Act IPulse
Filled in full: 20 of 20 · 3 of 20 windows drew demand above the cap — still honored
Q1-26 · 1.39× requested ÷ capacity · exceeded cap · 100% honored · click a window to replay it below
Last 30 distributions for Class I: 12/19/23 $0.2200, NII $0.2200, return of capital $0.0000; 01/24/24 $0.2200, NII $0.2200, return of capital $0.0000; 02/22/24 $0.2200, NII $0.2200, return of capital $0.0000; 03/21/24 $0.2200, NII $0.2200, return of capital $0.0000; 04/17/24 $0.2200, NII $0.2200, return of capital $0.0000; 05/20/24 $0.2200, NII $0.2200, return of capital $0.0000; 06/20/24 $0.2200, NII $0.2200, return of capital $0.0000; 07/17/24 $0.2200, NII $0.2200, return of capital $0.0000; 08/20/24 $0.2200, NII $0.2200, return of capital $0.0000; 09/19/24 $0.2200, NII $0.2200, return of capital $0.0000; 10/16/24 $0.2200, NII $0.2200, return of capital $0.0000; 11/19/24 $0.2200, NII $0.2200, return of capital $0.0000; 12/19/24 $0.2200, NII $0.2200, return of capital $0.0000; 01/22/25 $0.2200, NII $0.2200, return of capital $0.0000; 02/20/25 $0.2200, NII $0.2200, return of capital $0.0000; 03/19/25 $0.2200, NII $0.2200, return of capital $0.0000; 04/16/25 $0.2200, NII $0.2200, return of capital $0.0000; 05/19/25 $0.2200, NII $0.2200, return of capital $0.0000; 06/19/25 $0.2200, NII $0.2200, return of capital $0.0000; 07/18/25 $0.2200, NII $0.2200, return of capital $0.0000; 08/20/25 $0.2200, NII $0.2200, return of capital $0.0000; 09/18/25 $0.2200, NII $0.2200, return of capital $0.0000; 09/18/25 $0.2000, NII $0.2000, return of capital $0.0000; 11/19/25 $0.2000, NII $0.2000, return of capital $0.0000; 12/18/25 $0.2000, components not disclosed; 01/22/26 $0.2000, components not disclosed; 02/19/26 $0.2000, components not disclosed; 03/19/26 $0.2000, components not disclosed; 04/20/26 $0.2000, components not disclosed; 05/20/26 $0.2000, 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 | $2.6000 | 100% | 0% | 0% | Low ROC |
| 2024 | $2.6400 | 100% | 0% | 0% | Low ROC |
| 2023 | $1.0900 | 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 · 35 more beyond top 8 at 26.7% · 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 | Annual report · filed Dec 31 | |
| Tender record → | Disclosed | Amended tender offer · filed May 1 | |
| Per-class economics → | Disclosed | Current report · filed May 21 | |
| Distribution composition → | Disclosed | Annual report · filed Mar 13 | |
| Fair-value hierarchy → | Disclosed | Quarterly report · filed May 14 | |
| Unobservable inputs → | Disclosed | Quarterly report · filed May 14 | |
| Credit measures → | Disclosed | Quarterly report · filed May 14 | |
| Portfolio composition → | Disclosed | Quarterly report · filed May 14 |
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
hover or touch the chart to scrub
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 |
|---|---|---|---|---|---|
| Iinstitutional | $31.6B | 67.6% | Class I stated fees: management 1.3 percent1.25% | Institutional / RIA fee-based platforms | |
| Sretail | $14.5B | 31.1% | Class S stated fees: management 1.3 percent, servicing 0.8 percent2.10% | Retail / broker-dealer / wirehouse | |
| Dretail | $609M | 1.3% | Class D stated fees: management 1.3 percent, servicing 0.3 percent1.50% | Fee-based broker-dealer / RIA |
NAV/share $24.06 · as of 04/30/26 · all classes
Non-accrual
PIK income
Not disclosed by this fund: watch list · interest coverage · net leverage · debt / equity · ttm realized losses
Total assets
$84.8BTotal liabilities
$39.8BNet assets
$45.0BAssets invested
$80.5BLiabilities / net assets
0.88×derivedTotal assets / net assets
1.88×derived10-Q Consolidated Statement of Assets and Liabilities (full USD). BDC (1934 Act) — N-PORT-only fields (payable split / delayed delivery / standby commitment / cash-not-reported) N/A. net_assets ties to fund_quarterly_nav Fund-level NAV to the dollar.
