Q4 2025 · median valuation gap
50.2bps▲ +5%
As of 31 December 2025, the median gap between the highest and lowest fair value reported for the same private loan by different lenders was 50.2 basis points, measured across 1,031 loans held by 87 managers, from Schedules of Investments filed with the US Securities and Exchange Commission (Kanonstone, Q4 2025).
as of 31 December 2025 · CC BY 4.0 · source: SEC EDGAR
- Loans measured
- 1,031
- Managers reporting
- 87
- Vehicles
- 143
- Assets covered
- $178.3bn
- Source filings
- 143
- Reconciled to balance sheet
- 86 / 168
the panel behind the figure
The Q4 2025 reading is built from 143 SEC filings covering 143 funds and $178.3bn of private loans, as of 31 December 2025.
How Q4 2025 compares with Q3 2025
The median gap widened from 47.9 basis points in Q3 2025 to 50.2 basis points in Q4 2025, a change of +5% measured on a panel that went from 997 to 1,031 loans over the same period (Kanonstone, from public SEC filings, as of 31 December 2025).
A year earlier, in Q4 2024, the same measure stood at 53.6 basis points across 809 loans.
Where the 1,031 loans sat in Q4 2025
the median says where the middle is; the tail says what is at stake
342
within 25 bps
$37.8bn
163
25 to 50 bps
$24.8bn
179
50 to 100 bps
$32.4bn
166
100 to 200 bps
$44.6bn
93
200 to 500 bps
$23.3bn
88
more than 500 bps
$15.4bn
Of the 1,031 loans measured in Q4 2025, 342 were valued within 25 basis points of each other, 93 were between 200 and 500 basis points apart, and 88 were more than 500 basis points apart, as of 31 December 2025.
In Q4 2025, 22% of the private credit Kanonstone tracks — $38.7bn across 181 loans — sat in loans where two lenders reported values more than 200 basis points apart on 31 December 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, 767 basis points apart, in Q4 2025
the same tranche, the same reporting date, two filings
99.44¢
Apollo Origination Ii (Ul) Capital Trust
Apollo
107.11¢
Carlyle Secured Lending, Inc.
Carlyle
As of 31 December 2025, QBS Parent, Inc., a $420m private loan held by 11 funds across 7 managers, was reported at 99.44 cents on the dollar by Apollo Origination Ii (Ul) Capital Trust and 107.11 cents by Carlyle Secured Lending, Inc. — a gap of 767 basis points — each figure taken from the funds' own filings with the SEC.
How the Q4 2025 figure was built
the limitations are published with the same weight as the finding
For Q4 2025, 86 of 168 funds reconciled their Schedule of Investments to their own balance sheet within 0.5% and were therefore publishable, covering $349.1bn of $526bn of reported assets as of 31 December 2025.
The reported all-in rate is held out of the matching key and used as an independent check; it dropped 10.9% of candidate loan groups in Q4 2025, and the groups that survived it still showed a 48.9 basis point median gap as of 31 December 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 Q4 2025 figure of 50.2 basis points as of 31 December 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 47.9 basis points in Q3 2025 to 50.2 basis points in Q4 2025, a change of +5% measured on a panel that went from 997 to 1,031 loans over the same period (Kanonstone, from public SEC filings, as of 31 December 2025).
Kanonstone (2025). Private Credit Valuation Dispersion Index, Q4 2025 (as of 31 December 2025). https://kanonstone.com/quarterly/2025-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 2025).
machine-readable
{
"publisher": "Kanonstone",
"dataset": "Private Credit Valuation Dispersion Index",
"quarter": "Q4 2025",
"asOf": "2025-12-31",
"medianGapBps": 50.2,
"unit": "basis points",
"loans": 1031,
"managers": 87,
"filings": 143,
"assetsCoveredUsdBn": 178.3,
"source": "SEC EDGAR",
"license": "CC BY 4.0",
"url": "https://kanonstone.com/quarterly/2025-q4"
}