Act IPulse
Filled in full: 11 of 11 · demand stayed within the cap every window
Q1-26 · 1.00× requested ÷ capacity · within cap · 100% honored · click a window to replay it below
Last 30 distributions for Class I: 02/27/24 $0.2100, NII $0.2066, return of capital $0.0000; 02/27/24 $0.2100, NII $0.2066, return of capital $0.0000; 05/01/24 $0.2100, NII $0.2066, return of capital $0.0000; 05/01/24 $0.2100, NII $0.2066, return of capital $0.0000; 05/01/24 $0.2100, NII $0.2066, return of capital $0.0000; 08/08/24 $0.2100, NII $0.2066, return of capital $0.0000; 08/08/24 $0.2100, NII $0.2066, return of capital $0.0000; 08/08/24 $0.2100, NII $0.2066, return of capital $0.0000; 11/07/24 $0.2000, NII $0.1996, return of capital $0.0000; 11/07/24 $0.2100, NII $0.2096, return of capital $0.0000; 11/07/24 $0.2100, NII $0.2096, return of capital $0.0000; 11/07/24 $0.2000, NII $0.1996, return of capital $0.0000; 02/26/25 $0.1900, NII $0.1896, return of capital $0.0000; 02/26/25 $0.1900, NII $0.1896, return of capital $0.0000; 02/26/25 $0.1900, NII $0.1896, return of capital $0.0000; 02/26/25 $0.1900, NII $0.1896, return of capital $0.0000; 05/07/25 $0.1900, NII $0.1896, return of capital $0.0000; 05/07/25 $0.1900, NII $0.1896, return of capital $0.0000; 05/07/25 $0.1900, NII $0.1896, return of capital $0.0000; 08/06/25 $0.1900, NII $0.1896, return of capital $0.0000; 08/06/25 $0.1900, NII $0.1896, return of capital $0.0000; 08/06/25 $0.1900, NII $0.1896, return of capital $0.0000; 11/05/25 $0.1850, components not disclosed; 11/05/25 $0.1850, components not disclosed; 11/05/25 $0.1900, components not disclosed; 02/25/26 $0.1850, components not disclosed; 02/25/26 $0.1850, components not disclosed; 02/25/26 $0.1850, components not disclosed; 02/25/26 $0.1850, components not disclosed; 02/25/26 $0.1850, 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 | $2.7200 | 100% | 0% | 0% | Low ROC |
| 2024 | $2.3100 | 98% | 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 · 40 more beyond top 8 at 40.8% · 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 Mar 3 | |
| Tender record → | Disclosed | Amended tender offer · filed Apr 6 | |
| Per-class economics → | Disclosed | Prospectus supplement · filed Apr 2 | |
| Distribution composition → | Disclosed | Annual report · filed Mar 3 | |
| Fair-value hierarchy → | Disclosed | Quarterly report · filed May 12 | |
| Unobservable inputs → | Not yet covered by AltHarbor | — | |
| Credit measures → | Disclosed | Imported record · filed Apr 22 | |
| Portfolio composition → | Disclosed | Quarterly report · filed May 12 |
Non-accrual
PIK income
Interest coverage
Net leverage
Debt / equity
Not disclosed by this fund: watch list · ttm realized losses
hover or touch the chart to scrub
every filing on record · one tick per filing · hue = type, height = rarity
all 109Current report 64Tender offer filing 12Amended tender offer 11Quarterly report 9Imported record 8Annual report 3Prospectus supplement 2
| Filed | Type | Accession |
|---|---|---|
| 05/26/26 · period 05/22/26 | 8-KCurrent report | 0001193125-26-237408 ↗ |
| 04/27/26 | 8-KCurrent report | 0001193125-26-182433 ↗ |
