Act IPulse
14 of 15 filled in full · 1 of 15 window drew demand above the cap — still honored
Q1-26 · 6.58× requested ÷ capacity · exceeded cap · 14% 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 · 32 more beyond top 8 at 30.0% · 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 Apr 16 | |
| Tender record → | Disclosed | Amended tender offer · filed Apr 27 | |
| Per-class economics → | Disclosed | Annual report · filed Apr 20 | |
| Distribution composition → | Disclosed | Annual report · filed Mar 3 | |
| 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 |
hover or touch the chart to scrub
Non-accrual
PIK income
Net leverage
Debt / equity
Not disclosed by this fund: watch list · interest coverage · ttm realized losses
Cap: 6.0% dollar_amount (all windows) · 14 of 15 windows filled in full · 1 prorated · 1 gated
| Window | Req ÷ cap | Requested | Accepted | Price |
|---|---|---|---|---|
| Q1-26⊘accepted 14.4% of shares requested, requests exceeded the stated cap | 6.58× | 119.9M sh | 17.2M sh | $9.82 |
| Q1-26 | 0.77× | 50.8M sh | 50.8M sh | $10.38 |
| Q3-25 | 0.54× | 8.7M sh | 8.7M sh | $10.42 |
| Q2-25 | 0.90× | 14.1M sh | 14.1M sh | $10.37 |
| Q1-25 | 0.66× | 9.5M sh | 9.5M sh | $10.34 |
| Q4-24 | 0.66× | 9.2M sh | 9.2M sh | $10.42 |
| Q3-24 | 0.55× | 6.9M sh | 6.9M sh | $10.43 |
| Q2-24 | 0.35× | 3.6M sh | 3.6M sh | $10.42 |
| Q1-24 | 0.16× | 1.5M sh | 1.5M sh | $10.44 |
| Q4-23 | 0.49× | 3.9M sh | 3.9M sh | $10.38 |
| Q3-23 | 0.59× | 3.9M sh | 3.9M sh | $10.28 |
| Q2-23 | 0.39× | 2.2M sh | 2.2M sh | $10.14 |
| Q1-23 | 0.73× | 3.6M sh | 3.6M sh | $10.12 |
| Q4-22 | 0.55× | 2.2M sh | 2.2M sh | $10.02 |
| Q3-22 | 0.23× | 675.0K sh | 675.0K sh | $9.93 |
⊘ = requests exceeded the stated cap · fill bars on prorated windows only · requested basis: shares tendered · rows expand (tap or e)
Total assets
$5.44BTotal liabilities
$2.60BNet assets
$2.84BAssets invested
$5.22BLiabilities / net assets
0.92×derivedTotal assets / net assets
1.92×derived10-Q SOAL ($ thousands scaled). BDC. net_assets ties stored Fund NAV; assets_invested from investments at fair value.