Total notional
$13.1Ball instruments · 03/31/26Rate-swap notional
$10.1Binterest-rate swaps · 03/31/26FX notional
$3.03BFX forwards / swaps · 03/31/26Net fair value
$56.4Massets − liabilities · ties to balance sheet · 03/31/264 contracts · derivative assets $101M · liabilities −$45.0M. Notional is gross face, not market exposure.
| Instrument | Notional | Pay / receive | Fair value | Maturity | Counterparty |
|---|---|---|---|---|---|
| Interest-rate swap | $5.47B | SOFR | −$44.7M | — | Not disclosed |
| Interest-rate swap | $4.65B | SOFR | $60.4M | — | Not disclosed |
| FX forward | $2.95B | — | $40.9M | — | Not disclosed |
| FX forward | $86.1M | — | −$214K | — | Not disclosed |
every filing on record · one tick per filing · hue = type, height = rarity
all 117Current report 60Amended tender offer 20Quarterly report 16Imported record 11Annual report 6Tender offer filing 2Prospectus supplement 1Registration statement 1
| Filed | Type | Accession |
|---|---|---|
| 05/21/26 | 424B3Prospectus supplement | 0001193125-26-234403 ↗ |
Cap: 5.0% sh. out./qtr (all windows) · All 20 windows filled in full · 3 gated
| Window | Req ÷ cap | Requested | Accepted | Price |
|---|---|---|---|---|
| Q1-26⊘accepted 100.0% of shares requested, requests exceeded the stated cap | 1.39× | 133.7M sh | 133.7M sh | $24.19 |
| Q4-25 | 0.91× | 85.0M sh | 85.0M sh | $24.79 |
| Q3-25 | 0.36× | 31.8M sh | 31.8M sh | $24.97 |
| Q2-25 | 0.53× | 43.6M sh | 43.6M sh | $25.17 |
| Q1-25 | 0.30× | 23.0M sh | 23.0M sh | $25.25 |
| Q4-24 | 0.29× | 20.9M sh | 20.9M sh | $25.42 |
| Q3-24 | 0.32× | 21.5M sh | 21.5M sh | $25.50 |
| Q2-24 | 0.30× | 18.0M sh | 18.0M sh | $25.57 |
| Q1-24 | 0.39× | 21.9M sh | 21.9M sh | $25.51 |
| Q4-23 | 0.40× | 21.0M sh | 21.0M sh | $25.39 |
| Q3-23 | 0.41× | 19.5M sh | 19.5M sh | $25.23 |
| Q2-23⊘accepted 100.0% of shares requested, requests exceeded the stated cap | 1.04× | 48.5M sh | 48.5M sh | $24.86 |
| Q1-23 | 0.78× | 36.1M sh | 36.1M sh | $24.77 |
| Q4-22⊘accepted 100.0% of shares requested, requests exceeded the stated cap | 1.04× | 47.1M sh | 47.1M sh | $24.59 |
| Q3-22 | 0.64× | 27.0M sh | 27.0M sh | $24.62 |
| Q2-22 | 0.33× | 11.5M sh | 11.5M sh | $24.80 |
| Q1-22 | 0.09× | 2.1M sh | 2.1M sh | $25.82 |
| Q4-21 | 0.03× | 480.3K sh | 480.3K sh | $25.93 |
| Q3-21 | 0.01× | 113.7K sh | 113.7K sh | $25.90 |
| Q2-21 | 0.01× | 48.7K sh | 48.7K sh | $25.81 |
⊘ = requests exceeded the stated cap · fill bars on prorated windows only · requested basis: shares tendered · rows expand (tap or e)
Windows observed: 20 · median open-to-pricing 28d · derived from filed window dates
Committed
$43.0Btotal facility commitments · 12/31/25Drawn
$36.0Boutstanding principal · 83.7% of committed · 12/31/25Undrawn capacity
$7.01Bavailable to draw · 12/31/25| Facility | Type | Committed | Drawn | Rate | Maturity | Seniority |
|---|---|---|---|---|---|---|
| Revolving Credit Facility (CitiBank) | Revolver | $5.80B | $2.26B | SOFR + 188bp | — | secured |
| Windom Peak Funding Facility | spv facility | $2.15B | $2.15B | — | — | secured |
| Castle Peak Funding Facility | spv facility | $2.55B | $1.76B | — | — | secured |
