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Board of Governors of the Federal Reserve System

The Federal Reserve, the central bank of the United States, provides the nation with a safe, flexible, and stable monetary and financial system.

Preliminary Release Highlights First Quarter 2026

Topic	Description
Private credit integrated into the Financial Accounts	*Preliminary – subject to change* Private credit has been incorporated into the Financial Accounts, with data beginning 2012:Q4. The integration of private credit adds three new sectors for U.S.-domiciled private credit lending vehicles and two new financial instrument categories to capture private credit loans and shares of private debt (PD) funds. The three new private credit lending sectors are: Private debt funds (tables S124.8.t and S124.8.s); Business development companies (tables S124.5.t and S124.5.s); and Interval and tender offer funds (tables S124.6.t and S124.6.s). In addition, another private credit vehicle–U.S.-domiciled middle-market (MM) collateralized loan obligations (CLOs)–has been added to the issuers of asset-backed (ABS) securities sector (tables S125s1.3.t and S125s1.3.s). Private credit loans held by MM CLOs are now shown as assets of the ABS sector, while debt issued by MM CLOs is recorded as a corporate bond liability. The two new private credit financial instrument categories are: Private credit loans (tables F4.4.t and F4.4.s) and Private debt fund shares (tables F522.3.t and F522.3.s). Note: While the new private credit sectors represent U.S.-domiciled vehicles, the private credit loan instrument captures loans held by both U.S.- and foreign-domiciled vehicles, and private debt fund shares include shares issued by U.S. domiciled funds as well as shares of foreign-domiciled PD funds held by U.S. residents. New detail on private credit loans is also shown in the rest of the world sector (tables S.2.t and S.2.s).
Hedge funds integrated into the Financial Accounts	*Preliminary – subject to change* Hedge funds have been incorporated into the Financial Accounts, with data beginning 2012:Q4. The integration adds a new hedge funds sector (tables S124.7.t and S124.7.s) and a new financial instrument category for hedge fund shares (tables F522.2.t and F522.2.s). The hedge fund shares instrument includes shares issued by U.S.-domiciled hedge funds as well as shares of foreign-domiciled hedge funds held by U.S. residents. In addition, revisions to foreign-domiciled hedge fund claims on and liabilities to the U.S. are reflected in the rest of the world sector (tables S2.t and S2.s). Note: The new estimates for domestic hedge funds reflect updated methodology and fund classification and are not directly comparable to the previously published supplementary balance sheet table for domestic hedge funds (S124.7.b), which has been discontinued.
New supplementary table: Foreign hedge funds	*Preliminary – subject to change* A new supplementary table for foreign hedge funds has been added to the release (table S124.7.f.s). The table shows assets, liabilities, and additional memo item detail, with data beginning 2012:Q4. This table, combined with the new domestic hedge fund sector table (S124.7.s), replaces the hedge fund balance sheet data previously published as part of the Enhanced Financial Accounts program. Both new tables reflect updated methodology and fund classification and are not directly comparable to the previously published tables.
Depository loans not elsewhere classified liabilities revised	*Preliminary – subject to change* Depository loans not elsewhere classified (tables F4.2.s and F4.2.t) liabilities of households and nonprofit organizations, securities brokers and dealers, and the rest of the world have been revised beginning 2012:Q4 to reflect adjustments for reclassifications between loan types on the Call Report Schedule RC-C Loans and Lease Financing Receivables made by banks in 2024:Q2, and 2024:Q4 through 2025:Q2.
Improved accounting for insurance company sectors direct investment	*Preliminary – subject to change* The unidentified miscellaneous assets and liabilities of life insurance companies, general accounts (tables S.1281.1.t and S1281.1.s) and property-casualty insurance companies (tables S.1282.1.t and S.1282.1.s) have been revised throughout history to reflect improved accounting for insurers’ foreign direct investment in the U.S. and U.S. direct investment abroad.
Rest of the world and direct investment	*Preliminary – subject to change* Data for the rest of the world (tables S2.t and S2s), direct investment equity (tables F519.1.t and F519.1.s), and direct investment intercompany debt (tables F89.2.t and F89.2.s) have been revised beginning 2019:Q1 to reflect new data and methodology changes from BEA’s annual update of the U.S. international transactions accounts and the U.S. international investment positions accounts. BEA’s changes are detailed in the June 2026 news release for U.S. International Transactions and Investment Position, 1st Quarter 2026 and Annual Update.
Nonfinancial corporate business sector benchmark	*Preliminary – subject to change* Nonfinancial corporate business sector data (tables S11.1.t, S11.1.s, S11.1.b, and S11.1.r) have been revised from 2024:Q1 forward to reflect new 2024 benchmark data from the Internal Revenue Service (IRS) Statistics of Income (SOI).
Private pension benchmark	*Preliminary – subject to change* Assets of the private pension fund sector (tables S129.1.t, S129s1.1.t, S129s2.1.t, S129.1.s, S129s1.1.s, and S129s2.1.s) have been revised beginning 2024:Q1 to reflect new 2024 plan year data from U.S. Internal Revenue Service/Department of Labor/Pension Benefit Guaranty Corporation Form 5500.

Last Update: August 28, 2026