every filing on record · one tick per filing · hue = type, height = rarity
all 109Current report 44Amended tender offer 20Tender offer filing 16Quarterly report 12Imported record 10Annual report 5Prospectus supplement 1Registration statement 1
| Filed | Type | Accession |
|---|---|---|
| 05/26/26 · period 05/22/26 | 8-KCurrent report | 0001869453-26-000042 ↗ |
| 04/23/26 | 8-KCurrent report | 0001869453-26-000024 ↗ |
| 04/02/26 | 8-KCurrent report | 0001193125-26-139035 ↗ |
| 03/27/26 · period 03/23/26 | 8-KCurrent report | 0001869453-26-000021 ↗ |
| 02/27/26 · period 02/24/26 | 8-KCurrent report | 0001869453-26-000014 ↗ |
| 02/18/26 | 8-KCurrent report | 0001628280-26-009040 ↗ |
| 01/28/26 · period 01/26/26 | 8-KCurrent report | 0001869453-26-000006 ↗ |
| 12/23/25 · period 12/19/25 | 8-KCurrent report | 0001193125-25-331149 ↗ |
| 12/23/25 · period 12/22/25 | 8-KCurrent report | 0001869453-25-000067 ↗ |
| 12/04/25 · period 12/01/25 | 8-KCurrent report | 0001193125-25-308151 ↗ |
| 11/26/25 · period 11/25/25 | 8-KCurrent report | 0001869453-25-000064 ↗ |
| 10/24/25 · period 10/23/25 | 8-KCurrent report | 0001869453-25-000058 ↗ |
| 09/24/25 | 8-KCurrent report | 0001869453-25-000051 ↗ |
| 08/25/25 · period 08/22/25 | 8-KCurrent report | 0001869453-25-000044 ↗ |
| 07/24/25 · period 07/23/25 | 8-KCurrent report | 0001869453-25-000036 ↗ |
| 06/27/25 · period 06/26/25 | 8-KCurrent report | 0001193125-25-151362 ↗ |
| 06/25/25 · period 06/24/25 | 8-KCurrent report | 0001869453-25-000029 ↗ |
| 06/18/25 · period 06/12/25 | 8-KCurrent report | 0001193125-25-142749 ↗ |
| 05/23/25 · period 05/22/25 | 8-KCurrent report | 0001869453-25-000025 ↗ |
| 04/24/25 · period 04/23/25 | 8-KCurrent report | 0001869453-25-000017 ↗ |
| 03/25/25 · period 03/24/25 | 8-KCurrent report | 0001869453-25-000014 ↗ |
| 02/26/25 · period 02/25/25 | 8-KCurrent report | 0001869453-25-000006 ↗ |
| 02/20/25 · period 02/18/25 | 8-KCurrent report | 0001193125-25-030757 ↗ |
| 01/27/25 · period 01/24/25 | 8-KCurrent report | 0001869453-25-000003 ↗ |
| 12/26/24 · period 12/23/24 | 8-KCurrent report | 0001869453-24-000062 ↗ |
Committed
$4.14Btotal facility commitments · 12/31/25Drawn
$2.84Boutstanding principal · 68.4% of committed · 12/31/25Undrawn capacity
$955Mavailable to draw · 12/31/25| Facility | Type | Committed | Drawn | Rate | Maturity | Seniority |
|---|---|---|---|---|---|---|
| SPV Asset Facility IV | spv facility | $750M | $630M | reference rate (initially SOFR) plus an applicable margin that ranges from 1.48% to 2.15% depending on the ratio of broadly syndicated loans in the collateral | 12/01/34 | senior_secured |
| SPV Asset Facility III | spv facility | $550M | $550M | SOFR + 205bp | 02/16/35 | senior_secured |
| SPV Asset Facility I | spv facility | $750M | $497M | SOFR + 240bp | 05/07/29 | senior_secured |
| SPV Asset Facility IImulti | spv facility | $500M | $320M | Term SOFR (USD) / SONIA (GBP) / CORRA (CAD) / EURIBOR (EUR) plus SPV Asset Facility II Applicable Margin of 1.60% to 2.35% | 10/10/29 | senior_secured |
| Revolving Credit Facility | Revolver | $1.05B | $295M | SOFR + 188bp | 10/19/29 | senior_secured |
| Athena CLO III | CLO | $270M | $270M | SOFR + 215bp | 04/20/36 | senior_secured |
| Series 2023A Notes | Unsecured notes | $100M | $100M | 8.3% | 07/06/26 | unsecured |
