Independent Credit Valuation
Quarterly and ad-hoc marks your auditor, LPs and risk committee can read straight through — reproducible to the basis point, run after run.
Independent valuation infrastructure. Not investment advice, not arranging, not portfolio management.
verus.markst.com
Portfolio
Private credit portfolio dashboard
Total AUM
$1.42B
83 positions
Active
78
94% of book
Wtd avg spread
438bps
Active positions only
Defaulted
5
6% of book
OverviewPerformanceRiskStressCovenants
Needs attention 4
1 critical · 3 watch
Covenant breach DL-REF-00A3CC · Project Meridian
Net leverage 5.4× against a 5.0× test · Q1 2026
Stale valuation DL-REF-01B7E2 · Project Harbour
Issuer financials changed since the last run
Missing financials DL-REF-02C4F9 · Project Kestrel
No credit inputs yet — DCF needs leverage, coverage, recovery
Quarterly refresh
Reprice active book · run covenant tests
Last run: 31 Mar 2026
78 of 78 active positions repriced · run v12 approved
Allocation
Strategy, geography, currency — weighted by exposure
Strategy
Direct lending54.2%
Mezzanine16.8%
CRE debt14.1%
Distressed5.4%
Other9.5%
Geography
US46.5%
UK24.1%
DE11.2%
FR8.0%
Other10.2%
Currency mix
USD52.3%
EUR36.5%
GBP11.2%
Portfolio view, project detail, multi-factor scoring.
Three working surfaces across one engine: book KPIs, deal terms with the latest mark, and factor calibration. The panels below are illustrative product views — representative figures, not live data.
verus.markst.com
DL-REF-00A3CC
Project Meridian · Private (bilateral/club)
IC PackIC Memo (PDF)
Held
US$25.0m
Maturity
15 Jun 2030
Status
Active
Latest price
97.42
Latest spread
438 bps
Last valued
31 Mar 2026
Fair value
IFRS-13 L3
TermsIssuerValuationRiskMonitoring
Deal information
Borrower
Redacted
Currency
USD
Jurisdiction
US
Sector
Healthcare services
Origination
15 Jun 2025
Maturity
15 Jun 2030
Day count
ACT/360
Business day
Modified following
Facility details
Held / facility
US$25.0m
16.7% of US$150.0m facility
Rate type
Floating
Coupon
SOFR + 475 bps
Payment frequency
Quarterly
Fees
OID
1.50%
Upfront
1.00%
Exit
0.50%
Floating rate
Index
SOFR 3M
Spread
475 bps
Floor
50 bps
Reset
Quarterly
verus.markst.com
Factor Calibration
Multi-factor composite by strategy — borrower-specific spread adjustment
Direct lendingExplore other strategies →
Direct lending parameters
Senior
Credit metrics
Net debt / EBITDA
4.6×
Interest coverage
2.4×
FCF conversion
0.78
Revenue growth (3y)
5.2%
Structure
Seniority
First lien
Covenant strength
Moderate
Sponsor quality
Top quartile
Industry risk
Moderate
Terms
Origination spread
475 bps
Remaining maturity
4.2 y
Scored result
Deterministic · run v12 · version-hashed
Fair value price
97.42
per 100 of outstanding
Fair value spread
438bps
DCF 410 + 28 bps factor
Implied rating
BB−
mapped from composite
Spread build-up (bps)
DCF anchor (rating curve)410
Illiquidity premium+28
Sponsor quality−12
Covenant headroom+6
Credit migration (1y hazard)+12
Idiosyncratic adjustment−6
Calibrated mid438
From data room to approved valuation pack.
01
Upload your book
Term sheets, CIMs, credit agreements. Structured extraction runs inside your tenant.
02
Value each facility
Fair value, credit metrics and a low, base and high reprice per run.
03
Layer in reference data
Pull BDC holdings — and BSL facilities as that corpus lands — as comparables where a benchmark supports the valuation.
04
Export the pack
Reviewer-approved, version-hashed run. XLSX and PDF, IFRS 13 classification, full audit trail included.
