Where private credit gets its number.
Last checked: November 6, 2026
A private loan has no market price, so the number on it has to be built — from regulation, from transaction data, from audit practice, and from the market's own research. The links below cover all four sides: the regulators who now test the marks, the industry research that sizes the market, the valuation firms that build the benchmarks, and the reporting that tracks what happens when the marks are challenged.
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Regulators and official sources
Joint staff statement of September 28, 2026 on private credit valuation, calibration, the NAV practical expedient, and non-accrual and payment-in-kind disclosure.
The Fed's May 2026 report, including its private credit box: about $1.4 trillion of U.S. private credit loans and the redemption pressure at semi-liquid vehicles.
The FSB's first dedicated report on private credit vulnerabilities, May 6, 2026: a $1.5–2 trillion market, redemption pressures, hidden leverage, and bank interconnectedness.
Industry research and market size
Twelfth edition of the ACC research series with Houlihan Lokey: $4.1 trillion of global private credit AUM at the end of 2025 and the survey evidence behind it.
Morgan Stanley's outlook for the asset class, including return and risk considerations and the $5 trillion projection for 2029.
PitchBook's account of BlackRock's March 2025 forecast, including the AI-infrastructure buildout behind the projection.
Overview of the asset class's growth since 2009, with S&P Global data on private debt's 77 percent share of 2024 leveraged buyout financing.
Valuation practice and benchmarks
Loan-level benchmarks built from more than 18,000 deals, updated weekly, with a monthly market report on where new private credit deals are clearing.
Kroll's daily valuation infrastructure for private credit: benchmarks, platform, and advisory work for funds moving beyond quarterly marks.
Law-firm analysis of the SEC's September 2026 statement, including the Level 3 and secondary-market figures the staff cited.
Alert on the SEC staff statement's three valuation themes: market-reflective marks, income and disclosure, and the NAV practical expedient.
Close reading of the SEC statement's calibration mechanics, with a worked example of how an entry price anchors later marks.
Market context and reporting
Summary of the Alternative Credit Council's 2025 survey findings: fund leverage, $399 billion of aggregate borrowing, and non-accrual rates.
Independent census of SEC BDC filings: losses, non-accruals, payment-in-kind shares, and redemption queues at the largest non-traded funds.
Report on the Alternative Credit Council's October 2026 defense of the market, with survey data on amendments and non-accruals.
Plain-English overview of the market's growth from about $2 trillion in 2020 to past $3 trillion, with Morgan Stanley's $5 trillion projection.
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Changelog
- November 6, 2026: Initial edition — regulators and official sources, industry research and market size, valuation practice and benchmarks, and market context established (16 items, all verified live or search-confirmed November 6, 2026).