| Bard Peak Funding Facility | spv facility | $1.65B | $1.55B | SOFR + 185bp | — | secured |
| Monarch Peak Funding Facility | spv facility | $1.50B | $1.50B | — | — | secured |
| Bison Peak Funding Facility | spv facility | $1.50B | $1.44B | — | — | secured |
| Summit Peak Funding Facility | spv facility | $1.38B | $1.26B | — | — | secured |
| December 2026 Notes | Unsecured notes | $1.25B | $1.25B | 2.6% | — | unsecured |
| January 2032 Notes | Unsecured notes | $1.00B | $1.00B | 6.0% | — | unsecured |
| March 2027 Notes | Unsecured notes | $1.00B | $1.00B | 3.3% | — | unsecured |
| Blanca Peak Funding Facility | spv facility | $1.10B | $951M | — | — | secured |
| July 2029 Notes | Unsecured notes | $900M | $900M | 6.0% | — | unsecured |
| Middle Peak Funding Facility | spv facility | $1.00B | $890M | — | — | secured |
| 2025-1 Lender Finance | secured notes | $890M | $890M | — | — | secured |
| 2025-1 Notes | CLO | $884M | $884M | — | — | secured |
| Short-Term Borrowings | other | $857M | $857M | — | — | secured |
| November 2034 Notes | Unsecured notes | $800M | $800M | 6.0% | — | unsecured |
| MML 2022-1 Debt | CLO | $759M | $759M | — | — | secured |
| MML 2021-1 Debt | CLO | $690M | $690M | — | — | secured |
| 2021-1 BSL Notes | CLO | $663M | $663M | — | — | secured |
| 2025-1 BSL Notes | CLO | $662M | $662M | — | — | secured |
| January 2029 Notes | Unsecured notes | $650M | $650M | 4.0% | — | unsecured |
| November 2028 Notes | Unsecured notes | $650M | $650M | 7.3% | — | unsecured |
| May 2027 Notes | Unsecured notes | $625M | $625M | 5.6% | 05/01/27 | unsecured |
| January 2031 Notes | Unsecured notes | $600M | $600M | 6.3% | — | unsecured |
| November 2026 EurobondsEUR | Unsecured notes | $588M | $588M | 1.8% | — | unsecured |
| Bear Peak Funding FacilityEUR | spv facility | $588M | $587M | — | — | secured |
| Denali Peak Funding Facility | spv facility | $750M | $585M | — | — | secured |
| Bushnell Peak Funding Facility | spv facility | $1.00B | $554M | — | — | secured |
| 2021-2 Notes | CLO | $506M | $506M | — | — | secured |
| March 2031 Notes (5.54%) | Unsecured notes | $500M | $500M | 5.5% | — | unsecured |
| March 2033 Notes | Unsecured notes | $500M | $500M | 5.8% | — | unsecured |
| September 2030 Notes | Unsecured notes | $500M | $500M | 5.0% | — | unsecured |
| Granite Peak Funding Facility | spv facility | $1.00B | $500M | — | — | secured |
| 2022-1 BSL Debt | CLO | $420M | $420M | — | — | secured |
| April 2030 Notes | Unsecured notes | $400M | $400M | 5.3% | — | unsecured |
| September 2027 Notes | Unsecured notes | $400M | $400M | 5.0% | — | unsecured |
| November 2029 Notes | Unsecured notes | $400M | $400M | 5.6% | — | unsecured |
| 2026 Notes | Unsecured notes | $400M | $400M | 3.3% | — | unsecured |
| October 2027 Notes | Unsecured notes | $350M | $350M | 7.5% | — | unsecured |
| April 2026 UK BondsGBP | Unsecured notes | $337M | $337M | 4.9% | — | unsecured |
| 2023-1 Notes | CLO | $305M | $305M | — | — | secured |
| 2024-2 Notes | CLO | $305M | $305M | — | — | secured |
| MML 2022-2 Debt | CLO | $301M | $301M | — | — | secured |
