Q2 2025 · median valuation gap
50bps▲ +1%
As of 30 June 2025, the median gap between the highest and lowest fair value reported for the same private loan by different lenders was 50 basis points, measured across 944 loans held by 83 managers, from Schedules of Investments filed with the US Securities and Exchange Commission (Kanonstone, Q2 2025).
as of 30 June 2025 · CC BY 4.0 · source: SEC EDGAR
- Loans measured
- 944
- Managers reporting
- 83
- Vehicles
- 136
- Assets covered
- $153.7bn
- Source filings
- 136
- Reconciled to balance sheet
- 76 / 160
the panel behind the figure
The Q2 2025 reading is built from 136 SEC filings covering 136 funds and $153.7bn of private loans, as of 30 June 2025.
How Q2 2025 compares with Q1 2025
The median gap widened from 49.6 basis points in Q1 2025 to 50 basis points in Q2 2025, a change of +1% measured on a panel that went from 860 to 944 loans over the same period (Kanonstone, from public SEC filings, as of 30 June 2025).
A year earlier, in Q2 2024, the same measure stood at 58 basis points across 653 loans.
Where the 944 loans sat in Q2 2025
the median says where the middle is; the tail says what is at stake
337
within 25 bps
$42.2bn
134
25 to 50 bps
$16.2bn
173
50 to 100 bps
$27.2bn
147
100 to 200 bps
$40.7bn
82
200 to 500 bps
$13.5bn
71
more than 500 bps
$14bn
Of the 944 loans measured in Q2 2025, 337 were valued within 25 basis points of each other, 82 were between 200 and 500 basis points apart, and 71 were more than 500 basis points apart, as of 30 June 2025.
In Q2 2025, 18% of the private credit Kanonstone tracks — $27.5bn across 153 loans — sat in loans where two lenders reported values more than 200 basis points apart on 30 June 2025, from public SEC filings.
the gap between lenders on the same loan · median across every loan we hold
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, 1,286 basis points apart, in Q2 2025
the same tranche, the same reporting date, two filings
87.13¢
Antares Strategic Credit Fund
Antares
100¢
New Mountain Guardian Iv Bdc, L.L.C.
New Mountain
As of 30 June 2025, MRI Software LLC, a $922m private loan held by 24 funds across 16 managers, was reported at 87.13 cents on the dollar by Antares Strategic Credit Fund and 100 cents by New Mountain Guardian Iv Bdc, L.L.C. — a gap of 1,286 basis points — each figure taken from the funds' own filings with the SEC.
How the Q2 2025 figure was built
the limitations are published with the same weight as the finding
For Q2 2025, 76 of 160 funds reconciled their Schedule of Investments to their own balance sheet within 0.5% and were therefore publishable, covering $249.7bn of $586.4bn of reported assets as of 30 June 2025.
The reported all-in rate is held out of the matching key and used as an independent check; it dropped 10.5% of candidate loan groups in Q2 2025, and the groups that survived it still showed a 45.1 basis point median gap as of 30 June 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 Q2 2025 figure of 50 basis points as of 30 June 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 widened from 49.6 basis points in Q1 2025 to 50 basis points in Q2 2025, a change of +1% measured on a panel that went from 860 to 944 loans over the same period (Kanonstone, from public SEC filings, as of 30 June 2025).
Kanonstone (2025). Private Credit Valuation Dispersion Index, Q2 2025 (as of 30 June 2025). https://kanonstone.com/quarterly/2025-q2
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 2025).
machine-readable
{
"publisher": "Kanonstone",
"dataset": "Private Credit Valuation Dispersion Index",
"quarter": "Q2 2025",
"asOf": "2025-06-30",
"medianGapBps": 50,
"unit": "basis points",
"loans": 944,
"managers": 83,
"filings": 136,
"assetsCoveredUsdBn": 153.7,
"source": "SEC EDGAR",
"license": "CC BY 4.0",
"url": "https://kanonstone.com/quarterly/2025-q2"
}