分组1 - Hamilton Lane reported quarterly earnings of $1.55 per share, exceeding the Zacks Consensus Estimate of $1.28 per share, and showing an increase from $1.25 per share a year ago, resulting in an earnings surprise of +21.41% [1] - The company achieved revenues of $198.59 million for the quarter ended December 2025, surpassing the Zacks Consensus Estimate by 2.92%, and up from $168.26 million in the same quarter last year [2] - Hamilton Lane has consistently outperformed consensus EPS and revenue estimates over the last four quarters [2] 分组2 - The stock has gained approximately 5.3% since the beginning of the year, outperforming the S&P 500, which has gained 1.9% [3] - The current consensus EPS estimate for the upcoming quarter is $1.36 on revenues of $197.42 million, and for the current fiscal year, it is $5.46 on revenues of $771.44 million [7] - The Zacks Industry Rank for Financial - Investment Management is currently in the bottom 33% of over 250 Zacks industries, indicating potential challenges for stocks in this sector [8]

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].

Core Insights - In 2026, private wealth investors are expected to increase allocations to private market investments, driven by portfolio optimization [1][2] Private Markets Allocations - 86% of private wealth professionals plan to increase private market investments this year, with 97% currently allocating between 1-20% of their business to private markets [2] - The allocation breakdown includes Private Equity at 19%, Private Real Estate at 18%, Private Credit at 16%, Venture Capital & Growth at 16%, and Private Infrastructure at 15% [2] Client Interest Drivers - Performance and diversification are ranked as the top reasons for investing in private markets by advisors [3] Risk Perception - 83% of respondents do not view private markets as riskier than public markets, with many perceiving a similar risk/reward profile or a higher reward potential [4][8] Venture Capital Interest - Venture Capital & Growth is highlighted as a favored strategy for 2026, with 47% of respondents planning to increase allocations to this area [5][9] - More than half of the respondents indicated that Venture Capital & Growth resonates most with new, highly engaged investors [5] Education's Role - 81% of wealth professionals believe that client education significantly boosts interest in private markets, emphasizing the need to address knowledge gaps [9] Additional Findings - 46% of respondents plan to increase allocations to Infrastructure in 2026, closely following Venture Capital & Growth [9] - Hamilton Lane's Evergreen Platform manages $15 billion in assets under management, serving thousands of advisors [7]

Core Viewpoint - Hamilton Lane Incorporated is set to release its financial results for the third fiscal quarter on February 3, 2026, before market opening [1] Group 1: Financial Results Announcement - The financial results for the third fiscal quarter ended December 31, 2025, will be available before the market opens on February 3, 2026 [1] - A conference call via webcast will be held at 11:00 a.m. ET on February 3 to discuss these results [2] - A replay of the webcast will be accessible approximately two hours after the live broadcast for one year [3] Group 2: Company Overview - Hamilton Lane is one of the largest private markets investment firms globally, with over 30 years of exclusive focus on private markets investing [4] - The firm employs around 770 professionals across North America, Europe, Asia Pacific, and the Middle East [4] - As of September 30, 2025, Hamilton Lane has $1.0 trillion in assets under management, including $145.4 billion in discretionary assets and $859.8 billion in non-discretionary assets [4] - The company specializes in creating flexible investment programs that provide clients access to a wide range of private markets strategies, sectors, and geographies [4]

Core Insights - Pluto Financial Technologies, Inc. has launched the first AI-powered lending platform specifically designed for private markets [1] - The platform is backed by notable investors including Motive Ventures, Portage, Apollo Global Management, Hamilton Lane, Tectonic Ventures, and Broadhaven Ventures [1] - Pluto has successfully raised $8.6 million in equity and has secured hundreds of millions in lending capacity [1] - The private markets are experiencing significant growth, with total assets under management (AUM) projected to increase by 1.5 times over the next five years [1]

Core Insights - The article emphasizes the perspective of retail investors in the stock market, highlighting that most individuals operate as retail investors unless affiliated with a brokerage or large financial institution [1] Group 1: Investment Insights - Scott Kaufman, known as Treading Softly, has over a decade of experience in the financial sector and serves as the lead analyst for Dividend Kings, focusing on high-quality dividend growth and undervalued investment opportunities [1] - The primary goal of the analysis is to achieve substantial cash dividends and strong capital gains, aiming for a robust total return for investors [1]

