Act IPulse
Changes: no material changes on record
Filled in full: 12 of 12 · demand stayed within the cap every window
Q4-25 · 0.58× 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 · 2 more beyond top 8 at 5.6% · 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 May 1 | |
| 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 22 |
Changes: no material changes on record
hover or touch the chart to scrub
every filing on record · one tick per filing · hue = type, height = rarity
all 34Shareholder report 11Imported record 10Semiannual shareholder report 8Portfolio holdings filing 2Prospectus supplement 1Registration statement 1Amended semiannual report 1
| Filed | Type | Accession |
|---|---|---|
| 05/22/26 · period 03/31/26 | NPORT-PPortfolio holdings filing | 0001049169-26-001104 ↗ |
| 04/25/26 | impImported record | |
| 04/01/26 | 424B3Prospectus supplement | 0001104659-26-038537 ↗ |
| 03/06/26 | N-CSRShareholder report | 0001104659-26-024607 ↗ |
| 03/06/26 · period 12/31/25 | N-CSRShareholder report | 0001104659-26-024607 ↗ |
| 02/27/26 · period 12/31/25 | NPORT-PPortfolio holdings filing | 0001049169-26-000654 ↗ |
| 09/05/25 · period 06/30/25 | N-CSRSSemiannual shareholder report | 0001104659-25-087822 ↗ |
| 03/06/25 · period 12/31/24 | N-CSRShareholder report | 0001104659-25-021413 ↗ |
| 09/05/24 · period 06/30/24 | N-CSRSSemiannual shareholder report | 0001104659-24-097289 ↗ |
| 03/08/24 · period 12/31/23 | N-CSRShareholder report | 0001104659-24-032297 ↗ |
| 09/01/23 · period 06/30/23 | N-CSRSSemiannual shareholder report | 0001104659-23-097704 ↗ |
| 05/01/23 | N-2Registration statement | 0001104659-23-053238 ↗ |
| 03/10/23 · period 12/31/22 | N-CSRShareholder report | 0001104659-23-031044 ↗ |
| 09/02/22 · period 06/30/22 | N-CSRSSemiannual shareholder report | 0001104659-22-097282 ↗ |
| 03/10/22 · period 12/31/21 | N-CSRShareholder report | 0001104659-22-032117 ↗ |
| 09/07/21 · period 06/30/21 | N-CSRSSemiannual shareholder report | 0001104659-21-113407 ↗ |
| 03/05/21 · period 12/31/20 | N-CSRShareholder report | 0001104659-21-032633 ↗ |
| 10/15/20 · period 06/30/20 | N-CSRS/AAmended semiannual report | 0001104659-20-115181 ↗ |
| 09/01/20 · period 06/30/20 | N-CSRSSemiannual shareholder report | 0001104659-20-101310 ↗ |
| 03/06/20 · period 12/31/19 | N-CSRShareholder report | 0001104659-20-030035 ↗ |
| 01/03/20 · period 10/31/19 | N-CSRShareholder report | 0001104659-20-000677 ↗ |
| 07/02/19 · period 04/30/19 | N-CSRSSemiannual shareholder report | 0001104659-19-038904 ↗ |
| 01/03/19 · period 10/31/18 | N-CSRShareholder report | 0001104659-19-000455 ↗ |
| 06/26/18 · period 04/30/18 | N-CSRSSemiannual shareholder report | 0001104659-18-042173 ↗ |
| 01/08/18 · period 10/31/17 | N-CSRShareholder report | 0001104659-18-001294 ↗ |
Derivative book not disclosed by this fund
PIK income
Not disclosed by this fund: watch list · non-accrual · 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 |
|---|---|---|---|---|---|
| Iinstitutional | $4.14B | 80.3% | Class I stated fees: management 1.3 percent1.25%+0.0% load | Institutional / fee-based | |
| Uretail | $678M | 13.1% | Class U stated fees: management 1.3 percent, distribution 0.8 percent2.00%+0.0% load | Fee-based wrap programs / RIAs | |
| U-2retail | $146M | 2.8% | Class U-2 stated fees: management 1.3 percent, servicing 0.3 percent, distribution 0.5 percent2.00%+2.5% load | Fee-based wrap programs / RIAs | |
| Aretail | $82.0M | 1.6% | Class A stated fees: management 1.3 percent, servicing 0.3 percent1.50%+5.8% load | Transactional brokerage | |
| Cretail | $61.3M | 1.2% | Class C stated fees: management 1.3 percent, servicing 0.3 percent, distribution 0.8 percent2.25%+0.0% load | Broker-dealer / retail | |
| Wretail | $34.4M | 0.7% | Class W stated fees: management 1.3 percent, distribution 0.5 percent1.75%+3.0% load | Brokerage / retail | |
| Lretail | $13.3M | 0.3% | Class L stated fees: management 1.3 percent, servicing 0.3 percent, distribution 0.3 percent1.75%+4.3% load | Brokerage / lower-load retail |
Total assets
$8.00BTotal liabilities
$2.84BNet assets
$5.16BAssets invested
$7.64BLiabilities / net assets
0.55×derivedTotal assets / net assets
1.55×derivedN-CSR Statement of Assets and Liabilities ($ thousands scaled). 1940-Act interval fund. net_assets ties stored Fund NAV.
