, even if a buyer is found, the Fund may have to sell the investments at a substantial loss. Any such outcomes would have a material adverse effect on the Fund’s business, financial condition, results of operations and cash flows.

If the Fund does not maintain its status as a BDC, it would be subject to regulation as a registered closed-end management investment company under the 1940 Act. As a registered closed-end management investment company, the Fund would be subject to substantially more regulatory restrictions under the 1940 Act which would significantly decrease its operating flexibility.

Incurrence of Significant Costs as a Result of Being an Exchange Act Reporting Company. If the Fund conducts a public offering and list its shares on a national securities exchange, it will be subject to the reporting requirements under the Exchange Act. As an Exchange Act reporting company, the Fund would incur legal, accounting and other expenses, including costs associated with the periodic reporting requirements applicable to a company whose securities are registered under the Exchange Act, as well as additional corporate governance requirements, including requirements under the Sarbanes-Oxley Act of 2002 and other rules implemented by the SEC.

The Fund is not currently required to comply with the requirements of the Sarbanes-Oxley Act, including the internal control evaluation and certification requirements of Section 404 of that statute (“Section 404”), and the Fund will not be required to comply with certain of those requirements until it has been subject to the reporting requirements of the Exchange Act for a specified period of time. However, under current SEC rules, after listing the Fund will be required to report on its internal control over financial reporting pursuant to Section 404. The Fund will be required to review on an annual basis its internal control over financial reporting, and on a quarterly and annual basis to evaluate and disclose changes in internal control over financial reporting. Accordingly, the Fund’s internal controls over financial reporting do not currently meet all of the standards contemplated by Section 404 that the Fund will eventually be required to meet. In the event of a listing, the Fund will address its internal controls over financial reporting and establish formal procedures, policies, processes and practices related to financial reporting and to the identification of key financial reporting risks, assessment of their potential impact and linkage of those risks to specific areas and activities within the Fund’s organization.

Prior to a listing, the Fund will begin the process of documenting its internal control procedures to satisfy the requirements of Section 404, which requires annual management assessments of the effectiveness of internal controls over financial reporting. The Fund’s independent registered public accounting firm will not be required to formally attest to the effectiveness of its internal control over financial reporting until the later of the year following its first annual report required to be filed with the SEC, or the date the Fund is no longer an emerging growth company under the JOBS Act. Because the Fund does not currently have comprehensive documentation of its internal controls and has not yet tested any internal controls in accordance with Section 404, the Fund cannot conclude in accordance with Section 404 that it does not have a material weakness in internal controls or a combination of significant deficiencies that could result in the conclusion that the Fund has a material weakness in internal controls. After a listing, the Fund will, as a public entity, be required to complete its initial assessment in a timely manner. If the Fund is not able to implement the requirements of Section 404 in a timely manner or with adequate compliance following a listing, the Fund’s operations, financial reporting or financial results could be adversely affected. Matters impacting internal controls may cause the Fund to be unable to report its financial information on a timely basis and thereby subject the Fund to adverse regulatory consequences, including sanctions by the SEC or violations of applicable stock exchange listing rules, and result in a breach of the covenants under the agreements governing any of the Fund’s financing arrangements. There could also be a negative reaction in the financial markets due to a loss of investor confidence in the Fund and the reliability of the Fund’s financial statements. Confidence in the reliability of the Fund’s financial statements could also suffer if the Fund or its independent registered public accounting firm were to report a material weakness in the Fund’s internal controls over financial reporting.

New or Modified Laws or Regulations Governing our Operations may Adversely Affect our Business. The Fund’s portfolio companies and the Fund are subject to regulation by-laws at the U.S. federal, state, and local levels. These laws and regulations, as well as their interpretation, may change from time to time, including as the result of interpretive guidance or other directives from the U.S. President and others in the executive branch, and new laws, regulations, and interpretations may also come into effect. Any such new or changed laws or regulations could have a material adverse effect on the Fund’s business. The effects of such laws and regulations on the financial services industry will depend, in large part, upon the extent to which regulators exercise the authority granted to them and the approaches taken in implementing regulations. President Trump may support an enhanced regulatory agenda that imposes greater costs on all sectors and on financial services companies in particular.

