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 $654M 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 |
|---|---|---|---|
| HPS Corporate Lending FundHPS Investment Partners · matched: name | 2026-03-31 | $105M | 0.4% |
| Cliffwater Corporate Lending Fund⚠ unreconciledCliffwater · matched: name | 2026-03-31 | $95M | 0.3% |
| Golub Capital Private Credit FundGolub Capital · matched: name | 2026-03-31 | $54M | 0.5% |
| 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 | $37M | 1.8% |
| Blue Owl Technology Finance Corp.Blue Owl · matched: name | 2026-03-31 | $37M | 0.2% |
| New Mountain Private Credit Fund⚠ unreconciledNew Mountain · matched: name | 2026-03-31 | $35M | 1.5% |
| Blackstone Private Credit Fund⚠ unreconciledBlackstone · matched: name | 2026-03-31 | $31M | <0.1% |
| KKR FS Income Trust⚠ unreconciledKKR · matched: name | 2026-03-31 | $31M | 0.9% |
| KKR US Direct Lending Fund-U Inc.KKR · matched: name | 2026-03-31 | $26M | 1.6% |
| KKR Enhanced US Direct Lending Fund-l Inc.KKR · matched: name | 2026-03-31 | $25M | 1.9% |
| NMF SLF I, Inc.matched: name | 2026-03-31 | $25M | 1.7% |
| Golub Capital BDC 4, Inc.Golub Capital · matched: name | 2026-03-31 | $22M | 0.9% |
| Blue Owl Technology Income Corp.Blue Owl · matched: name | 2026-03-31 | $17M | 0.3% |
| KKR FS Income Trust Select⚠ unreconciledKKR · matched: name | 2026-03-31 | $14M | 0.7% |
| Golub Capital BDCGolub Capital · matched: name | 2026-03-31 | $12M | 0.1% |
| Carlyle Credit Solutions, Inc.Carlyle · matched: name | 2026-03-31 | $10M | 0.4% |
| New Mountain Guardian IV Income Fund, L.L.C.New Mountain · matched: name | 2026-03-31 | $9M | 1.8% |
| Golub Capital Direct Lending CorpGolub Capital · matched: name | 2026-03-31 | $7M | 0.8% |
| New Mountain Finance Corp⚠ unreconciledNew Mountain · matched: name | 2026-03-31 | $7M | 0.2% |
| Golub Capital Direct Lending Unlevered CorpGolub Capital · matched: name | 2026-03-31 | $5M | 1.3% |
| T. Rowe Price Oha Select Private Credit FundOha Private Credit Advisors LLC · matched: name | 2026-03-31 | $3M | 0.1% |
| North Haven Private Income Fund LLCMorgan Stanley · matched: name | 2026-03-31 | $3M | <0.1% |
| 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% |
| Morgan Stanley Direct Lending Fund⚠ unreconciledMorgan Stanley · matched: name | 2026-03-31 | $1M | <0.1% |
| Carlyle Secured Lending, Inc.⚠ unreconciledCarlyle · matched: name | 2026-03-31 | $1M | <0.1% |
| Oha Senior Private Lending Fund (u) LLCmatched: name | 2026-03-31 | $0M | <0.1% |
The range across reported debt positions in the same borrower — fair value over amortized cost as filed — for 24 funds holding it in Q1'26.
24 funds · 32 positions · Q1'26
Instrument stated on 18 of 32 positions (56%).
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 | $9M | 97.7% | Unstressed |
| KKR FS Income Trust Select⚠ unreconciledmatched: name · 2026-03-31 | Software & Services | $4M | 97.8% | Unstressed |
| KKR FS Income Trust⚠ unreconciledmatched: name · 2026-03-31 | Software & Services | $5M | 97.8% | Unstressed |
| KKR FS Income Trust Select⚠ unreconciledmatched: name · 2026-03-31 | Software & Services | $1M | 97.8% | Unstressed |
| FS KKR Capital Corp.⚠ unreconciledmatched: name · 2026-03-31 | Software & Services | $23M | 97.8% | Unstressed |
| KKR FS Income Trust⚠ unreconciledmatched: name · 2026-03-31 | Software & Services | $3M | 97.9% | Unstressed |
| KKR FS Income Trust Select⚠ unreconciledmatched: name · 2026-03-31 | Software & Services | $9M | 98.1% | Unstressed |
| KKR FS Income Trust⚠ unreconciledmatched: name · 2026-03-31 | Software & Services | $23M | 98.1% | Unstressed |
| North Haven Private Income Fund LLCmatched: name · 2026-03-31 | — | $2M | 98.2% | Unstressed |
| North Haven Private Income Fund LLCmatched: name · 2026-03-31 | — | $1M | 98.2% | Unstressed |
| North Haven Private Income Fund A LLCmatched: name · 2026-03-31 | — | $1M | 98.2% | Unstressed |
| Lgam Private Credit LLCmatched: name · 2026-03-31 | — | $1M | 98.2% | Unstressed |
| Morgan Stanley Direct Lending Fund⚠ unreconciledmatched: name · 2026-03-31 | — | $1M | 98.2% | Unstressed |
| FS KKR Capital Corp.⚠ unreconciledmatched: name · 2026-03-31 | Software & Services | $7M | 98.6% | Unstressed |
| Blue Owl Technology Income Corp.matched: name · 2026-03-31 | First lien senior secured loan First lien | $17M | 98.7% | Unstressed |
| Blue Owl Technology Finance Corp.matched: name · 2026-03-31 | First lien senior secured loan First lien | $37M | 98.7% | Unstressed |
| T. Rowe Price Oha Select Private Credit Fundmatched: name · 2026-03-31 | — | $3M | 100.0% | Unstressed |
| Blackstone Private Credit Fund⚠ unreconciledmatched: name · 2026-03-31 | — | $31M | 100.0% | Unstressed |
| Oha Senior Private Lending Fund (u) LLCmatched: name · 2026-03-31 | — | $0M | 100.0% | Unstressed |
| New Mountain Private Credit Fund⚠ unreconciledmatched: name · 2026-03-31 | First Lien First lien | $35M | 100.0% | Unstressed |
| Carlyle Secured Lending, Inc.⚠ unreconciledmatched: name · 2026-03-31 | Investment First lien | $1M | 100.1% | Unstressed |
| Carlyle Credit Solutions, Inc.matched: name · 2026-03-31 | Investment First lien | $10M | 100.2% | Unstressed |
| New Mountain Guardian IV BDC, L.L.C.matched: name · 2026-03-31 | First Lien First lien | $37M | 100.3% | Unstressed |
| NMF SLF I, Inc.matched: name · 2026-03-31 | — | $25M | 100.3% | Unstressed |
| New Mountain Guardian IV Income Fund, L.L.C.matched: name · 2026-03-31 | First Lien First lien | $5M | 100.4% | Unstressed |
| New Mountain Finance Corp⚠ unreconciledmatched: name · 2026-03-31 | First lien First lien | $7M | 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 |
| Golub Capital BDCmatched: name · 2026-03-31 | — | $12M | 100.8% | Unstressed |
| Golub Capital Private Credit Fundmatched: name · 2026-03-31 | — | $53M | 101.1% | Unstressed |
| Golub Capital BDC 4, Inc.matched: name · 2026-03-31 | — | $22M | 101.1% | Unstressed |
| Golub Capital Direct Lending Unlevered Corpmatched: name · 2026-03-31 | — | $5M | 101.1% | Unstressed |
| Golub Capital Direct Lending Corpmatched: name · 2026-03-31 | — | $7M | 101.1% | 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.