The Federal Reserve Banks of Dallas and New York intend to probe lending trends in the $1.3tn US private credit market.

Both banks will launch a pilot survey exploring the US direct lending market, following its rapid growth in recent years.

The survey has also been prompted by limited visibility in private credit lending activity compared with public credit markets, the Federal Reserve Banks said.

The survey will segment the direct lending market by borrower size: upper middle market (>$100m EBITDA), middle market ($30m-$100m EBITDA) and lower middle market (<$30m EBITDA).

“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,” both the Federal Reserve Bank of Dallas and the Federal Reserve Bank of New York said in a statement.

The survey will launch in the third quarter of 2026, with findings expected to be published in the first quarter of 2027.