Following the loans
The Federal Reserve has added private-credit lenders and their loans to separate categories in the Financial Accounts, its record of the economy’s financial assets and debts. An October 16 note explains changes introduced with the September 2026 release [1].
The estimates put private-credit loans to U.S. businesses at roughly $1.5 trillion at the end of 2025. The Fed defines these as privately negotiated business loans originated by nonbank investment funds [1].
A change in measurement
Previously, many corporate borrowers’ private-credit obligations appeared among miscellaneous liabilities rather than debt. The revised accounts identify the loans and trace connections between investors, funds and borrowers [1].
Including private credit raises measured business debt, but the authors say it does not substantially change the overall trend. The figures describe existing borrowing, not a new wave of loans issued in October [1].