Act IPulse
15 of 16 filled in full · 2 of 16 windows drew demand above the cap — still honored
Q1-26 · 2.21× requested ÷ capacity · exceeded cap · 45% honored · click a window to replay it below
Last 30 distributions for Class I: 01/23/24 $0.2000, NII $0.1970, return of capital $0.0000; 02/26/24 $0.2000, NII $0.1970, return of capital $0.0000; 03/21/24 $0.2000, NII $0.1970, return of capital $0.0000; 04/23/24 $0.2000, NII $0.1970, return of capital $0.0000; 05/22/24 $0.2000, NII $0.1970, return of capital $0.0000; 06/21/24 $0.2000, NII $0.1970, return of capital $0.0000; 07/22/24 $0.2000, NII $0.1970, return of capital $0.0000; 08/21/24 $0.2000, NII $0.1970, return of capital $0.0000; 09/20/24 $0.2000, NII $0.1970, return of capital $0.0000; 10/23/24 $0.2000, NII $0.1970, return of capital $0.0000; 11/21/24 $0.2000, NII $0.1970, return of capital $0.0000; 12/23/24 $0.2000, NII $0.1990, return of capital $0.0000; 01/22/25 $0.1800, NII $0.1791, return of capital $0.0000; 01/23/25 $0.2000, NII $0.1990, return of capital $0.0000; 02/21/25 $0.2000, NII $0.1990, return of capital $0.0000; 03/24/25 $0.2000, NII $0.1990, return of capital $0.0000; 04/22/25 $0.2000, NII $0.1990, return of capital $0.0000; 05/22/25 $0.2000, NII $0.1990, return of capital $0.0000; 06/23/25 $0.2000, NII $0.1990, return of capital $0.0000; 07/23/25 $0.2000, NII $0.1990, return of capital $0.0000; 08/22/25 $0.2000, NII $0.1990, return of capital $0.0000; 09/24/25 $0.2000, NII $0.1990, return of capital $0.0000; 10/22/25 $0.1800, NII $0.1791, return of capital $0.0000; 11/24/25 $0.1800, NII $0.1791, return of capital $0.0000; 12/23/25 $0.1800, components not disclosed; 01/23/26 $0.1800, components not disclosed; 02/23/26 $0.1800, components not disclosed; 03/23/26 $0.1800, components not disclosed; 04/23/26 $0.1800, components not disclosed; 05/19/26 $0.1800, components not disclosed
NII · realized gains · return of capital · components not disclosed · last 30 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 | $2.5400 | 100% | 1% | 0% | Low ROC |
| 2024 | $2.2000 | 99% | 2% | 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.
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 · 47 more beyond top 8 at 49.0% · 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 Apr 21 | |
| Tender record → | Disclosed | Amended tender offer · filed May 6 | |
| Per-class economics → | Disclosed | Annual report · filed Mar 11 | |
| Distribution composition → | Disclosed | Annual report · filed Mar 11 | |
| Fair-value hierarchy → | Disclosed | Quarterly report · filed May 11 | |
| Unobservable inputs → | Not yet covered by AltHarbor | — | |
| Credit measures → | Disclosed | Quarterly report · filed May 11 | |
| Portfolio composition → | Disclosed | Quarterly report · filed May 11 |
Non-accrual
PIK income
Debt / equity
Not disclosed by this fund: watch list · interest coverage · net leverage · ttm realized losses
hover or touch the chart to scrub
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
$6.77Ball instruments · 03/31/26Rate-swap notional
$4.71Binterest-rate swaps · 03/31/26FX notional
$0FX forwards / swaps · 03/31/26Net fair value
$81.0Massets − liabilities · ties to balance sheet · 03/31/2621 contracts · derivative assets $81.0M · liabilities $0. Notional is gross face, not market exposure.
