Co-Chairman Paul Eric Siegert sells 40,000 shares of HLI for $7,998,000 at $199.95; conversion-related transaction.
Paul Eric Siegert, Co-Chairman of Houlihan Lokey, sold 40,000 shares at $199.95 on 2025-08-27 for $7,998,000.00, reducing his direct shareholdings to 0 shares. This filing reflects a conversion of derivative securities, meaning the insider's total beneficial interest includes Form 4 Table II holdings not yet captured in our database—consequently this sale should not be construed as a complete exit from HLI ownership. The transaction occurred near the 52-week high of $200.74, with the stock having advanced 4.7% over 30 days and 14.9% over 90 days, suggesting elevated valuation at time of sale. Against a backdrop of strong fundamentals—$605.3M in latest quarterly revenue with annual growth of +24.8% and $97.5M net income—the execution of a derivative-conversion trade by a senior executive warrants monitoring for clarification of his derivative holdings and the business rationale behind the conversion timing.