Published benchmarks
What do diligence, R&W insurance and escrow cost?
R&W insurance averaged a 3.23% rate on line in North America in Q4 2025 on a limit of about 10% of enterprise value, and escrows ran a median 2.8% of deal value with a policy against 10% without.
These are the costs no filing discloses deal by deal, so each figure here is quoted from a survey, market report or a firm's own price list, with its year.
Quality of earnings reviews
| Measure | Value | Source | Quote |
|---|---|---|---|
| firm fixed-fee QoE price, small deals (<$2.5M revenue)Midwest CPA's own published price<$2.5M revenue | $12K–$15K | Midwest CPA | Small Deals (Under $2.5M in Revenue) Cost Range: $12,000 – $15,000 |
| firm fixed-fee QoE price, mid-sized deals (<$10M EV)Midwest CPA's own published price<$10M EV | $14K–$23K | Midwest CPA | Mid-Sized Deals (Under $10M Enterprise Value) Cost Range: $14,000 – $23,000 |
| firm fixed-fee QoE price, larger deals (>$10M EV)Midwest CPA's own published price>$10M EV | from $25K | Midwest CPA | Larger Deals (Over $10M Enterprise Value) Cost range: Starts at $25,000+ |
| firm flat-fee QoE priceBedrock Quality of Earnings's own published price$1M-$30M | $6,000–$12K | Bedrock Quality of Earnings2026 | At Bedrock, we focus on the $1M to $30M range and price engagements between $6,000 and $12,000, flat fee. |
| typical QoE cost by EV (author market estimate, boutique providers)$1M-$3M | $5,000–$8,000 | Bedrock Quality of Earnings2026 | $1M - $3M $5,000 - $8,000 2 weeks Common for SBA 7(a) acquisitions. |
| typical QoE cost by EV (author market estimate, boutique providers)$3M-$5M | $6,000–$10K | Bedrock Quality of Earnings2026 | $3M - $5M $6,000 - $10,000 2-3 weeks |
| typical QoE cost by EV (author market estimate, boutique providers)$5M-$10M | $8,000–$15K | Bedrock Quality of Earnings2026 | $5M - $10M $8,000 - $15,000 2-3 weeks Increased complexity. |
| typical QoE cost by EV (author market estimate, boutique providers)$10M-$30M | $12K–$25K | Bedrock Quality of Earnings2026 | $10M - $30M $12,000 - $25,000 3-4 weeks Lower middle market. |
| typical QoE cost by EV (author market estimate, boutique providers)$30M+ | $25K–$50K | Bedrock Quality of Earnings2026 | $30M+ $25,000 - $50,000+ 4-6 weeks |
| hourly QoE billing rates (partner) | 400–600 per hour | Bedrock Quality of Earnings2026 | Partner time bills at $400-$600 per hour. Senior associates at $200-$350. Staff at $125-$200. |
| firm QoE starting priceRapid Diligence's own published price | from $17K | Rapid Diligence2026 | Most Popular Quality of Earnings $16.5k+ |
| firm QoE Lite starting priceRapid Diligence's own published price | from $11K | Rapid Diligence2026 | QoE Lite $11.2k+ Everything included in our Quality of Earnings, but with a cleaned up Excel file deliverable and less commentary |
| typical buy-side QoE fee by EV (author market estimate)<$5M EV | $20K–$35K | BD Emerson2026 | Under $5M enterprise value. $20,000 to $35,000, usually a limited-scope review rather than a full QoE. |
| typical buy-side QoE fee by EV (author market estimate)$5M-$15M EV | $25K–$50K | BD Emerson2026 | A buy-side QoE on a $5 million to $15 million enterprise value deal with clean accrual books usually runs $25,000 to $50,000. |
| typical buy-side QoE fee by EV (author market estimate)$15M-$75M EV | $45K–$90K | BD Emerson2026 | A $15 million to $75 million deal lands at $45,000 to $90,000. |
| typical buy-side QoE fee by EV (author market estimate)$75M-$150M EV | $80K–$150K | BD Emerson2026 | $75M to $150M. $80,000 to $150,000. Usually multiple entities, often multi-state or multi-country. |
| typical buy-side QoE fee by EV (author market estimate)>$150M EV | $150K–$400K | BD Emerson2026 | Above $150M. $150,000 to $400,000 and up, frequently with tax and carve-out workstreams running alongside. |