Core Insights - Hamilton Lane has been recognized as a "Best Place to Work in Money Management" for the 14th consecutive year by Pensions & Investments, highlighting its consistent excellence in workplace culture since the program's inception in 2012 [1][2] Company Overview - Hamilton Lane is a leading private markets investment management firm with approximately 770 employees globally, serving over 2,600 clients, including individual investors and large institutional entities [3][5] - The firm manages $1.0 trillion in assets, comprising $145.4 billion in discretionary assets and $859.8 billion in non-discretionary assets as of September 30, 2025 [5] Workplace Culture - The recognition reflects Hamilton Lane's commitment to fostering a collaborative, inclusive, and innovative work environment, which is essential for attracting and retaining talent [3][4] - Co-CEOs Erik Hirsch and Juan Delgado emphasize that the firm's success is rooted in its people, aiming to create a supportive and inspiring workplace [4] Awards and Recognition - In addition to the P&I Best Places to Work award, Hamilton Lane has received multiple accolades in 2025, including recognition for ESG value creation and being named the Best Alternatives Asset Manager in Singapore [6]

Core Insights - The asset management landscape is evolving, with companies employing innovative strategies and strong partnerships gaining investor interest [1] - Goldman Sachs analyst upgraded Hamilton Lane Inc. to Buy, with a price forecast of $165, indicating over 30% upside potential [1][2] Company Performance - Hamilton Lane's strong position in the alternative asset management sector, particularly in Wealth/Evergreen funds and Secondaries, is highlighted [2] - The company's Evergreen franchise manages approximately $14 billion in NAV, contributing over 30% to fee-related revenue, the highest among alternative managers [4] - Recent financial results show Hamilton Lane reported adjusted EPS of $1.54, exceeding estimates, and revenue of $190.9 million, surpassing consensus [6] Growth Projections - Fee-related earnings (FRE) are expected to grow at a 27% compound annual rate from 2025 to 2027, driven by management fees from Evergreen products and performance-fee contributions [3] - Earnings per share are projected to grow at a 20% annual rate, supported by a significant performance-fee pool with unrealized value [3] Valuation Metrics - Hamilton Lane shares are currently trading at 21 times next-twelve-month P/E, below the historical average of 27× and peers' 23× [5] - Goldman Sachs estimates for EPS are $5.36 for 2025, $6.28 for 2026, and $7.77 for 2027, reflecting expected margin and revenue acceleration [5]

