What the SEC’s Private Asset Valuation Statement Means for Year-End
The SEC staff’s September reminder centers on calibration, market inputs, NAV, and audit evidence, the same areas that shape year-end valuation work. On September 28, 2026, SEC Chief Accountant Kurt Hohl and Division of Investment Management Director Brian Daly issued a joint staff statement on fair value measurement and disclosure for private assets. The statement […]
Continuation Vehicles Have Diversified. Fairness Opinions Have Not Kept Pace.
For the first time in four years, fund managers moved more secondary volume than the investors seeking to exit them. Secondary transactions in private markets reached a record $121 billion in the first half of 2026, according to Evercore data reported by Bloomberg. Manager-led transactions, primarily continuation vehicles, accounted for 54% of that volume. The […]
FASB Finalizes New Rule on Contractual Sale Restrictions: Final Implications for Locked Token Valuations
An Update to Houlihan Capital’s July 2026 Review of ASU 2022-03 September 20, 2026 On September 9, 2026, the Financial Accounting Standards Board issued ASU 2026-03, Fair Value Measurement (Topic 820): Contractual Sale Restrictions, finalizing the proposal it introduced for public comment in July 2026. In our July write up, we examined that proposal and […]
The Carrying Value Question: An Introduction to Intangible Asset Impairment Testing
When the Balance Sheet Becomes the Story A portfolio company loses its largest customer. Revenue falls sharply in the back half of the year, and the finance team flags the event as a potential impairment indicator. By the time the external auditors arrive, management has produced an internal memo estimating that the customer relationship asset, originally […]
FASB Reconsiders Contractual Sale Restrictions (ASU 2022-03): What the Proposal Means for Locked Token Valuations
The July 2026 proposal reinforces a market-participant approach that Houlihan Capital has applied to cryptoasset portfolios for years Executive Takeaway In 2022, the FASB issued ASU 2022-03, concluding that a contractual restriction on the sale of an equity security should not reduce fair value when the restriction is viewed as a characteristic of the holder rather than […]