Key Takeaways
- • The Federal Reserve Bank of Dallas and the Federal Reserve Bank of New York announced a forthcoming pilot survey of the U.S. private credit direct lending market, per the Dallas Fed.
- • The U.S. direct lending market is estimated at more than $1.3 trillion, comparable in size to the high-yield bond and broadly syndicated loan markets.
- • The survey will cover credit availability, credit provision, the evolution of lending standards, and implications for the broader economy and monetary policy.
- • Lending will be segmented into upper middle market (>$100M EBITDA), middle market ($30M-$100M EBITDA), and lower middle market (<$30M EBITDA) borrowers.
- • The survey launches after Q3 2026 with aggregate findings expected in Q1 2027; participation is voluntary and findings will not be used for supervisory purposes.
Summary
The Federal Reserve Bank of Dallas and the Federal Reserve Bank of New York announced on August 5, 2026 the forthcoming launch of a pilot survey examining lending trends in the U.S. private credit direct lending market. The Dallas Fed said the market has grown rapidly in recent years and is estimated at more than $1.3 trillion, a size comparable to both the high-yield bond and broadly syndicated loan markets.
The Dallas Fed noted that, unlike public credit markets, where conditions can be tracked through public market data, visibility into new private credit lending activity is more limited. The pilot is intended to address that gap by providing 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.
The survey will segment the direct lending market by borrower size: upper middle market (above $100 million EBITDA), middle market ($30 million to $100 million EBITDA), and lower middle market (below $30 million EBITDA). The survey is expected to launch following the end of the third quarter of 2026, with publication of aggregate-level findings anticipated in the first quarter of 2027. Participation is voluntary, and participant criteria are available through the Dallas Fed.
The survey is being conducted jointly by the Dallas Fed Research Department and the New York Fed Open Market Trading Desk as part of ongoing market intelligence gathering. The findings will not be used for supervisory purposes.
The Dallas Fed noted that, unlike public credit markets, where conditions can be tracked through public market data, visibility into new private credit lending activity is more limited. The pilot is intended to address that gap by providing 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.
The survey will segment the direct lending market by borrower size: upper middle market (above $100 million EBITDA), middle market ($30 million to $100 million EBITDA), and lower middle market (below $30 million EBITDA). The survey is expected to launch following the end of the third quarter of 2026, with publication of aggregate-level findings anticipated in the first quarter of 2027. Participation is voluntary, and participant criteria are available through the Dallas Fed.
The survey is being conducted jointly by the Dallas Fed Research Department and the New York Fed Open Market Trading Desk as part of ongoing market intelligence gathering. The findings will not be used for supervisory purposes.
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