AB 2020 Form 10-K

During the year ended December 31, 2019, the Fund invested $218,609,270 in 54 portfolio companies, $31,444,355 was drawn down against the revolvers and delayed draw term loans, and the Fund had $35,633,455 in aggregate amount of principal repayments, which included $8,974,614 in revolver and delayed draw term loan paydowns, and $7,834,771 in sales, resulting in net investments of $206,585,399 for the period. For the year ended December 31, 2019, the Fund had $301,603 in PIK interest. The following table shows the composition of the investment portfolio and associated yield data as of December 31, 2020: As of December 31, 2020 Amortized Cost Percentage of Total Portfolio Fair Value Percentage of Total Portfolio Weighted Average Yield (1) First Lien Senior Secured Debt $518,106,245 96.08% $511,197,686 95.90% 8.50% Second Lien Junior Secured Debt $ 11,315,669 2.10% $ 11,396,369 2.14% 10.04% Preferred Stock $ 6,993,227 1.30% $ 7,495,949 1.41% 0 Common Stock $ 2,076,055 0.38% $ 2,663,040 0.50% 0 Warrants $ 737,264 0.14% $ 281,986 0.05% 0 Total $539,228,460 100% $533,035,030 100% (1) Based upon the par value of the Fund’s debt investments The following table shows the composition of the investment portfolio and associated yield data as of December 31, 2019: As of December 31, 2019 Amortized Cost Percentage of Total Portfolio Fair Value Percentage of Total Portfolio Weighted Average Yield (1) First Lien Senior Secured Debt $332,320,392 95.80% $330,393,205 95.76% 8.31% Second Lien Junior Secured Debt $ 7,649,558 2.21% $ 7,620,547 2.21% 10.49% Preferred Stock $ 4,648,225 1.34% $ 4,861,847 1.41% 0% Common Stock $ 1,624,199 0.47% $ 1,518,353 0.44% 0% Warrants $ 631,366 0.18% $ 631,366 0.18% 0% Total $346,873,740 100% $345,025,318 100% (1) Based upon the par value of the Fund’s debt investments The following table presents certain selected financial information regarding the debt investments in the Fund’s portfolio as of December 31, 2020 and 2019: As of December 31, 2020 As of December 31, 2019 Number of portfolio companies 123 85 Percentage of debt bearing a floating rate (1) 100% 99.99% Percentage of debt bearing a fixed rate (1) 0% 0.01% (1) Measured on a fair value basis, and excludes equity securities. The following table shows the amortized cost and fair value of the Fund’s performing and non-accrual debt investments as of December 31, 2020: As of December 31, 2020 Amortized Cost Percentage at Amortized Cost Fair Value Percentage at Fair Value Performing $529,421,914 100% $522,594,055 100% Non-accrual — — — — Total $529,421,914 100% $522,594,055 100% 63