10-Q Filing

AB COMMERCIAL REAL ESTATE PRIVATE DEBT FUND, LLC CIK: 1876255 Q2 2022

Filing Information

Form Type	10-Q
Accession Number	`0001193125-22-221240`
Period End Date	20220630
Filing Date	20220815
Fiscal Year	2022
Fiscal Period	Q2
XBRL Instance	d360538d10q_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 48 Income Statement 39 Cash Flow Statement 33 Stockholders Equity 15

Balance Sheet 48 line items

Line Item	Tag	Value	Unit	Period
Common unit, issued	`CommonUnitIssued`	6.54M	shares	Point-in-time
Common unit, issued	`CommonUnitIssued`	2.12M	shares	Point-in-time
Common unit, outstanding	`CommonUnitOutstanding`	2.12M	shares	Point-in-time
Common unit, outstanding	`CommonUnitOutstanding`	6.54M	shares	Point-in-time
Mortgage loans receivable	`MortgageLoansOnRealEstate`	$82.53M	USD	Point-in-time
Mortgage loans receivable	`MortgageLoansOnRealEstate`	$161.05M	USD	Point-in-time
Allowance for credit losses	`AllowanceForLoanAndLeaseLossesRealEstate`	$372.05K	USD	Point-in-time
Allowance for credit losses	`AllowanceForLoanAndLeaseLossesRealEstate`	$1.66M	USD	Point-in-time
Equity method investments	`EquityMethodInvestments`	$74.83M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$3.91M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$3.11M	USD	Point-in-time
Accrued interest receivable	`InterestReceivable`	$512.58K	USD	Point-in-time
Accrued interest receivable	`InterestReceivable`	$69.98K	USD	Point-in-time
Other assets	`OtherAssets`	$22.81K	USD	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrentAndNoncurrent`	$178.55K	USD	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrentAndNoncurrent`	$215.39K	USD	Point-in-time
Reimbursement receivable (see Note 8)	`DueFromRelatedParties`	$806.89K	USD	Point-in-time
Reimbursement receivable (see Note 8)	`DueFromRelatedParties`	$537.90K	USD	Point-in-time
Deferred financing costs, net	`DebtInstrumentUnamortizedDiscountPremiumAndDebtIssuanceCostsNet`	$154.49K	USD	Point-in-time
Deferred financing costs, net	`DebtInstrumentUnamortizedDiscountPremiumAndDebtIssuanceCostsNet`	$416.80K	USD	Point-in-time
Total assets	`Assets`	$240.11M	USD	Point-in-time
Total assets	`Assets`	$86.21M	USD	Point-in-time
Debt obligations	`LongTermDebt`	$64.40M	USD	Point-in-time
Debt obligations	`LongTermDebt`	$173.49M	USD	Point-in-time
Professional fees payable	`AccruedProfessionalFeesCurrentAndNoncurrent`	$226.02K	USD	Point-in-time
Professional fees payable	`AccruedProfessionalFeesCurrentAndNoncurrent`	$629.63K	USD	Point-in-time
Management fees payable	`ManagementFeePayable`	$56.64K	USD	Point-in-time
Interest payable	`InterestPayableCurrentAndNoncurrent`	$256.88K	USD	Point-in-time
Interest payable	`InterestPayableCurrentAndNoncurrent`	$36.17K	USD	Point-in-time
Administration and custodian fee payable	`AdministrationAndCustodianPayable`	$30.21K	USD	Point-in-time
Administration and custodian fee payable	`AdministrationAndCustodianPayable`	$46.36K	USD	Point-in-time
Organization fee payable	`OrganizationFeePayable`	$278.50K	USD	Point-in-time
Organization fee payable	`OrganizationFeePayable`	$278.50K	USD	Point-in-time
Other liabilities	`OtherLiabilities`	$316.01K	USD	Point-in-time
Other liabilities	`OtherLiabilities`	$409.64K	USD	Point-in-time
Total Liabilities	`Liabilities`	$65.38M	USD	Point-in-time
Total Liabilities	`Liabilities`	$175.08M	USD	Point-in-time
Commitments and contingencies (see Note 9)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and contingencies (see Note 9)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Common units (6,544,188 and 2,120,510 units issued and outstanding at June 30, 2022 and December 31, 2021, respectively)	`CommonUnitIssuanceValue`	$65.00M	USD	Point-in-time
Common units (6,544,188 and 2,120,510 units issued and outstanding at June 30, 2022 and December 31, 2021, respectively)	`CommonUnitIssuanceValue`	$21.21M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$-375.68K	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$30.77K	USD	Point-in-time
Total members' capital	`MembersEquity`	$65.03M	USD	Point-in-time
Total members' capital	`MembersEquity`	$20.83M	USD	Point-in-time
Total members' capital	`MembersEquity`	$41.43M	USD	Point-in-time
Total liabilities and members' capital	`LiabilitiesAndStockholdersEquity`	$240.11M	USD	Point-in-time
Total liabilities and members' capital	`LiabilitiesAndStockholdersEquity`	$86.21M	USD	Point-in-time