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
Committed
$2.50Btotal facility commitments · 12/31/25Drawn
$2.68Boutstanding principal · 107.1% of committed · 12/31/25Undrawn capacity
$912Mavailable to draw · 12/31/25| Facility | Type | Committed | Drawn | Rate | Maturity | Seniority |
|---|---|---|---|---|---|---|
| Wells Credit Facility | spv facility | $1.80B | $1.14B | 6.3% | 05/30/30 | senior secured |
| State Street Credit Facility | Revolver | $300M | $244M | 6.4% | 07/31/26 | senior secured |
| BNP Credit Facility | spv facility | $400M | $200M | 5.9% | 07/31/28 | senior secured |
| Series K MRPS | other | — | $150M | 5.9% | 01/15/30 | preferred |
| Series L MRPS | other | — | $150M | 6.1% | 04/14/32 | preferred |
| Series C MRPS | other | — | $150M | 3.1% | 09/30/28 | preferred |
| Series H MRPS | other | — | $100M | 6.3% | 06/07/27 | preferred |
| Series B MRPS | other | — | $90.0M | 2.7% | 09/30/26 | preferred |
| Series F MRPS | other | — | $85.0M | 7.2% | 06/01/26 | preferred |
| Series E MRPS | other | — | $65.0M | 3.5% | 01/06/32 | preferred |
| Series G MRPS | other | — | $65.0M | 7.2% | 06/01/28 | preferred |
| Series A MRPS | other | — | $60.0M | 2.7% | 07/30/26 | preferred |
| Series D MRPS | other | — | $55.0M | 3.0% | 01/06/27 | preferred |
| Series J MRPS | other | — | $50.0M | 6.3% | 07/03/29 | preferred |
| Series I MRPS | other | — | $50.0M | 6.3% | 06/07/29 | preferred |
| Secured BorrowingsCAD | repo | — | $18.4M | 6.3% | — | other |
Last 4 distributions for Class I: 06/30/24 $1.1600, NII $1.1600, return of capital $0.0000; 12/31/24 $2.3300, NII $2.3300, return of capital $0.0000; 06/30/25 $1.0500, NII $1.0500, return of capital $0.0000; 12/31/25 $2.1300, NII $2.1300, 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 | $3.1800 | 100% | 0% | 0% | Low ROC |
| 2024 | $3.4900 | 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.
