Act IPulse
15 of 16 filled in full · 1 of 16 window drew demand above the cap — still honored
Q1-26 · 1.85× requested ÷ capacity · exceeded cap · 54% honored · click a window to replay it below
Last 30 distributions for Class I: 12/29/23 $0.2150, NII $0.2150, return of capital $0.0000; 01/30/24 $0.2150, NII $0.2150, return of capital $0.0000; 02/29/24 $0.2150, NII $0.2150, return of capital $0.0000; 03/26/24 $0.2150, NII $0.2150, return of capital $0.0000; 04/25/24 $0.2150, NII $0.2150, return of capital $0.0000; 05/31/24 $0.2150, NII $0.2150, return of capital $0.0000; 06/26/24 $0.2150, NII $0.2150, return of capital $0.0000; 07/26/24 $0.2150, NII $0.2150, return of capital $0.0000; 08/27/24 $0.2150, NII $0.2150, return of capital $0.0000; 09/26/24 $0.2150, NII $0.2150, return of capital $0.0000; 10/23/24 $0.2150, NII $0.2150, return of capital $0.0000; 11/27/24 $0.2150, NII $0.2150, return of capital $0.0000; 12/23/24 $0.2150, NII $0.2150, return of capital $0.0000; 01/29/25 $0.2150, NII $0.2150, return of capital $0.0000; 02/26/25 $0.2150, NII $0.2150, return of capital $0.0000; 03/27/25 $0.2150, NII $0.2150, return of capital $0.0000; 04/25/25 $0.2150, NII $0.2150, return of capital $0.0000; 05/27/25 $0.2150, NII $0.2150, return of capital $0.0000; 06/24/25 $0.2150, NII $0.2150, return of capital $0.0000; 07/23/25 $0.2150, NII $0.2150, return of capital $0.0000; 08/26/25 $0.2150, NII $0.2150, return of capital $0.0000; 09/24/25 $0.2150, NII $0.2150, return of capital $0.0000; 10/27/25 $0.2150, NII $0.2150, return of capital $0.0000; 11/26/25 $0.2150, NII $0.2150, return of capital $0.0000; 12/24/25 $0.2150, components not disclosed; 01/27/26 $0.2150, components not disclosed; 02/27/26 $0.2150, components not disclosed; 03/26/26 $0.2100, components not disclosed; 04/24/26 $0.2070, components not disclosed; 05/27/26 $0.2040, 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 | $2.5800 | 100% | 0% | 0% | Low ROC |
| 2024 | $2.5800 | 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 · 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 Apr 24 | |
| Tender record → | Disclosed | Amended tender offer · filed May 1 | |
| Per-class economics → | Disclosed | Annual report · filed Mar 20 | |
| Distribution composition → | Disclosed | Annual report · filed Mar 20 | |
| Fair-value hierarchy → | Disclosed | Quarterly report · filed May 11 | |
| Unobservable inputs → | Not yet covered by AltHarbor | — | |
| Credit measures → | Disclosed | Quarterly report · filed May 11 | |
| Portfolio composition → | Disclosed | Quarterly report · filed May 11 |
Non-accrual
PIK income
Debt / equity
Not disclosed by this fund: watch list · interest coverage · net leverage · ttm realized losses
hover or touch the chart to scrub
Cap: 5.0% sh. out./qtr (all windows) · 12 of 16 windows filled in full · 4 prorated · 1 gated
| Window | Req ÷ cap | Requested | Accepted | Price |
