☐ 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 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, 2019 or (Exact name of Registrant as specified in its chart ...

Assets Under Management and Advisement - As of September 30, 2019, the company had approximately $52 billion in assets under management (AUM) from customized separate accounts and $14 billion from specialized funds[95]. - The company reported approximately $416 billion in assets under advisement (AUA) as of September 30, 2019, serving a diverse client base including institutional investors globally[95]. - Fee-earning AUM increased by $1.2 billion to $36.0 billion during the three months ended September 30, 2019, due to contributions from customized separate accounts and specialized funds[154]. - Customized separate accounts fee-earning AUM increased by $0.4 billion, or 2%, to $22.9 billion for the three months ended September 30, 2019[155]. - Specialized funds fee-earning AUM increased by $0.8 billion, or 7%, to $13.1 billion for the three months ended September 30, 2019[156]. - Fee-earning AUM increased by $2.4 billion to $36.0 billion during the six months ended September 30, 2019[157]. - Customized separate accounts contributions were $1.5 billion for the six months ended September 30, 2019, primarily due to new allocations from existing and new clients[158]. - Specialized funds fee-earning AUM increased by $1.7 billion, or 15%, to $13.1 billion for the six months ended September 30, 2019[159]. Revenue Sources - Management and advisory fees are the primary revenue sources, with revenues from customized separate accounts based on a contractual rate applied to committed capital or net invested capital[103][104]. - Management and advisory fees rose by $5.9 million, or 11%, to $59.2 million for the three months ended September 30, 2019, driven by increases in specialized funds and customized separate accounts[129]. - Total revenues increased by $8.5 million, or 15%, to $64.3 million for the three months ended September 30, 2019 compared to the same period in 2018[128]. - Total revenues for the six months ended September 30, 2019 increased by $9.8 million, or 8%, to $129.0 million compared to the same period in 2018[131]. - Management and advisory fees for the six months ended September 30, 2019 increased by $15.5 million, or 15%, to $119.7 million, with significant contributions from specialized funds[132]. - Incentive fees increased by $2.5 million to $5.1 million for the three months ended September 30, 2019, primarily due to a $3.0 million increase from specialized funds[130]. Expenses and Income - Total expenses increased by $2.9 million, or 8%, to $37.4 million for the three months ended September 30, 2019, attributed to higher general, administrative, and compensation expenses[135]. - Compensation and benefits expenses increased by $0.6 million, or 3%, to $23.4 million for the three months ended September 30, 2019, due to higher base compensation and benefits[136]. - Net income attributable to Hamilton Lane Incorporated was $15.3 million for the three months ended September 30, 2019, compared to $11.2 million for the same period in 2018[125]. - Net income attributable to Hamilton Lane Incorporated for the three months ended September 30, 2019, was $15.3 million, an increase of 36.5% from $11.2 million in 2018[169]. - Adjusted net income for the six months ended September 30, 2019, was $50.4 million, compared to $49.3 million in 2018, reflecting a 2.2% increase[169]. Tax and Income Tax Expense - The effective tax rate was 7.7% for the three months ended September 30, 2019, down from 14.6% in 2018, and 10.5% for the six months ended September 30, 2019, compared to 11.4% in 2018[148]. - Income tax expense for the three months ended September 30, 2019, was $2.7 million, a decrease of 52.1% from $5.6 million in 2018[169]. - The effective corporate income tax rate for the six-month period ended September 30, 2019, was estimated at 23.8%[169]. Cash Flow and Financing Activities - The net cash provided by operating activities for the six months ended September 30, 2019, was $66.2 million, compared to $73.1 million for the same period in 2018[201]. - The net cash used in investing activities was $(10.8) million for the six months ended September 30, 2019, compared to $8.6 million in 2018[202]. - The net cash used in financing activities was $31.9 million for the six months ended September 30, 2019, down from $53.7 million in 2018[202]. - The company paid dividends of $13.0 million during the six months ended September 30, 2019, compared to $8.6 million in 2018[208]. Debt and Liquidity - As of September 30, 2019, the principal amount of debt outstanding was $69.4 million, a decrease from $71.3 million as of March 31, 2019[194]. - The Term Loan Agreement provides for a term loan facility of $75.0 million, with an accordion feature allowing an increase of up to $25.0 million[192]. - The company expects to continue meeting its liquidity needs through cash flows from operations and existing cash equivalents[195]. - As of September 30, 2019, the company had $69.4 million in borrowings outstanding under Loan Agreements, with an annual interest rate of 3.75%[218]. Market and Financial Risks - The company is exposed to various market risks, including price risk, interest-rate risk, liquidity risk, and foreign exchange-rate risk[213]. - The company limits its credit risk by engaging with reputable financial institutions for financial transactions[220]. - The fair value of financial assets and liabilities may fluctuate due to changes in securities, foreign currency exchange rates, commodity prices, and interest rates[215]. - The company does not possess significant assets in foreign countries, limiting the impact of exchange rate changes on financial statements[217]. - A 100 basis point increase in interest rates is estimated to result in an increased interest expense of $0.7 million over the next 12 months[219]. Investment Performance - The company’s investment performance includes various funds with internal rates of return (IRR) ranging from 5.4% to 60.8% across different vintage years and strategies[176]. - The company’s equity in income (loss) of investees reflects its share of earnings from investments in specialized funds and customized separate accounts, influenced by underlying fund investment valuations[116]. - Equity in income of investees decreased by $1.6 million to $3.7 million for the three months ended September 30, 2019, mainly due to a decline in gains from direct/co-investment funds[143]. - Equity in income of investees increased by $4.7 million to $9.9 million for the six months ended September 30, 2019, compared to the same period in 2018[146]. - Other income decreased by $8.8 million to $8.0 million for the three months ended September 30, 2019, primarily due to a decrease in non-operating income[142]. - Non-operating income decreased by $8.0 million for the six months ended September 30, 2019, primarily due to a $6.2 million decrease in gains from the sale of technology investments[147]. Shareholder Information - The company has authorized a Stock Repurchase Program to repurchase up to 6% of its outstanding shares, not to exceed $50 million[197]. - Weighted-average shares of Class A common stock outstanding - diluted increased to 27,632,890 for the three months ended September 30, 2019, from 23,257,419 in 2018[169]. - The company reported a total income attributable to non-controlling interests of $16.9 million for the three months ended September 30, 2019, down from $20.8 million in 2018[169]. - The company’s adjusted shares outstanding for the three months ended September 30, 2019, was 53,547,201, slightly up from 53,438,643 in 2018[169].

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 June 30, 2019 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 Delaware 26-2482738 (State or other jurisdiction of incorporation or organization) ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION FORM 10-K x ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended March 31, 2019 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 charter) Delaware (State or other juris ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended December 31, 2018 or o 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 ...