| sell-side QoE premium vs buy-side | 10–30 % premium | BD Emerson2026 | Sell-side QoE runs 10 to 30 percent higher than the equivalent buy-side scope |
R&W insurance
| Measure | Value | Source | Quote |
|---|---|---|---|
| average quoted primary R&W rate on line, North America Q4 2025 | 3.23 % of limit | Gallagher2025 | Average quoted primary R&W rates increased from 2.5% in Q4 2024 to 3.23% in Q4 2025 |
| average quoted primary R&W rate on line, North America Q4 2024 | 2.5 % of limit | Gallagher2025 | Average quoted primary R&W rates increased from 2.5% in Q4 2024 to 3.23% in Q4 2025 |
| average primary rate, healthcare | 3.5 % of limit | Gallagher2025 | Rates for healthcare averaged 3.5% but remain vulnerable to market appetite |
| average primary rate, industrials and business services | 3.4 % of limit | Gallagher2025 | Industrials and business services averaged 3.4%, with both sectors seeing high competition among insurers. |
| average retention % of EV | 0.5 % of EV | Gallagher2025 | On average, retentions held at 0.5% of EV, dropping to 0.4% after 12 months, with nil retention for true fundamentals still common. |
| retention after 12-month drop-down % of EV | 0.4 % of EV | Gallagher2025 | On average, retentions held at 0.5% of EV, dropping to 0.4% after 12 months |
| typical limit % of deal value | 10 % of EV | Gallagher2025 | Average limits remain almost unchanged, with most buyers insuring 10% of deal value. |
| typical limit % of deal value, deals <$100M EV<$100M EV | 10–15 % of EV | Gallagher2025 | For deals below $100 million EV, we saw an average of 10% to 15% of deal value insured, with some buyers opting for 20%. |
| R&W premium for secondary transactions | 1.7–2.5 % of limit | Gallagher2025 | R&W premiums for secondary transactions typically reflect 1.7% to 2.5% of the insured limit |
| claim notification frequency | 20 % of policies | Gallagher2025 | approximately 20% of policies generated notifications, with around 4% leading to payment. |
| YoY change in average primary R&W premium rate, North America 2025 | 16 % YoY | Marsh2026 | North America experienced the most pronounced pricing increase, with average primary layer R&W premium rates increasing 16% year-over-year, compared with a 14% decline in 2024. |
| limit as % of EV (claims-data commentary) | 10 % of EV | Aon2026 | insureds who purchase 10% of EV may be making a commercially reasonable choice in many circumstances |
| median North America R&W claim payment (2025) | $8.2M | Aon2026 | For claims resolved in 2025, the median R&W claim payment was approximately $8.2mn |
| rate on line range | 2–3.5 % of limit | Vanbridge2024 | R&W policies are generally priced between 2%-3.5% rate on line (“ROL”) based on the limit of liability purchased (often ranging between 10-20% of the transaction value). |
| limit % of transaction value | 10–20 % of EV | Vanbridge2024 | R&W policies are generally priced ... based on the limit of liability purchased (often ranging between 10-20% of the transaction value). |
| underwriting fee (primary carrier) | $35K–$50K | Vanbridge2024 | a non-refundable underwriting fee is charged. This fee ... ranges from $35k-$50k for the primary carrier (typically with an additional $5k per excess carrier). |
| initial retention % of TEV | 0.5–1 % of EV | Vanbridge2024 | Initial retentions historically hovered around 1% of the transaction enterprise value “TEV” but have become more competitive recently, ranging from 0.50-1.00% TEV. |
| minimum limit and premium for small deals | $100K–$150K | Vanbridge2024 | Industry minimum limits are generally $3M and minimum initial retentions are $150K. Premiums for $3M limit range from $100K-$150K premium plus a $40K - $50K diligence fee. |
| rate on line range, Q4 2025 | 2–3 % of limit | The Horton Group2025 | Rates in Q4 2025 are generally steady in the 2.0–3% range of the limits purchased |
| retention % of transaction value | 0.5–1 % of EV | The Horton Group2025 | Retentions range from .5% – 1% of transaction value |
