[Form 4] Houlihan Lokey, Inc. Insider Trading Activity
Christopher M. Crain, General Counsel of Houlihan Lokey, Inc. (HLI), reported insider transactions dated 09/02/2025. The Form 4 shows he acquired 500 shares of Class B common stock and simultaneously sold 500 shares of Class A common stock at $196.22 per share. After the transactions Crain directly beneficially owns 0 Class A shares; he retains indirect beneficial ownership of 53,438 Class A shares through the HL Voting Trust where he retains investment control and dispositive power. The sale was executed under a Rule 10b5-1 trading plan adopted on 11/18/2024.
Christopher M. Crain, General Counsel di Houlihan Lokey, Inc. (HLI), ha riportato operazioni di insider dating 02/09/2025. Il Modulo 4 indica che ha acquistato 500 azioni di classe B e contemporaneamente ha venduto 500 azioni di classe A a 196,22 USD per azione. Dopo le operazioni Crain non detiene direttamente azioni di classe A; mantiene tuttavia la titolarit脿 beneficiaria indiretta di 53.438 azioni di classe A attraverso la HL Voting Trust, sulla quale conserva il controllo degli investimenti e il potere dispositvo. La vendita 猫 stata eseguita nell'ambito di un piano di negoziazione ai sensi della Regola 10b5-1 adottato il 18/11/2024.
Christopher M. Crain, Asesor General de Houlihan Lokey, Inc. (HLI), inform贸 operaciones de insider fechadas el 02/09/2025. El Formulario 4 muestra que adquiri贸 500 acciones de la clase B y, al mismo tiempo, vendi贸 500 acciones de la clase A a 196,22 USD por acci贸n. Tras las operaciones, Crain no posee directamente acciones de clase A; conserva, sin embargo, la propiedad beneficiaria indirecta de 53.438 acciones de clase A a trav茅s del HL Voting Trust, sobre el que mantiene el control de inversi贸n y el poder dispositvo. La venta se ejecut贸 conforme a un plan de negociaci贸n seg煤n la Regla 10b5-1 adoptado el 18/11/2024.
Houlihan Lokey, Inc. (HLI)鞚� 氩曤瓿犽 Christopher M. Crain鞚� 2025雲� 9鞗� 2鞚检瀽 雮措秬鞛愱卑霝橂ゼ 氤搓碃頄堨姷雼堧嫟. 鞝滌稖霅� Form 4鞐� 霐半ゴ氅� 攴鸽姅 韥措灅鞀� B 氤错喌欤� 500欤茧ゼ 毵れ垬頃橁碃 霃欖嫓鞐� 韥措灅鞀� A 氤错喌欤� 500欤茧ゼ 欤茧嫻 196.22雼煬鞐� 毵る弰頄堨姷雼堧嫟. 瓯半灅 頉� Crain鞚� 韥措灅鞀� A 欤检嫕鞚� 歆侅爲 氤挫湢頃橁碃 鞛堨 鞎婌毵�, HL Voting Trust毳� 韱淀暣 韴瀽 韱奠牅甓岅臣 觳橂秳甓岇潉 鞙犾頃� 毂� 韥措灅鞀� A 欤检嫕 53,438欤检潣 臧勳爲鞝� 鞁れ唽鞙犼秾鞚� 氤挫湢頃橁碃 鞛堨姷雼堧嫟. 頃措嫻 毵る弰電� 2024雲� 11鞗� 18鞚� 毂勴儩霅� Rule 10b5-1 瓯半灅瓿勴殟鞐� 霐半澕 鞁ろ枆霅橃棃鞀惦媹雼�.
