Balance sheets mix maturity very often. Outstanding loans to others, unpaid invoices, issued bonds, loans with banks. All of these are on the balance sheet, non

Balance sheets mix maturity very often. Outstanding loans to others, unpaid invoices, issued bonds, loans with banks. All of these are on the balance sheet, none of them represent dollars now. A balance sheet does not show "what is left if we needed to liquidate now". It shows some approximation of "what do we own, and what do we owe". If you fully intend to hold something to maturity (either bonds you own, loans you made, bonds you issued, or borrowed money) then it doesn't make sense to value that at market prices when you know that the price will converge to 100cents on the dollar before you sell it. If you borrowed at 1% interest and interest rates rise, you don't mark down your debt in value. Even though the 'market value' of that loan definitely dropped.