The assets that matter most are the hardest to value
Public securities have CUSIP numbers and real-time quotes. If you're a private bank, your core system might handle them just fine. But the assets reshaping modern portfolios have no reliable fit on the ledge: LP interests in venture funds, pre-IPO stock, RSUs with vesting schedules, tokenized securities, and cryptocurrency. These require valuation methodology beyond just data feeds.
Everything from
"I see the money"
to ASC 820
Your core sees deposits. It does not see the Vanguard account, the Coinbase wallet, or the Carta cap table. Before you can value an asset, you have to see it. Before you can lend against it, you have to value it. We built the infrastructure for the full progression.
See it
Asset verification and monitoring across 12,000+ institutions. External brokerages, crypto exchanges, private investment portals. The unified picture your core was never designed to provide.
Quote it
Real-time pricing for assets with active markets. Public securities, ETFs, major cryptocurrencies. Level 1 and 2 inputs where pricing services already exist.
Value it
ASC 820 Level 3 methodology for assets without quoted prices. LP interests, RSUs, private company stock. Defensible fair value where judgment is required.
Asset classes that require methodology beyond market quotes
Each alternative asset class presents distinct valuation challenges. We built specific methodologies for each, compliant with ASC 820, IPEV Guidelines, and OCC 2011-12 model risk requirements.
LP Interests in Private Funds
Venture capital, private equity, and hedge fund interests. NAV reporting lags by 60-90 days. Secondary market transactions inform fair value estimates but require adjustment for illiquidity discount and capital call exposure.
Private Company Equity
Pre-IPO stock, founder shares, employee equity grants. 409A valuations provide starting points. Cap table complexity, preference stacks, and liquidation waterfalls affect common share recovery analysis.
Restricted Stock Units
Vesting schedules create time-to-liquidity risk. Cliff vesting versus monthly vesting affects collateral value differently. Employer concentration risk requires specific treatment.
Tokenized Securities
Security tokens representing equity, debt, or fund interests. UCC Article 12 provides the legal framework. Valuation methodology must bridge traditional securities analysis with digital asset infrastructure.
Cryptocurrency
24/7 markets provide liquidity but extreme volatility requires sophisticated haircut models. Exchange-specific pricing, custody arrangements, and liquidation pathways affect collateral value.
Real Estate Equity
Non-HELOC real estate positions: investment properties, partial interests, syndication participations. ATTOM Data integration provides comparable sales and rental income analysis.
Institutional-grade valuation methodology
The ReferenceModel is Aaim's patent-pending valuation architecture. It combines market data, comparable transaction analysis, and asset-specific risk factors into defensible fair value estimates that satisfy examiner scrutiny.
Multi-Source Data Fusion
Aggregated pricing from 20+ data providers. Public market correlates, secondary market transactions, and proprietary data sources combined through weighted ensemble methods.
Asset-Specific Risk Models
Each asset class has distinct risk characteristics. Volatility buffers, illiquidity discounts, and concentration limits calibrated to asset behavior patterns.
Explainable Outputs
Every valuation includes methodology documentation, input sources, and sensitivity analysis. When examiners ask how you arrived at a collateral value, the answer is in the audit trail.
Continuous Calibration
Valuation models improve as transaction data accumulates. Actual loan performance informs future estimates. The system learns from outcomes.
OCC 2011-12 compliant from day one
The OCC's supervisory guidance on model risk management (Bulletin 2011-12) requires documentation, validation, and ongoing monitoring for any model used in lending decisions. We built compliance infrastructure first.
Model Documentation
Complete methodology documentation including assumptions, limitations, and theoretical basis. Updated with each model revision.
Independent Validation
Conceptual soundness evaluation, outcomes analysis, and back-testing against actual transaction data. Validation reports generated on demand.
Ongoing Monitoring
Performance tracking with deviation alerts. When model outputs diverge from expectations, the system flags for review before problems compound.
Governance Framework
Clear roles, responsibilities, and escalation procedures. Board-level oversight documentation and model inventory maintenance.
Aligned with IPEV Guidelines
The International Private Equity and Venture Capital Valuation Guidelines provide the industry standard for fair value measurement of private market investments. Our methodology implements IPEV's calibration and Known or Knowable principles.
Calibration
Evaluate valuation techniques against market inputs from the investment date. Track changes in comparable company multiples and market conditions.
Known or Knowable
Use facts and circumstances that existed at measurement date. Avoid hindsight bias. Document information sources and timing.
Multiple Techniques
Cross-validate estimates using price of recent investment, multiples, industry benchmarks, and discounted cash flow methods where applicable.
Aaim surfaces the facets that most data feeds don't
Account aggregation services retrieve balances and holdings from custodians. They report values exactly as institutions provide them. It's great for public assets, and we thrive on that. But for modern investors in Level 3 assets, no institution provides a value to report. Aaim bridges that gap with defensible fair value methodology.
Aggregation sees balances
Account aggregation retrieves what custodians report. For assets without quoted prices, that may be cost basis, last round price, or nothing at all.
Valuation determines fair value
Fair value methodology applies market data, comparable analysis, and risk adjustment to produce defensible collateral values for lending decisions.
Compliance requires both
Your institution needs visibility into member assets (aggregation) and defensible collateral values (valuation). We provide the valuation layer that makes alternative asset lending possible.
The valuation problem solved
Level 3 assets are pretty shy about showing their cards. We run the table with methodology, compliance infrastructure, and examiner-ready documentation.