AB 2020 Form 10-K

Organization and Offering Costs Since the Fund’s inception, the Adviser and its affiliates have incurred organizational costs of $817,503 and offering costs of $209,458, all of which have been expensed as of December 31, 2019. Additional organizational costs of $106,510 were incurred in 2020 in connection with the creation of ABPCICE, all of which were fully expensed as of December 31, 2020. Organizational costs include, among other things, the cost of organizing as a Maryland corporation, including the cost of legal services, directors’ fees and other fees, including travel-related expenses, pertaining to the Fund’s organization, all of which are expensed as incurred. Offering costs include, among other things, legal fees and other costs pertaining to the preparation of the Fund’s private placement memorandum and other offering documents. Operating Expenses Under the Advisory Agreement, the Fund’s primary operating expenses will include the payment of fees to the Adviser, the Fund’s allocable portion of overhead expenses under the Expense Reimbursement Agreement and other operating costs described below. The Fund bears all other out-of-pocket costs and expenses of the Fund’s operations and transactions, including those relating to: • reasonable and documented organization and offering expenses to the extent reimbursement of such expenses is included in any future agreement with the Adviser; • calculating the Fund’s net asset value (including the cost and expenses of any independent valuation firm); • fees and expenses payable to third parties, including agents, consultants or other advisers, in connection with monitoring financial (including advising with respect to the Fund’s financing strategy) and legal affairs for the Fund and in providing administrative services, monitoring the Fund’s investments and performing due diligence on the Fund’s prospective portfolio companies or otherwise relating to, or associated with, evaluating and making investments; • interest payable on debt, if any, incurred to finance the Fund’s investments; • sales and purchases of the Fund’s common stock and other securities; • base management fees and incentive fees payable to the Adviser; • transfer agent and custodial fees; • federal and state registration fees; • all costs of registration and listing the Fund’s securities on any securities exchange; • U.S. federal, state and local taxes; • independent directors’ fees and expenses; • costs of preparing and filing reports or other documents required by the SEC, the Financial Industry Regulatory Authority or other regulators; • costs of any reports, proxy statements or other notices to stockholders, including printing costs; • the Fund’s allocable portion of any fidelity bond, directors’ and officers’ errors and omissions liability insurance, and any other insurance premiums; • direct costs and expenses of administration, including printing, mailing, long distance telephone, copying, secretarial and other staff, independent auditors and outside legal costs; and • all other expenses incurred by the Fund, the Administrator or the Adviser in connection with administering the Fund’s business, including payments under the Administration Agreement and payments under the Expense Reimbursement Agreement based on the Fund’s allocable portion of the Adviser’s overhead in performing its obligations under the Expense Reimbursement Agreement, including the allocable portion of the cost of the Fund’s Chief Compliance Officer and Chief Financial Officer and their respective staffs. Portfolio and Investment Activity During the year ended December 31, 2020, the Fund invested $235,420,913 in 47 portfolio companies, $49,770,566 was drawn down against the revolvers and delayed draw term loans, and the Fund had $86,687,331 in aggregate amount of principal repayments, which includes $15,944,450 in revolver and delayed draw term loan paydowns, and $10,036,583 in sales, resulting in net investments of $188,467,565 for the period. For the year ended December 31, 2020, the Fund had $862,336 in PIK interest. 62