|---|---|---|---|---|
| Q1-26⊘accepted 54.0% of shares requested, requests exceeded the stated cap | 1.85× | 45.6M sh | 24.6M sh | $24.79 |
| Q4-25 | 0.82× | 18.9M sh | 18.9M sh | $25.22 |
| Q3-25 | 0.33× | 7.0M sh | 7.0M sh | $25.27 |
| Q2-25 | 0.39× | 7.4M sh | 7.4M sh | $25.22 |
| Q1-25 | 0.48× | 8.3M sh | 8.3M sh | $25.47 |
| Q4-24 | 0.28× | 4.3M sh | 4.3M sh | $25.59 |
| Q3-24 | 0.13× | 1.8M sh | 1.8M sh | $25.56 |
| Q2-24 | 0.18× | 2.2M sh | 2.2M sh | $25.52 |
| Q1-24 | 0.23× | 2.3M sh | 2.3M sh | $25.36 |
| Q4-23 | 0.28× | 2.6M sh | 2.6M sh | $25.06 |
| Q3-23 | 0.17× | 1.4M sh | 1.4M sh | $25.11 |
| Q2-23 | 0.53× | 4.0M sh | 4.0M sh | $24.72 |
| Q1-23 | 0.15× | 1.1M sh | 1.1M sh | $24.40 |
| Q4-22 | 0.06× | 419.2K sh | 419.2K sh | $23.88 |
| Q3-22 | 0.01× | 38.7K sh | 38.7K sh | $24.21 |
| Q2-22 | 0.02× | 41.1K sh | 41.1K sh | $24.32 |
⊘ = requests exceeded the stated cap · fill bars on prorated windows only · requested basis: shares tendered · rows expand (tap or e)
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 |
|---|---|---|---|---|---|
| Frestricted | $5.63B | 45.3% | Class F stated fees: management 1.3 percent, servicing 0.5 percent1.75%+2.0% load | $2,500 | Founding Distributor / fee-based wirehouse |
| Iinstitutional | $4.86B | 39.0% | Class I stated fees: management 1.3 percent1.25%+2.0% load | $1,000,000 | Institutional / fee-based programs |
| Dretail | $1.14B | 9.2% | Class D stated fees: management 1.3 percent, servicing 0.3 percent1.50%+2.0% load | $2,500 | Fee-based intermediary / RIA |
| Sretail | $814M | 6.5% | Class S stated fees: management 1.3 percent, servicing 0.8 percent2.10%+3.5% load | $2,500 | Retail brokerage / intermediary |
NAV/share $25.22 · as of 12/31/25 · all classes
every filing on record · one tick per filing · hue = type, height = rarity
all 146Current report 85Tender offer filing 16Amended tender offer 16Quarterly report 13Imported record 9Annual report 4Amended registration statement 2Registration statement 1
| Filed | Type | Accession |
|---|---|---|
| 04/25/26 | impImported record |
A per-share NAV composition is the monthly disclosure of NAV-struck perpetual REITs; this fund’s valuation — the Level I / II / III fair-value hierarchy and the unobservable inputs behind the marks — renders in The Book · Marks
Total assets
$26.3BTotal liabilities
$13.9BNet assets
$12.4BAssets invested
$25.0BLiabilities / net assets
1.11×derivedTotal assets / net assets
2.11×derived10-Q SOAL ($ thousands scaled). BDC. net_assets ties stored Fund NAV; assets_invested from investments at fair value.
Total notional
$8.29Ball instruments · 03/31/26Rate-swap notional
$5.48Binterest-rate swaps · 03/31/26FX notional
$2.81BFX forwards / swaps · 03/31/26Net fair value
$21.8Massets − liabilities · ties to balance sheet · 03/31/2641 contracts · derivative assets $44.4M · liabilities −$22.6M. Notional is gross face, not market exposure.
