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 $148M 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 | $90M | 1.1% |
| Morgan Stanley Direct Lending Fund⚠ unreconciledMorgan Stanley · matched: name | 2026-03-31 | $21M | 0.5% |
| North Haven Private Income Fund LLCMorgan Stanley · matched: name | 2026-03-31 | $16M | 0.2% |
| Bain Capital Specialty Finance, Inc.⚠ unreconciledBain Capital · matched: name | 2026-03-31 | $7M | 0.1% |
| Nuveen Churchill Direct Lending Corp.Churchill DLC Advisor LLC · matched: name | 2026-03-31 | $5M | 0.3% |
| NC SLF Inc.Churchill · matched: name | 2026-03-31 | $4M | 0.7% |
| T. Rowe Price Oha Select Private Credit FundOha Private Credit Advisors LLC · matched: name | 2026-03-31 | $2M | 0.1% |
| Ares Capital Corporation⚠ unreconciledAres Management · matched: name | 2026-03-31 | $1M | <0.1% |
The range across reported debt positions in the same borrower — fair value over amortized cost as filed — for 7 funds holding it in Q1'26.
7 funds · 23 positions · Q1'26
Instrument stated on 0 of 23 positions (0%). 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 |
|---|---|---|---|---|
| Golub Capital BDCmatched: name · 2026-03-31 | — | $0M | 72.1% | Deep stress |
| North Haven Private Income Fund LLCmatched: name · 2026-03-31 | — | $0M | 75.6% | Deep stress |
| Morgan Stanley Direct Lending Fund⚠ unreconciledmatched: name · 2026-03-31 | — | $0M | 76.0% | Deep stress |
| Bain Capital Specialty Finance, Inc.⚠ unreconciledmatched: name · 2026-03-31 | — | $0M | 77.5% | Deep stress |
| T. Rowe Price Oha Select Private Credit Fundmatched: name · 2026-03-31 | — | $0M | 83.8% | Deep stress |
| Ares Capital Corporation⚠ unreconciledmatched: name · 2026-03-31 | — | $1M | 85.7% | Stress |
| Golub Capital BDCmatched: name · 2026-03-31 | — | $18M | 88.8% | Stress |
| Golub Capital BDCmatched: name · 2026-03-31 | — | $11M | 89.7% | Stress |
| Golub Capital BDCmatched: name · 2026-03-31 | — | $5M | 89.7% | Stress |
| Golub Capital BDCmatched: name · 2026-03-31 | — | $2M | 89.8% | Stress |
| Golub Capital BDCmatched: name · 2026-03-31 | — | $3M | 89.9% | Stress |
| Nuveen Churchill Direct Lending Corp.matched: name · 2026-03-31 | — | $0M | 90.0% | Watch |
| Nuveen Churchill Direct Lending Corp.matched: name · 2026-03-31 | — | $4M | 90.1% | Watch |
| Nuveen Churchill Direct Lending Corp.matched: name · 2026-03-31 | — | $1M | 90.1% | Watch |
| Morgan Stanley Direct Lending Fund⚠ unreconciledmatched: name · 2026-03-31 | — | $18M | 91.2% | Watch |
| Golub Capital BDCmatched: name · 2026-03-31 | — | $2M | 92.0% | Watch |
| Bain Capital Specialty Finance, Inc.⚠ unreconciledmatched: name · 2026-03-31 | — | $2M | 92.2% | Watch |
| Bain Capital Specialty Finance, Inc.⚠ unreconciledmatched: name · 2026-03-31 | — | $5M | 92.2% | Watch |
| Golub Capital BDCmatched: name · 2026-03-31 | — | $0M | 92.2% | Watch |
| North Haven Private Income Fund LLCmatched: name · 2026-03-31 | — | $13M | 93.2% | Watch |
| T. Rowe Price Oha Select Private Credit Fundmatched: name · 2026-03-31 | — | $2M | 94.7% | Watch |
| T. Rowe Price Oha Select Private Credit Fundmatched: name · 2026-03-31 | — | $0M | 94.9% | Watch |
| Ares Capital Corporation⚠ unreconciledmatched: name · 2026-03-31 | — | $0M | 100.0% | 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.