As at Q2 2026, US banks had $2.8 trillion committed to non-depository financial institutions (NDFIs - the private credit funds, BDCs and other "shadow" lenders), of which $1.7 trillion was already drawn. The commitment figure is the unused portion, so drawn plus undrawn is the total and there is no double counting.
Mind the denominator, because two different numbers are both correct. The drawn amount is 14.3% of the loan book of the banks doing the lending, up from 11.1% seven quarters earlier, and it has risen in every single quarter since banks first had to report it separately in Q4 2024. Measured against every US bank loan instead, it is 12.2%. The 633 banks reporting are roughly one in seven US banks by count, out of about 4,300 filing Call Reports, but between them they hold 88.7% of all US banking assets and 85.5% of all US bank loans - a small part of the bank population and most of the money.
Concentration is the concern. On an earlier read of this series (at $1.57 trillion drawn across 629 banks), NDFI exposure exceeded 80% of those banks' CET1 capital, with 41 banks above 100% of their CET1 and 59 banks holding 80% of all NDFI dollars above 75%. Treat those concentration figures as of that earlier quarter rather than as the Q2 2026 print.
How much can the system absorb? At 5-10% loss rates, existing loan-loss reserves (~$190B) cover it - but that exhausts reserves for the other $13T of loans. At 15%+, losses start eroding CET1 directly; at 30% a ~$280B hit is 14.4% of system CET1 - manageable at system level, not at the most concentrated banks. For scale, US bank writedowns in 2008 were ~$885B. The real danger is correlated: NDFI losses landing alongside private-credit stress, consumer delinquencies and CRE distress.
Explore it bank-by-bank (754 banks named across seven quarters of FFIEC Call Report data, 633 reporting in the latest one, with drawn balances, undrawn commitments, the five lending categories, capital ratios and nonaccrual and past-due amounts, 37 fields per bank per quarter; browser or CSV, both free): https://www.tigzig.com/tremor (US-NDFI). Full analysis: https://www.tigzig.com/post/us-bank-ndfi-interactive-analytics-tool. Related: private-credit hub https://www.tigzig.com/private-credit and life-insurer exposure https://www.tigzig.com/agents-faq/are-us-life-insurers-exposed-to-private-credit.
Building something like this? How I work covers the rates, the availability and what I take on.