HOULIHAN LOKEY, INC.

**Signal Note: Eventide Initiates HLI Position** This $40.9M position in Houlihan Lokey (investment banking/advisory) is notable given Eventide's biotech-focused mandate, suggesting anticipated M&A activity in the sector. The timing aligns with increased dealmaking pressure as biotech valuations remain depressed and larger pharma seeks bolt-on acquisitions, making HLI's advisory services increasingly valuable as a structural beneficiary of sector consolidation rather than a direct therapeutic play.