CRAIN CHRISTOPHER M 4
4 · HOULIHAN LOKEY, INC. · Filed Apr 2, 2026
Research Summary
AI-generated summary of this filing
Houlihan Lokey (HLI) GC Christopher Crain Sells 500 Shares
What Happened Christopher M. Crain, General Counsel of Houlihan Lokey, converted 500 shares of Class B common stock into Class A common stock (one-for-one) and sold 500 Class A shares in an open-market/private sale on April 1, 2026. The sale price was $143.40 per share, generating proceeds of $71,700. The conversion involved no cash payment (conversion of a derivative/convertible security).
Key Details
- Transaction date: April 1, 2026.
- Sale: 500 shares disposed at $143.40/share — total proceeds $71,700.
- Conversion: 500 Class B shares converted into Class A shares on a one-for-one basis (no cash).
- Shares owned after transaction: not specified in the filing.
- Footnotes: Sale was effected pursuant to a Rule 10b5-1 trading plan adopted November 18, 2024 (F2). Class B shares are convertible to Class A one-for-one and have no expiration (F1). Some shares are held in the HL Voting Trust; Crain retains investment control and dispositive power over shares in the trust (F3).
- Filing: Report filed April 2, 2026 for a transaction on April 1, 2026 (appears timely).
Context This was a routine sale following a conversion of convertible (Class B) shares into Class A shares; the conversion itself required no cash. Because the sale was made under a pre-established Rule 10b5-1 plan, it was likely pre-scheduled rather than a discretionary trade by the insider. Sales are common insider activity and do not, by themselves, indicate company outlook.
Insider Transaction Report
- Conversion
CLASS A COMMON STOCK
[F1]2026-04-01+500→ 500 total - Sale
CLASS A COMMON STOCK
[F2]2026-04-01$143.40/sh−500$71,700→ 0 total - Conversion
CLASS B COMMON STOCK
[F1]2026-04-01−500→ 0 total→ CLASS A COMMON STOCK (500 underlying)
- 51,238(indirect: By Trust)
CLASS B COMMON STOCK
[F1][F3]→ CLASS A COMMON STOCK (51,238 underlying)
Footnotes (3)
- [F1]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.
- [F2]The sales reported in this Form 4 were effected pursuant to a Rule 10b5-1 trading plan adopted by the reporting person on November 18, 2024.
- [F3]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.