Future legislative and regulatory proposals directed at the financial services industry that are proposed or pending in the U.S. Congress may negatively impact the operations, cash flows or financial condition of the Fund or its portfolio companies, impose additional costs on portfolio companies or the Fund intensify the regulatory supervision of the Fund or its portfolio companies or otherwise adversely affect the Fund’s business or the business of its portfolio companies. Laws that apply to the Fund, either now or in the future, are often highly complex and may include licensing requirements. The licensing process can be lengthy and can be expected to subject the Fund to increased regulatory oversight. Failure, even if unintentional, to comply fully with applicable laws may result in sanctions, fines, or limitations on the ability of the Fund or the Adviser to do business in the relevant jurisdiction or to procure required licenses in other jurisdictions, all of which could have a material adverse effect on the Fund. In addition, if the Fund does not comply with applicable laws and regulations, it could lose any licenses that it then holds for the conduct of its business and may be subject to civil fines and criminal penalties.

Additionally, changes to the laws and regulations governing Fund operations, including those associated with RICs, may cause the Fund to alter its investment strategy in order to avail itself of new or different opportunities or result in the imposition of corporate-level taxes on us. Such changes could result in material differences to the Fund’s strategies and plans and may shift the Fund’s investment focus from the areas of expertise of the Adviser to other types of investments in which the Adviser may have little or no expertise or experience. Any such changes, if they occur, could have a material adverse effect on the Fund’s results of operations and the value of an investor’s investment.

In addition, certain regulations applicable to debt securitizations implementing credit risk retention requirements that have taken effect in both the U.S. and in Europe may adversely affect or prevent the Fund from entering into securitization transactions. These risk retention rules will increase the Fund’s cost of funds under, or may prevent the Fund from completing, future securitization transactions. In particular, the U.S. Risk Retention Rules require the sponsor (directly or through a majority-owned affiliate) of a debt securitization, such as CLOs, in the absence of an exemption, to retain an economic interest in the credit risk of the assets being securitized in the form of an eligible horizontal residual interest, an eligible vertical interest, or a combination thereof, in accordance with the requirements of the U.S. Risk Retention Rules. Given the more attractive financing costs associated with these types of debt securitizations as opposed to other types of financing available (such as traditional senior secured facilities), this increases our financing costs, which increases the financing costs ultimately be borne by the Fund’s investors.

Over the last several years, there also has been an increase in regulatory attention to the extension of credit outside of the traditional banking sector, raising the possibility that some portion of the non-bank financial sector will be subject to new regulation. While it cannot be known at this time whether any regulation will be implemented or what form it will take, increased regulation of

non-bank credit extension could negatively impact our operations, cash flows or financial condition, impose additional costs on us, intensify the regulatory supervision of the Fund or otherwise adversely affect the Fund’s business, financial condition and results of operations.

Uncertainty about presidential administration initiatives could negatively impact our business, financial condition and results of operations. There is significant uncertainty with respect to legislation, regulation and government policy at the federal level, as well as the state and local levels. Recent events, including the 2024 U.S. presidential election, have created a climate of heightened uncertainty and introduced new and difficult-to-quantify macroeconomic and political risks with potentially far-reaching implications. The presidential administration’s changes to U.S. policy may impact, among other things, the U.S. and global economy, international trade and relations, unemployment, immigration, corporate taxes, healthcare, the U.S. regulatory environment, inflation and other areas. Although we cannot predict the impact, if any, of these changes to our business, they could adversely affect our business, financial condition, operating results and cash flows. Until we know what policy changes are made and how those changes impact our business and the business of our competitors over the long term, we will not know if, overall, we will benefit from them or be negatively affected by them.

Effect on the Fund of the Dodd-Frank Wall Street Reform and Consumer Protection Act. The enactment of the U.S. Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Dodd-Frank Act”) and other financial regulations curtailed certain investment activities of U.S. banks. As a result, alternative providers of capital (such as the Fund) were able to access certain investment opportunities on a larger scale. If the restrictions under the Dodd-Frank Act are curtailed or repealed, banks may be subject to fewer restrictions on their investment activities, thereby increasing competition with the Fund for potential investment opportunities. As a result, any changes to the Dodd-Frank Act may adversely impact the Fund.

Pay-to-Play Laws, Regulations and Policies. Many states, their subdivisions and associated pension plans have adopted so-called “pay-to-play” laws, rules, regulations or policies which prohibit, restrict or require disclosure of payments to, and/or certain contacts with, certain politicians or officials associated with public entities by individuals and entities seeking to do business with related entities, including seeking investments by public retirement funds in collective investment funds such as the Fund. The SEC also has adopted rules that, among other things, prohibit an investment adviser from providing advisory services for compensation with respect to a government plan investor for two years after the adviser or certain of its executives or employees makes a contribution to certain elected officials or candidates for certain elected offices. If the Adviser or the Adviser’s respective employees or affiliates violate such pay-to-play laws, rules, regulations or policies, such non-compliance could have an adverse effect on the Fund by, for example, providing the basis for the ability of such government-affiliated pension plan investor to cease funding its obligations to the Fund or to withdraw from the Fund.

