Act IPulse
Filled in full: 1 of 1 · demand stayed within the cap every window
Q1-26 · 0.01× requested ÷ capacity · within cap · 100% honored · click a window to replay it below
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 Jul 31 | |
| 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 → | Not yet covered by AltHarbor | — | |
| Credit measures → | Disclosed | Shareholder report · filed Mar 6 | |
| Portfolio composition → | Disclosed | Portfolio holdings filing · filed May 29 |
every filing on record · one tick per filing · hue = type, height = rarity
all 17Imported record 10Portfolio holdings filing 2Shareholder report 2Semiannual shareholder report 1Amended registration statement 1Registration statement 1
| Filed | Type | Accession |
|---|---|---|
| 07/31/25 | N-2/AAmended registration statement | 0001213900-25-070010 ↗ |
aggregate fund NAV · two quarters on record — the trend lane begins at three filed points
Derivative book not disclosed by this fund
Not disclosed by this fund: watch list · non-accrual · pik income · 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 | $339M | 100.0% | Class I stated fees: management 1.3 percent1.25% | $1,000,000 | Fee-based programs / endowments / institutions |
| Aretail | Class A stated fees: management 1.3 percent, servicing 0.8 percent2.00%+2.5% load | $2,500 | Transactional brokerage | ||
| Urestricted | Class U stated fees: management 1.3 percent, servicing 0.8 percent2.00% | $2,500 | Fee-based (wrap) programs / RIAs / bank trust departments |
Last 1 distributions for Class I: 03/27/25 $0.0600, NII $0.0600, return of capital $0.0000
NII · realized gains · return of capital · components not disclosed · last 1 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 | $0.0600 | 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.
Total assets
$518MTotal liabilities
$132MNet assets
$386MLiabilities / net assets
0.34×derivedTotal assets / net assets
1.34×derivedNot disclosed by this fund: assets invested
0000894189-26-016649 period 2026-03-31: NPORT-P fundInfo totalAssets, totalLiabs, and netAssets; totals reconcile totalAssets - totalLiabs = netAssets within rounding.
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
Windows observed: 1 · median open-to-pricing 35d · derived from filed window dates
| Filed | Filing | Period / note |
|---|---|---|
| 05/29/26 | Portfolio holdings filing | 03/31/26 |
| 03/06/26 | Shareholder report | 12/31/25 |
| 03/06/26 | Shareholder report | |
| 02/27/26 | Portfolio holdings filing | 12/31/25 |
| 09/04/25 | Semiannual shareholder report | 06/30/25 |
| 07/31/25 | Amended registration statement | |
| 02/03/25 | Registration statement |
Cap: 5.0% sh. out./qtr (all windows) · All 1 windows filled in full
| Window | Req ÷ cap | Requested | Accepted | Price |
|---|---|---|---|---|
| Q1-26 | 0.01× | 10.0K sh | 10.0K sh | $10.46 |
requested basis: shares tendered · rows expand (tap or e)
Total return · I
4.7%NAV total return · itd · 12/31/25Net expense ratio
1.0%I · net of waivers · 12/31/25| Per share | I |
|---|---|
| NAV · begin | $10.00 |
| Net investment income | $0.49 |
| Net realized gain/loss | — |
| Net unrealized gain/loss | −$0.03 |
| Distributions | −$0.06 |
| NAV · end | $10.40 |
| Total return | 4.7% |
| Expense ratio · net | 1.0% |
| Expense ratio · gross | 13.3% |
| NII ratio | 6.3% |
| Portfolio turnover | 16.0% |
| Total investment income | $2.18M |
| — of which PIK (non-cash) | — |
| Net investment income | $1.85M |
| Cash NII (NII − PIK) | — |
| Interest / debt expense | −$117K |
| Incentive fee · income | $85.9K |
| Fee waiver / expense support | $4.63M |
Top issuer
19.8%largest single name · 03/31/26Top 10
57.9%top 10 issuers · ▼ 6.2pt vs 12/31/25 · 03/31/26Top 25
79.7%top 25 issuers · 03/31/26Herfindahl
657.1HHI over all issuers · ▼ 259.9pt vs 12/31/25 · 03/31/26Distinct issuers
64names in book · 03/31/26Co-investment
Not disclosedShares are of the $520M portfolio fair value; Herfindahl is Σ(issuer share%)² over all 64 issuers (derived from the schedule of investments).
