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 $240M 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 |
|---|---|---|---|
| North Haven Private Income Fund LLCMorgan Stanley · matched: via name | 2026-03-31 | $52M | 0.8% |
| Carlyle Secured Lending, Inc.⚠ unreconciledCarlyle · matched: via name | 2026-03-31 | $44M | 1.3% |
| Carlyle Tactical Private Credit Fund⚠ unreconciledCarlyle · matched: CUSIP | 2026-03-31 | $38M | 0.8% |
| Carlyle Credit Solutions, Inc.Carlyle · matched: via name | 2026-03-31 | $27M | 1.0% |
| Barings Private Credit CorpBarings · matched: via name | 2026-03-31 | $19M | 0.3% |
| Morgan Stanley Direct Lending Fund⚠ unreconciledMorgan Stanley · matched: via name | 2026-03-31 | $14M | 0.3% |
| Barings BDC, Inc.Barings · matched: via name | 2026-03-31 | $10M | 0.4% |
| Barings Capital Investment CorpBarings · matched: via name | 2026-03-31 | $8M | 0.6% |
| Crestline Lending Solutions, LLCmatched: via name | 2026-03-31 | $6M | 1.2% |
| Stepstone Private Credit Fund LLC⚠ unreconciledStepStone · matched: via name | 2026-03-31 | $5M | 0.1% |
| Palmer Square Capital BDC Inc.Palmer Square · matched: via name | 2026-03-31 | $5M | 0.4% |
| Lgam Private Credit LLCMorgan Stanley · matched: via name | 2026-03-31 | $4M | 0.8% |
| North Haven Private Income Fund A LLCMorgan Stanley · matched: via name | 2026-03-31 | $3M | 0.4% |
| First Trust Private Credit Fund⚠ unreconciledFirst Trust · matched: CUSIP | 2026-03-31 | $2M | 0.3% |
| Opportunistic Credit Interval Fund⚠ unreconciledMount Logan · matched: CUSIP | 2026-03-31 | $2M | 1.0% |
| Adams Street Private Equity Navigator Fund LLC⚠ unreconciledmatched: CUSIP | 2026-03-31 | $1M | 0.2% |
| Antares Strategic Credit FundAntares Capital · matched: via name | 2026-03-31 | $0M | <0.1% |
| Antares Private Credit FundAntares Capital · matched: via name | 2026-03-31 | $0M | <0.1% |
| Lord Abbett Corporate Opportunities FundLord Abbett · matched: CUSIP | 2026-03-31 | $0M | <0.1% |
The range across reported debt positions in the same borrower — fair value over amortized cost as filed — for 14 funds holding it in Q1'26.
14 funds · 26 positions · Q1'26
Instrument stated on 6 of 26 positions (23%). 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 |
|---|---|---|---|---|
| Carlyle Secured Lending, Inc.⚠ unreconciledmatched: via name · 2026-03-31 | Investment First lien | $22M | 88.8% |
| Stress |
| Carlyle Credit Solutions, Inc.matched: via name · 2026-03-31 | Investment First lien | $22M | 89.2% | Stress |
| Carlyle Secured Lending, Inc.⚠ unreconciledmatched: via name · 2026-03-31 | Investment First lien | $3M | 89.7% | Stress |
| Carlyle Credit Solutions, Inc.matched: via name · 2026-03-31 | Investment First lien | $3M | 89.7% | Stress |
| Morgan Stanley Direct Lending Fund⚠ unreconciledmatched: via name · 2026-03-31 | — | $14M | 89.7% | Stress |
| North Haven Private Income Fund LLCmatched: via name · 2026-03-31 | — | $47M | 90.0% | Stress |
| Carlyle Secured Lending, Inc.⚠ unreconciledmatched: via name · 2026-03-31 | First Lien Debt First lien | $17M | 90.0% | Watch |
| Lgam Private Credit LLCmatched: via name · 2026-03-31 | — | $3M | 90.4% | Watch |
| North Haven Private Income Fund A LLCmatched: via name · 2026-03-31 | — | $2M | 90.4% | Watch |
| Lgam Private Credit LLCmatched: via name · 2026-03-31 | — | $1M | 90.6% | Watch |
| Morgan Stanley Direct Lending Fund⚠ unreconciledmatched: via name · 2026-03-31 | — | $0M | 90.7% | Watch |
| North Haven Private Income Fund LLCmatched: via name · 2026-03-31 | — | $5M | 90.7% | Watch |
| North Haven Private Income Fund A LLCmatched: via name · 2026-03-31 | — | $0M | 90.7% | Watch |
| Palmer Square Capital BDC Inc.matched: via name · 2026-03-31 | — | $2M | 90.8% | Watch |
| Antares Private Credit Fundmatched: via name · 2026-03-31 | — | $0M | 90.8% | Watch |
| Palmer Square Capital BDC Inc.matched: via name · 2026-03-31 | — | $1M | 90.9% | Watch |
| Palmer Square Capital BDC Inc.matched: via name · 2026-03-31 | — | $2M | 90.9% | Watch |
| Antares Strategic Credit Fundmatched: via name · 2026-03-31 | — | $0M | 91.6% | Watch |
| Crestline Lending Solutions, LLCmatched: via name · 2026-03-31 | — | $6M | 91.8% | Watch |
| Barings Capital Investment Corpmatched: via name · 2026-03-31 | — | $6M | 91.8% | Watch |
| Barings Private Credit Corpmatched: via name · 2026-03-31 | — | $13M | 91.8% | Watch |
| Barings BDC, Inc.matched: via name · 2026-03-31 | — | $7M | 91.8% | Watch |
| Barings Capital Investment Corpmatched: via name · 2026-03-31 | — | $2M | 92.2% | Watch |
| Barings BDC, Inc.matched: via name · 2026-03-31 | — | $3M | 92.3% | Watch |
| Barings Private Credit Corpmatched: via name · 2026-03-31 | — | $6M | 92.3% | Watch |
| Stepstone Private Credit Fund LLC⚠ unreconciledmatched: via name · 2026-03-31 | First Lien Senior Secured First lien | $5M | 101.3% | 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.