| Series 2023B-A Notes | Unsecured notes | $100M | $100M | SOFR + 475bp | 01/15/29 | unsecured |
| Series 2023B-B Notes | Unsecured notes | $75.0M | $75.0M | SOFR + 445bp | 01/15/27 | unsecured |
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 |
|---|---|---|---|---|---|
| Class Iinstitutional | Class Class I stated fees: management 1.3 percent1.25% | ||||
| Class Sretail | Class Class S stated fees: management 1.3 percent, servicing 0.8 percent2.10% | ||||
| Class Dretail | Class Class D stated fees: management 1.3 percent, servicing 0.3 percent1.50% |
NAV/share $10.38 · 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
| Filed | Filing | Period / note |
|---|---|---|
| 05/26/26 | Tender offer filing | |
| 05/26/26 | Current report | 05/22/26 |
| 05/12/26 | Prospectus supplement | |
| 05/11/26 | Quarterly report | 03/31/26 |
| 04/27/26 | Amended tender offer | 03/31/26 |
| 04/23/26 | Current report | OTIC disclosed an unregistered equity sale / capital raise in its 2026-04-23 8-K. |
| 04/20/26 | Annual report | |
| 04/02/26 | Current report | Q1 2026 tender requests hit 40.7% of outstanding shares — highest in non-traded BDC sector. After waiving the 5% cap in Q4 2025 (fulfilled 15.4%), Blue Owl reimposed the 5% quarterly cap, fulfilling ~$179M. Gross inflows ~$127M; net outflows $52M (<2% of NAV). |
| 03/27/26 | Current report | 03/23/26 |
| 03/04/26 | Amended tender offer | |
| 03/03/26 | Annual report | 12/31/25 |
| 02/27/26 | Current report | 02/24/26 |
| 02/27/26 | Tender offer filing | |
| 02/18/26 | Current report | OTIC contributed ~$400M of debt investments to Blue Owl BDCs' $1.4B institutional asset sale. Executed at 99.7% of par, validating Level 3 marks under stress. |
| 01/29/26 | Amended tender offer | 12/31/25 |
| 01/28/26 | Current report | 01/26/26 |
| 12/23/25 | Current report | 12/19/25 |
| 12/23/25 | Current report | 12/22/25 |
| 12/23/25 | Amended tender offer | |
| 12/04/25 | Current report | 12/01/25 |
| 11/26/25 | Current report | 11/25/25 |
| 11/26/25 | Tender offer filing | |
| 11/06/25 | Quarterly report | 09/30/25 |
| 10/24/25 | Current report | 10/23/25 |
| 10/24/25 | Amended tender offer | 09/30/25 |
| 09/24/25 | Current report | OTIC disclosed an unregistered equity sale / capital raise in its 2025-09-24 8-K. |
| 08/26/25 | Tender offer filing | |
| 08/25/25 | Current report | 08/22/25 |
| 08/07/25 | Quarterly report | 06/30/25 |
| 07/24/25 | Current report | 07/23/25 |
| 07/24/25 | Amended tender offer | 06/30/25 |
| 06/27/25 | Current report | 06/26/25 |
| 06/25/25 | Current report | 06/24/25 |
| 06/18/25 | Current report | 06/12/25 |
| 05/23/25 | Current report | 05/22/25 |
| 05/23/25 | Tender offer filing | |
| 05/08/25 | Quarterly report | 03/31/25 |
| 04/24/25 | Current report | 04/23/25 |
| 04/24/25 | Amended tender offer | 03/31/25 |
| 04/16/25 | Registration statement | |
| 03/25/25 | Current report | 03/24/25 |
| 03/06/25 | Amended tender offer | |
| 03/05/25 | Annual report | 12/31/24 |
| 02/26/25 | Current report | 02/25/25 |
| 02/26/25 | Tender offer filing | |
| 02/20/25 | Current report | 02/18/25 |
| 01/27/25 | Current report | 01/24/25 |
| 01/27/25 | Amended tender offer | 12/31/24 |
| 12/26/24 | Current report | 12/23/24 |
| 11/26/24 | Current report | 11/25/24 |
Showing the latest 50 of 99 — the complete filing index is above.
