AB 2020 Form 10-K

Financial Instruments Disclosed, But Not Carried, At Fair Value The following table presents the carrying value and fair value of the Fund’s financial liabilities disclosed, but not carried, at fair value as of December 31, 2020 and the level of each financial liability within the fair value hierarchy. Carrying Value (1) Fair Value Level 1 Level 2 Level 3 Class A-1 Senior Secured Notes $176,706,612 $178,352,361 $ — $ — $178,352,361 Class A-2A Senior Secured Notes 24,790,490 25,361,000 — — 25,361,000 Class A-2B Senior Secured Notes 9,840,396 10,639,316 — — 10,639,316 Total $211,337,498 $214,352,677 $ — $ — $214,352,677 (1) Carrying value is net of unamortized discount and debt issuance costs. Unamortized discount and debt issuance costs associated with the Notes totaled $26,440 and $1,786,062 as of December 31, 2020 and are reflected on the consolidated statements of assets and liabilities. The following table presents the carrying value and fair value of the Fund’s financial liabilities disclosed, but not carried, at fair value as of December 31, 2019 and the level of each financial liability within the fair value hierarchy. Carrying Value (1) Fair Value Level 1 Level 2 Level 3 Class A-1 Senior Secured Notes $175,875,031 $178,195,723 $ — $ — $178,195,723 Class A-2A Senior Secured Notes 24,673,826 24,889,050 — — 24,889,050 Class A-2B Senior Secured Notes 9,787,776 9,916,279 — — 9,916,279 Total $210,336,633 $213,001,052 $ — $ — $213,001,052 (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. 6. Commitments & Contingencies Commitments The Fund may enter into commitments to fund investments. As of December 31, 2020, the Adviser believed that the Fund had adequate financial resources to satisfy its unfunded commitments. The amounts associated with unfunded commitments to provide funds to portfolio companies are not recorded in the Fund’s consolidated statements of assets and liabilities. Since these commitments and the associated amounts may expire without being drawn upon, the total commitment amount does not necessarily represent a future cash requirement. The Fund had the following unfunded commitments by investment types as of December 31, 2020: F-36