[Report Overview](index=1&type=section&id=Report%20Overview) This section provides an overview of Hamilton Lane's Q1 FY2026 results, including its financial position, dividend declaration, and standard forward-looking statement disclosures [Company Profile & Dividend Announcement](index=1&type=section&id=Company%20Profile%20%26%20Dividend%20Announcement) Hamilton Lane, a leading private markets investment firm, reported its first quarter fiscal 2026 results, with $986.2 billion in assets under management and supervision as of June 30, 2025, and declared a quarterly dividend of $0.54 per share, marking a 10% increase in the target full-year dividend from the prior fiscal year - 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 prior fiscal year[3](index=3&type=chunk) Assets Under Management and Supervision (AUMS) as of June 30, 2025 | Category | Amount (USD) | | :--- | :--- | | Discretionary Assets | $140.9 billion | | Non-discretionary Assets | $845.3 billion | | **Total AUMS** | **$986.2 billion** | - The company employs approximately **750 professionals** in offices across North America, Europe, Asia Pacific, and the Middle East[6](index=6&type=chunk) [Forward-Looking Statements](index=2&type=section&id=Forward-Looking%20Statements) This section contains standard cautionary language regarding forward-looking statements, outlining numerous known and unknown risks and uncertainties that could cause actual results to differ materially from expectations, directing investors to the company's SEC filings for a more detailed discussion of risk factors - The report includes forward-looking statements subject to risks and uncertainties that may cause actual results to differ materially[7](index=7&type=chunk) - Key risks include historical performance not being indicative of future results, intense competition, potential conflicts of interest, reliance on senior management, and volatile market conditions[7](index=7&type=chunk) - Investors are advised to refer to the "Risk Factors" in the company's Annual Report on Form 10-K for more comprehensive information on potential risks[8](index=8&type=chunk) [Financial & Operational Highlights](index=8&type=section&id=Financial%20%26%20Operational%20Highlights) This section details Hamilton Lane's first quarter fiscal 2026 financial performance, including key revenue and earnings metrics, alongside significant growth in its asset management base [Q1 FY2026 Key Financial Results](index=8&type=section&id=Q1%20FY2026%20Key%20Financial%20Results) For Q1 FY2026, Hamilton Lane reported GAAP net income attributable to the company of $53.7 million, a 9% decrease year-over-year, with diluted GAAP EPS of $1.28, primarily driven by lower total revenues which fell 11% to $176.0 million due to a significant drop in incentive fees, though Fee Related Earnings (FRE) increased 31% year-over-year to $83.7 million Q1 FY2026 Financial Performance vs. Prior Periods | Metric (in millions, except EPS) | Q1 FY26 | vs. Q1 FY25 | vs. Q4 FY25 | | :--- | :--- | :--- | :--- | | Management and advisory fees | $133.7 | (4)% | 5% | | Net income attributable to HLNE | $53.7 | (9)% | 6% | | GAAP EPS | $1.28 | (13)% | 4% | | Fee Related Earnings (Non-GAAP) | $83.7 | 31% | (7)% | | Adjusted EBITDA (Non-GAAP) | $95.8 | 0% | (6)% | - Total revenues for Q1 FY26 were **$176.0 million**, an **11% decrease** YoY, primarily due to a **26% decline** in incentive fees[19](index=19&type=chunk) - GAAP net income was **$77.1 million** for the quarter, a **12% decrease** compared to the prior-year quarter[18](index=18&type=chunk) [Asset Management Performance](index=14&type=section&id=Asset%20Management%20Performance) The company demonstrated continued growth in its asset base, with total Assets Under Management and Advisement (AUM/AUA) reaching $986 billion as of June 30, 2025, driven by new client wins, re-ups, and successful fundraising for various specialized funds, resulting in AUM growing 9% to $141 billion and Fee-Earning AUM (FEAUM) increasing 10% to $74 billion - Total Assets Under Management/Advisement (AUM/AUA) reached **$986 billion** as of June 30, 2025[31](index=31&type=chunk) Year-over-Year Asset Growth (as of June 30, 2025) | Metric | Value (USD) | YoY Growth | | :--- | :--- | :--- | | Assets Under Management (AUM) | $141 billion | 9% | | Fee-Earning AUM (FEAUM) | $74 billion | 10% | | Assets Under Advisement (AUA) | $845 billion | 4% | - Growth in FEAUM was driven by both Customized Separate Accounts (**+$4.6 billion** YoY increase) and Specialized Funds (**+$2.1 