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.