| Instrument | Notional | Pay / receive | Fair value | Maturity | Counterparty |
|---|---|---|---|---|---|
| Interest-rate swap×18 | $4.71B | SOFR / ESTR + spread / fixed | $37.0M | — | BNP Paribas S.A.; Goldman Sachs International; SMBC Capital Markets Inc.; Morgan Stanley; U.S. Bank N.A. |
| Swaption | $2.05B | — | $5.24M | 03/17/27 | BNP Paribas S.A. |
| Option | $18.0M | — | $1.79M | 03/17/27 | JPMorgan Chase Bank N.A. |
| FX forward | — | — | $37.0M | 06/17/26 | BNP Paribas; Goldman Sachs International; Morgan Stanley; State Street; Wells Fargo |
every filing on record · one tick per filing · hue = type, height = rarity
all 151Current report 87Tender offer filing 17Amended tender offer 16Quarterly report 13Imported record 10Annual report 5Amended registration statement 1Prospectus supplement 1Registration statement 1
| Filed | Type | Accession |
|---|---|---|
| 05/20/26 | N-2/AAmended registration statement | 0001193125-26-232553 ↗ |
Windows observed: 16 · median open-to-pricing 46d · derived from filed window dates
Cap: 5.0% sh. out./qtr (all windows) · 12 of 16 windows filled in full · 4 prorated · 2 gated
| Window | Req ÷ cap | Requested | Accepted | Price |
|---|---|---|---|---|
| Q1-26⊘accepted 45.2% of shares requested, requests exceeded the stated cap | 2.21× | 66.9M sh | 30.3M sh | $23.90 |
| Q4-25 | 0.97× | 28.2M sh | 28.2M sh | $24.40 |
| Q3-25 | 0.61× | 16.3M sh | 16.3M sh | $24.52 |
| Q2-25 | 0.37× | 8.4M sh | 8.4M sh | $24.60 |
| Q1-25 | 0.28× | 5.3M sh | 5.3M sh | $24.65 |
| Q4-24 | 0.15× | 2.5M sh | 2.5M sh | $24.86 |
| Q3-24 | 0.20× | 2.7M sh | 2.7M sh | $24.94 |
| Q2-24 | 0.15× | 1.6M sh | 1.6M sh | $24.90 |
| Q1-24 | 0.61× | 5.1M sh | 5.1M sh | $24.85 |
| Q4-23 | 0.27× | 1.8M sh | 1.8M sh | $24.63 |
| Q3-23 | 0.37× | 2.0M sh | 2.0M sh | $24.55 |
| Q2-23 | 0.76× | 3.6M sh | 3.6M sh | $24.18 |
| Q1-23⊘accepted 100.0% of shares requested, requests exceeded the stated cap | 1.19× | 5.5M sh | 5.5M sh | $23.82 |
| Q4-22 | 0.42× | 1.8M sh | 1.8M sh | $23.20 |
| Q3-22 | 0.07× | 252.3K sh | 252.3K sh | $22.97 |
| Q2-22 | 0.03× | 81.3K sh | 81.3K sh | $22.87 |
⊘ = requests exceeded the stated cap · fill bars on prorated windows only · requested basis: shares tendered · rows expand (tap or e)
Total assets
$26.9BTotal liabilities
$12.5BNet assets
$14.4BAssets invested
$25.1BLiabilities / net assets
0.86×derivedTotal assets / net assets
1.86×derived10-Q SOAL/FVH ($ thousands scaled). BDC. net_assets ties stored Fund NAV; assets_invested from investments at fair value.
Top issuer
1.5%largest single name · 03/31/26Top 10
11.6%top 10 issuers · ▲ 0.3pt vs 12/31/25 · 03/31/26Top 25
24.3%top 25 issuers · 03/31/26Herfindahl
53.6HHI over all issuers · ▲ 1.1pt vs 12/31/25 · 03/31/26Distinct issuers
421names in book · 03/31/26Co-investment
Not disclosedShares are of the $24.9B portfolio fair value; Herfindahl is Σ(issuer share%)² over all 421 issuers (derived from the schedule of investments).
