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type=\"text\/x-nexus\" class=\"_iub_cs_skip\" id=\"nxe-mount\" 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auto;padding:0 16px;font-family:ui-sans-serif,system-ui,-apple-system,\"Segoe UI\",sans-serif;line-height:1.55;overflow-wrap:break-word}#nxe-n1g464o5.nxe :where(*,*::before,*::after){box-sizing:inherit}#nxe-n1g464o5.nxe :where(section,header,footer,nav,aside){display:block;margin:0 0 32px}#nxe-n1g464o5.nxe :where(h1,h2,h3,h4){line-height:1.2;margin:24px 0 12px;font-weight:600}#nxe-n1g464o5.nxe :where(p,ul,ol,dl,table,figure,details){margin:0 0 16px}#nxe-n1g464o5.nxe :where(ul,ol){padding-left:20px}#nxe-n1g464o5.nxe a{color:inherit;text-decoration:underline;text-underline-offset:2px}#nxe-n1g464o5.nxe table{border-collapse:collapse;width:100%;display:block;overflow-x:auto}#nxe-n1g464o5.nxe :where(th,td){padding:6px 8px;text-align:left;vertical-align:top;border-bottom:1px solid;border-color:inherit}#nxe-n1g464o5.nxe svg{display:none}#nxe-n1g464o5.nxe svg.nx-i{display:inline-block;width:18px;height:18px;vertical-align:-3px}#nxe-n1g464o5.nxe :where([role=\"tablist\"],[role=\"toolbar\"],[hidden],button,.nx-theme-toggle,.nx-live-slot){display:none}#nxe-n1g464o5.nxe img{max-width:100%;height:auto}<\/style><svg class=\"nx-defs\" aria-hidden=\"true\" focusable=\"false\" width=\"0\" height=\"0\"><defs><linearGradient id=\"nx-gi\" x1=\"0\" y1=\"0\" x2=\"1\" y2=\"1\"><stop offset=\"0\" class=\"nx-gi-a\"\/><stop offset=\"0.55\" class=\"nx-gi-b\"\/><stop offset=\"1\" class=\"nx-gi-c\"\/><\/linearGradient><linearGradient id=\"nx-giu\" gradientUnits=\"userSpaceOnUse\" x1=\"0\" y1=\"0\" x2=\"800\" y2=\"0\"><stop offset=\"0\" class=\"nx-gi-a\"\/><stop offset=\"0.55\" class=\"nx-gi-b\"\/><stop offset=\"1\" class=\"nx-gi-c\"\/><\/linearGradient><linearGradient id=\"nx-gp\" x1=\"0\" y1=\"0\" x2=\"1\" y2=\"1\"><stop offset=\"0\" class=\"nx-gp-a\"\/><stop offset=\"1\" class=\"nx-gp-b\"\/><\/linearGradient><\/defs><\/svg><section class=\"nx-hero\" data-layout=\"dossier\" aria-labelledby=\"nx-title-1\"><div class=\"nx-container\"><div class=\"nx-theme-toggle\" role=\"group\" aria-label=\"Appearance of this page\" hidden><button type=\"button\" data-mode=\"light\" aria-pressed=\"false\">Light<\/button><button type=\"button\" data-mode=\"dark\" aria-pressed=\"false\">Dark<\/button><button type=\"button\" data-mode=\"auto\" aria-pressed=\"true\">Auto<\/button><\/div><div class=\"nx-folio\" aria-label=\"Document reference\"><strong>A-P10 \u00b7 TOPIC \u00b7 valuation-and-data-gaps<\/strong>GRA dossier \u00b7 service level R0<\/div><div class=\"nx-hero-grid\"><div class=\"nx-hero-text\"><div class=\"nx-eyebrow-row\"><span class=\"nx-eyebrow\">GRA<\/span><span class=\"nx-eyebrow\" aria-hidden=\"true\">\u00b7<\/span><span class=\"nx-eyebrow\">Private Credit<\/span><span class=\"nx-eyebrow\" aria-hidden=\"true\">\u00b7<\/span><span class=\"nx-eyebrow\">In development<\/span><\/div><div class=\"nx-accent-row\"><span class=\"nx-accent-rule\" aria-hidden=\"true\"><\/span><span>Topic dossier \u00b7 Private Credit<\/span><\/div><h1 id=\"nx-title-1\" class=\"nx-hero-title\">Valuation and data gaps<\/h1><p class=\"nx-tagline\">Private loans have no market price, so funds value them with models and judgement, often quarterly. Valuations move slowly, and investors and supervisors see limited data on borrowers and terms. This page sets out how private credit is valued, where valuation and data gaps hide risk, what disclosure exists, and who decides.<\/p><div class=\"nx-actions\"><a class=\"nx-btn\" data-variant=\"primary\" href=\"https:\/\/globalriskalliance.com\/private-credit\/contact\/\">Make an enquiry <svg class=\"nx-arrow\" viewBox=\"0 0 16 16\" aria-hidden=\"true\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"1.5\" stroke-linecap=\"round\" stroke-linejoin=\"round\"><path d=\"M3 8h10M9 4l4 4-4 4\"\/><\/svg><\/a><a class=\"nx-btn\" data-variant=\"secondary\" href=\"https:\/\/globalriskalliance.com\/private-credit\/topics\/\">Back to Topics<\/a><\/div><\/div><div class=\"nx-hero-panel\"><div class=\"nx-register\"><div class=\"nx-register-head\"><span class=\"nx-eyebrow\"><strong>Dossier<\/strong><\/span><span class=\"nx-eyebrow\">A-P10 \u00b7 topic<\/span><\/div><ol class=\"nx-register-rows\"><li><a href=\"#nx-sec-brief-answer\"><span class=\"nx-register-n\">01<\/span><span class=\"nx-register-k\">In brief<\/span><span class=\"nx-register-v\">Definition and scope<\/span><\/a><\/li><li><a href=\"#nx-sec-question\"><span class=\"nx-register-n\">02<\/span><span class=\"nx-register-k\">The question<\/span><span class=\"nx-register-v\">4 mechanisms<\/span><\/a><\/li><li><a href=\"#nx-sec-terms\"><span class=\"nx-register-n\">03<\/span><span class=\"nx-register-k\">Key terms<\/span><span class=\"nx-register-v\"><span class=\"nx-register-num\">3<\/span><\/span><\/a><\/li><li><a href=\"#nx-sec-field\"><span class=\"nx-register-n\">04<\/span><span class=\"nx-register-k\">Field<\/span><span class=\"nx-register-v\">H3 field plate<\/span><\/a><\/li><li><a href=\"#nx-sec-indicators\"><span class=\"nx-register-n\">05<\/span><span class=\"nx-register-k\">Indicators<\/span><span class=\"nx-register-v\"><span class=\"nx-register-num\">6<\/span><\/span><\/a><\/li><li><a href=\"#nx-sec-pipeline\"><span class=\"nx-register-n\">06<\/span><span class=\"nx-register-k\">Pipeline<\/span><span class=\"nx-register-v\">Run graph<\/span><\/a><\/li><li><a href=\"#nx-sec-sources\"><span class=\"nx-register-n\">07<\/span><span class=\"nx-register-k\">Sources<\/span><span class=\"nx-register-v\"><span class=\"nx-register-num\">5<\/span><\/span><\/a><\/li><li><a href=\"#nx-sec-decisions\"><span class=\"nx-register-n\">08<\/span><span class=\"nx-register-k\">Decision holders<\/span><span class=\"nx-register-v\"><span class=\"nx-register-num\">4<\/span><\/span><\/a><\/li><li><a href=\"#nx-sec-methods\"><span class=\"nx-register-n\">09<\/span><span class=\"nx-register-k\">Methods<\/span><span class=\"nx-register-v\"><span class=\"nx-register-num\">3<\/span><\/span><\/a><\/li><\/ol><p