Q3 2025 · median valuation gap
47.9bps▼ -4%
As of 30 September 2025, the median gap between the highest and lowest fair value reported for the same private loan by different lenders was 47.9 basis points, measured across 997 loans held by 86 managers, from Schedules of Investments filed with the US Securities and Exchange Commission (Kanonstone, Q3 2025).
as of 30 September 2025 · CC BY 4.0 · source: SEC EDGAR · narrowest reading in the published series
- Loans measured
- 997
- Middle half spans
- 16.6 bps
- Managers reporting
- 86
- Vehicles
- 136
- Assets covered
- $164.8bn
- Source filings
- 136
- Reconciled to balance sheet
- 77 / 163
the panel behind the figure
The Q3 2025 reading is built from 136 SEC filings covering 136 funds and $164.8bn of private loans, as of 30 September 2025.
How Q3 2025 compares with Q2 2025
The median gap narrowed from 50 basis points in Q2 2025 to 47.9 basis points in Q3 2025, a change of -4% measured on a panel that went from 945 to 997 loans over the same period (Kanonstone, from public SEC filings, as of 30 September 2025).
A year earlier, in Q3 2024, the same measure stood at 50.5 basis points across 702 loans.
Is it the whole holder set, or one reporter?
a highest-minus-lowest gap cannot tell the two apart · the middle half can
16.6
bps across the middle half
against 47.9 between the extremes
22%
one reporter away from the rest
the middle half covers under a quarter of the gap
28%
the whole holder set disagrees
the middle half covers more than three fifths
Half of the loans measured in Q3 2025 sit within 16.6 basis points across their middle half, against 47.9 between their extremes. On 22% of loans the gap comes down to a single reporter standing away from the others; on 28% the disagreement runs through the whole holder set (Kanonstone, from public SEC filings, as of 30 September 2025).
Between Q2 2025 and Q3 2025 the gap between the extremes moved -4% and the middle half moved -13%. 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 997 loans sat in Q3 2025
the median says where the middle is; the tail says what is at stake
342
within 25 bps
$41.4bn
167
25 to 50 bps
$20.8bn
163
50 to 100 bps
$28.7bn
170
100 to 200 bps
$43.5bn
86
200 to 500 bps
$17.3bn
69
more than 500 bps
$13.2bn
Of the 997 loans measured in Q3 2025, 342 were valued within 25 basis points of each other, 86 were between 200 and 500 basis points apart, and 69 were more than 500 basis points apart, as of 30 September 2025.
In Q3 2025, 18% of the private credit Kanonstone tracks — $30.5bn across 155 loans — sat in loans where two lenders reported values more than 200 basis points apart on 30 September 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, 1,311 basis points apart, in Q3 2025
the same tranche, the same reporting date, two filings
86.89¢
Antares Private Credit Fund
Antares
100¢
North Haven Private Income Fund Llc
Morgan Stanley
As of 30 September 2025, Amerilife Holdings LLC, a $1,381m private loan held by 17 funds across 6 managers, was reported at 86.89 cents on the dollar by Antares Private Credit Fund and 100 cents by North Haven Private Income Fund Llc — a gap of 1,311 basis points — each figure taken from the funds' own filings with the SEC.
How the Q3 2025 figure was built
the limitations are published with the same weight as the finding
For Q3 2025, 77 of 163 funds reconciled their Schedule of Investments to their own balance sheet within 0.5% and were therefore publishable, covering $242.6bn of $501.6bn of reported assets as of 30 September 2025.
The reported all-in rate is held out of the matching key and used as an independent check; it dropped 11.4% of candidate loan groups in Q3 2025, and the groups that survived it still showed a 42.3 basis point median gap as of 30 September 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 Q3 2025 figure of 47.9 basis points as of 30 September 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 50 basis points in Q2 2025 to 47.9 basis points in Q3 2025, a change of -4% measured on a panel that went from 945 to 997 loans over the same period (Kanonstone, from public SEC filings, as of 30 September 2025).
Kanonstone (2025). Private Credit Valuation Dispersion Index, Q3 2025 (as of 30 September 2025). https://kanonstone.com/quarterly/2025-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 2025).
machine-readable
{
"publisher": "Kanonstone",
"dataset": "Private Credit Valuation Dispersion Index",
"quarter": "Q3 2025",
"asOf": "2025-09-30",
"medianGapBps": 47.9,
"unit": "basis points",
"loans": 997,
"managers": 86,
"filings": 136,
"assetsCoveredUsdBn": 164.8,
"source": "SEC EDGAR",
"license": "CC BY 4.0",
"url": "https://kanonstone.com/quarterly/2025-q3"
}