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 $793M 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 |
|---|---|---|---|
| FS KKR Capital Corp.⚠ unreconciledKKR · matched: name | 2026-03-31 | $130M | 0.7% |
| Agl Private Credit Income Fund⚠ unreconciledAgl · matched: name | 2026-03-31 | $99M | 6.6% |
| North Haven Private Income Fund LLCMorgan Stanley · matched: name | 2026-03-31 | $91M | 1.3% |
| Golub Capital Private Credit FundGolub Capital · matched: name | 2026-03-31 | $66M | 0.7% |
| KKR FS Income Trust⚠ unreconciledKKR · matched: name | 2026-03-31 | $61M | 1.8% |
| Willow Tree Capital CorpWillow Tree Capital Corp · matched: name | 2026-03-31 | $46M | 5.1% |
| Morgan Stanley Direct Lending Fund⚠ unreconciledMorgan Stanley · matched: name | 2026-03-31 | $38M | 0.9% |
| Golub Capital BDC 4, Inc.Golub Capital · matched: name | 2026-03-31 | $30M | 1.2% |
| Golub Capital BDCGolub Capital · matched: name | 2026-03-31 | $28M | 0.3% |
| KKR Enhanced US Direct Lending Fund-l Inc.KKR · matched: name | 2026-03-31 | $26M | 2.0% |
| Jefferies Credit Partners BDC Inc.Jefferies Credit · matched: name | 2026-03-31 | $24M | 1.4% |
| CION Ares Diversified Credit Fund⚠ unreconciledAres Management · matched: name | 2026-03-31 | $24M | 0.5% |
| Antares Strategic Credit FundAntares Capital · matched: name | 2026-03-31 | $21M | 0.5% |
| KKR US Direct Lending Fund-U Inc.KKR · matched: name | 2026-03-31 | $21M | 1.3% |
| Nuveen Churchill Private Capital Income FundChurchill Pcif Advisor LLC · matched: name | 2026-03-31 | $20M | 0.8% |
| SL Investment Fund II LLCMorgan Stanley · matched: name | 2026-03-31 | $17M | 2.6% |
| Barings Private Credit CorpBarings · matched: name | 2026-03-31 | $12M | 0.2% |
| Golub Capital Direct Lending CorpGolub Capital · matched: name | 2026-03-31 | $11M | 1.3% |
| Senior Credit Investments, LLCJefferies Credit · matched: name | 2026-03-31 | $8M | 1.3% |
| Antares Private Credit FundAntares Capital · matched: name | 2026-03-31 | $7M | 0.4% |
| Golub Capital Direct Lending Unlevered CorpGolub Capital · matched: name | 2026-03-31 | $6M | 1.5% |
| Pimco Capital Solutions BDC Corp.⚠ unreconciledmatched: name | 2026-03-31 | $3M | 0.8% |
| Stepstone Private Credit Fund LLC⚠ unreconciledStepStone · matched: name | 2026-03-31 | $2M | <0.1% |
| Antares Strategic Credit Fund II LLCAntares Capital · matched: name | 2026-03-31 | $1M | 0.7% |
| Nuveen Churchill Direct Lending Corp.Churchill DLC Advisor LLC · matched: name | 2026-03-31 | $1M | <0.1% |
| Barings Capital Investment CorpBarings · 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 23 funds holding it in Q1'26.
