DALLAS, December 17, 2025 – Hilltop Securities Inc. (HilltopSecurities) is pleased to announce that three of its municipal finance professionals have been named to Smith’s Research and Gradings’ (Smith’s) 2025 Municipal Analysts All-Star Team. This also marks the fourth year HilltopSecurities ranked among the top 10 in Smith’s All-Star Team rankings, placing No. 9.

Tom Kozlik, Head of Public Policy and Municipal Strategy, earned First Team honors in the Generalist category and Third Team recognition in both the Municipal Strategist and Sell-side Director of Research categories. This is his eighth consecutive year on the First Team in the generalist category, his sixth year on the sell-side director of research list, and his first year being recognized in the municipal strategist category.

Yaffa Rattner, Head of Municipal Credit, was selected to Smith’s Second Team in the High Yield Generalist category. This marks her ninth consecutive year as a Smith’s All-Star in the High Yield, Senior Living or Charter School categories.

Doug Nelson, Municipal Credit Analyst, was named to the Third Team in the Transportation – Airports category, earning All-Star recognition for the eighth year in a row.

Founded in 1992, the Smith’s All-Star Municipal Analyst Team is widely regarded as one of the municipal market’s most prestigious honors. The 2025 ballot featured more than 315 analysts from over 85 firms, with more than 1,000 institutional investors participating in the selection process.

“These awards reflect the exceptional work Tom, Yaffa, and Doug do every day,” said HilltopSecurities President and CEO Brad Winges. “We’re proud to see their efforts recognized across the industry and grateful for the value they bring to the communities and institutions we serve.”

HilltopSecurities team members at the annual Smith’s All-Star Awards in New York City. Pictured from left to right: Tom Kozlik, Yaffa Rattner, and Doug Nelson.

About Hilltop Securities Inc.
HilltopSecurities is a full-service municipal investment bank and wealth advisory firm providing a full suite of financial services for public entities, institutional investors, housing finance agencies, broker-dealers, and individual investors. Founded in 1946, its primary areas of focus include public finance, capital markets, structured finance, retail brokerage, clearing services, and securities lending. Hilltop Securities Inc.’s goal is to build long-term relationships to help communities, businesses, and individuals thrive. A wholly owned subsidiary of Hilltop Holdings Inc. (NYSE: HTH), HilltopSecurities’ affiliates include Momentum Independent Network, HilltopSecurities Asset Management, HilltopSecurities Insurance, PlainsCapital Bank, and PrimeLending. Learn more at HilltopSecurities.com. Member: NYSE/FINRA/SIPC.

CONTACT: 
Hilltop Holdings Inc.
Ben Brooks
214.252.4047
Ben.Brooks@Hilltop-Holdings.com