Government Policies; Changes in Laws; International Trade. Governmental regulatory activity, especially that of the Board of Governors of the U.S. Federal Reserve System, may have a significant effect on interest rates and on the economy generally, which in turn may affect the price of the securities in which the Fund plans to invest. High interest rates, the imposition of credit controls or other restraints on the financing of takeovers or other acquisitions could diminish the number of merger tender offers, exchange offers or other acquisitions, and as a consequence have a materially adverse effect on the activities of the Fund. Moreover, changes in U.S. federal, state, and local tax laws, U.S. federal or state securities and bankruptcy laws or in accounting standards may make corporate acquisitions or restructurings less desirable or make risk arbitrage less profitable. Amendments to the U.S. Bankruptcy Code or other relevant laws could also alter an expected outcome or introduce greater uncertainty regarding the likely outcome of an investment situation.

In addition, governmental policies could create uncertainty for the global financial system and such uncertainty may increase the risks inherent to the Fund and its activities. For example, in March 2018, the United States imposed an additional 25% tariff under Section 232 of the Trade Expansion Act of 1962, as amended, on steel products imported into the United States. Furthermore, in May 2019, the United States imposed a 25% tariff on certain imports from China, and China reacted with tariffs on certain imports from the United States. These tariffs and restrictions, as well as other changes in U.S. trade policy, have resulted in, and may continue to trigger, retaliatory actions by affected countries, including imposing trade sanctions on certain U.S. products. A “trade war” of this nature has the potential to increase costs, decrease margins, reduce the competitiveness of products and services offered by current and future portfolio companies and adversely affect the revenues and profitability of companies whose businesses rely on imports and exports. Prospective Fund investors should realize that any significant changes in governmental policies (including tariffs and other policies involving international trade) could have a material adverse impact on the Fund and its investments.

EU General Data Protection Regulation. In Europe, the General Data Protection Regulation (“GDPR”) was made effective on May 25, 2018, introducing substantial changes to current European privacy laws. It has superseded the existing Data Protection Directive, which is the key European legislation governing the use of personal data relating to living individuals. The GDPR provides enhanced rights to individuals with respect to the privacy of their personal data and applies not only to organizations with a presence

in the European Union which use or hold data relating to living individuals, but also to those organizations that offer services to individual European Union investors. In addition, although regulatory behavior and penalties under the GDPR remain an area of considerable scrutiny, it does increase the sanctions for serious breaches to the greater of €20 million or 4% of worldwide revenue, the impact of which could be significant. Compliance with the GDPR may require additional measures, including updating policies and procedures and reviewing relevant IT systems, which may create additional costs and expenses for the Fund and therefore the Fund investors. The Fund may have indemnification obligations in respect of, or be required to pay the expenses relating to, any litigation or action as a result of any purported breach of the GDPR. Fund investors other than individuals in the European Union may not be afforded the protections of the GDPR.

Risks Arising from Potential Controlled Group Liability. Under certain circumstances it would be possible for the Fund, along with its affiliates, to obtain a controlling interest (i.e., 80% or more) in certain portfolio companies. This could occur, for example, in connection with a work out of the portfolio company’s debt obligations or a restructuring of the portfolio company’s capital structure. Based on recent federal court decisions, there is a risk that the Fund (along with its affiliates) would be treated as engaged in a “trade or business” for purposes of ERISA’s controlled group rules. In such an event, the Fund could be jointly and severally liable for a portfolio company’s liabilities with respect to the underfunding of any pension plans which such portfolio company sponsors or to which it contributes. If the portfolio company were not able to satisfy those liabilities, they could become the responsibility of the Fund, causing it to incur potentially significant, unexpected liabilities for which reserves were not established.

Risks Related to Being an “Emerging Growth Company.” We will be and we will remain an “emerging growth company” as defined in the JOBS Act until the earlier of (a) the last day of the fiscal year (i) in which we have total annual gross revenue of at least $1.235 billion, or (ii) in which we are deemed to be a large accelerated filer, which means the market value of our shares that is held by non-affiliates exceeds $700 million as of the date of our most recently completed second fiscal quarter, and (b) the date on which we have issued more than $1.0 billion in non-convertible debt during the prior three-year period. For so long as we remain an “emerging growth company,” we may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not “emerging growth companies” including, but not limited to, not being required to comply with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act. We cannot predict if investors will find our shares less attractive because we will rely on some or all of these exemptions. If some investors find our shares less attractive as a result, there may be a less active trading market for our shares and our share price may be more volatile.

