10-Q Filing

AB COMMERCIAL REAL ESTATE PRIVATE DEBT FUND, LLC CIK: 1876255 Q1 2023

Filing Information

Form Type	10-Q
Accession Number	`0001193125-23-141851`
Period End Date	20230331
Filing Date	20230511
Fiscal Year	2023
Fiscal Period	Q1
XBRL Instance	d358944d10q_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 49 Income Statement 42 Cash Flow Statement 68 Stockholders Equity 17

Balance Sheet 49 line items

Line Item	Tag	Value	Unit	Period
Common unit, issued	`CommonUnitIssued`	11.60M	shares	Point-in-time
Common unit, issued	`CommonUnitIssued`	11.42M	shares	Point-in-time
Common unit, outstanding	`CommonUnitOutstanding`	11.60M	shares	Point-in-time
Common unit, outstanding	`CommonUnitOutstanding`	11.42M	shares	Point-in-time
Mortgage loans receivable	`MortgageLoansOnRealEstate`	$463.39M	USD	Point-in-time
Mortgage loans receivable	`MortgageLoansOnRealEstate`	$264.90M	USD	Point-in-time
Allowance for credit losses	`AllowanceForLoanAndLeaseLossesRealEstate`	$1.60M	USD	Point-in-time
Allowance for credit losses	`AllowanceForLoanAndLeaseLossesRealEstate`	$2.63M	USD	Point-in-time
Equity method investments	`EquityMethodInvestments`	$58.54M	USD	Point-in-time
Equity method investments	`EquityMethodInvestments`	$56.58M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$5.54M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$5.20M	USD	Point-in-time
Accrued interest receivable	`InterestReceivable`	$1.42M	USD	Point-in-time
Accrued interest receivable	`InterestReceivable`	$1.79M	USD	Point-in-time
Other assets	`OtherAssets`	$10.00K	USD	Point-in-time
Reimbursement receivable (see Note 8)	`DueFromRelatedParties`	$928.00K	USD	Point-in-time
Reimbursement receivable (see Note 8)	`DueFromRelatedParties`	$890.00K	USD	Point-in-time
Deferred financing costs, net	`DebtInstrumentUnamortizedDiscountPremiumAndDebtIssuanceCostsNet`	$650.00K	USD	Point-in-time
Deferred financing costs, net	`DebtInstrumentUnamortizedDiscountPremiumAndDebtIssuanceCostsNet`	$742.00K	USD	Point-in-time
Total assets	`Assets`	$526.26M	USD	Point-in-time
Total assets	`Assets`	$330.08M	USD	Point-in-time
Debt obligations	`LongTermDebt`	$211.45M	USD	Point-in-time
Debt obligations	`LongTermDebt`	$407.53M	USD	Point-in-time
Distribution payable	`DividendsPayableCurrentAndNoncurrent`	$2.59M	USD	Point-in-time
Distribution payable	`DividendsPayableCurrentAndNoncurrent`	$4.90M	USD	Point-in-time
Related party payables and accrued expenses (See Note 8)	`DueToRelatedPartiesNoncurrent`	$71.00K	USD	Point-in-time
Related party payables and accrued expenses (See Note 8)	`DueToRelatedPartiesNoncurrent`	$63.00K	USD	Point-in-time
Accounts payable and accrued expenses	`AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent`	$2.08M	USD	Point-in-time
Accounts payable and accrued expenses	`AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent`	$2.51M	USD	Point-in-time
Incentive Fees Payable	`IncentiveFeesPayable`	$268.00K	USD	Point-in-time
Incentive Fees Payable	`IncentiveFeesPayable`	$528.00K	USD	Point-in-time
Management fees payable	`ManagementFeePayable`	$1.26M	USD	Point-in-time
Management fees payable	`ManagementFeePayable`	$865.00K	USD	Point-in-time
Other liabilities	`OtherLiabilities`	$276.00K	USD	Point-in-time
Other liabilities	`OtherLiabilities`	$77.00K	USD	Point-in-time
Total Liabilities	`Liabilities`	$414.57M	USD	Point-in-time
Total Liabilities	`Liabilities`	$219.91M	USD	Point-in-time
Commitments and contingencies (see Note 10)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and contingencies (see Note 10)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Common units (11,598,358 and 11,424,012 units issued and outstanding at March 31, 2023 and December 31, 2022, respectively)	`CommonUnitIssuanceValue`	$112.60M	USD	Point-in-time
Common units (11,598,358 and 11,424,012 units issued and outstanding at March 31, 2023 and December 31, 2022, respectively)	`CommonUnitIssuanceValue`	$114.28M	USD	Point-in-time
Distributions in excess of earnings	`RetainedEarningsAccumulatedDeficit`	$-2.59M	USD	Point-in-time
Distributions in excess of earnings	`RetainedEarningsAccumulatedDeficit`	$-2.43M	USD	Point-in-time
Total members' capital	`MembersEquity`	$20.83M	USD	Point-in-time
Total members' capital	`MembersEquity`	$110.17M	USD	Point-in-time
Total members' capital	`MembersEquity`	$111.69M	USD	Point-in-time
Total members' capital	`MembersEquity`	$41.43M	USD	Point-in-time
Total liabilities and members' capital	`LiabilitiesAndStockholdersEquity`	$526.26M	USD	Point-in-time
Total liabilities and members' capital	`LiabilitiesAndStockholdersEquity`	$330.08M	USD	Point-in-time

