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 $487M 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 |
|---|---|---|---|
| Goldman Sachs Private Credit Corp.⚠ unreconciledGoldman Sachs · matched: name | 2026-03-31 | $57M | 0.4% |
| Goldman Sachs BDC, Inc.⚠ unreconciledGoldman Sachs · matched: name | 2026-03-31 | $45M | 1.6% |
| SLR Investment Corp.SLR · matched: name | 2026-03-31 | $35M | 1.5% |
| New Mountain Private Credit Fund⚠ unreconciledNew Mountain · matched: name | 2026-03-31 | $32M | 1.4% |
| Oaktree Specialty Lending Corp⚠ unreconciledOaktree · matched: name | 2026-03-31 | $28M | 0.9% |
| Carlyle Credit Solutions, Inc.Carlyle · matched: name | 2026-03-31 | $27M | 1.0% |
| Carlyle Secured Lending, Inc.⚠ unreconciledCarlyle · matched: name | 2026-03-31 | $27M | 0.8% |
| Carlyle Tactical Private Credit Fund⚠ unreconciledCarlyle · matched: name | 2026-03-31 | $27M | 0.6% |
| NMF SLF I, Inc.matched: name | 2026-03-31 | $25M | 1.7% |
| New Mountain Guardian IV BDC, L.L.C.New Mountain · matched: name | 2026-03-31 | $20M | 1.0% |
| Goldman Sachs Private Middle Market Credit II LLCGoldman Sachs · matched: name | 2026-03-31 | $20M | 1.5% |
| Goldman Sachs Middle Market Lending Corp. IIGoldman Sachs · matched: name | 2025-06-30 | $19M | 2.2% |
| Oaktree Strategic Credit FundOaktree · matched: name | 2026-03-31 | $18M | 0.3% |
| North Haven Private Income Fund LLCMorgan Stanley · matched: name | 2026-03-31 | $17M | 0.2% |
| SCP Private Credit Income BDC LLC⚠ unreconciledSLR · matched: name | 2026-03-31 | $15M | 8.1% |
| Golub Capital Direct Lending CorpGolub Capital · matched: name | 2026-03-31 | $14M | 1.6% |
| Golub Capital BDCGolub Capital · matched: name | 2026-03-31 | $12M | 0.1% |
| Monroe Capital Income Plus CorpMonroe Capital · matched: name | 2026-03-31 | $8M | 0.1% |
| New Mountain Finance Corp⚠ unreconciledNew Mountain · matched: name | 2026-03-31 | $8M | 0.2% |
| Morgan Stanley Direct Lending Fund⚠ unreconciledMorgan Stanley · matched: name | 2026-03-31 | $7M | 0.2% |
| New Mountain Guardian IV Income Fund, L.L.C.New Mountain · matched: name | 2026-03-31 | $7M | 1.4% |
| Lgam Private Credit LLCMorgan Stanley · matched: name | 2026-03-31 | $5M | 1.1% |
| Golub Capital BDC 4, Inc.Golub Capital · matched: name | 2026-03-31 | $5M | 0.2% |
| Blackrock Direct Lending Corp.BlackRock · matched: name | 2026-03-31 | $4M | 2.2% |
| Golub Capital Direct Lending Unlevered CorpGolub Capital · matched: name | 2026-03-31 | $3M | 0.8% |
| Monroe Capital Corp⚠ unreconciledMonroe Capital · matched: name | 2025-12-31 | $2M | 0.6% |
| Blackrock Private Credit FundBlackRock · matched: name | 2026-03-31 | $1M | <0.1% |
| North Haven Private Income Fund A LLCMorgan Stanley · matched: name | 2026-03-31 | $1M | 0.2% |
The range across reported debt positions in the same borrower — fair value over amortized cost as filed — for 25 funds holding it in Q1'26.
