In Q4 of 2023, familiar challenges persisted, marked by an unstable deal environment that resulted in fewer deals and a decrease in overall deal value. Q4 brought a 7.6% decline in deal value for middle market transactions compared to the previous quarter, accompanied by a 7.8% decrease in deal count. PE exits were also down in Q4, decreasing by 11.6%. Despite this trend, the middle market saw a 13% increase in the value of private equity exits during Q4. This indicates that private equity firms are retaining assets for potential future value, yet those opting for liquidation are observing positive trends in realized value. Although middle market exits have experienced a positive trend in deal value, exits above $500 million experienced a substantial decrease in value for Q4.