In Q2 2024, Mezzanine activity for the LTM period ending March 31st increased approximately 11% YoY from 414 deals to 460 deals. Compared to Q4 2023, deals including mezzanine debt decreased 31%, from 162 to 112 in Q1 2024. Mirroring the downturn, private equity deal volume declined 14% from 1,453 deals in Q4 2023 to 1,245 deals in Q1 2024. Out of the 112 mezzanine deals that closed in Q1 2024, 33 deals were buyouts, 59 were minority financings, and 20 were sponsor backed add-ons. The most common industries in total M&A activity for the quarter were Industrials, Technology, Business Services, and Consumer, respectively.