# HOULIHAN LOKEY CAPITAL, INC. X-17A-5 (2025-05-19) — Broker-dealer annual report

- Company: HOULIHAN LOKEY CAPITAL, INC.
- Form: X-17A-5
- Filed: 2025-05-19
- Period: 2025-03-31
- Accession: 0000789994-25-000012
- CIK: 789994
- File #: 8-35643
- Type: Broker-dealer
- Material weakness: No
- Auditor: KPMG LLP
- Auditor location: Los Angeles, CA
- Contact: Ed Taniguchi
- Phone: 3107885397
- Signed by: Scott Adelson (President)

Original filing: https://www.sec.gov/Archives/edgar/data/789994/000078999425000012/FY25HLCPublic1.pdf

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# Houlihan Lokey Capital, Inc.

(SEC I.D. NO. 8-35643)

## Financial Statement

## As of March 31, 2025

(With Report of Independent Registered Public Accounting Firm Thereon)

Filed pursuant to Rule 17a-5(e)(3) as a PUBLIC DOCUMENT.

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### HOULIHAN LOKEY CAPITAL, INC. TABLE OF CONTENTS

| Report of Independent Registered Public Accounting Firm |  |
|---------------------------------------------------------|--|
| Statement of Financial Condition as of March 31, 2025   |  |
| Notes to Financial Statement                            |  |

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![](_page_2_Picture_0.jpeg)

KPMG LLP Suite 1500 550 South Hope Street Los Angeles, CA 90071-2629

### **Report of Independent Registered Public Accounting Firm**

To the Stockholder and Board of Directors Houlihan Lokey Capital, Inc.:

### *Opinion on the Financial Statement*

We have audited the accompanying statement of financial condition of Houlihan Lokey Capital, Inc. (the Company) as of March 31, 2025, and the related notes (collectively, the financial statement). In our opinion, the financial statement presents fairly, in all material respects, the financial position of the Company as of March 31, 2025, in conformity with U.S. generally accepted accounting principles.

### *Basis for Opinion*

This financial statement is the responsibility of the Company's management. Our responsibility is to express an opinion on this financial statement based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statement is free of material misstatement, whether due to error or fraud. Our audit included performing procedures to assess the risks of material misstatement of the financial statement, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statement. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statement. We believe that our audit provides a reasonable basis for our opinion.

![](_page_2_Picture_9.jpeg)

We have served as the Company's auditor since 2006.

Los Angeles, California May 19, 2025

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| AA3BA                                                                  |          |  |  |  |  |
| /A6/<21/A63?C7D/:3<BA                                                  |          |  |  |  |  |
| !<D3AB;3<BA31C@7B73A                                                   |          |  |  |  |  |
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| (3137D/0:34@=;/447:7/B3%=B3                                            |          |  |  |  |  |
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| 343@@327<1=;3B/F3A%=B3                                                 |          |  |  |  |  |
| &B63@/AA3BA                                                            |          |  |  |  |  |
| *=B/:/AA3BA                                                            |          |  |  |  |  |
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| #7/07:7B73A/<2)B=196=:23@A?C7BG                                        |          |  |  |  |  |
| #7/07:7B73A                                                            |          |  |  |  |  |
| 343@@327<1=;3                                                          |          |  |  |  |  |
| *=B/::7/07:7B73A                                                       |          |  |  |  |  |
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| =;;7B;3<BA/<21=<B7<53<173A%=B3                                         |          |  |  |  |  |
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| )B=196=:23@A3?C7BG                                                     |          |  |  |  |  |
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| 227B7=</:>/72<br>7<1/>7B/:                                             |          |  |  |  |  |
| (3B/7<323/@<7<5A                                                       |          |  |  |  |  |
| *=B/:AB=196=:23@A3?C7BG                                                |          |  |  |  |  |
| *=B/::7/07:7B73A/<2AB=196=:23@A3?C7BG                                  |          |  |  |  |  |

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{7}------------------------------------------------

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|                                                      | '7).<br> |
|------------------------------------------------------|----------|
| (3137D/0:3A                                          |          |
| +<07::32E=@97<>@=5@3AA	<3B=4/::=E/<134=@1@327B:=AA3A | <br>     |
| =<B@/1BAA3BA                                         | <br>     |
| =<B@/1B#7/07:7B73A                                   | <br>     |

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{8}------------------------------------------------

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### **49+@3;+892+39!+):7/9/+8**

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|                        | '7).<br>    |  |                            |  |                                 |  |           |
|------------------------|-------------|--|----------------------------|--|---------------------------------|--|-----------|
|                        | 2479/?+*489 |  | 7488<br>#37+'1/?+*<br>'/38 |  | 7488<br>#37+'1/?+*<br><br>488+8 |  | '/7\$'1:+ |
| =@>=@/B3230BA31C@7B73A | <br>        |  |                            |  |                                 |  |           |
| +)B@3/AC@GA31C@7B73A   | <br>        |  |                            |  |                                 |  |           |
| *=B/:A31C@7B73A        | <br>        |  |                            |  |                                 |  |           |

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|                                                 | '7).<br>    |  |  |                       |
|-------------------------------------------------|-------------|--|--|-----------------------|
|                                                 | 2479/?+*489 |  |  | 89/2'9+*'/7<br>\$'1:+ |
| C3E7B67<=<3G3/@                                 |             |  |  |                       |
| C3E7B67<G3/@ABE=B6@=C5647D3                     |             |  |  |                       |
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### **49+
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|                               | '7).<br> |      |  |      |  |      |  |       |
|-------------------------------|----------|------|--|------|--|------|--|-------|
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{9}------------------------------------------------

#### **49+@114<'3)+,477+\*/9488+8**

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|              | '7).<br>             |  |                           |  |
|--------------|----------------------|--|---------------------------|--|
|              | ))4:398<br>+)+/;'(1+ |  | #3(/11+*%470<br>/374-7+88 |  |
| <27<50/:/<13 |                      |  |                           |  |

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|                                         | '7).<br> |  |  |
|-----------------------------------------|----------|--|--|
| 343@@32B/F/AA3BA                        |          |  |  |
| 343@@321=;>3<A/B7=<3F>3<A3/11@C320=<CA | <br>     |  |  |
| ::=E/<134=@1@327B:=AA3A                 | <br>     |  |  |
| &B63@	<3B                               | <br>     |  |  |
| *=B/:2343@@32B/F/AA3BA                  | <br>     |  |  |
| 343@@32B/F:7/07:7B73A                   |          |  |  |
| 11=C<BA@3137D/0:3/<2E=@97<>@=5@3AA      | <br>     |  |  |
| &B63@	<3B                               | <br>     |  |  |
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|                                                | '7).<br> |  |
|------------------------------------------------|----------|--|
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{10}------------------------------------------------

#### **49+@ +8+7;+ +6:/7+2+398,47740+7847+'1+78**

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#### **49+@+9'5/9'1 +6:/7+2+398**

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#### **49+ @!:(8+6:+39;+398**

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