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 $230M 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 |
|---|---|---|---|
| New Mountain Private Credit Fund⚠ unreconciledNew Mountain · matched: name | 2026-03-31 | $55M | 2.4% |
| New Mountain Finance Corp⚠ unreconciledNew Mountain · matched: name | 2026-03-31 | $34M | 1.0% |
| New Mountain Guardian IV BDC, L.L.C.New Mountain · matched: name | 2026-03-31 | $32M | 1.6% |
| Golub Capital BDCGolub Capital · matched: name | 2026-03-31 | $27M | 0.3% |
| NMF SLF I, Inc.matched: name | 2026-03-31 | $26M | 1.8% |
| AB Private Credit Investors CorpAB · matched: name | 2026-03-31 | $14M | 0.8% |
| 5C Lending Partners Corp.matched: name | 2026-03-31 | $8M | 1.2% |
| New Mountain Guardian IV Income Fund, L.L.C.New Mountain · matched: name | 2026-03-31 | $7M | 1.4% |
| Golub Capital Direct Lending CorpGolub Capital · matched: name | 2026-03-31 | $6M | 0.7% |
| AB Private Lending FundAB · matched: name | 2026-03-31 | $6M | 1.6% |
| Carlyle Credit Solutions, Inc.Carlyle · matched: name | 2026-03-31 | $4M | 0.1% |
| Carlyle Secured Lending, Inc.⚠ unreconciledCarlyle · matched: name | 2026-03-31 | $4M | 0.1% |
| SLR HC BDC LLC⚠ unreconciledSLR · matched: name | 2026-03-31 | $3M | 3.3% |
| Antares Strategic Credit FundAntares Capital · matched: name | 2026-03-31 | $3M | 0.1% |
| SLR Private Credit BDC II LLCSLR · matched: name | 2026-03-31 | $2M | 4.0% |
| Antares Private Credit FundAntares Capital · matched: name | 2026-03-31 | $1M | 0.1% |
The range across reported debt positions in the same borrower — fair value over amortized cost as filed — for 16 funds holding it in Q1'26.
16 funds · 39 positions · Q1'26
Instrument stated on 22 of 39 positions (56%).
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 |
|---|---|---|---|---|
| New Mountain Finance Corp⚠ unreconciledmatched: name · 2026-03-31 | First lien First lien | $4M | 98.5% | Unstressed |
| Golub Capital Direct Lending Corpmatched: name · 2026-03-31 | Subordinated debt Other debt | $0M | 98.8% | Unstressed |
| New Mountain Private Credit Fund⚠ unreconciledmatched: name · 2026-03-31 | Subordinated Other debt | $15M | 99.4% | Unstressed |
| New Mountain Finance Corp⚠ unreconciledmatched: name · 2026-03-31 | Subordinated Other debt | $7M | 99.5% | Unstressed |
| New Mountain Finance Corp⚠ unreconciledmatched: name · 2026-03-31 | Subordinated Other debt | $1M | 99.5% | Unstressed |
| Golub Capital BDCmatched: name · 2026-03-31 | — | $3M | 99.7% | Unstressed |
| Golub Capital BDCmatched: name · 2026-03-31 | — | $8M | 99.8% | Unstressed |
| Golub Capital BDCmatched: name · 2026-03-31 | — | $4M | 100.0% | Unstressed |
| Golub Capital Direct Lending Corpmatched: name · 2026-03-31 | — | $0M | 100.0% | Unstressed |
| Antares Private Credit Fundmatched: name · 2026-03-31 | — | $1M | 100.2% | Unstressed |
| Antares Strategic Credit Fundmatched: name · 2026-03-31 | — | $3M | 100.2% | Unstressed |
| New Mountain Finance Corp⚠ unreconciledmatched: name · 2026-03-31 | First lien First lien | $6M | 100.3% | Unstressed |
| New Mountain Guardian IV Income Fund, L.L.C.matched: name · 2026-03-31 | — | $3M | 100.3% | Unstressed |
| Golub Capital Direct Lending Corpmatched: name · 2026-03-31 | — | $0M | 100.3% | Unstressed |
| NMF SLF I, Inc.matched: name · 2026-03-31 | — | $11M | 100.3% | Unstressed |
| New Mountain Private Credit Fund⚠ unreconciledmatched: name · 2026-03-31 | First Lien First lien | $20M | 100.3% | Unstressed |
| New Mountain Guardian IV BDC, L.L.C.matched: name · 2026-03-31 | — | $9M | 100.3% | Unstressed |
| Golub Capital Direct Lending Corpmatched: name · 2026-03-31 | — | $1M | 100.3% | Unstressed |
| NMF SLF I, Inc.matched: name · 2026-03-31 | — | $11M | 100.3% | Unstressed |
| New Mountain Private Credit Fund⚠ unreconciledmatched: name · 2026-03-31 | First Lien First lien | $20M | 100.3% | Unstressed |
| New Mountain Finance Corp⚠ unreconciledmatched: name · 2026-03-31 | First lien First lien | $9M | 100.3% | Unstressed |
| Golub Capital BDCmatched: name · 2026-03-31 | — | $9M | 100.4% | Unstressed |
| New Mountain Finance Corp⚠ unreconciledmatched: name · 2026-03-31 | First lien First lien | $7M | 100.4% | Unstressed |
| New Mountain Guardian IV BDC, L.L.C.matched: name · 2026-03-31 | First Lien First lien | $23M | 100.4% | Unstressed |
| Golub Capital Direct Lending Corpmatched: name · 2026-03-31 | — | $4M | 100.5% | Unstressed |
| NMF SLF I, Inc.matched: name · 2026-03-31 | — | $3M | 100.5% | Unstressed |
| New Mountain Guardian IV Income Fund, L.L.C.matched: name · 2026-03-31 | — | $4M | 100.5% | Unstressed |
| 5C Lending Partners Corp.matched: name · 2026-03-31 | — | $8M | 100.6% | Unstressed |
| AB Private Credit Investors Corpmatched: name · 2026-03-31 | US Corporate Debt Other debt | $6M | 100.7% | Unstressed |
| Carlyle Credit Solutions, Inc.matched: name · 2026-03-31 | Investment First lien | $4M | 100.8% | Unstressed |
| Carlyle Secured Lending, Inc.⚠ unreconciledmatched: name · 2026-03-31 | Investment First lien | $4M | 100.8% | Unstressed |
| AB Private Credit Investors Corpmatched: name · 2026-03-31 | US Corporate Debt Other debt | $6M | 100.8% | Unstressed |
| AB Private Lending Fundmatched: name · 2026-03-31 | US Corporate Debt Other debt | $3M | 101.1% | Unstressed |
| AB Private Lending Fundmatched: name · 2026-03-31 | US Corporate Debt Other debt | $3M | 101.1% | Unstressed |
| SLR HC BDC LLC⚠ unreconciledmatched: name · 2026-03-31 | Bank Debt/Senior Secured Loans Other debt | $3M | 101.1% | Unstressed |
| Golub Capital BDCmatched: name · 2026-03-31 | Subordinated debt Other debt | $3M | 101.2% | Unstressed |
| SLR Private Credit BDC II LLCmatched: name · 2026-03-31 | Bank Debt/Senior Secured Loans 242.8% Other debt | $2M | 101.2% | Unstressed |
| AB Private Credit Investors Corpmatched: name · 2026-03-31 | US Corporate Debt Other debt | $1M | 101.3% | Unstressed |
| AB Private Lending Fundmatched: name · 2026-03-31 | US Corporate Debt Other debt | $0M | 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.