Private company

AB Commercial Real Estate Private Debt Fund, LLC

In its 2026 annual report the company says: “We are a Delaware limited liability company formed on June 1, 2021 to operate as a private investment fund generally for qualified US investors. Our board of directors was appointed to serve the Company.”5 It is headquartered in Nashville, United States.2

Last updated Oct 20, 2026.

Overview

  • IndustryReal Estate Investment Trusts2
  • HeadquartersNashville, United States2
  • Incorporated inDE3
  • Business address66 Hudson Boulevard East, New York, Ny 100013
  • Filer category, Emerging growth company3
  • Legal formLimited Liability Company2
  • Kind of organizationPooled investment fund2
  • LEI25490057A0GJ5X91JT812
  • StatusActive2
  • LEI statusIssued and current2
  • Registered addressC/O THE CORPORATION TRUST COMPANY, 19801 Wilmington, United States2
  • Registered withSecurities and Exchange Commission, 00018762552

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We are a Delaware limited liability company formed on June 1, 2021 to operate as a private investment fund generally for qualified US investors. We intend to qualify and elect to be taxed as a real estate investment trust under the Internal Revenue Code of 1986, as amended (the “Code”). Our board of directors (the “Board”) was appointed to serve the Company. However, pursuant to an investment management agreement (as amended, the “Management Agreement”) between us and the Investment Manager, the Board delegated to the Investment Manager all rights, power, authority, discretion, duties and responsibilities in respect of the Company, including without limitation, responsibility for the investment activities of the Company and the day-to-day management and administration of the Company. The Board remains responsible for overseeing the performance of the Investment Manager. The investment ma…5 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Financial statements

Net income67$25.2M in 2025+298% since 2022
0$10.0M$20.0M$30.0M2022: $6.3M$6.3M20222023: $17.5M$17.5M2023+178%2024: $28.7M$28.7M2024+64%2025: $25.2M$25.2M2025−12%
Fiscal year202120222023202420252026
Operating expenses$2.5M6$5.7M7$10.1M7$9.1M7
Interest$7.4M10$25.8M10
Net income$6.3M6$17.5M7$28.7M7$25.2M7
Earnings per share$0.776$0.947$0.867$0.647
Earnings per share (diluted)$0.776$0.947$0.867$0.647
Shares (weighted, basic)8.2M shares618.7M shares733.4M shares739.6M shares7
Shares (weighted, diluted)8.2M shares618.7M shares733.4M shares739.6M shares7

Compare AB Commercial Real Estate Private Debt Fund, LLC with another company

Corporate structure

AB Commercial Real Estate Private Debt Fund, LLC sits at the top of its group. 4 entities, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.

  • AB Commercial Real Estate Private Debt Fund, LLC Nashville, Tennessee, United States
    • AB CRE PDF Athena LLC Subsidiary · Delaware, United States
    • AB CRE PDF Member I LLC Subsidiary · Delaware, United States
    • AB CRE PDF TNVA1 LLC Subsidiary · Delaware, United States

Built from parent and subsidiary links from GLEIF, the Global Legal Entity Identifier Foundation (CC0); subsidiaries listed in Exhibit 21 of annual reports filed with the SEC. Each entity in the chart links to its source.

What it owns

What AB Commercial Real Estate Private Debt Fund, LLC reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$21.3M7 Dec 31, 2025$10.9M7 Dec 31, 2024+95.4%
Debt securities held to maturity$7.7M7 Dec 31, 2025$07 Dec 31, 2024
Stakes in other companies (equity method)$45.5M7 Dec 31, 2025$31.0M7 Dec 31, 2024+46.5%

Properties, in its own words

We, directly or indirectly (including through a Subsidiary), invest in a portfolio of primarily debt investments, or participations therein, that may include, without limitation, the following: Directly Originated Loans; legacy, new issue, and single-borrower CMBSs; commercial real estate-related securities; performing, sub-performing and non-performing loans; and net lease assets. While we intend to focus mainly on loans directly secured by commercial real estate-related assets, we also have the flexibility, subject to compliance with the REIT qualification requirements, to invest in other types of debt investments, including unsecured debt of entities that directly or indirectly own real property or real estate-related debt. We may also invest in commercial real estate-related preferred and common equity interests where doing so is in keeping with our investment objective.

