Q3 2024 · median valuation gap
50.5bps▼ -14%
As of 30 September 2024, the median gap between the highest and lowest fair value reported for the same private loan by different lenders was 50.5 basis points, measured across 702 loans held by 77 managers, from Schedules of Investments filed with the US Securities and Exchange Commission (Kanonstone, Q3 2024).
as of 30 September 2024 · CC BY 4.0 · source: SEC EDGAR
- Loans measured
- 702
- Middle half spans
- 17.7 bps
- Managers reporting
- 77
- Vehicles
- 124
- Assets covered
- $112.1bn
- Source filings
- 124
- Reconciled to balance sheet
- 50 / 139
the panel behind the figure
The Q3 2024 reading is built from 124 SEC filings covering 124 funds and $112.1bn of private loans, as of 30 September 2024.
How Q3 2024 compares with Q2 2024
The median gap narrowed from 58.9 basis points in Q2 2024 to 50.5 basis points in Q3 2024, a change of -14% measured on a panel that went from 654 to 702 loans over the same period (Kanonstone, from public SEC filings, as of 30 September 2024).
A year earlier, in Q3 2023, the same measure stood at 130.9 basis points across 530 loans.
Is it the whole holder set, or one reporter?
a highest-minus-lowest gap cannot tell the two apart · the middle half can
17.7
bps across the middle half
against 50.5 between the extremes
24%
one reporter away from the rest
the middle half covers under a quarter of the gap
25%
the whole holder set disagrees
the middle half covers more than three fifths
Half of the loans measured in Q3 2024 sit within 17.7 basis points across their middle half, against 50.5 between their extremes. On 24% of loans the gap comes down to a single reporter standing away from the others; on 25% the disagreement runs through the whole holder set (Kanonstone, from public SEC filings, as of 30 September 2024).
Between Q2 2024 and Q3 2024 the gap between the extremes moved -14% and the middle half moved -12%. The extremes moved further than the middle half, so part of the change sits with reporters standing away from the rest rather than with the group.
Where the 702 loans sat in Q3 2024
the median says where the middle is; the tail says what is at stake
220
within 25 bps
$19.2bn
121
25 to 50 bps
$13.2bn
110
50 to 100 bps
$20bn
124
100 to 200 bps
$34.1bn
77
200 to 500 bps
$14.4bn
50
more than 500 bps
$11.2bn
Of the 702 loans measured in Q3 2024, 220 were valued within 25 basis points of each other, 77 were between 200 and 500 basis points apart, and 50 were more than 500 basis points apart, as of 30 September 2024.
In Q3 2024, 23% of the private credit Kanonstone tracks — $25.6bn across 127 loans — sat in loans where two lenders reported values more than 200 basis points apart on 30 September 2024, from public SEC filings.
the gap between lenders on the same loan · median across every loan we track
Tap or hover any quarter to read it. The thin line under each bar is how many loans it rests on — the earliest reading carries 39% of today’s panel, so the early levels are not comparable. The long fall across this chart is coverage widening, not lenders converging. The move that is real is the last one: 47.9 bps in Q3 25 to 82.9 today, on a panel that barely grew.
One loan, 878 basis points apart, in Q3 2024
the same tranche, the same reporting date, two filings
98.95¢
Golub Capital Direct Lending Corp
Golub
107.73¢
Blackstone Private Credit Fund
Blackstone
As of 30 September 2024, Bamboo US BidCo LLC, a $666m private loan held by 17 funds across 6 managers, was reported at 98.95 cents on the dollar by Golub Capital Direct Lending Corp and 107.73 cents by Blackstone Private Credit Fund — a gap of 878 basis points — each figure taken from the funds' own filings with the SEC.
How the Q3 2024 figure was built
the limitations are published with the same weight as the finding
For Q3 2024, 50 of 139 funds reconciled their Schedule of Investments to their own balance sheet within 0.5% and were therefore publishable, covering $134.3bn of $560.7bn of reported assets as of 30 September 2024.
The reported all-in rate is held out of the matching key and used as an independent check; it dropped 20.4% of candidate loan groups in Q3 2024, and the groups that survived it still showed a 42.8 basis point median gap as of 30 September 2024.
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 Q3 2024 figure of 50.5 basis points as of 30 September 2024 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
The median gap narrowed from 58.9 basis points in Q2 2024 to 50.5 basis points in Q3 2024, a change of -14% measured on a panel that went from 654 to 702 loans over the same period (Kanonstone, from public SEC filings, as of 30 September 2024).
Kanonstone (2024). Private Credit Valuation Dispersion Index, Q3 2024 (as of 30 September 2024). https://kanonstone.com/quarterly/2024-q3
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 September 2024).
machine-readable
{
"publisher": "Kanonstone",
"dataset": "Private Credit Valuation Dispersion Index",
"quarter": "Q3 2024",
"asOf": "2024-09-30",
"medianGapBps": 50.5,
"unit": "basis points",
"loans": 702,
"managers": 77,
"filings": 124,
"assetsCoveredUsdBn": 112.1,
"source": "SEC EDGAR",
"license": "CC BY 4.0",
"url": "https://kanonstone.com/quarterly/2024-q3"
}