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Bank Lending to Private Credit: Size, Characteristics, and Financial Stability Implications, Accessible Data

Figure 1. Assets under management at private credit vehicles
Year BDCs Private Debt Funds (Invested Capital) Private Debt Funds (Dry Powder)
2002 5.614557 35.5 20.2
2003 6.840436 37.5 24.5
2004 11.000526 41.4 25.8
2005 16.025673 49.9 26.6
2006 22.925725 66.1 38.3
2007 31.258053 95.5 60.7
2008 24.987905 129.2 69.7
2009 24.542391 174.5 64.5
2010 26.169794 200.9 73
2011 32.425446 193.6 74.6
2012 45.217648 197.2 77.7
2013 61.925959 188.9 102.6
2014 79.654195 200.6 96.2
2015 83.306246 202.5 113
2016 83.478 224.7 149.2
2017 92.038 248.1 178.1
2018 100.818 287.9 205.3
2019 123.085 337.1 214.9
2020 134.271696 412.3 270.9
2021 207.654 559.2 272.4
2022 273.39 634.9 262.6
2023 318.762 742.3 279.8
2024 374.889 753.1 277.9

Source: Preqin and BDC Collateral via LSEG. *Data for 2024 are as of Q2.

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Figure 2: Bank Lending to Private Credit Vehicles
Year Loan Commitments Utilized Amounts
BDCs Private Debt Funds BDCs Private Debt Funds
2013-03-31 5.331976417 2.488287238 2.019257246 1.337368717
2013-06-30 5.486165028 2.322336437 2.276359285 1.29086585
2013-09-30 5.299356133 2.672470892 2.394830243 1.558363138
2013-12-31 5.651407489 3.045268639 2.345639238 1.85496345
2014-03-31 6.136342642 2.869797 2.548916405 1.594889036
2014-06-30 6.734275151 3.025045362 2.483321788 1.684311747
2014-09-30 6.310666731 3.19303261 2.657295587 1.908761844
2014-12-31 6.502138668 3.667403788 2.769475516 1.908551709
2015-03-31 6.741199379 4.770157908 2.132519117 2.382763627
2015-06-30 6.938784324 5.443688402 2.487866877 2.814886515
2015-09-30 7.358331435 5.986075478 2.685681063 3.212911889
2015-12-31 7.665787813 8.457156309 3.489547216 5.277112842
2016-03-31 7.952047098 8.957144611 4.061089997 6.157569119
2016-06-30 8.864419951 9.948470899 4.319681153 6.633962657
2016-09-30 8.940997605 10.29748198 4.174904291 6.62805298
2016-12-31 11.38706245 11.11349241 5.964824788 7.219204675
2017-03-31 10.40068493 11.52208092 5.418323061 7.379951732
2017-06-30 10.53945346 13.51968735 5.608614343 7.569478836
2017-09-30 10.33021564 13.41214972 4.982319368 7.789647126
2017-12-31 12.10174262 13.1887949 5.997649132 8.423905354
2018-03-31 12.56560375 13.36508891 6.29533779 9.003527682
2018-06-30 11.95812514 14.35711986 6.204257086 9.230449225
2018-09-30 13.1002752 15.13693763 7.185131891 9.513820092
2018-12-31 13.31527764 18.00010606 7.732740067 11.23252535
2019-03-31 16.33131498 17.92356806 9.981414399 11.7691722
2019-06-30 17.597023 17.45134091 9.909755504 11.89129485
2019-09-30 18.4347408 18.75701611 10.68118221 13.10525252
2019-12-31 19.41245601 19.58377269 13.42432493 12.44428919
2020-03-31 20.13270249 21.58250138 13.33697028 14.26255684
2020-06-30 19.63895298 21.18115582 11.79377142 12.46661393
2020-09-30 20.04832176 21.54615823 11.57272668 12.16927206
2020-12-31 20.11459446 22.04512267 11.78209247 12.53519475
2021-03-31 21.6363676 23.12895879 11.24601169 11.87236493
2021-06-30 23.874815 23.47413395 12.20400521 13.58050756
2021-09-30 25.57935265 24.0383548 14.16749262 14.64383263
2021-12-31 32.41115062 25.61600434 19.65305908 15.63417646
2022-03-31 37.05655804 26.89127496 19.30901782 15.36692272
2022-06-30 41.00279848 32.06392283 25.64720545 17.28084846
2022-09-30 45.87064855 33.11871026 27.56666948 19.12740878
2022-12-31 44.41696151 30.77302056 26.75011238 19.50006598
2023-03-31 46.16246922 33.48139892 26.090968 21.22502266
2023-06-30 46.02040142 33.89826642 26.20860517 20.3038734
2023-09-30 48.44491871 34.95146053 26.20302928 19.90943469
2023-12-31 51.64309386 36.70660945 26.75590021 21.24737922
2024-03-31 53.25960156 37.15282592 25.11636146 21.77572133
2024-06-30 53.06104024 39.40881212 26.85090471 23.7733011
2024-09-30 54.46916153 38.68857475 29.22685015 22.46828034
2024-12-31 55.61457214 39.66191238 31.89452773 24.11155694

Source: FR Y-14Q, Schedule H.1.

