Act IPulse
9 of 10 filled in full · 2 of 10 windows drew demand above the cap — still honored
Q1-26 · 2.32× requested ÷ capacity · exceeded cap · 43% honored · click a window to replay it below
Last 30 distributions for Class I: 03/10/25 $0.2143, NII $0.2067, return of capital $0.0000; 03/10/25 $0.2143, NII $0.2067, return of capital $0.0000; 03/31/25 $0.2143, NII $0.2067, return of capital $0.0000; 04/30/25 $0.2143, NII $0.2067, return of capital $0.0000; 05/14/25 $0.2143, NII $0.2067, return of capital $0.0000; 05/14/25 $0.2143, NII $0.2067, return of capital $0.0000; 05/14/25 $0.2143, NII $0.2067, return of capital $0.0000; 05/30/25 $0.2143, NII $0.2067, return of capital $0.0000; 06/30/25 $0.2143, NII $0.2067, return of capital $0.0000; 07/31/25 $0.2143, NII $0.2067, return of capital $0.0000; 08/08/25 $0.2143, components not disclosed; 08/08/25 $0.2143, NII $0.2067, return of capital $0.0000; 08/08/25 $0.2143, NII $0.2067, return of capital $0.0000; 08/29/25 $0.2143, NII $0.2067, return of capital $0.0000; 09/30/25 $0.2143, NII $0.2067, return of capital $0.0000; 10/31/25 $0.2143, NII $0.2067, return of capital $0.0000; 11/14/25 $0.2143, components not disclosed; 11/14/25 $0.2143, components not disclosed; 11/14/25 $0.2143, components not disclosed; 11/28/25 $0.2143, NII $0.2067, return of capital $0.0000; 12/31/25 $0.2143, NII $0.2067, return of capital $0.0000; 01/30/26 $0.2143, components not disclosed; 02/27/26 $0.2143, components not disclosed; 03/31/26 $0.2143, components not disclosed; 04/30/26 $0.2143, components not disclosed; 05/29/26 $0.2143, components not disclosed; 06/30/26 $0.2143, components not disclosed; 07/31/26 $0.2143, components not disclosed; 08/31/26 $0.2143, components not disclosed; 09/30/26 $0.2143, 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 | $5.1432 | 96% | 4% | 0% | Low ROC |
| 2024 | $3.2145 | 100% | 0% | 0% | Low ROC |
| 2023 | $0.8122 | 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.
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 · 8 more beyond top 8 at 23.1% · 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 | Amended registration statement · filed Oct 24 | |
| Tender record → | Disclosed | Amended tender offer · filed Apr 17 | |
| Per-class economics → | Disclosed | Current report · filed May 19 | |
| Distribution composition → | Disclosed | Annual report · filed Mar 9 | |
| Fair-value hierarchy → | Disclosed | Quarterly report · filed May 12 | |
| Unobservable inputs → | Not yet covered by AltHarbor | — | |
| Credit measures → | Disclosed | Quarterly report · filed May 12 | |
| Portfolio composition → | Disclosed | Quarterly report · filed May 12 |
every filing on record · one tick per filing · hue = type, height = rarity
all 119Current report 66Tender offer filing 11Quarterly report 10Imported record 10Amended tender offer 10Prospectus supplement 7Annual report 4Amended registration statement 1
| Filed | Type | Accession |
|---|---|---|
| 05/12/26 · period 03/31/26 | 10-QQuarterly report | 0001628280-26-034133 ↗ |
| 11/14/25 · period 09/30/25 | 10-QQuarterly report | 0001918712-25-000092 ↗ |
| 08/08/25 · period 06/30/25 | 10-QQuarterly report | 0001918712-25-000065 ↗ |
| 05/14/25 · period 03/31/25 | 10-QQuarterly report | 0001918712-25-000030 ↗ |
| 11/08/24 · period 09/30/24 | 10-QQuarterly report | 0001918712-24-000139 ↗ |
| 08/13/24 · period 06/30/24 | 10-QQuarterly report | 0001918712-24-000099 ↗ |
| 05/10/24 · period 03/31/24 | 10-QQuarterly report | 0001918712-24-000069 ↗ |
| 11/13/23 · period 09/30/23 | 10-QQuarterly report | 0001918712-23-000026 ↗ |
| 08/14/23 · period 06/30/23 | 10-QQuarterly report | 0001918712-23-000006 ↗ |
| 05/15/23 · period 03/31/23 | 10-QQuarterly report | 0001918712-23-000003 ↗ |
Non-accrual
PIK income
Net leverage
Debt / equity
Not disclosed by this fund: watch list · interest coverage · ttm realized losses
hover or touch the chart to scrub
Total assets
$22.4BTotal liabilities
$11.8BNet assets
$10.5BAssets invested
$21.3BLiabilities / net assets
1.13×derivedTotal assets / net assets
2.13×derived10-Q SOAL ($ thousands scaled). BDC. net_assets ties stored Fund NAV; assets_invested from investments at fair value.
