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 $11M 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 |
|---|---|---|---|
| Crescent Capital BDC, Inc.Crescent Capital · matched: name | 2026-03-31 | $3M | 0.2% |
| Varagon Capital CorpVCC Advisors, LLC · matched: name | 2026-03-31 | $3M | 0.4% |
| Nuveen Churchill Direct Lending Corp.Churchill DLC Advisor LLC · matched: name | 2026-03-31 | $3M | 0.2% |
| Nuveen Churchill Private Capital Income FundChurchill Pcif Advisor LLC · matched: name | 2026-03-31 | $2M | 0.1% |
The range across reported debt positions in the same borrower — fair value over amortized cost as filed — for 4 funds holding it in Q1'26.
4 funds · 8 positions · Q1'26
Instrument stated on 4 of 8 positions (50%).
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 |
|---|---|---|---|---|
| Varagon Capital Corpmatched: name · 2026-03-31 | — | $0M | 23.8% | Deep stress |
| Crescent Capital BDC, Inc. |
| — |
| $0M |
| 61.9% |
| Deep stress |
| Nuveen Churchill Private Capital Income Fundmatched: name · 2026-03-31 | Subordinated Debt Other debt | $1M | 88.2% | Stress |
| Nuveen Churchill Direct Lending Corp.matched: name · 2026-03-31 | Subordinated Debt Other debt | $3M | 88.2% | Stress |
| Crescent Capital BDC, Inc.matched: name · 2026-03-31 | — | $3M | 88.9% | Stress |
| Crescent Capital BDC, Inc.matched: name · 2026-03-31 | — | $0M | 89.4% | Stress |
| Nuveen Churchill Direct Lending Corp.matched: name · 2026-03-31 | Subordinated Debt Other debt | $0M | 92.0% | Watch |
| Nuveen Churchill Private Capital Income Fundmatched: name · 2026-03-31 | Subordinated Debt Other debt | $0M | 92.2% | Watch |
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.