Income Statement 42 line items

Line Item	Tag	Value	Unit	Period
Interest income net of amortization/accretion	`InterestAndFeeIncomeLoansAndLeases`	$6.65M	USD	1 Quarter
Interest income net of amortization/accretion	`InterestAndFeeIncomeLoansAndLeases`	$1.19M	USD	1 Quarter
Interest expense	`InterestExpense`	$505.00K	USD	1 Quarter
Interest expense	`InterestExpense`	$4.04M	USD	1 Quarter
Net interest income	`InterestIncomeExpenseNet`	$688.00K	USD	1 Quarter
Net interest income	`InterestIncomeExpenseNet`	$2.60M	USD	1 Quarter
Provision for credit losses	`ProvisionForLoanLeaseAndOtherLosses`	$547.85K	USD	1 Quarter
Provision for credit losses	`ProvisionForLoanLeaseAndOtherLosses`	$1.03M	USD	1 Quarter
Total net interest income	`InterestIncomeExpenseAfterProvisionForLoanLoss`	$140.00K	USD	1 Quarter
Total net interest income	`InterestIncomeExpenseAfterProvisionForLoanLoss`	$1.58M	USD	1 Quarter
Management fees	`ManagementFees`	$128.00K	USD	1 Quarter
Management fees	`ManagementFees`	$398.00K	USD	1 Quarter
Incentive fees	`IncentiveFeeExpense`	$259.00K	USD	1 Quarter
Incentive fees	`IncentiveFeeExpense`	-	USD	1 Quarter
Professional fees	`ProfessionalFees`	$214.00K	USD	1 Quarter
Professional fees	`ProfessionalFees`	$231.00K	USD	1 Quarter
Administration and custodian fees	`AdministrationAndCustodianFees`	$53.00K	USD	1 Quarter
Administration and custodian fees	`AdministrationAndCustodianFees`	$59.00K	USD	1 Quarter
Other expenses	`OtherGeneralExpense`	$3.00K	USD	1 Quarter
Other expenses	`OtherGeneralExpense`	$3.00K	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$950.00K	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$398.00K	USD	1 Quarter
Reimbursement - Investment Manager (see Note 8)	`ReimbursementInvestmentManager`	$192.00K	USD	1 Quarter
Reimbursement - Investment Manager (see Note 8)	`ReimbursementInvestmentManager`	$38.00K	USD	1 Quarter
Waived management fees	`WaivedManagementFees`	-	USD	1 Quarter
Waived management fees	`WaivedManagementFees`	$115.00K	USD	1 Quarter
Income from equity method investments	`IncomeLossFromEquityMethodInvestments`	-	USD	1 Quarter
Income from equity method investments	`IncomeLossFromEquityMethodInvestments`	$1.73M	USD	1 Quarter
Other income	`MiscellaneousOtherOperatingIncome`	$5.00K	USD	1 Quarter
Other income	`MiscellaneousOtherOperatingIncome`	$31.00K	USD	1 Quarter
Total other income	`OtherOperatingIncome`	$1.80M	USD	1 Quarter
Total other income	`OtherOperatingIncome`	$312.00K	USD	1 Quarter
Net Income	`NetIncomeLoss`	$55.00K	USD	1 Quarter
Net Income	`NetIncomeLoss`	$2.43M	USD	1 Quarter
Net income per unit, Basic	`EarningsPerShareBasic`	$0.21	USD	1 Quarter
Net income per unit, Basic	`EarningsPerShareBasic`	$0.02	USD	1 Quarter
Net income per unit, Diluted	`EarningsPerShareDiluted`	$0.21	USD	1 Quarter
Net income per unit, Diluted	`EarningsPerShareDiluted`	$0.02	USD	1 Quarter
Weighted average units outstanding, Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	3.46M	shares	1 Quarter
Weighted average units outstanding, Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	11.54M	shares	1 Quarter
Weighted average units outstanding, Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	11.54M	shares	1 Quarter
Weighted average units outstanding, Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	3.46M	shares	1 Quarter

