Mark discretion
Judgment used in estimating the value of private loans within applicable valuation standards and governance. Limited market observations increase estimation uncertainty, not permission to ignore adverse evidence.
Mark discretion in round numbers
Hypothetical, at the same measurement date and quoted per 100 of loan face value: the carrying mark is 95 while an independent orderly-sale estimate is 60. The gap is 95 − 60 = 35 price points. The estimate is uncertain and is not an asserted executable trade; 35 points is not a 35% reduction relative to the mark of 95.
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| Measure | Price points |
|---|---|
| Carrying mark | 95 |
| Independent orderly-sale estimate | 60 |
| Gap | 95 − 60 = 35 |
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