the quarterly index
The private credit valuation gap, quarter by quarter
Across 12 quarters from Q2 2023 to Q1 2026, the median co-lender valuation gap has ranged from 47.9 to 176.8 basis points, measured from Schedules of Investments filed with the US Securities and Exchange Commission (Kanonstone, as of 31 March 2026).
free to quote · CC BY 4.0 · every reading keeps its own permanent address
| Quarter | As of | Median gap | Change | Loans | Managers | Assets | Above 200 bps |
|---|---|---|---|---|---|---|---|
| Q1 2026 | 2026-03-31 | 83.7 bps | +33.5 | 1,038 | 90 | $164.1bn | 41% |
| Q4 2025 | 2025-12-31 | 50.2 bps | +2.3 | 1,031 | 87 | $178.3bn | 22% |
| Q3 2025 | 2025-09-30 | 47.9 bps | -2.1 | 997 | 86 | $164.8bn | 18% |
| Q2 2025 | 2025-06-30 | 50 bps | +0.4 | 944 | 83 | $153.7bn | 18% |
| Q1 2025 | 2025-03-31 | 49.6 bps | -4 | 860 | 81 | $144bn | 23% |
| Q4 2024 | 2024-12-31 | 53.6 bps | +3.1 | 809 | 82 | $133.6bn | 19% |
| Q3 2024 | 2024-09-30 | 50.5 bps | -7.5 | 702 | 77 | $112bn | 23% |
| Q2 2024 | 2024-06-30 | 58 bps | -38.9 | 653 | 75 | $99.8bn | 24% |
| Q1 2024 | 2024-03-31 | 96.9 bps | -17.7 | 566 | 71 | $84.7bn | 36% |
| Q4 2023 | 2023-12-31 | 114.6 bps | -16.3 | 484 | 70 | $72bn | 41% |
| Q3 2023 | 2023-09-30 | 130.9 bps | -45.9 | 530 | 63 | $75bn | 46% |
| Q2 2023 | 2023-06-30 | 176.8 bps | — | 407 | 49 | $61.3bn | 60% |
readings before Q2 2023 are not published · the last funds concerned only had to tag their Schedules of Investments from 1 February 2023, and 40 to 60% of candidate matches in the quarters before that fail the rate check — more than a median can absorb · where the history starts is our choice, not a regulatory date
What the figure measures
Kanonstone defines the valuation gap on a loan as the difference, in basis points of par, between the highest and lowest fair value reported for that loan by different managers on the same reporting date; the index is the median of that gap across every loan reported by at least three managers.
It is not a rating, not a forecast, and not a valuation produced by Kanonstone. Every reading is a median of differences between numbers other people filed with the SEC, and every figure traces to the accession number of the filing it was read from.
terms used above · valuation gap · basis point · Schedule of Investments · accession number · fair value hierarchy
Cite the series
Across 12 quarters from Q2 2023 to Q1 2026, the median co-lender valuation gap has ranged from 47.9 to 176.8 basis points, measured from Schedules of Investments filed with the US Securities and Exchange Commission (Kanonstone, as of 31 March 2026).
Kanonstone (2026). Private Credit Valuation Dispersion Index, Q2 2023–Q1 2026. https://kanonstone.com/quarterly