| Instrument | Notional | Pay / receive | Fair value | Maturity | Counterparty |
|---|---|---|---|---|---|
| Interest-rate swap×14 | $3.23B | SOFR+spread / fixed | $33.9M | — | Not disclosed |
| Interest-rate swap×3 | $2.25B | SOFR+spread / fixed | −$20.4M | — | Not disclosed |
| FX forward×5USD/EUR | $1.10B | EUR / USD | $1.08M | — | Not disclosed |
| FX forward×4USD/GBP | $822M | GBP / USD | −$2.18M | — | Not disclosed |
| FX forward×11 | $660M | — | $6.30M | — | Not disclosed |
| FX forward×3USD/NOK | $202M | NOK / USD | $2.91M | — | Not disclosed |
| FX forwardUSD/JPY | $24.3M | JPY / USD | $210K | 06/23/26 | SMBC Capital Markets, Inc. |
Committed
$16.2Btotal facility commitments · 12/31/25Drawn
$13.0Boutstanding principal · 80.3% of committed · 12/31/25Undrawn capacity
$3.19Bavailable to draw · 12/31/25| Facility | Type | Committed | Drawn | Rate | Maturity | Seniority |
|---|---|---|---|---|---|---|
| Revolving Credit Facilitymulti-currency (USD, EUR, AUD, GBP) | Revolver | $2.25B | $1.74B | ABR Loans: 0.525%–0.775% + alternate base rate; other loans: 1.525%–1.775% + Adjusted Term SOFR (incl. credit adjustment spread); non-USD: 1.525%–1.775% + applicable credit spread + local rates; unused fee: 0.325% on avg daily undrawn | 04/29/30 | senior secured |
| HLEND E Funding Facilitymulti-currency (USD, GBP, EUR, CAD, AUD) | spv facility | $1.50B | $906M | Daily Simple SOFR (USD) / Daily Simple SONIA (GBP) / EURIBOR (EUR) / Term CORRA (CAD) / BBSW (AUD) + 185bp | 04/17/30 | senior secured |
| 2025 CLO Secured Debt | CLO | $850M | $850M | SOFR + 140bp | 01/20/37 | senior secured |
| 2025-4 CLO Secured Notes | CLO | $850M | $850M | SOFR + 154bp | 08/15/37 | senior secured |
| HLEND B Funding Facilitymulti-currency (USD, EUR, AUD, GBP) | spv facility | $1.50B | $834M | benchmark in effect for the currency of the applicable advances plus applicable margin (blended rate based on BSL/large corporate/MM loan percentage), blended floor 1.75% | 09/17/30 | senior secured |
| HLEND A Funding Facilitymulti-currency (USD, EUR, AUD) | spv facility | $1.60B | $758M | benchmark in effect for the currency of the applicable advances plus applicable margin (blended rate based on percentage of liquid loans), floor 1.75%; during amortization period after Dec 23, 2028, margin increases by 0.10% p.a. | 12/23/30 | senior secured |
| HLEND D Funding Facilitymulti-currency (USD, GBP, EUR, CAD, AUD) | spv facility | $1.00B | $757M | Term SOFR (USD) / SONIA (GBP) / EURIBOR (EUR) / CDOR (CAD) / BBSW (AUD) + 200bp | 03/31/28 | senior secured |
| January 2028 Notes | Unsecured notes | $750M | $750M | 5.5% | 01/14/28 | unsecured |
| September 2028-1 Notes | Unsecured notes | $600M | $600M | 4.9% | 09/11/28 | unsecured |
| 2023 CLO Refinancing Secured Notes | CLO | $578M | $578M | SOFR + 144bp | 10/22/38 | senior secured |
| January 2029 Notes | Unsecured notes | $550M | $550M | 6.8% | 01/30/29 | unsecured |
| HLEND C Funding Facility | spv facility | $850M | $510M | Term SOFR + 190bp | 04/12/32 | senior secured |
| November 2030 Notes | Unsecured notes | $500M | $500M | 5.5% | 11/15/30 | unsecured |
| June 2030 Notes | Unsecured notes | $500M | $500M | 5.8% | 06/05/30 | unsecured |
| April 2032 Notes | Unsecured notes | $500M | $500M | 6.0% | 04/14/32 | unsecured |
| June 2027 Notes | Unsecured notes | $400M | $400M | 5.3% | 06/05/27 | unsecured |
| September 2029 Notes | Unsecured notes | $400M | $400M | 6.3% | 09/30/29 | unsecured |
| 2024 CLO Secured Notes | CLO | $400M | $400M | SOFR (floating tranches); fixed (A-F, B-F, C-F tranches) + 25bp | 04/20/34 | senior secured |
| September 2028 Notes | Unsecured notes | $250M | $250M | 8.8% | 09/14/28 | unsecured |
