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 $333M 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 |
|---|---|---|---|
| New Mountain Guardian IV BDC, L.L.C.New Mountain · matched: name | 2026-03-31 | $41M | 2.0% |
| New Mountain Private Credit Fund⚠ unreconciledNew Mountain · matched: name | 2026-03-31 | $39M | 1.7% |
| NMF SLF I, Inc.matched: name | 2026-03-31 | $31M | 2.1% |
| FS KKR Capital Corp.⚠ unreconciledKKR · matched: name | 2026-03-31 | $26M | 0.1% |
| Ares Capital Corporation⚠ unreconciledAres Management · matched: name | 2026-03-31 | $25M | 0.1% |
| Blackrock Private Credit FundBlackRock · matched: name | 2026-03-31 | $23M | 1.0% |
| Antares Strategic Credit FundAntares Capital · matched: name | 2026-03-31 | $22M | 0.5% |
| Golub Capital Private Credit FundGolub Capital · matched: name | 2026-03-31 | $21M | 0.2% |
| Willow Tree Capital CorpWillow Tree Capital Corp · matched: name | 2026-03-31 | $13M | 1.5% |
| Golub Capital BDCGolub Capital · matched: name | 2026-03-31 | $13M | 0.2% |
| New Mountain Guardian IV Income Fund, L.L.C.New Mountain · matched: name | 2026-03-31 | $10M | 2.0% |
| KKR FS Income Trust⚠ unreconciledKKR · matched: name | 2026-03-31 | $9M | 0.3% |
| KKR FS Income Trust Select⚠ unreconciledKKR · matched: name | 2026-03-31 | $8M | 0.4% |
| KKR Enhanced US Direct Lending Fund-l Inc.KKR · matched: name | 2026-03-31 | $7M | 0.6% |
| AB Private Credit Investors CorpAB · matched: name | 2026-03-31 | $7M | 0.4% |
| Antares Private Credit FundAntares Capital · matched: name | 2026-03-31 | $6M | 0.4% |
| BC Partners Lending Corpmatched: name | 2026-03-31 | $6M | 3.0% |
| Golub Capital BDC 4, Inc.Golub Capital · matched: name | 2026-03-31 | $5M | 0.2% |
| Logan Ridge Finance Corp.⚠ unreconciledMount Logan · matched: name | 2025-03-31 | $5M | 0.6% |
| Stepstone Private Credit Fund LLC⚠ unreconciledStepStone · matched: name | 2026-03-31 | $4M | 0.1% |
| BlackRock HPS Credit Strategies Fund⚠ unreconciledBlackRock · matched: name | 2026-03-31 | $3M | 0.7% |
| AB Private Lending FundAB · matched: name | 2026-03-31 | $3M | 0.9% |
| Antares Strategic Credit Fund II LLCAntares Capital · matched: name | 2026-03-31 | $3M | 1.6% |
| Golub Capital Direct Lending CorpGolub Capital · matched: name | 2026-03-31 | $1M | 0.1% |
| Golub Capital Direct Lending Unlevered CorpGolub Capital · matched: name | 2026-03-31 | $1M | 0.2% |
The range across reported debt positions in the same borrower — fair value over amortized cost as filed — for 22 funds holding it in Q1'26.
22 funds · 88 positions · Q1'26
Instrument stated on 24 of 88 positions (27%). 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 BDC 4, Inc.matched: name · 2026-03-31 | — | $0M | 99.1% | Unstressed |
| Ares Capital Corporation⚠ unreconciledmatched: name · 2026-03-31 | — | $22M | 99.1% | Unstressed |
| Golub Capital Direct Lending Unlevered Corpmatched: name · 2026-03-31 | — | $0M | 99.4% | Unstressed |
| Golub Capital Direct Lending Unlevered Corpmatched: name · 2026-03-31 | — | $0M | 99.5% | Unstressed |
| Blackrock Private Credit Fundmatched: name · 2026-03-31 | — | $14M | 99.6% | Unstressed |
| Blackrock Private Credit Fundmatched: name · 2026-03-31 | — | $1M | 99.6% | Unstressed |
| Golub Capital Direct Lending Unlevered Corpmatched: name · 2026-03-31 | — | $0M | 99.6% | Unstressed |
| Golub Capital Direct Lending Corpmatched: name · 2026-03-31 | — | $1M | 99.6% | Unstressed |
| Antares Strategic Credit Fund II LLCmatched: name · 2026-03-31 | — | $3M | 99.6% | Unstressed |
| Golub Capital BDC 4, Inc.matched: name · 2026-03-31 | — | $1M | 99.6% | Unstressed |
| Blackrock Private Credit Fundmatched: name · 2026-03-31 | — | $4M | 99.6% | Unstressed |
| Golub Capital Private Credit Fundmatched: name · 2026-03-31 | — | $4M | 99.7% | Unstressed |
| Golub Capital Private Credit Fundmatched: name · 2026-03-31 | — | $11M | 99.7% | Unstressed |
