I read the SEC’s September 28 statement on private-asset valuation as a warning shot. This was not a general discussion of private markets. The SEC’s Chief Accountant and Director of the Division of Investment Management focused directly on how fair value is being determined under ASC 820, particularly for private credit. They described the statement as a “critical reminder” of the need to maintain rigor in how private assets are valued and how those valuations are disclosed

I visited the Temple of Apollo on Ortigia yesterday on a family vacation. Apollo's oracle at Delphi is where the god's most famous instruction to mortals came from: know thyself. An honest accounting of what you are, taken before you act, is the discipline the maxim demands.

Headlines may get worse for BDC managers even if the redemption stress has peaked, says industry veteran Mark Goldberg.