| # | Issuer | Fair value | Positions | % portfolio |
|---|---|---|---|---|
| 1 | Aerospace & Defense MRO Holdings MRO Holdings, Inc. | $383M | 3 | 1.54% |
| 2 | Media Mari Mari Events Midco LLC | $356M | 2 | 1.43% |
| 3 | Technology Hardware, Storage & Peripherals Valor VCI Asset Holdings 2 LLC | $314M | 1 | 1.26% |
| 4 | Software Enverus Edition Holdings, Inc. | $308M | 1 | 1.23% |
| 5 | Health Care Providers & Services Opseo Opseo Holding B.V. | $283M | 1 | 1.13% |
| 6 | Technology Hardware, Storage & Peripherals Valor VCI Asset Holdings 1 LLC | $251M | 1 | 1.01% |
| 7 | Building Products Leaf Home LHS Borrower LLC | $250M | 2 | 1.00% |
| 8 | Health Care Providers & Services One Call Medical One Call Corporation | $247M | 1 | 0.99% |
| 9 | Commercial Services & Supplies PureStar AMCP Clean Acqusition Company, LLC | $247M | 2 | 0.99% |
| 10 | Interactive Media & Services Adevinta Aurelia Netherlands BV | $243M | 1 | 0.97% |
| 11 | Health Care Providers & Services Omega Healthcare OMH-Healthedge Holdings, Inc. | $241M | 1 | 0.97% |
| 12 | Software Anaplan Anaplan, Inc. | $230M | 1 | 0.92% |
| 13 | Diversified Consumer Services Greencross Vermont Aus Pty Ltd | $224M | 1 | 0.90% |
| 14 | Professional Services BDO USA BDO USA, P.A. | $220M | 2 | 0.88% |
| 15 | Insurance ISC IRIS Specialty Acquisition LLC | $219M | 2 | 0.88% |
| 16 | Automobile Components Clarience Technologies Truck-Lite Co., LLC | $217M | 2 | 0.87% |
| 17 | Health Care Technology Advarra Advarra Holdings, Inc. | $213M | 1 | 0.86% |
| 18 | Personal Care Products Suave Silk Holdings III Corp. | $211M | 1 | 0.85% |
| 19 | Aerospace & Defense Triumph TITAN BW BORROWER L.P. | $209M | 2 | 0.84% |
| 20 | Hotels, Restaurants & Leisure Delivery Hero Delivery Hero Finco LLC | $209M | 1 | 0.84% |
| 21 | Textiles, Apparel & Luxury Goods Iconix Brand Group IBG Borrower LLC | $208M | 2 | 0.84% |
| 22 | Pharmaceuticals Catalent Creek Parent, Inc. | $198M | 1 | 0.80% |
| 23 | Pharmaceuticals Karo Kairos Intermediateco AB | $196M | 3 | 0.79% |
| 24 | Health Care Technology Datavant CT Technologies Intermediate Holdings | $195M | 2 | 0.78% |
| 25 | Commercial Services & Supplies Encore AVSC Holding Corp. | $193M | 2 | 0.77% |
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 | Class Class I stated fees: management 1.3 percent1.25% | ||||
| Class Sretail | Class Class S stated fees: management 1.3 percent, servicing 0.8 percent2.10% | ||||
| Class Dretail | Class Class D stated fees: management 1.3 percent, servicing 0.3 percent1.50% |
NAV/share $24.40 · all classes
| Filed | Filing | Period / note |
|---|---|---|
| 05/20/26 | Amended registration statement | |
| 05/19/26 | Current report | ADS sold 384,867 unregistered Class I shares for $9.2M as of May 1, 2026; final share count was determined May 19. |
| 05/15/26 | Tender offer filing | |
| 05/11/26 | Quarterly report | 03/31/26 |
| 05/11/26 | Prospectus supplement | |
| 05/07/26 | Current report | 05/05/26 |
| 05/06/26 | Amended tender offer | 03/31/26 |
| 04/23/26 | Current report | ADS disclosed an unregistered equity sale / capital raise in its 2026-04-23 8-K. |
