AB 2020 Form 10-K

Item 6. Selected Financial Data The following selected consolidated financial data as of and for the years ended December 31, 2020, December 31, 2019, December 31, 2018 and December 31, 2017 should be read in conjunction with the information contained in “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” the audited consolidated financial statements and the notes thereto included elsewhere in this Annual Report. As of and for the Year Ended December 31, 2020 As of and for the Year Ended December 31, 2019 As of and for the Year Ended December 31, 2018 As of and for the Year Ended December 31, 2017 Consolidated statements of operations data: Total investment income $ 32,219,510 $ 21,734,867 $ 5,727,421 $ 136,933 Total expenses 21,788,050 17,121,122 5,920,912 2,140,625 Reimbursement Payment to Adviser 2,439,175 107,841 0 0 Expense Reimbursement from Adviser (89,757) (447,556) (2,307,281) (2,029,545) Waived Collateral Management Fees (1,843,957) (1,156,419) 0 0 Waived Management Fees (1,863,539) (380,701) (127,862) (23,745) Waived Incentive Fees (486,784) (132,327) (32,302) 0 Excise Tax Expense 0 0 3 2,336 Net investment income 12,276,322 6,622,907 2,273,951 47,262 Net realized and change in unrealized loss on investments (3,775,639) (1,055,465) (695,350) (4,246) Net increase in net assets resulting from operations $ 8,500,683 $ 5,567,442 $ 1,578,601 $ 43,016 Less: Net increase (decrease) in net assets resulting from operations related to Non-Controlling Interests 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 $ 43,016 Per share data: Net investment income $ 0.66 $ 0.66 $ 0.61 $ 0.04 Net increase in net assets resulting from operations $ 0.15 $ 0.58 $ 0.44 $ 0.02 Distributions declared $ (0.68) $ (0.61) $ (0.55) $ 0.00 Consolidated statement of assets and liabilities data (at period end): Total assets $ 593,031,501 $ 382,180,263 $ 153,963,828 $ 48,039,586 Total investments, at fair value $ 533,035,030 $ 345,025,318 $ 137,803,133 $ 23,873,030 Total liabilities $ 370,671,228 $ 237,617,868 $ 90,690,118 $ 23,807,203 Total debt $ 360,908,354 $ 229,836,633 $ 88,200,000 $ 23,500,000 Total net assets $ 222,360,273 $ 144,562,395 $ 63,273,710 $ 24,232,383 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 was formed on February 6, 2015 as a corporation under the laws of the State of Maryland. On June 27, 2016, the Fund issued and sold 100 Shares to AB Private Credit Investors LLC, the Adviser, for an aggregate purchase price of $1,000. On May 26, 2017, the Fund issued 2,400 Shares to the Adviser, for an aggregate purchase price of $24,000. The Fund has elected to be treated as a BDC under the 1940 Act. The Fund has also elected, and plan to continue to elect and qualify annually, as a RIC under Subchapter M of the Code for U.S. federal income tax purposes. To the extent that the Fund has net taxable income prior to its qualification as RIC, it will be subject to U.S. federal income tax on such income. As a BDC and a RIC, respectively, the Fund is and will be required to comply with various regulatory requirements, such as the requirement to invest at least 70% of its assets in “qualifying assets,” source of income limitations, asset diversification requirements, and the requirement to distribute annually at least 90% of its taxable income and tax-exempt interest. 60