Tape

A tape is the matter-level data file that describes a pool of legal assets, with one row per position and the fields a buyer or lender needs to value it. The quality of the tape sets the quality of any valuation built on it.

A tape typically lists the matter, the stage, the dates, the amounts advanced, the contractual terms and the status of each position at a stated cutoff. Where a model will be applied, the tape must also contain the inputs the model needs and must not contain fields that reveal the outcome.

Reading a tape well means checking it before using it: duplicates, inconsistent identifiers, fields populated only after resolution and gaps that are not random. Many errors in a valuation are errors in the tape.

A tape is not a verified record of what happened. It is a seller's or servicer's representation at a date, and it is reconciled against primary records where possible.