25 funds · 50 positions · Q1'26
Instrument stated on 12 of 50 positions (24%). 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 |
|---|---|---|---|---|
| Golub Capital BDC 4, Inc.matched: name · 2026-03-31 | — | $0M | 50.0% | Deep stress |
| Golub Capital BDCmatched: name · 2026-03-31 | — | $0M | 51.2% | Deep stress |
| Blackrock Direct Lending Corp.matched: name · 2026-03-31 | — | $0M | 52.6% | Deep stress |
| Golub Capital Direct Lending Corpmatched: name · 2026-03-31 | — | $0M | 52.6% | Deep stress |
| Golub Capital Direct Lending Unlevered Corpmatched: name · 2026-03-31 | — | $0M | 53.8% | Deep stress |
| Oaktree Strategic Credit Fundmatched: name · 2026-03-31 | — | $0M | 58.3% | Deep stress |
| Oaktree Specialty Lending Corp⚠ unreconciledmatched: name · 2026-03-31 | — | $0M | 59.3% | Deep stress |
| Goldman Sachs BDC, Inc.⚠ unreconciledmatched: name · 2026-03-31 | — | $0M | 60.3% | Deep stress |
| Goldman Sachs Private Middle Market Credit II LLCmatched: name · 2026-03-31 | — | $0M | 60.3% | Deep stress |
| Goldman Sachs Private Credit Corp.⚠ unreconciledmatched: name · 2026-03-31 | — | $0M | 66.1% | Deep stress |
| North Haven Private Income Fund LLCmatched: name · 2026-03-31 | — | $0M | 83.3% | Deep stress |
| Morgan Stanley Direct Lending Fund⚠ unreconciledmatched: name · 2026-03-31 | — | $0M | 83.3% | Deep stress |
| Lgam Private Credit LLCmatched: name · 2026-03-31 | — | $0M | 83.6% | Deep stress |
| North Haven Private Income Fund A LLCmatched: name · 2026-03-31 | — | $0M | 90.9% | Watch |
| New Mountain Guardian IV BDC, L.L.C.matched: name · 2026-03-31 | — | $0M | 92.4% | Watch |
| Golub Capital BDCmatched: name · 2026-03-31 | — | $12M | 93.4% | Watch |
| Golub Capital Direct Lending Corpmatched: name · 2026-03-31 | — | $14M | 93.6% | Watch |
| Golub Capital BDC 4, Inc.matched: name · 2026-03-31 | — | $5M | 93.6% | Watch |
| Golub Capital Direct Lending Unlevered Corpmatched: name · 2026-03-31 | — | $3M | 93.6% | Watch |
| Blackrock Direct Lending Corp.matched: name · 2026-03-31 | — | $4M | 93.7% | Watch |
| Oaktree Specialty Lending Corp⚠ unreconciledmatched: name · 2026-03-31 | — | $24M | 94.3% | Watch |
| Oaktree Strategic Credit Fundmatched: name · 2026-03-31 | — | $15M | 94.4% | Watch |
| Goldman Sachs BDC, Inc.⚠ unreconciledmatched: name · 2026-03-31 | — | $45M | 94.7% | Watch |
| Goldman Sachs Private Middle Market Credit II LLCmatched: name · 2026-03-31 | — | $20M | 94.7% | Watch |
| Blackrock Private Credit Fundmatched: name · 2026-03-31 | — | $1M | 94.7% | Watch |
| Oaktree Specialty Lending Corp⚠ unreconciledmatched: name · 2026-03-31 | — | $3M | 95.3% | Unstressed |
| Oaktree Strategic Credit Fundmatched: name · 2026-03-31 | — | $2M | 95.5% | Unstressed |
| New Mountain Finance Corp⚠ unreconciledmatched: name · 2026-03-31 | First lien First lien | $0M | 95.6% | Unstressed |
| Goldman Sachs Private Credit Corp.⚠ unreconciledmatched: name · 2026-03-31 | — | $51M | 95.7% | Unstressed |
| New Mountain Guardian IV Income Fund, L.L.C.matched: name · 2026-03-31 | First Lien First lien | $3M | 95.8% | Unstressed |
| New Mountain Guardian IV BDC, L.L.C.matched: name · 2026-03-31 | First Lien First lien | $11M | 95.9% | Unstressed |
| Goldman Sachs Private Credit Corp.⚠ unreconciledmatched: name · 2026-03-31 | — | $6M | 95.9% | Unstressed |
| New Mountain Guardian IV Income Fund, L.L.C.matched: name · 2026-03-31 | — | $0M | 96.0% | Unstressed |
| New Mountain Private Credit Fund⚠ unreconciledmatched: name · 2026-03-31 | First Lien First lien | $27M | 96.0% | Unstressed |
| NMF SLF I, Inc.matched: name · 2026-03-31 | — | $20M | 96.0% | Unstressed |
| New Mountain Guardian IV BDC, L.L.C.matched: name · 2026-03-31 | First Lien First lien | $9M | 96.0% | Unstressed |
| New Mountain Guardian IV Income Fund, L.L.C.matched: name · 2026-03-31 | First Lien First lien | $3M | 96.1% | Unstressed |
| New Mountain Private Credit Fund⚠ unreconciledmatched: name · 2026-03-31 | First Lien First lien | $4M | 97.1% | Unstressed |
| New Mountain Finance Corp⚠ unreconciledmatched: name · 2026-03-31 | First lien First lien | $7M | 97.2% | Unstressed |
| NMF SLF I, Inc.matched: name · 2026-03-31 | — | $5M | 97.2% | Unstressed |
| Monroe Capital Income Plus Corpmatched: name · 2026-03-31 | Senior Secured Loans Other debt | $8M | 97.3% | Unstressed |
| Carlyle Secured Lending, Inc.⚠ unreconciledmatched: name · 2026-03-31 | Investment First lien | $27M | 97.5% | Unstressed |
| Carlyle Credit Solutions, Inc.matched: name · 2026-03-31 | Investment First lien | $27M | 97.5% | Unstressed |
| Lgam Private Credit LLCmatched: name · 2026-03-31 | — | $5M | 97.8% | Unstressed |
| North Haven Private Income Fund A LLCmatched: name · 2026-03-31 | — | $1M | 97.8% | Unstressed |
| North Haven Private Income Fund LLCmatched: name · 2026-03-31 | — | $17M | 98.0% | Unstressed |
| Morgan Stanley Direct Lending Fund⚠ unreconciledmatched: name · 2026-03-31 | — | $7M | 98.2% | Unstressed |
| New Mountain Private Credit Fund⚠ unreconciledmatched: name · 2026-03-31 | — | $0M | 98.3% | Unstressed |
| SLR Investment Corp.matched: name · 2026-03-31 | Senior Secured Loans Other debt | $25M | 100.7% | Unstressed |
| SCP Private Credit Income BDC LLC⚠ unreconciledmatched: name · 2026-03-31 | — | $15M | 100.8% | 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.