class=\"nx-register-foot\">GRA \u00b7 In development \u00b7 service level R0<\/p><\/div><\/div><\/div><\/div><\/section> <nav class=\"nx-index-strip\" data-nx-spy=\"true\" aria-label=\"On this page\"><div class=\"nx-container\"><a href=\"#nx-sec-brief-answer\"><span>01<\/span>The short answer<\/a><a href=\"#nx-sec-field\"><span>02<\/span>Assets on the grid, and the\u2026<\/a><a href=\"#nx-s-4-sec\"><span>03<\/span>Credit portfolio and watchlist, in\u2026<\/a><a href=\"#nx-sec-question\"><span>04<\/span>Valuation and data gaps: how the\u2026<\/a><a href=\"#nx-sec-terms\"><span>05<\/span>Terms used on this page<\/a><a href=\"#nx-sec-indicators\"><span>06<\/span>What is measured, and how well<\/a><a href=\"#nx-sec-pipeline\"><span>07<\/span>From sources to decisions<\/a><a href=\"#nx-sec-sources\"><span>08<\/span>Where the evidence comes from<\/a><\/div><\/nav> <section id=\"nx-sec-brief-answer\" class=\"nx-section\" data-hue=\"finance\" data-variant=\"band\" aria-labelledby=\"nx-s-2\"><div class=\"nx-container\"><div class=\"nx-section-head\"><div class=\"nx-eyebrow-row\"><span class=\"nx-eyebrow\">01<\/span><span class=\"nx-rule\" aria-hidden=\"true\"><\/span><span class=\"nx-eyebrow\">In brief<\/span><\/div><h2 id=\"nx-s-2\" class=\"nx-section-title\">The short answer.<\/h2><p class=\"nx-lede\">Private credit valuation is the estimation of the fair value of loans that have no market price, using models and judgement. Marks lag public markets, managers face conflicts and investors see limited borrower data. Fund boards, regulators, investors and auditors decide how valuations are governed and relied on.<\/p><\/div><\/div><\/section><section id=\"nx-sec-field\" class=\"nx-section\" data-hue=\"finance\" data-tone=\"alt\" aria-labelledby=\"nx-s-3\"><div class=\"nx-container\"><div class=\"nx-section-head\"><div class=\"nx-eyebrow-row\"><span class=\"nx-eyebrow\">02<\/span><span class=\"nx-rule\" aria-hidden=\"true\"><\/span><span class=\"nx-eyebrow\">Spatial finance<\/span><\/div><h2 id=\"nx-s-3\" class=\"nx-section-title\">Assets on the grid, and the portfolio they make.<\/h2><p class=\"nx-lede\">Where a portfolio's assets sit, and how much of its value is most exposed. Hypothetical assets, not an assessment.<\/p><\/div><div class=\"nx-section-body\"><div class=\"nx-canvas-wrap\"><figure class=\"nx-fk nx-sf\" data-fk=\"asset-geocode\" data-gl=\"sf:asset-geocode\" data-sf=\"asset-geocode\" data-sx-credit=\"Natural Earth (public domain) | hypothetical assets and design scores\" data-sx-src=\"Natural Earth ~ public domain ~ https:\/\/www.naturalearthdata.com\/ | Design scenario values by the Global Risks Alliance ~ illustrative, not data\" data-sf-learn-views=\"quality\" aria-label=\"Interactive map: sixteen hypothetical assets at real towns, coloured by a design hazard score. The panel chooses a hazard or an asset.\" 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\"><figcaption class=\"nx-fk-cap\"><span>Sixteen assets at real towns, and the share of portfolio value in the most exposed places.<\/span><span data-honesty=\"true\">Hypothetical assets and design scores, not advice.<\/span><\/figcaption><\/figure><\/div><div class=\"nx-live-slot\" data-nxf-slot=\"map\" data-nxf-kind=\"map\" data-nxf-resource=\"nexus:\/\/gra\/A-P10\/topics\/valuation-and-data-gaps\/#map\" data-nxf-title=\"Private Credit live map\" data-nxf-height=\"560\" hidden><\/div><\/div><\/div><\/section><section id=\"nx-s-4-sec\" class=\"nx-section\" data-hue=\"finance\" aria-labelledby=\"nx-s-4\"><div class=\"nx-container\"><div class=\"nx-section-head\"><div class=\"nx-eyebrow-row\"><span class=\"nx-eyebrow\">03<\/span><span class=\"nx-rule\" aria-hidden=\"true\"><\/span><span class=\"nx-eyebrow\">Console<\/span><\/div><h2 id=\"nx-s-4\" class=\"nx-section-title\">Credit portfolio and watchlist, in outline.<\/h2><p class=\"nx-lede\">The working screen behind this subject: its structure, terms and states. Names are placeholders and values illustrative.<\/p><\/div><div class=\"nx-section-body\"><figure class=\"nx-fk nx-cx\" data-fk=\"cx-credit-watchlist\" data-cx=\"credit.watchlist\" data-variant=\"section\" aria-label=\"Credit portfolio and watchlist: illustrative console with placeholder names and values\"><div class=\"nx-fk-head\"><div class=\"nx-fk-heading\"><h3 class=\"nx-fk-title\">Credit portfolio and watchlist<\/h3><p class=\"nx-fk-sub\">Valuation and data gaps \u00b7 Direct lending fund \u00b7 Quarter 2<\/p><\/div><div class=\"nx-fk-actions\"><button type=\"button\" class=\"nx-fk-btn\" data-fk-act=\"menu\" aria-haspopup=\"true\" aria-expanded=\"false\" hidden><svg viewBox=\"0 0 24 24\" aria-hidden=\"true\" focusable=\"false\"><path d=\"M12 4v11\"\/><path d=\"m7 10 5 5 5-5\"\/><path d=\"M5 20h14\"\/><\/svg>Export<\/button><ul class=\"nx-fk-menu\" data-fk-menu=\"true\" hidden><li><button type=\"button\" data-fk-act=\"export-png\">Image<small>PNG of the map or chart<\/small><\/button><\/li><li><button type=\"button\" data-fk-act=\"export-csv\">Data<small>CSV of the figure's values<\/small><\/button><\/li><\/ul><\/div><\/div><div class=\"nx-cx-status\"><span class=\"nx-fk-pill\" data-state=\"near\"><i aria-hidden=\"true\"><\/i>3 borrowers on watchlist<\/span><span class=\"nx-cx-prod\">GRA \u00b7 Private Credit<\/span><\/div><div class=\"nx-cx-grid\"><div class=\"nx-fk-panel nx-cx-p\" data-w=\"4\" data-t=\"table\"><div class=\"nx-fk-panel-head\"><div><h4 class=\"nx-fk-panel-title\">Covenant tests<\/h4><\/div><\/div><div class=\"nx-fk-tablewrap\" data-fk-view=\"table:cx-credit-watchlist-t0\"><table class=\"nx-fk-table\" data-fk-table=\"cx-credit-watchlist-t0\" aria-label=\"Covenant tests\"><thead><tr><th scope=\"col\" data-col=\"c0\" aria-sort=\"none\"><button type=\"button\" data-fk-sort=\"c0\">Borrower<\/button><\/th><th scope=\"col\" data-col=\"c1\" data-num=\"true\" aria-sort=\"none\"><button type=\"button\" data-fk-sort=\"c1\">Leverage (\u00d7)<\/button><\/th><th scope=\"col\" data-col=\"c2\" data-num=\"true\" aria-sort=\"none\"><button type=\"button\" data-fk-sort=\"c2\">Covenant (\u00d7)<\/button><\/th><th scope=\"col\" data-col=\"c3\" data-num=\"true\" aria-sort=\"none\"><button type=\"button\" data-fk-sort=\"c3\">Interest cover (\u00d7)<\/button><\/th><th scope=\"col\" data-col=\"c4\" aria-sort=\"none\"><button type=\"button\" data-fk-sort=\"c4\">Status<\/button><\/th><\/tr><\/thead><tbody><tr data-fk-key=\"cx-credit-watchlist:r0-0\" tabindex=\"0\" role=\"row\" aria-selected=\"false\" aria-current=\"true\" data-cur=\"true\"><td>Borrower 12<\/td><td data-num=\"true\" data-sv=\"5.9\">5.9<\/td><td data-num=\"true\" data-sv=\"6\">6.0<\/td><td data-num=\"true\" data-sv=\"1.8\">1.8<\/td><td><span class=\"nx-fk-pill\" data-state=\"not\"><i aria-hidden=\"true\"><\/i>Breach<\/span><\/td><\/tr><tr data-fk-key=\"cx-credit-watchlist:r0-1\" tabindex=\"0\" role=\"row\" aria-selected=\"false\"><td>Borrower 4<\/td><td data-num=\"true\" data-sv=\"5.3\">5.3<\/td><td data-num=\"true\" data-sv=\"6\">6.0<\/td><td data-num=\"true\" data-sv=\"1.8\">1.8<\/td><td><span class=\"nx-fk-pill\" data-state=\"near\"><i aria-hidden=\"true\"><\/i>Tight<\/span><\/td><\/tr><tr data-fk-key=\"cx-credit-watchlist:r0-2\" tabindex=\"0\" role=\"row\" aria-selected=\"false\"><td>Borrower 9<\/td><td data-num=\"true\" data-sv=\"3.7\">3.7<\/td><td data-num=\"true\" data-sv=\"5.5\">5.5<\/td><td data-num=\"true\" data-sv=\"3\">3.0<\/td><td><span class=\"nx-fk-pill\" data-state=\"met\"><i aria-hidden=\"true\"><\/i>Pass<\/span><\/td><\/tr><tr data-fk-key=\"cx-credit-watchlist:r0-3\" tabindex=\"0\" role=\"row\" aria-selected=\"false\"><td>Borrower 15<\/td><td data-num=\"true\" data-sv=\"4.1\">4.1<\/td><td data-num=\"true\" data-sv=\"5.75\">5.75<\/td><td data-num=\"true\" data-sv=\"2.3\">2.3<\/td><td><span class=\"nx-fk-pill\" data-state=\"met\"><i aria-hidden=\"true\"><\/i>Pass<\/span><\/td><\/tr><\/tbody><\/table><\/div><\/div><div class=\"nx-fk-panel nx-cx-p\" data-w=\"2\" data-t=\"kv\"><div class=\"nx-fk-panel-head\"><div><h4 class=\"nx-fk-panel-title\">Borrower 12<\/h4><\/div><\/div><dl class=\"nx-fk-dl\"><div><dt>Sector<\/dt><dd>Logistics<\/dd><\/div><div><dt>PIK toggle<\/dt><dd><span class=\"nx-fk-pill\" data-state=\"near\"><i aria-hidden=\"true\"><\/i>Used<\/span><\/dd><\/div><div><dt>Action<\/dt><dd>waiver with equity cure<\/dd><\/div><div><dt>Committee<\/dt><dd>week 4<\/dd><\/div><\/dl><\/div><div class=\"nx-fk-panel nx-cx-p\" data-w=\"6\" data-t=\"chart\"><div class=\"nx-fk-panel-head\"><div><h4 class=\"nx-fk-panel-title\">Book by leverage band<\/h4><\/div><\/div><svg class=\"nx-fk-svg\" viewBox=\"0 0 520 210\" width=\"520\" height=\"210\" role=\"img\" focusable=\"false\" preserveAspectRatio=\"xMidYMid meet\" aria-label=\"Book by leverage band\" data-fk-chart=\"cx-credit-watchlist-c2\"><g data-m=\"axes\"><line data-m=\"grid\" x1=\"40\" x2=\"510\" y1=\"180\" y2=\"180\"\/><text data-m=\"tick\" x=\"34\" y=\"183.5\" text-anchor=\"end\">0<\/text><line data-m=\"grid\" x1=\"40\" x2=\"510\" y1=\"98\" y2=\"98\"\/><text data-m=\"tick\" x=\"34\" y=\"101.5\" text-anchor=\"end\">50<\/text><line data-m=\"grid\" x1=\"40\" x2=\"510\" y1=\"16\" y2=\"16\"\/><text data-m=\"tick\" x=\"34\" y=\"19.5\" text-anchor=\"end\">100<\/text><text data-m=\"label\" x=\"40\" y=\"6\" text-anchor=\"start\">share of commitments<\/text><\/g><line data-m=\"axis\" x1=\"40\" x2=\"510\" y1=\"180\" y2=\"180\"\/><g data-m=\"col\" data-k=\"c-b0\"><rect data-m=\"bar\" data-k=\"b-b0\" data-c=\"s4\" x=\"53.2\" y=\"112.8\" width=\"67.7\" height=\"67.2\"\/><text data-m=\"tick\" x=\"87\" y=\"194\" text-anchor=\"middle\">&lt;3\u00d7<\/text><rect data-m=\"hit\" x=\"40\" y=\"16\" width=\"94\" height=\"164\"\/><\/g><g data-m=\"col\" data-k=\"c-b1\"><rect data-m=\"bar\" data-k=\"b-b1\" data-c=\"s4\" x=\"147.2\" y=\"61.9\" width=\"67.7\" height=\"118.1\"\/><text data-m=\"tick\" x=\"181\" y=\"194\" text-anchor=\"middle\">3\u20134\u00d7<\/text><rect data-m=\"hit\" x=\"134\" y=\"16\" width=\"94\" height=\"164\"\/><\/g><g data-m=\"col\" data-k=\"c-b2\"><rect data-m=\"bar\" data-k=\"b-b2\" data-c=\"s4\" x=\"241.2\" y=\"42.2\" width=\"67.7\" height=\"137.8\"\/><text data-m=\"tick\" x=\"275\" y=\"194\" text-anchor=\"middle\">4\u20135\u00d7<\/text><rect data-m=\"hit\" x=\"228\" y=\"16\" width=\"94\" height=\"164\"\/><\/g><g data-m=\"col\" data-k=\"c-b3\"><rect data-m=\"bar\" data-k=\"b-b3\" data-c=\"s4\" x=\"335.2\" y=\"145.6\" width=\"67.7\" height=\"34.4\"\/><text data-m=\"tick\" x=\"369\" y=\"194\" text-anchor=\"middle\">5\u20136\u00d7<\/text><rect data-m=\"hit\" x=\"322\" y=\"16\" width=\"94\" height=\"164\"\/><\/g><g data-m=\"col\" data-k=\"c-b4\"><rect data-m=\"bar\" data-k=\"b-b4\" data-c=\"s4\" x=\"429.2\" y=\"99.6\" width=\"67.7\" height=\"80.4\"\/><text data-m=\"tick\" x=\"463\" y=\"194\" text-anchor=\"middle\">&gt;6\u00d7<\/text><rect data-m=\"hit\" x=\"416\" y=\"16\" width=\"94\" height=\"164\"\/><\/g><\/svg><\/div><\/div><div class=\"nx-fk-tip\" aria-hidden=\"true\" hidden><\/div><figcaption class=\"nx-fk-cap\"><span>Credit portfolio and watchlist: the screen's structure, terms and states for Valuation and data gaps.<\/span><span data-honesty=\"true\">Placeholder names and illustrative values; a design, not a record or a live system.<\/span><\/figcaption><\/figure><\/div><\/div><\/section><section id=\"nx-sec-question\" class=\"nx-section\" data-hue=\"finance\" data-tone=\"alt\" aria-labelledby=\"nx-s-5\"><div class=\"nx-container\"><div class=\"nx-section-head\"><div class=\"nx-eyebrow-row\"><span class=\"nx-eyebrow\">04<\/span><span class=\"nx-rule\" aria-hidden=\"true\"><\/span><span class=\"nx-eyebrow\">The question<\/span><\/div><h2 id=\"nx-s-5\" class=\"nx-section-title\">Valuation and data gaps: how the risk develops.<\/h2><p class=\"nx-lede\">Opacity and modelling limits. The dossier below sets out how the risk develops, what is measured, where the data come from, how it is modelled and who decides.