The sub-$5M EBITDA spread actually compressing?

I’ve been reading some late-2025 outlook reports (BDO) suggesting that while lower middle market multiples have stabilized, the quality premium is getting aggressive.​The data suggests <$5M EBITDA businesses are trading around 3.5x - 5.0x, while the $10M+ crowd is holding firm at 7x+.​However, im hearing sellers with $1.5M EBITDA demanding 5.5x - 6x purely because they see private equity rolling up smaller player ​Are you guys seeing this "trickle-down" valuation inflation in your LOIs?