The U.S. Securities & Exchange Commission’s Division of Economic and Risk Analysis (DERA) released three new reports and related datasets covering U.S. broker-dealers, mergers and acquisitions (M&A), and business development companies (BDCs), aimed at providing public information on market activity and changes over time. The broker-dealer report covers 2010–2024 and includes industry structure and broker-dealer revenues and expenses; it reports that about 3,340 broker-dealers had total assets of about USD 6.4 trillion in 2024, with the number of broker-dealers down about 30% from 2010 while assets increased by about USD 1.7 trillion, indicating consolidation. The M&A analysis describes deal characteristics and geography, including cyclicality in volumes, an average deal value of USD 3.5 billion (median USD 0.5 billion), average acquirer assets of USD 40 billion (median about USD 7 billion), and average target assets of USD 5 billion (median USD 1 billion), with about three-quarters of deals within the same two-digit Standard Industrial Classification industry and about one-third involving parties headquartered in the same state. The BDC datasets compile information extracted from BDC disclosures filed with the SEC, including a schedule of investments, detailed financial datasets, and a summary non-financial dataset.
U.S. Securities & Exchange Commission 2025-06-26
U.S. Securities & Exchange Commission publishes new DERA data on broker-dealer trends, M&A activity, and business development companies
The U.S. SEC’s Division of Economic and Risk Analysis released reports and datasets on broker-dealers, mergers and acquisitions, and business development companies. The broker-dealer report highlights a 30% decline in numbers since 2010, despite a USD 1.7 trillion asset increase, indicating consolidation. The M&A analysis details deal characteristics, with an average deal value of USD 3.5 billion, while the BDC datasets provide comprehensive financial and non-financial information from SEC filings.