Christopher M. Crain, conseiller juridique de Houlihan Lokey, Inc. (HLI), a d茅clar茅 des op茅rations d'initi茅 dat茅es du 02/09/2025. Le formulaire 4 indique qu'il a acquis 500 actions de cat茅gorie B et qu'il a simultan茅ment vendu 500 actions de cat茅gorie A au prix de 196,22 USD par action. Apr猫s ces op茅rations, Crain ne d茅tient directement aucune action de cat茅gorie A ; il conserve toutefois la qualit茅 de propri茅taire b茅n茅ficiaire indirect de 53 438 actions de cat茅gorie A via le HL Voting Trust, sur lequel il conserve le contr么le des investissements et le pouvoir de disposition. La vente a 茅t茅 ex茅cut茅e dans le cadre d'un plan de n茅gociation au titre de la r猫gle 10b5-1 adopt茅 le 18/11/2024.
Christopher M. Crain, General Counsel von Houlihan Lokey, Inc. (HLI), meldete Insider-Transaktionen vom 02.09.2025. Das Formular 4 zeigt, dass er 500 Aktien der Klasse B erworben und gleichzeitig 500 Aktien der Klasse A zu 196,22 USD je Aktie ver盲u脽ert hat. Nach den Transaktionen besitzt Crain direkt keine Klasse-A-Aktien; 眉ber den HL Voting Trust h盲lt er jedoch das wirtschaftliche Eigentum an 53.438 Klasse-A-Aktien, wobei er die Investitionskontrolle und Verf眉gungsbefugnis beh盲lt. Der Verkauf wurde im Rahmen eines Rule-10b5-1-Handelsplans ausgef眉hrt, der am 18.11.2024 beschlossen wurde.
- Transaction executed under a Rule 10b5-1 plan, indicating pre-arranged trading and reduced appearance of opportunistic insider timing
- Reporting of indirect ownership via HL Voting Trust clarifies that the reporting person retains investment control and dispositive power over 53,438 Class A shares
- Direct beneficial ownership of Class A common stock reduced to 0 after the reported sale of 500 shares
- Sale of 500 shares at $196.22 represents insider liquidity that could be viewed negatively by some investors, though materiality is not stated
Insights
TL;DR: Insider sold 500 Class A shares under a 10b5-1 plan; retains significant indirect exposure via voting trust.
The reported sale of 500 Class A shares at $196.22 was conducted pursuant to a pre-established Rule 10b5-1 plan, which indicates the trade was pre-planned rather than opportunistic. The simultaneous acquisition of 500 Class B shares (convertible one-for-one into Class A) leaves Crain with no direct Class A holdings but maintains economic exposure through the HL Voting Trust's 53,438 Class A shares, over which he retains investment control. For investors, this reflects routine insider liquidity while preserving aligned economic interest through the voting trust.
TL;DR: Disclosure aligns with Section 16 reporting and 10b5-1 procedures; voting trust arrangement maintains governance influence.
The Form 4 discloses both the use of a Rule 10b5-1 plan and the retention of investment control over shares in a voting trust, demonstrating compliance with reporting requirements and continued governance influence despite the direct holding reduction. The filing clearly states conversion terms for Class B shares and the role of the HL Voting Trust, which is important for assessing control and voting power. No unusual amendments or complex derivatives are reported beyond the convertible Class B shares.
Christopher M. Crain, General Counsel di Houlihan Lokey, Inc. (HLI), ha riportato operazioni di insider dating 02/09/2025. Il Modulo 4 indica che ha acquistato 500 azioni di classe B e contemporaneamente ha venduto 500 azioni di classe A a 196,22 USD per azione. Dopo le operazioni Crain non detiene direttamente azioni di classe A; mantiene tuttavia la titolarit脿 beneficiaria indiretta di 53.438 azioni di classe A attraverso la HL Voting Trust, sulla quale conserva il controllo degli investimenti e il potere dispositvo. La vendita 猫 stata eseguita nell'ambito di un piano di negoziazione ai sensi della Regola 10b5-1 adottato il 18/11/2024.