Item 2 of the 10-K filed Mar 24, 2026.5

Leadership

Who has led AB Commercial Real Estate Private Debt Fund, LLC, and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. Peter Gordon2026–now

Chief financial officer

  1. Marguerite Brogan2026–now
2025
Board members and other officers (5)

Subsidiaries and ownership

Fund manager

Subsidiaries (Exhibit 21)

  • AB CRE PDF Athena LLC Delaware4
  • AB CRE PDF Member I LLC Delaware4
  • AB CRE PDF TNVA1 LLC Delaware4

Ownership links from GLEIF, the Global Legal Entity Identifier Foundation (CC0); each one cites its LEI record. The subsidiaries the company lists in Exhibit 21 of its annual report, as filed.

Timeline

  1. Sep 16, 20268-K Entered a material agreement; New debt or obligation19
  2. Sep 1, 20268-K Shareholder vote20
  3. Jul 27, 20268-K Entered a material agreement; New debt or obligation21
  4. Jul 20, 20268-K Entered a material agreement; New debt or obligation22
  5. Jun 24, 20268-K Unregistered sale of shares23
  6. May 22, 2026New chief executive Peter Gordon becomes CEO12
  7. May 12, 20268-K Entered a material agreement; New debt or obligation24
  8. Apr 7, 20268-K Entered a material agreement; New debt or obligation25
  9. Mar 27, 20268-K Unregistered sale of shares26
  10. Mar 4, 20268-K New debt or obligation; Other events27
  11. Dec 3, 20258-K Entered a material agreement; New debt or obligation28
  12. Sep 19, 20258-K Entered a material agreement; New debt or obligation29
  13. Sep 2, 20258-K Entered a material agreement; New debt or obligation30
  14. Jun 1, 2021Founded AB Commercial Real Estate Private Debt Fund, LLC is founded2

Filings

116 filings to the SEC since October 2021: 5 annual reports, 14 quarterly reports, 30 major events, 52 insider forms, 4 private raises, 11 other. The latest 20:

  1. Sep 16, 20268-K EDGAR
  2. Sep 1, 20268-K EDGAR
  3. Aug 26, 20264/A EDGAR
  4. Aug 26, 20264/A EDGAR
  5. Aug 26, 20264/A EDGAR
  6. Aug 14, 202610-Q EDGAR
  7. Jul 27, 20268-K EDGAR
  8. Jul 20, 20268-K EDGAR
  9. Jul 13, 2026DEFA14A EDGAR
  10. Jul 13, 2026DEFR14A EDGAR
  11. Jul 13, 2026DEFA14A EDGAR
  12. Jun 24, 20264 EDGAR
  13. Jun 24, 20264 EDGAR
  14. Jun 24, 20264 EDGAR
  15. Jun 24, 20268-K EDGAR
  16. Jun 23, 2026DEFA14A EDGAR
  17. Jun 23, 2026DEF 14A EDGAR
  18. Jun 10, 2026PRE 14A EDGAR
  19. May 22, 20264/A EDGAR
  20. May 22, 20264/A EDGAR