| November 2027 Notes | Unsecured notes | $155M | $155M | 8.4% | 11/14/27 | unsecured |
| March 2028 Notes | Unsecured notes | $124M | $124M | 8.2% | 03/15/28 | unsecured |
| September 2027 Notes | Unsecured notes | $75.0M | $75.0M | 8.7% | 09/14/27 | unsecured |
| Filed | Filing | Period / note |
|---|---|---|
| 05/28/26 | Current report | 05/27/26 |
| 05/22/26 | Amended registration statement | |
| 05/19/26 | Current report | HLEND entered an Eleventh Supplemental Indenture for $600M of 6.300% notes due Aug. 19, 2031. |
| 05/13/26 | Current report | 05/12/26 |
| 05/11/26 | Quarterly report | 03/31/26 |
| 05/11/26 | Tender offer filing | |
| 05/01/26 | Amended tender offer | 03/31/26 |
| 04/27/26 | Current report | 04/24/26 |
| 04/24/26 | Amended registration statement | HLEND disclosed a monthly NAV and portfolio update in its 2026-04-27 8-K. |
| 04/14/26 | Current report | 04/14/26 |
| 03/27/26 | Current report | 03/26/26 |
| 03/26/26 | Current report | HLEND disclosed a debt financing or notes offering in its 2026-03-26 8-K. |
| 03/20/26 | Annual report | 12/31/25 |
| 03/06/26 | Current report | Q1 2026 repurchase offer: shareholders tendered 9.3% of shares outstanding (as of Dec 31, 2025). Fund honored the standard 5% cap — approximately $620M. First quarter since HLEND inception that requests exceeded the 5% framework. HLEND was the first publicly registered non-traded BDC in this cycle to prorate (preceded Apollo ADS). Unfulfilled requests do not automatically carry forward. |
| 03/03/26 | Current report | 02/27/26 |
| 02/27/26 | Current report | HLEND disclosed a credit facility amendment or upsize in its 2026-02-27 8-K. |
| 02/24/26 | Current report | 02/24/26 |
| 02/20/26 | Current report | 02/19/26 |
| 02/03/26 | Amended tender offer | 12/31/25 |
| 02/03/26 | Tender offer filing |
| 01/28/26 | Current report | 01/27/26 |
| 01/21/26 | Current report | 01/20/26 |
| 01/13/26 | Current report | HLEND disclosed a debt financing or notes offering in its 2026-01-13 8-K. |
| 01/07/26 | Current report | 01/06/26 |
| 12/30/25 | Registration statement |
| 12/29/25 | Current report | 12/24/25 |
| 12/23/25 | Current report | HLEND disclosed a credit facility amendment or upsize in its 2025-12-23 8-K. |
| 12/01/25 | Current report | 11/26/25 |
| 11/14/25 | Quarterly report | 09/30/25 |
| 11/06/25 | Current report | 11/05/25 |
| 11/03/25 | Amended tender offer | 09/30/25 |
| 10/28/25 | Current report | 10/27/25 |
| 10/24/25 | Current report | 10/22/25 |
| 10/15/25 | Current report | 10/10/25 |
| 10/09/25 | Current report | HLEND disclosed a board, director, or officer change in its 2025-10-09 8-K. |
| 09/26/25 | Current report | 09/24/25 |
| 09/18/25 | Current report | 09/17/25 |
| 09/11/25 | Current report | HLEND disclosed a debt financing or notes offering in its 2025-09-11 8-K. |
| 09/08/25 | Current report | 09/04/25 |
| 09/02/25 | Current report | 08/28/25 |
| 08/28/25 | Current report | HLEND disclosed a credit facility, funding facility, or financing-agreement event in this 8-K. |
| 08/13/25 | Quarterly report | 06/30/25 |
| 08/12/25 | Current report | HLEND disclosed a debt financing or notes offering in its 2025-08-12 8-K. |
| 08/07/25 | Current report | 08/06/25 |
| 08/01/25 | Amended tender offer | 06/30/25 |
| 08/01/25 | Tender offer filing |
| 07/25/25 | Current report | 07/23/25 |
| 07/11/25 | Current report | 07/10/25 |
| 07/01/25 | Current report | HLEND disclosed a manager or platform reorganization in its 2025-07-01 8-K. |
| 06/26/25 | Current report | HLEND disclosed a credit facility amendment or upsize in its 2025-06-26 8-K. |
Showing the latest 50 of 137 — the complete filing index is above.
