Open the filing on EDGARHAMILTON LANE INCORPORATED REPORTS FOURTH QUARTER AND FISCAL YEAR 2026 RESULTS
CONSHOHOCKEN, PENN. - May 21, 2026 - Leading private markets asset management firm Hamilton Lane Incorporated (Nasdaq: HLNE) today reported its results for the fourth quarter and full fiscal year ended March 31, 2026.
The Company issued a full detailed presentation of its fourth quarter and full fiscal year 2026 results, which can be accessed on the Company’s Shareholders website at https://shareholders.hamiltonlane.com/.
Dividend
Hamilton Lane has declared a quarterly dividend of $0.60 per share of Class A common stock to record holders at the close of business on June 18, 2026 that will be paid on July 7, 2026. The target full-year dividend of $2.40 represents a 11% increase from the prior fiscal year dividend.
Stock Repurchase Plan
Hamilton Lane announced today that its board of directors approved an increase in the authorization under the Company’s existing stock repurchase program to $100 million of its Class A common stock, net of amounts already repurchased under the prior authorization, with no share count or duration limitations.
Conference Call
Hamilton Lane will discuss fourth quarter and full fiscal year 2026 results in a webcast and conference call today, Thursday, May 21, 2026, at 11:00 a.m. Eastern Time.
For access to the live event via the webcast, visit Hamilton Lane's Shareholders website (https://shareholders.hamiltonlane.com/) at least 15 minutes prior to the start of the call. This feature will be in listen-only mode.
A replay of the webcast will be available approximately two hours after the live broadcast for a period of one year and can be accessed in the same manner as the live webcast at the Shareholders page of Hamilton Lane’s website.
About Hamilton Lane
Hamilton Lane (Nasdaq: HLNE) is one of the largest private markets investment firms globally, providing innovative solutions to institutional and private wealth investors around the world. Dedicated exclusively to private markets investing for more than 30 years, the firm currently employs approximately 785 professionals operating in offices throughout North America, Europe, Asia Pacific and the Middle East. Hamilton Lane has $1 trillion in assets under management and supervision, composed of $141.8 billion in discretionary assets and $905.3 billion in non-discretionary assets, as of March 31, 2026. Hamilton Lane specializes in building flexible investment programs that provide clients access to the full spectrum of private markets strategies, sectors and geographies. For more information, please visit www.hamiltonlane.com or follow Hamilton Lane on LinkedIn: https://www.linkedin.com/company/hamilton-lane/.
Forward-Looking Statements
Forward-looking statements notice
Some of the statements in this release may constitute “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934 and the Private Securities Litigation Reform Act of 1995. Words such as “will,” “expect,” “believe,” “estimate,” “continue,” “anticipate,” “intend,” “plan” and similar expressions, or the negative version of these words or other comparable words, are intended to identify these forward-looking statements. Forward-looking statements discuss management’s current expectations and projections relating to our financial position, results of operations, plans, objectives, future performance and business. All forward-looking statements are subject to known and unknown risks, uncertainties and other important factors that may cause actual results to be materially different, including, risks relating to: the historical performance of our investments may not be indicative of future results or future returns on our Class A common stock; our ability to identify suitable investment opportunities for our clients; the impact of any poorly performing investments on our investment management revenue and earnings as well as our ability to raise capital; intense competition in our industry, including competition for access to investments and for customized separate account and advisory clients; customized separate account and advisory account fee revenue not being a long-term contracted source of revenue; our ability to appropriately deal with conflicts of interest; our ability to retain our senior management team and attract additional qualified investment professionals; our ability to expand our business and formulate new business strategies; the impact of declines in the pace or size of fundraising or investments made by us on behalf of our specialized funds or customized separate accounts; our ability to manage our obligations under our debt agreements and the dependence on leverage by certain funds, customized separate accounts and portfolio companies; our ability to comply with the investment guidelines set by our clients; the impact of misconduct by our employees, advisors or third-party service providers; the unpredictable and sporadic timing at which we receive carried interest distributions; the exercise of redemption or repurchase rights by investors in certain of our funds; the subjectivity of valuation methodologies; our investments may be in relatively high-risk, illiquid assets; extensive government regulation, compliance failures and changes in law or regulation could adversely affect us; our ability to maintain our desired fee structure; failure to maintain the security of our information technology networks, or those of our third-party service providers, or data security breaches; volatile market, economic and geopolitical conditions or catastrophic events, which can adversely affect our fundraising, our business and the investments made by our funds or accounts; and our only material asset is our interest in Hamilton Lane Advisors, L.L.C., and we are accordingly dependent upon distributions from such entity to pay dividends, taxes and other expenses.
The foregoing list of factors is not exhaustive and should be read in conjunction with the other cautionary statements that are included in our filings with the Securities and Exchange Commission. For more information regarding these risks and uncertainties as well as additional risks we face, you should refer to the “Risk Factors” detailed in Part
I, Item 1A of our Annual Report on Form 10-K for the fiscal year ended March 31, 2025 and in our subsequent reports filed from time to time with the Securities and Exchange Commission, including our upcoming Annual Report on Form 10-K for fiscal 2026. The forward-looking statements included in this release are made only as of the date hereof. We undertake no obligation to update or revise any forward-looking statement as a result of new information or future events, except as otherwise required by law.