Cash Flow Statement 68 line items

Line Item	Tag	Value	Unit	Period
Net Income	`NetIncomeLoss`	$55.00K	USD	1 Quarter
Net Income	`NetIncomeLoss`	$2.43M	USD	1 Quarter
Amortization of net loan fees and discount/premiums on loans receivable	`AmortizationOfNetLoanFeesAndDiscountPremiumsOnLoansReceivable`	$89.00K	USD	1 Quarter
Amortization of net loan fees and discount/premiums on loans receivable	`AmortizationOfNetLoanFeesAndDiscountPremiumsOnLoansReceivable`	$296.00K	USD	1 Quarter
Amortization of basis difference of equity method investments	`AmortizationOfBasisDifferenceEquityMethodInvestments`	$-603.00K	USD	1 Quarter
Amortization of basis difference of equity method investments	`AmortizationOfBasisDifferenceEquityMethodInvestments`	-	USD	1 Quarter
Realized amortization of basis difference of equity method investments	`RealizedAmortizationOfBasisDifferenceEquityMethodInvestments`	$724.00K	USD	1 Quarter
Realized amortization of basis difference of equity method investments	`RealizedAmortizationOfBasisDifferenceEquityMethodInvestments`	-	USD	1 Quarter
Income from equity method investments	`IncomeLossFromEquityMethodInvestmentsNetOfDividendsOrDistributions`	$1.13M	USD	1 Quarter
Income from equity method investments	`IncomeLossFromEquityMethodInvestmentsNetOfDividendsOrDistributions`	-	USD	1 Quarter
Distributions of earnings from equity method investments	`DistributedEarnings`	-	USD	1 Quarter
Distributions of earnings from equity method investments	`DistributedEarnings`	$1.13M	USD	1 Quarter
Amortization of deferred financing costs	`AmortizationOfFinancingCosts`	$220.00K	USD	1 Quarter
Amortization of deferred financing costs	`AmortizationOfFinancingCosts`	$3.00K	USD	1 Quarter
Provision for credit losses	`ProvisionForLoanLeaseAndOtherLosses`	$547.85K	USD	1 Quarter
Provision for credit losses	`ProvisionForLoanLeaseAndOtherLosses`	$1.03M	USD	1 Quarter
(Increase) in accrued interest receivable	`IncreaseDecreaseInAccruedInterestReceivableNet`	$379.00K	USD	1 Quarter
(Increase) in accrued interest receivable	`IncreaseDecreaseInAccruedInterestReceivableNet`	$481.00K	USD	1 Quarter
(Increase) in other assets	`IncreaseDecreaseInOtherOperatingAssets`	$10.00K	USD	1 Quarter
(Increase) in other assets	`IncreaseDecreaseInOtherOperatingAssets`	-	USD	1 Quarter
Decrease in prepaid expenses	`IncreaseDecreaseInPrepaidExpense`	-	USD	1 Quarter
Decrease in prepaid expenses	`IncreaseDecreaseInPrepaidExpense`	$-46.00K	USD	1 Quarter
(Increase) in reimbursement receivable	`IncreaseDecreaseInDueFromRelatedParties`	$38.00K	USD	1 Quarter
(Increase) in reimbursement receivable	`IncreaseDecreaseInDueFromRelatedParties`	$192.00K	USD	1 Quarter
Increase in related party payables and accrued expenses	`IncreaseDecreaseInDueToRelatedParties`	$8.00K	USD	1 Quarter
Increase in related party payables and accrued expenses	`IncreaseDecreaseInDueToRelatedParties`	$222.00K	USD	1 Quarter
Increase in accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$433.00K	USD	1 Quarter
Increase in accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$115.00K	USD	1 Quarter
(Decrease) increase in other liabilities	`IncreaseDecreaseInOtherOperatingLiabilities`	$-199.00K	USD	1 Quarter
(Decrease) increase in other liabilities	`IncreaseDecreaseInOtherOperatingLiabilities`	$266.00K	USD	1 Quarter
Increase in management fees payable	`IncreaseDecreaseInManagementFeesPayable`	$398.00K	USD	1 Quarter
Increase in management fees payable	`IncreaseDecreaseInManagementFeesPayable`	$13.00K	USD	1 Quarter
Increase in incentive fees payable	`IncreaseDecreaseInIncentiveFeesPayable`	-	USD	1 Quarter
Increase in incentive fees payable	`IncreaseDecreaseInIncentiveFeesPayable`	$259.00K	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$3.97M	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$506.00K	USD	1 Quarter
Origination and purchase of mortgage loan receivables	`PaymentsToAcquireLoansHeldForInvestment`	$198.20M	USD	1 Quarter
Origination and purchase of mortgage loan receivables	`PaymentsToAcquireLoansHeldForInvestment`	$40.58M	USD	1 Quarter
Distributions from equity method investments in excess of earnings	`ProceedsFromEquityMethodInvestmentDividendsOrDistributionsReturnOfCapital`	$1.84M	USD	1 Quarter
Distributions from equity method investments in excess of earnings	`ProceedsFromEquityMethodInvestmentDividendsOrDistributionsReturnOfCapital`	-	USD	1 Quarter
Net cash used for investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-196.35M	USD	1 Quarter
Net cash used for investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-40.58M	USD	1 Quarter
Issuance of common units	`ProceedsFromIssuanceOfCommonStock`	$20.55M	USD	1 Quarter
Issuance of common units	`ProceedsFromIssuanceOfCommonStock`	$1.68M	USD	1 Quarter
Distributions paid	`PaymentsOfDistributionsToAffiliates`	-	USD	1 Quarter
Distributions paid	`PaymentsOfDistributionsToAffiliates`	$4.90M	USD	1 Quarter
Line of credit borrowings	`ProceedsFromLongTermLinesOfCredit`	$230.13M	USD	1 Quarter
Line of credit borrowings	`ProceedsFromLongTermLinesOfCredit`	$20.20M	USD	1 Quarter
Line of credit paydowns	`RepaymentsOfLongTermLinesOfCredit`	-	USD	1 Quarter
Line of credit paydowns	`RepaymentsOfLongTermLinesOfCredit`	$59.80M	USD	1 Quarter
Repurchase agreement borrowings	`ProceedsFromIssuanceOfOtherLongTermDebt`	$25.75M	USD	1 Quarter
Repurchase agreement borrowings	`ProceedsFromIssuanceOfOtherLongTermDebt`	-	USD	1 Quarter
Deferred financing costs paid	`PaymentsOfFinancingCosts`	$128.00K	USD	1 Quarter
Deferred financing costs paid	`PaymentsOfFinancingCosts`	-	USD	1 Quarter
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$192.72M	USD	1 Quarter
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$40.75M	USD	1 Quarter
Net increase in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$341.00K	USD	1 Quarter
Net increase in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$672.00K	USD	1 Quarter
Cash and cash equivalents, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$5.54M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$3.78M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$5.20M	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`	$5.54M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$3.78M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$5.20M	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`	$272.00K	USD	1 Quarter
Cash paid during the period for interest	`InterestPaidNet`	$3.57M	USD	1 Quarter