| minimum premium | from $50K | The Horton Group2025 | Minimum premiums have dropped to as low as $50,000 |
| surplus lines tax % of premium | 2.5–6 % of premium | The Liberty Company Insurance Brok2017 | Every state has its own insurance policy sales tax (also known as Surplus Lines tax), which runs from 2.5% to 6% of the premium. |
Escrow holdbacks
| Measure | Value | Source | Quote |
|---|---|---|---|
| median all-escrows size, non-RWI deals (2025) | 10 % of transaction value | DealLawyers.com2026 secondary summary | For non-RWI deals, the average amount of all escrows was 12.1% of transaction value while the median was 10.0%. |
| average all-escrows size, non-RWI deals (2025) | 12.1 % of transaction value | DealLawyers.com2026 secondary summary | For non-RWI deals, the average amount of all escrows was 12.1% of transaction value while the median was 10.0%. |
| median all-escrows size, RWI deals (2025) | 2.8 % of transaction value | DealLawyers.com2026 secondary summary | For deals with RWI, the average was 5.1% of transaction value and the median was 2.8%. |
| average all-escrows size, RWI deals (2025) | 5.1 % of transaction value | DealLawyers.com2026 secondary summary | For deals with RWI, the average was 5.1% of transaction value and the median was 2.8%. |
| share of private-target deals with any escrow or holdback (2025) | 88 % of deals | DealLawyers.com2026 secondary summary | 88% of 2025 deals involving private targets involved some form of escrow or hold-back. |
| share of RWI deals with no survival of general reps (2025) | 57 % of RWI deals | DealLawyers.com2026 secondary summary | 57% of deals with RWI included non-survival provisions (up from 54% in 2024), while only 11% of traditional indemnity deals provided that the sellers’ reps wouldn’t survive closing |
| median separate PPA escrow size | 1 % of transaction value | SRS Acquiom2025 | the median size of a separate PPA escrow remained at about 1% of the transaction value |
| share of deals with special-purpose PPA escrow | from 75 % of deals | SRS Acquiom2025 | more than three-quarters of deals included a special-purpose escrow for the PPA |
| median survival period (general reps) | 12 months | SRS Acquiom2025 | the median survival period held steady at 12 months |
| share of deals referencing RWI | 63 % of deals | ABA Business Law Section2025 | 63% of deals during the period covered by the 2025 Study referenced RWI |
| share of deals where reps do not survive closing | 41 % of deals | ABA Business Law Section2025 | Deals that provide that representations and warranties do not survive closing increased from 30% in the prior Study to 41% in this Study. |
| share of deals with separate purchase-price-adjustment escrow | 58 % of deals | Goulston & Storrs summarising the 2025 secondary summary | A separate escrow account in which to holdback of a portion of the purchase price at closing, to be used to settle the post-closing purchase price adjustment is now seen in about 58% of deals. |
Deal counsel
| Measure | Value | Source | Quote |
|---|---|---|---|
| median partner rate, Corporate: M&A and Divestitures, Chicago, firms >1,000 lawyers | 1,168 per hour | Wolters Kluwer ELM Solutions2023 | Corporate: Mergers, Acquisitions and Divestitures More Than 1,000 Lawyers Partner 12 $969 $1,168 $1,388 $1,241 $1,289 $942 |
| mean partner hourly rate, all practice areas (2023) | 784 per hour | Wolters Kluwer ELM Solutions via P2024 | The mean rate for partners saw the most significant increase, growing from $768 in 2022 to $784 in 2023. |
| average partner hourly rate, New York City (H1 2025) | 1,972 per hour | Wolters Kluwer ELM Solutions via B2025 | New York City maintains the highest partner and associate rates, with partners averaging $1,972 and associates $1,214. |