Shareholder Contact
John Oh joh@hamiltonlane.com
+1 609 954 3902
2Hamilton Lane | Global Leader in the Private Markets Today's Speakers Erik Hirsch Co-Chief Executive Officer Jeff Armbrister Chief Financial Officer John Oh Head of Shareholder Relations
3Hamilton Lane | Global Leader in the Private Markets Three Months Ended March 31, Year Ended March 31, (Dollars in thousands except share and per share amounts) 2025 2026 % Change 2025 2026 % Change Management and advisory fees $127,838 $155,216 21 % $513,864 $584,216 14 % Incentive fees 70,135 38,387 (45) % 198,296 170,575 (14) % Consolidated Funds and Partnerships: Incentive fees - (37) N/A 803 4,202 423 % Total revenues 197,973 193,566 (2) % 712,963 758,993 6 % Compensation and benefits 79,088 75,089 (5) % 274,497 299,575 9 % General, administrative and other 34,074 35,256 3 % 120,929 132,078 9 % Consolidated Funds and Partnerships: General, administrative and other 783 973 24 % 985 2,397 143 % Total expenses 113,945 111,319 (2) % 396,411 434,050 9 % Equity in income of investees 3,643 11,109 205 % 29,016 51,923 79 % Interest expense (3,815) (3,579) (6) % (13,332) (14,952) 12 % Interest income 2,942 2,989 2 % 7,874 11,083 41 % Non-operating (loss) gain, net (3,271) (629) (81) % 8,434 2,466 (71) % Consolidated Funds and Partnerships: Equity in (loss) income of investees (623) (346) (44) % 1,613 1,509 (6) % Net gain on investments 5,294 37,603 610 % 11,915 83,750 603 % Interest expense - - N/A - - N/A Interest income 60 448 646 % 205 2,201 974 % Total other income (expense) 4,230 47,595 1,025 % 45,725 137,980 202 % Income before income taxes 88,258 129,842 47 % 362,277 462,923 28 % Income tax expense 14,954 15,594 4 % 48,509 75,203 55 % Net income 73,304 114,248 56 % 313,768 387,720 24 % Less: Income attributable to non-controlling interests in Consolidated Funds and Partnerships 616 24,185 3,826 % 3,508 44,166 1,159 % Less: Income attributable to non-controlling interests in Hamilton Lane Advisors, L.L.C. 22,189 23,890 8 % 92,843 94,374 2 % Net income attributable to Hamilton Lane Incorporated $ 50,499 $ 66,173 31 % $ 217,417 $ 249,180 15 % Basic earnings per share of Class A common stock $1.24 $1.58 28 % $5.45 $5.99 10 % Diluted earnings per share of Class A common stock $1.23 $1.57 28 % $5.41 $5.92 9 % Weighted-average shares of Class A common stock outstanding - basic 40,577,570 41,755,540 39,922,212 41,605,636 Weighted-average shares of Class A common stock outstanding - diluted 41,008,195 54,417,274 40,307,818 54,469,393 Net income attributable to Hamilton Lane Incorporated / total revenues 26 % 34 % 30 % 33 % Condensed Consolidated Statements of Income (Unaudited)
- GAAP net income was $114.2 million for the quarter and $387.7 million for fiscal 2026. GAAP net income attributable to Hamilton Lane Incorporated was $66.2 million for the quarter and $249.2 million for fiscal 2026.
4Hamilton Lane | Global Leader in the Private Markets 1 Fee Related Earnings, adjusted net income, Non-GAAP earnings per share, and Adjusted EBITDA are non-GAAP financial measures. For the reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measures, see page 20. 2 Fee related management and advisory fees, fee related compensation and benefits expenses, and fee related general, administrative and other expenses are non-GAAP financial measures. For the reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measures, see page 21.
