SCOTT L. BEISER - 22 May 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 Scott L. Beiser
Issuer symbol: HLI
Transactions as of: 22 May 2025
Transactions value $: $0
Form type: 4
Filing time: 23 May 2025, 16:30:29 UTC
Previous filing: 20 May 2025
Next filing: 12 Nov 2025
SEC: View on sec.gov

Reporting Owners (1)

Name	Relationship	Address	Signature	Signature date	CIK
BEISER SCOTT L	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 Scott L. Beiser	23 May 2025	0001649212

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	Award	$0	+2.96K		$0.00	2.96K	22 May 2025	CLASS A COMMON STOCK	2.96K		Direct	F1, F2
transaction	HLI	CLASS B COMMON STOCK	Award	$0	+2.82K		$0.00	2.82K	22 May 2025	CLASS A COMMON STOCK	2.82K		Direct	F1, F3
transaction	HLI	CLASS B COMMON STOCK	Deposit into or withdrawal from voting trust	$0	-5.78K	-0.71%	$0.00	808K	22 May 2025	CLASS A COMMON STOCK	5.78K		BY HL VOTING TRUST	F1, F4

* 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 Dates (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 "Offering"). The Class B Common Stock has no expiration date.
F2	On May 22, 2025, the Issuer granted 2,959 shares of Class B Common Stock to the reporting person pursuant to its 2016 Incentive Award Plan, which vest in four equal annual installments following the grant date.
F3	On May 22, 2025, the Issuer granted 2,818 performance shares of Class B Common Stock to the reporting person pursuant to its 2016 Incentive Award Plan, which vest in four equal annual installments following the grant date if certain performance goals based upon revenue growth are achieved. If on vesting date such performance criteria are not achieved, the annual installment of shares will be forfeited
F4	Represents shares of Class B Common Stock deposited into the HL Voting Trust (the "Voting Trust"). The reporting person is a trustee of 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.