The platform
Built for the instruments, not around them.
Aestima values the instruments private credit funds actually hold — each on its own mechanics, each calibrated at origination to the price actually paid, each rolled forward with an attribution that reconciles.
Instrument by instrument
Structure-specific mechanics, not a generic cash-flow shell.
Floating-rate term loans
Benchmark floors and reset schedules.
PIK and cash/PIK structures
Toggle mechanics and accrued balances carried through the mark.
Callable notes
Yield-to-worst mechanics across the call schedule.
Unitranche facilities
First-out and last-out splits valued separately.
Revolvers
Funded and unfunded components treated distinctly.
Loans with equity kickers
Including the day-one reconciliation of package value against price paid.
OID and effective-interest accretion
With the carrying-value-to-fair-value bridge.
Performing to non-accrual
The method switch and the recovery analysis that follows a migration.
At origination
Calibrated to the price actually paid.
Each position is calibrated to its actual purchase price — the discount margin that ties the model to the transaction. Where a loan came with an equity kicker, the day-one reconciliation of package value against price paid is part of that calibration, not a separate memo.
Each quarter after
Rolled forward with a sequential attribution.
Benchmark rate movement, then market spread movement in the asset class, then everything specific to the credit — each step a full repricing rather than a sensitivity, reconciled to the total and rendered as an exhibit.
At the fund level
Whole-portfolio measurement in a single run.
- Whole-portfolio measurement
- Every position measured in a single run.
- Quarterly roll-forward
- Opening balance plus originations, less repayments, plus or minus change in marks.
- Back-testing
- Prior marks tested against realized exits.
Provenance
Every figure in a deliverable traces on its face.
An input is one of three things, and the exhibit says which.
- Documented
- The verbatim source language and the page it came from, carried on the face of the exhibit.
- Assumed
- The stated basis for the assumption, disclosed rather than buried.
- Elected
- An analyst judgment, with its rationale — and the value under the treatment rejected.
Priced judgments
Not just the answer — the size of the judgment.
Where a legal document admits more than one reading, or a convention could reasonably be chosen either way, the report records the treatment adopted and the value under the treatment rejected. A reviewer can then see immediately whether the judgment was material or immaterial — without asking for a rerun.
Exhibit — elected treatment
Compounding convention on accrued interest
- AdoptedAccrued interest compounds quarterly
- 98.31
- RejectedAccrued interest compounds annually
- 98.04
Credit agreement §2.4 — “compounded on each Interest Payment Date”, quoted verbatim in the exhibit.
Available reading if “Interest Payment Date” were construed as the annual anniversary.
Size of the judgment
0.27 pts
Illustrative. Figures are synthetic and do not reflect any position, fund, or engagement.
When documents arrive after a draft
Nothing changes silently.
Executed terms rarely land before a draft is due. When they do arrive, the update process extracts them, compares them against every stated assumption, quantifies exactly what moves, and presents the differences for review — before anything changes.
- 01Extract executed terms
- 02Compare against every stated assumption
- 03Quantify what moves
- 04Present for review
The deliverable
Built for the audit file.
Assumptions disclosed, not buried
Every input is classified on the face of the exhibit — documented, assumed, or elected — with its source, its basis, or its rationale alongside it.
Judgments priced, not asserted
Where a treatment was chosen, the report carries the value under the treatment rejected, so a reviewer sees the size of the judgment rather than only its conclusion.
A change log between drafts
Each draft records precisely what the new information resolved — what moved, by how much, and which stated assumption it replaced.