Accessible Version
Introducing Private Credit into the Financial Accounts of the United States-Accessible Data
Figure 1. Assets of Private Credit Vehicles and Private Credit Loans to U.S. Borrowers
Panel A: Total Financial Assets of Private Credit Vehicles
This is a stacked bar chart showing annual Q4 data from 2012 to 2025 of total financial assets of private credit vehicles. The y-axis measures billions of dollars, ranging from 0 to 2500. The chart displays six variables representing different private credit vehicles: “Interval and Tender Offer Funds” (tan), “Foreign Middle-Market CLOs” (orange), “Domestic Middle-Market CLOs” (red), “BDCs” (light blue), “Foreign PD Funds” (medium blue), and “Domestic PD Funds” (dark blue). Total financial assets of private credit vehicles grow from around 300 billion in 2012 to around 2600 billion in 2025. Interval and Tender Offer Funds (tan) grow from around 100 billion in 2021 to around 290 billion in 2025. Foreign Middle-Market CLOs (orange) grow from around 3 billion in 2012 to around 40 billion in 2025. Domestic Middle-Market CLOs (red) grow from around 27 billion in 2012 to around 54 billion in 2025. BDCs (light blue) grow from around 40 billion in 2012 to around 570 billion 2025. Foreign PD Funds (medium blue) grow from around 100 billion in 2012 to around 760 billion in 2025. Domestic PD Funds (dark blue) grow from around 180 billion in 2012 to around 940 billion in 2025.
Panel B: Private Credit Loans to U.S. Businesses
This is a stacked bar chart showing annual Q4 data from 2012 to 2025 measuring private credit loans to U.S. businesses. The y-axis measures billions of dollars, ranging from 0 to 1600. The chart displays six variables representing different private credit loans: “Interval and Tender Offer Funds” (tan), “Foreign Middle-Market CLOs” (orange), “Domestic Middle-Market CLOs” (red), “BDCs” (light blue), “Foreign PD Funds” (medium blue), and “Domestic PD Funds” (dark blue). Total private loans have grown from around 120 billion in 2012 to around 1460 billion in 2025. Interval and Tender Offer Funds (tan) grow from around 16 billion in 2021 to around 75 billion in 2025. Foreign Middle-Market CLOs (orange) grow from around 3 billion in 2012 to around 40 billion in 2025. Domestic Middle-Market CLOs (red) grow from around 25 billion in 2012 to around 50 billion in 2025. BDCs (light blue) grow from around 30 billion in 2012 to around 460 billion in 2025. Foreign PD Funds (medium blue) grow from around 23 billion in 2012 to around 340 billion in 2025. Domestic PD Funds (dark blue) grow from around 35 billion in 2012 to around 500 billion in 2025.
Note: Data as of Q4 each year. The key identifies bars in order from top to bottom.
Source: Financial Accounts of the United States and SEC Form PF.
Figure 2. Private Credit Loans to Businesses, by Borrower Type
Panel A: Loans Outstanding
This is a stacked bar chart showing annual Q4 data from 2012 to 2025. The y-axis measures billions of dollars, ranging from 0 to 1600. The chart displays four variables representing different borrower types: "Rest of World" (tan), "Other Financial Business" (red), "Nonfinancial Noncorporate" (light blue), and "Nonfinancial Corporate" (dark blue). Total loans outstanding show consistent growth throughout the period, increasing from approximately 120 billion dollars in 2012 to about 1500 billion dollars in 2025. Nonfinancial corporate loans (dark blue) represent the largest portion of the total throughout the entire period, growing from approximately 90 billion dollars in 2012 to about 1100 billion dollars in 2025. Nonfinancial noncorporate loans (light blue) show steady growth from roughly 13 billion dollars in 2012 to about 225 billion dollars in 2025. Other Financial Business loans (red) increase from approximately 12 billion dollars in 2012 to about 115 billion dollars in 2025. Rest of World loans (tan) represent the smallest share, growing from less than 5 billion dollars in 2012 to approximately 35 billion dollars in 2025.
Panel B: Loan Shares (2025:Q4)
This is a pie chart showing the distribution of private credit loans by borrower type as of 2025:Q4. The chart displays four segments arranged clockwise starting from the top: "Rest of the World" at 2.4% (tan), "Other Financial Business" at 7.8% (red), "Nonfinancial Noncorporate" at 15.2% (light blue), and "Nonfinancial Corporate" at 74.6% (dark blue).
Note: Data as of Q4 each year. For Panel A, the key identifies bars in order from top to bottom. For Panel B, the legend identifies borrower types in clockwise order, starting at the top of the chart with Rest of the World (2.4%).
Source: Financial Accounts of the United States.
