Q4 2024 · median valuation gap
53.4bps▲ +6%
As of 31 December 2024, the median gap between the highest and lowest fair value reported for the same private loan by different lenders was 53.4 basis points, measured across 809 loans held by 82 managers, from Schedules of Investments filed with the US Securities and Exchange Commission (Kanonstone, Q4 2024).
as of 31 December 2024 · CC BY 4.0 · source: SEC EDGAR
- Loans measured
- 809
- Middle half spans
- 22.3 bps
- Managers reporting
- 82
- Vehicles
- 128
- Assets covered
- $133.5bn
- Source filings
- 128
- Reconciled to balance sheet
- 51 / 155
the panel behind the figure
The Q4 2024 reading is built from 128 SEC filings covering 128 funds and $133.5bn of private loans, as of 31 December 2024.
How Q4 2024 compares with Q3 2024
The median gap widened from 50.5 basis points in Q3 2024 to 53.4 basis points in Q4 2024, a change of +6% measured on a panel that went from 702 to 809 loans over the same period (Kanonstone, from public SEC filings, as of 31 December 2024).
A year earlier, in Q4 2023, the same measure stood at 114.6 basis points across 484 loans.
Is it the whole holder set, or one reporter?
a highest-minus-lowest gap cannot tell the two apart · the middle half can
22.3
bps across the middle half
against 53.4 between the extremes
20%
one reporter away from the rest
the middle half covers under a quarter of the gap
30%
the whole holder set disagrees
the middle half covers more than three fifths
Half of the loans measured in Q4 2024 sit within 22.3 basis points across their middle half, against 53.4 between their extremes. On 20% of loans the gap comes down to a single reporter standing away from the others; on 30% the disagreement runs through the whole holder set (Kanonstone, from public SEC filings, as of 31 December 2024).
Between Q3 2024 and Q4 2024 the gap between the extremes moved +6% and the middle half moved +26%. The middle half moved further than the extremes, so the change is not the work of a few outlying reporters — it runs through the holder set.
Where the 809 loans sat in Q4 2024
the median says where the middle is; the tail says what is at stake
221
within 25 bps
$21.8bn
154
25 to 50 bps
$15.9bn
125
50 to 100 bps
$23bn
182
100 to 200 bps
$47.1bn
72
200 to 500 bps
$15.4bn
55
more than 500 bps
$10.4bn
Of the 809 loans measured in Q4 2024, 221 were valued within 25 basis points of each other, 72 were between 200 and 500 basis points apart, and 55 were more than 500 basis points apart, as of 31 December 2024.
In Q4 2024, 19% of the private credit Kanonstone tracks — $25.8bn across 127 loans — sat in loans where two lenders reported values more than 200 basis points apart on 31 December 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, 1,320 basis points apart, in Q4 2024
the same tranche, the same reporting date, two filings
86.83¢
T. Rowe Price Oha Select Private Credit Fund
T. Rowe / OHA
100.04¢
Willow Tree Capital Corp
Willow Tree
As of 31 December 2024, Peter C. Foy & Associates Insurance Services, LLC (PCF Insurance), a $510m private loan held by 17 funds across 9 managers, was reported at 86.83 cents on the dollar by T. Rowe Price Oha Select Private Credit Fund and 100.04 cents by Willow Tree Capital Corp — a gap of 1,320 basis points — each figure taken from the funds' own filings with the SEC.
How the Q4 2024 figure was built
the limitations are published with the same weight as the finding
For Q4 2024, 51 of 155 funds reconciled their Schedule of Investments to their own balance sheet within 0.5% and were therefore publishable, covering $150.6bn of $607.9bn of reported assets as of 31 December 2024.
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 Q4 2024, and the groups that survived it still showed a 49.9 basis point median gap as of 31 December 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 Q4 2024 figure of 53.4 basis points as of 31 December 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 widened from 50.5 basis points in Q3 2024 to 53.4 basis points in Q4 2024, a change of +6% measured on a panel that went from 702 to 809 loans over the same period (Kanonstone, from public SEC filings, as of 31 December 2024).
Kanonstone (2024). Private Credit Valuation Dispersion Index, Q4 2024 (as of 31 December 2024). https://kanonstone.com/quarterly/2024-q4
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 December 2024).
machine-readable
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"publisher": "Kanonstone",
"dataset": "Private Credit Valuation Dispersion Index",
"quarter": "Q4 2024",
"asOf": "2024-12-31",
"medianGapBps": 53.4,
"unit": "basis points",
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"filings": 128,
"assetsCoveredUsdBn": 133.5,
"source": "SEC EDGAR",
"license": "CC BY 4.0",
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