1、SPECIALTY FINANCEMARKET UPDATE|FALL 2022Houlihan Lokey Specialty Finance Market UpdateSpecialty Finance Subverticals CoveredBrent FerrinManaging DirectorFinancial ServicesBFerrinHL.com212.497.4203Dear Clients and Friends,We are pleased to present our Specialty Finance Market Update for the fall of 2

2、022.Since we skipped our summer newsletter,we would like to officially welcome David Villa to the Specialty Finance team.Inflation,recession concerns,softening credit quality,and rising rates continue to impact decision-making.The current macroeconomic environment creates many challenges as well as

3、opportunities for companies across the specialty finance sector.We remain busy with engagements across both commercial and consumer finance where differentiated platforms continue to garner interest in the capital markets and among strategic and financial buyers.As in prior newsletters,we have inclu

4、ded industry insights to help you stay ahead in our dynamic and constantly evolving sector,a public markets update,and select transaction announcements.We hope you find this quarterly update to be informative and that it serves as a valuable resource to you in staying abreast of the market.We look f

5、orward to staying in touch and hopefully getting together soon for a drink,coffee,or lunch.Best regards,PAYDAY LENDING/PAWNAUTO FINANCELITIGATION FINANCEINSTALLMENT LOANSHEALTHCARE FINANCELEASE-TO-OWNCREDIT CARDSPOINT-OF-SALE FINANCESOLAR/HIPPREMIUM FINANCEDEBT BUYING/COLLECTIONEQUIPMENT LEASING/TRA

6、NSPORTATION FINANCEABL/FACTORINGAdditional Specialty Finance Team ContactsOscar AartsManaging DirectorFinancial and Valuation AdvisoryOAartsHL.com212.497.7869Jonathan SloanManaging DirectorFinancial and Valuation AdvisoryJSloanHL.com212.497.4232SMALL BUSINESS LOANSSTUDENT LENDINGDavid VillaManaging

7、DirectorFinancial ServicesDavid.VillaHL.com212.497.4140James PageManaging DirectorFinancial ServicesJPageHL.com212.497.78102Robert ZarnochDirectorFinancial and Valuation AdvisoryRZarnochHL.com212.665.86723Houlihan Lokey is the trusted advisor to more top decision-makers than any other independent gl

8、obal investment bank.No.1 Advisor to Specialty Finance CompaniesExceptional Qualifications in Specialty Finance(Select Transactions)2019/20202017/201820212022 YTD20122021 M&A Advisory RankingsAll U.S.Specialty Finance TransactionsAdvisorDeals1Houlihan Lokey922J.P.Morgan423Piper Sandler404Stifel/Keef

9、e,Bruyette&Woods375Credit Suisse(USA)336Barclays Capital327BofA Securities318Citigroup Global Markets289Wells Fargo2310Goldman Sachs22Source:S&P Global Market Intelligence.20172021 M&A Advisory RankingsAll U.S.Specialty Finance TransactionsAdvisorDeals1Houlihan Lokey402Stifel/Keefe,Bruyette&Woods203

10、Piper Sandler 194Hovde Group175Credit Suisse(USA)156Morgan Stanley146J.P.Morgan146Wells Fargo149Barclays Capital1210Citigroup Global Markets11Source:S&P Global Market Intelligence.Exclusive Placement AgentAn affiliate ofhas acquiredBuyside Advisorhas transferred its student loan servicing contract w

11、ith the U.S.Department of Education and associated operations toSellside AdvisorGrowth Equity$40,000,000 Preferred EquityExclusive Placement AgentTerm Loan&Delayed Draw Term LoanRefinancing&Growth Financing$85,000,000Exclusive Placement Agenthas received an investment fromSellside Advisorhas sold a

12、49%stake toSellside Advisorhas been acquired bySellside Advisora subsidiary of has been acquired bySellside Advisorhas acquiredBuyside Advisorhas been acquired bySellside Advisorhas merged withSellside Advisorhas been acquired bySellside Advisorhas been acquired bySellside Advisorhas been acquired b

