Dallas, New York Feds Plan Private Credit Lending Survey 

The Federal Reserve banks of Dallas and New York plan to launch a pilot survey examining lending conditions in the rapidly expanding U.S. private credit market. 

The voluntary survey will seek information about credit availability, lending activity and changes in underwriting standards across direct lending. The regional Fed banks said the findings could provide insight into private credit’s implications for the broader economy and monetary policy. 

Private credit has become an increasingly important source of financing for companies that borrow outside traditional bank and public debt markets. The survey could give policymakers greater visibility into a market in which deal terms, borrower performance and portfolio risks are often less transparent. 

The Fed will divide the direct lending market into three categories based on borrowers’ earnings before interest, taxes, depreciation and amortization. 

Upper-middle-market borrowers will be classified as companies with more than $100 million in EBITDA. Middle-market businesses will have EBITDA ranging from $30 million to $100 million, while lower-middle-market borrowers will have less than $30 million. 

The survey is expected to launch after the third quarter of 2026. Aggregate findings are scheduled for publication during the first quarter of 2027. 

The Dallas Fed’s Research Department and the New York Fed’s Open Market Trading Desk will jointly conduct the survey as part of their continuing market intelligence efforts. Individual participant responses will not be published.