In addition, Section 107 of the JOBS Act also provides that an “emerging growth company” can take advantage of the extended transition period provided in Section 7(a)(2)(B) of the 1933 Act for complying with new or revised accounting standards. In other words, an “emerging growth company” can delay the adoption of certain accounting standards until those standards would otherwise apply to private companies. We will take advantage of the extended transition period for complying with new or revised accounting standards, which may make it more difficult for investors and securities analysts to evaluate us since our financial statements may not be comparable to companies that comply with public company effective dates and may result in less investor confidence.

Risks Arising from Compliance with the SEC’s Regulation Best Interest. Broker-dealers must comply with Regulation Best Interest, which, among other requirements, enhances the existing standard of conduct for broker-dealers and natural persons who are associated persons of a broker-dealer when recommending to a retail customer any securities transaction or investment strategy involving securities to a retail customer. Regulation Best Interest imposes a duty of care for broker-dealers to evaluate reasonably available alternatives in the best interests of their clients. There are likely alternatives to us that are reasonably available to you, through your broker or otherwise, and those alternatives may be less costly or have a lower investment risk. Among other alternatives, listed BDCs may be reasonable alternatives to an investment in our Common Shares, and may feature characteristics like lower cost, less complexity, and lesser or different risks. Investments in listed securities also often involve nominal or zero commissions at the time of initial purchase. The impact of Regulation Best Interest on broker-dealers participating in our offering cannot be determined at this time, but it may negatively impact whether broker-dealers and their associated persons recommend this offering to retail customers. Under Regulation Best Interest, high cost, high risk and complex products may be subject to greater scrutiny by broker-dealers and their salespersons. If Regulation Best Interest reduces our ability to raise capital in this offering, it would harm our ability to create a diversified portfolio of investments and achieve our investment objective and would result in our fixed operating costs representing a larger percentage of our gross income.

U.S. Federal Income Tax Risks

RIC Qualification Risks. To maintain RIC tax treatment under Subchapter M of the Code, we must, among other things, meet annual distribution, income source and asset diversification requirements. If we do not maintain RIC tax treatment for any reason and are subject to corporate income tax, the resulting corporate taxes could substantially reduce our net assets, the amount of income available for distribution and the amount of our distributions.

Difficulty with Paying Required Distributions. For U.S. federal income tax purposes, we may be required to recognize taxable income in circumstances in which we do not receive a corresponding payment in cash. For example, if we hold debt obligations that are treated under applicable tax rules as having original issue discount (such as zero coupon securities, debt instruments with PIK interest or, in certain cases, increasing interest rates or debt instruments that were issued with warrants), we must include in income each year a portion of the original issue discount that accrues over the life of the obligation, regardless of whether cash representing such income is received by us in the same taxable year. We may also have to include in income other amounts that we have not yet received in cash, such as deferred loan origination fees that are paid after origination of the loan or are paid in non-cash compensation such as warrants or stock. We anticipate that a portion of our income may constitute original issue discount or other income required to be included in taxable income prior to receipt of cash. Further, we may elect to amortize market discount and include such amounts in our taxable income in the current year, instead of upon disposition, as an election not to do so would limit our ability to deduct interest expenses for tax purposes.

Because any original issue discount or other amounts accrued will be included in our investment company taxable income for the year of the accrual, we may be required to make a distribution to our shareholders in order to satisfy the annual distribution requirement, even though we will not have received any corresponding cash amount. As a result, we may have difficulty meeting the annual distribution requirement necessary to qualify for and maintain RIC tax treatment under Subchapter M of the Code. We may have to sell some of our investments at times and/or at prices we would not consider advantageous, raise additional debt or equity capital or forgo new investment opportunities for this purpose. If we are not able to obtain cash from other sources, we may not qualify for or maintain RIC tax treatment and thus may become subject to corporate-level income tax. The resulting corporate taxes could substantially reduce our net assets, the amount of income available for distribution and the amount of our distributions.

Some Investments May be Subject to Corporate-Level Income Tax. We may invest in certain debt and equity investments through taxable subsidiaries and the taxable income of these taxable subsidiaries will be subject to federal and state corporate income taxes. We may invest in certain foreign debt and equity investments which could be subject to foreign taxes (such as income tax, withholding and value added taxes).