Three Months Ended March 31, Year Ended March 31, (Dollars in thousands except per share amounts) 2025 2026 % Change 2025 2026 % Change Fee Related Earnings1 Fee related management and advisory fees2 $127,838 $155,360 22 % $513,864 $584,686 14 % Fee related performance revenues 58,359 24,820 (57) % 59,587 102,502 72 % Total fee related revenues 186,197 180,180 (3) % 573,451 687,188 20 % Fee related compensation and benefits expense2 61,769 54,982 (11) % 176,052 210,560 20 % Fee related general, administrative and other expenses2 34,080 35,262 3 % 120,934 132,118 9 % Fee related expenses 95,849 90,244 (6) % 296,986 342,678 15 % Fee Related Earnings $90,348 $89,936 (0) % $276,465 $344,510 25 % Fee Related Earnings Margin 49 % 50 % 48 % 50 % Additional Financial Metrics Adjusted net income1 $66,058 $81,039 23 % $273,741 $321,187 17 % Non-GAAP earnings per share1 $1.21 $1.49 23 % $5.04 $5.90 17 % Adjusted EBITDA1 $101,691 $103,530 2 % $366,069 $407,636 11 % Incentive fees $70,135 $38,350 (45) % $199,099 $174,777 (12) % Non-GAAP Financial Measures
5Hamilton Lane | Global Leader in the Private Markets Business Performance Financial Results Dividend
- Assets under management and fee-earning assets under management were $142 billion and $82 billion, respectively, as of March 31, 2026, increases of 3% and 13%, respectively, compared to March 31, 2025
- Fee Related Earnings1 increased 25% compared to fiscal 2025 Dollars in millions except per share amounts Q4 FY26 FY26 vs. FY25 Management and advisory fees $155.2 $584.2 14 % Net income attributable to Hamilton Lane Incorporated $66.2 $249.2 15 % GAAP EPS $1.57 $5.92 9 % Adjusted net income1 $81.0 $321.2 17 % Non-GAAP EPS1 $1.49 $5.90 17 % Fee Related Earnings1 $89.9 $344.5 25 % Adjusted EBITDA1 $103.5 $407.6 11 %
- Declared a quarterly dividend of $0.60 per share of Class A common stock to record holders at the close of business on June 18, 2026 1Adjusted net income, non-GAAP earnings per share, Fee Related Earnings and Adjusted EBITDA are non-GAAP financial measures. For the reconciliations of our non-GAAP financial measures to the most directly comparable GAAP financial measures and for the reasons we believe the non-GAAP measures provide useful information, see pages 20 through 22 of this presentation. Period Highlights Period Highlights
6Hamilton Lane | Global Leader in the Private Markets Total Assets Under Management/Advisement ($B) Total AUA Total AUM 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 3/31/26 $0 $200 $400 $600 $800 $1,000 Y-o-Y Growth AUM: 3 % AUA: 10 % $1T AUM & AUA 1 CAGR: 17% $6 $7 $11 $13 $16 $19 $22 $24 $30 $32 $35 $40 $50 $59 $66 $76 $98 $108 $36 $51 $77 $79 $95 $81 $129 $147 $147 $189 $205 $292 $374 $410 $422 $581 $753 $724 $905 $142 Growing Asset Footprint & Influence 1Data as of calendar year end 12/31 unless otherwise noted. Numbers may not tie due to rounding. $120 $783 $821 $135 $146 $871
7Hamilton Lane | Global Leader in the Private Markets Y-o-Y Drivers of Growth Total Fee-Earning Assets Under Management ($B) $31 $35 $38 $39 $41 $18 $23 $28 $33 $41 Customized Separate Accounts Specialized Funds Mar-22 Mar-23 Mar-24 Mar-25 Mar-26 $0 $10 $20 $30 $40 $50 $60 $70 $80 $90 $100 Fee-Earning AUM growth continues and annual fee rates are stable CAGR: 14% Total Management Fee Revenues as a % of Average FEAUM *Numbers may not tie due to rounding Customized Separate Accounts:
- New client wins
- Client re-ups Specialized Funds:
- Closed 9th credit-oriented fund and 2nd infrastructure fund
- Fundraising 6th direct equity fund, 3rd impact fund, and evergreen funds $57 $72 $49 $66 $82 Fee-Earning AUM Driving Revenues .59% .63% .65% .67%
8Hamilton Lane | Global Leader in the Private Markets Customized Separate Accounts Specialized Funds Advisory Services Diverse mix of existing and prospective clients seeking to further or establish relationships with Hamilton Lane
- $1.6 billion year-over-year increase in FEAUM
- +80% of our gross contributions during the last 12 months came from existing clients AUM AUM & AUA Drivers AUA Select funds in market:
- Direct equity fund
- Impact fund
- Evergreen funds
- $7.9 billion year-over-year increase in FEAUM
- Closings during Q4 FY26: ◦ Direct equity fund: $691M Typically larger clients with wide-ranging mandates which include technology-driven reporting, monitoring and analytics services and consulting services; opportunity set continues to be robust
- $85.8 billion year-over-year increase in AUA
Financial Highlights
10Hamilton Lane | Global Leader in the Private Markets U S D in M ill io ns $713 $759 FY25 FY26 U S D in M ill io ns $199 $175 FY25 FY26 U S D in M ill io ns $514 $584 FY25 FY26 Management and Advisory Fees Incentive Fees Total Revenues YTD YT DY-o-Y Change: 14% YT DY-o-Y Change: 6% Y-o-Y Change: (12)%
- Recurring management and advisory fees represented an average of over 75% of total revenues over the past five fiscal years
