Daniel Turi

Daniel Turi is a part of the portfolio valuation group specializing in valuations of privately held debt and equity securities, and business enterprises for tax…

BDC Roundtable Participants Lean Heavily on VRC’s Czapla for Guidance on Navigating COVID Fallout

Business Development Company market participants are focused keenly on valuation in the wake of the novel coronavirus and the impact on their underlying portfolio investments.

SEC Requires Third-Party Fairness Opinion Certificate for BDCs

The SEC recently announced, as a response to COVID-19, they will provide temporary exemptions to BDCs to issue and sell senior securities.

Sarit Rapport

Sarit Rapport is part of the portfolio valuation group. She has over 20 years of valuation experience performing business valuations, valuations of complex securities, valuations…

Lucy Lee

Ms. Lee specializes in business enterprise valuations, purchase price allocations, goodwill impairment testing, and securities valuations for financial and reporting and tax purposes. Ms. Lee…

Charles Paraboschi

Mr. Paraboschi is a part of the portfolio valuation group specializing in valuations of complex and structured investments, including CLO securities, leveraged lending funds, middle…

Financial Sponsor: Hedge Fund

A hedge fund client held convertible note in a company that restructured outstanding debt. As part of restructure, the note was exchanged for two separate Term Loans.

Accounting and Valuation Conference Tackles Critical Issues for Credit Funds

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

Valuation Q&A for Business Development Companies

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

Financial Sponsor: Hedge Fund

​A shareholder of a closely-held hedge fund was not receiving the appropriate level of compensation per agreement with the controlling interest shareholder.

The ABCs of BDCs: Private Debt and SEC Concerns

Business development companies, or BDCs, represent a growing class of relatively large, closed-end, SEC-registered funds.

Finding the Value of BDCs

The board of directors of a BDC has the ultimate responsibility to ensure the fund’s portfolio represents fair value.