AB 2020 Form 10-K

• Changes in laws or regulations governing the Fund’s operations may adversely affect its business. • The impact of recently enacted federal tax legislation on the Fund is uncertain. • Future legislation or rules could modify how the Fund treats derivatives and other financial arrangements. • A disruption in the capital markets and the credit markets could impair the Fund’s ability to borrow money. • Price declines and illiquidity in the corporate debt markets may reduce the Fund’s net asset value. • Significant developments stemming from the Brexit could have a material adverse effect on the Fund. • Terrorist attacks, natural disasters or outbreaks of contagious diseases may harm the Fund’s business. • A failure in the Fund’s cyber security systems could impair its ability to conduct business effectively. Risks Related to the Fund’s Investments • The Fund’s investments are risky and speculative, and its investment activities subject it to litigation risks. • There is a lack of information about the privately held companies in which the Fund invests. • The Adviser may face conflicts of interest caused by compensation arrangements with the Fund and its affiliates, and in connection with the management of the Fund’s business affairs. • The Adviser may raise money for or manage other entities that target similar investments to the Fund. • The time and resources that individuals associated with the Adviser devote to the Fund may be diverted. • Certain investment decisions by the Adviser may be required to be undertaken on an expedited basis. • A redemption of convertible securities held by the Fund could have an adverse effect on its investments. • The Fund’s portfolio companies may incur debt that ranks equally with, or senior to, its investments. • The Fund may not be able to obtain debt financing or equity capital on acceptable terms. • The Fund may invest in mezzanine securities. • The Fund may invest in debt securities and instruments that are rated below investment grade. • The Fund’s investments may be exposed to the credit risk of the counterparties with which the Fund deals. • The Fund’s investments may be affected by laws relating to fraudulent conveyance or voidable preferences. • The Fund’s debt investments could be subordinated to claims of other creditors. • The Fund may make second priority liens on collateral securing loans. • Economic downturns could impair the Fund’s portfolio companies and harm its operating results. • Uncertainty relating to the LIBOR calculation process may adversely affect the Fund’s portfolio. • The lack of liquidity in the Fund’s investments may adversely affect its business. • The net asset value of the Fund’s common stock may fluctuate significantly. • The right to make Capital Calls of stockholders may be pledged by the Fund as collateral. • The Fund has not yet identified all of the companies it will invest in with the Private Offering proceeds. • The Fund’s failure to make follow-on investments could impair the value of its portfolio. • The Fund’s portfolio will lack diversification among portfolio companies and industries. • The Fund securitizes certain of its investments, which may subject it to certain structured financing risks. • As a non-controlling investor, the Fund may not be able to exercise control over its portfolio companies. • Changes to United States tariff and import/export regulations may have a negative effect on the Fund. • Defaults by the Fund’s portfolio companies will harm its operating results. • Unrealized losses the Fund experiences on its loan portfolio may be an indication of future realized losses. • The Fund may pay distributions from offering proceeds, borrowings or the sale of assets. • Prepayments of the Fund’s debt investments could adversely impact results of operations. • Changes in interest rates may affect the Fund’s cost of capital and net investment income.