Christopher M. Crain, Asesor General de Houlihan Lokey, Inc. (HLI), inform贸 operaciones de insider fechadas el 02/09/2025. El Formulario 4 muestra que adquiri贸 500 acciones de la clase B y, al mismo tiempo, vendi贸 500 acciones de la clase A a 196,22 USD por acci贸n. Tras las operaciones, Crain no posee directamente acciones de clase A; conserva, sin embargo, la propiedad beneficiaria indirecta de 53.438 acciones de clase A a trav茅s del HL Voting Trust, sobre el que mantiene el control de inversi贸n y el poder dispositvo. La venta se ejecut贸 conforme a un plan de negociaci贸n seg煤n la Regla 10b5-1 adoptado el 18/11/2024.
Houlihan Lokey, Inc. (HLI)鞚� 氩曤瓿犽 Christopher M. Crain鞚� 2025雲� 9鞗� 2鞚检瀽 雮措秬鞛愱卑霝橂ゼ 氤搓碃頄堨姷雼堧嫟. 鞝滌稖霅� Form 4鞐� 霐半ゴ氅� 攴鸽姅 韥措灅鞀� B 氤错喌欤� 500欤茧ゼ 毵れ垬頃橁碃 霃欖嫓鞐� 韥措灅鞀� A 氤错喌欤� 500欤茧ゼ 欤茧嫻 196.22雼煬鞐� 毵る弰頄堨姷雼堧嫟. 瓯半灅 頉� Crain鞚� 韥措灅鞀� A 欤检嫕鞚� 歆侅爲 氤挫湢頃橁碃 鞛堨 鞎婌毵�, HL Voting Trust毳� 韱淀暣 韴瀽 韱奠牅甓岅臣 觳橂秳甓岇潉 鞙犾頃� 毂� 韥措灅鞀� A 欤检嫕 53,438欤检潣 臧勳爲鞝� 鞁れ唽鞙犼秾鞚� 氤挫湢頃橁碃 鞛堨姷雼堧嫟. 頃措嫻 毵る弰電� 2024雲� 11鞗� 18鞚� 毂勴儩霅� Rule 10b5-1 瓯半灅瓿勴殟鞐� 霐半澕 鞁ろ枆霅橃棃鞀惦媹雼�.
Christopher M. Crain, conseiller juridique de Houlihan Lokey, Inc. (HLI), a d茅clar茅 des op茅rations d'initi茅 dat茅es du 02/09/2025. Le formulaire 4 indique qu'il a acquis 500 actions de cat茅gorie B et qu'il a simultan茅ment vendu 500 actions de cat茅gorie A au prix de 196,22 USD par action. Apr猫s ces op茅rations, Crain ne d茅tient directement aucune action de cat茅gorie A ; il conserve toutefois la qualit茅 de propri茅taire b茅n茅ficiaire indirect de 53 438 actions de cat茅gorie A via le HL Voting Trust, sur lequel il conserve le contr么le des investissements et le pouvoir de disposition. La vente a 茅t茅 ex茅cut茅e dans le cadre d'un plan de n茅gociation au titre de la r猫gle 10b5-1 adopt茅 le 18/11/2024.
Christopher M. Crain, General Counsel von Houlihan Lokey, Inc. (HLI), meldete Insider-Transaktionen vom 02.09.2025. Das Formular 4 zeigt, dass er 500 Aktien der Klasse B erworben und gleichzeitig 500 Aktien der Klasse A zu 196,22 USD je Aktie ver盲u脽ert hat. Nach den Transaktionen besitzt Crain direkt keine Klasse-A-Aktien; 眉ber den HL Voting Trust h盲lt er jedoch das wirtschaftliche Eigentum an 53.438 Klasse-A-Aktien, wobei er die Investitionskontrolle und Verf眉gungsbefugnis beh盲lt. Der Verkauf wurde im Rahmen eines Rule-10b5-1-Handelsplans ausgef眉hrt, der am 18.11.2024 beschlossen wurde.
FAQ
What transactions did Christopher M. Crain report on Form 4 for HLI?
Were the trades by the HLI reporting person part of a Rule 10b5-1 plan?
How many HLI shares does Crain beneficially own after these transactions?
What is the conversion relationship between HLI Class B and Class A shares?
Who filed the Form 4 on behalf of Christopher Crain and when?
