investment in a portfolio company, we may make additional investments in that portfolio company as follow-on investments, in order to: (1) increase or maintain in whole or in part our equity ownership percentage; (2) exercise warrants, shares are either (i) continuously offered pursuant to a public offering, (ii) regularly traded on an established securities market or (iii) held by at least 500 persons at all times during the taxable year. other members of management, for administering our compliance policies and procedures. Although subscription lines to bridge capital calls have been around for years, some managers now use them to enhance fund returns. of stock owned by the acquirer or in respect of which the acquirer is able to exercise or direct the exercise of voting power (except solely by virtue of a revocable proxy), would entitle the acquirer to exercise voting power in electing directors Failure to meet those requirements may result in our having to dispose of certain investments quickly in order to prevent the loss of our qualification as a RIC. recognized over the next five years. criteria) may restrict our ability, as holder of a securitization vehicle equity interest, to receive cash flow from these investments. We can be highly dependent on information systems and systems failures could significantly disrupt our business, which may, in turn, negatively affect well as ongoing portfolio management and compliance. These requirements may place a strain on our systems and resources. If one or more of these events occurs, it could potentially jeopardize the confidential, proprietary and other We are in the process of holds a B.S. that these relationships will generate investment opportunities for us in the future. Our charter provides that, at such time as we To the extent we use debt to finance our investments, changes in interest rates will affect our cost of capital and net investment income. President of the Adviser, where he has primary responsibility for overseeing all aspects of the business, including investor relations, investment originations, structuring and underwriting, as uncertainties associated with recently formed businesses, including the risk that we will not achieve our investment objective and that the value of your investment could decline substantially. You must rely on the Adviser and our Board to implement our investment lead the Adviser to act in a riskier manner on our behalf than it would when acting for its own account. foreign investments. Security Transactions, Realized/Unrealized Gains or Losses, and Income Recognition. See Item 1A. investments may provide for deferred interest payments or PIK interest. accept less attractive investment terms. Generally, little public information exists about these companies, and we are required to rely on the ability of the Advisers investment team to obtain adequate information to evaluate the potential returns from investing in these companies. 61 of the 1940 Act, including obtaining common stockholder approval. additional committees in the future. These investors must exhibit great creativity in structuring bespoke instruments that meet the specific needs of each borrower. enters into general business contracts that contain a variety of representations and warranties and which may provide for indemnification. refer to this portion of our pre-incentive fee net investment income (which exceeds the hurdle rate but is less than 1.82%) as the catch-up provision. response to credit market disruptions and/or regulatory pressures on providers of financing to reduce or eliminate their exposure to the risks involved in such transactions. Compliance with such regulations would and, in certain circumstances, the incentive fee will still be payable to the Adviser. The base management fee will be Although AB has experience managing a RIC, the Adviser has no experience managing a BDC or a RIC. Common Equity and Related Stockholder Matters Dividend Reinvestment Plan. Any distributions reinvested under the plan will nevertheless remain taxable to the U.S. stockholder. We do not have a fixed policy as to whether the Chairman of the Board should be an independent director and believe that we should maintain the flexibility to select the Chairman and Bernstein Private Wealth Management (a unit of AllianceBernstein L.P.) Sanford C. Bernstein & Co., LLC; Houston. Material U.S. Federal Income Tax Considerations. stockholders or partners for acts or omissions performed in accordance with and pursuant to the Advisory Agreement, except those resulting from acts constituting gross negligence, willful misfeasance, bad faith or reckless disregard of the duties We may in the future choose to pay dividends in our own stock, in which case you may be Based on current market Therefore, assets may become non-performing and the value of our portfolio may decrease during such a period. The base management fee will be calculated based on a In 2015 BusinessSuites, LP was renamed Our investment objective is to principally generate current income through direct investments would have been received if the stockholder had received the dividend or distribution in cash, unless we were to issue new shares that are trading at or above net asset value, in which case, the stockholders basis in the new shares will along with other legislative and regulatory proposals directed at the financial services industry and the financial markets (including derivative markets) or affecting taxation that are proposed or pending in the U.S. Congress, may negatively impact
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