Perspectives on valuation.

September 18, 2026

Private Credit's Upside-Down Waterfall

Once a first lien is impaired, every claim beneath it is an option on one enterprise value. Public BDC schedules for June 30, 2026 show junior marks that contradict the senior marks above them.

July 6, 2026

Same Loan, Different Price: Private Credit's Mark Dispersion Problem

The same senior secured loan, marked 27 points apart by regulated fiduciaries on the same day. What private credit marks actually measure — and what would fix it.

February 23, 2026

What NAV Lenders Should Actually Require From an Independent Valuation Report

The NAV lending market is $150B and growing 30% annually. The valuation reports supporting it were designed for auditors, not lenders. Here’s what should change.

January 15, 2026

ASC 820 Portfolio Valuation: What Fund Managers Need to Know

A practical overview of ASC 820 fair value requirements for venture capital, private equity, and private credit fund managers.