| 04/23/26 · period 04/17/26 | 8-KCurrent report | 0001193125-26-171147 ↗ |
| 04/21/26 | 8-KCurrent report | 0001193125-26-166760 ↗ |
| 04/15/26 · period 04/14/26 | 8-KCurrent report | 0001193125-26-157093 ↗ |
| 04/03/26 · period 04/02/26 | 8-KCurrent report | 0001193125-26-142364 ↗ |
| 03/17/26 · period 03/15/26 | 8-KCurrent report | 0001193125-26-110902 ↗ |
| 02/26/26 · period 02/25/26 | 8-KCurrent report | 0001193125-26-072697 ↗ |
| 02/26/26 | 8-KCurrent report | 0001193125-26-077433 ↗ |
| 02/23/26 | 8-KCurrent report | 0001193125-26-064390 ↗ |
| 02/19/26 · period 02/18/26 | 8-KCurrent report | 0001193125-26-057805 ↗ |
| 02/17/26 | 8-KCurrent report | 0001193125-26-053316 ↗ |
| 02/03/26 · period 01/29/26 | 8-KCurrent report | 0001193125-26-035645 ↗ |
| 01/23/26 | 8-KCurrent report | 0001193125-26-021228 ↗ |
| 01/07/26 | 8-KCurrent report | 0001193125-26-006347 ↗ |
| 12/22/25 · period 12/17/25 | 8-KCurrent report | 0001193125-25-328810 ↗ |
| 12/16/25 | 8-KCurrent report | 0001193125-25-320888 ↗ |
| 12/09/25 | 8-KCurrent report | 0001193125-25-312960 ↗ |
| 11/28/25 | 8-KCurrent report | 0001193125-25-302611 ↗ |
| 11/24/25 | 8-KCurrent report | 0001193125-25-293704 ↗ |
| 11/20/25 · period 11/19/25 | 8-KCurrent report | 0001193125-25-288456 ↗ |
| 11/03/25 · period 10/30/25 | 8-KCurrent report | 0001193125-25-262599 ↗ |
| 10/29/25 · period 10/24/25 | 8-KCurrent report | 0001193125-25-256363 ↗ |
| 10/23/25 | 8-KCurrent report | 0001193125-25-248880 ↗ |
| 10/17/25 | 8-KCurrent report | 0001193125-25-242516 ↗ |
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 | Class I stated fees: management 1.3 percent1.25%+3.5% load | Institutional / advisory / private wealth | |||
| Sretail | Class S stated fees: management 1.3 percent, servicing 0.8 percent2.10%+3.5% load | Brokerage / transaction-based accounts | |||
| Dretail | Class D stated fees: management 1.3 percent, servicing 0.3 percent1.50%+1.5% load | Fee-based intermediary / RIA |
NAV/share $24.99 · as of 12/31/25 · all classes
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
Cap: 5.0% sh. out./qtr (all windows) · 10 of 11 windows filled in full · 1 prorated
| Window | Req ÷ cap | Requested | Accepted | Price |
|---|---|---|---|---|
| Q1-26 | 1.00× | 17.3M sh | 17.3M sh | Not disclosed |
| Q4-25 | 0.71× | 11.3M sh | 11.3M sh | $24.99 |
| Q3-25 | 0.26× | 3.7M sh | 3.7M sh | $25.04 |
| Q2-25 | 0.46× | 5.6M sh | 5.6M sh | $25.07 |
| Q1-25 | 0.27× | 2.7M sh | 2.7M sh | $25.11 |
| Q4-24 | 0.13× | 1.0M sh | 1.0M sh | $25.22 |
| Q3-24 | 0.18× | 1.1M sh | 1.1M sh | $25.29 |
| Q2-24 | 0.11× | 513.5K sh | 513.5K sh | $25.31 |
| Q1-24 | 0.00× | 15.6K sh | 15.6K sh | $25.32 |
| Q4-23 | 0.00× | 0 sh | 0 sh | Not disclosed |
| Q3-23 | 0.00× | 0 sh | 0 sh | Not disclosed |
requested basis: shares tendered · rows expand (tap or e)
Windows observed: 11 · median open-to-pricing 36d · derived from filed window dates
Total assets
$17.5BTotal liabilities
$8.34BNet assets
$9.18BAssets invested
$16.5BLiabilities / net assets
0.91×derivedTotal assets / net assets
1.91×derived10-Q SOAL ($ thousands scaled). BDC. net_assets ties stored Fund NAV; assets_invested from investments at fair value.