| 04/21/26 | Registration statement | |
| 03/23/26 | Current report | ADS disclosed an unregistered equity sale / capital raise in its 2026-03-23 8-K. |
| 03/23/26 | Current report | ADS disclosed an unregistered equity sale / capital raise in its 2026-03-23 8-K. |
| 03/13/26 | Current report | 03/12/26 |
| 03/11/26 | Current report | 03/09/26 |
| 03/11/26 | Annual report | |
| 03/11/26 | Annual report | 12/31/25 |
| 02/23/26 | Current report | ADS disclosed an unregistered equity sale / capital raise in its 2026-02-23 8-K. |
| 02/13/26 | Tender offer filing | |
| 02/13/26 | Amended tender offer | 12/31/25 |
| 02/11/26 | Current report | 02/10/26 |
| 01/23/26 | Current report | ADS disclosed an unregistered equity sale / capital raise in its 2026-01-23 8-K. |
| 01/23/26 | Current report | ADS disclosed an unregistered equity sale / capital raise in its 2026-01-23 8-K. |
| 01/23/26 | Current report | ADS disclosed an unregistered equity sale / capital raise in its 2026-01-23 8-K. |
| 01/15/26 | Current report | ADS disclosed a debt financing or notes offering in its 2026-01-15 8-K. |
| 12/23/25 | Current report | ADS disclosed an unregistered equity sale / capital raise in its 2025-12-23 8-K. |
| 12/22/25 | Current report | 12/19/25 |
| 12/11/25 | Current report | 12/08/25 |
| 12/08/25 | Current report | ADS disclosed a credit facility amendment or upsize in its 2025-12-11 8-K. |
| 12/04/25 | Current report | 12/03/25 |
| 12/02/25 | Current report | 11/25/25 |
| 11/24/25 | Current report | ADS disclosed an unregistered equity sale / capital raise in its 2025-11-24 8-K. |
| 11/14/25 | Tender offer filing | |
| 11/12/25 | Quarterly report | 09/30/25 |
| 11/07/25 | Amended tender offer | 09/30/25 |
| 11/05/25 | Current report | ADS disclosed a debt financing or notes offering in its 2025-11-05 8-K. |
| 11/03/25 | Current report | 10/31/25 |
| 10/30/25 | Current report | 10/29/25 |
| 10/23/25 | Current report | 10/22/25 |
| 10/23/25 | Current report | 10/23/25 |
| 10/10/25 | Current report | ADS disclosed a credit facility event in its 2025-10-10 8-K. |
| 09/24/25 | Current report | ADS disclosed an unregistered equity sale / capital raise in its 2025-09-24 8-K. |
| 08/22/25 | Current report | ADS disclosed an unregistered equity sale / capital raise in its 2025-08-22 8-K. |
| 08/15/25 | Tender offer filing | |
| 08/15/25 | Amended tender offer | 06/30/25 |
| 08/13/25 | Current report | 08/12/25 |
| 08/12/25 | Current report | ADS disclosed a credit facility amendment or upsize in its 2025-08-12 8-K. |
| 08/12/25 | Current report | ADS disclosed a credit facility amendment or upsize in its 2025-08-12 8-K. |
| 08/08/25 | Quarterly report | 06/30/25 |
| 07/24/25 | Current report | 07/24/25 |
| 07/23/25 | Current report | ADS disclosed an unregistered equity sale / capital raise in its 2025-07-23 8-K. |
| 07/17/25 | Current report | ADS disclosed a debt financing or notes offering in its 2025-07-17 8-K. |
Showing the latest 50 of 141 — the complete filing index is above.