23 funds · 93 positions · Q1'26
Instrument stated on 19 of 93 positions (20%). 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 |
|---|---|---|---|---|
| Stepstone Private Credit Fund LLC⚠ unreconciledmatched: name · 2026-03-31 | First Lien Senior Secured First lien | $2M | 45.1% |
| Deep stress |
| Senior Credit Investments, LLCmatched: name · 2026-03-31 | — | $0M | 95.3% | Unstressed |
| Jefferies Credit Partners BDC Inc.matched: name · 2026-03-31 | — | $2M | 95.5% | Unstressed |
| Antares Private Credit Fundmatched: name · 2026-03-31 | — | $0M | 97.9% | Unstressed |
| Golub Capital BDCmatched: name · 2026-03-31 | — | $4M | 98.0% | Unstressed |
| Antares Strategic Credit Fundmatched: name · 2026-03-31 | — | $1M | 98.0% | Unstressed |
| Golub Capital Direct Lending Corpmatched: name · 2026-03-31 | — | $0M | 98.0% | Unstressed |
| Golub Capital Direct Lending Unlevered Corpmatched: name · 2026-03-31 | — | $0M | 98.0% | Unstressed |
| Golub Capital BDC 4, Inc.matched: name · 2026-03-31 | — | $0M | 98.0% | Unstressed |
| Nuveen Churchill Private Capital Income Fundmatched: name · 2026-03-31 | — | $1M | 98.1% | Unstressed |
| Antares Strategic Credit Fund II LLCmatched: name · 2026-03-31 | — | $0M | 98.2% | Unstressed |
| Golub Capital BDCmatched: name · 2026-03-31 | — | $14M | 99.6% | Unstressed |
| Golub Capital Private Credit Fundmatched: name · 2026-03-31 | — | $13M | 99.6% | Unstressed |
| Golub Capital BDCmatched: name · 2026-03-31 | — | $6M | 99.6% | Unstressed |
| Golub Capital Private Credit Fundmatched: name · 2026-03-31 | — | $22M | 99.6% | Unstressed |
| Agl Private Credit Income Fund⚠ unreconciledmatched: name · 2026-03-31 | — | $15M | 100.0% | Unstressed |
| Barings Capital Investment Corpmatched: name · 2026-03-31 | Revolver Other debt | $0M | 100.0% | Unstressed |
| North Haven Private Income Fund LLCmatched: name · 2026-03-31 | — | $7M | 100.0% | Unstressed |
| North Haven Private Income Fund LLCmatched: name · 2026-03-31 | — | $0M | 100.0% | Unstressed |
| Barings Private Credit Corpmatched: name · 2026-03-31 | Revolver Other debt | $1M | 100.0% | Unstressed |
| Golub Capital Direct Lending Corpmatched: name · 2026-03-31 | — | $0M | 100.0% | Unstressed |
| Golub Capital Direct Lending Corpmatched: name · 2026-03-31 | — | $0M | 100.0% | Unstressed |
| Golub Capital Direct Lending Unlevered Corpmatched: name · 2026-03-31 | — | $0M | 100.0% | Unstressed |
| Golub Capital Direct Lending Unlevered Corpmatched: name · 2026-03-31 | — | $0M | 100.0% | Unstressed |
| Golub Capital BDC 4, Inc.matched: name · 2026-03-31 | — | $0M | 100.0% | Unstressed |
| Golub Capital BDC 4, Inc.matched: name · 2026-03-31 | — | $0M | 100.0% | Unstressed |
| KKR FS Income Trust⚠ unreconciledmatched: name · 2026-03-31 | Commercial & Professional Services | $2M | 100.0% | Unstressed |
| Willow Tree Capital Corpmatched: name · 2026-03-31 | Term Loan Other debt | $0M | 100.0% | Unstressed |
| Agl Private Credit Income Fund⚠ unreconciledmatched: name · 2026-03-31 | — | $5M | 100.0% | Unstressed |
| Antares Strategic Credit Fund II LLCmatched: name · 2026-03-31 | — | $0M | 100.0% | Unstressed |
| Antares Strategic Credit Fund II LLCmatched: name · 2026-03-31 | — | $0M | 100.0% | Unstressed |