| average associate hourly rate, New York City (H1 2025) | 1,214 per hour | Wolters Kluwer ELM Solutions via B2025 | New York City maintains the highest partner and associate rates, with partners averaging $1,972 and associates $1,214. |
| mean partner rate increase, Am Law top 25 firms (2025) | 6.3 % YoY | Wolters Kluwer ELM Solutions via B2025 | the top 25 firms dropping to a 6.3% mean increase in 2025 from 10.4% in 2024 |
| worked-rate growth, US law firms (2025) | 7.3 % YoY | Thomson Reuters Institute2026 | The average law firm achieved 13% profit growth, demand surged to its best year of growth since the Global Financial Crisis, and worked rates shattered records with 7.3% growth. |
| average collected rate across rate-strategy archetypes | 553–580 per hour | Thomson Reuters Institute2026 | all three end up collecting nearly identical amounts — between $553 and $580 per hour on average. |
| average US lawyer hourly rate, all practice areas (2025) | 349 per hour | Clio2026 | As of 2025, the average hourly rate for a lawyer in the United States is $349, which has changed 4% year over year. |
| average lawyer hourly rate, Business Formation / Compliance | 378 per hour | Clio2026 | Business Formation / Compliance $378 $190 $353 |
| average lawyer hourly rate, Corporate Litigation | 461 per hour | Clio2026 | Corporate Litigation $461 $224 $432 |
| average lawyer hourly rate, Real Estate | 377 per hour | Clio2026 | Real Estate $377 $200 $348 |
| average external legal spend per M&A deal, US PE firms ($2B+ AUM) | $353K | Apperio2020 | US-based PE firms spend an average of $353,000 on external counsel during a typical merger and acquisition (M&A) transaction. |
| range of external legal spend per M&A deal, US PE firms | $50K–$1M | Apperio2020 | no respondents paid less than $50,000 per transaction and no respondents paid more than $1 million. |
Sell-side fees for private companies
| Measure | Value | Source | Quote |
|---|---|---|---|
| most common effective success fee %$5M | 4.8 % | Firmex2025 | The answers range from 4.8% for a $5 million deal to 1.9% for a $150 million transaction. |
| most common effective success fee %$10M | 4 % | Firmex2025 | Success Fee Levels Most common success fee for deals of each size |
| most common effective success fee %$20M | 3.4 % | Firmex2025 | 3.4% for a $20 million deal. |
| most common effective success fee %$50M | 2.7 % | Firmex2025 | Success Fee Levels Most common success fee for deals of each size |
| most common effective success fee %$100M | 2 % | Firmex2025 | 2.0% for a $100 million deal. |
| most common effective success fee %$150M | 1.9 % | Firmex2025 | The answers range from 4.8% for a $5 million deal to 1.9% for a $150 million transaction. |
| most common monthly retainer (work fee) | $5,000–$10K /month | Firmex2025 | While the most common monthly fee remained between $5,000 and $10,000, the number of firms charging $16,000 or more per month doubled to 16%. |
| share of fixed-fee advisors charging >$26K upfront | 38 % of fixed-fee firms | Firmex2025 | Similarly, 38% of firms using fixed fees now charge more than $26,000, up from 26% last year. |
| share of advisors with a minimum success fee | 24 % of firms | Firmex2025 | Only about one-quarter of middle-market firms surveyed write a minimum success fee into their engagement agreements |
| average success fee %$5M | 6.3 % | Firmex2024 | The average fee ranged from 6.3% for a $5 million transaction down to 1.8% for a $150 million deal. |
| average success fee %$20M | 3.9 % | Firmex2024 | 3.9% for a $20 million deal. |
| average success fee %$100M | 2 % | Firmex2024 | 2.0% for a $100 million deal. |
| average success fee %$150M | 1.8 % | Firmex2024 | The average fee ranged from 6.3% for a $5 million transaction down to 1.8% for a $150 million deal. |
| dispersion of success fee at $20M deal$20M | 2.5–5 % | Firmex2024 | With a $20 million deal, for example, three-fifths of the responses were between 2.5% and 5.0% |
