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 $570M 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 | $149M | 0.8% |
| CCS IX Portfolio Holdings, LLCCrescent Capital · matched: name | 2026-03-31 | $82M | 11.6% |
| Cliffwater Corporate Lending Fund⚠ unreconciledCliffwater · matched: name | 2026-03-31 | $81M | 0.3% |
| KKR US Direct Lending Fund-U Inc.KKR · matched: name | 2026-03-31 | $61M | 3.8% |
| KKR Enhanced US Direct Lending Fund-l Inc.KKR · matched: name | 2026-03-31 | $46M | 3.5% |
| KKR FS Income Trust⚠ unreconciledKKR · matched: name | 2026-03-31 | $44M | 1.3% |
| KKR FS Income Trust Select⚠ unreconciledKKR · matched: name | 2026-03-31 | $37M | 1.9% |
| New Mountain Finance Corp⚠ unreconciledNew Mountain · matched: name | 2026-03-31 | $17M | 0.5% |
| New Mountain Guardian IV BDC, L.L.C.New Mountain · matched: name | 2026-03-31 | $12M | 0.6% |
| AB Private Credit Investors CorpAB · matched: name | 2026-03-31 | $11M | 0.6% |
| New Mountain Private Credit Fund⚠ unreconciledNew Mountain · matched: name | 2026-03-31 | $10M | 0.4% |
| NMF SLF I, Inc.matched: name | 2026-03-31 | $8M | 0.5% |
| Capital Group KKR Multi-Sector (plus)Capital Group KKR · matched: name | 2026-03-31 | $5M | 1.5% |
| Capital Group KKR Core Plus (plus)Capital Group KKR · matched: name | 2026-03-31 | $4M | 1.8% |
| New Mountain Guardian IV Income Fund, L.L.C.New Mountain · matched: name | 2026-03-31 | $3M | 0.6% |
| AB Private Lending FundAB · matched: name | 2026-03-31 | $1M | 0.3% |
The range across reported debt positions in the same borrower — fair value over amortized cost as filed — for 11 funds holding it in Q1'26.
11 funds · 38 positions · Q1'26
Instrument stated on 25 of 38 positions (66%).
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 |
|---|---|---|---|---|
| CCS IX Portfolio Holdings, LLCmatched: name · 2026-03-31 | — | $2M | 94.1% | Watch |
| CCS IX Portfolio Holdings, LLC |
| — |
| $13M |
| 97.4% |
| Unstressed |
| FS KKR Capital Corp.⚠ unreconciledmatched: name · 2026-03-31 | Software & Services | $5M | 97.8% | Unstressed |
| KKR FS Income Trust⚠ unreconciledmatched: name · 2026-03-31 | Software & Services | $1M | 98.1% | Unstressed |
| New Mountain Finance Corp⚠ unreconciledmatched: name · 2026-03-31 | First lien First lien | $2M | 98.2% | Unstressed |
| New Mountain Guardian IV BDC, L.L.C.matched: name · 2026-03-31 | — | $0M | 98.2% | Unstressed |
| KKR FS Income Trust Select⚠ unreconciledmatched: name · 2026-03-31 | Software & Services | $2M | 98.2% | Unstressed |
| KKR FS Income Trust⚠ unreconciledmatched: name · 2026-03-31 | Software & Services | $3M | 98.2% | Unstressed |
| New Mountain Guardian IV Income Fund, L.L.C.matched: name · 2026-03-31 | First Lien First lien | $0M | 98.4% | Unstressed |
| New Mountain Private Credit Fund⚠ unreconciledmatched: name · 2026-03-31 | First Lien First lien | $1M | 98.4% | Unstressed |
| CCS IX Portfolio Holdings, LLCmatched: name · 2026-03-31 | — | $61M | 98.4% | Unstressed |
| New Mountain Private Credit Fund⚠ unreconciledmatched: name · 2026-03-31 | First Lien First lien | $7M | 98.4% | Unstressed |
| New Mountain Finance Corp⚠ unreconciledmatched: name · 2026-03-31 | First lien First lien | $15M | 98.4% | Unstressed |
| New Mountain Guardian IV BDC, L.L.C.matched: name · 2026-03-31 | First Lien First lien | $9M | 98.4% | Unstressed |
| FS KKR Capital Corp.⚠ unreconciledmatched: name · 2026-03-31 | Software & Services | $12M | 98.4% | Unstressed |
| NMF SLF I, Inc.matched: name · 2026-03-31 | — | $6M | 98.4% | Unstressed |
| New Mountain Guardian IV Income Fund, L.L.C.matched: name · 2026-03-31 | First Lien First lien | $2M | 98.4% | Unstressed |
| New Mountain Finance Corp⚠ unreconciledmatched: name · 2026-03-31 | — | $0M | 98.4% | Unstressed |
| New Mountain Guardian IV BDC, L.L.C.matched: name · 2026-03-31 | First Lien First lien | $1M | 98.4% | Unstressed |
| CCS IX Portfolio Holdings, LLCmatched: name · 2026-03-31 | — | $7M | 98.4% | Unstressed |
| New Mountain Guardian IV Income Fund, L.L.C.matched: name · 2026-03-31 | — | $0M | 98.5% | Unstressed |
| KKR FS Income Trust⚠ unreconciledmatched: name · 2026-03-31 | Software & Services | $1M | 98.6% | Unstressed |
| New Mountain Guardian IV BDC, L.L.C.matched: name · 2026-03-31 | — | $2M | 98.6% | Unstressed |
| New Mountain Private Credit Fund⚠ unreconciledmatched: name · 2026-03-31 | — | $2M | 98.6% | Unstressed |
| AB Private Lending Fundmatched: name · 2026-03-31 | US Corporate Debt Other debt | $0M | 98.6% | Unstressed |
| AB Private Credit Investors Corpmatched: name · 2026-03-31 | US Corporate Debt Other debt | $0M | 98.6% | Unstressed |
| New Mountain Guardian IV Income Fund, L.L.C.matched: name · 2026-03-31 | — | $0M | 98.7% | Unstressed |
| NMF SLF I, Inc.matched: name · 2026-03-31 | — | $1M | 98.7% | Unstressed |
| KKR FS Income Trust⚠ unreconciledmatched: name · 2026-03-31 | Software & Services | $39M | 98.7% | Unstressed |
| FS KKR Capital Corp.⚠ unreconciledmatched: name · 2026-03-31 | Software & Services | $132M | 98.8% | Unstressed |
| KKR FS Income Trust Select⚠ unreconciledmatched: name · 2026-03-31 | Software & Services | $33M | 98.9% | Unstressed |
| New Mountain Private Credit Fund⚠ unreconciledmatched: name · 2026-03-31 | — | $0M | 99.1% | Unstressed |
| KKR FS Income Trust⚠ unreconciledmatched: name · 2026-03-31 | Software & Services | $1M | 99.2% | Unstressed |
| AB Private Credit Investors Corpmatched: name · 2026-03-31 | US Corporate Debt Other debt | $1M | 99.6% | Unstressed |
| AB Private Lending Fundmatched: name · 2026-03-31 | US Corporate Debt Other debt | $0M | 99.6% | Unstressed |
| AB Private Credit Investors Corpmatched: name · 2026-03-31 | US Corporate Debt Other debt | $10M | 99.6% | Unstressed |
| AB Private Lending Fundmatched: name · 2026-03-31 | US Corporate Debt Other debt | $1M | 99.6% | Unstressed |
| KKR FS Income Trust Select⚠ unreconciledmatched: name · 2026-03-31 | Software & Services | $1M | 100.0% | 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.