UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended December 31, 2025 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _______________________ to ___________________________ Commission File Number 001-38021 HAMILTON LANE INCORPORATED (Exact name of registrant as specified in its chart ...

Core Viewpoint - Hamilton Lane reported strong growth in assets and fee-related results during its fiscal third-quarter 2026 earnings call, highlighting a strategic partnership with Guardian and the performance of its Evergreen platform. Financial Performance - The company declared a quarterly dividend of $0.54 per share, targeting $2.16 per share for fiscal year 2026, representing a planned 10% increase over the prior fiscal year [1] - GAAP EPS was $4.35 on $183 million of GAAP net income, while non-GAAP EPS was $4.41 on $240.1 million of adjusted net income [1] Asset Management - Hamilton Lane ended the quarter with a total asset footprint of over $1 trillion, up 6% year-over-year [2][6] - Assets under management (AUM) were $146 billion, an increase of $11 billion or 8%, driven by specialized funds and customized separate accounts [2] - Assets under advisement (AUA) totaled $871 billion, up $50 billion or 6%, attributed to market value growth and technology solutions [2] Growth Drivers - Fee-earning AUM rose to $79.1 billion, an increase of 11%, with specialized fund fee-earning AUM reaching $38.1 billion, up 22% [4][9] - The Evergreen platform surpassed $16 billion in AUM with over $1.2 billion of net inflows this quarter, contributing to a blended fee rate of 67 basis points [4][16] Strategic Partnership - The strategic partnership with Guardian has closed, with Hamilton Lane overseeing nearly $5 billion of Guardian's private equity portfolio and expecting approximately $500 million in annual commitments for at least 10 years [5][7] - Initial economic impacts from the partnership are expected in fiscal Q4 2026, with warrant dilution anticipated to be under 1% [8] Fundraising and Product Development - The firm expects first closes for its seventh secondary fund and second venture access product in the second calendar quarter of 2026 [12] - The sixth Equity Opportunities Fund raised nearly $300 million during the quarter, with a total exceeding $2.3 billion [13] - The second infrastructure fund raised nearly $2 billion, with over $1.5 billion committed to the fund [14] Market Outlook - Distribution activity is increasing as buyers and sellers approach price equilibrium, with expectations for a stronger exit environment in 2026 compared to 2025 [18] - The secondaries market is characterized as undercapitalized relative to transaction demand, indicating growth potential for Hamilton Lane [18] Technology Investment - Hamilton Lane made an investment in Pluto Financial Technologies, an AI-driven platform aimed at enhancing access to private market portfolios and providing liquidity solutions for investors [19]

This stemmed primarily from market value growth of the portfolio and the addition of a variety of technology solutions and back-office mandates. Total management and advisory fees for the year-to-date period were up 11% year over year. Total fee-related revenue for the period, which is the sum of management fees and fee-related performance revenues, was $57 million and represents 31% growth year over year. Fee-related earnings were $254.6 million year to date and represent 37% growth year over year. We gene ...

Financial Data and Key Metrics Changes - Total asset footprint increased to over $1 trillion, representing a 6% year-over-year growth [3] - Assets Under Management (AUM) reached $146 billion, growing by $11 billion or 8% compared to the prior year [4] - Assets Under Advisement (AUA) totaled $871 billion, up $50 billion or 6% year-over-year [4] - Total management and advisory fees increased by 11% year-over-year, with fee-related revenue growing by 31% to $507 million [4][29] - GAAP EPS for the fiscal year-to-date was $4.35, with non-GAAP EPS at $4.41 [5] Business Line Data and Key Metrics Changes - Fee-earning AUM stood at $79.1 billion, growing by $8.1 billion or 11% year-over-year [10] - Specialized funds revenue increased by $35 million or 15% compared to the prior year, driven by growth in the Evergreen Platform [29] - Customized Separate Accounts fee-earning AUM grew to $41.1 billion, up $1.3 billion or 3% year-over-year [23] Market Data and Key Metrics Changes - The Evergreen Platform generated over $1.2 billion of net inflows, with total AUM reaching over $16 billion, representing over 70% year-over-year growth [21] - The international credit Evergreen fund surpassed $2 billion in AUM, with a strong performance and positive net inflows [22] Company Strategy and Development Direction - The strategic partnership with Guardian has closed, overseeing nearly $5 billion of Guardian's private equity portfolio, with expected annual commitments of approximately $500 million for at least 10 years [9] - The company aims to broaden distribution for its flagship strategies and enhance its product offerings in the wealth management sector [8][10] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in navigating changing markets and high client expectations, highlighting strong growth and momentum [7] - The exit environment is expected to improve in 2026, with increased distribution activity anticipated [49] Other Important Information - The company has invested in Pluto Financial Technologies to enhance technology solutions in private markets [25][26] - The partnership with Guardian is expected to have initial economic impacts recognized in the fiscal fourth quarter of 2026 [9][33] Q&A Session Summary Question: Product roadmap for wealth in calendar 2026 - Management indicated that while new products will be added, the volume will not match the previous year as focus shifts to scaling existing products [39] Question: Software exposure and AI risk - Management noted that their diversified portfolio mitigates concentration risk in software, and they do not see AI disruption as a significant issue [43][44] Question: Exit activity and industry evolution - Management observed an increase in distribution activity, with a stronger exit environment expected in 2026 [49] Question: Opportunities from the evolving Evergreen Platform - Management discussed the potential for using Evergreen products as tools for portfolio construction and the ongoing education around these products [50][51] Question: Institutional interest in Evergreen products - Management clarified that institutional clients are using Evergreen products for ease of use and tactical portfolio management rather than high redemption rates [56] Question: Market sentiment regarding secondary funds - Management expressed optimism about the secondary market, noting it remains undercapitalized and has significant growth potential [71]

