AB 2020 Form 10-K

Fair Value as of 12/31/20 Valuation Techniques Unobservable Input Range (Weighted Average) (1) Impact to Valuation from an Increase in Input 2nd Lien/Junior Secured Debt 7,740,139 Market Yield Analysis Market Yield 8.6%—9.0% (8.9%) Decrease 3,656,230 Recent Purchase Purchase Price N/A N/A U.S. Common Stock 1,233,165 Market Approach EBITDA Multiple 10.0x—16.0x (14.1x) Increase 735,350 Market Approach Recurring Revenue Multiple 5.0x Increase 406,750 Recent Transaction Transaction Price N/A N/A U.S. Preferred Stock 2,751,077 Market Approach EBITDA Multiple 8.3x—13.6x (11.8x) Increase 2,214,811 Market Approach Revenue Multiple 8.9x—23.1x (13.5x) Increase 438,190 Recent Transaction Transaction Price N/A N/A 2,091,871 Recent Purchase Purchase Price N/A N/A U.S. Warrants 146,098 Market Approach Revenue Multiple 4.5x—10.7x (10.2x) Increase 95,800 Recent Transaction Transaction Price N/A N/A 40,088 Recent Purchase Purchase Price N/A N/A Total Assets $532,747,255 (1) Weighted averages are calculated based on fair value of investments. Fair Value as of December 31, 2019 Valuation Techniques Unobservable Input Range (Weighted Average) (1) Impact to Valuation from an Increase in Input Assets: 1st Lien/Senior Secured Debt $233,166,392 Market Yield Analysis Market Yield 6.3%—11.7% (8.2%) Decrease 85,134,601 Recent Purchase Purchase Price N/A N/A 2nd Lien/Junior Secured Debt 7,620,547 Market Yield Analysis Market Yield 10.5%—11.0% (10.6%) Decrease U.S. Common Stock 1,117,827 Market Approach EBITDA Multiple 5.0x—16.0x (10.3x) Increase 400,526 Recent Purchase Purchase Price N/A N/A U.S. Preferred Stock 1,374,166 Market Approach EBITDA Multiple 13.6x Increase 2,573,089 Market Approach Revenue Multiple 5.0x—12.7x (9.0x) Increase 914,592 Recent Purchase Purchase Price N/A N/A U.S. Warrants 27,511 Market Approach Revenue Multiple 12.3x Increase 603,855 Recent Purchase Purchase Price N/A N/A Total Assets $332,933,106 (1) Weighted averages are calculated based on fair value of investments. F-35