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 $227M 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 |
|---|---|---|---|
| New Mountain Finance Corp⚠ unreconciledNew Mountain · matched: name | 2026-03-31 | $44M | 1.3% |
| FS KKR Capital Corp.⚠ unreconciledKKR · matched: name | 2026-03-31 | $38M | 0.2% |
| New Mountain Guardian IV BDC, L.L.C.New Mountain · matched: name | 2026-03-31 | $32M | 1.6% |
| North Haven Private Income Fund LLCMorgan Stanley · matched: name | 2026-03-31 | $19M | 0.3% |
| NMF SLF I, Inc.matched: name | 2026-03-31 | $19M | 1.3% |
| KKR FS Income Trust⚠ unreconciledKKR · matched: name | 2026-03-31 | $17M | 0.5% |
| KKR FS Income Trust Select⚠ unreconciledKKR · matched: name | 2026-03-31 | $15M | 0.8% |
| Morgan Stanley Direct Lending Fund⚠ unreconciledMorgan Stanley · matched: name | 2026-03-31 | $12M | 0.3% |
| SL Investment Fund II LLCMorgan Stanley · matched: name | 2026-03-31 | $7M | 1.1% |
| New Mountain Guardian IV Income Fund, L.L.C.New Mountain · matched: name | 2026-03-31 | $7M | 1.5% |
| North Haven Private Income Fund A LLCMorgan Stanley · matched: name | 2026-03-31 | $7M | 1.1% |
| Stepstone Private Credit Fund LLC⚠ unreconciledStepStone · matched: name | 2026-03-31 | $6M | 0.1% |
| Lgam Private Credit LLCMorgan Stanley · matched: name | 2026-03-31 | $5M | 0.9% |
The range across reported debt positions in the same borrower — fair value over amortized cost as filed — for 13 funds holding it in Q1'26.
13 funds · 20 positions · Q1'26
Instrument stated on 14 of 20 positions (70%).
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 | Software & Services | $6M | 98.4% | Unstressed |
| KKR FS Income Trust⚠ unreconciledmatched: name · 2026-03-31 | Software & Services | $3M | 99.2% | Unstressed |
| KKR FS Income Trust⚠ unreconciledmatched: name · 2026-03-31 | Software & Services | $1M | 99.2% | Unstressed |
| Stepstone Private Credit Fund LLC⚠ unreconciledmatched: name · 2026-03-31 | First Lien Senior Secured First lien | $6M | 99.3% | Unstressed |
| KKR FS Income Trust Select⚠ unreconciledmatched: name · 2026-03-31 | Software & Services | $1M | 99.4% | Unstressed |
| KKR FS Income Trust Select⚠ unreconciledmatched: name · 2026-03-31 | Software & Services | $2M | 99.4% | Unstressed |
| KKR FS Income Trust⚠ unreconciledmatched: name · 2026-03-31 | Software & Services | $13M | 99.5% | Unstressed |
| KKR FS Income Trust Select⚠ unreconciledmatched: name · 2026-03-31 | Software & Services | $11M | 99.5% | Unstressed |
| FS KKR Capital Corp.⚠ unreconciledmatched: name · 2026-03-31 | Software & Services | $29M | 99.7% | Unstressed |
| SL Investment Fund II LLCmatched: name · 2026-03-31 | — | $7M | 99.9% | Unstressed |
| North Haven Private Income Fund LLCmatched: name · 2026-03-31 | — | $19M | 99.9% | Unstressed |
| Lgam Private Credit LLCmatched: name · 2026-03-31 | — | $5M | 99.9% | Unstressed |
| North Haven Private Income Fund A LLCmatched: name · 2026-03-31 | — | $7M | 99.9% | Unstressed |
| Morgan Stanley Direct Lending Fund⚠ unreconciledmatched: name · 2026-03-31 | — | $12M | 99.9% | Unstressed |
| FS KKR Capital Corp.⚠ unreconciledmatched: name · 2026-03-31 | Software & Services | $3M | 100.0% | Unstressed |
| NMF SLF I, Inc.matched: name · 2026-03-31 | — | $19M | 100.4% | Unstressed |
| New Mountain Guardian IV Income Fund, L.L.C.matched: name · 2026-03-31 | First Lien First lien | $3M | 100.4% | Unstressed |
| New Mountain Guardian IV BDC, L.L.C.matched: name · 2026-03-31 | First Lien First lien | $32M | 100.4% | Unstressed |
| New Mountain Finance Corp⚠ unreconciledmatched: name · 2026-03-31 | First lien First lien | $44M | 100.4% | Unstressed |
| New Mountain Guardian IV Income Fund, L.L.C.matched: name · 2026-03-31 | First Lien First lien | $4M | 100.4% | 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.