Financial Data and Key Metrics Changes - Total asset footprint increased to over $1 trillion, representing a 6% year-over-year growth [3] - Assets Under Management (AUM) reached $146 billion, growing by $11 billion or 8% compared to the prior-year period [4] - Assets Under Advisement (AUA) totaled $871 billion, up $50 billion or 6% year-over-year [4] - Total management and advisory fees increased by 11% year-over-year, with fee-related revenue at $507 million, reflecting a 31% growth [4][28] - GAAP EPS for the fiscal year-to-date was $4.35, with non-GAAP EPS at $4.41 [5] Business Line Data and Key Metrics Changes - Fee-earning AUM grew to $79.1 billion, an increase of $8.1 billion or 11% year-over-year [10] - Specialized funds revenue increased by $35 million or 15% compared to the prior-year period, driven by growth in the Evergreen Platform [29] - Customized separate accounts revenue rose by $4 million or 4% due to new accounts and re-ups from existing clients [30] - Evergreen Platform AUM reached over $16 billion, representing over 70% year-over-year growth [21] Market Data and Key Metrics Changes - The partnership with Guardian is expected to bring in annual commitments of approximately $500 million for at least 10 years, enhancing access to private market opportunities [9] - The second infrastructure fund raised nearly $2 billion, tripling the capital raised in the inaugural fund [17] Company Strategy and Development Direction - The company aims to leverage its diversified platform and expand client relationships while focusing on scaling existing products rather than launching numerous new ones [7][39] - The strategic partnership with Guardian is a significant step in working with sophisticated institutional investors to design comprehensive private market programs [9] - The company is focused on enhancing liquidity solutions for individual investors to drive deeper penetration into private markets [27] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the growth opportunities ahead, citing strong performance and a favorable exit environment for 2026 [7][49] - The company is witnessing a rationalization in the market, with buyers and sellers reaching equilibrium, which is expected to enhance distribution activity [49] - Management noted that the liquidity provision of Evergreen products is not the primary attraction for institutional clients, who value ease of use and tactical portfolio management [58] Other Important Information - The company has a strong pipeline of mandates and substantial committed capital ready to deploy, indicating robust future growth potential [24] - The company is actively investing in technology solutions to broaden access to private markets and enhance investor experience [25] Q&A Session Summary Question: Product roadmap for wealth in calendar 2026 - Management indicated that while new products were launched in 2025, the pace will slow in 2026 as focus shifts to scaling existing products [39] Question: Software exposure and AI risk - Management clarified that their diversified portfolio mitigates concentration risk in software, and they do not see AI disruption as a significant issue [43][44] Question: Exit activity and industry evolution - Management noted an increase in distribution activity and expects a stronger exit environment in 2026 due to maturing assets [49] Question: Opportunities from the evolving Evergreen Platform - Management is exploring various structuring and partnership opportunities as the Evergreen Platform evolves into a multi-asset, multi-strategy offering [51] Question: Institutional client behavior regarding liquidity - Management stated that institutional clients are using Evergreen products for portfolio construction rather than exhibiting higher redemption rates [58] Question: Sentiment and interest in secondaries - Management expressed optimism about the secondary market, noting it remains undercapitalized and has significant growth potential [72]

Hamilton Lane (NasdaqGS:HLNE) Q3 2026 Earnings call February 03, 2026 11:00 AM ET Speaker2Good morning, ladies and gentlemen, and welcome to the Hamilton Lane Fiscal Q3 2026 earnings call. At this time, all lines are in listen-only mode. Following the presentation, we will conduct a question-and-answer session. If at any time during this call you require immediate assistance, please press star 0 for the operator. This call is being recorded on Tuesday, February 3, 2026. I would now like to turn the conferen ...

Fiscal Year 2026 Third Quarter Results February 3, 2026 Today's Speakers Erik Hirsch Co-CEO Jeff Armbrister Chief Financial Officer John Oh Head of Shareholder Relations Hamilton Lane | Global Leader in the Private Markets 2 Condensed Consolidated Statements of Income (Unaudited) • GAAP net income was $92.8 million for the quarter and $273.5 million year-to-date. GAAP net income attributable to Hamilton Lane Incorporated was $58.4 million for the quarter and $183.0 million year-to-date. | | | Three Months E ...