13、ySellside Advisorhas acquiredBuyside Advisorhas been acquired bySellside Advisorhas been acquired bySellside Advisora subsidiary of:has completed the sale of certain assets toSellside AdvisorSeries A Senior Secured NotesGrowth Capital$50,000,000Exclusive Financial Advisor&Placement AgentHolistic CEC

14、L StrategiesA CECL Strategy That Withstands Volatility and Downturns Is Critical The FASB set the effective date for the CECL standard(ASU 2016-13)to January 1,2023,for both smaller public and nonpublic business entities.A strategic and holistic approach to CECL mitigates volatility in an entitys fi

15、nancials,which is especially critical in the current economy.Houlihan Lokeys comprehensive CECL offering helps firms to not just meet immediate CECL obligations but also to endure through economic cycles.Our Comprehensive Offering Differentiates Us From Other CECL ProvidersImplementation/Review Advi

16、soryGuidance on developing CECL strategy,tool and data source selection,model review,valuation services,assistance with communications,and disclosures.Modeling AdvisoryEvaluation of appropriate CECL methodology selection(e.g.,CECL vs.the fair value opinion).Lifetime loss projections for quarterly an

17、d annual updates using our internal models and proprietary technology.Qualitative AdjustmentsBroad asset-class knowledge and through-the-cycle expertise to help defend strategies for qualitative adjustments.Governance and Best PracticesProject management best practices for quarterly and annual proce

18、sses.Technical Accounting Bridging modeling and financial reporting through supportable accounting documentation,financial statement disclosures,and adoption procedures.Technology AdvisoryCore business systems and process expertise enabling effective support of the CECL process.Why Firms With CECL R

19、equirements Need Houlihan LokeyAs the turbulence in the economy persists,Houlihan Lokey has the through-the-cycle knowledge to provide you with objective advice on developing your CECL process.Objectivity and ExpertiseWe analyze the CECL process holistically,not just focus on models and methods.We f

20、actor in corporate and risk strategiesgo-to-market,channel,technology,collections,and operational strategiespast and future,and help update models,processes,and disclosures appropriately.HolisticReviewWe specialize in multiple CECL methodologies,and we will recommend/run the most appropriate methods

21、.Our analyses are comprehensive and supportable from different perspectives.UniqueApproachHoulihan Lokey is at the forefront of the industry.Our clients benefit from our industry-leading practices and procedures that withstand the scrutiny of other audit,tax,and legal advisors,together with regulato

22、ry agencies.In the event of review by an outside party,our clients benefit from our reputation for objectivity as an industry leader.IndustryReputation4Robert ZarnochDirectorRZarnochHL.com212.665.8672Jonathan SloanManaging DirectorJSloanHL.com212.497.4232Oscar AartsManaging DirectorOAartsHL.com212.4

23、97.7869Recent DevelopmentsSource:M.Brent FerrinManaging DirectorFollowing the first year of the COVID-19 pandemic,M&A activity in the equipment leasing space accelerated in 2021That growth really slowed down through the first nine months of 2022,and a similar trend is expected into 2023External econ

24、omic hurdles,such as rising inflation,a weakened supply chain,spiking interest rates,and the war in Ukraine,have no doubt played a role in slowing down M&A,but these factors have also led to more scrutinizing due diligence and harsher portfolio assessmentsAs interest rates have increased,access to c

25、apital has become a bit trickier,particularly for companies with tighter spreadsThe more sluggish M&A activity of 2022 is likely going to continue throughout the rest of the year and into 2023 and maybe even 2024,but financial technology could be an outlierI think there may be some opportunity for y

26、our more traditional buyers to partake in fintech or tech-enabled lending deals that would allow them to perhaps buy into a tangential asset class that gives them some automation on the front end and the ability to underwrite smaller dealsDemanding Due DiligenceFunding Access Hampered2023 and Beyond

