Federal Reserve banks launch pilot survey to crack open the black box of private credit

The Federal Reserve is finally turning its attention to the fastest-growing corner of American finance that almost nobody has reliable data on. The New York Fed and Dallas Fed jointly announced a pilot survey of the US private credit direct lending market, an effort to bring some much-needed sunlight to a sector that has quietly ballooned past $1.3 trillion. What the survey actually covers The pilot will segment borrowers into three buckets based on their EBITDA, which is essentially a company’s operating cash flow before accounting gymnastics. Upper middle market borrowers generate more than $100 million in EBITDA. Middle market sits between $30 million and $100 million. Lower middle market falls below $30 million. The survey aims to collect data on lending standards, credit availability, and how these trends ripple through the broader economy and monetary policy. Participation is strictly voluntary. The Fed has been clear that findings won’t be used for supervisory purposes. The survey is expected to launch after Q3 2026 wraps up, with aggregate results anticipated by Q1 2027. The effort is being run jointly by the New York Fed’s Open Market Trading Desk and the Dallas Fed’s Rese...