Cap: 5.0% sh. out./qtr (all windows) · 5 of 10 windows filled in full · 5 prorated · 2 gated
| Window | Req ÷ cap | Requested | Accepted | Price |
|---|---|---|---|---|
| Q1-26⊘accepted 43.1% of shares requested, requests exceeded the stated cap | 2.32× | 45.3M sh | 19.5M sh | $26.86 |
| Q4-25⊘accepted 100.0% of shares requested, requests exceeded the stated cap | 1.13× | 21.6M sh | 21.6M sh | $27.47 |
| Q3-25 | 0.19× | 2.9M sh | 2.9M sh | $27.50 |
| Q2-25 | 0.36× | 5.3M sh | 5.3M sh | $27.42 |
| Q1-25 | 0.09× | 1.1M sh | 1.1M sh | $27.47 |
| Q4-24 | 0.20× | 1.8M sh | 1.8M sh | $27.58 |
| Q3-24 | 0.02× | 133.7K sh | 133.7K sh | $27.41 |
| Q2-24 | 0.00× | 4.9K sh | 4.9K sh | $27.39 |
| Q1-24 | 0.11× | 387.2K sh | 387.2K sh | $27.19 |
| Q4-23 | 0.00× | 3.0K sh | 3.0K sh | $27.03 |
⊘ = requests exceeded the stated cap · fill bars on prorated windows only · requested basis: shares tendered · rows expand (tap or e)
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
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 $26.95 · as of 04/30/26 · all classes
Windows observed: 10 · median open-to-pricing 9d · derived from filed window dates
Total notional
$6.10Ball instruments · 03/31/26Rate-swap notional
$6.10Binterest-rate swaps · 03/31/26FX notional
$0FX forwards / swaps · 03/31/26Net fair value
$17.6Massets − liabilities · ties to balance sheet · 03/31/2627 contracts · derivative assets $48.6M · liabilities −$31.0M. Notional is gross face, not market exposure.
| Instrument | Notional | Pay / receive | Fair value | Maturity | Counterparty |
|---|---|---|---|---|---|
| Interest-rate swap | $1.00B | SOFR+1.6485% / 5.700% | $6.92M | 03/15/28 | Wells Fargo Bank N.A. |
| Interest-rate swap | $750M | SOFR+1.8290% / 6.200% | $25.6M | 03/21/32 | Wells Fargo Bank N.A. |
| Interest-rate swap | $750M | SOFR+2.3020% / 5.600% | −$9.77M | 02/15/30 | Wells Fargo Bank N.A. |
| Interest-rate swap |
| $700M |
| SOFR+2.2080% / 6.350% |
| $10.9M |
| 08/15/29 |
| Wells Fargo Bank N.A. |
| Interest-rate swap | $700M | SOFR+1.8750% / 5.550% | −$244K | 04/15/31 | Wells Fargo Bank N.A. |
| Interest-rate swap | $600M | SOFR+1.7465% / 5.450% | $414K | 09/09/28 | Wells Fargo Bank N.A. |
| Interest-rate swap | $600M | SOFR+1.6220% / 4.850% | −$6.68M | 01/15/29 | Wells Fargo Bank N.A. |
| Interest-rate swap | $500M | SOFR+2.0490% / 5.800% | $1.71M | 09/09/30 | Wells Fargo Bank N.A. |
| Interest-rate swap | $500M | SOFR+1.9460% / 5.150% | −$9.53M | 01/15/31 | Wells Fargo Bank N.A. |
| FX forwardJPY/USD | — | — | $1.18M | — | CIBC, SMBC Capital Markets Inc. or Wells Fargo Bank N.A. |
| FX forwardCHF/USD | — | — | $12.0K | — | CIBC, SMBC Capital Markets Inc. or Wells Fargo Bank N.A. |
| FX forward×2NOK/USD | — | — | −$1.94M | — | CIBC, SMBC Capital Markets Inc. or Wells Fargo Bank N.A. |
| FX forward×3EUR/USD | — | — | −$2.43M | — | CIBC, SMBC Capital Markets Inc. or Wells Fargo Bank N.A. |