Income Statement 39 line items

Line Item	Tag	Value	Unit	Period
Interest income net of amortization/accretion	`InterestAndFeeIncomeLoansAndLeases`	$2.07M	USD	1 Quarter
Interest income net of amortization/accretion	`InterestAndFeeIncomeLoansAndLeases`	$3.27M	USD	2 Qtrs
Interest expense	`InterestExpense`	$1.48M	USD	2 Qtrs
Interest expense	`InterestExpense`	$973.80K	USD	1 Quarter
Provision for credit losses	`ProvisionForLoanLeaseAndOtherLosses`	$739.09K	USD	1 Quarter
Provision for credit losses	`ProvisionForLoanLeaseAndOtherLosses`	$1.29M	USD	2 Qtrs
Total net interest income	`InterestIncomeExpenseAfterProvisionForLoanLoss`	$500.94K	USD	2 Qtrs
Total net interest income	`InterestIncomeExpenseAfterProvisionForLoanLoss`	$360.60K	USD	1 Quarter
Management fees	`ManagementFees`	$356.96K	USD	2 Qtrs
Management fees	`ManagementFees`	$228.75K	USD	1 Quarter
Professional fees	`ProfessionalFees`	$220.38K	USD	1 Quarter
Professional fees	`ProfessionalFees`	$434.41K	USD	2 Qtrs
Administration and custodian fees	`AdministrationAndCustodianFees`	$8.03K	USD	1 Quarter
Administration and custodian fees	`AdministrationAndCustodianFees`	$60.98K	USD	2 Qtrs
Other expenses	`OtherGeneralExpense`	$7.24K	USD	1 Quarter
Other expenses	`OtherGeneralExpense`	$5.00K	USD	2 Qtrs
Total operating expenses	`OperatingExpenses`	$464.39K	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$857.36K	USD	2 Qtrs
Reimbursement - Investment Manager (see Note 8)	`ReimbursementInvestmentManager`	$76.73K	USD	1 Quarter
Reimbursement - Investment Manager (see Note 8)	`ReimbursementInvestmentManager`	$268.99K	USD	2 Qtrs
Waived management fees	`WaivedManagementFees`	$185.44K	USD	1 Quarter
Waived management fees	`WaivedManagementFees`	$300.32K	USD	2 Qtrs
Income from equity method investments	`IncomeLossFromEquityMethodInvestments`	$176.18K	USD	1 Quarter
Income from equity method investments	`IncomeLossFromEquityMethodInvestments`	$176.18K	USD	2 Qtrs
Other income	`MiscellaneousOtherOperatingIncome`	$17.38K	USD	1 Quarter
Other income	`MiscellaneousOtherOperatingIncome`	$17.38K	USD	2 Qtrs
Total other income	`OtherOperatingIncome`	$762.88K	USD	2 Qtrs
Total other income	`OtherOperatingIncome`	$455.73K	USD	1 Quarter
Net Income	`NetIncomeLoss`	$351.94K	USD	1 Quarter
Net Income	`NetIncomeLoss`	$406.46K	USD	2 Qtrs
Net Income	`NetIncomeLoss`	$54.52K	USD	1 Quarter
Net income per unit, Basic	`EarningsPerShareBasic`	$0.08	USD	2 Qtrs
Net income per unit, Basic	`EarningsPerShareBasic`	$0.05	USD	1 Quarter
Net income per unit, Diluted	`EarningsPerShareDiluted`	$0.08	USD	2 Qtrs
Net income per unit, Diluted	`EarningsPerShareDiluted`	$0.05	USD	1 Quarter
Weighted average units outstanding, Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	6.52M	shares	1 Quarter
Weighted average units outstanding, Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	5.00M	shares	2 Qtrs
Weighted average units outstanding, Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	6.52M	shares	1 Quarter
Weighted average units outstanding, Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	5.00M	shares	2 Qtrs

