Christopher M. Crain - 26 Nov 2025 Form 4 Insider Report for HOULIHAN LOKEY, INC. (HLI)

Role: GENERAL COUNSEL
Signature: /s/ J. Lindsey Alley, Attorney-in-Fact for Christopher M. Crain
Issuer symbol: HLI
Transactions as of: 26 Nov 2025
Net transactions value: $0
Form type: 4
Filing time: 01 Dec 2025, 16:26:58 UTC
Previous filing: 03 Sep 2025
Next filing: 05 Jan 2026
SEC: View on sec.gov

Reporting Owners (1)

Name	Relationship	Address	Signature	Signature date	CIK
CRAIN CHRISTOPHER M	GENERAL COUNSEL	C/O HOULIHAN LOKEY, INC., 10250 CONSTELLATION BLVD., 5TH FLOOR, LOS ANGELES	/s/ J. Lindsey Alley, Attorney-in-Fact for Christopher M. Crain	01 Dec 2025	0001649160

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	+1,200		$0.000000	1,200	26 Nov 2025	Direct	F1
transaction	HLI	CLASS A COMMON STOCK	Gift	$0	-1,200	-100%	$0.000000	0	26 Nov 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	-1,200	-100%	$0.000000	0	26 Nov 2025	CLASS A COMMON STOCK	1,200		Direct	F1
holding	HLI	CLASS B COMMON STOCK						52,238	26 Nov 2025	CLASS A COMMON STOCK	52,238		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	On November 26, 2025, the reporting person made a charitable donation of 1,200 shares of Class B Common Stock. No value was received for the donated shares.
F3	The shares are held by the HL Voting Trust (the "Voting Trust"). The reporting person retains investment control and dispositive power over the shares deposited into the Voting Trust.