Certain Portfolio Investments May Present Special Tax Issues. We expect to invest in debt securities that are rated below investment grade by rating agencies or that would be rated below investment grade if they were rated. Investments in these types of instruments may present special tax issues. U.S. federal income tax rules are not entirely clear about certain issues related to such investments such as when we may cease to accrue interest, original issue discount or market discount, when and to what extent deductions may be taken for bad debts or worthless instruments, how payments received on obligations in default should be allocated between principal and income and whether exchanges of debt obligations in a bankruptcy or workout context are taxable. These and other issues will be addressed by us, to the extent necessary, to distribute sufficient income to preserve our tax status as a RIC and minimize the extent to which we are subject to U.S. federal income or excise tax.

Legislative or Regulatory Tax Changes Could Adversely Affect Investors. At any time, the U.S. federal income tax laws governing RICs or the administrative interpretations of those laws or regulations may be amended. Any new laws, regulations or interpretations may take effect retroactively and could adversely affect the taxation of us or our shareholders. Therefore, changes in tax laws, regulations or administrative interpretations or any amendments thereto could diminish the value of an investment in our shares or the value or the resale potential of our investments.

Item 1B. Unresolved Staff Comments

Not applicable.

Item 1C. Cybersecurity

Cyber Risk Management and Strategy

We have processes in place to assess, identify, and manage material risks from cybersecurity threats. Our business is dependent on the communications and information systems of the Adviser, AB and other third-party service providers. The Adviser manages our day-to-day operations and has implemented AB’s Information Security Program (“ISP”) that applies to the Fund and its operations.

We rely on the digital technology of AB and the Adviser to conduct our business operations and engage with our clients and business partners. The technology that AB, the Adviser, clients, and business partners rely upon becomes more complex over time as do threats to our business operations from cyber intrusions, denial of service attacks, manipulation and other cyber misconduct. Information Security is an ongoing process of exercising due care that is designed to protect corporate, client and employee information and systems from unauthorized access, destruction, disclosure, disruption and modification of use.

Through a combination of security, risk and compliance resources, AB implements information security through a dedicated ISP that is intended to identify, assess and manage material risks from cybersecurity threats applicable to the Fund, and which includes a focus on safeguarding information and assets from cyber threats, engaging in cyber threat monitoring and responding to actual or potential cyber incidents. Our ISP is led by AB’s Chief Information Security Officer (“CISO”) who actively partners with AB’s Chief Compliance Officer and Chief Risk Officer and, in turn, the Fund’s Adviser, Board and Chief Compliance Officer. Ultimately, we rely on AB’s full enterprise risk framework, which includes the ISP, information technology, business continuity, resiliency and cybersecurity risk, in combination with a broader risk management team, including AB’s Chief Security Officer.

AB’s CISO, with assistance from internal and external resources, is responsible for implementing and providing oversight of the ISP that applies to the Fund. The ISP employs a defense-in-depth strategy: an information assurance concept in which multiple layers of security controls are distributed throughout an operating environment. The concept manages risk with diverse defensive strategies, so that if one layer of defense fails, another layer of defense will attempt to compensate. The ISP features cybersecurity policies, standards and guidelines, committee governance, training, access controls and data controls.

The ISP, together with related risk and compliance resources, is designed to proactively manage the risk of threat from cybersecurity incidents through (i) implementing protocols to take cybersecurity considerations into account in adopting and onboarding our technology resources, (ii) monitoring IT controls to better ensure compliance with cybersecurity and other related legal and regulatory requirements, (iii) assessing adherence by critical and material third parties we partner with to ensure that the appropriate risk management standards are met, (iv) ensuring essential business functions remain available during a business disruption, and (v) regularly developing and updating response plans to address potential IT or cyber incidents should they occur. AB’s security, risk and compliance resources are designed to prioritize IT and cybersecurity risk areas, identify solutions that minimize such risks, pursue optimal outcomes and maintain compliance standards. We also rely on AB’s ISP to maintain an operation security function that has a real time response capability that triages potential incidents and triggers impact mitigation protocols.

Additionally, we rely on AB and the Adviser to utilize third parties to conduct periodic cybersecurity assessments, including assessments impacting the Fund, and AB’s internal audit function includes certain cyber risk audits as part of any overall risk audit. We rely on AB to review the recommendations and findings from those assessments and audits and implement corrective and other measures as appropriate and as may be relevant to the Fund. AB’s cybersecurity processes rely predominantly on internal resources, but also include important third party resources for certain matters, including the aforementioned assessments as well as our continuous cybersecurity threat monitoring and initial incident reporting system.

As part of the ISP that is applicable to the Fund, AB also performs cyber risk assessments on the Fund’s critical and material third party vendors during onboarding and periodically thereafter.

