AB 2020 Form 10-K

The following is a reconciliation of Level 3 assets for the year ended December 31, 2020: 1st Lien/Senior Secured Debt 2nd Lien/ Junior Secured Debt U.S. Common Stock U.S. Preferred Stock U.S. Warrants Total Balance as of January 1, 2020 $318,300,993 $ 7,620,547 $1,518,353 $4,861,847 $ 631,366 $332,933,106 Purchases (including PIK) 279,269,615 3,652,564 170,276 2,573,882 105,898 285,772,235 Sales and principal payments (95,946,474) — — (777,440) — (96,723,914) Realized Gain (Loss) 20,809 — — 548,560 — 569,369 Net Amortization of Premium/Discount 2,441,903 13,547 — — — 2,455,450 Transfers In 12,092,212 — — — — 12,092,212 Transfers Out — — — — — — Net Change in Unrealized Appreciation (Depreciation) (4,981,372) 109,711 686,636 289,100 (455,278) (4,351,203) Balance as of December 31, 2020 $511,197,686 $11,396,369 $2,375,265 $7,495,949 $ 281,986 $532,747,255 Change in Unrealized Appreciation (Depreciation) for Investments Still Held $ (5,261,160) $ 109,711 $ 686,636 $ 289,100 $(455,278) $ (4,630,991) For the year ended December 31, 2020, there were transfers of $12,092,212 from Level 2 to Level 3 fair value measurements for the Fund due to lack of observability and liquidity. There were no transfers from Level 3. The following is a reconciliation of Level 3 assets for the year ended December 31, 2019: 1st Lien/Senior Secured Debt 2nd Lien/ Junior Secured Debt U.S. Common Stock U.S. Preferred Stock U.S. Warrants Total Balance as of January 1, 2019 $122,981,395 $1,200,773 $ 379,849 $1,160,531 $ — $125,722,548 Purchases (including PIK) 238,113,812 6,439,645 1,312,798 3,487,694 631,366 249,985,315 Sales and principal payments (43,180,812) — (183,182) — — (43,363,994) Realized Gain (Loss) (37,702) — 120,448 — — 82,746 Net Amortization of Premium/Discount 1,319,839 8,480 — — — 1,328,319 Transfers In — — — — — — Transfers Out — — — — — — Net Change in Unrealized Appreciation (Depreciation) (895,539) (28,351) (111,560) 213,622 — (821,828) Balance as of December 31, 2019 $318,300,993 $7,620,547 $1,518,353 $4,861,847 $631,366 $332,933,106 Change in Unrealized Appreciation (Depreciation) for Investments Still Held $ (830,746) $ (28,351) $ (111,560) $ 213,622 $ — $ (757,035) For the year ended December 31, 2019, there were no transfers to or from Level 3. The following tables present the ranges of significant unobservable inputs used to value the Fund’s Level 3 investments as of December 31, 2020 and December 31, 2019, respectively. These ranges represent the significant unobservable inputs that were used in the valuation of each type of investment. These inputs are not representative of the inputs that could have been used in the valuation of any one investment. Accordingly, the ranges of inputs presented below do not represent uncertainty in, or possible ranges of, fair value measurements of the Fund’s Level 3 investments. Fair Value as of 12/31/20 Valuation Techniques Unobservable Input Range (Weighted Average) (1) Impact to Valuation from an Increase in Input Assets: 1st Lien/Senior Secured Debt $329,808,025 Market Yield Analysis Market Yield 5.0%—18.5% (7.8%) Decrease 6,586,623 Market Approach EBITDA Multiple 1.9x—10.2x (4.0x) Increase 10,538,095 Expected Repayment Redemption Price N/A Increase 13,914,273 Recent Transaction Transaction Price N/A N/A 150,350,670 Recent Purchase Purchase Price N/A N/A F-34