Houlihan Lokey counsel sells 1,000 shares at $140

HOULIHAN LOKEY, INC.

Rhea-AI Filing Summary

HOULIHAN LOKEY, INC. (HLI) reported that its General Counsel, Christopher M. Crain, converted 1,000 shares of Class B Common Stock into 1,000 shares of Class A Common Stock on September 10, 2026 and sold the 1,000 Class A shares at $140.15 per share. After these transactions, Crain continues to have indirect ownership of 51,328 shares of Class B Common Stock (convertible one-for-one into Class A) held through the HL Voting Trust, over which he retains investment control and dispositive power. No Rule 10b5-1 trading plan is reported.

Insider Trade Summary

Exercise and sale activity reported; no spread calculated

Exercise and Sale 4 txns

Insider CRAIN CHRISTOPHER M

Role GENERAL COUNSEL

Sold 1,000 shs ($140K)

Approx. gross sale proceeds $140K

Type	Security	Shares	Price	Value
Conversion	CLASS B COMMON STOCK F1	1,000	$0.00	$0.00
Conversion	CLASS A COMMON STOCK F1	1,000	$0.00	$0.00
Sale	CLASS A COMMON STOCK	1,000	$140.15	$140K
holding	CLASS B COMMON STOCK F1, F2	--	--	--

Holdings After Transaction: CLASS B COMMON STOCK — 0 contracts (Direct); CLASS A COMMON STOCK — 0 shares (Direct); CLASS B COMMON STOCK — 51,328 contracts (Indirect, BY HL VOTING TRUST)

Footnotes (2)

1. 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.
2. F2. 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.

Key Figures

Class B shares converted: 1,000 shares Class A shares acquired via conversion: 1,000 shares Class A shares sold: 1,000 shares +3 more

6 metrics

Class B shares converted 1,000 shares Class B Common Stock converted into Class A on September 10, 2026

Class A shares acquired via conversion 1,000 shares Class A Common Stock received from Class B conversion on September 10, 2026

Class A shares sold 1,000 shares Sale of Class A Common Stock on September 10, 2026

Sale price per Class A share $140.15 per share Sale of 1,000 Class A shares on September 10, 2026

Indirect Class B holdings via HL Voting Trust 51,328 shares Indirect Class B Common Stock position reported after the transactions

Underlying Class A shares from indirect Class B 51,328 shares One-for-one conversion potential from Class B to Class A via HL Voting Trust

Key Terms

Class B Common Stock, Class A Common Stock, HL Voting Trust, Final Conversion Date, +1 more

5 terms

Class B Common Stock financial

"Class B Common Stock is convertible into Class A Common Stock on a one-for-one basis"

A class B common stock is one of multiple types of a company’s ordinary shares that carries specific rights—often different voting power or dividend priority—compared with other classes. For investors it matters because those differences affect how much influence you have over company decisions, the income you might receive, and how freely the shares trade; think of it like owning a car with different keys: some keys let you start the engine and open the trunk, others only unlock the door.

Class A Common Stock financial

"converted 1,000 shares of Class B Common Stock into 1,000 shares of Class A Common Stock"

Class A common stock is a category of a company’s shares that carries a specific set of ownership rights—most commonly defined voting power and claims on dividends—set out in the company’s charter. For investors it matters because the class determines how much influence you have over corporate decisions, the share’s likely dividend and trading behavior, and how it compares in value to other share classes, like choosing a particular seat with different privileges at the company’s decision-making table.

HL Voting Trust financial

"The shares are held by the HL Voting Trust (the "Voting Trust")."

Final Conversion Date regulatory

"automatically upon the Final Conversion Date (as defined in the Issuer's Registration Statement"

Registration Statement on Form S-1 regulatory

"as defined in the Issuer's Registration Statement on Form S-1, as amended"

A registration statement on Form S-1 is a detailed filing a company submits to the U.S. securities regulator to register new shares for public sale; it includes a plain-language prospectus, financial statements, business description and risk factors. For investors it matters because it provides the official, comprehensive blueprint of the offering — like an owner’s manual — allowing buyers to assess risks, inspect financial health and compare valuation before deciding to invest.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What insider transaction did HLI’s General Counsel report on this Form 4?

Christopher M. Crain converted 1,000 shares of Class B Common Stock into 1,000 shares of Class A Common Stock on September 10, 2026 and sold the 1,000 Class A shares at $140.15 per share the same day.

How many HOULIHAN LOKEY (HLI) shares were sold and at what price?

The filing reports a sale of 1,000 shares of Class A Common Stock at a price of $140.15 per share on September 10, 2026 by Christopher M. Crain in a transaction coded as a sale.

Does the HLI Form 4 indicate use of a Rule 10b5-1 trading plan?

No. The Form 4 indicates no Rule 10b5-1 trading plan for these transactions; the document-level checkbox is not marked as being made pursuant to such a plan.

What indirect holdings in HLI does Christopher M. Crain report after the transaction?

Crain reports 51,328 shares of Class B Common Stock held indirectly through the HL Voting Trust, convertible into 51,328 shares of Class A Common Stock on a one-for-one basis.

What is the conversion feature of HLI’s Class B Common Stock mentioned in the Form 4?

The Form 4 notes that 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, and that Class B has no expiration date.

Who controls the HLI shares held in the HL Voting Trust?

According to the footnote, the HL Voting Trust holds the shares, and the reporting person, Christopher M. Crain, retains investment control and dispositive power over the shares deposited into the Voting Trust.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Available on EDGAR 09/10/2026 - 04:57 PM Accepted by SEC EDGAR 09/10/2026 - 04:56 PM Learn about SEC filing dates

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

CRAIN CHRISTOPHER M

(Last) (First) (Middle)

C/O HOULIHAN LOKEY, INC.

10250 CONSTELLATION BLVD., 5TH FLOOR

(Street)

LOS ANGELES CALIFORNIA 90067

(City) (State) (Zip)

UNITED STATES

(Country)

2. Issuer Name and Ticker or Trading Symbol
HOULIHAN LOKEY, INC. [ HLI ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	GENERAL COUNSEL

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
09/10/2026

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

4. If Amendment, Date of Original Filed (Month/Day/Year)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
CLASS A COMMON STOCK	09/10/2026		C(1)		1,000	A	$0	1,000	D
CLASS A COMMON STOCK	09/10/2026		S		1,000	D	$140.15	0	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
CLASS B COMMON STOCK	(1)	09/10/2026		C			1,000	(1)	(1)	CLASS A COMMON STOCK	1,000	$0	0	D
CLASS B COMMON STOCK	(1)							(1)	(1)	CLASS A COMMON STOCK	51,328		51,328	I(2)	BY HL VOTING TRUST

Explanation of Responses:

1. 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.

2. 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.

Remarks:

	/s/ J. Lindsey Alley, Attorney-in-Fact for Christopher M. Crain	09/10/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 4: SEC 1474 (03-26)