Pimco refers to the private credit market as having a "trust gap", with loan quality becoming the standard for evaluation.

Ping Hao pointed out that private credit investors are increasingly sensitive to valuation discrepancies, creating a "trust gap" among asset management institutions. Pimco strategist Lotfi Karoui wrote in a report published on the company's official website this week that as asset net worth is increasingly influenced by the assumptions of each institution, those with higher loan quality are gaining market recognition. He stated that the market no longer discounts the entire industry as a whole, but makes a more clear distinction in terms of "management institutions, asset quality, and trust in reported valuations." Regulatory authorities are currently intensifying their scrutiny of valuation discrepancies in the $1.8 trillion private credit market. Jay Clayton, a federal prosecutor in the southern district of New York, has expressed concerns about the way Wall Street institutions assess the value of private credit assets, which are typically not traded frequently. At the same time, some large private credit institutions, including Apollo Global Management, Ares Management, BlackRock, and Blackstone, continue to face heavy redemption pressures in the second quarter.