How to Track a Secondary Stock Lot

How to track a secondary stock lot is a per-lot ledger after a tender, a Hiive- or EquityZen-style marketplace trade, or an SPV distribution, not the sales-and-tenders process page. For each settled event, log (1) cost basis of the lot, (2) vehicle (direct vs SPV), (3) fees and carry, (4) cash in on the sale, (5) leftover shares, and (6) realized vs residual MOIC. Raziel's startup secondary sale tracking page is the election, ROFR, and fill process. This page is the lot after settlement.

This is not legal, tax, or investment advice. Raziel does not provide it. Copy the lot from the settlement statement, K-1, or transfer-agent notice. Do not overwrite the original SAFE or preferred row. Do not paste a marketplace headline price onto leftover shares as if those shares rebased.

What this ledger is (and is not)

A secondary stock lot is one identifiable slice of a company position that changed because some of it sold, or because an SPV distributed cash or shares. Carta's April 3, 2026 secondary-markets explainer: no new shares are created. An existing holder sells. Cash goes to the seller, not into the company. Keep that fact here as the reason the lot split. Window, ROFR, and election versus fill stay on the process page.

This ledger is not the tender-versus-bilateral process page. It is not a SAFE conversion worksheet. If the original instrument was a SAFE that later converted, keep that history on SAFE note tracking and point this lot at that row. Syndicate SPV tracking is the vehicle overlay (fees, carry, K-1s). This page asks whether this lot sat in that vehicle, and which dollars or shares came out. The walkthrough below is hypothetical with round numbers, not a study.

Six columns on one lot

Open one row per lot that settled. Attach the settlement statement, the original wire, and the SPV notice if any. Name the lot (SAFE 2022, Series A 2023, SPV interest 2024) so two instruments in the same company cannot overwrite each other.

• Cost basis of the lot. Copy original dollars in (wire plus costs). IRS Publication 551 (revised December 2025): stock basis is generally purchase price plus commissions and transfer fees. Identify the shares you sold, or use the shares acquired first. A missing basis is 'missing', not a last-round mark.

• Vehicle: direct vs SPV. Direct means your name (or your fund's name) is on the cap table. SPV means you own an interest in a vehicle that owns the shares. After a secondary the vehicle can distribute cash, distribute leftover shares in kind, or keep leftover shares inside the SPV. Log which happened. Do not treat SPV cash as a direct lot sale, or an in-kind distribution as cash in.

• Fees and carry. Copy platform, broker, transfer, and legal fees on the sold slice. Copy SPV management fee and carry that hit this distribution, if the notice shows them. Net cash is gross proceeds minus those items. Do not invent a market fee percentage. If the notice is silent, mark the fee cell 'missing'.

• Cash in on sale. Gross proceeds, net proceeds, settlement date, and payer (company, third-party buyer, SPV, or marketplace). Cash in is the dollars that hit the account, not MOIC. Book the date cash arrived, not the date you elected.

• Leftover shares. Quantity remaining, same original instrument, same original wire date. Leftover lockup is a date on this remainder lot. If the program was oversubscribed, leftover is election minus fill, not election minus hope. Do not delete the original row to make the remainder look clean.

• Realized vs residual MOIC. Realized MOIC on the sold slice is net cash in divided by allocated cost of the shares that sold. Residual MOIC on leftover shares is unrealized value divided by leftover cost. Do not blend them into one company-level multiple until you can see both. Raziel's MOIC calculator is the arithmetic. For timing disagreements, see MOIC vs IRR.

Hypothetical walkthrough (round numbers, not a study)

Hypothetical only. Round numbers so the six cells are visible. Not a citation, not Raziel performance, not a market average. You wired $100,000 into a Series A lot (100,000 shares at $1.00), held through an SPV. A company tender later fills 40,000 shares at $4.00. Gross proceeds $160,000. The SPV notice shows $4,000 of platform and legal fees and $16,000 of carry on the gain. Net cash in is $140,000. Allocated cost of the sold slice is $40,000. Realized MOIC is $140,000 / $40,000 = 3.5x. Leftover shares: 60,000. Leftover cost: $60,000. Residual MOIC is leftover mark divided by $60,000. Do not paste $4.00 onto the leftover 60,000 as a new cost basis. Cost basis does not reset because a sibling slice sold.

If the original lot had been a SAFE, convert it on the SAFE tracking page first, then open this secondary lot against the converted share count. Do not run tender math on unconverted SAFE dollars as if they were shares.

Founders: send the lot facts when a tender or secondary hits

If you are the company running the tender (or approving a bilateral), investors cannot book the six cells without a clean update. Send the price, the window, who was eligible, election versus fill, settlement date, leftover lockup, and whether an SPV should expect cash or in-kind shares. Use https://raziel.co/founders to send that update. Do not make investors reverse-engineer the lot from a screenshot.

When the ledger holds

The row holds if the six cells are copied from settlement paper (or marked missing). It fails when you delete the original SAFE or preferred row, rebase leftover cost to the tender price, skip SPV fees, or treat process (ROFR, window, cutback) as if it answered basis and MOIC. Keep the process on startup secondary sale tracking. Keep SAFE history on SAFE note tracking. Keep vehicle fees on syndicate SPV tracking. Raziel's alternative asset dashboard is where both slices should sit. Copy the six columns, then get started.