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ARTICLE · 06 OCTOBER 2026

SEC Staff Statement On Fair Value Measurement And Disclosure Considerations For Private Assets

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The SEC Staff has issued new guidance addressing fair value measurement and disclosure practices for private credit and other illiquid assets held by registered funds and business development companies. As private credit portfolios have grown nearly 60% since 2020, reaching $270 billion, regulators emphasize the critical importance of robust valuation methodologies, transparent disclosure of significant judgments, and careful application of accounting standards when market prices are unavailable.

United StatesAccounting and Audit
Adam Kanter
Adam Kanter
Leslie S. Cruz
Leslie S. Cruz
Jodi Erlandsen
Jodi Erlandsen
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Peter McCamman
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Robert Kim
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On September 28, 2026, Kurt Hohl, the Chief Accountant and, Brian Daly, the Director of the Division of Investment Management (the “Division”) of the U.S. Securities and Exchange Commission (“SEC”) issued a joint statement (the “Joint Statement”) providing reminders from the staff of the SEC’s Office of the Chief Accountant and of the Division (together, the “Staff”) regarding fair value measurement and disclosure issues relating to private assets, with a focus on private credit. The Joint Statement revisits the areas of significant judgment that arise under FASB ASC Topic 820, Fair Value Measurement, as well as the Investment Company Act of 1940 (the “1940 Act”), and underscores the need for disclosure that is both targeted and transparent. The Staff directs its reminders not only to registered funds and business development companies, but to every registrant with exposure to private credit assets.

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