Houlihan Lokey Co-Chairman Sells 40,000 Converted Shares on 08/27/2025

Rhea-AI Filing Summary

Paul Eric Siegert, Co-Chairman and officer of Houlihan Lokey, Inc. (HLI), reported transactions on 08/27/2025 involving Class A and Class B common stock. The filing shows a conversion activity that resulted in the acquisition of 40,000 Class A shares and a contemporaneous sale of 40,000 Class A shares at a weighted average price of $199.95 per share, leaving the reporting person with 0 direct Class A shares after the sale. The report also discloses beneficial indirect ownership of 384,657 Class A shares held through the HL Voting Trust, with the reporting person retaining investment and dispositive control over those trust shares. The form is signed by an attorney-in-fact on behalf of Siegert and includes conversion details that Class B converts one-for-one into Class A.

Insights

Securities Analyst

TL;DR: Routine insider conversion and sale; represents a realized cashing of converted shares while retaining voting control via trust.

The Form 4 documents a conversion and immediate disposition of 40,000 Class A shares on 08/27/2025 at a weighted average sale price of $199.95. Such transactions are common following conversion events tied to dual-class structures and may reflect liquidity-taking rather than a change in strategic control, particularly because the reporting person continues to hold significant indirect ownership (384,657 shares) through the HL Voting Trust. For investors, the key factual points are the number of shares converted and sold, the weighted average sale price, and the retained indirect stake via the voting trust.

Corporate Governance Expert

TL;DR: Governance implications are limited; reporting person preserves investment and dispositive power via a voting trust.

The filing clarifies that Class B shares convert one-for-one to Class A and that the reporting person retains investment control over shares in the HL Voting Trust. This preserves governance influence despite the reported sale. The form does not show any change in beneficial control of the company beyond the disclosed sale and continued trust holdings. No new agreements, pledges, or transfers altering control are reported.

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

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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^*

SIEGERT PAUL ERIC

(Last) (First) (Middle)

C/O HOULIHAN LOKEY, INC.

10250 CONSTELLATION BLVD., 5TH FL.

(Street)

LOS ANGELES CA 900067

(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)

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

3. Date of Earliest Transaction (Month/Day/Year)
08/27/2025

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)
			Code	V	Amount	(A) or (D)	Price
CLASS A COMMON STOCK	08/27/2025		C(1)		40,000	A	$0	40,000	D
CLASS A COMMON STOCK	08/27/2025		S		40,000	D	$199.95(2)	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)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
CLASS B COMMON STOCK	(1)	08/27/2025		C			40,000	(1)	(1)	CLASS A COMMON STOCK	40,000	$0	0	D
CLASS B COMMON STOCK	(1)							(1)	(1)	CLASS A COMMON STOCK	384,657		384,657	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. Per share price reflects the weighted average price in a series of open market sales on August 27, 2025 at prices ranging from $199.13 per share to $200.49 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.

3. 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.

Remarks:

	/s/ J. Lindsey Alley, Attorney-in-Fact for Paul Eric Siegert	08/28/2025
	** 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).
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FAQ

What did Paul Eric Siegert report on Form 4 for HLI?

He reported a conversion and sale on 08/27/2025: 40,000 Class A shares acquired via conversion and 40,000 Class A shares sold at a weighted average price of $199.95.

How many HLI shares does Paul Eric Siegert still beneficially own?

Indirectly 384,657 Class A shares are held through the HL Voting Trust, with the reporting person retaining investment and dispositive control.

What is the conversion relationship between Class B and Class A shares?

Class B converts one-for-one into Class A common stock at the holder's option, upon transfer, or automatically on the Final Conversion Date per the filing explanation.

At what price were the sold shares executed?

The weighted average sale price was $199.95, with reported trade prices ranging from $199.13 to $200.49 on 08/27/2025.

Who signed the Form 4?

The form was signed by J. Lindsey Alley as attorney-in-fact for Paul Eric Siegert on 08/28/2025.