Committed
$12.9Btotal facility commitments · 12/31/25Drawn
$9.51Boutstanding principal · 73.8% of committed · 12/31/25Undrawn capacity
$3.38Bavailable to draw · 12/31/25| Facility | Type | Committed | Drawn | Rate | Maturity | Seniority |
|---|---|---|---|---|---|---|
| Cardinal Funding LLC | spv facility | $1.20B | $1.20B | SOFR + 170bp | 01/08/31 | senior secured |
| 2031 Notes | Unsecured notes | $1.00B | $1.00B | — | 01/01/31 | senior unsecured |
| 2029 Notes | Unsecured notes | $1.00B | $1.00B | — | 01/01/29 | senior unsecured |
| Mallard Funding LLC | spv facility | $900M | $900M | SOFR + 180bp | 11/25/30 | senior secured |
| Warbler Funding LLC | spv facility | $500M | $500M | SOFR + 190bp | 10/10/30 | senior secured |
| Grouse Funding LLC | spv facility | $500M | $500M | SOFR + 185bp | 01/30/30 | senior secured |
| 2030 Notes | Unsecured notes | $500M | $500M | — | 01/01/30 | senior unsecured |
| 2032 Notes | Unsecured notes | $500M | $500M | — | 01/01/32 | senior unsecured |
| Class A-1 Notes (ADS CLO 1) | CLO | $450M | $450M | SOFR + 135bp | 10/15/36 | senior secured |
| Toucan Funding LLC | spv facility | $600M | $400M | SOFR + 160bp | 12/19/30 | senior secured |
| 2028 Notes | Unsecured notes | $400M | $400M | — | 01/01/28 | senior unsecured |
| ADL CLO 2 Class A-1a-L1 Loans | CLO | $399M | $399M | SOFR + 145bp | 10/15/37 | senior secured |
| September 2028 Notes | Unsecured notes | $325M | $325M | — | 09/01/28 | senior unsecured |
| ADS CLO 2 Class A-1 Notes | CLO | $300M | $300M | SOFR + 130bp | 07/15/37 | senior secured |
| Senior Secured Facility (Revolving Credit Facility) | Revolver | $3.45B | $272M | SOFR + 153bp | 08/12/30 | senior secured |
| September 2026 Notes | Unsecured notes | $226M | $226M | — | 09/01/26 | senior unsecured |
| 2025 Class A-1a Notes (ADL CLO 1) | CLO | $215M | $215M | SOFR + 167bp | 07/15/37 | senior secured |
| September 2026 EuronotesEUR | Unsecured notes | $106M | $106M | — | 09/01/26 | senior unsecured |
| December 2027 Notes | Unsecured notes | $82.0M | $82.0M | — | 12/01/27 | senior unsecured |
| 2025 Class A-1a-L2 Loans (ADL CLO 1) | CLO | $50.0M | $50.0M | SOFR + 167bp | 07/15/37 | senior secured |
| ADS CLO 2 Class A-2 Notes | CLO | $30.0M | $30.0M | SOFR + 170bp | 07/15/37 | senior secured |
| ADL CLO 2 Class A-2 Notes | CLO | $30.0M | $30.0M | SOFR + 185bp | 10/15/37 | senior secured |
| 2025 Class A-1a-L1 Loans (ADL CLO 1) | CLO | $25.0M | $25.0M | SOFR + 167bp | 07/15/37 | senior secured |
| 2025 Class A-2 Notes (ADL CLO 1) | CLO | $20.0M | $20.0M | SOFR + 210bp | 07/15/37 | senior secured |
| January 2028 Notes | Unsecured notes | $18.0M | $18.0M | — | 01/01/28 | senior unsecured |
| ADL CLO 2 Class A-1b Notes | CLO | $14.0M | $14.0M | SOFR + 165bp | 10/15/37 | senior secured |
| ADL CLO 2 Class A-1b Loans | CLO | $14.0M | $14.0M | SOFR + 165bp | 10/15/37 | senior secured |
| ADL CLO 2 Class A-2 Loans | CLO | $12.0M | $12.0M | SOFR + 185bp | 10/15/37 | senior secured |
| 2025 Class A-1b Loans (ADL CLO 1) | CLO | $10.0M | $10.0M | SOFR + 190bp | 07/15/37 | senior secured |
| 2025 Class A-1b Notes (ADL CLO 1) | CLO | $10.0M | $10.0M | SOFR + 190bp | 07/15/37 | senior secured |
| ADL CLO 2 Class A-1a-L2 Loans | CLO | $7.50M | $7.50M | SOFR + 145bp | 10/15/37 | senior secured |
WA yield · to cost
8.6%weighted-avg, amortized cost · flat vs 12/31/25 · 03/31/26Total return · Class I
0.1%NAV total return · interim · 03/31/26Net expense ratio
7.0%Class I · net of waivers · 03/31/26| Per share | D | I | S |
|---|---|---|---|
| NAV · begin | $24.40 | $24.40 | $24.40 |
| Net investment income | $0.47 | $0.48 | $0.43 |
| Net realized gain/loss | — | — | — |
| Net unrealized gain/loss | — | — | — |
| Distributions | — | — | — |
| NAV · end | $23.90 | $23.90 | $23.90 |
| Total return | 0.1% | 0.1% | −0.1% |
| Expense ratio · net | 7.1% | 7.0% | 7.8% |
| Expense ratio · gross | — | — | — |
| NII ratio | 7.9% | 8.0% | 7.2% |
| Portfolio turnover | 8.7% | 8.7% | 8.7% |