27、Robust Growth Has Slowed“Activity has definitely slowed down a bitPart of it was inevitable because we all knew that with rising macro interest rates,the banks were going to be able to make more money with their core businesses in their organic loan/lease portfolios,and,therefore,at some point,turn

28、to be a little less aggressive with inorganic expansion and M&A”“Buyers are taking a harder look and a deeper dive into current portfolios and using third parties to come in and dig in even more than they were previouslyThe environment where bank buyers were somewhat sight unseen,paying north of 10

29、x pre-tax and 2.53x+book multiples for any leasing business that could fog a mirror,is not the case anymore”Houlihan Lokeys Brent Ferrin was recently featured in Monitordaily,where he discussed M&A activity in the equipment leasing industry5Source:S&P Capital IQ data as of November 4,2022.Note:Publi

30、c company constituents can be seen on pages 8 and 9.Specialty Finance Market UpdateKey Themes Across the SectorPublic specialty finance companieshave traded down in 20221Inflation at historically high level2Ability of the Fed to achieve a“softlanding”through interest rate hikes3Imminentrecessionandh

31、igherunemployment levels3Outlook for originations and earningslower across sector4Concerns around credit deterioration5Performance vs.S&P 500(Nov.2020Nov.2022)U.S Interest Rates(Sept.2021Nov.2022)0.00%0.50%1.00%1.50%2.00%2.50%3.00%3.50%4.00%0-0.25%0.25-0.50%0.75%-1.00%2.25-2.50%1.50%-1.75%3.00-3.25%

32、3.75-4.00%6-56%-62%26%-36%-7%-21%-74%-65%-5%-39%-27%-21%-80%-60%-40%-20%0%20%40%InstallmentLendersLease-to-OwnPawn&OtherOther ConsumerCommercialFinanceS&P 500YTD%Change of 52wk High5.3x5.9x16.2x9.1x16.8x5.0 x4.6x13.7x8.3x11.1x0.0 x2.0 x4.0 x6.0 x8.0 x10.0 x12.0 x14.0 x16.0 x18.0 xInstallment Lenders

33、Lease-to-OwnPawn&OtherOther ConsumerCommercial Finance2022E P/EPS2023E P/EPSSource:S&P Capital IQ data as of November 4,2022.Note:Public company constituents can be seen on pages 8 and 9.Specialty Finance Market UpdateShare Price Performance Valuation MultiplesSpecialty Finance YTD MedianSpecialty F

34、inanceMedian-36%Specialty Finance 2022E P/E Median Specialty Finance Median5.6xMedian Forward(NTM)P/E(Nov.2020Nov.2022)2-Year Avg.Commercial Finance13.0 xConsumer Lenders10.5x7Public Company ValuationMedian Price/Tangible Book ValueMedian Revenue Growth RateMedian ROE(LTM)Commercial FinanceConsumer

35、LendersCommercial FinanceConsumer LendersCommercial FinanceConsumer LendersSource:S&P Capital IQ data as of November 4,2022.2.2x1.9xNovember 4,20211.4x1.5xNovember 4,202215.3%5.6%2020A2021A5.8%2.0%2021A2022E24.7%11.4%November 4,202118.1%14.0%November 4,20228Public Company Valuation(cont.)Source:S&P

36、Capital IQ data as of November 4,2022.(1)Implied market capitalization.(1)Operating MetricsLTM2021A2022EPrice as ofIndustryMarket%of 52P/EPSPricePreTaxRevenuePreTaxCompanyTicker11/4/2022FocusCapWeek High2022E2023EBVTBVROAROEMarginGrowthGrowthInstallment LendersOneMain Holdings,Inc.OMF$36.96Installme

