Houlihan Lokey (HLI) General Counsel Christopher Crain Sells 1,000 Shares

What Happened Christopher M. Crain, General Counsel of Houlihan Lokey (HLI), converted Class B common stock into Class A common stock and sold 1,000 shares in an open-market transaction on September 10, 2026. The conversion was recorded at $0.00 (one-for-one per the company’s S-1 terms), and the subsequent sale fetched $140.15 per share for total proceeds of $140,150. The filing also shows a related conversion entry removing 1,000 derivative shares (the conversion reduced his derivative holdings).

Key Details

• Transaction date: 2026-09-10
• Conversion (Class B to Class A): 1,000 shares acquired at $0.00 (one-for-one conversion per Form S-1)
• Open-market sale: 1,000 shares sold at $140.15 each = $140,150 total
• Additional conversion line: 1,000 derivative shares marked as disposed (reflects conversion of derivative position)
• Shares owned after transaction: not specified in this filing
• Footnotes: F1 — Class B converts one-for-one to Class A and has no expiration; F2 — shares are held in the HL Voting Trust but the reporting person retains investment and dispositive control
• Filing timeliness: Filing and transaction date are the same (no late filing indicated)

Context

• The conversion was a zero-cost structural conversion of Class B into Class A stock (per the issuer’s S-1 terms); the converted shares were then sold in the open market.
• Conversions of convertible shares are bookkeeping actions that change the form of ownership (derivative → common), and the sale is a straightforward disposition of the resulting common shares.
• This summary is factual and does not infer the insider’s motivation; sales are common for many reasons (liquidity, diversification, etc.).