Stockholders Equity 17 line items

Line Item	Tag	Value	Unit	Period
Members' capital, Beginning balance (Value)	`MembersEquity`	$20.83M	USD	Point-in-time
Members' capital, Beginning balance (Value)	`MembersEquity`	$110.17M	USD	Point-in-time
Members' capital, Beginning balance (Value)	`MembersEquity`	$111.69M	USD	Point-in-time
Members' capital, Beginning balance (Value)	`MembersEquity`	$41.43M	USD	Point-in-time
Members' capital, Beginning balance (Shares)	`CommonUnitOutstanding`	11.60M	shares	Point-in-time
Members' capital, Beginning balance (Shares)	`CommonUnitOutstanding`	11.42M	shares	Point-in-time
Issuance of common units (Value)	`StockIssuedDuringPeriodValueNewIssues`	$20.55M	USD	1 Quarter
Issuance of common units (Value)	`StockIssuedDuringPeriodValueNewIssues`	$1.68M	USD	1 Quarter
Net Income	`NetIncomeLoss`	$55.00K	USD	1 Quarter
Net Income	`NetIncomeLoss`	$2.43M	USD	1 Quarter
Distributions declared	`DistributionMadeToLimitedLiabilityCompanyLLCMemberCashDistributionsDeclared`	$2.59M	USD	1 Quarter
Members' capital, Ending balance (Value)	`MembersEquity`	$20.83M	USD	Point-in-time
Members' capital, Ending balance (Value)	`MembersEquity`	$110.17M	USD	Point-in-time
Members' capital, Ending balance (Value)	`MembersEquity`	$111.69M	USD	Point-in-time
Members' capital, Ending balance (Value)	`MembersEquity`	$41.43M	USD	Point-in-time
Members' capital, Ending balance (Shares)	`CommonUnitOutstanding`	11.60M	shares	Point-in-time
Members' capital, Ending balance (Shares)	`CommonUnitOutstanding`	11.42M	shares	Point-in-time

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