37、nt$4,517.066.6%4.3x4.1x1.5x3.5x4.3%31.3%43.4%21.5%(33.8%)goeasy Ltd.GSY$81.29POS/Installment 1,291.240.79.47.41.62.85.820.235.580.3NMEnova International,Inc.ENVA$37.32Online Lender 1,174.177.95.55.11.01.46.918.026.483.2NMLendingClub CorporationLC$9.61Online Lender 1,009.820.05.68.40.91.12.130.713.03

38、3.0NMWorld Acceptance CorporationWRLD$71.16Installment 405.726.86.2NM1.11.23.34.02.79.8(24.5)Regional Management Corp.RM$28.76Installment 275.742.55.15.00.90.95.723.818.520.5(44.0)OppFi Inc.OPFI$2.20Online Lender 240.526.1NM6.3NMNM5.016.813.579.4(98.2)Oportun Financial CorporationOPRT$4.31Online Len

39、der 141.915.42.02.20.30.3NMNM(5.7)61.9(35.3)CURO Group Holdings Corp.CURO$3.40Online/Installment 137.716.9(6.3)2.31.1NM2.6NM(2.4)26.1NMElevate Credit,Inc.ELVT$1.02Online Lender 31.725.5NM2.00.20.2NMNM(14.6)19.5113.2Median26.4%5.3x5.0 x1.0 x1.2x4.7%20.2%13.2%29.6%(34.5%)Mean35.8%4.0 x4.8x1.0 x1.4x4.5

40、%20.7%13.0%43.5%(20.4%)Lease-to-OwnRent-A-Center,Inc.RCII$21.22Retail Leasing 1,181.340.85.96.02.2NM3.5NM1.4(7.2)13.2PROG Holdings,Inc.PRG$16.64Retail Leasing 832.534.37.16.51.55.516.9NM5.6(3.4)(62.6)The Aarons Company,Inc.AAN$9.71Retail Leasing 298.935.44.95.80.40.66.0NM0.722.0(67.2)Conns,Inc.CONN$

41、8.07Retail Leasing 192.930.02.1NM0.30.31.65.72.915.2NMKatapult Holdings,Inc.KPLT$0.92Retail Leasing 90.615.2NMNM4.65.0NMNM(6.8)(33.0)NMFlexShopper,Inc.FPAY$1.59Retail Leasing 34.450.24.821.2NMNM1.433.2(7.1)15.1NMMedian16.4%5.9x4.6x1.3x2.8x3.5%19.4%1.1%5.8%(62.6%)Mean19.3%7.1x5.4x2.0 x2.9x5.9%19.4%(0

42、.5%)1.4%(38.8%)PawnFirstCash Holdings,IncFCFS$95.43Pawn/LTO 4,420.195.418.915.52.5NM4.513.110.461.474.6EZCORP,Inc.EZPW$9.19Pawn 520.793.913.511.90.81.53.36.57.018.1NMMedian94.7%16.2x13.7x1.6x1.5x3.9%9.8%8.7%39.7%74.6%Mean94.7%16.2x13.7x1.6x1.5x3.9%9.8%8.7%39.7%74.6%Other ConsumerCredit Acceptance Co

43、rporationCACC$442.76Auto Financing 5,722.563.09.19.73.63.68.935.363.98.3(38.4)Nelnet,Inc.NNI$88.59Student Loan Servicing 3,296.988.813.213.11.01.12.416.540.18.9(3.6)Navient CorporationNAVI$14.92Student Loan Servicing 2,023.466.04.55.20.70.90.718.537.9(54.1)(40.1)PRA Group,Inc.PRAA$31.06NPLs 1,210.66

44、0.911.014.71.11.74.710.518.0(12.1)(41.0)Encore Capital Group,Inc.ECPG$45.57NPLs 1,065.762.74.06.90.92.77.926.529.0(8.1)(13.4)ECN Capital Corp.ECN$2.66Diversified 651.921.712.210.14.7NM1.23.711.771.8NMAmericas Car-Mart,Inc.CRMT$66.00BHPH 420.351.05.26.60.90.97.118.18.327.8(16.5)Sunlight Financial Hol