Total notional
$29.7Mall instruments · 03/31/26Rate-swap notional
$0interest-rate swaps · 03/31/26FX notional
$29.7MFX forwards / swaps · 03/31/26Net fair value
$265Kassets − liabilities · ties to balance sheet · 03/31/262 contracts · derivative assets $265K · liabilities $0. Notional is gross face, not market exposure.
| Instrument | Notional | Pay / receive | Fair value | Maturity | Counterparty |
|---|---|---|---|---|---|
| FX forwardEUR/USD | $19.3M | EUR / USD | $151K | 04/20/26 | SMBC Capital Markets, Inc. |
| FX forwardGBP/USD | $10.4M | GBP / USD | $114K | 07/17/26 | SMBC Capital Markets, Inc. |
Windows observed: 15 · median open-to-pricing 35d · derived from filed window dates
Last 30 distributions for Class I: 08/06/24 $0.0748, NII $0.0735, return of capital $0.0000; 11/05/24 $0.0748, NII $0.0705, return of capital $0.0000; 11/05/24 $0.0748, NII $0.0705, return of capital $0.0000; 11/05/24 $0.0748, NII $0.0735, return of capital $0.0000; 11/05/24 $0.0748, NII $0.0705, return of capital $0.0000; 11/05/24 $0.0748, NII $0.0705, return of capital $0.0000; 11/05/24 $0.0748, NII $0.0735, return of capital $0.0000; 02/18/25 $0.0748, NII $0.0705, return of capital $0.0000; 02/18/25 $0.0748, NII $0.0705, return of capital $0.0000; 02/18/25 $0.0748, NII $0.0705, return of capital $0.0000; 02/18/25 $0.0748, NII $0.0705, return of capital $0.0000; 02/18/25 $0.0748, NII $0.0705, return of capital $0.0000; 02/18/25 $0.0748, NII $0.0705, return of capital $0.0000; 05/06/25 $0.0748, NII $0.0705, return of capital $0.0000; 05/06/25 $0.0748, NII $0.0705, return of capital $0.0000; 05/06/25 $0.0748, NII $0.0705, return of capital $0.0000; 05/06/25 $0.0748, NII $0.0705, return of capital $0.0000; 05/06/25 $0.0748, NII $0.0705, return of capital $0.0000; 08/05/25 $0.0748, NII $0.0705, return of capital $0.0000; 08/05/25 $0.0748, NII $0.0705, return of capital $0.0000; 08/05/25 $0.0748, NII $0.0705, return of capital $0.0000; 11/04/25 $0.0748, NII $0.0705, return of capital $0.0000; 11/04/25 $0.0748, components not disclosed; 11/04/25 $0.0748, components not disclosed; 02/18/26 $0.0748, components not disclosed; 02/18/26 $0.0748, components not disclosed; 02/18/26 $0.0748, components not disclosed; 05/05/26 $0.0748, components not disclosed; 05/05/26 $0.0748, components not disclosed; 05/05/26 $0.0748, 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 | $1.4212 | 94% | 6% | 0% | Low ROC |
| 2024 | $1.1968 | 98% | 2% | 0% | Low ROC |
| 2023 | $0.9926 | 100% | 0% | 0% | Low ROC |
| 2022 | $0.4468 | 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.
ASC-820 hierarchy · band width = share · hover to read
L1 $0 0.0% · L2 $505M 9.7% · L3 $4.58B 87.8% · NAVexp $133M 2.6%
Unobservable-input ranges: not disclosed in latest annual filing
| Category | Ending | Activity | Coverage |
|---|---|---|---|
| Level 3 Investments | $4.58B | Ending balance only | Ending Balance Only |
NAV practical expedient · 1 observation · $5.22B fair value · 03/31/26
Top issuer
2.6%largest single name · 03/31/26Top 10
19.5%top 10 issuers · ▲ 1.8pt vs 12/31/25 · 03/31/26Top 25
37.5%top 25 issuers · 03/31/26Herfindahl
97.2HHI over all issuers · ▲ 7.3pt vs 12/31/25 · 03/31/26Distinct issuers
193names in book · 03/31/26Co-investment
0.0%affiliated / co-invest positions · 03/31/26Shares are of the $5.22B portfolio fair value; Herfindahl is Σ(issuer share%)² over all 193 issuers (derived from the schedule of investments).