<\/p><\/div><div class=\"nx-section-body\"><div class=\"nx-cells\" data-cols=\"2\"><div><div class=\"nx-glyph-row\"><span class=\"nx-glyph\" data-tone=\"accent\"><svg class=\"nx-i\" viewBox=\"0 0 24 24\" aria-hidden=\"true\" focusable=\"false\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"1.5\" stroke-linecap=\"round\" stroke-linejoin=\"round\"><path d=\"M14 2v4a2 2 0 0 0 2 2h4\"\/><path d=\"M4.268 21a2 2 0 0 0 1.727 1H18a2 2 0 0 0 2-2V7l-5-5H6a2 2 0 0 0-2 2v3\"\/><path d=\"m9 18-1.5-1.5\"\/><circle cx=\"5\" cy=\"14\" r=\"3\"\/><\/svg><\/span><span class=\"nx-eyebrow\">Mechanism<\/span><\/div><h3 class=\"nx-h4 nx-mt-2\">Model marks lag markets<\/h3><p class=\"nx-p nx-mt-1\">Level 3 valuations based on models and comparables change less than public prices. In stress, reported values can stay high while public credit falls sharply.<\/p><\/div><div><div class=\"nx-glyph-row\"><span class=\"nx-glyph\" data-tone=\"accent\"><svg class=\"nx-i\" viewBox=\"0 0 24 24\" aria-hidden=\"true\" focusable=\"false\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"1.5\" stroke-linecap=\"round\" stroke-linejoin=\"round\"><path d=\"M16 21v-2a4 4 0 0 0-4-4H6a4 4 0 0 0-4 4v2\"\/><circle cx=\"9\" cy=\"7\" r=\"4\"\/><path d=\"M22 21v-2a4 4 0 0 0-3-3.87\"\/><path d=\"M16 3.13a4 4 0 0 1 0 7.75\"\/><\/svg><\/span><span class=\"nx-eyebrow\">Mechanism<\/span><\/div><h3 class=\"nx-h4 nx-mt-2\">Conflicts in valuation<\/h3><p class=\"nx-p nx-mt-1\">Managers paid on asset values have incentives to mark generously. Independent valuation agents and policies reduce the conflict.<\/p><\/div><div><div class=\"nx-glyph-row\"><span class=\"nx-glyph\" data-tone=\"accent\"><svg class=\"nx-i\" viewBox=\"0 0 24 24\" aria-hidden=\"true\" focusable=\"false\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"1.5\" stroke-linecap=\"round\" stroke-linejoin=\"round\"><path d=\"M2 12s3-7 10-7 10 7 10 7-3 7-10 7-10-7-10-7Z\"\/><circle cx=\"12\" cy=\"12\" r=\"3\"\/><\/svg><\/span><span class=\"nx-eyebrow\">Mechanism<\/span><\/div><h3 class=\"nx-h4 nx-mt-2\">Limited borrower visibility<\/h3><p class=\"nx-p nx-mt-1\">Investors see portfolio summaries, not full borrower data. Supervisors see more but often in aggregate and with lags.<\/p><\/div><div><div class=\"nx-glyph-row\"><span class=\"nx-glyph\" data-tone=\"accent\"><svg class=\"nx-i\" viewBox=\"0 0 24 24\" aria-hidden=\"true\" focusable=\"false\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"1.5\" stroke-linecap=\"round\" stroke-linejoin=\"round\"><path d=\"m12.83 2.18a2 2 0 0 0-1.66 0L2.6 6.08a1 1 0 0 0 0 1.83l8.58 3.91a2 2 0 0 0 1.66 0l8.58-3.9a1 1 0 0 0 0-1.83Z\"\/><path d=\"m22 17.65-9.17 4.16a2 2 0 0 1-1.66 0L2 17.65\"\/><path d=\"m22 12.65-9.17 4.16a2 2 0 0 1-1.66 0L2 12.65\"\/><\/svg><\/span><span class=\"nx-eyebrow\">Mechanism<\/span><\/div><h3 class=\"nx-h4 nx-mt-2\">Different marks for the same loan<\/h3><p class=\"nx-p nx-mt-1\">When several funds hold the same loan, their valuations can differ, revealing the judgement involved.<\/p><\/div><\/div><\/div><\/div><\/section><section id=\"nx-sec-terms\" class=\"nx-section\" data-hue=\"finance\" data-tone=\"alt\" data-variant=\"split\" aria-labelledby=\"nx-s-6\"><div class=\"nx-container\"><div class=\"nx-section-head\"><div class=\"nx-eyebrow-row\"><span class=\"nx-eyebrow\">05<\/span><span class=\"nx-rule\" aria-hidden=\"true\"><\/span><span class=\"nx-eyebrow\">Key terms<\/span><\/div><h2 id=\"nx-s-6\" class=\"nx-section-title\">Terms used on this page.<\/h2><p class=\"nx-lede\">Each term as this page uses it. Where a standard-setting body defines the term, the wording follows that body.<\/p><\/div><div class=\"nx-section-body\"><div class=\"nx-table-wrap\"><table class=\"nx-table\" data-stack=\"true\"><thead><tr><th scope=\"col\">Term<\/th><th scope=\"col\">Definition<\/th><\/tr><\/thead><tbody><tr><td data-label=\"Term\">Fair value<\/td><td data-label=\"Definition\">The price that would be received to sell an asset in an orderly transaction between market participants.<\/td><\/tr><tr><td data-label=\"Term\">Valuation agent<\/td><td data-label=\"Definition\">An independent firm engaged to estimate or review the fair value of assets.<\/td><\/tr><tr><td data-label=\"Term\">Non-accrual<\/td><td data-label=\"Definition\">Status of a loan on which the lender stops recognising interest income because payment is doubtful.<\/td><\/tr><\/tbody><\/table><\/div><\/div><\/div><\/section><section id=\"nx-sec-indicators\" class=\"nx-section\" data-hue=\"finance\" data-tone=\"alt\" data-variant=\"band\" aria-labelledby=\"nx-s-7\"><div class=\"nx-container\"><div class=\"nx-section-head\"><div class=\"nx-eyebrow-row\"><span class=\"nx-eyebrow\">06<\/span><span class=\"nx-rule\" aria-hidden=\"true\"><\/span><span class=\"nx-eyebrow\">Indicators<\/span><\/div><h2 id=\"nx-s-7\" class=\"nx-section-title\">What is measured, and how well.<\/h2><p class=\"nx-lede\">Each indicator carries its unit, its cadence, the kind of source behind it and the evidence label a value would carry. No values are shown: a programme supplies them under its own authority.<\/p><\/div><div class=\"nx-section-body\"><div class=\"nx-table-wrap\"><table class=\"nx-table\" data-stack=\"true\"><thead><tr><th scope=\"col\">Indicator<\/th><th scope=\"col\">Unit<\/th><th scope=\"col\">Cadence<\/th><th scope=\"col\">Source type<\/th><th scope=\"col\">Label<\/th><\/tr><\/thead><tbody><tr><td data-label=\"Indicator\">Share of assets valued with Level 3 inputs<\/td><td data-label=\"Unit\">percent<\/td><td data-label=\"Cadence\">quarterly<\/td><td data-label=\"Source type\">Fund financial statements<\/td><td data-label=\"Label\"><span class=\"nx-chip\">OFFICIAL<\/span><\/td><\/tr><tr><td data-label=\"Indicator\">Dispersion of marks for the same loan across funds<\/td><td data-label=\"Unit\">percentage points<\/td><td data-label=\"Cadence\">quarterly<\/td><td data-label=\"Source type\">BDC filing comparisons<\/td><td data-label=\"Label\"><span class=\"nx-chip\">ESTIMATED<\/span><\/td><\/tr><tr><td data-label=\"Indicator\">Use of independent valuation agents<\/td><td data-label=\"Unit\">share of funds<\/td><td data-label=\"Cadence\">annual<\/td><td data-label=\"Source type\">Surveys and disclosures<\/td><td data-label=\"Label\"><span class=\"nx-chip\">DECLARED<\/span><\/td><\/tr><tr><td