Act IPulse
8 of 17 filled in full · 9 of 17 windows drew demand above the cap — still honored
Q1-26 · 0.90× requested ÷ capacity · within cap · 100% honored · click a window to replay it below
Lien mix
Sector allocation
100%-stacked share of disclosed allocation · sweep to read · click a sector to filter the named book
Σ 100.0% disclosed · pct_of_portfolio · segments share of disclosed total
Modules shown reflect what this fund discloses — questions that don't apply to this vehicle type are omitted.
The balance sheet the latest filing stated, the two leverage multiples it implies, the rate / FX hedge book that sits against it, and the per-facility debt schedule beneath.
Single-name issuer risk — the largest names' share of the book and a Herfindahl index over every issuer, with the named top-25 roster one click down.
Borrower-quality and credit-stress depth — non-accrual on both bases, underwriting metrics, and the manager’s own internal risk-rating distribution.
The mark and the inputs behind it — the Level I / II / III fair-value hierarchy and the unobservable inputs render in The Book · Marks.
The management + incentive structure and the per-class servicing / distribution load behind the headline rate.
Per-share return, earnings quality, and yield trajectory.
The forward-funding obligation behind the exit terms — per-borrower unfunded commitments, reconciled to the disclosed aggregate.
fund silence and AltHarbor coverage are different facts — both stated per family
| Disclosure family | Status | Latest source | |
|---|---|---|---|
| Exit mechanics → | Disclosed | Registration statement · filed Jun 3 | |
| Tender record → | Disclosed | Shareholder report · filed Mar 6 | |
| Per-class economics → | Disclosed | Shareholder report · filed Mar 6 | |
| Distribution composition → | Disclosed | Shareholder report · filed Mar 6 | |
| Fair-value hierarchy → | Disclosed | Shareholder report · filed Mar 6 | |
| Unobservable inputs → | Disclosed | Shareholder report · filed Mar 6 | |
| Credit measures → | Disclosed | Shareholder report · filed Mar 6 | |
| Portfolio composition → | Disclosed | Portfolio holdings filing · filed May 28 |
hover or touch the chart to scrub
every filing on record · one tick per filing · hue = type, height = rarity
all 31Shareholder report 10Imported record 9Semiannual shareholder report 9Portfolio holdings filing 2Registration statement 1
| Filed | Type | Accession |
|---|---|---|
| 03/06/26 · period 12/31/25 | N-CSRShareholder report | 0001398344-26-004660 ↗ |
| 03/06/26 | N-CSRShareholder report | 0001398344-26-004660 ↗ |
| 03/05/25 · period 12/31/24 | N-CSRShareholder report | 0001193125-25-047112 ↗ |
| 03/06/24 · period 12/31/23 | N-CSRShareholder report | 0001398344-24-005389 ↗ |
| 03/08/23 · period 12/31/22 | N-CSRShareholder report | 0001398344-23-005816 ↗ |
| 03/08/22 · period 12/31/21 | N-CSRShareholder report | 0001398344-22-005431 ↗ |
| 03/08/21 · period 12/31/20 | N-CSRShareholder report | 0001398344-21-005990 ↗ |
| 03/09/20 · period 12/31/19 | N-CSRShareholder report | 0001398344-20-005658 ↗ |
| 03/07/19 · period 12/31/18 | N-CSRShareholder report | 0001398344-19-004348 ↗ |
| 03/07/18 · period 12/31/17 | N-CSRShareholder report | 0001398344-18-003681 ↗ |
Total assets
$2.57BTotal liabilities
$920MNet assets
$1.65BLiabilities / net assets
0.56×derivedTotal assets / net assets
1.56×derivedNot disclosed by this fund: assets invested
0001049169-26-001344 period 2026-03-31: NPORT-P fundInfo totalAssets, totalLiabs, and netAssets.
