What it costs
The aggregate index is free and stays free — an index nobody can cite is not an index. What is paid begins where the money is: the individual loan, the named manager, and your own book measured against them.
Public index
The market-wide numbers, updated the day funds file.
- Median gap across the whole market, by quarter
- Dispersion percentiles and price bands
- Method, limits and the reconciliation gates
- Citable, with a permanent URL
Analyst
Every loan and every manager, named, with the filing behind each figure.
- All 4,400 loan sheets and 58 manager sheets
- Loss recognition — who has written down, who has not
- First movers and the predictive backtest
- The intra-manager test: where a firm’s own funds disagree
- Audit packs — one workpaper per loan, cited
- CSV export of any table
Desk
Everything above, plus your own book measured against the lenders who publish.
- Everything in Analyst
- Your book — reconcile private marks, in your browser
- Custom peer sets: compare against the comparables you choose
- The quarter-close alert feed, with the reason each fired
- Alert history: how often a manager has done this before
- Audit packs under your own cover
Enterprise
The data itself, not a screen.
- Everything in Desk
- Programmatic access to every dataset
- The point-in-time archive — what was known, when
- Silent revisions: marks restated after publication
- Internal redistribution for reporting
- Onboarding and a named contact
Annual, invoiced
No monthly plan and no card wall. This is a purchase order, and pretending otherwise wastes everyone’s quarter.
Priced per seat, never per query
Metering the data teaches a desk to ration it. A benchmark only earns renewal if people reach for it without thinking about the meter.
Free for press and academics
Cited coverage is how a benchmark becomes the reference. Write to us and we will open an account — no trial, no expiry.
Every number is checkable, so check it
No figure here is modelled, smoothed, or estimated, and none of it is licensed from a dealer or a data vendor. Each one is read from a Schedule of Investments filed with the SEC, and carries the accession number and the URL it came from. If a number cannot be traced back to a filing, it is a bug and we will treat it as one.
That is also why the trial is a real one: ask for any three loans in your portfolio and we will send the workpapers before you sign anything.
Questions we get asked first
- Is our own book ever uploaded to you?
- No. The reconciliation runs in your browser against an index the page already downloaded. Your file never reaches a server of ours, and closing the tab discards it. That is a design decision, not a policy — there is nothing for us to leak.
- Do you cover funds that don't file with the SEC?
- Not directly — nothing forces them to publish. But most private loans are syndicated, and if any lender in your syndicate files, the loan is measurable. That is what makes the book reconciliation useful to a fund that publishes nothing itself.
- We appear in your data. Can we have it removed?
- No. Every figure is already public, filed by the vehicle itself with the SEC. What we add is the comparison. We will correct an error the same day it is shown to us.
- Is a gap an accusation that someone is wrong?
- No, and the product never says so. Lenders may hold different tranches, value on different dates within a quarter, or carry a position in another currency. A gap is a measured difference between disclosures — the interpretation is yours.
Start with three of your own loans
We send the workpapers. No account, no call required.