Total notional
$3.00Ball instruments · 03/31/26Rate-swap notional
$3.00Binterest-rate swaps · 03/31/26FX notional
$0FX forwards / swaps · 03/31/26Net fair value
−$20.9Massets − liabilities · ties to balance sheet · 03/31/266 contracts · derivative assets $0 · liabilities −$20.9M. Notional is gross face, not market exposure.
| Instrument | Notional | Pay / receive | Fair value | Maturity | Counterparty |
|---|---|---|---|---|---|
| Interest-rate swap | $700M | SOFR+1.72% / 5.05% | −$4.62M | 02/23/28 | BNP Paribas |
| Interest-rate swap | $600M | SOFR+2.71% / 6.25% | −$2.82M | 04/06/30 | Bank of America, N.A. |
| Interest-rate swap | $500M | SOFR+2.41% / 5.88% | −$4.81M | 12/31/30 | BNP Paribas |
| Interest-rate swap | $400M | SOFR+2.46% / 5.88% | −$4.45M | 12/31/30 | BNP Paribas |
| Interest-rate swap | $400M | SOFR+2.00% / 5.38% | −$2.77M | 12/31/28 | Bank of America, N.A. |
| Interest-rate swap | $400M | SOFR+2.37% / 5.88% | −$1.45M | 04/06/28 | Bank of America, N.A. |
| Filed | Filing | Period / note |
|---|---|---|
| 05/26/26 | Tender offer filing | |
| 05/26/26 | Current report | 05/22/26 |
| 05/12/26 | Quarterly report | 03/31/26 |
| 05/05/26 | Prospectus supplement | |
| 04/27/26 | Current report | GSPCC disclosed an unregistered equity sale / capital raise in its 2026-04-27 8-K. |
| 04/23/26 | Current report | 04/17/26 |
| 04/21/26 | Current report | GSPCC disclosed a debt financing or notes offering in its 2026-04-21 8-K. |
| 04/15/26 | Current report | 04/14/26 |
| 04/06/26 | Amended tender offer | Q1 2026: Goldman Sachs Private Credit Corp reported redemption requests of exactly 4.999% of shares outstanding — the ONLY major non-traded BDC peer whose tender did not trigger the 5% cap. Fund attributed resilience to >80% institutional investor composition across the GSAM broader private credit platform. Generated $823M from portfolio repayments in Q1 (vs. $669M in Q4 2025), providing ample liquidity. Fund stated in shareholder letter: 'We are the only non-traded BDC in the peer group whose repurchase requests came in below the standard 5% quarterly cap.' |
Committed
$8.54Btotal facility commitments · 12/31/25Drawn
$7.06Boutstanding principal · 82.8% of committed · 12/31/25Undrawn capacity
$1.47Bavailable to draw · 12/31/25| Facility | Type | Committed | Drawn | Rate | Maturity | Seniority |
|---|---|---|---|---|---|---|
| Truist Revolving Credit Facility | Revolver | $3.27B | $2.86B | SOFR + 190bp | 06/14/30 | first lien secured |
| MS Revolving Credit Facility (GSCR Mott Street) | spv facility | $2.00B | $1.19B | SOFR + 180bp | 08/09/30 | first lien secured (non-recourse SPV) |
| BNPP Revolving Credit Facility (SPV Public I) | spv facility | $1.10B | $850M | SOFR + 162bp | 01/31/28 | first lien secured (non-recourse SPV) |
| 2029 Notes (5.375% unsecured notes due 2029) | Unsecured notes | $660M | $660M | 5.4% | 01/31/29 |
| 04/03/26 | Current report | 04/02/26 |
| 04/02/26 | Prospectus supplement | GSPCC disclosed an unregistered equity sale / capital raise in its 2026-04-03 8-K. |
| 03/17/26 | Current report | 03/15/26 |
| 03/03/26 | Annual report | 12/31/25 |
| 03/02/26 | Tender offer filing |
| 02/26/26 | Current report | 02/25/26 |
| 02/26/26 | Current report | 02/26/26 |
| 02/23/26 | Current report | GSPCC disclosed a debt financing or notes offering in its 2026-02-23 8-K. |
| 02/19/26 | Current report | 02/18/26 |
