PFM was the top underwriter in 2025, advising just over $95 billion in par.
CSG Advisors was the only new entrant into the top 10, bumping Piper Sandler to No. 11.
PFM advised the most deals in the fourth quarter at 200 deals.
Hilltop Securities, which ranked third in Q4, was second with 96 deals, followed by Baker Tilly, which ranked No. 17 in Q4, with 87 deals.
The top three financial advisors have remained the same over the past several quarters: PFM in first, PRAG in second and HilltopSecurities in third.
PFM has advised on $172.288 billion in par over the past two years, almost double the par amount of the second- and third-ranked firms combined — PRAG with $107.081 billion and HilltopSecurities with $66.205 billion.
Quinn Aitchison contributed to this piece.