During the reporting period, we have not had a cybersecurity incident that has materially affected, or was reasonably likely to materially affect, the Fund, including our business strategy, results of operations or financial condition. There are risks from cybersecurity threats that if they were to occur could materially affect our business strategy, results of operations or financial condition, including as discussed in “Item 1A Risk factors – Cybersecurity” although we do not currently believe that such a result is reasonably likely.

Cyber Risk Governance

The Board provides strategic oversight over the Fund generally and has delegated oversight on cybersecurity matters to the Fund’s Audit Committee, including oversight of risks associated with cybersecurity threats. AB’s CISO, the Adviser’s Chief Compliance Officer and the Fund’s Chief Compliance Officer periodically report to the Audit Committee, which in turn reports to the Board on the status of AB’s ISP, cybersecurity risks, risk management policies and risk assessment initiatives. Such reports particularly emphasize any material risks concerning the Fund.

The Chief Compliance Officer of the Fund oversees the Fund’s risk management function generally and relies on the Adviser’s Chief Compliance Officer to assist with assessing and managing material risks from cybersecurity threats. The Adviser’s Chief Compliance Officer has 14 years of experience in the financial services industry, and during such time has acquired relevant experience overseeing and actively managing cybersecurity and information security programs for financial services companies with complex information systems. The Fund’s Chief Compliance Officer has been responsible for the general oversight function as Chief Compliance Officer to the Fund for 5 years and has worked in the financial services industry for 20 years, during which the Fund’s Chief Compliance Officer has gained expertise in assessing and managing risk applicable to the Fund.

Management is informed about and monitors the prevention, detection, mitigation, and remediation of cybersecurity incidents impacting the Fund, including through the receipt of notifications from service providers and reliance on communications with ISP personnel of the Adviser and AB.

Item 2. Properties

The Fund maintains its principal executive office at 405 Colorado Street, Suite 1500, Austin, Texas 78701. We believe that our office facilities are suitable and adequate for our business as it is currently conducted. The Fund does not own any real estate.

Item 3. Legal Proceedings

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

Item 4. Mine Safety Disclosures

Not applicable.

PART II

Item 5. Market for Registrant’s Common Equity, Related Shareholder Matters and Issuer Purchases of Equity Securities Share Issuances

The Offering consists of three classes of shares of our Common Stock, Class I shares, Class S shares, and Class D shares. The share classes have different ongoing shareholder servicing fees. Other than the differences in ongoing shareholder servicing and/or distribution fees, each class of Common Stock has the same economics and voting rights. Shares of our common stock are not listed for trading on a stock exchange or other securities market and there is no established public trading market for our common stock.

We expect to determine our NAV for each class of shares each month as of the last day of each calendar month. The NAV per share for each class of shares is determined by dividing the value of total assets attributable to the class minus liabilities attributable to the class by the total number of Common Shares outstanding of the class at the date as of which the determination is made.

The Fund’s monthly NAV per share for each of the classes of shares for the year ended December 31, 2025 were as follows:


	Class S Shares		Class D Shares		Class I shares
January 31, 2025		-		-		25.35
February 28, 2025		-		-		25.29
March 31, 2025		-		-		25.35
April 30, 2025		-		-		25.30
May 31, 2025		-		-		25.31
June 30, 2025		-		-		25.24
July 31, 2025		-		-		25.23
August 31, 2025		-		-		25.23
September 30, 2025		-		-		25.30
October 31, 2025		-		-		25.29
November 30, 2025		-		-		25.27
December 31, 2025		-		-		25.20

The Fund’s monthly NAV per share for each of the classes of shares for the year ended December 31, 2024 were as follows:


	Class S Shares		Class D Shares		Class I shares
April 30, 2024		-		-		25.00
May 31, 2024		-		-		25.26
June 30, 2024		-		-		25.66
July 31, 2024		-		-		25.83
August 31, 2024		-		-		26.16
September 30, 2024		-		-		25.10
October 31, 2024		-		-		25.08
November 30, 2024		-		-		25.07
December 31, 2024		-		-		25.36

Market Information

There is not currently and we do not expect there to be a public market for our shares.

Holders

As of March 25, 2026, there were seven holders of record of our Class I common shares; there were no holders of record of our Class S or D common shares as of such date.

Recent Sales of Unregistered Securities and Use of Proceeds

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

Distribution Policy

We expect to pay regular monthly distributions. Any distributions we make will be at the discretion of our Board, considering factors such as our earnings, cash flow, capital needs, and general financial condition and the requirements of Delaware law. As a result, our distribution rates and payment frequency may vary from time to time.