| FX forward×3GBP/USD | — | — | $1.15M | — | CIBC, SMBC Capital Markets Inc. or Wells Fargo Bank N.A. |
| FX forward×2CAD/USD | — | — | $565K | — | CIBC, SMBC Capital Markets Inc. or Wells Fargo Bank N.A. |
| FX forward×2DKK/USD | — | — | $61.0K | — | CIBC, SMBC Capital Markets Inc. or Wells Fargo Bank N.A. |
| FX forward×2AUD/USD | — | — | −$415K | — | CIBC, SMBC Capital Markets Inc. or Wells Fargo Bank N.A. |
| FX forwardSEK/USD | — | — | $29.0K | — | CIBC, SMBC Capital Markets Inc. or Wells Fargo Bank N.A. |
| FX forwardNZD/USD | — | — | $109K | — | CIBC, SMBC Capital Markets Inc. or Wells Fargo Bank N.A. |
| Filed | Filing | Period / note |
|---|---|---|
| 05/26/26 | Prospectus supplement | |
| 05/26/26 | Prospectus supplement | |
| 05/26/26 | Current report | 05/21/26 |
| 05/20/26 | Tender offer filing | |
| 05/19/26 | Current report | ASIF sold 1,934,637 Class I shares during May 2026 for total consideration of $52.1M. |
| 05/19/26 | Prospectus supplement | ASIF sold 1,934,637 Class I shares during May 2026 for total consideration of $52.1M. |
| 05/19/26 | Prospectus supplement | ASIF sold 1,934,637 Class I shares during May 2026 for total consideration of $52.1M. |
| 05/12/26 | Quarterly report | 03/31/26 |
| 05/12/26 | Prospectus supplement | |
| 05/12/26 | Prospectus supplement | |
| 04/28/26 | Prospectus supplement | |
| 04/21/26 | Current report | ASIF disclosed an unregistered equity sale / capital raise in its 2026-04-21 8-K. |
| 04/20/26 | Annual report | |
| 04/17/26 | Amended tender offer | 03/20/26 |
| 03/23/26 | Current report | ASIF disclosed an unregistered equity sale / capital raise in its 2026-03-23 8-K. |
| 03/09/26 | Annual report | 12/31/25 |
| 02/20/26 | Tender offer filing | |
| 02/19/26 | Current report | ASIF disclosed an unregistered equity sale / capital raise in its 2026-02-19 8-K. |
| 02/11/26 | Current report | 02/06/26 |
| 02/04/26 | Current report | 01/29/26 |
| 01/29/26 | Current report | ASIF disclosed a debt financing or notes offering in its 2026-01-29 8-K. |
| 01/22/26 | Current report | ASIF disclosed a debt financing or notes offering in its 2026-01-22 8-K. |
| 01/21/26 | Current report | ASIF disclosed an unregistered equity sale / capital raise in its 2026-01-21 8-K. |
| 01/08/26 | Current report | 01/07/26 |
| 12/29/25 | Amended tender offer | 12/19/25 |
| 12/22/25 | Current report | 12/18/25 |
| 12/08/25 | Current report | 12/05/25 |
| 11/20/25 | Tender offer filing | |
| 11/19/25 | Current report | ASIF disclosed an unregistered equity sale / capital raise in its 2025-11-19 8-K. |
| 11/14/25 | Quarterly report | 09/30/25 |
| 10/24/25 | Amended registration statement | |
| 10/23/25 | Current report | 10/21/25 |
| 10/21/25 | Current report | ASIF disclosed a credit facility amendment or upsize in its 2025-10-23 8-K. |
| 09/26/25 | Amended tender offer | 09/19/25 |
