Identity floor
Borrower identity here is a normalised-name match — the majority join in the private-credit books, with roughly 10% measured error in each direction (two companies fused into one, or one company split across spellings). Figures built on it — crowding, overlap, the manager complex — are floors, not exact counts. How this is measured →
Fair value and share of that fund's resolved holdings book, each at the fund's own most recent reported period — the as-of column, because the holders of one company do not file on one date. The bar under each fair value is that fund's share of the $201M combined total across every holder — a different denominator from the share-of-book column — so one dominant lender vs an even syndicate is visible without reading the dollar figures.
| Fund | As of | Fair value | Share of book |
|---|---|---|---|
| Golub Capital BDCGolub Capital · matched: via name | 2026-03-31 | $82M | 1.0% |
| New Mountain Guardian IV BDC, L.L.C.New Mountain · matched: via name | 2026-03-31 | $24M | 1.2% |
| Nuveen Churchill BDC VChurchill · matched: via name | 2025-12-31 | $18M | 2.2% |
| Carlyle Tactical Private Credit Fund⚠ unreconciledCarlyle · matched: via name | 2026-03-31 | $17M | 0.4% |
| New Mountain Finance Corp⚠ unreconciledNew Mountain · matched: via name | 2026-03-31 | $15M | 0.4% |
| NMF SLF I, Inc.matched: via name | 2026-03-31 | $14M | 1.0% |
| Nuveen Churchill Direct Lending Corp.Churchill DLC Advisor LLC · matched: via name | 2026-03-31 | $13M | 0.7% |
| Golub Capital Private Credit FundGolub Capital · matched: via name | 2026-03-31 | $8M | 0.1% |
| New Mountain Guardian IV Income Fund, L.L.C.New Mountain · matched: via name | 2026-03-31 | $7M | 1.4% |
| BlackRock HPS Credit Strategies Fund⚠ unreconciledBlackRock · matched: CUSIP | 2026-03-31 | $4M | 0.8% |
The range across reported debt positions in the same borrower — fair value over amortized cost as filed — for 7 funds holding it in Q1'26.
7 funds · 35 positions · Q1'26
Instrument stated on 20 of 35 positions (57%).
Positions counted here filed a principal balance — the debt proxy used to find comparable marks, measured 82% precise as actual debt where an instrument label exists; the rest are equity or warrants filed with a principal amount.
| Fund | Instrument | Fair value | Mark | Band |
|---|---|---|---|---|
| Golub Capital BDCmatched: via name · 2026-03-31 | — | $0M | 82.1% | Deep stress |
| — |
| $2M |
| 96.6% |
| Unstressed |
| Golub Capital BDCmatched: via name · 2026-03-31 | — | $3M | 96.7% | Unstressed |
| Golub Capital BDCmatched: via name · 2026-03-31 | — | $76M | 97.5% | Unstressed |
| Golub Capital BDCmatched: via name · 2026-03-31 | — | $1M | 97.8% | Unstressed |
| Golub Capital BDCmatched: via name · 2026-03-31 | — | $1M | 97.8% | Unstressed |
| Golub Capital Private Credit Fundmatched: via name · 2026-03-31 | — | $4M | 97.8% | Unstressed |
| Golub Capital Private Credit Fundmatched: via name · 2026-03-31 | — | $4M | 97.9% | Unstressed |
| New Mountain Finance Corp⚠ unreconciledmatched: via name · 2026-03-31 | — | $0M | 98.4% | Unstressed |
| Nuveen Churchill Direct Lending Corp.matched: via name · 2026-03-31 | First Lien Debt First lien | $13M | 98.6% | Unstressed |
| New Mountain Finance Corp⚠ unreconciledmatched: via name · 2026-03-31 | First lien First lien | $9M | 99.0% | Unstressed |
| NMF SLF I, Inc.matched: via name · 2026-03-31 | — | $5M | 100.0% | Unstressed |
| New Mountain Guardian IV BDC, L.L.C.matched: via name · 2026-03-31 | First Lien First lien | $1M | 100.0% | Unstressed |
| New Mountain Guardian IV BDC, L.L.C.matched: via name · 2026-03-31 | First Lien First lien | $0M | 100.0% | Unstressed |
| New Mountain Guardian IV BDC, L.L.C.matched: via name · 2026-03-31 | First Lien First lien | $0M | 100.0% | Unstressed |
| New Mountain Guardian IV Income Fund, L.L.C.matched: via name · 2026-03-31 | First Lien First lien | $0M | 100.0% | Unstressed |
| New Mountain Guardian IV Income Fund, L.L.C.matched: via name · 2026-03-31 | First Lien First lien | $0M | 100.0% | Unstressed |
| New Mountain Guardian IV Income Fund, L.L.C.matched: via name · 2026-03-31 | First Lien First lien | $0M | 100.0% | Unstressed |
| New Mountain Guardian IV Income Fund, L.L.C.matched: via name · 2026-03-31 | — | $0M | 100.0% | Unstressed |
| New Mountain Guardian IV BDC, L.L.C.matched: via name · 2026-03-31 | First Lien First lien | $3M | 100.1% | Unstressed |
| NMF SLF I, Inc.matched: via name · 2026-03-31 | — | $9M | 100.1% | Unstressed |
| New Mountain Finance Corp⚠ unreconciledmatched: via name · 2026-03-31 | First lien First lien | $3M | 100.1% | Unstressed |
| New Mountain Guardian IV Income Fund, L.L.C.matched: via name · 2026-03-31 | First Lien First lien | $3M | 100.1% | Unstressed |
| New Mountain Guardian IV BDC, L.L.C.matched: via name · 2026-03-31 | First Lien First lien | $11M | 100.1% | Unstressed |
| New Mountain Guardian IV Income Fund, L.L.C.matched: via name · 2026-03-31 | First Lien First lien | $1M | 100.1% | Unstressed |
| New Mountain Guardian IV Income Fund, L.L.C.matched: via name · 2026-03-31 | First Lien First lien | $2M | 100.1% | Unstressed |
| New Mountain Guardian IV BDC, L.L.C.matched: via name · 2026-03-31 | First Lien First lien | $7M | 100.1% | Unstressed |
| NMF SLF I, Inc.matched: via name · 2026-03-31 | — | $1M | 100.2% | Unstressed |
| New Mountain Finance Corp⚠ unreconciledmatched: via name · 2026-03-31 | First lien First lien | $1M | 100.2% | Unstressed |
| New Mountain Finance Corp⚠ unreconciledmatched: via name · 2026-03-31 | First lien First lien | $1M | 100.3% | Unstressed |
| New Mountain Finance Corp⚠ unreconciledmatched: via name · 2026-03-31 | First lien First lien | $0M | 100.3% | Unstressed |
| New Mountain Finance Corp⚠ unreconciledmatched: via name · 2026-03-31 | First lien First lien | $0M | 100.4% | Unstressed |
| New Mountain Guardian IV Income Fund, L.L.C.matched: via name · 2026-03-31 | — | $0M | 100.4% | Unstressed |
| New Mountain Guardian IV BDC, L.L.C.matched: via name · 2026-03-31 | First Lien First lien | $1M | 100.5% | Unstressed |
| New Mountain Guardian IV BDC, L.L.C.matched: via name · 2026-03-31 | — | $0M | 101.0% | Unstressed |
Source: AltsVault · SEC filings · as of 2026-01-01
AltsVault · SEC EDGAR public data · informational only, not investment advice. Reconciliation is marked per fund on each position row.