Middle market M&A activity remained resilient in Q3 2025, with total deal value rising to $94.3 billion despite a decline in deal volume. The divergence reflects a market increasingly focused on larger, higher-conviction transactions rather than broad-based activity.

Improving financing conditions and expectations for interest rate cuts are supporting a gradual shift from defensive positioning toward growth. While exit activity remains muted, the data suggests the market is beginning to stabilize and position for improved liquidity in 2026.

Our Q3 M&A Trends Report explores what this volume–value disconnect means for business owners, investors, and advisors as deal activity evolves.