Mezzanine activity during 2022 decreased approximately 8% YoY from 396 deals to 366 deals. Compared to the previous quarter (Q3 2022), deals including mezzanine debt increased, from 93 to 97 in Q4 2022. The increase in mezzanine deal activity inversely correlates with the decrease of private equity sponsored deal volume, which decreased 2% from 1,573 deals in Q3 2022 to 1,536 deals in Q4 2022. Out of the 97 mezzanine deals that closed in Q4 2022, 45 deals were buyouts, 27 were minority financings, 20 were sponsor-backed add-ons, and 5 were recapitalizations. The most common industries in total M&A activity for the quarter were Technology, Industrials, Business Services, and Consumer, respectively.