| # | Issuer | Fair value | Positions | % portfolio |
|---|---|---|---|---|
| 1 | IRI Group Holdings, Inc. (f/k/a Circana Group, L.P. (f/k/a The NPD Group, L.P.)) | $137M | 1 | 2.62% |
| 2 | Inovalon Holdings, Inc. | $119M | 2 | 2.27% |
| 3 | Computer Services, Inc. (dba CSI) | $108M | 1 | 2.07% |
| 4 | Gusto, Inc. | $103M | 1 | 1.96% |
| 5 | Packaging Coordinators Midco, Inc. | $101M | 2 | 1.94% |
| 6 | Anaplan, Inc. | $98.5M | 1 | 1.89% |
| 7 | CT Technologies Intermediate Holdings, Inc. (& Smart Holdings Corp.) (dba Datavant) | $93.1M | 2 | 1.78% |
| 8 | Crewline Buyer, Inc. (dba New Relic) | $90.6M | 1 | 1.73% |
| 9 | Magnet Forensics, LLC (f/k/a Grayshift, LLC) | $86.0M | 1 | 1.65% |
| 10 | Certinia Inc. | $81.4M | 1 | 1.56% |
| 11 | Salinger Bidco Inc. (dba Surgical Information Systems) | $74.7M | 1 | 1.43% |
| 12 | Associations, Inc. | $74.4M | 1 | 1.42% |
| 13 | Severin Acquisition, LLC (dba PowerSchool) | $68.3M | 3 | 1.31% |
| 14 | Zendesk, Inc. | $67.8M | 1 | 1.30% |
| 15 | Sentinel Buyer Corp. (dba SimpliSafe) | $63.5M | 1 | 1.22% |
| 16 | Integrity Marketing Acquisition, LLC | $62.1M | 1 | 1.19% |
| 17 | Aerosmith Bidco 1 Limited (dba Audiotonix) | $62.0M | 1 | 1.19% |
| 18 | Modernizing Medicine, Inc. (dba ModMed) | $61.7M | 1 | 1.18% |
| 19 | Minotaur Acquisition, Inc. (dba Inspira Financial) | $60.8M | 1 | 1.16% |
| 20 | Tricentis Operations Holdings, Inc. | $60.8M | 1 | 1.16% |
| 21 | LSI Financing LLC | $60.6M | 1 | 1.16% |
| 22 | Minerva Holdco, Inc. | $60.2M | 1 | 1.15% |
| 23 | Kaseya Inc. | $58.5M | 2 | 1.12% |
| 24 | PerkinElmer U.S. LLC | $55.4M | 1 | 1.06% |
| 25 | VCI Asset Holdings 1 LLC | $53.8M | 1 | 1.03% |
WA yield · to cost
9.0%weighted-avg, amortized cost · ▲ 0.1pt vs 12/31/25 · 03/31/26WA yield · to fair value
9.3%weighted-avg, fair value · 03/31/26Total return · Class I
9.0%NAV total return · annual · 12/31/25Net expense ratio
8.5%Class I · net of waivers · 12/31/25| Per share | D | I | S |
|---|---|---|---|
| NAV · begin | $10.42 | $10.42 | $10.42 |
| Net investment income | $0.91 | $0.93 | $0.85 |
| Net realized gain/loss | — | — | — |
| Net unrealized gain/loss | −$0.03 | −$0.04 | −$0.04 |
| Distributions | −$0.91 | −$0.94 | −$0.85 |
| NAV · end | $10.38 | $10.38 | $10.38 |
| Total return | 8.7% | 9.0% | 8.1% |
| Expense ratio · net | 8.7% | 8.5% | 9.3% |
| Expense ratio · gross | 8.7% | 8.5% | 9.3% |
| NII ratio | 9.1% | 9.2% | 8.3% |
| Portfolio turnover | 49.1% | 49.1% | 49.1% |
| As of | Yield to cost | Yield to fair value | Distribution yield |