| FS KKR Capital Corp.⚠ unreconciledmatched: name · 2026-03-31 | Commercial & Professional Services | $3M | 100.0% | Unstressed |
| FS KKR Capital Corp.⚠ unreconciledmatched: name · 2026-03-31 | Commercial & Professional Services | $2M | 100.0% | Unstressed |
| Golub Capital BDCmatched: name · 2026-03-31 | — | $2M | 100.0% | Unstressed |
| Golub Capital Private Credit Fundmatched: name · 2026-03-31 | — | $8M | 100.0% | Unstressed |
| Pimco Capital Solutions BDC Corp.⚠ unreconciledmatched: name · 2026-03-31 | Debt Investments Other debt | $3M | 100.1% | Unstressed |
| Antares Private Credit Fundmatched: name · 2026-03-31 | — | $1M | 100.1% | Unstressed |
| Antares Private Credit Fundmatched: name · 2026-03-31 | — | $1M | 100.3% | Unstressed |
| Golub Capital BDCmatched: name · 2026-03-31 | — | $1M | 100.3% | Unstressed |
| Agl Private Credit Income Fund⚠ unreconciledmatched: name · 2026-03-31 | — | $59M | 100.3% | Unstressed |
| Antares Private Credit Fundmatched: name · 2026-03-31 | — | $5M | 100.4% | Unstressed |
| Agl Private Credit Income Fund⚠ unreconciledmatched: name · 2026-03-31 | — | $20M | 100.4% | Unstressed |
| Antares Strategic Credit Fund II LLCmatched: name · 2026-03-31 | — | $1M | 100.4% | Unstressed |
| Barings Capital Investment Corpmatched: name · 2026-03-31 | — | $1M | 100.5% | Unstressed |
| Barings Private Credit Corpmatched: name · 2026-03-31 | — | $11M | 100.5% | Unstressed |
| Antares Strategic Credit Fundmatched: name · 2026-03-31 | — | $0M | 100.6% | Unstressed |
| Antares Strategic Credit Fundmatched: name · 2026-03-31 | — | $15M | 100.6% | Unstressed |
| Nuveen Churchill Direct Lending Corp.matched: name · 2026-03-31 | — | $0M | 100.7% | Unstressed |
| SL Investment Fund II LLCmatched: name · 2026-03-31 | — | $12M | 100.8% | Unstressed |
| SL Investment Fund II LLCmatched: name · 2026-03-31 | — | $5M | 100.9% | Unstressed |
| Senior Credit Investments, LLCmatched: name · 2026-03-31 | — | $6M | 100.9% | Unstressed |
| Jefferies Credit Partners BDC Inc.matched: name · 2026-03-31 | — | $17M | 100.9% | Unstressed |
| Senior Credit Investments, LLCmatched: name · 2026-03-31 | — | $2M | 100.9% | Unstressed |
| Jefferies Credit Partners BDC Inc.matched: name · 2026-03-31 | — | $6M | 100.9% | Unstressed |
| FS KKR Capital Corp.⚠ unreconciledmatched: name · 2026-03-31 | Commercial & Professional Services | $31M | 101.0% | Unstressed |
| Willow Tree Capital Corpmatched: name · 2026-03-31 | — | $10M | 101.0% | Unstressed |
| Antares Private Credit Fundmatched: name · 2026-03-31 | — | $0M | 101.0% | Unstressed |
| Golub Capital Direct Lending Unlevered Corpmatched: name · 2026-03-31 | — | $1M | 101.0% | Unstressed |
| Antares Strategic Credit Fundmatched: name · 2026-03-31 | — | $5M | 101.0% | Unstressed |
| Golub Capital BDC 4, Inc.matched: name · 2026-03-31 | — | $6M | 101.0% | Unstressed |
| Golub Capital Direct Lending Corpmatched: name · 2026-03-31 | — | $2M | 101.1% | Unstressed |
| Golub Capital Private Credit Fundmatched: name · 2026-03-31 | — | $4M | 101.1% | Unstressed |
| Nuveen Churchill Private Capital Income Fundmatched: name · 2026-03-31 | — | $3M | 101.1% | Unstressed |
