Syndications and funds don't trade publicly, so their current value isn't observable day-to-day. Sponsors typically issue a NAV (net asset value) mark at fixed intervals — quarterly is most common — telling investors what each unit or share is worth as of that date. Policy Stack lets you record each mark so the deployment's current value reflects the latest sponsor statement instead of staying frozen at the initial capital commitment.
Why NAV Marks Matter
The headline numbers on a syndication deployment — Current Value, Spread, Total Return — depend on knowing what the position is worth today. Without a mark, the deployment stays at its original cost basis indefinitely. After a few quarters, that can be wildly out of date.
A current mark also flows into:
- Net Worth — the syndication contributes its current value, not the original capital
- Asset allocation breakdown — accurate share of total wealth in private equity / syndications
- Year-over-year analytics — change in NAV is a meaningful comparison year-on-year
- Spread calculation — total return uses current value, so the spread tile reads correctly
When to Record a Mark
The cadence depends on your sponsor. Common patterns:
- Quarterly — most operating-deal sponsors (multifamily, industrial, retail) issue Q1/Q2/Q3/Q4 statements with updated NAV
- Annually — slower-cycle funds or development deals where there's nothing meaningful to mark mid-year
- Event-driven — major capital events (refinance, partial sale, distribution-in-kind) usually come with a mark
Record a new mark each time your sponsor issues one. Don't make up marks between statements — leaving the previous one in place is the right answer when nothing has changed.
How to Record a Mark
- Open the deployment — navigate to Capital → Assets and click the syndication
- Find the Syndication card — it sits below the metrics row on the detail page
- Click Record NAV — the button is in the card header with a trend icon
- Enter the mark — value as of date (matches the sponsor statement), and the current NAV per unit or the total position value, depending on how your sponsor reports
- Save — the mark is stored in the deployment's valuation history, the Current Value tile updates to the new number with subtext "X days ago", and the next net worth snapshot picks it up
The Record NAV button is available on any deployment where current value can drift from cost basis — syndications, funds, and other illiquid private positions. For deployments with observable market prices (publicly traded securities, crypto), the value is recorded differently.
What the Mark Records
Each NAV mark is stored as its own dated row, not as an overwrite of the previous one. Policy Stack keeps the full history:
- The asset detail page's Current Value tile shows the latest mark
- The valuation history table on the detail page lists every recorded mark with date and value
- Charts that show value over time draw on the full mark history
This means you can see the trajectory of the position, not just where it is today.
Editing or Removing a Mark
You can edit a mark if you entered the wrong value or date — open the valuation history, click the row, and update or delete. If you delete a mark, the Current Value tile falls back to the most recent remaining mark (or to the cost basis if no marks remain).
NAV marks carry the Modeled source label because they're values reported by the sponsor, not actual realized cash. The cash distributions you receive from the syndication are recorded separately as cash flows (Actual) and flow through the banking ledger as they come in.
What If Your Sponsor Doesn't Report NAV?
Some smaller sponsors don't issue formal NAV statements. Two reasonable approaches:
- Leave the deployment at cost basis — accurate-by-default. The current value stays at what you put in until you have a real number to update with.
- Mark based on the sponsor's last meaningful estimate — annual letters, capital call updates, or partner communications often contain a value statement even when there's no formal statement. Record it with the date of that communication.
Either path is supported. The history of marks (and the timestamp on each) makes it clear what you've recorded and when.