Q2 2023 · median valuation gap

176.8bps

As of 30 June 2023, the median gap between the highest and lowest fair value reported for the same private loan by different lenders was 176.8 basis points, measured across 407 loans held by 49 managers, from Schedules of Investments filed with the US Securities and Exchange Commission (Kanonstone, Q2 2023).

as of 30 June 2023 · CC BY 4.0 · source: SEC EDGAR · widest reading in the published series

Loans measured: 407
Managers reporting: 49
Vehicles: 84
Assets covered: $61.3bn
Source filings: 84
Reconciled to balance sheet: 46 / 108

Where the 407 loans sat in Q2 2023

the median says where the middle is; the tail says what is at stake

within 25 bps

$4.9bn

25 to 50 bps

$2.9bn

50 to 100 bps

$3.3bn

100 to 200 bps

$13.5bn

106

200 to 500 bps

$26.7bn

more than 500 bps

$10bn

Of the 407 loans measured in Q2 2023, 65 were valued within 25 basis points of each other, 106 were between 200 and 500 basis points apart, and 81 were more than 500 basis points apart, as of 30 June 2023.

In Q2 2023, 60% of the private credit Kanonstone tracks — $36.7bn across 187 loans — sat in loans where two lenders reported values more than 200 basis points apart on 30 June 2023, from public SEC filings.

the gap between lenders on the same loan · median across every loan we hold

176.8basis pointsQ2 23

Tap or hover any quarter to read it. The thin line under each bar is how many loans it rests on — the early quarters carry a third of today’s panel, so their level is not comparable. The long fall across this chart is coverage widening, not lenders converging. The move that is real is the last one: 47.6 bps in Q3 25 to 83.7 today, on a panel that barely grew.

One loan, 1,069 basis points apart, in Q2 2023

the same tranche, the same reporting date, two filings

89.3¢

Apollo Debt Solutions Bdc

Apollo

100¢

Nmf Slf I, Inc.

As of 30 June 2023, Coupa Holdings, LLC, a $599m private loan held by 31 funds across 14 managers, was reported at 89.3 cents on the dollar by Apollo Debt Solutions Bdc and 100 cents by Nmf Slf I, Inc. — a gap of 1,069 basis points — each figure taken from the funds' own filings with the SEC.

How the Q2 2023 figure was built

the limitations are published with the same weight as the finding

For Q2 2023, 46 of 108 funds reconciled their Schedule of Investments to their own balance sheet within 0.5% and were therefore publishable, covering $108.6bn of $569.4bn of reported assets as of 30 June 2023.

The reported all-in rate is held out of the matching key and used as an independent check; it dropped 13.5% of candidate loan groups in Q2 2023, and the groups that survived it still showed a 163.2 basis point median gap as of 30 June 2023.

The Kanonstone index measures the distance between fair values that lenders published; it is not a rating, not a forecast, and not a valuation produced by Kanonstone — the Q2 2023 figure of 176.8 basis points as of 30 June 2023 is a median of differences between numbers other people filed.

Cite this

this reading is fixed as of its date · if a filer amends a filing, the figure is corrected and the correction is dated

ready to publish

formal citation

Kanonstone (2023). Private Credit Valuation Dispersion Index, Q2 2023 (as of 30 June 2023). https://kanonstone.com/quarterly/2023-q2

the series in one sentence

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 30 June 2023).

machine-readable

{
 "publisher": "Kanonstone",
 "dataset": "Private Credit Valuation Dispersion Index",
 "quarter": "Q2 2023",
 "asOf": "2023-06-30",
 "medianGapBps": 176.8,
 "unit": "basis points",
 "loans": 407,
 "managers": 49,
 "filings": 84,
 "assetsCoveredUsdBn": 61.3,
 "source": "SEC EDGAR",
 "license": "CC BY 4.0",
 "url": "https://kanonstone.com/quarterly/2023-q2"
}

.json · .csv · full series .csv