Houlihan Lokey (HLI) Form 144 Reveals Proposed 6,811-Share Sale

Rhea-AI Filing Summary

Houlihan Lokey (HLI) Form 144 summary: An insider filed a notice to sell 6,811 common shares on or about 09/16/2025 through Morgan Stanley Smith Barney on the NYSE, with an aggregate market value reported at $1,380,898.92. The shares were acquired on 05/15/2025 as restricted stock that vested under a registered plan tied to services rendered.

The filing also reports a prior sale by the IRWIN N GOLD FAMILY TRUST of 5,000 shares on 06/30/2025 for gross proceeds of $914,028.50. The filer certifies they are not aware of undisclosed material adverse information about the issuer.

Positive

• None.

Negative

• Insider sale notice: Proposed sale of 6,811 shares with aggregate market value of $1,380,898.92, which may be viewed negatively by some investors
• Recent prior sale: IRWIN N GOLD FAMILY TRUST sold 5,000 shares on 06/30/2025 for $914,028.50

Insights

Securities Analyst

TL;DR: Insider plans to sell vested restricted shares worth about $1.38M; prior sale of 5,000 shares realized $914K.

The Form 144 notifies the market of a proposed sale of 6,811 common shares scheduled for approximately 09/16/2025 through Morgan Stanley Smith Barney, with an indicated aggregate market value of $1,380,898.92. The shares originated from a restricted stock vesting event on 05/15/2025, tied to services rendered, which is a common executive compensation mechanism. The filing also discloses a recent sale by the IRWIN N GOLD FAMILY TRUST of 5,000 shares on 06/30/2025 for $914,028.50. For investors, these are routine insider-sale disclosures required for compliance and do not, by themselves, provide information about company performance.

Corporate Governance Expert

TL;DR: Disclosure aligns with Rule 144 requirements; transaction appears to be vesting-driven, not an open-market planned disposition detail.

The notice shows restricted stock vesting as the acquisition event and lists the intended broker and exchange for sale. The filer attests no undisclosed material adverse information. The filing does not state a trading plan or 10b5-1 adoption date, so the sale appears to be a standard post-vesting disposition subject to Rule 144 timing and volume constraints. From a governance standpoint, this is a standard compliance disclosure rather than an indicator of corporate governance issues.

Form 144 Filer Information	UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 144 NOTICE OF PROPOSED SALE OF SECURITIES PURSUANT TO RULE 144 UNDER THE SECURITIES ACT OF 1933
FORM 144

144: Filer Information

Filer CIK
Filer CCC
Is this a LIVE or TEST Filing?	LIVE TEST
Submission Contact Information
Name
Phone
E-Mail Address

144: Issuer Information

Name of Issuer

SEC File Number

Address of Issuer

Phone

Name of Person for Whose Account the Securities are To Be Sold

See the definition of "person" in paragraph (a) of Rule 144. Information is to be given not only as to the person for whose account the securities are to be sold but also as to all other persons included in that definition. In addition, information shall be given as to sales by all persons whose sales are required by paragraph (e) of Rule 144 to be aggregated with sales for the account of the person filing this notice.

Relationship to Issuer

144: Securities Information

Title of the Class of Securities To Be Sold	Name and Address of the Broker	Number of Shares or Other Units To Be Sold	Aggregate Market Value	Number of Shares or Other Units Outstanding	Approximate Date of Sale	Name the Securities Exchange
Common	Morgan Stanley Smith Barney LLC Executive Financial Services 1 New York Plaza 8th Floor New York NY 10004	6811	1380898.92	54369453	09/16/2025	NYSE

Furnish the following information with respect to the acquisition of the securities to be sold and with respect to the payment of all or any part of the purchase price or other consideration therefor:

144: Securities To Be Sold

Title of the Class	Date you Acquired	Nature of Acquisition Transaction	Name of Person from Whom Acquired	Is this a Gift?	Date Donor Acquired	Amount of Securities Acquired	Date of Payment	Nature of Payment *
Common	05/15/2025	Restricted stock vesting under a registered plan	Issuer			6811	05/15/2025	Services Rendered

* If the securities were purchased and full payment therefor was not made in cash at the time of purchase, explain in the table or in a note thereto the nature of the consideration given. If the consideration consisted of any note or other obligation, or if payment was made in installments describe the arrangement and state when the note or other obligation was discharged in full or the last installment paid.

Furnish the following information as to all securities of the issuer sold during the past 3 months by the person for whose account the securities are to be sold.

144: Securities Sold During The Past 3 Months

Name and Address of Seller	Title of Securities Sold	Date of Sale	Amount of Securities Sold	Gross Proceeds
IRWIN N GOLD FAMILY TRUST 10250 CONSTELLATION BLVD., 5TH FLOOR LOS ANGELES CA 90067	Common	06/30/2025	5000	914028.50

144: Remarks and Signature

Remarks

Date of Notice

ATTENTION:

The person for whose account the securities to which this notice relates are to be sold hereby represents by signing this notice that he does not know any material adverse information in regard to the current and prospective operations of the Issuer of the securities to be sold which has not been publicly disclosed. If such person has adopted a written trading plan or given trading instructions to satisfy Rule 10b5-1 under the Exchange Act, by signing the form and indicating the date that the plan was adopted or the instruction given, that person makes such representation as of the plan adoption or instruction date.

Signature

ATTENTION: Intentional misstatements or omission of facts constitute Federal Criminal Violations (See 18 U.S.C. 1001)

FAQ

What does the HLI Form 144 disclose about the planned sale?

The Form 144 discloses a proposed sale of 6,811 common shares via Morgan Stanley Smith Barney on the NYSE around 09/16/2025, with an aggregate market value of $1,380,898.92.

How were the shares that are being sold acquired?

The 6,811 shares were acquired on 05/15/2025 through restricted stock vesting under a registered plan in exchange for services rendered.

Does the filing report any recent sales by related parties?

Yes, the IRWIN N GOLD FAMILY TRUST sold 5,000 common shares on 06/30/2025 for gross proceeds of $914,028.50.

Does the filer state there is undisclosed adverse information about HLI?

The filer represents by signing the notice that they do not know of any material adverse information about the issuer that has not been publicly disclosed.

Which broker and exchange are listed for the proposed sale?

The broker is listed as Morgan Stanley Smith Barney LLC and the exchange is the NYSE.