Insights

An overview of U.S. structured risk transfer market growth, private credit interest, and the valuation considerations of SRT credit‑linked notes.

Qualified, purpose‑specific valuations are essential to substantiating charitable deductions and withstanding IRS scrutiny.

Before considering a deal, it’s helpful to have a clear understanding of the three common methodologies used to value private businesses.

Private credit’s growth in the U.S. and Europe was shaped by different regulatory paths that continue to define governance, valuation, and cross‑border fund operations.

The webinar brings together accounting, valuation, and audit perspectives to guide participants through applying fair value measurement principles under ASC 820 in a business combination (ASC 805).

Semi-liquid evergreen funds require faster valuation timelines and disciplined processes to ensure marks remain supportable as new information emerges.

Insights from the SEC roundtable on retail access to private markets, focusing on valuation governance, Rule 2a-5 oversight, and NAV considerations.

Explore the key differences between 3(c)(1) and 3(c)(7) private fund exemptions, including investor eligibility, fund limits, and implications for fund sponsors.

Without an active market, valuing private company equity under ASC 820 is complex and requires greater judgment, longer time horizons, and careful assessment of secondary market signals.

Daily valuations are becoming essential as fund structures evolve and investors demand greater transparency.

As dealmakers balance renewed optimism with lingering risk, earnouts remain a critical tool for bridging valuation gaps and aligning buyer–seller incentives.

The AICPA’s Cheap Stock Guide working draft introduces significant changes to valuation practices, reflecting evolving market practice.

Favorable estate and gift outcomes depend on proper documentation and sound valuations.  

As fair value measurement grows more complex, valuation professionals are being asked to apply judgment across emerging technologies, evolving capital structures, and increasingly nuanced regulatory expectations.

Spreads remained rangebound in Q4, but tightening OIDs and aggressive terms underscore just how much capital is still chasing high-quality European credits.

Middle market spreads have held steady, but tightening OIDs and aggressive step-down structures underscore how competitive private credit pricing remains heading into 2026.

Deal momentum strengthened into year-end 2025, but exits, liquidity tools, and evolving valuation and tax dynamics will continue to shape a steady 2026.

Explore how AI-driven demand is reshaping the financing and valuation of digital infrastructure.

Stay ahead of emerging issues and evolving valuation standards with these highlights from the American Society of Appraisers’ 2025 Winter Fair Value Conference.

The private credit market has thus far demonstrated resilience through rising interest rates, refinancing pressures, pandemics, trade disruptions, and other episodic volatility, supported by covenant structures and disciplined valuation practices.

VRC’s survey reveals how long private credit funds believe historical cost represents fair value for new investments

Establishing a daily valuation process requires seasoned judgment, rigorous methodologies, and scalable technology – especially as retail investors transact at NAV.

Innovative approaches for allocating equity value among multiple security classes in complex capital structures.

New article explores how retail access to private markets is fueling demand for daily valuations and fund-level transparency.

As private markets grow and valuation frequency increases, disciplined policies, independent governance, and data-anchored analyses are essential to producing consistent, defensible marks.

Strengthening IBR methodology for year-end.

Benefits of leveraging asset valuation work during an acquisition.

New tax provisions under the OBBBA affect how companies model after-tax cash flows, R&D expenses, and global valuation impacts.

Integrity, independence, and consistent standards are the foundation of trust in valuation.

Smith’s expertise includes financial reporting, litigation support, corporate planning and consulting, mergers and acquisitions, estate and gift tax reporting, and employee stock ownership plans.

Despite intense speculation about a looming wave of defaults, the private credit market has demonstrated remarkable resilience in the face of rising interest rates and economic uncertainty.

Carve-outs have become a prominent feature of the deal landscape, with $23.72 billion in private equity carve-outs across 145 deals in the first half of 2024, presenting unique valuation challenges for both buyers and sellers.

Stagflation can introduce new complexitites to impairment testing, making it important to reassess valuation considerations to accurately reflect the impacts of inflation and stagnant growth on company assets.

PE firms are turning to VRC to bring a new level of transparency and defensibility to their valuation processes.

Exploring an innovative investment vehicle strategy and unique funding solution for private equity firms, investors, and fund managers.

The newly enacted legislation brings significant changes to estate planning; discover how individuals can leverage the changes to minimize estate taxes and maximize post-tax benefits for beneficiaries.

Combined LR-LPR transactions are revolutionizing the private equity industry, providing a creative solution for fund sponsors to return capital to Limited Partners.