Not disclosed by this fund: watch list · non-accrual · pik income · interest coverage · net leverage · debt / equity · ttm realized losses
Stated fees · mgmt solid · servicing hatch · distribution hollow · bars share a scale · click a class to read the act through it
| Cls | Net assets | % fund | Stated fee | Min initial | Channel |
|---|---|---|---|---|---|
| Class Iinstitutional | $1.46B | 89.0% | Class Class I stated fees: management 1.5 percent1.50%+0.0% load | ||
| Class Cretail | $82.7M | 5.0% | Class Class C stated fees: management 1.5 percent, servicing 0.3 percent, distribution 0.8 percent2.50%+0.0% load | ||
| Class Aretail | $68.2M | 4.2% | Class Class A stated fees: management 1.5 percent, servicing 0.3 percent1.75%+5.8% load | ||
| Class Lretail | $18.2M | 1.1% | Class Class L stated fees: management 1.5 percent, servicing 0.3 percent, distribution 0.3 percent2.00%+4.3% load | ||
| Class Ffounder | $10.8M | 0.7% | Class Class F stated fees: management 1.5 percent1.50%+0.0% load | ||
| Class Minstitutional | $10.6K | 0.0% | Class Class M stated fees: management 1.5 percent, distribution 0.8 percent2.25%+0.0% load |
Cap: 5.0% sh. out./qtr (all windows) · 8 of 17 windows filled in full · 9 prorated · 9 gated
| Window | Req ÷ cap | Requested | Accepted | Price |
|---|---|---|---|---|
| Q1-26 | 0.90× | 3.4M sh | 3.4M sh | $22.73 |
| Q4-25 | 0.80× | 4.1M sh | 4.1M sh | $22.49 |
| Q3-25 | 0.80× | 2.7M sh | 2.7M sh | $22.44 |
| Q2-25 | 0.76× | 2.3M sh | 2.3M sh | $22.28 |
| Q1-25 | 0.56× | 1.5M sh | 1.5M sh | $22.18 |
| Q4-24 | 0.52× | 1.3M sh | 1.3M sh | $22.22 |
| Q3-24⊘accepted 98.0% of shares requested, requests exceeded the stated cap | 1.02× | 3.3M sh | 3.2M sh | $22.10 |
| Q2-24 | 0.80× | 1.8M sh | 1.8M sh | $21.78 |
| Q1-24 | 0.46× | 1.7M sh | 1.7M sh | $21.82 |
| Q4-23⊘accepted 76.0% of shares requested, requests exceeded the stated cap | 1.32× | 3.3M sh | 2.5M sh | $21.50 |
| Q3-23⊘accepted 47.0% of shares requested, requests exceeded the stated cap | 2.13× | 3.5M sh | 1.7M sh | $21.60 |
| Q2-23⊘accepted 41.0% of shares requested, requests exceeded the stated cap | 2.44× | 3.7M sh | 1.5M sh | $21.34 |
| Q1-23⊘accepted 60.0% of shares requested, requests exceeded the stated cap | 1.67× | 2.3M sh | 1.4M sh | $21.49 |
| Q4-22⊘accepted 47.0% of shares requested, requests exceeded the stated cap | 2.13× | 2.9M sh | 1.4M sh | $20.76 |
| Q3-22⊘accepted 56.0% of shares requested, requests exceeded the stated cap | 1.79× | 2.3M sh | 1.3M sh | $22.03 |
| Q2-22⊘accepted 65.0% of shares requested, requests exceeded the stated cap | 1.54× | 2.9M sh | 1.9M sh | $22.62 |
| Q1-22⊘accepted 56.0% of shares requested, requests exceeded the stated cap | 1.79× | 3.3M sh | 1.9M sh | $24.24 |
⊘ = requests exceeded the stated cap · fill bars on prorated windows only · requested basis: shares tendered · rows expand (tap or e)
Last 4 distributions for Class I: 06/30/24 $1.0100, NII $1.0100, return of capital $0.0000; 12/31/24 $2.0000, NII $2.0000, return of capital $0.0000; 06/30/25 $0.8600, NII $0.8600, return of capital $0.0000; 12/31/25 $1.7500, NII $1.7500, return of capital $0.0000
NII · realized gains · return of capital · components not disclosed · last 4 declarations, Class I
Annual coverage · Class I · where each year’s distribution came from
| Year | $/sh | from NII | from gains | return of capital | Read |
|---|---|---|---|---|---|
| 2025 | $2.6100 | 100% | 0% | 0% | Low ROC |
| 2024 | $3.0100 | 100% | 0% | 0% | Low ROC |
Return of capital is the portion paid from invested principal rather than income or realized gains; a sustained high reading erodes NAV. Annual roll-up of the same filings charted above.