- Y-o-Y increase of 14%
- $2.2 million in retroactive fees from our latest direct equity fund in the quarter
- Incentive fees derived from a highly diversified pool of assets and funds
- Unrealized carried interest of $1.5 billion as of 3/31/26 diversified across 3,000+ assets and over 120 funds
- Timing of realizations unpredictable
- Total revenues increased by 6% Y-o-Y, driven by management and advisory fees U S D in M ill io ns $289 $584 FY21 FY26 Long-Term Growth U S D in M ill io ns $52 $175 FY21 FY26 Long-Term Growth CAGR: 15% U S D in M ill io ns $342 $759 FY21 FY26 Long-Term Growth CAGR: 17% CAGR: 27% Consolidated Revenue Strong growth across management and advisory fees
11Hamilton Lane | Global Leader in the Private Markets Period Ending V eh ic le s U S D in M illions Unrealized Carried Interest $1,221 $1,260 $1,546 100 113 124 Unrealized Carried Interest Vehicles in Unrealized Carry Position Mar-24 Mar-25 Mar-26 0 20 40 60 80 100 120 140 $0 $250 $500 $750 $1,000 $1,250 $1,500 $1,750 $2,000 Unrealized Carry by Age < 5 years 27% 5-8 years 43% 8-12 years 23% > 12 years 7% Unrealized Carried Interest
12Hamilton Lane | Global Leader in the Private Markets U S D in M ill io ns $98 $249 FY21 FY26 Net Income Attributable to HLI Adjusted EBITDA1 Fee Related Earnings1 U S D in M ill io ns $366 $408 FY25 FY26 U S D in M ill io ns $217 $249 FY25 FY26 U S D in M ill io ns $168 $408 FY21 FY26 U S D in M ill io ns $276 $345 FY25 FY26 U S D in M ill io ns $138 $345 FY21 FY26 Y-o-Y Change: 15% 1Adjusted EBITDA and Fee Related Earnings are non-GAAP financial measures. For the reconciliations of our non-GAAP financial measures to the most directly comparable GAAP financial measures and for the reasons we believe the non-GAAP measures provide useful information, see pages 20 and 22 of this presentation. Y-o-Y Change: 11% Y-o-Y Change: 25% CAGR: 20% CAGR: 19% Consolidated Earnings Stable long-term growth YTD YTD YTD Long-Term Growth Long-Term Growth Long-Term Growth
- $66M in net income attributable to HLI for the quarter
- Y-o-Y increase of 11% driven by growth in management and advisory fees
- Y-o-Y growth of 25%
- Long-term double digit growth in Fee Related Earnings CAGR: 21%
13Hamilton Lane | Global Leader in the Private Markets U S D in M ill io ns Investments $374 $514 $588 $632 $761 $1,301 Mar-21 Mar-22 Mar-23 Mar-24 Mar-25 Mar-26 $0 $200 $400 $600 $800 $1,000 $1,200 $1,400
- For March 31, 2026, the total investment balance consisted primarily of: ◦ ~$568M in investments in our funds ◦ ~$526M in Consolidated Funds and Partnerships ◦ ~$207M in technology related and other investments
- Modest leverage
- $278M of debt as of March 31, 2026 U S D in M ill io ns Leverage $196 $290 $278 Mar-24 Mar-25 Mar-26 $0 $100 $200 $300 $400 Other Key Items Strong balance sheet with investments in our own products and a modest amount of leverage...
Appendix
15Hamilton Lane | Global Leader in the Private Markets Three Months Ended March 31, Year Ended March 31, (Dollars in thousands) 2025 2026 % Change 2025 2026 % Change Management and advisory fees Specialized funds $79,348 $103,274 30 % $315,214 $374,405 19 % Customized separate accounts 32,264 35,080 9 % 134,400 141,535 5 % Advisory 5,486 4,746 (13) % 22,806 20,473 (10) % Reporting, monitoring, data and analytics 8,020 9,402 17 % 29,244 35,766 22 % Distribution management 702 288 (59) % 2,619 2,170 (17) % Fund reimbursement revenue 2,018 2,426 20 % 9,581 9,867 3 % Total management and advisory fees $127,838 $155,216 21 % $513,864 $584,216 14 % Reporting and other: 8% Customized separate accounts: 24% Specialized funds: 64% Advisory: 4% Year Ended March 31, 2026 Management and Advisory Fees
16Hamilton Lane | Global Leader in the Private Markets Three Months Ended March 31, Year Ended March 31, (Dollars in thousands) 2025 2026 % Change 2025 2026 % Change Incentive fees Direct equity funds $3,250 $7,467 130 % $14,949 $22,320 49 % Secondary funds 2,029 - (100) % 46,601 520 (99) % Direct credit funds 1,688 - (100) % 14,963 6,997 (53) % Evergreen funds 61,162 28,410 (54) % 69,603 116,156 67 % Other specialized funds 1,050 1,244 18 % 36,779 4,502 (88) % Customized separate accounts 956 1,229 29 % 16,204 24,282 50 % Incentive fees $70,135 $38,350 (45) % $199,099 $174,777 (12) % As of March 31, 2025 December 31, 2025 March 31, 2026 YoY % Change QoQ % Change Allocated carried interest Secondary Fund II $9 $9 $0 (100) % (100) % Secondary Fund III 189 108 83 (56) % (23) % Secondary Fund IV 68,613 68,923 62,927 (8) % (9) % Secondary Fund V 141,889 153,825 151,518 7 % (1) % Secondary Fund VI 75,597 136,043 138,390 83 % 2 % Co-investment Fund II 25,989 19,725 19,631 (24) % 0 % Co-investment Fund III 40,029 38,887 36,855 (8) % (5) % Co-investment Fund IV 152,905 162,392 158,917 4 % (2) % Equity Opportunities Fund V 49,093 59,901 67,462 37 % 13 % Equity Opportunities Fund VI - 3,149 4,273 N/A 36 % Evergreen funds 157,461 216,294 239,544 52 % 11 % Other specialized funds 122,945 146,214 158,545 29 % 8 % Customized separate accounts 425,558 487,281 508,213 19 % 4 % Total allocated carried interest $1,260,277 $1,492,751 $1,546,358 23 % 4 % Incentive Fees
