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 $120M 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 |
|---|---|---|---|
| 26north BDC, Inc.matched: name | 2026-03-31 | $52M | 3.3% |
| FS Credit Opportunities Corp.⚠ unreconciledFS · matched: name | 2026-03-31 | $26M | 1.8% |
| Morgan Stanley Direct Lending Fund⚠ unreconciledMorgan Stanley · matched: name | 2026-03-31 | $9M | 0.2% |
| North Haven Private Income Fund LLCMorgan Stanley · matched: name | 2026-03-31 | $6M | 0.1% |
| Palmer Square Capital BDC Inc.Palmer Square · matched: name | 2026-03-31 | $5M | 0.4% |
| Blue Owl Technology Finance Corp.Blue Owl · matched: name | 2026-03-31 | $4M | <0.1% |
| Bain Capital Specialty Finance, Inc.⚠ unreconciledBain Capital · matched: name | 2026-03-31 | $4M | 0.1% |
| New Mountain Guardian IV BDC, L.L.C.New Mountain · matched: name | 2026-03-31 | $4M | 0.2% |
| New Mountain Finance Corp⚠ unreconciledNew Mountain · matched: name | 2026-03-31 | $4M | 0.1% |
| NMF SLF I, Inc.matched: name | 2026-03-31 | $2M | 0.2% |
| New Mountain Guardian IV Income Fund, L.L.C.New Mountain · matched: name | 2026-03-31 | $2M | 0.4% |
| North Haven Private Income Fund A LLCMorgan Stanley · matched: name | 2026-03-31 | $1M | 0.2% |
| Lgam Private Credit LLCMorgan Stanley · 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 · 11 positions · Q1'26
Instrument stated on 4 of 11 positions (36%). 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 |
|---|---|---|---|---|
| Palmer Square Capital BDC Inc.matched: name · 2026-03-31 | — | $5M | 78.8% | Deep stress |
| Blue Owl Technology Finance Corp.matched: name · 2026-03-31 | First lien senior secured loan First lien | $4M | 86.9% | Stress |
| New Mountain Guardian IV Income Fund, L.L.C.matched: name · 2026-03-31 | First Lien First lien | $2M | 88.4% | Stress |
| NMF SLF I, Inc.matched: name · 2026-03-31 | — | $2M | 88.4% | Stress |
| New Mountain Guardian IV BDC, L.L.C.matched: name · 2026-03-31 | First Lien First lien | $4M | 88.5% | Stress |
| New Mountain Finance Corp⚠ unreconciledmatched: name · 2026-03-31 | First lien First lien | $4M | 88.5% | Stress |
| Bain Capital Specialty Finance, Inc.⚠ unreconciledmatched: name · 2026-03-31 | — | $4M | 94.9% | Watch |
| Lgam Private Credit LLCmatched: name · 2026-03-31 | — | $1M | 96.0% | Unstressed |
| Morgan Stanley Direct Lending Fund⚠ unreconciledmatched: name · 2026-03-31 | — | $9M | 96.1% | Unstressed |
| North Haven Private Income Fund LLCmatched: name · 2026-03-31 | — | $6M | 96.1% | Unstressed |
| North Haven Private Income Fund A LLCmatched: name · 2026-03-31 | — | $1M | 96.1% | 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.