HOULIHAN LOKEY INC

Ticker: HLI CUSIP: 441593100 Class: Common Stock

BW Gestao de Investimentos Ltda.'s Holding History (CIK: 0001568280)

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

Q4 2025

Shares 38,974 Value ($000) $6,789 Avg Close $183.13 Range $169.41 - $204.73

Q3 2025

Shares 48,000 Value ($000) $9,855 Avg Close $195.01 Range $175.61 - $211.05

Q2 2025

Shares 30,400 Value ($000) $5,470 Avg Close $166.54 Range $136.63 - $184.21

Period	Shares	Value ($000)	Average Close	Price Range
Q4 2025	38,974	$6,789	$183.13	$169.41 - $204.73
Q3 2025	48,000	$9,855	$195.01	$175.61 - $211.05
Q2 2025	30,400	$5,470	$166.54	$136.63 - $184.21