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 $228M 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 |
|---|---|---|---|
| Golub Capital BDCGolub Capital · matched: name | 2026-03-31 | $58M | 0.7% |
| Oaktree Strategic Credit FundOaktree · matched: name | 2026-03-31 | $45M | 0.6% |
| Blackstone Private Credit Fund⚠ unreconciledBlackstone · matched: name | 2026-03-31 | $30M | <0.1% |
| North Haven Private Income Fund LLCMorgan Stanley · matched: name | 2026-03-31 | $28M | 0.4% |
| Carlyle Credit Solutions, Inc.Carlyle · matched: name | 2026-03-31 | $13M | 0.5% |
| Morgan Stanley Direct Lending Fund⚠ unreconciledMorgan Stanley · matched: name | 2026-03-31 | $13M | 0.3% |
| Blackstone Secured LendingBlackstone · matched: name | 2026-03-31 | $12M | 0.1% |
| Carlyle Secured Lending, Inc.⚠ unreconciledCarlyle · matched: name | 2026-03-31 | $11M | 0.3% |
| New Mountain Guardian IV BDC, L.L.C.New Mountain · matched: name | 2026-03-31 | $8M | 0.4% |
| North Haven Private Income Fund A LLCMorgan Stanley · matched: name | 2026-03-31 | $5M | 0.8% |
| New Mountain Guardian IV Income Fund, L.L.C.New Mountain · matched: name | 2026-03-31 | $4M | 0.8% |
| Oaktree Diversified Income Fund Inc.⚠ unreconciledOaktree · matched: name | 2026-03-31 | $1M | 0.5% |
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 · 29 positions · Q1'26
Instrument stated on 9 of 29 positions (31%). 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 |
|---|---|---|---|---|
| Oaktree Strategic Credit Fundmatched: name · 2026-03-31 | — | $45M | 95.7% | Unstressed |
| Golub Capital BDCmatched: name · 2026-03-31 | — | $37M | 97.3% | Unstressed |
| Carlyle Secured Lending, Inc.⚠ unreconciledmatched: name · 2026-03-31 | Investment First lien | $7M | 97.4% | Unstressed |
| Carlyle Credit Solutions, Inc.matched: name · 2026-03-31 | Investment First lien | $9M | 97.6% | Unstressed |
| Blackstone Secured Lendingmatched: name · 2026-03-31 | — | $8M | 97.7% | Unstressed |
| Blackstone Private Credit Fund⚠ unreconciledmatched: name · 2026-03-31 | — | $19M | 97.7% | Unstressed |
| North Haven Private Income Fund LLCmatched: name · 2026-03-31 | — | $11M | 97.8% | Unstressed |
| Morgan Stanley Direct Lending Fund⚠ unreconciledmatched: name · 2026-03-31 | — | $8M | 97.8% | Unstressed |
| North Haven Private Income Fund A LLCmatched: name · 2026-03-31 | — | $3M | 97.8% | Unstressed |
| North Haven Private Income Fund LLCmatched: name · 2026-03-31 | — | $6M | 98.4% | Unstressed |
| New Mountain Guardian IV Income Fund, L.L.C.matched: name · 2026-03-31 | First Lien First lien | $0M | 98.5% | Unstressed |
| New Mountain Guardian IV Income Fund, L.L.C.matched: name · 2026-03-31 | First Lien First lien | $3M | 98.9% | Unstressed |
| New Mountain Guardian IV BDC, L.L.C.matched: name · 2026-03-31 | First Lien First lien | $8M | 98.9% | Unstressed |
| North Haven Private Income Fund A LLCmatched: name · 2026-03-31 | — | $0M | 99.2% | Unstressed |
| Morgan Stanley Direct Lending Fund⚠ unreconciledmatched: name · 2026-03-31 | — | $1M | 99.2% | Unstressed |
| North Haven Private Income Fund LLCmatched: name · 2026-03-31 | — | $3M | 99.2% | Unstressed |
| Blackstone Private Credit Fund⚠ unreconciledmatched: name · 2026-03-31 | — | $3M | 99.8% | Unstressed |
| Blackstone Secured Lendingmatched: name · 2026-03-31 | — | $1M | 99.8% | Unstressed |
| Carlyle Credit Solutions, Inc.matched: name · 2026-03-31 | Investment First lien | $2M | 100.1% | Unstressed |
| Carlyle Secured Lending, Inc.⚠ unreconciledmatched: name · 2026-03-31 | Investment First lien | $1M | 100.2% | Unstressed |
| Golub Capital BDCmatched: name · 2026-03-31 | — | $6M | 101.3% | Unstressed |
| Morgan Stanley Direct Lending Fund⚠ unreconciledmatched: name · 2026-03-31 | — | $3M | 103.7% | Unstressed |
| North Haven Private Income Fund LLCmatched: name · 2026-03-31 | — | $7M | 103.7% | Unstressed |
| North Haven Private Income Fund A LLCmatched: name · 2026-03-31 | — | $1M | 103.8% | Unstressed |
| Blackstone Secured Lendingmatched: name · 2026-03-31 | — | $3M | 104.0% | Unstressed |
| Blackstone Private Credit Fund⚠ unreconciledmatched: name · 2026-03-31 | — | $8M | 104.1% | Unstressed |
| Golub Capital BDCmatched: name · 2026-03-31 | — | $15M | 104.1% | Unstressed |
| Carlyle Credit Solutions, Inc.matched: name · 2026-03-31 | Investment First lien | $3M | 104.2% | Unstressed |
| Carlyle Secured Lending, Inc.⚠ unreconciledmatched: name · 2026-03-31 | Investment First lien | $3M | 104.5% | 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.