data-label=\"Indicator\">Difference between private marks and public credit indices<\/td><td data-label=\"Unit\">percentage points<\/td><td data-label=\"Cadence\">quarterly<\/td><td data-label=\"Source type\">Studies<\/td><td data-label=\"Label\"><span class=\"nx-chip\">ESTIMATED<\/span><\/td><\/tr><tr><td data-label=\"Indicator\">Non-accrual loans<\/td><td data-label=\"Unit\">percent of portfolio at cost and fair value<\/td><td data-label=\"Cadence\">quarterly<\/td><td data-label=\"Source type\">BDC filings<\/td><td data-label=\"Label\"><span class=\"nx-chip\">OFFICIAL<\/span><\/td><\/tr><tr><td data-label=\"Indicator\">Supervisory data coverage of private credit<\/td><td data-label=\"Unit\">categorical<\/td><td data-label=\"Cadence\">periodic<\/td><td data-label=\"Source type\">Authority reports<\/td><td data-label=\"Label\"><span class=\"nx-chip\">OFFICIAL<\/span><\/td><\/tr><\/tbody><\/table><\/div><div class=\"nx-live-slot\" data-nxf-slot=\"indicators\" data-nxf-kind=\"indicator\" data-nxf-resource=\"nexus:\/\/gra\/A-P10\/topics\/valuation-and-data-gaps\/#indicators\" data-nxf-title=\"Indicators\" data-nxf-height=\"520\" hidden><\/div><\/div><\/div><\/section><section id=\"nx-sec-pipeline\" class=\"nx-section\" data-hue=\"finance\" data-tone=\"alt\" aria-labelledby=\"nx-s-8\"><div class=\"nx-container\"><div class=\"nx-section-head\"><div class=\"nx-eyebrow-row\"><span class=\"nx-eyebrow\">07<\/span><span class=\"nx-rule\" aria-hidden=\"true\"><\/span><span class=\"nx-eyebrow\">Canvas<\/span><\/div><h2 id=\"nx-s-8\" class=\"nx-section-title\">From sources to decisions.<\/h2><p class=\"nx-lede\">The topic as a computational graph: named sources feed the methods, an evidence review gates the outputs, and the decisions stay with the authorities that hold them.<\/p><\/div><div class=\"nx-section-body\"><div class=\"nx-plate\" data-wide=\"true\"><div class=\"nx-plate-label\"><span class=\"nx-eyebrow\"><strong>Pipeline canvas<\/strong> \u00b7 Valuation and data gaps as a run graph<\/span><span class=\"nx-eyebrow\">Design, not a record<\/span><\/div><div class=\"nx-figure-frame\" data-scene=\"true\"><svg class=\"nx-figure nx-ui nx-dag\" viewBox=\"0 0 1200 564\" data-nx-dag=\"true\" data-w=\"1200\" data-h=\"564\" role=\"img\" aria-labelledby=\"nx-dag-a-p10-topics-valuation-and-data-gaps-cred-t nx-dag-a-p10-topics-valuation-and-data-gaps-cred-d\" data-nx-z=\"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\"><title id=\"nx-dag-a-p10-topics-valuation-and-data-gaps-cred-t\">Valuation and data gaps: private credit from origination to workout<\/title><desc id=\"nx-dag-a-p10-topics-valuation-and-data-gaps-cred-d\">A deal is originated, diligenced and underwritten with covenants, approved by the credit committee, monitored quarterly; breaches move it to the watchlist and, if needed, to workout. Design of the process, not a record of a run.<\/desc><\/svg><\/div><\/div><p class=\"nx-caption\"><strong>Fig. 02<\/strong><span>Nodes carry their type, two metric rows and a state; connectors show what feeds what; dashed frames name the owners; the timeline is the cadence. Design of the pipeline, not a record of a run.<\/span><\/p><\/div><\/div><\/section><section id=\"nx-sec-sources\" class=\"nx-section\" data-hue=\"finance\" data-tone=\"alt\" data-variant=\"split\" aria-labelledby=\"nx-s-9\"><div class=\"nx-container\"><div class=\"nx-section-head\"><div class=\"nx-eyebrow-row\"><span class=\"nx-eyebrow\">08<\/span><span class=\"nx-rule\" aria-hidden=\"true\"><\/span><span class=\"nx-eyebrow\">Sources<\/span><\/div><h2 id=\"nx-s-9\" class=\"nx-section-title\">Where the evidence comes from.<\/h2><p class=\"nx-lede\">Named public datasets and institutional records, each with its licence class. Sources by agreement are used only under their terms and never republished.<\/p><\/div><div class=\"nx-section-body\"><div class=\"nx-table-wrap\"><table class=\"nx-table\" data-stack=\"true\"><thead><tr><th scope=\"col\">Source<\/th><th scope=\"col\">What it gives<\/th><th scope=\"col\">Licence class<\/th><\/tr><\/thead><tbody><tr><td data-label=\"Source\">SEC EDGAR BDC filings<\/td><td data-label=\"What it gives\">Loan-level fair values and cost bases<\/td><td data-label=\"Licence class\">Public domain<\/td><\/tr><tr><td data-label=\"Source\">IPEV Valuation Guidelines<\/td><td data-label=\"What it gives\">Industry valuation guidance<\/td><td data-label=\"Licence class\">Free to read, IPEV terms<\/td><\/tr><tr><td data-label=\"Source\">SEC rule on good faith determinations of fair value (Rule 2a-5)<\/td><td data-label=\"What it gives\">Valuation obligations for registered funds and BDCs<\/td><td data-label=\"Licence class\">Public domain<\/td><\/tr><tr><td data-label=\"Source\">FCA review of private market valuation practices<\/td><td data-label=\"What it gives\">Supervisory findings on valuation governance<\/td><td data-label=\"Licence class\">Free, FCA terms<\/td><\/tr><tr><td data-label=\"Source\">IOSCO and FSB reports on private finance<\/td><td data-label=\"What it gives\">Data gaps and valuation concerns<\/td><td data-label=\"Licence class\">Free, IOSCO and FSB terms<\/td><\/tr><\/tbody><\/table><\/div><div class=\"nx-live-slot\" data-nxf-slot=\"evidence\" data-nxf-kind=\"evidence\" data-nxf-resource=\"nexus:\/\/gra\/A-P10\/topics\/valuation-and-data-gaps\/#evidence\" data-nxf-title=\"Sources\" data-nxf-height=\"520\" hidden><\/div><\/div><\/div><\/section><section id=\"nx-sec-decisions\" class=\"nx-section\" data-hue=\"finance\" data-tone=\"alt\" data-variant=\"band\" aria-labelledby=\"nx-s-10\"><div class=\"nx-container\"><div class=\"nx-section-head\"><div class=\"nx-eyebrow-row\"><span class=\"nx-eyebrow\">09<\/span><span class=\"nx-rule\" aria-hidden=\"true\"><\/span><span class=\"nx-eyebrow\">Decisions<\/span><\/div><h2 id=\"nx-s-10\" class=\"nx-section-title\">Who decides, and what the evidence serves.<\/h2><p class=\"nx-lede\">Private Credit prepares evidence. The decisions below are taken by the authorities named, under their own rules, and never by the platform.