Beyond the mark, the controls around it.
A quarter-end mark has to pass covenant tests, IFRS 9 staging, period close and committee. Verus runs those controls on the same versioned record as the valuation.
Covenants
Register each covenant, record every test, and watch headroom and breaches across the book from one monitor.
IFRS 9 staging
Assign Stage 1, 2 or 3, compute expected credit loss per position, and attribute the ECL move since the last snapshot.
Quarterly refresh and close
Revalue every carried position, re-test covenants and re-check staging in one call. Cut off and sign off the period; the NAV ledger separates re-marks from coverage change.
Committee papers
Generate the IC memo, as PDF or Word, and the IC pack workbook from the deal record and its latest mark.
Portfolio risk and stress
Roll spread and rate DV01 up across the book, run VaR and named stress scenarios, and report in a base currency pinned to Federal Reserve H.10 rates.
Evidence beside the mark
Pull Companies House accounts and SEC filings into the credit inputs, and record third-party marks against each position for comparison — never as a pricing input.
Review and four-eyes
Submit deals and runs for approval. The reviewer must differ from the submitter, and the queue flags positions past their revaluation cadence.
API and MCP
Price, stress and query the book from an MCP host; the REST API covers the rest of the workflow.
Reference data, layered in where it supports the mark.
BDC holdings from quarterly SEC filings ship today. A primary-source BSL corpus is in build; until it lands, the BSL layer is an illustrative sample for calibration testing, not client evidence.
Reference
BSL universe
Syndicated loan tranches with sector, rate type and covenant metadata, for spread calibration and peer comparables. The production corpus, built from SEC EDGAR filings, is under construction.
Reference
BDC holdings
Quarterly BDC disclosures — public comparables and level-3 supporting evidence for auditor review.
Reference
Your book
Loaded by you, scoped to you. Never mixed with another tenant, never used to train a model.
Institutional teams accountable for the number.
In-house spreadsheets drift between strategies. Valuation advisories bill by the hour and re-run on request. Auditors push back on Level-3 inputs they can’t reproduce. Verus replaces that triangle with one published framework — priced on positions covered, reconcilable to the basis point on any prior reference date.
Private credit funds
Quarterly NAV backed by a published framework LPs and auditors can read straight through.
Banks and lenders
IFRS 9 staging, ongoing portfolio monitoring, and consistent valuation across strategies.
Finance / valuation teams
Independent reference for reconciling internal valuations and supporting impairment review.
Auditors / independent review
Reproducible lineage from deal documents to priced output, with the valuation agent's mark alongside.
Why markst, specifically.
01
No position, no angle
markst does not trade private credit. The valuation carries no commercial bias.
02
One framework across strategies
Seven asset types, direct lending through distressed bonds — all valued on the same engine, each with its own factor model.
03
Independent of data vendors
A BDC reference library ships with the platform, with a primary-source BSL corpus in build. No pricing-terminal subscription, no external data contract, no renegotiation when you add a strategy.
04
Independent valuation, not regulated advice
markst delivers Verus valuation output to institutional firms. Not regulated investment advice, not arranging, not portfolio management. Fees fixed on positions covered — no hourly billing, no renegotiation per run.
Published, deterministic, reviewable.
Contractual cashflows, hazard-rate credit adjustment, OIS discounting. A seven-percentile spread reprice per run. Every step documented.
Published
The engine, the adjustments, and the assumption set are each specified in writing.
Deterministic
Same inputs, same engine version, same outputs. Historical runs reconcile to the basis point against the engine version that produced them.
Versioned
Deal terms, assumption sets and runs each carry a content hash. Nothing moves silently.
Reviewable
Methodology whitepaper and limitations register under NDA. The SR 11-7 validation pack is being assembled.
Engine, advisory opinion or platform — how the three compare →
See Verus on your own positions.
A two- to four-week data-room trial against a reference date of your choice. A mutual NDA is signed by both parties before any sensitive material is shared.