Top issuer
2.0%largest single name · 03/31/26Top 10
13.9%top 10 issuers · ▲ 0.1pt vs 12/31/25 · 03/31/26Top 25
27.5%top 25 issuers · 03/31/26Herfindahl
62.1HHI over all issuers · ▲ 1.9pt vs 12/31/25 · 03/31/26Distinct issuers
403names in book · 03/31/26Co-investment
0.2%affiliated / co-invest positions · 03/31/26Shares are of the $25.0B portfolio fair value; Herfindahl is Σ(issuer share%)² over all 403 issuers (derived from the schedule of investments).
| # | Issuer | Fair value | Positions | % portfolio |
|---|---|---|---|---|
| 1 | Blazing Star Shields Direct Parent, LLC | $503M | 1 | 2.01% |
| 2 | Global Music Rights, LLC | $444M | 1 | 1.77% |
| 3 | ULTRA III, LLC - LLC Interest | $426M | 1 | 1.70% |
| 4 | AB Centers Acquisition Corporation | $356M | 7 | 1.42% |
| 5 | Severin Acquisition LLC | $333M | 3 | 1.33% |
| 6 | DigiCert Inc | $320M | 2 | 1.28% |
| 7 | Empower Payments Investor, LLC | $284M | 7 | 1.13% |
| 8 | PerkinElmer U.S. LLC | $274M | 2 | 1.10% |
| 9 | Flexera Software LLC | $268M | 2 | 1.07% |
| 10 | Titan BW Borrower L.P. | $262M | 2 | 1.05% |
| 11 | Pareto Health Intermediate Holdings, Inc. | $259M | 3 | 1.03% |
| 12 | Wharf Street Ratings Acquisition LLC | $258M | 2 | 1.03% |
| 13 | Sentinel Buyer Corp. | $256M | 1 | 1.02% |
| 14 | Kryptona Bidco US, LLC | $253M | 4 | 1.01% |
| 15 | Azurity Pharmaceuticals Inc | $243M | 2 | 0.97% |
| 16 | Auditboard, Inc. | $240M | 3 | 0.96% |
| 17 | CCI Buyer, Inc. | $231M | 1 | 0.92% |
| 18 | Spruce Bidco II Inc | $220M | 5 | 0.88% |
| 19 | WP CPP Holdings, LLC | $212M | 1 | 0.85% |
| 20 | Advarra Holdings, Inc. | $209M | 3 | 0.83% |
| 21 | MB2 Dental Solutions, LLC | $206M | 4 | 0.83% |
| 22 | IRI Group Holdings, Inc. | $206M | 1 | 0.82% |
| 23 | Valence Surface Technologies LLC | $203M | 3 | 0.81% |
| 24 | EasyPark Strategy AB | $201M | 5 | 0.80% |
| 25 | Oak Funding LLC | $199M | 1 | 0.80% |
WA yield · to cost
9.3%weighted-avg, amortized cost · ▼ 0.2pt vs 12/31/25 · 03/31/26WA yield · to fair value
9.3%weighted-avg, fair value · 03/31/26Total return · I
0.8%NAV total return · interim · 03/31/26Net expense ratio
8.9%I · net of waivers · 03/31/26| Per share | D | F | I | S |
|---|---|---|---|---|
| NAV · begin | $25.22 | $25.22 | $25.22 | $25.22 |
| Net investment income | $0.61 | $0.59 | $0.62 | $0.57 |
| Net realized gain/loss | — | — | — | — |
| Net unrealized gain/loss | — | — | — | — |
| Distributions | −$0.62 | −$0.61 | −$0.64 | −$0.59 |
| NAV · end | $24.79 | $24.79 | $24.79 | $24.79 |
| Total return | 0.8% | 0.7% | 0.8% | 0.6% |
| Expense ratio · net | 9.2% | 9.4% | 8.9% | 9.8% |
| Expense ratio · gross | — | — | — | — |
| NII ratio | 9.8% | 9.6% | 10.1% | 9.2% |
| Portfolio turnover | 5.9% | 5.9% | 5.9% | 5.9% |
| As of | Yield to cost | Yield to fair value | Distribution yield |
|---|---|---|---|
| 03/31/26 | 9.3% | 9.3% | — |
| 12/31/25 | 9.5% | 9.4% | — |
| 09/30/25 | 9.9% | 9.8% | — |
| 06/30/25 | 10.2% | 10.0% | — |
| 03/31/25 | 10.2% | 10.1% | — |
| 12/31/24 | 10.4% | 10.4% | — |
| 09/30/24 | 11.3% | 11.1% | — |
| 06/30/24 | 11.9% | 11.8% | — |
| 03/31/24 | 12.2% | 12.0% | — |