billion** YoY increase), with over **80%** of gross contributions in the last 12 months coming from existing clients[41](index=41&type=chunk)[43](index=43&type=chunk) - The company is actively fundraising for several specialized funds, including its **9th credit-oriented fund**, **6th direct equity fund**, and various evergreen funds[38](index=38&type=chunk)[44](index=44&type=chunk) [Detailed Financial Analysis](index=20&type=section&id=Detailed%20Financial%20Analysis) This section provides an in-depth analysis of Hamilton Lane's Q1 FY2026 financial performance, focusing on revenue streams, earnings metrics, unrealized carried interest, and the strength of its balance sheet [Revenue Analysis](index=22&type=section&id=Revenue%20Analysis) Total revenues for Q1 FY26 decreased 11% year-over-year to $176 million, with management and advisory fees falling 4% to $134 million due to a significant reduction in retroactive fees, and incentive fees seeing a more significant decline of 26% to $42 million, reflecting the unpredictable timing of realizations Q1 Revenue Breakdown (Year-over-Year) | Revenue Stream (in millions) | Q1 FY25 | Q1 FY26 | YoY Change | | :--- | :--- | :--- | :--- | | Management & Advisory Fees | $140 | $134 | (4)% | | Incentive Fees | $57 | $42 | (26)% | | **Total Revenues** | **$197** | **$176** | **(11)%** | - The YoY decrease in Management and Advisory Fees was largely due to **$20.7 million** in retroactive fees in the prior year quarter, compared to only **$0.3 million** in the current quarter[58](index=58&type=chunk) - Recurring management and advisory fees have constituted approximately **80%** of total revenues over the past five fiscal years, providing a stable base[58](index=58&type=chunk) [Earnings Analysis](index=26&type=section&id=Earnings%20Analysis) Despite lower revenues, the company's core profitability remained strong, with Fee Related Earnings (FRE) growing 31% year-over-year to $84 million, Adjusted EBITDA remaining flat at $96 million, and Net income attributable to Hamilton Lane Incorporated (HLI) decreasing by 9% to $54 million due to lower incentive fees Q1 Earnings Breakdown (Year-over-Year) | Metric (in millions) | Q1 FY25 | Q1 FY26 | YoY Change | | :--- | :--- | :--- | :--- | | Fee Related Earnings | $64 | $84 | 31% | | Adjusted EBITDA | $96 | $96 | 0% | | Net Income Attributable to HLI | $59 | $54 | (9)% | - The **31% YoY growth** in Fee Related Earnings highlights the strength and long-term double-digit growth trajectory of the company's core earnings stream[71](index=71&type=chunk) [Unrealized Carried Interest](index=24&type=section&id=Unrealized%20Carried%20Interest) The balance of unrealized carried interest, a key indicator of future potential incentive fee revenue, grew to $1.31 billion as of June 30, 2025, representing a 6% increase from $1.24 billion in the prior year, with the portfolio diversified across 116 vehicles and the majority (52%) of value in funds aged between 5 and 8 years, indicating a mature pipeline for future realizations - Unrealized carried interest increased to **$1.309 billion** as of June 30, 2025, up from **$1.238 billion** as of June 30, 2024[62](index=62&type=chunk) - The unrealized carry is diversified across **116 different vehicles**[62](index=62&type=chunk) Unrealized Carry by Fund Age | Age of Fund | Percentage of Total | | :--- | :--- | | < 5 years | 26% | | 5-8 years | 52% | | 8-12 years | 17% | | > 12 years | 5% | [Balance Sheet & Key Items](index=28&type=section&id=Balance%20Sheet%20%26%20Key%20Items) Hamilton Lane maintains a strong balance sheet with a total investment balance of $863 million as of June 30, 2025, primarily composed of investments in its own funds (~$464 million) and technology-related investments (~$399 million), while employing modest leverage with total debt standing at $289 million - The total investment balance was **$863 million** as of June 30, 2025[76](index=76&type=chunk) - The investment portfolio consists of approximately **$464 million** in Hamilton Lane funds and **$399 million** in technology-related and other investments[79](index=79&type=chunk) - The company maintains a modest leverage profile with **$289 million** of debt as of June 30, 2025[80](index=80&type=chunk) [Appendix](index=30&type=section&id=Appendix) This appendix provides comprehensive supporting financial data, including detailed breakdowns of revenue and asset growth, consolidated financial statements, non-GAAP reconciliations, and definitions of key financial and operational terms [Detailed Financial