| Meridian Peak Funding Facility | spv facility | $350M | $246M | — | — | secured |
| 2024-1 Notes | CLO | $244M | $244M | — | — | secured |
| Phoenix Peak Funding Facility | spv facility | $221M | $221M | — | — | secured |
| Haydon Peak Funding Facility | spv facility | $250M | $212M | — | — | secured |
| 2025-2 Lender Finance Facility | spv facility | $883M | $0 | — | — | secured |
| Filed | Filing | Period / note |
|---|---|---|
| 05/21/26 | Current report | 05/20/26 |
| 05/21/26 | Prospectus supplement | |
| 05/14/26 | Quarterly report | 03/31/26 |
| 05/01/26 | Amended tender offer | 03/31/26 |
| 05/01/26 | Tender offer filing | |
| 05/01/26 | Registration statement | |
| 04/29/26 | Current report | BCRED disclosed repurchase/redemption demand relative to program limits in its 2026-04-29 8-K. |
| 04/27/26 | Current report | BCRED disclosed a debt financing or notes offering in its 2026-04-27 8-K. |
| 04/21/26 | Current report | 04/20/26 |
| 03/20/26 | Current report | 03/19/26 |
| 03/13/26 | Annual report | |
| 03/13/26 | Annual report | 12/31/25 |
| 02/20/26 | Current report | 02/19/26 |
| 02/11/26 | Current report | 02/11/26 |
| 02/06/26 | Current report | 02/06/26 |
| 02/02/26 | Tender offer filing | |
| 02/02/26 | Amended tender offer | 12/31/25 |
| 01/23/26 | Current report | 01/22/26 |
| 01/12/26 | Current report | BCRED disclosed a debt financing or notes offering in its 2026-01-12 8-K. |
| 01/08/26 | Current report | BCRED disclosed a debt financing or notes offering in its 2026-01-08 8-K. |
| 12/23/25 | Current report | BCRED disclosed a debt financing or notes offering in its 2025-12-23 8-K. |
| 12/19/25 | Current report | 12/18/25 |
| 12/16/25 | Current report | BCRED disclosed a debt financing or notes offering in its 2025-12-16 8-K. |
| 11/20/25 | Current report | 11/19/25 |
| 11/13/25 | Quarterly report | 09/30/25 |
| 11/03/25 | Amended tender offer | 08/31/25 |
| 10/31/25 | Current report | 10/31/25 |
| 10/21/25 | Current report | 10/20/25 |
| 09/26/25 | Current report | 09/25/25 |
| 09/19/25 | Current report | 09/18/25 |
| 09/10/25 | Current report | BCRED disclosed a debt financing or notes offering in its 2025-09-10 8-K. |
| 08/21/25 | Current report | 08/20/25 |
| 08/12/25 | Quarterly report | 06/30/25 |
| 08/06/25 | Current report | 08/04/25 |
| 08/04/25 | Amended tender offer | BCRED disclosed a board, director, or officer change in its 2025-08-06 8-K. |
| 08/01/25 | Current report | 08/01/25 |
| 07/21/25 | Current report | 07/18/25 |
| 06/20/25 | Current report | 06/19/25 |
| 05/20/25 | Current report | 05/19/25 |
| 05/12/25 | Quarterly report | 03/31/25 |
| 05/02/25 | Amended tender offer | 03/31/25 |
| 04/25/25 | Current report | 04/25/25 |
| 04/17/25 | Current report | 04/16/25 |
| 03/26/25 | Current report | 03/25/25 |
| 03/20/25 | Current report | 03/19/25 |
| 03/14/25 | Annual report | 12/31/24 |
| 02/21/25 | Current report | 02/20/25 |
| 02/07/25 | Current report | 02/07/25 |
| 02/06/25 | Current report | BCRED disclosed a debt financing or notes offering in its 2025-02-06 8-K. |
| 02/03/25 | Current report | 01/30/25 |
Showing the latest 50 of 106 — the complete filing index is above.
