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Middle-market valuation multiples are pointing to an increasingly liquid M&A market with valuation expectations broadly aligned with the 2017-2019 range, setting aside the distortions of the pandemic era. As of Q2, both the 2024 and trailing-12-month (TTM) figures are encouraging. Deal activity is improving, lender liquidity is ample, and financing costs are moderating after the reset in 2022.
(Past performance is no guarantee of future results.)
Latest news
Q2'26 BDC analysis shows additional 184 bps of nonaccruals at cost
In a universe of 173 business development companies, or BDCs, Octus identified a total of $9.5 billion of debt (at cost) in nonaccrual status reported in the second quarter of 2026, a slight decline of 5% from $10 billion in the first quarter of 2026.
Reading the Board
The story changes depending on which numbers you’re counting.
Private Credit Defaults 101: Different Numbers, Different Stories
In Season 2 of Billions, Bobby Axelrod takes his lawyer Orrin Bach to an empty Yonkers racetrack in the dead of night.