45、dings Inc.SUNL$1.21Solar/MIP 100.820.5NM5.20.2NMNMNMNM3.2NMMedian61.8%9.1x8.3x1.0 x1.4x4.7%18.1%29.0%5.8%(27.5%)Mean54.3%8.5x8.9x1.6x1.8x4.7%18.5%29.9%5.7%(25.5%)Total Consumer Median40.8%5.6x6.5x1.0 x1.2x4.4%18.0%10.4%18.8%(34.5%)Total Consumer Mean45.7%6.7x7.9x1.4x1.9x4.8%18.5%14.1%21.9%(19.8%)9Pu

46、blic Company Valuation(cont.)Source:S&P Capital IQ data as of November 4,2022.Operating MetricsLTM2021A2022EPrice as ofIndustryMarket%of 52P/EPSPricePreTaxRevenuePreTaxCompanyTicker11/4/2022FocusCapWeek High2022E2023EBVTBVROAROEMarginGrowthGrowthCommercial FinanceElement Fleet Management Corp.EFN13.

47、57Fleet Mgmt.5,344.872.716.815.31.75.13.011.432.5(25.1)29.9Air Lease CorporationAL35.13Aircraft Leasing 3,895.668.9NM6.90.60.62.7NM(5.6)11.034.2%GATX CorporationGATX105.75Rail 3,725.682.917.716.21.92.02.08.617.62.0NMMcGrath RentCorpMGRC96.73Heavy Equipment 2,358.599.121.720.93.13.95.914.019.917.417.

48、2Textainer Group Holdings LimitedTGH30.50Equipment Finance 1,370.972.84.95.50.80.84.017.235.80.74.8Chesswood Group LimitedTSX:CHW7.95Equipment Finance 141.452.25.75.30.71.11.615.528.7NMNMMedian72.7%16.8x11.1x1.2x1.5x2.9%14.0%24.3%2.0%23.6%Mean74.8%13.4x11.7x1.5x2.3x3.2%13.3%21.5%1.2%21.5%Total Speci

49、alty Finance Median40.7%6.2x5.8x1.1x1.5x4.5%17.6%11.3%9.8%(20.5%)Total Specialty Finance Mean43.8%8.2x7.7x1.5x2.6x10.2%13.7%15.6%13.5%(11.6%)10Consumer Finance TransactionsDealPriceAnn.Date(1)TargetTarget DescriptionAcquirerValueLTM EarningsBV TBV Aug-22Intercoastal Financial Group,LLCMarine and RV

50、Financing ECN Capital$75NANANASep-22CIG Financial LLCNon-Prime Auto FinancingAutoNation Inc.$85NANANAMay-22First Heritage CreditNear-prime consumer lendingCURO Group Holdings Corp.$1405.4xNANAMay-22CUROs U.S.Direct Lending BusinessU.S.direct consumer lending/single pay loansCommunity Choice Financia

51、l$3454.6xNANAApr-22First Equity Card Corporation Credit card issuer and servicerVerent,Inc.NANANANAFeb-22Financeit Canada Inc.Canadian HIP/Consumer POSWafra Capital PartnersNANANANAJan-22Dividend FinanceResi Solar&Home ImprovementFifth Third BancorpNANANANAJan-22Bay EquityResidential MortgageRedfin

52、Corporation$135NA2.2xNANov-21Aqua Finance,Inc.HIP LenderAthene Holding Ltd.$1,000NANANANov-21Heights Finance Corp.B+M InstallmentCURO Group Holdings Corp.$3608.8xNANAOct-21Fair Square Financial HoldingsDigital Credit Card CompanyAlly Financial Inc.$750NANANAOct-21American First Finance,Inc.Non-Prime

