Early 2024 saw renewed volatility as persistent inflation and resilient consumer demand pushed the 10-year Treasury yield sharply higher, tempering the optimism that had emerged at the start of the year. By the second quarter, sentiment shifted meaningfully: inflation showed signs of moderating, large private equity firms pointed to accelerating deal pipelines and loosening credit conditions, and non-investment grade bond spreads tightened to near pandemic-era lows. Against this backdrop, contracting middle-market business valuations continued to widen the arbitrage between business and real estate multiples, supporting healthy sale leaseback opportunities across a range of industry sectors.
