FEDERAL RESERVE BANKS OF DALLAS AND NEW YORK TO LAUNCH PILOT SURVEY OF THE PRIVATE CREDIT MARKET

The following information was released by the Federal Reserve Bank of New York:

The Federal Reserve Bank of Dallas and the Federal Reserve Bank of New York today announced the forthcoming launch of a pilot survey exploring lending trends in the U.S. private credit direct lending market.

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. 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 surveywill provide insights into the availability of credit, credit provision, the evolution of lending standardsin 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 (>$100 million EBITDA)

Middle market ($30-$100 million EBITDA)

Lower middle market (