Assets Under Management and Advisory - As of September 30, 2025, the company had $101.0 billion in assets under management (AUM) from customized separate accounts and $44.4 billion from specialized funds[117] - The company reported $859.8 billion in assets under advisement (AUA) as of September 30, 2025, indicating a strong advisory service segment[117] - Fee-earning AUM increased by $2.0 billion during the three months ended September 30, 2025, primarily due to contributions from customized separate accounts and specialized funds[191] - Customized separate accounts fee-earning AUM rose by $0.5 billion, with contributions of $1.1 billion and distributions of $0.8 billion for the same period[192] - Specialized funds fee-earning AUM increased by $1.5 billion, with contributions of $1.8 billion and distributions of $0.6 billion for the three months ended September 30, 2025[193] - For the six months ended September 30, 2025, fee-earning AUM increased by $4.4 billion, driven by contributions from both customized separate accounts and specialized funds[194] - Customized separate accounts fee-earning AUM grew by $1.5 billion, with contributions totaling $2.9 billion and distributions of $1.8 billion for the six months ended September 30, 2025[195] - Specialized funds fee-earning AUM increased by $2.9 billion, with contributions of $3.4 billion and distributions of $1.2 billion for the same period[196] Financial Performance - Total revenues for the three months ended September 30, 2025, increased by $36.7 million to $190.9 million compared to $149.9 million for the same period in 2024, driven by increases in management and advisory fees and incentive fees[153] - Management and advisory fees rose by $22.3 million to $142.1 million for the three months ended September 30, 2025, compared to $119.8 million in 2024, with specialized funds revenue contributing $19.5 million of this increase[154] - Incentive fees increased by $14.3 million to $44.6 million for the three months ended September 30, 2025, primarily due to the recognition of $13.1 million in performance fees from evergreen funds[155] - For the six months ended September 30, 2025, total revenues increased by $15.9 million to $366.8 million compared to $346.7 million in 2024, primarily due to higher management and advisory fees[156] - Management and advisory fees for the six months ended September 30, 2025, increased by $16.1 million to $275.8 million, with specialized funds revenue contributing significantly to this growth[157] - Total expenses for the three months ended September 30, 2025, increased by $27.7 million to $111.2 million compared to $82.8 million in 2024, mainly due to higher compensation and benefits[161] - Compensation and benefits expenses rose by $21.9 million to $77.0 million for the three months ended September 30, 2025, driven by increased salary expenses and annual bonus plan accruals[162] - Net income attributable to Hamilton Lane Incorporated for the three months ended September 30, 2025, was $70.9 million, compared to $55.0 million in 2024, reflecting a year-over-year increase of 28.5%[150] - Non-GAAP EPS for the three months ended September 30, 2025, was $1.54, up from $1.07 in the same period of 2024[206] - Adjusted EBITDA for the three months ended September 30, 2025, was $100.815 million, compared to $75.638 million for the same period in 2024[204] - Fee Related Earnings (FRE) for the three months ended September 30, 2025, were $77.037 million, compared to $56.292 million for the same period in 2024[204] Investment Activities - The company completed a registered offering of 528,705 shares of Class A common stock, generating $55.5 million in net proceeds[120] - On October 23, 2025, the company sold its interests in a wholly-owned entity for $92.3 million in cash[122] - The company recognized $0.8 million in retroactive fees from its latest direct equity fund for the six months ended September 30, 2025, compared to $20.7 million from a secondary fund in the same period of 2024[157] - Total other income for the three months ended September 30, 2025, was $37.9 million, significantly higher than $9.9 million in 2024, indicating improved investment performance[152] - Other income (expense) increased by $12.4 million for the three months ended September 30, 2025, primarily due to an increase in equity in income of investees[168] - Equity in income of investees increased by $13.7 million for the three months ended September 30, 2025, attributed to larger increases in investment valuations[169] - Other income (expense) of Consolidated Funds and Partnerships increased by $15.6 million for the three months ended September 30, 2025, due to increased investment activity[176] - Net cash provided by operating activities for the six months ended September 30, 2025, was $247.83 million, compared to $197.15 million for the same period in 2024, reflecting a year-over-year increase of approximately 25.7%[239] - Net cash used in investing activities for the six months ended September 30, 2025, was $227.92 million, significantly higher than $25.04 million in 2024, indicating increased investment activity[239] Debt and Liquidity - The company amended its credit facility on October 1, 2025, which included a decrease in the aggregate principal amount available to be borrowed and changes to interest rates[121] - The company had an outstanding balance of $89 million under the Term Loan Agreement as of September 30, 2025, with a maturity date of July 1, 2029[225] - The aggregate principal amount of loans that may be outstanding under all Loan Agreements is capped at $325 million, with $325 million available as of September 30, 2025[229] - The company issued $100 million in Senior Notes with a 5.28% interest rate, maturing on October 15, 2029, with interest payments starting on April 15, 2025[223] - As of September 30, 2025, the principal amount of debt outstanding was $288.1 million, down from $293.1 million as of March 31, 2025[229] - The company expects to continue paying quarterly cash dividends, subject to funds being legally available[237] - The company is required to maintain approximately $7.8 million in liquid net assets to meet regulatory net capital and capital adequacy requirements as of September 30, 2025[236] - The annual interest rate on the Term Loan Agreement was 6.00% as of September 30, 2025[259] - A 100 basis point increase in interest rates is estimated to result in an increased interest expense of approximately $0.9 million over the next 12 months[260] Strategic Partnerships and Investments - A long-term strategic partnership was established with The Guardian Life Insurance Company, managing nearly $5 billion in private equity and committing to invest approximately $500 million annually for the next 10 years[124] - The company plans to make strategic investments in technology-driven private markets data and wealth management solutions[233] Tax and Regulatory Matters - The effective tax rate was 11.9% for the three months ended September 30, 2025, compared to 1.5% for the same period in 2024, reflecting changes in income allocation and tax adjustments[179] - The One Big Beautiful Bill Act signed into law on July 4, 2025, did not have a material impact on the company's consolidated financial statements[145] Market Conditions and Competition - The company has noted increased competition for investment opportunities, which may impact future returns due to rising costs[211] - The performance of the funds is increasingly dependent on newer funds, as historical returns are primarily derived from earlier funds[211] - The company utilizes revolving credit facilities to enhance liquidity, which can magnify performance outcomes[217] - The company’s investment strategy includes a focus on private markets, with specialized funds investing across various sectors[210] Currency and Credit Risk - The company has limited currency exposure related to investments in foreign currency assets, typically at 1% of total capital commitments[258] - The company does not expect changes in exchange rates to materially impact its financial statements[258] - Credit risk is managed by limiting counterparties to reputable financial institutions[261] - The company does not possess significant assets in foreign countries or engage in material transactions in currencies other than the U.S. dollar[258] - The company’s general partner investments include thousands of unique underlying portfolio investments with no significant concentration in any industry or country outside of the United States[256] Performance Metrics - The gross internal rate of return (IRR) for the Secondary Fund VI established in 2022 was 40.6%, while the net IRR was 44.1%[212] - The Infrastructure Opps Fund II, set to launch in 2024, has a projected gross IRR of 32.3% and a net IRR of 30.8%[212] - The company’s specialized funds have shown varying performance, with the PEF IX fund achieving a net IRR of 14.7%[212] - The average gross multiple across the specialized funds is approximately 1.5, indicating a strong return on capital invested[212] - The company’s strategic opportunities funds have a gross IRR of 14.4% for the year 2022, reflecting solid performance in the market[212]