The SEC has issued an approval order concerning the per-share estimated valuations for unlisted REITs. FINRA had filed SR-FINRA-2014-006 with the SEC that proposed two methodologies under which reported values are to be presumed reliable and included on customer account statements: (1) net investment; and (2) independent valuation. The net investment method may be used no longer than two years plus 150 days after breaking escrow. The independent valuation method requires that a third-party, independent valuation expert perform or provide material assistance in the valuation, and it must be accompanied by a written opinion or report by the issuer. This rule is effective as of April 10, 2016.