IRWIN GOLD - 16 Sep 2025 Form 4 Insider Report for HOULIHAN LOKEY, INC. (HLI)

Role: CO-CHAIRMAN, Director, 10%+ Owner
Signature: /s/ J. Lindsey Alley, Attorney-in-Fact for Irwin N. Gold
Issuer symbol: HLI
Transactions as of: 16 Sep 2025
Net transactions value: -$1,380,930
Form type: 4
Filing time: 18 Sep 2025, 16:32:25 UTC
Previous filing: 30 Jun 2025
Next filing: 08 Dec 2025
SEC: View on sec.gov

Reporting Owners (1)

Name	Relationship	Address	Signature	Signature date	CIK
GOLD IRWIN	CO-CHAIRMAN, Director, 10%+ Owner	C/O HOULIHAN LOKEY, INC., 10250 CONSTELLATION BLVD., 5TH FLOOR, LOS ANGELES	/s/ J. Lindsey Alley, Attorney-in-Fact for Irwin N. Gold	17 Sep 2025	0001122672

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	HLI	CLASS A COMMON STOCK	Conversion of derivative security	$0	+6,811		$0.000000	6,811	16 Sep 2025	Direct	F1
transaction	HLI	CLASS A COMMON STOCK	Sale	$1,380,930	-6,811	-100%	$202.75	0	16 Sep 2025	Direct	F2

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Underlying Class	Amount	Exercise Price	Ownership	Footnotes
transaction	HLI	CLASS B COMMON STOCK	Conversion of derivative security	$0	-6,811	-100%	$0.000000	0	16 Sep 2025	CLASS A COMMON STOCK	6,811		Direct	F1
holding	HLI	CLASS B COMMON STOCK						1,071,385	16 Sep 2025	CLASS A COMMON STOCK	1,071,385		BY HL VOTING TRUST	F1, F3

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id	Content
F1	Class B Common Stock is convertible into Class A Common Stock on a one-for-one basis at the option of the holder, upon any transfer, and automatically upon the Final Conversion Date (as defined in the Issuer's Registration Statement on Form S-1, as amended (No. 333-205610) concerning the Issuer's initial public offering). The Class B Common Stock has no expiration date.
F2	Per share price reflects the weighted average price in a series of open market sales on September 16, 2025 at prices ranging from $202.50 per share to $203.04 per share. The reporting person undertakes to provide to Houlihan Lokey, Inc., and security holder of Houlihan Lokey, Inc., or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range identified in this footnote.
F3	The reporting person is a trustee of the HL Voting Trust (the "Voting Trust"). The trustees of the Voting Trust have shared voting control over the shares deposited into the Voting Trust. The reporting person has a pecuniary interest in and investment control over the shares reported herein.