November 3, 2026
Economic Policy Data Dashboard
The Financial Accounts of the United States includes data on transactions and levels of financial assets and liabilities, by sector and financial instrument; full balance sheets, including net worth, for households and nonprofit organizations, nonfinancial corporate businesses, and nonfinancial noncorporate businesses; Integrated Macroeconomic Accounts; and additional supplemental detail.
Examples:
Source: Brinkman, Dobridge, Dore, Glossner, Holmquist, Nguyen, Perozek, and Stefanescu (2026), "Introducing Private Credit into the Financial Accounts of the United States," FEDS Notes, Federal Reserve Board, October 16, 2026.
Beginning with the September 2026 release, the Fed integrated private credit into the Z.1 by adding new sectors for private credit vehicles and new instrument tables for private credit loans and private debt fund shares. Before this, the loans and the vehicles that make them were not separately identified, "largely due to the private nature of these transactions and limited available data." The Fed defines private credit as privately negotiated loans to businesses originated by nonbank investment funds rather than banks. It builds the new balance sheets mainly from confidential SEC Form PF data, plus BDC Collateral (LSEG LPC), Morningstar and SEC Form N-PORT, Moody's Global CLO database, and Preqin, PitchBook and Moody's fund classifications.
Tables in the note (billions of dollars, 2025:Q4 unless noted)
| # | Table | Z.1 table | Headline numbers | Key FRED series |
|---|---|---|---|---|
| 1 | Balance sheets of private credit vehicles with a U.S. footprint | Built from Z.1 and SEC Form PF | Total assets $2,661 ($1,857 U.S.-domiciled, $804 foreign); private credit loans to U.S. businesses $1,458 | n/a |
| 2 | Private debt funds sector balance sheet | S.124.8.s | Assets $938.7; private credit loans $532.2; shares outstanding $541.3; dry powder $307.4 | FL443067205 |
| 3 | Business development companies sector balance sheet | S.124.5.s | Assets $572.2; private credit loans $455.9; bank loans $180.8; equity $286.7 | FL453067203 |
| 4 | Interval and tender offer funds sector balance sheet | S.124.6.s | Assets $292.4; private credit loans $76.3; corporate equities $128.9 | FL463067205 |
| 5 | Issuers of asset-backed securities sector balance sheet | S125s1.3.s | Private credit loans held by middle-market CLOs $53.7 (total assets $1,910.4) | FL673067205 |
| 6 | Private credit loans instrument: holders and issuers | F4.4.s | Total $1,493.5; nonfinancial corporate borrowers $1,087.9; Rest of World lenders $375.5 | FL893067205 |
| 7 | Private debt fund shares instrument | F522.3.s | Total $689.4; state and local employee pension funds $195.2; households $155.9; life insurers $99.1; private pensions $94.4 | LM893164505 |
| 8 | Components of nonfinancial business sector debt | Figure 4 data | Total $23.29 trillion; private credit $1.31 trillion (6 percent) | n/a |