| As of | Yield to cost | Yield to fair value | Distribution yield |
|---|---|---|---|
| 03/31/26 | 8.6% | — | — |
| 12/31/25 | 8.6% | — | — |
| 09/30/25 | 9.0% | — | — |
| 06/30/25 | 9.3% | — | — |
| 03/31/25 | 9.4% | — | — |
| 12/31/24 | 9.8% | — | — |
| 09/30/24 | 10.3% | — | — |
| 06/30/24 | 10.9% | — | — |
| 03/31/24 | 11.2% | — | — |
| 12/31/23 | 11.6% | — | — |
| 09/30/23 | 11.5% | — | — |
| 06/30/23 | 11.2% | — | — |
| Total investment income | $562M |
| — of which PIK (non-cash) | $16.1M |
| Net investment income | $295M |
| Cash NII (NII − PIK) | $279M |
| Interest / debt expense | −$159M |
| Incentive fee · income | $43.1M |
| Fee waiver / expense support | — |
Cash NII is 94.5% of reported NII — the balance is paid-in-kind accrual, not cash earned this period. PIK that compounds without cash service is the earnings-quality watch.
ASC-820 hierarchy · band width = share · hover to read
L1 $0 0.0% · L2 $4.91B 19.5% · L3 $20.2B 80.5% · NAVexp $0 0.0%
Unobservable-input ranges: not disclosed in latest annual filing
| Category | Ending | Activity | Coverage |
|---|---|---|---|
| Level 3 Investments | $20.2B | Ending balance only | Ending Balance Only |
NAV practical expedient · 1 observation · $25.1B fair value · 03/31/26
Management fee
1.3%annual · on average net assetsIncentive fee
12.5%Hard hurdle with catch-up hurdle · 5.0% hurdle| Class | Channel | Servicing | Distribution | Total ex-incentive |
|---|---|---|---|---|
| Class D | Fee-based intermediary / RIA | 0.3% | — | 1.5% |
| Class I | Institutional / direct | 0.0% | — | 1.3% |
| Class S | Retail broker-dealer / wirehouse | 0.8% | — | 2.1% |
The 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.
Non-accrual · cost
1.0%% of amortized cost · ▲ 0.2pt vs 12/31/25 · 03/31/26Non-accrual · fair value
0.4%% of fair value · 03/31/26Portfolio companies
400count as the fund reports · 03/31/26First lien
99.4%senior-secured share · 03/31/26Floating rate
96.2%floating-coupon share · 03/31/26PIK income
2.9%% of investment income · 03/31/26Asset coverage
236.2%BDC §18 asset-coverage · 03/31/26Debt / equity
0.73×total debt / net assets · 03/31/26PIK 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 (795 of 795 tranches linked). Fair value $24.9B vs holdings $24.9B at the same as-of.
Net unrealized
−$269MNet unrealized · % of cost
−1.1%Positions below cost
489 / 753Fair value below cost
61.9%Fair value $24.9B against amortized cost $25.1B across 753 marked positions — the discount carried in NAV (▼ 1.5pt vs 12/31/25). Below-cost positions hold $15.4B of fair value. Aggregated by AltHarbor from the filed schedule of investments, not a single disclosed line.
PIK at fair value
$2.01BPIK · % of net assets
13.9%PIK positions
36$2.01B of fair value sits in positions accruing payment-in-kind interest — 13.9% of net assets (▲ 4.1pt 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
$24.9BKnown instrument · % NAV
172.3%Coded positions
795 / 795| Instrument type | Positions | Fair value | % NAV |
|---|---|---|---|
| LoanLON | 759 | $24.8B | 171.8% |
| EquityEC | 36 | $72.1M | 0.5% |
Known instrument codes total $24.9B (172.3% of net assets) (▲ 8.1pt 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 |
|---|---|---|---|
| Soho House & Co Inc. Security Type | 1 | — | — |
| Ground Transportation Transportation Insight Parent Company, LLC Transportation Insight Parent Company, LLC Investment | 1 | — | — |
| Personal Care Products Oshun Co-Invest-B LP | 1 | — | — |
| Chemicals Heubach SK Neptune Husky Group Sarl | 1 | — | — |
| Transportation Insight Parent Company, LLC Security Type | 2 | — | — |
| VCI Intermediate Topco 1 LLC Security Type | 1 | — | — |
Total unfunded
$3.59Bgross forward-funding obligation · 03/31/26Net-adjusted
$3.52Bless at-discretion / unavailable · 03/31/26At fund discretion
$21.7Mfund may decline to fund · 03/31/26Borrowers
205names with an unfunded balance · 03/31/26206 portfolio borrowers · $51.9M unavailable on borrowing-base tests · ties to the filing's disclosed aggregate within 0.00%.
