What happens when a last-round mark is older than 18 months?

Misano stamps last-round marks with the round date and warns when that round is older than 18 months. The warning does not force a write-down. It forces a choice: refresh with comparable transactions or DCF, or keep last-round and own that you are looking at a dated stamp.

What are the three mark methods in Misano Portfolio?

Last round (early-stage, round date stamped, warn after 18 months), comparable transactions (mid-market comps with time-decay and cited sources), and DCF (mature cash-flow positions, same engine as Scout, editable per position).

What does each mark carry?

A methodology badge, a date stamp, a source artefact (round doc, comps, or DCF inputs), and an auditor-ready footnote — so the answer to “how did you get to this mark” is a screen, not a story.

Is mark-to-market the same as rescoring a holding?

No. Mark-to-market answers value. Rescoring answers whether the holding still fits the thesis you hold today, using the same five dimensions as Scout against the current strategy and Knowledge Base. Both jobs matter; collapsing them hides sell candidates and stale methodology alike.

When a last-round mark is older than 18 months.

A mark answers “what is this position worth today?” Last-round marking answers “what did the last priced round say?” Those are the same sentence only while the round is still recent. Past that, you are carrying history as if it were a price.

Three ways to mark

Last round — most common for early-stage. Misano flags it as last-round marking and stamps the round date. If the round is older than 18 months, it warns.
Comparable transactions — for mid-market positions. Sector and size comps, EV/Revenue and EV/EBITDA, time-decay discount, source transactions cited.
DCF — for mature positions with consistent cash flow. Same DCF engine as Scout (WACC, terminal growth, exit multiple), editable per position.

Why 18 months matters

An 18-month-old round prices a company that no longer exists in the same shape: revenue, burn, competitive set, and capital structure all move.
Keeping that number on the book without a warning treats a financing event as a valuation method. Financing events age. Marks should not.
The warning does not force a write-down. It forces a choice: refresh with comps or DCF, or keep last-round and own that you are looking at a dated stamp.

What each mark carries

Methodology badge — which of the three methods produced the number.
Date stamp — when the mark was set (and, for last-round, when the round closed).
Source artefact — round doc, cited comps, or DCF inputs.
Auditor-ready footnote — so “how did you get to this mark” is a screen, not a story.

Marking is not rescoring

Mark-to-market answers value. Rescoring answers whether the holding still fits the thesis you hold today (same five dimensions as Scout, against the current strategy and Knowledge Base).
A fresh mark on a position that no longer fits is still a sell candidate. A stale mark on a position that still fits is still a methodology problem. Do both jobs; do not collapse them. Related: misano.ai/guides/the-buried-no and misano.ai/guides/strategy-fit-is-not-the-score.

What this is not

Not a claim that every position past 18 months must move to DCF. Comps may be the right next method.
Not a rewrite of the valuation-at-scale essay. Multiples engine, NAV, and football field stay there: misano.ai/guides/how-we-value-companies-at-scale.

Get started at https://app.misano.ai/login. From €39/month billed annually (10 positions on Solo, up to 100 on Institutional), 14-day money-back, no sales call. Product page: misano.ai/portfolio.

See also: misano.ai/guides/how-we-value-companies-at-scale, misano.ai/guides/how-to-value-a-private-company, and misano.ai/guides/the-buried-no.