Cap: 5.0% sh. out./qtr (all windows) · All 12 windows filled in full
| Window | Req ÷ cap | Requested | Accepted | Price |
|---|---|---|---|---|
| Q4-25 | 0.58× | 5.8M sh | 5.8M sh | $25.34 |
| Q3-25 | 0.47× | 4.6M sh | 4.6M sh | $25.28 |
| Q2-25 | 0.55× | 5.1M sh | 5.1M sh | $24.75 |
| Q1-25 | 0.42× | 3.6M sh | 3.6M sh | $25.31 |
| Q4-24 | 0.53× | 4.4M sh | 4.4M sh | $25.40 |
| Q3-24 | 0.46× | 3.5M sh | 3.5M sh | $25.33 |
| Q2-24 | 0.60× | 4.2M sh | 4.2M sh | $25.28 |
| Q1-24 | 0.48× | 3.1M sh | 3.1M sh | $25.15 |
| Q4-23 | 0.49× | 2.9M sh | 2.9M sh | $24.84 |
| Q3-23 | 0.47× | 2.6M sh | 2.6M sh | $24.60 |
| Q2-23 | 0.61× | 3.2M sh | 3.2M sh | $24.34 |
| Q1-23 | 0.73× | 3.8M sh | 3.8M sh | $24.24 |
requested basis: shares tendered · rows expand (tap or e)
| Filed | Filing | Period / note |
|---|---|---|
| 05/22/26 | Portfolio holdings filing | 03/31/26 |
| 04/01/26 | Prospectus supplement | |
| 03/06/26 | Shareholder report | |
| 03/06/26 | Shareholder report | 12/31/25 |
| 02/27/26 | Portfolio holdings filing | 12/31/25 |
| 09/05/25 | Semiannual shareholder report | 06/30/25 |
| 03/06/25 | Shareholder report | 12/31/24 |
| 09/05/24 | Semiannual shareholder report | 06/30/24 |
| 03/08/24 | Shareholder report | 12/31/23 |
| 09/01/23 | Semiannual shareholder report | 06/30/23 |
| 05/01/23 | Registration statement | |
| 03/10/23 | Shareholder report | 12/31/22 |
| 09/02/22 | Semiannual shareholder report | 06/30/22 |
| 03/10/22 | Shareholder report | 12/31/21 |
| 09/07/21 | Semiannual shareholder report | 06/30/21 |
| 03/05/21 | Shareholder report | 12/31/20 |
| 10/15/20 | Amended semiannual report | 06/30/20 |
| 09/01/20 | Semiannual shareholder report | 06/30/20 |
| 03/06/20 | Shareholder report | 12/31/19 |
| 01/03/20 | Shareholder report | 10/31/19 |
| 07/02/19 | Semiannual shareholder report | 04/30/19 |
| 01/03/19 | Shareholder report | 10/31/18 |
| 06/26/18 | Semiannual shareholder report | 04/30/18 |
| 01/08/18 | Shareholder report | 10/31/17 |
ASC-820 hierarchy · band width = share · hover to read
L1 $1.64M 0.0% · L2 $1.62B 21.2% · L3 $6.01B 78.8% · NAVexp $0 0.0%
| Category | Ending | Activity | Coverage |
|---|---|---|---|
| Level 3 Investments | $6.01B | Ending balance only | Ending Balance Only |
NAV practical expedient · 1 observation · $7.64B fair value · 12/31/25
Distribution yield
8.5%annualized on NAV · 12/31/25Total return · I
7.5%NAV total return · annual · 12/31/25Net expense ratio
6.9%I · net of waivers · 12/31/25| Per share | A | C | I | L | U | U-2 | W |
|---|---|---|---|---|---|---|---|
| NAV · begin | $25.09 | $24.93 | $25.36 | $25.18 | $25.23 | $25.20 | $25.37 |
| Net investment income | $1.96 | $1.79 | $2.03 | $1.91 | $1.86 | $1.85 | $1.92 |
| Net realized gain/loss | — | — | — | — | — | — | — |
| Net unrealized gain/loss | −$0.17 | −$0.17 | −$0.17 | −$0.17 | −$0.17 | −$0.17 | −$0.17 |
| Distributions | −$2.03 | −$1.82 | −$2.13 | −$2.00 | −$1.93 | −$1.92 | −$2.01 |
| NAV · end | $24.85 | $24.73 | $25.09 | $24.92 | $24.99 | $24.96 | $25.11 |
| Total return | 7.3% | 6.7% | 7.5% | 7.2% | 6.9% | 6.9% | 7.1% |
| Expense ratio · net | 7.1% | 7.7% | 6.9% | 7.3% | 7.5% | 7.5% | 7.3% |
| Expense ratio · gross | 7.1% | 7.7% | 6.9% | 7.3% | 7.5% | 7.5% | 7.3% |
| NII ratio | 7.8% | 7.2% | 8.1% | 7.6% | 7.4% | 7.4% | 7.6% |
| Portfolio turnover | 30.1% | 30.1% | 30.1% | 30.1% | 30.1% | 30.1% | 30.1% |
| Total investment income | $710M |
| — of which PIK (non-cash) | $88.2M |
| Net investment income | $377M |
| Cash NII (NII − PIK) | $288M |
| Interest / debt expense | −$149M |
| Incentive fee · income | $66.0M |
| Fee waiver / expense support | — |
Cash NII is 76.6% 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 10 = 12.3% of net assets · sum of filed position percents · 2,534 positions filed in total · ⊕ paid-in-kind · ⊘ in default
Top issuer
1.0%largest single name · 03/31/26Top 10
9.4%top 10 issuers · ▲ 0.7pt vs 12/31/25 · 03/31/26Top 25
19.9%top 25 issuers · 03/31/26Herfindahl
33.5HHI over all issuers · ▲ 2.5pt vs 12/31/25 · 03/31/26Distinct issuers
1,124names in book · 03/31/26Co-investment
Not disclosedShares are of the $8.14B portfolio fair value; Herfindahl is Σ(issuer share%)² over all 1,124 issuers (derived from the schedule of investments).