WA yield · to cost
9.0%weighted-avg, amortized cost · ▼ 0.2pt vs 12/31/25 · 03/31/26WA yield · to fair value
9.1%weighted-avg, fair value · 03/31/26Total return · I
0.0%NAV total return · interim · 03/31/26Net expense ratio
7.0%I · net of waivers · 03/31/26| Per share | D | I | S |
|---|---|---|---|
| NAV · begin | $24.79 | $24.79 | $24.79 |
| Net investment income | $0.52 | $0.54 | $0.49 |
| Net realized gain/loss | — | — | — |
| Net unrealized gain/loss | −$0.54 | −$0.54 | −$0.54 |
| Distributions | −$0.58 | −$0.60 | −$0.55 |
| NAV · end | $24.19 | $24.19 | $24.19 |
| Total return | −0.1% | 0.0% | −0.2% |
| Expense ratio · net | 7.2% | 7.0% | 7.8% |
| Expense ratio · gross | — | — | — |
| NII ratio | 8.6% | 8.8% | 8.0% |
| Portfolio turnover | 5.2% | 5.2% | 5.2% |
| As of | Yield to cost | Yield to fair value | Distribution yield |
|---|---|---|---|
| 03/31/26 | 9.0% | 9.1% | — |
| 12/31/25 | 9.2% | 9.3% | — |
| 09/30/25 | 9.7% | 9.7% | — |
| 06/30/25 | 9.9% | 10.0% | — |
| 03/31/25 | 10.0% | 10.0% | — |
| 12/31/24 | 10.1% | 10.2% | — |
| 09/30/24 | 11.1% | 11.1% | — |
| 06/30/24 | 11.4% | 11.4% | — |
| 03/31/24 | 11.6% | 11.6% | — |
| 12/31/23 | 11.7% | 11.8% | — |
| 06/30/23 | 11.5% | 11.7% | — |
| Total investment income | $1.89B |
| — of which PIK (non-cash) | $132M |
| Net investment income | $1.03B |
| Cash NII (NII − PIK) | $895M |
| Interest / debt expense | −$512M |
| Incentive fee · income | $151M |
| Fee waiver / expense support | — |
Cash NII is 87.2% 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.
Top issuer
2.0%largest single name · 03/31/26Top 10
15.4%top 10 issuers · ▲ 0.8pt vs 12/31/25 · 03/31/26Top 25
29.6%top 25 issuers · 03/31/26Herfindahl
59.3HHI over all issuers · ▲ 2.1pt vs 12/31/25 · 03/31/26Distinct issuers
830names in book · 03/31/26Co-investment
Not disclosedShares are of the $80.5B portfolio fair value; Herfindahl is Σ(issuer share%)² over all 830 issuers (derived from the schedule of investments).
