The SEC’s Chief Accountant Kurt Hohl and its Division of Investment Management Director Brian Daly jointly issued a “Statement on Fair Value Measurement and Disclosure Considerations for Private Assets” (Valuation Statement) on September 28, 2026, clarifying the Commission’s stance toward measuring fair value and attendant disclosure considerations for private credit assets. Framed as a “reminder” to fund managers, the Valuation Statement addresses common irregularities and conflicts of interest in how fund managers value private credit assets so as to both protect investors’ interests and ensure the transparent functioning of the financial markets. In light of increased private litigation and regulatory scrutiny surrounding private credit assets generally, and valuations specifically, the Valuation Statement offers fund managers an opportunity to reassess and benchmark their compliance practices against SEC expectations. This article summarizes the Valuation Statement; considers the market factors that prompted the SEC to issue the guidance; assesses where the statement fits in broader SEC efforts, including as to retailization; and offers practical takeaways for fund managers of private credit assets. See “Anticipating and Mitigating Threats Posed by the Latest Surge in Private Credit Litigation” (Oct. 15, 2026).