The 116 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

48 open-market trades by officers, directors and large owners since October 2021: 48 buys and 0 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Jun 22, 2026Gellert EdwardSenior Vice PresidentBuy1,160$9.27$10.8KForm 4
Jun 22, 2026Brogan MargueriteChief Financial OfficerBuy1,632$9.27$15.1KForm 4
Jun 22, 2026Gordon PeterChief Executive OfficerBuy1,740$9.27$16.1KForm 4
Jun 22, 2026Gellert EdwardSenior Vice PresidentBuy0Form 4
Jun 22, 2026Gordon PeterChief Executive OfficerBuy0Form 4
Jun 22, 2026Brogan MargueriteChief Financial OfficerBuy0Form 4
Mar 25, 2026Gordon PeterChief Executive OfficerBuy1,608$9.33$15.0KForm 4
Mar 25, 2026Gellert EdwardSenior Vice PresidentBuy1,072$9.33$10.0KForm 4
Mar 25, 2026Brogan MargueriteChief Financial OfficerBuy1,608$9.33$15.0KForm 4
Mar 25, 2026Gellert EdwardSenior Vice PresidentBuy0Form 4
Mar 25, 2026Gordon PeterChief Executive OfficerBuy0Form 4
Mar 25, 2026Brogan MargueriteChief Financial OfficerBuy0Form 4
Jun 20, 2025Gordon PeterChief Executive OfficerBuy1,205$9.34$11.3KForm 4
Jun 20, 2025Brogan MargueriteChief Financial OfficerBuy1,205$9.34$11.3KForm 4
Jun 20, 2025Gellert EdwardSenior Vice PresidentBuy803$9.34$7.5KForm 4
Jun 20, 2025Gordon PeterChief Executive OfficerBuy0Form 4
Jun 20, 2025Brogan MargueriteChief Financial OfficerBuy0Form 4
Jun 20, 2025Gellert EdwardSenior Vice PresidentBuy0Form 4
Jun 20, 2024Gordon PeterChief Executive OfficerBuy1,187$9.48$11.2KForm 4
Jun 20, 2024Brogan MargueriteChief Financial OfficerBuy1,187$9.48$11.2KForm 4

All 48 trades can be filtered by person here when JavaScript is on.

From Forms 4 filed with the SEC.

Money raised

Private offerings the company reported to the SEC on Form D.

  1. Oct 15, 2021Raised $247.6 million in a private offering of equity Form D: 548 investors so far Form D

SEC filer profile

How AB Commercial Real Estate Private Debt Fund, LLC is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARAB Commercial Real Estate Private Debt Fund, LLC1
  • CIK0001876255
  • Employer ID (EIN)87-11373415
  • Filer statusNon-accelerated filer an emerging growth company; a smaller reporting company; not a shell company5
  • Incorporated inDelaware5
  • Fiscal year endsDecember 311
  • Industry code (SIC)6798 Real Estate Investment Trusts1
  • SEC reviewing officeOffice of Real Estate & Construction, Division of Corporation Finance1
  • Business address66 Hudson Boulevard East, New York, NY 100011
  • Phone212-969-10001
  • Shares outstanding56,362,293 as of Aug 14, 20269
  • Public float$0 as of Jun 30, 20257
  • AuditorPricewaterhouseCoopers LLP, New York PCAOB ID 238; no auditor attestation of internal control over financial reporting5
  • On EDGAR sinceAug 2, 20211
  • Filings121 in all: 8-K (30), 4 (24), 4/A (24), 10-Q (14), 10-K (5), 3 (4), D/A (4), DEFA14A (3)1
    All 17 form types

    UPLOAD (3), 10-12G/A (2), CORRESP (2), 10-12G (1), D (1), DEF 14A (1), DEFR14A (1), NT 10-Q (1), PRE 14A (1)

  • Latest filingsAnnual report (10-K) Mar 24, 2026
    Quarterly report (10-Q) Aug 14, 2026
    Proxy statement (DEF 14A) Jun 23, 2026
    Latest 8-K (8-K) Sep 16, 2026

Risk factors and legal proceedings

The risks AB Commercial Real Estate Private Debt Fund, LLC names in Item 1A of its 10-K filed Mar 24, 2026: 76 risks under these headings, as written.5