53、 POS/Lease PurchaseFirstCash,Inc.$1,29716.4xNANAOct-21United Auto Credit CorporationNon-Prime Auto FinancingVroom,Inc.$300NANANASep-21GreenSky,Inc.HIP LenderGoldman Sachs Group,Inc.$2,23226.2xNANASep-21First Investors Financial Services Group,Inc.Automotive specialty leasing services Sellantis N.V.$

54、285NANANAAug-21HomeBridge Financial Services,Inc.Mortgage services providerFigure Technologies,Inc.NANANANAAug-21Synchrony Banks Credit Card Portfolio Co-branded and private label credit card accountsBarclays Bank Delaware$3,900NANANAAug-21Service FinanceSales finance company and an approved FHA Tit

55、le I LenderTruist Fnancial Corp.$2,000NANANAAug-21Team CanalesProvides conventional,FHA,VA,and USDA loansChurchill MortgageNANANANAMay-21Premier Financial Services,LLCAutomotive specialty leasing services 1st Financial Bank USANANANANAApr-21Auto Lenders Liquidation Center,Inc.Auto dealer in buying,s

56、elling,and leasing used vehiclesCrestview Partners,L.P.NANANANAApr-21LendCare Holdings Inc.Point-of-sale(POS)platform for consumer purchasesgoeasy Ltd.$25513.0 xNANAFeb-21Flexiti Financial,Inc.Point-of-sale(POS)platformCURO Group$119NANANAJan-21Allegro CreditPoint-of-sale(POS)platform for music,hear

57、ing,and dentalSynchrony Financial(NYSE:SYF)NANANANAJan-21Social Finance,Inc.Online personal finance platformSocial Capital Hedosophia Holdings Corp.V.$8,650NMNANADec-20Acima Holdings LLCProvider of virtual lease-to-own solutionsRent-A-Center,Inc.(5)$1,6539.9xNANADec-20Katapult Holding,Inc.Point-of-s

58、ale(POS)platform for nonprime consumersFinServ Acquisition Corp.(6)$96235.6xNANAMay-20Asta Funding,Inc.NPL consumer debt consolidatorRBF Capital LLC$8111.7x0.9x0.9xFeb-20North State Acceptance,LLCSub-prime automobile finance companyFourshore Capital,LLCNANANANAFeb-20Fairstone Financial Inc.Non-prime

59、 credit card and consumer finance lenderDuo Bank$417NANANAJul-19Health Credit Services,LLCDigital point-of-sale payment solution for healthcare spaceAlly Financial Inc.$190NANANAJul-19Merchants PreferredLease purchase services for furniture Rent-A-Center,Inc.$48NANANAApr-19Athena Art Finance Corpora

60、tionLoan provider for global art marketYieldStreet Management,LLC$170NANANAAug-18LenderLive Network,LLCMortgage services providerComputershare Loan Services$32NA1.5xNAAug-18Mortgage Lenders of America LLCMortgage brokers and servicesZillow Group Inc.$67NA5.2x6.5xMean14.6x2.4x3.7xMedian11.7x1.8x3.7xR

61、ecent TransactionsSources:SNL,S&P Capital IQ,and public filings.Note:Screening criteria includes select FY18,FY19,FY20,and FY21 specialty finance(consumer-focused)transactions over$10 million in deal value located in the United States.(1)Deals that include an asterisk(*)denote pending transactions.(

62、2)Represents pre-tax 2022E adjusted earnings multiple.(3)Represents post-tax 2022E adjusted earnings multiple grossed up from pre-tax multiple of 6.5x.(4)Represents forward P/E multiple on 2021 earnings.(5)To calculate P/E multiple:Divided deal value by tax-effected 2020E EBITDA of$225 million,assum