17Hamilton Lane | Global Leader in the Private Markets (Dollars in millions) March 31, 2025 December 31, 2025 March 31, 2026 YoY % Change QoQ % Change Assets under management / advisement Assets under management $138,295 $146,118 $141,834 3 % (3) % Assets under advisement 819,473 871,494 905,317 10 % 4 % Total assets under management /advisement $957,768 $1,017,612 $1,047,151 9 % 3 % Fee-earning assets under management Customized separate accounts Balance, beginning of period $39,783 $40,797 $41,077 3 % 1 % Contributions 1,939 1,345 1,951 1 % 45 % Distributions (2,244) (1,084) (2,099) (6) % 94 % Foreign exchange, market value and other (135) 19 14 N/A (26) % Balance, end of period $39,343 $41,077 $40,943 4 % (0) % Specialized funds Balance, beginning of period $31,211 $35,622 $38,065 22 % 7 % Contributions 1,593 2,655 2,693 69 % 1 % Distributions (427) (784) (613) 44 % (22) % Foreign exchange, market value and other 327 572 424 30 % (26) % Balance, end of period $32,704 $38,065 $40,569 24 % 7 % Total Balance, beginning of period $70,994 $76,419 $79,142 11 % 4 % Contributions 3,532 4,000 4,644 31 % 16 % Distributions (2,671) (1,868) (2,712) 2 % 45 % Foreign exchange, market value and other 192 591 438 128 % (26) % Balance, end of period $72,047 $79,142 $81,512 13 % 3 % Assets Under Management
18Hamilton Lane | Global Leader in the Private Markets (Dollars in thousands) March 31, 2025 March 31, 2026 Assets Cash and cash equivalents $229,161 $360,955 Restricted cash 6,331 8,008 Fees receivable 181,411 151,824 Prepaid expenses 11,258 13,783 Due from related parties 16,217 23,831 Furniture, fixtures and equipment, net 37,586 35,017 Lease right-of-use assets, net 61,413 61,405 Investments 664,354 774,443 Deferred income taxes 308,525 293,092 Other assets 28,827 43,336 Assets of Consolidated Funds and Partnerships: Cash and cash equivalents 48,112 2,941 Investments 96,700 526,078 Other assets 460 10,183 Total assets $1,690,355 $2,304,896 Liabilities and equity Accounts payable $5,469 $5,659 Accrued compensation and benefits 48,556 84,154 Accrued members’ distributions 26,810 27,066 Accrued dividend 20,233 22,520 Debt 290,303 278,420 Payable to related parties pursuant to tax receivable agreement 240,648 235,425 Lease liabilities 78,017 78,059 Other liabilities (includes $12,190 and $0 at fair value) 55,502 36,724 Liabilities of Consolidated Funds and Partnerships: Subscriptions in advance - 55,561 Other liabilities 922 14,769 Total liabilities 766,460 838,357 Total equity 923,895 1,466,539 Total liabilities and equity $1,690,355 $2,304,896 Condensed Consolidated Balance Sheets (Unaudited)
19Hamilton Lane | Global Leader in the Private Markets Year Ended March 31, (Dollars in thousands) 2024 2025 2026 Operating activities Net income $227,207 $313,768 $387,720 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 8,186 9,285 9,878 Change in deferred income taxes 16,697 12,081 28,424 Change in payable to related parties pursuant to tax receivable agreement 318 2,122 (3,503) Equity-based compensation 12,133 31,407 50,867 Equity-based consideration payable to customer - - 281 Equity in income of investees (34,893) (29,016) (51,923) Net realized loss (gain) on sale of investments 288 (654) - Fair value adjustment of other investments 333 (10,147) (413) Proceeds received from Funds 28,254 47,250 35,102 Non-cash lease expense 8,696 9,007 9,570 Other 706 1,211 2,866 Changes in operating assets and liabilities (41,931) (57,788) 37,856 Consolidated Funds and Partnerships (105,142) (27,706) (81,808) Net cash provided by operating activities $120,852 $300,820 $424,917 Investing activities Purchase of furniture, fixtures and equipment $(11,073) $(12,156) $(5,844) Purchase of investments and convertible notes (14,352) (12,692) (15,000) Proceeds from sale of investments 1,343 6,948 - Net proceeds from sale of Consolidated Fund - - 22,135 Proceeds from sale of intangible assets 3,305 2,078 - Distributions received from Funds 14,147 22,696 12,014 Contributions to Funds (57,722) (58,408) (96,739) Consolidated Funds and Partnerships (57,832) (66,042) (411,388) Net cash used in investing activities $(122,184) $(117,576) $(494,822) Financing activities Proceeds from offering $201,671 $248,403 $55,484 Purchase of membership interests (201,671) (248,403) (55,484) Borrowings of debt, net of deferred financing costs - 97,658 - Repayments of long term debt (2,500) (3,750) (12,500) Draw-down of revolver 10,000 - - Repayment of revolver (25,000) - - Shares repurchased and retired - - (19,986) Repurchase of Class B common stock (2) (2) - Repurchase of Class A common stock for employee tax withholding (3,507) (5,468) (4,613) Proceeds received from issuance of shares under Employee Share Purchase Plan 2,253 2,797 3,124 Payments to related parties pursuant to the tax receivable agreement (11,123) (11,924) (12,000) Dividends paid (65,406) (75,997) (87,711) Members’ distributions paid (43,872) (43,803) (54,125) Consolidated Funds and Partnerships 143,556 21,332 343,588 Net cash provided by (used in) financing activities $4,399 $(19,157) $155,777 Effect of exchange rate changes on cash and cash equivalents - (102) 2,428 Increase in cash and cash equivalents, restricted cash, and cash and cash equivalents held at Consolidated Funds and Partnerships 3,067 163,985 88,300 Cash and cash equivalents, restricted cash, and cash and cash equivalents held at Consolidated Funds and Partnerships at beginning of the year 116,552 119,619 283,604 Cash and cash equivalents, restricted cash, and cash and cash equivalents held at Consolidated Funds and Partnerships at end of the year $119,619 $283,604 $371,904 Condensed Consolidated Statements of Cash Flows (Unaudited)
20Hamilton Lane | Global Leader in the Private Markets Reconciliation from Net Income Year Ended March 31, Three Months Ended March 31, Year Ended March 31, 2021 2026 2025 2026 2025 2026 Net income attributable to Hamilton Lane Incorporated $98,022 $249,180 $50,499 $66,173 $217,417 $249,180 Income attributable to non-controlling interests in Consolidated Funds and Partnerships (250) 44,166 616 24,185 3,508 44,166 Income attributable to non-controlling interests in Hamilton Lane Advisors, L.L.C. 69,720 94,374 22,189 23,890 92,843 94,374 Income attributable to non-controlling interests in Hamilton Lane Alliance Holdings I, Inc. 1,293 - - - - - Incentive fees (52,191) (174,777) (70,135) (38,350) (199,099) (174,777) Incentive fee related compensation (1) 23,576 38,148 5,593 7,420 66,254 38,148 Fee related performance revenues 1,814 102,502 58,359 24,820 59,587 102,502 Equity-based compensation 7,079 50,867 11,726 12,687 31,407 50,867 SPAC related compensation 1,686 - - - - SPAC related general, administrative and other expenses 378 - - - - - Consolidated Fund related general, administrative and other expenses - 2,357 777 968 980 2,357 Management fees related to Consolidated Funds - 470 - 144 - 470 Non-operating income related compensation - - - - 784 - Income tax expense 24,417 75,203 14,954 15,594 48,509 75,203 Other income (expense) (37,474) (137,980) (4,230) (47,595) (45,725) (137,980) Fee Related Earnings $138,070 $344,510 $90,348 $89,936 $276,465 $344,510 Depreciation and amortization 4,134 9,878 2,218 2,403 9,285 9,878 Incentive fees 52,191 174,777 70,135 38,350 199,099 174,777 Incentive fees attributable to non-controlling interests (756) (179) - - (29) (179) Incentive fee related compensation (1) (23,576) (38,148) (5,593) (7,420) (66,254) (38,148) SPAC related compensation (1,686) - - - - - Fee related performance revenues (1,814) (102,502) (58,359) (24,820) (59,587) (102,502) Non-operating income related compensation - - - - (784) - Fee related performance revenues related to Consolidated Funds - 8,217 - 2,091 - 8,217 Interest income 1,676 11,083 2,942 2,989 7,874 11,083 Adjusted EBITDA $168,239 $407,636 $101,691 $103,530 $366,069 $407,636 Non-GAAP earnings per share reconciliation Net income attributable to Hamilton Lane Incorporated $50,499 $66,173 $217,417 $249,180 Income attributable to non-controlling interests in Hamilton Lane Advisors, L.L.C. 22,189 23,890 92,843 94,374 Income tax expense 14,954 15,594 48,509 75,203 Adjusted pre-tax net income 87,642 105,657 358,769 418,757 Adjusted income taxes (2) (21,584) (24,618) (85,028) (97,570) Adjusted net income $66,058 $81,039 $273,741 $321,187 Weighted-average shares of Class A common stock outstanding - diluted 41,008,195 54,417,274 40,307,818 54,469,393 Exchange of Class B and Class C units in HLA 13,388,558 - 14,016,324 - Adjusted shares outstanding (3) 54,396,753 54,417,274 54,324,142 54,469,393 Non-GAAP EPS $1.21 $1.49 $5.04 $5.90 1 Incentive fee related compensation includes incentive fee compensation expense and bonus related to carried interest that is classified as base compensation. 2 Represents corporate income taxes at our estimated statutory tax rate of 23.7% and 23.3% for the years ended March 31, 2025 and 2026, respectively, applied to adjusted pre-tax net income. The 23.7% is based on a federal tax statutory rate of 21.0% and a combined state income tax rate net of federal benefits of 2.7%. The 23.3% is based on a federal tax statutory rate of 21.0% and a combined state income tax rate net of federal benefits of 2.3%. 3 Assumes the full exchange of Class B and Class C units in HLA for Class A common stock of HLI pursuant to the exchange agreement.