| 12/31/23 | 12.2% | 12.1% | — |
| 09/30/23 | 12.2% | 12.1% | — |
| 06/30/23 | 12.0% | 12.0% | — |
| Total investment income | $607M |
| — of which PIK (non-cash) | $30.7M |
| Net investment income | — |
| Cash NII (NII − PIK) | — |
| Interest / debt expense | −$189M |
| Incentive fee · income | $46.0M |
| Fee waiver / expense support | — |
Non-accrual · cost
1.4%% of amortized cost · ▲ 0.3pt vs 12/31/25 · 03/31/26Non-accrual · fair value
0.8%% of fair value · 03/31/26Portfolio companies
370count as the fund reports · 03/31/26First lien
95.4%senior-secured share · 03/31/26Floating rate
98.5%floating-coupon share · 03/31/26PIK income
5.3%% of investment income · 03/31/26WA loan-to-value
39.0%weighted-avg borrower LTV · 03/31/26Asset coverage
196.0%BDC §18 asset-coverage · 03/31/26Portfolio EBITDA $255M · weighted average. Weighted-average borrower metrics are as the manager reported them; first-lien and floating-rate shares are of fair value.
Debt / equity
1.03×total debt / net assets · 03/31/26PIK income split, the non-accrual time-series and the credit-health watch are also charted in The Book · Credit.
Derived from filed holdings with entity-spine mapping where available (977 of 1,041 tranches linked). Fair value $25.0B vs holdings $25.0B at the same as-of.
Net unrealized
−$56.2MNet unrealized · % of cost
−0.2%Positions below cost
354 / 808Fair value below cost
37.4%Fair value $25.0B against amortized cost $25.0B across 808 marked positions — the discount carried in NAV (▼ 1.1pt vs 12/31/25). Below-cost positions hold $9.35B of fair value. Aggregated by AltHarbor from the filed schedule of investments, not a single disclosed line.
PIK at fair value
$3.40BPIK · % of net assets
27.3%PIK positions
102$3.40B of fair value sits in positions accruing payment-in-kind interest — 27.3% of net assets (▼ 2.9pt 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
$0Known instrument · % NAV
—Coded positions
232 / 1,041| Instrument type | Positions |
|---|
| Fair value |
|---|
| % NAV |
|---|
| LoanLON | 232 | $0 | — |
| Uncoded / unknownunknown | 809 | $25.0B | 200.9% |
Known instrument codes total $0. 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 |
|---|---|---|---|
| NP Kaba Megersub, Inc. | 2 | — | — |
| J.P. Morgan U.S. Government Fund, Institutional Shares | 1 | — | — |
| Ares Secondaries Pbn Finance Co IV LLC | 2 | — | — |
| Navacord Intermediate Holdings Inc | 1 | — | — |
| Blazing Star Shields Direct Parent, LLC | 3 | $503M | 4.0% |
| Global Music Rights, LLC | 3 | $444M | 3.6% |
ASC-820 hierarchy · band width = share · hover to read
L1 $0 0.0% · L2 $1.57B 6.3% · L3 $23.0B 92.0% · NAVexp $426M 1.7%
Unobservable-input ranges: not disclosed in latest annual filing
| Category | Ending | Activity | Coverage |
|---|---|---|---|
| Level 3 Investments | $23.0B | Ending balance only | Ending Balance Only |
NAV practical expedient · 1 observation · $25.0B fair value · 03/31/26
Total unfunded
$3.22Bgross forward-funding obligation · 03/31/26Borrowers
219names with an unfunded balance · 03/31/26219 portfolio borrowers · ties to the filing's disclosed aggregate within 0.00%.