A per-share NAV composition is the monthly disclosure of NAV-struck perpetual REITs; this fund’s valuation — the Level I / II / III fair-value hierarchy and the unobservable inputs behind the marks — renders in The Book · Marks
Total notional
$1.46Ball instruments · 12/31/25Rate-swap notional
$520Minterest-rate swaps · 12/31/25FX notional
$396MFX forwards / swaps · 12/31/25Net fair value
$7.89Massets − liabilities · ties to balance sheet · 12/31/2518 contracts · derivative assets $9.15M · liabilities −$1.26M. Notional is gross face, not market exposure.
| Instrument | Notional | Pay / receive | Fair value | Maturity | Counterparty |
|---|---|---|---|---|---|
| Option | $548M | 1 Day SOFR | $613K | 04/17/26 | Nomura Global Financial Products, Inc. |
| Interest-rate swap | $370M | 1 Day SOFR / 4.09% fixed | $5.63M | 01/21/28 | Morgan Stanley |
| FX forwardUSD/EUR | $207M | EUR / USD | $130K | 03/18/26 | Bank of New York Mellon |
| Interest-rate swap | $150M | 1 Day SOFR / 3.95% fixed | $2.74M | 04/29/29 | Morgan Stanley |
| FX forwardGBP/USD | $145M | USD / GBP | −$1.16M | 03/18/26 | Bank of New York Mellon |
| FX forwardUSD/EUR | $26.6M | EUR / USD | $18.3K | 03/18/26 | Mizuho Securities Co., Ltd. |
| FX forwardEUR/USD | $11.3M | USD / EUR | −$41.6K | 03/18/26 | Bank of New York Mellon |
| FX forwardNOK/USD | $4.78M | USD / NOK | −$7.49K | 03/18/26 | Bank of New York Mellon |
| Total-return swap | $558K | FEDL01+65bps / total_return_Optimum_Communications | −$51.4K | 07/12/27 | Nomura Global Financial Products, Inc. |
| FX forwardUSD/GBP | $495K | GBP / USD | $3.49K | 03/18/26 | Bank of New York Mellon |
| FX forwardCAD/USD | $446K | USD / CAD | −$855 | 03/18/26 | Mizuho Securities Co., Ltd. |
| FX forwardUSD/JPY | $422K | JPY / USD | $5.03K | 03/18/26 | Mizuho Securities Co., Ltd. |
| FX forwardUSD/GBP | $417K | GBP / USD | $433 | 03/18/26 | Mizuho Securities Co., Ltd. |
| FX forwardGBP/USD | $214K | USD / GBP | −$1.72K | 03/18/26 | Mizuho Securities Co., Ltd. |
| FX forwardJPY/USD | $7.58K | USD / JPY | −$61 | 03/18/26 | Bank of New York Mellon |
| FX forwardUSD/CAD | $5.10K | CAD / USD | $19 | 03/18/26 | Bank of New York Mellon |
| FX forwardUSD/NOK | $1.98K | NOK / USD | $0 | 03/18/26 | Mizuho Securities Co., Ltd. |
| Cross-currency swap | — | — | $0 | — | Not disclosed |
Drawn
$712Moutstanding principal · 12/31/25Undrawn capacity
$54.9Mavailable to draw · 12/31/25| Facility | Type | Committed | Drawn | Rate | Maturity | Seniority |
|---|---|---|---|---|---|---|
| Citi Credit Facility (Secured Revolving / SPV) | spv facility | — | $599M | 6.1% | — | senior_secured |
| BNP Credit Facility (Committed Facility) | Revolver | — | $113M | OBFR + 95bp | — | senior_secured |