Tables](index=32&type=section&id=Detailed%20Financial%20Tables) The appendix provides detailed breakdowns of key financial and operational metrics, showing that for Q1 FY26, management and advisory fees were primarily driven by specialized funds (62%) and customized separate accounts (26%), incentive fees were significantly impacted by a sharp decline in secondary and direct credit funds, and Fee-Earning AUM saw a net increase of $2.35 billion during the quarter - For the three months ended June 30, 2025, Specialized Funds contributed **$82.7 million (62%)** and Customized Separate Accounts contributed **$34.6 million (26%)** to total management and advisory fees[85](index=85&type=chunk)[86](index=86&type=chunk) - Incentive fees from Evergreen funds were the largest contributor in Q1 FY26 at **$32.6 million**, though this was down **47% sequentially**. Fees from secondary funds dropped **95% YoY** to **$0.5 million**[88](index=88&type=chunk) - Total Fee-Earning AUM increased from **$72.0 billion** at the beginning of the quarter to **$74.4 billion** at the end, driven by **$3.4 billion** in contributions offset by **$1.6 billion** in distributions[90](index=90&type=chunk) [Consolidated Financial Statements](index=38&type=section&id=Consolidated%20Financial%20Statements) This section presents the unaudited condensed consolidated balance sheets and statements of cash flows, showing total assets of $1.80 billion as of June 30, 2025, with cash and cash equivalents increasing to $263.3 million, and net cash provided by operating activities of $128.9 million for the quarter, while net cash used in investing activities was $93.8 million Key Balance Sheet Items (in thousands) | Account | March 31, 2025 | June 30, 2025 | | :--- | :--- | :--- | | Cash and cash equivalents | $229,161 | $263,347 | | Investments | $664,354 | $674,453 | | Total Assets | $1,690,355 | $1,802,038 | | Debt | $290,303 | $288,582 | | Total Liabilities | $766,460 | $806,992 | Key Cash Flow Items (Three Months Ended June 30) | Activity (in thousands) | 2024 | 2025 | | :--- | :--- | :--- | | Net cash provided by operating activities | $79,743 | $128,932 | | Net cash provided by (used in) investing activities | $2,132 | $(93,807) | | Net cash (used in) provided by financing activities | $(30,418) | $3,261 | [Non-GAAP Reconciliations](index=42&type=section&id=Non-GAAP%20Reconciliations) This section provides detailed reconciliations of non-GAAP financial measures to their most directly comparable GAAP counterparts, bridging GAAP Net Income to key metrics such as Fee Related Earnings (FRE), Adjusted EBITDA, and Adjusted Net Income, offering transparency into the adjustments made for items like incentive fees, equity-based compensation, and other non-core expenses - Provides a full reconciliation from GAAP Net Income to Fee Related Earnings and Adjusted EBITDA for current and historical periods[96](index=96&type=chunk) - Details the calculation of Adjusted Net Income and Non-GAAP Earnings Per Share, including adjustments for taxes and share counts[96](index=96&type=chunk) - Breaks down GAAP revenue and expense lines into their 'fee related' non-GAAP components, such as 'Fee related management and advisory fees' and 'Fee related compensation and benefits expenses'[100](index=100&type=chunk) [Definitions and Disclosures](index=46&type=section&id=Definitions%20and%20Disclosures) The final section of the appendix defines the key terms and non-GAAP measures used throughout the presentation, such as Adjusted EBITDA, Fee Related Earnings (FRE), Assets Under Management (AUM), and Fee-Earning AUM (FEAUM), and includes the full forward-looking statements disclosure, reiterating the risks and uncertainties associated with the company's business - Provides specific definitions for non-GAAP measures like Fee Related Earnings (FRE), which is used to highlight recurring revenue streams[103](index=103&type=chunk) - Defines operational metrics including Assets Under Management (AUM), Assets Under Advisement (AUA), and Fee-Earning AUM (FEAUM), explaining how each is calculated and its relevance[105](index=105&type=chunk)[106](index=106&type=chunk) - Contains the full legal disclosure regarding forward-looking statements, consistent with the information presented at the beginning of the report[110](index=110&type=chunk)[111](index=111&type=chunk)

Conference Call Hamilton Lane will discuss first quarter fiscal 2026 results in a webcast and conference call today, Tuesday, August 5, 2025, 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 ...