| # | Borrower | Type | Unfunded | At discretion |
|---|---|---|---|---|
| 1 | Chord Searchlight, L.P | Delayed-draw | $102M | — |
| 2 | Iris Capital Holdings Pty Ltd | Delayed-draw | $96.2M | — |
| 3 | Zenith AcquisitionCo LLC | Delayed-draw | $70.8M | — |
| 4 | Fire Flow Intermediate Corporation | Delayed-draw | $61.3M | — |
| 5 | Kona Buyer, LLC | Delayed-draw | $61.1M | — |
| 6 | Titan BW Borrower L.P. | Revolver | $48.9M | — |
| 7 | Severin Acquisition LLC | Delayed-draw | $48.0M | — |
| 8 | Global Music Rights, LLC | Revolver | $46.8M | — |
| 9 | Saga Mid Co Limited | Delayed-draw | $46.5M | — |
| 10 | Hostinger Investments Sarl | Delayed-draw | $46.1M | — |
| 11 | Tikehau Motion Midco SARL | Delayed-draw | $44.1M | — |
| 12 | Montagu Lux Finco Sarl | Delayed-draw | $37.7M | — |
| 13 | Truck-Lite Co, LLC | Delayed-draw | $36.1M | — |
| 14 | DigiCert Inc | Revolver | $35.1M | — |
| 15 | Spruce Bidco II Inc | Revolver | $34.1M | — |
| 16 | Solis Mammography Buyer, Inc. | Revolver | $33.5M | — |
| 17 | Severin Acquisition LLC | Revolver | $32.6M | — |
| 18 | Coding Solutions Acquisition, Inc. | Delayed-draw | $31.6M | — |
| 19 | Zenith AcquisitionCo LLC | Revolver | $31.2M | — |
| 20 | NTH Degree Purchaser Inc | Delayed-draw | $30.8M | — |
| 21 | Auditboard, Inc. | Revolver | $30.3M | — |
| 22 | Wharf Street Ratings Acquisition LLC | Revolver | $30.2M | — |
| 23 | 2080 Media, Inc. | Delayed-draw | $30.1M | — |
| 24 | Stack Sports Buyer, LLC | Delayed-draw | $29.3M | — |
| 25 | NDT Global Holding Inc. | Revolver | $29.0M | — |
Management fee
1.3%annual · on navIncentive fee
12.5%Hard hurdle hurdle · 5.0% hurdle| Class | Channel | Servicing | Distribution | Total ex-incentive |
|---|---|---|---|---|
| D | Fee-based intermediary / RIA | 0.3% | — | 1.5% |
| F | Reduced-fee Class F | 0.5% | — | 1.8% |
| I | Institutional / direct | 0.0% | — | 1.3% |
| 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.
top 10 = 26.1% of net assets · sum of filed position percents · 1,041 positions filed in total · ⊕ paid-in-kind · ⊘ in default
Fair value
$25.0B808 priced positionsAmortized cost
$25.0Baggregate cost basisNet unrealized
−$56.2M-0.22% of cost · derivedPositions in gain
428 / 35461.0% of FV in gainFloating coupon
99.9%of FV w/ stated basisMarked to model
100.0%Level III share of FVPosition-level marks rolled up from the filed schedule of investments: 808 of 1,041 positions carry an amortized cost, so the net unrealized mark is over that priced subset. Flagged: 102 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
Windows observed: 16 · median open-to-pricing 59d · derived from filed window dates