  • Certain Market Risks Generally
  • The success of our investment activities will be affected by general economic and market conditions, as well as by changes in applicable laws, currency exchange controls, and regional, national and international political and socioeconomic circumstances.
  • Uncertainty about presidential administration initiatives could negatively impact our business, financial condition and results of operations.
  • Global economic, political and market conditions may adversely affect our business, results of operations and financial condition.
  • Deterioration in market conditions could have a material adverse effect on our financial performance and borrowers’ ability to meet their debt obligations comprising our Portfolio Investments.
  • Adverse conditions in the areas where our Portfolio Investments or the properties underlying such Portfolio Investments are located may have an adverse effect on the value of our Portfolio Investments.
  • Fluctuations in the global credit markets may adversely affect the value of our Portfolio Investments and/or increase the risks associated with one or more particular investments.
  • We operate in a highly competitive industry.
  • We are subject to risks associated with artificial intelligence and machine learning technology.
  • Certain Regulatory, Legal, Tax and Operational Risks
  • Changes in laws or regulations governing private investment funds and their managers may adversely affect our business.
  • We depend on the Investment Manager’s ability to develop and implement investment strategies that achieve our investment objectives.
The other 66 risks
  • Members are not permitted to engage in the active management and affairs of us.
  • Misconduct or misrepresentations by employees of the Investment Manager or third-party service providers could have an adverse effect on us.
  • We are dependent upon our counterparties and certain third-party service providers.
  • We employ certain strategies which depend upon the reliability, accuracy and analysis of the Investment Manager’s analytical models, which may not prove to be correct.
  • If we fail to maintain our exclusion from the definition of an “investment company” under the Company Act, we would be regulated as an investment company, which would subject us to additional regulatory restrictions.
  • Any change in laws or regulations governing our operations, changes in their interpretation, or newly enacted laws or regulations and any failure by us to comply with these laws or regulations may have an adverse effect on us.
  • We may be subject to risks associated with our acquisition of loans that were originated by banks.
  • We are required to hold licenses in a number of U.S. states and foreign jurisdictions. Obtaining and maintaining licenses will cause us to incur expenses, and failure to be properly licensed under such laws or otherwise may have a material adverse effect on us and our operations.
  • Failure to qualify as a REIT under the Code could have a material adverse effect on us.
  • We must comply with certain requirements to qualify as a REIT, which may restrict our operations and have an adverse effect on our financial performance.
  • To preserve our qualification as a REIT, our LLC Agreement prohibits beneficial or constructive ownership by any individual of more than a certain percentage. Such ownership rules could be inadvertently violated.
  • We may incur tax liabilities that would reduce the cash flow available for distributions.
  • Complying with REIT requirements may limit our ability to hedge effectively and may cause us to incur tax liabilities.
  • Complying with REIT requirements may force us to make distributions to Members.
  • We may choose to make distributions in Units, in which case Members may be required to pay income taxes without receiving any cash dividends.
  • Dividends payable by REITs do not qualify for the reduced tax rates available for some dividends.
  • We may be subject to adverse legislative or regulatory tax changes that could increase our tax liability and reduce our operating flexibility.
  • Our investments in certain debt instruments may cause us to recognize “phantom income” for U.S. federal income tax purposes even though no cash payments have been received on the debt instruments, and certain modifications of such debt by us could cause the modified debt to not qualify as a good REIT asset, thereby jeopardizing its REIT qualification.
  • The failure of a mezzanine loan to qualify as a real estate asset could adversely affect our ability to qualify as a REIT.
  • The failure of assets subject to repurchase agreements to qualify as real estate assets could adversely affect our ability to qualify as a REIT.
  • Liquidation of assets may jeopardize our REIT qualification.
  • Our ownership of and relationship with any TRS will be restricted, and a failure to comply with the restrictions would jeopardize our REIT status and may result in the application of a 100% excise tax.
  • Rapid changes in the values of our other real estate-related investments may make it difficult for us to maintain our REIT qualification or exclusion from the Company Act.
  • We have the ability to incur significant leverage, which may have an adverse effect on our financial condition.
  • We are not registered under the Company Act and therefore are not subject to certain regulatory oversight that applies to investment companies.
  • Changes in tax laws could have adverse consequences on us and our subsidiaries.
  • A failure in cyber security systems, as well as the occurrence of events unanticipated in our disaster recovery systems and management continuity planning could impair our ability to conduct business effectively.
  • Certain Risks Associated with the Units
  • The Units are not freely transferable and therefore provide limited liquidity to investors.
  • The Incentive Fee we will pay the Investment Manager may create an incentive for the Investment Manager to make riskier or more speculative investments.
  • We may make in-kind distributions to Members, which may create increased risk of loss that will be borne by our Members.
