Company: HLI
Filing Date: 2025-08-05
Form Type: 10-Q
Source: 0001302215-25-000092
Chunk: 82

Company: HOULIHAN LOKEY, INC.
Filing Date: 2025-08-05
Form: 10-Q
Item: Part I, Item 8
Chunk 82
---
 of Class B common stock is entitled to ten votes per share. Each share of Class B common stock may be converted into one share of Class A common stock at the option of its holder and will be automatically converted into one share of Class A common stock upon transfer thereof, subject to certain exceptions.Class A Common StockDuring the three months ended June 30, 2025 and 2024, there were 3,998 and 5,248 shares issued to non-employee directors, and 552,818 and 608,084 shares were converted from Class B to Class A, respectively.As of June 30, 2025, there were 54,258,196 Class A shares held by the public and 71,981 Class A shares held by non-employee directors. As of June 30, 2024, there were 52,983,316 Class A shares held by the public and 70,183 Class A shares held by non-employee directors.Class B Common StockAs of June 30, 2025 and 2024, there were 16,004,974 and 16,456,793 Class B shares held by the HL Voting Trust, respectively.

18

Table of ContentsHOULIHAN LOKEY, INC. AND SUBSIDIARIESNOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)(UNAUDITED)(In thousands, except share data or as otherwise stated)

DividendsPreviously declared dividends related to unvested shares of $13,274 and $15,840 were unpaid as of June 30, 2025 and 2024, respectively. Share RepurchasesIn April 2022, the board of directors authorized an increase to the existing July 2021 share repurchase program, which provides for share repurchases of a new aggregate amount of up to $500,000 of the Company's Class A common stock and Class B common stock. As of June 30, 2025, shares with a value of $397,724 remained available for purchase under the program.During the three months ended June 30, 2025 and 2024, the Company repurchased 763,553 and 672,581 shares, respectively, of Class B common stock, to satisfy $137,051 and $100,993, respectively, of required withholding taxes in connection with the vesting of restricted awards. During the three months ended June 30, 2025, the Company repurchased