The market expects Hamilton Lane (HLNE) to deliver a year-over-year decline in earnings on lower revenues when it reports results for the quarter ended June 2025. This widely-known consensus outlook is important in assessing the company's earnings picture, but a powerful factor that might influence its near-term stock price is how the actual results compare to these estimates. The earnings report, which is expected to be released on August 5, might help the stock move higher if these key numbers are better ...

Core Insights - Wormhole has been selected as the official multichain partner for the SCOPE Access Fund, which provides access to Hamilton Lane's Senior Credit Opportunities Fund, with Hamilton Lane managing approximately $958 billion in assets as of March 31, 2025 [1][7]. Company Overview - Wormhole is a leading interoperability platform that connects traditional finance with the internet economy, enabling seamless movement of assets across multiple blockchain networks [2][8]. - Securitize is a prominent tokenized asset platform that partners with top-tier asset managers to tokenize real-world assets, enhancing accessibility and liquidity in institutional finance [9]. Product Development - The SCOPE Access Fund is a tokenized feeder fund that has been upgraded to include on-chain capabilities such as daily NAV pricing, instant subscriptions, and on-demand redemptions across Ethereum and Optimism [3][4]. - The integration of Wormhole's multichain capabilities transforms the SCOPE Feeder Fund into an interoperable asset, facilitating unified liquidity and composable integrations for developers [4][5]. Market Trends - There is a growing trend among large asset managers to not only tokenize funds but also to seek infrastructure that allows for the free flow of assets across different blockchain networks [5][6]. - The partnership between Wormhole and Securitize aims to redefine capital movement in the internet economy, making institutional-grade credit strategies more accessible [6]. Financial Metrics - Wormhole currently manages over $3.5 billion in multichain tokenized assets under management (MTAUM), reflecting its significant role in the evolving landscape of multichain infrastructure [5]. - Hamilton Lane's asset management includes over $138 billion in discretionary assets and more than $819 billion in non-discretionary assets [7][10].

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 760 professionals operating in offices throughout North America, Europe, Asia Pacific and the Middle East. Hamilton Lane has approximately $958 billion in assets under management and supe ...

Core Viewpoint - Hamilton Lane has launched the Asia Private Assets Fund (HLAPA), a semi-liquid investment vehicle aimed at providing diversified access to Asia's private markets for private wealth and institutional investors [1][2]. Fund Overview - HLAPA focuses on private equity through direct investments and secondaries, leveraging Hamilton Lane's 15 years of experience in Asia and its extensive regional network [2][3]. - The Fund aims to capitalize on Asia's macroeconomic growth, which drives 60% of global GDP growth, and deliver quality risk-adjusted returns [3][6]. Fund Features - The Fund offers flexible portfolio construction to adapt to market dynamics, optimizing risk-adjusted returns across growth investments and mature buyout deals [7]. - Investors will have access to top-tier fund managers across Asia, including strong relationships with premier general partners in Australia, Japan, Korea, India, Southeast Asia, and China [7]. - HLAPA features an open-ended structure that allows for immediate capital deployment without capital calls, lower minimum investments compared to traditional funds, monthly subscriptions, and potential limited quarterly liquidity [7]. Company Background - Hamilton Lane is a leading private markets investment firm with approximately $958 billion in assets under management as of March 31, 2025, and has been dedicated to private markets investing for over 30 years [5][6]. - The Asia Private Assets Fund is part of Hamilton Lane's broader $11 billion Evergreen Platform, which includes nine funds across multiple strategies [4][6].

