Q1 2025 · median valuation gap
49.1bps▼ -8%
As of 31 March 2025, the median gap between the highest and lowest fair value reported for the same private loan by different lenders was 49.1 basis points, measured across 860 loans held by 81 managers, from Schedules of Investments filed with the US Securities and Exchange Commission (Kanonstone, Q1 2025).
as of 31 March 2025 · CC BY 4.0 · source: SEC EDGAR
- Loans measured
- 860
- Middle half spans
- 20.5 bps
- Managers reporting
- 81
- Vehicles
- 130
- Assets covered
- $143.8bn
- Source filings
- 130
- Reconciled to balance sheet
- 51 / 145
the panel behind the figure
The Q1 2025 reading is built from 130 SEC filings covering 130 funds and $143.8bn of private loans, as of 31 March 2025.
How Q1 2025 compares with Q4 2024
The median gap narrowed from 53.4 basis points in Q4 2024 to 49.1 basis points in Q1 2025, a change of -8% measured on a panel that went from 809 to 860 loans over the same period (Kanonstone, from public SEC filings, as of 31 March 2025).
A year earlier, in Q1 2024, the same measure stood at 98 basis points across 566 loans.
Is it the whole holder set, or one reporter?
a highest-minus-lowest gap cannot tell the two apart · the middle half can
20.5
bps across the middle half
against 49.1 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 Q1 2025 sit within 20.5 basis points across their middle half, against 49.1 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 March 2025).
Between Q4 2024 and Q1 2025 the gap between the extremes moved -8% and the middle half moved -8%. 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 860 loans sat in Q1 2025
the median says where the middle is; the tail says what is at stake
265
within 25 bps
$27.9bn
173
25 to 50 bps
$21bn
143
50 to 100 bps
$26bn
141
100 to 200 bps
$35.8bn
79
200 to 500 bps
$19bn
59
more than 500 bps
$14.1bn
Of the 860 loans measured in Q1 2025, 265 were valued within 25 basis points of each other, 79 were between 200 and 500 basis points apart, and 59 were more than 500 basis points apart, as of 31 March 2025.
In Q1 2025, 23% of the private credit Kanonstone tracks — $33.1bn across 138 loans — sat in loans where two lenders reported values more than 200 basis points apart on 31 March 2025, 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, 1,819 basis points apart, in Q1 2025
the same tranche, the same reporting date, two filings
81.82¢
Blue Owl Capital Corp Ii
Blue Owl
100.01¢
Hps Corporate Lending Fund
HPS
As of 31 March 2025, Education Severin Acquisition, LLC, a $1,176m private loan held by 16 funds across 6 managers, was reported at 81.82 cents on the dollar by Blue Owl Capital Corp Ii and 100.01 cents by Hps Corporate Lending Fund — a gap of 1,819 basis points — each figure taken from the funds' own filings with the SEC.
How the Q1 2025 figure was built
the limitations are published with the same weight as the finding
For Q1 2025, 51 of 145 funds reconciled their Schedule of Investments to their own balance sheet within 0.5% and were therefore publishable, covering $185.2bn of $626bn of reported assets as of 31 March 2025.
The reported all-in rate is held out of the matching key and used as an independent check; it dropped 11.3% of candidate loan groups in Q1 2025, and the groups that survived it still showed a 44.1 basis point median gap as of 31 March 2025.
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 Q1 2025 figure of 49.1 basis points as of 31 March 2025 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 53.4 basis points in Q4 2024 to 49.1 basis points in Q1 2025, a change of -8% measured on a panel that went from 809 to 860 loans over the same period (Kanonstone, from public SEC filings, as of 31 March 2025).
Kanonstone (2025). Private Credit Valuation Dispersion Index, Q1 2025 (as of 31 March 2025). https://kanonstone.com/quarterly/2025-q1
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 2025).
machine-readable
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"publisher": "Kanonstone",
"dataset": "Private Credit Valuation Dispersion Index",
"quarter": "Q1 2025",
"asOf": "2025-03-31",
"medianGapBps": 49.1,
"unit": "basis points",
"loans": 860,
"managers": 81,
"filings": 130,
"assetsCoveredUsdBn": 143.8,
"source": "SEC EDGAR",
"license": "CC BY 4.0",
"url": "https://kanonstone.com/quarterly/2025-q1"
}