| # | Issuer | Fair value | Positions | % portfolio |
|---|---|---|---|---|
| 1 | Pike Corporation | $85.4M | 3 | 1.05% |
| 2 | FEH Group, LLC. | $83.2M | 1 | 1.02% |
| 3 | Moderna, Inc. | $80.1M | 3 | 0.98% |
| 4 | Retained Vantage Data Centers Intermediate Holdco, L.P_Retained Vantage Data Centers Assets, LP | $76.6M | 2 | 0.94% |
| 5 | EMB Purchaser, Inc. | $75.6M | 4 | 0.93% |
| 6 | Reddy Ice LLC | $75.5M | 4 | 0.93% |
| 7 | Denali Intermediate Holdings, Inc. | $75.1M | 2 | 0.92% |
| 8 | Himalaya TopCo LLC | $72.6M | 5 | 0.89% |
| 9 | Oak Funding LLC | $71.2M | 2 | 0.87% |
| 10 | Global Music Rights, LLC | $70.8M | 2 | 0.87% |
| 11 | Adonis Bidco, Inc. | $70.7M | 3 | 0.87% |
| 12 | Spruce Bidco II Inc. | $70.5M | 4 | 0.87% |
| 13 | Enviva Inc. | $64.4M | 2 | 0.79% |
| 14 | Cloud Software Group, Inc. | $63.4M | 5 | 0.78% |
| 15 | Neptune BidCo US Inc. | $61.7M | 3 | 0.76% |
| 16 | eCapital Finance Corp. | $58.9M | 9 | 0.72% |
| 17 | Severin Acquisition, LLC | $58.2M | 3 | 0.72% |
| 18 | Eclipse Buyer, Inc. | $56.4M | 3 | 0.69% |
| 19 | Banyan Software Intermediate, Inc. | $53.7M | 3 | 0.66% |
| 20 | Mimecast Borrowerco, Inc. | $49.9M | 4 | 0.61% |
| 21 | Creek Parent, Inc. | $49.7M | 2 | 0.61% |
| 22 | Equinox Holdings, Inc. | $49.4M | 2 | 0.61% |
| 23 | Platinum Credit Bidco Limited | $48.8M | 2 | 0.60% |
| 24 | Netsmart Technologies, Inc. | $48.5M | 4 | 0.60% |
| 25 | Cambrex Corporation | $47.7M | 3 | 0.59% |
Management fee
1.3%annualIncentive fee
15.0%Soft hurdle with 100% catch-up hurdle · 6.0% hurdle| Class | Channel | Servicing | Distribution | Total ex-incentive |
|---|---|---|---|---|
| C | Broker-dealer / retail (1.00% CDSC if redeemed within 365 days) | 0.3% | 0.8% | 3.3% |
| I | Fee-based programs / institutional (no load, no servicing fee) | 0.0% | — | 2.3% |
| L | Broker-dealer / retail (4.25% front-end load) | 0.3% | 0.3% | 2.8% |
| U | Fee-based (wrap) programs / broker-dealers / RIAs | 0.0% | 0.8% | 3.1% |
| U-2 | Selected broker-dealers (2.50% front-end load) | 0.3% | 0.5% | 3.1% |
| W | Selected broker-dealers / RIAs (3.00% front-end load; $25,000 minimum) | 0.0% | 0.5% | 2.8% |
Management fee is charged on managed assets (total assets incl. leverage minus non-debt liabilities).
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.