For the year ended March 31, 2026 , the full exchange of Class B and Class C units is already included within the GAAP weighted-average shares of Class A common stock outstanding - diluted. Non-GAAP Reconciliation
21Hamilton Lane | Global Leader in the Private Markets Non-GAAP Reconciliations Three Months Ended March 31, Year Ended March 31, (Dollars in thousands) 2025 2026 % Change 2025 2026 % Change Management and advisory fees $127,838 $155,216 21 % $513,864 $584,216 14 % Management fees related to Consolidated Funds - 144 N/A - 470 N/A Fee related management and advisory fees $127,838 $155,360 22 % $513,864 $584,686 14 % Compensation and benefits $79,088 $75,089 (5) % $274,497 $299,575 9 % Incentive fee related compensation (5,593) (7,420) 33 % (66,254) (38,148) (42) % Equity-based compensation (11,726) (12,687) 8 % (31,407) (50,867) 62 % Non-operating income related compensation - - N/A (784) - N/A Fee related compensation and benefits expenses $61,769 $54,982 (11) % $176,052 $210,560 20 % General, administrative and other $34,074 $35,256 3 % $120,929 $132,078 9 % Consolidated Partnership related general, administrative and other 6 6 - % 5 40 700 % Fee related general, administrative and other expenses $34,080 $35,262 3 % $120,934 $132,118 9 %
22Hamilton Lane | Global Leader in the Private Markets Adjusted EBITDA is an internal measure of profitability. We believe Adjusted EBITDA is useful to investors because it enables them to better evaluate the performance of our core business across reporting periods. Adjusted EBITDA represents net income excluding (a) interest expense on our outstanding debt, (b) income tax expense, (c) depreciation and amortization expense, (d) equity-based compensation expense, (e) Non-operating gain (loss), net and (f) certain other significant items that we believe are not indicative of our core performance.
Adjusted EBITDA also includes fee related performance revenues related to Consolidated Funds and management fees related to Consolidated Funds. Fee Related Earnings ("FRE") is used to highlight earnings from revenues that are measured and received on a recurring basis. FRE represents net income excluding (a) incentive fees, net of fee related performance revenues, and related compensation, (b) equity-based compensation, (c) interest income and expense, (d) income tax expense, (e) equity in income of investees, (f) non-operating gain (loss), net and (g) certain other significant items that we believe are not indicative of our core performance.
FRPR includes incentive fees from Consolidated Funds that are eliminated under GAAP. We believe FRE is useful to investors because it provides additional insight into the operating profitability of our business. FRE is presented before income taxes.
Fee Related Earnings Margin ("FRE Margin") represents the ratio of FRE to total fee related revenues. We believe FRE Margin is useful to investors as it provides the percentage of total fee related revenues represented by FRE. Fee related management and advisory fees represent the management and advisory fees included in FRE.
Fee related management and advisory fees include management and advisory fees earned from Consolidated Funds that are eliminated under GAAP. We believe fee related management and advisory fees is useful to investors because it allows them to analyze the components of FRE. Fee related compensation and benefits expenses ("FRE Comp") represent the compensation and benefits included in FRE.
FRE Comp excludes incentive fee related compensation, equity-based compensation, and non-operating income related compensation. We believe FRE Comp is useful to investors as it aggregates the relevant individual components of compensation and benefits to be subtracted from total fee related revenues in arriving at FRE. Fee related general, administrative and other expenses ("FR EG&A") represent the general, administrative and other expenses included in FRE.
FR EG&A excludes general, administrative and other expenses incurred directly by Consolidated Funds. We believe FR EG&A is useful to investors as it aggregates the relevant individual components of general, administrative and other expenses to be subtracted from total fee related revenues in arriving at FRE. Fee related performance revenues ("FRPR") are incentive fees expected to be measured and received from certain of our funds on a recurring basis and are not dependent on realization events of the fund’s underlying investments.
FRPR includes incentive fees earned from Consolidated Funds that are eliminated under GAAP. We believe FRPR is useful to investors because it provides additional insight into our recurring revenues. Beginning in the fourth quarter of fiscal 2025, we modified our definition of FRE to exclude equity-based compensation and include FRPR.
Equity-based compensation is non-cash compensation provided to retain employees and align employee and stockholder interest. It is not directly correlated with our operating results. FRPR is expected to be received on a recurring basis depending upon performance of certain funds that pay incentive fees on a high-water mark basis.
We believe that reporting non-GAAP results inclusive of these changes provides a supplemental view of our ongoing performance that is useful and relevant to our investors. As a result of the change, prior period amounts have been recast to reflect the updated presentation. Non-GAAP earnings per share measures our per-share earnings excluding certain significant items that we believe are not indicative of our core performance and assuming all Class B and Class C units in HLA were exchanged for Class A common stock in HLI.
Non-GAAP earnings per share is calculated as adjusted net income divided by adjusted shares outstanding. Adjusted net income is income before taxes fully taxed at our estimated statutory tax rate and excludes any impact of changes in carrying amount of our redeemable non-controlling interest. Adjusted shares outstanding for the years ended March 31, 2026 and 2024 are equal to weighted-average shares of Class A common stock outstanding - diluted.
We believe adjusted net income and non-GAAP earnings per share are useful to investors because they enable them to better evaluate total and per-share operating performance across reporting periods. Our assets under management ("AUM"), as presented in these materials, comprise the assets associated with our customized separate accounts and specialized funds. AUM does not include the assets associated with our distribution management services.
We classify assets as AUM if we have full discretion over the investment decisions in an account. We calculate our AUM as the sum of: (1) the net asset value of our clients' and funds' underlying investments; (2) the unfunded commitments to our clients' and funds' underlying investments; and (3) the amounts authorized for us to invest on behalf of our clients and fund investors but not committed to an underlying investment. Management fee revenue is based on a variety of factors and is not linearly correlated with AUM.
