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.
Common questions
What does representations and warranties insurance cost?
It is quoted as a rate on line, a percentage of the limit bought rather than of the deal value. The page quotes the published average rate and the published range, each with the source and the quarter it describes, and the premium on a specific deal is set in negotiation with the insurer.
How much is usually held back in escrow?
The page quotes the published medians for deals with and without R&W insurance, from the same survey, with the typical survival period. An escrow is a holdback of the price, not a fee, and it is negotiated deal by deal.
Why are these figures from surveys rather than filings?
No filing discloses diligence, insurance or escrow costs deal by deal. Every figure here is therefore quoted from a survey, a market report or a firm's own published price list, with its year; 132 such figures are on the page.