Form 4: Houlihan Lokey Co-Chairman Donates 8,000 Shares
Insider Transaction Report
Scott L. Beiser, Co-Chairman of Houlihan Lokey, reported a conversion of Class B to Class A common stock and a subsequent charitable donation of 8,000 Class A shares.
Summary
- Scott L. Beiser, Co-Chairman, Director, and 10% Owner of Houlihan Lokey, Inc. (HLI), reported transactions on November 10, 2025.
- He converted 8,000 shares of Class B Common Stock into 8,000 shares of Class A Common Stock.
- Subsequently, he made a charitable donation of these 8,000 shares of Class A Common Stock, receiving no value for the donated shares.
- Following these transactions, Beiser directly owns 0 shares of Class A Common Stock.
- He indirectly beneficially owns 800,413 shares of Class B Common Stock through the HL Voting Trust, where he serves as a trustee with shared voting control and a pecuniary interest.
Sentiment
Score: 6
Explanation: The filing reports a routine insider transaction involving a conversion and a charitable donation. While a donation is generally positive, the reduction in direct holdings is a neutral event in this context, as it's a personal philanthropic act rather than a sale for value. The overall impact on company sentiment is minimal.
Positives
- A charitable donation by a key executive demonstrates philanthropic engagement.
Negatives
- A reduction in direct Class A Common Stock holdings by a Co-Chairman, although this was a donation and not a sale for value.
Future Outlook
This Form 4 filing does not contain forward-looking statements or guidance regarding the company's future outlook.
Industry Context
This insider transaction is specific to Houlihan Lokey and its Co-Chairman and does not directly reflect broader industry trends or competitive dynamics. Insider transactions, particularly donations, are generally viewed as personal financial planning rather than strategic corporate moves.
Comparison to Industry Standards
- NA
Corporate Governance
| Change Type | Description | Effective Date | Impact Assessment |
|---|---|---|---|
| Beneficial Ownership Structure Clarification | The filing clarifies the nature of Class B Common Stock convertibility and the indirect beneficial ownership through the HL Voting Trust, where the reporting person has shared voting control and pecuniary interest. | 11/10/2025 | Reinforces the existing dual-class share structure and the control mechanisms for Class B shares held by key insiders, without indicating a change to the structure itself. |
Stakeholder Impact
- Shareholders: Minimal direct impact as this is a personal donation by an insider, not a sale for value. The conversion from Class B to Class A and subsequent donation does not significantly alter the overall outstanding share count or voting power structure.
- Community/Charitable Organizations: Positive impact due to the charitable donation.
Key Dates
| Date | Description |
|---|---|
| 11/10/2025 | Transaction date for the conversion of Class B to Class A Common Stock and the subsequent charitable donation of Class A Common Stock. |
| 11/12/2025 | Signature date of the reporting person's attorney-in-fact for the Form 4 filing. |
Keywords
Houlihan Lokey, HLI, Scott L. Beiser, Form 4, Insider Transaction, Stock Conversion, Charitable Donation, Class A Common Stock, Class B Common Stock, Corporate Governance
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