New York, NY (May 29, 2026) – Valuation Research Corporation (VRC), a leading global provider of independent valuation support and advisory services, today announced that Senior Vice President Pablo Alfaro and Managing Director Amir Alerasoul will present at the American Society of Appraisers (ASA) Complex Securities Conference on Thursday, June 4. VRC Managing Director Adam Smith is the conference chair.

Alfaro and Alerasoul will present a session, “No-Arbitrage Arguments and the Link Between OPM and Yield Approach,” which will cover the recently issued working draft of the Valuation of Privately-Held-Company Equity Securities Issued as Compensation. The draft discusses alternatives to valuing liquidation preferences within a traditional OPM framework.

The session will explore the importance of assessing whether results make sense in terms of the relative value and implied yields of the securities in the capital structure. The presenters will demonstrate a direct link between no-butterfly arbitrage conditions for options and increasing yields for liquidation preferences. Attendees will review an example where the results are inconsistent and indicate where the no-butterfly arbitrage and increasing yields conditions are violated. The session will conclude with a discussion on how these findings could be the basis for considering a more general approach which can potentially address these concerns within the context of an OPM framework (albeit with relaxed volatility assumptions).

As the valuation of complex securities continues to evolve, capital structures grow more sophisticated, and deal terms become increasingly nuanced, the 2026 ASA Complex Securities Conference brings together experienced practitioners to explore practical valuation approaches, modeling considerations, and real-world applications across a range of complex securities topics.

Alfaro and Alerasoul’s session will run from 1:05-2:05pm EDT.

More information about the conference can be found here.

About VRC

Valuation Research Corporation is a full-service valuations partner and strategic consultant to private market investment funds, financial sponsors and their portfolio companies, and acquisitive global public and private companies. As one of the largest and best-resourced firms focused exclusively on valuation, VRC’s network of nearly 1,500 valuation professionals, which includes VRC’s 300+ U.S.-based colleagues, has provided objective, supportable conclusions of value to domestic and international clients since 1975. VRC has locations in Atlanta, Boston, Chicago, Cincinnati, Dallas, Los Angeles, Milwaukee, New York, Princeton, San Francisco, and Tampa; as well as international member firms operating as VRG in Argentina, Australia, Brazil, Canada, China, Colombia, Germany, India, Israel, Japan, Luxembourg, Mexico, Singapore, Spain, and the United Kingdom.