Form 4: Houlihan Lokey Co-Chairman Irwin Gold Executes Planned Sale of Class A Common Stock

Houlihan Lokey Co-Chairman Irwin Gold converted 5,000 Class B shares to Class A and subsequently sold them for approximately $182.81 per share, as part of a pre-arranged trading plan.

Summary

• Irwin Gold, Co-Chairman, Director, and 10% Owner of Houlihan Lokey, Inc. (HLI), executed a transaction on June 30, 2025.
• The transaction involved the conversion of 5,000 shares of Class B Common Stock into 5,000 shares of Class A Common Stock.
• Immediately following the conversion, 5,000 shares of Class A Common Stock were sold on the open market.
• The shares were sold at a weighted average price of $182.81 per share, with prices ranging from $182.51 to $183.28.
• Following these transactions, Irwin Gold directly holds 0 Class A Common Stock.
• Irwin Gold continues to indirectly beneficially own 1,078,196 shares of Class B Common Stock through the HL Voting Trust, where he is a trustee with shared voting control and pecuniary/investment control.
• The transaction was made pursuant to a Rule 10b5-1(c) pre-arranged trading plan.

Sentiment

Score: 6

Explanation: Neutral to slightly positive. While an insider sale can be seen negatively, the fact it's under a 10b5-1 plan mitigates concerns, suggesting a pre-planned liquidity event rather than a loss of confidence. The remaining significant indirect holding also supports a neutral view.

Positives

• The transaction was executed under a Rule 10b5-1(c) plan, indicating a pre-scheduled sale rather than a reaction to new, negative information.

Negatives

• An insider sale, even if pre-planned, can sometimes be perceived negatively by the market as it reduces the insider's direct equity stake.

Future Outlook

No specific future outlook or guidance provided in this Form 4 filing.

Industry Context

This Form 4 filing is specific to an individual insider's stock transactions and does not provide broader industry context or trends.

Related Party Transactions

• The transaction involves an insider (Irwin Gold) and the company's stock, which is inherently a related party transaction in the context of insider reporting.
• The reporting person's indirect beneficial ownership of 1,078,196 Class B Common Stock shares through the HL Voting Trust, where he is a trustee with shared voting and investment control, represents an ongoing related party arrangement.

Stakeholder Impact

• Shareholders: The sale by a key insider, even if pre-planned, could lead to minor negative sentiment, but the 10b5-1 plan typically lessens this impact. The overall impact on the company's operations or financial health is negligible.

Key Dates

Recommendation

Keywords

Houlihan Lokey, HLI, Irwin Gold, Insider Trading, Form 4, Stock Sale, Class A Common Stock, Class B Common Stock, 10b5-1 Plan, Corporate Governance, Director Transaction, Co-Chairman