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Figure 3: Utilization Rate of Credit Lines
Year BDCs Private Debt Funds Other NBFIs
2013-03-31 37.8707085 53.74655693 46.0911095
2013-06-30 41.49272349 55.58479079 45.99416302
2013-09-30 45.19096628 58.31169734 46.17974455
2013-12-31 41.50539919 60.91296598 47.27784461
2014-03-31 41.53803908 55.57497746 45.85369142
2014-06-30 36.87585868 55.67889223 46.21028627
2014-09-30 42.10800063 59.77896493 47.74369372
2014-12-31 42.59330133 52.04094829 48.93306083
2015-03-31 31.63412024 49.95146226 48.26732743
2015-06-30 35.85450651 51.70917781 49.01121798
2015-09-30 36.49850631 53.67309351 48.73992628
2015-12-31 45.52105147 62.39819449 50.07380922
2016-03-31 51.06974276 68.74477734 50.46061933
2016-06-30 48.73055628 66.68323931 51.6205507
2016-09-30 46.69394262 64.36576432 50.25882397
2016-12-31 52.38247191 64.95892027 50.18070403
2017-03-31 52.09582923 64.05051121 50.42698
2017-06-30 53.21541924 55.98856425 50.99851072
2017-09-30 48.23054564 58.07903498 51.57681591
2017-12-31 49.56021064 63.87168362 50.51574645
2018-03-31 50.09976375 67.36601411 48.8112952
2018-06-30 51.88319249 64.29178913 49.62413635
2018-09-30 54.84718284 62.85168325 50.27839389
2018-12-31 58.07419323 62.40255092 52.70796082
2019-03-31 61.11825294 65.66310994 50.94142903
2019-06-30 56.31495455 68.13972007 51.08723016
2019-09-30 57.9405066 69.86853579 51.76351393
2019-12-31 69.15315053 63.54388088 52.20755774
2020-03-31 66.01676463 66.00455523 58.26975712
2020-06-30 59.77579278 58.75916847 53.30856343
2020-09-30 57.72416674 56.48000876 52.7875785
2020-12-31 58.57484473 56.86153321 53.53909636
2021-03-31 51.97735544 51.33116904 52.63308727
2021-06-30 51.11664828 57.85307175 53.78821166
2021-09-30 55.38643928 60.90853793 53.56074422
2021-12-31 60.63672131 61.0328459 57.15730388
2022-03-31 52.1068843 57.14464167 54.77928856
2022-06-30 62.47827057 53.89499142 55.60446155
2022-09-30 59.92804109 57.75408714 55.53081102
2022-12-31 60.22499394 63.36740959 56.25860471
2023-03-31 56.51987089 63.39347621 56.539031
2023-06-30 56.9499708 59.89649485 55.91954542
2023-09-30 54.0882924 56.96309792 56.34663865
2023-12-31 51.80925117 57.88434165 56.14352045
2024-03-31 47.11020169 58.61121136 55.26466706
2024-06-30 50.60380383 60.24863927 56.26689384
2024-09-30 53.65760979 58.0747171 56.50912217
2024-12-31 57.34922792 60.71780501 57.72215912

Source: FR Y-14Q, Schedule H.1.

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Figure 4: Borrower Leverage
Year BDCs Other NBFIs
2013-01-01 0.3310159 0.4121199
2013-04-01 0.3562995 0.4174878
2013-07-01 0.3282645 0.4239982
2013-10-01 0.3434619 0.4089103
2014-01-01 0.3686285 0.3912108
2014-04-01 0.356512 0.3843174
2014-07-01 0.3712613 0.3892144
2014-10-01 0.3986929 0.3784392
2015-01-01 0.3814994 0.3711023
2015-04-01 0.3787389 0.3703086
2015-07-01 0.3623001 0.379442
2015-10-01 0.419677 0.3795687
2016-01-01 0.4228623 0.3768112
2016-04-01 0.4267508 0.3862681
2016-07-01 0.3968059 0.3802581
2016-10-01 0.4166552 0.3714106
2017-01-01 0.4140277 0.3673348
2017-04-01 0.3923346 0.4105576
2017-07-01 0.3870438 0.4069117
2017-10-01 0.3979503 0.3937605
2018-01-01 0.4042459 0.3907196
2018-04-01 0.4217177 0.3964768
2018-07-01 0.4284582 0.3953435
2018-10-01 0.4291504 0.3894985
2019-01-01 0.4520989 0.4425412
2019-04-01 0.4500609 0.428278
2019-07-01 0.4599324 0.4355759
2019-10-01 0.4654068 0.4296951
2020-01-01 0.5009007 0.4444137
2020-04-01 0.4879768 0.4285579
2020-07-01 0.483199 0.4297382
2020-10-01 0.4719412 0.4200882
2021-01-01 0.4735911 0.4296146
2021-04-01 0.4686755 0.403028
2021-07-01 0.4690049 0.3759008
2021-10-01 0.4835281 0.4067007
2022-01-01 0.4810093 0.4074693
2022-04-01 0.4852532 0.4134373
2022-07-01 0.5097156 0.4333037
2022-10-01 0.5225788 0.4260998
2023-01-01 0.5240726 0.4337
2023-04-01 0.5187204 0.4389309
2023-07-01 0.5175253 0.4360472
2023-10-01 0.5163564 0.4308189
2024-01-01 0.5397347 0.4305838
2024-04-01 0.5394517 0.424599
2024-07-01 0.5346642 0.4269814
2024-10-01 0.5346642 0.4384585