63、ing 26.0%tax rate.(6)To calculate P/E multiple:Divided$962 million equity value by$27 million 2020E net income.($in millions)Consumer Finance:20182022YTD Select Transactions(4)(3)(2)(2)11Commercial Finance TransactionsDealPriceAnn.Date(1)TargetTarget DescriptionAcquirerValueBV TBV Sep-22Vision Finan

64、cial Group,Inc.Equipment Financing Civista Bank$39NANASep-22*BankDirect Capital Finance,LLC Insurance FinancingAFCO Credit Corporation$3,400NANAMay-22Wheaten Financial Equipment Financing TimePaymentNANANAApr-22iFinance Canada,Inc.Medical or Health Care Financing Iceberg Finance,Inc.NANANAMar-22Sout

65、heast Commercial Finance,LLCAsset Based LendingRenasant CorporationNANANAFeb-22Vantage Financial,LLCEquipment Financing Peoples Bancorp Inc.$75NANAFeb-22Safe Harbor Financial,LLCCommercial Finance(Cannabis)Northern Lights Acquisition Corp.$327NANAJan-22Merchants Mortgage&TrustFix&FlipKKRNANANAJan-22

66、HomeVestorsFix&FlipBayview Asset ManagementNANANAJan-22ACG Equipment FinanceEquipment Financing American Bank Holding CorporationNANANADec-21Encina Equipment Finance,LLCEquipment leasing and financingFranklin Resources,Inc./Benefit Street Partners NANANADec-21Balboa Capital CorporationSmall and medi

67、um-sized business lendingAmeris BankNANANADec-21Summit Funding Group,Inc.Equipment leasing and financingFirst Financial Bancorp$121NANAOct-21K2 Capital Group LLCEquipment leasing and financingPopular Equipment Finance,LLC$188NANASep-21North Avenue Capital,LLCAsset-backed lendingVeritex Community Ban

68、k$58NANAAug-21FastPay Partners LLCAsset-backed lending services for media companiesNorth Mill Capital LLCNANANAJun-21OTR CapitalFactoring and working capital services for the freight industrySummit Partners,L.P.NANANAJun-21Yardline Capital Corp.Growth capital solutions and insights to Amazon sellers

69、Thrasio Holdings,Inc.NANANAMay-21Fountain Leasing,LLCEquipment financing to SMESmartBankNANANAApr-21Marlin Business Services Corp.(NASDAQ:MRLN)Credit and service solutions to small-and mid-sized businessesHPS Investment Partners,LLC$2991.5x1.5xApr-21General Finance Corporation(NASDAQ:GFN)Specialty r

70、ental servicesUnited Rentals,Inc.(NYSE:URI)$9963.9xNAMar-21Southwest Rail Industries,Inc.Railcar leasing and management servicesSojitz Corporation of AmericaNANANAFeb-21Greenworks Lending,LLCCommercial property assessed clean energy financingNuveen,LLCNANANAJan-21BB&T Commercial Equipment Capital Co

71、rp.Commercial equipment leasing and financingTCF National BankNANANANov-20Donlen Corp.(Hertz Global Holdings Inc.)Fleet leasing and management solutionsAthene Holding Ltd.$8752.3x2.5xNov-20Kingsbridge Holdings,LLCEquipment finance solutionsSolar Capital Ltd.$216NANAOct-20CIT Group Inc.Commercial and

72、 consumer banking servicesFirst Citizens Bancshares,Inc.$2,1580.4x0.4xJul-20OnDeck Capital,Inc.Online lending to small businessesEnova International,Inc.$1170.5xNAJul-20Sky Bridge Business Funding,LLCShort-term capital advance solutions for small businessesRevenuedNANANAJul-20Vero Business Capital L

73、LCFreight factoring services for trucking company ownersLoves FinancialNANANAMay-2019th CapitalCredit and financing solution for fleet management firmsHilco GlobalNANANAOct-19CoreVest American Finance Lender,LLCBusiness-purpose lending originatorRedwood Trust,Inc.$4921.0 x1.4xFeb-19Pavestone Capital

