2026年春季专业金融市场更新报告

Spring 2026 About Our Firm Houlihan Lokey, Inc. (NYSE:HLI) is a leading global investment bankrecognized for deliveringindependent strategic and financial advice to corporations, financial sponsors, and governments. Our firm is the trusted advisor to more top decision-makers than any other independent global investment bank. Learn more about howour advisors can serveyour needs: Financial Restructuring No. 1Global M&A Advisor No. 1 No. 1Global M&A Fairness OpinionAdvisor Over the Past 25 Years Financial andValuation Advisory Global Restructuring Advisor LeadingCapital Solutions Group 2,500+Annual Valuation Engagements 1,900+Transactions Completed Valued atMore Than $4 Trillion Collectively Our Industry Coverage Fully Integrated FinancialSponsor Coverage 30 Our clientsbenefit fromour local presenceand global reach. Senior officers dedicated tothe sponsor community in theAmericas and Europe. 2,000+ Sponsors covered, providingmarket insights and knowledgeof buyer behavior. 850+ Companies sold to financialsponsors over the past five years. Specialty Finance Previous andUpcomingEvents in2026 SFVegas 2026 ABS East 2026 Mortgage and Specialty FinanceFebruary 22–25, 2026ARIA Resort and CasinoLas Vegas, Nevada FontainebleauMiami, Florida ELFA 65th AnnualConvention SFNet’s 82nd AnnualConvention ABS & FinTech SpecialtyFinance Forum Equipment Leasing and FinanceOctober 25–27, 2026JW Marriott Desert Springs Resort & Spa,Palm Desert, California Specialty FinanceDecember 3–4, 2026Waldorf Astoria Monarch BeachDana Point, CaliforniaRegister 2025 ConferencesEvent Highlights Three Cities. ONE Vision.Presenting Our 2026 Global Conference Series. ~8 to 101x1 Meetings perPresenting Company 600+ParticipatingCompanies 80+SectorsRepresented 130+Panels andPresentations Contact your Houlihan Lokey representative for more details. AboutOur Financial Services Group Key Factsand Figures Houlihan Lokey’s Financial ServicesGroup has earned a reputation forproviding superior service andachieving outstanding results inM&A advisory, capital-raising,restructuring, and financial andvaluation advisory services. Industry Sector Coverage FINANCIAL SERVICES We cover a broad array of sectors,with financial professionals dedicatedto each of our primary coverageareas. According to data provided by LSEG, ourFinancial Services Group was ranked as the 80+ DedicatedFinancialServicesProfessionals M&A advisor for global financial servicestransactions under $5 billion. Banking andDepositories Asset andWealthManagement The global Houlihan Lokey FinancialServices team has more than 80dedicated financial services professionalslocated in five offices around the world,including Atlanta, Chicago, Miami, NewYork, and Tokyo. 71 CompletedFinancialServicesM&A/CapitalSolutionsTransactionsin CY25 Broker-Dealersand CapitalMarkets Insurance Six SpecialtyFinance andChallengerBanks Mortgage andRelated Services Key SectorVerticals AboutOur Specialty Finance Team Leadership Subsector Coverage Financial Services Group The Specialty Finance team, which operates within Houlihan Lokey’s FinancialServices Group, has built a strong reputation as a leading advisor across bothconsumer and commercial finance. Our team brings end-to-end capabilities toour clients, including M&A advisory, capital raising, restructuring, and financialand valuation advisory services. Asset-BasedLending/Factoring PaydayLending/Pawn Brent FerrinManaging DirectorBFerrin@HL.com+1 212.497.4203 Bryan PyneDirectorBryan.Pyne@HL.com+1 404.926.1608 Tyler CandeeVice PresidentTCandee@HL.com+1 646.259.7455 James PageManaging DirectorJPage@HL.com+1 212.497.7810 Point-of-SaleFinance We are deeply experienced in advising clients across business models of all types, includingadvisory, distribution, services, technology, and balance-sheet-driven companies. When ourexperience is combined with our comprehensive understanding of the industry’s financial,regulatory, and competitive dynamics, we are able to more effectively analyze a full range ofstrategic options, such as acquisitions, divestitures, capital raising, and asset sale transactions. Capital Solutions Group Credit Cards Small BusinessLending Adam RaucherManaging DirectorAdam.Raucher@HL.com+1 212.830.6196 Solar/HIP/Recreation Financial and Valuation Advisory Debt Buying/Settlements Jonathan SloanManaging DirectorJSloan@HL.com+1 212.497.4232 Oscar AartsManaging DirectorOAarts@HL.com+1 212.497.7869 StudentLending Equipment Leasing Contact Us InstallmentLoans TransportationFinance/Fleet Please reach out to us to schedule a call todiscuss this quarter’s market update or toexplore how we can serve your business needs. Litigation Finance Tombstones included herein represent transactions closed from 2023 forward. Table of Contents 12Featured SectorNews 09Introduction 10Private FundValuations 11FeaturedTransactions 18PublicComparables 17Public CompanyValuations 15Equity MarketI