Core Insights - Banner Capital Management has successfully closed a portfolio recapitalization into Banner Capital Fund I and launched Banner Capital Fund II [1][4] Fund I - Fund I is a multi-asset continuation fund with over $400 million in capital commitments, aimed at acquiring interests in eight pre-fund portfolio companies [2] - Hamilton Lane acted as the lead investor, with many pre-fund investors retaining significant interests in the portfolio companies through this new vehicle [2] - The transaction provides additional time and capital for portfolio companies while offering partial liquidity to pre-fund investors [2][3] Fund II - Fund II is a lower middle market buyout fund with a target size of $200 million, following the close of Fund I [4] - A preliminary closing for Fund II was held to facilitate the Western Pavement Services transaction, with participation from the Larry H. & Gail Miller Family Foundation and other legacy LPs [4][5] - A traditional first closing for Fund II is anticipated in Q4 2025 [4] Company Overview - Banner Capital Management focuses on providing partnership capital to family-owned and founder-led businesses across the Western United States, investing in sectors such as industrial, services, consumer, and healthcare [6] - As of the closing of Fund I, Banner has $653 million in assets under management [6][7]

Group 1 - Hamilton Lane Incorporated (NASDAQ: HLNE) shares have sharply declined following the release of Q4 FY 2025 earnings despite reporting strong results [1] - The company's stock was trading at a substantial premium to peers, creating a high bar for performance expectations [1] Group 2 - Blue Chip Portfolios is an investment publication focused on providing insights on single stocks, ETFs, and CEFs [1]

Debt and Financial Obligations - The Term Loan Agreement matures on July 1, 2029, with additional agreements maturing on April 1, 2030, and October 1, 2029, indicating a structured debt repayment schedule [189]. - The company expects to continue utilizing debt for operations, which may increase vulnerability to economic downturns and affect operational flexibility [190]. - The company’s credit facilities are concentrated with JPMorgan, following the acquisition of First Republic, which could pose risks if financial institutions face instability [191]. - There is a concentration of credit risk due to account balances exceeding FDIC insurance coverage of $250,000 per depositor, potentially impacting liquidity [192]. - The company may face challenges in complying with financial covenants in Loan Agreements, which could limit operational flexibility and lead to defaults [196]. - The company’s obligations under Loan Agreements are secured by substantially all assets, which could lead to significant consequences in the event of a default [196]. - The company’s ability to access funding sources may be impaired by factors affecting the financial institutions it relies on, impacting overall business operations [194]. - The company has approximately 12.7 million shares of Class A common stock issuable upon exchange of Class B and Class C units, which will be eligible for resale subject to certain restrictions [327]. - As of March 31, 2025, the company had $193.1 million in borrowings outstanding under Loan Agreements, with an annual interest rate of 6.25% on the Term Loan Agreement and 6.00% on the Revolving Loan Agreement [506]. - 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 [507]. Investment Performance and Risks - The performance of investments in specialized funds and customized accounts directly affects management revenue, with poor performance leading to decreased earnings and capital raising difficulties [206]. - Defaults by clients or investors in specialized funds could adversely affect fund operations and performance, particularly during economic uncertainty [201]. - The risk of clawback obligations exists if previously distributed carried interest exceeds amounts ultimately entitled, which could affect financial stability [206]. - The company's cash flow may fluctuate significantly due to sporadic and unpredictable distributions of carried interest, impacting steady earnings growth [207]. - Carried interest distributions may decrease in volatile economic environments, making it difficult to predict timing and amounts, leading to increased stock price volatility [208]. - Redemption or repurchase rights in evergreen funds may adversely affect revenues, especially during declining market conditions [209]. - Sustained redemption requests could exhaust liquidity sources, forcing the company to dispose of investments sooner than anticipated, potentially reducing carried interest [211]. - Valuation methodologies for specialized funds can be highly subjective, leading to significant losses if fair values are not realized [213]. - Investments in high-risk, illiquid assets may result in losses or failure to realize profits for extended periods [217]. - Portfolio companies may experience financial difficulties during market downturns, adversely affecting investment returns [220]. - The company may pursue complex investment opportunities that involve regulatory and legal risks, potentially impacting returns [221]. - Lack of diversification in specialized funds could lead to significant adverse impacts on investment performance [223]. Regulatory and Compliance Risks - The company is subject to extensive government regulation, and changes in laws or regulations could impose additional expenses or limit fundraising activities [282]. - The SEC has increased scrutiny on the asset management and private equity industries, focusing on fees, expense allocations, and disclosures, which may affect the company's operations [289]. - The company is subject to various international regulations, including the AIFMD in the EU, which may impose additional compliance burdens and affect its ability to operate [298]. - Compliance with MiFID II has resulted in increased complexity and higher operational costs for the company [299]. - New prudential regulations in the EU and U.K. could hinder the company's capital deployment and recruitment efforts [300]. - Regulatory requirements aimed at enhancing retail investor protection may impose additional operational costs and limit access to capital from retail investors [301]. - Non-compliance with existing or new laws and regulations could have a material adverse effect on the company's financial condition and operations [302]. - The company faces increasing scrutiny and demands