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 $504M 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 |
|---|---|---|---|
| HPS Corporate Lending FundHPS Investment Partners · matched: via name | 2026-03-31 | $110M | 0.4% |
| North Haven Private Income Fund LLCMorgan Stanley · matched: via name | 2026-03-31 | $70M | 1.0% |
| Golub Capital BDCGolub Capital · matched: via name | 2026-03-31 | $69M | 0.8% |
| Blackstone Private Credit Fund⚠ unreconciledBlackstone · matched: via name | 2026-03-31 | $55M | 0.1% |
| Carlyle Secured Lending, Inc.⚠ unreconciledCarlyle · matched: via name | 2026-03-31 | $43M | 1.2% |
| Carlyle Tactical Private Credit Fund⚠ unreconciledCarlyle · matched: CUSIP | 2026-03-31 | $40M | 0.9% |
| Carlyle Credit Solutions, Inc.Carlyle · matched: via name | 2026-03-31 | $27M | 1.0% |
| Golub Capital BDC 4, Inc.Golub Capital · matched: via name | 2026-03-31 | $22M | 0.9% |
| Morgan Stanley Direct Lending Fund⚠ unreconciledMorgan Stanley · matched: via name | 2026-03-31 | $17M | 0.4% |
| Barings BDC, Inc.Barings · matched: via name | 2026-03-31 | $14M | 0.6% |
| Barings Capital Investment CorpBarings · matched: via name | 2026-03-31 | $11M | 0.8% |
| Blackstone Secured LendingBlackstone · matched: via name | 2026-03-31 | $10M | 0.1% |
| Golub Capital Direct Lending CorpGolub Capital · matched: via name | 2026-03-31 | $8M | 0.9% |
| Barings Private Credit CorpBarings · matched: via name | 2026-03-31 | $7M | 0.1% |
| StepStone Private Credit Co-Investment FundStepStone · matched: via name | 2026-03-31 | $1M | 0.3% |
| Golub Capital Direct Lending Unlevered CorpGolub Capital · matched: via name | 2026-03-31 | $0M | 0.1% |
The range across reported debt positions in the same borrower — fair value over amortized cost as filed — for 13 funds holding it in Q1'26.
13 funds · 47 positions · Q1'26
Instrument stated on 3 of 47 positions (6%). With most positions untagged, the range above may reflect capital structure — a junior tranche marked down beside a senior one held whole — rather than funds disagreeing on this borrower.
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 | — | $1M | 99.4% | Unstressed |
| Golub Capital BDCmatched: via name · 2026-03-31 | — | $6M | 99.4% | Unstressed |
| Golub Capital Direct Lending Corpmatched: via name · 2026-03-31 | — | $0M | 99.4% | Unstressed |
| Golub Capital BDC 4, Inc.matched: via name · 2026-03-31 | — | $0M | 99.6% | Unstressed |
| North Haven Private Income Fund LLCmatched: via name · 2026-03-31 | — | $4M | 99.7% | Unstressed |
| Golub Capital BDCmatched: via name · 2026-03-31 | — | $0M | 99.8% | Unstressed |
| Golub Capital BDCmatched: via name · 2026-03-31 | — | $1M | 99.9% | Unstressed |
| Golub Capital BDCmatched: via name · 2026-03-31 | — | $1M | 99.9% | Unstressed |
| North Haven Private Income Fund LLCmatched: via name · 2026-03-31 | — | $0M | 100.0% | Unstressed |
| Golub Capital Direct Lending Corpmatched: via name · 2026-03-31 | — | $0M | 100.0% | Unstressed |
| Golub Capital Direct Lending Corpmatched: via name · 2026-03-31 | — | $0M | 100.0% | Unstressed |
| Golub Capital Direct Lending Corpmatched: via name · 2026-03-31 | — | $0M | 100.0% | Unstressed |
| Golub Capital Direct Lending Corpmatched: via name · 2026-03-31 | — | $0M | 100.0% | Unstressed |
| Golub Capital Direct Lending Corpmatched: via name · 2026-03-31 | — | $0M | 100.0% | Unstressed |