Total unfunded
$959Mgross forward-funding obligation · 12/31/25Borrowers
634names with an unfunded balance · 12/31/25640 portfolio borrowers · ties to the filing's disclosed aggregate within 0.00%.
| # | Borrower | Type | Unfunded | At discretion |
|---|---|---|---|---|
| 1 | Retained Vantage Data Centers Intermediate Holdco, L.P_Retained Vantage Data Centers Assets, LP | Delayed-draw | $61.8M | — |
| 2 | Moderna, Inc. | Delayed-draw | $48.5M | — |
| 3 | Reddy Ice LLC | Delayed-draw | $26.0M | — |
| 4 | Oncourse Warehouse Borrower, LLC | Delayed-draw | $22.0M | — |
| 5 | Banyan Software Holdings, LLC | Delayed-draw | $15.7M | — |
| 6 | WPCG Aspire Holdings, LLC | Delayed-draw | $13.9M | — |
| 7 | Pike Corporation | Delayed-draw | $13.8M | — |
| 8 | Harbourvest Global Private Equity Limited | Revolver | $12.6M | — |
| 9 | Adonis Bidco, Inc. | Delayed-draw | $12.6M | — |
| 10 | Spruce Bidco II Inc. | Revolver | $11.7M | — |
| 11 | EMB Purchaser, Inc. | Delayed-draw | $10.4M | — |
| 12 | VetPartners Group Limited | Delayed-draw | $9.87M | — |
| 13 | Himalaya TopCo LLC | Revolver | $9.31M | — |
| 14 | Pike Corporation | Revolver | $9.17M | — |
| 15 | Himalaya TopCo LLC | Delayed-draw | $9.00M | — |
| 16 | Sun Acquirer Corp. | Delayed-draw | $8.77M | — |
| 17 | Creek Parent, Inc. | Revolver | $7.99M | — |
| 18 | BNZ TopCo B.V. | Delayed-draw | $7.91M | — |
| 19 | Eclipse Buyer, Inc. | Delayed-draw | $7.63M | — |
| 20 | Maximus BidCo AB | Delayed-draw | $7.45M | — |
| 21 | Denali Intermediate Holdings, Inc. | Revolver | $7.44M | — |
| 22 | Severin Acquisition, LLC | Delayed-draw | $7.24M | — |
| 23 | EMB Purchaser, Inc. | Revolver | $6.84M | — |
| 24 | Cambrex Corporation | Delayed-draw | $6.75M | — |
| 25 | HGC Holdings, LLC | Delayed-draw | $6.62M | — |
Asset coverage
487.8%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 (2,486 of 2,534 tranches linked). Fair value $7.17B vs holdings $7.17B at the same as-of.
PIK at fair value
$1.32BPIK · % of net assets
26.7%PIK positions
279$1.32B of fair value sits in positions accruing payment-in-kind interest — 26.7% of net assets (▲ 1.4pt 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
$7.17BKnown instrument · % NAV
145.7%Coded positions
2,534 / 2,534| Instrument type | Positions | Fair value | % NAV |
|---|---|---|---|
| LoanLON | 1,804 | $6.45B | 130.9% |
| Asset-backedABS-O | 188 | $480M | 9.7% |
| Preferred equityEP | 103 | $402M | 8.2% |
| EquityEC | 222 | $275M | 5.6% |
| CLO / CBOABS-CBDO | 84 | $172M | 3.5% |
| DebtDBT | 34 | $171M | 3.5% |
| Mortgage-backedABS-MBS | 27 | $100M | 2.0% |
| EquityDE | 24 | $34.9M | 0.7% |
| Rate hedgeDIR | 5 | $5.43M | 0.1% |
| Credit derivativeDCR | 3 | −$1.14M | −0.0% |
| FX hedgeDFE | 40 | −$913M | −18.5% |
Known instrument codes total $7.17B (145.7% of net assets) (▼ 3.7pt 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 |
|---|---|---|---|
| Pike Corporation | 3 | $85.4M | 1.7% |
| FEH Group, LLC. | 1 | $83.2M | 1.7% |
| Moderna, Inc. | 3 | $80.1M | 1.6% |
| Retained Vantage Data Centers Intermediate Holdco, L.P_Retained Vantage Data Centers Assets, LP | 2 | $76.6M | 1.6% |
| EMB Purchaser, Inc. | 4 | $75.6M | 1.5% |
| Reddy Ice LLC | 4 | $75.5M | 1.5% |
per-company % as filed — the percent basis varies by filer; fair value is the comparable figure