| most common monthly retainer (work fee) | $5,000–$10K /month | Firmex2024 | For monthly fees, two-thirds of the advisors said they charged an upfront fee between $5,000 and $10,000. |
| typical one-time retainer, firms >20 employees | from $25K | Firmex2024 | Those with more than 20 employees most commonly received upfront retainers of $25,000 or more. |
| typical one-time retainer, firms <=20 employees | up to $15K | Firmex2024 | Those with 20 or fewer employees typically charged $15,000 or less. |
| share of advisors charging an engagement fee | 75 % of advisors | Firmex2024 | Overall, three-quarters of advisors charge some sort of engagement fee. |
| share of advisors with a minimum success fee | 75 % of advisors | Firmex2024 | This year, 75% of the advisors said their firm charges a minimum success fee. |
| share crediting engagement fees against success fee | 54 % of advisors | Firmex2024 | This year 54% said they credited the engagement fees paid towards the success fee. |
| most common success fee range$5M-$10M | 4–5.9 % | Firmex and Axial2021 | For deals valued at $5 million and $10 million, the most common fee is between 4% and 5.9%. |
| most common success fee range$20M-$50M | 2–3.9 % | Firmex and Axial2021 | For $20 million and $50 million deals, fees are most likely between 2% and 3.9%. |
| most common success fee range$100M-$150M | 1–1.9 % | Firmex and Axial2021 | And for deals of $100 million and $150 million, the most common fee range is 1% to 1.9%. |
| share of fixed work fees above $15K | 55 % of fixed-fee advisors | Firmex and Axial2021 | For those with a fixed work fee, the majority (55%) charge $15,000 or more. |
| most common monthly retainer (work fee) | $5,000–$10K /month | Firmex and Axial2021 | The most common monthly retainer is between $5,000 and $10,000 a month, for those advisors using that form of work fee. |
| share of advisors with a minimum success fee | 67 % of advisors | Firmex and Axial2021 | Minimum success fees remained standard in the middle market. They are commonly used by two-thirds of the advisors in the survey |
| share crediting work fees against success fee | 72 % of advisors | Firmex and Axial2021 | Of those advisors that charge work fees, 72% deduct them from their success fee if a transaction occurs. |
| share of advisors reimbursed for VDR costs | 56 % of advisors billing expenses | Firmex and Axial2021 | Virtual data room costs are reimbursed by 56%, up from 51% last year. |
| share of advisors charging an upfront fee | 71 % of advisors | Axial2026 | 71% of advisors charge some form of upfront fee, most commonly a monthly retainer or a one-time fixed engagement fee. |
| share of advisors charging no upfront fee | — % of advisors | Axial2026 | Nearly a third of survey respondents now charge no upfront work fee at all, up from 19% in 2024. |
| share of advisors using one-time fixed / monthly retainers | 29–31 % of advisors | Axial2026 | Meanwhile, one-time fixed retainers (31%) and monthly retainers (29%) held roughly steady year over year. |
| share deducting engagement fees from success fee | 77 % of advisors | Axial2026 | the fact that 77% of advisors deduct engagement fees from the final success fee shows this is now the definitive market standard. |
| share using flat-percentage success fee | 36 % of advisors | Axial2026 | seeing flat-percentage fees rise from 26% to 36% shows a shift toward cleaner alignment with founders. |
| share using Lehman-formula success fee | 44 % of firms | Axial2025 | The most common structure, used by 44% of surveyed firms in 2024, is the Lehman formula, where fees decline as deal size increases. |
| share using accelerator success fee | 20 % of firms | Axial2025 | the accelerator formula, where fees increase with larger deal sizes, is gaining traction—20% of firms used it in 2024, up from 16% in 2023. |