Source: Compustat and FR Y-14Q, Schedule H.1.

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Figure 5: Concentration and similarity of bank exposure to private credit vehicles
Year Average concentration Average similarity
BDCs Private Debt Funds BDCs Private Debt Funds
2013-03-31 0.4285777 0.765572348 0.133259243 0.286636816
2013-06-30 0.437627023 0.691677493 0.144929885 0.226133337
2013-09-30 0.427357256 0.708782533 0.136074948 0.231119857
2013-12-31 0.372828229 0.65252648 0.121700443 0.212605077
2014-03-31 0.39996028 0.613563032 0.124050781 0.188966892
2014-06-30 0.429886765 0.616104765 0.154387554 0.194581588
2014-09-30 0.426516707 0.596829523 0.109162842 0.16289617
2014-12-31 0.384799472 0.603610162 0.09671336 0.197850116
2015-03-31 0.4185121 0.630832074 0.103920558 0.16018255
2015-06-30 0.417596661 0.540976267 0.09864287 0.139867204
2015-09-30 0.397378505 0.508563872 0.101136881 0.123512602
2015-12-31 0.382146735 0.485124219 0.091079243 0.126699391
2016-03-31 0.369429652 0.503836293 0.087092001 0.13239458
2016-06-30 0.367701045 0.491142106 0.084328867 0.116300659
2016-09-30 0.394881936 0.476119923 0.076615827 0.12278198
2016-12-31 0.395366186 0.521375343 0.066035344 0.134370929
2017-03-31 0.378441585 0.490037521 0.068652121 0.111338279
2017-06-30 0.414757597 0.479111996 0.08021217 0.109331685
2017-09-30 0.428487306 0.520099259 0.078828853 0.166978743
2017-12-31 0.413588644 0.543227286 0.064091725 0.163292777
2018-03-31 0.406161956 0.549018239 0.077062485 0.165481583
2018-06-30 0.414402008 0.517310326 0.074019316 0.164227803
2018-09-30 0.396440262 0.544900667 0.070327531 0.133830388
2018-12-31 0.386748166 0.454060957 0.069889669 0.12360604
2019-03-31 0.397978285 0.457090084 0.074747071 0.116339488
2019-06-30 0.419427327 0.47458943 0.085479274 0.103143279
2019-09-30 0.474352029 0.478056485 0.052060601 0.0940724
2019-12-31 0.456997167 0.387779287 0.084249536 0.088784566
2020-03-31 0.442829874 0.386090015 0.084178016 0.083154937
2020-06-30 0.412302595 0.378391217 0.086564145 0.08162741
2020-09-30 0.365237075 0.354988106 0.080495138 0.068572398
2020-12-31 0.367179619 0.350153349 0.079419722 0.068735936
2021-03-31 0.378857705 0.33113033 0.080819232 0.059381044
2021-06-30 0.380091499 0.332287793 0.084965916 0.062185538
2021-09-30 0.371604445 0.301119526 0.075423886 0.049427102
2021-12-31 0.380097518 0.313866394 0.082714769 0.053029783
2022-03-31 0.34721669 0.313214044 0.083948961 0.046340454
2022-06-30 0.315583715 0.277077557 0.080835504 0.042390606
2022-09-30 0.313058368 0.269386897 0.083095332 0.033426226
2022-12-31 0.303920844 0.286231747 0.075059957 0.040319507
2023-03-31 0.311206763 0.269841214 0.075689803 0.04164729
2023-06-30 0.274847184 0.269516293 0.063179315 0.040177367
2023-09-30 0.290412115 0.267444687 0.063053369 0.041581509
2023-12-31 0.324868985 0.276090344 0.056327056 0.040419081
2024-03-31 0.298363558 0.321133838 0.055869525 0.049419446
2024-06-30 0.275522277 0.314942344 0.052439981 0.043609708
2024-09-30 0.279720455 0.334266522 0.050508044 0.044257507
2024-12-31 0.260991965 0.329697116 0.043321984 0.041981032

Source: FR Y-14Q, Schedule H.1.

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Last Update: May 23, 2025