| # | Issuer | Fair value | Positions | % portfolio |
|---|---|---|---|---|
| 1 | Midland Equipment Finance Portfolio Loan Portfolio | $103M | 1 | 19.84% |
| 2 | First American Treasury Obliga | $55.2M |
| 1 |
| 10.63% |
| 3 | Time Forward Flow Purchase Agreement Loan Portfolio | $27.1M | 1 | 5.21% |
| 4 | Floating Rate Senior Secured Class B Notes(BP LPI | $25.0M | 1 | 4.81% |
| 5 | SANTANDER BANK, N.A. | $21.9M | 1 | 4.22% |
| 6 | Guggenheim Investments Private Debt Fund IV Unleve | $17.7M | 2 | 3.40% |
| 7 | VCI Asset Holdings 2 T/L (2/26) | $15.5M | 1 | 2.99% |
| 8 | ARES CLO Ltd | $13.1M | 3 | 2.53% |
| 9 | Floating Rate Senior Secured Class B Delayed Draw | $11.6M | 1 | 2.23% |
| 10 | GASL Bermuda 2nd Amend B-1 R/C | $10.6M | 1 | 2.04% |
| 11 | PROJECT HUDSON (PBB) CREDIT LINKED NOTE | $10.00M | 1 | 1.92% |
| 12 | CPS Auto Trust | $9.99M | 1 | 1.92% |
| 13 | Jonah Energy South Texas (3/26) T/L | $9.70M | 1 | 1.87% |
| 14 | Rockford Tower CLO Ltd | $9.43M | 3 | 1.82% |
| 15 | Page Eleven Funding R/C | $8.71M | 1 | 1.68% |
| 16 | Eldridge MMPC CLO Ltd. | $8.07M | 2 | 1.55% |
| 17 | Fortress Credit BSL Limited | $7.86M | 3 | 1.51% |
| 18 | CIFC Funding Ltd | $7.75M | 3 | 1.49% |
| 19 | Trinitas CLO Ltd | $7.63M | 1 | 1.47% |
| 20 | SUNDVALL LEASING LLC | $6.69M | 1 | 1.29% |
| 21 | Neuberger Berman CLO Ltd | $5.97M | 3 | 1.15% |
| 22 | Oaktree ABIF Blocker Holdings LLC | $5.72M | 1 | 1.10% |
| 23 | Avis Budget Rental Car Funding | $5.47M | 2 | 1.05% |
| 24 | Allo Communications Delayed Draw T/L (4/25) | $5.16M | 1 | 0.99% |
| 25 | EnFin Residential Solar Finance I Amended and Rest | $5.00M | 1 | 0.96% |
ASC-820 hierarchy · band width = share · hover to read
L1 $124M 32.3% · L2 $140M 36.4% · L3 $121M 31.4%
Unobservable-input ranges: not disclosed in latest annual filing
| Category | Ending | Activity | Coverage |
|---|---|---|---|
| Level 3 Investments | $121M | Ending balance only | Ending Balance Only |
NAV practical expedient · 1 observation · $386M fair value · 12/31/25
Total unfunded
$63.7Mgross forward-funding obligation · 12/31/25Borrowers
9names with an unfunded balance · 12/31/259 portfolio borrowers · reconciled to the filing aggregate.
| # | Borrower | Type | Unfunded | At discretion |
|---|---|---|---|---|
| 1 | Roper/Outgo Forward Flow Loan Portfolio | Revolver / DDTL | $18.6M | — |
| 2 | Time Forward Flow Purchase Agreement Loan Portfolio | Revolver / DDTL | $14.6M | — |
| 3 | BP LPI, Class B | Delayed-draw | $11.7M | — |
| 4 | LCP Early Education JV LLC | Revolver / DDTL | $5.13M | — |
| 5 | Home Depot Inc/The Equity Private | Revolver / DDTL | $3.22M | — |
| 6 | AEF Funding LLC | Revolver | $3.12M | — |
| 7 | Sundvall Leasing LLC | Revolver / DDTL | $2.94M | — |
| 8 | Page Eleven Funding LLC | Revolver | $2.56M | — |
| 9 | EnFin Residential Solar Finance I LLC | Revolver | $1.85M | — |
Management fee
1.3%annualIncentive fee
12.5%Hard hurdle (no catch-up) hurdle · 6.0% hurdleAdministration fee
0.1%annual| Class | Channel | Servicing | Distribution | Total ex-incentive |
|---|---|---|---|---|
| A | Transactional brokerage / advisor-sold | 0.3% | 0.5% | — |
| I | Fee-based programs / endowments / institutions ($1M minimum) | 0.0% | 0.0% | — |
| U | Fee-based (wrap) programs / RIAs / bank trust departments | 0.3% | 0.5% | — |
Management fee is charged on average daily net assets.
Manager has waived the 1.25% management fee for year one (waiver runs through approximately December 2026 per N-2 disclosure). Investors currently pay 0.00%; the contractual rate resumes when the waiver expires.
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.
Borrower-quality depth not disclosed by this fund this period
PIK income split, the non-accrual time-series and the credit-health watch are charted in The Book · Credit.
top 10 = 75.2% of net assets · sum of filed position percents · 84 positions filed in total · ⊕ paid-in-kind · ⊘ in default
per-company % as filed — the percent basis varies by filer; fair value is the comparable figure