Our Board's discretion as to the payment of distributions will be directed, in substantial part, by its determination to cause us to comply with the RIC requirements. To maintain our treatment as a RIC, we generally are required to make aggregate annual distributions to our shareholders of at least 90% of investment company taxable income.

Distribution Reinvestment Plan

Shareholders who receive distributions in the form of additional shares are generally subject to the same U.S. federal, state and local tax consequences as are shareholders who elect to receive their distributions in cash. Distributions on fractional shares will be credited to each participating shareholder's account to three decimal places. Shareholders located in Alabama, Arkansas, Idaho, Kansas, Kentucky, Maine, Maryland, Massachusetts, Nebraska, New Jersey, North Carolina, Ohio, Oregon, Vermont and Washington, as well as those who are clients of certain participating brokers that do not permit automatic enrollment in our distribution reinvestment plan, will automatically receive their distributions in cash unless they elect to participate in our distribution reinvestment plan and have their cash distributions reinvested in additional Common Shares.

Issuer Purchases of Equity Securities

At the discretion of the Board, the Fund has commenced a share repurchase program in which the Fund may repurchase, in each quarter, up to 5% of the NAV of the Fund's Common Shares outstanding (either by number of shares or aggregate NAV) as of the close of the previous calendar quarter. The Board may amend or suspend the share repurchase program at any time if in its reasonable judgment it deems such action to be in the best interest of shareholders, such as when a repurchase offer would place an undue burden on the Fund's liquidity, adversely affect the Fund's operations or risk having an adverse impact on the Fund that would outweigh the benefit of the repurchase offer. As a result, share repurchases may not be available each quarter.

Under the share repurchase plan, to the extent the Fund offers to repurchase shares in any particular quarter, it is expected to repurchase shares pursuant to tender offers using a purchase price equal to the NAV per share as of the last calendar day of the applicable quarter, except that shares that have not been outstanding for at least one year will be repurchased net of the Early Repurchase Deduction. The Early Repurchase Deduction may be waived in the case of repurchase requests arising from the death, divorce, or qualified disability of the holder. For the year ended December 31, 2025 and December 31, 2024, there were no shares tendered.

On December 29, 2025, the Fund commenced a tender offer (the “December 2025 Tender Offer”) pursuant to which the Fund offered to repurchase up to 296,281 Shares tendered prior to January 29, 2026 (the “December 2025 Tender Offer Expiration Date”). No Shares were validly tendered by stockholders and not properly withdrawn prior to the December 2025 Tender Offer Expiration Date.

The following table sets forth information regarding repurchases of Shares during the three months ended December 31, 2025:


	For the three months ended December 31, 2025
Offer Date	December 29, 2025
Expiration Date	January 29, 2026
Purchase Price per Share	$	25.27
Shares Repurchased		296
Aggregate Dollar Amount of Shares Accepted for Repurchase	$	—

Item 6. [Reserved]

Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations

The following analysis of the Fund’s financial condition and results of operations should be read in conjunction with the Fund’s consolidated financial statements and the related notes thereto contained elsewhere in this Annual Report on Form 10-K.

Overview

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

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

•

the 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;

•

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

•

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

•

registered public accounting firm provide an attestation report on the effectiveness of our internal control over financial reporting, until such time as the Fund ceases to be an emerging growth company and becomes an accelerated filer as defined in Rule 12b-2 under the Exchange Act. This may increase the risk that material weaknesses or other deficiencies in the Fund’s internal control over financial reporting go undetected.

Initial Portfolio

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

Investments

Revenues

Expenses

Except as specifically provided below, all investment professionals and staff of the Adviser and AB (in its capacity as sub-adviser of the Fund, “AB High Yield”), when and to the extent engaged in providing investment advisory services to us, and the base compensation, bonus and benefits of such personnel allocable to such services, will be provided and paid for by the Adviser and the Sub-Adviser, as applicable. We will bear all other costs and expenses of our operations, administration and transactions, including, but not limited to (a) investment advisory fees, including management fees and incentive fees, to the Adviser, pursuant to the Advisory Agreement, dated August 7, 2024, between the Fund and the Adviser (the “Advisory Agreement”), and to AB High Yield, pursuant to the Sub-Advisory Agreement, dated August 7, 2024, between the Adviser and AB High Yield; (b) the costs and expenses incurred by the Administrator in performing its administrative obligations under the Administration Agreement, dated August 7, 2024, by and between the Fund and the Administrator. We also will be liable to reimburse the Administrator for the Fund’s allocable portion of compensation of the Administrator’s personnel, including but not limited to: (i) the Fund’s chief compliance officer, chief financial

officer and their respective staffs; (ii) investor relations, legal, operations and other non-investment professionals at the Administrator that perform duties for the Fund; and (iii) any internal audit group personnel of AB-PCI or any of its affiliates. The Administrator may defer or waive rights to be reimbursed for the costs and expenses noted above including the Fund’s allocable portion of compensation of the Administrator’s personnel; and (c) all other expenses of our operations, administrations and transactions.

