AB 2020 Form 10-K

10. Financial Highlights Below is the schedule of financial highlights of the Fund for the years ended December 31, 2020, December 31, 2019, December 31, 2018 and December 31, 2017: For the year ended December 31, 2020 For the year ended December 31, 2019 For the year ended December 31, 2018 For the year ended December 31, 2017* Per Share Data: (1)(9) Net asset value, beginning of period $ 9.88 $ 9.91 $ 10.02 $ 10.00 Net investment income (loss) 0.66 0.66 0.61 0.04 Net realized and unrealized gains (losses) on investments (0.51) (0.08) (0.17) (0.02) Net increase (decrease) in net assets resulting from operations 0.15 0.58 0.44 0.02 Distributions to shareholders (2) (0.68) (0.61) (0.55) 0.00 Net asset value, end of period $ 9.35 $ 9.88 $ 9.91 $ 10.02 Shares outstanding, end of period 23,775,222 14,627,401 6,383,672 2,417,371 Total return at net asset value before incentive fees (3) 2.56% 6.29% 4.73% — % (4) Total return at net asset value after incentive fees (3) 2.04% 5.89% 4.42% 0.20% (4) Ratio/Supplemental Data: Net assets, end of period $ 222,359,632 $ 144,562,395 $ 63,273,710 $ 24,232,383 Ratio of total expenses to weighted average net assets 12.30% 16.24% 14.78% 20.46% (5) Ratio of net expenses to weighted average net assets (6) 11.25% 14.33% 8.62% 0.89% (5) Ratio of net investment income (loss) before waivers to weighted average net assets 5.89% 4.38% (0.48)% (15.39)% (5) Ratio of net investment income (loss) after waivers to weighted average net assets (6) 6.93% 6.28% 5.68% 4.18% (5) Ratio of interest and credit facility expenses to weighted average net assets 4.86% 8.03% 4.37% 2.35% Ratio of incentive fees to weighted average net assets (7) 1.01% 0.93% 0.58% — % Portfolio turnover rate 23.87% 17.83% 24.47% — % (4) Asset coverage ratio (8) 162% 163% 172% 203% * The Fund completed its Initial Closing and commenced operations on November 15, 2017. (1) The per share data was derived by using the weighted average shares outstanding during the applicable period. (2) The per share data for distributions is the actual amount of distributions paid or payable per share of common stock outstanding during the entire period. (3) Total return based on NAV is calculated as the change in NAV per share during the respective periods, assuming dividends and distributions, if any, are reinvested in accordance with the Fund’s dividend reinvestment plan. (4) Not annualized. (5) Annualized, except for professional fees, directors’ fees and incentive fees. (6) For the year ended December 31, 2020, December 31, 2019, December 31, 2018 and December 31, 2017, the Adviser voluntarily waived a portion of their management fees, incentive fees, and collateral management fees. Additionally, the Adviser also reimbursed the Fund for operating expenses exceeding the percentage limit as per the Expense Support and Conditional Reimbursement Agreement. The ratios include the effects of the waived expenses of 2.37%, 1.58%, 0.40% and 0.88% for the years ended December 31, 2020, December 31, 2019, December 31, 2018 and December 31, 2017 respectively. (7) Ratio of incentive fees to weighted average net assets calculated before the voluntary waiver of incentive fees by the Adviser. (8) Asset coverage ratio is equal to (i) the sum of (A) net assets at end of period and (B) debt outstanding at end of period, divided by (ii) total debt outstanding at the end of the period. (9) Ratios calculated with Net Assets excluding the Non-Controlling Interest in ABPCICE. F-44