AB 2020 Form 10-K

Investment Type Facility Type Commitment Expiration Date (1) Unfunded Commitment (2) Fair Value (3) Smile Brands, Inc. Revolver 10/12/2023 220,833 — Sugarcrm, Inc. Revolver 7/31/2024 310,244 — Summit Infrastructure Group, Inc. Delayed Draw Term Loan 3/15/2021 1,125,756 (22,515) Summit Infrastructure Group, Inc. Revolver 3/15/2024 562,878 (11,258) Swiftpage, Inc. Revolver 6/13/2023 225,317 (4,506) Symplr Software, Inc. Revolver 11/30/2023 27,828 (417) Telesoft Holdings, LLC Revolver 12/16/2025 596,865 (13,430) The Center for Orthopedic and Research Excellence, Inc. Delayed Draw Term Loan 8/15/2021 1,726,330 (15,105) The Center for Orthopedic and Research Excellence, Inc. Revolver 8/15/2025 656,005 (11,480) Theranest, LLC Delayed Draw Term Loan 7/23/2020 1,386,857 (20,803) Theranest, LLC Revolver 7/24/2023 428,571 (8,571) TRGRP, Inc. Revolver 11/1/2023 333,333 (6,667) Tropical Smoothie Cafe, LLC Revolver 9/24/2023 96,435 — Tropical Smoothie Cafe, LLC Delayed Draw Term Loan 6/18/2021 6,659,893 — Velocity Purchaser Corporation Revolver 12/1/2022 193,237 — ZBS Alliance Animal Health, LLC Delayed Draw Term Loan 11/8/2025 4,535,600 (90,712) ZBS Alliance Animal Health, LLC Revolver 11/8/2025 181,424 (3,628) Total 1st Lien/Senior Secured Debt 71,406,720 (1,007,901) Total $ 71,406,720 $(1,007,901) (1) Commitments are generally subject to borrowers meeting certain criteria such as compliance with covenants and certain operational metrics. These amounts may remain outstanding until the commitment period of an applicable loan expires, which may be shorter than its maturity. (2) Net of capitalized fees, expenses and original issue discount (“OID”). (3) A negative fair value was reflected as investments, at fair value in the consolidated statements of assets and liabilities. The negative fair value is the result of the capitalized discount on the loan. Contingencies In the normal course of business, the Fund enters into contracts that provide a variety of general indemnifications. Any exposure to the Fund under these arrangements could involve future claims that may be made against the Fund. Currently, no such claims exist or are expected to arise and, accordingly, the Fund has not accrued any liability in connection with such indemnifications. 7. Net Assets Equity Issuance In connection with its formation, the Fund has the authority to issue 200,000,000 shares of the Fund’s common stock, par value $0.01 per share. On September 29, 2017, the Fund completed its Initial Closing after entering into Subscription Agreements with several investors, including the Adviser, providing for the private placement of the Fund’s common shares. Under the terms of the Subscription Agreements, investors are required to fund drawdowns to purchase the Fund’s common shares up to the amount of their respective Capital Commitments on an as-needed basis upon the issuance of a capital draw-down notice. At December 31, 2020 the Fund had total Capital Commitments of $447,843,050, of which 52% was unfunded. At December 31, 2019 the Fund had total Capital Commitments of $397,620,551. The minimum Capital Commitment of an investor is $50,000. The Adviser, however, may waive the minimum Capital Commitment at its discretion. Capital Commitments may be drawn down by the Fund on a pro rata basis, as needed (including for follow-on investments), for paying the Fund’s expenses, including fees under the Amended and Restated Advisory Agreement, and/or maintaining a reserve account for the payment of future expenses or liabilities. F-40