Q1 2026 · median valuation gap
82.9bps▲ +65%
As of 31 March 2026, the median gap between the highest and lowest fair value reported for the same private loan by different lenders was 82.9 basis points, measured across 1,036 loans held by 90 managers, from Schedules of Investments filed with the US Securities and Exchange Commission (Kanonstone, Q1 2026).
as of 31 March 2026 · CC BY 4.0 · source: SEC EDGAR
- Loans measured
- 1,036
- Middle half spans
- 35.4 bps
- Managers reporting
- 90
- Vehicles
- 145
- Assets covered
- $163.9bn
- Source filings
- 145
- Reconciled to balance sheet
- 87 / 168
the panel behind the figure
The Q1 2026 reading is built from 145 SEC filings covering 145 funds and $163.9bn of private loans, as of 31 March 2026.
How Q1 2026 compares with Q4 2025
The median gap widened from 50.2 basis points in Q4 2025 to 82.9 basis points in Q1 2026, a change of +65% measured on a panel that went from 1,030 to 1,036 loans over the same period (Kanonstone, from public SEC filings, as of 31 March 2026).
A year earlier, in Q1 2025, the same measure stood at 49.1 basis points across 860 loans.
Is it the whole holder set, or one reporter?
a highest-minus-lowest gap cannot tell the two apart · the middle half can
35.4
bps across the middle half
against 82.9 between the extremes
17%
one reporter away from the rest
the middle half covers under a quarter of the gap
31%
the whole holder set disagrees
the middle half covers more than three fifths
Half of the loans measured in Q1 2026 sit within 35.4 basis points across their middle half, against 82.9 between their extremes. On 17% of loans the gap comes down to a single reporter standing away from the others; on 31% the disagreement runs through the whole holder set (Kanonstone, from public SEC filings, as of 31 March 2026).
Between Q4 2025 and Q1 2026 the gap between the extremes moved +65% and the middle half moved +82%. 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 1,036 loans sat in Q1 2026
the median says where the middle is; the tail says what is at stake
226
within 25 bps
$17bn
170
25 to 50 bps
$13.1bn
160
50 to 100 bps
$26.2bn
189
100 to 200 bps
$39.4bn
168
200 to 500 bps
$43.6bn
123
more than 500 bps
$24.6bn
Of the 1,036 loans measured in Q1 2026, 226 were valued within 25 basis points of each other, 168 were between 200 and 500 basis points apart, and 123 were more than 500 basis points apart, as of 31 March 2026.
In Q1 2026, 41% of the private credit Kanonstone tracks — $68.2bn across 291 loans — sat in loans where two lenders reported values more than 200 basis points apart on 31 March 2026, 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, 1,178 basis points apart, in Q1 2026
the same tranche, the same reporting date, two filings
87.92¢
Antares Strategic Credit Fund
Antares
99.71¢
Antares Strategic Credit Fund Ii Llc
Antares
As of 31 March 2026, AmeriLife Holdings LLC, a $1,406m private loan held by 17 funds across 6 managers, was reported at 87.92 cents on the dollar by Antares Strategic Credit Fund and 99.71 cents by Antares Strategic Credit Fund Ii Llc — a gap of 1,178 basis points — each figure taken from the funds' own filings with the SEC. Both figures come from funds run by the same manager, Antares.
How the Q1 2026 figure was built
the limitations are published with the same weight as the finding
For Q1 2026, 87 of 168 funds reconciled their Schedule of Investments to their own balance sheet within 0.5% and were therefore publishable, covering $350.3bn of $531.9bn of reported assets as of 31 March 2026.
The reported all-in rate is held out of the matching key and used as an independent check; it dropped 11.1% of candidate loan groups in Q1 2026, and the groups that survived it still showed a 78.7 basis point median gap as of 31 March 2026.
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 2026 figure of 82.9 basis points as of 31 March 2026 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 50.2 basis points in Q4 2025 to 82.9 basis points in Q1 2026, a change of +65% measured on a panel that went from 1,030 to 1,036 loans over the same period (Kanonstone, from public SEC filings, as of 31 March 2026).
Kanonstone (2026). Private Credit Valuation Dispersion Index, Q1 2026 (as of 31 March 2026). https://kanonstone.com/quarterly/2026-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 2026).
machine-readable
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"dataset": "Private Credit Valuation Dispersion Index",
"quarter": "Q1 2026",
"asOf": "2026-03-31",
"medianGapBps": 82.9,
"unit": "basis points",
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"assetsCoveredUsdBn": 163.9,
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