|---|---|---|---|
| 03/31/26 | 9.0% | 9.3% | — |
| 12/31/25 | 8.9% | 9.0% | — |
| 09/30/25 | 9.3% | 9.3% | — |
| 06/30/25 | 9.6% | 9.6% | — |
| 03/31/25 | 9.7% | 9.7% | — |
| 12/31/24 | 10.0% | 10.0% | — |
| 09/30/24 | 10.7% | 10.7% | — |
| 06/30/24 | 11.3% | 11.3% | — |
| 03/31/24 | 11.6% | 11.6% | — |
| 12/31/23 | 12.0% | 12.0% | — |
| 09/30/23 | 12.1% | 12.1% | — |
| 06/30/23 | 12.1% | 12.1% | — |
| Total investment income | $135M |
| — of which PIK (non-cash) | $4.53M |
| Net investment income | — |
| Cash NII (NII − PIK) | — |
| Interest / debt expense | −$47.2M |
| Incentive fee · income | — |
| Fee waiver / expense support | — |
Non-accrual · cost
0.4%% of amortized cost · ▲ 0.1pt vs 12/31/25 · 03/31/26Non-accrual · fair value
0.2%% of fair value · 03/31/26Portfolio companies
175count as the fund reports · 03/31/26First lien
87.4%senior-secured share · 03/31/26Floating rate
97.9%floating-coupon share · 03/31/26PIK income
5.8%% of investment income · 03/31/26Asset coverage
217.0%BDC §18 asset-coverage · 03/31/26Net leverage
0.79×net debt / equity · 03/31/26Debt / equity
0.79×total debt / net assets · 03/31/26| Grade | Share of fair value | % FV | Fair value |
|---|---|---|---|
| 1of 5 | 9.1% | $476M | |
| 2of 5 | 84.0% | $4.38B | |
| 3of 5 | 6.7% | $350M | |
| 4of 5 | 0.2% | $12.0M | |
| 5of 5 | 0.0% | $0 |
Grade 1 is the manager’s best internal rating; a rising share in the worst grades is the early-stress signal. 5 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 (402 of 402 tranches linked). Fair value $5.22B vs holdings $5.22B at the same as-of.
Net unrealized
−$166MNet unrealized · % of cost
−3.1%Positions below cost
171 / 238Fair value below cost
71.9%Fair value $5.22B against amortized cost $5.39B across 238 marked positions — the discount carried in NAV (▼ 3.0pt vs 12/31/25). Below-cost positions hold $3.76B of fair value. Aggregated by AltHarbor from the filed schedule of investments, not a single disclosed line.
PIK at fair value
$809MPIK · % of net assets
28.5%PIK positions
30$809M of fair value sits in positions accruing payment-in-kind interest — 28.5% of net assets (▲ 6.3pt 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
$5.22BKnown instrument · % NAV
184.0%Coded positions
402 / 402| Instrument type | Positions |
|---|
Total unfunded
$716Mgross forward-funding obligation · 03/31/26Borrowers
154names with an unfunded balance · 03/31/26155 portfolio borrowers · ties to the filing's disclosed aggregate within 0.00%.
