AB 2020 Form 10-K

Results of Operations The following is a summary of the Fund’s operating results for the years ended December 31, 2020 and 2019. For information regarding results of operations for the year ended December 31, 2018, see the Fund’s Form 10-K for the fiscal year ended December 31, 2018 filed with the SEC on April 1, 2019. For the Year Ended December 31, 2020 For the Year Ended December 31, 2019 Total investment income $ 32,219,510 $ 21,734,867 Total expenses 21,788,050 17,121,122 Reimbursement payments to Adviser 2,439,175 107,841 Expense Reimbursement from Adviser (89,757) (447,556) Waived Collateral Management Fees (1,843,957) (1,156,419) Waived Management Fee (1,863,539) (380,701) Waived Incentive Fees (486,784) (132,327) Net investment income 12,276,322 6,622,907 Net realized and change in unrealized appreciation (depreciation) on investments (3,775,639) (1,055,465) Net increase (decrease) in net assets resulting from operations $ 8,500,683 $ 5,567,442 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 Investment Income During the year ended December 31, 2020, the Fund’s investment income was comprised of $30,722,786 of interest income, which includes $2,455,450 from the net amortization of premium and accretion of discounts, $862,336 of payment-in-kind interest, and other fee income of $634,388. During the year ended December 31, 2019, the Fund’s investment income was comprised of $21,204,120 of interest income, which includes $1,390,648 from the net amortization of premium and accretion of discounts, $301,603 of payment-in-kind interest, and other fee income of $229,144. Operating Expenses The composition of the Fund’s operating expenses for the years ended December 31, 2020 and 2019 were as follows: For the Year Ended December 31, 2020 For the Year Ended December 31, 2019 Interest and borrowing expenses $ 8,616,494 $ 8,465,414 Management fees 6,091,338 3,688,293 Professional fees 1,722,056 1,507,579 Collateral management fees 1,843,957 1,156,419 Income-based incentive fee 1,790,567 981,757 Administration and custodian fees 451,514 347,444 Insurance expenses 289,496 261,351 Directors’ fees 200,000 144,606 Organization Costs 106,510 — Transfer agent fees 50,199 28,600 Other expenses 625,919 539,659 Total expenses 21,788,050 17,121,122 Reimbursement payments to Adviser 2,439,175 107,841 66