What was the price for the HLI share conversion and donation?

Both the conversion and the donation were reported at $0.

Houlihan Lokey insider converts 8,000 B-to-A, gifts 8,000 A

Q: What insider transaction did HLI report on this Form 4?

On November 10, 2025, the insider converted 8,000 Class B into 8,000 Class A and then made a charitable donation of 8,000 Class A.

Q: What are the insider’s direct HLI holdings after the transactions?

Direct Class A holdings were 0 shares after the transactions.

Q: How many HLI shares are reported as indirectly owned?

The filing reports 800,413 shares of Class A beneficially owned indirectly through the HL Voting Trust.

Q: What roles does the reporting person hold at HLI?

He is listed as a Director, 10% Owner, and Co‑Chairman.

Houlihan Lokey (HLI) insider Scott L. Beiser reported a conversion and a charitable gift of company stock.

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Filing Sentiment

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Sentiment and the balance of points

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Form Type

Rhea-AI Filing Summary

Houlihan Lokey (HLI) insider Scott L. Beiser reported a conversion and a charitable gift of company stock. On November 10, 2025, he converted 8,000 shares of Class B into 8,000 shares of Class A at $0, then donated 8,000 shares of Class A at $0.

Following these transactions, his direct Class A holdings were 0 shares. He reports 800,413 shares of Class A beneficially owned indirectly via the HL Voting Trust. The filing notes Class B converts to Class A on a one-for-one basis and has no expiration.

Insider Trade Summary

8,000 shares exercised/converted

Exercise 4 txns

Insider BEISER SCOTT L

Role CO-CHAIRMAN

Type	Security	Shares	Price	Value
Conversion	CLASS B COMMON STOCK	8,000	$0.00	$0.00
Conversion	CLASS A COMMON STOCK	8,000	$0.00	$0.00
Gift	CLASS A COMMON STOCK	8,000	$0.00	$0.00
holding	CLASS B COMMON STOCK	--	--	--

Holdings After Transaction: CLASS B COMMON STOCK — 0 contracts (Direct); CLASS A COMMON STOCK — 0 shares (Direct); CLASS B COMMON STOCK — 800,413 contracts (Indirect, BY HL VOTING TRUST)

Footnotes (3)

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 10, 2025, the reporting person made a charitable donation of 8,000 shares of Class A Common Stock. No value was received for the donated shares.
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.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What insider transaction did HLI report on this Form 4?

On November 10, 2025, the insider converted 8,000 Class B into 8,000 Class A and then made a charitable donation of 8,000 Class A.

What are the insider’s direct HLI holdings after the transactions?

Direct Class A holdings were 0 shares after the transactions.

How many HLI shares are reported as indirectly owned?

The filing reports 800,413 shares of Class A beneficially owned indirectly through the HL Voting Trust.

What is the Class B to Class A conversion ratio at HLI?

Class B Common Stock converts into Class A Common Stock on a one-for-one basis and has no expiration date.

What roles does the reporting person hold at HLI?

He is listed as a Director, 10% Owner, and Co‑Chairman.

AI-generated analysis. How Rhea-AI works. Not financial advice.

Form 4 Insider Transactions: What Each Field Means →

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Accepted by SEC EDGAR 11/12/2025 - 04:55 PM

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

BEISER SCOTT L

(Last)

(First)

(Middle)

C/O HOULIHAN LOKEY, INC.

10250 CONSTELLATION BLVD., 5TH FLOOR

(Street)

LOS ANGELES

90067

(City)

(State)

(Zip)

2. Issuer Name and Ticker or Trading Symbol
HOULIHAN LOKEY, INC. [ HLI ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director	X	10% Owner
X	Officer (give title below)		Other (specify below)
	CO-CHAIRMAN

3. Date of Earliest Transaction (Month/Day/Year)
11/10/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
CLASS A COMMON STOCK	11/10/2025		C⁽¹⁾		8,000	A	$0	8,000	D
CLASS A COMMON STOCK	11/10/2025		G		8,000⁽²⁾	D	$0	0	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
CLASS B COMMON STOCK	⁽¹⁾	11/10/2025		C			8,000	⁽¹⁾	⁽¹⁾	CLASS A COMMON STOCK	8,000	$0	0	D
CLASS B COMMON STOCK	⁽¹⁾							⁽¹⁾	⁽¹⁾	CLASS A COMMON STOCK	800,413		800,413	I⁽³⁾	BY HL VOTING TRUST

Explanation of Responses:

1. 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.

2. On November 10, 2025, the reporting person made a charitable donation of 8,000 shares of Class A Common Stock. No value was received for the donated shares.

3. 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.

Remarks:

	/s/ J. Lindsey Alley, Attorney-in-Fact for Scott L. Beiser	11/12/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

Source: View Original Filing on SEC EDGAR