Windows observed: 17 · median open-to-pricing 40d · derived from filed window dates
| Filed | Filing | Period / note |
|---|---|---|
| 05/28/26 | Portfolio holdings filing | 03/31/26 |
| 03/06/26 | Shareholder report | 12/31/25 |
| 03/06/26 | Shareholder report | |
| 02/28/26 | Portfolio holdings filing | 12/31/25 |
| 09/04/25 | Semiannual shareholder report | 06/30/25 |
| 03/05/25 | Shareholder report | 12/31/24 |
| 09/04/24 | Semiannual shareholder report | 06/30/24 |
| 03/06/24 | Shareholder report | 12/31/23 |
| 09/01/23 | Semiannual shareholder report | 06/30/23 |
| 03/08/23 | Shareholder report | 12/31/22 |
| 09/06/22 | Semiannual shareholder report | 06/30/22 |
| 03/08/22 | Shareholder report | 12/31/21 |
| 09/03/21 | Semiannual shareholder report | 06/30/21 |
| 03/08/21 | Shareholder report | 12/31/20 |
| 09/03/20 | Semiannual shareholder report | 06/30/20 |
| 03/09/20 | Shareholder report | 12/31/19 |
| 09/05/19 | Semiannual shareholder report | 06/30/19 |
| 03/07/19 | Shareholder report | 12/31/18 |
| 09/05/18 | Semiannual shareholder report | 06/30/18 |
| 03/07/18 | Shareholder report | 12/31/17 |
| 09/07/17 | Semiannual shareholder report | 06/30/17 |
| 06/03/16 | Registration statement |
Management fee
1.5%annual · on navIncentive fee
0.0%Standard incentive benchmark hurdleThe two-part incentive-fee mechanics (lookback / per-class expense caps & recapture) are not yet surfaced — they need a dedicated terms table still in the schema queue.
Top issuer
2.0%largest single name · 03/31/26Top 10
12.1%top 10 issuers · ▼ 1.0pt vs 12/31/25 · 03/31/26Top 25
24.8%top 25 issuers · 03/31/26Herfindahl
56.9HHI over all issuers · ▼ 2.4pt vs 12/31/25 · 03/31/26Distinct issuers
301names in book · 03/31/26Co-investment
Not disclosedShares are of the $2.45B portfolio fair value; Herfindahl is Σ(issuer share%)² over all 301 issuers (derived from the schedule of investments).
| # | Issuer | Fair value | Positions | % portfolio |
|---|---|---|---|---|
| 1 | Goldman Sachs Financial Square Government Fund - Institutional Class | $49.4M | 1 | 2.02% |
| 2 | BCPE Maverick Parent, LP | $33.8M | 1 | 1.38% |
| 3 | Russell Investments US Institutional Holdco Inc | $29.6M | 2 | 1.21% |
| 4 | Truck-Lite Co., LLC | $29.2M | 6 | 1.19% |
| 5 | Delivery Hero SE | $29.2M | 2 | 1.19% |
| 6 | Playtika Holding Corp. | $25.7M | 1 | 1.05% |
| 7 | OPSEO HLDG TLB E+490 1/21/33 PIK | $25.0M | 1 | 1.02% |
| 8 | CSC Holdings, LLC | $24.9M | 4 | 1.02% |
| 9 | VCI ASSET HOLDINGS 2 LLC TERM LOAN (02/26) USD | $24.4M | 1 | 1.00% |
| 10 | Trident TPI Holdings, Inc. | $24.3M | 1 | 0.99% |
| 11 | Level 3 Financing, Inc. | $24.2M | 2 | 0.99% |
| 12 | Hyperion Refinance SARL | $23.5M | 2 | 0.96% |
| 13 | Windstream Services, LLC (fka Windstream Corporation) | $23.3M | 2 | 0.95% |
