CRAIN CHRISTOPHER M 4

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.