CORTLAND FUND SERVICES. VALUATION PROCESSES 2 FAS 157 Asset Levels Level 1 Quoted prices in active markets for identical assets or liabilities Level 2.

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Presentation transcript:

CORTLAND FUND SERVICES

VALUATION PROCESSES 2 FAS 157 Asset Levels Level 1 Quoted prices in active markets for identical assets or liabilities Level 2 Less-active markets for identical assets and liabilities Assets and owed liabilities are similar to, but not the same as, those traded in a market No active or less active market exists but observable market data is sufficiently available for estimation of value Level 3 Significant unobservable inputs for valuation

LEVEL 2 PROCESSES AND SOURCES 3 Asset Examples: Bank loans Collateralized debt obligations (CDOs) Credit default swaps Illiquid bonds Mortgages Valuation Method: Broker quotes Pricing services (IDC, Reuter’s, Trepp, LoanX, Markit) Valuation model

LEVEL 3 PROCESSES AND SOURCES 4 Asset Examples: Real Estate Restricted stock Other funds Valuation Method: Independent valuation committee Valuation model Independent appraisal (Valuation Research Corp., BlackRock, Houlihan Smith, etc.) Plan of sale