Cash Flow Statement 33 line items

Line Item	Tag	Value	Unit	Period
Net Income	`NetIncomeLoss`	$351.94K	USD	1 Quarter
Net Income	`NetIncomeLoss`	$406.46K	USD	2 Qtrs
Net Income	`NetIncomeLoss`	$54.52K	USD	1 Quarter
Amortization of premium and accretion of discount	`AmortizationOfDiscountAndPremiumOnInvestment`	$196.13K	USD	2 Qtrs
Amortization of basis difference of equity method investments	`AmortizationOfBasisDifferenceEquityMethodInvestments`	$-176.18K	USD	2 Qtrs
Amortization of deferred financing costs	`AmortizationOfFinancingCosts`	$188.46K	USD	2 Qtrs
Provision for credit losses	`ProvisionForLoanLeaseAndOtherLosses`	$739.09K	USD	1 Quarter
Provision for credit losses	`ProvisionForLoanLeaseAndOtherLosses`	$1.29M	USD	2 Qtrs
(Increase) in accrued interest receivable	`IncreaseDecreaseInAccruedInterestReceivableNet`	$442.61K	USD	2 Qtrs
(Increase) in other assets	`IncreaseDecreaseInOtherOperatingAssets`	$22.81K	USD	2 Qtrs
(Increase) in prepaid expenses	`IncreaseDecreaseInPrepaidExpense`	$36.84K	USD	2 Qtrs
(Increase) in reimbursement receivable	`IncreaseDecreaseInDueFromRelatedParties`	$268.99K	USD	2 Qtrs
Increase in professional fees payable	`IncreaseDecreaseInProfessionalFeesPayable`	$403.61K	USD	2 Qtrs
Increase in management fees payable	`IncreaseDecreaseInManagementFeesPayable`	$56.64K	USD	2 Qtrs
Increase in interest payable	`IncreaseDecreaseInInterestPayableNet`	$220.71K	USD	2 Qtrs
Increase in administration and custodian fee payable	`IncreaseInAdministrationFeesAndCustodianPayable`	$16.15K	USD	2 Qtrs
(Decrease) in other liabilities	`IncreaseDecreaseInOtherOperatingLiabilities`	$-93.63K	USD	2 Qtrs
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$1.34M	USD	2 Qtrs
Origination of mortgage loan receivables	`PaymentsToAcquireLoansHeldForInvestment`	$78.33M	USD	2 Qtrs
Purchase of equity method investment	`PaymentsToAcquireEquityMethodInvestments`	$74.65M	USD	2 Qtrs
Net cash used for investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-152.98M	USD	2 Qtrs
Issuance of common units	`ProceedsFromIssuanceOfCommonStock`	$43.80M	USD	2 Qtrs
Line of credit borrowings	`ProceedsFromLongTermLinesOfCredit`	$108.40M	USD	2 Qtrs
Line of credit paydowns	`RepaymentsOfLongTermLinesOfCredit`	$96.40M	USD	2 Qtrs
Repurchase agreement borrowings	`ProceedsFromIssuanceOfOtherLongTermDebt`	$97.09M	USD	2 Qtrs
Deferred financing costs paid	`PaymentsOfFinancingCosts`	$450.78K	USD	2 Qtrs
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$152.44M	USD	2 Qtrs
Net increase in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$804.23K	USD	2 Qtrs
Cash and cash equivalents, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$3.91M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$3.11M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$3.91M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$3.11M	USD	Point-in-time
Cash paid during the period for interest	`InterestPaidNet`	$1.09M	USD	2 Qtrs

Stockholders Equity 15 line items

Line Item	Tag	Value	Unit	Period
Members' capital at December 31, 2021 (Value)	`MembersEquity`	$65.03M	USD	Point-in-time
Members' capital at December 31, 2021 (Value)	`MembersEquity`	$20.83M	USD	Point-in-time
Members' capital at December 31, 2021 (Value)	`MembersEquity`	$41.43M	USD	Point-in-time
Members' capital at December 31, 2021 (Shares)	`CommonUnitOutstanding`	2.12M	shares	Point-in-time
Members' capital at December 31, 2021 (Shares)	`CommonUnitOutstanding`	6.54M	shares	Point-in-time
Issuance of common units (Value)	`StockIssuedDuringPeriodValueNewIssues`	$20.55M	USD	1 Quarter
Issuance of common units (Value)	`StockIssuedDuringPeriodValueNewIssues`	$23.25M	USD	1 Quarter
Net Income	`NetIncomeLoss`	$351.94K	USD	1 Quarter
Net Income	`NetIncomeLoss`	$406.46K	USD	2 Qtrs
Net Income	`NetIncomeLoss`	$54.52K	USD	1 Quarter
Members' capital at March 31, 2022 (Value)	`MembersEquity`	$65.03M	USD	Point-in-time
Members' capital at March 31, 2022 (Value)	`MembersEquity`	$20.83M	USD	Point-in-time
Members' capital at March 31, 2022 (Value)	`MembersEquity`	$41.43M	USD	Point-in-time
Members' capital at March 31, 2022 (Shares)	`CommonUnitOutstanding`	2.12M	shares	Point-in-time
Members' capital at March 31, 2022 (Shares)	`CommonUnitOutstanding`	6.54M	shares	Point-in-time

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.