regarding ESG matters from investors and regulators, which may impact return potential and fundraising capabilities [303]. - Certain investors are focusing on ESG integration, potentially hampering return potential and leading to operational complexities and costs [303]. - Regulatory penalties related to insufficient compliance with ESG laws could adversely affect profitability and reputation [304]. - Climate change risks, including compliance costs and regulatory actions, may negatively impact returns for the company and its portfolio companies [305]. - Enhanced disclosure obligations due to climate-related regulations could increase compliance costs and administrative burdens [306]. - The company relies on third-party data for ESG-related reporting, and inaccuracies in this data could harm its reputation and lead to enforcement actions [264]. - Legal liabilities related to investment management activities are increasing, with potential for significant damages from claims of misleading statements or negligent conduct [254][255]. Operational and Cybersecurity Risks - The company faces significant challenges in maintaining adequate financial and operational controls, which may lead to increased expenses and resource commitments [228]. - Operational risks, including technology failures and cybersecurity threats, could disrupt business and result in financial losses [236]. - The company relies on secure processing and storage of sensitive information, with potential cybersecurity threats posing significant risks [237]. - Unauthorized access and data breaches could lead to material financial losses and reputational damage for the company [240]. - The company faces increased compliance costs and potential regulatory liabilities due to rapidly evolving data security and privacy laws, including GDPR and CPRA, which could lead to significant penalties [241][245]. - Compliance obligations are expanding, requiring adherence to various international data protection laws, which may increase operational complexities and costs [243][244]. - There is a heightened risk of data theft or compromise, particularly in jurisdictions with weaker protections for intellectual property and sensitive information [256][258]. - The company may face challenges in managing international operations, including compliance with diverse regulatory environments and potential currency fluctuations [256][259]. Market and Economic Risks - A pandemic or global health crisis could materially impact the company's business, financial condition, and results of operations, exacerbating existing risks [265]. - The company may experience reduced revenue and cash flow during economic downturns or tightening global credit markets, leading to potential write-downs of investment valuations [277]. - Market volatility and geopolitical conflicts, such as the ongoing war between Russia and Ukraine, contribute to uncertainty and could negatively impact investment valuations [273]. - The company may face challenges in fundraising efforts due to negative international reactions to U.S. trade policies, potentially affecting client relationships [274]. - Operational risks from another pandemic include employee illness and compliance challenges, which could reduce productivity and increase costs [267]. Tax and Financial Management - HLA, the company's primary asset, is required to make substantial tax distributions to members, which may exceed actual tax liabilities [320]. - Tax distributions from HLA are based on an assumed tax rate, likely leading to distributions that significantly exceed actual tax obligations [321]. - Payments under the tax receivable agreement could be substantial and may negatively impact liquidity if they exceed actual cash savings [316]. - The company may not be reimbursed for payments made under the tax receivable agreement if the IRS challenges the tax basis increases [319]. - The company's effective tax rate and liabilities are subject to complex interpretations of current tax laws, which could lead to increased tax liabilities if challenged by authorities [285]. - Changes in U.S. tax laws could impact the company's tax liabilities and increase regulatory compliance costs, with uncertain timing and details [284]. Corporate Governance and Shareholder Relations - The company expects to continue paying dividends to stockholders, but this is subject to the discretion of the board of directors and various legal limitations [329]. - The company’s ability to declare and pay dividends is subject to Delaware law, which may limit the amount of funds available for dividends [329]. - Anti-takeover provisions in the company’s charter documents may make it more difficult for stockholders to replace current management, potentially affecting the market price of Class A common stock [330]. - The disparity in voting rights between Class A and Class B common stock may adversely affect the price of Class A common stock, as Class B stockholders have superior voting rights [324]. - The company’s management fees are generally based on commitments or net invested capital, which are not significantly impacted by changes in investment values [504]. - Management fees from specialized funds and customized separate accounts are based on the amount of capital committed or invested, not significantly affected by changes in fair value [508]. - Incentive fees from specialized funds are based on realized gains and performance criteria, not materially affected by unrealized investment fair value changes [508]. - The company limits counterparties in financial transactions to reputable financial institutions to minimize credit risk exposure [509]. - There have been no material changes in market risk exposures since March 31, 2024 [510].

Core Viewpoint - Hamilton Lane Incorporated is conducting its Q4 and Fiscal Year End 2025 Earnings Call, highlighting its financial performance and future expectations [1][3]. Group 1: Company Overview - The earnings call is led by John Oh, Head of Shareholder Relations, alongside Erik Hirsch, Co-CEO, and Jeffrey Armbrister, CFO [2][3]. - A press release and slide presentation detailing the financial results have been made available on the company's website [3]. Group 2: Forward-Looking Statements - The company emphasizes that forward-looking statements regarding financial position, results, and future performance are subject to risks and uncertainties [4]. - It is noted that these statements do not guarantee future events or performance and may differ materially from actual results [4].