| # | Borrower | Type | Unfunded | At discretion |
|---|---|---|---|---|
| 1 | Tulip Bidco Limited* | Revolver / DDTL | $185M | $0 |
| 2 | K Hovnanian Enterprises Inc | Revolver / DDTL | $125M | $0 |
| 3 | Hyperion Refinance Sarl | Revolver / DDTL | $119M | $0 |
| 4 | International Schools Partnership Limited* | Revolver / DDTL | $115M | $0 |
| 5 | Fire Flow Intermediate Corporation | Revolver / DDTL | $115M | $0 |
| 6 | Databricks, Inc. | Revolver / DDTL | $92.7M | $0 |
| 7 | Edition Holdings, Inc. | Revolver / DDTL | $91.8M | $0 |
| 8 | Truck-Lite Co., LLC | Revolver / DDTL | $76.4M | $0 |
| 9 | MRO Holdings, Inc. | Revolver / DDTL | $72.7M | $0 |
| 10 | Alkeme Intermediary Holdings LLC | Revolver / DDTL | $65.0M | $0 |
| 11 | Crete PA Holdco, LLC | Revolver / DDTL | $64.2M | $0 |
| 12 | Saber Parent Holdings Corp | Revolver / DDTL | $62.7M | $0 |
| 13 | Runway Bidco, LLC | Revolver / DDTL | $62.3M | $0 |
| 14 | Cerity Partners Equity Holding LLC | Revolver / DDTL | $60.9M | $0 |
| 15 | IRIS Specialty Acquisition LLC | Revolver / DDTL | $60.8M | $0 |
| 16 | Opseo Holding B.V.* | Revolver / DDTL | $52.6M | $0 |
| 17 | Victors Purchaser, LLC | Revolver / DDTL | $48.3M | $0 |
| 18 | Zenith AcquisitionCo, LLC | Revolver / DDTL | $47.1M | $0 |
| 19 | Elk Bidco, Inc | Revolver / DDTL | $44.6M | $0 |
| 20 | QBS Parent, Inc. | Revolver / DDTL | $40.9M | $0 |
| 21 | TITAN BW BORROWER L.P. | Revolver / DDTL | $40.3M | $0 |
| 22 | Consult Bidco Ltd* | Revolver / DDTL | $38.9M | $0 |
| 23 | Higginbotham Insurance Agency, Inc. | Revolver / DDTL | $38.1M | $0 |
| 24 | OMH-Healthedge Holdings, Inc. | Revolver / DDTL | $37.9M | $0 |
| 25 | Vamos Bidco, Inc. | Revolver / DDTL | $36.2M | $0 |
top 10 = 19.2% of net assets · sum of filed position percents · 795 positions filed in total · ⊕ paid-in-kind · ⊘ in default
Fair value
$24.9B754 priced positionsAmortized cost
$25.2Baggregate cost basisNet unrealized
−$269M-1.07% of cost · derivedPositions in gain
246 / 48937.9% of FV in gainFloating coupon
95.5%of FV w/ stated basisMarked to model
100.0%Level III share of FVPosition-level marks rolled up from the filed schedule of investments: 754 of 795 positions carry an amortized cost, so the net unrealized mark is over that priced subset. Flagged: 36 PIK.Per-borrower cost, mark and unrealized P&L are in The Names; the manager-stated borrower-quality metrics are above.
per-company % as filed — the percent basis varies by filer; fair value is the comparable figure