Form 4: Houlihan Lokey Co-Chairman Gold's Stock Transactions

Irwin Gold, Co-Chairman of Houlihan Lokey, reported a conversion of Class B to Class A common stock followed by a charitable donation of Class A shares.

Summary

• Irwin Gold, Co-Chairman, Director, and 10% Owner of Houlihan Lokey, Inc. (HLI), reported stock transactions on December 5, 2025.
• Gold converted 5,000 shares of Class B Common Stock into 5,000 shares of Class A Common Stock.
• Immediately following the conversion, Gold made a charitable donation of these 5,000 shares of Class A Common Stock.
• No value was received for the donated shares.
• After these transactions, Gold's direct beneficial ownership of Class A Common Stock is 0 shares.
• Gold continues to indirectly beneficially own 1,066,385 shares of Class B Common Stock through the HL Voting Trust, where he is a trustee with shared voting control and pecuniary interest.

Sentiment

Score: 5

Explanation: The filing reports routine insider transactions involving stock conversion and a charitable donation, which are neutral to the company's operational performance and financial health.

Positives

• The charitable donation of 5,000 shares of Class A Common Stock may be viewed positively from an ESG perspective.

Negatives

• The direct beneficial ownership of Class A Common Stock by Irwin Gold decreased by 5,000 shares due to the charitable donation.

Future Outlook

This Form 4 filing does not contain any forward-looking statements or guidance regarding the company's future outlook.

Industry Context

This filing reports a routine insider transaction and does not provide information related to broader industry trends or competitive landscape.

Stakeholder Impact

• Shareholders: The direct beneficial ownership of Class A shares by a key insider decreased slightly, but overall control and indirect holdings remain substantial.
• Charitable Organizations: The recipient of the 5,000 Class A shares benefits from the donation.

Key Dates

Recommendation

The Form 4 reports a routine insider transaction involving a stock conversion and a charitable donation. This type of transaction, involving a relatively small number of shares compared to the insider's total holdings and the company's market capitalization, typically does not provide new material information that would warrant a change in the investment thesis or stock recommendation for Houlihan Lokey.

Keywords

HLI, Houlihan Lokey, Form 4, Insider Transaction, Irwin Gold, Class A Common Stock, Class B Common Stock, Charitable Donation, Beneficial Ownership, Stock Conversion