What it costs
The aggregate index is free and stays free — an index nobody can cite is not an index. Beyond it, two different things are sold: access to the platform, priced per seat, and engagements — work we deliver, priced against the decision it unblocks.
Access to the platform
Annual, per seat, published. You use the platform yourself, and nothing is metered.
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.
- Every loan sheet and every manager sheet, named
- 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. Your team does the work.
- Everything in Desk
- Programmatic access to every dataset
- The point-in-time archive — what was known, when
- Silent revisions: marks restated after publication
- Firm-wide internal use, including internal reporting
- Onboarding and a named contact
Engagements
Work we deliver, priced against the decision it unblocks rather than a number of seats. An engagement does not require a subscription and a subscription does not include one: a seat is a tool you use yourself, an engagement is signed, dated, and built to sit in a file somebody else will read.
bought once · for a dated decision
Pre-allocation review
“We are about to commit to this fund. Is the manager’s valuation discipline defensible?”
LP consultants, allocators, investment committees
- Every loan this manager holds alongside a filing co-lender
- Where their mark sits against those co-lenders, quarter by quarter
- Whose writedowns land first, and by how long
- Where the manager’s own funds disagree with each other
- One workpaper per loan, with the accession number behind each figure
No annual commitment. Most firms start here.
Secondary pricing review
“The manager’s NAV is our denominator. We need evidence for the discount we are bidding.”
Secondaries buyers, GP-led sponsors, pricing committees
- The underlying book priced against what co-lenders reported on the same dates
- Position-level gaps, ranked by weight in the portfolio
- What moved since the last reported NAV, and what did not
- The point-in-time trail: what was knowable at each valuation date
- A memo the pricing committee can attach to the bid
Priced per deal, not per year.
on the budget · the obligation returns
Quarterly corroboration file
“We cannot sign off on these Level 3 marks without independent corroborating evidence.”
Audit firms and fund boards testing Level 3 fair value
- Loan by loan, the fund’s mark against every filing co-lender on the same date
- The positions sitting outside the co-lender range, isolated and ranked
- Movement since last quarter, and which lender moved first
- Signed and dated methodology — unchanged between quarters, or restated in full
- Every figure sourced to a filing: accession number, page, tagged fact
Commissioned by the auditor or the board — never by the fund being tested.
Distribution licence
“Our clients hold a fund priced at NAV. What is in the diligence file that says the NAV holds?”
Wealth platforms distributing non-traded BDCs and perpetual funds
- Standing corroboration on every fund carried on the platform
- Refreshed each quarter, on the platform’s own cover
- Advisor-facing summaries cleared for client files
- Alerting when a carried fund moves outside its co-lender range
- Programmatic access for the platform’s own reporting
A network licence, not a count of seats.
Being a client changes nothing in the data
We sell to people who appear in this data, and to people who are checking them. That only works if the rule is published, so here it is.
- Your fund is in the index either way
Being a client does not add you, remove you, or change how you are measured. Non-clients appear on exactly the same terms.
- No figure moves at a client’s request
An error is corrected for everyone the day it is shown to us, and the correction is dated. Nothing is delayed, softened or withheld.
- A report says what the filings say
If the marks sit above the co-lenders, the report says so. That is the only reason it is worth putting in a file.
- We are paid for the work, never for the conclusion
No engagement is priced on, contingent on, or renewed on what the numbers turn out to show.
What was knowable, and when
Every figure is kept as it was published, with the date it was read and the filing it came from. Nothing is restated silently and no history is rewritten — a correction is a new, dated entry beside the old one. That is what lets a mark be examined years after the quarter it belongs to, and it is why a report from us still means something long after the quarter it was written for.
Annual, invoiced
No monthly plan and no card wall. This is a purchase order, and pretending otherwise wastes everyone’s quarter.
Seats are never metered
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 value 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. One field is inferred rather than read — where a filer omits seniority, it is taken from the dominant seniority of the same borrower at the same spread — and the affected positions are flagged. 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
- Do you value our book, or opine on our marks?
- Neither. We report what other lenders filed on the same loan on the same date, and show where a mark sits against them. We never produce a fair value of our own, and no engagement concludes that a mark is right or wrong — that judgement stays with the people who have to make it.
- Who can commission the quarterly corroboration file?
- The auditor or the fund’s board — the parties testing the marks, not the party being tested. A manager who wants the same evidence for its own committee can take a seat and pull it directly. What we will not do is sell a manager a report about itself.
- How much of our portfolio can you actually corroborate?
- We tell you before you commission anything, and it costs nothing. A loan is measurable only where at least one co-lender files with the SEC. On a secondary, that coverage figure is the first thing we send — if it is too thin to be worth a memo, we say so.
- Is our own book ever uploaded to you?
- Not for a subscription. 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. An engagement is different by nature: it is work we perform, under a signed scope and confidentiality terms.
- 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.
- Can we put your figures in a client-facing document?
- Under a distribution licence, yes, on your own cover. Under a seat, the aggregate index is freely citable and the loan-level detail is for internal use — that boundary is what keeps the public index free.
Start with three of your own loans
We send the workpapers. No account, no call required.