| Golub Capital Direct Lending Corpmatched: name · 2026-03-31 | — | $8M | 101.1% | Unstressed |
| Golub Capital Direct Lending Unlevered Corpmatched: name · 2026-03-31 | — | $4M | 101.2% | Unstressed |
| North Haven Private Income Fund LLCmatched: name · 2026-03-31 | — | $71M | 101.2% | Unstressed |
| Golub Capital BDC 4, Inc.matched: name · 2026-03-31 | — | $23M | 101.2% | Unstressed |
| Golub Capital Private Credit Fundmatched: name · 2026-03-31 | — | $18M | 101.2% | Unstressed |
| Morgan Stanley Direct Lending Fund⚠ unreconciledmatched: name · 2026-03-31 | — | $30M | 101.3% | Unstressed |
| Nuveen Churchill Direct Lending Corp.matched: name · 2026-03-31 | — | $0M | 101.3% | Unstressed |
| Willow Tree Capital Corpmatched: name · 2026-03-31 | — | $0M | 101.4% | Unstressed |
| North Haven Private Income Fund LLCmatched: name · 2026-03-31 | — | $10M | 101.4% | Unstressed |
| Willow Tree Capital Corpmatched: name · 2026-03-31 | — | $7M | 101.4% | Unstressed |
| Willow Tree Capital Corpmatched: name · 2026-03-31 | Term Loan Other debt | $28M | 101.4% | Unstressed |
| Nuveen Churchill Direct Lending Corp.matched: name · 2026-03-31 | First Lien Debt First lien | $1M | 101.4% | Unstressed |
| Morgan Stanley Direct Lending Fund⚠ unreconciledmatched: name · 2026-03-31 | — | $7M | 101.5% | Unstressed |
| Nuveen Churchill Private Capital Income Fundmatched: name · 2026-03-31 | — | $3M | 101.5% | Unstressed |
| SL Investment Fund II LLCmatched: name · 2026-03-31 | — | $0M | 101.5% | Unstressed |
| KKR FS Income Trust⚠ unreconciledmatched: name · 2026-03-31 | Commercial & Professional Services | $3M | 101.5% | Unstressed |
| Nuveen Churchill Private Capital Income Fundmatched: name · 2026-03-31 | First Lien Debt First lien | $13M | 101.5% | Unstressed |
| Willow Tree Capital Corpmatched: name · 2026-03-31 | Revolver Other debt | $1M | 101.6% | Unstressed |
| KKR FS Income Trust⚠ unreconciledmatched: name · 2026-03-31 | Commercial & Professional Services | $2M | 101.7% | Unstressed |
| FS KKR Capital Corp.⚠ unreconciledmatched: name · 2026-03-31 | Commercial & Professional Services | $93M | 101.7% | Unstressed |
| KKR FS Income Trust⚠ unreconciledmatched: name · 2026-03-31 | Commercial & Professional Services | $55M | 102.0% | Unstressed |
| Golub Capital BDC 4, Inc.matched: name · 2026-03-31 | — | $1M | 102.1% | Unstressed |
| North Haven Private Income Fund LLCmatched: name · 2026-03-31 | — | $2M | 102.1% | Unstressed |
| Morgan Stanley Direct Lending Fund⚠ unreconciledmatched: name · 2026-03-31 | — | $1M | 102.4% | Unstressed |
| Nuveen Churchill Private Capital Income Fundmatched: name · 2026-03-31 | Revolving Loan Other debt | $1M | 103.0% | Unstressed |
| Golub Capital Direct Lending Unlevered Corpmatched: name · 2026-03-31 | — | $0M | 103.8% | Unstressed |
| Golub Capital Private Credit Fundmatched: name · 2026-03-31 | — | $1M | 104.0% | Unstressed |
| Nuveen Churchill Direct Lending Corp.matched: name · 2026-03-31 | Revolving Loan Other debt | $0M | 104.0% | Unstressed |
| Golub Capital Direct Lending Corpmatched: name · 2026-03-31 | — | $0M | 104.9% | Unstressed |
| Golub Capital BDCmatched: name · 2026-03-31 | — | $0M | 105.7% | 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.