AB 2020 Form 10-K

December 31, 2019 Principal Amount Interest Rate Carrying Value (1) Class A-1 Senior Secured Floating Rate Note (“Class A-1”) $178,200,000 L + 1.73% $175,875,031 Class A-2A Senior Secured Floating Rate Note (“Class A-2A”) $ 25,000,000 L + 2.45% $ 24,673,826 Class A-2B Senior Secured Fixed Rate Note (“Class A-2B”) $ 9,950,000 4.23% $ 9,787,776 Class B Secured Deferrable Floating Rate Note (“Class B”) $ 16,400,000 L + 3.40% $ — * Class C Secured Deferrable Floating Rate Note (“Class C”) $ 17,350,000 L + 4.40% $ — * Subordinated Notes $ 53,600,000 N/A $ — * * Class B, Class C and Subordinated Notes have been eliminated in consolidation. (1) Carrying value is net of unamortized discount and debt issuance costs. Unamortized discount and debt issuance costs associated with the Notes totaled $32,835 and $2,780,532, as of December 31, 2019 and are reflected on the consolidated statements of assets and liabilities. The Notes are scheduled to mature on August 9, 2030. The CLO VI indenture provides that the holders of the CLO VI Class A-1, Class A-2A, Class A-2B, Class B and Class C Notes are to receive quarterly interest payments, in arrears, on the 20th day in January, April, July and October of each year, commencing in August 2019. The Notes are the secured obligations of the Co-Issuers, and the indenture governing the Notes includes customary covenants and events of default. The Notes have not been, and will not be, registered under the Securities Act of 1933, as amended, or any state securities or “blue sky” laws and may not be offered or sold in the United States absent registration with the Securities and Exchange Commission or an applicable exemption from registration. The Adviser serves as collateral manager to the Issuer pursuant to a collateral management agreement between the Adviser and the Issuer (the “CLO Collateral Management Agreement”). For so long as the Adviser serves as collateral manager to the Issuer, the Adviser will elect to irrevocably waive any base management fee or subordinated interest to which it may be entitled under the CLO Collateral Management Agreement. For the year ended December 31, 2020, the Fund incurred collateral management fees of $1,843,957, which were voluntarily waived by the Adviser. For the year ended December 31, 2019, the Fund incurred collateral management fees of $729,661, which were voluntarily waived by the Adviser. For the year ended December 31, 2018, the Fund incurred no collateral management fees. Secured borrowings From time to time, the Fund may engage in sale/buy-back agreements, which are a type of secured borrowing. The amount, interest rate and terms of these agreements will be individually negotiated on a transaction-by-transaction basis. Each borrowing is secured by an interest in an underlying asset which is participated or assigned to the sale/buy-back counterparty for the duration of the agreement. F-31