The impact of OECD and IRS guidance on credit rating, debt capacity, and interest rates.

As private credit continues to evolve, Annual Recurring Revenue (ARR) has emerged as a cornerstone metric for evaluating the performance and risk profile of subscription-based growth companies, offering lenders a new avenue to tap into the early-stage growth market and achieve attractive risk-adjusted returns.

ARR has become a crucial metric for evaluating the performance and risk profile of subscription-based growth companies, offering lenders a new avenue to tap into the early-stage growth market.

The recent imposition of tariffs on U.S. imports has sent shockwaves through the global economy, with far-reaching implications for international trade, supply chains, and tax valuation.

As trade tensions escalate and tariffs take hold, the U.S. deal market is starting to feel the pinch.

In this recap of VRC’s recent panel discussion, experts delve into the complex landscape of BDC accounting and valuation, covering key issues such as the SEC’s focus on calibration, challenges in seeding new funds, the treatment of PIK interest, and more.

FASB ASU 2022-03 clarifies the fair value measurement of securities subject to sale restrictions, distinguishing between security-specific and holder-specific restrictions to ensure more consistent and accurate valuations.

The complex valuation dynamics of secondary LP transactions and why discounts to NAV don’t necessarily indicate overvalued underlying assets.

Firm receives top industry honors for the 12th consecutive year.

Deal market activity in 2024 is expected to normalize as market participants adapt to recent conditions gradually.

Explosive growth in private credit markets is outpacing technology and valuation processes, creating operational challenges, and driving a need for innovative solutions and AI integration to meet evolving fund structures and increasing data demands.

Article provides a close look at purchase price allocations, Section 382 limitation calculations, tax receivable agreements, and more.

Despite the ongoing chill in the venture capital market, signs of optimism for a long-term recovery are emerging.

VRC’s Portfolio Valuation practice group expert leaders interviewed and featured in KBRA research report – Private Credit: BDC Portfolio Valuations are Rigorous.

Finding a buyer involves a lot more than just putting up a “For Sale” sign in a window.

Amidst economic uncertainty and shifting market dynamics, understanding multiples and deal strategies is crucial for navigating the ever-evolving deal landscape.

As interest rates remain high, companies may need to become more mindful about corporate goodwill.

Explore the strengths that ensure stability in the private credit markets from a review of risk considerations to reporting requirements to how market variables can impact valuations.

Explore the motivations behind the SEC’s release of the Private Fund Adviser Rule, its provisions and scope, and how the industry has responded to this regulatory development.

Increased analysis within financial reporting comes with increased levels of analysis required for tax reporting.

Dive into the complexities of valuing intangible assets for tax purposes and unravel the differences between Fair Market Value and Arm’s-Length Standards.

The value of a non-compete may help lower the tax bill, but it needs to be appropriately valued to avoid potential scrutiny by tax authorities.

Cancellation of debt can generate significant tax liabilities that can be reduced by demonstrating insolvency. But, without experienced advisors, the process of proving insolvency can be challenging.

Key highlights, discussions, and resources from our experience at the 2024 Heckerling Institute event, from a valuation professional’s perspective.

The short answer is that you can use a 409A valuation report for a gift/estate tax filing, and you may get away with it if you’re not audited. You shouldn’t.

As inflation reshapes commercial property values, uncover insights driving companies to reevaluate insurance needs with a replacement cost analyses.

A broad overview of the industry, financing terms, valuation considerations, and exit options in a challenging market.

Unlock the complexities of the SEC’s Pay vs. Performance Disclosures to seamlessly navigate the regulatory landscape and set the stage for a confident proxy season.

Explore the ongoing saga of ASC 842 lease accounting implementation, including its impact on private and public companies. Learn about practical shifts, clarifications, and the challenges of determining the incremental borrowing rate (IBR) as VRC offers a dual methodology approach.

Delve into the dynamics of CLO investments as we focus on the IRR comparison between CLO equity and BB-rated CLO debt to asses the ongoing validity of long-term inter-tranche premium used by market participants.

In today’s venture capital landscape, challenges persist, and companies delaying fundraising must face the reality that a near-term light at the end of the tunnel is not guaranteed.

SPACs are liquidating faster than ever, and the crashing wave is changing the way investors think about their SPAC positions.

Group suggests ways to improve the IRS’ Revenue Procedures governing Advance Pricing Agreements and Mutual Agreement Procedures.

