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 $453M 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 | $98M | 0.1% |
| HPS Corporate Lending FundHPS Investment Partners · matched: name | 2026-03-31 | $42M | 0.2% |
| North Haven Private Income Fund LLCMorgan Stanley · matched: name | 2026-03-31 | $37M | 0.5% |
| Morgan Stanley Direct Lending Fund⚠ unreconciledMorgan Stanley · matched: name | 2026-03-31 | $29M | 0.7% |
| KKR FS Income Trust⚠ unreconciledKKR · matched: name | 2026-03-31 | $29M | 0.9% |
| NMF SLF I, Inc.matched: name | 2026-03-31 | $27M | 1.9% |
| KKR US Direct Lending Fund-U Inc.KKR · matched: name | 2026-03-31 | $23M | 1.4% |
| Antares Strategic Credit FundAntares Capital · matched: name | 2026-03-31 | $20M | 0.4% |
| KKR Enhanced US Direct Lending Fund-l Inc.KKR · matched: name | 2026-03-31 | $20M | 1.5% |
| KKR FS Income Trust Select⚠ unreconciledKKR · matched: name | 2026-03-31 | $17M | 0.9% |
| Blackrock Private Credit FundBlackRock · matched: name | 2026-03-31 | $15M | 0.6% |
| T. Rowe Price Oha Select Private Credit FundOha Private Credit Advisors LLC · matched: name | 2026-03-31 | $10M | 0.3% |
| Franklin BSP Capital Corp⚠ unreconciledFranklin BSP · matched: name | 2026-03-31 | $10M | 0.2% |
| Golub Capital BDCGolub Capital · matched: name | 2026-03-31 | $9M | 0.1% |
| Carlyle Secured Lending, Inc.⚠ unreconciledCarlyle · matched: name | 2026-03-31 | $9M | 0.2% |
| Golub Capital Private Credit FundGolub Capital · matched: name | 2026-03-31 | $8M | 0.1% |
| Carlyle Credit Solutions, Inc.Carlyle · matched: name | 2026-03-31 | $7M | 0.3% |
| FS KKR Capital Corp.⚠ unreconciledKKR · matched: name | 2026-03-31 | $7M | <0.1% |
| Golub Capital BDC 4, Inc.Golub Capital · matched: name | 2026-03-31 | $7M | 0.3% |
| Antares Private Credit FundAntares Capital · matched: name | 2026-03-31 | $7M | 0.4% |
| North Haven Private Income Fund A LLCMorgan Stanley · matched: name | 2026-03-31 | $5M | 0.9% |
| Lgam Private Credit LLCMorgan Stanley · matched: name | 2026-03-31 | $5M | 1.0% |
| Blackstone Secured LendingBlackstone · matched: name | 2026-03-31 | $5M | <0.1% |
| Oha Senior Private Lending Fund (u) LLCmatched: name | 2026-03-31 | $2M | 0.6% |
| Golub Capital Direct Lending CorpGolub Capital · matched: name | 2026-03-31 | $2M | 0.2% |
| Golub Capital Direct Lending Unlevered CorpGolub Capital · matched: name | 2026-03-31 | $1M | 0.3% |
| Capital Group KKR Core Plus (plus)Capital Group KKR · matched: name | 2026-03-31 | $1M | 0.4% |
The range across reported debt positions in the same borrower — fair value over amortized cost as filed — for 22 funds holding it in Q1'26.
22 funds · 26 positions · Q1'26
Instrument stated on 2 of 26 positions (8%). 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 |
|---|---|---|---|---|
| FS KKR Capital Corp.⚠ unreconciledmatched: name · 2026-03-31 | — | $6M | 98.3% |
| Antares Private Credit Fundmatched: name · 2026-03-31 | — | $7M | 99.0% | Unstressed |
| Antares Strategic Credit Fundmatched: name · 2026-03-31 | — | $20M | 99.0% | Unstressed |
| Golub Capital BDCmatched: name · 2026-03-31 | — | $9M | 99.4% | Unstressed |
| KKR FS Income Trust Select⚠ unreconciledmatched: name · 2026-03-31 | — | $3M | 99.5% | Unstressed |
| KKR FS Income Trust⚠ unreconciledmatched: name · 2026-03-31 | — | $25M | 99.5% | Unstressed |
| KKR FS Income Trust Select⚠ unreconciledmatched: name · 2026-03-31 | — | $15M | 99.5% | Unstressed |
| KKR FS Income Trust⚠ unreconciledmatched: name · 2026-03-31 | — | $4M | 99.5% | Unstressed |
| Carlyle Secured Lending, Inc.⚠ unreconciledmatched: name · 2026-03-31 | First Lien Debt First lien | $9M | 99.6% | Unstressed |
| Carlyle Credit Solutions, Inc.matched: name · 2026-03-31 | Investment First lien | $7M | 99.6% | Unstressed |
| Golub Capital Private Credit Fundmatched: name · 2026-03-31 | — | $8M | 99.7% | Unstressed |
| Golub Capital Direct Lending Unlevered Corpmatched: name · 2026-03-31 | — | $1M | 99.9% | Unstressed |
| Golub Capital Direct Lending Corpmatched: name · 2026-03-31 | — | $2M | 100.0% | Unstressed |
| T. Rowe Price Oha Select Private Credit Fundmatched: name · 2026-03-31 | — | $10M | 100.0% | Unstressed |
| Blackrock Private Credit Fundmatched: name · 2026-03-31 | — | $15M | 100.0% | Unstressed |
| Oha Senior Private Lending Fund (u) LLCmatched: name · 2026-03-31 | — | $2M | 100.0% | Unstressed |
| FS KKR Capital Corp.⚠ unreconciledmatched: name · 2026-03-31 | — | $1M | 100.0% | Unstressed |
| Blackstone Private Credit Fund⚠ unreconciledmatched: name · 2026-03-31 | — | $98M | 100.1% | Unstressed |
| Blackstone Secured Lendingmatched: name · 2026-03-31 | — | $5M | 100.1% | Unstressed |
| Lgam Private Credit LLCmatched: name · 2026-03-31 | — | $5M | 100.2% | Unstressed |
| North Haven Private Income Fund A LLCmatched: name · 2026-03-31 | — | $5M | 100.2% | Unstressed |
| NMF SLF I, Inc.matched: name · 2026-03-31 | — | $23M | 100.2% | Unstressed |
| Golub Capital BDC 4, Inc.matched: name · 2026-03-31 | — | $7M | 100.3% | Unstressed |
| NMF SLF I, Inc.matched: name · 2026-03-31 | — | $5M | 100.4% | Unstressed |
| North Haven Private Income Fund LLCmatched: name · 2026-03-31 | — | $37M | 100.4% | Unstressed |
| Morgan Stanley Direct Lending Fund⚠ unreconciledmatched: name · 2026-03-31 | — | $29M | 100.6% | 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.