Figure 3. Private Debt Fund NAV, by Investor Type
Panel A: NAV Shares (2025:Q4)
This is a pie chart showing the distribution of private debt fund NAV by investor type as of 2025:Q4. The chart displays seven segments arranged clockwise starting from the top: "Households" at 22.6% (dark blue), "State and Local Governments" at 4.3% (medium blue), "Life Insurance Companies" at 14.4% (light blue), "Private Pension Funds" at 13.7% (darker red-brown), "State and Local Government Employee Pension Funds" at 28.3% (brown), "Other Financial Business" at 3.5% (tan), and "Rest of the World" at 13.3% (yellow-gold).
Panel B: NAV Shares Over Time
This is a stacked bar chart showing annual data from 2014 to 2025. The y-axis measures share percentage, ranging from 0 to 100. The chart displays seven variables representing different investor types: "Households" (dark blue), "State and Local Governments" (medium blue), "Life Insurance Companies" (light blue), "Private Pension Funds" (darker red-brown), "State and Local Government Employee Pension Funds" (brown), "Other Financial Business" (tan), and "Rest of the World" (yellow-gold). Each bar represents 100 percent of total private debt fund NAV for that year. The composition remains relatively stable throughout the period from 2014 to 2025. State and Local Government Employee Pension Funds (brown) consistently represent the largest share, occupying approximately 25-30 percent of the total across all years. Households (dark blue) maintain the second-largest share at approximately 20-25 percent throughout the period. Life Insurance Companies and Private Pension Funds each hold relatively stable shares of roughly 10-15 percent. Rest of the World shows a modest but noticeable increase over the period, growing from approximately 10 percent in 2014 to about 14 percent in 2025. The smaller segments of State and Local Governments and Other Financial Business together comprise approximately 5-10 percent of total shares.
Note: Data as of Q4 each year. NAV is net asset value. For Panel A, the legend identifies investor type in a clockwise order, starting at the top of the chart with Households (22.6%). For Panel B, the key identifies bars in order from top to bottom.
Source: Financial Accounts of the United States.
Figure 4. Private Credit Loans as a Percent of Total Nonfinancial Business Sector Debt
This is a line chart showing data from 2012 to 2025 Q4. The y-axis measures percent, ranging from 0 to 7. The chart displays one variable represented by a blue line tracking private credit debt as a share of total nonfinancial business sector debt. The line begins at approximately 1 percent in 2012 and remains relatively flat through 2016, fluctuating between 1.5 and about 2 percent. Starting around 2017, the line shows an upward trend, increasing steadily through the remainder of the period. The growth accelerates particularly after 2021, rising from about 3 percent to reach approximately 6.5 percent by 2025 Q4.
Note: Data as of Q4 each year. Debt is defined as loans plus debt securities.
Source: Financial Accounts of the United States.
Figure 5. Debt Trends for the Nonfinancial Business Sector, with and without Private Credit Loans
Panel A: Debt-to-GDP Ratio
This is a line chart showing annual data from 2010 to 2025 Q4. The y-axis measures percent, ranging from 60 to 90. The chart displays two variables: "With Private Credit" represented by a solid red line and "Without Private Credit" represented by a dashed blue line. Both lines begin in 2010 at approximately 68 percent and follow similar upward trajectories through 2020. The solid red line generally tracks slightly above the dashed blue line throughout most of this period. Both lines increase steadily from 2010, reaching peaks around 2020 at approximately 85 percent (red line) and 83 percent (blue line). After 2020, both lines begin to decline and diverge more noticeably. By 2025, the red line (with private credit) declines to slightly below 75 percent, while the blue line (without private credit) declines to near 70 percent.
Panel B: Debt Growth
This is a line chart showing annual data from 2013 to 2025 Q4. The y-axis measures percent at annual rate, ranging from 0 to 12. The chart displays two variables: "With Private Credit" represented by a solid red line and "Without Private Credit" represented by a dashed blue line. Both lines begin in 2013. Both lines show considerable volatility throughout the period. The dashed blue line begins around 5 percent in 2013 and rises to approximately 7 percent by 2014. Then both the red and blue line fluctuate between about 4 and about 8 percent through 2019. The solid red line generally tracks close to the dashed blue line closely through 2019, with both showing similar patterns. In 2020, both lines increase sharply and peak at approximately 10 percent. Both lines decline significantly after 2020, with the blue line dropping to approximately 2 percent by 2023. From 2023 to 2025, the lines diverge more noticeably, with the red line (with private credit) increasing to about 4.2 percent, while the blue line (without private credit) increases to approximately 3.5 percent by 2025.
Note: Data as of Q4 each year. Debt is defined as loans plus debt securities.
Source: Financial Accounts of the United States.