Profits Interests are valued as options, and when estimating their fair value consider the total equity framework, including vesting interests.

A review of the continuation fund market and a growing consensus that fairness opinions are necessary best practice for the health of the market. Plus, the SEC may be requiring them soon.

Business owners preparing for a sale but still needing to execute their estate plan may see beneficial opportunities in using a common estate planning tool.

Addressing the challenge of developing and supporting the expected term used in the Black-Sholes Option Pricing Model to determine fair value of grants to PEOs and NEOs.

Analyzing past market patterns can signal the issues private market and venture capital investors may anticipate in the cycles ahead.

Public company filer disclosures must provide added color on the full scope of executive compensation packages, changes in fair value of equity awards issued principal and named executive officers.

In this webinar, leaders from VRC and Global Tax Management discuss how to ensure that business restructurings and reorganizations meet the relevant business and tax objectives.

The holiday is nearly over for many private companies with significant right-of-use assets meaning companies will need to adopt ASC 842 effective Jan. 1, 2022, in preparation for their first calendar year-end reporting date.

Access updates on BEPS Pillar Two, the OECD-sponsored overhaul of global tax regimes.

In this webinar, a panel of leading minds from VRC, Calcbench, CFA Institute, and Financial Reporting Advisors discuss why and how goodwill matters.

After years of hype, de-SPAC results are disappointing, stock performance has cratered, and the SEC is hitting the breaks.

In analyzing four factors that will likely incur increased audit scrutiny, do patterns emerge that can indicate impairment?

In this webinar, valuation and tax experts discuss tax considerations, methodologies, limitations on NOLs, and financial statement considerations & disclosures under Section 382.

Three machinery & equipment valuation engagement scenarios highlight when a site inspection is required.

The history and data of collateralized loan obligations show that CLOs, in general, and middle-market CLOs specifically, continue to perform very well through various economic cycles and market shocks.

SOFR is emerging as LIBOR’s benchmark successor for private loan market participants. Key differences in maturity and credit profiles must be considered.

The SEC has been clear. They will continue to keep a close watch on SPAC filings and disclosures and their private targets.

Related-party transactions between PE funds and their portfolio companies are fraught with the potential to create issues between limited partners. Fairness opinions can forestall such conflicts.

Fairness opinions have a critical role in mergers, acquisitions, and other corporate transactions, yet sometimes public and private companies might overlook the importance.

VRC’s Opinion Practice Group experts answer the top questions asked about fairness opinions for financial transactions.

If your organization is considering a merger, acquisition, or disposition, the time is now to seek out the services of an independent, third-party opinion provider.

Before making a purchase, acquirers should make sure a plan is in place to maximize the value of the acquired brand.

Any brand valuation presents a strategic planning opportunity to understand more about what drives value to the underlying company.

How do you value a SPAC? With a surge in SPAC IPOs resulting from the COVID-impacted economy, SPAC valuations should not be given equal consideration.

Identifying, measuring,and applying the adjustment for EO can be a complex and iterative process.

Valuations are a requirement throughout the IPO process. Management teams are well-advised to seek professional expertise early to avoid missteps and save time, efforts, and cost.

Valuation considerations for rollover equity in PE platform acquisitions.

Now is an ideal time for private company owners to focus on factors that will improve their business value in the event of an opportunity to sell.

As private credit manager valuation leaders scrutinize how to optimize their internal teams, they also are leveraging technology tools and third-party service providers—both domestic and offshore—to meet the demands of scale.

In the second episode of VRC’s video series, we discuss non-controlling interest in private equity deals and step acquisitions.

In the first episode of VRC’s video series, we discuss determining the purchase price allocation in the deal, earnout structures, rollover equity, non-controlling interest in PE deals, and step acquisitions.

Patel: In today’s environment where companies are more intangible asset-based rather than tangible asset-based, there’s probably an evolution that needs to happen in terms of how you value inventory.

CLO vehicles are the lifeblood that helps keep the syndicated loan market humming.

Market participants embrace best practice guidance, adjust policies accordingly. But the AICPA’s best practices are not without challenges and intricacies for the private debt and private credit professional.

A video discussion about corporate goodwill, goodwill impairment, and financial analysis techniques that aid in determining if a business combination is living up to performance expectations.

Want to crush your fantasy football championship? Take a page out of a valuation professional’s playbook.

Tax amortization benefit rules differ between countries, and they can also change over time.

When managing deferred revenue, the valuation challenge is defining the performance obligation.