  • We, the Investment Manager and/or its affiliates may enter into separate agreements with certain Members on different terms than those described in his Annual Report, which could create preferences or priorities for such Members.
  • The Units are subject to transfer restrictions which could limit your ability to sell your Units.
  • We may, in our sole and absolute discretion, suspend distributions and/or the calculation of our NAV or the calculation of the NAV of Units
  • We retain ultimate discretion on whether to make distributions and the timing thereof.
  • Certain Investment Risks
  • Our Portfolio Investments may be risky, and you could lose all or part of your investment.
  • We are subject to the risks inherent in the ownership and operation of real estate and real estate-related businesses and assets.
  • Our debt investments may be negatively impacted by a deterioration in the real estate market.
  • Our investments in loans secured by office properties face heightened risks due to structural changes in office utilization and demand.
  • We intend to invest in certain long-term, illiquid investments, and we may not be able to sell any portion on favorable terms or at all if we are required to liquidate these investments.
  • We will depend on the diligence of our Investment Manager, which may fail to reveal weaknesses in a potential Portfolio Investment.
  • The Investment Manager’s ability to manage certain Portfolio Investments may be limited.
  • Real estate loans that we originate or acquire may become non-performing after their acquisition.
  • Our Portfolio Investments are subject to risks of delinquency and foreclosure that may be greater than similar risks associated with other types of loans.
  • Any insurance proceeds received with respect to a property relating to one of our investments may not be sufficient to recover our economic position with respect to such investment.
  • Borrowers that we make loans to may not be able to achieve their business plans, and such loans may go into default, which could have an adverse effect on our financial performance.
  • Borrowers that we make loans to may have difficulty servicing their debt or having sufficient capital to replenish reserves, which could have an adverse effect on our financial performance.
  • We may purchase participations and/or co-lender interests in real estate loans, which typically would result in us holding a contractual relationship with the selling institution, not the obligor.
  • We rely upon the accuracy and completeness of representations made by borrowers and cannot guarantee that the borrowers will not make a material misrepresentation or omission.
  • There are no restrictions on the credit quality of the properties and/or other collateral securing the loans in which we invest, and we may have exposure to default in payments due to lesser quality loans or collateral.
  • We may be subject to risks due to investment in assets secured by direct or indirect interests in undeveloped land or underdeveloped real property, which may often be non-income producing.
  • We plan to invest in commercial mortgage loans, which are subject to greater risks of loss, delinquency and foreclosure than other real estate loans.
  • The bankruptcy or insolvency of tenants at the properties that secure our debt investments, or other failure by such tenants to pay their obligations under their leases, may have an adverse effect on the income produced by the related investments.
  • Lease expirations, defaults and terminations may result in decreased revenues available to service our borrowers’ debt obligations, which could result in increased defaults under the related mortgage loans we hold.
  • We are subject to risks associated with our investments in Collateralized Mortgage Backed Securities.
  • We may be subject to lender liability claims, which may subject us to significant liability.
  • We may invest in certain subordinated classes of securities, which may be the first or among the first to bear the losses and the last to receive payment of interest and principal.
  • The Investment Manager may be required to undertake investment analyses and decisions based on limited information or on an expedited basis, and no assurance can be given that the Investment Manager will have knowledge of all circumstances that may adversely affect an investment.
  • We may be subject to risks associated with our entry into swap agreements and options on swap agreements.
  • We may be subject to risks associated with our entry into futures contracts and options on futures contracts.
  • We may be subject to risks associated with our entry into forward contracts and options on forwards contracts.
  • Transactions denominated in foreign currencies subject us to foreign currency risks.
  • Our performance may be adversely affected due to environmental risks, including climate change.
  • There can be no assurance that we will be able to realize returns on our investments in a timely manner, or at all.
  • The concentration of our investment portfolio in the commercial real estate sector may increase the losses suffered by us or reduce our ability to hedge our exposure and to dispose of depreciating assets.
  • A systemic failure in the financial markets could have a material adverse effect on our financial condition and operations and on the markets for the financial instruments in which we seek to invest.
  • We may invest in securities which are subject to restrictions on transfer or for which no liquid market exists.

Legal proceedings

The Company is not currently subject to any material legal proceedings, nor, to our knowledge, is any material legal proceeding threatened against us. From time to time, we may be a party to certain legal proceedings in the ordinary course of business. Our business is also subject to extensive regulation, which may result in regulatory proceedings against us. While the outcome of these legal proceedings cannot be predicted with certainty, we do not expect that these proceedings will have a material effect upon our financial condition or results of operations.

The opening of Item 3, Legal Proceedings.5

Sources

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