AB 2020 Form 10-K

AB Private Credit Investors Corporation Consolidated Statements of Operations For the year ended December 31, 2020 For the year ended December 31, 2019 For the year ended December 31, 2018 Investment Income: Interest income, net of amortization/accretion $30,722,786 $21,204,120 $ 5,516,602 Payment-in-kind interest 862,336 301,603 19,444 Other fee income 634,388 229,144 191,375 Total investment income 32,219,510 21,734,867 5,727,421 Expenses: Interest and borrowing expenses 8,616,494 8,465,414 1,749,302 Management fees 6,091,338 3,688,293 957,992 Collateral management fees 1,843,957 1,156,419 — Income-based incentive fee 1,790,567 981,757 232,164 Professional fees 1,722,056 1,507,579 2,041,495 Administration and custodian fees 451,514 347,444 186,986 Insurance expenses 289,496 261,351 247,500 Directors’ fees 200,000 144,606 149,416 Organization expenses 106,510 — — Transfer agent fees 50,199 28,600 4,424 Offering costs — — 156,089 Other expenses 625,919 539,659 195,544 Total expenses 21,788,050 17,121,122 5,920,912 Reimbursement payments to Adviser (See Note 3: Expense Support and Conditional Reimbursement Agreement 2,439,175 107,841 — Waived collateral management fees (1,843,957) (1,156,419) — Expense reimbursement from Adviser (89,757) (447,556) (2,307,281) Waived management fees (1,863,539) (380,701) (127,862) Waived incentive fees (486,784) (132,327) (32,302) Net expenses 19,943,188 15,111,960 3,453,467 Net investment income before taxes 12,276,322 6,622,907 2,273,954 Excise tax expense — — 3 Net investment income 12,276,322 6,622,907 2,273,951 Net realized and change in unrealized gains (losses) on investment transactions: Net realized gain (loss) from investments 569,369 83,847 9,514 Net change in unrealized appreciation (depreciation) on investments (4,345,008) (1,139,312) (704,864) Net realized and change in unrealized gains (losses) on investment transactions (3,775,639) (1,055,465) (695,350) Net increase in net assets resulting from operations $ 8,500,683 $ 5,567,442 $ 1,578,601 Less: Net increase (decrease) in net assets resulting from operations related to Non-Controlling Interest in ABPCIC Equity Holdings, LLC. $ (879) $ — $ — Net increase (decrease) in net assets resulting from operations related to AB Private Credit Investors Corporation $ 8,501,562 $ 5,567,442 $ 1,578,601 Net investment income per share (basic and diluted): Net investment income per share (basic and diluted): $ 0.66 $ 0.66 $ 0.61 Earnings per share (basic and diluted): $ 0.46 $ 0.56 $ 0.42 Weighted average shares outstanding: 18,603,813 10,024,619 3,718,757 F-2