HOULIHAN LOKEY INC

Ticker: HLI CUSIP: 441593100 Class: Common Stock

Arizona State Retirement System's Holding History (CIK: 0001558481)

Note: Option positions (PUT/CALL) are excluded.

Q4 2025

Shares 15,170 Value ($000) $2,642 Avg Close $183.13 Range $169.41 - $204.73

Q3 2025

Shares 15,918 Value ($000) $3,268 Avg Close $195.01 Range $175.61 - $211.05

Q2 2025

Shares 15,767 Value ($000) $2,837 Avg Close $166.54 Range $136.63 - $184.21

Q1 2025

Shares 15,419 Value ($000) $2,490 Avg Close $169.69 Range $149.97 - $185.90

Q4 2024

Shares 15,483 Value ($000) $2,689 Avg Close $173.44 Range $153.55 - $189.01

Q3 2024

Shares 15,125 Value ($000) $2,390 Avg Close $146.63 Range $130.86 - $160.22

Q2 2024

Shares 14,590 Value ($000) $1,968 Avg Close $127.95 Range $119.24 - $134.64

Q1 2024

Shares 14,230 Value ($000) $1,824 Avg Close $120.44 Range $109.03 - $130.06

Q4 2023

Shares 14,366 Value ($000) $1,723 Avg Close $105.04 Range $91.55 - $120.06

Q3 2023

Shares 14,473 Value ($000) $1,550 Avg Close $99.37 Range $90.56 - $107.28

Q2 2023

Shares 14,215 Value ($000) $1,397 Avg Close $86.66 Range $80.22 - $95.52

Q1 2023

Shares 14,444 Value ($000) $1,264 Avg Close $89.63 Range $81.10 - $96.49

Q4 2022

Shares 14,014 Value ($000) $1,221 Avg Close $85.15 Range $70.45 - $96.78

Q3 2022

Shares 13,442 Value ($000) $1,013 Avg Close $76.26 Range $69.71 - $83.75

Q2 2022

Shares 13,724 Value ($000) $1,083 Avg Close $78.20 Range $71.63 - $84.16

Q1 2022

Shares 13,786 Value ($000) $1,210 Avg Close $95.83 Range $81.62 - $113.97

Q4 2021

Shares 13,637 Value ($000) $1,412 Avg Close $98.98 Range $85.64 - $110.99

Q3 2021

Shares 14,004 Value ($000) $1,290 Avg Close $80.88 Range $72.92 - $89.74

Q2 2021

Shares 14,004 Value ($000) $1,145 Avg Close $66.47 Range $59.57 - $76.01

Q1 2021

Shares 14,939 Value ($000) $994 Avg Close $61.62 Range $57.76 - $66.76

Q4 2020

Shares 14,796 Value ($000) $995 Avg Close $58.88 Range $52.42 - $64.70

Q3 2020

Shares 14,910 Value ($000) $880 Avg Close $51.77 Range $47.64 - $54.74

Q2 2020

Shares 10,053 Value ($000) $559 Avg Close $52.34 Range $44.63 - $58.16

Q1 2020

Shares 9,804 Value ($000) $511 Avg Close $46.30 Range $38.44 - $52.93

Period	Shares	Value ($000)	Average Close	Price Range
Q4 2025	15,170	$2,642	$183.13	$169.41 - $204.73
Q3 2025	15,918	$3,268	$195.01	$175.61 - $211.05
Q2 2025	15,767	$2,837	$166.54	$136.63 - $184.21
Q1 2025	15,419	$2,490	$169.69	$149.97 - $185.90
Q4 2024	15,483	$2,689	$173.44	$153.55 - $189.01
Q3 2024	15,125	$2,390	$146.63	$130.86 - $160.22
Q2 2024	14,590	$1,968	$127.95	$119.24 - $134.64
Q1 2024	14,230	$1,824	$120.44	$109.03 - $130.06
Q4 2023	14,366	$1,723	$105.04	$91.55 - $120.06
Q3 2023	14,473	$1,550	$99.37	$90.56 - $107.28
Q2 2023	14,215	$1,397	$86.66	$80.22 - $95.52
Q1 2023	14,444	$1,264	$89.63	$81.10 - $96.49
Q4 2022	14,014	$1,221	$85.15	$70.45 - $96.78
Q3 2022	13,442	$1,013	$76.26	$69.71 - $83.75
Q2 2022	13,724	$1,083	$78.20	$71.63 - $84.16
Q1 2022	13,786	$1,210	$95.83	$81.62 - $113.97
Q4 2021	13,637	$1,412	$98.98	$85.64 - $110.99
Q3 2021	14,004	$1,290	$80.88	$72.92 - $89.74
Q2 2021	14,004	$1,145	$66.47	$59.57 - $76.01
Q1 2021	14,939	$994	$61.62	$57.76 - $66.76
Q4 2020	14,796	$995	$58.88	$52.42 - $64.70
Q3 2020	14,910	$880	$51.77	$47.64 - $54.74
Q2 2020	10,053	$559	$52.34	$44.63 - $58.16
Q1 2020	9,804	$511	$46.30	$38.44 - $52.93