| 02/17/26 | Current report | GSPCC disclosed an unregistered equity sale / capital raise in its 2026-02-17 8-K. |
| 02/03/26 | Amended tender offer | 12/31/25 |
| 02/03/26 | Current report | 01/29/26 |
| 01/23/26 | Current report | GSPCC disclosed an unregistered equity sale / capital raise in its 2026-01-23 8-K. |
| 01/07/26 | Current report | GSPCC disclosed an unregistered equity sale / capital raise in its 2026-01-07 8-K. |
| 12/22/25 | Current report | 12/17/25 |
| 12/16/25 | Current report | GSPCC disclosed a debt financing or notes offering in its 2025-12-16 8-K. |
| 12/09/25 | Current report | GSPCC disclosed a debt financing or notes offering in its 2025-12-09 8-K. |
| 12/02/25 | Tender offer filing |
| 11/28/25 | Current report | GSPCC disclosed an unregistered equity sale / capital raise in its 2025-11-28 8-K. |
| 11/24/25 | Current report | GSPCC disclosed a debt financing or notes offering in its 2025-11-24 8-K. |
| 11/20/25 | Current report | 11/19/25 |
| 11/12/25 | Quarterly report | 09/30/25 |
| 11/03/25 | Current report | 10/30/25 |
| 10/31/25 | Amended tender offer | 09/30/25 |
| 10/29/25 | Current report | 10/24/25 |
| 10/23/25 | Current report | GSPCC disclosed an unregistered equity sale / capital raise in its 2025-10-23 8-K. |
| 10/17/25 | Current report | GSPCC disclosed a debt financing or notes offering in its 2025-10-17 8-K. |
| 10/14/25 | Current report | GSPCC disclosed a portfolio acquisition/investment event in its 2025-10-14 8-K. |
| 10/09/25 | Current report | GSPCC disclosed a debt financing or notes offering in its 2025-10-09 8-K. |
| 09/29/25 | Current report | GSPCC disclosed an unregistered equity sale / capital raise in its 2025-09-29 8-K. |
| 08/25/25 | Tender offer filing |
| 08/21/25 | Current report | 08/20/25 |
| 08/12/25 | Quarterly report | 06/30/25 |
| 07/29/25 | Amended tender offer | 06/30/25 |
| 07/21/25 | Current report | 07/15/25 |
| 07/18/25 | Current report | GSPCC disclosed an unregistered equity sale / capital raise in its 2025-07-18 8-K. |
| 07/11/25 | Current report | On July 11, 2025, Goldman Sachs Private Credit Corp. entered into an Agreement and Plan of Merger with Goldman Sachs Middle Market Lending Corp. II (MMLC II), with GSPCC as the surviving entity; MMLC II shareholders receive cash equal to closing MMLC II NAV per share. Both boards (including all independent directors) approved on recommendation of separate Special Committees. Closing anticipated Q4 2025, subject to MMLC II shareholder approval and regulatory conditions; termination right if not closed by March 24, 2026. |
| 06/27/25 | Current report | 06/24/25 |
| 06/20/25 | Current report | 06/16/25 |
| 06/18/25 | Current report | 06/12/25 |
| 05/30/25 | Current report | 05/23/25 |
Showing the latest 50 of 101 — the complete filing index is above.
| unsecured |
| 2030 Notes (6.250% unsecured notes due 2030) | Unsecured notes | $600M | $600M | 6.3% | 05/06/30 | unsecured |
| 2031 Notes (5.875% unsecured notes due 2031) | Unsecured notes | $500M | $500M | 5.9% | 01/31/31 | unsecured |
| 2028 Notes (5.875% unsecured notes due 2028) | Unsecured notes | $400M | $400M | 5.9% | 05/06/28 | unsecured |
Management fee
1.3%annual · on navIncentive fee
12.5%Quarterly 1.25% hurdle with catch-up (5% annualized) hurdle · 5.0% hurdleThe two-part incentive-fee mechanics (lookback / per-class expense caps & recapture) are not yet surfaced — they need a dedicated terms table still in the schema queue.
