PRIVATE CREDIT
NAV
Proof that the NAV matches what the administrator reported.
The problem
NAV lenders underwrite collateral they can't independently confirm, such as a stale mark, a misreported cash position, or a quarterly figure that has drifted.
What it does
It checks each NAV input against the administrator's statement, then anchors a receipt for each valuation date. Parties with lender rights can re-run the check.
What it deliberately does not do
It never calculates or opines on a NAV. It never replaces underwriting or covenant tests.
What touches the chain
Onchain: a fingerprint of the record, plus minimal provenance (when, by which wallet, under which method version).
Off-chain: the underlying data. It is never published.
Correction model: a fix is added as a new version, so the history cannot be quietly overwritten.
Who controls it: receipts live in a registry controlled by your own wallet. NVNM is not a gatekeeper.
How it fits your workflow
Underwrite as usual · Check each input against the administrator's statement · Anchor a receipt before each drawdown or covenant test · Keep a record of the collateral.