However, we believe AUM is a useful metric for assessing the relative size and scope of our asset management business. Our assets under advisement ("AUA") comprise assets from clients for which we do not have full discretion to make investments in their account. We generally earn revenue on a fixed fee basis on our AUA client accounts for services including asset allocation, strategic planning, development of investment policies and guidelines, screening and recommending investments, monitoring and reporting on investments and investment manager review and due diligence.
Advisory fees vary by client based on the amount of annual commitments, services provided and other factors. Since we earn annual fixed fees from the majority of our AUA clients, the growth in AUA from existing accounts does not have a material impact on our revenues. However, we view AUA growth as a meaningful benefit in terms of the amount of data we are able to collect and the degree of influence we have with fund managers.
Fee-earning assets under management (Fee-earning "AUM" or "FEAUM") is a metric we use to measure the assets from which we earn management fees. Our fee-earning AUM comprise assets in our customized separate accounts and specialized funds from which we derive management fees that are generally derived from applying a certain percentage to the appropriate fee base. We classify customized separate account revenue as management fees if the client is charged an asset-based fee, which includes the majority of our discretionary AUM accounts but also includes certain non-discretionary AUA accounts.
Our fee-earning AUM is equal to the amount of capital commitments, net invested capital and net asset value of our customized separate accounts and specialized funds depending on the fee terms. The vast majority of our customized separate accounts and specialized funds earn fees based on commitments or net invested capital, which are not affected by market appreciation or depreciation. Therefore, revenues and fee-earning AUM are not significantly affected by changes in market value.
Our calculations of fee-earning AUM may differ from the calculations of other asset managers, and as a result, this measure may not be comparable to similar measures presented by other asset managers. Our definition of fee-earning AUM is not based on any definition that is set forth in the agreements governing the customized separate accounts or specialized funds that we manage. Hamilton Lane Incorporated (or "HLI"), a Delaware corporation, was formed for the purpose of completing an initial public offering ("IPO") and related transactions in order to carry on the business of Hamilton Lane Advisors, L.L.C. ("HLA") as a publicly-traded entity.
As of the closing of our IPO on March 6, 2017, HLI became the sole managing member of HLA. The Company consolidates funds (“Consolidated Funds”) and general partner entities that are not wholly-owned (“Partnerships”) over which it exercises control either by holding majority voting interests or as the primary beneficiary, possessing both decision making authority and the right to receive economic benefits. Terms
23Hamilton Lane | Global Leader in the Private Markets Some of the statements in this presentation may constitute “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934 and the Private Securities Litigation Reform Act of 1995. Words such as “will,” “expect,” “believe,” “estimate,” “continue,” “anticipate,” “intend,” “plan” and similar expressions, or the negative version of these words or other comparable words, are intended to identify these forward-looking statements. Forward-looking statements discuss management’s current expectations and projections relating to our financial position, results of operations, plans, objectives, future performance and business.
Forward-looking statements notice
All forward-looking statements are subject to known and unknown risks, uncertainties and other important factors that may cause actual results to be materially different, including, risks relating to: the historical performance of our investments may not be indicative of future results or future returns on our Class A common stock; our ability to identify suitable investment opportunities for our clients; the impact of any poorly performing investments on our investment management revenue and earnings as well as our ability to raise capital; intense competition in our industry, including competition for access to investments and for customized separate account and advisory clients; customized separate account and advisory account fee revenue not being a long-term contracted source of revenue; our ability to appropriately deal with conflicts of interest; our ability to retain our senior management team and attract additional qualified investment professionals; our ability to expand our business and formulate new business strategies; the impact of declines in the pace or size of fundraising or investments made by us on behalf of our specialized funds or customized separate accounts; our ability to manage our obligations under our debt agreements and the dependence on leverage by certain funds, customized separate accounts and portfolio companies; our ability to comply with the investment guidelines set by our clients; the impact of misconduct by our employees, advisors or third-party service providers; the unpredictable and sporadic timing at which we receive carried interest distributions; the exercise of redemption or repurchase rights by investors in certain of our funds; the subjectivity of valuation methodologies; our investments may be in relatively high-risk, illiquid assets; extensive government regulation, compliance failures and changes in law or regulation could adversely affect us; our ability to maintain our desired fee structure; failure to maintain the security of our information technology networks, or those of our third-party service providers, or data security breaches; volatile market, economic and geopolitical conditions or catastrophic events, which can adversely affect our fundraising, our business and the investments made by our funds or accounts; and our only material asset is our interest in Hamilton Lane Advisors, L.L.C., and we are accordingly dependent upon distributions from such entity to pay dividends, taxes and other expenses. The foregoing list of factors is not exhaustive. For more information regarding these risks and uncertainties as well as additional risks that we face, you should refer to the "Risk Factors" detailed in Part I, Item 1A of our Annual Report on Form 10-K for the fiscal year ended March 31, 2025 and in our subsequent reports filed from time to time with the Securities and Exchange Commission, including our upcoming Annual Report on Form 10-K for fiscal 2026.
The forward-looking statements included in this presentation are made only as of the date hereof. We undertake no obligation to update or revise any forward-looking statement as a result of new information or future events, except as otherwise required by law. Values appearing in this presentation that are whole numbers are rounded approximations.
As of May 21, 2026 Disclosures
Contacts
Tia Wilson twilson@hamiltonlane.com
+1 484 816 6982
Fiscal Year 2026 Fourth Quarter and Full Year Results May 21, 2026