<\/p><\/div><div class=\"nx-section-body\" data-lv=\"ledger\"><div class=\"nx-table-wrap\"><table class=\"nx-table\" data-stack=\"true\"><thead><tr><th scope=\"col\">Who decides<\/th><th scope=\"col\">The question<\/th><th scope=\"col\">Evidence this page serves<\/th><\/tr><\/thead><tbody><tr><td data-label=\"Who decides\">Fund boards and valuation committees<\/td><td data-label=\"The question\">How loans are valued and who provides independent challenge<\/td><td data-label=\"Evidence this page serves\">Valuation policies and comparisons<\/td><\/tr><tr><td data-label=\"Who decides\">Securities regulators<\/td><td data-label=\"The question\">What valuation governance and disclosure are required<\/td><td data-label=\"Evidence this page serves\">Supervisory reviews and filings<\/td><\/tr><tr><td data-label=\"Who decides\">Institutional investors<\/td><td data-label=\"The question\">How much to rely on reported values<\/td><td data-label=\"Evidence this page serves\">Mark dispersion and independent valuation<\/td><\/tr><tr><td data-label=\"Who decides\">Auditors<\/td><td data-label=\"The question\">Whether valuations are reasonable<\/td><td data-label=\"Evidence this page serves\">Model inputs and comparables<\/td><\/tr><\/tbody><\/table><\/div><h3 class=\"nx-h4 nx-mt-4\">Outputs this topic produces<\/h3><ul class=\"nx-list\"><li>Guide to Level 3 valuation of private loans<\/li><li>Method note on comparing marks across funds<\/li><li>Brief on valuation governance and conflicts<\/li><li>Questions for investors on valuation transparency<\/li><\/ul><\/div><\/div><\/section><section id=\"nx-sec-core-questions\" class=\"nx-section\" data-hue=\"finance\" data-tone=\"alt\" aria-labelledby=\"nx-s-11\"><div class=\"nx-container\"><div class=\"nx-section-head\"><div class=\"nx-eyebrow-row\"><span class=\"nx-eyebrow\">10<\/span><span class=\"nx-rule\" aria-hidden=\"true\"><\/span><span class=\"nx-eyebrow\">Core questions<\/span><\/div><h2 id=\"nx-s-11\" class=\"nx-section-title\">Shared questions the industry asks.<\/h2><\/div><div class=\"nx-section-body\"><ol class=\"nx-rows\"><li><span class=\"nx-eyebrow nx-index\">01<\/span><div><h3 class=\"nx-h4\">How are untraded loans valued?<\/h3><p class=\"nx-p nx-mt-1\">The models, inputs and judgements behind fund valuations.<\/p><\/div><\/li><li><span class=\"nx-eyebrow nx-index\">02<\/span><div><h3 class=\"nx-h4\">How quickly do valuations reflect stress?<\/h3><p class=\"nx-p nx-mt-1\">Whether marks lag changes in borrower conditions and markets.<\/p><\/div><\/li><li><span class=\"nx-eyebrow nx-index\">03<\/span><div><h3 class=\"nx-h4\">Who checks valuations?<\/h3><p class=\"nx-p nx-mt-1\">The roles of managers, independent valuation providers, auditors and investors.<\/p><\/div><\/li><li><span class=\"nx-eyebrow nx-index\">04<\/span><div><h3 class=\"nx-h4\">What data is missing?<\/h3><p class=\"nx-p nx-mt-1\">Gaps in aggregate information about exposures, leverage and performance.<\/p><\/div><\/li><\/ol><\/div><\/div><\/section><section id=\"nx-sec-mechanisms\" class=\"nx-section\" data-hue=\"finance\" data-variant=\"split\" aria-labelledby=\"nx-s-12\"><div class=\"nx-container\"><div class=\"nx-section-head\"><div class=\"nx-eyebrow-row\"><span class=\"nx-eyebrow\">11<\/span><span class=\"nx-rule\" aria-hidden=\"true\"><\/span><span class=\"nx-eyebrow\">Mechanisms<\/span><\/div><h2 id=\"nx-s-12\" class=\"nx-section-title\">How the risk arises and transmits.<\/h2><\/div><div class=\"nx-section-body\"><p class=\"nx-p\">Valuation of private loans typically uses discounted cash flow or comparable-market approaches, with inputs such as spreads, borrower performance and recovery assumptions. Many inputs are unobservable and require judgement.<\/p><p class=\"nx-p\">Smoothing is a known feature. Appraisal-based valuations tend to change more slowly than market prices, which can make returns appear less volatile and correlations with public markets appear lower than they are.<\/p><p class=\"nx-p\">Conflicts can arise when managers value assets on which their fees and performance depend. Independent valuation, governance and audit mitigate this but do not remove judgement.<\/p><p class=\"nx-p\">Aggregate data gaps limit system-wide analysis. Without consistent data on exposures, leverage and links to banks and insurers, it is hard to judge how stress would spread.<\/p><p class=\"nx-p\">Different valuation of the same loan by different holders can create inconsistencies and disputes, particularly in secondary transactions or when loans move between vehicles, and can make it hard for investors to compare performance across managers.<\/p><\/div><\/div><\/section><section id=\"nx-sec-methods-and-limits\" class=\"nx-section\" data-hue=\"finance\" data-tone=\"alt\" data-variant=\"band\" aria-labelledby=\"nx-s-13\"><div class=\"nx-container\"><div class=\"nx-section-head\"><div class=\"nx-eyebrow-row\"><span class=\"nx-eyebrow\">12<\/span><span class=\"nx-rule\" aria-hidden=\"true\"><\/span><span class=\"nx-eyebrow\">Methods and limits<\/span><\/div><h2 id=\"nx-s-13\" class=\"nx-section-title\">How evidence is gathered, and where it stops.<\/h2><\/div><div class=\"nx-section-body\"><div class=\"nx-table-wrap\"><table class=\"nx-table\" data-stack=\"true\"><thead><tr><th scope=\"col\">Method or data<\/th><th scope=\"col\">What it shows<\/th><th scope=\"col\">Its limit<\/th><\/tr><\/thead><tbody><tr><td data-label=\"Method or data\">Fund valuation policies<\/td><td data-label=\"What it shows\">Methods used<\/td><td data-label=\"Its limit\">Practices vary<\/td><\/tr><tr><td data-label=\"Method or data\">Comparison with public markets<\/td><td data-label=\"What it shows\">Valuation lags<\/td><td data-label=\"Its limit\">Imperfect comparables<\/td><\/tr><tr><td data-label=\"Method or data\">Secondary transactions<\/td><td data-label=\"What it shows\">Observed prices for private assets<\/td><td data-label=\"Its limit\">Sparse and selective<\/td><\/tr><tr><td data-label=\"Method or data\">Regulatory filings<\/td><td data-label=\"What it shows\">Aggregate exposures<\/td><td data-label=\"Its limit\">Coverage differs by jurisdiction<\/td><\/tr><\/tbody><\/table><\/div><\/div><\/div><\/section><section id=\"nx-sec-methods\" class=\"nx-section\" data-hue=\"finance\" aria-labelledby=\"nx-s-14\"><div class=\"nx-container\"><div class=\"nx-section-head\"><div class=\"nx-eyebrow-row\"><span class=\"nx-eyebrow\">13<\/span><span class=\"nx-rule\" aria-hidden=\"true\"><\/span><span class=\"nx-eyebrow\">Methods<\/span><\/div><h2 id=\"nx-s-14\" class=\"nx-section-title\">How it is studied, and what the methods cannot say.