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

Expense Support and Conditional Reimbursement Agreement

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

Recent Developments

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

Activity

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


	Year Ended December 31, 2025				Year Ended December 31, 2024
Investments in Portfolio Companies	$	(125,489,129	)	(1)	$	(297,245,928	)	(2)
Draw Downs against Revolvers and Delayed Draw Term Loan		(12,632,054	)			(6,147,846	)
Principal Repayments		66,589,498		(3)		24,318,331		(4)
Sales		11,434,849				—
Net Repayments (Investments)	$	(60,096,836	)		$	(279,075,443	)

(1)

Includes investments in 94 portfolio companies.

(2)

Includes investments in 82 portfolio companies.

(3)

Includes $2,353,707 in revolver and delayed draw term paydowns

(4)

Includes $1,658,448 in revolver and delayed draw term paydowns.

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


	As of December 31, 2025
	Amortized Cost		Percentage of Total			Fair Value		Percentage of Total			Weighted Average Yield(1)
First Lien Senior Secured Debt	$	336,123,911		97.65	%	$	335,718,370		97.61	%		9.23	%
Second Lien Junior Secured Debt		926,748		0.27	%	$	812,911		0.24	%		20.22	%
Investment Companies		2,493,075		0.72	%	$	2,755,419		0.80	%
Cash equivalents		4,663,819		1.36	%	$	4,663,819		1.35	%
Total	$	344,207,553		100.00	%	$	343,950,519		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, 2024:


	As of December 31, 2024
	Amortized Cost		Percentage of Total			Fair Value		Percentage of Total			Weighted Average Yield(1)
First Lien Senior Secured Debt	$	278,279,616		95.66	%	$	278,885,527		95.66	%		10.28	%
Second Lien Junior Secured Debt		911,374		0.31	%	$	891,979		0.31	%		17.52	%
Cash and Cash equivalents		11,736,791		4.03	%	$	11,736,791		4.03	%
Total	$	290,927,781		100.00	%	$	291,514,297		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 December 31, 2025 and December 31, 2024:


	As of December 31, 2025			As of December 31, 2024
Number of portfolio companies		132			82
Percentage of debt bearing a floating rate(1)		100	%		100	%
Percentage of debt bearing a fixed rate(1)		—	%		—	%

(1)

Measured on a fair value basis and excludes equity securities.

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


	Amortized Cost		Percentage of Total			Fair Value		Percentage of Total
Performing	$	337,050,659		100	%	$	336,531,281		100	%
Non-accrual	$	—		—	%	$	—		—	%
Total	$	337,050,659		100.00	%	$	336,531,281		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, 2024:


	Amortized Cost		Percentage of Total			Fair Value		Percentage of Total
Performing	$	279,190,990		100	%	$	279,777,506		100	%
Non-accrual	$	—		—	%	$	—		—	%
Total	$	279,190,990		100.00	%	$	279,777,506		100.00	%

Investments are placed on non-accrual status when it is probable that principal, interest or dividends will not be collected according to the contractual terms. Accrued interest or dividends generally are reversed when an investment is placed on non-accrual status. Interest or dividend payments received on non-accrual investments may be recognized as income or applied to principal depending upon management’s judgment. Non-accrual investments are restored to accrual status when past due principal and interest or dividends are paid and, in management’s judgment, principal and interest or dividend payments are likely to remain current. The Fund may make exceptions to this treatment if an investment has sufficient collateral value and is in the process of collection. As of December 31, 2025 and December 31, 2024, the Fund did not have any non-accrual investments.

The Fund uses the Global Industry Classification Standard (“GICS”) for classifying the industry groupings of its investments. 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 December 31, 2025 (with corresponding percentage of total portfolio investments):


	As of December 31, 2025
	Amortized Cost		Percentage of Total			Fair Value		Percentage of Total
Aerospace & Defense		495,000		0.15	%		494,690		0.15	%
Automobile Components		5,082,900		1.50	%		5,159,831		1.52	%
Automobiles		7,547,488		2.22	%		7,602,932		2.24	%
Banks

AB Private Lending Fund 10-K