| 09/22/25 | Current report | ASIF disclosed an unregistered equity sale / capital raise in its 2025-09-22 8-K. |
| 09/15/25 | Current report | ASIF disclosed a debt financing or notes offering in its 2025-09-15 8-K. |
| 09/08/25 | Current report | ASIF disclosed a debt financing or notes offering in its 2025-09-08 8-K. |
| 08/21/25 | Tender offer filing | |
| 08/20/25 | Current report | ASIF disclosed an unregistered equity sale / capital raise in its 2025-08-20 8-K. |
| 08/08/25 | Quarterly report | 06/30/25 |
| 08/06/25 | Current report | 08/01/25 |
| 07/21/25 | Current report | ASIF disclosed an unregistered equity sale / capital raise in its 2025-07-21 8-K. |
| 07/03/25 | Current report | 07/02/25 |
| 06/26/25 | Amended tender offer | 06/20/25 |
| 06/25/25 | Current report | On June 25, 2025, ASIF convened its 2025 Annual Meeting but again failed to achieve the required 50% quorum and adjourned without ratifying KPMG LLP as independent auditor for FY2025. The Fund does not intend to reconvene and plans to hold its next annual meeting in 2026; KPMG continues to serve at the direction of the audit committee without shareholder ratification. |
| 06/23/25 | Current report | 06/20/25 |
| 06/09/25 | Current report | ASIF disclosed a debt financing or notes offering in its 2025-06-09 8-K. |
| 06/06/25 | Current report | 06/04/25 |
| 06/02/25 | Current report | ASIF disclosed a debt financing or notes offering in its 2025-06-02 8-K. |
| 05/21/25 | Tender offer filing |
Showing the latest 50 of 109 — the complete filing index is above.
Committed
$13.6Btotal facility commitments · 12/31/25Drawn
$11.5Boutstanding principal · 84.4% of committed · 12/31/25Undrawn capacity
$2.39Bavailable to draw · 12/31/25| Facility | Type | Committed | Drawn | Rate | Maturity | Seniority |
|---|---|---|---|---|---|---|
| Revolving Credit Facility | Revolver | $3.25B | $2.52B | SOFR + 163bp | 04/15/30 | senior_secured |
| March 2028 Notes | Unsecured notes | $1.00B | $1.00B | 5.4% | 03/15/28 | senior_unsecured |
| BNP Funding Facility | spv facility | $1.00B | $900M | SOFR + 130bp | 10/21/29 | senior_secured |
| March 2032 Notes | Unsecured notes | $750M | $750M | 5.6% | 03/21/32 | senior_unsecured |
| February 2030 Notes | Unsecured notes | $750M | $750M | 6.1% | 02/15/30 | senior_unsecured |
| August 2029 Notes | Unsecured notes | $700M | $700M | 6.0% | 08/15/29 | senior_unsecured |
| SG Funding Facility | spv facility | $1.82B | $613M | SOFR + 180bp | 08/01/30 | senior_secured |
| September 2028 Notes | Unsecured notes | $600M | $600M | 5.5% | 09/09/28 | senior_unsecured |
| January 2029 Notes | Unsecured notes | $600M | $600M | 5.4% | 01/15/29 | senior_unsecured |
| January 2039 CLO Debt (ADL CLO 8) | CLO | $532M | $532M | SOFR + 150bp | 01/20/39 | senior_secured |
| September 2030 Notes | Unsecured notes | $500M | $500M | 5.8% | 09/09/30 | senior_unsecured |