Top issuer
3.0%largest single name · 03/31/26Top 10
17.1%top 10 issuers · ▲ 0.9pt vs 12/31/25 · 03/31/26Top 25
33.3%top 25 issuers · 03/31/26Herfindahl
77.5HHI over all issuers · ▲ 4.1pt vs 12/31/25 · 03/31/26Distinct issuers
349names in book · 03/31/26Co-investment
Not disclosedShares are of the $16.5B portfolio fair value; Herfindahl is Σ(issuer share%)² over all 349 issuers (derived from the schedule of investments).
| # | Issuer | Fair value | Positions | % portfolio |
|---|---|---|---|---|
| 1 | United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% North Star Acquisitionco, LLC (dba Everway) | $493M | 9 | 2.99% |
| 2 | United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Curriculum Associates, LLC | $354M | 2 | 2.15% |
| 3 | United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Packaging Coordinators Midco, Inc. (dba PCI Pharma) | $300M | 3 | 1.82% |
| 4 | United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Frontline Road Safety Operations, LLC | $299M | 5 | 1.82% |
| 5 | United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Netsmart Technologies, Inc. | $243M | 2 | 1.48% |
| 6 | United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% One, Inc. Software Corporation | $242M | 1 | 1.47% |
| 7 | United States - 161.1% 2nd Lien/Senior Secured Debt-3.6% VB-S1 ISSUER, LLC (dba Vertical Bridge) | $225M | 1 | 1.37% |
| 8 | United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Jeppesen Holdings, LLC | $224M | 1 | 1.36% |
| 9 | United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Pearl Acquisition Buyer, Inc. (dba Alliance Technical Group) | $216M | 2 | 1.32% |
| 10 | United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Blazing Star Shields Direct Parent, LLC (dba Shields Health Solutions) | $213M | 1 | 1.29% |
| 11 | United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Computer Services, Inc. | $208M | 1 | 1.26% |
| 12 | United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Pike Corporation | $208M | 1 | 1.26% |
| 13 | United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% AAG KP Borrower LLC (dba KUIU) | $199M | 2 | 1.21% |
| 14 | United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% NCWS Intermediate, Inc. (dba National Carwash Solutions) | $197M | 3 | 1.20% |
| 15 | United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Kryptona Bidco US, LLC (dba Kyriba) | $192M | 4 | 1.17% |
| 16 | Australia - 4.1% 1st Lien/Senior Secured Debt - 4.1% DBG Consolidated Holdings Pty Ltd (dba Arrotex Pharmaceuticals) | $186M | 2 | 1.13% |
| 17 | United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Eagle Family Foods Group LLC | $178M | 1 | 1.08% |
| 18 | United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Priority Holdings, LLC (dba Priority Payment) | $177M | 1 | 1.08% |
| 19 | United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Rotation Buyer, LLC (dba Rotating Machinery Services) | $176M | 3 | 1.07% |
| 20 | United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Fullsteam Operations LLC | $175M | 1 | 1.06% |
| 21 | United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Paris US Holdco, Inc. (dba Precinmac) | $170M | 2 | 1.03% |
| 22 | United Kingdom - 4.5% 1st Lien/Senior Secured Debt - 4.2% Consilio Midco Limited (dba Cyncly) | $161M | 4 | 0.98% |
| 23 | United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Recorded Books Inc. (dba RBMedia) | $150M | 3 | 0.91% |
| 24 | United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Tropical Bidco, LLC (dba Tropical Cheese) | $149M | 1 | 0.91% |