| share of advisors charging retainer/monthly fee, Main Street <=$500K<=$500K | 33 % of advisors | IBBA and M&A Source, with Pepperdi2012 | For deals valued at $500K or less, 33 percent of advisors charged a retainer and/or a monthly fee in addition to commission. |
| share of advisors charging retainer/monthly fee, lower middle market$2M+ | 60 % of advisors | IBBA and M&A Source, with Pepperdi2012 | advisors were progressively more likely to charge retainers and monthly fees, jumping to roughly 60 percent for deals in the lower middle market. |
| average target (sell-side) advisory fee, public targets | 0.84 % of transaction value | Federal Reserve Bank of Chicago2000 | on average, target firms paid $4.4 million (0.84 percent of transaction value) in advisory fees per deal. |
Buy-side advisor fees
| Measure | Value | Source | Quote |
|---|---|---|---|
| average acquirer advisory fee, public deals | 0.38 % of transaction value | Federal Reserve Bank of Chicago2000 | Acquiring firms paid $2.4 million (0.38 percent of transaction value) in advisory fees per deal. |
| average total advisory fees (both sides), public deals | 1.22 % of transaction value | Federal Reserve Bank of Chicago2000 | On average, total fees (paid by the targets and the acquirers combined) were 1.22 percent of the transaction value. |
| median total advisory fee, acquirer, completed public mergers | $2.39M | Kisgen, Qian & Song / Elsevier2009 | the median total advisory fees for an acquiring (target) firm in a completed merger were $2.39 ($2.37) million. |
| share of buy-side advisory firms charging no success fee | 20 % of buy-side firms | Firmex2025 | Among firms that primarily serve the buy-side, 20% don't charge a success fee at all, much higher than the 4% of seller-oriented firms |
Fairness opinions
| Measure | Value | Source | Quote |
|---|---|---|---|
| median fairness opinion fee (acquirer or target), US public deals 1994-2003 | $300K | Kisgen, Qian & Song / Elsevier2009 | During the period 1994–2003, the median fee for an acquirer or target FO was $300,000 |
| typical fairness opinion fee, lower/middle-market private companies | $50K–$100K | LinkedIn article by Rich Barth2016 secondary summary | We've seen many fairness opinions in the lower and middle markets of private companies cost in the neighborhood of $50,000 to $100,000. |
| large-deal fairness opinion fee | from $100K | LinkedIn article by Rich Barth2016 secondary summary | Fairness opinions often cost well into six figures and can actually run higher than $1 million for large sophisticated deals with high risk profiles. |
| US public-company fairness opinion fee range (qualitative) | — | Nouvelle Analytics2024 | Typical fees for fairness opinion engagements for public companies in the U.S. ... generally start in the hundreds of thousands of dollars and can reach several million dollars. |
Lender fees on loans
| Measure | Value | Source | Quote |
|---|---|---|---|
| median bank loan closing fee by loan size<$1M loan | 0.75 % of loan | Pepperdine Graziadio Business Scho2026 | Table 6. General Characteristics — Bank Loans by Size ... <$1M 8.25% 3.5 0.05% 0.75% |
| median bank loan closing fee by loan size$1M-$5M loan | 0.5 % of loan | Pepperdine Graziadio Business Scho2026 | Table 6. General Characteristics — Bank Loans by Size ... $1M–$5M 6.75% 5.0 0.10% 0.50% |
| median bank loan closing fee by loan size$5M-$10M loan | 0.75 % of loan | Pepperdine Graziadio Business Scho2026 | Table 6. General Characteristics — Bank Loans by Size ... $5M–$10M 6.50% 5.0 0.50% 0.75% |
| median bank loan closing fee by loan size$10M-$25M loan | 1 % of loan | Pepperdine Graziadio Business Scho2026 | Table 6. General Characteristics — Bank Loans by Size ... $10M–$25M 7.00% 5.0 0.50% 1.00% |
| median bank loan closing fee by loan size$25M-$50M loan | 1 % of loan | Pepperdine Graziadio Business Scho2026 | Table 6. General Characteristics — Bank Loans by Size ... $25M–$50M 6.50% 5.0 0.50% 1.00% |