| 14 | DIOTSIACI BidCo TLB 1L | $22.9M | 1 | 0.94% |
| 15 | BDO USA, P.A. | $22.5M | 2 | 0.92% |
| 16 | VCI Asset Holdings 1 LLC | $21.7M | 1 | 0.89% |
| 17 | Radiate Holdco, LLC | $21.1M | 3 | 0.86% |
| 18 | Saber Parent Holdings Corp | $21.0M | 3 | 0.86% |
| 19 | Electricite de France S.A. | $19.7M | 3 | 0.81% |
| 20 | Victors Purchaser, LLC | $19.4M | 5 | 0.79% |
| 21 | Gainwell Acquisition Corp. (Milano Acquisition Corp) | $19.1M | 1 | 0.78% |
| 22 | Crete P.A. Holdco, LLC | $18.9M | 5 | 0.77% |
| 23 | Bellis Acquisition Company PLC | $18.3M | 2 | 0.75% |
| 24 | EDITION HOLDINGS, INC. INITIAL TERM LOAN (12/25) | $18.1M | 1 | 0.74% |
| 25 | Advarra Holdings, Inc. | $18.1M | 4 | 0.74% |
ASC-820 hierarchy · band width = share · hover to read
L1 $55.4M 2.3% · L2 $998M 42.3% · L3 $1.31B 55.4% · NAVexp $0 0.0%
| Category | Ending | Activity | Coverage |
|---|---|---|---|
| Level 3 Investments | $1.31B | Ending balance only | Ending Balance Only |
NAV practical expedient · 1 observation · $2.36B fair value · 12/31/25
Non-accrual · cost
0.3%% of amortized cost · ▲ 0.3pt vs 06/30/25 · 12/31/25First lien
76.8%senior-secured share · 12/31/25Floating rate
81.1%floating-coupon share · 12/31/25Asset coverage
330.4%BDC §18 asset-coverage · 12/31/25PIK income split, the non-accrual time-series and the credit-health watch are also charted in The Book · Credit.
Derived from filed holdings with entity-spine mapping where available (476 of 495 tranches linked). Fair value $2.44B vs holdings $2.44B at the same as-of.
PIK at fair value
$526MPIK · % of net assets
31.9%PIK positions
98$526M of fair value sits in positions accruing payment-in-kind interest — 31.9% of net assets (▲ 0.4pt vs 12/31/25). This is the non-cash-paying balance on the book, not the PIK share of income; the income split is charted in The Book · Credit.
Known instrument FV
$2.44BKnown instrument · % NAV
148.2%Coded positions
495 / 495| Instrument type | Positions | Fair value | % NAV |
|---|---|---|---|
| LoanLON | 406 | $2.08B | 126.3% |
| DebtDBT | 46 | $239M | 14.5% |
| Short-term investmentSTIV | 1 | $49.4M | 3.0% |
| Asset-backedABS-O | 11 | $40.7M | 2.5% |
| Mortgage-backedABS-MBS | 2 | $20.6M | 1.2% |
| EquityEC | 5 | $5.51M | 0.3% |
| OtherOTHER | 4 | $4.25M | 0.3% |
| Rate hedgeDIR | 4 | $3.88M | 0.2% |
| EquityDE | 1 | $439K | 0.0% |
| Preferred equityEP | 1 | $50.0K | 0.0% |
| FX hedgeDFE | 14 | −$1.79M | −0.1% |
Known instrument codes total $2.44B (148.2% of net assets) (▼ 12.4pt vs 12/31/25). This is the filed line-item instrument split, not the same cut as the First lien headline; First lien is a seniority metric, while this table shows whether each position is coded as loan, equity, or uncoded.