| Golub Capital BDCmatched: name · 2026-03-31 | — | $4M | 99.7% | Unstressed |
| Golub Capital BDCmatched: name · 2026-03-31 | — | $3M | 99.7% | Unstressed |
| Golub Capital Private Credit Fundmatched: name · 2026-03-31 | — | $1M | 99.7% | Unstressed |
| Golub Capital Private Credit Fundmatched: name · 2026-03-31 | — | $3M | 99.7% | Unstressed |
| Golub Capital Direct Lending Corpmatched: name · 2026-03-31 | — | $0M | 99.7% | Unstressed |
| Golub Capital BDC 4, Inc.matched: name · 2026-03-31 | — | $1M | 99.7% | Unstressed |
| Golub Capital BDCmatched: name · 2026-03-31 | — | $6M | 99.7% | Unstressed |
| Golub Capital BDCmatched: name · 2026-03-31 | — | $0M | 99.8% | Unstressed |
| Golub Capital BDC 4, Inc.matched: name · 2026-03-31 | — | $0M | 99.8% | Unstressed |
| Golub Capital Private Credit Fundmatched: name · 2026-03-31 | — | $3M | 99.8% | Unstressed |
| Golub Capital BDC 4, Inc.matched: name · 2026-03-31 | — | $1M | 99.9% | Unstressed |
| Antares Strategic Credit Fundmatched: name · 2026-03-31 | — | $19M | 99.9% | Unstressed |
| AB Private Lending Fundmatched: name · 2026-03-31 | US Corporate Debt Other debt | $1M | 99.9% | Unstressed |
| BC Partners Lending Corpmatched: name · 2026-03-31 | — | $6M | 100.0% | Unstressed |
| Antares Private Credit Fundmatched: name · 2026-03-31 | — | $6M | 100.0% | Unstressed |
| Golub Capital Direct Lending Corpmatched: name · 2026-03-31 | — | $0M | 100.0% | Unstressed |
| Golub Capital Direct Lending Corpmatched: name · 2026-03-31 | — | $0M | 100.0% | Unstressed |
| Golub Capital Direct Lending Corpmatched: name · 2026-03-31 | — | $0M | 100.0% | Unstressed |
| Golub Capital Direct Lending Unlevered Corpmatched: name · 2026-03-31 | — | $0M | 100.0% | Unstressed |
| Golub Capital Direct Lending Unlevered Corpmatched: name · 2026-03-31 | — | $0M | 100.0% | Unstressed |
| New Mountain Guardian IV BDC, L.L.C.matched: name · 2026-03-31 | First Lien First lien | $13M | 100.0% | Unstressed |
| New Mountain Guardian IV BDC, L.L.C.matched: name · 2026-03-31 | First Lien First lien | $10M | 100.0% | Unstressed |
| New Mountain Guardian IV BDC, L.L.C.matched: name · 2026-03-31 | First Lien First lien | $2M | 100.0% | Unstressed |
| New Mountain Guardian IV BDC, L.L.C.matched: name · 2026-03-31 | First Lien First lien | $1M | 100.0% | Unstressed |
| New Mountain Guardian IV BDC, L.L.C.matched: name · 2026-03-31 | First Lien First lien | $0M | 100.0% | Unstressed |
| Golub Capital Private Credit Fundmatched: name · 2026-03-31 | — | $0M | 100.0% | Unstressed |
| KKR FS Income Trust⚠ unreconciledmatched: name · 2026-03-31 | — | $5M | 100.0% | Unstressed |
| KKR FS Income Trust⚠ unreconciledmatched: name · 2026-03-31 | — | $2M | 100.0% | Unstressed |
| KKR FS Income Trust⚠ unreconciledmatched: name · 2026-03-31 | — | $2M | 100.0% | Unstressed |
| KKR FS Income Trust⚠ unreconciledmatched: name · 2026-03-31 | — | $0M | 100.0% | Unstressed |
| Willow Tree Capital Corpmatched: name · 2026-03-31 | — | $7M | 100.0% | Unstressed |
| Willow Tree Capital Corpmatched: name · 2026-03-31 | — | $4M | 100.0% | Unstressed |
| Willow Tree Capital Corpmatched: name · 2026-03-31 | — | $3M | 100.0% | Unstressed |
| KKR FS Income Trust Select⚠ unreconciledmatched: name · 2026-03-31 | — | $5M | 100.0% | Unstressed |
| KKR FS Income Trust Select⚠ unreconciledmatched: name · 2026-03-31 | — | $2M | 100.0% | Unstressed |
| KKR FS Income Trust Select⚠ unreconciledmatched: name · 2026-03-31 | — | $1M | 100.0% | Unstressed |
| KKR FS Income Trust Select⚠ unreconciledmatched: name · 2026-03-31 | — | $0M | 100.0% | Unstressed |
| Antares Private Credit Fundmatched: name · 2026-03-31 | — | $0M | 100.0% | Unstressed |
| New Mountain Guardian IV Income Fund, L.L.C.matched: name · 2026-03-31 | First Lien First lien | $1M | 100.0% | Unstressed |