| median bank loan closing fee by loan size$50M-$100M loan | 0.65 % of loan | Pepperdine Graziadio Business Scho2026 | Table 6. General Characteristics — Bank Loans by Size ... $50M–$100M 6.50% 4.0 0.35% 0.65% |
| median asset-based loan closing fee | 1.3 % of facility | Pepperdine Graziadio Business Scho2026 | Table 17. Fees Charged ... Closing fee 1.00% 1.30% 1.50% |
| median asset-based loan arrangement fee | 1 % of facility | Pepperdine Graziadio Business Scho2026 | Table 17. Fees Charged ... Arrangement fee 1.00% 1.00% 1.00% |
| median mezzanine closing fee, sponsored deals$5M-$25M EBITDA | 1 % of facility | Pepperdine Graziadio Business Scho2026 | Table 24. Sponsored Deals by EBITDA Size (medians) ... Closing fee — — 1.00% 1.00% 2.00% 2.00% — |
| median mezzanine closing fee, sponsored deals$25M-$100M EBITDA | 2 % of facility | Pepperdine Graziadio Business Scho2026 | Table 24. Sponsored Deals by EBITDA Size (medians) ... Closing fee — — 1.00% 1.00% 2.00% 2.00% — |
| median asset-based loan closing fee | 1 % of facility | Pepperdine Graziadio Business Scho2025 | Table 15. Fees Charged ... Closing fee 0.88% 1.00% 1.35% |
| median mezzanine closing fee, sponsored deals$1M-$50M EBITDA | 2 % of facility | Pepperdine Graziadio Business Scho2025 | Table 21. Sponsored Deals by EBITDA Size (medians) ... Closing fee — 2.00% 2.00% 2.00% 2.00% — — |
| median bank loan closing fee by loan size$10M-$25M loan | 0.3 % of loan | Pepperdine Graziadio Business Scho2025 | Table 5. General Characteristics — Bank Loans by Size ... $10M–$25M 6.50% 5.0 0.50% 0.30% |
| average OID, US institutional middle-market loans (Q3 2025) | 0.33 points (100 - OID price) | Secured Finance Network2025 secondary summary | The average original issue discount (OID) also moved tighter, hitting 99.67 in Q3, a 45 bps improvement over last quarter. |
| unitranche OID range (Q2 2026) | 0.75–1.25 points (100 - OID price) | Valuation Research Corporation2026 | original issue discounts holding steady between 98.75 and 99.25 for standard transactions. |
Broker-dealer use in private raises
| Measure | Value | Source | Quote |
|---|---|---|---|
| share of Reg D offerings using broker-dealers | 8 % of offerings | FINRA2025 | The broker-dealer subsample represents around eight percent of the full sample. |
| average broker-dealer sales commission, Reg D offerings | 6 % of capital raised | FINRA2025 | In our sample of Regulation D offerings that use broker-dealers, average sales commission accounts for approximately 6% of total amount of capital raised. |
| average finder's fee, Reg D offerings | 0.6 % of capital raised | FINRA2025 | Among offerings that use finders, average finders’ fee account for 0.6% of total amount raised. |
| broker-dealer participation, San Francisco issuers | 3.5 % of offerings | FINRA2025 | only 2.2% of deals in New York City involve broker-dealers, while 3.5% of deals in San Francisco involve broker-dealers. |
| which issuers use broker-dealers least (qualitative) | — % | FINRA2025 | issuers in technology and venture capital funds are least likely to use broker-dealers |
| share of non-fund Reg D offerings using a finder or broker-dealer, 2009-2017 (SEC DERA, as cited by FINRA) | 20 % of offerings | FINRA2025 secondary summary | approximately 20% of new offerings by non-fund issuers use a finder or broker-dealer. |
Survey figures describe each survey’s respondents and period and may not reflect your transaction. Firm prices are as published by that firm on the date shown and may have changed. R&W premiums, escrow terms and diligence scope are set in negotiation with insurers, buyers and providers.
Older studies (for example, buy-side fee research from 2000 and 2009) are kept for orientation and dated. Firm prices are quoted as the firm publishes them and are not a comparison of firms.