In Q4 2023, 151 deals including mezzanine debt closed, a 76% increase from the 86 deals closed in Q3 2023. Mezzanine activity during 2023 increased approximately 22% YoY from 371 deals to 454 deals. Despite this increase, private equity deal volume decreased 14% YoY from 6,022 deals in 2022, to 5,164 deals in 2023. Out of the 151 mezzanine deals that closed in Q4 2023, 59 deals were buyouts, 60 were minority financings, 31 were sponsor-backed add-ons, and 1 was a recapitalization. The most common industries in total M&A activity for the quarter were Technology, Industrials, Consumer, and Business Services, respectively.