Hamilton Lane (HLNE) came out with quarterly earnings of $1.55 per share, beating the Zacks Consensus Estimate of $1.28 per share. This compares to earnings of $1.25 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of +21.41%. A quarter ago, it was expected that this private-market investment firm would post earnings of $1.08 per share when it actually produced earnings of $1.54, delivering a surprise of +42.59%.Over the last four ...

Financial Performance - Hamilton Lane reported GAAP net income of $92.8 million for Q3 FY2026, with year-to-date net income of $273.5 million[20]. - Net income attributable to Hamilton Lane Incorporated for Q3 FY2026 was $58.4 million, a 10% increase from the same quarter last year[20]. - Net income for the nine months ended December 31, 2025, was $273.471 million, up from $240.463 million in the previous year[87]. - Adjusted net income increased by 24% to $84.5 million for the quarter and by 16% to $240.1 million year-to-date[28]. - Non-GAAP earnings per share for the three months ended December 31, 2025, was $1.55, up from $1.25 in 2024[89]. Revenue Growth - Total revenues for Q3 FY2026 reached $198.6 million, an 18% increase compared to the same quarter last year, with year-to-date revenues of $565.4 million, up 10%[21]. - Total fee-related revenues increased by 47% to $185.4 million for the quarter and by 31% to $507.0 million year-to-date[23]. - The company expects continued growth in revenues and net income for the upcoming fiscal year[22]. - The company anticipates continued growth in management fees and performance revenues, driven by strategic market expansions and new product offerings[102]. Expenses and Costs - Compensation and benefits expenses rose by 26% to $77.9 million for the quarter, and 15% to $224.5 million year-to-date[21]. - Total expenses increased by 22% to $92,539 from $112,583 year-over-year[22]. - Compensation and benefits for the three months ended December 31, 2025, were $77,944,000, reflecting a 26% increase from $61,905,000 in 2024[92]. Dividends - The company declared a quarterly dividend of $0.54 per share, representing a 10% increase from the prior fiscal year, targeting a full-year dividend of $2.16[3]. - The company declared a quarterly dividend of $0.54 per share of Class A common stock[29]. Assets Under Management - Hamilton Lane manages approximately $1.0 trillion in assets, with $146.1 billion in discretionary assets and $871.5 billion in non-discretionary assets as of December 31, 2025[6]. - Assets under management (AUM) reached $146 billion, an 8% increase year-over-year, while fee-earning assets under management (FEAUM) grew by 11% to $79 billion[30]. - Total assets under management (AUM) and fee-earning AUM are critical metrics for the company, reflecting its growth and market position[97]. Investment Performance - The company experienced a significant increase in net gain on investments, which rose by 539% to $19.7 million for the quarter[21]. - Interest income increased by 2,716% to $1.0 million for the quarter, reflecting strong performance in investment income[21]. - The company experienced a significant increase in incentive fees from Evergreen funds, which rose by 2,671% to $38.130 million for the three months ended December 31, 2025[81]. Financial Position - As of December 31, 2025, the company reported $280 million in debt, indicating modest leverage[73]. - Cash and cash equivalents increased to $338.504 million as of December 31, 2025, up from $229.161 million at the end of March 2025[85]. - The company reported a net cash provided by operating activities of $321.944 million for the nine months ended December 31, 2025[87]. - The company’s total assets increased to $2.171 billion as of December 31, 2025, compared to $1.690 billion at the end of March 2025[85]. Strategic Outlook - As of February 3, 2026, the company positions itself as a global leader in the private markets, highlighting its strategic market presence[105]. - The company emphasizes the importance of reviewing the "Risk Factors" detailed in the Annual Report on Form 10-K for the fiscal year ended March 31, 2025, and subsequent reports filed with the SEC[103]. - Values in the presentation are rounded approximations, indicating a focus on clarity in financial reporting[104].

Core Viewpoint - Hamilton Lane Incorporated reported its third fiscal quarter results for the period ending December 31, 2025, highlighting its performance and future outlook [1]. Financial Performance - The company declared a quarterly dividend of $0.54 per share of Class A common stock, with a target full-year dividend of $2.16, representing a 10% increase from the previous fiscal year [2]. Company Overview - Hamilton Lane is a leading private markets investment firm with over 30 years of experience, managing approximately $1.0 trillion in assets, which includes $146.1 billion in discretionary assets and $871.5 billion in non-discretionary assets as of December 31, 2025 [5]. - The firm employs around 780 professionals across various global offices, focusing exclusively on private markets investing [5]. Conference Call - A conference call to discuss the third quarter fiscal 2026 results is scheduled for February 3, 2026, at 11:00 a.m. Eastern Time, accessible via the company's Shareholders website [3]. - A replay of the webcast will be available approximately two hours after the live broadcast for one year [4].