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 $366M 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 |
|---|---|---|---|
| North Haven Private Income Fund LLCMorgan Stanley · matched: name | 2026-03-31 | $97M | 1.4% |
| Morgan Stanley Direct Lending Fund⚠ unreconciledMorgan Stanley · matched: name | 2026-03-31 | $72M | 1.8% |
| Goldman Sachs BDC, Inc.⚠ unreconciledGoldman Sachs · matched: name | 2026-03-31 | $56M | 2.0% |
| Willow Tree Capital CorpWillow Tree Capital Corp · matched: name | 2026-03-31 | $29M | 3.2% |
| Goldman Sachs Private Middle Market Credit II LLCGoldman Sachs · matched: name | 2026-03-31 | $29M | 2.1% |
| Carlyle Secured Lending, Inc.⚠ unreconciledCarlyle · matched: name | 2026-03-31 | $23M | 0.6% |
| CION Ares Diversified Credit Fund⚠ unreconciledAres Management · matched: name | 2026-03-31 | $16M | 0.3% |
| Silver Capital Holdings LLC⚠ unreconciledmatched: name | 2026-03-31 | $15M | 3.3% |
| SL Investment Fund II LLCMorgan Stanley · matched: name | 2026-03-31 | $12M | 1.8% |
| North Haven Private Income Fund A LLCMorgan Stanley · matched: name | 2026-03-31 | $8M | 1.3% |
| Lgam Private Credit LLCMorgan Stanley · matched: name | 2026-03-31 | $5M | 0.9% |
| StepStone Private Credit Income Fund⚠ unreconciledStepStone · matched: name | 2026-03-31 | $4M | 0.4% |
| StepStone Private Credit Co-Investment FundStepStone · matched: name | 2026-03-31 | $2M | 0.9% |
The range across reported debt positions in the same borrower — fair value over amortized cost as filed — for 10 funds holding it in Q1'26.
10 funds · 22 positions · Q1'26
Instrument stated on 4 of 22 positions (18%). 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 |
|---|---|---|---|---|
| Willow Tree Capital Corpmatched: name · 2026-03-31 | Term Loan Other debt | $3M | 99.8% | Unstressed |
| Carlyle Secured Lending, Inc.⚠ unreconciledmatched: name · 2026-03-31 | First Lien Debt First lien | $23M | 99.9% | Unstressed |
| North Haven Private Income Fund LLCmatched: name · 2026-03-31 | — | $4M | 100.0% | Unstressed |
| Goldman Sachs BDC, Inc.⚠ unreconciledmatched: name · 2026-03-31 | — | $15M | 100.1% | Unstressed |
| Goldman Sachs Private Middle Market Credit II LLCmatched: name · 2026-03-31 | — | $29M | 100.1% | Unstressed |
| Goldman Sachs BDC, Inc.⚠ unreconciledmatched: name · 2026-03-31 | — | $31M | 100.1% | Unstressed |
| Silver Capital Holdings LLC⚠ unreconciledmatched: name · 2026-03-31 | — | $15M | 100.1% | Unstressed |
| Willow Tree Capital Corpmatched: name · 2026-03-31 | Term Loan Other debt | $3M | 100.1% | Unstressed |
| North Haven Private Income Fund A LLCmatched: name · 2026-03-31 | — | $8M | 100.2% | Unstressed |
| Willow Tree Capital Corpmatched: name · 2026-03-31 | — | $0M | 100.2% | Unstressed |
| North Haven Private Income Fund LLCmatched: name · 2026-03-31 | — | $45M | 100.2% | Unstressed |
| Goldman Sachs BDC, Inc.⚠ unreconciledmatched: name · 2026-03-31 | — | $10M | 100.3% | Unstressed |
| Willow Tree Capital Corpmatched: name · 2026-03-31 | Term Loan Other debt | $2M | 100.4% | Unstressed |
| Morgan Stanley Direct Lending Fund⚠ unreconciledmatched: name · 2026-03-31 | — | $71M | 100.4% | Unstressed |
| North Haven Private Income Fund A LLCmatched: name · 2026-03-31 | — | $0M | 100.4% | Unstressed |
| North Haven Private Income Fund LLCmatched: name · 2026-03-31 | — | $47M | 100.5% | Unstressed |
| Morgan Stanley Direct Lending Fund⚠ unreconciledmatched: name · 2026-03-31 | — | $0M | 100.6% | Unstressed |
| Lgam Private Credit LLCmatched: name · 2026-03-31 | — | $2M | 100.7% | Unstressed |
| SL Investment Fund II LLCmatched: name · 2026-03-31 | — | $6M | 100.7% | Unstressed |
| Willow Tree Capital Corpmatched: name · 2026-03-31 | — | $20M | 100.7% | Unstressed |
| Lgam Private Credit LLCmatched: name · 2026-03-31 | — | $3M | 100.8% | Unstressed |
| SL Investment Fund II LLCmatched: name · 2026-03-31 | — | $6M | 100.8% | 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.