| Borrower | Tranches | Fair value | % NAV |
|---|---|---|---|
| Goldman Sachs Financial Square Government Fund - Institutional Class | 1 | $49.4M | 3.0% |
| BCPE Maverick Parent, LP | 1 | $33.8M | 2.0% |
| Russell Investments US Institutional Holdco Inc | 2 | $29.6M | 1.8% |
| Truck-Lite Co., LLC | 6 | $29.2M | 1.8% |
| Delivery Hero SE | 2 | $29.2M | 1.8% |
| Playtika Holding Corp. | 1 | $25.7M | 1.6% |
WA yield · to fair value
8.1%weighted-avg, fair value · 12/31/25Distribution yield
8.2%annualized on NAV · 12/31/25Total return · Class I
10.3%without_sales_charge · annual · 12/31/25Net expense ratio
3.5%Class I · net of waivers · 12/31/25| Per share | A | C | F | I | L | M |
|---|---|---|---|---|---|---|
| NAV · begin | $22.21 | $22.20 | $22.20 | $22.20 | $22.19 | $22.20 |
| Net investment income | $1.78 | $1.61 | $2.28 | $1.84 | $1.73 | $2.04 |
| Net realized gain/loss | — | — | — | — | — | — |
| Net unrealized gain/loss | $0.37 | $0.38 | $0.38 | $0.37 | $0.37 | $0.38 |
| Distributions | −$1.69 | −$1.53 | −$2.20 | −$1.75 | −$1.64 | −$1.97 |
| NAV · end | $22.67 | $22.66 | $22.66 | $22.66 | $22.65 | $22.65 |
| Total return | 10.0% | 9.2% | 12.4% | 10.3% | 9.7% | 11.3% |
| Expense ratio · net | 3.8% | 4.5% | 1.5% | 3.5% | 4.0% | 3.5% |
| Expense ratio · gross | 3.8% | 4.5% | 3.6% | 3.6% | 4.1% | 3.5% |
| NII ratio | 8.0% | 7.2% | 10.2% | 8.2% | 7.7% | 9.1% |
| Portfolio turnover | 83.0% | 83.0% | 83.0% | 83.0% | 83.0% | 83.0% |
| Total investment income | $165M |
| — of which PIK (non-cash) | — |
| Net investment income | $114M |
| Cash NII (NII − PIK) | — |
| Interest / debt expense | −$20.7M |
| Incentive fee · income | — |
| Fee waiver / expense support | $1.72M |
Total unfunded
$257Mgross forward-funding obligation · 12/31/25Borrowers
127names with an unfunded balance · 12/31/25127 portfolio borrowers · ties to the filing's disclosed aggregate within 0.00%.
| # | Borrower | Type | Unfunded | At discretion |
|---|---|---|---|---|
| 1 | Compass, Inc. | Revolver / DDTL | $24.1M | — |
| 2 | Electricite de France S.A. | Delayed-draw | $13.5M | — |
| 3 | Crete P.A. Holdco, LLC | Delayed-draw | $13.0M | — |
| 4 | Tulip Bidco Limited | Delayed-draw | $10.5M | — |
| 5 | Cerity Partners Equity Holding LLC | Delayed-draw | $8.26M | — |
| 6 | Hyperion Refinance SARL | Delayed-draw | $8.10M | — |
| 7 | Edition Holdings, Inc. | Delayed-draw | $7.40M | — |
| 8 | Allwyn Entertainment Financing US LLC | Delayed-draw | $7.00M | — |
| 9 | Investment Company 24 Bidco Limited | Delayed-draw | $6.54M | — |
| 10 | Truck-Lite Co., LLC | Delayed-draw | $5.99M | — |
| 11 | NMFC Senior Loan Program III LLC | Revolver / DDTL | $5.92M | — |
| 12 | Databricks, Inc. | Delayed-draw | $5.63M | — |
| 13 | QTS Project Ram | Revolver / DDTL | $5.20M | — |
| 14 | Husky Holdings LLC | Delayed-draw | $5.00M | — |
| 15 | International Schools Partnership Limited | Delayed-draw | $4.36M | — |
| 16 | Saber Parent Holdings Corp | Delayed-draw | $4.10M | — |
| 17 | EHC Holdings Holdco Limited | Delayed-draw | $3.64M | — |
| 18 | Sparkle Bidco Limited | Delayed-draw | $2.83M | — |
| 19 | Neinor DMP BidCo, S.A.U. | Delayed-draw | $2.82M | — |
| 20 | Higginbotham Insurance Agency, Inc. | Delayed-draw | $2.78M | — |
| 21 | BCPE Maverick Parent, LP | Delayed-draw | $2.75M | — |
| 22 | Runway Bidco, LLC | Delayed-draw | $2.71M | — |
| 23 | Evoriel | Delayed-draw | $2.51M | — |
| 24 | Uft Buyer LLC | Delayed-draw | $2.44M | — |
| 25 | Kairos Intermediateco AB | Delayed-draw | $2.42M | — |
top 10 = 16.7% of net assets · sum of filed position percents · 495 positions filed in total · ⊕ paid-in-kind · ⊘ in default
per-company % as filed — the percent basis varies by filer; fair value is the comparable figure