74、,LLCFactoring solutions to transportation industryWEX Inc.$281.8xNAFeb-19Flex Fleet RentalTruck rental and leasingWaterfall Asset Mgmt./TRP Capital PartnersNANANAJan-19Pacific Rim Capital,Inc.Financial leasing services to material handling equipmentFuyo General Lease Co.,Ltd.NANANAJun-18Vend Lease C

75、ompany,Inc.Equipment financing servicesLEAF Commercial Capital,Inc.$37.52.8xNAMay-18Metro Truck and Tractor Leasing,Inc.Truck leasing and rental servicesRyder System,Inc.$52.02.6x2.7xMean1.9x1.7xMedian1.8x1.5xRecent Transactions(cont.)Sources:SNL,S&P Capital IQ,and public filings.Note:Screening crit

76、eria includes select FY18,FY19,FY20,FY21,and FY22 YTD specialty finance(commercial-focused)transactions over$10 million in deal value located in the United States.(1)Deals that include an asterisk(*)denote pending transactions.($in millions)Commercial Finance:20182022YTD Select Transactions12Houliha

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85、Financial Supervisory Authority(Bundesanstalt fr Finanzdienstleistungsaufsicht);(iii)the United Arab Emirates,Dubai International Financial Centre(Dubai):Houlihan Lokey(MEA Financial Advisory)Limited,regulated by the Dubai Financial Services Authority for the provision of advising on financial produ

86、cts,arranging deals in investments,and arranging credit and advising on credit to professional clients only;(iv)Singapore:Houlihan Lokey(Singapore)Private Limited and Houlihan Lokey Advisers Singapore Private Limited,each an“exempt corporate finance adviser”able to provide exempt corporate finance a

87、dvisory services to accredited investors only;(v)Hong Kong SAR:Houlihan Lokey(China)Limited,licensed in Hong Kong by the Securities and Futures Commission to conduct Type 1,4,and 6 regulated activities to professional investors only;(vi)India:Houlihan Lokey Advisory(India)Private Limited,registered

88、as an investment adviser with the Securities and Exchange Board of India(registration number INA000001217);and(vii)Australia:Houlihan Lokey(Australia)Pty Limited(ABN 74 601 825 227),a company incorporated in Australia and licensed by the Australian Securities and Investments Commission(AFSL number 4

89、74953)in respect of financial services provided to wholesale clients only.In the United Kingdom,European Economic Area(EEA),Dubai,Singapore,Hong Kong,India,and Australia,this communication is directed to intended recipients,including actual or potential professional clients(UK,EEA,and Dubai),accredi

90、ted investors(Singapore),professional investors(Hong Kong),and wholesale clients(Australia),respectively.Other persons,such as retail clients,are NOT the intended recipients of our communications or services and should not act upon this communication.Houlihan Lokey gathers its data from sources it c

91、onsiders reliable;however,it does not guarantee the accuracy or completeness of the information provided within this presentation.The material presented reflects information known to the authors at the time this presentation was written,and this information is subject to change.Houlihan Lokey makes

92、no representations or warranties,expressed or implied,regarding the accuracy of this material.The views expressed in this material accurately reflect the personal views of the authors regarding the subject securities and issuers and do not necessarily coincide with those of Houlihan Lokey.Officers,d

93、irectors,and partners in the Houlihan Lokey group of companies may have positions in the securities of the companies discussed.This presentation does not constitute advice or a recommendation,offer,or solicitation with respect to the securities of any company discussed herein,is not intended to prov

94、ide information upon which to base an investment decision,and should not be construed as such.Houlihan Lokey or its affiliates may from time to time provide investment banking or related services to these companies.Like all Houlihan Lokey employees,the authors of this presentation receive compensation that is affected by overall firm profitability.15Corporate Finance Financial RestructuringFinancial and Valuation AdvisoryHL.com