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 $191M 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 |
|---|---|---|---|
| Blackstone Private Credit Fund⚠ unreconciledBlackstone · matched: name | 2026-03-31 | $53M | 0.1% |
| North Haven Private Income Fund LLCMorgan Stanley · matched: name | 2026-03-31 | $43M | 0.6% |
| Blackstone Secured LendingBlackstone · matched: name | 2026-03-31 | $27M | 0.2% |
| Morgan Stanley Direct Lending Fund⚠ unreconciledMorgan Stanley · matched: name | 2026-03-31 | $18M | 0.4% |
| Carlyle Secured Lending, Inc.⚠ unreconciledCarlyle · matched: name | 2026-03-31 | $12M | 0.3% |
| New Mountain Private Credit Fund⚠ unreconciledNew Mountain · matched: name | 2026-03-31 | $12M | 0.5% |
| Carlyle Credit Solutions, Inc.Carlyle · matched: name | 2026-03-31 | $10M | 0.4% |
| NMF SLF I, Inc.matched: name | 2026-03-31 | $6M | 0.4% |
| Lgam Private Credit LLCMorgan Stanley · matched: name | 2026-03-31 | $6M | 1.1% |
| New Mountain Finance Corp⚠ unreconciledNew Mountain · matched: name | 2026-03-31 | $2M | 0.1% |
| North Haven Private Income Fund A LLCMorgan Stanley · matched: name | 2026-03-31 | $2M | 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 · 26 positions · Q1'26
Instrument stated on 8 of 26 positions (31%). 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 |
|---|---|---|---|---|
| Lgam Private Credit LLCmatched: name · 2026-03-31 | — | $6M | 81.0% | Deep stress |
| North Haven Private Income Fund LLCmatched: name · 2026-03-31 | — | $40M | 81.3% | Deep stress |
| North Haven Private Income Fund LLCmatched: name · 2026-03-31 | — | $3M | 81.5% | Deep stress |
| Morgan Stanley Direct Lending Fund⚠ unreconciledmatched: name · 2026-03-31 | — | $16M | 81.5% | Deep stress |
| North Haven Private Income Fund A LLCmatched: name · 2026-03-31 | — | $2M | 81.5% | Deep stress |
| Morgan Stanley Direct Lending Fund⚠ unreconciledmatched: name · 2026-03-31 | — | $1M | 81.9% | Deep stress |
| Blackstone Secured Lendingmatched: name · 2026-03-31 | — | $7M | 82.6% | Deep stress |
| Blackstone Private Credit Fund⚠ unreconciledmatched: name · 2026-03-31 | — | $10M | 82.6% | Deep stress |
| Blackstone Private Credit Fund⚠ unreconciledmatched: name · 2026-03-31 | — | $1M | 82.8% | Deep stress |
| Blackstone Private Credit Fund⚠ unreconciledmatched: name · 2026-03-31 | — | $11M | 82.8% | Deep stress |
| Blackstone Private Credit Fund⚠ unreconciledmatched: name · 2026-03-31 | — | $24M | 82.8% | Deep stress |
| Blackstone Secured Lendingmatched: name · 2026-03-31 | — | $20M | 82.9% | Deep stress |
| Blackstone Secured Lendingmatched: name · 2026-03-31 | — | $1M | 83.0% | Deep stress |
| Blackstone Private Credit Fund⚠ unreconciledmatched: name · 2026-03-31 | — | $8M | 83.6% | Deep stress |
| Carlyle Secured Lending, Inc.⚠ unreconciledmatched: name · 2026-03-31 | Investment First lien | $12M | 87.8% | Stress |
| Carlyle Credit Solutions, Inc.matched: name · 2026-03-31 | Investment First lien | $10M | 87.9% | Stress |
| NMF SLF I, Inc.matched: name · 2026-03-31 | — | $0M | 88.3% | Stress |
| New Mountain Private Credit Fund⚠ unreconciledmatched: name · 2026-03-31 | First Lien First lien | $2M | 88.3% | Stress |
| NMF SLF I, Inc.matched: name · 2026-03-31 | — | $5M | 88.4% | Stress |
| New Mountain Private Credit Fund⚠ unreconciledmatched: name · 2026-03-31 | First Lien First lien | $8M | 88.4% | Stress |
| New Mountain Finance Corp⚠ unreconciledmatched: name · 2026-03-31 | First lien First lien | $2M | 88.4% | Stress |
| New Mountain Private Credit Fund⚠ unreconciledmatched: name · 2026-03-31 | First Lien First lien | $1M | 88.4% | Stress |
| NMF SLF I, Inc.matched: name · 2026-03-31 | — | $0M | 88.6% | Stress |
| NMF SLF I, Inc.matched: name · 2026-03-31 | — | $0M | 88.6% | Stress |
| New Mountain Finance Corp⚠ unreconciledmatched: name · 2026-03-31 | First lien First lien | $1M | 88.7% | Stress |
| New Mountain Private Credit Fund⚠ unreconciledmatched: name · 2026-03-31 | First Lien First lien | $0M | 88.8% | Stress |
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.