| January 2031 Notes | Unsecured notes | $500M | $500M | 5.2% | 01/15/31 | senior_unsecured |
| January 2037 CLO Notes (ADL CLO 3) | CLO | $476M | $476M | SOFR + 162bp | 01/20/37 | senior_secured |
| SB Funding Facility | spv facility | $750M | $400M | SOFR + 190bp | 04/08/34 | senior_secured |
| April 2038 CLO Debt (ADL CLO 5) | CLO | $350M | $350M | SOFR + 144bp | 04/20/38 | senior_secured |
| Secured BorrowingEUR | other | — | $272M | 4.2% | — | secured |
ASC-820 hierarchy · band width = share · hover to read
L1 $0 0.0% · L2 $5.39B 25.3% · L3 $15.8B 74.3% · NAVexp $97.9M 0.5%
Unobservable-input ranges: not disclosed in latest annual filing
| Category | Ending | Activity | Coverage |
|---|---|---|---|
| Level 3 Investments | $15.8B | Ending balance only | Ending Balance Only |
NAV practical expedient · 1 observation · $21.3B fair value · 03/31/26
Top issuer
2.4%largest single name · 03/31/26Top 10
11.0%top 10 issuers · ▲ 0.7pt vs 12/31/25 · 03/31/26Top 25
20.1%top 25 issuers · 03/31/26Herfindahl
38.8HHI over all issuers · ▲ 1.8pt vs 12/31/25 · 03/31/26Distinct issuers
908names in book · 03/31/26Co-investment
Not disclosedShares are of the $21.5B portfolio fair value; Herfindahl is Σ(issuer share%)² over all 908 issuers (derived from the schedule of investments).
| # | Issuer | Fair value | Positions | % portfolio |
|---|---|---|---|---|
| 1 | ADLP LLC | $511M | 1 | 2.38% |
| 2 | Dino BidCo S.p.A. | $371M | 1 | 1.73% |
| 3 | Denali Intermediate Holdings, Inc. and Denali Parent Holdings, L.P. | $229M | 1 | 1.06% |
| 4 | Covert HoldCo, LP | $213M | 1 | 0.99% |
| 5 | FEH Group, LLC., Class A common interest 1 | $203M | 1 | 0.95% |
| 6 | WorkWave Intermediate II, LLC | $179M | 2 | 0.83% |
| 7 | Pike Corporation | $173M | 1 | 0.81% |
| 8 | Himalaya TopCo LLC and BCPE Hyperlink Holdings, LP | $167M | 3 | 0.78% |
| 9 | Reddy Ice LLC | $160M | 3 | 0.74% |
| 10 | Gula Buyer Inc. and Gula Co-Invest II, L.P. | $149M | 1 | 0.69% |
| 11 | Silk Holdings III Corp. and Silk Holdings I Corp. | $144M | 2 | 0.67% |
| 12 | Cambrex Corporation | $143M | 2 | 0.66% |
| 13 | Neptune Bidco US Inc. and Elliott Metron Co-Investor Aggregator L.P. | $141M | 1 | 0.66% |
| 14 | Cornerstone OnDemand, Inc. and Sunshine Software Holdings, Inc. | $137M | 2 | 0.64% |
| 15 | Global Music Rights, LLC | $136M | 1 | 0.64% |
| 16 | BVI Medical, Inc. and BVI Group Limited | $136M | 2 | 0.63% |
| 17 | Nordic Ferry Infrastructure AS | $133M | 2 | 0.62% |
| 18 | Global Medical Response, Inc. and GMR Buyer Corp. | $133M | 1 | 0.62% |
| 19 | EMB Purchaser, Inc. | $130M | 2 | 0.61% |
| 20 | Spruce Bidco II Inc. | $130M | 4 | 0.61% |
| 21 | Creek Parent, Inc. and Creek Feeder, L.P. | $129M | 2 | 0.60% |
| 22 | Proofpoint, Inc. | $125M | 3 | 0.58% |
| 23 | Badia Spices, LLC | $118M | 1 | 0.55% |
| 24 | Flexera Software LLC | $116M | 2 | 0.54% |
| 25 | Fitness Ventures Holdings, Inc. and Meaningful Partners Fitness Ventures Co-Investment LP | $115M | 4 | 0.54% |