Private equity and private debt investors are acutely focused on new AICPA Guidance that recommends a “calibration” approach for valuing private securities.

Market volatility spikes prompt considerations of appropriate methodologies for factoring market indications into valuations and reflection on when “smoothing” techniques should be employed.

Originally considered a unique approach to determining the fair value of customer-related assets, the method has become mainstream methodology and evolved into a foundational analytical tool.

Contingent consideration can salvage a business combination when buyer and seller can’t agree on value, which is especially true in a frothy deal environment with high valuations and overpayment concerns.

Implementation of the ASC 842 lease accounting standard is putting companies in a challenging position to determine their applicable incremental borrowing rate.

How did a roomful of credit managers learn to stop worrying and love the AICPA Private Securities Valuation Guide?

Tax benefits exist for companies that distinguish real versus personal property. However, legal nuances, if interpreted inaccurately, can bring significant economic consequences.

Nearly a year since the Tax Cuts and Jobs Act was signed, there are still a number of questions about how to apply the new law but some areas, such as valuation, are beginning to get some clarity.

Allocating a portion of proceeds from the sale of assets of a private company to the personal goodwill of a major shareholder can result in significant tax benefits to buyer and seller.

Fairness opinions provide substantial benefits – if the opinion process is performed correctly.

“We’ve come a long way in terms of determining how to calculate fair value.”

VRC has noticed an emerging phenomenon: U.S.-based multinationals are taking steps to move intellectual property back into the U.S.

The valuation challenge with a hybrid security is to consider both the equity and debt components in a combined framework – this challenge is not without its tradeoffs.

With limited authoritative guidance around inventory valuation best practices in business combinations, these modifications may improve the valuation process.

Boards of directors can improve the likelihood of receiving a more defendable fairness opinion by making specific inquiries of their opinion provider.

In the high-end luxury market, where virtually all of an enterprise’s value derives from its brand or brand portfolio, the ability to accurately assess its value – to quantify and render tangible the intangible – is especially critical.

Company boards often seek third-party solvency opinions in connection with leveraged transactions to assist them in fulfilling their board duties.

Ahead of an uncertain 2018, senior VRC professionals provided their insights regarding trends in accounting, valuation, taxes and other industry practices.

Companies will need to take more ownership of their valuations.

California Corporations Code Section 1203 requires an affirmative fairness opinion to provide target shareholders with greater protection in takeover transactions.

Benchmarking and adjusting market multiples for multinational company valuations by focusing on growth, risk and profitability.

Those seeking dissolution under California Corporations Code Section 2000 need to understand the role of appraisers as well as the ramifications of the standard and premise of value.

What did the 2017 Tax Act change that would impact estate planning?

What issues must board members contemplate when facing a competitor’s takeover offer?

50 percent of M&A deals fail. How can a board avoid deal failure before an acquisition?

Valuations need to meet the requirements of all stakeholders – corporate development, financial reporting & tax. Can it be done?

Whether it is the original deal price, accounting related issues, or tax-related issues, you really have to have all of those parties on the same page, speaking the same language and communicating. Valuation is at the center of that.

The FASB has sought to simplify the accounting for goodwill impairment for several years.

Within the ASU guidelines, there are two main thresholds to determine if an entity is a business.

VRC continues to see many transactions where contingent consideration has been present.

Did you realize that your business has multiple values at the same time?

Once we understand a BDC’s investment thesis and portfolio, VRC focuses on the valuation process.

Companies seeking lower interest costs particularly as firms refinance maturing debt, convertible notes offer alternatives to straight debt securities. However, they come with complex valuation requirements.

In receiving value only if a threshold is met, carried interests have an asymmetric payoff similar to a stock option.

How do you attach a price tag to something you can’t see or touch?

Why should a private company board consider a valuation of the company?

IRS regulations and the past performance of the management team are among the considerations needed to value carried interest rights

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A point often overlooked is that customers usually purchase products or services because of the presence of intellectual property, not a relationship.

Appraisers valuing a multinational company should expand their due diligence process to solicit information from company management about specific effects of operating in their particular location.

When valuing a business that is multinational in scope, develop a proper due diligence framework and apply models that will accurately reflect the company’s exposure to various risks.

Valuing investments in private companies requires a flexible approach.

Many factors of a business must be considered when answering the question “what is the value of my closely held business.”

The distributor method is a powerful tool for the valuation of customer relationships in situations where these relationships are a supporting asset and where there are appropriate market inputs.