A pilot survey on lending trends in the U.S. private credit direct lending market – estimated to be more than $1.3 trillion – is planned by the Federal Reserve Banks of Dallas and New York, the institutions announced in a joint release Wednesday.
“After rapid growth in recent years, the U.S. direct lending market is estimated to be more than $1.3 trillion USD, comparable in size to both the high-yield bond and broadly syndicated loan markets,” according to Wednesday’s release. “Unlike public credit markets, in which conditions can be tracked through public market data, visibility into new private credit lending activity is more limited.
“In recognition of the growth of private credit, this survey will provide insights into the availability of credit, credit provision, the evolution of lending standards in private credit markets, and the implications for the broader economy and monetary policy,” it says.
The release says the survey will segment the direct lending market by borrower size:
- Upper middle market (>$100 million EBITDA, or earnings before interest, taxes, depreciation and amortization)
- Middle market ($30-$100 million EBITDA)
- Lower middle market (<$30 million EBITDA)
The release says the survey, which reportedly is part of ongoing market intelligence gathering and will not be used for supervisory purposes, is expected to launch following the end of Q3 2026, with publication of aggregate level findings anticipated in Q1 2027.
It says participation will be voluntary; it also links to participant criteria.
Federal Reserve Banks of Dallas and New York to Launch Pilot Survey of the Private Credit Market
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