WA yield · to cost
9.0%weighted-avg, amortized cost · flat vs 12/31/25 · 03/31/26WA yield · to fair value
9.1%weighted-avg, fair value · 03/31/26Total return · Class I
−0.4%NAV total return · interim · 03/31/26| Per share | D | I | S |
|---|---|---|---|
| NAV · begin | $27.48 | $27.48 | $27.48 |
| Net investment income | — | — | — |
| Net realized gain/loss | — | — | — |
| Net unrealized gain/loss | −$0.61 | −$0.61 | −$0.61 |
| Distributions | — | — | — |
| NAV · end | $26.85 | $26.85 | $26.85 |
| Total return | −0.4% | −0.4% | −0.5% |
| Expense ratio · net | — | — | — |
| Expense ratio · gross | — | — | — |
| NII ratio | 8.9% | 9.2% | 8.3% |
| Portfolio turnover | 51.0% | 51.0% | 51.0% |
| As of | Yield to cost | Yield to fair value | Distribution yield |
|---|---|---|---|
| 03/31/26 | 9.0% | 9.1% | — |
| 12/31/25 | 9.0% | 9.0% | — |
| 09/30/25 | 9.1% | 9.0% | — |
| 06/30/25 | 9.2% | 9.1% | — |
| 03/31/25 | 9.1% | 9.1% | — |
| 12/31/24 | 9.1% | 9.1% | — |
| 09/30/24 | 9.9% | 9.9% | — |
| 06/30/24 | 10.4% | 10.3% | — |
| 03/31/24 | 10.6% | 10.6% | — |
| 12/31/23 | 10.7% | 10.6% | — |
| 09/30/23 | 10.1% | 10.1% | — |
| 06/30/23 | 9.9% | 9.9% | — |
| Total investment income | $470M |
| — of which PIK (non-cash) | $57.7M |
| Net investment income | $241M |
| Cash NII (NII − PIK) | $183M |
| Interest / debt expense | −$157M |
| Incentive fee · income | $33.8M |
| Fee waiver / expense support | — |
Cash NII is 76.1% 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.
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
0.5%% of amortized cost · ▲ 0.5pt vs 12/31/25 · 03/31/26Non-accrual · fair value
0.3%% of fair value · 03/31/26Portfolio companies
837count as the fund reports · 03/31/26First lien
77.9%senior-secured share · 03/31/26Floating rate
88.0%floating-coupon share · 03/31/26PIK income
4.7%% of investment income · 03/31/26Asset coverage
192.0%BDC §18 asset-coverage · 03/31/26Net leverage
1.06×net debt / equity · 03/31/26Debt / equity
1.06×total debt / net assets · 03/31/26| Grade | Share of fair value | % FV | Fair value |
|---|---|---|---|
| 1of 4 | 0.3% | $69.9M | |
| 2of 4 | 0.7% | $143M | |
| 3of 4 | 96.1% | $20.5B | |
| 4of 4 | 2.9% | $620M |
Grade 1 is the manager’s best internal rating; a rising share in the worst grades is the early-stress signal. 4 grades disclosed.
PIK 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 (1,231 of 1,233 tranches linked). Fair value $21.5B vs holdings $21.5B at the same as-of.
Net unrealized
+$149MNet unrealized · % of cost
0.7%Positions below cost
362 / 1,196Fair value below cost
29.1%Fair value $21.4B against amortized cost $21.2B across 1,196 marked positions — the gain carried in NAV (▼ 0.3pt vs 09/30/25). Below-cost positions hold $6.22B of fair value. Aggregated by AltHarbor from the filed schedule of investments, not a single disclosed line.