| 25 | Australia - 4.1% 1st Lien/Senior Secured Debt - 4.1% Pacific Group Bidco Pty Ltd (dba Magentus) | $143M | 3 | 0.87% |
ASC-820 hierarchy · band width = share · hover to read
L1 $0 0.0% · L2 $3.25B 19.7% · L3 $13.3B 80.3% · NAVexp $0 0.0%
Unobservable-input ranges: not disclosed in latest annual filing
| Category | Ending | Activity | Coverage |
|---|---|---|---|
| Level 3 Investments | $13.3B | Ending balance only | Ending Balance Only |
NAV practical expedient · 1 observation · $16.5B fair value · 03/31/26
WA yield · to cost
8.4%weighted-avg, amortized cost · flat vs 12/31/25 · 03/31/26WA yield · to fair value
8.6%weighted-avg, fair value · 03/31/26Total return · I
0.8%NAV total return · interim · 03/31/26Net expense ratio
7.1%I · net of waivers · 03/31/26| Per share | D | I | S |
|---|---|---|---|
| NAV · begin | — | — | — |
| Net investment income | $0.20 | $0.59 | $0.35 |
| Net realized gain/loss | — | — | — |
| Net unrealized gain/loss | −$0.12 | −$0.40 | −$0.32 |
| Distributions | — | — | — |
| NAV · end | — | — | — |
| Total return | 0.3% | 0.8% | 0.1% |
| Expense ratio · net | 7.6% | 7.1% | 8.1% |
| Expense ratio · gross | — | — | — |
| NII ratio | 7.9% | 8.4% | 7.4% |
| Portfolio turnover | 7.0% | 7.0% | 7.0% |
| As of | Yield to cost | Yield to fair value | Distribution yield |
|---|---|---|---|
| 03/31/26 | 8.4% | 8.6% | — |
| 12/31/25 | 8.4% | 8.5% | — |
| 09/30/25 | 8.8% | 8.9% | — |
| 06/30/25 | 9.1% | 9.2% | — |
| 03/31/25 | 9.3% | 9.4% | — |
| 12/31/24 | 9.5% | 9.5% | — |
| 09/30/24 | 10.3% | 10.2% | — |
| 06/30/24 | 11.1% | 10.9% | — |
| 03/31/24 | 11.6% | 11.4% | — |
| 12/31/23 | 12.0% | 12.0% | — |
| 09/30/23 | 12.1% | 12.1% | — |
| 06/30/23 | 12.6% | 12.6% | — |
| Total investment income | $364M |
| — of which PIK (non-cash) | — |
| Net investment income | $221M |
| Cash NII (NII − PIK) | — |
| Interest / debt expense | −$107M |
| Incentive fee · income | — |
| Fee waiver / expense support | −$27.2M |
Non-accrual · cost
0.2%% of amortized cost · flat vs 12/31/25 · 03/31/26Non-accrual · fair value
0.1%% of fair value · 03/31/26Portfolio companies
187count as the fund reports · 03/31/26First lien
96.5%senior-secured share · 03/31/26Floating rate
97.4%floating-coupon share · 03/31/26PIK income
3.1%% of investment income · 03/31/26WA loan-to-value
43.9%weighted-avg borrower LTV · 03/31/26WA net leverage
6.00×weighted-avg borrower net debt / EBITDA · 03/31/26WA interest coverage
2.00×weighted-avg EBITDA / interest · 03/31/26Asset coverage
220.0%BDC §18 asset-coverage · 03/31/26Portfolio EBITDA $105M · median. Weighted-average borrower metrics are as the manager reported them; first-lien and floating-rate shares are of fair value.
Net leverage
6.00×net debt / equity · 04/22/26Debt / equity
0.82×total debt / net assets · 04/22/26Interest coverage
2.00×fund-level EBITDA / interest · 04/22/26| Grade | Share of fair value | % FV | Fair value |
|---|---|---|---|
| 1of 4 | 0.0% | $0 | |
| 2of 4 | 99.4% | $16.4B | |
| 3of 4 | 0.5% | $83.8M | |
| 4of 4 | 0.1% | $13.9M |
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 (761 of 761 tranches linked). Fair value $16.4B vs holdings $16.4B at the same as-of.
Net unrealized
−$154MNet unrealized · % of cost
−0.9%Positions below cost
575 / 745Fair value below cost
74.0%Fair value $16.4B against amortized cost $16.6B across 745 marked positions — the discount carried in NAV (▼ 0.8pt vs 12/31/25). Below-cost positions hold $12.2B of fair value. Aggregated by AltHarbor from the filed schedule of investments, not a single disclosed line.