<\/h2><\/div><div class=\"nx-section-body\"><div class=\"nx-methods\" data-limits=\"true\"><ol class=\"nx-mledger\" aria-label=\"Methods\"><li><a class=\"nx-mledger-main\" href=\"https:\/\/globalriskalliance.com\/private-credit\/stem\/financial-engineering\/\"><span class=\"nx-mledger-n\" aria-hidden=\"true\">01<\/span><span class=\"nx-mledger-body\"><span class=\"nx-mledger-name\">Financial and risk engineering<\/span><span class=\"nx-mledger-role\">Loan valuation models \u00b7 Fund leverage structures \u00b7 Synthetic risk transfer<\/span><\/span><span class=\"nx-mledger-go\"><span class=\"nx-mledger-go-label\">Applied here<\/span><svg class=\"nx-arrow\" viewBox=\"0 0 16 16\" aria-hidden=\"true\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"1.5\" stroke-linecap=\"round\" stroke-linejoin=\"round\"><path d=\"M3 8h10M9 4l4 4-4 4\"\/><\/svg><\/span><\/a><div class=\"nx-mledger-aside\"><a class=\"nx-mledger-canon\" href=\"https:\/\/therisk.global\/stem\/engineering\/financial-engineering\/\" aria-label=\"Financial and risk engineering: canonical page on the STEM Commons\">Canonical \u00b7 STEM Commons <span aria-hidden=\"true\">\u2197<\/span><\/a><\/div><\/li><li><a class=\"nx-mledger-main\" href=\"https:\/\/globalriskalliance.com\/private-credit\/stem\/financial-economics\/\"><span class=\"nx-mledger-n\" aria-hidden=\"true\">02<\/span><span class=\"nx-mledger-body\"><span class=\"nx-mledger-name\">Financial economics and macro-finance<\/span><span class=\"nx-mledger-role\">Bank to nonbank substitution \u00b7 Sponsor and lender incentives \u00b7 Liquidity mismatch<\/span><\/span><span class=\"nx-mledger-go\"><span class=\"nx-mledger-go-label\">Applied here<\/span><svg class=\"nx-arrow\" viewBox=\"0 0 16 16\" aria-hidden=\"true\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"1.5\" stroke-linecap=\"round\" stroke-linejoin=\"round\"><path d=\"M3 8h10M9 4l4 4-4 4\"\/><\/svg><\/span><\/a><div class=\"nx-mledger-aside\"><a class=\"nx-mledger-canon\" href=\"https:\/\/therisk.global\/stem\/science\/financial-economics\/\" aria-label=\"Financial economics and macro-finance: canonical page on the STEM Commons\">Canonical \u00b7 STEM Commons <span aria-hidden=\"true\">\u2197<\/span><\/a><\/div><\/li><li><a class=\"nx-mledger-main\" href=\"https:\/\/globalriskalliance.com\/private-credit\/stem\/network-science\/\"><span class=\"nx-mledger-n\" aria-hidden=\"true\">03<\/span><span class=\"nx-mledger-body\"><span class=\"nx-mledger-name\">Network science and contagion<\/span><span class=\"nx-mledger-role\">Shared loan networks \u00b7 Funding dependencies \u00b7 Stress propagation<\/span><\/span><span class=\"nx-mledger-go\"><span class=\"nx-mledger-go-label\">Applied here<\/span><svg class=\"nx-arrow\" viewBox=\"0 0 16 16\" aria-hidden=\"true\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"1.5\" stroke-linecap=\"round\" stroke-linejoin=\"round\"><path d=\"M3 8h10M9 4l4 4-4 4\"\/><\/svg><\/span><\/a><div class=\"nx-mledger-aside\"><a class=\"nx-mledger-canon\" href=\"https:\/\/therisk.global\/stem\/mathematics\/network-science\/\" aria-label=\"Network science and contagion: canonical page on the STEM Commons\">Canonical \u00b7 STEM Commons <span aria-hidden=\"true\">\u2197<\/span><\/a><\/div><\/li><\/ol><aside class=\"nx-limits\" aria-label=\"What the methods cannot say\"><span class=\"nx-eyebrow\">What the methods cannot say<\/span><p class=\"nx-limits-text\">Comparisons of marks rely on public BDCs, a subset of the market. Studies of valuation lag use different methods. Supervisory data are mostly confidential. Private Credit explains valuation practice and gaps; it does not value any loan or assess any fund.<\/p><\/aside><\/div><\/div><\/div><\/section><section id=\"nx-s-15-sec\" class=\"nx-section\" data-hue=\"finance\" data-tone=\"alt\" aria-labelledby=\"nx-s-15\"><div class=\"nx-container\"><div class=\"nx-section-head\"><div class=\"nx-eyebrow-row\"><span class=\"nx-eyebrow\">14<\/span><span class=\"nx-rule\" aria-hidden=\"true\"><\/span><span class=\"nx-eyebrow\">Questions<\/span><\/div><h2 id=\"nx-s-15\" class=\"nx-section-title\">Questions and answers.<\/h2><\/div><div class=\"nx-section-body\"><div class=\"nx-faq\"><details><summary>What is a Level 3 valuation?<\/summary><div class=\"nx-answer\">A fair value based on unobservable inputs such as models and assumptions, used when no market prices or observable comparables exist.<\/div><\/details><details><summary>Why might private credit marks lag public markets?<\/summary><div class=\"nx-answer\">Because valuations are based on models and updated periodically, they can move less and later than prices of traded credit.<\/div><\/details><details><summary>What is a non-accrual loan?<\/summary><div class=\"nx-answer\">A loan on which the lender has stopped recognising interest income because payment is doubtful.<\/div><\/details><details><summary>Does GRA value private loans?<\/summary><div class=\"nx-answer\">No. It values no asset and reviews no fund's valuations. It researches methods and their limits.<\/div><\/details><details><summary>Why does smoothing matter?<\/summary><div class=\"nx-answer\">Because it can understate volatility and correlation, affecting how investors assess risk across portfolios.<\/div><\/details><details><summary>Can data gaps be closed?<\/summary><div class=\"nx-answer\">Partly, through better disclosure and aggregated data-sharing under confidentiality and competition safeguards.