| Golub Capital Direct Lending Unlevered Corpmatched: via name · 2026-03-31 | — | $0M | 100.0% | Unstressed |
| Golub Capital Direct Lending Unlevered Corpmatched: via name · 2026-03-31 | — | $0M | 100.0% | Unstressed |
| Golub Capital Direct Lending Unlevered Corpmatched: via name · 2026-03-31 | — | $0M | 100.0% | Unstressed |
| Golub Capital Direct Lending Unlevered Corpmatched: via name · 2026-03-31 | — | $0M | 100.0% | Unstressed |
| Golub Capital Direct Lending Unlevered Corpmatched: via name · 2026-03-31 | — | $0M | 100.0% | Unstressed |
| Golub Capital BDC 4, Inc.matched: via name · 2026-03-31 | — | $1M | 100.0% | Unstressed |
| Golub Capital BDC 4, Inc.matched: via name · 2026-03-31 | — | $0M | 100.0% | Unstressed |
| Golub Capital BDC 4, Inc.matched: via name · 2026-03-31 | — | $0M | 100.0% | Unstressed |
| Golub Capital BDC 4, Inc.matched: via name · 2026-03-31 | — | $2M | 100.0% | Unstressed |
| Golub Capital BDCmatched: via name · 2026-03-31 | — | $6M | 100.0% | Unstressed |
| Golub Capital Direct Lending Corpmatched: via name · 2026-03-31 | — | $2M | 100.1% | Unstressed |
| North Haven Private Income Fund LLCmatched: via name · 2026-03-31 | — | $2M | 100.2% | Unstressed |
| Morgan Stanley Direct Lending Fund⚠ unreconciledmatched: via name · 2026-03-31 | — | $1M | 100.2% | Unstressed |
| Golub Capital BDC 4, Inc.matched: via name · 2026-03-31 | — | $1M | 100.2% | Unstressed |
| Morgan Stanley Direct Lending Fund⚠ unreconciledmatched: via name · 2026-03-31 | — | $12M | 100.2% | Unstressed |
| Carlyle Secured Lending, Inc.⚠ unreconciledmatched: via name · 2026-03-31 | Investment First lien | $27M | 100.2% | Unstressed |
| North Haven Private Income Fund LLCmatched: via name · 2026-03-31 | — | $45M | 100.3% | Unstressed |
| Golub Capital BDCmatched: via name · 2026-03-31 | — | $1M | 100.4% | Unstressed |
| Morgan Stanley Direct Lending Fund⚠ unreconciledmatched: via name · 2026-03-31 | — | $5M | 100.4% | Unstressed |
| North Haven Private Income Fund LLCmatched: via name · 2026-03-31 | — | $18M | 100.5% | Unstressed |
| Barings Capital Investment Corpmatched: via name · 2026-03-31 | — | $11M | 100.6% | Unstressed |
| Barings Private Credit Corpmatched: via name · 2026-03-31 | — | $7M | 100.6% | Unstressed |
| Blackstone Private Credit Fund⚠ unreconciledmatched: via name · 2026-03-31 | — | $46M | 100.7% | Unstressed |
| Blackstone Private Credit Fund⚠ unreconciledmatched: via name · 2026-03-31 | — | $6M | 100.7% | Unstressed |
| Carlyle Secured Lending, Inc.⚠ unreconciledmatched: via name · 2026-03-31 | First Lien Debt First lien | $16M | 100.7% | Unstressed |
| Blackstone Secured Lendingmatched: via name · 2026-03-31 | — | $10M | 100.8% | Unstressed |
| Carlyle Credit Solutions, Inc.matched: via name · 2026-03-31 | Investment First lien | $27M | 100.8% | Unstressed |
| Barings BDC, Inc.matched: via name · 2026-03-31 | — | $14M | 101.0% | Unstressed |
| Golub Capital BDC 4, Inc.matched: via name · 2026-03-31 | — | $0M | 101.2% | Unstressed |
| Blackstone Private Credit Fund⚠ unreconciledmatched: via name · 2026-03-31 | — | $3M | 101.6% | Unstressed |
| Golub Capital Direct Lending Corpmatched: via name · 2026-03-31 | — | $5M | 110.3% | Unstressed |
| Golub Capital BDCmatched: via name · 2026-03-31 | — | $52M | 110.3% | Unstressed |
| Golub Capital BDC 4, Inc.matched: via name · 2026-03-31 | — | $18M | 110.3% | 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.