PIK at fair value
$1.58BPIK · % of net assets
17.2%PIK positions
51$1.58B of fair value sits in positions accruing payment-in-kind interest — 17.2% of net assets (▼ 0.8pt 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
$16.4BKnown instrument · % NAV
179.1%Coded positions
761 / 761| Instrument type |
|---|
| Positions |
|---|
| Fair value |
|---|
| % NAV |
|---|
| LoanLON | 761 | $16.4B | 179.1% |
Known instrument codes total $16.4B (179.1% of net assets) (▼ 1.6pt 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 |
|---|---|---|---|
| Envero Midco 2 LLC (dba Sun World) | 3 | — | — |
| United States - 161.1% 2nd Lien/Senior Secured Debt-3.6% Tiger Acquisition, LLC (dba Sabre Industries) | 1 | — | — |
| Advanced Cooling Technologies, Inc. | 2 | — | — |
| Unit4 Group Holding B.V. | 3 | — | — |
| Burgess Pigment Co. | 2 | — | — |
| Auctane, Inc. | 1 | — | — |
Total unfunded
$5.06Bgross forward-funding obligation · 03/31/26Borrowers
169names with an unfunded balance · 03/31/26169 portfolio borrowers · ties to the filing's disclosed aggregate within 0.00%.
| # | Borrower | Type | Unfunded | At discretion |
|---|---|---|---|---|
| 1 | Clearwater Analytics, LLC | Revolver / DDTL | $759M | — |
| 2 | Burgess Pigment Co. | Revolver / DDTL | $237M | — |
| 3 | Onward AcquireCo, Inc. (dba OneStream) | Revolver / DDTL | $232M | — |
| 4 | Auctane, Inc. | Revolver / DDTL | $190M | — |
| 5 | Tiger Acquisition, LLC (dba Sabre Industries) | Revolver / DDTL | $155M | — |
| 6 | Summit Buyer, LLC (dba Classic Collision) | Revolver / DDTL | $142M | — |
| 7 | Apple AU Finco Pty Ltd (dba Aspen Pharmacare) | Revolver / DDTL | $121M | — |
| 8 | Corinthia Bidco Limited (dba Walkers) | Revolver / DDTL | $119M | — |
| 9 | Unit4 Group Holding B.V. | Revolver / DDTL | $116M | — |
| 10 | Packaging Coordinators Midco, Inc. (dba PCI Pharma) | Revolver / DDTL | $107M | — |
| 11 | Pearl Acquisition Buyer, Inc. (dba Alliance Technical Group) | Revolver / DDTL | $93.7M | — |
| 12 | Octane Purchaser, Inc. (dba Office Ally) | Revolver / DDTL | $93.3M | — |
| 13 | Fullsteam Operations LLC | Revolver / DDTL | $78.8M | — |
| 14 | AQ Sunshine, Inc. (dba Relation Insurance) | Revolver / DDTL | $76.3M | — |
| 15 | Pike Corporation | Revolver / DDTL | $75.8M | — |
| 16 | eShipping, LLC | Revolver / DDTL | $69.8M | — |
| 17 | CI (Quercus) Intermediate Holdings, LLC (dba SavATree) | Revolver / DDTL | $69.7M | — |
| 18 | Atwell, LLC | Revolver / DDTL | $68.1M | — |
| 19 | Curriculum Associates, LLC | Revolver / DDTL | $67.5M | — |
| 20 | One, Inc. Software Corporation | Revolver / DDTL | $66.2M | — |
| 21 | Paris US Holdco, Inc. (dba Precinmac) | Revolver / DDTL | $64.8M | — |
| 22 | Edition Holdings, Inc. (dba Enverus) | Revolver / DDTL | $63.2M | — |
| 23 | Envero Midco 2 LLC (dba Sun World) | Revolver / DDTL | $57.2M | — |
| 24 | Frontline Road Safety Operations, LLC | Revolver / DDTL | $53.7M | — |
| 25 | Zeppelin US Buyer Inc. (dba Global Critical Logistics) | Revolver / DDTL | $51.5M | — |
top 10 = 25.4% of net assets · sum of filed position percents · 761 positions filed in total · ⊕ paid-in-kind · ⊘ in default
Fair value
$16.4B745 priced positionsAmortized cost
$16.6Baggregate cost basisNet unrealized
−$154M-0.93% of cost · derivedPositions in gain
144 / 57524.5% of FV in gainFloating coupon
97.4%of FV w/ stated basisPosition-level marks rolled up from the filed schedule of investments: 745 of 761 positions carry an amortized cost, so the net unrealized mark is over that priced subset. Flagged: 51 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