| New Mountain Guardian IV Income Fund, L.L.C.matched: name · 2026-03-31 | First Lien First lien | $0M | 100.0% | Unstressed |
| New Mountain Guardian IV Income Fund, L.L.C.matched: name · 2026-03-31 | First Lien First lien | $0M | 100.0% | Unstressed |
| New Mountain Guardian IV Income Fund, L.L.C.matched: name · 2026-03-31 | First Lien First lien | $0M | 100.0% | Unstressed |
| AB Private Lending Fundmatched: name · 2026-03-31 | US Corporate Debt Other debt | $2M | 100.0% | Unstressed |
| Ares Capital Corporation⚠ unreconciledmatched: name · 2026-03-31 | — | $2M | 100.0% | Unstressed |
| Ares Capital Corporation⚠ unreconciledmatched: name · 2026-03-31 | — | $1M | 100.0% | Unstressed |
| Ares Capital Corporation⚠ unreconciledmatched: name · 2026-03-31 | — | $1M | 100.0% | Unstressed |
| Ares Capital Corporation⚠ unreconciledmatched: name · 2026-03-31 | — | $0M | 100.0% | Unstressed |
| FS KKR Capital Corp.⚠ unreconciledmatched: name · 2026-03-31 | — | $14M | 100.0% | Unstressed |
| FS KKR Capital Corp.⚠ unreconciledmatched: name · 2026-03-31 | — | $7M | 100.0% | Unstressed |
| FS KKR Capital Corp.⚠ unreconciledmatched: name · 2026-03-31 | — | $3M | 100.0% | Unstressed |
| FS KKR Capital Corp.⚠ unreconciledmatched: name · 2026-03-31 | — | $2M | 100.0% | Unstressed |
| Golub Capital BDCmatched: name · 2026-03-31 | — | $0M | 100.0% | Unstressed |
| Golub Capital BDCmatched: name · 2026-03-31 | — | $0M | 100.0% | Unstressed |
| Blackrock Private Credit Fundmatched: name · 2026-03-31 | — | $4M | 100.1% | Unstressed |
| New Mountain Guardian IV Income Fund, L.L.C.matched: name · 2026-03-31 | First Lien First lien | $5M | 100.1% | Unstressed |
| Stepstone Private Credit Fund LLC⚠ unreconciledmatched: name · 2026-03-31 | First Lien Senior Secured First lien | $4M | 100.1% | Unstressed |
| NMF SLF I, Inc.matched: name · 2026-03-31 | — | $3M | 100.1% | Unstressed |
| AB Private Credit Investors Corpmatched: name · 2026-03-31 | US Corporate Debt Other debt | $6M | 100.1% | Unstressed |
| New Mountain Private Credit Fund⚠ unreconciledmatched: name · 2026-03-31 | First Lien First lien | $29M | 100.1% | Unstressed |
| New Mountain Guardian IV Income Fund, L.L.C.matched: name · 2026-03-31 | First Lien First lien | $1M | 100.1% | Unstressed |
| New Mountain Guardian IV BDC, L.L.C.matched: name · 2026-03-31 | — | $3M | 100.2% | Unstressed |
| NMF SLF I, Inc.matched: name · 2026-03-31 | — | $6M | 100.2% | Unstressed |
| NMF SLF I, Inc.matched: name · 2026-03-31 | — | $5M | 100.2% | Unstressed |
| New Mountain Guardian IV Income Fund, L.L.C.matched: name · 2026-03-31 | First Lien First lien | $3M | 100.3% | Unstressed |
| New Mountain Guardian IV BDC, L.L.C.matched: name · 2026-03-31 | First Lien First lien | $6M | 100.4% | Unstressed |
| AB Private Credit Investors Corpmatched: name · 2026-03-31 | US Corporate Debt Other debt | $1M | 100.4% | Unstressed |
| NMF SLF I, Inc.matched: name · 2026-03-31 | — | $18M | 100.4% | Unstressed |
| AB Private Lending Fundmatched: name · 2026-03-31 | US Corporate Debt Other debt | $0M | 100.4% | Unstressed |
| New Mountain Private Credit Fund⚠ unreconciledmatched: name · 2026-03-31 | First Lien First lien | $3M | 100.4% | Unstressed |
| New Mountain Private Credit Fund⚠ unreconciledmatched: name · 2026-03-31 | First Lien First lien | $2M | 100.5% | Unstressed |
| New Mountain Guardian IV BDC, L.L.C.matched: name · 2026-03-31 | Subordinated Other debt | $5M | 100.6% | Unstressed |
| New Mountain Private Credit Fund⚠ unreconciledmatched: name · 2026-03-31 | Subordinated Other debt | $5M | 100.6% | Unstressed |
| Golub Capital BDC 4, Inc.matched: name · 2026-03-31 | — | $2M | 100.6% | Unstressed |
| Antares Strategic Credit Fundmatched: name · 2026-03-31 | — | $2M | 101.4% | Unstressed |
| Antares Strategic Credit Fundmatched: name · 2026-03-31 | — | $1M | 101.7% | 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.