PIK at fair value
$2.14BPIK · % of net assets
20.4%PIK positions
83$2.14B of fair value sits in positions accruing payment-in-kind interest — 20.4% of net assets. 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
$21.3BKnown instrument · % NAV
203.1%Coded positions
1,228 / 1,233| Instrument type | Positions |
|---|
| Fair value |
|---|
| % NAV |
|---|
| LoanLON | 1,013 | $19.6B | 186.9% |
| EquityEC | 210 | $1.12B | 10.7% |
| DebtDBT | 5 | $578M | 5.5% |
| Uncoded / unknownunknown | 5 | $145M | 1.4% |
Known instrument codes total $21.3B (203.1% of net assets). 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 |
|---|---|---|---|
| Worldwide Produce Acquisition, LLC and REP WWP Coinvest IV, L.P., Common units | 1 | — | — |
| Amerivet Partners Management, Inc. and AVE Holdings LP, Class C units | 1 | — | — |
| ADLP LLC | 1 | $511M | 4.9% |
| Dino BidCo S.p.A. | 1 | $371M | 3.5% |
| Denali Intermediate Holdings, Inc. and Denali Parent Holdings, L.P. | 1 | $229M | 2.2% |
| Covert HoldCo, LP | 1 | $213M | 2.0% |
Total unfunded
$3.59Bgross forward-funding obligation · 03/31/26Net-adjusted
$3.56Bless at-discretion / unavailable · 03/31/26Borrowers
328names with an unfunded balance · 03/31/26331 portfolio borrowers · $21.8M unavailable on borrowing-base tests · ties to the filing's disclosed aggregate within 0.00%.
| # | Borrower | Type | Unfunded | At discretion |
|---|---|---|---|---|
| 1 | Retained Vantage Data Centers Intermediate Holdco, LP and Retained Vantage Data Centers Assets, LP | Revolver / DDTL | $133M | — |
| 2 | Moderna, Inc. | Revolver / DDTL | $128M | — |
| 3 | Inszone Mid, LLC and INSZ Holdings, LLC | Revolver / DDTL | $73.8M | — |
| 4 | Banyan Software Holdings, LLC and Banyan Software Intermediate, Inc. | Revolver / DDTL | $69.3M | — |
| 5 | Pike Corporation | Revolver / DDTL | $63.5M | — |
| 6 | Himalaya TopCo LLC and BCPE Hyperlink Holdings, LP | Revolver / DDTL | $63.2M | — |
| 7 | Truck-Lite Co., LLC, ECCO Holdings Corp., and Clarity Technologies Holdings, LP | Revolver / DDTL | $62.7M | — |
| 8 | C Block Development LLC | Revolver / DDTL | $53.3M | — |
| 9 | SageSure Holdings, LLC and SageSure LLC | Revolver / DDTL | $52.6M | — |
| 10 | SIG Parent Holdings, LLC | Revolver / DDTL | $51.4M | — |
| 11 | Zenith AcquisitionCo, LLC | Revolver / DDTL | $48.7M | — |
| 12 | Livewire Acquisition, Inc. and Livewire Co-Invest Holdings, LP | Revolver / DDTL | $41.3M | — |
| 13 | Adonis Bidco Inc. | Revolver / DDTL | $38.7M | — |
| 14 | High Street Buyer, Inc. and High Street Holdco LLC | Revolver / DDTL | $37.4M | — |
| 15 | EMB Purchaser, Inc. | Revolver / DDTL | $35.5M | — |
| 16 | Harbourvest Global Private Equity Limited | Revolver / DDTL | $34.1M | — |
| 17 | Excelitas Technologies Corp. | Revolver / DDTL | $32.5M | — |
| 18 | Birdie Bidco, Inc. | Revolver / DDTL | $32.3M | — |
| 19 | QF Holdings, Inc. | Revolver / DDTL | $31.3M | — |
| 20 | Slaine Holdings LLC | Revolver / DDTL | $30.4M | — |
| 21 | Eclipse Topco, Inc., Eclipse Investor Parent, L.P. and Eclipse Buyer, Inc. | Revolver / DDTL | $30.4M | — |
| 22 | Burgess Point Purchaser Corporation | Revolver / DDTL | $29.8M | — |
| 23 | Severin Acquisition, LLC | Revolver / DDTL | $28.8M | — |
| 24 | Knight AcquireCo, LLC and Knight Holdings, LP | Revolver / DDTL | $26.6M | — |
| 25 | Aledade, Inc. | Revolver / DDTL | $25.0M | — |
top 10 = 22.3% of net assets · sum of filed position percents · 1,233 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