| # | Issuer | Fair value | Positions | % portfolio |
|---|---|---|---|---|
| 1 | Dropbox, Inc. | $1.60B | 2 | 1.99% |
| 2 | IRI Group Holdings, Inc. | $1.59B | 1 | 1.97% |
| 3 | BCRED Emerald JV LP | $1.54B | 1 | 1.91% |
| 4 | Guidehouse, Inc. | $1.25B | 1 | 1.56% |
| 5 | Inovalon Holdings, Inc. | $1.21B | 2 | 1.50% |
| 6 | Magnesium BorrowerCo, Inc. | $1.19B | 3 | 1.48% |
| 7 | Zendesk, Inc. | $1.13B | 2 | 1.40% |
| 8 | Tennessee Bidco, Limited | $1.01B | 9 | 1.26% |
| 9 | Loar Group, Inc. | $964M | 3 | 1.20% |
| 10 | Shelf Bidco, Ltd. | $931M | 1 | 1.16% |
| 11 | Unified Women's Healthcare, LP | $917M | 4 | 1.14% |
| 12 | Cambium Learning Group, Inc. | $899M | 1 | 1.12% |
| 13 | Mantech International, CP | $896M | 2 | 1.11% |
| 14 | JSS Holdings, Inc. | $881M | 3 | 1.09% |
| 15 | Auctane, Inc. | $845M | 2 | 1.05% |
| 16 | Caerus US 1, Inc. | $839M | 5 | 1.04% |
| 17 | Brave Parent Holdings, Inc. | $757M | 2 | 0.94% |
| 18 | West Monroe Partners, LLC | $726M | 3 | 0.90% |
| 19 | Snoopy Bidco, Inc. | $693M | 1 | 0.86% |
| 20 | Amerilife Holdings, LLC | $688M | 2 | 0.85% |
| 21 | Medallia, Inc. | $674M | 2 | 0.84% |
| 22 | Teneo Holdings, LLC | $668M | 3 | 0.83% |
| 23 | IEM New Sub 2, LLC | $641M | 1 | 0.80% |
| 24 | Anaplan, Inc. | $625M | 1 | 0.78% |
| 25 | Spaceship Purchaser, Inc. | $622M | 1 | 0.77% |
Management fee
1.3%annualIncentive fee
12.5%Hard hurdle with 100% catch-up hurdle · 5.0% hurdle| Class | Channel | Servicing | Distribution | Total ex-incentive |
|---|---|---|---|---|
| D | Fee-based broker-dealer / RIA with reduced placement fee | 0.3% | — | 1.5% |
| I | Institutional / RIA fee-based platforms | 0.0% | — | 1.3% |
| S | Retail / broker-dealer / wirehouse | 0.8% | — | 2.1% |
Management fee is charged on net assets as of the beginning of the first calendar day of the applicable month (1.25% annual; accrued monthly, settled quarterly in arrears).
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.
ASC-820 hierarchy · band width = share · hover to read
L1 $2.72M 0.0% · L2 $4.03B 5.0% · L3 $74.8B 93.0% · NAVexp $1.64B 2.0%
| Category | Ending | Activity | Coverage |
|---|---|---|---|
| Level 3 Investments | $74.8B | Ending balance only | Ending Balance Only |
NAV practical expedient · 1 observation · $80.5B fair value · 03/31/26
Non-accrual · cost
2.4%% of amortized cost · ▲ 1.8pt vs 12/31/25 · 03/31/26Non-accrual · fair value
1.4%% of fair value · 03/31/26Portfolio companies
695count as the fund reports · 03/31/26First lien
90.8%senior-secured share · 03/31/26Floating rate
99.7%floating-coupon share · 03/31/26PIK income
7.0%% of investment income · 03/31/26WA loan-to-value
46.5%weighted-avg borrower LTV · 03/31/26Asset coverage
227.5%BDC §18 asset-coverage · 03/31/26Portfolio EBITDA $274M · weighted average. Weighted-average borrower metrics are as the manager reported them; first-lien and floating-rate shares are of fair value.
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 (1,290 of 1,290 tranches linked). Fair value $80.5B vs holdings $80.5B at the same as-of.
Net unrealized
−$1.88BNet unrealized · % of cost
−2.3%Positions below cost
664 / 1,288Fair value below cost
36.7%Fair value $80.5B against amortized cost $82.4B across 1,288 marked positions — the discount carried in NAV (▼ 1.4pt vs 12/31/25). Below-cost positions hold $29.5B of fair value. Aggregated by AltHarbor from the filed schedule of investments, not a single disclosed line.