| # | Borrower | Type | Unfunded | At discretion |
|---|---|---|---|---|
| 1 | LSI Financing LLC | Revolver / DDTL | $30.7M | — |
| 2 | Unit4 Group Holding B.V. | Revolver / DDTL | $25.5M | — |
| 3 | Gusto, Inc. | Delayed-draw | $19.8M | — |
| 4 | Aerosmith Bidco 1 Limited (dba Audiotonix) | Delayed-draw | $19.7M | — |
| 5 | Computer Services, Inc. (dba CSI) | Delayed-draw | $15.9M | — |
| 6 | Themis Solutions Inc. (dba Clio) | Delayed-draw | $15.3M | — |
| 7 | Packaging Coordinators Midco, Inc. | Delayed-draw | $14.7M |
| Fair value |
|---|
| % NAV |
|---|
| LoanLON | 357 | $4.82B | 170.1% |
| EquityEC | 45 | $396M | 14.0% |
Known instrument codes total $5.22B (184.0% of net assets) (▲ 13.2pt 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 |
|---|---|---|---|
| IRI Group Holdings, Inc. (f/k/a Circana Group, L.P. (f/k/a The NPD Group, L.P.)) | 2 | $137M | 4.8% |
| Inovalon Holdings, Inc. | 2 | $119M | 4.2% |
| Computer Services, Inc. (dba CSI) | 2 | $108M | 3.8% |
| Gusto, Inc. | 2 | $102M | 3.6% |
| Packaging Coordinators Midco, Inc. | 5 | $101M | 3.6% |
| Anaplan, Inc. | 2 | $98.4M | 3.5% |
| — |
| 8 | Themis Solutions Inc. (dba Clio) | Revolver | $12.8M | — |
| 9 | Simpler Postage, Inc. (dba Easypost) | Delayed-draw | $12.4M | — |
| 10 | Databricks, Inc. | Delayed-draw | $12.3M | — |
| 11 | Tricentis Operations Holdings, Inc. | Delayed-draw | $12.0M | — |
| 12 | ML Holdco, Inc. (dba Meridian Link) | Delayed-draw | $12.0M | — |
| 13 | Jellyfish US Finco, Inc. (dba JTC) | Revolver / DDTL | $11.1M | — |
| 14 | PerkinElmer U.S. LLC | Delayed-draw | $10.6M | — |
| 15 | Severin Acquisition, LLC (dba PowerSchool) | Delayed-draw | $10.3M | — |
| 16 | OECONNECTION LLC | Delayed-draw | $10.1M | — |
| 17 | Spaceship Purchaser, Inc. (dba Squarespace) | Delayed-draw | $9.53M | — |
| 18 | CT Technologies Intermediate Holdings, Inc. (& Smart Holdings Corp.) (dba Datavant) | Revolver | $9.35M | — |
| 19 | Crewline Buyer, Inc. (dba New Relic) | Revolver | $9.32M | — |
| 20 | Packaging Coordinators Midco, Inc. | Revolver | $9.02M | — |
| 21 | Himalaya Topco LLC (dba HealthEdge) | Delayed-draw | $8.89M | — |
| 22 | IRI Group Holdings, Inc. (f/k/a Circana Group, L.P. (f/k/a The NPD Group, L.P.)) | Revolver | $8.61M | — |
| 23 | Aerosmith Bidco 1 Limited (dba Audiotonix) | Revolver | $8.16M | — |
| 24 | Spaceship Purchaser, Inc. (dba Squarespace) | Revolver | $7.94M | — |
| 25 | Tricentis Operations Holdings, Inc. | Revolver | $7.50M | — |
Management fee
1.3%annual · on equityIncentive fee
12.5%Hard hurdle with catch-up hurdle · 5.0% hurdle| Class | Channel | Servicing | Distribution | Total ex-incentive |
|---|---|---|---|---|
| Class D | Fee-based intermediary / RIA | 0.3% | — | 1.5% |
| Class I | Institutional / direct | 0.0% | — | 1.3% |
| Class 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 = 33.8% of net assets · sum of filed position percents · 402 positions filed in total · ⊕ paid-in-kind · ⊘ in default
Fair value
$5.22B238 priced positionsAmortized cost
$5.39Baggregate cost basisNet unrealized
−$166M-3.07% of cost · derivedPositions in gain
57 / 17126.4% of FV in gainFloating coupon
97.2%of FV w/ stated basisMarked to model
100.0%Level III share of FVPosition-level marks rolled up from the filed schedule of investments: 238 of 402 positions carry an amortized cost, so the net unrealized mark is over that priced subset. Flagged: 30 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