<\/div><\/details><\/div><\/div><\/div><\/section><section class=\"nx-section\" data-tone=\"alt\" aria-labelledby=\"nx-rel-16\"><div class=\"nx-container\"><span class=\"nx-eyebrow\">Related<\/span><h2 id=\"nx-rel-16\" class=\"nx-h3 nx-mt-2\">Around Private Credit.<\/h2><nav class=\"nx-related nx-mt-3\" aria-label=\"Related\"><a href=\"https:\/\/globalriskalliance.com\/private-credit\/topics\/direct-lending\/\">Direct lending <svg class=\"nx-arrow\" viewBox=\"0 0 16 16\" aria-hidden=\"true\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"1.5\" stroke-linecap=\"round\" stroke-linejoin=\"round\"><path d=\"M3 8h10M9 4l4 4-4 4\"\/><\/svg><\/a><a href=\"https:\/\/globalriskalliance.com\/private-credit\/topics\/leverage-and-refinancing\/\">Leverage and refinancing <svg class=\"nx-arrow\" viewBox=\"0 0 16 16\" aria-hidden=\"true\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"1.5\" stroke-linecap=\"round\" stroke-linejoin=\"round\"><path d=\"M3 8h10M9 4l4 4-4 4\"\/><\/svg><\/a><a href=\"https:\/\/globalriskalliance.com\/private-credit\/topics\/liquidity-and-redemptions\/\">Liquidity and redemptions <svg class=\"nx-arrow\" viewBox=\"0 0 16 16\" aria-hidden=\"true\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"1.5\" stroke-linecap=\"round\" stroke-linejoin=\"round\"><path d=\"M3 8h10M9 4l4 4-4 4\"\/><\/svg><\/a><a href=\"https:\/\/globalriskalliance.com\/private-credit\/topics\/bank-nonbank-connections\/\">Bank nonbank connections <svg class=\"nx-arrow\" viewBox=\"0 0 16 16\" aria-hidden=\"true\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"1.5\" stroke-linecap=\"round\" stroke-linejoin=\"round\"><path d=\"M3 8h10M9 4l4 4-4 4\"\/><\/svg><\/a><a href=\"https:\/\/globalriskalliance.com\/private-credit\/topics\/insurance-and-private-credit\/\">Insurance and private credit <svg class=\"nx-arrow\" viewBox=\"0 0 16 16\" aria-hidden=\"true\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"1.5\" stroke-linecap=\"round\" stroke-linejoin=\"round\"><path d=\"M3 8h10M9 4l4 4-4 4\"\/><\/svg><\/a><a href=\"https:\/\/globalriskalliance.com\/private-credit\/topics\/concentration-and-industry\/\">Concentration and industry <svg class=\"nx-arrow\" viewBox=\"0 0 16 16\" aria-hidden=\"true\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"1.5\" stroke-linecap=\"round\" stroke-linejoin=\"round\"><path d=\"M3 8h10M9 4l4 4-4 4\"\/><\/svg><\/a><a href=\"https:\/\/globalriskalliance.com\/private-credit\/\">Private Credit home <svg class=\"nx-arrow\" viewBox=\"0 0 16 16\" aria-hidden=\"true\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"1.5\" stroke-linecap=\"round\" stroke-linejoin=\"round\"><path d=\"M3 8h10M9 4l4 4-4 4\"\/><\/svg><\/a><a href=\"https:\/\/globalriskalliance.com\/private-credit\/counterparts\/\">Counterparts across the Consortium <svg class=\"nx-arrow\" viewBox=\"0 0 16 16\" aria-hidden=\"true\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"1.5\" stroke-linecap=\"round\" stroke-linejoin=\"round\"><path d=\"M3 8h10M9 4l4 4-4 4\"\/><\/svg><\/a><a href=\"https:\/\/globalriskalliance.com\/\">The Global Risks Alliance home <svg class=\"nx-arrow\" viewBox=\"0 0 16 16\" aria-hidden=\"true\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"1.5\" stroke-linecap=\"round\" stroke-linejoin=\"round\"><path d=\"M3 8h10M9 4l4 4-4 4\"\/><\/svg><\/a><a href=\"https:\/\/globalriskalliance.com\/trust\/\">GRA governance and trust <svg class=\"nx-arrow\" viewBox=\"0 0 16 16\" aria-hidden=\"true\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"1.5\" stroke-linecap=\"round\" stroke-linejoin=\"round\"><path d=\"M3 8h10M9 4l4 4-4 4\"\/><\/svg><\/a><\/nav><\/div><\/section><section class=\"nx-closing\" aria-labelledby=\"nx-close-17\"><div class=\"nx-container\"><span class=\"nx-eyebrow\">Private Credit<\/span><h2 id=\"nx-close-17\" class=\"nx-section-title\">Bring your expertise to this field.<\/h2><p class=\"nx-lede\">The current service level is R0: information and enquiries. An enquiry receives a reference and names the next step; applications, payments, compute allocations and registrations open only when their team, terms and review capacity exist.<\/p><div class=\"nx-actions\"><a class=\"nx-btn\" data-variant=\"primary\" href=\"mailto:contact@globalriskalliance.com?subject=Private%20Credit%3A%20Valuation%20and%20data%20gaps\">Write to the team <svg class=\"nx-arrow\" viewBox=\"0 0 16 16\" aria-hidden=\"true\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"1.5\" stroke-linecap=\"round\" stroke-linejoin=\"round\"><path d=\"M3 8h10M9 4l4 4-4 4\"\/><\/svg><\/a><a class=\"nx-btn\" data-variant=\"secondary\" href=\"https:\/\/globalriskalliance.com\/private-credit\/contact\/\">See all contact routes<\/a><\/div><\/div><\/section><\/div><\/div><script class=\"_iub_cs_skip\">window.__nxMount ? window.__nxMount(document.currentScript) : null;<\/script>\n\n\n<script type=\"application\/ld+json\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"FAQPage\",\"@id\":\"https:\/\/globalriskalliance.com\/private-credit\/topics\/valuation-and-data-gaps\/#faq\",\"isPartOf\":{\"@id\":\"https:\/\/globalriskalliance.com\/private-credit\/topics\/valuation-and-data-gaps\/#webpage\"},\"inLanguage\":\"en\",\"mainEntity\":[{\"@type\":\"Question\",\"name\":\"What is a Level 3 valuation?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"A fair value based on unobservable inputs such as models and assumptions, used when no market prices or observable comparables exist.\"}},{\"@type\":\"Question\",\"name\":\"Why might private credit marks lag public markets?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"Because valuations are based on models and updated periodically, they can move less and later than prices of traded credit.\"}},{\"@type\":\"Question\",\"name\":\"What is a non-accrual loan?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"A loan on which the lender has stopped recognising interest income because payment is doubtful.\"}},{\"@type\":\"Question\",\"name\":\"Does GRA value private loans?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"No. It values no asset and reviews no fund's valuations. 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