The Analytics Office of the SEC Division of Investment Management recently released a compilation of private fund statistics (Report) drawn primarily from the two‑year period from the third calendar quarter of 2017 through the second calendar quarter of 2019, as reported by filers of Form PF or Form ADV. This article reviews the relevant data in the Report, focusing on hedge funds and their advisers, including the number of funds and advisers, as well as their domiciles and beneficial owners; assets and borrowings; use of derivatives; high frequency trading; asset and debt concentrations; large hedge fund adviser exposures; and qualifying hedge fund exposures, leverage and liquidity. For coverage of previous SEC private fund statistics reports, see “SEC Private Fund Statistics Report Indicates Rising Concentration of NAV With the Largest Hedge Funds and Increasingly Favorable Liquidity Terms for Investors” (May 18, 2017); “SEC Release of Private Fund Statistics Illuminates Key Trends in Hedge Fund Industry” (Nov. 5, 2015); and “Report Describes the SEC’s Use of Form PF for Hedge Fund Manager Examination Targeting and Risk Management” (Oct. 10, 2014).