PIK at fair value
$10.4BPIK · % of net assets
23.0%PIK positions
103$10.4B of fair value sits in positions accruing payment-in-kind interest — 23.0% of net assets (▼ 2.0pt 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
$3.65BKnown instrument · % NAV
8.1%Coded positions
119 / 1,290| Instrument type | Positions | Fair value | % NAV |
|---|---|---|---|
| Uncoded / unknownunknown | 1,171 | $76.8B | 170.6% |
| EquityEC | 82 | $3.44B | 7.6% |
| LoanLON | 37 | $213M | 0.5% |
Known instrument codes total $3.65B (8.1% of net assets) (▼ 2.3pt 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 |
|---|---|---|---|
| Dropbox, Inc. | 2 | $1.60B | 3.6% |
| IRI Group Holdings, Inc. | 1 | $1.59B | 3.5% |
| BCRED Emerald JV LP | 1 | $1.54B | 3.4% |
| Guidehouse, Inc. | 1 | $1.25B | 2.8% |
| Inovalon Holdings, Inc. | 2 | $1.21B | 2.7% |
| Magnesium BorrowerCo, Inc. | 3 | $1.19B | 2.6% |
Total unfunded
$10.8Bgross forward-funding obligation · 03/31/26Borrowers
433names with an unfunded balance · 03/31/26433 portfolio borrowers · ties to the filing's disclosed aggregate within 0.00%.
| # | Borrower | Type | Unfunded | At discretion |
|---|---|---|---|---|
| 1 | Fern Bidco, Ltd. | Delayed-draw | $445M | — |
| 2 | Databricks, Inc. | Delayed-draw | $235M | — |
| 3 | EMB Purchaser, Inc. | Delayed-draw | $163M | — |
| 4 | Spaceship Purchaser, Inc. | Delayed-draw | $149M | — |
| 5 | Java Buyer, Inc. | Delayed-draw | $145M | — |
| 6 | IEM New Sub 2, LLC | Delayed-draw | $139M | — |
| 7 | Saber Parent Holdings Corp. | Delayed-draw | $138M | — |
| 8 | JSS Holdings, Inc. | Delayed-draw | $137M | — |
| 9 | Seahawk Bidco, LLC | Delayed-draw | $128M | — |
| 10 | Trinity Partners Holdings, LLC | Delayed-draw | $116M | — |
| 11 | Mantech International, CP | Revolver | $112M | — |
| 12 | IRI Group Holdings, Inc. | Revolver | $110M | — |
| 13 | Brilliance Technologies, Inc. | Delayed-draw | $109M | — |
| 14 | Unified Women's Healthcare, LP | Revolver | $102M | — |
| 15 | Cambium Learning Group, Inc. | Revolver | $102M | — |
| 16 | CyrusOne Revolving Warehouse | Revolver | $101M | — |
| 17 | Redwood Services Group, LLC | Delayed-draw | $101M | — |
| 18 | JSG II, Inc. | Delayed-draw | $97.9M | — |
| 19 | Zendesk, Inc. | Revolver | $97.7M | — |
| 20 | Signant Finance One, Ltd. | Delayed-draw | $95.2M | — |
| 21 | Kona Buyer, LLC | Delayed-draw | $90.8M | — |
| 22 | Axsome Therapeutics, Inc. | Delayed-draw | $90.4M | — |
| 23 | Accuity Delivery Systems, LLC | Delayed-draw | $88.7M | — |
| 24 | Octane Purchaser, Inc. | Delayed-draw | $88.1M | — |
| 25 | Victors Purchaser, LLC | Revolver | $84.8M | — |
top 10 = 25.4% of net assets · sum of filed position percents · 1,290 positions filed in total · ⊕ paid-in-kind · ⊘ in default
Fair value
$80.5B1,288 priced positionsAmortized cost
$82.4Baggregate cost basisNet unrealized
−$1.88B-2.29% of cost · derivedPositions in gain
584 / 66461.4% of FV in gainFloating coupon
99.4%of FV w/ stated basisMarked to model
100.0%Level III share of FVPosition-level marks rolled up from the filed schedule of investments: 1,288 of 1,290 positions carry an amortized cost, so the net unrealized mark is over that priced subset. Flagged: 103 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