- 33,575 unsold companies
- Unsold sponsor-backed companies worldwide as of June 30, 2026, per PitchBook, as reported by The New York Times, August 10, 2026. Prior readings: 32,451 at year-end 2025; 15,923 a decade earlier.
- 13,509 US companies
- Unsold US sponsor-owned companies at mid-year 2026, per PitchBook’s Q2 2026 US PE Breakdown. Against the 2025 exit count this is more than eight years of inventory, PitchBook’s own arithmetic.
- 1,619 sold in a year
- US sponsor-backed exits in 2025, per PitchBook exit data.
- 70 vs 424 IPOs
- Sponsor-backed US listings since 2022, against 2017–2021, per Dealogic, as reported by The New York Times, August 10, 2026.
- 46% vs 12%
- Industry shares of 2025 US private credit issuance: technology 16%, business services 17%, healthcare 13%, consumer discretionary 13% and industrials 12%, per Banegas, Castelo, Degerli, Dobridge and Kennedy, “Private Credit and Leveraged Loan Markets: Similarities, Differences, and Substitution,” FEDS Notes, Board of Governors of the Federal Reserve System, August 11, 2026, Table 1. The 46% is the sum of the technology, business services and healthcare shares. The Federal Reserve discloses only these five industries, so the remaining 29% is an undisclosed residual and is shown as such; software borrowers may be grouped in their industry of specialty rather than in Technology.
- 18x to 3x revenue
- Median public SaaS enterprise value to trailing revenue, roughly 18x to 19x at the 2021 peak against 3.2x at mid-2026, per Software Equity Group, 2Q 2026 SaaS M&A and Public Market Report, August 2026, and Aventis Advisors, “SaaS Valuation Multiples: 2015–2026,” updated August 2026.
- 92% intangible
- Intangible assets as a share of S&P 500 market capitalization in 2025, per Ocean Tomo’s 2025 Intangible Asset Market Value Study, published February 12, 2026. Prior readings from the same study: 17% in 1975, 32% in 1985, 79% in 2005.
- 7% to 27% of investment
- Intangible investment as a share of total US investment, about 7% in the 1950s against about 27% by 2019, with total investment steady at about a quarter of GDP, per David and Gourio, Chicago Fed Letter No. 482, August 2023.
- 70–80% and 20–65%
- Typical asset-based lending advance rates against eligible accounts receivable and eligible inventory, per the Office of the Comptroller of the Currency, Comptroller’s Handbook, Accounts Receivable and Inventory Financing, updated March 20, 2025.
- 32% to almost 90% cov-lite
- Covenant-lite facilities as a share of the US leveraged loan index, 2013 against year-end 2023, and the quoted description of the shift out of traditional industrial sectors, per IOSCO, Leveraged Loans and CLOs: Good Practices for Consideration, FR03/2024, June 2024.
- Software in credit books
- Software as roughly a quarter of direct-lending portfolios and 20% or more of loans in many funds; nonaccruals at five-year highs and watchlists the longest since 2022–23, in aggregate across large business development companies, per The Wall Street Journal, August 9, 2026.
Figures are re-verified quarterly and carried here as of September 2026.
